# EDGAR Filing Document

**Accession Number:** 0000948669
**File Stem:** 0001172661-25-004416
**Filing Date:** 2025-10
**Character Count:** 18704
**Document Hash:** 29b6cf82a4c1ce999d559f1bdf7185cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-004416.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001172661-25-004416

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**EFFECTIVENESS DATE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARNASSUS INVESTMENTS, LLC
- **CENTRAL INDEX KEY:** 0000948669

**ORGANIZATION NAME:**
- **EIN:** 872269073
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05022
- **FILM NUMBER:** 251414403

**BUSINESS ADDRESS:**
- **STREET 1:** 1 MARKET STREET #1600
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 4157780200

**MAIL ADDRESS:**
- **STREET 1:** 1 MARKET STREET #1600
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARNASSUS INVESTMENTS /CA
- **DATE OF NAME CHANGE:** 19990326

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PARNASSUS INVESTMENTS LLC<br>**Address:** 1 Market Street #1600<br>San Francisco, CA 94105

**Form 13F File Number:** 028-05022

**CRD Number (if applicable):** 000316904

**SEC File Number (if applicable):** 801-122618

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Marc C. Mahon<br>**Title:** Chief Financial Officer<br>**Phone:** 415-778-0200

**Signature, Place, and Date of Signing:**

/s/ Marc C. Mahon  San Francisco, CA  10-24-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 147

**Form 13F Information Table Value Total:** $43265163795

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 70245369 | 524454 | SH |  | SOLE |  | 524454 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 472587134 | 2920991 | SH |  | SOLE |  | 2664726 | 0 | 256265 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 59099528 | 460456 | SH |  | SOLE |  | 460456 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 45422041 | 609610 | SH |  | SOLE |  | 609610 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 46906606 | 218526 | SH |  | SOLE |  | 218526 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 16878384 | 37014 | SH |  | SOLE |  | 37014 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2222058224 | 9140511 | SH |  | SOLE |  | 8272699 | 0 | 867812 |
| AMAZON COM INC | COM | 023135106 |  | 2189140127 | 9970124 | SH |  | SOLE |  | 9000692 | 0 | 969432 |
| APPFOLIO INC | COM CL A | 03783C100 |  | 2036576 | 7388 | SH |  | SOLE |  | 6810 | 0 | 578 |
| APPLE INC | COM | 037833100 |  | 899060336 | 3530850 | SH |  | SOLE |  | 3167650 | 0 | 363200 |
| APPLIED MATLS INC | COM | 038222105 |  | 770065017 | 3761185 | SH |  | SOLE |  | 3419576 | 0 | 341609 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 16315888 | 22707 | SH |  | SOLE |  | 22707 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 225646 | 2487 | SH |  | SOLE |  | 2487 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 65570889 | 410100 | SH |  | SOLE |  | 409425 | 0 | 675 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 2073649 | 2142 | SH |  | SOLE |  | 1975 | 0 | 167 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 99199267 | 1293004 | SH |  | SOLE |  | 1293004 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 47256667 | 295909 | SH |  | SOLE |  | 295536 | 0 | 373 |
| AUTODESK INC | COM | 052769106 |  | 96775942 | 304643 | SH |  | SOLE |  | 304643 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 1076597116 | 250941 | SH |  | SOLE |  | 225082 | 0 | 25859 |
| BALL CORP | COM | 058498106 |  | 427050644 | 8469866 | SH |  | SOLE |  | 7781472 | 0 | 688394 |
| BANK AMERICA CORP | COM | 060505104 |  | 993552567 | 19258627 | SH |  | SOLE |  | 17611447 | 0 | 1647180 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 272983917 | 2505359 | SH |  | SOLE |  | 2505359 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 65951891 | 860766 | SH |  | SOLE |  | 860766 | 0 | 0 |
| BILL HOLDINGS INC | COM | 090043100 |  | 47968837 | 905585 | SH |  | SOLE |  | 905585 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 88414818 | 315328 | SH |  | SOLE |  | 315328 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 8716846 | 120615 | SH |  | SOLE |  | 120615 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 269964 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 672127878 | 6884440 | SH |  | SOLE |  | 6176030 | 0 | 708410 |
| BROADCOM INC | COM | 11135F101 |  | 830776393 | 2518191 | SH |  | SOLE |  | 2280361 | 0 | 237830 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 90593437 | 380373 | SH |  | SOLE |  | 380373 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A EX SUB VTG | 11285B108 |  | 183721225 | 5337630 | SH |  | SOLE |  | 5337630 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 641041051 | 6834855 | SH |  | SOLE |  | 6194249 | 0 | 640606 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 15314966 | 126309 | SH |  | SOLE |  | 126309 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 17831363 | 50764 | SH |  | SOLE |  | 50764 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 84059683 | 342751 | SH |  | SOLE |  | 342751 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 282903392 | 1795528 | SH |  | SOLE |  | 1795528 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 17649412 | 450355 | SH |  | SOLE |  | 448411 | 0 | 1944 |
| CITIGROUP INC | COM NEW | 172967424 |  | 105046613 | 1034942 | SH |  | SOLE |  | 1034942 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 27804212 | 129569 | SH |  | SOLE |  | 129128 | 0 | 441 |
| CME GROUP INC | COM | 12572Q105 |  | 93686761 | 346744 | SH |  | SOLE |  | 346744 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 218888 | 20174 | SH |  | SOLE |  | 20174 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 260742 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 64266751 | 2045409 | SH |  | SOLE |  | 2045409 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 53741496 | 636974 | SH |  | SOLE |  | 636974 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 389170026 | 420438 | SH |  | SOLE |  | 405351 | 0 | 15087 |
| CRH PLC | ORD | G25508105 |  | 310781 | 2592 | SH |  | SOLE |  | 2592 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 123117054 | 291491 | SH |  | SOLE |  | 291491 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 65811132 | 388335 | SH |  | SOLE |  | 388335 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1223483079 | 6171104 | SH |  | SOLE |  | 5578154 | 0 | 592950 |
| DATADOG INC | CL A COM | 23804L103 |  | 25849160 | 181525 | SH |  | SOLE |  | 181036 | 0 | 489 |
| DEERE  CO | COM | 244199105 |  | 1414457905 | 3093334 | SH |  | SOLE |  | 2810732 | 0 | 282602 |
| DOORDASH INC | CL A | 25809K105 |  | 1782623 | 6554 | SH |  | SOLE |  | 6040 | 0 | 514 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 36934295 | 474917 | SH |  | SOLE |  | 474917 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 479377640 | 628280 | SH |  | SOLE |  | 563521 | 0 | 64759 |
| EQUIFAX INC | COM | 294429105 |  | 449808681 | 1753435 | SH |  | SOLE |  | 1588305 | 0 | 165130 |
| FEDEX CORP | COM | 31428X106 |  | 72521479 | 307542 | SH |  | SOLE |  | 307542 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 679502498 | 3025659 | SH |  | SOLE |  | 2751361 | 0 | 274298 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 78366327 | 1188449 | SH |  | SOLE |  | 1188449 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 529599056 | 4107648 | SH |  | SOLE |  | 3685606 | 0 | 422042 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 279465 | 21547 | SH |  | SOLE |  | 21547 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 1766608 | 2873 | SH |  | SOLE |  | 2648 | 0 | 225 |
| GRAINGER W W INC | COM | 384802104 |  | 721202034 | 756802 | SH |  | SOLE |  | 680917 | 0 | 75885 |
| GUIDEWIRE SOFTWARE INC | COM | 40171V100 |  | 51783321 | 225282 | SH |  | SOLE |  | 225282 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 78579706 | 302882 | SH |  | SOLE |  | 302882 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 103780910 | 256129 | SH |  | SOLE |  | 256129 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 60538162 | 140685 | SH |  | SOLE |  | 140685 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 21004787 | 32877 | SH |  | SOLE |  | 32877 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1256775 | 8727 | SH |  | SOLE |  | 8043 | 0 | 684 |
| INSULET CORP | COM | 45784P101 |  | 46525303 | 150699 | SH |  | SOLE |  | 150409 | 0 | 290 |
| INTEL CORP | COM | 458140100 |  | 55193877 | 1645123 | SH |  | SOLE |  | 1645123 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 1094610348 | 6496975 | SH |  | SOLE |  | 5832007 | 0 | 664968 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1247325 | 2789 | SH |  | SOLE |  | 2572 | 0 | 217 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 37902907 | 199552 | SH |  | SOLE |  | 199552 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 165177443 | 523658 | SH |  | SOLE |  | 523658 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 777085999 | 720458 | SH |  | SOLE |  | 658168 | 0 | 62290 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 93825739 | 700715 | SH |  | SOLE |  | 700715 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 995972875 | 2096785 | SH |  | SOLE |  | 1898897 | 0 | 197888 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 482990147 | 1854516 | SH |  | SOLE |  | 1662856 | 0 | 191660 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 521298457 | 2586704 | SH |  | SOLE |  | 2319419 | 0 | 267285 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1207617190 | 2123059 | SH |  | SOLE |  | 1931943 | 0 | 191116 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 23388095 | 10008 | SH |  | SOLE |  | 9960 | 0 | 48 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 16615701 | 13535 | SH |  | SOLE |  | 13535 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 59935697 | 358210 | SH |  | SOLE |  | 358210 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2429405628 | 4690425 | SH |  | SOLE |  | 4232571 | 0 | 457854 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 25235663 | 27411 | SH |  | SOLE |  | 27411 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 9857641 | 42488 | SH |  | SOLE |  | 42488 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 12336628 | 21742 | SH |  | SOLE |  | 21742 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 10983949 | 68236 | SH |  | SOLE |  | 67663 | 0 | 573 |
| NETFLIX INC | COM | 64110L106 |  | 1647316 | 1374 | SH |  | SOLE |  | 1267 | 0 | 107 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 67888211 | 468906 | SH |  | SOLE |  | 468906 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 56249325 | 1013684 | SH |  | SOLE |  | 1013684 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2311043130 | 12386339 | SH |  | SOLE |  | 11111083 | 0 | 1275256 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 36682065 | 161077 | SH |  | SOLE |  | 161077 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 24999290 | 177577 | SH |  | SOLE |  | 177577 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 675097496 | 2400432 | SH |  | SOLE |  | 2174782 | 0 | 225650 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 71841781 | 666374 | SH |  | SOLE |  | 666374 | 0 | 0 |
| PENTAIR PLC | SHS | G7S00T104 |  | 47284109 | 426906 | SH |  | SOLE |  | 426906 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 59469566 | 191794 | SH |  | SOLE |  | 191794 | 0 | 0 |
| PROCORE TECHNOLOGIES INC | COM | 74275K108 |  | 10301627 | 141273 | SH |  | SOLE |  | 141273 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 486981230 | 3169419 | SH |  | SOLE |  | 2844003 | 0 | 325416 |
| PROGRESSIVE CORP | COM | 743315103 |  | 110405171 | 447075 | SH |  | SOLE |  | 447075 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 22191710 | 109308 | SH |  | SOLE |  | 108686 | 0 | 622 |
| REALTY INCOME CORP | COM | 756109104 |  | 1098268796 | 18066603 | SH |  | SOLE |  | 16300876 | 0 | 1765727 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 56802202 | 101023 | SH |  | SOLE |  | 101023 | 0 | 0 |
| RELX PLC | SPONSORED ADR | 759530108 |  | 408969 | 8563 | SH |  | SOLE |  | 8563 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 77842140 | 339211 | SH |  | SOLE |  | 339211 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 26607426 | 185832 | SH |  | SOLE |  | 185832 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 21028773 | 60163 | SH |  | SOLE |  | 60163 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 46597594 | 93440 | SH |  | SOLE |  | 93440 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 19323227 | 59717 | SH |  | SOLE |  | 59717 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 989118344 | 2032254 | SH |  | SOLE |  | 1856502 | 0 | 175752 |
| SALESFORCE INC | COM | 79466L302 |  | 871703301 | 3678073 | SH |  | SOLE |  | 3299715 | 0 | 378358 |
| SANDISK CORP | COM | 80004C200 |  | 103814957 | 925267 | SH |  | SOLE |  | 925267 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 326531 | 1222 | SH |  | SOLE |  | 1222 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 129412545 | 1355531 | SH |  | SOLE |  | 1355531 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 520104 | 2910 | SH |  | SOLE |  | 2910 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 587383435 | 638266 | SH |  | SOLE |  | 572473 | 0 | 65793 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 8607558 | 83447 | SH |  | SOLE |  | 83447 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 430421609 | 1243059 | SH |  | SOLE |  | 1118583 | 0 | 124476 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 262448 | 376 | SH |  | SOLE |  | 376 | 0 | 0 |
| STANDARDAERO INC | COM | 85423L103 |  | 31099166 | 1139581 | SH |  | SOLE |  | 1136051 | 0 | 3530 |
| STRYKER CORPORATION | COM | 863667101 |  | 584639019 | 1581516 | SH |  | SOLE |  | 1438029 | 0 | 143487 |
| SYNOPSYS INC | COM | 871607107 |  | 733648727 | 1486955 | SH |  | SOLE |  | 1349607 | 0 | 137348 |
| SYSCO CORP | COM | 871829107 |  | 131370670 | 1595466 | SH |  | SOLE |  | 1595466 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 109511005 | 392105 | SH |  | SOLE |  | 391421 | 0 | 684 |
| TERADYNE INC | COM | 880770102 |  | 31713357 | 230408 | SH |  | SOLE |  | 230408 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 94298970 | 327143 | SH |  | SOLE |  | 327143 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1015448058 | 2093621 | SH |  | SOLE |  | 1897056 | 0 | 196565 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 17616408 | 41749 | SH |  | SOLE |  | 41749 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 81125096 | 968311 | SH |  | SOLE |  | 968311 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 64970040 | 1421042 | SH |  | SOLE |  | 1421042 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 115330123 | 487922 | SH |  | SOLE |  | 487922 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 72139040 | 208917 | SH |  | SOLE |  | 208917 | 0 | 0 |
| US FOODS HLDG CORP | COM | 912008109 |  | 67172064 | 876691 | SH |  | SOLE |  | 876691 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 375432749 | 1492715 | SH |  | SOLE |  | 1355897 | 0 | 136818 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 133639952 | 3040727 | SH |  | SOLE |  | 3040727 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 645592300 | 1648433 | SH |  | SOLE |  | 1478010 | 0 | 170423 |
| VISA INC | COM CL A | 92826C839 |  | 93586254 | 274141 | SH |  | SOLE |  | 273438 | 0 | 703 |
| VULCAN MATLS CO | COM | 929160109 |  | 58638524 | 190620 | SH |  | SOLE |  | 190620 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 72694299 | 705359 | SH |  | SOLE |  | 705359 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 262645 | 1494 | SH |  | SOLE |  | 1494 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1239588352 | 5613315 | SH |  | SOLE |  | 5037864 | 0 | 575451 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 8805893 | 33568 | SH |  | SOLE |  | 33568 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 107917132 | 898860 | SH |  | SOLE |  | 898860 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 121727598 | 352374 | SH |  | SOLE |  | 352374 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 774477759 | 3217205 | SH |  | SOLE |  | 2923648 | 0 | 293557 |
| XYLEM INC | COM | 98419M100 |  | 71228340 | 482904 | SH |  | SOLE |  | 482904 | 0 | 0 |

---