The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL C 02079K107 171,251,064 965,393 SH DFND 1 965,393 0 0
AMAZON COM INC COM 023135106 732,188,895 3,337,385 SH DFND 1 3,337,385 0 0
AMPHENOL CORP NEW CL A 032095101 312,886,709 3,168,473 SH DFND 1 3,168,473 0 0
ARAMARK COM 03852U106 118,473,049 2,829,545 SH DFND 1 2,829,545 0 0
ARCH CAP GROUP LTD ORD G0450A105 386,139,954 4,240,966 SH DFND 1 4,240,966 0 0
BOSTON SCIENTIFIC CORP COM 101137107 176,255,084 1,640,956 SH DFND 1 1,640,956 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 30,646,061 262,628 SH DFND 1 262,628 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 361,247,738 4,557,181 SH DFND 1 4,557,181 0 0
CAPITAL ONE FINL CORP COM 14040H105 496,505,672 2,333,642 SH DFND 1 2,333,642 0 0
CARPENTER TECHNOLOGY CORP COM 144285103 527,627,937 1,909,067 SH DFND 1 1,909,067 0 0
CME GROUP INC COM 12572Q105 419,751,620 1,522,936 SH DFND 1 1,522,936 0 0
CRH PLC ORD G25508105 419,577,775 4,570,564 SH DFND 1 4,570,564 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 486,306,737 2,233,326 SH DFND 1 2,233,326 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 174,145,395 89,010 SH DFND 1 89,010 0 0
FLUTTER ENTMT PLC SHS G3643J108 414,326,567 1,449,911 SH DFND 1 1,449,911 0 0
GE AEROSPACE COM NEW 369604301 324,784,740 1,261,839 SH DFND 1 1,261,839 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 446,429,726 8,056,844 SH DFND 1 8,056,844 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 198,131,271 1,079,911 SH DFND 1 1,079,911 0 0
LPL FINL HLDGS INC COM 50212V100 312,168,525 832,516 SH DFND 1 832,516 0 0
MASTERCARD INCORPORATED CL A 57636Q104 236,040,649 420,046 SH DFND 1 420,046 0 0
META PLATFORMS INC CL A 30303M102 406,905,327 551,295 SH DFND 1 551,295 0 0
MICROSOFT CORP COM 594918104 917,256,869 1,844,066 SH DFND 1 1,844,066 0 0
PROGRESSIVE CORP COM 743315103 703,966,272 2,637,961 SH DFND 1 2,637,961 0 0
SEAGATE TECHNOLOGY HLDNGS PL ORD SHS G7997R103 296,083,469 2,051,434 SH DFND 1 2,051,434 0 0
VISA INC COM CL A 92826C839 678,257,341 1,910,315 SH DFND 1 1,910,315 0 0