Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TMO	THERMO FISHER SCIENTIFIC INC	769,698	$378M	56.9%	$306.54	—	—	883556102
AON	AON PLC	1,095,574	$354M	53.2%	$207.97	—	—	G0403H108
EFX	EQUIFAX INC	1,791,379	$323M	48.5%	$131.08	—	—	294429105
IQV	IQVIA HLDGS INC	1,710,896	$292M	43.9%	$202.75	—	—	46266C105
AMT	AMERICAN TOWER CORP	1,612,473	$278M	41.8%	$102.30	—	—	03027X100
ADBE	ADOBE INC	1,019,710	$248M	37.3%	$421.81	—	—	00724F101
ALC	ALCON AG	2,507,095	$189M	28.4%	$89.47	—	—	H01301128
FLUT	FLUTTER ENTMT PLC	1,375,776	$140M	21.1%	$207.20	—	—	G3643J108
TME	TENCENT MUSIC ENTMT GROUP	13,382,595	$124M	18.7%	$13.21	—	—	88034P109
LPLA	LPL FINL HLDGS INC	324,927	$97.75M	14.7%	$353.69	—	—	50212V100
FWONK	LIBERTY MEDIA CORP DEL	1,035,685	$88.05M	13.2%	$102.57	—	—	531229755

Decreased Positions (27)

AVGO BROADCOM INC 10.6%

Value $70.55M (-94.4%) Shares 186,760 (-95.4%) Est. Cost $143.95 Unrealized —

GOOGL ALPHABET INC 9.2%

Value $61.13M (-94.3%) Shares 171,066 (-95.4%) Est. Cost $111.06 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 8.2%

Value $54.83M (-93.5%) Shares 114,820 (-95.4%) Est. Cost $45.38 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 6.8%

Value $45.07M (-94.0%) Shares 517,833 (-95.4%) Est. Cost $38.65 Unrealized —

SPGI S&P GLOBAL INC 4.4%

Value $29.02M (-95.6%) Shares 71,249 (-95.4%) Est. Cost $121.39 Unrealized —

ADI ANALOG DEVICES INC 5.3%

Value $34.96M (-94.3%) Shares 88,014 (-95.4%) Est. Cost $46.74 Unrealized —

CBRE CBRE GROUP INC 3.7%

Value $24.39M (-95.4%) Shares 181,083 (-95.4%) Est. Cost $40.62 Unrealized —

V VISA INC 4.3%

Value $28.7M (-94.5%) Shares 83,643 (-95.1%) Est. Cost $85.53 Unrealized —

AMAT APPLIED MATLS INC 5.5%

Value $36.28M (-93.0%) Shares 50,176 (-96.7%) Est. Cost $59.34 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 2.5%

Value $16.68M (-96.4%) Shares 135,468 (-95.4%) Est. Cost $53.20 Unrealized —

BLK BLACKROCK INC 3.0%

Value $20.07M (-95.4%) Shares 20,873 (-95.4%) Est. Cost $985.64 Unrealized —

CME CME GROUP INC 2.1%

Value $14.1M (-96.6%) Shares 63,835 (-95.4%) Est. Cost $79.24 Unrealized —

FERG FERGUSON ENTERPRISES INC 2.9%

Value $19.12M (-95.3%) Shares 80,548 (-95.4%) Est. Cost $196.94 Unrealized —

MSFT MICROSOFT CORP 3.9%

Value $25.7M (-93.8%) Shares 68,901 (-93.8%) Est. Cost $219.00 Unrealized —

FAST FASTENAL CO 2.7%

Value $18.06M (-95.2%) Shares 376,044 (-95.4%) Est. Cost $26.37 Unrealized —

UBER UBER TECHNOLOGIES INC 2.6%

Value $17.24M (-95.4%) Shares 238,965 (-95.4%) Est. Cost $70.46 Unrealized —

LYV LIVE NATION ENTERTAINMENT IN 3.1%

Value $20.78M (-94.5%) Shares 113,503 (-95.4%) Est. Cost $84.49 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 2.6%

Value $17.32M (-94.9%) Shares 199,860 (-95.4%) Est. Cost $77.66 Unrealized —

A AGILENT TECHNOLOGIES INC 2.5%

Value $16.79M (-94.6%) Shares 126,437 (-95.4%) Est. Cost $54.29 Unrealized —

YUM YUM BRANDS INC 2.0%

Value $13.34M (-95.3%) Shares 83,427 (-95.4%) Est. Cost $131.29 Unrealized —

TW TRADEWEB MKTS INC 1.6%

Value $10.86M (-96.1%) Shares 108,989 (-95.4%) Est. Cost $98.88 Unrealized —

SSNC SS&C TECH HLDGS 1.6%

Value $10.72M (-95.8%) Shares 172,816 (-95.4%) Est. Cost $49.30 Unrealized —

ENTG ENTEGRIS INC 2.7%

Value $17.94M (-92.9%) Shares 99,756 (-95.4%) Est. Cost $63.73 Unrealized —

TCOM TRIP COM GROUP LTD 1.3%

Value $8.535M (-96.3%) Shares 214,242 (-95.3%) Est. Cost $52.94 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 1.4%

Value $9.282M (-95.6%) Shares 20,216 (-95.4%) Est. Cost $497.31 Unrealized —

ORCL ORACLE CORP 2.3%

Value $15.45M (-91.8%) Shares 105,457 (-91.8%) Est. Cost $131.21 Unrealized —

MCO MOODYS CORP 1.2%

Value $8.187M (-95.2%) Shares 18,075 (-95.4%) Est. Cost $156.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	186,760 (-95.4%)	$70.55M (-94.4%)	10.6%	$143.95	—	COM	11135F101
GOOGL	ALPHABET INC	171,066 (-95.4%)	$61.13M (-94.3%)	9.2%	$111.06	—	CAP STK CL A	02079K305
TSM	TAIWAN SEMICONDUCTOR MANUFAC	114,820 (-95.4%)	$54.83M (-93.5%)	8.2%	$45.38	—	SPONSORED ADS	874039100
IBKR	INTERACTIVE BROKERS GROUP IN	517,833 (-95.4%)	$45.07M (-94.0%)	6.8%	$38.65	—	COM CL A	45841N107
SPGI	S&P GLOBAL INC	71,249 (-95.4%)	$29.02M (-95.6%)	4.4%	$121.39	—	COM	78409V104
ADI	ANALOG DEVICES INC	88,014 (-95.4%)	$34.96M (-94.3%)	5.3%	$46.74	—	COM	032654105
CBRE	CBRE GROUP INC	181,083 (-95.4%)	$24.39M (-95.4%)	3.7%	$40.62	—	CL A	12504L109
V	VISA INC	83,643 (-95.1%)	$28.7M (-94.5%)	4.3%	$85.53	—	COM CL A	92826C839
AMAT	APPLIED MATLS INC	50,176 (-96.7%)	$36.28M (-93.0%)	5.5%	$59.34	—	COM	038222105
ICE	INTERCONTINENTAL EXCHANGE IN	135,468 (-95.4%)	$16.68M (-96.4%)	2.5%	$53.20	—	COM	45866F104
BLK	BLACKROCK INC	20,873 (-95.4%)	$20.07M (-95.4%)	3.0%	$985.64	—	COM	09290D101
CME	CME GROUP INC	63,835 (-95.4%)	$14.1M (-96.6%)	2.1%	$79.24	—	COM	12572Q105
FERG	FERGUSON ENTERPRISES INC	80,548 (-95.4%)	$19.12M (-95.3%)	2.9%	$196.94	—	COMMON STOCK NEW	31488V107
MSFT	MICROSOFT CORP	68,901 (-93.8%)	$25.7M (-93.8%)	3.9%	$219.00	—	COM	594918104
FAST	FASTENAL CO	376,044 (-95.4%)	$18.06M (-95.2%)	2.7%	$26.37	—	COM	311900104
UBER	UBER TECHNOLOGIES INC	238,965 (-95.4%)	$17.24M (-95.4%)	2.6%	$70.46	—	COM	90353T100
LYV	LIVE NATION ENTERTAINMENT IN	113,503 (-95.4%)	$20.78M (-94.5%)	3.1%	$84.49	—	COM	538034109
CP	CANADIAN PACIFIC KANSAS CITY	199,860 (-95.4%)	$17.32M (-94.9%)	2.6%	$77.66	—	COM	13646K108
A	AGILENT TECHNOLOGIES INC	126,437 (-95.4%)	$16.79M (-94.6%)	2.5%	$54.29	—	COM	00846U101
YUM	YUM BRANDS INC	83,427 (-95.4%)	$13.34M (-95.3%)	2.0%	$131.29	—	COM	988498101
TW	TRADEWEB MKTS INC	108,989 (-95.4%)	$10.86M (-96.1%)	1.6%	$98.88	—	CL A	892672106
SSNC	SS&C TECH HLDGS	172,816 (-95.4%)	$10.72M (-95.8%)	1.6%	$49.30	—	COM	78467J100
ENTG	ENTEGRIS INC	99,756 (-95.4%)	$17.94M (-92.9%)	2.7%	$63.73	—	COM	29362U104
TCOM	TRIP COM GROUP LTD	214,242 (-95.3%)	$8.535M (-96.3%)	1.3%	$52.94	—	ADS	89677Q107
SPOT	SPOTIFY TECHNOLOGY S A	20,216 (-95.4%)	$9.282M (-95.6%)	1.4%	$497.31	—	SHS	L8681T102
ORCL	ORACLE CORP	105,457 (-91.8%)	$15.45M (-91.8%)	2.3%	$131.21	—	COM	68389X105
MCO	MOODYS CORP	18,075 (-95.4%)	$8.187M (-95.2%)	1.2%	$156.74	—	COM	615369105