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 992,434,912 3,459,649 SH DFND 1 3,459,649 0 0
AMAZON COM INC COM 023135106 492,211,572 2,363,334 SH DFND 1 2,363,334 0 0
AMPHENOL CORP CL A 032095101 362,795,452 2,871,353 SH DFND 1 2,871,353 0 0
ARCH CAP GROUP LTD ORD G0450A105 107,213,343 1,116,922 SH DFND 1 1,116,922 0 0
ARMSTRONG WORLD INDS INC NEW COM 04247X102 73,836,333 448,036 SH DFND 1 448,036 0 0
CANADIAN NAT RES LTD MED TER COM 136385101 277,056,374 5,690,211 SH DFND 1 5,690,211 0 0
CARPENTER TECHNOLOGY CORP COM 144285103 524,582,118 1,330,920 SH DFND 1 1,330,920 0 0
CME GROUP INC COM 12572Q105 349,371,582 1,182,907 SH DFND 1 1,182,907 0 0
CRH PLC ORD G25508105 290,060,875 2,759,331 SH DFND 1 2,759,331 0 0
DEVON ENERGY CORP NEW COM 25179M103 328,345,045 6,525,140 SH DFND 1 6,525,140 0 0
EMBRAER S.A. SPONSORED ADS 29082A107 176,550,208 2,975,231 SH DFND 1 2,975,231 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 147,947,021 634,258 SH DFND 1 634,258 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 420,876,256 6,275,179 SH DFND 1 6,275,179 0 0
LAMAR ADVERTISING CO CL A 512816109 137,900,315 1,088,744 SH DFND 1 1,088,744 0 0
LINDE PLC SHS G54950103 529,655,607 1,068,371 SH DFND 1 1,068,371 0 0
MASTERCARD INCORPORATED CL A 57636Q104 229,669,718 459,652 SH DFND 1 459,652 0 0
MEDLINE INC COM CL A 58507V107 194,278,189 4,365,802 SH DFND 1 4,365,802 0 0
MOODYS CORP COM 615369105 674,298,538 1,545,670 SH DFND 1 1,545,670 0 0
NEW YORK TIMES CO MTN BE CL A 650111107 81,375,847 971,884 SH DFND 1 971,884 0 0
NVIDIA CORPORATION COM 67066G104 466,523,139 2,675,018 SH DFND 1 2,675,018 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 94,313,457 317,308 SH DFND 1 317,308 0 0
UBER TECHNOLOGIES INC COM 90353T100 334,644,471 4,652,363 SH DFND 1 4,652,363 0 0
VISA INC COM CL A 92826C839 1,242,499,573 4,110,970 SH DFND 1 4,110,970 0 0
VULCAN MATLS CO COM 929160109 481,757,517 1,769,216 SH DFND 1 1,769,216 0 0