LANSDOWNE PARTNERS (UK) LLP

2. Key Holdings

The portfolio is dominated by three core positions, which serve as the pillars of the current investment strategy:

• Linde PLC (48.65%): As the largest holding, Linde represents nearly half of the entire portfolio value at $173.16 million. The firm increased its stake by 18.1% (adding $28.35 million), signaling strong conviction in the industrial gas giant. This heavy weighting suggests the manager views Linde as a defensive, high-quality compounder capable of weathering market volatility.
• CRH PLC (21.83%): The second-largest holding is CRH, valued at $77.71 million. This position saw the largest relative increase in value among the top holdings, with the firm adding $29.50 million (a 23.4% increase). This aggressive accumulation indicates a bullish outlook on the infrastructure and building materials sector.
• Smurfit Westrock PLC (15.38%): Maintaining a position in the packaging sector, the firm holds $54.75 million in Smurfit Westrock. While this was the largest position reduced in percentage terms (-1.4%), the sale was minimal ($1.52 million), implying the firm remains generally supportive of the position but perhaps trimmed for liquidity or rebalancing.
• IONQ Inc (10.83%): Standing out as the only significant technology holding, IONQ accounts for $38.55 million. The firm dramatically increased this position by 286.1% (adding $17.00 million), making it a notable high-beta, growth-oriented play within an otherwise value-heavy portfolio.