# EDGAR Filing Document

**Accession Number:** 0002052594
**File Stem:** 0002052594-26-000002
**Filing Date:** 2026-2
**Character Count:** 22283
**Document Hash:** fa96b8647552358c9347f4555b3a366c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002052594-26-000002.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0002052594-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25159
- **FILM NUMBER:** 26619266

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

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 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:** BLI - Banque de Luxembourg Investments<br>**Address:** 16 BOULEVARD ROYAL<br>LUXEMBOURG CITY, N4 L-2449

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

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Nico THILL<br>**Title:** Deputy CEO<br>**Phone:** 003522626992381

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

Nico THILL  Luxembourg, N4  02-11-2026<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:** 3

**Form 13F Information Table Entry Total:** 178

**Form 13F Information Table Value Total:** $3408409842

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                             | Form 13F File Number   |
|:---|:---|:---|
|  | Caisse Federale de Credit Mutuel |  |
|  | CREDIT INDUSTRIEL ET COMMERCIAL  |  |
|  | Banque de Luxembourg S.A.        |  |

### 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 |
| ABBOTT LABSCOM | COM | 002824100 |  | 25255290 | 200725 | SH |  | DFND | 128 | 198594 | 0 | 2131 |
| MANHATTAN ASSOCIATES INCCOM | COM | 562750109 |  | 12949526 | 74100 | SH |  | DFND | 128 | 74100 | 0 | 0 |
| AGNICO EAGLE MINES LTDCOM | COM | 008474108 |  | 51446373 | 303000 | SH |  | DFND | 128 | 303000 | 0 | 0 |
| ALCON AGORD SHS | ORD SHS | H01301128 |  | 7078863 | 88661 | SH |  | DFND | 128 | 88661 | 0 | 0 |
| SMITH A O CORPCOM | COM | 831865209 |  | 6796617 | 100300 | SH |  | DFND | 128 | 100300 | 0 | 0 |
| SIMON PPTY GROUP INC NEWCOM | COM | 828806109 |  | 2261283 | 12100 | SH |  | DFND | 128 | 12100 | 0 | 0 |
| NIKE INCCL B | CL B | 654106103 |  | 24016134 | 392500 | SH |  | DFND | 128 | 390000 | 0 | 2500 |
| S GLOBAL INCCOM | COM | 78409V104 |  | 28218718 | 53461 | SH |  | DFND | 128 | 53461 | 0 | 0 |
| UBER TECHNOLOGIES INCCOM | COM | 90353T100 |  | 4352810 | 53000 | SH |  | DFND | 128 | 53000 | 0 | 0 |
| MASTERCARD INCORPORATEDCL A | CL A | 57636Q104 |  | 78018089 | 135087 | SH |  | DFND | 128 | 130807 | 0 | 4280 |
| MICROSOFT CORPCOM | COM | 594918104 |  | 219152089 | 449519 | SH |  | DFND | 128 | 443640 | 0 | 5879 |
| ZOETIS INCCL A | CL A | 98978V103 |  | 41563734 | 328774 | SH |  | DFND | 128 | 322574 | 0 | 6200 |
| ROYAL GOLD INCCOM | COM | 780287108 |  | 22505958 | 100000 | SH |  | DFND | 128 | 100000 | 0 | 0 |
| LENNOX INTL INCCOM | COM | 526107107 |  | 10030657 | 20300 | SH |  | DFND | 128 | 20300 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INCCOM | COM | 883556102 |  | 38318837 | 65660 | SH |  | DFND | 128 | 63390 | 0 | 2270 |
| PEPSICO INCCOM | COM | 713448108 |  | 47452163 | 329172 | SH |  | DFND | 128 | 328039 | 0 | 1133 |
| MOODYS CORPCOM | COM | 615369105 |  | 22338840 | 43293 | SH |  | DFND | 128 | 41593 | 0 | 1700 |
| AUTODESK INCCOM | COM | 052769106 |  | 21320949 | 71151 | SH |  | DFND | 128 | 68651 | 0 | 2500 |
| XYLEM INCCOM | COM | 98419M100 |  | 12389293 | 90051 | SH |  | DFND | 128 | 90051 | 0 | 0 |
| UNION PAC CORPCOM | COM | 907818108 |  | 87584074 | 375712 | SH |  | DFND | 128 | 374382 | 0 | 1330 |
| KLA CORPCOM NEW | COM NEW | 482480100 |  | 20621834 | 16574 | SH |  | DFND | 128 | 16304 | 0 | 270 |
| ACCENTURE PLC IRELANDSHS CLASS A | SHS CLASS A | G1151C101 |  | 55652190 | 206099 | SH |  | DFND | 128 | 203020 | 0 | 3079 |
| SYNOPSYS INCCOM | COM | 871607107 |  | 21846045 | 46044 | SH |  | DFND | 128 | 45584 | 0 | 460 |
| COLGATE PALMOLIVE COCOM | COM | 194162103 |  | 60787044 | 764344 | SH |  | DFND | 128 | 751344 | 0 | 13000 |
| NORDSON CORPCOM | COM | 655663102 |  | 15754349 | 64600 | SH |  | DFND | 128 | 63900 | 0 | 700 |
| HOME DEPOT INCCOM | COM | 437076102 |  | 9531810 | 27516 | SH |  | DFND | 128 | 27516 | 0 | 0 |
| ARISTA NETWORKS INCCOM SHS | COM SHS | 040413205 |  | 21785353 | 164448 | SH |  | DFND | 128 | 163048 | 0 | 1400 |
| IQVIA HLDGS INCCOM | COM | 46266C105 |  | 12711893 | 55825 | SH |  | DFND | 128 | 55825 | 0 | 0 |
| MONDELEZ INTL INCCL A | CL A | 609207105 |  | 31295880 | 570808 | SH |  | DFND | 128 | 553208 | 0 | 17600 |
| ALPHABET INCCAP STK CL A | CAP STK CL A | 02079K305 |  | 183234560 | 583785 | SH |  | DFND | 128 | 574365 | 0 | 9420 |
| AUTOMATIC DATA PROCESSING INCOM | COM | 053015103 |  | 9190585 | 35400 | SH |  | DFND | 128 | 35400 | 0 | 0 |
| AMAZON COM INCCOM | COM | 023135106 |  | 109128432 | 469390 | SH |  | DFND | 128 | 458990 | 0 | 10400 |
| PROGRESSIVE CORPCOM | COM | 743315103 |  | 2990062 | 13000 | SH |  | DFND | 128 | 13000 | 0 | 0 |
| CANADIAN NATL RY COCOM | COM | 136375102 |  | 83667119 | 844888 | SH |  | DFND | 128 | 827923 | 0 | 16965 |
| AMGEN INCCOM | COM | 031162100 |  | 329599 | 1003 | SH |  | DFND | 128 | 0 | 0 | 1003 |
| CUMMINS INCCOM | COM | 231021106 |  | 11689730 | 22749 | SH |  | DFND | 128 | 22749 | 0 | 0 |
| VERISIGN INCCOM | COM | 92343E102 |  | 7706834 | 31340 | SH |  | DFND | 128 | 30700 | 0 | 640 |
| BOOKING HOLDINGS INCCOM | COM | 09857L108 |  | 11924393 | 2198 | SH |  | DFND | 128 | 2198 | 0 | 0 |
| METTLER TOLEDO INTERNATIONALCOM | COM | 592688105 |  | 8914911 | 6300 | SH |  | DFND | 128 | 6300 | 0 | 0 |
| PUBLIC STORAGE OPER COCOM | COM | 74460D109 |  | 2141357 | 8200 | SH |  | DFND | 128 | 8200 | 0 | 0 |
| APPLIED MATLS INCCOM | COM | 038222105 |  | 22553880 | 86742 | SH |  | DFND | 128 | 85597 | 0 | 1145 |
| FASTENAL COCOM | COM | 311900104 |  | 2861721 | 70000 | SH |  | DFND | 128 | 70000 | 0 | 0 |
| VEEVA SYS INCCL A COM | CL A COM | 922475108 |  | 13535191 | 60265 | SH |  | DFND | 128 | 60265 | 0 | 0 |
| ORLA MNG LTD NEWCOM | COM | 68634K106 |  | 28607712 | 2130000 | SH |  | DFND | 128 | 2130000 | 0 | 0 |
| NVIDIA CORPORATIONCOM | COM | 67066G104 |  | 109498039 | 583809 | SH |  | DFND | 128 | 571909 | 0 | 11900 |
| BROADCOM INCCOM | COM | 11135F101 |  | 24716954 | 70632 | SH |  | DFND | 128 | 67232 | 0 | 3400 |
| COOPER COS INCCOM | COM | 216648501 |  | 9419616 | 114200 | SH |  | DFND | 128 | 114200 | 0 | 0 |
| CATERPILLAR INCCOM | COM | 149123101 |  | 29393368 | 50895 | SH |  | DFND | 128 | 50895 | 0 | 0 |
| WATERS CORPCOM | COM | 941848103 |  | 38740295 | 100920 | SH |  | DFND | 128 | 97680 | 0 | 3240 |
| SITEONE LANDSCAPE SUPPLY INCCOM | COM | 82982L103 |  | 27471031 | 216913 | SH |  | DFND | 128 | 210913 | 0 | 6000 |
| ADOBE INCCOM | COM | 00724F101 |  | 62459531 | 177160 | SH |  | DFND | 128 | 176160 | 0 | 1000 |
| LOWES COS INCCOM | COM | 548661107 |  | 11411351 | 46911 | SH |  | DFND | 128 | 46911 | 0 | 0 |
| NEWMONT CORPCOM | COM | 651639106 |  | 15737267 | 154500 | SH |  | DFND | 128 | 154500 | 0 | 0 |
| PROCTER AND GAMBLE COCOM | COM | 742718109 |  | 18871236 | 130981 | SH |  | DFND | 128 | 129350 | 0 | 1631 |
| EATON CORP PLCSHS | SHS | G29183103 |  | 7930145 | 24715 | SH |  | DFND | 128 | 24715 | 0 | 0 |
| META PLATFORMS INCCL A | CL A | 30303M102 |  | 57186141 | 85864 | SH |  | DFND | 128 | 84364 | 0 | 1500 |
| EDWARDS LIFESCIENCES CORPCOM | COM | 28176E108 |  | 14614955 | 169530 | SH |  | DFND | 128 | 167030 | 0 | 2500 |
| FULL TRUCK ALLIANCE CO LTDSPONSORED ADS | SPONSORED ADS | 35969L108 |  | 5266074 | 482000 | SH |  | DFND | 128 | 482000 | 0 | 0 |
| ROLLINS INCCOM | COM | 775711104 |  | 35292520 | 583950 | SH |  | DFND | 128 | 572300 | 0 | 11650 |
| DOMINOS PIZZA INCCOM | COM | 25754A201 |  | 7341111 | 17400 | SH |  | DFND | 128 | 17400 | 0 | 0 |
| WHEATON PRECIOUS METALS CORPCOM | COM | 962879102 |  | 46238720 | 393500 | SH |  | DFND | 128 | 393500 | 0 | 0 |
| HONEYWELL INTL INCCOM | COM | 438516106 |  | 10462659 | 53274 | SH |  | DFND | 128 | 53274 | 0 | 0 |
| LINDE PLCSHS | SHS | G54950103 |  | 9725031 | 22700 | SH |  | DFND | 128 | 21000 | 0 | 1700 |
| LITTELFUSE INCCOM | COM | 537008104 |  | 8878952 | 34500 | SH |  | DFND | 128 | 34500 | 0 | 0 |
| COMPANIA CERVECERIAS UNIDASSPONSORED ADR | SPONSORED ADR | 204429104 |  | 5120217 | 400000 | SH |  | DFND | 128 | 400000 | 0 | 0 |
| RESMED INCCOM | COM | 761152107 |  | 52389760 | 215489 | SH |  | DFND | 128 | 211262 | 0 | 4227 |
| VISA INCCOM CL A | COM CL A | 92826C839 |  | 82767170 | 233941 | SH |  | DFND | 128 | 233941 | 0 | 0 |
| IDEXX LABS INCCOM | COM | 45168D104 |  | 38041066 | 55771 | SH |  | DFND | 128 | 54831 | 0 | 940 |
| AMETEK INCCOM | COM | 031100100 |  | 14170403 | 68430 | SH |  | DFND | 128 | 68430 | 0 | 0 |
| BADGER METER INCCOM | COM | 056525108 |  | 3030208 | 17000 | SH |  | DFND | 128 | 17000 | 0 | 0 |
| OTIS WORLDWIDE CORPCOM | COM | 68902V107 |  | 9978734 | 113377 | SH |  | DFND | 128 | 113377 | 0 | 0 |
| ORACLE CORPCOM | COM | 68389X105 |  | 7519404 | 38136 | SH |  | DFND | 128 | 38136 | 0 | 0 |
| VERISK ANALYTICS INCCOM | COM | 92345Y106 |  | 46944392 | 209228 | SH |  | DFND | 128 | 204838 | 0 | 4390 |
| JOHNSON  JOHNSONCOM | COM | 478160104 |  | 22681930 | 109599 | SH |  | DFND | 128 | 108060 | 0 | 1499 |
| KIMBERLY-CLARK CORPCOM | COM | 494368103 |  | 39537061 | 389281 | SH |  | DFND | 128 | 389281 | 0 | 0 |
| TEXAS INSTRS INCCOM | COM | 882508104 |  | 249246 | 1421 | SH |  | DFND | 128 | 0 | 0 | 1421 |
| DANAHER CORPORATIONCOM | COM | 235851102 |  | 20830338 | 90290 | SH |  | DFND | 128 | 90290 | 0 | 0 |
| SERVICENOW INCCOM | COM | 81762P102 |  | 14820982 | 96105 | SH |  | DFND | 128 | 89305 | 0 | 6800 |
| GLOBUS MED INCCL A | CL A | 379577208 |  | 12002273 | 136500 | SH |  | DFND | 128 | 136500 | 0 | 0 |
| MAGNUM ICE CREAM CO NVORD SHS | ORD SHS | N5505D105 |  | 5066930 | 317598 | SH |  | DFND | 128 | 317598 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATICL A | CL A | 989207105 |  | 15760966 | 63900 | SH |  | DFND | 128 | 63900 | 0 | 0 |
| MASIMO CORPCOM | COM | 574795100 |  | 6400379 | 48839 | SH |  | DFND | 128 | 48839 | 0 | 0 |
| ADVANCED DRAIN SYS INC DELCOM | COM | 00790R104 |  | 4175545 | 28400 | SH |  | DFND | 128 | 28400 | 0 | 0 |
| FERRARI N VCOM | COM | N3167Y103 |  | 4791412 | 12800 | SH |  | DFND | 128 | 12800 | 0 | 0 |
| EMERSON ELEC COCOM | COM | 291011104 |  | 189306 | 1399 | SH |  | DFND | 128 | 0 | 0 | 1399 |
| EXPONENT INCCOM | COM | 30214U102 |  | 11426578 | 162649 | SH |  | DFND | 128 | 162649 | 0 | 0 |
| MOTOROLA SOLUTIONS INCCOM NEW | COM NEW | 620076307 |  | 2073472 | 5400 | SH |  | DFND | 128 | 5400 | 0 | 0 |
| OKLO INCCOM CL A | COM CL A | 02156V109 |  | 3728038 | 52000 | SH |  | DFND | 128 | 52000 | 0 | 0 |
| APPLE INCCOM | COM | 037833100 |  | 93331977 | 341817 | SH |  | DFND | 128 | 336885 | 0 | 4932 |
| BECTON DICKINSON  COCOM | COM | 075887109 |  | 10957986 | 56000 | SH |  | DFND | 128 | 56000 | 0 | 0 |
| GARMIN LTDSHS | SHS | H2906T109 |  | 3896970 | 19000 | SH |  | DFND | 128 | 19000 | 0 | 0 |
| LOGITECH INTL S ASHS | SHS | H50430232 |  | 6644259 | 64582 | SH |  | DFND | 128 | 64582 | 0 | 0 |
| FRANCO NEV CORPCOM | COM | 351858105 |  | 53486122 | 257495 | SH |  | DFND | 128 | 253068 | 0 | 4427 |
| ABBVIE INCCOM | COM | 00287Y109 |  | 321440 | 1399 | SH |  | DFND | 128 | 0 | 0 | 1399 |
| YUM CHINA HLDGS INCCOM | COM | 98850P109 |  | 9494258 | 200300 | SH |  | DFND | 128 | 200300 | 0 | 0 |
| QUALCOMM INCCOM | COM | 747525103 |  | 6773223 | 39000 | SH |  | DFND | 128 | 39000 | 0 | 0 |
| DEXCOM INCCOM | COM | 252131107 |  | 3353892 | 50000 | SH |  | DFND | 128 | 50000 | 0 | 0 |
| TYLER TECHNOLOGIES INCCOM | COM | 902252105 |  | 15957466 | 34820 | SH |  | DFND | 128 | 32900 | 0 | 1920 |
| COCA-COLA FEMSA SAB DE CVSPONS ADS REP | SPONS ADS REP | 191241108 |  | 5703242 | 60000 | SH |  | DFND | 128 | 60000 | 0 | 0 |
| LAM RESEARCH CORPCOM NEW | COM NEW | 512807306 |  | 11123353 | 64000 | SH |  | DFND | 128 | 64000 | 0 | 0 |
| IDEX CORPCOM | COM | 45167R104 |  | 33881601 | 188900 | SH |  | DFND | 128 | 187800 | 0 | 1100 |
| ALAMOS GOLD INC NEWCOM CL A | COM CL A | 011532108 |  | 26733042 | 690000 | SH |  | DFND | 128 | 690000 | 0 | 0 |
| TRACTOR SUPPLY COCOM | COM | 892356106 |  | 7078808 | 140600 | SH |  | DFND | 128 | 140600 | 0 | 0 |
| QUALYS INCCOM | COM | 74758T303 |  | 2152491 | 16000 | SH |  | DFND | 128 | 16000 | 0 | 0 |
| ROPER TECHNOLOGIES INCCOM | COM | 776696106 |  | 19291912 | 42851 | SH |  | DFND | 128 | 41651 | 0 | 1200 |
| BIO-TECHNE CORPCOM | COM | 09073M104 |  | 11713161 | 198100 | SH |  | DFND | 128 | 198100 | 0 | 0 |
| FORTINET INCCOM | COM | 34959E109 |  | 3855524 | 48000 | SH |  | DFND | 128 | 48000 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LTORD | ORD | M22465104 |  | 28057219 | 149700 | SH |  | DFND | 128 | 149700 | 0 | 0 |
| UNITEDHEALTH GROUP INCCOM | COM | 91324P102 |  | 14179042 | 42683 | SH |  | DFND | 128 | 42683 | 0 | 0 |
| CLOROX CO DELCOM | COM | 189054109 |  | 17112747 | 169720 | SH |  | DFND | 128 | 168200 | 0 | 1520 |
| D R HORTON INCCOM | COM | 23331A109 |  | 3885549 | 26700 | SH |  | DFND | 128 | 26700 | 0 | 0 |
| CONSTELLATION BRANDS INCCL A | CL A | 21036P108 |  | 197619 | 1410 | SH |  | DFND | 128 | 1410 | 0 | 0 |
| BRISTOL-MYERS SQUIBB COCOM | COM | 110122108 |  | 13394145 | 247000 | SH |  | DFND | 128 | 247000 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INCCOM | COM | 955306105 |  | 13818646 | 49900 | SH |  | DFND | 128 | 49900 | 0 | 0 |
| WILLIAMS SONOMA INCCOM | COM | 969904101 |  | 3103183 | 17100 | SH |  | DFND | 128 | 17100 | 0 | 0 |
| WALMART INCCOM | COM | 931142103 |  | 5707907 | 51000 | SH |  | DFND | 128 | 51000 | 0 | 0 |
| ULTA BEAUTY INCCOM | COM | 90384S303 |  | 7282270 | 12000 | SH |  | DFND | 128 | 12000 | 0 | 0 |
| AGILENT TECHNOLOGIES INCCOM | COM | 00846U101 |  | 192503 | 1399 | SH |  | DFND | 128 | 0 | 0 | 1399 |
| LINCOLN ELEC HLDGS INCCOM | COM | 533900106 |  | 2507847 | 10300 | SH |  | DFND | 128 | 10300 | 0 | 0 |
| PULTE GROUP INCCOM | COM | 745867101 |  | 2598530 | 22000 | SH |  | DFND | 128 | 22000 | 0 | 0 |
| JPMORGAN CHASE  CO.COM | COM | 46625H100 |  | 1035164 | 3200 | SH |  | DFND | 128 | 0 | 0 | 3200 |
| TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS | SPONSORED ADS | 874039100 |  | 75492853 | 251800 | SH |  | DFND | 128 | 243300 | 0 | 8500 |
| MERCK  CO INCCOM | COM | 58933Y105 |  | 5888245 | 55500 | SH |  | DFND | 128 | 55500 | 0 | 0 |
| WATSCO INCCOM | COM | 942622200 |  | 9781188 | 28500 | SH |  | DFND | 128 | 28500 | 0 | 0 |
| EBAY INC.COM | COM | 278642103 |  | 243514 | 2796 | SH |  | DFND | 128 | 0 | 0 | 2796 |
| MSCI INCCOM | COM | 55354G100 |  | 14691946 | 25240 | SH |  | DFND | 128 | 24800 | 0 | 440 |
| CORE  MAIN INCCL A | CL A | 21874C102 |  | 11865655 | 224400 | SH |  | DFND | 128 | 224400 | 0 | 0 |
| ALIBABA GROUP HLDG LTDSPONSORED ADS | SPONSORED ADS | 01609W102 |  | 206354 | 1400 | SH |  | DFND | 128 | 1400 | 0 | 0 |
| PEMBINA PIPELINE CORPCOM | COM | 706327103 |  | 793811 | 20800 | SH |  | DFND | 128 | 15000 | 0 | 5800 |
| CHURCH  DWIGHT CO INCCOM | COM | 171340102 |  | 11344132 | 134300 | SH |  | DFND | 128 | 134300 | 0 | 0 |
| INSULET CORPCOM | COM | 45784P101 |  | 1435660 | 5002 | SH |  | DFND | 128 | 5002 | 0 | 0 |
| ILLINOIS TOOL WKS INCCOM | COM | 452308109 |  | 5493410 | 21900 | SH |  | DFND | 128 | 21900 | 0 | 0 |
| COSTCO WHSL CORP NEWCOM | COM | 22160K105 |  | 6146944 | 7100 | SH |  | DFND | 128 | 7100 | 0 | 0 |
| TRADEWEB MKTS INCCL A | CL A | 892672106 |  | 2589590 | 24000 | SH |  | DFND | 128 | 24000 | 0 | 0 |
| ENBRIDGE INCCOM | COM | 29250N105 |  | 29907776 | 625295 | SH |  | DFND | 128 | 618000 | 0 | 7295 |
| NETFLIX INCCOM | COM | 64110L106 |  | 10130291 | 108000 | SH |  | DFND | 128 | 108000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INCCOM | COM | 92532F100 |  | 2496446 | 5500 | SH |  | DFND | 128 | 5500 | 0 | 0 |
| EQUIFAX INCCOM | COM | 294429105 |  | 18226020 | 82540 | SH |  | DFND | 128 | 81800 | 0 | 740 |
| ANALOG DEVICES INCCOM | COM | 032654105 |  | 366350 | 1333 | SH |  | DFND | 128 | 0 | 0 | 1333 |
| EXXON MOBIL CORPCOM | COM | 30231G102 |  | 1198248 | 9900 | SH |  | DFND | 128 | 0 | 0 | 9900 |
| STRYKER CORPORATIONCOM | COM | 863667101 |  | 273781 | 773 | SH |  | DFND | 128 | 0 | 0 | 773 |
| ELI LILLY  COCOM | COM | 532457108 |  | 18904829 | 17500 | SH |  | DFND | 128 | 17500 | 0 | 0 |
| PAYCOM SOFTWARE INCCOM | COM | 70432V102 |  | 9037942 | 56300 | SH |  | DFND | 128 | 56300 | 0 | 0 |
| TJX COS INC NEWCOM | COM | 872540109 |  | 39559481 | 254653 | SH |  | DFND | 128 | 254653 | 0 | 0 |
| AAON INCCOM | COM PAR | 000360206 |  | 11578508 | 147200 | SH |  | DFND | 128 | 147200 | 0 | 0 |
| WELLS FARGO CO NEWCOM | COM | 949746101 |  | 1066256 | 11300 | SH |  | DFND | 128 | 0 | 0 | 11300 |
| GRACO INCCOM | COM | 384109104 |  | 10025904 | 120600 | SH |  | DFND | 128 | 120600 | 0 | 0 |
| JOHNSON CTLS INTL PLCSHS | SHS | G51502105 |  | 312548 | 2584 | SH |  | DFND | 128 | 0 | 0 | 2584 |
| CME GROUP INCCOM | COM | 12572Q105 |  | 2206973 | 8000 | SH |  | DFND | 128 | 8000 | 0 | 0 |
| TRANE TECHNOLOGIES PLCSHS | SHS | G8994E103 |  | 4860448 | 12400 | SH |  | DFND | 128 | 12400 | 0 | 0 |
| PAYCHEX INCCOM | COM | 704326107 |  | 12468912 | 109965 | SH |  | DFND | 128 | 109965 | 0 | 0 |
| POOL CORPCOM | COM | 73278L105 |  | 9544629 | 41300 | SH |  | DFND | 128 | 41300 | 0 | 0 |
| TERADYNE INCCOM | COM | 880770102 |  | 629546 | 3200 | SH |  | DFND | 128 | 3200 | 0 | 0 |
| BENTLEY SYS INCCOM CL B | COM CL B | 08265T208 |  | 9746514 | 252000 | SH |  | DFND | 128 | 252000 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATICOM | COM | 88262P102 |  | 13446977 | 45900 | SH |  | DFND | 128 | 45900 | 0 | 0 |
| HENRY JACK  ASSOC INCCOM | COM | 426281101 |  | 18349027 | 99400 | SH |  | DFND | 128 | 99400 | 0 | 0 |
| CDW CORPCOM | COM | 12514G108 |  | 9894948 | 71500 | SH |  | DFND | 128 | 71500 | 0 | 0 |
| BLACKROCK INCCOM | COM | 09290D101 |  | 3577731 | 3300 | SH |  | DFND | 128 | 3300 | 0 | 0 |
| ALPHABET INCCAP STK CL C | CAP STK CL C | 02079K107 |  | 9122918 | 29000 | SH |  | DFND | 128 | 29000 | 0 | 0 |
| ATMOS ENERGY CORPCOM | COM | 049560105 |  | 5396869 | 32000 | SH |  | DFND | 128 | 32000 | 0 | 0 |
| APPLOVIN CORPCOM CL A | COM CL A | 03831W108 |  | 5547876 | 8000 | SH |  | DFND | 128 | 8000 | 0 | 0 |
| WW GRAINGER INCCOM | COM | 384802104 |  | 3064540 | 3000 | SH |  | DFND | 128 | 3000 | 0 | 0 |
| CADENCE DESIGN SYSTEM INCCOM | COM | 127387108 |  | 3017312 | 9560 | SH |  | DFND | 128 | 9000 | 0 | 560 |
| DECKERS OUTDOOR CORPCOM | COM | 243537107 |  | 189098 | 1800 | SH |  | DFND | 128 | 0 | 0 | 1800 |
| CHEVRON CORP NEWCOM | COM | 166764100 |  | 1005354 | 6600 | SH |  | DFND | 128 | 0 | 0 | 6600 |
| CHEMED CORP NEWCOM | COM | 16359R103 |  | 15290855 | 35500 | SH |  | DFND | 128 | 35500 | 0 | 0 |
| NVR INCCOM | COM | 62944T105 |  | 2639245 | 360 | SH |  | DFND | 128 | 360 | 0 | 0 |
| COCA COLA COCOM | COM | 191216100 |  | 3830069 | 54631 | SH |  | DFND | 128 | 51000 | 0 | 3631 |
| LULULEMON ATHLETICA INCCOM | COM | 550021109 |  | 3097715 | 14700 | SH |  | DFND | 128 | 14700 | 0 | 0 |
| ECOLAB INCCOM | COM | 278865100 |  | 169280 | 640 | SH |  | DFND | 128 | 0 | 0 | 640 |
| WESCO INTL INCCOM | COM | 95082P105 |  | 3247473 | 13000 | SH |  | DFND | 128 | 13000 | 0 | 0 |
| GILEAD SCIENCES INCCOM | COM | 375558103 |  | 311832 | 2531 | SH |  | DFND | 128 | 0 | 0 | 2531 |
| PROLOGIS INC.COM | COM | 74340W103 |  | 4773203 | 37000 | SH |  | DFND | 128 | 37000 | 0 | 0 |
| CINTAS CORPCOM | COM | 172908105 |  | 4284969 | 22500 | SH |  | DFND | 128 | 22500 | 0 | 0 |
| BURLINGTON STORES INCCOM | COM | 122017106 |  | 11984638 | 41600 | SH |  | DFND | 128 | 41600 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INCCOM | COM | 169656105 |  | 5817882 | 157000 | SH |  | DFND | 128 | 157000 | 0 | 0 |
| MONOLITHIC PWR SYS INCCOM | COM | 609839105 |  | 2033249 | 2200 | SH |  | DFND | 128 | 2200 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DELCL B NEW | CL B NEW | 084670702 |  | 15115393 | 30000 | SH |  | DFND | 128 | 30000 | 0 | 0 |

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