Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	1,391,718 (+46.5%)	$477M (+66.3%)	9.3%	—	—	COM CL A	92826C839
WCN	WASTE CONNECTIONS INC	1,148,000 (+23.2%)	$191M (+26.4%)	3.7%	—	—	COM	94106B101
DHR	DANAHER CORP DEL	426,000 (+71.8%)	$81.14M (+72.6%)	1.6%	—	—	COM	235851102
TDG	TRANSDIGM GROUP INC	120,000 (+1.7%)	$160M (+16.9%)	3.1%	—	—	COM	893641100
TMO	THERMO FISHER SCIENTIFIC INC	150,500 (+27.0%)	$75.45M (+29.5%)	1.5%	—	—	COM	883556102
FER	FERROVIAL NV	656,000 (+39.0%)	$45.01M (+46.6%)	0.9%	—	—	ORD SHS	N3168P101
DASH	DOORDASH INC	178,000 (+20.3%)	$32.85M (+47.8%)	0.6%	—	—	CL A	25809K105
FERG	FERGUSON ENTERPRISES INC	248,000 (+18.1%)	$58.86M (+20.2%)	1.1%	—	—	COMMON STOCK NEW	31488V107
NFLX	NETFLIX INC.	382,000 (+5.5%)	$27.27M (-21.6%)	0.5%	—	—	COM	64110L106
RSG	REPUBLIC SVCS INC	240,500 (+20.0%)	$51.25M (+16.7%)	1.0%	—	—	COM	760759100
MELI	MERCADOLIBRE INC	6,200 (+126.3%)	$10.52M (+122.1%)	0.2%	—	—	COM	58733R102
SE	SEA LTD	136,000 (+5.8%)	$13.03M (+22.5%)	0.3%	—	—	SPONSORD ADS	81141R100
CL	COLGATE PALMOLIVE CO	82,500 (+25.0%)	$7.564M (+34.5%)	0.1%	—	—	COM	194162103
SPOT	SPOTIFY TECHNOLOGY S A	54,800 (+3.8%)	$25.16M (-1.7%)	0.5%	—	—	SHS	L8681T102

Exited Positions (17)

— STATE STR SPDR S&P 500 ETF T 5.0%

Value $259M Shares 399,000 Est. Cost — Unrealized —

— ISHARES TR 1.9%

Value $96.49M Shares 1,113,000 Est. Cost — Unrealized —

AAPL APPLE INC 0.4%

Value $20.94M Shares 82,500 Est. Cost — Unrealized —

AXP AMERICAN EXPRESS CO 0.4%

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

PRM PERIMETER SOLUTIONS INC 0.3%

Value $15.92M Shares 652,000 Est. Cost — Unrealized —

WWD WOODWARD INC 0.3%

Value $14.32M Shares 40,000 Est. Cost — Unrealized —

WM WASTE MGMT INC DEL 0.3%

Value $13.05M Shares 56,800 Est. Cost — Unrealized —

WDAY WORKDAY INC 0.1%

Value $6.834M Shares 52,600 Est. Cost — Unrealized —

TOST TOAST INC 0.1%

Value $6.574M Shares 248,000 Est. Cost — Unrealized —

HEI/A HEICO CORP NEW 0.1%

Value $6.227M Shares 29,500 Est. Cost — Unrealized —

CASY CASEYS GEN STORES INC 0.1%

Value $5.968M Shares 8,200 Est. Cost — Unrealized —

— AMAZON COM INC 0.1%

Value $5.248M Shares 25,200 Est. Cost — Unrealized —

SAP SAP SE 0.1%

Value $3.972M Shares 23,200 Est. Cost — Unrealized —

CART MAPLEBEAR INC 0.1%

Value $3.072M Shares 82,000 Est. Cost — Unrealized —

VRSK VERISK ANALYTICS INC 0.0%

Value $1.992M Shares 10,500 Est. Cost — Unrealized —

PRMB PRIMO BRANDS CORPORATION 0.0%

Value $1.19M Shares 63,200 Est. Cost — Unrealized —

GTM ZOOMINFO TECHNOLOGIES INC 0.0%

Value $1.008M Shares 168,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	STATE STR SPDR S&P 500 ETF T	399,000	$259M	5.0%	—	—	CALL	78462F903
—	ISHARES TR	1,113,000	$96.49M	1.9%	—	—	CALL	464287902
AAPL	APPLE INC	82,500	$20.94M	0.4%	—	—	—	037833100
AXP	AMERICAN EXPRESS CO	65,500	$19.81M	0.4%	—	—	—	025816109
PRM	PERIMETER SOLUTIONS INC	652,000	$15.92M	0.3%	—	—	—	71385M107
WWD	WOODWARD INC	40,000	$14.32M	0.3%	—	—	—	980745103
WM	WASTE MGMT INC DEL	56,800	$13.05M	0.3%	—	—	—	94106L109
WDAY	WORKDAY INC	52,600	$6.834M	0.1%	—	—	—	98138H101
TOST	TOAST INC	248,000	$6.574M	0.1%	—	—	—	888787108
HEI/A	HEICO CORP NEW	29,500	$6.227M	0.1%	—	—	—	422806208
CASY	CASEYS GEN STORES INC	8,200	$5.968M	0.1%	—	—	—	147528103
—	AMAZON COM INC	25,200	$5.248M	0.1%	—	—	CALL	023135906
SAP	SAP SE	23,200	$3.972M	0.1%	—	—	—	803054204
CART	MAPLEBEAR INC	82,000	$3.072M	0.1%	—	—	—	565394103
VRSK	VERISK ANALYTICS INC	10,500	$1.992M	0.0%	—	—	—	92345Y106
PRMB	PRIMO BRANDS CORPORATION	63,200	$1.19M	0.0%	—	—	—	741623102
GTM	ZOOMINFO TECHNOLOGIES INC	168,500	$1.008M	0.0%	—	—	—	98980F104

Decreased Positions (14)

GE GE AEROSPACE 8.0%

Value $410M (+20.3%) Shares 1,098,000 (-8.7%) Est. Cost — Unrealized —

SPGI S&P GLOBAL INC 3.9%

Value $198M (-11.4%) Shares 486,500 (-7.5%) Est. Cost — Unrealized —

MCO MOODYS CORP 2.7%

Value $141M (-12.0%) Shares 312,000 (-15.2%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 4.2%

Value $213M (-7.3%) Shares 572,000 (-8.0%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 2.2%

Value $114M (+16.3%) Shares 320,000 (-6.4%) Est. Cost — Unrealized —

MLM MARTIN MARIETTA MATLS INC 2.8%

Value $145M (-7.9%) Shares 252,000 (-6.0%) Est. Cost — Unrealized —

VMC VULCAN MATLS CO 1.8%

Value $91.01M (-8.2%) Shares 308,500 (-15.2%) Est. Cost — Unrealized —

KVUE KENVUE INC 0.2%

Value $8.714M (-36.2%) Shares 456,000 (-42.4%) Est. Cost — Unrealized —

CPNG COUPANG INC 0.3%

Value $14.97M (-11.3%) Shares 862,000 (-3.6%) Est. Cost — Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.2%

Value $12.3M (-11.4%) Shares 142,000 (-19.5%) Est. Cost — Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 2.5%

Value $126M (-1.2%) Shares 382,000 (-9.0%) Est. Cost — Unrealized —

UNP UNION PAC CORP 0.8%

Value $38.62M (+3.4%) Shares 142,000 (-7.8%) Est. Cost — Unrealized —

SHW SHERWIN WILLIAMS CO 1.1%

Value $55.26M (+1.4%) Shares 160,500 (-5.6%) Est. Cost — Unrealized —

LPX LOUISIANA PAC CORP 0.1%

Value $4.72M (+4.6%) Shares 60,000 (-3.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE	1,098,000 (-8.7%)	$410M (+20.3%)	8.0%	—	—	COM NEW	369604301
SPGI	S&P GLOBAL INC	486,500 (-7.5%)	$198M (-11.4%)	3.9%	—	—	COM	78409V104
MCO	MOODYS CORP	312,000 (-15.2%)	$141M (-12.0%)	2.7%	—	—	COM	615369105
MSFT	MICROSOFT CORP	572,000 (-8.0%)	$213M (-7.3%)	4.2%	—	—	COM	594918104
GOOGL	ALPHABET INC	320,000 (-6.4%)	$114M (+16.3%)	2.2%	—	—	CAP STK CL A	02079K305
MLM	MARTIN MARIETTA MATLS INC	252,000 (-6.0%)	$145M (-7.9%)	2.8%	—	—	COM	573284106
VMC	VULCAN MATLS CO	308,500 (-15.2%)	$91.01M (-8.2%)	1.8%	—	—	COM	929160109
KVUE	KENVUE INC	456,000 (-42.4%)	$8.714M (-36.2%)	0.2%	—	—	COM	49177J102
CPNG	COUPANG INC	862,000 (-3.6%)	$14.97M (-11.3%)	0.3%	—	—	CL A	22266T109
CP	CANADIAN PACIFIC KANSAS CITY	142,000 (-19.5%)	$12.3M (-11.4%)	0.2%	—	—	COM	13646K108
HLT	HILTON WORLDWIDE HLDGS INC	382,000 (-9.0%)	$126M (-1.2%)	2.5%	—	—	COM	43300A203
UNP	UNION PAC CORP	142,000 (-7.8%)	$38.62M (+3.4%)	0.8%	—	—	COM	907818108
SHW	SHERWIN WILLIAMS CO	160,500 (-5.6%)	$55.26M (+1.4%)	1.1%	—	—	COM	824348106
LPX	LOUISIANA PAC CORP	60,000 (-3.2%)	$4.72M (+4.6%)	0.1%	—	—	COM	546347105

Unchanged Positions (2)

AMZN AMAZON COM INC 44.8%

Value $2.305B Shares 9,672,000 Est. Cost — Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.1%

Value $4.116M Shares 4,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	9,672,000	$2.305B	44.8%	—	—	COM	023135106
COST	COSTCO WHOLESALE CORPORATION	4,400	$4.116M	0.1%	—	—	COM	22160K105