Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZBRA	Zebra Technologies Corp ⚠	3,769	$992K	9.7%	$931.03	—	—	989207105
SLGN	Silgan Holdings Inc	17,630	$818K	8.0%	$46.40	—	—	827048109
VSEC	VSE Corp	3,375	$771K	7.6%	$228.44	—	—	918284100
ESAB	ESAB Corp ⚠	7,013	$691K	6.8%	$558.82	—	—	29605J106
APG	APi Group Corp ⚠	13,318	$564K	5.5%	$157.89	—	—	00187Y100
LPX	Louisiana-Pacific Corp	6,125	$482K	4.7%	$78.69	—	—	546347105
ROCK	Gibraltar Industries Inc	7,235	$326K	3.2%	$45.06	—	—	374689107
CWST	Casella Waste Systems Inc	3,264	$316K	3.1%	$96.81	—	—	147448104
CLH	Clean Harbors Inc	1,043	$312K	3.1%	$299.14	—	—	184496107
MMSI	Merit Medical Systems Inc	4,463	$309K	3.0%	$69.24	—	—	589889104
EXLS	Exlservice Holdings Inc ⚠	10,995	$284K	2.8%	$84.21	—	—	302081104
MSM	MSC Industrial Direct Co Inc	2,324	$276K	2.7%	$118.76	—	—	553530106
GGG	Graco Inc	3,652	$276K	2.7%	$75.58	—	—	384109104
CVSA	Covista Inc	1,849	$231K	2.3%	$124.93	—	—	00737L103
ESAB	ESAB 08/21/2026 PUT 95 ⚠	68	$38,000	0.4%	$558.82	—	—	29605J106
ZBRA	ZBRA 08/21/2026 PUT 240 ⚠	29	$27,000	0.3%	$931.03	—	—	989207105
APG	APG 08/21/2026 PUT 40 ⚠	95	$15,000	0.1%	$157.89	—	—	00187Y100
EXLS	EXLS 08/21/2026 PUT 25 ⚠	95	$8,000	0.1%	$84.21	—	—	302081104

Increased Positions (4)

GXO GXO Logistics Inc 7.6%

Value $770K (+39.2%) Shares 15,194 (+49.6%) Est. Cost $53.89 Unrealized —

NEOG Neogen Corp 5.5%

Value $561K (+50.8%) Shares 62,350 (+55.5%) Est. Cost $9.65 Unrealized —

ACVA Acv Auctions Inc 3.2%

Value $323K (+119.7%) Shares 44,982 (+30.1%) Est. Cost $10.50 Unrealized —

AWI Armstrong World Industries Inc 4.8%

Value $487K (+11.2%) Shares 3,037 (+14.2%) Est. Cost $188.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GXO	GXO Logistics Inc	15,194 (+49.6%)	$770K (+39.2%)	7.6%	$53.89	—	—	36262G101
NEOG	Neogen Corp	62,350 (+55.5%)	$561K (+50.8%)	5.5%	$9.65	—	—	640491106
ACVA	Acv Auctions Inc	44,982 (+30.1%)	$323K (+119.7%)	3.2%	$10.50	—	—	00091G104
AWI	Armstrong World Industries Inc	3,037 (+14.2%)	$487K (+11.2%)	4.8%	$188.72	—	—	04247X102

Exited Positions (18)

TECH Bio-Techne Corp 17.1%

Value $1.736M Shares 20,613 Est. Cost $60.72 Unrealized —

WSO Watsco Inc 11.2%

Value $1.137M Shares 3,057 Est. Cost $392.19 Unrealized —

LKQ LKQ Corp 7.8%

Value $792K Shares 25,907 Est. Cost $33.25 Unrealized —

CHWY Chewy Inc 6.9%

Value $704K Shares 26,075 Est. Cost $29.26 Unrealized —

ENVA Enova International Inc 6.9%

Value $700K Shares 4,954 Est. Cost $146.10 Unrealized —

WEX WEX Inc 6.4%

Value $656K Shares 4,104 Est. Cost $155.96 Unrealized —

GPC Genuine Parts Co 6.4%

Value $650K Shares 5,952 Est. Cost $133.51 Unrealized —

SMG Scotts Miracle-Gro Co 4.9%

Value $500K Shares 8,209 Est. Cost $59.82 Unrealized —

RVTY Revvity Inc 4.7%

Value $483K Shares 5,351 Est. Cost $104.83 Unrealized —

HLIO Helios Technologies Inc 4.5%

Value $454K Shares 7,013 Est. Cost $67.22 Unrealized —

ONTO Onto Innovation Inc 4.0%

Value $406K Shares 1,979 Est. Cost $206.81 Unrealized —

IRM Iron Mountain Inc 3.1%

Value $315K Shares 3,083 Est. Cost $83.24 Unrealized —

ARW Arrow Electronics Inc 3.0%

Value $309K Shares 2,119 Est. Cost $133.54 Unrealized —

FFIV F5 Inc 3.0%

Value $308K Shares 1,066 Est. Cost $272.46 Unrealized —

JBL Jabil Circuit Inc 2.5%

Value $252K Shares 950 Est. Cost $248.04 Unrealized —

CRS Carpenter Technology Corp 2.4%

Value $246K Shares 623 Est. Cost $349.30 Unrealized —

MTX Minerals Technologies Inc 2.4%

Value $243K Shares 3,429 Est. Cost $68.49 Unrealized —

HURN Huron Consulting Group Inc 2.0%

Value $206K Shares 1,612 Est. Cost $138.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TECH	Bio-Techne Corp	20,613	$1.736M	17.1%	$60.72	—	—	09073M104
WSO	Watsco Inc	3,057	$1.137M	11.2%	$392.19	—	—	942622200
LKQ	LKQ Corp	25,907	$792K	7.8%	$33.25	—	—	501889208
CHWY	Chewy Inc	26,075	$704K	6.9%	$29.26	—	—	16679L109
ENVA	Enova International Inc	4,954	$700K	6.9%	$146.10	—	—	29357K103
WEX	WEX Inc	4,104	$656K	6.4%	$155.96	—	—	96208T104
GPC	Genuine Parts Co	5,952	$650K	6.4%	$133.51	—	—	372460105
SMG	Scotts Miracle-Gro Co	8,209	$500K	4.9%	$59.82	—	—	810186106
RVTY	Revvity Inc	5,351	$483K	4.7%	$104.83	—	—	714046109
HLIO	Helios Technologies Inc	7,013	$454K	4.5%	$67.22	—	—	42328H109
ONTO	Onto Innovation Inc	1,979	$406K	4.0%	$206.81	—	—	683344105
IRM	Iron Mountain Inc	3,083	$315K	3.1%	$83.24	—	—	46284V101
ARW	Arrow Electronics Inc	2,119	$309K	3.0%	$133.54	—	—	042735100
FFIV	F5 Inc	1,066	$308K	3.0%	$272.46	—	—	315616102
JBL	Jabil Circuit Inc	950	$252K	2.5%	$248.04	—	—	466313103
CRS	Carpenter Technology Corp	623	$246K	2.4%	$349.30	—	—	144285103
MTX	Minerals Technologies Inc	3,429	$243K	2.4%	$68.49	—	—	603158106
HURN	Huron Consulting Group Inc	1,612	$206K	2.0%	$138.83	—	—	447462102

Decreased Positions (3)

VCEL Vericel Corp 4.6%

Value $470K (-39.0%) Shares 10,571 (-53.9%) Est. Cost $37.14 Unrealized —

CXT Crane NXT Co 3.4%

Value $341K (-24.4%) Shares 6,658 (-40.1%) Est. Cost $51.42 Unrealized —

CODI Compass Diversified Holdings 4.8%

Value $487K (+20.5%) Shares 45,685 (-11.2%) Est. Cost $6.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VCEL	Vericel Corp	10,571 (-53.9%)	$470K (-39.0%)	4.6%	$37.14	—	—	92346J108
CXT	Crane NXT Co	6,658 (-40.1%)	$341K (-24.4%)	3.4%	$51.42	—	—	224441105
CODI	Compass Diversified Holdings	45,685 (-11.2%)	$487K (+20.5%)	4.8%	$6.29	—	—	20451Q104