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
AGILENT TECHNOLOGIES INC COM 00846U101 16,794,627 126,437 SH DFND 126,437 0 0
ALPHABET INC CAP STK CL A 02079K305 61,133,856 171,066 SH DFND 171,066 0 0
ANALOG DEVICES INC COM 032654105 34,956,520 88,014 SH DFND 88,014 0 0
APPLIED MATLS INC COM 038222105 36,277,248 50,176 SH DFND 50,176 0 0
BLACKROCK INC COM 09290D101 20,070,642 20,873 SH DFND 20,873 0 0
BROADCOM INC COM 11135F101 70,548,590 186,760 SH DFND 186,760 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 17,317,869 199,860 SH DFND 199,860 0 0
CBRE GROUP INC CL A 12504L109 24,390,069 181,083 SH DFND 181,083 0 0
CME GROUP INC COM 12572Q105 14,096,683 63,835 SH DFND 63,835 0 0
ENTEGRIS INC COM 29362U104 17,942,114 99,756 SH DFND 99,756 0 0
FASTENAL CO COM 311900104 18,061,393 376,044 SH DFND 376,044 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 19,116,457 80,548 SH DFND 80,548 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 45,072,184 517,833 SH DFND 517,833 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 16,677,465 135,468 SH DFND 135,468 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 20,783,534 113,503 SH DFND 113,503 0 0
MICROSOFT CORP COM 594918104 25,701,451 68,901 SH DFND 68,901 0 0
MOODYS CORP COM 615369105 8,186,529 18,075 SH DFND 18,075 0 0
ORACLE CORP COM 68389X105 15,454,723 105,457 SH DFND 105,457 0 0
S&P GLOBAL INC COM 78409V104 29,016,868 71,249 SH DFND 71,249 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 9,281,772 20,216 SH DFND 20,216 0 0
SS&C TECH HLDGS COM 78467J100 10,723,233 172,816 SH DFND 172,816 0 0
TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS 874039100 54,834,587 114,820 SH DFND 114,820 0 0
TRADEWEB MKTS INC CL A 892672106 10,861,844 108,989 SH DFND 108,989 0 0
TRIP COM GROUP LTD ADS 89677Q107 8,535,401 214,242 SH DFND 214,242 0 0
UBER TECHNOLOGIES INC COM 90353T100 17,243,714 238,965 SH DFND 238,965 0 0
VISA INC COM CL A 92826C839 28,697,077 83,643 SH DFND 83,643 0 0
YUM BRANDS INC COM 988498101 13,336,640 83,427 SH DFND 83,427 0 0