BBR ALO Fund, LLC
SCHEDULE OF INVESTMENTS
As of December 31, 2024 (Unaudited)
Number | Value | |||||||
| COMMON STOCKS — 79.6% | ||||||||
| COMMUNICATIONS — 3.5% | ||||||||
| 6,086 | Booking Holdings, Inc.* | $ | 30,237,804 | |||||
| 158,269 | Fox Corp. | 7,688,708 | ||||||
| 15,089 | Spotify Technology S.A.* | 6,750,517 | ||||||
| 1,266,961 | Warner Bros Discovery, Inc.* | 13,391,778 | ||||||
| 58,068,807 | ||||||||
| CONSUMER DISCRETIONARY — 8.6% | ||||||||
| 114,493 | Adidas AG - ADR | 14,037,162 | ||||||
| 203,712 | Buckle, Inc. | 10,350,607 | ||||||
| 358,896 | Bunzl PLC - ADR | 7,407,434 | ||||||
| 816,294 | Copart, Inc.* | 46,847,113 | ||||||
| 25,181 | Dillard's, Inc. | 10,871,645 | ||||||
| 114,503 | Evolution Gaming Group AB - ADR | 8,837,536 | ||||||
| 89,727 | Magna International, Inc. | 3,749,691 | ||||||
| 7,558 | MercadoLibre, Inc* | 12,851,926 | ||||||
| 2,786 | NVR, Inc.* | 22,786,415 | ||||||
| 68,101 | ON Holding AG - Class A* | 3,729,892 | ||||||
| 141,469,421 | ||||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| 73,822 | Unilever PLC1 | 4,185,707 | ||||||
| ENERGY — 2.9% | ||||||||
| 251,059 | HF Sinclair Corp. | 8,799,618 | ||||||
| 115,369 | Landbridge Company LLC | 7,452,837 | ||||||
| 62,345 | Marathon Petroleum Corp. | 8,697,127 | ||||||
| 12,209 | Texas Pacific Land Corp. | 13,502,666 | ||||||
| 70,225 | Valero Energy Corp. | 8,608,883 | ||||||
| 47,061,131 | ||||||||
| FINANCIALS — 10.1% | ||||||||
| 71,466 | Aon PLC1 | 25,667,729 | ||||||
| 61,525 | Arch Capital Group, Ltd.* | 5,681,834 | ||||||
| 51,862 | Brown & Brown, Inc. | 5,290,961 | ||||||
| 233,591 | HDFC Bank Ltd. - ADR | 14,917,121 | ||||||
| 40,816 | Hingham Institution for Savings | 10,372,978 | ||||||
| 37,746 | Kinsale Capital Group, Inc. | 17,556,797 | ||||||
| 513,737 | NU Holdings, Ltd.* | 5,322,315 | ||||||
| 111,740 | Primerica, Inc. | 30,328,471 | ||||||
| 167,750 | RLI Corp. | 27,650,233 | ||||||
| 32,820 | Willis Towers Watson PLC | 10,280,537 | ||||||
| 232,506 | WR Berkley Corp. | 13,606,251 | ||||||
| 166,675,227 | ||||||||
BBR ALO Fund, LLC
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| HEALTH CARE — 6.5% | ||||||||
| 18,639 | Elevance Health, Inc. | $ | 6,875,927 | |||||
| 40,500 | Humana, Inc. | 10,275,255 | ||||||
| 73,713 | ICON PLC1,* | 15,458,353 | ||||||
| 26,037 | IDEXX Laboratories, Inc* | 10,764,737 | ||||||
| 179,102 | Medtronic PLC1 | 14,306,668 | ||||||
| 34,932 | Molina Healthcare, Inc.* | 10,166,959 | ||||||
| 96,149 | Novo-Nordisk A/S - SP ADR | 8,270,737 | ||||||
| 642,487 | Siemens Healthineers AG - ADR | 17,031,495 | ||||||
| 39,159 | United Therapeutics Corp.* | 13,816,862 | ||||||
| 106,966,993 | ||||||||
| INDUSTRIALS — 18.8% | ||||||||
| 162,500 | Ametek, Inc. | 29,292,250 | ||||||
| 393,412 | Amphenol Corp., Class A | 27,322,463 | ||||||
| 265,258 | Canadian Pacific Kansas City | 19,196,721 | ||||||
| 330,137 | Fastenal Company | 23,740,152 | ||||||
| 191,559 | Gentex Corp. | 5,503,490 | ||||||
| 405,668 | Graco, Inc. | 34,193,756 | ||||||
| 282,194 | HEICO Corp., Class A | 52,510,667 | ||||||
| 61,449 | IDEX Corp. | 12,860,661 | ||||||
| 106,257 | Landstar System, Inc. | 18,261,328 | ||||||
| 228,674 | Old Dominion Freight Line, Inc. | 40,338,094 | ||||||
| 91,000 | RBC Bearings, Inc.* | 27,221,740 | ||||||
| 168,593 | Schneider Electric SE - ADR | 8,411,138 | ||||||
| 70,532 | TriNet Group, Inc.* | 6,402,190 | ||||||
| 97,271 | WillScot Holdings Corp.* | 3,253,715 | ||||||
| 308,508,365 | ||||||||
| MATERIALS — 4.7% | ||||||||
| 136,321 | CF Industries Holdings, Inc. | 11,630,908 | ||||||
| 102,680 | Consol Energy, Inc. | 10,953,902 | ||||||
| 238,481 | Huntsman Corp. | 4,299,812 | ||||||
| 50,994 | Linde PLC1 | 21,349,658 | ||||||
| 94,981 | LyondellBasell Industries - Class A | 7,054,239 | ||||||
| 63,577 | Simpson Manufacturing Co, Inc. | 10,542,974 | ||||||
| 212,908 | Warrior Met Coal, Inc. | 11,548,130 | ||||||
| 77,379,623 | ||||||||
| TECHNOLOGY — 24.2% | ||||||||
| 141,417 | Amadeus IT Group, S.A. - ADR | 9,986,996 | ||||||
| 57,361 | Applied Materials, Inc. | 9,328,620 | ||||||
| 19,195 | ASML Holding NV1 | 13,303,671 | ||||||
| 189,996 | Cisco Systems, Inc. | 11,247,763 | ||||||
BBR ALO Fund, LLC
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| TECHNOLOGY (Continued) | ||||||||
| 250,939 | CoStar Group, Inc.* | $ | 17,964,723 | |||||
| 238,938 | Dassault Systemes SE - SP ADR | 8,288,544 | ||||||
| 61,372 | Descartes Systems Group, Inc.* | 6,971,859 | ||||||
| 190,592 | Experian PLC - ADR | 8,223,092 | ||||||
| 1,398 | Fair ISAAC Corp.* | 2,783,320 | ||||||
| 42,619 | Globant SA1,* | 9,138,366 | ||||||
| 293,356 | HP, Inc. | 9,572,206 | ||||||
| 353,265 | Intel Corp. | 7,082,963 | ||||||
| 92,070 | Interdigital, Inc. | 17,835,801 | ||||||
| 15,692 | KLA Corp. | 9,887,843 | ||||||
| 174,868 | Kulicke & Soffa Industries | 8,159,341 | ||||||
| 128,906 | Lam Research Corp. | 9,310,880 | ||||||
| 103,845 | Micron Technology, Inc. | 8,739,595 | ||||||
| 13,429 | Monday.com, Ltd.* | 3,161,724 | ||||||
| 26,318 | Moody's Corp. | 12,458,152 | ||||||
| 34,179 | MSCI, Inc. | 20,507,742 | ||||||
| 411,025 | Sage Group PLC - ADR | 26,211,886 | ||||||
| 151,518 | SAP SE - SP ADR | 37,305,247 | ||||||
| 177,798 | Shopify, Inc. - Class A* | 18,905,261 | ||||||
| 69,225 | Teledyne Technologies, Inc.* | 32,129,399 | ||||||
| 207,226 | Teleperformance - ADR | 8,918,012 | ||||||
| 96,921 | Tokyo Electron Ltd. - ADR | 7,457,480 | ||||||
| 46,530 | Tyler Technologies, Inc.* | 26,831,059 | ||||||
| 173,380 | Veeva Systems, Inc. - Class A* | 36,453,145 | ||||||
| 398,164,690 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,001,922,423) | 1,308,479,964 | |||||||
| INVESTMENT FUNDS — 14.9% | ||||||||
| HWC Long Onshore Fund, LP* | $ | 245,879,846 | ||||||
| TOTAL INVESTMENT FUNDS | ||||||||
| (Cost $208,000,000) | 245,879,846 | |||||||
| TOTAL INVESTMENTS — 94.5% | ||||||||
| (Cost $1,209,922,423) | 1,554,359,810 | |||||||
| Other Assets in Excess of Liabilities — 5.5% | 90,018,758 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,644,378,568 |
| ADR | – American Depository Receipt |
| PLC | – Public Limited Company |
| LLC | – Limited Liability Company |
| SP ADR | – Sponsored American Depository Receipt |
| SE | – Societas Europaea |
| SA | – Société Anonyme |
| LP | – Limited Partnership |
BBR ALO Fund, LLC
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2024 (Unaudited)
| 1 | Foreign security denominated in U.S. Dollars. |
| 2 | Partnership is not designated in units. The Fund owns approximately 41.53% of HWC Long Master Fund, LP through its investment in HWC Long Onshore Fund, LP, which invests substantially all of its assets in HWC Long Master Fund, LP., and has contractually waived its right to vote its interests. |
| * | Non-income producing security. |
Additional information on Investment Funds is as follows:
| Security | Redemption Permitted | Acquisition Date | Investment Strategy | Redemption Notice Period |
| HWC Long Onshore Fund, LP. | Quarterly | 5/1/2024 | Long-Only Equitiesa | 45 Days |
| a | This investment category includes investment funds that make long-only investments in equity securities that are deemed by investment managers to be undervalued and to present certain sustainable advantages. |
