Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	Nvidia Corp.	6,304	$1.261M	0.4%	$200.09	—	COM	67066G104
MU	Micron Technology	227	$262K	0.1%	$1154.29	—	COM	595112103
TSM	Taiwan Semiconductor	496	$237K	0.1%	$478.32	—	COM	874039100
SAFRF	Safran SA Paris Ordf	547	$216K	0.1%	$394.11	—	COM	F4035A557
ALOT	Astronova Inc	7,054	$201K	0.1%	$28.47	—	COM	04638F108

Increased Positions (4)

AAPL Apple Inc 0.3%

Value $964K (+122.1%) Shares 3,329 (+94.8%) Est. Cost $259.25 Unrealized —

GOOG Alphabet Inc. Class C 0.6%

Value $1.931M (+29.3%) Shares 5,465 (+5.0%) Est. Cost $112.46 Unrealized —

MSFT Microsoft Corp 0.2%

Value $667K (+36.7%) Shares 1,789 (+35.6%) Est. Cost $280.77 Unrealized —

JNJ Johnson & Johnson 0.2%

Value $740K (+11.2%) Shares 2,912 (+7.1%) Est. Cost $161.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	Apple Inc	3,329 (+94.8%)	$964K (+122.1%)	0.3%	$259.25	—	COM	037833100
GOOG	Alphabet Inc. Class C	5,465 (+5.0%)	$1.931M (+29.3%)	0.6%	$112.46	—	COM	02079K107
MSFT	Microsoft Corp	1,789 (+35.6%)	$667K (+36.7%)	0.2%	$280.77	—	COM	594918104
JNJ	Johnson & Johnson	2,912 (+7.1%)	$740K (+11.2%)	0.2%	$161.52	—	COM	478160104

Exited Positions (2)

MHK Mohawk Industries 0.3%

Value $801K Shares 8,139 Est. Cost $87.97 Unrealized —

MA Mastercard Inc Class A 0.1%

Value $250K Shares 500 Est. Cost $397.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MHK	Mohawk Industries	8,139	$801K	0.3%	$87.97	—	—	608190104
MA	Mastercard Inc Class A	500	$250K	0.1%	$397.11	—	—	57636Q104

Decreased Positions (22)

AMAT Applied Materials 23.2%

Value $73.25M (+80.1%) Shares 101,308 (-14.9%) Est. Cost $82.86 Unrealized —

ZTS Zoetis Inc Class A 0.9%

Value $2.901M (-42.3%) Shares 40,377 (-5.0%) Est. Cost $124.46 Unrealized —

BRK/B Berkshire Hathaway Class B 21.0%

Value $66.35M (+3.1%) Shares 132,597 (-1.3%) Est. Cost $184.36 Unrealized —

USB US Bancorp 4.7%

Value $14.9M (+14.3%) Shares 244,585 (-1.4%) Est. Cost $27.99 Unrealized —

PCOR Procore Technologies Inc 1.3%

Value $4.213M (-29.7%) Shares 103,713 (-1.3%) Est. Cost $61.31 Unrealized —

UNH UnitedHealth Group Inc 1.3%

Value $4.207M (+45.5%) Shares 10,122 (-5.2%) Est. Cost $273.98 Unrealized —

PEP Pepsico Inc 1.6%

Value $4.985M (-15.7%) Shares 36,816 (-3.3%) Est. Cost $111.36 Unrealized —

PGR Progressive Co. 4.7%

Value $14.97M (+5.6%) Shares 68,543 (-4.2%) Est. Cost $66.35 Unrealized —

KNSL Kinsale Cap Group Inc 3.0%

Value $9.421M (-4.7%) Shares 28,564 (-1.3%) Est. Cost $393.44 Unrealized —

LOW Lowes Companies Inc 1.1%

Value $3.606M (-10.8%) Shares 16,356 (-4.4%) Est. Cost $103.31 Unrealized —

BRO Brown & Brown Inc 2.1%

Value $6.58M (-6.2%) Shares 102,567 (-4.6%) Est. Cost $37.12 Unrealized —

WFC Wells Fargo & Co. 6.3%

Value $19.92M (+2.1%) Shares 241,030 (-1.6%) Est. Cost $25.10 Unrealized —

XOM Exxon Mobil Corp 0.2%

Value $646K (-31.6%) Shares 4,724 (-15.1%) Est. Cost $38.89 Unrealized —

KKR KKR & Co Inc 3.0%

Value $9.542M (-2.0%) Shares 103,962 (-1.2%) Est. Cost $49.21 Unrealized —

MLM Martin Marietta Matr 1.5%

Value $4.717M (-3.8%) Shares 8,179 (-1.8%) Est. Cost $187.24 Unrealized —

ABT Abbott Laboratories 0.2%

Value $629K (-17.6%) Shares 6,930 (-6.7%) Est. Cost $82.42 Unrealized —

YUM Yum Brands Inc 0.2%

Value $596K (-17.7%) Shares 3,729 (-20.0%) Est. Cost $76.84 Unrealized —

META Meta Platforms 0.1%

Value $420K (-19.2%) Shares 745 (-18.0%) Est. Cost $169.12 Unrealized —

IBM IBM Corp 0.1%

Value $288K (-20.7%) Shares 1,025 (-31.7%) Est. Cost $118.05 Unrealized —

J Jacobs Solutions Inc 0.1%

Value $267K (-14.4%) Shares 2,118 (-13.5%) Est. Cost $100.57 Unrealized —

JPM JPMorgan Chase & Co 0.1%

Value $312K (-4.9%) Shares 954 (-14.5%) Est. Cost $144.89 Unrealized —

GEF Greif Inc Class A 0.1%

Value $254K (-5.1%) Shares 3,388 (-15.3%) Est. Cost $29.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	Applied Materials	101,308 (-14.9%)	$73.25M (+80.1%)	23.2%	$82.86	—	COM	038222105
ZTS	Zoetis Inc Class A	40,377 (-5.0%)	$2.901M (-42.3%)	0.9%	$124.46	—	COM	98978V103
BRK/B	Berkshire Hathaway Class B	132,597 (-1.3%)	$66.35M (+3.1%)	21.0%	$184.36	—	COM	084670702
USB	US Bancorp	244,585 (-1.4%)	$14.9M (+14.3%)	4.7%	$27.99	—	COM	902973304
PCOR	Procore Technologies Inc	103,713 (-1.3%)	$4.213M (-29.7%)	1.3%	$61.31	—	COM	74275K108
UNH	UnitedHealth Group Inc	10,122 (-5.2%)	$4.207M (+45.5%)	1.3%	$273.98	—	COM	91324P102
PEP	Pepsico Inc	36,816 (-3.3%)	$4.985M (-15.7%)	1.6%	$111.36	—	COM	713448108
PGR	Progressive Co.	68,543 (-4.2%)	$14.97M (+5.6%)	4.7%	$66.35	—	COM	743315103
KNSL	Kinsale Cap Group Inc	28,564 (-1.3%)	$9.421M (-4.7%)	3.0%	$393.44	—	COM	49714P108
LOW	Lowes Companies Inc	16,356 (-4.4%)	$3.606M (-10.8%)	1.1%	$103.31	—	COM	548661107
BRO	Brown & Brown Inc	102,567 (-4.6%)	$6.58M (-6.2%)	2.1%	$37.12	—	COM	115236101
WFC	Wells Fargo & Co.	241,030 (-1.6%)	$19.92M (+2.1%)	6.3%	$25.10	—	COM	949746101
XOM	Exxon Mobil Corp	4,724 (-15.1%)	$646K (-31.6%)	0.2%	$38.89	—	COM	30231G102
KKR	KKR & Co Inc	103,962 (-1.2%)	$9.542M (-2.0%)	3.0%	$49.21	—	COM	48251W104
MLM	Martin Marietta Matr	8,179 (-1.8%)	$4.717M (-3.8%)	1.5%	$187.24	—	COM	573284106
ABT	Abbott Laboratories	6,930 (-6.7%)	$629K (-17.6%)	0.2%	$82.42	—	COM	002824100
YUM	Yum Brands Inc	3,729 (-20.0%)	$596K (-17.7%)	0.2%	$76.84	—	COM	988498101
META	Meta Platforms	745 (-18.0%)	$420K (-19.2%)	0.1%	$169.12	—	COM	30303M102
IBM	IBM Corp	1,025 (-31.7%)	$288K (-20.7%)	0.1%	$118.05	—	COM	459200101
J	Jacobs Solutions Inc	2,118 (-13.5%)	$267K (-14.4%)	0.1%	$100.57	—	COM	46982L108
JPM	JPMorgan Chase & Co	954 (-14.5%)	$312K (-4.9%)	0.1%	$144.89	—	COM	46625H100
GEF	Greif Inc Class A	3,388 (-15.3%)	$254K (-5.1%)	0.1%	$29.59	—	COM	397624107

Unchanged Positions (24)

CDNS Cadence Design Systems 5.2%

Value $16.46M Shares 43,843 Est. Cost $278.09 Unrealized —

GOOGL Alphabet Inc. Class A 5.4%

Value $17.17M Shares 48,053 Est. Cost $111.74 Unrealized —

NET Cloudflare Inc 2.1%

Value $6.604M Shares 26,924 Est. Cost $62.68 Unrealized —

BK Bank Of NY Mellon Co 0.4%

Value $1.265M Shares 8,749 Est. Cost $33.70 Unrealized —

WSFS WSFS Finl Co 0.4%

Value $1.122M Shares 14,621 Est. Cost $26.47 Unrealized —

ICE Intercontinental Exchange Inc 0.2%

Value $494K Shares 4,016 Est. Cost $110.96 Unrealized —

ABBV Abbvie Inc 0.3%

Value $884K Shares 3,511 Est. Cost $79.94 Unrealized —

ORCL Oracle Corp 4.3%

Value $13.53M Shares 92,336 Est. Cost $89.09 Unrealized —

LH Labcorp, Inc 0.8%

Value $2.513M Shares 8,976 Est. Cost $199.67 Unrealized —

CACC Credit Accept Corp 0.1%

Value $311K Shares 489 Est. Cost $449.09 Unrealized —

VOO Vanguard S&P 500 ETF 0.2%

Value $703K Shares 1,024 Est. Cost $508.10 Unrealized —

LLY Eli Lilly & Co 0.1%

Value $374K Shares 312 Est. Cost $840.82 Unrealized —

RYCEF Rolls-Royce Holdings 0.1%

Value $314K Shares 16,411 Est. Cost $10.80 Unrealized —

FWONK Formula One Series C (Liberty Media Corp) 0.2%

Value $521K Shares 5,478 Est. Cost $70.86 Unrealized —

ERFSF Eurofins Scientific 0.2%

Value $582K Shares 7,433 Est. Cost $65.36 Unrealized —

CNSWF Constellation Software 0.2%

Value $538K Shares 285 Est. Cost $1885.30 Unrealized —

V Visa Inc Class A 0.1%

Value $281K Shares 820 Est. Cost $336.32 Unrealized —

BRK/A Berkshire Hathaway Class A 0.2%

Value $749K Shares 1 Est. Cost $729330.75 Unrealized —

FWONA Formula One Series A (Liberty Media Corp) 0.1%

Value $251K Shares 2,866 Est. Cost $71.53 Unrealized —

PM Philip Morris Intl 0.1%

Value $278K Shares 1,522 Est. Cost $136.99 Unrealized —

AON Aon PLC F Class A 0.2%

Value $630K Shares 1,900 Est. Cost $178.56 Unrealized —

FRFHF Fairfax Finl HL F 0.1%

Value $402K Shares 244 Est. Cost $274.42 Unrealized —

TJX TJX Companies Inc 0.1%

Value $210K Shares 1,386 Est. Cost $132.28 Unrealized —

SCHW Charles Schwab Corp. 0.1%

Value $447K Shares 4,845 Est. Cost $69.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CDNS	Cadence Design Systems	43,843	$16.46M	5.2%	$278.09	—	COM	127387108
GOOGL	Alphabet Inc. Class A	48,053	$17.17M	5.4%	$111.74	—	COM	02079K305
NET	Cloudflare Inc	26,924	$6.604M	2.1%	$62.68	—	COM	18915M107
BK	Bank Of NY Mellon Co	8,749	$1.265M	0.4%	$33.70	—	COM	064058100
WSFS	WSFS Finl Co	14,621	$1.122M	0.4%	$26.47	—	COM	929328102
ICE	Intercontinental Exchange Inc	4,016	$494K	0.2%	$110.96	—	COM	45866F104
ABBV	Abbvie Inc	3,511	$884K	0.3%	$79.94	—	COM	00287Y109
ORCL	Oracle Corp	92,336	$13.53M	4.3%	$89.09	—	COM	68389X105
LH	Labcorp, Inc	8,976	$2.513M	0.8%	$199.67	—	COM	504922105
CACC	Credit Accept Corp	489	$311K	0.1%	$449.09	—	COM	225310101
VOO	Vanguard S&P 500 ETF	1,024	$703K	0.2%	$508.10	—	ETF	922908363
LLY	Eli Lilly & Co	312	$374K	0.1%	$840.82	—	COM	532457108
RYCEF	Rolls-Royce Holdings	16,411	$314K	0.1%	$10.80	—	COM	G76225104
FWONK	Formula One Series C (Liberty Media Corp)	5,478	$521K	0.2%	$70.86	—	COM	531229755
ERFSF	Eurofins Scientific	7,433	$582K	0.2%	$65.36	—	COM	L31839134
CNSWF	Constellation Software	285	$538K	0.2%	$1885.30	—	COM	21037X100
V	Visa Inc Class A	820	$281K	0.1%	$336.32	—	COM	92826C839
BRK/A	Berkshire Hathaway Class A	1	$749K	0.2%	$729330.75	—	COM	084670108
FWONA	Formula One Series A (Liberty Media Corp)	2,866	$251K	0.1%	$71.53	—	COM	531229771
PM	Philip Morris Intl	1,522	$278K	0.1%	$136.99	—	COM	718172109
AON	Aon PLC F Class A	1,900	$630K	0.2%	$178.56	—	COM	G0403H108
FRFHF	Fairfax Finl HL F	244	$402K	0.1%	$274.42	—	COM	303901102
TJX	TJX Companies Inc	1,386	$210K	0.1%	$132.28	—	COM	872540109
SCHW	Charles Schwab Corp.	4,845	$447K	0.1%	$69.47	—	COM	808513105