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		<nameOfIssuer>ADOBE INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>009775625</cusip>
		<value>3325</value>
		<shrsOrPrnAmt>
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			<None>0</None>
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	<infoTable>
		<nameOfIssuer>ADOBE INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>009775625</cusip>
		<value>5174</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Shared>17560</Shared>
			<None>0</None>
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		<nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>027691617</cusip>
		<value>62581</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1203254</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1203254</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>027691617</cusip>
		<value>20</value>
		<shrsOrPrnAmt>
			<sshPrnamt>377</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
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			<Shared>377</Shared>
			<None>0</None>
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		<nameOfIssuer>ALBEMARLE CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010231272</cusip>
		<value>2530</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35930</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35930</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>ALBEMARLE CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010231272</cusip>
		<value>3627</value>
		<shrsOrPrnAmt>
			<sshPrnamt>51513</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>51513</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BOOKING HOLDINGS INC</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>178531140</cusip>
		<value>3382</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1804</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1804</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BOOKING HOLDINGS INC</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>178531140</cusip>
		<value>5264</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2808</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2808</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CABOT MICROELECTRONICS CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011771025</cusip>
		<value>2846</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25850</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>25850</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CABOT MICROELECTRONICS CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011771025</cusip>
		<value>4896</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44480</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>44480</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>CHARLES RIVER LABORATORIES</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011376487</cusip>
		<value>3208</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22605</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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			<None>0</None>
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		<nameOfIssuer>CHARLES RIVER LABORATORIES</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011376487</cusip>
		<value>4918</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34660</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>34660</Shared>
			<None>0</None>
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		<nameOfIssuer>FORTIVE CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>143696294</cusip>
		<value>2038</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25005</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>25005</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>FORTIVE CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>143696294</cusip>
		<value>3157</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38732</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>38732</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>HEXCEL CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011539629</cusip>
		<value>3202</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39595</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39595</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HEXCEL CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011539629</cusip>
		<value>4924</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60884</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>60884</Shared>
			<None>0</None>
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		<nameOfIssuer>HONEYWELL INTERNATIONAL INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010534801</cusip>
		<value>2640</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15123</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>15123</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>HONEYWELL INTERNATIONAL INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010534801</cusip>
		<value>4121</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23606</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>23606</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>II-VI INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011542298</cusip>
		<value>2918</value>
		<shrsOrPrnAmt>
			<sshPrnamt>79825</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>79825</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>II-VI INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011542298</cusip>
		<value>4528</value>
		<shrsOrPrnAmt>
			<sshPrnamt>123855</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>123855</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>INGEVITY CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>140580180</cusip>
		<value>2951</value>
		<shrsOrPrnAmt>
			<sshPrnamt>28055</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>28055</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>INGEVITY CORPORATION</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>140580180</cusip>
		<value>3869</value>
		<shrsOrPrnAmt>
			<sshPrnamt>36789</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>36789</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>012271654</cusip>
		<value>3309</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>29600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>012271654</cusip>
		<value>5135</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45933</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>45933</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>METTLER-TOLEDO INTERNATIONAL INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010919576</cusip>
		<value>3287</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3913</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3913</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>METTLER-TOLEDO INTERNATIONAL INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010919576</cusip>
		<value>5111</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6084</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>6084</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>PTC INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>088381041</cusip>
		<value>2785</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31030</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>31030</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PTC INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>088381041</cusip>
		<value>4332</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48257</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>48257</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>QUANTA SERVICES, INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011549624</cusip>
		<value>3022</value>
		<shrsOrPrnAmt>
			<sshPrnamt>79130</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>79130</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>QUANTA SERVICES, INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>011549624</cusip>
		<value>4634</value>
		<shrsOrPrnAmt>
			<sshPrnamt>121334</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>121334</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>ROYAL CARIBBEAN CRUISES LTD</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010775124</cusip>
		<value>2407</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19860</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19860</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ROYAL CARIBBEAN CRUISES LTD</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>010775124</cusip>
		<value>3702</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30539</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>30539</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>049645619</cusip>
		<value>2724</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18840</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>18840</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>049645619</cusip>
		<value>4237</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29297</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>29297</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TE CONNECTIVITY LTD</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>043813854</cusip>
		<value>4069</value>
		<shrsOrPrnAmt>
			<sshPrnamt>42485</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>42485</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TE CONNECTIVITY LTD</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>043813854</cusip>
		<value>6335</value>
		<shrsOrPrnAmt>
			<sshPrnamt>66142</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>66142</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>THE TJX COMPANIES INC.</nameOfIssuer>
		<titleOfClass>Common</titleOfClass>
		<cusip>009961968</cusip>
		<value>3265</value>
		<shrsOrPrnAmt>
			<sshPrnamt>61745</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>61745</Sole>
			<Shared>0</Shared>
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