Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SYK	Stryker Corp	61,995	$19.52M	1.5%	$314.84	—	COM	863667101
BLK	Blackrock Inc	5,136	$4.939M	0.4%	$961.56	—	COM	09290D101
IWD	iShares Russell 1000 Val ETF	2,738	$664K	0.0%	$242.43	—	COM	464287598
TOELY	Tokyo Electron Ltd	1,535	$373K	0.0%	$243.01	—	COM	889110102
SIEGY	Siemens AG	2,102	$338K	0.0%	$160.91	—	COM	826197501
TTWO	Take-Two Interactive	1,096	$274K	0.0%	$249.98	—	COM	874054109
LVMUY	LVMH Moet Hennessy	2,450	$271K	0.0%	$110.60	—	COM	502441306
CPAY	Corpay Inc	787	$262K	0.0%	$333.27	—	COM	219948106
JLL	Jones Lang Lasalle	839	$260K	0.0%	$309.95	—	COM	48020Q107
TECH	Bio-Techne Corp	3,504	$248K	0.0%	$70.65	—	COM	09073M104
BURL	Burlington Stores	761	$241K	0.0%	$316.80	—	COM	122017106
DSDVY	DSV A/S	1,902	$226K	0.0%	$118.88	—	COM	26251A108

Increased Positions (18)

TSM Taiwan Semi Manuf Co 2.5%

Value $33.56M (+470.8%) Shares 70,276 (+303.9%) Est. Cost $439.86 Unrealized —

PANW Palo Alto Networks 3.0%

Value $40.14M (+204.0%) Shares 117,695 (+42.9%) Est. Cost $222.87 Unrealized —

TXN Texas Instruments 2.1%

Value $28.6M (+312.9%) Shares 95,958 (+168.9%) Est. Cost $255.54 Unrealized —

ETN Eaton Corp 4.0%

Value $53.48M (+42.5%) Shares 125,494 (+19.6%) Est. Cost $371.79 Unrealized —

LECO Lincoln Elec Hldgs Inc 2.0%

Value $26.56M (+149.9%) Shares 100,038 (+134.4%) Est. Cost $267.75 Unrealized —

SPY SPDR S&P 500 0.3%

Value $3.938M (+406.4%) Shares 5,274 (+341.0%) Est. Cost $732.06 Unrealized —

LMT Lockheed Martin Corp 0.3%

Value $4.142M (+61.8%) Shares 8,131 (+92.0%) Est. Cost $467.50 Unrealized —

META Meta Platforms Inc 3.8%

Value $50.52M (+1.3%) Shares 89,680 (+2.9%) Est. Cost $629.23 Unrealized —

TSLA Tesla Motors 0.1%

Value $1.241M (+53.6%) Shares 2,951 (+35.7%) Est. Cost $350.48 Unrealized —

BKNG Booking Holdings 2.2%

Value $29.32M (-1.2%) Shares 164,481 (+2234.1%) Est. Cost $256.40 Unrealized —

CRM Salesforce.Com Inc 0.1%

Value $1.792M (-12.8%) Shares 11,436 (+3.9%) Est. Cost $248.21 Unrealized —

CFRUY Cie. Fin. Richemont SA 0.0%

Value $359K (+39.2%) Shares 15,525 (+6.4%) Est. Cost $18.00 Unrealized —

SMCAY Smc Corp Japan 0.0%

Value $341K (+34.2%) Shares 15,349 (+17.9%) Est. Cost $19.94 Unrealized —

MCD Mcdonalds 0.4%

Value $4.781M (+1.8%) Shares 17,685 (+17.0%) Est. Cost $223.62 Unrealized —

DBOEY Deutsche Borse AG 0.0%

Value $290K (+19.1%) Shares 10,689 (+27.8%) Est. Cost $28.69 Unrealized —

LRLCY L'Oreal Company 0.0%

Value $296K (+13.8%) Shares 3,373 (+6.3%) Est. Cost $82.27 Unrealized —

AIQUY Air Liquide SA 0.0%

Value $296K (+2.6%) Shares 7,501 (+7.9%) Est. Cost $41.35 Unrealized —

ALC Alcon AG 0.0%

Value $226K (-1.7%) Shares 3,366 (+10.4%) Est. Cost $79.22 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	Taiwan Semi Manuf Co	70,276 (+303.9%)	$33.56M (+470.8%)	2.5%	$439.86	—	COM	874039100
PANW	Palo Alto Networks	117,695 (+42.9%)	$40.14M (+204.0%)	3.0%	$222.87	—	COM	697435105
TXN	Texas Instruments	95,958 (+168.9%)	$28.6M (+312.9%)	2.1%	$255.54	—	COM	882508104
ETN	Eaton Corp	125,494 (+19.6%)	$53.48M (+42.5%)	4.0%	$371.79	—	COM	G29183103
LECO	Lincoln Elec Hldgs Inc	100,038 (+134.4%)	$26.56M (+149.9%)	2.0%	$267.75	—	COM	533900106
SPY	SPDR S&P 500	5,274 (+341.0%)	$3.938M (+406.4%)	0.3%	$732.06	—	COM	78462F103
LMT	Lockheed Martin Corp	8,131 (+92.0%)	$4.142M (+61.8%)	0.3%	$467.50	—	COM	539830109
META	Meta Platforms Inc	89,680 (+2.9%)	$50.52M (+1.3%)	3.8%	$629.23	—	COM	30303M102
TSLA	Tesla Motors	2,951 (+35.7%)	$1.241M (+53.6%)	0.1%	$350.48	—	COM	88160R101
BKNG	Booking Holdings	164,481 (+2234.1%)	$29.32M (-1.2%)	2.2%	$256.40	—	COM	09857L108
CRM	Salesforce.Com Inc	11,436 (+3.9%)	$1.792M (-12.8%)	0.1%	$248.21	—	COM	79466L302
CFRUY	Cie. Fin. Richemont SA	15,525 (+6.4%)	$359K (+39.2%)	0.0%	$18.00	—	COM	204319107
SMCAY	Smc Corp Japan	15,349 (+17.9%)	$341K (+34.2%)	0.0%	$19.94	—	COM	78445W306
MCD	Mcdonalds	17,685 (+17.0%)	$4.781M (+1.8%)	0.4%	$223.62	—	COM	580135101
DBOEY	Deutsche Borse AG	10,689 (+27.8%)	$290K (+19.1%)	0.0%	$28.69	—	COM	251542106
LRLCY	L'Oreal Company	3,373 (+6.3%)	$296K (+13.8%)	0.0%	$82.27	—	COM	502117203
AIQUY	Air Liquide SA	7,501 (+7.9%)	$296K (+2.6%)	0.0%	$41.35	—	COM	009126202
ALC	Alcon AG	3,366 (+10.4%)	$226K (-1.7%)	0.0%	$79.22	—	COM	H01301128

Exited Positions (3)

LOW Lowes Companies 0.7%

Value $9.669M Shares 40,922 Est. Cost $148.04 Unrealized —

GDDY GoDaddy Inc 0.4%

Value $5.415M Shares 65,498 Est. Cost $87.27 Unrealized —

AMT American Tower Corp 0.2%

Value $2.67M Shares 15,468 Est. Cost $196.50 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LOW	Lowes Companies	40,922	$9.669M	0.7%	$148.04	—	—	548661107
GDDY	GoDaddy Inc	65,498	$5.415M	0.4%	$87.27	—	—	380237107
AMT	American Tower Corp	15,468	$2.67M	0.2%	$196.50	—	—	03027X100

Decreased Positions (64)

AAPL Apple Inc 2.2%

Value $29.4M (-33.6%) Shares 101,610 (-41.8%) Est. Cost $107.87 Unrealized —

GOOGL Alphabet Inc Cl A 7.5%

Value $100M (+15.6%) Shares 281,206 (-7.0%) Est. Cost $108.41 Unrealized —

TJX TJX Companies 2.1%

Value $28.39M (-31.9%) Shares 187,408 (-28.2%) Est. Cost $55.01 Unrealized —

INTU Intuit Inc 1.0%

Value $14.01M (-44.1%) Shares 53,662 (-7.4%) Est. Cost $389.18 Unrealized —

KNSL Kinsale Capital Group 0.0%

Value $308K (-97.1%) Shares 934 (-96.9%) Est. Cost $446.46 Unrealized —

SPGI S&P Global Inc 1.5%

Value $19.58M (-28.3%) Shares 48,065 (-25.1%) Est. Cost $275.50 Unrealized —

WM Waste Management 1.5%

Value $19.54M (-25.7%) Shares 87,653 (-23.4%) Est. Cost $221.01 Unrealized —

VRSN Verisign Inc 0.5%

Value $6.787M (-45.9%) Shares 26,980 (-46.6%) Est. Cost $190.27 Unrealized —

AMZN Amazon.com Inc 6.6%

Value $88.54M (+6.9%) Shares 371,480 (-6.6%) Est. Cost $153.67 Unrealized —

DPZ Dominos Pizza Inc 0.3%

Value $3.836M (-49.9%) Shares 12,958 (-39.3%) Est. Cost $415.16 Unrealized —

CME CME Group Inc 0.7%

Value $9.788M (-28.0%) Shares 44,322 (-3.7%) Est. Cost $270.46 Unrealized —

AZO Autozone Inc 2.1%

Value $27.85M (-12.0%) Shares 8,714 (-7.0%) Est. Cost $2957.95 Unrealized —

NVDA Nvidia Corp 7.4%

Value $99.36M (-3.5%) Shares 496,572 (-15.9%) Est. Cost $111.37 Unrealized —

BJ Bj's Wholesale Club 1.0%

Value $14.06M (-18.4%) Shares 161,253 (-7.9%) Est. Cost $92.59 Unrealized —

CTAS Cintas Corp 0.5%

Value $7.163M (-30.0%) Shares 42,116 (-30.4%) Est. Cost $163.12 Unrealized —

ASML ASML Holdings 2.1%

Value $27.78M (-8.1%) Shares 13,964 (-39.0%) Est. Cost $694.60 Unrealized —

MELI Mercadolibre Inc 2.2%

Value $30.12M (-6.3%) Shares 17,747 (-4.5%) Est. Cost $2055.10 Unrealized —

CEG Constellation Energy 0.7%

Value $9.439M (-16.3%) Shares 38,005 (-5.9%) Est. Cost $322.17 Unrealized —

MA Mastercard Inc 2.7%

Value $36.71M (-4.7%) Shares 71,468 (-7.3%) Est. Cost $265.28 Unrealized —

MCK McKesson Corp 0.6%

Value $8.609M (-17.3%) Shares 11,394 (-5.2%) Est. Cost $815.57 Unrealized —

V Visa Inc 1.7%

Value $22.24M (+7.9%) Shares 64,812 (-5.0%) Est. Cost $168.30 Unrealized —

T AT&T 0.3%

Value $3.648M (-30.0%) Shares 176,253 (-1.9%) Est. Cost $16.73 Unrealized —

CVX Chevron Corp New 0.4%

Value $4.855M (-21.0%) Shares 29,290 (-1.4%) Est. Cost $134.05 Unrealized —

ADSK Autodesk Inc 0.3%

Value $4.116M (-23.8%) Shares 21,169 (-6.1%) Est. Cost $287.53 Unrealized —

KR Kroger Co 0.3%

Value $3.62M (-26.0%) Shares 65,190 (-3.6%) Est. Cost $58.48 Unrealized —

TMO Thermo Fisher Sci 2.3%

Value $31.24M (-3.6%) Shares 62,312 (-5.5%) Est. Cost $352.78 Unrealized —

APH Amphenol Corp 3.8%

Value $50.96M (+2.3%) Shares 289,045 (-26.7%) Est. Cost $38.70 Unrealized —

ZTS Zoetis Inc 0.1%

Value $1.115M (-50.8%) Shares 15,510 (-19.0%) Est. Cost $130.29 Unrealized —

FSS Federal Signal Corp 0.8%

Value $11.08M (+11.3%) Shares 86,264 (-6.3%) Est. Cost $96.58 Unrealized —

MO Altria Group Inc 0.3%

Value $4.577M (-17.0%) Shares 63,608 (-23.9%) Est. Cost $49.65 Unrealized —

BMI Badger Meter Inc 0.4%

Value $5.963M (-11.9%) Shares 40,185 (-9.5%) Est. Cost $179.79 Unrealized —

BRK/B Berkshire Hthwy Cl B 2.1%

Value $27.89M (-2.8%) Shares 55,746 (-6.9%) Est. Cost $470.97 Unrealized —

JPM JP Morgan Chase 0.6%

Value $8.297M (+9.4%) Shares 25,346 (-1.6%) Est. Cost $117.65 Unrealized —

UNP Union Pacific 0.5%

Value $7.145M (+11.0%) Shares 26,270 (-1.0%) Est. Cost $214.28 Unrealized —

PWR Quanta Services Inc 0.2%

Value $2.957M (+28.8%) Shares 4,107 (-1.8%) Est. Cost $441.40 Unrealized —

NSSC Napco Security Tech 0.3%

Value $4.147M (-12.6%) Shares 109,200 (-9.4%) Est. Cost $25.08 Unrealized —

MSFT Microsoft Corp 5.4%

Value $73.13M (-0.8%) Shares 196,038 (-1.5%) Est. Cost $298.51 Unrealized —

VST Vistra Corp 1.0%

Value $13.95M (-3.7%) Shares 87,928 (-8.7%) Est. Cost $159.74 Unrealized —

UNH United Health Group 0.4%

Value $4.81M (+9.6%) Shares 11,572 (-28.7%) Est. Cost $460.23 Unrealized —

HD Home Depot Inc 0.6%

Value $8.008M (+5.3%) Shares 22,707 (-1.8%) Est. Cost $209.38 Unrealized —

BKH Black Hills Corp 0.4%

Value $5.531M (+6.1%) Shares 74,336 (-1.0%) Est. Cost $59.81 Unrealized —

OXY Occidental Petroleum 0.0%

Value $637K (-30.8%) Shares 13,120 (-7.4%) Est. Cost $47.02 Unrealized —

QSR Restaurant Brands Int'l 0.2%

Value $3.056M (-6.0%) Shares 42,147 (-4.2%) Est. Cost $59.36 Unrealized —

— Oracle Corporation 0.6%

Value $8.403M (-2.1%) Shares 57,341 (-1.7%) Est. Cost $177.72 Unrealized —

PSX Phillips 66 0.1%

Value $1.018M (-14.1%) Shares 6,020 (-7.4%) Est. Cost $68.95 Unrealized —

TTE TotalEnergies SE 0.0%

Value $358K (-28.2%) Shares 4,605 (-16.0%) Est. Cost $71.53 Unrealized —

RACE Ferrari NV 0.3%

Value $4.397M (+2.8%) Shares 11,811 (-6.6%) Est. Cost $479.13 Unrealized —

ADP Automatic Data Proc 0.3%

Value $3.388M (+2.4%) Shares 15,127 (-7.1%) Est. Cost $288.99 Unrealized —

BAESY BAE Systems Plc 0.0%

Value $252K (-17.5%) Shares 2,576 (-1.8%) Est. Cost $116.50 Unrealized —

MRAAY Murata Mfg Co Ltd 0.0%

Value $366K (+16.8%) Shares 10,124 (-64.3%) Est. Cost $9.35 Unrealized —

MUFG Mitsubishi UFJ Fin'l Grp 0.0%

Value $384K (+15.4%) Shares 19,310 (-1.5%) Est. Cost $16.33 Unrealized —

SUHJY Sun Hung Kai Pptys ADR 0.0%

Value $264K (-16.3%) Shares 18,320 (-1.8%) Est. Cost $16.88 Unrealized —

ING ING Groep NV 0.0%

Value $304K (+18.3%) Shares 9,702 (-1.8%) Est. Cost $26.05 Unrealized —

SHW Sherwin Williams Co 1.6%

Value $21.43M (+0.2%) Shares 62,237 (-6.7%) Est. Cost $236.36 Unrealized —

ABBV AbbVie Inc 0.0%

Value $317K (-12.1%) Shares 1,261 (-24.0%) Est. Cost $84.37 Unrealized —

SNY Sanofi SA 0.0%

Value $255K (-12.8%) Shares 5,966 (-1.5%) Est. Cost $48.18 Unrealized —

DBSDY DBS Group Holdings Ltd 0.0%

Value $309K (+11.1%) Shares 1,525 (-1.9%) Est. Cost $179.27 Unrealized —

MKL Markel Group Inc 0.3%

Value $3.496M (-0.7%) Shares 1,790 (-2.7%) Est. Cost $1147.72 Unrealized —

NGG National Grid plc 0.0%

Value $320K (-3.9%) Shares 3,857 (-1.9%) Est. Cost $84.60 Unrealized —

RY Royal Bank of Canada 0.0%

Value $323K (+3.9%) Shares 1,559 (-18.8%) Est. Cost $129.57 Unrealized —

NVZMY Novonesis (Novozymes) 0.0%

Value $240K (+4.0%) Shares 3,793 (-1.7%) Est. Cost $59.76 Unrealized —

SAXPY Sampo Oyj 0.0%

Value $228K (-3.8%) Shares 10,896 (-1.8%) Est. Cost $21.39 Unrealized —

WEC WEC Energy Group 0.4%

Value $4.748M (-0.2%) Shares 40,664 (-1.0%) Est. Cost $78.40 Unrealized —

NSRGY Nestle SA 0.0%

Value $315K (+2.0%) Shares 3,064 (-1.6%) Est. Cost $99.10 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	Apple Inc	101,610 (-41.8%)	$29.4M (-33.6%)	2.2%	$107.87	—	COM	037833100
GOOGL	Alphabet Inc Cl A	281,206 (-7.0%)	$100M (+15.6%)	7.5%	$108.41	—	COM	02079K305
TJX	TJX Companies	187,408 (-28.2%)	$28.39M (-31.9%)	2.1%	$55.01	—	COM	872540109
INTU	Intuit Inc	53,662 (-7.4%)	$14.01M (-44.1%)	1.0%	$389.18	—	COM	461202103
KNSL	Kinsale Capital Group	934 (-96.9%)	$308K (-97.1%)	0.0%	$446.46	—	COM	49714P108
SPGI	S&P Global Inc	48,065 (-25.1%)	$19.58M (-28.3%)	1.5%	$275.50	—	COM	78409V104
WM	Waste Management	87,653 (-23.4%)	$19.54M (-25.7%)	1.5%	$221.01	—	COM	94106L109
VRSN	Verisign Inc	26,980 (-46.6%)	$6.787M (-45.9%)	0.5%	$190.27	—	COM	92343E102
AMZN	Amazon.com Inc	371,480 (-6.6%)	$88.54M (+6.9%)	6.6%	$153.67	—	COM	023135106
DPZ	Dominos Pizza Inc	12,958 (-39.3%)	$3.836M (-49.9%)	0.3%	$415.16	—	COM	25754A201
CME	CME Group Inc	44,322 (-3.7%)	$9.788M (-28.0%)	0.7%	$270.46	—	COM	12572Q105
AZO	Autozone Inc	8,714 (-7.0%)	$27.85M (-12.0%)	2.1%	$2957.95	—	COM	053332102
NVDA	Nvidia Corp	496,572 (-15.9%)	$99.36M (-3.5%)	7.4%	$111.37	—	COM	67066G104
BJ	Bj's Wholesale Club	161,253 (-7.9%)	$14.06M (-18.4%)	1.0%	$92.59	—	COM	05550J101
CTAS	Cintas Corp	42,116 (-30.4%)	$7.163M (-30.0%)	0.5%	$163.12	—	COM	172908105
ASML	ASML Holdings	13,964 (-39.0%)	$27.78M (-8.1%)	2.1%	$694.60	—	COM	N07059210
MELI	Mercadolibre Inc	17,747 (-4.5%)	$30.12M (-6.3%)	2.2%	$2055.10	—	COM	58733R102
CEG	Constellation Energy	38,005 (-5.9%)	$9.439M (-16.3%)	0.7%	$322.17	—	COM	21037T109
MA	Mastercard Inc	71,468 (-7.3%)	$36.71M (-4.7%)	2.7%	$265.28	—	COM	57636Q104
MCK	McKesson Corp	11,394 (-5.2%)	$8.609M (-17.3%)	0.6%	$815.57	—	COM	58155Q103
V	Visa Inc	64,812 (-5.0%)	$22.24M (+7.9%)	1.7%	$168.30	—	COM	92826C839
T	AT&T	176,253 (-1.9%)	$3.648M (-30.0%)	0.3%	$16.73	—	COM	00206R102
CVX	Chevron Corp New	29,290 (-1.4%)	$4.855M (-21.0%)	0.4%	$134.05	—	COM	166764100
ADSK	Autodesk Inc	21,169 (-6.1%)	$4.116M (-23.8%)	0.3%	$287.53	—	COM	052769106
KR	Kroger Co	65,190 (-3.6%)	$3.62M (-26.0%)	0.3%	$58.48	—	COM	501044101
TMO	Thermo Fisher Sci	62,312 (-5.5%)	$31.24M (-3.6%)	2.3%	$352.78	—	COM	883556102
APH	Amphenol Corp	289,045 (-26.7%)	$50.96M (+2.3%)	3.8%	$38.70	—	COM	032095101
ZTS	Zoetis Inc	15,510 (-19.0%)	$1.115M (-50.8%)	0.1%	$130.29	—	COM	98978V103
FSS	Federal Signal Corp	86,264 (-6.3%)	$11.08M (+11.3%)	0.8%	$96.58	—	COM	313855108
MO	Altria Group Inc	63,608 (-23.9%)	$4.577M (-17.0%)	0.3%	$49.65	—	COM	02209S103
BMI	Badger Meter Inc	40,185 (-9.5%)	$5.963M (-11.9%)	0.4%	$179.79	—	COM	056525108
BRK/B	Berkshire Hthwy Cl B	55,746 (-6.9%)	$27.89M (-2.8%)	2.1%	$470.97	—	COM	084670702
JPM	JP Morgan Chase	25,346 (-1.6%)	$8.297M (+9.4%)	0.6%	$117.65	—	COM	46625H100
UNP	Union Pacific	26,270 (-1.0%)	$7.145M (+11.0%)	0.5%	$214.28	—	COM	907818108
PWR	Quanta Services Inc	4,107 (-1.8%)	$2.957M (+28.8%)	0.2%	$441.40	—	COM	74762E102
NSSC	Napco Security Tech	109,200 (-9.4%)	$4.147M (-12.6%)	0.3%	$25.08	—	COM	630402105
MSFT	Microsoft Corp	196,038 (-1.5%)	$73.13M (-0.8%)	5.4%	$298.51	—	COM	594918104
VST	Vistra Corp	87,928 (-8.7%)	$13.95M (-3.7%)	1.0%	$159.74	—	COM	92840M102
UNH	United Health Group	11,572 (-28.7%)	$4.81M (+9.6%)	0.4%	$460.23	—	COM	91324P102
HD	Home Depot Inc	22,707 (-1.8%)	$8.008M (+5.3%)	0.6%	$209.38	—	COM	437076102
BKH	Black Hills Corp	74,336 (-1.0%)	$5.531M (+6.1%)	0.4%	$59.81	—	COM	092113109
OXY	Occidental Petroleum	13,120 (-7.4%)	$637K (-30.8%)	0.0%	$47.02	—	COM	674599105
QSR	Restaurant Brands Int'l	42,147 (-4.2%)	$3.056M (-6.0%)	0.2%	$59.36	—	COM	76131D103
—	Oracle Corporation	57,341 (-1.7%)	$8.403M (-2.1%)	0.6%	$177.72	—	COM	68389x105
PSX	Phillips 66	6,020 (-7.4%)	$1.018M (-14.1%)	0.1%	$68.95	—	COM	718546104
TTE	TotalEnergies SE	4,605 (-16.0%)	$358K (-28.2%)	0.0%	$71.53	—	COM	F92124100
RACE	Ferrari NV	11,811 (-6.6%)	$4.397M (+2.8%)	0.3%	$479.13	—	COM	N3167Y103
ADP	Automatic Data Proc	15,127 (-7.1%)	$3.388M (+2.4%)	0.3%	$288.99	—	COM	053015103
BAESY	BAE Systems Plc	2,576 (-1.8%)	$252K (-17.5%)	0.0%	$116.50	—	COM	05523R107
MRAAY	Murata Mfg Co Ltd	10,124 (-64.3%)	$366K (+16.8%)	0.0%	$9.35	—	COM	626425102
MUFG	Mitsubishi UFJ Fin'l Grp	19,310 (-1.5%)	$384K (+15.4%)	0.0%	$16.33	—	COM	606822104
SUHJY	Sun Hung Kai Pptys ADR	18,320 (-1.8%)	$264K (-16.3%)	0.0%	$16.88	—	COM	86676H302
ING	ING Groep NV	9,702 (-1.8%)	$304K (+18.3%)	0.0%	$26.05	—	COM	456837103
SHW	Sherwin Williams Co	62,237 (-6.7%)	$21.43M (+0.2%)	1.6%	$236.36	—	COM	824348106
ABBV	AbbVie Inc	1,261 (-24.0%)	$317K (-12.1%)	0.0%	$84.37	—	COM	00287Y109
SNY	Sanofi SA	5,966 (-1.5%)	$255K (-12.8%)	0.0%	$48.18	—	COM	80105N105
DBSDY	DBS Group Holdings Ltd	1,525 (-1.9%)	$309K (+11.1%)	0.0%	$179.27	—	COM	23304Y100
MKL	Markel Group Inc	1,790 (-2.7%)	$3.496M (-0.7%)	0.3%	$1147.72	—	COM	570535104
NGG	National Grid plc	3,857 (-1.9%)	$320K (-3.9%)	0.0%	$84.60	—	COM	636274409
RY	Royal Bank of Canada	1,559 (-18.8%)	$323K (+3.9%)	0.0%	$129.57	—	COM	780087102
NVZMY	Novonesis (Novozymes)	3,793 (-1.7%)	$240K (+4.0%)	0.0%	$59.76	—	COM	670108109
SAXPY	Sampo Oyj	10,896 (-1.8%)	$228K (-3.8%)	0.0%	$21.39	—	COM	79588J102
WEC	WEC Energy Group	40,664 (-1.0%)	$4.748M (-0.2%)	0.4%	$78.40	—	COM	92939U106
NSRGY	Nestle SA	3,064 (-1.6%)	$315K (+2.0%)	0.0%	$99.10	—	COM	641069406

Unchanged Positions (15)

AVGO Broadcom Inc 5.9%

Value $79.93M Shares 211,607 Est. Cost $211.33 Unrealized —

GOOG Alphabet Inc Cl C 0.3%

Value $4.593M Shares 13,000 Est. Cost $128.75 Unrealized —

PEP Pepsico Inc 0.3%

Value $3.415M Shares 25,221 Est. Cost $128.53 Unrealized —

ZION Zions Bancorp 0.1%

Value $1.95M Shares 28,180 Est. Cost $38.42 Unrealized —

LLY Eli Lily & Co 0.1%

Value $1.231M Shares 1,026 Est. Cost $591.23 Unrealized —

VRT Vertiv Holdings Co 0.1%

Value $986K Shares 2,943 Est. Cost $102.08 Unrealized —

FAST Fastenal Company 0.3%

Value $3.861M Shares 80,384 Est. Cost $37.95 Unrealized —

WMT Wal-Mart Stores Inc 0.1%

Value $1.133M Shares 10,000 Est. Cost $53.38 Unrealized —

TLN Talen Energy 0.0%

Value $331K Shares 861 Est. Cost $364.82 Unrealized —

BA Boeing Co 0.0%

Value $621K Shares 2,868 Est. Cost $222.45 Unrealized —

— Adams Nat Res ETF 0.0%

Value $396K Shares 16,000 Est. Cost $20.63 Unrealized —

MAR Marriott Int'l Inc New 0.0%

Value $386K Shares 1,041 Est. Cost $198.52 Unrealized —

BRK/A Berkshire Hthwy Cl A 0.1%

Value $749K Shares 1 Est. Cost $265840.40 Unrealized —

AZN AstraZeneca PLC 0.0%

Value $399K Shares 2,106 Est. Cost $190.39 Unrealized —

YUM Yum Brands Inc 0.0%

Value $343K Shares 2,144 Est. Cost $133.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	Broadcom Inc	211,607	$79.93M	5.9%	$211.33	—	COM	11135F101
GOOG	Alphabet Inc Cl C	13,000	$4.593M	0.3%	$128.75	—	COM	02079K107
PEP	Pepsico Inc	25,221	$3.415M	0.3%	$128.53	—	COM	713448108
ZION	Zions Bancorp	28,180	$1.95M	0.1%	$38.42	—	COM	989701107
LLY	Eli Lily & Co	1,026	$1.231M	0.1%	$591.23	—	COM	532457108
VRT	Vertiv Holdings Co	2,943	$986K	0.1%	$102.08	—	COM	92537N108
FAST	Fastenal Company	80,384	$3.861M	0.3%	$37.95	—	COM	311900104
WMT	Wal-Mart Stores Inc	10,000	$1.133M	0.1%	$53.38	—	COM	931142103
TLN	Talen Energy	861	$331K	0.0%	$364.82	—	COM	87422Q109
BA	Boeing Co	2,868	$621K	0.0%	$222.45	—	COM	097023105
—	Adams Nat Res ETF	16,000	$396K	0.0%	$20.63	—	COM	00548F105
MAR	Marriott Int'l Inc New	1,041	$386K	0.0%	$198.52	—	COM	571903202
BRK/A	Berkshire Hthwy Cl A	1	$749K	0.1%	$265840.40	—	COM	084670108
AZN	AstraZeneca PLC	2,106	$399K	0.0%	$190.39	—	COM	G0593M107
YUM	Yum Brands Inc	2,144	$343K	0.0%	$133.51	—	COM	988498101