Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAC	BANK OF AMER CORP	554,996	$31.62M	1.0%	$56.98	—	COM	060505104
ABBV	ABBVIE INC	115,825	$29.15M	1.0%	$251.64	—	COM	00287Y109
CAT	CATERPILLAR INC	22,557	$24.02M	0.8%	$1064.90	—	COM	149123101
GLW	CORNING INC	93,096	$23.78M	0.8%	$255.43	—	COM	219350105
MS	MORGAN STANLEY	106,343	$22.23M	0.7%	$209.04	—	COM NEW	617446448
GS	GOLDMAN SACHS GROUP INC	21,969	$22.22M	0.7%	$1011.37	—	COM	38141G104
RTX	RTX CORPORATION	90,538	$17.18M	0.6%	$189.73	—	COM	75513E101
AMAT	APPLIED MATLS INC	21,733	$15.71M	0.5%	$723.00	—	COM	038222105
CSCO	CISCO SYS INC	105,095	$12.34M	0.4%	$117.46	—	COM	17275R102
UNH	UNITEDHEALTH GROUP INC	29,599	$12.3M	0.4%	$415.63	—	COM	91324P102
VRTX	VERTEX PHARMACEUTICALS INC	24,760	$12.3M	0.4%	$496.73	—	COM	92532F100
INTC	INTEL CORP	76,685	$10.71M	0.4%	$139.63	—	COM	458140100
DGX	QUEST DIAGNOSTICS INC	47,208	$10.01M	0.3%	$211.95	—	COM	74834L100
ADI	ANALOG DEVICES INC	22,840	$9.071M	0.3%	$397.17	—	COM	032654105
SNOW	SNOWFLAKE INC	35,536	$9.044M	0.3%	$254.50	—	COM SHS	833445109
ACGL	ARCH CAP GROUP LTD	89,286	$8.666M	0.3%	$97.06	—	ORD	G0450A105
CIEN	CIENA CORP	13,961	$6.849M	0.2%	$490.56	—	COM NEW	171779309
CB	CHUBB LIMITED	19,992	$6.812M	0.2%	$340.74	—	COM	H1467J104
PLTR	PALANTIR TECHNOLOGIES INC	56,303	$6.569M	0.2%	$116.67	—	CL A	69608A108
NVR	NVR INC	956	$6.514M	0.2%	$6813.40	—	COM	62944T105
PWR	QUANTA SVCS INC	8,605	$6.196M	0.2%	$720.04	—	COM	74762E102
JBHT	HUNT J B TRANS SVCS INC	16,911	$4.895M	0.2%	$289.43	—	COM	445658107
WM	WASTE MGMT INC DEL	18,897	$4.212M	0.1%	$222.88	—	COM	94106L109
HWM	HOWMET AEROSPACE INC	14,371	$3.864M	0.1%	$268.86	—	COM	443201108

Increased Positions (16)

NVDA NVIDIA CORPORATION 7.8%

Value $236M (+25.5%) Shares 1,181,889 (+9.4%) Est. Cost $104.10 Unrealized —

AMD ADVANCED MICRO DEVICES INC 1.6%

Value $47.32M (+254.0%) Shares 81,465 (+24.0%) Est. Cost $273.63 Unrealized —

AVGO BROADCOM INC 3.0%

Value $92.52M (+29.5%) Shares 244,929 (+6.1%) Est. Cost $214.22 Unrealized —

KLAC KLA CORP 1.1%

Value $34.73M (+91.5%) Shares 115,110 (+834.8%) Est. Cost $394.80 Unrealized —

TSLA TESLA INC 1.5%

Value $44.76M (+57.8%) Shares 106,428 (+39.5%) Est. Cost $309.06 Unrealized —

AXON AXON ENTERPRISE INC 0.6%

Value $17.19M (+116.6%) Shares 30,660 (+64.1%) Est. Cost $597.12 Unrealized —

JPM JPMORGAN CHASE & CO 2.0%

Value $60.49M (+15.5%) Shares 184,785 (+3.8%) Est. Cost $139.16 Unrealized —

V VISA INC 1.0%

Value $29.51M (+34.6%) Shares 86,015 (+18.6%) Est. Cost $236.59 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.6%

Value $18.96M (+46.8%) Shares 37,892 (+40.6%) Est. Cost $370.39 Unrealized —

APP APPLOVIN CORP 0.4%

Value $11.86M (+60.1%) Shares 23,028 (+23.7%) Est. Cost $571.12 Unrealized —

SHOP SHOPIFY INC 0.4%

Value $12.15M (+51.8%) Shares 106,449 (+57.7%) Est. Cost $135.46 Unrealized —

NFLX NETFLIX INC. 1.0%

Value $29.37M (-8.7%) Shares 411,281 (+23.0%) Est. Cost $92.47 Unrealized —

IDXX IDEXX LABS INC 0.5%

Value $14.9M (+16.3%) Shares 28,295 (+24.2%) Est. Cost $647.66 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.6%

Value $19.16M (+2.4%) Shares 48,185 (+18.6%) Est. Cost $437.03 Unrealized —

CVNA CARVANA CO 0.1%

Value $4.263M (+4.7%) Shares 64,775 (+400.0%) Est. Cost $134.35 Unrealized —

ROL ROLLINS INC 0.4%

Value $12.27M (+1.4%) Shares 294,005 (+29.7%) Est. Cost $54.78 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	1,181,889 (+9.4%)	$236M (+25.5%)	7.8%	$104.10	—	COM	67066G104
AMD	ADVANCED MICRO DEVICES INC	81,465 (+24.0%)	$47.32M (+254.0%)	1.6%	$273.63	—	COM	007903107
AVGO	BROADCOM INC	244,929 (+6.1%)	$92.52M (+29.5%)	3.0%	$214.22	—	COM	11135F101
KLAC	KLA CORP	115,110 (+834.8%)	$34.73M (+91.5%)	1.1%	$394.80	—	COM NEW	482480100
TSLA	TESLA INC	106,428 (+39.5%)	$44.76M (+57.8%)	1.5%	$309.06	—	COM	88160R101
AXON	AXON ENTERPRISE INC	30,660 (+64.1%)	$17.19M (+116.6%)	0.6%	$597.12	—	COM	05464C101
JPM	JPMORGAN CHASE & CO	184,785 (+3.8%)	$60.49M (+15.5%)	2.0%	$139.16	—	COM	46625H100
V	VISA INC	86,015 (+18.6%)	$29.51M (+34.6%)	1.0%	$236.59	—	COM CL A	92826C839
BRK/B	BERKSHIRE HATHAWAY INC DEL	37,892 (+40.6%)	$18.96M (+46.8%)	0.6%	$370.39	—	CL B NEW	084670702
APP	APPLOVIN CORP	23,028 (+23.7%)	$11.86M (+60.1%)	0.4%	$571.12	—	COM CL A	03831W108
SHOP	SHOPIFY INC	106,449 (+57.7%)	$12.15M (+51.8%)	0.4%	$135.46	—	CL A SUB VTG SHS	82509L107
NFLX	NETFLIX INC.	411,281 (+23.0%)	$29.37M (-8.7%)	1.0%	$92.47	—	COM	64110L106
IDXX	IDEXX LABS INC	28,295 (+24.2%)	$14.9M (+16.3%)	0.5%	$647.66	—	COM	45168D104
ISRG	INTUITIVE SURGICAL INC	48,185 (+18.6%)	$19.16M (+2.4%)	0.6%	$437.03	—	COM NEW	46120E602
CVNA	CARVANA CO	64,775 (+400.0%)	$4.263M (+4.7%)	0.1%	$134.35	—	CL A	146869102
ROL	ROLLINS INC	294,005 (+29.7%)	$12.27M (+1.4%)	0.4%	$54.78	—	COM	775711104

Exited Positions (11)

KBWB INVESCO EXCH TRADED FD TR II 1.7%

Value $52.64M Shares 665,269 Est. Cost $81.92 Unrealized —

IBB ISHARES TR 0.8%

Value $24.99M Shares 148,027 Est. Cost $168.80 Unrealized —

LH LABCORP HOLDINGS INC 0.6%

Value $17.09M Shares 64,071 Est. Cost $268.41 Unrealized —

BKNG BOOKING HOLDINGS INC 0.5%

Value $15.16M Shares 3,600 Est. Cost $3353.86 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.5%

Value $15.04M Shares 239,655 Est. Cost $75.27 Unrealized —

JKHY HENRY JACK & ASSOC INC 0.5%

Value $14.39M Shares 91,081 Est. Cost $169.07 Unrealized —

INTU INTUIT 0.5%

Value $14.17M Shares 32,780 Est. Cost $529.76 Unrealized —

LYV LIVE NATION ENTERTAINMENT IN 0.4%

Value $11.08M Shares 72,626 Est. Cost $144.61 Unrealized —

RGEN REPLIGEN CORP 0.2%

Value $6.679M Shares 56,690 Est. Cost $156.63 Unrealized —

HQY HEALTHEQUITY INC 0.2%

Value $6.019M Shares 72,024 Est. Cost $83.16 Unrealized —

GWRE GUIDEWIRE SOFTWARE INC 0.2%

Value $5.687M Shares 38,028 Est. Cost $150.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KBWB	INVESCO EXCH TRADED FD TR II	665,269	$52.64M	1.7%	$81.92	—	—	46138E628
IBB	ISHARES TR	148,027	$24.99M	0.8%	$168.80	—	—	464287556
LH	LABCORP HOLDINGS INC	64,071	$17.09M	0.6%	$268.41	—	—	504922105
BKNG	BOOKING HOLDINGS INC	3,600	$15.16M	0.5%	$3353.86	—	—	09857L108
BSX	BOSTON SCIENTIFIC CORP	239,655	$15.04M	0.5%	$75.27	—	—	101137107
JKHY	HENRY JACK & ASSOC INC	91,081	$14.39M	0.5%	$169.07	—	—	426281101
INTU	INTUIT	32,780	$14.17M	0.5%	$529.76	—	—	461202103
LYV	LIVE NATION ENTERTAINMENT IN	72,626	$11.08M	0.4%	$144.61	—	—	538034109
RGEN	REPLIGEN CORP	56,690	$6.679M	0.2%	$156.63	—	—	759916109
HQY	HEALTHEQUITY INC	72,024	$6.019M	0.2%	$83.16	—	—	42226A107
GWRE	GUIDEWIRE SOFTWARE INC	38,028	$5.687M	0.2%	$150.20	—	—	40171V100

Decreased Positions (49)

MU MICRON TECHNOLOGY INC 2.3%

Value $70.46M (+236.2%) Shares 61,045 (-1.6%) Est. Cost $196.81 Unrealized —

XLE SELECT SECTOR SPDR TR 3.0%

Value $90.4M (-16.9%) Shares 1,702,048 (-4.2%) Est. Cost $48.62 Unrealized —

SMH VANECK ETF TRUST 1.7%

Value $52.59M (-22.7%) Shares 80,177 (-54.8%) Est. Cost $365.19 Unrealized —

AAPL APPLE INC 6.9%

Value $209M (+5.7%) Shares 721,725 (-7.3%) Est. Cost $182.30 Unrealized —

CRWD CROWDSTRIKE HLDGS INC 0.8%

Value $24.05M (+85.4%) Shares 31,517 (-5.1%) Est. Cost $509.22 Unrealized —

PG PROCTER & GAMBLE CO 0.7%

Value $20.86M (-31.3%) Shares 142,251 (-32.4%) Est. Cost $148.22 Unrealized —

PLD PROLOGIS INC. 0.3%

Value $8.568M (-50.4%) Shares 63,249 (-51.6%) Est. Cost $123.16 Unrealized —

CME CME GROUP INC 0.5%

Value $14.5M (-37.4%) Shares 65,647 (-16.3%) Est. Cost $289.33 Unrealized —

SHW SHERWIN WILLIAMS CO 0.2%

Value $5.183M (-61.0%) Shares 15,054 (-63.7%) Est. Cost $351.04 Unrealized —

WMT WALMART INC 1.2%

Value $35.77M (-18.1%) Shares 315,835 (-10.1%) Est. Cost $57.42 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.2%

Value $6.474M (-52.9%) Shares 12,912 (-53.9%) Est. Cost $443.15 Unrealized —

COST COSTCO WHOLESALE CORPORATION 1.1%

Value $32.07M (-17.9%) Shares 34,287 (-12.5%) Est. Cost $501.59 Unrealized —

DG DOLLAR GEN CORP 0.2%

Value $5.521M (-54.5%) Shares 47,965 (-53.1%) Est. Cost $147.69 Unrealized —

GE GE AEROSPACE 1.1%

Value $33M (+24.6%) Shares 88,298 (-5.4%) Est. Cost $189.76 Unrealized —

LLY ELI LILLY & CO 2.0%

Value $60.73M (+11.8%) Shares 50,632 (-14.3%) Est. Cost $490.77 Unrealized —

APH AMPHENOL CORP 0.8%

Value $24.79M (+34.5%) Shares 140,611 (-3.6%) Est. Cost $146.40 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.3%

Value $9.781M (-33.9%) Shares 20,481 (-53.2%) Est. Cost $303.89 Unrealized —

UNP UNION PAC CORP 0.5%

Value $16.19M (-22.5%) Shares 59,530 (-30.9%) Est. Cost $212.59 Unrealized —

HD HOME DEPOT INC 0.7%

Value $20.37M (-18.0%) Shares 57,750 (-23.6%) Est. Cost $311.09 Unrealized —

WCN WASTE CONNECTIONS INC 0.4%

Value $12.78M (-25.8%) Shares 76,663 (-27.7%) Est. Cost $168.19 Unrealized —

HOOD ROBINHOOD MKTS INC 0.5%

Value $15.77M (+34.5%) Shares 157,251 (-7.0%) Est. Cost $111.56 Unrealized —

RACE FERRARI N V 0.3%

Value $9.179M (-29.1%) Shares 24,655 (-35.5%) Est. Cost $364.91 Unrealized —

PGR PROGRESSIVE CORP 0.6%

Value $17.38M (-17.4%) Shares 79,542 (-25.0%) Est. Cost $182.88 Unrealized —

AXP AMERICAN EXPRESS CO 0.6%

Value $17.01M (-16.2%) Shares 50,301 (-25.0%) Est. Cost $257.20 Unrealized —

DE DEERE & CO 0.5%

Value $15.96M (-16.4%) Shares 25,164 (-25.7%) Est. Cost $425.08 Unrealized —

LIN LINDE PLC 0.7%

Value $21.76M (-11.9%) Shares 41,925 (-15.8%) Est. Cost $415.00 Unrealized —

AME AMETEK INC 0.2%

Value $7.187M (-28.8%) Shares 29,707 (-36.9%) Est. Cost $223.27 Unrealized —

GEV GE VERNOVA INC 0.8%

Value $24.82M (-9.8%) Shares 21,127 (-33.0%) Est. Cost $587.12 Unrealized —

VMC VULCAN MATLS CO 0.3%

Value $9.561M (-21.2%) Shares 32,410 (-27.3%) Est. Cost $297.70 Unrealized —

WAB WABTEC 0.2%

Value $6.695M (-26.7%) Shares 24,833 (-32.0%) Est. Cost $238.93 Unrealized —

TYL TYLER TECHNOLOGIES INC 0.2%

Value $6.532M (-25.5%) Shares 22,334 (-12.8%) Est. Cost $444.07 Unrealized —

MPWR MONOLITHIC PWR SYS INC 0.4%

Value $10.87M (-16.5%) Shares 7,864 (-34.0%) Est. Cost $960.73 Unrealized —

DLR DIGITAL RLTY TR INC 0.5%

Value $16.69M (-11.1%) Shares 92,914 (-10.8%) Est. Cost $161.50 Unrealized —

PM PHILIP MORRIS INTL INC 0.9%

Value $27.56M (-5.8%) Shares 152,329 (-13.9%) Est. Cost $137.22 Unrealized —

JNJ JOHNSON & JOHNSON 1.4%

Value $42.87M (-3.5%) Shares 168,786 (-7.2%) Est. Cost $201.13 Unrealized —

MA MASTERCARD INCORPORATED 0.9%

Value $27.66M (-5.2%) Shares 53,857 (-7.7%) Est. Cost $372.23 Unrealized —

NOW SERVICENOW INC 0.4%

Value $11.99M (-10.9%) Shares 120,740 (-6.2%) Est. Cost $167.69 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.4%

Value $13.43M (+11.6%) Shares 34,721 (-15.5%) Est. Cost $372.74 Unrealized —

MELI MERCADOLIBRE INC 0.4%

Value $10.75M (-11.1%) Shares 6,331 (-9.4%) Est. Cost $2072.69 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.6%

Value $17.44M (-6.4%) Shares 189,353 (-6.2%) Est. Cost $92.82 Unrealized —

RBA RB GLOBAL INC 0.1%

Value $4.326M (-20.2%) Shares 37,153 (-34.3%) Est. Cost $109.96 Unrealized —

VEEV VEEVA SYS INC 0.2%

Value $6.857M (-12.0%) Shares 38,638 (-12.9%) Est. Cost $263.08 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 0.5%

Value $14.41M (+6.3%) Shares 165,520 (-18.1%) Est. Cost $66.89 Unrealized —

FICO FAIR ISAAC CORP 0.3%

Value $9.706M (-7.3%) Shares 8,124 (-17.2%) Est. Cost $1721.38 Unrealized —

WELL WELLTOWER INC 0.8%

Value $22.99M (-3.2%) Shares 101,285 (-15.7%) Est. Cost $186.94 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.6%

Value $17.6M (-3.4%) Shares 53,256 (-11.1%) Est. Cost $248.36 Unrealized —

MNST MONSTER BEVERAGE CORP NEW 0.6%

Value $19.03M (+1.9%) Shares 197,981 (-23.1%) Est. Cost $66.12 Unrealized —

AJG GALLAGHER ARTHUR J & CO 0.5%

Value $14.66M (-1.9%) Shares 63,877 (-7.5%) Est. Cost $236.35 Unrealized —

DASH DOORDASH INC 0.5%

Value $14.74M (-0.8%) Shares 79,898 (-19.3%) Est. Cost $230.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	61,045 (-1.6%)	$70.46M (+236.2%)	2.3%	$196.81	—	COM	595112103
XLE	SELECT SECTOR SPDR TR	1,702,048 (-4.2%)	$90.4M (-16.9%)	3.0%	$48.62	—	ST STR ENERG ETF	81369Y506
SMH	VANECK ETF TRUST	80,177 (-54.8%)	$52.59M (-22.7%)	1.7%	$365.19	—	SEMICONDUCTR ETF	92189F676
AAPL	APPLE INC	721,725 (-7.3%)	$209M (+5.7%)	6.9%	$182.30	—	COM	037833100
CRWD	CROWDSTRIKE HLDGS INC	31,517 (-5.1%)	$24.05M (+85.4%)	0.8%	$509.22	—	CL A	22788C105
PG	PROCTER & GAMBLE CO	142,251 (-32.4%)	$20.86M (-31.3%)	0.7%	$148.22	—	COM	742718109
PLD	PROLOGIS INC.	63,249 (-51.6%)	$8.568M (-50.4%)	0.3%	$123.16	—	COM	74340W103
CME	CME GROUP INC	65,647 (-16.3%)	$14.5M (-37.4%)	0.5%	$289.33	—	COM	12572Q105
SHW	SHERWIN WILLIAMS CO	15,054 (-63.7%)	$5.183M (-61.0%)	0.2%	$351.04	—	COM	824348106
WMT	WALMART INC	315,835 (-10.1%)	$35.77M (-18.1%)	1.2%	$57.42	—	COM	931142103
TMO	THERMO FISHER SCIENTIFIC INC	12,912 (-53.9%)	$6.474M (-52.9%)	0.2%	$443.15	—	COM	883556102
COST	COSTCO WHOLESALE CORPORATION	34,287 (-12.5%)	$32.07M (-17.9%)	1.1%	$501.59	—	COM	22160K105
DG	DOLLAR GEN CORP	47,965 (-53.1%)	$5.521M (-54.5%)	0.2%	$147.69	—	COM	256677105
GE	GE AEROSPACE	88,298 (-5.4%)	$33M (+24.6%)	1.1%	$189.76	—	COM NEW	369604301
LLY	ELI LILLY & CO	50,632 (-14.3%)	$60.73M (+11.8%)	2.0%	$490.77	—	COM	532457108
APH	AMPHENOL CORP	140,611 (-3.6%)	$24.79M (+34.5%)	0.8%	$146.40	—	CL A	032095101
TSM	TAIWAN SEMICONDUCTOR MANUFAC	20,481 (-53.2%)	$9.781M (-33.9%)	0.3%	$303.89	—	SPONSORED ADS	874039100
UNP	UNION PAC CORP	59,530 (-30.9%)	$16.19M (-22.5%)	0.5%	$212.59	—	COM	907818108
HD	HOME DEPOT INC	57,750 (-23.6%)	$20.37M (-18.0%)	0.7%	$311.09	—	COM	437076102
WCN	WASTE CONNECTIONS INC	76,663 (-27.7%)	$12.78M (-25.8%)	0.4%	$168.19	—	COM	94106B101
HOOD	ROBINHOOD MKTS INC	157,251 (-7.0%)	$15.77M (+34.5%)	0.5%	$111.56	—	COM CL A	770700102
RACE	FERRARI N V	24,655 (-35.5%)	$9.179M (-29.1%)	0.3%	$364.91	—	COM	N3167Y103
PGR	PROGRESSIVE CORP	79,542 (-25.0%)	$17.38M (-17.4%)	0.6%	$182.88	—	COM	743315103
AXP	AMERICAN EXPRESS CO	50,301 (-25.0%)	$17.01M (-16.2%)	0.6%	$257.20	—	COM	025816109
DE	DEERE & CO	25,164 (-25.7%)	$15.96M (-16.4%)	0.5%	$425.08	—	COM	244199105
LIN	LINDE PLC	41,925 (-15.8%)	$21.76M (-11.9%)	0.7%	$415.00	—	SHS	G54950103
AME	AMETEK INC	29,707 (-36.9%)	$7.187M (-28.8%)	0.2%	$223.27	—	COM	031100100
GEV	GE VERNOVA INC	21,127 (-33.0%)	$24.82M (-9.8%)	0.8%	$587.12	—	COM	36828A101
VMC	VULCAN MATLS CO	32,410 (-27.3%)	$9.561M (-21.2%)	0.3%	$297.70	—	COM	929160109
WAB	WABTEC	24,833 (-32.0%)	$6.695M (-26.7%)	0.2%	$238.93	—	COM	929740108
TYL	TYLER TECHNOLOGIES INC	22,334 (-12.8%)	$6.532M (-25.5%)	0.2%	$444.07	—	COM	902252105
MPWR	MONOLITHIC PWR SYS INC	7,864 (-34.0%)	$10.87M (-16.5%)	0.4%	$960.73	—	COM	609839105
DLR	DIGITAL RLTY TR INC	92,914 (-10.8%)	$16.69M (-11.1%)	0.5%	$161.50	—	COM	253868103
PM	PHILIP MORRIS INTL INC	152,329 (-13.9%)	$27.56M (-5.8%)	0.9%	$137.22	—	COM	718172109
JNJ	JOHNSON & JOHNSON	168,786 (-7.2%)	$42.87M (-3.5%)	1.4%	$201.13	—	COM	478160104
MA	MASTERCARD INCORPORATED	53,857 (-7.7%)	$27.66M (-5.2%)	0.9%	$372.23	—	CL A	57636Q104
NOW	SERVICENOW INC	120,740 (-6.2%)	$11.99M (-10.9%)	0.4%	$167.69	—	COM	81762P102
ELV	ELEVANCE HEALTH INC FORMERLY	34,721 (-15.5%)	$13.43M (+11.6%)	0.4%	$372.74	—	COM	036752103
MELI	MERCADOLIBRE INC	6,331 (-9.4%)	$10.75M (-11.1%)	0.4%	$2072.69	—	COM	58733R102
ORLY	OREILLY AUTOMOTIVE INC	189,353 (-6.2%)	$17.44M (-6.4%)	0.6%	$92.82	—	COM	67103H107
RBA	RB GLOBAL INC	37,153 (-34.3%)	$4.326M (-20.2%)	0.1%	$109.96	—	COM	74935Q107
VEEV	VEEVA SYS INC	38,638 (-12.9%)	$6.857M (-12.0%)	0.2%	$263.08	—	CL A COM	922475108
IBKR	INTERACTIVE BROKERS GROUP IN	165,520 (-18.1%)	$14.41M (+6.3%)	0.5%	$66.89	—	COM CL A	45841N107
FICO	FAIR ISAAC CORP	8,124 (-17.2%)	$9.706M (-7.3%)	0.3%	$1721.38	—	COM	303250104
WELL	WELLTOWER INC	101,285 (-15.7%)	$22.99M (-3.2%)	0.8%	$186.94	—	COM	95040Q104
HLT	HILTON WORLDWIDE HLDGS INC	53,256 (-11.1%)	$17.6M (-3.4%)	0.6%	$248.36	—	COM	43300A203
MNST	MONSTER BEVERAGE CORP NEW	197,981 (-23.1%)	$19.03M (+1.9%)	0.6%	$66.12	—	COM	61174X109
AJG	GALLAGHER ARTHUR J & CO	63,877 (-7.5%)	$14.66M (-1.9%)	0.5%	$236.35	—	COM	363576109
DASH	DOORDASH INC	79,898 (-19.3%)	$14.74M (-0.8%)	0.5%	$230.67	—	CL A	25809K105

Unchanged Positions (23)

GOOG ALPHABET INC 6.4%

Value $194M Shares 548,422 Est. Cost $117.02 Unrealized —

AMZN AMAZON COM INC 4.0%

Value $122M Shares 512,629 Est. Cost $132.08 Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 0.7%

Value $19.9M Shares 20,622 Est. Cost $376.45 Unrealized —

ANET ARISTA NETWORKS INC 0.8%

Value $24.07M Shares 141,685 Est. Cost $134.10 Unrealized —

CDNS CADENCE DESIGN SYSTEM INC 0.5%

Value $16.19M Shares 43,146 Est. Cost $324.62 Unrealized —

TMUS T-MOBILE US INC 0.5%

Value $15.42M Shares 91,942 Est. Cost $179.35 Unrealized —

ETN EATON CORP PLC 0.7%

Value $21.16M Shares 49,659 Est. Cost $279.85 Unrealized —

URI UNITED RENTALS INC 0.2%

Value $7.094M Shares 6,262 Est. Cost $867.08 Unrealized —

MCK MCKESSON CORP 0.5%

Value $16.44M Shares 21,751 Est. Cost $618.35 Unrealized —

TDG TRANSDIGM GROUP INC 0.4%

Value $12.86M Shares 9,657 Est. Cost $1125.44 Unrealized —

TW TRADEWEB MKTS INC 0.3%

Value $9.208M Shares 92,395 Est. Cost $108.51 Unrealized —

ODFL OLD DOMINION FREIGHT LINE IN 0.4%

Value $11.49M Shares 53,062 Est. Cost $143.18 Unrealized —

EMR EMERSON ELEC CO 0.4%

Value $12.11M Shares 84,600 Est. Cost $98.43 Unrealized —

MSFT MICROSOFT CORP 4.4%

Value $133M Shares 355,668 Est. Cost $231.37 Unrealized —

META META PLATFORMS INC 2.1%

Value $62.32M Shares 110,643 Est. Cost $351.08 Unrealized —

SPGI S&P GLOBAL INC 0.6%

Value $17.85M Shares 43,830 Est. Cost $435.77 Unrealized —

ECL ECOLAB INC 0.5%

Value $16.7M Shares 59,933 Est. Cost $273.81 Unrealized —

XLU SELECT SECTOR SPDR TR 2.0%

Value $60.57M Shares 1,335,910 Est. Cost $43.24 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.3%

Value $8.872M Shares 19,323 Est. Cost $555.04 Unrealized —

KKR KKR & CO INC 0.4%

Value $10.88M Shares 118,535 Est. Cost $124.29 Unrealized —

ORCL ORACLE CORP 0.5%

Value $13.76M Shares 93,903 Est. Cost $115.61 Unrealized —

CTAS CINTAS CORP 0.3%

Value $8.5M Shares 49,975 Est. Cost $193.33 Unrealized —

TKO TKO GROUP HOLDINGS INC 0.4%

Value $12M Shares 59,607 Est. Cost $196.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	548,422	$194M	6.4%	$117.02	—	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	512,629	$122M	4.0%	$132.08	—	COM	023135106
STX	SEAGATE TECHNOLOGY HLDNGS PL	20,622	$19.9M	0.7%	$376.45	—	ORD SHS	G7997R103
ANET	ARISTA NETWORKS INC	141,685	$24.07M	0.8%	$134.10	—	COM SHS	040413205
CDNS	CADENCE DESIGN SYSTEM INC	43,146	$16.19M	0.5%	$324.62	—	COM	127387108
TMUS	T-MOBILE US INC	91,942	$15.42M	0.5%	$179.35	—	COM	872590104
ETN	EATON CORP PLC	49,659	$21.16M	0.7%	$279.85	—	SHS	G29183103
URI	UNITED RENTALS INC	6,262	$7.094M	0.2%	$867.08	—	COM	911363109
MCK	MCKESSON CORP	21,751	$16.44M	0.5%	$618.35	—	COM	58155Q103
TDG	TRANSDIGM GROUP INC	9,657	$12.86M	0.4%	$1125.44	—	COM	893641100
TW	TRADEWEB MKTS INC	92,395	$9.208M	0.3%	$108.51	—	CL A	892672106
ODFL	OLD DOMINION FREIGHT LINE IN	53,062	$11.49M	0.4%	$143.18	—	COM	679580100
EMR	EMERSON ELEC CO	84,600	$12.11M	0.4%	$98.43	—	COM	291011104
MSFT	MICROSOFT CORP	355,668	$133M	4.4%	$231.37	—	COM	594918104
META	META PLATFORMS INC	110,643	$62.32M	2.1%	$351.08	—	CL A	30303M102
SPGI	S&P GLOBAL INC	43,830	$17.85M	0.6%	$435.77	—	COM	78409V104
ECL	ECOLAB INC	59,933	$16.7M	0.5%	$273.81	—	COM	278865100
XLU	SELECT SECTOR SPDR TR	1,335,910	$60.57M	2.0%	$43.24	—	ST STR UTIL ETF	81369Y886
SPOT	SPOTIFY TECHNOLOGY S A	19,323	$8.872M	0.3%	$555.04	—	SHS	L8681T102
KKR	KKR & CO INC	118,535	$10.88M	0.4%	$124.29	—	COM	48251W104
ORCL	ORACLE CORP	93,903	$13.76M	0.5%	$115.61	—	COM	68389X105
CTAS	CINTAS CORP	49,975	$8.5M	0.3%	$193.33	—	COM	172908105
TKO	TKO GROUP HOLDINGS INC	59,607	$12M	0.4%	$196.12	—	CL A	87256C101