ASHFORD CAPITAL MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SRAD	SPORTRADAR GROUP AG	530,280	$12,605	1.4%	$23.77	—	COM	H8088L103
YOU	CLEAR SECURE, INC. -CLASS A	270,050	$9,473	1.1%	$33.96	0.0%	COM	18467V109
IDCC	INTERDIGITAL INC.	29,408	$9,363	1.0%	$353.55	0.0%	COM	45867G101
SRLN	SPDR BLACKSTONE SENIOR LOAN ETF	65,943	$2,721	0.3%	$41.27	—	COM	78467V608
PATH	UIPATH, INC. - CLASS A	125,474	$2,057	0.2%	$15.56	0.0%	COM	90364P105
ORCL	ORACLE CORPORATION	6,828	$1,331	0.1%	$238.05	0.0%	COM	68389X105
RHLD	RESOLUTE HOLDINGS MANAGEMENT	1,261	$260	0.0%	$147.92	0.0%	COM	76134H101
QURE	UNIQURE NV	10,000	$239	0.0%	$38.59	0.0%	COM	N90064101
EWU	ISHARES MSCI UNITED KINGDOM ETF	4,624	$203	0.0%	$43.98	—	COM	46435G334
QQQ	INVESCO QQQ TRUST SERIES 1	328	$201	0.0%	$614.31	—	COM	46090E103

Increased Positions (21)

VICR VICOR CORP 4.3%

Value ($000) $38,783 (+246.4%) Shares 353,856 (+57.1%) Est. Cost $63.38 Unrealized +34.1%

ODD ODDITY TECH, LTD. - CL A 3.1%

Value ($000) $27,562 (-19.4%) Shares 685,972 (+25.0%) Est. Cost $40.57 Unrealized +11.4%

UFPT UFP TECHNOLOGIES, INC. 2.4%

Value ($000) $21,461 (+42.2%) Shares 96,660 (+27.8%) Est. Cost $222.46 Unrealized -3.7%

AYI ACUITY, INC. 2.6%

Value ($000) $23,663 (+25.8%) Shares 65,722 (+20.3%) Est. Cost $317.52 Unrealized +13.8%

RDVT RED VIOLET INC 3.8%

Value ($000) $34,330 (+13.1%) Shares 602,818 (+3.8%) Est. Cost $28.91 Unrealized +87.6%

VOXR VOX ROYALTY CORP. 1.7%

Value ($000) $14,942 (+35.9%) Shares 3,152,370 (+23.3%) Est. Cost $3.62 Unrealized +24.9%

SUPN SUPERNUS PHARMACEUTICALS INC. 3.4%

Value ($000) $30,443 (+13.0%) Shares 612,538 (+8.7%) Est. Cost $24.96 Unrealized +94.8%

VIA VIA TRANSPORTATION, INC. - CL A 0.6%

Value ($000) $5,531 (-37.7%) Shares 190,660 (+3.3%) Est. Cost $49.22 Unrealized -16.1%

FALN ISHARES FALLEN ANGELS USD BOND ETF 0.7%

Value ($000) $6,526 (+69.3%) Shares 239,038 (+72.2%) Est. Cost $27.58 Unrealized —

INCY INCYTE CORP 1.5%

Value ($000) $13,737 (+20.7%) Shares 139,080 (+3.6%) Est. Cost $73.23 Unrealized +32.1%

ISRG INTUITIVE SURGICAL, INC. 0.5%

Value ($000) $4,046 (+114.2%) Shares 7,143 (+69.1%) Est. Cost $527.95 Unrealized +0.8%

RBC RBC BEARINGS INC. 0.2%

Value ($000) $1,965 (+196.2%) Shares 4,382 (+157.8%) Est. Cost $410.22 Unrealized +3.2%

GOOGL ALPHABET INC. CLASS A 0.4%

Value ($000) $3,562 (+51.4%) Shares 11,381 (+17.6%) Est. Cost $170.86 Unrealized +67.2%

VTI VANGUARD TOTAL STOCK MARKET ETF 3.5%

Value ($000) $31,457 (+3.6%) Shares 93,827 (+1.4%) Est. Cost $223.10 Unrealized —

IWO ISHARES RUSSELL 2000 GROWTH INDEX FUND 0.4%

Value ($000) $3,832 (+36.4%) Shares 11,862 (+35.2%) Est. Cost $320.81 Unrealized —

VICI VICI PROPERTIES 0.6%

Value ($000) $5,786 (-11.5%) Shares 205,760 (+2.6%) Est. Cost $25.65 Unrealized +14.3%

MRK MERCK & CO 0.3%

Value ($000) $2,840 (+26.8%) Shares 26,983 (+1.1%) Est. Cost $82.25 Unrealized +13.4%

FXI ISHARES CHINA LARGE-CAP ETF 0.6%

Value ($000) $5,315 (+11.3%) Shares 138,817 (+19.6%) Est. Cost $37.25 Unrealized —

EWW ISHARES MSCI MEXICO ETF 0.5%

Value ($000) $4,233 (+8.1%) Shares 61,060 (+6.4%) Est. Cost $50.84 Unrealized —

EWZ ISHARES MSCI BRAZIL 0.5%

Value ($000) $4,139 (+7.4%) Shares 130,280 (+4.8%) Est. Cost $24.64 Unrealized —

MS MORGAN STANLEY 0.1%

Value ($000) $495 (+16.7%) Shares 2,790 (+4.5%) Est. Cost $127.65 Unrealized +30.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICR	VICOR CORP	353,856 (+57.1%)	$38,783 (+246.4%)	4.3%	$63.38	+34.1%	COM	925815102
ODD	ODDITY TECH, LTD. - CL A	685,972 (+25.0%)	$27,562 (-19.4%)	3.1%	$40.57	+11.4%	COM	M7518J104
UFPT	UFP TECHNOLOGIES, INC.	96,660 (+27.8%)	$21,461 (+42.2%)	2.4%	$222.46	-3.7%	COM	902673102
AYI	ACUITY, INC.	65,722 (+20.3%)	$23,663 (+25.8%)	2.6%	$317.52	+13.8%	COM	00508Y102
RDVT	RED VIOLET INC	602,818 (+3.8%)	$34,330 (+13.1%)	3.8%	$28.91	+87.6%	COM	75704L104
VOXR	VOX ROYALTY CORP.	3,152,370 (+23.3%)	$14,942 (+35.9%)	1.7%	$3.62	+24.9%	COM	92919F103
SUPN	SUPERNUS PHARMACEUTICALS INC.	612,538 (+8.7%)	$30,443 (+13.0%)	3.4%	$24.96	+94.8%	COM	868459108
VIA	VIA TRANSPORTATION, INC. - CL A	190,660 (+3.3%)	$5,531 (-37.7%)	0.6%	$49.22	-16.1%	COM	92556W104
FALN	ISHARES FALLEN ANGELS USD BOND ETF	239,038 (+72.2%)	$6,526 (+69.3%)	0.7%	$27.58	—	COM	46435G474
INCY	INCYTE CORP	139,080 (+3.6%)	$13,737 (+20.7%)	1.5%	$73.23	+32.1%	COM	45337C102
ISRG	INTUITIVE SURGICAL, INC.	7,143 (+69.1%)	$4,046 (+114.2%)	0.5%	$527.95	+0.8%	COM	46120E602
RBC	RBC BEARINGS INC.	4,382 (+157.8%)	$1,965 (+196.2%)	0.2%	$410.22	+3.2%	COM	75524B104
GOOGL	ALPHABET INC. CLASS A	11,381 (+17.6%)	$3,562 (+51.4%)	0.4%	$170.86	+67.2%	COM	02079K305
VTI	VANGUARD TOTAL STOCK MARKET ETF	93,827 (+1.4%)	$31,457 (+3.6%)	3.5%	$223.10	—	COM	922908769
IWO	ISHARES RUSSELL 2000 GROWTH INDEX FUND	11,862 (+35.2%)	$3,832 (+36.4%)	0.4%	$320.81	—	COM	464287648
VICI	VICI PROPERTIES	205,760 (+2.6%)	$5,786 (-11.5%)	0.6%	$25.65	+14.3%	COM	925652109
MRK	MERCK & CO	26,983 (+1.1%)	$2,840 (+26.8%)	0.3%	$82.25	+13.4%	COM	58933Y105
FXI	ISHARES CHINA LARGE-CAP ETF	138,817 (+19.6%)	$5,315 (+11.3%)	0.6%	$37.25	—	COM	464287184
EWW	ISHARES MSCI MEXICO ETF	61,060 (+6.4%)	$4,233 (+8.1%)	0.5%	$50.84	—	COM	464286822
EWZ	ISHARES MSCI BRAZIL	130,280 (+4.8%)	$4,139 (+7.4%)	0.5%	$24.64	—	COM	464286400
MS	MORGAN STANLEY	2,790 (+4.5%)	$495 (+16.7%)	0.1%	$127.65	+30.4%	COM	617446448

Exited Positions (11)

FLBL FRANKLIN SENIOR LOAN ETF 1.0%

Value ($000) $8,755 Shares 364,498 Est. Cost $24.23 Unrealized —

VNQ VANGUARD REIT ETF 0.3%

Value ($000) $3,131 Shares 34,252 Est. Cost $86.37 Unrealized —

ACGL ARCH CAPITAL GROUP LTD 0.2%

Value ($000) $2,057 Shares 22,673 Est. Cost $78.79 Unrealized +16.1%

SPGI S&P GLOBAL INC. 0.2%

Value ($000) $1,968 Shares 4,043 Est. Cost $400.70 Unrealized +23.3%

MORN MORNINGSTAR INC 0.2%

Value ($000) $1,542 Shares 6,648 Est. Cost $219.38 Unrealized -1.3%

MP MP MATERIALS CORP. 0.0%

Value ($000) $402 Shares 6,000 Est. Cost $62.91 Unrealized +0.8%

IBIT ISHARES BITCOIN TRUST 0.0%

Value ($000) $325 Shares 5,000 Est. Cost $62.35 Unrealized —

JOBY JOBY AVIATION - CLASS A 0.0%

Value ($000) $323 Shares 20,000 Est. Cost $7.24 Unrealized +112.1%

PGR PROGRESSIVE CORP/THE 0.0%

Value ($000) $263 Shares 1,065 Est. Cost $214.15 Unrealized -0.8%

BMNR BITMINE IMMERSION TECH. 0.0%

Value ($000) $208 Shares 4,000 Est. Cost $50.65 Unrealized -20.0%

RSSS RESEARCH SOLUTIONS, INC 0.0%

Value ($000) $187 Shares 50,000 Est. Cost $3.07 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FLBL	FRANKLIN SENIOR LOAN ETF	364,498	$8,755	1.0%	$24.23	—	—	35473P595
VNQ	VANGUARD REIT ETF	34,252	$3,131	0.3%	$86.37	—	—	922908553
ACGL	ARCH CAPITAL GROUP LTD	22,673	$2,057	0.2%	$78.79	+16.1%	—	G0450A105
SPGI	S&P GLOBAL INC.	4,043	$1,968	0.2%	$400.70	+23.3%	—	78409V104
MORN	MORNINGSTAR INC	6,648	$1,542	0.2%	$219.38	-1.3%	—	617700109
MP	MP MATERIALS CORP.	6,000	$402	0.0%	$62.91	+0.8%	—	553368101
IBIT	ISHARES BITCOIN TRUST	5,000	$325	0.0%	$62.35	—	—	46438F101
JOBY	JOBY AVIATION - CLASS A	20,000	$323	0.0%	$7.24	+112.1%	—	G65163100
PGR	PROGRESSIVE CORP/THE	1,065	$263	0.0%	$214.15	-0.8%	—	743315103
BMNR	BITMINE IMMERSION TECH.	4,000	$208	0.0%	$50.65	-20.0%	—	09175A206
RSSS	RESEARCH SOLUTIONS, INC	50,000	$187	0.0%	$3.07	+1.7%	—	761025105

Decreased Positions (36)

CPRT COPART INC 0.7%

Value ($000) $6,068 (-67.9%) Shares 154,989 (-63.1%) Est. Cost $31.98 Unrealized +29.7%

CVCO CAVCO INDUSTRIES, INC. 1.9%

Value ($000) $16,784 (-39.8%) Shares 28,412 (-40.8%) Est. Cost $186.60 Unrealized +203.6%

GSAT GLOBALSTAR INC. 6.8%

Value ($000) $60,979 (+18.9%) Shares 998,995 (-29.1%) Est. Cost $24.37 Unrealized +126.6%

FNV FRANCO-NEVADA CORP 2.1%

Value ($000) $18,626 (-33.8%) Shares 89,857 (-28.8%) Est. Cost $107.06 Unrealized +89.4%

CSGP COSTAR GROUP INC 1.9%

Value ($000) $16,673 (-29.6%) Shares 247,959 (-11.7%) Est. Cost $76.93 Unrealized -7.9%

AESI ATLAS ENERGY SOLUTIONS, INC. 0.2%

Value ($000) $1,532 (-79.7%) Shares 162,630 (-75.5%) Est. Cost $20.17 Unrealized -49.9%

PRCH PORCH GROUP INC 0.4%

Value ($000) $3,695 (-58.3%) Shares 404,670 (-23.4%) Est. Cost $15.34 Unrealized -21.5%

AXON AXON ENTERPRISE, INC. 1.8%

Value ($000) $16,583 (-22.8%) Shares 29,199 (-2.5%) Est. Cost $34.13 Unrealized +1718.2%

TTD THE TRADE DESK - CL A 0.5%

Value ($000) $4,361 (-49.8%) Shares 114,876 (-35.2%) Est. Cost $60.81 Unrealized -27.1%

TRAK REPOSITRAK, INC. 0.9%

Value ($000) $8,406 (-30.4%) Shares 679,581 (-16.6%) Est. Cost $20.71 Unrealized -31.4%

S SENTINELONE, INC. - CLASS A 1.0%

Value ($000) $9,027 (-28.1%) Shares 601,830 (-15.6%) Est. Cost $21.93 Unrealized -25.3%

SNEX STONEX GROUP, INC. 3.2%

Value ($000) $28,380 (-10.2%) Shares 298,329 (-4.8%) Est. Cost $53.41 Unrealized +76.5%

LGND LIGAND PHARMACEUTICALS - CL B 4.5%

Value ($000) $40,419 (-6.6%) Shares 213,778 (-12.5%) Est. Cost $76.46 Unrealized +151.3%

TYL TYLER TECHNOLOGIES, INC 1.6%

Value ($000) $14,614 (-15.6%) Shares 32,193 (-2.7%) Est. Cost $204.75 Unrealized +132.7%

CWAN CLEARWATER ANALYTICS HDS - CL A 1.4%

Value ($000) $12,344 (-11.9%) Shares 511,779 (-34.2%) Est. Cost $26.19 Unrealized -23.5%

— CYBERARK SOFTWARE LTD/ISRAEL 1.6%

Value ($000) $14,405 (-9.1%) Shares 32,294 (-1.5%) Est. Cost $193.56 Unrealized —

CLBT CELLEBRITE DI LTD/ISRAEL 3.4%

Value ($000) $30,125 (-4.4%) Shares 1,670,845 (-1.7%) Est. Cost $10.37 Unrealized +73.1%

AFRM AFFIRM HOLDINGS - CL A. 0.1%

Value ($000) $504 (-70.8%) Shares 6,775 (-71.3%) Est. Cost $57.25 Unrealized +25.7%

PSTG PURE STORAGE, INC. 0.2%

Value ($000) $1,646 (-41.8%) Shares 24,568 (-27.2%) Est. Cost $62.73 Unrealized +33.2%

EQIX EQUINIX INC 2.0%

Value ($000) $17,947 (-5.9%) Shares 23,424 (-3.8%) Est. Cost $783.26 Unrealized -0.3%

BROS DUTCH BROS INC. 1.1%

Value ($000) $9,567 (+13.3%) Shares 156,280 (-3.2%) Est. Cost $63.23 Unrealized -10.1%

NCNO NCINO, INC. 1.2%

Value ($000) $10,418 (-7.0%) Shares 406,307 (-1.7%) Est. Cost $25.43 Unrealized -0.2%

CAH CARDINAL HEALTH 0.1%

Value ($000) $1,251 (-37.3%) Shares 6,087 (-52.1%) Est. Cost $67.86 Unrealized +176.6%

TER TERADYNE INC. 0.4%

Value ($000) $3,843 (+22.8%) Shares 19,856 (-12.7%) Est. Cost $101.18 Unrealized +69.5%

ET ENERGY TRANSFER LP 0.3%

Value ($000) $3,044 (-18.3%) Shares 184,623 (-15.0%) Est. Cost $15.37 Unrealized —

ROP ROPER TECHNOLOGIES, INC 0.3%

Value ($000) $2,969 (-18.6%) Shares 6,670 (-8.8%) Est. Cost $240.48 Unrealized +92.2%

EPD ENTERPRISE PRODUCTS PARTNERS 0.5%

Value ($000) $4,636 (-9.6%) Shares 144,610 (-11.9%) Est. Cost $27.61 Unrealized —

REMX VANECK RARE EARTH & METALS ETF 0.4%

Value ($000) $3,814 (-10.5%) Shares 51,593 (-20.3%) Est. Cost $40.58 Unrealized —

MOD MODINE MANUFACTURING CO 0.2%

Value ($000) $1,967 (-16.7%) Shares 14,736 (-11.3%) Est. Cost $127.24 Unrealized +17.1%

VTS VITESSE ENERGY INC. 0.0%

Value ($000) $230 (-44.4%) Shares 11,950 (-33.0%) Est. Cost $24.68 Unrealized -13.5%

AUR AURORA INNOVATION, INC. 0.0%

Value ($000) $109 (-61.3%) Shares 28,500 (-45.7%) Est. Cost $5.15 Unrealized -11.1%

VRT VERTIV HOLDINGS CO. 0.0%

Value ($000) $211 (-44.2%) Shares 1,300 (-48.0%) Est. Cost $133.31 Unrealized +30.2%

AVGO BROADCOM INC 0.1%

Value ($000) $900 (-12.0%) Shares 2,600 (-16.1%) Est. Cost $215.92 Unrealized +65.3%

CLS CELESTICA 0.0%

Value ($000) $257 (-13.7%) Shares 870 (-28.1%) Est. Cost $201.61 Unrealized +49.5%

TKO TKO GROUP HOLDINGS, INC. 0.3%

Value ($000) $2,570 (+1.6%) Shares 12,297 (-1.8%) Est. Cost $127.90 Unrealized +51.5%

AAPL APPLE, INC. 0.1%

Value ($000) $787 (+2.5%) Shares 2,895 (-4.0%) Est. Cost $120.49 Unrealized +122.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPRT	COPART INC	154,989 (-63.1%)	$6,068 (-67.9%)	0.7%	$31.98	+29.7%	COM	217204106
CVCO	CAVCO INDUSTRIES, INC.	28,412 (-40.8%)	$16,784 (-39.8%)	1.9%	$186.60	+203.6%	COM	149568107
GSAT	GLOBALSTAR INC.	998,995 (-29.1%)	$60,979 (+18.9%)	6.8%	$24.37	+126.6%	COM	378973507
FNV	FRANCO-NEVADA CORP	89,857 (-28.8%)	$18,626 (-33.8%)	2.1%	$107.06	+89.4%	COM	351858105
CSGP	COSTAR GROUP INC	247,959 (-11.7%)	$16,673 (-29.6%)	1.9%	$76.93	-7.9%	COM	22160N109
AESI	ATLAS ENERGY SOLUTIONS, INC.	162,630 (-75.5%)	$1,532 (-79.7%)	0.2%	$20.17	-49.9%	COM	642045108
PRCH	PORCH GROUP INC	404,670 (-23.4%)	$3,695 (-58.3%)	0.4%	$15.34	-21.5%	COM	733245104
AXON	AXON ENTERPRISE, INC.	29,199 (-2.5%)	$16,583 (-22.8%)	1.8%	$34.13	+1718.2%	COM	05464C101
TTD	THE TRADE DESK - CL A	114,876 (-35.2%)	$4,361 (-49.8%)	0.5%	$60.81	-27.1%	COM	88339J105
TRAK	REPOSITRAK, INC.	679,581 (-16.6%)	$8,406 (-30.4%)	0.9%	$20.71	-31.4%	COM	700215304
S	SENTINELONE, INC. - CLASS A	601,830 (-15.6%)	$9,027 (-28.1%)	1.0%	$21.93	-25.3%	COM	81730H109
SNEX	STONEX GROUP, INC.	298,329 (-4.8%)	$28,380 (-10.2%)	3.2%	$53.41	+76.5%	COM	861896108
LGND	LIGAND PHARMACEUTICALS - CL B	213,778 (-12.5%)	$40,419 (-6.6%)	4.5%	$76.46	+151.3%	COM	53220K504
TYL	TYLER TECHNOLOGIES, INC	32,193 (-2.7%)	$14,614 (-15.6%)	1.6%	$204.75	+132.7%	COM	902252105
CWAN	CLEARWATER ANALYTICS HDS - CL A	511,779 (-34.2%)	$12,344 (-11.9%)	1.4%	$26.19	-23.5%	COM	185123106
—	CYBERARK SOFTWARE LTD/ISRAEL	32,294 (-1.5%)	$14,405 (-9.1%)	1.6%	$193.56	—	COM	M2682V108
CLBT	CELLEBRITE DI LTD/ISRAEL	1,670,845 (-1.7%)	$30,125 (-4.4%)	3.4%	$10.37	+73.1%	COM	M2197Q107
AFRM	AFFIRM HOLDINGS - CL A.	6,775 (-71.3%)	$504 (-70.8%)	0.1%	$57.25	+25.7%	COM	00827B106
PSTG	PURE STORAGE, INC.	24,568 (-27.2%)	$1,646 (-41.8%)	0.2%	$62.73	+33.2%	COM	74624M102
EQIX	EQUINIX INC	23,424 (-3.8%)	$17,947 (-5.9%)	2.0%	$783.26	-0.3%	COM	29444U700
BROS	DUTCH BROS INC.	156,280 (-3.2%)	$9,567 (+13.3%)	1.1%	$63.23	-10.1%	COM	26701L100
NCNO	NCINO, INC.	406,307 (-1.7%)	$10,418 (-7.0%)	1.2%	$25.43	-0.2%	COM	63947X101
CAH	CARDINAL HEALTH	6,087 (-52.1%)	$1,251 (-37.3%)	0.1%	$67.86	+176.6%	COM	14149Y108
TER	TERADYNE INC.	19,856 (-12.7%)	$3,843 (+22.8%)	0.4%	$101.18	+69.5%	COM	880770102
ET	ENERGY TRANSFER LP	184,623 (-15.0%)	$3,044 (-18.3%)	0.3%	$15.37	—	COM	29273V100
ROP	ROPER TECHNOLOGIES, INC	6,670 (-8.8%)	$2,969 (-18.6%)	0.3%	$240.48	+92.2%	COM	776696106
EPD	ENTERPRISE PRODUCTS PARTNERS	144,610 (-11.9%)	$4,636 (-9.6%)	0.5%	$27.61	—	COM	293792107
REMX	VANECK RARE EARTH & METALS ETF	51,593 (-20.3%)	$3,814 (-10.5%)	0.4%	$40.58	—	COM	92189H805
MOD	MODINE MANUFACTURING CO	14,736 (-11.3%)	$1,967 (-16.7%)	0.2%	$127.24	+17.1%	COM	607828100
VTS	VITESSE ENERGY INC.	11,950 (-33.0%)	$230 (-44.4%)	0.0%	$24.68	-13.5%	COM	92852X103
AUR	AURORA INNOVATION, INC.	28,500 (-45.7%)	$109 (-61.3%)	0.0%	$5.15	-11.1%	COM	051774107
VRT	VERTIV HOLDINGS CO.	1,300 (-48.0%)	$211 (-44.2%)	0.0%	$133.31	+30.2%	COM	92537N108
AVGO	BROADCOM INC	2,600 (-16.1%)	$900 (-12.0%)	0.1%	$215.92	+65.3%	COM	11135F101
CLS	CELESTICA	870 (-28.1%)	$257 (-13.7%)	0.0%	$201.61	+49.5%	COM	15101Q207
TKO	TKO GROUP HOLDINGS, INC.	12,297 (-1.8%)	$2,570 (+1.6%)	0.3%	$127.90	+51.5%	COM	87256C101
AAPL	APPLE, INC.	2,895 (-4.0%)	$787 (+2.5%)	0.1%	$120.49	+122.7%	COM	037833100

Unchanged Positions (42)

FROG JFROG LTD 2.2%

Value ($000) $19,308 Shares 309,118 Est. Cost $35.34 Unrealized +60.9%

WGS GENEDX HOLDINGS - CL A. 1.9%

Value ($000) $17,210 Shares 132,326 Est. Cost $83.03 Unrealized +65.3%

SKWD SKYWARD SPECIALTY INSURANCE GROUP 2.2%

Value ($000) $19,815 Shares 387,702 Est. Cost $28.01 Unrealized +71.6%

KNSL KINSALE CAPITAL GROUP INC. 1.7%

Value ($000) $14,919 Shares 38,145 Est. Cost $164.47 Unrealized +147.9%

AVPT AVEPOINT, INC. 1.2%

Value ($000) $11,151 Shares 802,819 Est. Cost $9.60 Unrealized +43.9%

HQY HEALTHEQUITY, INC. 2.8%

Value ($000) $24,893 Shares 271,723 Est. Cost $67.32 Unrealized +42.2%

MSFT MICROSOFT CORPORATION 1.0%

Value ($000) $8,758 Shares 18,109 Est. Cost $224.86 Unrealized +122.6%

VRTX VERTEX PHARMACEUTICALS INC. 0.4%

Value ($000) $3,738 Shares 8,245 Est. Cost $275.91 Unrealized +56.2%

META FACEBOOK INC - A 0.4%

Value ($000) $3,964 Shares 6,005 Est. Cost $444.88 Unrealized +50.0%

MELI MERCADO LIBRE 0.2%

Value ($000) $1,924 Shares 955 Est. Cost $992.55 Unrealized +111.6%

DHR DANAHER CORPORATION 0.3%

Value ($000) $2,271 Shares 9,919 Est. Cost $171.07 Unrealized +28.3%

RBLX ROBLOX CORP. - CL A 0.0%

Value ($000) $422 Shares 5,210 Est. Cost $52.83 Unrealized +101.0%

IEUR ISHARES CORE MSCI EUROPE ETF 0.8%

Value ($000) $7,231 Shares 101,876 Est. Cost $50.07 Unrealized —

FEZ SPDR EURO STOXX 50 FUND 0.9%

Value ($000) $7,952 Shares 123,501 Est. Cost $43.55 Unrealized —

FURY FURY GOLD MINES LTD 0.2%

Value ($000) $2,154 Shares 3,650,015 Est. Cost $0.58 Unrealized +5.7%

HACK AMPLIFY CYBERSECURITY ETF 0.3%

Value ($000) $2,684 Shares 33,401 Est. Cost $76.73 Unrealized —

UNP UNION PACIFIC CORP 1.1%

Value ($000) $9,564 Shares 41,345 Est. Cost $65.92 Unrealized +244.8%

VRSK VERISK ANALYTICS INC - CLASS A 0.2%

Value ($000) $1,468 Shares 6,564 Est. Cost $273.52 Unrealized -17.6%

SPY SPDR S&P 500 ETF TRUST 0.8%

Value ($000) $7,616 Shares 11,169 Est. Cost $400.71 Unrealized —

XOM EXXON MOBIL CORP 0.2%

Value ($000) $2,219 Shares 18,436 Est. Cost $53.69 Unrealized +115.1%

TECH BIO-TECHNE CORP 0.2%

Value ($000) $2,229 Shares 37,905 Est. Cost $65.41 Unrealized -7.2%

LLY ELI LILLY & COMPANY 0.0%

Value ($000) $361 Shares 336 Est. Cost $243.85 Unrealized +291.9%

GOOG ALPHABET INC - CL C 0.0%

Value ($000) $439 Shares 1,400 Est. Cost $112.46 Unrealized +154.6%

TRV THE TRAVELERS COMPANIES 0.3%

Value ($000) $2,252 Shares 7,764 Est. Cost $265.92 Unrealized +5.5%

WMT WAL-MART STORES INC 0.1%

Value ($000) $1,079 Shares 9,681 Est. Cost $73.77 Unrealized +45.3%

AMZN AMAZON 0.2%

Value ($000) $1,546 Shares 6,700 Est. Cost $119.35 Unrealized +91.7%

KMI KINDER MORGAN HOLDCO LLC 0.2%

Value ($000) $1,971 Shares 71,708 Est. Cost $21.46 Unrealized +25.4%

SHOP SHOPIFY, INC. - CLASS A 0.1%

Value ($000) $753 Shares 4,680 Est. Cost $65.13 Unrealized +146.5%

JNJ JOHNSON & JOHNSON 0.0%

Value ($000) $352 Shares 1,700 Est. Cost $70.62 Unrealized +179.0%

KO COCA-COLA CO 0.1%

Value ($000) $704 Shares 10,075 Est. Cost $27.85 Unrealized +149.1%

GLW CORNING INC 0.1%

Value ($000) $537 Shares 6,136 Est. Cost $30.45 Unrealized +182.3%

T AT&T 0.0%

Value ($000) $218 Shares 8,770 Est. Cost $24.35 Unrealized +3.8%

MLR MILLER INDUSTRIES RSUS 0.0%

Value ($000) $341 Shares 9,120 Est. Cost $33.14 Unrealized +17.0%

BRK/B BERKSHIRE HATHAWAY B 0.4%

Value ($000) $3,554 Shares 7,071 Est. Cost $237.34 Unrealized +109.6%

IAU ISHARES GOLD TRUST 0.0%

Value ($000) $231 Shares 2,850 Est. Cost $35.74 Unrealized —

IBM INTERNATIONAL BUSINESS MACHINES CORP 0.0%

Value ($000) $354 Shares 1,196 Est. Cost $116.03 Unrealized +157.5%

MKTX MARKETAXESS HOLDINGS INC 0.0%

Value ($000) $363 Shares 2,000 Est. Cost $221.52 Unrealized -23.5%

BRK/A BERKSHIRE HATHAWAY A 1.8%

Value ($000) $16,606 Shares 22 Est. Cost $165023.42 Unrealized +352.3%

CVX CHEVRON CORPORATION 0.1%

Value ($000) $457 Shares 2,996 Est. Cost $74.10 Unrealized +104.3%

QYLD GLOBAL X NASDAQ 100 COVERED CALL ETF 0.0%

Value ($000) $177 Shares 10,000 Est. Cost $16.72 Unrealized —

IWF ISHARES RUSSELL 1000 GROWTH INDEX FUND 0.0%

Value ($000) $332 Shares 701 Est. Cost $243.05 Unrealized —

— GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU 0.1%

Value ($000) $753 Shares 146,000 Est. Cost $4.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FROG	JFROG LTD	309,118	$19,308	2.2%	$35.34	+60.9%	COM	M6191J100
WGS	GENEDX HOLDINGS - CL A.	132,326	$17,210	1.9%	$83.03	+65.3%	COM	81663L200
SKWD	SKYWARD SPECIALTY INSURANCE GROUP	387,702	$19,815	2.2%	$28.01	+71.6%	COM	830940102
KNSL	KINSALE CAPITAL GROUP INC.	38,145	$14,919	1.7%	$164.47	+147.9%	COM	49714P108
AVPT	AVEPOINT, INC.	802,819	$11,151	1.2%	$9.60	+43.9%	COM	053604104
HQY	HEALTHEQUITY, INC.	271,723	$24,893	2.8%	$67.32	+42.2%	COM	42226A107
MSFT	MICROSOFT CORPORATION	18,109	$8,758	1.0%	$224.86	+122.6%	COM	594918104
VRTX	VERTEX PHARMACEUTICALS INC.	8,245	$3,738	0.4%	$275.91	+56.2%	COM	92532F100
META	FACEBOOK INC - A	6,005	$3,964	0.4%	$444.88	+50.0%	COM	30303M102
MELI	MERCADO LIBRE	955	$1,924	0.2%	$992.55	+111.6%	COM	58733R102
DHR	DANAHER CORPORATION	9,919	$2,271	0.3%	$171.07	+28.3%	COM	235851102
RBLX	ROBLOX CORP. - CL A	5,210	$422	0.0%	$52.83	+101.0%	COM	771049103
IEUR	ISHARES CORE MSCI EUROPE ETF	101,876	$7,231	0.8%	$50.07	—	COM	46434V738
FEZ	SPDR EURO STOXX 50 FUND	123,501	$7,952	0.9%	$43.55	—	COM	78463X202
FURY	FURY GOLD MINES LTD	3,650,015	$2,154	0.2%	$0.58	+5.7%	COM	36117T100
HACK	AMPLIFY CYBERSECURITY ETF	33,401	$2,684	0.3%	$76.73	—	COM	032108664
UNP	UNION PACIFIC CORP	41,345	$9,564	1.1%	$65.92	+244.8%	COM	907818108
VRSK	VERISK ANALYTICS INC - CLASS A	6,564	$1,468	0.2%	$273.52	-17.6%	COM	92345Y106
SPY	SPDR S&P 500 ETF TRUST	11,169	$7,616	0.8%	$400.71	—	COM	78462F103
XOM	EXXON MOBIL CORP	18,436	$2,219	0.2%	$53.69	+115.1%	COM	30231G102
TECH	BIO-TECHNE CORP	37,905	$2,229	0.2%	$65.41	-7.2%	COM	09073M104
LLY	ELI LILLY & COMPANY	336	$361	0.0%	$243.85	+291.9%	COM	532457108
GOOG	ALPHABET INC - CL C	1,400	$439	0.0%	$112.46	+154.6%	COM	02079K107
TRV	THE TRAVELERS COMPANIES	7,764	$2,252	0.3%	$265.92	+5.5%	COM	89417E109
WMT	WAL-MART STORES INC	9,681	$1,079	0.1%	$73.77	+45.3%	COM	931142103
AMZN	AMAZON	6,700	$1,546	0.2%	$119.35	+91.7%	COM	023135106
KMI	KINDER MORGAN HOLDCO LLC	71,708	$1,971	0.2%	$21.46	+25.4%	COM	49456B101
SHOP	SHOPIFY, INC. - CLASS A	4,680	$753	0.1%	$65.13	+146.5%	COM	82509L107
JNJ	JOHNSON & JOHNSON	1,700	$352	0.0%	$70.62	+179.0%	COM	478160104
KO	COCA-COLA CO	10,075	$704	0.1%	$27.85	+149.1%	COM	191216100
GLW	CORNING INC	6,136	$537	0.1%	$30.45	+182.3%	COM	219350105
T	AT&T	8,770	$218	0.0%	$24.35	+3.8%	COM	00206R102
MLR	MILLER INDUSTRIES RSUS	9,120	$341	0.0%	$33.14	+17.0%	COM	600551204
BRK/B	BERKSHIRE HATHAWAY B	7,071	$3,554	0.4%	$237.34	+109.6%	COM	084670702
IAU	ISHARES GOLD TRUST	2,850	$231	0.0%	$35.74	—	COM	464285204
IBM	INTERNATIONAL BUSINESS MACHINES CORP	1,196	$354	0.0%	$116.03	+157.5%	COM	459200101
MKTX	MARKETAXESS HOLDINGS INC	2,000	$363	0.0%	$221.52	-23.5%	COM	57060D108
BRK/A	BERKSHIRE HATHAWAY A	22	$16,606	1.8%	$165023.42	+352.3%	COM	084670108
CVX	CHEVRON CORPORATION	2,996	$457	0.1%	$74.10	+104.3%	COM	166764100
QYLD	GLOBAL X NASDAQ 100 COVERED CALL ETF	10,000	$177	0.0%	$16.72	—	COM	37954Y483
IWF	ISHARES RUSSELL 1000 GROWTH INDEX FUND	701	$332	0.0%	$243.05	—	COM	464287614
—	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	146,000	$753	0.1%	$4.13	—	COM	36465A109