# EDGAR Filing Document

**Accession Number:** 0001725910
**File Stem:** 0000919574-26-001146
**Filing Date:** 2026-2
**Character Count:** 17997
**Document Hash:** e612f5be97833bb078b6dbc9df74fdc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-26-001146.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000919574-26-001146

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STANSBERRY ASSET MANAGEMENT, LLC
- **CENTRAL INDEX KEY:** 0001725910

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18373
- **FILM NUMBER:** 26639510

**BUSINESS ADDRESS:**
- **STREET 1:** 1600 SOLANA BOULEVARD
- **STREET 2:** BUILDING 8, SUITE 8100
- **CITY:** WESTLAKE
- **STATE:** TX
- **ZIP:** 76262
- **BUSINESS PHONE:** 646-854-4542

**MAIL ADDRESS:**
- **STREET 1:** 1600 SOLANA BOULEVARD
- **STREET 2:** BUILDING 8, SUITE 8100
- **CITY:** WESTLAKE
- **STATE:** TX
- **ZIP:** 76262

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** STANSBERRY ASSET MANAGEMENT LLC<br>**Address:** 1600 Solana Boulevard<br>Building 8 Suite 8100<br>Westlake, TX 76262

**Form 13F File Number:** 028-18373

**CRD Number (if applicable):** 000282103

**SEC File Number (if applicable):** 801-107061

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:** Jeffrey S. Sargent<br>**Title:** Chief Compliance Officer<br>**Phone:** 203-400-2199

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

/s/ Jeffrey S. Sargent  Westlake, TX  02-17-2026<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:** 145

**Form 13F Information Table Value Total:** $987297031

      (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 |
| AAR CORP | COM | 000361105 |  | 16017878 | 193476 | SH |  | SOLE |  | 0 | 0 | 193476 |
| ABBVIE INC | COM | 00287Y109 |  | 435045 | 1904 | SH |  | SOLE |  | 0 | 0 | 1904 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 13360876 | 78811 | SH |  | SOLE |  | 0 | 0 | 78811 |
| AIRBNB INC | COM CL A | 009066101 |  | 1632847 | 12031 | SH |  | SOLE |  | 0 | 0 | 12031 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 1124256 | 29074 | SH |  | SOLE |  | 0 | 0 | 29074 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 14250447 | 89502 | SH |  | SOLE |  | 0 | 0 | 89502 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 51136402 | 163375 | SH |  | SOLE |  | 0 | 0 | 163375 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 799876 | 2549 | SH |  | SOLE |  | 0 | 0 | 2549 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 3529997 | 75074 | SH |  | SOLE |  | 0 | 0 | 75074 |
| AMAZON COM INC | COM | 023135106 |  | 31467691 | 136330 | SH |  | SOLE |  | 0 | 0 | 136330 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 13241937 | 35794 | SH |  | SOLE |  | 0 | 0 | 35794 |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 |  | 1289849 | 9437 | SH |  | SOLE |  | 0 | 0 | 9437 |
| APPFOLIO INC | COM CL A | 03783C100 |  | 737035 | 3168 | SH |  | SOLE |  | 0 | 0 | 3168 |
| APPLE INC | COM | 037833100 |  | 12099408 | 44506 | SH |  | SOLE |  | 0 | 0 | 44506 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 1352303 | 1264 | SH |  | SOLE |  | 0 | 0 | 1264 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 30257949 | 282547 | SH |  | SOLE |  | 0 | 0 | 282547 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 3051679 | 70073 | SH |  | SOLE |  | 0 | 0 | 70073 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 7035500 | 36252 | SH |  | SOLE |  | 0 | 0 | 36252 |
| BERKLEY W R CORP | COM | 084423102 |  | 21116123 | 301143 | SH |  | SOLE |  | 0 | 0 | 301143 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2891243 | 5752 | SH |  | SOLE |  | 0 | 0 | 5752 |
| BILL HOLDINGS INC | COM | 090043100 |  | 536728 | 9841 | SH |  | SOLE |  | 0 | 0 | 9841 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 7832732 | 297483 | SH |  | SOLE |  | 0 | 0 | 297483 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 6823658 | 120517 | SH |  | SOLE |  | 0 | 0 | 120517 |
| BROADCOM INC | COM | 11135F101 |  | 9302217 | 26877 | SH |  | SOLE |  | 0 | 0 | 26877 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 813751 | 17698 | SH |  | SOLE |  | 0 | 0 | 17698 |
| BROOKFIELD RENEWABLE CORP | CL A EX SUB VTG | 11285B108 |  | 355795 | 9280 | SH |  | SOLE |  | 0 | 0 | 9280 |
| CARLISLE COS INC | COM | 142339100 |  | 6056248 | 18934 | SH |  | SOLE |  | 0 | 0 | 18934 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 13581721 | 54110 | SH |  | SOLE |  | 0 | 0 | 54110 |
| CENTERRA GOLD INC | COM | 152006102 |  | 1596663 | 110750 | SH |  | SOLE |  | 0 | 0 | 110750 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 2434637 | 65801 | SH |  | SOLE |  | 0 | 0 | 65801 |
| CINTAS CORP | COM | 172908105 |  | 2140123 | 11379 | SH |  | SOLE |  | 0 | 0 | 11379 |
| CITIGROUP INC | COM NEW | 172967424 |  | 9861645 | 84511 | SH |  | SOLE |  | 0 | 0 | 84511 |
| CME GROUP INC | COM | 12572Q105 |  | 22392802 | 82001 | SH |  | SOLE |  | 0 | 0 | 82001 |
| COCA COLA CO | COM | 191216100 |  | 21886897 | 313072 | SH |  | SOLE |  | 0 | 0 | 313072 |
| COEUR MNG INC | COM NEW | 192108504 |  | 218471 | 12253 | SH |  | SOLE |  | 0 | 0 | 12253 |
| COMFORT SYS USA INC | COM | 199908104 |  | 5492986 | 5886 | SH |  | SOLE |  | 0 | 0 | 5886 |
| COSTAR GROUP INC | COM | 22160N109 |  | 538054 | 8002 | SH |  | SOLE |  | 0 | 0 | 8002 |
| CRH PLC | ORD | G25508105 |  | 23402747 | 187522 | SH |  | SOLE |  | 0 | 0 | 187522 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 596263 | 1272 | SH |  | SOLE |  | 0 | 0 | 1272 |
| DANAHER CORPORATION | COM | 235851102 |  | 18923405 | 82664 | SH |  | SOLE |  | 0 | 0 | 82664 |
| DATADOG INC | CL A COM | 23804L103 |  | 7274513 | 53493 | SH |  | SOLE |  | 0 | 0 | 53493 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 611091 | 4065 | SH |  | SOLE |  | 0 | 0 | 4065 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 298746 | 7546 | SH |  | SOLE |  | 0 | 0 | 7546 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 14370602 | 34477 | SH |  | SOLE |  | 0 | 0 | 34477 |
| DOORDASH INC | CL A | 25809K105 |  | 378901 | 1673 | SH |  | SOLE |  | 0 | 0 | 1673 |
| DOXIMITY INC | CL A | 26622P107 |  | 392232 | 8858 | SH |  | SOLE |  | 0 | 0 | 8858 |
| ELI LILLY  CO | COM | 532457108 |  | 23033714 | 21433 | SH |  | SOLE |  | 0 | 0 | 21433 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 1694252 | 120382 | SH |  | SOLE |  | 0 | 0 | 120382 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 345978 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 1790719 | 23491 | SH |  | SOLE |  | 0 | 0 | 23491 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 503215 | 30205 | SH |  | SOLE |  | 0 | 0 | 30205 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 676516 | 3146 | SH |  | SOLE |  | 0 | 0 | 3146 |
| FRANCO NEV CORP | COM | 351858105 |  | 4648730 | 22427 | SH |  | SOLE |  | 0 | 0 | 22427 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 1172978 | 26247 | SH |  | SOLE |  | 0 | 0 | 26247 |
| GENERAC HLDGS INC | COM | 368736104 |  | 4905229 | 35970 | SH |  | SOLE |  | 0 | 0 | 35970 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 7196211 | 21375 | SH |  | SOLE |  | 0 | 0 | 21375 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 241679 | 47388 | SH |  | SOLE |  | 0 | 0 | 47388 |
| GOOSEHEAD INS INC | COM CL A | 38267D109 |  | 582056 | 7903 | SH |  | SOLE |  | 0 | 0 | 7903 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 432019 | 86577 | SH |  | SOLE |  | 0 | 0 | 86577 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 1299455 | 19009 | SH |  | SOLE |  | 0 | 0 | 19009 |
| HARROW INC | COM | 415858109 |  | 1821967 | 37183 | SH |  | SOLE |  | 0 | 0 | 37183 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 819818 | 8949 | SH |  | SOLE |  | 0 | 0 | 8949 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 5434517 | 29781 | SH |  | SOLE |  | 0 | 0 | 29781 |
| HERSHEY CO | COM | 427866108 |  | 4899433 | 26923 | SH |  | SOLE |  | 0 | 0 | 26923 |
| HOME DEPOT INC | COM | 437076102 |  | 3966616 | 11528 | SH |  | SOLE |  | 0 | 0 | 11528 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 14777514 | 91242 | SH |  | SOLE |  | 0 | 0 | 91242 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1962035 | 6624 | SH |  | SOLE |  | 0 | 0 | 6624 |
| INTUIT | COM | 461202103 |  | 7558987 | 11411 | SH |  | SOLE |  | 0 | 0 | 11411 |
| ISHARES TR | MBS ETF | 464288588 |  | 14527909 | 152572 | SH |  | SOLE |  | 0 | 0 | 152572 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 26160476 | 260614 | SH |  | SOLE |  | 0 | 0 | 260614 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 2793132 | 29004 | SH |  | SOLE |  | 0 | 0 | 29004 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 5682654 | 65198 | SH |  | SOLE |  | 0 | 0 | 65198 |
| JANUS DETROIT STR TR | HENDERSON MTG | 47103U852 |  | 18141396 | 397054 | SH |  | SOLE |  | 0 | 0 | 397054 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 7805206 | 630469 | SH |  | SOLE |  | 0 | 0 | 630469 |
| KENVUE INC | COM | 49177J102 |  | 14938862 | 866021 | SH |  | SOLE |  | 0 | 0 | 866021 |
| KINROSS GOLD CORP | COM | 496902404 |  | 10809423 | 383857 | SH |  | SOLE |  | 0 | 0 | 383857 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 691109 | 1767 | SH |  | SOLE |  | 0 | 0 | 1767 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 1977018 | 15619 | SH |  | SOLE |  | 0 | 0 | 15619 |
| LITMAN GREGORY FDS TR | IMGP DBI MANAGED | 53700T827 |  | 3305780 | 117811 | SH |  | SOLE |  | 0 | 0 | 117811 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1236293 | 2556 | SH |  | SOLE |  | 0 | 0 | 2556 |
| MARKEL GROUP INC | COM | 570535104 |  | 26859877 | 12495 | SH |  | SOLE |  | 0 | 0 | 12495 |
| MCDONALDS CORP | COM | 580135101 |  | 7073489 | 23144 | SH |  | SOLE |  | 0 | 0 | 23144 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 15535987 | 7713 | SH |  | SOLE |  | 0 | 0 | 7713 |
| META PLATFORMS INC | CL A | 30303M102 |  | 4810120 | 7287 | SH |  | SOLE |  | 0 | 0 | 7287 |
| MICROSOFT CORP | COM | 594918104 |  | 24691327 | 51055 | SH |  | SOLE |  | 0 | 0 | 51055 |
| NEWMONT CORP | COM | 651639106 |  | 2248922 | 22523 | SH |  | SOLE |  | 0 | 0 | 22523 |
| NIKE INC | CL B | 654106103 |  | 535929 | 8412 | SH |  | SOLE |  | 0 | 0 | 8412 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 4371958 | 203631 | SH |  | SOLE |  | 0 | 0 | 203631 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 13588022 | 72858 | SH |  | SOLE |  | 0 | 0 | 72858 |
| NVR INC | COM | 62944T105 |  | 4171464 | 572 | SH |  | SOLE |  | 0 | 0 | 572 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 1408105 | 39695 | SH |  | SOLE |  | 0 | 0 | 39695 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 1876506 | 36219 | SH |  | SOLE |  | 0 | 0 | 36219 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 8125172 | 9244 | SH |  | SOLE |  | 0 | 0 | 9244 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 11675488 | 284768 | SH |  | SOLE |  | 0 | 0 | 284768 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 948124 | 5911 | SH |  | SOLE |  | 0 | 0 | 5911 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 6321198 | 58276 | SH |  | SOLE |  | 0 | 0 | 58276 |
| PRICESMART INC | COM | 741511109 |  | 15852233 | 129227 | SH |  | SOLE |  | 0 | 0 | 129227 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 1176314 | 4533 | SH |  | SOLE |  | 0 | 0 | 4533 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 3037624 | 10804 | SH |  | SOLE |  | 0 | 0 | 10804 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 1382113 | 126799 | SH |  | SOLE |  | 0 | 0 | 126799 |
| ROCKET LAB CORP | COM | 773121108 |  | 459509 | 6587 | SH |  | SOLE |  | 0 | 0 | 6587 |
| ROYAL GOLD INC | COM | 780287108 |  | 14993138 | 67449 | SH |  | SOLE |  | 0 | 0 | 67449 |
| S GLOBAL INC | COM | 78409V104 |  | 6539653 | 12514 | SH |  | SOLE |  | 0 | 0 | 12514 |
| SALESFORCE INC | COM | 79466L302 |  | 3554834 | 13419 | SH |  | SOLE |  | 0 | 0 | 13419 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 827811 | 14187 | SH |  | SOLE |  | 0 | 0 | 14187 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 1491366 | 50401 | SH |  | SOLE |  | 0 | 0 | 50401 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 567109 | 5068 | SH |  | SOLE |  | 0 | 0 | 5068 |
| SHELL PLC | SPON ADS | 780259305 |  | 15331089 | 208643 | SH |  | SOLE |  | 0 | 0 | 208643 |
| SHOALS TECHNOLOGIES GROUP IN | CL A | 82489W107 |  | 653310 | 76860 | SH |  | SOLE |  | 0 | 0 | 76860 |
| SIMPSON MFG INC | COM | 829073105 |  | 622951 | 3858 | SH |  | SOLE |  | 0 | 0 | 3858 |
| SMITH A O CORP | COM | 831865209 |  | 1140304 | 17050 | SH |  | SOLE |  | 0 | 0 | 17050 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 811413 | 3699 | SH |  | SOLE |  | 0 | 0 | 3699 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 1327090 | 50691 | SH |  | SOLE |  | 0 | 0 | 50691 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 498029 | 10874 | SH |  | SOLE |  | 0 | 0 | 10874 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 1048854 | 44349 | SH |  | SOLE |  | 0 | 0 | 44349 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 462280 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| SPROTT ETF TRUST | JR GOLD MINERS E | 85210B201 |  | 1981682 | 23555 | SH |  | SOLE |  | 0 | 0 | 23555 |
| SPROTT INC | COM NEW | 852066208 |  | 245809 | 2506 | SH |  | SOLE |  | 0 | 0 | 2506 |
| STARBUCKS CORP | COM | 855244109 |  | 2293386 | 27234 | SH |  | SOLE |  | 0 | 0 | 27234 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 547610 | 1802 | SH |  | SOLE |  | 0 | 0 | 1802 |
| TESLA INC | COM | 88160R101 |  | 1341065 | 2982 | SH |  | SOLE |  | 0 | 0 | 2982 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 593163 | 15626 | SH |  | SOLE |  | 0 | 0 | 15626 |
| TIMKEN CO | COM | 887389104 |  | 13035659 | 154947 | SH |  | SOLE |  | 0 | 0 | 154947 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 245246 | 2016 | SH |  | SOLE |  | 0 | 0 | 2016 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 12127992 | 41812 | SH |  | SOLE |  | 0 | 0 | 41812 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 14497793 | 436418 | SH |  | SOLE |  | 0 | 0 | 436418 |
| TXNM ENERGY INC | COM | 69349H107 |  | 7737206 | 131406 | SH |  | SOLE |  | 0 | 0 | 131406 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 4246305 | 51968 | SH |  | SOLE |  | 0 | 0 | 51968 |
| UGI CORP NEW | COM | 902681105 |  | 8163608 | 218103 | SH |  | SOLE |  | 0 | 0 | 218103 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 419615 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| VANECK BITCOIN ETF | SH BEN INT | 92189K105 |  | 2296848 | 92877 | SH |  | SOLE |  | 0 | 0 | 92877 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 1856063 | 21640 | SH |  | SOLE |  | 0 | 0 | 21640 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 203822 | 3401 | SH |  | SOLE |  | 0 | 0 | 3401 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 466104 | 2088 | SH |  | SOLE |  | 0 | 0 | 2088 |
| VERISIGN INC | COM | 92343E102 |  | 4078761 | 16788 | SH |  | SOLE |  | 0 | 0 | 16788 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 9056017 | 40485 | SH |  | SOLE |  | 0 | 0 | 40485 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 6332978 | 155487 | SH |  | SOLE |  | 0 | 0 | 155487 |
| VERRA MOBILITY CORP | CL A COM STK | 92511U102 |  | 7467393 | 333217 | SH |  | SOLE |  | 0 | 0 | 333217 |
| VICI PPTYS INC | COM | 925652109 |  | 2069129 | 73582 | SH |  | SOLE |  | 0 | 0 | 73582 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 3255339 | 84270 | SH |  | SOLE |  | 0 | 0 | 84270 |
| VISA INC | COM CL A | 92826C839 |  | 25959507 | 74020 | SH |  | SOLE |  | 0 | 0 | 74020 |
| VITA COCO CO INC | COM | 92846Q107 |  | 21172777 | 399411 | SH |  | SOLE |  | 0 | 0 | 399411 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 6300477 | 73802 | SH |  | SOLE |  | 0 | 0 | 73802 |
| XYLEM INC | COM | 98419M100 |  | 10077617 | 74002 | SH |  | SOLE |  | 0 | 0 | 74002 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 10434483 | 512751 | SH |  | SOLE |  | 0 | 0 | 512751 |

---