Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	1,113,000	$96.49M	1.9%	—	—	CALL	464287902
AAPL	APPLE INC	82,500	$20.94M	0.4%	—	—	COM	037833100
WWD	WOODWARD INC	40,000	$14.32M	0.3%	—	—	COM	980745103
WM	WASTE MGMT INC DEL	56,800	$13.05M	0.3%	—	—	COM	94106L109
WDAY	WORKDAY INC	52,600	$6.834M	0.1%	—	—	CL A	98138H101
TOST	TOAST INC	248,000	$6.574M	0.1%	—	—	CL A	888787108
SAP	SAP SE	23,200	$3.972M	0.1%	—	—	SPON ADR	803054204
CART	MAPLEBEAR INC	82,000	$3.072M	0.1%	—	—	COM	565394103
VRSK	VERISK ANALYTICS INC	10,500	$1.992M	0.0%	—	—	COM	92345Y106
GTM	ZOOMINFO TECHNOLOGIES INC	168,500	$1.008M	0.0%	—	—	COMMON STOCK	98980F104

Increased Positions (19)

V VISA INC 5.7%

Value $287M (+45.7%) Shares 950,000 (+69.0%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 4.6%

Value $230M (-19.6%) Shares 621,800 (+5.0%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 40.6%

Value $2.031B (-2.0%) Shares 9,752,000 (+8.6%) Est. Cost — Unrealized —

— STATE STR SPDR S&P 500 ETF T 5.2%

Value $259M (+18.4%) Shares 399,000 (+24.2%) Est. Cost — Unrealized —

FERG FERGUSON ENTERPRISES INC 1.0%

Value $48.98M (+66.7%) Shares 210,000 (+59.1%) Est. Cost — Unrealized —

MCO MOODYS CORP 3.2%

Value $161M (-9.3%) Shares 368,000 (+6.2%) Est. Cost — Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.5%

Value $25.6M (+161.7%) Shares 52,800 (+213.4%) Est. Cost — Unrealized —

DASH DOORDASH INC 0.4%

Value $22.22M (-30.9%) Shares 148,000 (+4.2%) Est. Cost — Unrealized —

NFLX NETFLIX INC. 0.7%

Value $34.81M (+35.5%) Shares 362,000 (+32.1%) Est. Cost — Unrealized —

FER FERROVIAL SE 0.6%

Value $30.7M (+27.7%) Shares 472,000 (+26.9%) Est. Cost — Unrealized —

RSG REPUBLIC SVCS INC 0.9%

Value $43.91M (+13.9%) Shares 200,500 (+10.2%) Est. Cost — Unrealized —

WCN WASTE CONNECTIONS INC 3.0%

Value $151M (-3.2%) Shares 932,000 (+4.5%) Est. Cost — Unrealized —

SE SEA LTD 0.2%

Value $10.64M (-30.5%) Shares 128,500 (+7.1%) Est. Cost — Unrealized —

SPGI S&P GLOBAL INC 4.5%

Value $224M (-1.9%) Shares 526,000 (+20.5%) Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.2%

Value $58.25M (-6.9%) Shares 118,500 (+9.7%) Est. Cost — Unrealized —

CPNG COUPANG INC 0.3%

Value $16.88M (-15.0%) Shares 894,000 (+6.2%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 0.9%

Value $47.02M (+4.8%) Shares 248,000 (+26.5%) Est. Cost — Unrealized —

SHW SHERWIN WILLIAMS CO 1.1%

Value $54.49M (+3.5%) Shares 170,000 (+4.6%) Est. Cost — Unrealized —

HEI/A HEICO CORP NEW 0.1%

Value $6.227M (-2.1%) Shares 29,500 (+17.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	950,000 (+69.0%)	$287M (+45.7%)	5.7%	—	—	COM CL A	92826C839
MSFT	MICROSOFT CORP	621,800 (+5.0%)	$230M (-19.6%)	4.6%	—	—	COM	594918104
AMZN	AMAZON COM INC	9,752,000 (+8.6%)	$2.031B (-2.0%)	40.6%	—	—	COM	023135106
—	STATE STR SPDR S&P 500 ETF T	399,000 (+24.2%)	$259M (+18.4%)	5.2%	—	—	CALL	78462F903
FERG	FERGUSON ENTERPRISES INC	210,000 (+59.1%)	$48.98M (+66.7%)	1.0%	—	—	COMMON STOCK NEW	31488V107
MCO	MOODYS CORP	368,000 (+6.2%)	$161M (-9.3%)	3.2%	—	—	COM	615369105
SPOT	SPOTIFY TECHNOLOGY S A	52,800 (+213.4%)	$25.6M (+161.7%)	0.5%	—	—	SHS	L8681T102
DASH	DOORDASH INC	148,000 (+4.2%)	$22.22M (-30.9%)	0.4%	—	—	CL A	25809K105
NFLX	NETFLIX INC.	362,000 (+32.1%)	$34.81M (+35.5%)	0.7%	—	—	COM	64110L106
FER	FERROVIAL SE	472,000 (+26.9%)	$30.7M (+27.7%)	0.6%	—	—	ORD SHS	N3168P101
RSG	REPUBLIC SVCS INC	200,500 (+10.2%)	$43.91M (+13.9%)	0.9%	—	—	COM	760759100
WCN	WASTE CONNECTIONS INC	932,000 (+4.5%)	$151M (-3.2%)	3.0%	—	—	COM	94106B101
SE	SEA LTD	128,500 (+7.1%)	$10.64M (-30.5%)	0.2%	—	—	SPONSORD ADS	81141R100
SPGI	S&P GLOBAL INC	526,000 (+20.5%)	$224M (-1.9%)	4.5%	—	—	COM	78409V104
TMO	THERMO FISHER SCIENTIFIC INC	118,500 (+9.7%)	$58.25M (-6.9%)	1.2%	—	—	COM	883556102
CPNG	COUPANG INC	894,000 (+6.2%)	$16.88M (-15.0%)	0.3%	—	—	CL A	22266T109
DHR	DANAHER CORP DEL	248,000 (+26.5%)	$47.02M (+4.8%)	0.9%	—	—	COM	235851102
SHW	SHERWIN WILLIAMS CO	170,000 (+4.6%)	$54.49M (+3.5%)	1.1%	—	—	COM	824348106
HEI/A	HEICO CORP NEW	29,500 (+17.1%)	$6.227M (-2.1%)	0.1%	—	—	CL A	422806208

Exited Positions (10)

META META PLATFORMS INC 1.4%

Value $69.97M Shares 106,000 Est. Cost — Unrealized —

— APPLE INC 0.6%

Value $28.82M Shares 106,000 Est. Cost — Unrealized —

PG PROCTER AND GAMBLE CO 0.5%

Value $26.27M Shares 183,300 Est. Cost — Unrealized —

LIN LINDE PLC 0.2%

Value $10.75M Shares 25,200 Est. Cost — Unrealized —

BA BOEING CO 0.2%

Value $8.251M Shares 38,000 Est. Cost — Unrealized —

C CITIGROUP INC 0.1%

Value $3.676M Shares 31,500 Est. Cost — Unrealized —

BAC BANK AMERICA CORP 0.1%

Value $2.662M Shares 48,400 Est. Cost — Unrealized —

QSR RESTAURANT BRANDS INTL INC 0.0%

Value $2.171M Shares 31,815 Est. Cost — Unrealized —

RL RALPH LAUREN CORP 0.0%

Value $1.485M Shares 4,200 Est. Cost — Unrealized —

MTN VAIL RESORTS INC 0.0%

Value $1.352M Shares 10,180 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	106,000	$69.97M	1.4%	—	—	—	30303M102
—	APPLE INC	106,000	$28.82M	0.6%	—	—	—	037833900
PG	PROCTER AND GAMBLE CO	183,300	$26.27M	0.5%	—	—	—	742718109
LIN	LINDE PLC	25,200	$10.75M	0.2%	—	—	—	G54950103
BA	BOEING CO	38,000	$8.251M	0.2%	—	—	—	097023105
C	CITIGROUP INC	31,500	$3.676M	0.1%	—	—	—	172967424
BAC	BANK AMERICA CORP	48,400	$2.662M	0.1%	—	—	—	060505104
QSR	RESTAURANT BRANDS INTL INC	31,815	$2.171M	0.0%	—	—	—	76131D103
RL	RALPH LAUREN CORP	4,200	$1.485M	0.0%	—	—	—	751212101
MTN	VAIL RESORTS INC	10,180	$1.352M	0.0%	—	—	—	91879Q109

Decreased Positions (15)

— AMAZON COM INC 0.1%

Value $5.248M (-97.9%) Shares 25,200 (-97.7%) Est. Cost — Unrealized —

CASY CASEYS GEN STORES INC 0.1%

Value $5.968M (-88.8%) Shares 8,200 (-91.5%) Est. Cost — Unrealized —

GE GE AEROSPACE 6.8%

Value $341M (-12.1%) Shares 1,202,000 (-4.6%) Est. Cost — Unrealized —

KVUE KENVUE INC 0.3%

Value $13.65M (-76.7%) Shares 792,000 (-76.7%) Est. Cost — Unrealized —

VMC VULCAN MATLS CO 2.0%

Value $99.12M (-20.7%) Shares 364,000 (-16.9%) Est. Cost — Unrealized —

TDG TRANSDIGM GROUP INC 2.7%

Value $137M (-14.3%) Shares 118,000 (-1.7%) Est. Cost — Unrealized —

MLM MARTIN MARIETTA MATLS INC 3.2%

Value $158M (-7.5%) Shares 268,000 (-2.2%) Est. Cost — Unrealized —

PRMB PRIMO BRANDS CORPORATION 0.0%

Value $1.19M (-81.3%) Shares 63,200 (-83.7%) Est. Cost — Unrealized —

CL COLGATE PALMOLIVE CO 0.1%

Value $5.625M (-44.6%) Shares 66,000 (-48.6%) Est. Cost — Unrealized —

PRM PERIMETER SOLUTIONS INC 0.3%

Value $15.92M (-18.8%) Shares 652,000 (-8.4%) Est. Cost — Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 2.6%

Value $128M (+2.8%) Shares 420,000 (-2.9%) Est. Cost — Unrealized —

LPX LOUISIANA PAC CORP 0.1%

Value $4.511M (-31.0%) Shares 62,000 (-23.5%) Est. Cost — Unrealized —

MELI MERCADOLIBRE INC 0.1%

Value $4.738M (-20.0%) Shares 2,740 (-6.8%) Est. Cost — Unrealized —

UNP UNION PAC CORP 0.7%

Value $37.36M (-1.8%) Shares 154,000 (-6.4%) Est. Cost — Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.3%

Value $13.88M (-2.0%) Shares 176,500 (-8.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	AMAZON COM INC	25,200 (-97.7%)	$5.248M (-97.9%)	0.1%	—	—	CALL	023135906
CASY	CASEYS GEN STORES INC	8,200 (-91.5%)	$5.968M (-88.8%)	0.1%	—	—	COM	147528103
GE	GE AEROSPACE	1,202,000 (-4.6%)	$341M (-12.1%)	6.8%	—	—	COM NEW	369604301
KVUE	KENVUE INC	792,000 (-76.7%)	$13.65M (-76.7%)	0.3%	—	—	COM	49177J102
VMC	VULCAN MATLS CO	364,000 (-16.9%)	$99.12M (-20.7%)	2.0%	—	—	COM	929160109
TDG	TRANSDIGM GROUP INC	118,000 (-1.7%)	$137M (-14.3%)	2.7%	—	—	COM	893641100
MLM	MARTIN MARIETTA MATLS INC	268,000 (-2.2%)	$158M (-7.5%)	3.2%	—	—	COM	573284106
PRMB	PRIMO BRANDS CORPORATION	63,200 (-83.7%)	$1.19M (-81.3%)	0.0%	—	—	CLASS A COM SHS	741623102
CL	COLGATE PALMOLIVE CO	66,000 (-48.6%)	$5.625M (-44.6%)	0.1%	—	—	COM	194162103
PRM	PERIMETER SOLUTIONS INC	652,000 (-8.4%)	$15.92M (-18.8%)	0.3%	—	—	COMMON STOCK	71385M107
HLT	HILTON WORLDWIDE HLDGS INC	420,000 (-2.9%)	$128M (+2.8%)	2.6%	—	—	COM	43300A203
LPX	LOUISIANA PAC CORP	62,000 (-23.5%)	$4.511M (-31.0%)	0.1%	—	—	COM	546347105
MELI	MERCADOLIBRE INC	2,740 (-6.8%)	$4.738M (-20.0%)	0.1%	—	—	COM	58733R102
UNP	UNION PAC CORP	154,000 (-6.4%)	$37.36M (-1.8%)	0.7%	—	—	COM	907818108
CP	CANADIAN PACIFIC KANSAS CITY	176,500 (-8.3%)	$13.88M (-2.0%)	0.3%	—	—	COM	13646K108

Unchanged Positions (3)

GOOGL ALPHABET INC 2.0%

Value $98.35M Shares 342,000 Est. Cost — Unrealized —

AXP AMERICAN EXPRESS CO 0.4%

Value $19.81M Shares 65,500 Est. Cost — Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.1%

Value $4.384M Shares 4,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	342,000	$98.35M	2.0%	—	—	CAP STK CL A	02079K305
AXP	AMERICAN EXPRESS CO	65,500	$19.81M	0.4%	—	—	COM	025816109
COST	COSTCO WHOLESALE CORPORATION	4,400	$4.384M	0.1%	—	—	COM	22160K105