The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AKAMAI TECHNOLOGIES INC COM 00971T101 141,473,728 1,196,800 SH SOLE 1,196,800 0 0
AMERICAN AIRLINES GROUP INC COM 02376R102 149,557,873 8,276,584 SH SOLE 8,276,584 0 0
APTIV PLC COM SHS G3265R107 162,664,059 2,650,115 SH SOLE 2,650,115 0 0
AURORA INNOVATION INC *W EXP 11/03/202 051774115 140,044 437,500 SH SOLE 437,500 0 0
CARMAX INC COM 143130102 96,667,053 1,827,700 SH SOLE 1,827,700 0 0
CIRCLE INTERNET GROUP INC COM CL A 172573107 35,529,999 567,300 SH SOLE 567,300 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 266,770,661 28,410,081 SH SOLE 28,410,081 0 0
COINBASE GLOBAL INC COM CL A 19260Q107 38,503,376 263,379 SH SOLE 263,379 0 0
CSX CORP COM 126408103 190,557,276 4,009,200 SH SOLE 4,009,200 0 0
DELTA AIR LINES INC COM NEW 247361702 282,389,396 3,015,048 SH SOLE 3,015,048 0 0
ENPHASE ENERGY INC COM 29355A107 127,392,251 2,587,170 SH SOLE 2,587,170 0 0
FEDEX FGHT HLDG CO INC COMMON STOCK 314352105 339,327,200 2,247,200 SH SOLE 2,247,200 0 0
FIGURE TECHNOLOGY SOLUTIO COM CL A 349381103 61,484,491 2,002,100 SH SOLE 2,002,100 0 0
FREEPORT MCMORAN INC CL B 35671D857 278,181,337 4,423,300 SH SOLE 4,423,300 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 45,078,033 1,501,100 SH SOLE 1,501,100 0 0
GE VERNOVA INC COM 36828A101 15,882,932 13,519 SH SOLE 13,519 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 351,029,871 7,781,642 SH SOLE 7,781,642 0 0
HUMANA INC COM 444859102 428,969,795 1,079,930 SH SOLE 1,079,930 0 0
HYPERLIQUID STRATEGIES INC COM 44916Y106 21,398,530 2,719,000 SH SOLE 2,719,000 0 0
INTERNATIONAL PAPER CO COM 460146103 185,241,286 4,861,976 SH SOLE 4,861,976 0 0
JAMES HARDIE INDS PLC ORD SHS G4253H101 157,629,780 6,021,000 SH SOLE 6,021,000 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 265,614,570 3,411,000 SH SOLE 3,411,000 0 0
NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES N62509109 10,810,910 319,000 SH SOLE 319,000 0 0
NUCOR CORP COM 670346105 280,391,018 1,258,770 SH SOLE 1,258,770 0 0
ON SEMICONDUCTOR CORP COM 682189105 120,001,796 1,269,323 SH SOLE 1,269,323 0 0
PARAMOUNT SKYDANCE CORP COM CL B 69932A204 74,076,050 7,512,784 SH SOLE 7,512,784 0 0
RIVIAN AUTOMOTIVE INC COM CL A 76954A103 381,325,240 21,978,400 SH SOLE 21,978,400 0 0
ROBLOX CORP CL A 771049103 149,343,794 2,746,300 SH SOLE 2,746,300 0 0
SNAP INC CL A 83304A106 32,356,056 7,287,400 SH SOLE 7,287,400 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 392,402,181 5,239,714 SH SOLE 5,239,714 0 0
TEXAS INSTRS INC COM 882508104 147,699,944 495,521 SH SOLE 495,521 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 182,232,207 37,266,300 SH SOLE 37,266,300 0 0
TVARDI THERAPEUTICS INC COM 140755307 1,337,824 704,118 SH SOLE 704,118 0 0
UNION PAC CORP COM 907818108 626,308,288 2,302,604 SH SOLE 2,302,604 0 0
UNITED AIRLS HLDGS INC COM 910047109 452,228,217 3,325,452 SH SOLE 3,325,452 0 0
UNITEDHEALTH GROUP INC COM 91324P102 11,762,329 28,300 SH SOLE 28,300 0 0
UNITY SOFTWARE INC COM 91332U101 459,427,844 16,075,152 SH SOLE 16,075,152 0 0
WHIRLPOOL CORP COM 963320106 26,107,866 662,300 SH SOLE 662,300 0 0
WOLFSPEED INC COMMON STOCK 97785W106 214,141,027 4,438,156 SH SOLE 4,438,156 0 0
XPO INC COM 983793100 20,652,174 100,600 SH SOLE 100,600 0 0