The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| 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 A | 02079K305 | 16,238 | 6,650 | SH | DFND | 1 | 6,650 | 0 | 0 | |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | 10,372 | 83,162 | SH | DFND | 1 | 83,162 | 0 | 0 | |
| ANSYS INC | COM | 03662Q105 | 4,888 | 14,084 | SH | DFND | 1 | 14,084 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 14,986 | 62,765 | SH | DFND | 1 | 62,765 | 0 | 0 | |
| AUTODESK INC | COM | 052769106 | 2,701 | 9,252 | SH | DFND | 1 | 9,252 | 0 | 0 | |
| BLACK KNIGHT INC | COM | 09215C105 | 3,932 | 50,424 | SH | DFND | 1 | 50,424 | 0 | 0 | |
| CANADIAN PAC RY LTD | COM | 13645T100 | 11,051 | 143,129 | SH | DFND | 1 | 143,129 | 0 | 0 | |
| DESCARTES SYS GROUP INC | COM | 249906108 | 15,964 | 230,821 | SH | DFND | 1 | 230,821 | 0 | 0 | |
| FISERV INC | COM | 337738108 | 8,718 | 81,562 | SH | DFND | 1 | 81,562 | 0 | 0 | |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 | 4,430 | 60,584 | SH | DFND | 1 | 60,584 | 0 | 0 | |
| ICON PLC | SHS | G4705A100 | 6,208 | 30,032 | SH | DFND | 1 | 30,032 | 0 | 0 | |
| IHS MARKIT LTD | SHS | G47567105 | 6,085 | 54,010 | SH | DFND | 1 | 54,010 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 15,208 | 128,123 | SH | DFND | 1 | 128,123 | 0 | 0 | |
| INTUIT | COM | 461202103 | 4,436 | 9,050 | SH | DFND | 1 | 9,050 | 0 | 0 | |
| IQVIA HLDGS INC | COM | 46266C105 | 5,337 | 22,025 | SH | DFND | 1 | 22,025 | 0 | 0 | |
| LENNOX INTL INC | COM | 526107107 | 11,006 | 31,373 | SH | DFND | 1 | 31,373 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 15,142 | 107,637 | SH | DFND | 1 | 107,637 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 14,953 | 40,956 | SH | DFND | 1 | 40,956 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 16,221 | 59,879 | SH | DFND | 1 | 59,879 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 10,906 | 20,458 | SH | DFND | 1 | 20,458 | 0 | 0 | |
| ROLLINS INC | COM | 775711104 | 1,039 | 30,390 | SH | DFND | 1 | 30,390 | 0 | 0 | |
| ROPER TECHNOLOGIES INC | COM | 776696106 | 4,467 | 9,500 | SH | DFND | 1 | 9,500 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 12,366 | 30,127 | SH | DFND | 1 | 30,127 | 0 | 0 | |
| SOTERA HEALTH CO | COM | 83601L102 | 2,897 | 119,561 | SH | DFND | 1 | 119,561 | 0 | 0 | |
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 22,679 | 52,981 | SH | DFND | 1 | 52,981 | 0 | 0 | |
| THOMSON REUTERS CORP. | COM NEW | 884903709 | 2,927 | 29,473 | SH | DFND | 1 | 29,473 | 0 | 0 | |
| TORO CO | COM | 891092108 | 11,071 | 100,758 | SH | DFND | 1 | 100,758 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 15,230 | 138,695 | SH | DFND | 1 | 138,695 | 0 | 0 | |
| TYLER TECHNOLOGIES INC | COM | 902252105 | 4,425 | 9,782 | SH | DFND | 1 | 9,782 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 11,094 | 50,445 | SH | DFND | 1 | 50,445 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 7,787 | 44,569 | SH | DFND | 1 | 44,569 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 15,069 | 64,447 | SH | DFND | 1 | 64,447 | 0 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 15,077 | 126,239 | SH | DFND | 1 | 126,239 | 0 | 0 | |