# EDGAR Filing Document

**Accession Number:** 0001538449
**File Stem:** 0000945621-25-001010
**Filing Date:** 2025-11
**Character Count:** 19629
**Document Hash:** 4ec9c3d92e3c609079f856d60de59ac3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945621-25-001010.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0000945621-25-001010

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mawer Investment Management Ltd.
- **CENTRAL INDEX KEY:** 0001538449

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14623
- **FILM NUMBER:** 251447733

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

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

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

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

**CRD Number (if applicable):** 000159100

**SEC File Number (if applicable):** 801-74336

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:** Marie-Claude Lepage<br>**Title:** Head Risk Management and Chief Compliance Officer (USA)<br>**Phone:** 833-776-0552

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

/s/ Marie-Claude Lepage  Toronto, A6  10-31-2025<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:** 1

**Form 13F Information Table Entry Total:** 141

**Form 13F Information Table Value Total:** $19258203632

      (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   |
|:---|:---|:---|
|  | Guardian Partners Inc. | 028-21632              |

### 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 INC | COM PAR $0.004 | 000360206 | BBG000C2LZP3 | 73753033 | 789309 | SH |  | SOLE |  | 789309 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 168199173 | 1255780 | SH |  | SOLE |  | 1255780 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 58081346 | 250848 | SH |  | SOLE |  | 250848 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 57458 | 233 | SH |  | OTR | 1 | 233 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 117087899 | 474809 | SH |  | SOLE |  | 468469 | 0 | 6340 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 | BBG000G7CDN9 | 11363968 | 81932 | SH |  | SOLE |  | 81932 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 | BBG000Q9FZL4 | 253336974 | 2093694 | SH |  | SOLE |  | 2064136 | 0 | 29558 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS07 | 47475 | 391 | SH |  | OTR | 1 | 391 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS07 | 67574237 | 556533 | SH |  | SOLE |  | 547474 | 0 | 9059 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 573317 | 2354 | SH |  | OTR | 1 | 2354 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 1023270941 | 4201482 | SH |  | SOLE |  | 4138382 | 0 | 63100 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 5390499 | 22174 | SH |  | SOLE |  | 22174 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 532677 | 2426 | SH |  | OTR | 1 | 2426 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 984455489 | 4483561 | SH |  | SOLE |  | 4417261 | 0 | 66300 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG000BB9KF2 | 116455388 | 1035159 | SH |  | SOLE |  | 1035159 | 0 | 0 |
| AMETEK INC | COM | 031100100 | BBG000B9XG87 | 42770000 | 227500 | SH |  | SOLE |  | 227500 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG000B9YJ35 | 414563 | 3350 | SH |  | OTR | 1 | 3350 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG000B9YJ35 | 730995334 | 5907033 | SH |  | SOLE |  | 5844233 | 0 | 62800 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPK6 | 334115 | 937 | SH |  | OTR | 1 | 937 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPK6 | 890434460 | 2497152 | SH |  | SOLE |  | 2455440 | 0 | 41712 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 992802 | 3899 | SH |  | SOLE |  | 3899 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 | BBG000BGX2S0 | 92225 | 690 | SH |  | OTR | 1 | 690 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 | BBG000BGX2S0 | 368679190 | 2758336 | SH |  | SOLE |  | 2730782 | 0 | 27554 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 | BBG01J1GXZF0 | 38171738 | 269784 | SH |  | SOLE |  | 265979 | 0 | 3805 |
| BARRETT BUSINESS SVCS INC | COM | 068463108 | BBG000BHJSC4 | 86455999 | 1950722 | SH |  | SOLE |  | 1950722 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BCZYD3 | 66633 | 356 | SH |  | OTR | 1 | 356 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BCZYD3 | 199457711 | 1065650 | SH |  | SOLE |  | 1055850 | 0 | 9800 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 413755 | 823 | SH |  | OTR | 1 | 823 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCFL4 | 536236200 | 711 | SH |  | SOLE |  | 711 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 28233878 | 56160 | SH |  | SOLE |  | 34160 | 0 | 22000 |
| BIO RAD LABS INC | CL A | 090572207 | BBG000DY28W5 | 68265993 | 243468 | SH |  | SOLE |  | 243468 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG000BLBVN4 | 545326 | 101 | SH |  | OTR | 1 | 101 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG000BLBVN4 | 772813713 | 143133 | SH |  | SOLE |  | 140496 | 0 | 2637 |
| BORGWARNER INC | COM | 099724106 | BBG000BJ49H3 | 40993228 | 932512 | SH |  | SOLE |  | 932512 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 | BBG004FJ52G6 | 8113473 | 678384 | SH |  | SOLE |  | 678384 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 | BBG000D86F25 | 147596850 | 800547 | SH |  | SOLE |  | 800547 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 | BBG000KQY8Y7 | 125944943 | 252506 | SH |  | SOLE |  | 252506 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 | BBG000BGGBT8 | 12927470 | 39298 | SH |  | SOLE |  | 39298 | 0 | 0 |
| CBIZ INC | COM | 124805102 | BBG000FQD1Z0 | 6776444 | 127954 | SH |  | SOLE |  | 127954 | 0 | 0 |
| CDW CORP | COM | 12514G108 | BBG001P63B80 | 267431 | 1679 | SH |  | OTR | 1 | 1679 | 0 | 0 |
| CDW CORP | COM | 12514G108 | BBG001P63B80 | 375681312 | 2358622 | SH |  | SOLE |  | 2313872 | 0 | 44750 |
| CENCORA INC | COM | 03073E105 | BBG000MDCQC2 | 203354208 | 650671 | SH |  | SOLE |  | 650671 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 167518 | 620 | SH |  | OTR | 1 | 620 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 405861045 | 1502132 | SH |  | SOLE |  | 1485832 | 0 | 16300 |
| COGNEX CORP | COM | 192422103 | BBG000BPBVW5 | 65216009 | 1439647 | SH |  | SOLE |  | 1439647 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 | BBG000GPXKX9 | 137117 | 476 | SH |  | OTR | 1 | 476 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 | BBG000GPXKX9 | 213699615 | 741858 | SH |  | SOLE |  | 729198 | 0 | 12660 |
| DANAHER CORPORATION | COM | 235851102 | BBG000BH3JF8 | 78151316 | 394186 | SH |  | SOLE |  | 394186 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG000BH1NH9 | 167814 | 367 | SH |  | OTR | 1 | 367 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG000BH1NH9 | 229512969 | 501931 | SH |  | SOLE |  | 492176 | 0 | 9755 |
| DONNELLEY FINL SOLUTIONS INC | COM | 25787G100 | BBG009R0CT58 | 44416439 | 863629 | SH |  | SOLE |  | 863629 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 | BBG000BCG930 | 60312610 | 186657 | SH |  | SOLE |  | 186657 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 228900 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| ENSIGN GROUP INC | COM | 29358P101 | BBG000K1T9L0 | 18825192 | 108961 | SH |  | SOLE |  | 108961 | 0 | 0 |
| ESQUIRE FINL HLDGS INC | COM | 29667J101 | BBG003BCFHX4 | 79277452 | 776773 | SH |  | SOLE |  | 776773 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 | BBG000BMNBY1 | 7021375 | 79961 | SH |  | SOLE |  | 79961 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | BBG01NMRD768 | 204677047 | 911377 | SH |  | SOLE |  | 898691 | 0 | 12686 |
| FIRST CTZNS BANCSHARES INC D | CL A | 31946M103 | BBG000BJCDS3 | 11509666 | 6433 | SH |  | SOLE |  | 6433 | 0 | 0 |
| FTI CONSULTING INC | COM | 302941109 | BBG000K88H58 | 289030 | 1788 | SH |  | OTR | 1 | 1788 | 0 | 0 |
| FTI CONSULTING INC | COM | 302941109 | BBG000K88H58 | 540536101 | 3343867 | SH |  | SOLE |  | 3297694 | 0 | 46173 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 | BBG01186DLS3 | 5591367 | 431100 | SH |  | SOLE |  | 431100 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHXQ3 | 200184343 | 646298 | SH |  | SOLE |  | 646298 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 | BBG000NWKS18 | 101401569 | 2968430 | SH |  | SOLE |  | 2968430 | 0 | 0 |
| HERSHEY CO | COM | 427866108 | BBG000BLHRS2 | 45826315 | 244995 | SH |  | SOLE |  | 244995 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 | BBG000BJ41X2 | 58696 | 1193 | SH |  | OTR | 1 | 1193 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 | BBG000BJ41X2 | 129006631 | 2622086 | SH |  | SOLE |  | 2591432 | 0 | 30654 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG000LV0836 | 18235 | 265 | SH |  | OTR | 1 | 265 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG000LV0836 | 31689138 | 460531 | SH |  | SOLE |  | 457831 | 0 | 2700 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG000C1FB75 | 198975 | 1181 | SH |  | OTR | 1 | 1181 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG000C1FB75 | 416345249 | 2471185 | SH |  | SOLE |  | 2440060 | 0 | 31125 |
| ISHARES TR | MSCI ACWI ETF | 464288257 | BBG000TH6VB3 | 5643648 | 40825 | SH |  | OTR | 1 | 40825 | 0 | 0 |
| ITT INC | COM | 45073V108 | BBG00CVQZQ96 | 72025800 | 402919 | SH |  | SOLE |  | 402919 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 74476168 | 401662 | SH |  | SOLE |  | 401662 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 179164 | 568 | SH |  | OTR | 1 | 568 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 370211044 | 1173671 | SH |  | SOLE |  | 1158413 | 0 | 15258 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 | BBG00NNN9QQ8 | 64198356 | 785974 | SH |  | SOLE |  | 775738 | 0 | 10236 |
| KINSALE CAP GROUP INC | COM | 49714P108 | BBG00D8JD9Z9 | 13561541 | 31890 | SH |  | SOLE |  | 31890 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 | BBG000BMTFR4 | 10992013 | 10191 | SH |  | SOLE |  | 10191 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG000P2TYL8 | 17529436 | 52690 | SH |  | SOLE |  | 52690 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG000BP4MH0 | 559447 | 2776 | SH |  | OTR | 1 | 2776 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG000BP4MH0 | 920961266 | 4569847 | SH |  | SOLE |  | 4497857 | 0 | 71990 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 | BBG000BGYMH7 | 176097711 | 279396 | SH |  | SOLE |  | 279396 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 72239 | 127 | SH |  | OTR | 1 | 127 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 291262005 | 512055 | SH |  | SOLE |  | 507355 | 0 | 4700 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 | BBG000G6Y5W4 | 31907974 | 476879 | SH |  | SOLE |  | 476879 | 0 | 0 |
| MEDPACE HLDGS INC | COM | 58506Q109 | BBG0065B7K59 | 231372 | 450 | SH |  | OTR | 1 | 450 | 0 | 0 |
| MEDPACE HLDGS INC | COM | 58506Q109 | BBG0065B7K59 | 332313948 | 646324 | SH |  | SOLE |  | 635516 | 0 | 10808 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 368659 | 502 | SH |  | OTR | 1 | 502 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 503984431 | 686272 | SH |  | SOLE |  | 673072 | 0 | 13200 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 748956 | 1446 | SH |  | OTR | 1 | 1446 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 1370794557 | 2646577 | SH |  | SOLE |  | 2607647 | 0 | 38930 |
| MURPHY USA INC | COM | 626755102 | BBG001Z0Q6T5 | 15226392 | 39217 | SH |  | SOLE |  | 39217 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 | BBG000BX72V8 | 68615886 | 451450 | SH |  | SOLE |  | 444774 | 0 | 6676 |
| NIKE INC | CL B | 654106103 | BBG000C5HS04 | 82494704 | 1183059 | SH |  | SOLE |  | 1183059 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG000BQ2C28 | 338782 | 556 | SH |  | OTR | 1 | 556 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG000BQ2C28 | 587525842 | 964232 | SH |  | SOLE |  | 949532 | 0 | 14700 |
| NOVANTA INC | COM | 67000B104 | BBG000JB24Q5 | 39173472 | 391148 | SH |  | SOLE |  | 391148 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM1M4 | 10829164 | 676400 | SH |  | SOLE |  | 676400 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 10614536 | 56890 | SH |  | SOLE |  | 55848 | 0 | 1042 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLTW7 | 239054 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 7980635 | 74025 | SH |  | SOLE |  | 74025 | 0 | 0 |
| OSI SYSTEMS INC | COM | 671044105 | BBG000BWPR54 | 213444899 | 856383 | SH |  | SOLE |  | 856383 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 | BBG000BKLTP8 | 25611975 | 346061 | SH |  | SOLE |  | 346061 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 | BBG000BQSQ38 | 42886838 | 338331 | SH |  | SOLE |  | 338331 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDDR2 | 4546648 | 34400 | SH |  | SOLE |  | 34400 | 0 | 0 |
| POOL CORP | COM | 73278L105 | BBG000BCVG28 | 139842 | 451 | SH |  | OTR | 1 | 451 | 0 | 0 |
| POOL CORP | COM | 73278L105 | BBG000BCVG28 | 131506578 | 424119 | SH |  | SOLE |  | 415749 | 0 | 8370 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 146042789 | 950490 | SH |  | SOLE |  | 950490 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 | BBG000C1DF05 | 14037171 | 129542 | SH |  | SOLE |  | 129542 | 0 | 0 |
| RESMED INC | COM | 761152107 | BBG000L4M7F1 | 21223929 | 77536 | SH |  | SOLE |  | 77536 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 | BBG000BSSC44 | 220243 | 1495 | SH |  | SOLE |  | 1495 | 0 | 0 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 | BBG011K4W134 | 26458540 | 469456 | SH |  | SOLE |  | 469456 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 81878737 | 168229 | SH |  | SOLE |  | 167369 | 0 | 860 |
| SHARKNINJA INC | COM SHS | G8068L108 | BBG01HN2K357 | 25329617 | 245561 | SH |  | SOLE |  | 245561 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 | BBG0147BN6G2 | 321937646 | 4500736 | SH |  | SOLE |  | 4437351 | 0 | 63385 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG000BSXQV7 | 69248537 | 199990 | SH |  | SOLE |  | 199990 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 | BBG00TX393L4 | 13801813 | 178318 | SH |  | SOLE |  | 178318 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 | BBG000BT9DW0 | 75652996 | 798280 | SH |  | SOLE |  | 798280 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 | BBG000VX8S02 | 105637075 | 1269829 | SH |  | SOLE |  | 1010053 | 0 | 259776 |
| STATE STR CORP | COM | 857477103 | BBG000BKFBD7 | 40634475 | 350267 | SH |  | SOLE |  | 350267 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG000BD8ZK0 | 652142 | 2335 | SH |  | OTR | 1 | 2335 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG000BD8ZK0 | 59226237 | 212060 | SH |  | SOLE |  | 212060 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 | BBG00LDC5RK5 | 195639124 | 8382139 | SH |  | SOLE |  | 8266669 | 0 | 115470 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 84300101 | 458826 | SH |  | SOLE |  | 458826 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 | BBG00NK8H8T2 | 52004784 | 468596 | SH |  | SOLE |  | 468596 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 52316 | 534 | SH |  | OTR | 1 | 534 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 74055131 | 755896 | SH |  | SOLE |  | 741846 | 0 | 14050 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 52590917 | 152305 | SH |  | SOLE |  | 152305 | 0 | 0 |
| VALVOLINE INC | COM | 92047W101 | BBG003DNHV56 | 81176099 | 2260543 | SH |  | SOLE |  | 2260543 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 | BBG000BGKHZ3 | 6367486 | 22776 | SH |  | SOLE |  | 22776 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 | BBG000BCZL41 | 73583275 | 292566 | SH |  | SOLE |  | 292566 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS77T5 | 178446801 | 4060223 | SH |  | SOLE |  | 4060223 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 417849 | 1224 | SH |  | OTR | 1 | 1224 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 802769408 | 2351542 | SH |  | SOLE |  | 2318700 | 0 | 32842 |
| WARNER MUSIC GROUP CORP | COM CL A | 934550203 | BBG00RP2T9T6 | 10696611 | 314052 | SH |  | SOLE |  | 314052 | 0 | 0 |
| WATERS CORP | COM | 941848103 | BBG000FQRVM3 | 196675 | 656 | SH |  | OTR | 1 | 656 | 0 | 0 |
| WATERS CORP | COM | 941848103 | BBG000FQRVM3 | 464811633 | 1550354 | SH |  | SOLE |  | 1533114 | 0 | 17240 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG000BWQFY7 | 147165121 | 1755728 | SH |  | SOLE |  | 1735681 | 0 | 20047 |
| YUM CHINA HLDGS INC | COM | 98850P109 | BBG00B8N0HG1 | 71805 | 1673 | SH |  | OTR | 1 | 1673 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 | BBG00B8N0HG1 | 27256561 | 635055 | SH |  | SOLE |  | 623248 | 0 | 11807 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320N9 | 47788405 | 326602 | SH |  | SOLE |  | 326602 | 0 | 0 |

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