# EDGAR Filing Document

**Accession Number:** 0001435028
**File Stem:** 0001435028-25-000005
**Filing Date:** 2025-8
**Character Count:** 19927
**Document Hash:** a23f6572ec89a64cfa6bb2ac24d96a0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435028-25-000005.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001435028-25-000005

**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:** Fisher Funds Management LTD
- **CENTRAL INDEX KEY:** 0001435028

**ORGANIZATION NAME:**
- **EIN:** 980551613
- **STATE OF INCORPORATION:** Q2
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24725
- **FILM NUMBER:** 251180046

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 33549
- **STREET 2:** TAKAPUNA
- **CITY:** AUCKLAND
- **STATE:** Q2
- **ZIP:** 0622
- **BUSINESS PHONE:** 649 445 3377

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 33549
- **STREET 2:** TAKAPUNA
- **CITY:** AUCKLAND
- **STATE:** Q2
- **ZIP:** 0622

### 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:** Fisher Funds Management LTD<br>**Address:** PO BOX 33549<br>TAKAPUNA<br>AUCKLAND, Q2 0622

**Form 13F File Number:** 028-24725

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:** Philip Tong<br>**Title:** Senior Investment Risk and Compliance Analyst<br>**Phone:** 006494887155

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

Philip Tong  Auckland, Q2  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:** 0

**Form 13F Information Table Entry Total:** 168

**Form 13F Information Table Value Total:** $4214175256

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 5253802 | 34510 | SH |  | SOLE |  | 34510 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 9525460 | 70035 | SH |  | SOLE |  | 70035 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 24033892 | 129479 | SH |  | SOLE |  | 129479 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 17969028 | 46446 | SH |  | SOLE |  | 46446 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 9445525 | 89565 | SH |  | SOLE |  | 89565 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 10527305 | 52294 | SH |  | SOLE |  | 52294 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 15020321 | 84674 | SH |  | SOLE |  | 84674 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 173379480 | 983825 | SH |  | SOLE |  | 983825 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 222495466 | 1014155 | SH |  | SOLE |  | 1014155 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 9847458 | 70789 | SH |  | SOLE |  | 70789 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 11407945 | 21374 | SH |  | SOLE |  | 21374 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 8331906 | 29841 | SH |  | SOLE |  | 29841 | 0 | 0 |
| AMRIZE LTD | SHS | M0740A116 |  | 8266724 | 166836 | SH |  | SOLE |  | 166836 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 64714877 | 292801 | SH |  | SOLE |  | 292801 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 7846805 | 32967 | SH |  | SOLE |  | 32967 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 68687838 | 334785 | SH |  | SOLE |  | 334785 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 14840203 | 81063 | SH |  | SOLE |  | 81063 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 5056932 | 39684 | SH |  | SOLE |  | 39684 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 20956976 | 65466 | SH |  | SOLE |  | 65466 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 127094042 | 158592 | SH |  | SOLE |  | 158592 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 24522512 | 847357 | SH |  | SOLE |  | 847357 | 0 | 0 |
| ATLASSIAN CORP PLC | CL A | 049468101 |  | 54268085 | 267212 | SH |  | SOLE |  | 267212 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 7628445 | 49500 | SH |  | SOLE |  | 49500 | 0 | 0 |
| BANK AMER CORP | COM | 060505104 |  | 7700573 | 162734 | SH |  | SOLE |  | 162734 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 11086447 | 121682 | SH |  | SOLE |  | 121682 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 2849876 | 16545 | SH |  | SOLE |  | 16545 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 31470609 | 64785 | SH |  | SOLE |  | 64785 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 2759244 | 41103 | SH |  | SOLE |  | 41103 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 5138177 | 4897 | SH |  | SOLE |  | 4897 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 2843346 | 41857 | SH |  | SOLE |  | 41857 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 101942187 | 949094 | SH |  | SOLE |  | 949094 | 0 | 0 |
| AVAGO TECHNOLOGIES LTD | SHS | 11135F101 |  | 73894598 | 268074 | SH |  | SOLE |  | 268074 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13646K108 |  | 48313559 | 609481 | SH |  | SOLE |  | 609481 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 3891029 | 10023 | SH |  | SOLE |  | 10023 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 7133930 | 50913 | SH |  | SOLE |  | 50913 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 1078880 | 19499 | SH |  | SOLE |  | 19499 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 3327358 | 90565 | SH |  | SOLE |  | 90565 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 5796000 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 29674659 | 427712 | SH |  | SOLE |  | 427712 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 54080383 | 780606 | SH |  | SOLE |  | 780606 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 5999818 | 64709 | SH |  | SOLE |  | 64709 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 11114651 | 311422 | SH |  | SOLE |  | 311422 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 860907 | 42057 | SH |  | SOLE |  | 42057 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 3466873 | 21311 | SH |  | SOLE |  | 21311 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 3899217 | 11751 | SH |  | SOLE |  | 11751 | 0 | 0 |
| COSTCO WHSL CORP NEW | NEW | 22160K105 |  | 24010005 | 24254 | SH |  | SOLE |  | 24254 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 6881971 | 74967 | SH |  | SOLE |  | 74967 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 21798587 | 212193 | SH |  | SOLE |  | 212193 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 3274625 | 43937 | SH |  | SOLE |  | 43937 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 7111493 | 103095 | SH |  | SOLE |  | 103095 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 128889319 | 652472 | SH |  | SOLE |  | 652472 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 19406012 | 38164 | SH |  | SOLE |  | 38164 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 114197055 | 1308249 | SH |  | SOLE |  | 1308249 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 2835119 | 28626 | SH |  | SOLE |  | 28626 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 3418522 | 18657 | SH |  | SOLE |  | 18657 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 3048166 | 115112 | SH |  | SOLE |  | 115112 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 4437169 | 34418 | SH |  | SOLE |  | 34418 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 4028496 | 58733 | SH |  | SOLE |  | 58733 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 5412051 | 72684 | SH |  | SOLE |  | 72684 | 0 | 0 |
| EDWARD LIFESCIENCES CORP | COM | 28176E108 |  | 74155672 | 948161 | SH |  | SOLE |  | 948161 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 5883823 | 17313 | SH |  | SOLE |  | 17313 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 3660803 | 22923 | SH |  | SOLE |  | 22923 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 8359528 | 21492 | SH |  | SOLE |  | 21492 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 8146868 | 10451 | SH |  | SOLE |  | 10451 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 13199403 | 98998 | SH |  | SOLE |  | 98998 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 13419112 | 432735 | SH |  | SOLE |  | 432735 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 26541652 | 33366 | SH |  | SOLE |  | 33366 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 1877842 | 27824 | SH |  | SOLE |  | 27824 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 2595661 | 9159 | SH |  | SOLE |  | 9159 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 9409592 | 216711 | SH |  | SOLE |  | 216711 | 0 | 0 |
| F ANNUITIES  LIFE INC | COMMON STOCK | 30190A104 |  | 2498757 | 78135 | SH |  | SOLE |  | 78135 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 32662936 | 150002 | SH |  | SOLE |  | 150002 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620R303 |  | 4923470 | 87825 | SH |  | SOLE |  | 87825 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 28556441 | 165631 | SH |  | SOLE |  | 165631 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 115437703 | 1519717 | SH |  | SOLE |  | 1519717 | 0 | 0 |
| F M C CORP | COM NEW | 302491303 |  | 1127334 | 27002 | SH |  | SOLE |  | 27002 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 8856660 | 816282 | SH |  | SOLE |  | 816282 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 105224530 | 260315 | SH |  | SOLE |  | 260315 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 6604637 | 59571 | SH |  | SOLE |  | 59571 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 11437229 | 35868 | SH |  | SOLE |  | 35868 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL CENT | SPON ADR | 400501102 |  | 27047246 | 256372 | SH |  | SOLE |  | 256372 | 0 | 0 |
| HCA HOLDINGS INC | COM | 40412C101 |  | 30853341 | 80536 | SH |  | SOLE |  | 80536 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 4261706 | 16001 | SH |  | SOLE |  | 16001 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 23575685 | 64302 | SH |  | SOLE |  | 64302 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 13547859 | 55415 | SH |  | SOLE |  | 55415 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 56244497 | 386693 | SH |  | SOLE |  | 386693 | 0 | 0 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 14558316 | 80736 | SH |  | SOLE |  | 80736 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 6825571 | 304713 | SH |  | SOLE |  | 304713 | 0 | 0 |
| INTL PAPER CO | COM | 460146103 |  | 2772945 | 59213 | SH |  | SOLE |  | 59213 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 1241160 | 50701 | SH |  | SOLE |  | 50701 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 22208430 | 75339 | SH |  | SOLE |  | 75339 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 142214201 | 261707 | SH |  | SOLE |  | 261707 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 23837096 | 156053 | SH |  | SOLE |  | 156053 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 6091317 | 57672 | SH |  | SOLE |  | 57672 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 41802992 | 144193 | SH |  | SOLE |  | 144193 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 3082911 | 93252 | SH |  | SOLE |  | 93252 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 3931821 | 23995 | SH |  | SOLE |  | 23995 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 2783770 | 21593 | SH |  | SOLE |  | 21593 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 55975101 | 1903915 | SH |  | SOLE |  | 1903915 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 52121154 | 391800 | SH |  | SOLE |  | 391800 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807306 |  | 5201168 | 53433 | SH |  | SOLE |  | 53433 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 769143 | 14834 | SH |  | SOLE |  | 14834 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 3749217 | 7991 | SH |  | SOLE |  | 7991 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 1463671 | 39548 | SH |  | SOLE |  | 39548 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 11292074 | 50895 | SH |  | SOLE |  | 50895 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 5344123 | 92363 | SH |  | SOLE |  | 92363 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 27390908 | 49896 | SH |  | SOLE |  | 49896 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 151254580 | 269165 | SH |  | SOLE |  | 269165 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1902319 | 6511 | SH |  | SOLE |  | 6511 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 9612608 | 13118 | SH |  | SOLE |  | 13118 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4861645 | 55772 | SH |  | SOLE |  | 55772 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 15059240 | 190238 | SH |  | SOLE |  | 190238 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 129681675 | 175699 | SH |  | SOLE |  | 175699 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 8499567 | 68962 | SH |  | SOLE |  | 68962 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 246824294 | 496219 | SH |  | SOLE |  | 496219 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 2624499 | 8810 | SH |  | SOLE |  | 8810 | 0 | 0 |
| MOLSON COORS BREWING CO | CL A | 60871R209 |  | 2323372 | 48313 | SH |  | SOLE |  | 48313 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 12728221 | 188734 | SH |  | SOLE |  | 188734 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 62023773 | 107542 | SH |  | SOLE |  | 107542 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 86814459 | 64829 | SH |  | SOLE |  | 64829 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 4347303 | 74619 | SH |  | SOLE |  | 74619 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 33627534 | 484407 | SH |  | SOLE |  | 484407 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 23263256 | 327467 | SH |  | SOLE |  | 327467 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 5616296 | 139224 | SH |  | SOLE |  | 139224 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 2274293 | 8885 | SH |  | SOLE |  | 8885 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 2894235 | 22827 | SH |  | SOLE |  | 22827 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 10055802 | 77627 | SH |  | SOLE |  | 77627 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 69267556 | 438430 | SH |  | SOLE |  | 438430 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 3237890 | 61780 | SH |  | SOLE |  | 61780 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 32046348 | 146578 | SH |  | SOLE |  | 146578 | 0 | 0 |
| ORIGIN MATERIALS INC | COM | 68622V106 |  | 736125 | 76046 | SH |  | SOLE |  | 76046 | 0 | 0 |
| PARKER HANNIFIN CORP | COM | 701094104 |  | 11691689 | 16739 | SH |  | SOLE |  | 16739 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2483551 | 33417 | SH |  | SOLE |  | 33417 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 9723488 | 401134 | SH |  | SOLE |  | 401134 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 5268788 | 28263 | SH |  | SOLE |  | 28263 | 0 | 0 |
| PPL CORP | COM | 69351T106 |  | 11005913 | 324754 | SH |  | SOLE |  | 324754 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 18519994 | 116244 | SH |  | SOLE |  | 116244 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 22150714 | 83005 | SH |  | SOLE |  | 83005 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 15314601 | 96161 | SH |  | SOLE |  | 96161 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 4570022 | 8667 | SH |  | SOLE |  | 8667 | 0 | 0 |
| SALESFORCE COM INC | COM | 79466L302 |  | 85001291 | 311714 | SH |  | SOLE |  | 311714 | 0 | 0 |
| SEAGATE TECHNOLOGY PLC | COM | G7997R103 |  | 2630414 | 18225 | SH |  | SOLE |  | 18225 | 0 | 0 |
| SEMPRA ENERGY | COM | 816851109 |  | 4890726 | 64547 | SH |  | SOLE |  | 64547 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 4054503 | 93963 | SH |  | SOLE |  | 93963 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 543090 | 7161 | SH |  | SOLE |  | 7161 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 2326597 | 28099 | SH |  | SOLE |  | 28099 | 0 | 0 |
| STANLEY BLACK  DECKER INC | COM | 854502101 |  | 1095856 | 16175 | SH |  | SOLE |  | 16175 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 13382293 | 104541 | SH |  | SOLE |  | 104541 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 3686868 | 367584 | SH |  | SOLE |  | 367584 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 5967039 | 35377 | SH |  | SOLE |  | 35377 | 0 | 0 |
| CIGNA CORPORATION | COM | 125523100 |  | 10821536 | 32735 | SH |  | SOLE |  | 32735 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 25672264 | 175357 | SH |  | SOLE |  | 175357 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 6720605 | 25120 | SH |  | SOLE |  | 25120 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 2982497 | 53316 | SH |  | SOLE |  | 53316 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 34827439 | 151371 | SH |  | SOLE |  | 151371 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3155183 | 31258 | SH |  | SOLE |  | 31258 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 13967283 | 18539 | SH |  | SOLE |  | 18539 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 55953379 | 179355 | SH |  | SOLE |  | 179355 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 16247755 | 375497 | SH |  | SOLE |  | 375497 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 5742190 | 12898 | SH |  | SOLE |  | 12898 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 9158870 | 25796 | SH |  | SOLE |  | 25796 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 6749025 | 32238 | SH |  | SOLE |  | 32238 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 932383 | 81218 | SH |  | SOLE |  | 81218 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 2500662 | 20165 | SH |  | SOLE |  | 20165 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 7963921 | 694932 | SH |  | SOLE |  | 694932 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 10906502 | 58411 | SH |  | SOLE |  | 58411 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 20930428 | 333234 | SH |  | SOLE |  | 333234 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 70099993 | 449503 | SH |  | SOLE |  | 449503 | 0 | 0 |

---