Sanders Capital, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACN	ACCENTURE PLC IRELAND	10,963,615 (+14.0%)	$2,941,538 (+24.1%)	3.4%	$293.83	-13.5%	SHS CLASS A	G1151C101
META	META PLATFORMS INC	10,038,174 (+5.7%)	$6,626,098 (-5.0%)	7.6%	$240.53	+177.4%	CL A	30303M102
LMT	LOCKHEED MARTIN CORP	1,143,227 (+125.8%)	$552,945 (+118.8%)	0.6%	$463.77	+2.7%	COM	539830109
UAL	UNITED AIRLS HLDGS INC	15,182,819 (+2.8%)	$1,697,743 (+19.1%)	2.0%	$64.11	+57.6%	COM	910047109
SPY	SPDR S&P 500 ETF TR	2,050,638 (+20.3%)	$1,398,371 (+23.2%)	1.6%	$610.90	—	TR UNIT	78462F103
CME	CME GROUP INC	4,177,515 (+12.1%)	$1,140,796 (+13.3%)	1.3%	$269.96	+0.3%	COM	12572Q105
V	VISA INC	3,315,303 (+6.5%)	$1,162,710 (+9.4%)	1.3%	$314.82	+8.1%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	1,548,588 (+9.4%)	$884,058 (+9.8%)	1.0%	$523.79	+6.7%	CL A	57636Q104
BKNG	BOOKING HOLDINGS INC	297,456 (+3.7%)	$1,592,975 (+2.8%)	1.8%	$2258.56	+127.5%	COM	09857L108

Exited Positions (5)

BABA ALIBABA GROUP HLDG LTD 0.7%

Value ($000) $644,824 Shares 3,607,811 Est. Cost $83.64 Unrealized —

HAL HALLIBURTON CO 0.7%

Value ($000) $639,715 Shares 26,004,682 Est. Cost $33.19 Unrealized -20.8%

SLB SCHLUMBERGER LTD 0.3%

Value ($000) $260,886 Shares 7,590,519 Est. Cost $47.09 Unrealized -23.4%

C CITIGROUP INC 0.1%

Value ($000) $95,774 Shares 943,584 Est. Cost $43.53 Unrealized +138.1%

— UNILEVER PLC 0.0%

Value ($000) $6,849 Shares 115,530 Est. Cost $55.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	3,607,811	$644,824	0.7%	$83.64	—	—	01609W102
HAL	HALLIBURTON CO	26,004,682	$639,715	0.7%	$33.19	-20.8%	—	406216101
SLB	SCHLUMBERGER LTD	7,590,519	$260,886	0.3%	$47.09	-23.4%	—	806857108
C	CITIGROUP INC	943,584	$95,774	0.1%	$43.53	+138.1%	—	172967424
—	UNILEVER PLC	115,530	$6,849	0.0%	$55.68	—	—	904767704

Decreased Positions (17)

GOOG ALPHABET INC 11.5%

Value ($000) $10,014,620 (+22.1%) Shares 31,914,021 (-5.2%) Est. Cost $121.15 Unrealized +136.4%

STX SEAGATE TECHNOLOGY HLDNGS PL 5.4%

Value ($000) $4,731,446 (+14.3%) Shares 17,180,892 (-2.1%) Est. Cost $68.04 Unrealized +280.5%

MSFT MICROSOFT CORP 6.8%

Value ($000) $5,876,087 (-7.7%) Shares 12,150,215 (-1.1%) Est. Cost $122.55 Unrealized +308.5%

HCA HCA HEALTHCARE INC 5.6%

Value ($000) $4,885,301 (+7.4%) Shares 10,464,168 (-2.0%) Est. Cost $149.20 Unrealized +210.8%

VEU VANGUARD INTL EQUITY INDEX F 0.5%

Value ($000) $475,424 (-26.3%) Shares 6,463,079 (-28.5%) Est. Cost $64.78 Unrealized —

NOC NORTHROP GRUMMAN CORP 1.3%

Value ($000) $1,085,339 (-7.5%) Shares 1,903,403 (-1.2%) Est. Cost $355.84 Unrealized +62.7%

PEP PEPSICO INC 0.7%

Value ($000) $609,303 (-10.4%) Shares 4,245,422 (-12.4%) Est. Cost $115.49 Unrealized +26.3%

GD GENERAL DYNAMICS CORP 1.4%

Value ($000) $1,238,109 (-2.7%) Shares 3,677,624 (-1.5%) Est. Cost $215.26 Unrealized +58.4%

AMAT APPLIED MATLS INC 2.6%

Value ($000) $2,270,754 (+1.0%) Shares 8,835,961 (-19.5%) Est. Cost $164.42 Unrealized +45.7%

HSBC HSBC HLDGS PLC 0.3%

Value ($000) $227,157 (+7.8%) Shares 2,887,470 (-2.8%) Est. Cost $39.37 Unrealized —

ABT ABBOTT LABS 0.2%

Value ($000) $144,282 (-9.2%) Shares 1,151,585 (-2.9%) Est. Cost $96.07 Unrealized +32.5%

ABBV ABBVIE INC 0.1%

Value ($000) $121,594 (-4.2%) Shares 532,163 (-2.9%) Est. Cost $28.95 Unrealized +685.9%

TFC TRUIST FINL CORP 0.1%

Value ($000) $103,470 (+4.3%) Shares 2,102,622 (-3.1%) Est. Cost $40.21 Unrealized +13.9%

NWG NATWEST GROUP PLC 0.0%

Value ($000) $3,596 (+15.7%) Shares 205,464 (-6.5%) Est. Cost $0.23 Unrealized —

SHG SHINHAN FINANCIAL GROUP CO L 0.0%

Value ($000) $8,446 (+3.6%) Shares 157,486 (-2.7%) Est. Cost $36.91 Unrealized —

SYF SYNCHRONY FINANCIAL 0.0%

Value ($000) $1,655 (+8.5%) Shares 19,837 (-7.6%) Est. Cost $26.81 Unrealized +184.7%

ING ING GROEP N.V. 0.0%

Value ($000) $3,569 (-0.2%) Shares 128,385 (-6.4%) Est. Cost $10.06 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	31,914,021 (-5.2%)	$10,014,620 (+22.1%)	11.5%	$121.15	+136.4%	CAP STK CL C	02079K107
STX	SEAGATE TECHNOLOGY HLDNGS PL	17,180,892 (-2.1%)	$4,731,446 (+14.3%)	5.4%	$68.04	+280.5%	ORD SHS	G7997R103
MSFT	MICROSOFT CORP	12,150,215 (-1.1%)	$5,876,087 (-7.7%)	6.8%	$122.55	+308.5%	COM	594918104
HCA	HCA HEALTHCARE INC	10,464,168 (-2.0%)	$4,885,301 (+7.4%)	5.6%	$149.20	+210.8%	COM	40412C101
VEU	VANGUARD INTL EQUITY INDEX F	6,463,079 (-28.5%)	$475,424 (-26.3%)	0.5%	$64.78	—	ALLWRLD EX US	922042775
NOC	NORTHROP GRUMMAN CORP	1,903,403 (-1.2%)	$1,085,339 (-7.5%)	1.3%	$355.84	+62.7%	COM	666807102
PEP	PEPSICO INC	4,245,422 (-12.4%)	$609,303 (-10.4%)	0.7%	$115.49	+26.3%	COM	713448108
GD	GENERAL DYNAMICS CORP	3,677,624 (-1.5%)	$1,238,109 (-2.7%)	1.4%	$215.26	+58.4%	COM	369550108
AMAT	APPLIED MATLS INC	8,835,961 (-19.5%)	$2,270,754 (+1.0%)	2.6%	$164.42	+45.7%	COM	038222105
HSBC	HSBC HLDGS PLC	2,887,470 (-2.8%)	$227,157 (+7.8%)	0.3%	$39.37	—	SPON ADR NEW	404280406
ABT	ABBOTT LABS	1,151,585 (-2.9%)	$144,282 (-9.2%)	0.2%	$96.07	+32.5%	COM	002824100
ABBV	ABBVIE INC	532,163 (-2.9%)	$121,594 (-4.2%)	0.1%	$28.95	+685.9%	COM	00287Y109
TFC	TRUIST FINL CORP	2,102,622 (-3.1%)	$103,470 (+4.3%)	0.1%	$40.21	+13.9%	COM	89832Q109
NWG	NATWEST GROUP PLC	205,464 (-6.5%)	$3,596 (+15.7%)	0.0%	$0.23	—	SPONS ADR	639057207
SHG	SHINHAN FINANCIAL GROUP CO L	157,486 (-2.7%)	$8,446 (+3.6%)	0.0%	$36.91	—	SPN ADR RESTRD	824596100
SYF	SYNCHRONY FINANCIAL	19,837 (-7.6%)	$1,655 (+8.5%)	0.0%	$26.81	+184.7%	COM	87165B103
ING	ING GROEP N.V.	128,385 (-6.4%)	$3,569 (-0.2%)	0.0%	$10.06	—	SPONSORED ADR	456837103

Unchanged Positions (16)

TSM TAIWAN SEMICONDUCTOR MFG LTD 11.2%

Value ($000) $9,711,826 Shares 31,958,360 Est. Cost $45.37 Unrealized —

DAL DELTA AIR LINES INC DEL 2.4%

Value ($000) $2,052,700 Shares 29,577,814 Est. Cost $43.67 Unrealized +43.0%

AZN ASTRAZENECA PLC 1.5%

Value ($000) $1,299,836 Shares 14,139,408 Est. Cost $67.59 Unrealized —

AAPL APPLE INC 3.4%

Value ($000) $2,966,062 Shares 10,910,255 Est. Cost $82.87 Unrealized +223.8%

AMZN AMAZON COM INC 4.0%

Value ($000) $3,439,317 Shares 14,900,430 Est. Cost $192.67 Unrealized +18.7%

PDD PDD HOLDINGS INC 1.1%

Value ($000) $919,857 Shares 8,112,327 Est. Cost $103.01 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 2.3%

Value ($000) $2,015,966 Shares 5,750,865 Est. Cost $276.78 Unrealized +21.6%

RTX RTX CORPORATION 2.0%

Value ($000) $1,723,203 Shares 9,395,871 Est. Cost $89.43 Unrealized +93.8%

BAC BANK AMERICA CORP 2.9%

Value ($000) $2,489,907 Shares 45,271,028 Est. Cost $40.13 Unrealized +31.2%

FISV FISERV INC 0.2%

Value ($000) $153,974 Shares 2,292,304 Est. Cost $168.37 Unrealized -50.2%

CI THE CIGNA GROUP 2.5%

Value ($000) $2,147,094 Shares 7,801,089 Est. Cost $194.32 Unrealized +43.7%

UNH UNITEDHEALTH GROUP INC 2.3%

Value ($000) $1,979,717 Shares 5,997,142 Est. Cost $246.77 Unrealized +36.6%

PG PROCTER AND GAMBLE CO 1.1%

Value ($000) $971,024 Shares 6,775,686 Est. Cost $125.84 Unrealized +17.0%

ULTA ULTA BEAUTY INC 0.9%

Value ($000) $764,573 Shares 1,263,736 Est. Cost $391.87 Unrealized +40.3%

TCOM TRIP COM GROUP LTD 0.8%

Value ($000) $711,236 Shares 9,890,637 Est. Cost $52.11 Unrealized —

JPM JPMORGAN CHASE & CO. 1.6%

Value ($000) $1,387,316 Shares 4,305,493 Est. Cost $93.65 Unrealized +230.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	31,958,360	$9,711,826	11.2%	$45.37	—	SPONSORED ADS	874039100
DAL	DELTA AIR LINES INC DEL	29,577,814	$2,052,700	2.4%	$43.67	+43.0%	COM NEW	247361702
AZN	ASTRAZENECA PLC	14,139,408	$1,299,836	1.5%	$67.59	—	SPONSORED ADR	046353108
AAPL	APPLE INC	10,910,255	$2,966,062	3.4%	$82.87	+223.8%	COM	037833100
AMZN	AMAZON COM INC	14,900,430	$3,439,317	4.0%	$192.67	+18.7%	COM	023135106
PDD	PDD HOLDINGS INC	8,112,327	$919,857	1.1%	$103.01	—	SPONSORED ADS	722304102
ELV	ELEVANCE HEALTH INC FORMERLY	5,750,865	$2,015,966	2.3%	$276.78	+21.6%	COM	036752103
RTX	RTX CORPORATION	9,395,871	$1,723,203	2.0%	$89.43	+93.8%	COM	75513E101
BAC	BANK AMERICA CORP	45,271,028	$2,489,907	2.9%	$40.13	+31.2%	COM	060505104
FISV	FISERV INC	2,292,304	$153,974	0.2%	$168.37	-50.2%	COM	337738108
CI	THE CIGNA GROUP	7,801,089	$2,147,094	2.5%	$194.32	+43.7%	COM	125523100
UNH	UNITEDHEALTH GROUP INC	5,997,142	$1,979,717	2.3%	$246.77	+36.6%	COM	91324P102
PG	PROCTER AND GAMBLE CO	6,775,686	$971,024	1.1%	$125.84	+17.0%	COM	742718109
ULTA	ULTA BEAUTY INC	1,263,736	$764,573	0.9%	$391.87	+40.3%	COM	90384S303
TCOM	TRIP COM GROUP LTD	9,890,637	$711,236	0.8%	$52.11	—	ADS	89677Q107
JPM	JPMORGAN CHASE & CO.	4,305,493	$1,387,316	1.6%	$93.65	+230.5%	COM	46625H100