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 338,517,398 1,078,768 SH DFND 1 1,078,768 0 0
AMAZON COM INC COM 023135106 1,360,105,927 5,892,496 SH DFND 1 5,892,496 0 0
AMPHENOL CORP NEW CL A 032095101 501,087,093 3,707,911 SH DFND 1 3,707,911 0 0
BOSTON SCIENTIFIC CORP COM 101137107 513,467,759 5,385,084 SH DFND 1 5,385,084 0 0
CAPITAL ONE FINL CORP COM 14040H105 501,474,347 2,069,130 SH DFND 1 2,069,130 0 0
CARPENTER TECHNOLOGY CORP COM 144285103 488,950,298 1,553,012 SH DFND 1 1,553,012 0 0
CME GROUP INC COM 12572Q105 322,177,599 1,179,792 SH DFND 1 1,179,792 0 0
CRH PLC ORD G25508105 282,180,288 2,261,060 SH DFND 1 2,261,060 0 0
EMBRAER S.A. SPONSORED ADS 29082A107 211,013,872 3,278,140 SH DFND 1 3,278,140 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 224,480,946 1,008,314 SH DFND 1 1,008,314 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 446,284,454 6,939,581 SH DFND 1 6,939,581 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 91,401,266 722,083 SH DFND 1 722,083 0 0
LPL FINL HLDGS INC COM 50212V100 91,011,559 254,813 SH DFND 1 254,813 0 0
MASTERCARD INCORPORATED CL A 57636Q104 261,658,281 458,342 SH DFND 1 458,342 0 0
MICROSOFT CORP COM 594918104 845,685,015 1,748,656 SH DFND 1 1,748,656 0 0
MOODYS CORP COM 615369105 395,095,988 773,409 SH DFND 1 773,409 0 0
NEW YORK TIMES CO CL A 650111107 97,882,408 1,410,003 SH DFND 1 1,410,003 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 137,944,406 490,626 SH DFND 1 490,626 0 0
SEAGATE TECHNOLOGY HLDNGS PL ORD SHS G7997R103 200,848,812 729,325 SH DFND 1 729,325 0 0
UBER TECHNOLOGIES INC COM 90353T100 219,078,564 2,681,172 SH DFND 1 2,681,172 0 0
VISA INC COM CL A 92826C839 1,147,172,059 3,270,999 SH DFND 1 3,270,999 0 0
VULCAN MATLS CO COM 929160109 273,860,543 960,173 SH DFND 1 960,173 0 0
WYNN RESORTS LTD COM 983134107 249,053,138 2,069,751 SH DFND 1 2,069,751 0 0