YCG, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FICO	FAIR ISAAC CORP	48,818 (+15.7%)	$52,115 (-26.9%)	4.7%	$1602.88	-8.5%	COM	303250104
LIN	LINDE PLC	87,574 (+10.3%)	$43,416 (+28.2%)	3.9%	$430.32	+6.9%	SHS	G54950103
CME	CME GROUP INC	135,837 (+8.5%)	$40,119 (+17.3%)	3.6%	$201.96	+43.3%	COM	12572Q105
TDG	TRANSDIGM GROUP INC	30,176 (+29.6%)	$34,973 (+12.9%)	3.2%	$1322.34	+3.0%	COM	893641100
CRH	CRH PLC	120,031 (+5.0%)	$12,618 (-11.5%)	1.1%	$97.58	+27.4%	ORD	G25508105
MLM	MARTIN MARIETTA MATLS INC	22,622 (+10.3%)	$13,317 (+4.3%)	1.2%	$523.58	+26.2%	COM	573284106
CPRT	COPART INC	1,756,341 (+18.7%)	$58,311 (+0.6%)	5.3%	$36.03	+8.7%	COM	217204106
VRSK	VERISK ANALYTICS INC	218,601 (+17.3%)	$41,480 (-0.5%)	3.8%	$142.11	+43.4%	COM	92345Y106

Exited Positions (4)

AMGN AMGEN INC 0.0%

Value ($000) $523 Shares 1,598 Est. Cost $315.95 Unrealized +10.7%

CAT CATERPILLAR INC 0.0%

Value ($000) $341 Shares 596 Est. Cost $555.50 Unrealized +23.2%

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value ($000) $239 Shares 2,625 Est. Cost $97.70 Unrealized -2.8%

SCHW SCHWAB CHARLES CORP 0.0%

Value ($000) $209 Shares 2,088 Est. Cost $94.74 Unrealized +5.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMGN	AMGEN INC	1,598	$523	0.0%	$315.95	+10.7%	—	031162100
CAT	CATERPILLAR INC	596	$341	0.0%	$555.50	+23.2%	—	149123101
ORLY	OREILLY AUTOMOTIVE INC	2,625	$239	0.0%	$97.70	-2.8%	—	67103H107
SCHW	SCHWAB CHARLES CORP	2,088	$209	0.0%	$94.74	+5.7%	—	808513105

Decreased Positions (32)

MSFT MICROSOFT CORP 5.5%

Value ($000) $61,014 (-27.4%) Shares 164,827 (-5.2%) Est. Cost $151.45 Unrealized +187.0%

INTU INTUIT 1.7%

Value ($000) $19,080 (-54.5%) Shares 44,127 (-30.3%) Est. Cost $321.58 Unrealized +54.7%

GOOG ALPHABET INC 3.8%

Value ($000) $41,628 (-34.9%) Shares 145,117 (-28.8%) Est. Cost $106.49 Unrealized +203.9%

CSGP COSTAR GROUP INC 0.7%

Value ($000) $7,906 (-67.3%) Shares 195,980 (-45.4%) Est. Cost $81.68 Unrealized -30.3%

MCO MOODYS CORP 6.9%

Value ($000) $76,328 (-17.5%) Shares 174,963 (-3.3%) Est. Cost $153.44 Unrealized +219.1%

CBRE CBRE GROUP INC 1.4%

Value ($000) $15,104 (-47.8%) Shares 111,501 (-38.0%) Est. Cost $45.10 Unrealized +257.9%

MA MASTERCARD INCORPORATED 7.1%

Value ($000) $78,184 (-15.0%) Shares 156,474 (-2.8%) Est. Cost $108.68 Unrealized +396.0%

CL COLGATE PALMOLIVE CO 0.7%

Value ($000) $7,355 (-55.4%) Shares 86,291 (-58.7%) Est. Cost $58.36 Unrealized +52.1%

ADBE ADOBE INC 0.6%

Value ($000) $7,078 (-56.1%) Shares 29,120 (-36.8%) Est. Cost $412.83 Unrealized -29.8%

SPGI S&P GLOBAL INC 3.3%

Value ($000) $36,034 (-19.7%) Shares 84,718 (-1.3%) Est. Cost $359.54 Unrealized +35.0%

PGR PROGRESSIVE CORP 0.7%

Value ($000) $7,200 (-50.7%) Shares 36,318 (-43.4%) Est. Cost $87.22 Unrealized +137.0%

AAPL APPLE INC 0.8%

Value ($000) $8,731 (-44.3%) Shares 34,402 (-40.3%) Est. Cost $152.09 Unrealized +72.8%

AON AON PLC 4.3%

Value ($000) $47,452 (-11.2%) Shares 147,010 (-2.9%) Est. Cost $192.70 Unrealized +74.4%

AMZN AMAZON COM INC 3.6%

Value ($000) $39,958 (-12.6%) Shares 191,855 (-3.1%) Est. Cost $122.88 Unrealized +84.6%

MSCI MSCI INC 5.2%

Value ($000) $57,613 (-8.9%) Shares 106,886 (-3.1%) Est. Cost $153.25 Unrealized +271.5%

V VISA INC 1.6%

Value ($000) $17,311 (-19.2%) Shares 57,276 (-6.3%) Est. Cost $190.88 Unrealized +72.5%

MRSH MARSH & MCLENNAN COS INC 3.7%

Value ($000) $40,779 (-8.7%) Shares 235,107 (-2.3%) Est. Cost $92.11 Unrealized +96.9%

WM WASTE MGMT INC DEL 4.6%

Value ($000) $50,706 (-6.0%) Shares 220,662 (-10.1%) Est. Cost $160.80 Unrealized +40.6%

META META PLATFORMS INC 1.3%

Value ($000) $14,204 (-16.8%) Shares 24,826 (-4.0%) Est. Cost $669.38 Unrealized -2.1%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.0%

Value ($000) $21,784 (-11.4%) Shares 45,460 (-7.1%) Est. Cost $263.97 Unrealized +86.9%

RACE FERRARI N V 1.9%

Value ($000) $21,040 (-11.6%) Shares 62,165 (-3.4%) Est. Cost $286.96 Unrealized +24.3%

CNI CANADIAN NATL RY CO 2.4%

Value ($000) $26,418 (-8.8%) Shares 257,059 (-12.3%) Est. Cost $110.39 Unrealized -7.5%

KO COCA COLA CO 0.3%

Value ($000) $3,189 (-40.0%) Shares 41,934 (-44.9%) Est. Cost $28.86 Unrealized +159.0%

CP CANADIAN PACIFIC KANSAS CITY 2.4%

Value ($000) $26,580 (-7.4%) Shares 337,905 (-13.3%) Est. Cost $76.76 Unrealized +0.6%

RSG REPUBLIC SVCS INC 3.8%

Value ($000) $42,511 (-4.7%) Shares 194,097 (-7.8%) Est. Cost $148.09 Unrealized +46.3%

VMC VULCAN MATLS CO 1.1%

Value ($000) $11,866 (-7.7%) Shares 43,576 (-3.3%) Est. Cost $256.69 Unrealized +19.5%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $718 (-52.4%) Shares 1 (-50.0%) Est. Cost $746423.56 Unrealized -0.8%

SGOV ISHARES TR 0.1%

Value ($000) $1,154 (-29.6%) Shares 11,467 (-29.8%) Est. Cost $100.44 Unrealized —

PG PROCTER & GAMBLE CO 1.5%

Value ($000) $16,308 (-2.8%) Shares 112,905 (-3.5%) Est. Cost $72.66 Unrealized +108.9%

EFX EQUIFAX INC 0.1%

Value ($000) $1,015 (-22.1%) Shares 5,634 (-6.1%) Est. Cost $56.79 Unrealized +259.8%

SYK STRYKER CORPORATION 0.1%

Value ($000) $1,114 (-19.3%) Shares 3,390 (-13.7%) Est. Cost $116.84 Unrealized +212.1%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $699 (-22.2%) Shares 2,858 (-34.1%) Est. Cost $87.60 Unrealized +160.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	164,827 (-5.2%)	$61,014 (-27.4%)	5.5%	$151.45	+187.0%	COM	594918104
INTU	INTUIT	44,127 (-30.3%)	$19,080 (-54.5%)	1.7%	$321.58	+54.7%	COM	461202103
GOOG	ALPHABET INC	145,117 (-28.8%)	$41,628 (-34.9%)	3.8%	$106.49	+203.9%	CAP STK CL C	02079K107
CSGP	COSTAR GROUP INC	195,980 (-45.4%)	$7,906 (-67.3%)	0.7%	$81.68	-30.3%	COM	22160N109
MCO	MOODYS CORP	174,963 (-3.3%)	$76,328 (-17.5%)	6.9%	$153.44	+219.1%	COM	615369105
CBRE	CBRE GROUP INC	111,501 (-38.0%)	$15,104 (-47.8%)	1.4%	$45.10	+257.9%	CL A	12504L109
MA	MASTERCARD INCORPORATED	156,474 (-2.8%)	$78,184 (-15.0%)	7.1%	$108.68	+396.0%	CL A	57636Q104
CL	COLGATE PALMOLIVE CO	86,291 (-58.7%)	$7,355 (-55.4%)	0.7%	$58.36	+52.1%	COM	194162103
ADBE	ADOBE INC	29,120 (-36.8%)	$7,078 (-56.1%)	0.6%	$412.83	-29.8%	COM	00724F101
SPGI	S&P GLOBAL INC	84,718 (-1.3%)	$36,034 (-19.7%)	3.3%	$359.54	+35.0%	COM	78409V104
PGR	PROGRESSIVE CORP	36,318 (-43.4%)	$7,200 (-50.7%)	0.7%	$87.22	+137.0%	COM	743315103
AAPL	APPLE INC	34,402 (-40.3%)	$8,731 (-44.3%)	0.8%	$152.09	+72.8%	COM	037833100
AON	AON PLC	147,010 (-2.9%)	$47,452 (-11.2%)	4.3%	$192.70	+74.4%	SHS CL A	G0403H108
AMZN	AMAZON COM INC	191,855 (-3.1%)	$39,958 (-12.6%)	3.6%	$122.88	+84.6%	COM	023135106
MSCI	MSCI INC	106,886 (-3.1%)	$57,613 (-8.9%)	5.2%	$153.25	+271.5%	COM	55354G100
V	VISA INC	57,276 (-6.3%)	$17,311 (-19.2%)	1.6%	$190.88	+72.5%	COM CL A	92826C839
MRSH	MARSH & MCLENNAN COS INC	235,107 (-2.3%)	$40,779 (-8.7%)	3.7%	$92.11	+96.9%	COM	571748102
WM	WASTE MGMT INC DEL	220,662 (-10.1%)	$50,706 (-6.0%)	4.6%	$160.80	+40.6%	COM	94106L109
META	META PLATFORMS INC	24,826 (-4.0%)	$14,204 (-16.8%)	1.3%	$669.38	-2.1%	CL A	30303M102
BRK/B	BERKSHIRE HATHAWAY INC DEL	45,460 (-7.1%)	$21,784 (-11.4%)	2.0%	$263.97	+86.9%	CL B NEW	084670702
RACE	FERRARI N V	62,165 (-3.4%)	$21,040 (-11.6%)	1.9%	$286.96	+24.3%	COM	N3167Y103
CNI	CANADIAN NATL RY CO	257,059 (-12.3%)	$26,418 (-8.8%)	2.4%	$110.39	-7.5%	COM	136375102
KO	COCA COLA CO	41,934 (-44.9%)	$3,189 (-40.0%)	0.3%	$28.86	+159.0%	COM	191216100
CP	CANADIAN PACIFIC KANSAS CITY	337,905 (-13.3%)	$26,580 (-7.4%)	2.4%	$76.76	+0.6%	COM	13646K108
RSG	REPUBLIC SVCS INC	194,097 (-7.8%)	$42,511 (-4.7%)	3.8%	$148.09	+46.3%	COM	760759100
VMC	VULCAN MATLS CO	43,576 (-3.3%)	$11,866 (-7.7%)	1.1%	$256.69	+19.5%	COM	929160109
BRK/A	BERKSHIRE HATHAWAY INC DEL	1 (-50.0%)	$718 (-52.4%)	0.1%	$746423.56	-0.8%	CL A	084670108
SGOV	ISHARES TR	11,467 (-29.8%)	$1,154 (-29.6%)	0.1%	$100.44	—	0-3 MNTH TREASRY	46436E718
PG	PROCTER & GAMBLE CO	112,905 (-3.5%)	$16,308 (-2.8%)	1.5%	$72.66	+108.9%	COM	742718109
EFX	EQUIFAX INC	5,634 (-6.1%)	$1,015 (-22.1%)	0.1%	$56.79	+259.8%	COM	294429105
SYK	STRYKER CORPORATION	3,390 (-13.7%)	$1,114 (-19.3%)	0.1%	$116.84	+212.1%	COM	863667101
JNJ	JOHNSON & JOHNSON	2,858 (-34.1%)	$699 (-22.2%)	0.1%	$87.60	+160.1%	COM	478160104