# EDGAR Filing Document

**Accession Number:** 0001658020
**File Stem:** 0001658020-25-000011
**Filing Date:** 2025-8
**Character Count:** 26587
**Document Hash:** f602750f95cdddc8d26384bcf19f6eaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001658020-25-000011.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001658020-25-000011

**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:** Railway Pension Investments Ltd
- **CENTRAL INDEX KEY:** 0001658020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17037
- **FILM NUMBER:** 251209572

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7 DEVONSHIRE SQUARE
- **CITY:** LONDON
- **NON US STATE TERRITORY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2M 4YH
- **BUSINESS PHONE:** 02073306807

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7 DEVONSHIRE SQUARE
- **CITY:** LONDON
- **NON US STATE TERRITORY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2M 4YH

### 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:** Railway Pension Investments Ltd<br>**Address:** 7 DEVONSHIRE SQUARE<br>LONDON, X0 EC2M 4YH

**Form 13F File Number:** 028-17037

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:** Ellen Watson-Hicks<br>**Title:** Chief Risk  Compliance Officer<br>**Phone:** 020 7330 6807

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

Ellen Watson-Hicks  London, X0  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:** 0

**Form 13F Information Table Entry Total:** 210

**Form 13F Information Table Value Total:** $7083275793

      (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 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 155589848 | 312800 | SH |  | SOLE |  | 0 | 0 | 312800 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 152276064 | 1373465 | SH |  | SOLE |  | 0 | 0 | 1373465 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 127512302 | 359139 | SH |  | SOLE |  | 0 | 0 | 359139 |
| CAMECO CORP | COM | 13321L108 | BBG000DSZTN6 | 122746728 | 1653600 | SH |  | SOLE |  | 0 | 0 | 1653600 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRNP7 | 120324928 | 372800 | SH |  | SOLE |  | 0 | 0 | 372800 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 119195698 | 642149 | SH |  | SOLE |  | 0 | 0 | 642149 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 | BBG000C3HSR0 | 116183392 | 477100 | SH |  | SOLE |  | 0 | 0 | 477100 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 114197285 | 154720 | SH |  | SOLE |  | 0 | 0 | 154720 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 108926702 | 1208551 | SH |  | SOLE |  | 0 | 0 | 1208551 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 107010381 | 607220 | SH |  | SOLE |  | 0 | 0 | 607220 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 103617897 | 472300 | SH |  | SOLE |  | 0 | 0 | 472300 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 102011949 | 667836 | SH |  | SOLE |  | 0 | 0 | 667836 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 100665175 | 365192 | SH |  | SOLE |  | 0 | 0 | 365192 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG000BP6LJ8 | 100544587 | 1714900 | SH |  | SOLE |  | 0 | 0 | 1714900 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 99723289 | 486052 | SH |  | SOLE |  | 0 | 0 | 486052 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 | BBG008NMBXN8 | 99054548 | 1057936 | SH |  | SOLE |  | 0 | 0 | 1057936 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 98023211 | 185900 | SH |  | SOLE |  | 0 | 0 | 185900 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 97742661 | 613499 | SH |  | SOLE |  | 0 | 0 | 613499 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 96805091 | 323882 | SH |  | SOLE |  | 0 | 0 | 323882 |
| SERVICENOW INC | COM | 81762P102 | BBG000M1R011 | 94069320 | 91500 | SH |  | SOLE |  | 0 | 0 | 91500 |
| MCKESSON CORP | COM | 58155Q103 | BBG000DYGNW7 | 92419679 | 126122 | SH |  | SOLE |  | 0 | 0 | 126122 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 92375724 | 451406 | SH |  | SOLE |  | 0 | 0 | 451406 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 90963007 | 499440 | SH |  | SOLE |  | 0 | 0 | 499440 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 90742295 | 1146315 | SH |  | SOLE |  | 0 | 0 | 1146315 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3J3C9 | 89408341 | 1288676 | SH |  | SOLE |  | 0 | 0 | 1288676 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 88247595 | 2035700 | SH |  | SOLE |  | 0 | 0 | 2035700 |
| AUTOZONE INC | COM | 053332102 | BBG000C7LMS8 | 87987276 | 23702 | SH |  | SOLE |  | 0 | 0 | 23702 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG000BJSBJ0 | 85985833 | 1238632 | SH |  | SOLE |  | 0 | 0 | 1238632 |
| CENTERPOINT ENERGY INC | COM | 15189T107 | BBG000FDBX90 | 84492631 | 2299745 | SH |  | SOLE |  | 0 | 0 | 2299745 |
| EQT CORP | COM | 26884L109 | BBG000BHZ5J9 | 84173256 | 1443300 | SH |  | SOLE |  | 0 | 0 | 1443300 |
| IDEXX LABS INC | COM | 45168D104 | BBG000BLRT07 | 82773352 | 154330 | SH |  | SOLE |  | 0 | 0 | 154330 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 | BBG000BQZMH4 | 80871726 | 960700 | SH |  | SOLE |  | 0 | 0 | 960700 |
| EQUINIX INC | COM | 29444U700 | BBG000MBDGM6 | 80556451 | 101269 | SH |  | SOLE |  | 0 | 0 | 101269 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG000BLBVN4 | 79312588 | 13700 | SH |  | SOLE |  | 0 | 0 | 13700 |
| FASTENAL CO | COM | 311900104 | BBG000BJ8YN7 | 78124620 | 1860110 | SH |  | SOLE |  | 0 | 0 | 1860110 |
| DOORDASH INC | CL A | 25809K105 | BBG005D7QCJ3 | 75996075 | 308288 | SH |  | SOLE |  | 0 | 0 | 308288 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 72788665 | 350586 | SH |  | SOLE |  | 0 | 0 | 350586 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG000BFQYY3 | 72048158 | 792609 | SH |  | SOLE |  | 0 | 0 | 792609 |
| TECK RESOURCES LTD | CL B | 878742204 | BBG000BSJTT0 | 71416068 | 1768600 | SH |  | SOLE |  | 0 | 0 | 1768600 |
| GRAINGER W W INC | COM | 384802104 | BBG000BKR1D6 | 63338133 | 60888 | SH |  | SOLE |  | 0 | 0 | 60888 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKS03 | 61552660 | 120855 | SH |  | SOLE |  | 0 | 0 | 120855 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 57953067 | 58542 | SH |  | SOLE |  | 0 | 0 | 58542 |
| KROGER CO | COM | 501044101 | BBG000BMY992 | 57406237 | 800310 | SH |  | SOLE |  | 0 | 0 | 800310 |
| DANAHER CORPORATION | COM | 235851102 | BBG000BH3JF8 | 54856660 | 277699 | SH |  | SOLE |  | 0 | 0 | 277699 |
| EOG RES INC | COM | 26875P101 | BBG000BZ9223 | 53716851 | 449100 | SH |  | SOLE |  | 0 | 0 | 449100 |
| FORTINET INC | COM | 34959E109 | BBG000BCMBG4 | 51156602 | 484025 | SH |  | SOLE |  | 0 | 0 | 484025 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG000DQLV23 | 50886597 | 1099300 | SH |  | SOLE |  | 0 | 0 | 1099300 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 50349824 | 89600 | SH |  | SOLE |  | 0 | 0 | 89600 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZT9 | 49938655 | 371761 | SH |  | SOLE |  | 0 | 0 | 371761 |
| NASDAQ INC | COM | 631103108 | BBG000F5VVB6 | 47857584 | 535200 | SH |  | SOLE |  | 0 | 0 | 535200 |
| HOME DEPOT INC | COM | 437076102 | BBG000BKZB36 | 47281161 | 128958 | SH |  | SOLE |  | 0 | 0 | 128958 |
| CMS ENERGY CORP | COM | 125896100 | BBG000BFVXX0 | 47193536 | 681200 | SH |  | SOLE |  | 0 | 0 | 681200 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 47061742 | 116070 | SH |  | SOLE |  | 0 | 0 | 116070 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60KV0 | 46549302 | 470100 | SH |  | SOLE |  | 0 | 0 | 470100 |
| CINTAS CORP | COM | 172908105 | BBG000H3YXF8 | 45442302 | 203896 | SH |  | SOLE |  | 0 | 0 | 203896 |
| FAIR ISAAC CORP | COM | 303250104 | BBG000DW76Y6 | 44949536 | 24590 | SH |  | SOLE |  | 0 | 0 | 24590 |
| REPUBLIC SVCS INC | COM | 760759100 | BBG000BPXVJ6 | 44814216 | 181721 | SH |  | SOLE |  | 0 | 0 | 181721 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG000BLNNH6 | 43804308 | 148600 | SH |  | SOLE |  | 0 | 0 | 148600 |
| ROLLINS INC | COM | 775711104 | BBG000BSBBP1 | 42547281 | 754117 | SH |  | SOLE |  | 0 | 0 | 754117 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 | BBG000BBDV81 | 42290699 | 541980 | SH |  | SOLE |  | 0 | 0 | 541980 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG000QW7VC1 | 40902438 | 106767 | SH |  | SOLE |  | 0 | 0 | 106767 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 | BBG000BP8Z50 | 40069838 | 95300 | SH |  | SOLE |  | 0 | 0 | 95300 |
| NUTANIX INC | CL A | 67059N108 | BBG001NDW1Z7 | 39109838 | 511641 | SH |  | SOLE |  | 0 | 0 | 511641 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 38147791 | 390139 | SH |  | SOLE |  | 0 | 0 | 390139 |
| TJX COS INC NEW | COM | 872540109 | BBG000BV8DN6 | 37787940 | 306000 | SH |  | SOLE |  | 0 | 0 | 306000 |
| GARTNER INC | COM | 366651107 | BBG000BB65D0 | 36936815 | 91378 | SH |  | SOLE |  | 0 | 0 | 91378 |
| HP INC | COM | 40434L105 | BBG000KHWT55 | 36876263 | 1507615 | SH |  | SOLE |  | 0 | 0 | 1507615 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 | BBG000K82ZT8 | 36800291 | 166329 | SH |  | SOLE |  | 0 | 0 | 166329 |
| VERALTO CORP | COM SHS | 92338C103 | BBG019Q32XJ9 | 36675034 | 363299 | SH |  | SOLE |  | 0 | 0 | 363299 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG000P2TYL8 | 36184605 | 96500 | SH |  | SOLE |  | 0 | 0 | 96500 |
| HESS CORP | COM | 42809H107 | BBG000BBD070 | 35383116 | 255400 | SH |  | SOLE |  | 0 | 0 | 255400 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS77T5 | 34918890 | 807000 | SH |  | SOLE |  | 0 | 0 | 807000 |
| NETAPP INC | COM | 64110D104 | BBG000FP1N32 | 34612768 | 324850 | SH |  | SOLE |  | 0 | 0 | 324850 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG000JG0547 | 34109040 | 110600 | SH |  | SOLE |  | 0 | 0 | 110600 |
| CHEVRON CORP NEW | COM | 166764100 | BBG000K4ND22 | 33091209 | 231100 | SH |  | SOLE |  | 0 | 0 | 231100 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG000BWVSR1 | 32944588 | 143976 | SH |  | SOLE |  | 0 | 0 | 143976 |
| GUARDANT HEALTH INC | COM | 40131M109 | BBG006D97VY9 | 32310491 | 620878 | SH |  | SOLE |  | 0 | 0 | 620878 |
| NVENT ELECTRIC PLC | SHS | G6700G107 | BBG00GNT7999 | 31605983 | 431481 | SH |  | SOLE |  | 0 | 0 | 431481 |
| PTC INC | COM | 69370C100 | BBG000C2VBB0 | 31422063 | 182326 | SH |  | SOLE |  | 0 | 0 | 182326 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 31404709 | 230900 | SH |  | SOLE |  | 0 | 0 | 230900 |
| CHURCH  DWIGHT CO INC | COM | 171340102 | BBG000BFJT36 | 31399040 | 326699 | SH |  | SOLE |  | 0 | 0 | 326699 |
| LOWES COS INC | COM | 548661107 | BBG000BNDN65 | 30503353 | 137483 | SH |  | SOLE |  | 0 | 0 | 137483 |
| KIMBERLY-CLARK CORP | COM | 494368103 | BBG000BMW2Z0 | 29187617 | 226401 | SH |  | SOLE |  | 0 | 0 | 226401 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 28946995 | 269500 | SH |  | SOLE |  | 0 | 0 | 269500 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG000BFT2L4 | 28284325 | 792500 | SH |  | SOLE |  | 0 | 0 | 792500 |
| PFIZER INC | COM | 717081103 | BBG000BR2B91 | 27839640 | 1148500 | SH |  | SOLE |  | 0 | 0 | 1148500 |
| QUALCOMM INC | COM | 747525103 | BBG000CGC1X8 | 26803458 | 168300 | SH |  | SOLE |  | 0 | 0 | 168300 |
| ELEVANCE HEALTH INC | COM | 036752103 | BBG000BCG930 | 25837835 | 66428 | SH |  | SOLE |  | 0 | 0 | 66428 |
| BILL HOLDINGS INC | COM | 090043100 | BBG00QVJV6V4 | 25440502 | 549946 | SH |  | SOLE |  | 0 | 0 | 549946 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 | BBG00Y04KP80 | 24914264 | 545528 | SH |  | SOLE |  | 0 | 0 | 545528 |
| TWILIO INC | CL A | 90138F102 | BBG0029ZX840 | 24838050 | 199727 | SH |  | SOLE |  | 0 | 0 | 199727 |
| AMGEN INC | COM | 031162100 | BBG000BBS2Y0 | 24598401 | 88100 | SH |  | SOLE |  | 0 | 0 | 88100 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 24571497 | 84100 | SH |  | SOLE |  | 0 | 0 | 84100 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 | BBG00XV417R8 | 24375569 | 1268900 | SH |  | SOLE |  | 0 | 0 | 1268900 |
| BLOCK INC | CL A | 852234103 | BBG0018SLC07 | 24055575 | 354123 | SH |  | SOLE |  | 0 | 0 | 354123 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 23530255 | 81164 | SH |  | SOLE |  | 0 | 0 | 81164 |
| OKTA INC | CL A | 679295105 | BBG001YV1SM4 | 22522841 | 225296 | SH |  | SOLE |  | 0 | 0 | 225296 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG000BP4MH0 | 22476192 | 102800 | SH |  | SOLE |  | 0 | 0 | 102800 |
| INTUIT | COM | 461202103 | BBG000BH5DV1 | 22211166 | 28200 | SH |  | SOLE |  | 0 | 0 | 28200 |
| LAUDER ESTEE COS INC | CL A | 518439104 | BBG000FKJRC5 | 21937200 | 271500 | SH |  | SOLE |  | 0 | 0 | 271500 |
| ARGENX SE | SPONSORED ADR | 04016X101 | BBG00GHB88X9 | 21773190 | 39500 | SH |  | SOLE |  | 0 | 0 | 39500 |
| LULULEMON ATHLETICA INC | COM | 550021109 | BBG000R8ZVD1 | 21334684 | 89800 | SH |  | SOLE |  | 0 | 0 | 89800 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBL90 | 21204902 | 85763 | SH |  | SOLE |  | 0 | 0 | 85763 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 | BBG000BV4XJ1 | 20286910 | 70600 | SH |  | SOLE |  | 0 | 0 | 70600 |
| SNAP ON INC | COM | 833034101 | BBG000BT7JW9 | 20257818 | 65100 | SH |  | SOLE |  | 0 | 0 | 65100 |
| ROPER TECHNOLOGIES INC | COM | 776696106 | BBG000F1ZSN5 | 19726032 | 34800 | SH |  | SOLE |  | 0 | 0 | 34800 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDP0 | 19570336 | 59200 | SH |  | SOLE |  | 0 | 0 | 59200 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 | BBG011K4W134 | 19050798 | 280200 | SH |  | SOLE |  | 0 | 0 | 280200 |
| GEN DIGITAL INC | COM | 668771108 | BBG000BH2JM1 | 18877740 | 642100 | SH |  | SOLE |  | 0 | 0 | 642100 |
| COGNEX CORP | COM | 192422103 | BBG000BPBVW5 | 18448352 | 581600 | SH |  | SOLE |  | 0 | 0 | 581600 |
| REDDIT INC | CL A | 75734B100 | BBG005K1D4S0 | 18234027 | 121100 | SH |  | SOLE |  | 0 | 0 | 121100 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 | BBG000CB8Q50 | 17517205 | 96700 | SH |  | SOLE |  | 0 | 0 | 96700 |
| EATON CORP PLC | SHS | G29183103 | BBG000BJ3PD2 | 17492510 | 49000 | SH |  | SOLE |  | 0 | 0 | 49000 |
| PROGRESSIVE CORP | COM | 743315103 | BBG000BR37X2 | 17452644 | 65400 | SH |  | SOLE |  | 0 | 0 | 65400 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 | BBG000BM6788 | 17233954 | 39400 | SH |  | SOLE |  | 0 | 0 | 39400 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 | BBG004YZ9G29 | 17020826 | 319400 | SH |  | SOLE |  | 0 | 0 | 319400 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 | BBG009KG1750 | 16519680 | 768000 | SH |  | SOLE |  | 0 | 0 | 768000 |
| JABIL INC | COM | 466313103 | BBG000BJNGN9 | 16357500 | 75000 | SH |  | SOLE |  | 0 | 0 | 75000 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG000QY3XZ2 | 16243884 | 96300 | SH |  | SOLE |  | 0 | 0 | 96300 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS07 | 16155670 | 122077 | SH |  | SOLE |  | 0 | 0 | 122077 |
| PAYCHEX INC | COM | 704326107 | BBG000BQSQ38 | 15540510 | 106837 | SH |  | SOLE |  | 0 | 0 | 106837 |
| VERISK ANALYTICS INC | COM | 92345Y106 | BBG000BCZL41 | 15419250 | 49500 | SH |  | SOLE |  | 0 | 0 | 49500 |
| COCA COLA CO | COM | 191216100 | BBG000BMX289 | 15409350 | 217800 | SH |  | SOLE |  | 0 | 0 | 217800 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7P92 | 15271318 | 38600 | SH |  | SOLE |  | 0 | 0 | 38600 |
| TENABLE HLDGS INC | COM | 88025T102 | BBG00LBLCD02 | 15191947 | 449732 | SH |  | SOLE |  | 0 | 0 | 449732 |
| GLOBANT S A | COM | L44385109 | BBG00564Y443 | 14761500 | 162500 | SH |  | SOLE |  | 0 | 0 | 162500 |
| CF INDS HLDGS INC | COM | 125269100 | BBG000BWJFZ4 | 14729200 | 160100 | SH |  | SOLE |  | 0 | 0 | 160100 |
| PULTE GROUP INC | COM | 745867101 | BBG000BR54L0 | 14525955 | 137739 | SH |  | SOLE |  | 0 | 0 | 137739 |
| PEPSICO INC | COM | 713448108 | BBG000DH7JK6 | 14487693 | 109722 | SH |  | SOLE |  | 0 | 0 | 109722 |
| CURTISS WRIGHT CORP | COM | 231561101 | BBG000BGSPS5 | 14021385 | 28700 | SH |  | SOLE |  | 0 | 0 | 28700 |
| YUM BRANDS INC | COM | 988498101 | BBG000BH3GZ2 | 14017828 | 94600 | SH |  | SOLE |  | 0 | 0 | 94600 |
| PARKER-HANNIFIN CORP | COM | 701094104 | BBG000BR3KL6 | 13969400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| TRANSDIGM GROUP INC | COM | 893641100 | BBG000L8CBX4 | 13837824 | 9100 | SH |  | SOLE |  | 0 | 0 | 9100 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHXQ3 | 13733148 | 42900 | SH |  | SOLE |  | 0 | 0 | 42900 |
| DAVITA INC | COM | 23918K108 | BBG000MQ1SN9 | 13469502 | 94556 | SH |  | SOLE |  | 0 | 0 | 94556 |
| GENERAL MLS INC | COM | 370334104 | BBG000BKCFC2 | 13174764 | 254290 | SH |  | SOLE |  | 0 | 0 | 254290 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG000B9YJ35 | 12847375 | 130100 | SH |  | SOLE |  | 0 | 0 | 130100 |
| ETSY INC | COM | 29786A106 | BBG000N7MXL8 | 12598687 | 251170 | SH |  | SOLE |  | 0 | 0 | 251170 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 | BBG000BS7KS3 | 12517827 | 260300 | SH |  | SOLE |  | 0 | 0 | 260300 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 12153103 | 38956 | SH |  | SOLE |  | 0 | 0 | 38956 |
| EMCOR GROUP INC | COM | 29084Q100 | BBG000BBRPL4 | 11746719 | 21961 | SH |  | SOLE |  | 0 | 0 | 21961 |
| BIO-TECHNE CORP | COM | 09073M104 | BBG000C15114 | 11663715 | 226700 | SH |  | SOLE |  | 0 | 0 | 226700 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CC1 | 11354156 | 24200 | SH |  | SOLE |  | 0 | 0 | 24200 |
| ELECTRONIC ARTS INC | COM | 285512109 | BBG000BP0KQ8 | 11338860 | 71001 | SH |  | SOLE |  | 0 | 0 | 71001 |
| TRIMBLE INC | COM | 896239100 | BBG000BNPS52 | 10735974 | 141300 | SH |  | SOLE |  | 0 | 0 | 141300 |
| VERISIGN INC | COM | 92343E102 | BBG000BGKHZ3 | 10454560 | 36200 | SH |  | SOLE |  | 0 | 0 | 36200 |
| HOLOGIC INC | COM | 436440101 | BBG000C3NTN5 | 10243152 | 157200 | SH |  | SOLE |  | 0 | 0 | 157200 |
| CENCORA INC | COM | 03073E105 | BBG000MDCQC2 | 10044975 | 33500 | SH |  | SOLE |  | 0 | 0 | 33500 |
| AUTODESK INC | COM | 052769106 | BBG000BM7HL0 | 9563236 | 30892 | SH |  | SOLE |  | 0 | 0 | 30892 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH30 | 8895756 | 33400 | SH |  | SOLE |  | 0 | 0 | 33400 |
| EXPEDITORS INTL WASH INC | COM | 302130109 | BBG000BJ5GK2 | 8660150 | 75800 | SH |  | SOLE |  | 0 | 0 | 75800 |
| NVR INC | COM | 62944T105 | BBG000BQBYR3 | 8375338 | 1134 | SH |  | SOLE |  | 0 | 0 | 1134 |
| PACKAGING CORP AMER | COM | 695156109 | BBG000BB8SW7 | 8291800 | 44000 | SH |  | SOLE |  | 0 | 0 | 44000 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG000FLHZZ2 | 7823568 | 41900 | SH |  | SOLE |  | 0 | 0 | 41900 |
| RPM INTL INC | COM | 749685103 | BBG000DCNK80 | 7710768 | 70200 | SH |  | SOLE |  | 0 | 0 | 70200 |
| WILLIAMS SONOMA INC | COM | 969904101 | BBG000FSMWC3 | 7367987 | 45100 | SH |  | SOLE |  | 0 | 0 | 45100 |
| MASCO CORP | COM | 574599106 | BBG000BNNKG9 | 7314514 | 113650 | SH |  | SOLE |  | 0 | 0 | 113650 |
| HERSHEY CO | COM | 427866108 | BBG000BLHRS2 | 7225629 | 43541 | SH |  | SOLE |  | 0 | 0 | 43541 |
| SOUTHERN CO | COM | 842587107 | BBG000BT9DW0 | 6997446 | 76200 | SH |  | SOLE |  | 0 | 0 | 76200 |
| LOEWS CORP | COM | 540424108 | BBG000C45984 | 6920330 | 75500 | SH |  | SOLE |  | 0 | 0 | 75500 |
| MOODYS CORP | COM | 615369105 | BBG000F86GP6 | 6671147 | 13300 | SH |  | SOLE |  | 0 | 0 | 13300 |
| AMETEK INC | COM | 031100100 | BBG000B9XG87 | 6491397 | 35872 | SH |  | SOLE |  | 0 | 0 | 35872 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG000BD8PN9 | 6405033 | 70300 | SH |  | SOLE |  | 0 | 0 | 70300 |
| F5 INC | COM | 315616102 | BBG000CXYSZ6 | 6101254 | 20730 | SH |  | SOLE |  | 0 | 0 | 20730 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 5957952 | 15400 | SH |  | SOLE |  | 0 | 0 | 15400 |
| CHUBB LIMITED | COM | H1467J104 | BBG000BR14K5 | 5562624 | 19200 | SH |  | SOLE |  | 0 | 0 | 19200 |
| IDEX CORP | COM | 45167R104 | BBG000C1HN22 | 5400709 | 30761 | SH |  | SOLE |  | 0 | 0 | 30761 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 | BBG006N7S6K9 | 5381760 | 96000 | SH |  | SOLE |  | 0 | 0 | 96000 |
| NRG ENERGY INC | COM NEW | 629377508 | BBG000D8RG11 | 5106444 | 31800 | SH |  | SOLE |  | 0 | 0 | 31800 |
| HENRY JACK  ASSOC INC | COM | 426281101 | BBG000BMH2Q7 | 5009987 | 27807 | SH |  | SOLE |  | 0 | 0 | 27807 |
| CBRE GROUP INC | CL A | 12504L109 | BBG000C04224 | 4932224 | 35200 | SH |  | SOLE |  | 0 | 0 | 35200 |
| KRAFT HEINZ CO | COM | 500754106 | BBG005CPNTQ2 | 4910964 | 190200 | SH |  | SOLE |  | 0 | 0 | 190200 |
| AT INC | COM | 00206R102 | BBG000BSJK37 | 4864814 | 168100 | SH |  | SOLE |  | 0 | 0 | 168100 |
| BALL CORP | COM | 058498106 | BBG000BDDNH5 | 4855599 | 86568 | SH |  | SOLE |  | 0 | 0 | 86568 |
| TRAVELERS COMPANIES INC | COM | 89417E109 | BBG000BJ81C1 | 4815720 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| GARMIN LTD | SHS | H2906T109 | BBG000C4LN67 | 4529224 | 21700 | SH |  | SOLE |  | 0 | 0 | 21700 |
| CARDINAL HEALTH INC | COM | 14149Y108 | BBG000D898T9 | 4300800 | 25600 | SH |  | SOLE |  | 0 | 0 | 25600 |
| AFLAC INC | COM | 001055102 | BBG000BBBNC6 | 4197308 | 39800 | SH |  | SOLE |  | 0 | 0 | 39800 |
| LENNOX INTL INC | COM | 526107107 | BBG000BB5B84 | 4146818 | 7234 | SH |  | SOLE |  | 0 | 0 | 7234 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG000BNWG87 | 3940084 | 45200 | SH |  | SOLE |  | 0 | 0 | 45200 |
| RAYMOND JAMES FINL INC | COM | 754730109 | BBG000BS73J1 | 3849587 | 25100 | SH |  | SOLE |  | 0 | 0 | 25100 |
| GODADDY INC | CL A | 380237107 | BBG006MDLY05 | 3745248 | 20800 | SH |  | SOLE |  | 0 | 0 | 20800 |
| T-MOBILE US INC | COM | 872590104 | BBG000NDV1D4 | 3216510 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| SALESFORCE INC | COM | 79466L302 | BBG000BN2DC2 | 3190473 | 11700 | SH |  | SOLE |  | 0 | 0 | 11700 |
| CUMMINS INC | COM | 231021106 | BBG000BGPTV6 | 2914750 | 8900 | SH |  | SOLE |  | 0 | 0 | 8900 |
| BERKLEY W R CORP | COM | 084423102 | BBG000BD1HP2 | 2876350 | 39150 | SH |  | SOLE |  | 0 | 0 | 39150 |
| ECOLAB INC | COM | 278865100 | BBG000BHKYH4 | 2856064 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 | BBG000G0Z878 | 2816514 | 22200 | SH |  | SOLE |  | 0 | 0 | 22200 |
| DECKERS OUTDOOR CORP | COM | 243537107 | BBG000BKXYX5 | 2319075 | 22500 | SH |  | SOLE |  | 0 | 0 | 22500 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 | BBG000PPFKQ7 | 2162967 | 8900 | SH |  | SOLE |  | 0 | 0 | 8900 |
| KEURIG DR PEPPER INC | COM | 49271V100 | BBG000TJM7F0 | 1907562 | 57700 | SH |  | SOLE |  | 0 | 0 | 57700 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 | BBG0059FN811 | 1573056 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| SYNCHRONY FINANCIAL | COM | 87165B103 | BBG00658F3P3 | 1494976 | 22400 | SH |  | SOLE |  | 0 | 0 | 22400 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 | BBG00B6BFWH9 | 1418616 | 15300 | SH |  | SOLE |  | 0 | 0 | 15300 |
| COPART INC | COM | 217204106 | BBG000BM9RH1 | 1378867 | 28100 | SH |  | SOLE |  | 0 | 0 | 28100 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 | BBG000BN84F3 | 1275373 | 7100 | SH |  | SOLE |  | 0 | 0 | 7100 |
| SOLVENTUM CORP | COM SHS | 83444M101 | BBG018YZH6T3 | 1229442 | 16211 | SH |  | SOLE |  | 0 | 0 | 16211 |
| ROSS STORES INC | COM | 778296103 | BBG000BSBZH7 | 1148220 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | BBG01NMRD768 | 1110525 | 5100 | SH |  | SOLE |  | 0 | 0 | 5100 |
| DOMINOS PIZZA INC | COM | 25754A201 | BBG000P458P3 | 1081440 | 2400 | SH |  | SOLE |  | 0 | 0 | 2400 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 | BBG000BZCKH3 | 1057248 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| FIRSTENERGY CORP | COM | 337932107 | BBG000BB6M98 | 1026630 | 25500 | SH |  | SOLE |  | 0 | 0 | 25500 |
| DOCUSIGN INC | COM | 256163106 | BBG000N7KJX8 | 1020593 | 13103 | SH |  | SOLE |  | 0 | 0 | 13103 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 | BBG000BFV758 | 947066 | 4796 | SH |  | SOLE |  | 0 | 0 | 4796 |
| KENVUE INC | COM | 49177J102 | BBG01C79X561 | 839293 | 40100 | SH |  | SOLE |  | 0 | 0 | 40100 |
| FORTIVE CORP | COM | 34959J108 | BBG00BLVZ228 | 635986 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| RESMED INC | COM | 761152107 | BBG000L4M7F1 | 620490 | 2405 | SH |  | SOLE |  | 0 | 0 | 2405 |
| SMITH A O CORP | COM | 831865209 | BBG000BC1L02 | 537674 | 8200 | SH |  | SOLE |  | 0 | 0 | 8200 |
| CONAGRA BRANDS INC | COM | 205887102 | BBG000BDXGP9 | 444199 | 21700 | SH |  | SOLE |  | 0 | 0 | 21700 |
| CLOROX CO DEL | COM | 189054109 | BBG000BFS7D3 | 415442 | 3460 | SH |  | SOLE |  | 0 | 0 | 3460 |

---