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
OMB APPROVAL
OMB Number: 3235-0006
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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
Adams Diversified Equity Fund COM 006212104 3,350,218 131,124 SH SOLE 131,124 0 0
Agnico Eagle Mines Limited COM 008474108 27,810,465 179,272 SH SOLE 179,272 0 0
Alamos Gold Inc. - Class A COM 011532108 7,166,884 236,219 SH SOLE 236,219 0 0
Alphabet Inc. - Class C COM 02079K107 74,172,094 209,923 SH SOLE 209,923 0 0
Amazon.com, Inc. COM 023135106 69,356,940 291,000 SH SOLE 291,000 0 0
American Electric Power Co COM 025537101 13,681,000 100,000 SH SOLE 100,000 0 0
Amgen Inc. COM 031162100 7,242,400 20,000 SH SOLE 20,000 0 0
Apple Inc. COM 037833100 76,884,399 265,705 SH SOLE 265,705 0 0
Applied Materials, Inc. COM 038222105 18,112,596 25,052 SH SOLE 25,052 0 0
Arch Capital Group Ltd. COM G0450A105 51,461,212 530,200 SH SOLE 530,200 0 0
Arcos Dorados Holdings Inc COM G0457F107 6,933,035 860,178 SH SOLE 860,178 0 0
Arista Networks, Inc. COM 040413205 9,367,523 55,142 SH SOLE 55,142 0 0
ARS Pharmaceuticals Inc COM 82835W108 9,075,698 1,133,046 SH SOLE 1,133,046 0 0
ASML Holding N.V. COM N07059210 109,419,200 55,000 SH SOLE 55,000 0 0
AT&T Inc. COM 00206R102 16,035,027 774,639 SH SOLE 774,639 0 0
Berkshire Hathaway Inc. COM 084670108 82,373,500 110 SH SOLE 110 0 0
BlackBerry Ltd COM 09228F103 4,199,749 331,996 SH SOLE 331,996 0 0
Boeing Company/The COM 097023105 18,216,816 84,154 SH SOLE 84,154 0 0
Broadcom Inc. COM 11135F101 52,129,500 138,000 SH SOLE 138,000 0 0
Cameco Corporation COM 13321L108 34,553,968 339,230 SH SOLE 339,230 0 0
Chevron Corporation COM 166764100 14,320,172 86,391 SH SOLE 86,391 0 0
Cleveland-Cliffs Inc. COM 185899101 944,568 100,593 SH SOLE 100,593 0 0
Columbia Banking System Inc. COM 197236102 2,742,070 85,556 SH SOLE 85,556 0 0
Costco Wholesale Corporation COM 22160K105 30,870,510 33,000 SH SOLE 33,000 0 0
Dominion Energy, Inc. COM 25746U109 19,804,100 290,000 SH SOLE 290,000 0 0
Energy Transfer LP COM 29273V100 19,502,974 1,020,030 SH SOLE 1,020,030 0 0
Everest Group, Ltd. COM G3223R108 43,906,782 122,909 SH SOLE 122,909 0 0
Exxon Mobil Corporation COM 30231G102 15,736,472 115,100 SH SOLE 115,100 0 0
Ferroglobe PLC COM G33856108 2,631,739 827,591 SH SOLE 827,591 0 0
First Carolina Financial COM 31943F200 2,748,703 207,606 SH SOLE 207,606 0 0
GE Vernova Inc. COM 36828A101 83,415,060 71,000 SH SOLE 71,000 0 0
Gilead Sciences, Inc. COM 375558103 18,306,666 144,900 SH SOLE 144,900 0 0
i-80 Gold Corp. COM 44955L106 4,840,944 3,361,767 SH SOLE 3,361,767 0 0
IDEAYA Biosciences, Inc. COM 45166A102 11,488,105 308,240 SH SOLE 308,240 0 0
indie Semiconductor, Inc. COM 45569U101 7,382,040 1,644,107 SH SOLE 1,644,107 0 0
Invesco S&P Equal Weight COM 46137V357 6,513,102 30,611 SH SOLE 30,611 0 0
JPMorgan Chase & Co. COM 46625H100 26,186,400 80,000 SH SOLE 80,000 0 0
L3Harris Technologies, Inc. COM 502431109 19,116,463 65,785 SH SOLE 65,785 0 0
M&T Bank Corporation COM 55261F104 24,062,811 101,100 SH SOLE 101,100 0 0
Maravai LifeSciences Holdings COM 56600D107 10,709,044 1,716,193 SH SOLE 1,716,193 0 0
Marvell Technology, Inc. COM 573874104 33,363,680 112,000 SH SOLE 112,000 0 0
Marvell Technology, Inc. COM 573874104 5,700,000 30,000 SH Put SOLE 30,000 0 0
Mastercard Incorporated COM 57636Q104 7,704,000 15,000 SH SOLE 15,000 0 0
Mastercard Inc. COM 57636Q104 10,000,000 20,000 SH Put SOLE 20,000 0 0
Merck & Co., Inc. COM 58933Y105 26,255,891 204,326 SH SOLE 204,326 0 0
Meta Platforms, Inc. - Class A COM 30303M102 18,025,280 32,000 SH SOLE 32,000 0 0
MetLife, Inc. COM 59156R108 7,642,567 90,327 SH SOLE 90,327 0 0
Microsoft Corporation COM 594918104 49,014,828 131,400 SH SOLE 131,400 0 0
Nelnet, Inc. - Class A COM 64031N108 30,798,963 230,998 SH SOLE 230,998 0 0
NextNav Inc. COM 65345N106 11,586,184 649,814 SH SOLE 649,814 0 0
Novo Nordisk A/S COM 670100205 5,000,000 100,000 SH Call SOLE 100,000 0 0
Novo Nordisk A/S COM 670100205 4,040,000 80,800 SH Call SOLE 80,800 0 0
NVIDIA Corporation COM 67066G104 41,214,338 205,979 SH SOLE 205,979 0 0
Onto Innovation Inc. COM 683344105 22,707,000 60,000 SH SOLE 60,000 0 0
PepsiCo, Inc. COM 713448108 17,602,000 130,000 SH SOLE 130,000 0 0
Pfizer Inc. COM 717081103 9,771,857 405,808 SH SOLE 405,808 0 0
Proshares S&P 500 Dividend COM 74348A467 2,527,200 45,000 SH SOLE 45,000 0 0
Quest Diagnostics COM 74834L100 5,994,794 28,284 SH SOLE 28,284 0 0
Regeneron Pharmaceuticals, Inc COM 75886F107 22,673,161 36,362 SH SOLE 36,362 0 0
Republic Services, Inc. COM 760759100 71,514,975 335,625 SH SOLE 335,625 0 0
Revolution Medicines, Inc. COM 76155X100 11,713,428 62,545 SH SOLE 62,545 0 0
Royce Value Trust, Inc. COM 780910105 2,786,698 150,877 SH SOLE 150,877 0 0
RTX Corporation COM 75513E101 30,356,800 160,000 SH SOLE 160,000 0 0
ServiceNow, Inc. COM 81762P102 8,438,800 85,000 SH SOLE 85,000 0 0
ServiceNow, Inc. COM 81762P102 15,750,000 150,000 SH Call SOLE 150,000 0 0
Solventum Corporation COM 83444M101 29,112,553 377,350 SH SOLE 377,350 0 0
TJX Companies, Inc./The COM 872540109 73,439,928 484,752 SH SOLE 484,752 0 0
Tyler Technologies, Inc. COM 902252105 15,114,625 51,681 SH SOLE 51,681 0 0
Uber Technologies, Inc. COM 90353T100 18,803,669 260,583 SH SOLE 260,583 0 0
Universal Display Corporation COM 91347P105 5,022,999 58,009 SH SOLE 58,009 0 0
Uranium Energy Corp. COM 916896103 4,849,127 454,890 SH SOLE 454,890 0 0
Valneva SE - ADR COM 92025Y103 1,853,308 354,361 SH SOLE 354,361 0 0
Vanguard Mid-Cap Value Index COM 922908512 2,707,120 13,700 SH SOLE 13,700 0 0
Veeva Systems Inc. - Class A COM 922475108 10,294,325 58,006 SH SOLE 58,006 0 0