Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	144,208	$54.47M	1.2%	$377.75	—	COM	11135F101
ISRG	INTUITIVE SURGICAL INC	126,197	$50.19M	1.1%	$397.68	—	COM NEW	46120E602
NU	NU HLDGS LTD	1,345,251	$17.97M	0.4%	$13.36	—	ORD SHS CL A	G6683N103
APH	AMPHENOL CORP	26,162	$4.613M	0.1%	$176.32	—	CL A	032095101
QCOM	QUALCOMM INC	10,606	$1.96M	0.0%	$184.79	—	COM	747525103
ALLE	ALLEGION PLC	1,820	$256K	0.0%	$140.49	—	ORD SHS	G0176J109

Increased Positions (13)

NVDA NVIDIA CORPORATION 3.1%

Value $139M (+123.4%) Shares 694,368 (+94.7%) Est. Cost $183.79 Unrealized —

AON AON PLC 6.0%

Value $272M (+34.1%) Shares 820,270 (+30.5%) Est. Cost $339.33 Unrealized —

AMZN AMAZON COM INC 6.7%

Value $304M (+24.9%) Shares 1,277,032 (+9.1%) Est. Cost $150.57 Unrealized —

CTAS CINTAS CORP 3.9%

Value $178M (+46.3%) Shares 1,048,947 (+45.5%) Est. Cost $182.74 Unrealized —

MSI MOTOROLA SOLUTIONS INC 2.2%

Value $98.49M (+52.8%) Shares 237,170 (+59.6%) Est. Cost $418.05 Unrealized —

AXP AMERICAN EXPRESS CO 2.8%

Value $129M (+19.7%) Shares 380,885 (+7.0%) Est. Cost $324.12 Unrealized —

IDXX IDEXX LABS INC 3.0%

Value $138M (+11.6%) Shares 262,562 (+19.2%) Est. Cost $471.58 Unrealized —

NFLX NETFLIX INC. 1.4%

Value $65.61M (-12.9%) Shares 918,975 (+17.3%) Est. Cost $93.45 Unrealized —

AAPL APPLE INC 1.3%

Value $58.54M (+15.4%) Shares 202,304 (+1.3%) Est. Cost $140.05 Unrealized —

FAST FASTENAL CO 0.3%

Value $12.8M (+20.3%) Shares 266,546 (+16.2%) Est. Cost $39.55 Unrealized —

ATAT ATOUR LIFESTYLE HLDGS LTD 0.0%

Value $2.214M (+70.7%) Shares 69,638 (+97.6%) Est. Cost $34.34 Unrealized —

IBN ICICI BANK LIMITED 0.0%

Value $2.269M (+49.9%) Shares 78,161 (+33.8%) Est. Cost $26.69 Unrealized —

BKNG BOOKING HOLDINGS INC 0.2%

Value $7.054M (-6.9%) Shares 39,574 (+2098.6%) Est. Cost $387.63 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	694,368 (+94.7%)	$139M (+123.4%)	3.1%	$183.79	—	COM	67066G104
AON	AON PLC	820,270 (+30.5%)	$272M (+34.1%)	6.0%	$339.33	—	SHS CL A	G0403H108
AMZN	AMAZON COM INC	1,277,032 (+9.1%)	$304M (+24.9%)	6.7%	$150.57	—	COM	023135106
CTAS	CINTAS CORP	1,048,947 (+45.5%)	$178M (+46.3%)	3.9%	$182.74	—	COM	172908105
MSI	MOTOROLA SOLUTIONS INC	237,170 (+59.6%)	$98.49M (+52.8%)	2.2%	$418.05	—	COM NEW	620076307
AXP	AMERICAN EXPRESS CO	380,885 (+7.0%)	$129M (+19.7%)	2.8%	$324.12	—	COM	025816109
IDXX	IDEXX LABS INC	262,562 (+19.2%)	$138M (+11.6%)	3.0%	$471.58	—	COM	45168D104
NFLX	NETFLIX INC.	918,975 (+17.3%)	$65.61M (-12.9%)	1.4%	$93.45	—	COM	64110L106
AAPL	APPLE INC	202,304 (+1.3%)	$58.54M (+15.4%)	1.3%	$140.05	—	COM	037833100
FAST	FASTENAL CO	266,546 (+16.2%)	$12.8M (+20.3%)	0.3%	$39.55	—	COM	311900104
ATAT	ATOUR LIFESTYLE HLDGS LTD	69,638 (+97.6%)	$2.214M (+70.7%)	0.0%	$34.34	—	SPONSORED ADS	04965M106
IBN	ICICI BANK LIMITED	78,161 (+33.8%)	$2.269M (+49.9%)	0.0%	$26.69	—	ADR	45104G104
BKNG	BOOKING HOLDINGS INC	39,574 (+2098.6%)	$7.054M (-6.9%)	0.2%	$387.63	—	COM	09857L108

Exited Positions (3)

INTU INTUIT 4.5%

Value $205M Shares 474,989 Est. Cost $314.26 Unrealized —

GLOB GLOBANT S A 0.1%

Value $5.231M Shares 113,447 Est. Cost $183.61 Unrealized —

MDT MEDTRONIC PLC 0.0%

Value $406K Shares 4,684 Est. Cost $74.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	474,989	$205M	4.5%	$314.26	—	—	461202103
GLOB	GLOBANT S A	113,447	$5.231M	0.1%	$183.61	—	—	L44385109
MDT	MEDTRONIC PLC	4,684	$406K	0.0%	$74.93	—	—	G5960L103

Decreased Positions (32)

ZTS ZOETIS INC 0.0%

Value $215K (-99.8%) Shares 2,996 (-99.7%) Est. Cost $173.20 Unrealized —

ORCL ORACLE CORP 0.7%

Value $30.66M (-69.7%) Shares 209,205 (-69.6%) Est. Cost $136.66 Unrealized —

MSFT MICROSOFT CORP 5.4%

Value $247M (-21.8%) Shares 660,903 (-22.4%) Est. Cost $140.46 Unrealized —

SPGI S&P GLOBAL INC 3.9%

Value $179M (-21.8%) Shares 440,036 (-18.3%) Est. Cost $420.20 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 10.6%

Value $483M (+11.5%) Shares 1,010,486 (-21.1%) Est. Cost $53.43 Unrealized —

GOOGL ALPHABET INC 8.2%

Value $374M (+14.8%) Shares 1,045,281 (-7.7%) Est. Cost $121.62 Unrealized —

VRSK VERISK ANALYTICS INC 2.4%

Value $110M (-27.0%) Shares 612,925 (-22.9%) Est. Cost $189.63 Unrealized —

V VISA INC 7.0%

Value $316M (+9.1%) Shares 922,397 (-3.9%) Est. Cost $175.19 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 1.8%

Value $83.41M (-20.0%) Shares 181,677 (-15.5%) Est. Cost $542.05 Unrealized —

MELI MERCADOLIBRE INC 2.2%

Value $98.93M (-15.0%) Shares 58,286 (-13.4%) Est. Cost $1810.44 Unrealized —

LLY ELI LILLY & CO 2.9%

Value $132M (+9.7%) Shares 110,028 (-15.9%) Est. Cost $126.59 Unrealized —

SCI SERVICE CORP INTL 0.5%

Value $22.68M (-33.7%) Shares 298,642 (-28.0%) Est. Cost $61.82 Unrealized —

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.6%

Value $25.9M (+41.5%) Shares 486,054 (-1.0%) Est. Cost $99.44 Unrealized —

SYK STRYKER CORPORATION 0.6%

Value $28.25M (-18.2%) Shares 89,721 (-14.7%) Est. Cost $357.89 Unrealized —

BDX BECTON DICKINSON & CO 0.0%

Value $1.86M (-74.2%) Shares 12,291 (-73.1%) Est. Cost $215.47 Unrealized —

VMC VULCAN MATLS CO 0.6%

Value $28.87M (-11.6%) Shares 97,871 (-18.4%) Est. Cost $199.75 Unrealized —

MA MASTERCARD INCORPORATED 0.3%

Value $14.1M (-19.9%) Shares 27,449 (-22.1%) Est. Cost $547.53 Unrealized —

META META PLATFORMS INC 0.5%

Value $24.25M (-11.3%) Shares 43,053 (-9.9%) Est. Cost $258.98 Unrealized —

FERG FERGUSON ENTERPRISES INC 0.3%

Value $13.96M (-18.0%) Shares 58,812 (-19.4%) Est. Cost $197.57 Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.5%

Value $24.46M (-10.8%) Shares 26,143 (-5.0%) Est. Cost $349.18 Unrealized —

UBER UBER TECHNOLOGIES INC 1.7%

Value $75.27M (-3.8%) Shares 1,043,047 (-4.1%) Est. Cost $87.55 Unrealized —

PDD PDD HOLDINGS INC 0.1%

Value $3.128M (-45.1%) Shares 41,005 (-26.5%) Est. Cost $122.71 Unrealized —

CPRT COPART INC 0.1%

Value $5.743M (-29.6%) Shares 203,711 (-17.1%) Est. Cost $53.44 Unrealized —

ADI ANALOG DEVICES INC 1.0%

Value $46.03M (+5.0%) Shares 115,884 (-15.9%) Est. Cost $158.86 Unrealized —

URI UNITED RENTALS INC 0.2%

Value $7.177M (+40.2%) Shares 6,335 (-9.8%) Est. Cost $870.20 Unrealized —

YUMC YUM CHINA HLDGS INC 0.1%

Value $6.678M (-19.0%) Shares 163,390 (-3.3%) Est. Cost $41.63 Unrealized —

HDB HDFC BANK LTD 0.2%

Value $10.63M (-12.5%) Shares 411,717 (-15.7%) Est. Cost $47.45 Unrealized —

JNJ JOHNSON & JOHNSON 7.2%

Value $328M (-0.3%) Shares 1,289,528 (-4.1%) Est. Cost $131.21 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.1%

Value $4.017M (-16.4%) Shares 12,155 (-23.1%) Est. Cost $272.20 Unrealized —

WMT WALMART INC 0.0%

Value $1.434M (-34.7%) Shares 12,663 (-28.3%) Est. Cost $48.68 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.0%

Value $593K (-45.9%) Shares 15,316 (-14.3%) Est. Cost $64.30 Unrealized —

DHR DANAHER CORP DEL 0.0%

Value $658K (-41.6%) Shares 3,457 (-41.9%) Est. Cost $219.54 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	2,996 (-99.7%)	$215K (-99.8%)	0.0%	$173.20	—	CL A	98978V103
ORCL	ORACLE CORP	209,205 (-69.6%)	$30.66M (-69.7%)	0.7%	$136.66	—	COM	68389X105
MSFT	MICROSOFT CORP	660,903 (-22.4%)	$247M (-21.8%)	5.4%	$140.46	—	COM	594918104
SPGI	S&P GLOBAL INC	440,036 (-18.3%)	$179M (-21.8%)	3.9%	$420.20	—	COM	78409V104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,010,486 (-21.1%)	$483M (+11.5%)	10.6%	$53.43	—	SPONSORED ADS	874039100
GOOGL	ALPHABET INC	1,045,281 (-7.7%)	$374M (+14.8%)	8.2%	$121.62	—	CAP STK CL A	02079K305
VRSK	VERISK ANALYTICS INC	612,925 (-22.9%)	$110M (-27.0%)	2.4%	$189.63	—	COM	92345Y106
V	VISA INC	922,397 (-3.9%)	$316M (+9.1%)	7.0%	$175.19	—	COM CL A	92826C839
SPOT	SPOTIFY TECHNOLOGY S A	181,677 (-15.5%)	$83.41M (-20.0%)	1.8%	$542.05	—	SHS	L8681T102
MELI	MERCADOLIBRE INC	58,286 (-13.4%)	$98.93M (-15.0%)	2.2%	$1810.44	—	COM	58733R102
LLY	ELI LILLY & CO	110,028 (-15.9%)	$132M (+9.7%)	2.9%	$126.59	—	COM	532457108
SCI	SERVICE CORP INTL	298,642 (-28.0%)	$22.68M (-33.7%)	0.5%	$61.82	—	COM	817565104
MMYT	MAKEMYTRIP LIMITED MAURITIUS	486,054 (-1.0%)	$25.9M (+41.5%)	0.6%	$99.44	—	SHS	V5633W109
SYK	STRYKER CORPORATION	89,721 (-14.7%)	$28.25M (-18.2%)	0.6%	$357.89	—	COM	863667101
BDX	BECTON DICKINSON & CO	12,291 (-73.1%)	$1.86M (-74.2%)	0.0%	$215.47	—	COM	075887109
VMC	VULCAN MATLS CO	97,871 (-18.4%)	$28.87M (-11.6%)	0.6%	$199.75	—	COM	929160109
MA	MASTERCARD INCORPORATED	27,449 (-22.1%)	$14.1M (-19.9%)	0.3%	$547.53	—	CL A	57636Q104
META	META PLATFORMS INC	43,053 (-9.9%)	$24.25M (-11.3%)	0.5%	$258.98	—	CL A	30303M102
FERG	FERGUSON ENTERPRISES INC	58,812 (-19.4%)	$13.96M (-18.0%)	0.3%	$197.57	—	COMMON STOCK NEW	31488V107
COST	COSTCO WHOLESALE CORPORATION	26,143 (-5.0%)	$24.46M (-10.8%)	0.5%	$349.18	—	COM	22160K105
UBER	UBER TECHNOLOGIES INC	1,043,047 (-4.1%)	$75.27M (-3.8%)	1.7%	$87.55	—	COM	90353T100
PDD	PDD HOLDINGS INC	41,005 (-26.5%)	$3.128M (-45.1%)	0.1%	$122.71	—	SPONSORED ADS	722304102
CPRT	COPART INC	203,711 (-17.1%)	$5.743M (-29.6%)	0.1%	$53.44	—	COM	217204106
ADI	ANALOG DEVICES INC	115,884 (-15.9%)	$46.03M (+5.0%)	1.0%	$158.86	—	COM	032654105
URI	UNITED RENTALS INC	6,335 (-9.8%)	$7.177M (+40.2%)	0.2%	$870.20	—	COM	911363109
YUMC	YUM CHINA HLDGS INC	163,390 (-3.3%)	$6.678M (-19.0%)	0.1%	$41.63	—	COM	98850P109
HDB	HDFC BANK LTD	411,717 (-15.7%)	$10.63M (-12.5%)	0.2%	$47.45	—	SPONSORED ADS	40415F101
JNJ	JOHNSON & JOHNSON	1,289,528 (-4.1%)	$328M (-0.3%)	7.2%	$131.21	—	COM	478160104
HLT	HILTON WORLDWIDE HLDGS INC	12,155 (-23.1%)	$4.017M (-16.4%)	0.1%	$272.20	—	COM	43300A203
WMT	WALMART INC	12,663 (-28.3%)	$1.434M (-34.7%)	0.0%	$48.68	—	COM	931142103
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	15,316 (-14.3%)	$593K (-45.9%)	0.0%	$64.30	—	CL A	192446102
DHR	DANAHER CORP DEL	3,457 (-41.9%)	$658K (-41.6%)	0.0%	$219.54	—	COM	235851102

Unchanged Positions (4)

LIN LINDE PLC 5.9%

Value $266M Shares 513,091 Est. Cost $337.70 Unrealized —

MSCI MSCI INC 0.2%

Value $9.903M Shares 17,683 Est. Cost $561.68 Unrealized —

TCOM TRIP COM GROUP LTD 0.0%

Value $778K Shares 19,523 Est. Cost $56.52 Unrealized —

BZ KANZHUN LIMITED 0.1%

Value $4.445M Shares 345,375 Est. Cost $19.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	513,091	$266M	5.9%	$337.70	—	SHS	G54950103
MSCI	MSCI INC	17,683	$9.903M	0.2%	$561.68	—	COM	55354G100
TCOM	TRIP COM GROUP LTD	19,523	$778K	0.0%	$56.52	—	ADS	89677Q107
BZ	KANZHUN LIMITED	345,375	$4.445M	0.1%	$19.83	—	SPONSORED ADS	48553T106