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		<issuerName>ABB AG</issuerName>
		<cusip>H0010V101</cusip>
		<isin>CH0012221716</isin>
		<meetingDate>03/19/2026</meetingDate>
		<voteDescription>APPROVE REMUNERATION REPORT (NON-BINDING)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>53690</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
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			<howVoted>FOR</howVoted>
			<sharesVoted>53690</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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	<proxyTable>
		<issuerName>ABB LTD</issuerName>
		<cusip>000375204</cusip>
		<isin>US0003752047</isin>
		<meetingDate>03/19/2026</meetingDate>
		<voteDescription>Consultative vote on the Compensation Report 2025</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>27370</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>27370</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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	<proxyTable>
		<issuerName>ABBVIE INC.</issuerName>
		<cusip>00287Y109</cusip>
		<isin>US00287Y1091</isin>
		<meetingDate>05/08/2026</meetingDate>
		<voteDescription>Say on Pay - An advisory vote on the approval of executive compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>45610</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>45610</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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	<proxyTable>
		<issuerName>ADOBE INC.</issuerName>
		<cusip>00724F101</cusip>
		<isin>US00724F1012</isin>
		<meetingDate>04/15/2026</meetingDate>
		<voteDescription>Approve, on an advisory basis, the compensation of our named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>23400</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
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			<howVoted>FOR</howVoted>
			<sharesVoted>23400</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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	<proxyTable>
		<issuerName>ADVANCED MICRO DEVICES, INC.</issuerName>
		<cusip>007903107</cusip>
		<isin>US0079031078</isin>
		<meetingDate>05/13/2026</meetingDate>
		<voteDescription>Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in the proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>18990</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>18990</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
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	<proxyTable>
		<issuerName>ALLIANZ SE</issuerName>
		<cusip>D03080112</cusip>
		<isin>DE0008404005</isin>
		<meetingDate>05/07/2026</meetingDate>
		<voteDescription>APPROVAL OF THE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>31400</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>31400</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ALPHABET INC.</issuerName>
		<cusip>02079K305</cusip>
		<isin>US02079K3059</isin>
		<meetingDate>06/05/2026</meetingDate>
		<voteDescription>Advisory vote to approve compensation awarded to named executive officers</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>240270</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>240270</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ALTRIA GROUP, INC.</issuerName>
		<cusip>02209S103</cusip>
		<isin>US02209S1033</isin>
		<meetingDate>05/14/2026</meetingDate>
		<voteDescription>Non-Binding Advisory Vote to Approve the Compensation of Altria's Named Executive Officers</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>110100</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>110100</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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	<proxyTable>
		<issuerName>AMAZON.COM, INC.</issuerName>
		<cusip>023135106</cusip>
		<isin>US0231351067</isin>
		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>239190</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>239190</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>AMERICAN ELECTRIC POWER COMPANY, INC.</issuerName>
		<cusip>025537101</cusip>
		<isin>US0255371017</isin>
		<meetingDate>04/28/2026</meetingDate>
		<voteDescription>Approval, on an advisory basis, of the Company's named executive officer compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>92500</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>92500</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
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	<proxyTable>
		<issuerName>AMERICAN TOWER CORPORATION</issuerName>
		<cusip>03027X100</cusip>
		<isin>US03027X1000</isin>
		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>To approve, on an advisory basis, the Company's executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>24590</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>24590</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>AMGEN INC.</issuerName>
		<cusip>031162100</cusip>
		<isin>US0311621009</isin>
		<meetingDate>05/19/2026</meetingDate>
		<voteDescription>Advisory vote to approve our executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>1100</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>1100</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ANZ GROUP HOLDINGS LIMITED</issuerName>
		<cusip>Q0429F119</cusip>
		<isin>AU000000ANZ3</isin>
		<meetingDate>12/18/2025</meetingDate>
		<voteDescription>ADOPTION OF THE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>661200</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>661200</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>APPLE INC.</issuerName>
		<cusip>037833100</cusip>
		<isin>US0378331005</isin>
		<meetingDate>02/24/2026</meetingDate>
		<voteDescription>Advisory vote to approve executive compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>410620</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>410620</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ASML HOLDING NV</issuerName>
		<cusip>N07059202</cusip>
		<isin>NL0010273215</isin>
		<meetingDate>04/22/2026</meetingDate>
		<voteDescription>ADVISORY VOTE ON THE REMUNERATION REPORT FOR THE BOARD OF MANAGEMENT AND THE SUPERVISORY BOARD FOR THE FINANCIAL YEAR 2025</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>2050</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>2050</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ASML HOLDINGS N.V.</issuerName>
		<cusip>N07059210</cusip>
		<isin>USN070592100</isin>
		<meetingDate>04/22/2026</meetingDate>
		<voteDescription>Advisory vote on the remuneration report for the Board of Management and the Supervisory Board for the financial year 2025</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>1000</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>1000</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>AXA SA</issuerName>
		<cusip>F06106102</cusip>
		<isin>FR0000120628</isin>
		<meetingDate>04/30/2026</meetingDate>
		<voteDescription>APPROVAL OF THE COMPONENTS OF COMPENSATION PAID DURING, OR GRANTED IN RESPECT OF, THE FISCAL YEAR ENDED DECEMBER 31,2025 TO ANTOINEGOSSET- GRAINVILLE, CHAIRMAN OF THE BOARD OF DIRECTORS</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>207900</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>207900</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>AXA SA</issuerName>
		<cusip>F06106102</cusip>
		<isin>FR0000120628</isin>
		<meetingDate>04/30/2026</meetingDate>
		<voteDescription>APPROVAL OF THE COMPONENTS OF COMPENSATION PAID DURING, OR GRANTED IN RESPECT OF, THE FISCAL YEAR ENDED DECEMBER 31,2025 TO THOMASBUBERL, CHIEF EXECUTIVE OFFICER</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>207900</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>207900</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BANCO BILBAO VIZCAYA ARGENTARIA SA</issuerName>
		<cusip>E11805103</cusip>
		<isin>ES0113211835</isin>
		<meetingDate>03/19/2026</meetingDate>
		<voteDescription>CONSULTATIVE VOTE ON THE ANNUAL REPORT ON THE REMUNERATION OF DIRECTORS OF BANCO BILBAO VIZCAYA ARGENTARIA, S.A. FOR THE FINANCIAL YEAR 2025</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>398900</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>398900</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
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	<proxyTable>
		<issuerName>BANCO SANTANDER SA</issuerName>
		<cusip>E19790109</cusip>
		<isin>ES0113900J37</isin>
		<meetingDate>03/26/2026</meetingDate>
		<voteDescription>ANNUAL DIRECTORS' REMUNERATION REPORT (CONSULTATIVE VOTE)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>1490220</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>1490220</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BANCO SANTANDER, S.A.</issuerName>
		<cusip>05964H105</cusip>
		<isin>US05964H1059</isin>
		<meetingDate>03/27/2026</meetingDate>
		<voteDescription>Annual directors' remuneration report (consultative vote).</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>131780</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>131780</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BANK OF AMERICA CORPORATION</issuerName>
		<cusip>060505104</cusip>
		<isin>US0605051046</isin>
		<meetingDate>05/04/2026</meetingDate>
		<voteDescription>Approving our executive compensation (an advisory, non-binding ''Say on Pay'' resolution)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>296260</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>296260</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BHP GROUP LTD</issuerName>
		<cusip>088606108</cusip>
		<isin>US0886061086</isin>
		<meetingDate>10/23/2025</meetingDate>
		<voteDescription>Adoption of the Remuneration Report</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>57310</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>57310</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BHP GROUP LTD</issuerName>
		<cusip>Q1498M100</cusip>
		<isin>AU000000BHP4</isin>
		<meetingDate>10/23/2025</meetingDate>
		<voteDescription>ADOPTION OF THE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>171370</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>171370</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BNP PARIBAS SA</issuerName>
		<cusip>F1058Q238</cusip>
		<isin>FR0000131104</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>VOTE ON THE COMPONENTS OF THE COMPENSATION PAID IN 2025 OR AWARDED IN RESPECT OF THE SAME FINANCIAL YEAR TO MR. JEAN LEMIERRE, CHAIRMAN OF THE BOARD OF DIRECTORS</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>212200</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>212200</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BNP PARIBAS SA</issuerName>
		<cusip>F1058Q238</cusip>
		<isin>FR0000131104</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>VOTE ON THE COMPONENTS OF THE COMPENSATION PAID IN 2025 OR AWARDED IN RESPECT OF THE SAME FINANCIAL YEAR TO MR JEAN-LAURENT BONNAFE, CHIEF EXECUTIVE OFFICER</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>212200</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>212200</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BNP PARIBAS SA</issuerName>
		<cusip>F1058Q238</cusip>
		<isin>FR0000131104</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>VOTE ON THE COMPONENTS OF THE COMPENSATION PAID IN 2025 OR AWARDED IN RESPECT OF THE SAME FINANCIAL YEAR TO MR YANN GERARDIN, DEPUTY CHIEF EXECUTIVE OFFICER</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>212200</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>212200</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BNP PARIBAS SA</issuerName>
		<cusip>F1058Q238</cusip>
		<isin>FR0000131104</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>VOTE ON THE COMPONENTS OF THE COMPENSATION PAID IN 2025 OR AWARDED IN RESPECT OF THE SAME YEAR TO MR. THIERRY LABORDE, DEPUTY CHIEF EXECUTIVE OFFICER</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>212200</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>212200</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BNP PARIBAS SA</issuerName>
		<cusip>F1058Q238</cusip>
		<isin>FR0000131104</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>ADVISORY VOTE ON THE OVERALL AMOUNT OF COMPENSATION OF ANY KIND PAID DURING 2025 TO EXECUTIVE OFFICERS AND CERTAIN CATEGORIES OF PERSONNEL</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>212200</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>212200</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BOSTON SCIENTIFIC CORPORATION</issuerName>
		<cusip>101137107</cusip>
		<isin>US1011371077</isin>
		<meetingDate>04/30/2026</meetingDate>
		<voteDescription>To approve, on a non-binding, advisory basis, the compensation of our named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>85920</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>85920</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>BROADCOM INC</issuerName>
		<cusip>11135F101</cusip>
		<isin>US11135F1012</isin>
		<meetingDate>04/20/2026</meetingDate>
		<voteDescription>Advisory vote to approve the named executive officer compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>97920</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>97920</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>CHEVRON CORPORATION</issuerName>
		<cusip>166764100</cusip>
		<isin>US1667641005</isin>
		<meetingDate>05/27/2026</meetingDate>
		<voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>51510</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>51510</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>CHIPOTLE MEXICA GRILL, INC.</issuerName>
		<cusip>169656105</cusip>
		<isin>US1696561059</isin>
		<meetingDate>06/11/2026</meetingDate>
		<voteDescription>An advisory vote to approve the compensation of our executive officers as disclosed in the proxy statement ("say on pay").</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>237550</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>237550</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>CHUBB LIMITED</issuerName>
		<cusip>H1467J104</cusip>
		<isin>CH0044328745</isin>
		<meetingDate>05/21/2026</meetingDate>
		<voteDescription>Advisory vote to approve executive compensation under U.S. securities law requirements</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>37090</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>37090</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>CISCO SYSTEMS, INC.</issuerName>
		<cusip>17275R102</cusip>
		<isin>US17275R1023</isin>
		<meetingDate>12/16/2025</meetingDate>
		<voteDescription>Approval, on an advisory basis, of executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>127110</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>127110</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>CME GROUP INC.</issuerName>
		<cusip>12572Q105</cusip>
		<isin>US12572Q1058</isin>
		<meetingDate>06/09/2026</meetingDate>
		<voteDescription>Advisory vote on the compensation of our named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>59970</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>59970</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>COMCAST CORPORATION</issuerName>
		<cusip>20030N101</cusip>
		<isin>US20030N1019</isin>
		<meetingDate>06/10/2026</meetingDate>
		<voteDescription>Advisory vote on executive compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>103160</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>103160</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>COMMONWEALTH BANK OF AUSTRALIA</issuerName>
		<cusip>Q26915100</cusip>
		<isin>AU000000CBA7</isin>
		<meetingDate>10/15/2025</meetingDate>
		<voteDescription>ADOPTION OF THE 2025 REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>268700</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>268700</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>COSTCO WHOLESALE CORPORATION</issuerName>
		<cusip>22160K105</cusip>
		<isin>US22160K1051</isin>
		<meetingDate>01/15/2026</meetingDate>
		<voteDescription>Approval, on an advisory basis, of executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>8400</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>8400</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>CROWN CASTLE INC.</issuerName>
		<cusip>22822V101</cusip>
		<isin>US22822V1017</isin>
		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>The non-binding, advisory vote to approve the compensation of the Company's named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>40860</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>40860</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>DANAHER CORPORATION</issuerName>
		<cusip>235851102</cusip>
		<isin>US2358511028</isin>
		<meetingDate>05/05/2026</meetingDate>
		<voteDescription>To approve on an advisory basis the Company's named executive officer compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>40320</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>40320</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>DEUTSCHE BOERSE AG</issuerName>
		<cusip>D1882G119</cusip>
		<isin>DE0005810055</isin>
		<meetingDate>05/13/2026</meetingDate>
		<voteDescription>RESOLUTION ON THE APPROVAL OF THE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>14350</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>14350</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>DEUTSCHE TELEKOM AG</issuerName>
		<cusip>D2035M136</cusip>
		<isin>DE0005557508</isin>
		<meetingDate>04/01/2026</meetingDate>
		<voteDescription>RESOLUTION ON THE APPROVAL OF THE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>196810</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>196810</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>DEUTSCHE TELEKOM AG</issuerName>
		<cusip>251566105</cusip>
		<isin>US2515661054</isin>
		<meetingDate>04/01/2026</meetingDate>
		<voteDescription>Resolution on the approval of the remuneration report</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>99960</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>ABSTAIN</howVoted>
			<sharesVoted>99960</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>DIGITAL REALTY TRUST, INC.</issuerName>
		<cusip>253868103</cusip>
		<isin>US2538681030</isin>
		<meetingDate>05/29/2026</meetingDate>
		<voteDescription>To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers, as more fully described in the accompanying Proxy Statement (Say-on-Pay).</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>19520</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>19520</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>DUKE ENERGY CORPORATION</issuerName>
		<cusip>26441C204</cusip>
		<isin>US26441C2044</isin>
		<meetingDate>05/07/2026</meetingDate>
		<voteDescription>Advisory vote to approve Duke Energy's named executive officer compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>182170</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>182170</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>EDWARDS LIFESCIENCES CORPORATION</issuerName>
		<cusip>28176E108</cusip>
		<isin>US28176E1082</isin>
		<meetingDate>05/07/2026</meetingDate>
		<voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>91790</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>91790</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ELI LILLY AND COMPANY</issuerName>
		<cusip>532457108</cusip>
		<isin>US5324571083</isin>
		<meetingDate>05/04/2026</meetingDate>
		<voteDescription>Approval, on an advisory basis, of the compensation paid to the company's named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>14590</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>14590</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ENEL S.P.A.</issuerName>
		<cusip>T3679P115</cusip>
		<isin>IT0003128367</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>REPORT ON REMUNERATION POLICY AND FEES PAID - SECOND SECTION: REPORT ON THE FEES PAID IN 2025 (NON-BINDING RESOLUTION)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>0</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>No Vote</howVoted>
			<sharesVoted>0</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>EURONEXT NV</issuerName>
		<cusip>N3113K397</cusip>
		<isin>NL0006294274</isin>
		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>APPROVE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>30920</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>30920</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>EXXON MOBIL CORPORATION</issuerName>
		<cusip>30231G102</cusip>
		<isin>US30233Q1085</isin>
		<meetingDate>05/27/2026</meetingDate>
		<voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>184290</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>184290</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>GSK PLC</issuerName>
		<cusip>G3910J179</cusip>
		<isin>GB00BN7SWP63</isin>
		<meetingDate>05/06/2026</meetingDate>
		<voteDescription>TO APPROVE THE ANNUAL REPORT ON REMUNERATION</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>414700</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>414700</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>HALLIBURTON COMPANY</issuerName>
		<cusip>406216101</cusip>
		<isin>US4062161017</isin>
		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>Advisory Approval of Executive Compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>58760</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>58760</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>IBERDROLA SA</issuerName>
		<cusip>E6165F166</cusip>
		<isin>ES0144580Y14</isin>
		<meetingDate>05/29/2026</meetingDate>
		<voteDescription>CONSULTATIVE VOTE ON THE ANNUAL REPORT ON REMUNERATION OF DIRECTORS AND OFFICERS 2025</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>711742</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>711742</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>IBERDROLA SA</issuerName>
		<cusip>450737101</cusip>
		<isin>US4507371015</isin>
		<meetingDate>05/29/2026</meetingDate>
		<voteDescription>Consultative vote on the "Annual Report on Remuneration of Directors and Officers 2025".</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>9813</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>9813</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>ILLINOIS TOOL WORKS INC.</issuerName>
		<cusip>452308109</cusip>
		<isin>US4523081093</isin>
		<meetingDate>05/08/2026</meetingDate>
		<voteDescription>Advisory vote to approve executive compensation of ITW's named executive officers;</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>36930</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>36930</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>INTERNATIONAL BUSINESS MACHINES CORP.</issuerName>
		<cusip>459200101</cusip>
		<isin>US4592001014</isin>
		<meetingDate>04/28/2026</meetingDate>
		<voteDescription>Advisory Vote on Executive Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>48100</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>48100</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>INTESA SANPAOLO SPA</issuerName>
		<cusip>T55067101</cusip>
		<isin>IT0000072618</isin>
		<meetingDate>04/30/2026</meetingDate>
		<voteDescription>REMUNERATION: REPORT ON REMUNERATION POLICY AND COMPENSATION PAID: NON-BINDING RESOLUTION ON SECTION II - DISCLOSURE ON COMPENSATION PAID IN THE FINANCIAL YEAR 2025</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>443590</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>443590</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>INTUITIVE SURGICAL, INC.</issuerName>
		<cusip>46120E602</cusip>
		<isin>US46120E6023</isin>
		<meetingDate>04/30/2026</meetingDate>
		<voteDescription>To approve, by advisory vote, the compensation of the Company's Named Executive Officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>17180</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>17180</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>JOHNSON &amp; JOHNSON</issuerName>
		<cusip>478160104</cusip>
		<isin>US4781601046</isin>
		<meetingDate>04/23/2026</meetingDate>
		<voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>122100</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>122100</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>JPMORGAN CHASE &amp; CO.</issuerName>
		<cusip>46625H100</cusip>
		<isin>US46625H1005</isin>
		<meetingDate>05/19/2026</meetingDate>
		<voteDescription>Advisory resolution to approve executive compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>167470</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>167470</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>LINDE PLC</issuerName>
		<cusip>G54950103</cusip>
		<isin>IE000S9YS762</isin>
		<meetingDate>07/29/2025</meetingDate>
		<voteDescription>To approve, on an advisory and non-binding basis, the compensation of Linde plc's Named Executive Officers, as disclosed in the 2025 Proxy statement.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>5590</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>5590</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>LINDE PLC</issuerName>
		<cusip>G54950103</cusip>
		<isin>IE000S9YS762</isin>
		<meetingDate>07/29/2025</meetingDate>
		<voteDescription>To recommend, on an advisory and non-binding basis, the frequency of holding future advisory shareholder votes on the compensation of Linde plc's Named Executive Officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>5590</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>5590</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>LLOYDS BANKING GROUP PLC</issuerName>
		<cusip>539439109</cusip>
		<isin>US5394391099</isin>
		<meetingDate>05/14/2026</meetingDate>
		<voteDescription>To approve the Directors' remuneration report</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>408270</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>408270</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>LLOYDS BANKING GROUP PLC</issuerName>
		<cusip>G5533W248</cusip>
		<isin>GB0008706128</isin>
		<meetingDate>05/14/2026</meetingDate>
		<voteDescription>TO APPROVE THE DIRECTORSREMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>16565080</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>16565080</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>LVMH MOET HENNESSY LOUIS VUITTON SE</issuerName>
		<cusip>F58485115</cusip>
		<isin>FR0000121014</isin>
		<meetingDate>04/23/2026</meetingDate>
		<voteDescription>APPROVAL OF THE ITEMS OF COMPENSATION PAID DURING FISCAL YEAR 2025 AND AWARDED IN RESPECT OF THAT YEAR TO THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER, BERNARD ARNAULT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>11430</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>11430</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>MARRIOTT INTERNATIONAL, INC.</issuerName>
		<cusip>571903202</cusip>
		<isin>US5719032022</isin>
		<meetingDate>05/08/2026</meetingDate>
		<voteDescription>ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>25880</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>25880</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>MASTERCARD INCORPORATED</issuerName>
		<cusip>57636Q104</cusip>
		<isin>US57636Q1040</isin>
		<meetingDate>06/16/2026</meetingDate>
		<voteDescription>Advisory approval of Mastercard's executive compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>13390</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>13390</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>MCKESSON CORPORATION</issuerName>
		<cusip>58155Q103</cusip>
		<isin>US58155Q1031</isin>
		<meetingDate>07/30/2025</meetingDate>
		<voteDescription>Advisory Vote to Approve the Company's Executive Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>2500</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>2500</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>MERCK &amp; CO., INC.</issuerName>
		<cusip>58933Y105</cusip>
		<isin>US58933Y1055</isin>
		<meetingDate>05/26/2026</meetingDate>
		<voteDescription>Non-binding advisory vote to approve the compensation of our named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>40300</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>40300</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>META PLATFORMS, INC.</issuerName>
		<cusip>30303M102</cusip>
		<isin>US30303M1027</isin>
		<meetingDate>05/27/2026</meetingDate>
		<voteDescription>A shareholder proposal regarding annual vote regarding executive pay.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>57160</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>AGAINST</howVoted>
			<sharesVoted>57160</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>MICROSOFT CORPORATION</issuerName>
		<cusip>594918104</cusip>
		<isin>US5949181045</isin>
		<meetingDate>12/05/2025</meetingDate>
		<voteDescription>Advisory Vote to Approve Named Executive Officer Compensation (''say-on-pay vote'')</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>155910</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>155910</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AKTIENG</issuerName>
		<cusip>D55535104</cusip>
		<isin>DE0008430026</isin>
		<meetingDate>04/29/2026</meetingDate>
		<voteDescription>APPROVE REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>11600</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>11600</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>NATIONAL AUSTRALIA BANK LTD</issuerName>
		<cusip>Q65336119</cusip>
		<isin>AU000000NAB4</isin>
		<meetingDate>12/12/2025</meetingDate>
		<voteDescription>REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>730900</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>730900</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>NESTLE S.A.</issuerName>
		<cusip>641069406</cusip>
		<isin>US6410694060</isin>
		<meetingDate>04/16/2026</meetingDate>
		<voteDescription>Acceptance of the Compensation Report 2025 (advisory vote)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>22890</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>22890</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>NESTLE S.A.</issuerName>
		<cusip>H57312649</cusip>
		<isin>CH0038863350</isin>
		<meetingDate>04/16/2026</meetingDate>
		<voteDescription>ACCEPTANCE OF THE COMPENSATION REPORT 2025 (ADVISORY VOTE)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>39646</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>39646</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>NETFLIX, INC.</issuerName>
		<cusip>64110L106</cusip>
		<isin>US64110L1061</isin>
		<meetingDate>06/04/2026</meetingDate>
		<voteDescription>Advisory approval of named executive officer compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>63350</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>63350</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>NEWMONT CORPORATION</issuerName>
		<cusip>651639106</cusip>
		<isin>US6516391066</isin>
		<meetingDate>05/12/2026</meetingDate>
		<voteDescription>Approval of the advisory resolution on Newmont's executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>47000</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>47000</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
			</voteRecord>
		</vote>
	</proxyTable>
	<proxyTable>
		<issuerName>NEXTERA ENERGY, INC.</issuerName>
		<cusip>65339F101</cusip>
		<isin>US65339F1012</isin>
		<meetingDate>05/21/2026</meetingDate>
		<voteDescription>Approval, by non-binding advisory vote, of NextEra Energy's compensation of its named executive officers as disclosed in the proxy statement.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>33330</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
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		<issuerName>THE COCA-COLA COMPANY</issuerName>
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		<meetingDate>04/29/2026</meetingDate>
		<voteDescription>Conduct an advisory vote to approve executive compensation</voteDescription>
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		<issuerName>THE HARTFORD INSURANCE GROUP, INC.</issuerName>
		<cusip>416515104</cusip>
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		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>Management proposal to approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's proxy statement</voteDescription>
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		<voteSource>ISSUER</voteSource>
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		<issuerName>THE HOME DEPOT, INC.</issuerName>
		<cusip>437076102</cusip>
		<isin>US4370761029</isin>
		<meetingDate>05/21/2026</meetingDate>
		<voteDescription>Advisory Vote to Approve Executive Compensation ("Say-on-Pay")</voteDescription>
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		<voteSource>ISSUER</voteSource>
		<sharesVoted>46400</sharesVoted>
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			<sharesVoted>46400</sharesVoted>
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		<issuerName>THE MACERICH COMPANY</issuerName>
		<cusip>554382101</cusip>
		<isin>US5543821012</isin>
		<meetingDate>06/01/2026</meetingDate>
		<voteDescription>Advisory vote to approve our named executive officer compensation as described in our Proxy Statement.</voteDescription>
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			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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		<voteSource>ISSUER</voteSource>
		<sharesVoted>1</sharesVoted>
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			<sharesVoted>1</sharesVoted>
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		<issuerName>THE PROCTER &amp; GAMBLE COMPANY</issuerName>
		<cusip>742718109</cusip>
		<isin>US7427181091</isin>
		<meetingDate>10/14/2025</meetingDate>
		<voteDescription>Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote)</voteDescription>
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			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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		<voteSource>ISSUER</voteSource>
		<sharesVoted>164480</sharesVoted>
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			<sharesVoted>164480</sharesVoted>
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		<issuerName>THE SOUTHERN COMPANY</issuerName>
		<cusip>842587107</cusip>
		<isin>US8425871071</isin>
		<meetingDate>05/13/2026</meetingDate>
		<voteDescription>Advisory vote to approve executive compensation</voteDescription>
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			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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		<voteSource>ISSUER</voteSource>
		<sharesVoted>146380</sharesVoted>
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		<vote>
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			<howVoted>FOR</howVoted>
			<sharesVoted>146380</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>THE WALT DISNEY COMPANY</issuerName>
		<cusip>254687106</cusip>
		<isin>US2546871060</isin>
		<meetingDate>03/18/2026</meetingDate>
		<voteDescription>Consideration of an advisory vote to approve executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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		<voteSource>ISSUER</voteSource>
		<sharesVoted>42240</sharesVoted>
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		<vote>
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			<sharesVoted>42240</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>THERMO FISHER SCIENTIFIC INC.</issuerName>
		<cusip>883556102</cusip>
		<isin>US8835561023</isin>
		<meetingDate>05/20/2026</meetingDate>
		<voteDescription>An advisory vote to approve named executive officer compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>16140</sharesVoted>
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		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>16140</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>TOTALENERGIES SE</issuerName>
		<cusip>F92124100</cusip>
		<isin>FR0000120271</isin>
		<meetingDate>05/29/2026</meetingDate>
		<voteDescription>Approval of the fixed, variable and extraordinary components making up the total compensation and the in-kind benefits paid during the fiscal year 2025 or allocated for that year to Mr. Patrick Pouyann&#233;, Chairman and Chief Executive Officer.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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		<voteSource>ISSUER</voteSource>
		<sharesVoted>90100</sharesVoted>
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		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>90100</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>U.S. BANCORP</issuerName>
		<cusip>902973304</cusip>
		<isin>US9029733048</isin>
		<meetingDate>04/21/2026</meetingDate>
		<voteDescription>An advisory vote to approve the compensation of our executives disclosed in the proxy statement.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>101040</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>101040</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>UNICREDIT SPA</issuerName>
		<cusip>T9T23L642</cusip>
		<isin>IT0005239360</isin>
		<meetingDate>03/31/2026</meetingDate>
		<voteDescription>REPORT ON COMPENSATION PAID</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>47500</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>47500</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>UNION PACIFIC CORPORATION</issuerName>
		<cusip>907818108</cusip>
		<isin>US9078181081</isin>
		<meetingDate>05/14/2026</meetingDate>
		<voteDescription>Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>61340</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>61340</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>UNITEDHEALTH GROUP INCORPORATED</issuerName>
		<cusip>91324P102</cusip>
		<isin>US91324P1021</isin>
		<meetingDate>06/01/2026</meetingDate>
		<voteDescription>Advisory approval of the Company's executive compensation.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>14800</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>14800</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>VERIZON COMMUNICATIONS INC.</issuerName>
		<cusip>92343V104</cusip>
		<isin>US92343V1044</isin>
		<meetingDate>05/21/2026</meetingDate>
		<voteDescription>Advisory vote to approve executive compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>144000</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>144000</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>VINCI SA</issuerName>
		<cusip>F5879X108</cusip>
		<isin>FR0000125486</isin>
		<meetingDate>04/14/2026</meetingDate>
		<voteDescription>APPROVE COMPENSATION OF XAVIER HUILLARD</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>26400</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>26400</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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	<proxyTable>
		<issuerName>VINCI SA</issuerName>
		<cusip>F5879X108</cusip>
		<isin>FR0000125486</isin>
		<meetingDate>04/14/2026</meetingDate>
		<voteDescription>APPROVE COMPENSATION OF PIERRE ANJOLRAS</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>26400</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>26400</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>VISA INC.</issuerName>
		<cusip>92826C839</cusip>
		<isin>US92826C8394</isin>
		<meetingDate>01/27/2026</meetingDate>
		<voteDescription>To approve, on an advisory basis, the compensation paid to our named executive officers.</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>21520</sharesVoted>
		<sharesOnLoan>2240</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>21520</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>WALMART INC.</issuerName>
		<cusip>931142103</cusip>
		<isin>US9311421039</isin>
		<meetingDate>06/04/2026</meetingDate>
		<voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>68140</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>68140</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>WESTPAC BANKING CORP</issuerName>
		<cusip>Q97417101</cusip>
		<isin>AU000000WBC1</isin>
		<meetingDate>12/11/2025</meetingDate>
		<voteDescription>REMUNERATION REPORT</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>834500</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>834500</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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		<issuerName>ZURICH INSURANCE GROUP AG</issuerName>
		<cusip>H9870Y105</cusip>
		<isin>CH0011075394</isin>
		<meetingDate>04/08/2026</meetingDate>
		<voteDescription>APPROVE REMUNERATION REPORT (NON-BINDING)</voteDescription>
		<voteCategories>
			<voteCategory>
				<categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
			</voteCategory>
	 	</voteCategories>
		<voteSource>ISSUER</voteSource>
		<sharesVoted>8800</sharesVoted>
		<sharesOnLoan>0</sharesOnLoan>
		<vote>
			<voteRecord>
			<howVoted>FOR</howVoted>
			<sharesVoted>8800</sharesVoted>
			<managementRecommendation>FOR</managementRecommendation>
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