BLI - Banque de Luxembourg Investments Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INCCL A	328,774	$41,564	1.2%	$130.26	0.0%	CL A	98978V103
ZBRA	ZEBRA TECHNOLOGIES CORPORATICL A	63,900	$15,761	0.5%	$267.42	0.0%	CL A	989207105
BRK/B	BERKSHIRE HATHAWAY INC DELCL B NEW	30,000	$15,115	0.4%	$497.53	0.0%	CL B NEW	084670702
EW	EDWARDS LIFESCIENCES CORPCOM	169,530	$14,615	0.4%	$82.07	0.0%	COM	28176E108
XYL	XYLEM INCCOM	90,051	$12,389	0.4%	$143.58	0.0%	COM	98419M100
YUMC	YUM CHINA HLDGS INCCOM	200,300	$9,494	0.3%	$45.81	0.0%	COM	98850P109
VRSN	VERISIGN INCCOM	31,340	$7,707	0.2%	$250.80	0.0%	COM	92343E102
WMT	WALMART INCCOM	51,000	$5,708	0.2%	$107.20	0.0%	COM	931142103
MICC	MAGNUM ICE CREAM CO NVORD SHS	317,598	$5,067	0.1%	$15.68	0.0%	ORD SHS	N5505D105
PLD	PROLOGIS INC.COM	37,000	$4,773	0.1%	$123.86	0.0%	COM	74340W103
UBER	UBER TECHNOLOGIES INCCOM	53,000	$4,353	0.1%	$90.05	0.0%	COM	90353T100
FTNT	FORTINET INCCOM	48,000	$3,856	0.1%	$82.94	0.0%	COM	34959E109
OKLO	OKLO INCCOM CL A	52,000	$3,728	0.1%	$111.52	0.0%	COM CL A	02156V109
DXCM	DEXCOM INCCOM	50,000	$3,354	0.1%	$64.65	0.0%	COM	252131107
WCC	WESCO INTL INCCOM	13,000	$3,247	0.1%	$244.94	0.0%	COM	95082P105
PGR	PROGRESSIVE CORPCOM	13,000	$2,990	0.1%	$212.34	0.0%	COM	743315103
TW	TRADEWEB MKTS INCCL A	24,000	$2,590	0.1%	$107.35	0.0%	CL A	892672106
MPWR	MONOLITHIC PWR SYS INCCOM	2,200	$2,033	0.1%	$960.73	0.0%	COM	609839105
BABA	ALIBABA GROUP HLDG LTDSPONSORED ADS	1,400	$206	0.0%	$147.40	—	SPONSORED ADS	01609W102

Increased Positions (37)

AMZN AMAZON COM INCCOM 3.2%

Value ($000) $109,128 (+28.6%) Shares 469,390 (+23.0%) Est. Cost $209.89 Unrealized +9.0%

ORLA ORLA MNG LTD NEWCOM 0.8%

Value ($000) $28,608 (+96.4%) Shares 2,130,000 (+57.8%) Est. Cost $11.24 Unrealized +8.1%

IEX IDEX CORPCOM 1.0%

Value ($000) $33,882 (+34.8%) Shares 188,900 (+22.0%) Est. Cost $191.82 Unrealized -11.0%

AGI ALAMOS GOLD INC NEWCOM CL A 0.8%

Value ($000) $26,733 (+44.3%) Shares 690,000 (+29.9%) Est. Cost $23.82 Unrealized +46.3%

TSM TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS 2.2%

Value ($000) $75,493 (+12.0%) Shares 251,800 (+2.2%) Est. Cost $201.43 Unrealized —

VRSK VERISK ANALYTICS INCCOM 1.4%

Value ($000) $46,944 (+13.0%) Shares 209,228 (+25.4%) Est. Cost $265.44 Unrealized -15.1%

META META PLATFORMS INCCL A 1.7%

Value ($000) $57,186 (-8.0%) Shares 85,864 (+2.8%) Est. Cost $703.13 Unrealized -5.1%

LRCX LAM RESEARCH CORPCOM NEW 0.3%

Value ($000) $11,123 (+57.0%) Shares 64,000 (+18.5%) Est. Cost $95.11 Unrealized +63.4%

TJX TJX COS INC NEWCOM 1.2%

Value ($000) $39,559 (+9.9%) Shares 254,653 (+1.6%) Est. Cost $118.20 Unrealized +25.0%

NOW SERVICENOW INCCOM 0.4%

Value ($000) $14,821 (-18.0%) Shares 96,105 (+400.9%) Est. Cost $177.33 Unrealized -3.3%

WPM WHEATON PRECIOUS METALS CORPCOM 1.4%

Value ($000) $46,239 (+7.4%) Shares 393,500 (+2.2%) Est. Cost $62.58 Unrealized +71.1%

SPGI S&P GLOBAL INCCOM 0.8%

Value ($000) $28,219 (+10.7%) Shares 53,461 (+3.2%) Est. Cost $519.75 Unrealized -4.9%

ATO ATMOS ENERGY CORPCOM 0.2%

Value ($000) $5,397 (+102.6%) Shares 32,000 (+103.8%) Est. Cost $166.29 Unrealized +3.6%

SNPS SYNOPSYS INCCOM 0.6%

Value ($000) $21,846 (+10.6%) Shares 46,044 (+12.4%) Est. Cost $500.57 Unrealized -11.3%

NFLX NETFLIX INCCOM 0.3%

Value ($000) $10,130 (-16.1%) Shares 108,000 (+980.0%) Est. Cost $108.36 Unrealized -0.5%

YMM FULL TRUCK ALLIANCE CO LTDSPONSORED ADS 0.2%

Value ($000) $5,266 (+53.6%) Shares 482,000 (+84.0%) Est. Cost $12.10 Unrealized —

MANH MANHATTAN ASSOCIATES INCCOM 0.4%

Value ($000) $12,950 (-9.8%) Shares 74,100 (+7.2%) Est. Cost $235.77 Unrealized -22.5%

TT TRANE TECHNOLOGIES PLCSHS 0.1%

Value ($000) $4,860 (+37.9%) Shares 12,400 (+45.9%) Est. Cost $399.47 Unrealized +3.5%

TPL TEXAS PACIFIC LAND CORPORATICOM 0.4%

Value ($000) $13,447 (+9.7%) Shares 45,900 (+245.1%) Est. Cost $334.58 Unrealized -8.8%

RACE FERRARI N VCOM 0.1%

Value ($000) $4,791 (-18.7%) Shares 12,800 (+4.9%) Est. Cost $462.05 Unrealized -13.4%

CMG CHIPOTLE MEXICAN GRILL INCCOM 0.2%

Value ($000) $5,818 (+20.4%) Shares 157,000 (+29.8%) Est. Cost $47.50 Unrealized -23.9%

ABT ABBOTT LABSCOM 0.7%

Value ($000) $25,255 (+4.0%) Shares 200,725 (+10.1%) Est. Cost $114.61 Unrealized +11.1%

ITW ILLINOIS TOOL WKS INCCOM 0.2%

Value ($000) $5,493 (+20.0%) Shares 21,900 (+25.1%) Est. Cost $239.25 Unrealized +3.5%

CTAS CINTAS CORPCOM 0.1%

Value ($000) $4,285 (+25.7%) Shares 22,500 (+34.7%) Est. Cost $207.41 Unrealized -9.3%

ADBE ADOBE INCCOM 1.8%

Value ($000) $62,460 (+1.3%) Shares 177,160 (+3.3%) Est. Cost $473.78 Unrealized -28.2%

LULU LULULEMON ATHLETICA INCCOM 0.1%

Value ($000) $3,098 (+33.0%) Shares 14,700 (+13.1%) Est. Cost $264.56 Unrealized -31.5%

TYL TYLER TECHNOLOGIES INCCOM 0.5%

Value ($000) $15,957 (+4.6%) Shares 34,820 (+20.9%) Est. Cost $577.61 Unrealized -17.5%

GWW WW GRAINGER INCCOM 0.1%

Value ($000) $3,065 (+29.3%) Shares 3,000 (+20.0%) Est. Cost $1022.46 Unrealized -5.2%

QCOM QUALCOMM INCCOM 0.2%

Value ($000) $6,773 (+9.7%) Shares 39,000 (+4.6%) Est. Cost $147.24 Unrealized +16.0%

BMI BADGER METER INCCOM 0.1%

Value ($000) $3,030 (+22.2%) Shares 17,000 (+21.4%) Est. Cost $193.12 Unrealized -6.9%

EXPO EXPONENT INCCOM 0.3%

Value ($000) $11,427 (+2.6%) Shares 162,649 (+1.3%) Est. Cost $95.94 Unrealized -27.0%

FAST FASTENAL COCOM 0.1%

Value ($000) $2,862 (+10.4%) Shares 70,000 (+32.1%) Est. Cost $45.75 Unrealized -8.1%

GRMN GARMIN LTDSHS 0.1%

Value ($000) $3,897 (+7.1%) Shares 19,000 (+28.4%) Est. Cost $200.64 Unrealized +8.0%

WSM WILLIAMS SONOMA INCCOM 0.1%

Value ($000) $3,103 (+8.4%) Shares 17,100 (+14.8%) Est. Cost $159.76 Unrealized +17.2%

NVR NVR INCCOM 0.1%

Value ($000) $2,639 (-1.2%) Shares 360 (+9.1%) Est. Cost $7192.77 Unrealized +3.9%

DHI D R HORTON INCCOM 0.1%

Value ($000) $3,886 (+0.7%) Shares 26,700 (+17.6%) Est. Cost $126.76 Unrealized +19.9%

PHM PULTE GROUP INCCOM 0.1%

Value ($000) $2,599 (-0.5%) Shares 22,000 (+12.2%) Est. Cost $102.62 Unrealized +19.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INCCOM	469,390 (+23.0%)	$109,128 (+28.6%)	3.2%	$209.89	+9.0%	COM	023135106
ORLA	ORLA MNG LTD NEWCOM	2,130,000 (+57.8%)	$28,608 (+96.4%)	0.8%	$11.24	+8.1%	COM	68634K106
IEX	IDEX CORPCOM	188,900 (+22.0%)	$33,882 (+34.8%)	1.0%	$191.82	-11.0%	COM	45167R104
AGI	ALAMOS GOLD INC NEWCOM CL A	690,000 (+29.9%)	$26,733 (+44.3%)	0.8%	$23.82	+46.3%	COM CL A	011532108
TSM	TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS	251,800 (+2.2%)	$75,493 (+12.0%)	2.2%	$201.43	—	SPONSORED ADS	874039100
VRSK	VERISK ANALYTICS INCCOM	209,228 (+25.4%)	$46,944 (+13.0%)	1.4%	$265.44	-15.1%	COM	92345Y106
META	META PLATFORMS INCCL A	85,864 (+2.8%)	$57,186 (-8.0%)	1.7%	$703.13	-5.1%	CL A	30303M102
LRCX	LAM RESEARCH CORPCOM NEW	64,000 (+18.5%)	$11,123 (+57.0%)	0.3%	$95.11	+63.4%	COM NEW	512807306
TJX	TJX COS INC NEWCOM	254,653 (+1.6%)	$39,559 (+9.9%)	1.2%	$118.20	+25.0%	COM	872540109
NOW	SERVICENOW INCCOM	96,105 (+400.9%)	$14,821 (-18.0%)	0.4%	$177.33	-3.3%	COM	81762P102
WPM	WHEATON PRECIOUS METALS CORPCOM	393,500 (+2.2%)	$46,239 (+7.4%)	1.4%	$62.58	+71.1%	COM	962879102
SPGI	S&P GLOBAL INCCOM	53,461 (+3.2%)	$28,219 (+10.7%)	0.8%	$519.75	-4.9%	COM	78409V104
ATO	ATMOS ENERGY CORPCOM	32,000 (+103.8%)	$5,397 (+102.6%)	0.2%	$166.29	+3.6%	COM	049560105
SNPS	SYNOPSYS INCCOM	46,044 (+12.4%)	$21,846 (+10.6%)	0.6%	$500.57	-11.3%	COM	871607107
NFLX	NETFLIX INCCOM	108,000 (+980.0%)	$10,130 (-16.1%)	0.3%	$108.36	-0.5%	COM	64110L106
YMM	FULL TRUCK ALLIANCE CO LTDSPONSORED ADS	482,000 (+84.0%)	$5,266 (+53.6%)	0.2%	$12.10	—	SPONSORED ADS	35969L108
MANH	MANHATTAN ASSOCIATES INCCOM	74,100 (+7.2%)	$12,950 (-9.8%)	0.4%	$235.77	-22.5%	COM	562750109
TT	TRANE TECHNOLOGIES PLCSHS	12,400 (+45.9%)	$4,860 (+37.9%)	0.1%	$399.47	+3.5%	SHS	G8994E103
TPL	TEXAS PACIFIC LAND CORPORATICOM	45,900 (+245.1%)	$13,447 (+9.7%)	0.4%	$334.58	-8.8%	COM	88262P102
RACE	FERRARI N VCOM	12,800 (+4.9%)	$4,791 (-18.7%)	0.1%	$462.05	-13.4%	COM	N3167Y103
CMG	CHIPOTLE MEXICAN GRILL INCCOM	157,000 (+29.8%)	$5,818 (+20.4%)	0.2%	$47.50	-23.9%	COM	169656105
ABT	ABBOTT LABSCOM	200,725 (+10.1%)	$25,255 (+4.0%)	0.7%	$114.61	+11.1%	COM	002824100
ITW	ILLINOIS TOOL WKS INCCOM	21,900 (+25.1%)	$5,493 (+20.0%)	0.2%	$239.25	+3.5%	COM	452308109
CTAS	CINTAS CORPCOM	22,500 (+34.7%)	$4,285 (+25.7%)	0.1%	$207.41	-9.3%	COM	172908105
ADBE	ADOBE INCCOM	177,160 (+3.3%)	$62,460 (+1.3%)	1.8%	$473.78	-28.2%	COM	00724F101
LULU	LULULEMON ATHLETICA INCCOM	14,700 (+13.1%)	$3,098 (+33.0%)	0.1%	$264.56	-31.5%	COM	550021109
TYL	TYLER TECHNOLOGIES INCCOM	34,820 (+20.9%)	$15,957 (+4.6%)	0.5%	$577.61	-17.5%	COM	902252105
GWW	WW GRAINGER INCCOM	3,000 (+20.0%)	$3,065 (+29.3%)	0.1%	$1022.46	-5.2%	COM	384802104
QCOM	QUALCOMM INCCOM	39,000 (+4.6%)	$6,773 (+9.7%)	0.2%	$147.24	+16.0%	COM	747525103
BMI	BADGER METER INCCOM	17,000 (+21.4%)	$3,030 (+22.2%)	0.1%	$193.12	-6.9%	COM	056525108
EXPO	EXPONENT INCCOM	162,649 (+1.3%)	$11,427 (+2.6%)	0.3%	$95.94	-27.0%	COM	30214U102
FAST	FASTENAL COCOM	70,000 (+32.1%)	$2,862 (+10.4%)	0.1%	$45.75	-8.1%	COM	311900104
GRMN	GARMIN LTDSHS	19,000 (+28.4%)	$3,897 (+7.1%)	0.1%	$200.64	+8.0%	SHS	H2906T109
WSM	WILLIAMS SONOMA INCCOM	17,100 (+14.8%)	$3,103 (+8.4%)	0.1%	$159.76	+17.2%	COM	969904101
NVR	NVR INCCOM	360 (+9.1%)	$2,639 (-1.2%)	0.1%	$7192.77	+3.9%	COM	62944T105
DHI	D R HORTON INCCOM	26,700 (+17.6%)	$3,886 (+0.7%)	0.1%	$126.76	+19.9%	COM	23331A109
PHM	PULTE GROUP INCCOM	22,000 (+12.2%)	$2,599 (-0.5%)	0.1%	$102.62	+19.3%	COM	745867101

Exited Positions (11)

TREX TREX CO INCCOM 0.2%

Value ($000) $5,970 Shares 116,100 Est. Cost $61.71 Unrealized -34.5%

AMT AMERICAN TOWER CORP NEWCOM 0.1%

Value ($000) $4,965 Shares 25,500 Est. Cost $204.56 Unrealized -11.9%

SRE SEMPRACOM 0.1%

Value ($000) $4,220 Shares 47,000 Est. Cost $72.59 Unrealized +24.7%

MMM 3M COCOM 0.1%

Value ($000) $3,900 Shares 25,300 Est. Cost $141.25 Unrealized +15.5%

ED CONSOLIDATED EDISON INCCOM 0.1%

Value ($000) $2,740 Shares 27,500 Est. Cost $99.12 Unrealized -0.3%

MRSH MARSH & MCLENNAN COS INCCOM 0.1%

Value ($000) $2,644 Shares 13,200 Est. Cost $223.19 Unrealized -16.5%

DCI DONALDSON INCCOM 0.1%

Value ($000) $1,975 Shares 24,300 Est. Cost $71.68 Unrealized +20.6%

AWK AMERICAN WTR WKS CO INC NEWCOM 0.1%

Value ($000) $1,920 Shares 14,000 Est. Cost $140.03 Unrealized -4.9%

AMP AMERIPRISE FINL INCCOM 0.0%

Value ($000) $1,500 Shares 3,000 Est. Cost $490.23 Unrealized -3.3%

AMRZ AMRIZE LTDSHS 0.0%

Value ($000) $1,354 Shares 28,100 Est. Cost $50.45 Unrealized +1.1%

KEYS KEYSIGHT TECHNOLOGIES INCCOM 0.0%

Value ($000) $1,318 Shares 7,600 Est. Cost $161.33 Unrealized +15.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TREX	TREX CO INCCOM	116,100	$5,970	0.2%	$61.71	-34.5%	—	89531P105
AMT	AMERICAN TOWER CORP NEWCOM	25,500	$4,965	0.1%	$204.56	-11.9%	—	03027X100
SRE	SEMPRACOM	47,000	$4,220	0.1%	$72.59	+24.7%	—	816851109
MMM	3M COCOM	25,300	$3,900	0.1%	$141.25	+15.5%	—	88579Y101
ED	CONSOLIDATED EDISON INCCOM	27,500	$2,740	0.1%	$99.12	-0.3%	—	209115104
MRSH	MARSH & MCLENNAN COS INCCOM	13,200	$2,644	0.1%	$223.19	-16.5%	—	571748102
DCI	DONALDSON INCCOM	24,300	$1,975	0.1%	$71.68	+20.6%	—	257651109
AWK	AMERICAN WTR WKS CO INC NEWCOM	14,000	$1,920	0.1%	$140.03	-4.9%	—	030420103
AMP	AMERIPRISE FINL INCCOM	3,000	$1,500	0.0%	$490.23	-3.3%	—	03076C106
AMRZ	AMRIZE LTDSHS	28,100	$1,354	0.0%	$50.45	+1.1%	—	H2927K103
KEYS	KEYSIGHT TECHNOLOGIES INCCOM	7,600	$1,318	0.0%	$161.33	+15.0%	—	49338L103

Decreased Positions (103)

GOOGL ALPHABET INCCAP STK CL A 5.4%

Value ($000) $183,235 (+26.8%) Shares 583,785 (-1.4%) Est. Cost $174.26 Unrealized +63.9%

NVDA NVIDIA CORPORATIONCOM 3.2%

Value ($000) $109,498 (-12.7%) Shares 583,809 (-15.3%) Est. Cost $151.33 Unrealized +23.0%

RMD RESMED INCCOM 1.5%

Value ($000) $52,390 (-22.8%) Shares 215,489 (-13.9%) Est. Cost $238.13 Unrealized +7.3%

V VISA INCCOM CL A 2.4%

Value ($000) $82,767 (-13.6%) Shares 233,941 (-16.8%) Est. Cost $299.07 Unrealized +13.8%

KMB KIMBERLY-CLARK CORPCOM 1.2%

Value ($000) $39,537 (-24.2%) Shares 389,281 (-8.4%) Est. Cost $130.11 Unrealized -16.7%

MA MASTERCARD INCORPORATEDCL A 2.3%

Value ($000) $78,018 (-12.2%) Shares 135,087 (-13.6%) Est. Cost $515.77 Unrealized +8.4%

ORCL ORACLE CORPCOM 0.2%

Value ($000) $7,519 (-57.6%) Shares 38,136 (-39.1%) Est. Cost $161.57 Unrealized +47.3%

FNV FRANCO NEV CORPCOM 1.6%

Value ($000) $53,486 (-14.5%) Shares 257,495 (-8.3%) Est. Cost $122.82 Unrealized +65.1%

STZ CONSTELLATION BRANDS INCCL A 0.0%

Value ($000) $198 (-97.9%) Shares 1,410 (-97.9%) Est. Cost $231.32 Unrealized -40.8%

ROP ROPER TECHNOLOGIES INCCOM 0.6%

Value ($000) $19,292 (-30.9%) Shares 42,851 (-23.1%) Est. Cost $544.81 Unrealized -15.2%

NKE NIKE INCCL B 0.7%

Value ($000) $24,016 (-23.3%) Shares 392,500 (-12.7%) Est. Cost $75.71 Unrealized -14.3%

MDLZ MONDELEZ INTL INCCL A 0.9%

Value ($000) $31,296 (-17.9%) Shares 570,808 (-6.1%) Est. Cost $63.61 Unrealized -10.3%

UNP UNION PAC CORPCOM 2.6%

Value ($000) $87,584 (-7.2%) Shares 375,712 (-5.9%) Est. Cost $229.61 Unrealized -1.0%

QLYS QUALYS INCCOM 0.1%

Value ($000) $2,152 (-75.0%) Shares 16,000 (-74.6%) Est. Cost $139.19 Unrealized -1.2%

PAYX PAYCHEX INCCOM 0.4%

Value ($000) $12,469 (-33.9%) Shares 109,965 (-25.0%) Est. Cost $138.79 Unrealized -16.0%

ANET ARISTA NETWORKS INCCOM SHS 0.6%

Value ($000) $21,785 (-22.1%) Shares 164,448 (-15.7%) Est. Cost $106.43 Unrealized +29.3%

IDXX IDEXX LABS INCCOM 1.1%

Value ($000) $38,041 (-13.7%) Shares 55,771 (-20.1%) Est. Cost $438.63 Unrealized +55.3%

AVGO BROADCOM INCCOM 0.7%

Value ($000) $24,717 (-17.6%) Shares 70,632 (-22.7%) Est. Cost $206.42 Unrealized +72.9%

UNH UNITEDHEALTH GROUP INCCOM 0.4%

Value ($000) $14,179 (-26.9%) Shares 42,683 (-24.1%) Est. Cost $552.89 Unrealized -39.0%

CLX CLOROX CO DELCOM 0.5%

Value ($000) $17,113 (-22.6%) Shares 169,720 (-5.6%) Est. Cost $134.95 Unrealized -19.8%

CAT CATERPILLAR INCCOM 0.9%

Value ($000) $29,393 (+18.9%) Shares 50,895 (-2.8%) Est. Cost $381.74 Unrealized +45.5%

WAT WATERS CORPCOM 1.1%

Value ($000) $38,740 (-10.4%) Shares 100,920 (-32.4%) Est. Cost $345.68 Unrealized +6.4%

VEEV VEEVA SYS INCCL A COM 0.4%

Value ($000) $13,535 (-24.7%) Shares 60,265 (-1.7%) Est. Cost $253.40 Unrealized +4.7%

POOL POOL CORPCOM 0.3%

Value ($000) $9,545 (-30.8%) Shares 41,300 (-6.8%) Est. Cost $357.95 Unrealized -27.5%

PG PROCTER AND GAMBLE COCOM 0.6%

Value ($000) $18,871 (-18.0%) Shares 130,981 (-12.6%) Est. Cost $157.48 Unrealized -6.5%

PEP PEPSICO INCCOM 1.4%

Value ($000) $47,452 (-7.9%) Shares 329,172 (-10.4%) Est. Cost $152.20 Unrealized -4.1%

PODD INSULET CORPCOM 0.0%

Value ($000) $1,436 (-73.5%) Shares 5,002 (-71.3%) Est. Cost $251.84 Unrealized +24.1%

BSY BENTLEY SYS INCCOM CL B 0.3%

Value ($000) $9,747 (-28.7%) Shares 252,000 (-4.2%) Est. Cost $47.84 Unrealized -4.9%

TMO THERMO FISHER SCIENTIFIC INCCOM 1.1%

Value ($000) $38,319 (+10.4%) Shares 65,660 (-12.5%) Est. Cost $541.80 Unrealized +4.3%

EFX EQUIFAX INCCOM 0.5%

Value ($000) $18,226 (-16.1%) Shares 82,540 (-2.8%) Est. Cost $262.27 Unrealized -16.6%

MASI MASIMO CORPCOM 0.2%

Value ($000) $6,400 (-34.6%) Shares 48,839 (-28.7%) Est. Cost $157.91 Unrealized -9.3%

CL COLGATE PALMOLIVE COCOM 1.8%

Value ($000) $60,787 (-5.3%) Shares 764,344 (-4.2%) Est. Cost $90.67 Unrealized -13.6%

CNM CORE & MAIN INCCL A 0.3%

Value ($000) $11,866 (-21.0%) Shares 224,400 (-19.8%) Est. Cost $47.12 Unrealized +8.9%

ADSK AUTODESK INCCOM 0.6%

Value ($000) $21,321 (-12.8%) Shares 71,151 (-6.2%) Est. Cost $297.02 Unrealized +1.9%

ACN ACCENTURE PLC IRELANDSHS CLASS A 1.6%

Value ($000) $55,652 (+5.9%) Shares 206,099 (-3.0%) Est. Cost $314.43 Unrealized -19.2%

TSCO TRACTOR SUPPLY COCOM 0.2%

Value ($000) $7,079 (-30.5%) Shares 140,600 (-21.7%) Est. Cost $56.12 Unrealized -4.3%

AMAT APPLIED MATLS INCCOM 0.7%

Value ($000) $22,554 (+15.9%) Shares 86,742 (-8.6%) Est. Cost $159.00 Unrealized +50.6%

ULTA ULTA BEAUTY INCCOM 0.2%

Value ($000) $7,282 (-29.7%) Shares 12,000 (-35.8%) Est. Cost $387.42 Unrealized +41.9%

ROL ROLLINS INCCOM 1.0%

Value ($000) $35,293 (-7.8%) Shares 583,950 (-10.7%) Est. Cost $48.31 Unrealized +21.4%

MCO MOODYS CORPCOM 0.7%

Value ($000) $22,339 (-11.8%) Shares 43,293 (-17.7%) Est. Cost $472.43 Unrealized +3.2%

ENB ENBRIDGE INCCOM 0.9%

Value ($000) $29,908 (-8.6%) Shares 625,295 (-3.5%) Est. Cost $39.21 Unrealized +20.2%

ADP AUTOMATIC DATA PROCESSING INCOM 0.3%

Value ($000) $9,191 (-22.9%) Shares 35,400 (-13.0%) Est. Cost $297.77 Unrealized -11.1%

ETN EATON CORP PLCSHS 0.2%

Value ($000) $7,930 (-24.7%) Shares 24,715 (-13.7%) Est. Cost $354.56 Unrealized -0.0%

WSO WATSCO INCCOM 0.3%

Value ($000) $9,781 (-19.9%) Shares 28,500 (-6.6%) Est. Cost $499.87 Unrealized -28.6%

NDSN NORDSON CORPCOM 0.5%

Value ($000) $15,754 (-13.2%) Shares 64,600 (-19.0%) Est. Cost $230.46 Unrealized +1.7%

JKHY HENRY JACK & ASSOC INCCOM 0.5%

Value ($000) $18,349 (+15.1%) Shares 99,400 (-5.7%) Est. Cost $174.96 Unrealized -5.0%

COST COSTCO WHSL CORP NEWCOM 0.2%

Value ($000) $6,147 (-28.0%) Shares 7,100 (-23.7%) Est. Cost $990.72 Unrealized -8.6%

DECK DECKERS OUTDOOR CORPCOM 0.0%

Value ($000) $189 (-92.5%) Shares 1,800 (-92.6%) Est. Cost $110.72 Unrealized -15.3%

HON HONEYWELL INTL INCCOM 0.3%

Value ($000) $10,463 (-18.1%) Shares 53,274 (-12.7%) Est. Cost $202.42 Unrealized -3.7%

AAON AAON INCCOM 0.3%

Value ($000) $11,579 (-15.3%) Shares 147,200 (-1.3%) Est. Cost $84.10 Unrealized +9.7%

GGG GRACO INCCOM 0.3%

Value ($000) $10,026 (-17.2%) Shares 120,600 (-15.7%) Est. Cost $85.20 Unrealized -3.8%

HD HOME DEPOT INCCOM 0.3%

Value ($000) $9,532 (-16.3%) Shares 27,516 (-1.7%) Est. Cost $389.16 Unrealized -6.3%

DHR DANAHER CORPORATIONCOM 0.6%

Value ($000) $20,830 (+9.7%) Shares 90,290 (-11.5%) Est. Cost $243.95 Unrealized -10.0%

MSCI MSCI INCCOM 0.4%

Value ($000) $14,692 (-10.0%) Shares 25,240 (-12.1%) Est. Cost $591.72 Unrealized -5.4%

IQV IQVIA HLDGS INCCOM 0.4%

Value ($000) $12,712 (+14.7%) Shares 55,825 (-8.8%) Est. Cost $210.89 Unrealized +3.2%

BLK BLACKROCK INCCOM 0.1%

Value ($000) $3,578 (-30.8%) Shares 3,300 (-25.0%) Est. Cost $933.09 Unrealized +16.8%

CNI CANADIAN NATL RY COCOM 2.5%

Value ($000) $83,667 (-1.8%) Shares 844,888 (-6.4%) Est. Cost $105.11 Unrealized -8.5%

KO COCA COLA COCOM 0.1%

Value ($000) $3,830 (-28.5%) Shares 54,631 (-32.6%) Est. Cost $68.49 Unrealized +1.3%

COO COOPER COS INCCOM 0.3%

Value ($000) $9,420 (+16.7%) Shares 114,200 (-4.2%) Est. Cost $99.71 Unrealized -24.9%

LOGI LOGITECH INTL S ASHS 0.2%

Value ($000) $6,644 (-16.8%) Shares 64,582 (-12.0%) Est. Cost $81.44 Unrealized +38.0%

RGLD ROYAL GOLD INCCOM 0.7%

Value ($000) $22,506 (-5.6%) Shares 100,000 (-16.7%) Est. Cost $144.33 Unrealized +37.4%

DPZ DOMINOS PIZZA INCCOM 0.2%

Value ($000) $7,341 (-15.2%) Shares 17,400 (-12.6%) Est. Cost $430.51 Unrealized -3.5%

LOW LOWES COS INCCOM 0.3%

Value ($000) $11,411 (-9.3%) Shares 46,911 (-5.5%) Est. Cost $261.54 Unrealized -8.3%

ABBV ABBVIE INCCOM 0.0%

Value ($000) $321 (-77.9%) Shares 1,399 (-78.5%) Est. Cost $177.41 Unrealized +28.3%

CME CME GROUP INCCOM 0.1%

Value ($000) $2,207 (-33.6%) Shares 8,000 (-34.4%) Est. Cost $268.48 Unrealized +0.8%

KLAC KLA CORPCOM NEW 0.6%

Value ($000) $20,622 (+5.7%) Shares 16,574 (-9.5%) Est. Cost $769.55 Unrealized +52.3%

AMGN AMGEN INCCOM 0.0%

Value ($000) $330 (-76.4%) Shares 1,003 (-80.3%) Est. Cost $286.05 Unrealized +10.5%

WFC WELLS FARGO CO NEWCOM 0.0%

Value ($000) $1,066 (-49.7%) Shares 11,300 (-54.8%) Est. Cost $73.70 Unrealized +17.5%

EBAY EBAY INC.COM 0.0%

Value ($000) $244 (-81.1%) Shares 2,796 (-80.2%) Est. Cost $62.40 Unrealized +38.4%

BKNG BOOKING HOLDINGS INCCOM 0.3%

Value ($000) $11,924 (-7.5%) Shares 2,198 (-7.1%) Est. Cost $4764.13 Unrealized +7.8%

GOOG ALPHABET INCCAP STK CL C 0.3%

Value ($000) $9,123 (-9.0%) Shares 29,000 (-29.3%) Est. Cost $164.85 Unrealized +73.7%

ADI ANALOG DEVICES INCCOM 0.0%

Value ($000) $366 (-70.9%) Shares 1,333 (-74.0%) Est. Cost $216.79 Unrealized +15.6%

SYK STRYKER CORPORATIONCOM 0.0%

Value ($000) $274 (-76.4%) Shares 773 (-75.3%) Est. Cost $366.32 Unrealized -0.8%

GILD GILEAD SCIENCES INCCOM 0.0%

Value ($000) $312 (-73.7%) Shares 2,531 (-76.0%) Est. Cost $87.00 Unrealized +38.9%

JCI JOHNSON CTLS INTL PLCSHS 0.0%

Value ($000) $313 (-73.5%) Shares 2,584 (-76.3%) Est. Cost $79.25 Unrealized +44.9%

MSI MOTOROLA SOLUTIONS INCCOM NEW 0.1%

Value ($000) $2,073 (-27.6%) Shares 5,400 (-14.3%) Est. Cost $448.33 Unrealized -10.6%

PBA PEMBINA PIPELINE CORPCOM 0.0%

Value ($000) $794 (-49.7%) Shares 20,800 (-46.7%) Est. Cost $39.30 Unrealized -2.1%

TXN TEXAS INSTRS INCCOM 0.0%

Value ($000) $249 (-74.9%) Shares 1,421 (-73.8%) Est. Cost $179.77 Unrealized -5.0%

SITE SITEONE LANDSCAPE SUPPLY INCCOM 0.8%

Value ($000) $27,471 (-2.6%) Shares 216,913 (-1.6%) Est. Cost $142.42 Unrealized -11.1%

AAPL APPLE INCCOM 2.7%

Value ($000) $93,332 (-0.8%) Shares 341,817 (-7.5%) Est. Cost $234.30 Unrealized +14.5%

OTIS OTIS WORLDWIDE CORPCOM 0.3%

Value ($000) $9,979 (-6.6%) Shares 113,377 (-3.0%) Est. Cost $90.13 Unrealized -1.0%

GMED GLOBUS MED INCCL A 0.4%

Value ($000) $12,002 (+6.0%) Shares 136,500 (-31.9%) Est. Cost $71.20 Unrealized +6.6%

CDNS CADENCE DESIGN SYSTEM INCCOM 0.1%

Value ($000) $3,017 (-17.6%) Shares 9,560 (-9.0%) Est. Cost $289.31 Unrealized +12.8%

MTD METTLER TOLEDO INTERNATIONALCOM 0.3%

Value ($000) $8,915 (-6.6%) Shares 6,300 (-21.3%) Est. Cost $1304.80 Unrealized +7.0%

EMR EMERSON ELEC COCOM 0.0%

Value ($000) $189 (-76.8%) Shares 1,399 (-77.8%) Est. Cost $119.02 Unrealized +11.2%

TECH BIO-TECHNE CORPCOM 0.3%

Value ($000) $11,713 (-4.9%) Shares 198,100 (-15.9%) Est. Cost $71.36 Unrealized -14.9%

LLY ELI LILLY & COCOM 0.6%

Value ($000) $18,905 (+3.2%) Shares 17,500 (-30.6%) Est. Cost $771.92 Unrealized +23.8%

A AGILENT TECHNOLOGIES INCCOM 0.0%

Value ($000) $193 (-75.3%) Shares 1,399 (-77.8%) Est. Cost $135.90 Unrealized +5.8%

ECL ECOLAB INCCOM 0.0%

Value ($000) $169 (-77.0%) Shares 640 (-76.3%) Est. Cost $245.53 Unrealized +8.2%

LFUS LITTELFUSE INCCOM 0.3%

Value ($000) $8,879 (-4.4%) Shares 34,500 (-4.2%) Est. Cost $249.42 Unrealized +2.1%

MRK MERCK & CO INCCOM 0.2%

Value ($000) $5,888 (+7.0%) Shares 55,500 (-20.7%) Est. Cost $77.39 Unrealized +20.5%

ALC ALCON AGORD SHS 0.2%

Value ($000) $7,079 (-4.7%) Shares 88,661 (-11.2%) Est. Cost $89.86 Unrealized -14.3%

PSA PUBLIC STORAGE OPER COCOM 0.1%

Value ($000) $2,141 (-12.8%) Shares 8,200 (-3.5%) Est. Cost $287.46 Unrealized -3.5%

CCU COMPANIA CERVECERIAS UNIDASSPONSORED ADR 0.2%

Value ($000) $5,120 (-3.2%) Shares 400,000 (-8.0%) Est. Cost $11.33 Unrealized —

JPM JPMORGAN CHASE & CO.COM 0.0%

Value ($000) $1,035 (-13.8%) Shares 3,200 (-15.8%) Est. Cost $250.91 Unrealized +23.4%

CMI CUMMINS INCCOM 0.3%

Value ($000) $11,690 (+1.0%) Shares 22,749 (-17.5%) Est. Cost $343.44 Unrealized +35.8%

BURL BURLINGTON STORES INCCOM 0.4%

Value ($000) $11,985 (+0.8%) Shares 41,600 (-9.8%) Est. Cost $269.80 Unrealized +0.5%

SPG SIMON PPTY GROUP INC NEWCOM 0.1%

Value ($000) $2,261 (-2.8%) Shares 12,100 (-3.2%) Est. Cost $152.73 Unrealized +17.9%

JNJ JOHNSON & JOHNSONCOM 0.7%

Value ($000) $22,682 (-0.3%) Shares 109,599 (-12.4%) Est. Cost $150.17 Unrealized +31.2%

AME AMETEK INCCOM 0.4%

Value ($000) $14,170 (-0.3%) Shares 68,430 (-10.0%) Est. Cost $177.76 Unrealized +9.3%

VRTX VERTEX PHARMACEUTICALS INCCOM 0.1%

Value ($000) $2,496 (+1.8%) Shares 5,500 (-11.3%) Est. Cost $460.83 Unrealized -6.5%

WST WEST PHARMACEUTICAL SVSC INCCOM 0.4%

Value ($000) $13,819 (+0.3%) Shares 49,900 (-5.7%) Est. Cost $310.14 Unrealized -11.8%

KOF COCA-COLA FEMSA SAB DE CVSPONS ADS REP 0.2%

Value ($000) $5,703 (-0.5%) Shares 60,000 (-12.4%) Est. Cost $77.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INCCAP STK CL A	583,785 (-1.4%)	$183,235 (+26.8%)	5.4%	$174.26	+63.9%	CAP STK CL A	02079K305
NVDA	NVIDIA CORPORATIONCOM	583,809 (-15.3%)	$109,498 (-12.7%)	3.2%	$151.33	+23.0%	COM	67066G104
RMD	RESMED INCCOM	215,489 (-13.9%)	$52,390 (-22.8%)	1.5%	$238.13	+7.3%	COM	761152107
V	VISA INCCOM CL A	233,941 (-16.8%)	$82,767 (-13.6%)	2.4%	$299.07	+13.8%	COM CL A	92826C839
KMB	KIMBERLY-CLARK CORPCOM	389,281 (-8.4%)	$39,537 (-24.2%)	1.2%	$130.11	-16.7%	COM	494368103
MA	MASTERCARD INCORPORATEDCL A	135,087 (-13.6%)	$78,018 (-12.2%)	2.3%	$515.77	+8.4%	CL A	57636Q104
ORCL	ORACLE CORPCOM	38,136 (-39.1%)	$7,519 (-57.6%)	0.2%	$161.57	+47.3%	COM	68389X105
FNV	FRANCO NEV CORPCOM	257,495 (-8.3%)	$53,486 (-14.5%)	1.6%	$122.82	+65.1%	COM	351858105
STZ	CONSTELLATION BRANDS INCCL A	1,410 (-97.9%)	$198 (-97.9%)	0.0%	$231.32	-40.8%	CL A	21036P108
ROP	ROPER TECHNOLOGIES INCCOM	42,851 (-23.1%)	$19,292 (-30.9%)	0.6%	$544.81	-15.2%	COM	776696106
NKE	NIKE INCCL B	392,500 (-12.7%)	$24,016 (-23.3%)	0.7%	$75.71	-14.3%	CL B	654106103
MDLZ	MONDELEZ INTL INCCL A	570,808 (-6.1%)	$31,296 (-17.9%)	0.9%	$63.61	-10.3%	CL A	609207105
UNP	UNION PAC CORPCOM	375,712 (-5.9%)	$87,584 (-7.2%)	2.6%	$229.61	-1.0%	COM	907818108
QLYS	QUALYS INCCOM	16,000 (-74.6%)	$2,152 (-75.0%)	0.1%	$139.19	-1.2%	COM	74758T303
PAYX	PAYCHEX INCCOM	109,965 (-25.0%)	$12,469 (-33.9%)	0.4%	$138.79	-16.0%	COM	704326107
ANET	ARISTA NETWORKS INCCOM SHS	164,448 (-15.7%)	$21,785 (-22.1%)	0.6%	$106.43	+29.3%	COM SHS	040413205
IDXX	IDEXX LABS INCCOM	55,771 (-20.1%)	$38,041 (-13.7%)	1.1%	$438.63	+55.3%	COM	45168D104
AVGO	BROADCOM INCCOM	70,632 (-22.7%)	$24,717 (-17.6%)	0.7%	$206.42	+72.9%	COM	11135F101
UNH	UNITEDHEALTH GROUP INCCOM	42,683 (-24.1%)	$14,179 (-26.9%)	0.4%	$552.89	-39.0%	COM	91324P102
CLX	CLOROX CO DELCOM	169,720 (-5.6%)	$17,113 (-22.6%)	0.5%	$134.95	-19.8%	COM	189054109
CAT	CATERPILLAR INCCOM	50,895 (-2.8%)	$29,393 (+18.9%)	0.9%	$381.74	+45.5%	COM	149123101
WAT	WATERS CORPCOM	100,920 (-32.4%)	$38,740 (-10.4%)	1.1%	$345.68	+6.4%	COM	941848103
VEEV	VEEVA SYS INCCL A COM	60,265 (-1.7%)	$13,535 (-24.7%)	0.4%	$253.40	+4.7%	CL A COM	922475108
POOL	POOL CORPCOM	41,300 (-6.8%)	$9,545 (-30.8%)	0.3%	$357.95	-27.5%	COM	73278L105
PG	PROCTER AND GAMBLE COCOM	130,981 (-12.6%)	$18,871 (-18.0%)	0.6%	$157.48	-6.5%	COM	742718109
PEP	PEPSICO INCCOM	329,172 (-10.4%)	$47,452 (-7.9%)	1.4%	$152.20	-4.1%	COM	713448108
PODD	INSULET CORPCOM	5,002 (-71.3%)	$1,436 (-73.5%)	0.0%	$251.84	+24.1%	COM	45784P101
BSY	BENTLEY SYS INCCOM CL B	252,000 (-4.2%)	$9,747 (-28.7%)	0.3%	$47.84	-4.9%	COM CL B	08265T208
TMO	THERMO FISHER SCIENTIFIC INCCOM	65,660 (-12.5%)	$38,319 (+10.4%)	1.1%	$541.80	+4.3%	COM	883556102
EFX	EQUIFAX INCCOM	82,540 (-2.8%)	$18,226 (-16.1%)	0.5%	$262.27	-16.6%	COM	294429105
MASI	MASIMO CORPCOM	48,839 (-28.7%)	$6,400 (-34.6%)	0.2%	$157.91	-9.3%	COM	574795100
CL	COLGATE PALMOLIVE COCOM	764,344 (-4.2%)	$60,787 (-5.3%)	1.8%	$90.67	-13.6%	COM	194162103
CNM	CORE & MAIN INCCL A	224,400 (-19.8%)	$11,866 (-21.0%)	0.3%	$47.12	+8.9%	CL A	21874C102
ADSK	AUTODESK INCCOM	71,151 (-6.2%)	$21,321 (-12.8%)	0.6%	$297.02	+1.9%	COM	052769106
ACN	ACCENTURE PLC IRELANDSHS CLASS A	206,099 (-3.0%)	$55,652 (+5.9%)	1.6%	$314.43	-19.2%	SHS CLASS A	G1151C101
TSCO	TRACTOR SUPPLY COCOM	140,600 (-21.7%)	$7,079 (-30.5%)	0.2%	$56.12	-4.3%	COM	892356106
AMAT	APPLIED MATLS INCCOM	86,742 (-8.6%)	$22,554 (+15.9%)	0.7%	$159.00	+50.6%	COM	038222105
ULTA	ULTA BEAUTY INCCOM	12,000 (-35.8%)	$7,282 (-29.7%)	0.2%	$387.42	+41.9%	COM	90384S303
ROL	ROLLINS INCCOM	583,950 (-10.7%)	$35,293 (-7.8%)	1.0%	$48.31	+21.4%	COM	775711104
MCO	MOODYS CORPCOM	43,293 (-17.7%)	$22,339 (-11.8%)	0.7%	$472.43	+3.2%	COM	615369105
ENB	ENBRIDGE INCCOM	625,295 (-3.5%)	$29,908 (-8.6%)	0.9%	$39.21	+20.2%	COM	29250N105
ADP	AUTOMATIC DATA PROCESSING INCOM	35,400 (-13.0%)	$9,191 (-22.9%)	0.3%	$297.77	-11.1%	COM	053015103
ETN	EATON CORP PLCSHS	24,715 (-13.7%)	$7,930 (-24.7%)	0.2%	$354.56	-0.0%	SHS	G29183103
WSO	WATSCO INCCOM	28,500 (-6.6%)	$9,781 (-19.9%)	0.3%	$499.87	-28.6%	COM	942622200
NDSN	NORDSON CORPCOM	64,600 (-19.0%)	$15,754 (-13.2%)	0.5%	$230.46	+1.7%	COM	655663102
JKHY	HENRY JACK & ASSOC INCCOM	99,400 (-5.7%)	$18,349 (+15.1%)	0.5%	$174.96	-5.0%	COM	426281101
COST	COSTCO WHSL CORP NEWCOM	7,100 (-23.7%)	$6,147 (-28.0%)	0.2%	$990.72	-8.6%	COM	22160K105
DECK	DECKERS OUTDOOR CORPCOM	1,800 (-92.6%)	$189 (-92.5%)	0.0%	$110.72	-15.3%	COM	243537107
HON	HONEYWELL INTL INCCOM	53,274 (-12.7%)	$10,463 (-18.1%)	0.3%	$202.42	-3.7%	COM	438516106
AAON	AAON INCCOM	147,200 (-1.3%)	$11,579 (-15.3%)	0.3%	$84.10	+9.7%	COM PAR	000360206
GGG	GRACO INCCOM	120,600 (-15.7%)	$10,026 (-17.2%)	0.3%	$85.20	-3.8%	COM	384109104
HD	HOME DEPOT INCCOM	27,516 (-1.7%)	$9,532 (-16.3%)	0.3%	$389.16	-6.3%	COM	437076102
DHR	DANAHER CORPORATIONCOM	90,290 (-11.5%)	$20,830 (+9.7%)	0.6%	$243.95	-10.0%	COM	235851102
MSCI	MSCI INCCOM	25,240 (-12.1%)	$14,692 (-10.0%)	0.4%	$591.72	-5.4%	COM	55354G100
IQV	IQVIA HLDGS INCCOM	55,825 (-8.8%)	$12,712 (+14.7%)	0.4%	$210.89	+3.2%	COM	46266C105
BLK	BLACKROCK INCCOM	3,300 (-25.0%)	$3,578 (-30.8%)	0.1%	$933.09	+16.8%	COM	09290D101
CNI	CANADIAN NATL RY COCOM	844,888 (-6.4%)	$83,667 (-1.8%)	2.5%	$105.11	-8.5%	COM	136375102
KO	COCA COLA COCOM	54,631 (-32.6%)	$3,830 (-28.5%)	0.1%	$68.49	+1.3%	COM	191216100
COO	COOPER COS INCCOM	114,200 (-4.2%)	$9,420 (+16.7%)	0.3%	$99.71	-24.9%	COM	216648501
LOGI	LOGITECH INTL S ASHS	64,582 (-12.0%)	$6,644 (-16.8%)	0.2%	$81.44	+38.0%	SHS	H50430232
RGLD	ROYAL GOLD INCCOM	100,000 (-16.7%)	$22,506 (-5.6%)	0.7%	$144.33	+37.4%	COM	780287108
DPZ	DOMINOS PIZZA INCCOM	17,400 (-12.6%)	$7,341 (-15.2%)	0.2%	$430.51	-3.5%	COM	25754A201
LOW	LOWES COS INCCOM	46,911 (-5.5%)	$11,411 (-9.3%)	0.3%	$261.54	-8.3%	COM	548661107
ABBV	ABBVIE INCCOM	1,399 (-78.5%)	$321 (-77.9%)	0.0%	$177.41	+28.3%	COM	00287Y109
CME	CME GROUP INCCOM	8,000 (-34.4%)	$2,207 (-33.6%)	0.1%	$268.48	+0.8%	COM	12572Q105
KLAC	KLA CORPCOM NEW	16,574 (-9.5%)	$20,622 (+5.7%)	0.6%	$769.55	+52.3%	COM NEW	482480100
AMGN	AMGEN INCCOM	1,003 (-80.3%)	$330 (-76.4%)	0.0%	$286.05	+10.5%	COM	031162100
WFC	WELLS FARGO CO NEWCOM	11,300 (-54.8%)	$1,066 (-49.7%)	0.0%	$73.70	+17.5%	COM	949746101
EBAY	EBAY INC.COM	2,796 (-80.2%)	$244 (-81.1%)	0.0%	$62.40	+38.4%	COM	278642103
BKNG	BOOKING HOLDINGS INCCOM	2,198 (-7.1%)	$11,924 (-7.5%)	0.3%	$4764.13	+7.8%	COM	09857L108
GOOG	ALPHABET INCCAP STK CL C	29,000 (-29.3%)	$9,123 (-9.0%)	0.3%	$164.85	+73.7%	CAP STK CL C	02079K107
ADI	ANALOG DEVICES INCCOM	1,333 (-74.0%)	$366 (-70.9%)	0.0%	$216.79	+15.6%	COM	032654105
SYK	STRYKER CORPORATIONCOM	773 (-75.3%)	$274 (-76.4%)	0.0%	$366.32	-0.8%	COM	863667101
GILD	GILEAD SCIENCES INCCOM	2,531 (-76.0%)	$312 (-73.7%)	0.0%	$87.00	+38.9%	COM	375558103
JCI	JOHNSON CTLS INTL PLCSHS	2,584 (-76.3%)	$313 (-73.5%)	0.0%	$79.25	+44.9%	SHS	G51502105
MSI	MOTOROLA SOLUTIONS INCCOM NEW	5,400 (-14.3%)	$2,073 (-27.6%)	0.1%	$448.33	-10.6%	COM NEW	620076307
PBA	PEMBINA PIPELINE CORPCOM	20,800 (-46.7%)	$794 (-49.7%)	0.0%	$39.30	-2.1%	COM	706327103
TXN	TEXAS INSTRS INCCOM	1,421 (-73.8%)	$249 (-74.9%)	0.0%	$179.77	-5.0%	COM	882508104
SITE	SITEONE LANDSCAPE SUPPLY INCCOM	216,913 (-1.6%)	$27,471 (-2.6%)	0.8%	$142.42	-11.1%	COM	82982L103
AAPL	APPLE INCCOM	341,817 (-7.5%)	$93,332 (-0.8%)	2.7%	$234.30	+14.5%	COM	037833100
OTIS	OTIS WORLDWIDE CORPCOM	113,377 (-3.0%)	$9,979 (-6.6%)	0.3%	$90.13	-1.0%	COM	68902V107
GMED	GLOBUS MED INCCL A	136,500 (-31.9%)	$12,002 (+6.0%)	0.4%	$71.20	+6.6%	CL A	379577208
CDNS	CADENCE DESIGN SYSTEM INCCOM	9,560 (-9.0%)	$3,017 (-17.6%)	0.1%	$289.31	+12.8%	COM	127387108
MTD	METTLER TOLEDO INTERNATIONALCOM	6,300 (-21.3%)	$8,915 (-6.6%)	0.3%	$1304.80	+7.0%	COM	592688105
EMR	EMERSON ELEC COCOM	1,399 (-77.8%)	$189 (-76.8%)	0.0%	$119.02	+11.2%	COM	291011104
TECH	BIO-TECHNE CORPCOM	198,100 (-15.9%)	$11,713 (-4.9%)	0.3%	$71.36	-14.9%	COM	09073M104
LLY	ELI LILLY & COCOM	17,500 (-30.6%)	$18,905 (+3.2%)	0.6%	$771.92	+23.8%	COM	532457108
A	AGILENT TECHNOLOGIES INCCOM	1,399 (-77.8%)	$193 (-75.3%)	0.0%	$135.90	+5.8%	COM	00846U101
ECL	ECOLAB INCCOM	640 (-76.3%)	$169 (-77.0%)	0.0%	$245.53	+8.2%	COM	278865100
LFUS	LITTELFUSE INCCOM	34,500 (-4.2%)	$8,879 (-4.4%)	0.3%	$249.42	+2.1%	COM	537008104
MRK	MERCK & CO INCCOM	55,500 (-20.7%)	$5,888 (+7.0%)	0.2%	$77.39	+20.5%	COM	58933Y105
ALC	ALCON AGORD SHS	88,661 (-11.2%)	$7,079 (-4.7%)	0.2%	$89.86	-14.3%	ORD SHS	H01301128
PSA	PUBLIC STORAGE OPER COCOM	8,200 (-3.5%)	$2,141 (-12.8%)	0.1%	$287.46	-3.5%	COM	74460D109
CCU	COMPANIA CERVECERIAS UNIDASSPONSORED ADR	400,000 (-8.0%)	$5,120 (-3.2%)	0.2%	$11.33	—	SPONSORED ADR	204429104
JPM	JPMORGAN CHASE & CO.COM	3,200 (-15.8%)	$1,035 (-13.8%)	0.0%	$250.91	+23.4%	COM	46625H100
CMI	CUMMINS INCCOM	22,749 (-17.5%)	$11,690 (+1.0%)	0.3%	$343.44	+35.8%	COM	231021106
BURL	BURLINGTON STORES INCCOM	41,600 (-9.8%)	$11,985 (+0.8%)	0.4%	$269.80	+0.5%	COM	122017106
SPG	SIMON PPTY GROUP INC NEWCOM	12,100 (-3.2%)	$2,261 (-2.8%)	0.1%	$152.73	+17.9%	COM	828806109
JNJ	JOHNSON & JOHNSONCOM	109,599 (-12.4%)	$22,682 (-0.3%)	0.7%	$150.17	+31.2%	COM	478160104
AME	AMETEK INCCOM	68,430 (-10.0%)	$14,170 (-0.3%)	0.4%	$177.76	+9.3%	COM	031100100
VRTX	VERTEX PHARMACEUTICALS INCCOM	5,500 (-11.3%)	$2,496 (+1.8%)	0.1%	$460.83	-6.5%	COM	92532F100
WST	WEST PHARMACEUTICAL SVSC INCCOM	49,900 (-5.7%)	$13,819 (+0.3%)	0.4%	$310.14	-11.8%	COM	955306105
KOF	COCA-COLA FEMSA SAB DE CVSPONS ADS REP	60,000 (-12.4%)	$5,703 (-0.5%)	0.2%	$77.77	—	SPONS ADS REP	191241108

Unchanged Positions (19)

MSFT MICROSOFT CORPCOM 6.4%

Value ($000) $219,152 Shares 449,519 Est. Cost $422.35 Unrealized +18.5%

PAYC PAYCOM SOFTWARE INCCOM 0.3%

Value ($000) $9,038 Shares 56,300 Est. Cost $202.05 Unrealized -12.4%

CHKP CHECK POINT SOFTWARE TECH LTORD 0.8%

Value ($000) $28,057 Shares 149,700 Est. Cost $197.44 Unrealized -2.1%

NEM NEWMONT CORPCOM 0.5%

Value ($000) $15,737 Shares 154,500 Est. Cost $44.96 Unrealized +100.6%

BMY BRISTOL-MYERS SQUIBB COCOM 0.4%

Value ($000) $13,394 Shares 247,000 Est. Cost $52.58 Unrealized -9.6%

CDW CDW CORPCOM 0.3%

Value ($000) $9,895 Shares 71,500 Est. Cost $190.64 Unrealized -22.9%

LIN LINDE PLCSHS 0.3%

Value ($000) $9,725 Shares 22,700 Est. Cost $453.03 Unrealized -5.7%

CHE CHEMED CORP NEWCOM 0.4%

Value ($000) $15,291 Shares 35,500 Est. Cost $531.26 Unrealized -18.1%

BDX BECTON DICKINSON & COCOM 0.3%

Value ($000) $10,958 Shares 56,000 Est. Cost $224.47 Unrealized -15.6%

LII LENNOX INTL INCCOM 0.3%

Value ($000) $10,031 Shares 20,300 Est. Cost $618.14 Unrealized -19.2%

AOS SMITH A O CORPCOM 0.2%

Value ($000) $6,797 Shares 100,300 Est. Cost $72.52 Unrealized -7.0%

AEM AGNICO EAGLE MINES LTDCOM 1.5%

Value ($000) $51,446 Shares 303,000 Est. Cost $81.69 Unrealized +105.5%

WMS ADVANCED DRAIN SYS INC DELCOM 0.1%

Value ($000) $4,176 Shares 28,400 Est. Cost $134.34 Unrealized +7.7%

CHD CHURCH & DWIGHT CO INCCOM 0.3%

Value ($000) $11,344 Shares 134,300 Est. Cost $102.87 Unrealized -17.1%

TER TERADYNE INCCOM 0.0%

Value ($000) $630 Shares 3,200 Est. Cost $117.75 Unrealized +45.6%

APP APPLOVIN CORPCOM CL A 0.2%

Value ($000) $5,548 Shares 8,000 Est. Cost $341.32 Unrealized +84.6%

LECO LINCOLN ELEC HLDGS INCCOM 0.1%

Value ($000) $2,508 Shares 10,300 Est. Cost $199.66 Unrealized +18.6%

XOM EXXON MOBIL CORPCOM 0.0%

Value ($000) $1,198 Shares 9,900 Est. Cost $107.21 Unrealized +7.7%

CVX CHEVRON CORP NEWCOM 0.0%

Value ($000) $1,005 Shares 6,600 Est. Cost $150.48 Unrealized +0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORPCOM	449,519	$219,152	6.4%	$422.35	+18.5%	COM	594918104
PAYC	PAYCOM SOFTWARE INCCOM	56,300	$9,038	0.3%	$202.05	-12.4%	COM	70432V102
CHKP	CHECK POINT SOFTWARE TECH LTORD	149,700	$28,057	0.8%	$197.44	-2.1%	ORD	M22465104
NEM	NEWMONT CORPCOM	154,500	$15,737	0.5%	$44.96	+100.6%	COM	651639106
BMY	BRISTOL-MYERS SQUIBB COCOM	247,000	$13,394	0.4%	$52.58	-9.6%	COM	110122108
CDW	CDW CORPCOM	71,500	$9,895	0.3%	$190.64	-22.9%	COM	12514G108
LIN	LINDE PLCSHS	22,700	$9,725	0.3%	$453.03	-5.7%	SHS	G54950103
CHE	CHEMED CORP NEWCOM	35,500	$15,291	0.4%	$531.26	-18.1%	COM	16359R103
BDX	BECTON DICKINSON & COCOM	56,000	$10,958	0.3%	$224.47	-15.6%	COM	075887109
LII	LENNOX INTL INCCOM	20,300	$10,031	0.3%	$618.14	-19.2%	COM	526107107
AOS	SMITH A O CORPCOM	100,300	$6,797	0.2%	$72.52	-7.0%	COM	831865209
AEM	AGNICO EAGLE MINES LTDCOM	303,000	$51,446	1.5%	$81.69	+105.5%	COM	008474108
WMS	ADVANCED DRAIN SYS INC DELCOM	28,400	$4,176	0.1%	$134.34	+7.7%	COM	00790R104
CHD	CHURCH & DWIGHT CO INCCOM	134,300	$11,344	0.3%	$102.87	-17.1%	COM	171340102
TER	TERADYNE INCCOM	3,200	$630	0.0%	$117.75	+45.6%	COM	880770102
APP	APPLOVIN CORPCOM CL A	8,000	$5,548	0.2%	$341.32	+84.6%	COM CL A	03831W108
LECO	LINCOLN ELEC HLDGS INCCOM	10,300	$2,508	0.1%	$199.66	+18.6%	COM	533900106
XOM	EXXON MOBIL CORPCOM	9,900	$1,198	0.0%	$107.21	+7.7%	COM	30231G102
CVX	CHEVRON CORP NEWCOM	6,600	$1,005	0.0%	$150.48	+0.6%	COM	166764100