Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	1,068,371	$530M	5.9%	$460.00	0.0%	SHS	G54950103
NVDA	NVIDIA CORPORATION	2,675,018	$467M	5.2%	$186.63	0.0%	COM	67066G104
DVN	DEVON ENERGY CORP NEW	6,525,140	$328M	3.6%	$40.25	0.0%	COM	25179M103
CNQ	CANADIAN NAT RES LTD MED TER	5,690,211	$277M	3.1%	$37.20	0.0%	COM	136385101
MDLN	MEDLINE INC	4,365,802	$194M	2.2%	$44.84	0.0%	COM CL A	58507V107
ACGL	ARCH CAP GROUP LTD	1,116,922	$107M	1.2%	$95.86	0.0%	ORD	G0450A105
AWI	ARMSTRONG WORLD INDS INC NEW	448,036	$73.84M	0.8%	$192.76	0.0%	COM	04247X102

Increased Positions (7)

GOOG ALPHABET INC 11.0%

Value $992M (+193.2%) Shares 3,459,649 (+220.7%) Est. Cost $312.03 Unrealized +3.7%

MCO MOODYS CORP 7.5%

Value $674M (+70.7%) Shares 1,545,670 (+99.9%) Est. Cost $488.46 Unrealized +0.2%

VMC VULCAN MATLS CO 5.3%

Value $482M (+75.9%) Shares 1,769,216 (+84.3%) Est. Cost $299.37 Unrealized +2.5%

UBER UBER TECHNOLOGIES INC 3.7%

Value $335M (+52.8%) Shares 4,652,363 (+73.5%) Est. Cost $85.25 Unrealized -7.7%

V VISA INC 13.8%

Value $1.242B (+8.3%) Shares 4,110,970 (+25.7%) Est. Cost $311.71 Unrealized +5.6%

LAMR LAMAR ADVERTISING CO 1.5%

Value $138M (+50.9%) Shares 1,088,744 (+50.8%) Est. Cost $123.85 Unrealized —

CRH CRH PLC 3.2%

Value $290M (+2.8%) Shares 2,759,331 (+22.0%) Est. Cost $76.33 Unrealized +62.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	3,459,649 (+220.7%)	$992M (+193.2%)	11.0%	$312.03	+3.7%	CAP STK CL C	02079K107
MCO	MOODYS CORP	1,545,670 (+99.9%)	$674M (+70.7%)	7.5%	$488.46	+0.2%	COM	615369105
VMC	VULCAN MATLS CO	1,769,216 (+84.3%)	$482M (+75.9%)	5.3%	$299.37	+2.5%	COM	929160109
UBER	UBER TECHNOLOGIES INC	4,652,363 (+73.5%)	$335M (+52.8%)	3.7%	$85.25	-7.7%	COM	90353T100
V	VISA INC	4,110,970 (+25.7%)	$1.242B (+8.3%)	13.8%	$311.71	+5.6%	COM CL A	92826C839
LAMR	LAMAR ADVERTISING CO	1,088,744 (+50.8%)	$138M (+50.9%)	1.5%	$123.85	—	CL A	512816109
CRH	CRH PLC	2,759,331 (+22.0%)	$290M (+2.8%)	3.2%	$76.33	+62.9%	ORD	G25508105

Exited Positions (6)

MSFT MICROSOFT CORP 9.4%

Value $846M Shares 1,748,656 Est. Cost $313.02 Unrealized +38.8%

BSX BOSTON SCIENTIFIC CORP 5.7%

Value $513M Shares 5,385,084 Est. Cost $102.76 Unrealized -16.5%

COF CAPITAL ONE FINL CORP 5.6%

Value $501M Shares 2,069,130 Est. Cost $179.56 Unrealized +24.3%

WYNN WYNN RESORTS LTD 2.8%

Value $249M Shares 2,069,751 Est. Cost $123.55 Unrealized -7.6%

STX SEAGATE TECHNOLOGY HLDNGS PL 2.2%

Value $201M Shares 729,325 Est. Cost $102.43 Unrealized +267.5%

LPLA LPL FINL HLDGS INC 1.0%

Value $91.01M Shares 254,813 Est. Cost $353.69 Unrealized +0.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	1,748,656	$846M	9.4%	$313.02	+38.8%	—	594918104
BSX	BOSTON SCIENTIFIC CORP	5,385,084	$513M	5.7%	$102.76	-16.5%	—	101137107
COF	CAPITAL ONE FINL CORP	2,069,130	$501M	5.6%	$179.56	+24.3%	—	14040H105
WYNN	WYNN RESORTS LTD	2,069,751	$249M	2.8%	$123.55	-7.6%	—	983134107
STX	SEAGATE TECHNOLOGY HLDNGS PL	729,325	$201M	2.2%	$102.43	+267.5%	—	G7997R103
LPLA	LPL FINL HLDGS INC	254,813	$91.01M	1.0%	$353.69	+0.9%	—	50212V100

Decreased Positions (8)

AMZN AMAZON COM INC 5.5%

Value $492M (-63.8%) Shares 2,363,334 (-59.9%) Est. Cost $197.39 Unrealized +14.9%

APH AMPHENOL CORP 4.0%

Value $363M (-27.6%) Shares 2,871,353 (-22.6%) Est. Cost $79.89 Unrealized +83.2%

FERG FERGUSON ENTERPRISES INC 1.6%

Value $148M (-34.1%) Shares 634,258 (-37.1%) Est. Cost $188.07 Unrealized +33.5%

RNR RENAISSANCERE HLDGS LTD 1.0%

Value $94.31M (-31.6%) Shares 317,308 (-35.3%) Est. Cost $263.15 Unrealized +8.8%

CRS CARPENTER TECHNOLOGY CORP 5.8%

Value $525M (+7.3%) Shares 1,330,920 (-14.3%) Est. Cost $205.62 Unrealized +69.9%

EMBJ EMBRAER S.A. 2.0%

Value $177M (-16.3%) Shares 2,975,231 (-9.2%) Est. Cost $61.84 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 4.7%

Value $421M (-5.7%) Shares 6,275,179 (-9.6%) Est. Cost $44.75 Unrealized +64.5%

NYT NEW YORK TIMES CO MTN BE 0.9%

Value $81.38M (-16.9%) Shares 971,884 (-31.1%) Est. Cost $61.82 Unrealized +16.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	2,363,334 (-59.9%)	$492M (-63.8%)	5.5%	$197.39	+14.9%	COM	023135106
APH	AMPHENOL CORP	2,871,353 (-22.6%)	$363M (-27.6%)	4.0%	$79.89	+83.2%	CL A	032095101
FERG	FERGUSON ENTERPRISES INC	634,258 (-37.1%)	$148M (-34.1%)	1.6%	$188.07	+33.5%	COMMON STOCK NEW	31488V107
RNR	RENAISSANCERE HLDGS LTD	317,308 (-35.3%)	$94.31M (-31.6%)	1.0%	$263.15	+8.8%	COM	G7496G103
CRS	CARPENTER TECHNOLOGY CORP	1,330,920 (-14.3%)	$525M (+7.3%)	5.8%	$205.62	+69.9%	COM	144285103
EMBJ	EMBRAER S.A.	2,975,231 (-9.2%)	$177M (-16.3%)	2.0%	$61.84	—	SPONSORED ADS	29082A107
IBKR	INTERACTIVE BROKERS GROUP IN	6,275,179 (-9.6%)	$421M (-5.7%)	4.7%	$44.75	+64.5%	COM CL A	45841N107
NYT	NEW YORK TIMES CO MTN BE	971,884 (-31.1%)	$81.38M (-16.9%)	0.9%	$61.82	+16.9%	CL A	650111107

Unchanged Positions (2)

MA MASTERCARD INCORPORATED 2.5%

Value $230M Shares 459,652 Est. Cost $416.81 Unrealized +29.3%

CME CME GROUP INC 3.9%

Value $349M Shares 1,182,907 Est. Cost $229.73 Unrealized +25.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MA	MASTERCARD INCORPORATED	459,652	$230M	2.5%	$416.81	+29.3%	CL A	57636Q104
CME	CME GROUP INC	1,182,907	$349M	3.9%	$229.73	+25.9%	COM	12572Q105