Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RGLD	ROYAL GOLD INC	17,084	$3.41M	3.0%	$199.61	—	COM	780287108
V	VISA INC	8,820	$3.026M	2.6%	$343.09	—	COM CL A	92826C839
WT	WISDOMTREE INC	162,457	$2.752M	2.4%	$16.94	—	COM	97717P104
EYE	NATIONAL VISION HLDGS INC	96,361	$1.832M	1.6%	$19.01	—	COM	63845R107
AVGO	BROADCOM INC	3,745	$1.415M	1.2%	$377.75	—	COM	11135F101
WST	WEST PHARMACEUTICAL SVSC INC	3,700	$1.328M	1.1%	$359.00	—	COM	955306105
MU	MICRON TECHNOLOGY INC	1,146	$1.323M	1.1%	$1154.29	—	COM	595112103
SIRI	SIRIUSXM HOLDINGS INC	42,674	$1.261M	1.1%	$29.54	—	COMMON STOCK	829933100
MDLN	MEDLINE INC	30,273	$1.194M	1.0%	$39.44	—	COM CL A	58507V107
NFLX	NETFLIX INC.	14,068	$1.004M	0.9%	$71.40	—	COM	64110L106

Increased Positions (14)

FWONK LIBERTY MEDIA CORP DEL 2.7%

Value $3.118M (+621.8%) Shares 32,774 (+545.0%) Est. Cost $93.57 Unrealized —

COO COOPER COS INC 3.1%

Value $3.634M (+92.4%) Shares 50,676 (+91.9%) Est. Cost $77.15 Unrealized —

LLY ELI LILLY & CO 2.3%

Value $2.707M (+165.9%) Shares 2,257 (+103.9%) Est. Cost $1124.71 Unrealized —

LYV LIVE NATION ENTERTAINMENT IN 3.1%

Value $3.581M (+85.0%) Shares 19,557 (+54.1%) Est. Cost $160.53 Unrealized —

MSFT MICROSOFT CORP 2.5%

Value $2.917M (+109.2%) Shares 7,820 (+107.6%) Est. Cost $402.69 Unrealized —

AMZN AMAZON COM INC 2.6%

Value $3.062M (+83.6%) Shares 12,848 (+60.5%) Est. Cost $231.17 Unrealized —

JPM JPMORGAN CHASE & CO 2.2%

Value $2.495M (+117.5%) Shares 7,622 (+95.4%) Est. Cost $319.19 Unrealized —

GOOG ALPHABET INC 2.1%

Value $2.404M (+90.5%) Shares 6,805 (+54.7%) Est. Cost $334.15 Unrealized —

WAT WATERS CORP 2.6%

Value $2.961M (+61.9%) Shares 7,896 (+28.6%) Est. Cost $368.86 Unrealized —

ITT ITT INC 1.7%

Value $2M (+60.3%) Shares 10,115 (+54.5%) Est. Cost $193.04 Unrealized —

KLAC KLA CORP 1.8%

Value $2.028M (+23.8%) Shares 6,723 (+504.0%) Est. Cost $493.80 Unrealized —

RYAN RYAN SPECIALTY HOLDINGS INC 0.8%

Value $868K (+24.6%) Shares 22,981 (+11.3%) Est. Cost $45.73 Unrealized —

INTU INTUIT 0.9%

Value $1.084M (+7.5%) Shares 4,152 (+78.0%) Est. Cost $393.87 Unrealized —

CSGP COSTAR GROUP INC 0.7%

Value $752K (+7.8%) Shares 26,559 (+53.5%) Est. Cost $46.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FWONK	LIBERTY MEDIA CORP DEL	32,774 (+545.0%)	$3.118M (+621.8%)	2.7%	$93.57	—	COM LBTY ONE S C	531229755
COO	COOPER COS INC	50,676 (+91.9%)	$3.634M (+92.4%)	3.1%	$77.15	—	COM	216648501
LLY	ELI LILLY & CO	2,257 (+103.9%)	$2.707M (+165.9%)	2.3%	$1124.71	—	COM	532457108
LYV	LIVE NATION ENTERTAINMENT IN	19,557 (+54.1%)	$3.581M (+85.0%)	3.1%	$160.53	—	COM	538034109
MSFT	MICROSOFT CORP	7,820 (+107.6%)	$2.917M (+109.2%)	2.5%	$402.69	—	COM	594918104
AMZN	AMAZON COM INC	12,848 (+60.5%)	$3.062M (+83.6%)	2.6%	$231.17	—	COM	023135106
JPM	JPMORGAN CHASE & CO	7,622 (+95.4%)	$2.495M (+117.5%)	2.2%	$319.19	—	COM	46625H100
GOOG	ALPHABET INC	6,805 (+54.7%)	$2.404M (+90.5%)	2.1%	$334.15	—	CAP STK CL C	02079K107
WAT	WATERS CORP	7,896 (+28.6%)	$2.961M (+61.9%)	2.6%	$368.86	—	COM	941848103
ITT	ITT INC	10,115 (+54.5%)	$2M (+60.3%)	1.7%	$193.04	—	COM	45073V108
KLAC	KLA CORP	6,723 (+504.0%)	$2.028M (+23.8%)	1.8%	$493.80	—	COM NEW	482480100
RYAN	RYAN SPECIALTY HOLDINGS INC	22,981 (+11.3%)	$868K (+24.6%)	0.8%	$45.73	—	CL A	78351F107
INTU	INTUIT	4,152 (+78.0%)	$1.084M (+7.5%)	0.9%	$393.87	—	COM	461202103
CSGP	COSTAR GROUP INC	26,559 (+53.5%)	$752K (+7.8%)	0.7%	$46.95	—	COM	22160N109

Exited Positions (8)

UNP UNION PAC CORP 4.0%

Value $4.581M Shares 18,883 Est. Cost $226.17 Unrealized —

CMCSA COMCAST CORP NEW 3.0%

Value $3.46M Shares 120,520 Est. Cost $29.82 Unrealized —

CHTR CHARTER COMMUNICATIONS INC 3.0%

Value $3.431M Shares 15,895 Est. Cost $213.73 Unrealized —

BDX BECTON DICKINSON & CO 2.3%

Value $2.602M Shares 16,551 Est. Cost $182.46 Unrealized —

SAP SAP SE 1.2%

Value $1.421M Shares 8,300 Est. Cost $171.21 Unrealized —

AKAM AKAMAI TECHNOLOGIES INC 0.9%

Value $1.034M Shares 9,000 Est. Cost $95.71 Unrealized —

INTC INTEL CORP 0.7%

Value $786K Shares 17,800 Est. Cost $46.43 Unrealized —

AMT AMERICAN TOWER CORP 0.6%

Value $742K Shares 4,300 Est. Cost $174.80 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNP	UNION PAC CORP	18,883	$4.581M	4.0%	$226.17	—	—	907818108
CMCSA	COMCAST CORP NEW	120,520	$3.46M	3.0%	$29.82	—	—	20030N101
CHTR	CHARTER COMMUNICATIONS INC	15,895	$3.431M	3.0%	$213.73	—	—	16119P108
BDX	BECTON DICKINSON & CO	16,551	$2.602M	2.3%	$182.46	—	—	075887109
SAP	SAP SE	8,300	$1.421M	1.2%	$171.21	—	—	803054204
AKAM	AKAMAI TECHNOLOGIES INC	9,000	$1.034M	0.9%	$95.71	—	—	00971T101
INTC	INTEL CORP	17,800	$786K	0.7%	$46.43	—	—	458140100
AMT	AMERICAN TOWER CORP	4,300	$742K	0.6%	$174.80	—	—	03027X100

Decreased Positions (10)

NVDA NVIDIA CORPORATION 2.6%

Value $2.997M (-31.8%) Shares 14,980 (-40.6%) Est. Cost $186.63 Unrealized —

TDW TIDEWATER INC NEW 0.5%

Value $592K (-58.6%) Shares 8,892 (-48.1%) Est. Cost $56.73 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.6%

Value $638K (-55.4%) Shares 1,276 (-57.3%) Est. Cost $494.61 Unrealized —

SPHR SPHERE ENTERTAINMENT CO 3.1%

Value $3.597M (+25.5%) Shares 20,786 (-14.8%) Est. Cost $99.94 Unrealized —

AMD ADVANCED MICRO DEVICES INC 4.6%

Value $5.29M (+13.4%) Shares 9,106 (-60.3%) Est. Cost $221.70 Unrealized —

AMAT APPLIED MATLS INC 2.8%

Value $3.26M (-13.3%) Shares 4,509 (-59.0%) Est. Cost $326.57 Unrealized —

MIDD MIDDLEBY CORP 5.2%

Value $5.969M (-5.0%) Shares 34,701 (-26.8%) Est. Cost $146.96 Unrealized —

META META PLATFORMS INC 0.7%

Value $757K (-23.1%) Shares 1,344 (-21.9%) Est. Cost $655.57 Unrealized —

PGR PROGRESSIVE CORP 6.0%

Value $6.97M (+1.1%) Shares 31,907 (-8.3%) Est. Cost $206.69 Unrealized —

SOLV SOLVENTUM CORP 1.2%

Value $1.334M (-1.6%) Shares 17,291 (-16.7%) Est. Cost $78.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	14,980 (-40.6%)	$2.997M (-31.8%)	2.6%	$186.63	—	COM	67066G104
TDW	TIDEWATER INC NEW	8,892 (-48.1%)	$592K (-58.6%)	0.5%	$56.73	—	COM	88642R109
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,276 (-57.3%)	$638K (-55.4%)	0.6%	$494.61	—	CL B NEW	084670702
SPHR	SPHERE ENTERTAINMENT CO	20,786 (-14.8%)	$3.597M (+25.5%)	3.1%	$99.94	—	CL A	55826T102
AMD	ADVANCED MICRO DEVICES INC	9,106 (-60.3%)	$5.29M (+13.4%)	4.6%	$221.70	—	COM	007903107
AMAT	APPLIED MATLS INC	4,509 (-59.0%)	$3.26M (-13.3%)	2.8%	$326.57	—	COM	038222105
MIDD	MIDDLEBY CORP	34,701 (-26.8%)	$5.969M (-5.0%)	5.2%	$146.96	—	COM	596278101
META	META PLATFORMS INC	1,344 (-21.9%)	$757K (-23.1%)	0.7%	$655.57	—	CL A	30303M102
PGR	PROGRESSIVE CORP	31,907 (-8.3%)	$6.97M (+1.1%)	6.0%	$206.69	—	COM	743315103
SOLV	SOLVENTUM CORP	17,291 (-16.7%)	$1.334M (-1.6%)	1.2%	$78.39	—	COM SHS	83444M101

Unchanged Positions (6)

IBKR INTERACTIVE BROKERS GROUP IN 1.9%

Value $2.251M Shares 25,861 Est. Cost $73.62 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 10.4%

Value $11.98M Shares 16 Est. Cost $734489.10 Unrealized —

AZO AUTOZONE INC 5.8%

Value $6.737M Shares 2,108 Est. Cost $3758.64 Unrealized —

SCHW SCHWAB CHARLES CORP 5.4%

Value $6.186M Shares 67,044 Est. Cost $97.59 Unrealized —

AJG GALLAGHER ARTHUR J & CO 1.6%

Value $1.903M Shares 8,290 Est. Cost $240.41 Unrealized —

BF/B BROWN FORMAN CORP 2.5%

Value $2.944M Shares 110,464 Est. Cost $28.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBKR	INTERACTIVE BROKERS GROUP IN	25,861	$2.251M	1.9%	$73.62	—	COM CL A	45841N107
BRK/A	BERKSHIRE HATHAWAY INC DEL	16	$11.98M	10.4%	$734489.10	—	CL A	084670108
AZO	AUTOZONE INC	2,108	$6.737M	5.8%	$3758.64	—	COM	053332102
SCHW	SCHWAB CHARLES CORP	67,044	$6.186M	5.4%	$97.59	—	COM	808513105
AJG	GALLAGHER ARTHUR J & CO	8,290	$1.903M	1.6%	$240.41	—	COM	363576109
BF/B	BROWN FORMAN CORP	110,464	$2.944M	2.5%	$28.26	—	CL B	115637209