PineStone Asset Management Inc. Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AUTOZONE INC	269,173 (+1.5%)	$912,900 (-19.8%)	5.7%	$2894.37	+30.5%	COM	053332102
MCO	MOODYS CORP	2,375,768 (+4.9%)	$1,213,661 (+12.5%)	7.5%	$398.93	+22.2%	COM	615369105
MA	MASTERCARD INCORPORATED	1,697,191 (+7.0%)	$968,892 (+7.4%)	6.0%	$455.67	+22.7%	CL A	57636Q104
CARR	CARRIER GLOBAL CORPORATION	7,153,429 (+34.6%)	$377,987 (+19.1%)	2.3%	$56.62	-1.9%	COM	14448C104
SPGI	S&P GLOBAL INC	617,388 (+2.4%)	$322,649 (+10.0%)	2.0%	$440.05	+12.3%	COM	78409V104
MSCI	MSCI INC	1,000,942 (+4.1%)	$574,270 (+5.2%)	3.6%	$537.46	+4.2%	COM	55354G100
HDB	HDFC BANK LTD	8,315,726 (+1.9%)	$303,857 (+9.0%)	1.9%	$48.44	—	SPONSORED ADS	40415F101
PEP	PEPSICO INC	2,525,948 (+4.1%)	$362,524 (+6.4%)	2.3%	$157.94	-7.6%	COM	713448108
CME	CME GROUP INC	2,613,439 (+1.7%)	$713,678 (+2.8%)	4.4%	$210.26	+28.8%	COM	12572Q105
CPRT	COPART INC	8,517,154 (+10.3%)	$333,447 (-4.0%)	2.1%	$53.20	-22.1%	COM	217204106
SHW	SHERWIN WILLIAMS CO	1,719,020 (+4.4%)	$557,014 (-2.3%)	3.5%	$302.39	+10.5%	COM	824348106
UNH	UNITEDHEALTH GROUP INC	825,705 (+6.6%)	$272,573 (+1.9%)	1.7%	$473.00	-28.7%	COM	91324P102
NKE	NIKE INC	1,867,235 (+13.5%)	$118,962 (+3.7%)	0.7%	$87.35	-25.7%	CL B	654106103
OTIS	OTIS WORLDWIDE CORP	4,679,997 (+3.6%)	$408,798 (-1.0%)	2.5%	$89.44	-0.2%	COM	68902V107
EXPO	EXPONENT INC	139,494 (+6.2%)	$9,689 (+6.2%)	0.1%	$85.03	-17.6%	COM	30214U102
FND	FLOOR & DECOR HLDGS INC	130,800 (+16.5%)	$7,964 (-3.8%)	0.0%	$96.68	-33.0%	CL A	339750101

Exited Positions (1)

ADBE ADOBE INC 0.4%

Value ($000) $70,714 Shares 200,464 Est. Cost $482.82 Unrealized -29.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADBE	ADOBE INC	200,464	$70,714	0.4%	$482.82	-29.6%	—	00724F101

Decreased Positions (16)

ORCL ORACLE CORP 2.2%

Value ($000) $350,898 (-63.6%) Shares 1,800,309 (-47.5%) Est. Cost $125.44 Unrealized +89.8%

GOOGL ALPHABET INC 11.2%

Value ($000) $1,798,828 (+15.6%) Shares 5,747,054 (-10.2%) Est. Cost $151.18 Unrealized +88.9%

TSM TAIWAN SEMICONDUCTOR MFG LTD 11.8%

Value ($000) $1,898,536 (+3.8%) Shares 6,246,545 (-4.6%) Est. Cost $132.59 Unrealized —

JNJ JOHNSON & JOHNSON 2.7%

Value ($000) $427,904 (+10.4%) Shares 2,067,667 (-1.1%) Est. Cost $148.11 Unrealized +33.0%

TJX TJX COS INC NEW 4.0%

Value ($000) $649,201 (+3.5%) Shares 4,226,294 (-2.6%) Est. Cost $97.23 Unrealized +51.9%

LOW LOWES COS INC 1.4%

Value ($000) $223,399 (-8.6%) Shares 926,350 (-4.8%) Est. Cost $209.98 Unrealized +14.2%

ADI ANALOG DEVICES INC 1.5%

Value ($000) $240,033 (+5.6%) Shares 885,076 (-4.3%) Est. Cost $190.48 Unrealized +31.6%

HLT HILTON WORLDWIDE HLDGS INC 1.4%

Value ($000) $227,721 (+5.3%) Shares 792,764 (-4.9%) Est. Cost $218.95 Unrealized +24.3%

WH WYNDHAM HOTELS & RESORTS INC 0.1%

Value ($000) $11,836 (-29.0%) Shares 156,650 (-25.0%) Est. Cost $79.22 Unrealized -4.8%

TREX TREX CO INC 0.0%

Value ($000) $7,829 (-36.8%) Shares 223,169 (-6.9%) Est. Cost $68.11 Unrealized -40.6%

IPAR INTERPARFUMS INC 0.1%

Value ($000) $9,404 (-19.9%) Shares 110,852 (-7.1%) Est. Cost $131.07 Unrealized -32.8%

SSD SIMPSON MFG INC 0.0%

Value ($000) $8,011 (-15.8%) Shares 49,610 (-12.7%) Est. Cost $158.63 Unrealized +6.4%

MEDP MEDPACE HLDGS INC 0.1%

Value ($000) $13,873 (-7.6%) Shares 24,700 (-15.4%) Est. Cost $257.10 Unrealized +120.8%

FDS FACTSET RESH SYS INC 0.7%

Value ($000) $119,809 (-0.3%) Shares 412,864 (-1.6%) Est. Cost $425.02 Unrealized -34.1%

JBTM JBT MAREL CORPORATION 0.1%

Value ($000) $12,570 (+2.6%) Shares 83,429 (-4.4%) Est. Cost $106.69 Unrealized +32.1%

DCI DONALDSON INC 0.1%

Value ($000) $12,356 (+0.1%) Shares 139,361 (-7.6%) Est. Cost $60.59 Unrealized +42.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	1,800,309 (-47.5%)	$350,898 (-63.6%)	2.2%	$125.44	+89.8%	COM	68389X105
GOOGL	ALPHABET INC	5,747,054 (-10.2%)	$1,798,828 (+15.6%)	11.2%	$151.18	+88.9%	CAP STK CL A	02079K305
TSM	TAIWAN SEMICONDUCTOR MFG LTD	6,246,545 (-4.6%)	$1,898,536 (+3.8%)	11.8%	$132.59	—	SPONSORED ADS	874039100
JNJ	JOHNSON & JOHNSON	2,067,667 (-1.1%)	$427,904 (+10.4%)	2.7%	$148.11	+33.0%	COM	478160104
TJX	TJX COS INC NEW	4,226,294 (-2.6%)	$649,201 (+3.5%)	4.0%	$97.23	+51.9%	COM	872540109
LOW	LOWES COS INC	926,350 (-4.8%)	$223,399 (-8.6%)	1.4%	$209.98	+14.2%	COM	548661107
ADI	ANALOG DEVICES INC	885,076 (-4.3%)	$240,033 (+5.6%)	1.5%	$190.48	+31.6%	COM	032654105
HLT	HILTON WORLDWIDE HLDGS INC	792,764 (-4.9%)	$227,721 (+5.3%)	1.4%	$218.95	+24.3%	COM	43300A203
WH	WYNDHAM HOTELS & RESORTS INC	156,650 (-25.0%)	$11,836 (-29.0%)	0.1%	$79.22	-4.8%	COM	98311A105
TREX	TREX CO INC	223,169 (-6.9%)	$7,829 (-36.8%)	0.0%	$68.11	-40.6%	COM	89531P105
IPAR	INTERPARFUMS INC	110,852 (-7.1%)	$9,404 (-19.9%)	0.1%	$131.07	-32.8%	COM	458334109
SSD	SIMPSON MFG INC	49,610 (-12.7%)	$8,011 (-15.8%)	0.0%	$158.63	+6.4%	COM	829073105
MEDP	MEDPACE HLDGS INC	24,700 (-15.4%)	$13,873 (-7.6%)	0.1%	$257.10	+120.8%	COM	58506Q109
FDS	FACTSET RESH SYS INC	412,864 (-1.6%)	$119,809 (-0.3%)	0.7%	$425.02	-34.1%	COM	303075105
JBTM	JBT MAREL CORPORATION	83,429 (-4.4%)	$12,570 (+2.6%)	0.1%	$106.69	+32.1%	COM	477839104
DCI	DONALDSON INC	139,361 (-7.6%)	$12,356 (+0.1%)	0.1%	$60.59	+42.6%	COM	257651109

Unchanged Positions (10)

MSFT MICROSOFT CORP 8.8%

Value ($000) $1,417,739 Shares 2,931,514 Est. Cost $366.75 Unrealized +36.5%

MTD METTLER TOLEDO INTERNATIONAL 2.8%

Value ($000) $450,427 Shares 323,074 Est. Cost $1233.51 Unrealized +13.2%

GGG GRACO INC 1.9%

Value ($000) $310,583 Shares 3,788,983 Est. Cost $78.59 Unrealized +4.3%

CL COLGATE PALMOLIVE CO 0.8%

Value ($000) $125,665 Shares 1,590,289 Est. Cost $82.39 Unrealized -5.0%

HLI HOULIHAN LOKEY INC 0.1%

Value ($000) $12,976 Shares 74,495 Est. Cost $135.29 Unrealized +35.4%

JKHY HENRY JACK & ASSOC INC 0.1%

Value ($000) $10,985 Shares 60,200 Est. Cost $173.37 Unrealized -4.1%

FSS FEDERAL SIGNAL CORP 0.1%

Value ($000) $20,142 Shares 185,484 Est. Cost $85.86 Unrealized +33.2%

POWI POWER INTEGRATIONS INC 0.0%

Value ($000) $2,811 Shares 79,100 Est. Cost $79.86 Unrealized -52.7%

HAYW HAYWARD HLDGS INC 0.1%

Value ($000) $9,196 Shares 595,200 Est. Cost $13.71 Unrealized +15.3%

WDFC WD 40 CO 0.1%

Value ($000) $8,587 Shares 43,610 Est. Cost $212.93 Unrealized -8.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	2,931,514	$1,417,739	8.8%	$366.75	+36.5%	COM	594918104
MTD	METTLER TOLEDO INTERNATIONAL	323,074	$450,427	2.8%	$1233.51	+13.2%	COM	592688105
GGG	GRACO INC	3,788,983	$310,583	1.9%	$78.59	+4.3%	COM	384109104
CL	COLGATE PALMOLIVE CO	1,590,289	$125,665	0.8%	$82.39	-5.0%	COM	194162103
HLI	HOULIHAN LOKEY INC	74,495	$12,976	0.1%	$135.29	+35.4%	CL A	441593100
JKHY	HENRY JACK & ASSOC INC	60,200	$10,985	0.1%	$173.37	-4.1%	COM	426281101
FSS	FEDERAL SIGNAL CORP	185,484	$20,142	0.1%	$85.86	+33.2%	COM	313855108
POWI	POWER INTEGRATIONS INC	79,100	$2,811	0.0%	$79.86	-52.7%	COM	739276103
HAYW	HAYWARD HLDGS INC	595,200	$9,196	0.1%	$13.71	+15.3%	COM	421298100
WDFC	WD 40 CO	43,610	$8,587	0.1%	$212.93	-8.0%	COM	929236107