Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	521,065	$377M	3.6%	$723.00	—	COM	038222105
EFX	EQUIFAX INC	1,481,188	$235M	2.3%	$158.72	—	COM	294429105
SPGI	S&P GLOBAL INC	351,920	$143M	1.4%	$407.26	—	COM	78409V104
VST	VISTRA CORP	485,253	$76.98M	0.7%	$158.63	—	COM	92840M102
RIOT	RIOT PLATFORMS INC	2,628,731	$71.97M	0.7%	$27.38	—	COM	767292105

Increased Positions (12)

APH AMPHENOL CORP 8.3%

Value $858M (+136.5%) Shares 4,866,688 (+69.5%) Est. Cost $119.43 Unrealized —

MDLN MEDLINE INC 6.3%

Value $650M (+234.4%) Shares 16,470,884 (+277.3%) Est. Cost $40.87 Unrealized —

AMZN AMAZON COM INC 8.2%

Value $852M (+73.0%) Shares 3,573,408 (+51.2%) Est. Cost $211.26 Unrealized —

V VISA INC 14.1%

Value $1.463B (+17.8%) Shares 4,264,651 (+3.7%) Est. Cost $312.84 Unrealized —

NVDA NVIDIA CORPORATION 6.6%

Value $684M (+46.6%) Shares 3,417,950 (+27.8%) Est. Cost $189.56 Unrealized —

CRH CRH PLC 4.5%

Value $469M (+61.7%) Shares 4,383,866 (+58.9%) Est. Cost $87.69 Unrealized —

VMC VULCAN MATLS CO 5.6%

Value $582M (+20.7%) Shares 1,971,694 (+11.4%) Est. Cost $298.93 Unrealized —

MCO MOODYS CORP 7.5%

Value $772M (+14.5%) Shares 1,704,229 (+10.3%) Est. Cost $485.15 Unrealized —

FERG FERGUSON ENTERPRISES INC 2.3%

Value $239M (+61.4%) Shares 1,006,024 (+58.6%) Est. Cost $206.27 Unrealized —

AWI ARMSTRONG WORLD INDS INC NEW 1.4%

Value $148M (+101.1%) Shares 925,394 (+106.5%) Est. Cost $176.08 Unrealized —

EMBJ EMBRAER S.A. 2.1%

Value $216M (+22.3%) Shares 3,384,349 (+13.8%) Est. Cost $62.08 Unrealized —

DVN DEVON ENERGY CORP NEW 3.0%

Value $312M (-4.9%) Shares 7,558,060 (+15.8%) Est. Cost $40.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APH	AMPHENOL CORP	4,866,688 (+69.5%)	$858M (+136.5%)	8.3%	$119.43	—	CL A	032095101
MDLN	MEDLINE INC	16,470,884 (+277.3%)	$650M (+234.4%)	6.3%	$40.87	—	COM CL A	58507V107
AMZN	AMAZON COM INC	3,573,408 (+51.2%)	$852M (+73.0%)	8.2%	$211.26	—	COM	023135106
V	VISA INC	4,264,651 (+3.7%)	$1.463B (+17.8%)	14.1%	$312.84	—	COM CL A	92826C839
NVDA	NVIDIA CORPORATION	3,417,950 (+27.8%)	$684M (+46.6%)	6.6%	$189.56	—	COM	67066G104
CRH	CRH PLC	4,383,866 (+58.9%)	$469M (+61.7%)	4.5%	$87.69	—	ORD	G25508105
VMC	VULCAN MATLS CO	1,971,694 (+11.4%)	$582M (+20.7%)	5.6%	$298.93	—	COM	929160109
MCO	MOODYS CORP	1,704,229 (+10.3%)	$772M (+14.5%)	7.5%	$485.15	—	COM	615369105
FERG	FERGUSON ENTERPRISES INC	1,006,024 (+58.6%)	$239M (+61.4%)	2.3%	$206.27	—	COMMON STOCK NEW	31488V107
AWI	ARMSTRONG WORLD INDS INC NEW	925,394 (+106.5%)	$148M (+101.1%)	1.4%	$176.08	—	COM	04247X102
EMBJ	EMBRAER S.A.	3,384,349 (+13.8%)	$216M (+22.3%)	2.1%	$62.08	—	SPONSORED ADS	29082A107
DVN	DEVON ENERGY CORP NEW	7,558,060 (+15.8%)	$312M (-4.9%)	3.0%	$40.39	—	COM	25179M103

Exited Positions (6)

CRS CARPENTER TECHNOLOGY CORP 5.1%

Value $525M Shares 1,330,920 Est. Cost $205.62 Unrealized —

CME CME GROUP INC 3.4%

Value $349M Shares 1,182,907 Est. Cost $229.73 Unrealized —

CNQ CANADIAN NAT RES LTD MED TER 2.7%

Value $277M Shares 5,690,211 Est. Cost $37.20 Unrealized —

ACGL ARCH CAP GROUP LTD 1.0%

Value $107M Shares 1,116,922 Est. Cost $95.86 Unrealized —

RNR RENAISSANCERE HLDGS LTD 0.9%

Value $94.31M Shares 317,308 Est. Cost $263.15 Unrealized —

NYT NEW YORK TIMES CO MTN BE 0.8%

Value $81.38M Shares 971,884 Est. Cost $61.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRS	CARPENTER TECHNOLOGY CORP	1,330,920	$525M	5.1%	$205.62	—	—	144285103
CME	CME GROUP INC	1,182,907	$349M	3.4%	$229.73	—	—	12572Q105
CNQ	CANADIAN NAT RES LTD MED TER	5,690,211	$277M	2.7%	$37.20	—	—	136385101
ACGL	ARCH CAP GROUP LTD	1,116,922	$107M	1.0%	$95.86	—	—	G0450A105
RNR	RENAISSANCERE HLDGS LTD	317,308	$94.31M	0.9%	$263.15	—	—	G7496G103
NYT	NEW YORK TIMES CO MTN BE	971,884	$81.38M	0.8%	$61.82	—	—	650111107

Decreased Positions (5)

LIN LINDE PLC 1.5%

Value $156M (-70.5%) Shares 300,854 (-71.8%) Est. Cost $460.00 Unrealized —

GOOG ALPHABET INC 11.2%

Value $1.163B (+17.2%) Shares 3,291,594 (-4.9%) Est. Cost $312.03 Unrealized —

UBER UBER TECHNOLOGIES INC 1.6%

Value $167M (-50.0%) Shares 2,319,648 (-50.1%) Est. Cost $85.25 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 3.5%

Value $359M (-14.6%) Shares 4,129,416 (-34.2%) Est. Cost $44.75 Unrealized —

MA MASTERCARD INCORPORATED 1.8%

Value $187M (-18.7%) Shares 363,490 (-20.9%) Est. Cost $416.81 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	300,854 (-71.8%)	$156M (-70.5%)	1.5%	$460.00	—	SHS	G54950103
GOOG	ALPHABET INC	3,291,594 (-4.9%)	$1.163B (+17.2%)	11.2%	$312.03	—	CAP STK CL C	02079K107
UBER	UBER TECHNOLOGIES INC	2,319,648 (-50.1%)	$167M (-50.0%)	1.6%	$85.25	—	COM	90353T100
IBKR	INTERACTIVE BROKERS GROUP IN	4,129,416 (-34.2%)	$359M (-14.6%)	3.5%	$44.75	—	COM CL A	45841N107
MA	MASTERCARD INCORPORATED	363,490 (-20.9%)	$187M (-18.7%)	1.8%	$416.81	—	CL A	57636Q104

Unchanged Positions (1)

LAMR LAMAR ADVERTISING CO 1.6%

Value $170M Shares 1,090,619 Est. Cost $123.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LAMR	LAMAR ADVERTISING CO	1,090,619	$170M	1.6%	$123.85	—	CL A	512816109