Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	71,251 (+6.4%)	$30.88M (+115.8%)	6.6%	$99.90	—	COM NEW	512807306
POOL	POOL CORP	88,552 (+63.9%)	$19.03M (+74.1%)	4.1%	$239.74	—	COM	73278L105
JBHT	HUNT J B TRANS SVCS INC	84,910 (+6.5%)	$24.58M (+45.4%)	5.3%	$169.46	—	COM	445658107
TXN	TEXAS INSTRS INC	65,899 (+6.5%)	$19.64M (+63.5%)	4.2%	$170.60	—	COM	882508104
GOOGL	ALPHABET INC	74,290 (+6.6%)	$26.55M (+32.5%)	5.7%	$163.38	—	CAP STK CL A	02079K305
CMI	CUMMINS INC	26,782 (+6.5%)	$19.1M (+41.1%)	4.1%	$277.80	—	COM	231021106
ACN	ACCENTURE PLC IRELAND	56,080 (+7.2%)	$6.979M (-32.7%)	1.5%	$280.69	—	SHS CLASS A	G1151C101
DE	DEERE & CO	30,586 (+6.5%)	$19.4M (+19.9%)	4.2%	$479.07	—	COM	244199105
EMR	EMERSON ELEC CO	103,551 (+6.5%)	$14.82M (+16.4%)	3.2%	$100.50	—	COM	291011104
VNT	VONTIER CORPORATION	459,406 (+6.5%)	$13.32M (-12.9%)	2.9%	$39.22	—	COM	928881101
COF	CAPITAL ONE FINL CORP	62,921 (+6.5%)	$12.62M (+17.1%)	2.7%	$186.58	—	COM	14040H105
MRK	MERCK & CO INC	116,413 (+6.6%)	$14.96M (+13.8%)	3.2%	$98.27	—	COM	58933Y105
BRK/B	BERKSHIRE HATHAWAY INC DEL	30,663 (+6.7%)	$15.34M (+11.4%)	3.3%	$391.35	—	CL B NEW	084670702
MTN	VAIL RESORTS INC	87,702 (+7.2%)	$11.94M (+13.8%)	2.6%	$153.71	—	COM	91879Q109
TMO	THERMO FISHER SCIENTIFIC INC	30,420 (+6.5%)	$15.25M (+8.6%)	3.3%	$570.14	—	COM	883556102
WFC	WELLS FARGO & CO	136,226 (+6.5%)	$11.26M (+10.6%)	2.4%	$61.08	—	COM	949746101
PEP	PEPSICO INC	97,005 (+6.5%)	$13.13M (-7.1%)	2.8%	$152.26	—	COM	713448108
CALM	CAL MAINE FOODS INC	132,449 (+6.8%)	$10.67M (+8.7%)	2.3%	$57.12	—	COM NEW	128030202
PSX	PHILLIPS 66	97,837 (+6.5%)	$16.54M (-1.1%)	3.6%	$118.77	—	COM	718546104

Exited Positions (2)

ABEV AMBEV SA 2.2%

Value $10.3M Shares 3,527,367 Est. Cost $2.36 Unrealized —

DEO DIAGEO PLC 1.2%

Value $5.413M Shares 72,709 Est. Cost $123.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABEV	AMBEV SA	3,527,367	$10.3M	2.2%	$2.36	—	—	02319V103
DEO	DIAGEO PLC	72,709	$5.413M	1.2%	$123.87	—	—	25243Q205

Decreased Positions (1)

TSM TAIWAN SEMICONDUCTOR MANUFAC 5.6%

Value $26.22M (+21.9%) Shares 54,902 (-13.7%) Est. Cost $156.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	54,902 (-13.7%)	$26.22M (+21.9%)	5.6%	$156.56	—	SPONSORED ADS	874039100

Unchanged Positions (9)

ASML ASML HLDG NV 5.9%

Value $27.48M Shares 13,812 Est. Cost $810.86 Unrealized —

ICLR ICON PUB LTD CO 5.0%

Value $23.32M Shares 134,248 Est. Cost $183.97 Unrealized —

BNS BANK NOVA SCOTIA B C 3.8%

Value $17.82M Shares 205,242 Est. Cost $46.74 Unrealized —

SHEL SHELL PLC 2.7%

Value $12.66M Shares 163,231 Est. Cost $70.17 Unrealized —

NVO NOVO-NORDISK A S 1.7%

Value $7.846M Shares 163,661 Est. Cost $89.69 Unrealized —

IBOC INTERNATIONAL BANCSHARES COR 2.1%

Value $9.681M Shares 127,460 Est. Cost $50.58 Unrealized —

UL UNILEVER PLC 2.4%

Value $10.99M Shares 182,828 Est. Cost $66.42 Unrealized —

NVS NOVARTIS AG 2.7%

Value $12.64M Shares 80,627 Est. Cost $112.21 Unrealized —

GOOG ALPHABET INC 0.1%

Value $430K Shares 1,218 Est. Cost $164.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASML	ASML HLDG NV	13,812	$27.48M	5.9%	$810.86	—	N Y REGISTRY SHS	N07059210
ICLR	ICON PUB LTD CO	134,248	$23.32M	5.0%	$183.97	—	SHS	G4705A100
BNS	BANK NOVA SCOTIA B C	205,242	$17.82M	3.8%	$46.74	—	COM	064149107
SHEL	SHELL PLC	163,231	$12.66M	2.7%	$70.17	—	SPON ADS	780259305
NVO	NOVO-NORDISK A S	163,661	$7.846M	1.7%	$89.69	—	ADR	670100205
IBOC	INTERNATIONAL BANCSHARES COR	127,460	$9.681M	2.1%	$50.58	—	COM	459044103
UL	UNILEVER PLC	182,828	$10.99M	2.4%	$66.42	—	SPON ADR NEW	904767803
NVS	NOVARTIS AG	80,627	$12.64M	2.7%	$112.21	—	SPONSORED ADR	66987V109
GOOG	ALPHABET INC	1,218	$430K	0.1%	$164.85	—	CAP STK CL C	02079K107