Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA Corporation	47,475	$9.581M	2.0%	$201.81	—	COM	67066G104
HON	Honeywell Technologies Inc.	35,536	$8.022M	1.7%	$225.75	—	COM A	438516205
HONA	Honeywell Aerospace Inc.	35,536	$7.921M	1.7%	$222.90	—	COM A	43849R105
HPE	Hewlett Packard Enterprise Co.	70,862	$3.197M	0.7%	$45.11	—	COM	42824C109
ZBRA	Zebra Technologies Corp-CL A	9,916	$2.61M	0.6%	$263.26	—	CL A	989207105
USB	U.S. Bancorp.	3,463	$209K	0.0%	$60.40	—	COM NEW	902973304

Increased Positions (20)

POOL Pool Corporation 3.4%

Value $15.79M (+134.7%) Shares 73,176 (+120.1%) Est. Cost $232.11 Unrealized —

UNH UnitedHealth Group Inc. 2.7%

Value $12.41M (+55.6%) Shares 29,851 (+1.3%) Est. Cost $371.74 Unrealized —

BKNG Booking Holdings Inc. 3.6%

Value $16.77M (+24.3%) Shares 93,349 (+2812.6%) Est. Cost $279.27 Unrealized —

ALLE Allegion PLC 2.8%

Value $13.02M (+30.0%) Shares 92,319 (+33.9%) Est. Cost $123.78 Unrealized —

OTIS Otis Worldwide Corp. 2.8%

Value $13.15M (+26.0%) Shares 183,616 (+35.7%) Est. Cost $72.30 Unrealized —

MAT Mattel Inc. 0.8%

Value $3.932M (+207.0%) Shares 283,312 (+221.4%) Est. Cost $15.74 Unrealized —

LPLA LPL Financial Holdings Inc. 2.2%

Value $10.29M (+19.0%) Shares 36,282 (+26.3%) Est. Cost $341.63 Unrealized —

IT Gartner Inc. 2.2%

Value $10.12M (-9.7%) Shares 77,515 (+9.6%) Est. Cost $246.20 Unrealized —

WTW Willis Towers Watson Public Limited Company 1.3%

Value $5.99M (+19.5%) Shares 22,772 (+32.1%) Est. Cost $252.13 Unrealized —

CRM Salesforce Inc 2.2%

Value $10.47M (+9.7%) Shares 66,250 (+29.6%) Est. Cost $226.49 Unrealized —

HSIC Henry Schein, Inc. 1.3%

Value $6.304M (+15.7%) Shares 75,481 (+2.1%) Est. Cost $74.21 Unrealized —

PG Procter & Gamble Co. 0.8%

Value $3.856M (+25.2%) Shares 25,749 (+20.7%) Est. Cost $138.24 Unrealized —

NOW ServiceNow Inc 0.4%

Value $2.085M (+42.4%) Shares 21,000 (+50.0%) Est. Cost $113.88 Unrealized —

UBER Uber Technologies, Inc. 0.9%

Value $4.025M (+16.2%) Shares 54,411 (+13.0%) Est. Cost $78.18 Unrealized —

WAT Waters Corporation 0.5%

Value $2.152M (+28.6%) Shares 5,738 (+2.1%) Est. Cost $367.26 Unrealized —

EPC Edgewell Personal Care Co. 0.2%

Value $1.101M (+61.3%) Shares 41,000 (+28.1%) Est. Cost $21.39 Unrealized —

ADSK Autodesk Inc. 1.1%

Value $5.354M (+8.4%) Shares 27,028 (+31.0%) Est. Cost $240.56 Unrealized —

WEX WEX Inc. 0.9%

Value $4.397M (-5.6%) Shares 31,162 (+2.3%) Est. Cost $174.62 Unrealized —

BDX Becton Dickinson & Co. 2.1%

Value $9.872M (-1.8%) Shares 64,644 (+1.1%) Est. Cost $212.11 Unrealized —

ROST Ross Stores Inc. 0.8%

Value $3.608M (-0.4%) Shares 16,951 (+1.3%) Est. Cost $100.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
POOL	Pool Corporation	73,176 (+120.1%)	$15.79M (+134.7%)	3.4%	$232.11	—	COM	73278L105
UNH	UnitedHealth Group Inc.	29,851 (+1.3%)	$12.41M (+55.6%)	2.7%	$371.74	—	COM	91324P102
BKNG	Booking Holdings Inc.	93,349 (+2812.6%)	$16.77M (+24.3%)	3.6%	$279.27	—	COM	09857L108
ALLE	Allegion PLC	92,319 (+33.9%)	$13.02M (+30.0%)	2.8%	$123.78	—	ORD SHS	G0176J109
OTIS	Otis Worldwide Corp.	183,616 (+35.7%)	$13.15M (+26.0%)	2.8%	$72.30	—	COM	68902V107
MAT	Mattel Inc.	283,312 (+221.4%)	$3.932M (+207.0%)	0.8%	$15.74	—	COM	577081102
LPLA	LPL Financial Holdings Inc.	36,282 (+26.3%)	$10.29M (+19.0%)	2.2%	$341.63	—	COM	50212V100
IT	Gartner Inc.	77,515 (+9.6%)	$10.12M (-9.7%)	2.2%	$246.20	—	COM	366651107
WTW	Willis Towers Watson Public Limited Company	22,772 (+32.1%)	$5.99M (+19.5%)	1.3%	$252.13	—	SHS	G96629103
CRM	Salesforce Inc	66,250 (+29.6%)	$10.47M (+9.7%)	2.2%	$226.49	—	COM	79466L302
HSIC	Henry Schein, Inc.	75,481 (+2.1%)	$6.304M (+15.7%)	1.3%	$74.21	—	COM	806407102
PG	Procter & Gamble Co.	25,749 (+20.7%)	$3.856M (+25.2%)	0.8%	$138.24	—	COM	742718109
NOW	ServiceNow Inc	21,000 (+50.0%)	$2.085M (+42.4%)	0.4%	$113.88	—	COM	81762P102
UBER	Uber Technologies, Inc.	54,411 (+13.0%)	$4.025M (+16.2%)	0.9%	$78.18	—	COM	90353T100
WAT	Waters Corporation	5,738 (+2.1%)	$2.152M (+28.6%)	0.5%	$367.26	—	COM	941848103
EPC	Edgewell Personal Care Co.	41,000 (+28.1%)	$1.101M (+61.3%)	0.2%	$21.39	—	COM	28035Q102
ADSK	Autodesk Inc.	27,028 (+31.0%)	$5.354M (+8.4%)	1.1%	$240.56	—	COM	052769106
WEX	WEX Inc.	31,162 (+2.3%)	$4.397M (-5.6%)	0.9%	$174.62	—	COM	96208T104
BDX	Becton Dickinson & Co.	64,644 (+1.1%)	$9.872M (-1.8%)	2.1%	$212.11	—	COM	075887109
ROST	Ross Stores Inc.	16,951 (+1.3%)	$3.608M (-0.4%)	0.8%	$100.36	—	COM	778296103

Exited Positions (5)

HON Honeywell International Inc. 3.4%

Value $15.7M Shares 69,473 Est. Cost $225.93 Unrealized —

GWW W.W. Grainger Inc. 1.1%

Value $5.348M Shares 4,903 Est. Cost $401.58 Unrealized —

MSI Motorola Solutions Inc. 0.3%

Value $1.605M Shares 3,698 Est. Cost $115.94 Unrealized —

XOM Exxon Mobil Corp. 0.1%

Value $540K Shares 3,183 Est. Cost $67.89 Unrealized —

SNY Sanofi - ADR 0.0%

Value $229K Shares 4,755 Est. Cost $40.75 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	Honeywell International Inc.	69,473	$15.7M	3.4%	$225.93	—	—	438516106
GWW	W.W. Grainger Inc.	4,903	$5.348M	1.1%	$401.58	—	—	384802104
MSI	Motorola Solutions Inc.	3,698	$1.605M	0.3%	$115.94	—	—	620076307
XOM	Exxon Mobil Corp.	3,183	$540K	0.1%	$67.89	—	—	30231G102
SNY	Sanofi - ADR	4,755	$229K	0.0%	$40.75	—	—	80105N105

Decreased Positions (18)

KEYS Keysight Technologies Inc. 0.9%

Value $4.101M (-72.5%) Shares 11,714 (-77.9%) Est. Cost $147.58 Unrealized —

GOOGL Alphabet Inc. CL A 5.2%

Value $24.46M (+16.5%) Shares 68,181 (-6.6%) Est. Cost $125.17 Unrealized —

AOS Smith (A.O.) Corp. 0.1%

Value $295K (-87.3%) Shares 4,710 (-86.6%) Est. Cost $46.52 Unrealized —

AVGO Broadcom Inc. 5.5%

Value $25.49M (+7.9%) Shares 67,215 (-11.9%) Est. Cost $166.35 Unrealized —

CME CME Group Inc. 0.6%

Value $2.712M (-36.5%) Shares 12,281 (-15.0%) Est. Cost $169.71 Unrealized —

G Genpact Limited 0.6%

Value $2.89M (-27.4%) Shares 105,090 (-1.7%) Est. Cost $33.79 Unrealized —

SUNB Sunbelt Rental Holdings Inc 0.8%

Value $3.623M (-19.0%) Shares 47,901 (-30.3%) Est. Cost $65.09 Unrealized —

MDLZ Mondelez International Inc. 2.0%

Value $9.175M (-7.1%) Shares 156,639 (-8.6%) Est. Cost $48.97 Unrealized —

V Visa Inc. Class A Shares 1.4%

Value $6.517M (+11.5%) Shares 18,995 (-1.8%) Est. Cost $247.90 Unrealized —

EXLS ExlService Holdings Inc. 0.8%

Value $3.737M (-15.0%) Shares 142,215 (-1.5%) Est. Cost $40.73 Unrealized —

IQV IQVIA Holdings Inc 1.2%

Value $5.63M (+10.2%) Shares 28,812 (-3.8%) Est. Cost $216.63 Unrealized —

PM Philip Morris International Inc. 4.0%

Value $18.72M (+2.4%) Shares 103,084 (-6.7%) Est. Cost $85.68 Unrealized —

ICLR ICON Public Limited Company 0.4%

Value $1.995M (+24.0%) Shares 11,484 (-21.0%) Est. Cost $280.64 Unrealized —

UNP Union Pacific Corp. 2.7%

Value $12.8M (+1.6%) Shares 47,043 (-9.4%) Est. Cost $208.06 Unrealized —

SONY Sony Group Corp. - Spon ADR 0.3%

Value $1.605M (-9.4%) Shares 77,923 (-8.9%) Est. Cost $30.92 Unrealized —

QCOM Qualcomm Inc. 1.6%

Value $7.646M (+2.1%) Shares 40,814 (-29.8%) Est. Cost $170.43 Unrealized —

NVS Novartis AG - ADR 0.3%

Value $1.466M (-7.1%) Shares 9,044 (-12.5%) Est. Cost $99.17 Unrealized —

LECO Lincoln Electric Holdings, Inc. 0.1%

Value $653K (-13.1%) Shares 2,460 (-18.4%) Est. Cost $201.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KEYS	Keysight Technologies Inc.	11,714 (-77.9%)	$4.101M (-72.5%)	0.9%	$147.58	—	COM	49338L103
GOOGL	Alphabet Inc. CL A	68,181 (-6.6%)	$24.46M (+16.5%)	5.2%	$125.17	—	CAP STK CL A	02079K305
AOS	Smith (A.O.) Corp.	4,710 (-86.6%)	$295K (-87.3%)	0.1%	$46.52	—	COM	831865209
AVGO	Broadcom Inc.	67,215 (-11.9%)	$25.49M (+7.9%)	5.5%	$166.35	—	COM	11135F101
CME	CME Group Inc.	12,281 (-15.0%)	$2.712M (-36.5%)	0.6%	$169.71	—	COM	12572Q105
G	Genpact Limited	105,090 (-1.7%)	$2.89M (-27.4%)	0.6%	$33.79	—	SHS	G3922B107
SUNB	Sunbelt Rental Holdings Inc	47,901 (-30.3%)	$3.623M (-19.0%)	0.8%	$65.09	—	SHS	866966104
MDLZ	Mondelez International Inc.	156,639 (-8.6%)	$9.175M (-7.1%)	2.0%	$48.97	—	CL A	609207105
V	Visa Inc. Class A Shares	18,995 (-1.8%)	$6.517M (+11.5%)	1.4%	$247.90	—	COM CL A	92826C839
EXLS	ExlService Holdings Inc.	142,215 (-1.5%)	$3.737M (-15.0%)	0.8%	$40.73	—	COM	302081104
IQV	IQVIA Holdings Inc	28,812 (-3.8%)	$5.63M (+10.2%)	1.2%	$216.63	—	COM	46266C105
PM	Philip Morris International Inc.	103,084 (-6.7%)	$18.72M (+2.4%)	4.0%	$85.68	—	COM	718172109
ICLR	ICON Public Limited Company	11,484 (-21.0%)	$1.995M (+24.0%)	0.4%	$280.64	—	SHS	G4705A100
UNP	Union Pacific Corp.	47,043 (-9.4%)	$12.8M (+1.6%)	2.7%	$208.06	—	COM	907818108
SONY	Sony Group Corp. - Spon ADR	77,923 (-8.9%)	$1.605M (-9.4%)	0.3%	$30.92	—	SPONSORED ADR	835699307
QCOM	Qualcomm Inc.	40,814 (-29.8%)	$7.646M (+2.1%)	1.6%	$170.43	—	COM	747525103
NVS	Novartis AG - ADR	9,044 (-12.5%)	$1.466M (-7.1%)	0.3%	$99.17	—	SPONSORED ADR	66987V109
LECO	Lincoln Electric Holdings, Inc.	2,460 (-18.4%)	$653K (-13.1%)	0.1%	$201.25	—	COM	533900106

Unchanged Positions (24)

AXP American Express 3.1%

Value $14.61M Shares 42,942 Est. Cost $140.31 Unrealized —

SEIC SEI Investments Company 3.0%

Value $13.94M Shares 157,958 Est. Cost $64.84 Unrealized —

CDW CDW Corp. of Delaware 1.9%

Value $8.843M Shares 62,874 Est. Cost $161.87 Unrealized —

WMT Wal-Mart Stores Inc. 1.4%

Value $6.779M Shares 59,850 Est. Cost $44.02 Unrealized —

KO Coca Cola Co. 1.6%

Value $7.617M Shares 93,720 Est. Cost $27.85 Unrealized —

MSFT Microsoft Corp. 6.2%

Value $29.09M Shares 77,720 Est. Cost $122.70 Unrealized —

MRSH Marsh & McLennan Cos. 2.6%

Value $12.12M Shares 72,278 Est. Cost $142.62 Unrealized —

ABBV AbbVie Inc. 0.7%

Value $3.07M Shares 12,200 Est. Cost $26.76 Unrealized —

LHX L3Harris Technologies Inc. 0.4%

Value $1.909M Shares 6,569 Est. Cost $174.79 Unrealized —

BRK/B Berkshire Hathaway Inc. CL B 1.7%

Value $8.168M Shares 16,323 Est. Cost $110.02 Unrealized —

JNJ Johnson & Johnson 1.7%

Value $8.16M Shares 32,130 Est. Cost $95.42 Unrealized —

META Meta Platforms, Inc. 5.1%

Value $23.91M Shares 42,441 Est. Cost $335.93 Unrealized —

FA First Advantage Corp. 0.1%

Value $629K Shares 34,825 Est. Cost $13.39 Unrealized —

ABT Abbott Laboratories 0.2%

Value $1.107M Shares 12,200 Est. Cost $29.71 Unrealized —

EXP Eagle Materials Inc. 0.2%

Value $815K Shares 3,624 Est. Cost $224.81 Unrealized —

KVUE Kenvue Inc. 0.2%

Value $1.061M Shares 55,535 Est. Cost $20.87 Unrealized —

GROY Gold Royalty Corp. 0.1%

Value $244K Shares 88,573 Est. Cost $4.52 Unrealized —

AX Axos Financial, Inc. 0.1%

Value $514K Shares 5,282 Est. Cost $70.25 Unrealized —

EXPE Expedia Inc. 0.1%

Value $640K Shares 2,500 Est. Cost $112.28 Unrealized —

RTX RTX Corporation 0.6%

Value $2.821M Shares 14,869 Est. Cost $154.28 Unrealized —

HL Hecla Mining Company 0.0%

Value $179K Shares 11,600 Est. Cost $5.63 Unrealized —

LMND Lemonade Inc. 0.2%

Value $867K Shares 13,333 Est. Cost $75.26 Unrealized —

KHC Kraft Heinz Company 0.1%

Value $435K Shares 18,418 Est. Cost $47.82 Unrealized —

NWSA News Corporation Class A 0.1%

Value $373K Shares 15,005 Est. Cost $26.18 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXP	American Express	42,942	$14.61M	3.1%	$140.31	—	COM	025816109
SEIC	SEI Investments Company	157,958	$13.94M	3.0%	$64.84	—	COM	784117103
CDW	CDW Corp. of Delaware	62,874	$8.843M	1.9%	$161.87	—	COM	12514G108
WMT	Wal-Mart Stores Inc.	59,850	$6.779M	1.4%	$44.02	—	COM	931142103
KO	Coca Cola Co.	93,720	$7.617M	1.6%	$27.85	—	COM	191216100
MSFT	Microsoft Corp.	77,720	$29.09M	6.2%	$122.70	—	COM	594918104
MRSH	Marsh & McLennan Cos.	72,278	$12.12M	2.6%	$142.62	—	COM	571748102
ABBV	AbbVie Inc.	12,200	$3.07M	0.7%	$26.76	—	COM	00287Y109
LHX	L3Harris Technologies Inc.	6,569	$1.909M	0.4%	$174.79	—	COM	502431109
BRK/B	Berkshire Hathaway Inc. CL B	16,323	$8.168M	1.7%	$110.02	—	CL B NEW	084670702
JNJ	Johnson & Johnson	32,130	$8.16M	1.7%	$95.42	—	COM	478160104
META	Meta Platforms, Inc.	42,441	$23.91M	5.1%	$335.93	—	CL A	30303M102
FA	First Advantage Corp.	34,825	$629K	0.1%	$13.39	—	COM	31846B108
ABT	Abbott Laboratories	12,200	$1.107M	0.2%	$29.71	—	COM	002824100
EXP	Eagle Materials Inc.	3,624	$815K	0.2%	$224.81	—	COM	26969P108
KVUE	Kenvue Inc.	55,535	$1.061M	0.2%	$20.87	—	COM	49177J102
GROY	Gold Royalty Corp.	88,573	$244K	0.1%	$4.52	—	COMMON SHARES	38071H106
AX	Axos Financial, Inc.	5,282	$514K	0.1%	$70.25	—	COM	05465C100
EXPE	Expedia Inc.	2,500	$640K	0.1%	$112.28	—	COM NEW	30212P303
RTX	RTX Corporation	14,869	$2.821M	0.6%	$154.28	—	COM	75513E101
HL	Hecla Mining Company	11,600	$179K	0.0%	$5.63	—	COM	422704106
LMND	Lemonade Inc.	13,333	$867K	0.2%	$75.26	—	COM	52567D107
KHC	Kraft Heinz Company	18,418	$435K	0.1%	$47.82	—	COM	500754106
NWSA	News Corporation Class A	15,005	$373K	0.1%	$26.18	—	CL A	65249B109