Select Equity Group, L.P.

The quarter was characterized by exceptionally high turnover. The filing reveals a complete restructuring of the portfolio: 25 positions were liquidated (Sold Out), 25 new positions were established, and 18 existing positions were reduced. Notably, there were zero unchanged positions, signaling an active rebalancing effort. The "Unknown" sector allocation ($4.12B, representing 35.4% of the portfolio) is unusually high, suggesting the presence of ADRs or other securities that were not categorized by standard sector tags in this data set, likely including top holdings like CRH PLC, SGI, and Viking Holdings.

2. Key Holdings

The portfolio exhibits a high-conviction approach, with the top ten holdings accounting for approximately 50% of the total portfolio value. The largest position is CRH PLC at $1.03 billion (8.87%), followed closely by SomniGroup International (SGI) at $987.68 million (8.47%) and Viking Holdings at $952.23 million (8.17%). These three "Unknown" or international cyclical/industrial names represent a significant bet on specific sectors.