Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RY	ROYAL BANK OF CANADA ORD	3,260,000	$527M	9.0%	$169.94	0.0%	COM	780087102
CNQ	CDN NATURAL RESOURCE ORD	4,620,000	$225M	3.8%	$37.20	0.0%	COM	136385101
CM	CANADIAN IMPERIAL BANK COMMERCE ORD	390,000	$36.95M	0.6%	$94.58	0.0%	COM	136069101
CNC	CENTENE ORD	937,410	$30.69M	0.5%	$43.34	0.0%	COM	15135B101
INTC	INTEL ORD	638,710	$28.19M	0.5%	$46.43	0.0%	COM	458140100
COR	CENCORA ORD	75,460	$23.71M	0.4%	$353.11	0.0%	COM	03073E105
HOOD	ROBINHOOD MARKETS CL A ORD	325,000	$22.52M	0.4%	$95.75	0.0%	COM CL A	770700102
MCHP	MICROCHIP TECHNOLOGY ORD	334,480	$21.61M	0.4%	$75.77	0.0%	COM	595017104
GD	GENERAL DYNAMICS ORD	45,180	$15.51M	0.3%	$354.49	0.0%	COM	369550108
COIN	COINBASE GLOBAL CL A ORD	80,700	$14.09M	0.2%	$200.57	0.0%	COM CL A	19260Q107
CSX	CSX ORD	340,800	$13.99M	0.2%	$38.52	0.0%	COM	126408103
PTCT	PTC THERAPEUTICS ORD	190,600	$12.99M	0.2%	$73.69	0.0%	COM	69366J200
CTSH	COGNIZANT TECHNOLOGY SOLUTN CL A ORD	187,000	$11.47M	0.2%	$76.79	0.0%	CL A	192446102
KVUE	KENVUE ORD	662,200	$11.42M	0.2%	$17.67	0.0%	COM	49177J102
DELL	DELL TECHNOLOGIES CL C ORD	65,900	$10.82M	0.2%	$119.03	0.0%	CL C	24703L202
FRT	FEDERAL REIT ORD	90,950	$9.66M	0.2%	$99.03	0.0%	SH BEN INT NEW	313745101
NFLX	NETFLIX ORD	87,000	$8.365M	0.1%	$83.84	0.0%	COM	64110L106
SHW	SHERWIN WILLIAMS ORD	25,000	$8.014M	0.1%	$355.33	0.0%	COM	824348106
CRWV	COREWEAVE CL A ORD	100,000	$7.747M	0.1%	$91.48	0.0%	COM CL A	21873S108
GVA	GRANITE CONSTRUCTION ORD	56,000	$6.713M	0.1%	$125.58	0.0%	COM	387328107
BDX	BECTON DICKINSON ORD	42,610	$6.7M	0.1%	$167.83	0.0%	COM	075887109
LCII	LCI INDUSTRIES ORD	52,000	$6.395M	0.1%	$143.68	0.0%	COM	50189K103
CVS	CVS HEALTH ORD	87,980	$6.319M	0.1%	$77.96	0.0%	COM	126650100
OXY	OCCIDENTAL PETROLEUM ORD	94,290	$6.129M	0.1%	$45.43	0.0%	COM	674599105
AON	AON CL A ORD	18,000	$5.81M	0.1%	$336.05	0.0%	SHS CL A	G0403H108
BA	BOEING ORD	29,070	$5.786M	0.1%	$238.54	0.0%	COM	097023105
AMT	AMERICAN TOWER REIT	31,670	$5.466M	0.1%	$174.80	0.0%	COM	03027X100
CI	CIGNA ORD	19,000	$5.068M	0.1%	$280.70	0.0%	COM	125523100
GPN	GLOBAL PAYMENTS ORD	74,210	$4.994M	0.1%	$74.91	0.0%	COM	37940X102
DUK	DUKE ENERGY ORD	37,992	$4.975M	0.1%	$120.88	0.0%	COM NEW	26441C204
AEP	AMERICAN ELECTRIC POWER ORD	34,590	$4.534M	0.1%	$120.54	0.0%	COM	025537101
GM	GENERAL MOTORS ORD	60,000	$4.47M	0.1%	$82.25	0.0%	COM	37045V100
ELV	ELEVANCE HEALTH ORD	15,110	$4.423M	0.1%	$351.54	0.0%	COM	036752103
ON	ON SEMICONDUCTOR ORD	70,020	$4.336M	0.1%	$64.12	0.0%	COM	682189105
ROST	ROSS STORES ORD	20,000	$4.333M	0.1%	$192.38	0.0%	COM	778296103
NSC	NORFOLK SOUTHERN ORD	15,000	$4.305M	0.1%	$298.18	0.0%	COM	655844108
CTAS	CINTAS ORD	25,000	$4.229M	0.1%	$193.33	0.0%	COM	172908105
TEL	TE CONNECTIVITY ORD	20,090	$4.199M	0.1%	$229.83	0.0%	ORD SHS	G87052109
SPG	SIMON PROP GRP REIT ORD	21,260	$3.966M	0.1%	$183.97	0.0%	COM	828806109
DLR	DIGITAL REALTY REIT ORD	21,480	$3.871M	0.1%	$155.03	0.0%	COM	253868103
SLB	SLB ORD	67,370	$3.462M	0.1%	$48.30	0.0%	COM STK	806857108
EBAY	EBAY ORD	33,160	$3.018M	0.1%	$89.32	0.0%	COM	278642103
MRVL	MARVELL TECHNOLOGY ORD	26,983	$2.673M	0.0%	$81.07	0.0%	COM	573874104
CNP	CENTERPOINT ENERGY ORD	61,860	$2.67M	0.0%	$40.01	0.0%	COM	15189T107
KLAC	KLA ORD	1,749	$2.575M	0.0%	$1462.03	0.0%	COM NEW	482480100
EOG	EOG RESOURCES ORD	17,290	$2.5M	0.0%	$112.14	0.0%	COM	26875P101
FDX	FEDEX ORD	6,923	$2.466M	0.0%	$338.93	0.0%	COM	31428X106
AVB	AVALONBAY COMMUNITIES REIT ORD	15,020	$2.454M	0.0%	$180.48	0.0%	COM	053484101
SRE	SEMPRA ORD	23,590	$2.292M	0.0%	$89.52	0.0%	COM	816851109
CCI	CROWN CASTLE ORD	27,970	$2.274M	0.0%	$88.70	0.0%	COM	22822V101
ECL	ECOLAB ORD	8,120	$2.16M	0.0%	$286.24	0.0%	COM	278865100
REG	REGENCY CENTERS REIT ORD	27,600	$2.088M	0.0%	$67.96	0.0%	COM	758849103
WM	WASTE MANAGEMENT ORD	9,040	$2.077M	0.0%	$226.07	0.0%	COM	94106L109
IRM	IRON MOUNTAIN ORD	19,130	$1.954M	0.0%	$83.24	0.0%	COM	46284V101
MAA	MID AMERICA APT COMMUNITI REIT ORD	15,900	$1.942M	0.0%	$139.13	0.0%	COM	59522J103
ED	CONSOLIDATED EDISON ORD	16,970	$1.921M	0.0%	$105.35	0.0%	COM	209115104
ORLY	O REILLY AUTOMOTIVE ORD	20,730	$1.914M	0.0%	$94.98	0.0%	COM	67103H107
EXR	EXTRA SPACE STORAGE REIT ORD	13,670	$1.793M	0.0%	$130.97	0.0%	COM	30225T102
RSG	REPUBLIC SERVICES ORD	8,050	$1.763M	0.0%	$216.60	0.0%	COM	760759100
WAT	WATERS ORD	5,766	$1.717M	0.0%	$367.10	0.0%	COM	941848103
CMS	CMS ENERGY ORD	21,520	$1.67M	0.0%	$72.18	0.0%	COM	125896100
CPT	CAMDEN PROPERTY REIT ORD	16,900	$1.65M	0.0%	$110.17	0.0%	SH BEN INT	133131102
PPL	PPL ORD	42,550	$1.625M	0.0%	$36.23	0.0%	COM	69351T106
VLO	VALERO ENERGY ORD	6,310	$1.559M	0.0%	$190.06	0.0%	COM	91913Y100
DTE	DTE ENERGY ORD	9,710	$1.42M	0.0%	$136.80	0.0%	COM	233331107
PSX	PHILLIPS 66 ORD	7,410	$1.35M	0.0%	$147.11	0.0%	COM	718546104
IQV	IQVIA HOLDINGS ORD	7,760	$1.323M	0.0%	$210.16	0.0%	COM	46266C105
EQR	EQUITY RESIDENTIAL REIT ORD	22,110	$1.308M	0.0%	$62.03	0.0%	SH BEN INT	29476L107
TSN	TYSON FOODS CL A ORD	19,840	$1.271M	0.0%	$62.28	0.0%	CL A	902494103
L	LOEWS ORD	11,380	$1.215M	0.0%	$106.44	0.0%	COM	540424108
SBAC	SBA COMMUNICATIONS CL A REIT ORD	6,920	$1.191M	0.0%	$192.48	0.0%	CL A	78410G104
DVN	DEVON ENERGY ORD	23,260	$1.17M	0.0%	$40.25	0.0%	COM	25179M103
YUM	YUM BRANDS ORD	7,520	$1.169M	0.0%	$157.36	0.0%	COM	988498101
AFL	AFLAC ORD	10,580	$1.161M	0.0%	$111.21	0.0%	COM	001055102
HIG	THE HARTFORD INSURANCE GROUP ORD	8,570	$1.159M	0.0%	$136.75	0.0%	COM	416515104
PTC	PTC ORD	8,040	$1.146M	0.0%	$160.93	0.0%	COM	69370C100
AIG	AMERICAN INTERNATIONAL GROUP ORD	14,810	$1.114M	0.0%	$76.34	0.0%	COM NEW	026874784
SYY	SYSCO ORD	15,580	$1.111M	0.0%	$82.24	0.0%	COM	871829107
HUM	HUMANA ORD	6,180	$1.072M	0.0%	$223.53	0.0%	COM	444859102
PEG	PUBLIC SERVICE ENTERPRISE GROUP ORD	13,000	$1.052M	0.0%	$81.54	0.0%	COM	744573106
USB	US BANCORP ORD	19,150	$996K	0.0%	$56.63	0.0%	COM NEW	902973304
WRB	WR BERKLEY ORD	14,430	$956K	0.0%	$69.44	0.0%	COM	084423102
UHS	UNIVERSAL HEALTH SERVICES CL B ORD	5,200	$931K	0.0%	$214.34	0.0%	CL B	913903100
STZ	CONSTELLATION BRANDS CL A ORD	6,000	$900K	0.0%	$155.99	0.0%	CL A	21036P108
UDR	UDR REIT ORD	20,120	$680K	0.0%	$36.69	0.0%	COM	902653104
DAL	DELTA AIR LINES ORD	10,220	$679K	0.0%	$69.85	0.0%	COM NEW	247361702
LYB	LYONDELLBASELL INDUSTRIES CL A ORD	6,950	$560K	0.0%	$52.41	0.0%	SHS - A -	N53745100
BKR	BAKER HUGHES CL A ORD	7,500	$458K	0.0%	$56.08	0.0%	CL A	05722G100
HAL	HALLIBURTON ORD	11,730	$457K	0.0%	$33.54	0.0%	COM	406216101
LW	LAMB WESTON HOLDINGS ORD	8,780	$371K	0.0%	$45.68	0.0%	COM	513272104
ARE	ALEXANDRIA REAL ESTATE EQ REIT ORD	7,020	$326K	0.0%	$48.97	0.0%	COM	015271109
TAP	MOLSON COORS BEVERAGE COMPA CL B ORD	6,460	$278K	0.0%	$49.48	0.0%	CL B	60871R209
CSGP	COSTAR GROUP ORD	6,160	$248K	0.0%	$56.92	0.0%	COM	22160N109
NWS	NEWS CL B ORD	5,500	$157K	0.0%	$28.76	0.0%	CL B	65249B208
IFF	INTERNATIONAL FLAVORS & FRAGRANS ORD	1,000	$72,550	0.0%	$74.10	0.0%	COM	459506101

Increased Positions (16)

META META PLATFORMS CL A ORD 5.6%

Value $327M (+223.9%) Shares 571,800 (+273.7%) Est. Cost $658.71 Unrealized -0.5%

NVDA NVIDIA ORD 9.0%

Value $526M (+35.1%) Shares 3,017,500 (+44.5%) Est. Cost $186.29 Unrealized +0.2%

PLTR PALANTIR TECHNOLOGIES CL A ORD 3.7%

Value $214M (+133.3%) Shares 1,463,400 (+183.5%) Est. Cost $163.64 Unrealized -5.8%

TSLA TESLA ORD 3.5%

Value $202M (+108.2%) Shares 544,000 (+151.9%) Est. Cost $432.85 Unrealized -1.6%

ORCL ORACLE ORD 1.0%

Value $57.3M (+709.9%) Shares 389,500 (+973.0%) Est. Cost $175.99 Unrealized -3.6%

GOOGL ALPHABET CL A ORD 3.2%

Value $190M (+33.5%) Shares 660,960 (+45.3%) Est. Cost $297.34 Unrealized +8.7%

ABBV ABBVIE ORD 1.3%

Value $76.01M (+166.1%) Shares 349,500 (+179.6%) Est. Cost $224.35 Unrealized -0.8%

HON HONEYWELL INTERNATIONAL ORD 0.9%

Value $52.26M (+92.8%) Shares 231,200 (+66.4%) Est. Cost $207.36 Unrealized +9.0%

MA MASTERCARD CL A ORD 1.9%

Value $110M (+28.0%) Shares 219,300 (+46.2%) Est. Cost $552.66 Unrealized -2.5%

LLY ELI LILLY ORD 0.8%

Value $44.43M (-11.7%) Shares 48,310 (+3.2%) Est. Cost $958.41 Unrealized +9.3%

PG PROCTER & GAMBLE ORD 0.4%

Value $21.38M (+37.0%) Shares 148,040 (+35.9%) Est. Cost $148.39 Unrealized +2.3%

CRWD CROWDSTRIKE HOLDINGS CL A ORD 0.5%

Value $32.16M (-13.6%) Shares 82,373 (+3.7%) Est. Cost $506.41 Unrealized -14.9%

LRCX LAM RESEARCH ORD 0.3%

Value $16.71M (+38.6%) Shares 78,200 (+11.1%) Est. Cost $162.40 Unrealized +39.1%

AMD ADVANCED MICRO DEVICES ORD 2.4%

Value $141M (+3.0%) Shares 694,300 (+8.5%) Est. Cost $224.37 Unrealized -1.2%

PEP PEPSICO ORD 0.3%

Value $19.97M (+16.0%) Shares 128,600 (+7.2%) Est. Cost $146.50 Unrealized +5.6%

APP APPLOVIN CL A ORD 0.2%

Value $8.796M (-16.3%) Shares 22,100 (+41.7%) Est. Cost $593.93 Unrealized -14.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS CL A ORD	571,800 (+273.7%)	$327M (+223.9%)	5.6%	$658.71	-0.5%	CL A	30303M102
NVDA	NVIDIA ORD	3,017,500 (+44.5%)	$526M (+35.1%)	9.0%	$186.29	+0.2%	COM	67066G104
PLTR	PALANTIR TECHNOLOGIES CL A ORD	1,463,400 (+183.5%)	$214M (+133.3%)	3.7%	$163.64	-5.8%	CL A	69608A108
TSLA	TESLA ORD	544,000 (+151.9%)	$202M (+108.2%)	3.5%	$432.85	-1.6%	COM	88160R101
ORCL	ORACLE ORD	389,500 (+973.0%)	$57.3M (+709.9%)	1.0%	$175.99	-3.6%	COM	68389X105
GOOGL	ALPHABET CL A ORD	660,960 (+45.3%)	$190M (+33.5%)	3.2%	$297.34	+8.7%	CAP STK CL A	02079K305
ABBV	ABBVIE ORD	349,500 (+179.6%)	$76.01M (+166.1%)	1.3%	$224.35	-0.8%	COM	00287Y109
HON	HONEYWELL INTERNATIONAL ORD	231,200 (+66.4%)	$52.26M (+92.8%)	0.9%	$207.36	+9.0%	COM	438516106
MA	MASTERCARD CL A ORD	219,300 (+46.2%)	$110M (+28.0%)	1.9%	$552.66	-2.5%	CL A	57636Q104
LLY	ELI LILLY ORD	48,310 (+3.2%)	$44.43M (-11.7%)	0.8%	$958.41	+9.3%	COM	532457108
PG	PROCTER & GAMBLE ORD	148,040 (+35.9%)	$21.38M (+37.0%)	0.4%	$148.39	+2.3%	COM	742718109
CRWD	CROWDSTRIKE HOLDINGS CL A ORD	82,373 (+3.7%)	$32.16M (-13.6%)	0.5%	$506.41	-14.9%	CL A	22788C105
LRCX	LAM RESEARCH ORD	78,200 (+11.1%)	$16.71M (+38.6%)	0.3%	$162.40	+39.1%	COM NEW	512807306
AMD	ADVANCED MICRO DEVICES ORD	694,300 (+8.5%)	$141M (+3.0%)	2.4%	$224.37	-1.2%	COM	007903107
PEP	PEPSICO ORD	128,600 (+7.2%)	$19.97M (+16.0%)	0.3%	$146.50	+5.6%	COM	713448108
APP	APPLOVIN CL A ORD	22,100 (+41.7%)	$8.796M (-16.3%)	0.2%	$593.93	-14.6%	COM CL A	03831W108

Exited Positions (15)

IBM INTERNATIONAL BUSINESS MACHINES CORP 0.5%

Value $27.84M Shares 93,990 Est. Cost $298.78 Unrealized -5.0%

PGR PROGRESSIVE CORP 0.4%

Value $24.06M Shares 105,658 Est. Cost $212.34 Unrealized -2.7%

CSCO CISCO SYSTEMS ORD 0.3%

Value $15.61M Shares 202,600 Est. Cost $73.79 Unrealized +5.6%

PANW PALO ALTO NETWORKS INC 0.2%

Value $9.583M Shares 52,024 Est. Cost $201.75 Unrealized -14.7%

SYK STRYKER CORPORATION 0.2%

Value $9.419M Shares 26,799 Est. Cost $363.46 Unrealized +0.3%

BX BLACKSTONE INC 0.2%

Value $8.849M Shares 57,410 Est. Cost $151.46 Unrealized -7.0%

QCOM QUALCOMM INC 0.1%

Value $8.553M Shares 50,000 Est. Cost $170.79 Unrealized -9.9%

PLD PROLOGIS INC 0.1%

Value $8.46M Shares 66,270 Est. Cost $123.86 Unrealized +4.2%

XOM EXXON MOBIL CORP 0.1%

Value $8.034M Shares 66,758 Est. Cost $115.49 Unrealized +20.1%

CAT CATERPILLAR INC 0.0%

Value $2.291M Shares 4,000 Est. Cost $555.50 Unrealized +23.2%

NEE NEXTERA ENERGY INC 0.0%

Value $2.023M Shares 25,200 Est. Cost $82.50 Unrealized +5.7%

ABT ABBOTT LABS 0.0%

Value $1.842M Shares 14,700 Est. Cost $127.30 Unrealized -9.3%

ANET ARISTA NETWORKS INC 0.0%

Value $1.651M Shares 12,600 Est. Cost $137.66 Unrealized -1.9%

SOLS SOLSTICE ADVANCED MATLS INC 0.0%

Value $1.129M Shares 23,250 Est. Cost $47.08 Unrealized +38.5%

F FORD MTR CO 0.0%

Value $13 Shares 1 Est. Cost $12.83 Unrealized +7.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBM	INTERNATIONAL BUSINESS MACHINES CORP	93,990	$27.84M	0.5%	$298.78	-5.0%	—	459200101
PGR	PROGRESSIVE CORP	105,658	$24.06M	0.4%	$212.34	-2.7%	—	743315103
CSCO	CISCO SYSTEMS ORD	202,600	$15.61M	0.3%	$73.79	+5.6%	—	17275R102
PANW	PALO ALTO NETWORKS INC	52,024	$9.583M	0.2%	$201.75	-14.7%	—	697435105
SYK	STRYKER CORPORATION	26,799	$9.419M	0.2%	$363.46	+0.3%	—	863667101
BX	BLACKSTONE INC	57,410	$8.849M	0.2%	$151.46	-7.0%	—	09260D107
QCOM	QUALCOMM INC	50,000	$8.553M	0.1%	$170.79	-9.9%	—	747525103
PLD	PROLOGIS INC	66,270	$8.46M	0.1%	$123.86	+4.2%	—	74340W103
XOM	EXXON MOBIL CORP	66,758	$8.034M	0.1%	$115.49	+20.1%	—	30231G102
CAT	CATERPILLAR INC	4,000	$2.291M	0.0%	$555.50	+23.2%	—	149123101
NEE	NEXTERA ENERGY INC	25,200	$2.023M	0.0%	$82.50	+5.7%	—	65339F101
ABT	ABBOTT LABS	14,700	$1.842M	0.0%	$127.30	-9.3%	—	002824100
ANET	ARISTA NETWORKS INC	12,600	$1.651M	0.0%	$137.66	-1.9%	—	040413205
SOLS	SOLSTICE ADVANCED MATLS INC	23,250	$1.129M	0.0%	$47.08	+38.5%	—	83443Q103
F	FORD MTR CO	1	$13	0.0%	$12.83	+7.1%	—	345370860

Decreased Positions (58)

MSFT MICROSOFT ORD 4.1%

Value $241M (-41.4%) Shares 652,000 (-23.4%) Est. Cost $500.58 Unrealized -13.2%

AAPL APPLE ORD 2.7%

Value $156M (-47.6%) Shares 615,020 (-43.9%) Est. Cost $268.34 Unrealized -2.1%

SCHW CHARLES SCHWAB ORD 0.6%

Value $32.53M (-75.8%) Shares 346,110 (-74.3%) Est. Cost $94.74 Unrealized +5.7%

GS GOLDMAN SACHS GROUP ORD 2.2%

Value $129M (-43.3%) Shares 152,864 (-41.1%) Est. Cost $813.35 Unrealized +14.7%

BRK/B BERKSHIRE HATHAWAY CL B ORD 0.3%

Value $15M (-79.4%) Shares 31,300 (-78.4%) Est. Cost $497.53 Unrealized -0.8%

MU MICRON TECHNOLOGY ORD 1.0%

Value $60.62M (-45.1%) Shares 179,423 (-53.6%) Est. Cost $229.35 Unrealized +68.8%

MS MORGAN STANLEY ORD 2.4%

Value $141M (-25.5%) Shares 857,121 (-19.6%) Est. Cost $166.47 Unrealized +7.9%

BAC BANK OF AMERICA ORD 0.5%

Value $28.27M (-58.9%) Shares 579,906 (-53.6%) Est. Cost $52.67 Unrealized +1.9%

WFC WELLS FARGO ORD 0.0%

Value $1.959M (-95.3%) Shares 24,610 (-94.5%) Est. Cost $86.63 Unrealized +3.9%

JPM JPMORGAN CHASE ORD 0.9%

Value $53.66M (-39.2%) Shares 182,411 (-33.4%) Est. Cost $309.53 Unrealized +0.6%

C CITIGROUP ORD 0.1%

Value $8.658M (-78.2%) Shares 76,345 (-77.6%) Est. Cost $103.64 Unrealized +12.1%

GE GE AEROSPACE ORD 0.2%

Value $12.03M (-66.7%) Shares 42,410 (-63.9%) Est. Cost $300.80 Unrealized +5.8%

COF CAPITAL ONE FINANCIAL ORD 0.1%

Value $4.798M (-83.2%) Shares 26,299 (-77.7%) Est. Cost $222.19 Unrealized +0.5%

WMT WALMART ORD 0.7%

Value $38.27M (-35.1%) Shares 307,900 (-41.9%) Est. Cost $107.20 Unrealized +13.8%

AMZN AMAZON COM ORD 1.3%

Value $74.85M (-21.5%) Shares 359,400 (-13.0%) Est. Cost $228.79 Unrealized -0.9%

RTX RTX ORD 0.2%

Value $8.97M (-68.5%) Shares 46,500 (-70.0%) Est. Cost $173.32 Unrealized +13.4%

BKNG BOOKING HOLDINGS ORD 0.0%

Value $2.526M (-88.0%) Shares 600 (-84.7%) Est. Cost $5137.84 Unrealized -6.9%

ISRG INTUITIVE SURGICAL ORD 0.1%

Value $6.796M (-71.6%) Shares 14,742 (-65.2%) Est. Cost $532.37 Unrealized -2.1%

AMAT APPLIED MATERIAL ORD 0.2%

Value $13.74M (-55.3%) Shares 40,192 (-66.4%) Est. Cost $239.49 Unrealized +36.4%

UBER UBER TECHNOLOGIES ORD 0.2%

Value $9.337M (-63.8%) Shares 129,800 (-58.9%) Est. Cost $90.05 Unrealized -12.6%

CVX CHEVRON ORD 0.2%

Value $12.03M (-57.0%) Shares 58,162 (-68.3%) Est. Cost $151.40 Unrealized +13.5%

MCD MCDONALD'S ORD 0.3%

Value $15.26M (-49.7%) Shares 49,116 (-50.6%) Est. Cost $305.09 Unrealized +4.0%

JNJ JOHNSON & JOHNSON ORD 0.4%

Value $22.29M (-39.9%) Shares 91,200 (-49.1%) Est. Cost $197.01 Unrealized +15.7%

CRM SALESFORCE ORD 0.1%

Value $4.163M (-77.9%) Shares 22,300 (-68.7%) Est. Cost $248.17 Unrealized -13.1%

KO COCA-COLA ORD 0.1%

Value $6.852M (-65.9%) Shares 90,100 (-68.6%) Est. Cost $69.40 Unrealized +7.7%

PM PHILIP MORRIS INTERNATIONAL ORD 0.1%

Value $5.985M (-67.7%) Shares 36,200 (-68.6%) Est. Cost $153.57 Unrealized +14.5%

T AT&T ORD 0.0%

Value $1.078M (-91.8%) Shares 37,200 (-93.0%) Est. Cost $25.29 Unrealized +1.8%

TMO THERMO FISHER SCIENTIFIC ORD 0.1%

Value $4.276M (-73.5%) Shares 8,700 (-68.8%) Est. Cost $565.16 Unrealized +1.7%

DIS WALT DISNEY ORD 0.1%

Value $4.029M (-73.4%) Shares 41,800 (-68.6%) Est. Cost $109.53 Unrealized -0.1%

INTU INTUIT ORD 0.0%

Value $2.767M (-79.7%) Shares 6,400 (-68.9%) Est. Cost $660.69 Unrealized -24.7%

AXP AMERICAN EXPRESS ORD 0.1%

Value $5.662M (-65.4%) Shares 18,720 (-57.7%) Est. Cost $356.97 Unrealized -0.2%

LOW LOWE'S COMPANIES ORD 0.1%

Value $4.726M (-69.2%) Shares 20,000 (-68.6%) Est. Cost $239.83 Unrealized +13.2%

ADBE ADOBE ORD 0.1%

Value $7.025M (-59.9%) Shares 28,900 (-42.2%) Est. Cost $340.09 Unrealized -14.8%

GOOG ALPHABET CL C ORD 1.5%

Value $87.31M (-10.2%) Shares 304,370 (-1.8%) Est. Cost $286.33 Unrealized +13.0%

LULU LULULEMON ATHLETICA ORD 0.0%

Value $1.669M (-85.4%) Shares 10,900 (-80.2%) Est. Cost $181.15 Unrealized +4.2%

AMGN AMGEN ORD 0.0%

Value $1.766M (-83.4%) Shares 5,020 (-84.5%) Est. Cost $315.95 Unrealized +10.7%

LIN LINDE ORD 0.1%

Value $5.057M (-63.4%) Shares 10,200 (-68.5%) Est. Cost $427.28 Unrealized +7.7%

NXPI NXP SEMICONDUCTORS ORD 0.0%

Value $2.914M (-73.2%) Shares 14,800 (-70.4%) Est. Cost $213.68 Unrealized +9.7%

MMM 3M ORD 0.1%

Value $4.328M (-61.4%) Shares 29,800 (-57.4%) Est. Cost $163.18 Unrealized +0.5%

PNC PNC FINANCIAL SERVICES GROUP ORD 0.1%

Value $3.704M (-64.5%) Shares 17,800 (-64.4%) Est. Cost $192.78 Unrealized +16.7%

GEV GE VERNOVA ORD 0.0%

Value $2.706M (-70.2%) Shares 3,100 (-77.7%) Est. Cost $609.04 Unrealized +21.0%

BLK BLACKROCK ORD 0.1%

Value $6.465M (-49.3%) Shares 6,722 (-43.6%) Est. Cost $1089.41 Unrealized +0.7%

ADI ANALOG DEVICES ORD 0.2%

Value $9.99M (-38.6%) Shares 31,400 (-47.7%) Est. Cost $250.62 Unrealized +26.2%

ICE INTERCONTINENTAL EXCHANGE ORD 0.0%

Value $1.164M (-83.9%) Shares 7,400 (-83.4%) Est. Cost $156.20 Unrealized +5.6%

TFC TRUIST FINANCIAL ORD 0.0%

Value $2.809M (-68.3%) Shares 61,100 (-66.1%) Est. Cost $45.80 Unrealized +11.7%

FCX FREEPORT MCMORAN ORD 0.1%

Value $4.079M (-57.7%) Shares 69,400 (-63.5%) Est. Cost $43.31 Unrealized +41.1%

COST COSTCO WHOLESALE ORD 0.7%

Value $41.44M (-11.5%) Shares 41,590 (-23.4%) Est. Cost $905.73 Unrealized +6.4%

JCI JOHNSON CONTROLS INTERNATIONAL ORD 0.1%

Value $3.405M (-59.4%) Shares 26,000 (-62.9%) Est. Cost $114.81 Unrealized +9.8%

COP CONOCOPHILLIPS ORD 0.3%

Value $15.1M (-18.3%) Shares 114,370 (-42.0%) Est. Cost $90.02 Unrealized +14.0%

UNH UNITEDHEALTH GRP ORD 0.1%

Value $6.115M (-33.8%) Shares 22,600 (-19.3%) Est. Cost $337.21 Unrealized -8.5%

UNP UNION PACIFIC ORD 0.1%

Value $4.636M (-32.8%) Shares 19,110 (-35.9%) Est. Cost $227.32 Unrealized +7.0%

TXN TEXAS INSTRUMENTS ORD 0.0%

Value $718K (-74.1%) Shares 3,700 (-76.9%) Est. Cost $170.73 Unrealized +20.8%

EQIX EQUINIX REIT ORD 0.1%

Value $5.881M (-23.2%) Shares 6,000 (-40.0%) Est. Cost $781.19 Unrealized -2.2%

MRSH MARSH ORD 0.1%

Value $5.337M (-24.9%) Shares 30,770 (-19.6%) Est. Cost $186.43 Unrealized -2.7%

DE DEERE ORD 0.2%

Value $10.83M (+18.5%) Shares 19,218 (-2.0%) Est. Cost $467.69 Unrealized +17.9%

SPGI S&P GLOBAL ORD 0.0%

Value $553K (-72.9%) Shares 1,300 (-66.7%) Est. Cost $494.21 Unrealized -1.8%

HD HOME DEPOT ORD 0.3%

Value $17.33M (-7.1%) Shares 52,700 (-2.8%) Est. Cost $364.59 Unrealized +3.4%

TJX TJX ORD 0.1%

Value $7.129M (+1.2%) Shares 44,639 (-2.7%) Est. Cost $147.70 Unrealized +4.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT ORD	652,000 (-23.4%)	$241M (-41.4%)	4.1%	$500.58	-13.2%	COM	594918104
AAPL	APPLE ORD	615,020 (-43.9%)	$156M (-47.6%)	2.7%	$268.34	-2.1%	COM	037833100
SCHW	CHARLES SCHWAB ORD	346,110 (-74.3%)	$32.53M (-75.8%)	0.6%	$94.74	+5.7%	COM	808513105
GS	GOLDMAN SACHS GROUP ORD	152,864 (-41.1%)	$129M (-43.3%)	2.2%	$813.35	+14.7%	COM	38141G104
BRK/B	BERKSHIRE HATHAWAY CL B ORD	31,300 (-78.4%)	$15M (-79.4%)	0.3%	$497.53	-0.8%	CL B NEW	084670702
MU	MICRON TECHNOLOGY ORD	179,423 (-53.6%)	$60.62M (-45.1%)	1.0%	$229.35	+68.8%	COM	595112103
MS	MORGAN STANLEY ORD	857,121 (-19.6%)	$141M (-25.5%)	2.4%	$166.47	+7.9%	COM NEW	617446448
BAC	BANK OF AMERICA ORD	579,906 (-53.6%)	$28.27M (-58.9%)	0.5%	$52.67	+1.9%	COM	060505104
WFC	WELLS FARGO ORD	24,610 (-94.5%)	$1.959M (-95.3%)	0.0%	$86.63	+3.9%	COM	949746101
JPM	JPMORGAN CHASE ORD	182,411 (-33.4%)	$53.66M (-39.2%)	0.9%	$309.53	+0.6%	COM	46625H100
C	CITIGROUP ORD	76,345 (-77.6%)	$8.658M (-78.2%)	0.1%	$103.64	+12.1%	COM NEW	172967424
GE	GE AEROSPACE ORD	42,410 (-63.9%)	$12.03M (-66.7%)	0.2%	$300.80	+5.8%	COM NEW	369604301
COF	CAPITAL ONE FINANCIAL ORD	26,299 (-77.7%)	$4.798M (-83.2%)	0.1%	$222.19	+0.5%	COM	14040H105
WMT	WALMART ORD	307,900 (-41.9%)	$38.27M (-35.1%)	0.7%	$107.20	+13.8%	COM	931142103
AMZN	AMAZON COM ORD	359,400 (-13.0%)	$74.85M (-21.5%)	1.3%	$228.79	-0.9%	COM	023135106
RTX	RTX ORD	46,500 (-70.0%)	$8.97M (-68.5%)	0.2%	$173.32	+13.4%	COM	75513E101
BKNG	BOOKING HOLDINGS ORD	600 (-84.7%)	$2.526M (-88.0%)	0.0%	$5137.84	-6.9%	COM	09857L108
ISRG	INTUITIVE SURGICAL ORD	14,742 (-65.2%)	$6.796M (-71.6%)	0.1%	$532.37	-2.1%	COM NEW	46120E602
AMAT	APPLIED MATERIAL ORD	40,192 (-66.4%)	$13.74M (-55.3%)	0.2%	$239.49	+36.4%	COM	038222105
UBER	UBER TECHNOLOGIES ORD	129,800 (-58.9%)	$9.337M (-63.8%)	0.2%	$90.05	-12.6%	COM	90353T100
CVX	CHEVRON ORD	58,162 (-68.3%)	$12.03M (-57.0%)	0.2%	$151.40	+13.5%	COM	166764100
MCD	MCDONALD'S ORD	49,116 (-50.6%)	$15.26M (-49.7%)	0.3%	$305.09	+4.0%	COM	580135101
JNJ	JOHNSON & JOHNSON ORD	91,200 (-49.1%)	$22.29M (-39.9%)	0.4%	$197.01	+15.7%	COM	478160104
CRM	SALESFORCE ORD	22,300 (-68.7%)	$4.163M (-77.9%)	0.1%	$248.17	-13.1%	COM	79466L302
KO	COCA-COLA ORD	90,100 (-68.6%)	$6.852M (-65.9%)	0.1%	$69.40	+7.7%	COM	191216100
PM	PHILIP MORRIS INTERNATIONAL ORD	36,200 (-68.6%)	$5.985M (-67.7%)	0.1%	$153.57	+14.5%	COM	718172109
T	AT&T ORD	37,200 (-93.0%)	$1.078M (-91.8%)	0.0%	$25.29	+1.8%	COM	00206R102
TMO	THERMO FISHER SCIENTIFIC ORD	8,700 (-68.8%)	$4.276M (-73.5%)	0.1%	$565.16	+1.7%	COM	883556102
DIS	WALT DISNEY ORD	41,800 (-68.6%)	$4.029M (-73.4%)	0.1%	$109.53	-0.1%	COM	254687106
INTU	INTUIT ORD	6,400 (-68.9%)	$2.767M (-79.7%)	0.0%	$660.69	-24.7%	COM	461202103
AXP	AMERICAN EXPRESS ORD	18,720 (-57.7%)	$5.662M (-65.4%)	0.1%	$356.97	-0.2%	COM	025816109
LOW	LOWE'S COMPANIES ORD	20,000 (-68.6%)	$4.726M (-69.2%)	0.1%	$239.83	+13.2%	COM	548661107
ADBE	ADOBE ORD	28,900 (-42.2%)	$7.025M (-59.9%)	0.1%	$340.09	-14.8%	COM	00724F101
GOOG	ALPHABET CL C ORD	304,370 (-1.8%)	$87.31M (-10.2%)	1.5%	$286.33	+13.0%	CAP STK CL C	02079K107
LULU	LULULEMON ATHLETICA ORD	10,900 (-80.2%)	$1.669M (-85.4%)	0.0%	$181.15	+4.2%	COM	550021109
AMGN	AMGEN ORD	5,020 (-84.5%)	$1.766M (-83.4%)	0.0%	$315.95	+10.7%	COM	031162100
LIN	LINDE ORD	10,200 (-68.5%)	$5.057M (-63.4%)	0.1%	$427.28	+7.7%	SHS	G54950103
NXPI	NXP SEMICONDUCTORS ORD	14,800 (-70.4%)	$2.914M (-73.2%)	0.0%	$213.68	+9.7%	COM	N6596X109
MMM	3M ORD	29,800 (-57.4%)	$4.328M (-61.4%)	0.1%	$163.18	+0.5%	COM	88579Y101
PNC	PNC FINANCIAL SERVICES GROUP ORD	17,800 (-64.4%)	$3.704M (-64.5%)	0.1%	$192.78	+16.7%	COM	693475105
GEV	GE VERNOVA ORD	3,100 (-77.7%)	$2.706M (-70.2%)	0.0%	$609.04	+21.0%	COM	36828A101
BLK	BLACKROCK ORD	6,722 (-43.6%)	$6.465M (-49.3%)	0.1%	$1089.41	+0.7%	COM	09290D101
ADI	ANALOG DEVICES ORD	31,400 (-47.7%)	$9.99M (-38.6%)	0.2%	$250.62	+26.2%	COM	032654105
ICE	INTERCONTINENTAL EXCHANGE ORD	7,400 (-83.4%)	$1.164M (-83.9%)	0.0%	$156.20	+5.6%	COM	45866F104
TFC	TRUIST FINANCIAL ORD	61,100 (-66.1%)	$2.809M (-68.3%)	0.0%	$45.80	+11.7%	COM	89832Q109
FCX	FREEPORT MCMORAN ORD	69,400 (-63.5%)	$4.079M (-57.7%)	0.1%	$43.31	+41.1%	CL B	35671D857
COST	COSTCO WHOLESALE ORD	41,590 (-23.4%)	$41.44M (-11.5%)	0.7%	$905.73	+6.4%	COM	22160K105
JCI	JOHNSON CONTROLS INTERNATIONAL ORD	26,000 (-62.9%)	$3.405M (-59.4%)	0.1%	$114.81	+9.8%	SHS	G51502105
COP	CONOCOPHILLIPS ORD	114,370 (-42.0%)	$15.1M (-18.3%)	0.3%	$90.02	+14.0%	COM	20825C104
UNH	UNITEDHEALTH GRP ORD	22,600 (-19.3%)	$6.115M (-33.8%)	0.1%	$337.21	-8.5%	COM	91324P102
UNP	UNION PACIFIC ORD	19,110 (-35.9%)	$4.636M (-32.8%)	0.1%	$227.32	+7.0%	COM	907818108
TXN	TEXAS INSTRUMENTS ORD	3,700 (-76.9%)	$718K (-74.1%)	0.0%	$170.73	+20.8%	COM	882508104
EQIX	EQUINIX REIT ORD	6,000 (-40.0%)	$5.881M (-23.2%)	0.1%	$781.19	-2.2%	COM	29444U700
MRSH	MARSH ORD	30,770 (-19.6%)	$5.337M (-24.9%)	0.1%	$186.43	-2.7%	COM	571748102
DE	DEERE ORD	19,218 (-2.0%)	$10.83M (+18.5%)	0.2%	$467.69	+17.9%	COM	244199105
SPGI	S&P GLOBAL ORD	1,300 (-66.7%)	$553K (-72.9%)	0.0%	$494.21	-1.8%	COM	78409V104
HD	HOME DEPOT ORD	52,700 (-2.8%)	$17.33M (-7.1%)	0.3%	$364.59	+3.4%	COM	437076102
TJX	TJX ORD	44,639 (-2.7%)	$7.129M (+1.2%)	0.1%	$147.70	+4.4%	COM	872540109

Unchanged Positions (7)

IVV ISHARES CORE S&P 500 ETF 15.0%

Value $875M Shares 1,340,000 Est. Cost $684.94 Unrealized —

AVGO BROADCOM ORD 4.6%

Value $270M Shares 873,646 Est. Cost $357.00 Unrealized -6.4%

MRK MERCK & CO ORD 0.3%

Value $16.47M Shares 136,900 Est. Cost $93.24 Unrealized +22.6%

RJF RAYMOND JAMES ORD 0.2%

Value $10.14M Shares 70,000 Est. Cost $160.93 Unrealized +2.8%

CME CME GROUP CL A ORD 0.1%

Value $8.29M Shares 28,069 Est. Cost $270.74 Unrealized +6.9%

CB CHUBB ORD 0.2%

Value $9.413M Shares 28,879 Est. Cost $292.40 Unrealized +8.1%

TRV TRAVELERS COMPANIES ORD 0.1%

Value $4.375M Shares 15,000 Est. Cost $280.61 Unrealized +2.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES CORE S&P 500 ETF	1,340,000	$875M	15.0%	$684.94	—	CORE S&P500 ETF	464287200
AVGO	BROADCOM ORD	873,646	$270M	4.6%	$357.00	-6.4%	COM	11135F101
MRK	MERCK & CO ORD	136,900	$16.47M	0.3%	$93.24	+22.6%	COM	58933Y105
RJF	RAYMOND JAMES ORD	70,000	$10.14M	0.2%	$160.93	+2.8%	COM	754730109
CME	CME GROUP CL A ORD	28,069	$8.29M	0.1%	$270.74	+6.9%	COM	12572Q105
CB	CHUBB ORD	28,879	$9.413M	0.2%	$292.40	+8.1%	COM	H1467J104
TRV	TRAVELERS COMPANIES ORD	15,000	$4.375M	0.1%	$280.61	+2.8%	COM	89417E109