SATURNA CAPITAL CORP Diversified Active

Name: SATURNA CAPITAL CORP Q2 2026 13F Filing | 13F Explorer
Creator: SATURNA CAPITAL CORP
Published: 2026-08-14

Location: Bellingham, WA

CIK: 0001316617 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 14, 2026

Total Value: $8.194B (100.0% shares, 0.0% debt)

Holdings (140)

New Positions (4)

SPG Simon Property Group 0.0%

Value $745K Shares 3,250 Est. Cost — Unrealized —

FBIN Fortune Brands Innovations 0.0%

Value $323K Shares 5,880 Est. Cost — Unrealized —

CDNS Cadence Design Systems 0.0%

Value $320K Shares 852 Est. Cost — Unrealized —

MCHP Microchip Technology 0.0%

Value $228K Shares 2,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group	3,250	$745K	0.0%	—	—	COM	828806109
FBIN	Fortune Brands Innovations	5,880	$323K	0.0%	—	—	COM	34964C106
CDNS	Cadence Design Systems	852	$320K	0.0%	—	—	COM	127387108
MCHP	Microchip Technology	2,500	$228K	0.0%	—	—	COM	595017104

Increased Positions (61)

AMD Advanced Micro Devices 3.1%

Value $251M (+192.8%) Shares 521,947 (+23.9%) Est. Cost — Unrealized —

MSFT Microsoft 5.9%

Value $480M (+23.9%) Shares 1,106,228 (+5.6%) Est. Cost — Unrealized —

CSCO Cisco Systems 2.8%

Value $226M (+63.0%) Shares 1,938,996 (+8.4%) Est. Cost — Unrealized —

CRH CRH PLC 1.3%

Value $110M (+295.9%) Shares 1,104,177 (+317.7%) Est. Cost — Unrealized —

WM Waste Management 1.6%

Value $135M (+116.8%) Shares 595,907 (+119.9%) Est. Cost — Unrealized —

ABBV AbbVie 2.9%

Value $241M (+41.5%) Shares 958,069 (+22.6%) Est. Cost — Unrealized —

NOW ServiceNow 2.2%

Value $181M (+50.1%) Shares 1,626,465 (+41.3%) Est. Cost — Unrealized —

SYK Stryker 2.2%

Value $177M (+46.4%) Shares 543,257 (+47.9%) Est. Cost — Unrealized —

LECO Lincoln Electric Holdings 1.2%

Value $97.7M (+45.8%) Shares 373,899 (+39.0%) Est. Cost — Unrealized —

CHD Church & Dwight 1.6%

Value $132M (+19.1%) Shares 1,338,490 (+12.5%) Est. Cost — Unrealized —

UL Unilever ADS 0.8%

Value $63.07M (+39.4%) Shares 1,048,865 (+32.0%) Est. Cost — Unrealized —

APD Air Products & Chemicals 0.6%

Value $51.16M (+44.2%) Shares 174,439 (+42.8%) Est. Cost — Unrealized —

JNJ Johnson & Johnson 0.7%

Value $58.19M (+32.9%) Shares 229,115 (+27.9%) Est. Cost — Unrealized —

HD Home Depot 0.4%

Value $33.09M (+45.0%) Shares 93,811 (+35.2%) Est. Cost — Unrealized —

FERG Ferguson Enterprises Inc 0.8%

Value $66.06M (+17.1%) Shares 278,627 (+15.2%) Est. Cost — Unrealized —

UPS United Parcel Service, Cl B 0.5%

Value $36.96M (+23.8%) Shares 343,798 (+13.3%) Est. Cost — Unrealized —

AZN Astrazeneca PLC 1.9%

Value $155M (-4.3%) Shares 911,933 (+11.0%) Est. Cost — Unrealized —

MRK Merck & Co 0.3%

Value $25.4M (+34.1%) Shares 197,643 (+25.5%) Est. Cost — Unrealized —

ORCL Oracle 1.2%

Value $97.59M (+6.1%) Shares 748,046 (+19.6%) Est. Cost — Unrealized —

JBL Jabil Inc 0.1%

Value $11.18M (+47.2%) Shares 29,008 (+1.4%) Est. Cost — Unrealized —

NKE Nike, Class B 0.2%

Value $15.51M (-17.6%) Shares 377,794 (+6.0%) Est. Cost — Unrealized —

LOW Lowe's 1.2%

Value $99.81M (+1.9%) Shares 479,497 (+15.7%) Est. Cost — Unrealized —

MU Micron Technology 0.0%

Value $2.351M (+291.4%) Shares 2,410 (+35.5%) Est. Cost — Unrealized —

APH Amphenol Corp Class A 0.1%

Value $5.793M (+42.6%) Shares 32,853 (+2.2%) Est. Cost — Unrealized —

RIO Rio Tinto ADS 0.1%

Value $11.55M (+15.4%) Shares 120,886 (+12.7%) Est. Cost — Unrealized —

PWR Quanta Services 0.0%

Value $3.653M (+36.3%) Shares 5,074 (+3.9%) Est. Cost — Unrealized —

URI United Rentals 0.0%

Value $1.084M (+413.1%) Shares 957 (+230.0%) Est. Cost — Unrealized —

AEM Agnico-Eagle Mines 0.0%

Value $3.304M (-20.2%) Shares 21,834 (+7.1%) Est. Cost — Unrealized —

EME EMCOR Group 0.0%

Value $2.666M (+35.2%) Shares 3,240 (+21.3%) Est. Cost — Unrealized —

NEE NextEra Energy 0.0%

Value $2.182M (+46.4%) Shares 24,913 (+55.3%) Est. Cost — Unrealized —

ROST Ross Stores 0.0%

Value $3.007M (+25.6%) Shares 13,454 (+21.7%) Est. Cost — Unrealized —

TLK Telekomunikasi Indonesia ADS 0.0%

Value $1.637M (-27.0%) Shares 121,896 (+1.6%) Est. Cost — Unrealized —

INFY Infosys ADS 0.0%

Value $2.24M (-21.0%) Shares 213,564 (+1.7%) Est. Cost — Unrealized —

MA Mastercard, Class A 0.0%

Value $3.214M (+20.9%) Shares 6,055 (+13.8%) Est. Cost — Unrealized —

SQM Quimica y Minera Chile ADS 0.1%

Value $9.298M (-5.2%) Shares 126,467 (+4.4%) Est. Cost — Unrealized —

V Visa 0.0%

Value $1.04M (+84.0%) Shares 2,869 (+53.5%) Est. Cost — Unrealized —

ISRG Intuitive Surgical 0.0%

Value $803K (+126.7%) Shares 2,018 (+162.8%) Est. Cost — Unrealized —

SCCO Southern Copper 0.0%

Value $1.687M (+34.6%) Shares 9,434 (+29.6%) Est. Cost — Unrealized —

DOX Amdocs 0.0%

Value $691K (+152.1%) Shares 12,400 (+195.2%) Est. Cost — Unrealized —

COP ConocoPhillips 0.0%

Value $1.626M (-18.3%) Shares 15,636 (+3.7%) Est. Cost — Unrealized —

NVT nVent Electric plc 0.0%

Value $957K (+58.6%) Shares 5,641 (+10.6%) Est. Cost — Unrealized —

GSK GlaxoSmithKline ADS 0.0%

Value $2.13M (+15.7%) Shares 41,025 (+23.0%) Est. Cost — Unrealized —

GEV GE Vernova Inc 0.0%

Value $811K (+51.5%) Shares 690 (+12.6%) Est. Cost — Unrealized —

ENPH Enphase Energy 0.0%

Value $668K (+61.1%) Shares 13,557 (+23.7%) Est. Cost — Unrealized —

WELL Welltower 0.0%

Value $1.668M (+17.1%) Shares 7,350 (+2.0%) Est. Cost — Unrealized —

ORLY O'Reilly Automotive 0.1%

Value $4.548M (+5.5%) Shares 49,387 (+5.7%) Est. Cost — Unrealized —

FSLR First Solar 0.0%

Value $1.075M (+27.6%) Shares 4,818 (+12.9%) Est. Cost — Unrealized —

SKM SK Telecom Co LTD - Spon ADR 0.0%

Value $522K (+62.0%) Shares 16,500 (+50.0%) Est. Cost — Unrealized —

FSS Federal Signal 0.0%

Value $559K (+54.8%) Shares 4,353 (+30.3%) Est. Cost — Unrealized —

FND Floor & Decor Holdings, Inc. Class 0.0%

Value $631K (+29.0%) Shares 10,635 (+10.4%) Est. Cost — Unrealized —

BMI Badger Meter 0.0%

Value $478K (+40.6%) Shares 3,224 (+44.4%) Est. Cost — Unrealized —

DHR Danaher 0.0%

Value $1.538M (+8.5%) Shares 8,076 (+8.0%) Est. Cost — Unrealized —

RSG Republic Services 0.0%

Value $2.952M (+3.6%) Shares 13,864 (+6.6%) Est. Cost — Unrealized —

ACM Aecom Technology 0.0%

Value $974K (+11.5%) Shares 13,951 (+35.4%) Est. Cost — Unrealized —

MAA Mid-America Apartment Communities 0.0%

Value $506K (+20.4%) Shares 3,645 (+5.8%) Est. Cost — Unrealized —

INSW International Seaways, Inc. 0.0%

Value $470K (+19.3%) Shares 6,134 (+13.6%) Est. Cost — Unrealized —

WY Weyerhaeuser 0.0%

Value $344K (+28.3%) Shares 14,390 (+30.9%) Est. Cost — Unrealized —

MTRX Matrix Service Company 0.0%

Value $278K (+37.4%) Shares 20,275 (+15.2%) Est. Cost — Unrealized —

TYL Tyler Technologies 0.0%

Value $524K (-9.4%) Shares 1,790 (+6.0%) Est. Cost — Unrealized —

GEHC GE Healthcare Technologies 0.0%

Value $575K (-6.7%) Shares 8,980 (+3.8%) Est. Cost — Unrealized —

CPRT Copart 0.0%

Value $1.248M (+2.3%) Shares 44,134 (+20.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	Advanced Micro Devices	521,947 (+23.9%)	$251M (+192.8%)	3.1%	—	—	COM	007903107
MSFT	Microsoft	1,106,228 (+5.6%)	$480M (+23.9%)	5.9%	—	—	COM	594918104
CSCO	Cisco Systems	1,938,996 (+8.4%)	$226M (+63.0%)	2.8%	—	—	COM	17275R102
CRH	CRH PLC	1,104,177 (+317.7%)	$110M (+295.9%)	1.3%	—	—	COM	G25508105
WM	Waste Management	595,907 (+119.9%)	$135M (+116.8%)	1.6%	—	—	COM	94106L109
ABBV	AbbVie	958,069 (+22.6%)	$241M (+41.5%)	2.9%	—	—	COM	00287Y109
NOW	ServiceNow	1,626,465 (+41.3%)	$181M (+50.1%)	2.2%	—	—	COM	81762P102
SYK	Stryker	543,257 (+47.9%)	$177M (+46.4%)	2.2%	—	—	COM	863667101
LECO	Lincoln Electric Holdings	373,899 (+39.0%)	$97.7M (+45.8%)	1.2%	—	—	COM	533900106
CHD	Church & Dwight	1,338,490 (+12.5%)	$132M (+19.1%)	1.6%	—	—	COM	171340102
UL	Unilever ADS	1,048,865 (+32.0%)	$63.07M (+39.4%)	0.8%	—	—	COM	904767803
APD	Air Products & Chemicals	174,439 (+42.8%)	$51.16M (+44.2%)	0.6%	—	—	COM	009158106
JNJ	Johnson & Johnson	229,115 (+27.9%)	$58.19M (+32.9%)	0.7%	—	—	COM	478160104
HD	Home Depot	93,811 (+35.2%)	$33.09M (+45.0%)	0.4%	—	—	COM	437076102
FERG	Ferguson Enterprises Inc	278,627 (+15.2%)	$66.06M (+17.1%)	0.8%	—	—	COM	31488V107
UPS	United Parcel Service, Cl B	343,798 (+13.3%)	$36.96M (+23.8%)	0.5%	—	—	COM	911312106
AZN	Astrazeneca PLC	911,933 (+11.0%)	$155M (-4.3%)	1.9%	—	—	COM	G0593M107
MRK	Merck & Co	197,643 (+25.5%)	$25.4M (+34.1%)	0.3%	—	—	COM	58933Y105
ORCL	Oracle	748,046 (+19.6%)	$97.59M (+6.1%)	1.2%	—	—	COM	68389X105
JBL	Jabil Inc	29,008 (+1.4%)	$11.18M (+47.2%)	0.1%	—	—	COM	466313103
NKE	Nike, Class B	377,794 (+6.0%)	$15.51M (-17.6%)	0.2%	—	—	COM	654106103
LOW	Lowe's	479,497 (+15.7%)	$99.81M (+1.9%)	1.2%	—	—	COM	548661107
MU	Micron Technology	2,410 (+35.5%)	$2.351M (+291.4%)	0.0%	—	—	COM	595112103
APH	Amphenol Corp Class A	32,853 (+2.2%)	$5.793M (+42.6%)	0.1%	—	—	COM	032095101
RIO	Rio Tinto ADS	120,886 (+12.7%)	$11.55M (+15.4%)	0.1%	—	—	COM	767204100
PWR	Quanta Services	5,074 (+3.9%)	$3.653M (+36.3%)	0.0%	—	—	COM	74762E102
URI	United Rentals	957 (+230.0%)	$1.084M (+413.1%)	0.0%	—	—	COM	911363109
AEM	Agnico-Eagle Mines	21,834 (+7.1%)	$3.304M (-20.2%)	0.0%	—	—	COM	008474108
EME	EMCOR Group	3,240 (+21.3%)	$2.666M (+35.2%)	0.0%	—	—	COM	29084Q100
NEE	NextEra Energy	24,913 (+55.3%)	$2.182M (+46.4%)	0.0%	—	—	COM	65339F101
ROST	Ross Stores	13,454 (+21.7%)	$3.007M (+25.6%)	0.0%	—	—	COM	778296103
TLK	Telekomunikasi Indonesia ADS	121,896 (+1.6%)	$1.637M (-27.0%)	0.0%	—	—	COM	715684106
INFY	Infosys ADS	213,564 (+1.7%)	$2.24M (-21.0%)	0.0%	—	—	COM	456788108
MA	Mastercard, Class A	6,055 (+13.8%)	$3.214M (+20.9%)	0.0%	—	—	COM	57636Q104
SQM	Quimica y Minera Chile ADS	126,467 (+4.4%)	$9.298M (-5.2%)	0.1%	—	—	COM	833635105
V	Visa	2,869 (+53.5%)	$1.04M (+84.0%)	0.0%	—	—	COM	92826C839
ISRG	Intuitive Surgical	2,018 (+162.8%)	$803K (+126.7%)	0.0%	—	—	COM	46120E602
SCCO	Southern Copper	9,434 (+29.6%)	$1.687M (+34.6%)	0.0%	—	—	COM	84265V105
DOX	Amdocs	12,400 (+195.2%)	$691K (+152.1%)	0.0%	—	—	COM	G02602103
COP	ConocoPhillips	15,636 (+3.7%)	$1.626M (-18.3%)	0.0%	—	—	COM	20825C104
NVT	nVent Electric plc	5,641 (+10.6%)	$957K (+58.6%)	0.0%	—	—	COM	G6700G107
GSK	GlaxoSmithKline ADS	41,025 (+23.0%)	$2.13M (+15.7%)	0.0%	—	—	COM	37733W204
GEV	GE Vernova Inc	690 (+12.6%)	$811K (+51.5%)	0.0%	—	—	COM	36828A101
ENPH	Enphase Energy	13,557 (+23.7%)	$668K (+61.1%)	0.0%	—	—	COM	29355A107
WELL	Welltower	7,350 (+2.0%)	$1.668M (+17.1%)	0.0%	—	—	COM	95040Q104
ORLY	O'Reilly Automotive	49,387 (+5.7%)	$4.548M (+5.5%)	0.1%	—	—	COM	67103H107
FSLR	First Solar	4,818 (+12.9%)	$1.075M (+27.6%)	0.0%	—	—	COM	336433107
SKM	SK Telecom Co LTD - Spon ADR	16,500 (+50.0%)	$522K (+62.0%)	0.0%	—	—	COM	78440P306
FSS	Federal Signal	4,353 (+30.3%)	$559K (+54.8%)	0.0%	—	—	COM	313855108
FND	Floor & Decor Holdings, Inc. Class	10,635 (+10.4%)	$631K (+29.0%)	0.0%	—	—	COM	339750101
BMI	Badger Meter	3,224 (+44.4%)	$478K (+40.6%)	0.0%	—	—	COM	056525108
DHR	Danaher	8,076 (+8.0%)	$1.538M (+8.5%)	0.0%	—	—	COM	235851102
RSG	Republic Services	13,864 (+6.6%)	$2.952M (+3.6%)	0.0%	—	—	COM	760759100
ACM	Aecom Technology	13,951 (+35.4%)	$974K (+11.5%)	0.0%	—	—	COM	00766T100
MAA	Mid-America Apartment Communities	3,645 (+5.8%)	$506K (+20.4%)	0.0%	—	—	COM	59522J103
INSW	International Seaways, Inc.	6,134 (+13.6%)	$470K (+19.3%)	0.0%	—	—	COM	Y41053102
WY	Weyerhaeuser	14,390 (+30.9%)	$344K (+28.3%)	0.0%	—	—	COM	962166104
MTRX	Matrix Service Company	20,275 (+15.2%)	$278K (+37.4%)	0.0%	—	—	COM	576853105
TYL	Tyler Technologies	1,790 (+6.0%)	$524K (-9.4%)	0.0%	—	—	COM	902252105
GEHC	GE Healthcare Technologies	8,980 (+3.8%)	$575K (-6.7%)	0.0%	—	—	COM	36266G107
CPRT	Copart	44,134 (+20.1%)	$1.248M (+2.3%)	0.0%	—	—	COM	217204106

Exited Positions (12)

TRMB Trimble 1.3%

Value $110M Shares 1,682,542 Est. Cost — Unrealized —

NICE NICE Systems ADR 0.0%

Value $3.269M Shares 29,644 Est. Cost — Unrealized —

ADBE Adobe 0.0%

Value $2.317M Shares 9,533 Est. Cost — Unrealized —

FTNT Fortinet Inc. 0.0%

Value $1.097M Shares 13,423 Est. Cost — Unrealized —

CCJ Cameco Corp 0.0%

Value $741K Shares 6,820 Est. Cost — Unrealized —

IBM International Business Machines 0.0%

Value $396K Shares 1,632 Est. Cost — Unrealized —

SNN Smith & Nephew plc ADS 0.0%

Value $391K Shares 12,303 Est. Cost — Unrealized —

PANW Palo Alto Networks Inc. 0.0%

Value $350K Shares 2,183 Est. Cost — Unrealized —

CSW CSW Industrials, Inc. 0.0%

Value $342K Shares 1,313 Est. Cost — Unrealized —

CVX Chevron Corporation 0.0%

Value $214K Shares 1,033 Est. Cost — Unrealized —

CRWD CrowdStrike Holdings Inc Class A 0.0%

Value $210K Shares 538 Est. Cost — Unrealized —

ZS Zscaler 0.0%

Value $200K Shares 1,428 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRMB	Trimble	1,682,542	$110M	1.3%	—	—	—	896239100
NICE	NICE Systems ADR	29,644	$3.269M	0.0%	—	—	—	653656108
ADBE	Adobe	9,533	$2.317M	0.0%	—	—	—	00724F101
FTNT	Fortinet Inc.	13,423	$1.097M	0.0%	—	—	—	34959E109
CCJ	Cameco Corp	6,820	$741K	0.0%	—	—	—	13321L108
IBM	International Business Machines	1,632	$396K	0.0%	—	—	—	459200101
SNN	Smith & Nephew plc ADS	12,303	$391K	0.0%	—	—	—	83175M205
PANW	Palo Alto Networks Inc.	2,183	$350K	0.0%	—	—	—	697435105
CSW	CSW Industrials, Inc.	1,313	$342K	0.0%	—	—	—	126402106
CVX	Chevron Corporation	1,033	$214K	0.0%	—	—	—	166764100
CRWD	CrowdStrike Holdings Inc Class A	538	$210K	0.0%	—	—	—	22788C105
ZS	Zscaler	1,428	$200K	0.0%	—	—	—	98980G102

Decreased Positions (31)

TSM Taiwan Semiconductor ADS 9.9%

Value $808M (+20.0%) Shares 1,864,582 (-6.4%) Est. Cost — Unrealized —

AVGO Broadcom Ltd 6.8%

Value $559M (+20.6%) Shares 1,445,853 (-3.4%) Est. Cost — Unrealized —

ETN Eaton Corp PLC 0.0%

Value $3.266M (-95.5%) Shares 7,825 (-96.1%) Est. Cost — Unrealized —

GOOGL Alphabet, Class A 5.8%

Value $479M (+16.4%) Shares 1,344,465 (-6.1%) Est. Cost — Unrealized —

NVO Novo Nordisk ADS 0.1%

Value $5.518M (-91.6%) Shares 116,291 (-93.5%) Est. Cost — Unrealized —

JCI Johnson Controls International 3.5%

Value $287M (-15.9%) Shares 1,958,722 (-24.8%) Est. Cost — Unrealized —

AZO AutoZone 1.2%

Value $97.06M (-29.9%) Shares 32,123 (-21.6%) Est. Cost — Unrealized —

LLY Eli Lilly 6.6%

Value $539M (+5.7%) Shares 460,411 (-17.1%) Est. Cost — Unrealized —

GPC Genuine Parts 0.0%

Value $212K (-98.7%) Shares 1,800 (-98.8%) Est. Cost — Unrealized —

ASML ASML Holding NY 5.0%

Value $411M (-1.8%) Shares 250,553 (-20.9%) Est. Cost — Unrealized —

QCOM Qualcomm 0.1%

Value $10.02M (+38.8%) Shares 54,234 (-3.3%) Est. Cost — Unrealized —

BSX Boston Scientific 0.0%

Value $761K (-71.6%) Shares 17,835 (-58.3%) Est. Cost — Unrealized —

MPWR Monolithic Power Systems 0.1%

Value $8.858M (+23.4%) Shares 6,408 (-2.4%) Est. Cost — Unrealized —

PSX Phillips 66 0.0%

Value $979K (-35.5%) Shares 5,794 (-30.5%) Est. Cost — Unrealized —

SAP SAP ADS 0.1%

Value $4.134M (-10.8%) Shares 24,181 (-10.7%) Est. Cost — Unrealized —

FIX Comfort Systems USA 0.0%

Value $2.233M (-17.0%) Shares 1,126 (-42.3%) Est. Cost — Unrealized —

INTU Intuit 0.0%

Value $659K (-40.6%) Shares 2,525 (-1.7%) Est. Cost — Unrealized —

TER Teradyne 0.0%

Value $845K (-33.7%) Shares 1,747 (-59.4%) Est. Cost — Unrealized —

COST Costco Wholesale 0.0%

Value $3.738M (-9.5%) Shares 3,996 (-3.6%) Est. Cost — Unrealized —

TSCO Tractor Supply 0.0%

Value $266K (-59.0%) Shares 8,430 (-41.2%) Est. Cost — Unrealized —

STX Seagate Technology Holdings PLC 0.0%

Value $572K (+119.0%) Shares 593 (-11.1%) Est. Cost — Unrealized —

JPM JP Morgan Chase 0.0%

Value $548K (-35.2%) Shares 1,673 (-41.8%) Est. Cost — Unrealized —

CTVA Corteva 0.0%

Value $2.692M (-8.5%) Shares 31,877 (-9.3%) Est. Cost — Unrealized —

SITM SITIME CORP COM 0.0%

Value $555K (+57.7%) Shares 745 (-27.0%) Est. Cost — Unrealized —

CRM Salesforce Inc. 0.0%

Value $752K (-20.1%) Shares 4,799 (-4.8%) Est. Cost — Unrealized —

PLD Prologis Inc 0.0%

Value $1.491M (-9.1%) Shares 11,005 (-11.3%) Est. Cost — Unrealized —

FAST Fastenal 0.0%

Value $1.379M (-6.7%) Shares 28,736 (-9.8%) Est. Cost — Unrealized —

META Meta Platforms Inc Cl A 0.0%

Value $2.081M (-4.1%) Shares 3,694 (-2.6%) Est. Cost — Unrealized —

AGX Argan, Inc. 0.0%

Value $577K (-9.8%) Shares 723 (-38.5%) Est. Cost — Unrealized —

XOM Exxon Mobil 0.0%

Value $210K (-22.0%) Shares 1,534 (-3.2%) Est. Cost — Unrealized —

BHP BHP Biliton ADR 0.0%

Value $922K (+5.4%) Shares 10,950 (-8.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	Taiwan Semiconductor ADS	1,864,582 (-6.4%)	$808M (+20.0%)	9.9%	—	—	COM	874039100
AVGO	Broadcom Ltd	1,445,853 (-3.4%)	$559M (+20.6%)	6.8%	—	—	COM	11135F101
ETN	Eaton Corp PLC	7,825 (-96.1%)	$3.266M (-95.5%)	0.0%	—	—	COM	G29183103
GOOGL	Alphabet, Class A	1,344,465 (-6.1%)	$479M (+16.4%)	5.8%	—	—	COM	02079K305
NVO	Novo Nordisk ADS	116,291 (-93.5%)	$5.518M (-91.6%)	0.1%	—	—	COM	670100205
JCI	Johnson Controls International	1,958,722 (-24.8%)	$287M (-15.9%)	3.5%	—	—	COM	G51502105
AZO	AutoZone	32,123 (-21.6%)	$97.06M (-29.9%)	1.2%	—	—	COM	053332102
LLY	Eli Lilly	460,411 (-17.1%)	$539M (+5.7%)	6.6%	—	—	COM	532457108
GPC	Genuine Parts	1,800 (-98.8%)	$212K (-98.7%)	0.0%	—	—	COM	372460105
ASML	ASML Holding NY	250,553 (-20.9%)	$411M (-1.8%)	5.0%	—	—	COM	N07059210
QCOM	Qualcomm	54,234 (-3.3%)	$10.02M (+38.8%)	0.1%	—	—	COM	747525103
BSX	Boston Scientific	17,835 (-58.3%)	$761K (-71.6%)	0.0%	—	—	COM	101137107
MPWR	Monolithic Power Systems	6,408 (-2.4%)	$8.858M (+23.4%)	0.1%	—	—	COM	609839105
PSX	Phillips 66	5,794 (-30.5%)	$979K (-35.5%)	0.0%	—	—	COM	718546104
SAP	SAP ADS	24,181 (-10.7%)	$4.134M (-10.8%)	0.1%	—	—	COM	803054204
FIX	Comfort Systems USA	1,126 (-42.3%)	$2.233M (-17.0%)	0.0%	—	—	COM	199908104
INTU	Intuit	2,525 (-1.7%)	$659K (-40.6%)	0.0%	—	—	COM	461202103
TER	Teradyne	1,747 (-59.4%)	$845K (-33.7%)	0.0%	—	—	COM	880770102
COST	Costco Wholesale	3,996 (-3.6%)	$3.738M (-9.5%)	0.0%	—	—	COM	22160K105
TSCO	Tractor Supply	8,430 (-41.2%)	$266K (-59.0%)	0.0%	—	—	COM	892356106
STX	Seagate Technology Holdings PLC	593 (-11.1%)	$572K (+119.0%)	0.0%	—	—	COM	G7997R103
JPM	JP Morgan Chase	1,673 (-41.8%)	$548K (-35.2%)	0.0%	—	—	COM	46625H100
CTVA	Corteva	31,877 (-9.3%)	$2.692M (-8.5%)	0.0%	—	—	COM	22052L104
SITM	SITIME CORP COM	745 (-27.0%)	$555K (+57.7%)	0.0%	—	—	COM	82982T106
CRM	Salesforce Inc.	4,799 (-4.8%)	$752K (-20.1%)	0.0%	—	—	COM	79466L302
PLD	Prologis Inc	11,005 (-11.3%)	$1.491M (-9.1%)	0.0%	—	—	COM	74340W103
FAST	Fastenal	28,736 (-9.8%)	$1.379M (-6.7%)	0.0%	—	—	COM	311900104
META	Meta Platforms Inc Cl A	3,694 (-2.6%)	$2.081M (-4.1%)	0.0%	—	—	COM	30303M102
AGX	Argan, Inc.	723 (-38.5%)	$577K (-9.8%)	0.0%	—	—	COM	04010E109
XOM	Exxon Mobil	1,534 (-3.2%)	$210K (-22.0%)	0.0%	—	—	COM	30231G102
BHP	BHP Biliton ADR	10,950 (-8.9%)	$922K (+5.4%)	0.0%	—	—	COM	088606108

Unchanged Positions (44)

AAPL Apple 6.7%

Value $545M Shares 1,774,020 Est. Cost — Unrealized —

NVDA NVIDIA 5.4%

Value $441M Shares 2,199,411 Est. Cost — Unrealized —

ROK Rockwell Automation 1.8%

Value $149M Shares 301,865 Est. Cost — Unrealized —

TXN Texas Instruments 0.9%

Value $76.83M Shares 257,763 Est. Cost — Unrealized —

GWW W.W. Grainger 1.4%

Value $112M Shares 82,102 Est. Cost — Unrealized —

TT Trane 2.2%

Value $183M Shares 402,085 Est. Cost — Unrealized —

CNI Canadian National Railway 0.6%

Value $47.79M Shares 400,815 Est. Cost — Unrealized —

ABT Abbott Laboratories 0.4%

Value $35.29M Shares 388,939 Est. Cost — Unrealized —

KMB Kimberly-Clark 0.4%

Value $33.1M Shares 301,501 Est. Cost — Unrealized —

TJX TJX Companies 2.3%

Value $191M Shares 1,217,439 Est. Cost — Unrealized —

LIN Linde 0.9%

Value $74.45M Shares 143,894 Est. Cost — Unrealized —

ITW Illinois Tool Works 1.0%

Value $82.92M Shares 306,584 Est. Cost — Unrealized —

KVUE Kenvue Inc 0.4%

Value $32.09M Shares 1,679,259 Est. Cost — Unrealized —

CL Colgate-Palmolive 0.5%

Value $41.33M Shares 450,828 Est. Cost — Unrealized —

NVS Novartis ADS 0.6%

Value $48.8M Shares 311,392 Est. Cost — Unrealized —

AMZN Amazon.com 0.1%

Value $7.211M Shares 30,044 Est. Cost — Unrealized —

B Barrick Mining Corporation 0.1%

Value $7.826M Shares 213,072 Est. Cost — Unrealized —

MNST Monster Beverage 0.0%

Value $2.725M Shares 28,350 Est. Cost — Unrealized —

AMAT Applied Materials 0.0%

Value $1.15M Shares 1,590 Est. Cost — Unrealized —

PSA Public Storage International 0.0%

Value $2.185M Shares 6,863 Est. Cost — Unrealized —

GLW Corning 0.0%

Value $511K Shares 2,000 Est. Cost — Unrealized —

NXPI NXP Semiconductors 0.0%

Value $556K Shares 1,979 Est. Cost — Unrealized —

GOOG Alphabet inc., C 0.0%

Value $707K Shares 2,001 Est. Cost — Unrealized —

MSI Motorola Solutions 0.0%

Value $2.531M Shares 6,095 Est. Cost — Unrealized —

CAT Caterpillar 0.0%

Value $314K Shares 295 Est. Cost — Unrealized —

CPT Camden Property Trust 0.0%

Value $647K Shares 5,650 Est. Cost — Unrealized —

NSC Norfolk Southern 0.0%

Value $1.073M Shares 3,410 Est. Cost — Unrealized —

EQIX Equinix 0.0%

Value $1.452M Shares 1,393 Est. Cost — Unrealized —

D Dominion Energy 0.0%

Value $852K Shares 12,363 Est. Cost — Unrealized —

TD Toronto-Dominion Bank 0.0%

Value $346K Shares 2,850 Est. Cost — Unrealized —

EMR Emerson Electric 0.0%

Value $897K Shares 6,263 Est. Cost — Unrealized —

EQR Equity Residential Property Trust 0.0%

Value $611K Shares 9,000 Est. Cost — Unrealized —

MCO Moody's 0.0%

Value $1.976M Shares 4,362 Est. Cost — Unrealized —

SAN Banco Santander ADS 0.0%

Value $362K Shares 26,000 Est. Cost — Unrealized —

NTRS Northern Trust 0.0%

Value $290K Shares 1,667 Est. Cost — Unrealized —

TEL TE Connectivity 0.0%

Value $1.302M Shares 6,458 Est. Cost — Unrealized —

PG Procter & Gamble 0.0%

Value $2.133M Shares 14,568 Est. Cost — Unrealized —

CB Chubb 0.0%

Value $407K Shares 1,170 Est. Cost — Unrealized —

AON Aon PLC 0.0%

Value $660K Shares 1,989 Est. Cost — Unrealized —

ITRI Itron 0.0%

Value $260K Shares 3,000 Est. Cost — Unrealized —

RYN Rayonier 0.0%

Value $299K Shares 14,074 Est. Cost — Unrealized —

WFC Wells Fargo 0.0%

Value $211K Shares 2,558 Est. Cost — Unrealized —

LMB Limbach Holdings, Inc 0.0%

Value $396K Shares 5,145 Est. Cost — Unrealized —

RTX Raytheon Technologies 0.0%

Value $225K Shares 1,187 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	Apple	1,774,020	$545M	6.7%	—	—	COM	037833100
NVDA	NVIDIA	2,199,411	$441M	5.4%	—	—	COM	67066G104
ROK	Rockwell Automation	301,865	$149M	1.8%	—	—	COM	773903109
TXN	Texas Instruments	257,763	$76.83M	0.9%	—	—	COM	882508104
GWW	W.W. Grainger	82,102	$112M	1.4%	—	—	COM	384802104
TT	Trane	402,085	$183M	2.2%	—	—	COM	G8994E103
CNI	Canadian National Railway	400,815	$47.79M	0.6%	—	—	COM	136375102
ABT	Abbott Laboratories	388,939	$35.29M	0.4%	—	—	COM	002824100
KMB	Kimberly-Clark	301,501	$33.1M	0.4%	—	—	COM	494368103
TJX	TJX Companies	1,217,439	$191M	2.3%	—	—	COM	872540109
LIN	Linde	143,894	$74.45M	0.9%	—	—	COM	G54950103
ITW	Illinois Tool Works	306,584	$82.92M	1.0%	—	—	COM	452308109
KVUE	Kenvue Inc	1,679,259	$32.09M	0.4%	—	—	COM	49177J102
CL	Colgate-Palmolive	450,828	$41.33M	0.5%	—	—	COM	194162103
NVS	Novartis ADS	311,392	$48.8M	0.6%	—	—	COM	66987V109
AMZN	Amazon.com	30,044	$7.211M	0.1%	—	—	COM	023135106
B	Barrick Mining Corporation	213,072	$7.826M	0.1%	—	—	COM	06849F108
MNST	Monster Beverage	28,350	$2.725M	0.0%	—	—	COM	61174X109
AMAT	Applied Materials	1,590	$1.15M	0.0%	—	—	COM	038222105
PSA	Public Storage International	6,863	$2.185M	0.0%	—	—	COM	74460D109
GLW	Corning	2,000	$511K	0.0%	—	—	COM	219350105
NXPI	NXP Semiconductors	1,979	$556K	0.0%	—	—	COM	N6596X109
GOOG	Alphabet inc., C	2,001	$707K	0.0%	—	—	COM	02079K107
MSI	Motorola Solutions	6,095	$2.531M	0.0%	—	—	COM	620076307
CAT	Caterpillar	295	$314K	0.0%	—	—	COM	149123101
CPT	Camden Property Trust	5,650	$647K	0.0%	—	—	COM	133131102
NSC	Norfolk Southern	3,410	$1.073M	0.0%	—	—	COM	655844108
EQIX	Equinix	1,393	$1.452M	0.0%	—	—	COM	29444U700
D	Dominion Energy	12,363	$852K	0.0%	—	—	COM	25746U109
TD	Toronto-Dominion Bank	2,850	$346K	0.0%	—	—	COM	891160509
EMR	Emerson Electric	6,263	$897K	0.0%	—	—	COM	291011104
EQR	Equity Residential Property Trust	9,000	$611K	0.0%	—	—	COM	29476L107
MCO	Moody's	4,362	$1.976M	0.0%	—	—	COM	615369105
SAN	Banco Santander ADS	26,000	$362K	0.0%	—	—	COM	05964H105
NTRS	Northern Trust	1,667	$290K	0.0%	—	—	COM	665859104
TEL	TE Connectivity	6,458	$1.302M	0.0%	—	—	COM	G87052109
PG	Procter & Gamble	14,568	$2.133M	0.0%	—	—	COM	742718109
CB	Chubb	1,170	$407K	0.0%	—	—	COM	H1467J104
AON	Aon PLC	1,989	$660K	0.0%	—	—	COM	G0403H108
ITRI	Itron	3,000	$260K	0.0%	—	—	COM	465741106
RYN	Rayonier	14,074	$299K	0.0%	—	—	COM	754907103
WFC	Wells Fargo	2,558	$211K	0.0%	—	—	COM	949746101
LMB	Limbach Holdings, Inc	5,145	$396K	0.0%	—	—	COM	53263P105
RTX	Raytheon Technologies	1,187	$225K	0.0%	—	—	COM	75513E101