The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alphabet Inc. Class A COM 02079K305 4,216,780 14,664 SH SOLE 288 0 0
Amazon.com, Inc. COM 023135106 5,353,997 25,707 SH SOLE 208 0 0
American Water Works Company, Inc. COM 030420103 1,113,352 8,181 SH SOLE 136 0 0
Bentley Systems, Incorporated Class B COM 08265T208 2,884,054 82,120 SH SOLE 35 0 0
Brown & Brown, Inc. COM 115236101 5,310,246 81,433 SH SOLE 65 0 0
CME Group Inc. Class A COM 12572Q105 13,749,133 46,552 SH SOLE 295 0 0
Colliers International Group Inc. COM 194693107 3,354,101 31,379 SH SOLE 107 0 0
Compass Diversified Holdings COM 20451Q104 319,250 40,617 SH SOLE 8 0 0
EHang Holdings Ltd. Sponsored ADR Class A COM 26853E102 188,267 19,389 SH SOLE 10 0 0
Ferrovial SE COM N3168P101 6,790,049 104,382 SH SOLE 65 0 0
First Trust RBA American Industrial Renaissance ETF COM 33738R704 6,141,754 55,441 SH SOLE 111 0 0
Hess Midstream LP Class A COM 428103105 1,055,010 27,142 SH SOLE 39 0 0
Horizon Kinetics Inflation Beneficiaries ETF COM 53656F623 8,992,012 172,724 SH SOLE 52 0 0
Invesco DB Base Metals Fund COM 46140H700 410,898 17,485 SH SOLE 24 0 0
iShares MSCI ACWI ETF COM 464288257 11,548,083 83,458 SH SOLE 138 0 0
iShares MSCI Global Metals & Mining Producers ETF COM 46434G848 441,345 7,799 SH SOLE 57 0 0
iShares MSCI Japan ETF COM 46434G822 6,067,014 71,850 SH SOLE 84 0 0
KKR & Co Inc COM 48251W104 1,342,453 14,513 SH SOLE 93 0 0
Liberty Live Holdings, Inc. Registered Series -A- COM 530909100 6,680,464 72,899 SH SOLE 92 0 0
Liberty Live Holdings, Inc. Series -C- COM 530909308 4,043,530 42,966 SH SOLE 94 0 0
Liberty Media Corporation Series A Liberty Formula One COM 531229771 9,901,169 126,808 SH SOLE 78 0 0
Liberty Media Corporation Series C Liberty Formula One COM 531229755 9,678,336 113,836 SH SOLE 85 0 0
Microsoft Corporation COM 594918104 4,468,322 12,071 SH SOLE 370 0 0
Netflix, Inc. COM 64110L106 1,256,007 13,063 SH SOLE 96 0 0
News Corporation Class A COM 65249B109 39,412,560 1,580,929 SH SOLE 25 0 0
News Corporation Class B COM 65249B208 4,247,705 148,990 SH SOLE 29 0 0
NVIDIA Corporation COM 67066G104 4,406,739 25,268 SH SOLE 174 0 0
ProShares Short QQQ COM 74349Y837 739,694 22,979 SH SOLE 32 0 0
Royalty Pharma Plc Class A COM G7709Q104 10,161,054 211,821 SH SOLE 48 0 0
Ryan Specialty Holdings, Inc. Class A COM 78351F107 7,758,480 229,949 SH SOLE 34 0 0
S&P Global, Inc. COM 78409V104 1,294,310 3,043 SH SOLE 425 0 0
Shake Shack, Inc. Class A COM 819047101 8,794,184 99,403 SH SOLE 88 0 0
Shenandoah Telecommunications Company COM 82312B106 14,453,660 937,332 SH SOLE 15 0 0
Stevanato Group SpA COM T9224W109 8,803,149 640,229 SH SOLE 14 0 0
Tamboran Resources Corporation COM 87507T101 1,265,847 25,322 SH SOLE 50 0 0
Telephone and Data Systems, Inc. COM 879433829 8,269,324 196,421 SH SOLE 42 0 0
Texas Roadhouse, Inc. COM 882681109 950,711 5,757 SH SOLE 165 0 0
Thomson Reuters Corporation COM 884903808 3,818,391 42,436 SH SOLE 90 0 0
TKO Group Holdings, Inc. Class A COM 87256C101 7,239,235 35,900 SH SOLE 202 0 0
Uber Technologies, Inc. COM 90353T100 3,166,790 44,026 SH SOLE 72 0 0
United States Natural Gas Fund LP COM 912318409 399,547 34,062 SH SOLE 12 0 0
Visa Inc. Class A COM 92826C839 4,841,280 16,018 SH SOLE 302 0 0