Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORP	104,000	$14.22M	3.6%	$136.72	—	COM	30231G102
DIS	DISNEY WALT CO	86,900	$8.364M	2.1%	$96.25	—	COM	254687106
DD	DUPONT DE NEMOURS INC	54,665	$7.415M	1.9%	$135.64	—	COM	26614N201
FLR	FLUOR CORP	108,000	$5.658M	1.4%	$52.39	—	COM	343412102
PSUS	PERSHING SQUARE USA LTD	140,700	$5.259M	1.3%	$37.38	—	COM SHS	71531T105
HOG	HARLEY DAVIDSON INC	188,000	$4.598M	1.2%	$24.46	—	COM	412822108
AMCR	AMCOR PLC	75,100	$3.256M	0.8%	$43.35	—	COM NEW	G0250X149
LHX	L3HARRIS TECHNOLOGIES INC	2,500	$726K	0.2%	$290.59	—	COM	502431109
META	META PLATFORMS INC	865	$487K	0.1%	$563.29	—	CL A	30303M102

Increased Positions (9)

UL UNILEVER PLC 7.0%

Value $27.63M (+426.6%) Shares 459,600 (+399.0%) Est. Cost $59.49 Unrealized —

SW SMURFIT WESTROCK PLC 9.9%

Value $39.04M (+113.4%) Shares 844,000 (+83.8%) Est. Cost $43.86 Unrealized —

PEP PEPSICO INC 4.6%

Value $18.31M (+87.1%) Shares 135,200 (+114.6%) Est. Cost $144.41 Unrealized —

MSFT MICROSOFT CORP 5.9%

Value $23.38M (+56.0%) Shares 62,680 (+54.8%) Est. Cost $412.82 Unrealized —

OTIS OTIS WORLDWIDE CORP 1.8%

Value $7.038M (+737.7%) Shares 98,300 (+801.8%) Est. Cost $70.59 Unrealized —

GD GENERAL DYNAMICS CORP 7.4%

Value $29.09M (+26.7%) Shares 82,120 (+22.7%) Est. Cost $247.53 Unrealized —

AXP AMERICAN EXPRESS CO 6.6%

Value $26.18M (+23.8%) Shares 77,400 (+10.7%) Est. Cost $350.36 Unrealized —

OXY OCCIDENTAL PETE CORP 0.9%

Value $3.366M (+187.7%) Shares 69,300 (+285.0%) Est. Cost $50.68 Unrealized —

FANG DIAMONDBACK ENERGY INC 2.3%

Value $9.264M (+6.0%) Shares 52,700 (+19.2%) Est. Cost $162.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UL	UNILEVER PLC	459,600 (+399.0%)	$27.63M (+426.6%)	7.0%	$59.49	—	SPON ADR NEW	904767803
SW	SMURFIT WESTROCK PLC	844,000 (+83.8%)	$39.04M (+113.4%)	9.9%	$43.86	—	SHS	G8267P108
PEP	PEPSICO INC	135,200 (+114.6%)	$18.31M (+87.1%)	4.6%	$144.41	—	COM	713448108
MSFT	MICROSOFT CORP	62,680 (+54.8%)	$23.38M (+56.0%)	5.9%	$412.82	—	COM	594918104
OTIS	OTIS WORLDWIDE CORP	98,300 (+801.8%)	$7.038M (+737.7%)	1.8%	$70.59	—	COM	68902V107
GD	GENERAL DYNAMICS CORP	82,120 (+22.7%)	$29.09M (+26.7%)	7.4%	$247.53	—	COM	369550108
AXP	AMERICAN EXPRESS CO	77,400 (+10.7%)	$26.18M (+23.8%)	6.6%	$350.36	—	COM	025816109
OXY	OCCIDENTAL PETE CORP	69,300 (+285.0%)	$3.366M (+187.7%)	0.9%	$50.68	—	COM	674599105
FANG	DIAMONDBACK ENERGY INC	52,700 (+19.2%)	$9.264M (+6.0%)	2.3%	$162.40	—	COM	25278X109

Exited Positions (6)

QCOM QUALCOMM INC 5.8%

Value $23.01M Shares 178,700 Est. Cost $156.52 Unrealized —

BHP BHP GROUP LTD 2.2%

Value $8.496M Shares 116,800 Est. Cost $65.55 Unrealized —

ACN ACCENTURE PLC CMN CLASS A 2.0%

Value $7.713M Shares 38,900 Est. Cost $253.23 Unrealized —

DD DUPONT DE NEMOURS INC 1.9%

Value $7.511M Shares 164,000 Est. Cost $37.65 Unrealized —

SEE SEALED AIR CORP NEW 1.3%

Value $5.032M Shares 119,668 Est. Cost $44.23 Unrealized —

GIS GENERAL MILLS INC CMN 0.2%

Value $837K Shares 22,500 Est. Cost $47.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QCOM	QUALCOMM INC	178,700	$23.01M	5.8%	$156.52	—	—	747525103
BHP	BHP GROUP LTD	116,800	$8.496M	2.2%	$65.55	—	—	088606108
ACN	ACCENTURE PLC CMN CLASS A	38,900	$7.713M	2.0%	$253.23	—	—	G1151C101
DD	DUPONT DE NEMOURS INC	164,000	$7.511M	1.9%	$37.65	—	—	26614N102
SEE	SEALED AIR CORP NEW	119,668	$5.032M	1.3%	$44.23	—	—	81211K100
GIS	GENERAL MILLS INC CMN	22,500	$837K	0.2%	$47.46	—	—	370334104

Decreased Positions (2)

SLB SLB LIMITED 1.9%

Value $7.322M (-78.7%) Shares 157,500 (-76.4%) Est. Cost $40.33 Unrealized —

SJM SMUCKER J M CO 2.7%

Value $10.81M (-39.0%) Shares 96,100 (-47.7%) Est. Cost $104.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLB	SLB LIMITED	157,500 (-76.4%)	$7.322M (-78.7%)	1.9%	$40.33	—	COM STK	806857108
SJM	SMUCKER J M CO	96,100 (-47.7%)	$10.81M (-39.0%)	2.7%	$104.16	—	COM NEW	832696405

Unchanged Positions (14)

YUMC YUM CHINA HLDGS INC 6.0%

Value $23.87M Shares 584,100 Est. Cost $41.88 Unrealized —

EXE EXPAND ENERGY CORPORATION 5.8%

Value $23.01M Shares 252,300 Est. Cost $104.10 Unrealized —

KMB KIMBERLY-CLARK CORP 6.9%

Value $27.19M Shares 247,700 Est. Cost $127.28 Unrealized —

BABA ALIBABA GROUP HLDG LTD 2.2%

Value $8.744M Shares 91,100 Est. Cost $85.66 Unrealized —

PGR PROGRESSIVE CORP 3.4%

Value $13.54M Shares 62,000 Est. Cost $209.13 Unrealized —

KVUE KENVUE INC 2.9%

Value $11.6M Shares 607,000 Est. Cost $16.83 Unrealized —

ASML ASML HOLDING N V 0.5%

Value $1.989M Shares 1,000 Est. Cost $836.60 Unrealized —

GLD SPDR GOLD TR 0.6%

Value $2.394M Shares 6,500 Est. Cost $269.97 Unrealized —

GOOGL ALPHABET INC 0.4%

Value $1.715M Shares 4,800 Est. Cost $116.29 Unrealized —

JPM JPMORGAN CHASE & CO. 0.4%

Value $1.637M Shares 5,000 Est. Cost $115.87 Unrealized —

HAL HALLIBURTON CO 0.2%

Value $679K Shares 20,000 Est. Cost $33.60 Unrealized —

MDLZ MONDELEZ INTL INC 6.4%

Value $25.2M Shares 435,700 Est. Cost $58.90 Unrealized —

KHC KRAFT HEINZ CO 0.2%

Value $661K Shares 28,000 Est. Cost $26.65 Unrealized —

RTX RTX CORPORATION 0.3%

Value $1.328M Shares 7,000 Est. Cost $59.57 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
YUMC	YUM CHINA HLDGS INC	584,100	$23.87M	6.0%	$41.88	—	COM	98850P109
EXE	EXPAND ENERGY CORPORATION	252,300	$23.01M	5.8%	$104.10	—	COM	165167735
KMB	KIMBERLY-CLARK CORP	247,700	$27.19M	6.9%	$127.28	—	COM	494368103
BABA	ALIBABA GROUP HLDG LTD	91,100	$8.744M	2.2%	$85.66	—	SPONSORED ADS	01609W102
PGR	PROGRESSIVE CORP	62,000	$13.54M	3.4%	$209.13	—	COM	743315103
KVUE	KENVUE INC	607,000	$11.6M	2.9%	$16.83	—	COM	49177J102
ASML	ASML HOLDING N V	1,000	$1.989M	0.5%	$836.60	—	N Y REGISTRY SHS	N07059210
GLD	SPDR GOLD TR	6,500	$2.394M	0.6%	$269.97	—	GOLD SHS	78463V107
GOOGL	ALPHABET INC	4,800	$1.715M	0.4%	$116.29	—	CAP STK CL A	02079K305
JPM	JPMORGAN CHASE & CO.	5,000	$1.637M	0.4%	$115.87	—	COM	46625H100
HAL	HALLIBURTON CO	20,000	$679K	0.2%	$33.60	—	COM	406216101
MDLZ	MONDELEZ INTL INC	435,700	$25.2M	6.4%	$58.90	—	COM	609207105
KHC	KRAFT HEINZ CO	28,000	$661K	0.2%	$26.65	—	COM	500754106
RTX	RTX CORPORATION	7,000	$1.328M	0.3%	$59.57	—	COM	75513E101