Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	254,031	$95.84M	3.5%	$377.30	—	COM	11135F101
AJG	GALLAGHER ARTHUR J & CO	29,250	$6.712M	0.2%	$229.47	—	COM	363576109
CMI	CUMMINS INC	938	$669K	0.0%	$712.98	—	COM	231021106
VIG	VANGUARD SPECIALIZED FUNDS	2,737	$648K	0.0%	$236.58	—	DIV APP ETF	921908844
META	META PLATFORMS INC	935	$526K	0.0%	$562.99	—	CL A	30303M102
LRCX	LAM RESEARCH CORP	1,119	$485K	0.0%	$433.42	—	COM NEW	512807306
BKNG	BOOKING HOLDINGS INC	2,483	$443K	0.0%	$178.23	—	COM	09857L108
FAST	FASTENAL CO	9,068	$435K	0.0%	$48.02	—	COM	311900104
ANET	ARISTA NETWORKS INC	2,549	$433K	0.0%	$169.92	—	COM SHS	040413205
PG	PROCTER & GAMBLE CO	2,763	$405K	0.0%	$146.49	—	COM	742718109
UBER	UBER TECHNOLOGIES INC	5,417	$391K	0.0%	$72.09	—	COM	90353T100
CBOE	CBOE GLOBAL MKTS INC	1,514	$366K	0.0%	$242.06	—	COM	12503M108
SLB	SLB LIMITED	5,862	$272K	0.0%	$46.47	—	COM STK	806857108
WM	WASTE MGMT INC DEL	1,090	$243K	0.0%	$222.78	—	COM	94106L109
SYK	STRYKER CORPORATION	762	$240K	0.0%	$314.88	—	COM	863667101

Increased Positions (19)

NVDA NVIDIA CORPORATION 6.3%

Value $175M (+24.7%) Shares 874,469 (+8.8%) Est. Cost $178.85 Unrealized —

V VISA INC 5.8%

Value $161M (+17.2%) Shares 469,059 (+3.3%) Est. Cost $168.24 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 3.1%

Value $85.98M (-20.4%) Shares 698,494 (+1.7%) Est. Cost $135.18 Unrealized —

BDX BECTON DICKINSON & CO 1.6%

Value $44.73M (+47.0%) Shares 295,686 (+52.7%) Est. Cost $162.12 Unrealized —

ISRG INTUITIVE SURGICAL INC 3.4%

Value $94.96M (-11.7%) Shares 238,834 (+2.4%) Est. Cost $332.20 Unrealized —

EMR EMERSON ELEC CO 2.7%

Value $75.43M (+19.1%) Shares 527,066 (+9.0%) Est. Cost $142.79 Unrealized —

MCK MCKESSON CORP 3.7%

Value $102M (-9.9%) Shares 134,651 (+3.3%) Est. Cost $817.89 Unrealized —

BN BROOKFIELD CORP 3.3%

Value $90.26M (+8.0%) Shares 2,119,145 (+2.6%) Est. Cost $45.51 Unrealized —

AAXJ ISHARES TR 0.4%

Value $10.62M (+92.5%) Shares 88,915 (+55.3%) Est. Cost $92.78 Unrealized —

GOOGL ALPHABET INC 0.5%

Value $14.02M (+39.5%) Shares 39,255 (+12.7%) Est. Cost $138.80 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.3%

Value $8.787M (+48.8%) Shares 18,418 (+5.4%) Est. Cost $134.43 Unrealized —

MA MASTERCARD INCORPORATED 0.2%

Value $4.16M (+81.2%) Shares 8,101 (+76.3%) Est. Cost $388.69 Unrealized —

LLY ELI LILLY & CO 0.1%

Value $1.588M (+287.0%) Shares 1,324 (+196.9%) Est. Cost $1071.38 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $1.503M (+69.6%) Shares 3,004 (+62.5%) Est. Cost $390.51 Unrealized —

LMT LOCKHEED MARTIN CORP 0.0%

Value $747K (+160.8%) Shares 1,468 (+209.7%) Est. Cost $538.60 Unrealized —

PEP PEPSICO INC 0.0%

Value $536K (+104.2%) Shares 3,959 (+134.1%) Est. Cost $140.52 Unrealized —

PLD PROLOGIS INC. 0.1%

Value $2.574M (+10.4%) Shares 19,003 (+7.8%) Est. Cost $115.27 Unrealized —

AAPL APPLE INC 0.0%

Value $743K (+19.9%) Shares 2,568 (+5.2%) Est. Cost $139.58 Unrealized —

VHT VANGUARD WORLD FD 0.0%

Value $583K (+10.9%) Shares 1,950 (+1.0%) Est. Cost $242.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	874,469 (+8.8%)	$175M (+24.7%)	6.3%	$178.85	—	COM	67066G104
V	VISA INC	469,059 (+3.3%)	$161M (+17.2%)	5.8%	$168.24	—	COM CL A	92826C839
ICE	INTERCONTINENTAL EXCHANGE IN	698,494 (+1.7%)	$85.98M (-20.4%)	3.1%	$135.18	—	COM	45866F104
BDX	BECTON DICKINSON & CO	295,686 (+52.7%)	$44.73M (+47.0%)	1.6%	$162.12	—	COM	075887109
ISRG	INTUITIVE SURGICAL INC	238,834 (+2.4%)	$94.96M (-11.7%)	3.4%	$332.20	—	COM NEW	46120E602
EMR	EMERSON ELEC CO	527,066 (+9.0%)	$75.43M (+19.1%)	2.7%	$142.79	—	COM	291011104
MCK	MCKESSON CORP	134,651 (+3.3%)	$102M (-9.9%)	3.7%	$817.89	—	COM	58155Q103
BN	BROOKFIELD CORP	2,119,145 (+2.6%)	$90.26M (+8.0%)	3.3%	$45.51	—	CL A LTD VT SH	11271J107
AAXJ	ISHARES TR	88,915 (+55.3%)	$10.62M (+92.5%)	0.4%	$92.78	—	MSCI AC ASIA ETF	464288182
GOOGL	ALPHABET INC	39,255 (+12.7%)	$14.02M (+39.5%)	0.5%	$138.80	—	CAP STK CL A	02079K305
TSM	TAIWAN SEMICONDUCTOR MANUFAC	18,418 (+5.4%)	$8.787M (+48.8%)	0.3%	$134.43	—	SPONSORED ADS	874039100
MA	MASTERCARD INCORPORATED	8,101 (+76.3%)	$4.16M (+81.2%)	0.2%	$388.69	—	CL A	57636Q104
LLY	ELI LILLY & CO	1,324 (+196.9%)	$1.588M (+287.0%)	0.1%	$1071.38	—	COM	532457108
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,004 (+62.5%)	$1.503M (+69.6%)	0.1%	$390.51	—	CL B NEW	084670702
LMT	LOCKHEED MARTIN CORP	1,468 (+209.7%)	$747K (+160.8%)	0.0%	$538.60	—	COM	539830109
PEP	PEPSICO INC	3,959 (+134.1%)	$536K (+104.2%)	0.0%	$140.52	—	COM	713448108
PLD	PROLOGIS INC.	19,003 (+7.8%)	$2.574M (+10.4%)	0.1%	$115.27	—	COM	74340W103
AAPL	APPLE INC	2,568 (+5.2%)	$743K (+19.9%)	0.0%	$139.58	—	COM	037833100
VHT	VANGUARD WORLD FD	1,950 (+1.0%)	$583K (+10.9%)	0.0%	$242.19	—	HEALTH CAR ETF	92204A504

Exited Positions (4)

DHR DANAHER CORP DEL 0.0%

Value $1.197M Shares 6,316 Est. Cost $225.35 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.0%

Value $254K Shares 390 Est. Cost $613.84 Unrealized —

ABT ABBOTT LABORATORIES 0.0%

Value $225K Shares 2,190 Est. Cost $100.11 Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value $224K Shares 1,318 Est. Cost $138.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORP DEL	6,316	$1.197M	0.0%	$225.35	—	—	235851102
SPY	STATE STR SPDR S&P 500 ETF T	390	$254K	0.0%	$613.84	—	—	78462F103
ABT	ABBOTT LABORATORIES	2,190	$225K	0.0%	$100.11	—	—	002824100
XOM	EXXON MOBIL CORP	1,318	$224K	0.0%	$138.74	—	—	30231G102

Decreased Positions (20)

APH AMPHENOL CORP 9.0%

Value $248M (+38.1%) Shares 1,405,282 (-1.1%) Est. Cost $48.41 Unrealized —

SPGI S&P GLOBAL INC 0.5%

Value $14.25M (-81.4%) Shares 35,043 (-80.5%) Est. Cost $296.13 Unrealized —

TJX TJX COS INC NEW 0.5%

Value $14.13M (-79.9%) Shares 93,243 (-78.8%) Est. Cost $68.14 Unrealized —

TXN TEXAS INSTRS INC 5.2%

Value $142M (+48.3%) Shares 477,948 (-3.4%) Est. Cost $157.56 Unrealized —

GOOG ALPHABET INC 8.6%

Value $237M (+14.5%) Shares 670,426 (-7.0%) Est. Cost $112.35 Unrealized —

PGR PROGRESSIVE CORP 2.8%

Value $76.72M (-22.3%) Shares 351,505 (-29.5%) Est. Cost $126.61 Unrealized —

AMZN AMAZON COM INC 6.7%

Value $185M (+12.8%) Shares 775,567 (-1.4%) Est. Cost $155.12 Unrealized —

JPM JPMORGAN CHASE & CO 7.8%

Value $215M (+9.7%) Shares 655,842 (-1.4%) Est. Cost $101.37 Unrealized —

MELI MERCADOLIBRE INC 0.5%

Value $14.34M (-50.9%) Shares 8,446 (-50.0%) Est. Cost $2377.42 Unrealized —

GLD SPDR GOLD TR 0.5%

Value $13.1M (-42.7%) Shares 35,566 (-33.1%) Est. Cost $175.58 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.0%

Value $1.06M (-87.7%) Shares 3,770 (-89.4%) Est. Cost $122.53 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 4.2%

Value $115M (-2.9%) Shares 229,471 (-4.7%) Est. Cost $456.99 Unrealized —

IXN ISHARES TR 0.1%

Value $1.749M (+30.3%) Shares 12,125 (-9.7%) Est. Cost $75.43 Unrealized —

NOC NORTHROP GRUMMAN CORP 0.0%

Value $525K (-26.2%) Shares 1,032 (-1.1%) Est. Cost $484.48 Unrealized —

MRSH MARSH & MCLENNAN COS INC 0.0%

Value $632K (-5.5%) Shares 3,794 (-1.6%) Est. Cost $168.39 Unrealized —

BAC BANK OF AMER CORP 0.0%

Value $288K (+10.2%) Shares 5,051 (-5.7%) Est. Cost $32.80 Unrealized —

TIP ISHARES TR 0.0%

Value $861K (-2.3%) Shares 7,865 (-1.5%) Est. Cost $110.35 Unrealized —

FERG FERGUSON ENTERPRISES INC 0.0%

Value $1.261M (-1.1%) Shares 5,314 (-2.8%) Est. Cost $198.31 Unrealized —

COHR COHERENT CORP 0.0%

Value $276K (+5.4%) Shares 700 (-36.4%) Est. Cost $213.35 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value $425K (+1.9%) Shares 1,675 (-2.0%) Est. Cost $150.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APH	AMPHENOL CORP	1,405,282 (-1.1%)	$248M (+38.1%)	9.0%	$48.41	—	CL A	032095101
SPGI	S&P GLOBAL INC	35,043 (-80.5%)	$14.25M (-81.4%)	0.5%	$296.13	—	COM	78409V104
TJX	TJX COS INC NEW	93,243 (-78.8%)	$14.13M (-79.9%)	0.5%	$68.14	—	COM	872540109
TXN	TEXAS INSTRS INC	477,948 (-3.4%)	$142M (+48.3%)	5.2%	$157.56	—	COM	882508104
GOOG	ALPHABET INC	670,426 (-7.0%)	$237M (+14.5%)	8.6%	$112.35	—	CAP STK CL C	02079K107
PGR	PROGRESSIVE CORP	351,505 (-29.5%)	$76.72M (-22.3%)	2.8%	$126.61	—	COM	743315103
AMZN	AMAZON COM INC	775,567 (-1.4%)	$185M (+12.8%)	6.7%	$155.12	—	COM	023135106
JPM	JPMORGAN CHASE & CO	655,842 (-1.4%)	$215M (+9.7%)	7.8%	$101.37	—	COM	46625H100
MELI	MERCADOLIBRE INC	8,446 (-50.0%)	$14.34M (-50.9%)	0.5%	$2377.42	—	COM	58733R102
GLD	SPDR GOLD TR	35,566 (-33.1%)	$13.1M (-42.7%)	0.5%	$175.58	—	GOLD SHS	78463V107
IBM	INTERNATIONAL BUSINESS MACHS	3,770 (-89.4%)	$1.06M (-87.7%)	0.0%	$122.53	—	COM	459200101
TMO	THERMO FISHER SCIENTIFIC INC	229,471 (-4.7%)	$115M (-2.9%)	4.2%	$456.99	—	COM	883556102
IXN	ISHARES TR	12,125 (-9.7%)	$1.749M (+30.3%)	0.1%	$75.43	—	GLOBAL TECH ETF	464287291
NOC	NORTHROP GRUMMAN CORP	1,032 (-1.1%)	$525K (-26.2%)	0.0%	$484.48	—	COM	666807102
MRSH	MARSH & MCLENNAN COS INC	3,794 (-1.6%)	$632K (-5.5%)	0.0%	$168.39	—	COM	571748102
BAC	BANK OF AMER CORP	5,051 (-5.7%)	$288K (+10.2%)	0.0%	$32.80	—	COM	060505104
TIP	ISHARES TR	7,865 (-1.5%)	$861K (-2.3%)	0.0%	$110.35	—	TIPS BD ETF	464287176
FERG	FERGUSON ENTERPRISES INC	5,314 (-2.8%)	$1.261M (-1.1%)	0.0%	$198.31	—	COMMON STOCK NEW	31488V107
COHR	COHERENT CORP	700 (-36.4%)	$276K (+5.4%)	0.0%	$213.35	—	COM	19247G107
JNJ	JOHNSON & JOHNSON	1,675 (-2.0%)	$425K (+1.9%)	0.0%	$150.09	—	COM	478160104

Unchanged Positions (14)

AME AMETEK INC 5.1%

Value $141M Shares 581,319 Est. Cost $172.34 Unrealized —

SUNB SUNBELT RENTALS HOLDINGS INC 3.1%

Value $85.7M Shares 1,175,157 Est. Cost $62.76 Unrealized —

KO COCA COLA CO 3.8%

Value $106M Shares 1,306,225 Est. Cost $52.07 Unrealized —

MSFT MICROSOFT CORP 5.8%

Value $160M Shares 428,709 Est. Cost $155.83 Unrealized —

CVX CHEVRON CORPORATION 0.2%

Value $4.194M Shares 25,300 Est. Cost $139.23 Unrealized —

WMT WALMART INC 0.0%

Value $1.061M Shares 9,372 Est. Cost $47.62 Unrealized —

SYY SYSCO CORP 0.0%

Value $585K Shares 7,000 Est. Cost $55.73 Unrealized —

IRM IRON MTN INC DEL 0.0%

Value $375K Shares 2,972 Est. Cost $45.52 Unrealized —

ABBV ABBVIE INC 0.0%

Value $526K Shares 2,091 Est. Cost $135.89 Unrealized —

QALT SEI EXCHANGE TRADED FUNDS 0.1%

Value $1.387M Shares 52,283 Est. Cost $25.38 Unrealized —

HD HOME DEPOT INC 0.0%

Value $264K Shares 750 Est. Cost $246.38 Unrealized —

WFC WELLS FARGO & CO 0.0%

Value $332K Shares 4,019 Est. Cost $41.03 Unrealized —

LYG LLOYDS BANKING GROUP PLC 0.0%

Value $78,614 Shares 13,473 Est. Cost $5.29 Unrealized —

XEL XCEL ENERGY INC 0.0%

Value $275K Shares 3,425 Est. Cost $40.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AME	AMETEK INC	581,319	$141M	5.1%	$172.34	—	COM	031100100
SUNB	SUNBELT RENTALS HOLDINGS INC	1,175,157	$85.7M	3.1%	$62.76	—	SHS	866966104
KO	COCA COLA CO	1,306,225	$106M	3.8%	$52.07	—	COM	191216100
MSFT	MICROSOFT CORP	428,709	$160M	5.8%	$155.83	—	COM	594918104
CVX	CHEVRON CORPORATION	25,300	$4.194M	0.2%	$139.23	—	COM	166764100
WMT	WALMART INC	9,372	$1.061M	0.0%	$47.62	—	COM	931142103
SYY	SYSCO CORP	7,000	$585K	0.0%	$55.73	—	COM	871829107
IRM	IRON MTN INC DEL	2,972	$375K	0.0%	$45.52	—	COM	46284V101
ABBV	ABBVIE INC	2,091	$526K	0.0%	$135.89	—	COM	00287Y109
QALT	SEI EXCHANGE TRADED FUNDS	52,283	$1.387M	0.1%	$25.38	—	DBI MULTI-STRGY	81589A809
HD	HOME DEPOT INC	750	$264K	0.0%	$246.38	—	COM	437076102
WFC	WELLS FARGO & CO	4,019	$332K	0.0%	$41.03	—	COM	949746101
LYG	LLOYDS BANKING GROUP PLC	13,473	$78,614	0.0%	$5.29	—	SPONSORED ADR	539439109
XEL	XCEL ENERGY INC	3,425	$275K	0.0%	$40.29	—	COM	98389B100