Stack Financial Management, Inc Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SH	PROSHARES TR	2,505,870	$90,286	6.9%	$36.03	—	SHORT S&P 500 NE	74349Y753
T	AT&T INC	945,573	$23,488	1.8%	$25.29	0.0%	COM	00206R102
UPS	UNITED PARCEL SERVICE INC	139,113	$13,799	1.1%	$92.75	0.0%	CL B	911312106
GOOGL	ALPHABET INC	1,580	$495	0.0%	$285.60	0.0%	CAP STK CL A	02079K305
GOOG	ALPHABET INC	1,321	$415	0.0%	$286.33	0.0%	CAP STK CL C	02079K107
XLP	SELECT SECTOR SPDR TR	3,345	$260	0.0%	$77.68	—	STATE STREET CON	81369Y308
XLF	SELECT SECTOR SPDR TR	3,912	$214	0.0%	$54.77	—	STATE STREET FIN	81369Y605
TSLA	TESLA INC	453	$204	0.0%	$443.29	0.0%	COM	88160R101

Increased Positions (5)

AAPL APPLE INC 0.1%

Value ($000) $1,678 (+227.0%) Shares 6,174 (+206.3%) Est. Cost $242.00 Unrealized +10.9%

GDX VANECK ETF TRUST 0.1%

Value ($000) $1,222 (+38.1%) Shares 14,247 (+23.1%) Est. Cost $39.50 Unrealized —

XLV SELECT SECTOR SPDR TR 0.0%

Value ($000) $351 (+44.5%) Shares 2,265 (+29.9%) Est. Cost $148.26 Unrealized —

XLI SELECT SECTOR SPDR TR 0.0%

Value ($000) $378 (+12.9%) Shares 2,436 (+12.3%) Est. Cost $115.10 Unrealized —

XLE SELECT SECTOR SPDR TR 0.0%

Value ($000) $262 (+14.9%) Shares 5,850 (+129.6%) Est. Cost $65.83 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	6,174 (+206.3%)	$1,678 (+227.0%)	0.1%	$242.00	+10.9%	COM	037833100
GDX	VANECK ETF TRUST	14,247 (+23.1%)	$1,222 (+38.1%)	0.1%	$39.50	—	GOLD MINERS ETF	92189F106
XLV	SELECT SECTOR SPDR TR	2,265 (+29.9%)	$351 (+44.5%)	0.0%	$148.26	—	STATE STREET HEA	81369Y209
XLI	SELECT SECTOR SPDR TR	2,436 (+12.3%)	$378 (+12.9%)	0.0%	$115.10	—	STATE STREET IND	81369Y704
XLE	SELECT SECTOR SPDR TR	5,850 (+129.6%)	$262 (+14.9%)	0.0%	$65.83	—	STATE STREET ENE	81369Y506

Decreased Positions (32)

AEM AGNICO EAGLE MINES LTD 2.3%

Value ($000) $30,444 (-28.8%) Shares 179,580 (-29.2%) Est. Cost $39.17 Unrealized +328.6%

MSFT MICROSOFT CORP 8.4%

Value ($000) $109,602 (-8.5%) Shares 226,629 (-2.0%) Est. Cost $34.38 Unrealized +1355.9%

WMT WALMART INC 8.7%

Value ($000) $113,471 (+5.2%) Shares 1,018,502 (-2.7%) Est. Cost $47.71 Unrealized +124.7%

NEM NEWMONT CORP 0.8%

Value ($000) $11,083 (-32.4%) Shares 111,000 (-42.9%) Est. Cost $30.81 Unrealized +192.8%

CAH CARDINAL HEALTH INC 1.6%

Value ($000) $21,145 (+28.7%) Shares 102,897 (-1.7%) Est. Cost $114.81 Unrealized +63.5%

MRK MERCK & CO INC 1.7%

Value ($000) $22,145 (+22.0%) Shares 210,381 (-2.7%) Est. Cost $65.49 Unrealized +42.4%

MDLZ MONDELEZ INTL INC 1.4%

Value ($000) $17,873 (-15.2%) Shares 332,026 (-1.6%) Est. Cost $25.96 Unrealized +119.8%

LH LABCORP HOLDINGS INC 1.4%

Value ($000) $17,982 (-13.6%) Shares 71,674 (-1.1%) Est. Cost $199.50 Unrealized +32.9%

PCAR PACCAR INC 1.7%

Value ($000) $22,395 (+9.7%) Shares 204,499 (-1.5%) Est. Cost $102.95 Unrealized -1.7%

EOG EOG RES INC 1.6%

Value ($000) $20,540 (-8.2%) Shares 195,605 (-2.0%) Est. Cost $78.98 Unrealized +35.8%

DUK DUKE ENERGY CORP NEW 1.7%

Value ($000) $22,072 (-7.2%) Shares 188,312 (-2.0%) Est. Cost $83.56 Unrealized +45.5%

GPC GENUINE PARTS CO 0.8%

Value ($000) $10,113 (-14.3%) Shares 82,249 (-3.4%) Est. Cost $128.57 Unrealized +0.1%

DOV DOVER CORP 1.1%

Value ($000) $14,906 (+12.2%) Shares 76,345 (-4.1%) Est. Cost $140.34 Unrealized +29.6%

DTE DTE ENERGY CO 1.1%

Value ($000) $14,221 (-10.0%) Shares 110,258 (-1.4%) Est. Cost $105.62 Unrealized +27.6%

JNJ JOHNSON & JOHNSON 1.6%

Value ($000) $21,500 (+7.1%) Shares 103,889 (-4.0%) Est. Cost $79.05 Unrealized +149.2%

PG PROCTER AND GAMBLE CO 1.0%

Value ($000) $13,325 (-9.3%) Shares 92,982 (-2.8%) Est. Cost $64.47 Unrealized +128.3%

LMT LOCKHEED MARTIN CORP 1.6%

Value ($000) $20,993 (-5.9%) Shares 43,403 (-2.9%) Est. Cost $326.16 Unrealized +46.0%

AMT AMERICAN TOWER CORP NEW 0.8%

Value ($000) $10,076 (-11.4%) Shares 57,390 (-2.9%) Est. Cost $210.37 Unrealized -14.3%

NEE NEXTERA ENERGY INC 1.9%

Value ($000) $24,776 (+5.2%) Shares 308,616 (-1.1%) Est. Cost $68.10 Unrealized +21.2%

WPM WHEATON PRECIOUS METALS CORP 3.1%

Value ($000) $40,386 (+3.1%) Shares 343,649 (-1.9%) Est. Cost $42.53 Unrealized +151.8%

BKR BAKER HUGHES COMPANY 1.0%

Value ($000) $13,083 (-7.7%) Shares 287,275 (-1.3%) Est. Cost $43.80 Unrealized +8.1%

AEE AMEREN CORP 1.2%

Value ($000) $15,223 (-6.3%) Shares 152,444 (-2.0%) Est. Cost $71.07 Unrealized +43.5%

KO COCA COLA CO 1.7%

Value ($000) $22,107 (+3.4%) Shares 316,227 (-1.9%) Est. Cost $30.10 Unrealized +130.5%

COP CONOCOPHILLIPS 1.3%

Value ($000) $16,961 (-3.3%) Shares 181,193 (-2.3%) Est. Cost $43.50 Unrealized +106.9%

MDT MEDTRONIC PLC 1.3%

Value ($000) $16,667 (-1.6%) Shares 173,509 (-2.4%) Est. Cost $69.83 Unrealized +39.1%

CBOE CBOE GLOBAL MKTS INC 2.0%

Value ($000) $26,014 (+0.9%) Shares 103,643 (-1.4%) Est. Cost $204.35 Unrealized +21.7%

AEP AMERICAN ELEC PWR CO INC 2.5%

Value ($000) $32,587 (+0.7%) Shares 282,599 (-1.8%) Est. Cost $87.95 Unrealized +33.8%

ACN ACCENTURE PLC IRELAND 0.0%

Value ($000) $650 (-15.6%) Shares 2,424 (-22.4%) Est. Cost $94.01 Unrealized +170.2%

EMR EMERSON ELEC CO 1.5%

Value ($000) $20,174 (-0.4%) Shares 152,001 (-1.6%) Est. Cost $91.54 Unrealized +44.6%

PWR QUANTA SVCS INC 4.2%

Value ($000) $54,696 (-0.2%) Shares 129,592 (-2.0%) Est. Cost $36.87 Unrealized +1091.5%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $889 (-0.9%) Shares 1,304 (-3.2%) Est. Cost $329.00 Unrealized —

INTC INTEL CORP 0.0%

Value ($000) $235 (+1.4%) Shares 6,360 (-7.8%) Est. Cost $24.23 Unrealized +55.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO EAGLE MINES LTD	179,580 (-29.2%)	$30,444 (-28.8%)	2.3%	$39.17	+328.6%	COM	008474108
MSFT	MICROSOFT CORP	226,629 (-2.0%)	$109,602 (-8.5%)	8.4%	$34.38	+1355.9%	COM	594918104
WMT	WALMART INC	1,018,502 (-2.7%)	$113,471 (+5.2%)	8.7%	$47.71	+124.7%	COM	931142103
NEM	NEWMONT CORP	111,000 (-42.9%)	$11,083 (-32.4%)	0.8%	$30.81	+192.8%	COM	651639106
CAH	CARDINAL HEALTH INC	102,897 (-1.7%)	$21,145 (+28.7%)	1.6%	$114.81	+63.5%	COM	14149Y108
MRK	MERCK & CO INC	210,381 (-2.7%)	$22,145 (+22.0%)	1.7%	$65.49	+42.4%	COM	58933Y105
MDLZ	MONDELEZ INTL INC	332,026 (-1.6%)	$17,873 (-15.2%)	1.4%	$25.96	+119.8%	CL A	609207105
LH	LABCORP HOLDINGS INC	71,674 (-1.1%)	$17,982 (-13.6%)	1.4%	$199.50	+32.9%	COM SHS	504922105
PCAR	PACCAR INC	204,499 (-1.5%)	$22,395 (+9.7%)	1.7%	$102.95	-1.7%	COM	693718108
EOG	EOG RES INC	195,605 (-2.0%)	$20,540 (-8.2%)	1.6%	$78.98	+35.8%	COM	26875P101
DUK	DUKE ENERGY CORP NEW	188,312 (-2.0%)	$22,072 (-7.2%)	1.7%	$83.56	+45.5%	COM NEW	26441C204
GPC	GENUINE PARTS CO	82,249 (-3.4%)	$10,113 (-14.3%)	0.8%	$128.57	+0.1%	COM	372460105
DOV	DOVER CORP	76,345 (-4.1%)	$14,906 (+12.2%)	1.1%	$140.34	+29.6%	COM	260003108
DTE	DTE ENERGY CO	110,258 (-1.4%)	$14,221 (-10.0%)	1.1%	$105.62	+27.6%	COM	233331107
JNJ	JOHNSON & JOHNSON	103,889 (-4.0%)	$21,500 (+7.1%)	1.6%	$79.05	+149.2%	COM	478160104
PG	PROCTER AND GAMBLE CO	92,982 (-2.8%)	$13,325 (-9.3%)	1.0%	$64.47	+128.3%	COM	742718109
LMT	LOCKHEED MARTIN CORP	43,403 (-2.9%)	$20,993 (-5.9%)	1.6%	$326.16	+46.0%	COM	539830109
AMT	AMERICAN TOWER CORP NEW	57,390 (-2.9%)	$10,076 (-11.4%)	0.8%	$210.37	-14.3%	COM	03027X100
NEE	NEXTERA ENERGY INC	308,616 (-1.1%)	$24,776 (+5.2%)	1.9%	$68.10	+21.2%	COM	65339F101
WPM	WHEATON PRECIOUS METALS CORP	343,649 (-1.9%)	$40,386 (+3.1%)	3.1%	$42.53	+151.8%	COM	962879102
BKR	BAKER HUGHES COMPANY	287,275 (-1.3%)	$13,083 (-7.7%)	1.0%	$43.80	+8.1%	CL A	05722G100
AEE	AMEREN CORP	152,444 (-2.0%)	$15,223 (-6.3%)	1.2%	$71.07	+43.5%	COM	023608102
KO	COCA COLA CO	316,227 (-1.9%)	$22,107 (+3.4%)	1.7%	$30.10	+130.5%	COM	191216100
COP	CONOCOPHILLIPS	181,193 (-2.3%)	$16,961 (-3.3%)	1.3%	$43.50	+106.9%	COM	20825C104
MDT	MEDTRONIC PLC	173,509 (-2.4%)	$16,667 (-1.6%)	1.3%	$69.83	+39.1%	SHS	G5960L103
CBOE	CBOE GLOBAL MKTS INC	103,643 (-1.4%)	$26,014 (+0.9%)	2.0%	$204.35	+21.7%	COM	12503M108
AEP	AMERICAN ELEC PWR CO INC	282,599 (-1.8%)	$32,587 (+0.7%)	2.5%	$87.95	+33.8%	COM	025537101
ACN	ACCENTURE PLC IRELAND	2,424 (-22.4%)	$650 (-15.6%)	0.0%	$94.01	+170.2%	SHS CLASS A	G1151C101
EMR	EMERSON ELEC CO	152,001 (-1.6%)	$20,174 (-0.4%)	1.5%	$91.54	+44.6%	COM	291011104
PWR	QUANTA SVCS INC	129,592 (-2.0%)	$54,696 (-0.2%)	4.2%	$36.87	+1091.5%	COM	74762E102
SPY	SPDR S&P 500 ETF TR	1,304 (-3.2%)	$889 (-0.9%)	0.1%	$329.00	—	TR UNIT	78462F103
INTC	INTEL CORP	6,360 (-7.8%)	$235 (+1.4%)	0.0%	$24.23	+55.9%	COM	458140100

Unchanged Positions (14)

CRM SALESFORCE INC 4.4%

Value ($000) $58,066 Shares 219,193 Est. Cost $251.43 Unrealized -1.3%

DHR DANAHER CORPORATION 1.3%

Value ($000) $17,485 Shares 76,380 Est. Cost $32.30 Unrealized +579.8%

LHX L3HARRIS TECHNOLOGIES INC 3.2%

Value ($000) $41,630 Shares 141,806 Est. Cost $202.26 Unrealized +42.6%

PSX PHILLIPS 66 2.1%

Value ($000) $28,063 Shares 217,473 Est. Cost $65.81 Unrealized +103.6%

SYK STRYKER CORPORATION 2.0%

Value ($000) $25,611 Shares 72,867 Est. Cost $62.59 Unrealized +480.7%

CVX CHEVRON CORP NEW 3.1%

Value ($000) $41,057 Shares 269,383 Est. Cost $89.87 Unrealized +68.5%

CI THE CIGNA GROUP 1.5%

Value ($000) $20,032 Shares 72,784 Est. Cost $247.94 Unrealized +12.6%

CNP CENTERPOINT ENERGY INC 2.1%

Value ($000) $27,510 Shares 717,531 Est. Cost $26.28 Unrealized +47.8%

UNP UNION PAC CORP 0.9%

Value ($000) $11,522 Shares 49,810 Est. Cost $235.57 Unrealized -3.5%

PEP PEPSICO INC 1.3%

Value ($000) $16,700 Shares 116,361 Est. Cost $61.45 Unrealized +137.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 4.6%

Value ($000) $59,677 Shares 118,724 Est. Cost $146.17 Unrealized +240.4%

WM WASTE MGMT INC DEL 2.4%

Value ($000) $32,034 Shares 145,802 Est. Cost $94.04 Unrealized +126.0%

ITW ILLINOIS TOOL WKS INC 0.0%

Value ($000) $212 Shares 860 Est. Cost $236.81 Unrealized +4.5%

JPM JPMORGAN CHASE & CO. 0.0%

Value ($000) $337 Shares 1,046 Est. Cost $209.44 Unrealized +47.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRM	SALESFORCE INC	219,193	$58,066	4.4%	$251.43	-1.3%	COM	79466L302
DHR	DANAHER CORPORATION	76,380	$17,485	1.3%	$32.30	+579.8%	COM	235851102
LHX	L3HARRIS TECHNOLOGIES INC	141,806	$41,630	3.2%	$202.26	+42.6%	COM	502431109
PSX	PHILLIPS 66	217,473	$28,063	2.1%	$65.81	+103.6%	COM	718546104
SYK	STRYKER CORPORATION	72,867	$25,611	2.0%	$62.59	+480.7%	COM	863667101
CVX	CHEVRON CORP NEW	269,383	$41,057	3.1%	$89.87	+68.5%	COM	166764100
CI	THE CIGNA GROUP	72,784	$20,032	1.5%	$247.94	+12.6%	COM	125523100
CNP	CENTERPOINT ENERGY INC	717,531	$27,510	2.1%	$26.28	+47.8%	COM	15189T107
UNP	UNION PAC CORP	49,810	$11,522	0.9%	$235.57	-3.5%	COM	907818108
PEP	PEPSICO INC	116,361	$16,700	1.3%	$61.45	+137.4%	COM	713448108
BRK/B	BERKSHIRE HATHAWAY INC DEL	118,724	$59,677	4.6%	$146.17	+240.4%	CL B NEW	084670702
WM	WASTE MGMT INC DEL	145,802	$32,034	2.4%	$94.04	+126.0%	COM	94106L109
ITW	ILLINOIS TOOL WKS INC	860	$212	0.0%	$236.81	+4.5%	COM	452308109
JPM	JPMORGAN CHASE & CO.	1,046	$337	0.0%	$209.44	+47.8%	COM	46625H100