The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ADOBE INC | COM | 00724F101 | 265,221,372 | 757,797 | SH | DFND | 551,453 | 0 | 206,344 | ||
| ADOBE INC | COM | 00724F101 | 139,800,006 | 399,440 | SH | DFND | 1 | 399,440 | 0 | 0 | |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | 277,583,344 | 2,040,004 | SH | DFND | 1,483,672 | 0 | 556,332 | ||
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | 146,361,518 | 1,075,634 | SH | DFND | 1 | 1,075,634 | 0 | 0 | |
| ALCON AG | ORD SHS | H01301128 | 146,829,098 | 1,863,077 | SH | DFND | 1,355,016 | 0 | 508,061 | ||
| ALCON AG | ORD SHS | H01301128 | 77,394,888 | 982,044 | SH | DFND | 1 | 982,044 | 0 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 455,493,876 | 1,455,252 | SH | DFND | 1 | 1,455,252 | 0 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 863,874,366 | 2,759,982 | SH | DFND | 2,007,305 | 0 | 752,677 | ||
| AMERICAN TOWER CORP NEW | COM | 03027X100 | 210,489,117 | 1,198,890 | SH | DFND | 872,229 | 0 | 326,661 | ||
| AMERICAN TOWER CORP NEW | COM | 03027X100 | 110,896,157 | 631,635 | SH | DFND | 1 | 631,635 | 0 | 0 | |
| ANALOG DEVICES INC | COM | 032654105 | 385,114,306 | 1,420,038 | SH | DFND | 1,032,811 | 0 | 387,227 | ||
| ANALOG DEVICES INC | COM | 032654105 | 203,062,085 | 748,754 | SH | DFND | 1 | 748,754 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 151,439,864 | 429,154 | SH | DFND | 1 | 429,154 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 287,196,328 | 813,864 | SH | DFND | 591,961 | 0 | 221,903 | ||
| APPLIED MATLS INC | COM | 038222105 | 263,827,219 | 1,026,605 | SH | DFND | 1 | 1,026,605 | 0 | 0 | |
| APPLIED MATLS INC | COM | 038222105 | 500,373,921 | 1,947,056 | SH | DFND | 1,416,054 | 0 | 531,002 | ||
| BLACKROCK INC | COM | 09290D101 | 190,033,515 | 177,545 | SH | DFND | 1 | 177,545 | 0 | 0 | |
| BLACKROCK INC | COM | 09290D101 | 360,390,970 | 336,707 | SH | DFND | 244,900 | 0 | 91,807 | ||
| BROADCOM INC | COM | 11135F101 | 549,907,561 | 1,588,869 | SH | DFND | 1 | 1,588,869 | 0 | 0 | |
| BROADCOM INC | COM | 11135F101 | 1,043,641,015 | 3,015,432 | SH | DFND | 2,194,271 | 0 | 821,161 | ||
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | 106,905,680 | 1,451,931 | SH | DFND | 1 | 1,451,931 | 0 | 0 | |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | 202,918,905 | 2,755,927 | SH | DFND | 2,005,011 | 0 | 750,916 | ||
| CBRE GROUP INC | CL A | 12504L109 | 469,608,258 | 2,920,631 | SH | DFND | 2,124,137 | 0 | 796,494 | ||
| CBRE GROUP INC | CL A | 12504L109 | 247,609,364 | 1,539,955 | SH | DFND | 1 | 1,539,955 | 0 | 0 | |
| CME GROUP INC | COM | 12572Q105 | 148,293,363 | 543,040 | SH | DFND | 1 | 543,040 | 0 | 0 | |
| CME GROUP INC | COM | 12572Q105 | 281,266,119 | 1,029,977 | SH | DFND | 749,057 | 0 | 280,920 | ||
| ENTEGRIS INC | COM | 29362U104 | 135,688,838 | 1,610,550 | SH | DFND | 1,171,871 | 0 | 438,679 | ||
| ENTEGRIS INC | COM | 29362U104 | 71,494,803 | 848,603 | SH | DFND | 1 | 848,603 | 0 | 0 | |
| EQUIFAX INC | COM | 294429105 | 129,142,373 | 595,181 | SH | DFND | 1 | 595,181 | 0 | 0 | |
| EQUIFAX INC | COM | 294429105 | 244,930,713 | 1,128,817 | SH | DFND | 820,957 | 0 | 307,860 | ||
| FASTENAL CO | COM | 311900104 | 243,499,169 | 6,067,759 | SH | DFND | 4,412,652 | 0 | 1,655,107 | ||
| FASTENAL CO | COM | 311900104 | 128,381,047 | 3,199,129 | SH | DFND | 1 | 3,199,129 | 0 | 0 | |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | 152,548,970 | 685,213 | SH | DFND | 1 | 685,213 | 0 | 0 | |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | 289,339,076 | 1,299,641 | SH | DFND | 945,158 | 0 | 354,483 | ||
| FLUTTER ENTMT PLC | SHS | G3643J108 | 318,767,770 | 1,482,365 | SH | DFND | 1,078,171 | 0 | 404,194 | ||
| FLUTTER ENTMT PLC | SHS | G3643J108 | 168,088,166 | 781,660 | SH | DFND | 1 | 781,660 | 0 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 537,293,265 | 8,354,739 | SH | DFND | 6,076,346 | 0 | 2,278,393 | ||
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 283,296,161 | 4,405,165 | SH | DFND | 1 | 4,405,165 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 186,644,162 | 1,152,409 | SH | DFND | 1 | 1,152,409 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 353,975,403 | 2,185,573 | SH | DFND | 1,589,590 | 0 | 595,983 | ||
| IQVIA HLDGS INC | COM | 46266C105 | 286,487,995 | 1,270,964 | SH | DFND | 924,430 | 0 | 346,534 | ||
| IQVIA HLDGS INC | COM | 46266C105 | 151,065,274 | 670,180 | SH | DFND | 1 | 670,180 | 0 | 0 | |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 | 57,987,222 | 588,643 | SH | DFND | 1 | 588,643 | 0 | 0 | |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 | 110,159,399 | 1,118,256 | SH | DFND | 813,039 | 0 | 305,217 | ||
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 | 137,603,843 | 965,641 | SH | DFND | 1 | 965,641 | 0 | 0 | |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 | 260,997,870 | 1,831,564 | SH | DFND | 1,331,961 | 0 | 499,603 | ||
| LPL FINL HLDGS INC | COM | 50212V100 | 86,368,706 | 241,814 | SH | DFND | 175,699 | 0 | 66,115 | ||
| LPL FINL HLDGS INC | COM | 50212V100 | 45,451,311 | 127,254 | SH | DFND | 1 | 127,254 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 399,628,264 | 826,327 | SH | DFND | 600,975 | 0 | 225,352 | ||
| MICROSOFT CORP | COM | 594918104 | 210,709,365 | 435,692 | SH | DFND | 1 | 435,692 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 78,547,785 | 153,759 | SH | DFND | 1 | 153,759 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 148,984,805 | 291,641 | SH | DFND | 212,085 | 0 | 79,556 | ||
| ORACLE CORP | COM | 68389X105 | 57,918,871 | 297,157 | SH | DFND | 1 | 297,157 | 0 | 0 | |
| ORACLE CORP | COM | 68389X105 | 109,835,683 | 563,520 | SH | DFND | 409,880 | 0 | 153,640 | ||
| S&P GLOBAL INC | COM | 78409V104 | 600,724,521 | 1,149,514 | SH | DFND | 836,031 | 0 | 313,483 | ||
| S&P GLOBAL INC | COM | 78409V104 | 316,747,025 | 606,110 | SH | DFND | 1 | 606,110 | 0 | 0 | |
| SS&C TECHNOLOGIES HLDGS INC | COM | 78467J100 | 243,756,683 | 2,788,340 | SH | DFND | 2,027,832 | 0 | 760,508 | ||
| SS&C TECHNOLOGIES HLDGS INC | COM | 78467J100 | 128,520,775 | 1,470,153 | SH | DFND | 1 | 1,470,153 | 0 | 0 | |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | 296,827,293 | 976,759 | SH | DFND | 1 | 976,759 | 0 | 0 | |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | 562,961,999 | 1,852,519 | SH | DFND | 1,347,307 | 0 | 505,212 | ||
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 | 199,957,347 | 11,406,580 | SH | DFND | 10,071,719 | 0 | 1,334,861 | ||
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 | 128,002,693 | 7,301,922 | SH | DFND | 1 | 7,301,922 | 0 | 0 | |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | 331,335,305 | 571,810 | SH | DFND | 415,879 | 0 | 155,931 | ||
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | 174,711,128 | 301,512 | SH | DFND | 1 | 301,512 | 0 | 0 | |
| TRADEWEB MKTS INC | CL A | 892672106 | 99,711,948 | 927,208 | SH | DFND | 1 | 927,208 | 0 | 0 | |
| TRADEWEB MKTS INC | CL A | 892672106 | 189,381,919 | 1,761,037 | SH | DFND | 1,280,558 | 0 | 480,479 | ||
| TRIP COM GROUP LTD | ADS | 89677Q107 | 131,057,341 | 1,822,519 | SH | DFND | 1 | 1,822,519 | 0 | 0 | |
| TRIP COM GROUP LTD | ADS | 89677Q107 | 204,746,395 | 2,847,259 | SH | DFND | 2,514,080 | 0 | 333,179 | ||
| UBER TECHNOLOGIES INC | COM | 90353T100 | 145,013,924 | 1,774,739 | SH | DFND | 1 | 1,774,739 | 0 | 0 | |
| UBER TECHNOLOGIES INC | COM | 90353T100 | 275,029,650 | 3,365,924 | SH | DFND | 2,448,043 | 0 | 917,881 | ||
| VISA INC | COM CL A | 92826C839 | 236,039,053 | 673,032 | SH | DFND | 1 | 673,032 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 447,665,884 | 1,276,456 | SH | DFND | 928,367 | 0 | 348,089 | ||
| YUM BRANDS INC | COM | 988498101 | 203,650,564 | 1,346,183 | SH | DFND | 978,978 | 0 | 367,205 | ||
| YUM BRANDS INC | COM | 988498101 | 107,363,416 | 709,700 | SH | DFND | 1 | 709,700 | 0 | 0 | |