COOPER INVESTORS PTY LTD Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHAK	Shake Shack, Inc. Class A	64,127	$5,205	1.7%	$88.17	0.0%	COM	819047101
KKR	KKR & Co Inc	27,703	$3,532	1.2%	$124.29	0.0%	COM	48251W104
TBN	Tamboran Resources Corporation	25,322	$690	0.2%	$25.43	0.0%	COM	87507T101
UNG	United States Natural Gas Fund LP	17,714	$217	0.1%	$12.26	—	COM	912318409
PICK	iShares MSCI Global Metals & Mining Producers ETF	4,206	$216	0.1%	$51.34	—	COM	46434G848
SETM	Sprott Critical Materials ETF	7,436	$215	0.1%	$28.95	—	COM	85208P402
DBB	Invesco DB Base Metals Fund	9,272	$213	0.1%	$22.94	—	COM	46140H700
VIPS	Vipshop Holdings Ltd Sponsored ADR	3,300	$58	0.0%	$17.69	—	ADR	92763W103
JFIN	Jiayin Group, Inc. Sponsored ADR Class A	9,739	$56	0.0%	$5.80	—	COM	47737C104

Increased Positions (7)

SHEN Shenandoah Telecommunications Company 3.7%

Value ($000) $10,993 (+55.9%) Shares 950,951 (+81.0%) Est. Cost $12.88 Unrealized -8.2%

ACWI iShares MSCI ACWI ETF 3.5%

Value ($000) $10,448 (+19.7%) Shares 73,841 (+17.0%) Est. Cost $138.71 Unrealized —

STVN Stevanato Group SpA 4.6%

Value ($000) $13,988 (-8.0%) Shares 695,245 (+17.8%) Est. Cost $23.87 Unrealized -2.7%

SPGI S&P Global, Inc. 0.4%

Value ($000) $1,143 (+36.6%) Shares 2,188 (+27.2%) Est. Cost $525.36 Unrealized -5.9%

V Visa Inc. Class A 2.7%

Value ($000) $8,123 (+3.9%) Shares 23,161 (+1.1%) Est. Cost $244.59 Unrealized +39.2%

MORN Morningstar, Inc. 2.3%

Value ($000) $6,929 (-3.6%) Shares 31,887 (+2.9%) Est. Cost $325.88 Unrealized -33.5%

UBER Uber Technologies, Inc. 3.0%

Value ($000) $9,008 (-0.3%) Shares 110,249 (+19.6%) Est. Cost $92.95 Unrealized -3.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHEN	Shenandoah Telecommunications Company	950,951 (+81.0%)	$10,993 (+55.9%)	3.7%	$12.88	-8.2%	COM	82312B106
ACWI	iShares MSCI ACWI ETF	73,841 (+17.0%)	$10,448 (+19.7%)	3.5%	$138.71	—	COM	464288257
STVN	Stevanato Group SpA	695,245 (+17.8%)	$13,988 (-8.0%)	4.6%	$23.87	-2.7%	COM	T9224W109
SPGI	S&P Global, Inc.	2,188 (+27.2%)	$1,143 (+36.6%)	0.4%	$525.36	-5.9%	COM	78409V104
V	Visa Inc. Class A	23,161 (+1.1%)	$8,123 (+3.9%)	2.7%	$244.59	+39.2%	COM	92826C839
MORN	Morningstar, Inc.	31,887 (+2.9%)	$6,929 (-3.6%)	2.3%	$325.88	-33.5%	COM	617700109
UBER	Uber Technologies, Inc.	110,249 (+19.6%)	$9,008 (-0.3%)	3.0%	$92.95	-3.1%	COM	90353T100

Exited Positions (8)

AER AerCap Holdings NV 1.9%

Value ($000) $5,771 Shares 47,694 Est. Cost $70.94 Unrealized +86.7%

WTW Willis Towers Watson Public Limited Company 1.9%

Value ($000) $5,613 Shares 16,247 Est. Cost $270.66 Unrealized +20.6%

AMRZ Amrize Ltd 1.8%

Value ($000) $5,411 Shares 111,500 Est. Cost $50.99 Unrealized +0.1%

PTLO Portillo's, Inc. Class A 0.7%

Value ($000) $2,010 Shares 311,566 Est. Cost $11.46 Unrealized -54.5%

HDB HDFC Bank Limited Sponsored ADR 0.4%

Value ($000) $1,222 Shares 35,762 Est. Cost $62.67 Unrealized —

ENSG Ensign Group, Inc. 0.3%

Value ($000) $956 Shares 5,531 Est. Cost $140.14 Unrealized +28.2%

MSI Motorola Solutions, Inc. 0.3%

Value ($000) $836 Shares 1,829 Est. Cost $448.33 Unrealized -10.6%

FUTU Futu Holdings Ltd. Sponsored ADR Class A 0.0%

Value ($000) $29 Shares 168 Est. Cost $173.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AER	AerCap Holdings NV	47,694	$5,771	1.9%	$70.94	+86.7%	—	N00985106
WTW	Willis Towers Watson Public Limited Company	16,247	$5,613	1.9%	$270.66	+20.6%	—	G96629103
AMRZ	Amrize Ltd	111,500	$5,411	1.8%	$50.99	+0.1%	—	H2927K103
PTLO	Portillo's, Inc. Class A	311,566	$2,010	0.7%	$11.46	-54.5%	—	73642K106
HDB	HDFC Bank Limited Sponsored ADR	35,762	$1,222	0.4%	$62.67	—	—	40415F101
ENSG	Ensign Group, Inc.	5,531	$956	0.3%	$140.14	+28.2%	—	29358P101
MSI	Motorola Solutions, Inc.	1,829	$836	0.3%	$448.33	-10.6%	—	620076307
FUTU	Futu Holdings Ltd. Sponsored ADR Class A	168	$29	0.0%	$173.91	—	—	36118L106

Decreased Positions (18)

BSY Bentley Systems, Incorporated Class B 0.5%

Value ($000) $1,409 (-91.5%) Shares 36,918 (-88.6%) Est. Cost $45.54 Unrealized -0.0%

PCOR Procore Technologies Inc 0.0%

Value ($000) $112 (-98.4%) Shares 1,536 (-98.4%) Est. Cost $66.34 Unrealized +11.5%

SSNC SS&C Technologies Holdings, Inc. 1.5%

Value ($000) $4,639 (-54.7%) Shares 53,065 (-54.0%) Est. Cost $71.99 Unrealized +18.5%

RYAN Ryan Specialty Holdings, Inc. Class A 7.9%

Value ($000) $23,699 (-16.8%) Shares 459,018 (-9.2%) Est. Cost $60.41 Unrealized -9.2%

FWONK Liberty Media Corporation Series C Liberty Formula One 4.6%

Value ($000) $13,774 (-24.1%) Shares 139,822 (-19.5%) Est. Cost $79.11 Unrealized —

TKO TKO Group Holdings, Inc. Class A 7.3%

Value ($000) $22,074 (-14.1%) Shares 105,617 (-17.0%) Est. Cost $120.23 Unrealized +61.2%

MSFT Microsoft Corporation 3.3%

Value ($000) $9,813 (-18.3%) Shares 20,290 (-12.5%) Est. Cost $377.53 Unrealized +32.6%

NVDA NVIDIA Corporation 1.6%

Value ($000) $4,787 (-27.0%) Shares 25,669 (-27.0%) Est. Cost $174.29 Unrealized +6.8%

WDAY Workday, Inc. Class A 0.9%

Value ($000) $2,781 (-36.2%) Shares 12,948 (-28.5%) Est. Cost $233.53 Unrealized -2.7%

CME CME Group Inc. Class A 4.6%

Value ($000) $13,860 (-4.9%) Shares 50,753 (-5.9%) Est. Cost $194.27 Unrealized +39.4%

GOOGL Alphabet Inc. Class A 1.5%

Value ($000) $4,652 (-13.1%) Shares 14,863 (-32.5%) Est. Cost $134.94 Unrealized +111.6%

RPRX Royalty Pharma Plc Class A 5.0%

Value ($000) $14,932 (+3.6%) Shares 386,440 (-5.4%) Est. Cost $38.63 Unrealized -1.3%

DHR Danaher Corporation 2.3%

Value ($000) $7,026 (-5.3%) Shares 30,694 (-18.0%) Est. Cost $184.77 Unrealized +18.8%

CLH Clean Harbors, Inc. 2.0%

Value ($000) $6,086 (-4.8%) Shares 25,955 (-5.7%) Est. Cost $218.84 Unrealized +4.4%

AWK American Water Works Company, Inc. 0.3%

Value ($000) $988 (-14.4%) Shares 7,568 (-8.7%) Est. Cost $122.51 Unrealized +8.7%

AMZN Amazon.com, Inc. 1.9%

Value ($000) $5,580 (+2.6%) Shares 24,173 (-2.4%) Est. Cost $192.53 Unrealized +18.8%

TXRH Texas Roadhouse, Inc. 0.3%

Value ($000) $956 (-8.8%) Shares 5,757 (-8.7%) Est. Cost $174.35 Unrealized -3.2%

HESM Hess Midstream LP Class A 0.5%

Value ($000) $1,437 (-3.7%) Shares 41,666 (-3.5%) Est. Cost $22.76 Unrealized +43.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BSY	Bentley Systems, Incorporated Class B	36,918 (-88.6%)	$1,409 (-91.5%)	0.5%	$45.54	-0.0%	COM	08265T208
PCOR	Procore Technologies Inc	1,536 (-98.4%)	$112 (-98.4%)	0.0%	$66.34	+11.5%	COM	74275K108
SSNC	SS&C Technologies Holdings, Inc.	53,065 (-54.0%)	$4,639 (-54.7%)	1.5%	$71.99	+18.5%	COM	78467J100
RYAN	Ryan Specialty Holdings, Inc. Class A	459,018 (-9.2%)	$23,699 (-16.8%)	7.9%	$60.41	-9.2%	COM	78351F107
FWONK	Liberty Media Corporation Series C Liberty Formula One	139,822 (-19.5%)	$13,774 (-24.1%)	4.6%	$79.11	—	COM	531229755
TKO	TKO Group Holdings, Inc. Class A	105,617 (-17.0%)	$22,074 (-14.1%)	7.3%	$120.23	+61.2%	COM	87256C101
MSFT	Microsoft Corporation	20,290 (-12.5%)	$9,813 (-18.3%)	3.3%	$377.53	+32.6%	COM	594918104
NVDA	NVIDIA Corporation	25,669 (-27.0%)	$4,787 (-27.0%)	1.6%	$174.29	+6.8%	COM	67066G104
WDAY	Workday, Inc. Class A	12,948 (-28.5%)	$2,781 (-36.2%)	0.9%	$233.53	-2.7%	COM	98138H101
CME	CME Group Inc. Class A	50,753 (-5.9%)	$13,860 (-4.9%)	4.6%	$194.27	+39.4%	COM	12572Q105
GOOGL	Alphabet Inc. Class A	14,863 (-32.5%)	$4,652 (-13.1%)	1.5%	$134.94	+111.6%	COM	02079K305
RPRX	Royalty Pharma Plc Class A	386,440 (-5.4%)	$14,932 (+3.6%)	5.0%	$38.63	-1.3%	COM	G7709Q104
DHR	Danaher Corporation	30,694 (-18.0%)	$7,026 (-5.3%)	2.3%	$184.77	+18.8%	COM	235851102
CLH	Clean Harbors, Inc.	25,955 (-5.7%)	$6,086 (-4.8%)	2.0%	$218.84	+4.4%	COM	184496107
AWK	American Water Works Company, Inc.	7,568 (-8.7%)	$988 (-14.4%)	0.3%	$122.51	+8.7%	COM	030420103
AMZN	Amazon.com, Inc.	24,173 (-2.4%)	$5,580 (+2.6%)	1.9%	$192.53	+18.8%	COM	023135106
TXRH	Texas Roadhouse, Inc.	5,757 (-8.7%)	$956 (-8.8%)	0.3%	$174.35	-3.2%	COM	882681109
HESM	Hess Midstream LP Class A	41,666 (-3.5%)	$1,437 (-3.7%)	0.5%	$22.76	+43.3%	COM	428103105

Unchanged Positions (7)

NWSA News Corporation Class A 15.9%

Value ($000) $47,952 Shares 1,835,843 Est. Cost $23.52 Unrealized +11.5%

NWS News Corporation Class B 2.8%

Value ($000) $8,305 Shares 280,286 Est. Cost $31.50 Unrealized -5.4%

BRO Brown & Brown, Inc. 2.5%

Value ($000) $7,375 Shares 92,540 Est. Cost $56.43 Unrealized +47.7%

FER Ferrovial SE 2.7%

Value ($000) $8,266 Shares 127,941 Est. Cost $53.87 Unrealized +18.2%

FWONA Liberty Media Corporation Series A Liberty Formula One 3.4%

Value ($000) $10,098 Shares 112,982 Est. Cost $81.11 Unrealized —

RLNIY Reliance Industries Ltd Sponsored GDR 144A 1.6%

Value ($000) $4,852 Shares 69,320 Est. Cost $68.95 Unrealized —

CIGI Colliers International Group Inc. 1.5%

Value ($000) $4,442 Shares 30,217 Est. Cost $118.02 Unrealized +27.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NWSA	News Corporation Class A	1,835,843	$47,952	15.9%	$23.52	+11.5%	COM	65249B109
NWS	News Corporation Class B	280,286	$8,305	2.8%	$31.50	-5.4%	COM	65249B208
BRO	Brown & Brown, Inc.	92,540	$7,375	2.5%	$56.43	+47.7%	COM	115236101
FER	Ferrovial SE	127,941	$8,266	2.7%	$53.87	+18.2%	COM	N3168P101
FWONA	Liberty Media Corporation Series A Liberty Formula One	112,982	$10,098	3.4%	$81.11	—	COM	531229771
RLNIY	Reliance Industries Ltd Sponsored GDR 144A	69,320	$4,852	1.6%	$68.95	—	COM	759470107
CIGI	Colliers International Group Inc.	30,217	$4,442	1.5%	$118.02	+27.2%	COM	194693107