Terry Smith

Fundsmith · 20 closed periods in the current 5-year detail window (latest closed period: Q1 2026 → next disclosure, 33 priced positions, +9.13% return). Every disclosed long-equity position appears in the table for its period; the Valid column shows 1 (counted in the math) or 0 (excluded — hover the row for the reason). See the methodology for the exact math.

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2026-05-15 → 2026-08-14

33 of 34 priced99.84% coverage

+9.13%

Holdings from Q1 2026 disclosure · accession 0001569205-26-000005 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MARTOP 5	3,370,872	$353.17	—	$356.69	$1.19B	$1.2B	+1.00%	8.59%	+8.6 bps	1
SYK	3,061,416	$306.76	—	$340.42	$939.12M	$1.04B	+10.97%	7.84%	+86.0 bps	1
WATTOP 5	3,212,075	$329.22	—	$412.55	$1.06B	$1.33B	+25.31%	7.46%	+188.7 bps	1
VTOP 5	3,104,090	$325.75	—	$365.29	$1.01B	$1.13B	+12.14%	7.31%	+88.8 bps	1
GOOGLTOP 5	2,956,198	$396.78	—	$345.57	$1.17B	$1.02B	-12.91%	6.63%	-85.5 bps	1
PMTOP 5	5,113,163	$189.61	—	$190.13	$969.51M	$972.17M	+0.27%	6.59%	+1.8 bps	1
IDXX	1,465,786	$528.79	—	$553.81	$775.09M	$811.77M	+4.73%	6.42%	+30.4 bps	1
ADP	3,855,105	$214.48	—	$272.68	$826.84M	$1.05B	+27.13%	6.11%	+165.7 bps	1
MSFT	2,079,737	$421.92	—	$495.23	$877.48M	$1.03B	+17.37%	6.00%	+104.3 bps	1
META	1,321,375	$614.23	—	$591.50	$811.63M	$781.59M	-3.70%	5.89%	-21.8 bps	1
MTD	568,516	$1031.64	—	$1416.81	$586.5M	$805.48M	+37.34%	5.59%	+208.7 bps	1
CHD	6,641,508	$94.05	—	$100.84	$624.63M	$669.73M	+7.22%	4.83%	+34.9 bps	1
PG	4,199,914	$141.57	—	$144.32	$594.58M	$606.13M	+1.94%	4.73%	+9.2 bps	1
TXN	2,623,124	$302.73	—	$277.79	$794.1M	$728.68M	-8.24%	3.97%	-32.7 bps	1
FTNT	6,156,675	$122.78	—	$161.17	$755.92M	$992.27M	+31.27%	3.92%	+122.6 bps	1
ZTS	3,877,559	$74.22	—	$74.15	$287.79M	$287.52M	-0.09%	3.57%	-0.3 bps	1
OTIS	2,731,635	$71.01	—	$72.60	$193.97M	$198.32M	+2.24%	1.64%	+3.7 bps	1
MSCI	64,788	$561.72	—	$571.47	$36.39M	$37.02M	+1.74%	0.27%	+0.5 bps	1
ROL	619,935	$53.42	—	$36.22	$33.12M	$22.45M	-32.21%	0.26%	-8.3 bps	1
MEDP	62,668	$415.27	—	$580.06	$26.02M	$36.35M	+39.68%	0.23%	+9.3 bps	1
VRSN	113,467	$297.57	—	$286.45	$33.76M	$32.5M	-3.74%	0.22%	-0.8 bps	1
PAYC	219,457	$136.24	—	$217.55	$29.9M	$47.74M	+59.68%	0.21%	+12.4 bps	1
CLX	257,217	$90.45	—	$105.32	$23.27M	$27.09M	+16.44%	0.21%	+3.4 bps	1
VRT	91,254	$370.94	—	$294.07	$33.85M	$26.84M	-20.72%	0.18%	-3.7 bps	1
NTNX	577,392	$46.34	—	$66.88	$26.76M	$38.62M	+44.32%	0.17%	+7.6 bps	1
BMI	142,491	$114.23	—	$130.31	$16.28M	$18.57M	+14.08%	0.17%	+2.4 bps	1
QLYS	226,077	$90.02	—	$189.73	$20.35M	$42.89M	+110.76%	0.15%	+17.1 bps	1
DOCS	691,786	$18.97	—	$25.07	$13.12M	$17.34M	+32.16%	0.13%	+4.0 bps	1
MANH	120,888	$131.32	—	$198.22	$15.88M	$23.96M	+50.94%	0.13%	+6.4 bps	1
NSSC	383,596	$36.22	—	$38.08	$13.89M	$14.61M	+5.12%	0.12%	+0.6 bps	1
ADMA	1,649,493	$8.27	—	$9.41	$13.64M	$15.53M	+13.85%	0.12%	+1.6 bps	1
SABR	9,013,783	$1.59	—	$2.24	$14.38M	$20.19M	+40.44%	0.10%	+4.1 bps	1
HD	28,611	$297.51	—	$339.34	$8.51M	$9.71M	+14.06%	0.07%	+1.0 bps	1
CPRX	—	—	—	—	—	—	—	0.16%	—	0
Top 5 (by entry value)(5)					$5.4B	$5.66B	+4.69%
Total(33)					$13.83B	$15.09B	+9.13%

2026-02-17 → 2026-05-15

37 of 37 priced100.00% coverage

-1.32%

Holdings from Q4 2025 disclosure · accession 0001569205-26-000002 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
WATTOP 5	3,557,978	$321.43	—	$329.22	$1.14B	$1.17B	+2.42%	7.90%	+19.1 bps	1
SYKTOP 5	3,687,511	$369.18	—	$306.76	$1.36B	$1.13B	-16.91%	7.57%	-128.0 bps	1
IDXXTOP 5	1,876,035	$626.17	—	$528.79	$1.17B	$992.03M	-15.55%	7.42%	-115.3 bps	1
VTOP 5	3,534,684	$319.50	—	$325.75	$1.13B	$1.15B	+1.96%	7.24%	+14.2 bps	1
MARTOP 5	3,979,927	$359.94	—	$353.17	$1.43B	$1.41B	-1.88%	7.21%	-13.6 bps	1
GOOGL	3,498,519	$302.02	—	$396.78	$1.06B	$1.39B	+31.38%	6.40%	+200.7 bps	1
ADP	4,177,969	$213.08	—	$214.48	$890.24M	$896.09M	+0.66%	6.28%	+4.1 bps	1
MSFT	2,079,971	$396.86	—	$421.92	$825.46M	$877.58M	+6.31%	5.88%	+37.1 bps	1
PM	6,124,597	$183.65	—	$189.61	$1.12B	$1.16B	+3.25%	5.74%	+18.6 bps	1
META	1,363,539	$639.29	—	$614.23	$871.7M	$837.53M	-3.92%	5.26%	-20.6 bps	1
MTD	580,507	$1353.24	—	$1031.64	$785.57M	$598.87M	-23.77%	4.73%	-112.4 bps	1
PG	4,248,048	$159.55	—	$141.57	$677.78M	$601.4M	-11.27%	3.56%	-40.1 bps	1
CHD	6,728,404	$99.89	—	$94.05	$672.1M	$632.81M	-5.85%	3.30%	-19.3 bps	1
FTNT	6,516,011	$81.69	—	$122.78	$532.29M	$800.04M	+50.30%	3.02%	+152.1 bps	1
ZTS	3,900,803	$125.56	—	$74.22	$489.78M	$289.52M	-40.89%	2.87%	-117.2 bps	1
TXN	2,623,552	$225.69	—	$302.73	$592.11M	$794.23M	+34.14%	2.66%	+90.8 bps	1
INTU	625,619	$379.17	—	$393.00	$237.22M	$245.87M	+3.65%	2.42%	+8.8 bps	1
NKE	5,770,181	$64.82	—	$41.88	$374.02M	$241.66M	-35.39%	2.15%	-76.0 bps	1
OTIS	3,112,380	$92.44	—	$71.01	$287.71M	$221.01M	-23.18%	1.59%	-36.8 bps	1
MSCI	166,619	$521.33	—	$561.72	$86.86M	$93.59M	+7.75%	0.56%	+4.3 bps	1
ROL	1,478,629	$60.08	—	$53.42	$88.84M	$78.99M	-11.09%	0.52%	-5.7 bps	1
QLYS	647,806	$103.91	—	$90.02	$67.31M	$58.32M	-13.37%	0.50%	-6.7 bps	1
PAYC	523,433	$122.32	—	$136.24	$64.03M	$71.31M	+11.38%	0.49%	+5.5 bps	1
ODD	2,074,167	$28.08	—	$12.65	$58.24M	$26.24M	-54.95%	0.49%	-26.8 bps	1
CPRX	3,363,807	$24.64	—	$31.18	$82.88M	$104.88M	+26.54%	0.46%	+12.2 bps	1
NSSC	1,779,857	$44.13	—	$36.22	$78.55M	$64.47M	-17.92%	0.43%	-7.8 bps	1
DOCS	1,650,002	$24.58	—	$18.97	$40.56M	$31.3M	-22.82%	0.43%	-9.7 bps	1
NTNX	1,377,158	$40.95	—	$46.34	$56.39M	$63.82M	+13.16%	0.42%	+5.5 bps	1
VRT	410,944	$243.53	—	$370.94	$100.08M	$152.44M	+52.32%	0.39%	+20.4 bps	1
VRSN	270,634	$216.25	—	$297.57	$58.52M	$80.53M	+37.60%	0.38%	+14.4 bps	1
CLX	613,497	$122.96	—	$90.45	$75.44M	$55.49M	-26.44%	0.36%	-9.6 bps	1
MANH	288,332	$141.63	—	$131.32	$40.84M	$37.86M	-7.28%	0.29%	-2.1 bps	1
GGG	579,016	$94.30	—	$75.72	$54.6M	$43.84M	-19.70%	0.28%	-5.5 bps	1
MEDP	82,567	$428.18	—	$415.27	$35.35M	$34.29M	-3.02%	0.27%	-0.8 bps	1
ADMA	2,102,054	$15.95	—	$8.27	$33.53M	$17.38M	-48.15%	0.22%	-10.8 bps	1
SABR	21,499,095	$0.94	—	$1.59	$20.17M	$34.29M	+70.04%	0.17%	+12.0 bps	1
HD	80,206	$383.04	—	$297.51	$30.72M	$23.86M	-22.33%	0.16%	-3.6 bps	1
Top 5 (by entry value)(5)					$6.24B	$5.85B	-6.25%
Total(37)					$16.73B	$16.51B	-1.32%

2025-11-14 → 2026-02-17

35 of 35 priced100.00% coverage

-0.27%

Holdings from Q3 2025 disclosure · accession 0001569205-25-000004 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
SYKTOP 5	4,591,293	$362.22	—	$369.18	$1.66B	$1.7B	+1.92%	8.57%	+16.5 bps	1
IDXXTOP 5	2,610,457	$689.93	—	$626.17	$1.8B	$1.63B	-9.24%	8.43%	-77.9 bps	1
GOOGLTOP 5	6,289,352	$276.41	—	$302.02	$1.74B	$1.9B	+9.27%	7.72%	+71.6 bps	1
MSFTTOP 5	2,583,369	$510.18	—	$396.86	$1.32B	$1.03B	-22.21%	6.76%	-150.1 bps	1
V	3,854,336	$330.02	—	$319.50	$1.27B	$1.23B	-3.19%	6.65%	-21.2 bps	1
ADP	4,311,603	$253.09	—	$213.08	$1.09B	$918.72M	-15.81%	6.39%	-101.1 bps	1
WATTOP 5	3,955,498	$379.40	—	$321.43	$1.5B	$1.27B	-15.28%	5.99%	-91.5 bps	1
PM	7,188,144	$155.43	—	$183.65	$1.12B	$1.32B	+18.16%	5.89%	+106.9 bps	1
META	1,558,664	$609.46	—	$639.29	$949.94M	$996.44M	+4.89%	5.78%	+28.3 bps	1
MAR	4,228,298	$285.72	—	$359.94	$1.21B	$1.52B	+25.98%	5.56%	+144.5 bps	1
MTD	590,654	$1403.08	—	$1353.24	$828.73M	$799.3M	-3.55%	3.66%	-13.0 bps	1
FTNT	8,420,092	$82.31	—	$81.69	$693.06M	$687.84M	-0.75%	3.58%	-2.7 bps	1
PG	4,577,040	$147.67	—	$159.55	$675.89M	$730.27M	+8.05%	3.55%	+28.6 bps	1
CHD	6,794,644	$84.10	—	$99.89	$571.43M	$678.72M	+18.78%	3.01%	+56.5 bps	1
OTIS	5,819,151	$88.77	—	$92.44	$516.57M	$537.92M	+4.13%	2.69%	+11.1 bps	1
ZTS	3,615,131	$120.82	—	$125.56	$436.78M	$453.92M	+3.92%	2.67%	+10.5 bps	1
TXN	2,721,881	$159.33	—	$225.69	$433.68M	$614.3M	+41.65%	2.53%	+105.2 bps	1
NKE	6,129,483	$64.17	—	$64.82	$393.33M	$397.31M	+1.01%	2.16%	+2.2 bps	1
INTU	604,456	$662.41	—	$379.17	$400.4M	$229.19M	-42.76%	2.09%	-89.2 bps	1
QLYS	870,859	$143.57	—	$103.91	$125.03M	$90.49M	-27.62%	0.58%	-16.1 bps	1
PAYC	523,433	$166.12	—	$122.32	$86.95M	$64.03M	-26.37%	0.55%	-14.5 bps	1
DOCS	1,355,944	$49.62	—	$24.58	$67.28M	$33.33M	-50.46%	0.50%	-25.3 bps	1
MSCI	166,619	$565.15	—	$521.33	$94.16M	$86.86M	-7.75%	0.48%	-3.7 bps	1
VRT	591,450	$170.97	—	$243.53	$101.12M	$144.04M	+42.44%	0.45%	+19.1 bps	1
ODD	1,416,956	$38.73	—	$28.08	$54.88M	$39.79M	-27.50%	0.45%	-12.3 bps	1
ROL	1,478,629	$58.22	—	$60.08	$86.09M	$88.84M	+3.19%	0.44%	+1.4 bps	1
GGG	900,545	$80.15	—	$94.30	$72.18M	$84.92M	+17.65%	0.39%	+6.8 bps	1
NSSC	1,779,857	$40.35	—	$44.13	$71.82M	$78.55M	+9.37%	0.39%	+3.6 bps	1
VRSN	270,634	$252.88	—	$216.25	$68.44M	$58.52M	-14.49%	0.38%	-5.5 bps	1
CLX	613,497	$103.68	—	$122.96	$63.61M	$75.44M	+18.60%	0.38%	+7.1 bps	1
CPRX	3,363,807	$23.18	—	$24.64	$77.97M	$82.88M	+6.30%	0.33%	+2.1 bps	1
MEDP	127,537	$590.09	—	$428.18	$75.26M	$54.61M	-27.44%	0.33%	-9.1 bps	1
MANH	288,332	$178.23	—	$141.63	$51.39M	$40.84M	-20.54%	0.30%	-6.1 bps	1
SABR	21,499,095	$1.70	—	$0.94	$36.55M	$20.17M	-44.82%	0.20%	-8.9 bps	1
HD	84,860	$362.36	—	$383.04	$30.75M	$32.5M	+5.71%	0.17%	+1.0 bps	1
Top 5 (by entry value)(5)					$8.02B	$7.53B	-6.18%
Total(35)					$19.77B	$19.72B	-0.27%

2025-08-14 → 2025-11-14

39 of 39 priced100.00% coverage

-1.97%

Holdings from Q2 2025 disclosure · accession 0001801547-25-000008 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
METATOP 5	3,568,752	$782.13	—	$609.46	$2.79B	$2.18B	-22.08%	11.44%	-252.7 bps	1
MSFTTOP 5	4,941,509	$522.48	—	$510.18	$2.58B	$2.52B	-2.35%	10.68%	-25.1 bps	1
SYKTOP 5	4,677,007	$378.52	—	$362.22	$1.77B	$1.69B	-4.31%	8.04%	-34.6 bps	1
PMTOP 5	9,074,195	$165.27	—	$155.43	$1.5B	$1.41B	-5.95%	7.18%	-42.8 bps	1
IDXXTOP 5	2,639,289	$653.95	—	$689.93	$1.73B	$1.82B	+5.50%	6.15%	+33.8 bps	1
V	3,854,071	$345.49	—	$330.02	$1.33B	$1.27B	-4.48%	5.95%	-26.6 bps	1
ADP	4,362,099	$301.68	—	$253.09	$1.32B	$1.1B	-16.11%	5.84%	-94.1 bps	1
WAT	3,608,407	$293.52	—	$379.40	$1.06B	$1.37B	+29.26%	5.47%	+160.1 bps	1
GOOGL	6,803,454	$202.94	—	$276.41	$1.38B	$1.88B	+36.20%	5.21%	+188.6 bps	1
MAR	4,236,599	$266.55	—	$285.72	$1.13B	$1.21B	+7.19%	5.03%	+36.2 bps	1
FTNT	8,418,362	$77.25	—	$82.31	$650.32M	$692.92M	+6.55%	3.87%	+25.3 bps	1
PG	4,572,280	$153.74	—	$147.67	$702.94M	$675.19M	-3.95%	3.16%	-12.5 bps	1
MTD	590,037	$1313.64	—	$1403.08	$775.1M	$827.87M	+6.81%	3.01%	+20.5 bps	1
CHD	6,824,289	$92.60	—	$84.10	$631.93M	$573.92M	-9.18%	2.85%	-26.2 bps	1
OTIS	5,819,151	$87.54	—	$88.77	$509.41M	$516.57M	+1.41%	2.50%	+3.5 bps	1
TXN	2,720,290	$193.71	—	$159.33	$526.95M	$433.42M	-17.75%	2.45%	-43.6 bps	1
ZTS	2,884,831	$153.06	—	$120.82	$441.55M	$348.55M	-21.06%	1.95%	-41.2 bps	1
NKE	6,129,483	$76.39	—	$64.17	$468.23M	$393.33M	-16.00%	1.89%	-30.3 bps	1
INTU	368,540	$710.64	—	$662.41	$261.9M	$244.12M	-6.79%	1.26%	-8.6 bps	1
ODD	1,416,956	$58.34	—	$38.73	$82.67M	$54.88M	-33.62%	0.46%	-15.6 bps	1
QLYS	718,602	$129.16	—	$143.57	$92.81M	$103.17M	+11.16%	0.45%	+5.0 bps	1
MSCI	166,619	$565.72	—	$565.15	$94.26M	$94.16M	-0.10%	0.42%	-0.0 bps	1
PAYC	413,510	$216.00	—	$166.12	$89.32M	$68.69M	-23.09%	0.42%	-9.6 bps	1
CHH	733,892	$122.71	—	$95.05	$90.06M	$69.76M	-22.54%	0.40%	-9.1 bps	1
VRT	724,923	$132.52	—	$170.97	$96.07M	$123.94M	+29.01%	0.40%	+11.7 bps	1
ROL	1,478,629	$57.42	—	$58.22	$84.9M	$86.09M	+1.39%	0.36%	+0.5 bps	1
DOCS	1,355,944	$63.54	—	$49.62	$86.16M	$67.28M	-21.91%	0.36%	-7.9 bps	1
VRSN	270,634	$266.82	—	$252.88	$72.21M	$68.44M	-5.22%	0.34%	-1.8 bps	1
GGG	900,545	$85.29	—	$80.15	$76.81M	$72.18M	-6.03%	0.34%	-2.0 bps	1
CLX	613,497	$121.58	—	$103.68	$74.59M	$63.61M	-14.72%	0.32%	-4.7 bps	1
SABR	21,499,095	$1.83	—	$1.70	$39.34M	$36.55M	-7.10%	0.30%	-2.1 bps	1
CPRX	2,709,086	$20.07	—	$23.18	$54.37M	$62.8M	+15.50%	0.26%	+4.0 bps	1
MANH	288,332	$215.20	—	$178.23	$62.05M	$51.39M	-17.18%	0.25%	-4.3 bps	1
EXPO	746,820	$70.67	—	$69.94	$52.78M	$52.23M	-1.03%	0.24%	-0.3 bps	1
VRSK	176,195	$267.70	—	$215.84	$47.17M	$38.03M	-19.37%	0.24%	-4.6 bps	1
MEDP	127,537	$458.66	—	$590.09	$58.5M	$75.26M	+28.66%	0.17%	+5.0 bps	1
HD	83,367	$400.32	—	$362.36	$33.37M	$30.21M	-9.48%	0.13%	-1.3 bps	1
NSSC	954,912	$31.10	—	$40.35	$29.7M	$38.53M	+29.74%	0.12%	+3.7 bps	1
MA	27,663	$583.76	—	$545.73	$16.15M	$15.1M	-6.51%	0.07%	-0.4 bps	1
Top 5 (by entry value)(5)					$10.37B	$9.62B	-7.21%
Total(39)					$22.89B	$22.44B	-1.97%

2025-05-15 → 2025-08-14

38 of 38 priced100.00% coverage

+3.46%

Holdings from Q1 2025 disclosure · accession 0001520023-25-000003 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
METATOP 5	3,883,796	$643.88	—	$782.13	$2.5B	$3.04B	+21.47%	10.19%	+218.7 bps	1
MSFTTOP 5	5,370,162	$453.13	—	$522.48	$2.43B	$2.81B	+15.30%	9.17%	+140.4 bps	1
SYKTOP 5	5,069,187	$392.20	—	$378.52	$1.99B	$1.92B	-3.49%	8.59%	-30.0 bps	1
PMTOP 5	10,805,892	$169.14	—	$165.27	$1.83B	$1.79B	-2.29%	7.81%	-17.9 bps	1
VTOP 5	4,137,024	$362.30	—	$345.49	$1.5B	$1.43B	-4.64%	6.60%	-30.6 bps	1
ADP	4,513,899	$315.85	—	$301.68	$1.43B	$1.36B	-4.49%	6.28%	-28.2 bps	1
WAT	3,613,197	$351.60	—	$293.52	$1.27B	$1.06B	-16.52%	6.06%	-100.1 bps	1
IDXX	2,648,331	$511.99	—	$653.95	$1.36B	$1.73B	+27.73%	5.06%	+140.3 bps	1
GOOGL	6,843,213	$163.96	—	$202.94	$1.12B	$1.39B	+23.77%	4.82%	+114.5 bps	1
MAR	4,251,560	$271.47	—	$266.55	$1.15B	$1.13B	-1.81%	4.61%	-8.4 bps	1
FTNT	8,523,040	$102.56	—	$77.25	$874.12M	$658.4M	-24.68%	3.73%	-92.1 bps	1
PG	4,620,406	$162.41	—	$153.74	$750.4M	$710.34M	-5.34%	3.58%	-19.1 bps	1
CHD	6,847,486	$94.56	—	$92.60	$647.5M	$634.08M	-2.07%	3.43%	-7.1 bps	1
MTD	590,838	$1143.36	—	$1313.64	$675.54M	$776.15M	+14.89%	3.18%	+47.3 bps	1
OTIS	5,866,737	$97.86	—	$87.54	$574.12M	$513.57M	-10.55%	2.76%	-29.1 bps	1
TXN	2,725,812	$187.83	—	$193.71	$511.99M	$528.02M	+3.13%	2.23%	+7.0 bps	1
ZTS	2,546,487	$160.35	—	$153.06	$408.33M	$389.77M	-4.55%	1.91%	-8.7 bps	1
NKE	6,135,629	$62.40	—	$76.39	$382.86M	$468.7M	+22.42%	1.77%	+39.7 bps	1
BF-B	9,637,881	$35.58	—	$30.18	$342.92M	$290.87M	-15.18%	1.49%	-22.6 bps	1
VRSN	570,035	$281.64	—	$266.82	$160.54M	$152.1M	-5.26%	0.66%	-3.5 bps	1
INTU	181,628	$661.31	—	$710.64	$120.11M	$129.07M	+7.46%	0.51%	+3.8 bps	1
VRSK	330,624	$307.36	—	$267.70	$101.62M	$88.51M	-12.90%	0.45%	-5.8 bps	1
CHH	733,892	$128.28	—	$122.71	$94.14M	$90.06M	-4.34%	0.44%	-1.9 bps	1
GGG	1,139,641	$85.93	—	$85.29	$97.93M	$97.2M	-0.74%	0.43%	-0.3 bps	1
MSCI	166,619	$575.41	—	$565.72	$95.87M	$94.26M	-1.68%	0.43%	-0.7 bps	1
QLYS	718,602	$135.90	—	$129.16	$97.66M	$92.81M	-4.96%	0.41%	-2.0 bps	1
CLX	613,497	$134.99	—	$121.58	$82.82M	$74.59M	-9.93%	0.41%	-4.1 bps	1
PAYC	413,510	$256.46	—	$216.00	$106.05M	$89.32M	-15.78%	0.41%	-6.5 bps	1
ROL	1,597,513	$56.37	—	$57.42	$90.05M	$91.73M	+1.86%	0.39%	+0.7 bps	1
ODD	1,615,158	$63.25	—	$58.34	$102.16M	$94.24M	-7.75%	0.32%	-2.5 bps	1
DOCS	1,189,882	$58.45	—	$63.54	$69.55M	$75.61M	+8.71%	0.31%	+2.7 bps	1
EXPO	836,477	$79.23	—	$70.67	$66.27M	$59.11M	-10.80%	0.31%	-3.3 bps	1
SABR	21,499,095	$2.95	—	$1.83	$63.42M	$39.34M	-37.97%	0.27%	-10.4 bps	1
EFX	235,505	$275.16	—	$248.07	$64.8M	$58.42M	-9.85%	0.26%	-2.6 bps	1
CPRX	2,151,274	$23.78	—	$20.07	$51.16M	$43.18M	-15.60%	0.24%	-3.7 bps	1
HD	114,736	$378.63	—	$400.32	$43.44M	$45.93M	+5.73%	0.19%	+1.1 bps	1
MEDP	127,537	$296.41	—	$458.66	$37.8M	$58.5M	+54.74%	0.18%	+9.7 bps	1
MA	49,454	$582.20	—	$583.76	$28.79M	$28.87M	+0.27%	0.12%	+0.0 bps	1
Top 5 (by entry value)(5)					$10.25B	$10.98B	+7.11%
Total(38)					$23.32B	$24.13B	+3.46%

2025-02-14 → 2025-05-15

38 of 38 priced100.00% coverage

-0.69%

Holdings from Q4 2024 disclosure · accession 0001520023-25-000002 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
METATOP 5	4,561,352	$736.67	—	$643.88	$3.36B	$2.94B	-12.60%	11.38%	-143.4 bps	1
MSFTTOP 5	6,187,033	$408.43	—	$453.13	$2.53B	$2.8B	+10.94%	11.12%	+121.7 bps	1
SYKTOP 5	5,333,977	$385.18	—	$392.20	$2.05B	$2.09B	+1.82%	8.19%	+14.9 bps	1
ADP	5,013,712	$308.15	—	$315.85	$1.54B	$1.58B	+2.50%	6.26%	+15.6 bps	1
VTOP 5	4,622,567	$353.81	—	$362.30	$1.64B	$1.67B	+2.40%	6.23%	+14.9 bps	1
PMTOP 5	11,245,175	$150.46	—	$169.14	$1.69B	$1.9B	+12.42%	5.77%	+71.6 bps	1
WAT	3,634,522	$369.73	—	$351.60	$1.34B	$1.28B	-4.90%	5.75%	-28.2 bps	1
GOOGL	6,848,278	$185.23	—	$163.96	$1.27B	$1.12B	-11.48%	5.53%	-63.5 bps	1
MAR	4,255,340	$283.52	—	$271.47	$1.21B	$1.16B	-4.25%	5.06%	-21.5 bps	1
IDXX	2,662,855	$444.53	—	$511.99	$1.18B	$1.36B	+15.18%	4.69%	+71.2 bps	1
PEP	5,663,677	$143.39	—	$131.50	$812.11M	$744.77M	-8.29%	3.67%	-30.4 bps	1
FTNT	8,530,423	$111.64	—	$102.56	$952.34M	$874.88M	-8.13%	3.44%	-27.9 bps	1
PG	4,626,376	$162.89	—	$162.41	$753.59M	$751.37M	-0.29%	3.31%	-1.0 bps	1
MTD	591,455	$1271.91	—	$1143.36	$752.28M	$676.25M	-10.11%	3.09%	-31.2 bps	1
CHD	6,857,121	$105.00	—	$94.56	$720M	$648.41M	-9.94%	3.06%	-30.4 bps	1
OTIS	5,966,777	$96.74	—	$97.86	$577.23M	$583.91M	+1.16%	2.36%	+2.7 bps	1
NKE	6,135,629	$73.04	—	$62.40	$448.15M	$382.86M	-14.57%	1.98%	-28.8 bps	1
BF-B	9,637,881	$31.15	—	$35.58	$300.22M	$342.92M	+14.22%	1.56%	+22.2 bps	1
TXN	1,700,630	$183.03	—	$187.83	$311.27M	$319.43M	+2.62%	1.36%	+3.6 bps	1
VRSN	624,500	$229.24	—	$281.64	$143.16M	$175.88M	+22.86%	0.55%	+12.6 bps	1
VRSK	417,685	$293.48	—	$307.36	$122.58M	$128.38M	+4.73%	0.49%	+2.3 bps	1
CHH	733,892	$145.90	—	$128.28	$107.07M	$94.14M	-12.08%	0.44%	-5.4 bps	1
MSCI	166,619	$572.63	—	$575.41	$95.41M	$95.87M	+0.49%	0.43%	+0.2 bps	1
CLX	613,497	$147.92	—	$134.99	$90.75M	$82.82M	-8.74%	0.42%	-3.7 bps	1
GGG	1,139,641	$85.80	—	$85.93	$97.78M	$97.93M	+0.15%	0.41%	+0.1 bps	1
EFX	363,328	$249.50	—	$275.16	$90.65M	$99.97M	+10.28%	0.39%	+4.1 bps	1
SABR	21,499,095	$3.55	—	$2.95	$76.32M	$63.42M	-16.90%	0.33%	-5.7 bps	1
QLYS	548,009	$143.76	—	$135.90	$78.78M	$74.47M	-5.47%	0.33%	-1.8 bps	1
IEX	362,501	$195.21	—	$189.56	$70.76M	$68.72M	-2.89%	0.32%	-0.9 bps	1
EXPO	836,477	$88.66	—	$79.23	$74.16M	$66.27M	-10.64%	0.32%	-3.4 bps	1
ROL	1,597,513	$50.73	—	$56.37	$81.04M	$90.05M	+11.12%	0.32%	+3.5 bps	1
ODD	1,615,158	$43.00	—	$63.25	$69.45M	$102.16M	+47.09%	0.29%	+13.6 bps	1
PAYC	322,611	$209.22	—	$256.46	$67.5M	$82.74M	+22.58%	0.28%	+6.4 bps	1
HD	145,639	$409.50	—	$378.63	$59.64M	$55.14M	-7.54%	0.24%	-1.8 bps	1
MEDP	127,537	$340.18	—	$296.41	$43.38M	$37.8M	-12.87%	0.18%	-2.3 bps	1
DOCS	710,502	$77.07	—	$58.45	$54.76M	$41.53M	-24.16%	0.16%	-3.9 bps	1
ZTS	227,329	$157.52	—	$160.35	$35.81M	$36.45M	+1.80%	0.16%	+0.3 bps	1
MA	64,033	$564.76	—	$582.20	$36.16M	$37.28M	+3.09%	0.14%	+0.4 bps	1
Top 5 (by entry value)(5)					$11.27B	$11.41B	+1.24%
Total(38)					$24.94B	$24.77B	-0.69%

2024-11-14 → 2025-02-14

40 of 40 priced100.00% coverage

+4.55%

Holdings from Q3 2024 disclosure · accession 0001520023-24-000040 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	6,900,275	$426.89	—	$408.43	$2.95B	$2.82B	-4.32%	11.75%	-50.8 bps	1
METATOP 5	4,871,364	$577.16	—	$736.67	$2.81B	$3.59B	+27.64%	11.03%	+304.9 bps	1
SYKTOP 5	5,336,821	$383.28	—	$385.18	$2.05B	$2.06B	+0.50%	7.63%	+3.8 bps	1
ADPTOP 5	5,571,820	$301.99	—	$308.15	$1.68B	$1.72B	+2.04%	6.10%	+12.4 bps	1
VTOP 5	5,546,831	$308.25	—	$353.81	$1.71B	$1.96B	+14.78%	6.03%	+89.2 bps	1
PM	12,012,659	$128.20	—	$150.46	$1.54B	$1.81B	+17.36%	5.77%	+100.2 bps	1
IDXX	2,664,162	$423.65	—	$444.53	$1.13B	$1.18B	+4.93%	5.32%	+26.2 bps	1
WAT	3,645,999	$376.72	—	$369.73	$1.37B	$1.35B	-1.86%	5.19%	-9.6 bps	1
GOOGL	6,852,087	$175.58	—	$185.23	$1.2B	$1.27B	+5.50%	4.50%	+24.7 bps	1
MAR	4,266,655	$282.02	—	$283.52	$1.2B	$1.21B	+0.53%	4.20%	+2.2 bps	1
PEP	5,739,988	$165.15	—	$143.39	$947.96M	$823.06M	-13.18%	3.86%	-50.9 bps	1
MTD	591,919	$1237.78	—	$1271.91	$732.67M	$752.87M	+2.76%	3.51%	+9.7 bps	1
PG	4,633,222	$167.08	—	$162.89	$774.12M	$754.71M	-2.51%	3.17%	-8.0 bps	1
FTNT	10,118,293	$94.46	—	$111.64	$955.77M	$1.13B	+18.19%	3.10%	+56.5 bps	1
CHD	6,882,775	$107.88	—	$105.00	$742.51M	$722.69M	-2.67%	2.85%	-7.6 bps	1
OTIS	6,141,228	$99.72	—	$96.74	$612.4M	$594.1M	-2.99%	2.53%	-7.5 bps	1
NKE	6,299,493	$75.68	—	$73.04	$476.75M	$460.11M	-3.49%	2.20%	-7.7 bps	1
BF-B	10,010,507	$41.00	—	$31.15	$410.43M	$311.83M	-24.02%	1.95%	-46.8 bps	1
AAPL	1,558,589	$228.22	—	$244.60	$355.7M	$381.23M	+7.18%	1.44%	+10.3 bps	1
TXN	1,700,630	$206.00	—	$183.03	$350.33M	$311.27M	-11.15%	1.39%	-15.5 bps	1
MKC	1,728,157	$74.92	—	$76.96	$129.47M	$133M	+2.72%	0.56%	+1.5 bps	1
VRSN	624,500	$184.36	—	$229.24	$115.13M	$143.16M	+24.34%	0.47%	+11.4 bps	1
VRSK	417,685	$286.13	—	$293.48	$119.51M	$122.58M	+2.57%	0.44%	+1.1 bps	1
EFX	363,328	$262.21	—	$249.50	$95.27M	$90.65M	-4.85%	0.42%	-2.0 bps	1
CLX	613,497	$165.75	—	$147.92	$101.69M	$90.75M	-10.76%	0.40%	-4.3 bps	1
GGG	1,139,641	$89.17	—	$85.80	$101.62M	$97.78M	-3.78%	0.39%	-1.5 bps	1
MSCI	166,619	$606.14	—	$572.63	$100.99M	$95.41M	-5.53%	0.38%	-2.1 bps	1
EXPO	836,477	$98.61	—	$88.66	$82.48M	$74.16M	-10.09%	0.38%	-3.8 bps	1
CHH	733,892	$144.19	—	$145.90	$105.82M	$107.07M	+1.19%	0.38%	+0.4 bps	1
ROL	1,597,513	$50.11	—	$50.73	$80.05M	$81.04M	+1.24%	0.32%	+0.4 bps	1
SABR	21,499,095	$3.71	—	$3.55	$79.76M	$76.32M	-4.31%	0.31%	-1.3 bps	1
IEX	362,501	$229.39	—	$195.21	$83.15M	$70.76M	-14.90%	0.31%	-4.6 bps	1
CGNX	1,906,276	$40.53	—	$33.20	$77.26M	$63.29M	-18.09%	0.31%	-5.5 bps	1
QLYS	548,009	$149.39	—	$143.76	$81.87M	$78.78M	-3.77%	0.28%	-1.0 bps	1
ODD	1,615,158	$42.39	—	$43.00	$68.47M	$69.45M	+1.44%	0.26%	+0.4 bps	1
HD	147,815	$405.72	—	$409.50	$59.97M	$60.53M	+0.93%	0.24%	+0.2 bps	1
PAYC	322,611	$224.67	—	$209.22	$72.48M	$67.5M	-6.88%	0.21%	-1.5 bps	1
ZTS	230,726	$174.63	—	$157.52	$40.29M	$36.34M	-9.80%	0.18%	-1.7 bps	1
MA	64,990	$520.40	—	$564.76	$33.82M	$36.7M	+8.52%	0.13%	+1.1 bps	1
MCD	94,403	$298.56	—	$308.55	$28.18M	$29.13M	+3.35%	0.11%	+0.4 bps	1
Top 5 (by entry value)(5)					$11.2B	$12.14B	+8.46%
Total(40)					$25.66B	$26.83B	+4.55%

2024-08-14 → 2024-11-14

40 of 40 priced100.00% coverage

+7.45%

Holdings from Q2 2024 disclosure · accession 0001520023-24-000030 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	7,140,615	$416.86	—	$426.89	$2.98B	$3.05B	+2.41%	13.01%	+31.3 bps	1
METATOP 5	4,871,364	$526.76	—	$577.16	$2.57B	$2.81B	+9.57%	10.01%	+95.8 bps	1
SYKTOP 5	5,356,264	$332.68	—	$383.28	$1.78B	$2.05B	+15.21%	7.43%	+113.0 bps	1
PMTOP 5	14,474,445	$117.20	—	$128.20	$1.7B	$1.86B	+9.39%	5.98%	+56.1 bps	1
V	5,552,520	$261.14	—	$308.25	$1.45B	$1.71B	+18.04%	5.94%	+107.1 bps	1
ADPTOP 5	5,585,761	$262.82	—	$301.99	$1.47B	$1.69B	+14.90%	5.43%	+81.0 bps	1
IDXX	2,663,192	$474.94	—	$423.65	$1.26B	$1.13B	-10.80%	5.29%	-57.1 bps	1
GOOGL	6,849,259	$160.37	—	$175.58	$1.1B	$1.2B	+9.48%	5.08%	+48.2 bps	1
WAT	3,654,450	$336.49	—	$376.72	$1.23B	$1.38B	+11.96%	4.32%	+51.7 bps	1
MAR	4,264,511	$217.10	—	$282.02	$925.83M	$1.2B	+29.90%	4.20%	+125.6 bps	1
PEP	5,761,087	$173.71	—	$165.15	$1B	$951.44M	-4.93%	3.87%	-19.1 bps	1
MTD	591,575	$1402.55	—	$1237.78	$829.71M	$732.24M	-11.75%	3.37%	-39.6 bps	1
PG	4,647,218	$168.80	—	$167.08	$784.45M	$776.46M	-1.02%	3.12%	-3.2 bps	1
CHD	6,914,366	$100.48	—	$107.88	$694.76M	$745.92M	+7.36%	2.92%	+21.5 bps	1
MKC	10,048,497	$77.96	—	$74.92	$783.38M	$752.83M	-3.90%	2.90%	-11.3 bps	1
FTNT	10,285,664	$72.79	—	$94.46	$748.69M	$971.58M	+29.77%	2.53%	+75.2 bps	1
OTIS	6,138,278	$92.11	—	$99.72	$565.4M	$612.11M	+8.26%	2.41%	+19.9 bps	1
BF-B	11,138,751	$44.51	—	$41.00	$495.79M	$456.69M	-7.89%	1.96%	-15.5 bps	1
NKE	6,299,493	$78.52	—	$75.68	$494.64M	$476.75M	-3.62%	1.93%	-7.0 bps	1
AAPL	1,558,589	$221.72	—	$228.22	$345.57M	$355.7M	+2.93%	1.34%	+3.9 bps	1
TXN	1,544,781	$195.61	—	$206.00	$302.17M	$318.22M	+5.31%	1.22%	+6.5 bps	1
VRSK	464,051	$268.59	—	$286.13	$124.64M	$132.78M	+6.53%	0.51%	+3.3 bps	1
EFX	458,387	$296.38	—	$262.21	$135.86M	$120.19M	-11.53%	0.45%	-5.2 bps	1
VRSN	624,500	$174.93	—	$184.36	$109.24M	$115.13M	+5.39%	0.45%	+2.4 bps	1
EXPO	1,018,098	$102.50	—	$98.61	$104.36M	$100.39M	-3.80%	0.39%	-1.5 bps	1
GGG	1,139,641	$80.57	—	$89.17	$91.82M	$101.62M	+10.67%	0.37%	+3.9 bps	1
CGNX	1,906,276	$38.51	—	$40.53	$73.41M	$77.26M	+5.25%	0.36%	+1.9 bps	1
CHH	733,892	$119.32	—	$144.19	$87.57M	$105.82M	+20.84%	0.36%	+7.4 bps	1
MSCI	166,619	$554.33	—	$606.14	$92.36M	$100.99M	+9.35%	0.33%	+3.1 bps	1
QLYS	548,009	$123.11	—	$149.39	$67.47M	$81.87M	+21.35%	0.32%	+6.8 bps	1
ROL	1,597,513	$48.50	—	$50.11	$77.48M	$80.05M	+3.32%	0.32%	+1.1 bps	1
CLX	570,206	$144.52	—	$165.75	$82.41M	$94.51M	+14.69%	0.32%	+4.7 bps	1
IEX	362,501	$193.31	—	$229.39	$70.08M	$83.15M	+18.66%	0.30%	+5.5 bps	1
ODD	1,615,158	$39.36	—	$42.39	$63.57M	$68.47M	+7.70%	0.26%	+2.0 bps	1
SABR	21,499,095	$2.89	—	$3.71	$62.13M	$79.76M	+28.37%	0.23%	+6.6 bps	1
HD	146,200	$355.66	—	$405.72	$52M	$59.32M	+14.08%	0.21%	+2.9 bps	1
PAYC	322,611	$155.17	—	$224.67	$50.06M	$72.48M	+44.79%	0.19%	+8.4 bps	1
ZTS	228,205	$183.38	—	$174.63	$41.85M	$39.85M	-4.77%	0.16%	-0.8 bps	1
MA	64,280	$460.16	—	$520.40	$29.58M	$33.45M	+13.09%	0.12%	+1.5 bps	1
MCD	93,371	$271.15	—	$298.56	$25.32M	$27.88M	+10.11%	0.10%	+1.0 bps	1
Top 5 (by entry value)(5)					$10.49B	$11.46B	+9.21%
Total(40)					$24.94B	$26.8B	+7.45%

2024-05-15 → 2024-08-14

40 of 40 priced100.00% coverage

-0.64%

Holdings from Q1 2024 disclosure · accession 0001520023-24-000020 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	7,617,903	$423.08	—	$416.86	$3.22B	$3.18B	-1.47%	12.54%	-18.4 bps	1
METATOP 5	4,969,549	$481.54	—	$526.76	$2.39B	$2.62B	+9.39%	9.44%	+88.7 bps	1
SYKTOP 5	5,479,066	$331.99	—	$332.68	$1.82B	$1.82B	+0.21%	7.67%	+1.6 bps	1
VTOP 5	5,690,596	$281.50	—	$261.14	$1.6B	$1.49B	-7.23%	6.22%	-45.0 bps	1
IDXX	2,714,762	$548.53	—	$474.94	$1.49B	$1.29B	-13.42%	5.74%	-77.0 bps	1
ADP	5,765,869	$246.62	—	$262.82	$1.42B	$1.52B	+6.57%	5.64%	+37.0 bps	1
PMTOP 5	14,822,237	$100.57	—	$117.20	$1.49B	$1.74B	+16.54%	5.32%	+87.9 bps	1
WAT	3,766,251	$361.79	—	$336.49	$1.36B	$1.27B	-6.99%	5.07%	-35.5 bps	1
MAR	4,364,298	$236.00	—	$217.10	$1.03B	$947.49M	-8.01%	4.31%	-34.5 bps	1
GOOGL	6,980,992	$172.51	—	$160.37	$1.2B	$1.12B	-7.04%	4.12%	-29.0 bps	1
PEP	5,845,947	$179.46	—	$173.71	$1.05B	$1.02B	-3.20%	4.00%	-12.8 bps	1
MKC	12,229,563	$74.63	—	$77.96	$912.69M	$953.42M	+4.46%	3.68%	+16.4 bps	1
MTD	610,096	$1519.89	—	$1402.55	$927.28M	$855.69M	-7.72%	3.18%	-24.5 bps	1
PG	4,799,082	$166.51	—	$168.80	$799.1M	$810.09M	+1.38%	3.05%	+4.2 bps	1
CHD	7,171,440	$107.18	—	$100.48	$768.63M	$720.59M	-6.25%	2.93%	-18.3 bps	1
OTIS	6,295,103	$97.27	—	$92.11	$612.32M	$579.84M	-5.30%	2.45%	-13.0 bps	1
NKE	6,512,417	$91.67	—	$78.52	$596.99M	$511.35M	-14.34%	2.40%	-34.4 bps	1
BF-B	11,458,780	$47.56	—	$44.51	$544.98M	$510.03M	-6.41%	2.32%	-14.8 bps	1
FTNT	8,174,985	$60.73	—	$72.79	$496.47M	$595.06M	+19.86%	2.19%	+43.4 bps	1
AAPL	1,597,544	$189.72	—	$221.72	$303.09M	$354.21M	+16.87%	1.07%	+18.1 bps	1
TXN	1,111,306	$195.53	—	$195.61	$217.29M	$217.38M	+0.04%	0.76%	+0.0 bps	1
EFX	472,805	$251.30	—	$296.38	$118.82M	$140.13M	+17.94%	0.49%	+8.9 bps	1
VRSN	644,143	$169.25	—	$174.93	$109.02M	$112.68M	+3.36%	0.48%	+1.6 bps	1
VRSK	478,647	$247.84	—	$268.59	$118.63M	$128.56M	+8.37%	0.44%	+3.7 bps	1
GGG	1,175,486	$83.48	—	$80.57	$98.13M	$94.71M	-3.49%	0.43%	-1.5 bps	1
MSCI	171,859	$490.06	—	$554.33	$84.22M	$95.27M	+13.11%	0.38%	+4.9 bps	1
CHH	756,944	$118.37	—	$119.32	$89.6M	$90.32M	+0.80%	0.37%	+0.3 bps	1
QLYS	565,246	$148.67	—	$123.11	$84.04M	$69.59M	-17.19%	0.37%	-6.3 bps	1
IEX	373,902	$224.20	—	$193.31	$83.83M	$72.28M	-13.78%	0.36%	-4.9 bps	1
CLX	588,141	$138.41	—	$144.52	$81.4M	$85M	+4.41%	0.35%	+1.6 bps	1
EXPO	1,050,120	$95.39	—	$102.50	$100.17M	$107.64M	+7.45%	0.34%	+2.5 bps	1
CGNX	1,966,235	$47.44	—	$38.51	$93.28M	$75.72M	-18.82%	0.33%	-6.1 bps	1
ROL	1,647,761	$47.17	—	$48.50	$77.72M	$79.92M	+2.82%	0.30%	+0.8 bps	1
PAYC	325,271	$177.45	—	$155.17	$57.72M	$50.47M	-12.56%	0.25%	-3.2 bps	1
ODD	1,327,313	$43.68	—	$39.36	$57.98M	$52.24M	-9.89%	0.23%	-2.2 bps	1
HD	146,584	$348.67	—	$355.66	$51.11M	$52.13M	+2.00%	0.22%	+0.4 bps	1
SABR	21,676,328	$3.17	—	$2.89	$68.71M	$62.64M	-8.83%	0.21%	-1.8 bps	1
ZTS	228,805	$173.28	—	$183.38	$39.65M	$41.96M	+5.83%	0.15%	+0.9 bps	1
MA	64,449	$458.00	—	$460.16	$29.52M	$29.66M	+0.47%	0.12%	+0.1 bps	1
MCD	93,617	$273.87	—	$271.15	$25.64M	$25.38M	-0.99%	0.10%	-0.1 bps	1
Top 5 (by entry value)(5)					$10.53B	$10.84B	+2.96%
Total(40)					$25.73B	$25.57B	-0.64%

2024-02-14 → 2024-05-15

40 of 40 priced100.00% coverage

+3.19%

Holdings from Q4 2023 disclosure · accession 0001520023-24-000014 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	7,943,324	$409.49	—	$423.08	$3.25B	$3.36B	+3.32%	12.50%	+41.5 bps	1
METATOP 5	4,998,706	$473.28	—	$481.54	$2.37B	$2.41B	+1.75%	7.41%	+12.9 bps	1
SYKTOP 5	5,512,626	$349.42	—	$331.99	$1.93B	$1.83B	-4.99%	6.91%	-34.5 bps	1
IDXXTOP 5	2,728,917	$560.56	—	$548.53	$1.53B	$1.5B	-2.15%	6.34%	-13.6 bps	1
VTOP 5	5,738,531	$277.56	—	$281.50	$1.59B	$1.62B	+1.42%	6.25%	+8.9 bps	1
PM	15,037,657	$89.22	—	$100.57	$1.34B	$1.51B	+12.72%	5.92%	+75.3 bps	1
ADP	5,816,321	$250.90	—	$246.62	$1.46B	$1.43B	-1.71%	5.67%	-9.7 bps	1
WAT	3,800,688	$317.52	—	$361.79	$1.21B	$1.38B	+13.94%	5.24%	+73.0 bps	1
PEP	6,630,366	$167.52	—	$179.46	$1.11B	$1.19B	+7.13%	4.71%	+33.6 bps	1
MKC	15,090,383	$64.99	—	$74.63	$980.72M	$1.13B	+14.83%	4.32%	+64.1 bps	1
MAR	4,391,506	$235.39	—	$236.00	$1.03B	$1.04B	+0.26%	4.15%	+1.1 bps	1
GOOGL	7,017,411	$145.94	—	$172.51	$1.02B	$1.21B	+18.21%	4.10%	+74.7 bps	1
NKE	6,685,413	$106.33	—	$91.67	$710.86M	$612.85M	-13.79%	3.04%	-41.9 bps	1
PG	4,839,932	$155.63	—	$166.51	$753.24M	$805.9M	+6.99%	2.97%	+20.8 bps	1
MTD	567,593	$1181.18	—	$1519.89	$670.43M	$862.68M	+28.68%	2.88%	+82.6 bps	1
CHD	7,264,116	$97.00	—	$107.18	$704.62M	$778.57M	+10.49%	2.88%	+30.2 bps	1
BF-B	11,652,706	$57.35	—	$47.56	$668.28M	$554.2M	-17.07%	2.79%	-47.5 bps	1
OTIS	6,442,153	$90.83	—	$97.27	$585.14M	$626.63M	+7.09%	2.41%	+17.1 bps	1
FTNT	7,331,844	$70.88	—	$60.73	$519.68M	$445.26M	-14.32%	1.80%	-25.7 bps	1
AAPL	1,334,585	$184.15	—	$189.72	$245.76M	$253.2M	+3.02%	1.08%	+3.3 bps	1
VRSN	661,533	$195.33	—	$169.25	$129.22M	$111.96M	-13.35%	0.57%	-7.6 bps	1
VRSK	519,672	$246.14	—	$247.84	$127.91M	$128.8M	+0.69%	0.52%	+0.4 bps	1
QLYS	623,955	$170.57	—	$148.67	$106.43M	$92.76M	-12.84%	0.51%	-6.6 bps	1
EFX	485,569	$250.34	—	$251.30	$121.56M	$122.02M	+0.38%	0.50%	+0.2 bps	1
MSCI	207,165	$572.80	—	$490.06	$118.66M	$101.52M	-14.44%	0.49%	-7.1 bps	1
GGG	1,207,221	$88.34	—	$83.48	$106.65M	$100.78M	-5.50%	0.44%	-2.4 bps	1
SABR	22,261,537	$4.41	—	$3.17	$98.17M	$70.57M	-28.12%	0.41%	-11.5 bps	1
EXPO	1,078,471	$75.87	—	$95.39	$81.82M	$102.88M	+25.73%	0.40%	+10.2 bps	1
CLX	603,794	$152.21	—	$138.41	$91.9M	$83.57M	-9.07%	0.36%	-3.3 bps	1
CGNX	2,019,318	$36.15	—	$47.44	$73M	$95.8M	+31.23%	0.35%	+11.0 bps	1
IEX	383,997	$227.02	—	$224.20	$87.17M	$86.09M	-1.24%	0.35%	-0.4 bps	1
ROL	1,692,246	$44.25	—	$47.17	$74.88M	$79.82M	+6.60%	0.31%	+2.0 bps	1
IPGP	548,993	$87.86	—	$90.17	$48.23M	$49.5M	+2.63%	0.25%	+0.7 bps	1
HD	149,818	$358.23	—	$348.67	$53.67M	$52.24M	-2.67%	0.22%	-0.6 bps	1
ODD	1,104,416	$43.11	—	$43.68	$47.61M	$48.24M	+1.32%	0.22%	+0.3 bps	1
ZTS	226,064	$184.08	—	$173.28	$41.61M	$39.17M	-5.87%	0.19%	-1.1 bps	1
JNJ	278,393	$155.74	—	$152.67	$43.36M	$42.5M	-1.97%	0.18%	-0.4 bps	1
PAYC	157,844	$189.25	—	$177.45	$29.87M	$28.01M	-6.24%	0.14%	-0.9 bps	1
MCD	92,495	$288.17	—	$273.87	$26.65M	$25.33M	-4.96%	0.11%	-0.6 bps	1
MA	63,677	$465.19	—	$458.00	$29.62M	$29.16M	-1.55%	0.11%	-0.2 bps	1
Top 5 (by entry value)(5)					$10.67B	$10.71B	+0.40%
Total(40)					$25.22B	$26.03B	+3.19%

2023-11-14 → 2024-02-14

39 of 39 priced100.00% coverage

+12.18%

Holdings from Q3 2023 disclosure · accession 0001520023-23-000012 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	8,648,822	$370.27	—	$409.49	$3.2B	$3.54B	+10.59%	12.41%	+131.4 bps	1
SYKTOP 5	5,518,803	$283.03	—	$349.42	$1.56B	$1.93B	+23.46%	6.85%	+160.7 bps	1
METATOP 5	5,006,145	$336.31	—	$473.28	$1.68B	$2.37B	+40.73%	6.83%	+278.1 bps	1
PMTOP 5	15,064,536	$90.40	—	$89.22	$1.36B	$1.34B	-1.31%	6.34%	-8.3 bps	1
ADP	5,520,512	$230.42	—	$250.90	$1.27B	$1.39B	+8.89%	6.03%	+53.6 bps	1
VTOP 5	5,756,599	$246.94	—	$277.56	$1.42B	$1.6B	+12.40%	6.02%	+74.6 bps	1
IDXX	2,964,554	$454.25	—	$560.56	$1.35B	$1.66B	+23.40%	5.89%	+137.8 bps	1
MKC	15,312,665	$66.31	—	$64.99	$1.02B	$995.17M	-1.99%	5.26%	-10.5 bps	1
PEP	6,639,272	$168.11	—	$167.52	$1.12B	$1.11B	-0.35%	5.11%	-1.8 bps	1
WAT	3,806,494	$258.67	—	$317.52	$984.63M	$1.21B	+22.75%	4.74%	+107.9 bps	1
GOOGL	7,588,728	$133.62	—	$145.94	$1.01B	$1.11B	+9.22%	4.51%	+41.6 bps	1
MAR	4,395,681	$202.36	—	$235.39	$889.51M	$1.03B	+16.32%	3.93%	+64.1 bps	1
PG	4,846,573	$152.12	—	$155.63	$737.26M	$754.27M	+2.31%	3.21%	+7.4 bps	1
BF-B	12,086,171	$59.09	—	$57.35	$714.17M	$693.14M	-2.94%	3.17%	-9.3 bps	1
CHD	7,274,964	$91.78	—	$97.00	$667.7M	$705.67M	+5.69%	3.03%	+17.2 bps	1
NKE	6,702,262	$105.75	—	$106.33	$708.76M	$712.65M	+0.55%	2.91%	+1.6 bps	1
MTD	568,520	$1048.19	—	$1181.18	$595.92M	$671.52M	+12.69%	2.86%	+36.3 bps	1
OTIS	6,450,913	$83.94	—	$90.83	$541.49M	$585.94M	+8.21%	2.35%	+19.3 bps	1
FTNT	4,924,241	$51.32	—	$70.88	$252.71M	$349.03M	+38.11%	1.31%	+50.0 bps	1
AAPL	1,333,286	$187.44	—	$184.15	$249.91M	$245.52M	-1.76%	1.04%	-1.8 bps	1
VRSN	670,166	$208.10	—	$195.33	$139.46M	$130.9M	-6.14%	0.62%	-3.8 bps	1
VRSK	526,454	$238.06	—	$246.14	$125.33M	$129.58M	+3.39%	0.57%	+1.9 bps	1
MSCI	209,869	$518.05	—	$572.80	$108.72M	$120.21M	+10.57%	0.49%	+5.2 bps	1
SABR	22,552,058	$3.68	—	$4.41	$82.99M	$99.45M	+19.84%	0.46%	+9.1 bps	1
QLYS	653,895	$176.55	—	$170.57	$115.45M	$111.53M	-3.39%	0.45%	-1.5 bps	1
EXPO	1,092,545	$78.46	—	$75.87	$85.72M	$82.89M	-3.30%	0.42%	-1.4 bps	1
EFX	491,906	$196.43	—	$250.34	$96.63M	$123.14M	+27.44%	0.41%	+11.2 bps	1
GGG	1,222,976	$79.36	—	$88.34	$97.06M	$108.04M	+11.32%	0.41%	+4.6 bps	1
CGNX	2,045,671	$36.76	—	$36.15	$75.2M	$73.95M	-1.66%	0.39%	-0.7 bps	1
IEX	389,008	$198.07	—	$227.02	$77.05M	$88.31M	+14.62%	0.37%	+5.4 bps	1
ROL	1,714,331	$39.48	—	$44.25	$67.68M	$75.86M	+12.08%	0.29%	+3.5 bps	1
IPGP	556,157	$95.26	—	$87.86	$52.98M	$48.86M	-7.77%	0.26%	-2.0 bps	1
HD	147,657	$303.63	—	$358.23	$44.83M	$52.9M	+17.98%	0.20%	+3.6 bps	1
JNJ	274,378	$147.66	—	$155.74	$40.51M	$42.73M	+5.47%	0.19%	+1.1 bps	1
PAYC	159,904	$176.28	—	$189.25	$28.19M	$30.26M	+7.36%	0.19%	+1.4 bps	1
ZTS	222,803	$172.65	—	$184.08	$38.47M	$41.01M	+6.62%	0.18%	+1.2 bps	1
MA	62,758	$397.65	—	$465.19	$24.96M	$29.19M	+16.98%	0.11%	+1.9 bps	1
MCD	92,320	$271.49	—	$288.17	$25.06M	$26.6M	+6.14%	0.11%	+0.7 bps	1
ODD	575,000	$31.74	—	$43.11	$18.25M	$24.79M	+35.82%	0.07%	+2.7 bps	1
Top 5 (by entry value)(5)					$9.23B	$10.78B	+16.79%
Total(39)					$22.68B	$25.44B	+12.18%

2023-08-14 → 2023-11-14

39 of 39 priced100.00% coverage

-4.13%

Holdings from Q2 2023 disclosure · accession 0001520023-23-000011 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	9,012,591	$324.04	—	$370.27	$2.92B	$3.34B	+14.27%	12.88%	+183.7 bps	1
SYKTOP 5	5,511,645	$284.79	—	$283.03	$1.57B	$1.56B	-0.62%	7.06%	-4.4 bps	1
METATOP 5	5,653,137	$306.19	—	$336.31	$1.73B	$1.9B	+9.84%	6.81%	+67.0 bps	1
PMTOP 5	15,784,916	$95.85	—	$90.40	$1.51B	$1.43B	-5.69%	6.47%	-36.8 bps	1
IDXXTOP 5	2,961,551	$507.70	—	$454.25	$1.5B	$1.35B	-10.53%	6.24%	-65.7 bps	1
V	5,761,283	$242.90	—	$246.94	$1.4B	$1.42B	+1.66%	5.74%	+9.5 bps	1
MKC	15,467,107	$86.83	—	$66.31	$1.34B	$1.03B	-23.63%	5.66%	-133.8 bps	1
PEP	6,644,967	$183.62	—	$168.11	$1.22B	$1.12B	-8.45%	5.16%	-43.6 bps	1
ADP	5,526,368	$251.96	—	$230.42	$1.39B	$1.27B	-8.55%	5.10%	-43.6 bps	1
EL	5,418,525	$167.17	—	$122.82	$905.81M	$665.5M	-26.53%	4.46%	-118.4 bps	1
WAT	3,809,473	$288.37	—	$258.67	$1.1B	$985.4M	-10.30%	4.26%	-43.9 bps	1
GOOGL	7,615,636	$131.33	—	$133.62	$1B	$1.02B	+1.74%	3.82%	+6.7 bps	1
BF-B	12,195,517	$70.29	—	$59.09	$857.22M	$720.63M	-15.93%	3.42%	-54.4 bps	1
MTD	569,144	$1240.17	—	$1048.19	$705.84M	$596.57M	-15.48%	3.13%	-48.5 bps	1
NKE	6,710,646	$107.64	—	$105.75	$722.33M	$709.65M	-1.76%	3.11%	-5.5 bps	1
PG	4,849,177	$155.79	—	$152.12	$755.45M	$737.66M	-2.36%	3.09%	-7.3 bps	1
CHD	6,668,756	$95.16	—	$91.78	$634.6M	$612.06M	-3.55%	2.80%	-10.0 bps	1
OTIS	6,455,411	$87.05	—	$83.94	$561.94M	$541.87M	-3.57%	2.41%	-8.6 bps	1
AAPL	1,332,635	$179.46	—	$187.44	$239.15M	$249.79M	+4.45%	1.08%	+4.8 bps	1
FTNT	2,313,303	$59.66	—	$51.32	$138.01M	$118.72M	-13.98%	0.73%	-10.3 bps	1
VRSN	674,791	$208.26	—	$208.10	$140.53M	$140.42M	-0.08%	0.64%	-0.0 bps	1
MASI	730,377	$112.84	—	$89.12	$82.42M	$65.09M	-21.02%	0.50%	-10.6 bps	1
VRSK	530,087	$237.14	—	$238.06	$125.7M	$126.19M	+0.39%	0.50%	+0.2 bps	1
EFX	495,301	$196.72	—	$196.43	$97.44M	$97.29M	-0.15%	0.49%	-0.1 bps	1
CGNX	2,059,788	$49.00	—	$36.76	$100.93M	$75.72M	-24.98%	0.48%	-12.1 bps	1
GGG	1,229,228	$78.20	—	$79.36	$96.13M	$97.55M	+1.48%	0.45%	+0.7 bps	1
EXPO	1,100,101	$88.32	—	$78.46	$97.16M	$86.31M	-11.16%	0.43%	-4.8 bps	1
MSCI	211,317	$547.28	—	$518.05	$115.65M	$109.47M	-5.34%	0.42%	-2.2 bps	1
QLYS	658,407	$150.95	—	$176.55	$99.39M	$116.24M	+16.96%	0.36%	+6.1 bps	1
IEX	391,124	$222.74	—	$198.07	$87.12M	$77.47M	-11.08%	0.35%	-3.9 bps	1
IPGP	560,198	$102.61	—	$95.26	$57.48M	$53.36M	-7.16%	0.32%	-2.3 bps	1
ROL	1,726,161	$41.37	—	$39.48	$71.41M	$68.15M	-4.57%	0.31%	-1.4 bps	1
SABR	22,707,687	$5.51	—	$3.68	$125.23M	$83.56M	-33.27%	0.30%	-10.1 bps	1
PAYC	161,007	$294.25	—	$176.28	$47.38M	$28.38M	-40.09%	0.22%	-8.7 bps	1
HD	147,381	$329.95	—	$303.63	$48.63M	$44.75M	-7.98%	0.19%	-1.5 bps	1
JNJ	273,864	$173.44	—	$147.66	$47.5M	$40.44M	-14.86%	0.19%	-2.8 bps	1
ZTS	222,386	$189.65	—	$172.65	$42.18M	$38.39M	-8.96%	0.16%	-1.4 bps	1
MAR	188,129	$206.84	—	$202.36	$38.91M	$38.07M	-2.17%	0.15%	-0.3 bps	1
MA	62,334	$398.58	—	$397.65	$24.85M	$24.79M	-0.23%	0.10%	-0.0 bps	1
Top 5 (by entry value)(5)					$9.24B	$9.57B	+3.60%
Total(39)					$23.76B	$22.78B	-4.13%

2023-05-15 → 2023-08-14

40 of 40 priced100.00% coverage

+3.52%

Holdings from Q1 2023 disclosure · accession 0001520023-23-000010 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	9,031,101	$309.46	—	$324.04	$2.79B	$2.93B	+4.71%	11.24%	+52.9 bps	1
PMTOP 5	16,463,863	$95.00	—	$95.85	$1.56B	$1.58B	+0.89%	6.91%	+6.2 bps	1
SYKTOP 5	5,498,313	$288.92	—	$284.79	$1.59B	$1.57B	-1.43%	6.77%	-9.7 bps	1
IDXXTOP 5	2,954,196	$489.88	—	$507.70	$1.45B	$1.5B	+3.64%	6.37%	+23.2 bps	1
EL	5,428,332	$201.19	—	$167.17	$1.09B	$907.45M	-16.91%	5.77%	-97.6 bps	1
MKCTOP 5	15,498,588	$90.85	—	$86.83	$1.41B	$1.35B	-4.42%	5.56%	-24.6 bps	1
V	5,613,420	$232.81	—	$242.90	$1.31B	$1.36B	+4.33%	5.46%	+23.7 bps	1
ADP	5,541,966	$214.39	—	$251.96	$1.19B	$1.4B	+17.52%	5.32%	+93.3 bps	1
PEP	6,658,537	$194.27	—	$183.62	$1.29B	$1.22B	-5.48%	5.24%	-28.7 bps	1
META	5,664,271	$238.86	—	$306.19	$1.35B	$1.73B	+28.19%	5.18%	+146.0 bps	1
WAT	3,698,369	$273.30	—	$288.37	$1.01B	$1.07B	+5.51%	4.94%	+27.2 bps	1
MTD	561,414	$1386.00	—	$1240.17	$778.12M	$696.25M	-10.52%	3.71%	-39.0 bps	1
NKE	6,726,271	$119.83	—	$107.64	$806.01M	$724.02M	-10.17%	3.56%	-36.2 bps	1
GOOGL	7,628,198	$116.51	—	$131.33	$888.76M	$1B	+12.72%	3.41%	+43.4 bps	1
BF-B	12,230,048	$64.26	—	$70.29	$785.9M	$859.65M	+9.38%	3.39%	+31.8 bps	1
CHD	8,449,927	$96.12	—	$95.16	$812.21M	$804.1M	-1.00%	3.22%	-3.2 bps	1
AMZN	6,777,831	$111.20	—	$140.57	$753.69M	$952.76M	+26.41%	3.02%	+79.8 bps	1
OTIS	6,281,675	$84.51	—	$87.05	$530.86M	$546.82M	+3.01%	2.29%	+6.9 bps	1
PG	1,716,482	$156.01	—	$155.79	$267.79M	$267.41M	-0.14%	1.10%	-0.2 bps	1
AAPL	1,341,979	$172.07	—	$179.46	$230.91M	$240.83M	+4.29%	0.95%	+4.1 bps	1
FTNT	2,313,303	$68.56	—	$59.66	$158.6M	$138.01M	-12.98%	0.66%	-8.6 bps	1
VRSN	674,791	$226.09	—	$208.26	$152.56M	$140.53M	-7.89%	0.62%	-4.9 bps	1
MASI	764,319	$173.30	—	$112.84	$132.46M	$86.25M	-34.89%	0.61%	-21.2 bps	1
MSCI	211,317	$463.56	—	$547.28	$97.96M	$115.65M	+18.06%	0.51%	+9.2 bps	1
IPGP	854,259	$112.30	—	$102.61	$95.93M	$87.66M	-8.63%	0.45%	-3.9 bps	1
CGNX	2,059,788	$51.18	—	$49.00	$105.42M	$100.93M	-4.26%	0.44%	-1.9 bps	1
VRSK	530,087	$214.99	—	$237.14	$113.96M	$125.7M	+10.30%	0.44%	+4.5 bps	1
EFX	495,301	$205.57	—	$196.72	$101.82M	$97.44M	-4.31%	0.43%	-1.9 bps	1
SABR	22,707,687	$3.48	—	$5.51	$79.02M	$125.23M	+58.48%	0.42%	+24.6 bps	1
QLYS	658,407	$117.30	—	$150.95	$77.23M	$99.39M	+28.69%	0.37%	+10.6 bps	1
ROL	1,726,161	$42.33	—	$41.37	$73.07M	$71.41M	-2.27%	0.28%	-0.6 bps	1
IEX	263,740	$207.89	—	$222.74	$54.83M	$58.75M	+7.14%	0.26%	+1.9 bps	1
PAYC	161,007	$271.72	—	$294.25	$43.75M	$47.38M	+8.29%	0.21%	+1.8 bps	1
HD	153,663	$288.54	—	$329.95	$44.34M	$50.7M	+14.35%	0.20%	+2.8 bps	1
JNJ	277,464	$159.55	—	$173.44	$44.27M	$48.12M	+8.71%	0.19%	+1.6 bps	1
GGG	545,911	$77.12	—	$78.20	$42.1M	$42.69M	+1.40%	0.17%	+0.2 bps	1
ZTS	225,309	$183.85	—	$189.65	$41.42M	$42.73M	+3.15%	0.16%	+0.5 bps	1
MAR	99,594	$175.50	—	$206.84	$17.48M	$20.6M	+17.86%	0.07%	+1.3 bps	1
MA	41,664	$383.41	—	$398.58	$15.97M	$16.61M	+3.96%	0.07%	+0.3 bps	1
EW	9,979	$88.92	—	$80.53	$887.33K	$803.61K	-9.44%	0.00%	-0.0 bps	1
Top 5 (by entry value)(5)					$8.8B	$8.92B	+1.29%
Total(40)					$23.39B	$24.22B	+3.52%

2023-02-14 → 2023-05-15

38 of 38 priced100.00% coverage

+2.15%

Holdings from Q4 2022 disclosure · accession 0001520023-23-000001 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	9,030,036	$272.17	—	$309.46	$2.46B	$2.79B	+13.70%	9.89%	+135.5 bps	1
PMTOP 5	16,476,088	$101.71	—	$95.00	$1.68B	$1.57B	-6.60%	7.62%	-50.2 bps	1
ELTOP 5	5,679,620	$255.52	—	$201.19	$1.45B	$1.14B	-21.26%	6.44%	-136.8 bps	1
IDXXTOP 5	3,443,732	$503.65	—	$489.88	$1.73B	$1.69B	-2.73%	6.42%	-17.5 bps	1
SYKTOP 5	5,607,041	$264.66	—	$288.92	$1.48B	$1.62B	+9.17%	6.26%	+57.4 bps	1
ADP	5,540,720	$224.59	—	$214.39	$1.24B	$1.19B	-4.54%	6.04%	-27.5 bps	1
MKC	15,495,211	$74.91	—	$90.85	$1.16B	$1.41B	+21.28%	5.87%	+124.8 bps	1
WAT	3,689,697	$339.32	—	$273.30	$1.25B	$1.01B	-19.46%	5.77%	-112.3 bps	1
PEP	6,657,120	$175.77	—	$194.27	$1.17B	$1.29B	+10.53%	5.49%	+57.8 bps	1
V	5,612,145	$229.39	—	$232.81	$1.29B	$1.31B	+1.49%	5.33%	+7.9 bps	1
MTD	560,900	$1545.49	—	$1386.00	$866.87M	$777.41M	-10.32%	3.70%	-38.2 bps	1
BF/B	12,146,796	$65.31	—	$64.26	$793.31M	$780.55M	-1.61%	3.64%	-5.9 bps	1
NKE	6,726,271	$126.20	—	$119.83	$848.86M	$806.01M	-5.05%	3.59%	-18.1 bps	1
ADBE	2,109,326	$377.90	—	$345.67	$797.11M	$729.13M	-8.53%	3.24%	-27.7 bps	1
CHD	8,446,572	$82.79	—	$96.12	$699.29M	$811.88M	+16.10%	3.11%	+50.1 bps	1
GOOGL	7,626,313	$94.68	—	$116.51	$722.06M	$888.54M	+23.06%	3.07%	+70.9 bps	1
META	5,476,865	$179.48	—	$238.86	$982.99M	$1.31B	+33.08%	3.01%	+99.6 bps	1
AMZN	6,777,831	$99.70	—	$111.20	$675.75M	$753.69M	+11.53%	2.60%	+30.0 bps	1
OTIS	6,280,677	$84.33	—	$84.51	$529.65M	$530.78M	+0.21%	2.25%	+0.5 bps	1
SABR	22,707,687	$6.89	—	$3.48	$156.46M	$79.02M	-49.49%	0.64%	-31.7 bps	1
VRSN	674,791	$213.82	—	$226.09	$144.28M	$152.56M	+5.74%	0.63%	+3.6 bps	1
FTNT	2,313,303	$61.19	—	$68.56	$141.55M	$158.6M	+12.04%	0.52%	+6.2 bps	1
MASI	764,319	$165.18	—	$173.30	$126.25M	$132.46M	+4.92%	0.52%	+2.5 bps	1
MSCI	211,317	$561.82	—	$463.56	$118.72M	$97.96M	-17.49%	0.45%	-7.9 bps	1
CGNX	2,059,788	$55.33	—	$51.18	$113.97M	$105.42M	-7.50%	0.44%	-3.3 bps	1
EFX	495,301	$214.06	—	$205.57	$106.02M	$101.82M	-3.97%	0.44%	-1.7 bps	1
VRSK	530,087	$176.82	—	$214.99	$93.73M	$113.96M	+21.59%	0.43%	+9.2 bps	1
IPGP	854,259	$125.55	—	$112.30	$107.25M	$95.93M	-10.55%	0.37%	-3.9 bps	1
QLYS	658,407	$119.00	—	$117.30	$78.35M	$77.23M	-1.43%	0.34%	-0.5 bps	1
ROL	1,726,161	$35.64	—	$42.33	$61.52M	$73.07M	+18.77%	0.29%	+5.4 bps	1
AAPL	469,234	$153.20	—	$172.07	$71.89M	$80.74M	+12.32%	0.28%	+3.4 bps	1
IEX	263,740	$225.35	—	$207.89	$59.43M	$54.83M	-7.75%	0.28%	-2.1 bps	1
PAYC	161,007	$324.69	—	$271.72	$52.28M	$43.75M	-16.31%	0.23%	-3.7 bps	1
JNJ	275,797	$162.04	—	$159.55	$44.69M	$44M	-1.54%	0.22%	-0.3 bps	1
HD	152,766	$318.43	—	$288.54	$48.65M	$44.08M	-9.39%	0.22%	-2.1 bps	1
PG	315,297	$139.28	—	$156.01	$43.91M	$49.19M	+12.01%	0.22%	+2.6 bps	1
ZTS	223,956	$171.90	—	$183.85	$38.5M	$41.17M	+6.95%	0.15%	+1.0 bps	1
EW	9,979	$76.59	—	$88.92	$764.29K	$887.33K	+16.10%	0.00%	+0.1 bps	1
Top 5 (by entry value)(5)					$8.8B	$8.81B	+0.07%
Total(38)					$23.44B	$23.95B	+2.15%

2022-11-14 → 2023-02-14

44 of 46 priced99.64% coverage

+8.20%

Holdings from Q3 2022 disclosure · accession 0001520023-22-000010 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	9,284,614	$241.55	—	$272.17	$2.24B	$2.53B	+12.68%	10.26%	+130.1 bps	1
PMTOP 5	16,489,067	$93.93	—	$101.71	$1.55B	$1.68B	+8.28%	6.50%	+53.8 bps	1
ELTOP 5	5,955,974	$220.67	—	$255.52	$1.31B	$1.52B	+15.79%	6.10%	+96.4 bps	1
ADPTOP 5	5,571,678	$250.08	—	$224.59	$1.39B	$1.25B	-10.19%	5.98%	-61.0 bps	1
IDXXTOP 5	3,620,777	$428.03	—	$503.65	$1.55B	$1.82B	+17.67%	5.60%	+98.9 bps	1
PEP	7,144,313	$176.73	—	$175.77	$1.26B	$1.26B	-0.54%	5.54%	-3.0 bps	1
SYK	5,628,569	$218.99	—	$264.66	$1.23B	$1.49B	+20.85%	5.41%	+112.9 bps	1
MKC	15,506,721	$82.75	—	$74.91	$1.28B	$1.16B	-9.47%	5.25%	-49.7 bps	1
V	5,635,390	$206.86	—	$229.39	$1.17B	$1.29B	+10.89%	4.75%	+51.8 bps	1
WAT	3,693,197	$325.88	—	$339.32	$1.2B	$1.25B	+4.12%	4.73%	+19.5 bps	1
BF/B	12,226,340	$68.88	—	$65.31	$842.15M	$798.5M	-5.18%	3.86%	-20.0 bps	1
AMZN	6,784,322	$98.49	—	$99.70	$668.19M	$676.4M	+1.23%	3.64%	+4.5 bps	1
META	5,480,284	$114.22	—	$179.48	$625.96M	$983.6M	+57.14%	3.53%	+201.7 bps	1
GOOGL	7,632,828	$95.70	—	$94.68	$730.46M	$722.68M	-1.07%	3.47%	-3.7 bps	1
INTU	1,696,667	$397.66	—	$421.97	$674.7M	$715.94M	+6.11%	3.12%	+19.1 bps	1
MTD	561,456	$1442.80	—	$1545.49	$810.07M	$867.72M	+7.12%	2.89%	+20.6 bps	1
CHD	8,458,025	$74.48	—	$82.79	$629.95M	$700.24M	+11.16%	2.87%	+32.0 bps	1
ADBE	2,111,297	$340.37	—	$377.90	$718.62M	$797.86M	+11.03%	2.76%	+30.4 bps	1
NKE	6,734,408	$104.39	—	$126.20	$703M	$849.88M	+20.89%	2.66%	+55.5 bps	1
PYPL	5,611,242	$89.51	—	$77.26	$502.26M	$433.52M	-13.69%	2.29%	-31.4 bps	1
OTIS	6,285,878	$77.77	—	$84.33	$488.85M	$530.09M	+8.44%	1.90%	+16.1 bps	1
VRSN	675,533	$190.45	—	$213.82	$128.66M	$144.44M	+12.27%	0.56%	+6.8 bps	1
SABR	22,732,769	$5.53	—	$6.89	$125.71M	$156.63M	+24.59%	0.56%	+13.7 bps	1
FTNT	2,315,857	$55.52	—	$61.19	$128.58M	$141.71M	+10.21%	0.54%	+5.5 bps	1
MASI	765,161	$122.13	—	$165.18	$93.45M	$126.39M	+35.25%	0.51%	+18.1 bps	1
QLYS	661,420	$125.40	—	$119.00	$82.94M	$78.71M	-5.10%	0.44%	-2.2 bps	1
VRSK	530,677	$173.98	—	$176.82	$92.33M	$93.83M	+1.63%	0.43%	+0.7 bps	1
MSCI	211,551	$492.24	—	$561.82	$104.13M	$118.85M	+14.14%	0.42%	+6.0 bps	1
CGNX	2,062,083	$50.74	—	$55.33	$104.63M	$114.1M	+9.05%	0.41%	+3.7 bps	1
EFX	495,850	$197.91	—	$214.06	$98.13M	$106.14M	+8.16%	0.40%	+3.3 bps	1
IPGP	855,203	$93.82	—	$125.55	$80.24M	$107.37M	+33.82%	0.34%	+11.6 bps	1
AAPL	456,485	$148.28	—	$153.20	$67.69M	$69.93M	+3.32%	0.30%	+1.0 bps	1
ROL	1,728,084	$41.88	—	$35.64	$72.37M	$61.59M	-14.90%	0.28%	-4.2 bps	1
PAYC	161,308	$329.82	—	$324.69	$53.2M	$52.38M	-1.56%	0.25%	-0.4 bps	1
JNJ	274,847	$171.91	—	$162.04	$47.25M	$44.54M	-5.74%	0.21%	-1.2 bps	1
HD	152,255	$306.92	—	$318.43	$46.73M	$48.48M	+3.75%	0.20%	+0.7 bps	1
PG	314,211	$140.98	—	$139.28	$44.3M	$43.76M	-1.21%	0.19%	-0.2 bps	1
ZTS	223,185	$146.45	—	$171.90	$32.69M	$38.37M	+17.38%	0.16%	+2.7 bps	1
MELI	24,225	$959.58	—	$1132.31	$23.25M	$27.43M	+18.00%	0.10%	+1.7 bps	1
IEX	95,928	$228.10	—	$225.35	$21.88M	$21.62M	-1.21%	0.09%	-0.1 bps	1
G	317,337	$44.83	—	$47.12	$14.23M	$14.95M	+5.11%	0.07%	+0.3 bps	1
TSM	155,558	$72.80	—	$97.96	$11.32M	$15.24M	+34.56%	0.05%	+1.7 bps	1
XP	253,367	$19.11	—	$15.98	$4.84M	$4.05M	-16.38%	0.02%	-0.4 bps	1
EW	9,979	$73.51	—	$76.59	$733.56K	$764.29K	+4.19%	0.00%	+0.0 bps	1
ANSS	—	—	—	—	—	—	—	0.29%	—	0
WNS	—	—	—	—	—	—	—	0.08%	—	0
Top 5 (by entry value)(5)					$8.05B	$8.8B	+9.34%
Total(44)					$23.07B	$24.96B	+8.20%

2022-08-15 → 2022-11-14

41 of 43 priced99.54% coverage

-11.28%

Holdings from Q2 2022 disclosure · accession 0001520023-22-000009 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	10,020,534	$293.47	—	$241.55	$2.94B	$2.42B	-17.69%	11.36%	-200.9 bps	1
PMTOP 5	16,478,425	$101.00	—	$93.93	$1.66B	$1.55B	-7.00%	7.18%	-50.3 bps	1
ELTOP 5	5,951,296	$276.37	—	$220.67	$1.64B	$1.31B	-20.15%	6.69%	-134.8 bps	1
MKCTOP 5	15,492,883	$91.85	—	$82.75	$1.42B	$1.28B	-9.91%	5.69%	-56.4 bps	1
IDXX	3,618,875	$390.85	—	$428.03	$1.41B	$1.55B	+9.51%	5.60%	+53.3 bps	1
WAT	3,689,225	$331.76	—	$325.88	$1.22B	$1.2B	-1.77%	5.39%	-9.5 bps	1
SYK	6,049,848	$224.57	—	$218.99	$1.36B	$1.32B	-2.48%	5.31%	-13.2 bps	1
PEP	7,137,026	$179.28	—	$176.73	$1.28B	$1.26B	-1.42%	5.25%	-7.5 bps	1
ADPTOP 5	5,565,378	$259.71	—	$250.08	$1.45B	$1.39B	-3.71%	5.16%	-19.1 bps	1
V	5,630,342	$216.42	—	$206.86	$1.22B	$1.16B	-4.42%	4.89%	-21.6 bps	1
INTU	2,371,428	$489.23	—	$397.66	$1.16B	$943.02M	-18.72%	4.03%	-75.5 bps	1
META	5,477,481	$180.89	—	$114.22	$990.82M	$625.64M	-36.86%	3.90%	-143.6 bps	1
BF/B	12,213,131	$76.95	—	$68.88	$939.8M	$841.24M	-10.49%	3.78%	-39.7 bps	1
CHD	8,444,261	$87.72	—	$74.48	$740.73M	$628.93M	-15.09%	3.45%	-52.1 bps	1
ADBE	2,108,848	$451.02	—	$340.37	$951.13M	$717.79M	-24.53%	3.41%	-83.6 bps	1
AMZN	6,779,020	$143.18	—	$98.49	$970.62M	$667.67M	-31.21%	3.18%	-99.2 bps	1
NKE	6,727,737	$116.32	—	$104.39	$782.57M	$702.31M	-10.26%	3.03%	-31.1 bps	1
PYPL	9,651,818	$101.51	—	$89.51	$979.76M	$863.93M	-11.82%	2.97%	-35.2 bps	1
MTD	540,452	$1366.39	—	$1442.80	$738.47M	$779.76M	+5.59%	2.74%	+15.3 bps	1
SABR	22,469,835	$8.09	—	$5.53	$181.78M	$124.26M	-31.64%	0.58%	-18.3 bps	1
FTNT	2,289,070	$54.08	—	$55.52	$123.79M	$127.09M	+2.66%	0.57%	+1.5 bps	1
QLYS	930,206	$153.94	—	$125.40	$143.2M	$116.65M	-18.54%	0.52%	-9.6 bps	1
VRSN	667,498	$204.33	—	$190.45	$136.39M	$127.12M	-6.79%	0.49%	-3.3 bps	1
MASI	756,313	$159.77	—	$122.13	$120.84M	$92.37M	-23.56%	0.44%	-10.3 bps	1
VRSK	524,820	$205.67	—	$173.98	$107.94M	$91.31M	-15.41%	0.40%	-6.2 bps	1
EFX	490,113	$220.24	—	$197.91	$107.94M	$97M	-10.14%	0.40%	-4.0 bps	1
CGNX	2,037,105	$48.56	—	$50.74	$98.92M	$103.36M	+4.49%	0.38%	+1.7 bps	1
MSCI	209,104	$508.63	—	$492.24	$106.36M	$102.93M	-3.22%	0.38%	-1.2 bps	1
IPGP	845,311	$103.98	—	$93.82	$87.9M	$79.31M	-9.77%	0.35%	-3.4 bps	1
PAYC	255,722	$398.91	—	$329.82	$102.01M	$84.34M	-17.32%	0.32%	-5.5 bps	1
ROL	1,879,272	$36.90	—	$41.88	$69.35M	$78.7M	+13.50%	0.29%	+3.9 bps	1
WING	825,464	$135.83	—	$166.38	$112.12M	$137.34M	+22.49%	0.27%	+6.1 bps	1
JNJ	273,454	$166.09	—	$171.91	$45.42M	$47.01M	+3.50%	0.21%	+0.8 bps	1
PG	312,618	$148.56	—	$140.98	$46.44M	$44.07M	-5.10%	0.20%	-1.0 bps	1
GOOGL	381,252	$2441.60	—	$1914.00	$930.86M	$729.72M	-21.61%	0.18%	-4.0 bps	1
HD	151,505	$314.61	—	$306.92	$47.66M	$46.5M	-2.44%	0.18%	-0.4 bps	1
ZTS	222,053	$174.45	—	$146.45	$38.74M	$32.52M	-16.05%	0.17%	-2.7 bps	1
MELI	24,225	$1082.66	—	$959.58	$26.23M	$23.25M	-11.37%	0.07%	-0.8 bps	1
G	317,337	$48.32	—	$44.83	$15.33M	$14.23M	-7.22%	0.06%	-0.4 bps	1
TSM	155,558	$91.57	—	$72.80	$14.24M	$11.32M	-20.50%	0.06%	-1.1 bps	1
XP	253,367	$21.85	—	$19.11	$5.54M	$4.84M	-12.54%	0.02%	-0.3 bps	1
ANSS	—	—	—	—	—	—	—	0.40%	—	0
WNS	—	—	—	—	—	—	—	0.06%	—	0
Top 5 (by entry value)(5)					$9.12B	$7.96B	-12.75%
Total(41)					$26.54B	$23.54B	-11.28%

2022-05-16 → 2022-08-15

42 of 44 priced99.44% coverage

+8.98%

Holdings from Q1 2022 disclosure · accession 0001520023-22-000006 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	10,018,432	$261.50	—	$293.47	$2.62B	$2.94B	+12.23%	10.61%	+129.7 bps	1
IDXX	3,618,062	$360.20	—	$390.85	$1.3B	$1.41B	+8.51%	6.80%	+57.8 bps	1
EL	5,794,870	$235.38	—	$276.37	$1.36B	$1.6B	+17.41%	5.42%	+94.4 bps	1
SYKTOP 5	5,846,171	$233.85	—	$224.57	$1.37B	$1.31B	-3.97%	5.37%	-21.3 bps	1
PMTOP 5	16,457,291	$105.91	—	$101.00	$1.74B	$1.66B	-4.64%	5.31%	-24.6 bps	1
MKCTOP 5	15,486,666	$100.94	—	$91.85	$1.56B	$1.42B	-9.01%	5.31%	-47.8 bps	1
INTU	3,006,900	$359.59	—	$489.23	$1.08B	$1.47B	+36.05%	4.97%	+179.0 bps	1
PEPTOP 5	7,807,921	$175.47	—	$179.28	$1.37B	$1.4B	+2.17%	4.49%	+9.7 bps	1
ADP	5,562,848	$208.60	—	$259.71	$1.16B	$1.44B	+24.50%	4.35%	+106.5 bps	1
V	5,628,028	$197.81	—	$216.42	$1.11B	$1.22B	+9.41%	4.29%	+40.3 bps	1
META	5,476,931	$200.04	—	$180.89	$1.1B	$990.72M	-9.57%	4.18%	-40.0 bps	1
PYPL	10,476,837	$77.65	—	$101.51	$813.53M	$1.06B	+30.73%	4.16%	+127.9 bps	1
WAT	3,687,572	$320.93	—	$331.76	$1.18B	$1.22B	+3.37%	3.93%	+13.3 bps	1
AMZN	338,898	$2216.21	×20	$143.18	$751.07M	$970.47M	+29.21%	3.79%	+110.8 bps	1
GOOGL	380,432	$2288.90	×20	$122.08	$870.77M	$928.86M	+6.67%	3.63%	+24.2 bps	1
NKE	6,726,427	$112.60	—	$116.32	$757.4M	$782.42M	+3.30%	3.11%	+10.3 bps	1
ADBE	1,923,197	$402.86	—	$451.02	$774.78M	$867.4M	+11.95%	3.01%	+36.0 bps	1
CHD	8,438,079	$98.64	—	$87.72	$832.33M	$740.19M	-11.07%	2.88%	-31.9 bps	1
BF/B	11,784,004	$66.99	—	$76.95	$789.41M	$906.78M	+14.87%	2.71%	+40.3 bps	1
SBUX	8,233,643	$72.42	—	$89.16	$596.28M	$734.11M	+23.12%	2.57%	+59.5 bps	1
MTD	412,603	$1233.51	—	$1366.39	$508.95M	$563.78M	+10.77%	1.95%	+21.0 bps	1
SABR	22,673,573	$6.75	—	$8.09	$153.05M	$183.43M	+19.85%	0.89%	+17.7 bps	1
FTNT	461,993	$275.57	×5	$54.08	$127.31M	$124.92M	-1.88%	0.54%	-1.0 bps	1
VRSK	704,713	$171.99	—	$205.67	$121.2M	$144.94M	+19.58%	0.52%	+10.2 bps	1
CGNX	1,907,048	$48.43	—	$48.56	$92.36M	$92.61M	+0.27%	0.51%	+0.1 bps	1
VRSN	626,508	$164.55	—	$204.33	$103.09M	$128.01M	+24.18%	0.48%	+11.6 bps	1
QLYS	938,828	$118.29	—	$153.94	$111.05M	$144.52M	+30.14%	0.46%	+13.8 bps	1
EFX	494,685	$195.99	—	$220.24	$96.95M	$108.95M	+12.37%	0.40%	+5.0 bps	1
MASI	761,096	$134.93	—	$159.77	$102.69M	$121.6M	+18.41%	0.38%	+7.0 bps	1
MSCI	211,000	$400.00	—	$508.63	$84.4M	$107.32M	+27.16%	0.36%	+9.9 bps	1
WING	832,538	$79.65	—	$135.83	$66.31M	$113.08M	+70.53%	0.34%	+23.7 bps	1
IPGP	852,972	$96.72	—	$103.98	$82.5M	$88.69M	+7.51%	0.32%	+2.4 bps	1
PAYC	258,063	$279.81	—	$398.91	$72.21M	$102.94M	+42.56%	0.31%	+13.1 bps	1
ROL	2,282,107	$34.81	—	$36.90	$79.44M	$84.21M	+6.00%	0.27%	+1.6 bps	1
PG	310,330	$155.12	—	$148.56	$48.14M	$46.1M	-4.23%	0.16%	-0.7 bps	1
HD	148,076	$295.99	—	$314.61	$43.83M	$46.59M	+6.29%	0.15%	+1.0 bps	1
JNJ	242,435	$178.08	—	$166.09	$43.17M	$40.27M	-6.73%	0.15%	-1.0 bps	1
ZTS	220,428	$165.50	—	$174.45	$36.48M	$38.45M	+5.41%	0.14%	+0.8 bps	1
MELI	24,225	$787.81	—	$1082.66	$19.08M	$26.23M	+37.43%	0.10%	+3.7 bps	1
TSM	141,721	$90.41	—	$91.57	$12.81M	$12.98M	+1.28%	0.05%	+0.1 bps	1
G	317,337	$42.88	—	$48.32	$13.61M	$15.33M	+12.69%	0.05%	+0.6 bps	1
XP	253,367	$19.09	—	$21.85	$4.84M	$5.54M	+14.46%	0.03%	+0.4 bps	1
ANSS	—	—	—	—	—	—	—	0.51%	—	0
WNS	—	—	—	—	—	—	—	0.06%	—	0
Top 5 (by entry value)(5)					$8.66B	$8.74B	+0.86%
Total(42)					$25.17B	$27.44B	+8.98%

2022-02-14 → 2022-05-16

41 of 44 priced99.13% coverage

-12.17%

Holdings from Q4 2021 disclosure · accession 0001868537-22-000005 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	13,002,366	$295.00	—	$261.50	$3.84B	$3.4B	-11.36%	10.67%	-121.2 bps	1
IDXXTOP 5	4,242,283	$505.53	—	$360.20	$2.14B	$1.53B	-28.75%	6.82%	-195.9 bps	1
ELTOP 5	7,165,161	$303.85	—	$235.38	$2.18B	$1.69B	-22.53%	6.47%	-145.8 bps	1
PYPL	13,019,452	$114.12	—	$77.65	$1.49B	$1.01B	-31.96%	5.99%	-191.5 bps	1
INTUTOP 5	3,732,877	$529.05	—	$359.59	$1.97B	$1.34B	-32.03%	5.86%	-187.7 bps	1
META	6,800,261	$217.70	—	$200.04	$1.48B	$1.36B	-8.11%	5.58%	-45.3 bps	1
PMTOP 5	20,423,427	$109.24	—	$105.91	$2.23B	$2.16B	-3.05%	4.73%	-14.4 bps	1
SYK	7,252,688	$250.45	—	$233.85	$1.82B	$1.7B	-6.63%	4.73%	-31.4 bps	1
MKC	18,910,918	$100.40	—	$100.94	$1.9B	$1.91B	+0.54%	4.46%	+2.4 bps	1
PEP	10,418,202	$166.70	—	$175.47	$1.74B	$1.83B	+5.26%	4.42%	+23.2 bps	1
ADP	7,094,390	$201.98	—	$208.60	$1.43B	$1.48B	+3.28%	4.27%	+14.0 bps	1
WAT	4,510,879	$318.05	—	$320.93	$1.43B	$1.45B	+0.91%	4.10%	+3.7 bps	1
V	6,868,694	$225.34	—	$197.81	$1.55B	$1.36B	-12.22%	3.63%	-44.4 bps	1
NKE	8,753,982	$141.59	—	$112.60	$1.24B	$985.7M	-20.47%	3.56%	-72.9 bps	1
AMZN	425,426	$3103.34	—	$2216.21	$1.32B	$942.83M	-28.59%	3.46%	-98.9 bps	1
SBUX	11,576,749	$93.65	—	$72.42	$1.08B	$838.39M	-22.67%	3.30%	-74.9 bps	1
JNJ	7,219,198	$165.60	—	$178.08	$1.2B	$1.29B	+7.54%	3.01%	+22.7 bps	1
GOOGL	419,096	$2710.52	—	$2288.90	$1.14B	$959.27M	-15.55%	2.96%	-46.1 bps	1
CHD	11,658,319	$97.57	—	$98.64	$1.14B	$1.15B	+1.10%	2.92%	+3.2 bps	1
BF/B	15,453,294	$66.37	—	$66.99	$1.03B	$1.04B	+0.93%	2.75%	+2.6 bps	1
FTNT	635,775	$310.35	—	$275.57	$197.31M	$175.2M	-11.21%	0.56%	-6.2 bps	1
EFX	683,231	$220.98	—	$195.99	$150.98M	$133.91M	-11.31%	0.49%	-5.5 bps	1
SABR	22,672,237	$9.00	—	$6.75	$204.05M	$153.04M	-25.00%	0.48%	-11.9 bps	1
VRSK	794,217	$191.81	—	$171.99	$152.34M	$136.6M	-10.33%	0.44%	-4.6 bps	1
VRSN	694,781	$213.56	—	$164.55	$148.38M	$114.33M	-22.95%	0.43%	-9.9 bps	1
QLYS	1,072,823	$121.65	—	$118.29	$130.51M	$126.9M	-2.76%	0.36%	-1.0 bps	1
IPGP	852,972	$146.68	—	$96.72	$125.11M	$82.5M	-34.06%	0.36%	-12.2 bps	1
CGNX	1,812,093	$63.25	—	$48.43	$114.61M	$87.76M	-23.43%	0.34%	-8.1 bps	1
MSCI	210,971	$532.97	—	$400.00	$112.44M	$84.39M	-24.95%	0.32%	-7.9 bps	1
MASI	435,937	$224.59	—	$134.93	$97.91M	$58.82M	-39.92%	0.31%	-12.4 bps	1
WING	564,183	$156.64	—	$79.65	$88.37M	$44.94M	-49.15%	0.24%	-11.7 bps	1
PAYC	218,374	$345.72	—	$279.81	$75.5M	$61.1M	-19.06%	0.22%	-4.2 bps	1
ROL	2,619,965	$30.84	—	$34.81	$80.8M	$91.2M	+12.87%	0.22%	+2.8 bps	1
HD	159,643	$351.56	—	$295.99	$56.12M	$47.25M	-15.81%	0.16%	-2.6 bps	1
ZTS	263,614	$196.43	—	$165.50	$51.78M	$43.63M	-15.75%	0.16%	-2.5 bps	1
PG	371,129	$156.74	—	$155.12	$58.17M	$57.57M	-1.03%	0.15%	-0.2 bps	1
MELI	24,225	$1119.01	—	$787.81	$27.11M	$19.08M	-29.60%	0.08%	-2.4 bps	1
TSM	141,721	$119.77	—	$90.41	$16.97M	$12.81M	-24.51%	0.04%	-1.0 bps	1
G	317,337	$44.37	—	$42.88	$14.08M	$13.61M	-3.36%	0.04%	-0.1 bps	1
CL	128,780	$79.26	—	$78.73	$10.21M	$10.14M	-0.67%	0.03%	-0.0 bps	1
XP	253,367	$33.41	—	$19.09	$8.46M	$4.84M	-42.86%	0.02%	-0.8 bps	1
ANSS	—	—	—	—	—	—	—	0.46%	—	0
AOS	—	—	—	—	—	—	—	0.37%	—	0
WNS	—	—	—	—	—	—	—	0.04%	—	0
Top 5 (by entry value)(5)					$12.36B	$10.12B	-18.14%
Total(41)					$35.26B	$30.97B	-12.17%

2021-11-12 → 2022-02-14

40 of 43 priced99.22% coverage

-11.49%

Holdings from Q3 2021 disclosure · accession 0001520023-21-000007 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MSFTTOP 5	12,034,366	$336.72	—	$295.00	$4.05B	$3.55B	-12.39%	9.38%	-116.2 bps	1
PYPLTOP 5	12,288,820	$208.30	—	$114.12	$2.56B	$1.4B	-45.21%	8.84%	-399.7 bps	1
IDXXTOP 5	4,242,202	$628.18	—	$505.53	$2.66B	$2.14B	-19.52%	7.29%	-142.4 bps	1
INTUTOP 5	4,582,539	$626.99	—	$529.05	$2.87B	$2.42B	-15.62%	6.84%	-106.8 bps	1
META	6,440,136	$340.89	—	$217.70	$2.2B	$1.4B	-36.14%	6.04%	-218.4 bps	1
ELTOP 5	6,831,752	$346.72	—	$303.85	$2.37B	$2.08B	-12.36%	5.67%	-70.0 bps	1
SYK	7,015,492	$264.34	—	$250.45	$1.85B	$1.76B	-5.25%	5.12%	-26.9 bps	1
PM	19,353,620	$94.76	—	$109.24	$1.83B	$2.11B	+15.28%	5.07%	+77.5 bps	1
WAT	4,511,194	$356.84	—	$318.05	$1.61B	$1.43B	-10.87%	4.46%	-48.4 bps	1
PEP	10,092,652	$162.65	—	$166.70	$1.64B	$1.68B	+2.49%	4.20%	+10.5 bps	1
MKC	18,713,629	$81.76	—	$100.40	$1.53B	$1.88B	+22.80%	4.19%	+95.6 bps	1
V	6,595,049	$212.09	—	$225.34	$1.4B	$1.49B	+6.25%	4.06%	+25.4 bps	1
ADP	7,096,134	$230.93	—	$201.98	$1.64B	$1.43B	-12.54%	3.92%	-49.2 bps	1
NKE	8,764,739	$169.09	—	$141.59	$1.48B	$1.24B	-16.26%	3.52%	-57.2 bps	1
AMZN	367,861	$3525.15	—	$3103.34	$1.3B	$1.14B	-11.97%	3.34%	-40.0 bps	1
SBUX	10,745,026	$111.72	—	$93.65	$1.2B	$1.01B	-16.17%	3.28%	-53.0 bps	1
JNJ	7,203,569	$165.01	—	$165.60	$1.19B	$1.19B	+0.36%	3.22%	+1.1 bps	1
BF/B	14,422,611	$71.90	—	$66.37	$1.04B	$957.23M	-7.69%	2.67%	-20.6 bps	1
CHD	11,022,496	$89.92	—	$97.57	$991.14M	$1.08B	+8.51%	2.52%	+21.4 bps	1
SABR	20,093,468	$9.32	—	$9.00	$187.27M	$180.84M	-3.43%	0.66%	-2.3 bps	1
FTNT	634,415	$342.17	—	$310.35	$217.08M	$196.89M	-9.30%	0.51%	-4.8 bps	1
EFX	681,754	$280.09	—	$220.98	$190.95M	$150.65M	-21.10%	0.48%	-10.1 bps	1
VRSK	792,510	$216.27	—	$191.81	$171.4M	$152.01M	-11.31%	0.44%	-5.0 bps	1
VRSN	693,291	$236.05	—	$213.56	$163.65M	$148.06M	-9.53%	0.39%	-3.7 bps	1
CGNX	1,625,987	$83.02	—	$63.25	$134.99M	$102.84M	-23.81%	0.36%	-8.6 bps	1
MSCI	210,520	$652.57	—	$532.97	$137.38M	$112.2M	-18.33%	0.35%	-6.5 bps	1
IPGP	798,462	$170.08	—	$146.68	$135.8M	$117.12M	-13.76%	0.35%	-4.8 bps	1
QLYS	1,070,513	$139.52	—	$121.65	$149.36M	$130.23M	-12.81%	0.33%	-4.2 bps	1
MASI	435,010	$299.86	—	$224.59	$130.44M	$97.7M	-25.10%	0.33%	-8.2 bps	1
PAYC	217,906	$490.24	—	$345.72	$106.83M	$75.33M	-29.48%	0.30%	-8.8 bps	1
WING	562,965	$169.81	—	$156.64	$95.6M	$88.18M	-7.76%	0.26%	-2.0 bps	1
ROL	2,248,561	$35.99	—	$30.84	$80.93M	$69.35M	-14.31%	0.22%	-3.1 bps	1
HD	148,339	$372.63	—	$351.56	$55.28M	$52.15M	-5.65%	0.13%	-0.8 bps	1
ZTS	240,502	$216.85	—	$196.43	$52.15M	$47.24M	-9.42%	0.13%	-1.2 bps	1
PG	318,181	$146.56	—	$156.74	$46.63M	$49.87M	+6.95%	0.12%	+0.9 bps	1
MELI	24,225	$1597.15	—	$1119.01	$38.69M	$27.11M	-29.94%	0.11%	-3.4 bps	1
G	305,208	$50.96	—	$44.37	$15.55M	$13.54M	-12.93%	0.04%	-0.5 bps	1
TSM	129,633	$118.69	—	$119.77	$15.39M	$15.53M	+0.91%	0.04%	+0.0 bps	1
XP	253,367	$33.77	—	$33.41	$8.56M	$8.46M	-1.07%	0.03%	-0.0 bps	1
CL	122,890	$78.03	—	$79.26	$9.59M	$9.74M	+1.58%	0.03%	+0.0 bps	1
ANSS	—	—	—	—	—	—	—	0.44%	—	0
AOS	—	—	—	—	—	—	—	0.30%	—	0
WNS	—	—	—	—	—	—	—	0.04%	—	0
Top 5 (by entry value)(5)					$14.52B	$11.6B	-20.12%
Total(40)					$37.56B	$33.25B	-11.49%

2021-08-13 → 2021-11-12

40 of 43 priced99.23% coverage

-1.23%

Holdings from Q2 2021 disclosure · accession 0001868537-21-000005 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
PYPLTOP 5	12,289,470	$274.91	—	$208.30	$3.38B	$2.56B	-24.23%	9.93%	-240.5 bps	1
MSFTTOP 5	12,035,021	$292.85	—	$336.72	$3.52B	$4.05B	+14.98%	9.03%	+135.3 bps	1
IDXXTOP 5	4,242,462	$672.10	—	$628.18	$2.85B	$2.67B	-6.53%	7.42%	-48.5 bps	1
INTUTOP 5	4,582,899	$540.74	—	$626.99	$2.48B	$2.87B	+15.95%	6.23%	+99.3 bps	1
METATOP 5	6,440,136	$363.18	—	$340.89	$2.34B	$2.2B	-6.14%	6.21%	-38.1 bps	1
EL	6,830,510	$326.60	—	$346.72	$2.23B	$2.37B	+6.16%	6.02%	+37.1 bps	1
PM	19,353,620	$101.59	—	$94.76	$1.97B	$1.83B	-6.72%	5.32%	-35.7 bps	1
SYK	7,014,123	$263.15	—	$264.34	$1.85B	$1.85B	+0.45%	5.05%	+2.3 bps	1
MKC	17,804,657	$86.68	—	$81.76	$1.54B	$1.46B	-5.68%	4.36%	-24.7 bps	1
V	6,536,340	$232.65	—	$212.09	$1.52B	$1.39B	-8.84%	4.24%	-37.4 bps	1
WAT	4,408,039	$405.27	—	$356.84	$1.79B	$1.57B	-11.95%	4.22%	-50.5 bps	1
PEP	10,087,220	$156.52	—	$162.65	$1.58B	$1.64B	+3.92%	4.14%	+16.2 bps	1
ADP	7,096,900	$215.17	—	$230.93	$1.53B	$1.64B	+7.32%	3.91%	+28.6 bps	1
NKE	8,755,854	$171.69	—	$169.09	$1.5B	$1.48B	-1.51%	3.75%	-5.7 bps	1
SBUX	10,746,285	$116.76	—	$111.72	$1.25B	$1.2B	-4.32%	3.33%	-14.4 bps	1
JNJ	7,155,706	$176.25	—	$165.01	$1.26B	$1.18B	-6.38%	3.27%	-20.8 bps	1
BDX	4,328,550	$189.29	—	$187.15	$819.33M	$810.07M	-1.13%	2.92%	-3.3 bps	1
BF/B	12,595,990	$69.23	—	$71.90	$872.02M	$905.65M	+3.86%	2.62%	+10.1 bps	1
CHD	9,224,122	$85.10	—	$89.92	$784.97M	$829.43M	+5.66%	2.18%	+12.3 bps	1
SABR	15,581,696	$10.80	—	$9.32	$168.28M	$145.22M	-13.70%	0.54%	-7.4 bps	1
FTNT	752,030	$309.33	—	$342.17	$232.63M	$257.32M	+10.62%	0.50%	+5.3 bps	1
EFX	679,315	$260.10	—	$280.09	$176.69M	$190.27M	+7.69%	0.45%	+3.5 bps	1
VRSK	789,708	$191.24	—	$216.27	$151.02M	$170.79M	+13.09%	0.38%	+5.0 bps	1
CGNX	1,620,130	$82.09	—	$83.02	$133M	$134.5M	+1.13%	0.38%	+0.4 bps	1
VRSN	588,541	$209.44	—	$236.05	$123.26M	$138.93M	+12.71%	0.37%	+4.7 bps	1
IPGP	633,458	$169.12	—	$170.08	$107.13M	$107.74M	+0.57%	0.37%	+0.2 bps	1
MSCI	209,762	$630.02	—	$652.57	$132.15M	$136.88M	+3.58%	0.31%	+1.1 bps	1
QLYS	1,066,674	$110.56	—	$139.52	$117.93M	$148.82M	+26.19%	0.30%	+7.8 bps	1
MASI	433,438	$264.22	—	$299.86	$114.52M	$129.97M	+13.49%	0.29%	+3.9 bps	1
WING	560,949	$170.04	—	$169.81	$95.38M	$95.25M	-0.14%	0.25%	-0.0 bps	1
PAYC	217,122	$463.73	—	$490.24	$100.69M	$106.44M	+5.72%	0.22%	+1.3 bps	1
ROL	2,240,687	$37.15	—	$35.99	$83.24M	$80.64M	-3.12%	0.21%	-0.7 bps	1
ZTS	220,555	$201.48	—	$216.85	$44.44M	$47.83M	+7.63%	0.11%	+0.9 bps	1
MAR	297,432	$134.38	—	$156.48	$39.97M	$46.54M	+16.45%	0.11%	+1.9 bps	1
PG	300,204	$143.64	—	$146.56	$43.12M	$44M	+2.03%	0.11%	+0.2 bps	1
MELI	24,225	$1851.60	—	$1597.15	$44.86M	$38.69M	-13.74%	0.10%	-1.4 bps	1
TSM	129,633	$115.50	—	$118.69	$14.97M	$15.39M	+2.76%	0.04%	+0.1 bps	1
XP	253,367	$47.41	—	$33.77	$12.01M	$8.56M	-28.77%	0.03%	-0.9 bps	1
CL	122,131	$79.44	—	$78.03	$9.7M	$9.53M	-1.77%	0.03%	-0.0 bps	1
HD	4,345	$331.32	—	$372.63	$1.44M	$1.62M	+12.47%	0.00%	+0.0 bps	1
ANSS	—	—	—	—	—	—	—	0.39%	—	0
AOS	—	—	—	—	—	—	—	0.35%	—	0
WNS	—	—	—	—	—	—	—	0.03%	—	0
Top 5 (by entry value)(5)					$14.57B	$14.35B	-1.55%
Total(40)					$37.01B	$36.56B	-1.23%