Ninety One SA (PTY) Ltd Diversified Active

CIK: 0001491998 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 27, 2026

Total Value ($000): $2,315,049 (100.0% shares, 0.0% debt)

Holdings (96)

New Positions (5)

AEM Agnico Eagle Mines Ltd 0.8%

Value ($000) $17,985 Shares 106,087 Est. Cost $167.85 Unrealized 0.0%

TTE TotalEnergies SE 0.3%

Value ($000) $7,153 Shares 109,561 Est. Cost $63.23 Unrealized 0.0%

GE General Electric Co 0.1%

Value ($000) $2,094 Shares 6,798 Est. Cost $300.80 Unrealized 0.0%

KLAC KLA Corp 0.1%

Value ($000) $1,840 Shares 1,514 Est. Cost $1171.91 Unrealized 0.0%

MICC Magnum Ice Cream Co NV/The 0.0%

Value ($000) $477 Shares 30,087 Est. Cost $15.68 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEM	Agnico Eagle Mines Ltd	106,087	$17,985	0.8%	$167.85	0.0%	Common Stock	008474108
TTE	TotalEnergies SE	109,561	$7,153	0.3%	$63.23	0.0%	Common Stock	F92124100
GE	General Electric Co	6,798	$2,094	0.1%	$300.80	0.0%	Common Stock	369604301
KLAC	KLA Corp	1,514	$1,840	0.1%	$1171.91	0.0%	Common Stock	482480100
MICC	Magnum Ice Cream Co NV/The	30,087	$477	0.0%	$15.68	0.0%	Common Stock	N5505D105

Increased Positions (49)

NVDA NVIDIA Corp 2.4%

Value ($000) $54,959 (+85.9%) Shares 294,685 (+86.0%) Est. Cost $151.36 Unrealized +23.0%

GOOGL Alphabet Inc 2.4%

Value ($000) $55,282 (+74.4%) Shares 176,621 (+35.1%) Est. Cost $188.02 Unrealized +51.9%

AVGO Broadcom Inc 1.0%

Value ($000) $23,660 (+248.9%) Shares 68,362 (+232.6%) Est. Cost $296.49 Unrealized +20.4%

AAPL Apple Inc 1.1%

Value ($000) $25,350 (+155.0%) Shares 93,246 (+138.9%) Est. Cost $248.87 Unrealized +7.8%

JNJ Johnson & Johnson 1.2%

Value ($000) $28,304 (+97.5%) Shares 136,769 (+75.9%) Est. Cost $168.16 Unrealized +17.2%

TKO TKO Group Holdings Inc 1.2%

Value ($000) $27,836 (+92.7%) Shares 133,187 (+86.2%) Est. Cost $145.55 Unrealized +33.1%

JPM JPMorgan Chase & Co 1.1%

Value ($000) $25,998 (+102.2%) Shares 80,684 (+98.0%) Est. Cost $259.60 Unrealized +19.2%

GS Goldman Sachs Group Inc/The 0.8%

Value ($000) $18,262 (+176.2%) Shares 20,776 (+150.2%) Est. Cost $716.79 Unrealized +13.5%

AMZN Amazon.com Inc 1.0%

Value ($000) $24,120 (+69.7%) Shares 104,496 (+61.4%) Est. Cost $175.47 Unrealized +30.4%

TMO Thermo Fisher Scientific Inc 0.7%

Value ($000) $16,336 (+120.6%) Shares 28,192 (+84.7%) Est. Cost $520.96 Unrealized +8.5%

TTWO Take-Two Interactive Software Inc 0.8%

Value ($000) $18,738 (+79.5%) Shares 73,186 (+81.2%) Est. Cost $198.53 Unrealized +25.6%

CRH CRH PLC 0.7%

Value ($000) $17,257 (+89.2%) Shares 138,274 (+81.7%) Est. Cost $102.53 Unrealized +16.2%

MA Mastercard Inc 0.8%

Value ($000) $18,819 (+71.5%) Shares 32,965 (+70.7%) Est. Cost $475.92 Unrealized +17.4%

PLNT Planet Fitness Inc 0.7%

Value ($000) $15,754 (+91.4%) Shares 145,240 (+83.1%) Est. Cost $101.35 Unrealized +1.6%

PLD Prologis Inc 0.3%

Value ($000) $6,687 (+2296.7%) Shares 52,383 (+2027.7%) Est. Cost $122.27 Unrealized +1.3%

GM General Motors Co 0.4%

Value ($000) $9,330 (+159.6%) Shares 114,728 (+94.7%) Est. Cost $51.36 Unrealized +37.1%

J Jacobs Solutions Inc 0.6%

Value ($000) $13,565 (+63.3%) Shares 102,407 (+84.8%) Est. Cost $133.13 Unrealized +10.0%

HDB HDFC Bank Ltd 0.5%

Value ($000) $10,715 (+89.5%) Shares 293,246 (+77.2%) Est. Cost $43.58 Unrealized —

TSM Taiwan Semiconductor Manufacturing Co Ltd 1.0%

Value ($000) $23,119 (+26.7%) Shares 76,076 (+16.1%) Est. Cost $210.12 Unrealized —

PM Philip Morris International Inc 0.9%

Value ($000) $21,198 (+29.3%) Shares 132,155 (+31.1%) Est. Cost $128.84 Unrealized +19.2%

CFG Citizens Financial Group Inc 0.4%

Value ($000) $8,921 (+106.1%) Shares 152,737 (+87.5%) Est. Cost $51.24 Unrealized +4.6%

EW Edwards Lifesciences Corp 0.7%

Value ($000) $15,473 (+39.2%) Shares 181,506 (+26.7%) Est. Cost $76.84 Unrealized +6.8%

DAL Delta Air Lines Inc 0.3%

Value ($000) $7,596 (+127.9%) Shares 109,454 (+86.3%) Est. Cost $60.36 Unrealized +3.5%

NFLX Netflix Inc 0.6%

Value ($000) $13,452 (-23.9%) Shares 143,470 (+863.9%) Est. Cost $108.49 Unrealized -0.6%

TWLO Twilio Inc 0.3%

Value ($000) $6,275 (+159.5%) Shares 44,119 (+82.6%) Est. Cost $114.26 Unrealized +8.4%

TSLA Tesla Inc 0.3%

Value ($000) $7,335 (+82.3%) Shares 16,311 (+80.2%) Est. Cost $339.05 Unrealized +30.7%

SNX TD SYNNEX Corp 0.3%

Value ($000) $7,753 (+74.1%) Shares 51,605 (+89.7%) Est. Cost $129.91 Unrealized +17.6%

BROS Dutch Bros Inc 0.2%

Value ($000) $5,375 (+118.6%) Shares 87,790 (+86.9%) Est. Cost $60.24 Unrealized -5.7%

TW Tradeweb Markets Inc 0.2%

Value ($000) $5,727 (+79.7%) Shares 53,253 (+85.5%) Est. Cost $124.31 Unrealized -13.6%

ADSK Autodesk Inc 0.6%

Value ($000) $14,179 (+21.2%) Shares 47,899 (+30.2%) Est. Cost $265.81 Unrealized +13.8%

SPGI S&P Global Inc 0.4%

Value ($000) $8,465 (+38.1%) Shares 16,198 (+28.4%) Est. Cost $454.30 Unrealized +8.8%

ACM AECOM 0.5%

Value ($000) $11,039 (+26.5%) Shares 115,802 (+73.2%) Est. Cost $103.82 Unrealized +12.9%

Z Zillow Group Inc 0.3%

Value ($000) $6,241 (+48.4%) Shares 91,487 (+67.6%) Est. Cost $63.86 Unrealized +13.4%

DASH DoorDash Inc 0.2%

Value ($000) $5,131 (+55.7%) Shares 22,655 (+87.0%) Est. Cost $243.26 Unrealized -3.6%

BKNG Booking Holdings Inc 1.2%

Value ($000) $27,007 (+7.2%) Shares 5,043 (+8.1%) Est. Cost $4648.36 Unrealized +10.5%

PINS Pinterest Inc 0.2%

Value ($000) $5,737 (+43.7%) Shares 221,591 (+78.5%) Est. Cost $32.95 Unrealized -12.6%

ELV Elevance Health Inc 0.1%

Value ($000) $3,245 (+107.3%) Shares 9,258 (+91.0%) Est. Cost $394.70 Unrealized -14.7%

GNRC Generac Holdings Inc 0.2%

Value ($000) $4,295 (+45.9%) Shares 31,494 (+79.1%) Est. Cost $169.08 Unrealized -4.6%

MSFT Microsoft Corp 3.1%

Value ($000) $72,031 (+1.9%) Shares 148,941 (+9.0%) Est. Cost $395.68 Unrealized +26.5%

SCHW Charles Schwab Corp/The 0.1%

Value ($000) $2,074 (+164.0%) Shares 20,756 (+153.2%) Est. Cost $94.66 Unrealized +0.1%

INTU Intuit Inc 0.4%

Value ($000) $9,775 (+11.3%) Shares 14,756 (+15.5%) Est. Cost $600.63 Unrealized +10.0%

MRK Merck & Co Inc 0.1%

Value ($000) $2,623 (+57.8%) Shares 24,918 (+20.0%) Est. Cost $83.05 Unrealized +12.3%

EL Estee Lauder Cos Inc/The 0.2%

Value ($000) $3,498 (+32.1%) Shares 33,408 (+11.2%) Est. Cost $136.25 Unrealized -28.9%

MCO Moody's Corp 0.4%

Value ($000) $9,815 (+8.8%) Shares 19,214 (+1.6%) Est. Cost $413.74 Unrealized +17.8%

NTES NetEase Inc 0.4%

Value ($000) $8,161 (-7.8%) Shares 59,303 (+1.4%) Est. Cost $102.32 Unrealized —

VRSK Verisk Analytics Inc 0.3%

Value ($000) $6,570 (-6.7%) Shares 29,370 (+4.8%) Est. Cost $274.50 Unrealized -17.9%

MRSH Marsh & McLennan Cos Inc 0.0%

Value ($000) $550 (+144.1%) Shares 2,967 (+165.1%) Est. Cost $200.36 Unrealized -6.9%

MSI Motorola Solutions Inc 0.0%

Value ($000) $444 (+57.2%) Shares 1,157 (+87.5%) Est. Cost $375.11 Unrealized +6.8%

TT Trane Technologies PLC 0.0%

Value ($000) $373 (+27.0%) Shares 958 (+36.5%) Est. Cost $307.99 Unrealized +34.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA Corp	294,685 (+86.0%)	$54,959 (+85.9%)	2.4%	$151.36	+23.0%	Common Stock	67066G104
GOOGL	Alphabet Inc	176,621 (+35.1%)	$55,282 (+74.4%)	2.4%	$188.02	+51.9%	Common Stock	02079K305
AVGO	Broadcom Inc	68,362 (+232.6%)	$23,660 (+248.9%)	1.0%	$296.49	+20.4%	Common Stock	11135F101
AAPL	Apple Inc	93,246 (+138.9%)	$25,350 (+155.0%)	1.1%	$248.87	+7.8%	Common Stock	037833100
JNJ	Johnson & Johnson	136,769 (+75.9%)	$28,304 (+97.5%)	1.2%	$168.16	+17.2%	Common Stock	478160104
TKO	TKO Group Holdings Inc	133,187 (+86.2%)	$27,836 (+92.7%)	1.2%	$145.55	+33.1%	Common Stock	87256C101
JPM	JPMorgan Chase & Co	80,684 (+98.0%)	$25,998 (+102.2%)	1.1%	$259.60	+19.2%	Common Stock	46625H100
GS	Goldman Sachs Group Inc/The	20,776 (+150.2%)	$18,262 (+176.2%)	0.8%	$716.79	+13.5%	Common Stock	38141G104
AMZN	Amazon.com Inc	104,496 (+61.4%)	$24,120 (+69.7%)	1.0%	$175.47	+30.4%	Common Stock	023135106
TMO	Thermo Fisher Scientific Inc	28,192 (+84.7%)	$16,336 (+120.6%)	0.7%	$520.96	+8.5%	Common Stock	883556102
TTWO	Take-Two Interactive Software Inc	73,186 (+81.2%)	$18,738 (+79.5%)	0.8%	$198.53	+25.6%	Common Stock	874054109
CRH	CRH PLC	138,274 (+81.7%)	$17,257 (+89.2%)	0.7%	$102.53	+16.2%	Common Stock	G25508105
MA	Mastercard Inc	32,965 (+70.7%)	$18,819 (+71.5%)	0.8%	$475.92	+17.4%	Common Stock	57636Q104
PLNT	Planet Fitness Inc	145,240 (+83.1%)	$15,754 (+91.4%)	0.7%	$101.35	+1.6%	Common Stock	72703H101
PLD	Prologis Inc	52,383 (+2027.7%)	$6,687 (+2296.7%)	0.3%	$122.27	+1.3%	REIT	74340W103
GM	General Motors Co	114,728 (+94.7%)	$9,330 (+159.6%)	0.4%	$51.36	+37.1%	Common Stock	37045V100
J	Jacobs Solutions Inc	102,407 (+84.8%)	$13,565 (+63.3%)	0.6%	$133.13	+10.0%	Common Stock	46982L108
HDB	HDFC Bank Ltd	293,246 (+77.2%)	$10,715 (+89.5%)	0.5%	$43.58	—	ADR	40415F101
TSM	Taiwan Semiconductor Manufacturing Co Ltd	76,076 (+16.1%)	$23,119 (+26.7%)	1.0%	$210.12	—	ADR	874039100
PM	Philip Morris International Inc	132,155 (+31.1%)	$21,198 (+29.3%)	0.9%	$128.84	+19.2%	Common Stock	718172109
CFG	Citizens Financial Group Inc	152,737 (+87.5%)	$8,921 (+106.1%)	0.4%	$51.24	+4.6%	Common Stock	174610105
EW	Edwards Lifesciences Corp	181,506 (+26.7%)	$15,473 (+39.2%)	0.7%	$76.84	+6.8%	Common Stock	28176E108
DAL	Delta Air Lines Inc	109,454 (+86.3%)	$7,596 (+127.9%)	0.3%	$60.36	+3.5%	Common Stock	247361702
NFLX	Netflix Inc	143,470 (+863.9%)	$13,452 (-23.9%)	0.6%	$108.49	-0.6%	Common Stock	64110L106
TWLO	Twilio Inc	44,119 (+82.6%)	$6,275 (+159.5%)	0.3%	$114.26	+8.4%	Common Stock	90138F102
TSLA	Tesla Inc	16,311 (+80.2%)	$7,335 (+82.3%)	0.3%	$339.05	+30.7%	Common Stock	88160R101
SNX	TD SYNNEX Corp	51,605 (+89.7%)	$7,753 (+74.1%)	0.3%	$129.91	+17.6%	Common Stock	87162W100
BROS	Dutch Bros Inc	87,790 (+86.9%)	$5,375 (+118.6%)	0.2%	$60.24	-5.7%	Common Stock	26701L100
TW	Tradeweb Markets Inc	53,253 (+85.5%)	$5,727 (+79.7%)	0.2%	$124.31	-13.6%	Common Stock	892672106
ADSK	Autodesk Inc	47,899 (+30.2%)	$14,179 (+21.2%)	0.6%	$265.81	+13.8%	Common Stock	052769106
SPGI	S&P Global Inc	16,198 (+28.4%)	$8,465 (+38.1%)	0.4%	$454.30	+8.8%	Common Stock	78409V104
ACM	AECOM	115,802 (+73.2%)	$11,039 (+26.5%)	0.5%	$103.82	+12.9%	Common Stock	00766T100
Z	Zillow Group Inc	91,487 (+67.6%)	$6,241 (+48.4%)	0.3%	$63.86	+13.4%	Common Stock	98954M200
DASH	DoorDash Inc	22,655 (+87.0%)	$5,131 (+55.7%)	0.2%	$243.26	-3.6%	Common Stock	25809K105
BKNG	Booking Holdings Inc	5,043 (+8.1%)	$27,007 (+7.2%)	1.2%	$4648.36	+10.5%	Common Stock	09857L108
PINS	Pinterest Inc	221,591 (+78.5%)	$5,737 (+43.7%)	0.2%	$32.95	-12.6%	Common Stock	72352L106
ELV	Elevance Health Inc	9,258 (+91.0%)	$3,245 (+107.3%)	0.1%	$394.70	-14.7%	Common Stock	036752103
GNRC	Generac Holdings Inc	31,494 (+79.1%)	$4,295 (+45.9%)	0.2%	$169.08	-4.6%	Common Stock	368736104
MSFT	Microsoft Corp	148,941 (+9.0%)	$72,031 (+1.9%)	3.1%	$395.68	+26.5%	Common Stock	594918104
SCHW	Charles Schwab Corp/The	20,756 (+153.2%)	$2,074 (+164.0%)	0.1%	$94.66	+0.1%	Common Stock	808513105
INTU	Intuit Inc	14,756 (+15.5%)	$9,775 (+11.3%)	0.4%	$600.63	+10.0%	Common Stock	461202103
MRK	Merck & Co Inc	24,918 (+20.0%)	$2,623 (+57.8%)	0.1%	$83.05	+12.3%	Common Stock	58933Y105
EL	Estee Lauder Cos Inc/The	33,408 (+11.2%)	$3,498 (+32.1%)	0.2%	$136.25	-28.9%	Common Stock	518439104
MCO	Moody's Corp	19,214 (+1.6%)	$9,815 (+8.8%)	0.4%	$413.74	+17.8%	Common Stock	615369105
NTES	NetEase Inc	59,303 (+1.4%)	$8,161 (-7.8%)	0.4%	$102.32	—	ADR	64110W102
VRSK	Verisk Analytics Inc	29,370 (+4.8%)	$6,570 (-6.7%)	0.3%	$274.50	-17.9%	Common Stock	92345Y106
MRSH	Marsh & McLennan Cos Inc	2,967 (+165.1%)	$550 (+144.1%)	0.0%	$200.36	-6.9%	Common Stock	571748102
MSI	Motorola Solutions Inc	1,157 (+87.5%)	$444 (+57.2%)	0.0%	$375.11	+6.8%	Common Stock	620076307
TT	Trane Technologies PLC	958 (+36.5%)	$373 (+27.0%)	0.0%	$307.99	+34.3%	Common Stock	G8994E103

Exited Positions (6)

KGC Kinross Gold Corp 0.9%

Value ($000) $21,584 Shares 870,664 Est. Cost $19.24 Unrealized +35.1%

NEM Newmont Corp 0.2%

Value ($000) $4,804 Shares 56,982 Est. Cost $54.59 Unrealized +65.2%

SNPS Synopsys Inc 0.2%

Value ($000) $3,539 Shares 7,172 Est. Cost $565.30 Unrealized -21.4%

IDXX IDEXX Laboratories Inc 0.1%

Value ($000) $1,217 Shares 1,905 Est. Cost $405.51 Unrealized +67.9%

RBLX ROBLOX Corp 0.0%

Value ($000) $354 Shares 2,575 Est. Cost $62.86 Unrealized +68.9%

AZO AutoZone Inc 0.0%

Value ($000) $350 Shares 81 Est. Cost $3686.04 Unrealized +2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KGC	Kinross Gold Corp	870,664	$21,584	0.9%	$19.24	+35.1%	—	496902404
NEM	Newmont Corp	56,982	$4,804	0.2%	$54.59	+65.2%	—	651639106
SNPS	Synopsys Inc	7,172	$3,539	0.2%	$565.30	-21.4%	—	871607107
IDXX	IDEXX Laboratories Inc	1,905	$1,217	0.1%	$405.51	+67.9%	—	45168D104
RBLX	ROBLOX Corp	2,575	$354	0.0%	$62.86	+68.9%	—	771049103
AZO	AutoZone Inc	81	$350	0.0%	$3686.04	+2.5%	—	053332102

Decreased Positions (15)

AU Anglogold Ashanti Plc 59.6%

Value ($000) $1,380,472 (+9.5%) Shares 15,960,934 (-10.9%) Est. Cost $54.92 Unrealized +41.1%

META Meta Platforms Inc 0.1%

Value ($000) $1,825 (-90.5%) Shares 2,765 (-89.4%) Est. Cost $743.23 Unrealized -10.2%

TECK Teck Resources Ltd 0.3%

Value ($000) $6,917 (-50.6%) Shares 144,433 (-55.1%) Est. Cost $36.93 Unrealized +17.3%

LNG Cheniere Energy Inc 0.0%

Value ($000) $221 (-96.0%) Shares 1,135 (-95.2%) Est. Cost $231.12 Unrealized -9.1%

AMT American Tower Corp 0.0%

Value ($000) $306 (-91.8%) Shares 1,741 (-91.1%) Est. Cost $201.62 Unrealized -10.6%

KO Coca-Cola Co/The 0.1%

Value ($000) $1,286 (-57.8%) Shares 18,390 (-59.9%) Est. Cost $67.92 Unrealized +2.2%

ADBE Adobe Inc 0.0%

Value ($000) $395 (-75.4%) Shares 1,129 (-75.0%) Est. Cost $358.75 Unrealized -5.2%

ACN Accenture PLC 0.0%

Value ($000) $411 (-65.9%) Shares 1,530 (-68.3%) Est. Cost $260.61 Unrealized -2.5%

V Visa Inc 1.0%

Value ($000) $23,861 (-3.0%) Shares 68,035 (-5.7%) Est. Cost $283.98 Unrealized +19.9%

ABT Abbott Laboratories 0.0%

Value ($000) $878 (-41.2%) Shares 7,010 (-37.6%) Est. Cost $130.61 Unrealized -2.5%

PG Procter & Gamble Co/The 0.0%

Value ($000) $438 (-52.0%) Shares 3,058 (-48.5%) Est. Cost $154.90 Unrealized -5.0%

TXN Texas Instruments Inc 0.0%

Value ($000) $427 (-51.7%) Shares 2,461 (-49.2%) Est. Cost $193.30 Unrealized -11.7%

CSCO Cisco Systems Inc 0.0%

Value ($000) $297 (-45.2%) Shares 3,850 (-51.2%) Est. Cost $67.38 Unrealized +9.5%

OKTA Okta Inc 0.0%

Value ($000) $196 (-21.0%) Shares 2,266 (-16.9%) Est. Cost $101.02 Unrealized -13.6%

MNST Monster Beverage Corp 0.0%

Value ($000) $380 (+1.5%) Shares 4,958 (-10.9%) Est. Cost $55.11 Unrealized +30.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AU	Anglogold Ashanti Plc	15,960,934 (-10.9%)	$1,380,472 (+9.5%)	59.6%	$54.92	+41.1%	Common Stock	G0378L100
META	Meta Platforms Inc	2,765 (-89.4%)	$1,825 (-90.5%)	0.1%	$743.23	-10.2%	Common Stock	30303M102
TECK	Teck Resources Ltd	144,433 (-55.1%)	$6,917 (-50.6%)	0.3%	$36.93	+17.3%	Common Stock	878742204
LNG	Cheniere Energy Inc	1,135 (-95.2%)	$221 (-96.0%)	0.0%	$231.12	-9.1%	Common Stock	16411R208
AMT	American Tower Corp	1,741 (-91.1%)	$306 (-91.8%)	0.0%	$201.62	-10.6%	REIT	03027X100
KO	Coca-Cola Co/The	18,390 (-59.9%)	$1,286 (-57.8%)	0.1%	$67.92	+2.2%	Common Stock	191216100
ADBE	Adobe Inc	1,129 (-75.0%)	$395 (-75.4%)	0.0%	$358.75	-5.2%	Common Stock	00724F101
ACN	Accenture PLC	1,530 (-68.3%)	$411 (-65.9%)	0.0%	$260.61	-2.5%	Common Stock	G1151C101
V	Visa Inc	68,035 (-5.7%)	$23,861 (-3.0%)	1.0%	$283.98	+19.9%	Common Stock	92826C839
ABT	Abbott Laboratories	7,010 (-37.6%)	$878 (-41.2%)	0.0%	$130.61	-2.5%	Common Stock	002824100
PG	Procter & Gamble Co/The	3,058 (-48.5%)	$438 (-52.0%)	0.0%	$154.90	-5.0%	Common Stock	742718109
TXN	Texas Instruments Inc	2,461 (-49.2%)	$427 (-51.7%)	0.0%	$193.30	-11.7%	Common Stock	882508104
CSCO	Cisco Systems Inc	3,850 (-51.2%)	$297 (-45.2%)	0.0%	$67.38	+9.5%	Common Stock	17275R102
OKTA	Okta Inc	2,266 (-16.9%)	$196 (-21.0%)	0.0%	$101.02	-13.6%	Common Stock	679295105
MNST	Monster Beverage Corp	4,958 (-10.9%)	$380 (+1.5%)	0.0%	$55.11	+30.0%	Common Stock	61174X109

Unchanged Positions (27)

RACE Ferrari NV 0.5%

Value ($000) $11,858 Shares 31,680 Est. Cost $479.13 Unrealized -16.5%

CHKP Check Point Software Technologies Ltd 0.2%

Value ($000) $4,789 Shares 25,811 Est. Cost $200.80 Unrealized -3.7%

ICLR ICON PLC 0.3%

Value ($000) $5,968 Shares 32,751 Est. Cost $194.05 Unrealized -8.2%

VRSN VeriSign Inc 0.1%

Value ($000) $3,470 Shares 14,281 Est. Cost $198.31 Unrealized +26.5%

VLO Valero Energy Corp 0.5%

Value ($000) $12,456 Shares 76,514 Est. Cost $147.81 Unrealized +14.2%

SW Smurfit WestRock PLC 0.2%

Value ($000) $5,632 Shares 145,854 Est. Cost $45.03 Unrealized -15.3%

BRK/A Berkshire Hathaway Inc 3.0%

Value ($000) $68,687 Shares 91 Est. Cost $214536.25 Unrealized +247.9%

EA Electronic Arts Inc 0.5%

Value ($000) $10,809 Shares 52,902 Est. Cost $133.39 Unrealized +51.2%

LLY Eli Lilly & Co 0.0%

Value ($000) $645 Shares 600 Est. Cost $824.14 Unrealized +15.9%

B Barrick Mining Corp 0.0%

Value ($000) $611 Shares 14,035 Est. Cost $19.29 Unrealized +94.0%

FCX Freeport-McMoRan Inc 0.0%

Value ($000) $360 Shares 7,096 Est. Cost $37.81 Unrealized +14.6%

AER AerCap Holdings NV 0.0%

Value ($000) $544 Shares 3,786 Est. Cost $107.75 Unrealized +22.9%

UBS UBS Group AG 0.0%

Value ($000) $584 Shares 12,516 Est. Cost $38.84 Unrealized +4.0%

ADP Automatic Data Processing Inc 0.0%

Value ($000) $395 Shares 1,537 Est. Cost $211.63 Unrealized +25.1%

ALGN Align Technology Inc 0.0%

Value ($000) $271 Shares 1,737 Est. Cost $223.92 Unrealized -36.0%

ZG Zillow Group Inc 0.0%

Value ($000) $437 Shares 6,399 Est. Cost $52.05 Unrealized +35.1%

HOOD Robinhood Markets Inc 0.0%

Value ($000) $187 Shares 1,656 Est. Cost $109.05 Unrealized +19.3%

QCOM QUALCOMM Inc 0.1%

Value ($000) $1,522 Shares 8,900 Est. Cost $157.20 Unrealized +8.6%

XOM Exxon Mobil Corp 0.0%

Value ($000) $425 Shares 3,529 Est. Cost $96.75 Unrealized +19.4%

ZTS Zoetis Inc 0.0%

Value ($000) $172 Shares 1,366 Est. Cost $163.36 Unrealized -20.3%

TRU TransUnion 0.0%

Value ($000) $502 Shares 5,860 Est. Cost $90.79 Unrealized -9.6%

BSX Boston Scientific Corp 0.0%

Value ($000) $773 Shares 8,111 Est. Cost $101.18 Unrealized -3.1%

ICE Intercontinental Exchange Inc 0.0%

Value ($000) $340 Shares 2,100 Est. Cost $162.09 Unrealized -3.6%

GLPI Gaming and Leisure Properties Inc 0.0%

Value ($000) $246 Shares 5,500 Est. Cost $46.29 Unrealized —

BA Boeing Co/The 0.0%

Value ($000) $380 Shares 1,750 Est. Cost $225.47 Unrealized -8.8%

IBN ICICI Bank Ltd 0.0%

Value ($000) $369 Shares 12,395 Est. Cost $31.30 Unrealized —

FDS FactSet Research Systems Inc 0.0%

Value ($000) $310 Shares 1,068 Est. Cost $211.94 Unrealized +32.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RACE	Ferrari NV	31,680	$11,858	0.5%	$479.13	-16.5%	Common Stock	N3167Y103
CHKP	Check Point Software Technologies Ltd	25,811	$4,789	0.2%	$200.80	-3.7%	Common Stock	M22465104
ICLR	ICON PLC	32,751	$5,968	0.3%	$194.05	-8.2%	Common Stock	G4705A100
VRSN	VeriSign Inc	14,281	$3,470	0.1%	$198.31	+26.5%	Common Stock	92343E102
VLO	Valero Energy Corp	76,514	$12,456	0.5%	$147.81	+14.2%	Common Stock	91913Y100
SW	Smurfit WestRock PLC	145,854	$5,632	0.2%	$45.03	-15.3%	Common Stock	G8267P108
BRK/A	Berkshire Hathaway Inc	91	$68,687	3.0%	$214536.25	+247.9%	Common Stock	084670108
EA	Electronic Arts Inc	52,902	$10,809	0.5%	$133.39	+51.2%	Common Stock	285512109
LLY	Eli Lilly & Co	600	$645	0.0%	$824.14	+15.9%	Common Stock	532457108
B	Barrick Mining Corp	14,035	$611	0.0%	$19.29	+94.0%	Common Stock	06849F108
FCX	Freeport-McMoRan Inc	7,096	$360	0.0%	$37.81	+14.6%	Common Stock	35671D857
AER	AerCap Holdings NV	3,786	$544	0.0%	$107.75	+22.9%	Common Stock	N00985106
UBS	UBS Group AG	12,516	$584	0.0%	$38.84	+4.0%	Common Stock	H42097107
ADP	Automatic Data Processing Inc	1,537	$395	0.0%	$211.63	+25.1%	Common Stock	053015103
ALGN	Align Technology Inc	1,737	$271	0.0%	$223.92	-36.0%	Common Stock	016255101
ZG	Zillow Group Inc	6,399	$437	0.0%	$52.05	+35.1%	Common Stock	98954M101
HOOD	Robinhood Markets Inc	1,656	$187	0.0%	$109.05	+19.3%	Common Stock	770700102
QCOM	QUALCOMM Inc	8,900	$1,522	0.1%	$157.20	+8.6%	Common Stock	747525103
XOM	Exxon Mobil Corp	3,529	$425	0.0%	$96.75	+19.4%	Common Stock	30231G102
ZTS	Zoetis Inc	1,366	$172	0.0%	$163.36	-20.3%	Common Stock	98978V103
TRU	TransUnion	5,860	$502	0.0%	$90.79	-9.6%	Common Stock	89400J107
BSX	Boston Scientific Corp	8,111	$773	0.0%	$101.18	-3.1%	Common Stock	101137107
ICE	Intercontinental Exchange Inc	2,100	$340	0.0%	$162.09	-3.6%	Common Stock	45866F104
GLPI	Gaming and Leisure Properties Inc	5,500	$246	0.0%	$46.29	—	REIT	36467J108
BA	Boeing Co/The	1,750	$380	0.0%	$225.47	-8.8%	Common Stock	097023105
IBN	ICICI Bank Ltd	12,395	$369	0.0%	$31.30	—	ADR	45104G104
FDS	FactSet Research Systems Inc	1,068	$310	0.0%	$211.94	+32.1%	Common Stock	303075105