# EDGAR Filing Document

**Accession Number:** 0001179475
**File Stem:** 0001398344-25-014529
**Filing Date:** 2025-8
**Character Count:** 24321
**Document Hash:** 4f219867a0108f0593e9bb2f461e5995
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-014529.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001398344-25-014529

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUSSMAN STRATEGIC ADVISORS, INC.
- **CENTRAL INDEX KEY:** 0001179475

**ORGANIZATION NAME:**
- **EIN:** 383083913
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10233
- **FILM NUMBER:** 251184406

**BUSINESS ADDRESS:**
- **STREET 1:** 6021 UNIVERSITY BLVD., SUITE 490
- **CITY:** ELLICOTT CITY
- **STATE:** MD
- **ZIP:** 21043
- **BUSINESS PHONE:** (410) 715-1130

**MAIL ADDRESS:**
- **STREET 1:** 6021 UNIVERSITY BLVD., SUITE 490
- **CITY:** ELLICOTT CITY
- **STATE:** MD
- **ZIP:** 21043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HUSSMAN ECONOMETRICS ADVISORS, INC.
- **DATE OF NAME CHANGE:** 20040726

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HUSSMAN ECONOMETRICS ADVISORS INC
- **DATE OF NAME CHANGE:** 20020807

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** HUSSMAN STRATEGIC ADVISORS INC.<br>**Address:** 6021 UNIVERSITY BLVD. SUITE 490<br>ELLICOTT CITY, MD 21043

**Form 13F File Number:** 028-10233

**CRD Number (if applicable):** 000109400

**SEC File Number (if applicable):** 801-57572

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John P. Hussman<br>**Title:** President<br>**Phone:** 410-715-1130

**Signature, Place, and Date of Signing:**

/s/ John P. Hussman  Ellicott City, MD  08-05-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 210

**Form 13F Information Table Value Total:** $437640067

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 1147230 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| AES CORP | COM | 00130H105 |  | 10520 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 18196290 | 153000 | SH |  | SOLE |  | 153000 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 3386400 | 127500 | SH |  | SOLE |  | 127500 | 0 | 0 |
| ALIGNMENT HEALTHCARE INC | COM | 01625V104 |  | 1176000 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 1153950 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 64070 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| BREAD FINANCIAL HOLDINGS INC | COM | 018581108 |  | 2998800 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 1994790 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 2054367 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| AMEREN CORP | COM | 023608102 |  | 9604 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 |  | 2356200 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 10376 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| AMERICAN EAGLE OUTFITTERS IN | COM | 02553E106 |  | 1010100 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| ASTRANA HEALTH INC | COM NEW | 03763A207 |  | 3134880 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| APPIAN CORP | CL A | 03782L101 |  | 3135300 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| ASANA INC | CL A | 04342Y104 |  | 1984500 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 1529640 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 3023790 | 357000 | SH |  | SOLE |  | 357000 | 0 | 0 |
| AVEPOINT INC | COM CL A | 053604104 |  | 811020 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 37950 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AXOGEN INC | COM | 05463X106 |  | 683550 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 798420 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 956655 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| BANKUNITED INC | COM | 06652K103 |  | 3736950 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 16989120 | 816000 | SH |  | SOLE |  | 816000 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 1881600 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| BLACK HILLS CORP | COM | 092113109 |  | 28050 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| BXP INC | COM | 101121101 |  | 1416870 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| BOX INC | CL A | 10316T104 |  | 717570 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 990780 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 972090 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| BROOKLINE BANCORP INC DEL | COM | 11373M107 |  | 1107750 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 1227400 | 340000 | SH |  | SOLE |  | 340000 | 0 | 0 |
| BURKE HERBERT FINL SVCS CORP | COM | 12135Y108 |  | 627165 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2172870 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| CABLE ONE INC | COM | 12685J105 |  | 1426005 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 4184460 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 45670 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| THE CAMPBELLS COMPANY | COM | 134429109 |  | 5792850 | 189000 | SH |  | SOLE |  | 189000 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 1771560 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| CARTERS INC | COM | 146229109 |  | 2530920 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| CATALYST PHARMACEUTICALS INC | COM | 14888U101 |  | 3189900 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 6009507 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| CHEESECAKE FACTORY INC | COM | 163072101 |  | 1973790 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 2556960 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| CHEWY INC | CL A | 16679L109 |  | 1790040 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 2561895 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| CLEAR SECURE INC | COM CL A | 18467V109 |  | 2914800 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 1260735 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| COGENT COMMUNICATIONS HLDGS | COM NEW | 19239V302 |  | 3037230 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 4096575 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 4772250 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 2945880 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 626325 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| COMMSCOPE HLDG CO INC | COM | 20337X109 |  | 1738800 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 2431800 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 100350 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 3082800 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| CORMEDIX INC | COM | 21900C308 |  | 776160 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| QUIDELORTHO CORP | COM | 219798105 |  | 1210440 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 1393644 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| COURSERA INC | COM | 22266M104 |  | 919800 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| CRICUT INC | COM CL A | 22658D100 |  | 710850 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 1233540 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 13246 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 54955 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| DIME CMNTY BANCSHARES INC | COM | 25432X102 |  | 1697220 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 3271380 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 28260 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| DROPBOX INC | CL A | 26210C104 |  | 2402400 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| DRIVEN BRANDS HLDGS INC | COM | 26210V102 |  | 1106280 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 59000 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| DOXIMITY INC | CL A | 26622P107 |  | 3220350 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 2345490 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 2908500 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 25800 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| EMBECTA CORP | COMMON STOCK | 29082K105 |  | 813960 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| EMERGENT BIOSOLUTIONS INC | COM | 29089Q105 |  | 669900 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| ENERGIZER HLDGS INC NEW | COM | 29272W109 |  | 1270080 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| ENOVA INTL INC | COM | 29357K103 |  | 1170960 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 83120 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ENTERPRISE FINL SVCS CORP | COM | 293712105 |  | 2314200 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 3713220 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 1580040 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| EVGO INC | CL A COM | 30052F100 |  | 383250 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 2789850 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 43420 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 4627875 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| EXLSERVICE HOLDINGS INC | COM | 302081104 |  | 919590 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| FASTLY INC | CL A | 31188V100 |  | 741300 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| F5 INC | COM | 315616102 |  | 1854216 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 40260 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| FLOWERS FOODS INC | COM | 343498101 |  | 2684640 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| FRONTDOOR INC | COM | 35905A109 |  | 1732836 | 29400 | SH |  | SOLE |  | 29400 | 0 | 0 |
| FULTON FINL CORP PA | COM | 360271100 |  | 757680 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 3264030 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 2328270 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 10190 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 3915135 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1486275 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 2980436 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 4369680 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| HAMILTON LANE INC | CL A | 407497106 |  | 1492260 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 3318000 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| HAWAIIAN ELEC INDUSTRIES | COM | 419870100 |  | 10630 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 1832940 | 306000 | SH |  | SOLE |  | 306000 | 0 | 0 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 955080 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 2439465 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 1434300 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| HOPE BANCORP INC | COM | 43940T109 |  | 675990 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| ICU MED INC | COM | 44930G107 |  | 3885210 | 29400 | SH |  | SOLE |  | 29400 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 4290300 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| INNODATA INC | COM NEW | 457642205 |  | 1075620 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 1907619 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 4218900 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| INTERDIGITAL INC | COM | 45867G101 |  | 4708830 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| INVESCO CURRENCYSHARES EURO | EURO SHS | 46138K103 |  | 815925 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| INVESCO CURRENCYSHARES BRIT | BRIT POUN STRL | 46138M109 |  | 660800 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| INVESCO CURRENCYSHARES JAPAN | JAPANESE YEN | 46138W107 |  | 799250 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| IONQ INC | COM | 46222L108 |  | 1804740 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1353660 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 3188520 | 204000 | SH |  | SOLE |  | 204000 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1084440 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| VITAL ENERGY INC | COM | 516806205 |  | 16090 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER A | 530307107 |  | 4108440 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 1273860 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| LIQUIDITY SVCS INC | COM | 53635B107 |  | 2476950 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| LITHIA MTRS INC | COM | 536797103 |  | 709422 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 2993508 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 643860 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 3259032 | 16800 | SH |  | SOLE |  | 16800 | 0 | 0 |
| PEDIATRIX MEDICAL GROUP INC | COM | 58502B106 |  | 3013500 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 160580 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| NATURAL GROCERS BY VITAMIN C | COM | 63888U108 |  | 412125 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 |  | 567000 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 17827560 | 306000 | SH |  | SOLE |  | 306000 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 798777 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | COM NEW | 668074305 |  | 51300 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 926100 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 3623550 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| OTTER TAIL CORP | COM | 689648103 |  | 77090 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| PPL CORP | COM | 69351T106 |  | 33890 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 3076920 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 2172600 | 76500 | SH |  | SOLE |  | 76500 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 2915640 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| PAYLOCITY HLDG CORP | COM | 70438V106 |  | 2282994 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| PAYMENTUS HOLDINGS INC | COM CL A | 70439P108 |  | 1375500 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2341080 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 1457400 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 3327408 | 25200 | SH |  | SOLE |  | 25200 | 0 | 0 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 1372980 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| PHIBRO ANIMAL HEALTH CORP | CL A COM | 71742Q106 |  | 2145360 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| PIEDMONT REALTY TRUST INC | COM CL A | 720190206 |  | 765450 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 89470 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 1145025 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 40630 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| POST HLDGS INC | COM | 737446104 |  | 686889 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 441525 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 1741005 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 42090 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 1848546 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| QUANTUM COMPUTING INC | COM | 74766W108 |  | 805140 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| RH | COM | 74967X103 |  | 1190763 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| REVOLVE GROUP INC | CL A | 76156B107 |  | 1684200 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| REYNOLDS CONSUMER PRODS INC | COM | 76171L106 |  | 2698920 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 1190700 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 2019780 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 6348888 | 35700 | SH |  | SOLE |  | 35700 | 0 | 0 |
| S  T BANCORP INC | COM | 783859101 |  | 397110 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 1077300 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| GENEDX HOLDINGS CORP | COM CL A | 81663L200 |  | 1938510 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 1832250 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 1443540 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 1188180 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 955584 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 45915 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1924230 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| STONEX GROUP INC | COM | 861896108 |  | 956970 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 2803080 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 1055880 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 4534740 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| TOAST INC | CL A | 888787108 |  | 930090 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 2486400 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 3917340 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| UBIQUITI INC | COM | 90353W103 |  | 6915720 | 16800 | SH |  | SOLE |  | 16800 | 0 | 0 |
| UNITED NAT FOODS INC | COM | 911163103 |  | 4405590 | 189000 | SH |  | SOLE |  | 189000 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 4224045 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| UNIVEST FINANCIAL CORPORATIO | COM | 915271100 |  | 1261680 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| UPWORK INC | COM | 91688F104 |  | 1128960 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| UTZ BRANDS INC | COM CL A | 918090101 |  | 1054200 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 2821770 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| WK KELLOGG CO | COM SHS | 92942W107 |  | 2008440 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 2406600 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| WAFD INC | COM | 938824109 |  | 614880 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 3275160 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| XOMETRY INC | CLASS A COM | 98423F109 |  | 709590 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| YELP INC | CL A | 985817105 |  | 1439340 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| YEXT INC | COM | 98585N106 |  | 892500 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 |  | 2181480 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 2456370 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 3604860 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 2324070 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| DOLE PLC | ORD SHS | G27907107 |  | 3525480 | 252000 | SH |  | SOLE |  | 252000 | 0 | 0 |
| FRESH DEL MONTE PRODUCE INC | ORD | G36738105 |  | 680820 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 3696840 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 2228520 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 3407040 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 3815280 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 4646250 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |

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