Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC	418,399	$26.84M	3.1%	$64.15	—	COM	115236101
PAYX	PAYCHEX INC	4,593	$452K	0.1%	$98.33	—	COM	704326107
CAT	CATERPILLAR INC	246	$262K	0.0%	$1064.90	—	COM	149123101
BAC	BANK OF AMER CORP	4,110	$234K	0.0%	$56.98	—	COM	060505104
CSCO	CISCO SYS INC	1,816	$213K	0.0%	$117.49	—	COM	17275R102
—	LIBERTY MEDIA CORP DEL	25,000	$1,123	0.0%	$0.04	—	DEB 4.000%11/1	530715AG6

Increased Positions (20)

ABT ABBOTT LABORATORIES 4.6%

Value $40.61M (+18.7%) Shares 447,583 (+34.4%) Est. Cost $99.65 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 5.5%

Value $48.51M (+15.2%) Shares 216,593 (+4.5%) Est. Cost $240.08 Unrealized —

MCD MCDONALDS CORP 2.8%

Value $24.68M (+32.4%) Shares 91,300 (+52.2%) Est. Cost $229.24 Unrealized —

V VISA INC 5.0%

Value $44.13M (+15.3%) Shares 128,617 (+1.6%) Est. Cost $233.52 Unrealized —

LECO LINCOLN ELEC HLDGS INC 4.5%

Value $39.54M (+12.0%) Shares 148,908 (+5.1%) Est. Cost $197.49 Unrealized —

PEP PEPSICO INC 4.2%

Value $36.52M (-8.1%) Shares 269,725 (+5.4%) Est. Cost $141.32 Unrealized —

BA BOEING CO 3.1%

Value $27.18M (+10.0%) Shares 125,545 (+1.1%) Est. Cost $250.50 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 2.5%

Value $21.84M (+5.5%) Shares 43,653 (+1.1%) Est. Cost $221.29 Unrealized —

INTU INTUIT 0.2%

Value $2.123M (-27.9%) Shares 8,132 (+19.5%) Est. Cost $458.93 Unrealized —

LULU LULULEMON ATHLETICA INC 0.2%

Value $1.702M (-24.2%) Shares 14,908 (+1.7%) Est. Cost $266.70 Unrealized —

WMS ADVANCED DRAIN SYS INC DEL 0.1%

Value $1.179M (+28.0%) Shares 7,512 (+11.8%) Est. Cost $136.44 Unrealized —

KNSL KINSALE CAP GROUP INC 0.2%

Value $1.512M (+20.5%) Shares 4,585 (+24.8%) Est. Cost $380.78 Unrealized —

WSM WILLIAMS SONOMA INC 0.1%

Value $836K (+29.7%) Shares 3,585 (+1.4%) Est. Cost $106.09 Unrealized —

KLAC KLA CORP 0.1%

Value $453K (+44.3%) Shares 1,500 (+604.2%) Est. Cost $390.98 Unrealized —

HSY HERSHEY CO 0.2%

Value $1.961M (+6.2%) Shares 11,176 (+25.8%) Est. Cost $186.77 Unrealized —

MA MASTERCARD INCORPORATED 0.2%

Value $1.539M (+5.4%) Shares 2,997 (+2.5%) Est. Cost $424.73 Unrealized —

UL UNILEVER PLC 0.0%

Value $413K (+22.5%) Shares 6,862 (+16.0%) Est. Cost $63.91 Unrealized —

UPS UNITED PARCEL SVCS INC 0.1%

Value $704K (+11.9%) Shares 6,552 (+2.4%) Est. Cost $119.56 Unrealized —

DG DOLLAR GEN CORP 0.1%

Value $667K (-0.6%) Shares 5,795 (+2.5%) Est. Cost $85.38 Unrealized —

VUG VANGUARD INDEX FDS 0.0%

Value $11,887 (+18.3%) Shares 138 (+500.0%) Est. Cost $144.58 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABT	ABBOTT LABORATORIES	447,583 (+34.4%)	$40.61M (+18.7%)	4.6%	$99.65	—	COM	002824100
ADP	AUTOMATIC DATA PROCESSING IN	216,593 (+4.5%)	$48.51M (+15.2%)	5.5%	$240.08	—	COM	053015103
MCD	MCDONALDS CORP	91,300 (+52.2%)	$24.68M (+32.4%)	2.8%	$229.24	—	COM	580135101
V	VISA INC	128,617 (+1.6%)	$44.13M (+15.3%)	5.0%	$233.52	—	COM CL A	92826C839
LECO	LINCOLN ELEC HLDGS INC	148,908 (+5.1%)	$39.54M (+12.0%)	4.5%	$197.49	—	COM	533900106
PEP	PEPSICO INC	269,725 (+5.4%)	$36.52M (-8.1%)	4.2%	$141.32	—	COM	713448108
BA	BOEING CO	125,545 (+1.1%)	$27.18M (+10.0%)	3.1%	$250.50	—	COM	097023105
BRK/B	BERKSHIRE HATHAWAY INC DEL	43,653 (+1.1%)	$21.84M (+5.5%)	2.5%	$221.29	—	CL B NEW	084670702
INTU	INTUIT	8,132 (+19.5%)	$2.123M (-27.9%)	0.2%	$458.93	—	COM	461202103
LULU	LULULEMON ATHLETICA INC	14,908 (+1.7%)	$1.702M (-24.2%)	0.2%	$266.70	—	COM	550021109
WMS	ADVANCED DRAIN SYS INC DEL	7,512 (+11.8%)	$1.179M (+28.0%)	0.1%	$136.44	—	COM	00790R104
KNSL	KINSALE CAP GROUP INC	4,585 (+24.8%)	$1.512M (+20.5%)	0.2%	$380.78	—	COM	49714P108
WSM	WILLIAMS SONOMA INC	3,585 (+1.4%)	$836K (+29.7%)	0.1%	$106.09	—	COM	969904101
KLAC	KLA CORP	1,500 (+604.2%)	$453K (+44.3%)	0.1%	$390.98	—	COM NEW	482480100
HSY	HERSHEY CO	11,176 (+25.8%)	$1.961M (+6.2%)	0.2%	$186.77	—	COM	427866108
MA	MASTERCARD INCORPORATED	2,997 (+2.5%)	$1.539M (+5.4%)	0.2%	$424.73	—	CL A	57636Q104
UL	UNILEVER PLC	6,862 (+16.0%)	$413K (+22.5%)	0.0%	$63.91	—	SPON ADR NEW	904767803
UPS	UNITED PARCEL SVCS INC	6,552 (+2.4%)	$704K (+11.9%)	0.1%	$119.56	—	CL B	911312106
DG	DOLLAR GEN CORP	5,795 (+2.5%)	$667K (-0.6%)	0.1%	$85.38	—	COM	256677105
VUG	VANGUARD INDEX FDS	138 (+500.0%)	$11,887 (+18.3%)	0.0%	$144.58	—	GROWTH ETF	922908736

Exited Positions (3)

NKE NIKE INC 3.0%

Value $26.44M Shares 500,596 Est. Cost $86.86 Unrealized —

HON HONEYWELL INTL INC 0.0%

Value $252K Shares 1,115 Est. Cost $176.10 Unrealized —

NFLX NETFLIX INC. 0.0%

Value $243K Shares 2,529 Est. Cost $83.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	500,596	$26.44M	3.0%	$86.86	—	—	654106103
HON	HONEYWELL INTL INC	1,115	$252K	0.0%	$176.10	—	—	438516106
NFLX	NETFLIX INC.	2,529	$243K	0.0%	$83.84	—	—	64110L106

Decreased Positions (24)

SBUX STARBUCKS CORP 0.2%

Value $1.546M (-93.7%) Shares 15,131 (-94.5%) Est. Cost $81.59 Unrealized —

CVX CHEVRON CORPORATION 2.0%

Value $17.98M (-26.8%) Shares 108,453 (-8.7%) Est. Cost $119.20 Unrealized —

GOOGL ALPHABET INC 3.7%

Value $32.23M (+19.3%) Shares 90,198 (-4.0%) Est. Cost $112.78 Unrealized —

ADI ANALOG DEVICES INC 4.5%

Value $39.21M (+5.5%) Shares 98,731 (-15.5%) Est. Cost $141.15 Unrealized —

MTB M & T BK CORP 5.1%

Value $44.55M (-2.1%) Shares 187,183 (-14.9%) Est. Cost $140.20 Unrealized —

ACN ACCENTURE PLC IRELAND 0.1%

Value $1.129M (-39.2%) Shares 9,073 (-3.1%) Est. Cost $256.89 Unrealized —

GOOG ALPHABET INC 0.3%

Value $2.273M (+20.3%) Shares 6,434 (-2.3%) Est. Cost $109.74 Unrealized —

ADBE ADOBE INC 0.2%

Value $1.369M (-19.0%) Shares 6,677 (-3.9%) Est. Cost $449.89 Unrealized —

WAT WATERS CORP 0.2%

Value $1.395M (+23.8%) Shares 3,720 (-1.7%) Est. Cost $313.08 Unrealized —

CMI CUMMINS INC 0.3%

Value $2.818M (+10.2%) Shares 3,951 (-16.8%) Est. Cost $210.76 Unrealized —

SHEL SHELL PLC 0.1%

Value $1.19M (-17.6%) Shares 15,352 (-1.2%) Est. Cost $60.07 Unrealized —

PSA PUBLIC STORAGE 0.1%

Value $1.089M (-18.8%) Shares 3,420 (-30.9%) Est. Cost $274.74 Unrealized —

LOW LOWES COS INC 0.3%

Value $2.525M (-8.4%) Shares 11,451 (-1.9%) Est. Cost $154.83 Unrealized —

ZBH ZIMMER BIOMET HOLDINGS INC 0.3%

Value $2.292M (-9.1%) Shares 26,625 (-4.6%) Est. Cost $97.76 Unrealized —

SNA SNAP ON INC 3.2%

Value $28.38M (-0.8%) Shares 70,538 (-10.5%) Est. Cost $280.19 Unrealized —

MCY MERCURY GENL CORP NEW 0.2%

Value $1.369M (+18.1%) Shares 12,841 (-2.3%) Est. Cost $43.30 Unrealized —

AMZN AMAZON COM INC 0.1%

Value $734K (+12.4%) Shares 3,081 (-1.8%) Est. Cost $139.95 Unrealized —

MRK MERCK & CO INC 0.2%

Value $1.487M (+4.8%) Shares 11,574 (-1.9%) Est. Cost $82.66 Unrealized —

PM PHILIP MORRIS INTL INC 0.1%

Value $774K (+4.4%) Shares 4,276 (-4.6%) Est. Cost $79.88 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.0%

Value $364K (+8.2%) Shares 762 (-23.4%) Est. Cost $226.49 Unrealized —

TPR TAPESTRY INC 0.1%

Value $1.025M (-2.1%) Shares 7,001 (-5.7%) Est. Cost $30.26 Unrealized —

DEO DIAGEO PLC 0.1%

Value $446K (+5.1%) Shares 5,543 (-2.7%) Est. Cost $160.86 Unrealized —

TXN TEXAS INSTRS INC 0.1%

Value $812K (-0.9%) Shares 2,725 (-35.5%) Est. Cost $143.27 Unrealized —

NXPI NXP SEMICONDUCTORS N V 0.1%

Value $610K (+0.4%) Shares 2,172 (-29.7%) Est. Cost $127.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBUX	STARBUCKS CORP	15,131 (-94.5%)	$1.546M (-93.7%)	0.2%	$81.59	—	COM	855244109
CVX	CHEVRON CORPORATION	108,453 (-8.7%)	$17.98M (-26.8%)	2.0%	$119.20	—	COM	166764100
GOOGL	ALPHABET INC	90,198 (-4.0%)	$32.23M (+19.3%)	3.7%	$112.78	—	CAP STK CL A	02079K305
ADI	ANALOG DEVICES INC	98,731 (-15.5%)	$39.21M (+5.5%)	4.5%	$141.15	—	COM	032654105
MTB	M & T BK CORP	187,183 (-14.9%)	$44.55M (-2.1%)	5.1%	$140.20	—	COM	55261F104
ACN	ACCENTURE PLC IRELAND	9,073 (-3.1%)	$1.129M (-39.2%)	0.1%	$256.89	—	SHS CLASS A	G1151C101
GOOG	ALPHABET INC	6,434 (-2.3%)	$2.273M (+20.3%)	0.3%	$109.74	—	CAP STK CL C	02079K107
ADBE	ADOBE INC	6,677 (-3.9%)	$1.369M (-19.0%)	0.2%	$449.89	—	COM	00724F101
WAT	WATERS CORP	3,720 (-1.7%)	$1.395M (+23.8%)	0.2%	$313.08	—	COM	941848103
CMI	CUMMINS INC	3,951 (-16.8%)	$2.818M (+10.2%)	0.3%	$210.76	—	COM	231021106
SHEL	SHELL PLC	15,352 (-1.2%)	$1.19M (-17.6%)	0.1%	$60.07	—	SPON ADS	780259305
PSA	PUBLIC STORAGE	3,420 (-30.9%)	$1.089M (-18.8%)	0.1%	$274.74	—	COM	74460D109
LOW	LOWES COS INC	11,451 (-1.9%)	$2.525M (-8.4%)	0.3%	$154.83	—	COM	548661107
ZBH	ZIMMER BIOMET HOLDINGS INC	26,625 (-4.6%)	$2.292M (-9.1%)	0.3%	$97.76	—	COM	98956P102
SNA	SNAP ON INC	70,538 (-10.5%)	$28.38M (-0.8%)	3.2%	$280.19	—	COM	833034101
MCY	MERCURY GENL CORP NEW	12,841 (-2.3%)	$1.369M (+18.1%)	0.2%	$43.30	—	COM	589400100
AMZN	AMAZON COM INC	3,081 (-1.8%)	$734K (+12.4%)	0.1%	$139.95	—	COM	023135106
MRK	MERCK & CO INC	11,574 (-1.9%)	$1.487M (+4.8%)	0.2%	$82.66	—	COM	58933Y105
PM	PHILIP MORRIS INTL INC	4,276 (-4.6%)	$774K (+4.4%)	0.1%	$79.88	—	COM	718172109
TSM	TAIWAN SEMICONDUCTOR MANUFAC	762 (-23.4%)	$364K (+8.2%)	0.0%	$226.49	—	SPONSORED ADS	874039100
TPR	TAPESTRY INC	7,001 (-5.7%)	$1.025M (-2.1%)	0.1%	$30.26	—	COM	876030107
DEO	DIAGEO PLC	5,543 (-2.7%)	$446K (+5.1%)	0.1%	$160.86	—	SPON ADR NEW	25243Q205
TXN	TEXAS INSTRS INC	2,725 (-35.5%)	$812K (-0.9%)	0.1%	$143.27	—	COM	882508104
NXPI	NXP SEMICONDUCTORS N V	2,172 (-29.7%)	$610K (+0.4%)	0.1%	$127.25	—	COM	N6596X109

Unchanged Positions (23)

EMR EMERSON ELEC CO 5.4%

Value $47.16M Shares 329,473 Est. Cost $91.29 Unrealized —

RL RALPH LAUREN CORP 3.5%

Value $30.64M Shares 76,328 Est. Cost $98.11 Unrealized —

DE DEERE & CO 4.1%

Value $36.05M Shares 56,837 Est. Cost $267.57 Unrealized —

JPM JPMORGAN CHASE & CO 3.8%

Value $33.78M Shares 103,185 Est. Cost $115.60 Unrealized —

AAPL APPLE INC 2.7%

Value $24.08M Shares 83,212 Est. Cost $109.14 Unrealized —

WMT WALMART INC 3.0%

Value $26.78M Shares 236,429 Est. Cost $50.86 Unrealized —

JNJ JOHNSON & JOHNSON 4.3%

Value $37.35M Shares 147,057 Est. Cost $137.40 Unrealized —

COST COSTCO WHOLESALE CORPORATION 2.8%

Value $24.52M Shares 26,215 Est. Cost $399.34 Unrealized —

FAST FASTENAL CO 3.7%

Value $32.45M Shares 675,693 Est. Cost $35.05 Unrealized —

AMGN AMGEN INC 3.1%

Value $27.19M Shares 75,077 Est. Cost $207.48 Unrealized —

MSFT MICROSOFT CORP 4.2%

Value $37.04M Shares 99,290 Est. Cost $224.24 Unrealized —

LMT LOCKHEED MARTIN CORP 0.1%

Value $685K Shares 1,345 Est. Cost $391.78 Unrealized —

AME AMETEK INC 0.1%

Value $1.025M Shares 4,235 Est. Cost $167.55 Unrealized —

UI UBIQUITI INC 0.0%

Value $249K Shares 467 Est. Cost $364.15 Unrealized —

PAYC PAYCOM SOFTWARE INC 0.3%

Value $2.431M Shares 19,343 Est. Cost $176.63 Unrealized —

AVGO BROADCOM INC 0.0%

Value $348K Shares 921 Est. Cost $215.92 Unrealized —

VTI VANGUARD INDEX FDS 0.0%

Value $333K Shares 900 Est. Cost $268.25 Unrealized —

HD HOME DEPOT INC 0.1%

Value $553K Shares 1,568 Est. Cost $252.52 Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value $259K Shares 1,293 Est. Cost $97.20 Unrealized —

META META PLATFORMS INC 0.2%

Value $2.025M Shares 3,595 Est. Cost $301.12 Unrealized —

DUK DUKE ENERGY CORP NEW 0.1%

Value $462K Shares 3,648 Est. Cost $92.37 Unrealized —

AZO AUTOZONE INC 0.0%

Value $240K Shares 75 Est. Cost $1861.88 Unrealized —

DIS DISNEY WALT CO 0.1%

Value $996K Shares 10,349 Est. Cost $114.53 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EMR	EMERSON ELEC CO	329,473	$47.16M	5.4%	$91.29	—	COM	291011104
RL	RALPH LAUREN CORP	76,328	$30.64M	3.5%	$98.11	—	CL A	751212101
DE	DEERE & CO	56,837	$36.05M	4.1%	$267.57	—	COM	244199105
JPM	JPMORGAN CHASE & CO	103,185	$33.78M	3.8%	$115.60	—	COM	46625H100
AAPL	APPLE INC	83,212	$24.08M	2.7%	$109.14	—	COM	037833100
WMT	WALMART INC	236,429	$26.78M	3.0%	$50.86	—	COM	931142103
JNJ	JOHNSON & JOHNSON	147,057	$37.35M	4.3%	$137.40	—	COM	478160104
COST	COSTCO WHOLESALE CORPORATION	26,215	$24.52M	2.8%	$399.34	—	COM	22160K105
FAST	FASTENAL CO	675,693	$32.45M	3.7%	$35.05	—	COM	311900104
AMGN	AMGEN INC	75,077	$27.19M	3.1%	$207.48	—	COM	031162100
MSFT	MICROSOFT CORP	99,290	$37.04M	4.2%	$224.24	—	COM	594918104
LMT	LOCKHEED MARTIN CORP	1,345	$685K	0.1%	$391.78	—	COM	539830109
AME	AMETEK INC	4,235	$1.025M	0.1%	$167.55	—	COM	031100100
UI	UBIQUITI INC	467	$249K	0.0%	$364.15	—	COM	90353W103
PAYC	PAYCOM SOFTWARE INC	19,343	$2.431M	0.3%	$176.63	—	COM	70432V102
AVGO	BROADCOM INC	921	$348K	0.0%	$215.92	—	COM	11135F101
VTI	VANGUARD INDEX FDS	900	$333K	0.0%	$268.25	—	TOTAL STK MKT	922908769
HD	HOME DEPOT INC	1,568	$553K	0.1%	$252.52	—	COM	437076102
NVDA	NVIDIA CORPORATION	1,293	$259K	0.0%	$97.20	—	COM	67066G104
META	META PLATFORMS INC	3,595	$2.025M	0.2%	$301.12	—	CL A	30303M102
DUK	DUKE ENERGY CORP NEW	3,648	$462K	0.1%	$92.37	—	COM NEW	26441C204
AZO	AUTOZONE INC	75	$240K	0.0%	$1861.88	—	COM	053332102
DIS	DISNEY WALT CO	10,349	$996K	0.1%	$114.53	—	COM	254687106