Partners Group Holding AG Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CP	Canadian Pacific Kansas City L	263,598	$19,376	1.3%	$73.60	0.0%	Common Stock	13646K108
BAM	Brookfield Asset Management Lt	231,951	$12,152	0.8%	$53.47	0.0%	Common Stock	113004105
TOST	Toast Inc	185,085	$6,572	0.4%	$36.05	0.0%	Common Stock	888787108
RPRX	Royalty Pharma PLC	49,855	$1,926	0.1%	$38.13	0.0%	Common Stock	G7709Q104
QSR	Restaurant Brands Internationa	24,645	$1,682	0.1%	$68.91	0.0%	Common Stock	76131D103
MAR	Marriott International Inc/MD	5,399	$1,675	0.1%	$285.32	0.0%	Common Stock	571903202
OMAB	Grupo Aeroportuario del Centro	14,380	$1,564	0.1%	$108.77	—	ADR	400501102
WMG	Warner Music Group Corp	45,986	$1,410	0.1%	$30.24	0.0%	Common Stock	934550203
MCD	McDonald's Corp	3,477	$1,063	0.1%	$305.09	0.0%	Common Stock	580135101
RGLD	Royal Gold Inc	4,204	$935	0.1%	$198.37	0.0%	Common Stock	780287108
WPM	Wheaton Precious Metals Corp	7,926	$931	0.1%	$107.08	0.0%	Common Stock	962879102
SONY	Sony Group Corp	36,000	$922	0.1%	$25.60	—	ADR	835699307
HLT	Hilton Worldwide Holdings Inc	2,796	$803	0.1%	$272.20	0.0%	Common Stock	43300A203
ARM	ARM Holdings PLC	7,300	$798	0.1%	$109.31	—	ADR	042068205
DPZ	Domino's Pizza Inc	1,467	$611	0.0%	$415.46	0.0%	Common Stock	25754A201
DLB	Dolby Laboratories Inc	9,110	$585	0.0%	$66.55	0.0%	Common Stock	25659T107
IDCC	InterDigital Inc	945	$301	0.0%	$353.55	0.0%	Common Stock	45867G101

Increased Positions (12)

ARES Ares Management Corp 4.8%

Value ($000) $70,618 (+22.1%) Shares 436,910 (+20.8%) Est. Cost $109.17 Unrealized +41.9%

ODFL Old Dominion Freight Line Inc 2.1%

Value ($000) $30,518 (+52.5%) Shares 194,631 (+37.0%) Est. Cost $172.10 Unrealized -16.8%

OWL Blue Owl Capital Inc 2.8%

Value ($000) $41,014 (+24.9%) Shares 2,745,267 (+41.5%) Est. Cost $19.11 Unrealized -18.2%

FER Ferrovial SE 2.3%

Value ($000) $34,435 (+20.9%) Shares 531,719 (+6.7%) Est. Cost $41.52 Unrealized +53.4%

BN Brookfield Corp 4.1%

Value ($000) $60,591 (-8.8%) Shares 1,320,346 (+36.3%) Est. Cost $37.62 Unrealized +21.1%

WM Waste Management Inc 2.6%

Value ($000) $38,552 (+15.9%) Shares 175,468 (+16.5%) Est. Cost $154.45 Unrealized +37.6%

SRE Sempra 2.5%

Value ($000) $36,292 (+7.3%) Shares 411,055 (+9.3%) Est. Cost $71.86 Unrealized +26.0%

KMI Kinder Morgan Inc 0.5%

Value ($000) $8,020 (+40.8%) Shares 291,741 (+45.0%) Est. Cost $21.96 Unrealized +22.5%

BX Blackstone Inc 3.5%

Value ($000) $51,494 (-4.2%) Shares 334,073 (+6.1%) Est. Cost $97.38 Unrealized +55.5%

TRP TC Energy Corp 1.6%

Value ($000) $23,727 (+3.3%) Shares 431,583 (+1.9%) Est. Cost $39.03 Unrealized +36.7%

WMB Williams Cos Inc/The 2.8%

Value ($000) $40,915 (-1.4%) Shares 680,676 (+3.9%) Est. Cost $30.06 Unrealized +99.8%

RSG Republic Services Inc 3.0%

Value ($000) $44,676 (+0.1%) Shares 210,806 (+8.3%) Est. Cost $113.95 Unrealized +88.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARES	Ares Management Corp	436,910 (+20.8%)	$70,618 (+22.1%)	4.8%	$109.17	+41.9%	Common Stock	03990B101
ODFL	Old Dominion Freight Line Inc	194,631 (+37.0%)	$30,518 (+52.5%)	2.1%	$172.10	-16.8%	Common Stock	679580100
OWL	Blue Owl Capital Inc	2,745,267 (+41.5%)	$41,014 (+24.9%)	2.8%	$19.11	-18.2%	Common Stock	09581B103
FER	Ferrovial SE	531,719 (+6.7%)	$34,435 (+20.9%)	2.3%	$41.52	+53.4%	Common Stock	N3168P101
BN	Brookfield Corp	1,320,346 (+36.3%)	$60,591 (-8.8%)	4.1%	$37.62	+21.1%	Common Stock	11271J107
WM	Waste Management Inc	175,468 (+16.5%)	$38,552 (+15.9%)	2.6%	$154.45	+37.6%	Common Stock	94106L109
SRE	Sempra	411,055 (+9.3%)	$36,292 (+7.3%)	2.5%	$71.86	+26.0%	Common Stock	816851109
KMI	Kinder Morgan Inc	291,741 (+45.0%)	$8,020 (+40.8%)	0.5%	$21.96	+22.5%	Common Stock	49456B101
BX	Blackstone Inc	334,073 (+6.1%)	$51,494 (-4.2%)	3.5%	$97.38	+55.5%	Common Stock	09260D107
TRP	TC Energy Corp	431,583 (+1.9%)	$23,727 (+3.3%)	1.6%	$39.03	+36.7%	Common Stock	87807B107
WMB	Williams Cos Inc/The	680,676 (+3.9%)	$40,915 (-1.4%)	2.8%	$30.06	+99.8%	Common Stock	969457100
RSG	Republic Services Inc	210,806 (+8.3%)	$44,676 (+0.1%)	3.0%	$113.95	+88.3%	Common Stock	760759100

Exited Positions (6)

ARCC Ares Capital Corp 2.4%

Value ($000) $36,068 Shares 1,767,154 Est. Cost $15.26 Unrealized +29.7%

CNI Canadian National Railway Co 1.9%

Value ($000) $28,877 Shares 307,025 Est. Cost $93.32 Unrealized +3.0%

CCI Crown Castle Inc 1.6%

Value ($000) $24,380 Shares 252,671 Est. Cost $91.89 Unrealized -0.9%

EPD Enterprise Products Partners L 0.0%

Value ($000) $604 Shares 19,324 Est. Cost $38.50 Unrealized —

— NeueHealth Inc 0.0%

Value ($000) $591 Shares 88,645 Est. Cost $6.30 Unrealized —

ET Energy Transfer LP 0.0%

Value ($000) $443 Shares 25,810 Est. Cost $11.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARCC	Ares Capital Corp	1,767,154	$36,068	2.4%	$15.26	+29.7%	—	04010L103
CNI	Canadian National Railway Co	307,025	$28,877	1.9%	$93.32	+3.0%	—	136375102
CCI	Crown Castle Inc	252,671	$24,380	1.6%	$91.89	-0.9%	—	22822V101
EPD	Enterprise Products Partners L	19,324	$604	0.0%	$38.50	—	—	293792107
—	NeueHealth Inc	88,645	$591	0.0%	$6.30	—	—	10920V404
ET	Energy Transfer LP	25,810	$443	0.0%	$11.76	—	—	29273V100

Decreased Positions (12)

NU NU Holdings Ltd/Cayman Islands 0.2%

Value ($000) $2,431 (-96.8%) Shares 145,202 (-97.0%) Est. Cost $13.93 Unrealized +15.4%

AWK American Water Works Co Inc 2.7%

Value ($000) $40,114 (-20.1%) Shares 307,389 (-14.8%) Est. Cost $99.16 Unrealized +34.3%

ATO Atmos Energy Corp 2.7%

Value ($000) $40,525 (-12.6%) Shares 241,751 (-11.0%) Est. Cost $93.68 Unrealized +83.9%

UNP Union Pacific Corp 2.6%

Value ($000) $38,812 (-12.1%) Shares 167,786 (-10.1%) Est. Cost $174.64 Unrealized +30.2%

APO Apollo Global Management Inc 5.6%

Value ($000) $82,881 (-5.7%) Shares 572,540 (-13.2%) Est. Cost $97.11 Unrealized +36.5%

CMS CMS Energy Corp 2.4%

Value ($000) $34,842 (-11.0%) Shares 498,234 (-6.8%) Est. Cost $50.46 Unrealized +43.7%

KKR KKR & Co Inc 3.5%

Value ($000) $52,012 (-6.9%) Shares 408,003 (-5.1%) Est. Cost $62.15 Unrealized +100.0%

ENB Enbridge Inc 0.8%

Value ($000) $12,272 (-15.2%) Shares 256,874 (-10.7%) Est. Cost $25.07 Unrealized +88.0%

EQIX Equinix Inc 2.3%

Value ($000) $33,808 (-4.3%) Shares 44,127 (-2.1%) Est. Cost $719.74 Unrealized +8.5%

CSX CSX Corp 2.2%

Value ($000) $32,595 (-3.9%) Shares 899,172 (-5.9%) Est. Cost $32.62 Unrealized +9.4%

TPG TPG Inc 1.8%

Value ($000) $27,015 (-2.2%) Shares 423,161 (-12.0%) Est. Cost $46.79 Unrealized +26.2%

XPO XPO Inc 0.4%

Value ($000) $5,692 (-5.3%) Shares 41,877 (-10.0%) Est. Cost $112.17 Unrealized +21.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NU	NU Holdings Ltd/Cayman Islands	145,202 (-97.0%)	$2,431 (-96.8%)	0.2%	$13.93	+15.4%	Common Stock	G6683N103
AWK	American Water Works Co Inc	307,389 (-14.8%)	$40,114 (-20.1%)	2.7%	$99.16	+34.3%	Common Stock	030420103
ATO	Atmos Energy Corp	241,751 (-11.0%)	$40,525 (-12.6%)	2.7%	$93.68	+83.9%	Common Stock	049560105
UNP	Union Pacific Corp	167,786 (-10.1%)	$38,812 (-12.1%)	2.6%	$174.64	+30.2%	Common Stock	907818108
APO	Apollo Global Management Inc	572,540 (-13.2%)	$82,881 (-5.7%)	5.6%	$97.11	+36.5%	Common Stock	03769M106
CMS	CMS Energy Corp	498,234 (-6.8%)	$34,842 (-11.0%)	2.4%	$50.46	+43.7%	Common Stock	125896100
KKR	KKR & Co Inc	408,003 (-5.1%)	$52,012 (-6.9%)	3.5%	$62.15	+100.0%	Common Stock	48251W104
ENB	Enbridge Inc	256,874 (-10.7%)	$12,272 (-15.2%)	0.8%	$25.07	+88.0%	Common Stock	29250N105
EQIX	Equinix Inc	44,127 (-2.1%)	$33,808 (-4.3%)	2.3%	$719.74	+8.5%	REIT	29444U700
CSX	CSX Corp	899,172 (-5.9%)	$32,595 (-3.9%)	2.2%	$32.62	+9.4%	Common Stock	126408103
TPG	TPG Inc	423,161 (-12.0%)	$27,015 (-2.2%)	1.8%	$46.79	+26.2%	Common Stock	872657101
XPO	XPO Inc	41,877 (-10.0%)	$5,692 (-5.3%)	0.4%	$112.17	+21.4%	Common Stock	983793100

Unchanged Positions (8)

KLC KinderCare Learning Cos Inc 23.8%

Value ($000) $351,729 Shares 81,418,736 Est. Cost $23.97 Unrealized -79.0%

— Clarivate PLC 5.8%

Value ($000) $85,447 Shares 25,583,059 Est. Cost $3.93 Unrealized —

AMT American Tower Corp 3.7%

Value ($000) $54,975 Shares 313,125 Est. Cost $181.55 Unrealized -0.7%

ADT ADT Inc 0.6%

Value ($000) $8,993 Shares 1,114,353 Est. Cost $6.46 Unrealized +28.0%

ARCB ArcBest Corp 0.7%

Value ($000) $10,941 Shares 147,476 Est. Cost $97.85 Unrealized -27.4%

LTH Life Time Group Holdings Inc 0.5%

Value ($000) $7,383 Shares 277,777 Est. Cost $14.28 Unrealized +82.3%

SBAC SBA Communications Corp 1.6%

Value ($000) $23,975 Shares 123,947 Est. Cost $208.28 Unrealized -7.5%

PBA Pembina Pipeline Corp 0.0%

Value ($000) $353 Shares 9,270 Est. Cost $29.27 Unrealized +31.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KLC	KinderCare Learning Cos Inc	81,418,736	$351,729	23.8%	$23.97	-79.0%	Common Stock	49456W105
—	Clarivate PLC	25,583,059	$85,447	5.8%	$3.93	—	Common Stock	G21810909
AMT	American Tower Corp	313,125	$54,975	3.7%	$181.55	-0.7%	REIT	03027X100
ADT	ADT Inc	1,114,353	$8,993	0.6%	$6.46	+28.0%	Common Stock	00090Q103
ARCB	ArcBest Corp	147,476	$10,941	0.7%	$97.85	-27.4%	Common Stock	03937C105
LTH	Life Time Group Holdings Inc	277,777	$7,383	0.5%	$14.28	+82.3%	Common Stock	53190C102
SBAC	SBA Communications Corp	123,947	$23,975	1.6%	$208.28	-7.5%	REIT	78410G104
PBA	Pembina Pipeline Corp	9,270	$353	0.0%	$29.27	+31.4%	Common Stock	706327103