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
Q2 2024Jun 30, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-1,072-1.5%	$15.08M	71,614
Q2 2024Jun 30, 2024	CPRT Copart, Inc.	Copart, Inc.	Sell	-2,076-1.0%	$10.82M	199,787
Q2 2024Jun 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-2,344-2.6%	$16.80M	86,919
Q2 2024Jun 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-3,834-4.3%	$15.72M	85,707
Q1 2024Mar 31, 2024	ADBE Adobe Inc.	Adobe Inc.	Buy	+4,787+22.3%	$13.27M	26,289
Q1 2024Mar 31, 2024	AMT American Tower Corporation (REI	American Tower Corporation (REI	Buy	+1,610+4.8%	$6.95M	35,182
Q1 2024Mar 31, 2024	STLA Stellantis	Stellantis	Buy	+1,507+0.3%	$14.22M	502,473
Q1 2024Mar 31, 2024	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy	+733+0.8%	$9.01M	88,819
Q1 2024Mar 31, 2024	V Visa Inc.	Visa Inc.	Buy	+452+1.1%	$11.93M	42,748
Q1 2024Mar 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+418+0.5%	$13.63M	89,541
Q1 2024Mar 31, 2024	DHR Danaher Corporation	Danaher Corporation	Buy	+362+1.4%	$6.49M	25,982
Q1 2024Mar 31, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+327+2.2%	$7.57M	15,309
Q1 2024Mar 31, 2024	AAPL Apple Inc.	Apple Inc.	Buy	+169+0.2%	$12.46M	72,686
Q1 2024Mar 31, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+2+0.0%	$2.10M	4,352
Q1 2024Mar 31, 2024	MCO Moody's Corporation	Moody's Corporation	Sell	-68-0.3%	$8.94M	22,738
Q1 2024Mar 31, 2024	RACE Ferrari	Ferrari	Sell	-75-0.3%	$9.42M	21,600
Q1 2024Mar 31, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-275-0.3%	$16.10M	89,263
Q1 2024Mar 31, 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-370-4.8%	$1.83M	7,321
Q1 2024Mar 31, 2024	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-1,879-12.7%	$9.42M	12,861
Q1 2024Mar 31, 2024	TREX Trex Company, Inc.	Trex Company, Inc.	Sell	-20,739-14.9%	$11.86M	118,874
Q1 2024Mar 31, 2024	CPRT Copart, Inc.	Copart, Inc.	Sell	-23,525-10.4%	$11.69M	201,863
Q4 2023Dec 31, 2023	STLA Stellantis	Stellantis	Buy	+2,575+0.5%	$11.68M	500,966
Q4 2023Dec 31, 2023	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy	+358+0.4%	$8.26M	88,086
Q4 2023Dec 31, 2023	V Visa Inc.	Visa Inc.	Buy	+327+0.8%	$11.01M	42,296
Q4 2023Dec 31, 2023	AMT American Tower Corporation (REI	American Tower Corporation (REI	Buy	+321+1.0%	$7.25M	33,572
Q4 2023Dec 31, 2023	TREX Trex Company, Inc.	Trex Company, Inc.	Buy	+260+0.2%	$11.56M	139,613
Q4 2023Dec 31, 2023	DHR Danaher Corporation	Danaher Corporation	Buy	+243+1.0%	$5.93M	25,620
Q4 2023Dec 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+189+0.2%	$13.60M	89,538
Q4 2023Dec 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+152+0.2%	$12.56M	89,123
Q4 2023Dec 31, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+99+0.7%	$7.89M	14,982

Page 4 of 10 • 275 total trades

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