Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GGB	Gerdau SA	8,211,800	$38.76M	1.8%	$4.72	$4.75	-0.6%	ADR	373737105
EDU	New Oriental Education & Technology Group Inc	391,790	$21.74M	1.0%	$55.49	$54.17	+2.4%	ADR	647581206
TBBB	BBB Foods Inc	334,172	$17.59M	0.8%	$52.64	$46.11	+14.2%	Common Stock	G0896C103
SKHY	SK hynix Inc	83,414	$15.36M	0.7%	$184.15	$165.41	+11.3%	ADR	78392B206
SE	Sea Ltd	99,981	$9.734M	0.5%	$97.36	$109.70	-11.3%	ADR	81141R100
XOM	ExxonMobil Holdings Corp	48,556	$7.902M	0.4%	$162.75	$162.75	—	Common Stock	30233Q108
ILMN	Illumina Inc	16,418	$4.493M	0.2%	$273.68	$210.10	+30.3%	Common Stock	452327109
FDX	FedEx Corp	14,810	$4.222M	0.2%	$285.09	$314.14	-9.2%	Common Stock	31428X106
DB	Deutsche Bank AG	103,739	$3.755M	0.2%	$36.19	$37.53	-4.4%	Common Stock	D18190898
SYY	Sysco Corp	35,987	$2.806M	0.1%	$77.96	$82.16	-5.1%	Common Stock	871829107
EL	Estee Lauder Cos Inc/The	24,474	$2.27M	0.1%	$92.77	$91.02	+1.9%	Common Stock	518439104
CMG	Chipotle Mexican Grill Inc	62,871	$2.009M	0.1%	$31.95	$34.66	-7.8%	Common Stock	169656105
VIK	Viking Holdings Ltd	20,780	$1.628M	0.1%	$78.33	$94.05	-16.7%	Common Stock	G93A5A101
MBGL	Mobility Global Inc	65,126	$1.117M	0.1%	$17.15	$20.11	-14.7%	Common Stock	60744M106

Increased Positions (23)

TSM Taiwan Semiconductor Manufacturing Co Ltd 3.5%

Value $73.82M (+56.2%) Shares 161,824 (+63.6%) Share Price $456.19 Est. Cost/Share $246.93 Unrealized @ Report Date +84.7%

MRSH Marsh & McLennan Cos Inc 3.2%

Value $68.63M (+37.8%) Shares 401,969 (+34.5%) Share Price $170.73 Est. Cost/Share $193.45 Unrealized @ Report Date -11.7%

IBN ICICI Bank Ltd 1.5%

Value $31.34M (+77.9%) Shares 1,137,487 (+87.4%) Share Price $27.55 Est. Cost/Share $30.01 Unrealized @ Report Date -8.2%

FMX Fomento Economico Mexicano SAB de CV 1.3%

Value $26.85M (+95.6%) Shares 226,502 (+111.0%) Share Price $118.56 Est. Cost/Share $121.89 Unrealized @ Report Date -2.7%

XP XP Inc 1.8%

Value $38.7M (+30.6%) Shares 1,843,127 (+1.2%) Share Price $21.00 Est. Cost/Share $18.25 Unrealized @ Report Date +15.1%

MNST Monster Beverage Corp 1.7%

Value $35.61M (-18.7%) Shares 855,485 (+87.7%) Share Price $41.62 Est. Cost/Share $61.23 Unrealized @ Report Date -32.0%

RACE Ferrari NV 0.6%

Value $11.73M (+202.1%) Shares 29,821 (+184.7%) Share Price $393.46 Est. Cost/Share $421.94 Unrealized @ Report Date -6.9%

BAP Credicorp Ltd 2.1%

Value $44.15M (+20.2%) Shares 116,216 (+23.2%) Share Price $379.87 Est. Cost/Share $207.88 Unrealized @ Report Date +82.7%

LTM Latam Airlines Group SA 1.5%

Value $31.42M (-13.0%) Shares 629,861 (+1.6%) Share Price $49.89 Est. Cost/Share $51.46 Unrealized @ Report Date -3.0%

MWH Solv Energy Inc 0.3%

Value $6.817M (+194.4%) Shares 283,807 (+317.4%) Share Price $24.02 Est. Cost/Share $29.70 Unrealized @ Report Date -19.1%

META Meta Platforms Inc 0.4%

Value $8.205M (+100.1%) Shares 11,314 (+55.4%) Share Price $725.18 Est. Cost/Share $647.55 Unrealized @ Report Date +12.0%

LAUR Laureate Education Inc 1.7%

Value $36.82M (+6.7%) Shares 964,909 (+1.5%) Share Price $38.16 Est. Cost/Share $33.81 Unrealized @ Report Date +12.9%

ASX ASE Technology Holding Co Ltd 1.0%

Value $22.16M (+8.1%) Shares 498,331 (+9.7%) Share Price $44.46 Est. Cost/Share $12.84 Unrealized @ Report Date +246.2%

VIST Vista Energy SAB de CV 2.0%

Value $43.21M (+3.9%) Shares 661,195 (+1.4%) Share Price $65.35 Est. Cost/Share $53.37 Unrealized @ Report Date +22.5%

SNX TD SYNNEX Corp 0.3%

Value $5.742M (+19.2%) Shares 22,354 (+24.0%) Share Price $256.85 Est. Cost/Share $172.69 Unrealized @ Report Date +48.7%

AER AerCap Holdings NV 0.2%

Value $4.325M (+15.3%) Shares 30,137 (+17.1%) Share Price $143.52 Est. Cost/Share $134.68 Unrealized @ Report Date +6.6%

RYAAY Ryanair Holdings PLC 0.5%

Value $11.3M (-4.3%) Shares 205,437 (+12.6%) Share Price $55.01 Est. Cost/Share $58.86 Unrealized @ Report Date -6.5%

BKLN Invesco Senior Loan ETF 0.1%

Value $1.949M (+34.7%) Shares 95,415 (+34.3%) Share Price $20.43 Est. Cost/Share $20.51 Unrealized @ Report Date -0.4%

UNH UnitedHealth Group Inc 0.2%

Value $5.276M (+10.2%) Shares 14,374 (+24.8%) Share Price $367.08 Est. Cost/Share $376.99 Unrealized @ Report Date -2.6%

SPGI S&P Global Inc 1.3%

Value $27.28M (-1.4%) Shares 69,165 (+1.8%) Share Price $394.47 Est. Cost/Share $392.21 Unrealized @ Report Date +0.6%

HDB HDFC Bank Ltd 0.2%

Value $4.326M (-6.6%) Shares 193,653 (+8.0%) Share Price $22.34 Est. Cost/Share $29.12 Unrealized @ Report Date -23.3%

INDA iShares MSCI India ETF 1.6%

Value $33.42M (-0.9%) Shares 715,963 (+4.9%) Share Price $46.68 Est. Cost/Share $53.93 Unrealized @ Report Date -13.4%

TRU TransUnion 0.2%

Value $3.733M (-1.8%) Shares 61,072 (+15.9%) Share Price $61.12 Est. Cost/Share $81.55 Unrealized @ Report Date -25.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TSM	Taiwan Semiconductor Manufacturing Co Ltd	161,824 (+63.6%)	$73.82M (+56.2%)	3.5%	$456.19	$246.93	+84.7%	ADR	874039100
MRSH	Marsh & McLennan Cos Inc	401,969 (+34.5%)	$68.63M (+37.8%)	3.2%	$170.73	$193.45	-11.7%	Common Stock	571748102
IBN	ICICI Bank Ltd	1,137,487 (+87.4%)	$31.34M (+77.9%)	1.5%	$27.55	$30.01	-8.2%	ADR	45104G104
FMX	Fomento Economico Mexicano SAB de CV	226,502 (+111.0%)	$26.85M (+95.6%)	1.3%	$118.56	$121.89	-2.7%	ADR	344419106
XP	XP Inc	1,843,127 (+1.2%)	$38.7M (+30.6%)	1.8%	$21.00	$18.25	+15.1%	Common Stock	G98239109
MNST	Monster Beverage Corp	855,485 (+87.7%)	$35.61M (-18.7%)	1.7%	$41.62	$61.23	-32.0%	Common Stock	61174X109
RACE	Ferrari NV	29,821 (+184.7%)	$11.73M (+202.1%)	0.6%	$393.46	$421.94	-6.9%	Common Stock	N3167Y103
BAP	Credicorp Ltd	116,216 (+23.2%)	$44.15M (+20.2%)	2.1%	$379.87	$207.88	+82.7%	Common Stock	G2519Y108
LTM	Latam Airlines Group SA	629,861 (+1.6%)	$31.42M (-13.0%)	1.5%	$49.89	$51.46	-3.0%	ADR	51817R205
MWH	Solv Energy Inc	283,807 (+317.4%)	$6.817M (+194.4%)	0.3%	$24.02	$29.70	-19.1%	Common Stock	78475V103
META	Meta Platforms Inc	11,314 (+55.4%)	$8.205M (+100.1%)	0.4%	$725.18	$647.55	+12.0%	Common Stock	30303M102
LAUR	Laureate Education Inc	964,909 (+1.5%)	$36.82M (+6.7%)	1.7%	$38.16	$33.81	+12.9%	Common Stock	518613203
ASX	ASE Technology Holding Co Ltd	498,331 (+9.7%)	$22.16M (+8.1%)	1.0%	$44.46	$12.84	+246.2%	ADR	00215W100
VIST	Vista Energy SAB de CV	661,195 (+1.4%)	$43.21M (+3.9%)	2.0%	$65.35	$53.37	+22.5%	ADR	92837L109
SNX	TD SYNNEX Corp	22,354 (+24.0%)	$5.742M (+19.2%)	0.3%	$256.85	$172.69	+48.7%	Common Stock	87162W100
AER	AerCap Holdings NV	30,137 (+17.1%)	$4.325M (+15.3%)	0.2%	$143.52	$134.68	+6.6%	Common Stock	N00985106
RYAAY	Ryanair Holdings PLC	205,437 (+12.6%)	$11.3M (-4.3%)	0.5%	$55.01	$58.86	-6.5%	ADR	783513203
BKLN	Invesco Senior Loan ETF	95,415 (+34.3%)	$1.949M (+34.7%)	0.1%	$20.43	$20.51	-0.4%	ETP	46138G508
UNH	UnitedHealth Group Inc	14,374 (+24.8%)	$5.276M (+10.2%)	0.2%	$367.08	$376.99	-2.6%	Common Stock	91324P102
SPGI	S&P Global Inc	69,165 (+1.8%)	$27.28M (-1.4%)	1.3%	$394.47	$392.21	+0.6%	Common Stock	78409V104
HDB	HDFC Bank Ltd	193,653 (+8.0%)	$4.326M (-6.6%)	0.2%	$22.34	$29.12	-23.3%	ADR	40415F101
INDA	iShares MSCI India ETF	715,963 (+4.9%)	$33.42M (-0.9%)	1.6%	$46.68	$53.93	-13.4%	ETP	46429B598
TRU	TransUnion	61,072 (+15.9%)	$3.733M (-1.8%)	0.2%	$61.12	$81.55	-25.1%	Common Stock	89400J107

Exited Positions (12)

NU NU Holdings Ltd/Cayman Islands 1.5%

Value $32.56M Shares 2,437,460 Share Price $13.36 * Est. Cost/Share $14.34 Unrealized @ Report Date -11.7%

EA Electronic Arts Inc 1.1%

Value $24.13M Shares 117,693 Share Price $205.04 * Est. Cost/Share $138.66 Unrealized @ Report Date +51.2%

TX Ternium SA 1.0%

Value $21.75M Shares 509,328 Share Price $42.70 * Est. Cost/Share $30.70 Unrealized @ Report Date +76.9%

XOM Exxon Mobil Corp 0.3%

Value $6.639M Shares 48,556 Share Price $136.72 * Est. Cost/Share $123.43 Unrealized @ Report Date +31.9%

GS Goldman Sachs Group Inc/The 0.2%

Value $3.565M Shares 3,525 Share Price $1011.37 * Est. Cost/Share $813.35 Unrealized @ Report Date +10.7%

BSX Boston Scientific Corp 0.1%

Value $2.341M Shares 54,860 Share Price $42.68 * Est. Cost/Share $95.75 Unrealized @ Report Date -54.4%

QCOM QUALCOMM Inc 0.1%

Value $1.29M Shares 6,981 Share Price $184.79 Est. Cost/Share $145.96 Unrealized @ Report Date +26.1%

PLNT Planet Fitness Inc 0.0%

Value $857K Shares 16,430 Share Price $52.17 * Est. Cost/Share $102.94 Unrealized @ Report Date -59.0%

USHY iShares Broad USD High Yield Corporate Bond ETF 0.0%

Value $570K Shares 15,399 Share Price $37.02 * Est. Cost/Share $37.42 Unrealized @ Report Date -4.5%

SHYG iShares 0-5 Year High Yield Corporate Bond ETF 0.0%

Value $238K Shares 5,607 Share Price $42.41 * Est. Cost/Share $42.69 Unrealized @ Report Date -3.4%

EFX Equifax Inc 0.0%

Value $78,091 Shares 492 Share Price $158.72 * Est. Cost/Share $279.16 Unrealized @ Report Date -50.8%

JKHY Jack Henry & Associates Inc 0.0%

Value $22,728 Shares 165 Share Price $137.75 * Est. Cost/Share $166.06 Unrealized @ Report Date -13.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NU	NU Holdings Ltd/Cayman Islands	2,437,460	$32.56M	1.5%	$13.36 *	$14.34	-11.7%	—	G6683N103
EA	Electronic Arts Inc	117,693	$24.13M	1.1%	$205.04 *	$138.66	+51.2%	—	285512109
TX	Ternium SA	509,328	$21.75M	1.0%	$42.70 *	$30.70	+76.9%	—	880890108
XOM	Exxon Mobil Corp	48,556	$6.639M	0.3%	$136.72 *	$123.43	+31.9%	—	30231G102
GS	Goldman Sachs Group Inc/The	3,525	$3.565M	0.2%	$1011.37 *	$813.35	+10.7%	—	38141G104
BSX	Boston Scientific Corp	54,860	$2.341M	0.1%	$42.68 *	$95.75	-54.4%	—	101137107
QCOM	QUALCOMM Inc	6,981	$1.29M	0.1%	$184.79	$145.96	+26.1%	—	747525103
PLNT	Planet Fitness Inc	16,430	$857K	0.0%	$52.17 *	$102.94	-59.0%	—	72703H101
USHY	iShares Broad USD High Yield Corporate Bond ETF	15,399	$570K	0.0%	$37.02 *	$37.42	-4.5%	—	46435U853
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	5,607	$238K	0.0%	$42.41 *	$42.69	-3.4%	—	46434V407
EFX	Equifax Inc	492	$78,091	0.0%	$158.72 *	$279.16	-50.8%	—	294429105
JKHY	Jack Henry & Associates Inc	165	$22,728	0.0%	$137.75 *	$166.06	-13.7%	—	426281101

Decreased Positions (51)

MSFT Microsoft Corp 5.5%

Value $116M (+29.8%) Shares 227,036 (-5.6%) Share Price $512.90 Est. Cost/Share $277.48 Unrealized @ Report Date +84.8%

MA Mastercard Inc 1.7%

Value $35.33M (-35.2%) Shares 64,070 (-39.7%) Share Price $551.47 Est. Cost/Share $489.46 Unrealized @ Report Date +12.7%

AON Aon PLC 0.8%

Value $17.14M (-52.4%) Shares 61,934 (-43.0%) Share Price $276.77 Est. Cost/Share $358.57 Unrealized @ Report Date -22.8%

ALC Alcon AG 0.8%

Value $16.58M (-47.0%) Shares 256,466 (-44.5%) Share Price $64.65 Est. Cost/Share $83.11 Unrealized @ Report Date -22.1%

AZN AstraZeneca PLC 0.5%

Value $10.47M (-54.7%) Shares 64,169 (-48.0%) Share Price $163.13 Est. Cost/Share $191.34 Unrealized @ Report Date -16.3%

BKNG Booking Holdings Inc 3.2%

Value $68.09M (-14.2%) Shares 417,946 (-6.2%) Share Price $162.91 Est. Cost/Share $288.86 Unrealized @ Report Date -43.6%

PM Philip Morris International Inc 5.5%

Value $117M (-7.2%) Shares 613,326 (-12.0%) Share Price $190.82 Est. Cost/Share $87.87 Unrealized @ Report Date +117.2%

NEE NextEra Energy Inc 0.4%

Value $7.869M (-52.9%) Shares 103,892 (-45.4%) Share Price $75.74 Est. Cost/Share $66.32 Unrealized @ Report Date +14.2%

GOOGL Alphabet Inc 4.2%

Value $90.25M (-8.7%) Shares 262,289 (-5.2%) Share Price $344.08 Est. Cost/Share $150.74 Unrealized @ Report Date +128.3%

ALLE Allegion plc 0.5%

Value $11.1M (-39.2%) Shares 72,211 (-44.5%) Share Price $153.77 Est. Cost/Share $159.48 Unrealized @ Report Date -3.6%

NTES NetEase Inc 2.6%

Value $55.98M (-10.1%) Shares 462,048 (-4.9%) Share Price $121.16 Est. Cost/Share $100.65 Unrealized @ Report Date +20.4%

EW Edwards Lifesciences Corp 2.4%

Value $50.25M (-9.9%) Shares 582,170 (-5.6%) Share Price $86.32 Est. Cost/Share $75.03 Unrealized @ Report Date +15.0%

ALGN Align Technology Inc 1.1%

Value $22.63M (-19.2%) Shares 155,719 (-6.2%) Share Price $145.35 Est. Cost/Share $219.97 Unrealized @ Report Date -33.9%

VMI Valmont Industries Inc 0.5%

Value $10.78M (-33.1%) Shares 23,289 (-16.6%) Share Price $462.98 Est. Cost/Share $423.54 Unrealized @ Report Date +9.3%

LIN Linde PLC 0.4%

Value $7.735M (-38.2%) Shares 16,297 (-32.4%) Share Price $474.65 Est. Cost/Share $471.97 Unrealized @ Report Date +0.6%

CP Canadian Pacific Kansas City Ltd 0.6%

Value $13.51M (-24.0%) Shares 158,248 (-22.9%) Share Price $85.37 Est. Cost/Share $76.12 Unrealized @ Report Date +11.8%

TT Trane Technologies PLC 0.5%

Value $9.964M (-28.6%) Shares 22,046 (-22.4%) Share Price $451.98 Est. Cost/Share $445.62 Unrealized @ Report Date +1.4%

AVGO Broadcom Inc 0.5%

Value $10.43M (-26.5%) Shares 29,686 (-20.9%) Share Price $351.19 Est. Cost/Share $357.00 Unrealized @ Report Date -1.6%

AGCO AGCO Corp 0.4%

Value $8.962M (-26.0%) Shares 78,456 (-22.4%) Share Price $114.23 Est. Cost/Share $109.71 Unrealized @ Report Date +4.1%

V Visa Inc 6.8%

Value $144M (-2.0%) Shares 401,096 (-6.4%) Share Price $359.33 Est. Cost/Share $244.87 Unrealized @ Report Date +46.7%

TEL TE Connectivity PLC 0.6%

Value $12.49M (-18.8%) Shares 59,169 (-22.4%) Share Price $211.08 Est. Cost/Share $147.69 Unrealized @ Report Date +42.9%

ADP Automatic Data Processing Inc 1.7%

Value $37.15M (+8.1%) Shares 143,966 (-6.2%) Share Price $258.06 Est. Cost/Share $225.54 Unrealized @ Report Date +14.4%

ACM AECOM 0.2%

Value $4.767M (-34.5%) Shares 80,870 (-22.4%) Share Price $58.95 Est. Cost/Share $97.59 Unrealized @ Report Date -39.6%

VRSN VeriSign Inc 2.0%

Value $41.87M (+5.7%) Shares 148,455 (-5.7%) Share Price $282.01 Est. Cost/Share $209.22 Unrealized @ Report Date +34.8%

LLY Eli Lilly & Co 0.3%

Value $5.77M (-28.1%) Shares 4,987 (-25.4%) Share Price $1157.08 Est. Cost/Share $955.55 Unrealized @ Report Date +21.1%

CHKP Check Point Software Technologies Ltd 1.1%

Value $24.09M (-8.4%) Shares 187,664 (-6.2%) Share Price $128.35 Est. Cost/Share $153.34 Unrealized @ Report Date -16.3%

J Jacobs Solutions Inc 0.2%

Value $3.345M (-38.5%) Shares 24,725 (-42.7%) Share Price $135.27 Est. Cost/Share $143.48 Unrealized @ Report Date -5.7%

TTEK Tetra Tech Inc 0.6%

Value $11.94M (-14.9%) Shares 362,377 (-25.4%) Share Price $32.95 Est. Cost/Share $38.71 Unrealized @ Report Date -14.9%

NVDA NVIDIA Corp 1.5%

Value $31.4M (+7.1%) Shares 137,511 (-6.2%) Share Price $228.38 Est. Cost/Share $186.13 Unrealized @ Report Date +22.7%

FDS FactSet Research Systems Inc 1.0%

Value $21.47M (+10.1%) Shares 79,523 (-6.2%) Share Price $269.95 Est. Cost/Share $366.10 Unrealized @ Report Date -26.3%

WM Waste Management Inc 0.5%

Value $10.13M (-16.1%) Shares 49,696 (-8.3%) Share Price $203.92 Est. Cost/Share $186.59 Unrealized @ Report Date +9.3%

MCO Moody's Corp 1.3%

Value $27.25M (-6.1%) Shares 60,000 (-6.4%) Share Price $454.13 Est. Cost/Share $350.76 Unrealized @ Report Date +29.5%

DAL Delta Air Lines Inc 0.1%

Value $2.356M (-39.7%) Shares 28,232 (-32.3%) Share Price $83.46 Est. Cost/Share $62.45 Unrealized @ Report Date +33.6%

COST Costco Wholesale Corp 0.1%

Value $2.917M (-32.6%) Shares 3,204 (-30.7%) Share Price $910.34 Est. Cost/Share $996.37 Unrealized @ Report Date -8.6%

Z Zillow Group Inc 0.0%

Value $386K (-78.2%) Shares 14,246 (-74.6%) Share Price $27.13 Est. Cost/Share $72.41 Unrealized @ Report Date -62.5%

AAPL Apple Inc 0.7%

Value $13.94M (+8.0%) Shares 41,854 (-6.2%) Share Price $333.02 Est. Cost/Share $264.74 Unrealized @ Report Date +25.8%

JNJ Johnson & Johnson 3.4%

Value $71.68M (-1.3%) Shares 270,748 (-5.3%) Share Price $264.74 Est. Cost/Share $149.04 Unrealized @ Report Date +77.6%

ADSK Autodesk Inc 2.5%

Value $53.4M (-1.7%) Shares 255,494 (-8.6%) Share Price $209.00 Est. Cost/Share $261.51 Unrealized @ Report Date -20.1%

PG Procter & Gamble Co/The 0.0%

Value $167K (-83.2%) Shares 1,149 (-83.0%) Share Price $145.28 Est. Cost/Share $164.23 Unrealized @ Report Date -11.5%

DSGX Descartes Systems Group Inc/The 0.4%

Value $7.725M (-9.1%) Shares 95,269 (-22.4%) Share Price $81.08 Est. Cost/Share $71.40 Unrealized @ Report Date +13.3%

ABT Abbott Laboratories 0.1%

Value $2.981M (-19.7%) Shares 30,161 (-26.2%) Share Price $98.83 Est. Cost/Share $123.03 Unrealized @ Report Date -19.7%

KGC Kinross Gold Corp 0.3%

Value $6.249M (-8.8%) Shares 258,646 (-10.6%) Share Price $24.16 Est. Cost/Share $23.94 Unrealized @ Report Date +0.6%

ICE Intercontinental Exchange Inc 0.2%

Value $3.234M (+16.2%) Shares 21,275 (-5.9%) Share Price $152.03 Est. Cost/Share $155.07 Unrealized @ Report Date -2.0%

INTU Intuit Inc 2.1%

Value $44.54M (-0.9%) Shares 161,536 (-6.2%) Share Price $275.71 Est. Cost/Share $470.64 Unrealized @ Report Date -41.4%

MSI Motorola Solutions Inc 2.1%

Value $44.55M (+0.7%) Shares 99,898 (-6.2%) Share Price $445.97 Est. Cost/Share $386.47 Unrealized @ Report Date +15.4%

KO Coca-Cola Co/The 0.0%

Value $39,683 (-82.0%) Shares 461 (-83.0%) Share Price $86.08 Est. Cost/Share $65.65 Unrealized @ Report Date +31.1%

AJG Arthur J Gallagher & Co 0.0%

Value $24,408 (-83.1%) Shares 107 (-83.0%) Share Price $228.11 Est. Cost/Share $278.61 Unrealized @ Report Date -18.1%

CME CME Group Inc 0.0%

Value $25,675 (-80.0%) Shares 98 (-83.1%) Share Price $261.99 Est. Cost/Share $196.43 Unrealized @ Report Date +33.4%

OTIS Otis Worldwide Corp 0.0%

Value $11,321 (-84.7%) Shares 176 (-83.0%) Share Price $64.32 Est. Cost/Share $93.03 Unrealized @ Report Date -30.9%

STE STERIS PLC 0.0%

Value $11,761 (-83.0%) Shares 56 (-82.9%) Share Price $210.02 Est. Cost/Share $231.10 Unrealized @ Report Date -9.1%

BR Broadridge Financial Solutions Inc 0.0%

Value $11,116 (-80.0%) Shares 69 (-83.0%) Share Price $161.10 Est. Cost/Share $204.45 Unrealized @ Report Date -21.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	Microsoft Corp	227,036 (-5.6%)	$116M (+29.8%)	5.5%	$512.90	$277.48	+84.8%	Common Stock	594918104
MA	Mastercard Inc	64,070 (-39.7%)	$35.33M (-35.2%)	1.7%	$551.47	$489.46	+12.7%	Common Stock	57636Q104
AON	Aon PLC	61,934 (-43.0%)	$17.14M (-52.4%)	0.8%	$276.77	$358.57	-22.8%	Common Stock	G0403H108
ALC	Alcon AG	256,466 (-44.5%)	$16.58M (-47.0%)	0.8%	$64.65	$83.11	-22.1%	Common Stock	H01301128
AZN	AstraZeneca PLC	64,169 (-48.0%)	$10.47M (-54.7%)	0.5%	$163.13	$191.34	-16.3%	Common Stock	G0593M107
BKNG	Booking Holdings Inc	417,946 (-6.2%)	$68.09M (-14.2%)	3.2%	$162.91	$288.86	-43.6%	Common Stock	09857L108
PM	Philip Morris International Inc	613,326 (-12.0%)	$117M (-7.2%)	5.5%	$190.82	$87.87	+117.2%	Common Stock	718172109
NEE	NextEra Energy Inc	103,892 (-45.4%)	$7.869M (-52.9%)	0.4%	$75.74	$66.32	+14.2%	Common Stock	65339F101
GOOGL	Alphabet Inc	262,289 (-5.2%)	$90.25M (-8.7%)	4.2%	$344.08	$150.74	+128.3%	Common Stock	02079K305
ALLE	Allegion plc	72,211 (-44.5%)	$11.1M (-39.2%)	0.5%	$153.77	$159.48	-3.6%	Common Stock	G0176J109
NTES	NetEase Inc	462,048 (-4.9%)	$55.98M (-10.1%)	2.6%	$121.16	$100.65	+20.4%	ADR	64110W102
EW	Edwards Lifesciences Corp	582,170 (-5.6%)	$50.25M (-9.9%)	2.4%	$86.32	$75.03	+15.0%	Common Stock	28176E108
ALGN	Align Technology Inc	155,719 (-6.2%)	$22.63M (-19.2%)	1.1%	$145.35	$219.97	-33.9%	Common Stock	016255101
VMI	Valmont Industries Inc	23,289 (-16.6%)	$10.78M (-33.1%)	0.5%	$462.98	$423.54	+9.3%	Common Stock	920253101
LIN	Linde PLC	16,297 (-32.4%)	$7.735M (-38.2%)	0.4%	$474.65	$471.97	+0.6%	Common Stock	G54950103
CP	Canadian Pacific Kansas City Ltd	158,248 (-22.9%)	$13.51M (-24.0%)	0.6%	$85.37	$76.12	+11.8%	Common Stock	13646K108
TT	Trane Technologies PLC	22,046 (-22.4%)	$9.964M (-28.6%)	0.5%	$451.98	$445.62	+1.4%	Common Stock	G8994E103
AVGO	Broadcom Inc	29,686 (-20.9%)	$10.43M (-26.5%)	0.5%	$351.19	$357.00	-1.6%	Common Stock	11135F101
AGCO	AGCO Corp	78,456 (-22.4%)	$8.962M (-26.0%)	0.4%	$114.23	$109.71	+4.1%	Common Stock	001084102
V	Visa Inc	401,096 (-6.4%)	$144M (-2.0%)	6.8%	$359.33	$244.87	+46.7%	Common Stock	92826C839
TEL	TE Connectivity PLC	59,169 (-22.4%)	$12.49M (-18.8%)	0.6%	$211.08	$147.69	+42.9%	Common Stock	G87052109
ADP	Automatic Data Processing Inc	143,966 (-6.2%)	$37.15M (+8.1%)	1.7%	$258.06	$225.54	+14.4%	Common Stock	053015103
ACM	AECOM	80,870 (-22.4%)	$4.767M (-34.5%)	0.2%	$58.95	$97.59	-39.6%	Common Stock	00766T100
VRSN	VeriSign Inc	148,455 (-5.7%)	$41.87M (+5.7%)	2.0%	$282.01	$209.22	+34.8%	Common Stock	92343E102
LLY	Eli Lilly & Co	4,987 (-25.4%)	$5.77M (-28.1%)	0.3%	$1157.08	$955.55	+21.1%	Common Stock	532457108
CHKP	Check Point Software Technologies Ltd	187,664 (-6.2%)	$24.09M (-8.4%)	1.1%	$128.35	$153.34	-16.3%	Common Stock	M22465104
J	Jacobs Solutions Inc	24,725 (-42.7%)	$3.345M (-38.5%)	0.2%	$135.27	$143.48	-5.7%	Common Stock	46982L108
TTEK	Tetra Tech Inc	362,377 (-25.4%)	$11.94M (-14.9%)	0.6%	$32.95	$38.71	-14.9%	Common Stock	88162G103
NVDA	NVIDIA Corp	137,511 (-6.2%)	$31.4M (+7.1%)	1.5%	$228.38	$186.13	+22.7%	Common Stock	67066G104
FDS	FactSet Research Systems Inc	79,523 (-6.2%)	$21.47M (+10.1%)	1.0%	$269.95	$366.10	-26.3%	Common Stock	303075105
WM	Waste Management Inc	49,696 (-8.3%)	$10.13M (-16.1%)	0.5%	$203.92	$186.59	+9.3%	Common Stock	94106L109
MCO	Moody's Corp	60,000 (-6.4%)	$27.25M (-6.1%)	1.3%	$454.13	$350.76	+29.5%	Common Stock	615369105
DAL	Delta Air Lines Inc	28,232 (-32.3%)	$2.356M (-39.7%)	0.1%	$83.46	$62.45	+33.6%	Common Stock	247361702
COST	Costco Wholesale Corp	3,204 (-30.7%)	$2.917M (-32.6%)	0.1%	$910.34	$996.37	-8.6%	Common Stock	22160K105
Z	Zillow Group Inc	14,246 (-74.6%)	$386K (-78.2%)	0.0%	$27.13	$72.41	-62.5%	Common Stock	98954M200
AAPL	Apple Inc	41,854 (-6.2%)	$13.94M (+8.0%)	0.7%	$333.02	$264.74	+25.8%	Common Stock	037833100
JNJ	Johnson & Johnson	270,748 (-5.3%)	$71.68M (-1.3%)	3.4%	$264.74	$149.04	+77.6%	Common Stock	478160104
ADSK	Autodesk Inc	255,494 (-8.6%)	$53.4M (-1.7%)	2.5%	$209.00	$261.51	-20.1%	Common Stock	052769106
PG	Procter & Gamble Co/The	1,149 (-83.0%)	$167K (-83.2%)	0.0%	$145.28	$164.23	-11.5%	Common Stock	742718109
DSGX	Descartes Systems Group Inc/The	95,269 (-22.4%)	$7.725M (-9.1%)	0.4%	$81.08	$71.40	+13.3%	Common Stock	249906108
ABT	Abbott Laboratories	30,161 (-26.2%)	$2.981M (-19.7%)	0.1%	$98.83	$123.03	-19.7%	Common Stock	002824100
KGC	Kinross Gold Corp	258,646 (-10.6%)	$6.249M (-8.8%)	0.3%	$24.16	$23.94	+0.6%	Common Stock	496902404
ICE	Intercontinental Exchange Inc	21,275 (-5.9%)	$3.234M (+16.2%)	0.2%	$152.03	$155.07	-2.0%	Common Stock	45866F104
INTU	Intuit Inc	161,536 (-6.2%)	$44.54M (-0.9%)	2.1%	$275.71	$470.64	-41.4%	Common Stock	461202103
MSI	Motorola Solutions Inc	99,898 (-6.2%)	$44.55M (+0.7%)	2.1%	$445.97	$386.47	+15.4%	Common Stock	620076307
KO	Coca-Cola Co/The	461 (-83.0%)	$39,683 (-82.0%)	0.0%	$86.08	$65.65	+31.1%	Common Stock	191216100
AJG	Arthur J Gallagher & Co	107 (-83.0%)	$24,408 (-83.1%)	0.0%	$228.11	$278.61	-18.1%	Common Stock	363576109
CME	CME Group Inc	98 (-83.1%)	$25,675 (-80.0%)	0.0%	$261.99	$196.43	+33.4%	Common Stock	12572Q105
OTIS	Otis Worldwide Corp	176 (-83.0%)	$11,321 (-84.7%)	0.0%	$64.32	$93.03	-30.9%	Common Stock	68902V107
STE	STERIS PLC	56 (-82.9%)	$11,761 (-83.0%)	0.0%	$210.02	$231.10	-9.1%	Common Stock	G8473T100
BR	Broadridge Financial Solutions Inc	69 (-83.0%)	$11,116 (-80.0%)	0.0%	$161.10	$204.45	-21.2%	Common Stock	11133T103

Unchanged Positions (20)

TMO Thermo Fisher Scientific Inc 0.2%

Value $4.989M Shares 7,390 Share Price $675.05 Est. Cost/Share $565.16 Unrealized @ Report Date +19.4%

TKO TKO Group Holdings Inc 0.4%

Value $8.428M Shares 46,897 Share Price $179.72 Est. Cost/Share $193.76 Unrealized @ Report Date -7.2%

CVX Chevron Corp 0.2%

Value $4.566M Shares 22,358 Share Price $204.21 Est. Cost/Share $186.13 Unrealized @ Report Date +9.7%

CRH CRH PLC 0.1%

Value $2.531M Shares 30,572 Share Price $82.80 Est. Cost/Share $119.13 Unrealized @ Report Date -30.5%

TRMB Trimble Inc 0.3%

Value $6.988M Shares 122,357 Share Price $57.11 Est. Cost/Share $79.47 Unrealized @ Report Date -28.1%

BA Boeing Co/The 0.2%

Value $4.141M Shares 22,260 Share Price $186.05 Est. Cost/Share $211.05 Unrealized @ Report Date -11.8%

AMZN Amazon.com Inc 0.7%

Value $15.26M Shares 61,248 Share Price $249.15 Est. Cost/Share $232.12 Unrealized @ Report Date +7.3%

CFG Citizens Financial Group Inc 0.3%

Value $5.963M Shares 93,524 Share Price $63.76 Est. Cost/Share $56.33 Unrealized @ Report Date +13.2%

TTWO Take-Two Interactive Software Inc 0.1%

Value $2.737M Shares 13,191 Share Price $207.50 Est. Cost/Share $249.31 Unrealized @ Report Date -16.8%

B Barrick Mining Corp 0.3%

Value $5.506M Shares 135,374 Share Price $40.67 Est. Cost/Share $37.42 Unrealized @ Report Date +8.7%

FCX Freeport-McMoRan Inc 0.2%

Value $4.565M Shares 65,211 Share Price $70.00 Est. Cost/Share $43.31 Unrealized @ Report Date +61.6%

KEY KeyCorp 0.1%

Value $2.558M Shares 127,453 Share Price $20.07 Est. Cost/Share $20.95 Unrealized @ Report Date -4.2%

CL Colgate-Palmolive Co 0.2%

Value $5M Shares 58,603 Share Price $85.32 Est. Cost/Share $78.31 Unrealized @ Report Date +9.0%

GLPI Gaming and Leisure Properties Inc 0.1%

Value $1.96M Shares 51,609 Share Price $37.97 Est. Cost/Share $44.69 Unrealized @ Report Date —

UBS UBS Group AG 0.3%

Value $5.674M Shares 117,577 Share Price $48.25 Est. Cost/Share $40.40 Unrealized @ Report Date +19.1%

JPM JPMorgan Chase & Co 0.5%

Value $10.26M Shares 31,011 Share Price $330.83 Est. Cost/Share $308.72 Unrealized @ Report Date +7.2%

IBKR Interactive Brokers Group Inc 0.2%

Value $5.202M Shares 60,896 Share Price $85.42 Est. Cost/Share $83.23 Unrealized @ Report Date +2.6%

TW Tradeweb Markets Inc 0.1%

Value $1.945M Shares 19,288 Share Price $100.84 Est. Cost/Share $107.35 Unrealized @ Report Date -6.1%

ELV Elevance Health Inc 0.1%

Value $2.01M Shares 5,170 Share Price $388.82 Est. Cost/Share $336.70 Unrealized @ Report Date +15.5%

GM General Motors Co 0.2%

Value $5.274M Shares 68,498 Share Price $77.00 Est. Cost/Share $70.40 Unrealized @ Report Date +9.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TMO	Thermo Fisher Scientific Inc	7,390	$4.989M	0.2%	$675.05	$565.16	+19.4%	Common Stock	883556102
TKO	TKO Group Holdings Inc	46,897	$8.428M	0.4%	$179.72	$193.76	-7.2%	Common Stock	87256C101
CVX	Chevron Corp	22,358	$4.566M	0.2%	$204.21	$186.13	+9.7%	Common Stock	166764100
CRH	CRH PLC	30,572	$2.531M	0.1%	$82.80	$119.13	-30.5%	Common Stock	G25508105
TRMB	Trimble Inc	122,357	$6.988M	0.3%	$57.11	$79.47	-28.1%	Common Stock	896239100
BA	Boeing Co/The	22,260	$4.141M	0.2%	$186.05	$211.05	-11.8%	Common Stock	097023105
AMZN	Amazon.com Inc	61,248	$15.26M	0.7%	$249.15	$232.12	+7.3%	Common Stock	023135106
CFG	Citizens Financial Group Inc	93,524	$5.963M	0.3%	$63.76	$56.33	+13.2%	Common Stock	174610105
TTWO	Take-Two Interactive Software Inc	13,191	$2.737M	0.1%	$207.50	$249.31	-16.8%	Common Stock	874054109
B	Barrick Mining Corp	135,374	$5.506M	0.3%	$40.67	$37.42	+8.7%	Common Stock	06849F108
FCX	Freeport-McMoRan Inc	65,211	$4.565M	0.2%	$70.00	$43.31	+61.6%	Common Stock	35671D857
KEY	KeyCorp	127,453	$2.558M	0.1%	$20.07	$20.95	-4.2%	Common Stock	493267108
CL	Colgate-Palmolive Co	58,603	$5M	0.2%	$85.32	$78.31	+9.0%	Common Stock	194162103
GLPI	Gaming and Leisure Properties Inc	51,609	$1.96M	0.1%	$37.97	$44.69	—	REIT	36467J108
UBS	UBS Group AG	117,577	$5.674M	0.3%	$48.25	$40.40	+19.1%	Common Stock	H42097107
JPM	JPMorgan Chase & Co	31,011	$10.26M	0.5%	$330.83	$308.72	+7.2%	Common Stock	46625H100
IBKR	Interactive Brokers Group Inc	60,896	$5.202M	0.2%	$85.42	$83.23	+2.6%	Common Stock	45841N107
TW	Tradeweb Markets Inc	19,288	$1.945M	0.1%	$100.84	$107.35	-6.1%	Common Stock	892672106
ELV	Elevance Health Inc	5,170	$2.01M	0.1%	$388.82	$336.70	+15.5%	Common Stock	036752103
GM	General Motors Co	68,498	$5.274M	0.2%	$77.00	$70.40	+9.4%	Common Stock	37045V100