Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KLAC	KLA CORP	421,271	$127M	1.9%	$301.71	—	COM NEW	482480100
HON	HONEYWELL INTL INC	203,908	$45.66M	0.7%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	203,908	$45.08M	0.7%	$221.08	—	COM	43849R105
CCL	CARNIVAL CORP LTD	29,964	$856K	0.0%	$28.57	—	COMMON SHARES	G2004J103
INTC	INTEL CORP	4,448	$621K	0.0%	$139.63	—	COM	458140100
KEYS	KEYSIGHT TECHNOLOGIES INC	1,547	$542K	0.0%	$350.07	—	COM	49338L103
TRI	THOMSON REUTERS CORP	4,061	$470K	0.0%	$115.84	—	COM	884903881
WDAY	WORKDAY INC	3,095	$379K	0.0%	$122.42	—	CL A	98138H101
FAST	FASTENAL CO	7,420	$356K	0.0%	$48.03	—	COM	311900104
COST	COSTCO WHOLESALE CORPORATION	318	$297K	0.0%	$935.47	—	COM	22160K105
A	AGILENT TECHNOLOGIES INC	2,200	$292K	0.0%	$132.83	—	COM	00846U101
TXN	TEXAS INSTRS INC	870	$259K	0.0%	$298.07	—	COM	882508104
CVS	CVS HEALTH CORP	2,470	$256K	0.0%	$103.45	—	COM	126650100
CW	CURTISS WRIGHT CORP	280	$212K	0.0%	$757.76	—	COM	231561101
COF	CAPITAL ONE FINL CORP	998	$200K	0.0%	$200.62	—	COM	14040H105

Increased Positions (39)

NVDA NVIDIA CORPORATION 7.9%

Value $527M (+30.0%) Shares 2,635,649 (+13.3%) Est. Cost $124.62 Unrealized —

GOOGL ALPHABET INC 6.2%

Value $413M (+32.7%) Shares 1,156,807 (+6.8%) Est. Cost $161.43 Unrealized —

MU MICRON TECHNOLOGY INC 1.4%

Value $93.84M (+252.7%) Shares 81,297 (+3.2%) Est. Cost $90.83 Unrealized —

ROK ROCKWELL AUTOMATION INC 2.7%

Value $181M (+39.5%) Shares 364,815 (+1.1%) Est. Cost $256.06 Unrealized —

AAPL APPLE INC 5.3%

Value $354M (+15.6%) Shares 1,224,288 (+1.4%) Est. Cost $187.95 Unrealized —

AVGO BROADCOM INC 1.9%

Value $124M (+61.5%) Shares 329,315 (+32.3%) Est. Cost $332.46 Unrealized —

V VISA INC 4.3%

Value $283M (+15.7%) Shares 824,560 (+1.9%) Est. Cost $199.56 Unrealized —

JPM JPMORGAN CHASE & CO 3.7%

Value $243M (+14.9%) Shares 741,791 (+3.3%) Est. Cost $126.60 Unrealized —

BAC BANK OF AMER CORP 1.5%

Value $99.41M (+25.5%) Shares 1,744,706 (+7.4%) Est. Cost $36.00 Unrealized —

EMR EMERSON ELEC CO 1.9%

Value $126M (+16.5%) Shares 876,978 (+6.6%) Est. Cost $92.78 Unrealized —

META META PLATFORMS INC 2.3%

Value $156M (+11.6%) Shares 276,153 (+13.3%) Est. Cost $476.42 Unrealized —

MKL MARKEL GROUP INC 1.3%

Value $89.63M (+21.1%) Shares 45,895 (+18.7%) Est. Cost $1578.88 Unrealized —

TMUS T-MOBILE US INC 1.4%

Value $94.18M (-13.9%) Shares 561,518 (+7.8%) Est. Cost $135.25 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 1.9%

Value $123M (+13.6%) Shares 1,002,765 (+1.1%) Est. Cost $81.54 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 2.3%

Value $156M (+10.2%) Shares 311,210 (+8.0%) Est. Cost $454.25 Unrealized —

CVX CHEVRON CORPORATION 1.5%

Value $98.35M (-11.6%) Shares 593,342 (+10.4%) Est. Cost $125.58 Unrealized —

GOOG ALPHABET INC 0.5%

Value $30.75M (+30.7%) Shares 87,024 (+6.1%) Est. Cost $125.28 Unrealized —

LLY ELI LILLY & CO 0.4%

Value $25.15M (+35.0%) Shares 20,967 (+3.5%) Est. Cost $675.76 Unrealized —

NEE NEXTERA ENERGY INC 1.4%

Value $90.71M (+7.5%) Shares 1,033,524 (+13.8%) Est. Cost $70.57 Unrealized —

SPGI S&P GLOBAL INC 1.3%

Value $88.14M (+5.8%) Shares 216,411 (+10.5%) Est. Cost $432.81 Unrealized —

DG DOLLAR GEN CORP 0.4%

Value $25.91M (+8.2%) Shares 225,130 (+11.6%) Est. Cost $123.86 Unrealized —

TSLA TESLA INC 0.1%

Value $8.202M (+17.9%) Shares 19,500 (+4.2%) Est. Cost $243.70 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.1%

Value $4.977M (-17.4%) Shares 51,856 (+7.9%) Est. Cost $162.84 Unrealized —

MDLZ MONDELEZ INTL INC 0.9%

Value $60.95M (+1.7%) Shares 1,053,766 (+1.3%) Est. Cost $58.38 Unrealized —

ECL ECOLAB INC 0.2%

Value $14.04M (+6.6%) Shares 50,389 (+1.8%) Est. Cost $185.57 Unrealized —

XOM EXXON MOBIL CORP 1.6%

Value $103M (-0.6%) Shares 756,712 (+23.3%) Est. Cost $103.34 Unrealized —

DE DEERE & CO 0.0%

Value $2.196M (+31.0%) Shares 3,462 (+16.4%) Est. Cost $308.54 Unrealized —

ABBV ABBVIE INC 0.0%

Value $1.474M (+38.3%) Shares 5,859 (+19.6%) Est. Cost $136.18 Unrealized —

APH AMPHENOL CORP 0.0%

Value $564K (+143.7%) Shares 3,199 (+74.6%) Est. Cost $124.03 Unrealized —

FCX FREEPORT MCMORAN INC 0.0%

Value $1.372M (+30.2%) Shares 21,820 (+21.7%) Est. Cost $42.40 Unrealized —

DHR DANAHER CORP DEL 0.1%

Value $8.993M (+3.5%) Shares 47,214 (+3.0%) Est. Cost $207.93 Unrealized —

MS MORGAN STANLEY 0.0%

Value $1.139M (+31.4%) Shares 5,450 (+3.4%) Est. Cost $107.78 Unrealized —

SYK STRYKER CORPORATION 0.4%

Value $29.61M (-0.9%) Shares 94,048 (+3.5%) Est. Cost $207.82 Unrealized —

GILD GILEAD SCIENCES INC 0.1%

Value $3.713M (-5.8%) Shares 29,392 (+3.9%) Est. Cost $57.90 Unrealized —

T AT&T INC 0.0%

Value $728K (-21.0%) Shares 35,162 (+10.6%) Est. Cost $22.84 Unrealized —

RTX RTX CORPORATION 0.0%

Value $2.149M (+9.3%) Shares 11,325 (+11.2%) Est. Cost $103.19 Unrealized —

AIG AMERICAN INTL GROUP INC 0.0%

Value $3.231M (+3.1%) Shares 43,358 (+4.1%) Est. Cost $68.71 Unrealized —

AWK AMERICAN WTR WKS CO INC NEW 0.4%

Value $23.61M (-0.4%) Shares 179,411 (+3.0%) Est. Cost $119.38 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.0%

Value $1.223M (-3.9%) Shares 21,225 (+1.1%) Est. Cost $48.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	2,635,649 (+13.3%)	$527M (+30.0%)	7.9%	$124.62	—	COM	67066G104
GOOGL	ALPHABET INC	1,156,807 (+6.8%)	$413M (+32.7%)	6.2%	$161.43	—	CAP STK CL A	02079K305
MU	MICRON TECHNOLOGY INC	81,297 (+3.2%)	$93.84M (+252.7%)	1.4%	$90.83	—	COM	595112103
ROK	ROCKWELL AUTOMATION INC	364,815 (+1.1%)	$181M (+39.5%)	2.7%	$256.06	—	COM	773903109
AAPL	APPLE INC	1,224,288 (+1.4%)	$354M (+15.6%)	5.3%	$187.95	—	COM	037833100
AVGO	BROADCOM INC	329,315 (+32.3%)	$124M (+61.5%)	1.9%	$332.46	—	COM	11135F101
V	VISA INC	824,560 (+1.9%)	$283M (+15.7%)	4.3%	$199.56	—	COM CL A	92826C839
JPM	JPMORGAN CHASE & CO	741,791 (+3.3%)	$243M (+14.9%)	3.7%	$126.60	—	COM	46625H100
BAC	BANK OF AMER CORP	1,744,706 (+7.4%)	$99.41M (+25.5%)	1.5%	$36.00	—	COM	060505104
EMR	EMERSON ELEC CO	876,978 (+6.6%)	$126M (+16.5%)	1.9%	$92.78	—	COM	291011104
META	META PLATFORMS INC	276,153 (+13.3%)	$156M (+11.6%)	2.3%	$476.42	—	CL A	30303M102
MKL	MARKEL GROUP INC	45,895 (+18.7%)	$89.63M (+21.1%)	1.3%	$1578.88	—	COM	570535104
TMUS	T-MOBILE US INC	561,518 (+7.8%)	$94.18M (-13.9%)	1.4%	$135.25	—	COM	872590104
CP	CANADIAN PACIFIC KANSAS CITY	1,002,765 (+1.1%)	$123M (+13.6%)	1.9%	$81.54	—	COM	13646K108
TMO	THERMO FISHER SCIENTIFIC INC	311,210 (+8.0%)	$156M (+10.2%)	2.3%	$454.25	—	COM	883556102
CVX	CHEVRON CORPORATION	593,342 (+10.4%)	$98.35M (-11.6%)	1.5%	$125.58	—	COM	166764100
GOOG	ALPHABET INC	87,024 (+6.1%)	$30.75M (+30.7%)	0.5%	$125.28	—	CAP STK CL C	02079K107
LLY	ELI LILLY & CO	20,967 (+3.5%)	$25.15M (+35.0%)	0.4%	$675.76	—	COM	532457108
NEE	NEXTERA ENERGY INC	1,033,524 (+13.8%)	$90.71M (+7.5%)	1.4%	$70.57	—	COM	65339F101
SPGI	S&P GLOBAL INC	216,411 (+10.5%)	$88.14M (+5.8%)	1.3%	$432.81	—	COM	78409V104
DG	DOLLAR GEN CORP	225,130 (+11.6%)	$25.91M (+8.2%)	0.4%	$123.86	—	COM	256677105
TSLA	TESLA INC	19,500 (+4.2%)	$8.202M (+17.9%)	0.1%	$243.70	—	COM	88160R101
BABA	ALIBABA GROUP HLDG LTD	51,856 (+7.9%)	$4.977M (-17.4%)	0.1%	$162.84	—	SPONSORED ADS	01609W102
MDLZ	MONDELEZ INTL INC	1,053,766 (+1.3%)	$60.95M (+1.7%)	0.9%	$58.38	—	CL A	609207105
ECL	ECOLAB INC	50,389 (+1.8%)	$14.04M (+6.6%)	0.2%	$185.57	—	COM	278865100
XOM	EXXON MOBIL CORP	756,712 (+23.3%)	$103M (-0.6%)	1.6%	$103.34	—	COM	30231G102
DE	DEERE & CO	3,462 (+16.4%)	$2.196M (+31.0%)	0.0%	$308.54	—	COM	244199105
ABBV	ABBVIE INC	5,859 (+19.6%)	$1.474M (+38.3%)	0.0%	$136.18	—	COM	00287Y109
APH	AMPHENOL CORP	3,199 (+74.6%)	$564K (+143.7%)	0.0%	$124.03	—	CL A	032095101
FCX	FREEPORT MCMORAN INC	21,820 (+21.7%)	$1.372M (+30.2%)	0.0%	$42.40	—	CL B	35671D857
DHR	DANAHER CORP DEL	47,214 (+3.0%)	$8.993M (+3.5%)	0.1%	$207.93	—	COM	235851102
MS	MORGAN STANLEY	5,450 (+3.4%)	$1.139M (+31.4%)	0.0%	$107.78	—	COM NEW	617446448
SYK	STRYKER CORPORATION	94,048 (+3.5%)	$29.61M (-0.9%)	0.4%	$207.82	—	COM	863667101
GILD	GILEAD SCIENCES INC	29,392 (+3.9%)	$3.713M (-5.8%)	0.1%	$57.90	—	COM	375558103
T	AT&T INC	35,162 (+10.6%)	$728K (-21.0%)	0.0%	$22.84	—	COM	00206R102
RTX	RTX CORPORATION	11,325 (+11.2%)	$2.149M (+9.3%)	0.0%	$103.19	—	COM	75513E101
AIG	AMERICAN INTL GROUP INC	43,358 (+4.1%)	$3.231M (+3.1%)	0.0%	$68.71	—	COM NEW	026874784
AWK	AMERICAN WTR WKS CO INC NEW	179,411 (+3.0%)	$23.61M (-0.4%)	0.4%	$119.38	—	COM	030420103
BMY	BRISTOL-MYERS SQUIBB CO	21,225 (+1.1%)	$1.223M (-3.9%)	0.0%	$48.21	—	COM	110122108

Exited Positions (8)

HON HONEYWELL INTL INC 1.2%

Value $77.9M Shares 344,665 Est. Cost $200.61 Unrealized —

SHOP SHOPIFY INC 0.0%

Value $669K Shares 5,644 Est. Cost $108.87 Unrealized —

KW KENNEDY-WILSON HOLDINGS INC 0.0%

Value $662K Shares 61,148 Est. Cost $14.43 Unrealized —

TRI THOMSON REUTERS CORP 0.0%

Value $554K Shares 4,413 Est. Cost $135.40 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.0%

Value $217K Shares 896 Est. Cost $254.45 Unrealized —

CME CME GROUP INC 0.0%

Value $214K Shares 723 Est. Cost $289.33 Unrealized —

NEM NEWMONT CORP 0.0%

Value $213K Shares 1,966 Est. Cost $118.12 Unrealized —

SBUX STARBUCKS CORP 0.0%

Value $206K Shares 2,302 Est. Cost $93.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	344,665	$77.9M	1.2%	$200.61	—	—	438516106
SHOP	SHOPIFY INC	5,644	$669K	0.0%	$108.87	—	—	82509L107
KW	KENNEDY-WILSON HOLDINGS INC	61,148	$662K	0.0%	$14.43	—	—	489398107
TRI	THOMSON REUTERS CORP	4,413	$554K	0.0%	$135.40	—	—	884903808
IBM	INTERNATIONAL BUSINESS MACHS	896	$217K	0.0%	$254.45	—	—	459200101
CME	CME GROUP INC	723	$214K	0.0%	$289.33	—	—	12572Q105
NEM	NEWMONT CORP	1,966	$213K	0.0%	$118.12	—	—	651639106
SBUX	STARBUCKS CORP	2,302	$206K	0.0%	$93.62	—	—	855244109

Decreased Positions (45)

AMD ADVANCED MICRO DEVICES INC 6.5%

Value $432M (+153.8%) Shares 743,855 (-11.1%) Est. Cost $169.16 Unrealized —

PANW PALO ALTO NETWORKS INC 4.9%

Value $326M (+95.3%) Shares 955,609 (-8.2%) Est. Cost $156.95 Unrealized —

INTU INTUIT 0.2%

Value $13.06M (-86.3%) Shares 50,036 (-77.3%) Est. Cost $373.21 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.7%

Value $49.26M (-58.4%) Shares 98,442 (-60.1%) Est. Cost $420.67 Unrealized —

ZTS ZOETIS INC 0.2%

Value $11.53M (-82.6%) Shares 160,490 (-71.4%) Est. Cost $157.65 Unrealized —

MRSH MARSH & MCLENNAN COS INC 0.6%

Value $42.29M (-53.9%) Shares 253,707 (-52.1%) Est. Cost $163.87 Unrealized —

NFLX NETFLIX INC. 1.5%

Value $101M (-29.8%) Shares 1,417,865 (-5.5%) Est. Cost $99.64 Unrealized —

KO COCA COLA CO 1.3%

Value $87.19M (-18.6%) Shares 1,072,887 (-23.8%) Est. Cost $51.76 Unrealized —

CAT CATERPILLAR INC 0.5%

Value $34.82M (+44.2%) Shares 32,701 (-4.1%) Est. Cost $132.43 Unrealized —

URI UNITED RENTALS INC 0.6%

Value $41.62M (+20.5%) Shares 36,737 (-22.5%) Est. Cost $310.55 Unrealized —

EQIX EQUINIX INC 1.8%

Value $118M (+4.9%) Shares 113,004 (-1.3%) Est. Cost $780.76 Unrealized —

ARES ARES MANAGEMENT CORPORATION 1.4%

Value $92.73M (-4.6%) Shares 833,075 (-6.5%) Est. Cost $71.62 Unrealized —

PFE PFIZER INC 0.2%

Value $15.96M (-19.6%) Shares 662,928 (-6.3%) Est. Cost $29.27 Unrealized —

UNP UNION PAC CORP 0.6%

Value $39.27M (+10.7%) Shares 144,382 (-1.2%) Est. Cost $181.53 Unrealized —

ADBE ADOBE INC 0.0%

Value $1.271M (-68.6%) Shares 6,197 (-62.8%) Est. Cost $400.73 Unrealized —

CRM SALESFORCE INC 0.1%

Value $5.026M (-29.4%) Shares 32,084 (-15.9%) Est. Cost $245.99 Unrealized —

GE GE AEROSPACE 0.1%

Value $5.058M (+27.8%) Shares 13,534 (-3.0%) Est. Cost $125.99 Unrealized —

NKE NIKE INC 0.0%

Value $2.356M (-31.6%) Shares 57,405 (-12.0%) Est. Cost $99.37 Unrealized —

DIS DISNEY WALT CO 0.1%

Value $5.932M (-12.8%) Shares 61,632 (-12.7%) Est. Cost $116.47 Unrealized —

XYL XYLEM INC 0.3%

Value $16.75M (-4.0%) Shares 141,695 (-3.0%) Est. Cost $82.85 Unrealized —

SUNB SUNBELT RENTALS HOLDINGS INC 0.4%

Value $27.47M (+2.5%) Shares 367,171 (-10.8%) Est. Cost $65.09 Unrealized —

PM PHILIP MORRIS INTL INC 0.2%

Value $10.45M (+6.9%) Shares 57,747 (-2.3%) Est. Cost $75.36 Unrealized —

WTS WATTS WATER TECHNOLOGIES INC 0.1%

Value $6.101M (+11.9%) Shares 15,585 (-17.1%) Est. Cost $139.43 Unrealized —

PEP PEPSICO INC 0.0%

Value $814K (-43.7%) Shares 6,015 (-35.4%) Est. Cost $115.35 Unrealized —

GS GOLDMAN SACHS GROUP INC 0.0%

Value $1.049M (-34.1%) Shares 1,037 (-44.9%) Est. Cost $295.68 Unrealized —

HD HOME DEPOT INC 0.1%

Value $6.79M (-7.4%) Shares 19,252 (-13.6%) Est. Cost $194.99 Unrealized —

MCD MCDONALDS CORP 0.0%

Value $1.761M (-21.7%) Shares 6,514 (-10.0%) Est. Cost $236.81 Unrealized —

COP CONOCOPHILLIPS 0.0%

Value $1.606M (-22.2%) Shares 15,450 (-1.2%) Est. Cost $49.39 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.0%

Value $1.517M (-22.1%) Shares 35,820 (-7.7%) Est. Cost $42.17 Unrealized —

TD TORONTO DOMINION BK ONT 0.0%

Value $1.755M (+29.5%) Shares 10,175 (-2.4%) Est. Cost $63.08 Unrealized —

FERG FERGUSON ENTERPRISES INC 0.3%

Value $18.21M (-1.2%) Shares 76,714 (-2.9%) Est. Cost $197.54 Unrealized —

INDV INDIVIOR PHARMACEUTICALS INC 0.0%

Value $1.834M (+12.8%) Shares 44,695 (-16.2%) Est. Cost $34.29 Unrealized —

EA ELECTRONIC ARTS INC 0.0%

Value $571K (-19.4%) Shares 2,783 (-19.9%) Est. Cost $102.06 Unrealized —

FN FABRINET 0.0%

Value $221K (-32.8%) Shares 394 (-37.7%) Est. Cost $492.64 Unrealized —

SLF SUN LIFE FINANCIAL INC. 0.0%

Value $832K (+8.0%) Shares 7,473 (-15.5%) Est. Cost $48.86 Unrealized —

ABT ABBOTT LABORATORIES 0.0%

Value $364K (-14.2%) Shares 4,015 (-2.9%) Est. Cost $114.39 Unrealized —

VMC VULCAN MATLS CO 0.0%

Value $1.201M (-4.0%) Shares 4,071 (-11.4%) Est. Cost $175.59 Unrealized —

CL COLGATE PALMOLIVE CO 0.0%

Value $3.082M (+1.4%) Shares 33,621 (-5.8%) Est. Cost $62.78 Unrealized —

MA MASTERCARD INCORPORATED 0.0%

Value $328K (-11.1%) Shares 639 (-13.5%) Est. Cost $364.56 Unrealized —

PSX PHILLIPS 66 0.0%

Value $389K (-9.2%) Shares 2,302 (-2.2%) Est. Cost $83.37 Unrealized —

GEV GE VERNOVA INC 0.0%

Value $449K (+8.5%) Shares 382 (-19.4%) Est. Cost $191.56 Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 0.0%

Value $555K (+5.5%) Shares 6,262 (-9.3%) Est. Cost $47.08 Unrealized —

IP INTERNATIONAL PAPER CO 0.0%

Value $2.322M (+1.0%) Shares 60,953 (-5.3%) Est. Cost $52.74 Unrealized —

ORCL ORACLE CORP 0.0%

Value $332K (-2.6%) Shares 2,268 (-2.2%) Est. Cost $208.54 Unrealized —

PG PROCTER & GAMBLE CO 0.1%

Value $3.372M (-0.1%) Shares 22,998 (-1.6%) Est. Cost $110.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	743,855 (-11.1%)	$432M (+153.8%)	6.5%	$169.16	—	COM	007903107
PANW	PALO ALTO NETWORKS INC	955,609 (-8.2%)	$326M (+95.3%)	4.9%	$156.95	—	COM	697435105
INTU	INTUIT	50,036 (-77.3%)	$13.06M (-86.3%)	0.2%	$373.21	—	COM	461202103
BRK/B	BERKSHIRE HATHAWAY INC DEL	98,442 (-60.1%)	$49.26M (-58.4%)	0.7%	$420.67	—	CL B NEW	084670702
ZTS	ZOETIS INC	160,490 (-71.4%)	$11.53M (-82.6%)	0.2%	$157.65	—	CL A	98978V103
MRSH	MARSH & MCLENNAN COS INC	253,707 (-52.1%)	$42.29M (-53.9%)	0.6%	$163.87	—	COM	571748102
NFLX	NETFLIX INC.	1,417,865 (-5.5%)	$101M (-29.8%)	1.5%	$99.64	—	COM	64110L106
KO	COCA COLA CO	1,072,887 (-23.8%)	$87.19M (-18.6%)	1.3%	$51.76	—	COM	191216100
CAT	CATERPILLAR INC	32,701 (-4.1%)	$34.82M (+44.2%)	0.5%	$132.43	—	COM	149123101
URI	UNITED RENTALS INC	36,737 (-22.5%)	$41.62M (+20.5%)	0.6%	$310.55	—	COM	911363109
EQIX	EQUINIX INC	113,004 (-1.3%)	$118M (+4.9%)	1.8%	$780.76	—	COM	29444U700
ARES	ARES MANAGEMENT CORPORATION	833,075 (-6.5%)	$92.73M (-4.6%)	1.4%	$71.62	—	CL A COM STK	03990B101
PFE	PFIZER INC	662,928 (-6.3%)	$15.96M (-19.6%)	0.2%	$29.27	—	COM	717081103
UNP	UNION PAC CORP	144,382 (-1.2%)	$39.27M (+10.7%)	0.6%	$181.53	—	COM	907818108
ADBE	ADOBE INC	6,197 (-62.8%)	$1.271M (-68.6%)	0.0%	$400.73	—	COM	00724F101
CRM	SALESFORCE INC	32,084 (-15.9%)	$5.026M (-29.4%)	0.1%	$245.99	—	COM	79466L302
GE	GE AEROSPACE	13,534 (-3.0%)	$5.058M (+27.8%)	0.1%	$125.99	—	COM NEW	369604301
NKE	NIKE INC	57,405 (-12.0%)	$2.356M (-31.6%)	0.0%	$99.37	—	CL B	654106103
DIS	DISNEY WALT CO	61,632 (-12.7%)	$5.932M (-12.8%)	0.1%	$116.47	—	COM	254687106
XYL	XYLEM INC	141,695 (-3.0%)	$16.75M (-4.0%)	0.3%	$82.85	—	COM	98419M100
SUNB	SUNBELT RENTALS HOLDINGS INC	367,171 (-10.8%)	$27.47M (+2.5%)	0.4%	$65.09	—	SHS	866966104
PM	PHILIP MORRIS INTL INC	57,747 (-2.3%)	$10.45M (+6.9%)	0.2%	$75.36	—	COM	718172109
WTS	WATTS WATER TECHNOLOGIES INC	15,585 (-17.1%)	$6.101M (+11.9%)	0.1%	$139.43	—	CL A	942749102
PEP	PEPSICO INC	6,015 (-35.4%)	$814K (-43.7%)	0.0%	$115.35	—	COM	713448108
GS	GOLDMAN SACHS GROUP INC	1,037 (-44.9%)	$1.049M (-34.1%)	0.0%	$295.68	—	COM	38141G104
HD	HOME DEPOT INC	19,252 (-13.6%)	$6.79M (-7.4%)	0.1%	$194.99	—	COM	437076102
MCD	MCDONALDS CORP	6,514 (-10.0%)	$1.761M (-21.7%)	0.0%	$236.81	—	COM	580135101
COP	CONOCOPHILLIPS	15,450 (-1.2%)	$1.606M (-22.2%)	0.0%	$49.39	—	COM	20825C104
VZ	VERIZON COMMUNICATIONS INC	35,820 (-7.7%)	$1.517M (-22.1%)	0.0%	$42.17	—	COM	92343V104
TD	TORONTO DOMINION BK ONT	10,175 (-2.4%)	$1.755M (+29.5%)	0.0%	$63.08	—	COM NEW	891160509
FERG	FERGUSON ENTERPRISES INC	76,714 (-2.9%)	$18.21M (-1.2%)	0.3%	$197.54	—	COMMON STOCK NEW	31488V107
INDV	INDIVIOR PHARMACEUTICALS INC	44,695 (-16.2%)	$1.834M (+12.8%)	0.0%	$34.29	—	COM	45579U109
EA	ELECTRONIC ARTS INC	2,783 (-19.9%)	$571K (-19.4%)	0.0%	$102.06	—	COM	285512109
FN	FABRINET	394 (-37.7%)	$221K (-32.8%)	0.0%	$492.64	—	SHS	G3323L100
SLF	SUN LIFE FINANCIAL INC.	7,473 (-15.5%)	$832K (+8.0%)	0.0%	$48.86	—	COM	866796105
ABT	ABBOTT LABORATORIES	4,015 (-2.9%)	$364K (-14.2%)	0.0%	$114.39	—	COM	002824100
VMC	VULCAN MATLS CO	4,071 (-11.4%)	$1.201M (-4.0%)	0.0%	$175.59	—	COM	929160109
CL	COLGATE PALMOLIVE CO	33,621 (-5.8%)	$3.082M (+1.4%)	0.0%	$62.78	—	COM	194162103
MA	MASTERCARD INCORPORATED	639 (-13.5%)	$328K (-11.1%)	0.0%	$364.56	—	CL A	57636Q104
PSX	PHILLIPS 66	2,302 (-2.2%)	$389K (-9.2%)	0.0%	$83.37	—	COM	718546104
GEV	GE VERNOVA INC	382 (-19.4%)	$449K (+8.5%)	0.0%	$191.56	—	COM	36828A101
SOLS	SOLSTICE ADVANCED MATLS INC	6,262 (-9.3%)	$555K (+5.5%)	0.0%	$47.08	—	COM SHS	83443Q103
IP	INTERNATIONAL PAPER CO	60,953 (-5.3%)	$2.322M (+1.0%)	0.0%	$52.74	—	COM	460146103
ORCL	ORACLE CORP	2,268 (-2.2%)	$332K (-2.6%)	0.0%	$208.54	—	COM	68389X105
PG	PROCTER & GAMBLE CO	22,998 (-1.6%)	$3.372M (-0.1%)	0.1%	$110.98	—	COM	742718109

Unchanged Positions (32)

AMZN AMAZON COM INC 6.3%

Value $418M Shares 1,753,847 Est. Cost $172.44 Unrealized —

MAR MARRIOTT INTL INC NEW 1.4%

Value $90.3M Shares 243,655 Est. Cost $183.68 Unrealized —

MRK MERCK & CO INC 2.3%

Value $153M Shares 1,192,514 Est. Cost $79.93 Unrealized —

AXP AMERICAN EXPRESS CO 0.4%

Value $28.49M Shares 84,231 Est. Cost $216.11 Unrealized —

WAT WATERS CORP 0.2%

Value $13.99M Shares 37,309 Est. Cost $273.44 Unrealized —

RY ROYAL BK CDA 0.1%

Value $6.891M Shares 23,466 Est. Cost $83.24 Unrealized —

ESS ESSEX PPTY TR INC 0.1%

Value $7.184M Shares 24,638 Est. Cost $252.68 Unrealized —

AYI ACUITY INC 0.1%

Value $4.294M Shares 11,400 Est. Cost $301.63 Unrealized —

ASML ASML HLDG NV 0.0%

Value $1.373M Shares 690 Est. Cost $1232.45 Unrealized —

WM WASTE MGMT INC DEL 0.2%

Value $15.44M Shares 69,271 Est. Cost $115.86 Unrealized —

CSCO CISCO SYS INC 0.0%

Value $825K Shares 7,020 Est. Cost $42.45 Unrealized —

AMAT APPLIED MATLS INC 0.0%

Value $506K Shares 700 Est. Cost $326.57 Unrealized —

MSFT MICROSOFT CORP 6.4%

Value $426M Shares 1,142,653 Est. Cost $219.72 Unrealized —

SLB SLB LIMITED 0.0%

Value $2.351M Shares 50,561 Est. Cost $32.62 Unrealized —

WMT WALMART INC 0.0%

Value $2.546M Shares 22,477 Est. Cost $49.74 Unrealized —

B BARRICK MNG CORP 0.0%

Value $2.794M Shares 53,583 Est. Cost $42.62 Unrealized —

BMO BANK MONTREAL MEDIUM 0.0%

Value $930K Shares 3,710 Est. Cost $87.67 Unrealized —

RSG REPUBLIC SVCS INC 0.1%

Value $8.863M Shares 41,596 Est. Cost $123.12 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.0%

Value $1.315M Shares 5,420 Est. Cost $108.09 Unrealized —

LYV LIVE NATION ENTERTAINMENT IN 0.0%

Value $1.144M Shares 6,250 Est. Cost $94.54 Unrealized —

MO ALTRIA GROUP INC 0.0%

Value $1.698M Shares 23,593 Est. Cost $32.46 Unrealized —

UPS UNITED PARCEL SVCS INC 0.0%

Value $1.208M Shares 11,240 Est. Cost $107.67 Unrealized —

L LOEWS CORP 0.0%

Value $1.137M Shares 10,040 Est. Cost $49.16 Unrealized —

IVZ INVESCO LTD 0.0%

Value $792K Shares 30,000 Est. Cost $14.01 Unrealized —

HXL HEXCEL CORP NEW 0.0%

Value $300K Shares 3,000 Est. Cost $70.70 Unrealized —

ALL ALLSTATE CORP 0.0%

Value $404K Shares 1,700 Est. Cost $151.93 Unrealized —

WFC WELLS FARGO & CO 0.0%

Value $1.207M Shares 14,611 Est. Cost $44.61 Unrealized —

AMGN AMGEN INC 0.0%

Value $1.195M Shares 3,300 Est. Cost $276.81 Unrealized —

BX BLACKSTONE INC 0.0%

Value $262K Shares 2,224 Est. Cost $140.88 Unrealized —

RIO RIO TINTO PLC 0.0%

Value $257K Shares 2,709 Est. Cost $93.29 Unrealized —

FURY FURY GOLD MINES LIMITED 0.0%

Value $21,353 Shares 28,471 Est. Cost $1.60 Unrealized —

GRAB GRAB HOLDINGS LIMITED 0.0%

Value $80,188 Shares 21,270 Est. Cost $4.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	1,753,847	$418M	6.3%	$172.44	—	COM	023135106
MAR	MARRIOTT INTL INC NEW	243,655	$90.3M	1.4%	$183.68	—	CL A	571903202
MRK	MERCK & CO INC	1,192,514	$153M	2.3%	$79.93	—	COM	58933Y105
AXP	AMERICAN EXPRESS CO	84,231	$28.49M	0.4%	$216.11	—	COM	025816109
WAT	WATERS CORP	37,309	$13.99M	0.2%	$273.44	—	COM	941848103
RY	ROYAL BK CDA	23,466	$6.891M	0.1%	$83.24	—	COM	780087102
ESS	ESSEX PPTY TR INC	24,638	$7.184M	0.1%	$252.68	—	COM	297178105
AYI	ACUITY INC	11,400	$4.294M	0.1%	$301.63	—	COM	00508Y102
ASML	ASML HLDG NV	690	$1.373M	0.0%	$1232.45	—	N Y REGISTRY SHS	N07059210
WM	WASTE MGMT INC DEL	69,271	$15.44M	0.2%	$115.86	—	COM	94106L109
CSCO	CISCO SYS INC	7,020	$825K	0.0%	$42.45	—	COM	17275R102
AMAT	APPLIED MATLS INC	700	$506K	0.0%	$326.57	—	COM	038222105
MSFT	MICROSOFT CORP	1,142,653	$426M	6.4%	$219.72	—	COM	594918104
SLB	SLB LIMITED	50,561	$2.351M	0.0%	$32.62	—	COM STK	806857108
WMT	WALMART INC	22,477	$2.546M	0.0%	$49.74	—	COM	931142103
B	BARRICK MNG CORP	53,583	$2.794M	0.0%	$42.62	—	COM SHS	06849F108
BMO	BANK MONTREAL MEDIUM	3,710	$930K	0.0%	$87.67	—	COM	063671101
RSG	REPUBLIC SVCS INC	41,596	$8.863M	0.1%	$123.12	—	COM	760759100
CBOE	CBOE GLOBAL MKTS INC	5,420	$1.315M	0.0%	$108.09	—	COM	12503M108
LYV	LIVE NATION ENTERTAINMENT IN	6,250	$1.144M	0.0%	$94.54	—	COM	538034109
MO	ALTRIA GROUP INC	23,593	$1.698M	0.0%	$32.46	—	COM	02209S103
UPS	UNITED PARCEL SVCS INC	11,240	$1.208M	0.0%	$107.67	—	CL B	911312106
L	LOEWS CORP	10,040	$1.137M	0.0%	$49.16	—	COM	540424108
IVZ	INVESCO LTD	30,000	$792K	0.0%	$14.01	—	SHS	G491BT108
HXL	HEXCEL CORP NEW	3,000	$300K	0.0%	$70.70	—	COM	428291108
ALL	ALLSTATE CORP	1,700	$404K	0.0%	$151.93	—	COM	020002101
WFC	WELLS FARGO & CO	14,611	$1.207M	0.0%	$44.61	—	COM	949746101
AMGN	AMGEN INC	3,300	$1.195M	0.0%	$276.81	—	COM	031162100
BX	BLACKSTONE INC	2,224	$262K	0.0%	$140.88	—	COM	09260D107
RIO	RIO TINTO PLC	2,709	$257K	0.0%	$93.29	—	SPONSORED ADR	767204100
FURY	FURY GOLD MINES LIMITED	28,471	$21,353	0.0%	$1.60	—	COM	36117T100
GRAB	GRAB HOLDINGS LIMITED	21,270	$80,188	0.0%	$4.49	—	CLASS A ORD	G4124C109