Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	737,922	$285M	4.1%	$386.73	$386.73	—	COM	036752103
CRK	COMSTOCK RES INC	546,413	$8.152M	0.1%	$14.92	$14.92	—	COM	205768302
TLN	TALEN ENERGY CORP	6,500	$2.498M	0.0%	$384.26	$384.26	—	COM	87422Q109
RPV	INVESCO EXCHANGE TRADED FD T	4,173	$475K	0.0%	$113.82	$113.82	—	S&P500 PUR VAL	46137V258
FDXF	FEDEX FGHT HLDG CO INC	1,533	$231K	0.0%	$151.00	$151.00	—	COMMON STOCK	314352105

Increased Positions (16)

GBIL GOLDMAN SACHS ETF TR 19.2%

Value $1.353B (+21.3%) Shares 13,511,909 (+21.4%) Share Price $100.16 Est. Cost/Share $100.12 Unrealized @ Report Date —

CVX CHEVRON CORPORATION 6.5%

Value $461M (-18.9%) Shares 2,780,991 (+1.2%) Share Price $165.76 Est. Cost/Share $139.50 Unrealized @ Report Date —

DG DOLLAR GEN CORP 2.8%

Value $199M (+49.2%) Shares 1,727,299 (+53.9%) Share Price $115.11 Est. Cost/Share $90.36 Unrealized @ Report Date —

LEN LENNAR CORP 6.1%

Value $429M (+17.3%) Shares 4,743,250 (+12.6%) Share Price $90.49 Est. Cost/Share $120.19 Unrealized @ Report Date —

MSFT MICROSOFT CORP 6.0%

Value $424M (+16.6%) Shares 1,136,273 (+15.8%) Share Price $373.02 Est. Cost/Share $375.43 Unrealized @ Report Date —

GM GENERAL MTRS CO 4.9%

Value $343M (+14.3%) Shares 4,447,271 (+10.5%) Share Price $77.08 Est. Cost/Share $41.56 Unrealized @ Report Date —

THO THOR INDS INC 5.9%

Value $415M (+6.1%) Shares 5,527,556 (+12.7%) Share Price $75.16 Est. Cost/Share $92.37 Unrealized @ Report Date —

LBTYK LIBERTY GLOBAL LTD 1.4%

Value $97.26M (+20.4%) Shares 8,841,834 (+28.4%) Share Price $11.00 Est. Cost/Share $9.61 Unrealized @ Report Date —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.7%

Value $122M (+13.3%) Shares 243,736 (+8.5%) Share Price $500.39 Est. Cost/Share $328.18 Unrealized @ Report Date —

SATS ECHOSTAR CORP 0.1%

Value $6.704M (+358.1%) Shares 66,050 (+428.4%) Share Price $101.50 Est. Cost/Share $104.31 Unrealized @ Report Date —

ZD ZIFF DAVIS INC 0.1%

Value $4.531M (+48.6%) Shares 86,526 (+19.1%) Share Price $52.37 Est. Cost/Share $37.26 Unrealized @ Report Date —

JEF JEFFERIES FINANCIAL GROUP IN 0.1%

Value $6.474M (+25.7%) Shares 129,527 (+3.8%) Share Price $49.98 Est. Cost/Share $47.98 Unrealized @ Report Date —

MGM MGM RESORTS INTERNATIONAL 0.1%

Value $4.436M (+32.5%) Shares 92,792 (+2.6%) Share Price $47.81 Est. Cost/Share $39.42 Unrealized @ Report Date —

FPH FIVE POINT HOLDINGS LLC 0.1%

Value $6.792M (+14.2%) Shares 1,288,800 (+4.8%) Share Price $5.27 Est. Cost/Share $4.29 Unrealized @ Report Date —

LEN/B LENNAR CORP 0.1%

Value $3.604M (+26.2%) Shares 40,626 (+19.6%) Share Price $88.71 Est. Cost/Share $92.17 Unrealized @ Report Date —

MRK MERCK & CO INC 0.1%

Value $5.287M (+11.4%) Shares 41,146 (+4.3%) Share Price $128.50 Est. Cost/Share $92.48 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GBIL	GOLDMAN SACHS ETF TR	13,511,909 (+21.4%)	$1.353B (+21.3%)	19.2%	$100.16	$100.12	—	ACCES TREASURY	381430529
CVX	CHEVRON CORPORATION	2,780,991 (+1.2%)	$461M (-18.9%)	6.5%	$165.76	$139.50	—	COM	166764100
DG	DOLLAR GEN CORP	1,727,299 (+53.9%)	$199M (+49.2%)	2.8%	$115.11	$90.36	—	COM	256677105
LEN	LENNAR CORP	4,743,250 (+12.6%)	$429M (+17.3%)	6.1%	$90.49	$120.19	—	CL A	526057104
MSFT	MICROSOFT CORP	1,136,273 (+15.8%)	$424M (+16.6%)	6.0%	$373.02	$375.43	—	COM	594918104
GM	GENERAL MTRS CO	4,447,271 (+10.5%)	$343M (+14.3%)	4.9%	$77.08	$41.56	—	COM	37045V100
THO	THOR INDS INC	5,527,556 (+12.7%)	$415M (+6.1%)	5.9%	$75.16	$92.37	—	COM	885160101
LBTYK	LIBERTY GLOBAL LTD	8,841,834 (+28.4%)	$97.26M (+20.4%)	1.4%	$11.00	$9.61	—	COM CL C	G61188127
BRK/B	BERKSHIRE HATHAWAY INC DEL	243,736 (+8.5%)	$122M (+13.3%)	1.7%	$500.39	$328.18	—	CL B NEW	084670702
SATS	ECHOSTAR CORP	66,050 (+428.4%)	$6.704M (+358.1%)	0.1%	$101.50	$104.31	—	CL A	278768106
ZD	ZIFF DAVIS INC	86,526 (+19.1%)	$4.531M (+48.6%)	0.1%	$52.37	$37.26	—	COM	48123V102
JEF	JEFFERIES FINANCIAL GROUP IN	129,527 (+3.8%)	$6.474M (+25.7%)	0.1%	$49.98	$47.98	—	COM	47233W109
MGM	MGM RESORTS INTERNATIONAL	92,792 (+2.6%)	$4.436M (+32.5%)	0.1%	$47.81	$39.42	—	COM	552953101
FPH	FIVE POINT HOLDINGS LLC	1,288,800 (+4.8%)	$6.792M (+14.2%)	0.1%	$5.27	$4.29	—	COM CL A	33833Q106
LEN/B	LENNAR CORP	40,626 (+19.6%)	$3.604M (+26.2%)	0.1%	$88.71	$92.17	—	CL B	526057302
MRK	MERCK & CO INC	41,146 (+4.3%)	$5.287M (+11.4%)	0.1%	$128.50	$92.48	—	COM	58933Y105

Exited Positions (3)

DHIL DIAMOND HILL INVT GROUP INC 0.1%

Value $4.088M Shares 23,754 Share Price $172.10 Est. Cost/Share $170.70 Unrealized @ Report Date —

KW KENNEDY-WILSON HOLDINGS INC 0.1%

Value $3.837M Shares 354,611 Share Price $10.82 Est. Cost/Share $8.66 Unrealized @ Report Date —

NINE NINE ENERGY SERVICE INC 0.0%

Value $279K Shares 46,500 Share Price $6.00 Est. Cost/Share $6.00 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DHIL	DIAMOND HILL INVT GROUP INC	23,754	$4.088M	0.1%	$172.10	$170.70	—	—	25264R207
KW	KENNEDY-WILSON HOLDINGS INC	354,611	$3.837M	0.1%	$10.82	$8.66	—	—	489398107
NINE	NINE ENERGY SERVICE INC	46,500	$279K	0.0%	$6.00	$6.00	—	—	65441V200

Decreased Positions (9)

ARW ARROW ELECTRS INC 4.4%

Value $311M (-39.4%) Shares 1,457,881 (-59.3%) Share Price $213.41 Est. Cost/Share $115.93 Unrealized @ Report Date —

C CITIGROUP INC 4.1%

Value $291M (-27.7%) Shares 2,075,702 (-41.4%) Share Price $139.96 Est. Cost/Share $52.12 Unrealized @ Report Date —

VOD VODAFONE GROUP PLC 4.5%

Value $318M (-21.2%) Shares 24,019,101 (-10.6%) Share Price $13.22 Est. Cost/Share $10.15 Unrealized @ Report Date —

FDX FEDEX CORP 4.9%

Value $348M (-13.0%) Shares 1,112,339 (-1.0%) Share Price $313.13 Est. Cost/Share $249.41 Unrealized @ Report Date —

DELL DELL TECHNOLOGIES INC 0.4%

Value $25.37M (+32.2%) Shares 58,798 (-49.7%) Share Price $431.46 Est. Cost/Share $72.69 Unrealized @ Report Date —

IAC PEOPLE INC 0.2%

Value $13.47M (-25.3%) Shares 291,826 (-35.3%) Share Price $46.16 Est. Cost/Share $38.12 Unrealized @ Report Date —

SGOV ISHARES TR 0.3%

Value $21.82M (-17.1%) Shares 216,767 (-17.1%) Share Price $100.67 Est. Cost/Share $100.65 Unrealized @ Report Date —

LILAK LIBERTY LATIN AMERICA LTD 0.0%

Value $2.763M (-24.7%) Shares 354,642 (-14.8%) Share Price $7.79 Est. Cost/Share $6.91 Unrealized @ Report Date —

SMBC SOUTHERN MO BANCORP INC 0.1%

Value $6.937M (+14.5%) Shares 91,020 (-3.9%) Share Price $76.21 Est. Cost/Share $47.43 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARW	ARROW ELECTRS INC	1,457,881 (-59.3%)	$311M (-39.4%)	4.4%	$213.41	$115.93	—	COM	042735100
C	CITIGROUP INC	2,075,702 (-41.4%)	$291M (-27.7%)	4.1%	$139.96	$52.12	—	COM NEW	172967424
VOD	VODAFONE GROUP PLC	24,019,101 (-10.6%)	$318M (-21.2%)	4.5%	$13.22	$10.15	—	SPONSORED ADR	92857W308
FDX	FEDEX CORP	1,112,339 (-1.0%)	$348M (-13.0%)	4.9%	$313.13	$249.41	—	COM	31428X106
DELL	DELL TECHNOLOGIES INC	58,798 (-49.7%)	$25.37M (+32.2%)	0.4%	$431.46	$72.69	—	CL C	24703L202
IAC	PEOPLE INC	291,826 (-35.3%)	$13.47M (-25.3%)	0.2%	$46.16	$38.12	—	COM NEW	44891N208
SGOV	ISHARES TR	216,767 (-17.1%)	$21.82M (-17.1%)	0.3%	$100.67	$100.65	—	0-3 MTH TREASURY	46436E718
LILAK	LIBERTY LATIN AMERICA LTD	354,642 (-14.8%)	$2.763M (-24.7%)	0.0%	$7.79	$6.91	—	COM CL C	G9001E128
SMBC	SOUTHERN MO BANCORP INC	91,020 (-3.9%)	$6.937M (+14.5%)	0.1%	$76.21	$47.43	—	COM	843380106

Unchanged Positions (8)

MGA MAGNA INTL INC 4.5%

Value $316M Shares 4,809,078 Share Price $65.66 Est. Cost/Share $46.71 Unrealized @ Report Date —

JPM JPMORGAN CHASE & CO 4.5%

Value $320M Shares 977,345 Share Price $327.33 Est. Cost/Share $157.02 Unrealized @ Report Date —

JNJ JOHNSON & JOHNSON 7.7%

Value $545M Shares 2,146,488 Share Price $253.97 Est. Cost/Share $142.92 Unrealized @ Report Date —

LBTYA LIBERTY GLOBAL LTD 3.8%

Value $268M Shares 23,595,165 Share Price $11.37 Est. Cost/Share $11.25 Unrealized @ Report Date —

BRK/A BERKSHIRE HATHAWAY INC DEL 0.9%

Value $63.65M Shares 85 Share Price $748850.00 Est. Cost/Share $692527.00 Unrealized @ Report Date —

BCS BARCLAYS PLC 0.2%

Value $12.19M Shares 454,000 Share Price $26.86 Est. Cost/Share $7.67 Unrealized @ Report Date —

APG API GROUP CORP 0.0%

Value $2.81M Shares 66,358 Share Price $42.35 Est. Cost/Share $30.38 Unrealized @ Report Date —

NFE NEW FORTRESS ENERGY INC 0.0%

Value $43,572 Shares 120,000 Share Price $0.36 Est. Cost/Share $2.85 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MGA	MAGNA INTL INC	4,809,078	$316M	4.5%	$65.66	$46.71	—	COM	559222401
JPM	JPMORGAN CHASE & CO	977,345	$320M	4.5%	$327.33	$157.02	—	COM	46625H100
JNJ	JOHNSON & JOHNSON	2,146,488	$545M	7.7%	$253.97	$142.92	—	COM	478160104
LBTYA	LIBERTY GLOBAL LTD	23,595,165	$268M	3.8%	$11.37	$11.25	—	COM CL A	G61188101
BRK/A	BERKSHIRE HATHAWAY INC DEL	85	$63.65M	0.9%	$748850.00	$692527.00	—	CL A	084670108
BCS	BARCLAYS PLC	454,000	$12.19M	0.2%	$26.86	$7.67	—	ADR	06738E204
APG	API GROUP CORP	66,358	$2.81M	0.0%	$42.35	$30.38	—	COM STK	00187Y100
NFE	NEW FORTRESS ENERGY INC	120,000	$43,572	0.0%	$0.36	$2.85	—	COM CL A	644393100