LOUNTZIS ASSET MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc. Class A	48,132 (-1.0%)	$15,065 (+27.4%)	5.3%	$111.74	+155.6%	COM	02079K305
NET	Cloudflare Inc	26,948 (-5.6%)	$5,313 (-13.3%)	1.9%	$62.68	+237.5%	COM	18915M107
LH	Labcorp, Inc	9,062 (-1.3%)	$2,273 (-13.7%)	0.8%	$199.67	+32.8%	COM	504922105
GOOG	Alphabet Inc. Class C	5,205 (-10.5%)	$1,633 (+15.3%)	0.6%	$100.43	+185.1%	COM	02079K107
UNH	UnitedHealth Group Inc	10,694 (-1.4%)	$3,530 (-5.8%)	1.3%	$273.98	+23.1%	COM	91324P102
CNSWF	Constellation Software	285 (-8.4%)	$686 (-18.8%)	0.2%	$1885.30	+33.5%	COM	21037X100
MLM	Martin Marietta Matr	8,360 (-1.3%)	$5,205 (-2.5%)	1.8%	$187.24	+231.8%	COM	573284106
META	Meta Platforms	908 (-6.9%)	$599 (-16.3%)	0.2%	$169.12	+294.6%	COM	30303M102
MSFT	Microsoft Corp	1,244 (-10.0%)	$602 (-16.0%)	0.2%	$236.65	+111.5%	COM	594918104
ABT	Abbott Laboratories	7,325 (-3.9%)	$918 (-10.1%)	0.3%	$81.94	+55.4%	COM	002824100
FWONK	Formula One Series C (Liberty Media Corp)	5,478 (-7.1%)	$540 (-12.4%)	0.2%	$11.30	—	COM	531229755
J	Jacobs Solutions Inc	2,448 (-5.8%)	$324 (-16.7%)	0.1%	$100.57	+45.6%	COM	46982L108
V	Visa Inc Class A	820 (-15.5%)	$288 (-13.1%)	0.1%	$336.32	+1.2%	COM	92826C839
AAPL	Apple Inc	1,709 (-7.6%)	$465 (-1.4%)	0.2%	$230.64	+16.3%	COM	037833100
WSFS	W S F S Finl Co	14,621 (-3.0%)	$808 (-0.6%)	0.3%	$26.47	+106.7%	COM	929328102
SCHW	Charles Schwab Corp.	4,845 (-4.3%)	$484 (+0.2%)	0.2%	$69.47	+36.4%	COM	808513105

Unchanged Positions (34)

ORCL Oracle Corp 6.2%

Value ($000) $17,438 Shares 89,465 Est. Cost $86.11 Unrealized +176.5%

AMAT Applied Materials 10.9%

Value ($000) $30,700 Shares 119,461 Est. Cost $82.86 Unrealized +189.0%

WFC Wells Fargo & Co. 8.1%

Value ($000) $22,897 Shares 245,674 Est. Cost $25.10 Unrealized +245.2%

CDNS Cadence Design Systems 4.9%

Value ($000) $13,825 Shares 44,230 Est. Cost $278.09 Unrealized +17.3%

BRO Brown & Brown Inc 3.0%

Value ($000) $8,579 Shares 107,639 Est. Cost $37.12 Unrealized +124.6%

PGR Progressive Co. 5.8%

Value ($000) $16,309 Shares 71,620 Est. Cost $66.35 Unrealized +220.0%

USB US Bancorp 4.8%

Value ($000) $13,406 Shares 248,808 Est. Cost $27.99 Unrealized +74.1%

ZTS Zoetis Inc Class A 1.9%

Value ($000) $5,355 Shares 42,563 Est. Cost $124.46 Unrealized +4.7%

KKR KKR & Co Inc 4.8%

Value ($000) $13,412 Shares 105,210 Est. Cost $49.21 Unrealized +152.6%

BRK/B Berkshire Hathaway Class B 24.0%

Value ($000) $67,643 Shares 134,573 Est. Cost $184.36 Unrealized +169.9%

LOW Lowes Companies Inc 1.5%

Value ($000) $4,125 Shares 17,106 Est. Cost $103.31 Unrealized +132.1%

SKYT Skywater Technology Inc 1.9%

Value ($000) $5,270 Shares 290,222 Est. Cost $8.70 Unrealized +99.8%

MHK Mohawk Industries 0.3%

Value ($000) $902 Shares 8,250 Est. Cost $87.97 Unrealized +30.5%

PEP Pepsico Inc 2.0%

Value ($000) $5,515 Shares 38,048 Est. Cost $111.36 Unrealized +31.0%

LLY Eli Lilly & Co 0.1%

Value ($000) $314 Shares 292 Est. Cost $826.69 Unrealized +15.6%

BK Bank Of NY Mellon Co 0.4%

Value ($000) $1,016 Shares 8,749 Est. Cost $33.70 Unrealized +227.9%

PCOR Procore Technologies Inc 2.6%

Value ($000) $7,195 Shares 98,910 Est. Cost $61.37 Unrealized +20.5%

XOM Exxon Mobil Corp 0.2%

Value ($000) $670 Shares 5,567 Est. Cost $38.89 Unrealized +196.9%

FRFHF Fairfax Finl HL F 0.2%

Value ($000) $465 Shares 244 Est. Cost $274.42 Unrealized +525.6%

GEF Greif Inc Class A 0.1%

Value ($000) $273 Shares 4,000 Est. Cost $29.59 Unrealized +110.2%

ICE Inercontinental Exchange 0.2%

Value ($000) $650 Shares 4,016 Est. Cost $110.96 Unrealized +40.8%

IBM IBM Corp 0.2%

Value ($000) $444 Shares 1,500 Est. Cost $118.05 Unrealized +153.1%

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

Value ($000) $256 Shares 2,866 Est. Cost $71.53 Unrealized —

TJX TJX Companies Inc 0.1%

Value ($000) $213 Shares 1,386 Est. Cost $132.28 Unrealized +11.7%

VOO Vanguard S&P 500 ETF 0.2%

Value ($000) $642 Shares 1,024 Est. Cost $508.10 Unrealized —

CACC Credit Accept Corp 0.1%

Value ($000) $217 Shares 489 Est. Cost $449.09 Unrealized +3.2%

RYCEF Rolls-Royce Holdings 0.1%

Value ($000) $254 Shares 16,411 Est. Cost $10.80 Unrealized +37.8%

JPM JPMorgan Chase & Co 0.1%

Value ($000) $360 Shares 1,116 Est. Cost $144.89 Unrealized +113.6%

AON Aon PLC F Class A 0.2%

Value ($000) $670 Shares 1,900 Est. Cost $178.56 Unrealized +95.5%

ERFSF Eurofins Scientific 0.2%

Value ($000) $545 Shares 7,433 Est. Cost $65.36 Unrealized +8.0%

YUM Yum Brands Inc 0.3%

Value ($000) $705 Shares 4,659 Est. Cost $76.84 Unrealized +92.2%

MA Mastercard Inc Class A 0.1%

Value ($000) $285 Shares 500 Est. Cost $397.11 Unrealized +40.8%

BRK/A Berkshire Hathaway Incorporated Class A 0.3%

Value ($000) $755 Shares 1 Est. Cost $729330.75 Unrealized +2.3%

PM Philip Morris Intl 0.1%

Value ($000) $246 Shares 1,522 Est. Cost $136.99 Unrealized +12.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	Oracle Corp	89,465	$17,438	6.2%	$86.11	+176.5%	COM	68389X105
AMAT	Applied Materials	119,461	$30,700	10.9%	$82.86	+189.0%	COM	038222105
WFC	Wells Fargo & Co.	245,674	$22,897	8.1%	$25.10	+245.2%	COM	949746101
CDNS	Cadence Design Systems	44,230	$13,825	4.9%	$278.09	+17.3%	COM	127387108
BRO	Brown & Brown Inc	107,639	$8,579	3.0%	$37.12	+124.6%	COM	115236101
PGR	Progressive Co.	71,620	$16,309	5.8%	$66.35	+220.0%	COM	743315103
USB	US Bancorp	248,808	$13,406	4.8%	$27.99	+74.1%	COM	902973304
ZTS	Zoetis Inc Class A	42,563	$5,355	1.9%	$124.46	+4.7%	COM	98978V103
KKR	KKR & Co Inc	105,210	$13,412	4.8%	$49.21	+152.6%	COM	48251W104
BRK/B	Berkshire Hathaway Class B	134,573	$67,643	24.0%	$184.36	+169.9%	COM	084670702
LOW	Lowes Companies Inc	17,106	$4,125	1.5%	$103.31	+132.1%	COM	548661107
SKYT	Skywater Technology Inc	290,222	$5,270	1.9%	$8.70	+99.8%	COM	83089J108
MHK	Mohawk Industries	8,250	$902	0.3%	$87.97	+30.5%	COM	608190104
PEP	Pepsico Inc	38,048	$5,515	2.0%	$111.36	+31.0%	COM	713448108
LLY	Eli Lilly & Co	292	$314	0.1%	$826.69	+15.6%	COM	532457108
BK	Bank Of NY Mellon Co	8,749	$1,016	0.4%	$33.70	+227.9%	COM	064058100
PCOR	Procore Technologies Inc	98,910	$7,195	2.6%	$61.37	+20.5%	COM	74275K108
XOM	Exxon Mobil Corp	5,567	$670	0.2%	$38.89	+196.9%	COM	30231G102
FRFHF	Fairfax Finl HL F	244	$465	0.2%	$274.42	+525.6%	COM	303901102
GEF	Greif Inc Class A	4,000	$273	0.1%	$29.59	+110.2%	COM	397624107
ICE	Inercontinental Exchange	4,016	$650	0.2%	$110.96	+40.8%	COM	45866F104
IBM	IBM Corp	1,500	$444	0.2%	$118.05	+153.1%	COM	459200101
FWONA	Formula One Series A (Liberty Media Corp)	2,866	$256	0.1%	$71.53	—	COM	531229771
TJX	TJX Companies Inc	1,386	$213	0.1%	$132.28	+11.7%	COM	872540109
VOO	Vanguard S&P 500 ETF	1,024	$642	0.2%	$508.10	—	ETF	922908363
CACC	Credit Accept Corp	489	$217	0.1%	$449.09	+3.2%	COM	225310101
RYCEF	Rolls-Royce Holdings	16,411	$254	0.1%	$10.80	+37.8%	COM	G76225104
JPM	JPMorgan Chase & Co	1,116	$360	0.1%	$144.89	+113.6%	COM	46625H100
AON	Aon PLC F Class A	1,900	$670	0.2%	$178.56	+95.5%	COM	G0403H108
ERFSF	Eurofins Scientific	7,433	$545	0.2%	$65.36	+8.0%	COM	L31839134
YUM	Yum Brands Inc	4,659	$705	0.3%	$76.84	+92.2%	COM	988498101
MA	Mastercard Inc Class A	500	$285	0.1%	$397.11	+40.8%	COM	57636Q104
BRK/A	Berkshire Hathaway Incorporated Class A	1	$755	0.3%	$729330.75	+2.3%	COM	084670108
PM	Philip Morris Intl	1,522	$246	0.1%	$136.99	+12.1%	COM	718172109