# EDGAR Filing Document

**Accession Number:** 0001600152
**File Stem:** 0001600152-26-000001
**Filing Date:** 2026-2
**Character Count:** 17505
**Document Hash:** 38008ee53a337f24a80315417b059058
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001600152-26-000001.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001600152-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bellecapital International Ltd.
- **CENTRAL INDEX KEY:** 0001600152

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15955
- **FILM NUMBER:** 26587382

**BUSINESS ADDRESS:**
- **STREET 1:** LIMMATQUAI 1
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8001
- **BUSINESS PHONE:** 0041442681170

**MAIL ADDRESS:**
- **STREET 1:** LIMMATQUAI 1
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8001

### 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:** Bellecapital International Ltd.<br>**Address:** LIMMATQUAI 1<br>ZURICH, V8 8001

**Form 13F File Number:** 028-15955

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:** Thao Huynh<br>**Title:** Portfolio Administrator<br>**Phone:** 0041 44 268 11 77

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

Thao Huynh  Zurich, V8  02-02-2026<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:** 129

**Form 13F Information Table Value Total:** $563363803

      (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 |
| BERKSHIRE HATHAWAY INC | CL B | 084670702 | BBG000DWG505 | 5880502 | 11699 | SH |  | SOLE |  | 0 | 0 | 11699 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG000BDTBL9 | 270040 | 396 | SH |  | SOLE |  | 0 | 0 | 396 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 5723117 | 17337 | SH |  | SOLE |  | 0 | 0 | 17337 |
| WAL-MART STORES INC | COM | 931142103 | BBG000BWXBC2 | 18793307 | 168686 | SH |  | SOLE |  | 0 | 0 | 168686 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG000R2T3H9 | 1746365 | 21659 | SH |  | SOLE |  | 0 | 0 | 21659 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 14795641 | 64754 | SH |  | SOLE |  | 0 | 0 | 64754 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG000BBQCY0 | 27773125 | 129684 | SH |  | SOLE |  | 0 | 0 | 129684 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 38223873 | 122121 | SH |  | SOLE |  | 0 | 0 | 122121 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG000BP6LJ8 | 3980789 | 69039 | SH |  | SOLE |  | 0 | 0 | 69039 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 14238132 | 61685 | SH |  | SOLE |  | 0 | 0 | 61685 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 31232364 | 114884 | SH |  | SOLE |  | 0 | 0 | 114884 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG000N2HDY5 | 19184626 | 146414 | SH |  | SOLE |  | 0 | 0 | 146414 |
| BOOKING HLDGS INC | COM | 09857L108 | BBG000BLBVN4 | 17394112 | 3248 | SH |  | SOLE |  | 0 | 0 | 3248 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG000C9KL89 | 281443 | 6133 | SH |  | SOLE |  | 0 | 0 | 6133 |
| FASTENAL CO | COM | 311900104 | BBG000BJ8YN7 | 11121508 | 277137 | SH |  | SOLE |  | 0 | 0 | 277137 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG000GQPB11 | 17018483 | 8449 | SH |  | SOLE |  | 0 | 0 | 8449 |
| FACEBOOK INC | CL A | 30303M102 | BBG000MM2P62 | 15277783 | 23145 | SH |  | SOLE |  | 0 | 0 | 23145 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 26182220 | 54138 | SH |  | SOLE |  | 0 | 0 | 54138 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 | BBG000C734W3 | 17837144 | 23109 | SH |  | SOLE |  | 0 | 0 | 23109 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 14792955 | 28307 | SH |  | SOLE |  | 0 | 0 | 28307 |
| SHOPIFY INC | CL A | 82509L107 | BBG008HBD923 | 12334487 | 76626 | SH |  | SOLE |  | 0 | 0 | 76626 |
| SYNOPSYS INC | COM | 871607107 | BBG000BSFRF3 | 16704652 | 35563 | SH |  | SOLE |  | 0 | 0 | 35563 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 8765340 | 15127 | SH |  | SOLE |  | 0 | 0 | 15127 |
| TRACTOR SUPPLY CO | COM | 892356106 | BBG000BLXZN1 | 8098619 | 161940 | SH |  | SOLE |  | 0 | 0 | 161940 |
| XOMETRY INC | CLASS A COM | 98423F109 | BBG00BDCCV93 | 17002473 | 285900 | SH |  | SOLE |  | 0 | 0 | 285900 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 | BBG000CRF6Q8 | 6055617 | 15280 | SH |  | SOLE |  | 0 | 0 | 15280 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG000BCQZS4 | 289671 | 783 | SH |  | SOLE |  | 0 | 0 | 783 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 7280028 | 39035 | SH |  | SOLE |  | 0 | 0 | 39035 |
| ORACLE COPR | COM | 68389X105 | BBG000BQLTW7 | 876900 | 4499 | SH |  | SOLE |  | 0 | 0 | 4499 |
| Visa INC | COM CL A | 92826C839 | BBG000PSKYX7 | 449260 | 1281 | SH |  | SOLE |  | 0 | 0 | 1281 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 15297912 | 17740 | SH |  | SOLE |  | 0 | 0 | 17740 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG000BD8ZK0 | 27684987 | 91102 | SH |  | SOLE |  | 0 | 0 | 91102 |
| PIMCO ETF TR | 0-5 HIGH YIELD | 72201R783 | BBG001R058S4 | 1516646 | 15995 | SH |  | SOLE |  | 0 | 0 | 15995 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG000BB5006 | 12618889 | 36055 | SH |  | SOLE |  | 0 | 0 | 36055 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG000JG0547 | 3354279 | 13040 | SH |  | SOLE |  | 0 | 0 | 13040 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 279602 | 2278 | SH |  | SOLE |  | 0 | 0 | 2278 |
| NETFLIX INC | COM | 64110L106 | BBG000CL9VN6 | 5100450 | 54399 | SH |  | SOLE |  | 0 | 0 | 54399 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXV6 | 826252 | 14153 | SH |  | SOLE |  | 0 | 0 | 14153 |
| PFIZER INC | COM | 717081103 | BBG000BR2B91 | 6005258 | 241175 | SH |  | SOLE |  | 0 | 0 | 241175 |
| STARBUCKS CORP | COM | 855244109 | BBG000CTQBF3 | 984668 | 11693 | SH |  | SOLE |  | 0 | 0 | 11693 |
| ZOOM VIDEO COMMUNICATIONS IN | CL A | 98980L101 | BBG0042V6JM8 | 1916587 | 22211 | SH |  | SOLE |  | 0 | 0 | 22211 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 1115382 | 7783 | SH |  | SOLE |  | 0 | 0 | 7783 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 3121776 | 5512 | SH |  | SOLE |  | 0 | 0 | 5512 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 | BBG00JM7QBR6 | 1033206 | 107179 | SH |  | SOLE |  | 0 | 0 | 107179 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 3143364 | 15189 | SH |  | SOLE |  | 0 | 0 | 15189 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 1805051 | 5906 | SH |  | SOLE |  | 0 | 0 | 5906 |
| COCA COLA CO | COM | 191216100 | BBG000BMX289 | 2668395 | 38169 | SH |  | SOLE |  | 0 | 0 | 38169 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG000DMBXR2 | 453364 | 1407 | SH |  | SOLE |  | 0 | 0 | 1407 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 472473 | 2565 | SH |  | SOLE |  | 0 | 0 | 2565 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 517633 | 6335 | SH |  | SOLE |  | 0 | 0 | 6335 |
| COPART INC | COM | 217204106 | BBG000BM9RH1 | 5566347 | 142180 | SH |  | SOLE |  | 0 | 0 | 142180 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG000QLKDR4 | 3895916 | 47997 | SH |  | SOLE |  | 0 | 0 | 47997 |
| ISHARES BITCOIN TR | SHS | 46438F101 | BBG01KYQ6PV3 | 4492779 | 90489 | SH |  | SOLE |  | 0 | 0 | 90489 |
| TIDAL TR II | CAMBRIA CHESAPEA | 88636J337 | BBG01MW6DN24 | 292395 | 17878 | SH |  | SOLE |  | 0 | 0 | 17878 |
| TIDAL TR II | BLUEPRINT CHESAP | 88636J873 | BBG01HDK2FL3 | 369063 | 14366 | SH |  | SOLE |  | 0 | 0 | 14366 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C183Y1 | 439999 | 4291 | SH |  | SOLE |  | 0 | 0 | 4291 |
| FAIR ISAAC CORP | COM | 303250104 | BBG000DW76Y6 | 875741 | 518 | SH |  | SOLE |  | 0 | 0 | 518 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 3346363 | 10664 | SH |  | SOLE |  | 0 | 0 | 10664 |
| QUALCOMM INC | COM | 747525103 | BBG000CGC1X8 | 516913 | 3022 | SH |  | SOLE |  | 0 | 0 | 3022 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG000GZQ728 | 698092 | 5801 | SH |  | SOLE |  | 0 | 0 | 5801 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 | BBG000K6MRN4 | 899752 | 841 | SH |  | SOLE |  | 0 | 0 | 841 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG000PWYVH7 | 1643510 | 19624 | SH |  | SOLE |  | 0 | 0 | 19624 |
| PHILLIPS 66 | COM | 718546104 | BBG00286S4N9 | 972445 | 7536 | SH |  | SOLE |  | 0 | 0 | 7536 |
| LILLY ELI  CO | COM | 532457108 | BBG000BNBDC2 | 1854898 | 1726 | SH |  | SOLE |  | 0 | 0 | 1726 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3J3C9 | 2199052 | 28548 | SH |  | SOLE |  | 0 | 0 | 28548 |
| CHEVRON CORP NEW | COM | 166764100 | BBG000K4ND22 | 285769 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 | BBG000BHGDH5 | 1404879 | 11986 | SH |  | SOLE |  | 0 | 0 | 11986 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG000BLNNH6 | 865526 | 2922 | SH |  | SOLE |  | 0 | 0 | 2922 |
| SALESFORCE COM INC | COM | 79466L302 | BBG000BN2DC2 | 486640 | 1837 | SH |  | SOLE |  | 0 | 0 | 1837 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZT9 | 220304 | 1620 | SH |  | SOLE |  | 0 | 0 | 1620 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JVL2 | 334935 | 2285 | SH |  | SOLE |  | 0 | 0 | 2285 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPFB9 | 1242547 | 4835 | SH |  | SOLE |  | 0 | 0 | 4835 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCFL4 | 10567200 | 14 | SH |  | SOLE |  | 0 | 0 | 14 |
| BLACKSTONE INC | COM | 09260D107 | BBG000BH0106 | 300727 | 1951 | SH |  | SOLE |  | 0 | 0 | 1951 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 | BBG000C13CD9 | 254128 | 813 | SH |  | SOLE |  | 0 | 0 | 813 |
| CSX CORP | COM | 126408103 | BBG000BGJRC8 | 253750 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| HOME DEPOT | INC COM | 437076102 | BBG000BKZB36 | 662048 | 1924 | SH |  | SOLE |  | 0 | 0 | 1924 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 | BBG01HLMBCG3 | 1746090 | 17725 | SH |  | SOLE |  | 0 | 0 | 17725 |
| LOWES COS INC | COM | 548661107 | BBG000BNDN65 | 241160 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 318306 | 3024 | SH |  | SOLE |  | 0 | 0 | 3024 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 | BBG000BGBTC2 | 230568 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 1441034 | 8984 | SH |  | SOLE |  | 0 | 0 | 8984 |
| REPUBLIC SVCS INC | COM | 760759100 | BBG000BPXVJ6 | 275933 | 1302 | SH |  | SOLE |  | 0 | 0 | 1302 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 | BBG000MTDW24 | 227280 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| SERVICENOW INC | COM | 81762P102 | BBG000M1R011 | 275742 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| SOUTHERN CO | COM | 842587107 | BBG000BT9DW0 | 261600 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG000BJ7007 | 642106 | 4460 | SH |  | SOLE |  | 0 | 0 | 4460 |
| TESLA MTRS INC | COM | 88160R101 | BBG000N9MNX3 | 1852846 | 4120 | SH |  | SOLE |  | 0 | 0 | 4120 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 215359 | 931 | SH |  | SOLE |  | 0 | 0 | 931 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG000NDCRW7 | 627515 | 9741 | SH |  | SOLE |  | 0 | 0 | 9741 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 | BBG000PG8230 | 250477 | 3890 | SH |  | SOLE |  | 0 | 0 | 3890 |
| ISHARES | MSCI SZ CAP ETF | 464286749 | BBG000BK5Z27 | 231146 | 3855 | SH |  | SOLE |  | 0 | 0 | 3855 |
| MICROSTRATEGY INC | CL A NEW | 594972408 | BBG000GQJPZ0 | 1374388 | 9045 | SH |  | SOLE |  | 0 | 0 | 9045 |
| GENIUS GROUP LTD | SHS NEW | Y3005A117 | BBG00W5FLW97 | 18384 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 259977 | 2075 | SH |  | SOLE |  | 0 | 0 | 2075 |
| ANALOG DEVICES INC | COM | 032654105 | BBG000BB6G37 | 245978 | 907 | SH |  | SOLE |  | 0 | 0 | 907 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 1227963 | 3548 | SH |  | SOLE |  | 0 | 0 | 3548 |
| MASTERCARD INC | CL A | 57636Q104 | BBG000F1ZSQ2 | 304850 | 534 | SH |  | SOLE |  | 0 | 0 | 534 |
| LULULEMON ATHLETICA INC | COM | 550021109 | BBG000R8ZVD1 | 1148150 | 5525 | SH |  | SOLE |  | 0 | 0 | 5525 |
| ROBLOX CORP | CL A | 771049103 | BBG001R1GCT0 | 658774 | 8130 | SH |  | SOLE |  | 0 | 0 | 8130 |
| BLACKLINE INC | NOTE 3/1 ADDED | 09239BAD1 | BBG00ZL7RVW0 | 1135071 | 1147000 | PRN |  | SOLE |  | 0 | 0 | 1147000 |
| ISHARES TR | U.S. PFD STK ETF | 464288687 | BBG000G7K7Q0 | 835920 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | BBG000BBV9N3 | 1010773 | 9173 | SH |  | SOLE |  | 0 | 0 | 9173 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 | BBG000QN1YR5 | 503024 | 9336 | SH |  | SOLE |  | 0 | 0 | 9336 |
| ISHARES U S ETF TR | SHORT MATURITY M | 46431W838 | BBG0087DRND2 | 1001771 | 19908 | SH |  | SOLE |  | 0 | 0 | 19908 |
| FORD MTR CO DEL | COM | 345370860 | BBG000BQPC32 | 168710 | 12859 | SH |  | SOLE |  | 0 | 0 | 12859 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8KW8 | 495103 | 3056 | SH |  | SOLE |  | 0 | 0 | 3056 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX77 | 246618 | 366 | SH |  | SOLE |  | 0 | 0 | 366 |
| CELESTICA INC | COM | 15101Q207 | BBG000BRW7J6 | 304914 | 751 | SH |  | SOLE |  | 0 | 0 | 751 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 | BBG000BBTL04 | 263340 | 2508 | SH |  | SOLE |  | 0 | 0 | 2508 |
| ECOLAB INC | COM | 278865100 | BBG000BHKYH4 | 288772 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| ISHARES TR | CORE S ETF | 464287200 | BBG000BVZ4F5 | 288360 | 421 | SH |  | SOLE |  | 0 | 0 | 421 |
| TRIMAS CORP | COM NEW | 896215209 | BBG000C1NCH3 | 24313560 | 685855 | SH |  | SOLE |  | 0 | 0 | 685855 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG000HWV1X7 | 217156 | 1137 | SH |  | SOLE |  | 0 | 0 | 1137 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 | BBG003H6TR19 | 208621 | 2332 | SH |  | SOLE |  | 0 | 0 | 2332 |
| VENTAS INC | COM | 92276F100 | BBG000FRVHB9 | 209545 | 2708 | SH |  | SOLE |  | 0 | 0 | 2708 |
| CURTISS WRIGHT CORP | COM | 231561101 | BBG000BGSPS5 | 218303 | 396 | SH |  | SOLE |  | 0 | 0 | 396 |
| OLD REP INTL CORP | COM | 680223104 | BBG000C4PLF7 | 260741 | 5713 | SH |  | SOLE |  | 0 | 0 | 5713 |
| HANOVER INS GROUP INC | COM | 410867105 | BBG000FJH8W0 | 205068 | 1122 | SH |  | SOLE |  | 0 | 0 | 1122 |
| MUELLER WTR PRODS INC | COM SER A | 624758108 | BBG000JBC9M7 | 211260 | 8869 | SH |  | SOLE |  | 0 | 0 | 8869 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG000QY3XZ2 | 243647 | 860 | SH |  | SOLE |  | 0 | 0 | 860 |
| GLOBE LIFE INC | COM | 37959E102 | BBG000BVD6X4 | 200559 | 1434 | SH |  | SOLE |  | 0 | 0 | 1434 |
| CRANE COMPANY | COMMON STOCK | 224408104 | BBG016G0L0Q5 | 243816 | 1322 | SH |  | SOLE |  | 0 | 0 | 1322 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 | BBG01JRQ9QJ3 | 283380 | 10157 | SH |  | SOLE |  | 0 | 0 | 10157 |
| UL SOLUTIONS INC | CLASS A COM SHS | 903731107 | BBG007N72M93 | 209768 | 2660 | SH |  | SOLE |  | 0 | 0 | 2660 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 | BBG000PWXXY5 | 268770 | 3371 | SH |  | SOLE |  | 0 | 0 | 3371 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 411755 | 8107 | SH |  | SOLE |  | 0 | 0 | 8107 |
| COMFORT SYS USA INC | COM | 199908104 | BBG000BWN2Y9 | 361183 | 387 | SH |  | SOLE |  | 0 | 0 | 387 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRNP7 | 216201 | 612 | SH |  | SOLE |  | 0 | 0 | 612 |

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