Quantum Capital Management, LLC / NJ Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRO	Brown & Brown Inc	649,855 (+148.2%)	$51,793 (+110.9%)	6.0%	$86.28	-3.4%	COM	115236101
ODFL	Old Dominion Freight Line In	609,937 (+2.6%)	$95,638 (+14.3%)	11.1%	$168.72	-15.1%	COM	679580100
VEU	Vanguard Intl Equity Index F	122,891 (+59.6%)	$9,040 (+64.5%)	1.0%	$66.73	—	ALLWRLD EX US	922042775
VGT	Vanguard World Fd	5,088 (+96.4%)	$3,835 (+98.3%)	0.4%	$707.69	—	INF TECH ETF	92204A702
PRI	Primerica Inc	253,748 (+8.9%)	$65,559 (+1.4%)	7.6%	$109.58	+138.1%	COM	74164M108
SCHZ	Schwab Strategic Tr	10,462 (+2.9%)	$244 (+2.4%)	0.0%	$35.79	—	US AGGREGATE B	808524839

Exited Positions (1)

FICO Fair Isaac Corp 0.5%

Value ($000) $3,954 Shares 2,642 Est. Cost $897.54 Unrealized +91.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FICO	Fair Isaac Corp	2,642	$3,954	0.5%	$897.54	+91.8%	—	303250104

Decreased Positions (21)

VEEV Veeva Sys Inc 7.3%

Value ($000) $62,681 (-26.5%) Shares 280,790 (-1.9%) Est. Cost $190.83 Unrealized +39.0%

CSGP Costar Group Inc 1.7%

Value ($000) $14,698 (-56.8%) Shares 218,583 (-45.7%) Est. Cost $80.40 Unrealized -11.9%

CPRT Copart Inc 6.4%

Value ($000) $55,542 (-24.1%) Shares 1,418,690 (-12.8%) Est. Cost $39.85 Unrealized +4.1%

FAST Fastenal Co 4.5%

Value ($000) $38,796 (-19.8%) Shares 966,749 (-2.0%) Est. Cost $22.69 Unrealized +85.2%

DSGX Descartes Sys Group Inc 0.3%

Value ($000) $2,754 (-74.5%) Shares 31,421 (-72.6%) Est. Cost $111.51 Unrealized -19.8%

NVR NVR Inc 7.3%

Value ($000) $63,155 (-11.0%) Shares 8,660 (-1.9%) Est. Cost $4630.56 Unrealized +61.5%

TYL Tyler Technologies Inc 3.8%

Value ($000) $33,133 (-14.9%) Shares 72,989 (-2.0%) Est. Cost $401.82 Unrealized +18.6%

MSCI MSCI Inc 5.8%

Value ($000) $50,193 (-9.8%) Shares 87,485 (-10.8%) Est. Cost $496.39 Unrealized +12.8%

LSTR Landstar Sys Inc 3.2%

Value ($000) $27,975 (-12.5%) Shares 194,673 (-25.4%) Est. Cost $141.87 Unrealized —

GGG Graco Inc 4.8%

Value ($000) $41,069 (-5.5%) Shares 501,022 (-2.1%) Est. Cost $63.77 Unrealized +28.5%

MCO Moodys Corp 5.0%

Value ($000) $42,846 (+5.0%) Shares 83,871 (-2.0%) Est. Cost $279.20 Unrealized +74.5%

IDXX Idexx Labs Inc 6.0%

Value ($000) $51,718 (+4.0%) Shares 76,446 (-1.8%) Est. Cost $451.81 Unrealized +50.7%

HEI/A Heico Corp New 8.6%

Value ($000) $74,136 (-2.5%) Shares 293,689 (-1.9%) Est. Cost $84.01 Unrealized +194.0%

BKNG Booking Holdings Inc 4.4%

Value ($000) $38,226 (-2.8%) Shares 7,138 (-2.0%) Est. Cost $2480.32 Unrealized +107.1%

GLD SPDR Gold Tr 1.4%

Value ($000) $11,932 (+7.4%) Shares 30,109 (-3.6%) Est. Cost $160.14 Unrealized —

BRK/B Berkshire Hathaway Inc Del 0.8%

Value ($000) $6,526 (-3.2%) Shares 12,983 (-3.1%) Est. Cost $182.28 Unrealized +172.9%

VSS Vanguard Intl Equity Index F 0.8%

Value ($000) $7,161 (-2.8%) Shares 49,965 (-3.4%) Est. Cost $126.14 Unrealized —

ITB iShares Tr 0.0%

Value ($000) $200 (-13.5%) Shares 2,072 (-3.7%) Est. Cost $84.55 Unrealized —

VONE Vanguard Scottsdale Fds 0.3%

Value ($000) $2,770 (-1.1%) Shares 8,964 (-3.2%) Est. Cost $280.86 Unrealized —

SGOV iShares Tr 0.0%

Value ($000) $210 (-7.1%) Shares 2,096 (-6.8%) Est. Cost $100.63 Unrealized —

VXUS Vanguard Index Fds 0.0%

Value ($000) $55 (+0.9%) Shares 725 (-1.8%) Est. Cost $57.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEEV	Veeva Sys Inc	280,790 (-1.9%)	$62,681 (-26.5%)	7.3%	$190.83	+39.0%	CL A COM	922475108
CSGP	Costar Group Inc	218,583 (-45.7%)	$14,698 (-56.8%)	1.7%	$80.40	-11.9%	COM	22160N109
CPRT	Copart Inc	1,418,690 (-12.8%)	$55,542 (-24.1%)	6.4%	$39.85	+4.1%	COM	217204106
FAST	Fastenal Co	966,749 (-2.0%)	$38,796 (-19.8%)	4.5%	$22.69	+85.2%	COM	311900104
DSGX	Descartes Sys Group Inc	31,421 (-72.6%)	$2,754 (-74.5%)	0.3%	$111.51	-19.8%	COM	249906108
NVR	NVR Inc	8,660 (-1.9%)	$63,155 (-11.0%)	7.3%	$4630.56	+61.5%	COM	62944T105
TYL	Tyler Technologies Inc	72,989 (-2.0%)	$33,133 (-14.9%)	3.8%	$401.82	+18.6%	COM	902252105
MSCI	MSCI Inc	87,485 (-10.8%)	$50,193 (-9.8%)	5.8%	$496.39	+12.8%	COM	55354G100
LSTR	Landstar Sys Inc	194,673 (-25.4%)	$27,975 (-12.5%)	3.2%	$141.87	—	COM	515098101
GGG	Graco Inc	501,022 (-2.1%)	$41,069 (-5.5%)	4.8%	$63.77	+28.5%	COM	384109104
MCO	Moodys Corp	83,871 (-2.0%)	$42,846 (+5.0%)	5.0%	$279.20	+74.5%	COM	615369105
IDXX	Idexx Labs Inc	76,446 (-1.8%)	$51,718 (+4.0%)	6.0%	$451.81	+50.7%	COM	45168D104
HEI/A	Heico Corp New	293,689 (-1.9%)	$74,136 (-2.5%)	8.6%	$84.01	+194.0%	CL A	422806208
BKNG	Booking Holdings Inc	7,138 (-2.0%)	$38,226 (-2.8%)	4.4%	$2480.32	+107.1%	COM	09857L108
GLD	SPDR Gold Tr	30,109 (-3.6%)	$11,932 (+7.4%)	1.4%	$160.14	—	GOLD SHS	78463V107
BRK/B	Berkshire Hathaway Inc Del	12,983 (-3.1%)	$6,526 (-3.2%)	0.8%	$182.28	+172.9%	CL B NEW	084670702
VSS	Vanguard Intl Equity Index F	49,965 (-3.4%)	$7,161 (-2.8%)	0.8%	$126.14	—	FTSE SMCAP ETF	922042718
ITB	iShares Tr	2,072 (-3.7%)	$200 (-13.5%)	0.0%	$84.55	—	US HOME CONS ETF	464288752
VONE	Vanguard Scottsdale Fds	8,964 (-3.2%)	$2,770 (-1.1%)	0.3%	$280.86	—	VNG RUS1000IDX	92206C730
SGOV	iShares Tr	2,096 (-6.8%)	$210 (-7.1%)	0.0%	$100.63	—	0-3 MNTH TREASRY	46436E718
VXUS	Vanguard Index Fds	725 (-1.8%)	$55 (+0.9%)	0.0%	$57.96	—	TOTAL STK MKT	921909768

Unchanged Positions (5)

SCHF Schwab Strategic Tr 0.0%

Value ($000) $170 Shares 7,076 Est. Cost $27.37 Unrealized —

SCHB Schwab Strategic Tr 0.0%

Value ($000) $212 Shares 8,089 Est. Cost $32.52 Unrealized —

SCL Stepan Co 0.0%

Value ($000) $237 Shares 5,010 Est. Cost $69.67 Unrealized -34.3%

VTI Vanguard Star Fds 0.0%

Value ($000) $47 Shares 141 Est. Cost $237.22 Unrealized —

SCHO Schwab Strategic Tr 0.0%

Value ($000) $4 Shares 156 Est. Cost $37.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCHF	Schwab Strategic Tr	7,076	$170	0.0%	$27.37	—	INTL EQTY ETF	808524805
SCHB	Schwab Strategic Tr	8,089	$212	0.0%	$32.52	—	US BRD MKT ETF	808524102
SCL	Stepan Co	5,010	$237	0.0%	$69.67	-34.3%	COM	858586100
VTI	Vanguard Star Fds	141	$47	0.0%	$237.22	—	VG TL INTL STK F	922908769
SCHO	Schwab Strategic Tr	156	$4	0.0%	$37.01	—	SHT TM US TRES	808524862