The top contributors include Circle Internet Group, Tempus AI and Palantir. Shares of Circle Internet Group contributed to fund performance this month following their second quarter earnings report that demonstrated resilient revenue as total USDC supply held steady even as the broader crypto market declined significantly. The appointment of a new Fed chair and rising expectations of potential rate hikes further buoyed sentiment, as higher rates would directly increase Circle's treasury yield income on its substantial USDC reserves. Additionally, growing anticipation of the ARC public mainnet launch on September 16th provided a forward-looking catalyst. Shares of Tempus AI contributed to fund performance this month following the announcement by Moderna and Merck that their mRNA based individualized neoantigen therapy for melanoma had succeeded in its phase 3 clinical trial. Shares of Palantir contributed to fund performance this month following their impressive second quarter earnings report, which highlighted significant revenue growth and a notable increase in U.S. commercial revenue. The company also raised its full-year revenue outlook, reflecting strong demand and a growing customer base, which further bolstered investor confidence.

The top detractors include Cerebras, Amazon and Rocket Lab. Shares of Cerebras Systems detracted from fund performance this month following their second quarter earnings report, which highlighted impressive revenue growth year-over-year. Despite strong performance metrics and a robust pipeline of hardware and cloud deals, the stock faced downward pressure, possibly influenced by market reactions to their guidance. Shares of Amazon detracted from fund performance this month. The company announced an expansion of its drone delivery service across the U.S., significantly increasing its operational footprint. Despite the positive developments in drone delivery and the launch of Zoox's robotaxi service in Las Vegas, concerns about the financial sustainability of these ventures and competitive pressures in the satellite broadband market may have influenced investor sentiment. Shares of Rocket Lab detracted from fund performance this month following their second quarter earnings report, which revealed a narrowing launch window for their Neutron rocket and a deceleration in revenue growth. Despite strong demand for launches and significant contracts awarded, including a large deal with the U.S. Space Force, the stock also faced pressure from a broader decline across the aerospace and defence sector.