Capco Asset Management, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROP	ROPER TECHNOLOGIES INC	110,112 (+19.4%)	$49,014 (+6.5%)	12.0%	$485.55	-4.8%	COM	776696106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	369 (+29.5%)	$112 (+40.9%)	0.0%	$244.11	—	SPONSORED ADS	874039100
—	MONDAY COM LTD	577 (+79.8%)	$85 (+36.9%)	0.0%	$228.70	—	SHS	m7s64h106
—	CERTARA INC	11,469 (+41.6%)	$101 (+2.1%)	0.0%	$10.85	—	COM	15687v109
META	META PLATFORMS INC	82 (+9.3%)	$54 (-1.7%)	0.0%	$620.94	+7.5%	CL A	30303M102

Exited Positions (1)

WBD WARNER BROS DISCOVERY INC 5.5%

Value ($000) $22,658 Shares 1,160,143 Est. Cost $16.22 Unrealized +44.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	1,160,143	$22,658	5.5%	$16.22	+44.1%	—	934423104

Decreased Positions (12)

— CHARTER COMMUNICATIONS INC N 2.3%

Value ($000) $9,398 (-66.2%) Shares 45,021 (-55.4%) Est. Cost $469.84 Unrealized —

— GOGO INC 3.2%

Value ($000) $13,275 (-46.6%) Shares 2,848,776 (-1.5%) Est. Cost $13.20 Unrealized —

MAR MARRIOTT INTL INC NEW 18.0%

Value ($000) $73,638 (+17.0%) Shares 237,357 (-1.8%) Est. Cost $112.52 Unrealized +153.6%

MKL MARKEL GROUP INC 13.7%

Value ($000) $56,093 (+10.5%) Shares 26,094 (-1.7%) Est. Cost $1239.62 Unrealized +63.4%

LRCX LAM RESEARCH CORP 6.3%

Value ($000) $25,602 (+25.6%) Shares 149,560 (-1.7%) Est. Cost $76.06 Unrealized +104.3%

PGR PROGRESSIVE CORP 10.8%

Value ($000) $44,217 (-9.2%) Shares 194,173 (-1.5%) Est. Cost $52.89 Unrealized +301.4%

MSFT MICROSOFT CORP 8.3%

Value ($000) $34,139 (-8.3%) Shares 70,591 (-1.8%) Est. Cost $99.60 Unrealized +402.6%

ADSK AUTODESK INC 6.4%

Value ($000) $26,149 (-8.4%) Shares 88,339 (-1.7%) Est. Cost $195.29 Unrealized +54.9%

AMZN AMAZON COM INC 7.8%

Value ($000) $31,693 (+3.4%) Shares 137,308 (-1.6%) Est. Cost $132.11 Unrealized +73.2%

— ANHEUSER BUSCH INBEV SA/NV 4.7%

Value ($000) $19,282 (+5.5%) Shares 301,100 (-1.8%) Est. Cost $59.84 Unrealized —

— WORKDAY INC 0.0%

Value ($000) $40 (-58.5%) Shares 186 (-53.5%) Est. Cost $240.00 Unrealized —

WDC WESTERN DIGITAL CORP 0.0%

Value ($000) $67 (-34.8%) Shares 391 (-54.5%) Est. Cost $47.46 Unrealized +219.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CHARTER COMMUNICATIONS INC N	45,021 (-55.4%)	$9,398 (-66.2%)	2.3%	$469.84	—	CL A	16119p108
—	GOGO INC	2,848,776 (-1.5%)	$13,275 (-46.6%)	3.2%	$13.20	—	COM	38046c109
MAR	MARRIOTT INTL INC NEW	237,357 (-1.8%)	$73,638 (+17.0%)	18.0%	$112.52	+153.6%	CL A	571903202
MKL	MARKEL GROUP INC	26,094 (-1.7%)	$56,093 (+10.5%)	13.7%	$1239.62	+63.4%	COM	570535104
LRCX	LAM RESEARCH CORP	149,560 (-1.7%)	$25,602 (+25.6%)	6.3%	$76.06	+104.3%	COM NEW	512807306
PGR	PROGRESSIVE CORP	194,173 (-1.5%)	$44,217 (-9.2%)	10.8%	$52.89	+301.4%	COM	743315103
MSFT	MICROSOFT CORP	70,591 (-1.8%)	$34,139 (-8.3%)	8.3%	$99.60	+402.6%	COM	594918104
ADSK	AUTODESK INC	88,339 (-1.7%)	$26,149 (-8.4%)	6.4%	$195.29	+54.9%	COM	052769106
AMZN	AMAZON COM INC	137,308 (-1.6%)	$31,693 (+3.4%)	7.8%	$132.11	+73.2%	COM	023135106
—	ANHEUSER BUSCH INBEV SA/NV	301,100 (-1.8%)	$19,282 (+5.5%)	4.7%	$59.84	—	SPONSORED ADR	03524a108
—	WORKDAY INC	186 (-53.5%)	$40 (-58.5%)	0.0%	$240.00	—	CL A	98138h101
WDC	WESTERN DIGITAL CORP	391 (-54.5%)	$67 (-34.8%)	0.0%	$47.46	+219.3%	COM	958102105

Unchanged Positions (9)

TEAM ATLASSIAN CORPORATION 2.2%

Value ($000) $8,937 Shares 55,119 Est. Cost $180.99 Unrealized -13.3%

LSTR LANDSTAR SYS INC 0.0%

Value ($000) $187 Shares 1,300 Est. Cost $103.02 Unrealized —

— COSTCO WHSL CORP NEW 0.1%

Value ($000) $328 Shares 380 Est. Cost $255.64 Unrealized —

GOOG ALPHABET INC 0.0%

Value ($000) $82 Shares 260 Est. Cost $164.85 Unrealized +73.7%

FIX COMFORT SYSTEMS USA INC 0.0%

Value ($000) $101 Shares 108 Est. Cost $434.87 Unrealized +112.2%

— SPDR S&P 500 ETF TR 0.0%

Value ($000) $77 Shares 113 Est. Cost $601.68 Unrealized —

— FRP HLDGS INC 0.0%

Value ($000) $5 Shares 200 Est. Cost $37.03 Unrealized —

AAPL APPLE INC 0.0%

Value ($000) $1 Shares 4 Est. Cost $33.39 Unrealized +703.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $50 Shares 100 Est. Cost $180.77 Unrealized +175.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TEAM	ATLASSIAN CORPORATION	55,119	$8,937	2.2%	$180.99	-13.3%	CL A	049468101
LSTR	LANDSTAR SYS INC	1,300	$187	0.0%	$103.02	—	COM	515098101
—	COSTCO WHSL CORP NEW	380	$328	0.1%	$255.64	—	COM	22160k105
GOOG	ALPHABET INC	260	$82	0.0%	$164.85	+73.7%	CAP STK CL C	02079K107
FIX	COMFORT SYSTEMS USA INC	108	$101	0.0%	$434.87	+112.2%	COM	199908104
—	SPDR S&P 500 ETF TR	113	$77	0.0%	$601.68	—	TR UNIT	78462f103
—	FRP HLDGS INC	200	$5	0.0%	$37.03	—	COM	30292l107
AAPL	APPLE INC	4	$1	0.0%	$33.39	+703.7%	COM	037833100
BRK/B	BERKSHIRE HATHAWAY INC DEL	100	$50	0.0%	$180.77	+175.2%	CL B NEW	084670702