Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMG	AFFILIATED MANAGERS GROUP	3,965	$1.342M	1.3%	$338.46	—	—	008252108
HPE	HEWLETT PACKARD ENTERPRISE	29,056	$1.311M	1.3%	$45.12	—	—	42824C109
BRC	BRADY CORP CL A	7,180	$657K	0.6%	$91.50	—	—	104674106
MDT	MEDTRONIC INC COM	6,350	$497K	0.5%	$78.27	—	—	G5960L103
ABM	ABM INDS INC	7,960	$352K	0.3%	$44.22	—	—	000957100
LNVGY	LENOVO GROUP LTD SPONSORED ADR	4,309	$255K	0.2%	$59.18	—	—	526250105
VTOL	BRISTOW GROUP INC	5,115	$211K	0.2%	$41.25	—	—	11040G103

Increased Positions (34)

KLAC KLA CORP COM 2.0%

Value $2.044M (+78.2%) Shares 6,775 (+769.7%) Est. Cost $283.28 Unrealized —

JLL JONES LANG LASALLE 1.3%

Value $1.352M (+136.8%) Shares 4,361 (+132.6%) Est. Cost $321.20 Unrealized —

CMC COMMERCIAL METALS CO 0.9%

Value $928K (+236.2%) Shares 14,783 (+228.5%) Est. Cost $67.09 Unrealized —

EXP EAGLE MATERIALS INC 1.4%

Value $1.399M (+59.2%) Shares 6,217 (+33.9%) Est. Cost $190.85 Unrealized —

EXPE EXPEDIA GROUP INC 1.5%

Value $1.541M (+42.2%) Shares 6,021 (+28.2%) Est. Cost $144.70 Unrealized —

SMP STANDARD MOTOR PRODUCTS INC 1.3%

Value $1.336M (+40.0%) Shares 34,279 (+24.9%) Est. Cost $38.27 Unrealized —

NXST NEXSTAR MEDIA 1.4%

Value $1.384M (+36.8%) Shares 7,751 (+38.5%) Est. Cost $141.41 Unrealized —

EG EVEREST GROUP LTD 1.3%

Value $1.325M (+36.2%) Shares 3,710 (+24.6%) Est. Cost $353.54 Unrealized —

ABBV ABBVIE INC 1.5%

Value $1.487M (+29.0%) Shares 5,911 (+11.5%) Est. Cost $102.04 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC CL B 2.1%

Value $2.192M (+15.9%) Shares 4,381 (+11.0%) Est. Cost $170.24 Unrealized —

LH LABORATORY CORP. OF AMERICA 1.6%

Value $1.591M (+21.2%) Shares 5,682 (+15.5%) Est. Cost $246.91 Unrealized —

JPM JP MORGAN CHASE AND CO 1.3%

Value $1.378M (+24.6%) Shares 4,211 (+12.0%) Est. Cost $124.53 Unrealized —

GS GOLDMAN SACHS 1.3%

Value $1.366M (+23.4%) Shares 1,351 (+3.3%) Est. Cost $199.22 Unrealized —

AXS AXIS CAPITAL HOLDINGS LTD 1.3%

Value $1.343M (+23.9%) Shares 12,497 (+16.9%) Est. Cost $103.77 Unrealized —

MTB M AND T BANK CORP 1.4%

Value $1.471M (+19.7%) Shares 6,179 (+3.9%) Est. Cost $191.91 Unrealized —

AXP AMERICAN EXPRESS 1.2%

Value $1.218M (+24.3%) Shares 3,600 (+11.1%) Est. Cost $176.80 Unrealized —

USB US BANCORP DEL COM 1.4%

Value $1.399M (+20.0%) Shares 23,156 (+3.3%) Est. Cost $41.39 Unrealized —

RNR RENAISSANCE RE HLDGS COM 1.4%

Value $1.468M (+18.7%) Shares 4,633 (+11.3%) Est. Cost $231.94 Unrealized —

HIG HARTFORD INSURANCE GROUP 1.3%

Value $1.369M (+17.9%) Shares 10,329 (+20.4%) Est. Cost $124.83 Unrealized —

SF STIFEL FINANCIAL 1.2%

Value $1.273M (+19.2%) Shares 18,245 (+26.2%) Est. Cost $66.51 Unrealized —

STAG STAG INDUSTRIAL 1.3%

Value $1.321M (+17.1%) Shares 34,708 (+11.0%) Est. Cost $31.82 Unrealized —

TRNO TERRENO REALTY CORP 1.3%

Value $1.357M (+16.5%) Shares 20,953 (+10.5%) Est. Cost $59.29 Unrealized —

TRV TRAVELERS COMPANIES 1.4%

Value $1.384M (+15.8%) Shares 4,191 (+2.3%) Est. Cost $281.72 Unrealized —

DIS DISNEY WALT CO COM 1.2%

Value $1.197M (+18.5%) Shares 12,432 (+18.6%) Est. Cost $89.70 Unrealized —

AMTM AMENTUM HOLDINGS INC 1.1%

Value $1.147M (+16.1%) Shares 55,469 (+46.5%) Est. Cost $24.01 Unrealized —

AZO AUTOZONE INC 1.0%

Value $1.032M (+17.5%) Shares 323 (+24.2%) Est. Cost $2098.03 Unrealized —

TXT TEXTRON INC. 1.3%

Value $1.32M (+12.6%) Shares 14,394 (+7.5%) Est. Cost $69.56 Unrealized —

CB CHUBB LIMITED 1.4%

Value $1.412M (+9.7%) Shares 4,145 (+5.0%) Est. Cost $149.06 Unrealized —

FR FIRST INDUSTRIAL REALTY TRUST 1.3%

Value $1.335M (+8.2%) Shares 21,780 (+2.1%) Est. Cost $48.62 Unrealized —

HTGC HERCULES CAPITAL INC 1.1%

Value $1.074M (+8.5%) Shares 68,080 (+1.6%) Est. Cost $13.90 Unrealized —

ASO ACADEMY SPORTS AND OUTDOORS INC 1.2%

Value $1.267M (+6.5%) Shares 26,879 (+27.5%) Est. Cost $55.15 Unrealized —

GBDC GOLUB CAPITAL BDC 0.2%

Value $201K (+6.3%) Shares 15,637 (+4.7%) Est. Cost $10.79 Unrealized —

OMC OMNICOM GROUP INC 0.4%

Value $368K (+2.8%) Shares 5,051 (+6.2%) Est. Cost $85.12 Unrealized —

SSNC SS AND C TECHNOLOGIES HOLDINGS INC 1.0%

Value $996K (-0.6%) Shares 16,050 (+8.2%) Est. Cost $62.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KLAC	KLA CORP COM	6,775 (+769.7%)	$2.044M (+78.2%)	2.0%	$283.28	—	—	482480100
JLL	JONES LANG LASALLE	4,361 (+132.6%)	$1.352M (+136.8%)	1.3%	$321.20	—	—	48020Q107
CMC	COMMERCIAL METALS CO	14,783 (+228.5%)	$928K (+236.2%)	0.9%	$67.09	—	—	201723103
EXP	EAGLE MATERIALS INC	6,217 (+33.9%)	$1.399M (+59.2%)	1.4%	$190.85	—	—	26969P108
EXPE	EXPEDIA GROUP INC	6,021 (+28.2%)	$1.541M (+42.2%)	1.5%	$144.70	—	—	30212P303
SMP	STANDARD MOTOR PRODUCTS INC	34,279 (+24.9%)	$1.336M (+40.0%)	1.3%	$38.27	—	—	853666105
NXST	NEXSTAR MEDIA	7,751 (+38.5%)	$1.384M (+36.8%)	1.4%	$141.41	—	—	65336K103
EG	EVEREST GROUP LTD	3,710 (+24.6%)	$1.325M (+36.2%)	1.3%	$353.54	—	—	G3223R108
ABBV	ABBVIE INC	5,911 (+11.5%)	$1.487M (+29.0%)	1.5%	$102.04	—	—	00287Y109
BRK/B	BERKSHIRE HATHAWAY INC CL B	4,381 (+11.0%)	$2.192M (+15.9%)	2.1%	$170.24	—	—	084670702
LH	LABORATORY CORP. OF AMERICA	5,682 (+15.5%)	$1.591M (+21.2%)	1.6%	$246.91	—	—	504922105
JPM	JP MORGAN CHASE AND CO	4,211 (+12.0%)	$1.378M (+24.6%)	1.3%	$124.53	—	—	46625H100
GS	GOLDMAN SACHS	1,351 (+3.3%)	$1.366M (+23.4%)	1.3%	$199.22	—	—	38141G104
AXS	AXIS CAPITAL HOLDINGS LTD	12,497 (+16.9%)	$1.343M (+23.9%)	1.3%	$103.77	—	—	G0692U109
MTB	M AND T BANK CORP	6,179 (+3.9%)	$1.471M (+19.7%)	1.4%	$191.91	—	—	55261F104
AXP	AMERICAN EXPRESS	3,600 (+11.1%)	$1.218M (+24.3%)	1.2%	$176.80	—	—	025816109
USB	US BANCORP DEL COM	23,156 (+3.3%)	$1.399M (+20.0%)	1.4%	$41.39	—	—	902973304
RNR	RENAISSANCE RE HLDGS COM	4,633 (+11.3%)	$1.468M (+18.7%)	1.4%	$231.94	—	—	G7496G103
HIG	HARTFORD INSURANCE GROUP	10,329 (+20.4%)	$1.369M (+17.9%)	1.3%	$124.83	—	—	416515104
SF	STIFEL FINANCIAL	18,245 (+26.2%)	$1.273M (+19.2%)	1.2%	$66.51	—	—	860630102
STAG	STAG INDUSTRIAL	34,708 (+11.0%)	$1.321M (+17.1%)	1.3%	$31.82	—	—	85254J102
TRNO	TERRENO REALTY CORP	20,953 (+10.5%)	$1.357M (+16.5%)	1.3%	$59.29	—	—	88146M101
TRV	TRAVELERS COMPANIES	4,191 (+2.3%)	$1.384M (+15.8%)	1.4%	$281.72	—	—	89417E109
DIS	DISNEY WALT CO COM	12,432 (+18.6%)	$1.197M (+18.5%)	1.2%	$89.70	—	—	254687106
AMTM	AMENTUM HOLDINGS INC	55,469 (+46.5%)	$1.147M (+16.1%)	1.1%	$24.01	—	—	023939101
AZO	AUTOZONE INC	323 (+24.2%)	$1.032M (+17.5%)	1.0%	$2098.03	—	—	053332102
TXT	TEXTRON INC.	14,394 (+7.5%)	$1.32M (+12.6%)	1.3%	$69.56	—	—	883203101
CB	CHUBB LIMITED	4,145 (+5.0%)	$1.412M (+9.7%)	1.4%	$149.06	—	—	H1467J104
FR	FIRST INDUSTRIAL REALTY TRUST	21,780 (+2.1%)	$1.335M (+8.2%)	1.3%	$48.62	—	—	32054K103
HTGC	HERCULES CAPITAL INC	68,080 (+1.6%)	$1.074M (+8.5%)	1.1%	$13.90	—	—	427096508
ASO	ACADEMY SPORTS AND OUTDOORS INC	26,879 (+27.5%)	$1.267M (+6.5%)	1.2%	$55.15	—	—	00402L107
GBDC	GOLUB CAPITAL BDC	15,637 (+4.7%)	$201K (+6.3%)	0.2%	$10.79	—	—	38173M102
OMC	OMNICOM GROUP INC	5,051 (+6.2%)	$368K (+2.8%)	0.4%	$85.12	—	—	681919106
SSNC	SS AND C TECHNOLOGIES HOLDINGS INC	16,050 (+8.2%)	$996K (-0.6%)	1.0%	$62.82	—	—	78467J100

Exited Positions (3)

INGR INGREDION INC 1.1%

Value $1.165M Shares 10,345 Est. Cost $111.42 Unrealized —

LDOS LEIDOS HOLDINGS INC 1.0%

Value $976K Shares 6,274 Est. Cost $138.27 Unrealized —

IIIN INSTEEL INDUSTRIES INC. 0.4%

Value $422K Shares 12,550 Est. Cost $34.76 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INGR	INGREDION INC	10,345	$1.165M	1.1%	$111.42	—	—	457187102
LDOS	LEIDOS HOLDINGS INC	6,274	$976K	1.0%	$138.27	—	—	525327102
IIIN	INSTEEL INDUSTRIES INC.	12,550	$422K	0.4%	$34.76	—	—	45774W108

Decreased Positions (19)

AMAT APPLIED MATLS INC COM 2.1%

Value $2.157M (+77.2%) Shares 2,984 (-16.2%) Est. Cost $95.31 Unrealized —

LRCX LAM RESEARCH CORP 2.0%

Value $1.997M (+79.6%) Shares 4,609 (-11.5%) Est. Cost $78.11 Unrealized —

ASX ASE TECHNOLOGIES CORP 1.8%

Value $1.847M (+44.6%) Shares 40,926 (-30.5%) Est. Cost $10.33 Unrealized —

DELL DELL TECHNOLOGIES INC 1.9%

Value $1.978M (+34.6%) Shares 4,584 (-48.8%) Est. Cost $115.85 Unrealized —

SANM SANMINA CORP 1.5%

Value $1.511M (+46.4%) Shares 5,970 (-25.0%) Est. Cost $68.50 Unrealized —

EOG EOG RESOURCES 1.0%

Value $1.067M (-27.5%) Shares 8,225 (-19.2%) Est. Cost $80.70 Unrealized —

NFG NATIONAL FUEL GAS CO 1.1%

Value $1.113M (-25.4%) Shares 14,418 (-9.1%) Est. Cost $71.92 Unrealized —

CAKE CHEESECAKE FACTORY INC 1.5%

Value $1.503M (+30.8%) Shares 18,892 (-10.0%) Est. Cost $35.35 Unrealized —

JBL JABIL CIRCUIT INC. 1.6%

Value $1.603M (+23.6%) Shares 4,159 (-14.8%) Est. Cost $56.92 Unrealized —

ARW ARROW ELECTRS INC COM 1.5%

Value $1.484M (+19.3%) Shares 6,953 (-19.8%) Est. Cost $63.58 Unrealized —

AZZ AZZ INC 1.4%

Value $1.469M (+18.4%) Shares 9,472 (-4.5%) Est. Cost $57.86 Unrealized —

CAC CAMDEN NATIONAL CORP 1.4%

Value $1.456M (+12.1%) Shares 26,845 (-1.9%) Est. Cost $39.27 Unrealized —

ITRN ITURAN LOCATION AND CONTROL LTD. 1.4%

Value $1.396M (+10.5%) Shares 22,874 (-11.3%) Est. Cost $24.71 Unrealized —

IMOS CHIPMOS TECHNOLOGIES 0.4%

Value $367K (+44.5%) Shares 5,715 (-19.6%) Est. Cost $35.72 Unrealized —

SNX TD SYNNEX CORP 1.4%

Value $1.447M (+8.2%) Shares 5,414 (-31.7%) Est. Cost $68.08 Unrealized —

BATRK ATLANTA BRAVES HOLDINGS INC 1.4%

Value $1.429M (+8.3%) Shares 27,542 (-10.9%) Est. Cost $38.36 Unrealized —

STLD STEEL DYNAMICS INC 1.2%

Value $1.249M (+8.4%) Shares 5,442 (-14.9%) Est. Cost $151.98 Unrealized —

FLEX FLEX LTD 1.2%

Value $1.234M (-3.1%) Shares 7,612 (-60.9%) Est. Cost $17.21 Unrealized —

TTAM TITAN AMERICA SA 0.2%

Value $193K (+9.0%) Shares 10,345 (-12.6%) Est. Cost $14.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC COM	2,984 (-16.2%)	$2.157M (+77.2%)	2.1%	$95.31	—	—	038222105
LRCX	LAM RESEARCH CORP	4,609 (-11.5%)	$1.997M (+79.6%)	2.0%	$78.11	—	—	512807306
ASX	ASE TECHNOLOGIES CORP	40,926 (-30.5%)	$1.847M (+44.6%)	1.8%	$10.33	—	—	00215W100
DELL	DELL TECHNOLOGIES INC	4,584 (-48.8%)	$1.978M (+34.6%)	1.9%	$115.85	—	—	24703L202
SANM	SANMINA CORP	5,970 (-25.0%)	$1.511M (+46.4%)	1.5%	$68.50	—	—	801056102
EOG	EOG RESOURCES	8,225 (-19.2%)	$1.067M (-27.5%)	1.0%	$80.70	—	—	26875P101
NFG	NATIONAL FUEL GAS CO	14,418 (-9.1%)	$1.113M (-25.4%)	1.1%	$71.92	—	—	636180101
CAKE	CHEESECAKE FACTORY INC	18,892 (-10.0%)	$1.503M (+30.8%)	1.5%	$35.35	—	—	163072101
JBL	JABIL CIRCUIT INC.	4,159 (-14.8%)	$1.603M (+23.6%)	1.6%	$56.92	—	—	466313103
ARW	ARROW ELECTRS INC COM	6,953 (-19.8%)	$1.484M (+19.3%)	1.5%	$63.58	—	—	042735100
AZZ	AZZ INC	9,472 (-4.5%)	$1.469M (+18.4%)	1.4%	$57.86	—	—	002474104
CAC	CAMDEN NATIONAL CORP	26,845 (-1.9%)	$1.456M (+12.1%)	1.4%	$39.27	—	—	133034108
ITRN	ITURAN LOCATION AND CONTROL LTD.	22,874 (-11.3%)	$1.396M (+10.5%)	1.4%	$24.71	—	—	M6158M104
IMOS	CHIPMOS TECHNOLOGIES	5,715 (-19.6%)	$367K (+44.5%)	0.4%	$35.72	—	—	16965P202
SNX	TD SYNNEX CORP	5,414 (-31.7%)	$1.447M (+8.2%)	1.4%	$68.08	—	—	87162W100
BATRK	ATLANTA BRAVES HOLDINGS INC	27,542 (-10.9%)	$1.429M (+8.3%)	1.4%	$38.36	—	—	047726302
STLD	STEEL DYNAMICS INC	5,442 (-14.9%)	$1.249M (+8.4%)	1.2%	$151.98	—	—	858119100
FLEX	FLEX LTD	7,612 (-60.9%)	$1.234M (-3.1%)	1.2%	$17.21	—	—	Y2573F102
TTAM	TITAN AMERICA SA	10,345 (-12.6%)	$193K (+9.0%)	0.2%	$14.97	—	—	B9151N105

Unchanged Positions (23)

MS MORGAN STANLEY 1.4%

Value $1.451M Shares 6,942 Est. Cost $45.97 Unrealized —

AAPL APPLE 2.3%

Value $2.332M Shares 8,060 Est. Cost $72.66 Unrealized —

THG HANOVER GROUP INSURANCE 1.5%

Value $1.498M Shares 6,996 Est. Cost $158.99 Unrealized —

TOL TOLL BROTHERS INC COM 1.3%

Value $1.304M Shares 7,915 Est. Cost $81.08 Unrealized —

BHB BAR HARBOR BANKSHARES INC 1.3%

Value $1.353M Shares 35,844 Est. Cost $30.49 Unrealized —

SDZNY SANDOZ GROUP AG SPONSORED ADS 1.4%

Value $1.455M Shares 16,081 Est. Cost $45.47 Unrealized —

RL RALPH LAUREN CORP 1.3%

Value $1.321M Shares 3,291 Est. Cost $111.91 Unrealized —

MITK MITEK SYSTEMS INC COM 0.5%

Value $540K Shares 26,820 Est. Cost $11.21 Unrealized —

UNTY UNITY BANCORP INC 1.3%

Value $1.316M Shares 22,426 Est. Cost $41.65 Unrealized —

FAF FIRST AMERICAN FINANCIAL CORP 1.2%

Value $1.248M Shares 18,202 Est. Cost $58.81 Unrealized —

PUBGY PUBLICIS GROUPE 1.0%

Value $1.073M Shares 44,770 Est. Cost $25.40 Unrealized —

URBN URBAN OUTFITTERS INC 1.2%

Value $1.221M Shares 17,234 Est. Cost $68.77 Unrealized —

CCK CROWN HLDGS INC 1.3%

Value $1.286M Shares 11,499 Est. Cost $97.34 Unrealized —

INCY INCYTE CORP 0.7%

Value $699K Shares 6,169 Est. Cost $69.26 Unrealized —

SNA SNAP-ON INC 1.1%

Value $1.174M Shares 2,917 Est. Cost $211.32 Unrealized —

GHC GRAHAM HOLDINGS LTD 1.3%

Value $1.326M Shares 1,162 Est. Cost $593.32 Unrealized —

WRB BERKLEY W R CORP 1.1%

Value $1.106M Shares 15,679 Est. Cost $41.28 Unrealized —

AROW ARROW FINL CORP 0.3%

Value $351K Shares 8,555 Est. Cost $33.46 Unrealized —

TPR TAPESTRY INC 1.2%

Value $1.243M Shares 8,489 Est. Cost $34.38 Unrealized —

NVS NOVARTIS 1.2%

Value $1.251M Shares 7,982 Est. Cost $90.10 Unrealized —

ARCC ARES CAPITAL CORPORATION 1.0%

Value $983K Shares 53,060 Est. Cost $9.52 Unrealized —

ANF ABERCROMBIE AND FITCH CO 0.3%

Value $338K Shares 3,760 Est. Cost $107.66 Unrealized —

BXSL BLACKSTONE SECD LENDING FD 1.0%

Value $1.014M Shares 42,766 Est. Cost $17.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MS	MORGAN STANLEY	6,942	$1.451M	1.4%	$45.97	—	—	617446448
AAPL	APPLE	8,060	$2.332M	2.3%	$72.66	—	—	037833100
THG	HANOVER GROUP INSURANCE	6,996	$1.498M	1.5%	$158.99	—	—	410867105
TOL	TOLL BROTHERS INC COM	7,915	$1.304M	1.3%	$81.08	—	—	889478103
BHB	BAR HARBOR BANKSHARES INC	35,844	$1.353M	1.3%	$30.49	—	—	066849100
SDZNY	SANDOZ GROUP AG SPONSORED ADS	16,081	$1.455M	1.4%	$45.47	—	—	799926100
RL	RALPH LAUREN CORP	3,291	$1.321M	1.3%	$111.91	—	—	751212101
MITK	MITEK SYSTEMS INC COM	26,820	$540K	0.5%	$11.21	—	—	606710200
UNTY	UNITY BANCORP INC	22,426	$1.316M	1.3%	$41.65	—	—	913290102
FAF	FIRST AMERICAN FINANCIAL CORP	18,202	$1.248M	1.2%	$58.81	—	—	31847R102
PUBGY	PUBLICIS GROUPE	44,770	$1.073M	1.0%	$25.40	—	—	74463M106
URBN	URBAN OUTFITTERS INC	17,234	$1.221M	1.2%	$68.77	—	—	917047102
CCK	CROWN HLDGS INC	11,499	$1.286M	1.3%	$97.34	—	—	228368106
INCY	INCYTE CORP	6,169	$699K	0.7%	$69.26	—	—	45337C102
SNA	SNAP-ON INC	2,917	$1.174M	1.1%	$211.32	—	—	833034101
GHC	GRAHAM HOLDINGS LTD	1,162	$1.326M	1.3%	$593.32	—	—	384637104
WRB	BERKLEY W R CORP	15,679	$1.106M	1.1%	$41.28	—	—	084423102
AROW	ARROW FINL CORP	8,555	$351K	0.3%	$33.46	—	—	042744102
TPR	TAPESTRY INC	8,489	$1.243M	1.2%	$34.38	—	—	876030107
NVS	NOVARTIS	7,982	$1.251M	1.2%	$90.10	—	—	66987V109
ARCC	ARES CAPITAL CORPORATION	53,060	$983K	1.0%	$9.52	—	—	04010L103
ANF	ABERCROMBIE AND FITCH CO	3,760	$338K	0.3%	$107.66	—	—	002896207
BXSL	BLACKSTONE SECD LENDING FD	42,766	$1.014M	1.0%	$17.95	—	—	09261X102