Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	Netflix Inc	5,710,088 (+1.8%)	$408M (-24.4%)	4.6%	—	—	COM	64110L106
ERFSF	Eurofins Scientific	4,094,034 (+32.2%)	$321M (+43.6%)	3.6%	—	—	COM	L31839134
DASH	Doordash Inc Cl A	1,186,104 (+18.5%)	$219M (+45.6%)	2.5%	—	—	COM	25809K105
—	Levi Strauss & Co Cl A	83,725 (+1.2%)	$2.079M (+35.9%)	0.0%	—	—	COM	52736r102
—	De'Longhi	42,700 (+9.5%)	$1.813M (+34.6%)	0.0%	—	—	COM	t3508h102
—	ALK Abello A/S	53,000 (+6.0%)	$1.98M (+27.0%)	0.0%	—	—	COM	k03294137
—	Kalmar Oyj B	27,500 (+1.9%)	$1.208M (-10.4%)	0.0%	—	—	COM	x4s8se108
CABJF	Carlsberg B A/S	10,135 (+2.7%)	$1.328M (+8.6%)	0.0%	—	—	COM	K36628137
MSFT	Microsoft Corp	3,584 (+1.1%)	$1.337M (+1.9%)	0.0%	—	—	COM	594918104

Exited Positions (2)

XOM Exxon Mobil Corp 0.4%

Value $32.91M Shares 193,950 Est. Cost — Unrealized —

GNRC Generac Holdings Inc 0.0%

Value $439K Shares 2,250 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	Exxon Mobil Corp	193,950	$32.91M	0.4%	—	—	—	30231G102
GNRC	Generac Holdings Inc	2,250	$439K	0.0%	—	—	—	368736104

Decreased Positions (40)

CFRHF Compagnie Financiere Richemont 8.7%

Value $774M (+30.2%) Shares 3,345,346 (-3.0%) Est. Cost — Unrealized —

GOOG Alphabet Inc Cl C 12.1%

Value $1.077B (+12.1%) Shares 3,048,077 (-9.0%) Est. Cost — Unrealized —

PM Philip Morris International In 9.2%

Value $820M (+7.7%) Shares 4,530,846 (-1.6%) Est. Cost — Unrealized —

SUNB Sunbelt Rentals Holdings Inc 4.9%

Value $441M (+12.1%) Shares 5,897,825 (-2.5%) Est. Cost — Unrealized —

HKHHF Heineken Holding NV 7.6%

Value $680M (+5.6%) Shares 8,905,683 (-2.2%) Est. Cost — Unrealized —

JPM J.P. Morgan Chase 0.1%

Value $8.091M (-81.5%) Shares 24,719 (-83.4%) Est. Cost — Unrealized —

BRK/A Berkshire Hathaway Inc Cl A 12.0%

Value $1.072B (+2.3%) Shares 1,432 (-1.9%) Est. Cost — Unrealized —

MLM Martin Marietta Materials 4.6%

Value $407M (-3.4%) Shares 705,367 (-1.4%) Est. Cost — Unrealized —

PDRDF Pernod Ricard 1.9%

Value $172M (-6.4%) Shares 2,351,360 (-5.2%) Est. Cost — Unrealized —

CMCSA Comcast Corp New Cl A 0.6%

Value $53.85M (-16.7%) Shares 2,193,660 (-2.6%) Est. Cost — Unrealized —

BRK/B Berkshire Hathaway Inc Cl B 6.1%

Value $540M (+1.5%) Shares 1,079,364 (-2.8%) Est. Cost — Unrealized —

UBER Uber Technologies Inc 4.1%

Value $367M (-1.4%) Shares 5,084,015 (-1.7%) Est. Cost — Unrealized —

MA Mastercard Inc Cl A 8.8%

Value $782M (+0.6%) Shares 1,522,395 (-2.1%) Est. Cost — Unrealized —

NSRGY Nestle SA Sponsored ADR 6.1%

Value $546M (+0.5%) Shares 5,314,898 (-3.0%) Est. Cost — Unrealized —

CR Crane Company 0.1%

Value $9.801M (+22.9%) Shares 43,937 (-5.8%) Est. Cost — Unrealized —

V Visa Inc Cl A 0.3%

Value $29.94M (+5.6%) Shares 87,256 (-7.0%) Est. Cost — Unrealized —

BUDFF Anheuser-Busch InBev SA 0.2%

Value $14.23M (+12.4%) Shares 171,294 (-6.9%) Est. Cost — Unrealized —

COST Costco Whsl Corp 0.0%

Value $3.18M (-31.0%) Shares 3,399 (-26.5%) Est. Cost — Unrealized —

MKL Markel Corp 0.1%

Value $8.33M (-12.2%) Shares 4,265 (-13.9%) Est. Cost — Unrealized —

GOOGL Alphabet Inc Cl A 0.0%

Value $3.972M (+19.0%) Shares 11,114 (-4.3%) Est. Cost — Unrealized —

BF/A Brown-Forman Corp Cl A 0.5%

Value $43.72M (-1.0%) Shares 1,597,815 (-3.0%) Est. Cost — Unrealized —

BF/B Brown-Forman Corp Cl B 0.2%

Value $17.04M (-2.3%) Shares 639,282 (-3.1%) Est. Cost — Unrealized —

PG Procter & Gamble 0.0%

Value $961K (-27.9%) Shares 6,554 (-29.0%) Est. Cost — Unrealized —

UNP Union Pac Corp 0.1%

Value $7.029M (+4.8%) Shares 25,841 (-6.5%) Est. Cost — Unrealized —

WMT Wal Mart Stores Inc 0.0%

Value $959K (-20.8%) Shares 8,465 (-13.1%) Est. Cost — Unrealized —

DOV Dover Corp 0.0%

Value $4.228M (+6.0%) Shares 18,851 (-1.4%) Est. Cost — Unrealized —

AXP American Express 0.0%

Value $1.734M (-11.6%) Shares 5,125 (-21.0%) Est. Cost — Unrealized —

DVDCF Davide Campari-Milano NV 0.0%

Value $1.215M (-14.9%) Shares 195,048 (-3.4%) Est. Cost — Unrealized —

MO Altria Group Inc 0.1%

Value $10.69M (-1.5%) Shares 148,603 (-9.6%) Est. Cost — Unrealized —

ORCL Oracle Corp 0.0%

Value $398K (-24.9%) Shares 2,715 (-24.6%) Est. Cost — Unrealized —

AAPL Apple Inc 0.0%

Value $1.331M (+10.4%) Shares 4,601 (-3.2%) Est. Cost — Unrealized —

FULT Fulton Finl Corp 0.0%

Value $1.07M (+7.5%) Shares 44,250 (-9.6%) Est. Cost — Unrealized —

MRK Merck Inc 0.0%

Value $211K (-18.1%) Shares 1,642 (-23.3%) Est. Cost — Unrealized —

CAT Caterpillar Inc 0.0%

Value $282K (-11.5%) Shares 265 (-41.1%) Est. Cost — Unrealized —

JNJ Johnson & Johnson 0.0%

Value $282K (-11.4%) Shares 1,112 (-14.7%) Est. Cost — Unrealized —

UNM Unum Group 0.0%

Value $312K (+12.3%) Shares 3,485 (-8.3%) Est. Cost — Unrealized —

MKC McCormick Inc 0.0%

Value $1.915M (-1.6%) Shares 37,981 (-1.6%) Est. Cost — Unrealized —

HRL Hormel Foods Corp 0.0%

Value $459K (+6.7%) Shares 18,500 (-2.6%) Est. Cost — Unrealized —

KO Coca-Cola 0.0%

Value $1.004M (+1.3%) Shares 12,350 (-5.2%) Est. Cost — Unrealized —

AMZN Amazon.com Inc 0.0%

Value $223K (+3.0%) Shares 936 (-10.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CFRHF	Compagnie Financiere Richemont	3,345,346 (-3.0%)	$774M (+30.2%)	8.7%	—	—	COM	H25662182
GOOG	Alphabet Inc Cl C	3,048,077 (-9.0%)	$1.077B (+12.1%)	12.1%	—	—	COM	02079K107
PM	Philip Morris International In	4,530,846 (-1.6%)	$820M (+7.7%)	9.2%	—	—	COM	718172109
SUNB	Sunbelt Rentals Holdings Inc	5,897,825 (-2.5%)	$441M (+12.1%)	4.9%	—	—	COM	866966104
HKHHF	Heineken Holding NV	8,905,683 (-2.2%)	$680M (+5.6%)	7.6%	—	—	COM	N39338194
JPM	J.P. Morgan Chase	24,719 (-83.4%)	$8.091M (-81.5%)	0.1%	—	—	COM	46625H100
BRK/A	Berkshire Hathaway Inc Cl A	1,432 (-1.9%)	$1.072B (+2.3%)	12.0%	—	—	COM	084670108
MLM	Martin Marietta Materials	705,367 (-1.4%)	$407M (-3.4%)	4.6%	—	—	COM	573284106
PDRDF	Pernod Ricard	2,351,360 (-5.2%)	$172M (-6.4%)	1.9%	—	—	COM	F72027109
CMCSA	Comcast Corp New Cl A	2,193,660 (-2.6%)	$53.85M (-16.7%)	0.6%	—	—	COM	20030N101
BRK/B	Berkshire Hathaway Inc Cl B	1,079,364 (-2.8%)	$540M (+1.5%)	6.1%	—	—	COM	084670702
UBER	Uber Technologies Inc	5,084,015 (-1.7%)	$367M (-1.4%)	4.1%	—	—	COM	90353T100
MA	Mastercard Inc Cl A	1,522,395 (-2.1%)	$782M (+0.6%)	8.8%	—	—	COM	57636Q104
NSRGY	Nestle SA Sponsored ADR	5,314,898 (-3.0%)	$546M (+0.5%)	6.1%	—	—	COM	641069406
CR	Crane Company	43,937 (-5.8%)	$9.801M (+22.9%)	0.1%	—	—	COM	224408104
V	Visa Inc Cl A	87,256 (-7.0%)	$29.94M (+5.6%)	0.3%	—	—	COM	92826C839
BUDFF	Anheuser-Busch InBev SA	171,294 (-6.9%)	$14.23M (+12.4%)	0.2%	—	—	COM	B639CJ108
COST	Costco Whsl Corp	3,399 (-26.5%)	$3.18M (-31.0%)	0.0%	—	—	COM	22160K105
MKL	Markel Corp	4,265 (-13.9%)	$8.33M (-12.2%)	0.1%	—	—	COM	570535104
GOOGL	Alphabet Inc Cl A	11,114 (-4.3%)	$3.972M (+19.0%)	0.0%	—	—	COM	02079K305
BF/A	Brown-Forman Corp Cl A	1,597,815 (-3.0%)	$43.72M (-1.0%)	0.5%	—	—	COM	115637100
BF/B	Brown-Forman Corp Cl B	639,282 (-3.1%)	$17.04M (-2.3%)	0.2%	—	—	COM	115637209
PG	Procter & Gamble	6,554 (-29.0%)	$961K (-27.9%)	0.0%	—	—	COM	742718109
UNP	Union Pac Corp	25,841 (-6.5%)	$7.029M (+4.8%)	0.1%	—	—	COM	907818108
WMT	Wal Mart Stores Inc	8,465 (-13.1%)	$959K (-20.8%)	0.0%	—	—	COM	931142103
DOV	Dover Corp	18,851 (-1.4%)	$4.228M (+6.0%)	0.0%	—	—	COM	260003108
AXP	American Express	5,125 (-21.0%)	$1.734M (-11.6%)	0.0%	—	—	COM	025816109
DVDCF	Davide Campari-Milano NV	195,048 (-3.4%)	$1.215M (-14.9%)	0.0%	—	—	COM	N24565108
MO	Altria Group Inc	148,603 (-9.6%)	$10.69M (-1.5%)	0.1%	—	—	COM	02209S103
ORCL	Oracle Corp	2,715 (-24.6%)	$398K (-24.9%)	0.0%	—	—	COM	68389X105
AAPL	Apple Inc	4,601 (-3.2%)	$1.331M (+10.4%)	0.0%	—	—	COM	037833100
FULT	Fulton Finl Corp	44,250 (-9.6%)	$1.07M (+7.5%)	0.0%	—	—	COM	360271100
MRK	Merck Inc	1,642 (-23.3%)	$211K (-18.1%)	0.0%	—	—	COM	58933Y105
CAT	Caterpillar Inc	265 (-41.1%)	$282K (-11.5%)	0.0%	—	—	COM	149123101
JNJ	Johnson & Johnson	1,112 (-14.7%)	$282K (-11.4%)	0.0%	—	—	COM	478160104
UNM	Unum Group	3,485 (-8.3%)	$312K (+12.3%)	0.0%	—	—	COM	91529Y106
MKC	McCormick Inc	37,981 (-1.6%)	$1.915M (-1.6%)	0.0%	—	—	COM	579780206
HRL	Hormel Foods Corp	18,500 (-2.6%)	$459K (+6.7%)	0.0%	—	—	COM	440452100
KO	Coca-Cola	12,350 (-5.2%)	$1.004M (+1.3%)	0.0%	—	—	COM	191216100
AMZN	Amazon.com Inc	936 (-10.0%)	$223K (+3.0%)	0.0%	—	—	COM	023135106

Unchanged Positions (35)

— Warby Parker Inc Cl A 0.0%

Value $2.427M Shares 80,000 Est. Cost — Unrealized —

— Demant A/S 0.0%

Value $1.682M Shares 41,000 Est. Cost — Unrealized —

ABBV AbbVie Inc 0.0%

Value $3.123M Shares 12,410 Est. Cost — Unrealized —

COCXF Lindt & Spruengli AG - Reg 0.0%

Value $1.785M Shares 15 Est. Cost — Unrealized —

— Yeti Holdings Inc 0.0%

Value $1.189M Shares 24,000 Est. Cost — Unrealized —

— Herc Holdings Inc 0.0%

Value $925K Shares 6,450 Est. Cost — Unrealized —

— Lotus Bakeries 0.0%

Value $1.528M Shares 115 Est. Cost — Unrealized —

— Electrolux Professional 0.0%

Value $1.006M Shares 230,000 Est. Cost — Unrealized —

PEP Pepsico Inc 0.0%

Value $1.234M Shares 9,115 Est. Cost — Unrealized —

— Sunbelt Rentals Holdings ORD 0.0%

Value $1.326M Shares 18,178 Est. Cost — Unrealized —

VMC Vulcan Materials 0.0%

Value $2.143M Shares 7,263 Est. Cost — Unrealized —

LAMR Lamar Advertising Co-A 0.0%

Value $837K Shares 5,368 Est. Cost — Unrealized —

— Zalando SE 0.0%

Value $812K Shares 28,000 Est. Cost — Unrealized —

ABT Abbott Labs 0.0%

Value $1.044M Shares 11,510 Est. Cost — Unrealized —

LRLCF Loreal SA 0.0%

Value $1.625M Shares 3,705 Est. Cost — Unrealized —

— SSP Group 0.0%

Value $1.744M Shares 700,000 Est. Cost — Unrealized —

JBTM JBT Marel Corp 0.0%

Value $1.051M Shares 7,250 Est. Cost — Unrealized —

HINKF Heineken NV 0.0%

Value $1.273M Shares 15,131 Est. Cost — Unrealized —

CVX Chevron Corp 0.0%

Value $409K Shares 2,470 Est. Cost — Unrealized —

OUT Outfront Media Inc 0.0%

Value $445K Shares 13,588 Est. Cost — Unrealized —

— Konecranes 0.0%

Value $1.613M Shares 52,500 Est. Cost — Unrealized —

— H&M 0.0%

Value $1.102M Shares 64,000 Est. Cost — Unrealized —

— Puig Brands 0.0%

Value $1.254M Shares 68,000 Est. Cost — Unrealized —

FBLA FB Bancorp Inc 0.0%

Value $753K Shares 50,000 Est. Cost — Unrealized —

NSRGF Nestle SA-REG 0.0%

Value $1.146M Shares 11,130 Est. Cost — Unrealized —

— Fielmann 0.0%

Value $1.615M Shares 33,000 Est. Cost — Unrealized —

MCD McDonalds Corp 0.0%

Value $256K Shares 947 Est. Cost — Unrealized —

— Rational AG 0.0%

Value $1.611M Shares 2,200 Est. Cost — Unrealized —

PHJMF Hanjaya Mandala Sampoerna 0.0%

Value $187K Shares 5,000,000 Est. Cost — Unrealized —

WFC Wells Fargo 0.0%

Value $616K Shares 7,451 Est. Cost — Unrealized —

— Fluidra 0.0%

Value $1.585M Shares 70,000 Est. Cost — Unrealized —

— Cofide SPA 0.0%

Value $200K Shares 251,250 Est. Cost — Unrealized —

LTGIF LT Group Inc 0.0%

Value $432K Shares 1,775,000 Est. Cost — Unrealized —

DIS Disney Walt Productions 0.0%

Value $240K Shares 2,492 Est. Cost — Unrealized —

— Total Return Securities Fund 0.0%

Value $580K Shares 97,667 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Warby Parker Inc Cl A	80,000	$2.427M	0.0%	—	—	COM	93403j106
—	Demant A/S	41,000	$1.682M	0.0%	—	—	COM	k3008m105
ABBV	AbbVie Inc	12,410	$3.123M	0.0%	—	—	COM	00287Y109
COCXF	Lindt & Spruengli AG - Reg	15	$1.785M	0.0%	—	—	COM	H49983176
—	Yeti Holdings Inc	24,000	$1.189M	0.0%	—	—	COM	98585x104
—	Herc Holdings Inc	6,450	$925K	0.0%	—	—	COM	42704l104
—	Lotus Bakeries	115	$1.528M	0.0%	—	—	COM	b5783h102
—	Electrolux Professional	230,000	$1.006M	0.0%	—	—	COM	w2457w116
PEP	Pepsico Inc	9,115	$1.234M	0.0%	—	—	COM	713448108
—	Sunbelt Rentals Holdings ORD	18,178	$1.326M	0.0%	—	—	COM	crest6610
VMC	Vulcan Materials	7,263	$2.143M	0.0%	—	—	COM	929160109
LAMR	Lamar Advertising Co-A	5,368	$837K	0.0%	—	—	COM	512816109
—	Zalando SE	28,000	$812K	0.0%	—	—	COM	d98423102
ABT	Abbott Labs	11,510	$1.044M	0.0%	—	—	COM	002824100
LRLCF	Loreal SA	3,705	$1.625M	0.0%	—	—	COM	F58149133
—	SSP Group	700,000	$1.744M	0.0%	—	—	COM	g8402n125
JBTM	JBT Marel Corp	7,250	$1.051M	0.0%	—	—	COM	477839104
HINKF	Heineken NV	15,131	$1.273M	0.0%	—	—	COM	N39427211
CVX	Chevron Corp	2,470	$409K	0.0%	—	—	COM	166764100
OUT	Outfront Media Inc	13,588	$445K	0.0%	—	—	COM	69007J304
—	Konecranes	52,500	$1.613M	0.0%	—	—	COM	x4550j108
—	H&M	64,000	$1.102M	0.0%	—	—	COM	w41422101
—	Puig Brands	68,000	$1.254M	0.0%	—	—	COM	e8s64t107
FBLA	FB Bancorp Inc	50,000	$753K	0.0%	—	—	COM	31425A109
NSRGF	Nestle SA-REG	11,130	$1.146M	0.0%	—	—	COM	H57312649
—	Fielmann	33,000	$1.615M	0.0%	—	—	COM	d2617n114
MCD	McDonalds Corp	947	$256K	0.0%	—	—	COM	580135101
—	Rational AG	2,200	$1.611M	0.0%	—	—	COM	d6349p107
PHJMF	Hanjaya Mandala Sampoerna	5,000,000	$187K	0.0%	—	—	COM	Y7121Z146
WFC	Wells Fargo	7,451	$616K	0.0%	—	—	COM	949746101
—	Fluidra	70,000	$1.585M	0.0%	—	—	COM	e52619108
—	Cofide SPA	251,250	$200K	0.0%	—	—	COM	T19404101
LTGIF	LT Group Inc	1,775,000	$432K	0.0%	—	—	COM	Y5342M100
DIS	Disney Walt Productions	2,492	$240K	0.0%	—	—	COM	254687106
—	Total Return Securities Fund	97,667	$580K	0.0%	—	—	COM	870875101