Kimelman & Baird Portfolio holdings

AUM $1.23B

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2021 Q2 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+4.81%

1 Year Return

+13.48%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$1.25B

AUM Growth

+$1.25B (+3.4%)

Cap. Flow

-$7.36M

Cap. Flow % of AUM

-0.59%

Top 10 Holdings % Top 10 Hldgs %

43.78%

Holding

376

New

Increased

Reduced

Closed

Top Buys

1	NVIDIA NVDA	$5.44M
2	SW Smurfit Westrock plc SW	$511K
3	Honeywell HON	$174K
4	Williams-Sonoma WSM	$166K
5	EQT Corp EQT	$124K

Top Sells

1	Eli Lilly LLY	$1.21M
2	Apple AAPL	$1.13M
3	Copart CPRT	$866K
4	WRK WestRock Company WRK	$811K
5	Home Depot HD	$685K

Sector Composition

1	Industrials	24.4%
2	Financials	18.14%
3	Technology	17.62%
4	Consumer Discretionary	13.75%
5	Healthcare	8.36%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
101	SW 101 Smurfit Westrock plc SW $24.7B	$511K	0.04%	+10,340	New	+$511K
102	102 Corteva CTVA $50.4B	$453K	0.04%	7,703 -83	-1%	-$4.88K
103	103 Ashland ASH $2.57B	$411K	0.03%	4,728	–	–
104	HES 104 DELISTED Hess HES	$407K	0.03%	3,000	–	–
105	105 iShares Core S&P Small-Cap ETF IJR $85.2B	$398K	0.03%	3,400	–	–
106	106 American Express AXP $231B	$386K	0.03%	1,425	–	–
107	107 Lumentum LITE $9.28B	$377K	0.03%	5,949	–	–
108	108 SPDR S&P 500 ETF Trust SPY $658B	$372K	0.03%	649	–	–
109	109 Vanguard S&P 500 ETF VOO $726B	$358K	0.03%	679	–	–
110	110 Walmart WMT $774B	$337K	0.03%	4,178	–	–
111	111 Williams-Sonoma WSM $23.1B	$332K	0.03%	2,144 +1,072	+100%	+$166K
112	112 Texas Instruments TXN $184B	$310K	0.02%	1,500	–	–
113	113 Orion OEC $592M	$308K	0.02%	17,285 -11,850	-41%	-$211K
114	114 General Dynamics GD $87.3B	$302K	0.02%	1,000	–	–
115	115 Chipotle Mexican Grill CMG $56.5B	$288K	0.02%	5,000	–	–
116	116 Starbucks SBUX $100B	$275K	0.02%	2,816	–	–
117	117 Netflix NFLX $513B	$266K	0.02%	375	–	–
118	118 Phillips Edison & Co PECO $4.42B	$254K	0.02%	6,725	–	–
119	119 Evergy EVRG $16.4B	$251K	0.02%	4,054	–	–
120	120 Archer Daniels Midland ADM $30.1B	$246K	0.02%	4,116	–	–
121	121 Conagra Brands CAG $9.16B	$236K	0.02%	7,265 -600	-8%	-$19.5K
122	122 Berkshire Hathaway Class B BRK.B $1.09T	$230K	0.02%	500	–	–
123	123 Westlake Corp WLK $11.3B	$225K	0.02%	1,500	–	–
124	124 Skyworks Solutions SWKS $11.1B	$222K	0.02%	2,250	–	–
125	125 Fresenius Medical Care FMS $15.1B	$207K	0.02%	9,734	–	–