Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AJG	GALLAGHER ARTHUR J & CO	255,000 (+88.9%)	$58.54M (+100.2%)	4.4%	$236.99	—	Common	363576109
EFX	EQUIFAX INC	145,000 (+45.0%)	$23.01M (+27.8%)	1.7%	$190.17	—	Common	294429105
MELI	MERCADOLIBRE INC	18,000 (+16.1%)	$30.55M (+14.0%)	2.3%	$1536.24	—	Common	58733R102

Exited Positions (2)

AON AON PLC 1.9%

Value $25.82M Shares 80,000 Est. Cost $184.13 Unrealized —

WSC WILLSCOT HLDGS CORP 0.3%

Value $3.906M Shares 225,000 Est. Cost $36.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AON	AON PLC	80,000	$25.82M	1.9%	$184.13	—	—	G0403H108
WSC	WILLSCOT HLDGS CORP	225,000	$3.906M	0.3%	$36.74	—	—	971378104

Decreased Positions (1)

SUNB SUNBELT RENTALS HOLDINGS INC 2.8%

Value $37.41M (-4.2%) Shares 500,000 (-16.7%) Est. Cost $65.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SUNB	SUNBELT RENTALS HOLDINGS INC	500,000 (-16.7%)	$37.41M (-4.2%)	2.8%	$65.09	—	Common	866966104

Unchanged Positions (24)

GOOGL ALPHABET INC 10.7%

Value $143M Shares 400,000 Est. Cost $108.03 Unrealized —

ADI ANALOG DEVICES INC 10.4%

Value $139M Shares 350,000 Est. Cost $41.71 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 5.2%

Value $70.01M Shares 200,000 Est. Cost $32.07 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 2.8%

Value $38.21M Shares 80,000 Est. Cost $279.29 Unrealized —

CVX CHEVRON CORPORATION 3.2%

Value $42.48M Shares 256,250 Est. Cost $152.28 Unrealized —

PGR PROGRESSIVE CORP 6.5%

Value $87.38M Shares 400,000 Est. Cost $48.43 Unrealized —

AMZN AMAZON COM INC 4.6%

Value $61.97M Shares 260,000 Est. Cost $130.82 Unrealized —

COF CAPITAL ONE FINL CORP 5.2%

Value $70.22M Shares 350,000 Est. Cost $73.73 Unrealized —

NKE NIKE INC 1.5%

Value $20.52M Shares 500,000 Est. Cost $72.45 Unrealized —

AXP AMERICAN EXPRESS CO 3.5%

Value $47.35M Shares 140,000 Est. Cost $80.76 Unrealized —

JPM JPMORGAN CHASE & CO 3.4%

Value $45.83M Shares 140,000 Est. Cost $49.96 Unrealized —

TDY TELEDYNE TECHNOLOGIES INC 3.5%

Value $46.68M Shares 70,000 Est. Cost $418.74 Unrealized —

V VISA INC 1.9%

Value $25.73M Shares 75,000 Est. Cost $240.79 Unrealized —

TWFG TWFG INC 0.9%

Value $12.03M Shares 500,000 Est. Cost $28.56 Unrealized —

MSI MOTOROLA SOLUTIONS INC 4.3%

Value $58.14M Shares 140,000 Est. Cost $50.38 Unrealized —

MDT MEDTRONIC PLC 1.5%

Value $19.56M Shares 250,000 Est. Cost $68.83 Unrealized —

BRC BRADY CORP 1.4%

Value $18.31M Shares 200,000 Est. Cost $23.68 Unrealized —

MRK MERCK & CO INC 1.4%

Value $19.27M Shares 150,000 Est. Cost $30.02 Unrealized —

SCHW SCHWAB CHARLES CORP 4.8%

Value $64.59M Shares 700,000 Est. Cost $37.94 Unrealized —

RYN RAYONIER INC 2.0%

Value $26.82M Shares 1,260,130 Est. Cost $28.90 Unrealized —

META META PLATFORMS INC 3.8%

Value $50.7M Shares 90,000 Est. Cost $310.90 Unrealized —

ROP ROPER TECHNOLOGIES INC 1.3%

Value $16.92M Shares 50,000 Est. Cost $121.18 Unrealized —

JNJ JOHNSON & JOHNSON 1.3%

Value $17.78M Shares 70,000 Est. Cost $78.82 Unrealized —

MSFT MICROSOFT CORP 2.2%

Value $29.84M Shares 80,000 Est. Cost $45.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	400,000	$143M	10.7%	$108.03	—	Class A	02079K305
ADI	ANALOG DEVICES INC	350,000	$139M	10.4%	$41.71	—	Common	032654105
KEYS	KEYSIGHT TECHNOLOGIES INC	200,000	$70.01M	5.2%	$32.07	—	Common	49338L103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	80,000	$38.21M	2.8%	$279.29	—	ADR	874039100
CVX	CHEVRON CORPORATION	256,250	$42.48M	3.2%	$152.28	—	Common	166764100
PGR	PROGRESSIVE CORP	400,000	$87.38M	6.5%	$48.43	—	Common	743315103
AMZN	AMAZON COM INC	260,000	$61.97M	4.6%	$130.82	—	Common	023135106
COF	CAPITAL ONE FINL CORP	350,000	$70.22M	5.2%	$73.73	—	Common	14040H105
NKE	NIKE INC	500,000	$20.52M	1.5%	$72.45	—	Common	654106103
AXP	AMERICAN EXPRESS CO	140,000	$47.35M	3.5%	$80.76	—	Common	025816109
JPM	JPMORGAN CHASE & CO	140,000	$45.83M	3.4%	$49.96	—	Common	46625H100
TDY	TELEDYNE TECHNOLOGIES INC	70,000	$46.68M	3.5%	$418.74	—	Common	879360105
V	VISA INC	75,000	$25.73M	1.9%	$240.79	—	Common Class A	92826C839
TWFG	TWFG INC	500,000	$12.03M	0.9%	$28.56	—	Class A	87318A101
MSI	MOTOROLA SOLUTIONS INC	140,000	$58.14M	4.3%	$50.38	—	Common	620076307
MDT	MEDTRONIC PLC	250,000	$19.56M	1.5%	$68.83	—	Common	G5960L103
BRC	BRADY CORP	200,000	$18.31M	1.4%	$23.68	—	Class A	104674106
MRK	MERCK & CO INC	150,000	$19.27M	1.4%	$30.02	—	Common	58933Y105
SCHW	SCHWAB CHARLES CORP	700,000	$64.59M	4.8%	$37.94	—	Common	808513105
RYN	RAYONIER INC	1,260,130	$26.82M	2.0%	$28.90	—	Common	754907103
META	META PLATFORMS INC	90,000	$50.7M	3.8%	$310.90	—	Class A	30303M102
ROP	ROPER TECHNOLOGIES INC	50,000	$16.92M	1.3%	$121.18	—	Common	776696106
JNJ	JOHNSON & JOHNSON	70,000	$17.78M	1.3%	$78.82	—	Common	478160104
MSFT	MICROSOFT CORP	80,000	$29.84M	2.2%	$45.98	—	Common	594918104