PaperPanda Fund Terminal
William Von Mueffling
Cantillon Capital Management LLC · CIK: 1279936 · Report Period: 2025-12-31 · Filed: 2026-02-11
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $18,493,573,387 · 37 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 AVGO
|
BROADCOM INC | COM | 8.6% | $1,593,548,576 | 4,604,301 | REDUCE | -95,438 |
| 2 |
 GOOGL
|
ALPHABET INC | COM | 7.1% | $1,319,368,242 | 4,215,234 | ADD | +31,702 |
| 3 |
 SPGI
|
S&P GLOBAL INC | COM | 5.0% | $917,471,546 | 1,755,624 | ADD | +13,209 |
| 4 |
 TSM
|
TAIWAN SEMICONDUCTOR MFG LTD | COM | 4.7% | $859,789,292 | 2,829,278 | ADD | +21,307 |
| 5 |
 IBKR
|
INTERACTIVE BROKERS GROUP IN | COM | 4.4% | $820,589,426 | 12,759,904 | ADD | +95,878 |
| 6 |
 AMAT
|
APPLIED MATLS INC | COM | 4.1% | $764,201,140 | 2,973,661 | ADD | +22,401 |
| 7 |
 CBRE
|
CBRE GROUP INC | COM | 3.9% | $717,217,622 | 4,460,586 | ADD | +33,565 |
| 8 |
 V
|
VISA INC | COM | 3.7% | $683,704,937 | 1,949,488 | ADD | +14,646 |
| 9 |
 MSFT
|
MICROSOFT CORP | COM | 3.3% | $610,337,629 | 1,262,019 | ADD | +9,495 |
| 10 |
 ADI
|
ANALOG DEVICES INC | COM | 3.2% | $588,176,391 | 2,168,792 | ADD | +16,274 |
| 11 |
 BLK
|
BLACKROCK INC | COM | 3.0% | $550,424,485 | 514,252 | ADD | +3,850 |
| 12 |
 ICE
|
INTERCONTINENTAL EXCHANGE IN | COM | 2.9% | $540,619,565 | 3,337,982 | ADD | +25,032 |
| 13 |
 TMO
|
THERMO FISHER SCIENTIFIC INC | COM | 2.7% | $506,046,433 | 873,322 | ADD | +6,552 |
| 14 |
 FLUT
|
FLUTTER ENTMT PLC | COM | 2.6% | $486,855,936 | 2,264,025 | ADD | +16,929 |
| 15 |
 FERG
|
FERGUSON ENTERPRISES INC | COM | 2.4% | $441,888,046 | 1,984,854 | ADD | +14,963 |
| 16 |
 AON
|
AON PLC | COM | 2.4% | $438,636,192 | 1,243,018 | ADD | +9,277 |
| 17 |
 IQV
|
IQVIA HLDGS INC | COM | 2.4% | $437,553,269 | 1,941,144 | ADD | +14,210 |
| 18 |
 CME
|
CME GROUP INC | COM | 2.3% | $429,559,482 | 1,573,017 | ADD | +11,844 |
| 19 |
 A
|
AGILENT TECHNOLOGIES INC | COM | 2.3% | $423,944,862 | 3,115,638 | ADD | +23,493 |
| 20 |
 UBER
|
UBER TECHNOLOGIES INC | COM | 2.3% | $420,043,574 | 5,140,663 | ADD | +38,605 |
| 21 |
 ADBE
|
ADOBE INC | COM | 2.2% | $405,021,378 | 1,157,237 | ADD | +156,929 |
| 22 |
 LYV
|
LIVE NATION ENTERTAINMENT IN | COM | 2.2% | $398,601,713 | 2,797,205 | ADD | +21,246 |
| 23 |
 EFX
|
EQUIFAX INC | COM | 2.0% | $374,073,086 | 1,723,998 | ADD | +12,995 |
| 24 |
 SSNC
|
SS&C TECHNOLOGIES HLDGS INC | COM | 2.0% | $372,277,458 | 4,258,493 | ADD | +32,136 |
| 25 |
 FAST
|
FASTENAL CO | COM | 2.0% | $371,880,216 | 9,266,888 | ADD | +70,183 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | ADD | +3,395 | +0.8% | 445,400 | $227,532,590 |
| 2 | CP | CANADIAN PACIFIC KANSAS CITY | ADD | +33,849 | +0.8% | 4,207,858 | $309,824,585 |
| 3 | TCOM | TRIP COM GROUP LTD | ADD | +63,637 | +1.4% | 4,669,778 | $335,803,736 |
| 4 | UBER | UBER TECHNOLOGIES INC | ADD | +38,605 | +0.8% | 5,140,663 | $420,043,574 |
| 5 | FERG | FERGUSON ENTERPRISES INC | ADD | +14,963 | +0.8% | 1,984,854 | $441,888,046 |
| 6 | YUM | YUM BRANDS INC | ADD | +15,649 | +0.8% | 2,055,883 | $311,013,980 |
| 7 | LPLA | LPL FINL HLDGS INC | NEW BUY | +369,068 | New | 369,068 | $131,820,017 |
| 8 | A | AGILENT TECHNOLOGIES INC | ADD | +23,493 | +0.8% | 3,115,638 | $423,944,862 |
| 9 | AMAT | APPLIED MATLS INC | ADD | +22,401 | +0.8% | 2,973,661 | $764,201,140 |
| 10 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +95,878 | +0.8% | 12,759,904 | $820,589,426 |
| 11 | ENTG | ENTEGRIS INC | ADD | +19,434 | +0.8% | 2,459,153 | $207,183,641 |
| 12 | AVGO | BROADCOM INC | REDUCE | -95,438 | -2.0% | 4,604,301 | $1,593,548,576 |
| 13 | IQV | IQVIA HLDGS INC | ADD | +14,210 | +0.7% | 1,941,144 | $437,553,269 |
| 14 | CBRE | CBRE GROUP INC | ADD | +33,565 | +0.8% | 4,460,586 | $717,217,622 |
| 15 | TME | TENCENT MUSIC ENTMT GROUP | ADD | +256,286 | +1.4% | 18,708,502 | $327,960,040 |
| 16 | GOOGL | ALPHABET INC | ADD | +31,702 | +0.8% | 4,215,234 | $1,319,368,242 |
| 17 | LYV | LIVE NATION ENTERTAINMENT IN | ADD | +21,246 | +0.8% | 2,797,205 | $398,601,713 |
| 18 | SPGI | S&P GLOBAL INC | ADD | +13,209 | +0.8% | 1,755,624 | $917,471,546 |
| 19 | SSNC | SS&C TECHNOLOGIES HLDGS INC | ADD | +32,136 | +0.8% | 4,258,493 | $372,277,458 |
| 20 | ADI | ANALOG DEVICES INC | ADD | +16,274 | +0.8% | 2,168,792 | $588,176,391 |
| 21 | CME | CME GROUP INC | ADD | +11,844 | +0.8% | 1,573,017 | $429,559,482 |
| 22 | FAST | FASTENAL CO | ADD | +70,183 | +0.8% | 9,266,888 | $371,880,216 |
| 23 | ALC | ALCON AG | ADD | +21,799 | +0.8% | 2,845,121 | $224,223,986 |
| 24 | - | ECOLAB INC | SOLD | -78,513 | Exit | - | - |
| 25 | ORCL | ORACLE CORP | ADD | +6,419 | +0.8% | 860,677 | $167,754,554 |
| 26 | EFX | EQUIFAX INC | ADD | +12,995 | +0.8% | 1,723,998 | $374,073,086 |
| 27 | AON | AON PLC | ADD | +9,277 | +0.8% | 1,243,018 | $438,636,192 |
| 28 | TMO | THERMO FISHER SCIENTIFIC INC | ADD | +6,552 | +0.8% | 873,322 | $506,046,433 |
| 29 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | ADD | +21,307 | +0.8% | 2,829,278 | $859,789,292 |
| 30 | BLK | BLACKROCK INC | ADD | +3,850 | +0.8% | 514,252 | $550,424,485 |
| 31 | FLUT | FLUTTER ENTMT PLC | ADD | +16,929 | +0.8% | 2,264,025 | $486,855,936 |
| 32 | FWONK | LIBERTY MEDIA CORP DEL | ADD | +540,760 | +46.4% | 1,706,899 | $168,146,621 |
| 33 | - | ZOETIS INC | SOLD | -1,205,716 | Exit | - | - |
| 34 | ICE | INTERCONTINENTAL EXCHANGE IN | ADD | +25,032 | +0.8% | 3,337,982 | $540,619,565 |
| 35 | ADBE | ADOBE INC | ADD | +156,929 | +15.7% | 1,157,237 | $405,021,378 |
| 36 | MSFT | MICROSOFT CORP | ADD | +9,495 | +0.8% | 1,262,019 | $610,337,629 |
| 37 | AMT | AMERICAN TOWER CORP NEW | ADD | +14,709 | +0.8% | 1,830,525 | $321,385,274 |
| 38 | TW | TRADEWEB MKTS INC | ADD | +753,923 | +39.0% | 2,688,245 | $289,093,867 |
| 39 | V | VISA INC | ADD | +14,646 | +0.8% | 1,949,488 | $683,704,937 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | REDUCE | -4,884 | -1.1% | 442,005 | $210,606,542 |
| 2 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -45,902 | -1.1% | 4,174,009 | $310,921,930 |
| 3 | TCOM | TRIP COM GROUP LTD | ADD | +508,890 | +12.4% | 4,606,141 | $346,381,803 |
| 4 | UBER | UBER TECHNOLOGIES INC | REDUCE | -56,168 | -1.1% | 5,102,058 | $499,848,622 |
| 5 | FERG | FERGUSON ENTERPRISES INC | REDUCE | -21,670 | -1.1% | 1,969,891 | $442,398,121 |
| 6 | YUM | YUM BRANDS INC | REDUCE | -22,945 | -1.1% | 2,040,234 | $310,115,568 |
| 7 | A | AGILENT TECHNOLOGIES INC | REDUCE | -34,138 | -1.1% | 3,092,145 | $396,876,811 |
| 8 | AMAT | APPLIED MATLS INC | REDUCE | -32,480 | -1.1% | 2,951,260 | $604,240,972 |
| 9 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -139,605 | -1.1% | 12,664,026 | $871,411,630 |
| 10 | ENTG | ENTEGRIS INC | REDUCE | -26,054 | -1.1% | 2,439,719 | $225,576,418 |
| 11 | AVGO | BROADCOM INC | REDUCE | -781,041 | -14.3% | 4,699,739 | $1,550,490,893 |
| 12 | IQV | IQVIA HLDGS INC | ADD | +413,256 | +27.3% | 1,926,934 | $366,001,844 |
| 13 | CBRE | CBRE GROUP INC | REDUCE | -48,802 | -1.1% | 4,427,021 | $697,521,429 |
| 14 | TME | TENCENT MUSIC ENTMT GROUP | REDUCE | -235,779 | -1.3% | 18,452,216 | $430,674,722 |
| 15 | GOOGL | ALPHABET INC | REDUCE | -46,058 | -1.1% | 4,183,532 | $1,017,016,629 |
| 16 | LYV | LIVE NATION ENTERTAINMENT IN | REDUCE | -30,626 | -1.1% | 2,775,959 | $453,591,701 |
| 17 | SPGI | S&P GLOBAL INC | REDUCE | -19,189 | -1.1% | 1,742,415 | $848,050,804 |
| 18 | SSNC | SS&C TECHNOLOGIES HLDGS INC | REDUCE | -46,590 | -1.1% | 4,226,357 | $375,131,447 |
| 19 | ADI | ANALOG DEVICES INC | REDUCE | -23,729 | -1.1% | 2,152,518 | $528,873,673 |
| 20 | CME | CME GROUP INC | REDUCE | -17,177 | -1.1% | 1,561,173 | $421,813,333 |
| 21 | FAST | FASTENAL CO | REDUCE | -101,328 | -1.1% | 9,196,705 | $451,006,413 |
| 22 | ALC | ALCON AG | REDUCE | -30,152 | -1.1% | 2,823,322 | $210,365,722 |
| 23 | - | ECOLAB INC | REDUCE | -1,016,637 | -92.8% | 78,513 | $21,501,570 |
| 24 | ORCL | ORACLE CORP | REDUCE | -9,315 | -1.1% | 854,258 | $240,251,520 |
| 25 | EFX | EQUIFAX INC | REDUCE | -18,768 | -1.1% | 1,711,003 | $438,923,599 |
| 26 | AON | AON PLC | REDUCE | -13,613 | -1.1% | 1,233,741 | $439,927,366 |
| 27 | FLUT | FLUTTER ENTMT PLC | REDUCE | -24,761 | -1.1% | 2,247,096 | $570,762,384 |
| 28 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -30,952 | -1.1% | 2,807,971 | $784,238,220 |
| 29 | BLK | BLACKROCK INC | REDUCE | -5,625 | -1.1% | 510,402 | $595,062,379 |
| 30 | TMO | THERMO FISHER SCIENTIFIC INC | REDUCE | -9,495 | -1.1% | 866,770 | $420,400,785 |
| 31 | FWONK | LIBERTY MEDIA CORP DEL | NEW BUY | +1,166,139 | New | 1,166,139 | $121,803,219 |
| 32 | - | ZOETIS INC | REDUCE | -13,379 | -1.1% | 1,205,716 | $176,420,365 |
| 33 | - | ICON PLC | SOLD | -465,197 | Exit | - | - |
| 34 | ICE | INTERCONTINENTAL EXCHANGE IN | REDUCE | -36,483 | -1.1% | 3,312,950 | $558,165,816 |
| 35 | ADBE | ADOBE INC | ADD | +143,679 | +16.8% | 1,000,308 | $352,858,647 |
| 36 | MSFT | MICROSOFT CORP | REDUCE | -13,800 | -1.1% | 1,252,524 | $648,744,805 |
| 37 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -20,035 | -1.1% | 1,815,816 | $349,217,733 |
| 38 | TW | TRADEWEB MKTS INC | ADD | +804,413 | +71.2% | 1,934,322 | $214,671,056 |
| 39 | V | VISA INC | REDUCE | -21,321 | -1.1% | 1,934,842 | $660,516,362 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | REDUCE | -12,968 | -2.8% | 446,889 | $224,155,054 |
| 2 | CP | CANADIAN PACIFIC KANSAS CITY | ADD | +606,519 | +16.8% | 4,219,911 | $334,512,345 |
| 3 | TCOM | TRIP COM GROUP LTD | ADD | +520,438 | +14.6% | 4,097,251 | $240,262,799 |
| 4 | UBER | UBER TECHNOLOGIES INC | REDUCE | -150,233 | -2.8% | 5,158,226 | $481,262,486 |
| 5 | FERG | FERGUSON ENTERPRISES INC | REDUCE | -57,850 | -2.8% | 1,991,561 | $433,662,408 |
| 6 | YUM | YUM BRANDS INC | ADD | +238,615 | +13.1% | 2,063,179 | $305,721,864 |
| 7 | A | AGILENT TECHNOLOGIES INC | REDUCE | -90,786 | -2.8% | 3,126,283 | $368,932,656 |
| 8 | V | VISA INC | REDUCE | -56,809 | -2.8% | 1,956,163 | $694,535,673 |
| 9 | AMAT | APPLIED MATLS INC | REDUCE | -86,690 | -2.8% | 2,983,740 | $546,233,282 |
| 10 | ENTG | ENTEGRIS INC | REDUCE | -72,402 | -2.9% | 2,465,773 | $198,864,592 |
| 11 | AVGO | BROADCOM INC | REDUCE | -826,094 | -13.1% | 5,480,780 | $1,510,777,007 |
| 12 | IQV | IQVIA HLDGS INC | REDUCE | -490,756 | -24.5% | 1,513,678 | $238,540,516 |
| 13 | CBRE | CBRE GROUP INC | REDUCE | -129,942 | -2.8% | 4,475,823 | $627,152,319 |
| 14 | TME | TENCENT MUSIC ENTMT GROUP | REDUCE | -552,324 | -2.9% | 18,687,995 | $364,229,023 |
| 15 | GOOGL | ALPHABET INC | REDUCE | -122,838 | -2.8% | 4,229,590 | $745,380,646 |
| 16 | LYV | LIVE NATION ENTERTAINMENT IN | REDUCE | -81,487 | -2.8% | 2,806,585 | $424,580,179 |
| 17 | SPGI | S&P GLOBAL INC | REDUCE | -51,160 | -2.8% | 1,761,604 | $928,876,173 |
| 18 | SSNC | SS&C TECHNOLOGIES HLDGS INC | REDUCE | -124,200 | -2.8% | 4,272,947 | $353,800,011 |
| 19 | ADI | ANALOG DEVICES INC | REDUCE | -63,214 | -2.8% | 2,176,247 | $517,990,311 |
| 20 | CME | CME GROUP INC | REDUCE | -45,856 | -2.8% | 1,578,350 | $435,024,827 |
| 21 | FAST | FASTENAL CO | ADD | +4,513,985 | +94.4% | 9,298,033 | $390,517,386 |
| 22 | - | ECOLAB INC | REDUCE | -31,926 | -2.8% | 1,095,150 | $295,077,216 |
| 23 | ALC | ALCON AG | ADD | +1,388,941 | +94.8% | 2,853,474 | $251,904,684 |
| 24 | ORCL | ORACLE CORP | REDUCE | -25,222 | -2.8% | 863,573 | $188,802,965 |
| 25 | EFX | EQUIFAX INC | REDUCE | -50,296 | -2.8% | 1,729,771 | $448,650,704 |
| 26 | AON | AON PLC | REDUCE | -36,194 | -2.8% | 1,247,354 | $445,006,013 |
| 27 | FLUT | FLUTTER ENTMT PLC | REDUCE | -65,941 | -2.8% | 2,271,857 | $649,205,856 |
| 28 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -82,413 | -2.8% | 2,838,923 | $642,987,671 |
| 29 | BLK | BLACKROCK INC | ADD | +48,173 | +10.3% | 516,027 | $541,441,330 |
| 30 | TMO | THERMO FISHER SCIENTIFIC INC | REDUCE | -25,508 | -2.8% | 876,265 | $355,290,407 |
| 31 | - | ZOETIS INC | REDUCE | -35,370 | -2.8% | 1,219,095 | $190,117,865 |
| 32 | - | ICON PLC | NEW BUY | +465,197 | New | 465,197 | $67,662,904 |
| 33 | ICE | INTERCONTINENTAL EXCHANGE IN | REDUCE | -97,263 | -2.8% | 3,349,433 | $614,520,472 |
| 34 | ADBE | ADOBE INC | ADD | +59,743 | +7.5% | 856,629 | $331,412,627 |
| 35 | MSFT | MICROSOFT CORP | REDUCE | -36,766 | -2.8% | 1,266,324 | $629,882,221 |
| 36 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -53,339 | -2.8% | 1,835,851 | $405,759,788 |
| 37 | TW | TRADEWEB MKTS INC | REDUCE | -33,291 | -2.9% | 1,129,909 | $165,418,677 |
| 38 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +9,509,805 | +288.7% | 12,803,631 | $709,449,194 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | REDUCE | -14,225 | -3.0% | 459,857 | $214,150,806 |
| 2 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -111,631 | -3.0% | 3,613,392 | $253,696,252 |
| 3 | TCOM | TRIP COM GROUP LTD | REDUCE | -1,171,953 | -24.7% | 3,576,813 | $227,413,770 |
| 4 | UBER | UBER TECHNOLOGIES INC | ADD | +1,264,215 | +31.3% | 5,308,459 | $386,774,323 |
| 5 | FERG | FERGUSON ENTERPRISES INC | REDUCE | -62,262 | -2.9% | 2,049,411 | $328,377,125 |
| 6 | YUM | YUM BRANDS INC | REDUCE | -55,815 | -3.0% | 1,824,564 | $287,113,391 |
| 7 | A | AGILENT TECHNOLOGIES INC | REDUCE | -99,488 | -3.0% | 3,217,069 | $376,332,731 |
| 8 | V | VISA INC | REDUCE | -62,223 | -3.0% | 2,012,972 | $705,466,167 |
| 9 | AMAT | APPLIED MATLS INC | REDUCE | -94,972 | -3.0% | 3,070,430 | $445,580,801 |
| 10 | ENTG | ENTEGRIS INC | REDUCE | -78,179 | -3.0% | 2,538,175 | $222,039,549 |
| 11 | AVGO | BROADCOM INC | REDUCE | -1,063,996 | -14.4% | 6,306,874 | $1,055,959,914 |
| 12 | IQV | IQVIA HLDGS INC | REDUCE | -61,710 | -3.0% | 2,004,434 | $353,381,714 |
| 13 | CBRE | CBRE GROUP INC | REDUCE | -142,621 | -3.0% | 4,605,765 | $602,341,947 |
| 14 | TME | TENCENT MUSIC ENTMT GROUP | REDUCE | -2,600,496 | -11.9% | 19,240,319 | $277,252,997 |
| 15 | GOOGL | ALPHABET INC | REDUCE | -134,610 | -3.0% | 4,352,428 | $673,059,466 |
| 16 | LYV | LIVE NATION ENTERTAINMENT IN | REDUCE | -89,339 | -3.0% | 2,888,072 | $377,124,442 |
| 17 | SPGI | S&P GLOBAL INC | REDUCE | -56,050 | -3.0% | 1,812,764 | $921,065,389 |
| 18 | SSNC | SS&C TECHNOLOGIES HLDGS INC | REDUCE | -135,934 | -3.0% | 4,397,147 | $367,293,689 |
| 19 | ADI | ANALOG DEVICES INC | REDUCE | -69,817 | -3.0% | 2,239,461 | $451,632,099 |
| 20 | CME | CME GROUP INC | REDUCE | -50,232 | -3.0% | 1,624,206 | $430,885,610 |
| 21 | FAST | FASTENAL CO | REDUCE | -147,880 | -3.0% | 4,784,048 | $371,002,922 |
| 22 | - | ECOLAB INC | REDUCE | -34,870 | -3.0% | 1,127,076 | $285,736,308 |
| 23 | ALC | ALCON AG | NEW BUY | +1,464,533 | New | 1,464,533 | $139,028,118 |
| 24 | ORCL | ORACLE CORP | REDUCE | -28,720 | -3.1% | 888,795 | $124,262,429 |
| 25 | EFX | EQUIFAX INC | REDUCE | -55,035 | -3.0% | 1,780,067 | $433,553,119 |
| 26 | AON | AON PLC | REDUCE | -39,680 | -3.0% | 1,283,548 | $512,251,171 |
| 27 | FLUT | FLUTTER ENTMT PLC | REDUCE | -72,380 | -3.0% | 2,337,798 | $517,939,147 |
| 28 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -90,328 | -3.0% | 2,921,336 | $484,941,776 |
| 29 | TMO | THERMO FISHER SCIENTIFIC INC | REDUCE | -28,097 | -3.0% | 901,773 | $448,722,245 |
| 30 | BLK | BLACKROCK INC | REDUCE | -15,939 | -3.3% | 467,854 | $442,814,454 |
| 31 | - | ZOETIS INC | REDUCE | -38,786 | -3.0% | 1,254,465 | $206,547,663 |
| 32 | ICE | INTERCONTINENTAL EXCHANGE IN | REDUCE | -106,604 | -3.0% | 3,446,696 | $594,555,061 |
| 33 | ADBE | ADOBE INC | ADD | +182,024 | +29.6% | 796,886 | $305,629,687 |
| 34 | MSFT | MICROSOFT CORP | REDUCE | -40,310 | -3.0% | 1,303,090 | $489,166,956 |
| 35 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -58,405 | -3.0% | 1,889,190 | $411,087,744 |
| 36 | TW | TRADEWEB MKTS INC | REDUCE | -35,978 | -3.0% | 1,163,200 | $172,688,672 |
| 37 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -101,864 | -3.0% | 3,293,826 | $545,424,647 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | ADD | +2,537 | +0.5% | 474,082 | $224,416,196 |
| 2 | CP | CANADIAN PACIFIC KANSAS CITY | ADD | +19,871 | +0.5% | 3,725,023 | $269,579,914 |
| 3 | TCOM | TRIP COM GROUP LTD | REDUCE | -119,617 | -2.5% | 4,748,766 | $326,050,274 |
| 4 | YUM | YUM BRANDS INC | ADD | +452,339 | +31.7% | 1,880,379 | $252,271,647 |
| 5 | FERG | FERGUSON ENTERPRISES INC | ADD | +415,002 | +24.5% | 2,111,673 | $366,523,082 |
| 6 | UBER | UBER TECHNOLOGIES INC | ADD | +21,594 | +0.5% | 4,044,244 | $243,948,798 |
| 7 | A | AGILENT TECHNOLOGIES INC | ADD | +17,627 | +0.5% | 3,316,557 | $445,546,268 |
| 8 | V | VISA INC | ADD | +10,977 | +0.5% | 2,075,195 | $655,844,628 |
| 9 | AMAT | APPLIED MATLS INC | ADD | +16,804 | +0.5% | 3,165,402 | $514,789,327 |
| 10 | ENTG | ENTEGRIS INC | ADD | +291,893 | +12.6% | 2,616,354 | $259,176,027 |
| 11 | AVGO | BROADCOM INC | ADD | +39,477 | +0.5% | 7,370,870 | $1,708,862,501 |
| 12 | IQV | IQVIA HLDGS INC | ADD | +226,017 | +12.3% | 2,066,144 | $406,017,957 |
| 13 | CBRE | CBRE GROUP INC | ADD | +25,142 | +0.5% | 4,748,386 | $623,415,598 |
| 14 | TME | TENCENT MUSIC ENTMT GROUP | ADD | +3,384,230 | +18.3% | 21,840,815 | $247,893,250 |
| 15 | GOOGL | ALPHABET INC | ADD | +23,790 | +0.5% | 4,487,038 | $849,396,294 |
| 16 | LYV | LIVE NATION ENTERTAINMENT IN | ADD | +15,891 | +0.5% | 2,977,411 | $385,574,725 |
| 17 | SPGI | S&P GLOBAL INC | ADD | +9,880 | +0.5% | 1,868,814 | $930,725,436 |
| 18 | SSNC | SS&C TECHNOLOGIES HLDGS INC | ADD | +25,895 | +0.6% | 4,533,081 | $343,516,879 |
| 19 | ADI | ANALOG DEVICES INC | ADD | +12,156 | +0.5% | 2,309,278 | $490,629,204 |
| 20 | - | CDW CORP | SOLD | -1,281,644 | Exit | - | - |
| 21 | CME | CME GROUP INC | ADD | +9,622 | +0.6% | 1,674,438 | $388,854,737 |
| 22 | - | BLACKROCK INC | SOLD | -488,699 | Exit | - | - |
| 23 | FAST | FASTENAL CO | ADD | +26,254 | +0.5% | 4,931,928 | $354,654,943 |
| 24 | - | ECOLAB INC | ADD | +6,207 | +0.5% | 1,161,946 | $272,267,187 |
| 25 | ORCL | ORACLE CORP | ADD | +5,131 | +0.6% | 917,515 | $152,894,700 |
| 26 | EFX | EQUIFAX INC | ADD | +9,702 | +0.5% | 1,835,102 | $467,675,745 |
| 27 | AON | AON PLC | ADD | +7,010 | +0.5% | 1,323,228 | $475,250,568 |
| 28 | FLUT | FLUTTER ENTMT PLC | ADD | +12,794 | +0.5% | 2,410,178 | $622,910,504 |
| 29 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | ADD | +15,977 | +0.5% | 3,011,664 | $594,773,523 |
| 30 | BLK | BLACKROCK INC | NEW BUY | +483,793 | New | 483,793 | $495,941,042 |
| 31 | TMO | THERMO FISHER SCIENTIFIC INC | ADD | +130,870 | +16.4% | 929,870 | $483,746,270 |
| 32 | - | CREDIT ACCEP CORP MICH | SOLD | -227,057 | Exit | - | - |
| 33 | - | ZOETIS INC | ADD | +6,920 | +0.5% | 1,293,251 | $210,709,386 |
| 34 | ICE | INTERCONTINENTAL EXCHANGE IN | ADD | +18,854 | +0.5% | 3,553,300 | $529,477,233 |
| 35 | ADBE | ADOBE INC | ADD | +95,235 | +18.3% | 614,862 | $273,416,834 |
| 36 | MSFT | MICROSOFT CORP | ADD | +7,129 | +0.5% | 1,343,400 | $566,243,100 |
| 37 | AMT | AMERICAN TOWER CORP NEW | ADD | +10,343 | +0.5% | 1,947,595 | $357,208,399 |
| 38 | TW | TRADEWEB MKTS INC | ADD | +6,408 | +0.5% | 1,199,178 | $156,996,384 |
| 39 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +18,047 | +0.5% | 3,395,690 | $599,916,552 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | REDUCE | -14,072 | -2.9% | 471,545 | $223,790,541 |
| 2 | TCOM | TRIP COM GROUP LTD | ADD | +629,508 | +14.9% | 4,868,383 | $289,328,001 |
| 3 | UBER | UBER TECHNOLOGIES INC | ADD | +1,587,208 | +65.2% | 4,022,650 | $302,342,374 |
| 4 | YUM | YUM BRANDS INC | ADD | +51,690 | +3.8% | 1,428,040 | $199,511,468 |
| 5 | AMAT | APPLIED MATLS INC | REDUCE | -93,972 | -2.9% | 3,148,598 | $636,174,226 |
| 6 | IQV | IQVIA HLDGS INC | REDUCE | -55,002 | -2.9% | 1,840,127 | $436,054,895 |
| 7 | TME | TENCENT MUSIC ENTMT GROUP | ADD | +5,265,783 | +39.9% | 18,456,585 | $222,401,849 |
| 8 | LYV | LIVE NATION ENTERTAINMENT IN | REDUCE | -88,409 | -2.9% | 2,961,520 | $324,256,825 |
| 9 | SPGI | S&P GLOBAL INC | REDUCE | -55,405 | -2.9% | 1,858,934 | $960,362,483 |
| 10 | ADI | ANALOG DEVICES INC | REDUCE | -696,330 | -23.3% | 2,297,122 | $528,728,571 |
| 11 | - | CDW CORP | REDUCE | -38,405 | -2.9% | 1,281,644 | $290,036,037 |
| 12 | CME | CME GROUP INC | REDUCE | -50,497 | -2.9% | 1,664,816 | $367,341,651 |
| 13 | FAST | FASTENAL CO | REDUCE | -146,462 | -2.9% | 4,905,674 | $350,363,237 |
| 14 | EFX | EQUIFAX INC | REDUCE | -54,434 | -2.9% | 1,825,400 | $536,412,044 |
| 15 | AON | AON PLC | ADD | +177,956 | +15.6% | 1,316,218 | $455,398,266 |
| 16 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -89,406 | -2.9% | 2,995,687 | $520,260,961 |
| 17 | ICE | INTERCONTINENTAL EXCHANGE IN | REDUCE | -105,375 | -2.9% | 3,534,446 | $567,773,405 |
| 18 | MSFT | MICROSOFT CORP | REDUCE | -39,835 | -2.9% | 1,336,271 | $574,997,411 |
| 19 | V | VISA INC | REDUCE | -61,550 | -2.9% | 2,064,218 | $567,556,739 |
| 20 | - | FERGUSON PLC NEW | SOLD | -1,746,910 | Exit | - | - |
| 21 | CP | CANADIAN PACIFIC KANSAS CITY | ADD | +310,588 | +9.1% | 3,705,152 | $316,938,702 |
| 22 | FERG | FERGUSON ENTERPRISES INC | NEW BUY | +1,696,671 | New | 1,696,671 | $336,907,961 |
| 23 | A | AGILENT TECHNOLOGIES INC | REDUCE | -98,574 | -2.9% | 3,298,930 | $489,825,126 |
| 24 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -100,932 | -2.9% | 3,377,643 | $470,708,328 |
| 25 | - | TRINET GROUP INC | SOLD | -763,352 | Exit | - | - |
| 26 | ENTG | ENTEGRIS INC | REDUCE | -69,402 | -2.9% | 2,324,461 | $261,571,597 |
| 27 | AVGO | BROADCOM INC | ADD | +6,559,316 | +849.6% | 7,331,393 | $1,264,665,293 |
| 28 | CBRE | CBRE GROUP INC | REDUCE | -141,047 | -2.9% | 4,723,244 | $587,949,413 |
| 29 | GOOGL | ALPHABET INC | REDUCE | -133,164 | -2.9% | 4,463,248 | $740,229,681 |
| 30 | SSNC | SS&C TECHNOLOGIES HLDGS INC | REDUCE | -136,431 | -2.9% | 4,507,186 | $334,478,273 |
| 31 | - | BLACKROCK INC | REDUCE | -22,990 | -4.5% | 488,699 | $464,024,588 |
| 32 | - | ECOLAB INC | REDUCE | -34,501 | -2.9% | 1,155,739 | $295,094,839 |
| 33 | FLUT | FLUTTER ENTMT PLC | ADD | +2,336,347 | +3827.8% | 2,397,384 | $568,851,275 |
| 34 | TMO | THERMO FISHER SCIENTIFIC INC | REDUCE | -23,838 | -2.9% | 799,000 | $494,237,430 |
| 35 | - | CREDIT ACCEP CORP MICH | REDUCE | -6,887 | -2.9% | 227,057 | $100,681,614 |
| 36 | - | ZOETIS INC | REDUCE | -38,425 | -2.9% | 1,286,331 | $251,323,351 |
| 37 | ADBE | ADOBE INC | ADD | +79,898 | +18.2% | 519,627 | $269,052,468 |
| 38 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -57,953 | -2.9% | 1,937,252 | $450,527,325 |
| 39 | TW | TRADEWEB MKTS INC | REDUCE | -35,537 | -2.9% | 1,192,770 | $147,509,866 |
| 40 | ORCL | ORACLE CORP | REDUCE | -27,593 | -2.9% | 912,384 | $155,470,234 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | AUTODESK INC | SOLD | -1,668,662 | Exit | - | - |
| 2 | - | FERGUSON PLC NEW | REDUCE | -88,693 | -4.8% | 1,746,910 | $338,289,122 |
| 3 | MCO | MOODYS CORP | REDUCE | -24,789 | -4.9% | 485,617 | $204,410,764 |
| 4 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -173,128 | -4.9% | 3,394,564 | $267,254,024 |
| 5 | TCOM | TRIP COM GROUP LTD | NEW BUY | +4,238,875 | New | 4,238,875 | $199,227,125 |
| 6 | YUM | YUM BRANDS INC | REDUCE | -70,950 | -4.9% | 1,376,350 | $182,311,321 |
| 7 | UBER | UBER TECHNOLOGIES INC | NEW BUY | +2,435,442 | New | 2,435,442 | $177,007,925 |
| 8 | - | VERISIGN INC | SOLD | -1,715,147 | Exit | - | - |
| 9 | A | AGILENT TECHNOLOGIES INC | REDUCE | -172,954 | -4.8% | 3,397,504 | $440,418,444 |
| 10 | V | VISA INC | REDUCE | -108,378 | -4.9% | 2,125,768 | $557,950,327 |
| 11 | AMAT | APPLIED MATLS INC | REDUCE | -164,780 | -4.8% | 3,242,570 | $765,214,095 |
| 12 | - | TRINET GROUP INC | REDUCE | -2,166,674 | -73.9% | 763,352 | $76,335,200 |
| 13 | ENTG | ENTEGRIS INC | REDUCE | -122,028 | -4.9% | 2,393,863 | $324,129,050 |
| 14 | AVGO | BROADCOM INC | REDUCE | -39,610 | -4.9% | 772,077 | $1,239,592,786 |
| 15 | IQV | IQVIA HLDGS INC | ADD | +127,789 | +7.2% | 1,895,129 | $400,706,075 |
| 16 | CBRE | CBRE GROUP INC | REDUCE | -248,564 | -4.9% | 4,864,291 | $433,456,971 |
| 17 | TME | TENCENT MUSIC ENTMT GROUP | NEW BUY | +13,190,802 | New | 13,190,802 | $185,330,769 |
| 18 | GOOGL | ALPHABET INC | REDUCE | -234,482 | -4.9% | 4,596,412 | $837,236,446 |
| 19 | LYV | LIVE NATION ENTERTAINMENT IN | REDUCE | -155,765 | -4.9% | 3,049,929 | $285,900,344 |
| 20 | SPGI | S&P GLOBAL INC | REDUCE | -157,193 | -7.6% | 1,914,339 | $853,795,194 |
| 21 | SSNC | SS&C TECHNOLOGIES HLDGS INC | REDUCE | -236,646 | -4.8% | 4,643,617 | $291,015,477 |
| 22 | ADI | ANALOG DEVICES INC | REDUCE | -152,611 | -4.9% | 2,993,452 | $683,285,353 |
| 23 | - | CDW CORP | REDUCE | -67,262 | -4.8% | 1,320,049 | $295,479,768 |
| 24 | CME | CME GROUP INC | REDUCE | -87,278 | -4.8% | 1,715,313 | $337,230,536 |
| 25 | - | BLACKROCK INC | ADD | +32,772 | +6.8% | 511,689 | $402,862,983 |
| 26 | FAST | FASTENAL CO | REDUCE | -257,190 | -4.8% | 5,052,136 | $317,476,226 |
| 27 | - | ECOLAB INC | REDUCE | -60,680 | -4.9% | 1,190,240 | $283,277,120 |
| 28 | ORCL | ORACLE CORP | REDUCE | -47,975 | -4.9% | 939,977 | $132,724,753 |
| 29 | EFX | EQUIFAX INC | REDUCE | -95,668 | -4.8% | 1,879,834 | $455,784,552 |
| 30 | AON | AON PLC | REDUCE | -57,928 | -4.8% | 1,138,262 | $334,170,958 |
| 31 | TMO | THERMO FISHER SCIENTIFIC INC | REDUCE | -41,876 | -4.8% | 822,838 | $455,029,414 |
| 32 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -157,221 | -4.8% | 3,085,093 | $536,220,015 |
| 33 | FLUT | FLUTTER ENTMT PLC | NEW BUY | +61,037 | New | 61,037 | $11,130,707 |
| 34 | - | CREDIT ACCEP CORP MICH | REDUCE | -11,987 | -4.9% | 233,944 | $120,406,298 |
| 35 | - | ZOETIS INC | REDUCE | -67,506 | -4.8% | 1,324,756 | $229,659,700 |
| 36 | ICE | INTERCONTINENTAL EXCHANGE IN | REDUCE | -185,325 | -4.8% | 3,639,821 | $498,255,097 |
| 37 | ADBE | ADOBE INC | REDUCE | -19,986 | -4.3% | 439,729 | $244,287,049 |
| 38 | MSFT | MICROSOFT CORP | REDUCE | -70,166 | -4.9% | 1,376,106 | $615,050,577 |
| 39 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -101,165 | -4.8% | 1,995,205 | $387,827,948 |
| 40 | TW | TRADEWEB MKTS INC | REDUCE | -62,772 | -4.9% | 1,228,307 | $130,200,542 |
| 41 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -177,129 | -4.8% | 3,478,575 | $426,473,295 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | AUTODESK INC | REDUCE | -33,946 | -2.0% | 1,668,662 | $434,552,958 |
| 2 | - | FERGUSON PLC NEW | REDUCE | -37,260 | -2.0% | 1,835,603 | $400,950,763 |
| 3 | MCO | MOODYS CORP | REDUCE | -10,264 | -2.0% | 510,406 | $200,604,870 |
| 4 | CP | CANADIAN PACIFIC KANSAS CITY | ADD | +1,174,200 | +49.1% | 3,567,692 | $314,563,404 |
| 5 | YUM | YUM BRANDS INC | NEW BUY | +1,447,300 | New | 1,447,300 | $200,668,145 |
| 6 | - | VERISIGN INC | REDUCE | -34,285 | -2.0% | 1,715,147 | $325,037,508 |
| 7 | A | AGILENT TECHNOLOGIES INC | REDUCE | -71,421 | -2.0% | 3,570,458 | $519,537,343 |
| 8 | V | VISA INC | REDUCE | -44,743 | -2.0% | 2,234,146 | $623,505,466 |
| 9 | AMAT | APPLIED MATLS INC | REDUCE | -68,901 | -2.0% | 3,407,350 | $702,697,790 |
| 10 | - | TRINET GROUP INC | REDUCE | -415,917 | -12.4% | 2,930,026 | $388,199,145 |
| 11 | ENTG | ENTEGRIS INC | REDUCE | -50,406 | -2.0% | 2,515,891 | $353,583,321 |
| 12 | AVGO | BROADCOM INC | REDUCE | -114,589 | -12.4% | 811,687 | $1,075,818,067 |
| 13 | IQV | IQVIA HLDGS INC | REDUCE | -35,616 | -2.0% | 1,767,340 | $446,942,612 |
| 14 | CBRE | CBRE GROUP INC | REDUCE | -102,655 | -2.0% | 5,112,855 | $497,174,021 |
| 15 | GOOGL | ALPHABET INC | ADD | +565,218 | +13.3% | 4,830,894 | $729,126,832 |
| 16 | LYV | LIVE NATION ENTERTAINMENT IN | ADD | +458,893 | +16.7% | 3,205,694 | $339,066,254 |
| 17 | SPGI | S&P GLOBAL INC | REDUCE | -41,532 | -2.0% | 2,071,532 | $881,333,289 |
| 18 | SSNC | SS&C TECHNOLOGIES HLDGS INC | REDUCE | -98,544 | -2.0% | 4,880,263 | $314,142,529 |
| 19 | ADI | ANALOG DEVICES INC | REDUCE | -63,233 | -2.0% | 3,146,063 | $622,259,800 |
| 20 | - | CDW CORP | REDUCE | -27,731 | -2.0% | 1,387,311 | $354,846,408 |
| 21 | CME | CME GROUP INC | REDUCE | -36,107 | -2.0% | 1,802,591 | $388,079,816 |
| 22 | - | BECTON DICKINSON & CO | SOLD | -867,764 | Exit | - | - |
| 23 | - | BLACKROCK INC | REDUCE | -10,207 | -2.1% | 478,917 | $399,273,103 |
| 24 | FAST | FASTENAL CO | REDUCE | -106,979 | -2.0% | 5,309,326 | $409,561,407 |
| 25 | - | ECOLAB INC | REDUCE | -25,487 | -2.0% | 1,250,920 | $288,837,428 |
| 26 | ORCL | ORACLE CORP | NEW BUY | +987,952 | New | 987,952 | $124,096,651 |
| 27 | EFX | EQUIFAX INC | REDUCE | -39,573 | -2.0% | 1,975,502 | $528,486,295 |
| 28 | AON | AON PLC | REDUCE | -23,984 | -2.0% | 1,196,190 | $399,192,527 |
| 29 | TMO | THERMO FISHER SCIENTIFIC INC | REDUCE | -17,303 | -2.0% | 864,714 | $502,580,424 |
| 30 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -65,656 | -2.0% | 3,242,314 | $441,116,819 |
| 31 | - | BRUNSWICK CORP | SOLD | -2,395,715 | Exit | - | - |
| 32 | - | CREDIT ACCEP CORP MICH | REDUCE | -4,979 | -2.0% | 245,931 | $135,643,243 |
| 33 | - | ZOETIS INC | REDUCE | -27,958 | -2.0% | 1,392,262 | $235,584,653 |
| 34 | ICE | INTERCONTINENTAL EXCHANGE IN | REDUCE | -78,012 | -2.0% | 3,825,146 | $525,689,814 |
| 35 | ADBE | ADOBE INC | ADD | +77,309 | +20.2% | 459,715 | $231,972,189 |
| 36 | MSFT | MICROSOFT CORP | REDUCE | -29,005 | -2.0% | 1,446,272 | $608,475,556 |
| 37 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -42,054 | -2.0% | 2,096,370 | $414,221,748 |
| 38 | TW | TRADEWEB MKTS INC | REDUCE | -27,547 | -2.1% | 1,291,079 | $134,491,699 |
| 39 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -73,165 | -2.0% | 3,655,704 | $408,378,694 |
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