Reported portfolio
William von Mueffling
Cantillon Capital Management LLC
Last update 2026-07-29
- Reported portfolio value
- $665,113,000
- Current positions
- 27
- Top five concentration
- 40.3%
- Largest position
- 10.6%
- New positions
- 0
- Closed positions
- 11
Reported holdings
38 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
AVGO BROADCOM INC | 10.61% | Reduced 95.4% | 186,760−3,869,242 | $378 | $70,549,000−$1,184,825,000 | 13F2026-06-30 ↗ |
GOOGL ALPHABET INC | 9.19% | Reduced 95.4% | 171,066−3,543,995 | $357 | $61,134,000−$1,007,169,000 | 13F2026-06-30 ↗ |
TSM TAIWAN SEMICONDUCTOR MANUFAC | 8.24% | Reduced 95.4% | 114,820−2,378,731 | $478 | $54,835,000−$787,861,000 | 13F2026-06-30 ↗ |
IBKR INTERACTIVE BROKERS GROUP IN | 6.78% | Reduced 95.4% | 517,833−10,728,048 | $87 | $45,072,000−$709,189,000 | 13F2026-06-30 ↗ |
AMAT APPLIED MATLS INC | 5.45% | Reduced 96.7% | 50,176−1,471,667 | $723 | $36,277,000−$483,873,000 | 13F2026-06-30 ↗ |
ADI ANALOG DEVICES INC | 5.26% | Reduced 95.4% | 88,014−1,823,477 | $397 | $34,957,000−$573,165,000 | 13F2026-06-30 ↗ |
SPGI S&P GLOBAL INC | 4.36% | Reduced 95.4% | 71,249−1,476,054 | $407 | $29,017,000−$629,113,000 | 13F2026-06-30 ↗ |
V VISA INC | 4.31% | Reduced 95.1% | 83,643−1,634,515 | $343 | $28,697,000−$490,599,000 | 13F2026-06-30 ↗ |
MSFT MICROSOFT CORP | 3.86% | Reduced 93.8% | 68,901−1,043,364 | $373 | $25,701,000−$386,026,000 | 13F2026-06-30 ↗ |
CBRE CBRE GROUP INC | 3.67% | Reduced 95.4% | 181,083−3,750,893 | $135 | $24,390,000−$508,235,000 | 13F2026-06-30 ↗ |
LYV LIVE NATION ENTERTAINMENT IN | 3.12% | Reduced 95.4% | 113,503−2,351,556 | $183 | $20,784,000−$355,163,000 | 13F2026-06-30 ↗ |
BLK BLACKROCK INC | 3.02% | Reduced 95.4% | 20,873−432,409 | $962 | $20,071,000−$415,855,000 | 13F2026-06-30 ↗ |
FERG FERGUSON ENTERPRISES INC | 2.87% | Reduced 95.4% | 80,548−1,668,754 | $237 | $19,116,000−$388,926,000 | 13F2026-06-30 ↗ |
FAST FASTENAL CO | 2.72% | Reduced 95.4% | 376,044−7,790,620 | $48 | $18,061,000−$360,872,000 | 13F2026-06-30 ↗ |
ENTG ENTEGRIS INC | 2.70% | Reduced 95.4% | 99,756−2,066,672 | $180 | $17,942,000−$236,050,000 | 13F2026-06-30 ↗ |
CP CANADIAN PACIFIC KANSAS CITY | 2.60% | Reduced 95.4% | 199,860−4,144,575 | $87 | $17,318,000−$324,415,000 | 13F2026-06-30 ↗ |
UBER UBER TECHNOLOGIES INC | 2.59% | Reduced 95.4% | 238,965−4,954,899 | $72 | $17,244,000−$356,351,000 | 13F2026-06-30 ↗ |
A AGILENT TECHNOLOGIES INC | 2.53% | Reduced 95.4% | 126,437−2,619,392 | $133 | $16,795,000−$296,175,000 | 13F2026-06-30 ↗ |
ICE INTERCONTINENTAL EXCHANGE IN | 2.51% | Reduced 95.4% | 135,468−2,806,486 | $123 | $16,677,000−$446,033,000 | 13F2026-06-30 ↗ |
ORCL ORACLE CORP | 2.32% | Reduced 91.8% | 105,457−1,177,728 | $147 | $15,455,000−$173,315,000 | 13F2026-06-30 ↗ |
CME CME GROUP INC | 2.12% | Reduced 95.4% | 63,835−1,322,511 | $221 | $14,097,000−$395,361,000 | 13F2026-06-30 ↗ |
YUM YUM BRANDS INC | 2.01% | Reduced 95.4% | 83,427−1,728,369 | $160 | $13,337,000−$268,361,000 | 13F2026-06-30 ↗ |
TW TRADEWEB MKTS INC | 1.63% | Reduced 95.4% | 108,989−2,258,052 | $100 | $10,862,000−$267,644,000 | 13F2026-06-30 ↗ |
SSNC SS&C TECH HLDGS | 1.61% | Reduced 95.4% | 172,816−3,580,277 | $62 | $10,723,000−$242,873,000 | 13F2026-06-30 ↗ |
SPOT SPOTIFY TECHNOLOGY S A | 1.40% | Reduced 95.4% | 20,216−419,137 | $459 | $9,282,000−$203,765,000 | 13F2026-06-30 ↗ |
TCOM TRIP COM GROUP LTD | 1.28% | Reduced 95.3% | 214,242−4,375,379 | $40 | $8,535,000−$219,982,000 | 13F2026-06-30 ↗ |
MCO MOODYS CORP | 1.23% | Reduced 95.4% | 18,075−374,438 | $453 | $8,187,000−$163,047,000 | 13F2026-06-30 ↗ |
TMO THERMO FISHER SCIENTIFIC INC | 0.00% | Exited | 0−769,698 | $492 | $0−$378,330,000 | 13F2026-06-30 ↗ |
AON AON PLC | 0.00% | Exited | 0−1,095,574 | $323 | $0−$353,629,000 | 13F2026-06-30 ↗ |
EFX EQUIFAX INC | 0.00% | Exited | 0−1,791,379 | $180 | $0−$322,574,000 | 13F2026-06-30 ↗ |
IQV IQVIA HLDGS INC | 0.00% | Exited | 0−1,710,896 | $171 | $0−$291,776,000 | 13F2026-06-30 ↗ |
AMT AMERICAN TOWER CORP | 0.00% | Exited | 0−1,612,473 | $173 | $0−$278,281,000 | 13F2026-06-30 ↗ |
ADBE ADOBE INC | 0.00% | Exited | 0−1,019,710 | $243 | $0−$247,871,000 | 13F2026-06-30 ↗ |
ALC ALCON AG | 0.00% | Exited | 0−2,507,095 | $75 | $0−$188,910,000 | 13F2026-06-30 ↗ |
FLUT FLUTTER ENTMT PLC | 0.00% | Exited | 0−1,375,776 | $102 | $0−$140,260,000 | 13F2026-06-30 ↗ |
TME TENCENT MUSIC ENTMT GROUP | 0.00% | Exited | 0−13,382,595 | $9 | $0−$124,190,000 | 13F2026-06-30 ↗ |
LPLA LPL FINL HLDGS INC | 0.00% | Exited | 0−324,927 | $301 | $0−$97,748,000 | 13F2026-06-30 ↗ |
FWONK LIBERTY MEDIA CORP DEL | 0.00% | Exited | 0−1,035,685 | $85 | $0−$88,054,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 10.61% | 186,760 | $70,549,000 |
| GOOGL | ALPHABET INC | 9.19% | 171,066 | $61,134,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 8.24% | 114,820 | $54,835,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 6.78% | 517,833 | $45,072,000 |
| AMAT | APPLIED MATLS INC | 5.45% | 50,176 | $36,277,000 |
| ADI | ANALOG DEVICES INC | 5.26% | 88,014 | $34,957,000 |
| SPGI | S&P GLOBAL INC | 4.36% | 71,249 | $29,017,000 |
| V | VISA INC | 4.31% | 83,643 | $28,697,000 |
| MSFT | MICROSOFT CORP | 3.86% | 68,901 | $25,701,000 |
| CBRE | CBRE GROUP INC | 3.67% | 181,083 | $24,390,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 3.12% | 113,503 | $20,784,000 |
| BLK | BLACKROCK INC | 3.02% | 20,873 | $20,071,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.87% | 80,548 | $19,116,000 |
| FAST | FASTENAL CO | 2.72% | 376,044 | $18,061,000 |
| ENTG | ENTEGRIS INC | 2.70% | 99,756 | $17,942,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 2.60% | 199,860 | $17,318,000 |
| UBER | UBER TECHNOLOGIES INC | 2.59% | 238,965 | $17,244,000 |
| A | AGILENT TECHNOLOGIES INC | 2.53% | 126,437 | $16,795,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 2.51% | 135,468 | $16,677,000 |
| ORCL | ORACLE CORP | 2.32% | 105,457 | $15,455,000 |
| CME | CME GROUP INC | 2.12% | 63,835 | $14,097,000 |
| YUM | YUM BRANDS INC | 2.01% | 83,427 | $13,337,000 |
| TW | TRADEWEB MKTS INC | 1.63% | 108,989 | $10,862,000 |
| SSNC | SS&C TECH HLDGS | 1.61% | 172,816 | $10,723,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 1.40% | 20,216 | $9,282,000 |
| TCOM | TRIP COM GROUP LTD | 1.28% | 214,242 | $8,535,000 |
| MCO | MOODYS CORP | 1.23% | 18,075 | $8,187,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 8.34% | 4,056,002 | $1,255,373,000 |
| GOOGL | ALPHABET INC | 7.10% | 3,715,061 | $1,068,303,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 5.60% | 2,493,551 | $842,696,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 5.01% | 11,245,881 | $754,261,000 |
| SPGI | S&P GLOBAL INC | 4.37% | 1,547,303 | $658,130,000 |
| ADI | ANALOG DEVICES INC | 4.04% | 1,911,491 | $608,122,000 |
| CBRE | CBRE GROUP INC | 3.54% | 3,931,976 | $532,625,000 |
| AMAT | APPLIED MATLS INC | 3.46% | 1,521,843 | $520,151,000 |
| V | VISA INC | 3.45% | 1,718,158 | $519,296,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.07% | 2,941,954 | $462,711,000 |
| BLK | BLACKROCK INC | 2.90% | 453,282 | $435,926,000 |
| MSFT | MICROSOFT CORP | 2.74% | 1,112,265 | $411,727,000 |
| CME | CME GROUP INC | 2.72% | 1,386,346 | $409,457,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.71% | 1,749,302 | $408,042,000 |
| FAST | FASTENAL CO | 2.52% | 8,166,664 | $378,933,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 2.51% | 769,698 | $378,330,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.50% | 2,465,059 | $375,946,000 |
| UBER | UBER TECHNOLOGIES INC | 2.48% | 5,193,864 | $373,595,000 |
| AON | AON PLC | 2.35% | 1,095,574 | $353,629,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 2.27% | 4,344,435 | $341,733,000 |
| EFX | EQUIFAX INC | 2.14% | 1,791,379 | $322,574,000 |
| A | AGILENT TECHNOLOGIES INC | 2.08% | 2,745,829 | $312,970,000 |
| IQV | IQVIA HLDGS INC | 1.94% | 1,710,896 | $291,776,000 |
| YUM | YUM BRANDS INC | 1.87% | 1,811,796 | $281,698,000 |
| TW | TRADEWEB MKTS INC | 1.85% | 2,367,041 | $278,506,000 |
| AMT | AMERICAN TOWER CORP | 1.85% | 1,612,473 | $278,281,000 |
| ENTG | ENTEGRIS INC | 1.69% | 2,166,428 | $253,992,000 |
| SSNC | SS&C TECH HLDGS | 1.68% | 3,753,093 | $253,596,000 |
| ADBE | ADOBE INC | 1.65% | 1,019,710 | $247,871,000 |
| TCOM | TRIP COM GROUP LTD | 1.52% | 4,589,621 | $228,517,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 1.42% | 439,353 | $213,047,000 |
| ALC | ALCON AG | 1.26% | 2,507,095 | $188,910,000 |
| ORCL | ORACLE CORP | 1.25% | 1,283,185 | $188,769,000 |
| MCO | MOODYS CORP | 1.14% | 392,513 | $171,234,000 |
| FLUT | FLUTTER ENTMT PLC | 0.93% | 1,375,776 | $140,260,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 0.83% | 13,382,595 | $124,190,000 |
| LPLA | LPL FINL HLDGS INC | 0.65% | 324,927 | $97,748,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 0.59% | 1,035,685 | $88,054,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 8.62% | 4,604,301 | $1,593,549,000 |
| GOOGL | ALPHABET INC | 7.13% | 4,215,234 | $1,319,368,000 |
| SPGI | S&P GLOBAL INC | 4.96% | 1,755,624 | $917,472,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4.65% | 2,829,278 | $859,789,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 4.44% | 12,759,904 | $820,589,000 |
| AMAT | APPLIED MATLS INC | 4.13% | 2,973,661 | $764,201,000 |
| CBRE | CBRE GROUP INC | 3.88% | 4,460,586 | $717,218,000 |
| V | VISA INC | 3.70% | 1,949,488 | $683,705,000 |
| MSFT | MICROSOFT CORP | 3.30% | 1,262,019 | $610,338,000 |
| ADI | ANALOG DEVICES INC | 3.18% | 2,168,792 | $588,176,000 |
| BLK | BLACKROCK INC | 2.98% | 514,252 | $550,424,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 2.92% | 3,337,982 | $540,620,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 2.74% | 873,322 | $506,046,000 |
| FLUT | FLUTTER ENTMT PLC | 2.63% | 2,264,025 | $486,856,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.39% | 1,984,854 | $441,888,000 |
| AON | AON PLC | 2.37% | 1,243,018 | $438,636,000 |
| IQV | IQVIA HLDGS INC | 2.37% | 1,941,144 | $437,553,000 |
| CME | CME GROUP INC | 2.32% | 1,573,017 | $429,559,000 |
| A | AGILENT TECHNOLOGIES INC | 2.29% | 3,115,638 | $423,945,000 |
| UBER | UBER TECHNOLOGIES INC | 2.27% | 5,140,663 | $420,044,000 |
| ADBE | ADOBE INC | 2.19% | 1,157,237 | $405,021,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.16% | 2,797,205 | $398,602,000 |
| EFX | EQUIFAX INC | 2.02% | 1,723,998 | $374,073,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.01% | 4,258,493 | $372,277,000 |
| FAST | FASTENAL CO | 2.01% | 9,266,888 | $371,880,000 |
| TCOM | TRIP COM GROUP LTD | 1.82% | 4,669,778 | $335,804,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 1.77% | 18,708,502 | $327,960,000 |
| AMT | AMERICAN TOWER CORP NEW | 1.74% | 1,830,525 | $321,385,000 |
| YUM | YUM BRANDS INC | 1.68% | 2,055,883 | $311,014,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.68% | 4,207,858 | $309,825,000 |
| TW | TRADEWEB MKTS INC | 1.56% | 2,688,245 | $289,094,000 |
| MCO | MOODYS CORP | 1.23% | 445,400 | $227,533,000 |
| ALC | ALCON AG | 1.21% | 2,845,121 | $224,224,000 |
| ENTG | ENTEGRIS INC | 1.12% | 2,459,153 | $207,184,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 0.91% | 1,706,899 | $168,147,000 |
| ORCL | ORACLE CORP | 0.91% | 860,677 | $167,755,000 |
| LPLA | LPL FINL HLDGS INC | 0.71% | 369,068 | $131,820,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 8.54% | 4,699,739 | $1,550,491,000 |
| GOOGL | ALPHABET INC | 5.60% | 4,183,532 | $1,017,017,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 4.80% | 12,664,026 | $871,412,000 |
| SPGI | S&P GLOBAL INC | 4.67% | 1,742,415 | $848,051,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4.32% | 2,807,971 | $784,238,000 |
| CBRE | CBRE GROUP INC | 3.84% | 4,427,021 | $697,521,000 |
| V | VISA INC | 3.64% | 1,934,842 | $660,516,000 |
| MSFT | MICROSOFT CORP | 3.57% | 1,252,524 | $648,745,000 |
| AMAT | APPLIED MATLS INC | 3.33% | 2,951,260 | $604,241,000 |
| BLK | BLACKROCK INC | 3.28% | 510,402 | $595,062,000 |
| FLUT | FLUTTER ENTMT PLC | 3.14% | 2,247,096 | $570,762,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.07% | 3,312,950 | $558,166,000 |
| ADI | ANALOG DEVICES INC | 2.91% | 2,152,518 | $528,874,000 |
| UBER | UBER TECHNOLOGIES INC | 2.75% | 5,102,058 | $499,849,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.50% | 2,775,959 | $453,592,000 |
| FAST | FASTENAL CO | 2.48% | 9,196,705 | $451,006,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.44% | 1,969,891 | $442,398,000 |
| AON | AON PLC | 2.42% | 1,233,741 | $439,927,000 |
| EFX | EQUIFAX INC | 2.42% | 1,711,003 | $438,924,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 2.37% | 18,452,216 | $430,675,000 |
| CME | CME GROUP INC | 2.32% | 1,561,173 | $421,813,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 2.31% | 866,770 | $420,401,000 |
| A | AGILENT TECHNOLOGIES INC | 2.19% | 3,092,145 | $396,877,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.07% | 4,226,357 | $375,131,000 |
| IQV | IQVIA HLDGS INC | 2.02% | 1,926,934 | $366,002,000 |
| ADBE | ADOBE INC | 1.94% | 1,000,308 | $352,859,000 |
| AMT | AMERICAN TOWER CORP NEW | 1.92% | 1,815,816 | $349,218,000 |
| TCOM | TRIP COM GROUP LTD | 1.91% | 4,606,141 | $346,382,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.71% | 4,174,009 | $310,922,000 |
| YUM | YUM BRANDS INC | 1.71% | 2,040,234 | $310,116,000 |
| ORCL | ORACLE CORP | 1.32% | 854,258 | $240,252,000 |
| ENTG | ENTEGRIS INC | 1.24% | 2,439,719 | $225,576,000 |
| TW | TRADEWEB MKTS INC | 1.18% | 1,934,322 | $214,671,000 |
| MCO | MOODYS CORP | 1.16% | 442,005 | $210,607,000 |
| ALC | ALCON AG | 1.16% | 2,823,322 | $210,366,000 |
| ZTS | ZOETIS INC | 0.97% | 1,205,716 | $176,420,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 0.67% | 1,166,139 | $121,803,000 |
| ECL | ECOLAB INC | 0.12% | 78,513 | $21,502,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC COM LLC | 8.54% | 4,699,739 | $1,550,491,000 |
| GOOGL | ALPHABET INC CAPITAL STOCK USD0.001 CL A LLC | 5.60% | 4,183,532 | $1,017,017,000 |
| IBKR | INTERACTIVE BROKERS GROUP INC CL COM LLC | 4.80% | 12,664,026 | $871,412,000 |
| SPGI | S&P GLOBAL INC COM LLC | 4.67% | 1,742,415 | $848,051,000 |
| TSM | ADR TAIWAN SEMICONDUCTOR MANUFACTURING A LLC | 4.32% | 2,807,971 | $784,238,000 |
| CBRE | CBRE GROUP INC CL A CL A LLC | 3.84% | 4,427,021 | $697,521,000 |
| V | VISA INC COM CL A STK LLC | 3.64% | 1,934,842 | $660,516,000 |
| MSFT | MICROSOFT CORP COM LLC | 3.57% | 1,252,524 | $648,745,000 |
| AMAT | APPLIED MATERIALS, INC., COMMON STOCK, LLC | 3.33% | 2,951,260 | $604,241,000 |
| BLK | BLACKROCK INC NEW COM LLC | 3.28% | 510,402 | $595,062,000 |
| FLUT | FLUTTER ENTERTAINMENT PLC ORD EUR0.09 LLC | 3.14% | 2,247,096 | $570,762,000 |
| ICE | INTERCONTINENTAL EXCHANGE INC COM LLC | 3.07% | 3,312,950 | $558,166,000 |
| ADI | ANALOG DEVICES, INC., COMMON STOCK, LLC | 2.91% | 2,152,518 | $528,874,000 |
| UBER | UBER TECHNOLOGIES INC COM USD0.00001 LLC | 2.75% | 5,102,058 | $499,849,000 |
| LYV | LIVE NATION ENTERTAINMENT INC LLC | 2.50% | 2,775,959 | $453,592,000 |
| FAST | FASTENAL CO COM LLC | 2.48% | 9,196,705 | $451,006,000 |
| FERG | FERGUSON ENTERPRISES INC USD0.0001 LLC | 2.44% | 1,969,891 | $442,398,000 |
| AON | AON PLC LLC | 2.42% | 1,233,741 | $439,927,000 |
| EFX | EQUIFAX INC COM LLC | 2.42% | 1,711,003 | $438,924,000 |
| TME | ADR TENCENT MUSIC ENTMT GROUP ADS LLC | 2.37% | 18,452,216 | $430,675,000 |
| CME | CME GROUP INC COM STK LLC | 2.32% | 1,561,173 | $421,813,000 |
| TMO | THERMO FISHER SCIENTIFIC INC COM USD1 LLC | 2.31% | 866,770 | $420,401,000 |
| A | AGILENT TECHNOLOGIES INC COM LLC | 2.19% | 3,092,145 | $396,877,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC COM LLC | 2.07% | 4,226,357 | $375,131,000 |
| IQV | IQVIA HLDGS INC COM USD0.01 LLC | 2.02% | 1,926,934 | $366,002,000 |
| ADBE | ADOBE INC COM LLC | 1.94% | 1,000,308 | $352,859,000 |
| AMT | AMERICAN TOWER CORP LLC | 1.92% | 1,815,816 | $349,218,000 |
| TCOM | ADR TRIP COM GRP LTD LLC | 1.91% | 4,606,141 | $346,382,000 |
| CP | CANADIAN PAC KANS CITY LTD LLC | 1.71% | 4,174,009 | $310,922,000 |
| YUM | YUM BRANDS INC COM LLC | 1.71% | 2,040,234 | $310,116,000 |
| ORCL | ORACLE CORPORATION COM LLC | 1.32% | 854,258 | $240,252,000 |
| ENTG | ENTEGRIS INC COM LLC | 1.24% | 2,439,719 | $225,576,000 |
| TW | TRADEWEB MKTS INC CL A CL A LLC | 1.18% | 1,934,322 | $214,671,000 |
| MCO | MOODYS CORP COM LLC | 1.16% | 442,005 | $210,607,000 |
| ALC | ALCON AG COM USD0.04 WI LLC | 1.16% | 2,823,322 | $210,366,000 |
| ZTS | ZOETIS INC COM USD0.01 CL 'A' LLC | 0.97% | 1,205,716 | $176,420,000 |
| FWONK | LIBERTY MEDIA CORP DEL COM LIBERTY LLC | 0.67% | 1,166,139 | $121,803,000 |
| ECL | ECOLAB INC COM STK USD1 LLC | 0.12% | 78,513 | $21,502,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC COM LLC | 8.73% | 5,480,780 | $1,510,777,000 |
| SPGI | S&P GLOBAL INC COM LLC | 5.37% | 1,761,604 | $928,876,000 |
| GOOGL | ALPHABET INC CAPITAL STOCK USD0.001 CL A LLC | 4.31% | 4,229,590 | $745,381,000 |
| IBKR | INTERACTIVE BROKERS GROUP INC CL COM LLC | 4.10% | 12,803,631 | $709,449,000 |
| V | VISA INC COM CL A STK LLC | 4.02% | 1,956,163 | $694,536,000 |
| FLUT | FLUTTER ENTERTAINMENT PLC ORD EUR0.09 LLC | 3.75% | 2,271,857 | $649,206,000 |
| TSM | ADR TAIWAN SEMICONDUCTOR MANUFACTURING A LLC | 3.72% | 2,838,923 | $642,988,000 |
| MSFT | MICROSOFT CORP COM LLC | 3.64% | 1,266,324 | $629,882,000 |
| CBRE | CBRE GROUP INC CL A CL A LLC | 3.63% | 4,475,823 | $627,152,000 |
| ICE | INTERCONTINENTAL EXCHANGE INC COM LLC | 3.55% | 3,349,433 | $614,520,000 |
| AMAT | APPLIED MATERIALS, INC., COMMON STOCK, LLC | 3.16% | 2,983,740 | $546,233,000 |
| BLK | BLACKROCK INC NEW COM LLC | 3.13% | 516,027 | $541,441,000 |
| ADI | ANALOG DEVICES, INC., COMMON STOCK, LLC | 2.99% | 2,176,247 | $517,990,000 |
| UBER | UBER TECHNOLOGIES INC COM USD0.00001 LLC | 2.78% | 5,158,226 | $481,262,000 |
| EFX | EQUIFAX INC COM LLC | 2.59% | 1,729,771 | $448,651,000 |
| AON | AON PLC LLC | 2.57% | 1,247,354 | $445,006,000 |
| CME | CME GROUP INC COM STK LLC | 2.51% | 1,578,350 | $435,025,000 |
| FERG | FERGUSON ENTERPRISES INC USD0.0001 LLC | 2.51% | 1,991,561 | $433,662,000 |
| LYV | LIVE NATION ENTERTAINMENT INC LLC | 2.45% | 2,806,585 | $424,580,000 |
| AMT | AMERICAN TOWER CORP LLC | 2.35% | 1,835,851 | $405,760,000 |
| FAST | FASTENAL CO COM LLC | 2.26% | 9,298,033 | $390,517,000 |
| A | AGILENT TECHNOLOGIES INC COM LLC | 2.13% | 3,126,283 | $368,933,000 |
| TME | ADR TENCENT MUSIC ENTMT GROUP ADS LLC | 2.11% | 18,687,995 | $364,229,000 |
| TMO | THERMO FISHER SCIENTIFIC INC COM USD1 LLC | 2.05% | 876,265 | $355,290,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC COM LLC | 2.05% | 4,272,947 | $353,800,000 |
| CP | CANADIAN PAC KANS CITY LTD LLC | 1.93% | 4,219,911 | $334,512,000 |
| ADBE | ADOBE INC COM LLC | 1.92% | 856,629 | $331,413,000 |
| YUM | YUM BRANDS INC COM LLC | 1.77% | 2,063,179 | $305,722,000 |
| ECL | ECOLAB INC COM STK USD1 LLC | 1.71% | 1,095,150 | $295,077,000 |
| ALC | ALCON AG COM USD0.04 WI LLC | 1.46% | 2,853,474 | $251,905,000 |
| TCOM | ADR TRIP COM GRP LTD LLC | 1.39% | 4,097,251 | $240,263,000 |
| IQV | IQVIA HLDGS INC COM USD0.01 LLC | 1.38% | 1,513,678 | $238,541,000 |
| MCO | MOODYS CORP COM LLC | 1.30% | 446,889 | $224,155,000 |
| ENTG | ENTEGRIS INC COM LLC | 1.15% | 2,465,773 | $198,865,000 |
| ZTS | ZOETIS INC COM USD0.01 CL 'A' LLC | 1.10% | 1,219,095 | $190,118,000 |
| ORCL | ORACLE CORPORATION COM LLC | 1.09% | 863,573 | $188,803,000 |
| TW | TRADEWEB MKTS INC CL A CL A LLC | 0.96% | 1,129,909 | $165,419,000 |
| ICLR | ICON PLC COM LLC | 0.39% | 465,197 | $67,663,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 8.73% | 5,480,780 | $1,510,777,000 |
| SPGI | S&P GLOBAL INC | 5.37% | 1,761,604 | $928,876,000 |
| GOOGL | ALPHABET INC | 4.31% | 4,229,590 | $745,381,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 4.10% | 12,803,631 | $709,449,000 |
| V | VISA INC | 4.02% | 1,956,163 | $694,536,000 |
| FLUT | FLUTTER ENTMT PLC | 3.75% | 2,271,857 | $649,206,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.72% | 2,838,923 | $642,988,000 |
| MSFT | MICROSOFT CORP | 3.64% | 1,266,324 | $629,882,000 |
| CBRE | CBRE GROUP INC | 3.63% | 4,475,823 | $627,152,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.55% | 3,349,433 | $614,520,000 |
| AMAT | APPLIED MATLS INC | 3.16% | 2,983,740 | $546,233,000 |
| BLK | BLACKROCK INC | 3.13% | 516,027 | $541,441,000 |
| ADI | ANALOG DEVICES INC | 2.99% | 2,176,247 | $517,990,000 |
| UBER | UBER TECHNOLOGIES INC | 2.78% | 5,158,226 | $481,262,000 |
| EFX | EQUIFAX INC | 2.59% | 1,729,771 | $448,651,000 |
| AON | AON PLC | 2.57% | 1,247,354 | $445,006,000 |
| CME | CME GROUP INC | 2.51% | 1,578,350 | $435,025,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.51% | 1,991,561 | $433,662,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.45% | 2,806,585 | $424,580,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.35% | 1,835,851 | $405,760,000 |
| FAST | FASTENAL CO | 2.26% | 9,298,033 | $390,517,000 |
| A | AGILENT TECHNOLOGIES INC | 2.13% | 3,126,283 | $368,933,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 2.11% | 18,687,995 | $364,229,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 2.05% | 876,265 | $355,290,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.05% | 4,272,947 | $353,800,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.93% | 4,219,911 | $334,512,000 |
| ADBE | ADOBE INC | 1.92% | 856,629 | $331,413,000 |
| YUM | YUM BRANDS INC | 1.77% | 2,063,179 | $305,722,000 |
| ECL | ECOLAB INC | 1.71% | 1,095,150 | $295,077,000 |
| ALC | ALCON AG | 1.46% | 2,853,474 | $251,905,000 |
| TCOM | TRIP COM GROUP LTD | 1.39% | 4,097,251 | $240,263,000 |
| IQV | IQVIA HLDGS INC | 1.38% | 1,513,678 | $238,541,000 |
| MCO | MOODYS CORP | 1.30% | 446,889 | $224,155,000 |
| ENTG | ENTEGRIS INC | 1.15% | 2,465,773 | $198,865,000 |
| ZTS | ZOETIS INC | 1.10% | 1,219,095 | $190,118,000 |
| ORCL | ORACLE CORP | 1.09% | 863,573 | $188,803,000 |
| TW | TRADEWEB MKTS INC | 0.96% | 1,129,909 | $165,419,000 |
| ICLR | ICON PLC | 0.39% | 465,197 | $67,663,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC COM LLC | 6.84% | 6,306,874 | $1,055,960,000 |
| SPGI | S&P GLOBAL INC COM LLC | 5.96% | 1,812,764 | $921,065,000 |
| V | VISA INC COM CL A STK LLC | 4.57% | 2,012,972 | $705,466,000 |
| GOOGL | ALPHABET INC CAPITAL STOCK USD0.001 CL A LLC | 4.36% | 4,352,428 | $673,059,000 |
| CBRE | CBRE GROUP INC CL A CL A LLC | 3.90% | 4,605,765 | $602,342,000 |
| ICE | INTERCONTINENTAL EXCHANGE INC COM LLC | 3.85% | 3,446,696 | $594,555,000 |
| IBKR | INTERACTIVE BROKERS GROUP INC CL COM LLC | 3.53% | 3,293,826 | $545,425,000 |
| FLUT | FLUTTER ENTERTAINMENT PLC ORD EUR0.09 LLC | 3.35% | 2,337,798 | $517,939,000 |
| AON | AON PLC LLC | 3.32% | 1,283,548 | $512,251,000 |
| MSFT | MICROSOFT CORP COM LLC | 3.17% | 1,303,090 | $489,167,000 |
| TSM | ADR TAIWAN SEMICONDUCTOR MANUFACTURING A LLC | 3.14% | 2,921,336 | $484,942,000 |
| ADI | ANALOG DEVICES, INC., COMMON STOCK, LLC | 2.92% | 2,239,461 | $451,632,000 |
| TMO | THERMO FISHER SCIENTIFIC INC COM USD1 LLC | 2.91% | 901,773 | $448,722,000 |
| AMAT | APPLIED MATERIALS, INC., COMMON STOCK, LLC | 2.89% | 3,070,430 | $445,581,000 |
| BLK | BLACKROCK INC NEW COM LLC | 2.87% | 467,854 | $442,814,000 |
| EFX | EQUIFAX INC COM LLC | 2.81% | 1,780,067 | $433,553,000 |
| CME | CME GROUP INC COM STK LLC | 2.79% | 1,624,206 | $430,886,000 |
| AMT | AMERICAN TOWER CORP LLC | 2.66% | 1,889,190 | $411,088,000 |
| UBER | UBER TECHNOLOGIES INC COM USD0.00001 LLC | 2.50% | 5,308,459 | $386,774,000 |
| LYV | LIVE NATION ENTERTAINMENT INC LLC | 2.44% | 2,888,072 | $377,124,000 |
| A | AGILENT TECHNOLOGIES INC COM LLC | 2.44% | 3,217,069 | $376,333,000 |
| FAST | FASTENAL CO COM LLC | 2.40% | 4,784,048 | $371,003,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC COM LLC | 2.38% | 4,397,147 | $367,294,000 |
| IQV | IQVIA HLDGS INC COM USD0.01 LLC | 2.29% | 2,004,434 | $353,382,000 |
| FERG | FERGUSON ENTERPRISES INC USD0.0001 LLC | 2.13% | 2,049,411 | $328,377,000 |
| ADBE | ADOBE INC COM LLC | 1.98% | 796,886 | $305,630,000 |
| YUM | YUM BRANDS INC COM LLC | 1.86% | 1,824,564 | $287,113,000 |
| ECL | ECOLAB INC COM STK USD1 LLC | 1.85% | 1,127,076 | $285,736,000 |
| TME | ADR TENCENT MUSIC ENTMT GROUP ADS LLC | 1.80% | 19,240,319 | $277,253,000 |
| CP | CANADIAN PAC KANS CITY LTD LLC | 1.64% | 3,613,392 | $253,696,000 |
| TCOM | ADR TRIP COM GRP LTD LLC | 1.47% | 3,576,813 | $227,414,000 |
| ENTG | ENTEGRIS INC COM LLC | 1.44% | 2,538,175 | $222,040,000 |
| MCO | MOODYS CORP COM LLC | 1.39% | 459,857 | $214,151,000 |
| ZTS | ZOETIS INC COM USD0.01 CL 'A' LLC | 1.34% | 1,254,465 | $206,548,000 |
| TW | TRADEWEB MKTS INC CL A CL A LLC | 1.12% | 1,163,200 | $172,689,000 |
| ALC | ALCON AG COM USD0.04 WI LLC | 0.90% | 1,464,533 | $139,028,000 |
| ORCL | ORACLE CORPORATION COM LLC | 0.80% | 888,795 | $124,262,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 6.84% | 6,306,874 | $1,055,960,000 |
| SPGI | S&P GLOBAL INC | 5.96% | 1,812,764 | $921,065,000 |
| V | VISA INC | 4.57% | 2,012,972 | $705,466,000 |
| GOOGL | ALPHABET INC | 4.36% | 4,352,428 | $673,059,000 |
| CBRE | CBRE GROUP INC | 3.90% | 4,605,765 | $602,342,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.85% | 3,446,696 | $594,555,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 3.53% | 3,293,826 | $545,425,000 |
| FLUT | FLUTTER ENTMT PLC | 3.35% | 2,337,798 | $517,939,000 |
| AON | AON PLC | 3.32% | 1,283,548 | $512,251,000 |
| MSFT | MICROSOFT CORP | 3.17% | 1,303,090 | $489,167,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.14% | 2,921,336 | $484,942,000 |
| ADI | ANALOG DEVICES INC | 2.92% | 2,239,461 | $451,632,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 2.91% | 901,773 | $448,722,000 |
| AMAT | APPLIED MATLS INC | 2.89% | 3,070,430 | $445,581,000 |
| BLK | BLACKROCK INC | 2.87% | 467,854 | $442,814,000 |
| EFX | EQUIFAX INC | 2.81% | 1,780,067 | $433,553,000 |
| CME | CME GROUP INC | 2.79% | 1,624,206 | $430,886,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.66% | 1,889,190 | $411,088,000 |
| UBER | UBER TECHNOLOGIES INC | 2.50% | 5,308,459 | $386,774,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.44% | 2,888,072 | $377,124,000 |
| A | AGILENT TECHNOLOGIES INC | 2.44% | 3,217,069 | $376,333,000 |
| FAST | FASTENAL CO | 2.40% | 4,784,048 | $371,003,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.38% | 4,397,147 | $367,294,000 |
| IQV | IQVIA HLDGS INC | 2.29% | 2,004,434 | $353,382,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.13% | 2,049,411 | $328,377,000 |
| ADBE | ADOBE INC | 1.98% | 796,886 | $305,630,000 |
| YUM | YUM BRANDS INC | 1.86% | 1,824,564 | $287,113,000 |
| ECL | ECOLAB INC | 1.85% | 1,127,076 | $285,736,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 1.80% | 19,240,319 | $277,253,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.64% | 3,613,392 | $253,696,000 |
| TCOM | TRIP COM GROUP LTD | 1.47% | 3,576,813 | $227,414,000 |
| ENTG | ENTEGRIS INC | 1.44% | 2,538,175 | $222,040,000 |
| MCO | MOODYS CORP | 1.39% | 459,857 | $214,151,000 |
| ZTS | ZOETIS INC | 1.34% | 1,254,465 | $206,548,000 |
| TW | TRADEWEB MKTS INC | 1.12% | 1,163,200 | $172,689,000 |
| ALC | ALCON AG | 0.90% | 1,464,533 | $139,028,000 |
| ORCL | ORACLE CORP | 0.80% | 888,795 | $124,262,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 10.33% | 7,370,870 | $1,708,863,000 |
| SPGI | S&P GLOBAL INC | 5.62% | 1,868,814 | $930,725,000 |
| GOOGL | ALPHABET INC | 5.13% | 4,487,038 | $849,396,000 |
| V | VISA INC | 3.96% | 2,075,195 | $655,845,000 |
| CBRE | CBRE GROUP INC | 3.77% | 4,748,386 | $623,416,000 |
| FLUT | FLUTTER ENTMT PLC | 3.76% | 2,410,178 | $622,911,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 3.63% | 3,395,690 | $599,917,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.59% | 3,011,664 | $594,774,000 |
| MSFT | MICROSOFT CORP | 3.42% | 1,343,400 | $566,243,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.20% | 3,553,300 | $529,477,000 |
| AMAT | APPLIED MATLS INC | 3.11% | 3,165,402 | $514,789,000 |
| BLK | BLACKROCK INC | 3.00% | 483,793 | $495,941,000 |
| ADI | ANALOG DEVICES INC | 2.97% | 2,309,278 | $490,629,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 2.92% | 929,870 | $483,746,000 |
| AON | AON PLC | 2.87% | 1,323,228 | $475,251,000 |
| EFX | EQUIFAX INC | 2.83% | 1,835,102 | $467,676,000 |
| A | AGILENT TECHNOLOGIES INC | 2.69% | 3,316,557 | $445,546,000 |
| IQV | IQVIA HLDGS INC | 2.45% | 2,066,144 | $406,018,000 |
| CME | CME GROUP INC | 2.35% | 1,674,438 | $388,855,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.33% | 2,977,411 | $385,575,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.22% | 2,111,673 | $366,523,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.16% | 1,947,595 | $357,208,000 |
| FAST | FASTENAL CO | 2.14% | 4,931,928 | $354,655,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.08% | 4,533,081 | $343,517,000 |
| TCOM | TRIP COM GROUP LTD | 1.97% | 4,748,766 | $326,050,000 |
| ADBE | ADOBE INC | 1.65% | 614,862 | $273,417,000 |
| ECL | ECOLAB INC | 1.65% | 1,161,946 | $272,267,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.63% | 3,725,023 | $269,580,000 |
| ENTG | ENTEGRIS INC | 1.57% | 2,616,354 | $259,176,000 |
| YUM | YUM BRANDS INC | 1.52% | 1,880,379 | $252,272,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 1.50% | 21,840,815 | $247,893,000 |
| UBER | UBER TECHNOLOGIES INC | 1.47% | 4,044,244 | $243,949,000 |
| MCO | MOODYS CORP | 1.36% | 474,082 | $224,416,000 |
| ZTS | ZOETIS INC | 1.27% | 1,293,251 | $210,709,000 |
| TW | TRADEWEB MKTS INC | 0.95% | 1,199,178 | $156,996,000 |
| ORCL | ORACLE CORP | 0.92% | 917,515 | $152,895,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 7.73% | 7,331,393 | $1,264,665,000 |
| SPGI | S&P GLOBAL INC | 5.87% | 1,858,934 | $960,362,000 |
| GOOGL | ALPHABET INC | 4.53% | 4,463,248 | $740,230,000 |
| AMAT | APPLIED MATLS INC | 3.89% | 3,148,598 | $636,174,000 |
| CBRE | CBRE GROUP INC | 3.60% | 4,723,244 | $587,949,000 |
| MSFT | MICROSOFT CORP | 3.52% | 1,336,271 | $574,997,000 |
| FLUT | FLUTTER ENTMT PLC | 3.48% | 2,397,384 | $568,851,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.47% | 3,534,446 | $567,773,000 |
| V | VISA INC | 3.47% | 2,064,218 | $567,557,000 |
| EFX | EQUIFAX INC | 3.28% | 1,825,400 | $536,412,000 |
| ADI | ANALOG DEVICES INC | 3.23% | 2,297,122 | $528,729,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.18% | 2,995,687 | $520,261,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.02% | 799,000 | $494,237,000 |
| A | AGILENT TECHNOLOGIES INC | 3.00% | 3,298,930 | $489,825,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.88% | 3,377,643 | $470,708,000 |
| — | BLACKROCK INC | 2.84% | 488,699 | $464,025,000 |
| AON | AON PLC | 2.78% | 1,316,218 | $455,398,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.75% | 1,937,252 | $450,527,000 |
| IQV | IQVIA HLDGS INC | 2.67% | 1,840,127 | $436,055,000 |
| CME | CME GROUP INC | 2.25% | 1,664,816 | $367,342,000 |
| FAST | FASTENAL CO | 2.14% | 4,905,674 | $350,363,000 |
| FERG | FERGUSON ENTERPRISES INC | 2.06% | 1,696,671 | $336,908,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.05% | 4,507,186 | $334,478,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 1.98% | 2,961,520 | $324,257,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.94% | 3,705,152 | $316,939,000 |
| UBER | UBER TECHNOLOGIES INC | 1.85% | 4,022,650 | $302,342,000 |
| ECL | ECOLAB INC | 1.80% | 1,155,739 | $295,095,000 |
| — | CDW CORP | 1.77% | 1,281,644 | $290,036,000 |
| TCOM | TRIP COM GROUP LTD | 1.77% | 4,868,383 | $289,328,000 |
| ADBE | ADOBE INC | 1.65% | 519,627 | $269,052,000 |
| ENTG | ENTEGRIS INC | 1.60% | 2,324,461 | $261,572,000 |
| ZTS | ZOETIS INC | 1.54% | 1,286,331 | $251,323,000 |
| MCO | MOODYS CORP | 1.37% | 471,545 | $223,791,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 1.36% | 18,456,585 | $222,402,000 |
| YUM | YUM BRANDS INC | 1.22% | 1,428,040 | $199,511,000 |
| ORCL | ORACLE CORP | 0.95% | 912,384 | $155,470,000 |
| TW | TRADEWEB MKTS INC | 0.90% | 1,192,770 | $147,510,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.62% | 227,057 | $100,682,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 8.29% | 772,077 | $1,239,593,000 |
| SPGI | S&P GLOBAL INC | 5.71% | 1,914,339 | $853,795,000 |
| GOOGL | ALPHABET INC | 5.60% | 4,596,412 | $837,236,000 |
| AMAT | APPLIED MATLS INC | 5.12% | 3,242,570 | $765,214,000 |
| ADI | ANALOG DEVICES INC | 4.57% | 2,993,452 | $683,285,000 |
| MSFT | MICROSOFT CORP | 4.11% | 1,376,106 | $615,051,000 |
| V | VISA INC | 3.73% | 2,125,768 | $557,950,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.59% | 3,085,093 | $536,220,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.33% | 3,639,821 | $498,255,000 |
| EFX | EQUIFAX INC | 3.05% | 1,879,834 | $455,785,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.04% | 822,838 | $455,029,000 |
| A | AGILENT TECHNOLOGIES INC | 2.94% | 3,397,504 | $440,418,000 |
| CBRE | CBRE GROUP INC | 2.90% | 4,864,291 | $433,457,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.85% | 3,478,575 | $426,473,000 |
| — | BLACKROCK INC | 2.69% | 511,689 | $402,863,000 |
| IQV | IQVIA HLDGS INC | 2.68% | 1,895,129 | $400,706,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.59% | 1,995,205 | $387,828,000 |
| FERG | FERGUSON PLC NEW | 2.26% | 1,746,910 | $338,289,000 |
| CME | CME GROUP INC | 2.25% | 1,715,313 | $337,231,000 |
| AON | AON PLC | 2.23% | 1,138,262 | $334,171,000 |
| ENTG | ENTEGRIS INC | 2.17% | 2,393,863 | $324,129,000 |
| FAST | FASTENAL CO | 2.12% | 5,052,136 | $317,476,000 |
| — | CDW CORP | 1.98% | 1,320,049 | $295,480,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.95% | 4,643,617 | $291,015,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 1.91% | 3,049,929 | $285,900,000 |
| ECL | ECOLAB INC | 1.89% | 1,190,240 | $283,277,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.79% | 3,394,564 | $267,254,000 |
| ADBE | ADOBE INC | 1.63% | 439,729 | $244,287,000 |
| ZTS | ZOETIS INC | 1.54% | 1,324,756 | $229,660,000 |
| MCO | MOODYS CORP | 1.37% | 485,617 | $204,411,000 |
| TCOM | TRIP COM GROUP LTD | 1.33% | 4,238,875 | $199,227,000 |
| TME | TENCENT MUSIC ENTMT GROUP | 1.24% | 13,190,802 | $185,331,000 |
| YUM | YUM BRANDS INC | 1.22% | 1,376,350 | $182,311,000 |
| UBER | UBER TECHNOLOGIES INC | 1.18% | 2,435,442 | $177,008,000 |
| ORCL | ORACLE CORP | 0.89% | 939,977 | $132,725,000 |
| TW | TRADEWEB MKTS INC | 0.87% | 1,228,307 | $130,201,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.81% | 233,944 | $120,406,000 |
| TNET | TRINET GROUP INC | 0.51% | 763,352 | $76,335,000 |
| FLUT | FLUTTER ENTMT PLC | 0.07% | 61,037 | $11,131,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 6.77% | 811,687 | $1,075,818,000 |
| SPGI | S&P GLOBAL INC | 5.54% | 2,071,532 | $881,333,000 |
| GOOGL | ALPHABET INC | 4.59% | 4,830,894 | $729,127,000 |
| AMAT | APPLIED MATLS INC | 4.42% | 3,407,350 | $702,698,000 |
| V | VISA INC | 3.92% | 2,234,146 | $623,505,000 |
| ADI | ANALOG DEVICES INC | 3.91% | 3,146,063 | $622,260,000 |
| MSFT | MICROSOFT CORP | 3.83% | 1,446,272 | $608,476,000 |
| EFX | EQUIFAX INC | 3.32% | 1,975,502 | $528,486,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.31% | 3,825,146 | $525,690,000 |
| A | AGILENT TECHNOLOGIES INC | 3.27% | 3,570,458 | $519,537,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.16% | 864,714 | $502,580,000 |
| CBRE | CBRE GROUP INC | 3.13% | 5,112,855 | $497,174,000 |
| IQV | IQVIA HLDGS INC | 2.81% | 1,767,340 | $446,943,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.77% | 3,242,314 | $441,117,000 |
| ADSK | AUTODESK INC | 2.73% | 1,668,662 | $434,553,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.61% | 2,096,370 | $414,222,000 |
| FAST | FASTENAL CO | 2.58% | 5,309,326 | $409,561,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.57% | 3,655,704 | $408,379,000 |
| FERG | FERGUSON PLC NEW | 2.52% | 1,835,603 | $400,951,000 |
| — | BLACKROCK INC | 2.51% | 478,917 | $399,273,000 |
| AON | AON PLC | 2.51% | 1,196,190 | $399,193,000 |
| TNET | TRINET GROUP INC | 2.44% | 2,930,026 | $388,199,000 |
| CME | CME GROUP INC | 2.44% | 1,802,591 | $388,080,000 |
| — | CDW CORP | 2.23% | 1,387,311 | $354,846,000 |
| ENTG | ENTEGRIS INC | 2.22% | 2,515,891 | $353,583,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.13% | 3,205,694 | $339,066,000 |
| VRSN | VERISIGN INC | 2.04% | 1,715,147 | $325,038,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.98% | 3,567,692 | $314,563,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.98% | 4,880,263 | $314,143,000 |
| ECL | ECOLAB INC | 1.82% | 1,250,920 | $288,837,000 |
| ZTS | ZOETIS INC | 1.48% | 1,392,262 | $235,585,000 |
| ADBE | ADOBE INC | 1.46% | 459,715 | $231,972,000 |
| YUM | YUM BRANDS INC | 1.26% | 1,447,300 | $200,668,000 |
| MCO | MOODYS CORP | 1.26% | 510,406 | $200,605,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.85% | 245,931 | $135,643,000 |
| TW | TRADEWEB MKTS INC | 0.85% | 1,291,079 | $134,492,000 |
| ORCL | ORACLE CORP | 0.78% | 987,952 | $124,097,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 6.91% | 926,276 | $1,033,956,000 |
| SPGI | S&P GLOBAL INC | 6.22% | 2,113,064 | $930,847,000 |
| ADI | ANALOG DEVICES INC | 4.26% | 3,209,296 | $637,238,000 |
| GOOGL | ALPHABET INC | 3.98% | 4,265,676 | $595,872,000 |
| V | VISA INC | 3.96% | 2,278,889 | $593,309,000 |
| AMAT | APPLIED MATLS INC | 3.76% | 3,476,251 | $563,396,000 |
| MSFT | MICROSOFT CORP | 3.71% | 1,475,277 | $554,763,000 |
| A | AGILENT TECHNOLOGIES INC | 3.38% | 3,641,879 | $506,330,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.35% | 3,903,158 | $501,283,000 |
| EFX | EQUIFAX INC | 3.33% | 2,015,075 | $498,308,000 |
| CBRE | CBRE GROUP INC | 3.24% | 5,215,510 | $485,512,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.13% | 882,017 | $468,166,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.08% | 2,138,424 | $461,643,000 |
| IQV | IQVIA HLDGS INC | 2.79% | 1,802,956 | $417,168,000 |
| ADSK | AUTODESK INC | 2.77% | 1,702,608 | $414,551,000 |
| TNET | TRINET GROUP INC | 2.66% | 3,345,943 | $397,933,000 |
| — | BLACKROCK INC | 2.65% | 489,124 | $397,071,000 |
| CME | CME GROUP INC | 2.59% | 1,838,698 | $387,230,000 |
| FERG | FERGUSON PLC NEW | 2.42% | 1,872,863 | $361,594,000 |
| VRSN | VERISIGN INC | 2.41% | 1,749,432 | $360,313,000 |
| AON | AON PLC | 2.37% | 1,220,174 | $355,095,000 |
| FAST | FASTENAL CO | 2.34% | 5,416,305 | $350,814,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.30% | 3,307,970 | $344,029,000 |
| — | CDW CORP | 2.15% | 1,415,042 | $321,667,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.07% | 3,728,869 | $309,123,000 |
| ENTG | ENTEGRIS INC | 2.05% | 2,566,297 | $307,494,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.03% | 4,978,807 | $304,255,000 |
| ZTS | ZOETIS INC | 1.87% | 1,420,220 | $280,309,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 1.72% | 2,746,801 | $257,101,000 |
| ECL | ECOLAB INC | 1.69% | 1,276,407 | $253,175,000 |
| BC | BRUNSWICK CORP | 1.55% | 2,395,715 | $231,785,000 |
| ADBE | ADOBE INC | 1.52% | 382,406 | $228,143,000 |
| BDX | BECTON DICKINSON & CO | 1.41% | 867,764 | $211,587,000 |
| MCO | MOODYS CORP | 1.36% | 520,670 | $203,353,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 1.26% | 2,393,492 | $189,229,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.89% | 250,910 | $133,667,000 |
| TW | TRADEWEB MKTS INC | 0.80% | 1,318,626 | $119,837,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 5.87% | 2,164,630 | $790,977,000 |
| AVGO | BROADCOM INC | 5.85% | 948,763 | $788,024,000 |
| ADI | ANALOG DEVICES INC | 4.27% | 3,287,610 | $575,628,000 |
| GOOGL | ALPHABET INC | 4.24% | 4,368,706 | $571,689,000 |
| V | VISA INC | 3.98% | 2,334,549 | $536,970,000 |
| AMAT | APPLIED MATLS INC | 3.66% | 3,560,096 | $492,895,000 |
| MSFT | MICROSOFT CORP | 3.54% | 1,511,009 | $477,101,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.39% | 903,763 | $457,458,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.26% | 3,997,377 | $439,791,000 |
| A | AGILENT TECHNOLOGIES INC | 3.09% | 3,731,460 | $417,252,000 |
| AON | AON PLC | 3.01% | 1,249,967 | $405,264,000 |
| TNET | TRINET GROUP INC | 2.96% | 3,430,825 | $399,622,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.91% | 1,875,572 | $391,920,000 |
| EFX | EQUIFAX INC | 2.80% | 2,063,912 | $378,067,000 |
| CME | CME GROUP INC | 2.80% | 1,883,066 | $377,027,000 |
| IQV | IQVIA HLDGS INC | 2.70% | 1,847,289 | $363,454,000 |
| VRSN | VERISIGN INC | 2.69% | 1,792,051 | $362,944,000 |
| BC | BRUNSWICK CORP | 2.57% | 4,392,341 | $346,995,000 |
| BDX | BECTON DICKINSON & CO | 2.57% | 1,338,955 | $346,160,000 |
| CBRE | CBRE GROUP INC | 2.53% | 4,611,739 | $340,623,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.45% | 3,819,629 | $330,627,000 |
| — | BLACKROCK INC | 2.41% | 501,701 | $324,345,000 |
| ECL | ECOLAB INC | 2.28% | 1,812,590 | $307,053,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.28% | 1,867,131 | $307,050,000 |
| FAST | FASTENAL CO | 2.25% | 5,547,396 | $303,110,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.18% | 3,388,509 | $294,461,000 |
| — | CDW CORP | 2.17% | 1,449,357 | $292,422,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.99% | 5,098,754 | $267,889,000 |
| ADSK | AUTODESK INC | 1.93% | 1,260,603 | $260,831,000 |
| ZTS | ZOETIS INC | 1.88% | 1,454,565 | $253,065,000 |
| ENTG | ENTEGRIS INC | 1.83% | 2,627,857 | $246,782,000 |
| ADBE | ADOBE INC | 1.48% | 391,620 | $199,687,000 |
| FERG | FERGUSON PLC NEW | 1.44% | 1,182,220 | $194,440,000 |
| MCO | MOODYS CORP | 1.25% | 533,459 | $168,664,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.88% | 257,114 | $118,303,000 |
| TW | TRADEWEB MKTS INC | 0.73% | 1,227,826 | $98,472,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 0.69% | 1,114,052 | $92,511,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 0.63% | 1,133,714 | $84,360,000 |
| HAYW | HAYWARD HLDGS INC | 0.58% | 5,500,345 | $77,555,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AVGO | BROADCOM INC | 6.35% | 1,047,717 | $908,821,000 |
| SPGI | S&P GLOBAL INC | 6.09% | 2,173,131 | $871,186,000 |
| ADI | ANALOG DEVICES INC | 4.49% | 3,300,476 | $642,966,000 |
| V | VISA INC | 3.89% | 2,343,699 | $556,582,000 |
| GOOGL | ALPHABET INC | 3.67% | 4,384,547 | $524,830,000 |
| AMAT | APPLIED MATLS INC | 3.61% | 3,574,017 | $516,588,000 |
| MSFT | MICROSOFT CORP | 3.61% | 1,516,885 | $516,560,000 |
| EFX | EQUIFAX INC | 3.41% | 2,072,006 | $487,543,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.31% | 907,214 | $473,339,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.17% | 4,012,987 | $453,789,000 |
| A | AGILENT TECHNOLOGIES INC | 3.15% | 3,745,681 | $450,418,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.10% | 1,882,888 | $443,420,000 |
| AON | AON PLC | 3.03% | 1,254,848 | $433,174,000 |
| IQV | IQVIA HLDGS INC | 2.91% | 1,854,304 | $416,792,000 |
| VRSN | VERISIGN INC | 2.84% | 1,799,073 | $406,537,000 |
| BC | BRUNSWICK CORP | 2.67% | 4,409,435 | $382,033,000 |
| CBRE | CBRE GROUP INC | 2.61% | 4,629,826 | $373,673,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.54% | 1,874,444 | $363,530,000 |
| CME | CME GROUP INC | 2.45% | 1,890,026 | $350,203,000 |
| — | BLACKROCK INC | 2.41% | 499,376 | $345,139,000 |
| BDX | BECTON DICKINSON & CO | 2.41% | 1,304,258 | $344,337,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.40% | 3,401,738 | $343,303,000 |
| ENTG | ENTEGRIS INC | 2.39% | 3,088,950 | $342,317,000 |
| ECL | ECOLAB INC | 2.37% | 1,819,712 | $339,722,000 |
| TNET | TRINET GROUP INC | 2.31% | 3,482,339 | $330,718,000 |
| FAST | FASTENAL CO | 2.30% | 5,568,994 | $328,515,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.23% | 3,834,468 | $318,529,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.17% | 5,118,828 | $310,201,000 |
| — | CDW CORP | 1.87% | 1,454,882 | $266,971,000 |
| ADSK | AUTODESK INC | 1.81% | 1,265,557 | $258,946,000 |
| ZTS | ZOETIS INC | 1.76% | 1,460,266 | $251,472,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 1.34% | 393,152 | $192,247,000 |
| FERG | FERGUSON PLC NEW | 1.30% | 1,186,698 | $186,679,000 |
| MCO | MOODYS CORP | 1.30% | 535,538 | $186,217,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.92% | 258,125 | $131,109,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 0.71% | 1,118,297 | $101,888,000 |
| TW | TRADEWEB MKTS INC | 0.59% | 1,232,665 | $84,413,000 |
| HAYW | HAYWARD HLDGS INC | 0.50% | 5,522,061 | $70,958,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 5.74% | 2,043,185 | $704,429,000 |
| AVGO | BROADCOM INC | 5.15% | 985,157 | $632,018,000 |
| ADI | ANALOG DEVICES INC | 4.98% | 3,103,083 | $611,990,000 |
| V | VISA INC | 4.05% | 2,203,573 | $496,818,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.85% | 820,122 | $472,694,000 |
| A | AGILENT TECHNOLOGIES INC | 3.72% | 3,305,243 | $457,247,000 |
| GOOGL | ALPHABET INC | 3.48% | 4,121,329 | $427,505,000 |
| AMAT | APPLIED MATLS INC | 3.36% | 3,359,779 | $412,682,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.35% | 1,770,431 | $411,413,000 |
| MSFT | MICROSOFT CORP | 3.35% | 1,426,377 | $411,224,000 |
| EFX | EQUIFAX INC | 3.22% | 1,948,113 | $395,155,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.20% | 3,773,252 | $393,512,000 |
| AON | AON PLC | 3.03% | 1,179,916 | $372,016,000 |
| AMT | AMERICAN TOWER CORP NEW | 2.93% | 1,762,489 | $360,147,000 |
| VRSN | VERISIGN INC | 2.91% | 1,691,249 | $357,412,000 |
| CME | CME GROUP INC | 2.77% | 1,776,563 | $340,247,000 |
| BC | BRUNSWICK CORP | 2.77% | 4,145,958 | $339,969,000 |
| IQV | IQVIA HLDGS INC | 2.63% | 1,622,702 | $322,739,000 |
| CBRE | CBRE GROUP INC | 2.58% | 4,353,689 | $316,992,000 |
| ZTS | ZOETIS INC | 2.42% | 1,788,690 | $297,710,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 2.42% | 3,604,400 | $297,579,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.42% | 3,199,062 | $297,577,000 |
| — | BLACKROCK INC | 2.36% | 432,376 | $289,311,000 |
| BDX | BECTON DICKINSON & CO | 2.34% | 1,162,240 | $287,701,000 |
| ECL | ECOLAB INC | 2.31% | 1,711,176 | $283,251,000 |
| FAST | FASTENAL CO | 2.30% | 5,236,169 | $282,439,000 |
| TNET | TRINET GROUP INC | 2.24% | 3,415,475 | $275,321,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.21% | 4,813,860 | $271,839,000 |
| ADSK | AUTODESK INC | 2.02% | 1,189,986 | $247,707,000 |
| ENTG | ENTEGRIS INC | 1.94% | 2,904,481 | $238,196,000 |
| — | CDW CORP | 1.94% | 1,221,725 | $238,102,000 |
| MCO | MOODYS CORP | 1.26% | 503,615 | $154,116,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 1.16% | 369,506 | $142,397,000 |
| FERG | FERGUSON PLC NEW | 1.13% | 1,038,171 | $138,855,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 1.09% | 1,886,268 | $134,378,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.86% | 242,785 | $105,864,000 |
| HAYW | HAYWARD HLDGS INC | 0.50% | 5,191,323 | $60,842,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 5.89% | 2,076,852 | $695,621,000 |
| AVGO | BROADCOM INC | 4.74% | 1,000,843 | $559,601,000 |
| ADI | ANALOG DEVICES INC | 4.39% | 3,159,345 | $518,227,000 |
| GOOGL | ALPHABET INC | 4.32% | 5,775,976 | $509,614,000 |
| A | AGILENT TECHNOLOGIES INC | 4.26% | 3,362,101 | $503,138,000 |
| V | VISA INC | 3.95% | 2,243,773 | $466,166,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.89% | 834,949 | $459,798,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.73% | 1,799,917 | $440,224,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.33% | 3,831,834 | $393,108,000 |
| EFX | EQUIFAX INC | 3.26% | 1,980,018 | $384,836,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.22% | 1,792,593 | $379,779,000 |
| AON | AON PLC | 3.05% | 1,200,586 | $360,344,000 |
| VRSN | VERISIGN INC | 3.00% | 1,721,997 | $353,767,000 |
| CBRE | CBRE GROUP INC | 2.89% | 4,427,111 | $340,710,000 |
| AMAT | APPLIED MATLS INC | 2.82% | 3,417,270 | $332,774,000 |
| IQV | IQVIA HLDGS INC | 2.65% | 1,528,343 | $313,142,000 |
| — | BLACKROCK INC | 2.63% | 437,648 | $310,131,000 |
| BC | BRUNSWICK CORP | 2.57% | 4,212,957 | $303,670,000 |
| MSFT | MICROSOFT CORP | 2.41% | 1,184,819 | $284,143,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.37% | 4,115,693 | $279,250,000 |
| BDX | BECTON DICKINSON & CO | 2.30% | 1,066,340 | $271,170,000 |
| CME | CME GROUP INC | 2.26% | 1,587,244 | $266,911,000 |
| ZTS | ZOETIS INC | 2.26% | 1,817,061 | $266,290,000 |
| ECL | ECOLAB INC | 2.15% | 1,741,736 | $253,527,000 |
| FAST | FASTENAL CO | 2.13% | 5,323,215 | $251,895,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.05% | 3,250,254 | $242,111,000 |
| TNET | TRINET GROUP INC | 2.00% | 3,476,703 | $235,720,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.97% | 3,220,214 | $232,982,000 |
| ADSK | AUTODESK INC | 1.91% | 1,209,146 | $225,953,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.90% | 4,300,792 | $223,899,000 |
| GOOG | ALPHABET INC | 1.76% | 2,346,008 | $208,161,000 |
| ENTG | ENTEGRIS INC | 1.64% | 2,956,214 | $193,898,000 |
| MCO | MOODYS CORP | 1.21% | 512,512 | $142,796,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 1.11% | 1,917,708 | $131,536,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 1.07% | 376,950 | $126,855,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.99% | 246,557 | $116,967,000 |
| — | CDW CORP | 0.76% | 503,943 | $89,994,000 |
| — | ENDEAVOR GROUP HLDGS INC | 0.76% | 3,966,332 | $89,401,000 |
| HAYW | HAYWARD HLDGS INC | 0.42% | 5,245,408 | $49,307,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 5.85% | 2,116,093 | $646,149,000 |
| GOOGL | ALPHABET INC | 5.10% | 5,889,126 | $563,295,000 |
| AVGO | BROADCOM INC | 4.11% | 1,021,489 | $453,551,000 |
| ADI | ANALOG DEVICES INC | 4.06% | 3,215,910 | $448,105,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.91% | 851,439 | $431,842,000 |
| A | AGILENT TECHNOLOGIES INC | 3.77% | 3,427,840 | $416,654,000 |
| V | VISA INC | 3.67% | 2,281,428 | $405,296,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.56% | 1,831,099 | $393,137,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.34% | 1,836,160 | $368,958,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.20% | 3,907,633 | $353,055,000 |
| EFX | EQUIFAX INC | 3.13% | 2,015,876 | $345,582,000 |
| AON | AON PLC | 2.96% | 1,221,914 | $327,315,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.87% | 4,196,301 | $317,114,000 |
| VRSN | VERISIGN INC | 2.76% | 1,751,262 | $304,195,000 |
| CBRE | CBRE GROUP INC | 2.75% | 4,505,213 | $304,147,000 |
| CME | CME GROUP INC | 2.59% | 1,614,662 | $286,006,000 |
| AMAT | APPLIED MATLS INC | 2.58% | 3,470,583 | $284,345,000 |
| IQV | IQVIA HLDGS INC | 2.56% | 1,560,039 | $282,586,000 |
| BC | BRUNSWICK CORP | 2.55% | 4,300,917 | $281,495,000 |
| MSFT | MICROSOFT CORP | 2.55% | 1,207,444 | $281,214,000 |
| ZTS | ZOETIS INC | 2.50% | 1,857,751 | $275,486,000 |
| ECL | ECOLAB INC | 2.33% | 1,782,160 | $257,380,000 |
| TNET | TRINET GROUP INC | 2.29% | 3,549,515 | $252,796,000 |
| FAST | FASTENAL CO | 2.26% | 5,409,249 | $249,042,000 |
| BDX | BECTON DICKINSON & CO | 2.19% | 1,085,256 | $241,828,000 |
| — | BLACKROCK INC | 2.12% | 425,689 | $234,248,000 |
| ADSK | AUTODESK INC | 2.09% | 1,235,493 | $230,791,000 |
| GOOG | ALPHABET INC | 2.09% | 2,396,018 | $230,377,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.06% | 3,322,282 | $227,776,000 |
| ENTG | ENTEGRIS INC | 1.92% | 2,556,644 | $212,253,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.90% | 4,386,719 | $209,466,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.43% | 2,470,872 | $157,914,000 |
| META | META PLATFORMS INC | 1.39% | 1,133,827 | $153,838,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 1.27% | 1,764,912 | $139,834,000 |
| MCO | MOODYS CORP | 1.15% | 523,267 | $127,212,000 |
| CACC | CREDIT ACCEP CORP MICH | 1.00% | 252,544 | $110,614,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 0.95% | 382,590 | $105,289,000 |
| — | ENDEAVOR GROUP HLDGS INC | 0.75% | 4,099,864 | $83,063,000 |
| HAYW | HAYWARD HLDGS INC | 0.43% | 5,402,297 | $47,919,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.01% | 2,134,871 | $719,580,000 |
| GOOGL | ALPHABET INC | 5.41% | 297,300 | $647,894,000 |
| AVGO | BROADCOM INC | 4.18% | 1,031,072 | $500,905,000 |
| ADI | ANALOG DEVICES INC | 3.96% | 3,243,694 | $473,871,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.93% | 1,844,227 | $471,366,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.89% | 858,206 | $466,246,000 |
| V | VISA INC | 3.78% | 2,301,340 | $453,111,000 |
| A | AGILENT TECHNOLOGIES INC | 3.43% | 3,458,756 | $410,797,000 |
| FIS | FIDELITY NATL INFORMATION SV | 3.24% | 4,233,078 | $388,046,000 |
| EFX | EQUIFAX INC | 3.10% | 2,031,359 | $371,292,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.09% | 3,941,181 | $370,629,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.05% | 1,849,323 | $365,038,000 |
| IQV | IQVIA HLDGS INC | 2.85% | 1,573,929 | $341,527,000 |
| CBRE | CBRE GROUP INC | 2.79% | 4,545,033 | $334,560,000 |
| CME | CME GROUP INC | 2.78% | 1,629,036 | $333,464,000 |
| AON | AON PLC | 2.78% | 1,233,391 | $332,621,000 |
| ZTS | ZOETIS INC | 2.68% | 1,871,317 | $321,660,000 |
| AMAT | APPLIED MATLS INC | 2.66% | 3,501,758 | $318,590,000 |
| VRSN | VERISIGN INC | 2.46% | 1,763,237 | $295,043,000 |
| BC | BRUNSWICK CORP | 2.37% | 4,346,374 | $284,166,000 |
| TNET | TRINET GROUP INC | 2.32% | 3,575,142 | $277,503,000 |
| ECL | ECOLAB INC | 2.31% | 1,797,161 | $276,331,000 |
| MSFT | MICROSOFT CORP | 2.29% | 1,068,121 | $274,326,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.29% | 3,350,118 | $273,872,000 |
| FAST | FASTENAL CO | 2.28% | 5,466,273 | $272,876,000 |
| BDX | BECTON DICKINSON & CO | 2.26% | 1,097,454 | $270,556,000 |
| GOOG | ALPHABET INC | 2.21% | 120,911 | $264,487,000 |
| — | BLACKROCK INC | 1.89% | 371,881 | $226,490,000 |
| ADSK | AUTODESK INC | 1.79% | 1,246,329 | $214,319,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.78% | 3,665,916 | $212,880,000 |
| ENTG | ENTEGRIS INC | 1.60% | 2,083,722 | $191,974,000 |
| META | META PLATFORMS INC | 1.54% | 1,142,935 | $184,298,000 |
| MCO | MOODYS CORP | 1.20% | 527,812 | $143,549,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 1.18% | 385,562 | $141,139,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.14% | 2,492,911 | $137,135,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 1.11% | 1,780,764 | $133,486,000 |
| CACC | CREDIT ACCEP CORP MICH | 1.01% | 255,498 | $120,955,000 |
| — | ENDEAVOR GROUP HLDGS INC | 0.71% | 4,136,450 | $85,045,000 |
| HAYW | HAYWARD HLDGS INC | 0.66% | 5,463,018 | $78,613,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.28% | 2,143,230 | $879,110,000 |
| GOOGL | ALPHABET INC | 5.93% | 298,611 | $830,542,000 |
| AVGO | BROADCOM INC | 4.66% | 1,035,732 | $652,180,000 |
| ADI | ANALOG DEVICES INC | 3.85% | 3,260,667 | $538,597,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.74% | 3,959,809 | $523,170,000 |
| V | VISA INC | 3.66% | 2,312,472 | $512,837,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.64% | 862,901 | $509,673,000 |
| EFX | EQUIFAX INC | 3.45% | 2,037,897 | $483,185,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.32% | 1,852,545 | $465,397,000 |
| AMAT | APPLIED MATLS INC | 3.30% | 3,511,824 | $462,859,000 |
| A | AGILENT TECHNOLOGIES INC | 3.28% | 3,469,770 | $459,155,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.14% | 1,859,187 | $439,177,000 |
| FIS | FIDELITY NATL INFORMATION SV | 3.05% | 4,255,690 | $427,357,000 |
| AON | AON PLC | 2.88% | 1,240,000 | $403,782,000 |
| CBRE | CBRE GROUP INC | 2.88% | 4,401,989 | $402,870,000 |
| CME | CME GROUP INC | 2.78% | 1,636,262 | $389,201,000 |
| VRSN | VERISIGN INC | 2.67% | 1,681,163 | $373,991,000 |
| ZTS | ZOETIS INC | 2.53% | 1,878,890 | $354,340,000 |
| TNET | TRINET GROUP INC | 2.52% | 3,593,304 | $353,438,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.51% | 3,368,200 | $351,169,000 |
| IQV | IQVIA HLDGS INC | 2.44% | 1,476,928 | $341,480,000 |
| GOOG | ALPHABET INC | 2.43% | 121,606 | $339,644,000 |
| BC | BRUNSWICK CORP | 2.38% | 4,122,800 | $333,493,000 |
| FAST | FASTENAL CO | 2.32% | 5,479,566 | $325,487,000 |
| ECL | ECOLAB INC | 2.27% | 1,802,648 | $318,276,000 |
| MSFT | MICROSOFT CORP | 2.09% | 947,955 | $292,264,000 |
| BDX | BECTON DICKINSON & CO | 2.03% | 1,070,648 | $284,792,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.98% | 3,687,562 | $276,641,000 |
| ENTG | ENTEGRIS INC | 1.95% | 2,085,651 | $273,763,000 |
| META | META PLATFORMS INC | 1.82% | 1,147,459 | $255,149,000 |
| ADSK | AUTODESK INC | 1.75% | 1,145,030 | $245,437,000 |
| MCO | MOODYS CORP | 1.27% | 529,062 | $178,510,000 |
| — | BLACKROCK INC | 1.25% | 229,279 | $175,208,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 1.15% | 1,785,922 | $160,750,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.05% | 2,224,503 | $146,617,000 |
| CACC | CREDIT ACCEP CORP MICH | 1.01% | 257,231 | $141,572,000 |
| — | ENDEAVOR GROUP HLDGS INC | 0.74% | 3,532,804 | $104,289,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.50% | 2,084,527 | $983,751,000 |
| GOOGL | ALPHABET INC | 5.56% | 290,373 | $841,223,000 |
| AVGO | BROADCOM INC | 4.42% | 1,006,000 | $669,402,000 |
| EFX | EQUIFAX INC | 3.83% | 1,980,280 | $579,806,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.69% | 838,290 | $559,340,000 |
| ADI | ANALOG DEVICES INC | 3.68% | 3,170,886 | $557,347,000 |
| A | AGILENT TECHNOLOGIES INC | 3.56% | 3,376,215 | $539,013,000 |
| AMAT | APPLIED MATLS INC | 3.55% | 3,416,194 | $537,572,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.48% | 3,850,096 | $526,577,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.48% | 1,799,761 | $526,430,000 |
| V | VISA INC | 3.22% | 2,246,953 | $486,938,000 |
| CBRE | CBRE GROUP INC | 3.07% | 4,283,446 | $464,796,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.98% | 4,134,390 | $451,269,000 |
| ZTS | ZOETIS INC | 2.94% | 1,826,045 | $445,610,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.84% | 1,807,400 | $429,239,000 |
| VRSN | VERISIGN INC | 2.74% | 1,636,612 | $415,405,000 |
| ECL | ECOLAB INC | 2.71% | 1,749,897 | $410,509,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.60% | 3,269,297 | $393,329,000 |
| BC | BRUNSWICK CORP | 2.54% | 3,812,919 | $384,075,000 |
| META | META PLATFORMS INC | 2.48% | 1,114,649 | $374,912,000 |
| CME | CME GROUP INC | 2.40% | 1,591,456 | $363,585,000 |
| AON | AON PLC | 2.39% | 1,204,090 | $361,902,000 |
| IQV | IQVIA HLDGS INC | 2.31% | 1,239,587 | $349,738,000 |
| GOOG | ALPHABET INC | 2.26% | 118,309 | $342,338,000 |
| FAST | FASTENAL CO | 2.26% | 5,333,285 | $341,650,000 |
| TNET | TRINET GROUP INC | 2.20% | 3,494,896 | $332,924,000 |
| ADSK | AUTODESK INC | 2.07% | 1,116,267 | $313,884,000 |
| MSFT | MICROSOFT CORP | 2.05% | 921,442 | $309,900,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.94% | 3,580,872 | $293,560,000 |
| ENTG | ENTEGRIS INC | 1.86% | 2,029,260 | $281,215,000 |
| BDX | BECTON DICKINSON & CO | 1.73% | 1,042,502 | $262,168,000 |
| MCO | MOODYS CORP | 1.33% | 514,015 | $200,764,000 |
| CACC | CREDIT ACCEP CORP MICH | 1.13% | 249,861 | $171,824,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.13% | 2,162,492 | $171,745,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 0.93% | 1,210,207 | $140,530,000 |
| — | ENDEAVOR GROUP HLDGS INC | 0.79% | 3,425,337 | $119,510,000 |
| PRI | PRIMERICA INC | 0.74% | 727,292 | $111,472,000 |
| — | BLACKROCK INC | 0.62% | 102,295 | $93,657,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.74% | 2,327,426 | $988,901,000 |
| GOOGL | ALPHABET INC | 5.69% | 311,989 | $834,109,000 |
| A | AGILENT TECHNOLOGIES INC | 3.90% | 3,628,722 | $571,632,000 |
| ADI | ANALOG DEVICES INC | 3.89% | 3,403,479 | $570,014,000 |
| EFX | EQUIFAX INC | 3.68% | 2,130,761 | $539,978,000 |
| V | VISA INC | 3.67% | 2,413,372 | $537,578,000 |
| AVGO | BROADCOM INC | 3.58% | 1,082,706 | $525,037,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.51% | 901,211 | $514,889,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.50% | 1,934,586 | $513,459,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.24% | 4,134,701 | $474,746,000 |
| AMAT | APPLIED MATLS INC | 3.22% | 3,668,926 | $472,301,000 |
| FIS | FIDELITY NATL INFORMATION SV | 3.14% | 3,787,345 | $460,844,000 |
| CBRE | CBRE GROUP INC | 3.05% | 4,596,661 | $447,531,000 |
| ZTS | ZOETIS INC | 2.92% | 2,206,564 | $428,382,000 |
| META | FACEBOOK INC | 2.77% | 1,198,787 | $406,856,000 |
| ECL | ECOLAB INC | 2.68% | 1,882,356 | $392,697,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.68% | 3,516,896 | $392,661,000 |
| BC | BRUNSWICK CORP | 2.66% | 4,098,379 | $390,453,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.64% | 1,668,708 | $387,908,000 |
| AON | AON PLC | 2.52% | 1,293,142 | $369,542,000 |
| VRSN | VERISIGN INC | 2.46% | 1,760,022 | $360,822,000 |
| GOOG | ALPHABET INC | 2.44% | 134,425 | $358,284,000 |
| TNET | TRINET GROUP INC | 2.42% | 3,760,211 | $355,641,000 |
| ADSK | AUTODESK INC | 2.33% | 1,198,122 | $341,668,000 |
| CME | CME GROUP INC | 2.26% | 1,710,603 | $330,797,000 |
| FAST | FASTENAL CO | 2.02% | 5,727,645 | $295,604,000 |
| MSFT | MICROSOFT CORP | 1.90% | 988,417 | $278,655,000 |
| — | CITRIX SYS INC | 1.89% | 2,583,172 | $277,355,000 |
| BDX | BECTON DICKINSON & CO | 1.87% | 1,118,342 | $274,911,000 |
| ENTG | ENTEGRIS INC | 1.87% | 2,181,573 | $274,660,000 |
| IQV | IQVIA HLDGS INC | 1.84% | 1,128,213 | $270,252,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.82% | 3,841,840 | $266,623,000 |
| MCO | MOODYS CORP | 1.34% | 552,503 | $196,200,000 |
| CACC | CREDIT ACCEP CORP MICH | 1.07% | 268,874 | $157,372,000 |
| PRI | PRIMERICA INC | 1.02% | 975,320 | $149,839,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 0.99% | 2,325,818 | $144,992,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 0.77% | 1,178,741 | $112,535,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.54% | 2,367,081 | $971,569,000 |
| GOOGL | ALPHABET INC | 5.22% | 317,231 | $774,612,000 |
| ADI | ANALOG DEVICES INC | 4.02% | 3,462,813 | $596,157,000 |
| V | VISA INC | 3.87% | 2,454,639 | $573,943,000 |
| A | AGILENT TECHNOLOGIES INC | 3.67% | 3,686,433 | $544,892,000 |
| FIS | FIDELITY NATL INFORMATION SV | 3.67% | 3,845,886 | $544,847,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.58% | 1,967,250 | $531,433,000 |
| AMAT | APPLIED MATLS INC | 3.58% | 3,731,428 | $531,355,000 |
| AVGO | BROADCOM INC | 3.53% | 1,099,192 | $524,139,000 |
| EFX | EQUIFAX INC | 3.49% | 2,165,578 | $518,678,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.36% | 4,200,587 | $498,610,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.11% | 916,670 | $462,433,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.89% | 3,575,182 | $429,594,000 |
| META | FACEBOOK INC | 2.85% | 1,218,270 | $423,605,000 |
| ZTS | ZOETIS INC | 2.82% | 2,243,767 | $418,149,000 |
| VRSN | VERISIGN INC | 2.74% | 1,788,838 | $407,300,000 |
| CBRE | CBRE GROUP INC | 2.70% | 4,680,055 | $401,222,000 |
| ECL | ECOLAB INC | 2.66% | 1,915,563 | $394,548,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.63% | 1,696,388 | $390,203,000 |
| BC | BRUNSWICK CORP | 2.62% | 3,897,669 | $388,285,000 |
| CME | CME GROUP INC | 2.49% | 1,737,140 | $369,455,000 |
| ADSK | AUTODESK INC | 2.39% | 1,217,702 | $355,447,000 |
| GOOG | ALPHABET INC | 2.30% | 136,496 | $342,103,000 |
| AON | AON PLC | 2.12% | 1,316,431 | $314,311,000 |
| — | CITRIX SYS INC | 2.07% | 2,620,006 | $307,248,000 |
| FAST | FASTENAL CO | 2.04% | 5,819,233 | $302,600,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 1.90% | 3,921,750 | $282,601,000 |
| IQV | IQVIA HLDGS INC | 1.87% | 1,147,900 | $278,159,000 |
| BDX | BECTON DICKINSON & CO | 1.86% | 1,138,225 | $276,805,000 |
| TNET | TRINET GROUP INC | 1.86% | 3,819,059 | $276,805,000 |
| MSFT | MICROSOFT CORP | 1.84% | 1,007,149 | $272,837,000 |
| ENTG | ENTEGRIS INC | 1.83% | 2,213,895 | $272,243,000 |
| MCO | MOODYS CORP | 1.37% | 563,004 | $204,016,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.04% | 2,359,066 | $155,062,000 |
| PRI | PRIMERICA INC | 1.03% | 997,734 | $152,793,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 0.87% | 1,203,429 | $129,080,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.84% | 275,269 | $125,003,000 |
| — | NIELSEN HLDGS PLC | 0.71% | 4,273,200 | $105,420,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.16% | 2,396,701 | $845,724,000 |
| GOOGL | ALPHABET INC | 4.83% | 321,603 | $663,312,000 |
| FIS | FIDELITY NATL INFORMATION SV | 3.98% | 3,891,313 | $547,158,000 |
| ADI | ANALOG DEVICES INC | 3.95% | 3,502,546 | $543,175,000 |
| V | VISA INC | 3.83% | 2,485,235 | $526,199,000 |
| AVGO | BROADCOM INC | 3.76% | 1,113,059 | $516,081,000 |
| AMAT | APPLIED MATLS INC | 3.67% | 3,776,538 | $504,546,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.46% | 1,989,472 | $475,603,000 |
| A | AGILENT TECHNOLOGIES INC | 3.46% | 3,737,259 | $475,155,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.45% | 4,244,417 | $474,017,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.11% | 3,616,582 | $427,769,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.09% | 929,404 | $424,161,000 |
| ECL | ECOLAB INC | 3.02% | 1,938,827 | $415,045,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 2.99% | 1,795,686 | $410,997,000 |
| EFX | EQUIFAX INC | 2.90% | 2,201,794 | $398,811,000 |
| CBRE | CBRE GROUP INC | 2.76% | 4,792,603 | $379,143,000 |
| BC | BRUNSWICK CORP | 2.74% | 3,942,544 | $376,000,000 |
| ZTS | ZOETIS INC | 2.73% | 2,381,198 | $374,991,000 |
| — | CITRIX SYS INC | 2.68% | 2,619,215 | $367,633,000 |
| VRSN | VERISIGN INC | 2.62% | 1,811,632 | $360,080,000 |
| CME | CME GROUP INC | 2.61% | 1,758,889 | $359,218,000 |
| ADSK | AUTODESK INC | 2.49% | 1,233,318 | $341,814,000 |
| AON | AON PLC | 2.24% | 1,336,974 | $307,651,000 |
| TNET | TRINET GROUP INC | 2.19% | 3,863,446 | $301,194,000 |
| FAST | FASTENAL CO | 2.16% | 5,912,354 | $297,273,000 |
| META | FACEBOOK INC | 2.10% | 978,982 | $288,340,000 |
| GOOG | ALPHABET INC | 2.08% | 138,047 | $285,569,000 |
| BDX | BECTON DICKINSON & CO | 2.04% | 1,150,038 | $279,632,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.02% | 3,969,825 | $277,371,000 |
| ENTG | ENTEGRIS INC | 1.82% | 2,237,448 | $250,146,000 |
| IQV | IQVIA HLDGS INC | 1.34% | 953,595 | $184,178,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.27% | 2,397,278 | $175,097,000 |
| MCO | MOODYS CORP | 1.24% | 569,454 | $170,045,000 |
| MSFT | MICROSOFT CORP | 1.10% | 642,731 | $151,537,000 |
| PRI | PRIMERICA INC | 1.09% | 1,008,794 | $149,120,000 |
| AWI | ARMSTRONG WORLD INDS INC NEW | 0.80% | 1,214,023 | $109,372,000 |
| — | NIELSEN HLDGS PLC | 0.79% | 4,331,115 | $108,928,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.73% | 277,975 | $100,135,000 |
| — | GRACE W R & CO DEL NEW | 0.69% | 1,583,141 | $94,767,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 6.40% | 2,595,713 | $853,289,000 |
| ADI | ANALOG DEVICES INC | 5.44% | 4,910,681 | $725,455,000 |
| GOOGL | ALPHABET INC | 4.39% | 334,004 | $585,389,000 |
| FIS | FIDELITY NATL INFORMATION SV | 4.28% | 4,033,105 | $570,523,000 |
| V | VISA INC | 4.22% | 2,573,794 | $562,966,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.81% | 4,406,168 | $507,988,000 |
| AVGO | BROADCOM INC | 3.79% | 1,154,896 | $505,671,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 3.69% | 2,333,044 | $491,526,000 |
| A | AGILENT TECHNOLOGIES INC | 3.64% | 4,092,752 | $484,950,000 |
| ZTS | ZOETIS INC | 3.61% | 2,910,287 | $481,653,000 |
| ECL | ECOLAB INC | 3.55% | 2,190,316 | $473,897,000 |
| AMT | AMERICAN TOWER CORP NEW | 3.48% | 2,066,147 | $463,767,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.37% | 964,200 | $449,105,000 |
| EFX | EQUIFAX INC | 3.30% | 2,281,774 | $440,017,000 |
| CBRE | CBRE GROUP INC | 3.14% | 6,676,525 | $418,751,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.07% | 3,753,709 | $409,304,000 |
| ADSK | AUTODESK INC | 2.93% | 1,279,572 | $390,704,000 |
| AMAT | APPLIED MATLS INC | 2.52% | 3,890,325 | $335,735,000 |
| CME | CME GROUP INC | 2.48% | 1,817,062 | $330,796,000 |
| TNET | TRINET GROUP INC | 2.42% | 4,009,377 | $323,156,000 |
| VRSN | VERISIGN INC | 2.39% | 1,473,799 | $318,930,000 |
| BC | BRUNSWICK CORP | 2.34% | 4,085,616 | $311,487,000 |
| FAST | FASTENAL CO | 2.24% | 6,122,311 | $298,953,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.24% | 4,105,440 | $298,671,000 |
| BDX | BECTON DICKINSON & CO | 2.23% | 1,190,036 | $297,771,000 |
| GOOG | ALPHABET INC | 2.20% | 167,472 | $293,391,000 |
| AON | AON PLC | 2.20% | 1,386,579 | $292,943,000 |
| META | FACEBOOK INC | 2.09% | 1,018,524 | $278,220,000 |
| ENTG | ENTEGRIS INC | 1.88% | 2,609,800 | $250,802,000 |
| MCO | MOODYS CORP | 1.29% | 591,561 | $171,695,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.13% | 2,478,421 | $150,985,000 |
| MSFT | MICROSOFT CORP | 1.11% | 664,113 | $147,712,000 |
| PRI | PRIMERICA INC | 1.05% | 1,043,938 | $139,814,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.74% | 283,968 | $98,293,000 |
| AWI | ARMSTRONG WORLD INDS INC | 0.69% | 1,245,260 | $92,635,000 |
| — | GRACE W R & CO DEL NEW | 0.67% | 1,633,651 | $89,557,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SPGI | S&P GLOBAL INC | 7.86% | 2,608,414 | $940,594,000 |
| FIS | FIDELITY NATL INFORMATION SV | 4.99% | 4,052,289 | $596,538,000 |
| ADI | ANALOG DEVICES INC | 4.82% | 4,935,044 | $576,117,000 |
| V | VISA INC | 4.32% | 2,584,741 | $516,871,000 |
| AMT | AMERICAN TOWER CORP NEW | 4.20% | 2,076,425 | $501,934,000 |
| GOOGL | ALPHABET INC | 4.11% | 335,423 | $491,596,000 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 4.10% | 2,347,168 | $490,135,000 |
| ZTS | ZOETIS INC | 4.04% | 2,919,668 | $482,825,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.70% | 4,427,534 | $442,975,000 |
| ECL | ECOLAB INC | 3.68% | 2,202,550 | $440,158,000 |
| TMO | THERMO FISHER SCIENTIFIC INC | 3.58% | 968,981 | $427,824,000 |
| AVGO | BROADCOM INC | 3.54% | 1,162,796 | $423,630,000 |
| A | AGILENT TECHNOLOGIES INC | 3.47% | 4,117,277 | $415,598,000 |
| EFX | EQUIFAX INC | 3.00% | 2,289,609 | $359,240,000 |
| CBRE | CBRE GROUP INC | 2.65% | 6,739,521 | $316,556,000 |
| CME | CME GROUP INC | 2.57% | 1,834,578 | $306,944,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 2.56% | 3,776,668 | $306,175,000 |
| VRSN | VERISIGN INC | 2.54% | 1,480,473 | $303,275,000 |
| ADSK | AUTODESK INC | 2.48% | 1,285,218 | $296,898,000 |
| AON | AON PLC | 2.41% | 1,395,669 | $287,926,000 |
| BDX | BECTON DICKINSON & CO | 2.34% | 1,201,954 | $279,671,000 |
| FAST | FASTENAL CO | 2.32% | 6,151,042 | $277,351,000 |
| META | FACEBOOK INC | 2.24% | 1,023,788 | $268,130,000 |
| SSNC | SS&C TECHNOLOGIES HLDGS INC | 2.09% | 4,123,623 | $249,562,000 |
| GOOG | ALPHABET INC | 2.07% | 168,383 | $247,456,000 |
| BC | BRUNSWICK CORP | 2.02% | 4,104,084 | $241,771,000 |
| TNET | TRINET GROUP INC | 2.00% | 4,030,574 | $239,093,000 |
| AMAT | APPLIED MATLS INC | 1.95% | 3,925,384 | $233,364,000 |
| ENTG | ENTEGRIS INC | 1.63% | 2,622,712 | $194,972,000 |
| MCO | MOODYS CORP | 1.44% | 595,775 | $172,685,000 |
| MSFT | MICROSOFT CORP | 1.17% | 667,051 | $140,301,000 |
| IBKR | INTERACTIVE BROKERS GROUP IN | 1.01% | 2,488,447 | $120,266,000 |
| PRI | PRIMERICA INC | 1.00% | 1,054,643 | $119,322,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.82% | 288,590 | $97,728,000 |
| AWI | ARMSTRONG WORLD INDS INC | 0.73% | 1,269,230 | $87,336,000 |
| — | GRACE W R & CO DEL NEW | 0.56% | 1,666,267 | $67,134,000 |
Investor background
William von Mueffling
“The successful buyers of growth…focus on the strength of the franchise.”Bruce Greenwald, identifying Warren Buffett and William von Mueffling as examples
William von Mueffling is the president and chief investment officer of Cantillon Capital Management, a global equity investment firm he founded in 2003. He began his career researching European companies at Deutsche Bank before earning an MBA from Columbia Business School in 1995. Bruce Greenwald’s value-investing course helped him combine business-cycle analysis with the principles of intrinsic value and margin of safety.
Von Mueffling first became prominent at Lazard Asset Management, where he managed hedge funds and established an exceptional record during the technology bubble. Institutional Investor reported that the Lazard European Opportunities Fund returned an annualized 58% between August 1998 and December 2002. When he left Lazard, much of his team and nearly $3 billion of client capital followed him to Cantillon.
His present philosophy, however, was shaped partly by failure. After losses and costly short covering during the 2009 market rebound, he closed Cantillon’s long-short funds, returned approximately $3.5 billion and concentrated the firm on long-only investing.
Cantillon seeks what von Mueffling calls “financial productivity at a discount”: businesses capable of sustaining high returns on capital because they possess genuine competitive advantages. The firm studies networks, brands, distribution systems, scarce physical assets and other barriers to replication. It also examines whether management can reinvest or distribute the resulting cash without destroying shareholder value. High historical ROE alone is insufficient; the economic reason for that ROE must be durable.
Von Mueffling is worth following because he combines a documented early record, more than three decades of global company research and an unusually coherent quality-value framework. Unlike highly concentrated investors, Cantillon generally owns a broader collection of exceptional businesses. Its focus lies less in making a few dramatic bets than in repeatedly purchasing sustainable financial productivity below intrinsic value.