# EDGAR Filing Document

**Accession Number:** 0002094379
**File Stem:** 0001960050-26-000004
**Filing Date:** 2026-2
**Character Count:** 34907
**Document Hash:** 2ef7807e8101b04394d78d784c2c2fdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001960050-26-000004.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001960050-26-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITOLIS LIQUID GLOBAL MARKETS LLC
- **CENTRAL INDEX KEY:** 0002094379

**ORGANIZATION NAME:**
- **EIN:** 884400323
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23813
- **FILM NUMBER:** 26641663

**BUSINESS ADDRESS:**
- **STREET 1:** 11 WEST 42ND STREET
- **STREET 2:** FLOOR 15
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 646-831-5471

**MAIL ADDRESS:**
- **STREET 1:** 11 WEST 42ND STREET
- **STREET 2:** FLOOR 15
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

### 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:** Capitolis Liquid Global Markets LLC<br>**Address:** 11 WEST 42ND STREET FLOOR 15<br>NEW YORK, NY 10036

**Form 13F File Number:** 028-23813

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:** Jon Borer<br>**Title:** Chief Compliance Officer<br>**Phone:** 6464805408

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

/s/ Jon Borer  New York, NY  02-17-2026<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:** 317

**Form 13F Information Table Value Total:** $16766595776

      (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 |  | 1745891 | 10905 | SH |  | SOLE |  | 10905 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 10137204 | 408100 | SH |  | SOLE |  | 408100 | 0 | 0 |
| ATRENEW INC | SPONSORED ADS | 00138L108 |  | 3902920 | 736400 | SH |  | SOLE |  | 736400 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 153846201 | 673317 | SH |  | SOLE |  | 673317 | 0 | 0 |
| ACADIA HEALTHCARE COMPANY IN | COM | 00404A109 |  | 8953890 | 631000 | SH |  | SOLE |  | 631000 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 4716446 | 17579 | SH |  | SOLE |  | 17579 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 50117518 | 143197 | SH |  | SOLE |  | 143197 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 97638328 | 455913 | SH |  | SOLE |  | 455913 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 4883884 | 35985 | SH |  | SOLE |  | 35985 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 331550 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 11822920 | 56800 | SH |  | SOLE |  | 56800 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 281499625 | 897067 | SH |  | SOLE |  | 897067 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 728745067 | 2328259 | SH |  | SOLE |  | 2328259 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 563363066 | 2440703 | SH |  | SOLE |  | 2440703 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 2673720 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 2381180 | 7275 | SH |  | SOLE |  | 7275 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 37355939 | 276424 | SH |  | SOLE |  | 276424 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 79190400 | 292000 | SH |  | SOLE |  | 292000 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 3440580 | 9750 | SH |  | SOLE |  | 9750 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 793599303 | 2919147 | SH |  | SOLE |  | 2919147 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 77438283 | 301328 | SH |  | SOLE |  | 301328 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 2985696 | 4431 | SH |  | SOLE |  | 4431 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 32516880 | 339000 | SH |  | SOLE |  | 339000 | 0 | 0 |
| ARCUTIS BIOTHERAPEUTICS INC | COM | 03969K108 |  | 14520000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 59219533 | 451954 | SH |  | SOLE |  | 451954 | 0 | 0 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 9984557 | 111100 | SH |  | SOLE |  | 111100 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 5529171 | 18679 | SH |  | SOLE |  | 18679 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 32218315 | 125251 | SH |  | SOLE |  | 125251 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 1214157 | 358 | SH |  | SOLE |  | 358 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 5787300 | 505000 | SH |  | SOLE |  | 505000 | 0 | 0 |
| AVEPOINT INC | COM CL A | 053604104 |  | 4362849 | 314100 | SH |  | SOLE |  | 314100 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 26736360 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| AXALTA COATING SYS LTD | COM | G0750C108 |  | 17932050 | 555000 | SH |  | SOLE |  | 555000 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 2816255 | 16294 | SH |  | SOLE |  | 16294 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 1714809 | 37655 | SH |  | SOLE |  | 37655 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 682377025 | 12406855 | SH |  | SOLE |  | 12406855 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 6946392 | 101600 | SH |  | SOLE |  | 101600 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1648478 | 14200 | SH |  | SOLE |  | 14200 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 4772958 | 24594 | SH |  | SOLE |  | 24594 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 169507152 | 337227 | SH |  | SOLE |  | 337227 | 0 | 0 |
| BGC GROUP INC | CL A | 088929104 |  | 9838181 | 1101700 | SH |  | SOLE |  | 1101700 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 40359310 | 37707 | SH |  | SOLE |  | 37707 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 25887351 | 167947 | SH |  | SOLE |  | 167947 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 29406299 | 135438 | SH |  | SOLE |  | 135438 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 184046626 | 34367 | SH |  | SOLE |  | 34367 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 30254936 | 317304 | SH |  | SOLE |  | 317304 | 0 | 0 |
| BOWHEAD SPECIALTY HLDGS INC | COM SHS | 10240L102 |  | 679252 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 15087557 | 279710 | SH |  | SOLE |  | 279710 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 783112856 | 2262678 | SH |  | SOLE |  | 2262678 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 9768673 | 71723 | SH |  | SOLE |  | 71723 | 0 | 0 |
| CEVA INC | COM | 157210105 |  | 5625328 | 261400 | SH |  | SOLE |  | 261400 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 |  | 12057233 | 283900 | SH |  | SOLE |  | 283900 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 8004000 | 220800 | SH |  | SOLE |  | 220800 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 13790784 | 173775 | SH |  | SOLE |  | 173775 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 5485154 | 17548 | SH |  | SOLE |  | 17548 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 5063680 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 37565800 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 2660034 | 87100 | SH |  | SOLE |  | 87100 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 25550002 | 44600 | SH |  | SOLE |  | 44600 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 35427648 | 355200 | SH |  | SOLE |  | 355200 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 55796300 | 165200 | SH |  | SOLE |  | 165200 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 6127235 | 148900 | SH |  | SOLE |  | 148900 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 199580216 | 1997600 | SH |  | SOLE |  | 1997600 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 21792118 | 105669 | SH |  | SOLE |  | 105669 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 32221913 | 211416 | SH |  | SOLE |  | 211416 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 5229370 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 27012870 | 143632 | SH |  | SOLE |  | 143632 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 234825955 | 3048500 | SH |  | SOLE |  | 3048500 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 61262250 | 525000 | SH |  | SOLE |  | 525000 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 79612160 | 1184000 | SH |  | SOLE |  | 1184000 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 96617857 | 1382032 | SH |  | SOLE |  | 1382032 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 2374470 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 77489146 | 980627 | SH |  | SOLE |  | 980627 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 15877568 | 531200 | SH |  | SOLE |  | 531200 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 2955620 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 41491603 | 443239 | SH |  | SOLE |  | 443239 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1791079 | 5070 | SH |  | SOLE |  | 5070 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 5455601 | 62307 | SH |  | SOLE |  | 62307 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 22363018 | 333627 | SH |  | SOLE |  | 333627 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 358240182 | 415428 | SH |  | SOLE |  | 415428 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 1794020 | 76050 | SH |  | SOLE |  | 76050 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 11583060 | 24710 | SH |  | SOLE |  | 24710 | 0 | 0 |
| CULLEN FROST BANKERS INC | COM | 229899109 |  | 2570082 | 20296 | SH |  | SOLE |  | 20296 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 1798752 | 24600 | SH |  | SOLE |  | 24600 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 6062060 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 4841200 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 13804960 | 208000 | SH |  | SOLE |  | 208000 | 0 | 0 |
| DOCGO INC | COM | 256086109 |  | 165699 | 188766 | SH |  | SOLE |  | 188766 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 2031480 | 29700 | SH |  | SOLE |  | 29700 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 6244054 | 27570 | SH |  | SOLE |  | 27570 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1740686 | 14851 | SH |  | SOLE |  | 14851 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 1653876 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 1813012 | 21267 | SH |  | SOLE |  | 21267 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 149924686 | 733738 | SH |  | SOLE |  | 733738 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 26291250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 285111529 | 265299 | SH |  | SOLE |  | 265299 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 19635900 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 5363120 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 9911200 | 208000 | SH |  | SOLE |  | 208000 | 0 | 0 |
| ESSENT GROUP LTD | COM | G3198U102 |  | 17130135 | 263500 | SH |  | SOLE |  | 263500 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 21174720 | 552000 | SH |  | SOLE |  | 552000 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 26168000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 2094400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 5090250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 2520000 | 630000 | SH |  | SOLE |  | 630000 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 1699860 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 36375774 | 302275 | SH |  | SOLE |  | 302275 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 61037562 | 211305 | SH |  | SOLE |  | 211305 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 62273020 | 937000 | SH |  | SOLE |  | 937000 | 0 | 0 |
| FIRST FINL BANCORP OH | COM | 320209109 |  | 1253502 | 50100 | SH |  | SOLE |  | 50100 | 0 | 0 |
| FIRST INDL RLTY TR INC | COM | 32054K103 |  | 10423140 | 182000 | SH |  | SOLE |  | 182000 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 114118472 | 1698950 | SH |  | SOLE |  | 1698950 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 8236515 | 136321 | SH |  | SOLE |  | 136321 | 0 | 0 |
| FLOWSERVE CORP | COM | 34354P105 |  | 10198860 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 7133400 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 1843727 | 140528 | SH |  | SOLE |  | 140528 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 5511853 | 230718 | SH |  | SOLE |  | 230718 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 27456566 | 540590 | SH |  | SOLE |  | 540590 | 0 | 0 |
| FRESHPET INC | COM | 358039105 |  | 15841800 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 8375400 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 12527275 | 1167500 | SH |  | SOLE |  | 1167500 | 0 | 0 |
| FULTON FINL CORP PA | COM | 360271100 |  | 106315 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 28862411 | 93700 | SH |  | SOLE |  | 93700 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 1382440 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 70698240 | 576000 | SH |  | SOLE |  | 576000 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 9485602 | 122553 | SH |  | SOLE |  | 122553 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 5734260 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 3092151 | 83100 | SH |  | SOLE |  | 83100 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 19788927 | 22513 | SH |  | SOLE |  | 22513 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 9962792 | 21340 | SH |  | SOLE |  | 21340 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 8693946 | 390213 | SH |  | SOLE |  | 390213 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 3169400 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| HASBRO INC | COM | 418056107 |  | 6929000 | 84500 | SH |  | SOLE |  | 84500 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 |  | 7571755 | 39500 | SH |  | SOLE |  | 39500 | 0 | 0 |
| HELLO GROUP INC | ADS | 423403104 |  | 3128280 | 477600 | SH |  | SOLE |  | 477600 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 85583260 | 3563000 | SH |  | SOLE |  | 3563000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 99622800 | 289517 | SH |  | SOLE |  | 289517 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 62267851 | 319175 | SH |  | SOLE |  | 319175 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 5283540 | 298000 | SH |  | SOLE |  | 298000 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 1849690 | 9022 | SH |  | SOLE |  | 9022 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1138160 | 65600 | SH |  | SOLE |  | 65600 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 1779950 | 2631 | SH |  | SOLE |  | 2631 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 35994068 | 975449 | SH |  | SOLE |  | 975449 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 10999004 | 171031 | SH |  | SOLE |  | 171031 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 5958346 | 36789 | SH |  | SOLE |  | 36789 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 33323625 | 112500 | SH |  | SOLE |  | 112500 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 104662360 | 158000 | SH |  | SOLE |  | 158000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 284975928 | 503171 | SH |  | SOLE |  | 503171 | 0 | 0 |
| INVITATION HOMES INC | COM | 46187W107 |  | 5974850 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 50695960 | 1324000 | SH |  | SOLE |  | 1324000 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 128228910 | 1311000 | SH |  | SOLE |  | 1311000 | 0 | 0 |
| JOYY INC | ADS REPSTG COM A | 46591M109 |  | 15581256 | 240600 | SH |  | SOLE |  | 240600 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 304412512 | 944735 | SH |  | SOLE |  | 944735 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 12769120 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 9449190 | 88600 | SH |  | SOLE |  | 88600 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 10217000 | 60100 | SH |  | SOLE |  | 60100 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 9481410 | 153000 | SH |  | SOLE |  | 153000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 45510581 | 219911 | SH |  | SOLE |  | 219911 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 122448472 | 100774 | SH |  | SOLE |  | 100774 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 188904733 | 10950999 | SH |  | SOLE |  | 10950999 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 1869210 | 67996 | SH |  | SOLE |  | 67996 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 25300062 | 147798 | SH |  | SOLE |  | 147798 | 0 | 0 |
| LANDSTAR SYS INC | COM | 515098101 |  | 6753900 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 1939682 | 29800 | SH |  | SOLE |  | 29800 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 1161640 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 7908120 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 19235306 | 45112 | SH |  | SOLE |  | 45112 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 5320370 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 1893829 | 7853 | SH |  | SOLE |  | 7853 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 26599680 | 128000 | SH |  | SOLE |  | 128000 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 2580130 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 6360770 | 146900 | SH |  | SOLE |  | 146900 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | COM | 55405Y100 |  | 46930720 | 274000 | SH |  | SOLE |  | 274000 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 1603630 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1610037 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 5528496 | 29800 | SH |  | SOLE |  | 29800 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 259464960 | 454500 | SH |  | SOLE |  | 454500 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 71084037 | 232582 | SH |  | SOLE |  | 232582 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4803000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| MELCO RESORTS AND ENTMNT LTD | ADR | 585464100 |  | 9205120 | 1216000 | SH |  | SOLE |  | 1216000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 48461704 | 460400 | SH |  | SOLE |  | 460400 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 9337020 | 141900 | SH |  | SOLE |  | 141900 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 841113742 | 1274241 | SH |  | SOLE |  | 1274241 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 2487629 | 39040 | SH |  | SOLE |  | 39040 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 73350370 | 257000 | SH |  | SOLE |  | 257000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 765511458 | 1582878 | SH |  | SOLE |  | 1582878 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 4472008 | 58328 | SH |  | SOLE |  | 58328 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 25031650 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| MOOG INC | CL A | 615394202 |  | 18120120 | 74400 | SH |  | SOLE |  | 74400 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 163291206 | 919795 | SH |  | SOLE |  | 919795 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 19166000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1110450094 | 5954156 | SH |  | SOLE |  | 5954156 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 729277 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 4666573 | 21499 | SH |  | SOLE |  | 21499 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 20339410 | 721000 | SH |  | SOLE |  | 721000 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 11351540 | 106000 | SH |  | SOLE |  | 106000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 70241148 | 749159 | SH |  | SOLE |  | 749159 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 28339227 | 283818 | SH |  | SOLE |  | 283818 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 5287930 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 83411208 | 288900 | SH |  | SOLE |  | 288900 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 18114488 | 198602 | SH |  | SOLE |  | 198602 | 0 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 9903073 | 223344 | SH |  | SOLE |  | 223344 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 9148975 | 113300 | SH |  | SOLE |  | 113300 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 61396650 | 315000 | SH |  | SOLE |  | 315000 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 |  | 6938420 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 8164080 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 40157323 | 2498900 | SH |  | SOLE |  | 2498900 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 18355716 | 87940 | SH |  | SOLE |  | 87940 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 |  | 3226508 | 334700 | SH |  | SOLE |  | 334700 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 158238205 | 890229 | SH |  | SOLE |  | 890229 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 5272172 | 28622 | SH |  | SOLE |  | 28622 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1946896 | 2215 | SH |  | SOLE |  | 2215 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3041598 | 52100 | SH |  | SOLE |  | 52100 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 188729948 | 1315008 | SH |  | SOLE |  | 1315008 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 9880196 | 396795 | SH |  | SOLE |  | 396795 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 7967228 | 49671 | SH |  | SOLE |  | 49671 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 1737266 | 13463 | SH |  | SOLE |  | 13463 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 105765933 | 738022 | SH |  | SOLE |  | 738022 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 147562560 | 648000 | SH |  | SOLE |  | 648000 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 4845974 | 37960 | SH |  | SOLE |  | 37960 | 0 | 0 |
| QORVO INC | COM | 74736K101 |  | 9382976 | 111028 | SH |  | SOLE |  | 111028 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 147679439 | 863370 | SH |  | SOLE |  | 863370 | 0 | 0 |
| RLX TECHNOLOGY INC | SPONSORED ADS | 74969N103 |  | 3518766 | 1510200 | SH |  | SOLE |  | 1510200 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 17738998 | 96723 | SH |  | SOLE |  | 96723 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 12542515 | 348500 | SH |  | SOLE |  | 348500 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 9628447 | 27229 | SH |  | SOLE |  | 27229 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 61749600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 1111100 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 3971132 | 19518 | SH |  | SOLE |  | 19518 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 3706360 | 170800 | SH |  | SOLE |  | 170800 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 82349050 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 51339900 | 285000 | SH |  | SOLE |  | 285000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 8936289 | 17100 | SH |  | SOLE |  | 17100 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 61483474 | 720200 | SH |  | SOLE |  | 720200 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 30781398 | 77670 | SH |  | SOLE |  | 77670 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 2788720 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 148608947 | 560979 | SH |  | SOLE |  | 560979 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 24471979 | 103092 | SH |  | SOLE |  | 103092 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 85978353 | 673970 | SH |  | SOLE |  | 673970 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 4944240 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 106794877 | 697140 | SH |  | SOLE |  | 697140 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 13135852 | 40539 | SH |  | SOLE |  | 40539 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 7777530 | 83900 | SH |  | SOLE |  | 83900 | 0 | 0 |
| SIMMONS 1ST NATL CORP | CL A $1 PAR | 828730200 |  | 4218630 | 223800 | SH |  | SOLE |  | 223800 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 5183080 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT CORP | COM | 83001C108 |  | 5692674 | 371100 | SH |  | SOLE |  | 371100 | 0 | 0 |
| SKYWEST INC | COM | 830879102 |  | 4990377 | 49700 | SH |  | SOLE |  | 49700 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 546525 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 3074950 | 32674 | SH |  | SOLE |  | 32674 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 142319855 | 3443500 | SH |  | SOLE |  | 3443500 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 14338064 | 150800 | SH |  | SOLE |  | 150800 | 0 | 0 |
| SPRINKLR INC | CL A | 85208T107 |  | 8795290 | 1130500 | SH |  | SOLE |  | 1130500 | 0 | 0 |
| SPROUT SOCIAL INC | COM CL A | 85209W109 |  | 3868991 | 343300 | SH |  | SOLE |  | 343300 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1826094 | 21685 | SH |  | SOLE |  | 21685 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 865528 | 6709 | SH |  | SOLE |  | 6709 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R606 |  | 852120 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A375 |  | 20600433 | 609300 | SH |  | SOLE |  | 609300 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 61085765 | 878300 | SH |  | SOLE |  | 878300 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1897938 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 6273111 | 13355 | SH |  | SOLE |  | 13355 | 0 | 0 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 19519500 | 390000 | SH |  | SOLE |  | 390000 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 941896 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 7106400 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| TAL EDUCATION GROUP | SPONSORED ADS | 874080104 |  | 52146527 | 4779700 | SH |  | SOLE |  | 4779700 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 21058702 | 137092 | SH |  | SOLE |  | 137092 | 0 | 0 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 5637600 | 194400 | SH |  | SOLE |  | 194400 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 5703264 | 28700 | SH |  | SOLE |  | 28700 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 6337348 | 32741 | SH |  | SOLE |  | 32741 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 123026080 | 3045200 | SH |  | SOLE |  | 3045200 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 124287767 | 276367 | SH |  | SOLE |  | 276367 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 72777667 | 419492 | SH |  | SOLE |  | 419492 | 0 | 0 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 10458000 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 70583963 | 121812 | SH |  | SOLE |  | 121812 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 1829240 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 4872428 | 16798 | SH |  | SOLE |  | 16798 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 |  | 1421232 | 13111 | SH |  | SOLE |  | 13111 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 111068840 | 2081500 | SH |  | SOLE |  | 2081500 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 9911586 | 121302 | SH |  | SOLE |  | 121302 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 53203600 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 |  | 5603990 | 179500 | SH |  | SOLE |  | 179500 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 8314954 | 10274 | SH |  | SOLE |  | 10274 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 69303293 | 209940 | SH |  | SOLE |  | 209940 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 55297080 | 486000 | SH |  | SOLE |  | 486000 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 84445125 | 1008300 | SH |  | SOLE |  | 1008300 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 4521216 | 84100 | SH |  | SOLE |  | 84100 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 5301000 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 6143158 | 104600 | SH |  | SOLE |  | 104600 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 142125497 | 2275100 | SH |  | SOLE |  | 2275100 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 1523448 | 10800 | SH |  | SOLE |  | 10800 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 6577300 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 4373100 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 5809808 | 12815 | SH |  | SOLE |  | 12815 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 12674100 | 1018000 | SH |  | SOLE |  | 1018000 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 4354924 | 130700 | SH |  | SOLE |  | 130700 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 12481360 | 178000 | SH |  | SOLE |  | 178000 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 |  | 1906755 | 31700 | SH |  | SOLE |  | 31700 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 182913272 | 1641803 | SH |  | SOLE |  | 1641803 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 10639429 | 93517 | SH |  | SOLE |  | 93517 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 6521246 | 226275 | SH |  | SOLE |  | 226275 | 0 | 0 |
| WARNER MUSIC GROUP CORP | COM CL A | 934550203 |  | 5643280 | 184000 | SH |  | SOLE |  | 184000 | 0 | 0 |
| WEAVE COMMUNICATIONS INC | COM | 94724R108 |  | 2827746 | 372562 | SH |  | SOLE |  | 372562 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 |  | 5245860 | 83347 | SH |  | SOLE |  | 83347 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1609564 | 17270 | SH |  | SOLE |  | 17270 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 5543460 | 234000 | SH |  | SOLE |  | 234000 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 969370 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| WOODWARD INC | COM | 980745103 |  | 5049651 | 16703 | SH |  | SOLE |  | 16703 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 1738215 | 8093 | SH |  | SOLE |  | 8093 | 0 | 0 |
| WORTHINGTON ENTERPRISES INC | COM | 981811102 |  | 4022460 | 78000 | SH |  | SOLE |  | 78000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 7941780 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 25828842 | 349700 | SH |  | SOLE |  | 349700 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 1977639 | 15718 | SH |  | SOLE |  | 15718 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 9026616 | 170700 | SH |  | SOLE |  | 170700 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 1158608 | 11600 | SH |  | SOLE |  | 11600 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 9460230 | 63500 | SH |  | SOLE |  | 63500 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 |  | 3856410 | 40500 | SH |  | SOLE |  | 40500 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 51987430 | 473000 | SH |  | SOLE |  | 473000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 25528292 | 292890 | SH |  | SOLE |  | 292890 | 0 | 0 |

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