CORTLAND ASSOCIATES INC/MO Diversified Active

Period: Q4 2025 (← Previous)

Filing Date: Jan 28, 2026

Total Value ($000): $792,134 (100.0% shares, 0.0% debt)

Holdings (62)

New Positions (1)

Value ($000) $23,069 Shares 289,445 Est. Cost $83.36 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC COM	289,445	$23,069	2.9%	$83.36	0.0%	com	115236101

Increased Positions (4)

TPL TEXAS PACIFIC LAND CORP 1.6%

Value ($000) $12,396 (-10.3%) Shares 43,157 (+191.5%) Est. Cost $247.57 Unrealized +23.2%

IVV S&P 500 INDEX 0.2%

Value ($000) $1,835 (+36.7%) Shares 2,679 (+33.6%) Est. Cost $470.15 Unrealized —

WMT WALMART INC 0.0%

Value ($000) $242 (+13.6%) Shares 2,168 (+4.8%) Est. Cost $99.60 Unrealized +7.6%

BN BROOKFIELD CORP 0.1%

Value ($000) $406 (+0.2%) Shares 8,851 (+50.0%) Est. Cost $30.10 Unrealized +51.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORP	43,157 (+191.5%)	$12,396 (-10.3%)	1.6%	$247.57	+23.2%	com	88262P102
IVV	S&P 500 INDEX	2,679 (+33.6%)	$1,835 (+36.7%)	0.2%	$470.15	—	com	464287200
WMT	WALMART INC	2,168 (+4.8%)	$242 (+13.6%)	0.0%	$99.60	+7.6%	com	931142103
BN	BROOKFIELD CORP	8,851 (+50.0%)	$406 (+0.2%)	0.1%	$30.10	+51.3%	com	11271J107

Exited Positions (3)

FISV FISERV INC 5.0%

Value ($000) $39,631 Shares 307,384 Est. Cost $110.03 Unrealized -23.8%

EFX EQUIFAX INC 1.5%

Value ($000) $12,115 Shares 47,226 Est. Cost $252.93 Unrealized -13.5%

— KELLANOVA 0.0%

Value ($000) $223 Shares 2,721 Est. Cost $68.41 Unrealized +20.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	307,384	$39,631	5.0%	$110.03	-23.8%	—	337738108
EFX	EQUIFAX INC	47,226	$12,115	1.5%	$252.93	-13.5%	—	294429105
—	KELLANOVA	2,721	$223	0.0%	$68.41	+20.8%	—	487836108

Decreased Positions (32)

JD JD.COM INC 0.6%

Value ($000) $4,451 (-75.9%) Shares 155,104 (-70.6%) Est. Cost $41.24 Unrealized —

OWL BLUE OWL CAPITAL INC COM CL A 2.6%

Value ($000) $20,384 (-40.1%) Shares 1,364,393 (-32.1%) Est. Cost $13.21 Unrealized +18.4%

GOOG ALPHABET INC CLASS C 6.2%

Value ($000) $48,879 (+25.8%) Shares 155,766 (-2.4%) Est. Cost $107.00 Unrealized +167.6%

FCNCA FIRST CTZNS BANCSHARES CL A 7.4%

Value ($000) $58,888 (+18.0%) Shares 27,439 (-1.7%) Est. Cost $777.50 Unrealized +142.3%

KD KYNDRYL HLDGS INC COMMON STOCK 7.0%

Value ($000) $55,280 (-12.6%) Shares 2,081,328 (-1.1%) Est. Cost $25.83 Unrealized +5.0%

RYAAY RYANAIR HOLDINGS PLC SPONSORED 6.3%

Value ($000) $50,026 (+17.7%) Shares 692,972 (-1.8%) Est. Cost $68.80 Unrealized —

— FIRST ADVANTAGE CORP 1.7%

Value ($000) $13,596 (-33.8%) Shares 935,704 (-29.9%) Est. Cost $18.66 Unrealized —

GOOGL ALPHABET INC CLASS A 3.3%

Value ($000) $25,813 (+26.6%) Shares 82,469 (-1.7%) Est. Cost $102.44 Unrealized +178.8%

DHR DANAHER CORP 4.9%

Value ($000) $38,886 (+13.6%) Shares 169,868 (-1.6%) Est. Cost $82.02 Unrealized +167.7%

WTW WILLIS TOWERS WATSON 7.8%

Value ($000) $61,402 (-6.5%) Shares 186,861 (-1.7%) Est. Cost $190.72 Unrealized +71.2%

CSGP COSTAR GROUP INC 1.6%

Value ($000) $12,315 (-23.8%) Shares 183,144 (-4.4%) Est. Cost $75.84 Unrealized -6.6%

PM PHILIP MORRIS INTL INC 4.1%

Value ($000) $32,384 (-6.5%) Shares 201,894 (-5.4%) Est. Cost $139.94 Unrealized +9.7%

CI CIGNA GROUP 4.3%

Value ($000) $34,247 (-6.1%) Shares 124,428 (-1.6%) Est. Cost $205.64 Unrealized +35.8%

LB LANDBRIDGE COMPANY LLC CL A 2.5%

Value ($000) $20,002 (-9.1%) Shares 408,280 (-1.0%) Est. Cost $56.96 Unrealized +2.1%

AMZN AMAZON.COM INC 6.7%

Value ($000) $53,469 (+3.3%) Shares 231,650 (-1.7%) Est. Cost $111.30 Unrealized +105.6%

BKNG BOOKING HOLDINGS INC 6.8%

Value ($000) $54,019 (-2.2%) Shares 10,087 (-1.4%) Est. Cost $2106.24 Unrealized +143.9%

KKR KKR & CO LP 3.7%

Value ($000) $29,153 (-3.7%) Shares 228,691 (-1.8%) Est. Cost $117.02 Unrealized +6.2%

BRK/B BERKSHIRE HATHAWAY B NEW CLASS 0.4%

Value ($000) $2,824 (-25.7%) Shares 5,618 (-25.7%) Est. Cost $165.25 Unrealized +201.1%

BRK/A BERKSHIRE HATHAWAY INC (D 1.2%

Value ($000) $9,812 (-7.1%) Shares 13 (-7.1%) Est. Cost $729330.75 Unrealized +2.3%

MO ALTRIA GROUP INC COM 0.1%

Value ($000) $615 (-50.8%) Shares 10,663 (-43.7%) Est. Cost $34.00 Unrealized +74.6%

V VISA INC 7.4%

Value ($000) $58,715 (+1.0%) Shares 167,418 (-1.7%) Est. Cost $73.33 Unrealized +364.2%

— INTERCONTINENTAL EXCHANGE 1.1%

Value ($000) $8,688 (-5.8%) Shares 53,641 (-2.0%) Est. Cost $90.95 Unrealized —

PG PROCTER & GAMBLE 0.1%

Value ($000) $628 (-40.5%) Shares 4,383 (-36.1%) Est. Cost $75.16 Unrealized +95.8%

MDLZ MONDELEZ INTL INC 0.0%

Value ($000) $320 (-50.6%) Shares 5,944 (-42.7%) Est. Cost $37.64 Unrealized +51.6%

DFUS DIMENSIONAL US EQUITY 0.0%

Value ($000) $328 (-32.2%) Shares 4,427 (-33.8%) Est. Cost $72.38 Unrealized —

NVDA NVIDIA CORP 0.0%

Value ($000) $243 (-37.2%) Shares 1,302 (-37.2%) Est. Cost $105.19 Unrealized +77.0%

DFUV DIMENSIONAL ETF TRUST US MKTWI 0.0%

Value ($000) $320 (-30.9%) Shares 6,870 (-33.6%) Est. Cost $44.73 Unrealized —

DFAT DIMENSIONAL US TARGETED VALUE 0.0%

Value ($000) $291 (-32.3%) Shares 4,885 (-33.9%) Est. Cost $58.15 Unrealized —

CMI CUMMINS INC 0.0%

Value ($000) $267 (-32.4%) Shares 523 (-44.1%) Est. Cost $199.25 Unrealized +134.0%

IDXX IDEXX LABS INC 0.5%

Value ($000) $3,727 (+2.6%) Shares 5,510 (-3.1%) Est. Cost $79.98 Unrealized +751.5%

CAT CATERPILLAR INC 0.2%

Value ($000) $1,254 (+2.9%) Shares 2,189 (-14.3%) Est. Cost $228.76 Unrealized +142.8%

— MERCK & CO INC NEW 0.1%

Value ($000) $482 (+0.6%) Shares 4,580 (-19.7%) Est. Cost $67.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JD	JD.COM INC	155,104 (-70.6%)	$4,451 (-75.9%)	0.6%	$41.24	—	com	47215P106
OWL	BLUE OWL CAPITAL INC COM CL A	1,364,393 (-32.1%)	$20,384 (-40.1%)	2.6%	$13.21	+18.4%	com	09581B103
GOOG	ALPHABET INC CLASS C	155,766 (-2.4%)	$48,879 (+25.8%)	6.2%	$107.00	+167.6%	com	02079K107
FCNCA	FIRST CTZNS BANCSHARES CL A	27,439 (-1.7%)	$58,888 (+18.0%)	7.4%	$777.50	+142.3%	com	31946M103
KD	KYNDRYL HLDGS INC COMMON STOCK	2,081,328 (-1.1%)	$55,280 (-12.6%)	7.0%	$25.83	+5.0%	com	50155Q100
RYAAY	RYANAIR HOLDINGS PLC SPONSORED	692,972 (-1.8%)	$50,026 (+17.7%)	6.3%	$68.80	—	com	783513203
—	FIRST ADVANTAGE CORP	935,704 (-29.9%)	$13,596 (-33.8%)	1.7%	$18.66	—	com	31846b108
GOOGL	ALPHABET INC CLASS A	82,469 (-1.7%)	$25,813 (+26.6%)	3.3%	$102.44	+178.8%	com	02079K305
DHR	DANAHER CORP	169,868 (-1.6%)	$38,886 (+13.6%)	4.9%	$82.02	+167.7%	com	235851102
WTW	WILLIS TOWERS WATSON	186,861 (-1.7%)	$61,402 (-6.5%)	7.8%	$190.72	+71.2%	com	G96629103
CSGP	COSTAR GROUP INC	183,144 (-4.4%)	$12,315 (-23.8%)	1.6%	$75.84	-6.6%	com	22160N109
PM	PHILIP MORRIS INTL INC	201,894 (-5.4%)	$32,384 (-6.5%)	4.1%	$139.94	+9.7%	com	718172109
CI	CIGNA GROUP	124,428 (-1.6%)	$34,247 (-6.1%)	4.3%	$205.64	+35.8%	com	125523100
LB	LANDBRIDGE COMPANY LLC CL A	408,280 (-1.0%)	$20,002 (-9.1%)	2.5%	$56.96	+2.1%	com	514952100
AMZN	AMAZON.COM INC	231,650 (-1.7%)	$53,469 (+3.3%)	6.7%	$111.30	+105.6%	com	023135106
BKNG	BOOKING HOLDINGS INC	10,087 (-1.4%)	$54,019 (-2.2%)	6.8%	$2106.24	+143.9%	com	09857L108
KKR	KKR & CO LP	228,691 (-1.8%)	$29,153 (-3.7%)	3.7%	$117.02	+6.2%	com	48251W104
BRK/B	BERKSHIRE HATHAWAY B NEW CLASS	5,618 (-25.7%)	$2,824 (-25.7%)	0.4%	$165.25	+201.1%	com	084670702
BRK/A	BERKSHIRE HATHAWAY INC (D	13 (-7.1%)	$9,812 (-7.1%)	1.2%	$729330.75	+2.3%	com	084670108
MO	ALTRIA GROUP INC COM	10,663 (-43.7%)	$615 (-50.8%)	0.1%	$34.00	+74.6%	com	02209S103
V	VISA INC	167,418 (-1.7%)	$58,715 (+1.0%)	7.4%	$73.33	+364.2%	com	92826C839
—	INTERCONTINENTAL EXCHANGE	53,641 (-2.0%)	$8,688 (-5.8%)	1.1%	$90.95	—	com	45866f104
PG	PROCTER & GAMBLE	4,383 (-36.1%)	$628 (-40.5%)	0.1%	$75.16	+95.8%	com	742718109
MDLZ	MONDELEZ INTL INC	5,944 (-42.7%)	$320 (-50.6%)	0.0%	$37.64	+51.6%	com	609207105
DFUS	DIMENSIONAL US EQUITY	4,427 (-33.8%)	$328 (-32.2%)	0.0%	$72.38	—	com	25434V401
NVDA	NVIDIA CORP	1,302 (-37.2%)	$243 (-37.2%)	0.0%	$105.19	+77.0%	com	67066G104
DFUV	DIMENSIONAL ETF TRUST US MKTWI	6,870 (-33.6%)	$320 (-30.9%)	0.0%	$44.73	—	com	25434V724
DFAT	DIMENSIONAL US TARGETED VALUE	4,885 (-33.9%)	$291 (-32.3%)	0.0%	$58.15	—	com	25434V609
CMI	CUMMINS INC	523 (-44.1%)	$267 (-32.4%)	0.0%	$199.25	+134.0%	com	231021106
IDXX	IDEXX LABS INC	5,510 (-3.1%)	$3,727 (+2.6%)	0.5%	$79.98	+751.5%	com	45168D104
CAT	CATERPILLAR INC	2,189 (-14.3%)	$1,254 (+2.9%)	0.2%	$228.76	+142.8%	com	149123101
—	MERCK & CO INC NEW	4,580 (-19.7%)	$482 (+0.6%)	0.1%	$67.20	—	com	58933y105

Unchanged Positions (25)

TCEHY TENCENT HLDGS LTD ADR 2.0%

Value ($000) $15,584 Shares 203,574 Est. Cost $44.57 Unrealized —

COF CAPITAL ONE FINANCIAL 2.1%

Value ($000) $16,250 Shares 67,050 Est. Cost $217.80 Unrealized +2.0%

AAPL APPLE INC 0.9%

Value ($000) $7,157 Shares 26,324 Est. Cost $103.05 Unrealized +160.4%

MSFT MICROSOFT CORP 0.4%

Value ($000) $3,011 Shares 6,227 Est. Cost $107.21 Unrealized +366.9%

SHW SHERWIN-WILLIAMS 0.2%

Value ($000) $1,264 Shares 3,900 Est. Cost $193.12 Unrealized +73.0%

FNV FRANCO NEV CORP COM 0.1%

Value ($000) $818 Shares 3,946 Est. Cost $128.42 Unrealized +57.9%

CSCO CISCO SYSTEMS INC 0.1%

Value ($000) $522 Shares 6,773 Est. Cost $33.59 Unrealized +119.7%

DOO BRP INC COM SUN VTG 0.0%

Value ($000) $329 Shares 4,656 Est. Cost $55.98 Unrealized +21.4%

HD HOME DEPOT INC 0.0%

Value ($000) $244 Shares 709 Est. Cost $270.67 Unrealized +34.7%

JNJ JOHNSON & JOHNSON 0.0%

Value ($000) $380 Shares 1,838 Est. Cost $103.92 Unrealized +89.6%

— RICHARDS PACKAGING 0.0%

Value ($000) $366 Shares 16,300 Est. Cost $20.12 Unrealized —

PGR PROGRESSIVE CORP OHIO 0.0%

Value ($000) $340 Shares 1,494 Est. Cost $94.85 Unrealized +123.9%

PBA PEMBINA PIPELINE CORP F 0.1%

Value ($000) $454 Shares 11,939 Est. Cost $16.65 Unrealized +130.9%

IWB ISHARES TR RUSSELL 1000 RUSSEL 0.1%

Value ($000) $1,135 Shares 3,038 Est. Cost $108.26 Unrealized —

IYY ISHARES TR DJ TOTAL MKT US TOT 0.1%

Value ($000) $1,078 Shares 6,502 Est. Cost $95.75 Unrealized —

ADT ADT INC DEL COM 0.0%

Value ($000) $263 Shares 32,649 Est. Cost $6.60 Unrealized +25.4%

CTTOF CTT CORREIOS DE PORTUG SHS 0.1%

Value ($000) $741 Shares 84,925 Est. Cost $2.94 Unrealized +186.0%

EFA ISHARES TR MSCI EAFE FD MSCI E 0.0%

Value ($000) $354 Shares 3,687 Est. Cost $72.09 Unrealized —

IWM I SHARES RUSL 2000 0.1%

Value ($000) $528 Shares 2,143 Est. Cost $230.34 Unrealized —

OEF S&P 100 INDEX 0.0%

Value ($000) $240 Shares 700 Est. Cost $304.29 Unrealized —

UNP UNION PACIFIC CORP 0.0%

Value ($000) $255 Shares 1,103 Est. Cost $191.32 Unrealized +18.8%

PEP PEPSICO INCORPORATED 0.0%

Value ($000) $235 Shares 1,640 Est. Cost $112.84 Unrealized +29.3%

DE DEERE & CO 0.0%

Value ($000) $282 Shares 606 Est. Cost $369.25 Unrealized +26.7%

MDY SPDR S&P MIDCAP 400 ETF 0.0%

Value ($000) $350 Shares 580 Est. Cost $487.20 Unrealized —

EFG ISHARES MSCI GWTH IDX FD 0.0%

Value ($000) $298 Shares 2,614 Est. Cost $86.35 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TCEHY	TENCENT HLDGS LTD ADR	203,574	$15,584	2.0%	$44.57	—	com	88032Q109
COF	CAPITAL ONE FINANCIAL	67,050	$16,250	2.1%	$217.80	+2.0%	com	14040H105
AAPL	APPLE INC	26,324	$7,157	0.9%	$103.05	+160.4%	com	037833100
MSFT	MICROSOFT CORP	6,227	$3,011	0.4%	$107.21	+366.9%	com	594918104
SHW	SHERWIN-WILLIAMS	3,900	$1,264	0.2%	$193.12	+73.0%	com	824348106
FNV	FRANCO NEV CORP COM	3,946	$818	0.1%	$128.42	+57.9%	com	351858105
CSCO	CISCO SYSTEMS INC	6,773	$522	0.1%	$33.59	+119.7%	com	17275R102
DOO	BRP INC COM SUN VTG	4,656	$329	0.0%	$55.98	+21.4%	com	05577W200
HD	HOME DEPOT INC	709	$244	0.0%	$270.67	+34.7%	com	437076102
JNJ	JOHNSON & JOHNSON	1,838	$380	0.0%	$103.92	+89.6%	com	478160104
—	RICHARDS PACKAGING	16,300	$366	0.0%	$20.12	—	com	763102100
PGR	PROGRESSIVE CORP OHIO	1,494	$340	0.0%	$94.85	+123.9%	com	743315103
PBA	PEMBINA PIPELINE CORP F	11,939	$454	0.1%	$16.65	+130.9%	com	706327103
IWB	ISHARES TR RUSSELL 1000 RUSSEL	3,038	$1,135	0.1%	$108.26	—	com	464287622
IYY	ISHARES TR DJ TOTAL MKT US TOT	6,502	$1,078	0.1%	$95.75	—	com	464287846
ADT	ADT INC DEL COM	32,649	$263	0.0%	$6.60	+25.4%	com	00090Q103
CTTOF	CTT CORREIOS DE PORTUG SHS	84,925	$741	0.1%	$2.94	+186.0%	com	X1R05J122
EFA	ISHARES TR MSCI EAFE FD MSCI E	3,687	$354	0.0%	$72.09	—	com	464287465
IWM	I SHARES RUSL 2000	2,143	$528	0.1%	$230.34	—	com	464287655
OEF	S&P 100 INDEX	700	$240	0.0%	$304.29	—	com	464287101
UNP	UNION PACIFIC CORP	1,103	$255	0.0%	$191.32	+18.8%	com	907818108
PEP	PEPSICO INCORPORATED	1,640	$235	0.0%	$112.84	+29.3%	com	713448108
DE	DEERE & CO	606	$282	0.0%	$369.25	+26.7%	com	244199105
MDY	SPDR S&P MIDCAP 400 ETF	580	$350	0.0%	$487.20	—	com	78467Y107
EFG	ISHARES MSCI GWTH IDX FD	2,614	$298	0.0%	$86.35	—	com	464288885