Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	10,500 (+1.9%)	$3.602M (+15.7%)	0.1%	$216.65	—	COM CL A	92826C839
EFX	EQUIFAX INC	11,800 (+2.6%)	$1.873M (-9.6%)	0.1%	$155.14	—	COM	294429105
VRSK	VERISK ANALYTICS INC	9,500 (+13.1%)	$1.706M (+7.0%)	0.1%	$175.19	—	COM	92345Y106
SPGI	S&P GLOBAL INC	7,400 (+1.4%)	$3.014M (-2.9%)	0.1%	$344.78	—	COM	78409V104

Exited Positions (1)

CL COLGATE PALMOLIVE CO 0.0%

Value $852K Shares 10,000 Est. Cost $63.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CL	COLGATE PALMOLIVE CO	10,000	$852K	0.0%	$63.85	—	—	194162103

Decreased Positions (14)

INTU INTUIT 6.6%

Value $174M (-45.1%) Shares 666,883 (-9.1%) Est. Cost $189.17 Unrealized —

TKO TKO GROUP HOLDINGS INC 16.1%

Value $423M (-14.5%) Shares 2,098,862 (-14.3%) Est. Cost $99.79 Unrealized —

PEP PEPSICO INC 5.3%

Value $139M (-30.1%) Shares 1,023,706 (-19.8%) Est. Cost $94.64 Unrealized —

DIS DISNEY WALT CO 9.5%

Value $251M (-18.8%) Shares 2,607,846 (-18.7%) Est. Cost $100.24 Unrealized —

MDLZ MONDELEZ INTL INC 5.6%

Value $148M (-27.7%) Shares 2,565,453 (-28.0%) Est. Cost $35.25 Unrealized —

PYPL PAYPAL HLDGS INC 5.2%

Value $137M (-27.8%) Shares 3,162,672 (-24.3%) Est. Cost $74.88 Unrealized —

EBAY EBAY INC. 4.7%

Value $125M (-28.9%) Shares 1,116,001 (-42.1%) Est. Cost $27.79 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 9.8%

Value $258M (-15.0%) Shares 514,512 (-16.6%) Est. Cost $493.81 Unrealized —

GOOGL ALPHABET INC 17.5%

Value $460M (-6.2%) Shares 1,286,845 (-24.5%) Est. Cost $167.66 Unrealized —

BF/A BROWN FORMAN CORP 2.2%

Value $58.41M (-15.7%) Shares 2,134,789 (-17.4%) Est. Cost $36.08 Unrealized —

MANU MANCHESTER UTD PLC NEW 2.4%

Value $63.25M (+19.7%) Shares 2,758,446 (-12.2%) Est. Cost $18.27 Unrealized —

BF/B BROWN FORMAN CORP 1.4%

Value $36.76M (-11.8%) Shares 1,379,324 (-12.5%) Est. Cost $43.18 Unrealized —

FICO FAIR ISAAC CORP 10.3%

Value $270M (+1.5%) Shares 226,186 (-9.3%) Est. Cost $592.03 Unrealized —

AXP AMERICAN EXPRESS CO 0.1%

Value $2.571M (-5.6%) Shares 7,600 (-15.6%) Est. Cost $85.61 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	666,883 (-9.1%)	$174M (-45.1%)	6.6%	$189.17	—	COM	461202103
TKO	TKO GROUP HOLDINGS INC	2,098,862 (-14.3%)	$423M (-14.5%)	16.1%	$99.79	—	CL A	87256C101
PEP	PEPSICO INC	1,023,706 (-19.8%)	$139M (-30.1%)	5.3%	$94.64	—	COM	713448108
DIS	DISNEY WALT CO	2,607,846 (-18.7%)	$251M (-18.8%)	9.5%	$100.24	—	COM	254687106
MDLZ	MONDELEZ INTL INC	2,565,453 (-28.0%)	$148M (-27.7%)	5.6%	$35.25	—	CL A	609207105
PYPL	PAYPAL HLDGS INC	3,162,672 (-24.3%)	$137M (-27.8%)	5.2%	$74.88	—	COM	70450Y103
EBAY	EBAY INC.	1,116,001 (-42.1%)	$125M (-28.9%)	4.7%	$27.79	—	COM	278642103
TMO	THERMO FISHER SCIENTIFIC INC	514,512 (-16.6%)	$258M (-15.0%)	9.8%	$493.81	—	COM	883556102
GOOGL	ALPHABET INC	1,286,845 (-24.5%)	$460M (-6.2%)	17.5%	$167.66	—	CAP STK CL A	02079K305
BF/A	BROWN FORMAN CORP	2,134,789 (-17.4%)	$58.41M (-15.7%)	2.2%	$36.08	—	CL A	115637100
MANU	MANCHESTER UTD PLC NEW	2,758,446 (-12.2%)	$63.25M (+19.7%)	2.4%	$18.27	—	ORD CL A	G5784H106
BF/B	BROWN FORMAN CORP	1,379,324 (-12.5%)	$36.76M (-11.8%)	1.4%	$43.18	—	CL B	115637209
FICO	FAIR ISAAC CORP	226,186 (-9.3%)	$270M (+1.5%)	10.3%	$592.03	—	COM	303250104
AXP	AMERICAN EXPRESS CO	7,600 (-15.6%)	$2.571M (-5.6%)	0.1%	$85.61	—	COM	025816109

Unchanged Positions (8)

CME CME GROUP INC 0.1%

Value $1.524M Shares 6,900 Est. Cost $151.63 Unrealized —

ADBE ADOBE INC 0.1%

Value $1.435M Shares 7,000 Est. Cost $342.35 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.1%

Value $2.599M Shares 30,000 Est. Cost $75.86 Unrealized —

NKE NIKE INC 0.0%

Value $862K Shares 21,000 Est. Cost $85.49 Unrealized —

MSGS MADISON SQUARE GRDN SPRT COR 0.0%

Value $1.125M Shares 2,800 Est. Cost $165.18 Unrealized —

EL LAUDER ESTEE COS INC 0.0%

Value $1.184M Shares 15,000 Est. Cost $148.19 Unrealized —

KO COCA COLA CO 0.0%

Value $975K Shares 12,000 Est. Cost $38.72 Unrealized —

ORCL ORACLE CORP 0.1%

Value $1.319M Shares 9,000 Est. Cost $50.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CME	CME GROUP INC	6,900	$1.524M	0.1%	$151.63	—	COM	12572Q105
ADBE	ADOBE INC	7,000	$1.435M	0.1%	$342.35	—	COM	00724F101
CP	CANADIAN PACIFIC KANSAS CITY	30,000	$2.599M	0.1%	$75.86	—	COM	13646K108
NKE	NIKE INC	21,000	$862K	0.0%	$85.49	—	CL B	654106103
MSGS	MADISON SQUARE GRDN SPRT COR	2,800	$1.125M	0.0%	$165.18	—	CL A	55825T103
EL	LAUDER ESTEE COS INC	15,000	$1.184M	0.0%	$148.19	—	CL A	518439104
KO	COCA COLA CO	12,000	$975K	0.0%	$38.72	—	COM	191216100
ORCL	ORACLE CORP	9,000	$1.319M	0.1%	$50.11	—	COM	68389X105