ACADEMY CAPITAL MANAGEMENT INC/TX Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ZOETIS INC CLASS	234,527 (+165.9%)	$29,508 (+128.6%)	3.9%	$133.53	—	com	98978v103
—	POOL CORP	66,808 (+288.7%)	$15,282 (+186.7%)	2.0%	$272.25	—	com	73278l105
TRV	TRAVELERS COMP	10,617 (+93.0%)	$3,080 (+100.5%)	0.4%	$211.74	+32.5%	com	89417E109
—	EXXON MOBIL	45,507 (+1.6%)	$5,476 (+8.5%)	0.7%	$110.14	—	com	30231g102
—	NETFLIX INC	5,800 (+900.0%)	$544 (-21.8%)	0.1%	$133.07	—	com	64110l106
—	VISA INC CLASS A	2,095 (+2.0%)	$735 (+4.8%)	0.1%	$317.82	—	com	92826c839
—	TESLA MOTORS	631 (+6.2%)	$284 (+7.4%)	0.0%	$272.54	—	com	88160r101

Exited Positions (1)

— ETF SPDR SP 500 0.1%

Value ($000) $496 Shares 745 Est. Cost $617.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ETF SPDR SP 500	745	$496	0.1%	$617.97	—	—	78462f103

Decreased Positions (2)

NSRGY NESTLE ADR 0.4%

Value ($000) $3,362 (+5.2%) Shares 34,035 (-2.3%) Est. Cost $80.94 Unrealized —

PEP PEPSICO INC 0.3%

Value ($000) $1,933 (-2.0%) Shares 13,469 (-4.1%) Est. Cost $87.15 Unrealized +67.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	NESTLE ADR	34,035 (-2.3%)	$3,362 (+5.2%)	0.4%	$80.94	—	com	641069406
PEP	PEPSICO INC	13,469 (-4.1%)	$1,933 (-2.0%)	0.3%	$87.15	+67.4%	com	713448108

Unchanged Positions (31)

— ALPHABET C 8.7%

Value ($000) $65,217 Shares 207,830 Est. Cost $140.93 Unrealized —

— ALPHABET A 7.0%

Value ($000) $52,600 Shares 168,051 Est. Cost $139.69 Unrealized —

— META PLATFORMS 7.9%

Value ($000) $59,773 Shares 90,553 Est. Cost $360.87 Unrealized —

MSFT MICROSOFT CORP 8.4%

Value ($000) $63,518 Shares 131,339 Est. Cost $272.43 Unrealized +83.7%

AAPL APPLE INC 10.4%

Value ($000) $77,921 Shares 286,620 Est. Cost $143.79 Unrealized +86.6%

TSM TAIWAN SEMI 6.2%

Value ($000) $46,904 Shares 154,344 Est. Cost $133.27 Unrealized —

LVMUY LVMH MOET 2.3%

Value ($000) $17,340 Shares 114,977 Est. Cost $122.40 Unrealized —

— PRIMERICA INC 4.5%

Value ($000) $34,183 Shares 132,306 Est. Cost $99.63 Unrealized —

AMZN AMAZON.COM INC 8.1%

Value ($000) $61,255 Shares 265,379 Est. Cost $120.36 Unrealized +90.1%

NVO NOVO NORDISK 2.5%

Value ($000) $18,611 Shares 365,783 Est. Cost $76.39 Unrealized —

— UNITEDHEALTH 3.8%

Value ($000) $28,395 Shares 86,017 Est. Cost $312.47 Unrealized —

— IDEXX LABS INC 3.2%

Value ($000) $23,841 Shares 35,240 Est. Cost $548.33 Unrealized —

— ALIBABA GRP 0.5%

Value ($000) $4,139 Shares 28,235 Est. Cost $78.94 Unrealized —

C CITIGRP INC 1.0%

Value ($000) $7,245 Shares 62,091 Est. Cost $59.19 Unrealized +75.1%

— SP GLOBAL INC 1.4%

Value ($000) $10,208 Shares 19,533 Est. Cost $447.38 Unrealized —

BRK/B BERKSHIRE B 7.2%

Value ($000) $54,346 Shares 108,119 Est. Cost $212.20 Unrealized +134.5%

— MASTERCARD INC 7.7%

Value ($000) $58,092 Shares 101,759 Est. Cost $426.51 Unrealized —

— CADENCE BK 0.1%

Value ($000) $897 Shares 20,950 Est. Cost $31.98 Unrealized —

LUV SOUTHWEST AIR 0.0%

Value ($000) $270 Shares 6,521 Est. Cost $31.07 Unrealized +12.0%

— MERCK & CO. INC. 0.0%

Value ($000) $266 Shares 2,524 Est. Cost $99.48 Unrealized —

JNJ J&J 0.1%

Value ($000) $377 Shares 1,823 Est. Cost $149.59 Unrealized +31.7%

— CME GRP INC 0.4%

Value ($000) $3,265 Shares 11,955 Est. Cost $210.60 Unrealized —

— NEXTERA ENGY 0.1%

Value ($000) $563 Shares 7,016 Est. Cost $77.26 Unrealized —

— RTX CORP 0.0%

Value ($000) $359 Shares 1,956 Est. Cost $115.72 Unrealized —

GLW CORNING INC 0.1%

Value ($000) $457 Shares 5,215 Est. Cost $46.35 Unrealized +85.5%

APD AIR PROD & CHEM 0.0%

Value ($000) $209 Shares 845 Est. Cost $304.00 Unrealized -17.2%

BHC BAUSCH HEALTH 0.0%

Value ($000) $294 Shares 42,288 Est. Cost $21.68 Unrealized -69.7%

STEL STELLAR BANCORP 0.1%

Value ($000) $1,074 Shares 34,720 Est. Cost $30.96 Unrealized -0.8%

CVX CHEVRON CORP 0.1%

Value ($000) $453 Shares 2,975 Est. Cost $145.50 Unrealized +4.1%

EMR EMERSON ELECTRIC 0.0%

Value ($000) $217 Shares 1,636 Est. Cost $113.54 Unrealized +16.6%

— PROVECTUS BIO 0.0%

Value ($000) $1 Shares 20,000 Est. Cost $0.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALPHABET C	207,830	$65,217	8.7%	$140.93	—	com	02079k107
—	ALPHABET A	168,051	$52,600	7.0%	$139.69	—	com	02079k305
—	META PLATFORMS	90,553	$59,773	7.9%	$360.87	—	com	30303m102
MSFT	MICROSOFT CORP	131,339	$63,518	8.4%	$272.43	+83.7%	com	594918104
AAPL	APPLE INC	286,620	$77,921	10.4%	$143.79	+86.6%	com	037833100
TSM	TAIWAN SEMI	154,344	$46,904	6.2%	$133.27	—	com	874039100
LVMUY	LVMH MOET	114,977	$17,340	2.3%	$122.40	—	com	502441306
—	PRIMERICA INC	132,306	$34,183	4.5%	$99.63	—	com	74164m108
AMZN	AMAZON.COM INC	265,379	$61,255	8.1%	$120.36	+90.1%	com	023135106
NVO	NOVO NORDISK	365,783	$18,611	2.5%	$76.39	—	com	670100205
—	UNITEDHEALTH	86,017	$28,395	3.8%	$312.47	—	com	91324p102
—	IDEXX LABS INC	35,240	$23,841	3.2%	$548.33	—	com	45168d104
—	ALIBABA GRP	28,235	$4,139	0.5%	$78.94	—	com	01609w102
C	CITIGRP INC	62,091	$7,245	1.0%	$59.19	+75.1%	com	172967424
—	SP GLOBAL INC	19,533	$10,208	1.4%	$447.38	—	com	78409v104
BRK/B	BERKSHIRE B	108,119	$54,346	7.2%	$212.20	+134.5%	com	084670702
—	MASTERCARD INC	101,759	$58,092	7.7%	$426.51	—	com	57636q104
—	CADENCE BK	20,950	$897	0.1%	$31.98	—	com	12740c103
LUV	SOUTHWEST AIR	6,521	$270	0.0%	$31.07	+12.0%	com	844741108
—	MERCK & CO. INC.	2,524	$266	0.0%	$99.48	—	com	58933y105
JNJ	J&J	1,823	$377	0.1%	$149.59	+31.7%	com	478160104
—	CME GRP INC	11,955	$3,265	0.4%	$210.60	—	com	12572q105
—	NEXTERA ENGY	7,016	$563	0.1%	$77.26	—	com	65339f101
—	RTX CORP	1,956	$359	0.0%	$115.72	—	com	75513e101
GLW	CORNING INC	5,215	$457	0.1%	$46.35	+85.5%	com	219350105
APD	AIR PROD & CHEM	845	$209	0.0%	$304.00	-17.2%	com	009158106
BHC	BAUSCH HEALTH	42,288	$294	0.0%	$21.68	-69.7%	com	071734107
STEL	STELLAR BANCORP	34,720	$1,074	0.1%	$30.96	-0.8%	com	858927106
CVX	CHEVRON CORP	2,975	$453	0.1%	$145.50	+4.1%	com	166764100
EMR	EMERSON ELECTRIC	1,636	$217	0.0%	$113.54	+16.6%	com	291011104
—	PROVECTUS BIO	20,000	$1	0.0%	$0.10	—	com	74373p108