# EDGAR Filing Document

**Accession Number:** 0000903949
**File Stem:** 0000903949-25-000009
**Filing Date:** 2025-11
**Character Count:** 26269
**Document Hash:** 41cfe594795e14c6b833739367a3c32d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000903949-25-000009.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000903949-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS COMPANY, INC.
- **CENTRAL INDEX KEY:** 0000903949

**ORGANIZATION NAME:**
- **EIN:** 391091673
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04359
- **FILM NUMBER:** 251469908

**BUSINESS ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-272-4650

**MAIL ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS CO INC /WI
- **DATE OF NAME CHANGE:** 19941205

### 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:** NICHOLAS COMPANY INC.<br>**Address:** 411 E. WISCONSIN AVE.<br>SUITE 2100<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-04359

**CRD Number (if applicable):** 000108347

**SEC File Number (if applicable):** 801-4658

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:** Jennifer R. Kloehn<br>**Title:** Chief Financial Officer<br>**Phone:** 4147556374

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

Jennifer R. Kloehn  Milwaukee, WI  11-12-2025<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:** 215

**Form 13F Information Table Value Total:** $5893058755

      (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 |
| A. O. Smith Corporation | COM | 831865209 |  | 28685912 | 390763 | SH |  | SOLE |  | 3911 | 0 | 386852 |
| Abbott Laboratories | COM | 002824100 |  | 11920392 | 88998 | SH |  | SOLE |  | 235 | 0 | 88763 |
| AbbVie Inc. | COM | 00287Y109 |  | 8966387 | 38725 | SH |  | SOLE |  | 106 | 0 | 38619 |
| Adobe Inc. | COM | 00724F101 |  | 57225222 | 162226 | SH |  | SOLE |  | 792 | 0 | 161434 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 72597600 | 448715 | SH |  | SOLE |  | 2386 | 0 | 446329 |
| Air Products and Chemicals Inc. | COM | 009158106 |  | 6517190 | 23897 | SH |  | SOLE |  | 68 | 0 | 23829 |
| Alcon AG | ORD SHS | H01301128 |  | 49184796 | 660110 | SH |  | SOLE |  | 3200 | 0 | 656910 |
| Alexandria Real Estate Equities Inc. | COM | 015271109 |  | 4871640 | 58455 | SH |  | SOLE |  | 173 | 0 | 58282 |
| Alkami Technology Inc | COM | 01644J108 |  | 6977233 | 280887 | SH |  | SOLE |  | 3635 | 0 | 277252 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 224618859 | 922270 | SH |  | SOLE |  | 4610 | 0 | 917660 |
| Amazon.com Inc. | COM | 023135106 |  | 191806252 | 873554 | SH |  | SOLE |  | 4383 | 0 | 869171 |
| American Tower Corporation | COM | 03027X100 |  | 6538880 | 34000 | SH |  | SOLE |  | 95 | 0 | 33905 |
| AMETEK Inc. | COM | 031100100 |  | 21504944 | 114388 | SH |  | SOLE |  | 1343 | 0 | 113045 |
| Analog Devices Inc. | COM | 032654105 |  | 13041265 | 53078 | SH |  | SOLE |  | 148 | 0 | 52930 |
| Aon Plc Class A | SHS CL A | G0403H108 |  | 64693240 | 181427 | SH |  | SOLE |  | 920 | 0 | 180507 |
| Apple Inc. | COM | 037833100 |  | 149367231 | 586605 | SH |  | SOLE |  | 2845 | 0 | 583760 |
| AptarGroup Inc. | COM | 038336103 |  | 18689678 | 139830 | SH |  | SOLE |  | 1750 | 0 | 138080 |
| Astrazeneca PLC Sponsored ADR | SPONSORED ADR | 046353108 |  | 86540467 | 1128004 | SH |  | SOLE |  | 5036 | 0 | 1122968 |
| Atlassian Corp Class A | CL A | 049468101 |  | 45087941 | 282329 | SH |  | SOLE |  | 1355 | 0 | 280974 |
| AtriCure Inc. | COM | 04963C209 |  | 6790384 | 192635 | SH |  | SOLE |  | 2555 | 0 | 190080 |
| Baldwin Insurance Group Inc. Class A | COM CL A | 05589G102 |  | 5217157 | 184940 | SH |  | SOLE |  | 2345 | 0 | 182595 |
| Bio-Techne Corporation | COM | 09073M104 |  | 20416711 | 367009 | SH |  | SOLE |  | 4530 | 0 | 362479 |
| BJ's Wholesale Club Holdings Inc. | COM | 05550J101 |  | 19012649 | 203889 | SH |  | SOLE |  | 2420 | 0 | 201469 |
| BlackLine Inc. | COM | 09239B109 |  | 7530908 | 141825 | SH |  | SOLE |  | 1865 | 0 | 139960 |
| BlackRock Inc. | COM | 09290D101 |  | 9873753 | 8469 | SH |  | SOLE |  | 25 | 0 | 8444 |
| Blackstone Inc. | COM | 09260D107 |  | 7110777 | 41620 | SH |  | SOLE |  | 110 | 0 | 41510 |
| Booz Allen Hamilton Holding Corporation Class A | CL A | 099502106 |  | 5786305 | 57892 | SH |  | SOLE |  | 171 | 0 | 57721 |
| Boston Scientific Corporation | COM | 101137107 |  | 61229436 | 627158 | SH |  | SOLE |  | 2988 | 0 | 624170 |
| Broadcom Inc. | COM | 11135F101 |  | 13418100 | 40672 | SH |  | SOLE |  | 110 | 0 | 40562 |
| Broadridge Financial Solutions Inc. | COM | 11133T103 |  | 19412999 | 81509 | SH |  | SOLE |  | 964 | 0 | 80545 |
| Burlington Stores Inc. | COM | 122017106 |  | 11866063 | 46625 | SH |  | SOLE |  | 555 | 0 | 46070 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 47822644 | 136146 | SH |  | SOLE |  | 643 | 0 | 135503 |
| Carriage Services Inc. | COM | 143905107 |  | 5932283 | 133190 | SH |  | SOLE |  | 1690 | 0 | 131500 |
| Carrier Global Corp. | COM | 14448C104 |  | 55080713 | 922625 | SH |  | SOLE |  | 4470 | 0 | 918155 |
| Casella Waste Systems Inc. Class A | CL A | 147448104 |  | 6613895 | 69708 | SH |  | SOLE |  | 895 | 0 | 68813 |
| CBRE Group Inc. Class A | CL A | 12504L109 |  | 24020810 | 152455 | SH |  | SOLE |  | 1810 | 0 | 150645 |
| CDW Corporation | COM | 12514G108 |  | 15833228 | 99405 | SH |  | SOLE |  | 1210 | 0 | 98195 |
| Certara Inc. | COM | 15687V109 |  | 6969579 | 570342 | SH |  | SOLE |  | 7945 | 0 | 562397 |
| Charles Schwab Corp | COM | 808513105 |  | 10928164 | 114467 | SH |  | SOLE |  | 312 | 0 | 114155 |
| Chevron Corporation | COM | 166764100 |  | 12426306 | 80020 | SH |  | SOLE |  | 225 | 0 | 79795 |
| Chipotle Mexican Grill Inc. | COM | 169656105 |  | 56173770 | 1433370 | SH |  | SOLE |  | 9450 | 0 | 1423920 |
| Chubb Limited | COM | H1467J104 |  | 7176206 | 25425 | SH |  | SOLE |  | 75 | 0 | 25350 |
| Cintas Corporation | COM | 172908105 |  | 53475567 | 260526 | SH |  | SOLE |  | 1316 | 0 | 259210 |
| Cisco Systems Inc. | COM | 17275R102 |  | 6112643 | 89340 | SH |  | SOLE |  | 245 | 0 | 89095 |
| CMS Energy Corporation | COM | 125896100 |  | 11857131 | 161850 | SH |  | SOLE |  | 440 | 0 | 161410 |
| Coca-Cola Company | COM | 191216100 |  | 48879830 | 737030 | SH |  | SOLE |  | 3458 | 0 | 733572 |
| Cohen  Steers Inc. | COM | 19247A100 |  | 11609230 | 176943 | SH |  | SOLE |  | 1786 | 0 | 175157 |
| Comcast Corporation Class A | CL A | 20030N101 |  | 6434847 | 204801 | SH |  | SOLE |  | 567 | 0 | 204234 |
| Comfort Systems USA Inc. | COM | 199908104 |  | 1839326 | 2229 | SH |  | SOLE |  | 29 | 0 | 2200 |
| ConocoPhillips | COM | 20825C104 |  | 6719295 | 71036 | SH |  | SOLE |  | 193 | 0 | 70843 |
| Construction Partners Inc. Class A | COM CL A | 21044C107 |  | 4747006 | 37378 | SH |  | SOLE |  | 482 | 0 | 36896 |
| Cooper Companies Inc. | COM | 216648501 |  | 11723074 | 170990 | SH |  | SOLE |  | 2090 | 0 | 168900 |
| Corpay Inc. | COM SHS | 219948106 |  | 20437857 | 70950 | SH |  | SOLE |  | 840 | 0 | 70110 |
| CoStar Group Inc. | COM | 22160N109 |  | 18081672 | 214314 | SH |  | SOLE |  | 2608 | 0 | 211706 |
| Costco Wholesale Corporation | COM | 22160K105 |  | 81710914 | 88276 | SH |  | SOLE |  | 406 | 0 | 87870 |
| CrowdStrike Holdings Inc. Class A | CL A | 22788C105 |  | 8013300 | 16341 | SH |  | SOLE |  | 195 | 0 | 16146 |
| CSW Industrials Inc. | COM | 126402106 |  | 2102215 | 8660 | SH |  | SOLE |  | 110 | 0 | 8550 |
| Descartes Systems Group Inc. | COM | 249906108 |  | 9553980 | 101390 | SH |  | SOLE |  | 1340 | 0 | 100050 |
| Domino's Pizza Inc. | COM | 25754A201 |  | 14360833 | 33265 | SH |  | SOLE |  | 395 | 0 | 32870 |
| Donaldson Company Inc. | COM | 257651109 |  | 5882150 | 71865 | SH |  | SOLE |  | 920 | 0 | 70945 |
| Dorman Products Inc. | COM | 258278100 |  | 11663565 | 74824 | SH |  | SOLE |  | 962 | 0 | 73862 |
| DuPont de Nemours Inc. | COM | 26614N102 |  | 6177470 | 79300 | SH |  | SOLE |  | 215 | 0 | 79085 |
| Dynatrace Inc. | COM NEW | 268150109 |  | 21499833 | 443753 | SH |  | SOLE |  | 5410 | 0 | 438343 |
| Elastic NV | ORD SHS | N14506104 |  | 17053969 | 201846 | SH |  | SOLE |  | 2417 | 0 | 199429 |
| Eli Lilly and Company | COM | 532457108 |  | 75166182 | 98514 | SH |  | SOLE |  | 454 | 0 | 98060 |
| Encompass Health Corporation | COM | 29261A100 |  | 10763421 | 84738 | SH |  | SOLE |  | 1085 | 0 | 83653 |
| Enterprise Products Partners L.P. | COM | 293792107 |  | 3724257 | 119100 | SH |  | SOLE |  | 0 | 0 | 119100 |
| ePlus inc. | COM | 294268107 |  | 6369100 | 89693 | SH |  | SOLE |  | 1135 | 0 | 88558 |
| Equinix Inc. | COM | 29444U700 |  | 8443327 | 10780 | SH |  | SOLE |  | 30 | 0 | 10750 |
| EVERTEC Inc. | COM | 30040P103 |  | 7295636 | 215975 | SH |  | SOLE |  | 2765 | 0 | 213210 |
| ExlService Holdings Inc. | COM | 302081104 |  | 10076970 | 228866 | SH |  | SOLE |  | 3010 | 0 | 225856 |
| Exponent Inc. | COM | 30214U102 |  | 6338313 | 91225 | SH |  | SOLE |  | 1215 | 0 | 90010 |
| Fair Isaac Corporation | COM | 303250104 |  | 11716333 | 7829 | SH |  | SOLE |  | 90 | 0 | 7739 |
| Fastenal Company | COM | 311900104 |  | 71141838 | 1450690 | SH |  | SOLE |  | 7533 | 0 | 1443157 |
| Fiserv Inc. | COM | 337738108 |  | 68216734 | 529099 | SH |  | SOLE |  | 2525 | 0 | 526574 |
| Five9 Inc. | COM | 338307101 |  | 4549552 | 187998 | SH |  | SOLE |  | 2493 | 0 | 185505 |
| Fortive Corp. | COM | 34959J108 |  | 43821065 | 894490 | SH |  | SOLE |  | 5790 | 0 | 888700 |
| Gartner Inc. | COM | 366651107 |  | 10691712 | 40673 | SH |  | SOLE |  | 489 | 0 | 40184 |
| Globus Medical Inc Class A | CL A | 379577208 |  | 20622412 | 360091 | SH |  | SOLE |  | 4528 | 0 | 355563 |
| Grid Dynamics Holdings Inc. Class A | CL A | 39813G109 |  | 2964079 | 384446 | SH |  | SOLE |  | 5220 | 0 | 379226 |
| Hilton Worldwide Holdings Inc. | COM | 43300A203 |  | 10373708 | 39985 | SH |  | SOLE |  | 500 | 0 | 39485 |
| Hologic Inc. | COM | 436440101 |  | 11368353 | 168445 | SH |  | SOLE |  | 2150 | 0 | 166295 |
| Home Depot Inc. | COM | 437076102 |  | 97133362 | 239723 | SH |  | SOLE |  | 1115 | 0 | 238608 |
| i3 Verticals Inc. Class A | COM CL A | 46571Y107 |  | 10749713 | 331168 | SH |  | SOLE |  | 4393 | 0 | 326775 |
| ICF International Inc. | COM | 44925C103 |  | 7818864 | 84255 | SH |  | SOLE |  | 1080 | 0 | 83175 |
| IDEX Corporation | COM | 45167R104 |  | 21575954 | 132563 | SH |  | SOLE |  | 1250 | 0 | 131313 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 45741215 | 175415 | SH |  | SOLE |  | 780 | 0 | 174635 |
| Intapp Inc. | COM | 45827U109 |  | 5223135 | 127705 | SH |  | SOLE |  | 1724 | 0 | 125981 |
| Intercontinental Exchange Inc. | COM | 45866F104 |  | 66872239 | 396915 | SH |  | SOLE |  | 1915 | 0 | 395000 |
| International Business Machines Corporation | COM | 459200101 |  | 6666312 | 23626 | SH |  | SOLE |  | 55 | 0 | 23571 |
| IQVIA Holdings Inc | COM | 46266C105 |  | 14384346 | 75731 | SH |  | SOLE |  | 893 | 0 | 74838 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 4414855 | 45945 | SH |  | SOLE |  | 590 | 0 | 45355 |
| Jack Henry  Associates Inc. | COM | 426281101 |  | 8221979 | 55207 | SH |  | SOLE |  | 663 | 0 | 54544 |
| Jefferies Financial Group Inc. | COM | 47233W109 |  | 1594940 | 24380 | SH |  | SOLE |  | 70 | 0 | 24310 |
| Johnson  Johnson | COM | 478160104 |  | 9194978 | 49590 | SH |  | SOLE |  | 130 | 0 | 49460 |
| Johnson Controls International plc | SHS | G51502105 |  | 32724968 | 297635 | SH |  | SOLE |  | 1390 | 0 | 296245 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 78412744 | 248590 | SH |  | SOLE |  | 1120 | 0 | 247470 |
| Kenvue Inc. | COM | 49177J102 |  | 42581629 | 2623637 | SH |  | SOLE |  | 12495 | 0 | 2611142 |
| KLA Corporation | COM NEW | 482480100 |  | 55154211 | 51135 | SH |  | SOLE |  | 240 | 0 | 50895 |
| Knight-Swift Transportation Holdings Inc. Class A | CL A | 499049104 |  | 5201492 | 131650 | SH |  | SOLE |  | 1685 | 0 | 129965 |
| L3Harris Technologies Inc | COM | 502431109 |  | 19940219 | 65290 | SH |  | SOLE |  | 385 | 0 | 64905 |
| Lam Research Corporation | COM NEW | 512807306 |  | 59256106 | 442540 | SH |  | SOLE |  | 2090 | 0 | 440450 |
| Lamb Weston Holdings Inc. | COM | 513272104 |  | 4743858 | 81678 | SH |  | SOLE |  | 928 | 0 | 80750 |
| Lattice Semiconductor Corporation | COM | 518415104 |  | 28368095 | 386908 | SH |  | SOLE |  | 4764 | 0 | 382144 |
| La-Z-Boy Incorporated | COM | 505336107 |  | 6842859 | 199384 | SH |  | SOLE |  | 2518 | 0 | 196866 |
| Lennox International Inc. | COM | 526107107 |  | 3480542 | 6575 | SH |  | SOLE |  | 91 | 0 | 6484 |
| Lincoln Electric Holdings Inc. | COM | 533900106 |  | 7409779 | 31420 | SH |  | SOLE |  | 80 | 0 | 31340 |
| Mama's Creations Inc. | COM | 56146T103 |  | 3497108 | 332741 | SH |  | SOLE |  | 4665 | 0 | 328076 |
| Marten Transport Ltd. | COM | 573075108 |  | 4250611 | 398744 | SH |  | SOLE |  | 5113 | 0 | 393631 |
| Mastercard Incorporated Class A | CL A | 57636Q104 |  | 68746377 | 120860 | SH |  | SOLE |  | 585 | 0 | 120275 |
| McDonald's Corporation | COM | 580135101 |  | 54368960 | 178910 | SH |  | SOLE |  | 865 | 0 | 178045 |
| Medtronic Plc | SHS | G5960L103 |  | 4864383 | 51075 | SH |  | SOLE |  | 140 | 0 | 50935 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 4569653 | 54446 | SH |  | SOLE |  | 149 | 0 | 54297 |
| Meta Platforms Inc Class A | CL A | 30303M102 |  | 73467375 | 100040 | SH |  | SOLE |  | 480 | 0 | 99560 |
| Mettler-Toledo International Inc. | COM | 592688105 |  | 18584788 | 15139 | SH |  | SOLE |  | 175 | 0 | 14964 |
| Microchip Technology Incorporated | COM | 595017104 |  | 25442808 | 396182 | SH |  | SOLE |  | 3345 | 0 | 392837 |
| Microsoft Corporation | COM | 594918104 |  | 229155065 | 442427 | SH |  | SOLE |  | 2097 | 0 | 440330 |
| Modine Manufacturing Company | COM | 607828100 |  | 5721229 | 40245 | SH |  | SOLE |  | 540 | 0 | 39705 |
| monday.com Ltd. | SHS | M7S64H106 |  | 11703137 | 60422 | SH |  | SOLE |  | 738 | 0 | 59684 |
| Mondelez International Inc. Class A | CL A | 609207105 |  | 6244876 | 99966 | SH |  | SOLE |  | 237 | 0 | 99729 |
| MongoDB Inc. Class A | CL A | 60937P106 |  | 13015785 | 41935 | SH |  | SOLE |  | 496 | 0 | 41439 |
| Morningstar Inc. | COM | 617700109 |  | 13125966 | 56575 | SH |  | SOLE |  | 703 | 0 | 55872 |
| Murphy USA Inc. | COM | 626755102 |  | 3160436 | 8140 | SH |  | SOLE |  | 105 | 0 | 8035 |
| Nasdaq Inc. | COM | 631103108 |  | 8397443 | 94940 | SH |  | SOLE |  | 255 | 0 | 94685 |
| nCino Inc | COM | 63947X101 |  | 6907167 | 254783 | SH |  | SOLE |  | 3486 | 0 | 251297 |
| Netflix Inc. | COM | 64110L106 |  | 55785748 | 46530 | SH |  | SOLE |  | 225 | 0 | 46305 |
| NexPoint Residential Trust Inc. | COM | 65341D102 |  | 3575292 | 110965 | SH |  | SOLE |  | 1415 | 0 | 109550 |
| NextEra Energy Inc. | COM | 65339F101 |  | 7843034 | 103895 | SH |  | SOLE |  | 285 | 0 | 103610 |
| NIKE Inc. Class B | CL B | 654106103 |  | 6468294 | 92762 | SH |  | SOLE |  | 255 | 0 | 92507 |
| Nomad Foods Ltd. | USD ORD SHS | G6564A105 |  | 5620599 | 427422 | SH |  | SOLE |  | 5455 | 0 | 421967 |
| Nordson Corporation | COM | 655663102 |  | 21358265 | 94110 | SH |  | SOLE |  | 990 | 0 | 93120 |
| Northern Trust Corporation | COM | 665859104 |  | 12172686 | 90436 | SH |  | SOLE |  | 1051 | 0 | 89385 |
| Novanta Inc | COM | 67000B104 |  | 4441552 | 44349 | SH |  | SOLE |  | 574 | 0 | 43775 |
| Novo Nordisk A/S Sponsored ADR Class B | ADR | 670100205 |  | 5043486 | 90890 | SH |  | SOLE |  | 260 | 0 | 90630 |
| NVIDIA Corporation | COM | 67066G104 |  | 216106285 | 1158250 | SH |  | SOLE |  | 5630 | 0 | 1152620 |
| Okta Inc. Class A | CL A | 679295105 |  | 15807980 | 172388 | SH |  | SOLE |  | 2042 | 0 | 170346 |
| Old Dominion Freight Line Inc. | COM | 679580100 |  | 13456456 | 95585 | SH |  | SOLE |  | 1170 | 0 | 94415 |
| Ollie's Bargain Outlet Holdings Inc | COM | 681116109 |  | 7918428 | 61670 | SH |  | SOLE |  | 790 | 0 | 60880 |
| Omnicell Inc. | COM | 68213N109 |  | 3624098 | 119018 | SH |  | SOLE |  | 1830 | 0 | 117188 |
| Onto Innovation Inc. | COM | 683344105 |  | 5920990 | 45821 | SH |  | SOLE |  | 605 | 0 | 45216 |
| OPENLANE Inc. | COM | 48238T109 |  | 9347226 | 324782 | SH |  | SOLE |  | 4210 | 0 | 320572 |
| Option Care Health Inc | COM NEW | 68404L201 |  | 6970258 | 251090 | SH |  | SOLE |  | 3210 | 0 | 247880 |
| Oracle Corporation | COM | 68389X105 |  | 11038670 | 39250 | SH |  | SOLE |  | 103 | 0 | 39147 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 105845163 | 981775 | SH |  | SOLE |  | 6560 | 0 | 975215 |
| Owens Corning | COM | 690742101 |  | 5739740 | 40575 | SH |  | SOLE |  | 115 | 0 | 40460 |
| Palo Alto Networks Inc. | COM | 697435105 |  | 45539613 | 223650 | SH |  | SOLE |  | 1020 | 0 | 222630 |
| Paylocity Holding Corp. | COM | 70438V106 |  | 22867668 | 143578 | SH |  | SOLE |  | 1780 | 0 | 141798 |
| Phreesia Inc. | COM | 71944F106 |  | 4989462 | 212137 | SH |  | SOLE |  | 2753 | 0 | 209384 |
| PNC Financial Services Group Inc. | COM | 693475105 |  | 10639244 | 52950 | SH |  | SOLE |  | 150 | 0 | 52800 |
| Power Integrations Inc. | COM | 739276103 |  | 4449438 | 110655 | SH |  | SOLE |  | 1450 | 0 | 109205 |
| Prestige Consumer Healthcare Inc | COM | 74112D101 |  | 9454536 | 151515 | SH |  | SOLE |  | 1920 | 0 | 149595 |
| Procter  Gamble Company | COM | 742718109 |  | 7172843 | 46683 | SH |  | SOLE |  | 133 | 0 | 46550 |
| PTC Inc. | COM | 69370C100 |  | 24448684 | 120425 | SH |  | SOLE |  | 1440 | 0 | 118985 |
| Q2 Holdings Inc. | COM | 74736L109 |  | 9899043 | 136746 | SH |  | SOLE |  | 1755 | 0 | 134991 |
| Qualys Inc. | COM | 74758T303 |  | 6286469 | 47506 | SH |  | SOLE |  | 600 | 0 | 46906 |
| Raymond James Financial Inc. | COM | 754730109 |  | 26719343 | 154805 | SH |  | SOLE |  | 1421 | 0 | 153384 |
| RB Global Inc. | COM | 74935Q107 |  | 22856700 | 210933 | SH |  | SOLE |  | 2569 | 0 | 208364 |
| Repay Holdings Corp. Class A | COM CL A | 76029L100 |  | 4094468 | 782881 | SH |  | SOLE |  | 9930 | 0 | 772951 |
| Republic Services Inc. | COM | 760759100 |  | 11833595 | 51567 | SH |  | SOLE |  | 611 | 0 | 50956 |
| ResMed Inc. | COM | 761152107 |  | 17618631 | 64365 | SH |  | SOLE |  | 785 | 0 | 63580 |
| Revvity Inc. | COM | 714046109 |  | 11622390 | 132600 | SH |  | SOLE |  | 1680 | 0 | 130920 |
| Rockwell Automation Inc. | COM | 773903109 |  | 6865119 | 19641 | SH |  | SOLE |  | 57 | 0 | 19584 |
| Roper Technologies Inc. | COM | 776696106 |  | 40082209 | 80375 | SH |  | SOLE |  | 375 | 0 | 80000 |
| S Global Inc. | COM | 78409V104 |  | 80569973 | 165540 | SH |  | SOLE |  | 800 | 0 | 164740 |
| Salesforce Inc. | COM | 79466L302 |  | 64352610 | 271530 | SH |  | SOLE |  | 1310 | 0 | 270220 |
| Sanofi Sponsored ADR | SPONSORED ADR | 80105N105 |  | 70817228 | 1500365 | SH |  | SOLE |  | 7020 | 0 | 1493345 |
| Service Corporation International | COM | 817565104 |  | 18435727 | 221530 | SH |  | SOLE |  | 2630 | 0 | 218900 |
| ServiceNow Inc. | COM | 81762P102 |  | 61971655 | 67340 | SH |  | SOLE |  | 325 | 0 | 67015 |
| SharkNinja Inc. | COM SHS | G8068L108 |  | 9188499 | 89079 | SH |  | SOLE |  | 960 | 0 | 88119 |
| Sherwin-Williams Company | COM | 824348106 |  | 70366957 | 203220 | SH |  | SOLE |  | 980 | 0 | 202240 |
| Shift4 Payments Inc. Class A | CL A | 82452J109 |  | 13970700 | 180500 | SH |  | SOLE |  | 2276 | 0 | 178224 |
| Simulations Plus Inc. | COM | 829214105 |  | 2770740 | 183858 | SH |  | SOLE |  | 2282 | 0 | 181576 |
| SiteOne Landscape Supply Inc. | COM | 82982L103 |  | 6190386 | 48062 | SH |  | SOLE |  | 623 | 0 | 47439 |
| Skyworks Solutions Inc. | COM | 83088M102 |  | 8231163 | 106926 | SH |  | SOLE |  | 1291 | 0 | 105635 |
| Snowflake Inc. Class A | COM SHS | 833445109 |  | 70956677 | 314594 | SH |  | SOLE |  | 1519 | 0 | 313075 |
| SPS Commerce Inc. | COM | 78463M107 |  | 6135200 | 58913 | SH |  | SOLE |  | 779 | 0 | 58134 |
| SPX Technologies Inc. | COM | 78473E103 |  | 3700112 | 19810 | SH |  | SOLE |  | 265 | 0 | 19545 |
| Starbucks Corporation | COM | 855244109 |  | 55552167 | 656645 | SH |  | SOLE |  | 3185 | 0 | 653460 |
| STERIS plc | SHS USD | G8473T100 |  | 18244988 | 73735 | SH |  | SOLE |  | 895 | 0 | 72840 |
| Stevanato Group SpA | ORD SHS | T9224W109 |  | 19193123 | 745364 | SH |  | SOLE |  | 9030 | 0 | 736334 |
| Stryker Corporation | COM | 863667101 |  | 60876147 | 164677 | SH |  | SOLE |  | 782 | 0 | 163895 |
| Synopsys Inc. | COM | 871607107 |  | 62513500 | 126702 | SH |  | SOLE |  | 605 | 0 | 126097 |
| Teledyne Technologies Incorporated | COM | 879360105 |  | 25914103 | 44219 | SH |  | SOLE |  | 315 | 0 | 43904 |
| Tenable Holdings Inc. | COM | 88025T102 |  | 5608255 | 192327 | SH |  | SOLE |  | 2430 | 0 | 189897 |
| Tetra Tech Inc. | COM | 88162G103 |  | 7146324 | 214090 | SH |  | SOLE |  | 2725 | 0 | 211365 |
| Texas Instruments Incorporated | COM | 882508104 |  | 59020323 | 321234 | SH |  | SOLE |  | 1483 | 0 | 319751 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 77587679 | 159968 | SH |  | SOLE |  | 740 | 0 | 159228 |
| TJX Companies Inc | COM | 872540109 |  | 107320950 | 742500 | SH |  | SOLE |  | 3150 | 0 | 739350 |
| Tractor Supply Company | COM | 892356106 |  | 5552730 | 97639 | SH |  | SOLE |  | 267 | 0 | 97372 |
| Trade Desk Inc. Class A | COM CL A | 88339J105 |  | 43603903 | 889694 | SH |  | SOLE |  | 7350 | 0 | 882344 |
| TransUnion | COM | 89400J107 |  | 21377975 | 255168 | SH |  | SOLE |  | 3100 | 0 | 252068 |
| U.S. Bancorp | COM NEW | 902973304 |  | 9567648 | 197965 | SH |  | SOLE |  | 560 | 0 | 197405 |
| UFP Technologies Inc. | COM | 902673102 |  | 4151880 | 20801 | SH |  | SOLE |  | 265 | 0 | 20536 |
| Ulta Beauty Inc. | COM | 90384S303 |  | 20330899 | 37185 | SH |  | SOLE |  | 445 | 0 | 36740 |
| Unilever PLC Sponsored ADR | SPON ADR NEW | 904767704 |  | 8162856 | 137700 | SH |  | SOLE |  | 375 | 0 | 137325 |
| Union Pacific Corporation | COM | 907818108 |  | 9078026 | 38406 | SH |  | SOLE |  | 99 | 0 | 38307 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 5713679 | 16547 | SH |  | SOLE |  | 57 | 0 | 16490 |
| Varonis Systems Inc. | COM | 922280102 |  | 9292324 | 161690 | SH |  | SOLE |  | 2045 | 0 | 159645 |
| Veeva Systems Inc Class A | CL A COM | 922475108 |  | 20938604 | 70285 | SH |  | SOLE |  | 840 | 0 | 69445 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 18704799 | 74370 | SH |  | SOLE |  | 905 | 0 | 73465 |
| Viking Holdings Ltd | ORD SHS | G93A5A101 |  | 8937676 | 143785 | SH |  | SOLE |  | 1745 | 0 | 142040 |
| Visa Inc. Class A | COM CL A | 92826C839 |  | 66929256 | 196055 | SH |  | SOLE |  | 935 | 0 | 195120 |
| Vulcan Materials Company | COM | 929160109 |  | 84892353 | 275965 | SH |  | SOLE |  | 1854 | 0 | 274111 |
| Waste Connections Inc. | COM | 94106B101 |  | 59624680 | 339162 | SH |  | SOLE |  | 2165 | 0 | 336997 |
| Watsco Inc. | COM | 942622200 |  | 5667477 | 14018 | SH |  | SOLE |  | 43 | 0 | 13975 |
| Webster Financial Corporation | COM | 947890109 |  | 9006884 | 151529 | SH |  | SOLE |  | 1839 | 0 | 149690 |
| WEC Energy Group Inc | COM | 92939U106 |  | 4556098 | 39760 | SH |  | SOLE |  | 110 | 0 | 39650 |
| Westinghouse Air Brake Technologies Corporation | COM | 929740108 |  | 17525689 | 87423 | SH |  | SOLE |  | 1065 | 0 | 86358 |
| Williams Companies Inc. | COM | 969457100 |  | 2063436 | 32572 | SH |  | SOLE |  | 92 | 0 | 32480 |
| Williams-Sonoma Inc. | COM | 969904101 |  | 9777191 | 50024 | SH |  | SOLE |  | 591 | 0 | 49433 |
| Wingstop Inc. | COM | 974155103 |  | 18505275 | 73527 | SH |  | SOLE |  | 905 | 0 | 72622 |
| WNS (Holdings) Limited | COM SHS | G98196101 |  | 9363210 | 122764 | SH |  | SOLE |  | 1654 | 0 | 121110 |
| Workday Inc. Class A | CL A | 98138H101 |  | 67893082 | 282030 | SH |  | SOLE |  | 1335 | 0 | 280695 |
| Workiva Inc. Class A | COM CL A | 98139A105 |  | 6962236 | 80881 | SH |  | SOLE |  | 1066 | 0 | 79815 |
| Zscaler Inc. | COM | 98980G102 |  | 78731769 | 262737 | SH |  | SOLE |  | 1822 | 0 | 260915 |

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