Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NVDA	NVIDIA CORPORATION	465,076 (+35.1%)	$106M (+54.2%)	6.4%	$228.38	$156.24	+46.2%	COM	67066G104
ISRG	INTUITIVE SURGICAL INC	90,825 (+464.2%)	$36.93M (+476.9%)	2.2%	$406.63	$371.28	+9.5%	COM NEW	46120E602
MSFT	MICROSOFT CORP	203,395 (+2.7%)	$104M (+41.2%)	6.3%	$512.90	$341.51	+50.2%	COM	594918104
META	META PLATFORMS INC	109,909 (+21.7%)	$79.7M (+56.6%)	4.8%	$725.18	$582.84	+24.4%	CL A	30303M102
WSO	WATSCO INC	158,419 (+12.7%)	$47.95M (-18.1%)	2.9%	$302.69	$387.84	-22.0%	COM	942622200
GOOGL	ALPHABET INC	64,489 (+39.2%)	$22.19M (+34.0%)	1.3%	$344.08	$215.01	+60.0%	CAP STK CL A	02079K305
CAT	CATERPILLAR INC	23,386 (+4.5%)	$18.96M (-20.4%)	1.1%	$810.79	$337.94	+139.9%	COM	149123101
FER	FERROVIAL NV	519,370 (+47.6%)	$28.1M (+16.4%)	1.7%	$54.10	$66.30	-18.4%	ORD SHS	N3168P101
MCD	MCDONALDS CORP	56,255 (+1.1%)	$12.99M (-13.7%)	0.8%	$230.94	$174.06	+32.7%	COM	580135101
UBER	UBER TECHNOLOGIES INC	584,346 (+2.2%)	$40.03M (-2.9%)	2.4%	$68.51	$76.15	-10.0%	COM	90353T100
AVGO	BROADCOM INC	50,884 (+3.6%)	$17.87M (-3.6%)	1.1%	$351.19	$162.13	+116.6%	COM	11135F101
PAYX	PAYCHEX INC	119,263 (+1.6%)	$11.75M (+1.8%)	0.7%	$98.50	$79.74	+23.5%	COM	704326107
ORCL	ORACLE CORP	59,696 (+6.1%)	$8.196M (-0.6%)	0.5%	$137.30	$178.91	-23.3%	COM	68389X105
SPYM	SPDR SERIES TRUST	11,912 (+2.3%)	$1.069M (+4.5%)	0.1%	$89.76	$41.78	+114.8%	ST STR P500ETF	78464A854
SPY	STATE STR SPDR S&P 500 ETF T	563 (+7.4%)	$429K (+9.7%)	0.0%	$762.63	$521.57	+46.2%	TR UNIT	78462F103
SPYD	SPDR SERIES TRUST	5,481 (+2.2%)	$249K (-2.8%)	0.0%	$45.37	$38.79	+17.0%	ST STR SP500DIV	78468R788

Exited Positions (2)

NOC NORTHROP GRUMMAN CORP 0.4%

Value $6.901M Shares 13,549 Share Price $509.31 * Est. Cost/Share $442.46 Unrealized @ Report Date +9.3%

CMG CHIPOTLE MEXICAN GRILL INC 0.3%

Value $5.02M Shares 147,652 Share Price $34.00 * Est. Cost/Share $51.72 Unrealized @ Report Date -38.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NOC	NORTHROP GRUMMAN CORP	13,549	$6.901M	0.4%	$509.31 *	$442.46	+9.3%	—	666807102
CMG	CHIPOTLE MEXICAN GRILL INC	147,652	$5.02M	0.3%	$34.00 *	$51.72	-38.2%	—	169656105

Decreased Positions (22)

UNH UNITEDHEALTH GROUP INC 5.8%

Value $96.14M (-16.2%) Shares 261,914 (-5.1%) Share Price $367.08 Est. Cost/Share $375.42 Unrealized @ Report Date -2.2%

ASML ASML HLDG NV 3.1%

Value $51.84M (-20.9%) Shares 28,616 (-13.1%) Share Price $1811.67 Est. Cost/Share $858.89 Unrealized @ Report Date +110.9%

BKNG BOOKING HOLDINGS INC 2.0%

Value $32.85M (-24.6%) Shares 201,674 (-17.5%) Share Price $162.91 Est. Cost/Share $264.53 Unrealized @ Report Date -38.4%

TM TOYOTA MOTOR CORP 0.3%

Value $4.721M (-67.3%) Shares 25,781 (-69.9%) Share Price $183.10 Est. Cost/Share $181.33 Unrealized @ Report Date +1.0%

GOOG ALPHABET INC 7.3%

Value $121M (-6.2%) Shares 353,791 (-2.8%) Share Price $340.74 Est. Cost/Share $125.78 Unrealized @ Report Date +170.9%

WAB WABTEC 2.8%

Value $46.7M (-14.4%) Shares 162,609 (-19.6%) Share Price $287.18 Est. Cost/Share $173.31 Unrealized @ Report Date +65.7%

LLY ELI LILLY & CO 2.8%

Value $47.2M (-13.5%) Shares 40,789 (-10.3%) Share Price $1157.08 Est. Cost/Share $598.60 Unrealized @ Report Date +93.3%

CPAY CORPAY INC 2.7%

Value $44.69M (-13.1%) Shares 115,004 (-25.5%) Share Price $388.60 Est. Cost/Share $336.96 Unrealized @ Report Date +15.3%

EQT EQT CORP 2.6%

Value $42.41M (-12.6%) Shares 873,269 (-4.3%) Share Price $48.56 Est. Cost/Share $38.34 Unrealized @ Report Date +26.6%

AAPL APPLE INC 3.6%

Value $60.45M (+11.1%) Shares 181,512 (-3.5%) Share Price $333.02 Est. Cost/Share $133.26 Unrealized @ Report Date +149.9%

NKE NIKE INC 0.1%

Value $1.434M (-80.5%) Shares 40,520 (-77.4%) Share Price $35.40 Est. Cost/Share $96.48 Unrealized @ Report Date -63.3%

ORLY OREILLY AUTOMOTIVE INC 2.1%

Value $35.14M (-11.1%) Shares 411,440 (-4.2%) Share Price $85.41 Est. Cost/Share $88.41 Unrealized @ Report Date -3.4%

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.1%

Value $51.86M (-7.6%) Shares 113,673 (-3.3%) Share Price $456.19 Est. Cost/Share $302.37 Unrealized @ Report Date +50.9%

SOXX ISHARES TR 1.3%

Value $21.9M (-15.9%) Shares 38,518 (-5.2%) Share Price $568.64 Est. Cost/Share $507.70 Unrealized @ Report Date +12.0%

HEI/A HEICO CORP NEW 1.0%

Value $16.72M (-16.1%) Shares 73,245 (-5.2%) Share Price $228.33 Est. Cost/Share $223.15 Unrealized @ Report Date +2.3%

SNOW SNOWFLAKE INC 0.7%

Value $11.81M (+25.6%) Shares 34,784 (-5.9%) Share Price $339.56 Est. Cost/Share $163.69 Unrealized @ Report Date +107.4%

JPM JPMORGAN CHASE & CO 3.4%

Value $55.84M (-2.5%) Shares 168,796 (-3.5%) Share Price $330.83 Est. Cost/Share $249.17 Unrealized @ Report Date +32.8%

IDXX IDEXX LABS INC 1.6%

Value $27.03M (-4.6%) Shares 51,766 (-3.9%) Share Price $522.19 Est. Cost/Share $442.05 Unrealized @ Report Date +18.1%

AMZN AMAZON COM INC 2.9%

Value $48.58M (+0.8%) Shares 194,976 (-3.5%) Share Price $249.15 Est. Cost/Share $197.89 Unrealized @ Report Date +25.9%

GVI ISHARES TR 0.1%

Value $1.572M (-4.8%) Shares 15,249 (-2.0%) Share Price $103.07 Est. Cost/Share $104.85 Unrealized @ Report Date -1.7%

VYM VANGUARD WHITEHALL FDS 0.1%

Value $1.22M (-2.9%) Shares 7,860 (-1.1%) Share Price $155.20 Est. Cost/Share $76.64 Unrealized @ Report Date +102.5%

VTI VANGUARD INDEX FDS 0.0%

Value $776K (-1.3%) Shares 2,074 (-2.4%) Share Price $374.24 Est. Cost/Share $153.40 Unrealized @ Report Date +144.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	261,914 (-5.1%)	$96.14M (-16.2%)	5.8%	$367.08	$375.42	-2.2%	COM	91324P102
ASML	ASML HLDG NV	28,616 (-13.1%)	$51.84M (-20.9%)	3.1%	$1811.67	$858.89	+110.9%	N Y REGISTRY SHS	N07059210
BKNG	BOOKING HOLDINGS INC	201,674 (-17.5%)	$32.85M (-24.6%)	2.0%	$162.91	$264.53	-38.4%	COM	09857L108
TM	TOYOTA MOTOR CORP	25,781 (-69.9%)	$4.721M (-67.3%)	0.3%	$183.10	$181.33	+1.0%	ADS	892331307
GOOG	ALPHABET INC	353,791 (-2.8%)	$121M (-6.2%)	7.3%	$340.74	$125.78	+170.9%	CAP STK CL C	02079K107
WAB	WABTEC	162,609 (-19.6%)	$46.7M (-14.4%)	2.8%	$287.18	$173.31	+65.7%	COM	929740108
LLY	ELI LILLY & CO	40,789 (-10.3%)	$47.2M (-13.5%)	2.8%	$1157.08	$598.60	+93.3%	COM	532457108
CPAY	CORPAY INC	115,004 (-25.5%)	$44.69M (-13.1%)	2.7%	$388.60	$336.96	+15.3%	COM SHS	219948106
EQT	EQT CORP	873,269 (-4.3%)	$42.41M (-12.6%)	2.6%	$48.56	$38.34	+26.6%	COM	26884L109
AAPL	APPLE INC	181,512 (-3.5%)	$60.45M (+11.1%)	3.6%	$333.02	$133.26	+149.9%	COM	037833100
NKE	NIKE INC	40,520 (-77.4%)	$1.434M (-80.5%)	0.1%	$35.40	$96.48	-63.3%	CL B	654106103
ORLY	OREILLY AUTOMOTIVE INC	411,440 (-4.2%)	$35.14M (-11.1%)	2.1%	$85.41	$88.41	-3.4%	COM	67103H107
TSM	TAIWAN SEMICONDUCTOR MANUFAC	113,673 (-3.3%)	$51.86M (-7.6%)	3.1%	$456.19	$302.37	+50.9%	SPONSORED ADS	874039100
SOXX	ISHARES TR	38,518 (-5.2%)	$21.9M (-15.9%)	1.3%	$568.64	$507.70	+12.0%	ISHARES SEMICDTR	464287523
HEI/A	HEICO CORP NEW	73,245 (-5.2%)	$16.72M (-16.1%)	1.0%	$228.33	$223.15	+2.3%	CL A	422806208
SNOW	SNOWFLAKE INC	34,784 (-5.9%)	$11.81M (+25.6%)	0.7%	$339.56	$163.69	+107.4%	COM SHS	833445109
JPM	JPMORGAN CHASE & CO	168,796 (-3.5%)	$55.84M (-2.5%)	3.4%	$330.83	$249.17	+32.8%	COM	46625H100
IDXX	IDEXX LABS INC	51,766 (-3.9%)	$27.03M (-4.6%)	1.6%	$522.19	$442.05	+18.1%	COM	45168D104
AMZN	AMAZON COM INC	194,976 (-3.5%)	$48.58M (+0.8%)	2.9%	$249.15	$197.89	+25.9%	COM	023135106
GVI	ISHARES TR	15,249 (-2.0%)	$1.572M (-4.8%)	0.1%	$103.07	$104.85	-1.7%	INTRM GOV CR ETF	464288612
VYM	VANGUARD WHITEHALL FDS	7,860 (-1.1%)	$1.22M (-2.9%)	0.1%	$155.20	$76.64	+102.5%	HIGH DIV YLD	921946406
VTI	VANGUARD INDEX FDS	2,074 (-2.4%)	$776K (-1.3%)	0.0%	$374.24	$153.40	+144.0%	MRNGSTR TTL STK	922908769

Unchanged Positions (27)

SCCO SOUTHERN COPPER CORP 1.4%

Value $23.13M Shares 114,162 Share Price $202.64 Est. Cost/Share $70.99 Unrealized @ Report Date +185.4%

LOW LOWES COS INC 0.8%

Value $12.68M Shares 68,784 Share Price $184.29 Est. Cost/Share $145.00 Unrealized @ Report Date +27.1%

NEE NEXTERA ENERGY INC 0.8%

Value $13.32M Shares 175,886 Share Price $75.74 Est. Cost/Share $62.39 Unrealized @ Report Date +21.4%

CSCO CISCO SYS INC 1.1%

Value $18.29M Shares 169,950 Share Price $107.63 Est. Cost/Share $40.13 Unrealized @ Report Date +168.2%

HEI HEICO CORP NEW 0.6%

Value $9.139M Shares 30,144 Share Price $303.18 Est. Cost/Share $223.03 Unrealized @ Report Date +35.9%

NXPI NXP SEMICONDUCTORS N V 0.5%

Value $8.018M Shares 33,754 Share Price $237.53 Est. Cost/Share $159.55 Unrealized @ Report Date +48.9%

MKL MARKEL GROUP INC 0.4%

Value $5.987M Shares 3,496 Share Price $1712.45 Est. Cost/Share $1961.14 Unrealized @ Report Date -12.7%

BX BLACKSTONE INC 0.9%

Value $14.72M Shares 131,354 Share Price $112.09 Est. Cost/Share $84.30 Unrealized @ Report Date +33.0%

FANG DIAMONDBACK ENERGY INC 1.0%

Value $16.97M Shares 92,340 Share Price $183.81 Est. Cost/Share $126.34 Unrealized @ Report Date +45.5%

MA MASTERCARD INCORPORATED 0.5%

Value $7.886M Shares 14,300 Share Price $551.47 Est. Cost/Share $359.42 Unrealized @ Report Date +53.4%

FAST FASTENAL CO 1.1%

Value $17.61M Shares 355,623 Share Price $49.53 Est. Cost/Share $33.11 Unrealized @ Report Date +49.6%

SHW SHERWIN WILLIAMS CO 0.4%

Value $7.379M Shares 22,827 Share Price $323.27 Est. Cost/Share $249.50 Unrealized @ Report Date +29.6%

RTX RTX CORPORATION 1.1%

Value $18.13M Shares 97,663 Share Price $185.65 Est. Cost/Share $62.87 Unrealized @ Report Date +195.3%

V VISA INC 0.5%

Value $8.665M Shares 24,115 Share Price $359.33 Est. Cost/Share $220.85 Unrealized @ Report Date +62.7%

ZTS ZOETIS INC 0.7%

Value $11.68M Shares 167,282 Share Price $69.83 Est. Cost/Share $131.59 Unrealized @ Report Date -46.9%

MPWR MONOLITHIC PWR SYS INC 0.7%

Value $11.11M Shares 8,244 Share Price $1347.22 Est. Cost/Share $497.05 Unrealized @ Report Date +171.0%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $906K Shares 19,132 Share Price $47.34 Est. Cost/Share $52.94 Unrealized @ Report Date -10.6%

COST COSTCO WHOLESALE CORPORATION 0.5%

Value $7.512M Shares 8,252 Share Price $910.34 Est. Cost/Share $440.79 Unrealized @ Report Date +106.5%

SPGI S&P GLOBAL INC 0.3%

Value $5.656M Shares 14,339 Share Price $394.47 Est. Cost/Share $414.85 Unrealized @ Report Date -4.9%

ETN EATON CORP PLC 1.1%

Value $18.63M Shares 43,345 Share Price $429.71 Est. Cost/Share $355.83 Unrealized @ Report Date +20.8%

BA BOEING CO 0.0%

Value $455K Shares 2,448 Share Price $186.05 Est. Cost/Share $227.74 Unrealized @ Report Date -18.3%

DVY ISHARES TR 0.0%

Value $427K Shares 2,806 Share Price $152.07 Est. Cost/Share $80.05 Unrealized @ Report Date +90.0%

AMT AMERICAN TOWER CORP 0.8%

Value $13.76M Shares 84,031 Share Price $163.69 Est. Cost/Share $191.52 Unrealized @ Report Date —

LMT LOCKHEED MARTIN CORP 1.0%

Value $16M Shares 31,410 Share Price $509.25 Est. Cost/Share $317.15 Unrealized @ Report Date +60.6%

VEU VANGUARD INTL EQUITY INDEX F 0.0%

Value $425K Shares 5,120 Share Price $82.97 Est. Cost/Share $46.72 Unrealized @ Report Date +77.6%

SPDW SPDR INDEX SHS FDS 0.0%

Value $200K Shares 3,992 Share Price $50.21 Est. Cost/Share $49.57 Unrealized @ Report Date +1.3%

FLRN SPDR SERIES TRUST 0.0%

Value $227K Shares 7,365 Share Price $30.84 Est. Cost/Share $30.64 Unrealized @ Report Date +0.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SCCO	SOUTHERN COPPER CORP	114,162	$23.13M	1.4%	$202.64	$70.99	+185.4%	COM	84265V105
LOW	LOWES COS INC	68,784	$12.68M	0.8%	$184.29	$145.00	+27.1%	COM	548661107
NEE	NEXTERA ENERGY INC	175,886	$13.32M	0.8%	$75.74	$62.39	+21.4%	COM	65339F101
CSCO	CISCO SYS INC	169,950	$18.29M	1.1%	$107.63	$40.13	+168.2%	COM	17275R102
HEI	HEICO CORP NEW	30,144	$9.139M	0.6%	$303.18	$223.03	+35.9%	COM	422806109
NXPI	NXP SEMICONDUCTORS N V	33,754	$8.018M	0.5%	$237.53	$159.55	+48.9%	COM	N6596X109
MKL	MARKEL GROUP INC	3,496	$5.987M	0.4%	$1712.45	$1961.14	-12.7%	COM	570535104
BX	BLACKSTONE INC	131,354	$14.72M	0.9%	$112.09	$84.30	+33.0%	COM	09260D107
FANG	DIAMONDBACK ENERGY INC	92,340	$16.97M	1.0%	$183.81	$126.34	+45.5%	COM	25278X109
MA	MASTERCARD INCORPORATED	14,300	$7.886M	0.5%	$551.47	$359.42	+53.4%	CL A	57636Q104
FAST	FASTENAL CO	355,623	$17.61M	1.1%	$49.53	$33.11	+49.6%	COM	311900104
SHW	SHERWIN WILLIAMS CO	22,827	$7.379M	0.4%	$323.27	$249.50	+29.6%	COM	824348106
RTX	RTX CORPORATION	97,663	$18.13M	1.1%	$185.65	$62.87	+195.3%	COM	75513E101
V	VISA INC	24,115	$8.665M	0.5%	$359.33	$220.85	+62.7%	COM CL A	92826C839
ZTS	ZOETIS INC	167,282	$11.68M	0.7%	$69.83	$131.59	-46.9%	CL A	98978V103
MPWR	MONOLITHIC PWR SYS INC	8,244	$11.11M	0.7%	$1347.22	$497.05	+171.0%	COM	609839105
IBIT	ISHARES BITCOIN TRUST ETF	19,132	$906K	0.1%	$47.34	$52.94	-10.6%	SHS BEN INT	46438F101
COST	COSTCO WHOLESALE CORPORATION	8,252	$7.512M	0.5%	$910.34	$440.79	+106.5%	COM	22160K105
SPGI	S&P GLOBAL INC	14,339	$5.656M	0.3%	$394.47	$414.85	-4.9%	COM	78409V104
ETN	EATON CORP PLC	43,345	$18.63M	1.1%	$429.71	$355.83	+20.8%	SHS	G29183103
BA	BOEING CO	2,448	$455K	0.0%	$186.05	$227.74	-18.3%	COM	097023105
DVY	ISHARES TR	2,806	$427K	0.0%	$152.07	$80.05	+90.0%	SELECT DIVID ETF	464287168
AMT	AMERICAN TOWER CORP	84,031	$13.76M	0.8%	$163.69	$191.52	—	COM	03027X100
LMT	LOCKHEED MARTIN CORP	31,410	$16M	1.0%	$509.25	$317.15	+60.6%	COM	539830109
VEU	VANGUARD INTL EQUITY INDEX F	5,120	$425K	0.0%	$82.97	$46.72	+77.6%	ALLWRLD EX US	922042775
SPDW	SPDR INDEX SHS FDS	3,992	$200K	0.0%	$50.21	$49.57	+1.3%	ST STR PO EX ETF	78463X889
FLRN	SPDR SERIES TRUST	7,365	$227K	0.0%	$30.84	$30.64	+0.6%	ST STR RATE ETF	78468R200