Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVSA	Covista Inc	125,759	$14.49M	6.4%	$107.48	0.0%	COM	00737L103
VRSK	Verisk Analytics Inc	8,500	$1.613M	0.7%	$203.75	0.0%	COM	92345Y106
SPGI	S&P Global Inc	3,000	$1.276M	0.6%	$485.25	0.0%	COM	78409V104
WAT	Waters Corp	2,338	$696K	0.3%	$367.10	0.0%	COM	941848103
ZS	Zscaler Inc	4,500	$631K	0.3%	$193.32	0.0%	COM	98980G102
BDX	Becton Dickinson And Co	2,500	$393K	0.2%	$167.83	0.0%	COM	075887109

Exited Positions (3)

— Adtalem Global Education Inc. 8.6%

Value $19.42M Shares 125,759 Est. Cost $32.03 Unrealized —

— Skechers U.S.A. Inc 0.4%

Value $947K Shares 15,000 Est. Cost $29.72 Unrealized —

NTR Nutrien Ltd 0.3%

Value $655K Shares 11,150 Est. Cost $38.32 Unrealized +77.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Adtalem Global Education Inc.	125,759	$19.42M	8.6%	$32.03	—	—	251893103
—	Skechers U.S.A. Inc	15,000	$947K	0.4%	$29.72	—	—	830566105
NTR	Nutrien Ltd	11,150	$655K	0.3%	$38.32	+77.7%	—	67077M108

Decreased Positions (3)

AZN AstraZeneca PLC 0.7%

Value $1.479M (+28.5%) Shares 7,500 (-50.0%) Est. Cost $36.46 Unrealized —

VRT Vertiv Holdings Co. 0.7%

Value $1.503M (+24.6%) Shares 6,000 (-25.0%) Est. Cost $106.29 Unrealized +88.0%

WBD Warner Bros. Discovery, Inc. 0.8%

Value $1.917M (+2.5%) Shares 69,822 (-12.5%) Est. Cost $17.61 Unrealized +60.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	AstraZeneca PLC	7,500 (-50.0%)	$1.479M (+28.5%)	0.7%	$36.46	—	COM	046353108
VRT	Vertiv Holdings Co.	6,000 (-25.0%)	$1.503M (+24.6%)	0.7%	$106.29	+88.0%	COM	92537N108
WBD	Warner Bros. Discovery, Inc.	69,822 (-12.5%)	$1.917M (+2.5%)	0.8%	$17.61	+60.4%	COM	934423104

Unchanged Positions (69)

LITE Lumentum Holdings Inc 2.9%

Value $6.676M Shares 9,500 Est. Cost $82.18 Unrealized +468.5%

ORCL Oracle Corp 2.5%

Value $5.59M Shares 38,000 Est. Cost $64.73 Unrealized +162.0%

SNPS Synopsys Inc 9.0%

Value $20.49M Shares 51,679 Est. Cost $75.90 Unrealized +521.4%

WTW Willis Towers Watson PLC 8.9%

Value $20.13M Shares 69,234 Est. Cost $112.48 Unrealized +180.0%

ZBRA Zebra Technologies Corp 3.2%

Value $7.179M Shares 34,335 Est. Cost $83.52 Unrealized +198.1%

IPGP IPG Photonics Corp 3.9%

Value $8.881M Shares 77,500 Est. Cost $94.48 Unrealized +7.6%

CHKP Check Point Software Technolog 2.0%

Value $4.614M Shares 32,300 Est. Cost $99.88 Unrealized +76.6%

PTC PTC Inc 2.0%

Value $4.431M Shares 31,100 Est. Cost $24.01 Unrealized +570.3%

URI United Rentals Inc 2.6%

Value $5.828M Shares 8,000 Est. Cost $104.89 Unrealized +741.6%

— Coherent Inc 1.4%

Value $3.216M Shares 13,500 Est. Cost $102.33 Unrealized —

UHS Universal Health Services Inc 5.1%

Value $11.64M Shares 65,059 Est. Cost $70.67 Unrealized +203.3%

UBER Uber Technologies Inc 2.0%

Value $4.501M Shares 62,577 Est. Cost $44.81 Unrealized +75.7%

EOG EOG Resources Inc 2.5%

Value $5.622M Shares 38,889 Est. Cost $67.50 Unrealized +66.1%

ROST Ross Stores Inc 1.6%

Value $3.683M Shares 17,000 Est. Cost $59.76 Unrealized +221.9%

AKAM Akamai Technologies, Inc. 1.4%

Value $3.181M Shares 27,700 Est. Cost $102.37 Unrealized -6.5%

GOOG Alphabet Inc 3.0%

Value $6.885M Shares 24,000 Est. Cost $93.19 Unrealized +247.3%

MTG MGIC Investment Corp 5.1%

Value $11.52M Shares 439,013 Est. Cost $10.42 Unrealized +159.5%

ROG Rogers Corp 1.0%

Value $2.196M Shares 20,456 Est. Cost $45.60 Unrealized +122.2%

TSBK Timberland Bancorp Inc/WA 1.4%

Value $3.19M Shares 80,909 Est. Cost $6.31 Unrealized +494.8%

CHTR Charter Communications Inc 0.7%

Value $1.632M Shares 7,559 Est. Cost $304.99 Unrealized -29.9%

RDN Radian Group Inc 1.9%

Value $4.313M Shares 130,371 Est. Cost $11.23 Unrealized +200.4%

IBM International Business Machine 1.1%

Value $2.424M Shares 10,000 Est. Cost $98.28 Unrealized +188.9%

EXP Eagle Materials Inc 0.7%

Value $1.516M Shares 8,000 Est. Cost $77.40 Unrealized +190.8%

EEM iShares MSCI Emerging Markets 2.5%

Value $5.679M Shares 100,000 Est. Cost $34.13 Unrealized —

GILD Gilead Sciences Inc 0.6%

Value $1.394M Shares 10,000 Est. Cost $55.93 Unrealized +147.4%

FMC FMC Corp 0.1%

Value $258K Shares 15,000 Est. Cost $41.02 Unrealized -63.0%

CACI CACI International Inc 1.2%

Value $2.719M Shares 5,000 Est. Cost $115.48 Unrealized +422.2%

DRI Darden Restaurants Inc 3.0%

Value $6.861M Shares 35,000 Est. Cost $53.91 Unrealized +284.7%

— Linde PLC 2.0%

Value $4.462M Shares 9,000 Est. Cost $156.08 Unrealized —

CARR Carrier Global Corp 1.3%

Value $2.951M Shares 52,400 Est. Cost $14.49 Unrealized +311.8%

RSG Republic Services Inc 1.5%

Value $3.285M Shares 15,000 Est. Cost $45.05 Unrealized +380.8%

OXY Occidental Petroleum Corp 0.2%

Value $529K Shares 8,135 Est. Cost $42.40 Unrealized +7.2%

VRTX Vertex Pharmaceuticals Inc 0.5%

Value $1.116M Shares 2,500 Est. Cost $463.53 Unrealized +0.9%

NEM Newmont Mining Corp 0.3%

Value $596K Shares 5,505 Est. Cost $26.88 Unrealized +339.5%

ABT Abbott Laboratories 0.2%

Value $411K Shares 4,000 Est. Cost $33.65 Unrealized +243.0%

ECG Everus Construction Group 0.2%

Value $443K Shares 3,750 Est. Cost $62.93 Unrealized +52.6%

RTX Raytheon Technologies Corp 0.4%

Value $796K Shares 4,127 Est. Cost $87.65 Unrealized +124.3%

MDU MDU Resources Group Inc 0.3%

Value $725K Shares 35,000 Est. Cost $15.05 Unrealized +35.3%

CRWD CrowdStrike Holdings, Inc. - A 0.2%

Value $390K Shares 1,000 Est. Cost $284.07 Unrealized +51.8%

ADM Archer-Daniels-Midland Co 0.2%

Value $545K Shares 7,500 Est. Cost $54.82 Unrealized +19.7%

ROK Rockwell Automation Inc 1.4%

Value $3.23M Shares 9,000 Est. Cost $181.64 Unrealized +125.9%

NSC Norfolk Southern Corp 0.8%

Value $1.722M Shares 6,000 Est. Cost $163.63 Unrealized +82.2%

RHP Ryman Hospitality Properties I 1.0%

Value $2.307M Shares 25,000 Est. Cost $38.82 Unrealized —

CVS CVS Health Corp 0.6%

Value $1.276M Shares 17,772 Est. Cost $53.98 Unrealized +44.4%

TXN Texas Instruments Inc 0.5%

Value $1.17M Shares 6,026 Est. Cost $50.18 Unrealized +311.0%

S SentinelOne Inc 0.1%

Value $161K Shares 12,500 Est. Cost $20.52 Unrealized -32.0%

ZTS Zoetis Inc 0.1%

Value $236K Shares 2,000 Est. Cost $125.31 Unrealized +0.5%

UNP Union Pacific Corp 0.9%

Value $2.135M Shares 8,800 Est. Cost $168.25 Unrealized +44.6%

HAL Halliburton Co 0.1%

Value $134K Shares 3,444 Est. Cost $41.70 Unrealized -19.6%

APD Air Products & Chemicals Inc 0.3%

Value $726K Shares 2,500 Est. Cost $180.73 Unrealized +50.2%

AMZN Amazon.com Inc 0.3%

Value $775K Shares 3,720 Est. Cost $98.00 Unrealized +131.5%

ELAN Elanco Animal Health Inc 0.1%

Value $239K Shares 10,000 Est. Cost $11.69 Unrealized +110.2%

TDC Teradata Corp 0.1%

Value $192K Shares 7,500 Est. Cost $28.21 Unrealized +7.3%

VOD Vodafone Group PLC 0.1%

Value $135K Shares 8,989 Est. Cost $24.41 Unrealized —

AVGO Broadcom Inc 0.2%

Value $406K Shares 1,312 Est. Cost $121.22 Unrealized +175.7%

OMC Omnicom Group 0.2%

Value $363K Shares 4,816 Est. Cost $75.76 Unrealized +1.0%

T AT&T Inc 0.4%

Value $925K Shares 31,919 Est. Cost $14.53 Unrealized +77.2%

GHC Graham Holdings Co 0.1%

Value $159K Shares 150 Est. Cost $444.66 Unrealized +153.3%

J Jacobs Solutions Inc 0.2%

Value $382K Shares 3,000 Est. Cost $146.41 Unrealized -5.4%

FCPT Four Corners Property Trust In 0.2%

Value $473K Shares 19,998 Est. Cost $20.50 Unrealized —

THC Tenet Healthcare Corp 0.1%

Value $189K Shares 1,000 Est. Cost $17.94 Unrealized +1049.4%

CGNT Cognyte Software Ltd 0.2%

Value $365K Shares 45,000 Est. Cost $15.94 Unrealized -48.0%

CABO Cable One Inc 0.0%

Value $13,682 Shares 150 Est. Cost $533.40 Unrealized -82.1%

— Canadian Pacific Railway Ltd 0.1%

Value $227K Shares 2,884 Est. Cost $71.78 Unrealized —

EA Electronic Arts Inc. 0.4%

Value $815K Shares 4,000 Est. Cost $134.47 Unrealized +50.6%

APH Amphenol Corp -CL A 0.1%

Value $316K Shares 2,500 Est. Cost $81.39 Unrealized +79.9%

VZ Verizon Communications Inc 0.0%

Value $43,272 Shares 862 Est. Cost $30.99 Unrealized +41.4%

BIO Bio-Rad Laboratories Inc 0.4%

Value $836K Shares 3,000 Est. Cost $348.61 Unrealized -14.3%

— Lee Enterprises Inc 0.0%

Value $4,649 Shares 540 Est. Cost $3.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LITE	Lumentum Holdings Inc	9,500	$6.676M	2.9%	$82.18	+468.5%	COM	55024U109
ORCL	Oracle Corp	38,000	$5.59M	2.5%	$64.73	+162.0%	COM	68389X105
SNPS	Synopsys Inc	51,679	$20.49M	9.0%	$75.90	+521.4%	COM	871607107
WTW	Willis Towers Watson PLC	69,234	$20.13M	8.9%	$112.48	+180.0%	COM	G96629103
ZBRA	Zebra Technologies Corp	34,335	$7.179M	3.2%	$83.52	+198.1%	COM	989207105
IPGP	IPG Photonics Corp	77,500	$8.881M	3.9%	$94.48	+7.6%	COM	44980X109
CHKP	Check Point Software Technolog	32,300	$4.614M	2.0%	$99.88	+76.6%	COM	M22465104
PTC	PTC Inc	31,100	$4.431M	2.0%	$24.01	+570.3%	COM	69370C100
URI	United Rentals Inc	8,000	$5.828M	2.6%	$104.89	+741.6%	COM	911363109
—	Coherent Inc	13,500	$3.216M	1.4%	$102.33	—	COM	192479103
UHS	Universal Health Services Inc	65,059	$11.64M	5.1%	$70.67	+203.3%	COM	913903100
UBER	Uber Technologies Inc	62,577	$4.501M	2.0%	$44.81	+75.7%	COM	90353T100
EOG	EOG Resources Inc	38,889	$5.622M	2.5%	$67.50	+66.1%	COM	26875P101
ROST	Ross Stores Inc	17,000	$3.683M	1.6%	$59.76	+221.9%	COM	778296103
AKAM	Akamai Technologies, Inc.	27,700	$3.181M	1.4%	$102.37	-6.5%	COM	00971T101
GOOG	Alphabet Inc	24,000	$6.885M	3.0%	$93.19	+247.3%	COM	02079K107
MTG	MGIC Investment Corp	439,013	$11.52M	5.1%	$10.42	+159.5%	COM	552848103
ROG	Rogers Corp	20,456	$2.196M	1.0%	$45.60	+122.2%	COM	775133101
TSBK	Timberland Bancorp Inc/WA	80,909	$3.19M	1.4%	$6.31	+494.8%	COM	887098101
CHTR	Charter Communications Inc	7,559	$1.632M	0.7%	$304.99	-29.9%	COM	16119P108
RDN	Radian Group Inc	130,371	$4.313M	1.9%	$11.23	+200.4%	COM	750236101
IBM	International Business Machine	10,000	$2.424M	1.1%	$98.28	+188.9%	COM	459200101
EXP	Eagle Materials Inc	8,000	$1.516M	0.7%	$77.40	+190.8%	COM	26969P108
EEM	iShares MSCI Emerging Markets	100,000	$5.679M	2.5%	$34.13	—	COM	464287234
GILD	Gilead Sciences Inc	10,000	$1.394M	0.6%	$55.93	+147.4%	COM	375558103
FMC	FMC Corp	15,000	$258K	0.1%	$41.02	-63.0%	COM	302491303
CACI	CACI International Inc	5,000	$2.719M	1.2%	$115.48	+422.2%	COM	127190304
DRI	Darden Restaurants Inc	35,000	$6.861M	3.0%	$53.91	+284.7%	COM	237194105
—	Linde PLC	9,000	$4.462M	2.0%	$156.08	—	COM	G5494J103
CARR	Carrier Global Corp	52,400	$2.951M	1.3%	$14.49	+311.8%	COM	14448C104
RSG	Republic Services Inc	15,000	$3.285M	1.5%	$45.05	+380.8%	COM	760759100
OXY	Occidental Petroleum Corp	8,135	$529K	0.2%	$42.40	+7.2%	COM	674599105
VRTX	Vertex Pharmaceuticals Inc	2,500	$1.116M	0.5%	$463.53	+0.9%	COM	92532F100
NEM	Newmont Mining Corp	5,505	$596K	0.3%	$26.88	+339.5%	COM	651639106
ABT	Abbott Laboratories	4,000	$411K	0.2%	$33.65	+243.0%	COM	002824100
ECG	Everus Construction Group	3,750	$443K	0.2%	$62.93	+52.6%	COM	300426103
RTX	Raytheon Technologies Corp	4,127	$796K	0.4%	$87.65	+124.3%	COM	75513E101
MDU	MDU Resources Group Inc	35,000	$725K	0.3%	$15.05	+35.3%	COM	552690109
CRWD	CrowdStrike Holdings, Inc. - A	1,000	$390K	0.2%	$284.07	+51.8%	COM	22788C105
ADM	Archer-Daniels-Midland Co	7,500	$545K	0.2%	$54.82	+19.7%	COM	039483102
ROK	Rockwell Automation Inc	9,000	$3.23M	1.4%	$181.64	+125.9%	COM	773903109
NSC	Norfolk Southern Corp	6,000	$1.722M	0.8%	$163.63	+82.2%	COM	655844108
RHP	Ryman Hospitality Properties I	25,000	$2.307M	1.0%	$38.82	—	COM	78377T107
CVS	CVS Health Corp	17,772	$1.276M	0.6%	$53.98	+44.4%	COM	126650100
TXN	Texas Instruments Inc	6,026	$1.17M	0.5%	$50.18	+311.0%	COM	882508104
S	SentinelOne Inc	12,500	$161K	0.1%	$20.52	-32.0%	COM	81730H109
ZTS	Zoetis Inc	2,000	$236K	0.1%	$125.31	+0.5%	COM	98978V103
UNP	Union Pacific Corp	8,800	$2.135M	0.9%	$168.25	+44.6%	COM	907818108
HAL	Halliburton Co	3,444	$134K	0.1%	$41.70	-19.6%	COM	406216101
APD	Air Products & Chemicals Inc	2,500	$726K	0.3%	$180.73	+50.2%	COM	009158106
AMZN	Amazon.com Inc	3,720	$775K	0.3%	$98.00	+131.5%	COM	023135106
ELAN	Elanco Animal Health Inc	10,000	$239K	0.1%	$11.69	+110.2%	COM	28414H103
TDC	Teradata Corp	7,500	$192K	0.1%	$28.21	+7.3%	COM	88076W103
VOD	Vodafone Group PLC	8,989	$135K	0.1%	$24.41	—	COM	92857W308
AVGO	Broadcom Inc	1,312	$406K	0.2%	$121.22	+175.7%	COM	11135F101
OMC	Omnicom Group	4,816	$363K	0.2%	$75.76	+1.0%	COM	681919106
T	AT&T Inc	31,919	$925K	0.4%	$14.53	+77.2%	COM	00206R102
GHC	Graham Holdings Co	150	$159K	0.1%	$444.66	+153.3%	COM	384637104
J	Jacobs Solutions Inc	3,000	$382K	0.2%	$146.41	-5.4%	COM	46982L108
FCPT	Four Corners Property Trust In	19,998	$473K	0.2%	$20.50	—	COM	35086T109
THC	Tenet Healthcare Corp	1,000	$189K	0.1%	$17.94	+1049.4%	COM	88033G407
CGNT	Cognyte Software Ltd	45,000	$365K	0.2%	$15.94	-48.0%	COM	M25133105
CABO	Cable One Inc	150	$13,682	0.0%	$533.40	-82.1%	COM	12685J105
—	Canadian Pacific Railway Ltd	2,884	$227K	0.1%	$71.78	—	COM	13645T100
EA	Electronic Arts Inc.	4,000	$815K	0.4%	$134.47	+50.6%	COM	285512109
APH	Amphenol Corp -CL A	2,500	$316K	0.1%	$81.39	+79.9%	COM	032095101
VZ	Verizon Communications Inc	862	$43,272	0.0%	$30.99	+41.4%	COM	92343V104
BIO	Bio-Rad Laboratories Inc	3,000	$836K	0.4%	$348.61	-14.3%	COM	090572207
—	Lee Enterprises Inc	540	$4,649	0.0%	$3.33	—	COM	523768109