13F

Position

Fidelity in Automatic Data Processing In

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Estimated mark uses implied 13F prices (value ÷ shares). Adds are treated as happening at this quarter’s mark; cuts at last quarter’s. Share jumps can be splits, not buys. This is not realized P&L.

Latest estimated mark $21.5M$203.18$223.95

QuarterSharesValueImplied pxEst. markFlowWeight
Q4 20251.15M$295.8M0.0%
Q1 20261.03M$209.9M$203.18−$55.8M−$30M0.0%
Q2 20261.2M$269.8M$223.95$21.5M$38.4M0.0%