Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	71,596	$41.59M	1.8%	$580.91	—	COM	007903107
LRCX	LAM RESEARCH CORP	63,560	$27.54M	1.2%	$433.33	—	COM NEW	512807306
INTC	INTEL CORP	161,274	$22.52M	1.0%	$139.63	—	COM	458140100
LIN	LINDE PLC	40,517	$21.03M	0.9%	$518.94	—	SHS	G54950103
ITUB	ITAU UNIBANCO HLDG S A	2,083,100	$17.02M	0.7%	$8.17	—	SPON ADR REP PFD	465562106
FLEX	FLEX LTD	83,288	$13.5M	0.6%	$162.07	—	ORD	Y2573F102
TXN	TEXAS INSTRS INC	32,084	$9.563M	0.4%	$298.07	—	COM	882508104
VRT	VERTIV HOLDINGS CO	28,447	$9.525M	0.4%	$334.82	—	COM CL A	92537N108
HON	HONEYWELL INTL INC	40,892	$9.156M	0.4%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	40,892	$9.04M	0.4%	$221.08	—	COM	43849R105
CSCO	CISCO SYS INC	75,094	$8.821M	0.4%	$117.46	—	COM	17275R102
ORCL	ORACLE CORP	59,674	$8.745M	0.4%	$146.55	—	COM	68389X105
CAT	CATERPILLAR INC	6,377	$6.791M	0.3%	$1064.90	—	COM	149123101
MRVL	MARVELL TECHNOLOGY INC	22,720	$6.768M	0.3%	$297.89	—	COM	573874104
GLOB	GLOBANT S A	167,500	$4.847M	0.2%	$28.94	—	COM	L44385109
LITE	LUMENTUM HLDGS INC	1,946	$1.67M	0.1%	$858.06	—	COM	55024U109
FN	FABRINET	2,861	$1.608M	0.1%	$562.08	—	SHS	G3323L100
BIDU	BAIDU INC	10,400	$1.189M	0.1%	$114.29	—	SPON ADR REP A	056752108

Increased Positions (10)

AMAT APPLIED MATLS INC 4.3%

Value $101M (+115.9%) Shares 139,382 (+2.1%) Est. Cost $334.54 Unrealized —

MU MICRON TECHNOLOGY INC 2.2%

Value $50.43M (+411.7%) Shares 43,692 (+49.8%) Est. Cost $641.98 Unrealized —

LLY ELI LILLY & CO 1.5%

Value $34.45M (+131.3%) Shares 28,723 (+77.4%) Est. Cost $1113.53 Unrealized —

AZO AUTOZONE INC 0.8%

Value $19.09M (+4649.1%) Shares 5,973 (+4919.3%) Est. Cost $3204.49 Unrealized —

GEV GE VERNOVA INC 1.8%

Value $41.77M (+38.3%) Shares 35,557 (+2.8%) Est. Cost $748.76 Unrealized —

HDB HDFC BANK LTD 1.1%

Value $26.59M (+10.4%) Shares 1,029,571 (+6.3%) Est. Cost $48.54 Unrealized —

RYAAY RYANAIR HOLDINGS PLC 0.1%

Value $1.235M (+24.4%) Shares 19,081 (+11.1%) Est. Cost $60.60 Unrealized —

SBS COMPANHIA DE SANEAMENTO BASI 0.1%

Value $2.106M (-9.8%) Shares 364,445 (+376.1%) Est. Cost $9.81 Unrealized —

UNP UNION PAC CORP 0.0%

Value $964K (+14.9%) Shares 3,544 (+2.5%) Est. Cost $244.02 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.0%

Value $249K (+20.5%) Shares 5,880 (+42.9%) Est. Cost $43.37 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	139,382 (+2.1%)	$101M (+115.9%)	4.3%	$334.54	—	COM	038222105
MU	MICRON TECHNOLOGY INC	43,692 (+49.8%)	$50.43M (+411.7%)	2.2%	$641.98	—	COM	595112103
LLY	ELI LILLY & CO	28,723 (+77.4%)	$34.45M (+131.3%)	1.5%	$1113.53	—	COM	532457108
AZO	AUTOZONE INC	5,973 (+4919.3%)	$19.09M (+4649.1%)	0.8%	$3204.49	—	COM	053332102
GEV	GE VERNOVA INC	35,557 (+2.8%)	$41.77M (+38.3%)	1.8%	$748.76	—	COM	36828A101
HDB	HDFC BANK LTD	1,029,571 (+6.3%)	$26.59M (+10.4%)	1.1%	$48.54	—	SPONSORED ADS	40415F101
RYAAY	RYANAIR HOLDINGS PLC	19,081 (+11.1%)	$1.235M (+24.4%)	0.1%	$60.60	—	SPONSORED ADR	783513203
SBS	COMPANHIA DE SANEAMENTO BASI	364,445 (+376.1%)	$2.106M (-9.8%)	0.1%	$9.81	—	SPONSORED ADR	20441A102
UNP	UNION PAC CORP	3,544 (+2.5%)	$964K (+14.9%)	0.0%	$244.02	—	COM	907818108
VZ	VERIZON COMMUNICATIONS INC	5,880 (+42.9%)	$249K (+20.5%)	0.0%	$43.37	—	COM	92343V104

Exited Positions (12)

ZTS ZOETIS INC 0.9%

Value $20.33M Shares 171,955 Est. Cost $105.92 Unrealized —

HON HONEYWELL INTL INC 0.8%

Value $18.92M Shares 83,687 Est. Cost $95.80 Unrealized —

FUTU FUTU HLDGS LTD 0.7%

Value $17.09M Shares 124,956 Est. Cost $148.65 Unrealized —

BAP CREDICORP LTD 0.7%

Value $16.84M Shares 49,657 Est. Cost $336.89 Unrealized —

SBUX STARBUCKS CORP 0.7%

Value $15.37M Shares 171,552 Est. Cost $59.07 Unrealized —

NKE NIKE INC 0.5%

Value $12.21M Shares 231,075 Est. Cost $77.18 Unrealized —

MKC MCCORMICK & CO INC 0.5%

Value $12M Shares 237,922 Est. Cost $74.12 Unrealized —

BDX BECTON DICKINSON & CO 0.4%

Value $9.024M Shares 57,396 Est. Cost $201.41 Unrealized —

EL LAUDER ESTEE COS INC 0.4%

Value $8.448M Shares 117,704 Est. Cost $124.44 Unrealized —

MASI MASIMO CORP 0.3%

Value $7.471M Shares 42,004 Est. Cost $144.21 Unrealized —

STZ CONSTELLATION BRANDS INC 0.2%

Value $4.053M Shares 27,023 Est. Cost $205.96 Unrealized —

SUZ SUZANO S A 0.2%

Value $3.913M Shares 390,900 Est. Cost $10.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	171,955	$20.33M	0.9%	$105.92	—	—	98978V103
HON	HONEYWELL INTL INC	83,687	$18.92M	0.8%	$95.80	—	—	438516106
FUTU	FUTU HLDGS LTD	124,956	$17.09M	0.7%	$148.65	—	—	36118L106
BAP	CREDICORP LTD	49,657	$16.84M	0.7%	$336.89	—	—	G2519Y108
SBUX	STARBUCKS CORP	171,552	$15.37M	0.7%	$59.07	—	—	855244109
NKE	NIKE INC	231,075	$12.21M	0.5%	$77.18	—	—	654106103
MKC	MCCORMICK & CO INC	237,922	$12M	0.5%	$74.12	—	—	579780206
BDX	BECTON DICKINSON & CO	57,396	$9.024M	0.4%	$201.41	—	—	075887109
EL	LAUDER ESTEE COS INC	117,704	$8.448M	0.4%	$124.44	—	—	518439104
MASI	MASIMO CORP	42,004	$7.471M	0.3%	$144.21	—	—	574795100
STZ	CONSTELLATION BRANDS INC	27,023	$4.053M	0.2%	$205.96	—	—	21036P108
SUZ	SUZANO S A	390,900	$3.913M	0.2%	$10.01	—	—	86959K105

Decreased Positions (45)

T AT&T INC 0.4%

Value $10.34M (-71.3%) Shares 499,579 (-59.8%) Est. Cost $25.75 Unrealized —

MCD MCDONALDS CORP 0.5%

Value $11.1M (-69.5%) Shares 41,072 (-64.9%) Est. Cost $151.50 Unrealized —

GOOG ALPHABET INC 7.6%

Value $176M (+16.0%) Shares 498,529 (-5.8%) Est. Cost $109.60 Unrealized —

MSFT MICROSOFT CORP 5.3%

Value $123M (-13.8%) Shares 328,766 (-14.5%) Est. Cost $95.83 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.5%

Value $57.91M (+44.7%) Shares 139,338 (-5.8%) Est. Cost $248.19 Unrealized —

HTHT H WORLD GROUP LTD 0.0%

Value $313K (-98.3%) Shares 7,500 (-97.9%) Est. Cost $50.29 Unrealized —

TMUS T-MOBILE US INC 1.0%

Value $22.72M (-41.8%) Shares 135,454 (-27.1%) Est. Cost $67.07 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.8%

Value $18.24M (-44.6%) Shares 45,873 (-35.8%) Est. Cost $295.25 Unrealized —

AAPL APPLE INC 6.4%

Value $150M (+10.8%) Shares 518,312 (-2.8%) Est. Cost $93.45 Unrealized —

NVDA NVIDIA CORPORATION 8.4%

Value $196M (-6.1%) Shares 977,258 (-18.2%) Est. Cost $94.24 Unrealized —

PBR PETROLEO BRASILEIRO S A 0.2%

Value $4.806M (-70.5%) Shares 297,413 (-62.1%) Est. Cost $20.75 Unrealized —

AMZN AMAZON COM INC 4.4%

Value $103M (+11.6%) Shares 432,524 (-2.5%) Est. Cost $137.76 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.5%

Value $12.35M (-45.1%) Shares 289,367 (-19.3%) Est. Cost $40.94 Unrealized —

SYK STRYKER CORPORATION 1.1%

Value $26.26M (-25.5%) Shares 83,396 (-22.3%) Est. Cost $140.21 Unrealized —

NOC NORTHROP GRUMMAN CORP 0.7%

Value $15.37M (-33.8%) Shares 30,180 (-11.3%) Est. Cost $226.91 Unrealized —

XOM EXXON MOBIL CORP 1.0%

Value $23.39M (-24.6%) Shares 171,076 (-6.5%) Est. Cost $138.74 Unrealized —

APH AMPHENOL CORP 0.7%

Value $16.97M (-30.5%) Shares 96,267 (-50.2%) Est. Cost $146.40 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 1.2%

Value $27.52M (-21.0%) Shares 431,270 (-6.5%) Est. Cost $75.47 Unrealized —

NEE NEXTERA ENERGY INC 1.6%

Value $37.14M (-16.3%) Shares 423,155 (-11.4%) Est. Cost $62.61 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.3%

Value $30.87M (+25.9%) Shares 64,637 (-10.9%) Est. Cost $282.78 Unrealized —

CVX CHEVRON CORPORATION 0.9%

Value $20.95M (-23.1%) Shares 126,393 (-4.1%) Est. Cost $171.87 Unrealized —

META META PLATFORMS INC 2.8%

Value $64.34M (-8.9%) Shares 114,227 (-7.5%) Est. Cost $192.03 Unrealized —

MNST MONSTER BEVERAGE CORP NEW 1.3%

Value $29.81M (+25.0%) Shares 310,132 (-5.8%) Est. Cost $42.56 Unrealized —

LMT LOCKHEED MARTIN CORP 0.6%

Value $14.12M (-26.4%) Shares 27,709 (-12.7%) Est. Cost $235.59 Unrealized —

IDXX IDEXX LABS INC 0.7%

Value $15.24M (-23.0%) Shares 28,950 (-17.8%) Est. Cost $280.36 Unrealized —

BAC BANK OF AMER CORP 1.4%

Value $32.9M (+15.3%) Shares 577,373 (-1.4%) Est. Cost $26.97 Unrealized —

JPM JPMORGAN CHASE & CO 2.6%

Value $61.26M (+7.3%) Shares 187,157 (-3.6%) Est. Cost $113.59 Unrealized —

ALLE ALLEGION PLC 0.3%

Value $6.562M (-37.0%) Shares 46,708 (-34.8%) Est. Cost $63.00 Unrealized —

EW EDWARDS LIFESCIENCES CORP 0.5%

Value $11.83M (-23.5%) Shares 130,801 (-32.3%) Est. Cost $73.37 Unrealized —

VALE VALE S A 0.2%

Value $5.766M (-38.6%) Shares 383,400 (-35.0%) Est. Cost $11.12 Unrealized —

MAR MARRIOTT INTL INC NEW 1.7%

Value $40.06M (-8.3%) Shares 108,102 (-19.1%) Est. Cost $102.48 Unrealized —

V VISA INC 2.1%

Value $49.07M (+6.7%) Shares 143,029 (-6.0%) Est. Cost $109.87 Unrealized —

YUM YUM BRANDS INC 1.2%

Value $27.37M (-9.1%) Shares 171,184 (-11.6%) Est. Cost $82.41 Unrealized —

PM PHILIP MORRIS INTL INC 1.4%

Value $31.93M (+7.5%) Shares 176,470 (-1.7%) Est. Cost $118.71 Unrealized —

KO COCA COLA CO 1.5%

Value $34.74M (+4.5%) Shares 427,415 (-2.2%) Est. Cost $38.05 Unrealized —

CCI CROWN CASTLE INC 0.5%

Value $11.08M (-11.3%) Shares 146,359 (-4.8%) Est. Cost $78.57 Unrealized —

WEC WEC ENERGY GROUP INC 1.5%

Value $35.81M (-3.2%) Shares 306,688 (-4.0%) Est. Cost $110.14 Unrealized —

HD HOME DEPOT INC 0.0%

Value $485K (-54.3%) Shares 1,376 (-57.4%) Est. Cost $236.03 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 2.6%

Value $59.64M (+0.8%) Shares 119,182 (-3.5%) Est. Cost $493.47 Unrealized —

VRSN VERISIGN INC 1.1%

Value $24.94M (-1.3%) Shares 99,126 (-2.6%) Est. Cost $200.39 Unrealized —

MA MASTERCARD INCORPORATED 2.0%

Value $47.44M (-0.6%) Shares 92,360 (-3.3%) Est. Cost $163.23 Unrealized —

WFC WELLS FARGO & CO 0.9%

Value $20.77M (-0.7%) Shares 251,373 (-4.4%) Est. Cost $90.04 Unrealized —

TECK TECK RESOURCES LTD 0.0%

Value $351K (-23.8%) Shares 5,900 (-33.7%) Est. Cost $46.07 Unrealized —

WAT WATERS CORP 0.1%

Value $2.442M (+4.3%) Shares 6,511 (-17.1%) Est. Cost $367.10 Unrealized —

PG PROCTER & GAMBLE CO 0.0%

Value $575K (-0.3%) Shares 3,918 (-1.8%) Est. Cost $151.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
T	AT&T INC	499,579 (-59.8%)	$10.34M (-71.3%)	0.4%	$25.75	—	COM	00206R102
MCD	MCDONALDS CORP	41,072 (-64.9%)	$11.1M (-69.5%)	0.5%	$151.50	—	COM	580135101
GOOG	ALPHABET INC	498,529 (-5.8%)	$176M (+16.0%)	7.6%	$109.60	—	CAP STK CL C	02079K107
MSFT	MICROSOFT CORP	328,766 (-14.5%)	$123M (-13.8%)	5.3%	$95.83	—	COM	594918104
UNH	UNITEDHEALTH GROUP INC	139,338 (-5.8%)	$57.91M (+44.7%)	2.5%	$248.19	—	COM	91324P102
HTHT	H WORLD GROUP LTD	7,500 (-97.9%)	$313K (-98.3%)	0.0%	$50.29	—	SPONSORED ADS	44332N106
TMUS	T-MOBILE US INC	135,454 (-27.1%)	$22.72M (-41.8%)	1.0%	$67.07	—	COM	872590104
ISRG	INTUITIVE SURGICAL INC	45,873 (-35.8%)	$18.24M (-44.6%)	0.8%	$295.25	—	COM NEW	46120E602
AAPL	APPLE INC	518,312 (-2.8%)	$150M (+10.8%)	6.4%	$93.45	—	COM	037833100
NVDA	NVIDIA CORPORATION	977,258 (-18.2%)	$196M (-6.1%)	8.4%	$94.24	—	COM	67066G104
PBR	PETROLEO BRASILEIRO S A	297,413 (-62.1%)	$4.806M (-70.5%)	0.2%	$20.75	—	SPONSORED ADR	71654V408
AMZN	AMAZON COM INC	432,524 (-2.5%)	$103M (+11.6%)	4.4%	$137.76	—	COM	023135106
BSX	BOSTON SCIENTIFIC CORP	289,367 (-19.3%)	$12.35M (-45.1%)	0.5%	$40.94	—	COM	101137107
SYK	STRYKER CORPORATION	83,396 (-22.3%)	$26.26M (-25.5%)	1.1%	$140.21	—	COM	863667101
NOC	NORTHROP GRUMMAN CORP	30,180 (-11.3%)	$15.37M (-33.8%)	0.7%	$226.91	—	COM	666807102
XOM	EXXON MOBIL CORP	171,076 (-6.5%)	$23.39M (-24.6%)	1.0%	$138.74	—	COM	30231G102
APH	AMPHENOL CORP	96,267 (-50.2%)	$16.97M (-30.5%)	0.7%	$146.40	—	CL A	032095101
VIST	VISTA ENERGY S.A.B. DE C.V.	431,270 (-6.5%)	$27.52M (-21.0%)	1.2%	$75.47	—	SPONSORED ADS	92837L109
NEE	NEXTERA ENERGY INC	423,155 (-11.4%)	$37.14M (-16.3%)	1.6%	$62.61	—	COM	65339F101
TSM	TAIWAN SEMICONDUCTOR MANUFAC	64,637 (-10.9%)	$30.87M (+25.9%)	1.3%	$282.78	—	SPONSORED ADS	874039100
CVX	CHEVRON CORPORATION	126,393 (-4.1%)	$20.95M (-23.1%)	0.9%	$171.87	—	COM	166764100
META	META PLATFORMS INC	114,227 (-7.5%)	$64.34M (-8.9%)	2.8%	$192.03	—	CL A	30303M102
MNST	MONSTER BEVERAGE CORP NEW	310,132 (-5.8%)	$29.81M (+25.0%)	1.3%	$42.56	—	COM	61174X109
LMT	LOCKHEED MARTIN CORP	27,709 (-12.7%)	$14.12M (-26.4%)	0.6%	$235.59	—	COM	539830109
IDXX	IDEXX LABS INC	28,950 (-17.8%)	$15.24M (-23.0%)	0.7%	$280.36	—	COM	45168D104
BAC	BANK OF AMER CORP	577,373 (-1.4%)	$32.9M (+15.3%)	1.4%	$26.97	—	COM	060505104
JPM	JPMORGAN CHASE & CO	187,157 (-3.6%)	$61.26M (+7.3%)	2.6%	$113.59	—	COM	46625H100
ALLE	ALLEGION PLC	46,708 (-34.8%)	$6.562M (-37.0%)	0.3%	$63.00	—	ORD SHS	G0176J109
EW	EDWARDS LIFESCIENCES CORP	130,801 (-32.3%)	$11.83M (-23.5%)	0.5%	$73.37	—	COM	28176E108
VALE	VALE S A	383,400 (-35.0%)	$5.766M (-38.6%)	0.2%	$11.12	—	SPONSORED ADS	91912E105
MAR	MARRIOTT INTL INC NEW	108,102 (-19.1%)	$40.06M (-8.3%)	1.7%	$102.48	—	CL A	571903202
V	VISA INC	143,029 (-6.0%)	$49.07M (+6.7%)	2.1%	$109.87	—	COM CL A	92826C839
YUM	YUM BRANDS INC	171,184 (-11.6%)	$27.37M (-9.1%)	1.2%	$82.41	—	COM	988498101
PM	PHILIP MORRIS INTL INC	176,470 (-1.7%)	$31.93M (+7.5%)	1.4%	$118.71	—	COM	718172109
KO	COCA COLA CO	427,415 (-2.2%)	$34.74M (+4.5%)	1.5%	$38.05	—	COM	191216100
CCI	CROWN CASTLE INC	146,359 (-4.8%)	$11.08M (-11.3%)	0.5%	$78.57	—	COM	22822V101
WEC	WEC ENERGY GROUP INC	306,688 (-4.0%)	$35.81M (-3.2%)	1.5%	$110.14	—	COM	92939U106
HD	HOME DEPOT INC	1,376 (-57.4%)	$485K (-54.3%)	0.0%	$236.03	—	COM	437076102
BRK/B	BERKSHIRE HATHAWAY INC DEL	119,182 (-3.5%)	$59.64M (+0.8%)	2.6%	$493.47	—	CL B NEW	084670702
VRSN	VERISIGN INC	99,126 (-2.6%)	$24.94M (-1.3%)	1.1%	$200.39	—	COM	92343E102
MA	MASTERCARD INCORPORATED	92,360 (-3.3%)	$47.44M (-0.6%)	2.0%	$163.23	—	CL A	57636Q104
WFC	WELLS FARGO & CO	251,373 (-4.4%)	$20.77M (-0.7%)	0.9%	$90.04	—	COM	949746101
TECK	TECK RESOURCES LTD	5,900 (-33.7%)	$351K (-23.8%)	0.0%	$46.07	—	CL B	878742204
WAT	WATERS CORP	6,511 (-17.1%)	$2.442M (+4.3%)	0.1%	$367.10	—	COM	941848103
PG	PROCTER & GAMBLE CO	3,918 (-1.8%)	$575K (-0.3%)	0.0%	$151.77	—	COM	742718109

Unchanged Positions (4)

AVGO BROADCOM INC 2.9%

Value $66.72M Shares 176,623 Est. Cost $345.07 Unrealized —

GE GE AEROSPACE 1.7%

Value $39.82M Shares 106,543 Est. Cost $318.19 Unrealized —

SNPS SYNOPSYS INC 0.6%

Value $13.19M Shares 29,579 Est. Cost $560.56 Unrealized —

CME CME GROUP INC 0.0%

Value $425K Shares 1,924 Est. Cost $289.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	176,623	$66.72M	2.9%	$345.07	—	COM	11135F101
GE	GE AEROSPACE	106,543	$39.82M	1.7%	$318.19	—	COM NEW	369604301
SNPS	SYNOPSYS INC	29,579	$13.19M	0.6%	$560.56	—	COM	871607107
CME	CME GROUP INC	1,924	$425K	0.0%	$289.33	—	COM	12572Q105