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 2023Jun 30, 2023	V Visa Inc.	Visa Inc.	Buy	+675+1.7%	$9.73M	40,969
Q2 2023Jun 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+622+0.7%	$11.51M	88,314
Q2 2023Jun 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+560+0.6%	$10.85M	89,657
Q2 2023Jun 30, 2023	AMT American Tower Corporation (REI	American Tower Corporation (REI	Buy	+254+0.8%	$6.17M	31,831
Q2 2023Jun 30, 2023	ADBE Adobe Inc.	Adobe Inc.	Buy	+238+1.1%	$10.41M	21,290
Q2 2023Jun 30, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+212+1.5%	$6.96M	14,471
Q2 2023Jun 30, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+174+1.2%	$7.77M	14,429
Q2 2023Jun 30, 2023	DHR Danaher Corporation	Danaher Corporation	Buy	+147+0.6%	$5.95M	24,784
Q2 2023Jun 30, 2023	MCO Moody's Corporation	Moody's Corporation	Buy	+81+0.4%	$7.77M	22,349
Q2 2023Jun 30, 2023	CPRT Copart, Inc.	Copart, Inc.	Buy	+54+0.0%	$10.20M	111,880
Q2 2023Jun 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-2-0.0%	$1.71M	4,356
Q2 2023Jun 30, 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-4-0.1%	$1.69M	7,682
Q2 2023Jun 30, 2023	RACE Ferrari	Ferrari	Sell	-63-0.3%	$6.96M	21,395
Q2 2023Jun 30, 2023	AAPL Apple Inc.	Apple Inc.	Sell	-104-0.1%	$13.98M	72,051
Q2 2023Jun 30, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell - Position Exit	-155-100.0%	$0.00	-
Q2 2023Jun 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell - Position Exit	-335-100.0%	$0.00	-
Q1 2023Mar 31, 2023	TREX Trex Company, Inc.	Trex Company, Inc.	Buy	+9,931+7.9%	$6.63M	136,238
Q1 2023Mar 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+8,369+10.6%	$9.06M	87,692
Q1 2023Mar 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+5,356+6.4%	$9.27M	89,097
Q1 2023Mar 31, 2023	CPRT Copart, Inc.	Copart, Inc.	Buy	+4,492+4.2%	$8.41M	111,826
Q1 2023Mar 31, 2023	ADBE Adobe Inc.	Adobe Inc.	Buy	+3,292+18.5%	$8.11M	21,052
Q1 2023Mar 31, 2023	AMT American Tower Corporation (REI	American Tower Corporation (REI	Buy	+1,004+3.3%	$6.45M	31,577
Q1 2023Mar 31, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+500+14.5%	$408.70K	3,940
Q1 2023Mar 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+335	$96.58K	335
Q1 2023Mar 31, 2023	DHR Danaher Corporation	Danaher Corporation	Buy	+238+1.0%	$6.21M	24,637
Q1 2023Mar 31, 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+186+2.5%	$1.71M	7,686
Q1 2023Mar 31, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy - Position Entry	+155	$19.04K	155
Q1 2023Mar 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-17-0.4%	$1.58M	4,358
Q1 2023Mar 31, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-413-2.8%	$6.74M	14,259
Q1 2023Mar 31, 2023	V Visa Inc.	Visa Inc.	Sell	-450-1.1%	$9.08M	40,294

Page 6 of 10 • 275 total trades

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