Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	Intel Corp	473,963	$63.79M	1.2%	$134.58	—	COM	458140100
UBS	UBS Group AG	983,564	$48.95M	0.9%	$49.77	—	SHS	H42097107
FDX	FedEx Corp	139,323	$45.46M	0.9%	$326.33	—	COM	31428X106
RL	Ralph Lauren Corp	109,863	$43.56M	0.8%	$396.48	—	CL A	751212101
RDDT	REDDIT INC	248,504	$43.08M	0.8%	$173.37	—	CL A	75734B100
BKNG	Booking Holdings Inc	206,155	$38.3M	0.7%	$185.79	—	COM	09857L108
DB	Deutsche Bank AG-Registered	402,277	$13.6M	0.3%	$33.81	—	NAMEN AKT	D18190898
BLK	Blackrock Inc	13,637	$13.05M	0.2%	$957.26	—	COM	09290D101
AZN	ASSURED GUARANTY LTD	62,650	$11.88M	0.2%	$189.61	—	COM	G0593M107
MRVL	Marvell Technology Inc.	39,882	$11.33M	0.2%	$284.18	—	COM	573874104
AMD	Advanced Micro Devices Inc.	19,301	$10.48M	0.2%	$542.91	—	COM	007903107
ADBE	Adobe Inc	39,368	$8.192M	0.2%	$208.09	—	COM	00724F101
DELL	DELL TECHNOLOGIES INC	11,146	$5.403M	0.1%	$484.74	—	COM CL C	24703L202
ETN	EQUINIX INC	12,547	$5.233M	0.1%	$417.11	—	COM	G29183103
TIGO	NXP SEMICONDUCTORS NV	53,000	$4.855M	0.1%	$91.60	—	COM	L6388F110
APH	Amphenol Corp.	28,020	$4.852M	0.1%	$173.16	—	CL A	032095101
UBER	Uber Technologies Inc	66,927	$4.822M	0.1%	$72.05	—	COM	90353T100
LOW	Lowe's Companies Inc.	16,757	$3.664M	0.1%	$218.68	—	COM	548661107
DKS	DICKS SPORTING GOODS INC	10,625	$2.444M	0.0%	$230.07	—	COM	253393102
CVS	CVS HEALTH CORP	16,590	$1.961M	0.0%	$118.21	—	COM	126650100
ASX	ASE Technology Holding Co., Ltd.	41,441	$1.82M	0.0%	$43.92	—	SPONSORED ADS	00215W100
IBKR	INTERCONTINENTAL EXCHANGE INC	17,737	$1.787M	0.0%	$100.73	—	COM	45841N107
CELH	CELANESE CORP	30,349	$897K	0.0%	$29.57	—	SER A	15118V207

Increased Positions (48)

GOOG Alphabet Inc 4.5%

Value $239M (+114.2%) Shares 662,092 (+65.7%) Est. Cost $278.86 Unrealized —

LRCX Lam Research Corp 4.1%

Value $215M (+134.3%) Shares 483,185 (+9.8%) Est. Cost $245.54 Unrealized —

AMZN Amazon Inc 4.8%

Value $254M (+69.5%) Shares 1,035,319 (+42.6%) Est. Cost $216.18 Unrealized —

PANW Palo Alto Networks Inc 2.3%

Value $123M (+286.8%) Shares 352,384 (+72.9%) Est. Cost $256.63 Unrealized —

TSM Taiwan Semiconductor-Sp Adr 3.9%

Value $209M (+76.2%) Shares 438,732 (+20.6%) Est. Cost $350.91 Unrealized —

AVGO Broadcom Inc 2.2%

Value $118M (+291.1%) Shares 306,568 (+200.7%) Est. Cost $368.35 Unrealized —

MS Morgan Stanley 1.7%

Value $92.64M (+512.8%) Shares 433,832 (+364.6%) Est. Cost $197.46 Unrealized —

LIN Linde Plc 4.3%

Value $230M (+45.7%) Shares 444,446 (+39.6%) Est. Cost $476.27 Unrealized —

ANET Arista Networks Inc 1.5%

Value $79.24M (+551.7%) Shares 462,830 (+359.0%) Est. Cost $163.33 Unrealized —

CDNS Cadence Design System Inc 1.9%

Value $99.33M (+201.6%) Shares 258,969 (+114.8%) Est. Cost $346.21 Unrealized —

CSCO Cisco Systems Inc. 2.1%

Value $113M (+123.0%) Shares 935,467 (+42.7%) Est. Cost $90.67 Unrealized —

HD Home Depot Inc 1.2%

Value $65.87M (+560.8%) Shares 188,159 (+515.5%) Est. Cost $352.52 Unrealized —

ASML ASML Holding N.V. 2.5%

Value $133M (+56.6%) Shares 68,090 (+2.6%) Est. Cost $1098.03 Unrealized —

SLB SLB Ltd. 1.1%

Value $59.17M (+406.3%) Shares 1,272,873 (+473.7%) Est. Cost $46.80 Unrealized —

TD Toronto-Dominion Bank, The 0.9%

Value $49.32M (+2506.1%) Shares 408,112 (+1890.8%) Est. Cost $119.03 Unrealized —

MRK Merck & Co. Inc. 3.5%

Value $187M (+19.6%) Shares 1,431,324 (+9.6%) Est. Cost $115.74 Unrealized —

JPM JPMorgan Chase & Co 2.0%

Value $108M (+39.3%) Shares 315,080 (+17.6%) Est. Cost $246.85 Unrealized —

ROK Rockwell Automation Inc 1.0%

Value $51.79M (+98.8%) Shares 106,419 (+45.6%) Est. Cost $434.18 Unrealized —

MA Mastercard Inc - Class A 0.7%

Value $39.27M (+116.3%) Shares 75,101 (+106.4%) Est. Cost $522.18 Unrealized —

MSFT Microsoft Corp 1.5%

Value $80.75M (+26.6%) Shares 208,490 (+20.1%) Est. Cost $418.71 Unrealized —

HDB HDFC Bank Ltd ADR 0.4%

Value $21.59M (+234.1%) Shares 838,262 (+219.3%) Est. Cost $37.35 Unrealized —

GOOGL Alphabet Inc 0.9%

Value $45.25M (+44.7%) Shares 125,380 (+11.5%) Est. Cost $245.47 Unrealized —

TRV Travelers Companies Inc, The 0.5%

Value $29.15M (+82.4%) Shares 87,645 (+60.0%) Est. Cost $305.03 Unrealized —

META Meta Platforms Inc - Class A 0.9%

Value $48.63M (+34.6%) Shares 84,958 (+31.3%) Est. Cost $584.52 Unrealized —

BRK/B Berkshire Hathaway Inc 0.4%

Value $22.58M (+59.4%) Shares 44,930 (+51.5%) Est. Cost $487.01 Unrealized —

ABEV Ambev SA 0.4%

Value $23.11M (+56.4%) Shares 6,959,168 (+35.6%) Est. Cost $3.00 Unrealized —

ORCL Oracle Corp 0.3%

Value $13.75M (+96.8%) Shares 91,719 (+84.9%) Est. Cost $159.73 Unrealized —

TTWO Take-Two Interactive Softwre 0.3%

Value $15.51M (+55.2%) Shares 62,565 (+22.2%) Est. Cost $229.13 Unrealized —

UNH Unitedhealth Group Inc 0.2%

Value $10.7M (+100.0%) Shares 25,750 (+27.5%) Est. Cost $353.41 Unrealized —

ADM Archer-Daniels-Midland Co. 0.5%

Value $24.57M (+23.0%) Shares 317,816 (+15.9%) Est. Cost $67.24 Unrealized —

PEP Pepsico Inc 0.4%

Value $19.34M (+27.5%) Shares 138,243 (+42.9%) Est. Cost $149.40 Unrealized —

V VISA Inc. 0.3%

Value $14.19M (+38.1%) Shares 41,383 (+21.0%) Est. Cost $306.09 Unrealized —

RACE Ferrari Nv 0.2%

Value $9.515M (+63.7%) Shares 25,996 (+47.9%) Est. Cost $422.79 Unrealized —

MNST Monster Beverage Corp 0.1%

Value $5.315M (+119.1%) Shares 54,420 (+60.5%) Est. Cost $72.43 Unrealized —

WMT Walmart Inc 0.4%

Value $19.53M (+11.6%) Shares 169,446 (+20.8%) Est. Cost $91.10 Unrealized —

FCX Freeport-Mcmoran Inc 0.1%

Value $5.373M (+39.6%) Shares 86,186 (+27.3%) Est. Cost $46.89 Unrealized —

TECK Teck Resources Ltd-Cls B 0.1%

Value $3.635M (+64.8%) Shares 61,600 (+40.6%) Est. Cost $47.85 Unrealized —

KO Coca-Cola Co 0.1%

Value $5.601M (+31.0%) Shares 68,400 (+21.9%) Est. Cost $76.04 Unrealized —

ALB Albemarle Corp 0.1%

Value $4.84M (-19.8%) Shares 35,887 (+7.5%) Est. Cost $168.72 Unrealized —

NI NiSource Inc. 0.1%

Value $7.68M (+17.8%) Shares 160,767 (+14.9%) Est. Cost $44.48 Unrealized —

MDLZ Mondelez International Inc - Class A 0.2%

Value $8.502M (+15.3%) Shares 143,500 (+12.5%) Est. Cost $60.52 Unrealized —

CRM Salesforce Inc 0.7%

Value $34.76M (+3.3%) Shares 215,430 (+18.6%) Est. Cost $207.24 Unrealized —

PG Procter & Gamble Co, The 0.1%

Value $4.961M (+17.1%) Shares 34,000 (+15.6%) Est. Cost $155.63 Unrealized —

NOW Servicenow Inc 0.1%

Value $2.74M (+22.4%) Shares 27,747 (+30.4%) Est. Cost $164.59 Unrealized —

NFLX Netflix Inc 0.2%

Value $9.145M (-4.4%) Shares 109,228 (+6.4%) Est. Cost $99.83 Unrealized —

FNV Franco-Nevada Corp 0.1%

Value $4.914M (-6.4%) Shares 24,100 (+10.0%) Est. Cost $142.72 Unrealized —

EQNR Equinor ASA 0.1%

Value $2.75M (-5.6%) Shares 87,715 (+19.0%) Est. Cost $38.22 Unrealized —

T AT&T Inc 0.2%

Value $11.6M (-0.5%) Shares 541,806 (+33.6%) Est. Cost $24.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc	662,092 (+65.7%)	$239M (+114.2%)	4.5%	$278.86	—	CAP STK CL C	02079K107
LRCX	Lam Research Corp	483,185 (+9.8%)	$215M (+134.3%)	4.1%	$245.54	—	COM NEW	512807306
AMZN	Amazon Inc	1,035,319 (+42.6%)	$254M (+69.5%)	4.8%	$216.18	—	COM	023135106
PANW	Palo Alto Networks Inc	352,384 (+72.9%)	$123M (+286.8%)	2.3%	$256.63	—	COM	697435105
TSM	Taiwan Semiconductor-Sp Adr	438,732 (+20.6%)	$209M (+76.2%)	3.9%	$350.91	—	C SPONSORED ADS	874039100
AVGO	Broadcom Inc	306,568 (+200.7%)	$118M (+291.1%)	2.2%	$368.35	—	COM	11135F101
MS	Morgan Stanley	433,832 (+364.6%)	$92.64M (+512.8%)	1.7%	$197.46	—	COM NEW	617446448
LIN	Linde Plc	444,446 (+39.6%)	$230M (+45.7%)	4.3%	$476.27	—	SHS	G54950103
ANET	Arista Networks Inc	462,830 (+359.0%)	$79.24M (+551.7%)	1.5%	$163.33	—	COM SHS	040413205
CDNS	Cadence Design System Inc	258,969 (+114.8%)	$99.33M (+201.6%)	1.9%	$346.21	—	COM	127387108
CSCO	Cisco Systems Inc.	935,467 (+42.7%)	$113M (+123.0%)	2.1%	$90.67	—	COM	17275R102
HD	Home Depot Inc	188,159 (+515.5%)	$65.87M (+560.8%)	1.2%	$352.52	—	COM	437076102
ASML	ASML Holding N.V.	68,090 (+2.6%)	$133M (+56.6%)	2.5%	$1098.03	—	N Y REGISTRY SHS	N07059210
SLB	SLB Ltd.	1,272,873 (+473.7%)	$59.17M (+406.3%)	1.1%	$46.80	—	COM STK	806857108
TD	Toronto-Dominion Bank, The	408,112 (+1890.8%)	$49.32M (+2506.1%)	0.9%	$119.03	—	COM NEW	891160509
MRK	Merck & Co. Inc.	1,431,324 (+9.6%)	$187M (+19.6%)	3.5%	$115.74	—	COM	58933Y105
JPM	JPMorgan Chase & Co	315,080 (+17.6%)	$108M (+39.3%)	2.0%	$246.85	—	COM	46625H100
ROK	Rockwell Automation Inc	106,419 (+45.6%)	$51.79M (+98.8%)	1.0%	$434.18	—	COM	773903109
MA	Mastercard Inc - Class A	75,101 (+106.4%)	$39.27M (+116.3%)	0.7%	$522.18	—	CL A	57636Q104
MSFT	Microsoft Corp	208,490 (+20.1%)	$80.75M (+26.6%)	1.5%	$418.71	—	COM	594918104
HDB	HDFC Bank Ltd ADR	838,262 (+219.3%)	$21.59M (+234.1%)	0.4%	$37.35	—	SPONSORED ADS	40415F101
GOOGL	Alphabet Inc	125,380 (+11.5%)	$45.25M (+44.7%)	0.9%	$245.47	—	CAP STK CL A	02079K305
TRV	Travelers Companies Inc, The	87,645 (+60.0%)	$29.15M (+82.4%)	0.5%	$305.03	—	COM	89417E109
META	Meta Platforms Inc - Class A	84,958 (+31.3%)	$48.63M (+34.6%)	0.9%	$584.52	—	CL A	30303M102
BRK/B	Berkshire Hathaway Inc	44,930 (+51.5%)	$22.58M (+59.4%)	0.4%	$487.01	—	CL B NEW	084670702
ABEV	Ambev SA	6,959,168 (+35.6%)	$23.11M (+56.4%)	0.4%	$3.00	—	SPONSORED ADR	02319V103
ORCL	Oracle Corp	91,719 (+84.9%)	$13.75M (+96.8%)	0.3%	$159.73	—	COM	68389X105
TTWO	Take-Two Interactive Softwre	62,565 (+22.2%)	$15.51M (+55.2%)	0.3%	$229.13	—	R COM	874054109
UNH	Unitedhealth Group Inc	25,750 (+27.5%)	$10.7M (+100.0%)	0.2%	$353.41	—	COM	91324P102
ADM	Archer-Daniels-Midland Co.	317,816 (+15.9%)	$24.57M (+23.0%)	0.5%	$67.24	—	COM	039483102
PEP	Pepsico Inc	138,243 (+42.9%)	$19.34M (+27.5%)	0.4%	$149.40	—	COM	713448108
V	VISA Inc.	41,383 (+21.0%)	$14.19M (+38.1%)	0.3%	$306.09	—	COM CL A	92826C839
RACE	Ferrari Nv	25,996 (+47.9%)	$9.515M (+63.7%)	0.2%	$422.79	—	COM	N3167Y103
MNST	Monster Beverage Corp	54,420 (+60.5%)	$5.315M (+119.1%)	0.1%	$72.43	—	COM	61174X109
WMT	Walmart Inc	169,446 (+20.8%)	$19.53M (+11.6%)	0.4%	$91.10	—	COM	931142103
FCX	Freeport-Mcmoran Inc	86,186 (+27.3%)	$5.373M (+39.6%)	0.1%	$46.89	—	CL B	35671D857
TECK	Teck Resources Ltd-Cls B	61,600 (+40.6%)	$3.635M (+64.8%)	0.1%	$47.85	—	CL B	878742204
KO	Coca-Cola Co	68,400 (+21.9%)	$5.601M (+31.0%)	0.1%	$76.04	—	COM	191216100
ALB	Albemarle Corp	35,887 (+7.5%)	$4.84M (-19.8%)	0.1%	$168.72	—	COM	012653101
NI	NiSource Inc.	160,767 (+14.9%)	$7.68M (+17.8%)	0.1%	$44.48	—	COM	65473P105
MDLZ	Mondelez International Inc - Class A	143,500 (+12.5%)	$8.502M (+15.3%)	0.2%	$60.52	—	CL A	609207105
CRM	Salesforce Inc	215,430 (+18.6%)	$34.76M (+3.3%)	0.7%	$207.24	—	COM	79466L302
PG	Procter & Gamble Co, The	34,000 (+15.6%)	$4.961M (+17.1%)	0.1%	$155.63	—	COM	742718109
NOW	Servicenow Inc	27,747 (+30.4%)	$2.74M (+22.4%)	0.1%	$164.59	—	COM	81762P102
NFLX	Netflix Inc	109,228 (+6.4%)	$9.145M (-4.4%)	0.2%	$99.83	—	COM	64110L106
FNV	Franco-Nevada Corp	24,100 (+10.0%)	$4.914M (-6.4%)	0.1%	$142.72	—	COM	351858105
EQNR	Equinor ASA	87,715 (+19.0%)	$2.75M (-5.6%)	0.1%	$38.22	—	ADR	29446M102
T	AT&T Inc	541,806 (+33.6%)	$11.6M (-0.5%)	0.2%	$24.32	—	COM	00206R102

Exited Positions (12)

DE DEERE & CO 0.3%

Value $17.35M Shares 31,111 Est. Cost $549.25 Unrealized —

SNPS SYNOPSYS INC 0.2%

Value $9.954M Shares 25,400 Est. Cost $471.68 Unrealized —

APP APPLOVIN CORP 0.1%

Value $7.269M Shares 19,200 Est. Cost $513.52 Unrealized —

DLR DIGITAL REALTY TRUST INC 0.1%

Value $6.751M Shares 38,918 Est. Cost $155.03 Unrealized —

NBIS NEBIUS GROUP NV 0.1%

Value $5.753M Shares 58,400 Est. Cost $103.64 Unrealized —

IBM IBM 0.1%

Value $5.114M Shares 21,323 Est. Cost $248.20 Unrealized —

WMB WILLIAMS COS INC 0.1%

Value $3.965M Shares 54,600 Est. Cost $66.35 Unrealized —

TMUS T-MOBILE US INC 0.1%

Value $2.858M Shares 13,459 Est. Cost $200.28 Unrealized —

AGCO AGCO CORP 0.0%

Value $1.602M Shares 14,000 Est. Cost $121.12 Unrealized —

RS RELIANCE INDS-SPONS GDR 144A 0.0%

Value $987K Shares 16,905 Est. Cost $326.79 Unrealized —

VG VENTURE GLOBAL INC 0.0%

Value $880K Shares 54,100 Est. Cost $8.89 Unrealized —

IBN ICICI BANK LTD-SPON ADR 0.0%

Value $311K Shares 12,225 Est. Cost $30.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DE	DEERE & CO	31,111	$17.35M	0.3%	$549.25	—	—	244199105
SNPS	SYNOPSYS INC	25,400	$9.954M	0.2%	$471.68	—	—	871607107
APP	APPLOVIN CORP	19,200	$7.269M	0.1%	$513.52	—	—	03831W108
DLR	DIGITAL REALTY TRUST INC	38,918	$6.751M	0.1%	$155.03	—	—	253868103
NBIS	NEBIUS GROUP NV	58,400	$5.753M	0.1%	$103.64	—	—	N97284108
IBM	IBM	21,323	$5.114M	0.1%	$248.20	—	—	459200101
WMB	WILLIAMS COS INC	54,600	$3.965M	0.1%	$66.35	—	—	969457100
TMUS	T-MOBILE US INC	13,459	$2.858M	0.1%	$200.28	—	—	872590104
AGCO	AGCO CORP	14,000	$1.602M	0.0%	$121.12	—	—	001084102
RS	RELIANCE INDS-SPONS GDR 144A	16,905	$987K	0.0%	$326.79	—	—	759509102
VG	VENTURE GLOBAL INC	54,100	$880K	0.0%	$8.89	—	—	92333F101
IBN	ICICI BANK LTD-SPON ADR	12,225	$311K	0.0%	$30.08	—	—	45104G104

Decreased Positions (48)

TTE Totalenergies SE 1.4%

Value $74.84M (-73.5%) Shares 970,181 (-68.2%) Est. Cost $67.19 Unrealized —

CVX Chevron Corp 2.3%

Value $121M (-55.2%) Shares 711,208 (-44.3%) Est. Cost $171.87 Unrealized —

NTR Nutrien Ltd 0.2%

Value $8.761M (-92.5%) Shares 140,216 (-90.9%) Est. Cost $67.28 Unrealized —

VZ Verizon Communications Inc 1.5%

Value $81.02M (-51.5%) Shares 1,848,209 (-44.5%) Est. Cost $41.61 Unrealized —

NEE Nextera Energy Inc 1.6%

Value $83.45M (-49.5%) Shares 935,251 (-48.0%) Est. Cost $85.35 Unrealized —

LLY Eli Lilly & Co 5.8%

Value $306M (+30.4%) Shares 246,220 (-4.5%) Est. Cost $1047.09 Unrealized —

GFI Gold Fields Ltd ADR 0.6%

Value $31.58M (-64.8%) Shares 948,739 (-53.0%) Est. Cost $17.06 Unrealized —

PBR Petroleo Brasileiro S.A. 0.2%

Value $11.33M (-82.7%) Shares 697,963 (-77.5%) Est. Cost $21.08 Unrealized —

NEM Newmont Corp 0.9%

Value $49.71M (-51.5%) Shares 508,750 (-47.2%) Est. Cost $60.65 Unrealized —

JNJ Johnson & Johnson 2.5%

Value $134M (-26.7%) Shares 510,682 (-32.0%) Est. Cost $195.75 Unrealized —

AMAT Applied Materials Inc 1.6%

Value $83.08M (+87.0%) Shares 112,342 (-16.1%) Est. Cost $255.86 Unrealized —

INTU Intuit Inc 0.3%

Value $15.99M (-68.8%) Shares 60,418 (-49.8%) Est. Cost $543.21 Unrealized —

AEM Agnico Eagle Mines Ltd 1.3%

Value $69.37M (-30.3%) Shares 463,731 (-7.8%) Est. Cost $101.03 Unrealized —

CL Colgate-Palmolive Co 0.5%

Value $25.67M (-51.0%) Shares 270,161 (-56.2%) Est. Cost $89.22 Unrealized —

GILD Gilead Sciences Inc 0.0%

Value $1.781M (-92.1%) Shares 12,734 (-92.2%) Est. Cost $110.26 Unrealized —

HSY Hershey Co, The 0.2%

Value $12.86M (-60.1%) Shares 65,675 (-56.4%) Est. Cost $204.74 Unrealized —

NKE Nike Inc 0.2%

Value $8.901M (-52.5%) Shares 204,470 (-42.9%) Est. Cost $76.48 Unrealized —

AGI Alamos Gold Inc - Class A 0.1%

Value $3.149M (-75.1%) Shares 104,430 (-64.7%) Est. Cost $28.76 Unrealized —

AAPL Apple Inc 1.6%

Value $84.35M (+10.1%) Shares 292,728 (-4.9%) Est. Cost $263.26 Unrealized —

MCD Mcdonald'S Corp 0.1%

Value $6.979M (-50.6%) Shares 26,000 (-43.0%) Est. Cost $294.69 Unrealized —

COIN Coinbase Global Inc 0.1%

Value $5.281M (-56.6%) Shares 36,377 (-50.6%) Est. Cost $239.65 Unrealized —

PWR Quanta Services Inc. 0.9%

Value $50.4M (+15.2%) Shares 68,127 (-16.0%) Est. Cost $400.98 Unrealized —

EBAY Ebay Inc 0.1%

Value $4.286M (-60.5%) Shares 38,900 (-68.1%) Est. Cost $89.32 Unrealized —

XOM Exxon Mobil Corp 0.2%

Value $8.183M (-41.2%) Shares 60,123 (-26.4%) Est. Cost $128.27 Unrealized —

EL Estee Lauder Companies - Class A 0.1%

Value $3.651M (-59.6%) Shares 46,800 (-64.1%) Est. Cost $67.91 Unrealized —

BABA Alibaba Group Holding LTD 0.1%

Value $5.56M (-48.9%) Shares 58,661 (-34.3%) Est. Cost $117.55 Unrealized —

LNG Cheniere Energy Inc 0.3%

Value $14.57M (-26.3%) Shares 59,791 (-11.3%) Est. Cost $209.90 Unrealized —

AMRZ Amrize Ltd 1.0%

Value $55.13M (-8.4%) Shares 1,033,258 (-7.2%) Est. Cost $52.92 Unrealized —

TJX TJX Companies Inc 2.7%

Value $141M (-3.2%) Shares 912,966 (-1.2%) Est. Cost $121.61 Unrealized —

CCJ Cameco Corp 0.3%

Value $16.68M (-20.4%) Shares 167,474 (-15.7%) Est. Cost $116.28 Unrealized —

NVDA NVIDIA Corp 5.0%

Value $266M (+1.6%) Shares 1,317,566 (-15.0%) Est. Cost $164.25 Unrealized —

FAST Fastenal Co 0.2%

Value $12.19M (-24.7%) Shares 256,459 (-27.8%) Est. Cost $39.27 Unrealized —

HAL Halliburton Co. 0.2%

Value $8.064M (-29.3%) Shares 233,732 (-17.7%) Est. Cost $33.54 Unrealized —

WPM Wheaton Precious Metals Corp 0.1%

Value $7.335M (-28.2%) Shares 66,990 (-16.1%) Est. Cost $84.80 Unrealized —

GIS General Mills Inc 0.0%

Value $458K (-85.7%) Shares 12,607 (-85.3%) Est. Cost $45.47 Unrealized —

VRT Vertiv Holdings Co 0.5%

Value $28.58M (+10.1%) Shares 90,702 (-16.1%) Est. Cost $192.23 Unrealized —

HAS Hasbro Inc 0.0%

Value $1.868M (-54.7%) Shares 22,469 (-50.1%) Est. Cost $78.97 Unrealized —

UL UNILEVER 0.1%

Value $3.244M (-40.7%) Shares 54,236 (-47.1%) Est. Cost $53.35 Unrealized —

KGC Kinross Gold Corp 0.1%

Value $4.174M (-33.6%) Shares 179,846 (-15.6%) Est. Cost $9.86 Unrealized —

RGLD Royal Gold Inc 0.1%

Value $2.916M (-38.7%) Shares 14,730 (-24.6%) Est. Cost $159.45 Unrealized —

TSLA Tesla Inc 0.3%

Value $16.45M (-9.7%) Shares 39,355 (-21.9%) Est. Cost $361.68 Unrealized —

IAG IAMGOLD Corp 0.0%

Value $1.611M (-50.8%) Shares 102,800 (-43.0%) Est. Cost $6.08 Unrealized —

TPR Tapestry Inc 0.0%

Value $1.842M (-34.6%) Shares 12,600 (-37.3%) Est. Cost $114.03 Unrealized —

AU Anglogold Ashanti Plc 0.1%

Value $4.65M (-16.8%) Shares 58,000 (-1.7%) Est. Cost $30.09 Unrealized —

PAAS Pan American Silver Corp 0.1%

Value $4.119M (-18.4%) Shares 93,902 (-2.4%) Est. Cost $22.55 Unrealized —

RIO Rio Tinto Plc 0.1%

Value $4.532M (-6.6%) Shares 48,130 (-12.2%) Est. Cost $88.52 Unrealized —

SMFG Sumitomo Mitsui Financial Group, Inc. 0.1%

Value $3.674M (+9.0%) Shares 94,049 (-6.4%) Est. Cost $33.54 Unrealized —

ETSY Etsy Inc 0.0%

Value $1.129M (+5.0%) Shares 14,647 (-33.7%) Est. Cost $52.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TTE	Totalenergies SE	970,181 (-68.2%)	$74.84M (-73.5%)	1.4%	$67.19	—	ACT	F92124100
CVX	Chevron Corp	711,208 (-44.3%)	$121M (-55.2%)	2.3%	$171.87	—	COM	166764100
NTR	Nutrien Ltd	140,216 (-90.9%)	$8.761M (-92.5%)	0.2%	$67.28	—	COM	67077M108
VZ	Verizon Communications Inc	1,848,209 (-44.5%)	$81.02M (-51.5%)	1.5%	$41.61	—	COM	92343V104
NEE	Nextera Energy Inc	935,251 (-48.0%)	$83.45M (-49.5%)	1.6%	$85.35	—	COM	65339F101
LLY	Eli Lilly & Co	246,220 (-4.5%)	$306M (+30.4%)	5.8%	$1047.09	—	COM	532457108
GFI	Gold Fields Ltd ADR	948,739 (-53.0%)	$31.58M (-64.8%)	0.6%	$17.06	—	SPONSORED ADR	38059T106
PBR	Petroleo Brasileiro S.A.	697,963 (-77.5%)	$11.33M (-82.7%)	0.2%	$21.08	—	SPONSORED ADR	71654V408
NEM	Newmont Corp	508,750 (-47.2%)	$49.71M (-51.5%)	0.9%	$60.65	—	COM	651639106
JNJ	Johnson & Johnson	510,682 (-32.0%)	$134M (-26.7%)	2.5%	$195.75	—	COM	478160104
AMAT	Applied Materials Inc	112,342 (-16.1%)	$83.08M (+87.0%)	1.6%	$255.86	—	COM	038222105
INTU	Intuit Inc	60,418 (-49.8%)	$15.99M (-68.8%)	0.3%	$543.21	—	COM	461202103
AEM	Agnico Eagle Mines Ltd	463,731 (-7.8%)	$69.37M (-30.3%)	1.3%	$101.03	—	COM	008474108
CL	Colgate-Palmolive Co	270,161 (-56.2%)	$25.67M (-51.0%)	0.5%	$89.22	—	COM	194162103
GILD	Gilead Sciences Inc	12,734 (-92.2%)	$1.781M (-92.1%)	0.0%	$110.26	—	COM	375558103
HSY	Hershey Co, The	65,675 (-56.4%)	$12.86M (-60.1%)	0.2%	$204.74	—	COM	427866108
NKE	Nike Inc	204,470 (-42.9%)	$8.901M (-52.5%)	0.2%	$76.48	—	CL B	654106103
AGI	Alamos Gold Inc - Class A	104,430 (-64.7%)	$3.149M (-75.1%)	0.1%	$28.76	—	COM CL A	011532108
AAPL	Apple Inc	292,728 (-4.9%)	$84.35M (+10.1%)	1.6%	$263.26	—	COM	037833100
MCD	Mcdonald'S Corp	26,000 (-43.0%)	$6.979M (-50.6%)	0.1%	$294.69	—	COM	580135101
COIN	Coinbase Global Inc	36,377 (-50.6%)	$5.281M (-56.6%)	0.1%	$239.65	—	COM CL A	19260Q107
PWR	Quanta Services Inc.	68,127 (-16.0%)	$50.4M (+15.2%)	0.9%	$400.98	—	COM	74762E102
EBAY	Ebay Inc	38,900 (-68.1%)	$4.286M (-60.5%)	0.1%	$89.32	—	COM	278642103
XOM	Exxon Mobil Corp	60,123 (-26.4%)	$8.183M (-41.2%)	0.2%	$128.27	—	COM	30231G102
EL	Estee Lauder Companies - Class A	46,800 (-64.1%)	$3.651M (-59.6%)	0.1%	$67.91	—	CL A	518439104
BABA	Alibaba Group Holding LTD	58,661 (-34.3%)	$5.56M (-48.9%)	0.1%	$117.55	—	SPONSORED ADS	01609W102
LNG	Cheniere Energy Inc	59,791 (-11.3%)	$14.57M (-26.3%)	0.3%	$209.90	—	COM NEW	16411R208
AMRZ	Amrize Ltd	1,033,258 (-7.2%)	$55.13M (-8.4%)	1.0%	$52.92	—	SHS	H2927K103
TJX	TJX Companies Inc	912,966 (-1.2%)	$141M (-3.2%)	2.7%	$121.61	—	COM	872540109
CCJ	Cameco Corp	167,474 (-15.7%)	$16.68M (-20.4%)	0.3%	$116.28	—	COM	13321L108
NVDA	NVIDIA Corp	1,317,566 (-15.0%)	$266M (+1.6%)	5.0%	$164.25	—	COM	67066G104
FAST	Fastenal Co	256,459 (-27.8%)	$12.19M (-24.7%)	0.2%	$39.27	—	COM	311900104
HAL	Halliburton Co.	233,732 (-17.7%)	$8.064M (-29.3%)	0.2%	$33.54	—	COM	406216101
WPM	Wheaton Precious Metals Corp	66,990 (-16.1%)	$7.335M (-28.2%)	0.1%	$84.80	—	P COM	962879102
GIS	General Mills Inc	12,607 (-85.3%)	$458K (-85.7%)	0.0%	$45.47	—	COM	370334104
VRT	Vertiv Holdings Co	90,702 (-16.1%)	$28.58M (+10.1%)	0.5%	$192.23	—	COM CL A	92537N108
HAS	Hasbro Inc	22,469 (-50.1%)	$1.868M (-54.7%)	0.0%	$78.97	—	COM	418056107
UL	UNILEVER	54,236 (-47.1%)	$3.244M (-40.7%)	0.1%	$53.35	—	SPON ADR NEW	904767803
KGC	Kinross Gold Corp	179,846 (-15.6%)	$4.174M (-33.6%)	0.1%	$9.86	—	COM	496902404
RGLD	Royal Gold Inc	14,730 (-24.6%)	$2.916M (-38.7%)	0.1%	$159.45	—	COM	780287108
TSLA	Tesla Inc	39,355 (-21.9%)	$16.45M (-9.7%)	0.3%	$361.68	—	COM	88160R101
IAG	IAMGOLD Corp	102,800 (-43.0%)	$1.611M (-50.8%)	0.0%	$6.08	—	COM	450913108
TPR	Tapestry Inc	12,600 (-37.3%)	$1.842M (-34.6%)	0.0%	$114.03	—	COM	876030107
AU	Anglogold Ashanti Plc	58,000 (-1.7%)	$4.65M (-16.8%)	0.1%	$30.09	—	COM SHS	G0378L100
PAAS	Pan American Silver Corp	93,902 (-2.4%)	$4.119M (-18.4%)	0.1%	$22.55	—	COM	697900108
RIO	Rio Tinto Plc	48,130 (-12.2%)	$4.532M (-6.6%)	0.1%	$88.52	—	SPONSORED ADR	767204100
SMFG	Sumitomo Mitsui Financial Group, Inc.	94,049 (-6.4%)	$3.674M (+9.0%)	0.1%	$33.54	—	SPONSORED ADR	86562M209
ETSY	Etsy Inc	14,647 (-33.7%)	$1.129M (+5.0%)	0.0%	$52.49	—	COM	29786A106

Unchanged Positions (5)

WAB Westinghouse Air Brake Technologies Corp 0.6%

Value $33.55M Shares 117,540 Est. Cost $192.50 Unrealized —

LUXE LuxExperience BV 0.1%

Value $5.733M Shares 749,946 Est. Cost $8.16 Unrealized —

YUM Yum! Brands Inc 0.1%

Value $5.385M Shares 34,200 Est. Cost $137.82 Unrealized —

CRH CRH PLC 0.0%

Value $1.727M Shares 15,884 Est. Cost $99.74 Unrealized —

DIS Walt Disney Co, The 0.0%

Value $1.728M Shares 17,810 Est. Cost $103.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WAB	Westinghouse Air Brake Technologies Corp	117,540	$33.55M	0.6%	$192.50	—	COM	929740108
LUXE	LuxExperience BV	749,946	$5.733M	0.1%	$8.16	—	SPONSORED ADS	55406W103
YUM	Yum! Brands Inc	34,200	$5.385M	0.1%	$137.82	—	COM	988498101
CRH	CRH PLC	15,884	$1.727M	0.0%	$99.74	—	ORD	G25508105
DIS	Walt Disney Co, The	17,810	$1.728M	0.0%	$103.52	—	COM	254687106