Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CROX	CROCS INC	158,885	$19.17M	2.2%	$120.64	—	CS	227046109
MU	MICRON TECHNOLOGY INC	12,221	$14.11M	1.6%	$1154.29	—	CS	595112103
CF	CF INDS HLDGS INC	123,491	$13.37M	1.5%	$108.26	—	CS	125269100
ALC	ALCON INC ORD SHS	147,625	$9.906M	1.1%	$67.10	—	CS	H01301128
NET	CLOUDFLARE INC CL A COM	16,841	$4.131M	0.5%	$245.28	—	CS	18915M107
AXON	AXON ENTERPRISE INC	433	$243K	0.0%	$560.61	—	CS	05464C101
QQQ	INVESCO QQQ TR UNIT SER 1	320	$236K	0.0%	$736.40	—	ETF	46090E103

Increased Positions (10)

NVDA NVIDIA CORP 6.7%

Value $58.31M (+26.5%) Shares 291,411 (+10.2%) Est. Cost $110.24 Unrealized —

LPLA LPL FINL HLDGS INC 0.9%

Value $7.937M (+1327.7%) Shares 28,177 (+1424.7%) Est. Cost $286.18 Unrealized —

QXO QXO INC 0.8%

Value $6.674M (+2280.9%) Shares 386,211 (+2575.7%) Est. Cost $17.41 Unrealized —

THC TENET HEALTHCARE CORP COM NEW 1.1%

Value $9.621M (+57.2%) Shares 51,427 (+58.6%) Est. Cost $164.51 Unrealized —

DHR DANAHER CORP DEL 4.1%

Value $35.44M (+6.7%) Shares 186,081 (+6.2%) Est. Cost $132.17 Unrealized —

TYL TYLER TECHNOLOGIES INC 2.6%

Value $22.65M (+9.4%) Shares 77,442 (+28.0%) Est. Cost $364.77 Unrealized —

ELE ELEMENTAL RTY CORP 2.1%

Value $18.32M (-3.1%) Shares 1,049,124 (+4.6%) Est. Cost $20.10 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATI 0.7%

Value $6.407M (-5.5%) Shares 14,641 (+2.4%) Est. Cost $374.79 Unrealized —

SPY STATE STR SPDR SNP 500 ETF TR 0.1%

Value $1.196M (+16.1%) Shares 1,601 (+1.1%) Est. Cost $581.69 Unrealized —

IEF ISHARES TR 7-10 YR TRS BD 0.0%

Value $400K (+21.5%) Shares 4,230 (+22.6%) Est. Cost $93.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORP	291,411 (+10.2%)	$58.31M (+26.5%)	6.7%	$110.24	—	CS	67066G104
LPLA	LPL FINL HLDGS INC	28,177 (+1424.7%)	$7.937M (+1327.7%)	0.9%	$286.18	—	CS	50212V100
QXO	QXO INC	386,211 (+2575.7%)	$6.674M (+2280.9%)	0.8%	$17.41	—	CS	82846H405
THC	TENET HEALTHCARE CORP COM NEW	51,427 (+58.6%)	$9.621M (+57.2%)	1.1%	$164.51	—	CS	88033G407
DHR	DANAHER CORP DEL	186,081 (+6.2%)	$35.44M (+6.7%)	4.1%	$132.17	—	CS	235851102
TYL	TYLER TECHNOLOGIES INC	77,442 (+28.0%)	$22.65M (+9.4%)	2.6%	$364.77	—	CS	902252105
ELE	ELEMENTAL RTY CORP	1,049,124 (+4.6%)	$18.32M (-3.1%)	2.1%	$20.10	—	CS	28620K106
TPL	TEXAS PACIFIC LAND CORPORATI	14,641 (+2.4%)	$6.407M (-5.5%)	0.7%	$374.79	—	CS	88262P102
SPY	STATE STR SPDR SNP 500 ETF TR	1,601 (+1.1%)	$1.196M (+16.1%)	0.1%	$581.69	—	ETF	78462F103
IEF	ISHARES TR 7-10 YR TRS BD	4,230 (+22.6%)	$400K (+21.5%)	0.0%	$93.82	—	ETF	464287440

Exited Positions (12)

INTU INTUIT 2.2%

Value $19.28M Shares 44,601 Est. Cost $433.74 Unrealized —

VG VENTURE GLOBAL INC COM CL A 1.3%

Value $11.38M Shares 722,146 Est. Cost $8.89 Unrealized —

MKL MARKEL GROUP INC COM 0.8%

Value $7.025M Shares 3,670 Est. Cost $2070.70 Unrealized —

SPSC SPS COMM INC 0.6%

Value $4.985M Shares 89,538 Est. Cost $79.88 Unrealized —

LHX L3HARRIS TECHNOLOGIES INC COM 0.1%

Value $1.219M Shares 3,532 Est. Cost $224.65 Unrealized —

ENTG ENTEGRIS INC 0.1%

Value $830K Shares 7,076 Est. Cost $79.19 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 0.1%

Value $798K Shares 3,927 Est. Cost $253.49 Unrealized —

PAYX PAYCHEX INC 0.1%

Value $727K Shares 7,887 Est. Cost $121.91 Unrealized —

AVTR AVANTOR INC COM 0.1%

Value $681K Shares 86,908 Est. Cost $11.94 Unrealized —

CSCO CISCO SYS INC 0.1%

Value $660K Shares 8,500 Est. Cost $46.78 Unrealized —

JNJ JOHNSON AND JOHNSON 0.0%

Value $391K Shares 1,600 Est. Cost $152.66 Unrealized —

HD HOME DEPOT INC 0.0%

Value $261K Shares 794 Est. Cost $352.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	44,601	$19.28M	2.2%	$433.74	—	—	461202103
VG	VENTURE GLOBAL INC COM CL A	722,146	$11.38M	1.3%	$8.89	—	—	92333F101
MKL	MARKEL GROUP INC COM	3,670	$7.025M	0.8%	$2070.70	—	—	570535104
SPSC	SPS COMM INC	89,538	$4.985M	0.6%	$79.88	—	—	78463M107
LHX	L3HARRIS TECHNOLOGIES INC COM	3,532	$1.219M	0.1%	$224.65	—	—	502431109
ENTG	ENTEGRIS INC	7,076	$830K	0.1%	$79.19	—	—	29362U104
ADP	AUTOMATIC DATA PROCESSING IN	3,927	$798K	0.1%	$253.49	—	—	053015103
PAYX	PAYCHEX INC	7,887	$727K	0.1%	$121.91	—	—	704326107
AVTR	AVANTOR INC COM	86,908	$681K	0.1%	$11.94	—	—	05352A100
CSCO	CISCO SYS INC	8,500	$660K	0.1%	$46.78	—	—	17275R102
JNJ	JOHNSON AND JOHNSON	1,600	$391K	0.0%	$152.66	—	—	478160104
HD	HOME DEPOT INC	794	$261K	0.0%	$352.98	—	—	437076102

Decreased Positions (27)

ARM ARM HOLDINGS PLC SPONSORED ADR 9.9%

Value $85.64M (+107.4%) Shares 241,540 (-11.5%) Est. Cost $122.14 Unrealized —

NFLX NETFLIX COM INC 1.8%

Value $15.85M (-44.8%) Shares 221,959 (-25.6%) Est. Cost $100.49 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.8%

Value $32.77M (+38.5%) Shares 68,614 (-2.0%) Est. Cost $154.33 Unrealized —

GEV GE VERNOVA LLC 4.1%

Value $35.48M (+30.2%) Shares 30,201 (-3.3%) Est. Cost $356.51 Unrealized —

APD AIR PRODS AND CHEMS INC 0.1%

Value $687K (-91.9%) Shares 2,343 (-92.0%) Est. Cost $271.49 Unrealized —

GOOGL ALPHABET INC CAP STK CL A 4.4%

Value $38.41M (+23.0%) Shares 107,489 (-1.0%) Est. Cost $137.75 Unrealized —

TLN TALEN ENERGY CORP 4.0%

Value $34.36M (+18.7%) Shares 89,430 (-1.4%) Est. Cost $138.87 Unrealized —

BWXT BWX TECHNOLOGIES INC 1.8%

Value $15.29M (-17.4%) Shares 78,531 (-13.2%) Est. Cost $202.21 Unrealized —

META META PLATFORMS INC CL A 2.7%

Value $23.62M (-10.4%) Shares 41,933 (-9.0%) Est. Cost $268.63 Unrealized —

MLM MARTIN MARIETTA MATLS INC 2.9%

Value $24.84M (-3.9%) Shares 43,072 (-1.9%) Est. Cost $315.55 Unrealized —

RWT REDWOOD TR INC 0.3%

Value $2.978M (-24.8%) Shares 628,267 (-11.0%) Est. Cost $5.55 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.2%

Value $1.75M (+122.1%) Shares 3,013 (-22.2%) Est. Cost $155.38 Unrealized —

PGR PROGRESSIVE CORP OHIO 1.6%

Value $13.91M (-6.5%) Shares 63,698 (-15.1%) Est. Cost $171.77 Unrealized —

LLY LILLY ELI AND CO 0.0%

Value $276K (-73.4%) Shares 230 (-79.6%) Est. Cost $890.31 Unrealized —

TMUS T-MOBILE US INC 0.0%

Value $377K (-66.5%) Shares 2,248 (-58.0%) Est. Cost $140.91 Unrealized —

GGG GRACO INC 0.2%

Value $1.304M (-14.6%) Shares 17,250 (-4.4%) Est. Cost $50.65 Unrealized —

SCHW SCHWAB CHARLES CORP NEW 0.1%

Value $950K (-18.7%) Shares 10,295 (-17.2%) Est. Cost $61.40 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 0.2%

Value $1.707M (+12.4%) Shares 4,875 (-9.3%) Est. Cost $73.67 Unrealized —

SCHR SCHWAB STRATEGIC TR INTRM TRM 0.3%

Value $2.695M (-5.8%) Shares 109,300 (-4.9%) Est. Cost $27.42 Unrealized —

AAPL APPLE INC COM 0.3%

Value $2.373M (+7.5%) Shares 8,201 (-5.7%) Est. Cost $186.95 Unrealized —

MSFT MICROSOFT CORP 4.0%

Value $34.66M (-0.4%) Shares 92,904 (-1.2%) Est. Cost $186.84 Unrealized —

SCHP SCHWAB STRATEGIC TR US TIPS ET 0.3%

Value $2.634M (-5.4%) Shares 99,399 (-5.0%) Est. Cost $28.98 Unrealized —

VMBS VANGUARD SCOTTSDALE FDS MORTG- 0.3%

Value $2.545M (-5.5%) Shares 54,362 (-5.2%) Est. Cost $47.77 Unrealized —

TXN TEXAS INSTRS INC 0.1%

Value $596K (-18.7%) Shares 2,000 (-47.0%) Est. Cost $174.06 Unrealized —

PFF ISHARES TR US PFD STK IDX 0.3%

Value $2.631M (-4.5%) Shares 86,278 (-5.1%) Est. Cost $31.62 Unrealized —

FERG FERGUSON ENTERPRISES INC COM 4.4%

Value $38.16M (+0.3%) Shares 160,769 (-1.4%) Est. Cost $197.54 Unrealized —

TSLA TESLA MTRS INC 0.1%

Value $1.274M (+8.3%) Shares 3,030 (-4.2%) Est. Cost $178.10 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARM	ARM HOLDINGS PLC SPONSORED ADR	241,540 (-11.5%)	$85.64M (+107.4%)	9.9%	$122.14	—	ADR	042068205
NFLX	NETFLIX COM INC	221,959 (-25.6%)	$15.85M (-44.8%)	1.8%	$100.49	—	CS	64110L106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	68,614 (-2.0%)	$32.77M (+38.5%)	3.8%	$154.33	—	ADR	874039100
GEV	GE VERNOVA LLC	30,201 (-3.3%)	$35.48M (+30.2%)	4.1%	$356.51	—	CS	36828A101
APD	AIR PRODS AND CHEMS INC	2,343 (-92.0%)	$687K (-91.9%)	0.1%	$271.49	—	CS	009158106
GOOGL	ALPHABET INC CAP STK CL A	107,489 (-1.0%)	$38.41M (+23.0%)	4.4%	$137.75	—	CS	02079K305
TLN	TALEN ENERGY CORP	89,430 (-1.4%)	$34.36M (+18.7%)	4.0%	$138.87	—	CS	87422Q109
BWXT	BWX TECHNOLOGIES INC	78,531 (-13.2%)	$15.29M (-17.4%)	1.8%	$202.21	—	CS	05605H100
META	META PLATFORMS INC CL A	41,933 (-9.0%)	$23.62M (-10.4%)	2.7%	$268.63	—	CS	30303M102
MLM	MARTIN MARIETTA MATLS INC	43,072 (-1.9%)	$24.84M (-3.9%)	2.9%	$315.55	—	CS	573284106
RWT	REDWOOD TR INC	628,267 (-11.0%)	$2.978M (-24.8%)	0.3%	$5.55	—	CS	758075402
AMD	ADVANCED MICRO DEVICES INC	3,013 (-22.2%)	$1.75M (+122.1%)	0.2%	$155.38	—	CS	007903107
PGR	PROGRESSIVE CORP OHIO	63,698 (-15.1%)	$13.91M (-6.5%)	1.6%	$171.77	—	CS	743315103
LLY	LILLY ELI AND CO	230 (-79.6%)	$276K (-73.4%)	0.0%	$890.31	—	CS	532457108
TMUS	T-MOBILE US INC	2,248 (-58.0%)	$377K (-66.5%)	0.0%	$140.91	—	CS	872590104
GGG	GRACO INC	17,250 (-4.4%)	$1.304M (-14.6%)	0.2%	$50.65	—	CS	384109104
SCHW	SCHWAB CHARLES CORP NEW	10,295 (-17.2%)	$950K (-18.7%)	0.1%	$61.40	—	CS	808513105
KEYS	KEYSIGHT TECHNOLOGIES INC	4,875 (-9.3%)	$1.707M (+12.4%)	0.2%	$73.67	—	CS	49338L103
SCHR	SCHWAB STRATEGIC TR INTRM TRM	109,300 (-4.9%)	$2.695M (-5.8%)	0.3%	$27.42	—	ETF	808524854
AAPL	APPLE INC COM	8,201 (-5.7%)	$2.373M (+7.5%)	0.3%	$186.95	—	CS	037833100
MSFT	MICROSOFT CORP	92,904 (-1.2%)	$34.66M (-0.4%)	4.0%	$186.84	—	CS	594918104
SCHP	SCHWAB STRATEGIC TR US TIPS ET	99,399 (-5.0%)	$2.634M (-5.4%)	0.3%	$28.98	—	ETF	808524870
VMBS	VANGUARD SCOTTSDALE FDS MORTG-	54,362 (-5.2%)	$2.545M (-5.5%)	0.3%	$47.77	—	ETF	92206C771
TXN	TEXAS INSTRS INC	2,000 (-47.0%)	$596K (-18.7%)	0.1%	$174.06	—	CS	882508104
PFF	ISHARES TR US PFD STK IDX	86,278 (-5.1%)	$2.631M (-4.5%)	0.3%	$31.62	—	ETF	464288687
FERG	FERGUSON ENTERPRISES INC COM	160,769 (-1.4%)	$38.16M (+0.3%)	4.4%	$197.54	—	CS	31488V107
TSLA	TESLA MTRS INC	3,030 (-4.2%)	$1.274M (+8.3%)	0.1%	$178.10	—	CS	88160R101

Unchanged Positions (22)

PANW PALO ALTO NETWORKS INC 8.0%

Value $69.25M Shares 203,058 Est. Cost $149.79 Unrealized —

AMZN AMAZON COM INC 4.8%

Value $41.94M Shares 175,984 Est. Cost $122.16 Unrealized —

ATI ALLEGHENY TECHNOLOGIES INC 2.0%

Value $17.74M Shares 89,993 Est. Cost $83.97 Unrealized —

WCC WESCO INTL INC 1.7%

Value $15.17M Shares 43,911 Est. Cost $287.33 Unrealized —

PSX PHILLIPS 66 3.7%

Value $31.97M Shares 189,102 Est. Cost $147.11 Unrealized —

IFF INTERNATIONAL FLAVORSANDFRAGRA 3.0%

Value $25.94M Shares 327,392 Est. Cost $64.40 Unrealized —

AER AERCAP HOLDINGS NV 1.2%

Value $10.84M Shares 74,360 Est. Cost $50.32 Unrealized —

BE BLOOM ENERGY CORP COM CL A 0.1%

Value $1.023M Shares 3,379 Est. Cost $144.65 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.2%

Value $1.731M Shares 11,910 Est. Cost $168.93 Unrealized —

FICO FAIR ISAAC CORP 0.2%

Value $1.469M Shares 1,229 Est. Cost $1704.49 Unrealized —

EEM ISHARES TR MSCI EMERG MKT 0.1%

Value $853K Shares 12,475 Est. Cost $41.82 Unrealized —

VRT VERTIV HOLDINGS CO COM CL A 0.1%

Value $546K Shares 1,632 Est. Cost $173.58 Unrealized —

IWM ISHARES TR RUSSELL 2000 0.1%

Value $649K Shares 2,159 Est. Cost $210.60 Unrealized —

TECH BIO TECHNE CORP 0.0%

Value $283K Shares 4,000 Est. Cost $84.04 Unrealized —

AFL AFLAC INC 0.1%

Value $938K Shares 8,000 Est. Cost $57.30 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T S 0.1%

Value $545K Shares 2,560 Est. Cost $169.37 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 0.0%

Value $383K Shares 7,350 Est. Cost $28.42 Unrealized —

IEFA ISHARES TR CORE MSCI EAFE 0.1%

Value $469K Shares 4,855 Est. Cost $75.78 Unrealized —

JPM J P MORGAN CHASE AND CO 0.0%

Value $250K Shares 764 Est. Cost $252.67 Unrealized —

SHW SHERWIN WILLIAMS CO 0.0%

Value $278K Shares 806 Est. Cost $229.74 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL CL 0.0%

Value $250K Shares 500 Est. Cost $408.62 Unrealized —

BF/B BROWN FORMAN CORP 0.0%

Value $308K Shares 11,575 Est. Cost $49.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PANW	PALO ALTO NETWORKS INC	203,058	$69.25M	8.0%	$149.79	—	CS	697435105
AMZN	AMAZON COM INC	175,984	$41.94M	4.8%	$122.16	—	CS	023135106
ATI	ALLEGHENY TECHNOLOGIES INC	89,993	$17.74M	2.0%	$83.97	—	CS	01741R102
WCC	WESCO INTL INC	43,911	$15.17M	1.7%	$287.33	—	CS	95082P105
PSX	PHILLIPS 66	189,102	$31.97M	3.7%	$147.11	—	CS	718546104
IFF	INTERNATIONAL FLAVORSANDFRAGRA	327,392	$25.94M	3.0%	$64.40	—	CS	459506101
AER	AERCAP HOLDINGS NV	74,360	$10.84M	1.2%	$50.32	—	CS	N00985106
BE	BLOOM ENERGY CORP COM CL A	3,379	$1.023M	0.1%	$144.65	—	CS	093712107
EXR	EXTRA SPACE STORAGE INC	11,910	$1.731M	0.2%	$168.93	—	CS	30225T102
FICO	FAIR ISAAC CORP	1,229	$1.469M	0.2%	$1704.49	—	CS	303250104
EEM	ISHARES TR MSCI EMERG MKT	12,475	$853K	0.1%	$41.82	—	ETF	464287234
VRT	VERTIV HOLDINGS CO COM CL A	1,632	$546K	0.1%	$173.58	—	CS	92537N108
IWM	ISHARES TR RUSSELL 2000	2,159	$649K	0.1%	$210.60	—	ETF	464287655
TECH	BIO TECHNE CORP	4,000	$283K	0.0%	$84.04	—	CS	09073M104
AFL	AFLAC INC	8,000	$938K	0.1%	$57.30	—	CS	001055102
RSP	INVESCO EXCHANGE TRADED FD T S	2,560	$545K	0.1%	$169.37	—	ETF	46137V357
AHR	AMERICAN HEALTHCARE REIT INC	7,350	$383K	0.0%	$28.42	—	CS	398182303
IEFA	ISHARES TR CORE MSCI EAFE	4,855	$469K	0.1%	$75.78	—	ETF	46432F842
JPM	J P MORGAN CHASE AND CO	764	$250K	0.0%	$252.67	—	CS	46625H100
SHW	SHERWIN WILLIAMS CO	806	$278K	0.0%	$229.74	—	CS	824348106
BRK/B	BERKSHIRE HATHAWAY INC DEL CL	500	$250K	0.0%	$408.62	—	CS	084670702
BF/B	BROWN FORMAN CORP	11,575	$308K	0.0%	$49.84	—	CS	115637209