FLOSSBACH VON STORCH AG Diversified Active

CIK: 0001575677 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 30, 2026

Total Value ($000): $25,229,141 (100.0% shares, 0.0% debt)

Holdings (111)

New Positions (4)

MICC MAGNUM ICE CREAM CO. 0.4%

Value ($000) $88,603 Shares 5,540,122 Est. Cost $15.68 Unrealized 0.0%

TTE TOTALENERGIES 0.2%

Value ($000) $62,288 Shares 953,936 Est. Cost $63.23 Unrealized 0.0%

SE SEA ADR 0.0%

Value ($000) $1,914 Shares 15,000 Est. Cost $127.57 Unrealized —

— 2,000 JAZZ INVESTMENTS 15.06.2026 0.0%

Value ($000) $813 Shares 700,000 Est. Cost $1.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MICC	MAGNUM ICE CREAM CO.	5,540,122	$88,603	0.4%	$15.68	0.0%	COM	N5505D105
TTE	TOTALENERGIES	953,936	$62,288	0.2%	$63.23	0.0%	COM	F92124100
SE	SEA ADR	15,000	$1,914	0.0%	$127.57	—	COM	81141R100
—	2,000 JAZZ INVESTMENTS 15.06.2026	700,000	$813	0.0%	$1.16	—	NOTE	472145AF8

Increased Positions (39)

NKE NIKE 3.2%

Value ($000) $812,514 (+18.1%) Shares 12,753,317 (+29.3%) Est. Cost $76.74 Unrealized -15.4%

LIN LINDE 1.8%

Value ($000) $462,999 (+35.0%) Shares 1,085,859 (+50.4%) Est. Cost $443.60 Unrealized -3.7%

ADI ANALOG DEVICES 0.9%

Value ($000) $219,101 (+72.4%) Shares 807,894 (+56.2%) Est. Cost $231.12 Unrealized +8.4%

ACN ACCENTURE 2.7%

Value ($000) $690,268 (+11.0%) Shares 2,572,746 (+2.0%) Est. Cost $299.73 Unrealized -15.2%

ROP ROPER TECHNOLOGIES 2.0%

Value ($000) $509,600 (+14.0%) Shares 1,144,835 (+27.7%) Est. Cost $511.75 Unrealized -9.7%

PEP PEPSICO 3.5%

Value ($000) $876,574 (+6.2%) Shares 6,107,676 (+3.9%) Est. Cost $147.64 Unrealized -1.2%

VRSK VERISK ANALYTICS 0.2%

Value ($000) $53,587 (+295.6%) Shares 239,560 (+344.8%) Est. Cost $216.78 Unrealized +3.9%

PG PROCTER & GAMBLE 1.8%

Value ($000) $453,956 (-4.6%) Shares 3,167,654 (+2.3%) Est. Cost $117.29 Unrealized +25.5%

NFLX NETFLIX 0.2%

Value ($000) $52,609 (-24.0%) Shares 561,099 (+871.8%) Est. Cost $103.14 Unrealized +4.5%

ICE INTERCONTINENTAL EXCHANGE 3.1%

Value ($000) $785,906 (+2.1%) Shares 4,852,469 (+6.2%) Est. Cost $109.92 Unrealized +42.1%

SBUX STARBUCKS 0.1%

Value ($000) $25,651 (+136.4%) Shares 304,611 (+137.5%) Est. Cost $86.07 Unrealized -2.3%

MCD MCDONALDS 0.5%

Value ($000) $118,411 (+13.0%) Shares 387,434 (+12.4%) Est. Cost $261.48 Unrealized +16.7%

NDAQ NASDAQ 0.4%

Value ($000) $111,500 (+11.9%) Shares 1,147,947 (+1.9%) Est. Cost $54.19 Unrealized +65.6%

CL COLGATE-PALMOLIVE 0.1%

Value ($000) $33,077 (+37.1%) Shares 418,589 (+38.6%) Est. Cost $71.52 Unrealized +9.5%

UBER UBER TECHNOLOGIES 0.2%

Value ($000) $61,909 (-12.6%) Shares 757,668 (+4.9%) Est. Cost $71.61 Unrealized +25.7%

RACE FERRARI 0.1%

Value ($000) $31,712 (-21.0%) Shares 84,713 (+1.9%) Est. Cost $432.97 Unrealized -7.6%

AXP AMERICAN EXPRESS 0.1%

Value ($000) $32,589 (+23.6%) Shares 88,089 (+11.0%) Est. Cost $177.33 Unrealized +101.3%

TT TRANE TECHNOLOGIES 0.0%

Value ($000) $9,730 (+92.2%) Shares 25,000 (+108.3%) Est. Cost $419.84 Unrealized -1.5%

MMM 3M 0.4%

Value ($000) $106,231 (+4.3%) Shares 663,531 (+1.1%) Est. Cost $112.63 Unrealized +44.9%

ROST ROSS STORES 0.1%

Value ($000) $21,732 (+22.9%) Shares 120,637 (+4.0%) Est. Cost $112.10 Unrealized +48.6%

MKTX MARKETAXESS 0.1%

Value ($000) $16,874 (+22.6%) Shares 93,100 (+17.8%) Est. Cost $198.11 Unrealized -14.4%

TJX TJX COMPANIES 0.1%

Value ($000) $18,726 (+15.2%) Shares 121,907 (+8.4%) Est. Cost $65.80 Unrealized +124.5%

INTU INTUIT 0.0%

Value ($000) $11,484 (+21.5%) Shares 17,336 (+25.3%) Est. Cost $446.72 Unrealized +47.9%

SYK STRYKER 0.4%

Value ($000) $99,904 (-1.9%) Shares 284,245 (+3.2%) Est. Cost $231.75 Unrealized +56.8%

IBN ICICI BANK ADR 0.0%

Value ($000) $5,960 (+23.2%) Shares 200,000 (+25.0%) Est. Cost $26.46 Unrealized —

HD HOME DEPOT 0.1%

Value ($000) $16,978 (-4.2%) Shares 49,340 (+12.8%) Est. Cost $277.50 Unrealized +31.4%

SPOT SPOTIFY TECHNOLOGY 0.0%

Value ($000) $6,303 (-10.5%) Shares 10,854 (+7.6%) Est. Cost $664.05 Unrealized -5.9%

ORLY O'REILLY AUTOMOTIVE 0.0%

Value ($000) $6,789 (-8.6%) Shares 74,429 (+8.0%) Est. Cost $90.30 Unrealized +8.2%

— 0,875 UBER TECHNOLOGIES 01.12.2028 0.0%

Value ($000) $911 (+208.7%) Shares 700,000 (+250.0%) Est. Cost $1.24 Unrealized —

ABNB AIRBNB 0.0%

Value ($000) $1,812 (+38.4%) Shares 13,353 (+23.9%) Est. Cost $139.02 Unrealized -10.4%

IBM INTL BUSINESS MACHINES 0.0%

Value ($000) $1,346 (+36.1%) Shares 4,545 (+29.7%) Est. Cost $268.53 Unrealized +11.3%

UNP UNION PACIFIC 0.0%

Value ($000) $12,209 (+2.4%) Shares 52,779 (+4.6%) Est. Cost $209.27 Unrealized +8.6%

VZ VERIZON COMMUNICATIONS 0.1%

Value ($000) $15,398 (-1.6%) Shares 378,055 (+6.1%) Est. Cost $35.87 Unrealized +12.9%

FTNT FORTINET 0.0%

Value ($000) $1,035 (+26.2%) Shares 13,031 (+33.6%) Est. Cost $87.65 Unrealized -5.4%

MMYT MAKEMYTRIP 0.0%

Value ($000) $3,695 (+5.3%) Shares 45,000 (+20.0%) Est. Cost $80.59 Unrealized +1.8%

CHKP CHECK POINT SOFTWARE 0.0%

Value ($000) $995 (+19.7%) Shares 5,362 (+33.5%) Est. Cost $199.47 Unrealized -3.1%

COP CONOCOPHILLIPS 0.0%

Value ($000) $9,369 (+1.2%) Shares 100,083 (+2.3%) Est. Cost $106.54 Unrealized -15.5%

PDD PINDUODUO ADR 0.0%

Value ($000) $642 (+14.5%) Shares 5,665 (+33.5%) Est. Cost $127.46 Unrealized —

ADP AUTOMATIC DATA PROCESSING 0.0%

Value ($000) $1,460 (+2.1%) Shares 5,677 (+16.5%) Est. Cost $200.55 Unrealized +32.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE	12,753,317 (+29.3%)	$812,514 (+18.1%)	3.2%	$76.74	-15.4%	COM	654106103
LIN	LINDE	1,085,859 (+50.4%)	$462,999 (+35.0%)	1.8%	$443.60	-3.7%	COM	G54950103
ADI	ANALOG DEVICES	807,894 (+56.2%)	$219,101 (+72.4%)	0.9%	$231.12	+8.4%	COM	032654105
ACN	ACCENTURE	2,572,746 (+2.0%)	$690,268 (+11.0%)	2.7%	$299.73	-15.2%	COM	G1151C101
ROP	ROPER TECHNOLOGIES	1,144,835 (+27.7%)	$509,600 (+14.0%)	2.0%	$511.75	-9.7%	COM	776696106
PEP	PEPSICO	6,107,676 (+3.9%)	$876,574 (+6.2%)	3.5%	$147.64	-1.2%	COM	713448108
VRSK	VERISK ANALYTICS	239,560 (+344.8%)	$53,587 (+295.6%)	0.2%	$216.78	+3.9%	COM	92345Y106
PG	PROCTER & GAMBLE	3,167,654 (+2.3%)	$453,956 (-4.6%)	1.8%	$117.29	+25.5%	COM	742718109
NFLX	NETFLIX	561,099 (+871.8%)	$52,609 (-24.0%)	0.2%	$103.14	+4.5%	COM	64110L106
ICE	INTERCONTINENTAL EXCHANGE	4,852,469 (+6.2%)	$785,906 (+2.1%)	3.1%	$109.92	+42.1%	COM	45866F104
SBUX	STARBUCKS	304,611 (+137.5%)	$25,651 (+136.4%)	0.1%	$86.07	-2.3%	COM	855244109
MCD	MCDONALDS	387,434 (+12.4%)	$118,411 (+13.0%)	0.5%	$261.48	+16.7%	COM	580135101
NDAQ	NASDAQ	1,147,947 (+1.9%)	$111,500 (+11.9%)	0.4%	$54.19	+65.6%	COM	631103108
CL	COLGATE-PALMOLIVE	418,589 (+38.6%)	$33,077 (+37.1%)	0.1%	$71.52	+9.5%	COM	194162103
UBER	UBER TECHNOLOGIES	757,668 (+4.9%)	$61,909 (-12.6%)	0.2%	$71.61	+25.7%	COM	90353T100
RACE	FERRARI	84,713 (+1.9%)	$31,712 (-21.0%)	0.1%	$432.97	-7.6%	COM	N3167Y103
AXP	AMERICAN EXPRESS	88,089 (+11.0%)	$32,589 (+23.6%)	0.1%	$177.33	+101.3%	COM	025816109
TT	TRANE TECHNOLOGIES	25,000 (+108.3%)	$9,730 (+92.2%)	0.0%	$419.84	-1.5%	COM	G8994E103
MMM	3M	663,531 (+1.1%)	$106,231 (+4.3%)	0.4%	$112.63	+44.9%	COM	88579Y101
ROST	ROSS STORES	120,637 (+4.0%)	$21,732 (+22.9%)	0.1%	$112.10	+48.6%	COM	778296103
MKTX	MARKETAXESS	93,100 (+17.8%)	$16,874 (+22.6%)	0.1%	$198.11	-14.4%	COM	57060D108
TJX	TJX COMPANIES	121,907 (+8.4%)	$18,726 (+15.2%)	0.1%	$65.80	+124.5%	COM	872540109
INTU	INTUIT	17,336 (+25.3%)	$11,484 (+21.5%)	0.0%	$446.72	+47.9%	COM	461202103
SYK	STRYKER	284,245 (+3.2%)	$99,904 (-1.9%)	0.4%	$231.75	+56.8%	COM	863667101
IBN	ICICI BANK ADR	200,000 (+25.0%)	$5,960 (+23.2%)	0.0%	$26.46	—	COM	45104G104
HD	HOME DEPOT	49,340 (+12.8%)	$16,978 (-4.2%)	0.1%	$277.50	+31.4%	COM	437076102
SPOT	SPOTIFY TECHNOLOGY	10,854 (+7.6%)	$6,303 (-10.5%)	0.0%	$664.05	-5.9%	COM	L8681T102
ORLY	O'REILLY AUTOMOTIVE	74,429 (+8.0%)	$6,789 (-8.6%)	0.0%	$90.30	+8.2%	COM	67103H107
—	0,875 UBER TECHNOLOGIES 01.12.2028	700,000 (+250.0%)	$911 (+208.7%)	0.0%	$1.24	—	NOTE	90353TAM2
ABNB	AIRBNB	13,353 (+23.9%)	$1,812 (+38.4%)	0.0%	$139.02	-10.4%	COM	009066101
IBM	INTL BUSINESS MACHINES	4,545 (+29.7%)	$1,346 (+36.1%)	0.0%	$268.53	+11.3%	COM	459200101
UNP	UNION PACIFIC	52,779 (+4.6%)	$12,209 (+2.4%)	0.0%	$209.27	+8.6%	COM	907818108
VZ	VERIZON COMMUNICATIONS	378,055 (+6.1%)	$15,398 (-1.6%)	0.1%	$35.87	+12.9%	COM	92343V104
FTNT	FORTINET	13,031 (+33.6%)	$1,035 (+26.2%)	0.0%	$87.65	-5.4%	COM	34959E109
MMYT	MAKEMYTRIP	45,000 (+20.0%)	$3,695 (+5.3%)	0.0%	$80.59	+1.8%	COM	V5633W109
CHKP	CHECK POINT SOFTWARE	5,362 (+33.5%)	$995 (+19.7%)	0.0%	$199.47	-3.1%	COM	M22465104
COP	CONOCOPHILLIPS	100,083 (+2.3%)	$9,369 (+1.2%)	0.0%	$106.54	-15.5%	COM	20825C104
PDD	PINDUODUO ADR	5,665 (+33.5%)	$642 (+14.5%)	0.0%	$127.46	—	COM	722304102
ADP	AUTOMATIC DATA PROCESSING	5,677 (+16.5%)	$1,460 (+2.1%)	0.0%	$200.55	+32.0%	COM	053015103

Exited Positions (12)

SW SMURFIT WESTROCK 0.0%

Value ($000) $8,642 Shares 206,260 Est. Cost $43.84 Unrealized -13.0%

FAST FASTENAL 0.0%

Value ($000) $6,408 Shares 130,667 Est. Cost $33.00 Unrealized +27.4%

— 0,000 FIVERR INTERNATIONAL 01.11.2025 0.0%

Value ($000) $2,738 Shares 2,750,000 Est. Cost $0.92 Unrealized —

KSPI KASPI.KZ 0.0%

Value ($000) $1,756 Shares 21,500 Est. Cost $99.61 Unrealized —

SLB SCHLUMBERGER 0.0%

Value ($000) $1,572 Shares 45,731 Est. Cost $30.18 Unrealized +19.5%

GLOB GLOBANT 0.0%

Value ($000) $1,090 Shares 19,000 Est. Cost $244.99 Unrealized -74.3%

EA ELECTRONIC ARTS 0.0%

Value ($000) $893 Shares 4,425 Est. Cost $165.25 Unrealized +22.1%

— 0,000 UBER TECHNOLOGIES 15.12.2025 0.0%

Value ($000) $610 Shares 500,000 Est. Cost $1.20 Unrealized —

INFY INFOSYS ADR 0.0%

Value ($000) $550 Shares 33,807 Est. Cost $16.27 Unrealized —

— 1,000 HALOZYME THERAPEUTICS 15.08.2028 0.0%

Value ($000) $282 Shares 200,000 Est. Cost $0.94 Unrealized —

ORCL ORACLE 0.0%

Value ($000) $236 Shares 840 Est. Cost $254.17 Unrealized -6.3%

CSGP COSTAR GROUP 0.0%

Value ($000) $211 Shares 2,500 Est. Cost $77.90 Unrealized -9.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SW	SMURFIT WESTROCK	206,260	$8,642	0.0%	$43.84	-13.0%	—	G8267P108
FAST	FASTENAL	130,667	$6,408	0.0%	$33.00	+27.4%	—	311900104
—	0,000 FIVERR INTERNATIONAL 01.11.2025	2,750,000	$2,738	0.0%	$0.92	—	—	33835LAA3
KSPI	KASPI.KZ	21,500	$1,756	0.0%	$99.61	—	—	48581R205
SLB	SCHLUMBERGER	45,731	$1,572	0.0%	$30.18	+19.5%	—	806857108
GLOB	GLOBANT	19,000	$1,090	0.0%	$244.99	-74.3%	—	L44385109
EA	ELECTRONIC ARTS	4,425	$893	0.0%	$165.25	+22.1%	—	285512109
—	0,000 UBER TECHNOLOGIES 15.12.2025	500,000	$610	0.0%	$1.20	—	—	90353TAJ9
INFY	INFOSYS ADR	33,807	$550	0.0%	$16.27	—	—	456788108
—	1,000 HALOZYME THERAPEUTICS 15.08.2028	200,000	$282	0.0%	$0.94	—	—	40637HAF6
ORCL	ORACLE	840	$236	0.0%	$254.17	-6.3%	—	68389X105
CSGP	COSTAR GROUP	2,500	$211	0.0%	$77.90	-9.1%	—	22160N109

Decreased Positions (51)

AMAT APPLIED MATERIALS 0.8%

Value ($000) $190,563 (-61.4%) Shares 741,520 (-69.2%) Est. Cost $180.09 Unrealized +33.0%

JNJ JOHNSON & JOHNSON 1.2%

Value ($000) $290,894 (-47.6%) Shares 1,405,626 (-53.1%) Est. Cost $115.48 Unrealized +70.6%

MSFT MICROSOFT 6.0%

Value ($000) $1,517,393 (-14.1%) Shares 3,137,572 (-8.0%) Est. Cost $177.28 Unrealized +182.4%

GOOGL ALPHABET - CLASS A 7.4%

Value ($000) $1,867,349 (+12.7%) Shares 5,965,970 (-12.4%) Est. Cost $117.84 Unrealized +142.4%

META META PLATFORMS 1.2%

Value ($000) $300,385 (-30.2%) Shares 455,066 (-22.4%) Est. Cost $426.26 Unrealized +56.6%

APH AMPHENOL 3.9%

Value ($000) $983,930 (-9.7%) Shares 7,280,823 (-17.3%) Est. Cost $45.84 Unrealized +191.3%

DHR DANAHER 3.7%

Value ($000) $933,034 (+12.0%) Shares 4,075,809 (-3.0%) Est. Cost $201.96 Unrealized +8.7%

ABT ABBOTT LABORATORIES 3.2%

Value ($000) $809,078 (-8.6%) Shares 6,457,646 (-2.3%) Est. Cost $83.87 Unrealized +51.8%

MELI MERCADOLIBRE 1.4%

Value ($000) $362,110 (-14.7%) Shares 179,773 (-1.1%) Est. Cost $2328.82 Unrealized -9.8%

FTV FORTIVE 2.5%

Value ($000) $624,169 (+9.4%) Shares 11,305,369 (-2.9%) Est. Cost $50.05 Unrealized +3.6%

LULU LULULEMON ATHLETICA 1.6%

Value ($000) $393,288 (+14.5%) Shares 1,892,537 (-2.0%) Est. Cost $297.65 Unrealized -39.1%

TMO THERMO FISHER SCIENTIFIC 5.0%

Value ($000) $1,262,564 (+3.5%) Shares 2,178,901 (-13.4%) Est. Cost $456.05 Unrealized +23.9%

BLK BLACKROCK 0.4%

Value ($000) $108,597 (-27.9%) Shares 101,460 (-21.4%) Est. Cost $991.05 Unrealized +9.9%

IDXX IDEXX LABORATORIES 0.1%

Value ($000) $36,621 (-48.1%) Shares 54,131 (-51.0%) Est. Cost $438.65 Unrealized +55.3%

SCHW CHARLES SCHWAB 4.1%

Value ($000) $1,045,617 (+3.0%) Shares 10,465,592 (-1.6%) Est. Cost $66.90 Unrealized +41.6%

RAL RALLIANT 0.6%

Value ($000) $154,024 (-15.2%) Shares 3,025,421 (-27.1%) Est. Cost $49.16 Unrealized -4.7%

AAPL APPLE 3.5%

Value ($000) $887,277 (+2.7%) Shares 3,263,728 (-3.8%) Est. Cost $145.30 Unrealized +84.7%

NVDA NVIDIA 0.2%

Value ($000) $55,173 (-29.0%) Shares 295,832 (-28.9%) Est. Cost $117.92 Unrealized +57.8%

CPRT COPART 0.3%

Value ($000) $76,633 (-20.7%) Shares 1,957,416 (-8.9%) Est. Cost $48.10 Unrealized -13.8%

BKNG BOOKING HOLDINGS 0.2%

Value ($000) $48,519 (-27.3%) Shares 9,060 (-26.7%) Est. Cost $3562.84 Unrealized +44.2%

BABA ALIBABA GROUP ADR 0.0%

Value ($000) $9,674 (-65.1%) Shares 66,000 (-57.4%) Est. Cost $122.33 Unrealized —

BRK/B BERKSHIRE HATHAWAY B 5.5%

Value ($000) $1,384,417 (-1.2%) Shares 2,754,237 (-1.2%) Est. Cost $187.52 Unrealized +165.3%

GGG GRACO 1.1%

Value ($000) $266,579 (-6.0%) Shares 3,252,150 (-2.6%) Est. Cost $83.24 Unrealized -1.5%

AVGO BROADCOM 0.4%

Value ($000) $99,860 (-14.3%) Shares 288,529 (-18.3%) Est. Cost $238.47 Unrealized +49.7%

MDT MEDTRONIC 0.4%

Value ($000) $104,489 (-13.3%) Shares 1,087,747 (-14.1%) Est. Cost $75.56 Unrealized +28.6%

SHW SHERWIN-WILLIAMS 0.5%

Value ($000) $127,339 (-10.2%) Shares 392,985 (-4.0%) Est. Cost $312.88 Unrealized +6.8%

TSM TAIWAN SEMICONDUCTOR ADR 0.9%

Value ($000) $224,036 (+5.8%) Shares 737,228 (-2.7%) Est. Cost $214.13 Unrealized —

SPGI S&P GLOBAL 1.5%

Value ($000) $368,262 (+3.5%) Shares 704,687 (-3.6%) Est. Cost $373.94 Unrealized +32.2%

CRM SALESFORCE 0.9%

Value ($000) $230,558 (+5.3%) Shares 870,327 (-5.8%) Est. Cost $232.46 Unrealized +6.8%

V VISA - CLASS A 3.0%

Value ($000) $752,003 (+1.4%) Shares 2,144,231 (-1.3%) Est. Cost $189.70 Unrealized +79.4%

DIS WALT DISNEY 0.1%

Value ($000) $16,246 (-38.1%) Shares 142,799 (-37.7%) Est. Cost $120.01 Unrealized -8.7%

AMZN AMAZON.COM 6.0%

Value ($000) $1,501,705 (+0.5%) Shares 6,505,958 (-4.4%) Est. Cost $134.48 Unrealized +70.1%

HDB HDFC BANK ADR 0.2%

Value ($000) $60,540 (-10.6%) Shares 1,656,810 (-16.4%) Est. Cost $49.92 Unrealized —

ADBE ADOBE 0.0%

Value ($000) $12,286 (-32.7%) Shares 35,103 (-32.1%) Est. Cost $446.95 Unrealized -23.9%

MA MASTERCARD 1.3%

Value ($000) $330,232 (-1.7%) Shares 578,461 (-2.1%) Est. Cost $350.72 Unrealized +59.4%

WMT WALMART 0.1%

Value ($000) $37,336 (-12.1%) Shares 335,126 (-18.7%) Est. Cost $51.09 Unrealized +109.8%

MCO MOODY'S 0.2%

Value ($000) $44,044 (-9.2%) Shares 86,217 (-15.3%) Est. Cost $301.60 Unrealized +61.6%

BDX BECTON DICKINSON 0.1%

Value ($000) $26,943 (-12.9%) Shares 138,830 (-16.0%) Est. Cost $222.31 Unrealized -14.7%

CPNG COUPANG 0.0%

Value ($000) $4,128 (-32.5%) Shares 175,000 (-7.9%) Est. Cost $22.08 Unrealized +28.9%

DG DOLLAR GENERAL 0.4%

Value ($000) $110,158 (+1.8%) Shares 829,687 (-20.8%) Est. Cost $172.93 Unrealized -35.5%

MDLZ MONDELEZ INTERNATIONAL 0.0%

Value ($000) $629 (-73.9%) Shares 11,680 (-69.8%) Est. Cost $61.29 Unrealized -6.9%

NU NU HOLDINGS 0.0%

Value ($000) $11,718 (-8.5%) Shares 700,000 (-12.5%) Est. Cost $8.45 Unrealized +90.2%

XOM EXXON MOBIL 0.1%

Value ($000) $37,232 (+2.7%) Shares 309,386 (-3.8%) Est. Cost $85.55 Unrealized +35.0%

— 0,000 SNAP 01.05.2027 0.0%

Value ($000) $842 (-52.1%) Shares 900,000 (-52.6%) Est. Cost $0.70 Unrealized —

— 0,250 HALOZYME THERAPEUTICS 01.03.2027 0.0%

Value ($000) $1,137 (-43.4%) Shares 1,050,000 (-40.0%) Est. Cost $0.90 Unrealized —

NTES NETEASE ADR 0.0%

Value ($000) $2,064 (-22.4%) Shares 15,000 (-14.3%) Est. Cost $100.87 Unrealized —

EL ESTEE LAUDER 0.1%

Value ($000) $14,870 (-3.6%) Shares 142,000 (-18.9%) Est. Cost $102.71 Unrealized -5.7%

KO COCA-COLA 0.2%

Value ($000) $58,191 (+0.9%) Shares 832,369 (-4.3%) Est. Cost $49.57 Unrealized +40.0%

MSCI MSCI 0.5%

Value ($000) $128,209 (-0.4%) Shares 223,465 (-1.5%) Est. Cost $492.02 Unrealized +13.8%

YUMC YUM CHINA HOLDINGS 0.0%

Value ($000) $3,103 (-9.6%) Shares 65,000 (-18.8%) Est. Cost $49.04 Unrealized -6.6%

ODFL OLD DOMINION FREIGHT LINE 0.1%

Value ($000) $18,635 (-1.5%) Shares 118,843 (-11.5%) Est. Cost $189.98 Unrealized -24.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATERIALS	741,520 (-69.2%)	$190,563 (-61.4%)	0.8%	$180.09	+33.0%	COM	038222105
JNJ	JOHNSON & JOHNSON	1,405,626 (-53.1%)	$290,894 (-47.6%)	1.2%	$115.48	+70.6%	COM	478160104
MSFT	MICROSOFT	3,137,572 (-8.0%)	$1,517,393 (-14.1%)	6.0%	$177.28	+182.4%	COM	594918104
GOOGL	ALPHABET - CLASS A	5,965,970 (-12.4%)	$1,867,349 (+12.7%)	7.4%	$117.84	+142.4%	COM	02079K305
META	META PLATFORMS	455,066 (-22.4%)	$300,385 (-30.2%)	1.2%	$426.26	+56.6%	COM	30303M102
APH	AMPHENOL	7,280,823 (-17.3%)	$983,930 (-9.7%)	3.9%	$45.84	+191.3%	COM	032095101
DHR	DANAHER	4,075,809 (-3.0%)	$933,034 (+12.0%)	3.7%	$201.96	+8.7%	COM	235851102
ABT	ABBOTT LABORATORIES	6,457,646 (-2.3%)	$809,078 (-8.6%)	3.2%	$83.87	+51.8%	COM	002824100
MELI	MERCADOLIBRE	179,773 (-1.1%)	$362,110 (-14.7%)	1.4%	$2328.82	-9.8%	COM	58733R102
FTV	FORTIVE	11,305,369 (-2.9%)	$624,169 (+9.4%)	2.5%	$50.05	+3.6%	COM	34959J108
LULU	LULULEMON ATHLETICA	1,892,537 (-2.0%)	$393,288 (+14.5%)	1.6%	$297.65	-39.1%	COM	550021109
TMO	THERMO FISHER SCIENTIFIC	2,178,901 (-13.4%)	$1,262,564 (+3.5%)	5.0%	$456.05	+23.9%	COM	883556102
BLK	BLACKROCK	101,460 (-21.4%)	$108,597 (-27.9%)	0.4%	$991.05	+9.9%	COM	09290D101
IDXX	IDEXX LABORATORIES	54,131 (-51.0%)	$36,621 (-48.1%)	0.1%	$438.65	+55.3%	COM	45168D104
SCHW	CHARLES SCHWAB	10,465,592 (-1.6%)	$1,045,617 (+3.0%)	4.1%	$66.90	+41.6%	COM	808513105
RAL	RALLIANT	3,025,421 (-27.1%)	$154,024 (-15.2%)	0.6%	$49.16	-4.7%	COM	750940108
AAPL	APPLE	3,263,728 (-3.8%)	$887,277 (+2.7%)	3.5%	$145.30	+84.7%	COM	037833100
NVDA	NVIDIA	295,832 (-28.9%)	$55,173 (-29.0%)	0.2%	$117.92	+57.8%	COM	67066G104
CPRT	COPART	1,957,416 (-8.9%)	$76,633 (-20.7%)	0.3%	$48.10	-13.8%	COM	217204106
BKNG	BOOKING HOLDINGS	9,060 (-26.7%)	$48,519 (-27.3%)	0.2%	$3562.84	+44.2%	COM	09857L108
BABA	ALIBABA GROUP ADR	66,000 (-57.4%)	$9,674 (-65.1%)	0.0%	$122.33	—	COM	01609W102
BRK/B	BERKSHIRE HATHAWAY B	2,754,237 (-1.2%)	$1,384,417 (-1.2%)	5.5%	$187.52	+165.3%	COM	084670702
GGG	GRACO	3,252,150 (-2.6%)	$266,579 (-6.0%)	1.1%	$83.24	-1.5%	COM	384109104
AVGO	BROADCOM	288,529 (-18.3%)	$99,860 (-14.3%)	0.4%	$238.47	+49.7%	COM	11135F101
MDT	MEDTRONIC	1,087,747 (-14.1%)	$104,489 (-13.3%)	0.4%	$75.56	+28.6%	COM	G5960L103
SHW	SHERWIN-WILLIAMS	392,985 (-4.0%)	$127,339 (-10.2%)	0.5%	$312.88	+6.8%	COM	824348106
TSM	TAIWAN SEMICONDUCTOR ADR	737,228 (-2.7%)	$224,036 (+5.8%)	0.9%	$214.13	—	COM	874039100
SPGI	S&P GLOBAL	704,687 (-3.6%)	$368,262 (+3.5%)	1.5%	$373.94	+32.2%	COM	78409V104
CRM	SALESFORCE	870,327 (-5.8%)	$230,558 (+5.3%)	0.9%	$232.46	+6.8%	COM	79466L302
V	VISA - CLASS A	2,144,231 (-1.3%)	$752,003 (+1.4%)	3.0%	$189.70	+79.4%	COM	92826C839
DIS	WALT DISNEY	142,799 (-37.7%)	$16,246 (-38.1%)	0.1%	$120.01	-8.7%	COM	254687106
AMZN	AMAZON.COM	6,505,958 (-4.4%)	$1,501,705 (+0.5%)	6.0%	$134.48	+70.1%	COM	023135106
HDB	HDFC BANK ADR	1,656,810 (-16.4%)	$60,540 (-10.6%)	0.2%	$49.92	—	COM	40415F101
ADBE	ADOBE	35,103 (-32.1%)	$12,286 (-32.7%)	0.0%	$446.95	-23.9%	COM	00724F101
MA	MASTERCARD	578,461 (-2.1%)	$330,232 (-1.7%)	1.3%	$350.72	+59.4%	COM	57636Q104
WMT	WALMART	335,126 (-18.7%)	$37,336 (-12.1%)	0.1%	$51.09	+109.8%	COM	931142103
MCO	MOODY'S	86,217 (-15.3%)	$44,044 (-9.2%)	0.2%	$301.60	+61.6%	COM	615369105
BDX	BECTON DICKINSON	138,830 (-16.0%)	$26,943 (-12.9%)	0.1%	$222.31	-14.7%	COM	075887109
CPNG	COUPANG	175,000 (-7.9%)	$4,128 (-32.5%)	0.0%	$22.08	+28.9%	COM	22266T109
DG	DOLLAR GENERAL	829,687 (-20.8%)	$110,158 (+1.8%)	0.4%	$172.93	-35.5%	COM	256677105
MDLZ	MONDELEZ INTERNATIONAL	11,680 (-69.8%)	$629 (-73.9%)	0.0%	$61.29	-6.9%	COM	609207105
NU	NU HOLDINGS	700,000 (-12.5%)	$11,718 (-8.5%)	0.0%	$8.45	+90.2%	COM	G6683N103
XOM	EXXON MOBIL	309,386 (-3.8%)	$37,232 (+2.7%)	0.1%	$85.55	+35.0%	COM	30231G102
—	0,000 SNAP 01.05.2027	900,000 (-52.6%)	$842 (-52.1%)	0.0%	$0.70	—	NOTE	83304AAF3
—	0,250 HALOZYME THERAPEUTICS 01.03.2027	1,050,000 (-40.0%)	$1,137 (-43.4%)	0.0%	$0.90	—	NOTE	40637HAD1
NTES	NETEASE ADR	15,000 (-14.3%)	$2,064 (-22.4%)	0.0%	$100.87	—	COM	64110W102
EL	ESTEE LAUDER	142,000 (-18.9%)	$14,870 (-3.6%)	0.1%	$102.71	-5.7%	COM	518439104
KO	COCA-COLA	832,369 (-4.3%)	$58,191 (+0.9%)	0.2%	$49.57	+40.0%	COM	191216100
MSCI	MSCI	223,465 (-1.5%)	$128,209 (-0.4%)	0.5%	$492.02	+13.8%	COM	55354G100
YUMC	YUM CHINA HOLDINGS	65,000 (-18.8%)	$3,103 (-9.6%)	0.0%	$49.04	-6.6%	COM	98850P109
ODFL	OLD DOMINION FREIGHT LINE	118,843 (-11.5%)	$18,635 (-1.5%)	0.1%	$189.98	-24.6%	COM	679580100

Unchanged Positions (17)

AME AMETEK 3.1%

Value ($000) $784,361 Shares 3,820,376 Est. Cost $134.58 Unrealized +44.4%

BNTX BIONTECH ADR 1.6%

Value ($000) $399,464 Shares 4,196,048 Est. Cost $140.78 Unrealized —

IEX IDEX 0.6%

Value ($000) $142,015 Shares 798,104 Est. Cost $181.44 Unrealized -5.9%

ITW ILLINOIS TOOL WORKS 0.3%

Value ($000) $64,610 Shares 262,323 Est. Cost $203.91 Unrealized +21.4%

PYPL PAYPAL 0.1%

Value ($000) $14,802 Shares 253,538 Est. Cost $126.06 Unrealized -48.6%

BX BLACKSTONE 0.0%

Value ($000) $6,936 Shares 45,000 Est. Cost $133.67 Unrealized +13.3%

CHD CHURCH & DWIGHT 0.0%

Value ($000) $10,721 Shares 127,863 Est. Cost $86.36 Unrealized -1.3%

— META PLATFORMS PUT 0.0%

Value ($000) $2,970 Shares 45 Est. Cost — Unrealized —

GOOG ALPHABET - CLASS C 0.0%

Value ($000) $703 Shares 2,239 Est. Cost $118.53 Unrealized +141.6%

TCOM TRIP.COM GROUP ADR 0.0%

Value ($000) $3,236 Shares 45,000 Est. Cost $60.48 Unrealized —

— 1,125 AKAMAI TECHNOLOGIES 15.02.2029 0.0%

Value ($000) $1,690 Shares 1,700,000 Est. Cost $0.99 Unrealized —

FMX FEMSA ADR 0.0%

Value ($000) $2,021 Shares 20,000 Est. Cost $105.08 Unrealized —

— 0,375 AKAMAI TECHNOLOGIES 01.09.2027 0.0%

Value ($000) $907 Shares 900,000 Est. Cost $1.03 Unrealized —

CDNS CADENCE DESIGN SYSTEMS 0.0%

Value ($000) $312 Shares 997 Est. Cost $290.76 Unrealized +12.2%

— 0,250 ETSY 15.06.2028 0.0%

Value ($000) $1,252 Shares 1,400,000 Est. Cost $0.73 Unrealized —

— 0,125 SNAP 01.03.2028 0.0%

Value ($000) $274 Shares 300,000 Est. Cost $0.71 Unrealized —

BRK/A BERKSHIRE HATHAWAY A 0.0%

Value ($000) $3,019 Shares 4 Est. Cost $454514.50 Unrealized +64.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AME	AMETEK	3,820,376	$784,361	3.1%	$134.58	+44.4%	COM	031100100
BNTX	BIONTECH ADR	4,196,048	$399,464	1.6%	$140.78	—	COM	09075V102
IEX	IDEX	798,104	$142,015	0.6%	$181.44	-5.9%	COM	45167R104
ITW	ILLINOIS TOOL WORKS	262,323	$64,610	0.3%	$203.91	+21.4%	COM	452308109
PYPL	PAYPAL	253,538	$14,802	0.1%	$126.06	-48.6%	COM	70450Y103
BX	BLACKSTONE	45,000	$6,936	0.0%	$133.67	+13.3%	COM	09260D107
CHD	CHURCH & DWIGHT	127,863	$10,721	0.0%	$86.36	-1.3%	COM	171340102
—	META PLATFORMS PUT	45	$2,970	0.0%	—	—	PUT	30303M952
GOOG	ALPHABET - CLASS C	2,239	$703	0.0%	$118.53	+141.6%	COM	02079K107
TCOM	TRIP.COM GROUP ADR	45,000	$3,236	0.0%	$60.48	—	COM	89677Q107
—	1,125 AKAMAI TECHNOLOGIES 15.02.2029	1,700,000	$1,690	0.0%	$0.99	—	NOTE	00971TAN1
FMX	FEMSA ADR	20,000	$2,021	0.0%	$105.08	—	COM	344419106
—	0,375 AKAMAI TECHNOLOGIES 01.09.2027	900,000	$907	0.0%	$1.03	—	NOTE	00971TAL5
CDNS	CADENCE DESIGN SYSTEMS	997	$312	0.0%	$290.76	+12.2%	COM	127387108
—	0,250 ETSY 15.06.2028	1,400,000	$1,252	0.0%	$0.73	—	NOTE	29786AAN6
—	0,125 SNAP 01.03.2028	300,000	$274	0.0%	$0.71	—	NOTE	83304AAH9
BRK/A	BERKSHIRE HATHAWAY A	4	$3,019	0.0%	$454514.50	+64.2%	COM	084670108