Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VMI	VALMONT INDS INC	114,118	$65.91M	0.4%	$577.60	—	COM	920253101
SKM	SK TELECOM CO LTD	1,708,146	$54.93M	0.4%	$32.16	—	SPONSORED ADR	78440P306
AVGO	BROADCOM INC	128,290	$48.46M	0.3%	$377.75	—	COM	11135F101
NOW	SERVICENOW INC	337,344	$33.49M	0.2%	$99.28	—	COM	81762P102
FORM	FORMFACTOR INC	202,824	$32.44M	0.2%	$159.93	—	COM	346375108
WCC	WESCO INTL INC	74,616	$25.77M	0.2%	$345.43	—	COM	95082P105
ADSK	AUTODESK INC	130,248	$25.32M	0.2%	$194.42	—	COM	052769106
RXO	RXO INC	657,345	$18.14M	0.1%	$27.59	—	COMMON STOCK	74982T103
TER	TERADYNE INC	35,997	$17.42M	0.1%	$483.84	—	COM	880770102
XPEL	XPEL INC	310,200	$15.39M	0.1%	$49.60	—	COM	98379L100
GLBE	GLOBAL E ONLINE LTD	340,500	$11.83M	0.1%	$34.73	—	SHS	M5216V106
CART	MAPLEBEAR INC	230,600	$10.92M	0.1%	$47.35	—	COM	565394103
TWST	TWIST BIOSCIENCE CORP	99,251	$10.21M	0.1%	$102.88	—	COM	90184D100
FND	FLOOR & DECOR HLDGS INC	160,400	$9.521M	0.1%	$59.36	—	CL A	339750101
TBBB	BBB FOODS INC	212,570	$8.858M	0.1%	$41.67	—	CL A COM	G0896C103
MTRN	MATERION CORP	26,872	$7.991M	0.1%	$297.39	—	COM	576690101
LMT	LOCKHEED MARTIN CORP	14,217	$7.243M	0.0%	$509.46	—	COM	539830109
PARR	PAR PAC HOLDINGS INC	95,910	$5.379M	0.0%	$56.08	—	COM NEW	69888T207
PEGA	PEGASYSTEMS INC	170,958	$5.124M	0.0%	$29.97	—	COM	705573103
VIST	VISTA ENERGY S.A.B. DE C.V.	60,800	$3.879M	0.0%	$63.80	—	SPONSORED ADS	92837L109
GNRC	GENERAC HLDGS INC	7,249	$2.123M	0.0%	$292.81	—	COM	368736104
HLNE	HAMILTON LANE INC	13,400	$1.056M	0.0%	$78.83	—	CL A	407497106
KRT	KARAT PACKAGING INC	31,084	$1.04M	0.0%	$33.46	—	COM	48563L101
IVV	ISHARES TR	521	$390K	0.0%	$748.89	—	CORE S&P500 ETF	464287200
TD	TORONTO DOMINION BK ONT	2,081	$253K	0.0%	$121.43	—	COM NEW	891160509
CAT	CATERPILLAR INC	225	$240K	0.0%	$1064.90	—	COM	149123101
IEFA	ISHARES TR	2,210	$213K	0.0%	$96.58	—	CORE MSCI EAFE	46432F842
BMO	BANK MONTREAL MEDIUM	1,195	$211K	0.0%	$176.70	—	COM	063671101

Increased Positions (37)

NVDA NVIDIA CORPORATION 4.2%

Value $616M (+271.2%) Shares 3,078,576 (+223.5%) Est. Cost $195.63 Unrealized —

AEP AMERICAN ELEC PWR CO INC 2.1%

Value $312M (+78.6%) Shares 2,283,858 (+71.1%) Est. Cost $110.13 Unrealized —

BKNG BOOKING HOLDINGS INC 0.9%

Value $132M (-44.7%) Shares 740,483 (+1205.9%) Est. Cost $354.16 Unrealized —

TSEM TOWER SEMICONDUCTOR LTD 1.8%

Value $271M (+59.8%) Shares 1,038,086 (+7.6%) Est. Cost $138.13 Unrealized —

COR CENCORA INC 2.9%

Value $421M (+30.1%) Shares 1,488,843 (+44.4%) Est. Cost $236.78 Unrealized —

MCK MCKESSON CORP 0.9%

Value $136M (+83.9%) Shares 180,449 (+110.6%) Est. Cost $812.51 Unrealized —

VEEV VEEVA SYS INC 0.4%

Value $63.07M (+6435.3%) Shares 355,389 (+6368.7%) Est. Cost $177.88 Unrealized —

TXN TEXAS INSTRS INC 0.9%

Value $133M (+56.9%) Shares 447,181 (+2.2%) Est. Cost $135.54 Unrealized —

LITE LUMENTUM HLDGS INC 0.3%

Value $49.49M (+692.8%) Shares 57,680 (+549.3%) Est. Cost $797.86 Unrealized —

ABBV ABBVIE INC 0.7%

Value $109M (+61.0%) Shares 431,246 (+39.2%) Est. Cost $181.41 Unrealized —

SHEL SHELL PLC 4.2%

Value $621M (-6.2%) Shares 8,013,792 (+12.5%) Est. Cost $64.90 Unrealized —

NOVT NOVANTA INC 0.7%

Value $95.65M (+68.0%) Shares 589,573 (+22.3%) Est. Cost $127.19 Unrealized —

CGNX COGNEX CORP 0.6%

Value $94.52M (+62.6%) Shares 1,305,175 (+10.0%) Est. Cost $32.48 Unrealized —

VRSK VERISK ANALYTICS INC 0.6%

Value $83.35M (+54.0%) Shares 464,286 (+62.7%) Est. Cost $139.54 Unrealized —

KLAC KLA CORP 0.2%

Value $32.22M (+132.4%) Shares 106,797 (+1034.2%) Est. Cost $326.37 Unrealized —

MDLN MEDLINE INC 0.2%

Value $33.15M (+102.8%) Shares 840,566 (+128.9%) Est. Cost $41.10 Unrealized —

VRT VERTIV HOLDINGS CO 0.2%

Value $24.12M (+193.4%) Shares 72,028 (+119.6%) Est. Cost $270.03 Unrealized —

IPAR INTERPARFUMS INC 0.3%

Value $43.19M (+52.9%) Shares 386,090 (+24.2%) Est. Cost $97.60 Unrealized —

SPGI S&P GLOBAL INC 1.2%

Value $175M (+7.1%) Shares 428,573 (+11.9%) Est. Cost $375.78 Unrealized —

DORM DORMAN PRODS INC 0.2%

Value $35.19M (+32.1%) Shares 257,897 (+1.1%) Est. Cost $129.60 Unrealized —

WMS ADVANCED DRAIN SYS INC DEL 0.1%

Value $14.29M (+93.1%) Shares 91,012 (+68.7%) Est. Cost $151.91 Unrealized —

HSY HERSHEY CO 0.3%

Value $48.84M (-11.5%) Shares 278,385 (+4.8%) Est. Cost $133.21 Unrealized —

SFM SPROUTS FMRS MKT INC 0.1%

Value $15.68M (+63.2%) Shares 185,380 (+48.8%) Est. Cost $85.47 Unrealized —

FIX COMFORT SYS USA INC 0.1%

Value $12.95M (+80.7%) Shares 6,534 (+25.8%) Est. Cost $1139.84 Unrealized —

GTX GARRETT MOTION INC 0.1%

Value $8.304M (+154.5%) Shares 229,213 (+27.7%) Est. Cost $22.66 Unrealized —

CSW CSW INDUSTRIALS INC 0.1%

Value $8.56M (+73.6%) Shares 30,757 (+62.6%) Est. Cost $275.65 Unrealized —

LPLA LPL FINL HLDGS INC 0.1%

Value $18.1M (+23.5%) Shares 64,243 (+31.9%) Est. Cost $265.14 Unrealized —

XPO XPO INC 0.1%

Value $9.691M (+50.9%) Shares 47,204 (+43.0%) Est. Cost $180.87 Unrealized —

SAIA SAIA INC 0.1%

Value $8.361M (+26.3%) Shares 19,852 (+5.3%) Est. Cost $374.58 Unrealized —

RMD RESMED INC 0.1%

Value $17.42M (-7.6%) Shares 89,367 (+6.4%) Est. Cost $195.13 Unrealized —

SE SEA LTD 0.0%

Value $2.663M (+89.7%) Shares 27,785 (+64.0%) Est. Cost $100.97 Unrealized —

BCO BRINKS CO 0.0%

Value $2.732M (+80.4%) Shares 28,917 (+97.9%) Est. Cost $110.53 Unrealized —

WAY WAYSTAR HLDG CORP 0.1%

Value $9.856M (-9.8%) Shares 480,069 (+5.9%) Est. Cost $32.82 Unrealized —

AMTM AMENTUM HOLDINGS INC 0.1%

Value $7.639M (-12.3%) Shares 369,557 (+10.7%) Est. Cost $32.22 Unrealized —

AAPL APPLE INC 0.0%

Value $1.594M (+63.9%) Shares 5,510 (+43.8%) Est. Cost $203.40 Unrealized —

CASH PATHWARD FINANCIAL INC 0.2%

Value $23.65M (-1.3%) Shares 271,655 (+1.2%) Est. Cost $63.29 Unrealized —

ATAT ATOUR LIFESTYLE HLDGS LTD 0.2%

Value $23.92M (+0.3%) Shares 752,258 (+16.1%) Est. Cost $37.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	3,078,576 (+223.5%)	$616M (+271.2%)	4.2%	$195.63	—	COM	67066G104
AEP	AMERICAN ELEC PWR CO INC	2,283,858 (+71.1%)	$312M (+78.6%)	2.1%	$110.13	—	COM	025537101
BKNG	BOOKING HOLDINGS INC	740,483 (+1205.9%)	$132M (-44.7%)	0.9%	$354.16	—	COM	09857L108
TSEM	TOWER SEMICONDUCTOR LTD	1,038,086 (+7.6%)	$271M (+59.8%)	1.8%	$138.13	—	SHS NEW	M87915274
COR	CENCORA INC	1,488,843 (+44.4%)	$421M (+30.1%)	2.9%	$236.78	—	COM	03073E105
MCK	MCKESSON CORP	180,449 (+110.6%)	$136M (+83.9%)	0.9%	$812.51	—	COM	58155Q103
VEEV	VEEVA SYS INC	355,389 (+6368.7%)	$63.07M (+6435.3%)	0.4%	$177.88	—	CL A COM	922475108
TXN	TEXAS INSTRS INC	447,181 (+2.2%)	$133M (+56.9%)	0.9%	$135.54	—	COM	882508104
LITE	LUMENTUM HLDGS INC	57,680 (+549.3%)	$49.49M (+692.8%)	0.3%	$797.86	—	COM	55024U109
ABBV	ABBVIE INC	431,246 (+39.2%)	$109M (+61.0%)	0.7%	$181.41	—	COM	00287Y109
SHEL	SHELL PLC	8,013,792 (+12.5%)	$621M (-6.2%)	4.2%	$64.90	—	SPON ADS	780259305
NOVT	NOVANTA INC	589,573 (+22.3%)	$95.65M (+68.0%)	0.7%	$127.19	—	COM	67000B104
CGNX	COGNEX CORP	1,305,175 (+10.0%)	$94.52M (+62.6%)	0.6%	$32.48	—	COM	192422103
VRSK	VERISK ANALYTICS INC	464,286 (+62.7%)	$83.35M (+54.0%)	0.6%	$139.54	—	COM	92345Y106
KLAC	KLA CORP	106,797 (+1034.2%)	$32.22M (+132.4%)	0.2%	$326.37	—	COM NEW	482480100
MDLN	MEDLINE INC	840,566 (+128.9%)	$33.15M (+102.8%)	0.2%	$41.10	—	COM CL A	58507V107
VRT	VERTIV HOLDINGS CO	72,028 (+119.6%)	$24.12M (+193.4%)	0.2%	$270.03	—	COM CL A	92537N108
IPAR	INTERPARFUMS INC	386,090 (+24.2%)	$43.19M (+52.9%)	0.3%	$97.60	—	COM	458334109
SPGI	S&P GLOBAL INC	428,573 (+11.9%)	$175M (+7.1%)	1.2%	$375.78	—	COM	78409V104
DORM	DORMAN PRODS INC	257,897 (+1.1%)	$35.19M (+32.1%)	0.2%	$129.60	—	COM	258278100
WMS	ADVANCED DRAIN SYS INC DEL	91,012 (+68.7%)	$14.29M (+93.1%)	0.1%	$151.91	—	COM	00790R104
HSY	HERSHEY CO	278,385 (+4.8%)	$48.84M (-11.5%)	0.3%	$133.21	—	COM	427866108
SFM	SPROUTS FMRS MKT INC	185,380 (+48.8%)	$15.68M (+63.2%)	0.1%	$85.47	—	COM	85208M102
FIX	COMFORT SYS USA INC	6,534 (+25.8%)	$12.95M (+80.7%)	0.1%	$1139.84	—	COM	199908104
GTX	GARRETT MOTION INC	229,213 (+27.7%)	$8.304M (+154.5%)	0.1%	$22.66	—	COM	366505105
CSW	CSW INDUSTRIALS INC	30,757 (+62.6%)	$8.56M (+73.6%)	0.1%	$275.65	—	COM	126402106
LPLA	LPL FINL HLDGS INC	64,243 (+31.9%)	$18.1M (+23.5%)	0.1%	$265.14	—	COM	50212V100
XPO	XPO INC	47,204 (+43.0%)	$9.691M (+50.9%)	0.1%	$180.87	—	COM	983793100
SAIA	SAIA INC	19,852 (+5.3%)	$8.361M (+26.3%)	0.1%	$374.58	—	COM	78709Y105
RMD	RESMED INC	89,367 (+6.4%)	$17.42M (-7.6%)	0.1%	$195.13	—	COM	761152107
SE	SEA LTD	27,785 (+64.0%)	$2.663M (+89.7%)	0.0%	$100.97	—	SPONSORD ADS	81141R100
BCO	BRINKS CO	28,917 (+97.9%)	$2.732M (+80.4%)	0.0%	$110.53	—	COM	109696104
WAY	WAYSTAR HLDG CORP	480,069 (+5.9%)	$9.856M (-9.8%)	0.1%	$32.82	—	COM	946784105
AMTM	AMENTUM HOLDINGS INC	369,557 (+10.7%)	$7.639M (-12.3%)	0.1%	$32.22	—	COM	023939101
AAPL	APPLE INC	5,510 (+43.8%)	$1.594M (+63.9%)	0.0%	$203.40	—	COM	037833100
CASH	PATHWARD FINANCIAL INC	271,655 (+1.2%)	$23.65M (-1.3%)	0.2%	$63.29	—	COM	59100U108
ATAT	ATOUR LIFESTYLE HLDGS LTD	752,258 (+16.1%)	$23.92M (+0.3%)	0.2%	$37.77	—	SPONSORED ADS	04965M106

Exited Positions (12)

OSIS OSI SYSTEMS INC 1.2%

Value $176M Shares 662,634 Est. Cost $192.95 Unrealized —

NTES NETEASE COM INC 0.4%

Value $58.42M Shares 521,873 Est. Cost $98.59 Unrealized —

ENSG ENSIGN GROUP INC 0.2%

Value $34.04M Shares 168,926 Est. Cost $156.45 Unrealized —

MKC MCCORMICK & CO INC 0.1%

Value $20.07M Shares 397,975 Est. Cost $81.40 Unrealized —

WMG WARNER MUSIC GROUP CORP 0.1%

Value $8.717M Shares 341,325 Est. Cost $28.69 Unrealized —

LGN LEGENCE CORP 0.1%

Value $7.576M Shares 134,185 Est. Cost $42.91 Unrealized —

KSPI KASPI KZ JSC 0.0%

Value $5.392M Shares 72,791 Est. Cost $128.64 Unrealized —

PDD PDD HOLDINGS INC 0.0%

Value $3.514M Shares 34,390 Est. Cost $121.32 Unrealized —

CHRD CHORD ENERGY CORPORATION 0.0%

Value $3.303M Shares 23,234 Est. Cost $97.84 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value $3.241M Shares 35,115 Est. Cost $88.68 Unrealized —

MUSA MURPHY USA INC 0.0%

Value $2.986M Shares 6,044 Est. Cost $455.07 Unrealized —

EOG EOG RES INC 0.0%

Value $1.612M Shares 11,151 Est. Cost $112.14 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OSIS	OSI SYSTEMS INC	662,634	$176M	1.2%	$192.95	—	—	671044105
NTES	NETEASE COM INC	521,873	$58.42M	0.4%	$98.59	—	—	64110W102
ENSG	ENSIGN GROUP INC	168,926	$34.04M	0.2%	$156.45	—	—	29358P101
MKC	MCCORMICK & CO INC	397,975	$20.07M	0.1%	$81.40	—	—	579780206
WMG	WARNER MUSIC GROUP CORP	341,325	$8.717M	0.1%	$28.69	—	—	934550203
LGN	LEGENCE CORP	134,185	$7.576M	0.1%	$42.91	—	—	52476L109
KSPI	KASPI KZ JSC	72,791	$5.392M	0.0%	$128.64	—	—	48581R205
PDD	PDD HOLDINGS INC	34,390	$3.514M	0.0%	$121.32	—	—	722304102
CHRD	CHORD ENERGY CORPORATION	23,234	$3.303M	0.0%	$97.84	—	—	674215207
ORLY	OREILLY AUTOMOTIVE INC	35,115	$3.241M	0.0%	$88.68	—	—	67103H107
MUSA	MURPHY USA INC	6,044	$2.986M	0.0%	$455.07	—	—	626755102
EOG	EOG RES INC	11,151	$1.612M	0.0%	$112.14	—	—	26875P101

Decreased Positions (73)

MRSH MARSH & MCLENNAN COS INC 2.1%

Value $312M (-48.3%) Shares 1,871,159 (-46.2%) Est. Cost $91.90 Unrealized —

MSFT MICROSOFT CORP 4.3%

Value $627M (-26.9%) Shares 1,679,876 (-27.4%) Est. Cost $141.72 Unrealized —

NOC NORTHROP GRUMMAN CORP 2.3%

Value $340M (-27.1%) Shares 667,069 (-2.4%) Est. Cost $486.10 Unrealized —

FERG FERGUSON ENTERPRISES INC 0.2%

Value $34.36M (-78.1%) Shares 144,782 (-78.5%) Est. Cost $194.60 Unrealized —

FCN FTI CONSULTING INC 0.7%

Value $110M (-52.6%) Shares 736,868 (-43.8%) Est. Cost $139.80 Unrealized —

CME CME GROUP INC 1.4%

Value $211M (-30.7%) Shares 955,942 (-7.3%) Est. Cost $203.72 Unrealized —

APH AMPHENOL CORP 2.8%

Value $416M (-17.5%) Shares 2,358,285 (-40.8%) Est. Cost $44.10 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 1.7%

Value $250M (-23.6%) Shares 2,031,582 (-2.4%) Est. Cost $145.75 Unrealized —

MEDP MEDPACE HLDGS INC 1.0%

Value $141M (-33.9%) Shares 267,175 (-40.1%) Est. Cost $349.40 Unrealized —

ZTS ZOETIS INC 0.1%

Value $18.48M (-79.2%) Shares 257,185 (-65.9%) Est. Cost $139.46 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.5%

Value $70.99M (-48.2%) Shares 1,676,590 (-38.6%) Est. Cost $33.49 Unrealized —

ATR APTARGROUP INC 0.2%

Value $24.2M (-70.8%) Shares 193,292 (-70.6%) Est. Cost $134.20 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 2.1%

Value $311M (-15.0%) Shares 415 (-18.5%) Est. Cost $734414.50 Unrealized —

SII SPROTT INC 1.0%

Value $148M (-23.2%) Shares 1,320,706 (-2.3%) Est. Cost $65.95 Unrealized —

META META PLATFORMS INC 2.1%

Value $307M (-12.3%) Shares 545,687 (-11.0%) Est. Cost $616.61 Unrealized —

SO SOUTHERN CO 2.0%

Value $289M (-12.4%) Shares 3,023,312 (-11.6%) Est. Cost $83.19 Unrealized —

AMZN AMAZON COM INC 4.9%

Value $722M (-5.1%) Shares 3,028,097 (-17.0%) Est. Cost $147.50 Unrealized —

WAT WATERS CORP 3.1%

Value $456M (+9.2%) Shares 1,216,947 (-13.3%) Est. Cost $272.03 Unrealized —

BIO BIO RAD LABS INC 0.1%

Value $21.02M (-60.1%) Shares 71,577 (-62.1%) Est. Cost $382.37 Unrealized —

CPAY CORPAY INC 0.8%

Value $123M (-18.0%) Shares 367,757 (-28.4%) Est. Cost $286.90 Unrealized —

BWA BORGWARNER INC 0.1%

Value $19.64M (-56.6%) Shares 295,797 (-64.5%) Est. Cost $38.24 Unrealized —

WFC WELLS FARGO & CO 2.4%

Value $347M (-6.8%) Shares 4,195,116 (-10.2%) Est. Cost $84.41 Unrealized —

JPM JPMORGAN CHASE & CO 2.1%

Value $304M (-7.3%) Shares 927,802 (-16.7%) Est. Cost $199.39 Unrealized —

AON AON PLC 2.6%

Value $389M (-5.7%) Shares 1,171,624 (-8.3%) Est. Cost $184.91 Unrealized —

VVV VALVOLINE INC 0.1%

Value $13.55M (-63.0%) Shares 342,685 (-68.5%) Est. Cost $35.99 Unrealized —

ABT ABBOTT LABORATORIES 0.7%

Value $108M (-16.3%) Shares 1,186,677 (-5.3%) Est. Cost $102.80 Unrealized —

BDX BECTON DICKINSON & CO 0.2%

Value $35.09M (-37.2%) Shares 231,895 (-34.7%) Est. Cost $167.42 Unrealized —

SNDK SANDISK CORP 0.3%

Value $38.9M (+100.5%) Shares 17,110 (-44.0%) Est. Cost $200.29 Unrealized —

NKE NIKE INC 0.3%

Value $39M (-31.0%) Shares 950,036 (-11.2%) Est. Cost $83.25 Unrealized —

SHW SHERWIN WILLIAMS CO 0.1%

Value $16.73M (-49.6%) Shares 48,595 (-53.1%) Est. Cost $237.27 Unrealized —

UBER UBER TECHNOLOGIES INC 1.0%

Value $143M (-10.1%) Shares 1,983,808 (-10.4%) Est. Cost $91.10 Unrealized —

TW TRADEWEB MKTS INC 0.4%

Value $57.75M (-21.7%) Shares 579,425 (-7.5%) Est. Cost $74.43 Unrealized —

BWXT BWX TECHNOLOGIES INC 0.9%

Value $134M (-10.6%) Shares 689,750 (-6.0%) Est. Cost $58.51 Unrealized —

TME TENCENT MUSIC ENTMT GROUP 0.4%

Value $51.79M (-22.6%) Shares 6,202,845 (-14.0%) Est. Cost $11.66 Unrealized —

NU NU HLDGS LTD 0.6%

Value $95.6M (-13.6%) Shares 7,155,847 (-7.1%) Est. Cost $16.40 Unrealized —

AER AERCAP HOLDINGS NV 2.4%

Value $353M (-4.0%) Shares 2,420,238 (-9.7%) Est. Cost $118.12 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.4%

Value $54.01M (+36.2%) Shares 129,954 (-11.3%) Est. Cost $431.16 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.2%

Value $22.64M (-38.8%) Shares 530,533 (-10.0%) Est. Cost $86.78 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.4%

Value $57.47M (+26.6%) Shares 120,328 (-10.4%) Est. Cost $99.70 Unrealized —

MLM MARTIN MARIETTA MATLS INC 0.9%

Value $139M (-7.5%) Shares 241,545 (-5.5%) Est. Cost $372.96 Unrealized —

GOOG ALPHABET INC 6.4%

Value $948M (+1.1%) Shares 2,682,081 (-17.9%) Est. Cost $117.17 Unrealized —

OPLN OPENLANE INC 0.3%

Value $41.25M (+30.5%) Shares 1,000,262 (-7.8%) Est. Cost $28.66 Unrealized —

NSP INSPERITY INC 0.1%

Value $11.38M (-43.7%) Shares 275,434 (-63.1%) Est. Cost $77.36 Unrealized —

AJG GALLAGHER ARTHUR J & CO 0.8%

Value $117M (-7.0%) Shares 510,025 (-12.3%) Est. Cost $106.94 Unrealized —

ESQ ESQUIRE FINL HLDGS INC 0.5%

Value $69.54M (-10.8%) Shares 583,871 (-19.5%) Est. Cost $75.53 Unrealized —

V VISA INC 4.0%

Value $594M (+1.4%) Shares 1,730,185 (-10.7%) Est. Cost $154.83 Unrealized —

PG PROCTER & GAMBLE CO 0.8%

Value $115M (-6.4%) Shares 784,529 (-7.8%) Est. Cost $102.41 Unrealized —

AME AMETEK INC 0.2%

Value $35.59M (-16.5%) Shares 147,117 (-26.0%) Est. Cost $62.43 Unrealized —

MUX MCEWEN INC. 0.1%

Value $7.446M (-48.4%) Shares 410,707 (-41.9%) Est. Cost $22.39 Unrealized —

JNJ JOHNSON & JOHNSON 0.6%

Value $81.9M (-7.5%) Shares 322,477 (-10.9%) Est. Cost $111.94 Unrealized —

CDW CDW CORP 0.9%

Value $134M (+4.9%) Shares 949,381 (-9.7%) Est. Cost $121.89 Unrealized —

FANG DIAMONDBACK ENERGY INC 0.0%

Value $5.727M (-51.8%) Shares 32,583 (-45.7%) Est. Cost $159.83 Unrealized —

BBSI BARRETT BUSINESS SVCS INC 0.3%

Value $43.71M (-12.0%) Shares 1,230,575 (-27.7%) Est. Cost $34.58 Unrealized —

DFIN DONNELLEY FINL SOLUTIONS INC 0.1%

Value $14.56M (-27.1%) Shares 347,156 (-18.1%) Est. Cost $50.80 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 0.1%

Value $19.43M (-21.6%) Shares 223,262 (-39.6%) Est. Cost $42.42 Unrealized —

VG VENTURE GLOBAL INC 0.1%

Value $7.955M (-34.5%) Shares 714,711 (-7.2%) Est. Cost $8.89 Unrealized —

DHR DANAHER CORP DEL 0.4%

Value $60.87M (-5.2%) Shares 319,583 (-5.7%) Est. Cost $184.84 Unrealized —

KNSL KINSALE CAP GROUP INC 0.1%

Value $17.32M (-15.3%) Shares 52,521 (-12.2%) Est. Cost $423.28 Unrealized —

MA MASTERCARD INCORPORATED 1.5%

Value $223M (-1.3%) Shares 434,186 (-4.0%) Est. Cost $339.42 Unrealized —

ITT ITT INC 0.6%

Value $83.63M (-3.4%) Shares 422,873 (-6.9%) Est. Cost $143.67 Unrealized —

XYZ BLOCK INC 0.1%

Value $13.13M (+22.6%) Shares 172,805 (-2.9%) Est. Cost $62.61 Unrealized —

KKR KKR & CO INC 0.1%

Value $17.4M (-10.8%) Shares 189,608 (-10.1%) Est. Cost $124.08 Unrealized —

WSC WILLSCOT HLDGS CORP 0.0%

Value $4.92M (+59.2%) Shares 170,479 (-4.2%) Est. Cost $21.41 Unrealized —

RBA RB GLOBAL INC 0.1%

Value $11.23M (+17.5%) Shares 96,455 (-3.2%) Est. Cost $72.05 Unrealized —

BKTI BK TECHNOLOGIES CORPORATION 0.0%

Value $7.345M (-15.8%) Shares 85,429 (-26.9%) Est. Cost $81.14 Unrealized —

ABNB AIRBNB INC 0.7%

Value $107M (-1.1%) Shares 746,819 (-12.7%) Est. Cost $128.92 Unrealized —

HDB HDFC BANK LTD 0.5%

Value $67.8M (+1.5%) Shares 2,624,709 (-2.2%) Est. Cost $44.84 Unrealized —

RYAN RYAN SPECIALTY HOLDINGS INC 0.1%

Value $17.74M (+4.9%) Shares 469,919 (-6.2%) Est. Cost $34.11 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value $25.44M (-2.9%) Shares 50,850 (-7.0%) Est. Cost $485.14 Unrealized —

GOOGL ALPHABET INC 0.0%

Value $4.602M (-13.8%) Shares 12,877 (-30.7%) Est. Cost $106.57 Unrealized —

NEM NEWMONT CORP 0.0%

Value $2.827M (-17.8%) Shares 30,271 (-4.7%) Est. Cost $118.12 Unrealized —

SN SHARKNINJA INC 0.1%

Value $19.66M (+1.9%) Shares 129,084 (-29.1%) Est. Cost $61.06 Unrealized —

CSL CARLISLE COS INC 0.0%

Value $5.108M (-5.7%) Shares 14,082 (-13.3%) Est. Cost $352.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRSH	MARSH & MCLENNAN COS INC	1,871,159 (-46.2%)	$312M (-48.3%)	2.1%	$91.90	—	COM	571748102
MSFT	MICROSOFT CORP	1,679,876 (-27.4%)	$627M (-26.9%)	4.3%	$141.72	—	COM	594918104
NOC	NORTHROP GRUMMAN CORP	667,069 (-2.4%)	$340M (-27.1%)	2.3%	$486.10	—	COM	666807102
FERG	FERGUSON ENTERPRISES INC	144,782 (-78.5%)	$34.36M (-78.1%)	0.2%	$194.60	—	COMMON STOCK NEW	31488V107
FCN	FTI CONSULTING INC	736,868 (-43.8%)	$110M (-52.6%)	0.7%	$139.80	—	COM	302941109
CME	CME GROUP INC	955,942 (-7.3%)	$211M (-30.7%)	1.4%	$203.72	—	COM	12572Q105
APH	AMPHENOL CORP	2,358,285 (-40.8%)	$416M (-17.5%)	2.8%	$44.10	—	CL A	032095101
ICE	INTERCONTINENTAL EXCHANGE IN	2,031,582 (-2.4%)	$250M (-23.6%)	1.7%	$145.75	—	COM	45866F104
MEDP	MEDPACE HLDGS INC	267,175 (-40.1%)	$141M (-33.9%)	1.0%	$349.40	—	COM	58506Q109
ZTS	ZOETIS INC	257,185 (-65.9%)	$18.48M (-79.2%)	0.1%	$139.46	—	CL A	98978V103
VZ	VERIZON COMMUNICATIONS INC	1,676,590 (-38.6%)	$70.99M (-48.2%)	0.5%	$33.49	—	COM	92343V104
ATR	APTARGROUP INC	193,292 (-70.6%)	$24.2M (-70.8%)	0.2%	$134.20	—	COM	038336103
BRK/A	BERKSHIRE HATHAWAY INC DEL	415 (-18.5%)	$311M (-15.0%)	2.1%	$734414.50	—	CL A	084670108
SII	SPROTT INC	1,320,706 (-2.3%)	$148M (-23.2%)	1.0%	$65.95	—	COM NEW	852066208
META	META PLATFORMS INC	545,687 (-11.0%)	$307M (-12.3%)	2.1%	$616.61	—	CL A	30303M102
SO	SOUTHERN CO	3,023,312 (-11.6%)	$289M (-12.4%)	2.0%	$83.19	—	COM	842587107
AMZN	AMAZON COM INC	3,028,097 (-17.0%)	$722M (-5.1%)	4.9%	$147.50	—	COM	023135106
WAT	WATERS CORP	1,216,947 (-13.3%)	$456M (+9.2%)	3.1%	$272.03	—	COM	941848103
BIO	BIO RAD LABS INC	71,577 (-62.1%)	$21.02M (-60.1%)	0.1%	$382.37	—	CL A	090572207
CPAY	CORPAY INC	367,757 (-28.4%)	$123M (-18.0%)	0.8%	$286.90	—	COM SHS	219948106
BWA	BORGWARNER INC	295,797 (-64.5%)	$19.64M (-56.6%)	0.1%	$38.24	—	COM	099724106
WFC	WELLS FARGO & CO	4,195,116 (-10.2%)	$347M (-6.8%)	2.4%	$84.41	—	COM	949746101
JPM	JPMORGAN CHASE & CO	927,802 (-16.7%)	$304M (-7.3%)	2.1%	$199.39	—	COM	46625H100
AON	AON PLC	1,171,624 (-8.3%)	$389M (-5.7%)	2.6%	$184.91	—	SHS CL A	G0403H108
VVV	VALVOLINE INC	342,685 (-68.5%)	$13.55M (-63.0%)	0.1%	$35.99	—	COM	92047W101
ABT	ABBOTT LABORATORIES	1,186,677 (-5.3%)	$108M (-16.3%)	0.7%	$102.80	—	COM	002824100
BDX	BECTON DICKINSON & CO	231,895 (-34.7%)	$35.09M (-37.2%)	0.2%	$167.42	—	COM	075887109
SNDK	SANDISK CORP	17,110 (-44.0%)	$38.9M (+100.5%)	0.3%	$200.29	—	COM	80004C200
NKE	NIKE INC	950,036 (-11.2%)	$39M (-31.0%)	0.3%	$83.25	—	CL B	654106103
SHW	SHERWIN WILLIAMS CO	48,595 (-53.1%)	$16.73M (-49.6%)	0.1%	$237.27	—	COM	824348106
UBER	UBER TECHNOLOGIES INC	1,983,808 (-10.4%)	$143M (-10.1%)	1.0%	$91.10	—	COM	90353T100
TW	TRADEWEB MKTS INC	579,425 (-7.5%)	$57.75M (-21.7%)	0.4%	$74.43	—	CL A	892672106
BWXT	BWX TECHNOLOGIES INC	689,750 (-6.0%)	$134M (-10.6%)	0.9%	$58.51	—	COM	05605H100
TME	TENCENT MUSIC ENTMT GROUP	6,202,845 (-14.0%)	$51.79M (-22.6%)	0.4%	$11.66	—	SPON ADS	88034P109
NU	NU HLDGS LTD	7,155,847 (-7.1%)	$95.6M (-13.6%)	0.6%	$16.40	—	ORD SHS CL A	G6683N103
AER	AERCAP HOLDINGS NV	2,420,238 (-9.7%)	$353M (-4.0%)	2.4%	$118.12	—	SHS	N00985106
UNH	UNITEDHEALTH GROUP INC	129,954 (-11.3%)	$54.01M (+36.2%)	0.4%	$431.16	—	COM	91324P102
BSX	BOSTON SCIENTIFIC CORP	530,533 (-10.0%)	$22.64M (-38.8%)	0.2%	$86.78	—	COM	101137107
TSM	TAIWAN SEMICONDUCTOR MANUFAC	120,328 (-10.4%)	$57.47M (+26.6%)	0.4%	$99.70	—	SPONSORED ADS	874039100
MLM	MARTIN MARIETTA MATLS INC	241,545 (-5.5%)	$139M (-7.5%)	0.9%	$372.96	—	COM	573284106
GOOG	ALPHABET INC	2,682,081 (-17.9%)	$948M (+1.1%)	6.4%	$117.17	—	CAP STK CL C	02079K107
OPLN	OPENLANE INC	1,000,262 (-7.8%)	$41.25M (+30.5%)	0.3%	$28.66	—	COM	48238T109
NSP	INSPERITY INC	275,434 (-63.1%)	$11.38M (-43.7%)	0.1%	$77.36	—	COM	45778Q107
AJG	GALLAGHER ARTHUR J & CO	510,025 (-12.3%)	$117M (-7.0%)	0.8%	$106.94	—	COM	363576109
ESQ	ESQUIRE FINL HLDGS INC	583,871 (-19.5%)	$69.54M (-10.8%)	0.5%	$75.53	—	COM	29667J101
V	VISA INC	1,730,185 (-10.7%)	$594M (+1.4%)	4.0%	$154.83	—	COM CL A	92826C839
PG	PROCTER & GAMBLE CO	784,529 (-7.8%)	$115M (-6.4%)	0.8%	$102.41	—	COM	742718109
AME	AMETEK INC	147,117 (-26.0%)	$35.59M (-16.5%)	0.2%	$62.43	—	COM	031100100
MUX	MCEWEN INC.	410,707 (-41.9%)	$7.446M (-48.4%)	0.1%	$22.39	—	COM NEW	58039P305
JNJ	JOHNSON & JOHNSON	322,477 (-10.9%)	$81.9M (-7.5%)	0.6%	$111.94	—	COM	478160104
CDW	CDW CORP	949,381 (-9.7%)	$134M (+4.9%)	0.9%	$121.89	—	COM	12514G108
FANG	DIAMONDBACK ENERGY INC	32,583 (-45.7%)	$5.727M (-51.8%)	0.0%	$159.83	—	COM	25278X109
BBSI	BARRETT BUSINESS SVCS INC	1,230,575 (-27.7%)	$43.71M (-12.0%)	0.3%	$34.58	—	COM	068463108
DFIN	DONNELLEY FINL SOLUTIONS INC	347,156 (-18.1%)	$14.56M (-27.1%)	0.1%	$50.80	—	COM	25787G100
IBKR	INTERACTIVE BROKERS GROUP IN	223,262 (-39.6%)	$19.43M (-21.6%)	0.1%	$42.42	—	COM CL A	45841N107
VG	VENTURE GLOBAL INC	714,711 (-7.2%)	$7.955M (-34.5%)	0.1%	$8.89	—	COM CL A	92333F101
DHR	DANAHER CORP DEL	319,583 (-5.7%)	$60.87M (-5.2%)	0.4%	$184.84	—	COM	235851102
KNSL	KINSALE CAP GROUP INC	52,521 (-12.2%)	$17.32M (-15.3%)	0.1%	$423.28	—	COM	49714P108
MA	MASTERCARD INCORPORATED	434,186 (-4.0%)	$223M (-1.3%)	1.5%	$339.42	—	CL A	57636Q104
ITT	ITT INC	422,873 (-6.9%)	$83.63M (-3.4%)	0.6%	$143.67	—	COM	45073V108
XYZ	BLOCK INC	172,805 (-2.9%)	$13.13M (+22.6%)	0.1%	$62.61	—	CL A	852234103
KKR	KKR & CO INC	189,608 (-10.1%)	$17.4M (-10.8%)	0.1%	$124.08	—	COM	48251W104
WSC	WILLSCOT HLDGS CORP	170,479 (-4.2%)	$4.92M (+59.2%)	0.0%	$21.41	—	COM CL A	971378104
RBA	RB GLOBAL INC	96,455 (-3.2%)	$11.23M (+17.5%)	0.1%	$72.05	—	COM	74935Q107
BKTI	BK TECHNOLOGIES CORPORATION	85,429 (-26.9%)	$7.345M (-15.8%)	0.0%	$81.14	—	COM NEW	05587G203
ABNB	AIRBNB INC	746,819 (-12.7%)	$107M (-1.1%)	0.7%	$128.92	—	COM CL A	009066101
HDB	HDFC BANK LTD	2,624,709 (-2.2%)	$67.8M (+1.5%)	0.5%	$44.84	—	SPONSORED ADS	40415F101
RYAN	RYAN SPECIALTY HOLDINGS INC	469,919 (-6.2%)	$17.74M (+4.9%)	0.1%	$34.11	—	CL A	78351F107
BRK/B	BERKSHIRE HATHAWAY INC DEL	50,850 (-7.0%)	$25.44M (-2.9%)	0.2%	$485.14	—	CL B NEW	084670702
GOOGL	ALPHABET INC	12,877 (-30.7%)	$4.602M (-13.8%)	0.0%	$106.57	—	CAP STK CL A	02079K305
NEM	NEWMONT CORP	30,271 (-4.7%)	$2.827M (-17.8%)	0.0%	$118.12	—	COM	651639106
SN	SHARKNINJA INC	129,084 (-29.1%)	$19.66M (+1.9%)	0.1%	$61.06	—	COM SHS	G8068L108
CSL	CARLISLE COS INC	14,082 (-13.3%)	$5.108M (-5.7%)	0.0%	$352.27	—	COM	142339100

Unchanged Positions (4)

AAON AAON INC 0.7%

Value $108M Shares 855,173 Est. Cost $97.83 Unrealized —

CACI CACI INTL INC 0.7%

Value $104M Shares 224,720 Est. Cost $458.27 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.5%

Value $72.43M Shares 187,293 Est. Cost $370.15 Unrealized —

RY ROYAL BK CDA 0.0%

Value $309K Shares 1,495 Est. Cost $137.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAON	AAON INC	855,173	$108M	0.7%	$97.83	—	COM PAR $0.004	000360206
CACI	CACI INTL INC	224,720	$104M	0.7%	$458.27	—	CL A	127190304
ELV	ELEVANCE HEALTH INC FORMERLY	187,293	$72.43M	0.5%	$370.15	—	COM	036752103
RY	ROYAL BK CDA	1,495	$309K	0.0%	$137.85	—	COM	780087102