# EDGAR Filing Document

**Accession Number:** 0002052594
**File Stem:** 0002052594-25-000006
**Filing Date:** 2025-8
**Character Count:** 21994
**Document Hash:** c9a2579b78584deedf1e24da6da61350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002052594-25-000006.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0002052594-25-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLI - Banque de Luxembourg Investments
- **CENTRAL INDEX KEY:** 0002052594

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25159
- **FILM NUMBER:** 251209579

**BUSINESS ADDRESS:**
- **STREET 1:** 16, BOULEVARD ROYAL
- **CITY:** LUXEMBOURG CITY
- **STATE:** N4
- **ZIP:** L-2449
- **BUSINESS PHONE:** 003522626991

**MAIL ADDRESS:**
- **STREET 1:** 16, BOULEVARD ROYAL
- **CITY:** LUXEMBOURG CITY
- **STATE:** N4
- **ZIP:** L-2449

### 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:** BLI - Banque de Luxembourg Investments<br>**Address:** 16 BOULEVARD ROYAL<br>LUXEMBOURG CITY, N4 L-2449

**Form 13F File Number:** 028-25159

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:** Nico Thill<br>**Title:** Deputy CEO<br>**Phone:** 003522626992381

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

Nico Thill  Luxembourg, N4  08-13-2025<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:** 3

**Form 13F Information Table Entry Total:** 175

**Form 13F Information Table Value Total:** $3490929679

      (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   |
|:---|:---|:---|
|  | Caisse Federale de Credit Mutuel | 028-25262              |
|  | CREDIT INDUSTRIEL ET COMMERCIAL  | 028-25196              |
|  | Banque de Luxembourg S.A.        | 028-25248              |

### 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 |
| AAON INCCOM | COM | 000360206 |  | 4568769 | 62100 | SH |  | DFND | 128 | 62100 | 0 | 0 |
| ABBOTT LABSCOM | COM | 002824100 |  | 47412046 | 352911 | SH |  | DFND | 128 | 339380 | 0 | 13531 |
| AGNICO EAGLE MINES LTDCOM | COM | 008474108 |  | 35510762 | 300000 | SH |  | DFND | 128 | 300000 | 0 | 0 |
| ALAMOS GOLD INC NEWCOM CL A | COM CL A | 011532108 |  | 15799860 | 600000 | SH |  | DFND | 128 | 600000 | 0 | 0 |
| AMAZON COM INCCOM | COM | 023135106 |  | 81454624 | 364870 | SH |  | DFND | 128 | 336070 | 0 | 28800 |
| AMETEK INCCOM | COM | 031100100 |  | 13770914 | 76300 | SH |  | DFND | 128 | 76300 | 0 | 0 |
| AMGEN INCCOM | COM | 031162100 |  | 2156350 | 7783 | SH |  | DFND | 128 | 0 | 0 | 7783 |
| AMPHENOL CORP NEWCL A | CL A | 032095101 |  | 3144169 | 32200 | SH |  | DFND | 128 | 32200 | 0 | 0 |
| ANALOG DEVICES INCCOM | COM | 032654105 |  | 1855632 | 7833 | SH |  | DFND | 128 | 0 | 0 | 7833 |
| ELEVANCE HEALTH INCCOM | COM | 036752103 |  | 2288354 | 6000 | SH |  | DFND | 128 | 6000 | 0 | 0 |
| APPLE INCCOM | COM | 037833100 |  | 72541554 | 360852 | SH |  | DFND | 128 | 161252 | 0 | 199600 |
| APPLIED MATLS INCCOM | COM | 038222105 |  | 17518636 | 95645 | SH |  | DFND | 128 | 88800 | 0 | 6845 |
| ARISTA NETWORKS INCCOM SHS | COM SHS | 040413205 |  | 11486544 | 115600 | SH |  | DFND | 128 | 106000 | 0 | 9600 |
| AUTODESK INCCOM | COM | 052769106 |  | 15191586 | 49800 | SH |  | DFND | 128 | 43500 | 0 | 6300 |
| AUTOMATIC DATA PROCESSING INCOM | COM | 053015103 |  | 14137151 | 46600 | SH |  | DFND | 128 | 46600 | 0 | 0 |
| BECTON DICKINSON  COCOM | COM | 075887109 |  | 9394895 | 55000 | SH |  | DFND | 128 | 55000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB COCOM | COM | 110122108 |  | 11445520 | 247000 | SH |  | DFND | 128 | 247000 | 0 | 0 |
| BROWN FORMAN CORPCL B | CL B | 115637209 |  | 3355592 | 126850 | SH |  | DFND | 128 | 126850 | 0 | 0 |
| BURLINGTON STORES INCCOM | COM | 122017106 |  | 10629322 | 46100 | SH |  | DFND | 128 | 46100 | 0 | 0 |
| CADENCE DESIGN SYSTEM INCCOM | COM | 127387108 |  | 3997097 | 13100 | SH |  | DFND | 128 | 10100 | 0 | 3000 |
| CANADIAN NATL RY COCOM | COM | 136375102 |  | 94153743 | 907795 | SH |  | DFND | 128 | 860730 | 0 | 47065 |
| CATERPILLAR INCCOM | COM | 149123101 |  | 34715040 | 90260 | SH |  | DFND | 128 | 90260 | 0 | 0 |
| CHEVRON CORP NEWCOM | COM | 166764100 |  | 948771 | 6600 | SH |  | DFND | 128 | 0 | 0 | 6600 |
| CHIPOTLE MEXICAN GRILL INCCOM | COM | 169656105 |  | 6659345 | 121000 | SH |  | DFND | 128 | 121000 | 0 | 0 |
| CHURCH  DWIGHT CO INCCOM | COM | 171340102 |  | 11351738 | 119800 | SH |  | DFND | 128 | 119800 | 0 | 0 |
| CINTAS CORPCOM | COM | 172908105 |  | 3685581 | 16700 | SH |  | DFND | 128 | 16700 | 0 | 0 |
| CLOROX CO DELCOM | COM | 189054109 |  | 7744500 | 65020 | SH |  | DFND | 128 | 58700 | 0 | 6320 |
| COCA COLA COCOM | COM | 191216100 |  | 7546657 | 107331 | SH |  | DFND | 128 | 86500 | 0 | 20831 |
| COCA-COLA FEMSA SAB DE CVSPONS ADS REP | SPONS ADS REP | 191241108 |  | 6464060 | 68500 | SH |  | DFND | 128 | 68500 | 0 | 0 |
| COLGATE PALMOLIVE COCOM | COM | 194162103 |  | 52476276 | 591700 | SH |  | DFND | 128 | 565500 | 0 | 26200 |
| COMPANIA CERVECERIAS UNIDASSPONSORED ADR | SPONSORED ADR | 204429104 |  | 5605715 | 435000 | SH |  | DFND | 128 | 435000 | 0 | 0 |
| COOPER COS INCCOM | COM | 216648501 |  | 7887407 | 110900 | SH |  | DFND | 128 | 110900 | 0 | 0 |
| CUMMINS INCCOM | COM | 231021106 |  | 21635299 | 66440 | SH |  | DFND | 128 | 66440 | 0 | 0 |
| DANAHER CORPORATIONCOM | COM | 235851102 |  | 20401598 | 102650 | SH |  | DFND | 128 | 102650 | 0 | 0 |
| DECKERS OUTDOOR CORPCOM | COM | 243537107 |  | 3583562 | 34400 | SH |  | DFND | 128 | 22400 | 0 | 12000 |
| DONALDSON INCCOM | COM | 257651109 |  | 4124445 | 59300 | SH |  | DFND | 128 | 59300 | 0 | 0 |
| EBAY INC.COM | COM | 278642103 |  | 1762117 | 23896 | SH |  | DFND | 128 | 0 | 0 | 23896 |
| ECOLAB INCCOM | COM | 278865100 |  | 1096264 | 4100 | SH |  | DFND | 128 | 0 | 0 | 4100 |
| EMERSON ELEC COCOM | COM | 291011104 |  | 1277971 | 9599 | SH |  | DFND | 128 | 0 | 0 | 9599 |
| EQUIFAX INCCOM | COM | 294429105 |  | 20434742 | 79800 | SH |  | DFND | 128 | 75100 | 0 | 4700 |
| FRANCO NEV CORPCOM | COM | 351858105 |  | 56953682 | 347395 | SH |  | DFND | 128 | 329468 | 0 | 17927 |
| GILEAD SCIENCES INCCOM | COM | 375558103 |  | 2216263 | 20031 | SH |  | DFND | 128 | 0 | 0 | 20031 |
| GLOBUS MED INCCL A | CL A | 379577208 |  | 8131598 | 138800 | SH |  | DFND | 128 | 138800 | 0 | 0 |
| GRACO INCCOM | COM | 384109104 |  | 12324910 | 143100 | SH |  | DFND | 128 | 143100 | 0 | 0 |
| GRAINGER W W INCCOM | COM | 384802104 |  | 2879762 | 2800 | SH |  | DFND | 128 | 2800 | 0 | 0 |
| HENRY JACK  ASSOC INCCOM | COM | 426281101 |  | 17863092 | 100200 | SH |  | DFND | 128 | 100200 | 0 | 0 |
| HONEYWELL INTL INCCOM | COM | 438516106 |  | 13853322 | 60550 | SH |  | DFND | 128 | 60550 | 0 | 0 |
| ILLINOIS TOOL WKS INCCOM | COM | 452308109 |  | 4563136 | 18400 | SH |  | DFND | 128 | 18400 | 0 | 0 |
| JOHNSON  JOHNSONCOM | COM | 478160104 |  | 20021397 | 131399 | SH |  | DFND | 128 | 121900 | 0 | 9499 |
| KLA CORPCOM NEW | COM NEW | 482480100 |  | 13602631 | 15290 | SH |  | DFND | 128 | 13200 | 0 | 2090 |
| KIMBERLY-CLARK CORPCOM | COM | 494368103 |  | 54173128 | 423700 | SH |  | DFND | 128 | 423700 | 0 | 0 |
| LKQ CORPCOM | COM | 501889208 |  | 6631646 | 178700 | SH |  | DFND | 128 | 178700 | 0 | 0 |
| LAM RESEARCH CORPCOM NEW | COM NEW | 512807306 |  | 4246553 | 43700 | SH |  | DFND | 128 | 43700 | 0 | 0 |
| LENNOX INTL INCCOM | COM | 526107107 |  | 12368116 | 21800 | SH |  | DFND | 128 | 21800 | 0 | 0 |
| ELI LILLY  COCOM | COM | 532457108 |  | 18606038 | 24000 | SH |  | DFND | 128 | 24000 | 0 | 0 |
| LINCOLN ELEC HLDGS INCCOM | COM | 533900106 |  | 4498153 | 21500 | SH |  | DFND | 128 | 21500 | 0 | 0 |
| LITTELFUSE INCCOM | COM | 537008104 |  | 9068809 | 40200 | SH |  | DFND | 128 | 40200 | 0 | 0 |
| LOWES COS INCCOM | COM | 548661107 |  | 28407157 | 127060 | SH |  | DFND | 128 | 127060 | 0 | 0 |
| LULULEMON ATHLETICA INCCOM | COM | 550021109 |  | 3829845 | 16300 | SH |  | DFND | 128 | 16300 | 0 | 0 |
| MANHATTAN ASSOCIATES INCCOM | COM | 562750109 |  | 14651925 | 74300 | SH |  | DFND | 128 | 74300 | 0 | 0 |
| MARSH  MCLENNAN COS INCCOM | COM | 571748102 |  | 3557397 | 16400 | SH |  | DFND | 128 | 16400 | 0 | 0 |
| MASIMO CORPCOM | COM | 574795100 |  | 14580075 | 86700 | SH |  | DFND | 128 | 86700 | 0 | 0 |
| METTLER TOLEDO INTERNATIONALCOM | COM | 592688105 |  | 9473895 | 8000 | SH |  | DFND | 128 | 8000 | 0 | 0 |
| MICROSOFT CORPCOM | COM | 594918104 |  | 251783316 | 507819 | SH |  | DFND | 128 | 491900 | 0 | 15919 |
| MONDELEZ INTL INCCL A | CL A | 609207105 |  | 42134820 | 621800 | SH |  | DFND | 128 | 621800 | 0 | 0 |
| MOODYS CORPCOM | COM | 615369105 |  | 25898004 | 53080 | SH |  | DFND | 128 | 49680 | 0 | 3400 |
| NEWMONT CORPCOM | COM | 651639106 |  | 8653685 | 152500 | SH |  | DFND | 128 | 152500 | 0 | 0 |
| NIKE INCCL B | CL B | 654106103 |  | 23019533 | 319620 | SH |  | DFND | 128 | 303320 | 0 | 16300 |
| NORDSON CORPCOM | COM | 655663102 |  | 19312833 | 89800 | SH |  | DFND | 128 | 86300 | 0 | 3500 |
| PAYCHEX INCCOM | COM | 704326107 |  | 21671817 | 150600 | SH |  | DFND | 128 | 150600 | 0 | 0 |
| PEMBINA PIPELINE CORPCOM | COM | 706327103 |  | 1970206 | 52700 | SH |  | DFND | 128 | 15000 | 0 | 37700 |
| PEPSICO INCCOM | COM | 713448108 |  | 67853884 | 517943 | SH |  | DFND | 128 | 511410 | 0 | 6533 |
| PROCTER AND GAMBLE COCOM | COM | 742718109 |  | 9130624 | 57131 | SH |  | DFND | 128 | 46700 | 0 | 10431 |
| PUBLIC SVC ENTERPRISE GRP INCOM | COM | 744573106 |  | 4450476 | 53300 | SH |  | DFND | 128 | 53300 | 0 | 0 |
| PULTE GROUP INCCOM | COM | 745867101 |  | 2299747 | 21800 | SH |  | DFND | 128 | 21800 | 0 | 0 |
| QUALCOMM INCCOM | COM | 747525103 |  | 5357280 | 33800 | SH |  | DFND | 128 | 33800 | 0 | 0 |
| RESMED INCCOM | COM | 761152107 |  | 73948641 | 289887 | SH |  | DFND | 128 | 277300 | 0 | 12587 |
| ROLLINS INCCOM | COM | 775711104 |  | 50475486 | 898850 | SH |  | DFND | 128 | 874500 | 0 | 24350 |
| ROPER TECHNOLOGIES INCCOM | COM | 776696106 |  | 48746917 | 86528 | SH |  | DFND | 128 | 84228 | 0 | 2300 |
| ROYAL GOLD INCCOM | COM | 780287108 |  | 32455493 | 185000 | SH |  | DFND | 128 | 185000 | 0 | 0 |
| SEMPRACOM | COM | 816851109 |  | 6486835 | 86100 | SH |  | DFND | 128 | 86100 | 0 | 0 |
| SHERWIN WILLIAMS COCOM | COM | 824348106 |  | 3145247 | 9100 | SH |  | DFND | 128 | 9100 | 0 | 0 |
| SIMON PPTY GROUP INC NEWCOM | COM | 828806109 |  | 4942135 | 30800 | SH |  | DFND | 128 | 30800 | 0 | 0 |
| SMITH A O CORPCOM | COM | 831865209 |  | 6583010 | 100300 | SH |  | DFND | 128 | 100300 | 0 | 0 |
| STRYKER CORPORATIONCOM | COM | 863667101 |  | 1901540 | 4833 | SH |  | DFND | 128 | 0 | 0 | 4833 |
| SYNOPSYS INCCOM | COM | 871607107 |  | 11959533 | 23800 | SH |  | DFND | 128 | 20300 | 0 | 3500 |
| TJX COS INC NEWCOM | COM | 872540109 |  | 51311714 | 415990 | SH |  | DFND | 128 | 415990 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS | SPONSORED ADS | 874039100 |  | 59778612 | 261600 | SH |  | DFND | 128 | 236100 | 0 | 25500 |
| TERADYNE INCCOM | COM | 880770102 |  | 289046 | 3200 | SH |  | DFND | 128 | 3200 | 0 | 0 |
| TEXAS INSTRS INCCOM | COM | 882508104 |  | 7188185 | 34721 | SH |  | DFND | 128 | 24600 | 0 | 10121 |
| THERMO FISHER SCIENTIFIC INCCOM | COM | 883556102 |  | 28523306 | 69880 | SH |  | DFND | 128 | 63730 | 0 | 6150 |
| TRACTOR SUPPLY COCOM | COM | 892356106 |  | 7216868 | 139600 | SH |  | DFND | 128 | 139600 | 0 | 0 |
| TYLER TECHNOLOGIES INCCOM | COM | 902252105 |  | 14581878 | 25100 | SH |  | DFND | 128 | 23300 | 0 | 1800 |
| UNION PAC CORPCOM | COM | 907818108 |  | 93484227 | 404080 | SH |  | DFND | 128 | 396250 | 0 | 7830 |
| UNITED PARCEL SERVICE INCCL B | CL B | 911312106 |  | 3932871 | 38880 | SH |  | DFND | 128 | 38880 | 0 | 0 |
| VEEVA SYS INCCL A COM | CL A COM | 922475108 |  | 7961783 | 28100 | SH |  | DFND | 128 | 28100 | 0 | 0 |
| WATERS CORPCOM | COM | 941848103 |  | 36112782 | 102500 | SH |  | DFND | 128 | 94000 | 0 | 8500 |
| WATSCO INCCOM | COM | 942622200 |  | 12306150 | 28200 | SH |  | DFND | 128 | 28200 | 0 | 0 |
| WELLS FARGO CO NEWCOM | COM | 949746101 |  | 1986991 | 25000 | SH |  | DFND | 128 | 0 | 0 | 25000 |
| WEST PHARMACEUTICAL SVSC INCCOM | COM | 955306105 |  | 11575260 | 52900 | SH |  | DFND | 128 | 52900 | 0 | 0 |
| WHEATON PRECIOUS METALS CORPCOM | COM | 962879102 |  | 38900550 | 435000 | SH |  | DFND | 128 | 435000 | 0 | 0 |
| WILLIAMS SONOMA INCCOM | COM | 969904101 |  | 2446251 | 14900 | SH |  | DFND | 128 | 14900 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATICL A | CL A | 989207105 |  | 12027135 | 38900 | SH |  | DFND | 128 | 38900 | 0 | 0 |
| ABBVIE INCCOM | COM | 00287Y109 |  | 1822451 | 9999 | SH |  | DFND | 128 | 0 | 0 | 9999 |
| ADOBE INCCOM | COM | 00724F101 |  | 59391045 | 153970 | SH |  | DFND | 128 | 146020 | 0 | 7950 |
| ADVANCED DRAIN SYS INC DELCOM | COM | 00790R104 |  | 4150663 | 35800 | SH |  | DFND | 128 | 35800 | 0 | 0 |
| AGILENT TECHNOLOGIES INCCOM | COM | 00846U101 |  | 1143620 | 9599 | SH |  | DFND | 128 | 0 | 0 | 9599 |
| ALPHABET INCCAP STK CL C | CAP STK CL C | 02079K107 |  | 7824050 | 43900 | SH |  | DFND | 128 | 43900 | 0 | 0 |
| ALPHABET INCCAP STK CL A | CAP STK CL A | 02079K305 |  | 118429701 | 663530 | SH |  | DFND | 128 | 634910 | 0 | 28620 |
| AMERIPRISE FINL INCCOM | COM | 03076C106 |  | 2270120 | 4300 | SH |  | DFND | 128 | 4300 | 0 | 0 |
| ANSYS INCCOM | COM | 03662Q105 |  | 11593178 | 33400 | SH |  | DFND | 128 | 33400 | 0 | 0 |
| APPLOVIN CORPCOM CL A | COM CL A | 03831W108 |  | 2335862 | 7000 | SH |  | DFND | 128 | 7000 | 0 | 0 |
| BENTLEY SYS INCCOM CL B | COM CL B | 08265T208 |  | 18371922 | 349100 | SH |  | DFND | 128 | 349100 | 0 | 0 |
| BIO-TECHNE CORPCOM | COM | 09073M104 |  | 11194574 | 216000 | SH |  | DFND | 128 | 216000 | 0 | 0 |
| BLACKROCK INCCOM | COM | 09290D101 |  | 4609228 | 4400 | SH |  | DFND | 128 | 4400 | 0 | 0 |
| BOOKING HOLDINGS INCCOM | COM | 09857L108 |  | 30052035 | 5280 | SH |  | DFND | 128 | 5280 | 0 | 0 |
| BROADCOM INCCOM | COM | 11135F101 |  | 19897179 | 73890 | SH |  | DFND | 128 | 66790 | 0 | 7100 |
| CDW CORPCOM | COM | 12514G108 |  | 12681569 | 71500 | SH |  | DFND | 128 | 71500 | 0 | 0 |
| CME GROUP INCCOM | COM | 12572Q105 |  | 3351214 | 12200 | SH |  | DFND | 128 | 12200 | 0 | 0 |
| CHEMED CORP NEWCOM | COM | 16359R103 |  | 14371873 | 25700 | SH |  | DFND | 128 | 25700 | 0 | 0 |
| CONSTELLATION BRANDS INCCL A | CL A | 21036P108 |  | 24122341 | 149560 | SH |  | DFND | 128 | 149560 | 0 | 0 |
| CORE  MAIN INCCL A | CL A | 21874C102 |  | 18845604 | 312300 | SH |  | DFND | 128 | 312300 | 0 | 0 |
| COSTCO WHSL CORP NEWCOM | COM | 22160K105 |  | 10045856 | 10200 | SH |  | DFND | 128 | 10200 | 0 | 0 |
| D R HORTON INCCOM | COM | 23331A109 |  | 3486606 | 27100 | SH |  | DFND | 128 | 27100 | 0 | 0 |
| DOMINOS PIZZA INCCOM | COM | 25754A201 |  | 8256102 | 18500 | SH |  | DFND | 128 | 18500 | 0 | 0 |
| EDWARDS LIFESCIENCES CORPCOM | COM | 28176E108 |  | 4808684 | 61500 | SH |  | DFND | 128 | 45200 | 0 | 16300 |
| ENBRIDGE INCCOM | COM | 29250N105 |  | 36603944 | 812395 | SH |  | DFND | 128 | 768000 | 0 | 44395 |
| EXPONENT INCCOM | COM | 30214U102 |  | 11899634 | 160500 | SH |  | DFND | 128 | 160500 | 0 | 0 |
| EXXON MOBIL CORPCOM | COM | 30231G102 |  | 1082584 | 9900 | SH |  | DFND | 128 | 0 | 0 | 9900 |
| META PLATFORMS INCCL A | CL A | 30303M102 |  | 18922811 | 25800 | SH |  | DFND | 128 | 25800 | 0 | 0 |
| FEDEX CORPCOM | COM | 31428X106 |  | 6451321 | 28190 | SH |  | DFND | 128 | 28190 | 0 | 0 |
| IDEX CORPCOM | COM | 45167R104 |  | 16393564 | 93000 | SH |  | DFND | 128 | 88800 | 0 | 4200 |
| IDEXX LABS INCCOM | COM | 45168D104 |  | 52534103 | 98900 | SH |  | DFND | 128 | 92500 | 0 | 6400 |
| INSULET CORPCOM | COM | 45784P101 |  | 8951796 | 28600 | SH |  | DFND | 128 | 28600 | 0 | 0 |
| IQVIA HLDGS INCCOM | COM | 46266C105 |  | 9718135 | 61730 | SH |  | DFND | 128 | 61730 | 0 | 0 |
| JPMORGAN CHASE  CO.COM | COM | 46625H100 |  | 1090738 | 3800 | SH |  | DFND | 128 | 0 | 0 | 3800 |
| KEYSIGHT TECHNOLOGIES INCCOM | COM | 49338L103 |  | 1248664 | 7600 | SH |  | DFND | 128 | 7600 | 0 | 0 |
| MSCI INCCOM | COM | 55354G100 |  | 17230249 | 29900 | SH |  | DFND | 128 | 27600 | 0 | 2300 |
| MASTERCARD INCORPORATEDCL A | CL A | 57636Q104 |  | 109128042 | 198350 | SH |  | DFND | 128 | 188010 | 0 | 10340 |
| MERCK  CO INCCOM | COM | 58933Y105 |  | 6191945 | 78300 | SH |  | DFND | 128 | 78300 | 0 | 0 |
| MODERNA INCCOM | COM | 60770K107 |  | 369281 | 13600 | SH |  | DFND | 128 | 0 | 0 | 13600 |
| NVR INCCOM | COM | 62944T105 |  | 2654504 | 360 | SH |  | DFND | 128 | 360 | 0 | 0 |
| NETFLIX INCCOM | COM | 64110L106 |  | 12169589 | 9200 | SH |  | DFND | 128 | 9200 | 0 | 0 |
| NVIDIA CORPORATIONCOM | COM | 67066G104 |  | 68409709 | 433770 | SH |  | DFND | 128 | 433770 | 0 | 0 |
| ORACLE CORPCOM | COM | 68389X105 |  | 14435588 | 68680 | SH |  | DFND | 128 | 68680 | 0 | 0 |
| PAYCOM SOFTWARE INCCOM | COM | 70432V102 |  | 15697575 | 69100 | SH |  | DFND | 128 | 69100 | 0 | 0 |
| POOL CORPCOM | COM | 73278L105 |  | 12966171 | 44300 | SH |  | DFND | 128 | 44300 | 0 | 0 |
| PUBLIC STORAGE OPER COCOM | COM | 74460D109 |  | 5274466 | 18200 | SH |  | DFND | 128 | 18200 | 0 | 0 |
| QUALYS INCCOM | COM | 74758T303 |  | 9263300 | 65700 | SH |  | DFND | 128 | 65700 | 0 | 0 |
| S GLOBAL INCCOM | COM | 78409V104 |  | 11593736 | 22400 | SH |  | DFND | 128 | 22400 | 0 | 0 |
| SERVICENOW INCCOM | COM | 81762P102 |  | 17110931 | 16740 | SH |  | DFND | 128 | 13940 | 0 | 2800 |
| SITEONE LANDSCAPE SUPPLY INCCOM | COM | 82982L103 |  | 20860135 | 173100 | SH |  | DFND | 128 | 173100 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATICOM | COM | 88262P102 |  | 14033760 | 13300 | SH |  | DFND | 128 | 13300 | 0 | 0 |
| 3M COCOM | COM | 88579Y101 |  | 4103489 | 27000 | SH |  | DFND | 128 | 27000 | 0 | 0 |
| TREX CO INCCOM | COM | 89531P105 |  | 537686 | 9800 | SH |  | DFND | 128 | 9800 | 0 | 0 |
| ULTA BEAUTY INCCOM | COM | 90384S303 |  | 10766589 | 23500 | SH |  | DFND | 128 | 23500 | 0 | 0 |
| UNITEDHEALTH GROUP INCCOM | COM | 91324P102 |  | 33230093 | 107530 | SH |  | DFND | 128 | 107530 | 0 | 0 |
| VERISIGN INCCOM | COM | 92343E102 |  | 13632543 | 47400 | SH |  | DFND | 128 | 43300 | 0 | 4100 |
| VERISK ANALYTICS INCCOM | COM | 92345Y106 |  | 42420633 | 137470 | SH |  | DFND | 128 | 125620 | 0 | 11850 |
| VERTEX PHARMACEUTICALS INCCOM | COM | 92532F100 |  | 2867716 | 6500 | SH |  | DFND | 128 | 6500 | 0 | 0 |
| VISA INCCOM CL A | COM CL A | 92826C839 |  | 121616334 | 348950 | SH |  | DFND | 128 | 348950 | 0 | 0 |
| XYLEM INCCOM | COM | 98419M100 |  | 24293367 | 189500 | SH |  | DFND | 128 | 189500 | 0 | 0 |
| YUM CHINA HLDGS INCCOM | COM | 98850P109 |  | 10564953 | 236000 | SH |  | DFND | 128 | 236000 | 0 | 0 |
| ZOETIS INCCL A | CL A | 98978V103 |  | 43404151 | 278000 | SH |  | DFND | 128 | 257200 | 0 | 20800 |
| ACCENTURE PLC IRELANDSHS CLASS A | SHS CLASS A | G1151C101 |  | 47875608 | 162079 | SH |  | DFND | 128 | 150800 | 0 | 11279 |
| EATON CORP PLCSHS | SHS | G29183103 |  | 5452475 | 15440 | SH |  | DFND | 128 | 15440 | 0 | 0 |
| JOHNSON CTLS INTL PLCSHS | SHS | G51502105 |  | 1668504 | 15884 | SH |  | DFND | 128 | 0 | 0 | 15884 |
| LINDE PLCSHS | SHS | G54950103 |  | 9547472 | 20600 | SH |  | DFND | 128 | 20600 | 0 | 0 |
| TRANE TECHNOLOGIES PLCSHS | SHS | G8994E103 |  | 3673524 | 8500 | SH |  | DFND | 128 | 8500 | 0 | 0 |
| ALCON AGORD SHS | ORD SHS | H01301128 |  | 24771382 | 282024 | SH |  | DFND | 128 | 282024 | 0 | 0 |
| GARMIN LTDSHS | SHS | H2906T109 |  | 3082938 | 14800 | SH |  | DFND | 128 | 14800 | 0 | 0 |
| AMRIZE LTDSHS | SHS | H2927K103 |  | 1391803 | 28100 | SH |  | DFND | 128 | 28100 | 0 | 0 |
| LOGITECH INTL S ASHS | SHS | H50430232 |  | 6751840 | 75525 | SH |  | DFND | 128 | 75525 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LTORD | ORD | M22465104 |  | 36657248 | 169400 | SH |  | DFND | 128 | 143300 | 0 | 26100 |
| FERRARI N VCOM | COM | N3167Y103 |  | 5756170 | 11800 | SH |  | DFND | 128 | 11800 | 0 | 0 |

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