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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
ADOBE INC COM 00724F101   8,220,478 21,235 SH   SOLE NONE 0 0 17,826
AGNICO EAGLE MINES LTD COM 008474108   96,504,293 824,636 SH   SOLE NONE 0 0 13,282
ALAMOS GOLD INC-CLASS A COM 011532108   6,577,076 259,170 SH   SOLE NONE 259,170 0 0
ALIBABA GR.HLDG SP.ADR 8 COM 01609W102   19,750,566 176,344 SH   SOLE NONE 0 0 28
ALPHABET INC (A RG) COM 02079K305   20,924,639 117,781 SH   SOLE NONE 0 0 19,710
ALPHABET INC (C-NV) COM 02079K107   54,234,686 305,344 SH   SOLE NONE 0 0 1,825
AMAZON.COM INC COM 023135106   229,890,187 1,037,443 SH   SOLE NONE 0 0 18,730
AMRIZE LTD COM H2927K103   1,795,444 36,235 SH   SOLE NONE 0 0 36,235
ANGLOGOLD ASHANTI PLC COM G0378L100   2,923,920 65,500 SH   SOLE NONE 65,500 0 0
APPLE INC COM 037833100   15,796,027 78,486 SH   SOLE NONE 4,334 0 67,253
APPLIED MATERIALS INC COM 038222105   12,414,920 67,795 SH   SOLE NONE 0 0 7,295
ARISTA NE RG COM 040413205   2,151,288 21,125 SH   SOLE NONE 0 0 975
BELLRING INTERMEDIATE HOLDIN COM 07831C103   1,855,868 31,600 SH   SOLE NONE 0 0 31,600
BERKSHIRE HATHAWAY INC COM 084670702   20,571,618 42,274 SH   SOLE NONE 2,781 0 35,493
BLACKROCK INC COM 09290D101   147,020,314 140,031 SH   SOLE NONE 85,951 0 44,508
BLACKSTONE INC COM 09260D107   3,882,000 25,617 SH   SOLE NONE 16,257 0 9,360
BROADCOM INC COM 11135F101   38,188,398 139,818 SH   SOLE NONE 26,640 0 80,341
CADENCE DESIGN COM 127387108   3,847,824 12,484 SH   SOLE NONE 0 0 1,330
CAMECO CORP COM 13321L108   6,361,318 87,040 SH   SOLE NONE 67,940 0 19,100
CAVA GROUP INC COM 148929102   1,292,440 15,800 SH   SOLE NONE 0 0 15,800
CHENIERE ENERGY INC COM 16411R208   30,760,043 128,026 SH   SOLE NONE 0 0 9,363
CHEVRON CORP COM 166764100   62,731,732 438,675 SH   SOLE NONE 297,186 0 115,973
COCA-COLA CO COM 191216100   3,338,799 47,200 SH   SOLE NONE 0 0 2,200
COINBASE GLB RG-A COM 19260Q107   51,928,344 145,884 SH   SOLE NONE 0 0 13,671
COLGATE-PALMOLIVE CO COM 194162103   18,849,830 209,594 SH   SOLE NONE 0 0 370
CRH PLC COM G25508105   4,702,824 51,167 SH   SOLE NONE 15,833 0 35,334
CROWDSTRIKE HOLDINGS INC COM 22788C105   5,801,520 11,500 SH   SOLE NONE 3,500 0 8,000
DANAHER CORP COM 235851102   2,474,189 12,525 SH   SOLE NONE 0 0 12,525
DEERE & CO COM 244199105   46,805,454 91,779 SH   SOLE NONE 60,841 0 30,938
DELL TECHNOLOGIES INC COM 24703L202   11,376,433 92,020 SH   SOLE NONE 0 0 92,020
DISNEY (WALT) CO. COM 254687106   20,177,802 163,297 SH   SOLE NONE 0 0 22,427
EBAY INC COM 278642103   48,215,126 650,940 SH   SOLE NONE 523,100 0 127,840
ELI LILLY COM 532457108   94,471,106 121,967 SH   SOLE NONE 0 0 4,045
ENDEAVOUR SILVER CORP COM 29258Y103   2,794,071 574,900 SH   SOLE NONE 574,900 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104   52,191,224 657,403 SH   SOLE NONE 554,136 0 103,267
ETSY INC COM 29786A106   1,233,765 24,700 SH   SOLE NONE 0 0 24,700
EXXON MOBIL CORP COM 30231G102   4,291,751 39,643 SH   SOLE NONE 11,521 0 28,122
FASTENAL CO COM 311900104   16,782,603 398,494 SH   SOLE NONE 0 0 392,714
FERRARI NV COM N3167Y103   9,197,958 18,760 SH   SOLE NONE 0 0 18,760
FIRST MAJESTIC SILVER CORP COM 32076V103   5,615,355 695,400 SH   SOLE NONE 632,000 0 63,400
FOX CORP - CLASS A COM 35137L105   28,508,596 504,443 SH   SOLE NONE 427,347 0 77,096
FRANCO-NEVADA CORP COM 351858105   3,535,426 21,900 SH   SOLE NONE 21,900 0 0
FREEPORT-MCMORAN INC COM 35671D857   4,243,258 97,816 SH   SOLE NONE 71,616 0 26,200
GILEAD SCIENCES INC COM 375558103   15,460,669 140,881 SH   SOLE NONE 98,100 0 41,921
GOLD FIELDS LTD-SPONS ADR COM 38059T106   105,259,692 4,511,125 SH   SOLE NONE 3,482,959 0 1,021,166
HDFC BANK LTD ADR/3 IR 10 COM 40415F101   104,042,478 1,366,492 SH   SOLE NONE 0 0 55,617
IAMGOLD CORP COM 450913108   1,715,259 237,900 SH   SOLE NONE 237,900 0 0
ICICI BANK LTD-SPON ADR COM 45104G104   1,503,828 44,970 SH   SOLE NONE 0 0 43,000
INTL BUSINESS MACHINES CORP COM 459200101   98,407,677 336,921 SH   SOLE NONE 249,413 0 87,458
INTUIT INC COM 461202103   74,350,922 94,992 SH   SOLE NONE 57,066 0 27,469
JOHNSON & JOHNSON COM 478160104   3,365,019 22,134 SH   SOLE NONE 0 0 22,134
JPMORGAN CHASE & CO COM 46625H100   175,216,124 603,316 SH   SOLE NONE 347,342 0 205,867
KINROSS GOLD CORP COM 496902404   5,853,186 390,603 SH   SOLE NONE 390,603 0 0
LAM RESEARCH CORP COM 512807306   125,788,904 1,294,931 SH   SOLE NONE 856,226 0 364,484
LINDE PLC COM G54950103   119,115,084 256,133 SH   SOLE NONE 0 0 14,233
LULULEMON ATHLETICA INC COM 550021109   2,651,016 11,279 SH   SOLE NONE 4,300 0 6,979
LUXEXPERIENCE BV COM 55406W103   15,763,323 1,970,416 SH   SOLE NONE 1,300,808 0 669,539
MARVELL TECHNOLOGY COM 573874104   9,289,298 120,322 SH   SOLE NONE 0 0 48,470
MASTERCARD INC COM 57636Q104   63,377,587 114,293 SH   SOLE NONE 0 0 680
MATTEL INC COM 577081102   1,198,908 61,200 SH   SOLE NONE 0 0 61,200
MCCORMICK & CO INC/MD COM 579780206   4,830,720 62,900 SH   SOLE NONE 0 0 62,900
MCDONALD'S CORP COM 580135101   12,580,126 42,957 SH   SOLE NONE 6,540 0 35,477
MERCK & CO INC COM 58933Y105   48,063,814 608,720 SH   SOLE NONE 0 0 180
META PLATF. A DL-,000006 COM 30303M102   211,115,861 286,153 SH   SOLE NONE 0 0 3,766
MICROSOFT CORP COM 594918104   202,984,918 408,867 SH   SOLE NONE 0 0 10,561
MONDELEZ INTERNATIONAL INC-A COM 609207105   4,431,936 65,600 SH   SOLE NONE 0 0 65,600
MONSTER BEVERAGE CORP COM 61174X109   2,379,840 38,400 SH   SOLE NONE 0 0 38,400
MORGAN STANLEY COM 617446448   46,651,077 331,071 SH   SOLE NONE 0 0 27,820
NETFLIX INC COM 64110L106   123,791,379 93,260 SH   SOLE NONE 0 0 2,601
NEW GOLD INC COM 644535106   2,571,426 529,100 SH   SOLE NONE 529,100 0 0
NEWMONT CORP COM 651639106   56,821,143 994,434 SH   SOLE NONE 549,753 0 286,649
NEXTERA ENERGY INC COM 65339F101   7,532,496 111,518 SH   SOLE NONE 68,400 0 43,100
NIKE COM 654106103   48,183,368 686,165 SH   SOLE NONE 0 0 81,350
NUTRIEN LTD COM 67077M108   6,237,259 108,396 SH   SOLE NONE 90,668 0 17,722
NVIDIA COM 67066G104   189,513,684 1,209,144 SH   SOLE NONE 0 0 150,698
OR ROYALTIES INC COM 68827L101   2,358,968 93,900 SH   SOLE NONE 93,900 0 0
ORACLE CORP COM 68389X105   86,363,335 391,138 SH   SOLE NONE 0 0 20,439
PALO ALTO NET COM 697435105   118,414,035 585,752 SH   SOLE NONE 0 0 50,333
PAN AMERICAN SILVER CORP COM 697900108   4,134,464 148,802 SH   SOLE NONE 147,002 0 1,800
PAYPAL HDGS INC.DL-,0001 COM 70450Y103   8,115,363 109,401 SH   SOLE NONE 0 0 7
PEPSICO INC COM 713448108   3,847,684 29,200 SH   SOLE NONE 0 0 29,200
PINTEREST INC- CLASS A COM 72352L106   2,581,784 72,400 SH   SOLE NONE 0 0 72,400
PROCTER & GAMBLE CO COM 742718109   5,667,613 35,490 SH   SOLE NONE 0 0 1,250
QUANTA SERVICES INC COM 74762E102   10,341,863 27,718 SH   SOLE NONE 25,418 0 2,300
ROCKWELL AUTOMATION INC COM 773903109   4,517,885 13,686 SH   SOLE NONE 8,700 0 4,986
ROYAL GOLD INC COM 780287108   5,773,991 33,520 SH   SOLE NONE 33,520 0 0
SALESFORCE INC COM 79466L302   81,643,903 298,879 SH   SOLE NONE 107,481 0 89,049
SERVICENOW COM 81762P102   41,229,969 40,280 SH   SOLE NONE 0 0 7,944
SIBANYE-STILLWATER LTD-ADR COM 82575P107   2,644,800 364,800 SH   SOLE NONE 364,800 0 0
TAIWAN SEMICON.MANU.ADR/5 COM 874039100   89,881,400 398,132 SH   SOLE NONE 0 0 22,568
TAKE-TWO INTERACTIVE SOFTW. INC. REGISTERED SHARES DL -,01 COM 874054109   15,939,264 65,705 SH   SOLE NONE 0 0 105
TENCENT HOLDINGS LTD ADR 88032Q109   26,387,619 59,439 SH   SOLE NONE 0 0 8,005
TENCENT MUSIC ENTERTAINM-ADR COM 88034P109   2,826,576 145,400 SH   SOLE NONE 0 0 145,400
TESLA INC COM 88160R101   10,163,300 31,620 SH   SOLE NONE 5,170 0 26,450
TJX COMPANIES INC COM 872540109   109,348,180 884,532 SH   SOLE NONE 423,270 0 329,419
TRAVELERS COS INC/THE COM 89417E109   24,672,454 93,329 SH   SOLE NONE 12,238 0 81,091
UBER COM 90353T100   62,401,271 678,123 SH   SOLE NONE 0 0 490
UBS GROUP AG-REG COM H42097107   5,397,263 162,371 SH   SOLE NONE 36,100 0 126,271
VERIZON COMM. INC. DL-,10 COM 92343V104   72,926,625 1,709,096 SH   SOLE NONE 0 0 77,420
VISA INC COM 92826C839   119,554,619 340,360 SH   SOLE NONE 0 0 10,386
WABTEC COM 929740108   49,954,105 239,016 SH   SOLE NONE 0 0 300
WAL-MART STORES INC. REGISTERED SHARES DL -,10 COM 931142103   25,890,073 265,051 SH   SOLE NONE 0 0 250
WHEATON PRECIOUS METALS CORP COM 962879102   6,760,017 77,390 SH   SOLE NONE 76,800 0 590
YUM CHINA HOLDINGS INC COM 98850P109   632,184 14,200 SH   SOLE NONE 0 0 14,200
YUM! BRANDS INC COM 988498101   3,645,226 24,700 SH   SOLE NONE 0 0 24,700