Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	Visa Inc.	154,760 (+3.8%)	$53.1M (+17.8%)	12.0%	$257.05	—	Com	92826C839
NFLX	Netflix Inc.	418,675 (+8.3%)	$29.89M (-19.6%)	6.7%	$93.86	—	Com	64110L106
INTU	Intuit Inc.	91,408 (+134.8%)	$23.86M (+41.7%)	5.4%	$361.77	—	Com	461202103
SPGI	S&P Global Inc.	11,221 (+348.8%)	$4.57M (+329.8%)	1.0%	$424.64	—	Com	78409V104

Exited Positions (3)

CZR Caesars Entertainment Inc. 0.5%

Value $2.345M Shares 88,725 Est. Cost $39.85 Unrealized —

FCNCA First Citizens BancShares, I 0.3%

Value $1.293M Shares 686 Est. Cost $1809.21 Unrealized —

ABNB Airbnb, Inc. 0.3%

Value $1.263M Shares 10,000 Est. Cost $129.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CZR	Caesars Entertainment Inc.	88,725	$2.345M	0.5%	$39.85	—	—	12769G100
FCNCA	First Citizens BancShares, I	686	$1.293M	0.3%	$1809.21	—	—	31946M103
ABNB	Airbnb, Inc.	10,000	$1.263M	0.3%	$129.40	—	—	009066101

Decreased Positions (11)

AMZN Amazon.com 12.3%

Value $54.83M (+12.9%) Shares 230,042 (-1.3%) Est. Cost $142.22 Unrealized —

SBUX Starbucks Corp. 0.7%

Value $2.964M (-60.5%) Shares 29,000 (-65.4%) Est. Cost $84.81 Unrealized —

ELV Elevance Health, Inc. 0.4%

Value $1.733M (-71.2%) Shares 4,480 (-78.2%) Est. Cost $308.14 Unrealized —

UNH United Health Group Inc. 0.6%

Value $2.521M (-59.3%) Shares 6,065 (-73.5%) Est. Cost $317.88 Unrealized —

FISV Fiserv, Inc. 1.4%

Value $6.36M (-30.1%) Shares 129,660 (-20.4%) Est. Cost $73.16 Unrealized —

META Meta Platforms Inc. 3.3%

Value $14.64M (-13.1%) Shares 25,999 (-11.7%) Est. Cost $276.16 Unrealized —

COF Capital One Financial 2.9%

Value $12.71M (-8.3%) Shares 63,365 (-16.6%) Est. Cost $140.33 Unrealized —

TTAM Titan America SA 1.9%

Value $8.449M (+5.3%) Shares 452,810 (-15.4%) Est. Cost $14.26 Unrealized —

DECK Deckers Outdoor Corp 0.4%

Value $1.986M (-11.8%) Shares 20,000 (-11.1%) Est. Cost $95.49 Unrealized —

TMUS T-Mobile US Inc. 0.2%

Value $730K (-24.5%) Shares 4,350 (-5.4%) Est. Cost $122.77 Unrealized —

MRSH Marsh & McLennan Companies, 0.1%

Value $300K (-42.3%) Shares 1,800 (-40.0%) Est. Cost $185.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com	230,042 (-1.3%)	$54.83M (+12.9%)	12.3%	$142.22	—	Com	023135106
SBUX	Starbucks Corp.	29,000 (-65.4%)	$2.964M (-60.5%)	0.7%	$84.81	—	Com	855244109
ELV	Elevance Health, Inc.	4,480 (-78.2%)	$1.733M (-71.2%)	0.4%	$308.14	—	Com	036752103
UNH	United Health Group Inc.	6,065 (-73.5%)	$2.521M (-59.3%)	0.6%	$317.88	—	Com	91324P102
FISV	Fiserv, Inc.	129,660 (-20.4%)	$6.36M (-30.1%)	1.4%	$73.16	—	Com	337738108
META	Meta Platforms Inc.	25,999 (-11.7%)	$14.64M (-13.1%)	3.3%	$276.16	—	Com	30303M102
COF	Capital One Financial	63,365 (-16.6%)	$12.71M (-8.3%)	2.9%	$140.33	—	Com	14040H105
TTAM	Titan America SA	452,810 (-15.4%)	$8.449M (+5.3%)	1.9%	$14.26	—	Com	B9151N105
DECK	Deckers Outdoor Corp	20,000 (-11.1%)	$1.986M (-11.8%)	0.4%	$95.49	—	Com	243537107
TMUS	T-Mobile US Inc.	4,350 (-5.4%)	$730K (-24.5%)	0.2%	$122.77	—	Com	872590104
MRSH	Marsh & McLennan Companies,	1,800 (-40.0%)	$300K (-42.3%)	0.1%	$185.93	—	Com	571748102

Unchanged Positions (10)

GOOG Alphabet Inc. - Class C 17.9%

Value $79.57M Shares 225,195 Est. Cost $108.92 Unrealized —

GOOGL Alphabet Inc. - Class A 11.4%

Value $50.42M Shares 141,099 Est. Cost $113.21 Unrealized —

BWIN The Baldwin Insurance Group, 4.6%

Value $20.56M Shares 773,345 Est. Cost $29.07 Unrealized —

JPM JP Morgan Chase & Co. 3.7%

Value $16.45M Shares 50,267 Est. Cost $98.47 Unrealized —

NVR NVR Inc. 4.5%

Value $19.87M Shares 2,916 Est. Cost $5011.17 Unrealized —

BRK/B Berkshire Hathaway Inc. Clas 2.0%

Value $9.078M Shares 18,141 Est. Cost $221.58 Unrealized —

UBER Uber Technologies Inc. 5.5%

Value $24.55M Shares 340,225 Est. Cost $43.76 Unrealized —

BRK/A Berkshire Hathaway Inc. Clas 0.3%

Value $1.498M Shares 2 Est. Cost $729330.75 Unrealized —

BRO Brown & Brown, Inc. 0.0%

Value $205K Shares 3,200 Est. Cost $74.19 Unrealized —

— Wells Fargo Perp Pfd Cnv A 0.1%

Value $636K Shares 550 Est. Cost $1201.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc. - Class C	225,195	$79.57M	17.9%	$108.92	—	Com	02079K107
GOOGL	Alphabet Inc. - Class A	141,099	$50.42M	11.4%	$113.21	—	Com	02079K305
BWIN	The Baldwin Insurance Group,	773,345	$20.56M	4.6%	$29.07	—	Com	05589G102
JPM	JP Morgan Chase & Co.	50,267	$16.45M	3.7%	$98.47	—	Com	46625H100
NVR	NVR Inc.	2,916	$19.87M	4.5%	$5011.17	—	Com	62944T105
BRK/B	Berkshire Hathaway Inc. Clas	18,141	$9.078M	2.0%	$221.58	—	Com	084670702
UBER	Uber Technologies Inc.	340,225	$24.55M	5.5%	$43.76	—	Com	90353T100
BRK/A	Berkshire Hathaway Inc. Clas	2	$1.498M	0.3%	$729330.75	—	Com	084670108
BRO	Brown & Brown, Inc.	3,200	$205K	0.0%	$74.19	—	Com	115236101
—	Wells Fargo Perp Pfd Cnv A	550	$636K	0.1%	$1201.64	—	Com	949746804