# EDGAR Filing Document

**Accession Number:** 0001438848
**File Stem:** 0001172661-25-002866
**Filing Date:** 2025-8
**Character Count:** 31918
**Document Hash:** d8b1e38c2db3040f6ddb2effbbb20a7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-002866.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001172661-25-002866

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**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:** 251180019

**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:** 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:** 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  08-04-2025<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:** 287

**Form 13F Information Table Value Total:** $1422371479

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 1426745 | 10490 | SH |  | SOLE | 1 | 10490 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1448207 | 7802 | SH |  | SOLE | 1 | 7802 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 828500 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1232622 | 4124 | SH |  | SOLE | 1 | 4124 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 11525929 | 29792 | SH |  | SOLE | 2 | 29792 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 4282520 | 40608 | SH |  | SOLE | 2 | 40608 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 17357567 | 196818 | SH |  | SOLE | 2 | 196818 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 17971935 | 101980 | SH |  | SOLE | 1 | 101980 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3779471 | 21306 | SH |  | SOLE | 1 | 21306 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 33208781 | 188440 | SH |  | SOLE | 2 | 188440 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 12798335 | 58336 | SH |  | SOLE | 2 | 58336 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 16903341 | 77047 | SH |  | SOLE | 1 | 77047 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 115680 | 48000 | SH |  | SOLE | 1 | 48000 | 0 | 0 |
| AMER SPORTS INC | COM SHS | G0260P102 |  | 13554372 | 349700 | SH |  | SOLE | 1 | 349700 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 5419571 | 29949 | SH |  | SOLE | 2 | 29949 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 6754895 | 68404 | SH |  | SOLE | 2 | 68404 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 3064746 | 12876 | SH |  | SOLE | 2 | 12876 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 961640 | 2738 | SH |  | SOLE | 1 | 2738 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 447806 | 1275 | SH |  | SOLE | 2 | 1275 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 14709253 | 71693 | SH |  | SOLE | 2 | 71693 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 19592504 | 95494 | SH |  | SOLE | 1 | 95494 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 7570311 | 41352 | SH |  | SOLE | 1 | 41352 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 4089967 | 22341 | SH |  | SOLE | 2 | 22341 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 1334505 | 3812 | SH |  | SOLE | 2 | 3812 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 775798 | 11372 | SH |  | SOLE | 2 | 11372 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 3285586 | 20314 | SH |  | SOLE | 2 | 20314 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 1267456 | 43796 | SH |  | SOLE | 1 | 43796 | 0 | 0 |
| ATOUR LIFESTYLE HLDGS LTD | SPONSORED ADS | 04965M106 |  | 2561788 | 78800 | SH |  | SOLE | 2 | 78800 | 0 | 0 |
| ATOUR LIFESTYLE HLDGS LTD | SPONSORED ADS | 04965M106 |  | 2600800 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 3719484 | 12015 | SH |  | SOLE | 2 | 12015 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 1399421 | 12506 | SH |  | SOLE | 1 | 12506 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 5491679 | 17807 | SH |  | SOLE | 2 | 17807 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 742510 | 8658 | SH |  | SOLE | 1 | 8658 | 0 | 0 |
| BANCO BBVA ARGENTINA S A | SPONSORED ADS | 058934100 |  | 743432 | 45166 | SH |  | SOLE | 1 | 45166 | 0 | 0 |
| BANCO MACRO SA | SPON ADR B | 05961W105 |  | 335674 | 4781 | SH |  | SOLE | 1 | 4781 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1291883 | 27301 | SH |  | SOLE | 1 | 27301 | 0 | 0 |
| BATTALION OIL CORP | COM | 07134L107 |  | 45150 | 35000 | SH |  | SOLE | 2 | 35000 | 0 | 0 |
| BATTALION OIL CORP | COM | 07134L107 |  | 103200 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2867500 | 5903 | SH |  | SOLE | 1 | 5903 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3317323 | 6829 | SH |  | SOLE | 2 | 6829 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 723960 | 3000 | SH |  | SOLE | 1 | 3000 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 1586466 | 1512 | SH |  | SOLE | 1 | 1512 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 15561477 | 2688 | SH |  | SOLE | 2 | 2688 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 1584338 | 15215 | SH |  | SOLE | 2 | 15215 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 1650765 | 49306 | SH |  | SOLE | 1 | 49306 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 2559903 | 23833 | SH |  | SOLE | 2 | 23833 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 8566566 | 185063 | SH |  | SOLE | 2 | 185063 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 7539303 | 27351 | SH |  | SOLE | 2 | 27351 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 18525334 | 67206 | SH |  | SOLE | 1 | 67206 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 1305494 | 11775 | SH |  | SOLE | 1 | 11775 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 538200 | 20000 | SH |  | SOLE | 1 | 20000 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 2952798 | 20497 | SH |  | SOLE | 2 | 20497 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 6988842 | 22680 | SH |  | SOLE | 2 | 22680 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 897000 | 300000 | SH |  | SOLE | 1 | 300000 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 299000 | 100000 | SH |  | SOLE | 2 | 100000 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 1350477 | 11984 | SH |  | SOLE | 1 | 11984 | 0 | 0 |
| CANADA GOOSE HLDGS INC | SHS SUB VTG | 135086106 |  | 1119000 | 100000 | SH |  | SOLE | 1 | 100000 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 2706884 | 34228 | SH |  | SOLE | 2 | 34228 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 177000 | 10000 | SH |  | SOLE | 2 | 10000 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 354000 | 20000 | SH |  | SOLE | 1 | 20000 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 4011762 | 10334 | SH |  | SOLE | 2 | 10334 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 1433309 | 6146 | SH |  | SOLE | 2 | 6146 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 882832 | 9596 | SH |  | SOLE | 2 | 9596 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1200648 | 8385 | SH |  | SOLE | 1 | 8385 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 1188112 | 12362 | SH |  | SOLE | 1 | 12362 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 1430309 | 14882 | SH |  | SOLE | 2 | 14882 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1697174 | 24462 | SH |  | SOLE | 1 | 24462 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1559613 | 22044 | SH |  | SOLE | 1 | 22044 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 4375251 | 61841 | SH |  | SOLE | 2 | 61841 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 7923414 | 88293 | SH |  | SOLE | 2 | 88293 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 488040 | 3000 | SH |  | SOLE | 1 | 3000 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 1271256 | 25907 | SH |  | SOLE | 2 | 25907 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 1545618 | 4658 | SH |  | SOLE | 2 | 4658 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 1148433 | 15409 | SH |  | SOLE | 2 | 15409 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 6584091 | 6651 | SH |  | SOLE | 1 | 6651 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5716904 | 5775 | SH |  | SOLE | 2 | 5775 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 1069500 | 230000 | SH |  | SOLE | 1 | 230000 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 372000 | 80000 | SH |  | SOLE | 2 | 80000 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 13373861 | 145403 | SH |  | SOLE | 1 | 145403 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 2405471 | 4723 | SH |  | SOLE | 2 | 4723 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2528314 | 12799 | SH |  | SOLE | 2 | 12799 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 1520341 | 6975 | SH |  | SOLE | 2 | 6975 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 1029388 | 27132 | SH |  | SOLE | 2 | 27132 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1933787 | 3803 | SH |  | SOLE | 2 | 3803 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 894199 | 10244 | SH |  | SOLE | 2 | 10244 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1423635 | 11480 | SH |  | SOLE | 1 | 11480 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 11763961 | 94863 | SH |  | SOLE | 2 | 94863 | 0 | 0 |
| DR REDDYS LABS LTD | ADR | 256135203 |  | 180360 | 12000 | SH |  | SOLE | 2 | 12000 | 0 | 0 |
| DR REDDYS LABS LTD | ADR | 256135203 |  | 901800 | 60000 | SH |  | SOLE | 1 | 60000 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1815784 | 15388 | SH |  | SOLE | 2 | 15388 | 0 | 0 |
| DUOLINGO INC | CL A COM | 26603R106 |  | 732296 | 1786 | SH |  | SOLE | 2 | 1786 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 |  | 1649564 | 29878 | SH |  | SOLE | 2 | 29878 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 3985436 | 11164 | SH |  | SOLE | 2 | 11164 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1273740 | 3568 | SH |  | SOLE | 1 | 3568 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 9368960 | 58666 | SH |  | SOLE | 2 | 58666 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 4850331 | 12470 | SH |  | SOLE | 2 | 12470 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 7045392 | 9038 | SH |  | SOLE | 1 | 9038 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 8531956 | 10945 | SH |  | SOLE | 2 | 10945 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 7945268 | 59591 | SH |  | SOLE | 2 | 59591 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 7514977 | 62829 | SH |  | SOLE | 2 | 62829 | 0 | 0 |
| ERMENEGILDO ZEGNA N V | ORD SHS | N30577105 |  | 6047731 | 707337 | SH |  | SOLE | 1 | 707337 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1966488 | 18242 | SH |  | SOLE | 1 | 18242 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 11603269 | 107637 | SH |  | SOLE | 2 | 107637 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 1105916 | 605 | SH |  | SOLE | 2 | 605 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 31312358 | 64107 | SH |  | SOLE | 1 | 64107 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 1442210 | 8365 | SH |  | SOLE | 1 | 8365 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 14394683 | 83491 | SH |  | SOLE | 2 | 83491 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 3490874 | 33020 | SH |  | SOLE | 2 | 33020 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 774450 | 15000 | SH |  | SOLE | 1 | 15000 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 6565569 | 555933 | SH |  | SOLE | 1 | 555933 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 2456480 | 208000 | SH |  | SOLE | 2 | 208000 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 2162825 | 17500 | SH |  | SOLE | 1 | 17500 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 1730260 | 14000 | SH |  | SOLE | 2 | 14000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 4016546 | 12547 | SH |  | SOLE | 2 | 12547 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 900836 | 4316 | SH |  | SOLE | 2 | 4316 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 1387283 | 3432 | SH |  | SOLE | 2 | 3432 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 4778445 | 18565 | SH |  | SOLE | 2 | 18565 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1551804 | 6029 | SH |  | SOLE | 1 | 6029 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 1303868 | 26496 | SH |  | SOLE | 1 | 26496 | 0 | 0 |
| GETTY IMAGES HOLDINGS INC | CL A COM | 374275105 |  | 124500 | 75000 | SH |  | SOLE | 1 | 75000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2475002 | 3497 | SH |  | SOLE | 1 | 3497 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 473273 | 94090 | SH |  | SOLE | 1 | 94090 | 0 | 0 |
| GUESS INC | COM | 401617105 |  | 1088100 | 90000 | SH |  | SOLE | 1 | 90000 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 6905694 | 665930 | SH |  | SOLE | 2 | 665930 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 3723632 | 48567 | SH |  | SOLE | 1 | 48567 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 690030 | 9000 | SH |  | SOLE | 2 | 9000 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 692700 | 5000 | SH |  | SOLE | 1 | 5000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 3291962 | 12360 | SH |  | SOLE | 2 | 12360 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 11758112 | 44147 | SH |  | SOLE | 1 | 44147 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1634481 | 4458 | SH |  | SOLE | 1 | 4458 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 3503447 | 15044 | SH |  | SOLE | 2 | 15044 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 7662504 | 457190 | SH |  | SOLE | 2 | 457190 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 2183741 | 64915 | SH |  | SOLE | 2 | 64915 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 2018400 | 60000 | SH |  | SOLE | 1 | 60000 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 2755179 | 5137 | SH |  | SOLE | 2 | 5137 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 1482400 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 5402533 | 291556 | SH |  | SOLE | 2 | 291556 | 0 | 0 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 1523858 | 18320 | SH |  | SOLE | 2 | 18320 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 336000 | 15000 | SH |  | SOLE | 1 | 15000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1458571 | 4948 | SH |  | SOLE | 1 | 4948 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 4086224 | 5188 | SH |  | SOLE | 2 | 5188 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 6576711 | 8350 | SH |  | SOLE | 1 | 8350 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 7712618 | 14193 | SH |  | SOLE | 1 | 14193 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 4549429 | 8372 | SH |  | SOLE | 2 | 8372 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 3060500 | 50000 | SH |  | SOLE | 1 | 50000 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 7671414 | 127793 | SH |  | SOLE | 2 | 127793 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 24292649 | 143421 | SH |  | SOLE | 2 | 143421 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 1317389 | 23660 | SH |  | SOLE | 2 | 23660 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 5363120 | 56000 | SH |  | SOLE | 1 | 56000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7465045 | 48871 | SH |  | SOLE | 2 | 48871 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1374445 | 8998 | SH |  | SOLE | 1 | 8998 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 10879742 | 37528 | SH |  | SOLE | 2 | 37528 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 4969057 | 17140 | SH |  | SOLE | 1 | 17140 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 2230000 | 125000 | SH |  | SOLE | 1 | 125000 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 2117198 | 118677 | SH |  | SOLE | 2 | 118677 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 7020555 | 212358 | SH |  | SOLE | 2 | 212358 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 1298313 | 74530 | SH |  | SOLE | 1 | 74530 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1270836 | 9553 | SH |  | SOLE | 1 | 9553 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 883200 | 986 | SH |  | SOLE | 2 | 986 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 5514311 | 56650 | SH |  | SOLE | 2 | 56650 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 8506153 | 87386 | SH |  | SOLE | 1 | 87386 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 1016947 | 12423 | SH |  | SOLE | 2 | 12423 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 1799016 | 18941 | SH |  | SOLE | 1 | 18941 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 8288388 | 17682 | SH |  | SOLE | 2 | 17682 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 890034 | 1897 | SH |  | SOLE | 1 | 1897 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 1122044 | 7417 | SH |  | SOLE | 2 | 7417 | 0 | 0 |
| LOGITECH INTL S A | SHS | H50430232 |  | 15781868 | 175845 | SH |  | SOLE | 2 | 175845 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 843647 | 3551 | SH |  | SOLE | 2 | 3551 | 0 | 0 |
| MANPOWERGROUP INC WIS | COM | 56418H100 |  | 404000 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 156800 | 10000 | SH |  | SOLE | 2 | 10000 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 12046078 | 6031 | SH |  | SOLE | 2 | 6031 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 10212590 | 37380 | SH |  | SOLE | 1 | 37380 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 771289 | 1405 | SH |  | SOLE | 1 | 1405 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1897671 | 3377 | SH |  | SOLE | 1 | 3377 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13403393 | 23852 | SH |  | SOLE | 2 | 23852 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1246459 | 1701 | SH |  | SOLE | 2 | 1701 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 6963924 | 79889 | SH |  | SOLE | 2 | 79889 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 5031238 | 1925 | SH |  | SOLE | 1 | 1925 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 9774993 | 123484 | SH |  | SOLE | 2 | 123484 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 6346098 | 8598 | SH |  | SOLE | 1 | 8598 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 39552767 | 53588 | SH |  | SOLE | 2 | 53588 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 45235958 | 90943 | SH |  | SOLE | 2 | 90943 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 40752304 | 81929 | SH |  | SOLE | 1 | 81929 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 242538 | 600 | SH |  | SOLE | 2 | 600 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1221971 | 8256 | SH |  | SOLE | 1 | 8256 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 275900 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 949101 | 3018 | SH |  | SOLE | 2 | 3018 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 4381193 | 10420 | SH |  | SOLE | 1 | 10420 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 3613433 | 8594 | SH |  | SOLE | 2 | 8594 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 2809877 | 4872 | SH |  | SOLE | 2 | 4872 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 3786758 | 42348 | SH |  | SOLE | 2 | 42348 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 904647 | 6722 | SH |  | SOLE | 1 | 6722 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 16365508 | 12221 | SH |  | SOLE | 2 | 12221 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 9083319 | 6783 | SH |  | SOLE | 1 | 6783 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 2674800 | 90000 | SH |  | SOLE | 1 | 90000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 3367356 | 48507 | SH |  | SOLE | 2 | 48507 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 4864677 | 68478 | SH |  | SOLE | 2 | 68478 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 2680000 | 2000000 | SH |  | SOLE | 1 | 2000000 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 1072000 | 800000 | SH |  | SOLE | 2 | 800000 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 1310948 | 2622 | SH |  | SOLE | 1 | 2622 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 35587405 | 225251 | SH |  | SOLE | 1 | 225251 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 28746754 | 181953 | SH |  | SOLE | 2 | 181953 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 6435186 | 29453 | SH |  | SOLE | 2 | 29453 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 7437945 | 142900 | SH |  | SOLE | 1 | 142900 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 |  | 9603690 | 471000 | SH |  | SOLE | 1 | 471000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1339327 | 6126 | SH |  | SOLE | 1 | 6126 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 15107770 | 69102 | SH |  | SOLE | 2 | 69102 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 1352294 | 9920 | SH |  | SOLE | 1 | 9920 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3145317 | 15370 | SH |  | SOLE | 2 | 15370 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 1799733 | 17196 | SH |  | SOLE | 2 | 17196 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 1255920 | 12000 | SH |  | SOLE | 1 | 12000 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 3340811 | 18343 | SH |  | SOLE | 1 | 18343 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 1225429 | 10773 | SH |  | SOLE | 1 | 10773 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2321452 | 14571 | SH |  | SOLE | 1 | 14571 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 15105926 | 94815 | SH |  | SOLE | 2 | 94815 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 1300943 | 4875 | SH |  | SOLE | 1 | 4875 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 6775842 | 25391 | SH |  | SOLE | 2 | 25391 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 2082212 | 12082 | SH |  | SOLE | 2 | 12082 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 2388632 | 13860 | SH |  | SOLE | 1 | 13860 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 7293248 | 24856 | SH |  | SOLE | 2 | 24856 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 1640668 | 19490 | SH |  | SOLE | 2 | 19490 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 12032664 | 43870 | SH |  | SOLE | 1 | 43870 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 1105600 | 160000 | SH |  | SOLE | 1 | 160000 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 207300 | 30000 | SH |  | SOLE | 2 | 30000 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 3356609 | 13611 | SH |  | SOLE | 2 | 13611 | 0 | 0 |
| RIOT PLATFORMS INC | COM | 767292105 |  | 282500 | 25000 | SH |  | SOLE | 2 | 25000 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 1239658 | 3732 | SH |  | SOLE | 1 | 3732 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 9065403 | 28950 | SH |  | SOLE | 1 | 28950 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 1401302 | 4475 | SH |  | SOLE | 2 | 4475 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1403252 | 9610 | SH |  | SOLE | 1 | 9610 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 2306800 | 40000 | SH |  | SOLE | 1 | 40000 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 1107264 | 19200 | SH |  | SOLE | 2 | 19200 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 2863185 | 5430 | SH |  | SOLE | 2 | 5430 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1532790 | 5621 | SH |  | SOLE | 1 | 5621 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 8225468 | 90152 | SH |  | SOLE | 2 | 90152 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 239910 | 1500 | SH |  | SOLE | 2 | 1500 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 959640 | 6000 | SH |  | SOLE | 1 | 6000 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 1527599 | 20161 | SH |  | SOLE | 2 | 20161 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 4441306 | 4320 | SH |  | SOLE | 2 | 4320 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 8088933 | 7868 | SH |  | SOLE | 1 | 7868 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 3186488 | 32190 | SH |  | SOLE | 1 | 32190 | 0 | 0 |
| SHUTTERSTOCK INC | COM | 825690100 |  | 1080720 | 57000 | SH |  | SOLE | 1 | 57000 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 606522 | 82520 | SH |  | SOLE | 1 | 82520 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 16214 | 2206 | SH |  | SOLE | 2 | 2206 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 2487583 | 27089 | SH |  | SOLE | 2 | 27089 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 836000 | 20000 | SH |  | SOLE | 1 | 20000 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 3179857 | 4144 | SH |  | SOLE | 2 | 4144 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 289660 | 29000 | SH |  | SOLE | 1 | 29000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 5615968 | 14195 | SH |  | SOLE | 2 | 14195 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 1427396 | 18846 | SH |  | SOLE | 2 | 18846 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 4223812 | 18649 | SH |  | SOLE | 2 | 18649 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 4605221 | 20333 | SH |  | SOLE | 1 | 20333 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 11055279 | 125900 | SH |  | SOLE | 1 | 125900 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 8055005 | 47756 | SH |  | SOLE | 2 | 47756 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 506740 | 26000 | SH |  | SOLE | 2 | 26000 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 3800550 | 195000 | SH |  | SOLE | 1 | 195000 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 3219771 | 15508 | SH |  | SOLE | 2 | 15508 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1434031 | 6907 | SH |  | SOLE | 1 | 6907 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2577104 | 6356 | SH |  | SOLE | 2 | 6356 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 804128 | 3375 | SH |  | SOLE | 1 | 3375 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 1149533 | 7852 | SH |  | SOLE | 2 | 7852 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 664391 | 11330 | SH |  | SOLE | 1 | 11330 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5115639 | 54830 | SH |  | SOLE | 2 | 54830 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5150533 | 55204 | SH |  | SOLE | 1 | 55204 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 28976513 | 859043 | SH |  | SOLE | 2 | 859043 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2366833 | 10287 | SH |  | SOLE | 2 | 10287 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 5355069 | 53052 | SH |  | SOLE | 2 | 53052 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 5263558 | 16872 | SH |  | SOLE | 2 | 16872 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 4462419 | 14304 | SH |  | SOLE | 1 | 14304 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 4924286 | 108824 | SH |  | SOLE | 2 | 108824 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 12642673 | 22250 | SH |  | SOLE | 2 | 22250 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1527060 | 31000 | SH |  | SOLE | 2 | 31000 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 2857390 | 9173 | SH |  | SOLE | 2 | 9173 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 432700 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 4698196 | 10553 | SH |  | SOLE | 2 | 10553 | 0 | 0 |
| VESTIS CORPORATION | COM SHS | 29430C102 |  | 401100 | 70000 | SH |  | SOLE | 2 | 70000 | 0 | 0 |
| VESTIS CORPORATION | COM SHS | 29430C102 |  | 859500 | 150000 | SH |  | SOLE | 1 | 150000 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 11979645 | 224801 | SH |  | SOLE | 1 | 224801 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 12818725 | 36104 | SH |  | SOLE | 1 | 36104 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 19060859 | 53685 | SH |  | SOLE | 2 | 53685 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 2478625 | 25349 | SH |  | SOLE | 1 | 25349 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 1155322 | 3310 | SH |  | SOLE | 2 | 3310 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 1430562 | 13729 | SH |  | SOLE | 1 | 13729 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1415720 | 17670 | SH |  | SOLE | 1 | 17670 | 0 | 0 |
| WNS HLDGS LTD | COM SHS | G98196101 |  | 316200 | 5000 | SH |  | SOLE | 2 | 5000 | 0 | 0 |
| WNS HLDGS LTD | COM SHS | G98196101 |  | 1581000 | 25000 | SH |  | SOLE | 1 | 25000 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 1647456 | 10564 | SH |  | SOLE | 2 | 10564 | 0 | 0 |

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