Sone Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTIS	OTIS WORLDWIDE CORP	395,648	$34,560	2.8%	$89.25	0.0%	COM	68902V107
ECL	ECOLAB INC	98,215	$25,783	2.1%	$265.71	0.0%	COM	278865100
BSY	BENTLEY SYS INC	541,325	$20,660	1.7%	$45.52	0.0%	COM CL B	08265T208
XEL	XCEL ENERGY INC	246,104	$18,177	1.5%	$78.29	0.0%	COM	98389B100
FERG	FERGUSON ENTERPRISES INC	69,439	$15,459	1.3%	$237.95	0.0%	COMMON STOCK NEW	31488V107
PCOR	PROCORE TECHNOLOGIES INC	199,511	$14,512	1.2%	$73.96	0.0%	COM	74275K108
VEEV	VEEVA SYS INC	55,353	$12,356	1.0%	$265.35	0.0%	CL A COM	922475108
WMB	WILLIAMS COS INC	191,321	$11,500	0.9%	$60.06	0.0%	COM	969457100
STE	STERIS PLC	44,482	$11,277	0.9%	$251.13	0.0%	SHS USD	G8473T100
MCD	MCDONALDS CORP	36,811	$11,251	0.9%	$305.09	0.0%	COM	580135101
APD	AIR PRODS & CHEMS INC	38,113	$9,415	0.8%	$251.65	0.0%	COM	009158106
WDAY	WORKDAY INC	43,300	$9,300	0.8%	$227.21	0.0%	CL A	98138H101
RKT	ROCKET COS INC	443,696	$8,590	0.7%	$17.88	0.0%	COM CL A	77311W101
PEP	PEPSICO INC	53,577	$7,689	0.6%	$145.91	0.0%	COM	713448108
HD	HOME DEPOT INC	21,213	$7,299	0.6%	$364.59	0.0%	COM	437076102
MRSH	MARSH & MCLENNAN COS INC	35,830	$6,647	0.5%	$186.43	0.0%	COM	571748102
WEC	WEC ENERGY GROUP INC	62,242	$6,564	0.5%	$110.27	0.0%	COM	92939U106
KO	COCA COLA CO	85,634	$5,987	0.5%	$69.40	0.0%	COM	191216100
META	META PLATFORMS INC	8,795	$5,805	0.5%	$667.32	0.0%	CL A	30303M102
XYZ	BLOCK INC	74,466	$4,847	0.4%	$68.98	0.0%	CL A	852234103
GTM	ZOOMINFO TECHNOLOGIES INC	467,802	$4,758	0.4%	$10.30	0.0%	COMMON STOCK	98980F104
CELH	CELSIUS HLDGS INC	87,304	$3,993	0.3%	$50.38	0.0%	COM NEW	15118V207
IT	GARTNER INC	15,124	$3,815	0.3%	$240.69	0.0%	COM	366651107
DUK	DUKE ENERGY CORP NEW	31,129	$3,649	0.3%	$121.57	0.0%	COM NEW	26441C204
RYAN	RYAN SPECIALTY HOLDINGS INC	70,506	$3,640	0.3%	$54.85	0.0%	CL A	78351F107
VMC	VULCAN MATLS CO	7,879	$2,247	0.2%	$293.14	0.0%	COM	929160109
BF/A	BROWN FORMAN CORP	63,991	$1,684	0.1%	$27.75	0.0%	CL A	115637100
ARMK	ARAMARK	42,289	$1,559	0.1%	$37.92	0.0%	COM	03852U106
CBOE	CBOE GLOBAL MKTS INC	4,865	$1,221	0.1%	$248.74	0.0%	COM	12503M108
ABT	ABBOTT LABS	4,509	$565	0.0%	$127.30	0.0%	COM	002824100
EFX	EQUIFAX INC	2,222	$482	0.0%	$218.67	0.0%	COM	294429105
BF/B	BROWN FORMAN CORP	10,297	$268	0.0%	$27.98	0.0%	CL B	115637209

Increased Positions (33)

ALLE ALLEGION PLC 2.6%

Value ($000) $31,571 (+1007.1%) Shares 198,288 (+1133.1%) Est. Cost $163.63 Unrealized +1.9%

POOL POOL CORP 2.3%

Value ($000) $28,215 (+319.1%) Shares 123,344 (+468.1%) Est. Cost $267.59 Unrealized -3.0%

KMB KIMBERLY-CLARK CORP 1.9%

Value ($000) $22,930 (+349.0%) Shares 227,278 (+453.3%) Est. Cost $111.73 Unrealized -3.0%

AMZN AMAZON COM INC 2.6%

Value ($000) $32,148 (+91.7%) Shares 139,278 (+82.4%) Est. Cost $216.11 Unrealized +5.9%

ADP AUTOMATIC DATA PROCESSING IN 1.4%

Value ($000) $17,705 (+388.3%) Shares 68,828 (+457.2%) Est. Cost $270.75 Unrealized -2.2%

CLX CLOROX CO DEL 1.4%

Value ($000) $17,748 (+335.3%) Shares 176,016 (+432.3%) Est. Cost $116.51 Unrealized -7.1%

ADSK AUTODESK INC 1.4%

Value ($000) $17,180 (+251.4%) Shares 58,038 (+277.2%) Est. Cost $297.61 Unrealized +1.7%

EQIX EQUINIX INC 1.5%

Value ($000) $18,010 (+189.8%) Shares 23,507 (+196.2%) Est. Cost $804.11 Unrealized -2.9%

IQV IQVIA HLDGS INC 1.5%

Value ($000) $18,695 (+164.5%) Shares 82,937 (+122.9%) Est. Cost $209.97 Unrealized +3.6%

SYK STRYKER CORPORATION 1.9%

Value ($000) $22,860 (+95.5%) Shares 65,042 (+105.6%) Est. Cost $367.53 Unrealized -1.1%

AWK AMERICAN WTR WKS CO INC NEW 2.2%

Value ($000) $27,694 (+60.6%) Shares 212,218 (+71.3%) Est. Cost $135.71 Unrealized -1.9%

INTU INTUIT 1.5%

Value ($000) $18,319 (+97.6%) Shares 27,654 (+103.7%) Est. Cost $645.56 Unrealized +2.3%

ODFL OLD DOMINION FREIGHT LINE IN 0.9%

Value ($000) $10,836 (+306.1%) Shares 69,107 (+264.6%) Est. Cost $145.76 Unrealized -1.8%

A AGILENT TECHNOLOGIES INC 1.1%

Value ($000) $13,017 (+86.6%) Shares 95,662 (+76.1%) Est. Cost $138.49 Unrealized +3.8%

APPF APPFOLIO INC 1.2%

Value ($000) $15,016 (+64.4%) Shares 64,542 (+94.8%) Est. Cost $254.32 Unrealized -6.6%

MSFT MICROSOFT CORP 1.2%

Value ($000) $15,034 (+55.6%) Shares 31,087 (+66.7%) Est. Cost $505.46 Unrealized -1.0%

NVDA NVIDIA CORPORATION 0.6%

Value ($000) $7,388 (+196.0%) Shares 39,616 (+196.1%) Est. Cost $182.13 Unrealized +2.2%

APH AMPHENOL CORP NEW 1.3%

Value ($000) $15,909 (+43.9%) Shares 117,723 (+31.8%) Est. Cost $91.92 Unrealized +45.3%

TT TRANE TECHNOLOGIES PLC 2.2%

Value ($000) $26,645 (+20.6%) Shares 68,461 (+30.8%) Est. Cost $415.97 Unrealized -0.6%

UNP UNION PAC CORP 2.9%

Value ($000) $35,662 (+13.2%) Shares 154,168 (+15.7%) Est. Cost $223.72 Unrealized +1.6%

MTH MERITAGE HOMES CORP 1.8%

Value ($000) $21,574 (+23.9%) Shares 327,871 (+36.3%) Est. Cost $74.39 Unrealized -6.9%

TMO THERMO FISHER SCIENTIFIC INC 0.5%

Value ($000) $6,284 (+90.8%) Shares 10,844 (+59.7%) Est. Cost $520.62 Unrealized +8.6%

GWRE GUIDEWIRE SOFTWARE INC 0.3%

Value ($000) $3,937 (+269.5%) Shares 19,584 (+322.5%) Est. Cost $222.67 Unrealized -0.7%

VLTO VERALTO CORP 0.9%

Value ($000) $11,707 (+31.7%) Shares 117,329 (+40.7%) Est. Cost $101.73 Unrealized -0.7%

RVTY REVVITY INC 1.3%

Value ($000) $15,624 (+14.7%) Shares 161,493 (+3.9%) Est. Cost $94.77 Unrealized +1.3%

PAYX PAYCHEX INC 0.7%

Value ($000) $8,721 (+29.7%) Shares 77,738 (+46.6%) Est. Cost $137.68 Unrealized -15.3%

LIN LINDE PLC 0.9%

Value ($000) $10,786 (+17.0%) Shares 25,295 (+30.4%) Est. Cost $445.55 Unrealized -4.1%

CCI CROWN CASTLE INC 0.8%

Value ($000) $9,317 (+12.8%) Shares 104,843 (+22.5%) Est. Cost $96.82 Unrealized -5.9%

DSGX DESCARTES SYS GROUP INC 1.4%

Value ($000) $17,327 (-5.0%) Shares 197,514 (+1.9%) Est. Cost $105.75 Unrealized -15.5%

BSX BOSTON SCIENTIFIC CORP 1.5%

Value ($000) $18,787 (+2.7%) Shares 197,033 (+5.1%) Est. Cost $103.29 Unrealized -5.1%

MORN MORNINGSTAR INC 0.8%

Value ($000) $9,487 (+4.2%) Shares 43,658 (+11.3%) Est. Cost $277.60 Unrealized -22.0%

CSGP COSTAR GROUP INC 2.3%

Value ($000) $28,049 (-0.4%) Shares 417,145 (+24.9%) Est. Cost $81.98 Unrealized -13.6%

MDLZ MONDELEZ INTL INC 0.8%

Value ($000) $9,417 (+0.4%) Shares 174,942 (+16.5%) Est. Cost $62.51 Unrealized -8.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALLE	ALLEGION PLC	198,288 (+1133.1%)	$31,571 (+1007.1%)	2.6%	$163.63	+1.9%	ORD SHS	G0176J109
POOL	POOL CORP	123,344 (+468.1%)	$28,215 (+319.1%)	2.3%	$267.59	-3.0%	COM	73278L105
KMB	KIMBERLY-CLARK CORP	227,278 (+453.3%)	$22,930 (+349.0%)	1.9%	$111.73	-3.0%	COM	494368103
AMZN	AMAZON COM INC	139,278 (+82.4%)	$32,148 (+91.7%)	2.6%	$216.11	+5.9%	COM	023135106
ADP	AUTOMATIC DATA PROCESSING IN	68,828 (+457.2%)	$17,705 (+388.3%)	1.4%	$270.75	-2.2%	COM	053015103
CLX	CLOROX CO DEL	176,016 (+432.3%)	$17,748 (+335.3%)	1.4%	$116.51	-7.1%	COM	189054109
ADSK	AUTODESK INC	58,038 (+277.2%)	$17,180 (+251.4%)	1.4%	$297.61	+1.7%	COM	052769106
EQIX	EQUINIX INC	23,507 (+196.2%)	$18,010 (+189.8%)	1.5%	$804.11	-2.9%	COM	29444U700
IQV	IQVIA HLDGS INC	82,937 (+122.9%)	$18,695 (+164.5%)	1.5%	$209.97	+3.6%	COM	46266C105
SYK	STRYKER CORPORATION	65,042 (+105.6%)	$22,860 (+95.5%)	1.9%	$367.53	-1.1%	COM	863667101
AWK	AMERICAN WTR WKS CO INC NEW	212,218 (+71.3%)	$27,694 (+60.6%)	2.2%	$135.71	-1.9%	COM	030420103
INTU	INTUIT	27,654 (+103.7%)	$18,319 (+97.6%)	1.5%	$645.56	+2.3%	COM	461202103
ODFL	OLD DOMINION FREIGHT LINE IN	69,107 (+264.6%)	$10,836 (+306.1%)	0.9%	$145.76	-1.8%	COM	679580100
A	AGILENT TECHNOLOGIES INC	95,662 (+76.1%)	$13,017 (+86.6%)	1.1%	$138.49	+3.8%	COM	00846U101
APPF	APPFOLIO INC	64,542 (+94.8%)	$15,016 (+64.4%)	1.2%	$254.32	-6.6%	COM CL A	03783C100
MSFT	MICROSOFT CORP	31,087 (+66.7%)	$15,034 (+55.6%)	1.2%	$505.46	-1.0%	COM	594918104
NVDA	NVIDIA CORPORATION	39,616 (+196.1%)	$7,388 (+196.0%)	0.6%	$182.13	+2.2%	COM	67066G104
APH	AMPHENOL CORP NEW	117,723 (+31.8%)	$15,909 (+43.9%)	1.3%	$91.92	+45.3%	CL A	032095101
TT	TRANE TECHNOLOGIES PLC	68,461 (+30.8%)	$26,645 (+20.6%)	2.2%	$415.97	-0.6%	SHS	G8994E103
UNP	UNION PAC CORP	154,168 (+15.7%)	$35,662 (+13.2%)	2.9%	$223.72	+1.6%	COM	907818108
MTH	MERITAGE HOMES CORP	327,871 (+36.3%)	$21,574 (+23.9%)	1.8%	$74.39	-6.9%	COM	59001A102
TMO	THERMO FISHER SCIENTIFIC INC	10,844 (+59.7%)	$6,284 (+90.8%)	0.5%	$520.62	+8.6%	COM	883556102
GWRE	GUIDEWIRE SOFTWARE INC	19,584 (+322.5%)	$3,937 (+269.5%)	0.3%	$222.67	-0.7%	COM	40171V100
VLTO	VERALTO CORP	117,329 (+40.7%)	$11,707 (+31.7%)	0.9%	$101.73	-0.7%	COM SHS	92338C103
RVTY	REVVITY INC	161,493 (+3.9%)	$15,624 (+14.7%)	1.3%	$94.77	+1.3%	COM	714046109
PAYX	PAYCHEX INC	77,738 (+46.6%)	$8,721 (+29.7%)	0.7%	$137.68	-15.3%	COM	704326107
LIN	LINDE PLC	25,295 (+30.4%)	$10,786 (+17.0%)	0.9%	$445.55	-4.1%	SHS	G54950103
CCI	CROWN CASTLE INC	104,843 (+22.5%)	$9,317 (+12.8%)	0.8%	$96.82	-5.9%	COM	22822V101
DSGX	DESCARTES SYS GROUP INC	197,514 (+1.9%)	$17,327 (-5.0%)	1.4%	$105.75	-15.5%	COM	249906108
BSX	BOSTON SCIENTIFIC CORP	197,033 (+5.1%)	$18,787 (+2.7%)	1.5%	$103.29	-5.1%	COM	101137107
MORN	MORNINGSTAR INC	43,658 (+11.3%)	$9,487 (+4.2%)	0.8%	$277.60	-22.0%	COM	617700109
CSGP	COSTAR GROUP INC	417,145 (+24.9%)	$28,049 (-0.4%)	2.3%	$81.98	-13.6%	COM	22160N109
MDLZ	MONDELEZ INTL INC	174,942 (+16.5%)	$9,417 (+0.4%)	0.8%	$62.51	-8.7%	CL A	609207105

Exited Positions (28)

SPGI S&P GLOBAL INC 2.5%

Value ($000) $30,266 Shares 62,185 Est. Cost $533.84 Unrealized -7.4%

BALL BALL CORP 1.5%

Value ($000) $17,906 Shares 355,135 Est. Cost $53.46 Unrealized -8.2%

MKC MCCORMICK & CO INC 1.4%

Value ($000) $16,760 Shares 250,482 Est. Cost $71.58 Unrealized -7.9%

LOW LOWES COS INC 1.3%

Value ($000) $16,551 Shares 65,858 Est. Cost $230.55 Unrealized +4.0%

IEX IDEX CORP 1.2%

Value ($000) $14,774 Shares 90,772 Est. Cost $190.80 Unrealized -10.5%

CCK CROWN HLDGS INC 1.2%

Value ($000) $14,343 Shares 148,489 Est. Cost $99.95 Unrealized -2.6%

FTV FORTIVE CORP 1.0%

Value ($000) $12,864 Shares 262,583 Est. Cost $53.26 Unrealized -2.6%

— DAYFORCE INC 0.9%

Value ($000) $11,025 Shares 160,039 Est. Cost $63.23 Unrealized +8.9%

CWAN CLEARWATER ANALYTICS HLDGS I 0.9%

Value ($000) $10,580 Shares 587,131 Est. Cost $21.23 Unrealized -5.6%

CL COLGATE PALMOLIVE CO 0.9%

Value ($000) $10,556 Shares 132,053 Est. Cost $84.64 Unrealized -7.5%

ZG ZILLOW GROUP INC 0.8%

Value ($000) $10,332 Shares 138,800 Est. Cost $76.38 Unrealized -7.9%

MNST MONSTER BEVERAGE CORP NEW 0.8%

Value ($000) $10,322 Shares 153,356 Est. Cost $61.11 Unrealized +17.3%

WAT WATERS CORP 0.8%

Value ($000) $9,557 Shares 31,877 Est. Cost $343.81 Unrealized +7.0%

AME AMETEK INC 0.8%

Value ($000) $9,262 Shares 49,264 Est. Cost $183.47 Unrealized +5.9%

ACN ACCENTURE PLC IRELAND 0.7%

Value ($000) $9,144 Shares 37,081 Est. Cost $295.15 Unrealized -13.9%

BDX BECTON DICKINSON & CO 0.7%

Value ($000) $8,501 Shares 45,417 Est. Cost $217.88 Unrealized -13.0%

NOW SERVICENOW INC 0.7%

Value ($000) $8,165 Shares 8,872 Est. Cost $186.78 Unrealized -8.2%

PAYC PAYCOM SOFTWARE INC 0.6%

Value ($000) $7,843 Shares 37,683 Est. Cost $235.94 Unrealized -25.0%

HUBS HUBSPOT INC 0.6%

Value ($000) $7,668 Shares 16,392 Est. Cost $592.47 Unrealized -30.1%

VNQ VANGUARD INDEX FDS 0.6%

Value ($000) $7,000 Shares 76,572 Est. Cost $91.42 Unrealized —

CMS CMS ENERGY CORP 0.5%

Value ($000) $6,624 Shares 90,417 Est. Cost $69.97 Unrealized +3.6%

WM WASTE MGMT INC DEL 0.5%

Value ($000) $6,410 Shares 29,026 Est. Cost $225.76 Unrealized -5.8%

SPSC SPS COMM INC 0.3%

Value ($000) $4,257 Shares 40,880 Est. Cost $119.01 Unrealized -22.1%

ALC ALCON AG 0.3%

Value ($000) $3,100 Shares 41,609 Est. Cost $83.45 Unrealized -7.7%

KLAC KLA CORP 0.2%

Value ($000) $2,979 Shares 2,762 Est. Cost $930.36 Unrealized +26.0%

MTD METTLER TOLEDO INTERNATIONAL 0.2%

Value ($000) $2,342 Shares 1,908 Est. Cost $1253.17 Unrealized +11.4%

CDNS CADENCE DESIGN SYSTEM INC 0.1%

Value ($000) $1,077 Shares 3,067 Est. Cost $344.03 Unrealized -5.1%

BX BLACKSTONE INC 0.1%

Value ($000) $807 Shares 4,723 Est. Cost $158.19 Unrealized -4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPGI	S&P GLOBAL INC	62,185	$30,266	2.5%	$533.84	-7.4%	—	78409V104
BALL	BALL CORP	355,135	$17,906	1.5%	$53.46	-8.2%	—	058498106
MKC	MCCORMICK & CO INC	250,482	$16,760	1.4%	$71.58	-7.9%	—	579780206
LOW	LOWES COS INC	65,858	$16,551	1.3%	$230.55	+4.0%	—	548661107
IEX	IDEX CORP	90,772	$14,774	1.2%	$190.80	-10.5%	—	45167R104
CCK	CROWN HLDGS INC	148,489	$14,343	1.2%	$99.95	-2.6%	—	228368106
FTV	FORTIVE CORP	262,583	$12,864	1.0%	$53.26	-2.6%	—	34959J108
—	DAYFORCE INC	160,039	$11,025	0.9%	$63.23	+8.9%	—	15677J108
CWAN	CLEARWATER ANALYTICS HLDGS I	587,131	$10,580	0.9%	$21.23	-5.6%	—	185123106
CL	COLGATE PALMOLIVE CO	132,053	$10,556	0.9%	$84.64	-7.5%	—	194162103
ZG	ZILLOW GROUP INC	138,800	$10,332	0.8%	$76.38	-7.9%	—	98954M101
MNST	MONSTER BEVERAGE CORP NEW	153,356	$10,322	0.8%	$61.11	+17.3%	—	61174X109
WAT	WATERS CORP	31,877	$9,557	0.8%	$343.81	+7.0%	—	941848103
AME	AMETEK INC	49,264	$9,262	0.8%	$183.47	+5.9%	—	031100100
ACN	ACCENTURE PLC IRELAND	37,081	$9,144	0.7%	$295.15	-13.9%	—	G1151C101
BDX	BECTON DICKINSON & CO	45,417	$8,501	0.7%	$217.88	-13.0%	—	075887109
NOW	SERVICENOW INC	8,872	$8,165	0.7%	$186.78	-8.2%	—	81762P102
PAYC	PAYCOM SOFTWARE INC	37,683	$7,843	0.6%	$235.94	-25.0%	—	70432V102
HUBS	HUBSPOT INC	16,392	$7,668	0.6%	$592.47	-30.1%	—	443573100
VNQ	VANGUARD INDEX FDS	76,572	$7,000	0.6%	$91.42	—	—	922908553
CMS	CMS ENERGY CORP	90,417	$6,624	0.5%	$69.97	+3.6%	—	125896100
WM	WASTE MGMT INC DEL	29,026	$6,410	0.5%	$225.76	-5.8%	—	94106L109
SPSC	SPS COMM INC	40,880	$4,257	0.3%	$119.01	-22.1%	—	78463M107
ALC	ALCON AG	41,609	$3,100	0.3%	$83.45	-7.7%	—	H01301128
KLAC	KLA CORP	2,762	$2,979	0.2%	$930.36	+26.0%	—	482480100
MTD	METTLER TOLEDO INTERNATIONAL	1,908	$2,342	0.2%	$1253.17	+11.4%	—	592688105
CDNS	CADENCE DESIGN SYSTEM INC	3,067	$1,077	0.1%	$344.03	-5.1%	—	127387108
BX	BLACKSTONE INC	4,723	$807	0.1%	$158.19	-4.3%	—	09260D107

Decreased Positions (30)

PCTY PAYLOCITY HLDG CORP 0.4%

Value ($000) $5,075 (-83.7%) Shares 33,279 (-83.0%) Est. Cost $190.89 Unrealized -22.1%

ZTS ZOETIS INC 1.0%

Value ($000) $12,108 (-60.6%) Shares 96,234 (-54.2%) Est. Cost $157.70 Unrealized -17.4%

GOOGL ALPHABET INC 0.3%

Value ($000) $3,253 (-83.7%) Shares 10,393 (-87.4%) Est. Cost $178.22 Unrealized +60.2%

TW TRADEWEB MKTS INC 0.9%

Value ($000) $11,502 (-58.1%) Shares 106,959 (-56.8%) Est. Cost $131.75 Unrealized -18.5%

RGEN REPLIGEN CORP 0.4%

Value ($000) $4,607 (-75.1%) Shares 28,118 (-79.7%) Est. Cost $130.14 Unrealized +20.4%

MKTX MARKETAXESS HLDGS INC 0.2%

Value ($000) $1,877 (-87.6%) Shares 10,355 (-88.1%) Est. Cost $211.20 Unrealized -19.7%

ICE INTERCONTINENTAL EXCHANGE IN 1.0%

Value ($000) $12,871 (-45.2%) Shares 79,473 (-42.9%) Est. Cost $177.73 Unrealized -12.1%

DHR DANAHER CORPORATION 0.8%

Value ($000) $9,725 (-50.5%) Shares 42,480 (-57.2%) Est. Cost $207.38 Unrealized +5.9%

ATR APTARGROUP INC 0.8%

Value ($000) $9,448 (-47.9%) Shares 77,467 (-42.9%) Est. Cost $150.86 Unrealized -18.5%

AON AON PLC 1.0%

Value ($000) $12,104 (-41.6%) Shares 34,302 (-41.0%) Est. Cost $361.49 Unrealized -3.4%

ROP ROPER TECHNOLOGIES INC 0.3%

Value ($000) $3,752 (-68.5%) Shares 8,428 (-64.7%) Est. Cost $532.89 Unrealized -13.3%

CP CANADIAN PACIFIC KANSAS CITY 1.6%

Value ($000) $19,238 (-25.6%) Shares 261,314 (-24.7%) Est. Cost $76.36 Unrealized -3.6%

COO COOPER COS INC 0.5%

Value ($000) $6,282 (-50.1%) Shares 76,649 (-58.3%) Est. Cost $95.86 Unrealized -21.9%

TYL TYLER TECHNOLOGIES INC 1.8%

Value ($000) $22,437 (-21.7%) Shares 49,427 (-9.8%) Est. Cost $561.33 Unrealized -15.1%

BLKB BLACKBAUD INC 0.5%

Value ($000) $5,664 (-51.2%) Shares 89,454 (-50.4%) Est. Cost $66.10 Unrealized -6.4%

V VISA INC 0.8%

Value ($000) $10,282 (-35.1%) Shares 29,317 (-36.9%) Est. Cost $326.98 Unrealized +4.1%

KKR KKR & CO INC 0.9%

Value ($000) $11,317 (-28.3%) Shares 88,775 (-26.9%) Est. Cost $140.97 Unrealized -11.8%

BRBR BELLRING BRANDS INC 0.2%

Value ($000) $1,852 (-65.7%) Shares 69,301 (-53.3%) Est. Cost $45.18 Unrealized -31.3%

BLD TOPBUILD CORP 0.4%

Value ($000) $4,807 (-42.4%) Shares 11,523 (-46.0%) Est. Cost $399.15 Unrealized +7.4%

TRU TRANSUNION 0.9%

Value ($000) $11,019 (-22.8%) Shares 128,500 (-24.6%) Est. Cost $87.17 Unrealized -5.8%

LII LENNOX INTL INC 1.5%

Value ($000) $19,098 (-14.5%) Shares 39,331 (-6.8%) Est. Cost $581.04 Unrealized -14.0%

CHD CHURCH & DWIGHT CO INC 1.4%

Value ($000) $17,018 (-15.1%) Shares 202,957 (-11.3%) Est. Cost $95.15 Unrealized -10.4%

VRT VERTIV HOLDINGS CO 0.8%

Value ($000) $9,729 (-20.8%) Shares 60,051 (-26.3%) Est. Cost $116.54 Unrealized +48.9%

AMT AMERICAN TOWER CORP NEW 1.5%

Value ($000) $18,677 (-11.2%) Shares 106,377 (-2.8%) Est. Cost $204.72 Unrealized -11.9%

TTAN SERVICETITAN INC 0.2%

Value ($000) $2,278 (-48.3%) Shares 21,390 (-51.0%) Est. Cost $109.72 Unrealized -11.0%

BL BLACKLINE INC 0.3%

Value ($000) $3,554 (-35.3%) Shares 64,277 (-37.8%) Est. Cost $51.79 Unrealized +6.4%

TMHC TAYLOR MORRISON HOME CORP 0.6%

Value ($000) $7,442 (-16.3%) Shares 126,421 (-6.2%) Est. Cost $65.82 Unrealized -7.1%

FDS FACTSET RESH SYS INC 2.1%

Value ($000) $26,332 (-3.4%) Shares 90,740 (-4.6%) Est. Cost $405.30 Unrealized -30.9%

IDXX IDEXX LABS INC 0.3%

Value ($000) $4,053 (-12.5%) Shares 5,991 (-17.4%) Est. Cost $606.98 Unrealized +12.2%

EW EDWARDS LIFESCIENCES CORP 0.2%

Value ($000) $2,136 (-13.9%) Shares 25,055 (-21.5%) Est. Cost $77.72 Unrealized +5.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PCTY	PAYLOCITY HLDG CORP	33,279 (-83.0%)	$5,075 (-83.7%)	0.4%	$190.89	-22.1%	COM	70438V106
ZTS	ZOETIS INC	96,234 (-54.2%)	$12,108 (-60.6%)	1.0%	$157.70	-17.4%	CL A	98978V103
GOOGL	ALPHABET INC	10,393 (-87.4%)	$3,253 (-83.7%)	0.3%	$178.22	+60.2%	CAP STK CL A	02079K305
TW	TRADEWEB MKTS INC	106,959 (-56.8%)	$11,502 (-58.1%)	0.9%	$131.75	-18.5%	CL A	892672106
RGEN	REPLIGEN CORP	28,118 (-79.7%)	$4,607 (-75.1%)	0.4%	$130.14	+20.4%	COM	759916109
MKTX	MARKETAXESS HLDGS INC	10,355 (-88.1%)	$1,877 (-87.6%)	0.2%	$211.20	-19.7%	COM	57060D108
ICE	INTERCONTINENTAL EXCHANGE IN	79,473 (-42.9%)	$12,871 (-45.2%)	1.0%	$177.73	-12.1%	COM	45866F104
DHR	DANAHER CORPORATION	42,480 (-57.2%)	$9,725 (-50.5%)	0.8%	$207.38	+5.9%	COM	235851102
ATR	APTARGROUP INC	77,467 (-42.9%)	$9,448 (-47.9%)	0.8%	$150.86	-18.5%	COM	038336103
AON	AON PLC	34,302 (-41.0%)	$12,104 (-41.6%)	1.0%	$361.49	-3.4%	SHS CL A	G0403H108
ROP	ROPER TECHNOLOGIES INC	8,428 (-64.7%)	$3,752 (-68.5%)	0.3%	$532.89	-13.3%	COM	776696106
CP	CANADIAN PACIFIC KANSAS CITY	261,314 (-24.7%)	$19,238 (-25.6%)	1.6%	$76.36	-3.6%	COM	13646K108
COO	COOPER COS INC	76,649 (-58.3%)	$6,282 (-50.1%)	0.5%	$95.86	-21.9%	COM	216648501
TYL	TYLER TECHNOLOGIES INC	49,427 (-9.8%)	$22,437 (-21.7%)	1.8%	$561.33	-15.1%	COM	902252105
BLKB	BLACKBAUD INC	89,454 (-50.4%)	$5,664 (-51.2%)	0.5%	$66.10	-6.4%	COM	09227Q100
V	VISA INC	29,317 (-36.9%)	$10,282 (-35.1%)	0.8%	$326.98	+4.1%	COM CL A	92826C839
KKR	KKR & CO INC	88,775 (-26.9%)	$11,317 (-28.3%)	0.9%	$140.97	-11.8%	COM	48251W104
BRBR	BELLRING BRANDS INC	69,301 (-53.3%)	$1,852 (-65.7%)	0.2%	$45.18	-31.3%	COMMON STOCK	07831C103
BLD	TOPBUILD CORP	11,523 (-46.0%)	$4,807 (-42.4%)	0.4%	$399.15	+7.4%	COM	89055F103
TRU	TRANSUNION	128,500 (-24.6%)	$11,019 (-22.8%)	0.9%	$87.17	-5.8%	COM	89400J107
LII	LENNOX INTL INC	39,331 (-6.8%)	$19,098 (-14.5%)	1.5%	$581.04	-14.0%	COM	526107107
CHD	CHURCH & DWIGHT CO INC	202,957 (-11.3%)	$17,018 (-15.1%)	1.4%	$95.15	-10.4%	COM	171340102
VRT	VERTIV HOLDINGS CO	60,051 (-26.3%)	$9,729 (-20.8%)	0.8%	$116.54	+48.9%	COM CL A	92537N108
AMT	AMERICAN TOWER CORP NEW	106,377 (-2.8%)	$18,677 (-11.2%)	1.5%	$204.72	-11.9%	COM	03027X100
TTAN	SERVICETITAN INC	21,390 (-51.0%)	$2,278 (-48.3%)	0.2%	$109.72	-11.0%	SHS CL A	81764X103
BL	BLACKLINE INC	64,277 (-37.8%)	$3,554 (-35.3%)	0.3%	$51.79	+6.4%	COM	09239B109
TMHC	TAYLOR MORRISON HOME CORP	126,421 (-6.2%)	$7,442 (-16.3%)	0.6%	$65.82	-7.1%	COM	87724P106
FDS	FACTSET RESH SYS INC	90,740 (-4.6%)	$26,332 (-3.4%)	2.1%	$405.30	-30.9%	COM	303075105
IDXX	IDEXX LABS INC	5,991 (-17.4%)	$4,053 (-12.5%)	0.3%	$606.98	+12.2%	COM	45168D104
EW	EDWARDS LIFESCIENCES CORP	25,055 (-21.5%)	$2,136 (-13.9%)	0.2%	$77.72	+5.6%	COM	28176E108

Unchanged Positions (5)

FOX FOX CORP 3.6%

Value ($000) $44,972 Shares 692,619 Est. Cost $48.69 Unrealized +19.9%

CWEN/A CLEARWAY ENERGY INC 0.4%

Value ($000) $5,114 Shares 162,771 Est. Cost $24.52 Unrealized +26.5%

ACGL ARCH CAP GROUP LTD 0.6%

Value ($000) $7,539 Shares 78,599 Est. Cost $91.22 Unrealized +0.3%

RNR RENAISSANCERE HLDGS LTD 0.2%

Value ($000) $2,760 Shares 9,816 Est. Cost $242.01 Unrealized +8.7%

HEI/A HEICO CORP NEW 1.9%

Value ($000) $23,391 Shares 92,662 Est. Cost $206.96 Unrealized +19.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FOX	FOX CORP	692,619	$44,972	3.6%	$48.69	+19.9%	CL B COM	35137L204
CWEN/A	CLEARWAY ENERGY INC	162,771	$5,114	0.4%	$24.52	+26.5%	CL A	18539C105
ACGL	ARCH CAP GROUP LTD	78,599	$7,539	0.6%	$91.22	+0.3%	ORD	G0450A105
RNR	RENAISSANCERE HLDGS LTD	9,816	$2,760	0.2%	$242.01	+8.7%	COM	G7496G103
HEI/A	HEICO CORP NEW	92,662	$23,391	1.9%	$206.96	+19.3%	CL A	422806208