Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	8,943,151	$645M	4.7%	—	—	COM	90353T100
MA	MASTERCARD INCORPORATED	1,245,051	$639M	4.7%	—	—	CL A	57636Q104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,148,449	$548M	4.0%	—	—	SPONSORED ADS	874039100
NFLX	NETFLIX INC.	6,990,345	$499M	3.7%	—	—	COM	64110L106
GEV	GE VERNOVA INC	409,835	$481M	3.5%	—	—	COM	36828A101
APP	APPLOVIN CORP	696,568	$359M	2.6%	—	—	COM CL A	03831W108
TJX	TJX COS INC NEW	2,272,592	$344M	2.5%	—	—	COM	872540109
NXT	NEXTPOWER INC	2,856,092	$340M	2.5%	—	—	CLASS A COM	65290E101
VEEV	VEEVA SYS INC	816,785	$145M	1.1%	—	—	CL A COM	922475108
YUM	YUM BRANDS INC	556,107	$88.9M	0.7%	—	—	COM	988498101
FICO	FAIR ISAAC CORP	17,953	$21.45M	0.2%	—	—	COM	303250104
IDCC	INTERDIGITAL INC	60,324	$17.08M	0.1%	—	—	COM	45867G101
ORLY	OREILLY AUTOMOTIVE INC	162,691	$14.98M	0.1%	—	—	COM	67103H107

Increased Positions (4)

MANH MANHATTAN ASSOCIATES INC 0.2%

Value $24.09M (+49.7%) Shares 172,977 (+43.1%) Est. Cost — Unrealized —

NSSC NAPCO SEC TECHNOLOGIES INC 0.2%

Value $23.05M (+52.6%) Shares 606,974 (+58.2%) Est. Cost — Unrealized —

BMI BADGER METER INC 0.2%

Value $25.91M (+19.4%) Shares 174,627 (+22.6%) Est. Cost — Unrealized —

CLX CLOROX CO DEL 0.2%

Value $25.89M (-2.9%) Shares 271,318 (+5.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MANH	MANHATTAN ASSOCIATES INC	172,977 (+43.1%)	$24.09M (+49.7%)	0.2%	—	—	COM	562750109
NSSC	NAPCO SEC TECHNOLOGIES INC	606,974 (+58.2%)	$23.05M (+52.6%)	0.2%	—	—	COM	630402105
BMI	BADGER METER INC	174,627 (+22.6%)	$25.91M (+19.4%)	0.2%	—	—	COM	056525108
CLX	CLOROX CO DEL	271,318 (+5.5%)	$25.89M (-2.9%)	0.2%	—	—	COM	189054109

Exited Positions (6)

MTD METTLER TOLEDO INTERNATIONAL 5.3%

Value $717M Shares 568,516 Est. Cost — Unrealized —

ZTS ZOETIS INC 3.4%

Value $458M Shares 3,877,559 Est. Cost — Unrealized —

OTIS OTIS WORLDWIDE CORP 1.5%

Value $211M Shares 2,731,635 Est. Cost — Unrealized —

CPRX CATALYST PHARMACEUTICALS INC 0.2%

Value $20.92M Shares 844,887 Est. Cost — Unrealized —

QLYS QUALYS INC 0.1%

Value $19.86M Shares 226,077 Est. Cost — Unrealized —

HD HOME DEPOT INC 0.1%

Value $9.41M Shares 28,611 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MTD	METTLER TOLEDO INTERNATIONAL	568,516	$717M	5.3%	—	—	—	592688105
ZTS	ZOETIS INC	3,877,559	$458M	3.4%	—	—	—	98978V103
OTIS	OTIS WORLDWIDE CORP	2,731,635	$211M	1.5%	—	—	—	68902V107
CPRX	CATALYST PHARMACEUTICALS INC	844,887	$20.92M	0.2%	—	—	—	14888U101
QLYS	QUALYS INC	226,077	$19.86M	0.1%	—	—	—	74758T303
HD	HOME DEPOT INC	28,611	$9.41M	0.1%	—	—	—	437076102

Decreased Positions (21)

PM PHILIP MORRIS INTL INC 3.9%

Value $527M (-37.6%) Shares 2,913,693 (-43.0%) Est. Cost — Unrealized —

IDXX IDEXX LABS INC 3.9%

Value $537M (-34.8%) Shares 1,019,887 (-30.4%) Est. Cost — Unrealized —

V VISA INC 5.1%

Value $693M (-26.1%) Shares 2,019,810 (-34.9%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 4.6%

Value $634M (-25.4%) Shares 1,773,354 (-40.0%) Est. Cost — Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 4.3%

Value $583M (-25.6%) Shares 2,601,567 (-32.5%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 4.4%

Value $596M (-22.6%) Shares 1,596,737 (-23.2%) Est. Cost — Unrealized —

META META PLATFORMS INC 4.3%

Value $593M (-21.6%) Shares 1,051,876 (-20.4%) Est. Cost — Unrealized —

MAR MARRIOTT INTL INC NEW 7.0%

Value $958M (-13.1%) Shares 2,585,757 (-23.3%) Est. Cost — Unrealized —

WAT WATERS CORP 6.2%

Value $853M (-10.9%) Shares 2,273,632 (-29.2%) Est. Cost — Unrealized —

SYK STRYKER CORPORATION 6.7%

Value $917M (-8.8%) Shares 2,913,833 (-4.8%) Est. Cost — Unrealized —

FTNT FORTINET INC 4.1%

Value $558M (+10.8%) Shares 3,629,938 (-41.0%) Est. Cost — Unrealized —

TXN TEXAS INSTRS INC 3.9%

Value $536M (+5.3%) Shares 1,799,182 (-31.4%) Est. Cost — Unrealized —

VRSN VERISIGN INC 0.1%

Value $14.02M (-50.3%) Shares 55,713 (-50.9%) Est. Cost — Unrealized —

PAYC PAYCOM SOFTWARE INC 0.1%

Value $12.66M (-52.5%) Shares 100,763 (-54.1%) Est. Cost — Unrealized —

VRT VERTIV HOLDINGS CO 0.1%

Value $14.03M (-38.7%) Shares 41,893 (-54.1%) Est. Cost — Unrealized —

PG PROCTER & GAMBLE CO 4.4%

Value $598M (-1.4%) Shares 4,078,371 (-2.9%) Est. Cost — Unrealized —

CHD CHURCH & DWIGHT CO INC 4.6%

Value $626M (+0.9%) Shares 6,456,634 (-2.8%) Est. Cost — Unrealized —

NTNX NUTANIX INC 0.2%

Value $27.43M (+25.0%) Shares 538,281 (-6.8%) Est. Cost — Unrealized —

MSCI MSCI INC 0.2%

Value $30.01M (-14.1%) Shares 53,580 (-17.3%) Est. Cost — Unrealized —

DOCS DOXIMITY INC 0.1%

Value $13.55M (-15.9%) Shares 653,324 (-5.6%) Est. Cost — Unrealized —

MEDP MEDPACE HLDGS INC 0.2%

Value $27.74M (-7.8%) Shares 52,372 (-16.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PM	PHILIP MORRIS INTL INC	2,913,693 (-43.0%)	$527M (-37.6%)	3.9%	—	—	COM	718172109
IDXX	IDEXX LABS INC	1,019,887 (-30.4%)	$537M (-34.8%)	3.9%	—	—	COM	45168D104
V	VISA INC	2,019,810 (-34.9%)	$693M (-26.1%)	5.1%	—	—	COM CL A	92826C839
GOOGL	ALPHABET INC	1,773,354 (-40.0%)	$634M (-25.4%)	4.6%	—	—	CAP STK CL A	02079K305
ADP	AUTOMATIC DATA PROCESSING IN	2,601,567 (-32.5%)	$583M (-25.6%)	4.3%	—	—	COM	053015103
MSFT	MICROSOFT CORP	1,596,737 (-23.2%)	$596M (-22.6%)	4.4%	—	—	COM	594918104
META	META PLATFORMS INC	1,051,876 (-20.4%)	$593M (-21.6%)	4.3%	—	—	CL A	30303M102
MAR	MARRIOTT INTL INC NEW	2,585,757 (-23.3%)	$958M (-13.1%)	7.0%	—	—	CL A	571903202
WAT	WATERS CORP	2,273,632 (-29.2%)	$853M (-10.9%)	6.2%	—	—	COM	941848103
SYK	STRYKER CORPORATION	2,913,833 (-4.8%)	$917M (-8.8%)	6.7%	—	—	COM	863667101
FTNT	FORTINET INC	3,629,938 (-41.0%)	$558M (+10.8%)	4.1%	—	—	COM	34959E109
TXN	TEXAS INSTRS INC	1,799,182 (-31.4%)	$536M (+5.3%)	3.9%	—	—	COM	882508104
VRSN	VERISIGN INC	55,713 (-50.9%)	$14.02M (-50.3%)	0.1%	—	—	COM	92343E102
PAYC	PAYCOM SOFTWARE INC	100,763 (-54.1%)	$12.66M (-52.5%)	0.1%	—	—	COM	70432V102
VRT	VERTIV HOLDINGS CO	41,893 (-54.1%)	$14.03M (-38.7%)	0.1%	—	—	COM CL A	92537N108
PG	PROCTER & GAMBLE CO	4,078,371 (-2.9%)	$598M (-1.4%)	4.4%	—	—	COM	742718109
CHD	CHURCH & DWIGHT CO INC	6,456,634 (-2.8%)	$626M (+0.9%)	4.6%	—	—	COM	171340102
NTNX	NUTANIX INC	538,281 (-6.8%)	$27.43M (+25.0%)	0.2%	—	—	CL A	67059N108
MSCI	MSCI INC	53,580 (-17.3%)	$30.01M (-14.1%)	0.2%	—	—	COM	55354G100
DOCS	DOXIMITY INC	653,324 (-5.6%)	$13.55M (-15.9%)	0.1%	—	—	CL A	26622P107
MEDP	MEDPACE HLDGS INC	52,372 (-16.4%)	$27.74M (-7.8%)	0.2%	—	—	COM	58506Q109

Unchanged Positions (3)

ROL ROLLINS INC 0.2%

Value $25.88M Shares 619,935 Est. Cost — Unrealized —

SABR SABRE CORP 0.1%

Value $18.84M Shares 9,013,783 Est. Cost — Unrealized —

ADMA ADMA BIOLOGICS INC 0.1%

Value $13.81M Shares 1,649,493 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROL	ROLLINS INC	619,935	$25.88M	0.2%	—	—	COM	775711104
SABR	SABRE CORP	9,013,783	$18.84M	0.1%	—	—	COM	78573M104
ADMA	ADMA BIOLOGICS INC	1,649,493	$13.81M	0.1%	—	—	COM	000899104