13F

Position

NCP Inc. in Microsoft Corp

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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 −$165.3K$483.70$370.19

QuarterSharesValueImplied pxEst. markFlowWeight
Q4 20251.81K$877.9K0.7%
Q1 20261.46K$539K$370.19−$165.3K−$173.6K0.9%