# EDGAR Filing Document

**Accession Number:** 0001308377
**File Stem:** 0001308377-25-000008
**Filing Date:** 2025-11
**Character Count:** 22481
**Document Hash:** fa22c574e57ab1b30ebde6b1aeec4f8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001308377-25-000008.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001308377-25-000008

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lafayette Investments, Inc.
- **CENTRAL INDEX KEY:** 0001308377

**ORGANIZATION NAME:**
- **EIN:** 521568449
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11053
- **FILM NUMBER:** 251457777

**BUSINESS ADDRESS:**
- **STREET 1:** 17830 NEW HAMPSHIRE AVENUE
- **STREET 2:** SUITE 201
- **CITY:** ASHTON
- **STATE:** MD
- **ZIP:** 20861
- **BUSINESS PHONE:** 301.570.2959

**MAIL ADDRESS:**
- **STREET 1:** 17830 NEW HAMPSHIRE AVENUE
- **STREET 2:** SUITE 201
- **CITY:** ASHTON
- **STATE:** MD
- **ZIP:** 20861

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Lafayette Investments Inc.<br>**Address:** 17830 NEW HAMPSHIRE AVENUE<br>SUITE 201<br>ASHTON, MD 20861

**Form 13F File Number:** 028-11053

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lawrence Judge<br>**Title:** President<br>**Phone:** 3015701250

**Signature, Place, and Date of Signing:**

Lawrence Judge  Ashton, MD  11-06-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 156

**Form 13F Information Table Value Total:** $522186267

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| FORTINET INC | COM | 34959E109 |  | 200363 | 2383 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2383 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 200640 | 3200 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3200 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 200699 | 3281 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3281 |
| FISERV INC | COM | 337738108 |  | 201518 | 1563 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1563 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 214528 | 7922 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 7922 |
| EMERSON ELEC CO | COM | 291011104 |  | 215005 | 1639 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1639 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 217817 | 2150 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2150 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 218065 | 5076 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 5076 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 222863 | 1374 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1374 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 223245 | 2391 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2391 |
| MSCI INC | COM | 55354G100 |  | 226964 | 400 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 400 |
| CISCO SYS INC | COM | 17275R102 |  | 231755 | 3387 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3387 |
| BLACKROCK INC | COM | 09290D101 |  | 232009 | 199 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 199 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 241707 | 1325 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1325 |
| GENERAL MTRS CO | COM | 37045V100 |  | 244307 | 4007 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 4007 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 244832 | 1376 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1376 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 250383 | 7095 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 7095 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 254224 | 8980 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 8980 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 260780 | 1350 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1350 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 261839 | 5727 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 5727 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 267506 | 9588 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 9588 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 267946 | 4520 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 4520 |
| HOME DEPOT INC | COM | 437076102 |  | 286934 | 708 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 708 |
| SHELL PLC | SPON ADS | 780259305 |  | 293488 | 4103 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 4103 |
| WELLTOWER INC | COM | 95040Q104 |  | 302660 | 1699 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1699 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 316986 | 918 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 918 |
| NETFLIX INC | COM | 64110L106 |  | 329703 | 275 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 275 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 330479 | 581 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 581 |
| FASTENAL CO | COM | 311900104 |  | 338573 | 6904 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 6904 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 346776 | 1044 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1044 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 348267 | 2267 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2267 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 358820 | 500 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 500 |
| ALLSTATE CORP | COM | 020002101 |  | 361686 | 1685 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1685 |
| INTUIT | COM | 461202103 |  | 374918 | 549 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 549 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 380032 | 2025 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2025 |
| FEDEX CORP | COM | 31428X106 |  | 381777 | 1619 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1619 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 385830 | 630 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 630 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 390380 | 318 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 318 |
| SALESFORCE INC | COM | 79466L302 |  | 393657 | 1661 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1661 |
| ORACLE CORP | COM | 68389X105 |  | 393736 | 1400 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1400 |
| ABBOTT LABS | COM | 002824100 |  | 411330 | 3071 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3071 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 412284 | 955 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 955 |
| VERALTO CORP | COM SHS | 92338C103 |  | 420044 | 3940 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3940 |
| ABBVIE INC | COM | 00287Y109 |  | 449420 | 1941 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1941 |
| S GLOBAL INC | COM | 78409V104 |  | 453128 | 931 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 931 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 453494 | 935 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 935 |
| QUALCOMM INC | COM | 747525103 |  | 464810 | 2794 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2794 |
| AIRBNB INC | COM CL A | 009066101 |  | 471717 | 3885 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3885 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 482075 | 1851 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1851 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 484358 | 3914 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3914 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 517705 | 5780 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 5780 |
| FRANCO NEV CORP | COM | 351858105 |  | 560619 | 2515 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2515 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 561637 | 2642 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2642 |
| ZOETIS INC | CL A | 98978V103 |  | 568015 | 3882 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3882 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 606960 | 9188 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 9188 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 671088 | 1968 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1968 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 672299 | 2049 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2049 |
| WHIRLPOOL CORP | COM | 963320106 |  | 691427 | 8797 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 8797 |
| HONEYWELL INTL INC | COM | 438516106 |  | 724120 | 3440 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3440 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 726616 | 1722 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1722 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 726931 | 3832 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3832 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 729367 | 3582 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3582 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 743644 | 2092 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2092 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754200 | 1 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1 |
| MERCK  CO INC | COM | 58933Y105 |  | 816975 | 9734 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 9734 |
| RTX CORPORATION | COM | 75513E101 |  | 825439 | 4933 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 4933 |
| CATERPILLAR INC | COM | 149123101 |  | 828199 | 1736 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1736 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 882710 | 9010 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 9010 |
| EATON CORP PLC | SHS | G29183103 |  | 918784 | 2455 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2455 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 921349 | 3790 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3790 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 928228 | 3240 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3240 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 971575 | 1777 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1777 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 998604 | 1499 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 1499 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1084059 | 3842 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3842 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1115615 | 2275 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2275 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1119996 | 3816 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 3816 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1235720 | 6623 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 6623 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 1290426 | 239 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 239 |
| HERSHEY CO | COM | 427866108 |  | 1625017 | 8688 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 8688 |
| DANAHER CORPORATION | COM | 235851102 |  | 1631284 | 8228 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 8228 |
| MCDONALDS CORP | COM | 580135101 |  | 1808580 | 5951 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 5951 |
| BROADCOM INC | COM | 11135F101 |  | 1970883 | 5974 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 5974 |
| ADOBE INC | COM | 00724F101 |  | 2079109 | 5894 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 5894 |
| WATERS CORP | COM | 941848103 |  | 2177521 | 7263 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 7263 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 2323416 | 2400 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2400 |
| AON PLC | SHS CL A | G0403H108 |  | 2369475 | 6645 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 6645 |
| VISA INC | COM CL A | 92826C839 |  | 2941672 | 8617 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 8617 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 4699869 | 6199 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 6199 |
| LENNOX INTL INC | COM | 526107107 |  | 4960104 | 9370 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 9370 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 5119499 | 4348 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 4348 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5616723 | 6068 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 6068 |
| AUTOZONE INC | COM | 053332102 |  | 12304409 | 2868 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 2868 |
| AT INC | COM | 00206R102 |  | 326737 | 11570 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 11570 |
| FVCBANKCORP INC | COM | 36120Q101 |  | 158312 | 12206 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 12206 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 384079 | 12326 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 12326 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1968457 | 12676 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 12676 |
| LINEAGE CELL THERAPEUTICS IN | COM | 53566P109 |  | 21970 | 13000 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 13000 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 3058651 | 13474 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 13474 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 6820304 | 13662 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 13662 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1225868 | 14625 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 14625 |
| SEI INVTS CO | COM | 784117103 |  | 1295999 | 15274 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 15274 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 3817368 | 15480 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 15480 |
| EAGLE BANCORP INC MD | COM | 268948106 |  | 323520 | 16000 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 16000 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 549920 | 16000 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 16000 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 5049803 | 16009 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 16009 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 443750 | 16847 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 16847 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1134624 | 16917 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 16917 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 1551933 | 16974 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 16974 |
| TEXAS INSTRS INC | COM | 882508104 |  | 3214696 | 17497 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 17497 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 773599 | 17602 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 17602 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 410080 | 17653 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 17653 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 3924999 | 19476 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 19476 |
| RANI THERAPEUTICS HLDGS INC | COM CL A | 753018100 |  | 9943 | 19893 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 19893 |
| ALERUS FINL CORP | COM | 01446U103 |  | 445014 | 20100 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 20100 |
| KLA CORP | COM NEW | 482480100 |  | 21693787 | 20113 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 20113 |
| MARKEL GROUP INC | COM | 570535104 |  | 38561688 | 20175 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 20175 |
| PFIZER INC | COM | 717081103 |  | 518572 | 20352 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 20352 |
| AMAZON COM INC | COM | 023135106 |  | 4492842 | 20462 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 20462 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 4594023 | 22203 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 22203 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1005628 | 23300 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 23300 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 624547 | 23747 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 23747 |
| MOHAWK INDS INC | COM | 608190104 |  | 3241178 | 25141 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 25141 |
| HASBRO INC | COM | 418056107 |  | 2039304 | 26886 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 26886 |
| META PLATFORMS INC | CL A | 30303M102 |  | 20945137 | 28521 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 28521 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 5081078 | 28650 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 28650 |
| HALEON PLC | SPON ADS | 405552100 |  | 261063 | 29104 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 29104 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 6167786 | 29633 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 29633 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 4335164 | 29752 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 29752 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 10054772 | 33470 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 33470 |
| ESAB CORPORATION | COM | 29605J106 |  | 3810898 | 34105 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 34105 |
| DISNEY WALT CO | COM | 254687106 |  | 4003591 | 34966 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 34966 |
| MICROSOFT CORP | COM | 594918104 |  | 18872550 | 36437 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 36437 |
| CORNING INC | COM | 219350105 |  | 3345181 | 40780 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 40780 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4663305 | 41360 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 41360 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 8361117 | 45093 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 45093 |
| LOWES COS INC | COM | 548661107 |  | 11344899 | 45143 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 45143 |
| NIKE INC | CL B | 654106103 |  | 3184555 | 45670 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 45670 |
| GENUINE PARTS CO | COM | 372460105 |  | 6559083 | 47324 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 47324 |
| PEPSICO INC | COM | 713448108 |  | 6766775 | 48183 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 48183 |
| SMITH A O CORP | COM | 831865209 |  | 3784139 | 51548 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 51548 |
| BANK AMERICA CORP | COM | 060505104 |  | 2800151 | 54277 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 54277 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 5380567 | 56382 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 56382 |
| APPLE INC | COM | 037833100 |  | 14843751 | 58295 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 58295 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 4243423 | 63278 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 63278 |
| COCA COLA CO | COM | 191216100 |  | 4216650 | 63580 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 63580 |
| STARBUCKS CORP | COM | 855244109 |  | 5426074 | 64138 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 64138 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 3820210 | 68845 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 68845 |
| LOEWS CORP | COM | 540424108 |  | 7360896 | 73323 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 73323 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 17859714 | 73331 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 73331 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 8820961 | 85941 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 85941 |
| PROGRESSIVE CORP | COM | 743315103 |  | 21910299 | 88724 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 88724 |
| PAYCHEX INC | COM | 704326107 |  | 11268526 | 88897 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 88897 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 9160203 | 95948 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 95948 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 59260981 | 117876 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 117876 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 9031384 | 138052 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 138052 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 10823964 | 330301 | SH |  | SOLE | Lafayette Investments Inc. | 0 | 0 | 330301 |

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