Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XOM	EXXONMOBIL HOLDINGS ORD	60,400	$9.83M	0.1%	$162.75	$162.75	—	COM SHS	30233Q108
ZBRA	ZEBRA TECHNOLOGIES CORPORATI	6,300	$2.352M	0.0%	$373.31	$328.64	+13.6%	CL A	989207105
MBGL	MOBILITY GLOBAL INC	117,690	$2.018M	0.0%	$17.15	$20.11	-14.7%	COM SHS	60744M106
SLAB	SILICON LABORATORIES INC	8,292	$1.837M	0.0%	$221.58	$218.90	+1.2%	COM	826919102
TYL	TYLER TECHNOLOGIES INC	5,400	$1.72M	0.0%	$318.60	$329.59	-3.3%	COM	902252105
VGZ	VISTA GOLD CORP	615,000	$1.667M	0.0%	$2.71	$2.11	+28.2%	COM NEW	927926303
WSC	WILLSCOT HLDGS CORP	90,000	$1.546M	0.0%	$17.18	$22.64	-24.1%	COM CL A	971378104
XPO	XPO INC	8,674	$1.526M	0.0%	$175.98	$196.14	-10.3%	COM	983793100
XYL	XYLEM INC	12,283	$1.244M	0.0%	$101.27	$114.44	-11.5%	COM	98419M100
WTS	WATTS WATER TECHNOLOGIES INC	3,377	$1.196M	0.0%	$354.18	$359.68	-1.5%	CL A	942749102
VVV	VALVOLINE INC	33,760	$1.018M	0.0%	$30.14	$34.28	-12.1%	COM	92047W101
XPEL	XPEL INC	20,872	$922K	0.0%	$44.17	$46.92	-5.9%	COM	98379L100
TOST	TOAST INC	27,000	$783K	0.0%	$28.99	$32.20	-10.0%	CL A	888787108
XRN	CHIRON REAL ESTATE INC	21,631	$752K	0.0%	$34.76	$34.76	—	COM NEW	37954A303
SITE	SITEONE LANDSCAPE SUPPLY INC	7,956	$719K	0.0%	$90.31	$98.42	-8.2%	COM	82982L103
CPRT	COPART INC	10,000	$273K	0.0%	$27.28	$29.98	-9.0%	COM	217204106
VMC	VULCAN MATLS CO	958	$234K	0.0%	$244.63	$272.05	-10.1%	COM	929160109

Increased Positions (21)

WSO WATSCO INC 1.5%

Value $189M (-24.3%) Shares 623,010 (+4.2%) Share Price $302.69 Est. Cost/Share $211.71 Unrealized @ Report Date +43.0%

HD HOME DEPOT INC 2.1%

Value $265M (-18.5%) Shares 932,000 (+1.0%) Share Price $284.49 Est. Cost/Share $58.83 Unrealized @ Report Date +383.6%

FNV FRANCO NEV CORP 1.5%

Value $187M (+16.2%) Shares 787,000 (+1.7%) Share Price $238.11 Est. Cost/Share $150.74 Unrealized @ Report Date +58.0%

LOW LOWES COS INC 1.1%

Value $140M (-15.4%) Shares 761,480 (+1.3%) Share Price $184.29 Est. Cost/Share $73.10 Unrealized @ Report Date +152.1%

ZTS ZOETIS INC 0.2%

Value $29.7M (+524.3%) Shares 425,296 (+542.5%) Share Price $69.83 Est. Cost/Share $77.76 Unrealized @ Report Date -10.2%

ROL ROLLINS INC 0.4%

Value $47.62M (-24.8%) Shares 1,581,025 (+4.3%) Share Price $30.12 Est. Cost/Share $25.62 Unrealized @ Report Date +17.5%

LPLA LPL FINL HLDGS INC 1.3%

Value $173M (+9.8%) Shares 566,132 (+1.1%) Share Price $305.80 Est. Cost/Share $235.31 Unrealized @ Report Date +30.0%

TMO THERMO FISHER SCIENTIFIC INC 0.4%

Value $50.02M (+36.5%) Shares 74,100 (+1.4%) Share Price $675.05 Est. Cost/Share $527.95 Unrealized @ Report Date +27.9%

RLI RLI CORP 1.0%

Value $134M (-5.3%) Shares 2,421,922 (+1.1%) Share Price $55.31 Est. Cost/Share $43.00 Unrealized @ Report Date +28.6%

LIN LINDE PLC 0.8%

Value $105M (-6.4%) Shares 220,600 (+2.3%) Share Price $474.65 Est. Cost/Share $383.01 Unrealized @ Report Date +23.9%

CARR CARRIER GLOBAL CORPORATION 0.1%

Value $13.17M (-23.6%) Shares 240,000 (+2.1%) Share Price $54.86 Est. Cost/Share $19.61 Unrealized @ Report Date +179.8%

NFLX NETFLIX INC. 0.0%

Value $4.697M (+64.4%) Shares 67,500 (+68.8%) Share Price $69.58 Est. Cost/Share $82.81 Unrealized @ Report Date -16.0%

FERG FERGUSON ENTERPRISES INC 0.3%

Value $41.01M (-4.1%) Shares 184,200 (+2.2%) Share Price $222.62 Est. Cost/Share $203.97 Unrealized @ Report Date +9.1%

UNP UNION PAC CORP 0.4%

Value $45.18M (+3.2%) Shares 166,028 (+3.1%) Share Price $272.13 Est. Cost/Share $148.81 Unrealized @ Report Date +82.9%

WY WEYERHAEUSER CO 0.0%

Value $3.848M (+33.9%) Shares 202,000 (+68.3%) Share Price $19.05 Est. Cost/Share $21.94 Unrealized @ Report Date —

EPD ENTERPRISE PRODS PARTNERS L 0.2%

Value $21.79M (+4.2%) Shares 612,000 (+7.6%) Share Price $35.61 Est. Cost/Share $37.04 Unrealized @ Report Date —

UFPI UFP INDUSTRIES INC 0.0%

Value $1.081M (+197.9%) Shares 14,000 (+250.0%) Share Price $77.22 Est. Cost/Share $86.10 Unrealized @ Report Date -10.3%

CP CANADIAN PACIFIC KANSAS CITY 0.1%

Value $6.765M (+7.0%) Shares 79,500 (+8.9%) Share Price $85.10 Est. Cost/Share $78.69 Unrealized @ Report Date +8.1%

OTIS OTIS WORLDWIDE CORP 0.1%

Value $9.366M (-2.1%) Shares 145,620 (+9.0%) Share Price $64.32 Est. Cost/Share $52.98 Unrealized @ Report Date +21.4%

APD AIR PRODUCTS AND CHEMICALS I 0.2%

Value $25.81M (-0.5%) Shares 92,750 (+4.8%) Share Price $278.23 Est. Cost/Share $263.71 Unrealized @ Report Date +5.5%

CSX CSX CORP 0.2%

Value $27.79M (+0.0%) Shares 597,500 (+2.2%) Share Price $46.51 Est. Cost/Share $36.10 Unrealized @ Report Date +28.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WSO	WATSCO INC	623,010 (+4.2%)	$189M (-24.3%)	1.5%	$302.69	$211.71	+43.0%	COM	942622200
HD	HOME DEPOT INC	932,000 (+1.0%)	$265M (-18.5%)	2.1%	$284.49	$58.83	+383.6%	COM	437076102
FNV	FRANCO NEV CORP	787,000 (+1.7%)	$187M (+16.2%)	1.5%	$238.11	$150.74	+58.0%	COM	351858105
LOW	LOWES COS INC	761,480 (+1.3%)	$140M (-15.4%)	1.1%	$184.29	$73.10	+152.1%	COM	548661107
ZTS	ZOETIS INC	425,296 (+542.5%)	$29.7M (+524.3%)	0.2%	$69.83	$77.76	-10.2%	CL A	98978V103
ROL	ROLLINS INC	1,581,025 (+4.3%)	$47.62M (-24.8%)	0.4%	$30.12	$25.62	+17.5%	COM	775711104
LPLA	LPL FINL HLDGS INC	566,132 (+1.1%)	$173M (+9.8%)	1.3%	$305.80	$235.31	+30.0%	COM	50212V100
TMO	THERMO FISHER SCIENTIFIC INC	74,100 (+1.4%)	$50.02M (+36.5%)	0.4%	$675.05	$527.95	+27.9%	COM	883556102
RLI	RLI CORP	2,421,922 (+1.1%)	$134M (-5.3%)	1.0%	$55.31	$43.00	+28.6%	COM	749607107
LIN	LINDE PLC	220,600 (+2.3%)	$105M (-6.4%)	0.8%	$474.65	$383.01	+23.9%	SHS	G54950103
CARR	CARRIER GLOBAL CORPORATION	240,000 (+2.1%)	$13.17M (-23.6%)	0.1%	$54.86	$19.61	+179.8%	COM	14448C104
NFLX	NETFLIX INC.	67,500 (+68.8%)	$4.697M (+64.4%)	0.0%	$69.58	$82.81	-16.0%	COM	64110L106
FERG	FERGUSON ENTERPRISES INC	184,200 (+2.2%)	$41.01M (-4.1%)	0.3%	$222.62	$203.97	+9.1%	COMMON STOCK NEW	31488V107
UNP	UNION PAC CORP	166,028 (+3.1%)	$45.18M (+3.2%)	0.4%	$272.13	$148.81	+82.9%	COM	907818108
WY	WEYERHAEUSER CO	202,000 (+68.3%)	$3.848M (+33.9%)	0.0%	$19.05	$21.94	—	COM NEW	962166104
EPD	ENTERPRISE PRODS PARTNERS L	612,000 (+7.6%)	$21.79M (+4.2%)	0.2%	$35.61	$37.04	—	COM	293792107
UFPI	UFP INDUSTRIES INC	14,000 (+250.0%)	$1.081M (+197.9%)	0.0%	$77.22	$86.10	-10.3%	COM	90278Q108
CP	CANADIAN PACIFIC KANSAS CITY	79,500 (+8.9%)	$6.765M (+7.0%)	0.1%	$85.10	$78.69	+8.1%	COM	13646K108
OTIS	OTIS WORLDWIDE CORP	145,620 (+9.0%)	$9.366M (-2.1%)	0.1%	$64.32	$52.98	+21.4%	COM	68902V107
APD	AIR PRODUCTS AND CHEMICALS I	92,750 (+4.8%)	$25.81M (-0.5%)	0.2%	$278.23	$263.71	+5.5%	COM	009158106
CSX	CSX CORP	597,500 (+2.2%)	$27.79M (+0.0%)	0.2%	$46.51	$36.10	+28.9%	COM	126408103

Exited Positions (2)

XOM EXXON MOBIL CORP 0.1%

Value $7.67M Shares 56,100 Share Price $136.72 * Est. Cost/Share $125.60 Unrealized @ Report Date +29.6%

BRO BROWN & BROWN INC 0.0%

Value $898K Shares 14,000 Share Price $64.15 * Est. Cost/Share $80.93 Unrealized @ Report Date -24.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XOM	EXXON MOBIL CORP	56,100	$7.67M	0.1%	$136.72 *	$125.60	+29.6%	—	30231G102
BRO	BROWN & BROWN INC	14,000	$898K	0.0%	$64.15 *	$80.93	-24.8%	—	115236101

Decreased Positions (7)

GOOGL ALPHABET INC 1.4%

Value $179M (-12.5%) Shares 519,975 (-9.1%) Share Price $344.08 Est. Cost/Share $105.45 Unrealized @ Report Date +226.3%

ABNB AIRBNB INC 0.1%

Value $11.78M (-66.0%) Shares 73,355 (-69.7%) Share Price $160.65 Est. Cost/Share $132.26 Unrealized @ Report Date +21.5%

DE DEERE & CO 4.5%

Value $578M (+3.8%) Shares 861,150 (-1.9%) Share Price $671.55 Est. Cost/Share $108.47 Unrealized @ Report Date +519.1%

YUM YUM BRANDS INC 0.2%

Value $19.37M (-50.6%) Shares 142,059 (-42.1%) Share Price $136.34 Est. Cost/Share $134.24 Unrealized @ Report Date +1.6%

META META PLATFORMS INC 1.2%

Value $152M (+15.0%) Shares 209,163 (-10.7%) Share Price $725.18 Est. Cost/Share $179.65 Unrealized @ Report Date +303.7%

CMCSA COMCAST CORP NEW 0.0%

Value $6.274M (-68.1%) Shares 288,334 (-64.1%) Share Price $21.76 Est. Cost/Share $38.84 Unrealized @ Report Date -44.0%

COST COSTCO WHOLESALE CORPORATION 0.2%

Value $30.72M (-16.1%) Shares 33,748 (-13.8%) Share Price $910.34 Est. Cost/Share $86.56 Unrealized @ Report Date +951.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOGL	ALPHABET INC	519,975 (-9.1%)	$179M (-12.5%)	1.4%	$344.08	$105.45	+226.3%	CAP STK CL A	02079K305
ABNB	AIRBNB INC	73,355 (-69.7%)	$11.78M (-66.0%)	0.1%	$160.65	$132.26	+21.5%	COM CL A	009066101
DE	DEERE & CO	861,150 (-1.9%)	$578M (+3.8%)	4.5%	$671.55	$108.47	+519.1%	COM	244199105
YUM	YUM BRANDS INC	142,059 (-42.1%)	$19.37M (-50.6%)	0.2%	$136.34	$134.24	+1.6%	COM	988498101
META	META PLATFORMS INC	209,163 (-10.7%)	$152M (+15.0%)	1.2%	$725.18	$179.65	+303.7%	CL A	30303M102
CMCSA	COMCAST CORP NEW	288,334 (-64.1%)	$6.274M (-68.1%)	0.0%	$21.76	$38.84	-44.0%	CL A	20030N101
COST	COSTCO WHOLESALE CORPORATION	33,748 (-13.8%)	$30.72M (-16.1%)	0.2%	$910.34	$86.56	+951.7%	COM	22160K105

Unchanged Positions (100)

CAT CATERPILLAR INC 2.1%

Value $266M Shares 328,650 Share Price $810.79 Est. Cost/Share $93.16 Unrealized @ Report Date +770.3%

BN BROOKFIELD CORP 3.7%

Value $477M Shares 13,073,609 Share Price $36.46 Est. Cost/Share $29.78 Unrealized @ Report Date +22.4%

MSFT MICROSOFT CORP 2.1%

Value $276M Shares 537,630 Share Price $512.90 Est. Cost/Share $85.15 Unrealized @ Report Date +502.3%

AAPL APPLE INC 3.2%

Value $409M Shares 1,227,290 Share Price $333.02 Est. Cost/Share $88.62 Unrealized @ Report Date +275.8%

GS GOLDMAN SACHS GROUP INC 2.5%

Value $324M Shares 359,360 Share Price $900.36 Est. Cost/Share $182.02 Unrealized @ Report Date +394.7%

GOOG ALPHABET INC 7.3%

Value $937M Shares 2,749,860 Share Price $340.74 Est. Cost/Share $107.52 Unrealized @ Report Date +216.9%

NVO NOVO-NORDISK A S 0.8%

Value $109M Shares 2,869,774 Share Price $37.91 Est. Cost/Share $26.22 Unrealized @ Report Date +44.6%

AMZN AMAZON COM INC 3.9%

Value $506M Shares 2,030,760 Share Price $249.15 Est. Cost/Share $121.25 Unrealized @ Report Date +105.5%

BLK BLACKROCK INC 1.8%

Value $233M Shares 220,200 Share Price $1058.29 Est. Cost/Share $991.05 Unrealized @ Report Date +6.8%

DIS DISNEY WALT CO 1.7%

Value $214M Shares 2,039,165 Share Price $104.90 Est. Cost/Share $65.62 Unrealized @ Report Date +59.9%

ODFL OLD DOMINION FREIGHT LINE IN 0.6%

Value $74.6M Shares 429,150 Share Price $173.84 Est. Cost/Share $176.46 Unrealized @ Report Date -1.5%

AXP AMERICAN EXPRESS CO 1.2%

Value $149M Shares 490,450 Share Price $304.10 Est. Cost/Share $69.87 Unrealized @ Report Date +335.3%

V VISA INC 2.8%

Value $364M Shares 1,013,912 Share Price $359.33 Est. Cost/Share $66.29 Unrealized @ Report Date +442.1%

TXN TEXAS INSTRS INC 1.6%

Value $203M Shares 724,000 Share Price $280.09 Est. Cost/Share $62.49 Unrealized @ Report Date +348.2%

HEI/A HEICO CORP NEW 0.7%

Value $86.68M Shares 379,644 Share Price $228.33 Est. Cost/Share $60.40 Unrealized @ Report Date +278.0%

ACN ACCENTURE PLC IRELAND 0.2%

Value $29.23M Shares 159,400 Share Price $183.37 Est. Cost/Share $70.60 Unrealized @ Report Date +159.7%

ROK ROCKWELL AUTOMATION INC 0.5%

Value $67.43M Shares 154,900 Share Price $435.33 Est. Cost/Share $125.10 Unrealized @ Report Date +248.0%

GD GENERAL DYNAMICS CORP 1.0%

Value $130M Shares 391,000 Share Price $331.83 Est. Cost/Share $56.44 Unrealized @ Report Date +487.9%

PGR PROGRESSIVE CORP 1.2%

Value $156M Shares 753,750 Share Price $207.31 Est. Cost/Share $56.10 Unrealized @ Report Date +269.5%

MA MASTERCARD INCORPORATED 0.9%

Value $114M Shares 207,540 Share Price $551.47 Est. Cost/Share $102.49 Unrealized @ Report Date +438.1%

AMAT APPLIED MATLS INC 0.1%

Value $18.59M Shares 36,350 Share Price $511.38 Est. Cost/Share $192.49 Unrealized @ Report Date +165.7%

SCHW SCHWAB CHARLES CORP 1.1%

Value $136M Shares 1,394,800 Share Price $97.74 Est. Cost/Share $24.81 Unrealized @ Report Date +294.0%

NVR NVR INC 0.6%

Value $74.88M Shares 12,167 Share Price $6154.39 Est. Cost/Share $3656.60 Unrealized @ Report Date +68.3%

AON AON PLC 0.3%

Value $37.59M Shares 135,800 Share Price $276.77 Est. Cost/Share $272.68 Unrealized @ Report Date +1.5%

DEO DIAGEO PLC 0.9%

Value $117M Shares 1,372,208 Share Price $85.60 Est. Cost/Share $120.58 Unrealized @ Report Date -29.0%

BX BLACKSTONE INC 1.1%

Value $138M Shares 1,229,000 Share Price $112.09 Est. Cost/Share $39.26 Unrealized @ Report Date +185.5%

JNJ JOHNSON & JOHNSON 1.3%

Value $162M Shares 610,800 Share Price $264.74 Est. Cost/Share $60.45 Unrealized @ Report Date +338.0%

TSN TYSON FOODS INC 0.4%

Value $46.16M Shares 913,500 Share Price $50.53 Est. Cost/Share $52.90 Unrealized @ Report Date -4.5%

HGTY HAGERTY INC 0.3%

Value $41.83M Shares 3,108,000 Share Price $13.46 Est. Cost/Share $9.28 Unrealized @ Report Date +45.1%

FDS FACTSET RESH SYS INC 0.3%

Value $36.54M Shares 135,376 Share Price $269.95 Est. Cost/Share $125.20 Unrealized @ Report Date +115.6%

SBUX STARBUCKS CORP 0.5%

Value $58.61M Shares 623,818 Share Price $93.96 Est. Cost/Share $56.40 Unrealized @ Report Date +66.6%

ADM ARCHER DANIELS MIDLAND CO 0.9%

Value $120M Shares 1,505,800 Share Price $79.38 Est. Cost/Share $25.29 Unrealized @ Report Date +213.9%

ITW ILLINOIS TOOL WKS INC 0.7%

Value $84.26M Shares 327,500 Share Price $257.28 Est. Cost/Share $75.74 Unrealized @ Report Date +239.7%

FIX COMFORT SYS USA INC 0.2%

Value $21.5M Shares 13,000 Share Price $1654.09 Est. Cost/Share $248.33 Unrealized @ Report Date +566.1%

URI UNITED RENTALS INC 0.2%

Value $31.17M Shares 31,150 Share Price $1000.78 Est. Cost/Share $619.24 Unrealized @ Report Date +61.6%

DG DOLLAR GEN CORP 0.8%

Value $104M Shares 869,250 Share Price $119.58 Est. Cost/Share $162.59 Unrealized @ Report Date -26.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 5.9%

Value $763M Shares 1,531,971 Share Price $497.95 Est. Cost/Share $110.02 Unrealized @ Report Date +352.6%

IQV IQVIA HLDGS INC 0.1%

Value $12.61M Shares 46,900 Share Price $268.85 Est. Cost/Share $212.07 Unrealized @ Report Date +26.8%

SHOP SHOPIFY INC 0.1%

Value $15.24M Shares 102,750 Share Price $148.30 Est. Cost/Share $40.37 Unrealized @ Report Date +267.4%

CSCO CISCO SYS INC 0.3%

Value $38.26M Shares 355,500 Share Price $107.63 Est. Cost/Share $23.20 Unrealized @ Report Date +363.9%

HCA HCA HEALTHCARE INC 0.3%

Value $36.26M Shares 84,972 Share Price $426.74 Est. Cost/Share $341.21 Unrealized @ Report Date +25.1%

CG CARLYLE GROUP INC 0.4%

Value $52.63M Shares 1,327,000 Share Price $39.66 Est. Cost/Share $24.00 Unrealized @ Report Date +65.3%

MRSH MARSH & MCLENNAN COS INC 1.0%

Value $130M Shares 763,500 Share Price $170.73 Est. Cost/Share $68.84 Unrealized @ Report Date +148.0%

MSCI MSCI INC 0.6%

Value $76.95M Shares 142,850 Share Price $538.66 Est. Cost/Share $74.37 Unrealized @ Report Date +624.3%

HXL HEXCEL CORP NEW 0.1%

Value $15.86M Shares 189,000 Share Price $83.92 Est. Cost/Share $62.10 Unrealized @ Report Date +35.1%

TROW PRICE T ROWE GROUP INC 0.3%

Value $32.67M Shares 314,000 Share Price $104.05 Est. Cost/Share $48.35 Unrealized @ Report Date +115.2%

SEIC SEI INVTS CO 0.1%

Value $17.78M Shares 173,200 Share Price $102.66 Est. Cost/Share $40.52 Unrealized @ Report Date +153.4%

NKE NIKE INC 0.1%

Value $15.84M Shares 447,400 Share Price $35.40 Est. Cost/Share $49.58 Unrealized @ Report Date -28.6%

ALL ALLSTATE CORP 0.3%

Value $34.29M Shares 154,550 Share Price $221.86 Est. Cost/Share $112.37 Unrealized @ Report Date +97.4%

LAMR LAMAR ADVERTISING CO 0.2%

Value $27.81M Shares 193,000 Share Price $144.11 Est. Cost/Share $112.23 Unrealized @ Report Date —

APO APOLLO GLOBAL MGMT INC 0.9%

Value $118M Shares 1,012,500 Share Price $116.06 Est. Cost/Share $61.02 Unrealized @ Report Date +90.2%

BRK/A BERKSHIRE HATHAWAY INC DEL 6.5%

Value $832M Shares 1,114 Share Price $747005.00 Est. Cost/Share $206742.08 Unrealized @ Report Date +261.3%

CME CME GROUP INC 0.1%

Value $13.03M Shares 49,750 Share Price $261.98 Est. Cost/Share $265.31 Unrealized @ Report Date -1.3%

SHW SHERWIN WILLIAMS CO 0.2%

Value $30.44M Shares 94,172 Share Price $323.27 Est. Cost/Share $218.58 Unrealized @ Report Date +47.9%

ITIC INVESTORS TITLE CO NC 0.5%

Value $60.34M Shares 213,300 Share Price $282.90 Est. Cost/Share $70.48 Unrealized @ Report Date +301.4%

VRSK VERISK ANALYTICS INC 0.2%

Value $26.18M Shares 155,950 Share Price $167.85 Est. Cost/Share $152.36 Unrealized @ Report Date +10.2%

NSC NORFOLK SOUTHN CORP 0.7%

Value $87.29M Shares 282,500 Share Price $309.00 Est. Cost/Share $103.99 Unrealized @ Report Date +197.1%

EFX EQUIFAX INC 0.1%

Value $9.998M Shares 72,850 Share Price $137.24 Est. Cost/Share $143.86 Unrealized @ Report Date -4.6%

SPGI S&P GLOBAL INC 0.4%

Value $46.43M Shares 117,690 Share Price $394.47 Est. Cost/Share $96.34 Unrealized @ Report Date +309.4%

BAM BROOKFIELD ASSET MANAGMT LTD 0.8%

Value $96.91M Shares 2,173,953 Share Price $44.58 Est. Cost/Share $27.10 Unrealized @ Report Date +64.5%

MGM MGM RESORTS INTERNATIONAL 0.0%

Value $2.717M Shares 87,500 Share Price $31.05 Est. Cost/Share $35.48 Unrealized @ Report Date -12.5%

CBOE CBOE GLOBAL MKTS INC 0.1%

Value $12.03M Shares 43,700 Share Price $275.29 Est. Cost/Share $234.53 Unrealized @ Report Date +17.4%

CCK CROWN HLDGS INC 0.2%

Value $23.19M Shares 220,000 Share Price $105.41 Est. Cost/Share $68.79 Unrealized @ Report Date +53.2%

MAR MARRIOTT INTL INC NEW 0.3%

Value $35.48M Shares 99,750 Share Price $355.67 Est. Cost/Share $265.70 Unrealized @ Report Date +33.9%

HSY HERSHEY CO 0.1%

Value $11.82M Shares 75,000 Share Price $157.61 Est. Cost/Share $181.97 Unrealized @ Report Date -13.4%

SONY SONY GROUP CORP 0.1%

Value $7.883M Shares 335,000 Share Price $23.53 Est. Cost/Share $17.42 Unrealized @ Report Date +35.1%

PM PHILIP MORRIS INTL INC 0.2%

Value $21.85M Shares 114,500 Share Price $190.82 Est. Cost/Share $49.85 Unrealized @ Report Date +282.8%

ECL ECOLAB INC 0.6%

Value $75.32M Shares 274,300 Share Price $274.58 Est. Cost/Share $110.32 Unrealized @ Report Date +148.9%

MELI MERCADOLIBRE INC 0.3%

Value $41.83M Shares 24,200 Share Price $1728.53 Est. Cost/Share $1758.07 Unrealized @ Report Date -1.7%

BC BRUNSWICK CORP 0.0%

Value $3.292M Shares 51,250 Share Price $64.24 Est. Cost/Share $68.30 Unrealized @ Report Date -5.9%

NSP INSPERITY INC 0.1%

Value $8.448M Shares 181,336 Share Price $46.59 Est. Cost/Share $72.25 Unrealized @ Report Date -35.5%

RTX RTX CORPORATION 0.3%

Value $41.59M Shares 224,000 Share Price $185.65 Est. Cost/Share $118.27 Unrealized @ Report Date +57.0%

SUNB SUNBELT RENTALS HOLDINGS INC 0.6%

Value $71.98M Shares 983,207 Share Price $73.21 Est. Cost/Share $70.25 Unrealized @ Report Date +4.2%

JPM JPMORGAN CHASE & CO 0.7%

Value $83.55M Shares 252,550 Share Price $330.83 Est. Cost/Share $68.28 Unrealized @ Report Date +384.5%

PEP PEPSICO INC 0.1%

Value $12.19M Shares 96,210 Share Price $126.72 Est. Cost/Share $57.47 Unrealized @ Report Date +120.5%

ICE INTERCONTINENTAL EXCHANGE IN 0.0%

Value $4.389M Shares 28,870 Share Price $152.03 Est. Cost/Share $148.55 Unrealized @ Report Date +2.3%

EXP EAGLE MATLS INC 0.0%

Value $2.523M Shares 14,750 Share Price $171.02 Est. Cost/Share $224.31 Unrealized @ Report Date -23.8%

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value $12.62M Shares 25,900 Share Price $487.38 Est. Cost/Share $149.97 Unrealized @ Report Date +225.0%

KKR KKR & CO INC 1.0%

Value $133M Shares 1,451,800 Share Price $91.30 Est. Cost/Share $24.78 Unrealized @ Report Date +268.5%

COF CAPITAL ONE FINL CORP 0.1%

Value $17.57M Shares 91,000 Share Price $193.07 Est. Cost/Share $98.39 Unrealized @ Report Date +96.2%

AYI ACUITY INC 0.0%

Value $3.021M Shares 9,750 Share Price $309.81 Est. Cost/Share $304.58 Unrealized @ Report Date +1.7%

WFC WELLS FARGO & CO 0.1%

Value $16.37M Shares 204,450 Share Price $80.05 Est. Cost/Share $41.55 Unrealized @ Report Date +92.7%

UBER UBER TECHNOLOGIES INC 0.1%

Value $9.763M Shares 142,500 Share Price $68.51 Est. Cost/Share $66.15 Unrealized @ Report Date +3.6%

ADI ANALOG DEVICES INC 3.1%

Value $397M Shares 999,671 Share Price $396.71 Est. Cost/Share $86.30 Unrealized @ Report Date +359.7%

BF/A BROWN FORMAN CORP 0.2%

Value $22.62M Shares 843,000 Share Price $26.83 Est. Cost/Share $21.59 Unrealized @ Report Date +24.3%

HII HUNTINGTON INGALLS INDS INC 0.1%

Value $7.344M Shares 27,500 Share Price $267.07 Est. Cost/Share $231.51 Unrealized @ Report Date +15.4%

KMX CARMAX INC 0.1%

Value $7.523M Shares 136,500 Share Price $55.11 Est. Cost/Share $69.85 Unrealized @ Report Date -21.1%

MCO MOODYS CORP 0.8%

Value $97.13M Shares 213,890 Share Price $454.13 Est. Cost/Share $70.54 Unrealized @ Report Date +543.8%

BF/B BROWN FORMAN CORP 0.1%

Value $12.42M Shares 474,187 Share Price $26.20 Est. Cost/Share $38.33 Unrealized @ Report Date -31.7%

WRB BERKLEY W R CORP 0.0%

Value $4.103M Shares 60,750 Share Price $67.54 Est. Cost/Share $34.45 Unrealized @ Report Date +96.1%

SYY SYSCO CORP 0.0%

Value $2.378M Shares 30,500 Share Price $77.96 Est. Cost/Share $72.81 Unrealized @ Report Date +7.1%

EMN EASTMAN CHEM CO 0.0%

Value $4.86M Shares 74,950 Share Price $64.84 Est. Cost/Share $75.62 Unrealized @ Report Date -14.3%

RNR RENAISSANCERE HLDGS LTD 0.2%

Value $22.28M Shares 70,000 Share Price $318.23 Est. Cost/Share $195.72 Unrealized @ Report Date +62.6%

GHC GRAHAM HLDGS CO 0.0%

Value $5.9M Shares 5,200 Share Price $1134.67 Est. Cost/Share $339.79 Unrealized @ Report Date +233.9%

PAYX PAYCHEX INC 0.1%

Value $14.78M Shares 150,000 Share Price $98.50 Est. Cost/Share $25.02 Unrealized @ Report Date +293.7%

DPZ DOMINOS PIZZA INC 0.0%

Value $1.648M Shares 5,500 Share Price $299.61 Est. Cost/Share $425.76 Unrealized @ Report Date -29.6%

CNI CANADIAN NATL RY CO 0.0%

Value $6.361M Shares 53,500 Share Price $118.90 Est. Cost/Share $97.26 Unrealized @ Report Date +22.3%

LMT LOCKHEED MARTIN CORP 0.3%

Value $33.21M Shares 65,213 Share Price $509.25 Est. Cost/Share $415.89 Unrealized @ Report Date +22.4%

BK BANK OF NY MELLON CORP 0.1%

Value $18.01M Shares 124,500 Share Price $144.63 Est. Cost/Share $39.27 Unrealized @ Report Date —

THG HANOVER INS GROUP INC 0.5%

Value $60.17M Shares 281,000 Share Price $214.12 Est. Cost/Share $125.28 Unrealized @ Report Date +70.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CAT	CATERPILLAR INC	328,650	$266M	2.1%	$810.79	$93.16	+770.3%	COM	149123101
BN	BROOKFIELD CORP	13,073,609	$477M	3.7%	$36.46	$29.78	+22.4%	CL A LTD VT SH	11271J107
MSFT	MICROSOFT CORP	537,630	$276M	2.1%	$512.90	$85.15	+502.3%	COM	594918104
AAPL	APPLE INC	1,227,290	$409M	3.2%	$333.02	$88.62	+275.8%	COM	037833100
GS	GOLDMAN SACHS GROUP INC	359,360	$324M	2.5%	$900.36	$182.02	+394.7%	COM	38141G104
GOOG	ALPHABET INC	2,749,860	$937M	7.3%	$340.74	$107.52	+216.9%	CAP STK CL C	02079K107
NVO	NOVO-NORDISK A S	2,869,774	$109M	0.8%	$37.91	$26.22	+44.6%	ADR	670100205
AMZN	AMAZON COM INC	2,030,760	$506M	3.9%	$249.15	$121.25	+105.5%	COM	023135106
BLK	BLACKROCK INC	220,200	$233M	1.8%	$1058.29	$991.05	+6.8%	COM	09290D101
DIS	DISNEY WALT CO	2,039,165	$214M	1.7%	$104.90	$65.62	+59.9%	COM	254687106
ODFL	OLD DOMINION FREIGHT LINE IN	429,150	$74.6M	0.6%	$173.84	$176.46	-1.5%	COM	679580100
AXP	AMERICAN EXPRESS CO	490,450	$149M	1.2%	$304.10	$69.87	+335.3%	COM	025816109
V	VISA INC	1,013,912	$364M	2.8%	$359.33	$66.29	+442.1%	COM CL A	92826C839
TXN	TEXAS INSTRS INC	724,000	$203M	1.6%	$280.09	$62.49	+348.2%	COM	882508104
HEI/A	HEICO CORP NEW	379,644	$86.68M	0.7%	$228.33	$60.40	+278.0%	CL A	422806208
ACN	ACCENTURE PLC IRELAND	159,400	$29.23M	0.2%	$183.37	$70.60	+159.7%	SHS CLASS A	G1151C101
ROK	ROCKWELL AUTOMATION INC	154,900	$67.43M	0.5%	$435.33	$125.10	+248.0%	COM	773903109
GD	GENERAL DYNAMICS CORP	391,000	$130M	1.0%	$331.83	$56.44	+487.9%	COM	369550108
PGR	PROGRESSIVE CORP	753,750	$156M	1.2%	$207.31	$56.10	+269.5%	COM	743315103
MA	MASTERCARD INCORPORATED	207,540	$114M	0.9%	$551.47	$102.49	+438.1%	CL A	57636Q104
AMAT	APPLIED MATLS INC	36,350	$18.59M	0.1%	$511.38	$192.49	+165.7%	COM	038222105
SCHW	SCHWAB CHARLES CORP	1,394,800	$136M	1.1%	$97.74	$24.81	+294.0%	COM	808513105
NVR	NVR INC	12,167	$74.88M	0.6%	$6154.39	$3656.60	+68.3%	COM	62944T105
AON	AON PLC	135,800	$37.59M	0.3%	$276.77	$272.68	+1.5%	SHS CL A	G0403H108
DEO	DIAGEO PLC	1,372,208	$117M	0.9%	$85.60	$120.58	-29.0%	SPON ADR NEW	25243Q205
BX	BLACKSTONE INC	1,229,000	$138M	1.1%	$112.09	$39.26	+185.5%	COM	09260D107
JNJ	JOHNSON & JOHNSON	610,800	$162M	1.3%	$264.74	$60.45	+338.0%	COM	478160104
TSN	TYSON FOODS INC	913,500	$46.16M	0.4%	$50.53	$52.90	-4.5%	CL A	902494103
HGTY	HAGERTY INC	3,108,000	$41.83M	0.3%	$13.46	$9.28	+45.1%	CL A COM	405166109
FDS	FACTSET RESH SYS INC	135,376	$36.54M	0.3%	$269.95	$125.20	+115.6%	COM	303075105
SBUX	STARBUCKS CORP	623,818	$58.61M	0.5%	$93.96	$56.40	+66.6%	COM	855244109
ADM	ARCHER DANIELS MIDLAND CO	1,505,800	$120M	0.9%	$79.38	$25.29	+213.9%	COM	039483102
ITW	ILLINOIS TOOL WKS INC	327,500	$84.26M	0.7%	$257.28	$75.74	+239.7%	COM	452308109
FIX	COMFORT SYS USA INC	13,000	$21.5M	0.2%	$1654.09	$248.33	+566.1%	COM	199908104
URI	UNITED RENTALS INC	31,150	$31.17M	0.2%	$1000.78	$619.24	+61.6%	COM	911363109
DG	DOLLAR GEN CORP	869,250	$104M	0.8%	$119.58	$162.59	-26.5%	COM	256677105
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,531,971	$763M	5.9%	$497.95	$110.02	+352.6%	CL B NEW	084670702
IQV	IQVIA HLDGS INC	46,900	$12.61M	0.1%	$268.85	$212.07	+26.8%	COM	46266C105
SHOP	SHOPIFY INC	102,750	$15.24M	0.1%	$148.30	$40.37	+267.4%	CL A SUB VTG SHS	82509L107
CSCO	CISCO SYS INC	355,500	$38.26M	0.3%	$107.63	$23.20	+363.9%	COM	17275R102
HCA	HCA HEALTHCARE INC	84,972	$36.26M	0.3%	$426.74	$341.21	+25.1%	COM	40412C101
CG	CARLYLE GROUP INC	1,327,000	$52.63M	0.4%	$39.66	$24.00	+65.3%	COM	14316J108
MRSH	MARSH & MCLENNAN COS INC	763,500	$130M	1.0%	$170.73	$68.84	+148.0%	COM	571748102
MSCI	MSCI INC	142,850	$76.95M	0.6%	$538.66	$74.37	+624.3%	COM	55354G100
HXL	HEXCEL CORP NEW	189,000	$15.86M	0.1%	$83.92	$62.10	+35.1%	COM	428291108
TROW	PRICE T ROWE GROUP INC	314,000	$32.67M	0.3%	$104.05	$48.35	+115.2%	COM	74144T108
SEIC	SEI INVTS CO	173,200	$17.78M	0.1%	$102.66	$40.52	+153.4%	COM	784117103
NKE	NIKE INC	447,400	$15.84M	0.1%	$35.40	$49.58	-28.6%	CL B	654106103
ALL	ALLSTATE CORP	154,550	$34.29M	0.3%	$221.86	$112.37	+97.4%	COM	020002101
LAMR	LAMAR ADVERTISING CO	193,000	$27.81M	0.2%	$144.11	$112.23	—	CL A	512816109
APO	APOLLO GLOBAL MGMT INC	1,012,500	$118M	0.9%	$116.06	$61.02	+90.2%	COM	03769M106
BRK/A	BERKSHIRE HATHAWAY INC DEL	1,114	$832M	6.5%	$747005.00	$206742.08	+261.3%	CL A	084670108
CME	CME GROUP INC	49,750	$13.03M	0.1%	$261.98	$265.31	-1.3%	COM	12572Q105
SHW	SHERWIN WILLIAMS CO	94,172	$30.44M	0.2%	$323.27	$218.58	+47.9%	COM	824348106
ITIC	INVESTORS TITLE CO NC	213,300	$60.34M	0.5%	$282.90	$70.48	+301.4%	COM	461804106
VRSK	VERISK ANALYTICS INC	155,950	$26.18M	0.2%	$167.85	$152.36	+10.2%	COM	92345Y106
NSC	NORFOLK SOUTHN CORP	282,500	$87.29M	0.7%	$309.00	$103.99	+197.1%	COM	655844108
EFX	EQUIFAX INC	72,850	$9.998M	0.1%	$137.24	$143.86	-4.6%	COM	294429105
SPGI	S&P GLOBAL INC	117,690	$46.43M	0.4%	$394.47	$96.34	+309.4%	COM	78409V104
BAM	BROOKFIELD ASSET MANAGMT LTD	2,173,953	$96.91M	0.8%	$44.58	$27.10	+64.5%	CL A LMT VTG SHS	113004105
MGM	MGM RESORTS INTERNATIONAL	87,500	$2.717M	0.0%	$31.05	$35.48	-12.5%	COM	552953101
CBOE	CBOE GLOBAL MKTS INC	43,700	$12.03M	0.1%	$275.29	$234.53	+17.4%	COM	12503M108
CCK	CROWN HLDGS INC	220,000	$23.19M	0.2%	$105.41	$68.79	+53.2%	COM	228368106
MAR	MARRIOTT INTL INC NEW	99,750	$35.48M	0.3%	$355.67	$265.70	+33.9%	CL A	571903202
HSY	HERSHEY CO	75,000	$11.82M	0.1%	$157.61	$181.97	-13.4%	COM	427866108
SONY	SONY GROUP CORP	335,000	$7.883M	0.1%	$23.53	$17.42	+35.1%	SPONSORED ADR	835699307
PM	PHILIP MORRIS INTL INC	114,500	$21.85M	0.2%	$190.82	$49.85	+282.8%	COM	718172109
ECL	ECOLAB INC	274,300	$75.32M	0.6%	$274.58	$110.32	+148.9%	COM	278865100
MELI	MERCADOLIBRE INC	24,200	$41.83M	0.3%	$1728.53	$1758.07	-1.7%	COM	58733R102
BC	BRUNSWICK CORP	51,250	$3.292M	0.0%	$64.24	$68.30	-5.9%	COM	117043109
NSP	INSPERITY INC	181,336	$8.448M	0.1%	$46.59	$72.25	-35.5%	COM	45778Q107
RTX	RTX CORPORATION	224,000	$41.59M	0.3%	$185.65	$118.27	+57.0%	COM	75513E101
SUNB	SUNBELT RENTALS HOLDINGS INC	983,207	$71.98M	0.6%	$73.21	$70.25	+4.2%	SHS	866966104
JPM	JPMORGAN CHASE & CO	252,550	$83.55M	0.7%	$330.83	$68.28	+384.5%	COM	46625H100
PEP	PEPSICO INC	96,210	$12.19M	0.1%	$126.72	$57.47	+120.5%	COM	713448108
ICE	INTERCONTINENTAL EXCHANGE IN	28,870	$4.389M	0.0%	$152.03	$148.55	+2.3%	COM	45866F104
EXP	EAGLE MATLS INC	14,750	$2.523M	0.0%	$171.02	$224.31	-23.8%	COM	26969P108
SPOT	SPOTIFY TECHNOLOGY S A	25,900	$12.62M	0.1%	$487.38	$149.97	+225.0%	SHS	L8681T102
KKR	KKR & CO INC	1,451,800	$133M	1.0%	$91.30	$24.78	+268.5%	COM	48251W104
COF	CAPITAL ONE FINL CORP	91,000	$17.57M	0.1%	$193.07	$98.39	+96.2%	COM	14040H105
AYI	ACUITY INC	9,750	$3.021M	0.0%	$309.81	$304.58	+1.7%	COM	00508Y102
WFC	WELLS FARGO & CO	204,450	$16.37M	0.1%	$80.05	$41.55	+92.7%	COM	949746101
UBER	UBER TECHNOLOGIES INC	142,500	$9.763M	0.1%	$68.51	$66.15	+3.6%	COM	90353T100
ADI	ANALOG DEVICES INC	999,671	$397M	3.1%	$396.71	$86.30	+359.7%	COM	032654105
BF/A	BROWN FORMAN CORP	843,000	$22.62M	0.2%	$26.83	$21.59	+24.3%	CL A	115637100
HII	HUNTINGTON INGALLS INDS INC	27,500	$7.344M	0.1%	$267.07	$231.51	+15.4%	COM	446413106
KMX	CARMAX INC	136,500	$7.523M	0.1%	$55.11	$69.85	-21.1%	COM	143130102
MCO	MOODYS CORP	213,890	$97.13M	0.8%	$454.13	$70.54	+543.8%	COM	615369105
BF/B	BROWN FORMAN CORP	474,187	$12.42M	0.1%	$26.20	$38.33	-31.7%	CL B	115637209
WRB	BERKLEY W R CORP	60,750	$4.103M	0.0%	$67.54	$34.45	+96.1%	COM	084423102
SYY	SYSCO CORP	30,500	$2.378M	0.0%	$77.96	$72.81	+7.1%	COM	871829107
EMN	EASTMAN CHEM CO	74,950	$4.86M	0.0%	$64.84	$75.62	-14.3%	COM	277432100
RNR	RENAISSANCERE HLDGS LTD	70,000	$22.28M	0.2%	$318.23	$195.72	+62.6%	COM	G7496G103
GHC	GRAHAM HLDGS CO	5,200	$5.9M	0.0%	$1134.67	$339.79	+233.9%	COM CL B	384637104
PAYX	PAYCHEX INC	150,000	$14.78M	0.1%	$98.50	$25.02	+293.7%	COM	704326107
DPZ	DOMINOS PIZZA INC	5,500	$1.648M	0.0%	$299.61	$425.76	-29.6%	COM	25754A201
CNI	CANADIAN NATL RY CO	53,500	$6.361M	0.0%	$118.90	$97.26	+22.3%	COM	136375102
LMT	LOCKHEED MARTIN CORP	65,213	$33.21M	0.3%	$509.25	$415.89	+22.4%	COM	539830109
BK	BANK OF NY MELLON CORP	124,500	$18.01M	0.1%	$144.63	$39.27	—	COM	064058100
THG	HANOVER INS GROUP INC	281,000	$60.17M	0.5%	$214.12	$125.28	+70.9%	COM	410867105