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
Q4 2023Dec 31, 2023	MCO Moody's Corporation	Moody's Corporation	Buy	+87+0.4%	$8.91M	22,806
Q4 2023Dec 31, 2023	ADBE Adobe Inc.	Adobe Inc.	Buy	+50+0.2%	$12.83M	21,502
Q4 2023Dec 31, 2023	NVR NVR, Inc.	NVR, Inc.	Buy - Position Entry	+31	$216.04K	31
Q4 2023Dec 31, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+28+0.2%	$9.73M	14,740
Q4 2023Dec 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-3-0.1%	$1.86M	4,350
Q4 2023Dec 31, 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-25-0.3%	$1.79M	7,691
Q4 2023Dec 31, 2023	AAPL Apple Inc.	Apple Inc.	Sell	-91-0.1%	$13.96M	72,517
Q4 2023Dec 31, 2023	RACE Ferrari	Ferrari	Sell	-92-0.4%	$7.34M	21,675
Q4 2023Dec 31, 2023	CPRT Copart, Inc.	Copart, Inc.	Sell	-335-0.1%	$11.04M	225,388
Q3 2023Sep 30, 2023	CPRT Copart, Inc.	Copart, Inc.	Buy	+113,843+101.8%	$9.73M	225,723
Q3 2023Sep 30, 2023	STLA Stellantis	Stellantis	Buy	+8,500+1.7%	$9.53M	498,391
Q3 2023Sep 30, 2023	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy	+1,870+2.2%	$7.80M	87,728
Q3 2023Sep 30, 2023	TREX Trex Company, Inc.	Trex Company, Inc.	Buy	+1,753+1.3%	$8.59M	139,353
Q3 2023Sep 30, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+1,500+38.1%	$711.88K	5,440
Q3 2023Sep 30, 2023	AMT American Tower Corporation (REI	American Tower Corporation (REI	Buy	+1,420+4.5%	$5.47M	33,251
Q3 2023Sep 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+1,035+1.2%	$11.36M	89,349
Q3 2023Sep 30, 2023	V Visa Inc.	Visa Inc.	Buy	+1,000+2.4%	$9.65M	41,969
Q3 2023Sep 30, 2023	DHR Danaher Corporation	Danaher Corporation	Buy	+593+2.4%	$6.30M	25,377
Q3 2023Sep 30, 2023	AAPL Apple Inc.	Apple Inc.	Buy	+557+0.8%	$12.43M	72,608
Q3 2023Sep 30, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+412+2.8%	$7.50M	14,883
Q3 2023Sep 30, 2023	RACE Ferrari	Ferrari	Buy	+372+1.7%	$6.43M	21,767
Q3 2023Sep 30, 2023	MCO Moody's Corporation	Moody's Corporation	Buy	+370+1.7%	$7.18M	22,719
Q3 2023Sep 30, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+283+2.0%	$8.31M	14,712
Q3 2023Sep 30, 2023	ADBE Adobe Inc.	Adobe Inc.	Buy	+162+0.8%	$10.94M	21,452
Q3 2023Sep 30, 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+34+0.4%	$1.86M	7,716
Q3 2023Sep 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-3-0.1%	$1.72M	4,353
Q3 2023Sep 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-686-0.8%	$11.73M	88,971
Q2 2023Jun 30, 2023	STLA Stellantis	Stellantis	Buy	+6,147+1.3%	$8.59M	489,891
Q2 2023Jun 30, 2023	TREX Trex Company, Inc.	Trex Company, Inc.	Buy	+1,362+1.0%	$9.02M	137,600
Q2 2023Jun 30, 2023	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy	+949+1.1%	$7.28M	85,858

Page 5 of 10 • 275 total trades

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