Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AOS	SMITH A O CORP	374,792	$23.51M	0.8%	$62.72	—	COM	831865209
MCD	MCDONALDS CORP	13,863	$3.747M	0.1%	$270.31	—	COM	580135101
LIN	LINDE PLC	6,379	$3.31M	0.1%	$518.94	—	SHS	G54950103
ASML	ASML HLDG NV	1,573	$3.129M	0.1%	$1989.44	—	N Y REGISTRY SHS	N07059210
VWO	VANGUARD INTL EQUITY INDEX F	38,131	$2.276M	0.1%	$59.69	—	FTSE EMR MKT ETF	922042858
VEU	VANGUARD INTL EQUITY INDEX F	10,034	$840K	0.0%	$83.75	—	ALLWRLD EX US	922042775
SCHW	SCHWAB CHARLES CORP	8,859	$817K	0.0%	$92.27	—	COM	808513105
EWY	ISHARES INC	2,396	$484K	0.0%	$201.90	—	MSCI STH KOR ETF	464286772
PSLV	SPROTT ASSET MANAGEMENT LP	25,000	$472K	0.0%	$18.87	—	PHYSICAL SILVER	85207K107
CARG	CARGURUS INC	11,868	$405K	0.0%	$34.09	—	COM CL A	141788109
XLV	SELECT SECTOR SPDR TR	2,135	$339K	0.0%	$158.66	—	ST STR CARE ETF	81369Y209
EWBC	EAST WEST BANCORP INC	1,776	$229K	0.0%	$129.09	—	COM	27579R104
VTI	VANGUARD INDEX FDS	542	$201K	0.0%	$370.04	—	TOTAL STK MKT	922908769
PDM	PIEDMONT REALTY TRUST INC	14,812	$136K	0.0%	$9.15	—	COM CL A	720190206

Increased Positions (10)

AMZN AMAZON COM INC 3.8%

Value $115M (+3072.3%) Shares 484,291 (+2672.0%) Est. Cost $237.93 Unrealized —

SYK STRYKER CORPORATION 1.9%

Value $58.12M (+3112.9%) Shares 184,576 (+3252.9%) Est. Cost $313.41 Unrealized —

NVDA NVIDIA CORPORATION 1.4%

Value $41.32M (+888.6%) Shares 206,500 (+761.6%) Est. Cost $188.51 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.6%

Value $78.87M (+66.9%) Shares 189,754 (+8.7%) Est. Cost $347.93 Unrealized —

GKAT ADVISORS SER TR 4.3%

Value $131M (+13.5%) Shares 3,036,088 (+7.4%) Est. Cost $40.22 Unrealized —

UHAL U HAUL HOLDING COMPANY 0.9%

Value $26.97M (+75.3%) Shares 412,078 (+28.0%) Est. Cost $61.99 Unrealized —

MELI MERCADOLIBRE INC 0.3%

Value $9.392M (+1099.1%) Shares 5,533 (+1121.4%) Est. Cost $1727.61 Unrealized —

IWB ISHARES TR 0.1%

Value $2.439M (+59.2%) Shares 5,956 (+38.7%) Est. Cost $383.52 Unrealized —

VV VANGUARD INDEX FDS 0.0%

Value $733K (+260.6%) Shares 2,131 (+213.4%) Est. Cost $334.61 Unrealized —

SLB SLB LIMITED 0.2%

Value $4.825M (-2.0%) Shares 103,789 (+8.3%) Est. Cost $46.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	484,291 (+2672.0%)	$115M (+3072.3%)	3.8%	$237.93	—	COM	023135106
SYK	STRYKER CORPORATION	184,576 (+3252.9%)	$58.12M (+3112.9%)	1.9%	$313.41	—	COM	863667101
NVDA	NVIDIA CORPORATION	206,500 (+761.6%)	$41.32M (+888.6%)	1.4%	$188.51	—	COM	67066G104
UNH	UNITEDHEALTH GROUP INC	189,754 (+8.7%)	$78.87M (+66.9%)	2.6%	$347.93	—	COM	91324P102
GKAT	ADVISORS SER TR	3,036,088 (+7.4%)	$131M (+13.5%)	4.3%	$40.22	—	SCHARF GLOBAL	00770X212
UHAL	U HAUL HOLDING COMPANY	412,078 (+28.0%)	$26.97M (+75.3%)	0.9%	$61.99	—	COM	023586100
MELI	MERCADOLIBRE INC	5,533 (+1121.4%)	$9.392M (+1099.1%)	0.3%	$1727.61	—	COM	58733R102
IWB	ISHARES TR	5,956 (+38.7%)	$2.439M (+59.2%)	0.1%	$383.52	—	RUS 1000 ETF	464287622
VV	VANGUARD INDEX FDS	2,131 (+213.4%)	$733K (+260.6%)	0.0%	$334.61	—	LARGE CAP ETF	922908637
SLB	SLB LIMITED	103,789 (+8.3%)	$4.825M (-2.0%)	0.2%	$46.62	—	COM STK	806857108

Exited Positions (5)

AWK AMERICAN WTR WKS CO INC NEW 0.2%

Value $4.878M Shares 35,846 Est. Cost $128.85 Unrealized —

INTU INTUIT 0.0%

Value $1.421M Shares 3,286 Est. Cost $465.77 Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value $1.093M Shares 6,443 Est. Cost $138.74 Unrealized —

FISV FISERV INC 0.0%

Value $558K Shares 9,995 Est. Cost $122.30 Unrealized —

QNCX QUINCE THERAPEUTICS INC 0.0%

Value $1,973 Shares 19,461 Est. Cost $1.50 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AWK	AMERICAN WTR WKS CO INC NEW	35,846	$4.878M	0.2%	$128.85	—	—	030420103
INTU	INTUIT	3,286	$1.421M	0.0%	$465.77	—	—	461202103
XOM	EXXON MOBIL CORP	6,443	$1.093M	0.0%	$138.74	—	—	30231G102
FISV	FISERV INC	9,995	$558K	0.0%	$122.30	—	—	337738108
QNCX	QUINCE THERAPEUTICS INC	19,461	$1,973	0.0%	$1.50	—	—	22053A107

Decreased Positions (51)

OXY OCCIDENTAL PETE CORP 5.1%

Value $155M (-33.5%) Shares 3,187,747 (-11.1%) Est. Cost $50.87 Unrealized —

MCK MCKESSON CORP 3.8%

Value $114M (-40.6%) Shares 150,631 (-32.0%) Est. Cost $154.96 Unrealized —

BKNG BOOKING HOLDINGS INC 0.1%

Value $2.013M (-96.5%) Shares 11,295 (-55.1%) Est. Cost $3307.29 Unrealized —

CNC CENTENE CORP DEL 3.5%

Value $106M (+88.2%) Shares 1,650,542 (-4.0%) Est. Cost $62.65 Unrealized —

ZTS ZOETIS INC 1.7%

Value $52.71M (-46.7%) Shares 733,571 (-12.4%) Est. Cost $142.13 Unrealized —

NVS NOVARTIS AG 1.6%

Value $48.71M (-45.9%) Shares 310,818 (-47.3%) Est. Cost $85.12 Unrealized —

FNV FRANCO NEV CORP 3.3%

Value $98.48M (-28.5%) Shares 472,469 (-15.2%) Est. Cost $172.93 Unrealized —

BIL SPDR SERIES TRUST 0.9%

Value $27.14M (-54.3%) Shares 296,158 (-54.3%) Est. Cost $91.64 Unrealized —

CME CME GROUP INC 2.1%

Value $63.9M (-33.5%) Shares 289,373 (-11.1%) Est. Cost $196.43 Unrealized —

HSY HERSHEY CO 2.1%

Value $62.46M (-28.1%) Shares 355,964 (-14.9%) Est. Cost $161.62 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 2.9%

Value $89.24M (-19.5%) Shares 178,328 (-22.9%) Est. Cost $173.33 Unrealized —

MRSH MARSH & MCLENNAN COS INC 1.9%

Value $57.4M (-26.4%) Shares 344,395 (-23.4%) Est. Cost $185.40 Unrealized —

META META PLATFORMS INC 3.2%

Value $96.01M (-17.5%) Shares 170,441 (-16.2%) Est. Cost $663.94 Unrealized —

ADBE ADOBE INC 2.0%

Value $60.51M (-23.6%) Shares 295,118 (-9.4%) Est. Cost $356.63 Unrealized —

OTIS OTIS WORLDWIDE CORP 2.4%

Value $72.17M (-19.7%) Shares 1,007,995 (-13.6%) Est. Cost $89.86 Unrealized —

LMT LOCKHEED MARTIN CORP 1.5%

Value $44.53M (-23.3%) Shares 87,401 (-9.0%) Est. Cost $344.87 Unrealized —

MSFT MICROSOFT CORP 3.9%

Value $117M (-7.9%) Shares 313,848 (-8.6%) Est. Cost $72.44 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.9%

Value $56.54M (-13.1%) Shares 112,770 (-14.8%) Est. Cost $464.78 Unrealized —

DIS DISNEY WALT CO 1.9%

Value $56.89M (-12.2%) Shares 591,045 (-12.1%) Est. Cost $91.38 Unrealized —

UHAL/B U HAUL HOLDING COMPANY 1.6%

Value $47.4M (+19.4%) Shares 821,423 (-7.6%) Est. Cost $52.90 Unrealized —

AON AON PLC 2.5%

Value $75.17M (-8.7%) Shares 226,626 (-11.1%) Est. Cost $301.58 Unrealized —

HLN HALEON PLC 0.1%

Value $4.527M (-60.7%) Shares 485,251 (-57.8%) Est. Cost $9.78 Unrealized —

CB CHUBB LIMITED 2.7%

Value $81.89M (-7.2%) Shares 240,324 (-11.2%) Est. Cost $275.99 Unrealized —

KAT ADVISORS SER TR 7.9%

Value $239M (-2.2%) Shares 4,419,958 (-3.1%) Est. Cost $56.27 Unrealized —

V VISA INC 3.8%

Value $115M (+4.2%) Shares 335,988 (-8.2%) Est. Cost $236.24 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 1.7%

Value $50.33M (-8.2%) Shares 67,398 (-20.0%) Est. Cost $645.71 Unrealized —

CVS CVS HEALTH CORP 0.3%

Value $9.71M (+40.6%) Shares 93,867 (-2.4%) Est. Cost $57.90 Unrealized —

CNI CANADIAN NATL RY CO 0.3%

Value $9.287M (-21.2%) Shares 77,884 (-32.1%) Est. Cost $97.75 Unrealized —

UNP UNION PAC CORP 4.9%

Value $147M (+1.3%) Shares 542,136 (-9.6%) Est. Cost $210.33 Unrealized —

BN BROOKFIELD CORP 3.6%

Value $110M (-1.1%) Shares 2,591,096 (-6.0%) Est. Cost $27.68 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.1%

Value $3.505M (-23.5%) Shares 40,452 (-30.5%) Est. Cost $73.60 Unrealized —

SPGI S&P GLOBAL INC 0.0%

Value $389K (-70.6%) Shares 954 (-69.3%) Est. Cost $485.25 Unrealized —

ABNB AIRBNB INC 0.0%

Value $681K (-44.6%) Shares 4,760 (-51.1%) Est. Cost $129.40 Unrealized —

NOW SERVICENOW INC 0.0%

Value $286K (-65.1%) Shares 2,879 (-63.3%) Est. Cost $121.19 Unrealized —

MA MASTERCARD INCORPORATED 0.0%

Value $1.125M (-31.7%) Shares 2,190 (-33.5%) Est. Cost $385.11 Unrealized —

TJX TJX COS INC NEW 0.0%

Value $270K (-64.5%) Shares 1,779 (-62.6%) Est. Cost $154.23 Unrealized —

CMCSA COMCAST CORP NEW 0.1%

Value $1.876M (-18.7%) Shares 76,396 (-5.0%) Est. Cost $32.48 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 0.0%

Value $323K (-54.4%) Shares 1,440 (-58.7%) Est. Cost $222.90 Unrealized —

GOOGL ALPHABET INC 0.1%

Value $2.698M (+10.0%) Shares 7,551 (-11.5%) Est. Cost $132.37 Unrealized —

UBER UBER TECHNOLOGIES INC 0.0%

Value $203K (-52.7%) Shares 2,820 (-52.9%) Est. Cost $93.52 Unrealized —

SNN SMITH & NEPHEW PLC 0.0%

Value $376K (-32.8%) Shares 13,064 (-25.9%) Est. Cost $24.33 Unrealized —

GOOG ALPHABET INC 0.1%

Value $3.007M (+6.4%) Shares 8,511 (-13.6%) Est. Cost $122.23 Unrealized —

ORCL ORACLE CORP 0.0%

Value $1.454M (-9.6%) Shares 9,921 (-9.3%) Est. Cost $47.33 Unrealized —

GWW WW GRAINGER INC 0.1%

Value $1.715M (+7.9%) Shares 1,260 (-13.5%) Est. Cost $621.29 Unrealized —

AVGO BROADCOM INC 0.0%

Value $1.277M (+6.9%) Shares 3,381 (-12.4%) Est. Cost $326.87 Unrealized —

APD AIR PRODUCTS AND CHEMICALS I 0.0%

Value $856K (-7.7%) Shares 2,921 (-8.5%) Est. Cost $239.26 Unrealized —

LLY ELI LILLY & CO 0.0%

Value $1.303M (+5.8%) Shares 1,086 (-18.9%) Est. Cost $858.82 Unrealized —

AAPL APPLE INC 0.1%

Value $2.567M (+2.8%) Shares 8,870 (-9.8%) Est. Cost $128.34 Unrealized —

ETN EATON CORP PLC 0.0%

Value $862K (+5.1%) Shares 2,024 (-11.8%) Est. Cost $278.94 Unrealized —

APH AMPHENOL CORP 0.0%

Value $640K (+3.9%) Shares 3,631 (-25.6%) Est. Cost $133.54 Unrealized —

DCI DONALDSON INC 0.1%

Value $2.276M (+0.2%) Shares 25,353 (-5.3%) Est. Cost $72.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OXY	OCCIDENTAL PETE CORP	3,187,747 (-11.1%)	$155M (-33.5%)	5.1%	$50.87	—	COM	674599105
MCK	MCKESSON CORP	150,631 (-32.0%)	$114M (-40.6%)	3.8%	$154.96	—	COM	58155Q103
BKNG	BOOKING HOLDINGS INC	11,295 (-55.1%)	$2.013M (-96.5%)	0.1%	$3307.29	—	COM	09857L108
CNC	CENTENE CORP DEL	1,650,542 (-4.0%)	$106M (+88.2%)	3.5%	$62.65	—	COM	15135B101
ZTS	ZOETIS INC	733,571 (-12.4%)	$52.71M (-46.7%)	1.7%	$142.13	—	CL A	98978V103
NVS	NOVARTIS AG	310,818 (-47.3%)	$48.71M (-45.9%)	1.6%	$85.12	—	SPONSORED ADR	66987V109
FNV	FRANCO NEV CORP	472,469 (-15.2%)	$98.48M (-28.5%)	3.3%	$172.93	—	COM	351858105
BIL	SPDR SERIES TRUST	296,158 (-54.3%)	$27.14M (-54.3%)	0.9%	$91.64	—	ST STR BLO 1 ETF	78468R663
CME	CME GROUP INC	289,373 (-11.1%)	$63.9M (-33.5%)	2.1%	$196.43	—	COM	12572Q105
HSY	HERSHEY CO	355,964 (-14.9%)	$62.46M (-28.1%)	2.1%	$161.62	—	COM	427866108
BRK/B	BERKSHIRE HATHAWAY INC DEL	178,328 (-22.9%)	$89.24M (-19.5%)	2.9%	$173.33	—	CL B NEW	084670702
MRSH	MARSH & MCLENNAN COS INC	344,395 (-23.4%)	$57.4M (-26.4%)	1.9%	$185.40	—	COM	571748102
META	META PLATFORMS INC	170,441 (-16.2%)	$96.01M (-17.5%)	3.2%	$663.94	—	CL A	30303M102
ADBE	ADOBE INC	295,118 (-9.4%)	$60.51M (-23.6%)	2.0%	$356.63	—	COM	00724F101
OTIS	OTIS WORLDWIDE CORP	1,007,995 (-13.6%)	$72.17M (-19.7%)	2.4%	$89.86	—	COM	68902V107
LMT	LOCKHEED MARTIN CORP	87,401 (-9.0%)	$44.53M (-23.3%)	1.5%	$344.87	—	COM	539830109
MSFT	MICROSOFT CORP	313,848 (-8.6%)	$117M (-7.9%)	3.9%	$72.44	—	COM	594918104
TMO	THERMO FISHER SCIENTIFIC INC	112,770 (-14.8%)	$56.54M (-13.1%)	1.9%	$464.78	—	COM	883556102
DIS	DISNEY WALT CO	591,045 (-12.1%)	$56.89M (-12.2%)	1.9%	$91.38	—	COM	254687106
UHAL/B	U HAUL HOLDING COMPANY	821,423 (-7.6%)	$47.4M (+19.4%)	1.6%	$52.90	—	COM SER N	023586506
AON	AON PLC	226,626 (-11.1%)	$75.17M (-8.7%)	2.5%	$301.58	—	SHS CL A	G0403H108
HLN	HALEON PLC	485,251 (-57.8%)	$4.527M (-60.7%)	0.1%	$9.78	—	SPON ADS	405552100
CB	CHUBB LIMITED	240,324 (-11.2%)	$81.89M (-7.2%)	2.7%	$275.99	—	COM	H1467J104
KAT	ADVISORS SER TR	4,419,958 (-3.1%)	$239M (-2.2%)	7.9%	$56.27	—	SCHARF ETF	00770X220
V	VISA INC	335,988 (-8.2%)	$115M (+4.2%)	3.8%	$236.24	—	COM CL A	92826C839
SPY	STATE STR SPDR S&P 500 ETF T	67,398 (-20.0%)	$50.33M (-8.2%)	1.7%	$645.71	—	TR UNIT	78462F103
CVS	CVS HEALTH CORP	93,867 (-2.4%)	$9.71M (+40.6%)	0.3%	$57.90	—	COM	126650100
CNI	CANADIAN NATL RY CO	77,884 (-32.1%)	$9.287M (-21.2%)	0.3%	$97.75	—	COM	136375102
UNP	UNION PAC CORP	542,136 (-9.6%)	$147M (+1.3%)	4.9%	$210.33	—	COM	907818108
BN	BROOKFIELD CORP	2,591,096 (-6.0%)	$110M (-1.1%)	3.6%	$27.68	—	CL A LTD VT SH	11271J107
CP	CANADIAN PACIFIC KANSAS CITY	40,452 (-30.5%)	$3.505M (-23.5%)	0.1%	$73.60	—	COM	13646K108
SPGI	S&P GLOBAL INC	954 (-69.3%)	$389K (-70.6%)	0.0%	$485.25	—	COM	78409V104
ABNB	AIRBNB INC	4,760 (-51.1%)	$681K (-44.6%)	0.0%	$129.40	—	COM CL A	009066101
NOW	SERVICENOW INC	2,879 (-63.3%)	$286K (-65.1%)	0.0%	$121.19	—	COM	81762P102
MA	MASTERCARD INCORPORATED	2,190 (-33.5%)	$1.125M (-31.7%)	0.0%	$385.11	—	CL A	57636Q104
TJX	TJX COS INC NEW	1,779 (-62.6%)	$270K (-64.5%)	0.0%	$154.23	—	COM	872540109
CMCSA	COMCAST CORP NEW	76,396 (-5.0%)	$1.876M (-18.7%)	0.1%	$32.48	—	CL A	20030N101
ADP	AUTOMATIC DATA PROCESSING IN	1,440 (-58.7%)	$323K (-54.4%)	0.0%	$222.90	—	COM	053015103
GOOGL	ALPHABET INC	7,551 (-11.5%)	$2.698M (+10.0%)	0.1%	$132.37	—	CAP STK CL A	02079K305
UBER	UBER TECHNOLOGIES INC	2,820 (-52.9%)	$203K (-52.7%)	0.0%	$93.52	—	COM	90353T100
SNN	SMITH & NEPHEW PLC	13,064 (-25.9%)	$376K (-32.8%)	0.0%	$24.33	—	SPDN ADR NEW	83175M205
GOOG	ALPHABET INC	8,511 (-13.6%)	$3.007M (+6.4%)	0.1%	$122.23	—	CAP STK CL C	02079K107
ORCL	ORACLE CORP	9,921 (-9.3%)	$1.454M (-9.6%)	0.0%	$47.33	—	COM	68389X105
GWW	WW GRAINGER INC	1,260 (-13.5%)	$1.715M (+7.9%)	0.1%	$621.29	—	COM	384802104
AVGO	BROADCOM INC	3,381 (-12.4%)	$1.277M (+6.9%)	0.0%	$326.87	—	COM	11135F101
APD	AIR PRODUCTS AND CHEMICALS I	2,921 (-8.5%)	$856K (-7.7%)	0.0%	$239.26	—	COM	009158106
LLY	ELI LILLY & CO	1,086 (-18.9%)	$1.303M (+5.8%)	0.0%	$858.82	—	COM	532457108
AAPL	APPLE INC	8,870 (-9.8%)	$2.567M (+2.8%)	0.1%	$128.34	—	COM	037833100
ETN	EATON CORP PLC	2,024 (-11.8%)	$862K (+5.1%)	0.0%	$278.94	—	SHS	G29183103
APH	AMPHENOL CORP	3,631 (-25.6%)	$640K (+3.9%)	0.0%	$133.54	—	CL A	032095101
DCI	DONALDSON INC	25,353 (-5.3%)	$2.276M (+0.2%)	0.1%	$72.25	—	COM	257651109

Unchanged Positions (4)

A AGILENT TECHNOLOGIES INC 3.3%

Value $100M Shares 754,161 Est. Cost $124.82 Unrealized —

MKL MARKEL GROUP INC 3.9%

Value $118M Shares 60,564 Est. Cost $1045.02 Unrealized —

IMNM IMMUNOME INC 0.0%

Value $941K Shares 44,389 Est. Cost $12.08 Unrealized —

SHY ISHARES TR 0.0%

Value $502K Shares 6,108 Est. Cost $82.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
A	AGILENT TECHNOLOGIES INC	754,161	$100M	3.3%	$124.82	—	COM	00846U101
MKL	MARKEL GROUP INC	60,564	$118M	3.9%	$1045.02	—	COM	570535104
IMNM	IMMUNOME INC	44,389	$941K	0.0%	$12.08	—	COM	45257U108
SHY	ISHARES TR	6,108	$502K	0.0%	$82.95	—	1 3 YR TREAS BD	464287457