Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	160,000	$27.9M	3.2%	—	—	COM	67066G104
FERG	FERGUSON ENTERPRISES INC	80,000	$18.66M	2.2%	—	—	COMMON STOCK NEW	31488V107
JCI	JOHNSON CONTROLS INTERNATION	92,000	$12.05M	1.4%	—	—	SHS	G51502105
CLH	CLEAN HARBORS INC	24,160	$6.927M	0.8%	—	—	COM	184496107
JHX	JAMES HARDIE INDS PLC	76,300	$1.445M	0.2%	—	—	ORD SHS	G4253H101

Increased Positions (12)

MLM MARTIN MARIETTA MATLS INC 6.2%

Value $53.57M (+32.4%) Shares 91,000 (+40.0%) Est. Cost — Unrealized —

SHW SHERWIN WILLIAMS CO 2.6%

Value $22.44M (+61.0%) Shares 70,000 (+62.8%) Est. Cost — Unrealized —

RBC RBC BEARINGS INC 3.8%

Value $32.59M (+32.1%) Shares 60,000 (+9.1%) Est. Cost — Unrealized —

LOAR LOAR HOLDINGS INC 4.6%

Value $39.82M (-14.9%) Shares 695,000 (+1.0%) Est. Cost — Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 4.3%

Value $37.41M (+18.4%) Shares 123,040 (+11.9%) Est. Cost — Unrealized —

ORLY OREILLY AUTOMOTIVE INC 2.3%

Value $20.31M (+39.2%) Shares 220,000 (+37.5%) Est. Cost — Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 1.7%

Value $14.71M (+63.4%) Shares 219,375 (+56.7%) Est. Cost — Unrealized —

UNP UNION PAC CORP 3.3%

Value $28.81M (+24.5%) Shares 118,730 (+18.7%) Est. Cost — Unrealized —

GOOG ALPHABET INC 5.5%

Value $47.33M (-7.5%) Shares 165,000 (+1.2%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 6.5%

Value $56.23M (+4.1%) Shares 270,000 (+15.4%) Est. Cost — Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 2.4%

Value $20.85M (-7.9%) Shares 43,000 (+10.3%) Est. Cost — Unrealized —

CR CRANE COMPANY 7.1%

Value $61.48M (-2.0%) Shares 359,520 (+5.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MLM	MARTIN MARIETTA MATLS INC	91,000 (+40.0%)	$53.57M (+32.4%)	6.2%	—	—	COM	573284106
SHW	SHERWIN WILLIAMS CO	70,000 (+62.8%)	$22.44M (+61.0%)	2.6%	—	—	COM	824348106
RBC	RBC BEARINGS INC	60,000 (+9.1%)	$32.59M (+32.1%)	3.8%	—	—	COM	75524B104
LOAR	LOAR HOLDINGS INC	695,000 (+1.0%)	$39.82M (-14.9%)	4.6%	—	—	COM SHS	53947R105
HLT	HILTON WORLDWIDE HLDGS INC	123,040 (+11.9%)	$37.41M (+18.4%)	4.3%	—	—	COM	43300A203
ORLY	OREILLY AUTOMOTIVE INC	220,000 (+37.5%)	$20.31M (+39.2%)	2.3%	—	—	COM	67103H107
IBKR	INTERACTIVE BROKERS GROUP IN	219,375 (+56.7%)	$14.71M (+63.4%)	1.7%	—	—	COM CL A	45841N107
UNP	UNION PAC CORP	118,730 (+18.7%)	$28.81M (+24.5%)	3.3%	—	—	COM	907818108
GOOG	ALPHABET INC	165,000 (+1.2%)	$47.33M (-7.5%)	5.5%	—	—	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	270,000 (+15.4%)	$56.23M (+4.1%)	6.5%	—	—	COM	023135106
SPOT	SPOTIFY TECHNOLOGY S A	43,000 (+10.3%)	$20.85M (-7.9%)	2.4%	—	—	SHS	L8681T102
CR	CRANE COMPANY	359,520 (+5.7%)	$61.48M (-2.0%)	7.1%	—	—	COMMON STOCK	224408104

Exited Positions (4)

TDG TRANSDIGM GROUP INC 2.9%

Value $25.27M Shares 19,000 Est. Cost — Unrealized —

SHOP SHOPIFY INC 2.4%

Value $20.93M Shares 130,000 Est. Cost — Unrealized —

BX BLACKSTONE INC 2.4%

Value $20.81M Shares 135,000 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 2.3%

Value $20.07M Shares 41,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TDG	TRANSDIGM GROUP INC	19,000	$25.27M	2.9%	—	—	—	893641100
SHOP	SHOPIFY INC	130,000	$20.93M	2.4%	—	—	—	82509L107
BX	BLACKSTONE INC	135,000	$20.81M	2.4%	—	—	—	09260D107
MSFT	MICROSOFT CORP	41,500	$20.07M	2.3%	—	—	—	594918104

Decreased Positions (10)

TTWO TAKE-TWO INTERACTIVE SOFTWAR 4.9%

Value $42.27M (-32.1%) Shares 214,000 (-11.9%) Est. Cost — Unrealized —

XPO XPO INC 7.6%

Value $65.5M (+32.5%) Shares 336,700 (-7.5%) Est. Cost — Unrealized —

GEV GE VERNOVA INC 6.0%

Value $52.37M (+21.4%) Shares 60,000 (-9.1%) Est. Cost — Unrealized —

DDOG DATADOG INC 1.9%

Value $16.63M (-32.0%) Shares 140,900 (-21.7%) Est. Cost — Unrealized —

GE GE AEROSPACE 4.4%

Value $37.89M (-12.8%) Shares 133,530 (-5.3%) Est. Cost — Unrealized —

HEI HEICO CORP NEW 2.4%

Value $20.57M (-20.6%) Shares 75,000 (-6.3%) Est. Cost — Unrealized —

RACE FERRARI N V 3.9%

Value $33.84M (-12.8%) Shares 100,000 (-4.8%) Est. Cost — Unrealized —

META META PLATFORMS INC 0.3%

Value $2.861M (-60.6%) Shares 5,000 (-54.5%) Est. Cost — Unrealized —

WWD WOODWARD INC 4.1%

Value $35.92M (+1.6%) Shares 100,360 (-14.2%) Est. Cost — Unrealized —

APG API GROUP CORP 3.5%

Value $30.39M (-0.7%) Shares 750,000 (-6.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	214,000 (-11.9%)	$42.27M (-32.1%)	4.9%	—	—	COM	874054109
XPO	XPO INC	336,700 (-7.5%)	$65.5M (+32.5%)	7.6%	—	—	COM	983793100
GEV	GE VERNOVA INC	60,000 (-9.1%)	$52.37M (+21.4%)	6.0%	—	—	COM	36828A101
DDOG	DATADOG INC	140,900 (-21.7%)	$16.63M (-32.0%)	1.9%	—	—	CL A COM	23804L103
GE	GE AEROSPACE	133,530 (-5.3%)	$37.89M (-12.8%)	4.4%	—	—	COM NEW	369604301
HEI	HEICO CORP NEW	75,000 (-6.3%)	$20.57M (-20.6%)	2.4%	—	—	COM	422806109
RACE	FERRARI N V	100,000 (-4.8%)	$33.84M (-12.8%)	3.9%	—	—	COM	N3167Y103
META	META PLATFORMS INC	5,000 (-54.5%)	$2.861M (-60.6%)	0.3%	—	—	CL A	30303M102
WWD	WOODWARD INC	100,360 (-14.2%)	$35.92M (+1.6%)	4.1%	—	—	COM	980745103
APG	API GROUP CORP	750,000 (-6.3%)	$30.39M (-0.7%)	3.5%	—	—	COM STK	00187Y100

Unchanged Positions (1)

NFLX NETFLIX INC. 2.9%

Value $25M Shares 260,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	NETFLIX INC.	260,000	$25M	2.9%	—	—	COM	64110L106