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
INTUIT COM 461202103 358,879,671 455,645 SH SOLE 455,645 0 0
STERIS PLC SHS USD G8473T100 182,723,823 760,652 SH SOLE 760,652 0 0
TELEDYNE TECHNOLOGIES INC COM 879360105 107,861,235 210,539 SH SOLE 210,539 0 0
TOPBUILD CORP COM 89055F103 36,788,842 113,637 SH SOLE 113,637 0 0
DANAHER CORPORATION COM 235851102 111,491,576 564,400 SH SOLE 564,400 0 0
AECOM COM 00766T100 115,819,979 1,026,227 SH SOLE 1,026,227 0 0
GARTNER INC COM 366651107 168,891,605 417,821 SH SOLE 417,821 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 113,350,483 691,752 SH SOLE 691,752 0 0
MARKETAXESS HLDGS INC COM 57060D108 146,578,042 656,300 SH SOLE 656,300 0 0
MASTERCARD INCORPORATED CL A 57636Q104 289,393,481 514,990 SH SOLE 514,990 0 0
CDW CORP COM 12514G108 81,995,312 459,126 SH SOLE 459,126 0 0
MICROSOFT CORP COM 594918104 420,216,942 844,810 SH SOLE 844,810 0 0
GALLAGHER ARTHUR J & CO COM 363576109 302,225,612 944,101 SH SOLE 944,101 0 0
ECOLAB INC COM 278865100 118,603,177 440,184 SH SOLE 440,184 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 134,681,213 505,674 SH SOLE 505,674 0 0
POOL CORP COM 73278L105 71,900,829 246,675 SH SOLE 246,675 0 0
COOPER COS INC COM 216648501 129,219,444 1,815,900 SH SOLE 1,815,900 0 0
UNITED RENTALS INC COM 911363109 171,350,282 227,436 SH SOLE 227,436 0 0
XPO INC COM 983793100 191,645,075 1,517,500 SH SOLE 1,517,500 0 0
S&P GLOBAL INC COM 78409V104 308,211,551 584,520 SH SOLE 584,520 0 0
WASTE CONNECTIONS INC COM 94106B101 137,231,358 734,958 SH SOLE 734,958 0 0
MARSH & MCLENNAN COS INC COM 571748102 193,664,097 885,767 SH SOLE 885,767 0 0
ENTEGRIS INC COM 29362U104 39,929,815 495,100 SH SOLE 495,100 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 311,546,032 2,059,400 SH SOLE 2,059,400 0 0
MSCI INC COM 55354G100 114,944,282 199,300 SH SOLE 199,300 0 0
CRH PLC ORD G25508105 226,462,430 2,466,911 SH SOLE 2,466,911 0 0
IDEX CORP COM 45167R104 79,515,477 452,899 SH SOLE 452,899 0 0
AUTODESK INC COM 052769106 101,043,338 326,399 SH SOLE 326,399 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 151,927,254 1,287,410 SH SOLE 1,287,410 0 0
APPLIED MATLS INC COM 038222105 103,324,708 564,400 SH SOLE 564,400 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 172,155,328 790,610 SH SOLE 790,610 0 0
EQUIFAX INC COM 294429105 139,826,367 539,100 SH SOLE 539,100 0 0
EOG RES INC COM 26875P101 201,364,511 1,683,509 SH SOLE 1,683,509 0 0
ANALOG DEVICES INC COM 032654105 77,503,596 325,618 SH SOLE 325,618 0 0
ALCON AG ORD SHS H01301128 71,561,269 810,617 SH SOLE 810,617 0 0
SCHWAB CHARLES CORP COM 808513105 248,753,908 2,726,369 SH SOLE 2,726,369 0 0
CONOCOPHILLIPS COM 20825C104 158,908,990 1,770,771 SH SOLE 1,770,771 0 0
ETSY INC COM 29786A106 59,830,848 1,192,800 SH SOLE 1,192,800 0 0
API GROUP CORP COM STK 00187Y100 340,332,380 6,666,648 SH SOLE 6,666,648 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 130,647,321 322,220 SH SOLE 322,220 0 0
MARTIN MARIETTA MATLS INC COM 573284106 121,233,424 220,842 SH SOLE 220,842 0 0
CBRE GROUP INC CL A 12504L109 147,716,746 1,054,216 SH SOLE 1,054,216 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 353,377,049 1,182,298 SH SOLE 1,182,298 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755 302,654,259 2,896,213 SH SOLE 2,896,213 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 181,537,877 989,469 SH SOLE 989,469 0 0
ITT INC COM 45073V108 120,429,757 767,900 SH SOLE 767,900 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 250,453,248 3,159,496 SH SOLE 3,159,496 0 0
WEST PHARMACEUTICAL SVSC INC COM 955306105 178,673,393 816,606 SH SOLE 816,606 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722 2,960,230 36,474 SH SOLE 36,474 0 0
CANADIAN NATL RY CO COM 136375102 155,057,887 1,490,368 SH SOLE 1,490,368 0 0
KLA CORP COM NEW 482480100 129,328,733 144,382 SH SOLE 144,382 0 0
TEXAS INSTRS INC COM 882508104 248,735,196 1,198,031 SH SOLE 1,198,031 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 213,027,633 438,536 SH SOLE 438,536 0 0
MEDPACE HLDGS INC COM 58506Q109 96,543,336 307,600 SH SOLE 307,600 0 0
SHERWIN WILLIAMS CO COM 824348106 165,263,288 481,312 SH SOLE 481,312 0 0
WATERS CORP COM 941848103 195,800,620 560,969 SH SOLE 560,969 0 0
ROYAL GOLD INC COM 780287108 213,004,303 1,197,730 SH SOLE 1,197,730 0 0