# EDGAR Filing Document

**Accession Number:** 0001438848
**File Stem:** 0001172661-25-004340
**Filing Date:** 2025-10
**Character Count:** 40123
**Document Hash:** 2c496f1a33e2617bef3699a42180c42f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-004340.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001172661-25-004340

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**EFFECTIVENESS DATE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GAM Holding AG
- **CENTRAL INDEX KEY:** 0001438848
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13808
- **FILM NUMBER:** 251406042

**BUSINESS ADDRESS:**
- **STREET 1:** HARDSTRASSE 201
- **STREET 2:** P.O. BOX
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8037
- **BUSINESS PHONE:** 01141584263030

**MAIL ADDRESS:**
- **STREET 1:** HARDSTRASSE 201
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8037

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAM Holding Ltd.
- **DATE OF NAME CHANGE:** 20091001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Julius Baer Holding Ltd.
- **DATE OF NAME CHANGE:** 20080627

### 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:** GAM Holding AG<br>**Address:** Hardstrasse 201<br>Zurich, V8 8037

**Form 13F File Number:** 028-13808

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:** David Kemp<br>**Title:** Group Head Legal  Compliance<br>**Phone:** 44-0-20-7917-2404

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

/s/ David Kemp  London, X0  10-21-2025<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:** 2

**Form 13F Information Table Entry Total:** 373

**Form 13F Information Table Value Total:** $1618045684

      (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.]

| No.   | Name                                       | Form 13F File Number   |
|:---|:---|:---|
|  | GAM INTERNATIONAL MANAGEMENT LTD           |  |
|  | GAM Investment Management (Switzerland) AG |  |

### 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 |  | 286617 | 1847 | SH |  | SOLE | 1 | 1847 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 464772 | 3470 | SH |  | SOLE | 1 | 3470 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 2206345 | 9529 | SH |  | SOLE | 1 | 9529 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1595502 | 6470 | SH |  | SOLE | 1 | 6470 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 10410005 | 29511 | SH |  | SOLE | 2 | 29511 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1987752 | 12286 | SH |  | SOLE | 1 | 12286 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 4213324 | 37720 | SH |  | SOLE | 2 | 37720 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 438005 | 2600 | SH |  | SOLE | 1 | 2600 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 14640531 | 196570 | SH |  | SOLE | 2 | 196570 | 0 | 0 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 2283042 | 33868 | SH |  | SOLE | 1 | 33868 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 209069 | 974 | SH |  | SOLE | 1 | 974 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 30806604 | 126724 | SH |  | SOLE | 1 | 126724 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 6476725 | 26593 | SH |  | SOLE | 1 | 26593 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 45491060 | 187129 | SH |  | SOLE | 2 | 187129 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 31414099 | 143071 | SH |  | SOLE | 1 | 143071 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 12672922 | 57717 | SH |  | SOLE | 2 | 57717 | 0 | 0 |
| AMER SPORTS INC | COM SHS | G0260P102 |  | 10254725 | 295100 | SH |  | SOLE | 1 | 295100 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADS RP CL B | 02390A101 |  | 1619352 | 77112 | SH |  | SOLE | 1 | 77112 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 299608 | 902 | SH |  | SOLE | 1 | 902 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 3106136 | 16522 | SH |  | SOLE | 2 | 16522 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 341180 | 1209 | SH |  | SOLE | 1 | 1209 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 8385053 | 67758 | SH |  | SOLE | 2 | 67758 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 377066 | 3047 | SH |  | SOLE | 1 | 3047 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 14255469 | 295451 | SH |  | SOLE | 2 | 295451 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 424324 | 1727 | SH |  | SOLE | 1 | 1727 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 3173216 | 12915 | SH |  | SOLE | 2 | 12915 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 32681251 | 128348 | SH |  | SOLE | 1 | 128348 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 21425587 | 84144 | SH |  | SOLE | 2 | 84144 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 4574096 | 22341 | SH |  | SOLE | 2 | 22341 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 10290642 | 50262 | SH |  | SOLE | 1 | 50262 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 2662191 | 3705 | SH |  | SOLE | 2 | 3705 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 352085 | 490 | SH |  | SOLE | 1 | 490 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 1708277 | 19813 | SH |  | SOLE | 1 | 19813 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 957559 | 11106 | SH |  | SOLE | 2 | 11106 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 462484 | 3174 | SH |  | SOLE | 1 | 3174 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 1839370 | 13000 | SH |  | SOLE | 1 | 13000 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 2874228 | 20314 | SH |  | SOLE | 2 | 20314 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 376270 | 13324 | SH |  | SOLE | 1 | 13324 | 0 | 0 |
| ATOUR LIFESTYLE HLDGS LTD | SPONSORED ADS | 04965M106 |  | 1879500 | 50000 | SH |  | SOLE | 1 | 50000 | 0 | 0 |
| ATOUR LIFESTYLE HLDGS LTD | SPONSORED ADS | 04965M106 |  | 2135112 | 56800 | SH |  | SOLE | 2 | 56800 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 3822841 | 12034 | SH |  | SOLE | 2 | 12034 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 393593 | 1239 | SH |  | SOLE | 1 | 1239 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 1652554 | 13381 | SH |  | SOLE | 1 | 13381 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 5253650 | 17900 | SH |  | SOLE | 2 | 17900 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 1719071 | 13046 | SH |  | SOLE | 1 | 13046 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 250275 | 5137 | SH |  | SOLE | 1 | 5137 | 0 | 0 |
| BANCO BBVA ARGENTINA S A | SPONSORED ADS | 058934100 |  | 240939 | 28959 | SH |  | SOLE | 1 | 28959 | 0 | 0 |
| BANCO MACRO SA | SPON ADR B | 05961W105 |  | 635534 | 15028 | SH |  | SOLE | 1 | 15028 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2065096 | 40029 | SH |  | SOLE | 1 | 40029 | 0 | 0 |
| BATTALION OIL CORP | COM | 07134L107 |  | 96800 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| BATTALION OIL CORP | COM | 07134L107 |  | 42350 | 35000 | SH |  | SOLE | 2 | 35000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2288975 | 4553 | SH |  | SOLE | 1 | 4553 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3433211 | 6829 | SH |  | SOLE | 2 | 6829 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 374244 | 321 | SH |  | SOLE | 1 | 321 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 348876 | 2042 | SH |  | SOLE | 1 | 2042 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1769590 | 8199 | SH |  | SOLE | 1 | 8199 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 14356659 | 2659 | SH |  | SOLE | 2 | 2659 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 814393 | 8148 | SH |  | SOLE | 2 | 8148 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 1885225 | 42885 | SH |  | SOLE | 1 | 42885 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 2279661 | 23350 | SH |  | SOLE | 2 | 23350 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 335261 | 3434 | SH |  | SOLE | 1 | 3434 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 8242882 | 182769 | SH |  | SOLE | 2 | 182769 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 20114283 | 60969 | SH |  | SOLE | 1 | 60969 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 6090469 | 18461 | SH |  | SOLE | 2 | 18461 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 445433 | 6500 | SH |  | SOLE | 1 | 6500 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 1996977 | 21292 | SH |  | SOLE | 1 | 21292 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 3683528 | 19979 | SH |  | SOLE | 2 | 19979 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 3844541 | 10945 | SH |  | SOLE | 2 | 10945 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 1841796 | 390211 | SH |  | SOLE | 1 | 390211 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 472000 | 100000 | SH |  | SOLE | 2 | 100000 | 0 | 0 |
| CANADA GOOSE HLDGS INC | SHS SUB VTG | 135086106 |  | 1379000 | 100000 | SH |  | SOLE | 1 | 100000 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 288292 | 9000 | SH |  | SOLE | 1 | 9000 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 1541043 | 20687 | SH |  | SOLE | 2 | 20687 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 417163 | 5600 | SH |  | SOLE | 1 | 5600 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 388384 | 1827 | SH |  | SOLE | 1 | 1827 | 0 | 0 |
| CARGURUS INC | COM CL A | 141788109 |  | 1878216 | 50449 | SH |  | SOLE | 1 | 50449 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 336868 | 706 | SH |  | SOLE | 1 | 706 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 4930868 | 10334 | SH |  | SOLE | 2 | 10334 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 1479593 | 6033 | SH |  | SOLE | 2 | 6033 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 842732 | 9395 | SH |  | SOLE | 2 | 9395 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1817669 | 11705 | SH |  | SOLE | 1 | 11705 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 1925669 | 21975 | SH |  | SOLE | 1 | 21975 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 1304110 | 14882 | SH |  | SOLE | 2 | 14882 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1758326 | 25699 | SH |  | SOLE | 1 | 25699 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 371186 | 3657 | SH |  | SOLE | 1 | 3657 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 279611 | 1303 | SH |  | SOLE | 1 | 1303 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 302883 | 1121 | SH |  | SOLE | 1 | 1121 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 4101295 | 61841 | SH |  | SOLE | 2 | 61841 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1844890 | 27818 | SH |  | SOLE | 1 | 27818 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 390427 | 4884 | SH |  | SOLE | 1 | 4884 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 269804 | 8587 | SH |  | SOLE | 1 | 8587 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 7698869 | 81392 | SH |  | SOLE | 2 | 81392 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 385738 | 4078 | SH |  | SOLE | 1 | 4078 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 268850 | 817 | SH |  | SOLE | 1 | 817 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 1145701 | 25477 | SH |  | SOLE | 2 | 25477 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 2464755 | 30047 | SH |  | SOLE | 2 | 30047 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 1320755 | 4585 | SH |  | SOLE | 2 | 4585 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 1021145 | 15099 | SH |  | SOLE | 2 | 15099 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5326075 | 5754 | SH |  | SOLE | 2 | 5754 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 3252664 | 3514 | SH |  | SOLE | 1 | 3514 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 404000 | 100000 | SH |  | SOLE | 2 | 100000 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 2222000 | 550000 | SH |  | SOLE | 1 | 550000 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 17543411 | 146683 | SH |  | SOLE | 1 | 146683 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 2276834 | 4643 | SH |  | SOLE | 2 | 4643 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 412900 | 842 | SH |  | SOLE | 1 | 842 | 0 | 0 |
| D MARKET ELECTR SVCS  TRADI | SPONSORED ADS | 23292B104 |  | 269000 | 100000 | SH |  | SOLE | 2 | 100000 | 0 | 0 |
| D MARKET ELECTR SVCS  TRADI | SPONSORED ADS | 23292B104 |  | 538000 | 200000 | SH |  | SOLE | 1 | 200000 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1800399 | 9081 | SH |  | SOLE | 1 | 9081 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2537530 | 12799 | SH |  | SOLE | 2 | 12799 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 1302824 | 6844 | SH |  | SOLE | 2 | 6844 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 824476 | 26708 | SH |  | SOLE | 2 | 26708 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 356663 | 780 | SH |  | SOLE | 1 | 780 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1709238 | 3738 | SH |  | SOLE | 2 | 3738 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 3492787 | 24637 | SH |  | SOLE | 2 | 24637 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 681042 | 10121 | SH |  | SOLE | 2 | 10121 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 10718002 | 93607 | SH |  | SOLE | 2 | 93607 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1895891 | 16558 | SH |  | SOLE | 1 | 16558 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 349507 | 1285 | SH |  | SOLE | 1 | 1285 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1887806 | 15255 | SH |  | SOLE | 2 | 15255 | 0 | 0 |
| DUOLINGO INC | CL A COM | 26603R106 |  | 1158302 | 3599 | SH |  | SOLE | 2 | 3599 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 |  | 1418858 | 29285 | SH |  | SOLE | 2 | 29285 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 4178127 | 11164 | SH |  | SOLE | 2 | 11164 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 372379 | 995 | SH |  | SOLE | 1 | 995 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 6942917 | 34422 | SH |  | SOLE | 2 | 34422 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 4008627 | 12406 | SH |  | SOLE | 2 | 12406 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 8315937 | 10899 | SH |  | SOLE | 2 | 10899 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 7343112 | 9624 | SH |  | SOLE | 1 | 9624 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 7688591 | 58611 | SH |  | SOLE | 2 | 58611 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 418818 | 8300 | SH |  | SOLE | 1 | 8300 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 6964222 | 62114 | SH |  | SOLE | 2 | 62114 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 1807510 | 7046 | SH |  | SOLE | 1 | 7046 | 0 | 0 |
| ERMENEGILDO ZEGNA N V | ORD SHS | N30577105 |  | 6680545 | 706936 | SH |  | SOLE | 1 | 706936 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 2146366 | 8019 | SH |  | SOLE | 1 | 8019 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 457914 | 3249 | SH |  | SOLE | 1 | 3249 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 11955334 | 106034 | SH |  | SOLE | 2 | 106034 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2127367 | 18868 | SH |  | SOLE | 1 | 18868 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 887442 | 593 | SH |  | SOLE | 2 | 593 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 20201225 | 41770 | SH |  | SOLE | 1 | 41770 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 10664187 | 82713 | SH |  | SOLE | 2 | 82713 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 1554122 | 12054 | SH |  | SOLE | 1 | 12054 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 405157 | 33876 | SH |  | SOLE | 1 | 33876 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 1864390 | 22174 | SH |  | SOLE | 2 | 22174 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 1432250 | 25000 | SH |  | SOLE | 1 | 25000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 588300 | 15000 | SH |  | SOLE | 1 | 15000 | 0 | 0 |
| FUBOTV INC | COM | 35953D104 |  | 622500 | 150000 | SH |  | SOLE | 1 | 150000 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 5996809 | 462360 | SH |  | SOLE | 1 | 462360 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 2308660 | 178000 | SH |  | SOLE | 2 | 178000 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 4660788 | 26800 | SH |  | SOLE | 1 | 26800 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 4347750 | 25000 | SH |  | SOLE | 2 | 25000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 3886308 | 12547 | SH |  | SOLE | 2 | 12547 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 1805784 | 5830 | SH |  | SOLE | 1 | 5830 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 1043727 | 4239 | SH |  | SOLE | 2 | 4239 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1803717 | 5996 | SH |  | SOLE | 1 | 5996 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 7881484 | 26200 | SH |  | SOLE | 2 | 26200 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 418747 | 681 | SH |  | SOLE | 1 | 681 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 441911 | 7248 | SH |  | SOLE | 1 | 7248 | 0 | 0 |
| GETTY IMAGES HOLDINGS INC | CL A COM | 374275105 |  | 148500 | 75000 | SH |  | SOLE | 1 | 75000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 309246 | 2786 | SH |  | SOLE | 1 | 2786 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2656624 | 3336 | SH |  | SOLE | 1 | 3336 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 834444 | 138612 | SH |  | SOLE | 1 | 138612 | 0 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 275600 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 |  | 247500 | 50000 | SH |  | SOLE | 1 | 50000 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 5441857 | 606673 | SH |  | SOLE | 2 | 606673 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 325163 | 13218 | SH |  | SOLE | 1 | 13218 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 614880 | 18000 | SH |  | SOLE | 2 | 18000 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 3318097 | 97134 | SH |  | SOLE | 1 | 97134 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 3206678 | 12360 | SH |  | SOLE | 2 | 12360 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 10319745 | 39777 | SH |  | SOLE | 1 | 39777 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 3147921 | 7769 | SH |  | SOLE | 1 | 7769 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 3166762 | 15044 | SH |  | SOLE | 2 | 15044 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 374269 | 1778 | SH |  | SOLE | 1 | 1778 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 399758 | 929 | SH |  | SOLE | 1 | 929 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 7344793 | 425292 | SH |  | SOLE | 2 | 425292 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 1781000 | 58915 | SH |  | SOLE | 2 | 58915 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 1058050 | 35000 | SH |  | SOLE | 1 | 35000 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 3281978 | 5137 | SH |  | SOLE | 2 | 5137 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 813500 | 50000 | SH |  | SOLE | 1 | 50000 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 4681025 | 287709 | SH |  | SOLE | 2 | 287709 | 0 | 0 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 1482946 | 17949 | SH |  | SOLE | 2 | 17949 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 335500 | 10000 | SH |  | SOLE | 2 | 10000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 671000 | 20000 | SH |  | SOLE | 1 | 20000 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 301242 | 1788 | SH |  | SOLE | 1 | 1788 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 13768279 | 48796 | SH |  | SOLE | 2 | 48796 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 495755 | 1757 | SH |  | SOLE | 1 | 1757 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 6563448 | 9611 | SH |  | SOLE | 1 | 9611 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 3542937 | 5188 | SH |  | SOLE | 2 | 5188 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 3713351 | 8303 | SH |  | SOLE | 2 | 8303 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 3598860 | 8047 | SH |  | SOLE | 1 | 8047 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 840518 | 1400 | SH |  | SOLE | 1 | 1400 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 24885158 | 137063 | SH |  | SOLE | 2 | 137063 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 7857400 | 119196 | SH |  | SOLE | 2 | 119196 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 1231740 | 23660 | SH |  | SOLE | 2 | 23660 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 6559280 | 68000 | SH |  | SOLE | 1 | 68000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2010880 | 10845 | SH |  | SOLE | 1 | 10845 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 9017531 | 48633 | SH |  | SOLE | 2 | 48633 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 293127 | 2666 | SH |  | SOLE | 1 | 2666 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 5765745 | 18279 | SH |  | SOLE | 1 | 18279 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 11684473 | 37043 | SH |  | SOLE | 2 | 37043 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 2772295 | 118677 | SH |  | SOLE | 2 | 118677 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 2686400 | 115000 | SH |  | SOLE | 1 | 115000 | 0 | 0 |
| KARMAN HLDGS INC | COMMON STOCK | 485924104 |  | 1250215 | 17316 | SH |  | SOLE | 2 | 17316 | 0 | 0 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 |  | 408400 | 5000 | SH |  | SOLE | 2 | 5000 | 0 | 0 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 |  | 816800 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 5355850 | 209951 | SH |  | SOLE | 2 | 209951 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 1036535 | 961 | SH |  | SOLE | 2 | 961 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 11739415 | 87673 | SH |  | SOLE | 1 | 87673 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 4386966 | 32763 | SH |  | SOLE | 2 | 32763 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 626405 | 12213 | SH |  | SOLE | 2 | 12213 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 1984532 | 19725 | SH |  | SOLE | 1 | 19725 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 374339 | 2970 | SH |  | SOLE | 1 | 2970 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S A | 531229771 |  | 1608075 | 16888 | SH |  | SOLE | 1 | 16888 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 8419962 | 17702 | SH |  | SOLE | 2 | 17702 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 1156150 | 2434 | SH |  | SOLE | 1 | 2434 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 1178931 | 7215 | SH |  | SOLE | 2 | 7215 | 0 | 0 |
| LOGITECH INTL S A | SHS | H50430232 |  | 18887861 | 173175 | SH |  | SOLE | 2 | 173175 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 1919254 | 7637 | SH |  | SOLE | 1 | 7637 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 11129849 | 5823 | SH |  | SOLE | 2 | 5823 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 5536954 | 21260 | SH |  | SOLE | 1 | 21260 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 445784 | 2212 | SH |  | SOLE | 1 | 2212 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 885543 | 1405 | SH |  | SOLE | 1 | 1405 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13507531 | 23747 | SH |  | SOLE | 2 | 23747 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 2282635 | 4013 | SH |  | SOLE | 1 | 4013 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1856464 | 6109 | SH |  | SOLE | 1 | 6109 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 276569 | 358 | SH |  | SOLE | 1 | 358 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1287052 | 1666 | SH |  | SOLE | 2 | 1666 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 7474530 | 78481 | SH |  | SOLE | 2 | 78481 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 6636910 | 2840 | SH |  | SOLE | 1 | 2840 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 360731 | 4298 | SH |  | SOLE | 1 | 4298 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 9954350 | 118603 | SH |  | SOLE | 2 | 118603 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 13358372 | 18190 | SH |  | SOLE | 1 | 18190 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 37376270 | 50895 | SH |  | SOLE | 2 | 50895 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 4852400 | 140000 | SH |  | SOLE | 1 | 140000 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 693200 | 20000 | SH |  | SOLE | 2 | 20000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 480878 | 2874 | SH |  | SOLE | 1 | 2874 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 45206158 | 87279 | SH |  | SOLE | 1 | 87279 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 46773475 | 90305 | SH |  | SOLE | 2 | 90305 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 575066 | 2969 | SH |  | SOLE | 2 | 2969 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 405984 | 2554 | SH |  | SOLE | 1 | 2554 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 3854040 | 8428 | SH |  | SOLE | 2 | 8428 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 3927664 | 8589 | SH |  | SOLE | 1 | 8589 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 274027 | 1300 | SH |  | SOLE | 2 | 1300 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 358343 | 1700 | SH |  | SOLE | 1 | 1700 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 2764422 | 4872 | SH |  | SOLE | 2 | 4872 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 3751430 | 42413 | SH |  | SOLE | 2 | 42413 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 1222304 | 8042 | SH |  | SOLE | 1 | 8042 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 14594453 | 12173 | SH |  | SOLE | 2 | 12173 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 7603551 | 6342 | SH |  | SOLE | 1 | 6342 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 389765 | 4623 | SH |  | SOLE | 1 | 4623 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 383867 | 5085 | SH |  | SOLE | 1 | 5085 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 3621180 | 47969 | SH |  | SOLE | 2 | 47969 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 4743453 | 68026 | SH |  | SOLE | 2 | 68026 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 451013 | 10416 | SH |  | SOLE | 1 | 10416 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 960000 | 800000 | SH |  | SOLE | 2 | 800000 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 3202920 | 2669100 | SH |  | SOLE | 1 | 2669100 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 1972978 | 3238 | SH |  | SOLE | 1 | 3238 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 50006425 | 268016 | SH |  | SOLE | 1 | 268016 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 35348327 | 189454 | SH |  | SOLE | 2 | 189454 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 6642201 | 29167 | SH |  | SOLE | 2 | 29167 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 346741 | 2463 | SH |  | SOLE | 1 | 2463 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 4404400 | 104000 | SH |  | SOLE | 1 | 104000 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 |  | 8557472 | 404800 | SH |  | SOLE | 1 | 404800 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 19166787 | 68151 | SH |  | SOLE | 2 | 68151 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 5031102 | 17889 | SH |  | SOLE | 1 | 17889 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 365720 | 4000 | SH |  | SOLE | 1 | 4000 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 |  | 998000 | 99800 | SH |  | SOLE | 1 | 99800 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2515207 | 13788 | SH |  | SOLE | 1 | 13788 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 895928 | 4400 | SH |  | SOLE | 1 | 4400 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3129639 | 15370 | SH |  | SOLE | 2 | 15370 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 3197985 | 24196 | SH |  | SOLE | 2 | 24196 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 2841655 | 21500 | SH |  | SOLE | 1 | 21500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 2299424 | 16373 | SH |  | SOLE | 1 | 16373 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 249016 | 9773 | SH |  | SOLE | 1 | 9773 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2505990 | 15450 | SH |  | SOLE | 1 | 15450 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 2236846 | 21281 | SH |  | SOLE | 1 | 21281 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 14487812 | 94291 | SH |  | SOLE | 2 | 94291 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 419925 | 2733 | SH |  | SOLE | 1 | 2733 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 6273765 | 25405 | SH |  | SOLE | 2 | 25405 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 275102 | 1114 | SH |  | SOLE | 1 | 1114 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 2411878 | 11880 | SH |  | SOLE | 2 | 11880 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 380415 | 1317 | SH |  | SOLE | 1 | 1317 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 7055161 | 24425 | SH |  | SOLE | 2 | 24425 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 1619041 | 19399 | SH |  | SOLE | 2 | 19399 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 394528 | 952 | SH |  | SOLE | 1 | 952 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 12423247 | 39620 | SH |  | SOLE | 1 | 39620 | 0 | 0 |
| RAPID7 INC | COM | 753422104 |  | 750000 | 40000 | SH |  | SOLE | 1 | 40000 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 297217 | 1722 | SH |  | SOLE | 1 | 1722 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 1759802 | 66735 | SH |  | SOLE | 1 | 66735 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 508200 | 66000 | SH |  | SOLE | 2 | 66000 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 2340800 | 304000 | SH |  | SOLE | 1 | 304000 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 3065394 | 13358 | SH |  | SOLE | 2 | 13358 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 2267200 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 566800 | 20000 | SH |  | SOLE | 2 | 20000 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 304478 | 20741 | SH |  | SOLE | 1 | 20741 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 340482 | 2378 | SH |  | SOLE | 1 | 2378 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 457002 | 3100 | SH |  | SOLE | 1 | 3100 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 11859207 | 36650 | SH |  | SOLE | 1 | 36650 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 1419869 | 4388 | SH |  | SOLE | 2 | 4388 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1711451 | 10228 | SH |  | SOLE | 1 | 10228 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 362112 | 744 | SH |  | SOLE | 1 | 744 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 2642835 | 5430 | SH |  | SOLE | 2 | 5430 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1792431 | 7563 | SH |  | SOLE | 1 | 7563 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 8509241 | 89130 | SH |  | SOLE | 2 | 89130 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 328799 | 3444 | SH |  | SOLE | 1 | 3444 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 1206070 | 6748 | SH |  | SOLE | 1 | 6748 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 268095 | 1500 | SH |  | SOLE | 2 | 1500 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 1795101 | 19950 | SH |  | SOLE | 2 | 19950 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 3891864 | 4229 | SH |  | SOLE | 2 | 4229 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 7653969 | 8317 | SH |  | SOLE | 1 | 8317 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 3198991 | 31013 | SH |  | SOLE | 1 | 31013 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 431440 | 1246 | SH |  | SOLE | 1 | 1246 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 430936 | 2900 | SH |  | SOLE | 1 | 2900 | 0 | 0 |
| SHUTTERSTOCK INC | COM | 825690100 |  | 1188450 | 57000 | SH |  | SOLE | 1 | 57000 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 10005292 | 238510 | SH |  | SOLE | 1 | 238510 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 2554052 | 26950 | SH |  | SOLE | 2 | 26950 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 2855518 | 4091 | SH |  | SOLE | 2 | 4091 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 92136 | 132 | SH |  | SOLE | 1 | 132 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1811455 | 21412 | SH |  | SOLE | 1 | 21412 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 209437 | 650 | SH |  | SOLE | 1 | 650 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 256921 | 695 | SH |  | SOLE | 1 | 695 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 5269646 | 14255 | SH |  | SOLE | 2 | 14255 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 1520573 | 18467 | SH |  | SOLE | 2 | 18467 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5073303 | 18165 | SH |  | SOLE | 2 | 18165 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5442245 | 19486 | SH |  | SOLE | 1 | 19486 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 14254398 | 125900 | SH |  | SOLE | 1 | 125900 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 10278175 | 46819 | SH |  | SOLE | 2 | 46819 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 606840 | 26000 | SH |  | SOLE | 2 | 26000 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 3501000 | 150000 | SH |  | SOLE | 1 | 150000 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1826644 | 9942 | SH |  | SOLE | 1 | 9942 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2168524 | 4471 | SH |  | SOLE | 1 | 4471 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1733757 | 11995 | SH |  | SOLE | 1 | 11995 | 0 | 0 |
| TOAST INC | CL A | 888787108 |  | 710594 | 19463 | SH |  | SOLE | 2 | 19463 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 471864 | 5900 | SH |  | SOLE | 1 | 5900 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 1146100 | 15852 | SH |  | SOLE | 2 | 15852 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 853991 | 7695 | SH |  | SOLE | 2 | 7695 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 301279 | 714 | SH |  | SOLE | 1 | 714 | 0 | 0 |
| TRILOGY METALS INC NEW | COM | 89621C105 |  | 420000 | 200000 | SH |  | SOLE | 1 | 200000 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 1438651 | 19131 | SH |  | SOLE | 1 | 19131 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 7492354 | 76476 | SH |  | SOLE | 2 | 76476 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5587621 | 57034 | SH |  | SOLE | 1 | 57034 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 34675481 | 848648 | SH |  | SOLE | 2 | 848648 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 987619 | 24171 | SH |  | SOLE | 1 | 24171 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 242279 | 1025 | SH |  | SOLE | 1 | 1025 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 4361268 | 52212 | SH |  | SOLE | 2 | 52212 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 400003 | 419 | SH |  | SOLE | 1 | 419 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 7086592 | 20523 | SH |  | SOLE | 1 | 20523 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 5168105 | 14967 | SH |  | SOLE | 2 | 14967 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 5173727 | 107050 | SH |  | SOLE | 2 | 107050 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 13625455 | 22250 | SH |  | SOLE | 2 | 22250 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1679580 | 31000 | SH |  | SOLE | 2 | 31000 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 2307101 | 9173 | SH |  | SOLE | 2 | 9173 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 215402 | 550 | SH |  | SOLE | 1 | 550 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 4098513 | 10465 | SH |  | SOLE | 2 | 10465 | 0 | 0 |
| VESTIS CORPORATION | COM SHS | 29430C102 |  | 453000 | 100000 | SH |  | SOLE | 1 | 100000 | 0 | 0 |
| VESTIS CORPORATION | COM SHS | 29430C102 |  | 181200 | 40000 | SH |  | SOLE | 2 | 40000 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 11934782 | 192001 | SH |  | SOLE | 1 | 192001 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 11276806 | 33033 | SH |  | SOLE | 1 | 33033 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 18300358 | 53607 | SH |  | SOLE | 2 | 53607 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 229226 | 1170 | SH |  | SOLE | 1 | 1170 | 0 | 0 |
| VS TRUST | 2X LONG VIX FUTU | 92891H606 |  | 794400 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 312332 | 1558 | SH |  | SOLE | 1 | 1558 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 3456529 | 33539 | SH |  | SOLE | 1 | 33539 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 987874 | 3295 | SH |  | SOLE | 2 | 3295 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1737086 | 20724 | SH |  | SOLE | 1 | 20724 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 8450649 | 100819 | SH |  | SOLE | 2 | 100819 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 343276 | 1927 | SH |  | SOLE | 1 | 1927 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 303827 | 4796 | SH |  | SOLE | 1 | 4796 | 0 | 0 |
| WNS HLDGS LTD | COM SHS | G98196101 |  | 1906750 | 25000 | SH |  | SOLE | 1 | 25000 | 0 | 0 |
| WNS HLDGS LTD | COM SHS | G98196101 |  | 381350 | 5000 | SH |  | SOLE | 2 | 5000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 6128741 | 47780 | SH |  | SOLE | 1 | 47780 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 958290 | 51000 | SH |  | SOLE | 1 | 51000 | 0 | 0 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 315770 | 13000 | SH |  | SOLE | 1 | 13000 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 345315 | 2360 | SH |  | SOLE | 1 | 2360 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 1512656 | 10338 | SH |  | SOLE | 2 | 10338 | 0 | 0 |

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