Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNQ	CANADIAN NAT RES LTD MED TER	913,300	$44.51M	11.4%	—	—	COM	136385101
TFII	TRANSFORCE INC	394,372	$42.84M	10.9%	—	—	COM	87241L109
FANG	DIAMONDBACK ENERGY INC	201,700	$39.89M	10.2%	—	—	COM	25278X109
SHEL	SHELL PLC	383,300	$35.65M	9.1%	—	—	SPON ADS	780259305
LSTR	LANDSTAR SYS INC	183,500	$29.42M	7.5%	—	—	COM	515098101
CVX	CHEVRON CORPORATION	93,500	$19.35M	4.9%	—	—	COM	166764100
CC	CHEMOURS CO	736,800	$16.23M	4.1%	—	—	COM	163851108
EOG	EOG RES INC	67,900	$9.816M	2.5%	—	—	COM	26875P101
FLR	FLUOR CORP	197,400	$9.209M	2.4%	—	—	COM	343412102
ALK	ALASKA AIR GROUP INC	162,900	$5.991M	1.5%	—	—	COM	011659109
NESR	NATIONAL ENERGY SERVICES REU	220,800	$4.741M	1.2%	—	—	SHS	G6375R107
E	ENI SPA	81,900	$4.636M	1.2%	—	—	SPONSORED ADR	26874R108
FDX	FEDEX CORP	12,000	$4.274M	1.1%	—	—	COM	31428X106
AGCO	AGCO CORP	36,500	$4.229M	1.1%	—	—	COM	001084102
AXTA	AXALTA COATING SYS LTD	152,100	$4.213M	1.1%	—	—	COM	G0750C108
DE	DEERE & CO	7,320	$4.123M	1.1%	—	—	COM	244199105
B	BARRICK MNG CORP	91,700	$3.74M	1.0%	—	—	COM SHS	06849F108
LUV	SOUTHWEST AIRLS CO	96,500	$3.626M	0.9%	—	—	COM	844741108
HESM	HESS MIDSTREAM LP	88,400	$3.436M	0.9%	—	—	CL A SHS	428103105
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	55,900	$3.219M	0.8%	—	—	CL A	499049104
EMR	EMERSON ELEC CO	24,500	$3.21M	0.8%	—	—	COM	291011104
SLB	SLB LIMITED	61,100	$3.14M	0.8%	—	—	COM STK	806857108
CF	CF INDUSTRIES HOLD	22,400	$2.908M	0.7%	—	—	COM	125269100
JCI	JOHNSON CONTROLS INTERNATION	16,300	$2.134M	0.5%	—	—	SHS	G51502105
ATMU	ATMUS FILTRATION TECHNOLOGIE	35,900	$2.038M	0.5%	—	—	COM	04956D107
CRH	CRH PLC	16,926	$1.779M	0.5%	—	—	ORD	G25508105
XPO	XPO INC	5,700	$1.109M	0.3%	—	—	COM	983793100

Increased Positions (8)

ALGT ALLEGIANT TRAVEL CO 7.5%

Value $29.51M (+2176.9%) Shares 364,159 (+2295.8%) Est. Cost — Unrealized —

COP CONOCOPHILLIPS 5.2%

Value $20.35M (+101.3%) Shares 154,165 (+42.7%) Est. Cost — Unrealized —

CARR CARRIER GLOBAL CORPORATION 2.3%

Value $9.201M (+286.1%) Shares 163,400 (+262.3%) Est. Cost — Unrealized —

TSLA TESLA INC 0.9%

Value $3.717M (+275.7%) Shares 10,000 (+354.5%) Est. Cost — Unrealized —

IP INTERNATIONAL PAPER CO 1.1%

Value $4.27M (+111.7%) Shares 119,600 (+133.6%) Est. Cost — Unrealized —

ECL ECOLAB INC 0.8%

Value $3.182M (+117.8%) Shares 11,960 (+114.9%) Est. Cost — Unrealized —

AMR ALPHA METALLURGICAL RESOUR I 0.3%

Value $1.026M (+35.1%) Shares 5,000 (+31.6%) Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 0.1%

Value $496K (+33.4%) Shares 4,735 (+12.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALGT	ALLEGIANT TRAVEL CO	364,159 (+2295.8%)	$29.51M (+2176.9%)	7.5%	—	—	COM	01748X102
COP	CONOCOPHILLIPS	154,165 (+42.7%)	$20.35M (+101.3%)	5.2%	—	—	COM	20825C104
CARR	CARRIER GLOBAL CORPORATION	163,400 (+262.3%)	$9.201M (+286.1%)	2.3%	—	—	COM	14448C104
TSLA	TESLA INC	10,000 (+354.5%)	$3.717M (+275.7%)	0.9%	—	—	COM	88160R101
IP	INTERNATIONAL PAPER CO	119,600 (+133.6%)	$4.27M (+111.7%)	1.1%	—	—	COM	460146103
ECL	ECOLAB INC	11,960 (+114.9%)	$3.182M (+117.8%)	0.8%	—	—	COM	278865100
AMR	ALPHA METALLURGICAL RESOUR I	5,000 (+31.6%)	$1.026M (+35.1%)	0.3%	—	—	COM	020764106
CNR	CORE NATURAL RESOURCES INC	4,735 (+12.7%)	$496K (+33.4%)	0.1%	—	—	COM SHS	218937100

Exited Positions (53)

TT TRANE TECHNOLOGIES PLC 5.2%

Value $20.42M Shares 52,455 Est. Cost — Unrealized —

AAON AAON INC 4.2%

Value $16.63M Shares 218,093 Est. Cost — Unrealized —

ODFL OLD DOMINION FREIGHT LINE IN 3.6%

Value $13.98M Shares 89,184 Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 3.6%

Value $13.96M Shares 116,000 Est. Cost — Unrealized —

WERN WERNER ENTERPRISES INC 3.4%

Value $13.42M Shares 447,154 Est. Cost — Unrealized —

TRP TC ENERGY CORP 3.3%

Value $12.95M Shares 235,500 Est. Cost — Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 2.7%

Value $10.74M Shares 598,100 Est. Cost — Unrealized —

CVE CENOVUS ENERGY INC 2.5%

Value $9.981M Shares 589,869 Est. Cost — Unrealized —

EME EMCOR GROUP INC 2.5%

Value $9.666M Shares 15,800 Est. Cost — Unrealized —

SAIA SAIA INC 2.4%

Value $9.293M Shares 28,460 Est. Cost — Unrealized —

WMS ADVANCED DRAIN SYS INC DEL 2.0%

Value $8.024M Shares 55,400 Est. Cost — Unrealized —

CRC CALIFORNIA RES CORP 2.0%

Value $7.891M Shares 176,500 Est. Cost — Unrealized —

STLA STELLANTIS N.V 1.8%

Value $7.173M Shares 658,700 Est. Cost — Unrealized —

VAL VALARIS LTD 1.8%

Value $6.87M Shares 136,300 Est. Cost — Unrealized —

PWR QUANTA SVCS INC 1.7%

Value $6.643M Shares 15,740 Est. Cost — Unrealized —

AWI ARMSTRONG WORLD INDS INC NEW 1.7%

Value $6.497M Shares 34,000 Est. Cost — Unrealized —

BWA BORGWARNER INC 1.6%

Value $6.146M Shares 136,400 Est. Cost — Unrealized —

PKG PACKAGING CORP AMER 1.3%

Value $5.053M Shares 24,500 Est. Cost — Unrealized —

WMB WILLIAMS COS INC 1.3%

Value $5.031M Shares 83,700 Est. Cost — Unrealized —

WFRD WEATHERFORD INTL PLC 1.1%

Value $4.484M Shares 57,300 Est. Cost — Unrealized —

STLD STEEL DYNAMICS INC 1.1%

Value $4.406M Shares 26,000 Est. Cost — Unrealized —

IMO IMPERIAL OIL LTD 1.1%

Value $4.246M Shares 49,200 Est. Cost — Unrealized —

MMM 3M CO 1.1%

Value $4.147M Shares 25,900 Est. Cost — Unrealized —

NOV NOV INC 1.0%

Value $4.047M Shares 258,900 Est. Cost — Unrealized —

CSX CSX CORP 1.0%

Value $4.002M Shares 110,400 Est. Cost — Unrealized —

CTVA CORTEVA INC 1.0%

Value $3.968M Shares 59,200 Est. Cost — Unrealized —

AM ANTERO MIDSTREAM CORP 0.9%

Value $3.624M Shares 203,704 Est. Cost — Unrealized —

MOS MOSAIC CO NEW 0.8%

Value $3.185M Shares 132,216 Est. Cost — Unrealized —

CMC COMMERCIAL METALS CO 0.8%

Value $3.184M Shares 46,000 Est. Cost — Unrealized —

LNG CHENIERE ENERGY INC 0.7%

Value $2.916M Shares 15,000 Est. Cost — Unrealized —

GLW CORNING INC 0.7%

Value $2.802M Shares 32,000 Est. Cost — Unrealized —

HAL HALLIBURTON CO 0.6%

Value $2.49M Shares 88,100 Est. Cost — Unrealized —

LMB LIMBACH HLDGS INC 0.5%

Value $2.133M Shares 27,393 Est. Cost — Unrealized —

CLF CLEVELAND-CLIFFS INC NEW 0.5%

Value $2.029M Shares 152,800 Est. Cost — Unrealized —

DQ DAQO NEW ENERGY CORP 0.5%

Value $1.947M Shares 66,000 Est. Cost — Unrealized —

LBRT LIBERTY ENERGY INC 0.5%

Value $1.85M Shares 100,200 Est. Cost — Unrealized —

SEI SOLARIS ENERGY INFRAS INC 0.5%

Value $1.82M Shares 39,600 Est. Cost — Unrealized —

CMI CUMMINS INC 0.5%

Value $1.797M Shares 3,520 Est. Cost — Unrealized —

GPRE GREEN PLAINS INC 0.4%

Value $1.658M Shares 169,200 Est. Cost — Unrealized —

CHRD CHORD ENERGY CORPORATION 0.4%

Value $1.539M Shares 16,600 Est. Cost — Unrealized —

APTV APTIV PLC 0.3%

Value $1.217M Shares 16,000 Est. Cost — Unrealized —

F FORD MTR CO 0.3%

Value $1.164M Shares 88,700 Est. Cost — Unrealized —

CRGY CRESCENT ENERGY COMPANY 0.3%

Value $1.032M Shares 122,973 Est. Cost — Unrealized —

LGN LEGENCE CORP 0.2%

Value $934K Shares 21,700 Est. Cost — Unrealized —

RIG TRANSOCEAN LTD 0.2%

Value $905K Shares 219,100 Est. Cost — Unrealized —

SNDR SCHNEIDER NATIONAL INC 0.2%

Value $849K Shares 32,011 Est. Cost — Unrealized —

CHRW C H ROBINSON WORLDWIDE INC 0.2%

Value $836K Shares 5,200 Est. Cost — Unrealized —

SHLS SHOALS TECHNOLOGIES GROUP IN 0.2%

Value $777K Shares 91,400 Est. Cost — Unrealized —

NUE NUCOR CORP 0.2%

Value $652K Shares 4,000 Est. Cost — Unrealized —

DINO HF SINCLAIR CORP 0.1%

Value $479K Shares 10,400 Est. Cost — Unrealized —

MPC MARATHON PETE CORP 0.1%

Value $342K Shares 2,100 Est. Cost — Unrealized —

HCC WARRIOR MET COAL INC 0.1%

Value $300K Shares 3,400 Est. Cost — Unrealized —

RXO RXO INC 0.0%

Value $190K Shares 15,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TT	TRANE TECHNOLOGIES PLC	52,455	$20.42M	5.2%	—	—	—	G8994E103
AAON	AAON INC	218,093	$16.63M	4.2%	—	—	—	000360206
ODFL	OLD DOMINION FREIGHT LINE IN	89,184	$13.98M	3.6%	—	—	—	679580100
XOM	EXXON MOBIL CORP	116,000	$13.96M	3.6%	—	—	—	30231G102
WERN	WERNER ENTERPRISES INC	447,154	$13.42M	3.4%	—	—	—	950755108
TRP	TC ENERGY CORP	235,500	$12.95M	3.3%	—	—	—	87807B107
PAA	PLAINS ALL AMERN PIPELINE L	598,100	$10.74M	2.7%	—	—	—	726503105
CVE	CENOVUS ENERGY INC	589,869	$9.981M	2.5%	—	—	—	15135U109
EME	EMCOR GROUP INC	15,800	$9.666M	2.5%	—	—	—	29084Q100
SAIA	SAIA INC	28,460	$9.293M	2.4%	—	—	—	78709Y105
WMS	ADVANCED DRAIN SYS INC DEL	55,400	$8.024M	2.0%	—	—	—	00790R104
CRC	CALIFORNIA RES CORP	176,500	$7.891M	2.0%	—	—	—	13057Q305
STLA	STELLANTIS N.V	658,700	$7.173M	1.8%	—	—	—	N82405106
VAL	VALARIS LTD	136,300	$6.87M	1.8%	—	—	—	G9460G101
PWR	QUANTA SVCS INC	15,740	$6.643M	1.7%	—	—	—	74762E102
AWI	ARMSTRONG WORLD INDS INC NEW	34,000	$6.497M	1.7%	—	—	—	04247X102
BWA	BORGWARNER INC	136,400	$6.146M	1.6%	—	—	—	099724106
PKG	PACKAGING CORP AMER	24,500	$5.053M	1.3%	—	—	—	695156109
WMB	WILLIAMS COS INC	83,700	$5.031M	1.3%	—	—	—	969457100
WFRD	WEATHERFORD INTL PLC	57,300	$4.484M	1.1%	—	—	—	G48833118
STLD	STEEL DYNAMICS INC	26,000	$4.406M	1.1%	—	—	—	858119100
IMO	IMPERIAL OIL LTD	49,200	$4.246M	1.1%	—	—	—	453038408
MMM	3M CO	25,900	$4.147M	1.1%	—	—	—	88579Y101
NOV	NOV INC	258,900	$4.047M	1.0%	—	—	—	62955J103
CSX	CSX CORP	110,400	$4.002M	1.0%	—	—	—	126408103
CTVA	CORTEVA INC	59,200	$3.968M	1.0%	—	—	—	22052L104
AM	ANTERO MIDSTREAM CORP	203,704	$3.624M	0.9%	—	—	—	03676B102
MOS	MOSAIC CO NEW	132,216	$3.185M	0.8%	—	—	—	61945C103
CMC	COMMERCIAL METALS CO	46,000	$3.184M	0.8%	—	—	—	201723103
LNG	CHENIERE ENERGY INC	15,000	$2.916M	0.7%	—	—	—	16411R208
GLW	CORNING INC	32,000	$2.802M	0.7%	—	—	—	219350105
HAL	HALLIBURTON CO	88,100	$2.49M	0.6%	—	—	—	406216101
LMB	LIMBACH HLDGS INC	27,393	$2.133M	0.5%	—	—	—	53263P105
CLF	CLEVELAND-CLIFFS INC NEW	152,800	$2.029M	0.5%	—	—	—	185899101
DQ	DAQO NEW ENERGY CORP	66,000	$1.947M	0.5%	—	—	—	23703Q203
LBRT	LIBERTY ENERGY INC	100,200	$1.85M	0.5%	—	—	—	53115L104
SEI	SOLARIS ENERGY INFRAS INC	39,600	$1.82M	0.5%	—	—	—	83418M103
CMI	CUMMINS INC	3,520	$1.797M	0.5%	—	—	—	231021106
GPRE	GREEN PLAINS INC	169,200	$1.658M	0.4%	—	—	—	393222104
CHRD	CHORD ENERGY CORPORATION	16,600	$1.539M	0.4%	—	—	—	674215207
APTV	APTIV PLC	16,000	$1.217M	0.3%	—	—	—	G3265R107
F	FORD MTR CO	88,700	$1.164M	0.3%	—	—	—	345370860
CRGY	CRESCENT ENERGY COMPANY	122,973	$1.032M	0.3%	—	—	—	44952J104
LGN	LEGENCE CORP	21,700	$934K	0.2%	—	—	—	52476L109
RIG	TRANSOCEAN LTD	219,100	$905K	0.2%	—	—	—	H8817H100
SNDR	SCHNEIDER NATIONAL INC	32,011	$849K	0.2%	—	—	—	80689H102
CHRW	C H ROBINSON WORLDWIDE INC	5,200	$836K	0.2%	—	—	—	12541W209
SHLS	SHOALS TECHNOLOGIES GROUP IN	91,400	$777K	0.2%	—	—	—	82489W107
NUE	NUCOR CORP	4,000	$652K	0.2%	—	—	—	670346105
DINO	HF SINCLAIR CORP	10,400	$479K	0.1%	—	—	—	403949100
MPC	MARATHON PETE CORP	2,100	$342K	0.1%	—	—	—	56585A102
HCC	WARRIOR MET COAL INC	3,400	$300K	0.1%	—	—	—	93627C101
RXO	RXO INC	15,000	$190K	0.0%	—	—	—	74982T103

Decreased Positions (2)

BKR BAKER HUGHES COMPANY 1.3%

Value $5.147M (-56.3%) Shares 84,300 (-67.4%) Est. Cost — Unrealized —

LYB LYONDELLBASELL INDUSTRIES NV 1.3%

Value $5.198M (+10.2%) Shares 64,527 (-40.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BKR	BAKER HUGHES COMPANY	84,300 (-67.4%)	$5.147M (-56.3%)	1.3%	—	—	CL A	05722G100
LYB	LYONDELLBASELL INDUSTRIES NV	64,527 (-40.7%)	$5.198M (+10.2%)	1.3%	—	—	SHS - A -	N53745100