Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NVDA	NVIDIA CORPORATION	29,948,467 (+32.7%)	$6.84B (+51.5%)	6.6%	$228.38	$202.53	+12.8%	COM	67066G104
LMT	LOCKHEED MARTIN CORP	3,030,638 (+44.8%)	$1.543B (+44.7%)	1.5%	$509.25	$514.49	-1.0%	COM	539830109
RCL	ROYAL CARIBBEAN GROUP	4,835,116 (+85.7%)	$1.285B (+55.5%)	1.2%	$265.86	$281.59	-5.6%	COM	V7780T103
MA	MASTERCARD INCORPORATED	2,941,951 (+26.2%)	$1.622B (+35.6%)	1.6%	$551.47	$532.54	+3.6%	CL A	57636Q104
SHG	SHINHAN FINANCIAL GROUP CO L	122,426 (+2.1%)	$9.509M (+25.3%)	0.0%	$77.67	$36.67	+111.8%	SPN ADR RESTRD	824596100
TCOM	TRIP COM GROUP LTD	10,714,647 (+1.5%)	$419M (-0.4%)	0.4%	$39.10	$51.46	-24.0%	ADS	89677Q107

Exited Positions (2)

PG PROCTER & GAMBLE CO 0.9%

Value $975M Shares 6,648,957 Share Price $146.64 Est. Cost/Share $125.84 Unrealized @ Report Date +15.5%

SYF SYNCHRONY FINANCIAL 0.0%

Value $211K Shares 2,773 Share Price $76.05 * Est. Cost/Share $26.81 Unrealized @ Report Date +164.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PG	PROCTER & GAMBLE CO	6,648,957	$975M	0.9%	$146.64	$125.84	+15.5%	—	742718109
SYF	SYNCHRONY FINANCIAL	2,773	$211K	0.0%	$76.05 *	$26.81	+164.7%	—	87165B103

Decreased Positions (13)

AMAT APPLIED MATLS INC 2.6%

Value $2.64B (-40.1%) Shares 5,162,011 (-15.3%) Share Price $511.38 Est. Cost/Share $164.42 Unrealized @ Report Date +211.0%

TSM TAIWAN SEMICONDUCTOR MANUFAC 10.8%

Value $11.16B (-10.7%) Shares 24,455,974 (-6.5%) Share Price $456.19 Est. Cost/Share $44.08 Unrealized @ Report Date +935.0%

UNH UNITEDHEALTH GROUP INC 2.0%

Value $2.095B (-14.6%) Shares 5,706,292 (-3.3%) Share Price $367.08 Est. Cost/Share $246.77 Unrealized @ Report Date +48.8%

SPY STATE STR SPDR S&P 500 ETF T 1.3%

Value $1.384B (-9.0%) Shares 1,815,012 (-10.9%) Share Price $762.63 Est. Cost/Share $617.81 Unrealized @ Report Date +23.4%

HSBC HSBC HLDGS PLC 0.2%

Value $183M (-26.8%) Shares 1,844,107 (-29.9%) Share Price $99.31 Est. Cost/Share $39.00 Unrealized @ Report Date +154.7%

VEU VANGUARD INTL EQUITY INDEX F 0.6%

Value $642M (-2.3%) Shares 7,733,751 (-1.4%) Share Price $82.97 Est. Cost/Share $68.48 Unrealized @ Report Date +21.2%

TFC TRUIST FINL CORP 0.1%

Value $84.51M (-11.1%) Shares 1,825,212 (-4.4%) Share Price $46.30 Est. Cost/Share $40.21 Unrealized @ Report Date +15.1%

PEP PEPSICO INC 0.1%

Value $64.31M (-10.4%) Shares 507,521 (-4.3%) Share Price $126.72 Est. Cost/Share $115.49 Unrealized @ Report Date +9.7%

ABT ABBOTT LABORATORIES 0.1%

Value $99.3M (+4.2%) Shares 1,004,725 (-4.3%) Share Price $98.83 Est. Cost/Share $96.07 Unrealized @ Report Date +2.9%

ABBV ABBVIE INC 0.1%

Value $121M (-0.6%) Shares 462,723 (-4.4%) Share Price $261.59 Est. Cost/Share $28.95 Unrealized @ Report Date +803.5%

UL UNILEVER PLC 0.0%

Value $13.82M (-2.4%) Shares 227,515 (-3.4%) Share Price $60.73 Est. Cost/Share $61.48 Unrealized @ Report Date -1.2%

ING ING GROEP N.V. 0.0%

Value $3.784M (+6.9%) Shares 106,595 (-5.5%) Share Price $35.50 Est. Cost/Share $9.66 Unrealized @ Report Date +267.7%

NWG NATWEST GROUP PLC 0.0%

Value $3.186M (+0.4%) Shares 175,534 (-2.5%) Share Price $18.15 Est. Cost/Share $6.17 Unrealized @ Report Date +194.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AMAT	APPLIED MATLS INC	5,162,011 (-15.3%)	$2.64B (-40.1%)	2.6%	$511.38	$164.42	+211.0%	COM	038222105
TSM	TAIWAN SEMICONDUCTOR MANUFAC	24,455,974 (-6.5%)	$11.16B (-10.7%)	10.8%	$456.19	$44.08	+935.0%	SPONSORED ADS	874039100
UNH	UNITEDHEALTH GROUP INC	5,706,292 (-3.3%)	$2.095B (-14.6%)	2.0%	$367.08	$246.77	+48.8%	COM	91324P102
SPY	STATE STR SPDR S&P 500 ETF T	1,815,012 (-10.9%)	$1.384B (-9.0%)	1.3%	$762.63	$617.81	+23.4%	TR UNIT	78462F103
HSBC	HSBC HLDGS PLC	1,844,107 (-29.9%)	$183M (-26.8%)	0.2%	$99.31	$39.00	+154.7%	SPON ADR NEW	404280406
VEU	VANGUARD INTL EQUITY INDEX F	7,733,751 (-1.4%)	$642M (-2.3%)	0.6%	$82.97	$68.48	+21.2%	ALLWRLD EX US	922042775
TFC	TRUIST FINL CORP	1,825,212 (-4.4%)	$84.51M (-11.1%)	0.1%	$46.30	$40.21	+15.1%	COM	89832Q109
PEP	PEPSICO INC	507,521 (-4.3%)	$64.31M (-10.4%)	0.1%	$126.72	$115.49	+9.7%	COM	713448108
ABT	ABBOTT LABORATORIES	1,004,725 (-4.3%)	$99.3M (+4.2%)	0.1%	$98.83	$96.07	+2.9%	COM	002824100
ABBV	ABBVIE INC	462,723 (-4.4%)	$121M (-0.6%)	0.1%	$261.59	$28.95	+803.5%	COM	00287Y109
UL	UNILEVER PLC	227,515 (-3.4%)	$13.82M (-2.4%)	0.0%	$60.73	$61.48	-1.2%	SPON ADR NEW	904767803
ING	ING GROEP N.V.	106,595 (-5.5%)	$3.784M (+6.9%)	0.0%	$35.50	$9.66	+267.7%	SPONSORED ADR	456837103
NWG	NATWEST GROUP PLC	175,534 (-2.5%)	$3.186M (+0.4%)	0.0%	$18.15	$6.17	+194.1%	SPONS ADR	639057207

Unchanged Positions (26)

MSFT MICROSOFT CORP 8.0%

Value $8.234B Shares 16,053,871 Share Price $512.90 Est. Cost/Share $191.97 Unrealized @ Report Date +167.2%

META META PLATFORMS INC 7.6%

Value $7.831B Shares 10,798,688 Share Price $725.18 Est. Cost/Share $268.86 Unrealized @ Report Date +169.7%

CRM SALESFORCE INC 2.1%

Value $2.188B Shares 9,533,018 Share Price $229.57 Est. Cost/Share $244.22 Unrealized @ Report Date -6.0%

AAPL APPLE INC 3.4%

Value $3.491B Shares 10,484,052 Share Price $333.02 Est. Cost/Share $82.87 Unrealized @ Report Date +301.9%

GOOG ALPHABET INC 9.0%

Value $9.319B Shares 27,347,980 Share Price $340.74 Est. Cost/Share $121.15 Unrealized @ Report Date +181.3%

UAL UNITED AIRLS HLDGS INC 1.6%

Value $1.674B Shares 15,090,502 Share Price $110.95 Est. Cost/Share $64.11 Unrealized @ Report Date +73.1%

HCA HCA HEALTHCARE INC 3.6%

Value $3.752B Shares 8,791,782 Share Price $426.74 Est. Cost/Share $149.20 Unrealized @ Report Date +186.0%

DAL DELTA AIR LINES INC 2.3%

Value $2.421B Shares 29,013,651 Share Price $83.46 Est. Cost/Share $43.67 Unrealized @ Report Date +91.1%

AMZN AMAZON COM INC 7.1%

Value $7.288B Shares 29,251,676 Share Price $249.15 Est. Cost/Share $206.43 Unrealized @ Report Date +20.7%

ULTA ULTA BEAUTY INC 1.3%

Value $1.34B Shares 2,453,057 Share Price $546.17 Est. Cost/Share $481.82 Unrealized @ Report Date +13.4%

CME CME GROUP INC 1.3%

Value $1.325B Shares 5,058,865 Share Price $261.98 Est. Cost/Share $271.15 Unrealized @ Report Date -3.4%

AZN ASTRAZENECA PLC 1.1%

Value $1.129B Shares 6,989,827 Share Price $161.47 Est. Cost/Share $191.34 Unrealized @ Report Date -16.3%

STX SEAGATE TECHNOLOGY HLDNGS PL 3.1%

Value $3.219B Shares 3,490,299 Share Price $922.34 Est. Cost/Share $68.04 Unrealized @ Report Date +1255.5%

AVGO BROADCOM INC 1.8%

Value $1.81B Shares 5,154,512 Share Price $351.19 Est. Cost/Share $400.96 Unrealized @ Report Date -12.4%

BAC BANK OF AMER CORP 2.4%

Value $2.517B Shares 46,250,149 Share Price $54.43 Est. Cost/Share $40.46 Unrealized @ Report Date +34.5%

DIS DISNEY WALT CO 1.4%

Value $1.442B Shares 13,749,399 Share Price $104.90 Est. Cost/Share $101.95 Unrealized @ Report Date +2.9%

BKNG BOOKING HOLDINGS INC 1.2%

Value $1.209B Shares 7,419,768 Share Price $162.91 Est. Cost/Share $254.92 Unrealized @ Report Date -36.1%

GD GENERAL DYNAMICS CORP 1.1%

Value $1.18B Shares 3,555,708 Share Price $331.83 Est. Cost/Share $215.26 Unrealized @ Report Date +54.2%

V VISA INC 1.7%

Value $1.719B Shares 4,783,872 Share Price $359.33 Est. Cost/Share $316.97 Unrealized @ Report Date +13.4%

CI THE CIGNA GROUP 2.7%

Value $2.745B Shares 10,098,076 Share Price $271.83 Est. Cost/Share $214.24 Unrealized @ Report Date +26.9%

NOC NORTHROP GRUMMAN CORP 0.9%

Value $885M Shares 1,831,238 Share Price $483.48 Est. Cost/Share $355.84 Unrealized @ Report Date +35.9%

RTX RTX CORPORATION 1.7%

Value $1.724B Shares 9,285,728 Share Price $185.65 Est. Cost/Share $89.43 Unrealized @ Report Date +107.6%

MKC MCCORMICK & CO INC 0.4%

Value $376M Shares 8,113,953 Share Price $46.40 Est. Cost/Share $49.06 Unrealized @ Report Date -5.4%

ELV ELEVANCE HEALTH INC FORMERLY 2.2%

Value $2.267B Shares 5,830,605 Share Price $388.82 Est. Cost/Share $278.05 Unrealized @ Report Date +39.8%

PDD PDD HOLDINGS INC 0.6%

Value $619M Shares 7,948,316 Share Price $77.94 Est. Cost/Share $113.98 Unrealized @ Report Date -31.6%

JPM JPMORGAN CHASE & CO 1.2%

Value $1.262B Shares 3,814,867 Share Price $330.83 Est. Cost/Share $93.65 Unrealized @ Report Date +253.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	MICROSOFT CORP	16,053,871	$8.234B	8.0%	$512.90	$191.97	+167.2%	COM	594918104
META	META PLATFORMS INC	10,798,688	$7.831B	7.6%	$725.18	$268.86	+169.7%	CL A	30303M102
CRM	SALESFORCE INC	9,533,018	$2.188B	2.1%	$229.57	$244.22	-6.0%	COM	79466L302
AAPL	APPLE INC	10,484,052	$3.491B	3.4%	$333.02	$82.87	+301.9%	COM	037833100
GOOG	ALPHABET INC	27,347,980	$9.319B	9.0%	$340.74	$121.15	+181.3%	CAP STK CL C	02079K107
UAL	UNITED AIRLS HLDGS INC	15,090,502	$1.674B	1.6%	$110.95	$64.11	+73.1%	COM	910047109
HCA	HCA HEALTHCARE INC	8,791,782	$3.752B	3.6%	$426.74	$149.20	+186.0%	COM	40412C101
DAL	DELTA AIR LINES INC	29,013,651	$2.421B	2.3%	$83.46	$43.67	+91.1%	COM NEW	247361702
AMZN	AMAZON COM INC	29,251,676	$7.288B	7.1%	$249.15	$206.43	+20.7%	COM	023135106
ULTA	ULTA BEAUTY INC	2,453,057	$1.34B	1.3%	$546.17	$481.82	+13.4%	COM	90384S303
CME	CME GROUP INC	5,058,865	$1.325B	1.3%	$261.98	$271.15	-3.4%	COM	12572Q105
AZN	ASTRAZENECA PLC	6,989,827	$1.129B	1.1%	$161.47	$191.34	-16.3%	ORD	G0593M107
STX	SEAGATE TECHNOLOGY HLDNGS PL	3,490,299	$3.219B	3.1%	$922.34	$68.04	+1255.5%	ORD SHS	G7997R103
AVGO	BROADCOM INC	5,154,512	$1.81B	1.8%	$351.19	$400.96	-12.4%	COM	11135F101
BAC	BANK OF AMER CORP	46,250,149	$2.517B	2.4%	$54.43	$40.46	+34.5%	COM	060505104
DIS	DISNEY WALT CO	13,749,399	$1.442B	1.4%	$104.90	$101.95	+2.9%	COM	254687106
BKNG	BOOKING HOLDINGS INC	7,419,768	$1.209B	1.2%	$162.91	$254.92	-36.1%	COM	09857L108
GD	GENERAL DYNAMICS CORP	3,555,708	$1.18B	1.1%	$331.83	$215.26	+54.2%	COM	369550108
V	VISA INC	4,783,872	$1.719B	1.7%	$359.33	$316.97	+13.4%	COM CL A	92826C839
CI	THE CIGNA GROUP	10,098,076	$2.745B	2.7%	$271.83	$214.24	+26.9%	COM	125523100
NOC	NORTHROP GRUMMAN CORP	1,831,238	$885M	0.9%	$483.48	$355.84	+35.9%	COM	666807102
RTX	RTX CORPORATION	9,285,728	$1.724B	1.7%	$185.65	$89.43	+107.6%	COM	75513E101
MKC	MCCORMICK & CO INC	8,113,953	$376M	0.4%	$46.40	$49.06	-5.4%	COM NON VTG	579780206
ELV	ELEVANCE HEALTH INC FORMERLY	5,830,605	$2.267B	2.2%	$388.82	$278.05	+39.8%	COM	036752103
PDD	PDD HOLDINGS INC	7,948,316	$619M	0.6%	$77.94	$113.98	-31.6%	SPONSORED ADS	722304102
JPM	JPMORGAN CHASE & CO	3,814,867	$1.262B	1.2%	$330.83	$93.65	+253.2%	COM	46625H100