PaperPanda Fund Terminal
John Armitage
Egerton Capital (UK) LLP · CIK: 1581811 · 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: $9,200,432,020 · 23 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 AMZN
|
AMAZON COM INC | COM | 14.8% | $1,360,105,927 | 5,892,496 | ADD | +1,839,247 |
| 2 |
 V
|
VISA INC | COM | 12.5% | $1,147,172,059 | 3,270,999 | ADD | +887,626 |
| 3 |
 MSFT
|
MICROSOFT CORP | COM | 9.2% | $845,685,015 | 1,748,656 | REDUCE | -62,132 |
| 4 |
 BSX
|
BOSTON SCIENTIFIC CORP | COM | 5.6% | $513,467,759 | 5,385,084 | ADD | +72,580 |
| 5 |
 COF
|
CAPITAL ONE FINL CORP | COM | 5.5% | $501,474,347 | 2,069,130 | REDUCE | -8,709 |
| 6 |
 APH
|
AMPHENOL CORP NEW | COM | 5.5% | $501,087,093 | 3,707,911 | REDUCE | -115,511 |
| 7 |
 CRS
|
CARPENTER TECHNOLOGY CORP | COM | 5.3% | $488,950,298 | 1,553,012 | ADD | +178,679 |
| 8 |
 IBKR
|
INTERACTIVE BROKERS GROUP IN | COM | 4.8% | $446,284,454 | 6,939,581 | ADD | +685,447 |
| 9 |
 MCO
|
MOODYS CORP | COM | 4.3% | $395,095,988 | 773,409 | NEW BUY | +773,409 |
| 10 |
 GOOG
|
ALPHABET INC | COM | 3.7% | $338,517,398 | 1,078,768 | NEW BUY | +1,078,768 |
| 11 |
 CME
|
CME GROUP INC | COM | 3.5% | $322,177,599 | 1,179,792 | REDUCE | -4,996 |
| 12 |
 CRH
|
CRH PLC | COM | 3.1% | $282,180,288 | 2,261,060 | REDUCE | -1,999,786 |
| 13 |
 VMC
|
VULCAN MATLS CO | COM | 3.0% | $273,860,543 | 960,173 | NEW BUY | +960,173 |
| 14 |
 MA
|
MASTERCARD INCORPORATED | COM | 2.8% | $261,658,281 | 458,342 | REDUCE | -1,813 |
| 15 |
 WYNN
|
WYNN RESORTS LTD | COM | 2.7% | $249,053,138 | 2,069,751 | NEW BUY | +2,069,751 |
| 16 |
 FERG
|
FERGUSON ENTERPRISES INC | COM | 2.4% | $224,480,946 | 1,008,314 | REDUCE | -1,591,910 |
| 17 |
 UBER
|
UBER TECHNOLOGIES INC | COM | 2.4% | $219,078,564 | 2,681,172 | NEW BUY | +2,681,172 |
| 18 |
 ERJ
|
EMBRAER S.A. | COM | 2.3% | $211,013,872 | 3,278,140 | ADD | +1,161,128 |
| 19 |
 STX
|
SEAGATE TECHNOLOGY HLDNGS PL | COM | 2.2% | $200,848,812 | 729,325 | REDUCE | -863,658 |
| 20 |
 RNR
|
RENAISSANCERE HLDGS LTD | COM | 1.5% | $137,944,406 | 490,626 | NEW BUY | +490,626 |
| 21 |
 NYT
|
NEW YORK TIMES CO | COM | 1.1% | $97,882,408 | 1,410,003 | NEW BUY | +1,410,003 |
| 22 |
 LAMR
|
LAMAR ADVERTISING CO NEW | COM | 1.0% | $91,401,266 | 722,083 | REDUCE | -1,774 |
| 23 |
 LPLA
|
LPL FINL HLDGS INC | COM | 1.0% | $91,011,559 | 254,813 | NEW BUY | +254,813 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | LAMR | LAMAR ADVERTISING CO NEW | REDUCE | -1,774 | -0.2% | 722,083 | $91,401,266 |
| 2 | - | PROGRESSIVE CORP | SOLD | -2,588,638 | Exit | - | - |
| 3 | APH | AMPHENOL CORP NEW | REDUCE | -115,511 | -3.0% | 3,707,911 | $501,087,093 |
| 4 | MCO | MOODYS CORP | NEW BUY | +773,409 | New | 773,409 | $395,095,988 |
| 5 | - | CANADIAN PACIFIC KANSAS CITY | SOLD | -2,026,311 | Exit | - | - |
| 6 | GOOG | ALPHABET INC | NEW BUY | +1,078,768 | New | 1,078,768 | $338,517,398 |
| 7 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +685,447 | +11.0% | 6,939,581 | $446,284,454 |
| 8 | NYT | NEW YORK TIMES CO | NEW BUY | +1,410,003 | New | 1,410,003 | $97,882,408 |
| 9 | CME | CME GROUP INC | REDUCE | -4,996 | -0.4% | 1,179,792 | $322,177,599 |
| 10 | - | FLUTTER ENTMT PLC | SOLD | -1,412,018 | Exit | - | - |
| 11 | RNR | RENAISSANCERE HLDGS LTD | NEW BUY | +490,626 | New | 490,626 | $137,944,406 |
| 12 | CRS | CARPENTER TECHNOLOGY CORP | ADD | +178,679 | +13.0% | 1,553,012 | $488,950,298 |
| 13 | VMC | VULCAN MATLS CO | NEW BUY | +960,173 | New | 960,173 | $273,860,543 |
| 14 | BSX | BOSTON SCIENTIFIC CORP | ADD | +72,580 | +1.4% | 5,385,084 | $513,467,759 |
| 15 | AMZN | AMAZON COM INC | ADD | +1,839,247 | +45.4% | 5,892,496 | $1,360,105,927 |
| 16 | FERG | FERGUSON ENTERPRISES INC | REDUCE | -1,591,910 | -61.2% | 1,008,314 | $224,480,946 |
| 17 | MSFT | MICROSOFT CORP | REDUCE | -62,132 | -3.4% | 1,748,656 | $845,685,015 |
| 18 | V | VISA INC | ADD | +887,626 | +37.2% | 3,270,999 | $1,147,172,059 |
| 19 | WYNN | WYNN RESORTS LTD | NEW BUY | +2,069,751 | New | 2,069,751 | $249,053,138 |
| 20 | ERJ | EMBRAER S.A. | ADD | +1,161,128 | +54.8% | 3,278,140 | $211,013,872 |
| 21 | - | INTERCONTINENTAL EXCHANGE IN | SOLD | -1,036,199 | Exit | - | - |
| 22 | - | ARAMARK | SOLD | -3,204,201 | Exit | - | - |
| 23 | MA | MASTERCARD INCORPORATED | REDUCE | -1,813 | -0.4% | 458,342 | $261,658,281 |
| 24 | LPLA | LPL FINL HLDGS INC | NEW BUY | +254,813 | New | 254,813 | $91,011,559 |
| 25 | COF | CAPITAL ONE FINL CORP | REDUCE | -8,709 | -0.4% | 2,069,130 | $501,474,347 |
| 26 | - | ARCH CAP GROUP LTD | SOLD | -3,507,882 | Exit | - | - |
| 27 | - | TRANSUNION | SOLD | -1,465,050 | Exit | - | - |
| 28 | UBER | UBER TECHNOLOGIES INC | NEW BUY | +2,681,172 | New | 2,681,172 | $219,078,564 |
| 29 | - | META PLATFORMS INC | SOLD | -541,167 | Exit | - | - |
| 30 | - | FIRST CTZNS BANCSHARES INC D | SOLD | -47,384 | Exit | - | - |
| 31 | STX | SEAGATE TECHNOLOGY HLDNGS PL | REDUCE | -863,658 | -54.2% | 729,325 | $200,848,812 |
| 32 | CRH | CRH PLC | REDUCE | -1,999,786 | -46.9% | 2,261,060 | $282,180,288 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | LAMR | LAMAR ADVERTISING CO NEW | NEW BUY | +723,857 | New | 723,857 | $88,614,574 |
| 2 | - | PROGRESSIVE CORP | REDUCE | -49,323 | -1.9% | 2,588,638 | $639,264,154 |
| 3 | APH | AMPHENOL CORP NEW | ADD | +654,949 | +20.7% | 3,823,422 | $473,148,473 |
| 4 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -2,530,870 | -55.5% | 2,026,311 | $150,939,906 |
| 5 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -1,802,710 | -22.4% | 6,254,134 | $430,346,961 |
| 6 | GOOG | ALPHABET INC | SOLD | -965,393 | Exit | - | - |
| 7 | CME | CME GROUP INC | REDUCE | -338,148 | -22.2% | 1,184,788 | $320,117,870 |
| 8 | - | FLUTTER ENTMT PLC | REDUCE | -37,893 | -2.6% | 1,412,018 | $358,652,572 |
| 9 | CRS | CARPENTER TECHNOLOGY CORP | REDUCE | -534,734 | -28.0% | 1,374,333 | $337,453,725 |
| 10 | - | GE AEROSPACE | SOLD | -1,261,839 | Exit | - | - |
| 11 | BSX | BOSTON SCIENTIFIC CORP | ADD | +3,671,548 | +223.7% | 5,312,504 | $518,659,766 |
| 12 | AMZN | AMAZON COM INC | ADD | +715,864 | +21.4% | 4,053,249 | $889,971,883 |
| 13 | FERG | FERGUSON ENTERPRISES INC | ADD | +366,898 | +16.4% | 2,600,224 | $583,958,306 |
| 14 | MSFT | MICROSOFT CORP | REDUCE | -33,278 | -1.8% | 1,810,788 | $937,897,645 |
| 15 | V | VISA INC | ADD | +473,058 | +24.8% | 2,383,373 | $813,635,875 |
| 16 | ERJ | EMBRAER S.A. | NEW BUY | +2,117,012 | New | 2,117,012 | $127,973,375 |
| 17 | - | INTERCONTINENTAL EXCHANGE IN | REDUCE | -43,712 | -4.0% | 1,036,199 | $174,578,808 |
| 18 | - | ARAMARK | ADD | +374,656 | +13.2% | 3,204,201 | $123,041,318 |
| 19 | - | BUILDERS FIRSTSOURCE INC | SOLD | -262,628 | Exit | - | - |
| 20 | MA | MASTERCARD INCORPORATED | ADD | +40,109 | +9.5% | 460,155 | $261,740,766 |
| 21 | LPLA | LPL FINL HLDGS INC | SOLD | -832,516 | Exit | - | - |
| 22 | - | ARCH CAP GROUP LTD | REDUCE | -733,084 | -17.3% | 3,507,882 | $318,270,134 |
| 23 | COF | CAPITAL ONE FINL CORP | REDUCE | -255,803 | -11.0% | 2,077,839 | $441,707,015 |
| 24 | - | TRANSUNION | NEW BUY | +1,465,050 | New | 1,465,050 | $122,741,889 |
| 25 | - | META PLATFORMS INC | REDUCE | -10,128 | -1.8% | 541,167 | $397,422,221 |
| 26 | - | FIRST CTZNS BANCSHARES INC D | REDUCE | -41,626 | -46.8% | 47,384 | $84,777,557 |
| 27 | STX | SEAGATE TECHNOLOGY HLDNGS PL | REDUCE | -458,451 | -22.3% | 1,592,983 | $376,039,567 |
| 28 | CRH | CRH PLC | REDUCE | -309,718 | -6.8% | 4,260,846 | $510,875,435 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | PROGRESSIVE CORP | REDUCE | -140,871 | -5.1% | 2,637,961 | $703,966,272 |
| 2 | APH | AMPHENOL CORP NEW | ADD | +1,405,850 | +79.8% | 3,168,473 | $312,886,709 |
| 3 | - | CANADIAN PACIFIC KANSAS CITY | ADD | +391,636 | +9.4% | 4,557,181 | $361,247,738 |
| 4 | CRH | CRH PLC | ADD | +339,328 | +8.0% | 4,570,564 | $419,577,775 |
| 5 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +6,222,875 | +339.3% | 8,056,844 | $446,429,726 |
| 6 | GOOG | ALPHABET INC | REDUCE | -700,315 | -42.0% | 965,393 | $171,251,064 |
| 7 | - | HDFC BANK LTD | SOLD | -1,116,493 | Exit | - | - |
| 8 | CME | CME GROUP INC | REDUCE | -207,258 | -12.0% | 1,522,936 | $419,751,620 |
| 9 | - | FLUTTER ENTMT PLC | REDUCE | -743,883 | -33.9% | 1,449,911 | $414,326,567 |
| 10 | - | HOWARD HUGHES HOLDINGS INC | SOLD | -1,196,288 | Exit | - | - |
| 11 | CRS | CARPENTER TECHNOLOGY CORP | ADD | +89,182 | +4.9% | 1,909,067 | $527,627,937 |
| 12 | - | GE AEROSPACE | REDUCE | -235,515 | -15.7% | 1,261,839 | $324,784,740 |
| 13 | BSX | BOSTON SCIENTIFIC CORP | NEW BUY | +1,640,956 | New | 1,640,956 | $176,255,084 |
| 14 | AMZN | AMAZON COM INC | REDUCE | -884,482 | -21.0% | 3,337,385 | $732,188,895 |
| 15 | FERG | FERGUSON ENTERPRISES INC | NEW BUY | +2,233,326 | New | 2,233,326 | $486,306,737 |
| 16 | MSFT | MICROSOFT CORP | ADD | +515,533 | +38.8% | 1,844,066 | $917,256,869 |
| 17 | V | VISA INC | ADD | +951,330 | +99.2% | 1,910,315 | $678,257,341 |
| 18 | - | INTERCONTINENTAL EXCHANGE IN | REDUCE | -21,508 | -2.0% | 1,079,911 | $198,131,271 |
| 19 | - | ARAMARK | ADD | +754,419 | +36.4% | 2,829,545 | $118,473,049 |
| 20 | - | BUILDERS FIRSTSOURCE INC | NEW BUY | +262,628 | New | 262,628 | $30,646,061 |
| 21 | MA | MASTERCARD INCORPORATED | ADD | +39,825 | +10.5% | 420,046 | $236,040,649 |
| 22 | - | ARCH CAP GROUP LTD | REDUCE | -84,251 | -1.9% | 4,240,966 | $386,139,954 |
| 23 | COF | CAPITAL ONE FINL CORP | ADD | +1,441,983 | +161.7% | 2,333,642 | $496,505,672 |
| 24 | - | FISERV INC | SOLD | -2,381,496 | Exit | - | - |
| 25 | - | ICICI BANK LIMITED | SOLD | -5,031,304 | Exit | - | - |
| 26 | - | META PLATFORMS INC | REDUCE | -191,160 | -25.7% | 551,295 | $406,905,327 |
| 27 | - | FIRST CTZNS BANCSHARES INC N | REDUCE | -35,763 | -28.7% | 89,010 | $174,145,395 |
| 28 | - | MARTIN MARIETTA MATLS INC | SOLD | -165,338 | Exit | - | - |
| 29 | STX | SEAGATE TECHNOLOGY HLDNGS PL | NEW BUY | +2,051,434 | New | 2,051,434 | $296,083,469 |
| 30 | - | ELI LILLY & CO | SOLD | -492,808 | Exit | - | - |
| 31 | LPLA | LPL FINL HLDGS INC | REDUCE | -38,749 | -4.4% | 832,516 | $312,168,525 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | PROGRESSIVE CORP | REDUCE | -48,324 | -1.7% | 2,778,832 | $786,437,244 |
| 2 | APH | AMPHENOL CORP NEW | NEW BUY | +1,762,623 | New | 1,762,623 | $115,610,443 |
| 3 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -2,911,090 | -41.1% | 4,165,545 | $292,462,914 |
| 4 | CRH | CRH PLC | REDUCE | -97,656 | -2.3% | 4,231,236 | $372,221,831 |
| 5 | GOOG | ALPHABET INC | ADD | +186,203 | +12.6% | 1,665,708 | $260,233,561 |
| 6 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -14,204 | -0.8% | 1,833,969 | $303,686,927 |
| 7 | - | HDFC BANK LTD | REDUCE | -24,018 | -2.1% | 1,116,493 | $74,179,795 |
| 8 | CME | CME GROUP INC | ADD | +765,773 | +79.4% | 1,730,194 | $459,003,166 |
| 9 | - | FLUTTER ENTMT PLC | ADD | +316,411 | +16.9% | 2,193,794 | $486,035,061 |
| 10 | - | HOWARD HUGHES HOLDINGS INC | ADD | +752,325 | +169.5% | 1,196,288 | $88,621,015 |
| 11 | RNR | RENAISSANCERE HLDGS LTD | SOLD | -1,294,662 | Exit | - | - |
| 12 | CRS | CARPENTER TECHNOLOGY CORP | NEW BUY | +1,819,885 | New | 1,819,885 | $329,726,764 |
| 13 | - | GE AEROSPACE | REDUCE | -907,203 | -37.7% | 1,497,354 | $299,695,403 |
| 14 | AMZN | AMAZON COM INC | ADD | +1,813,724 | +75.3% | 4,221,867 | $803,252,415 |
| 15 | - | GE HEALTHCARE TECHNOLOGIES I | SOLD | -4,572,382 | Exit | - | - |
| 16 | MSFT | MICROSOFT CORP | REDUCE | -429,476 | -24.4% | 1,328,533 | $498,718,003 |
| 17 | V | VISA INC | ADD | +96,117 | +11.1% | 958,985 | $336,085,883 |
| 18 | ERJ | EMBRAER S.A. | SOLD | -3,634,426 | Exit | - | - |
| 19 | - | INTERCONTINENTAL EXCHANGE IN | ADD | +368,112 | +50.2% | 1,101,419 | $189,994,778 |
| 20 | - | ARAMARK | ADD | +916,054 | +79.0% | 2,075,126 | $71,633,350 |
| 21 | MA | MASTERCARD INCORPORATED | REDUCE | -8,505 | -2.2% | 380,221 | $208,406,735 |
| 22 | - | BOOKING HOLDINGS INC | SOLD | -12,235 | Exit | - | - |
| 23 | - | LITHIA MTRS INC | SOLD | -316,845 | Exit | - | - |
| 24 | - | ARCH CAP GROUP LTD | ADD | +337,245 | +8.5% | 4,325,217 | $415,999,371 |
| 25 | - | FISERV INC | ADD | +56,897 | +2.4% | 2,381,496 | $525,905,762 |
| 26 | COF | CAPITAL ONE FINL CORP | REDUCE | -673,836 | -43.0% | 891,659 | $159,874,459 |
| 27 | - | ICICI BANK LIMITED | REDUCE | -1,354,572 | -21.2% | 5,031,304 | $158,586,702 |
| 28 | - | META PLATFORMS INC | REDUCE | -58,987 | -7.4% | 742,455 | $427,921,364 |
| 29 | - | FIRST CTZNS BANCSHARES INC N | ADD | +22,257 | +21.7% | 124,773 | $231,344,115 |
| 30 | - | MARTIN MARIETTA MATLS INC | ADD | +83,062 | +101.0% | 165,338 | $79,053,058 |
| 31 | - | ELI LILLY & CO | ADD | +211,827 | +75.4% | 492,808 | $407,015,055 |
| 32 | LPLA | LPL FINL HLDGS INC | ADD | +613,555 | +238.1% | 871,265 | $285,025,632 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | PROGRESSIVE CORP | ADD | +3,262 | +0.1% | 2,827,156 | $677,414,849 |
| 2 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -779,026 | -9.9% | 7,076,635 | $512,136,075 |
| 3 | - | HILTON WORLDWIDE HLDGS INC | SOLD | -405,318 | Exit | - | - |
| 4 | GOOG | ALPHABET INC | REDUCE | -1,784,517 | -54.7% | 1,479,505 | $281,756,932 |
| 5 | IBKR | INTERACTIVE BROKERS GROUP IN | REDUCE | -1,534,340 | -45.4% | 1,848,173 | $326,516,724 |
| 6 | - | VERTEX PHARMACEUTICALS INC | SOLD | -124,045 | Exit | - | - |
| 7 | - | HDFC BANK LTD | NEW BUY | +1,140,511 | New | 1,140,511 | $72,833,032 |
| 8 | - | GE VERNOVA INC | SOLD | -597,858 | Exit | - | - |
| 9 | CME | CME GROUP INC | NEW BUY | +964,421 | New | 964,421 | $223,967,489 |
| 10 | - | FLUTTER ENTMT PLC | ADD | +61,833 | +3.4% | 1,877,383 | $485,209,636 |
| 11 | - | HOWARD HUGHES HOLDINGS INC | NEW BUY | +443,963 | New | 443,963 | $34,149,634 |
| 12 | - | FIRST SOLAR INC | SOLD | -348,161 | Exit | - | - |
| 13 | RNR | RENAISSANCERE HLDGS LTD | REDUCE | -599,750 | -31.7% | 1,294,662 | $322,124,852 |
| 14 | - | GE AEROSPACE | ADD | +447,738 | +22.9% | 2,404,557 | $401,056,062 |
| 15 | - | APPLE INC | SOLD | -201,738 | Exit | - | - |
| 16 | AMZN | AMAZON COM INC | REDUCE | -659,947 | -21.5% | 2,408,143 | $528,322,493 |
| 17 | - | GE HEALTHCARE TECHNOLOGIES I | REDUCE | -1,107,639 | -19.5% | 4,572,382 | $357,468,825 |
| 18 | MSFT | MICROSOFT CORP | ADD | +37,958 | +2.2% | 1,758,009 | $741,000,794 |
| 19 | V | VISA INC | REDUCE | -317,207 | -26.9% | 862,868 | $272,700,803 |
| 20 | ERJ | EMBRAER S.A. | REDUCE | -73,098 | -2.0% | 3,634,426 | $133,310,746 |
| 21 | - | INTERCONTINENTAL EXCHANGE IN | NEW BUY | +733,307 | New | 733,307 | $109,270,076 |
| 22 | - | ARAMARK | REDUCE | -23,070 | -2.0% | 1,159,072 | $43,244,976 |
| 23 | MA | MASTERCARD INCORPORATED | REDUCE | -245,978 | -38.8% | 388,726 | $204,691,450 |
| 24 | LPLA | LPL FINL HLDGS INC | NEW BUY | +257,710 | New | 257,710 | $84,144,892 |
| 25 | - | BOOKING HOLDINGS INC | REDUCE | -52,077 | -81.0% | 12,235 | $60,788,619 |
| 26 | - | LITHIA MTRS INC | NEW BUY | +316,845 | New | 316,845 | $113,249,908 |
| 27 | COF | CAPITAL ONE FINL CORP | NEW BUY | +1,565,495 | New | 1,565,495 | $279,159,068 |
| 28 | - | ARCH CAP GROUP LTD | ADD | +816,750 | +25.8% | 3,987,972 | $368,289,214 |
| 29 | - | FISERV INC | REDUCE | -253,886 | -9.8% | 2,324,599 | $477,519,127 |
| 30 | - | CHUBB LIMITED | SOLD | -148,764 | Exit | - | - |
| 31 | - | SHARKNINJA INC | SOLD | -177,193 | Exit | - | - |
| 32 | - | ICICI BANK LIMITED | ADD | +2,422,251 | +61.1% | 6,385,876 | $190,682,257 |
| 33 | UBER | UBER TECHNOLOGIES INC | SOLD | -3,380,958 | Exit | - | - |
| 34 | - | META PLATFORMS INC | REDUCE | -227,047 | -22.1% | 801,442 | $469,252,305 |
| 35 | - | FIRST CTZNS BANCSHARES INC N | REDUCE | -146,291 | -58.8% | 102,516 | $216,618,358 |
| 36 | - | MARTIN MARIETTA MATLS INC | REDUCE | -122,398 | -59.8% | 82,276 | $42,495,554 |
| 37 | - | ELI LILLY & CO | NEW BUY | +280,981 | New | 280,981 | $216,917,332 |
| 38 | CRH | CRH PLC | REDUCE | -86,766 | -2.0% | 4,328,892 | $400,509,088 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | PROGRESSIVE CORP | ADD | +1,282,516 | +83.2% | 2,823,894 | $716,591,341 |
| 2 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -1,380,900 | -15.0% | 7,855,661 | $671,973,242 |
| 3 | - | HILTON WORLDWIDE HLDGS INC | REDUCE | -88,231 | -17.9% | 405,318 | $93,425,799 |
| 4 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +249,143 | +8.0% | 3,382,513 | $471,387,012 |
| 5 | GOOG | ALPHABET INC | ADD | +23,111 | +0.7% | 3,264,022 | $545,711,838 |
| 6 | - | VERTEX PHARMACEUTICALS INC | NEW BUY | +124,045 | New | 124,045 | $57,690,849 |
| 7 | - | GE VERNOVA INC | REDUCE | -186,650 | -23.8% | 597,858 | $152,441,833 |
| 8 | - | CENOVUS ENERGY INC | SOLD | -10,322,992 | Exit | - | - |
| 9 | - | FLUTTER ENTMT PLC | ADD | +774,266 | +74.4% | 1,815,550 | $430,793,704 |
| 10 | - | FIRST SOLAR INC | REDUCE | -361,677 | -51.0% | 348,161 | $86,845,280 |
| 11 | RNR | RENAISSANCERE HLDGS LTD | ADD | +34,486 | +1.9% | 1,894,412 | $516,037,829 |
| 12 | - | GE AEROSPACE | REDUCE | -416,456 | -17.5% | 1,956,819 | $369,016,927 |
| 13 | - | APPLE INC | NEW BUY | +201,738 | New | 201,738 | $47,004,954 |
| 14 | AMZN | AMAZON COM INC | REDUCE | -827,315 | -21.2% | 3,068,090 | $571,677,210 |
| 15 | - | GE HEALTHCARE TECHNOLOGIES I | REDUCE | -1,677,864 | -22.8% | 5,680,021 | $533,069,971 |
| 16 | MSFT | MICROSOFT CORP | ADD | +230,587 | +15.5% | 1,720,051 | $740,137,945 |
| 17 | V | VISA INC | REDUCE | -1,374,073 | -53.8% | 1,180,075 | $324,461,621 |
| 18 | ERJ | EMBRAER S.A. | NEW BUY | +3,707,524 | New | 3,707,524 | $131,135,124 |
| 19 | - | ARAMARK | NEW BUY | +1,182,142 | New | 1,182,142 | $45,784,360 |
| 20 | MA | MASTERCARD INCORPORATED | ADD | +212,131 | +50.2% | 634,704 | $313,416,835 |
| 21 | - | CANADIAN NATL RY CO | SOLD | -4,066,666 | Exit | - | - |
| 22 | - | BOOKING HOLDINGS INC | REDUCE | -46,815 | -42.1% | 64,312 | $270,889,861 |
| 23 | - | ARCH CAP GROUP LTD | REDUCE | -62,158 | -1.9% | 3,171,222 | $354,796,317 |
| 24 | - | FISERV INC | REDUCE | -158,255 | -5.8% | 2,578,485 | $463,224,830 |
| 25 | - | CHUBB LIMITED | NEW BUY | +148,764 | New | 148,764 | $42,902,050 |
| 26 | - | SHARKNINJA INC | REDUCE | -479,854 | -73.0% | 177,193 | $19,262,651 |
| 27 | UBER | UBER TECHNOLOGIES INC | ADD | +1,595,839 | +89.4% | 3,380,958 | $254,112,803 |
| 28 | - | ICICI BANK LIMITED | REDUCE | -1,577,354 | -28.5% | 3,963,625 | $118,314,206 |
| 29 | - | META PLATFORMS INC | REDUCE | -311,176 | -23.2% | 1,028,489 | $588,748,243 |
| 30 | - | FIRST CTZNS BANCSHARES INC N | REDUCE | -34,421 | -12.2% | 248,807 | $458,041,247 |
| 31 | - | MARTIN MARIETTA MATLS INC | NEW BUY | +204,674 | New | 204,674 | $110,165,781 |
| 32 | CRH | CRH PLC | ADD | +475,305 | +12.1% | 4,415,658 | $409,508,123 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | PROGRESSIVE CORP | NEW BUY | +1,541,378 | New | 1,541,378 | $320,159,624 |
| 2 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -715,316 | -7.2% | 9,236,561 | $727,194,448 |
| 3 | - | HILTON WORLDWIDE HLDGS INC | REDUCE | -788,157 | -61.5% | 493,549 | $107,692,392 |
| 4 | IBKR | INTERACTIVE BROKERS GROUP IN | ADD | +309,673 | +11.0% | 3,133,370 | $384,151,162 |
| 5 | GOOG | ALPHABET INC | ADD | +750,358 | +30.1% | 3,240,911 | $594,447,896 |
| 6 | - | GE VERNOVA INC | NEW BUY | +784,508 | New | 784,508 | $134,550,967 |
| 7 | - | CENOVUS ENERGY INC | REDUCE | -3,644,951 | -26.1% | 10,322,992 | $202,950,023 |
| 8 | - | FLUTTER ENTMT PLC | NEW BUY | +1,041,284 | New | 1,041,284 | $189,888,550 |
| 9 | - | FIRST SOLAR INC | NEW BUY | +709,838 | New | 709,838 | $160,040,075 |
| 10 | RNR | RENAISSANCERE HLDGS LTD | ADD | +1,102 | +0.1% | 1,859,926 | $415,712,060 |
| 11 | - | GE AEROSPACE | REDUCE | -998,532 | -29.6% | 2,373,275 | $377,279,527 |
| 12 | AMZN | AMAZON COM INC | REDUCE | -1,096,811 | -22.0% | 3,895,405 | $752,787,016 |
| 13 | - | GE HEALTHCARE TECHNOLOGIES I | REDUCE | -1,348,969 | -15.5% | 7,357,885 | $573,326,399 |
| 14 | MSFT | MICROSOFT CORP | ADD | +102,398 | +7.4% | 1,489,464 | $665,715,935 |
| 15 | V | VISA INC | REDUCE | -181,208 | -6.6% | 2,554,148 | $670,387,226 |
| 16 | MA | MASTERCARD INCORPORATED | ADD | +46,480 | +12.4% | 422,573 | $186,422,305 |
| 17 | - | CANADIAN NATL RY CO | REDUCE | -1,939,582 | -32.3% | 4,066,666 | $480,395,255 |
| 18 | - | BOOKING HOLDINGS INC | ADD | +30,306 | +37.5% | 111,127 | $440,229,611 |
| 19 | - | ARCH CAP GROUP LTD | REDUCE | -167,514 | -4.9% | 3,233,380 | $326,215,708 |
| 20 | - | FISERV INC | REDUCE | -655,536 | -19.3% | 2,736,740 | $407,883,730 |
| 21 | - | SHARKNINJA INC | NEW BUY | +657,047 | New | 657,047 | $49,377,082 |
| 22 | - | ICICI BANK LIMITED | REDUCE | -522,571 | -8.6% | 5,540,979 | $159,635,605 |
| 23 | UBER | UBER TECHNOLOGIES INC | NEW BUY | +1,785,119 | New | 1,785,119 | $129,742,449 |
| 24 | - | META PLATFORMS INC | REDUCE | -101,472 | -7.0% | 1,339,665 | $675,485,886 |
| 25 | - | FIRST CTZNS BANCSHARES INC N | REDUCE | -15,235 | -5.1% | 283,228 | $476,845,493 |
| 26 | - | BLOCK INC | SOLD | -1,900,407 | Exit | - | - |
| 27 | - | API GROUP CORP | SOLD | -4,079,597 | Exit | - | - |
| 28 | CRH | CRH PLC | REDUCE | -295,084 | -7.0% | 3,940,353 | $295,447,668 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -1,448,339 | -12.7% | 9,951,877 | $877,456,995 |
| 2 | - | HILTON WORLDWIDE HLDGS INC | REDUCE | -20,665 | -1.6% | 1,281,706 | $273,400,707 |
| 3 | IBKR | INTERACTIVE BROKERS GROUP IN | NEW BUY | +2,823,697 | New | 2,823,697 | $315,435,192 |
| 4 | GOOG | ALPHABET INC | REDUCE | -972,954 | -28.1% | 2,490,553 | $379,211,600 |
| 5 | - | HDFC BANK LTD | SOLD | -2,823,924 | Exit | - | - |
| 6 | - | CENOVUS ENERGY INC | REDUCE | -225,108 | -1.6% | 13,967,943 | $279,219,181 |
| 7 | RNR | RENAISSANCERE HLDGS LTD | ADD | +217,284 | +13.2% | 1,858,824 | $436,879,405 |
| 8 | - | GENERAL ELECTRIC CO | REDUCE | -931,163 | -21.6% | 3,371,807 | $591,853,283 |
| 9 | AMZN | AMAZON COM INC | ADD | +342,982 | +7.4% | 4,992,216 | $900,495,922 |
| 10 | - | GE HEALTHCARE TECHNOLOGIES I | ADD | +5,210,342 | +149.0% | 8,706,854 | $791,540,097 |
| 11 | MSFT | MICROSOFT CORP | REDUCE | -333,900 | -19.4% | 1,387,066 | $583,566,408 |
| 12 | V | VISA INC | REDUCE | -933,144 | -25.4% | 2,735,356 | $763,383,152 |
| 13 | - | SHELL PLC | SOLD | -1,173,260 | Exit | - | - |
| 14 | MA | MASTERCARD INCORPORATED | REDUCE | -161,911 | -30.1% | 376,093 | $181,115,106 |
| 15 | - | CANADIAN NATL RY CO | ADD | +697,980 | +13.1% | 6,006,248 | $791,082,924 |
| 16 | - | BOOKING HOLDINGS INC | REDUCE | -26,982 | -25.0% | 80,821 | $293,208,889 |
| 17 | - | ARCH CAP GROUP LTD | ADD | +1,403,616 | +70.3% | 3,400,894 | $314,378,641 |
| 18 | - | FISERV INC | REDUCE | -56,007 | -1.6% | 3,392,276 | $542,153,550 |
| 19 | - | ICICI BANK LIMITED | REDUCE | -6,256,660 | -50.8% | 6,063,550 | $160,138,356 |
| 20 | - | META PLATFORMS INC | REDUCE | -359,908 | -20.0% | 1,441,137 | $699,787,304 |
| 21 | - | FIRST CTZNS BANCSHARES INC N | REDUCE | -4,616 | -1.5% | 298,463 | $487,987,005 |
| 22 | - | BLOCK INC | NEW BUY | +1,900,407 | New | 1,900,407 | $160,736,424 |
| 23 | - | API GROUP CORP | NEW BUY | +4,079,597 | New | 4,079,597 | $160,205,774 |
| 24 | CRH | CRH PLC | ADD | +842,172 | +24.8% | 4,235,437 | $365,348,796 |
| 25 | - | SCHLUMBERGER LTD | SOLD | -3,295,155 | Exit | - | - |
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