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    <issuerName>Ferguson Enterprises Inc.</issuerName>
    <cusip>31488V107</cusip>
    <meetingDate>12/03/2025</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>17600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <sharesVoted>17600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Microsoft Corporation</issuerName>
    <cusip>594918104</cusip>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Visa Inc.</issuerName>
    <cusip>92826C839</cusip>
    <meetingDate>01/27/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>14800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>14800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Siemens Energy AG</issuerName>
    <cusip>D6T47E106</cusip>
    <meetingDate>02/26/2026</meetingDate>
    <voteDescription>Approve Remuneration Report</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>37950</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>37950</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Siemens Energy AG</issuerName>
    <cusip>D6T47E106</cusip>
    <meetingDate>02/26/2026</meetingDate>
    <voteDescription>Approve Remuneration of Supervisory Board</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>37950</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>37950</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Airbus SE</issuerName>
    <cusip>N0280G100</cusip>
    <meetingDate>04/14/2026</meetingDate>
    <voteDescription>Approve Remuneration Report</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>33100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>33100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Airbus SE</issuerName>
    <cusip>N0280G101</cusip>
    <meetingDate>04/14/2026</meetingDate>
    <voteDescription>Grant Board Authority to Issue Shares and Exclude Preemptive Rights for the Purpose of Employee Share Ownership Plans and Share-Related Long-Term Incentive Plans</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>33100</sharesVoted>
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        <howVoted>For</howVoted>
        <sharesVoted>33100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Airbus SE</issuerName>
    <cusip>N0280G102</cusip>
    <meetingDate>04/14/2026</meetingDate>
    <voteDescription>Grant Board Authority to Issue Shares and Exclude Preemptive Rights for the Purpose of Company Funding</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>33100</sharesVoted>
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        <howVoted>For</howVoted>
        <sharesVoted>33100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Ferrari NV</issuerName>
    <cusip>N3167Y103</cusip>
    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Approve Remuneration Report</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>13350</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>13350</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Ferrari NV</issuerName>
    <cusip>N3167Y103</cusip>
    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Approve awards to executive director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>13350</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>13350</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>American Electric Power Company, Inc.</issuerName>
    <cusip>025537101</cusip>
    <meetingDate>04/28/2026</meetingDate>
    <voteDescription>Approve Nonqualified Employee Stock Purchase Plan</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>28650</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>28650</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>American Electric Power Company, Inc.</issuerName>
    <cusip>025537101</cusip>
    <meetingDate>04/28/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>28650</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>28650</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Canadian Pacific Kansas City Limited</issuerName>
    <cusip>13646K108</cusip>
    <meetingDate>04/29/2026</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation Approach</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>50350</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
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        <howVoted>For</howVoted>
        <sharesVoted>50350</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Ferguson Enterprises Inc.</issuerName>
    <cusip>31488V107</cusip>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>20200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>For</howVoted>
        <sharesVoted>20200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Danaher Corporation</issuerName>
    <cusip>235851102</cusip>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>23700</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>For</howVoted>
        <sharesVoted>23700</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Hilton Worldwide Holdings Inc.</issuerName>
    <cusip>43300A203</cusip>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>17450</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>17450</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Hilton Worldwide Holdings Inc.</issuerName>
    <cusip>43300A203</cusip>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Advisory Vote on Say on Pay Frequency</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>17450</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>17450</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Union Pacific Corporation</issuerName>
    <cusip>907818108</cusip>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>26567</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>26567</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Amazon.com, Inc.</issuerName>
    <cusip>023135106</cusip>
    <meetingDate>05/20/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>29950</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>29950</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>American Financial Group, Inc.</issuerName>
    <cusip>025932104</cusip>
    <meetingDate>05/20/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>23249</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>23249</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>CME Group Inc.</issuerName>
    <cusip>12572Q105</cusip>
    <meetingDate>06/09/2026</meetingDate>
    <voteDescription>Advisory Vote to Ratify Named Executive Officers' Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>15350</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>15350</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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