Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	277,860 (+77.2%)	$201M (+274.9%)	2.7%	$423.38	—	COM	038222105
KLAC	KLA CORP	653,850 (+1118.5%)	$197M (+149.7%)	2.7%	$352.85	—	COM NEW	482480100
ENTG	ENTEGRIS INC	969,700 (+51.4%)	$174M (+132.2%)	2.4%	$131.74	—	COM	29362U104
WCN	WASTE CONNECTIONS INC	1,285,809 (+69.8%)	$214M (+74.2%)	2.9%	$129.94	—	COM	94106B101
WWD	WOODWARD INC	545,220 (+20.7%)	$232M (+43.4%)	3.1%	$291.15	—	COM	980745103
ECL	ECOLAB INC	415,184 (+62.4%)	$116M (+70.1%)	1.6%	$216.53	—	COM	278865100
SARO	STANDARDAERO INC	5,032,523 (+23.2%)	$151M (+42.7%)	2.0%	$31.02	—	COM	85423L103
LYV	LIVE NATION ENTERTAINMENT IN	1,069,200 (+4.3%)	$196M (+25.2%)	2.6%	$90.79	—	COM	538034109
TDY	TELEDYNE TECHNOLOGIES INC	415,899 (+5.5%)	$277M (+16.3%)	3.7%	$502.53	—	COM	879360105
APG	API GROUP CORP	6,522,698 (+9.0%)	$276M (+14.0%)	3.7%	$23.81	—	COM STK	00187Y100
CRH	CRH PLC	2,465,011 (+12.5%)	$264M (+14.5%)	3.6%	$85.74	—	ORD	G25508105
FERG	FERGUSON ENTERPRISES INC	618,810 (+24.6%)	$147M (+26.8%)	2.0%	$197.11	—	COMMON STOCK NEW	31488V107
FWONK	LIBERTY MEDIA CORP DEL	1,989,657 (+4.0%)	$189M (+16.4%)	2.6%	$66.24	—	COM LBTY ONE S C	531229755
MA	MASTERCARD INCORPORATED	307,650 (+13.4%)	$158M (+16.5%)	2.1%	$374.31	—	CL A	57636Q104
ICE	INTERCONTINENTAL EXCHANGE IN	821,169 (+6.6%)	$101M (-16.6%)	1.4%	$86.64	—	COM	45866F104
HLT	HILTON WORLDWIDE HLDGS INC	338,374 (+8.9%)	$112M (+18.3%)	1.5%	$156.82	—	COM	43300A203
CNM	CORE & MAIN INC	2,395,854 (+20.0%)	$116M (+17.2%)	1.6%	$54.92	—	CL A	21874C102
MLM	MARTIN MARIETTA MATLS INC	207,262 (+6.7%)	$120M (+4.5%)	1.6%	$329.77	—	COM	573284106

Exited Positions (9)

INTU INTUIT 2.1%

Value $154M Shares 356,385 Est. Cost $376.06 Unrealized —

SLB SLB LIMITED 1.4%

Value $104M Shares 2,014,200 Est. Cost $48.30 Unrealized —

MKTX MARKETAXESS HLDGS INC 1.1%

Value $79.29M Shares 480,600 Est. Cost $230.04 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.0%

Value $76.06M Shares 154,740 Est. Cost $411.88 Unrealized —

ADSK AUTODESK INC 1.0%

Value $74.86M Shares 312,719 Est. Cost $235.48 Unrealized —

EFX EQUIFAX INC 1.0%

Value $71.07M Shares 394,660 Est. Cost $259.14 Unrealized —

ACN ACCENTURE PLC IRELAND 0.7%

Value $52.76M Shares 266,098 Est. Cost $286.30 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.6%

Value $45.7M Shares 94,240 Est. Cost $699.24 Unrealized —

BLD TOPBUILD COR 0.4%

Value $29.35M Shares 83,537 Est. Cost $217.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	356,385	$154M	2.1%	$376.06	—	—	461202103
SLB	SLB LIMITED	2,014,200	$104M	1.4%	$48.30	—	—	806857108
MKTX	MARKETAXESS HLDGS INC	480,600	$79.29M	1.1%	$230.04	—	—	57060D108
TMO	THERMO FISHER SCIENTIFIC INC	154,740	$76.06M	1.0%	$411.88	—	—	883556102
ADSK	AUTODESK INC	312,719	$74.86M	1.0%	$235.48	—	—	052769106
EFX	EQUIFAX INC	394,660	$71.07M	1.0%	$259.14	—	—	294429105
ACN	ACCENTURE PLC IRELAND	266,098	$52.76M	0.7%	$286.30	—	—	G1151C101
SPOT	SPOTIFY TECHNOLOGY S A	94,240	$45.7M	0.6%	$699.24	—	—	L8681T102
BLD	TOPBUILD COR	83,537	$29.35M	0.4%	$217.87	—	—	89055F103

Decreased Positions (29)

COP CONOCOPHILLIPS 1.7%

Value $126M (-43.3%) Shares 1,216,171 (-28.1%) Est. Cost $105.97 Unrealized —

EOG EOG RES INC 2.3%

Value $173M (-32.8%) Shares 1,329,709 (-25.1%) Est. Cost $84.51 Unrealized —

DHR DANAHER CORP DEL 1.2%

Value $87.93M (-42.2%) Shares 461,600 (-42.5%) Est. Cost $239.03 Unrealized —

WST WEST PHARMACEUTICAL SVSC INC 2.9%

Value $214M (+38.6%) Shares 596,646 (-3.3%) Est. Cost $317.77 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 2.1%

Value $157M (-24.7%) Shares 448,872 (-39.2%) Est. Cost $164.79 Unrealized —

URI UNITED RENTALS INC 2.4%

Value $180M (+33.2%) Shares 158,948 (-14.3%) Est. Cost $398.46 Unrealized —

TXN TEXAS INSTRS INC 2.6%

Value $194M (-15.7%) Shares 649,431 (-45.1%) Est. Cost $169.36 Unrealized —

RGLD ROYAL GOLD INC 1.5%

Value $111M (-24.1%) Shares 558,050 (-3.3%) Est. Cost $106.55 Unrealized —

WAT WATERS CORP 2.3%

Value $169M (+21.8%) Shares 451,925 (-3.3%) Est. Cost $307.12 Unrealized —

CNI CANADIAN NATL RY CO 2.9%

Value $218M (+12.2%) Shares 1,826,068 (-3.3%) Est. Cost $110.59 Unrealized —

ETSY ETSY INC 0.9%

Value $66.17M (+45.8%) Shares 878,400 (-3.3%) Est. Cost $53.29 Unrealized —

A AGILENT TECHNOLOGIES INC 2.4%

Value $174M (+12.7%) Shares 1,312,063 (-3.3%) Est. Cost $127.34 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 2.6%

Value $194M (+6.5%) Shares 2,233,296 (-3.3%) Est. Cost $78.88 Unrealized —

STE STERIS PLC 1.9%

Value $138M (-7.2%) Shares 657,713 (-2.5%) Est. Cost $203.09 Unrealized —

BDX BECTON DICKINSON & CO 1.9%

Value $144M (-6.9%) Shares 951,200 (-3.3%) Est. Cost $167.83 Unrealized —

SPGI S&P GLOBAL INC 1.7%

Value $127M (-7.4%) Shares 312,640 (-3.3%) Est. Cost $326.97 Unrealized —

IEX IDEX CORP 1.0%

Value $72.92M (+15.9%) Shares 321,299 (-3.2%) Est. Cost $203.41 Unrealized —

ITT ITT INC 3.7%

Value $276M (+2.7%) Shares 1,397,628 (-1.0%) Est. Cost $162.55 Unrealized —

SCHW SCHWAB CHARLES CORP 1.5%

Value $111M (-5.0%) Shares 1,202,369 (-3.3%) Est. Cost $68.86 Unrealized —

CDW CDW CORP 0.6%

Value $45.77M (+12.4%) Shares 325,426 (-3.3%) Est. Cost $185.52 Unrealized —

XPO XPO INC 3.2%

Value $236M (+2.1%) Shares 1,150,100 (-3.3%) Est. Cost $113.65 Unrealized —

ADI ANALOG DEVICES INC 1.1%

Value $80.51M (+5.9%) Shares 202,698 (-15.2%) Est. Cost $160.72 Unrealized —

MSFT MICROSOFT CORP 1.9%

Value $144M (-2.5%) Shares 386,430 (-3.3%) Est. Cost $186.26 Unrealized —

COO COOPER COS INC 1.2%

Value $92.08M (-3.0%) Shares 1,284,000 (-3.3%) Est. Cost $79.73 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 3.2%

Value $235M (+1.0%) Shares 468,716 (-3.3%) Est. Cost $422.26 Unrealized —

SHW SHERWIN WILLIAMS CO 0.5%

Value $37.88M (+3.9%) Shares 110,012 (-3.3%) Est. Cost $258.51 Unrealized —

POOL POOL CORP 0.5%

Value $37.58M (+2.8%) Shares 174,895 (-3.3%) Est. Cost $409.64 Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 1.4%

Value $101M (+0.3%) Shares 1,195,200 (-3.3%) Est. Cost $78.59 Unrealized —

LLYVK LIBERTY LIVE HOLDINGS INC 0.0%

Value $2.85M (+9.0%) Shares 26,974 (-2.9%) Est. Cost $85.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COP	CONOCOPHILLIPS	1,216,171 (-28.1%)	$126M (-43.3%)	1.7%	$105.97	—	COM	20825C104
EOG	EOG RES INC	1,329,709 (-25.1%)	$173M (-32.8%)	2.3%	$84.51	—	COM	26875P101
DHR	DANAHER CORP DEL	461,600 (-42.5%)	$87.93M (-42.2%)	1.2%	$239.03	—	COM	235851102
WST	WEST PHARMACEUTICAL SVSC INC	596,646 (-3.3%)	$214M (+38.6%)	2.9%	$317.77	—	COM	955306105
KEYS	KEYSIGHT TECHNOLOGIES INC	448,872 (-39.2%)	$157M (-24.7%)	2.1%	$164.79	—	COM	49338L103
URI	UNITED RENTALS INC	158,948 (-14.3%)	$180M (+33.2%)	2.4%	$398.46	—	COM	911363109
TXN	TEXAS INSTRS INC	649,431 (-45.1%)	$194M (-15.7%)	2.6%	$169.36	—	COM	882508104
RGLD	ROYAL GOLD INC	558,050 (-3.3%)	$111M (-24.1%)	1.5%	$106.55	—	COM	780287108
WAT	WATERS CORP	451,925 (-3.3%)	$169M (+21.8%)	2.3%	$307.12	—	COM	941848103
CNI	CANADIAN NATL RY CO	1,826,068 (-3.3%)	$218M (+12.2%)	2.9%	$110.59	—	COM	136375102
ETSY	ETSY INC	878,400 (-3.3%)	$66.17M (+45.8%)	0.9%	$53.29	—	COM	29786A106
A	AGILENT TECHNOLOGIES INC	1,312,063 (-3.3%)	$174M (+12.7%)	2.4%	$127.34	—	COM	00846U101
CP	CANADIAN PACIFIC KANSAS CITY	2,233,296 (-3.3%)	$194M (+6.5%)	2.6%	$78.88	—	COM	13646K108
STE	STERIS PLC	657,713 (-2.5%)	$138M (-7.2%)	1.9%	$203.09	—	SHS USD	G8473T100
BDX	BECTON DICKINSON & CO	951,200 (-3.3%)	$144M (-6.9%)	1.9%	$167.83	—	COM	075887109
SPGI	S&P GLOBAL INC	312,640 (-3.3%)	$127M (-7.4%)	1.7%	$326.97	—	COM	78409V104
IEX	IDEX CORP	321,299 (-3.2%)	$72.92M (+15.9%)	1.0%	$203.41	—	COM	45167R104
ITT	ITT INC	1,397,628 (-1.0%)	$276M (+2.7%)	3.7%	$162.55	—	COM	45073V108
SCHW	SCHWAB CHARLES CORP	1,202,369 (-3.3%)	$111M (-5.0%)	1.5%	$68.86	—	COM	808513105
CDW	CDW CORP	325,426 (-3.3%)	$45.77M (+12.4%)	0.6%	$185.52	—	COM	12514G108
XPO	XPO INC	1,150,100 (-3.3%)	$236M (+2.1%)	3.2%	$113.65	—	COM	983793100
ADI	ANALOG DEVICES INC	202,698 (-15.2%)	$80.51M (+5.9%)	1.1%	$160.72	—	COM	032654105
MSFT	MICROSOFT CORP	386,430 (-3.3%)	$144M (-2.5%)	1.9%	$186.26	—	COM	594918104
COO	COOPER COS INC	1,284,000 (-3.3%)	$92.08M (-3.0%)	1.2%	$79.73	—	COM	216648501
BRK/B	BERKSHIRE HATHAWAY INC DEL	468,716 (-3.3%)	$235M (+1.0%)	3.2%	$422.26	—	CL B NEW	084670702
SHW	SHERWIN WILLIAMS CO	110,012 (-3.3%)	$37.88M (+3.9%)	0.5%	$258.51	—	COM	824348106
POOL	POOL CORP	174,895 (-3.3%)	$37.58M (+2.8%)	0.5%	$409.64	—	COM	73278L105
WH	WYNDHAM HOTELS & RESORTS INC	1,195,200 (-3.3%)	$101M (+0.3%)	1.4%	$78.59	—	COM	98311A105
LLYVK	LIBERTY LIVE HOLDINGS INC	26,974 (-2.9%)	$2.85M (+9.0%)	0.0%	$85.87	—	COM SHS SER C	530909308