# EDGAR Filing Document

**Accession Number:** 0001435028
**File Stem:** 0001435028-26-000002
**Filing Date:** 2026-1
**Character Count:** 19739
**Document Hash:** 8f8608beb565f20689ea4ee60fc1fb50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435028-26-000002.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001435028-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260126

**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:** 26560258

**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:** 12-31-2025

**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  01-26-2026<br>[Signature]  [City, State]  [Date]

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

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 166

**Form 13F Information Table Value Total:** $3873568164

      (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 |  | 5537647 | 34510 | SH |  | SOLE |  | 34510 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 8797096 | 70035 | SH |  | SOLE |  | 70035 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 29723199 | 129479 | SH |  | SOLE |  | 129479 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 18878162 | 53810 | SH |  | SOLE |  | 53810 | 0 | 0 |
| ADVANCED MICRO DEVICES | COM | 007903107 |  | 1401650 | 6519 | SH |  | SOLE |  | 6519 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 9910367 | 89565 | SH |  | SOLE |  | 89565 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 10931538 | 52294 | SH |  | SOLE |  | 52294 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 25164085 | 80069 | SH |  | SOLE |  | 80069 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 138069032 | 440524 | SH |  | SOLE |  | 440524 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 157866331 | 683197 | SH |  | SOLE |  | 683197 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 13457865 | 36256 | SH |  | SOLE |  | 36256 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 50700899 | 287681 | SH |  | SOLE |  | 287681 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 3250764 | 24871 | SH |  | SOLE |  | 24871 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 10530756 | 21374 | SH |  | SOLE |  | 21374 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 9783073 | 29841 | SH |  | SOLE |  | 29841 | 0 | 0 |
| AMRIZE LTD | SHS | M0740A116 |  | 9059195 | 166836 | SH |  | SOLE |  | 166836 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 8979387 | 32967 | SH |  | SOLE |  | 32967 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 91208825 | 334785 | SH |  | SOLE |  | 334785 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 20770772 | 81063 | SH |  | SOLE |  | 81063 | 0 | 0 |
| APTIV PLC | SHS | G3265R107 |  | 1898046 | 24930 | SH |  | SOLE |  | 24930 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 35976240 | 137840 | SH |  | SOLE |  | 137840 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 38462514 | 35905 | SH |  | SOLE |  | 35905 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 14749231 | 45902 | SH |  | SOLE |  | 45902 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 21133084 | 847357 | SH |  | SOLE |  | 847357 | 0 | 0 |
| ATLASSIAN CORP PLC | CL A | 049468101 |  | 54440453 | 334011 | SH |  | SOLE |  | 334011 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 8296695 | 49500 | SH |  | SOLE |  | 49500 | 0 | 0 |
| BANK AMER CORP | COM | 060505104 |  | 8966643 | 162734 | SH |  | SOLE |  | 162734 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 14171086 | 121682 | SH |  | SOLE |  | 121682 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 3225696 | 16545 | SH |  | SOLE |  | 16545 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 32711242 | 64785 | SH |  | SOLE |  | 64785 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 2758833 | 41103 | SH |  | SOLE |  | 41103 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 5263687 | 4897 | SH |  | SOLE |  | 4897 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 2730793 | 41857 | SH |  | SOLE |  | 41857 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 35472705 | 370577 | SH |  | SOLE |  | 370577 | 0 | 0 |
| AVAGO TECHNOLOGIES LTD | SHS | 11135F101 |  | 78157781 | 225044 | SH |  | SOLE |  | 225044 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13646K108 |  | 26756691 | 362901 | SH |  | SOLE |  | 362901 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1421804 | 5834 | SH |  | SOLE |  | 5834 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 5735962 | 10023 | SH |  | SOLE |  | 10023 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 8221940 | 50913 | SH |  | SOLE |  | 50913 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 31664897 | 409822 | SH |  | SOLE |  | 409822 | 0 | 0 |
| CITIGROUP INC | COM | 172967424 |  | 1476273 | 12635 | SH |  | SOLE |  | 12635 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 35649916 | 508558 | SH |  | SOLE |  | 508558 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 5880107 | 64709 | SH |  | SOLE |  | 64709 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 9313075 | 311422 | SH |  | SOLE |  | 311422 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 2943902 | 21311 | SH |  | SOLE |  | 21311 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 3553502 | 11751 | SH |  | SOLE |  | 11751 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 2949710 | 43937 | SH |  | SOLE |  | 43937 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 27383110 | 31698 | SH |  | SOLE |  | 31698 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 9382120 | 74967 | SH |  | SOLE |  | 74967 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 28141047 | 316014 | SH |  | SOLE |  | 316014 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 8206362 | 103095 | SH |  | SOLE |  | 103095 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 91227866 | 397715 | SH |  | SOLE |  | 397715 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 26256957 | 56116 | SH |  | SOLE |  | 56116 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1246064 | 9862 | SH |  | SOLE |  | 9862 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM | 247361702 |  | 1563704 | 22548 | SH |  | SOLE |  | 22548 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 81102146 | 1218848 | SH |  | SOLE |  | 1218848 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 3523002 | 28626 | SH |  | SOLE |  | 28626 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 3650802 | 18657 | SH |  | SOLE |  | 18657 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 2684412 | 115112 | SH |  | SOLE |  | 115112 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 4976154 | 34418 | SH |  | SOLE |  | 34418 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 2362241 | 58733 | SH |  | SOLE |  | 58733 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 6330159 | 72684 | SH |  | SOLE |  | 72684 | 0 | 0 |
| EDWARD LIFESCIENCES CORP | COM | 28176E108 |  | 65149984 | 761899 | SH |  | SOLE |  | 761899 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 4694172 | 22923 | SH |  | SOLE |  | 22923 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 11268059 | 10451 | SH |  | SOLE |  | 10451 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 7543907 | 21492 | SH |  | SOLE |  | 21492 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 11522416 | 359963 | SH |  | SOLE |  | 359963 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 1762094 | 27824 | SH |  | SOLE |  | 27824 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 27888873 | 128154 | SH |  | SOLE |  | 128154 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 17263176 | 22503 | SH |  | SOLE |  | 22503 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 9472438 | 216711 | SH |  | SOLE |  | 216711 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 10738190 | 816282 | SH |  | SOLE |  | 816282 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 35821968 | 160428 | SH |  | SOLE |  | 160428 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 2156682 | 32022 | SH |  | SOLE |  | 32022 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 54503009 | 890936 | SH |  | SOLE |  | 890936 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 41282816 | 162614 | SH |  | SOLE |  | 162614 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 7329020 | 59571 | SH |  | SOLE |  | 59571 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1425641 | 1622 | SH |  | SOLE |  | 1622 | 0 | 0 |
| GRUPO AEROPUERTO DEL PACIFIC | SPON ADS B | 400506101 |  | 25932533 | 99446 | SH |  | SOLE |  | 99446 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL CENT | SPON ADR | 400501102 |  | 13326560 | 123968 | SH |  | SOLE |  | 123968 | 0 | 0 |
| HCA HOLDINGS INC | COM | 40412C101 |  | 43275776 | 92756 | SH |  | SOLE |  | 92756 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 1284092 | 53694 | SH |  | SOLE |  | 53694 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 4607648 | 16001 | SH |  | SOLE |  | 16001 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 22219556 | 64302 | SH |  | SOLE |  | 64302 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 29266543 | 113467 | SH |  | SOLE |  | 113467 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 93207543 | 513102 | SH |  | SOLE |  | 513102 | 0 | 0 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 21444376 | 82848 | SH |  | SOLE |  | 82848 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 11272857 | 304713 | SH |  | SOLE |  | 304713 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | CL A | 45841N107 |  | 1276160 | 19810 | SH |  | SOLE |  | 19810 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 22335377 | 75339 | SH |  | SOLE |  | 75339 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 63068467 | 110764 | SH |  | SOLE |  | 110764 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 32324818 | 156053 | SH |  | SOLE |  | 156053 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 6939556 | 57672 | SH |  | SOLE |  | 57672 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 64435675 | 199186 | SH |  | SOLE |  | 199186 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 2619915 | 93252 | SH |  | SOLE |  | 93252 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 4890181 | 23995 | SH |  | SOLE |  | 23995 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 2186075 | 21593 | SH |  | SOLE |  | 21593 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 38369898 | 1395269 | SH |  | SOLE |  | 1395269 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 49920179 | 390887 | SH |  | SOLE |  | 390887 | 0 | 0 |
| KLA CORP | COM | 482480100 |  | 1191155 | 978 | SH |  | SOLE |  | 978 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807306 |  | 9134371 | 53433 | SH |  | SOLE |  | 53433 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 3413715 | 7991 | SH |  | SOLE |  | 7991 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 12301322 | 50895 | SH |  | SOLE |  | 50895 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 3994700 | 92363 | SH |  | SOLE |  | 92363 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 36288870 | 57950 | SH |  | SOLE |  | 57950 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 1402783 | 16453 | SH |  | SOLE |  | 16453 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 101582208 | 177303 | SH |  | SOLE |  | 177303 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1993212 | 6511 | SH |  | SOLE |  | 6511 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 28840683 | 34969 | SH |  | SOLE |  | 34969 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 5373074 | 55772 | SH |  | SOLE |  | 55772 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 9590455 | 4755 | SH |  | SOLE |  | 4755 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 20011135 | 190238 | SH |  | SOLE |  | 190238 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 118012562 | 178531 | SH |  | SOLE |  | 178531 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 19683824 | 68962 | SH |  | SOLE |  | 68962 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 216033200 | 445659 | SH |  | SOLE |  | 445659 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 1537257 | 8810 | SH |  | SOLE |  | 8810 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 10203904 | 188734 | SH |  | SOLE |  | 188734 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 1448421 | 8134 | SH |  | SOLE |  | 8134 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 65645550 | 113733 | SH |  | SOLE |  | 113733 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 58477383 | 622895 | SH |  | SOLE |  | 622895 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 7458915 | 74619 | SH |  | SOLE |  | 74619 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 49884118 | 619640 | SH |  | SOLE |  | 619640 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 34948003 | 547474 | SH |  | SOLE |  | 547474 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 2570164 | 8885 | SH |  | SOLE |  | 8885 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 12598862 | 77627 | SH |  | SOLE |  | 77627 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 101002506 | 538479 | SH |  | SOLE |  | 538479 | 0 | 0 |
| NXP SEMICONDUCTORS NV | COM | N6596X109 |  | 1261087 | 5775 | SH |  | SOLE |  | 5775 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 85033258 | 538799 | SH |  | SOLE |  | 538799 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 4775089 | 87729 | SH |  | SOLE |  | 87729 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 28682383 | 146578 | SH |  | SOLE |  | 146578 | 0 | 0 |
| PARKER HANNIFIN CORP | COM | 701094104 |  | 14759948 | 16739 | SH |  | SOLE |  | 16739 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1955262 | 33417 | SH |  | SOLE |  | 33417 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 10006288 | 401134 | SH |  | SOLE |  | 401134 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 5927034 | 28263 | SH |  | SOLE |  | 28263 | 0 | 0 |
| PPL CORP | COM | 69351T106 |  | 11413479 | 324754 | SH |  | SOLE |  | 324754 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 16718212 | 116244 | SH |  | SOLE |  | 116244 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 36301026 | 158416 | SH |  | SOLE |  | 158416 | 0 | 0 |
| QNITY ELECTRONICS | COMMON STOCK | 74743L100 |  | 2413298 | 29366 | SH |  | SOLE |  | 29366 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 16489688 | 96161 | SH |  | SOLE |  | 96161 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 1109120 | 3971 | SH |  | SOLE |  | 3971 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 4547228 | 8667 | SH |  | SOLE |  | 8667 | 0 | 0 |
| SALESFORCE COM INC | COM | 79466L302 |  | 74930903 | 282465 | SH |  | SOLE |  | 282465 | 0 | 0 |
| SEMPRA ENERGY | COM | 816851109 |  | 5692723 | 64547 | SH |  | SOLE |  | 64547 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 17678929 | 104541 | SH |  | SOLE |  | 104541 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 8063480 | 35377 | SH |  | SOLE |  | 35377 | 0 | 0 |
| CIGNA CORPORATION | COM | 125523100 |  | 9036824 | 32735 | SH |  | SOLE |  | 32735 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 37722587 | 348380 | SH |  | SOLE |  | 348380 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 7298867 | 25120 | SH |  | SOLE |  | 25120 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 3140579 | 53316 | SH |  | SOLE |  | 53316 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 9426535 | 115168 | SH |  | SOLE |  | 115168 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 26674814 | 115129 | SH |  | SOLE |  | 115129 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3109577 | 31258 | SH |  | SOLE |  | 31258 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 15050146 | 18539 | SH |  | SOLE |  | 18539 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 16121346 | 48730 | SH |  | SOLE |  | 48730 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 15363460 | 375497 | SH |  | SOLE |  | 375497 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 5862979 | 12898 | SH |  | SOLE |  | 12898 | 0 | 0 |
| VERTIV HOLDINGS CO | CL A | 92537N108 |  | 1510925 | 9298 | SH |  | SOLE |  | 9298 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 9070647 | 25796 | SH |  | SOLE |  | 25796 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1026171 | 6334 | SH |  | SOLE |  | 6334 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 6905380 | 32238 | SH |  | SOLE |  | 32238 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 2292660 | 20165 | SH |  | SOLE |  | 20165 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 20041839 | 694932 | SH |  | SOLE |  | 694932 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 28150945 | 159613 | SH |  | SOLE |  | 159613 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1439894 | 15395 | SH |  | SOLE |  | 15395 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 20045691 | 333234 | SH |  | SOLE |  | 333234 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 71829984 | 569266 | SH |  | SOLE |  | 569266 | 0 | 0 |

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