COERENTE CAPITAL MANAGEMENT Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBKR	INTERACTIVE BROKERS GROUP IN	17,840	$1,147	0.2%	$66.89	0.0%	COM CL A	45841N107
TJX	TJX COS INC NEW	4,005	$615	0.1%	$147.70	0.0%	COM	872540109
CB	CHUBB LIMITED	1,750	$546	0.1%	$292.40	0.0%	COM	H1467J104
MA	MASTERCARD INCORPORATED	950	$542	0.1%	$558.95	0.0%	CL A	57636Q104
GWRE	GUIDEWIRE SOFTWARE INC	2,530	$509	0.1%	$221.19	0.0%	COM	40171V100
BSX	BOSTON SCIENTIFIC CORP	4,440	$423	0.1%	$98.04	0.0%	COM	101137107
SHW	SHERWIN WILLIAMS CO	935	$303	0.1%	$334.11	0.0%	COM	824348106
UNH	UNITEDHEALTH GROUP INC	915	$302	0.1%	$337.21	0.0%	COM	91324P102
IQV	IQVIA HLDGS INC	1,228	$277	0.1%	$217.58	0.0%	COM	46266C105
CPRT	COPART INC	5,860	$229	0.0%	$41.46	0.0%	COM	217204106
MRK	MERCK & CO INC	1,958	$206	0.0%	$93.24	0.0%	COM	58933Y105

Increased Positions (14)

ADP AUTOMATIC DATA PROCESSING IN 4.5%

Value ($000) $24,395 (-11.0%) Shares 94,837 (+1.5%) Est. Cost $158.26 Unrealized +67.3%

MSFT MICROSOFT CORP 9.9%

Value ($000) $54,455 (-4.8%) Shares 112,598 (+2.0%) Est. Cost $228.21 Unrealized +119.3%

AMZN AMAZON COM INC 5.8%

Value ($000) $31,619 (+8.5%) Shares 136,985 (+3.2%) Est. Cost $130.92 Unrealized +74.7%

ULTA ULTA BEAUTY INC 4.2%

Value ($000) $22,915 (+11.9%) Shares 37,876 (+1.1%) Est. Cost $423.50 Unrealized +29.8%

SAP SAP SE 5.1%

Value ($000) $28,191 (-6.2%) Shares 116,055 (+3.2%) Est. Cost $129.91 Unrealized —

GOOG ALPHABET INC 0.4%

Value ($000) $2,387 (+123.5%) Shares 7,608 (+73.5%) Est. Cost $185.38 Unrealized +54.5%

PEP PEPSICO INC 3.7%

Value ($000) $20,379 (+4.7%) Shares 141,997 (+2.5%) Est. Cost $120.52 Unrealized +21.1%

OTIS OTIS WORLDWIDE CORP 2.9%

Value ($000) $15,729 (+6.2%) Shares 180,066 (+11.1%) Est. Cost $93.24 Unrealized -4.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $1,401 (+100.9%) Shares 2,787 (+100.9%) Est. Cost $374.67 Unrealized +32.8%

ORCL ORACLE CORP 0.2%

Value ($000) $1,033 (+176.2%) Shares 5,300 (+298.5%) Est. Cost $218.67 Unrealized +8.9%

BDX BECTON DICKINSON & CO 0.1%

Value ($000) $802 (+30.1%) Shares 4,132 (+25.5%) Est. Cost $221.49 Unrealized -14.4%

EOG EOG RES INC 2.8%

Value ($000) $15,140 (-0.6%) Shares 144,176 (+6.1%) Est. Cost $69.85 Unrealized +53.5%

PG PROCTER AND GAMBLE CO 0.3%

Value ($000) $1,794 (+0.5%) Shares 12,516 (+7.7%) Est. Cost $127.03 Unrealized +15.9%

CL COLGATE PALMOLIVE CO 3.7%

Value ($000) $20,309 (+0.0%) Shares 257,014 (+1.2%) Est. Cost $70.14 Unrealized +11.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADP	AUTOMATIC DATA PROCESSING IN	94,837 (+1.5%)	$24,395 (-11.0%)	4.5%	$158.26	+67.3%	COM	053015103
MSFT	MICROSOFT CORP	112,598 (+2.0%)	$54,455 (-4.8%)	9.9%	$228.21	+119.3%	COM	594918104
AMZN	AMAZON COM INC	136,985 (+3.2%)	$31,619 (+8.5%)	5.8%	$130.92	+74.7%	COM	023135106
ULTA	ULTA BEAUTY INC	37,876 (+1.1%)	$22,915 (+11.9%)	4.2%	$423.50	+29.8%	COM	90384S303
SAP	SAP SE	116,055 (+3.2%)	$28,191 (-6.2%)	5.1%	$129.91	—	SPON ADR	803054204
GOOG	ALPHABET INC	7,608 (+73.5%)	$2,387 (+123.5%)	0.4%	$185.38	+54.5%	CAP STK CL C	02079K107
PEP	PEPSICO INC	141,997 (+2.5%)	$20,379 (+4.7%)	3.7%	$120.52	+21.1%	COM	713448108
OTIS	OTIS WORLDWIDE CORP	180,066 (+11.1%)	$15,729 (+6.2%)	2.9%	$93.24	-4.3%	COM	68902V107
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,787 (+100.9%)	$1,401 (+100.9%)	0.3%	$374.67	+32.8%	CL B NEW	084670702
ORCL	ORACLE CORP	5,300 (+298.5%)	$1,033 (+176.2%)	0.2%	$218.67	+8.9%	COM	68389X105
BDX	BECTON DICKINSON & CO	4,132 (+25.5%)	$802 (+30.1%)	0.1%	$221.49	-14.4%	COM	075887109
EOG	EOG RES INC	144,176 (+6.1%)	$15,140 (-0.6%)	2.8%	$69.85	+53.5%	COM	26875P101
PG	PROCTER AND GAMBLE CO	12,516 (+7.7%)	$1,794 (+0.5%)	0.3%	$127.03	+15.9%	COM	742718109
CL	COLGATE PALMOLIVE CO	257,014 (+1.2%)	$20,309 (+0.0%)	3.7%	$70.14	+11.6%	COM	194162103

Exited Positions (1)

COST COSTCO WHSL CORP NEW 0.1%

Value ($000) $319 Shares 345 Est. Cost $654.36 Unrealized +38.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COST	COSTCO WHSL CORP NEW	345	$319	0.1%	$654.36	+38.4%	—	22160K105

Decreased Positions (9)

FISV FISERV INC 1.3%

Value ($000) $6,873 (-69.5%) Shares 102,326 (-41.4%) Est. Cost $119.09 Unrealized -29.6%

STZ CONSTELLATION BRANDS INC 1.9%

Value ($000) $10,621 (-29.1%) Shares 76,986 (-30.8%) Est. Cost $202.84 Unrealized -32.5%

GOOGL ALPHABET INC 11.2%

Value ($000) $61,602 (-5.0%) Shares 196,810 (-26.2%) Est. Cost $109.47 Unrealized +160.9%

CVS CVS HEALTH CORP 1.1%

Value ($000) $5,926 (-23.4%) Shares 74,668 (-27.2%) Est. Cost $69.04 Unrealized +14.0%

PFE PFIZER INC 3.0%

Value ($000) $16,608 (-6.6%) Shares 667,005 (-4.4%) Est. Cost $27.14 Unrealized -7.8%

CVX CHEVRON CORP NEW 0.6%

Value ($000) $3,246 (-4.1%) Shares 21,295 (-2.3%) Est. Cost $87.90 Unrealized +72.2%

AAPL APPLE INC 0.1%

Value ($000) $540 (-13.3%) Shares 1,985 (-18.8%) Est. Cost $137.47 Unrealized +95.2%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $1,206 (+5.6%) Shares 10,023 (-1.1%) Est. Cost $65.32 Unrealized +76.8%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $351 (-14.3%) Shares 515 (-16.3%) Est. Cost $475.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	102,326 (-41.4%)	$6,873 (-69.5%)	1.3%	$119.09	-29.6%	COM	337738108
STZ	CONSTELLATION BRANDS INC	76,986 (-30.8%)	$10,621 (-29.1%)	1.9%	$202.84	-32.5%	CL A	21036P108
GOOGL	ALPHABET INC	196,810 (-26.2%)	$61,602 (-5.0%)	11.2%	$109.47	+160.9%	CAP STK CL A	02079K305
CVS	CVS HEALTH CORP	74,668 (-27.2%)	$5,926 (-23.4%)	1.1%	$69.04	+14.0%	COM	126650100
PFE	PFIZER INC	667,005 (-4.4%)	$16,608 (-6.6%)	3.0%	$27.14	-7.8%	COM	717081103
CVX	CHEVRON CORP NEW	21,295 (-2.3%)	$3,246 (-4.1%)	0.6%	$87.90	+72.2%	COM	166764100
AAPL	APPLE INC	1,985 (-18.8%)	$540 (-13.3%)	0.1%	$137.47	+95.2%	COM	037833100
XOM	EXXON MOBIL CORP	10,023 (-1.1%)	$1,206 (+5.6%)	0.2%	$65.32	+76.8%	COM	30231G102
SPY	SPDR S&P 500 ETF TR	515 (-16.3%)	$351 (-14.3%)	0.1%	$475.31	—	TR UNIT	78462F103

Unchanged Positions (15)

JNJ JOHNSON & JOHNSON 6.0%

Value ($000) $32,995 Shares 159,434 Est. Cost $141.26 Unrealized +39.5%

USB US BANCORP DEL 4.2%

Value ($000) $22,914 Shares 429,428 Est. Cost $40.30 Unrealized +20.9%

ABT ABBOTT LABS 5.1%

Value ($000) $27,740 Shares 221,407 Est. Cost $108.63 Unrealized +17.2%

ITW ILLINOIS TOOL WKS INC 4.7%

Value ($000) $25,987 Shares 105,511 Est. Cost $189.05 Unrealized +31.0%

TFC TRUIST FINL CORP 3.0%

Value ($000) $16,233 Shares 329,867 Est. Cost $43.35 Unrealized +5.7%

V VISA INC 4.8%

Value ($000) $26,357 Shares 75,154 Est. Cost $210.27 Unrealized +61.9%

JPM JPMORGAN CHASE & CO. 2.5%

Value ($000) $13,631 Shares 42,303 Est. Cost $135.44 Unrealized +128.5%

VOO VANGUARD INDEX FDS 1.4%

Value ($000) $7,526 Shares 12,000 Est. Cost $364.28 Unrealized —

WMT WALMART INC 0.2%

Value ($000) $1,070 Shares 9,600 Est. Cost $56.04 Unrealized +91.3%

KMB KIMBERLY-CLARK CORP 0.0%

Value ($000) $218 Shares 2,160 Est. Cost $110.86 Unrealized -2.2%

SBUX STARBUCKS CORP 3.3%

Value ($000) $17,902 Shares 212,592 Est. Cost $91.80 Unrealized -8.4%

DEO DIAGEO PLC 0.0%

Value ($000) $259 Shares 3,000 Est. Cost $147.38 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.1%

Value ($000) $518 Shares 1,750 Est. Cost $172.56 Unrealized +73.1%

ABBV ABBVIE INC 0.2%

Value ($000) $960 Shares 4,200 Est. Cost $152.40 Unrealized +49.3%

EMR EMERSON ELEC CO 0.2%

Value ($000) $1,055 Shares 7,950 Est. Cost $92.20 Unrealized +43.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	JOHNSON & JOHNSON	159,434	$32,995	6.0%	$141.26	+39.5%	COM	478160104
USB	US BANCORP DEL	429,428	$22,914	4.2%	$40.30	+20.9%	COM NEW	902973304
ABT	ABBOTT LABS	221,407	$27,740	5.1%	$108.63	+17.2%	COM	002824100
ITW	ILLINOIS TOOL WKS INC	105,511	$25,987	4.7%	$189.05	+31.0%	COM	452308109
TFC	TRUIST FINL CORP	329,867	$16,233	3.0%	$43.35	+5.7%	COM	89832Q109
V	VISA INC	75,154	$26,357	4.8%	$210.27	+61.9%	COM CL A	92826C839
JPM	JPMORGAN CHASE & CO.	42,303	$13,631	2.5%	$135.44	+128.5%	COM	46625H100
VOO	VANGUARD INDEX FDS	12,000	$7,526	1.4%	$364.28	—	S&P 500 ETF SHS	922908363
WMT	WALMART INC	9,600	$1,070	0.2%	$56.04	+91.3%	COM	931142103
KMB	KIMBERLY-CLARK CORP	2,160	$218	0.0%	$110.86	-2.2%	COM	494368103
SBUX	STARBUCKS CORP	212,592	$17,902	3.3%	$91.80	-8.4%	COM	855244109
DEO	DIAGEO PLC	3,000	$259	0.0%	$147.38	—	SPON ADR NEW	25243Q205
IBM	INTERNATIONAL BUSINESS MACHS	1,750	$518	0.1%	$172.56	+73.1%	COM	459200101
ABBV	ABBVIE INC	4,200	$960	0.2%	$152.40	+49.3%	COM	00287Y109
EMR	EMERSON ELEC CO	7,950	$1,055	0.2%	$92.20	+43.6%	COM	291011104