Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AES	AES CORP	969,123	$13.65M	1.4%	—	—	COM	00130H105
MKC	MCCORMICK & CO INC	195,731	$9.873M	1.0%	—	—	COM NON VTG	579780206
—	SHIFT4 PMTS INC	105,333	$5.65M	0.6%	—	—	6 SER A CNV PREF	82452J307
HCSG	HEALTHCARE SVCS GROUP INC	302,761	$5.616M	0.6%	—	—	COM	421906108
EGO	ELDORADO GOLD CORP NEW	40,876	$1.399M	0.1%	—	—	COM	284902509
AMRZ	AMRIZE LTD	10,805	$605K	0.1%	—	—	SHS	H2927K103
GS	GOLDMAN SACHS GROUP INC	632	$535K	0.1%	—	—	COM	38141G104
RDDT	REDDIT INC	3,883	$523K	0.1%	—	—	CL A	75734B100

Increased Positions (56)

SGOV ISHARES TR 4.6%

Value $44.49M (+70.1%) Shares 442,000 (+69.6%) Est. Cost — Unrealized —

GD GENERAL DYNAMICS CORP 2.4%

Value $23.1M (+221.0%) Shares 67,298 (+214.8%) Est. Cost — Unrealized —

AMLP ALPS ETF TR 1.3%

Value $12.2M (+245.7%) Shares 231,837 (+208.8%) Est. Cost — Unrealized —

VNOM VIPER ENERGY INC 1.1%

Value $10.74M (+230.0%) Shares 228,623 (+171.3%) Est. Cost — Unrealized —

CGAU CENTERRA GOLD INC 0.9%

Value $8.352M (+423.1%) Shares 471,061 (+325.3%) Est. Cost — Unrealized —

LAMR LAMAR ADVERTISING CO 0.8%

Value $8.252M (+317.4%) Shares 65,154 (+317.1%) Est. Cost — Unrealized —

HSY HERSHEY CO 1.1%

Value $11.17M (+128.0%) Shares 53,726 (+99.6%) Est. Cost — Unrealized —

TFPM TRIPLE FLAG PRECIOUS METAL 2.1%

Value $20.49M (+41.4%) Shares 590,403 (+35.3%) Est. Cost — Unrealized —

GLPI GAMING & LEISURE P 0.7%

Value $6.948M (+492.3%) Shares 156,587 (+496.6%) Est. Cost — Unrealized —

PM PHILIP MORRIS INTL INC 0.7%

Value $6.671M (+603.6%) Shares 40,349 (+582.6%) Est. Cost — Unrealized —

TKR TIMKEN CO 1.9%

Value $18.69M (+43.4%) Shares 185,824 (+19.9%) Est. Cost — Unrealized —

ABNB AIRBNB INC 0.7%

Value $6.644M (+306.9%) Shares 52,614 (+337.3%) Est. Cost — Unrealized —

CSL CARLISLE COS INC 1.1%

Value $10.71M (+76.8%) Shares 32,089 (+69.5%) Est. Cost — Unrealized —

SHEL SHELL PLC 2.0%

Value $19.68M (+28.4%) Shares 211,587 (+1.4%) Est. Cost — Unrealized —

MBB ISHARES TR 1.9%

Value $18.6M (+28.0%) Shares 195,885 (+28.4%) Est. Cost — Unrealized —

RITM RITHM CAPITAL CORP 0.5%

Value $5.068M (+266.7%) Shares 534,566 (+321.6%) Est. Cost — Unrealized —

VRRM VERRA MOBILITY CORP 0.5%

Value $4.864M (-34.9%) Shares 340,401 (+2.2%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 1.7%

Value $16.19M (+19.1%) Shares 92,821 (+27.4%) Est. Cost — Unrealized —

GLDM WORLD GOLD TR 0.9%

Value $8.693M (+38.0%) Shares 93,782 (+27.1%) Est. Cost — Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.8%

Value $8.088M (+27.7%) Shares 161,109 (+3.6%) Est. Cost — Unrealized —

B BARRICK MNG CORP 0.5%

Value $4.621M (+51.4%) Shares 113,418 (+61.9%) Est. Cost — Unrealized —

BXSL BLACKSTONE SECD LENDING FD 0.9%

Value $8.784M (+12.1%) Shares 370,774 (+24.6%) Est. Cost — Unrealized —

AVGO BROADCOM INC 0.9%

Value $8.452M (-9.1%) Shares 27,308 (+1.6%) Est. Cost — Unrealized —

NEM NEWMONT CORP 0.3%

Value $3.021M (+34.3%) Shares 27,904 (+23.9%) Est. Cost — Unrealized —

PAAS PAN AMERN SILVER CORP 0.3%

Value $2.466M (+31.4%) Shares 45,145 (+24.6%) Est. Cost — Unrealized —

META META PLATFORMS INC 0.4%

Value $4.327M (-10.0%) Shares 7,563 (+3.8%) Est. Cost — Unrealized —

OR OR ROYALTIES INC. 0.2%

Value $1.884M (+33.8%) Shares 49,635 (+25.0%) Est. Cost — Unrealized —

AGI ALAMOS GOLD INC 0.2%

Value $1.594M (+41.7%) Shares 35,928 (+23.6%) Est. Cost — Unrealized —

EQX EQUINOX GOLD CORP 0.2%

Value $2.152M (+27.0%) Shares 149,487 (+24.2%) Est. Cost — Unrealized —

SOFI SOFI TECHNOLOGIES INC 0.1%

Value $888K (-33.1%) Shares 55,898 (+10.3%) Est. Cost — Unrealized —

BTI BRITISH AMERN TOB PLC 0.7%

Value $7.21M (+5.7%) Shares 123,312 (+2.3%) Est. Cost — Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 1.6%

Value $15.16M (+2.6%) Shares 96,369 (+5.6%) Est. Cost — Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 0.1%

Value $1.449M (-19.1%) Shares 24,540 (+4.5%) Est. Cost — Unrealized —

SBUX STARBUCKS CORP 0.3%

Value $2.607M (+13.7%) Shares 29,099 (+6.8%) Est. Cost — Unrealized —

HODL VANECK BITCOIN ETF 0.2%

Value $1.986M (-13.5%) Shares 103,660 (+11.6%) Est. Cost — Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.2%

Value $1.662M (-15.3%) Shares 6,857 (+3.5%) Est. Cost — Unrealized —

SA SEABRIDGE GOLD INC 0.2%

Value $1.751M (+17.4%) Shares 61,797 (+22.6%) Est. Cost — Unrealized —

MCD MCDONALDS CORP 0.8%

Value $7.333M (+3.7%) Shares 23,596 (+2.0%) Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.2%

Value $2.09M (+12.6%) Shares 22,770 (+5.2%) Est. Cost — Unrealized —

TRV TRAVELERS COMPANIES INC 1.3%

Value $12.34M (+1.7%) Shares 42,306 (+1.2%) Est. Cost — Unrealized —

SGDJ SPROTT ETF TRUST 0.2%

Value $2.18M (+10.0%) Shares 25,325 (+7.5%) Est. Cost — Unrealized —

APPF APPFOLIO INC 0.1%

Value $569K (-22.8%) Shares 3,603 (+13.7%) Est. Cost — Unrealized —

CTAS CINTAS CORP 0.2%

Value $1.999M (-6.6%) Shares 11,820 (+3.9%) Est. Cost — Unrealized —

PSA PUBLIC STORAGE OPER CO 0.1%

Value $1.28M (+8.8%) Shares 4,724 (+4.2%) Est. Cost — Unrealized —

HD HOME DEPOT INC 0.4%

Value $3.87M (-2.4%) Shares 11,768 (+2.1%) Est. Cost — Unrealized —

SHLS SHOALS TECHNOLOGIES GROUP IN 0.1%

Value $568K (-13.0%) Shares 86,368 (+12.4%) Est. Cost — Unrealized —

SMG SCOTTS MIRACLE-GRO CO 0.1%

Value $904K (+9.2%) Shares 14,862 (+4.8%) Est. Cost — Unrealized —

TSLA TESLA INC 0.1%

Value $1.267M (-5.6%) Shares 3,407 (+14.3%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.1%

Value $617K (+12.7%) Shares 1,826 (+1.3%) Est. Cost — Unrealized —

AFG AMERICAN FINANCIAL GROUP INC 0.1%

Value $1.243M (-3.7%) Shares 9,731 (+3.1%) Est. Cost — Unrealized —

ITB ISHARES TR 0.3%

Value $2.837M (+1.6%) Shares 31,330 (+8.0%) Est. Cost — Unrealized —

UGI UGI CORP NEW 0.8%

Value $8.124M (-0.5%) Shares 223,053 (+2.3%) Est. Cost — Unrealized —

VICI VICI PPTYS INC 0.2%

Value $2.031M (-1.8%) Shares 74,353 (+1.0%) Est. Cost — Unrealized —

CDE COEUR MNG INC 0.0%

Value $234K (+6.9%) Shares 12,445 (+1.6%) Est. Cost — Unrealized —

AOS SMITH A O CORP 0.1%

Value $1.153M (+1.1%) Shares 17,479 (+2.5%) Est. Cost — Unrealized —

C CITIGROUP INC 1.0%

Value $9.851M (-0.1%) Shares 86,860 (+2.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SGOV	ISHARES TR	442,000 (+69.6%)	$44.49M (+70.1%)	4.6%	—	—	0-3 MNTH TREASRY	46436E718
GD	GENERAL DYNAMICS CORP	67,298 (+214.8%)	$23.1M (+221.0%)	2.4%	—	—	COM	369550108
AMLP	ALPS ETF TR	231,837 (+208.8%)	$12.2M (+245.7%)	1.3%	—	—	ALERIAN MLP	00162Q452
VNOM	VIPER ENERGY INC	228,623 (+171.3%)	$10.74M (+230.0%)	1.1%	—	—	CL A	64361Q101
CGAU	CENTERRA GOLD INC	471,061 (+325.3%)	$8.352M (+423.1%)	0.9%	—	—	COM	152006102
LAMR	LAMAR ADVERTISING CO	65,154 (+317.1%)	$8.252M (+317.4%)	0.8%	—	—	CL A	512816109
HSY	HERSHEY CO	53,726 (+99.6%)	$11.17M (+128.0%)	1.1%	—	—	COM	427866108
TFPM	TRIPLE FLAG PRECIOUS METAL	590,403 (+35.3%)	$20.49M (+41.4%)	2.1%	—	—	COM	89679M104
GLPI	GAMING & LEISURE P	156,587 (+496.6%)	$6.948M (+492.3%)	0.7%	—	—	COM	36467J108
PM	PHILIP MORRIS INTL INC	40,349 (+582.6%)	$6.671M (+603.6%)	0.7%	—	—	COM	718172109
TKR	TIMKEN CO	185,824 (+19.9%)	$18.69M (+43.4%)	1.9%	—	—	COM	887389104
ABNB	AIRBNB INC	52,614 (+337.3%)	$6.644M (+306.9%)	0.7%	—	—	COM CL A	009066101
CSL	CARLISLE COS INC	32,089 (+69.5%)	$10.71M (+76.8%)	1.1%	—	—	COM	142339100
SHEL	SHELL PLC	211,587 (+1.4%)	$19.68M (+28.4%)	2.0%	—	—	SPON ADS	780259305
MBB	ISHARES TR	195,885 (+28.4%)	$18.6M (+28.0%)	1.9%	—	—	MBS ETF	464288588
RITM	RITHM CAPITAL CORP	534,566 (+321.6%)	$5.068M (+266.7%)	0.5%	—	—	COM NEW	64828T201
VRRM	VERRA MOBILITY CORP	340,401 (+2.2%)	$4.864M (-34.9%)	0.5%	—	—	CL A COM STK	92511U102
NVDA	NVIDIA CORPORATION	92,821 (+27.4%)	$16.19M (+19.1%)	1.7%	—	—	COM	67066G104
GLDM	WORLD GOLD TR	93,782 (+27.1%)	$8.693M (+38.0%)	0.9%	—	—	SPDR GLD MINIS	98149E303
VZ	VERIZON COMMUNICATIONS INC	161,109 (+3.6%)	$8.088M (+27.7%)	0.8%	—	—	COM	92343V104
B	BARRICK MNG CORP	113,418 (+61.9%)	$4.621M (+51.4%)	0.5%	—	—	COM SHS	06849F108
BXSL	BLACKSTONE SECD LENDING FD	370,774 (+24.6%)	$8.784M (+12.1%)	0.9%	—	—	COMMON STOCK	09261X102
AVGO	BROADCOM INC	27,308 (+1.6%)	$8.452M (-9.1%)	0.9%	—	—	COM	11135F101
NEM	NEWMONT CORP	27,904 (+23.9%)	$3.021M (+34.3%)	0.3%	—	—	COM	651639106
PAAS	PAN AMERN SILVER CORP	45,145 (+24.6%)	$2.466M (+31.4%)	0.3%	—	—	COM	697900108
META	META PLATFORMS INC	7,563 (+3.8%)	$4.327M (-10.0%)	0.4%	—	—	CL A	30303M102
OR	OR ROYALTIES INC.	49,635 (+25.0%)	$1.884M (+33.8%)	0.2%	—	—	COM SHS	68390D106
AGI	ALAMOS GOLD INC	35,928 (+23.6%)	$1.594M (+41.7%)	0.2%	—	—	COM CL A	011532108
EQX	EQUINOX GOLD CORP	149,487 (+24.2%)	$2.152M (+27.0%)	0.2%	—	—	COM	29446Y502
SOFI	SOFI TECHNOLOGIES INC	55,898 (+10.3%)	$888K (-33.1%)	0.1%	—	—	COM	83406F102
BTI	BRITISH AMERN TOB PLC	123,312 (+2.3%)	$7.21M (+5.7%)	0.7%	—	—	SPONSORED ADR	110448107
ICE	INTERCONTINENTAL EXCHANGE IN	96,369 (+5.6%)	$15.16M (+2.6%)	1.6%	—	—	COM	45866F104
FBTC	FIDELITY WISE ORIGIN BITCOIN	24,540 (+4.5%)	$1.449M (-19.1%)	0.1%	—	—	SHS	315948109
SBUX	STARBUCKS CORP	29,099 (+6.8%)	$2.607M (+13.7%)	0.3%	—	—	COM	855244109
HODL	VANECK BITCOIN ETF	103,660 (+11.6%)	$1.986M (-13.5%)	0.2%	—	—	SH BEN INT	92189K105
IBM	INTERNATIONAL BUSINESS MACHS	6,857 (+3.5%)	$1.662M (-15.3%)	0.2%	—	—	COM	459200101
SA	SEABRIDGE GOLD INC	61,797 (+22.6%)	$1.751M (+17.4%)	0.2%	—	—	COM	811916105
MCD	MCDONALDS CORP	23,596 (+2.0%)	$7.333M (+3.7%)	0.8%	—	—	COM	580135101
GDX	VANECK ETF TRUST	22,770 (+5.2%)	$2.09M (+12.6%)	0.2%	—	—	GOLD MINERS ETF	92189F106
TRV	TRAVELERS COMPANIES INC	42,306 (+1.2%)	$12.34M (+1.7%)	1.3%	—	—	COM	89417E109
SGDJ	SPROTT ETF TRUST	25,325 (+7.5%)	$2.18M (+10.0%)	0.2%	—	—	JR GOLD MINERS E	85210B201
APPF	APPFOLIO INC	3,603 (+13.7%)	$569K (-22.8%)	0.1%	—	—	COM CL A	03783C100
CTAS	CINTAS CORP	11,820 (+3.9%)	$1.999M (-6.6%)	0.2%	—	—	COM	172908105
PSA	PUBLIC STORAGE OPER CO	4,724 (+4.2%)	$1.28M (+8.8%)	0.1%	—	—	COM	74460D109
HD	HOME DEPOT INC	11,768 (+2.1%)	$3.87M (-2.4%)	0.4%	—	—	COM	437076102
SHLS	SHOALS TECHNOLOGIES GROUP IN	86,368 (+12.4%)	$568K (-13.0%)	0.1%	—	—	CL A	82489W107
SMG	SCOTTS MIRACLE-GRO CO	14,862 (+4.8%)	$904K (+9.2%)	0.1%	—	—	CL A	810186106
TSLA	TESLA INC	3,407 (+14.3%)	$1.267M (-5.6%)	0.1%	—	—	COM	88160R101
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,826 (+1.3%)	$617K (+12.7%)	0.1%	—	—	SPONSORED ADS	874039100
AFG	AMERICAN FINANCIAL GROUP INC	9,731 (+3.1%)	$1.243M (-3.7%)	0.1%	—	—	COM	025932104
ITB	ISHARES TR	31,330 (+8.0%)	$2.837M (+1.6%)	0.3%	—	—	US HOME CONS ETF	464288752
UGI	UGI CORP NEW	223,053 (+2.3%)	$8.124M (-0.5%)	0.8%	—	—	COM	902681105
VICI	VICI PPTYS INC	74,353 (+1.0%)	$2.031M (-1.8%)	0.2%	—	—	COM	925652109
CDE	COEUR MNG INC	12,445 (+1.6%)	$234K (+6.9%)	0.0%	—	—	COM NEW	192108504
AOS	SMITH A O CORP	17,479 (+2.5%)	$1.153M (+1.1%)	0.1%	—	—	COM	831865209
C	CITIGROUP INC	86,860 (+2.8%)	$9.851M (-0.1%)	1.0%	—	—	COM NEW	172967424

Exited Positions (12)

NOG NORTHERN OIL & GAS INC 0.4%

Value $4.372M Shares 203,631 Est. Cost — Unrealized —

RNR RENAISSANCERE HLDGS LTD 0.3%

Value $3.038M Shares 10,804 Est. Cost — Unrealized —

LMT LOCKHEED MARTIN CORP 0.1%

Value $1.236M Shares 2,556 Est. Cost — Unrealized —

FLUT FLUTTER ENTMT PLC 0.1%

Value $677K Shares 3,146 Est. Cost — Unrealized —

FANG DIAMONDBACK ENERGY INC 0.1%

Value $611K Shares 4,065 Est. Cost — Unrealized —

BILL BILL HOLDINGS INC 0.1%

Value $537K Shares 9,841 Est. Cost — Unrealized —

AG FIRST MAJESTIC SILVER CORP 0.1%

Value $503K Shares 30,205 Est. Cost — Unrealized —

RKLB ROCKET LAB CORP 0.0%

Value $460K Shares 6,587 Est. Cost — Unrealized —

BEPC BROOKFIELD RENEWABLE CORP 0.0%

Value $356K Shares 9,280 Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value $346K Shares 2,875 Est. Cost — Unrealized —

SELF GLOBAL SELF STORAGE INC 0.0%

Value $242K Shares 47,388 Est. Cost — Unrealized —

VGIT VANGUARD SCOTTSDALE FDS 0.0%

Value $204K Shares 3,401 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NOG	NORTHERN OIL & GAS INC	203,631	$4.372M	0.4%	—	—	—	665531307
RNR	RENAISSANCERE HLDGS LTD	10,804	$3.038M	0.3%	—	—	—	G7496G103
LMT	LOCKHEED MARTIN CORP	2,556	$1.236M	0.1%	—	—	—	539830109
FLUT	FLUTTER ENTMT PLC	3,146	$677K	0.1%	—	—	—	G3643J108
FANG	DIAMONDBACK ENERGY INC	4,065	$611K	0.1%	—	—	—	25278X109
BILL	BILL HOLDINGS INC	9,841	$537K	0.1%	—	—	—	090043100
AG	FIRST MAJESTIC SILVER CORP	30,205	$503K	0.1%	—	—	—	32076V103
RKLB	ROCKET LAB CORP	6,587	$460K	0.0%	—	—	—	773121108
BEPC	BROOKFIELD RENEWABLE CORP	9,280	$356K	0.0%	—	—	—	11285B108
XOM	EXXON MOBIL CORP	2,875	$346K	0.0%	—	—	—	30231G102
SELF	GLOBAL SELF STORAGE INC	47,388	$242K	0.0%	—	—	—	37955N106
VGIT	VANGUARD SCOTTSDALE FDS	3,401	$204K	0.0%	—	—	—	92206C706

Decreased Positions (49)

MSFT MICROSOFT CORP 1.4%

Value $13.54M (-45.2%) Shares 36,566 (-28.4%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 4.3%

Value $41.6M (-18.6%) Shares 144,680 (-11.4%) Est. Cost — Unrealized —

V VISA INC 1.8%

Value $17.13M (-34.0%) Shares 56,689 (-23.4%) Est. Cost — Unrealized —

MKL MARKEL GROUP INC 1.9%

Value $18.21M (-32.2%) Shares 9,515 (-23.8%) Est. Cost — Unrealized —

WRB BERKLEY W R CORP 1.3%

Value $12.81M (-39.3%) Shares 193,328 (-35.8%) Est. Cost — Unrealized —

KGC KINROSS GOLD CORP 0.3%

Value $2.842M (-73.7%) Shares 93,135 (-75.7%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 1.1%

Value $10.97M (-42.0%) Shares 57,843 (-30.0%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 2.5%

Value $24.01M (-23.7%) Shares 115,275 (-15.4%) Est. Cost — Unrealized —

RGLD ROYAL GOLD INC 0.8%

Value $7.699M (-48.6%) Shares 30,254 (-55.1%) Est. Cost — Unrealized —

CRH CRH PLC 1.7%

Value $16.19M (-30.8%) Shares 154,008 (-17.9%) Est. Cost — Unrealized —

ALLE ALLEGION PLC 0.7%

Value $7.235M (-49.2%) Shares 49,797 (-44.4%) Est. Cost — Unrealized —

XYL XYLEM INC 0.4%

Value $3.657M (-63.7%) Shares 30,602 (-58.6%) Est. Cost — Unrealized —

PSMT PRICESMART INC 1.0%

Value $9.704M (-38.8%) Shares 64,478 (-50.1%) Est. Cost — Unrealized —

BDX BECTON DICKINSON & CO 0.1%

Value $1.09M (-84.5%) Shares 6,929 (-80.9%) Est. Cost — Unrealized —

MELI MERCADOLIBRE INC 1.0%

Value $9.634M (-38.0%) Shares 5,572 (-27.8%) Est. Cost — Unrealized —

AEM AGNICO EAGLE MINES LTD 0.8%

Value $7.578M (-43.3%) Shares 37,333 (-52.6%) Est. Cost — Unrealized —

PLNT PLANET FITNESS MASTER ISSUER 0.1%

Value $655K (-89.6%) Shares 8,805 (-84.9%) Est. Cost — Unrealized —

DDOG DATADOG INC 0.2%

Value $1.805M (-75.2%) Shares 15,293 (-71.4%) Est. Cost — Unrealized —

INTU INTUIT 0.3%

Value $2.517M (-66.7%) Shares 5,822 (-49.0%) Est. Cost — Unrealized —

TLT ISHARES TR 0.1%

Value $1.105M (-80.6%) Shares 12,747 (-80.4%) Est. Cost — Unrealized —

UBER UBER TECHNOLOGIES INC 0.1%

Value $503K (-88.2%) Shares 6,987 (-86.6%) Est. Cost — Unrealized —

AIR AAR CORP 1.9%

Value $18.72M (+16.8%) Shares 170,976 (-11.6%) Est. Cost — Unrealized —

DPZ DOMINOS PIZZA INC 1.2%

Value $11.75M (-18.2%) Shares 32,755 (-5.0%) Est. Cost — Unrealized —

ZETA ZETA GLOBAL HOLDINGS CORP 0.8%

Value $8.004M (-23.3%) Shares 502,768 (-1.9%) Est. Cost — Unrealized —

CRM SALESFORCE INC 0.2%

Value $1.896M (-46.7%) Shares 10,158 (-24.3%) Est. Cost — Unrealized —

GNRC GENERAC HLDGS INC 0.7%

Value $6.343M (+29.3%) Shares 32,472 (-9.7%) Est. Cost — Unrealized —

TXNM TXNM ENERGY INC 0.7%

Value $6.355M (-17.9%) Shares 108,711 (-17.3%) Est. Cost — Unrealized —

SPGI S&P GLOBAL INC 0.5%

Value $5.239M (-19.9%) Shares 12,317 (-1.6%) Est. Cost — Unrealized —

FIX COMFORT SYS USA INC 0.4%

Value $4.343M (-20.9%) Shares 3,150 (-46.5%) Est. Cost — Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value $1.889M (-34.7%) Shares 3,942 (-31.5%) Est. Cost — Unrealized —

VRSN VERISIGN INC 0.3%

Value $3.208M (-21.4%) Shares 12,916 (-23.1%) Est. Cost — Unrealized —

FNV FRANCO NEV CORP 0.6%

Value $5.462M (+17.5%) Shares 22,109 (-1.4%) Est. Cost — Unrealized —

JMBS JANUS DETROIT STR TR 1.8%

Value $17.4M (-4.1%) Shares 385,080 (-3.0%) Est. Cost — Unrealized —

NVR NVR INC 0.4%

Value $3.552M (-14.9%) Shares 539 (-5.8%) Est. Cost — Unrealized —

HROW HARROW INC 0.1%

Value $1.225M (-32.8%) Shares 34,748 (-6.5%) Est. Cost — Unrealized —

GBTC GRAYSCALE BITCOIN TRUST ETF 0.1%

Value $933K (-28.2%) Shares 17,675 (-7.0%) Est. Cost — Unrealized —

SNOW SNOWFLAKE INC 0.1%

Value $530K (-34.6%) Shares 3,516 (-4.9%) Est. Cost — Unrealized —

GSHD GOOSEHEAD INS INC 0.0%

Value $320K (-45.0%) Shares 7,504 (-5.0%) Est. Cost — Unrealized —

TTD THE TRADE DESK INC 0.0%

Value $341K (-42.4%) Shares 15,050 (-3.7%) Est. Cost — Unrealized —

CSGP COSTAR GROUP INC 0.0%

Value $301K (-44.0%) Shares 7,463 (-6.7%) Est. Cost — Unrealized —

GOOG ALPHABET INC 0.1%

Value $590K (-26.2%) Shares 2,058 (-19.3%) Est. Cost — Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 0.0%

Value $284K (-38.7%) Shares 8,000 (-42.9%) Est. Cost — Unrealized —

HQY HEALTHEQUITY INC 0.1%

Value $700K (-14.6%) Shares 8,376 (-6.4%) Est. Cost — Unrealized —

SII SPROTT INC 0.0%

Value $350K (+42.5%) Shares 2,462 (-1.8%) Est. Cost — Unrealized —

ABBV ABBVIE INC 0.0%

Value $363K (-16.6%) Shares 1,668 (-12.4%) Est. Cost — Unrealized —

SN SHARKNINJA INC 0.1%

Value $499K (-12.1%) Shares 4,709 (-7.1%) Est. Cost — Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.1%

Value $1.069M (+2.0%) Shares 43,849 (-1.1%) Est. Cost — Unrealized —

CEF SPROTT ASSET MANAGEMENT LP 0.1%

Value $495K (-0.6%) Shares 10,370 (-4.6%) Est. Cost — Unrealized —

SSD SIMPSON MFG INC 0.1%

Value $622K (-0.2%) Shares 3,622 (-6.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	36,566 (-28.4%)	$13.54M (-45.2%)	1.4%	—	—	COM	594918104
GOOGL	ALPHABET INC	144,680 (-11.4%)	$41.6M (-18.6%)	4.3%	—	—	CAP STK CL A	02079K305
V	VISA INC	56,689 (-23.4%)	$17.13M (-34.0%)	1.8%	—	—	COM CL A	92826C839
MKL	MARKEL GROUP INC	9,515 (-23.8%)	$18.21M (-32.2%)	1.9%	—	—	COM	570535104
WRB	BERKLEY W R CORP	193,328 (-35.8%)	$12.81M (-39.3%)	1.3%	—	—	COM	084423102
KGC	KINROSS GOLD CORP	93,135 (-75.7%)	$2.842M (-73.7%)	0.3%	—	—	COM	496902404
DHR	DANAHER CORP DEL	57,843 (-30.0%)	$10.97M (-42.0%)	1.1%	—	—	COM	235851102
AMZN	AMAZON COM INC	115,275 (-15.4%)	$24.01M (-23.7%)	2.5%	—	—	COM	023135106
RGLD	ROYAL GOLD INC	30,254 (-55.1%)	$7.699M (-48.6%)	0.8%	—	—	COM	780287108
CRH	CRH PLC	154,008 (-17.9%)	$16.19M (-30.8%)	1.7%	—	—	ORD	G25508105
ALLE	ALLEGION PLC	49,797 (-44.4%)	$7.235M (-49.2%)	0.7%	—	—	ORD SHS	G0176J109
XYL	XYLEM INC	30,602 (-58.6%)	$3.657M (-63.7%)	0.4%	—	—	COM	98419M100
PSMT	PRICESMART INC	64,478 (-50.1%)	$9.704M (-38.8%)	1.0%	—	—	COM	741511109
BDX	BECTON DICKINSON & CO	6,929 (-80.9%)	$1.09M (-84.5%)	0.1%	—	—	COM	075887109
MELI	MERCADOLIBRE INC	5,572 (-27.8%)	$9.634M (-38.0%)	1.0%	—	—	COM	58733R102
AEM	AGNICO EAGLE MINES LTD	37,333 (-52.6%)	$7.578M (-43.3%)	0.8%	—	—	COM	008474108
PLNT	PLANET FITNESS MASTER ISSUER	8,805 (-84.9%)	$655K (-89.6%)	0.1%	—	—	CL A	72703H101
DDOG	DATADOG INC	15,293 (-71.4%)	$1.805M (-75.2%)	0.2%	—	—	CL A COM	23804L103
INTU	INTUIT	5,822 (-49.0%)	$2.517M (-66.7%)	0.3%	—	—	COM	461202103
TLT	ISHARES TR	12,747 (-80.4%)	$1.105M (-80.6%)	0.1%	—	—	20 YR TR BD ETF	464287432
UBER	UBER TECHNOLOGIES INC	6,987 (-86.6%)	$503K (-88.2%)	0.1%	—	—	COM	90353T100
AIR	AAR CORP	170,976 (-11.6%)	$18.72M (+16.8%)	1.9%	—	—	COM	000361105
DPZ	DOMINOS PIZZA INC	32,755 (-5.0%)	$11.75M (-18.2%)	1.2%	—	—	COM	25754A201
ZETA	ZETA GLOBAL HOLDINGS CORP	502,768 (-1.9%)	$8.004M (-23.3%)	0.8%	—	—	CL A	98956A105
CRM	SALESFORCE INC	10,158 (-24.3%)	$1.896M (-46.7%)	0.2%	—	—	COM	79466L302
GNRC	GENERAC HLDGS INC	32,472 (-9.7%)	$6.343M (+29.3%)	0.7%	—	—	COM	368736104
TXNM	TXNM ENERGY INC	108,711 (-17.3%)	$6.355M (-17.9%)	0.7%	—	—	COM	69349H107
SPGI	S&P GLOBAL INC	12,317 (-1.6%)	$5.239M (-19.9%)	0.5%	—	—	COM	78409V104
FIX	COMFORT SYS USA INC	3,150 (-46.5%)	$4.343M (-20.9%)	0.4%	—	—	COM	199908104
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,942 (-31.5%)	$1.889M (-34.7%)	0.2%	—	—	CL B NEW	084670702
VRSN	VERISIGN INC	12,916 (-23.1%)	$3.208M (-21.4%)	0.3%	—	—	COM	92343E102
FNV	FRANCO NEV CORP	22,109 (-1.4%)	$5.462M (+17.5%)	0.6%	—	—	COM	351858105
JMBS	JANUS DETROIT STR TR	385,080 (-3.0%)	$17.4M (-4.1%)	1.8%	—	—	HENDERSON MTG	47103U852
NVR	NVR INC	539 (-5.8%)	$3.552M (-14.9%)	0.4%	—	—	COM	62944T105
HROW	HARROW INC	34,748 (-6.5%)	$1.225M (-32.8%)	0.1%	—	—	COM	415858109
GBTC	GRAYSCALE BITCOIN TRUST ETF	17,675 (-7.0%)	$933K (-28.2%)	0.1%	—	—	SHS REP COM UT	389637109
SNOW	SNOWFLAKE INC	3,516 (-4.9%)	$530K (-34.6%)	0.1%	—	—	COM SHS	833445109
GSHD	GOOSEHEAD INS INC	7,504 (-5.0%)	$320K (-45.0%)	0.0%	—	—	COM CL A	38267D109
TTD	THE TRADE DESK INC	15,050 (-3.7%)	$341K (-42.4%)	0.0%	—	—	COM CL A	88339J105
CSGP	COSTAR GROUP INC	7,463 (-6.7%)	$301K (-44.0%)	0.0%	—	—	COM	22160N109
GOOG	ALPHABET INC	2,058 (-19.3%)	$590K (-26.2%)	0.1%	—	—	CAP STK CL C	02079K107
PHYS	SPROTT ASSET MANAGEMENT LP	8,000 (-42.9%)	$284K (-38.7%)	0.0%	—	—	PHYSICAL GOLD TR	85207H104
HQY	HEALTHEQUITY INC	8,376 (-6.4%)	$700K (-14.6%)	0.1%	—	—	COM	42226A107
SII	SPROTT INC	2,462 (-1.8%)	$350K (+42.5%)	0.0%	—	—	COM NEW	852066208
ABBV	ABBVIE INC	1,668 (-12.4%)	$363K (-16.6%)	0.0%	—	—	COM	00287Y109
SN	SHARKNINJA INC	4,709 (-7.1%)	$499K (-12.1%)	0.1%	—	—	COM SHS	G8068L108
PSLV	SPROTT ASSET MANAGEMENT LP	43,849 (-1.1%)	$1.069M (+2.0%)	0.1%	—	—	PHYSICAL SILVER	85207K107
CEF	SPROTT ASSET MANAGEMENT LP	10,370 (-4.6%)	$495K (-0.6%)	0.1%	—	—	PHYSICAL GOLD AN	85208R101
SSD	SIMPSON MFG INC	3,622 (-6.1%)	$622K (-0.2%)	0.1%	—	—	COM	829073105

Unchanged Positions (28)

LLY ELI LILLY & CO 2.0%

Value $19.71M Shares 21,424 Est. Cost — Unrealized —

AXP AMERICAN EXPRESS CO 1.1%

Value $10.88M Shares 35,984 Est. Cost — Unrealized —

COCO VITA COCO CO INC 2.0%

Value $19.03M Shares 397,202 Est. Cost — Unrealized —

KO COCA COLA CO 2.5%

Value $23.93M Shares 314,700 Est. Cost — Unrealized —

CME CME GROUP INC 2.5%

Value $24.32M Shares 82,338 Est. Cost — Unrealized —

CBOE CBOE GLOBAL MKTS INC 1.6%

Value $15.36M Shares 54,643 Est. Cost — Unrealized —

AXS AXIS CAP HLDGS LTD 3.0%

Value $28.7M Shares 283,020 Est. Cost — Unrealized —

VRSK VERISK ANALYTICS INC 0.8%

Value $7.643M Shares 40,277 Est. Cost — Unrealized —

— KAYNE ANDERSON ENERGY INFRST 0.9%

Value $8.945M Shares 626,411 Est. Cost — Unrealized —

AAPL APPLE INC 1.2%

Value $11.29M Shares 44,503 Est. Cost — Unrealized —

JKHY HENRY JACK & ASSOC INC 0.5%

Value $4.674M Shares 29,574 Est. Cost — Unrealized —

— PG&E CORP 1.3%

Value $12.21M Shares 284,116 Est. Cost — Unrealized —

ASML ASML HLDG NV 0.2%

Value $1.684M Shares 1,275 Est. Cost — Unrealized —

CMG CHIPOTLE MEXICAN GRILL INC 0.2%

Value $2.126M Shares 66,404 Est. Cost — Unrealized —

DBMF LITMAN GREGORY FDS TR 0.4%

Value $3.554M Shares 117,865 Est. Cost — Unrealized —

PH PARKER-HANNIFIN CORP 0.9%

Value $8.354M Shares 9,331 Est. Cost — Unrealized —

U UNITY SOFTWARE INC 0.0%

Value $208K Shares 9,500 Est. Cost — Unrealized —

DOCS DOXIMITY INC 0.0%

Value $206K Shares 8,858 Est. Cost — Unrealized —

DASH DOORDASH INC 0.0%

Value $251K Shares 1,673 Est. Cost — Unrealized —

GRAB GRAB HOLDINGS LIMITED 0.0%

Value $317K Shares 86,577 Est. Cost — Unrealized —

CRWD CROWDSTRIKE HLDGS INC 0.1%

Value $497K Shares 1,272 Est. Cost — Unrealized —

VEEV VEEVA SYS INC 0.0%

Value $367K Shares 2,088 Est. Cost — Unrealized —

BN BROOKFIELD CORP 0.1%

Value $715K Shares 17,698 Est. Cost — Unrealized —

NKE NIKE INC 0.0%

Value $444K Shares 8,412 Est. Cost — Unrealized —

KNSL KINSALE CAP GROUP INC 0.1%

Value $607K Shares 1,776 Est. Cost — Unrealized —

TMDX TRANSMEDICS GROUP INC 0.0%

Value $200K Shares 2,016 Est. Cost — Unrealized —

KVUE KENVUE INC 1.5%

Value $14.93M Shares 865,883 Est. Cost — Unrealized —

DFAC DIMENSIONAL ETF TRUST 0.0%

Value $293K Shares 7,546 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	21,424	$19.71M	2.0%	—	—	COM	532457108
AXP	AMERICAN EXPRESS CO	35,984	$10.88M	1.1%	—	—	COM	025816109
COCO	VITA COCO CO INC	397,202	$19.03M	2.0%	—	—	COM	92846Q107
KO	COCA COLA CO	314,700	$23.93M	2.5%	—	—	COM	191216100
CME	CME GROUP INC	82,338	$24.32M	2.5%	—	—	COM	12572Q105
CBOE	CBOE GLOBAL MKTS INC	54,643	$15.36M	1.6%	—	—	COM	12503M108
AXS	AXIS CAP HLDGS LTD	283,020	$28.7M	3.0%	—	—	SHS	G0692U109
VRSK	VERISK ANALYTICS INC	40,277	$7.643M	0.8%	—	—	COM	92345Y106
—	KAYNE ANDERSON ENERGY INFRST	626,411	$8.945M	0.9%	—	—	COM	486606106
AAPL	APPLE INC	44,503	$11.29M	1.2%	—	—	COM	037833100
JKHY	HENRY JACK & ASSOC INC	29,574	$4.674M	0.5%	—	—	COM	426281101
—	PG&E CORP	284,116	$12.21M	1.3%	—	—	PFD CONV SER A	69331C306
ASML	ASML HLDG NV	1,275	$1.684M	0.2%	—	—	N Y REGISTRY SHS	N07059210
CMG	CHIPOTLE MEXICAN GRILL INC	66,404	$2.126M	0.2%	—	—	COM	169656105
DBMF	LITMAN GREGORY FDS TR	117,865	$3.554M	0.4%	—	—	IMGP DBI MANAGED	53700T827
PH	PARKER-HANNIFIN CORP	9,331	$8.354M	0.9%	—	—	COM	701094104
U	UNITY SOFTWARE INC	9,500	$208K	0.0%	—	—	COM	91332U101
DOCS	DOXIMITY INC	8,858	$206K	0.0%	—	—	CL A	26622P107
DASH	DOORDASH INC	1,673	$251K	0.0%	—	—	CL A	25809K105
GRAB	GRAB HOLDINGS LIMITED	86,577	$317K	0.0%	—	—	CLASS A ORD	G4124C109
CRWD	CROWDSTRIKE HLDGS INC	1,272	$497K	0.1%	—	—	CL A	22788C105
VEEV	VEEVA SYS INC	2,088	$367K	0.0%	—	—	CL A COM	922475108
BN	BROOKFIELD CORP	17,698	$715K	0.1%	—	—	CL A LTD VT SH	11271J107
NKE	NIKE INC	8,412	$444K	0.0%	—	—	CL B	654106103
KNSL	KINSALE CAP GROUP INC	1,776	$607K	0.1%	—	—	COM	49714P108
TMDX	TRANSMEDICS GROUP INC	2,016	$200K	0.0%	—	—	COM	89377M109
KVUE	KENVUE INC	865,883	$14.93M	1.5%	—	—	COM	49177J102
DFAC	DIMENSIONAL ETF TRUST	7,546	$293K	0.0%	—	—	US CORE EQUITY 2	25434V708