Hudson Value Partners, LLC Diversified Active

CIK: 0001840501 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 28, 2026

Total Value ($000): $335,834 (100.0% shares, 0.0% debt)

Holdings (109)

New Positions (6)

OKE ONEOK INC NEW COM 0.9%

Value ($000) $3,063 Shares 41,516 Est. Cost $70.46 Unrealized 0.0%

IWR ISHARES RUSSELL MIDCAP ETF 0.2%

Value ($000) $514 Shares 5,280 Est. Cost $97.26 Unrealized —

CSCO CISCO SYS INC COM 0.1%

Value ($000) $257 Shares 3,333 Est. Cost $73.79 Unrealized 0.0%

TRV TRAVELERS COMPANIES INC COM 0.1%

Value ($000) $248 Shares 856 Est. Cost $280.61 Unrealized 0.0%

— F&G ANNUITIES & LIFE INC COM 0.1%

Value ($000) $210 Shares 6,823 Est. Cost $30.85 Unrealized —

DIA SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST 0.1%

Value ($000) $203 Shares 420 Est. Cost $483.59 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OKE	ONEOK INC NEW COM	41,516	$3,063	0.9%	$70.46	0.0%	Stock	682680103
IWR	ISHARES RUSSELL MIDCAP ETF	5,280	$514	0.2%	$97.26	—	ETF	464287499
CSCO	CISCO SYS INC COM	3,333	$257	0.1%	$73.79	0.0%	Stock	17275R102
TRV	TRAVELERS COMPANIES INC COM	856	$248	0.1%	$280.61	0.0%	Stock	89417E109
—	F&G ANNUITIES & LIFE INC COM	6,823	$210	0.1%	$30.85	—	STOCK	67066G904
DIA	SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	420	$203	0.1%	$483.59	—	ETF	78467X109

Increased Positions (33)

META META PLATFORMS INC CL A 1.2%

Value ($000) $4,100 (+50.0%) Shares 6,205 (+66.7%) Est. Cost $616.97 Unrealized +8.2%

AMTM AMENTUM HOLDINGS INC COM 1.6%

Value ($000) $5,504 (+23.7%) Shares 187,993 (+1.2%) Est. Cost $20.43 Unrealized +25.1%

JNJ JOHNSON & JOHNSON COM 2.2%

Value ($000) $7,458 (+15.3%) Shares 36,042 (+3.3%) Est. Cost $142.11 Unrealized +38.6%

BABA ALIBABA GROUP HLDG LTD SPONSORED ADS 1.0%

Value ($000) $3,438 (+30.8%) Shares 23,339 (+58.7%) Est. Cost $167.11 Unrealized —

VTI VANGUARD TOTAL STOCK MARKET ETF 2.2%

Value ($000) $7,472 (+10.6%) Shares 22,267 (+8.2%) Est. Cost $273.68 Unrealized —

MSFT MICROSOFT CORP COM 4.6%

Value ($000) $15,444 (-4.4%) Shares 31,758 (+1.9%) Est. Cost $283.04 Unrealized +76.9%

BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW 6.6%

Value ($000) $22,301 (+3.1%) Shares 44,297 (+3.0%) Est. Cost $264.20 Unrealized +88.3%

AMD ADVANCED MICRO DEVICES INC COM 0.7%

Value ($000) $2,230 (+37.2%) Shares 10,377 (+3.3%) Est. Cost $95.39 Unrealized +135.4%

NFLX NETFLIX INC COM 0.5%

Value ($000) $1,694 (-22.9%) Shares 18,060 (+886.3%) Est. Cost $100.64 Unrealized +7.1%

FNF FIDELITY NATIONAL FINANCIAL IN COM SHS 1.7%

Value ($000) $5,824 (-7.7%) Shares 105,468 (+1.1%) Est. Cost $34.17 Unrealized +60.3%

WMT WALMART INC COM 1.1%

Value ($000) $3,709 (+10.3%) Shares 33,224 (+1.8%) Est. Cost $52.92 Unrealized +102.6%

QCOM QUALCOMM INC COM 1.7%

Value ($000) $5,706 (+6.1%) Shares 32,884 (+1.7%) Est. Cost $127.99 Unrealized +33.4%

DE DEERE & CO COM 1.2%

Value ($000) $3,924 (+6.7%) Shares 8,359 (+3.9%) Est. Cost $396.60 Unrealized +17.9%

ESAB ESAB CORPORATION COM 1.7%

Value ($000) $5,664 (+3.9%) Shares 50,066 (+2.7%) Est. Cost $57.68 Unrealized +98.3%

KWEB KRANESHARES CSI CHINA INTERNET ETF 0.3%

Value ($000) $1,074 (+24.3%) Shares 31,511 (+53.3%) Est. Cost $39.25 Unrealized —

NOW SERVICENOW INC COM 0.3%

Value ($000) $1,045 (-16.2%) Shares 6,775 (+400.0%) Est. Cost $166.88 Unrealized +2.8%

DHR DANAHER CORPORATION COM 0.4%

Value ($000) $1,217 (+17.8%) Shares 5,288 (+1.5%) Est. Cost $212.88 Unrealized +3.1%

CP CANADIAN PACIFIC KANSAS CITY COM 1.1%

Value ($000) $3,589 (+4.1%) Shares 48,307 (+4.4%) Est. Cost $79.33 Unrealized -7.2%

BATRA ATLANTA BRAVES HLDGS INC COM SER A 1.1%

Value ($000) $3,855 (-3.5%) Shares 90,485 (+3.0%) Est. Cost $42.56 Unrealized +1.0%

— NVIDIA CORPORATION COM 0.2%

Value ($000) $653 (+25.0%) Shares 3,500 (+25.0%) Est. Cost $30.85 Unrealized —

MCD MCDONALDS CORP COM 1.2%

Value ($000) $3,974 (+3.2%) Shares 12,909 (+1.9%) Est. Cost $247.66 Unrealized +23.2%

XLK STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF 1.1%

Value ($000) $3,786 (+2.9%) Shares 26,286 (+101.3%) Est. Cost $160.62 Unrealized —

DIS DISNEY WALT CO COM 0.3%

Value ($000) $1,018 (+10.5%) Shares 8,894 (+10.6%) Est. Cost $133.91 Unrealized -18.2%

PH PARKER-HANNIFIN CORP COM 0.1%

Value ($000) $396 (+31.4%) Shares 445 (+12.1%) Est. Cost $550.33 Unrealized +48.6%

GVIP GOLDMAN SACHS HEDGE INDUSTRY VIP ETF 0.7%

Value ($000) $2,422 (+2.6%) Shares 15,632 (+1.5%) Est. Cost $110.83 Unrealized —

TJX TJX COS INC NEW COM 0.1%

Value ($000) $335 (+22.3%) Shares 2,160 (+13.9%) Est. Cost $117.51 Unrealized +25.7%

CAT CATERPILLAR INC COM 0.1%

Value ($000) $292 (+22.2%) Shares 505 (+1.0%) Est. Cost $426.68 Unrealized +30.2%

VTWO VANGUARD RUSSELL 2000 ETF 0.4%

Value ($000) $1,366 (+3.8%) Shares 13,722 (+2.1%) Est. Cost $97.86 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS COM 0.1%

Value ($000) $366 (+10.5%) Shares 1,225 (+4.3%) Est. Cost $241.83 Unrealized +23.6%

IAI ISHARES U.S. BROKER-DEALERS & SECURITIES EXCHANGES ETF 0.3%

Value ($000) $972 (+2.7%) Shares 5,416 (+1.3%) Est. Cost $149.63 Unrealized —

XLI STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF 0.3%

Value ($000) $1,055 (+1.7%) Shares 6,800 (+1.1%) Est. Cost $119.82 Unrealized —

PG PROCTER AND GAMBLE CO COM 0.1%

Value ($000) $379 (-3.2%) Shares 2,634 (+3.3%) Est. Cost $141.25 Unrealized +4.2%

XLE STATE STREET ENERGY SELECT SECTOR SPDR ETF 0.2%

Value ($000) $523 (+0.3%) Shares 11,670 (+100.0%) Est. Cost $54.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC CL A	6,205 (+66.7%)	$4,100 (+50.0%)	1.2%	$616.97	+8.2%	Stock	30303M102
AMTM	AMENTUM HOLDINGS INC COM	187,993 (+1.2%)	$5,504 (+23.7%)	1.6%	$20.43	+25.1%	Stock	023939101
JNJ	JOHNSON & JOHNSON COM	36,042 (+3.3%)	$7,458 (+15.3%)	2.2%	$142.11	+38.6%	Stock	478160104
BABA	ALIBABA GROUP HLDG LTD SPONSORED ADS	23,339 (+58.7%)	$3,438 (+30.8%)	1.0%	$167.11	—	ADR	01609W102
VTI	VANGUARD TOTAL STOCK MARKET ETF	22,267 (+8.2%)	$7,472 (+10.6%)	2.2%	$273.68	—	ETF	922908769
MSFT	MICROSOFT CORP COM	31,758 (+1.9%)	$15,444 (-4.4%)	4.6%	$283.04	+76.9%	Stock	594918104
BRK/B	BERKSHIRE HATHAWAY INC DEL CL B NEW	44,297 (+3.0%)	$22,301 (+3.1%)	6.6%	$264.20	+88.3%	Stock	084670702
AMD	ADVANCED MICRO DEVICES INC COM	10,377 (+3.3%)	$2,230 (+37.2%)	0.7%	$95.39	+135.4%	Stock	007903107
NFLX	NETFLIX INC COM	18,060 (+886.3%)	$1,694 (-22.9%)	0.5%	$100.64	+7.1%	Stock	64110L106
FNF	FIDELITY NATIONAL FINANCIAL IN COM SHS	105,468 (+1.1%)	$5,824 (-7.7%)	1.7%	$34.17	+60.3%	Stock	31620R303
WMT	WALMART INC COM	33,224 (+1.8%)	$3,709 (+10.3%)	1.1%	$52.92	+102.6%	Stock	931142103
QCOM	QUALCOMM INC COM	32,884 (+1.7%)	$5,706 (+6.1%)	1.7%	$127.99	+33.4%	Stock	747525103
DE	DEERE & CO COM	8,359 (+3.9%)	$3,924 (+6.7%)	1.2%	$396.60	+17.9%	Stock	244199105
ESAB	ESAB CORPORATION COM	50,066 (+2.7%)	$5,664 (+3.9%)	1.7%	$57.68	+98.3%	Stock	29605J106
KWEB	KRANESHARES CSI CHINA INTERNET ETF	31,511 (+53.3%)	$1,074 (+24.3%)	0.3%	$39.25	—	ETF	500767306
NOW	SERVICENOW INC COM	6,775 (+400.0%)	$1,045 (-16.2%)	0.3%	$166.88	+2.8%	Stock	81762P102
DHR	DANAHER CORPORATION COM	5,288 (+1.5%)	$1,217 (+17.8%)	0.4%	$212.88	+3.1%	Stock	235851102
CP	CANADIAN PACIFIC KANSAS CITY COM	48,307 (+4.4%)	$3,589 (+4.1%)	1.1%	$79.33	-7.2%	Stock	13646K108
BATRA	ATLANTA BRAVES HLDGS INC COM SER A	90,485 (+3.0%)	$3,855 (-3.5%)	1.1%	$42.56	+1.0%	Stock	047726104
—	NVIDIA CORPORATION COM	3,500 (+25.0%)	$653 (+25.0%)	0.2%	$30.85	—	CALL	67066G904
MCD	MCDONALDS CORP COM	12,909 (+1.9%)	$3,974 (+3.2%)	1.2%	$247.66	+23.2%	Stock	580135101
XLK	STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	26,286 (+101.3%)	$3,786 (+2.9%)	1.1%	$160.62	—	ETF	81369Y803
DIS	DISNEY WALT CO COM	8,894 (+10.6%)	$1,018 (+10.5%)	0.3%	$133.91	-18.2%	Stock	254687106
PH	PARKER-HANNIFIN CORP COM	445 (+12.1%)	$396 (+31.4%)	0.1%	$550.33	+48.6%	Stock	701094104
GVIP	GOLDMAN SACHS HEDGE INDUSTRY VIP ETF	15,632 (+1.5%)	$2,422 (+2.6%)	0.7%	$110.83	—	ETF	381430545
TJX	TJX COS INC NEW COM	2,160 (+13.9%)	$335 (+22.3%)	0.1%	$117.51	+25.7%	Stock	872540109
CAT	CATERPILLAR INC COM	505 (+1.0%)	$292 (+22.2%)	0.1%	$426.68	+30.2%	Stock	149123101
VTWO	VANGUARD RUSSELL 2000 ETF	13,722 (+2.1%)	$1,366 (+3.8%)	0.4%	$97.86	—	ETF	92206C664
IBM	INTERNATIONAL BUSINESS MACHS COM	1,225 (+4.3%)	$366 (+10.5%)	0.1%	$241.83	+23.6%	Stock	459200101
IAI	ISHARES U.S. BROKER-DEALERS & SECURITIES EXCHANGES ETF	5,416 (+1.3%)	$972 (+2.7%)	0.3%	$149.63	—	ETF	464288794
XLI	STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF	6,800 (+1.1%)	$1,055 (+1.7%)	0.3%	$119.82	—	ETF	81369Y704
PG	PROCTER AND GAMBLE CO COM	2,634 (+3.3%)	$379 (-3.2%)	0.1%	$141.25	+4.2%	Stock	742718109
XLE	STATE STREET ENERGY SELECT SECTOR SPDR ETF	11,670 (+100.0%)	$523 (+0.3%)	0.2%	$54.26	—	ETF	81369Y506

Exited Positions (7)

— VANGUARD TOTAL STOCK MARKET ETF 1.1%

Value ($000) $3,676 Shares 2,200 Est. Cost — Unrealized —

ZBRA ZEBRA TECHNOLOGIES CORPORATION CL A 1.0%

Value ($000) $3,357 Shares 11,296 Est. Cost $321.24 Unrealized -16.8%

VXX IPATH SERIES B S&P 500 VIX SHORT-TERM FUTURES ETN 0.1%

Value ($000) $438 Shares 13,207 Est. Cost $33.16 Unrealized —

DXCM DEXCOM INC COM 0.1%

Value ($000) $402 Shares 5,980 Est. Cost $102.16 Unrealized -36.7%

ORCL ORACLE CORP COM 0.1%

Value ($000) $269 Shares 955 Est. Cost $160.80 Unrealized +48.0%

— APPLE INC COM 0.0%

Value ($000) $76 Shares 300 Est. Cost — Unrealized —

— KRANESHARES CSI CHINA INTERNET ETF 0.0%

Value ($000) $42 Shares 1,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VANGUARD TOTAL STOCK MARKET ETF	2,200	$3,676	1.1%	—	—	CALL	922908909
ZBRA	ZEBRA TECHNOLOGIES CORPORATION CL A	11,296	$3,357	1.0%	$321.24	-16.8%	—	989207105
VXX	IPATH SERIES B S&P 500 VIX SHORT-TERM FUTURES ETN	13,207	$438	0.1%	$33.16	—	—	06748M196
DXCM	DEXCOM INC COM	5,980	$402	0.1%	$102.16	-36.7%	—	252131107
ORCL	ORACLE CORP COM	955	$269	0.1%	$160.80	+48.0%	—	68389X105
—	APPLE INC COM	300	$76	0.0%	—	—	CALL	037833900
—	KRANESHARES CSI CHINA INTERNET ETF	1,000	$42	0.0%	—	—	CALL	500767906

Decreased Positions (19)

GOOGL ALPHABET INC CAP STK CL A 6.9%

Value ($000) $23,152 (+27.0%) Shares 73,812 (-1.5%) Est. Cost $126.32 Unrealized +126.1%

GOOG ALPHABET INC CAP STK CL C 2.9%

Value ($000) $9,795 (+24.5%) Shares 31,148 (-3.6%) Est. Cost $111.68 Unrealized +156.4%

COST COSTCO WHSL CORP NEW COM 1.9%

Value ($000) $6,408 (-15.7%) Shares 7,407 (-9.8%) Est. Cost $466.24 Unrealized +94.3%

AAPL APPLE INC COM 5.2%

Value ($000) $17,548 (+3.8%) Shares 64,340 (-3.1%) Est. Cost $133.62 Unrealized +100.8%

NVDA NVIDIA CORPORATION COM 2.7%

Value ($000) $8,939 (-6.5%) Shares 47,889 (-6.5%) Est. Cost $109.00 Unrealized +70.8%

TSLA TESLA INC COM 0.1%

Value ($000) $486 (-55.0%) Shares 1,077 (-55.6%) Est. Cost $341.78 Unrealized +29.7%

UBER UBER TECHNOLOGIES INC COM 0.6%

Value ($000) $2,139 (-19.1%) Shares 26,092 (-3.3%) Est. Cost $45.96 Unrealized +95.9%

URI UNITED RENTALS INC COM 0.5%

Value ($000) $1,761 (-17.2%) Shares 2,158 (-3.1%) Est. Cost $255.14 Unrealized +239.8%

CRWD CROWDSTRIKE HLDGS INC CL A 0.7%

Value ($000) $2,233 (-8.8%) Shares 4,720 (-5.5%) Est. Cost $221.42 Unrealized +130.0%

BITB BITWISE BITCOIN ETF TRUST 0.2%

Value ($000) $607 (-26.1%) Shares 12,754 (-3.3%) Est. Cost $49.85 Unrealized —

FDX FEDEX CORP COM 0.4%

Value ($000) $1,270 (+20.2%) Shares 4,381 (-2.2%) Est. Cost $248.51 Unrealized +5.3%

AMZN AMAZON COM INC COM 1.3%

Value ($000) $4,206 (+4.7%) Shares 18,117 (-1.0%) Est. Cost $134.59 Unrealized +70.0%

SPY SPDR S&P 500 ETF TRUST 0.5%

Value ($000) $1,526 (-7.6%) Shares 2,235 (-9.9%) Est. Cost $437.16 Unrealized —

REGN REGENERON PHARMACEUTICALS COM 0.1%

Value ($000) $499 (+17.0%) Shares 647 (-14.8%) Est. Cost $556.12 Unrealized +22.0%

PPG PPG INDS INC COM 0.1%

Value ($000) $237 (-20.0%) Shares 2,282 (-18.9%) Est. Cost $125.98 Unrealized -20.5%

QQQ INVESCO QQQ TRUST SERIES I 0.3%

Value ($000) $930 (-4.7%) Shares 1,508 (-7.2%) Est. Cost $388.48 Unrealized —

IDXX IDEXX LABS INC COM 0.1%

Value ($000) $205 (-8.5%) Shares 300 (-14.3%) Est. Cost $606.98 Unrealized +12.2%

ABNB AIRBNB INC COM CL A 0.1%

Value ($000) $439 (-2.5%) Shares 3,237 (-12.8%) Est. Cost $126.67 Unrealized -1.7%

JPM JPMORGAN CHASE & CO. COM 1.4%

Value ($000) $4,856 (-0.1%) Shares 15,046 (-2.4%) Est. Cost $131.60 Unrealized +135.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC CAP STK CL A	73,812 (-1.5%)	$23,152 (+27.0%)	6.9%	$126.32	+126.1%	Stock	02079K305
GOOG	ALPHABET INC CAP STK CL C	31,148 (-3.6%)	$9,795 (+24.5%)	2.9%	$111.68	+156.4%	Stock	02079K107
COST	COSTCO WHSL CORP NEW COM	7,407 (-9.8%)	$6,408 (-15.7%)	1.9%	$466.24	+94.3%	Stock	22160K105
AAPL	APPLE INC COM	64,340 (-3.1%)	$17,548 (+3.8%)	5.2%	$133.62	+100.8%	Stock	037833100
NVDA	NVIDIA CORPORATION COM	47,889 (-6.5%)	$8,939 (-6.5%)	2.7%	$109.00	+70.8%	Stock	67066G104
TSLA	TESLA INC COM	1,077 (-55.6%)	$486 (-55.0%)	0.1%	$341.78	+29.7%	Stock	88160R101
UBER	UBER TECHNOLOGIES INC COM	26,092 (-3.3%)	$2,139 (-19.1%)	0.6%	$45.96	+95.9%	Stock	90353T100
URI	UNITED RENTALS INC COM	2,158 (-3.1%)	$1,761 (-17.2%)	0.5%	$255.14	+239.8%	Stock	911363109
CRWD	CROWDSTRIKE HLDGS INC CL A	4,720 (-5.5%)	$2,233 (-8.8%)	0.7%	$221.42	+130.0%	Stock	22788C105
BITB	BITWISE BITCOIN ETF TRUST	12,754 (-3.3%)	$607 (-26.1%)	0.2%	$49.85	—	ETF	09174C104
FDX	FEDEX CORP COM	4,381 (-2.2%)	$1,270 (+20.2%)	0.4%	$248.51	+5.3%	Stock	31428X106
AMZN	AMAZON COM INC COM	18,117 (-1.0%)	$4,206 (+4.7%)	1.3%	$134.59	+70.0%	Stock	023135106
SPY	SPDR S&P 500 ETF TRUST	2,235 (-9.9%)	$1,526 (-7.6%)	0.5%	$437.16	—	ETF	78462F103
REGN	REGENERON PHARMACEUTICALS COM	647 (-14.8%)	$499 (+17.0%)	0.1%	$556.12	+22.0%	Stock	75886F107
PPG	PPG INDS INC COM	2,282 (-18.9%)	$237 (-20.0%)	0.1%	$125.98	-20.5%	Stock	693506107
QQQ	INVESCO QQQ TRUST SERIES I	1,508 (-7.2%)	$930 (-4.7%)	0.3%	$388.48	—	ETF	46090E103
IDXX	IDEXX LABS INC COM	300 (-14.3%)	$205 (-8.5%)	0.1%	$606.98	+12.2%	Stock	45168D104
ABNB	AIRBNB INC COM CL A	3,237 (-12.8%)	$439 (-2.5%)	0.1%	$126.67	-1.7%	Stock	009066101
JPM	JPMORGAN CHASE & CO. COM	15,046 (-2.4%)	$4,856 (-0.1%)	1.4%	$131.60	+135.2%	Stock	46625H100

Unchanged Positions (51)

MRK MERCK & CO INC COM 1.8%

Value ($000) $6,180 Shares 58,337 Est. Cost $81.35 Unrealized +14.6%

TMO THERMO FISHER SCIENTIFIC INC COM 1.8%

Value ($000) $6,192 Shares 10,623 Est. Cost $423.16 Unrealized +33.6%

BLDR BUILDERS FIRSTSOURCE INC COM 1.8%

Value ($000) $6,153 Shares 59,659 Est. Cost $61.09 Unrealized +83.9%

AMGN AMGEN INC COM 2.0%

Value ($000) $6,618 Shares 20,147 Est. Cost $256.70 Unrealized +23.1%

MKL MARKEL GROUP INC COM 2.3%

Value ($000) $7,630 Shares 3,517 Est. Cost $1386.95 Unrealized +46.1%

LLY ELI LILLY & CO COM 0.9%

Value ($000) $2,998 Shares 2,782 Est. Cost $490.65 Unrealized +94.8%

ASML ASML HOLDING N V N Y REGISTRY SHS 2.5%

Value ($000) $8,254 Shares 7,701 Est. Cost $727.52 Unrealized —

MDU MDU RES GROUP INC COM 2.0%

Value ($000) $6,723 Shares 341,046 Est. Cost $12.96 Unrealized +51.0%

GLW CORNING INC COM 2.4%

Value ($000) $7,933 Shares 89,386 Est. Cost $31.55 Unrealized +172.5%

DELL DELL TECHNOLOGIES INC CL C 1.7%

Value ($000) $5,653 Shares 44,316 Est. Cost $104.22 Unrealized +35.1%

FNV FRANCO NEV CORP COM 2.0%

Value ($000) $6,703 Shares 32,205 Est. Cost $113.34 Unrealized +78.9%

KNF KNIFE RIVER CORP COMMON STOCK 1.2%

Value ($000) $3,882 Shares 54,330 Est. Cost $52.39 Unrealized +34.1%

V VISA INC COM CL A 2.4%

Value ($000) $8,177 Shares 23,164 Est. Cost $211.98 Unrealized +60.6%

MAR MARRIOTT INTL INC NEW CL A 0.4%

Value ($000) $1,383 Shares 4,425 Est. Cost $110.17 Unrealized +159.0%

HD HOME DEPOT INC COM 0.3%

Value ($000) $1,134 Shares 3,282 Est. Cost $254.26 Unrealized +43.4%

ECG EVERUS CONSTR GROUP COM 2.1%

Value ($000) $6,976 Shares 79,756 Est. Cost $62.26 Unrealized +43.7%

ZS ZSCALER INC COM 0.2%

Value ($000) $548 Shares 2,412 Est. Cost $166.81 Unrealized +69.2%

QXO QXO INC COM NEW 0.6%

Value ($000) $2,057 Shares 99,720 Est. Cost $17.47 Unrealized +9.7%

CM CANADIAN IMPERIAL BANK OF COMM COM 0.3%

Value ($000) $1,140 Shares 12,582 Est. Cost $59.05 Unrealized +45.3%

GDX VANECK GOLD MINERS ETF 0.4%

Value ($000) $1,210 Shares 14,108 Est. Cost $44.89 Unrealized —

ADP AUTOMATIC DATA PROCESSING INC COM 0.2%

Value ($000) $792 Shares 3,050 Est. Cost $211.70 Unrealized +25.1%

ABT ABBOTT LABS COM 0.4%

Value ($000) $1,357 Shares 10,789 Est. Cost $100.54 Unrealized +26.6%

WTM WHITE MTNS INS GROUP LTD COM 0.1%

Value ($000) $428 Shares 206 Est. Cost $956.51 Unrealized +104.4%

KO COCA COLA CO COM 0.4%

Value ($000) $1,274 Shares 18,191 Est. Cost $44.41 Unrealized +56.3%

AMAT APPLIED MATLS INC COM 0.1%

Value ($000) $291 Shares 1,120 Est. Cost $157.45 Unrealized +52.1%

XOM EXXON MOBIL CORP COM 0.2%

Value ($000) $777 Shares 6,425 Est. Cost $63.27 Unrealized +82.5%

NVT NVENT ELECTRIC PLC SHS 0.4%

Value ($000) $1,200 Shares 11,675 Est. Cost $76.18 Unrealized +36.0%

AVGO BROADCOM INC COM 0.2%

Value ($000) $787 Shares 2,250 Est. Cost $149.22 Unrealized +139.2%

ET ENERGY TRANSFER L P COM UT LTD PTN 0.3%

Value ($000) $1,071 Shares 64,775 Est. Cost $16.10 Unrealized —

EMR EMERSON ELEC CO COM 0.4%

Value ($000) $1,461 Shares 10,865 Est. Cost $99.38 Unrealized +33.2%

EWZ ISHARES MSCI BRAZIL ETF 0.3%

Value ($000) $1,136 Shares 35,745 Est. Cost $29.21 Unrealized —

GTLS CHART INDS INC COM 0.4%

Value ($000) $1,380 Shares 6,690 Est. Cost $160.66 Unrealized +26.1%

C CITIGROUP INC COM NEW 0.1%

Value ($000) $231 Shares 1,980 Est. Cost $94.11 Unrealized +10.1%

GLD SPDR GOLD SHARES 0.1%

Value ($000) $278 Shares 700 Est. Cost $304.83 Unrealized —

DUK DUKE ENERGY CORP NEW COM NEW 0.2%

Value ($000) $544 Shares 4,625 Est. Cost $95.76 Unrealized +26.9%

XLC STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF 0.8%

Value ($000) $2,698 Shares 22,921 Est. Cost $98.84 Unrealized —

HACK AMPLIFY CYBERSECURITY ETF 0.1%

Value ($000) $309 Shares 3,800 Est. Cost $68.94 Unrealized —

EMXC ISHARES MSCI EMERGING MARKETS EX CHINA ETF 0.1%

Value ($000) $276 Shares 3,800 Est. Cost $59.20 Unrealized —

DTM DT MIDSTREAM INC COMMON STOCK 0.1%

Value ($000) $319 Shares 2,651 Est. Cost $98.86 Unrealized +15.6%

NCDL NUVEEN CHURCHILL DIRECT LENDIN COM SHS 0.1%

Value ($000) $503 Shares 37,720 Est. Cost $14.61 Unrealized -5.9%

PEP PEPSICO INC COM 0.2%

Value ($000) $694 Shares 4,820 Est. Cost $123.53 Unrealized +18.1%

VOO VANGUARD S&P 500 ETF 0.1%

Value ($000) $502 Shares 796 Est. Cost $398.05 Unrealized —

KKR KKR & CO INC COM 0.3%

Value ($000) $1,007 Shares 7,835 Est. Cost $136.88 Unrealized -9.2%

RSP INVESCO S&P 500 EQUAL WEIGHT ETF 0.2%

Value ($000) $695 Shares 3,609 Est. Cost $161.68 Unrealized —

CVX CHEVRON CORP NEW COM 0.2%

Value ($000) $543 Shares 3,565 Est. Cost $103.34 Unrealized +46.5%

NSC NORFOLK SOUTHN CORP COM 0.1%

Value ($000) $245 Shares 850 Est. Cost $239.35 Unrealized +20.6%

EPD ENTERPRISE PRODS PARTNERS L P COM 0.1%

Value ($000) $303 Shares 9,433 Est. Cost $24.89 Unrealized —

MET METLIFE INC COM 0.1%

Value ($000) $207 Shares 2,600 Est. Cost $75.82 Unrealized +4.1%

BA BOEING CO COM 0.2%

Value ($000) $615 Shares 2,820 Est. Cost $199.73 Unrealized +3.0%

MLM MARTIN MARIETTA MATLS INC COM 0.4%

Value ($000) $1,483 Shares 2,350 Est. Cost $259.31 Unrealized +139.6%

JPIE JPMORGAN INCOME ETF 0.1%

Value ($000) $367 Shares 7,928 Est. Cost $46.36 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRK	MERCK & CO INC COM	58,337	$6,180	1.8%	$81.35	+14.6%	Stock	58933Y105
TMO	THERMO FISHER SCIENTIFIC INC COM	10,623	$6,192	1.8%	$423.16	+33.6%	Stock	883556102
BLDR	BUILDERS FIRSTSOURCE INC COM	59,659	$6,153	1.8%	$61.09	+83.9%	Stock	12008R107
AMGN	AMGEN INC COM	20,147	$6,618	2.0%	$256.70	+23.1%	Stock	031162100
MKL	MARKEL GROUP INC COM	3,517	$7,630	2.3%	$1386.95	+46.1%	Stock	570535104
LLY	ELI LILLY & CO COM	2,782	$2,998	0.9%	$490.65	+94.8%	Stock	532457108
ASML	ASML HOLDING N V N Y REGISTRY SHS	7,701	$8,254	2.5%	$727.52	—	ADR	N07059210
MDU	MDU RES GROUP INC COM	341,046	$6,723	2.0%	$12.96	+51.0%	Stock	552690109
GLW	CORNING INC COM	89,386	$7,933	2.4%	$31.55	+172.5%	Stock	219350105
DELL	DELL TECHNOLOGIES INC CL C	44,316	$5,653	1.7%	$104.22	+35.1%	Stock	24703L202
FNV	FRANCO NEV CORP COM	32,205	$6,703	2.0%	$113.34	+78.9%	Stock	351858105
KNF	KNIFE RIVER CORP COMMON STOCK	54,330	$3,882	1.2%	$52.39	+34.1%	Stock	498894104
V	VISA INC COM CL A	23,164	$8,177	2.4%	$211.98	+60.6%	Stock	92826C839
MAR	MARRIOTT INTL INC NEW CL A	4,425	$1,383	0.4%	$110.17	+159.0%	Stock	571903202
HD	HOME DEPOT INC COM	3,282	$1,134	0.3%	$254.26	+43.4%	Stock	437076102
ECG	EVERUS CONSTR GROUP COM	79,756	$6,976	2.1%	$62.26	+43.7%	Stock	300426103
ZS	ZSCALER INC COM	2,412	$548	0.2%	$166.81	+69.2%	Stock	98980G102
QXO	QXO INC COM NEW	99,720	$2,057	0.6%	$17.47	+9.7%	Stock	82846H405
CM	CANADIAN IMPERIAL BANK OF COMM COM	12,582	$1,140	0.3%	$59.05	+45.3%	Stock	136069101
GDX	VANECK GOLD MINERS ETF	14,108	$1,210	0.4%	$44.89	—	ETF	92189F106
ADP	AUTOMATIC DATA PROCESSING INC COM	3,050	$792	0.2%	$211.70	+25.1%	Stock	053015103
ABT	ABBOTT LABS COM	10,789	$1,357	0.4%	$100.54	+26.6%	Stock	002824100
WTM	WHITE MTNS INS GROUP LTD COM	206	$428	0.1%	$956.51	+104.4%	Stock	G9618E107
KO	COCA COLA CO COM	18,191	$1,274	0.4%	$44.41	+56.3%	Stock	191216100
AMAT	APPLIED MATLS INC COM	1,120	$291	0.1%	$157.45	+52.1%	Stock	038222105
XOM	EXXON MOBIL CORP COM	6,425	$777	0.2%	$63.27	+82.5%	Stock	30231G102
NVT	NVENT ELECTRIC PLC SHS	11,675	$1,200	0.4%	$76.18	+36.0%	Stock	G6700G107
AVGO	BROADCOM INC COM	2,250	$787	0.2%	$149.22	+139.2%	Stock	11135F101
ET	ENERGY TRANSFER L P COM UT LTD PTN	64,775	$1,071	0.3%	$16.10	—	Stock	29273V100
EMR	EMERSON ELEC CO COM	10,865	$1,461	0.4%	$99.38	+33.2%	Stock	291011104
EWZ	ISHARES MSCI BRAZIL ETF	35,745	$1,136	0.3%	$29.21	—	ETF	464286400
GTLS	CHART INDS INC COM	6,690	$1,380	0.4%	$160.66	+26.1%	Stock	16115Q308
C	CITIGROUP INC COM NEW	1,980	$231	0.1%	$94.11	+10.1%	Stock	172967424
GLD	SPDR GOLD SHARES	700	$278	0.1%	$304.83	—	ETF	78463V107
DUK	DUKE ENERGY CORP NEW COM NEW	4,625	$544	0.2%	$95.76	+26.9%	Stock	26441C204
XLC	STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF	22,921	$2,698	0.8%	$98.84	—	ETF	81369Y852
HACK	AMPLIFY CYBERSECURITY ETF	3,800	$309	0.1%	$68.94	—	ETF	032108664
EMXC	ISHARES MSCI EMERGING MARKETS EX CHINA ETF	3,800	$276	0.1%	$59.20	—	ETF	46434G764
DTM	DT MIDSTREAM INC COMMON STOCK	2,651	$319	0.1%	$98.86	+15.6%	Stock	23345M107
NCDL	NUVEEN CHURCHILL DIRECT LENDIN COM SHS	37,720	$503	0.1%	$14.61	-5.9%	CEF	67090S108
PEP	PEPSICO INC COM	4,820	$694	0.2%	$123.53	+18.1%	Stock	713448108
VOO	VANGUARD S&P 500 ETF	796	$502	0.1%	$398.05	—	ETF	922908363
KKR	KKR & CO INC COM	7,835	$1,007	0.3%	$136.88	-9.2%	Stock	48251W104
RSP	INVESCO S&P 500 EQUAL WEIGHT ETF	3,609	$695	0.2%	$161.68	—	ETF	46137V357
CVX	CHEVRON CORP NEW COM	3,565	$543	0.2%	$103.34	+46.5%	Stock	166764100
NSC	NORFOLK SOUTHN CORP COM	850	$245	0.1%	$239.35	+20.6%	Stock	655844108
EPD	ENTERPRISE PRODS PARTNERS L P COM	9,433	$303	0.1%	$24.89	—	Stock	293792107
MET	METLIFE INC COM	2,600	$207	0.1%	$75.82	+4.1%	Stock	59156R108
BA	BOEING CO COM	2,820	$615	0.2%	$199.73	+3.0%	Stock	097023105
MLM	MARTIN MARIETTA MATLS INC COM	2,350	$1,483	0.4%	$259.31	+139.6%	Stock	573284106
JPIE	JPMORGAN INCOME ETF	7,928	$367	0.1%	$46.36	—	ETF	46641Q159