Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXP	AMERICAN EXPRESS CO	375,514 (+19.5%)	$127M (+33.7%)	5.8%	$176.08	—	—	025816109
META	META PLATFORMS INC	302,931 (+18.4%)	$171M (+16.6%)	7.8%	$473.62	—	—	30303M102
CI	THE CIGNA GROUP	443,993 (+13.6%)	$122M (+17.4%)	5.6%	$271.53	—	—	125523100
KR	KROGER CO	1,780,542 (+17.5%)	$98.88M (-9.8%)	4.5%	$49.59	—	—	501044101
HCA	HCA HEALTHCARE INC	232,486 (+34.8%)	$90.64M (+11.1%)	4.1%	$340.43	—	—	40412C101
MRNA	MODERNA INC	1,490 (+50.5%)	$104K (+108.0%)	0.0%	$126.82	—	—	60770K107

Decreased Positions (18)

ZTS ZOETIS INC 1.9%

Value $42.88M (-46.3%) Shares 596,697 (-11.6%) Est. Cost $125.98 Unrealized —

UNP UNION PAC CORP 4.3%

Value $94.97M (-25.2%) Shares 349,171 (-33.3%) Est. Cost $175.20 Unrealized —

CSX CSX CORP 5.5%

Value $120M (-18.4%) Shares 2,526,725 (-29.6%) Est. Cost $29.26 Unrealized —

LOW LOWES COS INC 4.7%

Value $103M (-17.6%) Shares 465,406 (-11.7%) Est. Cost $152.43 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 8.3%

Value $183M (-8.7%) Shares 364,813 (-12.6%) Est. Cost $419.13 Unrealized —

AMAT APPLIED MATLS INC 5.8%

Value $128M (-10.7%) Shares 176,751 (-57.8%) Est. Cost $163.91 Unrealized —

QCOM QUALCOMM INC 8.8%

Value $194M (+8.1%) Shares 1,049,807 (-24.6%) Est. Cost $163.08 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 4.0%

Value $88.94M (+16.8%) Shares 229,987 (-11.6%) Est. Cost $480.28 Unrealized —

AMP AMERIPRISE FINL INC 5.5%

Value $121M (-8.8%) Shares 262,966 (-11.7%) Est. Cost $466.79 Unrealized —

GOOGL ALPHABET INC 5.4%

Value $118M (+9.8%) Shares 329,595 (-11.7%) Est. Cost $118.90 Unrealized —

NEM NEWMONT CORP 1.9%

Value $41.84M (-19.4%) Shares 447,920 (-6.6%) Est. Cost $38.99 Unrealized —

SCI SERVICE CORP INTL 1.1%

Value $25.17M (-18.7%) Shares 331,276 (-11.6%) Est. Cost $53.11 Unrealized —

UPS UNITED PARCEL SVCS INC 4.7%

Value $104M (-3.5%) Shares 969,545 (-11.7%) Est. Cost $112.98 Unrealized —

AFL AFLAC INC 2.7%

Value $60.19M (-4.5%) Shares 513,359 (-10.6%) Est. Cost $43.86 Unrealized —

HPQ HP INC 7.5%

Value $164M (+0.9%) Shares 7,474,697 (-11.6%) Est. Cost $22.88 Unrealized —

V VISA INC 0.0%

Value $154K (-32.2%) Shares 450 (-40.0%) Est. Cost $197.07 Unrealized —

INTC INTEL CORP 0.0%

Value $161K (+83.0%) Shares 1,150 (-42.5%) Est. Cost $42.41 Unrealized —

TXN TEXAS INSTRS INC 0.0%

Value $112K (-11.1%) Shares 375 (-42.3%) Est. Cost $161.35 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	596,697 (-11.6%)	$42.88M (-46.3%)	1.9%	$125.98	—	—	98978V103
UNP	UNION PAC CORP	349,171 (-33.3%)	$94.97M (-25.2%)	4.3%	$175.20	—	—	907818108
CSX	CSX CORP	2,526,725 (-29.6%)	$120M (-18.4%)	5.5%	$29.26	—	—	126408103
LOW	LOWES COS INC	465,406 (-11.7%)	$103M (-17.6%)	4.7%	$152.43	—	—	548661107
BRK/B	BERKSHIRE HATHAWAY INC DEL	364,813 (-12.6%)	$183M (-8.7%)	8.3%	$419.13	—	—	084670702
AMAT	APPLIED MATLS INC	176,751 (-57.8%)	$128M (-10.7%)	5.8%	$163.91	—	—	038222105
QCOM	QUALCOMM INC	1,049,807 (-24.6%)	$194M (+8.1%)	8.8%	$163.08	—	—	747525103
ELV	ELEVANCE HEALTH INC FORMERLY	229,987 (-11.6%)	$88.94M (+16.8%)	4.0%	$480.28	—	—	036752103
AMP	AMERIPRISE FINL INC	262,966 (-11.7%)	$121M (-8.8%)	5.5%	$466.79	—	—	03076C106
GOOGL	ALPHABET INC	329,595 (-11.7%)	$118M (+9.8%)	5.4%	$118.90	—	—	02079K305
NEM	NEWMONT CORP	447,920 (-6.6%)	$41.84M (-19.4%)	1.9%	$38.99	—	—	651639106
SCI	SERVICE CORP INTL	331,276 (-11.6%)	$25.17M (-18.7%)	1.1%	$53.11	—	—	817565104
UPS	UNITED PARCEL SVCS INC	969,545 (-11.7%)	$104M (-3.5%)	4.7%	$112.98	—	—	911312106
AFL	AFLAC INC	513,359 (-10.6%)	$60.19M (-4.5%)	2.7%	$43.86	—	—	001055102
HPQ	HP INC	7,474,697 (-11.6%)	$164M (+0.9%)	7.5%	$22.88	—	—	40434L105
V	VISA INC	450 (-40.0%)	$154K (-32.2%)	0.0%	$197.07	—	—	92826C839
INTC	INTEL CORP	1,150 (-42.5%)	$161K (+83.0%)	0.0%	$42.41	—	—	458140100
TXN	TEXAS INSTRS INC	375 (-42.3%)	$112K (-11.1%)	0.0%	$161.35	—	—	882508104

Unchanged Positions (14)

UNH UNITEDHEALTH GROUP INC 0.0%

Value $128K Shares 307 Est. Cost $455.23 Unrealized —

ROK ROCKWELL AUTOMATION INC 0.0%

Value $119K Shares 240 Est. Cost $270.53 Unrealized —

NOC NORTHROP GRUMMAN CORP 0.0%

Value $92,000 Shares 180 Est. Cost $470.02 Unrealized —

LMT LOCKHEED MARTIN CORP 0.0%

Value $160K Shares 315 Est. Cost $448.29 Unrealized —

JKS JINKOSOLAR HLDG CO LTD 0.0%

Value $54,000 Shares 3,200 Est. Cost $40.94 Unrealized —

USB US BANCORP 0.0%

Value $151K Shares 2,500 Est. Cost $38.63 Unrealized —

PFE PFIZER INC 0.0%

Value $96,000 Shares 4,000 Est. Cost $24.77 Unrealized —

GS GOLDMAN SACHS GROUP INC 0.0%

Value $101K Shares 100 Est. Cost $300.52 Unrealized —

GD GENERAL DYNAMICS CORP 0.0%

Value $142K Shares 400 Est. Cost $255.81 Unrealized —

MCO MOODYS CORP 0.0%

Value $111K Shares 245 Est. Cost $476.92 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value $119K Shares 470 Est. Cost $145.10 Unrealized —

SONY SONY GROUP CORP 0.0%

Value $110K Shares 5,500 Est. Cost $32.15 Unrealized —

BIDU BAIDU INC 0.0%

Value $97,000 Shares 850 Est. Cost $150.59 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.0%

Value $80,000 Shares 160 Est. Cost $547.53 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	307	$128K	0.0%	$455.23	—	—	91324P102
ROK	ROCKWELL AUTOMATION INC	240	$119K	0.0%	$270.53	—	—	773903109
NOC	NORTHROP GRUMMAN CORP	180	$92,000	0.0%	$470.02	—	—	666807102
LMT	LOCKHEED MARTIN CORP	315	$160K	0.0%	$448.29	—	—	539830109
JKS	JINKOSOLAR HLDG CO LTD	3,200	$54,000	0.0%	$40.94	—	—	47759T100
USB	US BANCORP	2,500	$151K	0.0%	$38.63	—	—	902973304
PFE	PFIZER INC	4,000	$96,000	0.0%	$24.77	—	—	717081103
GS	GOLDMAN SACHS GROUP INC	100	$101K	0.0%	$300.52	—	—	38141G104
GD	GENERAL DYNAMICS CORP	400	$142K	0.0%	$255.81	—	—	369550108
MCO	MOODYS CORP	245	$111K	0.0%	$476.92	—	—	615369105
JNJ	JOHNSON & JOHNSON	470	$119K	0.0%	$145.10	—	—	478160104
SONY	SONY GROUP CORP	5,500	$110K	0.0%	$32.15	—	—	835699307
BIDU	BAIDU INC	850	$97,000	0.0%	$150.59	—	—	056752108
TMO	THERMO FISHER SCIENTIFIC INC	160	$80,000	0.0%	$547.53	—	—	883556102