Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	106,230	$22.12M	3.7%	—	—	COM	023135106
KBR	KBR INC	584,372	$21.54M	3.6%	—	—	COM	48242W106
SANM	SANMINA CORP	98,107	$12.72M	2.1%	—	—	COM	801056102
LKQ	LKQ CORP	410,447	$12.05M	2.0%	—	—	COM	501889208
PLAB	PHOTRONICS INC	16,627	$672K	0.1%	—	—	COM	719405102
WOR	WORTHINGTON ENTERPRISES INC	7,907	$412K	0.1%	—	—	COM	981811102

Increased Positions (25)

MSM MSC INDL DIRECT INC 2.6%

Value $15.8M (+3752.0%) Shares 171,195 (+3411.0%) Est. Cost — Unrealized —

UPS UNITED PARCEL SVCS INC 4.4%

Value $26.14M (+51.0%) Shares 265,658 (+52.2%) Est. Cost — Unrealized —

OPLN OPENLANE INC 4.2%

Value $24.98M (+36.8%) Shares 857,029 (+39.7%) Est. Cost — Unrealized —

KDP KEURIG DR PEPPER INC 4.5%

Value $27.24M (+21.5%) Shares 1,034,558 (+29.2%) Est. Cost — Unrealized —

SOLV SOLVENTUM CORP 3.4%

Value $20.42M (-16.5%) Shares 312,776 (+1.3%) Est. Cost — Unrealized —

GBCI GLACIER BANCORP INC NEW 3.4%

Value $20.12M (+22.6%) Shares 450,448 (+20.9%) Est. Cost — Unrealized —

DIS DISNEY WALT CO 3.5%

Value $21.01M (+17.7%) Shares 218,009 (+39.0%) Est. Cost — Unrealized —

COLB COLUMBIA BKG SYS INC 2.5%

Value $14.74M (+27.2%) Shares 537,258 (+29.6%) Est. Cost — Unrealized —

EVTC EVERTEC INC 2.6%

Value $15.58M (+23.2%) Shares 551,921 (+27.0%) Est. Cost — Unrealized —

CSCO CISCO SYS INC 3.9%

Value $23.36M (+11.5%) Shares 301,042 (+10.7%) Est. Cost — Unrealized —

RKT ROCKET COS INC 3.7%

Value $22.01M (-9.5%) Shares 1,544,720 (+22.9%) Est. Cost — Unrealized —

BDX BECTON DICKINSON & CO 3.9%

Value $23.12M (+11.0%) Shares 147,068 (+37.0%) Est. Cost — Unrealized —

NKE NIKE INC 3.0%

Value $18.12M (+6.7%) Shares 343,045 (+28.7%) Est. Cost — Unrealized —

CAH CARDINAL HEALTH INC 4.0%

Value $24.12M (+4.1%) Shares 114,162 (+1.3%) Est. Cost — Unrealized —

GPN GLOBAL PMTS INC 3.5%

Value $20.74M (-4.4%) Shares 308,122 (+10.0%) Est. Cost — Unrealized —

EBAY EBAY INC. 2.1%

Value $12.73M (+5.8%) Shares 139,865 (+1.3%) Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 0.1%

Value $725K (+84.7%) Shares 6,926 (+56.1%) Est. Cost — Unrealized —

IESC IES HOLDINGS INC 0.1%

Value $651K (+43.7%) Shares 1,366 (+17.4%) Est. Cost — Unrealized —

HSIC SCHEIN HENRY INC 4.6%

Value $27.82M (-0.6%) Shares 377,411 (+2.0%) Est. Cost — Unrealized —

DOUG DOUGLAS ELLIMAN INC 0.0%

Value $260K (-30.1%) Shares 158,518 (+1.1%) Est. Cost — Unrealized —

KRNT KORNIT DIGITAL LTD 0.1%

Value $515K (+17.2%) Shares 35,161 (+15.0%) Est. Cost — Unrealized —

BLMN BLOOMIN BRANDS INC 0.0%

Value $266K (-11.5%) Shares 49,345 (+1.1%) Est. Cost — Unrealized —

HWC HANCOCK WHITNEY CORPORATION 0.1%

Value $429K (+6.9%) Shares 6,754 (+7.1%) Est. Cost — Unrealized —

AMCX AMC NETWORKS INC 0.0%

Value $299K (-8.2%) Shares 43,996 (+28.7%) Est. Cost — Unrealized —

XRN CHIRON REAL ESTATE INC 0.1%

Value $491K (-0.9%) Shares 14,851 (+1.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSM	MSC INDL DIRECT INC	171,195 (+3411.0%)	$15.8M (+3752.0%)	2.6%	—	—	CL A	553530106
UPS	UNITED PARCEL SVCS INC	265,658 (+52.2%)	$26.14M (+51.0%)	4.4%	—	—	CL B	911312106
OPLN	OPENLANE INC	857,029 (+39.7%)	$24.98M (+36.8%)	4.2%	—	—	COM	48238T109
KDP	KEURIG DR PEPPER INC	1,034,558 (+29.2%)	$27.24M (+21.5%)	4.5%	—	—	COM	49271V100
SOLV	SOLVENTUM CORP	312,776 (+1.3%)	$20.42M (-16.5%)	3.4%	—	—	COM SHS	83444M101
GBCI	GLACIER BANCORP INC NEW	450,448 (+20.9%)	$20.12M (+22.6%)	3.4%	—	—	COM	37637Q105
DIS	DISNEY WALT CO	218,009 (+39.0%)	$21.01M (+17.7%)	3.5%	—	—	COM	254687106
COLB	COLUMBIA BKG SYS INC	537,258 (+29.6%)	$14.74M (+27.2%)	2.5%	—	—	COM	197236102
EVTC	EVERTEC INC	551,921 (+27.0%)	$15.58M (+23.2%)	2.6%	—	—	COM	30040P103
CSCO	CISCO SYS INC	301,042 (+10.7%)	$23.36M (+11.5%)	3.9%	—	—	COM	17275R102
RKT	ROCKET COS INC	1,544,720 (+22.9%)	$22.01M (-9.5%)	3.7%	—	—	COM CL A	77311W101
BDX	BECTON DICKINSON & CO	147,068 (+37.0%)	$23.12M (+11.0%)	3.9%	—	—	COM	075887109
NKE	NIKE INC	343,045 (+28.7%)	$18.12M (+6.7%)	3.0%	—	—	CL B	654106103
CAH	CARDINAL HEALTH INC	114,162 (+1.3%)	$24.12M (+4.1%)	4.0%	—	—	COM	14149Y108
GPN	GLOBAL PMTS INC	308,122 (+10.0%)	$20.74M (-4.4%)	3.5%	—	—	COM	37940X102
EBAY	EBAY INC.	139,865 (+1.3%)	$12.73M (+5.8%)	2.1%	—	—	COM	278642103
CNR	CORE NATURAL RESOURCES INC	6,926 (+56.1%)	$725K (+84.7%)	0.1%	—	—	COM SHS	218937100
IESC	IES HOLDINGS INC	1,366 (+17.4%)	$651K (+43.7%)	0.1%	—	—	COM	44951W106
HSIC	SCHEIN HENRY INC	377,411 (+2.0%)	$27.82M (-0.6%)	4.6%	—	—	COM	806407102
DOUG	DOUGLAS ELLIMAN INC	158,518 (+1.1%)	$260K (-30.1%)	0.0%	—	—	COM	25961D105
KRNT	KORNIT DIGITAL LTD	35,161 (+15.0%)	$515K (+17.2%)	0.1%	—	—	SHS	M6372Q113
BLMN	BLOOMIN BRANDS INC	49,345 (+1.1%)	$266K (-11.5%)	0.0%	—	—	COM	094235108
HWC	HANCOCK WHITNEY CORPORATION	6,754 (+7.1%)	$429K (+6.9%)	0.1%	—	—	COM	410120109
AMCX	AMC NETWORKS INC	43,996 (+28.7%)	$299K (-8.2%)	0.0%	—	—	CL A	00164V103
XRN	CHIRON REAL ESTATE INC	14,851 (+1.1%)	$491K (-0.9%)	0.1%	—	—	COM NEW	37954A303

Exited Positions (6)

DLB DOLBY LABORATORIES INC 3.7%

Value $22.32M Shares 347,520 Est. Cost — Unrealized —

THR THERMON GROUP HLDGS INC 2.7%

Value $15.99M Shares 430,230 Est. Cost — Unrealized —

SYY SYSCO CORP 2.4%

Value $14.37M Shares 195,014 Est. Cost — Unrealized —

GPRE GREEN PLAINS INC 1.7%

Value $10.14M Shares 1,034,511 Est. Cost — Unrealized —

WBD WARNER BROS DISCOVERY INC 1.1%

Value $6.493M Shares 225,305 Est. Cost — Unrealized —

CVBF CVB FINL CORP 0.6%

Value $3.541M Shares 190,364 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DLB	DOLBY LABORATORIES INC	347,520	$22.32M	3.7%	—	—	—	25659T107
THR	THERMON GROUP HLDGS INC	430,230	$15.99M	2.7%	—	—	—	88362T103
SYY	SYSCO CORP	195,014	$14.37M	2.4%	—	—	—	871829107
GPRE	GREEN PLAINS INC	1,034,511	$10.14M	1.7%	—	—	—	393222104
WBD	WARNER BROS DISCOVERY INC	225,305	$6.493M	1.1%	—	—	—	934423104
CVBF	CVB FINL CORP	190,364	$3.541M	0.6%	—	—	—	126600105

Decreased Positions (9)

NATL NCR ATLEOS CORPORATION 1.6%

Value $9.885M (-58.3%) Shares 226,833 (-63.5%) Est. Cost — Unrealized —

CHE CHEMED CORP NEW 1.7%

Value $10.15M (-48.9%) Shares 26,873 (-42.2%) Est. Cost — Unrealized —

HNI HNI CORP 3.0%

Value $18.29M (-24.2%) Shares 547,715 (-4.6%) Est. Cost — Unrealized —

RTX RTX CORPORATION 3.0%

Value $17.79M (-14.4%) Shares 92,239 (-18.7%) Est. Cost — Unrealized —

PRDO PERDOCEO ED CORP 3.6%

Value $21.46M (+12.0%) Shares 576,861 (-11.7%) Est. Cost — Unrealized —

JNJ JOHNSON & JOHNSON 3.0%

Value $17.9M (-10.3%) Shares 73,244 (-24.1%) Est. Cost — Unrealized —

ECG EVERUS CONSTR GROUP 2.4%

Value $14.56M (-7.2%) Shares 123,336 (-32.7%) Est. Cost — Unrealized —

DK DELEK US HLDGS INC NEW 1.7%

Value $10.48M (-5.4%) Shares 232,636 (-37.8%) Est. Cost — Unrealized —

WEX WEX INC 2.4%

Value $14.12M (-0.6%) Shares 92,257 (-3.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NATL	NCR ATLEOS CORPORATION	226,833 (-63.5%)	$9.885M (-58.3%)	1.6%	—	—	COM SHS	63001N106
CHE	CHEMED CORP NEW	26,873 (-42.2%)	$10.15M (-48.9%)	1.7%	—	—	COM	16359R103
HNI	HNI CORP	547,715 (-4.6%)	$18.29M (-24.2%)	3.0%	—	—	COM	404251100
RTX	RTX CORPORATION	92,239 (-18.7%)	$17.79M (-14.4%)	3.0%	—	—	COM	75513E101
PRDO	PERDOCEO ED CORP	576,861 (-11.7%)	$21.46M (+12.0%)	3.6%	—	—	COM	71363P106
JNJ	JOHNSON & JOHNSON	73,244 (-24.1%)	$17.9M (-10.3%)	3.0%	—	—	COM	478160104
ECG	EVERUS CONSTR GROUP	123,336 (-32.7%)	$14.56M (-7.2%)	2.4%	—	—	COM	300426103
DK	DELEK US HLDGS INC NEW	232,636 (-37.8%)	$10.48M (-5.4%)	1.7%	—	—	COM	24665A103
WEX	WEX INC	92,257 (-3.2%)	$14.12M (-0.6%)	2.4%	—	—	COM	96208T104

Unchanged Positions (2)

CTBI COMMUNITY TR BANCORP INC 2.9%

Value $17.19M Shares 283,116 Est. Cost — Unrealized —

REYN REYNOLDS CONSUMER PRODS INC 2.9%

Value $17.4M Shares 821,432 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CTBI	COMMUNITY TR BANCORP INC	283,116	$17.19M	2.9%	—	—	COM	204149108
REYN	REYNOLDS CONSUMER PRODS INC	821,432	$17.4M	2.9%	—	—	COM	76171L106