# EDGAR Filing Document

**Accession Number:** 0001538449
**File Stem:** 0001567619-23-001999
**Filing Date:** 2023-2
**Character Count:** 17661
**Document Hash:** e6593d7f252b53ae9b7f913e018d3d87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567619-23-001999.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001567619-23-001999

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mawer Investment Management Ltd.
- **CENTRAL INDEX KEY:** 0001538449
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14623
- **FILM NUMBER:** 23594475

**BUSINESS ADDRESS:**
- **STREET 1:** 517 10TH AVENUE S. W.
- **STREET 2:** SUITE 600
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2R 0A8
- **BUSINESS PHONE:** 403-262-4673

**MAIL ADDRESS:**
- **STREET 1:** 517 10TH AVENUE S. W.
- **STREET 2:** SUITE 600
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2R 0A8

### 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:** Mawer Investment Management Ltd.<br>**Address:** 517 10TH AVENUE S. W.<br>SUITE 600<br>CALGARY, A0 T2R 0A8

**Form 13F File Number:** 028-14623

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:** Geoffrey Ritchie<br>**Title:** General Counsel  Chief Compliance Officer<br>**Phone:** 416-865-5274

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

/s/ Geoffrey Ritchie  Toronto, A0  02-06-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 1

**Form 13F Information Table Entry Total:** 139

**Form 13F Information Table Value Total:** $17738707

      (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   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | 028-12476              |  |  |

### 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 |  | 40137 | 365584 | SH |  | SOLE | NONE | 365584 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 215 | 807 | SH |  | OTR | 1 | 0 | 807 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 214930 | 805465 | SH |  | SOLE | NONE | 799825 | 0 | 5640 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 33133 | 98456 | SH |  | SOLE | NONE | 98456 | 0 | 0 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 40693 | 386594 | SH |  | SOLE | NONE | 386594 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 991 | 11169 | SH |  | OTR | 1 | 0 | 11169 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 794379 | 8952769 | SH |  | SOLE | NONE | 8874069 | 0 | 78700 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5457 | 61847 | SH |  | SOLE | NONE | 61847 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 360 | 4280 | SH |  | OTR | 1 | 0 | 4280 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 316977 | 3773540 | SH |  | SOLE | NONE | 3743440 | 0 | 30100 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 53745 | 566035 | SH |  | SOLE | NONE | 566035 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 92520 | 558322 | SH |  | SOLE | NONE | 558322 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 240 | 1716 | SH |  | OTR | 1 | 0 | 1716 | 0 |
| AMETEK INC | COM | 031100100 |  | 298615 | 2137242 | SH |  | SOLE | NONE | 2124942 | 0 | 12300 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 674 | 8850 | SH |  | OTR | 1 | 0 | 8850 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 677346 | 8896063 | SH |  | SOLE | NONE | 8833763 | 0 | 62300 |
| AON PLC | SHS CL A | G0403H108 |  | 1265 | 4216 | SH |  | OTR | 1 | 0 | 4216 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 1539708 | 5129966 | SH |  | SOLE | NONE | 4955825 | 0 | 174141 |
| APPLE INC | COM | 037833100 |  | 366 | 2820 | SH |  | SOLE | NONE | 2820 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 |  | 85900 | 781055 | SH |  | SOLE | NONE | 781055 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 194456 | 764673 | SH |  | SOLE | NONE | 764673 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 232 | 750 | SH |  | SOLE | NONE | 750 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 37243 | 88570 | SH |  | SOLE | NONE | 88570 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 528 | 262 | SH |  | OTR | 1 | 0 | 262 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 317378 | 157486 | SH |  | SOLE | NONE | 155626 | 0 | 1860 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 59260 | 1020310 | SH |  | SOLE | NONE | 1020310 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 68136 | 1651777 | SH |  | SOLE | NONE | 1651777 | 0 | 0 |
| CBIZ INC | COM | 124805102 |  | 59378 | 1267400 | SH |  | SOLE | NONE | 1267400 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 2070 | 26903 | SH |  | SOLE | NONE | 26903 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 908 | 5082 | SH |  | OTR | 1 | 0 | 5082 | 0 |
| CDW CORP | COM | 12514G108 |  | 589287 | 3299850 | SH |  | SOLE | NONE | 3264100 | 0 | 35750 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 1188 | 272474 | SH |  | SOLE | NONE | 272474 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 3341 | 15333 | SH |  | SOLE | NONE | 15333 | 0 | 0 |
| CHASE CORP | COM | 16150R104 |  | 39766 | 461000 | SH |  | SOLE | NONE | 461000 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 164020 | 975380 | SH |  | SOLE | NONE | 975380 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 115967 | 2027742 | SH |  | SOLE | NONE | 2027742 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 30191 | 863328 | SH |  | SOLE | NONE | 863328 | 0 | 0 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 |  | 166 | 12645 | SH |  | OTR | 1 | 0 | 12645 | 0 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 |  | 140697 | 10723843 | SH |  | SOLE | NONE | 10635243 | 0 | 88600 |
| CONCENTRIX CORP | COM | 20602D101 |  | 2479 | 18616 | SH |  | SOLE | NONE | 18616 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 1668 | 27387 | SH |  | SOLE | NONE | 27387 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 1792 | 15457 | SH |  | SOLE | NONE | 15457 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 87092 | 328130 | SH |  | SOLE | NONE | 328130 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 86450 | 351065 | SH |  | SOLE | NONE | 351065 | 0 | 0 |
| DONNELLEY FINL SOLUTIONS INC | COM | 25787G100 |  | 20327 | 525925 | SH |  | SOLE | NONE | 525925 | 0 | 0 |
| DUN  BRADSTREET HLDGS INC | COM | 26484T106 |  | 362 | 29492 | SH |  | OTR | 1 | 0 | 29492 | 0 |
| DUN  BRADSTREET HLDGS INC | COM | 26484T106 |  | 254948 | 20795083 | SH |  | SOLE | NONE | 20586883 | 0 | 208200 |
| ELASTIC N V | ORD SHS | N14506104 |  | 13887 | 269654 | SH |  | SOLE | NONE | 269654 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 1441 | 15268 | SH |  | SOLE | NONE | 15268 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 369 | 2131 | SH |  | OTR | 1 | 0 | 2131 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 222209 | 1282964 | SH |  | SOLE | NONE | 1267884 | 0 | 15080 |
| FLEETCOR TECHNOLOGIES INC | COM | 339041105 |  | 404 | 2197 | SH |  | OTR | 1 | 0 | 2197 | 0 |
| FLEETCOR TECHNOLOGIES INC | COM | 339041105 |  | 244326 | 1330172 | SH |  | SOLE | NONE | 1314712 | 0 | 15460 |
| FOCUS FINL PARTNERS INC | COM CL A | 34417P100 |  | 1379 | 36993 | SH |  | SOLE | NONE | 36993 | 0 | 0 |
| FTI CONSULTING INC | COM | 302941109 |  | 910 | 5732 | SH |  | OTR | 1 | 0 | 5732 | 0 |
| FTI CONSULTING INC | COM | 302941109 |  | 604967 | 3809618 | SH |  | SOLE | NONE | 3769218 | 0 | 40400 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 183705 | 974354 | SH |  | SOLE | NONE | 974354 | 0 | 0 |
| GLOBAL INDUSTRIAL COMPANY | COM | 37892E102 |  | 42286 | 1797128 | SH |  | SOLE | NONE | 1797128 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 49991 | 730759 | SH |  | SOLE | NONE | 708059 | 0 | 22700 |
| HERSHEY CO | COM | 427866108 |  | 72891 | 314768 | SH |  | SOLE | NONE | 314768 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 3078 | 6010 | SH |  | SOLE | NONE | 6010 | 0 | 0 |
| IAA INC | COM | 449253103 |  | 159383 | 3984567 | SH |  | SOLE | NONE | 3984567 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 967 | 21776 | SH |  | SOLE | NONE | 21776 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 5388 | 299173 | SH |  | SOLE | NONE | 299173 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 686 | 6038 | SH |  | OTR | 1 | 0 | 6038 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 484012 | 4260673 | SH |  | SOLE | NONE | 4217873 | 0 | 42800 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 637 | 6208 | SH |  | OTR | 1 | 0 | 6208 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 479583 | 4674754 | SH |  | SOLE | NONE | 4631004 | 0 | 43750 |
| INTUIT | COM | 461202103 |  | 238 | 611 | SH |  | OTR | 1 | 0 | 611 | 0 |
| INTUIT | COM | 461202103 |  | 208612 | 535974 | SH |  | SOLE | NONE | 531624 | 0 | 4350 |
| ISHARES TR | CORE S ETF | 464287200 |  | 624 | 1623 | SH |  | SOLE | NONE | 1623 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 2352 | 31580 | SH |  | SOLE | NONE | 31580 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 15981 | 351222 | SH |  | SOLE | NONE | 76072 | 0 | 275150 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 74 | 875 | SH |  | SOLE | NONE | 875 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 13 | 210 | SH |  | SOLE | NONE | 210 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 966 | 5470 | SH |  | OTR | 1 | 0 | 5470 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 772692 | 4374141 | SH |  | SOLE | NONE | 4335591 | 0 | 38550 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 134708 | 1004535 | SH |  | SOLE | NONE | 1004535 | 0 | 0 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 754 | 2884 | SH |  | SOLE | NONE | 2884 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 1738 | 4609 | SH |  | SOLE | NONE | 4609 | 0 | 0 |
| LHC GROUP INC | COM | 50187A107 |  | 2701 | 16706 | SH |  | SOLE | NONE | 16706 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 98689 | 302561 | SH |  | SOLE | NONE | 302561 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1645 | 9938 | SH |  | OTR | 1 | 0 | 9938 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1290399 | 7797915 | SH |  | SOLE | NONE | 7727825 | 0 | 70090 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 100189 | 296443 | SH |  | SOLE | NONE | 296443 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 103783 | 298459 | SH |  | SOLE | NONE | 298459 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 54260 | 654608 | SH |  | SOLE | NONE | 654608 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 1784 | 2108 | SH |  | SOLE | NONE | 2108 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1049 | 4375 | SH |  | OTR | 1 | 0 | 4375 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 906179 | 3778581 | SH |  | SOLE | NONE | 3747701 | 0 | 30880 |
| MODERNA INC | COM | 60770K107 |  | 560 | 3120 | SH |  | OTR | 1 | 0 | 3120 | 0 |
| MODERNA INC | COM | 60770K107 |  | 340418 | 1895213 | SH |  | SOLE | NONE | 1873213 | 0 | 22000 |
| MORNINGSTAR INC | COM | 617700109 |  | 1226 | 5662 | SH |  | SOLE | NONE | 5662 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 1035 | 2226 | SH |  | SOLE | NONE | 2226 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 24996 | 84765 | SH |  | SOLE | NONE | 84765 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 71312 | 609456 | SH |  | SOLE | NONE | 609456 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 1998 | 15103 | SH |  | SOLE | NONE | 15103 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 2350 | 2784 | SH |  | SOLE | NONE | 2784 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 539 | 19300 | SH |  | OTR | 1 | 0 | 19300 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 367573 | 13160505 | SH |  | SOLE | NONE | 13024305 | 0 | 136200 |
| PAYCHEX INC | COM | 704326107 |  | 161498 | 1397529 | SH |  | SOLE | NONE | 1397529 | 0 | 0 |
| PC CONNECTION INC | COM | 69318J100 |  | 92806 | 1978800 | SH |  | SOLE | NONE | 1978800 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 81091 | 448860 | SH |  | SOLE | NONE | 448860 | 0 | 0 |
| PREMIER INC | CL A | 74051N102 |  | 54823 | 1567258 | SH |  | SOLE | NONE | 1567258 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 403 | 2657 | SH |  | OTR | 1 | 0 | 2657 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 466007 | 3074734 | SH |  | SOLE | NONE | 3056034 | 0 | 18700 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 |  | 47011 | 1132529 | SH |  | SOLE | NONE | 1132529 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 336 | 1003 | SH |  | OTR | 1 | 0 | 1003 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 273232 | 815764 | SH |  | SOLE | NONE | 808764 | 0 | 7000 |
| SHELL PLC | SPON ADS | 780259305 |  | 210272 | 3692224 | SH |  | SOLE | NONE | 3487424 | 0 | 204800 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 102394 | 431441 | SH |  | SOLE | NONE | 431441 | 0 | 0 |
| SHUTTERSTOCK INC | COM | 825690100 |  | 18634 | 353456 | SH |  | SOLE | NONE | 353456 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 30293 | 529236 | SH |  | SOLE | NONE | 529236 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 58502 | 819239 | SH |  | SOLE | NONE | 819239 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 19313 | 319806 | SH |  | SOLE | NONE | 301904 | 0 | 17902 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 46794 | 898838 | SH |  | SOLE | NONE | 898838 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 98592 | 1271007 | SH |  | SOLE | NONE | 1271007 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 32355 | 434353 | SH |  | SOLE | NONE | 434353 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 1603 | 15390 | SH |  | SOLE | NONE | 15390 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 49260 | 298149 | SH |  | SOLE | NONE | 298149 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 39737 | 613600 | SH |  | SOLE | NONE | 613600 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 42032 | 647344 | SH |  | SOLE | NONE | 647344 | 0 | 0 |
| TRINET GROUP INC | COM | 896288107 |  | 218 | 3209 | SH |  | OTR | 1 | 0 | 3209 | 0 |
| TRINET GROUP INC | COM | 896288107 |  | 178939 | 2639216 | SH |  | SOLE | NONE | 2616716 | 0 | 22500 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 691 | 1304 | SH |  | OTR | 1 | 0 | 1304 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 625431 | 1179658 | SH |  | SOLE | NONE | 1170468 | 0 | 9190 |
| VALVOLINE INC | COM | 92047W101 |  | 2621 | 80265 | SH |  | SOLE | NONE | 80265 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 1153 | 5614 | SH |  | SOLE | NONE | 5614 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 195895 | 1110390 | SH |  | SOLE | NONE | 1110390 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 66904 | 1698077 | SH |  | SOLE | NONE | 1698077 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 403 | 1939 | SH |  | OTR | 1 | 0 | 1939 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 487986 | 2348796 | SH |  | SOLE | NONE | 2335096 | 0 | 13700 |
| WARNER MUSIC GROUP CORP | COM CL A | 934550203 |  | 25771 | 735895 | SH |  | SOLE | NONE | 735895 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 205554 | 600017 | SH |  | SOLE | NONE | 600017 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 90403 | 369626 | SH |  | SOLE | NONE | 369626 | 0 | 0 |
| WINMARK CORP | COM | 974250102 |  | 88833 | 376682 | SH |  | SOLE | NONE | 376682 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 463 | 30190 | SH |  | OTR | 1 | 0 | 30190 | 0 |
| XP INC | CL A | G98239109 |  | 277695 | 18102642 | SH |  | SOLE | NONE | 17890208 | 0 | 212434 |
| XPEL INC | COM | 98379L100 |  | 1842 | 30666 | SH |  | SOLE | NONE | 30666 | 0 | 0 |

---