Congruence Capital, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESE	ESCO TECHNOLOGIES INC	83,744	$23,563	7.9%	$239.60	0.0%	COM	296315104
ST	SENSATA TECHNOLOGIES HLDG PL	585,627	$20,626	6.9%	$35.80	0.0%	SHS	G8060N102
FSS	FEDERAL SIGNAL CORP	179,350	$19,395	6.5%	$115.16	0.0%	COM	313855108
TKR	TIMKEN CO	159,236	$16,014	5.4%	$98.42	0.0%	COM	887389104
TPC	TUTOR PERINI CORP	164,052	$12,663	4.2%	$78.84	0.0%	COM	901109108
ECVT	ECOVYST INC	815,443	$10,487	3.5%	$10.96	0.0%	COM	27923Q109
CLBT	CELLEBRITE DI LTD	760,673	$10,482	3.5%	$15.55	0.0%	ORDINARY SHARES	M2197Q107
SPXC	SPX TECHNOLOGIES INC	40,603	$8,118	2.7%	$199.94	—	COM	78473E103
ASTE	ASTEC INDS INC	124,069	$6,680	2.2%	$52.17	0.0%	COM	046224101
MDALF	MDA SPACE LTD	236,275	$5,982	2.0%	$25.60	0.0%	COM	55293N109
ROCK	GIBRALTAR INDS INC	105,371	$4,201	1.4%	$52.48	0.0%	COM	374689107
MPTI	M-TRON INDS INC	42,256	$2,825	0.9%	$62.91	0.0%	COM	55380K109
FEIM	FREQUENCY ELECTRS INC	17,996	$797	0.3%	$53.00	0.0%	COM	358010106
—	M-TRON INDS INC	42,256	$42	0.0%	$1.00	—	RIGHT 04/15/2026	55380K133

Increased Positions (7)

GBX GREENBRIER COS INC 5.1%

Value ($000) $15,218 (+139.7%) Shares 289,039 (+112.8%) Est. Cost $48.69 Unrealized +7.8%

NPO ENPRO INC 6.6%

Value ($000) $19,659 (+76.0%) Shares 78,431 (+50.3%) Est. Cost $230.70 Unrealized +8.2%

GFF GRIFFON CORP 6.1%

Value ($000) $18,171 (+51.6%) Shares 250,008 (+53.6%) Est. Cost $77.98 Unrealized +9.0%

MTRX MATRIX SVC CO 1.2%

Value ($000) $3,492 (+220.2%) Shares 304,145 (+226.3%) Est. Cost $12.54 Unrealized -0.1%

HLMN HILLMAN SOLUTIONS CORP 2.5%

Value ($000) $7,413 (+15.2%) Shares 890,972 (+19.9%) Est. Cost $9.10 Unrealized +5.1%

CR CRANE COMPANY 6.5%

Value ($000) $19,488 (+4.8%) Shares 113,964 (+13.0%) Est. Cost $186.83 Unrealized +6.1%

MEC MAYVILLE ENGR CO INC 1.4%

Value ($000) $4,209 (+8.0%) Shares 234,475 (+12.7%) Est. Cost $16.70 Unrealized +18.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GBX	GREENBRIER COS INC	289,039 (+112.8%)	$15,218 (+139.7%)	5.1%	$48.69	+7.8%	COM	393657101
NPO	ENPRO INC	78,431 (+50.3%)	$19,659 (+76.0%)	6.6%	$230.70	+8.2%	COM	29355X107
GFF	GRIFFON CORP	250,008 (+53.6%)	$18,171 (+51.6%)	6.1%	$77.98	+9.0%	COM	398433102
MTRX	MATRIX SVC CO	304,145 (+226.3%)	$3,492 (+220.2%)	1.2%	$12.54	-0.1%	COM	576853105
HLMN	HILLMAN SOLUTIONS CORP	890,972 (+19.9%)	$7,413 (+15.2%)	2.5%	$9.10	+5.1%	COM	431636109
CR	CRANE COMPANY	113,964 (+13.0%)	$19,488 (+4.8%)	6.5%	$186.83	+6.1%	COMMON STOCK	224408104
MEC	MAYVILLE ENGR CO INC	234,475 (+12.7%)	$4,209 (+8.0%)	1.4%	$16.70	+18.4%	COM	578605107

Exited Positions (14)

FTV FORTIVE CORP 7.1%

Value ($000) $21,060 Shares 381,449 Est. Cost $51.86 Unrealized +8.3%

CWST CASELLA WASTE SYS INC 5.6%

Value ($000) $16,766 Shares 171,186 Est. Cost $92.83 Unrealized +9.6%

SOLS SOLSTICE ADVANCED MATLS INC 4.6%

Value ($000) $13,578 Shares 279,490 Est. Cost $47.08 Unrealized +38.5%

CNM CORE & MAIN INC 4.5%

Value ($000) $13,482 Shares 259,427 Est. Cost $51.29 Unrealized +9.7%

FUL FULLER H B CO 3.4%

Value ($000) $10,048 Shares 168,992 Est. Cost $58.51 Unrealized +8.3%

MSM MSC INDL DIRECT INC 3.4%

Value ($000) $10,045 Shares 119,444 Est. Cost $86.68 Unrealized +2.5%

BELFB BEL FUSE INC 3.2%

Value ($000) $9,458 Shares 55,759 Est. Cost $156.18 Unrealized +34.7%

RBA RB GLOBAL INC 2.3%

Value ($000) $6,925 Shares 67,316 Est. Cost $101.58 Unrealized +8.3%

ESAB ESAB CORPORATION 2.2%

Value ($000) $6,625 Shares 59,304 Est. Cost $114.35 Unrealized +7.9%

UNF UNIFIRST CORP MASS 1.3%

Value ($000) $3,771 Shares 19,550 Est. Cost $168.52 Unrealized +27.2%

PLPC PREFORMED LINE PRODS CO 1.1%

Value ($000) $3,186 Shares 15,414 Est. Cost $213.01 Unrealized +18.5%

DORM DORMAN PRODS INC 0.7%

Value ($000) $1,998 Shares 16,219 Est. Cost $134.99 Unrealized -6.3%

SWIM LATHAM GROUP INC 0.4%

Value ($000) $1,278 Shares 201,243 Est. Cost $6.99 Unrealized -5.8%

BELFA BEL FUSE INC 0.1%

Value ($000) $414 Shares 2,726 Est. Cost $134.10 Unrealized +42.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FTV	FORTIVE CORP	381,449	$21,060	7.1%	$51.86	+8.3%	—	34959J108
CWST	CASELLA WASTE SYS INC	171,186	$16,766	5.6%	$92.83	+9.6%	—	147448104
SOLS	SOLSTICE ADVANCED MATLS INC	279,490	$13,578	4.6%	$47.08	+38.5%	—	83443Q103
CNM	CORE & MAIN INC	259,427	$13,482	4.5%	$51.29	+9.7%	—	21874C102
FUL	FULLER H B CO	168,992	$10,048	3.4%	$58.51	+8.3%	—	359694106
MSM	MSC INDL DIRECT INC	119,444	$10,045	3.4%	$86.68	+2.5%	—	553530106
BELFB	BEL FUSE INC	55,759	$9,458	3.2%	$156.18	+34.7%	—	077347300
RBA	RB GLOBAL INC	67,316	$6,925	2.3%	$101.58	+8.3%	—	74935Q107
ESAB	ESAB CORPORATION	59,304	$6,625	2.2%	$114.35	+7.9%	—	29605J106
UNF	UNIFIRST CORP MASS	19,550	$3,771	1.3%	$168.52	+27.2%	—	904708104
PLPC	PREFORMED LINE PRODS CO	15,414	$3,186	1.1%	$213.01	+18.5%	—	740444104
DORM	DORMAN PRODS INC	16,219	$1,998	0.7%	$134.99	-6.3%	—	258278100
SWIM	LATHAM GROUP INC	201,243	$1,278	0.4%	$6.99	-5.8%	—	51819L107
BELFA	BEL FUSE INC	2,726	$414	0.1%	$134.10	+42.9%	—	077347201

Decreased Positions (8)

VMI VALMONT INDS INC 1.3%

Value ($000) $3,867 (-74.2%) Shares 9,678 (-74.1%) Est. Cost $406.96 Unrealized +10.2%

ATRO ASTRONICS CORP 3.9%

Value ($000) $11,702 (-40.5%) Shares 175,366 (-51.6%) Est. Cost $50.32 Unrealized +45.9%

IEX IDEX CORP 4.9%

Value ($000) $14,639 (-14.3%) Shares 77,232 (-19.5%) Est. Cost $170.79 Unrealized +16.6%

BCPC BALCHEM CORP 5.0%

Value ($000) $14,856 (-12.3%) Shares 87,658 (-20.7%) Est. Cost $151.78 Unrealized +11.5%

USLM UNITED STS LIME & MINERALS I 1.7%

Value ($000) $5,103 (-23.8%) Shares 39,068 (-30.1%) Est. Cost $123.98 Unrealized -3.8%

AEBI AEBI SCHMIDT HLDG AG 1.0%

Value ($000) $2,990 (-28.8%) Shares 307,905 (-7.2%) Est. Cost $11.90 Unrealized +22.9%

MITK MITEK SYS INC 1.7%

Value ($000) $5,192 (+26.5%) Shares 384,623 (-1.2%) Est. Cost $9.45 Unrealized +18.6%

SMP STANDARD MTR PRODS INC 2.0%

Value ($000) $5,989 (-8.9%) Shares 172,395 (-3.3%) Est. Cost $38.38 Unrealized +7.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VMI	VALMONT INDS INC	9,678 (-74.1%)	$3,867 (-74.2%)	1.3%	$406.96	+10.2%	COM	920253101
ATRO	ASTRONICS CORP	175,366 (-51.6%)	$11,702 (-40.5%)	3.9%	$50.32	+45.9%	COM	046433108
IEX	IDEX CORP	77,232 (-19.5%)	$14,639 (-14.3%)	4.9%	$170.79	+16.6%	COM	45167R104
BCPC	BALCHEM CORP	87,658 (-20.7%)	$14,856 (-12.3%)	5.0%	$151.78	+11.5%	COM	057665200
USLM	UNITED STS LIME & MINERALS I	39,068 (-30.1%)	$5,103 (-23.8%)	1.7%	$123.98	-3.8%	COM	911922102
AEBI	AEBI SCHMIDT HLDG AG	307,905 (-7.2%)	$2,990 (-28.8%)	1.0%	$11.90	+22.9%	COM	H00501108
MITK	MITEK SYS INC	384,623 (-1.2%)	$5,192 (+26.5%)	1.7%	$9.45	+18.6%	COM NEW	606710200
SMP	STANDARD MTR PRODS INC	172,395 (-3.3%)	$5,989 (-8.9%)	2.0%	$38.38	+7.4%	COM	853666105

Unchanged Positions (1)

NWPX NWPX INFRASTRUCTURE INC 1.5%

Value ($000) $4,347 Shares 55,825 Est. Cost $57.66 Unrealized +21.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NWPX	NWPX INFRASTRUCTURE INC	55,825	$4,347	1.5%	$57.66	+21.1%	COM	667746101