Kensington Investment Counsel, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CARG	CARGURUS INC COM CL A	30,819	$1,182	0.5%	$36.04	0.0%	Stock	141788109
XLY	STATE STREET CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF	4,865	$581	0.2%	$119.41	—	ETF	81369Y407
XLK	STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	3,954	$569	0.2%	$143.97	—	ETF	81369Y803
ZTS	ZOETIS INC CL A	4,325	$544	0.2%	$130.26	0.0%	Stock	98978V103
LIN	LINDE PLC SHS	1,167	$498	0.2%	$427.28	0.0%	Stock	G54950103
HON	HONEYWELL INTL INC COM	2,533	$494	0.2%	$195.03	0.0%	Stock	438516106
FTNT	FORTINET INC COM	5,637	$448	0.2%	$82.94	0.0%	Stock	34959E109
XLI	STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF	1,758	$273	0.1%	$155.12	—	ETF	81369Y704

Increased Positions (38)

AAPL APPLE INC COM 6.9%

Value ($000) $17,030 (+9.2%) Shares 62,644 (+2.3%) Est. Cost $141.99 Unrealized +89.0%

AMGN AMGEN INC COM 2.4%

Value ($000) $5,915 (+22.7%) Shares 18,071 (+5.8%) Est. Cost $235.38 Unrealized +34.2%

MRK MERCK & CO INC COM 1.6%

Value ($000) $4,036 (+34.3%) Shares 38,346 (+7.1%) Est. Cost $81.92 Unrealized +13.8%

META META PLATFORMS INC CL A 0.9%

Value ($000) $2,256 (+67.3%) Shares 3,417 (+86.1%) Est. Cost $484.89 Unrealized +37.6%

AMZN AMAZON COM INC COM 1.2%

Value ($000) $2,835 (+38.0%) Shares 12,284 (+31.3%) Est. Cost $163.83 Unrealized +39.6%

JNJ JOHNSON & JOHNSON COM 2.2%

Value ($000) $5,518 (+16.4%) Shares 26,663 (+4.3%) Est. Cost $140.51 Unrealized +40.2%

LLY ELI LILLY & CO COM 0.9%

Value ($000) $2,193 (+43.0%) Shares 2,041 (+1.5%) Est. Cost $424.91 Unrealized +124.9%

PYPL PAYPAL HLDGS INC COM 0.5%

Value ($000) $1,338 (+76.3%) Shares 22,921 (+102.5%) Est. Cost $116.01 Unrealized -44.1%

GOOG ALPHABET INC CAP STK CL C 0.6%

Value ($000) $1,421 (+64.6%) Shares 4,527 (+27.8%) Est. Cost $177.81 Unrealized +61.0%

NVDA NVIDIA CORPORATION COM 2.4%

Value ($000) $5,844 (+10.1%) Shares 31,337 (+10.1%) Est. Cost $109.66 Unrealized +69.7%

QQQ INVESCO QQQ TRUST SERIES I 2.2%

Value ($000) $5,436 (+10.6%) Shares 8,849 (+8.0%) Est. Cost $407.01 Unrealized —

COST COSTCO WHOLESALE CORPORATION COM 0.5%

Value ($000) $1,347 (+51.1%) Shares 1,562 (+62.2%) Est. Cost $644.86 Unrealized +40.5%

AVGO BROADCOM INC COM 1.0%

Value ($000) $2,346 (+22.3%) Shares 6,777 (+16.5%) Est. Cost $191.63 Unrealized +86.3%

PEP PEPSICO INC COM 2.2%

Value ($000) $5,448 (+8.4%) Shares 37,963 (+6.1%) Est. Cost $143.05 Unrealized +2.0%

QCOM QUALCOMM INC COM 1.9%

Value ($000) $4,680 (+6.9%) Shares 27,361 (+4.0%) Est. Cost $131.25 Unrealized +30.1%

COO COOPER COS INC COM 0.4%

Value ($000) $897 (+45.4%) Shares 10,939 (+21.6%) Est. Cost $92.83 Unrealized -19.4%

PLTR PALANTIR TECHNOLOGIES INC CL A 0.2%

Value ($000) $496 (+123.1%) Shares 2,791 (+129.0%) Est. Cost $172.75 Unrealized +4.8%

CNI CANADIAN NATL RY CO COM 1.4%

Value ($000) $3,345 (+8.6%) Shares 33,837 (+3.6%) Est. Cost $96.02 Unrealized +0.1%

AMD ADVANCED MICRO DEVICES INC COM 0.3%

Value ($000) $827 (+43.4%) Shares 3,863 (+8.3%) Est. Cost $118.05 Unrealized +90.2%

RSG REPUBLIC SVCS INC COM 2.4%

Value ($000) $5,810 (-4.1%) Shares 27,416 (+3.8%) Est. Cost $125.66 Unrealized +70.8%

NDAQ NASDAQ INC COM 0.6%

Value ($000) $1,400 (+18.6%) Shares 14,413 (+8.0%) Est. Cost $55.06 Unrealized +63.0%

TSLA TESLA INC COM 0.2%

Value ($000) $414 (+96.7%) Shares 920 (+94.5%) Est. Cost $393.70 Unrealized +12.6%

GD GENERAL DYNAMICS CORP COM 2.6%

Value ($000) $6,361 (+2.5%) Shares 18,893 (+3.9%) Est. Cost $205.45 Unrealized +65.9%

CSCO CISCO SYS INC COM 0.3%

Value ($000) $628 (+30.1%) Shares 8,154 (+15.6%) Est. Cost $45.39 Unrealized +62.6%

AMAT APPLIED MATLS INC COM 0.2%

Value ($000) $427 (+42.3%) Shares 1,661 (+13.4%) Est. Cost $169.39 Unrealized +41.4%

ROP ROPER TECHNOLOGIES INC COM 1.0%

Value ($000) $2,508 (-4.6%) Shares 5,635 (+6.9%) Est. Cost $416.71 Unrealized +10.9%

VRTX VERTEX PHARMACEUTICALS INC COM 0.3%

Value ($000) $714 (+19.4%) Shares 1,574 (+3.1%) Est. Cost $422.92 Unrealized +1.9%

BR BROADRIDGE FINL SOLUTIONS INC COM 1.9%

Value ($000) $4,672 (-2.4%) Shares 20,934 (+4.2%) Est. Cost $184.24 Unrealized +23.4%

CPRT COPART INC COM 0.9%

Value ($000) $2,314 (-4.2%) Shares 59,113 (+10.0%) Est. Cost $39.31 Unrealized +5.5%

BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW 0.6%

Value ($000) $1,381 (+7.7%) Shares 2,748 (+7.8%) Est. Cost $356.15 Unrealized +39.7%

ADBE ADOBE INC COM 0.3%

Value ($000) $760 (+13.1%) Shares 2,171 (+14.0%) Est. Cost $464.42 Unrealized -26.8%

ABBV ABBVIE INC COM 3.4%

Value ($000) $8,459 (+1.0%) Shares 37,021 (+2.4%) Est. Cost $118.65 Unrealized +91.8%

UNH UNITEDHEALTH GROUP INC COM 1.1%

Value ($000) $2,826 (-2.2%) Shares 8,561 (+2.3%) Est. Cost $299.81 Unrealized +12.5%

PANW PALO ALTO NETWORKS INC COM 0.4%

Value ($000) $873 (-6.1%) Shares 4,740 (+3.8%) Est. Cost $141.74 Unrealized +42.3%

UNP UNION PAC CORP COM 1.1%

Value ($000) $2,747 (+1.9%) Shares 11,876 (+4.1%) Est. Cost $223.32 Unrealized +1.8%

AVB AVALONBAY CMNTYS INC COM 1.1%

Value ($000) $2,598 (-0.3%) Shares 14,330 (+6.2%) Est. Cost $179.64 Unrealized +0.1%

TXN TEXAS INSTRS INC COM 1.7%

Value ($000) $4,069 (-0.0%) Shares 23,451 (+5.9%) Est. Cost $152.79 Unrealized +11.7%

INTU INTUIT COM 0.5%

Value ($000) $1,207 (-0.0%) Shares 1,822 (+3.1%) Est. Cost $360.89 Unrealized +83.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC COM	62,644 (+2.3%)	$17,030 (+9.2%)	6.9%	$141.99	+89.0%	Stock	037833100
AMGN	AMGEN INC COM	18,071 (+5.8%)	$5,915 (+22.7%)	2.4%	$235.38	+34.2%	Stock	031162100
MRK	MERCK & CO INC COM	38,346 (+7.1%)	$4,036 (+34.3%)	1.6%	$81.92	+13.8%	Stock	58933Y105
META	META PLATFORMS INC CL A	3,417 (+86.1%)	$2,256 (+67.3%)	0.9%	$484.89	+37.6%	Stock	30303M102
AMZN	AMAZON COM INC COM	12,284 (+31.3%)	$2,835 (+38.0%)	1.2%	$163.83	+39.6%	Stock	023135106
JNJ	JOHNSON & JOHNSON COM	26,663 (+4.3%)	$5,518 (+16.4%)	2.2%	$140.51	+40.2%	Stock	478160104
LLY	ELI LILLY & CO COM	2,041 (+1.5%)	$2,193 (+43.0%)	0.9%	$424.91	+124.9%	Stock	532457108
PYPL	PAYPAL HLDGS INC COM	22,921 (+102.5%)	$1,338 (+76.3%)	0.5%	$116.01	-44.1%	Stock	70450Y103
GOOG	ALPHABET INC CAP STK CL C	4,527 (+27.8%)	$1,421 (+64.6%)	0.6%	$177.81	+61.0%	Stock	02079K107
NVDA	NVIDIA CORPORATION COM	31,337 (+10.1%)	$5,844 (+10.1%)	2.4%	$109.66	+69.7%	Stock	67066G104
QQQ	INVESCO QQQ TRUST SERIES I	8,849 (+8.0%)	$5,436 (+10.6%)	2.2%	$407.01	—	ETF	46090E103
COST	COSTCO WHOLESALE CORPORATION COM	1,562 (+62.2%)	$1,347 (+51.1%)	0.5%	$644.86	+40.5%	Stock	22160K105
AVGO	BROADCOM INC COM	6,777 (+16.5%)	$2,346 (+22.3%)	1.0%	$191.63	+86.3%	Stock	11135F101
PEP	PEPSICO INC COM	37,963 (+6.1%)	$5,448 (+8.4%)	2.2%	$143.05	+2.0%	Stock	713448108
QCOM	QUALCOMM INC COM	27,361 (+4.0%)	$4,680 (+6.9%)	1.9%	$131.25	+30.1%	Stock	747525103
COO	COOPER COS INC COM	10,939 (+21.6%)	$897 (+45.4%)	0.4%	$92.83	-19.4%	Stock	216648501
PLTR	PALANTIR TECHNOLOGIES INC CL A	2,791 (+129.0%)	$496 (+123.1%)	0.2%	$172.75	+4.8%	Stock	69608A108
CNI	CANADIAN NATL RY CO COM	33,837 (+3.6%)	$3,345 (+8.6%)	1.4%	$96.02	+0.1%	Stock	136375102
AMD	ADVANCED MICRO DEVICES INC COM	3,863 (+8.3%)	$827 (+43.4%)	0.3%	$118.05	+90.2%	Stock	007903107
RSG	REPUBLIC SVCS INC COM	27,416 (+3.8%)	$5,810 (-4.1%)	2.4%	$125.66	+70.8%	Stock	760759100
NDAQ	NASDAQ INC COM	14,413 (+8.0%)	$1,400 (+18.6%)	0.6%	$55.06	+63.0%	Stock	631103108
TSLA	TESLA INC COM	920 (+94.5%)	$414 (+96.7%)	0.2%	$393.70	+12.6%	Stock	88160R101
GD	GENERAL DYNAMICS CORP COM	18,893 (+3.9%)	$6,361 (+2.5%)	2.6%	$205.45	+65.9%	Stock	369550108
CSCO	CISCO SYS INC COM	8,154 (+15.6%)	$628 (+30.1%)	0.3%	$45.39	+62.6%	Stock	17275R102
AMAT	APPLIED MATLS INC COM	1,661 (+13.4%)	$427 (+42.3%)	0.2%	$169.39	+41.4%	Stock	038222105
ROP	ROPER TECHNOLOGIES INC COM	5,635 (+6.9%)	$2,508 (-4.6%)	1.0%	$416.71	+10.9%	Stock	776696106
VRTX	VERTEX PHARMACEUTICALS INC COM	1,574 (+3.1%)	$714 (+19.4%)	0.3%	$422.92	+1.9%	Stock	92532F100
BR	BROADRIDGE FINL SOLUTIONS INC COM	20,934 (+4.2%)	$4,672 (-2.4%)	1.9%	$184.24	+23.4%	Stock	11133T103
CPRT	COPART INC COM	59,113 (+10.0%)	$2,314 (-4.2%)	0.9%	$39.31	+5.5%	Stock	217204106
BRK/B	BERKSHIRE HATHAWAY INC DEL CL B NEW	2,748 (+7.8%)	$1,381 (+7.7%)	0.6%	$356.15	+39.7%	Stock	084670702
ADBE	ADOBE INC COM	2,171 (+14.0%)	$760 (+13.1%)	0.3%	$464.42	-26.8%	Stock	00724F101
ABBV	ABBVIE INC COM	37,021 (+2.4%)	$8,459 (+1.0%)	3.4%	$118.65	+91.8%	Stock	00287Y109
UNH	UNITEDHEALTH GROUP INC COM	8,561 (+2.3%)	$2,826 (-2.2%)	1.1%	$299.81	+12.5%	Stock	91324P102
PANW	PALO ALTO NETWORKS INC COM	4,740 (+3.8%)	$873 (-6.1%)	0.4%	$141.74	+42.3%	Stock	697435105
UNP	UNION PAC CORP COM	11,876 (+4.1%)	$2,747 (+1.9%)	1.1%	$223.32	+1.8%	Stock	907818108
AVB	AVALONBAY CMNTYS INC COM	14,330 (+6.2%)	$2,598 (-0.3%)	1.1%	$179.64	+0.1%	REIT	053484101
TXN	TEXAS INSTRS INC COM	23,451 (+5.9%)	$4,069 (-0.0%)	1.7%	$152.79	+11.7%	Stock	882508104
INTU	INTUIT COM	1,822 (+3.1%)	$1,207 (-0.0%)	0.5%	$360.89	+83.1%	Stock	461202103

Exited Positions (8)

DUOL DUOLINGO INC CL A COM 0.7%

Value ($000) $1,651 Shares 5,131 Est. Cost $204.75 Unrealized +15.1%

CBZ CBIZ INC COM 0.6%

Value ($000) $1,412 Shares 26,671 Est. Cost $60.94 Unrealized -13.7%

COIN COINBASE GLOBAL INC COM CL A 0.1%

Value ($000) $273 Shares 808 Est. Cost $240.69 Unrealized +23.8%

NOW SERVICENOW INC COM 0.1%

Value ($000) $208 Shares 226 Est. Cost $188.66 Unrealized -9.1%

GBDC GOLUB CAP BDC INC COM 0.1%

Value ($000) $164 Shares 11,966 Est. Cost $13.93 Unrealized -2.8%

ABR ARBOR REALTY TRUST INC COM 0.1%

Value ($000) $158 Shares 12,951 Est. Cost $11.75 Unrealized —

OBDC BLUE OWL CAPITAL CORPORATION COM 0.1%

Value ($000) $153 Shares 11,971 Est. Cost $13.42 Unrealized -8.0%

OCSL OAKTREE SPECIALTY LENDING CORP COM 0.1%

Value ($000) $151 Shares 11,547 Est. Cost $15.69 Unrealized -14.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DUOL	DUOLINGO INC CL A COM	5,131	$1,651	0.7%	$204.75	+15.1%	—	26603R106
CBZ	CBIZ INC COM	26,671	$1,412	0.6%	$60.94	-13.7%	—	124805102
COIN	COINBASE GLOBAL INC COM CL A	808	$273	0.1%	$240.69	+23.8%	—	19260Q107
NOW	SERVICENOW INC COM	226	$208	0.1%	$188.66	-9.1%	—	81762P102
GBDC	GOLUB CAP BDC INC COM	11,966	$164	0.1%	$13.93	-2.8%	—	38173M102
ABR	ARBOR REALTY TRUST INC COM	12,951	$158	0.1%	$11.75	—	—	038923108
OBDC	BLUE OWL CAPITAL CORPORATION COM	11,971	$153	0.1%	$13.42	-8.0%	—	69121K104
OCSL	OAKTREE SPECIALTY LENDING CORP COM	11,547	$151	0.1%	$15.69	-14.8%	—	67401P405

Decreased Positions (39)

WSO WATSCO INC COM 2.2%

Value ($000) $5,381 (-30.7%) Shares 15,971 (-16.8%) Est. Cost $326.42 Unrealized +9.4%

GOOGL ALPHABET INC CAP STK CL A 2.2%

Value ($000) $5,455 (+27.3%) Shares 17,429 (-1.2%) Est. Cost $115.50 Unrealized +147.3%

WSM WILLIAMS SONOMA INC COM 3.1%

Value ($000) $7,654 (-12.9%) Shares 42,856 (-4.7%) Est. Cost $96.24 Unrealized +94.6%

PG PROCTER & GAMBLE CO COM 1.8%

Value ($000) $4,489 (-14.7%) Shares 31,327 (-8.6%) Est. Cost $151.21 Unrealized -2.7%

MKC MCCORMICK & CO INC COM NON VTG 1.9%

Value ($000) $4,773 (-13.7%) Shares 70,074 (-15.2%) Est. Cost $75.10 Unrealized -12.2%

TTD THE TRADE DESK INC COM CL A 0.4%

Value ($000) $956 (-41.9%) Shares 25,182 (-25.0%) Est. Cost $66.40 Unrealized -33.2%

MORN MORNINGSTAR INC COM 0.6%

Value ($000) $1,543 (-30.5%) Shares 7,100 (-25.8%) Est. Cost $229.80 Unrealized -5.8%

FDS FACTSET RESH SYS INC COM 0.5%

Value ($000) $1,113 (-32.6%) Shares 3,834 (-33.5%) Est. Cost $356.49 Unrealized -21.4%

ZS ZSCALER INC COM 0.4%

Value ($000) $919 (-35.4%) Shares 4,085 (-14.0%) Est. Cost $182.96 Unrealized +54.3%

CRWD CROWDSTRIKE HLDGS INC CL A 1.0%

Value ($000) $2,545 (-15.6%) Shares 5,430 (-11.7%) Est. Cost $188.92 Unrealized +169.5%

RMD RESMED INC COM 0.6%

Value ($000) $1,450 (-21.1%) Shares 6,019 (-10.3%) Est. Cost $188.79 Unrealized +35.3%

TECH BIO-TECHNE CORP COM 0.2%

Value ($000) $429 (-47.2%) Shares 7,293 (-50.1%) Est. Cost $77.55 Unrealized -21.7%

EPAC ENERPAC TOOL GROUP CORP CL A COM 0.7%

Value ($000) $1,640 (-18.8%) Shares 42,893 (-13.0%) Est. Cost $37.23 Unrealized +6.4%

CHD CHURCH & DWIGHT CO INC COM 0.9%

Value ($000) $2,111 (-14.2%) Shares 25,173 (-10.4%) Est. Cost $84.01 Unrealized +1.5%

TYL TYLER TECHNOLOGIES INC COM 0.3%

Value ($000) $859 (-24.9%) Shares 1,892 (-13.4%) Est. Cost $427.67 Unrealized +11.4%

DELL DELL TECHNOLOGIES INC CL C 0.7%

Value ($000) $1,823 (-12.7%) Shares 14,481 (-1.7%) Est. Cost $104.95 Unrealized +34.1%

EXLS EXLSERVICE HOLDINGS INC COM 0.5%

Value ($000) $1,265 (-16.0%) Shares 29,802 (-12.8%) Est. Cost $30.12 Unrealized +35.7%

ROL ROLLINS INC COM 0.7%

Value ($000) $1,746 (-11.5%) Shares 29,085 (-13.4%) Est. Cost $37.30 Unrealized +57.3%

RGEN REPLIGEN CORP COM 0.3%

Value ($000) $859 (-20.6%) Shares 5,241 (-35.2%) Est. Cost $178.57 Unrealized -12.3%

SSNC SS&C TECHNOLOGIES HLDGS INC COM 0.4%

Value ($000) $973 (-18.0%) Shares 11,125 (-16.8%) Est. Cost $67.79 Unrealized +25.8%

ACN ACCENTURE PLC IRELAND SHS CLASS A 1.4%

Value ($000) $3,456 (-5.3%) Shares 12,881 (-12.9%) Est. Cost $270.10 Unrealized -5.9%

LFUS LITTELFUSE INC COM 0.2%

Value ($000) $463 (-23.8%) Shares 1,831 (-22.0%) Est. Cost $264.31 Unrealized -3.7%

SHW SHERWIN WILLIAMS CO COM 0.6%

Value ($000) $1,525 (-8.7%) Shares 4,707 (-2.4%) Est. Cost $251.60 Unrealized +32.8%

DKS DICKS SPORTING GOODS INC COM 0.4%

Value ($000) $942 (-12.9%) Shares 4,759 (-2.2%) Est. Cost $185.07 Unrealized +17.3%

DHR DANAHER CORPORATION COM 0.5%

Value ($000) $1,145 (+12.9%) Shares 5,003 (-2.2%) Est. Cost $197.37 Unrealized +11.2%

WAT WATERS CORP COM 0.6%

Value ($000) $1,354 (+9.9%) Shares 3,565 (-13.2%) Est. Cost $282.73 Unrealized +30.1%

CVX CHEVRON CORPORATION COM 0.1%

Value ($000) $209 (-25.7%) Shares 1,369 (-24.3%) Est. Cost $150.48 Unrealized +0.6%

MO ALTRIA GROUP INC COM 0.1%

Value ($000) $271 (-20.6%) Shares 4,704 (-9.1%) Est. Cost $51.03 Unrealized +16.3%

MKL MARKEL GROUP INC COM 0.8%

Value ($000) $1,954 (-3.5%) Shares 909 (-14.2%) Est. Cost $1164.53 Unrealized +74.0%

WST WEST PHARMACEUTICAL SVSC INC COM 0.1%

Value ($000) $302 (-15.5%) Shares 1,097 (-19.5%) Est. Cost $306.44 Unrealized -10.8%

MNST MONSTER BEVERAGE CORP NEW COM 0.6%

Value ($000) $1,540 (+3.4%) Shares 20,080 (-9.2%) Est. Cost $49.31 Unrealized +45.3%

H HYATT HOTELS CORP COM CL A 0.6%

Value ($000) $1,597 (-2.6%) Shares 9,963 (-13.8%) Est. Cost $88.26 Unrealized +73.5%

MA MASTERCARD INCORPORATED CL A 1.2%

Value ($000) $3,041 (-1.1%) Shares 5,327 (-1.4%) Est. Cost $325.18 Unrealized +71.9%

TMDX TRANSMEDICS GROUP INC COM 0.8%

Value ($000) $1,896 (-1.6%) Shares 15,584 (-9.2%) Est. Cost $117.06 Unrealized +7.2%

BKE BUCKLE INC COM 0.1%

Value ($000) $219 (-10.6%) Shares 4,095 (-1.9%) Est. Cost $50.44 Unrealized +3.7%

MOV MOVADO GROUP INC COM 0.1%

Value ($000) $215 (+6.7%) Shares 10,428 (-1.8%) Est. Cost $18.96 Unrealized +2.9%

CSW CSW INDUSTRIALS INC COM 0.7%

Value ($000) $1,836 (+0.7%) Shares 6,254 (-16.7%) Est. Cost $194.44 Unrealized +37.0%

AME AMETEK INC COM 1.0%

Value ($000) $2,442 (+0.3%) Shares 11,893 (-8.1%) Est. Cost $116.50 Unrealized +66.8%

FIVE FIVE BELOW INC COM 0.5%

Value ($000) $1,146 (-0.1%) Shares 6,082 (-18.0%) Est. Cost $167.04 Unrealized -2.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSO	WATSCO INC COM	15,971 (-16.8%)	$5,381 (-30.7%)	2.2%	$326.42	+9.4%	Stock	942622200
GOOGL	ALPHABET INC CAP STK CL A	17,429 (-1.2%)	$5,455 (+27.3%)	2.2%	$115.50	+147.3%	Stock	02079K305
WSM	WILLIAMS SONOMA INC COM	42,856 (-4.7%)	$7,654 (-12.9%)	3.1%	$96.24	+94.6%	Stock	969904101
PG	PROCTER & GAMBLE CO COM	31,327 (-8.6%)	$4,489 (-14.7%)	1.8%	$151.21	-2.7%	Stock	742718109
MKC	MCCORMICK & CO INC COM NON VTG	70,074 (-15.2%)	$4,773 (-13.7%)	1.9%	$75.10	-12.2%	Stock	579780206
TTD	THE TRADE DESK INC COM CL A	25,182 (-25.0%)	$956 (-41.9%)	0.4%	$66.40	-33.2%	Stock	88339J105
MORN	MORNINGSTAR INC COM	7,100 (-25.8%)	$1,543 (-30.5%)	0.6%	$229.80	-5.8%	Stock	617700109
FDS	FACTSET RESH SYS INC COM	3,834 (-33.5%)	$1,113 (-32.6%)	0.5%	$356.49	-21.4%	Stock	303075105
ZS	ZSCALER INC COM	4,085 (-14.0%)	$919 (-35.4%)	0.4%	$182.96	+54.3%	Stock	98980G102
CRWD	CROWDSTRIKE HLDGS INC CL A	5,430 (-11.7%)	$2,545 (-15.6%)	1.0%	$188.92	+169.5%	Stock	22788C105
RMD	RESMED INC COM	6,019 (-10.3%)	$1,450 (-21.1%)	0.6%	$188.79	+35.3%	Stock	761152107
TECH	BIO-TECHNE CORP COM	7,293 (-50.1%)	$429 (-47.2%)	0.2%	$77.55	-21.7%	Stock	09073M104
EPAC	ENERPAC TOOL GROUP CORP CL A COM	42,893 (-13.0%)	$1,640 (-18.8%)	0.7%	$37.23	+6.4%	Stock	292765104
CHD	CHURCH & DWIGHT CO INC COM	25,173 (-10.4%)	$2,111 (-14.2%)	0.9%	$84.01	+1.5%	Stock	171340102
TYL	TYLER TECHNOLOGIES INC COM	1,892 (-13.4%)	$859 (-24.9%)	0.3%	$427.67	+11.4%	Stock	902252105
DELL	DELL TECHNOLOGIES INC CL C	14,481 (-1.7%)	$1,823 (-12.7%)	0.7%	$104.95	+34.1%	Stock	24703L202
EXLS	EXLSERVICE HOLDINGS INC COM	29,802 (-12.8%)	$1,265 (-16.0%)	0.5%	$30.12	+35.7%	Stock	302081104
ROL	ROLLINS INC COM	29,085 (-13.4%)	$1,746 (-11.5%)	0.7%	$37.30	+57.3%	Stock	775711104
RGEN	REPLIGEN CORP COM	5,241 (-35.2%)	$859 (-20.6%)	0.3%	$178.57	-12.3%	Stock	759916109
SSNC	SS&C TECHNOLOGIES HLDGS INC COM	11,125 (-16.8%)	$973 (-18.0%)	0.4%	$67.79	+25.8%	Stock	78467J100
ACN	ACCENTURE PLC IRELAND SHS CLASS A	12,881 (-12.9%)	$3,456 (-5.3%)	1.4%	$270.10	-5.9%	Stock	G1151C101
LFUS	LITTELFUSE INC COM	1,831 (-22.0%)	$463 (-23.8%)	0.2%	$264.31	-3.7%	Stock	537008104
SHW	SHERWIN WILLIAMS CO COM	4,707 (-2.4%)	$1,525 (-8.7%)	0.6%	$251.60	+32.8%	Stock	824348106
DKS	DICKS SPORTING GOODS INC COM	4,759 (-2.2%)	$942 (-12.9%)	0.4%	$185.07	+17.3%	Stock	253393102
DHR	DANAHER CORPORATION COM	5,003 (-2.2%)	$1,145 (+12.9%)	0.5%	$197.37	+11.2%	Stock	235851102
WAT	WATERS CORP COM	3,565 (-13.2%)	$1,354 (+9.9%)	0.6%	$282.73	+30.1%	Stock	941848103
CVX	CHEVRON CORPORATION COM	1,369 (-24.3%)	$209 (-25.7%)	0.1%	$150.48	+0.6%	Stock	166764100
MO	ALTRIA GROUP INC COM	4,704 (-9.1%)	$271 (-20.6%)	0.1%	$51.03	+16.3%	Stock	02209S103
MKL	MARKEL GROUP INC COM	909 (-14.2%)	$1,954 (-3.5%)	0.8%	$1164.53	+74.0%	Stock	570535104
WST	WEST PHARMACEUTICAL SVSC INC COM	1,097 (-19.5%)	$302 (-15.5%)	0.1%	$306.44	-10.8%	Stock	955306105
MNST	MONSTER BEVERAGE CORP NEW COM	20,080 (-9.2%)	$1,540 (+3.4%)	0.6%	$49.31	+45.3%	Stock	61174X109
H	HYATT HOTELS CORP COM CL A	9,963 (-13.8%)	$1,597 (-2.6%)	0.6%	$88.26	+73.5%	Stock	448579102
MA	MASTERCARD INCORPORATED CL A	5,327 (-1.4%)	$3,041 (-1.1%)	1.2%	$325.18	+71.9%	Stock	57636Q104
TMDX	TRANSMEDICS GROUP INC COM	15,584 (-9.2%)	$1,896 (-1.6%)	0.8%	$117.06	+7.2%	Stock	89377M109
BKE	BUCKLE INC COM	4,095 (-1.9%)	$219 (-10.6%)	0.1%	$50.44	+3.7%	Stock	118440106
MOV	MOVADO GROUP INC COM	10,428 (-1.8%)	$215 (+6.7%)	0.1%	$18.96	+2.9%	Stock	624580106
CSW	CSW INDUSTRIALS INC COM	6,254 (-16.7%)	$1,836 (+0.7%)	0.7%	$194.44	+37.0%	Stock	126402106
AME	AMETEK INC COM	11,893 (-8.1%)	$2,442 (+0.3%)	1.0%	$116.50	+66.8%	Stock	031100100
FIVE	FIVE BELOW INC COM	6,082 (-18.0%)	$1,146 (-0.1%)	0.5%	$167.04	-2.7%	Stock	33829M101

Unchanged Positions (19)

MSFT MICROSOFT CORP COM 5.8%

Value ($000) $14,384 Shares 29,742 Est. Cost $253.60 Unrealized +97.4%

HD HOME DEPOT INC COM 2.1%

Value ($000) $5,079 Shares 14,760 Est. Cost $277.43 Unrealized +31.4%

JPM JPMORGAN CHASE & CO COM 3.5%

Value ($000) $8,656 Shares 26,863 Est. Cost $142.85 Unrealized +116.7%

ROST ROSS STORES INC COM 0.6%

Value ($000) $1,364 Shares 7,573 Est. Cost $99.73 Unrealized +67.1%

TMO THERMO FISHER SCIENTIFIC INC COM 0.3%

Value ($000) $703 Shares 1,213 Est. Cost $544.89 Unrealized +3.7%

BX BLACKSTONE INC COM 0.4%

Value ($000) $891 Shares 5,783 Est. Cost $125.34 Unrealized +20.8%

NVS NOVARTIS AG SPONSORED ADR 0.5%

Value ($000) $1,206 Shares 8,747 Est. Cost $93.21 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIONS CL A 0.1%

Value ($000) $365 Shares 4,397 Est. Cost $70.45 Unrealized +6.0%

ITW ILLINOIS TOOL WKS INC COM 0.5%

Value ($000) $1,178 Shares 4,783 Est. Cost $182.28 Unrealized +35.8%

CRM SALESFORCE INC COM 0.2%

Value ($000) $508 Shares 1,917 Est. Cost $203.39 Unrealized +22.0%

XOM EXXON MOBIL CORP COM 0.3%

Value ($000) $655 Shares 5,441 Est. Cost $99.64 Unrealized +15.9%

APPF APPFOLIO INC COM CL A 0.1%

Value ($000) $209 Shares 900 Est. Cost $217.97 Unrealized +9.0%

SNA SNAP ON INC COM 3.0%

Value ($000) $7,360 Shares 21,359 Est. Cost $206.54 Unrealized +64.8%

NKE NIKE INC CL B 0.1%

Value ($000) $332 Shares 5,209 Est. Cost $122.41 Unrealized -47.0%

NOC NORTHROP GRUMMAN CORP COM 0.2%

Value ($000) $446 Shares 783 Est. Cost $432.57 Unrealized +33.8%

APH AMPHENOL CORP CL A 0.1%

Value ($000) $324 Shares 2,400 Est. Cost $81.39 Unrealized +64.1%

SPY STATE STREET SPDR S&P 500 ETF 0.2%

Value ($000) $510 Shares 747 Est. Cost $455.13 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS COM 0.1%

Value ($000) $244 Shares 825 Est. Cost $253.82 Unrealized +17.7%

BA BOEING CO COM 0.1%

Value ($000) $272 Shares 1,255 Est. Cost $205.31 Unrealized +0.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP COM	29,742	$14,384	5.8%	$253.60	+97.4%	Stock	594918104
HD	HOME DEPOT INC COM	14,760	$5,079	2.1%	$277.43	+31.4%	Stock	437076102
JPM	JPMORGAN CHASE & CO COM	26,863	$8,656	3.5%	$142.85	+116.7%	Stock	46625H100
ROST	ROSS STORES INC COM	7,573	$1,364	0.6%	$99.73	+67.1%	Stock	778296103
TMO	THERMO FISHER SCIENTIFIC INC COM	1,213	$703	0.3%	$544.89	+3.7%	Stock	883556102
BX	BLACKSTONE INC COM	5,783	$891	0.4%	$125.34	+20.8%	Stock	09260D107
NVS	NOVARTIS AG SPONSORED ADR	8,747	$1,206	0.5%	$93.21	—	ADR	66987V109
CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CL A	4,397	$365	0.1%	$70.45	+6.0%	Stock	192446102
ITW	ILLINOIS TOOL WKS INC COM	4,783	$1,178	0.5%	$182.28	+35.8%	Stock	452308109
CRM	SALESFORCE INC COM	1,917	$508	0.2%	$203.39	+22.0%	Stock	79466L302
XOM	EXXON MOBIL CORP COM	5,441	$655	0.3%	$99.64	+15.9%	Stock	30231G102
APPF	APPFOLIO INC COM CL A	900	$209	0.1%	$217.97	+9.0%	Stock	03783C100
SNA	SNAP ON INC COM	21,359	$7,360	3.0%	$206.54	+64.8%	Stock	833034101
NKE	NIKE INC CL B	5,209	$332	0.1%	$122.41	-47.0%	Stock	654106103
NOC	NORTHROP GRUMMAN CORP COM	783	$446	0.2%	$432.57	+33.8%	Stock	666807102
APH	AMPHENOL CORP CL A	2,400	$324	0.1%	$81.39	+64.1%	Stock	032095101
SPY	STATE STREET SPDR S&P 500 ETF	747	$510	0.2%	$455.13	—	ETF	78462F103
IBM	INTERNATIONAL BUSINESS MACHS COM	825	$244	0.1%	$253.82	+17.7%	Stock	459200101
BA	BOEING CO COM	1,255	$272	0.1%	$205.31	+0.2%	Stock	097023105