EULAV Asset Management Diversified Active

CIK: 0001540826 · Show all filings

Period: Q4 2024 (← Previous) (Next →)

Filing Date: Jan 28, 2025

Total Value ($000): $4,152,172 (100.0% shares, 0.0% debt)

Holdings (163)

TYL TYLER TECHNOLOGIES INC 3.4%
Value ($000) $141,671 Shares 245,684 Est. Cost $340.55 Unrealized +77.4%
TDG TRANSDIGM GROUP INC 3.2%
Value ($000) $133,137 Shares 105,057 Est. Cost $344.05 Unrealized +257.4%
LII LENNOX INTL INC 3.0%
Value ($000) $122,595 Shares 201,207 Est. Cost $266.04 Unrealized +132.4%
MSCI MSCI INC 2.9%
Value ($000) $122,377 Shares 203,958 Est. Cost $524.04 Unrealized +12.9%
FICO FAIR ISAAC CORP 2.7%
Value ($000) $113,284 Shares 56,900 Est. Cost $248.73 Unrealized +758.7%
WCN WASTE CONNECTIONS INC 2.7%
Value ($000) $112,760 Shares 657,188 Est. Cost $145.22 Unrealized +24.4%
HEI HEICO CORP NEW 2.6%
Value ($000) $107,861 Shares 453,693 Est. Cost $172.35 Unrealized +50.3%
CTAS CINTAS CORP 2.6%
Value ($000) $106,640 Shares 583,689 Est. Cost $157.65 Unrealized +32.1%
IT GARTNER INC 2.5%
Value ($000) $104,549 Shares 215,800 Est. Cost $296.87 Unrealized +73.7%
CDNS CADENCE DESIGN SYSTEM INC 2.1%
Value ($000) $86,924 Shares 289,304 Est. Cost $65.53 Unrealized +343.6%
WRB BERKLEY W R CORP 2.0%
Value ($000) $83,126 Shares 1,420,464 Est. Cost $40.28 Unrealized +43.7%
RSG REPUBLIC SVCS INC 1.9%
Value ($000) $78,552 Shares 390,458 Est. Cost $109.76 Unrealized +86.1%
MSI MOTOROLA SOLUTIONS INC 1.8%
Value ($000) $76,776 Shares 166,100 Est. Cost $241.03 Unrealized +94.4%
NOW SERVICENOW INC 1.7%
Value ($000) $71,202 Shares 67,164 Est. Cost $49.13 Unrealized +312.4%
MPWR MONOLITHIC PWR SYS INC 1.7%
Value ($000) $68,799 Shares 116,274 Est. Cost $566.48 Unrealized +26.5%
AFG AMERICAN FINL GROUP INC OHIO 1.6%
Value ($000) $68,290 Shares 498,722 Est. Cost $83.76 Unrealized +50.4%
CDW CDW CORP 1.6%
Value ($000) $66,781 Shares 383,712 Est. Cost $208.71 Unrealized -8.5%
CHE CHEMED CORP NEW 1.6%
Value ($000) $65,430 Shares 123,499 Est. Cost $380.70 Unrealized +47.3%
CASY CASEYS GEN STORES INC 1.5%
Value ($000) $63,991 Shares 161,500 Est. Cost $366.58 Unrealized +9.3%
POOL POOL CORP 1.5%
Value ($000) $63,845 Shares 187,261 Est. Cost $218.80 Unrealized +63.6%
FIX COMFORT SYS USA INC 1.5%
Value ($000) $61,535 Shares 145,108 Est. Cost $234.37 Unrealized +86.6%
CACI CACI INTL INC 1.5%
Value ($000) $61,298 Shares 151,704 Est. Cost $424.20 Unrealized +14.9%
IQV IQVIA HLDGS INC 1.5%
Value ($000) $60,722 Shares 309,000 Est. Cost $217.93 Unrealized -3.2%
COST COSTCO WHSL CORP NEW 1.4%
Value ($000) $57,084 Shares 62,300 Est. Cost $144.54 Unrealized +538.3%
IDXX IDEXX LABS INC 1.3%
Value ($000) $52,181 Shares 126,212 Est. Cost $285.58 Unrealized +53.6%
NVDA NVIDIA CORPORATION 1.2%
Value ($000) $49,303 Shares 367,137 Est. Cost $91.77 Unrealized +50.1%
META META PLATFORMS INC 1.1%
Value ($000) $46,265 Shares 79,017 Est. Cost $204.58 Unrealized +185.8%
ATR APTARGROUP INC 1.1%
Value ($000) $45,264 Shares 288,125 Est. Cost $110.58 Unrealized +48.5%
WST WEST PHARMACEUTICAL SVSC INC 1.1%
Value ($000) $45,080 Shares 137,623 Est. Cost $358.81 Unrealized -12.6%
ICE INTERCONTINENTAL EXCHANGE IN 1.1%
Value ($000) $44,380 Shares 297,833 Est. Cost $93.19 Unrealized +67.7%
BRO BROWN & BROWN INC 1.1%
Value ($000) $43,960 Shares 430,900 Est. Cost $103.01 Unrealized +2.9%
SYK STRYKER CORPORATION 1.0%
Value ($000) $43,031 Shares 119,513 Est. Cost $274.38 Unrealized +33.5%
GIB CGI INC 1.0%
Value ($000) $42,013 Shares 384,310 Est. Cost $77.90 Unrealized +43.5%
CHDN CHURCHILL DOWNS INC 1.0%
Value ($000) $39,630 Shares 296,762 Est. Cost $99.33 Unrealized +38.6%
ROP ROPER TECHNOLOGIES INC 0.9%
Value ($000) $36,425 Shares 70,069 Est. Cost $296.48 Unrealized +83.6%
ACN ACCENTURE PLC IRELAND 0.9%
Value ($000) $36,278 Shares 103,123 Est. Cost $123.72 Unrealized +186.7%
INTU INTUIT 0.8%
Value ($000) $34,511 Shares 54,910 Est. Cost $241.22 Unrealized +163.1%
AMZN AMAZON COM INC 0.8%
Value ($000) $34,453 Shares 157,041 Est. Cost $119.89 Unrealized +70.7%
RLI RLI CORP 0.8%
Value ($000) $34,120 Shares 207,000 Est. Cost $23.97 Unrealized +227.3%
ADBE ADOBE INC 0.8%
Value ($000) $33,263 Shares 74,801 Est. Cost $397.21 Unrealized +24.7%
SPGI S&P GLOBAL INC 0.8%
Value ($000) $31,970 Shares 64,192 Est. Cost $312.31 Unrealized +61.1%
EXPO EXPONENT INC 0.7%
Value ($000) $30,748 Shares 345,100 Est. Cost $62.76 Unrealized +57.7%
MRSH MARSH & MCLENNAN COS INC 0.7%
Value ($000) $28,038 Shares 132,000 Est. Cost $152.13 Unrealized +43.1%
UBER UBER TECHNOLOGIES INC 0.7%
Value ($000) $27,747 Shares 460,000 Est. Cost $41.80 Unrealized +70.8%
AMD ADVANCED MICRO DEVICES INC 0.7%
Value ($000) $27,057 Shares 224,000 Est. Cost $118.20 Unrealized +21.7%
GOOGL ALPHABET INC 0.6%
Value ($000) $26,691 Shares 141,000 Est. Cost $106.26 Unrealized +63.9%
WSO WATSCO INC 0.6%
Value ($000) $26,490 Shares 55,900 Est. Cost $473.52 Unrealized +7.0%
MSTR MICROSTRATEGY INC 0.6%
Value ($000) $25,052 Shares 86,500 Est. Cost $137.33 Unrealized +119.1%
AAON AAON INC 0.6%
Value ($000) $24,536 Shares 208,500 Est. Cost $37.19 Unrealized +228.0%
EXLS EXLSERVICE HOLDINGS INC 0.6%
Value ($000) $24,190 Shares 545,065 Est. Cost $27.01 Unrealized +60.1%
SNPS SYNOPSYS INC 0.6%
Value ($000) $23,590 Shares 48,604 Est. Cost $149.54 Unrealized +249.6%
POST POST HLDGS INC 0.6%
Value ($000) $23,235 Shares 203,000 Est. Cost $106.38 Unrealized +7.1%
MSFT MICROSOFT CORP 0.6%
Value ($000) $23,195 Shares 55,030 Est. Cost $194.85 Unrealized +116.8%
NFLX NETFLIX INC 0.5%
Value ($000) $22,823 Shares 25,606 Est. Cost $29.44 Unrealized +179.6%
FSS FEDERAL SIGNAL CORP 0.5%
Value ($000) $22,248 Shares 240,803 Est. Cost $69.59 Unrealized +31.2%
AAPL APPLE INC 0.5%
Value ($000) $21,051 Shares 84,061 Est. Cost $127.05 Unrealized +84.6%
V VISA INC 0.5%
Value ($000) $20,550 Shares 65,023 Est. Cost $186.89 Unrealized +59.6%
TSLA TESLA INC 0.5%
Value ($000) $20,398 Shares 50,510 Est. Cost $297.32 Unrealized +8.2%
ZTS ZOETIS INC 0.5%
Value ($000) $20,366 Shares 125,000 Est. Cost $171.91 Unrealized +2.6%
ENSG ENSIGN GROUP INC 0.5%
Value ($000) $20,155 Shares 151,700 Est. Cost $86.91 Unrealized +66.8%
TDY TELEDYNE TECHNOLOGIES INC 0.5%
Value ($000) $20,050 Shares 43,200 Est. Cost $279.45 Unrealized +66.8%
EME EMCOR GROUP INC 0.5%
Value ($000) $19,337 Shares 42,601 Est. Cost $157.42 Unrealized +199.9%
SPSC SPS COMM INC 0.5%
Value ($000) $19,227 Shares 104,500 Est. Cost $48.15 Unrealized +289.6%
EPAM EPAM SYS INC 0.4%
Value ($000) $18,626 Shares 79,660 Est. Cost $330.44 Unrealized -32.7%
TT TRANE TECHNOLOGIES PLC 0.4%
Value ($000) $17,729 Shares 48,000 Est. Cost $312.18 Unrealized +26.1%
BMI BADGER METER INC 0.4%
Value ($000) $17,330 Shares 81,700 Est. Cost $149.30 Unrealized +44.6%
MTD METTLER TOLEDO INTERNATIONAL 0.4%
Value ($000) $17,254 Shares 14,100 Est. Cost $412.76 Unrealized +216.1%
HOOD ROBINHOOD MKTS INC 0.4%
Value ($000) $16,022 Shares 430,000 Est. Cost $22.44 Unrealized +43.9%
EXAS EXACT SCIENCES CORP 0.4%
Value ($000) $16,014 Shares 285,000 Est. Cost $74.87 Unrealized -16.9%
JJSF J & J SNACK FOODS CORP 0.4%
Value ($000) $15,994 Shares 103,100 Est. Cost $105.61 Unrealized +53.4%
EXEL EXELIXIS INC 0.4%
Value ($000) $15,984 Shares 480,000 Est. Cost $21.51 Unrealized +50.8%
CRWD CROWDSTRIKE HLDGS INC 0.4%
Value ($000) $15,739 Shares 46,000 Est. Cost $106.12 Unrealized +213.3%
RBC RBC BEARINGS INC 0.4%
Value ($000) $15,705 Shares 52,500 Est. Cost $68.32 Unrealized +350.7%
WWD WOODWARD INC 0.4%
Value ($000) $15,477 Shares 93,000 Est. Cost $43.17 Unrealized +293.1%
FN FABRINET 0.4%
Value ($000) $15,436 Shares 70,200 Est. Cost $128.35 Unrealized +87.8%
WTS WATTS WATER TECHNOLOGIES INC 0.4%
Value ($000) $15,420 Shares 75,847 Est. Cost $115.43 Unrealized +80.0%
TMO THERMO FISHER SCIENTIFIC INC 0.4%
Value ($000) $15,295 Shares 29,400 Est. Cost $224.75 Unrealized +143.6%
COIN COINBASE GLOBAL INC 0.3%
Value ($000) $14,403 Shares 58,007 Est. Cost $186.91 Unrealized +35.8%
ROL ROLLINS INC 0.3%
Value ($000) $14,123 Shares 304,698 Est. Cost $26.39 Unrealized +83.1%
APPF APPFOLIO INC 0.3%
Value ($000) $13,680 Shares 55,449 Est. Cost $229.86 Unrealized +1.9%
AIT APPLIED INDL TECHNOLOGIES IN 0.3%
Value ($000) $13,267 Shares 55,400 Est. Cost $143.43 Unrealized +72.2%
BKNG BOOKING HOLDINGS INC 0.3%
Value ($000) $13,176 Shares 2,652 Est. Cost $2309.92 Unrealized +106.2%
DHR DANAHER CORPORATION 0.3%
Value ($000) $12,533 Shares 54,600 Est. Cost $65.91 Unrealized +270.2%
CRM SALESFORCE INC 0.3%
Value ($000) $12,372 Shares 37,006 Est. Cost $88.50 Unrealized +257.9%
PRI PRIMERICA INC 0.3%
Value ($000) $12,051 Shares 44,400 Est. Cost $139.36 Unrealized +103.4%
JKHY HENRY JACK & ASSOC INC 0.3%
Value ($000) $11,694 Shares 66,708 Est. Cost $119.44 Unrealized +47.3%
MA MASTERCARD INCORPORATED 0.3%
Value ($000) $11,646 Shares 22,116 Est. Cost $183.43 Unrealized +180.6%
MSA MSA SAFETY INC 0.3%
Value ($000) $11,637 Shares 70,200 Est. Cost $173.51 Unrealized -1.2%
KAI KADANT INC 0.3%
Value ($000) $11,488 Shares 33,300 Est. Cost $218.57 Unrealized +65.0%
VRTX VERTEX PHARMACEUTICALS INC 0.3%
Value ($000) $11,477 Shares 28,500 Est. Cost $229.41 Unrealized +102.1%
SHOP SHOPIFY INC 0.3%
Value ($000) $11,165 Shares 105,000 Est. Cost $49.81 Unrealized +95.3%
MMSI MERIT MED SYS INC 0.3%
Value ($000) $11,123 Shares 115,000 Est. Cost $98.03 Unrealized +1.7%
SF STIFEL FINL CORP 0.3%
Value ($000) $11,077 Shares 104,422 Est. Cost $27.00 Unrealized +289.0%
CMG CHIPOTLE MEXICAN GRILL INC 0.3%
Value ($000) $10,854 Shares 180,006 Est. Cost $55.35 Unrealized +8.9%
AYI ACUITY BRANDS INC 0.3%
Value ($000) $10,809 Shares 37,000 Est. Cost $241.03 Unrealized +29.1%
MTCH MATCH GROUP INC NEW 0.3%
Value ($000) $10,635 Shares 325,129 Est. Cost $55.67 Unrealized -39.9%
WDAY WORKDAY INC 0.2%
Value ($000) $10,321 Shares 40,000 Est. Cost $180.55 Unrealized +41.5%
SIGI SELECTIVE INS GROUP INC 0.2%
Value ($000) $10,305 Shares 110,193 Est. Cost $88.14 Unrealized +5.9%
PLUS EPLUS INC 0.2%
Value ($000) $10,269 Shares 139,000 Est. Cost $42.18 Unrealized +107.0%
GPI GROUP 1 AUTOMOTIVE INC 0.2%
Value ($000) $10,206 Shares 24,215 Est. Cost $310.47 Unrealized +27.4%
MTSI MACOM TECH SOLUTIONS HLDGS I 0.2%
Value ($000) $9,749 Shares 75,046 Est. Cost $125.79 Unrealized 0.0%
RUSHA RUSH ENTERPRISES INC 0.2%
Value ($000) $9,364 Shares 170,900 Est. Cost $44.93 Unrealized +27.1%
FANG DIAMONDBACK ENERGY INC 0.2%
Value ($000) $9,338 Shares 57,000 Est. Cost $73.60 Unrealized +132.2%
CVCO CAVCO INDS INC DEL 0.2%
Value ($000) $9,282 Shares 20,800 Est. Cost $157.33 Unrealized +191.9%
FCN FTI CONSULTING INC 0.2%
Value ($000) $9,270 Shares 48,500 Est. Cost $102.41 Unrealized +101.3%
RIVN RIVIAN AUTOMOTIVE INC 0.2%
Value ($000) $9,044 Shares 680,000 Est. Cost $18.87 Unrealized -39.0%
SLGN SILGAN HLDGS INC 0.2%
Value ($000) $8,984 Shares 172,600 Est. Cost $27.81 Unrealized +91.8%
ROKU ROKU INC 0.2%
Value ($000) $8,772 Shares 118,000 Est. Cost $123.23 Unrealized -38.5%
LULU LULULEMON ATHLETICA INC 0.2%
Value ($000) $8,413 Shares 22,000 Est. Cost $325.52 Unrealized +0.3%
WK WORKIVA INC 0.2%
Value ($000) $8,366 Shares 76,400 Est. Cost $50.75 Unrealized +81.6%
DKNG DRAFTKINGS INC NEW 0.2%
Value ($000) $8,184 Shares 220,000 Est. Cost $18.56 Unrealized +113.9%
SNAP SNAP INC 0.2%
Value ($000) $7,916 Shares 735,000 Est. Cost $26.42 Unrealized -57.3%
CROX CROCS INC 0.2%
Value ($000) $7,853 Shares 71,700 Est. Cost $23.54 Unrealized +394.4%
AVGO BROADCOM INC 0.2%
Value ($000) $7,653 Shares 33,011 Est. Cost $147.31 Unrealized +24.1%
BLD TOPBUILD CORP 0.2%
Value ($000) $7,597 Shares 24,400 Est. Cost $83.61 Unrealized +338.6%
NSIT INSIGHT ENTERPRISES INC 0.2%
Value ($000) $7,588 Shares 49,886 Est. Cost $157.30 Unrealized +13.6%
MU MICRON TECHNOLOGY INC 0.2%
Value ($000) $7,574 Shares 90,000 Est. Cost $89.33 Unrealized +13.4%
TXRH TEXAS ROADHOUSE INC 0.2%
Value ($000) $7,506 Shares 41,600 Est. Cost $53.18 Unrealized +247.7%
FFIN FIRST FINL BANKSHARES INC 0.2%
Value ($000) $7,444 Shares 206,496 Est. Cost $19.91 Unrealized +89.9%
MEDP MEDPACE HLDGS INC 0.2%
Value ($000) $7,342 Shares 22,100 Est. Cost $142.20 Unrealized +138.5%
CSL CARLISLE COS INC 0.2%
Value ($000) $7,155 Shares 19,400 Est. Cost $89.22 Unrealized +381.1%
BMRN BIOMARIN PHARMACEUTICAL INC 0.2%
Value ($000) $7,099 Shares 108,000 Est. Cost $91.63 Unrealized -26.9%
CRS CARPENTER TECHNOLOGY CORP 0.2%
Value ($000) $6,970 Shares 41,068 Est. Cost $95.36 Unrealized +79.0%
SITE SITEONE LANDSCAPE SUPPLY INC 0.2%
Value ($000) $6,733 Shares 51,100 Est. Cost $129.08 Unrealized +11.8%
SAIC SCIENCE APPLICATIONS INTL CO 0.2%
Value ($000) $6,662 Shares 59,600 Est. Cost $120.33 Unrealized +9.6%
ANSYS INC 0.2%
Value ($000) $6,376 Shares 18,900 Est. Cost $116.45 Unrealized
WING WINGSTOP INC 0.1%
Value ($000) $6,196 Shares 21,800 Est. Cost $91.49 Unrealized +271.6%
PGR PROGRESSIVE CORP 0.1%
Value ($000) $6,062 Shares 25,300 Est. Cost $231.96 Unrealized 0.0%
GATX GATX CORP 0.1%
Value ($000) $5,857 Shares 37,800 Est. Cost $120.03 Unrealized +21.9%
LSTR LANDSTAR SYS INC 0.1%
Value ($000) $5,809 Shares 33,800 Est. Cost $72.34 Unrealized
TNET TRINET GROUP INC 0.1%
Value ($000) $5,746 Shares 63,300 Est. Cost $69.16 Unrealized +31.1%
ACIW ACI WORLDWIDE INC 0.1%
Value ($000) $5,463 Shares 105,237 Est. Cost $53.19 Unrealized 0.0%
AGO ASSURED GUARANTY LTD 0.1%
Value ($000) $5,401 Shares 60,000 Est. Cost $80.77 Unrealized +7.3%
BCPC BALCHEM CORP 0.1%
Value ($000) $5,297 Shares 32,500 Est. Cost $99.85 Unrealized +71.9%
AWR AMER STATES WTR CO 0.1%
Value ($000) $4,655 Shares 59,900 Est. Cost $81.32 Unrealized -0.5%
AJG GALLAGHER ARTHUR J & CO 0.1%
Value ($000) $4,655 Shares 16,400 Est. Cost $209.92 Unrealized +37.2%
TREX TREX CO INC 0.1%
Value ($000) $4,418 Shares 64,000 Est. Cost $45.97 Unrealized +53.3%
IBKR INTERACTIVE BROKERS GROUP IN 0.1%
Value ($000) $4,417 Shares 25,000 Est. Cost $16.85 Unrealized +148.4%
GS GOLDMAN SACHS GROUP INC 0.1%
Value ($000) $4,151 Shares 7,250 Est. Cost $319.80 Unrealized +70.4%
ECL ECOLAB INC 0.1%
Value ($000) $4,007 Shares 17,100 Est. Cost $114.75 Unrealized +114.0%
BAC BANK AMERICA CORP 0.1%
Value ($000) $3,956 Shares 90,000 Est. Cost $28.15 Unrealized +52.1%
DXCM DEXCOM INC 0.1%
Value ($000) $3,811 Shares 49,000 Est. Cost $89.75 Unrealized -17.5%
WD WALKER & DUNLOP INC 0.1%
Value ($000) $3,781 Shares 38,900 Est. Cost $43.33 Unrealized +140.1%
JPM JPMORGAN CHASE & CO. 0.1%
Value ($000) $3,596 Shares 15,003 Est. Cost $104.90 Unrealized +117.4%
CXT CRANE NXT CO 0.1%
Value ($000) $3,540 Shares 60,800 Est. Cost $56.45 Unrealized +0.3%
HLT HILTON WORLDWIDE HLDGS INC 0.1%
Value ($000) $3,464 Shares 14,014 Est. Cost $76.71 Unrealized +218.3%
BX BLACKSTONE INC 0.1%
Value ($000) $3,448 Shares 20,000 Est. Cost $46.36 Unrealized +264.1%
LYFT LYFT INC 0.1%
Value ($000) $3,419 Shares 265,000 Est. Cost $31.14 Unrealized -52.4%
MDGL MADRIGAL PHARMACEUTICALS INC 0.1%
Value ($000) $3,086 Shares 10,000 Est. Cost $174.99 Unrealized +60.7%
QLYS QUALYS INC 0.1%
Value ($000) $3,043 Shares 21,700 Est. Cost $71.77 Unrealized +93.9%
QCOM QUALCOMM INC 0.1%
Value ($000) $2,919 Shares 19,000 Est. Cost $96.45 Unrealized +65.4%
DAL DELTA AIR LINES INC DEL 0.1%
Value ($000) $2,904 Shares 48,000 Est. Cost $38.68 Unrealized +50.8%
STZ CONSTELLATION BRANDS INC 0.1%
Value ($000) $2,873 Shares 13,000 Est. Cost $187.52 Unrealized +23.4%
PYPL PAYPAL HLDGS INC 0.1%
Value ($000) $2,817 Shares 33,000 Est. Cost $85.74 Unrealized -2.2%
DIS DISNEY WALT CO 0.1%
Value ($000) $2,784 Shares 25,000 Est. Cost $109.89 Unrealized -5.8%
BABA ALIBABA GROUP HLDG LTD 0.1%
Value ($000) $2,544 Shares 30,000 Est. Cost $134.50 Unrealized
SNX TD SYNNEX CORPORATION 0.1%
Value ($000) $2,510 Shares 21,400 Est. Cost $32.77 Unrealized +259.3%
FELE FRANKLIN ELEC INC 0.1%
Value ($000) $2,372 Shares 24,344 Est. Cost $81.73 Unrealized +25.5%
USPH U S PHYSICAL THERAPY 0.1%
Value ($000) $2,280 Shares 25,700 Est. Cost $84.52 Unrealized +5.4%
NPO ENPRO INC 0.1%
Value ($000) $2,276 Shares 13,200 Est. Cost $55.76 Unrealized +203.2%
ASGN ASGN INC 0.0%
Value ($000) $1,675 Shares 20,100 Est. Cost $86.98 Unrealized +5.0%
HRI HERC HLDGS INC 0.0%
Value ($000) $1,534 Shares 8,100 Est. Cost $196.39 Unrealized 0.0%
LFUS LITTELFUSE INC 0.0%
Value ($000) $707 Shares 3,000 Est. Cost $201.58 Unrealized +23.7%