Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTES	NETEASE COM INC	487,913	$62.45M	2.2%	$128.00	—	SPONSORED ADS	64110W102
YMM	FULL TRUCK ALLIANCE CO LTD	5,724,180	$46.43M	1.6%	$8.11	—	SPONSORED ADS	35969L108
TCOM	TRIP COM GROUP LTD	1,075,096	$42.78M	1.5%	$39.80	—	ADS	89677Q107
JD	JD.COM INC	1,537,181	$39.12M	1.4%	$25.45	—	SPON ADS CL A	47215P106
EXE	EXPAND ENERGY CORPORATION	420,557	$38.31M	1.4%	$91.09	—	COM	165167735
SPGI	S&P GLOBAL INC	93,768	$38.14M	1.3%	$406.78	—	COM	78409V104
TTE	TOTALENERGIES SE	474,930	$36.9M	1.3%	$77.69	—	ACT	F92124100
SCHW	SCHWAB CHARLES CORP	358,432	$33.04M	1.2%	$92.17	—	COM	808513105
ABNB	AIRBNB INC	139,870	$19.99M	0.7%	$142.94	—	COM CL A	009066101
FLR	FLUOR CORP	375,643	$19.66M	0.7%	$52.33	—	COM	343412102
WSE	WISE GROUP PLC	1,415,047	$16.96M	0.6%	$11.99	—	ORD SHS CLASS A	G9723Y105
OCANF	OCEANAGOLD CORP	667,801	$16.71M	0.6%	$25.03	—	COM NEW	675222400
ALV	AUTOLIV INC	137,005	$15.9M	0.6%	$116.04	—	COM	052800109
AEM	AGNICO EAGLE MINES LTD	63,411	$9.834M	0.3%	$155.08	—	COM	008474108
ADM	ARCHER DANIELS MIDLAND CO	96,890	$7.394M	0.3%	$76.32	—	COM	039483102
DTM	DT MIDSTREAM INC	49,640	$7.276M	0.3%	$146.58	—	COMMON STOCK	23345M107
DVN	DEVON ENERGY CORP NEW	171,460	$7.077M	0.3%	$41.27	—	COM	25179M103
PNW	PINNACLE WEST CAP CORP	65,180	$6.967M	0.2%	$106.88	—	COM	723484101
GFI	GOLD FIELDS LTD	200,640	$6.732M	0.2%	$33.55	—	SPONSORED ADR	38059T106
SOBO	SOUTH BOW CORP	179,920	$6.328M	0.2%	$35.17	—	COM	83671M105
LC	HAPPEN INC	298,095	$6.176M	0.2%	$20.72	—	COM NEW	52603A208
JAZZ	JAZZ PHARMACEUTICALS PLC	24,567	$5.913M	0.2%	$240.70	—	SHS USD	G50871105
STRA	STRATEGIC ED INC	74,454	$5.698M	0.2%	$76.53	—	COM	86272C103
CNQ	CANADIAN NAT RES LTD MED TER	136,720	$5.402M	0.2%	$39.51	—	COM	136385101
PRDO	PERDOCEO ED CORP	122,534	$3.917M	0.1%	$31.97	—	COM	71363P106
OVV	OVINTIV INC	68,026	$3.578M	0.1%	$52.59	—	COM	69047Q102
ADMA	ADMA BIOLOGICS INC	422,958	$3.536M	0.1%	$8.36	—	COM	000899104
AUGO	AURA MINERALS INC	54,596	$3.433M	0.1%	$62.88	—	SHS NEW	G06973112
MTDR	MATADOR RES CO	63,290	$3.147M	0.1%	$49.73	—	COM	576485205
ECO	OKEANIS ECO TANKERS COR	59,137	$2.96M	0.1%	$50.06	—	SHS	Y64177101
STNG	SCORPIO TANKERS INC	38,491	$2.663M	0.1%	$69.18	—	SHS	Y7542C130
CHWY	CHEWY INC	133,908	$2.628M	0.1%	$19.63	—	CL A	16679L109
EA	ELECTRONIC ARTS INC	12,818	$2.625M	0.1%	$204.82	—	COM	285512109
OLLI	OLLIES BARGAIN OUTLET HLDGS	33,964	$2.608M	0.1%	$76.80	—	COM	681116109
ULTA	ULTA BEAUTY INC	5,420	$2.442M	0.1%	$450.49	—	COM	90384S303
CHDN	CHURCHILL DOWNS INC	25,561	$2.289M	0.1%	$89.54	—	COM	171484108
BKE	BUCKLE INC	51,230	$2.16M	0.1%	$42.15	—	COM	118440106
KR	KROGER	34,563	$1.917M	0.1%	$55.47	—	COM	501044101
GCT	GIGACLOUD TECHNOLOGY INC	48,921	$1.544M	0.1%	$31.56	—	CLASS A ORD	G38644103
CMG	CHIPOTLE MEXICAN GRILL INC	9,638	$327K	0.0%	$33.96	—	COM	169656105
KBH	KB HOME	4,756	$297K	0.0%	$62.52	—	COM	48666K109
BJ	BJS WHSL CLUB HLDGS INC	2,996	$261K	0.0%	$87.12	—	COM	05550J101

Increased Positions (63)

AMZN AMAZON COM INC 7.0%

Value $197M (+68.3%) Shares 829,118 (+47.7%) Est. Cost $183.24 Unrealized —

MSFT MICROSOFT CORP 6.0%

Value $169M (+45.7%) Shares 454,873 (+45.1%) Est. Cost $415.33 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.3%

Value $36.48M (+743.5%) Shares 72,990 (+711.0%) Est. Cost $464.80 Unrealized —

EXP EAGLE MATLS INC 1.0%

Value $29.66M (+1364.4%) Shares 131,978 (+1138.0%) Est. Cost $224.78 Unrealized —

BABA ALIBABA GROUP HLDG LTD 4.3%

Value $121M (-17.7%) Shares 1,265,069 (+8.0%) Est. Cost $116.66 Unrealized —

FND FLOOR & DECOR HLDGS INC 2.6%

Value $73.26M (+30.6%) Shares 1,235,490 (+12.2%) Est. Cost $65.57 Unrealized —

DIS DISNEY WALT CO 0.7%

Value $20.36M (+243.8%) Shares 211,815 (+245.7%) Est. Cost $100.02 Unrealized —

EQX EQUINOX GOLD CORP 1.6%

Value $46.05M (-22.9%) Shares 4,736,428 (+14.8%) Est. Cost $7.02 Unrealized —

VG VENTURE GLOBAL INC 0.7%

Value $19.89M (+173.1%) Shares 1,789,003 (+288.2%) Est. Cost $10.54 Unrealized —

BKNG BOOKING HOLDINGS INC 1.4%

Value $38.46M (+48.2%) Shares 215,996 (+3413.8%) Est. Cost $309.06 Unrealized —

CDE COEUR MNG INC 0.7%

Value $19.05M (+163.8%) Shares 1,168,748 (+204.3%) Est. Cost $16.73 Unrealized —

SIG SIGNET JEWELERS LIMITED 1.1%

Value $31.02M (+60.5%) Shares 360,278 (+58.3%) Est. Cost $91.43 Unrealized —

KGC KINROSS GOLD CORP 0.7%

Value $20.65M (+102.9%) Shares 874,179 (+163.0%) Est. Cost $27.49 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.9%

Value $24.51M (+58.6%) Shares 920,507 (+64.1%) Est. Cost $27.61 Unrealized —

MICC MAGNUM ICE CREAM CO NV 0.7%

Value $18.83M (+69.9%) Shares 1,082,605 (+43.3%) Est. Cost $16.63 Unrealized —

RRR RED ROCK RESORTS INC 0.4%

Value $10.06M (+298.0%) Shares 154,858 (+227.7%) Est. Cost $64.33 Unrealized —

TNL TRAVEL PLUS LEISURE CO 0.2%

Value $6.375M (+1125.6%) Shares 83,502 (+1014.0%) Est. Cost $76.03 Unrealized —

AVT AVNET INC 0.2%

Value $5.85M (+1904.4%) Shares 65,939 (+1296.1%) Est. Cost $86.54 Unrealized —

DT DYNATRACE INC 0.3%

Value $9.276M (+121.2%) Shares 211,477 (+87.1%) Est. Cost $40.95 Unrealized —

PAYC PAYCOM SOFTWARE INC 0.4%

Value $10.95M (+62.7%) Shares 87,209 (+57.9%) Est. Cost $142.14 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 1.2%

Value $33.43M (+13.1%) Shares 386,182 (+3.1%) Est. Cost $75.58 Unrealized —

COO COOPER COS INC 0.7%

Value $19.24M (+24.1%) Shares 268,591 (+24.2%) Est. Cost $71.83 Unrealized —

INTU INTUIT 0.3%

Value $7.388M (+83.8%) Shares 28,336 (+205.6%) Est. Cost $338.21 Unrealized —

SSNC SS&C TECH HLDGS 0.3%

Value $7.253M (+82.9%) Shares 117,022 (+99.9%) Est. Cost $71.00 Unrealized —

ODV OSISKO DEVELOPMENT CORP 0.2%

Value $6.367M (+104.0%) Shares 2,591,180 (+170.6%) Est. Cost $2.84 Unrealized —

CPA COPA HOLDINGS SA 0.3%

Value $8.115M (+61.5%) Shares 52,227 (+18.4%) Est. Cost $110.02 Unrealized —

PAYX PAYCHEX INC 0.4%

Value $10.07M (+42.7%) Shares 102,561 (+34.2%) Est. Cost $101.02 Unrealized —

CNYA ISHARES TR 0.2%

Value $4.382M (+213.8%) Shares 114,530 (+181.1%) Est. Cost $36.97 Unrealized —

G GENPACT LIMITED 0.2%

Value $6.95M (+70.5%) Shares 252,992 (+131.9%) Est. Cost $33.99 Unrealized —

INSW INTERNATIONAL SEAWAYS INC 0.1%

Value $3.116M (+238.2%) Shares 40,730 (+223.1%) Est. Cost $71.22 Unrealized —

FIVE FIVE BELOW INC 0.1%

Value $2.248M (+682.5%) Shares 12,519 (+898.3%) Est. Cost $181.80 Unrealized —

EMN EASTMAN CHEM CO 0.2%

Value $6.086M (+45.3%) Shares 90,960 (+66.2%) Est. Cost $70.42 Unrealized —

IT GARTNER INC 0.2%

Value $6.057M (+44.4%) Shares 46,780 (+77.1%) Est. Cost $168.18 Unrealized —

DOX AMDOCS LTD 0.2%

Value $5.862M (+42.5%) Shares 116,121 (+84.7%) Est. Cost $64.87 Unrealized —

ACN ACCENTURE PLC IRELAND 0.2%

Value $5.764M (+38.2%) Shares 46,374 (+121.0%) Est. Cost $182.64 Unrealized —

INFY INFOSYS LTD 0.2%

Value $5.718M (+38.4%) Shares 545,691 (+78.9%) Est. Cost $12.19 Unrealized —

INCY INCYTE CORP 0.2%

Value $5.921M (+32.4%) Shares 52,291 (+10.4%) Est. Cost $88.63 Unrealized —

SAIC SCIENCE APPLICATIONS INTL CO 0.2%

Value $5.586M (+35.0%) Shares 50,646 (+16.5%) Est. Cost $97.59 Unrealized —

FHI FEDERATED HERMES INC 0.2%

Value $6.159M (+30.6%) Shares 111,652 (+34.7%) Est. Cost $51.32 Unrealized —

APTV APTIV PLC 0.1%

Value $4.102M (+49.8%) Shares 66,896 (+70.2%) Est. Cost $72.47 Unrealized —

FSLR FIRST SOLAR INC 0.2%

Value $4.351M (+45.7%) Shares 18,461 (+22.3%) Est. Cost $236.86 Unrealized —

JHG JANUS HENDERSON GROUP PLC 0.2%

Value $5.039M (+35.1%) Shares 97,099 (+34.2%) Est. Cost $45.64 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.2%

Value $5.518M (+29.5%) Shares 142,641 (+105.9%) Est. Cost $57.20 Unrealized —

ANIP ANI PHARMACEUTICALS INC 0.2%

Value $5.741M (+23.7%) Shares 69,426 (+15.3%) Est. Cost $80.68 Unrealized —

ITRG INTEGRA RES CORP 0.3%

Value $9.833M (-8.7%) Shares 4,433,503 (+11.3%) Est. Cost $1.75 Unrealized —

DV DOUBLEVERIFY HLDGS INC 0.2%

Value $6.752M (+15.8%) Shares 623,608 (+1.9%) Est. Cost $11.03 Unrealized —

DG DOLLAR GEN CORP 0.1%

Value $2.89M (+44.1%) Shares 25,130 (+49.2%) Est. Cost $136.90 Unrealized —

AM ANTERO MIDSTREAM CORP 0.3%

Value $8.727M (+8.9%) Shares 384,010 (+9.6%) Est. Cost $19.40 Unrealized —

MMS MAXIMUS INC 0.2%

Value $5.366M (+14.3%) Shares 99,933 (+36.8%) Est. Cost $76.93 Unrealized —

NEM NEWMONT CORP 0.5%

Value $15.26M (+4.6%) Shares 163,583 (+21.7%) Est. Cost $48.55 Unrealized —

APAM ARTISAN PARTNERS ASSET MGMT 0.1%

Value $4.215M (+16.9%) Shares 122,211 (+23.7%) Est. Cost $40.67 Unrealized —

CVX CHEVRON CORP NEW 0.1%

Value $2.815M (+23.3%) Shares 17,000 (+54.5%) Est. Cost $112.35 Unrealized —

IVZ INVESCO LTD 0.1%

Value $3.233M (+18.3%) Shares 122,638 (+9.3%) Est. Cost $27.36 Unrealized —

CRM SALESFORCE INC 0.2%

Value $4.473M (+9.1%) Shares 28,582 (+30.5%) Est. Cost $201.91 Unrealized —

BCC BOISE CASCADE CO DEL 0.1%

Value $2.796M (+12.5%) Shares 36,054 (+10.3%) Est. Cost $83.16 Unrealized —

FOXA FOX CORP 0.2%

Value $5.886M (-4.8%) Shares 112,972 (+7.0%) Est. Cost $48.93 Unrealized —

BOOT BOOT BARN HLDGS INC 0.1%

Value $2.179M (+14.8%) Shares 13,278 (+2.7%) Est. Cost $190.00 Unrealized —

ASO ACADEMY SPORTS & OUTDOORS IN 0.1%

Value $2.387M (+9.0%) Shares 50,708 (+31.0%) Est. Cost $54.92 Unrealized —

DPZ DOMINOS PIZZA INC 0.1%

Value $2.382M (+7.6%) Shares 8,056 (+30.9%) Est. Cost $375.99 Unrealized —

AWI ARMSTRONG WORLD INDS INC NEW 0.1%

Value $2.417M (+7.4%) Shares 15,082 (+10.8%) Est. Cost $189.59 Unrealized —

TTD THE TRADE DESK INC 0.1%

Value $2.416M (-2.1%) Shares 133,788 (+23.4%) Est. Cost $28.72 Unrealized —

MKL MARKEL GROUP INC 0.0%

Value $821K (+4.4%) Shares 421 (+2.7%) Est. Cost $2074.66 Unrealized —

BCE BCE INC 0.3%

Value $7.093M (+0.4%) Shares 329,790 (+17.8%) Est. Cost $24.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	829,118 (+47.7%)	$197M (+68.3%)	7.0%	$183.24	—	COM	023135106
MSFT	MICROSOFT CORP	454,873 (+45.1%)	$169M (+45.7%)	6.0%	$415.33	—	COM	594918104
BRK/B	BERKSHIRE HATHAWAY INC DEL	72,990 (+711.0%)	$36.48M (+743.5%)	1.3%	$464.80	—	CL B NEW	084670702
EXP	EAGLE MATLS INC	131,978 (+1138.0%)	$29.66M (+1364.4%)	1.0%	$224.78	—	COM	26969P108
BABA	ALIBABA GROUP HLDG LTD	1,265,069 (+8.0%)	$121M (-17.7%)	4.3%	$116.66	—	SPONSORED ADS	01609W102
FND	FLOOR & DECOR HLDGS INC	1,235,490 (+12.2%)	$73.26M (+30.6%)	2.6%	$65.57	—	CL A	339750101
DIS	DISNEY WALT CO	211,815 (+245.7%)	$20.36M (+243.8%)	0.7%	$100.02	—	COM	254687106
EQX	EQUINOX GOLD CORP	4,736,428 (+14.8%)	$46.05M (-22.9%)	1.6%	$7.02	—	COM	29446Y502
VG	VENTURE GLOBAL INC	1,789,003 (+288.2%)	$19.89M (+173.1%)	0.7%	$10.54	—	COM CL A	92333F101
BKNG	BOOKING HOLDINGS INC	215,996 (+3413.8%)	$38.46M (+48.2%)	1.4%	$309.06	—	COM	09857L108
CDE	COEUR MNG INC	1,168,748 (+204.3%)	$19.05M (+163.8%)	0.7%	$16.73	—	COM NEW	192108504
SIG	SIGNET JEWELERS LIMITED	360,278 (+58.3%)	$31.02M (+60.5%)	1.1%	$91.43	—	SHS	G81276100
KGC	KINROSS GOLD CORP	874,179 (+163.0%)	$20.65M (+102.9%)	0.7%	$27.49	—	COM	496902404
WBD	WARNER BROS DISCOVERY INC	920,507 (+64.1%)	$24.51M (+58.6%)	0.9%	$27.61	—	COM SER A	934423104
MICC	MAGNUM ICE CREAM CO NV	1,082,605 (+43.3%)	$18.83M (+69.9%)	0.7%	$16.63	—	ORD SHS	N5505D105
RRR	RED ROCK RESORTS INC	154,858 (+227.7%)	$10.06M (+298.0%)	0.4%	$64.33	—	CL A	75700L108
TNL	TRAVEL PLUS LEISURE CO	83,502 (+1014.0%)	$6.375M (+1125.6%)	0.2%	$76.03	—	COM	894164102
AVT	AVNET INC	65,939 (+1296.1%)	$5.85M (+1904.4%)	0.2%	$86.54	—	COM	053807103
DT	DYNATRACE INC	211,477 (+87.1%)	$9.276M (+121.2%)	0.3%	$40.95	—	COM NEW	268150109
PAYC	PAYCOM SOFTWARE INC	87,209 (+57.9%)	$10.95M (+62.7%)	0.4%	$142.14	—	COM	70432V102
CP	CANADIAN PACIFIC KANSAS CITY	386,182 (+3.1%)	$33.43M (+13.1%)	1.2%	$75.58	—	COM	13646K108
COO	COOPER COS INC	268,591 (+24.2%)	$19.24M (+24.1%)	0.7%	$71.83	—	COM	216648501
INTU	INTUIT	28,336 (+205.6%)	$7.388M (+83.8%)	0.3%	$338.21	—	COM	461202103
SSNC	SS&C TECH HLDGS	117,022 (+99.9%)	$7.253M (+82.9%)	0.3%	$71.00	—	COM	78467J100
ODV	OSISKO DEVELOPMENT CORP	2,591,180 (+170.6%)	$6.367M (+104.0%)	0.2%	$2.84	—	COM NEW	68828E809
CPA	COPA HOLDINGS SA	52,227 (+18.4%)	$8.115M (+61.5%)	0.3%	$110.02	—	CL A	P31076105
PAYX	PAYCHEX INC	102,561 (+34.2%)	$10.07M (+42.7%)	0.4%	$101.02	—	COM	704326107
CNYA	ISHARES TR	114,530 (+181.1%)	$4.382M (+213.8%)	0.2%	$36.97	—	MSCI CHINA A	46434V514
G	GENPACT LIMITED	252,992 (+131.9%)	$6.95M (+70.5%)	0.2%	$33.99	—	SHS	G3922B107
INSW	INTERNATIONAL SEAWAYS INC	40,730 (+223.1%)	$3.116M (+238.2%)	0.1%	$71.22	—	COM	Y41053102
FIVE	FIVE BELOW INC	12,519 (+898.3%)	$2.248M (+682.5%)	0.1%	$181.80	—	COM	33829M101
EMN	EASTMAN CHEM CO	90,960 (+66.2%)	$6.086M (+45.3%)	0.2%	$70.42	—	COM	277432100
IT	GARTNER INC	46,780 (+77.1%)	$6.057M (+44.4%)	0.2%	$168.18	—	COM	366651107
DOX	AMDOCS LTD	116,121 (+84.7%)	$5.862M (+42.5%)	0.2%	$64.87	—	SHS	G02602103
ACN	ACCENTURE PLC IRELAND	46,374 (+121.0%)	$5.764M (+38.2%)	0.2%	$182.64	—	SHS CLASS A	G1151C101
INFY	INFOSYS LTD	545,691 (+78.9%)	$5.718M (+38.4%)	0.2%	$12.19	—	SPONSORED ADR	456788108
INCY	INCYTE CORP	52,291 (+10.4%)	$5.921M (+32.4%)	0.2%	$88.63	—	COM	45337C102
SAIC	SCIENCE APPLICATIONS INTL CO	50,646 (+16.5%)	$5.586M (+35.0%)	0.2%	$97.59	—	COM	808625107
FHI	FEDERATED HERMES INC	111,652 (+34.7%)	$6.159M (+30.6%)	0.2%	$51.32	—	CL B	314211103
APTV	APTIV PLC	66,896 (+70.2%)	$4.102M (+49.8%)	0.1%	$72.47	—	COM SHS	G3265R107
FSLR	FIRST SOLAR INC	18,461 (+22.3%)	$4.351M (+45.7%)	0.2%	$236.86	—	COM	336433107
JHG	JANUS HENDERSON GROUP PLC	97,099 (+34.2%)	$5.039M (+35.1%)	0.2%	$45.64	—	ORD SHS	G4474Y214
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	142,641 (+105.9%)	$5.518M (+29.5%)	0.2%	$57.20	—	CL A	192446102
ANIP	ANI PHARMACEUTICALS INC	69,426 (+15.3%)	$5.741M (+23.7%)	0.2%	$80.68	—	COM	00182C103
ITRG	INTEGRA RES CORP	4,433,503 (+11.3%)	$9.833M (-8.7%)	0.3%	$1.75	—	COM	45826T509
DV	DOUBLEVERIFY HLDGS INC	623,608 (+1.9%)	$6.752M (+15.8%)	0.2%	$11.03	—	COM	25862V105
DG	DOLLAR GEN CORP	25,130 (+49.2%)	$2.89M (+44.1%)	0.1%	$136.90	—	COM	256677105
AM	ANTERO MIDSTREAM CORP	384,010 (+9.6%)	$8.727M (+8.9%)	0.3%	$19.40	—	COM	03676B102
MMS	MAXIMUS INC	99,933 (+36.8%)	$5.366M (+14.3%)	0.2%	$76.93	—	COM	577933104
NEM	NEWMONT CORP	163,583 (+21.7%)	$15.26M (+4.6%)	0.5%	$48.55	—	COM	651639106
APAM	ARTISAN PARTNERS ASSET MGMT	122,211 (+23.7%)	$4.215M (+16.9%)	0.1%	$40.67	—	CL A	04316A108
CVX	CHEVRON CORP NEW	17,000 (+54.5%)	$2.815M (+23.3%)	0.1%	$112.35	—	COM	166764100
IVZ	INVESCO LTD	122,638 (+9.3%)	$3.233M (+18.3%)	0.1%	$27.36	—	SHS	G491BT108
CRM	SALESFORCE INC	28,582 (+30.5%)	$4.473M (+9.1%)	0.2%	$201.91	—	COM	79466L302
BCC	BOISE CASCADE CO DEL	36,054 (+10.3%)	$2.796M (+12.5%)	0.1%	$83.16	—	COM	09739D100
FOXA	FOX CORP	112,972 (+7.0%)	$5.886M (-4.8%)	0.2%	$48.93	—	CL A COM	35137L105
BOOT	BOOT BARN HLDGS INC	13,278 (+2.7%)	$2.179M (+14.8%)	0.1%	$190.00	—	COM	099406100
ASO	ACADEMY SPORTS & OUTDOORS IN	50,708 (+31.0%)	$2.387M (+9.0%)	0.1%	$54.92	—	COM	00402L107
DPZ	DOMINOS PIZZA INC	8,056 (+30.9%)	$2.382M (+7.6%)	0.1%	$375.99	—	COM	25754A201
AWI	ARMSTRONG WORLD INDS INC NEW	15,082 (+10.8%)	$2.417M (+7.4%)	0.1%	$189.59	—	COM	04247X102
TTD	THE TRADE DESK INC	133,788 (+23.4%)	$2.416M (-2.1%)	0.1%	$28.72	—	COM CL A	88339J105
MKL	MARKEL GROUP INC	421 (+2.7%)	$821K (+4.4%)	0.0%	$2074.66	—	COM	570535104
BCE	BCE INC	329,790 (+17.8%)	$7.093M (+0.4%)	0.3%	$24.49	—	COM NEW	05534B760

Exited Positions (31)

UHAL/B U HAUL HOLDING COMPANY 0.5%

Value $13.4M Shares 299,133 Est. Cost $50.87 Unrealized —

KGS KODIAK GAS SVCS INC 0.3%

Value $8.649M Shares 147,870 Est. Cost $43.52 Unrealized —

NFG NATIONAL FUEL GAS CO 0.3%

Value $7.761M Shares 82,360 Est. Cost $83.57 Unrealized —

LYB LYONDELLBASELL INDUSTRIES NV 0.2%

Value $6.294M Shares 77,910 Est. Cost $52.41 Unrealized —

CSX CSX CORP 0.2%

Value $6.102M Shares 148,210 Est. Cost $38.52 Unrealized —

EXEL EXELIXIS INC 0.2%

Value $5.072M Shares 117,923 Est. Cost $39.60 Unrealized —

FLNG FLEX LNG LTD 0.2%

Value $4.309M Shares 144,610 Est. Cost $26.46 Unrealized —

SMPL SIMPLY GOOD FOODS CO 0.2%

Value $4.304M Shares 299,062 Est. Cost $18.59 Unrealized —

LIN LINDE PLC 0.2%

Value $4.256M Shares 8,560 Est. Cost $460.00 Unrealized —

GM GENERAL MTRS CO 0.1%

Value $4.081M Shares 54,616 Est. Cost $72.55 Unrealized —

DD DUPONT DE NEMOURS INC 0.1%

Value $4.048M Shares 88,140 Est. Cost $46.11 Unrealized —

SFL SFL CORPORATION LTD 0.1%

Value $3.788M Shares 350,080 Est. Cost $9.11 Unrealized —

GTX GARRETT MOTION INC 0.1%

Value $3.753M Shares 205,949 Est. Cost $13.26 Unrealized —

PBI PITNEY BOWES INC 0.1%

Value $3.642M Shares 328,645 Est. Cost $10.37 Unrealized —

ESI ELEMENT SOLUTIONS INC 0.1%

Value $3.623M Shares 105,820 Est. Cost $30.49 Unrealized —

ASH ASHLAND INC 0.1%

Value $3.599M Shares 64,533 Est. Cost $62.37 Unrealized —

VIRT VIRTU FINL INC 0.1%

Value $3.579M Shares 81,146 Est. Cost $38.95 Unrealized —

HRMY HARMONY BIOSCIENCES HLDGS IN 0.1%

Value $2.94M Shares 104,658 Est. Cost $34.59 Unrealized —

ANF ABERCROMBIE & FITCO CO 0.1%

Value $2.774M Shares 30,270 Est. Cost $102.30 Unrealized —

INDV INDIVIOR PHARMACEUTICALS INC 0.1%

Value $2.759M Shares 90,247 Est. Cost $34.29 Unrealized —

VVV VALVOLINE INC 0.1%

Value $2.713M Shares 80,326 Est. Cost $34.49 Unrealized —

SGHC SUPER GROUP SGHC LIMITED 0.1%

Value $2.686M Shares 248,002 Est. Cost $9.86 Unrealized —

W WAYFAIR INC 0.1%

Value $2.373M Shares 31,465 Est. Cost $99.40 Unrealized —

FBIN FORTUNE BRANDS INNOVATIONS I 0.1%

Value $2.268M Shares 58,029 Est. Cost $56.84 Unrealized —

MUSA MURPHY USA INC 0.1%

Value $2.24M Shares 4,522 Est. Cost $412.78 Unrealized —

TSCO TRACTOR SUPPLY CO 0.1%

Value $2.098M Shares 46,191 Est. Cost $52.73 Unrealized —

BLD TOPBUILD COR 0.1%

Value $1.93M Shares 5,478 Est. Cost $491.84 Unrealized —

LEN LENNAR CORP 0.1%

Value $1.792M Shares 20,580 Est. Cost $114.46 Unrealized —

SLNO SOLENO THERAPEUTICS INC 0.1%

Value $1.567M Shares 46,673 Est. Cost $41.63 Unrealized —

HMY HARMONY GOLD MNG LTD 0.1%

Value $1.482M Shares 96,152 Est. Cost $15.41 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 0.0%

Value $104K Shares 11,033 Est. Cost $8.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHAL/B	U HAUL HOLDING COMPANY	299,133	$13.4M	0.5%	$50.87	—	—	023586506
KGS	KODIAK GAS SVCS INC	147,870	$8.649M	0.3%	$43.52	—	—	50012A108
NFG	NATIONAL FUEL GAS CO	82,360	$7.761M	0.3%	$83.57	—	—	636180101
LYB	LYONDELLBASELL INDUSTRIES NV	77,910	$6.294M	0.2%	$52.41	—	—	N53745100
CSX	CSX CORP	148,210	$6.102M	0.2%	$38.52	—	—	126408103
EXEL	EXELIXIS INC	117,923	$5.072M	0.2%	$39.60	—	—	30161Q104
FLNG	FLEX LNG LTD	144,610	$4.309M	0.2%	$26.46	—	—	G35947202
SMPL	SIMPLY GOOD FOODS CO	299,062	$4.304M	0.2%	$18.59	—	—	82900L102
LIN	LINDE PLC	8,560	$4.256M	0.2%	$460.00	—	—	G54950103
GM	GENERAL MTRS CO	54,616	$4.081M	0.1%	$72.55	—	—	37045V100
DD	DUPONT DE NEMOURS INC	88,140	$4.048M	0.1%	$46.11	—	—	26614N102
SFL	SFL CORPORATION LTD	350,080	$3.788M	0.1%	$9.11	—	—	G7738W106
GTX	GARRETT MOTION INC	205,949	$3.753M	0.1%	$13.26	—	—	366505105
PBI	PITNEY BOWES INC	328,645	$3.642M	0.1%	$10.37	—	—	724479100
ESI	ELEMENT SOLUTIONS INC	105,820	$3.623M	0.1%	$30.49	—	—	28618M106
ASH	ASHLAND INC	64,533	$3.599M	0.1%	$62.37	—	—	044186104
VIRT	VIRTU FINL INC	81,146	$3.579M	0.1%	$38.95	—	—	928254101
HRMY	HARMONY BIOSCIENCES HLDGS IN	104,658	$2.94M	0.1%	$34.59	—	—	413197104
ANF	ABERCROMBIE & FITCO CO	30,270	$2.774M	0.1%	$102.30	—	—	002896207
INDV	INDIVIOR PHARMACEUTICALS INC	90,247	$2.759M	0.1%	$34.29	—	—	45579U109
VVV	VALVOLINE INC	80,326	$2.713M	0.1%	$34.49	—	—	92047W101
SGHC	SUPER GROUP SGHC LIMITED	248,002	$2.686M	0.1%	$9.86	—	—	G8588X103
W	WAYFAIR INC	31,465	$2.373M	0.1%	$99.40	—	—	94419L101
FBIN	FORTUNE BRANDS INNOVATIONS I	58,029	$2.268M	0.1%	$56.84	—	—	34964C106
MUSA	MURPHY USA INC	4,522	$2.24M	0.1%	$412.78	—	—	626755102
TSCO	TRACTOR SUPPLY CO	46,191	$2.098M	0.1%	$52.73	—	—	892356106
BLD	TOPBUILD COR	5,478	$1.93M	0.1%	$491.84	—	—	89055F103
LEN	LENNAR CORP	20,580	$1.792M	0.1%	$114.46	—	—	526057104
SLNO	SOLENO THERAPEUTICS INC	46,673	$1.567M	0.1%	$41.63	—	—	834203309
HMY	HARMONY GOLD MNG LTD	96,152	$1.482M	0.1%	$15.41	—	—	413216300
DRH	DIAMONDROCK HOSPITALITY CO	11,033	$104K	0.0%	$8.97	—	—	252784301

Decreased Positions (67)

COIN COINBASE GLOBAL INC 2.6%

Value $72.87M (-71.0%) Shares 499,000 (-65.3%) Est. Cost $250.44 Unrealized —

BP BP PLC 2.1%

Value $59.98M (-39.4%) Shares 1,624,940 (-22.5%) Est. Cost $33.81 Unrealized —

BF/B BROWN FORMAN CORP 1.8%

Value $51.43M (-29.0%) Shares 1,931,956 (-29.3%) Est. Cost $27.97 Unrealized —

GE GE AEROSPACE 0.6%

Value $15.83M (-52.9%) Shares 42,402 (-64.1%) Est. Cost $112.72 Unrealized —

SLB SLB LIMITED 2.2%

Value $62.3M (-21.6%) Shares 1,341,534 (-13.0%) Est. Cost $39.20 Unrealized —

MHK MOHAWK INDS INC 0.1%

Value $1.966M (-86.2%) Shares 16,220 (-88.8%) Est. Cost $123.48 Unrealized —

XOM EXXON MOBIL CORP 1.5%

Value $42.91M (-21.6%) Shares 314,224 (-2.3%) Est. Cost $77.97 Unrealized —

ARIS ARIS MNG CORP 0.8%

Value $23.91M (-31.2%) Shares 1,605,529 (-14.3%) Est. Cost $2.60 Unrealized —

EGO ELDORADO GOLD CORP NEW 0.7%

Value $20.93M (-32.4%) Shares 674,029 (-25.1%) Est. Cost $18.83 Unrealized —

GAU GALIANO GOLD INC 0.9%

Value $24.25M (-26.7%) Shares 12,994,532 (-1.7%) Est. Cost $1.14 Unrealized —

B BARRICK GOLD CORP 0.6%

Value $15.84M (-32.2%) Shares 431,774 (-24.4%) Est. Cost $25.15 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 1.2%

Value $33.02M (-18.1%) Shares 518,201 (-2.8%) Est. Cost $55.74 Unrealized —

PAAS PAN AMERN SILVER CORP 0.1%

Value $2.718M (-70.9%) Shares 60,745 (-64.3%) Est. Cost $16.13 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.1%

Value $3.789M (-60.5%) Shares 46,895 (-52.3%) Est. Cost $41.90 Unrealized —

PFE PFIZER INC 1.0%

Value $27.08M (-16.4%) Shares 1,126,006 (-2.1%) Est. Cost $27.04 Unrealized —

SNX TD SYNNEX CORPORATION 0.1%

Value $1.428M (-78.2%) Shares 5,347 (-86.2%) Est. Cost $129.74 Unrealized —

SSRM SSR MINING IN 0.6%

Value $16.47M (-23.6%) Shares 583,120 (-20.3%) Est. Cost $25.47 Unrealized —

PNC PNC FINL SVCS GROUP INC 1.3%

Value $35.78M (+16.3%) Shares 145,485 (-1.3%) Est. Cost $151.86 Unrealized —

CGAU CENTERRA GOLD INC 0.3%

Value $7.984M (-38.5%) Shares 504,233 (-31.0%) Est. Cost $6.64 Unrealized —

DHT DHT HOLDINGS INC 0.0%

Value $189K (-96.1%) Shares 11,445 (-95.7%) Est. Cost $12.28 Unrealized —

ARW ARROW ELECTRS INC 0.0%

Value $249K (-94.9%) Shares 1,170 (-96.5%) Est. Cost $133.54 Unrealized —

SKE SKEENA RES LTD NEW 0.3%

Value $7.555M (-36.4%) Shares 283,866 (-28.9%) Est. Cost $6.03 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.1%

Value $1.682M (-68.2%) Shares 3,525 (-77.4%) Est. Cost $161.86 Unrealized —

SOLV SOLVENTUM CORP 2.1%

Value $59.84M (+6.2%) Shares 776,468 (-9.7%) Est. Cost $76.31 Unrealized —

IFF INTERNATIONAL FLAVORS&FRAGRA 0.6%

Value $18.07M (-14.9%) Shares 228,297 (-21.7%) Est. Cost $68.80 Unrealized —

UNP UNION PAC CORP 1.3%

Value $38.04M (-7.6%) Shares 140,019 (-17.3%) Est. Cost $230.70 Unrealized —

RGLD ROYAL GOLD INC 0.3%

Value $8.893M (-24.7%) Shares 44,600 (-3.6%) Est. Cost $172.96 Unrealized —

SITE SITEONE LANDSCAPE SUPPLY INC 0.0%

Value $319K (-87.2%) Shares 2,790 (-85.1%) Est. Cost $145.62 Unrealized —

PAGS PAGSEGURO DIGITAL LTD 0.0%

Value $109K (-94.5%) Shares 12,095 (-93.9%) Est. Cost $10.73 Unrealized —

DINO HF SINCLAIR CORP 0.1%

Value $2.863M (-39.1%) Shares 41,146 (-45.3%) Est. Cost $47.94 Unrealized —

DAVE DAVE INC 0.1%

Value $3.791M (+56.9%) Shares 10,187 (-26.4%) Est. Cost $188.03 Unrealized —

SW SMURFIT WESTROCK PLC 4.0%

Value $113M (+1.2%) Shares 2,438,889 (-12.5%) Est. Cost $38.83 Unrealized —

BYD BOYD GAMING CORP 0.1%

Value $1.488M (-46.1%) Shares 16,867 (-49.6%) Est. Cost $85.16 Unrealized —

FRO FRONTLINE PLC 0.1%

Value $2.988M (-28.3%) Shares 85,969 (-27.8%) Est. Cost $28.36 Unrealized —

TRP TC ENERGY CORP 0.2%

Value $6.6M (-14.3%) Shares 99,810 (-18.9%) Est. Cost $58.22 Unrealized —

DORM DORMAN PRODS INC 0.2%

Value $5.039M (+26.7%) Shares 36,968 (-2.7%) Est. Cost $126.31 Unrealized —

NBIX NEUROCRINE BIOSCIENCES INC 0.2%

Value $5.815M (+21.8%) Shares 34,541 (-4.4%) Est. Cost $139.42 Unrealized —

LTH LIFE TIME GROUP HOLDINGS INC 0.1%

Value $2.125M (-31.8%) Shares 52,084 (-54.8%) Est. Cost $26.03 Unrealized —

GEN GEN DIGITAL INC 0.2%

Value $5.681M (+20.5%) Shares 228,498 (-8.5%) Est. Cost $24.40 Unrealized —

MHO M/I HOMES INC 0.3%

Value $7.358M (+14.7%) Shares 45,809 (-12.3%) Est. Cost $135.51 Unrealized —

TROW PRICE T ROWE GROUP INC 0.2%

Value $5.936M (+16.7%) Shares 52,270 (-7.1%) Est. Cost $102.62 Unrealized —

BEN FRANKLIN RESOURCES INC 0.2%

Value $4.265M (+23.3%) Shares 128,324 (-12.1%) Est. Cost $26.36 Unrealized —

PM PHILIP MORRIS INTL INC 0.4%

Value $12.66M (+6.2%) Shares 70,063 (-2.5%) Est. Cost $124.26 Unrealized —

URBN URBAN OUTFITTERS INC 0.1%

Value $2.04M (-26.3%) Shares 28,819 (-33.8%) Est. Cost $71.42 Unrealized —

CNI CANADIAN NATL RY CO 0.3%

Value $7.179M (+10.6%) Shares 60,250 (-4.5%) Est. Cost $102.12 Unrealized —

CNM CORE & MAIN INC 0.1%

Value $2.447M (-21.5%) Shares 50,770 (-19.3%) Est. Cost $56.25 Unrealized —

DDS DILLARDS INC 0.0%

Value $1.359M (-31.0%) Shares 2,574 (-25.0%) Est. Cost $646.04 Unrealized —

KMX CARMAX INC 0.1%

Value $2.743M (-13.0%) Shares 51,910 (-31.4%) Est. Cost $39.99 Unrealized —

SFM SPROUTS FMRS MKT INC 0.1%

Value $2.455M (-13.5%) Shares 29,058 (-20.8%) Est. Cost $72.37 Unrealized —

NG NOVAGOLD RES INC 0.0%

Value $615K (-36.8%) Shares 103,160 (-4.5%) Est. Cost $4.19 Unrealized —

PCTY PAYLOCITY HLDG CORP 0.1%

Value $2.484M (-11.5%) Shares 23,786 (-8.2%) Est. Cost $129.35 Unrealized —

CHH CHOICE HOTELS INTL INC 0.1%

Value $2.756M (-9.7%) Shares 25,019 (-14.9%) Est. Cost $106.22 Unrealized —

BBY BEST BUY INC 0.2%

Value $4.322M (-5.2%) Shares 57,016 (-19.5%) Est. Cost $72.16 Unrealized —

FNV FRANCO NEV CORP 0.0%

Value $837K (-21.8%) Shares 4,020 (-6.9%) Est. Cost $180.19 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 0.1%

Value $2.589M (-6.2%) Shares 11,573 (-14.6%) Est. Cost $240.81 Unrealized —

LEA LEAR CORP 0.2%

Value $4.508M (-3.4%) Shares 33,663 (-12.4%) Est. Cost $106.29 Unrealized —

TGT TARGET CORP 0.1%

Value $2.824M (-4.8%) Shares 21,644 (-11.3%) Est. Cost $91.63 Unrealized —

CAKE CHEESECAKE FACTORY INC 0.1%

Value $1.723M (+7.6%) Shares 21,691 (-25.7%) Est. Cost $60.02 Unrealized —

SKYW SKYWEST 0.1%

Value $3.344M (+3.7%) Shares 33,704 (-3.8%) Est. Cost $100.40 Unrealized —

EAT BRINKER INTL INC 0.1%

Value $2.896M (-2.2%) Shares 17,259 (-16.5%) Est. Cost $158.61 Unrealized —

DRI DARDEN RESTAURANTS INC 0.1%

Value $1.806M (+2.3%) Shares 8,776 (-2.2%) Est. Cost $207.41 Unrealized —

EPR EPR PPTYS 0.0%

Value $362K (+11.6%) Shares 6,251 (-3.5%) Est. Cost $49.98 Unrealized —

TOL TOLL BROTHERS INC 0.0%

Value $277K (+5.1%) Shares 1,682 (-12.6%) Est. Cost $149.96 Unrealized —

DHI D R HORTON INC 0.0%

Value $257K (-2.4%) Shares 1,577 (-17.5%) Est. Cost $155.94 Unrealized —

CMC COMMERCIAL METALS CO 0.2%

Value $4.821M (+0.1%) Shares 76,911 (-1.6%) Est. Cost $76.95 Unrealized —

BUD ANHEUSER BUSCH INBEV SA/NV 0.1%

Value $3.128M (-0.1%) Shares 38,000 (-15.6%) Est. Cost $58.50 Unrealized —

SKY CHAMPION HOMES INC 0.0%

Value $267K (+0.8%) Shares 3,031 (-14.6%) Est. Cost $90.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	499,000 (-65.3%)	$72.87M (-71.0%)	2.6%	$250.44	—	COM CL A	19260Q107
BP	BP PLC	1,624,940 (-22.5%)	$59.98M (-39.4%)	2.1%	$33.81	—	SPONSORED ADR	055622104
BF/B	BROWN FORMAN CORP	1,931,956 (-29.3%)	$51.43M (-29.0%)	1.8%	$27.97	—	CL B	115637209
GE	GE AEROSPACE	42,402 (-64.1%)	$15.83M (-52.9%)	0.6%	$112.72	—	COM NEW	369604301
SLB	SLB LIMITED	1,341,534 (-13.0%)	$62.3M (-21.6%)	2.2%	$39.20	—	COM STK	806857108
MHK	MOHAWK INDS INC	16,220 (-88.8%)	$1.966M (-86.2%)	0.1%	$123.48	—	COM	608190104
XOM	EXXON MOBIL CORP	314,224 (-2.3%)	$42.91M (-21.6%)	1.5%	$77.97	—	COM	30231G102
ARIS	ARIS MNG CORP	1,605,529 (-14.3%)	$23.91M (-31.2%)	0.8%	$2.60	—	COM	04040Y109
EGO	ELDORADO GOLD CORP NEW	674,029 (-25.1%)	$20.93M (-32.4%)	0.7%	$18.83	—	COM	284902509
GAU	GALIANO GOLD INC	12,994,532 (-1.7%)	$24.25M (-26.7%)	0.9%	$1.14	—	COM	36352H100
B	BARRICK GOLD CORP	431,774 (-24.4%)	$15.84M (-32.2%)	0.6%	$25.15	—	COM	06849F108
VIST	VISTA ENERGY S.A.B. DE C.V.	518,201 (-2.8%)	$33.02M (-18.1%)	1.2%	$55.74	—	SPONSORED ADS	92837L109
PAAS	PAN AMERN SILVER CORP	60,745 (-64.3%)	$2.718M (-70.9%)	0.1%	$16.13	—	COM	697900108
AU	ANGLOGOLD ASHANTI PLC	46,895 (-52.3%)	$3.789M (-60.5%)	0.1%	$41.90	—	COM SHS	G0378L100
PFE	PFIZER INC	1,126,006 (-2.1%)	$27.08M (-16.4%)	1.0%	$27.04	—	COM	717081103
SNX	TD SYNNEX CORPORATION	5,347 (-86.2%)	$1.428M (-78.2%)	0.1%	$129.74	—	COM	87162W100
SSRM	SSR MINING IN	583,120 (-20.3%)	$16.47M (-23.6%)	0.6%	$25.47	—	COM	784730103
PNC	PNC FINL SVCS GROUP INC	145,485 (-1.3%)	$35.78M (+16.3%)	1.3%	$151.86	—	COM	693475105
CGAU	CENTERRA GOLD INC	504,233 (-31.0%)	$7.984M (-38.5%)	0.3%	$6.64	—	COM	152006102
DHT	DHT HOLDINGS INC	11,445 (-95.7%)	$189K (-96.1%)	0.0%	$12.28	—	SHS NEW	Y2065G121
ARW	ARROW ELECTRS INC	1,170 (-96.5%)	$249K (-94.9%)	0.0%	$133.54	—	COM	042735100
SKE	SKEENA RES LTD NEW	283,866 (-28.9%)	$7.555M (-36.4%)	0.3%	$6.03	—	COM	83056P715
TSM	TAIWAN SEMICONDUCTOR MFG LTD	3,525 (-77.4%)	$1.682M (-68.2%)	0.1%	$161.86	—	SPONSORED ADS	874039100
SOLV	SOLVENTUM CORP	776,468 (-9.7%)	$59.84M (+6.2%)	2.1%	$76.31	—	COM SHS	83444M101
IFF	INTERNATIONAL FLAVORS&FRAGRA	228,297 (-21.7%)	$18.07M (-14.9%)	0.6%	$68.80	—	COM	459506101
UNP	UNION PAC CORP	140,019 (-17.3%)	$38.04M (-7.6%)	1.3%	$230.70	—	COM	907818108
RGLD	ROYAL GOLD INC	44,600 (-3.6%)	$8.893M (-24.7%)	0.3%	$172.96	—	COM	780287108
SITE	SITEONE LANDSCAPE SUPPLY INC	2,790 (-85.1%)	$319K (-87.2%)	0.0%	$145.62	—	COM	82982L103
PAGS	PAGSEGURO DIGITAL LTD	12,095 (-93.9%)	$109K (-94.5%)	0.0%	$10.73	—	COM CL A	G68707101
DINO	HF SINCLAIR CORP	41,146 (-45.3%)	$2.863M (-39.1%)	0.1%	$47.94	—	COM	403949100
DAVE	DAVE INC	10,187 (-26.4%)	$3.791M (+56.9%)	0.1%	$188.03	—	CLASS A COM NEW	23834J201
SW	SMURFIT WESTROCK PLC	2,438,889 (-12.5%)	$113M (+1.2%)	4.0%	$38.83	—	SHS	G8267P108
BYD	BOYD GAMING CORP	16,867 (-49.6%)	$1.488M (-46.1%)	0.1%	$85.16	—	COM	103304101
FRO	FRONTLINE PLC	85,969 (-27.8%)	$2.988M (-28.3%)	0.1%	$28.36	—	COM	M46528101
TRP	TC ENERGY CORP	99,810 (-18.9%)	$6.6M (-14.3%)	0.2%	$58.22	—	COM	87807B107
DORM	DORMAN PRODS INC	36,968 (-2.7%)	$5.039M (+26.7%)	0.2%	$126.31	—	COM	258278100
NBIX	NEUROCRINE BIOSCIENCES INC	34,541 (-4.4%)	$5.815M (+21.8%)	0.2%	$139.42	—	COM	64125C109
LTH	LIFE TIME GROUP HOLDINGS INC	52,084 (-54.8%)	$2.125M (-31.8%)	0.1%	$26.03	—	COMMON STOCK	53190C102
GEN	GEN DIGITAL INC	228,498 (-8.5%)	$5.681M (+20.5%)	0.2%	$24.40	—	COM	668771108
MHO	M/I HOMES INC	45,809 (-12.3%)	$7.358M (+14.7%)	0.3%	$135.51	—	COM	55305B101
TROW	PRICE T ROWE GROUP INC	52,270 (-7.1%)	$5.936M (+16.7%)	0.2%	$102.62	—	COM	74144T108
BEN	FRANKLIN RESOURCES INC	128,324 (-12.1%)	$4.265M (+23.3%)	0.2%	$26.36	—	COM	354613101
PM	PHILIP MORRIS INTL INC	70,063 (-2.5%)	$12.66M (+6.2%)	0.4%	$124.26	—	COM	718172109
URBN	URBAN OUTFITTERS INC	28,819 (-33.8%)	$2.04M (-26.3%)	0.1%	$71.42	—	COM	917047102
CNI	CANADIAN NATL RY CO	60,250 (-4.5%)	$7.179M (+10.6%)	0.3%	$102.12	—	COM	136375102
CNM	CORE & MAIN INC	50,770 (-19.3%)	$2.447M (-21.5%)	0.1%	$56.25	—	CL A	21874C102
DDS	DILLARDS INC	2,574 (-25.0%)	$1.359M (-31.0%)	0.0%	$646.04	—	CL A	254067101
KMX	CARMAX INC	51,910 (-31.4%)	$2.743M (-13.0%)	0.1%	$39.99	—	COM	143130102
SFM	SPROUTS FMRS MKT INC	29,058 (-20.8%)	$2.455M (-13.5%)	0.1%	$72.37	—	COM	85208M102
NG	NOVAGOLD RES INC	103,160 (-4.5%)	$615K (-36.8%)	0.0%	$4.19	—	COM NEW	66987E206
PCTY	PAYLOCITY HLDG CORP	23,786 (-8.2%)	$2.484M (-11.5%)	0.1%	$129.35	—	COM	70438V106
CHH	CHOICE HOTELS INTL INC	25,019 (-14.9%)	$2.756M (-9.7%)	0.1%	$106.22	—	COM	169905106
BBY	BEST BUY INC	57,016 (-19.5%)	$4.322M (-5.2%)	0.2%	$72.16	—	COM	086516101
FNV	FRANCO NEV CORP	4,020 (-6.9%)	$837K (-21.8%)	0.0%	$180.19	—	COM	351858105
ADP	AUTOMATIC DATA PROCESSING IN	11,573 (-14.6%)	$2.589M (-6.2%)	0.1%	$240.81	—	COM	053015103
LEA	LEAR CORP	33,663 (-12.4%)	$4.508M (-3.4%)	0.2%	$106.29	—	COM NEW	521865204
TGT	TARGET CORP	21,644 (-11.3%)	$2.824M (-4.8%)	0.1%	$91.63	—	COM	87612E106
CAKE	CHEESECAKE FACTORY INC	21,691 (-25.7%)	$1.723M (+7.6%)	0.1%	$60.02	—	COM	163072101
SKYW	SKYWEST	33,704 (-3.8%)	$3.344M (+3.7%)	0.1%	$100.40	—	COM	830879102
EAT	BRINKER INTL INC	17,259 (-16.5%)	$2.896M (-2.2%)	0.1%	$158.61	—	COM	109641100
DRI	DARDEN RESTAURANTS INC	8,776 (-2.2%)	$1.806M (+2.3%)	0.1%	$207.41	—	COM	237194105
EPR	EPR PPTYS	6,251 (-3.5%)	$362K (+11.6%)	0.0%	$49.98	—	COM SH BEN INT	26884U109
TOL	TOLL BROTHERS INC	1,682 (-12.6%)	$277K (+5.1%)	0.0%	$149.96	—	COM	889478103
DHI	D R HORTON INC	1,577 (-17.5%)	$257K (-2.4%)	0.0%	$155.94	—	COM	23331A109
CMC	COMMERCIAL METALS CO	76,911 (-1.6%)	$4.821M (+0.1%)	0.2%	$76.95	—	COM	201723103
BUD	ANHEUSER BUSCH INBEV SA/NV	38,000 (-15.6%)	$3.128M (-0.1%)	0.1%	$58.50	—	SPONSORED ADR	03524A108
SKY	CHAMPION HOMES INC	3,031 (-14.6%)	$267K (+0.8%)	0.0%	$90.27	—	COM	830830105

Unchanged Positions (15)

SU SUNCOR ENERGY INC NEW 1.9%

Value $54.24M Shares 1,009,746 Est. Cost $31.91 Unrealized —

BAC BANK AMERICA CORP 2.6%

Value $74.23M Shares 1,304,202 Est. Cost $33.55 Unrealized —

LAMR LAMAR ADVERTISING CO NEW 1.9%

Value $52.7M Shares 338,207 Est. Cost $126.84 Unrealized —

FTNT FORTINET INC 0.3%

Value $7.988M Shares 52,054 Est. Cost $79.98 Unrealized —

AA ALCOA CORP 0.2%

Value $4.835M Shares 92,830 Est. Cost $40.88 Unrealized —

WRBY WARBY PARKER INC 0.1%

Value $3.185M Shares 105,104 Est. Cost $25.21 Unrealized —

CENX CENTURY ALUM CO 0.1%

Value $2.275M Shares 49,494 Est. Cost $40.20 Unrealized —

JPM JPMORGAN CHASE & CO 0.1%

Value $2.289M Shares 7,000 Est. Cost $118.92 Unrealized —

BN BROOKFIELD CORP 0.1%

Value $3.606M Shares 84,750 Est. Cost $30.10 Unrealized —

FMX FOMENTO ECONOMICO MEXICANO S 0.0%

Value $1.022M Shares 8,000 Est. Cost $69.46 Unrealized —

MTB M & T BK CORP 0.0%

Value $951K Shares 4,000 Est. Cost $135.05 Unrealized —

GLDG GOLDMINING INC 0.0%

Value $362K Shares 401,996 Est. Cost $2.30 Unrealized —

ARCO ARCOS DORADOS HOLDINGS INC 0.0%

Value $1.024M Shares 127,142 Est. Cost $7.38 Unrealized —

VZLA VIZSLA SILVER CORP 0.1%

Value $1.64M Shares 499,777 Est. Cost $5.13 Unrealized —

WFC WELLS FARGO CO NEW 0.0%

Value $413K Shares 5,000 Est. Cost $33.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SU	SUNCOR ENERGY INC NEW	1,009,746	$54.24M	1.9%	$31.91	—	COM	867224107
BAC	BANK AMERICA CORP	1,304,202	$74.23M	2.6%	$33.55	—	COM	060505104
LAMR	LAMAR ADVERTISING CO NEW	338,207	$52.7M	1.9%	$126.84	—	CL A	512816109
FTNT	FORTINET INC	52,054	$7.988M	0.3%	$79.98	—	COM	34959E109
AA	ALCOA CORP	92,830	$4.835M	0.2%	$40.88	—	COM	013872106
WRBY	WARBY PARKER INC	105,104	$3.185M	0.1%	$25.21	—	CL A COM	93403J106
CENX	CENTURY ALUM CO	49,494	$2.275M	0.1%	$40.20	—	COM	156431108
JPM	JPMORGAN CHASE & CO	7,000	$2.289M	0.1%	$118.92	—	COM	46625H100
BN	BROOKFIELD CORP	84,750	$3.606M	0.1%	$30.10	—	CL A LTD VT SH	11271J107
FMX	FOMENTO ECONOMICO MEXICANO S	8,000	$1.022M	0.0%	$69.46	—	SPON ADR UNITS	344419106
MTB	M & T BK CORP	4,000	$951K	0.0%	$135.05	—	COM	55261F104
GLDG	GOLDMINING INC	401,996	$362K	0.0%	$2.30	—	COM	38149E101
ARCO	ARCOS DORADOS HOLDINGS INC	127,142	$1.024M	0.0%	$7.38	—	SHS CLASS -A -	G0457F107
VZLA	VIZSLA SILVER CORP	499,777	$1.64M	0.1%	$5.13	—	COM NEW	92859G608
WFC	WELLS FARGO CO NEW	5,000	$413K	0.0%	$33.11	—	COM	949746101