YCG, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	79,425	$33,866	2.6%	$427.28	0.0%	SHS	G54950103
TDG	TRANSDIGM GROUP INC	23,288	$30,970	2.3%	$1310.75	0.0%	COM	893641100
BRK/A	BERKSHIRE HATHAWAY INC DEL	2	$1,510	0.1%	$746423.56	0.0%	CL A	084670108
AMGN	AMGEN INC	1,598	$523	0.0%	$315.95	0.0%	COM	031162100
CAT	CATERPILLAR INC	596	$341	0.0%	$555.50	0.0%	COM	149123101
ORLY	OREILLY AUTOMOTIVE INC	2,625	$239	0.0%	$97.70	0.0%	COM	67103H107
SCHW	SCHWAB CHARLES CORP	2,088	$209	0.0%	$94.74	0.0%	COM	808513105

Increased Positions (13)

META META PLATFORMS INC 1.3%

Value ($000) $17,072 (+3211.5%) Shares 25,863 (+3584.2%) Est. Cost $669.38 Unrealized -0.3%

CME CME GROUP INC 2.6%

Value ($000) $34,196 (+18.1%) Shares 125,225 (+16.9%) Est. Cost $194.56 Unrealized +39.2%

RACE FERRARI N V 1.8%

Value ($000) $23,787 (+27.5%) Shares 64,367 (+67.4%) Est. Cost $286.96 Unrealized +39.4%

VRSK VERISK ANALYTICS INC 3.1%

Value ($000) $41,700 (+12.0%) Shares 186,418 (+25.9%) Est. Cost $131.47 Unrealized +71.4%

RSG REPUBLIC SVCS INC 3.4%

Value ($000) $44,593 (-6.5%) Shares 210,414 (+1.3%) Est. Cost $148.09 Unrealized +44.9%

SGOV ISHARES TR 0.1%

Value ($000) $1,641 (+419.2%) Shares 16,345 (+420.9%) Est. Cost $100.44 Unrealized —

MRSH MARSH & MCLENNAN COS INC 3.4%

Value ($000) $44,653 (-2.8%) Shares 240,693 (+5.6%) Est. Cost $92.11 Unrealized +102.4%

PG PROCTER AND GAMBLE CO 1.3%

Value ($000) $16,774 (-5.6%) Shares 117,047 (+1.2%) Est. Cost $72.66 Unrealized +102.5%

PGR PROGRESSIVE CORP 1.1%

Value ($000) $14,608 (-3.3%) Shares 64,149 (+4.9%) Est. Cost $87.22 Unrealized +143.5%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $898 (+38.4%) Shares 4,340 (+24.0%) Est. Cost $87.60 Unrealized +124.9%

VMC VULCAN MATLS CO 1.0%

Value ($000) $12,849 (+2.0%) Shares 45,050 (+10.0%) Est. Cost $256.69 Unrealized +14.2%

CPRT COPART INC 4.4%

Value ($000) $57,952 (-0.4%) Shares 1,480,257 (+14.4%) Est. Cost $35.45 Unrealized +17.0%

SYK STRYKER CORPORATION 0.1%

Value ($000) $1,380 (+16.5%) Shares 3,926 (+22.6%) Est. Cost $116.84 Unrealized +211.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	25,863 (+3584.2%)	$17,072 (+3211.5%)	1.3%	$669.38	-0.3%	CL A	30303M102
CME	CME GROUP INC	125,225 (+16.9%)	$34,196 (+18.1%)	2.6%	$194.56	+39.2%	COM	12572Q105
RACE	FERRARI N V	64,367 (+67.4%)	$23,787 (+27.5%)	1.8%	$286.96	+39.4%	COM	N3167Y103
VRSK	VERISK ANALYTICS INC	186,418 (+25.9%)	$41,700 (+12.0%)	3.1%	$131.47	+71.4%	COM	92345Y106
RSG	REPUBLIC SVCS INC	210,414 (+1.3%)	$44,593 (-6.5%)	3.4%	$148.09	+44.9%	COM	760759100
SGOV	ISHARES TR	16,345 (+420.9%)	$1,641 (+419.2%)	0.1%	$100.44	—	0-3 MNTH TREASRY	46436E718
MRSH	MARSH & MCLENNAN COS INC	240,693 (+5.6%)	$44,653 (-2.8%)	3.4%	$92.11	+102.4%	COM	571748102
PG	PROCTER AND GAMBLE CO	117,047 (+1.2%)	$16,774 (-5.6%)	1.3%	$72.66	+102.5%	COM	742718109
PGR	PROGRESSIVE CORP	64,149 (+4.9%)	$14,608 (-3.3%)	1.1%	$87.22	+143.5%	COM	743315103
JNJ	JOHNSON & JOHNSON	4,340 (+24.0%)	$898 (+38.4%)	0.1%	$87.60	+124.9%	COM	478160104
VMC	VULCAN MATLS CO	45,050 (+10.0%)	$12,849 (+2.0%)	1.0%	$256.69	+14.2%	COM	929160109
CPRT	COPART INC	1,480,257 (+14.4%)	$57,952 (-0.4%)	4.4%	$35.45	+17.0%	COM	217204106
SYK	STRYKER CORPORATION	3,926 (+22.6%)	$1,380 (+16.5%)	0.1%	$116.84	+211.1%	COM	863667101

Decreased Positions (9)

AAPL APPLE INC 1.2%

Value ($000) $15,675 (-73.0%) Shares 57,659 (-74.7%) Est. Cost $152.09 Unrealized +76.4%

MSFT MICROSOFT CORP 6.3%

Value ($000) $84,097 (-26.2%) Shares 173,891 (-21.0%) Est. Cost $151.45 Unrealized +230.5%

AMZN AMAZON COM INC 3.4%

Value ($000) $45,714 (-39.4%) Shares 198,050 (-42.4%) Est. Cost $122.88 Unrealized +86.2%

MA MASTERCARD INCORPORATED 6.9%

Value ($000) $91,932 (-5.7%) Shares 161,036 (-6.0%) Est. Cost $108.68 Unrealized +414.3%

FICO FAIR ISAAC CORP 5.4%

Value ($000) $71,322 (+7.3%) Shares 42,187 (-5.0%) Est. Cost $1624.24 Unrealized +6.0%

MCO MOODYS CORP 7.0%

Value ($000) $92,466 (+5.2%) Shares 181,005 (-1.9%) Est. Cost $153.44 Unrealized +217.6%

CBRE CBRE GROUP INC 2.2%

Value ($000) $28,908 (-10.7%) Shares 179,785 (-12.5%) Est. Cost $45.10 Unrealized +248.6%

GOOG ALPHABET INC 4.8%

Value ($000) $63,982 (+3.6%) Shares 203,895 (-19.6%) Est. Cost $106.49 Unrealized +168.9%

KO COCA COLA CO 0.4%

Value ($000) $5,318 (-2.0%) Shares 76,066 (-7.1%) Est. Cost $28.86 Unrealized +140.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	57,659 (-74.7%)	$15,675 (-73.0%)	1.2%	$152.09	+76.4%	COM	037833100
MSFT	MICROSOFT CORP	173,891 (-21.0%)	$84,097 (-26.2%)	6.3%	$151.45	+230.5%	COM	594918104
AMZN	AMAZON COM INC	198,050 (-42.4%)	$45,714 (-39.4%)	3.4%	$122.88	+86.2%	COM	023135106
MA	MASTERCARD INCORPORATED	161,036 (-6.0%)	$91,932 (-5.7%)	6.9%	$108.68	+414.3%	CL A	57636Q104
FICO	FAIR ISAAC CORP	42,187 (-5.0%)	$71,322 (+7.3%)	5.4%	$1624.24	+6.0%	COM	303250104
MCO	MOODYS CORP	181,005 (-1.9%)	$92,466 (+5.2%)	7.0%	$153.44	+217.6%	COM	615369105
CBRE	CBRE GROUP INC	179,785 (-12.5%)	$28,908 (-10.7%)	2.2%	$45.10	+248.6%	CL A	12504L109
GOOG	ALPHABET INC	203,895 (-19.6%)	$63,982 (+3.6%)	4.8%	$106.49	+168.9%	CAP STK CL C	02079K107
KO	COCA COLA CO	76,066 (-7.1%)	$5,318 (-2.0%)	0.4%	$28.86	+140.4%	COM	191216100

Unchanged Positions (15)

CSGP COSTAR GROUP INC 1.8%

Value ($000) $24,154 Shares 359,225 Est. Cost $81.68 Unrealized -13.3%

SPGI S&P GLOBAL INC 3.4%

Value ($000) $44,865 Shares 85,851 Est. Cost $359.54 Unrealized +37.5%

CNI CANADIAN NATL RY CO 2.2%

Value ($000) $28,978 Shares 293,152 Est. Cost $110.39 Unrealized -12.9%

INTU INTUIT 3.2%

Value ($000) $41,922 Shares 63,286 Est. Cost $321.58 Unrealized +105.5%

MSCI MSCI INC 4.8%

Value ($000) $63,274 Shares 110,286 Est. Cost $153.25 Unrealized +265.4%

CRH CRH PLC 1.1%

Value ($000) $14,264 Shares 114,294 Est. Cost $96.24 Unrealized +23.8%

V VISA INC 1.6%

Value ($000) $21,437 Shares 61,125 Est. Cost $190.88 Unrealized +78.3%

AON AON PLC 4.0%

Value ($000) $53,441 Shares 151,443 Est. Cost $192.70 Unrealized +81.2%

EFX EQUIFAX INC 0.1%

Value ($000) $1,302 Shares 6,000 Est. Cost $56.79 Unrealized +285.1%

CL COLGATE PALMOLIVE CO 1.2%

Value ($000) $16,506 Shares 208,887 Est. Cost $58.36 Unrealized +34.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.9%

Value ($000) $24,593 Shares 48,926 Est. Cost $263.97 Unrealized +88.5%

CP CANADIAN PACIFIC KANSAS CITY 2.2%

Value ($000) $28,693 Shares 389,690 Est. Cost $76.76 Unrealized -4.1%

WM WASTE MGMT INC DEL 4.1%

Value ($000) $53,948 Shares 245,540 Est. Cost $160.80 Unrealized +32.2%

ADBE ADOBE INC 1.2%

Value ($000) $16,126 Shares 46,075 Est. Cost $412.83 Unrealized -17.6%

MLM MARTIN MARIETTA MATLS INC 1.0%

Value ($000) $12,770 Shares 20,509 Est. Cost $509.42 Unrealized +22.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	359,225	$24,154	1.8%	$81.68	-13.3%	COM	22160N109
SPGI	S&P GLOBAL INC	85,851	$44,865	3.4%	$359.54	+37.5%	COM	78409V104
CNI	CANADIAN NATL RY CO	293,152	$28,978	2.2%	$110.39	-12.9%	COM	136375102
INTU	INTUIT	63,286	$41,922	3.2%	$321.58	+105.5%	COM	461202103
MSCI	MSCI INC	110,286	$63,274	4.8%	$153.25	+265.4%	COM	55354G100
CRH	CRH PLC	114,294	$14,264	1.1%	$96.24	+23.8%	ORD	G25508105
V	VISA INC	61,125	$21,437	1.6%	$190.88	+78.3%	COM CL A	92826C839
AON	AON PLC	151,443	$53,441	4.0%	$192.70	+81.2%	SHS CL A	G0403H108
EFX	EQUIFAX INC	6,000	$1,302	0.1%	$56.79	+285.1%	COM	294429105
CL	COLGATE PALMOLIVE CO	208,887	$16,506	1.2%	$58.36	+34.2%	COM	194162103
BRK/B	BERKSHIRE HATHAWAY INC DEL	48,926	$24,593	1.9%	$263.97	+88.5%	CL B NEW	084670702
CP	CANADIAN PACIFIC KANSAS CITY	389,690	$28,693	2.2%	$76.76	-4.1%	COM	13646K108
WM	WASTE MGMT INC DEL	245,540	$53,948	4.1%	$160.80	+32.2%	COM	94106L109
ADBE	ADOBE INC	46,075	$16,126	1.2%	$412.83	-17.6%	COM	00724F101
MLM	MARTIN MARIETTA MATLS INC	20,509	$12,770	1.0%	$509.42	+22.0%	COM	573284106