# EDGAR Filing Document

**Accession Number:** 0000903949
**File Stem:** 0000903949-23-000001
**Filing Date:** 2023-2
**Character Count:** 26187
**Document Hash:** 9d7a0557213f3613d6898be5d1883205
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000903949-23-000001.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0000903949-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS COMPANY, INC.
- **CENTRAL INDEX KEY:** 0000903949
- **IRS NUMBER:** 391091673
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04359
- **FILM NUMBER:** 23607237

**BUSINESS ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-272-4650

**MAIL ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS CO INC /WI
- **DATE OF NAME CHANGE:** 19941205

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** NICHOLAS COMPANY INC.<br>**Address:** 411 E. WISCONSIN AVE.<br>SUITE 2100<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-04359

**CRD Number (if applicable):** 000108347

**SEC File Number (if applicable):** 801-4658

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 R. Kloehn<br>**Title:** Chief Financial Officer<br>**Phone:** 4147556374

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

Jennifer R. Kloehn  Milwaukee, WI  02-09-2023<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:** 218

**Form 13F Information Table Value Total:** $4674632861

      (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 |
| A. O. Smith Corporation | COM | 831865209 |  | 16630567 | 290541 | SH |  | SOLE |  | 0 | 289571 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 9345325 | 85120 | SH |  | SOLE |  | 0 | 85120 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 8061107 | 49880 | SH |  | SOLE |  | 0 | 49880 | 0 |
| Adobe Incorporated | COM | 00724F101 |  | 47539910 | 141265 | SH |  | SOLE |  | 0 | 141265 | 0 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 35448168 | 547293 | SH |  | SOLE |  | 0 | 547293 | 0 |
| Air Products and Chemicals Inc. | COM | 009158106 |  | 10164874 | 32975 | SH |  | SOLE |  | 0 | 32975 | 0 |
| Alcon AG | ORD SHS | H01301128 |  | 41647553 | 607550 | SH |  | SOLE |  | 0 | 607550 | 0 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 107546084 | 1212060 | SH |  | SOLE |  | 0 | 1208060 | 0 |
| Altair Engineering Inc. Class A | COM CL A | 021369103 |  | 4139134 | 91030 | SH |  | SOLE |  | 0 | 91030 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 47825820 | 569355 | SH |  | SOLE |  | 0 | 569355 | 0 |
| Amedisys Inc. | COM | 023436108 |  | 5032617 | 60242 | SH |  | SOLE |  | 0 | 60242 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 5547554 | 26185 | SH |  | SOLE |  | 0 | 26185 | 0 |
| AMETEK Inc. | COM | 031100100 |  | 18440246 | 131980 | SH |  | SOLE |  | 0 | 128595 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 10571734 | 64450 | SH |  | SOLE |  | 0 | 61950 | 0 |
| Aon Plc Class A | SHS CL A | G0403H108 |  | 81974237 | 273120 | SH |  | SOLE |  | 0 | 273120 | 0 |
| Apple Inc. | COM | 037833100 |  | 99067727 | 762470 | SH |  | SOLE |  | 0 | 762470 | 0 |
| AptarGroup Inc. | COM | 038336103 |  | 17301504 | 157315 | SH |  | SOLE |  | 0 | 154855 | 0 |
| Arthur J. Gallagher  Co. | COM | 363576109 |  | 188540 | 1000 | SH |  | SOLE |  | 0 | 0 | 0 |
| Astrazeneca PLC Sponsored ADR | SPONSORED ADR | 046353108 |  | 8194986 | 120870 | SH |  | SOLE |  | 0 | 120870 | 0 |
| Atlassian Corp Class A | CL A | 049468101 |  | 9422593 | 73225 | SH |  | SOLE |  | 0 | 73225 | 0 |
| AtriCure Inc. | COM | 04963C209 |  | 6323041 | 142475 | SH |  | SOLE |  | 0 | 142475 | 0 |
| Avery Dennison Corporation | COM | 053611109 |  | 6105130 | 33730 | SH |  | SOLE |  | 0 | 31730 | 0 |
| Beacon Roofing Supply Inc. | COM | 073685109 |  | 4111813 | 77890 | SH |  | SOLE |  | 0 | 77890 | 0 |
| BJ's Wholesale Club Holdings Inc. | COM | 05550J101 |  | 18514611 | 279846 | SH |  | SOLE |  | 0 | 272061 | 0 |
| BlackLine Inc. | COM | 09239B109 |  | 7573929 | 112590 | SH |  | SOLE |  | 0 | 112590 | 0 |
| BlackRock Inc. | COM | 09247X101 |  | 5676126 | 8010 | SH |  | SOLE |  | 0 | 8010 | 0 |
| Boston Scientific Corporation | COM | 101137107 |  | 51575781 | 1114670 | SH |  | SOLE |  | 0 | 1114670 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 8730815 | 15615 | SH |  | SOLE |  | 0 | 15615 | 0 |
| Broadridge Financial Solutions Inc. | COM | 11133T103 |  | 12486832 | 93095 | SH |  | SOLE |  | 0 | 90585 | 0 |
| BRP Group Inc. Class A | COM CL A | 05589G102 |  | 5631737 | 224015 | SH |  | SOLE |  | 0 | 224015 | 0 |
| Builders FirstSource Inc. | COM | 12008R107 |  | 6175214 | 95179 | SH |  | SOLE |  | 0 | 95179 | 0 |
| Burlington Stores Inc. | COM | 122017106 |  | 11053461 | 54515 | SH |  | SOLE |  | 0 | 53115 | 0 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 30798704 | 191725 | SH |  | SOLE |  | 0 | 191725 | 0 |
| CarMax Inc. | COM | 143130102 |  | 8549260 | 140405 | SH |  | SOLE |  | 0 | 136460 | 0 |
| Carriage Services Inc. | COM | 143905107 |  | 3670256 | 133270 | SH |  | SOLE |  | 0 | 133270 | 0 |
| CBRE Group Inc. Class A | CL A | 12504L109 |  | 46274894 | 601285 | SH |  | SOLE |  | 0 | 597010 | 0 |
| CDW Corp. | COM | 12514G108 |  | 19213422 | 107590 | SH |  | SOLE |  | 0 | 104555 | 0 |
| Cedar Fair L.P. | UNIT | 150185106 |  | 357426 | 8646 | SH |  | SOLE |  | 0 | 8646 | 0 |
| Charles River Laboratories International Inc. | COM | 159864107 |  | 10832027 | 49711 | SH |  | SOLE |  | 0 | 49471 | 0 |
| Charles Schwab Corp | COM | 808513105 |  | 50474710 | 606230 | SH |  | SOLE |  | 0 | 601230 | 0 |
| Chevron Corporation | COM | 166764100 |  | 8679239 | 48355 | SH |  | SOLE |  | 0 | 48355 | 0 |
| Chipotle Mexican Grill Inc. | COM | 169656105 |  | 43976496 | 31695 | SH |  | SOLE |  | 0 | 31570 | 0 |
| Chubb Limited | COM | H1467J104 |  | 44422222 | 201370 | SH |  | SOLE |  | 0 | 200210 | 0 |
| Cintas Corporation | COM | 172908105 |  | 63795841 | 141260 | SH |  | SOLE |  | 0 | 141260 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 8591398 | 180340 | SH |  | SOLE |  | 0 | 180340 | 0 |
| Citizens Financial Group Inc. | COM | 174610105 |  | 11799071 | 299697 | SH |  | SOLE |  | 0 | 291642 | 0 |
| CMS Energy Corporation | COM | 125896100 |  | 7589151 | 119835 | SH |  | SOLE |  | 0 | 119835 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 9133760 | 143590 | SH |  | SOLE |  | 0 | 143590 | 0 |
| Cohen  Steers Inc. | COM | 19247A100 |  | 11443906 | 177260 | SH |  | SOLE |  | 0 | 177260 | 0 |
| Comfort Systems USA Inc. | COM | 199908104 |  | 8761616 | 76135 | SH |  | SOLE |  | 0 | 76135 | 0 |
| Community Bank System Inc. | COM | 203607106 |  | 4652005 | 73900 | SH |  | SOLE |  | 0 | 73900 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 4876940 | 41330 | SH |  | SOLE |  | 0 | 41330 | 0 |
| Constellation Brands Inc. Class A | CL A | 21036P108 |  | 61995443 | 267510 | SH |  | SOLE |  | 0 | 265950 | 0 |
| Construction Partners Inc. Class A | COM CL A | 21044C107 |  | 7270836 | 272418 | SH |  | SOLE |  | 0 | 272418 | 0 |
| Cooper Companies Inc. | COM NEW | 216648402 |  | 14468466 | 43755 | SH |  | SOLE |  | 0 | 42595 | 0 |
| Copart Inc. | COM | 217204106 |  | 47946308 | 787425 | SH |  | SOLE |  | 0 | 787425 | 0 |
| Costco Wholesale Corporation | COM | 22160K105 |  | 48135643 | 105445 | SH |  | SOLE |  | 0 | 105445 | 0 |
| CrowdStrike Holdings Inc. Class A | CL A | 22788C105 |  | 34165973 | 324494 | SH |  | SOLE |  | 0 | 324045 | 0 |
| CVS Health Corporation | COM | 126650100 |  | 8526419 | 91495 | SH |  | SOLE |  | 0 | 91495 | 0 |
| CyberArk Software Ltd. | SHS | M2682V108 |  | 17720562 | 136680 | SH |  | SOLE |  | 0 | 134180 | 0 |
| Descartes Systems Group Inc. | COM | 249906108 |  | 8390387 | 120465 | SH |  | SOLE |  | 0 | 120465 | 0 |
| DexCom Inc. | COM | 252131107 |  | 56511856 | 499045 | SH |  | SOLE |  | 0 | 499045 | 0 |
| Digital Realty Trust Inc. | COM | 253868103 |  | 4113176 | 41021 | SH |  | SOLE |  | 0 | 41021 | 0 |
| Domino's Pizza Inc. | COM | 25754A201 |  | 10353896 | 29890 | SH |  | SOLE |  | 0 | 29140 | 0 |
| Dorman Products Inc. | COM | 258278100 |  | 7171552 | 88680 | SH |  | SOLE |  | 0 | 88680 | 0 |
| DuPont de Nemours Inc. | COM | 26614N102 |  | 5915220 | 86190 | SH |  | SOLE |  | 0 | 86190 | 0 |
| Dynatrace Inc. | COM NEW | 268150109 |  | 14448598 | 377248 | SH |  | SOLE |  | 0 | 367098 | 0 |
| Eaton Corp. Plc | SHS | G29183103 |  | 6878334 | 43825 | SH |  | SOLE |  | 0 | 43825 | 0 |
| Elastic NV | ORD SHS | N14506104 |  | 8439305 | 163870 | SH |  | SOLE |  | 0 | 159585 | 0 |
| Eli Lilly and Company | COM | 532457108 |  | 41010664 | 112100 | SH |  | SOLE |  | 0 | 112100 | 0 |
| Enterprise Products Partners L.P. | COM | 293792107 |  | 44020930 | 1825080 | SH |  | SOLE |  | 0 | 1825080 | 0 |
| ePlus inc. | COM | 294268107 |  | 5911823 | 133510 | SH |  | SOLE |  | 0 | 133510 | 0 |
| Equinix Inc. | COM | 29444U700 |  | 7093975 | 10830 | SH |  | SOLE |  | 0 | 10830 | 0 |
| EVERTEC Inc. | COM | 30040P103 |  | 6999747 | 216175 | SH |  | SOLE |  | 0 | 216175 | 0 |
| Evoqua Water Technologies Corp | COM | 30057T105 |  | 4431517 | 111907 | SH |  | SOLE |  | 0 | 111907 | 0 |
| ExlService Holdings Inc. | COM | 302081104 |  | 9689702 | 57190 | SH |  | SOLE |  | 0 | 54690 | 0 |
| Exponent Inc. | COM | 30214U102 |  | 7974268 | 80475 | SH |  | SOLE |  | 0 | 80475 | 0 |
| Fastenal Company | COM | 311900104 |  | 59238962 | 1251880 | SH |  | SOLE |  | 0 | 1245650 | 0 |
| Fidelity National Information Services Inc. | COM | 31620M106 |  | 6906112 | 101785 | SH |  | SOLE |  | 0 | 101785 | 0 |
| First Horizon Corporation | COM | 320517105 |  | 3942785 | 160930 | SH |  | SOLE |  | 0 | 160930 | 0 |
| Fiserv Inc. | COM | 337738108 |  | 49899270 | 493710 | SH |  | SOLE |  | 0 | 493710 | 0 |
| FLEETCOR Technologies Inc. | COM | 339041105 |  | 12571978 | 68445 | SH |  | SOLE |  | 0 | 66655 | 0 |
| Fortive Corp. | COM | 34959J108 |  | 57782595 | 899340 | SH |  | SOLE |  | 0 | 893610 | 0 |
| Gartner Inc. | COM | 366651107 |  | 17049021 | 50720 | SH |  | SOLE |  | 0 | 49365 | 0 |
| Genuine Parts Company | COM | 372460105 |  | 4193737 | 24170 | SH |  | SOLE |  | 0 | 24170 | 0 |
| Glacier Bancorp Inc. | COM | 37637Q105 |  | 5768302 | 116720 | SH |  | SOLE |  | 0 | 116720 | 0 |
| Global Payments Inc. | COM | 37940X102 |  | 37722928 | 379812 | SH |  | SOLE |  | 0 | 379812 | 0 |
| Globus Medical Inc Class A | CL A | 379577208 |  | 16129959 | 217180 | SH |  | SOLE |  | 0 | 211325 | 0 |
| Grid Dynamics Holdings Inc. Class A | CL A | 39813G109 |  | 3332901 | 297050 | SH |  | SOLE |  | 0 | 297050 | 0 |
| GSK plc Sponsored ADR | SPONSORED ADR | 37733W204 |  | 6192547 | 176225 | SH |  | SOLE |  | 0 | 176225 | 0 |
| Hologic Inc. | COM | 436440101 |  | 10708677 | 143145 | SH |  | SOLE |  | 0 | 139465 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 87696950 | 277645 | SH |  | SOLE |  | 0 | 276245 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 64048913 | 298875 | SH |  | SOLE |  | 0 | 298875 | 0 |
| i3 Verticals Inc. Class A | COM CL A | 46571Y107 |  | 8114713 | 333390 | SH |  | SOLE |  | 0 | 333390 | 0 |
| IAA Inc. | COM | 449253103 |  | 16976400 | 424410 | SH |  | SOLE |  | 0 | 417735 | 0 |
| ICF International Inc. | COM | 44925C103 |  | 8835260 | 89200 | SH |  | SOLE |  | 0 | 89200 | 0 |
| IDEX Corporation | COM | 45167R104 |  | 16203438 | 70965 | SH |  | SOLE |  | 0 | 70615 | 0 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 48757898 | 221325 | SH |  | SOLE |  | 0 | 221325 | 0 |
| InMode Ltd. | SHS | M5425M103 |  | 7560011 | 211765 | SH |  | SOLE |  | 0 | 211765 | 0 |
| Insulet Corporation | COM | 45784P101 |  | 14491642 | 49226 | SH |  | SOLE |  | 0 | 48226 | 0 |
| Intercontinental Exchange Inc. | COM | 45866F104 |  | 40705147 | 396775 | SH |  | SOLE |  | 0 | 396775 | 0 |
| International Business Machines Corporation | COM | 459200101 |  | 8302648 | 58930 | SH |  | SOLE |  | 0 | 58930 | 0 |
| IQVIA Holdings Inc | COM | 46266C105 |  | 16104559 | 78601 | SH |  | SOLE |  | 0 | 76501 | 0 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 6884414 | 45985 | SH |  | SOLE |  | 0 | 45985 | 0 |
| Jack Henry  Associates Inc. | COM | 426281101 |  | 14829027 | 84467 | SH |  | SOLE |  | 0 | 82567 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 51007688 | 288750 | SH |  | SOLE |  | 0 | 288750 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 51289227 | 382470 | SH |  | SOLE |  | 0 | 382470 | 0 |
| Juniper Networks Inc. | COM | 48203R104 |  | 8049765 | 251870 | SH |  | SOLE |  | 0 | 251870 | 0 |
| KAR Auction Services Inc. | COM | 48238T109 |  | 5691627 | 436140 | SH |  | SOLE |  | 0 | 436140 | 0 |
| KLA Corporation | COM NEW | 482480100 |  | 40523184 | 107480 | SH |  | SOLE |  | 0 | 107480 | 0 |
| Knight-Swift Transportation Holdings Inc. Class A | CL A | 499049104 |  | 8713949 | 166265 | SH |  | SOLE |  | 0 | 166265 | 0 |
| L3Harris Technologies Inc | COM | 502431109 |  | 12840311 | 61670 | SH |  | SOLE |  | 0 | 61470 | 0 |
| Laboratory Corporation of America Holdings | COM NEW | 50540R409 |  | 43773377 | 185890 | SH |  | SOLE |  | 0 | 184390 | 0 |
| Lam Research Corporation | COM | 512807108 |  | 29120486 | 69285 | SH |  | SOLE |  | 0 | 69285 | 0 |
| Lamb Weston Holdings Inc. | COM | 513272104 |  | 21009966 | 235116 | SH |  | SOLE |  | 0 | 231646 | 0 |
| Lattice Semiconductor Corporation | COM | 518415104 |  | 6475348 | 99805 | SH |  | SOLE |  | 0 | 99805 | 0 |
| La-Z-Boy Incorporated | COM | 505336107 |  | 5334517 | 233765 | SH |  | SOLE |  | 0 | 233765 | 0 |
| Lennox International Inc. | COM | 526107107 |  | 11223475 | 46915 | SH |  | SOLE |  | 0 | 45710 | 0 |
| Leslie's Inc. | COM | 527064109 |  | 64469 | 5280 | SH |  | SOLE |  | 0 | 5280 | 0 |
| Lincoln Electric Holdings Inc. | COM | 533900106 |  | 6478209 | 44835 | SH |  | SOLE |  | 0 | 44835 | 0 |
| LivaNova Plc | SHS | G5509L101 |  | 8992093 | 161903 | SH |  | SOLE |  | 0 | 161073 | 0 |
| Lockheed Martin Corporation | COM | 539830109 |  | 3918677 | 8055 | SH |  | SOLE |  | 0 | 8055 | 0 |
| M.D.C. Holdings Inc. | COM | 552676108 |  | 2782064 | 88040 | SH |  | SOLE |  | 0 | 88040 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 6990489 | 353412 | SH |  | SOLE |  | 0 | 353412 | 0 |
| Mastercard Incorporated Class A | CL A | 57636Q104 |  | 69097428 | 198710 | SH |  | SOLE |  | 0 | 198710 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 31121575 | 118095 | SH |  | SOLE |  | 0 | 118095 | 0 |
| Medtronic Plc | SHS | G5960L103 |  | 47911660 | 616465 | SH |  | SOLE |  | 0 | 616465 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 48705053 | 438982 | SH |  | SOLE |  | 0 | 438982 | 0 |
| Mettler-Toledo International Inc. | COM | 592688105 |  | 17576672 | 12160 | SH |  | SOLE |  | 0 | 12100 | 0 |
| Microchip Technology Incorporated | COM | 595017104 |  | 25362709 | 361035 | SH |  | SOLE |  | 0 | 354930 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 149467815 | 623250 | SH |  | SOLE |  | 0 | 623250 | 0 |
| Model N Inc. | COM | 607525102 |  | 10067154 | 248204 | SH |  | SOLE |  | 0 | 248204 | 0 |
| Mondelez International Inc. Class A | CL A | 609207105 |  | 43295840 | 649600 | SH |  | SOLE |  | 0 | 649600 | 0 |
| Morningstar Inc. | COM | 617700109 |  | 5700649 | 26320 | SH |  | SOLE |  | 0 | 26320 | 0 |
| Murphy USA Inc. | COM | 626755102 |  | 2930977 | 10485 | SH |  | SOLE |  | 0 | 10485 | 0 |
| Newell Brands Inc | COM | 651229106 |  | 4149695 | 317255 | SH |  | SOLE |  | 0 | 317255 | 0 |
| NexPoint Residential Trust Inc. | COM | 65341D102 |  | 4832678 | 111045 | SH |  | SOLE |  | 0 | 111045 | 0 |
| NextEra Energy Inc. | COM | 65339F101 |  | 8129264 | 97240 | SH |  | SOLE |  | 0 | 97240 | 0 |
| Nomad Foods Ltd. | USD ORD SHS | G6564A105 |  | 5468442 | 317195 | SH |  | SOLE |  | 0 | 317195 | 0 |
| Nordson Corporation | COM | 655663102 |  | 18684792 | 78600 | SH |  | SOLE |  | 0 | 78200 | 0 |
| Northern Trust Corporation | COM | 665859104 |  | 19954495 | 225500 | SH |  | SOLE |  | 0 | 221830 | 0 |
| NuVasive Inc. | COM | 670704105 |  | 5192322 | 125905 | SH |  | SOLE |  | 0 | 125905 | 0 |
| NVIDIA Corporation | COM | 67066G104 |  | 38790671 | 265435 | SH |  | SOLE |  | 0 | 265435 | 0 |
| Okta Inc. Class A | CL A | 679295105 |  | 12048971 | 176335 | SH |  | SOLE |  | 0 | 168720 | 0 |
| Old Dominion Freight Line Inc. | COM | 679580100 |  | 16029313 | 56485 | SH |  | SOLE |  | 0 | 54890 | 0 |
| Ollie's Bargain Outlet Holdings Inc | COM | 681116109 |  | 3719330 | 79405 | SH |  | SOLE |  | 0 | 79405 | 0 |
| Omnicell Inc. | COM | 68213N109 |  | 4974437 | 98660 | SH |  | SOLE |  | 0 | 98660 | 0 |
| Onto Innovation Inc. | COM | 683344105 |  | 5571873 | 81831 | SH |  | SOLE |  | 0 | 81831 | 0 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 102259299 | 121156 | SH |  | SOLE |  | 0 | 120321 | 0 |
| Pacira Biosciences Inc. | COM | 695127100 |  | 5510033 | 142710 | SH |  | SOLE |  | 0 | 142710 | 0 |
| Palo Alto Networks Inc. | COM | 697435105 |  | 52808215 | 378445 | SH |  | SOLE |  | 0 | 375355 | 0 |
| Papa John's International Inc. | COM | 698813102 |  | 4230322 | 51395 | SH |  | SOLE |  | 0 | 51395 | 0 |
| Paylocity Holding Corp. | COM | 70438V106 |  | 21314207 | 109720 | SH |  | SOLE |  | 0 | 107680 | 0 |
| PerkinElmer Inc. | COM | 714046109 |  | 14175541 | 101095 | SH |  | SOLE |  | 0 | 99895 | 0 |
| Perrigo Co. Plc | SHS | G97822103 |  | 7037710 | 206445 | SH |  | SOLE |  | 0 | 206445 | 0 |
| Petco Health  Wellness Company Inc. Class A | COM | 71601V105 |  | 4857884 | 512435 | SH |  | SOLE |  | 0 | 512435 | 0 |
| Philip Morris International Inc. | COM | 718172109 |  | 5455219 | 53900 | SH |  | SOLE |  | 0 | 53900 | 0 |
| Pinnacle Financial Partners Inc. | COM | 72346Q104 |  | 4677048 | 63720 | SH |  | SOLE |  | 0 | 63720 | 0 |
| PNC Financial Services Group Inc. | COM | 693475105 |  | 8403987 | 53210 | SH |  | SOLE |  | 0 | 53210 | 0 |
| Pool Corporation | COM | 73278L105 |  | 5073097 | 16780 | SH |  | SOLE |  | 0 | 16780 | 0 |
| Power Integrations Inc. | COM | 739276103 |  | 20785890 | 289820 | SH |  | SOLE |  | 0 | 285105 | 0 |
| Prestige Consumer Healthcare Inc | COM | 74112D101 |  | 10144956 | 162060 | SH |  | SOLE |  | 0 | 162060 | 0 |
| Procter  Gamble Company | COM | 742718109 |  | 8169084 | 53900 | SH |  | SOLE |  | 0 | 53900 | 0 |
| PTC Inc. | COM | 69370C100 |  | 15577591 | 129770 | SH |  | SOLE |  | 0 | 126120 | 0 |
| Q2 Holdings Inc. | COM | 74736L109 |  | 5461999 | 203275 | SH |  | SOLE |  | 0 | 203275 | 0 |
| Qualys Inc. | COM | 74758T303 |  | 6842775 | 60971 | SH |  | SOLE |  | 0 | 60971 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 21185577 | 198274 | SH |  | SOLE |  | 0 | 194229 | 0 |
| Repay Holdings Corp. Class A | COM CL A | 76029L100 |  | 4788704 | 594870 | SH |  | SOLE |  | 0 | 594870 | 0 |
| Republic Services Inc. | COM | 760759100 |  | 16317880 | 126505 | SH |  | SOLE |  | 0 | 122765 | 0 |
| ResMed Inc. | COM | 761152107 |  | 13993621 | 67235 | SH |  | SOLE |  | 0 | 65510 | 0 |
| Ritchie Bros. Auctioneers Incorporated | COM | 767744105 |  | 7855627 | 135840 | SH |  | SOLE |  | 0 | 135840 | 0 |
| Roper Technologies Inc. | COM | 776696106 |  | 34714111 | 80340 | SH |  | SOLE |  | 0 | 80340 | 0 |
| S Global Inc. | COM | 78409V104 |  | 55415823 | 165450 | SH |  | SOLE |  | 0 | 165450 | 0 |
| Salesforce Inc. | COM | 79466L302 |  | 33258213 | 250835 | SH |  | SOLE |  | 0 | 250835 | 0 |
| Service Corporation International | COM | 817565104 |  | 18004747 | 260410 | SH |  | SOLE |  | 0 | 253710 | 0 |
| ServiceNow Inc. | COM | 81762P102 |  | 35243268 | 90770 | SH |  | SOLE |  | 0 | 90770 | 0 |
| Sherwin-Williams Company | COM | 824348106 |  | 39705309 | 167300 | SH |  | SOLE |  | 0 | 167300 | 0 |
| Shift4 Payments Inc. Class A | CL A | 82452J109 |  | 6437823 | 115105 | SH |  | SOLE |  | 0 | 115105 | 0 |
| Skyworks Solutions Inc. | COM | 83088M102 |  | 43617096 | 478625 | SH |  | SOLE |  | 0 | 474995 | 0 |
| Smith  Nephew plc Sponsored ADR | ADR NEW | 83175M205 |  | 4060793 | 151015 | SH |  | SOLE |  | 0 | 151015 | 0 |
| SPS Commerce Inc. | COM | 78463M107 |  | 7323079 | 57020 | SH |  | SOLE |  | 0 | 57020 | 0 |
| STAAR Surgical Company | COM PAR $0.01 | 852312305 |  | 5505650 | 113425 | SH |  | SOLE |  | 0 | 113425 | 0 |
| Starbucks Corporation | COM | 855244109 |  | 44829472 | 451910 | SH |  | SOLE |  | 0 | 451910 | 0 |
| STERIS Plc | SHS USD | G8473T100 |  | 15796536 | 85530 | SH |  | SOLE |  | 0 | 83230 | 0 |
| Stevanato Group SpA | ORD SHS | T9224W109 |  | 14912638 | 829863 | SH |  | SOLE |  | 0 | 814613 | 0 |
| Syneos Health Inc. Class A | CL A | 87166B102 |  | 4184638 | 114085 | SH |  | SOLE |  | 0 | 114085 | 0 |
| Synopsys Inc. | COM | 871607107 |  | 47130397 | 147610 | SH |  | SOLE |  | 0 | 147610 | 0 |
| Sysco Corporation | COM | 871829107 |  | 8634263 | 112940 | SH |  | SOLE |  | 0 | 112940 | 0 |
| Target Corporation | COM | 87612E106 |  | 5931047 | 39795 | SH |  | SOLE |  | 0 | 39795 | 0 |
| Teledyne Technologies Incorporated | COM | 879360105 |  | 12579169 | 31455 | SH |  | SOLE |  | 0 | 31300 | 0 |
| Tenable Holdings Inc. | COM | 88025T102 |  | 5372665 | 140830 | SH |  | SOLE |  | 0 | 140830 | 0 |
| Tetra Tech Inc. | COM | 88162G103 |  | 6619212 | 45590 | SH |  | SOLE |  | 0 | 45590 | 0 |
| Texas Instruments Incorporated | COM | 882508104 |  | 42823372 | 259190 | SH |  | SOLE |  | 0 | 259190 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 74449433 | 135193 | SH |  | SOLE |  | 0 | 134948 | 0 |
| TJX Companies Inc | COM | 872540109 |  | 71599404 | 899490 | SH |  | SOLE |  | 0 | 899490 | 0 |
| Trade Desk Inc. Class A | COM CL A | 88339J105 |  | 9387402 | 209400 | SH |  | SOLE |  | 0 | 209400 | 0 |
| TransUnion | COM | 89400J107 |  | 14137560 | 249120 | SH |  | SOLE |  | 0 | 242655 | 0 |
| Travel Plus Leisure Co. | COM | 894164102 |  | 2389478 | 65645 | SH |  | SOLE |  | 0 | 65645 | 0 |
| Truist Financial Corporation | COM | 89832Q109 |  | 31317234 | 727800 | SH |  | SOLE |  | 0 | 727800 | 0 |
| Twilio Inc. Class A | CL A | 90138F102 |  | 8096858 | 165377 | SH |  | SOLE |  | 0 | 160917 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 3914655 | 33206 | SH |  | SOLE |  | 0 | 33206 | 0 |
| Ulta Beauty Inc. | COM | 90384S303 |  | 80712875 | 172070 | SH |  | SOLE |  | 0 | 170630 | 0 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 58993129 | 111270 | SH |  | SOLE |  | 0 | 111270 | 0 |
| Varonis Systems Inc. | COM | 922280102 |  | 4266587 | 178220 | SH |  | SOLE |  | 0 | 178220 | 0 |
| Veeva Systems Inc Class A | CL A COM | 922475108 |  | 11796878 | 73100 | SH |  | SOLE |  | 0 | 72735 | 0 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 19087762 | 108195 | SH |  | SOLE |  | 0 | 105435 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 5537473 | 140545 | SH |  | SOLE |  | 0 | 140545 | 0 |
| Visa Inc. Class A | COM CL A | 92826C839 |  | 55299479 | 266170 | SH |  | SOLE |  | 0 | 266170 | 0 |
| Vulcan Materials Company | COM | 929160109 |  | 44741481 | 255505 | SH |  | SOLE |  | 0 | 253035 | 0 |
| W. P. Carey Inc. | COM | 92936U109 |  | 6833045 | 87435 | SH |  | SOLE |  | 0 | 87435 | 0 |
| W.W. Grainger Inc. | COM | 384802104 |  | 4205250 | 7560 | SH |  | SOLE |  | 0 | 7560 | 0 |
| Webster Financial Corporation | COM | 947890109 |  | 17268685 | 364780 | SH |  | SOLE |  | 0 | 358645 | 0 |
| WEC Energy Group Inc | COM | 92939U106 |  | 5573563 | 59445 | SH |  | SOLE |  | 0 | 59445 | 0 |
| Wendy's Company | COM | 95058W100 |  | 9673080 | 427445 | SH |  | SOLE |  | 0 | 421035 | 0 |
| Westinghouse Air Brake Technologies Corporation | COM | 929740108 |  | 18761984 | 187977 | SH |  | SOLE |  | 0 | 183097 | 0 |
| Williams Companies Inc. | COM | 969457100 |  | 668791 | 20328 | SH |  | SOLE |  | 0 | 20328 | 0 |
| WNS (Holdings) Limited Sponsored ADR | SPON ADR | 92932M101 |  | 9301637 | 116285 | SH |  | SOLE |  | 0 | 113285 | 0 |
| Workday Inc. Class A | CL A | 98138H101 |  | 58054307 | 346945 | SH |  | SOLE |  | 0 | 346945 | 0 |

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