# EDGAR Filing Document

**Accession Number:** 0001600152
**File Stem:** 0001600152-25-000004
**Filing Date:** 2025-7
**Character Count:** 18300
**Document Hash:** 5b00ddbac9b25d8c57e4c082151c23cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001600152-25-000004.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001600152-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**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:** 251157666

**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:** 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:** 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  07-29-2025<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:** 136

**Form 13F Information Table Value Total:** $563387805

      (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 | 5634446 | 11599 | SH |  | SOLE |  | 0 | 0 | 11599 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG000BDTBL9 | 244669 | 396 | SH |  | SOLE |  | 0 | 0 | 396 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 5119740 | 16411 | SH |  | SOLE |  | 0 | 0 | 16411 |
| WAL-MART STORES INC | COM | 931142103 | BBG000BWXBC2 | 19540844 | 199845 | SH |  | SOLE |  | 0 | 0 | 199845 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 11560414 | 62280 | SH |  | SOLE |  | 0 | 0 | 62280 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG000BB5006 | 19414412 | 50182 | SH |  | SOLE |  | 0 | 0 | 50182 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG000BBQCY0 | 23889575 | 168355 | SH |  | SOLE |  | 0 | 0 | 168355 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 23147987 | 131351 | SH |  | SOLE |  | 0 | 0 | 131351 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 24235911 | 118126 | SH |  | SOLE |  | 0 | 0 | 118126 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG000N2HDY5 | 23092492 | 225711 | SH |  | SOLE |  | 0 | 0 | 225711 |
| BOOKING HLDGS INC | COM | 09857L108 | BBG000BLBVN4 | 19857093 | 3430 | SH |  | SOLE |  | 0 | 0 | 3430 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 22882463 | 23115 | SH |  | SOLE |  | 0 | 0 | 23115 |
| FASTENAL CO | COM | 311900104 | BBG000BJ8YN7 | 11726484 | 279202 | SH |  | SOLE |  | 0 | 0 | 279202 |
| FISERV INC | COM | 337738108 | BBG000BJKPG0 | 12610757 | 73144 | SH |  | SOLE |  | 0 | 0 | 73144 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG000GQPB11 | 27132093 | 10381 | SH |  | SOLE |  | 0 | 0 | 10381 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 32406759 | 65151 | SH |  | SOLE |  | 0 | 0 | 65151 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXV6 | 1978250 | 26618 | SH |  | SOLE |  | 0 | 0 | 26618 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 | BBG000C734W3 | 13389075 | 25503 | SH |  | SOLE |  | 0 | 0 | 25503 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 16539505 | 31367 | SH |  | SOLE |  | 0 | 0 | 31367 |
| SHOPIFY INC | CL A | 82509L107 | BBG008HBD923 | 9422595 | 81687 | SH |  | SOLE |  | 0 | 0 | 81687 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 5877548 | 14496 | SH |  | SOLE |  | 0 | 0 | 14496 |
| TRACTOR SUPPLY CO | COM | 892356106 | BBG000BLXZN1 | 9280713 | 175871 | SH |  | SOLE |  | 0 | 0 | 175871 |
| XOMETRY INC | CLASS A COM | 98423F109 | BBG00BDCCV93 | 17491867 | 517664 | SH |  | SOLE |  | 0 | 0 | 517664 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG000R2T3H9 | 1999152 | 24788 | SH |  | SOLE |  | 0 | 0 | 24788 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 | BBG000CRF6Q8 | 7345793 | 24098 | SH |  | SOLE |  | 0 | 0 | 24098 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 13777034 | 62797 | SH |  | SOLE |  | 0 | 0 | 62797 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG000BCQZS4 | 249761 | 783 | SH |  | SOLE |  | 0 | 0 | 783 |
| CHEVRON CORP NEW | COM | 166764100 | BBG000K4ND22 | 3423387 | 23908 | SH |  | SOLE |  | 0 | 0 | 23908 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 6631156 | 41972 | SH |  | SOLE |  | 0 | 0 | 41972 |
| ORACLE COPR | COM | 68389X105 | BBG000BQLTW7 | 449941 | 2058 | SH |  | SOLE |  | 0 | 0 | 2058 |
| SALESFORCE COM INC | COM | 79466L302 | BBG000BN2DC2 | 652002 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| Visa INC | COM CL A | 92826C839 | BBG000PSKYX7 | 402627 | 1134 | SH |  | SOLE |  | 0 | 0 | 1134 |
| STARBUCKS CORP | COM | 855244109 | BBG000CTQBF3 | 1862563 | 20327 | SH |  | SOLE |  | 0 | 0 | 20327 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG000BD8ZK0 | 25385226 | 112081 | SH |  | SOLE |  | 0 | 0 | 112081 |
| PIMCO ETF TR | 0-5 HIGH YIELD | 72201R783 | BBG001R058S4 | 1641393 | 17276 | SH |  | SOLE |  | 0 | 0 | 17276 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG000BP6LJ8 | 4113539 | 70161 | SH |  | SOLE |  | 0 | 0 | 70161 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG000JG0547 | 8340370 | 27044 | SH |  | SOLE |  | 0 | 0 | 27044 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 344695 | 3109 | SH |  | SOLE |  | 0 | 0 | 3109 |
| NETFLIX INC | COM | 64110L106 | BBG000CL9VN6 | 7578137 | 5659 | SH |  | SOLE |  | 0 | 0 | 5659 |
| PFIZER INC | COM | 717081103 | BBG000BR2B91 | 4992761 | 205972 | SH |  | SOLE |  | 0 | 0 | 205972 |
| ZOOM VIDEO COMMUNICATIONS IN | CL A | 98980L101 | BBG0042V6JM8 | 2079961 | 26673 | SH |  | SOLE |  | 0 | 0 | 26673 |
| ARK ETF TR | GENOMIC REV ETF | 00214Q302 | BBG007FJPCB0 | 723779 | 29724 | SH |  | SOLE |  | 0 | 0 | 29724 |
| FACEBOOK INC | CL A | 30303M102 | BBG000MM2P62 | 5754888 | 7797 | SH |  | SOLE |  | 0 | 0 | 7797 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 | BBG00JM7QBR6 | 2573051 | 266914 | SH |  | SOLE |  | 0 | 0 | 266914 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 738608 | 4636 | SH |  | SOLE |  | 0 | 0 | 4636 |
| COPART INC | COM | 217204106 | BBG000BM9RH1 | 8376053 | 170696 | SH |  | SOLE |  | 0 | 0 | 170696 |
| FORD MTR CO DEL | COM | 345370860 | BBG000BQPC32 | 901060 | 83047 | SH |  | SOLE |  | 0 | 0 | 83047 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 1378088 | 2536 | SH |  | SOLE |  | 0 | 0 | 2536 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 | BBG000BB34J0 | 297687 | 3037 | SH |  | SOLE |  | 0 | 0 | 3037 |
| PRICE T ROWE GROUP INC | COM | 74144T108 | BBG000BVMPN3 | 1660958 | 17212 | SH |  | SOLE |  | 0 | 0 | 17212 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 1122865 | 7351 | SH |  | SOLE |  | 0 | 0 | 7351 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG000DMBXR2 | 366156 | 1263 | SH |  | SOLE |  | 0 | 0 | 1263 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 391886 | 1915 | SH |  | SOLE |  | 0 | 0 | 1915 |
| T-MOBILE US INC | COM | 872590104 | BBG000NDV1D4 | 376689 | 1581 | SH |  | SOLE |  | 0 | 0 | 1581 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 513617 | 5505 | SH |  | SOLE |  | 0 | 0 | 5505 |
| WORKDAY INC | CL A | 98138H101 | BBG000VC0T95 | 207600 | 865 | SH |  | SOLE |  | 0 | 0 | 865 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3J3C9 | 2577189 | 37146 | SH |  | SOLE |  | 0 | 0 | 37146 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS77T5 | 2152120 | 49737 | SH |  | SOLE |  | 0 | 0 | 49737 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C183Y1 | 406057 | 4291 | SH |  | SOLE |  | 0 | 0 | 4291 |
| TIDAL TR II | CAMBRIA CHESAPEA | 88636J337 | BBG01MW6DN24 | 250959 | 17066 | SH |  | SOLE |  | 0 | 0 | 17066 |
| TIDAL TR II | BLUEPRINT CHESAP | 88636J873 | BBG01HDK2FL3 | 306051 | 13339 | SH |  | SOLE |  | 0 | 0 | 13339 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 7439559 | 41939 | SH |  | SOLE |  | 0 | 0 | 41939 |
| QUALCOMM INC | COM | 747525103 | BBG000CGC1X8 | 347187 | 2180 | SH |  | SOLE |  | 0 | 0 | 2180 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG000GZQ728 | 484992 | 4499 | SH |  | SOLE |  | 0 | 0 | 4499 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 | BBG000K6MRN4 | 673969 | 841 | SH |  | SOLE |  | 0 | 0 | 841 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG000PWYVH7 | 1558233 | 18792 | SH |  | SOLE |  | 0 | 0 | 18792 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 | BBG000BHGDH5 | 1599608 | 13556 | SH |  | SOLE |  | 0 | 0 | 13556 |
| LILLY ELI  CO | COM | 532457108 | BBG000BNBDC2 | 1481887 | 1901 | SH |  | SOLE |  | 0 | 0 | 1901 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG000BLNNH6 | 655296 | 2223 | SH |  | SOLE |  | 0 | 0 | 2223 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JVL2 | 259142 | 2285 | SH |  | SOLE |  | 0 | 0 | 2285 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPFB9 | 506372 | 2766 | SH |  | SOLE |  | 0 | 0 | 2766 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCFL4 | 1457600 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BLACKSTONE INC | COM | 09260D107 | BBG000BH0106 | 291831 | 1951 | SH |  | SOLE |  | 0 | 0 | 1951 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 | BBG000MDCQC2 | 383208 | 1278 | SH |  | SOLE |  | 0 | 0 | 1278 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 | BBG000VPGNR2 | 369564 | 904 | SH |  | SOLE |  | 0 | 0 | 904 |
| COCA COLA CO | COM | 191216100 | BBG000BMX289 | 786811 | 11121 | SH |  | SOLE |  | 0 | 0 | 11121 |
| CORE  MAIN INC | CL A | 21874C102 | BBG01163K2X0 | 332770 | 5514 | SH |  | SOLE |  | 0 | 0 | 5514 |
| CRANE COMPANY | COMMON STOCK | 224408104 | BBG016G0L0Q5 | 475864 | 2506 | SH |  | SOLE |  | 0 | 0 | 2506 |
| CSX CORP | COM | 126408103 | BBG000BGJRC8 | 228410 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| CURTISS WRIGHT CORP | COM | 231561101 | BBG000BGSPS5 | 567695 | 1162 | SH |  | SOLE |  | 0 | 0 | 1162 |
| FEDERAL SIGNAL CORP | COM | 313855108 | BBG000BJXWX2 | 558918 | 5252 | SH |  | SOLE |  | 0 | 0 | 5252 |
| GAMESQUARE HLDGS INC | COM | 36468G103 | BBG00JCW80F9 | 131720 | 151577 | SH |  | SOLE |  | 0 | 0 | 151577 |
| GARMIN LTD | SHS | H2906T109 | BBG000C4LN67 | 2108072 | 10100 | SH |  | SOLE |  | 0 | 0 | 10100 |
| HOME DEPOT | INC COM | 437076102 | BBG000BKZB36 | 208618 | 569 | SH |  | SOLE |  | 0 | 0 | 569 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 | BBG01HLMBCG3 | 1852263 | 17725 | SH |  | SOLE |  | 0 | 0 | 17725 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 503589 | 2765 | SH |  | SOLE |  | 0 | 0 | 2765 |
| PROGRESSIVE CORP OHIO | COM | 743315103 | BBG000BR37X2 | 494758 | 1854 | SH |  | SOLE |  | 0 | 0 | 1854 |
| PTC INC | COM | 69370C100 | BBG000C2VBB0 | 276433 | 1604 | SH |  | SOLE |  | 0 | 0 | 1604 |
| REPUBLIC SVCS INC | COM | 760759100 | BBG000BPXVJ6 | 461654 | 1872 | SH |  | SOLE |  | 0 | 0 | 1872 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 | BBG000MTDW24 | 221280 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG000BJ7007 | 625985 | 2472 | SH |  | SOLE |  | 0 | 0 | 2472 |
| TESLA MTRS INC | COM | 88160R101 | BBG000N9MNX3 | 1360855 | 4284 | SH |  | SOLE |  | 0 | 0 | 4284 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 | BBG000BM6788 | 366987 | 839 | SH |  | SOLE |  | 0 | 0 | 839 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 214204 | 931 | SH |  | SOLE |  | 0 | 0 | 931 |
| VALERO ENERGY CORP | COM | 91913Y100 | BBG000BBGGQ1 | 617525 | 4594 | SH |  | SOLE |  | 0 | 0 | 4594 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG000NDCRW7 | 319602 | 9741 | SH |  | SOLE |  | 0 | 0 | 9741 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 | BBG000PG8230 | 232350 | 3890 | SH |  | SOLE |  | 0 | 0 | 3890 |
| ISHARES | MSCI SZ CAP ETF | 464286749 | BBG000BK5Z27 | 211293 | 3855 | SH |  | SOLE |  | 0 | 0 | 3855 |
| MICROSTRATEGY INC | CL A NEW | 594972408 | BBG000GQJPZ0 | 1175501 | 2908 | SH |  | SOLE |  | 0 | 0 | 2908 |
| CLEANSPARK INC | COM NEW | 18452B209 | BBG001MB89V6 | 147317 | 13356 | SH |  | SOLE |  | 0 | 0 | 13356 |
| GENIUS GROUP LTD | SHS NEW | Y3005A117 | BBG00W5FLW97 | 43520 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| MARA HOLDINGS INC | COM | 565788106 | BBG001K7WBT8 | 176917 | 11283 | SH |  | SOLE |  | 0 | 0 | 11283 |
| ASSET ENTITIES INC | CL B NEW | 04541A204 | BBG019HGLML0 | 42116 | 11231 | SH |  | SOLE |  | 0 | 0 | 11231 |
| ISHARES BITCOIN TR | SHS | 46438F101 | BBG01KYQ6PV3 | 3421272 | 55894 | SH |  | SOLE |  | 0 | 0 | 55894 |
| LULULEMON ATHLETICA INC | COM | 550021109 | BBG000R8ZVD1 | 1312630 | 5525 | SH |  | SOLE |  | 0 | 0 | 5525 |
| ROBLOX CORP | CL A | 771049103 | BBG001R1GCT0 | 855276 | 8130 | SH |  | SOLE |  | 0 | 0 | 8130 |
| BLACKLINE INC | NOTE 3/1 ADDED | 09239BAD1 | BBG00ZL7RVW0 | 1623231 | 1688000 | PRN |  | SOLE |  | 0 | 0 | 1688000 |
| PINDUODUO INC | NOTE 12/0 | 722304AC6 | BBG00Y78WSB1 | 978560 | 1000000 | PRN |  | SOLE |  | 0 | 0 | 1000000 |
| ISHARES TR | U.S. PFD STK ETF | 464288687 | BBG000G7K7Q0 | 828360 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | BBG000BBV9N3 | 1005453 | 9173 | SH |  | SOLE |  | 0 | 0 | 9173 |
| WIX COM LTD | NOTE 8/1 ADDED | 92940WAD1 | BBG00WLM45F5 | 1314017 | 1324000 | PRN |  | SOLE |  | 0 | 0 | 1324000 |
| ISHARES TR | USD INV GRDE ETF | 464288620 | BBG000QN2QQ2 | 205811 | 4001 | SH |  | SOLE |  | 0 | 0 | 4001 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 | BBG000QN1YR5 | 497515 | 9336 | SH |  | SOLE |  | 0 | 0 | 9336 |
| SERVICENOW INC | COM | 81762P102 | BBG000M1R011 | 338238 | 329 | SH |  | SOLE |  | 0 | 0 | 329 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 968910 | 3515 | SH |  | SOLE |  | 0 | 0 | 3515 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8KW8 | 392421 | 3056 | SH |  | SOLE |  | 0 | 0 | 3056 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 | BBG000BBTL04 | 231589 | 2508 | SH |  | SOLE |  | 0 | 0 | 2508 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 272020 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| ECOLAB INC | COM | 278865100 | BBG000BHKYH4 | 296384 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 207003 | 2615 | SH |  | SOLE |  | 0 | 0 | 2615 |
| ISHARES TR | CORE S ETF | 464287200 | BBG000BVZ4F5 | 261399 | 421 | SH |  | SOLE |  | 0 | 0 | 421 |
| TRIMAS CORP | COM NEW | 896215209 | BBG000C1NCH3 | 33927312 | 1185855 | SH |  | SOLE |  | 0 | 0 | 1185855 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG000HWV1X7 | 200953 | 1137 | SH |  | SOLE |  | 0 | 0 | 1137 |
| ANALOG DEVICES INC | COM | 032654105 | BBG000BB6G37 | 206363 | 867 | SH |  | SOLE |  | 0 | 0 | 867 |
| OLD REP INTL CORP | COM | 680223104 | BBG000C4PLF7 | 219608 | 5713 | SH |  | SOLE |  | 0 | 0 | 5713 |
| MUELLER WTR PRODS INC | COM SER A | 624758108 | BBG000JBC9M7 | 213211 | 8869 | SH |  | SOLE |  | 0 | 0 | 8869 |
| TRADEWEB MKTS INC | CL A | 892672106 | BBG00NK8H8T2 | 236290 | 1614 | SH |  | SOLE |  | 0 | 0 | 1614 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | BBG00RP5HYS8 | 201492 | 2753 | SH |  | SOLE |  | 0 | 0 | 2753 |
| COREBRIDGE FINL INC | COM | 21871X109 | BBG016HJ8729 | 218964 | 6168 | SH |  | SOLE |  | 0 | 0 | 6168 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 | BBG01JRQ9QJ3 | 219594 | 10157 | SH |  | SOLE |  | 0 | 0 | 10157 |
| UL SOLUTIONS INC | CLASS A COM SHS | 903731107 | BBG007N72M93 | 358763 | 4924 | SH |  | SOLE |  | 0 | 0 | 4924 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 | BBG000PWXXY5 | 267995 | 3371 | SH |  | SOLE |  | 0 | 0 | 3371 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 351438 | 8107 | SH |  | SOLE |  | 0 | 0 | 8107 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHXQ3 | 271462 | 848 | SH |  | SOLE |  | 0 | 0 | 848 |
| COMFORT SYS USA INC | COM | 199908104 | BBG000BWN2Y9 | 207513 | 387 | SH |  | SOLE |  | 0 | 0 | 387 |
| FAIR ISAAC CORP | COM | 303250104 | BBG000DW76Y6 | 204732 | 112 | SH |  | SOLE |  | 0 | 0 | 112 |

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