The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC | CAP STK CL C | 02079K107 | 993,373 | 10,331,491 | SH | DFND | 1 | 10,331,491 | 0 | 0 | |
| AMAZON COM INC | COM | 023135106 | 315,038 | 2,787,947 | SH | DFND | 1 | 2,787,947 | 0 | 0 | |
| ANALOG DEVICES INC | COM | 032654105 | 558,701 | 4,009,625 | SH | DFND | 1 | 4,009,625 | 0 | 0 | |
| APPLIED MATLS INC | COM | 038222105 | 480,389 | 5,863,402 | SH | DFND | 1 | 5,863,402 | 0 | 0 | |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 54,410 | 2,331,170 | SH | DFND | 1 | 2,331,170 | 0 | 0 | |
| BOOKING HOLDINGS INC | COM | 09857L108 | 343,942 | 209,311 | SH | DFND | 1 | 209,311 | 0 | 0 | |
| CANADIAN NATL RY CO | COM | 136375102 | 1,206,561 | 11,172,896 | SH | DFND | 1 | 11,172,896 | 0 | 0 | |
| CANADIAN PAC RY LTD | COM | 13645T100 | 1,500,484 | 22,489,266 | SH | DFND | 1 | 22,489,266 | 0 | 0 | |
| CENOVUS ENERGY INC | COM | 15135U109 | 449,321 | 29,233,630 | SH | DFND | 1 | 29,233,630 | 0 | 0 | |
| CSX CORP | COM | 126408103 | 429,931 | 16,138,538 | SH | DFND | 1 | 16,138,538 | 0 | 0 | |
| D R HORTON INC | COM | 23331A109 | 317,090 | 4,708,096 | SH | DFND | 1 | 4,708,096 | 0 | 0 | |
| FIRST CTZNS BANCSHARES INC N | CL A | 31946M103 | 616,871 | 773,574 | SH | DFND | 1 | 773,574 | 0 | 0 | |
| KKR & CO INC | COM | 48251W104 | 204,812 | 4,763,059 | SH | DFND | 1 | 4,763,059 | 0 | 0 | |
| LINDE PLC | SHS | G5494J103 | 294,977 | 1,094,168 | SH | DFND | 1 | 1,094,168 | 0 | 0 | |
| LOWES COS INC | COM | 548661107 | 432,939 | 2,305,196 | SH | DFND | 1 | 2,305,196 | 0 | 0 | |
| LPL FINL HLDGS INC | COM | 50212V100 | 265,349 | 1,214,524 | SH | DFND | 1 | 1,214,524 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 614,485 | 2,161,091 | SH | DFND | 1 | 2,161,091 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,125,110 | 4,830,871 | SH | DFND | 1 | 4,830,871 | 0 | 0 | |
| SCHWAB CHARLES CORP | COM | 808513105 | 837,470 | 11,652,564 | SH | DFND | 1 | 11,652,564 | 0 | 0 | |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | 237,253 | 3,460,517 | SH | DFND | 1 | 3,460,517 | 0 | 0 | |
| TECK RESOURCES LTD | CL B | 878742204 | 364,407 | 11,983,140 | SH | DFND | 1 | 11,983,140 | 0 | 0 | |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | 580,543 | 1,149,499 | SH | DFND | 1 | 1,149,499 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 655,117 | 3,687,681 | SH | DFND | 1 | 3,687,681 | 0 | 0 | |