# EDGAR Filing Document

**Accession Number:** 0002052594
**File Stem:** 0002052594-26-000003
**Filing Date:** 2026-5
**Character Count:** 21308
**Document Hash:** 7582f20445032bfb331574e24c37b779
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002052594-26-000003.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0002052594-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLI - Banque de Luxembourg Investments
- **CENTRAL INDEX KEY:** 0002052594

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25159
- **FILM NUMBER:** 26983921

**BUSINESS ADDRESS:**
- **STREET 1:** 16, BOULEVARD ROYAL
- **CITY:** LUXEMBOURG CITY
- **STATE:** N4
- **ZIP:** L-2449
- **BUSINESS PHONE:** 003522626991

**MAIL ADDRESS:**
- **STREET 1:** 16, BOULEVARD ROYAL
- **CITY:** LUXEMBOURG CITY
- **STATE:** N4
- **ZIP:** L-2449

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** BLI - Banque de Luxembourg Investments<br>**Address:** 16 BOULEVARD ROYAL<br>LUXEMBOURG CITY, N4 L-2449

**Form 13F File Number:** 028-25159

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:** Nico THILL<br>**Title:** Deputy CEO<br>**Phone:** 003522626992381

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

Nico THILL  Luxembourg, N4  05-15-2026<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:** 3

**Form 13F Information Table Entry Total:** 175

**Form 13F Information Table Value Total:** $3340789046

      (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   |
|:---|:---|:---|
|  | Caisse Federale de Credit Mutuel |  |
|  | CREDIT INDUSTRIEL ET COMMERCIAL  |  |
|  | Banque de Luxembourg S.A.        |  |

### 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 |
| AAON INC | COM | 000360206 |  | 11389239 | 147200 | SH |  | DFND | 128 | 147200 | 0 | 0 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 24842451 | 200725 | SH |  | DFND | 128 | 198594 | 0 | 2131 |
| ABBVIE INC | COM | 00287Y109 |  | 316186 | 1399 | SH |  | DFND | 128 | 0 | 0 | 1399 |
| ADOBE INC | COM | 00724F101 |  | 61438525 | 177160 | SH |  | DFND | 128 | 176160 | 0 | 1000 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 |  | 4107289 | 28400 | SH |  | DFND | 128 | 28400 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 189357 | 1399 | SH |  | DFND | 128 | 0 | 0 | 1399 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 50605396 | 303000 | SH |  | DFND | 128 | 303000 | 0 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 26296046 | 690000 | SH |  | DFND | 128 | 690000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 202982 | 1400 | SH |  | DFND | 128 | 1400 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 8973789 | 29000 | SH |  | DFND | 128 | 29000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 180239282 | 583785 | SH |  | DFND | 128 | 574365 | 0 | 9420 |
| OKLO INC | COM CL A | 02156V109 |  | 3667098 | 52000 | SH |  | DFND | 128 | 52000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 107344545 | 469390 | SH |  | DFND | 128 | 458990 | 0 | 10400 |
| AMETEK INC | COM | 031100100 |  | 13938764 | 68430 | SH |  | DFND | 128 | 68430 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 324212 | 1003 | SH |  | DFND | 128 | 0 | 0 | 1003 |
| ANALOG DEVICES INC | COM | 032654105 |  | 360362 | 1333 | SH |  | DFND | 128 | 0 | 0 | 1333 |
| APPLE INC | COM | 037833100 |  | 91806309 | 341817 | SH |  | DFND | 128 | 336885 | 0 | 4932 |
| APPLIED MATLS INC | COM | 038222105 |  | 19202146 | 86742 | SH |  | DFND | 128 | 85597 | 0 | 1145 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 5457187 | 8000 | SH |  | DFND | 128 | 8000 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 21429236 | 164448 | SH |  | DFND | 128 | 163048 | 0 | 1400 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 5308649 | 32000 | SH |  | DFND | 128 | 32000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 20972422 | 71151 | SH |  | DFND | 128 | 68651 | 0 | 2500 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 9040350 | 35400 | SH |  | DFND | 128 | 35400 | 0 | 0 |
| BADGER METER INC | COM | 056525108 |  | 2980675 | 17000 | SH |  | DFND | 128 | 17000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 10778860 | 56000 | SH |  | DFND | 128 | 56000 | 0 | 0 |
| BENTLEY SYS INC | COM CL B | 08265T208 |  | 9587192 | 252000 | SH |  | DFND | 128 | 252000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 14868307 | 30000 | SH |  | DFND | 128 | 30000 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 11521690 | 198100 | SH |  | DFND | 128 | 198100 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 3519248 | 3300 | SH |  | DFND | 128 | 3300 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 11729470 | 2198 | SH |  | DFND | 128 | 2198 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 13175195 | 247000 | SH |  | DFND | 128 | 247000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 24312914 | 70632 | SH |  | DFND | 128 | 67232 | 0 | 3400 |
| BURLINGTON STORES INC | COM | 122017106 |  | 11788729 | 41600 | SH |  | DFND | 128 | 41600 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 9733199 | 71500 | SH |  | DFND | 128 | 71500 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 2170897 | 8000 | SH |  | DFND | 128 | 8000 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 2967989 | 9560 | SH |  | DFND | 128 | 9000 | 0 | 560 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 82299439 | 844888 | SH |  | DFND | 128 | 827923 | 0 | 16965 |
| CATERPILLAR INC | COM | 149123101 |  | 28912884 | 50895 | SH |  | DFND | 128 | 50895 | 0 | 0 |
| CHEMED CORP NEW | COM | 16359R103 |  | 15040901 | 35500 | SH |  | DFND | 128 | 35500 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 988921 | 6600 | SH |  | DFND | 128 | 0 | 0 | 6600 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 5722780 | 157000 | SH |  | DFND | 128 | 157000 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 11158693 | 134300 | SH |  | DFND | 128 | 134300 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 4214925 | 22500 | SH |  | DFND | 128 | 22500 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 16833011 | 169720 | SH |  | DFND | 128 | 168200 | 0 | 1520 |
| COCA COLA CO | COM | 191216100 |  | 3767460 | 54631 | SH |  | DFND | 128 | 51000 | 0 | 3631 |
| COCA-COLA FEMSA SAB DE CV | SPONS ADS REP | 191241108 |  | 5610014 | 60000 | SH |  | DFND | 128 | 60000 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 59793378 | 764344 | SH |  | DFND | 128 | 751344 | 0 | 13000 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 |  | 5036519 | 400000 | SH |  | DFND | 128 | 400000 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 194389 | 1410 | SH |  | DFND | 128 | 1410 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 9265637 | 114200 | SH |  | DFND | 128 | 114200 | 0 | 0 |
| CORE  MAIN INC | CL A | 21874C102 |  | 11671691 | 224400 | SH |  | DFND | 128 | 224400 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 6046462 | 7100 | SH |  | DFND | 128 | 7100 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 11498642 | 22749 | SH |  | DFND | 128 | 22749 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 3822034 | 26700 | SH |  | DFND | 128 | 26700 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 20489831 | 90290 | SH |  | DFND | 128 | 90290 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 186007 | 1800 | SH |  | DFND | 128 | 0 | 0 | 1800 |
| DEXCOM INC | COM | 252131107 |  | 3299068 | 50000 | SH |  | DFND | 128 | 50000 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 7221109 | 17400 | SH |  | DFND | 128 | 17400 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 239533 | 2796 | SH |  | DFND | 128 | 0 | 0 | 2796 |
| ECOLAB INC | COM | 278865100 |  | 166514 | 640 | SH |  | DFND | 128 | 0 | 0 | 640 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 14376050 | 169530 | SH |  | DFND | 128 | 167030 | 0 | 2500 |
| EMERSON ELEC CO | COM | 291011104 |  | 186212 | 1399 | SH |  | DFND | 128 | 0 | 0 | 1399 |
| ENBRIDGE INC | COM | 29250N105 |  | 29418883 | 625295 | SH |  | DFND | 128 | 618000 | 0 | 7295 |
| EQUIFAX INC | COM | 294429105 |  | 17928086 | 82540 | SH |  | DFND | 128 | 81800 | 0 | 740 |
| EXPONENT INC | COM | 30214U102 |  | 11239792 | 162649 | SH |  | DFND | 128 | 162649 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1178661 | 9900 | SH |  | DFND | 128 | 0 | 0 | 9900 |
| META PLATFORMS INC | CL A | 30303M102 |  | 56251337 | 85864 | SH |  | DFND | 128 | 84364 | 0 | 1500 |
| FASTENAL CO | COM | 311900104 |  | 2814942 | 70000 | SH |  | DFND | 128 | 70000 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 3792499 | 48000 | SH |  | DFND | 128 | 48000 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 52611802 | 257495 | SH |  | DFND | 128 | 253068 | 0 | 4427 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 5179991 | 482000 | SH |  | DFND | 128 | 482000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 306735 | 2531 | SH |  | DFND | 128 | 0 | 0 | 2531 |
| GLOBUS MED INC | CL A | 379577208 |  | 11806076 | 136500 | SH |  | DFND | 128 | 136500 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 9862014 | 120600 | SH |  | DFND | 128 | 120600 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 |  | 3014445 | 3000 | SH |  | DFND | 128 | 3000 | 0 | 0 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 18049081 | 99400 | SH |  | DFND | 128 | 99400 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 9375997 | 27516 | SH |  | DFND | 128 | 27516 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 10291630 | 53274 | SH |  | DFND | 128 | 53274 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 33327750 | 188900 | SH |  | DFND | 128 | 187800 | 0 | 1100 |
| IDEXX LABS INC | COM | 45168D104 |  | 37419221 | 55771 | SH |  | DFND | 128 | 54831 | 0 | 940 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 5403612 | 21900 | SH |  | DFND | 128 | 21900 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 1412192 | 5002 | SH |  | DFND | 128 | 5002 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 12504096 | 55825 | SH |  | DFND | 128 | 55825 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1018243 | 3200 | SH |  | DFND | 128 | 0 | 0 | 3200 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 22311156 | 109599 | SH |  | DFND | 128 | 108100 | 0 | 1499 |
| KLA CORP | COM NEW | 482480100 |  | 20284736 | 16574 | SH |  | DFND | 128 | 16304 | 0 | 270 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 38890762 | 389281 | SH |  | DFND | 128 | 389281 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 10941524 | 64000 | SH |  | DFND | 128 | 64000 | 0 | 0 |
| LENNOX INTL INC | COM | 526107107 |  | 9866689 | 20300 | SH |  | DFND | 128 | 20300 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 18595798 | 17500 | SH |  | DFND | 128 | 17500 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 2466853 | 10300 | SH |  | DFND | 128 | 10300 | 0 | 0 |
| LITTELFUSE INC | COM | 537008104 |  | 8733812 | 34500 | SH |  | DFND | 128 | 34500 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 11224814 | 46911 | SH |  | DFND | 128 | 46911 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 3047078 | 14700 | SH |  | DFND | 128 | 14700 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 14451781 | 25240 | SH |  | DFND | 128 | 24800 | 0 | 440 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 |  | 12737844 | 74100 | SH |  | DFND | 128 | 74100 | 0 | 0 |
| MASIMO CORP | COM | 574795100 |  | 6295754 | 48839 | SH |  | DFND | 128 | 48839 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 76742753 | 135087 | SH |  | DFND | 128 | 130807 | 0 | 4280 |
| MERCK  CO INC | COM | 58933Y105 |  | 5791992 | 55500 | SH |  | DFND | 128 | 55500 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 8769182 | 6300 | SH |  | DFND | 128 | 6300 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 215569679 | 449519 | SH |  | DFND | 128 | 443640 | 0 | 5879 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 30784297 | 570808 | SH |  | DFND | 128 | 553208 | 0 | 17600 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 2000013 | 2200 | SH |  | DFND | 128 | 2200 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 21973674 | 43293 | SH |  | DFND | 128 | 41593 | 0 | 1700 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 2039578 | 5400 | SH |  | DFND | 128 | 5400 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 2596102 | 360 | SH |  | DFND | 128 | 360 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 9964695 | 108000 | SH |  | DFND | 128 | 108000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 15480015 | 154500 | SH |  | DFND | 128 | 154500 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 23623551 | 392500 | SH |  | DFND | 128 | 390000 | 0 | 2500 |
| NORDSON CORP | COM | 655663102 |  | 15496818 | 64600 | SH |  | DFND | 128 | 63900 | 0 | 700 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 107708109 | 583809 | SH |  | DFND | 128 | 571909 | 0 | 11900 |
| ORACLE CORP | COM | 68389X105 |  | 7396487 | 38136 | SH |  | DFND | 128 | 38136 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 28140071 | 2130000 | SH |  | DFND | 128 | 2130000 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 9815615 | 113377 | SH |  | DFND | 128 | 113377 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 12265087 | 109965 | SH |  | DFND | 128 | 109965 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 8890202 | 56300 | SH |  | DFND | 128 | 56300 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 780836 | 20800 | SH |  | DFND | 128 | 15000 | 0 | 5800 |
| PEPSICO INC | COM | 713448108 |  | 46676478 | 329172 | SH |  | DFND | 128 | 328039 | 0 | 1133 |
| POOL CORP | COM | 73278L105 |  | 9388607 | 41300 | SH |  | DFND | 128 | 41300 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 18562754 | 130981 | SH |  | DFND | 128 | 129350 | 0 | 1631 |
| PROGRESSIVE CORP | COM | 743315103 |  | 2941185 | 13000 | SH |  | DFND | 128 | 13000 | 0 | 0 |
| PROLOGIS INC | COM | 74340W103 |  | 4695177 | 37000 | SH |  | DFND | 128 | 37000 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 2106353 | 8200 | SH |  | DFND | 128 | 8200 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 2556053 | 22000 | SH |  | DFND | 128 | 22000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 6662504 | 39000 | SH |  | DFND | 128 | 39000 | 0 | 0 |
| QUALYS INC | COM | 74758T303 |  | 2117306 | 16000 | SH |  | DFND | 128 | 16000 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 51533362 | 215489 | SH |  | DFND | 128 | 211262 | 0 | 4227 |
| ROLLINS INC | COM | 775711104 |  | 34715605 | 583950 | SH |  | DFND | 128 | 572300 | 0 | 11650 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 18976554 | 42851 | SH |  | DFND | 128 | 41651 | 0 | 1200 |
| ROYAL GOLD INC | COM | 780287108 |  | 22138060 | 100000 | SH |  | DFND | 128 | 100000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 27757436 | 53461 | SH |  | DFND | 128 | 53461 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 14578709 | 96105 | SH |  | DFND | 128 | 89305 | 0 | 6800 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 2224319 | 12100 | SH |  | DFND | 128 | 12100 | 0 | 0 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 27021971 | 216913 | SH |  | DFND | 128 | 210913 | 0 | 6000 |
| SMITH A O CORP | COM | 831865209 |  | 6685515 | 100300 | SH |  | DFND | 128 | 100300 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 269306 | 773 | SH |  | DFND | 128 | 0 | 0 | 773 |
| SYNOPSYS INC | COM | 871607107 |  | 21488935 | 46044 | SH |  | DFND | 128 | 44084 | 0 | 1960 |
| TJX COS INC NEW | COM | 872540109 |  | 38912815 | 254653 | SH |  | DFND | 128 | 254653 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 74258796 | 251800 | SH |  | DFND | 128 | 243300 | 0 | 8500 |
| TERADYNE INC | COM | 880770102 |  | 619256 | 3200 | SH |  | DFND | 128 | 3200 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 245173 | 1421 | SH |  | DFND | 128 | 0 | 0 | 1421 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 13227164 | 45900 | SH |  | DFND | 128 | 45900 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 37692451 | 65660 | SH |  | DFND | 128 | 63390 | 0 | 2270 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 6963093 | 140600 | SH |  | DFND | 128 | 140600 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 2547259 | 24000 | SH |  | DFND | 128 | 24000 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 15696615 | 34820 | SH |  | DFND | 128 | 32900 | 0 | 1920 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 4281656 | 53000 | SH |  | DFND | 128 | 53000 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 7163229 | 12000 | SH |  | DFND | 128 | 12000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 86152365 | 375712 | SH |  | DFND | 128 | 374382 | 0 | 1330 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 13947262 | 42683 | SH |  | DFND | 128 | 42683 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 13313936 | 60265 | SH |  | DFND | 128 | 60265 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 7580853 | 31340 | SH |  | DFND | 128 | 30700 | 0 | 640 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 46177007 | 209228 | SH |  | DFND | 128 | 204838 | 0 | 4390 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 2455638 | 5500 | SH |  | DFND | 128 | 5500 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 81414201 | 233941 | SH |  | DFND | 128 | 233941 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 5614603 | 51000 | SH |  | DFND | 128 | 51000 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 38107020 | 100920 | SH |  | DFND | 128 | 97680 | 0 | 3240 |
| WATSCO INC | COM | 942622200 |  | 9621299 | 28500 | SH |  | DFND | 128 | 28500 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 1048827 | 11300 | SH |  | DFND | 128 | 0 | 0 | 11300 |
| WESCO INTL INC | COM | 95082P105 |  | 3194388 | 13000 | SH |  | DFND | 128 | 13000 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 13592758 | 49900 | SH |  | DFND | 128 | 49900 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 45482870 | 393500 | SH |  | DFND | 128 | 393500 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 3052457 | 17100 | SH |  | DFND | 128 | 17100 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 68991830 | 372869 | SH |  | DFND | 128 | 371269 | 0 | 1600 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 54742462 | 206099 | SH |  | DFND | 128 | 203020 | 0 | 3079 |
| EATON CORP PLC | SHS | G29183103 |  | 7800514 | 24715 | SH |  | DFND | 128 | 24715 | 0 | 0 |
| JOHNSON CONTROLS INTERNATION | SHS | G51502105 |  | 307439 | 2584 | SH |  | DFND | 128 | 0 | 0 | 2584 |
| LINDE PLC | SHS | G54950103 |  | 9566059 | 22700 | SH |  | DFND | 128 | 21000 | 0 | 1700 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 4780997 | 12400 | SH |  | DFND | 128 | 12400 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 6963147 | 88661 | SH |  | DFND | 128 | 88661 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 3833268 | 19000 | SH |  | DFND | 128 | 19000 | 0 | 0 |
| LOGITECH INTL S A | SHS | H50430232 |  | 6535648 | 64582 | SH |  | DFND | 128 | 64582 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LTD | ORD | M22465104 |  | 27598577 | 149700 | SH |  | DFND | 128 | 149700 | 0 | 0 |
| FERRARI NV | COM | N3167Y103 |  | 4713089 | 12800 | SH |  | DFND | 128 | 12800 | 0 | 0 |
| MAGNUM ICE CREAM CO NV | ORD SHS | N5505D105 |  | 4984103 | 317598 | SH |  | DFND | 128 | 317598 | 0 | 0 |

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