Hyperion Capital Advisors LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GMED	GLOBUS MED INC	146,857	$12,822	6.3%	$75.90	0.0%	CL A	379577208
ACN	ACCENTURE PLC IRELAND	1,500	$402	0.2%	$254.06	0.0%	SHS CLASS A	G1151C101
BSM	BLACK STONE MINERALS L P	27,222	$362	0.2%	$13.29	—	COM UNIT	09225M101
TDY	TELEDYNE TECHNOLOGIES INC	650	$332	0.2%	$526.90	0.0%	COM	879360105
MSA	MSA SAFETY INC	2,000	$320	0.2%	$162.81	0.0%	COM	553498106
EXE	EXPAND ENERGY CORPORATION	2,400	$265	0.1%	$110.64	0.0%	COM	165167735
ADI	ANALOG DEVICES INC	800	$217	0.1%	$250.62	0.0%	COM	032654105
JPM	JPMORGAN CHASE & CO.	624	$201	0.1%	$309.53	0.0%	COM	46625H100

Increased Positions (10)

AMTM AMENTUM HOLDINGS INC 7.0%

Value ($000) $14,264 (+41.8%) Shares 491,872 (+17.1%) Est. Cost $24.35 Unrealized +5.0%

ICLR ICON PLC 5.9%

Value ($000) $12,030 (+39.5%) Shares 66,021 (+34.0%) Est. Cost $212.34 Unrealized -16.1%

KSPI KASPI KZ JSC 2.1%

Value ($000) $4,360 (+266.7%) Shares 55,810 (+283.3%) Est. Cost $82.71 Unrealized —

NFLX NETFLIX INC 3.6%

Value ($000) $7,365 (-22.4%) Shares 78,550 (+891.8%) Est. Cost $100.31 Unrealized +7.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.1%

Value ($000) $2,283 (+58.2%) Shares 7,513 (+45.4%) Est. Cost $161.09 Unrealized —

FWONK LIBERTY MEDIA CORP DEL 1.2%

Value ($000) $2,460 (+49.6%) Shares 24,976 (+58.7%) Est. Cost $89.34 Unrealized —

XP XP INC 0.5%

Value ($000) $1,000 (+254.7%) Shares 61,067 (+307.1%) Est. Cost $17.79 Unrealized -1.0%

VERX VERTEX INC 6.4%

Value ($000) $12,981 (-3.0%) Shares 650,000 (+20.4%) Est. Cost $27.73 Unrealized -22.0%

GLIBK GCI LIBERTY INC 0.3%

Value ($000) $653 (+38.4%) Shares 17,543 (+38.6%) Est. Cost $35.22 Unrealized -0.4%

EPD ENTERPRISE PRODS PARTNERS L 0.2%

Value ($000) $426 (+36.4%) Shares 13,300 (+33.0%) Est. Cost $26.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMTM	AMENTUM HOLDINGS INC	491,872 (+17.1%)	$14,264 (+41.8%)	7.0%	$24.35	+5.0%	COM	023939101
ICLR	ICON PLC	66,021 (+34.0%)	$12,030 (+39.5%)	5.9%	$212.34	-16.1%	SHS	G4705A100
KSPI	KASPI KZ JSC	55,810 (+283.3%)	$4,360 (+266.7%)	2.1%	$82.71	—	SPONSORED ADS	48581R205
NFLX	NETFLIX INC	78,550 (+891.8%)	$7,365 (-22.4%)	3.6%	$100.31	+7.5%	COM	64110L106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	7,513 (+45.4%)	$2,283 (+58.2%)	1.1%	$161.09	—	SPONSORED ADS	874039100
FWONK	LIBERTY MEDIA CORP DEL	24,976 (+58.7%)	$2,460 (+49.6%)	1.2%	$89.34	—	COM LBTY ONE S C	531229755
XP	XP INC	61,067 (+307.1%)	$1,000 (+254.7%)	0.5%	$17.79	-1.0%	CL A	G98239109
VERX	VERTEX INC	650,000 (+20.4%)	$12,981 (-3.0%)	6.4%	$27.73	-22.0%	CL A	92538J106
GLIBK	GCI LIBERTY INC	17,543 (+38.6%)	$653 (+38.4%)	0.3%	$35.22	-0.4%	COM SER C	36164V800
EPD	ENTERPRISE PRODS PARTNERS L	13,300 (+33.0%)	$426 (+36.4%)	0.2%	$26.09	—	COM	293792107

Exited Positions (3)

META META PLATFORMS INC 5.1%

Value ($000) $10,345 Shares 14,087 Est. Cost $267.97 Unrealized +149.0%

HCA HCA HEALTHCARE INC 0.2%

Value ($000) $341 Shares 800 Est. Cost $242.98 Unrealized +90.8%

PRKS UNITED PARKS & RESORTS INC 0.1%

Value ($000) $233 Shares 4,500 Est. Cost $44.66 Unrealized -7.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	14,087	$10,345	5.1%	$267.97	+149.0%	—	30303M102
HCA	HCA HEALTHCARE INC	800	$341	0.2%	$242.98	+90.8%	—	40412C101
PRKS	UNITED PARKS & RESORTS INC	4,500	$233	0.1%	$44.66	-7.0%	—	81282V100

Decreased Positions (7)

GOOG ALPHABET INC 10.6%

Value ($000) $21,669 (+13.7%) Shares 69,054 (-11.7%) Est. Cost $112.52 Unrealized +154.5%

CACC CREDIT ACCEP CORP MICH 3.5%

Value ($000) $7,190 (-16.7%) Shares 16,214 (-12.3%) Est. Cost $404.39 Unrealized +14.6%

GOOGL ALPHABET INC 8.7%

Value ($000) $17,703 (+4.9%) Shares 56,560 (-18.5%) Est. Cost $128.67 Unrealized +122.0%

ING ING GROEP N.V. 0.2%

Value ($000) $442 (-43.2%) Shares 15,791 (-47.1%) Est. Cost $15.90 Unrealized —

AXP AMERICAN EXPRESS CO 0.2%

Value ($000) $344 (-24.9%) Shares 930 (-32.6%) Est. Cost $158.45 Unrealized +125.3%

SGU STAR GROUP L P 0.1%

Value ($000) $301 (-13.5%) Shares 25,400 (-13.6%) Est. Cost $12.30 Unrealized -3.8%

BAC BANK AMERICA CORP 0.2%

Value ($000) $490 (+4.5%) Shares 8,900 (-2.0%) Est. Cost $26.62 Unrealized +97.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	69,054 (-11.7%)	$21,669 (+13.7%)	10.6%	$112.52	+154.5%	CAP STK CL C	02079K107
CACC	CREDIT ACCEP CORP MICH	16,214 (-12.3%)	$7,190 (-16.7%)	3.5%	$404.39	+14.6%	COM	225310101
GOOGL	ALPHABET INC	56,560 (-18.5%)	$17,703 (+4.9%)	8.7%	$128.67	+122.0%	CAP STK CL A	02079K305
ING	ING GROEP N.V.	15,791 (-47.1%)	$442 (-43.2%)	0.2%	$15.90	—	SPONSORED ADR	456837103
AXP	AMERICAN EXPRESS CO	930 (-32.6%)	$344 (-24.9%)	0.2%	$158.45	+125.3%	COM	025816109
SGU	STAR GROUP L P	25,400 (-13.6%)	$301 (-13.5%)	0.1%	$12.30	-3.8%	UNIT LTD PARTNR	85512C105
BAC	BANK AMERICA CORP	8,900 (-2.0%)	$490 (+4.5%)	0.2%	$26.62	+97.9%	COM	060505104

Unchanged Positions (42)

ELV ELEVANCE HEALTH INC FORMERLY 8.9%

Value ($000) $18,103 Shares 51,643 Est. Cost $370.02 Unrealized -9.0%

LBRDK LIBERTY BROADBAND CORP 1.5%

Value ($000) $3,076 Shares 63,301 Est. Cost $71.93 Unrealized -27.7%

RYAAY RYANAIR HOLDINGS PLC 2.5%

Value ($000) $5,153 Shares 71,375 Est. Cost $62.16 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 6.0%

Value ($000) $12,353 Shares 76,272 Est. Cost $101.60 Unrealized +53.7%

BUR BURFORD CAP LTD 0.7%

Value ($000) $1,418 Shares 159,000 Est. Cost $9.26 Unrealized +5.7%

UNH UNITEDHEALTH GROUP INC 5.9%

Value ($000) $11,994 Shares 36,333 Est. Cost $334.45 Unrealized +0.8%

SCHW SCHWAB CHARLES CORP 4.8%

Value ($000) $9,779 Shares 97,880 Est. Cost $61.68 Unrealized +53.6%

BIP BROOKFIELD INFRAST PARTNERS 1.6%

Value ($000) $3,336 Shares 96,019 Est. Cost $31.27 Unrealized —

WAT WATERS CORP 0.3%

Value ($000) $621 Shares 1,634 Est. Cost $220.88 Unrealized +66.6%

GLD SPDR GOLD TR 0.5%

Value ($000) $1,085 Shares 2,738 Est. Cost $155.30 Unrealized —

AAPL APPLE INC 0.8%

Value ($000) $1,699 Shares 6,248 Est. Cost $107.56 Unrealized +149.5%

BRO BROWN & BROWN INC 0.3%

Value ($000) $598 Shares 7,500 Est. Cost $35.99 Unrealized +131.7%

UHAL/B U HAUL HOLDING COMPANY 0.5%

Value ($000) $1,066 Shares 22,800 Est. Cost $56.09 Unrealized -13.2%

TJX TJX COS INC NEW 0.7%

Value ($000) $1,485 Shares 9,665 Est. Cost $54.60 Unrealized +170.5%

DAL DELTA AIR LINES INC DEL 0.2%

Value ($000) $468 Shares 6,750 Est. Cost $45.56 Unrealized +37.1%

AER AERCAP HOLDINGS NV 0.2%

Value ($000) $331 Shares 2,300 Est. Cost $87.78 Unrealized +50.9%

LEN LENNAR CORP 0.1%

Value ($000) $226 Shares 2,203 Est. Cost $92.73 Unrealized +30.2%

FAST FASTENAL CO 0.1%

Value ($000) $230 Shares 5,720 Est. Cost $36.52 Unrealized +15.1%

LIN LINDE PLC 0.2%

Value ($000) $368 Shares 863 Est. Cost $322.30 Unrealized +32.6%

MSFT MICROSOFT CORP 0.3%

Value ($000) $545 Shares 1,127 Est. Cost $200.67 Unrealized +149.5%

AMZN AMAZON COM INC 0.4%

Value ($000) $762 Shares 3,300 Est. Cost $124.68 Unrealized +83.5%

HDB HDFC BANK LTD 0.3%

Value ($000) $542 Shares 14,840 Est. Cost $50.47 Unrealized —

COF CAPITAL ONE FINL CORP 0.1%

Value ($000) $260 Shares 1,071 Est. Cost $131.88 Unrealized +68.5%

AVT AVNET INC 0.2%

Value ($000) $346 Shares 7,200 Est. Cost $45.98 Unrealized +6.4%

CB CHUBB LIMITED 0.2%

Value ($000) $311 Shares 995 Est. Cost $275.21 Unrealized +6.2%

WST WEST PHARMACEUTICAL SVSC INC 0.3%

Value ($000) $586 Shares 2,130 Est. Cost $143.32 Unrealized +90.8%

USB US BANCORP DEL 0.1%

Value ($000) $267 Shares 5,000 Est. Cost $41.12 Unrealized +18.5%

STLA STELLANTIS N.V 0.1%

Value ($000) $163 Shares 15,000 Est. Cost $17.69 Unrealized —

EQH EQUITABLE HLDGS INC 0.1%

Value ($000) $289 Shares 6,061 Est. Cost $20.80 Unrealized +127.2%

BLND BLEND LABS INC 0.0%

Value ($000) $91 Shares 29,848 Est. Cost $3.31 Unrealized -3.8%

CPA COPA HOLDINGS SA 0.5%

Value ($000) $1,013 Shares 8,400 Est. Cost $86.16 Unrealized +40.7%

LOW LOWES COS INC 0.2%

Value ($000) $314 Shares 1,300 Est. Cost $170.43 Unrealized +40.7%

NBN NORTHEAST BK PORTLAND ME 0.1%

Value ($000) $291 Shares 2,800 Est. Cost $67.88 Unrealized +37.5%

THO THOR INDS INC 0.5%

Value ($000) $1,045 Shares 10,180 Est. Cost $66.69 Unrealized +54.9%

DE DEERE & CO 0.2%

Value ($000) $419 Shares 900 Est. Cost $349.66 Unrealized +33.8%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $240 Shares 352 Est. Cost $617.85 Unrealized —

AMBP ARDAGH METAL PACKAGING S A 0.1%

Value ($000) $185 Shares 45,000 Est. Cost $5.91 Unrealized -35.8%

UNP UNION PAC CORP 0.1%

Value ($000) $208 Shares 900 Est. Cost $209.24 Unrealized +8.6%

FERG FERGUSON ENTERPRISES INC 0.1%

Value ($000) $267 Shares 1,200 Est. Cost $184.34 Unrealized +29.1%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.4%

Value ($000) $755 Shares 1 Est. Cost $325723.70 Unrealized +129.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.4%

Value ($000) $882 Shares 1,754 Est. Cost $208.45 Unrealized +138.7%

SBAC SBA COMMUNICATIONS CORP NEW 0.1%

Value ($000) $252 Shares 1,303 Est. Cost $222.93 Unrealized -13.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	51,643	$18,103	8.9%	$370.02	-9.0%	COM	036752103
LBRDK	LIBERTY BROADBAND CORP	63,301	$3,076	1.5%	$71.93	-27.7%	COM SER C	530307305
RYAAY	RYANAIR HOLDINGS PLC	71,375	$5,153	2.5%	$62.16	—	SPONSORED ADR	783513203
ICE	INTERCONTINENTAL EXCHANGE IN	76,272	$12,353	6.0%	$101.60	+53.7%	COM	45866F104
BUR	BURFORD CAP LTD	159,000	$1,418	0.7%	$9.26	+5.7%	ORD SHS	G17977110
UNH	UNITEDHEALTH GROUP INC	36,333	$11,994	5.9%	$334.45	+0.8%	COM	91324P102
SCHW	SCHWAB CHARLES CORP	97,880	$9,779	4.8%	$61.68	+53.6%	COM	808513105
BIP	BROOKFIELD INFRAST PARTNERS	96,019	$3,336	1.6%	$31.27	—	LP INT UNIT	G16252101
WAT	WATERS CORP	1,634	$621	0.3%	$220.88	+66.6%	COM	941848103
GLD	SPDR GOLD TR	2,738	$1,085	0.5%	$155.30	—	GOLD SHS	78463V107
AAPL	APPLE INC	6,248	$1,699	0.8%	$107.56	+149.5%	COM	037833100
BRO	BROWN & BROWN INC	7,500	$598	0.3%	$35.99	+131.7%	COM	115236101
UHAL/B	U HAUL HOLDING COMPANY	22,800	$1,066	0.5%	$56.09	-13.2%	COM SER N	023586506
TJX	TJX COS INC NEW	9,665	$1,485	0.7%	$54.60	+170.5%	COM	872540109
DAL	DELTA AIR LINES INC DEL	6,750	$468	0.2%	$45.56	+37.1%	COM NEW	247361702
AER	AERCAP HOLDINGS NV	2,300	$331	0.2%	$87.78	+50.9%	SHS	N00985106
LEN	LENNAR CORP	2,203	$226	0.1%	$92.73	+30.2%	CL A	526057104
FAST	FASTENAL CO	5,720	$230	0.1%	$36.52	+15.1%	COM	311900104
LIN	LINDE PLC	863	$368	0.2%	$322.30	+32.6%	SHS	G54950103
MSFT	MICROSOFT CORP	1,127	$545	0.3%	$200.67	+149.5%	COM	594918104
AMZN	AMAZON COM INC	3,300	$762	0.4%	$124.68	+83.5%	COM	023135106
HDB	HDFC BANK LTD	14,840	$542	0.3%	$50.47	—	SPONSORED ADS	40415F101
COF	CAPITAL ONE FINL CORP	1,071	$260	0.1%	$131.88	+68.5%	COM	14040H105
AVT	AVNET INC	7,200	$346	0.2%	$45.98	+6.4%	COM	053807103
CB	CHUBB LIMITED	995	$311	0.2%	$275.21	+6.2%	COM	H1467J104
WST	WEST PHARMACEUTICAL SVSC INC	2,130	$586	0.3%	$143.32	+90.8%	COM	955306105
USB	US BANCORP DEL	5,000	$267	0.1%	$41.12	+18.5%	COM NEW	902973304
STLA	STELLANTIS N.V	15,000	$163	0.1%	$17.69	—	SHS	N82405106
EQH	EQUITABLE HLDGS INC	6,061	$289	0.1%	$20.80	+127.2%	COM	29452E101
BLND	BLEND LABS INC	29,848	$91	0.0%	$3.31	-3.8%	CL A	09352U108
CPA	COPA HOLDINGS SA	8,400	$1,013	0.5%	$86.16	+40.7%	CL A	P31076105
LOW	LOWES COS INC	1,300	$314	0.2%	$170.43	+40.7%	COM	548661107
NBN	NORTHEAST BK PORTLAND ME	2,800	$291	0.1%	$67.88	+37.5%	COM	66405S100
THO	THOR INDS INC	10,180	$1,045	0.5%	$66.69	+54.9%	COM	885160101
DE	DEERE & CO	900	$419	0.2%	$349.66	+33.8%	COM	244199105
SPY	SPDR S&P 500 ETF TR	352	$240	0.1%	$617.85	—	TR UNIT	78462F103
AMBP	ARDAGH METAL PACKAGING S A	45,000	$185	0.1%	$5.91	-35.8%	SHS	L02235106
UNP	UNION PAC CORP	900	$208	0.1%	$209.24	+8.6%	COM	907818108
FERG	FERGUSON ENTERPRISES INC	1,200	$267	0.1%	$184.34	+29.1%	COMMON STOCK NEW	31488V107
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$755	0.4%	$325723.70	+129.2%	CL A	084670108
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,754	$882	0.4%	$208.45	+138.7%	CL B NEW	084670702
SBAC	SBA COMMUNICATIONS CORP NEW	1,303	$252	0.1%	$222.93	-13.6%	CL A	78410G104