Auto-Owners Insurance Co — Q4 2025 13F Holdings

Holdings as of December 31, 2025

Portfolio value

$4.76T

Holdings count

181

181 positions reported

Accession #

0001964189-26-000001

Form 13F-HR

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All Reported Positions

181 positions sorted by value

181 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
SPDR INDEX SHS FDSPORTFOLIO DEVLPD	78463X889	$676.39B	14.20%	676,393,877shares	SOLE	15,230,666 / 0 / 0
ISHARES TRCORE S&P TTL STK	464287150	$451.69B	9.48%	451,686,616shares	SOLE	3,037,774 / 0 / 0
SPDR SERIES TRUSTNYSE TECH ETF	78464A102	$363.33B	7.63%	363,328,100shares	SOLE	1,307,500 / 0 / 0
ISHARES TREAFE VALUE ETF	464288877	$283.00B	5.94%	282,997,830shares	SOLE	3,963,000 / 0 / 0
ISHARES TRCORE MSCI INTL	46435G326	$198.99B	4.18%	198,990,000shares	SOLE	2,412,000 / 0 / 0
ALPHABET INCCAP STK CL C	02079K107	$146.57B	3.08%	146,573,476shares	SOLE	467,092 / 0 / 0
SCHWAB STRATEGIC TRFUNDAMENTAL INTL	808524755	$122.27B	2.57%	122,270,205shares	SOLE	2,703,000 / 0 / 0
BERKSHIRE HATHAWAY INC DELCL A	084670108	$117.75B	2.47%	117,748,800shares	SOLE	156 / 0 / 0
SPDR INDEX SHS FDSPORTFOLIO DEVLPD	78463X889	$113.82B	2.39%	113,822,830shares	DFND	0 / 2,563,000 / 0
VANGUARD WHITEHALL FDSHIGH DIV YLD	921946406	$103.94B	2.18%	103,937,184shares	SOLE	724,200 / 0 / 0
META PLATFORMS INCCL A	30303M102	$90.67B	1.90%	90,671,283shares	SOLE	137,362 / 0 / 0
SPDR SERIES TRUSTPRTFLO S&P500 HI	78468R788	$88.92B	1.87%	88,918,750shares	SOLE	2,050,000 / 0 / 0
ISHARES TRCORE S&P US VLU	464287663	$88.67B	1.86%	88,672,320shares	SOLE	864,000 / 0 / 0
AMAZON COM INCCOM	023135106	$82.75B	1.74%	82,753,125shares	SOLE	358,518 / 0 / 0
SPDR INDEX SHS FDSPORTFOLIO DEVLPD	78463X889	$81.89B	1.72%	81,892,040shares	DFND	0 / 1,844,000 / 0
VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF	922042858	$70.46B	1.48%	70,464,092shares	SOLE	1,310,716 / 0 / 0
POLARIS INCCOM	731068102	$65.46B	1.37%	65,463,750shares	SOLE	1,035,000 / 0 / 0
VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT	921943858	$65.33B	1.37%	65,328,003shares	SOLE	1,045,750 / 0 / 0
JOHNSON & JOHNSONCOM	478160104	$64.35B	1.35%	64,349,033shares	SOLE	310,940 / 0 / 0
VANGUARD INDEX FDSSMALL CP ETF	922908751	$64.24B	1.35%	64,236,773shares	SOLE	249,028 / 0 / 0
SPDR SERIES TRUSTPORTFOLIO S&P400	78464A847	$60.24B	1.26%	60,236,800shares	SOLE	1,040,000 / 0 / 0
MICROSOFT CORPCOM	594918104	$51.70B	1.09%	51,701,396shares	SOLE	106,905 / 0 / 0
PEPSICO INCCOM	713448108	$47.26B	0.99%	47,257,979shares	SOLE	329,278 / 0 / 0
ISHARES TRCORE S&P TTL STK	464287150	$45.73B	0.96%	45,729,610shares	DFND	0 / 307,550 / 0
CISCO SYS INCCOM	17275R102	$45.39B	0.95%	45,389,465shares	SOLE	589,244 / 0 / 0
GE AEROSPACECOM NEW	369604301	$38.67B	0.81%	38,672,550shares	SOLE	125,548 / 0 / 0
DOW INCCOM	260557103	$37.67B	0.79%	37,665,180shares	SOLE	1,611,000 / 0 / 0
ISHARES TRCORE S&P TTL STK	464287150	$37.18B	0.78%	37,175,474shares	DFND	0 / 250,020 / 0
ISHARES TRCORE DIV GRWTH	46434V621	$35.72B	0.75%	35,716,590shares	SOLE	514,500 / 0 / 0
BECTON DICKINSON & COCOM	075887109	$35.39B	0.74%	35,389,635shares	SOLE	182,355 / 0 / 0
US BANCORP DELCOM NEW	902973304	$33.35B	0.70%	33,350,000shares	SOLE	625,000 / 0 / 0
ENTERPRISE PRODS PARTNERS LCOM	293792107	$32.06B	0.67%	32,060,000shares	SOLE	1,000,000 / 0 / 0
VANGUARD WORLD FDCONSUM DIS ETF	92204A108	$31.97B	0.67%	31,966,884shares	SOLE	80,700 / 0 / 0
GE HEALTHCARE TECHNOLOGIES ICOMMON STOCK	36266G107	$28.96B	0.61%	28,957,244shares	SOLE	353,051 / 0 / 0
ISHARES TRCORE S&P US VLU	464287663	$28.12B	0.59%	28,120,620shares	DFND	0 / 274,000 / 0
SPDR SERIES TRUSTNYSE TECH ETF	78464A102	$26.09B	0.55%	26,092,932shares	DFND	0 / 93,900 / 0
ISHARES INCCORE MSCI EMKT	46434G103	$24.20B	0.51%	24,199,200shares	SOLE	360,000 / 0 / 0
VANGUARD WHITEHALL FDSHIGH DIV YLD	921946406	$23.97B	0.50%	23,967,840shares	DFND	0 / 167,000 / 0
ISHARES TREAFE VALUE ETF	464288877	$23.57B	0.49%	23,565,300shares	DFND	0 / 330,000 / 0
SELECT SECTOR SPDR TRRL EST SEL SEC	81369Y860	$23.56B	0.49%	23,563,417shares	SOLE	584,048 / 0 / 0
SCHWAB STRATEGIC TRFUNDAMENTAL INTL	808524755	$23.48B	0.49%	23,476,965shares	DFND	0 / 519,000 / 0
ISHARES TRCORE S&P US VLU	464287663	$22.17B	0.47%	22,168,080shares	DFND	0 / 216,000 / 0
ALPHABET INCCAP STK CL C	02079K107	$21.34B	0.45%	21,338,400shares	DFND	0 / 68,000 / 0
ISHARES TREAFE VALUE ETF	464288877	$21.07B	0.44%	21,065,950shares	DFND	0 / 295,000 / 0
VANGUARD WHITEHALL FDSHIGH DIV YLD	921946406	$20.74B	0.44%	20,738,640shares	DFND	0 / 144,500 / 0
GE VERNOVA INCCOM	36828A101	$20.51B	0.43%	20,510,987shares	SOLE	31,383 / 0 / 0
BAXTER INTL INCCOM	071813109	$20.07B	0.42%	20,065,500shares	SOLE	1,050,000 / 0 / 0
CARNIVAL CORPUNIT 99/99/9999	143658300	$19.85B	0.42%	19,851,000shares	SOLE	650,000 / 0 / 0
SCHWAB STRATEGIC TRFUNDAMENTAL INTL	808524755	$18.91B	0.40%	18,908,230shares	DFND	0 / 418,000 / 0
SPDR SERIES TRUSTPRTFLO S&P500 HI	78468R788	$18.22B	0.38%	18,217,500shares	DFND	0 / 420,000 / 0
GE AEROSPACECOM NEW	369604301	$17.18B	0.36%	17,176,369shares	DFND	0 / 55,762 / 0
VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF	922042858	$16.83B	0.35%	16,826,880shares	DFND	0 / 313,000 / 0
AMERISAFE INCCOM	03071H100	$16.40B	0.34%	16,397,229shares	SOLE	426,900 / 0 / 0
DUPONT DE NEMOURS INCCOM	26614N102	$16.13B	0.34%	16,125,305shares	SOLE	401,127 / 0 / 0
ISHARES INCEM MKTS DIV ETF	464286319	$15.58B	0.33%	15,580,000shares	SOLE	500,000 / 0 / 0
SPDR SERIES TRUSTNYSE TECH ETF	78464A102	$15.34B	0.32%	15,338,976shares	DFND	0 / 55,200 / 0
TRUIST FINL CORPCOM	89832Q109	$14.17B	0.30%	14,172,480shares	SOLE	288,000 / 0 / 0
KRAFT HEINZ COCOM	500754106	$12.75B	0.27%	12,748,977shares	SOLE	525,731 / 0 / 0
META PLATFORMS INCCL A	30303M102	$12.67B	0.27%	12,673,728shares	DFND	0 / 19,200 / 0
ALPHABET INCCAP STK CL C	02079K107	$11.92B	0.25%	11,924,400shares	DFND	0 / 38,000 / 0
AVALONBAY CMNTYS INCCOM	053484101	$11.79B	0.25%	11,785,150shares	SOLE	65,000 / 0 / 0
SPDR SERIES TRUSTPRTFLO S&P500 HI	78468R788	$11.71B	0.25%	11,711,250shares	DFND	0 / 270,000 / 0
SPDR SERIES TRUSTPORTFOLIO S&P400	78464A847	$10.43B	0.22%	10,425,600shares	DFND	0 / 180,000 / 0
AMAZON COM INCCOM	023135106	$9.93B	0.21%	9,925,260shares	DFND	0 / 43,000 / 0
GE AEROSPACECOM NEW	369604301	$9.87B	0.21%	9,872,362shares	DFND	0 / 32,050 / 0
3M COCOM	88579Y101	$9.41B	0.20%	9,412,279shares	SOLE	58,790 / 0 / 0
VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF	922042858	$9.19B	0.19%	9,192,960shares	DFND	0 / 171,000 / 0
GE VERNOVA INCCOM	36828A101	$9.11B	0.19%	9,110,766shares	DFND	0 / 13,940 / 0
WORKDAY INCCL A	98138H101	$8.62B	0.18%	8,619,766shares	SOLE	40,133 / 0 / 0
ENBRIDGE INCCOM	29250N105	$8.57B	0.18%	8,566,831shares	SOLE	179,110 / 0 / 0
ISHARES TRCORE MSCI INTL	46435G326	$8.50B	0.18%	8,497,500shares	DFND	0 / 103,000 / 0
RTX CORPORATIONCOM	75513E101	$7.46B	0.16%	7,461,996shares	SOLE	40,687 / 0 / 0
VANGUARD INDEX FDSTOTAL STK MKT	922908769	$7.04B	0.15%	7,040,670shares	SOLE	21,000 / 0 / 0
VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT	921943858	$7.00B	0.15%	6,996,640shares	DFND	0 / 112,000 / 0
ISHARES TRCORE DIV GRWTH	46434V621	$6.94B	0.15%	6,942,000shares	DFND	0 / 100,000 / 0
ISHARES TRCORE MSCI INTL	46435G326	$6.85B	0.14%	6,847,500shares	DFND	0 / 83,000 / 0
SPDR SERIES TRUSTPORTFOLIO S&P400	78464A847	$6.37B	0.13%	6,371,200shares	DFND	0 / 110,000 / 0
FMC CORPCOM NEW	302491303	$6.24B	0.13%	6,241,500shares	SOLE	450,000 / 0 / 0
AMAZON COM INCCOM	023135106	$5.77B	0.12%	5,770,500shares	DFND	0 / 25,000 / 0
ISHARES INCEM MKTS DIV ETF	464286319	$5.30B	0.11%	5,297,200shares	DFND	0 / 170,000 / 0
BERKSHIRE HATHAWAY INC DELCL A	084670108	$5.28B	0.11%	5,283,600shares	DFND	0 / 7 / 0
GE VERNOVA INCCOM	36828A101	$5.24B	0.11%	5,236,403shares	DFND	0 / 8,012 / 0
VANGUARD INDEX FDSTOTAL STK MKT	922908769	$5.23B	0.11%	5,230,212shares	DFND	0 / 15,600 / 0
ISHARES TRCORE DIV GRWTH	46434V621	$5.21B	0.11%	5,206,500shares	DFND	0 / 75,000 / 0
VANGUARD INDEX FDSSMALL CP ETF	922908751	$5.03B	0.11%	5,030,025shares	DFND	0 / 19,500 / 0
MICROSOFT CORPCOM	594918104	$5.03B	0.11%	5,029,648shares	DFND	0 / 10,400 / 0
HONDA MOTOR LTDADR ECH CNV IN 3	438128308	$4.96B	0.10%	4,957,062shares	SOLE	168,150 / 0 / 0
BERKSHIRE HATHAWAY INC DELCL B NEW	084670702	$4.86B	0.10%	4,856,102shares	SOLE	9,661 / 0 / 0
ISHARES INCEM MKTS DIV ETF	464286319	$4.67B	0.10%	4,674,000shares	DFND	0 / 150,000 / 0
NOVARTIS AGSPONSORED ADR	66987V109	$4.63B	0.10%	4,628,296shares	SOLE	33,570 / 0 / 0
SELECT SECTOR SPDR TRRL EST SEL SEC	81369Y860	$4.31B	0.09%	4,305,255shares	DFND	0 / 106,711 / 0
CISCO SYS INCCOM	17275R102	$4.17B	0.09%	4,168,864shares	DFND	0 / 54,120 / 0
ISHARES TREAFE SML CP ETF	464288273	$4.06B	0.09%	4,056,388shares	SOLE	52,300 / 0 / 0
APPLE INCCOM	037833100	$4.03B	0.08%	4,028,421shares	SOLE	14,818 / 0 / 0
TORONTO DOMINION BK ONTCOM NEW	891160509	$3.97B	0.08%	3,965,443shares	SOLE	42,096 / 0 / 0
PROCTER AND GAMBLE COCOM	742718109	$3.55B	0.07%	3,549,645shares	SOLE	24,769 / 0 / 0
MICROSOFT CORPCOM	594918104	$3.39B	0.07%	3,385,340shares	DFND	0 / 7,000 / 0
VANGUARD INDEX FDSSMALL CP ETF	922908751	$3.38B	0.07%	3,379,145shares	DFND	0 / 13,100 / 0
APPLIED MATLS INCCOM	038222105	$3.37B	0.07%	3,370,167shares	SOLE	13,114 / 0 / 0
BECTON DICKINSON & COCOM	075887109	$3.36B	0.07%	3,359,352shares	DFND	0 / 17,310 / 0
JOHNSON & JOHNSONCOM	478160104	$3.30B	0.07%	3,298,783shares	DFND	0 / 15,940 / 0
3M COCOM	88579Y101	$3.27B	0.07%	3,266,040shares	DFND	0 / 20,400 / 0
GE HEALTHCARE TECHNOLOGIES ICOMMON STOCK	36266G107	$3.16B	0.07%	3,164,906shares	DFND	0 / 38,587 / 0
VANGUARD WORLD FDCONSUM DIS ETF	92204A108	$3.13B	0.07%	3,129,348shares	DFND	0 / 7,900 / 0
SELECT SECTOR SPDR TRRL EST SEL SEC	81369Y860	$3.06B	0.06%	3,058,393shares	DFND	0 / 75,806 / 0
COCA COLA COCOM	191216100	$3.06B	0.06%	3,055,067shares	SOLE	43,700 / 0 / 0
BERKSHIRE HATHAWAY INC DELCL A	084670108	$3.02B	0.06%	3,019,200shares	DFND	0 / 4 / 0
STRYKER CORPORATIONCOM	863667101	$2.91B	0.06%	2,914,741shares	SOLE	8,293 / 0 / 0
ISHARES TRCORE HIGH DV ETF	46429B663	$2.89B	0.06%	2,894,318shares	SOLE	23,800 / 0 / 0
ORACLE CORPCOM	68389X105	$2.83B	0.06%	2,826,195shares	SOLE	14,500 / 0 / 0
THERMO FISHER SCIENTIFIC INCCOM	883556102	$2.43B	0.05%	2,427,896shares	SOLE	4,190 / 0 / 0
CISCO SYS INCCOM	17275R102	$2.39B	0.05%	2,394,092shares	DFND	0 / 31,080 / 0
KRAFT HEINZ COCOM	500754106	$2.37B	0.05%	2,374,075shares	DFND	0 / 97,900 / 0
HONDA MOTOR LTDADR ECH CNV IN 3	438128308	$2.30B	0.05%	2,299,440shares	DFND	0 / 78,000 / 0
MSC INDL DIRECT INCCL A	553530106	$2.23B	0.05%	2,228,650shares	SOLE	26,500 / 0 / 0
ZIMMER BIOMET HOLDINGS INCCOM	98956P102	$2.01B	0.04%	2,009,712shares	SOLE	22,350 / 0 / 0
INTEL CORPCOM	458140100	$1.99B	0.04%	1,985,515shares	SOLE	53,808 / 0 / 0
BECTON DICKINSON & COCOM	075887109	$1.96B	0.04%	1,962,048shares	DFND	0 / 10,110 / 0
META PLATFORMS INCCL A	30303M102	$1.95B	0.04%	1,947,266shares	DFND	0 / 2,950 / 0
3M COCOM	88579Y101	$1.87B	0.04%	1,873,170shares	DFND	0 / 11,700 / 0
GE HEALTHCARE TECHNOLOGIES ICOMMON STOCK	36266G107	$1.86B	0.04%	1,860,460shares	DFND	0 / 22,683 / 0
JOHNSON & JOHNSONCOM	478160104	$1.77B	0.04%	1,771,492shares	DFND	0 / 8,560 / 0
RTX CORPORATIONCOM	75513E101	$1.67B	0.04%	1,668,940shares	DFND	0 / 9,100 / 0
VANGUARD WORLD FDCONSUM DIS ETF	92204A108	$1.62B	0.03%	1,624,092shares	DFND	0 / 4,100 / 0
C H ROBINSON WORLDWIDE INCCOM NEW	12541W209	$1.51B	0.03%	1,511,144shares	SOLE	9,400 / 0 / 0
HOWMET AEROSPACE INCCOM	443201108	$1.44B	0.03%	1,441,906shares	SOLE	7,033 / 0 / 0
KRAFT HEINZ COCOM	500754106	$1.35B	0.03%	1,353,950shares	DFND	0 / 55,833 / 0
QUALCOMM INCCOM	747525103	$1.34B	0.03%	1,340,861shares	SOLE	7,839 / 0 / 0
HONDA MOTOR LTDADR ECH CNV IN 3	438128308	$1.33B	0.03%	1,326,600shares	DFND	0 / 45,000 / 0
LINDE PLCSHS	G54950103	$1.32B	0.03%	1,321,809shares	SOLE	3,100 / 0 / 0
VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT	921943858	$1.31B	0.03%	1,311,870shares	DFND	0 / 21,000 / 0
BLACKROCK INCCOM	09290D101	$1.28B	0.03%	1,284,408shares	SOLE	1,200 / 0 / 0
PEPSICO INCCOM	713448108	$1.26B	0.03%	1,262,976shares	DFND	0 / 8,800 / 0
UNITED PARCEL SERVICE INCCL B	911312106	$1.22B	0.03%	1,220,037shares	SOLE	12,300 / 0 / 0
COCA COLA COCOM	191216100	$1.20B	0.03%	1,202,452shares	DFND	0 / 17,200 / 0
ABBOTT LABSCOM	002824100	$1.05B	0.02%	1,047,174shares	SOLE	8,358 / 0 / 0
PNC FINL SVCS GROUP INCCOM	693475105	$1.04B	0.02%	1,043,650shares	SOLE	5,000 / 0 / 0
WORKDAY INCCL A	98138H101	$1.03B	0.02%	1,030,944shares	DFND	0 / 4,800 / 0
SNAP ON INCCOM	833034101	$1.03B	0.02%	1,025,185shares	SOLE	2,975 / 0 / 0
RTX CORPORATIONCOM	75513E101	$972.02M	0.02%	972,020shares	DFND	0 / 5,300 / 0
ECOLAB INCCOM	278865100	$945.07M	0.02%	945,072shares	SOLE	3,600 / 0 / 0
AGNICO EAGLE MINES LTDCOM	008474108	$915.46M	0.02%	915,462shares	SOLE	5,400 / 0 / 0
DUPONT DE NEMOURS INCCOM	26614N102	$904.50M	0.02%	904,500shares	DFND	0 / 22,500 / 0
INTEL CORPCOM	458140100	$889.29M	0.02%	889,290shares	DFND	0 / 24,100 / 0
COGNIZANT TECHNOLOGY SOLUTIOCL A	192446102	$849.26M	0.02%	849,256shares	SOLE	10,232 / 0 / 0
BROADCOM INCCOM	11135F101	$827.18M	0.02%	827,179shares	SOLE	2,390 / 0 / 0
SYSCO CORPCOM	871829107	$817.96M	0.02%	817,959shares	SOLE	11,100 / 0 / 0
GENERAL MTRS COCOM	37045V100	$796.94M	0.02%	796,936shares	SOLE	9,800 / 0 / 0
MERCK & CO INCCOM	58933Y105	$768.40M	0.02%	768,398shares	SOLE	7,300 / 0 / 0
RIO TINTO PLCSPONSORED ADR	767204100	$768.29M	0.02%	768,288shares	SOLE	9,600 / 0 / 0
DOVER CORPCOM	260003108	$761.44M	0.02%	761,436shares	SOLE	3,900 / 0 / 0
PEPSICO INCCOM	713448108	$731.95M	0.02%	731,952shares	DFND	0 / 5,100 / 0
GRAHAM CORPCOM	384556106	$706.53M	0.01%	706,530shares	SOLE	11,000 / 0 / 0
WARNER BROS DISCOVERY INCCOM SER A	934423104	$678.52M	0.01%	678,519shares	SOLE	23,527 / 0 / 0
CARRIER GLOBAL CORPORATIONCOM	14448C104	$675.66M	0.01%	675,665shares	SOLE	12,787 / 0 / 0
MSC INDL DIRECT INCCL A	553530106	$647.57M	0.01%	647,570shares	DFND	0 / 7,700 / 0
ILLINOIS TOOL WKS INCCOM	452308109	$628.07M	0.01%	628,065shares	SOLE	2,550 / 0 / 0
EXPEDITORS INTL WASH INCCOM	302130109	$610.20M	0.01%	610,196shares	SOLE	4,095 / 0 / 0
WORKDAY INCCL A	98138H101	$579.91M	0.01%	579,906shares	DFND	0 / 2,700 / 0
MONDELEZ INTL INCCL A	609207105	$570.60M	0.01%	570,598shares	SOLE	10,600 / 0 / 0
OTIS WORLDWIDE CORPCOM	68902V107	$558.43M	0.01%	558,429shares	SOLE	6,393 / 0 / 0
AT&T INCCOM	00206R102	$547.80M	0.01%	547,797shares	SOLE	22,053 / 0 / 0
CME GROUP INCCOM	12572Q105	$534.96M	0.01%	534,964shares	SOLE	1,959 / 0 / 0
VODAFONE GROUP PLC NEWSPONSORED ADR	92857W308	$525.07M	0.01%	525,072shares	SOLE	39,733 / 0 / 0
COCA COLA COCOM	191216100	$524.33M	0.01%	524,325shares	DFND	0 / 7,500 / 0
DUPONT DE NEMOURS INCCOM	26614N102	$522.60M	0.01%	522,600shares	DFND	0 / 13,000 / 0
DELL TECHNOLOGIES INCCL C	24703L202	$522.02M	0.01%	522,024shares	SOLE	4,147 / 0 / 0
CVS HEALTH CORPCOM	126650100	$461.16M	0.01%	461,161shares	SOLE	5,811 / 0 / 0
BARRICK MNG CORPCOM SHS	06849F108	$444.21M	0.01%	444,210shares	SOLE	10,200 / 0 / 0
COLGATE PALMOLIVE COCOM	194162103	$442.51M	0.01%	442,512shares	SOLE	5,600 / 0 / 0
MOODYS CORPCOM	615369105	$420.43M	0.01%	420,430shares	SOLE	823 / 0 / 0
VERIZON COMMUNICATIONS INCCOM	92343V104	$408.64M	0.01%	408,644shares	SOLE	10,033 / 0 / 0
INTEL CORPCOM	458140100	$405.90M	0.01%	405,900shares	DFND	0 / 11,000 / 0
MSC INDL DIRECT INCCL A	553530106	$378.45M	0.01%	378,450shares	DFND	0 / 4,500 / 0
ARCELORMITTAL SA LUXEMBOURGNY REGISTRY SH	03938L203	$367.57M	0.01%	367,568shares	SOLE	8,066 / 0 / 0
COSTCO WHSL CORP NEWCOM	22160K105	$349.25M	0.01%	349,248shares	SOLE	405 / 0 / 0
ANALOG DEVICES INCCOM	032654105	$345.78M	0.01%	345,780shares	SOLE	1,275 / 0 / 0
HILLENBRAND INCCOM	431571108	$333.06M	0.01%	333,060shares	SOLE	10,500 / 0 / 0
FORTIVE CORPCOM	34959J108	$240.16M	0.01%	240,164shares	SOLE	4,350 / 0 / 0
UNION PAC CORPCOM	907818108	$236.41M	0.00%	236,409shares	SOLE	1,022 / 0 / 0
PROTO LABS INCCOM	743713109	$227.66M	0.00%	227,655shares	SOLE	4,500 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Mar 9, 2026

Holdings as of

December 31, 2025

Accession

0001964189-26-000001

CIK

0001964189

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$4.76T

Number of Positions

181

181 reported by filer

Top 10 Concentration

54.1%

Top 20 Concentration

70.1%

Unique Issuers

104

By CUSIP

Avg. Position Size

$26.31B

Across 181 holdings

Top 5 Holdings

SPDR INDEX SHS FDS14.2%

ISHARES TR9.5%

SPDR SERIES TRUST7.6%

ISHARES TR5.9%

ISHARES TR4.2%