# EDGAR Filing Document

**Accession Number:** 0001280043
**File Stem:** 0001941040-25-000465
**Filing Date:** 2025-8
**Character Count:** 20736
**Document Hash:** f0be12963d3a214645ae00c09d4faf1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-25-000465.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001941040-25-000465

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUMMITRY LLC
- **CENTRAL INDEX KEY:** 0001280043

**ORGANIZATION NAME:**
- **EIN:** 202133053
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10724
- **FILM NUMBER:** 251199491

**BUSINESS ADDRESS:**
- **STREET 1:** 919 E HILLSDALE BLVD
- **STREET 2:** SUITE 150
- **CITY:** FOSTER CITY
- **STATE:** CA
- **ZIP:** 94404
- **BUSINESS PHONE:** 650-212-2240

**MAIL ADDRESS:**
- **STREET 1:** 919 E HILLSDALE BLVD
- **STREET 2:** SUITE 150
- **CITY:** FOSTER CITY
- **STATE:** CA
- **ZIP:** 94404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLUB GROUP LLC
- **DATE OF NAME CHANGE:** 20060911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLUB GROUP INC
- **DATE OF NAME CHANGE:** 20040212

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** SUMMITRY LLC<br>**Address:** 919 E Hillsdale Blvd<br>Suite 150<br>Foster City, CA 94404

**Form 13F File Number:** 028-10724

**CRD Number (if applicable):** 000128586

**SEC File Number (if applicable):** 801-62398

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:** Jennifer Rouse<br>**Title:** Chief Compliance Officer<br>**Phone:** 650-212-2240

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

Jennifer Rouse  Foster City, CA  08-08-2025<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:** 176

**Form 13F Information Table Value Total:** $2208664126

      (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 |
| 3M CO | COM | 88579Y101 |  | 5766669 | 37879 | SH |  | SOLE |  | 0 | 0 | 37879 |
| AAON INC | COM PAR $0.004 | 000360206 |  | 391518 | 5309 | SH |  | SOLE |  | 0 | 0 | 5309 |
| ABBOTT LABS | COM | 002824100 |  | 233258 | 1715 | SH |  | SOLE |  | 0 | 0 | 1715 |
| ABBVIE INC | COM | 00287Y109 |  | 565399 | 3046 | SH |  | SOLE |  | 0 | 0 | 3046 |
| ABRDN GLOBAL PREMIER PPTYS F | COM SH BEN INT | 00302L108 |  | 67320 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| ADOBE INC | COM | 00724F101 |  | 269656 | 697 | SH |  | SOLE |  | 0 | 0 | 697 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 71731030 | 607839 | SH |  | SOLE |  | 0 | 0 | 607839 |
| AGILYSYS INC | COM | 00847J105 |  | 268373 | 2341 | SH |  | SOLE |  | 0 | 0 | 2341 |
| ALARM COM HLDGS INC | COM | 011642105 |  | 217625 | 3847 | SH |  | SOLE |  | 0 | 0 | 3847 |
| ALCON AG | ORD SHS | H01301128 |  | 309018 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 64151165 | 364020 | SH |  | SOLE |  | 0 | 0 | 364020 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4449069 | 25081 | SH |  | SOLE |  | 0 | 0 | 25081 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 432279 | 7373 | SH |  | SOLE |  | 0 | 0 | 7373 |
| AMAZON COM INC | COM | 023135106 |  | 108483310 | 494477 | SH |  | SOLE |  | 0 | 0 | 494477 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 221020 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 417052 | 2998 | SH |  | SOLE |  | 0 | 0 | 2998 |
| APPLE INC | COM | 037833100 |  | 8345160 | 40674 | SH |  | SOLE |  | 0 | 0 | 40674 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 522544 | 652 | SH |  | SOLE |  | 0 | 0 | 652 |
| ASTERA LABS INC | COM | 04626A103 |  | 8047380 | 89000 | SH |  | SOLE |  | 0 | 0 | 89000 |
| AT INC | COM | 00206R102 |  | 7059604 | 243939 | SH |  | SOLE |  | 0 | 0 | 243939 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 266458 | 864 | SH |  | SOLE |  | 0 | 0 | 864 |
| BALCHEM CORP | COM | 057665200 |  | 381178 | 2394 | SH |  | SOLE |  | 0 | 0 | 2394 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 337999 | 21991 | SH |  | SOLE |  | 0 | 0 | 21991 |
| BANK AMERICA CORP | COM | 060505104 |  | 648422 | 13703 | SH |  | SOLE |  | 0 | 0 | 13703 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 2036627 | 1679 | SH |  | SOLE |  | 0 | 0 | 1679 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 728800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4424394 | 9108 | SH |  | SOLE |  | 0 | 0 | 9108 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 272201 | 5660 | SH |  | SOLE |  | 0 | 0 | 5660 |
| BIOGEN INC | COM | 09062X103 |  | 332940 | 2651 | SH |  | SOLE |  | 0 | 0 | 2651 |
| BLACKBAUD INC | COM | 09227Q100 |  | 231156 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| BLACKROCK INC | COM | 09290D101 |  | 567274 | 541 | SH |  | SOLE |  | 0 | 0 | 541 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 468929 | 81 | SH |  | SOLE |  | 0 | 0 | 81 |
| BRIGHT HORIZONS FAM SOL IN D | COM | 109194100 |  | 215665 | 1745 | SH |  | SOLE |  | 0 | 0 | 1745 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 365345 | 7893 | SH |  | SOLE |  | 0 | 0 | 7893 |
| BROADCOM INC | COM | 11135F101 |  | 1077516 | 3909 | SH |  | SOLE |  | 0 | 0 | 3909 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 7992290 | 144578 | SH |  | SOLE |  | 0 | 0 | 144578 |
| CARMAX INC | COM | 143130102 |  | 278720 | 4147 | SH |  | SOLE |  | 0 | 0 | 4147 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 72547596 | 991223 | SH |  | SOLE |  | 0 | 0 | 991223 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 367947 | 3189 | SH |  | SOLE |  | 0 | 0 | 3189 |
| CATERPILLAR INC | COM | 149123101 |  | 8214452 | 21160 | SH |  | SOLE |  | 0 | 0 | 21160 |
| CENCORA INC | COM | 03073E105 |  | 7362354 | 24553 | SH |  | SOLE |  | 0 | 0 | 24553 |
| CERTARA INC | COM | 15687V109 |  | 199661 | 17065 | SH |  | SOLE |  | 0 | 0 | 17065 |
| CHEVRON CORP NEW | COM | 166764100 |  | 530272 | 3703 | SH |  | SOLE |  | 0 | 0 | 3703 |
| CHUBB LIMITED | COM | H1467J104 |  | 1492638 | 5152 | SH |  | SOLE |  | 0 | 0 | 5152 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 236912 | 2465 | SH |  | SOLE |  | 0 | 0 | 2465 |
| CISCO SYS INC | COM | 17275R102 |  | 8256631 | 119006 | SH |  | SOLE |  | 0 | 0 | 119006 |
| COCA COLA CO | COM | 191216100 |  | 556449 | 7865 | SH |  | SOLE |  | 0 | 0 | 7865 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 419413 | 4614 | SH |  | SOLE |  | 0 | 0 | 4614 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 314747 | 15376 | SH |  | SOLE |  | 0 | 0 | 15376 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 570189 | 5682 | SH |  | SOLE |  | 0 | 0 | 5682 |
| CONSTRUCTION PARTNERS INC | COM CL A | 21044C107 |  | 656917 | 6181 | SH |  | SOLE |  | 0 | 0 | 6181 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 316567 | 320 | SH |  | SOLE |  | 0 | 0 | 320 |
| CREDICORP LTD | COM | G2519Y108 |  | 256679 | 1148 | SH |  | SOLE |  | 0 | 0 | 1148 |
| DEERE  CO | COM | 244199105 |  | 408318 | 803 | SH |  | SOLE |  | 0 | 0 | 803 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 452626 | 4453 | SH |  | SOLE |  | 0 | 0 | 4453 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 279932 | 2776 | SH |  | SOLE |  | 0 | 0 | 2776 |
| DISNEY WALT CO | COM | 254687106 |  | 475117 | 3831 | SH |  | SOLE |  | 0 | 0 | 3831 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 520429 | 4550 | SH |  | SOLE |  | 0 | 0 | 4550 |
| EAGLE POINT CREDIT COMPANY I | COM | 269808101 |  | 91920 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| EATON CORP PLC | SHS | G29183103 |  | 7439406 | 20839 | SH |  | SOLE |  | 0 | 0 | 20839 |
| ELI LILLY  CO | COM | 532457108 |  | 343773 | 441 | SH |  | SOLE |  | 0 | 0 | 441 |
| EMERSON ELEC CO | COM | 291011104 |  | 7588521 | 56915 | SH |  | SOLE |  | 0 | 0 | 56915 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 282502 | 9110 | SH |  | SOLE |  | 0 | 0 | 9110 |
| EOG RES INC | COM | 26875P101 |  | 481909 | 4029 | SH |  | SOLE |  | 0 | 0 | 4029 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 202740 | 3004 | SH |  | SOLE |  | 0 | 0 | 3004 |
| ESCO TECHNOLOGIES INC | COM | 296315104 |  | 492953 | 2569 | SH |  | SOLE |  | 0 | 0 | 2569 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 457691 | 1615 | SH |  | SOLE |  | 0 | 0 | 1615 |
| EXLSERVICE HOLDINGS INC | COM | 302081104 |  | 585911 | 13380 | SH |  | SOLE |  | 0 | 0 | 13380 |
| EXPONENT INC | COM | 30214U102 |  | 368411 | 4931 | SH |  | SOLE |  | 0 | 0 | 4931 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 419019 | 3887 | SH |  | SOLE |  | 0 | 0 | 3887 |
| FISERV INC | COM | 337738108 |  | 92985661 | 539329 | SH |  | SOLE |  | 0 | 0 | 539329 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 488769 | 4746 | SH |  | SOLE |  | 0 | 0 | 4746 |
| GENERAL MLS INC | COM | 370334104 |  | 278738 | 5380 | SH |  | SOLE |  | 0 | 0 | 5380 |
| GLOBUS MED INC | CL A | 379577208 |  | 343438 | 5819 | SH |  | SOLE |  | 0 | 0 | 5819 |
| GRAINGER W W INC | COM | 384802104 |  | 287107 | 276 | SH |  | SOLE |  | 0 | 0 | 276 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 43408940 | 891354 | SH |  | SOLE |  | 0 | 0 | 891354 |
| HALEON PLC | SPON ADS | 405552100 |  | 578191 | 55756 | SH |  | SOLE |  | 0 | 0 | 55756 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 700016 | 9130 | SH |  | SOLE |  | 0 | 0 | 9130 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 302128 | 2884 | SH |  | SOLE |  | 0 | 0 | 2884 |
| HOME DEPOT INC | COM | 437076102 |  | 496798 | 1355 | SH |  | SOLE |  | 0 | 0 | 1355 |
| HORMEL FOODS CORP | COM | 440452100 |  | 422684 | 13973 | SH |  | SOLE |  | 0 | 0 | 13973 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 682107 | 2314 | SH |  | SOLE |  | 0 | 0 | 2314 |
| INTUIT | COM | 461202103 |  | 712806 | 905 | SH |  | SOLE |  | 0 | 0 | 905 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 36500325 | 354682 | SH |  | SOLE |  | 0 | 0 | 354682 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1180996 | 1902 | SH |  | SOLE |  | 0 | 0 | 1902 |
| ISHARES TR | IBDS DEC28 ETF | 46435U515 |  | 33937011 | 1335052 | SH |  | SOLE |  | 0 | 0 | 1335052 |
| ISHARES TR | IBONDS 26 TRM TS | 46436E858 |  | 33375770 | 1455550 | SH |  | SOLE |  | 0 | 0 | 1455550 |
| ISHARES TR | IBONDS 27 ETF | 46435UAA9 |  | 296143 | 12202 | SH |  | SOLE |  | 0 | 0 | 12202 |
| ISHARES TR | IBONDS DEC 2031 | 46436E486 |  | 31466328 | 1495548 | SH |  | SOLE |  | 0 | 0 | 1495548 |
| ISHARES TR | IBONDS DEC 2032 | 46436E312 |  | 26636491 | 1053450 | SH |  | SOLE |  | 0 | 0 | 1053450 |
| ISHARES TR | IBONDS DEC 2033 | 46436E130 |  | 25605924 | 988455 | SH |  | SOLE |  | 0 | 0 | 988455 |
| ISHARES TR | IBONDS DEC 2034 | 46438G653 |  | 31895741 | 1220656 | SH |  | SOLE |  | 0 | 0 | 1220656 |
| ISHARES TR | IBONDS DEC 2044 | 46438G638 |  | 42520163 | 1714751 | SH |  | SOLE |  | 0 | 0 | 1714751 |
| ISHARES TR | IBONDS DEC 29 | 46436E205 |  | 40538970 | 1737633 | SH |  | SOLE |  | 0 | 0 | 1737633 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 311954 | 12864 | SH |  | SOLE |  | 0 | 0 | 12864 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 638783 | 5805 | SH |  | SOLE |  | 0 | 0 | 5805 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 34715554 | 685401 | SH |  | SOLE |  | 0 | 0 | 685401 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 349186 | 6890 | SH |  | SOLE |  | 0 | 0 | 6890 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7202111 | 47150 | SH |  | SOLE |  | 0 | 0 | 47150 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 878138 | 3029 | SH |  | SOLE |  | 0 | 0 | 3029 |
| KELLANOVA | COM | 487836108 |  | 875944 | 11014 | SH |  | SOLE |  | 0 | 0 | 11014 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 5739343 | 44519 | SH |  | SOLE |  | 0 | 0 | 44519 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 437476 | 904 | SH |  | SOLE |  | 0 | 0 | 904 |
| KRAFT HEINZ CO | COM | 500754106 |  | 260344 | 10083 | SH |  | SOLE |  | 0 | 0 | 10083 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 207383 | 790 | SH |  | SOLE |  | 0 | 0 | 790 |
| LEMAITRE VASCULAR INC | COM | 525558201 |  | 221480 | 2667 | SH |  | SOLE |  | 0 | 0 | 2667 |
| LINDE PLC | SHS | G54950103 |  | 433666 | 924 | SH |  | SOLE |  | 0 | 0 | 924 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 5971253 | 12893 | SH |  | SOLE |  | 0 | 0 | 12893 |
| LOWES COS INC | COM | 548661107 |  | 77529077 | 349435 | SH |  | SOLE |  | 0 | 0 | 349435 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 694609 | 21734 | SH |  | SOLE |  | 0 | 0 | 21734 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 81613233 | 145235 | SH |  | SOLE |  | 0 | 0 | 145235 |
| MCDONALDS CORP | COM | 580135101 |  | 6416956 | 21963 | SH |  | SOLE |  | 0 | 0 | 21963 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 201625 | 2313 | SH |  | SOLE |  | 0 | 0 | 2313 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 501817 | 192 | SH |  | SOLE |  | 0 | 0 | 192 |
| MERCK  CO INC | COM | 58933Y105 |  | 258436 | 3265 | SH |  | SOLE |  | 0 | 0 | 3265 |
| META PLATFORMS INC | CL A | 30303M102 |  | 102335035 | 138648 | SH |  | SOLE |  | 0 | 0 | 138648 |
| MICROSOFT CORP | COM | 594918104 |  | 76157086 | 153107 | SH |  | SOLE |  | 0 | 0 | 153107 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 270165 | 4006 | SH |  | SOLE |  | 0 | 0 | 4006 |
| MOODYS CORP | COM | 615369105 |  | 38507451 | 76771 | SH |  | SOLE |  | 0 | 0 | 76771 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 260585 | 1936 | SH |  | SOLE |  | 0 | 0 | 1936 |
| NETFLIX INC | COM | 64110L106 |  | 41839778 | 31244 | SH |  | SOLE |  | 0 | 0 | 31244 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 349808 | 5039 | SH |  | SOLE |  | 0 | 0 | 5039 |
| NOVANTA INC | COM | 67000B104 |  | 356105 | 2762 | SH |  | SOLE |  | 0 | 0 | 2762 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 23935012 | 151497 | SH |  | SOLE |  | 0 | 0 | 151497 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 31958891 | 196912 | SH |  | SOLE |  | 0 | 0 | 196912 |
| OLLIES BARGAIN OUTLET HLDGS | COM | 681116109 |  | 399294 | 3030 | SH |  | SOLE |  | 0 | 0 | 3030 |
| ONTO INNOVATION INC | COM | 683344105 |  | 312883 | 3100 | SH |  | SOLE |  | 0 | 0 | 3100 |
| ORACLE CORP | COM | 68389X105 |  | 687288 | 3144 | SH |  | SOLE |  | 0 | 0 | 3144 |
| OXFORD LANE CAP CORP | COM | 691543102 |  | 168000 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| P T TELEKOMUNIKASI INDONESIA | SPONSORED ADR | 715684106 |  | 192571 | 11368 | SH |  | SOLE |  | 0 | 0 | 11368 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 231194 | 331 | SH |  | SOLE |  | 0 | 0 | 331 |
| PEPSICO INC | COM | 713448108 |  | 476665 | 3610 | SH |  | SOLE |  | 0 | 0 | 3610 |
| PFIZER INC | COM | 717081103 |  | 217021 | 8953 | SH |  | SOLE |  | 0 | 0 | 8953 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 227640 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 7464973 | 46855 | SH |  | SOLE |  | 0 | 0 | 46855 |
| QUALCOMM INC | COM | 747525103 |  | 751646 | 4720 | SH |  | SOLE |  | 0 | 0 | 4720 |
| RBC BEARINGS INC | COM | 75524B104 |  | 674555 | 1753 | SH |  | SOLE |  | 0 | 0 | 1753 |
| RENTOKIL INITIAL PLC | SPONSORED ADR | 760125104 |  | 27538920 | 1147455 | SH |  | SOLE |  | 0 | 0 | 1147455 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 284219 | 4873 | SH |  | SOLE |  | 0 | 0 | 4873 |
| ROSS STORES INC | COM | 778296103 |  | 54720598 | 428912 | SH |  | SOLE |  | 0 | 0 | 428912 |
| S GLOBAL INC | COM | 78409V104 |  | 465598 | 883 | SH |  | SOLE |  | 0 | 0 | 883 |
| SALESFORCE INC | COM | 79466L302 |  | 53403629 | 195840 | SH |  | SOLE |  | 0 | 0 | 195840 |
| SAP SE | SPON ADR | 803054204 |  | 699219 | 2299 | SH |  | SOLE |  | 0 | 0 | 2299 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 84968786 | 931267 | SH |  | SOLE |  | 0 | 0 | 931267 |
| SHELL PLC | SPON ADS | 780259305 |  | 735483 | 10446 | SH |  | SOLE |  | 0 | 0 | 10446 |
| SIMULATIONS PLUS INC | COM | 829214105 |  | 1491975 | 85500 | SH |  | SOLE |  | 0 | 0 | 85500 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 266794 | 2206 | SH |  | SOLE |  | 0 | 0 | 2206 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 594494 | 22839 | SH |  | SOLE |  | 0 | 0 | 22839 |
| SOUTHERN CO | COM | 842587107 |  | 566041 | 6164 | SH |  | SOLE |  | 0 | 0 | 6164 |
| SPS COMM INC | COM | 78463M107 |  | 244418 | 1796 | SH |  | SOLE |  | 0 | 0 | 1796 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 234585 | 1399 | SH |  | SOLE |  | 0 | 0 | 1399 |
| STARBUCKS CORP | COM | 855244109 |  | 57329306 | 625661 | SH |  | SOLE |  | 0 | 0 | 625661 |
| SYSCO CORP | COM | 871829107 |  | 720742 | 9516 | SH |  | SOLE |  | 0 | 0 | 9516 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 137723259 | 608076 | SH |  | SOLE |  | 0 | 0 | 608076 |
| TARGET CORP | COM | 87612E106 |  | 5494595 | 55698 | SH |  | SOLE |  | 0 | 0 | 55698 |
| TESLA INC | COM | 88160R101 |  | 1002218 | 3155 | SH |  | SOLE |  | 0 | 0 | 3155 |
| TEXAS INSTRS INC | COM | 882508104 |  | 255182 | 1229 | SH |  | SOLE |  | 0 | 0 | 1229 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 543363 | 2899 | SH |  | SOLE |  | 0 | 0 | 2899 |
| THE CAMPBELLS COMPANY | COM | 134429109 |  | 276065 | 9007 | SH |  | SOLE |  | 0 | 0 | 9007 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 56163517 | 138518 | SH |  | SOLE |  | 0 | 0 | 138518 |
| TREX CO INC | COM | 89531P105 |  | 251617 | 4627 | SH |  | SOLE |  | 0 | 0 | 4627 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 250772 | 423 | SH |  | SOLE |  | 0 | 0 | 423 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 92982822 | 198758 | SH |  | SOLE |  | 0 | 0 | 198758 |
| UNION PAC CORP | COM | 907818108 |  | 1416163 | 6155 | SH |  | SOLE |  | 0 | 0 | 6155 |
| US BANCORP DEL | COM NEW | 902973304 |  | 5953625 | 131572 | SH |  | SOLE |  | 0 | 0 | 131572 |
| VALVOLINE INC | COM | 92047W101 |  | 220480 | 5822 | SH |  | SOLE |  | 0 | 0 | 5822 |
| VENTAS INC | COM | 92276F100 |  | 238202 | 3772 | SH |  | SOLE |  | 0 | 0 | 3772 |
| VERICEL CORP | COM | 92346J108 |  | 226409 | 5321 | SH |  | SOLE |  | 0 | 0 | 5321 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 6161824 | 142404 | SH |  | SOLE |  | 0 | 0 | 142404 |
| VERTEX INC | CL A | 92538J106 |  | 297097 | 8408 | SH |  | SOLE |  | 0 | 0 | 8408 |
| VISA INC | COM CL A | 92826C839 |  | 65105377 | 183370 | SH |  | SOLE |  | 0 | 0 | 183370 |
| WALMART INC | COM | 931142103 |  | 632337 | 6467 | SH |  | SOLE |  | 0 | 0 | 6467 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 2374091 | 2022 | SH |  | SOLE |  | 0 | 0 | 2022 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 72211240 | 901289 | SH |  | SOLE |  | 0 | 0 | 901289 |
| XAI OCTAGN FLT RAT  ALT INM | COM | 98400T106 |  | 141250 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 49839590 | 161628 | SH |  | SOLE |  | 0 | 0 | 161628 |

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