Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	2,050,000	$459M	3.9%	—	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	2,075,000	$459M	3.9%	—	—	COM	43849R105
ADI	ANALOG DEVICES INC	400,000	$159M	1.4%	—	—	COM	032654105
NFLX	NETFLIX INC.	925,200	$66.06M	0.6%	—	—	COM	64110L106
CBRS	CEREBRAS SYSTEMS INC	198,450	$43.86M	0.4%	—	—	COM CL A	15675D103
SPCX	SPACE EXPLORATION TECHN CORP	185,000	$31.61M	0.3%	—	—	CLASS A COM STK	84615Q103
XLE	SELECT SECTOR SPDR TR	400,000	$21.24M	0.2%	—	—	ST STR ENERG ETF	81369Y506
WMT	WALMART INC	150,000	$16.99M	0.1%	—	—	COM	931142103
GMRS	GMR SOLUTIONS INC	950,000	$14.69M	0.1%	—	—	COM CL A	38013D106
C	CITIGROUP INC	54,600	$7.642M	0.1%	—	—	COM NEW	172967424
ORCL	ORACLE CORP	48,250	$7.071M	0.1%	—	—	COM	68389X105
CARR	CARRIER GLOBAL CORPORATION	61,000	$4.474M	0.0%	—	—	COM	14448C104
HSY	HERSHEY CO	24,000	$4.211M	0.0%	—	—	COM	427866108
PCG	PG&E CORP	180,000	$3.028M	0.0%	—	—	COM	69331C108

Increased Positions (9)

GOOGL ALPHABET INC 9.7%

Value $1.141B (+36.4%) Shares 3,193,600 (+9.7%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 3.0%

Value $354M (+55.2%) Shares 1,485,700 (+35.6%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 6.3%

Value $737M (+10.4%) Shares 1,974,550 (+9.6%) Est. Cost — Unrealized —

MDLN MEDLINE INC 1.2%

Value $145M (+31.5%) Shares 3,682,500 (+48.3%) Est. Cost — Unrealized —

RSG REPUBLIC SVCS INC 1.6%

Value $186M (+22.3%) Shares 874,700 (+25.7%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 1.3%

Value $154M (+27.2%) Shares 809,000 (+26.6%) Est. Cost — Unrealized —

MU MICRON TECHNOLOGY INC 0.2%

Value $27.59M (+394.9%) Shares 23,900 (+44.8%) Est. Cost — Unrealized —

TSLA TESLA INC 0.1%

Value $9.758M (+30.6%) Shares 23,200 (+15.4%) Est. Cost — Unrealized —

ISRG INTUITIVE SURGICAL INC 0.0%

Value $3.5M (+65.0%) Shares 8,800 (+91.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	3,193,600 (+9.7%)	$1.141B (+36.4%)	9.7%	—	—	CAP STK CL A	02079K305
AMZN	AMAZON COM INC	1,485,700 (+35.6%)	$354M (+55.2%)	3.0%	—	—	COM	023135106
MSFT	MICROSOFT CORP	1,974,550 (+9.6%)	$737M (+10.4%)	6.3%	—	—	COM	594918104
MDLN	MEDLINE INC	3,682,500 (+48.3%)	$145M (+31.5%)	1.2%	—	—	COM CL A	58507V107
RSG	REPUBLIC SVCS INC	874,700 (+25.7%)	$186M (+22.3%)	1.6%	—	—	COM	760759100
DHR	DANAHER CORP DEL	809,000 (+26.6%)	$154M (+27.2%)	1.3%	—	—	COM	235851102
MU	MICRON TECHNOLOGY INC	23,900 (+44.8%)	$27.59M (+394.9%)	0.2%	—	—	COM	595112103
TSLA	TESLA INC	23,200 (+15.4%)	$9.758M (+30.6%)	0.1%	—	—	COM	88160R101
ISRG	INTUITIVE SURGICAL INC	8,800 (+91.3%)	$3.5M (+65.0%)	0.0%	—	—	COM NEW	46120E602

Exited Positions (8)

HON HONEYWELL INTL INC 7.9%

Value $927M Shares 4,100,000 Est. Cost — Unrealized —

SUNB SUNBELT RENTALS HOLDINGS INC 1.3%

Value $152M Shares 2,330,671 Est. Cost — Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.8%

Value $88.47M Shares 365,000 Est. Cost — Unrealized —

XLU SELECT SECTOR SPDR TR 0.1%

Value $15.6M Shares 340,000 Est. Cost — Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.1%

Value $10.7M Shares 68,000 Est. Cost — Unrealized —

CSCO CISCO SYS INC 0.1%

Value $9.435M Shares 121,600 Est. Cost — Unrealized —

SARO STANDARDAERO INC 0.1%

Value $8.395M Shares 325,000 Est. Cost — Unrealized —

BIRK BIRKENSTOCK HOLDING PLC 0.0%

Value $5.095M Shares 142,200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	4,100,000	$927M	7.9%	—	—	—	438516106
SUNB	SUNBELT RENTALS HOLDINGS INC	2,330,671	$152M	1.3%	—	—	—	866966104
IBM	INTERNATIONAL BUSINESS MACHS	365,000	$88.47M	0.8%	—	—	—	459200101
XLU	SELECT SECTOR SPDR TR	340,000	$15.6M	0.1%	—	—	—	81369Y886
ICE	INTERCONTINENTAL EXCHANGE IN	68,000	$10.7M	0.1%	—	—	—	45866F104
CSCO	CISCO SYS INC	121,600	$9.435M	0.1%	—	—	—	17275R102
SARO	STANDARDAERO INC	325,000	$8.395M	0.1%	—	—	—	85423L103
BIRK	BIRKENSTOCK HOLDING PLC	142,200	$5.095M	0.0%	—	—	—	M2029K104

Decreased Positions (15)

INTU INTUIT 3.3%

Value $388M (-50.5%) Shares 1,485,000 (-18.0%) Est. Cost — Unrealized —

ZTS ZOETIS INC 0.9%

Value $108M (-67.4%) Shares 1,500,000 (-46.4%) Est. Cost — Unrealized —

BAC BANK OF AMER CORP 0.1%

Value $9.658M (-95.9%) Shares 169,500 (-96.4%) Est. Cost — Unrealized —

XLF SELECT SECTOR SPDR TR 0.1%

Value $16.08M (-87.0%) Shares 300,000 (-88.0%) Est. Cost — Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.9%

Value $102M (-42.1%) Shares 2,387,800 (-14.8%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 3.8%

Value $442M (+7.3%) Shares 2,209,800 (-6.4%) Est. Cost — Unrealized —

V VISA INC 2.8%

Value $329M (+6.3%) Shares 960,000 (-6.3%) Est. Cost — Unrealized —

UNH UNITEDHEALTH GROUP INC 1.1%

Value $125M (+15.2%) Shares 300,000 (-25.0%) Est. Cost — Unrealized —

MCHP MICROCHIP TECHNOLOGY INC. 0.1%

Value $15.64M (+26.4%) Shares 171,500 (-10.4%) Est. Cost — Unrealized —

CDNS CADENCE DESIGN SYSTEM INC 1.0%

Value $113M (-2.0%) Shares 300,000 (-27.4%) Est. Cost — Unrealized —

CMG CHIPOTLE MEXICAN GRILL INC 0.8%

Value $93.5M (+2.5%) Shares 2,750,000 (-3.5%) Est. Cost — Unrealized —

WST WEST PHARMACEUTICAL SVSC INC 0.1%

Value $8.329M (+12.6%) Shares 23,200 (-21.4%) Est. Cost — Unrealized —

EUFN ISHARES TR 0.1%

Value $14.74M (-4.2%) Shares 378,000 (-14.4%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.2%

Value $21.25M (+1.6%) Shares 44,500 (-28.1%) Est. Cost — Unrealized —

AAPL APPLE INC 0.2%

Value $28.73M (+0.4%) Shares 99,300 (-12.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	1,485,000 (-18.0%)	$388M (-50.5%)	3.3%	—	—	COM	461202103
ZTS	ZOETIS INC	1,500,000 (-46.4%)	$108M (-67.4%)	0.9%	—	—	CL A	98978V103
BAC	BANK OF AMER CORP	169,500 (-96.4%)	$9.658M (-95.9%)	0.1%	—	—	COM	060505104
XLF	SELECT SECTOR SPDR TR	300,000 (-88.0%)	$16.08M (-87.0%)	0.1%	—	—	ST STR FINL ETF	81369Y605
BSX	BOSTON SCIENTIFIC CORP	2,387,800 (-14.8%)	$102M (-42.1%)	0.9%	—	—	COM	101137107
NVDA	NVIDIA CORPORATION	2,209,800 (-6.4%)	$442M (+7.3%)	3.8%	—	—	COM	67066G104
V	VISA INC	960,000 (-6.3%)	$329M (+6.3%)	2.8%	—	—	COM CL A	92826C839
UNH	UNITEDHEALTH GROUP INC	300,000 (-25.0%)	$125M (+15.2%)	1.1%	—	—	COM	91324P102
MCHP	MICROCHIP TECHNOLOGY INC.	171,500 (-10.4%)	$15.64M (+26.4%)	0.1%	—	—	COM	595017104
CDNS	CADENCE DESIGN SYSTEM INC	300,000 (-27.4%)	$113M (-2.0%)	1.0%	—	—	COM	127387108
CMG	CHIPOTLE MEXICAN GRILL INC	2,750,000 (-3.5%)	$93.5M (+2.5%)	0.8%	—	—	COM	169656105
WST	WEST PHARMACEUTICAL SVSC INC	23,200 (-21.4%)	$8.329M (+12.6%)	0.1%	—	—	COM	955306105
EUFN	ISHARES TR	378,000 (-14.4%)	$14.74M (-4.2%)	0.1%	—	—	MSCI EURO FL ETF	464289180
TSM	TAIWAN SEMICONDUCTOR MANUFAC	44,500 (-28.1%)	$21.25M (+1.6%)	0.2%	—	—	SPONSORED ADS	874039100
AAPL	APPLE INC	99,300 (-12.0%)	$28.73M (+0.4%)	0.2%	—	—	COM	037833100

Unchanged Positions (18)

JPM JPMORGAN CHASE & CO 13.4%

Value $1.571B Shares 4,800,000 Est. Cost — Unrealized —

SPGI S&P GLOBAL INC 7.0%

Value $822M Shares 2,133,600 Est. Cost — Unrealized —

PFE PFIZER INC 3.0%

Value $353M Shares 14,650,000 Est. Cost — Unrealized —

AVGO BROADCOM INC 2.1%

Value $242M Shares 641,600 Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 8.8%

Value $1.033B Shares 2,060,000 Est. Cost — Unrealized —

TJX TJX COS INC NEW 1.8%

Value $208M Shares 1,371,000 Est. Cost — Unrealized —

LIN LINDE PLC 2.5%

Value $292M Shares 562,500 Est. Cost — Unrealized —

AJG GALLAGHER ARTHUR J & CO 1.3%

Value $147M Shares 639,700 Est. Cost — Unrealized —

USFD US FOODS HLDG CORP 0.3%

Value $36.09M Shares 353,000 Est. Cost — Unrealized —

BLK BLACKROCK INC 7.5%

Value $880M Shares 915,500 Est. Cost — Unrealized —

SNOW SNOWFLAKE INC 0.1%

Value $6.261M Shares 24,600 Est. Cost — Unrealized —

LLY ELI LILLY & CO 0.1%

Value $8.996M Shares 7,500 Est. Cost — Unrealized —

META META PLATFORMS INC 1.0%

Value $122M Shares 216,200 Est. Cost — Unrealized —

KKR KKR & CO INC 0.9%

Value $101M Shares 1,100,000 Est. Cost — Unrealized —

MA MASTERCARD INCORPORATED 0.2%

Value $19.77M Shares 38,500 Est. Cost — Unrealized —

GRAB GRAB HOLDINGS LIMITED 0.1%

Value $14.91M Shares 3,955,331 Est. Cost — Unrealized —

WFC WELLS FARGO & CO 0.1%

Value $8.338M Shares 100,900 Est. Cost — Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.1%

Value $9.292M Shares 100,900 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JPM	JPMORGAN CHASE & CO	4,800,000	$1.571B	13.4%	—	—	COM	46625H100
SPGI	S&P GLOBAL INC	2,133,600	$822M	7.0%	—	—	COM	78409V104
PFE	PFIZER INC	14,650,000	$353M	3.0%	—	—	COM	717081103
AVGO	BROADCOM INC	641,600	$242M	2.1%	—	—	COM	11135F101
TMO	THERMO FISHER SCIENTIFIC INC	2,060,000	$1.033B	8.8%	—	—	COM	883556102
TJX	TJX COS INC NEW	1,371,000	$208M	1.8%	—	—	COM	872540109
LIN	LINDE PLC	562,500	$292M	2.5%	—	—	SHS	G54950103
AJG	GALLAGHER ARTHUR J & CO	639,700	$147M	1.3%	—	—	COM	363576109
USFD	US FOODS HLDG CORP	353,000	$36.09M	0.3%	—	—	COM	912008109
BLK	BLACKROCK INC	915,500	$880M	7.5%	—	—	COM	09290D101
SNOW	SNOWFLAKE INC	24,600	$6.261M	0.1%	—	—	COM SHS	833445109
LLY	ELI LILLY & CO	7,500	$8.996M	0.1%	—	—	COM	532457108
META	META PLATFORMS INC	216,200	$122M	1.0%	—	—	CL A	30303M102
KKR	KKR & CO INC	1,100,000	$101M	0.9%	—	—	COM	48251W104
MA	MASTERCARD INCORPORATED	38,500	$19.77M	0.2%	—	—	CL A	57636Q104
GRAB	GRAB HOLDINGS LIMITED	3,955,331	$14.91M	0.1%	—	—	CLASS A ORD	G4124C109
WFC	WELLS FARGO & CO	100,900	$8.338M	0.1%	—	—	COM	949746101
ORLY	OREILLY AUTOMOTIVE INC	100,900	$9.292M	0.1%	—	—	COM	67103H107