# EDGAR Filing Document

**Accession Number:** 0001426398
**File Stem:** 0001172661-25-003815
**Filing Date:** 2025-8
**Character Count:** 11291
**Document Hash:** 9ed78311565f09b3024361b65ce65d4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003815.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001172661-25-003815

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Focused Investors LLC
- **CENTRAL INDEX KEY:** 0001426398

**ORGANIZATION NAME:**
- **EIN:** 270138622
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12707
- **FILM NUMBER:** 251259029

**BUSINESS ADDRESS:**
- **STREET 1:** 1999 AVENUE OF THE STARS
- **STREET 2:** SUITE 3320
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** 310 734 1200

**MAIL ADDRESS:**
- **STREET 1:** 1999 AVENUE OF THE STARS
- **STREET 2:** SUITE 3320
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001426398

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Focused Investors LLC

**Address:** 1999 AVENUE OF THE STARS, LOS ANGELES, CA 90067

**Telephone number:** 310-734-1214

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-12707

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                  | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                   | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| American Express Company        | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation                                            | SECTION 14A SAY-ON-PAY VOTES |         337000 |                0 | FOR         |                                   337000 | FOR                         |  |
| Centene Corporation             | 15135B101 | 05/13/2025     | Advisory Vote to Approve Executive Compensation                                                                    | SECTION 14A SAY-ON-PAY VOTES |         805100 |                0 | FOR         |                                   805100 | FOR                         |  |
| Elevance Health, Inc.           | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                         | SECTION 14A SAY-ON-PAY VOTES |         389600 |                0 | FOR         |                                   389600 | FOR                         |  |
| FedEx Corporation               | 31428X106 | 09/23/2024     | Advisory Vote to Approve Named Executive Officer Compensation                                                      | SECTION 14A SAY-ON-PAY VOTES |         394700 |                0 | FOR         |                                   394700 | FOR                         |  |
| Fiserv, Inc.                    | 337738108 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers of Fiserv, Inc.                 | SECTION 14A SAY-ON-PAY VOTES |         925950 |                0 | FOR         |                                   925950 | FOR                         |  |
| Global Payments Inc.            | 37940X102 | 04/24/2025     | Approval, on an advisory basis, of the compensation of the Company's executive officers for 2024                   | SECTION 14A SAY-ON-PAY VOTES |         670700 |                0 | FOR         |                                   670700 | FOR                         |  |
| Johnson  Johnson                | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                      | SECTION 14A SAY-ON-PAY VOTES |         874550 |                0 | FOR         |                                   874550 | FOR                         |  |
| L3Harris Technologies Inc.      | 502431109 | 04/18/2025     | Approval, in an Advisory Vote, of the Compensation of Named Executive Officers as Disclosed in the Proxy Statement | SECTION 14A SAY-ON-PAY VOTES |         339450 |                0 | FOR         |                                   339450 | FOR                         |  |
| Lockheed Martin Corporation     | 539830109 | 05/09/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers (Say on Pay)                             | SECTION 14A SAY-ON-PAY VOTES |         129900 |                0 | FOR         |                                   129900 | FOR                         |  |
| Lowe's Companies, Inc.          | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024                         | SECTION 14A SAY-ON-PAY VOTES |         344100 |                0 | FOR         |                                   344100 | FOR                         |  |
| McDonald's Corporation          | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation                                                                    | SECTION 14A SAY-ON-PAY VOTES |         323650 |                0 | FOR         |                                   323650 | FOR                         |  |
| Microsoft Corporation           | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officers Compensation ("say-on-pay vote")                                 | SECTION 14A SAY-ON-PAY VOTES |         260750 |                0 | FOR         |                                   260750 | FOR                         |  |
| Morgan Stanley                  | 617446448 | 05/15/2025     | To approve the compensation of executives as disclosed in the proxy statement (non-binding advisory vote).         | SECTION 14A SAY-ON-PAY VOTES |         992000 |                0 | FOR         |                                   992000 | FOR                         |  |
| Northrop Grumman Corporation    | 666807102 | 05/21/2025     | Proposal to approve, on an advisory basis, the compensation of the Company's Named Executive Officers              | SECTION 14A SAY-ON-PAY VOTES |         159200 |                0 | FOR         |                                   159200 | FOR                         |  |
| Oracle Corporation              | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                          | SECTION 14A SAY-ON-PAY VOTES |         843500 |                0 | FOR         |                                   843500 | FOR                         |  |
| PepsiCo, Inc.                   | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation                                                          | SECTION 14A SAY-ON-PAY VOTES |         417250 |                0 | FOR         |                                   417250 | FOR                         |  |
| RTX Corporation                 | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation                                                                    | SECTION 14A SAY-ON-PAY VOTES |         589200 |                0 | FOR         |                                   589200 | FOR                         |  |
| Target Corporation              | 87612E106 | 06/11/2025     | Company proposal to approve, on an advisory basis, our executive compensation (Say on Pay).                        | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | ABSTAIN     |                                        0 | NONE                        |  |
| The Cigna Group                 | 125523100 | 04/23/2025     | Advisory approval of executive compensation                                                                        | SECTION 14A SAY-ON-PAY VOTES |         440750 |                0 | FOR         |                                   440750 | FOR                         |  |
| The Goldman Sachs Group         | 38141G104 | 04/23/2025     | Advisory Vote to Approve Executive Compensation (Say on Pay)                                                       | SECTION 14A SAY-ON-PAY VOTES |         233200 |                0 | FOR         |                                   233200 | FOR                         |  |
| The Home Depot, Inc.            | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                     | SECTION 14A SAY-ON-PAY VOTES |         166250 |                0 | FOR         |                                   166250 | FOR                         |  |
| The TJX Companies, Inc.         | 872540109 | 06/10/2025     | Advisory approval of TJX's executive compesation (the say-on-pay vote)                                             | SECTION 14A SAY-ON-PAY VOTES |         720450 |                0 | FOR         |                                   720450 | FOR                         |  |
| The Walt Disney Company         | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation                                                | SECTION 14A SAY-ON-PAY VOTES |         943950 |                0 | FOR         |                                   943950 | FOR                         |  |
| UnitedHealth Group Incorporated | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation                                                          | SECTION 14A SAY-ON-PAY VOTES |         316800 |                0 | FOR         |                                   316800 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Focused Investors LLC

**By (Signature):** Beverly C. Tecson

**By (Printed Signature):** Beverly C. Tecson

**By (Title):** Chief Operating Officer / Chief Compliance Officer

**Date:** 08/26/2025