<SEC-DOCUMENT>0001019056-25-000020.txt : 20250121 <SEC-HEADER>0001019056-25-000020.hdr.sgml : 20250121 <ACCEPTANCE-DATETIME>20250121080253 ACCESSION NUMBER: 0001019056-25-000020 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20241231 FILED AS OF DATE: 20250121 DATE AS OF CHANGE: 20250121 EFFECTIVENESS DATE: 20250121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH CENTRAL INDEX KEY: 0001142433 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: 2M FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-14702 FILM NUMBER: 25540477 BUSINESS ADDRESS: STREET 1: AM MUNCHNER TOR 1 CITY: MUNICH STATE: 2M ZIP: 80805 BUSINESS PHONE: 011 49 89 2489 2242 MAIL ADDRESS: STREET 1: AM MUNCHNER TOR 1 CITY: MUNICH STATE: 2M ZIP: 80805 FORMER COMPANY: FORMER CONFORMED NAME: MEAG MUNICH ERGO KAPITALANLAGEGESELLSCHAFT MBH DATE OF NAME CHANGE: 20010612 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR 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DL -,10</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>053015103</cusip> <value>239650</value> <shrsOrPrnAmt> <sshPrnamt>818</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>818</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>AVANTOR INC. 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MELLON DL -,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>064058100</cusip> <value>364808</value> <shrsOrPrnAmt> <sshPrnamt>4731</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>4731</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BEST BUY CO. DL-,10</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>086516101</cusip> <value>4118915</value> <shrsOrPrnAmt> <sshPrnamt>47978</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>47978</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BIOGEN INC. DL -,0005</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09062X103</cusip> <value>77798</value> <shrsOrPrnAmt> <sshPrnamt>518</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>518</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK INC. O.N.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09290D101</cusip> <value>321586</value> <shrsOrPrnAmt> <sshPrnamt>313</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>313</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BOOKING HLDGS DL-,008</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09857L108</cusip> <value>59456292</value> <shrsOrPrnAmt> <sshPrnamt>11913</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>11913</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BRISTOL-MYERS SQUIBBDL-10</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>110122108</cusip> <value>10724008</value> <shrsOrPrnAmt> <sshPrnamt>191295</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>191295</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BROADCOM INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>11135F101</cusip> <value>40113423</value> <shrsOrPrnAmt> <sshPrnamt>170275</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>170275</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BURLINGTON STORES DL-0001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>122017106</cusip> <value>430048</value> <shrsOrPrnAmt> <sshPrnamt>1510</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1510</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>C.H. ROB. WORLDWIDE NEW</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>12541W209</cusip> <value>7959689</value> <shrsOrPrnAmt> <sshPrnamt>76920</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>76920</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CIGNA GROUP, THE DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>125523100</cusip> <value>6706544</value> <shrsOrPrnAmt> <sshPrnamt>24375</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>24375</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CSX CORP. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>126408103</cusip> <value>2359491</value> <shrsOrPrnAmt> <sshPrnamt>73390</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>73390</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CADENCE DESIGN SYS DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>127387108</cusip> <value>142478</value> <shrsOrPrnAmt> <sshPrnamt>472</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>472</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CATERPILLAR INC. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>149123101</cusip> <value>634179</value> <shrsOrPrnAmt> <sshPrnamt>1747</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1747</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHARTER COM. CL. A</nameOfIssuer> <titleOfClass>N CL A</titleOfClass> <cusip>16119P108</cusip> <value>5073235</value> <shrsOrPrnAmt> <sshPrnamt>14783</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>14783</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHENIERE ENERGY DL-,003</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>16411R208</cusip> <value>2144339</value> <shrsOrPrnAmt> <sshPrnamt>10064</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>10064</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHEVRON CORP. DL-,75</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>166764100</cusip> <value>62857150</value> <shrsOrPrnAmt> <sshPrnamt>439345</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>439345</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CISCO SYSTEMS DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>17275R102</cusip> <value>56640031</value> <shrsOrPrnAmt> <sshPrnamt>956918</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>956918</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CITIZENS FINL GROUP DL-01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>174610105</cusip> <value>549946</value> <shrsOrPrnAmt> <sshPrnamt>12625</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>12625</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COCA-COLA CO. DL-,25</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>191216100</cusip> <value>691325</value> <shrsOrPrnAmt> <sshPrnamt>11145</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>11145</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COLGATE-PALMOLIVE DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>194162103</cusip> <value>1227754</value> <shrsOrPrnAmt> <sshPrnamt>13523</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>13523</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COMCAST CORP. A DL-,01</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>20030N101</cusip> <value>4353210</value> <shrsOrPrnAmt> <sshPrnamt>116427</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>116427</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COOPER COS. INC. O.N.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>216648501</cusip> <value>249665</value> <shrsOrPrnAmt> <sshPrnamt>2725</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2725</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CROWN CASTLE INC.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>22822V101</cusip> <value>49547924</value> <shrsOrPrnAmt> <sshPrnamt>551881</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>551881</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CUMMINS INC. DL 2,50</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>231021106</cusip> <value>1506526</value> <shrsOrPrnAmt> <sshPrnamt>4324</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>4324</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>D.R. HORTON INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>23331A109</cusip> <value>118487</value> <shrsOrPrnAmt> <sshPrnamt>849</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>849</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DANAHER CORP. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>235851102</cusip> <value>288211</value> <shrsOrPrnAmt> <sshPrnamt>1255</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1255</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DAVITA INC. DL -,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>23918K108</cusip> <value>4637952</value> <shrsOrPrnAmt> <sshPrnamt>30963</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>30963</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DECKERS OUTDOOR DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>243537107</cusip> <value>2832289</value> <shrsOrPrnAmt> <sshPrnamt>13765</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>13765</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DEERE CO. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>244199105</cusip> <value>180472</value> <shrsOrPrnAmt> <sshPrnamt>425</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>425</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DELTA AIR LINES INC.</nameOfIssuer> <titleOfClass>DEL COM NEW</titleOfClass> <cusip>247361702</cusip> <value>10031379</value> <shrsOrPrnAmt> <sshPrnamt>165207</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>165207</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DICK'S SPORTING DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>253393102</cusip> <value>2738938</value> <shrsOrPrnAmt> <sshPrnamt>11819</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>11819</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>254687106</cusip> <value>287083</value> <shrsOrPrnAmt> <sshPrnamt>2591</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2591</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DOCUSIGN INC DL-,0001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>256163106</cusip> <value>5179221</value> <shrsOrPrnAmt> <sshPrnamt>56480</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>56480</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DOORDASH INC.CL.A -,00001</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>25809K105</cusip> <value>115369</value> <shrsOrPrnAmt> <sshPrnamt>680</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>680</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EBAY INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>278642103</cusip> <value>798589</value> <shrsOrPrnAmt> <sshPrnamt>12868</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>12868</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EMCOR GRP INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>29084Q100</cusip> <value>1505726</value> <shrsOrPrnAmt> <sshPrnamt>3293</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>3293</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EMERSON EL. DL -,50</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>291011104</cusip> <value>53528650</value> <shrsOrPrnAmt> <sshPrnamt>430779</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>430779</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EQUINIX INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>29444U700</cusip> <value>133838</value> <shrsOrPrnAmt> <sshPrnamt>143</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>143</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EQUITABLE HLDGS DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>29452E101</cusip> <value>11105982</value> <shrsOrPrnAmt> <sshPrnamt>236247</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>236247</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EXPEDITORS INTL WASH.DL01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>302130109</cusip> <value>1787538</value> <shrsOrPrnAmt> <sshPrnamt>16133</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>16133</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>META PLATF. A DL-,000006</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>30303M102</cusip> <value>62203829</value> <shrsOrPrnAmt> <sshPrnamt>105209</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>105209</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FERGUSON ENTERPRISES INC.</nameOfIssuer> <titleOfClass>COMMON STOCK NEW</titleOfClass> <cusip>31488V107</cusip> <value>5659727</value> <shrsOrPrnAmt> <sshPrnamt>32688</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>32688</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FIDELITY NATL INF. SVCS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>31620M106</cusip> <value>7006743</value> <shrsOrPrnAmt> <sshPrnamt>86943</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>86943</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FIRST SOLAR INC. D -,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>336433107</cusip> <value>793481</value> <shrsOrPrnAmt> <sshPrnamt>4456</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>4456</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FISERV INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>337738108</cusip> <value>37134618</value> <shrsOrPrnAmt> <sshPrnamt>180029</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>180029</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FULL TRUCK AL. SP.ADR/20</nameOfIssuer> <titleOfClass>SPONSORED ADS</titleOfClass> <cusip>35969L108</cusip> <value>2510838</value> <shrsOrPrnAmt> <sshPrnamt>232055</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>232055</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GAMING & LEISURE PROP.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>36467J108</cusip> <value>59378850</value> <shrsOrPrnAmt> <sshPrnamt>1244056</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1244056</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GARTNER INC. DL -,0005</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>366651107</cusip> <value>10084263</value> <shrsOrPrnAmt> <sshPrnamt>20773</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>20773</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GILEAD SCIENCES DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>375558103</cusip> <value>81697138</value> <shrsOrPrnAmt> <sshPrnamt>887915</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>887915</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GRAINGER (W.W.) INC. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>384802104</cusip> <value>141800</value> <shrsOrPrnAmt> <sshPrnamt>134</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>134</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HF SINCLAIR CORP. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>403949100</cusip> <value>2507233</value> <shrsOrPrnAmt> <sshPrnamt>73268</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>73268</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HDFC BANK LTD ADR/3 IR 10</nameOfIssuer> <titleOfClass>SPONSORED ADS</titleOfClass> <cusip>40415F101</cusip> <value>1838896</value> <shrsOrPrnAmt> <sshPrnamt>28670</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>28670</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HP INC DL -,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>40434L105</cusip> <value>7790061</value> <shrsOrPrnAmt> <sshPrnamt>238739</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>238739</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HARTFORD FINL SVCS GRP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>416515104</cusip> <value>2593198</value> <shrsOrPrnAmt> <sshPrnamt>23732</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>23732</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HEALTHPEAK PROP.INC. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>42250P103</cusip> <value>2489950</value> <shrsOrPrnAmt> <sshPrnamt>124622</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>124622</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HEWLETT PACKARD ENT.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>42824C109</cusip> <value>686256</value> <shrsOrPrnAmt> <sshPrnamt>32068</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>32068</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HOLOGIC INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>436440101</cusip> <value>330346</value> <shrsOrPrnAmt> <sshPrnamt>4571</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>4571</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HOME DEPOT INC. DL-,05</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>437076102</cusip> <value>15731819</value> <shrsOrPrnAmt> <sshPrnamt>40397</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>40397</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HOWMET AEROSPACE DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>443201108</cusip> <value>33015327</value> <shrsOrPrnAmt> <sshPrnamt>299377</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>299377</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HUMANA INC. DL-,166</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>444859102</cusip> <value>73481</value> <shrsOrPrnAmt> <sshPrnamt>289</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>289</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>IDEXX LABS INC. DL-,10</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>45168D104</cusip> <value>85027</value> <shrsOrPrnAmt> <sshPrnamt>206</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>206</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ILL. TOOL WKS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>452308109</cusip> <value>151114</value> <shrsOrPrnAmt> <sshPrnamt>593</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>593</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INFOSYS LTD. ADR/1 IR5</nameOfIssuer> <titleOfClass>SPONSORED ADR</titleOfClass> <cusip>456788108</cusip> <value>7556461</value> <shrsOrPrnAmt> <sshPrnamt>341921</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>341921</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INGERSOLL-RAND DL -,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>45687V106</cusip> <value>31480352</value> <shrsOrPrnAmt> <sshPrnamt>347772</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>347772</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTEL CORP. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>458140100</cusip> <value>478118</value> <shrsOrPrnAmt> <sshPrnamt>24123</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>24123</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTL BUS. MACH. DL-,20</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>459200101</cusip> <value>269366</value> <shrsOrPrnAmt> <sshPrnamt>1223</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1223</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTL FLAVORS/FRAG.DL-,125</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>459506101</cusip> <value>2342150</value> <shrsOrPrnAmt> <sshPrnamt>27896</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>27896</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTL PAPER DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>460146103</cusip> <value>1190763</value> <shrsOrPrnAmt> <sshPrnamt>22195</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>22195</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTUIT INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>461202103</cusip> <value>250229</value> <shrsOrPrnAmt> <sshPrnamt>397</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>397</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>IQVIA HLDGS DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46266C105</cusip> <value>116101</value> <shrsOrPrnAmt> <sshPrnamt>588</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>588</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>JPMORGAN CHASE DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46625H100</cusip> <value>44044974</value> <shrsOrPrnAmt> <sshPrnamt>184042</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>184042</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>JOHNSON & JOHNSON DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>478160104</cusip> <value>3787906</value> <shrsOrPrnAmt> <sshPrnamt>26426</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>26426</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>KLA CORP. DL -,001</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>482480100</cusip> <value>24871661</value> <shrsOrPrnAmt> <sshPrnamt>39252</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>39252</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>KENVUE INC. DL -,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>49177J102</cusip> <value>34578162</value> <shrsOrPrnAmt> <sshPrnamt>1632584</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1632584</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>KEURIG DR PEPPER DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>49271V100</cusip> <value>47895622</value> <shrsOrPrnAmt> <sshPrnamt>1498610</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1498610</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>KIMBERLY-CLARK DL 1,25</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>494368103</cusip> <value>7346860</value> <shrsOrPrnAmt> <sshPrnamt>56246</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>56246</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>KROGER CO. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>501044101</cusip> <value>4215690</value> <shrsOrPrnAmt> <sshPrnamt>68850</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>68850</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LPL FINANCIAL HLDS DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>50212V100</cusip> <value>2983695</value> <shrsOrPrnAmt> <sshPrnamt>9125</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>9125</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LABCORP HLDGS INC. O.N.</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>504922105</cusip> <value>1540162</value> <shrsOrPrnAmt> <sshPrnamt>6730</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6730</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LAM RESEARCH CORP. NEW</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>512807306</cusip> <value>3163781</value> <shrsOrPrnAmt> <sshPrnamt>43850</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>43850</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LENNOX INTL INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>526107107</cusip> <value>6477601</value> <shrsOrPrnAmt> <sshPrnamt>10550</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>10550</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ELI LILLY</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>532457108</cusip> <value>54293441</value> <shrsOrPrnAmt> <sshPrnamt>70161</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>70161</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LOWE'S COS INC. DL-,50</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>548661107</cusip> <value>97705</value> <shrsOrPrnAmt> <sshPrnamt>396</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>396</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LULULEMON ATHLETICA INC.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>550021109</cusip> <value>34903266</value> <shrsOrPrnAmt> <sshPrnamt>90882</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>90882</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MANHATTAN ASSOC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>562750109</cusip> <value>461481</value> <shrsOrPrnAmt> <sshPrnamt>1702</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1702</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MARATHON PETROLEUM DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>56585A102</cusip> <value>5001475</value> <shrsOrPrnAmt> <sshPrnamt>36884</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>36884</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MARVELL TECH. GRP DL-,002</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>573874104</cusip> <value>3862435</value> <shrsOrPrnAmt> <sshPrnamt>34591</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>34591</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MASTERCARD INC.A DL-,0001</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>57636Q104</cusip> <value>53206733</value> <shrsOrPrnAmt> <sshPrnamt>101240</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>101240</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MCDONALDS CORP. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>580135101</cusip> <value>1935688</value> <shrsOrPrnAmt> <sshPrnamt>6684</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6684</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MERCADOLIBRE INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>58733R102</cusip> <value>365022</value> <shrsOrPrnAmt> <sshPrnamt>212</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>212</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MERCK CO. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>58933Y105</cusip> <value>103482979</value> <shrsOrPrnAmt> <sshPrnamt>1051976</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1051976</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>METLIFE INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>59156R108</cusip> <value>32902684</value> <shrsOrPrnAmt> <sshPrnamt>403664</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>403664</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MICROSOFT DL-,00000625</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>594918104</cusip> <value>122402562</value> <shrsOrPrnAmt> <sshPrnamt>288121</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>288121</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MOLINA HEALTHCARE DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>60855R100</cusip> <value>1970969</value> <shrsOrPrnAmt> <sshPrnamt>6811</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6811</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MOODY'S CORP DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>615369105</cusip> <value>2237431</value> <shrsOrPrnAmt> <sshPrnamt>4725</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>4725</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MORGAN STANLEY DL-,01</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>617446448</cusip> <value>3473973</value> <shrsOrPrnAmt> <sshPrnamt>27626</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>27626</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NETAPP INC.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>64110D104</cusip> <value>5959751</value> <shrsOrPrnAmt> <sshPrnamt>51161</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>51161</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NEWMONT CORP. DL 1,60</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>651639106</cusip> <value>76997</value> <shrsOrPrnAmt> <sshPrnamt>2081</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2081</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NIKE INC. B</nameOfIssuer> <titleOfClass>CL B</titleOfClass> <cusip>654106103</cusip> <value>168784</value> <shrsOrPrnAmt> <sshPrnamt>2261</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2261</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GEN DIGITAL INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>668771108</cusip> <value>12303626</value> <shrsOrPrnAmt> <sshPrnamt>449365</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>449365</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NVIDIA CORP. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>67066G104</cusip> <value>138957015</value> <shrsOrPrnAmt> <sshPrnamt>1010669</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1010669</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OMNICOM GRP INC. DL-,15</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>681919106</cusip> <value>1042542</value> <shrsOrPrnAmt> <sshPrnamt>12148</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>12148</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OWENS CORNING NEW DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>690742101</cusip> <value>1789007</value> <shrsOrPrnAmt> <sshPrnamt>10549</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>10549</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PNC FINL SERVICES GRP DL5</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>693475105</cusip> <value>2532350</value> <shrsOrPrnAmt> <sshPrnamt>13153</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>13153</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PPG IND. INC. DL 1,666</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>693506107</cusip> <value>49524934</value> <shrsOrPrnAmt> <sshPrnamt>415861</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>415861</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PACCAR INC. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>693718108</cusip> <value>71559870</value> <shrsOrPrnAmt> <sshPrnamt>690665</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>690665</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PALO ALTO NETWKS DL-,0001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>697435105</cusip> <value>3419860</value> <shrsOrPrnAmt> <sshPrnamt>18566</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>18566</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PAYPAL HDGS INC.DL-,0001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>70450Y103</cusip> <value>3299651</value> <shrsOrPrnAmt> <sshPrnamt>38624</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>38624</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PEPSICO INC. Dl-,0166</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>713448108</cusip> <value>299799</value> <shrsOrPrnAmt> <sshPrnamt>1976</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1976</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PFIZER INC. DL-,05</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>717081103</cusip> <value>64962298</value> <shrsOrPrnAmt> <sshPrnamt>2458828</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2458828</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PHILIP MORRIS INTL INC.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>718172109</cusip> <value>38955164</value> <shrsOrPrnAmt> <sshPrnamt>324599</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>324599</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PHILLIPS 66 DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>718546104</cusip> <value>149395</value> <shrsOrPrnAmt> <sshPrnamt>1334</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1334</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>POOL CORP. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>73278L105</cusip> <value>1025765</value> <shrsOrPrnAmt> <sshPrnamt>3023</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>3023</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROCTER GAMBLE</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>742718109</cusip> <value>7973375</value> <shrsOrPrnAmt> <sshPrnamt>47719</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>47719</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROGRESSIVE CORP. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>743315103</cusip> <value>202462</value> <shrsOrPrnAmt> <sshPrnamt>845</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>845</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PRUDENTIAL FINL DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>744320102</cusip> <value>1636734</value> <shrsOrPrnAmt> <sshPrnamt>13853</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>13853</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PULTE GROUP INC. DL -,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>745867101</cusip> <value>146417</value> <shrsOrPrnAmt> <sshPrnamt>1345</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1345</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RAYMOND JAMES FIN. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>754730109</cusip> <value>58104038</value> <shrsOrPrnAmt> <sshPrnamt>374068</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>374068</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>REGIONS FINANCIAL DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>7591EP100</cusip> <value>38377740</value> <shrsOrPrnAmt> <sshPrnamt>1622050</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1622050</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RIO TINTO PLC LS-10 ADR 1</nameOfIssuer> <titleOfClass>SPONSORED ADR</titleOfClass> <cusip>767204100</cusip> <value>42284092</value> <shrsOrPrnAmt> <sshPrnamt>721694</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>721694</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ROPER TECHNOLOGIES DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>776696106</cusip> <value>42596172</value> <shrsOrPrnAmt> <sshPrnamt>81918</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>81918</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>S&P GLOBAL INC. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>78409V104</cusip> <value>275405</value> <shrsOrPrnAmt> <sshPrnamt>553</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>553</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SALESFORCE INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>79466L302</cusip> <value>48083386</value> <shrsOrPrnAmt> <sshPrnamt>143216</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>143216</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHARLES SCHWAB CORP.DL-01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>808513105</cusip> <value>1134531</value> <shrsOrPrnAmt> <sshPrnamt>15346</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>15346</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SEMPRA</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>816851109</cusip> <value>57423683</value> <shrsOrPrnAmt> <sshPrnamt>657397</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>657397</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SERVICENOW INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>81762P102</cusip> <value>3813828</value> <shrsOrPrnAmt> <sshPrnamt>3572</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>3572</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STATE STREET CORP. DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>857477103</cusip> <value>8444422</value> <shrsOrPrnAmt> <sshPrnamt>85922</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>85922</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STEEL DYNAMIC DL-,0025</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>858119100</cusip> <value>132236</value> <shrsOrPrnAmt> <sshPrnamt>1162</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1162</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SYNOPSYS INC. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>871607107</cusip> <value>10370006</value> <shrsOrPrnAmt> <sshPrnamt>21305</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>21305</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SYNCHRONY FIN. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>87165B103</cusip> <value>2186918</value> <shrsOrPrnAmt> <sshPrnamt>33619</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>33619</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TJX COS INC. DL 1</nameOfIssuer> <titleOfClass>NEW COM</titleOfClass> <cusip>872540109</cusip> <value>34803237</value> <shrsOrPrnAmt> <sshPrnamt>287416</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>287416</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>T-MOBILE US INC.DL,-00001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>872590104</cusip> <value>35301883</value> <shrsOrPrnAmt> <sshPrnamt>159983</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>159983</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TAIWAN SEMICON.MANU.ADR/5</nameOfIssuer> <titleOfClass>SPONSORED ADS</titleOfClass> <cusip>874039100</cusip> <value>7708209</value> <shrsOrPrnAmt> <sshPrnamt>38466</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>38466</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TARGET CORP. DL-,0833</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>87612E106</cusip> <value>948052</value> <shrsOrPrnAmt> <sshPrnamt>7020</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>7020</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TEXAS INSTRUMENTS Dl 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>882508104</cusip> <value>669326</value> <shrsOrPrnAmt> <sshPrnamt>3561</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>3561</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>THERMO FISH.SCIENTIF.DL 1</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>883556102</cusip> <value>26762312</value> <shrsOrPrnAmt> <sshPrnamt>51581</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>51581</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>3M CO. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>88579Y101</cusip> <value>198344</value> <shrsOrPrnAmt> <sshPrnamt>1536</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1536</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRACTOR SUPPLY DL-,008</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>892356106</cusip> <value>37752031</value> <shrsOrPrnAmt> <sshPrnamt>717855</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>717855</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRUIST FINL CORP. DL 5</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>89832Q109</cusip> <value>175562</value> <shrsOrPrnAmt> <sshPrnamt>4048</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>4048</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TWILIO INC.</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>90138F102</cusip> <value>3202338</value> <shrsOrPrnAmt> <sshPrnamt>29482</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>29482</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>U.S. Bancorp Dl-,01</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>902973304</cusip> <value>2868803</value> <shrsOrPrnAmt> <sshPrnamt>59457</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>59457</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ULTA BEAUTY DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>90384S303</cusip> <value>2332005</value> <shrsOrPrnAmt> <sshPrnamt>5356</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>5356</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNILEVER ADR/1 LS-,031111</nameOfIssuer> <titleOfClass>SPON ADR NEW</titleOfClass> <cusip>904767704</cusip> <value>38974121</value> <shrsOrPrnAmt> <sshPrnamt>686647</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>686647</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNION PAC. DL 2,50</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>907818108</cusip> <value>2625966</value> <shrsOrPrnAmt> <sshPrnamt>11528</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>11528</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UTD PARCEL SE.B DL-01</nameOfIssuer> <titleOfClass>CL B</titleOfClass> <cusip>911312106</cusip> <value>145121</value> <shrsOrPrnAmt> <sshPrnamt>1158</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1158</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED RENTALS INC.DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>911363109</cusip> <value>136962</value> <shrsOrPrnAmt> <sshPrnamt>194</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>194</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITEDHEALTH GROUP DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>91324P102</cusip> <value>55901725</value> <shrsOrPrnAmt> <sshPrnamt>110086</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>110086</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VALERO ENERGY CORP.DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>91913Y100</cusip> <value>6005098</value> <shrsOrPrnAmt> <sshPrnamt>50214</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>50214</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VERIZON COMM. INC. DL-,10</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>92343V104</cusip> <value>216097</value> <shrsOrPrnAmt> <sshPrnamt>5457</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>5457</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VERTIV HOL.CL A DL-,0001</nameOfIssuer> <titleOfClass>COM CL A</titleOfClass> <cusip>92537N108</cusip> <value>12293805</value> <shrsOrPrnAmt> <sshPrnamt>105835</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>105835</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VISA INC. CL. A DL -,0001</nameOfIssuer> <titleOfClass>COM CL A</titleOfClass> <cusip>92826C839</cusip> <value>54093374</value> <shrsOrPrnAmt> <sshPrnamt>171556</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>171556</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VISTRA CORP. DL-,01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>92840M102</cusip> <value>2134693</value> <shrsOrPrnAmt> <sshPrnamt>15238</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>15238</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WEYERHAEUSER CO. DL 1,25</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>962166104</cusip> <value>168623</value> <shrsOrPrnAmt> <sshPrnamt>6046</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6046</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WILLIAMS-SONOMA INC.DL-01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>969904101</cusip> <value>5268353</value> <shrsOrPrnAmt> <sshPrnamt>28247</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>28247</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WORKDAY INC.CL.A DL-,001</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>98138H101</cusip> <value>93534</value> <shrsOrPrnAmt> <sshPrnamt>357</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>357</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZIMMER BIOMET HLDGS DL-01</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>98956P102</cusip> <value>110354</value> <shrsOrPrnAmt> <sshPrnamt>1047</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1047</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZOETIS INC. CL.A DL -,01</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>98978V103</cusip> <value>105618</value> <shrsOrPrnAmt> <sshPrnamt>651</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>651</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZSCALER INC. DL-,001</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>98980G102</cusip> <value>1250047</value> <shrsOrPrnAmt> <sshPrnamt>6826</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6826</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> </informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>