The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL C 02079K107   281,756,932 1,479,505 SH   DFND 1 1,479,505 0 0
AMAZON COM INC COM 023135106   528,322,493 2,408,143 SH   DFND 1 2,408,143 0 0
ARAMARK COM 03852U106   43,244,976 1,159,072 SH   DFND 1 1,159,072 0 0
ARCH CAP GROUP LTD ORD G0450A105   368,289,214 3,987,972 SH   DFND 1 3,987,972 0 0
BOOKING HOLDINGS INC COM 09857L108   60,788,619 12,235 SH   DFND 1 12,235 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   512,136,075 7,076,635 SH   DFND 1 7,076,635 0 0
CAPITAL ONE FINL CORP COM 14040H105   279,159,068 1,565,495 SH   DFND 1 1,565,495 0 0
CME GROUP INC COM 12572Q105   223,967,489 964,421 SH   DFND 1 964,421 0 0
CRH PLC ORD G25508105   400,509,088 4,328,892 SH   DFND 1 4,328,892 0 0
ELI LILLY & CO COM 532457108   216,917,332 280,981 SH   DFND 1 280,981 0 0
EMBRAER S.A. SPONSORED ADS 29082A107   133,310,746 3,634,426 SH   DFND 1 3,634,426 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   216,618,358 102,516 SH   DFND 1 102,516 0 0
FISERV INC COM 337738108   477,519,127 2,324,599 SH   DFND 1 2,324,599 0 0
FLUTTER ENTMT PLC SHS G3643J108   485,209,636 1,877,383 SH   DFND 1 1,877,383 0 0
GE AEROSPACE COM NEW 369604301   401,056,062 2,404,557 SH   DFND 1 2,404,557 0 0
GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107   357,468,825 4,572,382 SH   DFND 1 4,572,382 0 0
HDFC BANK LTD SPONSORED ADS 40415F101   72,833,032 1,140,511 SH   DFND 1 1,140,511 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   34,149,634 443,963 SH   DFND 1 443,963 0 0
ICICI BANK LIMITED ADR 45104G104   190,682,257 6,385,876 SH   DFND 1 6,385,876 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   326,516,724 1,848,173 SH   DFND 1 1,848,173 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   109,270,076 733,307 SH   DFND 1 733,307 0 0
LITHIA MTRS INC COM 536797103   113,249,908 316,845 SH   DFND 1 316,845 0 0
LPL FINL HLDGS INC COM 50212V100   84,144,892 257,710 SH   DFND 1 257,710 0 0
MARTIN MARIETTA MATLS INC COM 573284106   42,495,554 82,276 SH   DFND 1 82,276 0 0
MASTERCARD INCORPORATED CL A 57636Q104   204,691,450 388,726 SH   DFND 1 388,726 0 0
META PLATFORMS INC CL A 30303M102   469,252,305 801,442 SH   DFND 1 801,442 0 0
MICROSOFT CORP COM 594918104   741,000,794 1,758,009 SH   DFND 1 1,758,009 0 0
PROGRESSIVE CORP COM 743315103   677,414,849 2,827,156 SH   DFND 1 2,827,156 0 0
RENAISSANCERE HLDGS LTD COM G7496G103   322,124,852 1,294,662 SH   DFND 1 1,294,662 0 0
VISA INC COM CL A 92826C839   272,700,803 862,868 SH   DFND 1 862,868 0 0