David Lemons – Alapocas Investment Partners Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Alapocas Investment Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Jul 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – None reported

Increases – None reported

Reductions – Adobe Inc. (ADBE), Mastercard Incorporated (MA), UnitedHealth Group Incorporated (UNH), American Tower Corporation (REI (AMT), Automatic Data Processing, Inc. (ADP), and 15 more

Complete Exits – NVR, Inc. (NVR), Progressive Corporation (The) (PGR)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Alapocas Investment Partners Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2025Mar 31, 2025	V Visa Inc.	Visa Inc.	Sell	-1,495-3.4%	$14.85M	42,370
Q1 2025Mar 31, 2025	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-1,680-13.9%	$9.81M	10,373
Q1 2025Mar 31, 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-2,339-2.7%	$13.07M	83,657
Q1 2025Mar 31, 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-2,522-2.9%	$15.98M	83,977
Q1 2025Mar 31, 2025	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Sell	-2,595-2.9%	$10.54M	86,553
Q1 2025Mar 31, 2025	TREX Trex Company, Inc.	Trex Company, Inc.	Sell	-3,370-2.8%	$6.67M	114,877
Q1 2025Mar 31, 2025	CPRT Copart, Inc.	Copart, Inc.	Sell	-5,345-2.7%	$10.96M	193,642
Q1 2025Mar 31, 2025	DHR Danaher Corporation	Danaher Corporation	Sell	-5,348-20.7%	$4.19M	20,449
Q1 2025Mar 31, 2025	AAPL Apple Inc.	Apple Inc.	Sell	-9,187-13.0%	$13.63M	61,360
Q1 2025Mar 31, 2025	STLA Stellantis	Stellantis	Sell	-13,647-2.7%	$5.49M	489,451
Q1 2025Mar 31, 2025	AMT American Tower Corporation (REI	American Tower Corporation (REI	Sell	-29,304-83.6%	$1.25M	5,751
Q4 2024Dec 31, 2024	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy - Position Entry	+25,798	$5.38M	25,798
Q4 2024Dec 31, 2024	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy - Position Entry	+901	$215.84K	901
Q4 2024Dec 31, 2024	ADBE Adobe Inc.	Adobe Inc.	Buy	+349+1.3%	$11.76M	26,457
Q4 2024Dec 31, 2024	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy	+335+0.4%	$10.77M	89,148
Q4 2024Dec 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+236+0.3%	$16.38M	85,996
Q4 2024Dec 31, 2024	MCO Moody's Corporation	Moody's Corporation	Buy	+53+0.2%	$10.49M	22,166
Q4 2024Dec 31, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+22+0.1%	$8.12M	16,059
Q4 2024Dec 31, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-5-0.1%	$2.30M	4,377
Q4 2024Dec 31, 2024	RACE Ferrari	Ferrari	Sell	-31-0.1%	$9.01M	21,215
Q4 2024Dec 31, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-71-0.1%	$17.67M	70,547
Q4 2024Dec 31, 2024	V Visa Inc.	Visa Inc.	Sell	-99-0.2%	$13.86M	43,865
Q4 2024Dec 31, 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-118-1.6%	$2.10M	7,168
Q4 2024Dec 31, 2024	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-132-1.1%	$11.04M	12,053
Q4 2024Dec 31, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-200-0.2%	$18.98M	86,499
Q4 2024Dec 31, 2024	AMT American Tower Corporation (REI	American Tower Corporation (REI	Sell	-395-1.1%	$6.43M	35,055
Q4 2024Dec 31, 2024	DHR Danaher Corporation	Danaher Corporation	Sell	-549-2.1%	$5.92M	25,797
Q4 2024Dec 31, 2024	CPRT Copart, Inc.	Copart, Inc.	Sell	-960-0.5%	$11.42M	198,987
Q4 2024Dec 31, 2024	TREX Trex Company, Inc.	Trex Company, Inc.	Sell	-1,440-1.2%	$8.16M	118,247
Q4 2024Dec 31, 2024	STLA Stellantis	Stellantis	Sell	-11,625-2.3%	$6.57M	503,098

Page 2 of 10 • 275 total trades

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