Sustainable Growth Advisers, LP Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	Broadcom Inc	1,462,602 (+125.7%)	$452,690 (+101.9%)	4.3%	$344.28	-2.9%	COM	11135F101
AXP	American Express Co	1,122,014 (+81.6%)	$339,387 (+48.5%)	3.2%	$221.97	+60.5%	COM	025816109
—	Netflix Inc	3,410,969 (+32.3%)	$327,965 (+35.6%)	3.1%	$104.26	—	COM	64110l106
ECL	Ecolab Inc	847,258 (+31.4%)	$225,388 (+33.1%)	2.1%	$195.02	+46.8%	COM	278865100
AAPL	Apple Inc	1,525,700 (+25.1%)	$387,207 (+16.7%)	3.6%	$200.21	+31.3%	COM	037833100
DHR	Danaher Corp	1,636,382 (+2.4%)	$310,258 (-15.2%)	2.9%	$207.32	+8.4%	COM	235851102
INFY	Infosys Ltd-Sp ADR	1,155,813 (+230.1%)	$15,615 (+150.2%)	0.1%	$14.47	—	COM	456788108
MMYT	MakeMyTrip Ltd	123,247 (+35.5%)	$4,596 (-38.5%)	0.0%	$86.78	-24.4%	COM	V5633W109
FMX	Fomento Economico Mexicano-Sp	165,107 (+6.2%)	$18,337 (+16.7%)	0.2%	$116.32	—	COM	344419106
XP	XP Inc	696,489 (+2.4%)	$13,261 (+19.1%)	0.1%	$20.47	-5.5%	COM	G98239109
GRAB	Grab Holdings Ltd - Cl A	5,811,158 (+49.1%)	$21,269 (+9.4%)	0.2%	$4.89	-8.1%	COM	G4124C109
TME	Tencent Music Entertainment -	503,887 (+47.7%)	$4,676 (-21.8%)	0.0%	$11.29	—	COM	88034P109
WCN	Waste Connections	98,148 (+15.0%)	$15,943 (+6.6%)	0.2%	$166.20	+0.7%	COM	94106B101
ADYEY	Adyen NV Unspon ADR	294,848 (+29.4%)	$2,940 (-19.2%)	0.0%	$14.62	—	COM	00783V104
SHOP	Shopify Inc.	81,087 (+33.7%)	$9,619 (-1.5%)	0.1%	$90.42	+50.9%	COM	82509L107

Exited Positions (5)

— UnitedHealth Group Inc 4.4%

Value ($000) $469,585 Shares 1,422,511 Est. Cost $484.51 Unrealized —

IT Gartner Inc 3.0%

Value ($000) $313,621 Shares 1,243,148 Est. Cost $410.95 Unrealized -51.8%

WDAY Workday Inc Class A 0.1%

Value ($000) $7,796 Shares 36,299 Est. Cost $207.55 Unrealized -16.8%

IWF iShares Russell 1000 Growth 0.0%

Value ($000) $4,746 Shares 10,027 Est. Cost $444.85 Unrealized —

GOOGL Alphabet Inc CL A 0.0%

Value ($000) $3,312 Shares 10,582 Est. Cost $108.48 Unrealized +198.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	UnitedHealth Group Inc	1,422,511	$469,585	4.4%	$484.51	—	—	91324p102
IT	Gartner Inc	1,243,148	$313,621	3.0%	$410.95	-51.8%	—	366651107
WDAY	Workday Inc Class A	36,299	$7,796	0.1%	$207.55	-16.8%	—	98138H101
IWF	iShares Russell 1000 Growth	10,027	$4,746	0.0%	$444.85	—	—	464287614
GOOGL	Alphabet Inc CL A	10,582	$3,312	0.0%	$108.48	+198.0%	—	02079K305

Decreased Positions (31)

MSFT Microsoft Corp. 5.5%

Value ($000) $580,794 (-41.6%) Shares 1,568,993 (-23.7%) Est. Cost $171.72 Unrealized +153.1%

AMZN Amazon.com Inc 6.4%

Value ($000) $681,301 (-36.6%) Shares 3,271,241 (-29.7%) Est. Cost $131.52 Unrealized +72.5%

INTU Intuit Inc 2.6%

Value ($000) $274,886 (-56.8%) Shares 635,752 (-33.7%) Est. Cost $450.52 Unrealized +10.4%

NVDA Nvidia Corp 8.0%

Value ($000) $845,755 (-24.1%) Shares 4,849,512 (-18.8%) Est. Cost $102.76 Unrealized +81.6%

CRM Salesforce Inc 3.1%

Value ($000) $324,864 (-42.7%) Shares 1,740,310 (-18.7%) Est. Cost $224.59 Unrealized -3.9%

SPGI S&P Global Inc 3.0%

Value ($000) $322,109 (-40.2%) Shares 757,297 (-26.5%) Est. Cost $361.25 Unrealized +34.3%

V Visa Inc 5.0%

Value ($000) $528,961 (-28.7%) Shares 1,750,135 (-17.3%) Est. Cost $141.29 Unrealized +133.0%

SNPS Synopsys Inc 3.4%

Value ($000) $357,223 (-32.4%) Shares 900,987 (-19.9%) Est. Cost $550.58 Unrealized -14.3%

META Meta Platforms Inc 3.8%

Value ($000) $398,884 (-29.3%) Shares 697,191 (-18.4%) Est. Cost $518.38 Unrealized +26.5%

WM Waste Management Inc 4.4%

Value ($000) $464,567 (-23.6%) Shares 2,021,702 (-27.0%) Est. Cost $210.86 Unrealized +7.2%

GOOG Alphabet Inc CL C 5.1%

Value ($000) $542,902 (-19.3%) Shares 1,892,568 (-11.7%) Est. Cost $106.53 Unrealized +203.8%

COO Cooper Companies Inc/ The 1.4%

Value ($000) $146,883 (-46.8%) Shares 2,054,312 (-39.0%) Est. Cost $75.53 Unrealized +8.8%

CMG Chipotle Mexican Grill Inc 2.4%

Value ($000) $250,259 (-30.1%) Shares 7,818,154 (-19.2%) Est. Cost $50.00 Unrealized -22.4%

AON Aon PLC 3.2%

Value ($000) $339,502 (-21.2%) Shares 1,051,805 (-13.9%) Est. Cost $308.64 Unrealized +8.9%

SAP SAP SE-Sponsored ADR 0.8%

Value ($000) $81,171 (-51.3%) Shares 474,104 (-31.0%) Est. Cost $258.62 Unrealized —

ALC Alcon Inc 0.8%

Value ($000) $83,041 (-50.6%) Shares 1,102,071 (-48.3%) Est. Cost $73.18 Unrealized +10.0%

HDB HDFC Bank Ltd-ADR 1.2%

Value ($000) $130,021 (-37.7%) Shares 5,225,907 (-8.5%) Est. Cost $54.48 Unrealized —

CP Canadian Pacific Kansas City L 3.9%

Value ($000) $409,845 (-15.2%) Shares 5,210,330 (-20.6%) Est. Cost $76.54 Unrealized +0.9%

STE Steris PLC 1.1%

Value ($000) $120,998 (-37.1%) Shares 547,179 (-27.9%) Est. Cost $200.28 Unrealized +27.5%

NOW ServiceNow Inc 1.0%

Value ($000) $105,101 (-39.9%) Shares 1,005,271 (-11.9%) Est. Cost $160.37 Unrealized -24.4%

MELI MercadoLibre Inc 0.9%

Value ($000) $90,844 (-41.6%) Shares 52,541 (-32.0%) Est. Cost $1456.91 Unrealized +41.8%

SE Sea LTD ADR 0.5%

Value ($000) $52,167 (-46.2%) Shares 629,955 (-17.2%) Est. Cost $127.57 Unrealized —

NKE NIKE Inc 1.3%

Value ($000) $135,470 (-23.8%) Shares 2,564,741 (-8.1%) Est. Cost $73.59 Unrealized -13.1%

YUM Yum! Brands Inc 3.3%

Value ($000) $351,447 (-7.0%) Shares 2,260,403 (-9.5%) Est. Cost $93.73 Unrealized +67.9%

ARM Arm Holdings Inc - ADR 2.9%

Value ($000) $303,643 (+4.1%) Shares 2,007,159 (-24.8%) Est. Cost $136.40 Unrealized —

BABA Alibaba Group Holding-Sp ADR 0.3%

Value ($000) $34,312 (-16.5%) Shares 273,486 (-2.5%) Est. Cost $159.43 Unrealized —

UL Unilever PLC ADR 0.2%

Value ($000) $23,105 (-19.7%) Shares 405,570 (-7.8%) Est. Cost $65.40 Unrealized —

TSM Taiwan Semiconductor Mfg ADR 0.4%

Value ($000) $44,020 (+8.5%) Shares 130,255 (-2.4%) Est. Cost $168.56 Unrealized —

GWW WW Grainger Inc 2.2%

Value ($000) $230,071 (-0.7%) Shares 210,918 (-8.2%) Est. Cost $1000.75 Unrealized +9.4%

FRCOY Fast Retailing Co-Unspon ADR 0.0%

Value ($000) $2,483 (-11.7%) Shares 62,583 (-19.4%) Est. Cost $30.27 Unrealized —

LIN Linde PLC 0.1%

Value ($000) $12,158 (-0.6%) Shares 24,524 (-14.5%) Est. Cost $323.59 Unrealized +42.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	1,568,993 (-23.7%)	$580,794 (-41.6%)	5.5%	$171.72	+153.1%	COM	594918104
AMZN	Amazon.com Inc	3,271,241 (-29.7%)	$681,301 (-36.6%)	6.4%	$131.52	+72.5%	COM	023135106
INTU	Intuit Inc	635,752 (-33.7%)	$274,886 (-56.8%)	2.6%	$450.52	+10.4%	COM	461202103
NVDA	Nvidia Corp	4,849,512 (-18.8%)	$845,755 (-24.1%)	8.0%	$102.76	+81.6%	COM	67066G104
CRM	Salesforce Inc	1,740,310 (-18.7%)	$324,864 (-42.7%)	3.1%	$224.59	-3.9%	COM	79466L302
SPGI	S&P Global Inc	757,297 (-26.5%)	$322,109 (-40.2%)	3.0%	$361.25	+34.3%	COM	78409V104
V	Visa Inc	1,750,135 (-17.3%)	$528,961 (-28.7%)	5.0%	$141.29	+133.0%	COM	92826C839
SNPS	Synopsys Inc	900,987 (-19.9%)	$357,223 (-32.4%)	3.4%	$550.58	-14.3%	COM	871607107
META	Meta Platforms Inc	697,191 (-18.4%)	$398,884 (-29.3%)	3.8%	$518.38	+26.5%	COM	30303M102
WM	Waste Management Inc	2,021,702 (-27.0%)	$464,567 (-23.6%)	4.4%	$210.86	+7.2%	COM	94106L109
GOOG	Alphabet Inc CL C	1,892,568 (-11.7%)	$542,902 (-19.3%)	5.1%	$106.53	+203.8%	COM	02079K107
COO	Cooper Companies Inc/ The	2,054,312 (-39.0%)	$146,883 (-46.8%)	1.4%	$75.53	+8.8%	COM	216648501
CMG	Chipotle Mexican Grill Inc	7,818,154 (-19.2%)	$250,259 (-30.1%)	2.4%	$50.00	-22.4%	COM	169656105
AON	Aon PLC	1,051,805 (-13.9%)	$339,502 (-21.2%)	3.2%	$308.64	+8.9%	COM	G0403H108
SAP	SAP SE-Sponsored ADR	474,104 (-31.0%)	$81,171 (-51.3%)	0.8%	$258.62	—	COM	803054204
ALC	Alcon Inc	1,102,071 (-48.3%)	$83,041 (-50.6%)	0.8%	$73.18	+10.0%	COM	H01301128
HDB	HDFC Bank Ltd-ADR	5,225,907 (-8.5%)	$130,021 (-37.7%)	1.2%	$54.48	—	COM	40415F101
CP	Canadian Pacific Kansas City L	5,210,330 (-20.6%)	$409,845 (-15.2%)	3.9%	$76.54	+0.9%	COM	13646K108
STE	Steris PLC	547,179 (-27.9%)	$120,998 (-37.1%)	1.1%	$200.28	+27.5%	COM	G8473T100
NOW	ServiceNow Inc	1,005,271 (-11.9%)	$105,101 (-39.9%)	1.0%	$160.37	-24.4%	COM	81762P102
MELI	MercadoLibre Inc	52,541 (-32.0%)	$90,844 (-41.6%)	0.9%	$1456.91	+41.8%	COM	58733R102
SE	Sea LTD ADR	629,955 (-17.2%)	$52,167 (-46.2%)	0.5%	$127.57	—	COM	81141R100
NKE	NIKE Inc	2,564,741 (-8.1%)	$135,470 (-23.8%)	1.3%	$73.59	-13.1%	COM	654106103
YUM	Yum! Brands Inc	2,260,403 (-9.5%)	$351,447 (-7.0%)	3.3%	$93.73	+67.9%	COM	988498101
ARM	Arm Holdings Inc - ADR	2,007,159 (-24.8%)	$303,643 (+4.1%)	2.9%	$136.40	—	COM	042068205
BABA	Alibaba Group Holding-Sp ADR	273,486 (-2.5%)	$34,312 (-16.5%)	0.3%	$159.43	—	COM	01609W102
UL	Unilever PLC ADR	405,570 (-7.8%)	$23,105 (-19.7%)	0.2%	$65.40	—	COM	904767803
TSM	Taiwan Semiconductor Mfg ADR	130,255 (-2.4%)	$44,020 (+8.5%)	0.4%	$168.56	—	COM	874039100
GWW	WW Grainger Inc	210,918 (-8.2%)	$230,071 (-0.7%)	2.2%	$1000.75	+9.4%	COM	384802104
FRCOY	Fast Retailing Co-Unspon ADR	62,583 (-19.4%)	$2,483 (-11.7%)	0.0%	$30.27	—	COM	31188H101
LIN	Linde PLC	24,524 (-14.5%)	$12,158 (-0.6%)	0.1%	$323.59	+42.2%	COM	G54950103

Unchanged Positions (3)

UNVGY Universal Music Group Unsp Adr 0.0%

Value ($000) $3,290 Shares 342,750 Est. Cost $13.64 Unrealized —

EXPGY Experian PLC ADR 0.0%

Value ($000) $2,523 Shares 72,210 Est. Cost $44.59 Unrealized —

AAGIY AIA Group Ltd-Sp ADR 0.0%

Value ($000) $3,174 Shares 71,286 Est. Cost $36.17 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UNVGY	Universal Music Group Unsp Adr	342,750	$3,290	0.0%	$13.64	—	COM	91377B109
EXPGY	Experian PLC ADR	72,210	$2,523	0.0%	$44.59	—	COM	30215C101
AAGIY	AIA Group Ltd-Sp ADR	71,286	$3,174	0.0%	$36.17	—	COM	001317205