Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PSUS	Pershing Square USA, Ltd.	408,528	$15.27M	7.0%	$37.38	—	COM	71531T105
HALO	Halozyme Therapeutics, Inc.	55,023	$4.307M	2.0%	$78.27	—	COM	40637H109
ICSH	iShares Ultra Short Duration Bond Active ETF	79,721	$4.032M	1.9%	$50.58	—	COM	46434V878
TRI	Thomson Reuters Corporation	48,620	$3.971M	1.8%	$81.67	—	COM	884903881
CTVA	Corteva Inc	31,719	$2.686M	1.2%	$84.69	—	COM	22052L104
LNG	Cheniere Energy, Inc.	4,639	$1.109M	0.5%	$239.01	—	COM	16411R208
RGLD	Royal Gold, Inc.	4,650	$928K	0.4%	$199.61	—	COM	780287108
L	Loews Corporation	5,563	$630K	0.3%	$113.21	—	COM	540424108
SIMO	Silicon Motion Technology Corporation Sponsored ADR	103	$34,333	0.0%	$333.33	—	COM	82706C108

Increased Positions (9)

UBER Uber Technologies, Inc. 6.4%

Value $13.91M (+339.4%) Shares 192,828 (+338.0%) Est. Cost $76.91 Unrealized —

GOOGL Alphabet Inc. Class A 4.2%

Value $9.132M (+116.6%) Shares 25,553 (+74.3%) Est. Cost $229.73 Unrealized —

TBN Tamboran Resources Corporation 2.3%

Value $5.055M (+299.3%) Shares 155,479 (+514.0%) Est. Cost $31.36 Unrealized —

STVN Stevanato Group SpA 5.5%

Value $12.08M (+37.2%) Shares 668,494 (+4.4%) Est. Cost $23.63 Unrealized —

FER Ferrovial N.V. 4.1%

Value $8.862M (+30.5%) Shares 129,165 (+23.7%) Est. Cost $56.70 Unrealized —

FWONK Liberty Media Corporation Series C Liberty Formula One 5.1%

Value $11.12M (+14.9%) Shares 116,860 (+2.7%) Est. Cost $79.53 Unrealized —

V Visa Inc. Class A 2.6%

Value $5.649M (+16.7%) Shares 16,466 (+2.8%) Est. Cost $247.27 Unrealized —

TDS Telephone and Data Systems, Inc. 3.6%

Value $7.877M (-4.7%) Shares 212,845 (+8.4%) Est. Cost $43.79 Unrealized —

CIGI Colliers International Group Inc. 1.5%

Value $3.246M (-3.2%) Shares 34,610 (+10.3%) Est. Cost $116.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UBER	Uber Technologies, Inc.	192,828 (+338.0%)	$13.91M (+339.4%)	6.4%	$76.91	—	COM	90353T100
GOOGL	Alphabet Inc. Class A	25,553 (+74.3%)	$9.132M (+116.6%)	4.2%	$229.73	—	COM	02079K305
TBN	Tamboran Resources Corporation	155,479 (+514.0%)	$5.055M (+299.3%)	2.3%	$31.36	—	COM	87507T101
STVN	Stevanato Group SpA	668,494 (+4.4%)	$12.08M (+37.2%)	5.5%	$23.63	—	COM	T9224W109
FER	Ferrovial N.V.	129,165 (+23.7%)	$8.862M (+30.5%)	4.1%	$56.70	—	COM	N3168P101
FWONK	Liberty Media Corporation Series C Liberty Formula One	116,860 (+2.7%)	$11.12M (+14.9%)	5.1%	$79.53	—	COM	531229755
V	Visa Inc. Class A	16,466 (+2.8%)	$5.649M (+16.7%)	2.6%	$247.27	—	COM	92826C839
TDS	Telephone and Data Systems, Inc.	212,845 (+8.4%)	$7.877M (-4.7%)	3.6%	$43.79	—	COM	879433829
CIGI	Colliers International Group Inc.	34,610 (+10.3%)	$3.246M (-3.2%)	1.5%	$116.31	—	COM	194693107

Exited Positions (12)

NWSA News Corporation Class A 18.1%

Value $39.41M Shares 1,580,929 Est. Cost $23.52 Unrealized —

BRO Brown & Brown, Inc. 2.4%

Value $5.31M Shares 81,433 Est. Cost $56.43 Unrealized —

NWS News Corporation Class B 2.0%

Value $4.248M Shares 148,990 Est. Cost $31.50 Unrealized —

TRI Thomson Reuters Corporation 1.8%

Value $3.818M Shares 42,436 Est. Cost $107.05 Unrealized —

BSY Bentley Systems, Incorporated Class B 1.3%

Value $2.884M Shares 82,120 Est. Cost $40.36 Unrealized —

KKR KKR & Co Inc 0.6%

Value $1.342M Shares 14,513 Est. Cost $124.29 Unrealized —

NFLX Netflix, Inc. 0.6%

Value $1.256M Shares 13,063 Est. Cost $83.84 Unrealized —

PSQ ProShares Short QQQ 0.3%

Value $740K Shares 22,979 Est. Cost $32.19 Unrealized —

PICK iShares MSCI Global Metals & Mining Producers ETF 0.2%

Value $441K Shares 7,799 Est. Cost $53.76 Unrealized —

DBB Invesco DB Base Metals Fund 0.2%

Value $411K Shares 17,485 Est. Cost $23.20 Unrealized —

UNG United States Natural Gas Fund LP 0.2%

Value $400K Shares 34,062 Est. Cost $12.01 Unrealized —

CODI Compass Diversified Holdings 0.1%

Value $319K Shares 40,617 Est. Cost $6.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NWSA	News Corporation Class A	1,580,929	$39.41M	18.1%	$23.52	—	—	65249B109
BRO	Brown & Brown, Inc.	81,433	$5.31M	2.4%	$56.43	—	—	115236101
NWS	News Corporation Class B	148,990	$4.248M	2.0%	$31.50	—	—	65249B208
TRI	Thomson Reuters Corporation	42,436	$3.818M	1.8%	$107.05	—	—	884903808
BSY	Bentley Systems, Incorporated Class B	82,120	$2.884M	1.3%	$40.36	—	—	08265T208
KKR	KKR & Co Inc	14,513	$1.342M	0.6%	$124.29	—	—	48251W104
NFLX	Netflix, Inc.	13,063	$1.256M	0.6%	$83.84	—	—	64110L106
PSQ	ProShares Short QQQ	22,979	$740K	0.3%	$32.19	—	—	74349Y837
PICK	iShares MSCI Global Metals & Mining Producers ETF	7,799	$441K	0.2%	$53.76	—	—	46434G848
DBB	Invesco DB Base Metals Fund	17,485	$411K	0.2%	$23.20	—	—	46140H700
UNG	United States Natural Gas Fund LP	34,062	$400K	0.2%	$12.01	—	—	912318409
CODI	Compass Diversified Holdings	40,617	$319K	0.1%	$6.26	—	—	20451Q104

Decreased Positions (14)

CME CME Group Inc. Class A 2.7%

Value $5.973M (-56.6%) Shares 27,046 (-41.9%) Est. Cost $194.27 Unrealized —

SHAK Shake Shack, Inc. Class A 1.0%

Value $2.115M (-75.9%) Shares 37,763 (-62.0%) Est. Cost $89.87 Unrealized —

INFL Horizon Kinetics Inflation Beneficiaries ETF 2.4%

Value $5.305M (-41.0%) Shares 106,357 (-38.4%) Est. Cost $52.06 Unrealized —

RYAN Ryan Specialty Holdings, Inc. Class A 1.9%

Value $4.135M (-46.7%) Shares 109,517 (-52.4%) Est. Cost $60.41 Unrealized —

MSFT Microsoft Corporation 0.6%

Value $1.344M (-69.9%) Shares 3,602 (-70.2%) Est. Cost $377.53 Unrealized —

TKO TKO Group Holdings, Inc. Class A 2.5%

Value $5.548M (-23.4%) Shares 27,559 (-23.2%) Est. Cost $120.23 Unrealized —

EWJ iShares MSCI Japan ETF 2.2%

Value $4.884M (-19.5%) Shares 52,363 (-27.1%) Est. Cost $84.44 Unrealized —

ACWI iShares MSCI ACWI ETF 4.8%

Value $10.41M (-9.8%) Shares 66,345 (-20.5%) Est. Cost $138.67 Unrealized —

AIRR First Trust RBA American Industrial Renaissance ETF 3.3%

Value $7.231M (+17.7%) Shares 54,269 (-2.1%) Est. Cost $110.78 Unrealized —

RPRX Royalty Pharma Plc Class A 4.2%

Value $9.209M (-9.4%) Shares 164,249 (-22.5%) Est. Cost $38.63 Unrealized —

FWONA Liberty Media Corporation Class A 5.0%

Value $10.79M (+9.0%) Shares 123,310 (-2.8%) Est. Cost $80.78 Unrealized —

NVDA NVIDIA Corporation 2.3%

Value $4.99M (+13.2%) Shares 24,938 (-1.3%) Est. Cost $174.29 Unrealized —

HESM Hess Midstream LP Class A 0.2%

Value $497K (-52.9%) Shares 13,223 (-51.3%) Est. Cost $22.76 Unrealized —

LLYVA Liberty Live Holdings, Inc. Registered Series -A- 3.3%

Value $7.237M (+8.3%) Shares 71,474 (-2.0%) Est. Cost $84.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CME	CME Group Inc. Class A	27,046 (-41.9%)	$5.973M (-56.6%)	2.7%	$194.27	—	COM	12572Q105
SHAK	Shake Shack, Inc. Class A	37,763 (-62.0%)	$2.115M (-75.9%)	1.0%	$89.87	—	COM	819047101
INFL	Horizon Kinetics Inflation Beneficiaries ETF	106,357 (-38.4%)	$5.305M (-41.0%)	2.4%	$52.06	—	COM	53656F623
RYAN	Ryan Specialty Holdings, Inc. Class A	109,517 (-52.4%)	$4.135M (-46.7%)	1.9%	$60.41	—	COM	78351F107
MSFT	Microsoft Corporation	3,602 (-70.2%)	$1.344M (-69.9%)	0.6%	$377.53	—	COM	594918104
TKO	TKO Group Holdings, Inc. Class A	27,559 (-23.2%)	$5.548M (-23.4%)	2.5%	$120.23	—	COM	87256C101
EWJ	iShares MSCI Japan ETF	52,363 (-27.1%)	$4.884M (-19.5%)	2.2%	$84.44	—	COM	46434G822
ACWI	iShares MSCI ACWI ETF	66,345 (-20.5%)	$10.41M (-9.8%)	4.8%	$138.67	—	COM	464288257
AIRR	First Trust RBA American Industrial Renaissance ETF	54,269 (-2.1%)	$7.231M (+17.7%)	3.3%	$110.78	—	COM	33738R704
RPRX	Royalty Pharma Plc Class A	164,249 (-22.5%)	$9.209M (-9.4%)	4.2%	$38.63	—	COM	G7709Q104
FWONA	Liberty Media Corporation Class A	123,310 (-2.8%)	$10.79M (+9.0%)	5.0%	$80.78	—	COM	531229771
NVDA	NVIDIA Corporation	24,938 (-1.3%)	$4.99M (+13.2%)	2.3%	$174.29	—	COM	67066G104
HESM	Hess Midstream LP Class A	13,223 (-51.3%)	$497K (-52.9%)	0.2%	$22.76	—	COM	428103105
LLYVA	Liberty Live Holdings, Inc. Registered Series -A-	71,474 (-2.0%)	$7.237M (+8.3%)	3.3%	$84.72	—	COM	530909100

Unchanged Positions (7)

AMZN Amazon.com, Inc. 2.8%

Value $6.127M Shares 25,707 Est. Cost $194.58 Unrealized —

LLYVK Liberty Live Holdings, Inc. Series -C- 2.1%

Value $4.539M Shares 42,966 Est. Cost $86.65 Unrealized —

SHEN Shenandoah Telecommunications Company 6.4%

Value $14.03M Shares 930,143 Est. Cost $12.88 Unrealized —

TXRH Texas Roadhouse, Inc. 0.5%

Value $1.112M Shares 5,757 Est. Cost $174.35 Unrealized —

EH EHang Holdings Ltd. Sponsored ADR Class A 0.1%

Value $127K Shares 19,389 Est. Cost $9.71 Unrealized —

SPGI S&P Global, Inc. 0.6%

Value $1.239M Shares 3,043 Est. Cost $514.09 Unrealized —

AWK American Water Works Company, Inc. 0.5%

Value $1.076M Shares 8,181 Est. Cost $122.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	25,707	$6.127M	2.8%	$194.58	—	COM	023135106
LLYVK	Liberty Live Holdings, Inc. Series -C-	42,966	$4.539M	2.1%	$86.65	—	COM	530909308
SHEN	Shenandoah Telecommunications Company	930,143	$14.03M	6.4%	$12.88	—	COM	82312B106
TXRH	Texas Roadhouse, Inc.	5,757	$1.112M	0.5%	$174.35	—	COM	882681109
EH	EHang Holdings Ltd. Sponsored ADR Class A	19,389	$127K	0.1%	$9.71	—	COM	26853E102
SPGI	S&P Global, Inc.	3,043	$1.239M	0.6%	$514.09	—	COM	78409V104
AWK	American Water Works Company, Inc.	8,181	$1.076M	0.5%	$122.98	—	COM	030420103