Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
QXO	QXO INC	1,929,119	$22.55M	0.9%	$11.69	$13.75	-15.0%	COM NEW	82846H405
VMC	VULCAN MATLS CO	36,598	$8.953M	0.3%	$244.63	$272.05	-10.1%	COM	929160109
MLM	MARTIN MARIETTA MATLS INC	17,572	$8.431M	0.3%	$479.81	$535.55	-10.4%	COM	573284106
AVGO	BROADCOM INC	11,295	$3.967M	0.2%	$351.19	$376.46	-6.7%	COM	11135F101
TDG	TRANSDIGM GROUP INC	3,619	$3.918M	0.2%	$1082.60	$1202.11	-9.9%	COM	893641100
DPZ	DOMINOS PIZZA INC	8,995	$2.695M	0.1%	$299.61	$327.78	-8.6%	COM	25754A201
GEHC	GE HEALTHCARE TECHNOLOGIES I	30,403	$1.987M	0.1%	$65.37	$67.64	-3.4%	COMMON STOCK	36266G107
CVNA	CARVANA CO	27,449	$1.717M	0.1%	$62.54	$68.45	-8.6%	CL A	146869102
MU	MICRON TECHNOLOGY INC	365	$389K	0.0%	$1065.11	$949.89	+12.1%	COM	595112103
SKHY	SK HYNIX INC	1,967	$362K	0.0%	$184.15	$165.41	+11.3%	AMERICAN DEPOSIT	78392B206

Increased Positions (19)

META META PLATFORMS INC 5.7%

Value $147M (+79.3%) Shares 202,207 (+39.3%) Share Price $725.18 Est. Cost/Share $537.50 Unrealized @ Report Date +34.9%

NVDA NVIDIA CORPORATION 2.4%

Value $61.33M (+2479.8%) Shares 268,556 (+2160.2%) Share Price $228.38 Est. Cost/Share $213.03 Unrealized @ Report Date +7.2%

CPNG COUPANG INC 6.8%

Value $175M (-19.2%) Shares 12,643,479 (+1.2%) Share Price $13.87 Est. Cost/Share $21.03 Unrealized @ Report Date -34.0%

GOOGL ALPHABET INC 2.9%

Value $76.3M (+47.1%) Shares 221,740 (+52.7%) Share Price $344.08 Est. Cost/Share $326.89 Unrealized @ Report Date +5.3%

CRH CRH PLC 0.9%

Value $24.06M (+1077.2%) Shares 290,601 (+1421.2%) Share Price $82.80 Est. Cost/Share $95.67 Unrealized @ Report Date -13.5%

EMBJ EMBRAER S.A. 2.1%

Value $55.67M (+42.3%) Shares 739,069 (+20.5%) Share Price $75.32 Est. Cost/Share $57.48 Unrealized @ Report Date +31.0%

DHR DANAHER CORP DEL 1.1%

Value $28.71M (+135.7%) Shares 129,602 (+102.6%) Share Price $221.55 Est. Cost/Share $195.44 Unrealized @ Report Date +13.4%

HDB HDFC BANK LTD 1.2%

Value $32.06M (+74.3%) Shares 1,435,182 (+101.5%) Share Price $22.34 Est. Cost/Share $28.17 Unrealized @ Report Date -20.7%

AMZN AMAZON COM INC 3.8%

Value $98.89M (+14.6%) Shares 396,896 (+9.6%) Share Price $249.15 Est. Cost/Share $165.88 Unrealized @ Report Date +50.2%

GRAB GRAB HOLDINGS LIMITED 7.2%

Value $187M (-5.9%) Shares 60,107,827 (+14.1%) Share Price $3.11 Est. Cost/Share $3.68 Unrealized @ Report Date -15.4%

TMO THERMO FISHER SCIENTIFIC INC 1.2%

Value $30.39M (+60.4%) Shares 45,019 (+19.1%) Share Price $675.05 Est. Cost/Share $504.16 Unrealized @ Report Date +33.9%

DIS DISNEY WALT CO 1.0%

Value $26.48M (+63.9%) Shares 252,399 (+50.4%) Share Price $104.90 Est. Cost/Share $99.69 Unrealized @ Report Date +5.2%

KSPI KASPI KZ JSC 3.0%

Value $77.46M (+9.7%) Shares 823,469 (+1.1%) Share Price $94.06 Est. Cost/Share $92.60 Unrealized @ Report Date +1.6%

EFX EQUIFAX INC 1.1%

Value $28.07M (+28.0%) Shares 204,539 (+48.0%) Share Price $137.24 Est. Cost/Share $172.38 Unrealized @ Report Date -20.4%

INTU INTUIT 0.2%

Value $4.356M (+75.4%) Shares 15,798 (+66.1%) Share Price $275.71 Est. Cost/Share $334.75 Unrealized @ Report Date -17.6%

MAA MID-AMER APT CMNTYS INC 0.5%

Value $12.9M (-9.4%) Shares 109,537 (+6.9%) Share Price $117.74 Est. Cost/Share $137.76 Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.1%

Value $3.784M (+18.4%) Shares 8,295 (+24.0%) Share Price $456.19 Est. Cost/Share $250.22 Unrealized @ Report Date +82.3%

IBN ICICI BK LTD 0.0%

Value $379K (+44.1%) Shares 13,763 (+51.9%) Share Price $27.55 Est. Cost/Share $27.85 Unrealized @ Report Date -1.1%

BAP CREDICORP LTD 1.3%

Value $34.79M (-0.1%) Shares 91,595 (+2.4%) Share Price $379.87 Est. Cost/Share $338.12 Unrealized @ Report Date +12.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
META	META PLATFORMS INC	202,207 (+39.3%)	$147M (+79.3%)	5.7%	$725.18	$537.50	+34.9%	CL A	30303M102
NVDA	NVIDIA CORPORATION	268,556 (+2160.2%)	$61.33M (+2479.8%)	2.4%	$228.38	$213.03	+7.2%	COM	67066G104
CPNG	COUPANG INC	12,643,479 (+1.2%)	$175M (-19.2%)	6.8%	$13.87	$21.03	-34.0%	CL A	22266T109
GOOGL	ALPHABET INC	221,740 (+52.7%)	$76.3M (+47.1%)	2.9%	$344.08	$326.89	+5.3%	CAP STK CL A	02079K305
CRH	CRH PLC	290,601 (+1421.2%)	$24.06M (+1077.2%)	0.9%	$82.80	$95.67	-13.5%	ORD	G25508105
EMBJ	EMBRAER S.A.	739,069 (+20.5%)	$55.67M (+42.3%)	2.1%	$75.32	$57.48	+31.0%	SPONSORED ADS	29082A107
DHR	DANAHER CORP DEL	129,602 (+102.6%)	$28.71M (+135.7%)	1.1%	$221.55	$195.44	+13.4%	COM	235851102
HDB	HDFC BANK LTD	1,435,182 (+101.5%)	$32.06M (+74.3%)	1.2%	$22.34	$28.17	-20.7%	SPONSORED ADS	40415F101
AMZN	AMAZON COM INC	396,896 (+9.6%)	$98.89M (+14.6%)	3.8%	$249.15	$165.88	+50.2%	COM	023135106
GRAB	GRAB HOLDINGS LIMITED	60,107,827 (+14.1%)	$187M (-5.9%)	7.2%	$3.11	$3.68	-15.4%	CLASS A ORD	G4124C109
TMO	THERMO FISHER SCIENTIFIC INC	45,019 (+19.1%)	$30.39M (+60.4%)	1.2%	$675.05	$504.16	+33.9%	COM	883556102
DIS	DISNEY WALT CO	252,399 (+50.4%)	$26.48M (+63.9%)	1.0%	$104.90	$99.69	+5.2%	COM	254687106
KSPI	KASPI KZ JSC	823,469 (+1.1%)	$77.46M (+9.7%)	3.0%	$94.06	$92.60	+1.6%	SPONSORED ADS	48581R205
EFX	EQUIFAX INC	204,539 (+48.0%)	$28.07M (+28.0%)	1.1%	$137.24	$172.38	-20.4%	COM	294429105
INTU	INTUIT	15,798 (+66.1%)	$4.356M (+75.4%)	0.2%	$275.71	$334.75	-17.6%	COM	461202103
MAA	MID-AMER APT CMNTYS INC	109,537 (+6.9%)	$12.9M (-9.4%)	0.5%	$117.74	$137.76	—	COM	59522J103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	8,295 (+24.0%)	$3.784M (+18.4%)	0.1%	$456.19	$250.22	+82.3%	SPONSORED ADS	874039100
IBN	ICICI BK LTD	13,763 (+51.9%)	$379K (+44.1%)	0.0%	$27.55	$27.85	-1.1%	ADR	45104G104
BAP	CREDICORP LTD	91,595 (+2.4%)	$34.79M (-0.1%)	1.3%	$379.87	$338.12	+12.3%	COM	G2519Y108

Exited Positions (9)

BKNG BOOKING HOLDINGS INC 0.8%

Value $20.6M Shares 115,577 Share Price $178.24 * Est. Cost/Share $471.34 Unrealized @ Report Date -65.4%

IQV IQVIA HLDGS INC 0.8%

Value $19.61M Shares 101,473 Share Price $193.22 * Est. Cost/Share $182.63 Unrealized @ Report Date +47.2%

Z ZILLOW GROUP INC 0.5%

Value $13.77M Shares 436,707 Share Price $31.52 * Est. Cost/Share $60.14 Unrealized @ Report Date -54.9%

UNH UNITEDHEALTH GROUP INC 0.5%

Value $11.7M Shares 28,144 Share Price $415.63 * Est. Cost/Share $337.67 Unrealized @ Report Date +8.7%

MLCO MELCO RESORTS AND ENTMNT LTD 0.4%

Value $10.4M Shares 1,973,640 Share Price $5.27 * Est. Cost/Share $9.81 Unrealized @ Report Date -54.3%

CP CANADIAN PACIFIC KANSAS CITY 0.2%

Value $3.906M Shares 45,078 Share Price $86.65 Est. Cost/Share $75.81 Unrealized @ Report Date +12.3%

PGR PROGRESSIVE CORP 0.1%

Value $2.159M Shares 9,884 Share Price $218.45 * Est. Cost/Share $210.92 Unrealized @ Report Date -1.7%

LEN LENNAR CORP 0.1%

Value $1.749M Shares 19,327 Share Price $90.49 * Est. Cost/Share $123.58 Unrealized @ Report Date -34.0%

JD JD.COM INC 0.0%

Value $344K Shares 13,498 Share Price $25.48 * Est. Cost/Share $31.66 Unrealized @ Report Date -16.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BKNG	BOOKING HOLDINGS INC	115,577	$20.6M	0.8%	$178.24 *	$471.34	-65.4%	—	09857L108
IQV	IQVIA HLDGS INC	101,473	$19.61M	0.8%	$193.22 *	$182.63	+47.2%	—	46266C105
Z	ZILLOW GROUP INC	436,707	$13.77M	0.5%	$31.52 *	$60.14	-54.9%	—	98954M200
UNH	UNITEDHEALTH GROUP INC	28,144	$11.7M	0.5%	$415.63 *	$337.67	+8.7%	—	91324P102
MLCO	MELCO RESORTS AND ENTMNT LTD	1,973,640	$10.4M	0.4%	$5.27 *	$9.81	-54.3%	—	585464100
CP	CANADIAN PACIFIC KANSAS CITY	45,078	$3.906M	0.2%	$86.65	$75.81	+12.3%	—	13646K108
PGR	PROGRESSIVE CORP	9,884	$2.159M	0.1%	$218.45 *	$210.92	-1.7%	—	743315103
LEN	LENNAR CORP	19,327	$1.749M	0.1%	$90.49 *	$123.58	-34.0%	—	526057104
JD	JD.COM INC	13,498	$344K	0.0%	$25.48 *	$31.66	-16.0%	—	47215P106

Decreased Positions (17)

SE SEA LTD 9.6%

Value $249M (-20.5%) Shares 2,559,754 (-21.7%) Share Price $97.36 Est. Cost/Share $115.64 Unrealized @ Report Date -15.8%

MMYT MAKEMYTRIP LIMITED MAURITIUS 1.7%

Value $45.02M (-45.4%) Shares 953,799 (-38.3%) Share Price $47.20 Est. Cost/Share $86.80 Unrealized @ Report Date -45.6%

SCHW CHARLES SCHWAB CORP (THE) 0.1%

Value $2.479M (-93.0%) Shares 25,360 (-93.4%) Share Price $97.74 Est. Cost/Share $62.21 Unrealized @ Report Date +57.1%

UBER UBER TECHNOLOGIES INC 0.1%

Value $1.9M (-92.7%) Shares 27,730 (-92.3%) Share Price $68.51 Est. Cost/Share $87.59 Unrealized @ Report Date -21.8%

MSFT MICROSOFT CORP 3.0%

Value $78.94M (+31.0%) Shares 153,901 (-4.8%) Share Price $512.90 Est. Cost/Share $390.44 Unrealized @ Report Date +31.4%

EQR VIVMARK RESIDENTIAL 0.1%

Value $2.99M (-81.7%) Shares 49,210 (-79.6%) Share Price $60.76 Est. Cost/Share $60.67 Unrealized @ Report Date —

SPGI S&P GLOBAL INC 1.4%

Value $35.88M (-19.8%) Shares 90,954 (-17.2%) Share Price $394.47 Est. Cost/Share $477.82 Unrealized @ Report Date -17.4%

MELI MERCADOLIBRE INC 13.0%

Value $338M (-2.1%) Shares 195,706 (-3.9%) Share Price $1728.53 Est. Cost/Share $1910.28 Unrealized @ Report Date -9.5%

LPLA LPL FINL HLDGS INC 2.4%

Value $63.15M (-10.3%) Shares 206,509 (-17.4%) Share Price $305.80 Est. Cost/Share $300.43 Unrealized @ Report Date +1.8%

SPOT SPOTIFY TECHNOLOGY S A 1.6%

Value $40.84M (-14.3%) Shares 83,790 (-19.3%) Share Price $487.38 Est. Cost/Share $485.28 Unrealized @ Report Date +0.4%

CPT CAMDEN PPTY TR 0.5%

Value $13.96M (-23.7%) Shares 144,313 (-9.7%) Share Price $96.73 Est. Cost/Share $103.14 Unrealized @ Report Date —

MA MASTERCARD INCORPORATED 2.8%

Value $72.95M (-3.4%) Shares 132,285 (-10.0%) Share Price $551.47 Est. Cost/Share $501.18 Unrealized @ Report Date +10.0%

MCO MOODYS CORP 0.2%

Value $6.385M (-17.1%) Shares 14,059 (-17.4%) Share Price $454.13 Est. Cost/Share $449.10 Unrealized @ Report Date +1.1%

IBKR INTERACTIVE BROKERS GROUP IN 0.1%

Value $1.579M (-37.1%) Shares 18,489 (-35.9%) Share Price $85.42 Est. Cost/Share $41.51 Unrealized @ Report Date +105.8%

KMI KINDER MORGAN INC DEL 0.4%

Value $10.77M (-7.9%) Shares 357,137 (-2.3%) Share Price $30.15 Est. Cost/Share $20.72 Unrealized @ Report Date +45.5%

ELV ELEVANCE HEALTH INC FORMERLY 1.4%

Value $37.24M (-0.5%) Shares 95,774 (-1.1%) Share Price $388.82 Est. Cost/Share $381.47 Unrealized @ Report Date +1.9%

ET ENERGY TRANSFER L P 0.7%

Value $18.76M (+1.0%) Shares 948,849 (-2.3%) Share Price $19.77 Est. Cost/Share $17.51 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SE	SEA LTD	2,559,754 (-21.7%)	$249M (-20.5%)	9.6%	$97.36	$115.64	-15.8%	SPONSORD ADS	81141R100
MMYT	MAKEMYTRIP LIMITED MAURITIUS	953,799 (-38.3%)	$45.02M (-45.4%)	1.7%	$47.20	$86.80	-45.6%	SHS	V5633W109
SCHW	CHARLES SCHWAB CORP (THE)	25,360 (-93.4%)	$2.479M (-93.0%)	0.1%	$97.74	$62.21	+57.1%	COM	808513105
UBER	UBER TECHNOLOGIES INC	27,730 (-92.3%)	$1.9M (-92.7%)	0.1%	$68.51	$87.59	-21.8%	COM	90353T100
MSFT	MICROSOFT CORP	153,901 (-4.8%)	$78.94M (+31.0%)	3.0%	$512.90	$390.44	+31.4%	COM	594918104
EQR	VIVMARK RESIDENTIAL	49,210 (-79.6%)	$2.99M (-81.7%)	0.1%	$60.76	$60.67	—	SH BEN INT	29476L107
SPGI	S&P GLOBAL INC	90,954 (-17.2%)	$35.88M (-19.8%)	1.4%	$394.47	$477.82	-17.4%	COM	78409V104
MELI	MERCADOLIBRE INC	195,706 (-3.9%)	$338M (-2.1%)	13.0%	$1728.53	$1910.28	-9.5%	COM	58733R102
LPLA	LPL FINL HLDGS INC	206,509 (-17.4%)	$63.15M (-10.3%)	2.4%	$305.80	$300.43	+1.8%	COM	50212V100
SPOT	SPOTIFY TECHNOLOGY S A	83,790 (-19.3%)	$40.84M (-14.3%)	1.6%	$487.38	$485.28	+0.4%	SHS	L8681T102
CPT	CAMDEN PPTY TR	144,313 (-9.7%)	$13.96M (-23.7%)	0.5%	$96.73	$103.14	—	SH BEN INT	133131102
MA	MASTERCARD INCORPORATED	132,285 (-10.0%)	$72.95M (-3.4%)	2.8%	$551.47	$501.18	+10.0%	CL A	57636Q104
MCO	MOODYS CORP	14,059 (-17.4%)	$6.385M (-17.1%)	0.2%	$454.13	$449.10	+1.1%	COM	615369105
IBKR	INTERACTIVE BROKERS GROUP IN	18,489 (-35.9%)	$1.579M (-37.1%)	0.1%	$85.42	$41.51	+105.8%	COM CL A	45841N107
KMI	KINDER MORGAN INC DEL	357,137 (-2.3%)	$10.77M (-7.9%)	0.4%	$30.15	$20.72	+45.5%	COM	49456B101
ELV	ELEVANCE HEALTH INC FORMERLY	95,774 (-1.1%)	$37.24M (-0.5%)	1.4%	$388.82	$381.47	+1.9%	COM	036752103
ET	ENERGY TRANSFER L P	948,849 (-2.3%)	$18.76M (+1.0%)	0.7%	$19.77	$17.51	—	COM UT LTD PTN	29273V100

Unchanged Positions (3)

NU NU HLDGS LTD 12.8%

Value $331M Shares 26,174,538 Share Price $12.66 Est. Cost/Share $12.43 Unrealized @ Report Date +1.9%

V VISA INC 1.9%

Value $48.22M Shares 134,185 Share Price $359.33 Est. Cost/Share $338.59 Unrealized @ Report Date +6.1%

DASH DOORDASH INC 1.4%

Value $35.54M Shares 193,652 Share Price $183.55 Est. Cost/Share $184.66 Unrealized @ Report Date -0.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NU	NU HLDGS LTD	26,174,538	$331M	12.8%	$12.66	$12.43	+1.9%	ORD SHS CL A	G6683N103
V	VISA INC	134,185	$48.22M	1.9%	$359.33	$338.59	+6.1%	COM CL A	92826C839
DASH	DOORDASH INC	193,652	$35.54M	1.4%	$183.55	$184.66	-0.6%	CL A	25809K105