Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BDX	Becton Dickinson & Co (BDX)	5,904,730 (+3.9%)	$1.057B (+22.9%)	13.3%	$179.00	$150.47	+19.0%	COMMON	075887109
DHI	D R Horton, Inc. (DHI)	3,753,844 (+7.1%)	$513M (-10.2%)	6.4%	$136.65	$69.01	+98.0%	COMMON	23331A109
LEN	Lennar Corporation - A (LEN)	13,055,103 (+15.4%)	$1.065B (+4.0%)	13.4%	$81.59	$67.49	+20.9%	COMMON	526057104
MTH	Meritage Homes Corp (MTH)	1,367,579 (+5.4%)	$85.95M (-21.0%)	1.1%	$62.85	$58.27	+7.9%	COMMON	59001A102
VBIL	Vanguard 0-3M T-Bill ETF (VBIL)	858,916 (+29.7%)	$65.04M (+29.8%)	0.8%	$75.72	$75.53	+0.3%	ETF	922040845

Exited Positions (2)

ACN Accenture Plc (ACN) 5.3%

Value $421M Shares 3,384,681 Share Price $124.44 * Est. Cost/Share $173.61 Unrealized @ Report Date +5.6%

EPAM Epam Sys Inc (EPAM) 0.6%

Value $46.6M Shares 587,300 Share Price $79.35 * Est. Cost/Share $105.68 Unrealized @ Report Date +2.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ACN	Accenture Plc (ACN)	3,384,681	$421M	5.3%	$124.44 *	$173.61	+5.6%	—	G1151C101
EPAM	Epam Sys Inc (EPAM)	587,300	$46.6M	0.6%	$79.35 *	$105.68	+2.5%	—	29414B104

Decreased Positions (13)

AVTR Avantor Inc (AVTR) 4.6%

Value $367M (+50.3%) Shares 24,359,610 (-1.1%) Share Price $15.05 Est. Cost/Share $12.22 Unrealized @ Report Date +23.2%

PHM PulteGroup Inc. (PHM) 7.9%

Value $626M (-16.4%) Shares 5,394,549 (-1.1%) Share Price $116.06 Est. Cost/Share $41.39 Unrealized @ Report Date +180.4%

LEA Lear Corporation (LEA) 1.2%

Value $98.5M (-49.5%) Shares 834,527 (-42.7%) Share Price $118.03 Est. Cost/Share $121.54 Unrealized @ Report Date -2.9%

OSK Oshkosh Corp (OSK) 4.1%

Value $326M (-17.1%) Shares 2,527,880 (-1.2%) Share Price $128.82 Est. Cost/Share $78.88 Unrealized @ Report Date +63.3%

ARW Arrow Electronics Inc (ARW) 4.2%

Value $337M (-10.4%) Shares 1,486,774 (-15.7%) Share Price $227.00 Est. Cost/Share $123.35 Unrealized @ Report Date +84.0%

ICLR Icon Plc (ICLR) 6.6%

Value $522M (-3.1%) Shares 3,069,015 (-1.0%) Share Price $169.99 Est. Cost/Share $133.29 Unrealized @ Report Date +27.5%

AVT Avnet Inc (AVT) 4.0%

Value $320M (-4.4%) Shares 3,205,515 (-15.0%) Share Price $99.95 Est. Cost/Share $40.91 Unrealized @ Report Date +144.3%

BAX Baxter International Inc (BAX) 3.7%

Value $298M (-2.3%) Shares 12,396,504 (-13.2%) Share Price $24.00 Est. Cost/Share $22.14 Unrealized @ Report Date +8.4%

SLB SLB Ltd (SLB) 2.3%

Value $183M (+3.4%) Shares 3,750,244 (-1.4%) Share Price $48.72 Est. Cost/Share $36.06 Unrealized @ Report Date +35.1%

NOV Nov Inc (NOV) 1.2%

Value $98.92M (-5.1%) Shares 5,281,619 (-6.0%) Share Price $18.73 Est. Cost/Share $16.08 Unrealized @ Report Date +16.5%

IQV Iqvia Hldgs Inc (IQV) 1.8%

Value $147M (-1.3%) Shares 544,925 (-29.1%) Share Price $268.85 Est. Cost/Share $174.38 Unrealized @ Report Date +54.2%

JPM J P Morgan Chase (JPM) 0.0%

Value $331K (-59.6%) Shares 1,000 (-60.0%) Share Price $330.83 Est. Cost/Share $115.52 Unrealized @ Report Date +186.4%

SCHW Charles Schwab Corporation (SCHW) 0.0%

Value $1.026M (-11.0%) Shares 10,500 (-16.0%) Share Price $97.74 Est. Cost/Share $33.18 Unrealized @ Report Date +194.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AVTR	Avantor Inc (AVTR)	24,359,610 (-1.1%)	$367M (+50.3%)	4.6%	$15.05	$12.22	+23.2%	COMMON	05352A100
PHM	PulteGroup Inc. (PHM)	5,394,549 (-1.1%)	$626M (-16.4%)	7.9%	$116.06	$41.39	+180.4%	COMMON	745867101
LEA	Lear Corporation (LEA)	834,527 (-42.7%)	$98.5M (-49.5%)	1.2%	$118.03	$121.54	-2.9%	COMMON	521865204
OSK	Oshkosh Corp (OSK)	2,527,880 (-1.2%)	$326M (-17.1%)	4.1%	$128.82	$78.88	+63.3%	COMMON	688239201
ARW	Arrow Electronics Inc (ARW)	1,486,774 (-15.7%)	$337M (-10.4%)	4.2%	$227.00	$123.35	+84.0%	COMMON	042735100
ICLR	Icon Plc (ICLR)	3,069,015 (-1.0%)	$522M (-3.1%)	6.6%	$169.99	$133.29	+27.5%	COMMON	G4705A100
AVT	Avnet Inc (AVT)	3,205,515 (-15.0%)	$320M (-4.4%)	4.0%	$99.95	$40.91	+144.3%	COMMON	053807103
BAX	Baxter International Inc (BAX)	12,396,504 (-13.2%)	$298M (-2.3%)	3.7%	$24.00	$22.14	+8.4%	COMMON	071813109
SLB	SLB Ltd (SLB)	3,750,244 (-1.4%)	$183M (+3.4%)	2.3%	$48.72	$36.06	+35.1%	COMMON	806857108
NOV	Nov Inc (NOV)	5,281,619 (-6.0%)	$98.92M (-5.1%)	1.2%	$18.73	$16.08	+16.5%	COMMON	62955J103
IQV	Iqvia Hldgs Inc (IQV)	544,925 (-29.1%)	$147M (-1.3%)	1.8%	$268.85	$174.38	+54.2%	COMMON	46266C105
JPM	J P Morgan Chase (JPM)	1,000 (-60.0%)	$331K (-59.6%)	0.0%	$330.83	$115.52	+186.4%	COMMON	46625H100
SCHW	Charles Schwab Corporation (SCHW)	10,500 (-16.0%)	$1.026M (-11.0%)	0.0%	$97.74	$33.18	+194.6%	COMMON	808513105

Unchanged Positions (8)

TOL Toll Brothers, Inc. (TOL) 9.5%

Value $756M Shares 5,614,009 Share Price $134.75 Est. Cost/Share $33.93 Unrealized @ Report Date +297.2%

DNOW Dnow Inc (DNOW) 0.9%

Value $67.85M Shares 4,377,190 Share Price $15.50 Est. Cost/Share $13.09 Unrealized @ Report Date +18.4%

LEN/B Lennar Corporation - B SHS (LEN/B) 0.4%

Value $29.27M Shares 365,959 Share Price $79.99 Est. Cost/Share $46.19 Unrealized @ Report Date +73.2%

— General Motors Co (GM) 12.5%

Value $994M Shares 12,906,773 Share Price $77.00 Est. Cost/Share $43.00 Unrealized @ Report Date —

CRH CRH Plc (CRH) 0.0%

Value $1.449M Shares 17,500 Share Price $82.80 Est. Cost/Share $54.36 Unrealized @ Report Date +52.3%

A Agilent Technologies, Inc. (A) 0.0%

Value $1.844M Shares 10,700 Share Price $172.31 Est. Cost/Share $27.97 Unrealized @ Report Date +516.1%

G Genpact LTD (G) 0.0%

Value $325K Shares 10,000 Share Price $32.53 Est. Cost/Share $33.46 Unrealized @ Report Date -2.8%

UNP Union Pacific Corp (UNP) 0.0%

Value $553K Shares 2,032 Share Price $272.13 Est. Cost/Share $80.32 Unrealized @ Report Date +238.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TOL	Toll Brothers, Inc. (TOL)	5,614,009	$756M	9.5%	$134.75	$33.93	+297.2%	COMMON	889478103
DNOW	Dnow Inc (DNOW)	4,377,190	$67.85M	0.9%	$15.50	$13.09	+18.4%	COMMON	67011P100
LEN/B	Lennar Corporation - B SHS (LEN/B)	365,959	$29.27M	0.4%	$79.99	$46.19	+73.2%	COMMON	526057302
—	General Motors Co (GM)	12,906,773	$994M	12.5%	$77.00	$43.00	—	COMMON	35045V100
CRH	CRH Plc (CRH)	17,500	$1.449M	0.0%	$82.80	$54.36	+52.3%	COMMON	G25508105
A	Agilent Technologies, Inc. (A)	10,700	$1.844M	0.0%	$172.31	$27.97	+516.1%	COMMON	00846U101
G	Genpact LTD (G)	10,000	$325K	0.0%	$32.53	$33.46	-2.8%	COMMON	G3922B107
UNP	Union Pacific Corp (UNP)	2,032	$553K	0.0%	$272.13	$80.32	+238.8%	COMMON	907818108