Grandeur Peak Global Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ITT	ITT INC	148,184	$25,711	3.5%	$179.17	0.0%	COM	45073V108
POWI	POWER INTEGRATIONS INC	305,529	$10,859	1.5%	$37.75	0.0%	COM	739276103
RBRK	RUBRIK INC	57,007	$4,360	0.6%	$76.71	0.0%	CL A	781154109
KRMN	KARMAN HLDGS INC	55,121	$4,033	0.5%	$72.41	0.0%	COMMON STOCK	485924104
MPTI	M-TRON INDS INC	44,061	$2,345	0.3%	$52.82	0.0%	COM	55380K109
RBC	RBC BEARINGS INC	2,484	$1,114	0.1%	$423.49	0.0%	COM	75524B104
SPXC	SPX TECHNOLOGIES INC	5,276	$1,056	0.1%	$200.06	—	COM	78473E103
RHI	ROBERT HALF INC	29,198	$793	0.1%	$28.54	0.0%	COM	770323103
ODD	ODDITY TECH LTD	18,583	$747	0.1%	$45.20	0.0%	SHS CL A	M7518J104
VSEC	VSE CORP	4,288	$741	0.1%	$170.91	0.0%	COM	918284100
PTRN	PATTERN GROUP INC	45,141	$521	0.1%	$14.56	0.0%	COM SER A	70339W104
NP	NEPTUNE INS HLDGS INC	15,173	$442	0.1%	$26.30	0.0%	CL A	64073B103
FTLF	FITLIFE BRANDS INC	21,554	$351	0.0%	$18.38	0.0%	COM NEW	33817P405

Increased Positions (33)

NVT NVENT ELECTRIC PLC 2.8%

Value ($000) $20,706 (+164.9%) Shares 203,061 (+156.2%) Est. Cost $91.08 Unrealized +13.8%

ARX ACCELERANT HOLDINGS 3.6%

Value ($000) $26,504 (+88.2%) Shares 1,621,022 (+71.4%) Est. Cost $19.53 Unrealized -27.9%

ATRC ATRICURE INC 1.7%

Value ($000) $12,995 (+367.2%) Shares 328,491 (+316.3%) Est. Cost $36.13 Unrealized +1.5%

MRX MAREX GROUP PLC 9.2%

Value ($000) $68,271 (+15.8%) Shares 1,779,743 (+1.5%) Est. Cost $28.78 Unrealized +18.0%

MPWR MONOLITHIC PWR SYS INC 8.8%

Value ($000) $65,682 (+9.5%) Shares 72,468 (+11.2%) Est. Cost $505.72 Unrealized +90.0%

BELFB BEL FUSE INC 0.9%

Value ($000) $6,470 (+632.6%) Shares 38,144 (+509.0%) Est. Cost $142.11 Unrealized +9.9%

FRPT FRESHPET INC 1.1%

Value ($000) $8,245 (+140.0%) Shares 135,321 (+117.1%) Est. Cost $66.90 Unrealized -15.2%

HLI HOULIHAN LOKEY INC 1.0%

Value ($000) $7,205 (+153.6%) Shares 41,361 (+198.9%) Est. Cost $155.84 Unrealized +17.5%

ALG ALAMO GROUP INC 0.6%

Value ($000) $4,692 (+805.9%) Shares 27,950 (+930.2%) Est. Cost $174.08 Unrealized -0.2%

NET CLOUDFLARE INC 2.2%

Value ($000) $16,537 (+31.0%) Shares 83,878 (+42.6%) Est. Cost $107.64 Unrealized +96.5%

LOAR LOAR HOLDINGS INC 0.7%

Value ($000) $5,376 (+233.5%) Shares 79,063 (+292.4%) Est. Cost $74.55 Unrealized -2.2%

FSS FEDERAL SIGNAL CORP 0.4%

Value ($000) $3,260 (+378.2%) Shares 30,018 (+424.0%) Est. Cost $115.43 Unrealized -0.9%

NTSK NETSKOPE INC 0.5%

Value ($000) $3,675 (+189.0%) Shares 209,534 (+274.5%) Est. Cost $21.64 Unrealized -3.6%

KAI KADANT INC 1.1%

Value ($000) $7,868 (+37.9%) Shares 27,605 (+44.0%) Est. Cost $304.91 Unrealized -6.9%

PWP PERELLA WEINBERG PARTNERS 1.5%

Value ($000) $11,397 (-15.9%) Shares 658,770 (+3.7%) Est. Cost $13.47 Unrealized +37.8%

MOD MODINE MANUFACTURING CO 0.6%

Value ($000) $4,295 (+60.9%) Shares 32,173 (+71.3%) Est. Cost $126.62 Unrealized +17.6%

SLAB SILICON LABORATORIES INC 1.7%

Value ($000) $12,484 (+13.9%) Shares 95,513 (+14.3%) Est. Cost $127.28 Unrealized +3.3%

DXCM DEXCOM INC 0.7%

Value ($000) $5,426 (+34.3%) Shares 81,756 (+36.2%) Est. Cost $79.00 Unrealized -18.2%

ZS ZSCALER INC 0.5%

Value ($000) $3,580 (-24.1%) Shares 15,915 (+1.1%) Est. Cost $155.28 Unrealized +81.8%

LMAT LEMAITRE VASCULAR INC 1.3%

Value ($000) $9,817 (+13.0%) Shares 121,048 (+21.9%) Est. Cost $84.78 Unrealized +1.4%

PJT PJT PARTNERS INC 1.1%

Value ($000) $8,316 (+15.5%) Shares 49,737 (+22.7%) Est. Cost $91.29 Unrealized +87.2%

SARO STANDARDAERO INC 0.2%

Value ($000) $1,835 (+120.0%) Shares 63,994 (+109.4%) Est. Cost $27.62 Unrealized -1.4%

HAE HAEMONETICS CORP MASS 0.2%

Value ($000) $1,455 (+101.4%) Shares 18,152 (+22.5%) Est. Cost $62.87 Unrealized +6.9%

PRM PERIMETER SOLUTIONS INC 0.2%

Value ($000) $1,710 (+72.9%) Shares 62,097 (+40.6%) Est. Cost $20.77 Unrealized +21.6%

CSW CSW INDUSTRIALS INC 0.5%

Value ($000) $3,782 (+22.3%) Shares 12,885 (+1.1%) Est. Cost $267.72 Unrealized -0.5%

TECH BIO-TECHNE CORP 1.3%

Value ($000) $9,303 (+7.0%) Shares 158,193 (+1.2%) Est. Cost $56.23 Unrealized +8.0%

TWFG TWFG INC 0.5%

Value ($000) $3,347 (+15.8%) Shares 116,348 (+10.5%) Est. Cost $31.80 Unrealized -14.5%

PWR QUANTA SERVICES INC 0.2%

Value ($000) $1,377 (+24.2%) Shares 3,263 (+21.9%) Est. Cost $302.28 Unrealized +45.3%

CAVA CAVA GROUP INC 0.2%

Value ($000) $1,279 (+25.8%) Shares 21,795 (+29.5%) Est. Cost $71.21 Unrealized -21.7%

MRVL MARVELL TECHNOLOGY INC 0.2%

Value ($000) $1,334 (+17.0%) Shares 15,699 (+15.8%) Est. Cost $67.59 Unrealized +29.4%

MIAX MIAMI INTL HLDGS INC 0.2%

Value ($000) $1,419 (+11.8%) Shares 31,977 (+1.4%) Est. Cost $36.69 Unrealized +21.5%

CRWD CROWDSTRIKE HLDGS INC 0.1%

Value ($000) $397 (+43.9%) Shares 846 (+50.5%) Est. Cost $473.05 Unrealized +7.6%

GSHD GOOSEHEAD INS INC 0.5%

Value ($000) $3,711 (+2.7%) Shares 50,389 (+3.7%) Est. Cost $73.96 Unrealized -3.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVT	NVENT ELECTRIC PLC	203,061 (+156.2%)	$20,706 (+164.9%)	2.8%	$91.08	+13.8%	SHS	G6700G107
ARX	ACCELERANT HOLDINGS	1,621,022 (+71.4%)	$26,504 (+88.2%)	3.6%	$19.53	-27.9%	CL A	G00894108
ATRC	ATRICURE INC	328,491 (+316.3%)	$12,995 (+367.2%)	1.7%	$36.13	+1.5%	COM	04963C209
MRX	MAREX GROUP PLC	1,779,743 (+1.5%)	$68,271 (+15.8%)	9.2%	$28.78	+18.0%	ORD	G5S37H101
MPWR	MONOLITHIC PWR SYS INC	72,468 (+11.2%)	$65,682 (+9.5%)	8.8%	$505.72	+90.0%	COM	609839105
BELFB	BEL FUSE INC	38,144 (+509.0%)	$6,470 (+632.6%)	0.9%	$142.11	+9.9%	CL A	077347300
FRPT	FRESHPET INC	135,321 (+117.1%)	$8,245 (+140.0%)	1.1%	$66.90	-15.2%	COM	358039105
HLI	HOULIHAN LOKEY INC	41,361 (+198.9%)	$7,205 (+153.6%)	1.0%	$155.84	+17.5%	CL A	441593100
ALG	ALAMO GROUP INC	27,950 (+930.2%)	$4,692 (+805.9%)	0.6%	$174.08	-0.2%	COM	011311107
NET	CLOUDFLARE INC	83,878 (+42.6%)	$16,537 (+31.0%)	2.2%	$107.64	+96.5%	CL A COM	18915M107
LOAR	LOAR HOLDINGS INC	79,063 (+292.4%)	$5,376 (+233.5%)	0.7%	$74.55	-2.2%	COM SHS	53947R105
FSS	FEDERAL SIGNAL CORP	30,018 (+424.0%)	$3,260 (+378.2%)	0.4%	$115.43	-0.9%	COM	313855108
NTSK	NETSKOPE INC	209,534 (+274.5%)	$3,675 (+189.0%)	0.5%	$21.64	-3.6%	CL A	64119N608
KAI	KADANT INC	27,605 (+44.0%)	$7,868 (+37.9%)	1.1%	$304.91	-6.9%	COM	48282T104
PWP	PERELLA WEINBERG PARTNERS	658,770 (+3.7%)	$11,397 (-15.9%)	1.5%	$13.47	+37.8%	CLASS A COM	71367G102
MOD	MODINE MANUFACTURING CO	32,173 (+71.3%)	$4,295 (+60.9%)	0.6%	$126.62	+17.6%	COM	607828100
SLAB	SILICON LABORATORIES INC	95,513 (+14.3%)	$12,484 (+13.9%)	1.7%	$127.28	+3.3%	COM	826919102
DXCM	DEXCOM INC	81,756 (+36.2%)	$5,426 (+34.3%)	0.7%	$79.00	-18.2%	COM	252131107
ZS	ZSCALER INC	15,915 (+1.1%)	$3,580 (-24.1%)	0.5%	$155.28	+81.8%	COM	98980G102
LMAT	LEMAITRE VASCULAR INC	121,048 (+21.9%)	$9,817 (+13.0%)	1.3%	$84.78	+1.4%	COM	525558201
PJT	PJT PARTNERS INC	49,737 (+22.7%)	$8,316 (+15.5%)	1.1%	$91.29	+87.2%	COM CL A	69343T107
SARO	STANDARDAERO INC	63,994 (+109.4%)	$1,835 (+120.0%)	0.2%	$27.62	-1.4%	COM	85423L103
HAE	HAEMONETICS CORP MASS	18,152 (+22.5%)	$1,455 (+101.4%)	0.2%	$62.87	+6.9%	COM	405024100
PRM	PERIMETER SOLUTIONS INC	62,097 (+40.6%)	$1,710 (+72.9%)	0.2%	$20.77	+21.6%	COMMON STOCK	71385M107
CSW	CSW INDUSTRIALS INC	12,885 (+1.1%)	$3,782 (+22.3%)	0.5%	$267.72	-0.5%	COM	126402106
TECH	BIO-TECHNE CORP	158,193 (+1.2%)	$9,303 (+7.0%)	1.3%	$56.23	+8.0%	COM	09073M104
TWFG	TWFG INC	116,348 (+10.5%)	$3,347 (+15.8%)	0.5%	$31.80	-14.5%	COM CL A	87318A101
PWR	QUANTA SERVICES INC	3,263 (+21.9%)	$1,377 (+24.2%)	0.2%	$302.28	+45.3%	COM	74762E102
CAVA	CAVA GROUP INC	21,795 (+29.5%)	$1,279 (+25.8%)	0.2%	$71.21	-21.7%	COM	148929102
MRVL	MARVELL TECHNOLOGY INC	15,699 (+15.8%)	$1,334 (+17.0%)	0.2%	$67.59	+29.4%	COM	573874104
MIAX	MIAMI INTL HLDGS INC	31,977 (+1.4%)	$1,419 (+11.8%)	0.2%	$36.69	+21.5%	COM	59356Q108
CRWD	CROWDSTRIKE HLDGS INC	846 (+50.5%)	$397 (+43.9%)	0.1%	$473.05	+7.6%	CL A	22788C105
GSHD	GOOSEHEAD INS INC	50,389 (+3.7%)	$3,711 (+2.7%)	0.5%	$73.96	-3.7%	COM CL A	38267D109

Exited Positions (15)

— CyberArk Software Ltd 5.2%

Value ($000) $38,589 Shares 79,870 Est. Cost $270.67 Unrealized —

MKTX MarketAxess Holdings Inc 0.5%

Value ($000) $3,556 Shares 20,408 Est. Cost $226.75 Unrealized -25.2%

TREX Trex Co Inc 0.3%

Value ($000) $2,288 Shares 44,286 Est. Cost $68.10 Unrealized -40.6%

AMKR Amkor Technology Inc 0.3%

Value ($000) $2,268 Shares 79,850 Est. Cost $18.92 Unrealized +87.8%

ACVA ACV Auctions Inc 0.3%

Value ($000) $2,131 Shares 215,043 Est. Cost $13.84 Unrealized -41.6%

VVV VALVOLINE INC 0.3%

Value ($000) $2,010 Shares 55,967 Est. Cost $36.34 Unrealized -11.7%

BRKR Bruker Corp 0.1%

Value ($000) $1,108 Shares 34,097 Est. Cost $51.70 Unrealized -18.3%

MORN Morningstar Inc 0.1%

Value ($000) $1,106 Shares 4,766 Est. Cost $330.73 Unrealized -34.5%

DECK DECKERS OUTDOOR CORP 0.1%

Value ($000) $1,083 Shares 10,679 Est. Cost $109.07 Unrealized -14.1%

IRMD iRadimed Corp 0.1%

Value ($000) $1,070 Shares 15,036 Est. Cost $53.93 Unrealized +58.2%

ARES Ares Management Corp 0.1%

Value ($000) $710 Shares 4,438 Est. Cost $77.16 Unrealized +100.8%

KIDS OrthoPediatrics Corp 0.1%

Value ($000) $598 Shares 32,295 Est. Cost $21.26 Unrealized -17.6%

WIX Wix Com Ltd 0.1%

Value ($000) $542 Shares 3,053 Est. Cost $136.25 Unrealized -11.3%

OWL Blue Owl Capital Inc 0.1%

Value ($000) $492 Shares 29,056 Est. Cost $15.65 Unrealized -0.1%

TMCI Treace Med Concepts Inc 0.0%

Value ($000) $251 Shares 37,399 Est. Cost $9.06 Unrealized -52.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CyberArk Software Ltd	79,870	$38,589	5.2%	$270.67	—	—	M2682V108
MKTX	MarketAxess Holdings Inc	20,408	$3,556	0.5%	$226.75	-25.2%	—	57060D108
TREX	Trex Co Inc	44,286	$2,288	0.3%	$68.10	-40.6%	—	89531P105
AMKR	Amkor Technology Inc	79,850	$2,268	0.3%	$18.92	+87.8%	—	031652100
ACVA	ACV Auctions Inc	215,043	$2,131	0.3%	$13.84	-41.6%	—	00091G104
VVV	VALVOLINE INC	55,967	$2,010	0.3%	$36.34	-11.7%	—	92047W101
BRKR	Bruker Corp	34,097	$1,108	0.1%	$51.70	-18.3%	—	116794108
MORN	Morningstar Inc	4,766	$1,106	0.1%	$330.73	-34.5%	—	617700109
DECK	DECKERS OUTDOOR CORP	10,679	$1,083	0.1%	$109.07	-14.1%	—	243537107
IRMD	iRadimed Corp	15,036	$1,070	0.1%	$53.93	+58.2%	—	46266A109
ARES	Ares Management Corp	4,438	$710	0.1%	$77.16	+100.8%	—	03990B101
KIDS	OrthoPediatrics Corp	32,295	$598	0.1%	$21.26	-17.6%	—	68752L100
WIX	Wix Com Ltd	3,053	$542	0.1%	$136.25	-11.3%	—	M98068105
OWL	Blue Owl Capital Inc	29,056	$492	0.1%	$15.65	-0.1%	—	09581B103
TMCI	Treace Med Concepts Inc	37,399	$251	0.0%	$9.06	-52.1%	—	89455T109

Decreased Positions (46)

FROG JFROG LTD 10.1%

Value ($000) $75,247 (+26.4%) Shares 1,204,731 (-4.2%) Est. Cost $27.66 Unrealized +105.6%

DSGX DESCARTES SYS GROUP INC 3.9%

Value ($000) $29,310 (-25.0%) Shares 333,955 (-19.6%) Est. Cost $96.10 Unrealized -7.0%

CWAN CLEARWATER ANALYTICS HOLDINGS 0.1%

Value ($000) $577 (-93.8%) Shares 23,903 (-95.4%) Est. Cost $19.06 Unrealized +5.1%

PRIM PRIMORIS SVCS CORP 2.4%

Value ($000) $17,885 (-28.4%) Shares 144,071 (-20.8%) Est. Cost $59.61 Unrealized +119.1%

ICLR ICON PLC 0.2%

Value ($000) $1,690 (-79.8%) Shares 9,273 (-80.6%) Est. Cost $210.90 Unrealized -15.6%

EPAC ENERPAC TOOL GROUP CORP 0.2%

Value ($000) $1,274 (-82.7%) Shares 33,306 (-81.4%) Est. Cost $44.82 Unrealized -11.7%

SPSC SPS COMMERCE INC 0.6%

Value ($000) $4,517 (-56.8%) Shares 50,675 (-49.5%) Est. Cost $166.31 Unrealized -44.3%

IBP INSTALLED BLDG PRODS INC 0.5%

Value ($000) $3,865 (-60.5%) Shares 14,899 (-62.4%) Est. Cost $175.11 Unrealized +47.5%

MAMA MAMA'S CREATIONS INC 1.4%

Value ($000) $10,341 (-34.3%) Shares 766,596 (-48.8%) Est. Cost $7.84 Unrealized +46.6%

BURL BURLINGTON STORES INC 0.5%

Value ($000) $3,597 (-59.1%) Shares 12,454 (-63.9%) Est. Cost $208.02 Unrealized +30.4%

GO GROCERY OUTLET HOLDING CORP 0.1%

Value ($000) $817 (-86.0%) Shares 80,850 (-77.7%) Est. Cost $19.44 Unrealized -35.3%

HQY HEALTHEQUITY INC 0.8%

Value ($000) $5,662 (-45.7%) Shares 61,806 (-43.9%) Est. Cost $79.13 Unrealized +21.0%

LFUS LITTELFUSE INC 3.2%

Value ($000) $23,707 (-13.2%) Shares 93,735 (-11.1%) Est. Cost $236.87 Unrealized +7.5%

TBBB BBB FOODS INC 5.9%

Value ($000) $43,698 (+8.5%) Shares 1,308,727 (-12.4%) Est. Cost $25.44 Unrealized +17.6%

GNTX GENTEX CORP 0.2%

Value ($000) $1,118 (-75.0%) Shares 48,029 (-69.6%) Est. Cost $27.25 Unrealized -11.5%

MANH MANHATTAN ASSOCIATES INC 0.3%

Value ($000) $2,492 (-56.7%) Shares 14,381 (-48.8%) Est. Cost $232.28 Unrealized -21.3%

ESQ ESQUIRE FINL HLDGS INC 0.2%

Value ($000) $1,172 (-71.9%) Shares 11,478 (-71.9%) Est. Cost $40.36 Unrealized +150.5%

GIC GLOBAL INDUSTRIAL CO 0.1%

Value ($000) $580 (-83.3%) Shares 19,860 (-79.0%) Est. Cost $29.17 Unrealized +3.9%

NEOG NEOGEN CORP 0.2%

Value ($000) $1,281 (-68.0%) Shares 183,237 (-73.9%) Est. Cost $11.27 Unrealized -44.2%

RPC P10 INC 0.6%

Value ($000) $4,447 (-37.7%) Shares 453,283 (-30.9%) Est. Cost $12.20 Unrealized -16.9%

DT DYNATRACE INC 0.1%

Value ($000) $449 (-84.2%) Shares 10,359 (-82.3%) Est. Cost $53.25 Unrealized -12.5%

CNM CORE & MAIN INC 0.8%

Value ($000) $6,105 (-27.4%) Shares 117,473 (-24.8%) Est. Cost $46.83 Unrealized +9.5%

STN STANTEC INC 1.5%

Value ($000) $10,781 (-15.5%) Shares 114,200 (-3.5%) Est. Cost $83.05 Unrealized —

FIVE FIVE BELOW INC 0.8%

Value ($000) $6,154 (-20.3%) Shares 32,674 (-34.5%) Est. Cost $121.34 Unrealized +34.0%

TXRH TEXAS ROADHOUSE INC 0.8%

Value ($000) $5,649 (-19.5%) Shares 34,028 (-19.4%) Est. Cost $108.80 Unrealized +55.1%

ESTC ELASTIC NV 0.8%

Value ($000) $6,082 (-17.6%) Shares 80,622 (-7.7%) Est. Cost $93.06 Unrealized -12.3%

HCKT HACKET GROUP INC 0.0%

Value ($000) $339 (-78.7%) Shares 17,270 (-79.4%) Est. Cost $19.57 Unrealized -3.1%

TW TRADEWEB MARKETS INC 0.4%

Value ($000) $3,338 (-26.1%) Shares 31,042 (-23.7%) Est. Cost $82.42 Unrealized +30.2%

MEDP MEDPACE HOLDINGS INC 0.0%

Value ($000) $134 (-89.3%) Shares 239 (-90.2%) Est. Cost $209.91 Unrealized +170.4%

DG DOLLAR GEN CORP NEW 0.6%

Value ($000) $4,821 (+15.4%) Shares 36,311 (-10.2%) Est. Cost $102.94 Unrealized +8.3%

PAX PATRIA INVESTMENTS LTD 0.7%

Value ($000) $5,137 (-10.9%) Shares 323,272 (-18.1%) Est. Cost $13.47 Unrealized +9.4%

TPG TPG INC 0.4%

Value ($000) $2,894 (-17.3%) Shares 45,327 (-25.6%) Est. Cost $39.82 Unrealized +48.3%

ENSG ENSIGN GROUP INC/THE 0.7%

Value ($000) $5,046 (-8.9%) Shares 28,968 (-9.6%) Est. Cost $129.98 Unrealized +38.2%

ABX ABACUS GLOBAL MGMT INC 0.2%

Value ($000) $1,339 (-26.8%) Shares 156,551 (-50.9%) Est. Cost $7.26 Unrealized -11.0%

PNTG PENNANT GROUP INC/THE 0.9%

Value ($000) $6,501 (+6.5%) Shares 230,940 (-4.6%) Est. Cost $22.91 Unrealized +16.1%

KLIC KULICKE & SOFFA INDUSTRIES INC 0.3%

Value ($000) $1,864 (-17.1%) Shares 40,916 (-26.0%) Est. Cost $42.94 Unrealized -2.0%

BWMN BOWMAN CONSULTING GROUP LTD 0.1%

Value ($000) $1,020 (-27.3%) Shares 30,880 (-6.7%) Est. Cost $21.41 Unrealized +77.1%

YETI YETI HOLDINGS INC 0.3%

Value ($000) $2,204 (-13.8%) Shares 49,899 (-35.2%) Est. Cost $41.48 Unrealized -7.3%

RXST RXSIGHT INC 0.5%

Value ($000) $4,070 (+7.6%) Shares 390,551 (-7.2%) Est. Cost $18.22 Unrealized -44.9%

VTMX VESTA REAL ESTATE CORP 0.9%

Value ($000) $6,439 (-3.7%) Shares 211,177 (-10.7%) Est. Cost $32.16 Unrealized —

QLYS QUALYS INC 0.6%

Value ($000) $4,421 (-4.8%) Shares 33,263 (-5.2%) Est. Cost $85.96 Unrealized +60.1%

UPWK UPWORK INC 1.2%

Value ($000) $9,163 (-2.0%) Shares 462,333 (-8.2%) Est. Cost $14.66 Unrealized +25.1%

APPF APPFOLIO INC 0.1%

Value ($000) $472 (-27.6%) Shares 2,027 (-14.3%) Est. Cost $223.66 Unrealized +6.3%

RDVT RED VIOLET INC 0.6%

Value ($000) $4,801 (+2.3%) Shares 84,302 (-6.1%) Est. Cost $44.92 Unrealized +20.8%

IDXX IDEXX LABS INC 0.3%

Value ($000) $2,351 (-1.5%) Shares 3,475 (-7.0%) Est. Cost $426.52 Unrealized +59.7%

FIGS FIGS INC 0.0%

Value ($000) $275 (+7.2%) Shares 24,213 (-36.8%) Est. Cost $12.66 Unrealized -26.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FROG	JFROG LTD	1,204,731 (-4.2%)	$75,247 (+26.4%)	10.1%	$27.66	+105.6%	ORD SHS	M6191J100
DSGX	DESCARTES SYS GROUP INC	333,955 (-19.6%)	$29,310 (-25.0%)	3.9%	$96.10	-7.0%	COM	249906108
CWAN	CLEARWATER ANALYTICS HOLDINGS	23,903 (-95.4%)	$577 (-93.8%)	0.1%	$19.06	+5.1%	CL A	185123106
PRIM	PRIMORIS SVCS CORP	144,071 (-20.8%)	$17,885 (-28.4%)	2.4%	$59.61	+119.1%	COM	74164F103
ICLR	ICON PLC	9,273 (-80.6%)	$1,690 (-79.8%)	0.2%	$210.90	-15.6%	SHS	G4705A100
EPAC	ENERPAC TOOL GROUP CORP	33,306 (-81.4%)	$1,274 (-82.7%)	0.2%	$44.82	-11.7%	CL A COM	292765104
SPSC	SPS COMMERCE INC	50,675 (-49.5%)	$4,517 (-56.8%)	0.6%	$166.31	-44.3%	COM	78463M107
IBP	INSTALLED BLDG PRODS INC	14,899 (-62.4%)	$3,865 (-60.5%)	0.5%	$175.11	+47.5%	COM	45780R101
MAMA	MAMA'S CREATIONS INC	766,596 (-48.8%)	$10,341 (-34.3%)	1.4%	$7.84	+46.6%	COM	56146T103
BURL	BURLINGTON STORES INC	12,454 (-63.9%)	$3,597 (-59.1%)	0.5%	$208.02	+30.4%	COM	122017106
GO	GROCERY OUTLET HOLDING CORP	80,850 (-77.7%)	$817 (-86.0%)	0.1%	$19.44	-35.3%	COM	39874R101
HQY	HEALTHEQUITY INC	61,806 (-43.9%)	$5,662 (-45.7%)	0.8%	$79.13	+21.0%	COM	42226A107
LFUS	LITTELFUSE INC	93,735 (-11.1%)	$23,707 (-13.2%)	3.2%	$236.87	+7.5%	COM	537008104
TBBB	BBB FOODS INC	1,308,727 (-12.4%)	$43,698 (+8.5%)	5.9%	$25.44	+17.6%	CL A COM	G0896C103
GNTX	GENTEX CORP	48,029 (-69.6%)	$1,118 (-75.0%)	0.2%	$27.25	-11.5%	COM	371901109
MANH	MANHATTAN ASSOCIATES INC	14,381 (-48.8%)	$2,492 (-56.7%)	0.3%	$232.28	-21.3%	COM	562750109
ESQ	ESQUIRE FINL HLDGS INC	11,478 (-71.9%)	$1,172 (-71.9%)	0.2%	$40.36	+150.5%	COM	29667J101
GIC	GLOBAL INDUSTRIAL CO	19,860 (-79.0%)	$580 (-83.3%)	0.1%	$29.17	+3.9%	COM	37892E102
NEOG	NEOGEN CORP	183,237 (-73.9%)	$1,281 (-68.0%)	0.2%	$11.27	-44.2%	COM	640491106
RPC	P10 INC	453,283 (-30.9%)	$4,447 (-37.7%)	0.6%	$12.20	-16.9%	COM CL A	69376K106
DT	DYNATRACE INC	10,359 (-82.3%)	$449 (-84.2%)	0.1%	$53.25	-12.5%	COM NEW	268150109
CNM	CORE & MAIN INC	117,473 (-24.8%)	$6,105 (-27.4%)	0.8%	$46.83	+9.5%	CL A	21874C102
STN	STANTEC INC	114,200 (-3.5%)	$10,781 (-15.5%)	1.5%	$83.05	—	COM	85472N109
FIVE	FIVE BELOW INC	32,674 (-34.5%)	$6,154 (-20.3%)	0.8%	$121.34	+34.0%	COM	33829M101
TXRH	TEXAS ROADHOUSE INC	34,028 (-19.4%)	$5,649 (-19.5%)	0.8%	$108.80	+55.1%	COM	882681109
ESTC	ELASTIC NV	80,622 (-7.7%)	$6,082 (-17.6%)	0.8%	$93.06	-12.3%	ORD SHS	N14506104
HCKT	HACKET GROUP INC	17,270 (-79.4%)	$339 (-78.7%)	0.0%	$19.57	-3.1%	ADS REP SHS A	404609109
TW	TRADEWEB MARKETS INC	31,042 (-23.7%)	$3,338 (-26.1%)	0.4%	$82.42	+30.2%	CL A	892672106
MEDP	MEDPACE HOLDINGS INC	239 (-90.2%)	$134 (-89.3%)	0.0%	$209.91	+170.4%	COM	58506Q109
DG	DOLLAR GEN CORP NEW	36,311 (-10.2%)	$4,821 (+15.4%)	0.6%	$102.94	+8.3%	COM	256677105
PAX	PATRIA INVESTMENTS LTD	323,272 (-18.1%)	$5,137 (-10.9%)	0.7%	$13.47	+9.4%	COM CL A	G69451105
TPG	TPG INC	45,327 (-25.6%)	$2,894 (-17.3%)	0.4%	$39.82	+48.3%	COM CL A	872657101
ENSG	ENSIGN GROUP INC/THE	28,968 (-9.6%)	$5,046 (-8.9%)	0.7%	$129.98	+38.2%	COM	29358P101
ABX	ABACUS GLOBAL MGMT INC	156,551 (-50.9%)	$1,339 (-26.8%)	0.2%	$7.26	-11.0%	CL A	00258Y104
PNTG	PENNANT GROUP INC/THE	230,940 (-4.6%)	$6,501 (+6.5%)	0.9%	$22.91	+16.1%	COM	70805E109
KLIC	KULICKE & SOFFA INDUSTRIES INC	40,916 (-26.0%)	$1,864 (-17.1%)	0.3%	$42.94	-2.0%	COM	501242101
BWMN	BOWMAN CONSULTING GROUP LTD	30,880 (-6.7%)	$1,020 (-27.3%)	0.1%	$21.41	+77.1%	COM	103002101
YETI	YETI HOLDINGS INC	49,899 (-35.2%)	$2,204 (-13.8%)	0.3%	$41.48	-7.3%	COM	98585X104
RXST	RXSIGHT INC	390,551 (-7.2%)	$4,070 (+7.6%)	0.5%	$18.22	-44.9%	COM	78349D107
VTMX	VESTA REAL ESTATE CORP	211,177 (-10.7%)	$6,439 (-3.7%)	0.9%	$32.16	—	ADS	92540K109
QLYS	QUALYS INC	33,263 (-5.2%)	$4,421 (-4.8%)	0.6%	$85.96	+60.1%	COM	74758T303
UPWK	UPWORK INC	462,333 (-8.2%)	$9,163 (-2.0%)	1.2%	$14.66	+25.1%	COM	91688F104
APPF	APPFOLIO INC	2,027 (-14.3%)	$472 (-27.6%)	0.1%	$223.66	+6.3%	COM CL A	03783C100
RDVT	RED VIOLET INC	84,302 (-6.1%)	$4,801 (+2.3%)	0.6%	$44.92	+20.8%	COM	75704L104
IDXX	IDEXX LABS INC	3,475 (-7.0%)	$2,351 (-1.5%)	0.3%	$426.52	+59.7%	COM	45168D104
FIGS	FIGS INC	24,213 (-36.8%)	$275 (+7.2%)	0.0%	$12.66	-26.0%	CL A	30260D103

Unchanged Positions (10)

FORM FORMFACTOR INC 0.2%

Value ($000) $1,297 Shares 23,245 Est. Cost $41.33 Unrealized +21.9%

BUR BURFORD CAPITAL LTD 0.2%

Value ($000) $1,275 Shares 142,966 Est. Cost $13.34 Unrealized -26.6%

RYAN RYAN SPECIALTY HOLDINGS INC 0.7%

Value ($000) $5,247 Shares 101,623 Est. Cost $66.87 Unrealized -18.0%

BBSI BARRETT BUSINESS SERVICES INC 0.1%

Value ($000) $556 Shares 15,345 Est. Cost $26.80 Unrealized +42.6%

FATN FATPIPE INC UT 0.0%

Value ($000) $49 Shares 24,470 Est. Cost $9.06 Unrealized -60.4%

HDB HDFC BANK LTD 0.1%

Value ($000) $991 Shares 27,108 Est. Cost $45.64 Unrealized —

KRUS KURA SUSHI USA INC 0.0%

Value ($000) $276 Shares 5,276 Est. Cost $70.59 Unrealized -22.7%

LOVE LOVESAC COMPANY 0.0%

Value ($000) $209 Shares 14,140 Est. Cost $22.36 Unrealized -36.8%

CROX CROCS INC 0.1%

Value ($000) $826 Shares 9,664 Est. Cost $101.95 Unrealized -18.0%

JYNT JOINT CORP 0.0%

Value ($000) $154 Shares 17,690 Est. Cost $19.04 Unrealized -55.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FORM	FORMFACTOR INC	23,245	$1,297	0.2%	$41.33	+21.9%	COM	346375108
BUR	BURFORD CAPITAL LTD	142,966	$1,275	0.2%	$13.34	-26.6%	ORD SHS	G17977110
RYAN	RYAN SPECIALTY HOLDINGS INC	101,623	$5,247	0.7%	$66.87	-18.0%	CL A	78351F107
BBSI	BARRETT BUSINESS SERVICES INC	15,345	$556	0.1%	$26.80	+42.6%	COM	068463108
FATN	FATPIPE INC UT	24,470	$49	0.0%	$9.06	-60.4%	COM	311921100
HDB	HDFC BANK LTD	27,108	$991	0.1%	$45.64	—	SPONSORED ADS	40415F101
KRUS	KURA SUSHI USA INC	5,276	$276	0.0%	$70.59	-22.7%	CL A COM	501270102
LOVE	LOVESAC COMPANY	14,140	$209	0.0%	$22.36	-36.8%	COM	54738L109
CROX	CROCS INC	9,664	$826	0.1%	$101.95	-18.0%	COM	227046109
JYNT	JOINT CORP	17,690	$154	0.0%	$19.04	-55.4%	COM	47973J102