WORMSER FRERES GESTION Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORPORATION	37,860 (+586.7%)	$8,670 (+693.3%)	4.9%	$219.13	+0.2%	COM	235851102
ADP	AUTOMATIC DATA PROCESSING IN	30,011 (+147.1%)	$7,722 (+115.1%)	4.4%	$279.76	-5.3%	COM	053015103
TMO	THERMO FISHER SCIENTIFIC INC	22,006 (+1.5%)	$12,756 (+20.5%)	7.2%	$475.47	+18.9%	COM	883556102
ISRG	INTUITIVE SURGICAL INC	9,467 (+2.2%)	$5,364 (+28.7%)	3.0%	$450.86	+18.1%	COM NEW	46120E602
CRM	SALESFORCE INC	32,381 (+4.3%)	$8,581 (+15.9%)	4.9%	$231.60	+7.2%	COM	79466L302
PTC	PTC INC	55,551 (+4.7%)	$9,681 (-10.7%)	5.5%	$157.65	+17.9%	COM	69370C100
ACN	ACCENTURE PLC IRELAND	31,188 (+2.8%)	$8,371 (+11.1%)	4.8%	$311.42	-18.4%	SHS CLASS A	G1151C101
ABT	ABBOTT LABS	6,968 (+1798.6%)	$873 (+1676.7%)	0.5%	$126.78	+0.4%	COM	002824100
V	VISA INC	31,137 (+2.2%)	$10,924 (+4.4%)	6.2%	$252.07	+35.0%	COM CL A	92826C839
—	NVIDIA CORPORATION	34,783 (+7.9%)	$6,489 (+7.2%)	3.7%	$122.81	—	COM	67066g104
LLY	ELI LILLY & CO	677 (+39.3%)	$728 (+96.3%)	0.4%	$852.83	+12.0%	COM	532457108
XLE	SELECT SECTOR SPDR TR	4,390 (+100.0%)	$403 (+105.7%)	0.2%	$89.91	—	ENERGY	81369Y506
SYK	STRYKER CORPORATION	28,298 (+4.1%)	$9,949 (-1.6%)	5.7%	$294.67	+23.3%	COM	863667101
—	VERISK ANALYTICS INC	16,807 (+8.9%)	$3,761 (-3.8%)	2.1%	$253.21	—	COM	92345y106
—	MSCI INC	8,126 (+2.0%)	$4,664 (+2.5%)	2.6%	$571.30	—	COM	55354g100
ITRI	ITRON INC	2,749 (+64.8%)	$255 (+22.9%)	0.1%	$83.92	+29.8%	COM	465741106
IDXX	IDEXX LABS INC	54 (+671.4%)	$37 (+717.2%)	0.0%	$671.42	+1.4%	COM	45168D104
VEEV	VEEVA SYS INC	186 (+48.8%)	$42 (+11.5%)	0.0%	$245.11	+8.3%	CL A COM	922475108

Exited Positions (5)

TTEK TETRA TECH INC NEW 0.2%

Value ($000) $382 Shares 11,444 Est. Cost $36.99 Unrealized -8.6%

DSGX DESCARTES SYS GROUP INC 0.0%

Value ($000) $72 Shares 761 Est. Cost $102.37 Unrealized -12.7%

FSLR FIRST SOLAR INC 0.0%

Value ($000) $20 Shares 89 Est. Cost $173.04 Unrealized +45.8%

META META PLATFORMS INC 0.0%

Value ($000) $11 Shares 15 Est. Cost $743.23 Unrealized -10.2%

CPRI CAPRI HOLDINGS LIMITED 0.0%

Value ($000) $3 Shares 130 Est. Cost $49.89 Unrealized -53.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TTEK	TETRA TECH INC NEW	11,444	$382	0.2%	$36.99	-8.6%	—	88162G103
DSGX	DESCARTES SYS GROUP INC	761	$72	0.0%	$102.37	-12.7%	—	249906108
FSLR	FIRST SOLAR INC	89	$20	0.0%	$173.04	+45.8%	—	336433107
META	META PLATFORMS INC	15	$11	0.0%	$743.23	-10.2%	—	30303M102
CPRI	CAPRI HOLDINGS LIMITED	130	$3	0.0%	$49.89	-53.6%	—	G1890L107

Decreased Positions (14)

— ORACLE CORP 0.1%

Value ($000) $217 (-97.0%) Shares 1,113 (-95.7%) Est. Cost $221.70 Unrealized —

ZTS ZOETIS INC 0.2%

Value ($000) $269 (-96.2%) Shares 2,136 (-95.5%) Est. Cost $171.40 Unrealized -24.0%

EMR EMERSON ELEC CO 0.2%

Value ($000) $306 (-95.3%) Shares 2,302 (-95.3%) Est. Cost $104.82 Unrealized +26.3%

GOOGL ALPHABET INC 6.7%

Value ($000) $11,760 (+25.1%) Shares 37,558 (-2.3%) Est. Cost $136.52 Unrealized +109.2%

MSFT MICROSOFT CORP 7.2%

Value ($000) $12,699 (-8.8%) Shares 26,249 (-1.7%) Est. Cost $393.59 Unrealized +27.2%

— QIAGEN NV 0.0%

Value ($000) $24 (-97.8%) Shares 524 (-97.9%) Est. Cost $40.67 Unrealized —

ECL ECOLAB INC 4.5%

Value ($000) $7,867 (-6.6%) Shares 29,957 (-2.0%) Est. Cost $185.14 Unrealized +43.5%

RACE FERRARI N V 0.7%

Value ($000) $1,260 (-30.1%) Shares 3,364 (-9.9%) Est. Cost $378.96 Unrealized +5.6%

EW EDWARDS LIFESCIENCES CORP 4.5%

Value ($000) $7,833 (+6.0%) Shares 91,851 (-2.8%) Est. Cost $75.91 Unrealized +8.1%

XYL XYLEM INC 0.4%

Value ($000) $732 (-36.8%) Shares 5,372 (-31.6%) Est. Cost $105.97 Unrealized +35.5%

KLAC KLA CORP 0.1%

Value ($000) $192 (-51.2%) Shares 158 (-56.7%) Est. Cost $723.61 Unrealized +62.0%

MSI MOTOROLA SOLUTIONS INC 0.2%

Value ($000) $373 (-22.9%) Shares 973 (-8.0%) Est. Cost $366.60 Unrealized +9.3%

IAU ISHARES GOLD TR 1.4%

Value ($000) $2,548 (+1.8%) Shares 30,784 (-10.8%) Est. Cost $40.80 Unrealized —

XME SPDR SERIES TRUST 0.1%

Value ($000) $157 (-15.7%) Shares 1,535 (-23.3%) Est. Cost $58.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ORACLE CORP	1,113 (-95.7%)	$217 (-97.0%)	0.1%	$221.70	—	COM	68389x105
ZTS	ZOETIS INC	2,136 (-95.5%)	$269 (-96.2%)	0.2%	$171.40	-24.0%	CL A	98978V103
EMR	EMERSON ELEC CO	2,302 (-95.3%)	$306 (-95.3%)	0.2%	$104.82	+26.3%	COM	291011104
GOOGL	ALPHABET INC	37,558 (-2.3%)	$11,760 (+25.1%)	6.7%	$136.52	+109.2%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	26,249 (-1.7%)	$12,699 (-8.8%)	7.2%	$393.59	+27.2%	COM	594918104
—	QIAGEN NV	524 (-97.9%)	$24 (-97.8%)	0.0%	$40.67	—	COM SHS	N72482206
ECL	ECOLAB INC	29,957 (-2.0%)	$7,867 (-6.6%)	4.5%	$185.14	+43.5%	COM	278865100
RACE	FERRARI N V	3,364 (-9.9%)	$1,260 (-30.1%)	0.7%	$378.96	+5.6%	COM	N3167Y103
EW	EDWARDS LIFESCIENCES CORP	91,851 (-2.8%)	$7,833 (+6.0%)	4.5%	$75.91	+8.1%	COM	28176E108
XYL	XYLEM INC	5,372 (-31.6%)	$732 (-36.8%)	0.4%	$105.97	+35.5%	COM	98419M100
KLAC	KLA CORP	158 (-56.7%)	$192 (-51.2%)	0.1%	$723.61	+62.0%	COM NEW	482480100
MSI	MOTOROLA SOLUTIONS INC	973 (-8.0%)	$373 (-22.9%)	0.2%	$366.60	+9.3%	COM NEW	620076307
IAU	ISHARES GOLD TR	30,784 (-10.8%)	$2,548 (+1.8%)	1.4%	$40.80	—	ISHARES NEW	464285204
XME	SPDR SERIES TRUST	1,535 (-23.3%)	$157 (-15.7%)	0.1%	$58.31	—	S&P METALS MNG	78464A755

Unchanged Positions (12)

PANW PALO ALTO NETWORKS INC 5.7%

Value ($000) $9,960 Shares 54,056 Est. Cost $185.76 Unrealized +8.6%

AMZN AMAZON COM INC 6.9%

Value ($000) $12,193 Shares 52,805 Est. Cost $146.73 Unrealized +55.9%

ALC ALCON AG 4.4%

Value ($000) $7,799 Shares 97,620 Est. Cost $74.82 Unrealized +2.9%

GOOG ALPHABET INC 0.1%

Value ($000) $157 Shares 499 Est. Cost $148.07 Unrealized +93.4%

AAPL APPLE INC 0.1%

Value ($000) $109 Shares 400 Est. Cost $182.85 Unrealized +46.8%

ICLN ISHARES TR 0.1%

Value ($000) $115 Shares 7,000 Est. Cost $13.57 Unrealized —

ILMN ILLUMINA INC 0.0%

Value ($000) $12 Shares 91 Est. Cost $116.67 Unrealized +0.6%

ALGN ALIGN TECHNOLOGY INC 0.0%

Value ($000) $14 Shares 88 Est. Cost $261.48 Unrealized -45.2%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $23 Shares 70 Est. Cost $549.52 Unrealized -38.6%

INTC INTEL CORP 0.0%

Value ($000) $6 Shares 175 Est. Cost $40.04 Unrealized -5.7%

VEGI ISHARES INC 0.0%

Value ($000) $58 Shares 1,500 Est. Cost $37.51 Unrealized —

MOO VANECK ETF TRUST 0.0%

Value ($000) $52 Shares 700 Est. Cost $72.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PANW	PALO ALTO NETWORKS INC	54,056	$9,960	5.7%	$185.76	+8.6%	COM	697435105
AMZN	AMAZON COM INC	52,805	$12,193	6.9%	$146.73	+55.9%	COM	023135106
ALC	ALCON AG	97,620	$7,799	4.4%	$74.82	+2.9%	ORD SHS	H01301128
GOOG	ALPHABET INC	499	$157	0.1%	$148.07	+93.4%	CAP STK CL C	02079K107
AAPL	APPLE INC	400	$109	0.1%	$182.85	+46.8%	COM	037833100
ICLN	ISHARES TR	7,000	$115	0.1%	$13.57	—	GL CLEAN ENE ETF	464288224
ILMN	ILLUMINA INC	91	$12	0.0%	$116.67	+0.6%	COM	452327109
ALGN	ALIGN TECHNOLOGY INC	88	$14	0.0%	$261.48	-45.2%	COM	016255101
UNH	UNITEDHEALTH GROUP INC	70	$23	0.0%	$549.52	-38.6%	COM	91324P102
INTC	INTEL CORP	175	$6	0.0%	$40.04	-5.7%	COM	458140100
VEGI	ISHARES INC	1,500	$58	0.0%	$37.51	—	MSCI AGRICULTURE	464286350
MOO	VANECK ETF TRUST	700	$52	0.0%	$72.04	—	AGRIBUSINESS ETF	92189F700