Lafayette Investments, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AKRE	PROFESIONALLY MANAGED PORTFO	44,588	$2,921	0.6%	$65.51	—	AKRE FOCUS ETF	74316P579
CMG	CHIPOTLE MEXICAN GRILL INC	74,370	$2,752	0.5%	$36.17	0.0%	COM	169656105
VEA	VANGUARD TAX-MANAGED FDS	6,480	$405	0.1%	$62.47	—	VAN FTSE DEV MKT	921943858
MS	MORGAN STANLEY	1,847	$328	0.1%	$166.47	0.0%	COM NEW	617446448
WMT	WALMART INC	2,494	$278	0.1%	$107.20	0.0%	COM	931142103
UL	UNILEVER PLC	4,016	$263	0.0%	$65.40	—	SPON ADR NEW	904767803
LLY	ELI LILLY & CO	237	$255	0.0%	$955.55	0.0%	COM	532457108

Increased Positions (37)

MKL MARKEL GROUP INC 8.3%

Value ($000) $43,838 (+13.7%) Shares 20,393 (+1.1%) Est. Cost $617.25 Unrealized +228.2%

META META PLATFORMS INC 3.6%

Value ($000) $19,050 (-9.0%) Shares 28,860 (+1.2%) Est. Cost $229.81 Unrealized +190.4%

BF/B BROWN FORMAN CORP 0.3%

Value ($000) $1,627 (+658.5%) Shares 62,437 (+688.1%) Est. Cost $30.10 Unrealized -7.0%

PAYC PAYCOM SOFTWARE INC 1.0%

Value ($000) $5,218 (-15.4%) Shares 32,743 (+10.5%) Est. Cost $172.26 Unrealized +2.7%

AMZN AMAZON COM INC 1.0%

Value ($000) $5,223 (+16.2%) Shares 22,627 (+10.6%) Est. Cost $155.87 Unrealized +46.8%

PYPL PAYPAL HLDGS INC 0.7%

Value ($000) $3,771 (-11.1%) Shares 64,588 (+2.1%) Est. Cost $76.83 Unrealized -15.6%

ACN ACCENTURE PLC IRELAND 0.8%

Value ($000) $4,249 (+11.3%) Shares 15,838 (+2.3%) Est. Cost $200.28 Unrealized +26.9%

FDS FACTSET RESH SYS INC 0.2%

Value ($000) $1,299 (+39.9%) Shares 4,475 (+38.1%) Est. Cost $360.91 Unrealized -22.4%

ASML ASML HOLDING N V 0.5%

Value ($000) $2,648 (+14.0%) Shares 2,475 (+3.1%) Est. Cost $798.77 Unrealized —

ABNB AIRBNB INC 0.1%

Value ($000) $708 (+50.1%) Shares 5,216 (+34.3%) Est. Cost $129.66 Unrealized -4.0%

AVGO BROADCOM INC 0.4%

Value ($000) $2,171 (+10.2%) Shares 6,274 (+5.0%) Est. Cost $179.51 Unrealized +98.9%

ADBE ADOBE INC 0.4%

Value ($000) $2,268 (+9.1%) Shares 6,481 (+10.0%) Est. Cost $424.82 Unrealized -19.9%

RSP INVESCO EXCHANGE TRADED FD T 0.2%

Value ($000) $876 (+20.5%) Shares 4,571 (+19.3%) Est. Cost $176.71 Unrealized —

SPGI S&P GLOBAL INC 0.1%

Value ($000) $583 (+28.6%) Shares 1,115 (+19.8%) Est. Cost $441.96 Unrealized +11.8%

VTI VANGUARD INDEX FDS 0.1%

Value ($000) $778 (+15.7%) Shares 2,320 (+13.2%) Est. Cost $289.24 Unrealized —

CRM SALESFORCE INC 0.1%

Value ($000) $498 (+26.4%) Shares 1,878 (+13.1%) Est. Cost $251.05 Unrealized -1.1%

VZ VERIZON COMMUNICATIONS INC 0.2%

Value ($000) $870 (+12.5%) Shares 21,361 (+21.4%) Est. Cost $41.68 Unrealized -2.9%

CRWD CROWDSTRIKE HLDGS INC 0.2%

Value ($000) $1,207 (+8.2%) Shares 2,575 (+13.2%) Est. Cost $329.93 Unrealized +54.3%

INTU INTUIT 0.1%

Value ($000) $462 (+23.3%) Shares 698 (+27.1%) Est. Cost $599.26 Unrealized +10.3%

AUB ATLANTIC UN BANKSHARES CORP 0.1%

Value ($000) $323 (+28.9%) Shares 9,145 (+28.9%) Est. Cost $29.14 Unrealized +16.2%

BKNG BOOKING HOLDINGS INC 0.3%

Value ($000) $1,360 (+5.4%) Shares 254 (+6.3%) Est. Cost $3771.20 Unrealized +36.2%

FTNT FORTINET INC 0.1%

Value ($000) $270 (+34.8%) Shares 3,401 (+42.7%) Est. Cost $87.35 Unrealized -5.1%

PANW PALO ALTO NETWORKS INC 0.1%

Value ($000) $789 (+8.1%) Shares 4,282 (+19.5%) Est. Cost $185.62 Unrealized +8.7%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $1,293 (+4.6%) Shares 6,933 (+4.7%) Est. Cost $102.98 Unrealized +80.7%

LULU LULULEMON ATHLETICA INC 0.1%

Value ($000) $297 (+21.2%) Shares 1,428 (+3.8%) Est. Cost $341.44 Unrealized -46.9%

ALRS ALERUS FINL CORP 0.1%

Value ($000) $493 (+10.8%) Shares 21,900 (+9.0%) Est. Cost $16.77 Unrealized +28.9%

T AT&T INC 0.1%

Value ($000) $368 (+12.6%) Shares 14,816 (+28.1%) Est. Cost $17.62 Unrealized +43.5%

UBER UBER TECHNOLOGIES INC 0.2%

Value ($000) $844 (-4.3%) Shares 10,335 (+14.7%) Est. Cost $74.85 Unrealized +20.3%

VIGI VANGUARD WHITEHALL FDS 0.1%

Value ($000) $550 (+6.2%) Shares 6,013 (+4.0%) Est. Cost $83.59 Unrealized —

QCOM QUALCOMM INC 0.1%

Value ($000) $495 (+6.5%) Shares 2,894 (+3.6%) Est. Cost $145.92 Unrealized +17.1%

MSCI MSCI INC 0.0%

Value ($000) $255 (+12.5%) Shares 445 (+11.3%) Est. Cost $562.36 Unrealized -0.4%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $359 (+8.5%) Shares 628 (+8.1%) Est. Cost $467.42 Unrealized +19.6%

NFLX NETFLIX INC 0.1%

Value ($000) $355 (+7.5%) Shares 3,781 (+1274.9%) Est. Cost $106.02 Unrealized +1.7%

RANI RANI THERAPEUTICS HLDGS INC 0.0%

Value ($000) $31 (+212.0%) Shares 22,979 (+15.5%) Est. Cost $9.38 Unrealized -83.9%

DPZ DOMINOS PIZZA INC 0.1%

Value ($000) $432 (+4.7%) Shares 1,036 (+8.5%) Est. Cost $384.98 Unrealized +7.9%

FNV FRANCO NEV CORP 0.1%

Value ($000) $541 (-3.4%) Shares 2,612 (+3.9%) Est. Cost $144.28 Unrealized +40.6%

ZTS ZOETIS INC 0.1%

Value ($000) $576 (+1.5%) Shares 4,580 (+18.0%) Est. Cost $160.77 Unrealized -19.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKL	MARKEL GROUP INC	20,393 (+1.1%)	$43,838 (+13.7%)	8.3%	$617.25	+228.2%	COM	570535104
META	META PLATFORMS INC	28,860 (+1.2%)	$19,050 (-9.0%)	3.6%	$229.81	+190.4%	CL A	30303M102
BF/B	BROWN FORMAN CORP	62,437 (+688.1%)	$1,627 (+658.5%)	0.3%	$30.10	-7.0%	CL B	115637209
PAYC	PAYCOM SOFTWARE INC	32,743 (+10.5%)	$5,218 (-15.4%)	1.0%	$172.26	+2.7%	COM	70432V102
AMZN	AMAZON COM INC	22,627 (+10.6%)	$5,223 (+16.2%)	1.0%	$155.87	+46.8%	COM	023135106
PYPL	PAYPAL HLDGS INC	64,588 (+2.1%)	$3,771 (-11.1%)	0.7%	$76.83	-15.6%	COM	70450Y103
ACN	ACCENTURE PLC IRELAND	15,838 (+2.3%)	$4,249 (+11.3%)	0.8%	$200.28	+26.9%	SHS CLASS A	G1151C101
FDS	FACTSET RESH SYS INC	4,475 (+38.1%)	$1,299 (+39.9%)	0.2%	$360.91	-22.4%	COM	303075105
ASML	ASML HOLDING N V	2,475 (+3.1%)	$2,648 (+14.0%)	0.5%	$798.77	—	N Y REGISTRY SHS	N07059210
ABNB	AIRBNB INC	5,216 (+34.3%)	$708 (+50.1%)	0.1%	$129.66	-4.0%	COM CL A	009066101
AVGO	BROADCOM INC	6,274 (+5.0%)	$2,171 (+10.2%)	0.4%	$179.51	+98.9%	COM	11135F101
ADBE	ADOBE INC	6,481 (+10.0%)	$2,268 (+9.1%)	0.4%	$424.82	-19.9%	COM	00724F101
RSP	INVESCO EXCHANGE TRADED FD T	4,571 (+19.3%)	$876 (+20.5%)	0.2%	$176.71	—	S&P500 EQL WGT	46137V357
SPGI	S&P GLOBAL INC	1,115 (+19.8%)	$583 (+28.6%)	0.1%	$441.96	+11.8%	COM	78409V104
VTI	VANGUARD INDEX FDS	2,320 (+13.2%)	$778 (+15.7%)	0.1%	$289.24	—	TOTAL STK MKT	922908769
CRM	SALESFORCE INC	1,878 (+13.1%)	$498 (+26.4%)	0.1%	$251.05	-1.1%	COM	79466L302
VZ	VERIZON COMMUNICATIONS INC	21,361 (+21.4%)	$870 (+12.5%)	0.2%	$41.68	-2.9%	COM	92343V104
CRWD	CROWDSTRIKE HLDGS INC	2,575 (+13.2%)	$1,207 (+8.2%)	0.2%	$329.93	+54.3%	CL A	22788C105
INTU	INTUIT	698 (+27.1%)	$462 (+23.3%)	0.1%	$599.26	+10.3%	COM	461202103
AUB	ATLANTIC UN BANKSHARES CORP	9,145 (+28.9%)	$323 (+28.9%)	0.1%	$29.14	+16.2%	COM	04911A107
BKNG	BOOKING HOLDINGS INC	254 (+6.3%)	$1,360 (+5.4%)	0.3%	$3771.20	+36.2%	COM	09857L108
FTNT	FORTINET INC	3,401 (+42.7%)	$270 (+34.8%)	0.1%	$87.35	-5.1%	COM	34959E109
PANW	PALO ALTO NETWORKS INC	4,282 (+19.5%)	$789 (+8.1%)	0.1%	$185.62	+8.7%	COM	697435105
NVDA	NVIDIA CORPORATION	6,933 (+4.7%)	$1,293 (+4.6%)	0.2%	$102.98	+80.7%	COM	67066G104
LULU	LULULEMON ATHLETICA INC	1,428 (+3.8%)	$297 (+21.2%)	0.1%	$341.44	-46.9%	COM	550021109
ALRS	ALERUS FINL CORP	21,900 (+9.0%)	$493 (+10.8%)	0.1%	$16.77	+28.9%	COM	01446U103
T	AT&T INC	14,816 (+28.1%)	$368 (+12.6%)	0.1%	$17.62	+43.5%	COM	00206R102
UBER	UBER TECHNOLOGIES INC	10,335 (+14.7%)	$844 (-4.3%)	0.2%	$74.85	+20.3%	COM	90353T100
VIGI	VANGUARD WHITEHALL FDS	6,013 (+4.0%)	$550 (+6.2%)	0.1%	$83.59	—	INTL DVD ETF	921946810
QCOM	QUALCOMM INC	2,894 (+3.6%)	$495 (+6.5%)	0.1%	$145.92	+17.1%	COM	747525103
MSCI	MSCI INC	445 (+11.3%)	$255 (+12.5%)	0.0%	$562.36	-0.4%	COM	55354G100
MA	MASTERCARD INCORPORATED	628 (+8.1%)	$359 (+8.5%)	0.1%	$467.42	+19.6%	CL A	57636Q104
NFLX	NETFLIX INC	3,781 (+1274.9%)	$355 (+7.5%)	0.1%	$106.02	+1.7%	COM	64110L106
RANI	RANI THERAPEUTICS HLDGS INC	22,979 (+15.5%)	$31 (+212.0%)	0.0%	$9.38	-83.9%	COM CL A	753018100
DPZ	DOMINOS PIZZA INC	1,036 (+8.5%)	$432 (+4.7%)	0.1%	$384.98	+7.9%	COM	25754A201
FNV	FRANCO NEV CORP	2,612 (+3.9%)	$541 (-3.4%)	0.1%	$144.28	+40.6%	COM	351858105
ZTS	ZOETIS INC	4,580 (+18.0%)	$576 (+1.5%)	0.1%	$160.77	-19.0%	CL A	98978V103

Exited Positions (7)

AXON AXON ENTERPRISE INC 0.1%

Value ($000) $359 Shares 500 Est. Cost $543.94 Unrealized +14.1%

— UNILEVER PLC 0.1%

Value ($000) $268 Shares 4,520 Est. Cost $50.34 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $242 Shares 1,325 Est. Cost $162.07 Unrealized +11.7%

EMR EMERSON ELEC CO 0.0%

Value ($000) $215 Shares 1,639 Est. Cost $99.66 Unrealized +32.8%

FISV FISERV INC 0.0%

Value ($000) $202 Shares 1,563 Est. Cost $121.38 Unrealized -30.9%

D DOMINION ENERGY INC 0.0%

Value ($000) $201 Shares 3,281 Est. Cost $58.31 Unrealized +2.5%

CG CARLYLE GROUP INC 0.0%

Value ($000) $201 Shares 3,200 Est. Cost $61.48 Unrealized -8.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXON	AXON ENTERPRISE INC	500	$359	0.1%	$543.94	+14.1%	—	05464C101
—	UNILEVER PLC	4,520	$268	0.1%	$50.34	—	—	904767704
PLTR	PALANTIR TECHNOLOGIES INC	1,325	$242	0.0%	$162.07	+11.7%	—	69608A108
EMR	EMERSON ELEC CO	1,639	$215	0.0%	$99.66	+32.8%	—	291011104
FISV	FISERV INC	1,563	$202	0.0%	$121.38	-30.9%	—	337738108
D	DOMINION ENERGY INC	3,281	$201	0.0%	$58.31	+2.5%	—	25746U109
CG	CARLYLE GROUP INC	3,200	$201	0.0%	$61.48	-8.5%	—	14316J108

Decreased Positions (44)

GOOG ALPHABET INC 4.2%

Value ($000) $22,383 (+25.3%) Shares 71,329 (-2.7%) Est. Cost $107.65 Unrealized +166.0%

AZO AUTOZONE INC 1.8%

Value ($000) $9,289 (-24.5%) Shares 2,739 (-4.5%) Est. Cost $1178.58 Unrealized +220.5%

DEO DIAGEO PLC 0.6%

Value ($000) $3,151 (-41.4%) Shares 36,527 (-35.2%) Est. Cost $149.63 Unrealized —

COST COSTCO WHSL CORP NEW 0.8%

Value ($000) $4,219 (-24.9%) Shares 4,892 (-19.4%) Est. Cost $376.97 Unrealized +140.3%

KLAC KLA CORP 4.4%

Value ($000) $23,056 (+6.3%) Shares 18,975 (-5.7%) Est. Cost $245.92 Unrealized +376.5%

ALLE ALLEGION PLC 0.7%

Value ($000) $3,835 (-24.5%) Shares 24,088 (-15.9%) Est. Cost $102.00 Unrealized +63.4%

GPC GENUINE PARTS CO 1.1%

Value ($000) $5,682 (-13.4%) Shares 46,209 (-2.4%) Est. Cost $58.46 Unrealized +120.1%

ANET ARISTA NETWORKS INC 0.7%

Value ($000) $3,488 (-19.5%) Shares 26,621 (-10.5%) Est. Cost $102.81 Unrealized +33.9%

LOW LOWES COS INC 2.0%

Value ($000) $10,613 (-6.5%) Shares 44,008 (-2.5%) Est. Cost $143.41 Unrealized +67.2%

AOS SMITH A O CORP 0.6%

Value ($000) $3,210 (-15.2%) Shares 47,991 (-6.9%) Est. Cost $58.91 Unrealized +14.5%

MHK MOHAWK INDS INC 0.5%

Value ($000) $2,711 (-16.3%) Shares 24,806 (-1.3%) Est. Cost $124.58 Unrealized -7.8%

LII LENNOX INTL INC 0.8%

Value ($000) $4,490 (-9.5%) Shares 9,247 (-1.3%) Est. Cost $236.25 Unrealized +111.5%

NKE NIKE INC 0.5%

Value ($000) $2,766 (-13.2%) Shares 43,411 (-4.9%) Est. Cost $86.27 Unrealized -24.8%

GHC GRAHAM HLDGS CO 0.9%

Value ($000) $4,714 (-7.9%) Shares 4,290 (-1.3%) Est. Cost $409.96 Unrealized +160.2%

WAT WATERS CORP 0.5%

Value ($000) $2,567 (+17.9%) Shares 6,759 (-6.9%) Est. Cost $281.11 Unrealized +30.9%

ADP AUTOMATIC DATA PROCESSING IN 0.1%

Value ($000) $744 (-33.5%) Shares 2,894 (-24.2%) Est. Cost $186.01 Unrealized +42.4%

TXN TEXAS INSTRS INC 0.6%

Value ($000) $2,949 (-8.3%) Shares 16,996 (-2.9%) Est. Cost $162.01 Unrealized +5.4%

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.3%

Value ($000) $1,369 (+20.7%) Shares 16,499 (-2.5%) Est. Cost $53.39 Unrealized +39.8%

OTIS OTIS WORLDWIDE CORP 0.3%

Value ($000) $1,351 (-12.9%) Shares 15,472 (-8.8%) Est. Cost $84.59 Unrealized +5.5%

PH PARKER-HANNIFIN CORP 0.9%

Value ($000) $4,891 (+4.1%) Shares 5,564 (-10.2%) Est. Cost $217.94 Unrealized +275.2%

ORCL ORACLE CORP 0.0%

Value ($000) $214 (-45.5%) Shares 1,100 (-21.4%) Est. Cost $169.14 Unrealized +40.7%

HAS HASBRO INC 0.4%

Value ($000) $2,179 (+6.9%) Shares 26,574 (-1.2%) Est. Cost $33.31 Unrealized +134.2%

DHR DANAHER CORPORATION 0.3%

Value ($000) $1,769 (+8.4%) Shares 7,728 (-6.1%) Est. Cost $219.51 Unrealized +0.0%

PG PROCTER AND GAMBLE CO 0.0%

Value ($000) $218 (-37.5%) Shares 1,519 (-33.0%) Est. Cost $137.97 Unrealized +6.7%

HSY HERSHEY CO 0.3%

Value ($000) $1,501 (-7.6%) Shares 8,251 (-5.0%) Est. Cost $146.48 Unrealized +24.3%

MAR MARRIOTT INTL INC NEW 0.1%

Value ($000) $383 (-20.6%) Shares 1,234 (-33.3%) Est. Cost $210.35 Unrealized +35.6%

ABT ABBOTT LABS 0.1%

Value ($000) $322 (-21.7%) Shares 2,571 (-16.3%) Est. Cost $104.80 Unrealized +21.5%

MCD MCDONALDS CORP 0.3%

Value ($000) $1,730 (-4.3%) Shares 5,660 (-4.9%) Est. Cost $224.09 Unrealized +36.1%

WHR WHIRLPOOL CORP 0.1%

Value ($000) $617 (-10.8%) Shares 8,548 (-2.8%) Est. Cost $161.01 Unrealized -54.1%

ABBV ABBVIE INC 0.1%

Value ($000) $386 (-14.0%) Shares 1,691 (-12.9%) Est. Cost $97.83 Unrealized +132.6%

SPG SIMON PPTY GROUP INC NEW 0.1%

Value ($000) $319 (-16.0%) Shares 1,725 (-14.8%) Est. Cost $95.57 Unrealized +88.3%

GD GENERAL DYNAMICS CORP 0.1%

Value ($000) $612 (-8.8%) Shares 1,817 (-7.7%) Est. Cost $151.20 Unrealized +125.4%

SLB SLB LIMITED 0.1%

Value ($000) $499 (-9.3%) Shares 13,000 (-18.8%) Est. Cost $37.80 Unrealized -4.6%

WFC WELLS FARGO CO NEW 0.2%

Value ($000) $1,276 (+4.1%) Shares 13,690 (-6.4%) Est. Cost $31.07 Unrealized +178.9%

GM GENERAL MTRS CO 0.1%

Value ($000) $285 (+16.7%) Shares 3,507 (-12.5%) Est. Cost $55.55 Unrealized +26.7%

MTD METTLER TOLEDO INTERNATIONAL 0.1%

Value ($000) $429 (+10.0%) Shares 308 (-3.1%) Est. Cost $1207.20 Unrealized +15.7%

PEP PEPSICO INC 1.3%

Value ($000) $6,736 (-0.5%) Shares 46,932 (-2.6%) Est. Cost $84.01 Unrealized +73.7%

VLTO VERALTO CORP 0.1%

Value ($000) $389 (-7.4%) Shares 3,900 (-1.0%) Est. Cost $89.78 Unrealized +12.5%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $484 (+6.7%) Shares 835 (-10.7%) Est. Cost $472.71 Unrealized +19.6%

GLW CORNING INC 0.6%

Value ($000) $3,316 (-0.9%) Shares 37,871 (-7.1%) Est. Cost $12.89 Unrealized +567.2%

BAC BANK AMERICA CORP 0.5%

Value ($000) $2,774 (-0.9%) Shares 50,445 (-7.1%) Est. Cost $10.57 Unrealized +398.1%

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $951 (-2.1%) Shares 1,572 (-11.5%) Est. Cost $302.84 Unrealized +81.5%

AXP AMERICAN EXPRESS CO 0.1%

Value ($000) $360 (+3.9%) Shares 974 (-6.7%) Est. Cost $101.44 Unrealized +251.9%

PM PHILIP MORRIS INTL INC 0.0%

Value ($000) $212 (-4.7%) Shares 1,324 (-3.6%) Est. Cost $136.99 Unrealized +12.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	71,329 (-2.7%)	$22,383 (+25.3%)	4.2%	$107.65	+166.0%	CAP STK CL C	02079K107
AZO	AUTOZONE INC	2,739 (-4.5%)	$9,289 (-24.5%)	1.8%	$1178.58	+220.5%	COM	053332102
DEO	DIAGEO PLC	36,527 (-35.2%)	$3,151 (-41.4%)	0.6%	$149.63	—	SPON ADR NEW	25243Q205
COST	COSTCO WHSL CORP NEW	4,892 (-19.4%)	$4,219 (-24.9%)	0.8%	$376.97	+140.3%	COM	22160K105
KLAC	KLA CORP	18,975 (-5.7%)	$23,056 (+6.3%)	4.4%	$245.92	+376.5%	COM NEW	482480100
ALLE	ALLEGION PLC	24,088 (-15.9%)	$3,835 (-24.5%)	0.7%	$102.00	+63.4%	ORD SHS	G0176J109
GPC	GENUINE PARTS CO	46,209 (-2.4%)	$5,682 (-13.4%)	1.1%	$58.46	+120.1%	COM	372460105
ANET	ARISTA NETWORKS INC	26,621 (-10.5%)	$3,488 (-19.5%)	0.7%	$102.81	+33.9%	COM SHS	040413205
LOW	LOWES COS INC	44,008 (-2.5%)	$10,613 (-6.5%)	2.0%	$143.41	+67.2%	COM	548661107
AOS	SMITH A O CORP	47,991 (-6.9%)	$3,210 (-15.2%)	0.6%	$58.91	+14.5%	COM	831865209
MHK	MOHAWK INDS INC	24,806 (-1.3%)	$2,711 (-16.3%)	0.5%	$124.58	-7.8%	COM	608190104
LII	LENNOX INTL INC	9,247 (-1.3%)	$4,490 (-9.5%)	0.8%	$236.25	+111.5%	COM	526107107
NKE	NIKE INC	43,411 (-4.9%)	$2,766 (-13.2%)	0.5%	$86.27	-24.8%	CL B	654106103
GHC	GRAHAM HLDGS CO	4,290 (-1.3%)	$4,714 (-7.9%)	0.9%	$409.96	+160.2%	COM CL B	384637104
WAT	WATERS CORP	6,759 (-6.9%)	$2,567 (+17.9%)	0.5%	$281.11	+30.9%	COM	941848103
ADP	AUTOMATIC DATA PROCESSING IN	2,894 (-24.2%)	$744 (-33.5%)	0.1%	$186.01	+42.4%	COM	053015103
TXN	TEXAS INSTRS INC	16,996 (-2.9%)	$2,949 (-8.3%)	0.6%	$162.01	+5.4%	COM	882508104
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	16,499 (-2.5%)	$1,369 (+20.7%)	0.3%	$53.39	+39.8%	CL A	192446102
OTIS	OTIS WORLDWIDE CORP	15,472 (-8.8%)	$1,351 (-12.9%)	0.3%	$84.59	+5.5%	COM	68902V107
PH	PARKER-HANNIFIN CORP	5,564 (-10.2%)	$4,891 (+4.1%)	0.9%	$217.94	+275.2%	COM	701094104
ORCL	ORACLE CORP	1,100 (-21.4%)	$214 (-45.5%)	0.0%	$169.14	+40.7%	COM	68389X105
HAS	HASBRO INC	26,574 (-1.2%)	$2,179 (+6.9%)	0.4%	$33.31	+134.2%	COM	418056107
DHR	DANAHER CORPORATION	7,728 (-6.1%)	$1,769 (+8.4%)	0.3%	$219.51	+0.0%	COM	235851102
PG	PROCTER AND GAMBLE CO	1,519 (-33.0%)	$218 (-37.5%)	0.0%	$137.97	+6.7%	COM	742718109
HSY	HERSHEY CO	8,251 (-5.0%)	$1,501 (-7.6%)	0.3%	$146.48	+24.3%	COM	427866108
MAR	MARRIOTT INTL INC NEW	1,234 (-33.3%)	$383 (-20.6%)	0.1%	$210.35	+35.6%	CL A	571903202
ABT	ABBOTT LABS	2,571 (-16.3%)	$322 (-21.7%)	0.1%	$104.80	+21.5%	COM	002824100
MCD	MCDONALDS CORP	5,660 (-4.9%)	$1,730 (-4.3%)	0.3%	$224.09	+36.1%	COM	580135101
WHR	WHIRLPOOL CORP	8,548 (-2.8%)	$617 (-10.8%)	0.1%	$161.01	-54.1%	COM	963320106
ABBV	ABBVIE INC	1,691 (-12.9%)	$386 (-14.0%)	0.1%	$97.83	+132.6%	COM	00287Y109
SPG	SIMON PPTY GROUP INC NEW	1,725 (-14.8%)	$319 (-16.0%)	0.1%	$95.57	+88.3%	COM	828806109
GD	GENERAL DYNAMICS CORP	1,817 (-7.7%)	$612 (-8.8%)	0.1%	$151.20	+125.4%	COM	369550108
SLB	SLB LIMITED	13,000 (-18.8%)	$499 (-9.3%)	0.1%	$37.80	-4.6%	COM STK	806857108
WFC	WELLS FARGO CO NEW	13,690 (-6.4%)	$1,276 (+4.1%)	0.2%	$31.07	+178.9%	COM	949746101
GM	GENERAL MTRS CO	3,507 (-12.5%)	$285 (+16.7%)	0.1%	$55.55	+26.7%	COM	37045V100
MTD	METTLER TOLEDO INTERNATIONAL	308 (-3.1%)	$429 (+10.0%)	0.1%	$1207.20	+15.7%	COM	592688105
PEP	PEPSICO INC	46,932 (-2.6%)	$6,736 (-0.5%)	1.3%	$84.01	+73.7%	COM	713448108
VLTO	VERALTO CORP	3,900 (-1.0%)	$389 (-7.4%)	0.1%	$89.78	+12.5%	COM SHS	92338C103
TMO	THERMO FISHER SCIENTIFIC INC	835 (-10.7%)	$484 (+6.7%)	0.1%	$472.71	+19.6%	COM	883556102
GLW	CORNING INC	37,871 (-7.1%)	$3,316 (-0.9%)	0.6%	$12.89	+567.2%	COM	219350105
BAC	BANK AMERICA CORP	50,445 (-7.1%)	$2,774 (-0.9%)	0.5%	$10.57	+398.1%	COM	060505104
ULTA	ULTA BEAUTY INC	1,572 (-11.5%)	$951 (-2.1%)	0.2%	$302.84	+81.5%	COM	90384S303
AXP	AMERICAN EXPRESS CO	974 (-6.7%)	$360 (+3.9%)	0.1%	$101.44	+251.9%	COM	025816109
PM	PHILIP MORRIS INTL INC	1,324 (-3.6%)	$212 (-4.7%)	0.0%	$136.99	+12.1%	COM	718172109

Unchanged Positions (68)

B BARRICK MNG CORP 2.7%

Value ($000) $14,308 Shares 328,535 Est. Cost $19.29 Unrealized +94.0%

PGR PROGRESSIVE CORP 3.8%

Value ($000) $20,237 Shares 88,867 Est. Cost $19.32 Unrealized +999.1%

PAYX PAYCHEX INC 1.9%

Value ($000) $10,034 Shares 89,445 Est. Cost $31.90 Unrealized +265.3%

MSFT MICROSOFT CORP 3.3%

Value ($000) $17,690 Shares 36,579 Est. Cost $76.23 Unrealized +556.7%

AAPL APPLE INC 3.0%

Value ($000) $15,810 Shares 58,155 Est. Cost $97.69 Unrealized +174.7%

JNJ JOHNSON & JOHNSON 1.7%

Value ($000) $9,246 Shares 44,680 Est. Cost $90.97 Unrealized +116.6%

JEF JEFFERIES FINL GROUP INC 1.6%

Value ($000) $8,526 Shares 137,585 Est. Cost $14.14 Unrealized +300.9%

CHKP CHECK POINT SOFTWARE TECH LT 0.8%

Value ($000) $4,106 Shares 22,128 Est. Cost $108.65 Unrealized +78.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 11.3%

Value ($000) $59,734 Shares 118,839 Est. Cost $117.40 Unrealized +323.8%

MSGS MADISON SQUARE GRDN SPRT COR 0.7%

Value ($000) $3,489 Shares 13,489 Est. Cost $212.62 Unrealized +7.1%

NSC NORFOLK SOUTHN CORP 1.8%

Value ($000) $9,652 Shares 33,429 Est. Cost $77.98 Unrealized +270.1%

SCHW SCHWAB CHARLES CORP 1.8%

Value ($000) $9,560 Shares 95,684 Est. Cost $43.70 Unrealized +116.8%

MRSH MARSH & MCLENNAN COS INC 0.7%

Value ($000) $3,589 Shares 19,347 Est. Cost $31.19 Unrealized +497.8%

L LOEWS CORP 1.5%

Value ($000) $7,680 Shares 72,923 Est. Cost $41.84 Unrealized +146.7%

NVO NOVO-NORDISK A S 0.7%

Value ($000) $3,518 Shares 69,138 Est. Cost $66.42 Unrealized —

XOM EXXON MOBIL CORP 0.9%

Value ($000) $4,946 Shares 41,101 Est. Cost $64.35 Unrealized +79.5%

GOOGL ALPHABET INC 0.2%

Value ($000) $1,186 Shares 3,790 Est. Cost $137.48 Unrealized +107.7%

LMT LOCKHEED MARTIN CORP 1.2%

Value ($000) $6,572 Shares 13,588 Est. Cost $314.29 Unrealized +51.5%

KO COCA COLA CO 0.8%

Value ($000) $4,446 Shares 63,589 Est. Cost $28.60 Unrealized +142.7%

MRK MERCK & CO INC 0.2%

Value ($000) $1,020 Shares 9,686 Est. Cost $76.38 Unrealized +22.1%

CAT CATERPILLAR INC 0.2%

Value ($000) $994 Shares 1,736 Est. Cost $239.14 Unrealized +132.3%

GSK GSK PLC 0.2%

Value ($000) $1,143 Shares 23,300 Est. Cost $29.87 Unrealized —

ETN EATON CORP PLC 0.1%

Value ($000) $782 Shares 2,455 Est. Cost $312.34 Unrealized +13.5%

V VISA INC 0.6%

Value ($000) $3,046 Shares 8,684 Est. Cost $233.70 Unrealized +45.6%

TROW PRICE T ROWE GROUP INC 1.6%

Value ($000) $8,725 Shares 85,220 Est. Cost $86.83 Unrealized +17.7%

FDX FEDEX CORP 0.1%

Value ($000) $468 Shares 1,619 Est. Cost $173.32 Unrealized +50.9%

GLD SPDR GOLD TR 0.2%

Value ($000) $829 Shares 2,091 Est. Cost $163.65 Unrealized —

RTX RTX CORPORATION 0.2%

Value ($000) $905 Shares 4,933 Est. Cost $83.26 Unrealized +108.2%

COF CAPITAL ONE FINL CORP 0.1%

Value ($000) $640 Shares 2,642 Est. Cost $188.67 Unrealized +17.8%

MO ALTRIA GROUP INC 0.1%

Value ($000) $530 Shares 9,188 Est. Cost $32.44 Unrealized +83.0%

VTS VITESSE ENERGY INC 0.1%

Value ($000) $337 Shares 17,513 Est. Cost $17.24 Unrealized +23.8%

JPM JPMORGAN CHASE & CO. 1.0%

Value ($000) $5,120 Shares 15,889 Est. Cost $113.60 Unrealized +172.5%

FAST FASTENAL CO 0.1%

Value ($000) $277 Shares 6,904 Est. Cost $34.40 Unrealized +22.2%

TT TRANE TECHNOLOGIES PLC 0.1%

Value ($000) $670 Shares 1,722 Est. Cost $105.91 Unrealized +290.5%

IBM INTERNATIONAL BUSINESS MACHS 0.2%

Value ($000) $1,138 Shares 3,842 Est. Cost $102.01 Unrealized +192.9%

HON HONEYWELL INTL INC 0.1%

Value ($000) $671 Shares 3,440 Est. Cost $151.32 Unrealized +28.9%

DIS DISNEY WALT CO 0.7%

Value ($000) $3,954 Shares 34,751 Est. Cost $84.28 Unrealized +30.0%

SBUX STARBUCKS CORP 1.0%

Value ($000) $5,377 Shares 63,850 Est. Cost $69.85 Unrealized +20.3%

SEIC SEI INVTS CO 0.2%

Value ($000) $1,253 Shares 15,271 Est. Cost $51.47 Unrealized +58.7%

HD HOME DEPOT INC 0.0%

Value ($000) $244 Shares 709 Est. Cost $337.21 Unrealized +8.1%

CVX CHEVRON CORP NEW 0.4%

Value ($000) $1,932 Shares 12,676 Est. Cost $81.74 Unrealized +85.2%

HLN HALEON PLC 0.1%

Value ($000) $294 Shares 29,104 Est. Cost $6.08 Unrealized —

CSCO CISCO SYS INC 0.0%

Value ($000) $261 Shares 3,387 Est. Cost $55.37 Unrealized +33.3%

DUK DUKE ENERGY CORP NEW 0.1%

Value ($000) $459 Shares 3,914 Est. Cost $115.43 Unrealized +5.3%

FNDX SCHWAB STRATEGIC TR 0.1%

Value ($000) $646 Shares 23,747 Est. Cost $30.93 Unrealized —

TFC TRUIST FINL CORP 0.1%

Value ($000) $282 Shares 5,727 Est. Cost $38.00 Unrealized +20.5%

EGBN EAGLE BANCORP INC MD 0.1%

Value ($000) $343 Shares 16,000 Est. Cost $45.18 Unrealized -57.4%

BLK BLACKROCK INC 0.0%

Value ($000) $213 Shares 199 Est. Cost $934.85 Unrealized +16.5%

ESAB ESAB CORPORATION 0.7%

Value ($000) $3,828 Shares 34,266 Est. Cost $47.67 Unrealized +139.9%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $1,015 Shares 1,489 Est. Cost $387.25 Unrealized —

AVB AVALONBAY CMNTYS INC 0.0%

Value ($000) $245 Shares 1,350 Est. Cost $129.64 Unrealized +38.7%

PFE PFIZER INC 0.1%

Value ($000) $503 Shares 20,187 Est. Cost $18.79 Unrealized +33.2%

AON AON PLC 0.4%

Value ($000) $2,354 Shares 6,670 Est. Cost $211.76 Unrealized +64.9%

UNH UNITEDHEALTH GROUP INC 0.1%

Value ($000) $303 Shares 918 Est. Cost $392.27 Unrealized -14.0%

WELL WELLTOWER INC 0.1%

Value ($000) $315 Shares 1,699 Est. Cost $113.83 Unrealized +63.8%

FVCB FVCBANKCORP INC 0.0%

Value ($000) $170 Shares 12,206 Est. Cost $13.33 Unrealized -4.5%

FNDF SCHWAB STRATEGIC TR 0.0%

Value ($000) $229 Shares 5,076 Est. Cost $40.02 Unrealized —

ALL ALLSTATE CORP 0.1%

Value ($000) $351 Shares 1,685 Est. Cost $124.75 Unrealized +63.6%

SCHX SCHWAB STRATEGIC TR 0.1%

Value ($000) $453 Shares 16,847 Est. Cost $30.37 Unrealized —

VOO VANGUARD INDEX FDS 0.1%

Value ($000) $395 Shares 630 Est. Cost $373.04 Unrealized —

SHEL SHELL PLC 0.1%

Value ($000) $301 Shares 4,103 Est. Cost $55.62 Unrealized —

KMI KINDER MORGAN INC DEL 0.0%

Value ($000) $247 Shares 8,980 Est. Cost $25.25 Unrealized +6.6%

EFA ISHARES TR 0.0%

Value ($000) $230 Shares 2,392 Est. Cost $89.39 Unrealized —

SCHA SCHWAB STRATEGIC TR 0.1%

Value ($000) $273 Shares 9,588 Est. Cost $36.52 Unrealized —

FNDA SCHWAB STRATEGIC TR 0.1%

Value ($000) $388 Shares 12,326 Est. Cost $37.81 Unrealized —

FRT FEDERAL RLTY INVT TR NEW 0.0%

Value ($000) $217 Shares 2,150 Est. Cost $85.67 Unrealized +13.7%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $755 Shares 1 Est. Cost $729330.75 Unrealized +2.3%

LCTX LINEAGE CELL THERAPEUTICS IN 0.0%

Value ($000) $22 Shares 13,000 Est. Cost $1.63 Unrealized +6.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MNG CORP	328,535	$14,308	2.7%	$19.29	+94.0%	COM SHS	06849F108
PGR	PROGRESSIVE CORP	88,867	$20,237	3.8%	$19.32	+999.1%	COM	743315103
PAYX	PAYCHEX INC	89,445	$10,034	1.9%	$31.90	+265.3%	COM	704326107
MSFT	MICROSOFT CORP	36,579	$17,690	3.3%	$76.23	+556.7%	COM	594918104
AAPL	APPLE INC	58,155	$15,810	3.0%	$97.69	+174.7%	COM	037833100
JNJ	JOHNSON & JOHNSON	44,680	$9,246	1.7%	$90.97	+116.6%	COM	478160104
JEF	JEFFERIES FINL GROUP INC	137,585	$8,526	1.6%	$14.14	+300.9%	COM	47233W109
CHKP	CHECK POINT SOFTWARE TECH LT	22,128	$4,106	0.8%	$108.65	+78.0%	ORD	M22465104
BRK/B	BERKSHIRE HATHAWAY INC DEL	118,839	$59,734	11.3%	$117.40	+323.8%	CL B NEW	084670702
MSGS	MADISON SQUARE GRDN SPRT COR	13,489	$3,489	0.7%	$212.62	+7.1%	CL A	55825T103
NSC	NORFOLK SOUTHN CORP	33,429	$9,652	1.8%	$77.98	+270.1%	COM	655844108
SCHW	SCHWAB CHARLES CORP	95,684	$9,560	1.8%	$43.70	+116.8%	COM	808513105
MRSH	MARSH & MCLENNAN COS INC	19,347	$3,589	0.7%	$31.19	+497.8%	COM	571748102
L	LOEWS CORP	72,923	$7,680	1.5%	$41.84	+146.7%	COM	540424108
NVO	NOVO-NORDISK A S	69,138	$3,518	0.7%	$66.42	—	ADR	670100205
XOM	EXXON MOBIL CORP	41,101	$4,946	0.9%	$64.35	+79.5%	COM	30231G102
GOOGL	ALPHABET INC	3,790	$1,186	0.2%	$137.48	+107.7%	CAP STK CL A	02079K305
LMT	LOCKHEED MARTIN CORP	13,588	$6,572	1.2%	$314.29	+51.5%	COM	539830109
KO	COCA COLA CO	63,589	$4,446	0.8%	$28.60	+142.7%	COM	191216100
MRK	MERCK & CO INC	9,686	$1,020	0.2%	$76.38	+22.1%	COM	58933Y105
CAT	CATERPILLAR INC	1,736	$994	0.2%	$239.14	+132.3%	COM	149123101
GSK	GSK PLC	23,300	$1,143	0.2%	$29.87	—	SPONSORED ADR	37733W204
ETN	EATON CORP PLC	2,455	$782	0.1%	$312.34	+13.5%	SHS	G29183103
V	VISA INC	8,684	$3,046	0.6%	$233.70	+45.6%	COM CL A	92826C839
TROW	PRICE T ROWE GROUP INC	85,220	$8,725	1.6%	$86.83	+17.7%	COM	74144T108
FDX	FEDEX CORP	1,619	$468	0.1%	$173.32	+50.9%	COM	31428X106
GLD	SPDR GOLD TR	2,091	$829	0.2%	$163.65	—	GOLD SHS	78463V107
RTX	RTX CORPORATION	4,933	$905	0.2%	$83.26	+108.2%	COM	75513E101
COF	CAPITAL ONE FINL CORP	2,642	$640	0.1%	$188.67	+17.8%	COM	14040H105
MO	ALTRIA GROUP INC	9,188	$530	0.1%	$32.44	+83.0%	COM	02209S103
VTS	VITESSE ENERGY INC	17,513	$337	0.1%	$17.24	+23.8%	COMMON STOCK	92852X103
JPM	JPMORGAN CHASE & CO.	15,889	$5,120	1.0%	$113.60	+172.5%	COM	46625H100
FAST	FASTENAL CO	6,904	$277	0.1%	$34.40	+22.2%	COM	311900104
TT	TRANE TECHNOLOGIES PLC	1,722	$670	0.1%	$105.91	+290.5%	SHS	G8994E103
IBM	INTERNATIONAL BUSINESS MACHS	3,842	$1,138	0.2%	$102.01	+192.9%	COM	459200101
HON	HONEYWELL INTL INC	3,440	$671	0.1%	$151.32	+28.9%	COM	438516106
DIS	DISNEY WALT CO	34,751	$3,954	0.7%	$84.28	+30.0%	COM	254687106
SBUX	STARBUCKS CORP	63,850	$5,377	1.0%	$69.85	+20.3%	COM	855244109
SEIC	SEI INVTS CO	15,271	$1,253	0.2%	$51.47	+58.7%	COM	784117103
HD	HOME DEPOT INC	709	$244	0.0%	$337.21	+8.1%	COM	437076102
CVX	CHEVRON CORP NEW	12,676	$1,932	0.4%	$81.74	+85.2%	COM	166764100
HLN	HALEON PLC	29,104	$294	0.1%	$6.08	—	SPON ADS	405552100
CSCO	CISCO SYS INC	3,387	$261	0.0%	$55.37	+33.3%	COM	17275R102
DUK	DUKE ENERGY CORP NEW	3,914	$459	0.1%	$115.43	+5.3%	COM NEW	26441C204
FNDX	SCHWAB STRATEGIC TR	23,747	$646	0.1%	$30.93	—	FUNDAMENTAL US L	808524771
TFC	TRUIST FINL CORP	5,727	$282	0.1%	$38.00	+20.5%	COM	89832Q109
EGBN	EAGLE BANCORP INC MD	16,000	$343	0.1%	$45.18	-57.4%	COM	268948106
BLK	BLACKROCK INC	199	$213	0.0%	$934.85	+16.5%	COM	09290D101
ESAB	ESAB CORPORATION	34,266	$3,828	0.7%	$47.67	+139.9%	COM	29605J106
SPY	SPDR S&P 500 ETF TR	1,489	$1,015	0.2%	$387.25	—	TR UNIT	78462F103
AVB	AVALONBAY CMNTYS INC	1,350	$245	0.0%	$129.64	+38.7%	COM	053484101
PFE	PFIZER INC	20,187	$503	0.1%	$18.79	+33.2%	COM	717081103
AON	AON PLC	6,670	$2,354	0.4%	$211.76	+64.9%	SHS CL A	G0403H108
UNH	UNITEDHEALTH GROUP INC	918	$303	0.1%	$392.27	-14.0%	COM	91324P102
WELL	WELLTOWER INC	1,699	$315	0.1%	$113.83	+63.8%	COM	95040Q104
FVCB	FVCBANKCORP INC	12,206	$170	0.0%	$13.33	-4.5%	COM	36120Q101
FNDF	SCHWAB STRATEGIC TR	5,076	$229	0.0%	$40.02	—	FUNDAMENTAL INTL	808524755
ALL	ALLSTATE CORP	1,685	$351	0.1%	$124.75	+63.6%	COM	020002101
SCHX	SCHWAB STRATEGIC TR	16,847	$453	0.1%	$30.37	—	US LRG CAP ETF	808524201
VOO	VANGUARD INDEX FDS	630	$395	0.1%	$373.04	—	S&P 500 ETF SHS	922908363
SHEL	SHELL PLC	4,103	$301	0.1%	$55.62	—	SPON ADS	780259305
KMI	KINDER MORGAN INC DEL	8,980	$247	0.0%	$25.25	+6.6%	COM	49456B101
EFA	ISHARES TR	2,392	$230	0.0%	$89.39	—	MSCI EAFE ETF	464287465
SCHA	SCHWAB STRATEGIC TR	9,588	$273	0.1%	$36.52	—	US SML CAP ETF	808524607
FNDA	SCHWAB STRATEGIC TR	12,326	$388	0.1%	$37.81	—	FUNDAMENTAL US S	808524763
FRT	FEDERAL RLTY INVT TR NEW	2,150	$217	0.0%	$85.67	+13.7%	SH BEN INT NEW	313745101
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$755	0.1%	$729330.75	+2.3%	CL A	084670108
LCTX	LINEAGE CELL THERAPEUTICS IN	13,000	$22	0.0%	$1.63	+6.2%	COM	53566P109