Mawer Investment Management Ltd. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KKR	KKR & CO INC	206,248	$26,292	0.1%	$124.29	0.0%	COM	48251W104
ATAT	ATOUR LIFESTYLE HLDGS LTD	479,543	$18,894	0.1%	$39.40	—	SPONSORED ADS	04965M106
DORM	DORMAN PRODS INC	91,249	$11,241	0.1%	$134.99	0.0%	COM	258278100
OPLN	OPENLANE INC	372,320	$11,088	0.1%	$27.05	0.0%	COM	48238T109
WAY	WAYSTAR HLDG CORP	337,732	$11,061	0.1%	$35.62	0.0%	COM	946784105
SNDK	SANDISK CORP	42,908	$10,186	0.1%	$200.29	0.0%	COM	80004C200
LYFT	LYFT INC	508,078	$9,841	0.1%	$20.79	0.0%	CL A COM	55087P104
MDLN	MEDLINE INC	225,000	$9,450	0.1%	$42.23	0.0%	COM CL A	58507V107
SFM	SPROUTS FMRS MKT INC	97,119	$7,737	0.0%	$89.72	0.0%	COM	85208M102
VITL	VITAL FARMS INC	216,077	$6,901	0.0%	$35.19	0.0%	COM	92847W103
IPAR	INTERPARFUMS INC	76,881	$6,522	0.0%	$88.03	0.0%	COM	458334109
FIX	COMFORT SYS USA INC	6,497	$6,064	0.0%	$922.99	0.0%	COM	199908104
EWU	ISHARES TR	107,855	$4,743	0.0%	$43.98	—	MSCI UK ETF NEW	46435G334
MUX	MCEWEN INC.	249,981	$4,627	0.0%	$18.60	0.0%	COM NEW	58039P305
CSW	CSW INDUSTRIALS INC	15,173	$4,454	0.0%	$266.28	0.0%	COM	126402106
BSX	BOSTON SCIENTIFIC CORP	46,199	$4,405	0.0%	$98.04	0.0%	COM	101137107
MOAT	VANECK ETF TRUST	36,020	$3,730	0.0%	$103.56	—	MRNGSTR WDE MOAT	92189F643
LGN	LEGENCE CORP	85,338	$3,673	0.0%	$39.53	0.0%	CL A	52476L109
XYZ	BLOCK INC	47,043	$3,062	0.0%	$68.98	0.0%	CL A	852234103
ODFL	OLD DOMINION FREIGHT LINE IN	19,484	$3,055	0.0%	$143.18	0.0%	COM	679580100
XLV	SELECT SECTOR SPDR TR	10,855	$1,680	0.0%	$154.80	—	STATE STREET HEA	81369Y209
VRT	VERTIV HOLDINGS CO	9,143	$1,481	0.0%	$173.58	0.0%	COM CL A	92537N108
IYK	ISHARES TR	16,980	$1,136	0.0%	$66.92	—	US CONSM STAPLES	464287812
SE	SEA LTD	8,123	$1,036	0.0%	$127.57	—	SPONSORD ADS	81141R100
VOE	VANGUARD INDEX FDS	1,657	$294	0.0%	$177.37	—	MCAP VL IDXVIP	922908512

Increased Positions (23)

WFC WELLS FARGO CO NEW 2.5%

Value ($000) $454,455 (+208.8%) Shares 4,876,127 (+177.7%) Est. Cost $84.41 Unrealized +2.6%

SHEL SHELL PLC 3.3%

Value ($000) $593,358 (+84.3%) Shares 8,075,089 (+79.4%) Est. Cost $63.31 Unrealized —

AER AERCAP HOLDINGS NV 2.6%

Value ($000) $470,517 (+85.7%) Shares 3,272,935 (+56.3%) Est. Cost $118.12 Unrealized +12.1%

UBER UBER TECHNOLOGIES INC 1.1%

Value ($000) $204,576 (+176.1%) Shares 2,503,682 (+231.0%) Est. Cost $91.10 Unrealized -1.2%

SO SOUTHERN CO 0.9%

Value ($000) $154,150 (+103.8%) Shares 1,767,773 (+121.4%) Est. Cost $77.24 Unrealized +17.7%

NU NU HLDGS LTD 0.4%

Value ($000) $76,765 (+608.9%) Shares 4,585,720 (+578.0%) Est. Cost $15.76 Unrealized +2.0%

NVDA NVIDIA CORPORATION 0.4%

Value ($000) $66,567 (+527.1%) Shares 356,928 (+527.4%) Est. Cost $184.04 Unrealized +1.1%

SII SPROTT INC 0.8%

Value ($000) $148,349 (+40.4%) Shares 1,515,002 (+19.3%) Est. Cost $65.95 Unrealized +34.5%

SPGI S&P GLOBAL INC 0.6%

Value ($000) $107,703 (+31.5%) Shares 206,095 (+22.5%) Est. Cost $274.82 Unrealized +79.8%

ABNB AIRBNB INC 0.5%

Value ($000) $90,641 (+34.0%) Shares 667,850 (+19.9%) Est. Cost $128.79 Unrealized -3.3%

NOVT NOVANTA INC 0.3%

Value ($000) $54,397 (+38.9%) Shares 457,160 (+16.9%) Est. Cost $118.49 Unrealized -3.9%

HDB HDFC BANK LTD 0.7%

Value ($000) $116,464 (+14.9%) Shares 3,187,295 (+7.4%) Est. Cost $44.84 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.4%

Value ($000) $72,597 (+20.4%) Shares 207,095 (+10.9%) Est. Cost $370.15 Unrealized -9.0%

JNJ JOHNSON & JOHNSON 0.5%

Value ($000) $86,067 (+15.6%) Shares 415,882 (+3.5%) Est. Cost $111.94 Unrealized +76.0%

NTES NETEASE INC 0.4%

Value ($000) $77,053 (+12.3%) Shares 559,896 (+24.0%) Est. Cost $98.59 Unrealized —

TW TRADEWEB MKTS INC 0.3%

Value ($000) $57,122 (+9.8%) Shares 531,171 (+13.4%) Est. Cost $68.16 Unrealized +57.5%

ZTS ZOETIS INC 0.2%

Value ($000) $44,596 (-6.7%) Shares 354,445 (+8.5%) Est. Cost $154.61 Unrealized -15.7%

ENSG ENSIGN GROUP INC 0.1%

Value ($000) $21,982 (+16.8%) Shares 126,186 (+15.8%) Est. Cost $145.52 Unrealized +23.4%

ESQ ESQUIRE FINL HLDGS INC 0.5%

Value ($000) $81,703 (+3.1%) Shares 800,465 (+3.1%) Est. Cost $75.53 Unrealized +33.8%

ABBV ABBVIE INC 0.3%

Value ($000) $59,727 (+2.8%) Shares 261,398 (+4.2%) Est. Cost $141.17 Unrealized +61.2%

ITT ITT INC 0.4%

Value ($000) $73,350 (+1.8%) Shares 422,740 (+4.9%) Est. Cost $140.18 Unrealized +27.8%

RYAN RYAN SPECIALTY HOLDINGS INC 0.2%

Value ($000) $27,115 (+2.5%) Shares 525,172 (+11.9%) Est. Cost $34.11 Unrealized +60.8%

KNSL KINSALE CAP GROUP INC 0.1%

Value ($000) $13,525 (-0.3%) Shares 34,580 (+8.4%) Est. Cost $445.06 Unrealized -8.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WFC	WELLS FARGO CO NEW	4,876,127 (+177.7%)	$454,455 (+208.8%)	2.5%	$84.41	+2.6%	COM	949746101
SHEL	SHELL PLC	8,075,089 (+79.4%)	$593,358 (+84.3%)	3.3%	$63.31	—	SPON ADS	780259305
AER	AERCAP HOLDINGS NV	3,272,935 (+56.3%)	$470,517 (+85.7%)	2.6%	$118.12	+12.1%	SHS	N00985106
UBER	UBER TECHNOLOGIES INC	2,503,682 (+231.0%)	$204,576 (+176.1%)	1.1%	$91.10	-1.2%	COM	90353T100
SO	SOUTHERN CO	1,767,773 (+121.4%)	$154,150 (+103.8%)	0.9%	$77.24	+17.7%	COM	842587107
NU	NU HLDGS LTD	4,585,720 (+578.0%)	$76,765 (+608.9%)	0.4%	$15.76	+2.0%	ORD SHS CL A	G6683N103
NVDA	NVIDIA CORPORATION	356,928 (+527.4%)	$66,567 (+527.1%)	0.4%	$184.04	+1.1%	COM	67066G104
SII	SPROTT INC	1,515,002 (+19.3%)	$148,349 (+40.4%)	0.8%	$65.95	+34.5%	COM NEW	852066208
SPGI	S&P GLOBAL INC	206,095 (+22.5%)	$107,703 (+31.5%)	0.6%	$274.82	+79.8%	COM	78409V104
ABNB	AIRBNB INC	667,850 (+19.9%)	$90,641 (+34.0%)	0.5%	$128.79	-3.3%	COM CL A	009066101
NOVT	NOVANTA INC	457,160 (+16.9%)	$54,397 (+38.9%)	0.3%	$118.49	-3.9%	COM	67000B104
HDB	HDFC BANK LTD	3,187,295 (+7.4%)	$116,464 (+14.9%)	0.7%	$44.84	—	SPONSORED ADS	40415F101
ELV	ELEVANCE HEALTH INC FORMERLY	207,095 (+10.9%)	$72,597 (+20.4%)	0.4%	$370.15	-9.0%	COM	036752103
JNJ	JOHNSON & JOHNSON	415,882 (+3.5%)	$86,067 (+15.6%)	0.5%	$111.94	+76.0%	COM	478160104
NTES	NETEASE INC	559,896 (+24.0%)	$77,053 (+12.3%)	0.4%	$98.59	—	SPONSORED ADS	64110W102
TW	TRADEWEB MKTS INC	531,171 (+13.4%)	$57,122 (+9.8%)	0.3%	$68.16	+57.5%	CL A	892672106
ZTS	ZOETIS INC	354,445 (+8.5%)	$44,596 (-6.7%)	0.2%	$154.61	-15.7%	CL A	98978V103
ENSG	ENSIGN GROUP INC	126,186 (+15.8%)	$21,982 (+16.8%)	0.1%	$145.52	+23.4%	COM	29358P101
ESQ	ESQUIRE FINL HLDGS INC	800,465 (+3.1%)	$81,703 (+3.1%)	0.5%	$75.53	+33.8%	COM	29667J101
ABBV	ABBVIE INC	261,398 (+4.2%)	$59,727 (+2.8%)	0.3%	$141.17	+61.2%	COM	00287Y109
ITT	ITT INC	422,740 (+4.9%)	$73,350 (+1.8%)	0.4%	$140.18	+27.8%	COM	45073V108
RYAN	RYAN SPECIALTY HOLDINGS INC	525,172 (+11.9%)	$27,115 (+2.5%)	0.2%	$34.11	+60.8%	CL A	78351F107
KNSL	KINSALE CAP GROUP INC	34,580 (+8.4%)	$13,525 (-0.3%)	0.1%	$445.06	-8.4%	COM	49714P108

Exited Positions (10)

POOL POOL CORP 0.7%

Value ($000) $131,646 Shares 424,570 Est. Cost $334.01 Unrealized -22.3%

PAYX PAYCHEX INC 0.2%

Value ($000) $42,887 Shares 338,331 Est. Cost $60.06 Unrealized +94.0%

STT STATE STR CORP 0.2%

Value ($000) $40,634 Shares 350,267 Est. Cost $63.69 Unrealized +86.8%

ARM ARM HOLDINGS PLC 0.2%

Value ($000) $38,172 Shares 269,784 Est. Cost $161.74 Unrealized —

YUMC YUM CHINA HLDGS INC 0.2%

Value ($000) $27,328 Shares 636,728 Est. Cost $47.42 Unrealized -3.4%

FCNCA FIRST CTZNS BANCSHARES INC D 0.1%

Value ($000) $11,510 Shares 6,433 Est. Cost $1533.98 Unrealized +22.8%

VRSN VERISIGN INC 0.0%

Value ($000) $6,367 Shares 22,776 Est. Cost $184.87 Unrealized +35.7%

ACWI ISHARES TR 0.0%

Value ($000) $5,644 Shares 40,825 Est. Cost $138.24 Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD 0.0%

Value ($000) $5,591 Shares 431,100 Est. Cost $12.48 Unrealized —

ORCL ORACLE CORP 0.0%

Value ($000) $239 Shares 850 Est. Cost $254.17 Unrealized -6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
POOL	POOL CORP	424,570	$131,646	0.7%	$334.01	-22.3%	—	73278L105
PAYX	PAYCHEX INC	338,331	$42,887	0.2%	$60.06	+94.0%	—	704326107
STT	STATE STR CORP	350,267	$40,634	0.2%	$63.69	+86.8%	—	857477103
ARM	ARM HOLDINGS PLC	269,784	$38,172	0.2%	$161.74	—	—	042068205
YUMC	YUM CHINA HLDGS INC	636,728	$27,328	0.2%	$47.42	-3.4%	—	98850P109
FCNCA	FIRST CTZNS BANCSHARES INC D	6,433	$11,510	0.1%	$1533.98	+22.8%	—	31946M103
VRSN	VERISIGN INC	22,776	$6,367	0.0%	$184.87	+35.7%	—	92343E102
ACWI	ISHARES TR	40,825	$5,644	0.0%	$138.24	—	—	464288257
YMM	FULL TRUCK ALLIANCE CO LTD	431,100	$5,591	0.0%	$12.48	—	—	35969L108
ORCL	ORACLE CORP	850	$239	0.0%	$254.17	-6.3%	—	68389X105

Decreased Positions (67)

AON AON PLC 2.9%

Value ($000) $521,448 (-41.5%) Shares 1,477,693 (-40.8%) Est. Cost $184.91 Unrealized +88.8%

MRSH MARSH & MCLENNAN COS INC 4.1%

Value ($000) $724,583 (-21.4%) Shares 3,905,686 (-14.6%) Est. Cost $91.90 Unrealized +102.9%

BKNG BOOKING HOLDINGS INC 3.4%

Value ($000) $600,895 (-22.3%) Shares 112,205 (-21.7%) Est. Cost $2475.68 Unrealized +107.5%

FCN FTI CONSULTING INC 2.2%

Value ($000) $393,891 (-27.2%) Shares 2,305,748 (-31.1%) Est. Cost $139.80 Unrealized +17.9%

CDW CDW CORP 1.4%

Value ($000) $243,363 (-35.3%) Shares 1,786,808 (-24.3%) Est. Cost $121.89 Unrealized +20.6%

GOOG ALPHABET INC 6.4%

Value ($000) $1,151,351 (+12.5%) Shares 3,669,059 (-12.7%) Est. Cost $117.17 Unrealized +144.4%

ATR APTARGROUP INC 1.4%

Value ($000) $250,899 (-32.0%) Shares 2,057,224 (-25.4%) Est. Cost $134.20 Unrealized -8.4%

NOC NORTHROP GRUMMAN CORP 2.7%

Value ($000) $482,472 (-17.9%) Shares 846,131 (-12.3%) Est. Cost $486.10 Unrealized +19.1%

MEDP MEDPACE HLDGS INC 1.3%

Value ($000) $228,761 (-31.2%) Shares 407,302 (-37.0%) Est. Cost $331.02 Unrealized +71.5%

CME CME GROUP INC 1.7%

Value ($000) $311,447 (-23.3%) Shares 1,140,499 (-24.1%) Est. Cost $203.72 Unrealized +32.9%

BDX BECTON DICKINSON & CO 0.6%

Value ($000) $105,406 (-47.2%) Shares 543,136 (-49.0%) Est. Cost $167.42 Unrealized +13.2%

BRK/A BERKSHIRE HATHAWAY INC DEL 2.5%

Value ($000) $443,068 (-17.4%) Shares 587 (-17.4%) Est. Cost $734414.50 Unrealized +1.6%

V VISA INC 4.0%

Value ($000) $713,767 (-11.1%) Shares 2,035,207 (-13.5%) Est. Cost $154.83 Unrealized +119.8%

NSP INSPERITY INC 0.3%

Value ($000) $46,471 (-64.0%) Shares 1,200,192 (-54.2%) Est. Cost $77.36 Unrealized -49.0%

TME TENCENT MUSIC ENTMT GROUP 0.8%

Value ($000) $136,879 (-30.0%) Shares 7,808,297 (-6.8%) Est. Cost $11.66 Unrealized —

KSPI KASPI KZ JSC 0.0%

Value ($000) $5,687 (-91.1%) Shares 72,791 (-90.7%) Est. Cost $128.64 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.7%

Value ($000) $121,574 (-31.9%) Shares 2,984,875 (-26.5%) Est. Cost $33.49 Unrealized +20.9%

DE DEERE & CO 1.0%

Value ($000) $178,074 (-22.5%) Shares 382,487 (-23.9%) Est. Cost $389.84 Unrealized +20.0%

AMZN AMAZON COM INC 5.3%

Value ($000) $939,427 (-4.6%) Shares 4,069,955 (-9.3%) Est. Cost $147.50 Unrealized +55.1%

APH AMPHENOL CORP NEW 3.9%

Value ($000) $687,261 (-6.0%) Shares 5,085,546 (-14.0%) Est. Cost $44.10 Unrealized +202.8%

JPM JPMORGAN CHASE & CO. 1.8%

Value ($000) $327,231 (-11.7%) Shares 1,015,553 (-13.5%) Est. Cost $188.57 Unrealized +64.1%

AJG GALLAGHER ARTHUR J & CO 0.9%

Value ($000) $158,646 (-20.7%) Shares 613,031 (-5.1%) Est. Cost $106.94 Unrealized +147.1%

VVV VALVOLINE INC 0.3%

Value ($000) $44,958 (-44.6%) Shares 1,547,060 (-31.6%) Est. Cost $35.99 Unrealized -10.8%

WAT WATERS CORP 2.8%

Value ($000) $493,305 (+6.1%) Shares 1,298,752 (-16.3%) Est. Cost $264.35 Unrealized +39.2%

MA MASTERCARD INCORPORATED 1.5%

Value ($000) $264,408 (-9.2%) Shares 463,159 (-9.6%) Est. Cost $339.42 Unrealized +64.7%

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $43,338 (-37.4%) Shares 133,748 (-33.1%) Est. Cost $237.27 Unrealized +40.8%

CPAY CORPAY INC 1.1%

Value ($000) $189,638 (-11.3%) Shares 630,173 (-15.1%) Est. Cost $286.90 Unrealized +1.2%

ICE INTERCONTINENTAL EXCHANGE IN 2.2%

Value ($000) $393,700 (-5.5%) Shares 2,430,848 (-1.7%) Est. Cost $145.75 Unrealized +7.2%

ACN ACCENTURE PLC IRELAND 0.5%

Value ($000) $95,126 (-18.8%) Shares 354,552 (-25.4%) Est. Cost $200.60 Unrealized +26.7%

CGNX COGNEX CORP 0.3%

Value ($000) $46,156 (-29.2%) Shares 1,282,831 (-10.9%) Est. Cost $28.50 Unrealized +41.9%

PG PROCTER AND GAMBLE CO 0.7%

Value ($000) $128,505 (-12.0%) Shares 896,693 (-5.7%) Est. Cost $102.41 Unrealized +43.7%

VRSK VERISK ANALYTICS INC 0.3%

Value ($000) $57,086 (-22.4%) Shares 255,201 (-12.8%) Est. Cost $103.92 Unrealized +116.8%

FERG FERGUSON ENTERPRISES INC 1.1%

Value ($000) $188,550 (-7.9%) Shares 846,921 (-7.1%) Est. Cost $194.60 Unrealized +22.3%

AAON AAON INC 0.3%

Value ($000) $58,423 (-20.8%) Shares 766,207 (-2.9%) Est. Cost $98.33 Unrealized -6.1%

NKE NIKE INC 0.4%

Value ($000) $68,177 (-17.4%) Shares 1,070,117 (-9.5%) Est. Cost $83.25 Unrealized -22.0%

BWXT BWX TECHNOLOGIES INC 0.7%

Value ($000) $133,552 (-9.5%) Shares 772,693 (-3.5%) Est. Cost $58.51 Unrealized +220.3%

MLM MARTIN MARIETTA MATLS INC 0.9%

Value ($000) $164,971 (-6.3%) Shares 264,946 (-5.2%) Est. Cost $372.96 Unrealized +66.6%

OSIS OSI SYSTEMS INC 1.1%

Value ($000) $204,967 (-4.0%) Shares 803,602 (-6.2%) Est. Cost $192.95 Unrealized +35.4%

DHR DANAHER CORPORATION 0.5%

Value ($000) $84,833 (+8.5%) Shares 370,579 (-6.0%) Est. Cost $184.84 Unrealized +18.8%

BUR BURFORD CAP LTD 0.0%

Value ($000) $2,223 (-72.6%) Shares 249,181 (-63.3%) Est. Cost $13.37 Unrealized -26.8%

COR CENCORA INC 1.2%

Value ($000) $208,825 (+2.7%) Shares 618,284 (-5.0%) Est. Cost $124.89 Unrealized +172.7%

CACI CACI INTL INC 0.7%

Value ($000) $131,208 (+4.2%) Shares 246,257 (-2.5%) Est. Cost $458.27 Unrealized +23.3%

MUSA MURPHY USA INC 0.1%

Value ($000) $10,235 (-32.8%) Shares 25,365 (-35.3%) Est. Cost $455.07 Unrealized -15.8%

MKC MCCORMICK & CO INC 0.2%

Value ($000) $27,249 (-14.6%) Shares 400,074 (-16.1%) Est. Cost $81.40 Unrealized -19.0%

UNH UNITEDHEALTH GROUP INC 0.3%

Value ($000) $47,946 (-8.8%) Shares 145,241 (-4.6%) Est. Cost $431.16 Unrealized -21.8%

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value ($000) $27,642 (-12.8%) Shares 429,818 (-6.7%) Est. Cost $42.42 Unrealized +57.7%

AEP AMERICAN ELEC PWR CO INC 0.6%

Value ($000) $112,633 (-3.3%) Shares 976,788 (-5.6%) Est. Cost $80.40 Unrealized +46.4%

RMD RESMED INC 0.1%

Value ($000) $17,572 (-17.2%) Shares 72,954 (-5.9%) Est. Cost $185.94 Unrealized +37.4%

CASH PATHWARD FINANCIAL INC 0.1%

Value ($000) $22,054 (-13.9%) Shares 310,623 (-10.2%) Est. Cost $63.01 Unrealized +13.7%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.3%

Value ($000) $56,727 (-5.3%) Shares 186,670 (-12.9%) Est. Cost $99.70 Unrealized —

FOUR SHIFT4 PMTS INC 0.1%

Value ($000) $10,697 (-22.5%) Shares 169,872 (-4.7%) Est. Cost $95.31 Unrealized -25.9%

BIO BIO RAD LABS INC 0.4%

Value ($000) $70,883 (+3.8%) Shares 233,946 (-3.9%) Est. Cost $382.37 Unrealized -18.4%

CSL CARLISLE COS INC 0.1%

Value ($000) $10,335 (-20.1%) Shares 32,310 (-17.8%) Est. Cost $352.27 Unrealized -8.4%

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value ($000) $5,803 (-27.3%) Shares 63,620 (-14.1%) Est. Cost $88.68 Unrealized +10.2%

WMS ADVANCED DRAIN SYS INC DEL 0.1%

Value ($000) $9,468 (-16.7%) Shares 65,373 (-20.2%) Est. Cost $148.44 Unrealized -2.5%

CBZ CBIZ INC 0.0%

Value ($000) $4,905 (-27.6%) Shares 97,223 (-24.0%) Est. Cost $72.34 Unrealized -27.3%

WMG WARNER MUSIC GROUP CORP 0.1%

Value ($000) $9,049 (-15.4%) Shares 295,041 (-6.1%) Est. Cost $28.56 Unrealized +5.9%

BWA BORGWARNER INC 0.2%

Value ($000) $39,403 (-3.9%) Shares 874,457 (-6.2%) Est. Cost $38.24 Unrealized +14.3%

RBA RB GLOBAL INC 0.1%

Value ($000) $12,478 (-11.1%) Shares 121,299 (-6.4%) Est. Cost $72.05 Unrealized +41.0%

AME AMETEK INC 0.2%

Value ($000) $41,283 (-3.5%) Shares 201,078 (-11.6%) Est. Cost $62.43 Unrealized +211.3%

EEFT EURONET WORLDWIDE INC 0.0%

Value ($000) $5,737 (-18.3%) Shares 75,374 (-5.7%) Est. Cost $102.78 Unrealized -24.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $27,562 (-3.8%) Shares 54,833 (-3.8%) Est. Cost $485.14 Unrealized +2.6%

SN SHARKNINJA INC 0.1%

Value ($000) $24,249 (-4.3%) Shares 216,701 (-11.8%) Est. Cost $61.06 Unrealized +61.4%

KLAC KLA CORP 0.1%

Value ($000) $11,649 (+6.0%) Shares 9,587 (-5.9%) Est. Cost $581.45 Unrealized +101.5%

GOOGL ALPHABET INC 0.0%

Value ($000) $5,963 (+10.6%) Shares 19,052 (-14.1%) Est. Cost $106.57 Unrealized +168.0%

LPLA LPL FINL HLDGS INC 0.1%

Value ($000) $17,718 (+1.1%) Shares 49,606 (-5.9%) Est. Cost $259.87 Unrealized +36.1%

LLY ELI LILLY & CO 0.0%

Value ($000) $253 (+10.3%) Shares 235 (-21.7%) Est. Cost $826.69 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AON	AON PLC	1,477,693 (-40.8%)	$521,448 (-41.5%)	2.9%	$184.91	+88.8%	SHS CL A	G0403H108
MRSH	MARSH & MCLENNAN COS INC	3,905,686 (-14.6%)	$724,583 (-21.4%)	4.1%	$91.90	+102.9%	COM	571748102
BKNG	BOOKING HOLDINGS INC	112,205 (-21.7%)	$600,895 (-22.3%)	3.4%	$2475.68	+107.5%	COM	09857L108
FCN	FTI CONSULTING INC	2,305,748 (-31.1%)	$393,891 (-27.2%)	2.2%	$139.80	+17.9%	COM	302941109
CDW	CDW CORP	1,786,808 (-24.3%)	$243,363 (-35.3%)	1.4%	$121.89	+20.6%	COM	12514G108
GOOG	ALPHABET INC	3,669,059 (-12.7%)	$1,151,351 (+12.5%)	6.4%	$117.17	+144.4%	CAP STK CL C	02079K107
ATR	APTARGROUP INC	2,057,224 (-25.4%)	$250,899 (-32.0%)	1.4%	$134.20	-8.4%	COM	038336103
NOC	NORTHROP GRUMMAN CORP	846,131 (-12.3%)	$482,472 (-17.9%)	2.7%	$486.10	+19.1%	COM	666807102
MEDP	MEDPACE HLDGS INC	407,302 (-37.0%)	$228,761 (-31.2%)	1.3%	$331.02	+71.5%	COM	58506Q109
CME	CME GROUP INC	1,140,499 (-24.1%)	$311,447 (-23.3%)	1.7%	$203.72	+32.9%	COM	12572Q105
BDX	BECTON DICKINSON & CO	543,136 (-49.0%)	$105,406 (-47.2%)	0.6%	$167.42	+13.2%	COM	075887109
BRK/A	BERKSHIRE HATHAWAY INC DEL	587 (-17.4%)	$443,068 (-17.4%)	2.5%	$734414.50	+1.6%	CL A	084670108
V	VISA INC	2,035,207 (-13.5%)	$713,767 (-11.1%)	4.0%	$154.83	+119.8%	COM CL A	92826C839
NSP	INSPERITY INC	1,200,192 (-54.2%)	$46,471 (-64.0%)	0.3%	$77.36	-49.0%	COM	45778Q107
TME	TENCENT MUSIC ENTMT GROUP	7,808,297 (-6.8%)	$136,879 (-30.0%)	0.8%	$11.66	—	SPON ADS	88034P109
KSPI	KASPI KZ JSC	72,791 (-90.7%)	$5,687 (-91.1%)	0.0%	$128.64	—	SPONSORED ADS	48581R205
VZ	VERIZON COMMUNICATIONS INC	2,984,875 (-26.5%)	$121,574 (-31.9%)	0.7%	$33.49	+20.9%	COM	92343V104
DE	DEERE & CO	382,487 (-23.9%)	$178,074 (-22.5%)	1.0%	$389.84	+20.0%	COM	244199105
AMZN	AMAZON COM INC	4,069,955 (-9.3%)	$939,427 (-4.6%)	5.3%	$147.50	+55.1%	COM	023135106
APH	AMPHENOL CORP NEW	5,085,546 (-14.0%)	$687,261 (-6.0%)	3.9%	$44.10	+202.8%	CL A	032095101
JPM	JPMORGAN CHASE & CO.	1,015,553 (-13.5%)	$327,231 (-11.7%)	1.8%	$188.57	+64.1%	COM	46625H100
AJG	GALLAGHER ARTHUR J & CO	613,031 (-5.1%)	$158,646 (-20.7%)	0.9%	$106.94	+147.1%	COM	363576109
VVV	VALVOLINE INC	1,547,060 (-31.6%)	$44,958 (-44.6%)	0.3%	$35.99	-10.8%	COM	92047W101
WAT	WATERS CORP	1,298,752 (-16.3%)	$493,305 (+6.1%)	2.8%	$264.35	+39.2%	COM	941848103
MA	MASTERCARD INCORPORATED	463,159 (-9.6%)	$264,408 (-9.2%)	1.5%	$339.42	+64.7%	CL A	57636Q104
SHW	SHERWIN WILLIAMS CO	133,748 (-33.1%)	$43,338 (-37.4%)	0.2%	$237.27	+40.8%	COM	824348106
CPAY	CORPAY INC	630,173 (-15.1%)	$189,638 (-11.3%)	1.1%	$286.90	+1.2%	COM SHS	219948106
ICE	INTERCONTINENTAL EXCHANGE IN	2,430,848 (-1.7%)	$393,700 (-5.5%)	2.2%	$145.75	+7.2%	COM	45866F104
ACN	ACCENTURE PLC IRELAND	354,552 (-25.4%)	$95,126 (-18.8%)	0.5%	$200.60	+26.7%	SHS CLASS A	G1151C101
CGNX	COGNEX CORP	1,282,831 (-10.9%)	$46,156 (-29.2%)	0.3%	$28.50	+41.9%	COM	192422103
PG	PROCTER AND GAMBLE CO	896,693 (-5.7%)	$128,505 (-12.0%)	0.7%	$102.41	+43.7%	COM	742718109
VRSK	VERISK ANALYTICS INC	255,201 (-12.8%)	$57,086 (-22.4%)	0.3%	$103.92	+116.8%	COM	92345Y106
FERG	FERGUSON ENTERPRISES INC	846,921 (-7.1%)	$188,550 (-7.9%)	1.1%	$194.60	+22.3%	COMMON STOCK NEW	31488V107
AAON	AAON INC	766,207 (-2.9%)	$58,423 (-20.8%)	0.3%	$98.33	-6.1%	COM PAR $0.004	000360206
NKE	NIKE INC	1,070,117 (-9.5%)	$68,177 (-17.4%)	0.4%	$83.25	-22.0%	CL B	654106103
BWXT	BWX TECHNOLOGIES INC	772,693 (-3.5%)	$133,552 (-9.5%)	0.7%	$58.51	+220.3%	COM	05605H100
MLM	MARTIN MARIETTA MATLS INC	264,946 (-5.2%)	$164,971 (-6.3%)	0.9%	$372.96	+66.6%	COM	573284106
OSIS	OSI SYSTEMS INC	803,602 (-6.2%)	$204,967 (-4.0%)	1.1%	$192.95	+35.4%	COM	671044105
DHR	DANAHER CORPORATION	370,579 (-6.0%)	$84,833 (+8.5%)	0.5%	$184.84	+18.8%	COM	235851102
BUR	BURFORD CAP LTD	249,181 (-63.3%)	$2,223 (-72.6%)	0.0%	$13.37	-26.8%	ORD SHS	G17977110
COR	CENCORA INC	618,284 (-5.0%)	$208,825 (+2.7%)	1.2%	$124.89	+172.7%	COM	03073E105
CACI	CACI INTL INC	246,257 (-2.5%)	$131,208 (+4.2%)	0.7%	$458.27	+23.3%	CL A	127190304
MUSA	MURPHY USA INC	25,365 (-35.3%)	$10,235 (-32.8%)	0.1%	$455.07	-15.8%	COM	626755102
MKC	MCCORMICK & CO INC	400,074 (-16.1%)	$27,249 (-14.6%)	0.2%	$81.40	-19.0%	COM NON VTG	579780206
UNH	UNITEDHEALTH GROUP INC	145,241 (-4.6%)	$47,946 (-8.8%)	0.3%	$431.16	-21.8%	COM	91324P102
IBKR	INTERACTIVE BROKERS GROUP IN	429,818 (-6.7%)	$27,642 (-12.8%)	0.2%	$42.42	+57.7%	COM CL A	45841N107
AEP	AMERICAN ELEC PWR CO INC	976,788 (-5.6%)	$112,633 (-3.3%)	0.6%	$80.40	+46.4%	COM	025537101
RMD	RESMED INC	72,954 (-5.9%)	$17,572 (-17.2%)	0.1%	$185.94	+37.4%	COM	761152107
CASH	PATHWARD FINANCIAL INC	310,623 (-10.2%)	$22,054 (-13.9%)	0.1%	$63.01	+13.7%	COM	59100U108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	186,670 (-12.9%)	$56,727 (-5.3%)	0.3%	$99.70	—	SPONSORED ADS	874039100
FOUR	SHIFT4 PMTS INC	169,872 (-4.7%)	$10,697 (-22.5%)	0.1%	$95.31	-25.9%	CL A	82452J109
BIO	BIO RAD LABS INC	233,946 (-3.9%)	$70,883 (+3.8%)	0.4%	$382.37	-18.4%	CL A	090572207
CSL	CARLISLE COS INC	32,310 (-17.8%)	$10,335 (-20.1%)	0.1%	$352.27	-8.4%	COM	142339100
ORLY	OREILLY AUTOMOTIVE INC	63,620 (-14.1%)	$5,803 (-27.3%)	0.0%	$88.68	+10.2%	COM	67103H107
WMS	ADVANCED DRAIN SYS INC DEL	65,373 (-20.2%)	$9,468 (-16.7%)	0.1%	$148.44	-2.5%	COM	00790R104
CBZ	CBIZ INC	97,223 (-24.0%)	$4,905 (-27.6%)	0.0%	$72.34	-27.3%	COM	124805102
WMG	WARNER MUSIC GROUP CORP	295,041 (-6.1%)	$9,049 (-15.4%)	0.1%	$28.56	+5.9%	COM CL A	934550203
BWA	BORGWARNER INC	874,457 (-6.2%)	$39,403 (-3.9%)	0.2%	$38.24	+14.3%	COM	099724106
RBA	RB GLOBAL INC	121,299 (-6.4%)	$12,478 (-11.1%)	0.1%	$72.05	+41.0%	COM	74935Q107
AME	AMETEK INC	201,078 (-11.6%)	$41,283 (-3.5%)	0.2%	$62.43	+211.3%	COM	031100100
EEFT	EURONET WORLDWIDE INC	75,374 (-5.7%)	$5,737 (-18.3%)	0.0%	$102.78	-24.2%	COM	298736109
BRK/B	BERKSHIRE HATHAWAY INC DEL	54,833 (-3.8%)	$27,562 (-3.8%)	0.2%	$485.14	+2.6%	CL B NEW	084670702
SN	SHARKNINJA INC	216,701 (-11.8%)	$24,249 (-4.3%)	0.1%	$61.06	+61.4%	COM SHS	G8068L108
KLAC	KLA CORP	9,587 (-5.9%)	$11,649 (+6.0%)	0.1%	$581.45	+101.5%	COM NEW	482480100
GOOGL	ALPHABET INC	19,052 (-14.1%)	$5,963 (+10.6%)	0.0%	$106.57	+168.0%	CAP STK CL A	02079K305
LPLA	LPL FINL HLDGS INC	49,606 (-5.9%)	$17,718 (+1.1%)	0.1%	$259.87	+36.1%	COM	50212V100
LLY	ELI LILLY & CO	235 (-21.7%)	$253 (+10.3%)	0.0%	$826.69	+15.6%	COM	532457108

Unchanged Positions (10)

MSFT MICROSOFT CORP 7.1%

Value ($000) $1,270,260 Shares 2,626,566 Est. Cost $141.72 Unrealized +253.2%

META META PLATFORMS INC 2.5%

Value ($000) $454,277 Shares 688,205 Est. Cost $616.61 Unrealized +8.2%

BBSI BARRETT BUSINESS SVCS INC 0.4%

Value ($000) $71,118 Shares 1,964,053 Est. Cost $34.58 Unrealized +10.5%

ABT ABBOTT LABS 0.9%

Value ($000) $156,045 Shares 1,245,467 Est. Cost $102.80 Unrealized +23.8%

TXN TEXAS INSTRS INC 0.4%

Value ($000) $79,258 Shares 456,844 Est. Cost $132.00 Unrealized +29.3%

DFIN DONNELLEY FINL SOLUTIONS INC 0.2%

Value ($000) $40,133 Shares 859,565 Est. Cost $50.80 Unrealized -4.8%

HSY HERSHEY CO 0.3%

Value ($000) $44,803 Shares 246,199 Est. Cost $125.39 Unrealized +45.2%

PDD PDD HOLDINGS INC 0.0%

Value ($000) $3,899 Shares 34,390 Est. Cost $121.32 Unrealized —

AAPL APPLE INC 0.0%

Value ($000) $1,066 Shares 3,921 Est. Cost $165.78 Unrealized +61.9%

RY ROYAL BK CDA 0.0%

Value ($000) $255 Shares 1,495 Est. Cost $137.85 Unrealized +11.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	2,626,566	$1,270,260	7.1%	$141.72	+253.2%	COM	594918104
META	META PLATFORMS INC	688,205	$454,277	2.5%	$616.61	+8.2%	CL A	30303M102
BBSI	BARRETT BUSINESS SVCS INC	1,964,053	$71,118	0.4%	$34.58	+10.5%	COM	068463108
ABT	ABBOTT LABS	1,245,467	$156,045	0.9%	$102.80	+23.8%	COM	002824100
TXN	TEXAS INSTRS INC	456,844	$79,258	0.4%	$132.00	+29.3%	COM	882508104
DFIN	DONNELLEY FINL SOLUTIONS INC	859,565	$40,133	0.2%	$50.80	-4.8%	COM	25787G100
HSY	HERSHEY CO	246,199	$44,803	0.3%	$125.39	+45.2%	COM	427866108
PDD	PDD HOLDINGS INC	34,390	$3,899	0.0%	$121.32	—	SPONSORED ADS	722304102
AAPL	APPLE INC	3,921	$1,066	0.0%	$165.78	+61.9%	COM	037833100
RY	ROYAL BK CDA	1,495	$255	0.0%	$137.85	+11.4%	COM	780087102