Sanders Capital, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	29,818,675 (+100.1%)	$6,210,335 (+80.6%)	7.4%	$209.76	+8.1%	COM	023135106
MSFT	MICROSOFT CORP	12,393,692 (+2.0%)	$4,587,773 (-21.9%)	5.5%	$128.68	+237.7%	COM	594918104
ACN	ACCENTURE PLC IRELAND	11,197,806 (+2.1%)	$2,220,413 (-24.5%)	2.6%	$292.98	-13.6%	SHS CLASS A	G1151C101
CI	THE CIGNA GROUP	10,290,382 (+31.9%)	$2,744,959 (+27.8%)	3.3%	$215.22	+30.4%	COM	125523100
META	META PLATFORMS INC	10,564,799 (+5.2%)	$6,044,438 (-8.8%)	7.2%	$261.22	+151.0%	CL A	30303M102
CRM	SALESFORCE INC	9,532,303 (+10.6%)	$1,779,395 (-22.0%)	2.1%	$245.05	-11.9%	COM	79466L302
SPY	STATE STR SPDR S&P 500 ETF T	2,923,008 (+42.5%)	$1,900,949 (+35.9%)	2.3%	$622.67	—	TR UNIT	78462F103
V	VISA INC	4,861,653 (+46.6%)	$1,469,386 (+26.4%)	1.8%	$319.39	+3.1%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	2,360,429 (+52.4%)	$1,179,412 (+33.4%)	1.4%	$529.04	+1.9%	CL A	57636Q104
ELV	ELEVANCE HEALTH INC FORMERLY	5,894,303 (+2.5%)	$1,725,557 (-14.4%)	2.1%	$278.60	+26.2%	COM	036752103
VEU	VANGUARD INTL EQUITY INDEX F	9,979,709 (+54.4%)	$749,476 (+57.6%)	0.9%	$68.41	—	ALLWRLD EX US	922042775
ULTA	ULTA BEAUTY INC	1,908,139 (+51.0%)	$997,403 (+30.5%)	1.2%	$485.77	+37.9%	COM	90384S303
TCOM	TRIP COM GROUP LTD	10,640,774 (+7.6%)	$529,804 (-25.5%)	0.6%	$51.95	—	ADS	89677Q107

Exited Positions (2)

AZN ASTRAZENECA PLC 1.5%

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

FISV FISERV INC 0.2%

Value ($000) $153,974 Shares 2,292,304 Est. Cost $168.37 Unrealized -62.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	14,139,408	$1,299,836	1.5%	$67.59	—	—	046353108
FISV	FISERV INC	2,292,304	$153,974	0.2%	$168.37	-62.0%	—	337738108

Decreased Positions (18)

GOOG ALPHABET INC 9.8%

Value ($000) $8,242,372 (-17.7%) Shares 28,733,083 (-10.0%) Est. Cost $121.15 Unrealized +167.2%

HCA HCA HEALTHCARE INC 5.1%

Value ($000) $4,238,879 (-13.2%) Shares 8,957,145 (-14.4%) Est. Cost $149.20 Unrealized +233.8%

PEP PEPSICO INC 0.3%

Value ($000) $275,420 (-54.8%) Shares 1,773,582 (-58.2%) Est. Cost $115.49 Unrealized +34.0%

STX SEAGATE TECHNOLOGY HLDNGS PL 6.0%

Value ($000) $5,052,607 (+6.8%) Shares 12,897,201 (-24.9%) Est. Cost $68.04 Unrealized +453.3%

JPM JPMORGAN CHASE & CO 1.4%

Value ($000) $1,146,214 (-17.4%) Shares 3,896,565 (-9.5%) Est. Cost $93.65 Unrealized +232.5%

TSM TAIWAN SEMICONDUCTOR MANUFAC 11.3%

Value ($000) $9,482,908 (-2.4%) Shares 28,060,092 (-12.2%) Est. Cost $45.37 Unrealized —

NOC NORTHROP GRUMMAN CORP 1.5%

Value ($000) $1,273,897 (+17.4%) Shares 1,867,227 (-1.9%) Est. Cost $355.84 Unrealized +89.3%

AMAT APPLIED MATLS INC 2.5%

Value ($000) $2,110,612 (-7.1%) Shares 6,175,172 (-30.1%) Est. Cost $164.42 Unrealized +98.6%

ABT ABBOTT LABORATORIES 0.1%

Value ($000) $115,114 (-20.2%) Shares 1,121,205 (-2.6%) Est. Cost $96.07 Unrealized +20.1%

TFC TRUIST FINL CORP 0.1%

Value ($000) $93,679 (-9.5%) Shares 2,037,822 (-3.1%) Est. Cost $40.21 Unrealized +27.2%

ABBV ABBVIE INC 0.1%

Value ($000) $112,354 (-7.6%) Shares 516,593 (-2.9%) Est. Cost $28.95 Unrealized +668.7%

HSBC HSBC HLDGS PLC 0.3%

Value ($000) $231,552 (+1.9%) Shares 2,807,030 (-2.8%) Est. Cost $39.37 Unrealized —

GD GENERAL DYNAMICS CORP 1.5%

Value ($000) $1,241,510 (+0.3%) Shares 3,617,244 (-1.6%) Est. Cost $215.26 Unrealized +64.7%

UL UNILEVER PLC 0.0%

Value ($000) $5,215 (-18.9%) Shares 91,535 (-6.9%) Est. Cost $65.40 Unrealized —

SHG SHINHAN FINANCIAL GROUP CO L 0.0%

Value ($000) $9,420 (+11.5%) Shares 153,626 (-2.5%) Est. Cost $36.91 Unrealized —

NWG NATWEST GROUP PLC 0.0%

Value ($000) $2,757 (-23.3%) Shares 185,064 (-9.9%) Est. Cost $5.04 Unrealized —

ING ING GROEP N.V. 0.0%

Value ($000) $3,019 (-15.4%) Shares 115,885 (-9.7%) Est. Cost $10.06 Unrealized —

SYF SYNCHRONY FINANCIAL 0.0%

Value ($000) $1,283 (-22.5%) Shares 18,867 (-4.9%) Est. Cost $26.81 Unrealized +184.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	28,733,083 (-10.0%)	$8,242,372 (-17.7%)	9.8%	$121.15	+167.2%	CAP STK CL C	02079K107
HCA	HCA HEALTHCARE INC	8,957,145 (-14.4%)	$4,238,879 (-13.2%)	5.1%	$149.20	+233.8%	COM	40412C101
PEP	PEPSICO INC	1,773,582 (-58.2%)	$275,420 (-54.8%)	0.3%	$115.49	+34.0%	COM	713448108
STX	SEAGATE TECHNOLOGY HLDNGS PL	12,897,201 (-24.9%)	$5,052,607 (+6.8%)	6.0%	$68.04	+453.3%	ORD SHS	G7997R103
JPM	JPMORGAN CHASE & CO	3,896,565 (-9.5%)	$1,146,214 (-17.4%)	1.4%	$93.65	+232.5%	COM	46625H100
TSM	TAIWAN SEMICONDUCTOR MANUFAC	28,060,092 (-12.2%)	$9,482,908 (-2.4%)	11.3%	$45.37	—	SPONSORED ADS	874039100
NOC	NORTHROP GRUMMAN CORP	1,867,227 (-1.9%)	$1,273,897 (+17.4%)	1.5%	$355.84	+89.3%	COM	666807102
AMAT	APPLIED MATLS INC	6,175,172 (-30.1%)	$2,110,612 (-7.1%)	2.5%	$164.42	+98.6%	COM	038222105
ABT	ABBOTT LABORATORIES	1,121,205 (-2.6%)	$115,114 (-20.2%)	0.1%	$96.07	+20.1%	COM	002824100
TFC	TRUIST FINL CORP	2,037,822 (-3.1%)	$93,679 (-9.5%)	0.1%	$40.21	+27.2%	COM	89832Q109
ABBV	ABBVIE INC	516,593 (-2.9%)	$112,354 (-7.6%)	0.1%	$28.95	+668.7%	COM	00287Y109
HSBC	HSBC HLDGS PLC	2,807,030 (-2.8%)	$231,552 (+1.9%)	0.3%	$39.37	—	SPON ADR NEW	404280406
GD	GENERAL DYNAMICS CORP	3,617,244 (-1.6%)	$1,241,510 (+0.3%)	1.5%	$215.26	+64.7%	COM	369550108
UL	UNILEVER PLC	91,535 (-6.9%)	$5,215 (-18.9%)	0.0%	$65.40	—	SPON ADR NEW	904767803
SHG	SHINHAN FINANCIAL GROUP CO L	153,626 (-2.5%)	$9,420 (+11.5%)	0.0%	$36.91	—	SPN ADR RESTRD	824596100
NWG	NATWEST GROUP PLC	185,064 (-9.9%)	$2,757 (-23.3%)	0.0%	$5.04	—	SPONS ADR	639057207
ING	ING GROEP N.V.	115,885 (-9.7%)	$3,019 (-15.4%)	0.0%	$10.06	—	SPONSORED ADR	456837103
SYF	SYNCHRONY FINANCIAL	18,867 (-4.9%)	$1,283 (-22.5%)	0.0%	$26.81	+184.5%	COM	87165B103

Unchanged Positions (11)

BKNG BOOKING HOLDINGS INC 0.1%

Value ($000) $50,435 Shares 299,473 Est. Cost $2258.56 Unrealized +111.7%

UNH UNITEDHEALTH GROUP INC 1.9%

Value ($000) $1,613,984 Shares 5,964,685 Est. Cost $246.77 Unrealized +25.1%

UAL UNITED AIRLS HLDGS INC 1.7%

Value ($000) $1,399,883 Shares 15,204,551 Est. Cost $64.11 Unrealized +74.2%

BAC BANK AMERICA CORP 2.6%

Value ($000) $2,201,899 Shares 45,167,159 Est. Cost $40.13 Unrealized +33.7%

AAPL APPLE INC 3.3%

Value ($000) $2,758,606 Shares 10,869,641 Est. Cost $82.87 Unrealized +217.1%

LMT LOCKHEED MARTIN CORP 0.8%

Value ($000) $689,623 Shares 1,141,023 Est. Cost $463.77 Unrealized +29.6%

DAL DELTA AIR LINES INC 2.3%

Value ($000) $1,958,976 Shares 29,467,155 Est. Cost $43.67 Unrealized +60.0%

PDD PDD HOLDINGS INC 1.0%

Value ($000) $826,820 Shares 8,091,801 Est. Cost $103.01 Unrealized —

RTX RTX CORPORATION 2.2%

Value ($000) $1,814,664 Shares 9,407,278 Est. Cost $89.43 Unrealized +119.9%

CME CME GROUP INC 1.5%

Value ($000) $1,229,007 Shares 4,161,190 Est. Cost $269.96 Unrealized +7.2%

PG PROCTER & GAMBLE CO 1.2%

Value ($000) $975,185 Shares 6,751,488 Est. Cost $125.84 Unrealized +20.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BKNG	BOOKING HOLDINGS INC	299,473	$50,435	0.1%	$2258.56	+111.7%	COM	09857L108
UNH	UNITEDHEALTH GROUP INC	5,964,685	$1,613,984	1.9%	$246.77	+25.1%	COM	91324P102
UAL	UNITED AIRLS HLDGS INC	15,204,551	$1,399,883	1.7%	$64.11	+74.2%	COM	910047109
BAC	BANK AMERICA CORP	45,167,159	$2,201,899	2.6%	$40.13	+33.7%	COM	060505104
AAPL	APPLE INC	10,869,641	$2,758,606	3.3%	$82.87	+217.1%	COM	037833100
LMT	LOCKHEED MARTIN CORP	1,141,023	$689,623	0.8%	$463.77	+29.6%	COM	539830109
DAL	DELTA AIR LINES INC	29,467,155	$1,958,976	2.3%	$43.67	+60.0%	COM NEW	247361702
PDD	PDD HOLDINGS INC	8,091,801	$826,820	1.0%	$103.01	—	SPONSORED ADS	722304102
RTX	RTX CORPORATION	9,407,278	$1,814,664	2.2%	$89.43	+119.9%	COM	75513E101
CME	CME GROUP INC	4,161,190	$1,229,007	1.5%	$269.96	+7.2%	COM	12572Q105
PG	PROCTER & GAMBLE CO	6,751,488	$975,185	1.2%	$125.84	+20.6%	COM	742718109