LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE Diversified Active

CIK: 0001013701 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 20, 2026

Total Value ($000): $336,049 (100.0% shares, 0.0% debt)

Holdings (62)

Increased Positions (3)

TPL Texas Pacific Land Corp 9.8%

Value ($000) $32,806 (-11.6%) Shares 114,220 (+187.4%) Est. Cost $244.67 Unrealized +24.7%

AJG Arthur J Gallagher & Co 5.0%

Value ($000) $16,648 (-14.9%) Shares 64,329 (+1.8%) Est. Cost $219.90 Unrealized +20.2%

BN Brookfield Corporation 2.1%

Value ($000) $7,021 (-13.6%) Shares 152,993 (+29.2%) Est. Cost $27.25 Unrealized +67.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPL	Texas Pacific Land Corp	114,220 (+187.4%)	$32,806 (-11.6%)	9.8%	$244.67	+24.7%	COM	88262P102
AJG	Arthur J Gallagher & Co	64,329 (+1.8%)	$16,648 (-14.9%)	5.0%	$219.90	+20.2%	COM	363576109
BN	Brookfield Corporation	152,993 (+29.2%)	$7,021 (-13.6%)	2.1%	$27.25	+67.2%	COM	11271J107

Exited Positions (37)

CPRT Copart Inc 3.6%

Value ($000) $12,197 Shares 271,220 Est. Cost $39.33 Unrealized +5.4%

GOOGL Alphabet Inc Cl A 1.9%

Value ($000) $6,553 Shares 26,954 Est. Cost $95.22 Unrealized +199.9%

BOC Boston Omaha Corp 1.9%

Value ($000) $6,268 Shares 479,208 Est. Cost $24.04 Unrealized -45.8%

ROST Ross Stores Inc 1.5%

Value ($000) $4,889 Shares 32,085 Est. Cost $109.39 Unrealized +52.3%

ACN Accenture Plc Ireland Shs Cl A 1.2%

Value ($000) $4,163 Shares 16,880 Est. Cost $261.35 Unrealized -2.8%

TJX TJX Companies Inc 1.2%

Value ($000) $4,146 Shares 28,686 Est. Cost $78.00 Unrealized +89.4%

— Valmont Industries Inc 1.0%

Value ($000) $3,307 Shares 8,529 Est. Cost $237.42 Unrealized —

DFH Dream Finders Homes Inc Cl A 1.0%

Value ($000) $3,201 Shares 123,489 Est. Cost $12.10 Unrealized +69.0%

WAT Waters Corp 0.9%

Value ($000) $3,169 Shares 10,571 Est. Cost $323.68 Unrealized +13.7%

— Liberty Media Corp Ser A Formu 0.9%

Value ($000) $3,118 Shares 32,740 Est. Cost $67.50 Unrealized —

WFC Wells Fargo Co 0.7%

Value ($000) $2,464 Shares 29,395 Est. Cost $41.05 Unrealized +111.0%

USB US Bancorp 0.7%

Value ($000) $2,215 Shares 45,836 Est. Cost $38.86 Unrealized +25.4%

MKL Markel Corp 0.6%

Value ($000) $2,011 Shares 1,052 Est. Cost $1328.48 Unrealized +52.5%

AXP American Express 0.5%

Value ($000) $1,773 Shares 5,338 Est. Cost $159.89 Unrealized +123.3%

ESAB Esab Corp 0.5%

Value ($000) $1,528 Shares 13,674 Est. Cost $60.60 Unrealized +88.7%

UNH United Health Group Inc 0.4%

Value ($000) $1,392 Shares 4,031 Est. Cost $457.25 Unrealized -26.3%

BAC Bank of America 0.4%

Value ($000) $1,342 Shares 26,006 Est. Cost $30.57 Unrealized +72.3%

SCHX Schwab US Large Cap ETF 0.3%

Value ($000) $1,089 Shares 41,328 Est. Cost $24.44 Unrealized —

MCO Moody's Corp 0.3%

Value ($000) $986 Shares 2,070 Est. Cost $294.98 Unrealized +65.2%

HD Home Depot Inc 0.3%

Value ($000) $927 Shares 2,289 Est. Cost $329.30 Unrealized +10.7%

AMGN Amgen Inc 0.2%

Value ($000) $768 Shares 2,723 Est. Cost $230.02 Unrealized +37.4%

VCSH Vanguard Scottsdale Fds Corp B 0.2%

Value ($000) $561 Shares 7,018 Est. Cost $79.50 Unrealized —

CVS CVS Corp 0.2%

Value ($000) $545 Shares 7,224 Est. Cost $75.19 Unrealized +4.6%

SCHM Charles Schwab US Mc ETF 0.1%

Value ($000) $374 Shares 12,625 Est. Cost $28.05 Unrealized —

SHEL Shell Plc Sponsored Adr 0.1%

Value ($000) $360 Shares 5,039 Est. Cost $61.14 Unrealized —

ADP Automatic Data Processing Inc 0.1%

Value ($000) $352 Shares 1,198 Est. Cost $211.47 Unrealized +25.2%

— iShares Gold ETF 0.1%

Value ($000) $336 Shares 4,619 Est. Cost $62.36 Unrealized —

SCHF Schwab International Equity ET 0.1%

Value ($000) $325 Shares 13,945 Est. Cost $22.10 Unrealized —

NVS Novartis A G ADR 0.1%

Value ($000) $308 Shares 2,402 Est. Cost $92.25 Unrealized —

JPM JP Morgan Chase & Co 0.1%

Value ($000) $266 Shares 842 Est. Cost $191.07 Unrealized +62.0%

UNP Union Pacific Corp 0.1%

Value ($000) $264 Shares 1,119 Est. Cost $223.15 Unrealized +1.9%

SCHZ Schwab US Aggregate Bond ETF 0.1%

Value ($000) $252 Shares 10,731 Est. Cost $23.24 Unrealized —

DOX Amdocs Limited F 0.1%

Value ($000) $247 Shares 3,015 Est. Cost $86.60 Unrealized -7.8%

DUK Duke Energy Corp 0.1%

Value ($000) $246 Shares 1,991 Est. Cost $105.91 Unrealized +14.8%

JCI Johnson Controls International 0.1%

Value ($000) $231 Shares 2,101 Est. Cost $91.75 Unrealized +25.1%

XOM Exxon Mobil Corp 0.1%

Value ($000) $226 Shares 2,000 Est. Cost $110.09 Unrealized +4.9%

MG Mistras Group Inc 0.1%

Value ($000) $210 Shares 21,362 Est. Cost $5.47 Unrealized +106.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPRT	Copart Inc	271,220	$12,197	3.6%	$39.33	+5.4%	—	217204106
GOOGL	Alphabet Inc Cl A	26,954	$6,553	1.9%	$95.22	+199.9%	—	02079K305
BOC	Boston Omaha Corp	479,208	$6,268	1.9%	$24.04	-45.8%	—	101044105
ROST	Ross Stores Inc	32,085	$4,889	1.5%	$109.39	+52.3%	—	778296103
ACN	Accenture Plc Ireland Shs Cl A	16,880	$4,163	1.2%	$261.35	-2.8%	—	G1151C101
TJX	TJX Companies Inc	28,686	$4,146	1.2%	$78.00	+89.4%	—	872540109
—	Valmont Industries Inc	8,529	$3,307	1.0%	$237.42	—	—	902253101
DFH	Dream Finders Homes Inc Cl A	123,489	$3,201	1.0%	$12.10	+69.0%	—	26154D100
WAT	Waters Corp	10,571	$3,169	0.9%	$323.68	+13.7%	—	941848103
—	Liberty Media Corp Ser A Formu	32,740	$3,118	0.9%	$67.50	—	—	531229870
WFC	Wells Fargo Co	29,395	$2,464	0.7%	$41.05	+111.0%	—	949746101
USB	US Bancorp	45,836	$2,215	0.7%	$38.86	+25.4%	—	902973304
MKL	Markel Corp	1,052	$2,011	0.6%	$1328.48	+52.5%	—	570535104
AXP	American Express	5,338	$1,773	0.5%	$159.89	+123.3%	—	025816109
ESAB	Esab Corp	13,674	$1,528	0.5%	$60.60	+88.7%	—	29605J106
UNH	United Health Group Inc	4,031	$1,392	0.4%	$457.25	-26.3%	—	91324P102
BAC	Bank of America	26,006	$1,342	0.4%	$30.57	+72.3%	—	060505104
SCHX	Schwab US Large Cap ETF	41,328	$1,089	0.3%	$24.44	—	—	808524201
MCO	Moody's Corp	2,070	$986	0.3%	$294.98	+65.2%	—	615369105
HD	Home Depot Inc	2,289	$927	0.3%	$329.30	+10.7%	—	437076102
AMGN	Amgen Inc	2,723	$768	0.2%	$230.02	+37.4%	—	031162100
VCSH	Vanguard Scottsdale Fds Corp B	7,018	$561	0.2%	$79.50	—	—	92206C409
CVS	CVS Corp	7,224	$545	0.2%	$75.19	+4.6%	—	126650100
SCHM	Charles Schwab US Mc ETF	12,625	$374	0.1%	$28.05	—	—	808524508
SHEL	Shell Plc Sponsored Adr	5,039	$360	0.1%	$61.14	—	—	780259305
ADP	Automatic Data Processing Inc	1,198	$352	0.1%	$211.47	+25.2%	—	053015103
—	iShares Gold ETF	4,619	$336	0.1%	$62.36	—	—	964285204
SCHF	Schwab International Equity ET	13,945	$325	0.1%	$22.10	—	—	808524805
NVS	Novartis A G ADR	2,402	$308	0.1%	$92.25	—	—	66987V109
JPM	JP Morgan Chase & Co	842	$266	0.1%	$191.07	+62.0%	—	46625H100
UNP	Union Pacific Corp	1,119	$264	0.1%	$223.15	+1.9%	—	907818108
SCHZ	Schwab US Aggregate Bond ETF	10,731	$252	0.1%	$23.24	—	—	808524839
DOX	Amdocs Limited F	3,015	$247	0.1%	$86.60	-7.8%	—	G02602103
DUK	Duke Energy Corp	1,991	$246	0.1%	$105.91	+14.8%	—	26441C204
JCI	Johnson Controls International	2,101	$231	0.1%	$91.75	+25.1%	—	G51502105
XOM	Exxon Mobil Corp	2,000	$226	0.1%	$110.09	+4.9%	—	30231G102
MG	Mistras Group Inc	21,362	$210	0.1%	$5.47	+106.1%	—	60649T107

Decreased Positions (52)

AZO Auto Zone Inc 0.2%

Value ($000) $583 (-97.5%) Shares 172 (-96.9%) Est. Cost $2462.78 Unrealized +53.4%

BRK/B Berkshire Hathaway Inc Cl B 6.7%

Value ($000) $22,568 (-40.5%) Shares 44,899 (-40.5%) Est. Cost $210.31 Unrealized +136.6%

HCA HCA Healthcare Inc 4.1%

Value ($000) $13,713 (-38.2%) Shares 29,373 (-43.6%) Est. Cost $246.26 Unrealized +88.3%

BRK/A Berkshire Hathaway Inc Cl A 1.8%

Value ($000) $6,038 (-55.5%) Shares 8 (-55.6%) Est. Cost $385612.84 Unrealized +93.6%

PSX Phillips 66 4.0%

Value ($000) $13,286 (-34.7%) Shares 102,964 (-31.2%) Est. Cost $70.84 Unrealized +89.2%

ELV Elevance Health Inc 2.1%

Value ($000) $7,085 (-49.3%) Shares 20,212 (-53.3%) Est. Cost $412.37 Unrealized -18.4%

DNOPY Dino Polska SA Adr 0.3%

Value ($000) $1,129 (-83.7%) Shares 97,135 (-83.2%) Est. Cost $18.30 Unrealized —

KO Coca Cola Co 0.3%

Value ($000) $996 (-84.5%) Shares 14,251 (-85.3%) Est. Cost $51.76 Unrealized +34.1%

FINN First National of Nebraska Inc 0.1%

Value ($000) $465 (-92.1%) Shares 30 (-92.8%) Est. Cost $12123.19 Unrealized +15.8%

MSFT Microsoft Corp 4.9%

Value ($000) $16,465 (-23.7%) Shares 34,045 (-18.2%) Est. Cost $53.52 Unrealized +835.3%

GOOG Alphabet Inc Cl C 3.8%

Value ($000) $12,688 (-28.3%) Shares 40,434 (-44.4%) Est. Cost $96.70 Unrealized +196.1%

FITB Fifth Third Bancorp 2.9%

Value ($000) $9,689 (-29.6%) Shares 206,979 (-33.0%) Est. Cost $29.42 Unrealized +48.4%

NNI Nelnet 2.6%

Value ($000) $8,794 (-30.5%) Shares 66,142 (-34.5%) Est. Cost $87.89 Unrealized +48.9%

AAPL Apple Inc 0.2%

Value ($000) $761 (-83.4%) Shares 2,800 (-84.5%) Est. Cost $142.60 Unrealized +88.2%

MSM MSC Industrial Direct Co. 1.1%

Value ($000) $3,709 (-47.1%) Shares 44,103 (-42.0%) Est. Cost $82.80 Unrealized +4.7%

CB Chubb Corp 3.2%

Value ($000) $10,736 (-21.6%) Shares 34,397 (-29.1%) Est. Cost $275.21 Unrealized +6.2%

SKYH Sky Harbour Group Corp Cl A 0.7%

Value ($000) $2,456 (-47.4%) Shares 273,812 (-42.2%) Est. Cost $11.17 Unrealized -14.5%

ABG Asbury Automotive Group 2.8%

Value ($000) $9,327 (-19.2%) Shares 40,111 (-15.0%) Est. Cost $220.77 Unrealized +7.1%

SPY SPDR S&P 500 0.5%

Value ($000) $1,545 (-54.4%) Shares 2,265 (-55.4%) Est. Cost $586.08 Unrealized —

CIVI Civitas Resources Inc. 0.8%

Value ($000) $2,686 (-39.6%) Shares 99,147 (-27.5%) Est. Cost $56.03 Unrealized -49.1%

PEP Pepsico Inc 0.3%

Value ($000) $966 (-61.4%) Shares 6,728 (-62.2%) Est. Cost $125.62 Unrealized +16.2%

CRL Charles River Labs Int'l 1.9%

Value ($000) $6,311 (-19.2%) Shares 31,638 (-36.6%) Est. Cost $225.27 Unrealized -19.5%

HSY Hershey Foods Corp 2.8%

Value ($000) $9,385 (-9.1%) Shares 51,571 (-6.6%) Est. Cost $83.27 Unrealized +118.7%

VMC Vulcan Materials Co 1.7%

Value ($000) $5,639 (-11.8%) Shares 19,771 (-4.9%) Est. Cost $46.98 Unrealized +524.0%

ABBV Abbvie Inc 0.1%

Value ($000) $404 (-63.3%) Shares 1,768 (-62.8%) Est. Cost $72.50 Unrealized +213.8%

BRKR Bruker Corp 1.8%

Value ($000) $6,197 (-10.1%) Shares 131,535 (-38.0%) Est. Cost $51.21 Unrealized -17.5%

AFL Aflac Inc 4.1%

Value ($000) $13,658 (-4.6%) Shares 123,861 (-3.3%) Est. Cost $49.03 Unrealized +124.0%

DIS Disney Walt 3.1%

Value ($000) $10,329 (-4.6%) Shares 90,789 (-4.0%) Est. Cost $67.71 Unrealized +61.8%

BAM Brookfield Asset Management Lt 0.9%

Value ($000) $2,911 (-14.6%) Shares 55,556 (-7.2%) Est. Cost $28.20 Unrealized +89.6%

LKQ LKQ Corporation 1.1%

Value ($000) $3,545 (-12.3%) Shares 117,387 (-11.3%) Est. Cost $34.69 Unrealized -13.6%

KEYS Keysight Technologies Inc 1.3%

Value ($000) $4,223 (+13.0%) Shares 20,785 (-2.7%) Est. Cost $96.82 Unrealized +91.7%

TMO Thermo Fisher Corp 2.4%

Value ($000) $8,140 (+6.3%) Shares 14,047 (-11.0%) Est. Cost $114.35 Unrealized +394.2%

JNJ Johnson & Johnson 2.8%

Value ($000) $9,285 (+4.3%) Shares 44,866 (-6.5%) Est. Cost $153.28 Unrealized +28.5%

ABT Abbott Laboratories 0.1%

Value ($000) $325 (-53.4%) Shares 2,597 (-50.2%) Est. Cost $61.65 Unrealized +106.5%

CVX Chevron Corp 1.4%

Value ($000) $4,786 (-6.9%) Shares 31,404 (-5.2%) Est. Cost $96.81 Unrealized +56.4%

PFE Pfizer Inc 1.4%

Value ($000) $4,800 (-6.6%) Shares 192,771 (-4.4%) Est. Cost $16.85 Unrealized +48.6%

CP Canadian Pacific Kansas City L 2.1%

Value ($000) $6,937 (-4.5%) Shares 94,216 (-3.3%) Est. Cost $77.48 Unrealized -5.0%

HZO MarineMax, Inc. 0.9%

Value ($000) $3,186 (-7.2%) Shares 131,498 (-3.0%) Est. Cost $37.29 Unrealized -33.8%

AMZN Amazon.com Inc 0.1%

Value ($000) $415 (-28.9%) Shares 1,800 (-32.4%) Est. Cost $183.58 Unrealized +24.6%

D Dominion Energy, Inc. 0.1%

Value ($000) $328 (-32.8%) Shares 5,590 (-29.8%) Est. Cost $38.57 Unrealized +54.9%

LECO Lincoln Electric Holdings Inc 3.5%

Value ($000) $11,797 (-1.3%) Shares 49,230 (-2.8%) Est. Cost $56.86 Unrealized +316.6%

CWGL Crimson Wine Group Ltd 0.4%

Value ($000) $1,311 (-9.5%) Shares 267,498 (-4.2%) Est. Cost $6.39 Unrealized -20.4%

PG Procter & Gamble Co 0.3%

Value ($000) $962 (-11.8%) Shares 6,715 (-5.5%) Est. Cost $58.14 Unrealized +153.1%

WMT Walmart Inc 0.1%

Value ($000) $351 (-26.6%) Shares 3,150 (-32.1%) Est. Cost $55.45 Unrealized +93.3%

COHR Coherent, Inc. 0.1%

Value ($000) $332 (+54.2%) Shares 1,800 (-10.0%) Est. Cost $99.69 Unrealized +50.0%

CL Colgate Palmolive Co 0.1%

Value ($000) $303 (-21.8%) Shares 3,830 (-20.9%) Est. Cost $44.38 Unrealized +76.4%

MCD McDonalds Corp 0.8%

Value ($000) $2,737 (-2.9%) Shares 8,955 (-3.4%) Est. Cost $73.70 Unrealized +314.0%

CSTM Constellium SE 0.3%

Value ($000) $1,018 (+8.6%) Shares 54,020 (-14.3%) Est. Cost $13.80 Unrealized +20.3%

NSRGY Nestle S.A. Spons ADR 0.2%

Value ($000) $716 (+6.7%) Shares 7,205 (-1.4%) Est. Cost $113.40 Unrealized —

DEO Diageo Plc ADR 0.1%

Value ($000) $287 (-10.9%) Shares 3,331 (-1.5%) Est. Cost $161.10 Unrealized —

CMRE 8.5 PERP C Costamare Inc. 8.50 Preferred 0.2%

Value ($000) $830 (-3.1%) Shares 30,893 (-4.5%) Est. Cost $25.36 Unrealized —

IVV iShares Core S&P 500 ETF 0.1%

Value ($000) $399 (-2.7%) Shares 582 (-4.9%) Est. Cost $588.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	Auto Zone Inc	172 (-96.9%)	$583 (-97.5%)	0.2%	$2462.78	+53.4%	COM	053332102
BRK/B	Berkshire Hathaway Inc Cl B	44,899 (-40.5%)	$22,568 (-40.5%)	6.7%	$210.31	+136.6%	COM	084670702
HCA	HCA Healthcare Inc	29,373 (-43.6%)	$13,713 (-38.2%)	4.1%	$246.26	+88.3%	COM	40412C101
BRK/A	Berkshire Hathaway Inc Cl A	8 (-55.6%)	$6,038 (-55.5%)	1.8%	$385612.84	+93.6%	COM	084670108
PSX	Phillips 66	102,964 (-31.2%)	$13,286 (-34.7%)	4.0%	$70.84	+89.2%	COM	718546104
ELV	Elevance Health Inc	20,212 (-53.3%)	$7,085 (-49.3%)	2.1%	$412.37	-18.4%	COM	036752103
DNOPY	Dino Polska SA Adr	97,135 (-83.2%)	$1,129 (-83.7%)	0.3%	$18.30	—	COM	25445T106
KO	Coca Cola Co	14,251 (-85.3%)	$996 (-84.5%)	0.3%	$51.76	+34.1%	COM	191216100
FINN	First National of Nebraska Inc	30 (-92.8%)	$465 (-92.1%)	0.1%	$12123.19	+15.8%	COM	335720108
MSFT	Microsoft Corp	34,045 (-18.2%)	$16,465 (-23.7%)	4.9%	$53.52	+835.3%	COM	594918104
GOOG	Alphabet Inc Cl C	40,434 (-44.4%)	$12,688 (-28.3%)	3.8%	$96.70	+196.1%	COM	02079K107
FITB	Fifth Third Bancorp	206,979 (-33.0%)	$9,689 (-29.6%)	2.9%	$29.42	+48.4%	COM	316773100
NNI	Nelnet	66,142 (-34.5%)	$8,794 (-30.5%)	2.6%	$87.89	+48.9%	COM	64031N108
AAPL	Apple Inc	2,800 (-84.5%)	$761 (-83.4%)	0.2%	$142.60	+88.2%	COM	037833100
MSM	MSC Industrial Direct Co.	44,103 (-42.0%)	$3,709 (-47.1%)	1.1%	$82.80	+4.7%	COM	553530106
CB	Chubb Corp	34,397 (-29.1%)	$10,736 (-21.6%)	3.2%	$275.21	+6.2%	COM	H1467J104
SKYH	Sky Harbour Group Corp Cl A	273,812 (-42.2%)	$2,456 (-47.4%)	0.7%	$11.17	-14.5%	COM	83085C107
ABG	Asbury Automotive Group	40,111 (-15.0%)	$9,327 (-19.2%)	2.8%	$220.77	+7.1%	COM	043436104
SPY	SPDR S&P 500	2,265 (-55.4%)	$1,545 (-54.4%)	0.5%	$586.08	—	COM	78462F103
CIVI	Civitas Resources Inc.	99,147 (-27.5%)	$2,686 (-39.6%)	0.8%	$56.03	-49.1%	COM	17888H103
PEP	Pepsico Inc	6,728 (-62.2%)	$966 (-61.4%)	0.3%	$125.62	+16.2%	COM	713448108
CRL	Charles River Labs Int'l	31,638 (-36.6%)	$6,311 (-19.2%)	1.9%	$225.27	-19.5%	COM	159864107
HSY	Hershey Foods Corp	51,571 (-6.6%)	$9,385 (-9.1%)	2.8%	$83.27	+118.7%	COM	427866108
VMC	Vulcan Materials Co	19,771 (-4.9%)	$5,639 (-11.8%)	1.7%	$46.98	+524.0%	COM	929160109
ABBV	Abbvie Inc	1,768 (-62.8%)	$404 (-63.3%)	0.1%	$72.50	+213.8%	COM	00287Y109
BRKR	Bruker Corp	131,535 (-38.0%)	$6,197 (-10.1%)	1.8%	$51.21	-17.5%	COM	116794108
AFL	Aflac Inc	123,861 (-3.3%)	$13,658 (-4.6%)	4.1%	$49.03	+124.0%	COM	001055102
DIS	Disney Walt	90,789 (-4.0%)	$10,329 (-4.6%)	3.1%	$67.71	+61.8%	COM	254687106
BAM	Brookfield Asset Management Lt	55,556 (-7.2%)	$2,911 (-14.6%)	0.9%	$28.20	+89.6%	COM	113004105
LKQ	LKQ Corporation	117,387 (-11.3%)	$3,545 (-12.3%)	1.1%	$34.69	-13.6%	COM	501889208
KEYS	Keysight Technologies Inc	20,785 (-2.7%)	$4,223 (+13.0%)	1.3%	$96.82	+91.7%	COM	49338L103
TMO	Thermo Fisher Corp	14,047 (-11.0%)	$8,140 (+6.3%)	2.4%	$114.35	+394.2%	COM	883556102
JNJ	Johnson & Johnson	44,866 (-6.5%)	$9,285 (+4.3%)	2.8%	$153.28	+28.5%	COM	478160104
ABT	Abbott Laboratories	2,597 (-50.2%)	$325 (-53.4%)	0.1%	$61.65	+106.5%	COM	002824100
CVX	Chevron Corp	31,404 (-5.2%)	$4,786 (-6.9%)	1.4%	$96.81	+56.4%	COM	166764100
PFE	Pfizer Inc	192,771 (-4.4%)	$4,800 (-6.6%)	1.4%	$16.85	+48.6%	COM	717081103
CP	Canadian Pacific Kansas City L	94,216 (-3.3%)	$6,937 (-4.5%)	2.1%	$77.48	-5.0%	COM	13646K108
HZO	MarineMax, Inc.	131,498 (-3.0%)	$3,186 (-7.2%)	0.9%	$37.29	-33.8%	COM	567908108
AMZN	Amazon.com Inc	1,800 (-32.4%)	$415 (-28.9%)	0.1%	$183.58	+24.6%	COM	023135106
D	Dominion Energy, Inc.	5,590 (-29.8%)	$328 (-32.8%)	0.1%	$38.57	+54.9%	COM	25746U109
LECO	Lincoln Electric Holdings Inc	49,230 (-2.8%)	$11,797 (-1.3%)	3.5%	$56.86	+316.6%	COM	533900106
CWGL	Crimson Wine Group Ltd	267,498 (-4.2%)	$1,311 (-9.5%)	0.4%	$6.39	-20.4%	COM	22662X100
PG	Procter & Gamble Co	6,715 (-5.5%)	$962 (-11.8%)	0.3%	$58.14	+153.1%	COM	742718109
WMT	Walmart Inc	3,150 (-32.1%)	$351 (-26.6%)	0.1%	$55.45	+93.3%	COM	931142103
COHR	Coherent, Inc.	1,800 (-10.0%)	$332 (+54.2%)	0.1%	$99.69	+50.0%	COM	19247G107
CL	Colgate Palmolive Co	3,830 (-20.9%)	$303 (-21.8%)	0.1%	$44.38	+76.4%	COM	194162103
MCD	McDonalds Corp	8,955 (-3.4%)	$2,737 (-2.9%)	0.8%	$73.70	+314.0%	COM	580135101
CSTM	Constellium SE	54,020 (-14.3%)	$1,018 (+8.6%)	0.3%	$13.80	+20.3%	COM	F21107101
NSRGY	Nestle S.A. Spons ADR	7,205 (-1.4%)	$716 (+6.7%)	0.2%	$113.40	—	COM	641069406
DEO	Diageo Plc ADR	3,331 (-1.5%)	$287 (-10.9%)	0.1%	$161.10	—	COM	25243Q205
CMRE 8.5 PERP C	Costamare Inc. 8.50 Preferred	30,893 (-4.5%)	$830 (-3.1%)	0.2%	$25.36	—	PRD	Y1771G128
IVV	iShares Core S&P 500 ETF	582 (-4.9%)	$399 (-2.7%)	0.1%	$588.68	—	COM	464287200

Unchanged Positions (7)

CNI Canadian National Railway Co 1.0%

Value ($000) $3,379 Shares 34,184 Est. Cost $52.98 Unrealized +81.5%

STKL SunOpta Inc. 0.1%

Value ($000) $219 Shares 57,500 Est. Cost $5.87 Unrealized -22.7%

COST Costco Wholesale Corp 0.3%

Value ($000) $1,104 Shares 1,281 Est. Cost $788.24 Unrealized +14.9%

CFR Cullen/Frost Bankers, Inc. 2.0%

Value ($000) $6,803 Shares 53,723 Est. Cost $81.48 Unrealized +53.2%

NEE Nextera Energy Inc 0.1%

Value ($000) $241 Shares 3,000 Est. Cost $57.15 Unrealized +44.4%

WPM Wheaton Precious Metals Corp 0.1%

Value ($000) $294 Shares 2,500 Est. Cost $84.09 Unrealized +27.3%

— Cardinal Resources 0.0%

Value ($000) $0 Shares 100,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNI	Canadian National Railway Co	34,184	$3,379	1.0%	$52.98	+81.5%	COM	136375102
STKL	SunOpta Inc.	57,500	$219	0.1%	$5.87	-22.7%	COM	8676EP108
COST	Costco Wholesale Corp	1,281	$1,104	0.3%	$788.24	+14.9%	COM	22160K105
CFR	Cullen/Frost Bankers, Inc.	53,723	$6,803	2.0%	$81.48	+53.2%	COM	229899109
NEE	Nextera Energy Inc	3,000	$241	0.1%	$57.15	+44.4%	COM	65339F101
WPM	Wheaton Precious Metals Corp	2,500	$294	0.1%	$84.09	+27.3%	COM	962879102
—	Cardinal Resources	100,000	$0	0.0%	—	—	COM	14153Q108