Nutshell Asset Management Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ANET	ARISTA NETWORKS INC	82,300	$10,105	5.5%	$135.05	0.0%	COM SHS	040413205
RMD	RESMED INC	36,430	$8,178	4.4%	$255.92	0.0%	COM	761152107
FICO	FAIR ISAAC CORP	5,150	$5,498	3.0%	$1466.95	0.0%	COM	303250104
AVGO	BROADCOM INC	15,000	$4,643	2.5%	$334.17	0.0%	COM	11135F101
QLYS	QUALYS INC	40,644	$3,571	1.9%	$120.60	0.0%	COM	74758T303
IDXX	IDEXX LABS INC	5,900	$3,315	1.8%	$670.28	0.0%	COM	45168D104
INTU	INTUIT	3,500	$1,513	0.8%	$573.89	-13.3%	CALL	461202103
AAPL	APPLE INC	4,676	$1,187	0.6%	$262.82	0.0%	COM	037833100
MCO	MOODYS CORP	2,630	$1,147	0.6%	$489.58	0.0%	COM	615369105
VRSK	VERISK ANALYTICS INC	5,400	$1,025	0.6%	$203.75	0.0%	COM	92345Y106
QQQ	INVESCO QQQ TR	1,750	$1,010	0.5%	$577.18	—	UNIT SER 1	46090E103
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,100	$1,006	0.5%	$493.47	0.0%	CL B NEW	084670702
VFLO	VICTORY PORTFOLIOS II	21,874	$864	0.5%	$39.48	—	SHARES FREE CASH	92647X830

Increased Positions (6)

TW TRADEWEB MKTS INC 4.5%

Value ($000) $8,191 (+57.2%) Shares 69,619 (+43.7%) Est. Cost $123.84 Unrealized -11.7%

APH AMPHENOL CORP 8.4%

Value ($000) $15,442 (+12.9%) Shares 122,218 (+20.7%) Est. Cost $135.75 Unrealized +7.8%

INTU INTUIT 2.2%

Value ($000) $3,974 (+39.5%) Shares 9,190 (+113.7%) Est. Cost $573.89 Unrealized -13.3%

MSFT MICROSOFT CORP 7.8%

Value ($000) $14,388 (+6.9%) Shares 38,868 (+39.7%) Est. Cost $457.36 Unrealized -5.0%

ADBE ADOBE INC 7.0%

Value ($000) $12,823 (+5.4%) Shares 52,751 (+51.7%) Est. Cost $396.08 Unrealized -26.8%

DPZ DOMINOS PIZZA INC 1.6%

Value ($000) $2,870 (+1.3%) Shares 8,000 (+17.6%) Est. Cost $413.26 Unrealized -3.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TW	TRADEWEB MKTS INC	69,619 (+43.7%)	$8,191 (+57.2%)	4.5%	$123.84	-11.7%	CL A	892672106
APH	AMPHENOL CORP	122,218 (+20.7%)	$15,442 (+12.9%)	8.4%	$135.75	+7.8%	CL A	032095101
INTU	INTUIT	9,190 (+113.7%)	$3,974 (+39.5%)	2.2%	$573.89	-13.3%	COM	461202103
MSFT	MICROSOFT CORP	38,868 (+39.7%)	$14,388 (+6.9%)	7.8%	$457.36	-5.0%	COM	594918104
ADBE	ADOBE INC	52,751 (+51.7%)	$12,823 (+5.4%)	7.0%	$396.08	-26.8%	COM	00724F101
DPZ	DOMINOS PIZZA INC	8,000 (+17.6%)	$2,870 (+1.3%)	1.6%	$413.26	-3.0%	COM	25754A201

Exited Positions (12)

PYPL PAYPAL HLDGS INC 3.8%

Value ($000) $6,931 Shares 118,718 Est. Cost $64.84 Unrealized -22.8%

ZTS ZOETIS INC 3.6%

Value ($000) $6,582 Shares 52,316 Est. Cost $130.26 Unrealized -3.3%

FDS FACTSET RESH SYS INC 2.0%

Value ($000) $3,772 Shares 13,000 Est. Cost $280.03 Unrealized -11.8%

XP XP INC 1.8%

Value ($000) $3,274 Shares 200,000 Est. Cost $17.61 Unrealized +9.9%

COKE COCA COLA CONS INC 1.6%

Value ($000) $2,913 Shares 19,000 Est. Cost $146.39 Unrealized +8.8%

MANH MANHATTAN ASSOCIATES INC 1.6%

Value ($000) $2,860 Shares 16,500 Est. Cost $182.81 Unrealized -14.8%

TXN TEXAS INSTRS INC 1.5%

Value ($000) $2,845 Shares 16,400 Est. Cost $170.73 Unrealized +20.8%

PAYX PAYCHEX INC 1.5%

Value ($000) $2,838 Shares 25,300 Est. Cost $116.54 Unrealized -12.5%

CALM CAL MAINE FOODS INC 1.5%

Value ($000) $2,823 Shares 35,484 Est. Cost $103.42 Unrealized -22.0%

KLAC KLA CORP 1.5%

Value ($000) $2,795 Shares 2,300 Est. Cost $1171.91 Unrealized +24.8%

MTD METTLER TOLEDO INTERNATIONAL 1.5%

Value ($000) $2,788 Shares 2,000 Est. Cost $1396.48 Unrealized +1.2%

AXP AMERICAN EXPRESS CO 0.8%

Value ($000) $1,443 Shares 3,900 Est. Cost $332.09 Unrealized +7.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	PAYPAL HLDGS INC	118,718	$6,931	3.8%	$64.84	-22.8%	—	70450Y103
ZTS	ZOETIS INC	52,316	$6,582	3.6%	$130.26	-3.3%	—	98978V103
FDS	FACTSET RESH SYS INC	13,000	$3,772	2.0%	$280.03	-11.8%	—	303075105
XP	XP INC	200,000	$3,274	1.8%	$17.61	+9.9%	—	G98239109
COKE	COCA COLA CONS INC	19,000	$2,913	1.6%	$146.39	+8.8%	—	191098102
MANH	MANHATTAN ASSOCIATES INC	16,500	$2,860	1.6%	$182.81	-14.8%	—	562750109
TXN	TEXAS INSTRS INC	16,400	$2,845	1.5%	$170.73	+20.8%	—	882508104
PAYX	PAYCHEX INC	25,300	$2,838	1.5%	$116.54	-12.5%	—	704326107
CALM	CAL MAINE FOODS INC	35,484	$2,823	1.5%	$103.42	-22.0%	—	128030202
KLAC	KLA CORP	2,300	$2,795	1.5%	$1171.91	+24.8%	—	482480100
MTD	METTLER TOLEDO INTERNATIONAL	2,000	$2,788	1.5%	$1396.48	+1.2%	—	592688105
AXP	AMERICAN EXPRESS CO	3,900	$1,443	0.8%	$332.09	+7.3%	—	025816109

Decreased Positions (14)

BIL SPDR SERIES TRUST 1.1%

Value ($000) $2,026 (-93.5%) Shares 22,106 (-93.5%) Est. Cost $91.73 Unrealized —

FTNT FORTINET INC 6.4%

Value ($000) $11,750 (-56.6%) Shares 143,781 (-57.8%) Est. Cost $88.71 Unrealized -9.8%

V VISA INC 1.6%

Value ($000) $2,962 (-78.5%) Shares 9,800 (-75.0%) Est. Cost $341.48 Unrealized -3.6%

GOOGL ALPHABET INC 1.8%

Value ($000) $3,266 (-72.5%) Shares 11,359 (-70.0%) Est. Cost $176.28 Unrealized +83.4%

MSCI MSCI INC 2.3%

Value ($000) $4,274 (-63.8%) Shares 7,930 (-61.5%) Est. Cost $582.14 Unrealized -2.2%

AZO AUTOZONE INC 0.6%

Value ($000) $1,044 (-86.0%) Shares 309 (-86.0%) Est. Cost $3593.48 Unrealized +0.9%

CHKP CHECK POINT SOFTWARE TECH LT 0.6%

Value ($000) $1,021 (-82.0%) Shares 7,144 (-76.7%) Est. Cost $195.74 Unrealized -9.9%

ORLY OREILLY AUTOMOTIVE INC 0.6%

Value ($000) $1,100 (-80.7%) Shares 11,912 (-80.9%) Est. Cost $95.59 Unrealized -0.6%

NVDA NVIDIA CORPORATION 10.4%

Value ($000) $19,067 (-18.6%) Shares 109,329 (-13.0%) Est. Cost $160.40 Unrealized +16.4%

ADP AUTOMATIC DATA PROCESSING IN 1.8%

Value ($000) $3,334 (-48.8%) Shares 16,407 (-35.2%) Est. Cost $298.68 Unrealized -19.4%

TSM TAIWAN SEMICONDUCTOR MANUFAC 4.7%

Value ($000) $8,712 (-25.3%) Shares 25,780 (-32.8%) Est. Cost $250.62 Unrealized —

BKNG BOOKING HOLDINGS INC 2.1%

Value ($000) $3,953 (-41.3%) Shares 939 (-25.4%) Est. Cost $5345.31 Unrealized -10.5%

VRSN VERISIGN INC 0.6%

Value ($000) $1,018 (-65.1%) Shares 4,100 (-65.8%) Est. Cost $250.80 Unrealized -6.1%

ROL ROLLINS INC 1.1%

Value ($000) $1,976 (-29.9%) Shares 37,000 (-21.3%) Est. Cost $58.66 Unrealized +5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIL	SPDR SERIES TRUST	22,106 (-93.5%)	$2,026 (-93.5%)	1.1%	$91.73	—	STATE STREET SPD	78468R663
FTNT	FORTINET INC	143,781 (-57.8%)	$11,750 (-56.6%)	6.4%	$88.71	-9.8%	COM	34959E109
V	VISA INC	9,800 (-75.0%)	$2,962 (-78.5%)	1.6%	$341.48	-3.6%	COM CL A	92826C839
GOOGL	ALPHABET INC	11,359 (-70.0%)	$3,266 (-72.5%)	1.8%	$176.28	+83.4%	CAP STK CL A	02079K305
MSCI	MSCI INC	7,930 (-61.5%)	$4,274 (-63.8%)	2.3%	$582.14	-2.2%	COM	55354G100
AZO	AUTOZONE INC	309 (-86.0%)	$1,044 (-86.0%)	0.6%	$3593.48	+0.9%	COM	053332102
CHKP	CHECK POINT SOFTWARE TECH LT	7,144 (-76.7%)	$1,021 (-82.0%)	0.6%	$195.74	-9.9%	ORD	M22465104
ORLY	OREILLY AUTOMOTIVE INC	11,912 (-80.9%)	$1,100 (-80.7%)	0.6%	$95.59	-0.6%	COM	67103H107
NVDA	NVIDIA CORPORATION	109,329 (-13.0%)	$19,067 (-18.6%)	10.4%	$160.40	+16.4%	COM	67066G104
ADP	AUTOMATIC DATA PROCESSING IN	16,407 (-35.2%)	$3,334 (-48.8%)	1.8%	$298.68	-19.4%	COM	053015103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	25,780 (-32.8%)	$8,712 (-25.3%)	4.7%	$250.62	—	SPONSORED ADS	874039100
BKNG	BOOKING HOLDINGS INC	939 (-25.4%)	$3,953 (-41.3%)	2.1%	$5345.31	-10.5%	COM	09857L108
VRSN	VERISIGN INC	4,100 (-65.8%)	$1,018 (-65.1%)	0.6%	$250.80	-6.1%	COM	92343E102
ROL	ROLLINS INC	37,000 (-21.3%)	$1,976 (-29.9%)	1.1%	$58.66	+5.4%	COM	775711104

Unchanged Positions (2)

MA MASTERCARD INCORPORATED 8.6%

Value ($000) $15,761 Shares 31,543 Est. Cost $546.02 Unrealized -1.3%

FLOT ISHARES TR 1.1%

Value ($000) $2,039 Shares 40,026 Est. Cost $50.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MA	MASTERCARD INCORPORATED	31,543	$15,761	8.6%	$546.02	-1.3%	CL A	57636Q104
FLOT	ISHARES TR	40,026	$2,039	1.1%	$50.99	—	FLTG RATE NT ETF	46429B655