Q4 2025 was the fund's highest-turnover quarter on record across the four available filings. The headline moves were a cluster of large exits in the most liquid, widely-held AI names — NVIDIA, Vistra, Broadcom, and Taiwan Semiconductor — and simultaneous expansion into less-liquid, more specialized positions in AI cloud compute, optical networking, and cryptocurrency mining infrastructure.¹

Biggest Increases (by share count change)

Ticker	Name	Shares Added	Share Chg %	Value Change	Q4 Value
SNDK	SanDisk Corp	+939,200	+816.7%	+$237.3M	$250.2M
CRWV	CoreWeave Inc	+6,699,044	+162.8%	+$211.2M	$774.4M
APLD	Applied Digital Corp	+5,274,905	+87.0%	+$138.9M	$278.0M
COHR	Coherent Corp	+325,900	+211.1%	+$72.0M	$88.6M
CORZ	Core Scientific Inc	+8,575,944	+42.5%	+$56.7M	$418.7M

The SanDisk (SNDK) expansion is the most dramatic single-quarter positioning move. The fund held a modest 115,000-share position in Q3 and added 939,200 more shares in Q4 — a 816.7% share increase — bringing the total position to $250.2M. SanDisk was spun out of Western Digital in early 2025; the fund's Q3 SNDK position likely reflects post-spinoff allocation, with Q4 representing an active decision to size into the name significantly.⁹ SNDK is up approximately 2,989% over the trailing 12 months as of April 2026.⁹

Several positions classified as "new" in Q4 are technically re-entries: Lumentum (LITE), Cipher Mining (CIFR), and Bloom Energy (BE) each appear in the exit list under blank ticker identifiers, then re-appear as new positions at higher share counts. Lumentum was previously held at 417,600 shares ($67.9M) and re-entered at 1,298,400 shares ($478.6M). Cipher Mining was previously 5,740,493 shares ($72.3M) and re-entered at 10,469,093 shares ($154.5M). The re-entry sizing in each case is meaningfully larger than the prior position, reflecting deliberate decisions to increase exposure.¹

New Positions — Q4 2025

Ticker	Name	Value	Weight	Shares	Note
LITE	Lumentum Holdings	$478.6M	8.67%	1,298,400	Re-entry, 3.1x prior share count
CIFR	Cipher Mining Inc	$154.5M	2.80%	10,469,093	Re-entry, 1.8x prior share count
KRC	Kilroy Realty Corp	$49.6M	0.90%	1,327,700	Genuinely new
BE	Bloom Energy Corp	$35.5M	0.64%	408,500	Re-entry, 2.8x prior share count
CLSK	CleanSpark Inc	$16.6M	0.30%	1,640,400	Genuinely new
BITF	Bitfarms Ltd	$16.2M	0.29%	6,897,100	Genuinely new

The lone decrease in Q4 was EQT Corp, where the fund reduced shares by 42.5% (from 1,217,386 to 700,000), cutting the position value from $66.3M to $37.5M. EQT has been trimmed steadily since Q2 2025, when it was the fund's peak position at $125.1M.¹¹

Situational Awareness, Q4 2025: Exiting Chip Giants, Scaling the Compute Layer

The Power Delivery Gap