| PPERSHING SQUARE USA LTDPSUS |
| 7.01% | — | $15.3M | 408,528 | $0 | 0 | +408,528 | New Buy |
| SSHENANDOAH TELECOMMUNICATIONSHEN |
| 6.44% | 5.89% | $14.0M | 930,143 | $14.5M | 937,332 | -7,189-0.77% | Reduce |
 UBER TECHNOLOGIES INCUBER |
| 6.39% | 1.29% | $13.9M | 192,828 | $3.2M | 44,026 | +148,802+337.99% | Add |
| SSTEVANATO GROUP S P ASTVN |
| 5.55% | 3.59% | $12.1M | 668,494 | $8.8M | 640,229 | +28,265+4.41% | Add |
 LIBERTY MEDIA CORP DELFWONK |
| 5.1% | 3.95% | $11.1M | 116,860 | $9.7M | 113,836 | +3,024+2.66% | Add |
 LIBERTY MEDIA CORP DELFWONA |
| 4.96% | 4.04% | $10.8M | 123,310 | $9.9M | 126,808 | -3,498-2.76% | Reduce |
| IISHARES MSCI ACWI ETFTOK |
| 4.78% | 4.71% | $10.4M | 66,345 | $11.5M | 83,458 | -17,113-20.50% | Reduce |
 ROYALTY PHARMA PLCRPRX |
| 4.23% | 4.14% | $9.2M | 164,249 | $10.2M | 211,821 | -47,572-22.46% | Reduce |
 ALPHABET INCGOOGL |
| 4.19% | 1.72% | $9.1M | 25,553 | $4.2M | 14,664 | +10,889+74.26% | Add |
 FERROVIAL NV ORD SHSFER |
| 4.07% | 2.77% | $8.9M | 129,165 | $6.8M | 104,382 | +24,783+23.74% | Add |
 TELEPHONE & DATA SYS INCTDS |
| 3.62% | 3.37% | $7.9M | 212,845 | $8.3M | 196,421 | +16,424+8.36% | Add |
 LIBERTY LIVE HOLDINGS INCLLYVK |
| 3.32% | 2.72% | $7.2M | 71,474 | $6.7M | 72,899 | -1,425-1.95% | Reduce |
| FFIRST TR EXCHANGE TRADED FDFYC |
| 3.32% | 2.5% | $7.2M | 54,269 | $6.1M | 55,441 | -1,172-2.11% | Reduce |
 AMAZON COM INCAMZN |
| 2.81% | 2.18% | $6.1M | 25,707 | $5.4M | 25,707 | 00.00% | Unchanged |
 CME GROUP INCCME |
| 2.74% | 5.6% | $6.0M | 27,046 | $13.7M | 46,552 | -19,506-41.90% | Reduce |
 VISA INCV |
| 2.59% | 1.97% | $5.6M | 16,466 | $4.8M | 16,018 | +448+2.80% | Add |
 TKO GROUP HLDGS INC CLASS ATKO |
| 2.55% | 2.95% | $5.5M | 27,559 | $7.2M | 35,900 | -8,341-23.23% | Reduce |
| LListed Funds Trust Horizon Kinetics Inflation Beneficiaries EtfINFL |
| 2.44% | 3.67% | $5.3M | 106,357 | $9.0M | 172,724 | -66,367-38.42% | Reduce |
| TTAMBORAN RES CORPTBN |
| 2.32% | 0.52% | $5.1M | 155,479 | $1.3M | 25,322 | +130,157+514.01% | Add |
 NVIDIA CORPORATIONNVDA |
| 2.29% | 1.8% | $5.0M | 24,938 | $4.4M | 25,268 | -330-1.31% | Reduce |
| IISHARES INCEWJ |
| 2.24% | 2.47% | $4.9M | 52,363 | $6.1M | 71,850 | -19,487-27.12% | Reduce |
 LIBERTY LIVE HOLDINGS INCLLYVK |
| 2.08% | 1.65% | $4.5M | 42,966 | $4.0M | 42,966 | 00.00% | Unchanged |
 HALOZYME THERAPEUTICS INCHALO |
| 1.98% | — | $4.3M | 55,023 | $0 | 0 | +55,023 | New Buy |
 RYAN SPECIALTY HOLDINGS INCRYAN |
| 1.9% | 3.16% | $4.1M | 109,517 | $7.8M | 229,949 | -120,432-52.37% | Reduce |
| IISHARES TRICSH |
| 1.85% | — | $4.0M | 79,721 | $0 | 0 | +79,721 | New Buy |
| TTHOMSON REUTERS CORPTRI |
| 1.82% | — | $4.0M | 48,620 | $0 | 0 | +48,620 | New Buy |
 COLLIERS INTL GROUP INCCIGI |
| 1.49% | 1.37% | $3.2M | 34,610 | $3.4M | 31,379 | +3,231+10.30% | Add |
 CORTEVA INC COMCTVA |
| 1.23% | — | $2.7M | 31,719 | $0 | 0 | +31,719 | New Buy |
| SSHAKE SHACK INCSHAK |
| 0.97% | 3.58% | $2.1M | 37,763 | $8.8M | 99,403 | -61,640-62.01% | Reduce |
 MICROSOFT CORPMSFT |
| 0.62% | 1.82% | $1.3M | 3,602 | $4.5M | 12,071 | -8,469-70.16% | Reduce |
 S&P GLOBAL INCSPGI |
| 0.57% | 0.53% | $1.2M | 3,043 | $1.3M | 3,043 | 00.00% | Unchanged |
 TEXAS ROADHOUSE INC CLASS ATXRH |
| 0.51% | 0.39% | $1.1M | 5,757 | $950,711 | 5,757 | 00.00% | Unchanged |
 CHENIERE ENERGY INCLNG |
| 0.51% | — | $1.1M | 4,639 | $0 | 0 | +4,639 | New Buy |
 AMERICAN WTR WKS CO INC NEWAWK |
| 0.49% | 0.45% | $1.1M | 8,181 | $1.1M | 8,181 | 00.00% | Unchanged |
 ROYAL GOLD INC COMRGLD |
| 0.43% | — | $928,187 | 4,650 | $0 | 0 | +4,650 | New Buy |
 LOEWS CORPL |
| 0.29% | — | $629,787 | 5,563 | $0 | 0 | +5,563 | New Buy |
 HESS MIDSTREAM LP CL A SHSHESM |
| 0.23% | 0.43% | $497,185 | 13,223 | $1.1M | 27,142 | -13,919-51.28% | Reduce |
| EEHANG HLDGS LTD ADSEH |
| 0.06% | 0.08% | $126,998 | 19,389 | $188,267 | 19,389 | 00.00% | Unchanged |
| SSILICON MOTION (SPADR REPR 4 SHS)SIMO |
| 0.02% | — | $34,333 | 103 | $0 | 0 | +103 | New Buy |
