Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TTEK	Tetra Tech Inc	1,785,403	$51.58M	0.6%	$28.89	—	COM	88162G103
AJG	Arthur J. Gallagher & Co. ⚠	176,000	$40.4M	0.5%	$238.34	—	COM	363576109
JNJ	Johnson & Johnson ⚠	123,440	$31.35M	0.4%	$110.06	—	COM	478160104
IPAR	Inter Parfums Inc.	233,810	$26.15M	0.3%	$111.86	—	COM	458334109
TGLS	Tecnoglass	549,174	$25.71M	0.3%	$46.81	—	COM	87877F103
IFF	International Flavors & Fragra ⚠	212,000	$16.79M	0.2%	$74.79	—	COM	459506101
EPAM	EPAM Systems Inc.	147,803	$11.73M	0.1%	$79.35	—	COM	29414B104

Increased Positions (16)

PPG PPG Industries 2.2%

Value $193M (+40.8%) Shares 1,591,403 (+24.0%) Est. Cost $116.16 Unrealized —

ALLE Allegion PLC 1.5%

Value $129M (+40.5%) Shares 915,070 (+45.3%) Est. Cost $142.18 Unrealized —

MIDD Middleby Corp 1.3%

Value $109M (+49.2%) Shares 631,996 (+15.0%) Est. Cost $145.23 Unrealized —

CBRE CBRE Group Inc. Cl A 1.5%

Value $134M (+33.6%) Shares 993,756 (+34.3%) Est. Cost $107.08 Unrealized —

UL Unilever PLC ADR 0.9%

Value $74.02M (+81.4%) Shares 1,231,189 (+71.9%) Est. Cost $62.23 Unrealized —

ESAB ESAB Corporation 1.4%

Value $125M (+28.9%) Shares 1,269,727 (+26.3%) Est. Cost $82.04 Unrealized —

CSL Carlisle Companies Incorporate 1.4%

Value $118M (+27.6%) Shares 326,131 (+17.4%) Est. Cost $356.25 Unrealized —

AVY Avery Dennison Corp Com 1.4%

Value $117M (+25.7%) Shares 719,495 (+33.7%) Est. Cost $169.80 Unrealized —

GIL Gildan Activewear 3.9%

Value $337M (-4.4%) Shares 6,521,892 (+3.1%) Est. Cost $25.82 Unrealized —

MKL Markel Group 0.6%

Value $56M (+34.8%) Shares 28,672 (+32.1%) Est. Cost $1501.82 Unrealized —

ADP Automatic Data Processing Inc. 0.9%

Value $73.7M (+19.1%) Shares 329,078 (+8.0%) Est. Cost $239.56 Unrealized —

MKTX MarketAxess Holdings Inc 0.3%

Value $27.1M (-27.4%) Shares 238,755 (+5.5%) Est. Cost $168.27 Unrealized —

FISV Fiserv Inc 1.7%

Value $146M (+4.5%) Shares 2,973,969 (+18.9%) Est. Cost $85.67 Unrealized —

DIS The Walt Disney Company 1.7%

Value $146M (+4.1%) Shares 1,513,410 (+4.3%) Est. Cost $106.33 Unrealized —

HCA HCA Healthcare Inc. 0.4%

Value $37.52M (+6.1%) Shares 96,228 (+28.8%) Est. Cost $227.88 Unrealized —

AWI Armstrong World Industries Inc 0.4%

Value $36.8M (-1.4%) Shares 229,378 (+1.3%) Est. Cost $105.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PPG	PPG Industries	1,591,403 (+24.0%)	$193M (+40.8%)	2.2%	$116.16	—	COM	693506107
ALLE	Allegion PLC	915,070 (+45.3%)	$129M (+40.5%)	1.5%	$142.18	—	COM	G0176J109
MIDD	Middleby Corp	631,996 (+15.0%)	$109M (+49.2%)	1.3%	$145.23	—	COM	596278101
CBRE	CBRE Group Inc. Cl A	993,756 (+34.3%)	$134M (+33.6%)	1.5%	$107.08	—	COM	12504L109
UL	Unilever PLC ADR	1,231,189 (+71.9%)	$74.02M (+81.4%)	0.9%	$62.23	—	ADR	904767803
ESAB	ESAB Corporation	1,269,727 (+26.3%)	$125M (+28.9%)	1.4%	$82.04	—	COM	29605J106
CSL	Carlisle Companies Incorporate	326,131 (+17.4%)	$118M (+27.6%)	1.4%	$356.25	—	COM	142339100
AVY	Avery Dennison Corp Com	719,495 (+33.7%)	$117M (+25.7%)	1.4%	$169.80	—	COM	053611109
GIL	Gildan Activewear	6,521,892 (+3.1%)	$337M (-4.4%)	3.9%	$25.82	—	COM	375916103
MKL	Markel Group	28,672 (+32.1%)	$56M (+34.8%)	0.6%	$1501.82	—	COM	570535104
ADP	Automatic Data Processing Inc.	329,078 (+8.0%)	$73.7M (+19.1%)	0.9%	$239.56	—	COM	053015103
MKTX	MarketAxess Holdings Inc	238,755 (+5.5%)	$27.1M (-27.4%)	0.3%	$168.27	—	COM	57060D108
FISV	Fiserv Inc	2,973,969 (+18.9%)	$146M (+4.5%)	1.7%	$85.67	—	COM	337738108
DIS	The Walt Disney Company	1,513,410 (+4.3%)	$146M (+4.1%)	1.7%	$106.33	—	COM	254687106
HCA	HCA Healthcare Inc.	96,228 (+28.8%)	$37.52M (+6.1%)	0.4%	$227.88	—	COM	40412C101
AWI	Armstrong World Industries Inc	229,378 (+1.3%)	$36.8M (-1.4%)	0.4%	$105.27	—	COM	04247X102

Exited Positions (7)

SWK Stanley Black & Decker 0.7%

Value $59.26M Shares 833,900 Est. Cost $130.55 Unrealized —

AYI Acuity Inc 0.4%

Value $32.65M Shares 116,510 Est. Cost $321.75 Unrealized —

TGLS Tecnoglass 0.3%

Value $24.09M Shares 540,788 Est. Cost $41.53 Unrealized —

ARW Arrow Electronics 0.2%

Value $16.28M Shares 113,545 Est. Cost $90.31 Unrealized —

GLOB Globant SA 0.2%

Value $15.19M Shares 329,412 Est. Cost $62.32 Unrealized —

WFRD Weatherford International plc 0.1%

Value $12.2M Shares 129,022 Est. Cost $78.41 Unrealized —

BOOM DMC Global Inc 0.0%

Value $3.895M Shares 747,692 Est. Cost $35.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SWK	Stanley Black & Decker	833,900	$59.26M	0.7%	$130.55	—	—	854502101
AYI	Acuity Inc	116,510	$32.65M	0.4%	$321.75	—	—	00508Y102
TGLS	Tecnoglass	540,788	$24.09M	0.3%	$41.53	—	—	G87264100
ARW	Arrow Electronics	113,545	$16.28M	0.2%	$90.31	—	—	042735100
GLOB	Globant SA	329,412	$15.19M	0.2%	$62.32	—	—	L44385109
WFRD	Weatherford International plc	129,022	$12.2M	0.1%	$78.41	—	—	G48833118
BOOM	DMC Global Inc	747,692	$3.895M	0.0%	$35.86	—	—	23291C103

Decreased Positions (60)

STT State Street 0.0%

Value $1.239M (-98.6%) Shares 7,303 (-98.9%) Est. Cost $59.91 Unrealized —

WTM White Mountains Insurance Grou 2.0%

Value $176M (-23.4%) Shares 85,120 (-18.8%) Est. Cost $1835.05 Unrealized —

UNH UnitedHealth Group 1.6%

Value $138M (+51.2%) Shares 332,455 (-1.5%) Est. Cost $455.38 Unrealized —

TKR The Timken Company 0.6%

Value $49.08M (-46.6%) Shares 337,731 (-63.0%) Est. Cost $71.66 Unrealized —

COP ConocoPhillips 1.5%

Value $127M (-22.3%) Shares 1,221,187 (-1.3%) Est. Cost $98.81 Unrealized —

AESI Atlas Energy Solutions Inc 0.0%

Value $348K (-98.9%) Shares 20,930 (-99.2%) Est. Cost $17.15 Unrealized —

FUL H.B. Fuller Company 0.7%

Value $64.41M (-33.2%) Shares 1,105,022 (-29.3%) Est. Cost $58.51 Unrealized —

INGR Ingredion Incorporated 1.1%

Value $98.25M (-23.7%) Shares 1,037,422 (-9.3%) Est. Cost $102.09 Unrealized —

JNJ Johnson & Johnson ⚠ 0.4%

Value $33.49M (-46.8%) Shares 131,879 (-48.8%) Est. Cost $110.06 Unrealized —

WSFS WSFS Financial 0.3%

Value $25.35M (-50.9%) Shares 330,340 (-58.1%) Est. Cost $51.20 Unrealized —

MKSI MKS Inc. 0.8%

Value $73.49M (+52.3%) Shares 165,227 (-21.3%) Est. Cost $107.85 Unrealized —

HAS Hasbro 1.1%

Value $96.96M (-19.5%) Shares 1,173,995 (-8.8%) Est. Cost $61.96 Unrealized —

CRL Charles River Laboratories 2.0%

Value $171M (+14.5%) Shares 755,630 (-12.9%) Est. Cost $186.92 Unrealized —

ARMK Aramark 1.5%

Value $133M (-13.9%) Shares 2,329,401 (-38.7%) Est. Cost $38.10 Unrealized —

EPAC Enerpac Tool Group Corp 0.5%

Value $46.06M (-28.6%) Shares 1,284,544 (-27.4%) Est. Cost $30.63 Unrealized —

XRAY Dentsply Sirona Inc 0.9%

Value $73.51M (-18.8%) Shares 6,927,915 (-11.2%) Est. Cost $39.60 Unrealized —

VZ Verizon Communications 0.9%

Value $80.82M (-17.0%) Shares 1,908,717 (-1.6%) Est. Cost $37.97 Unrealized —

CNMD CONMED Corporation 0.2%

Value $18.77M (-46.3%) Shares 573,498 (-41.9%) Est. Cost $69.58 Unrealized —

SUNB Sunbelt Rentals Holdings Inc 2.3%

Value $198M (+8.5%) Shares 2,655,707 (-5.7%) Est. Cost $64.61 Unrealized —

CBSH Commerce Bancshares 0.4%

Value $34.14M (-31.0%) Shares 591,221 (-41.2%) Est. Cost $43.71 Unrealized —

STC Stewart Information Services 0.3%

Value $24.45M (-36.8%) Shares 370,288 (-41.1%) Est. Cost $51.43 Unrealized —

ITGR Integer Holdings Corporation 0.4%

Value $33.03M (-30.1%) Shares 353,465 (-34.1%) Est. Cost $85.79 Unrealized —

WGO Winnebago 0.5%

Value $39.88M (-26.2%) Shares 1,276,663 (-26.8%) Est. Cost $46.60 Unrealized —

BAC Bank of America 1.2%

Value $105M (+15.2%) Shares 1,839,377 (-1.5%) Est. Cost $36.16 Unrealized —

RUSHA Rush Enterprises Inc. Class A 0.2%

Value $21.33M (-36.6%) Shares 292,313 (-42.6%) Est. Cost $40.53 Unrealized —

RHP Ryman Hospitality Properties 1.6%

Value $135M (+9.9%) Shares 1,051,051 (-21.1%) Est. Cost $98.56 Unrealized —

MSA MSA Safety 1.5%

Value $127M (-8.7%) Shares 725,229 (-14.2%) Est. Cost $175.69 Unrealized —

JBI Janus International Group 0.3%

Value $28.3M (-29.4%) Shares 5,099,757 (-34.5%) Est. Cost $11.82 Unrealized —

COLB Columbia Banking System 0.6%

Value $48.1M (-18.5%) Shares 1,500,913 (-30.3%) Est. Cost $23.46 Unrealized —

WWD Woodward 1.6%

Value $135M (+8.7%) Shares 317,057 (-8.6%) Est. Cost $109.60 Unrealized —

BUR Burford Capital Limited 0.2%

Value $15.5M (-39.5%) Shares 3,781,152 (-33.3%) Est. Cost $12.40 Unrealized —

ESNT Essent Group Ltd 1.2%

Value $106M (-8.6%) Shares 1,650,122 (-16.9%) Est. Cost $48.27 Unrealized —

BV BrightView Holdings Inc 0.4%

Value $35.56M (-21.9%) Shares 2,509,527 (-35.0%) Est. Cost $13.52 Unrealized —

GBCI Glacier Bancorp Inc 1.4%

Value $118M (-7.5%) Shares 2,291,137 (-19.9%) Est. Cost $35.71 Unrealized —

SSD Simpson Manufacturing Co Inc 0.2%

Value $14.13M (-39.4%) Shares 67,499 (-50.3%) Est. Cost $174.74 Unrealized —

BDX Becton Dickinson and Company 2.0%

Value $172M (-4.8%) Shares 1,136,526 (-1.0%) Est. Cost $213.65 Unrealized —

TFX Teleflex Incorporated 1.5%

Value $128M (-6.2%) Shares 1,011,666 (-11.5%) Est. Cost $208.31 Unrealized —

MBUU Malibu Boats Inc - A 0.4%

Value $30.28M (-21.5%) Shares 1,103,942 (-25.8%) Est. Cost $47.94 Unrealized —

MDT Medtronic PLC 0.7%

Value $62.52M (-11.1%) Shares 799,208 (-1.6%) Est. Cost $86.32 Unrealized —

PRGO Perrigo Co PLC 0.1%

Value $12.35M (-36.8%) Shares 1,188,669 (-34.6%) Est. Cost $41.51 Unrealized —

IFF International Flavors & Fragra ⚠ 0.4%

Value $30.89M (-18.3%) Shares 389,864 (-25.2%) Est. Cost $74.79 Unrealized —

DFH Dream Finders Homes Inc - A 0.4%

Value $32.29M (-16.5%) Shares 1,870,801 (-32.7%) Est. Cost $23.34 Unrealized —

IDT IDT Corporation Cl B 0.2%

Value $14.08M (-30.0%) Shares 242,039 (-40.9%) Est. Cost $50.09 Unrealized —

BN Brookfield Corp 1.7%

Value $148M (+3.9%) Shares 3,477,413 (-1.2%) Est. Cost $29.96 Unrealized —

RNR RenaissanceRe 2.8%

Value $246M (-1.7%) Shares 776,599 (-7.8%) Est. Cost $207.01 Unrealized —

PGR Progressive Corporation 0.6%

Value $49.84M (+8.6%) Shares 228,166 (-1.5%) Est. Cost $206.69 Unrealized —

MBC MasterBrand Inc. 0.3%

Value $26.26M (-12.1%) Shares 2,551,527 (-29.0%) Est. Cost $11.80 Unrealized —

VREX Varex Imaging Corporation 0.1%

Value $10.42M (-24.6%) Shares 999,151 (-23.3%) Est. Cost $23.46 Unrealized —

WMG Warner Music Group Corp Cl A 1.4%

Value $125M (+2.7%) Shares 4,620,824 (-3.1%) Est. Cost $27.28 Unrealized —

CB Chubb Limited 1.4%

Value $117M (+2.8%) Shares 343,888 (-1.7%) Est. Cost $183.00 Unrealized —

LAD Lithia Motors Inc 1.0%

Value $88.96M (+2.8%) Shares 306,231 (-11.6%) Est. Cost $321.76 Unrealized —

SCHW Charles Schwab Corporation 0.7%

Value $63.26M (-3.3%) Shares 685,644 (-1.5%) Est. Cost $53.27 Unrealized —

AJG Arthur J. Gallagher & Co. ⚠ 1.6%

Value $136M (+1.1%) Shares 593,623 (-4.7%) Est. Cost $238.34 Unrealized —

WAT Waters Corp 0.9%

Value $78.66M (-1.8%) Shares 209,736 (-22.0%) Est. Cost $367.10 Unrealized —

VVV Valvoline Inc 1.6%

Value $137M (-1.0%) Shares 3,473,065 (-15.7%) Est. Cost $34.64 Unrealized —

KHC The Kraft Heinz Company 1.0%

Value $87.58M (-0.6%) Shares 3,708,082 (-5.4%) Est. Cost $31.23 Unrealized —

ATO Atmos Energy 0.0%

Value $474K (-12.8%) Shares 2,752 (-6.5%) Est. Cost $96.55 Unrealized —

TEL TE Connectivity 0.0%

Value $843K (-5.4%) Shares 4,180 (-1.9%) Est. Cost $146.90 Unrealized —

GOOGL Alphabet Inc CL A 0.0%

Value $822K (+5.8%) Shares 2,301 (-14.8%) Est. Cost $99.47 Unrealized —

HNI HNI Corporation 0.4%

Value $32.29M (+0.1%) Shares 798,957 (-17.3%) Est. Cost $46.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STT	State Street	7,303 (-98.9%)	$1.239M (-98.6%)	0.0%	$59.91	—	COM	857477103
WTM	White Mountains Insurance Grou	85,120 (-18.8%)	$176M (-23.4%)	2.0%	$1835.05	—	COM	G9618E107
UNH	UnitedHealth Group	332,455 (-1.5%)	$138M (+51.2%)	1.6%	$455.38	—	COM	91324P102
TKR	The Timken Company	337,731 (-63.0%)	$49.08M (-46.6%)	0.6%	$71.66	—	COM	887389104
COP	ConocoPhillips	1,221,187 (-1.3%)	$127M (-22.3%)	1.5%	$98.81	—	COM	20825C104
AESI	Atlas Energy Solutions Inc	20,930 (-99.2%)	$348K (-98.9%)	0.0%	$17.15	—	COM	642045108
FUL	H.B. Fuller Company	1,105,022 (-29.3%)	$64.41M (-33.2%)	0.7%	$58.51	—	COM	359694106
INGR	Ingredion Incorporated	1,037,422 (-9.3%)	$98.25M (-23.7%)	1.1%	$102.09	—	COM	457187102
JNJ	Johnson & Johnson ⚠	131,879 (-48.8%)	$33.49M (-46.8%)	0.4%	$110.06	—	COM	478160104
WSFS	WSFS Financial	330,340 (-58.1%)	$25.35M (-50.9%)	0.3%	$51.20	—	COM	929328102
MKSI	MKS Inc.	165,227 (-21.3%)	$73.49M (+52.3%)	0.8%	$107.85	—	COM	55306N104
HAS	Hasbro	1,173,995 (-8.8%)	$96.96M (-19.5%)	1.1%	$61.96	—	COM	418056107
CRL	Charles River Laboratories	755,630 (-12.9%)	$171M (+14.5%)	2.0%	$186.92	—	COM	159864107
ARMK	Aramark	2,329,401 (-38.7%)	$133M (-13.9%)	1.5%	$38.10	—	COM	03852U106
EPAC	Enerpac Tool Group Corp	1,284,544 (-27.4%)	$46.06M (-28.6%)	0.5%	$30.63	—	COM	292765104
XRAY	Dentsply Sirona Inc	6,927,915 (-11.2%)	$73.51M (-18.8%)	0.9%	$39.60	—	COM	24906P109
VZ	Verizon Communications	1,908,717 (-1.6%)	$80.82M (-17.0%)	0.9%	$37.97	—	COM	92343V104
CNMD	CONMED Corporation	573,498 (-41.9%)	$18.77M (-46.3%)	0.2%	$69.58	—	COM	207410101
SUNB	Sunbelt Rentals Holdings Inc	2,655,707 (-5.7%)	$198M (+8.5%)	2.3%	$64.61	—	COM	866966104
CBSH	Commerce Bancshares	591,221 (-41.2%)	$34.14M (-31.0%)	0.4%	$43.71	—	COM	200525103
STC	Stewart Information Services	370,288 (-41.1%)	$24.45M (-36.8%)	0.3%	$51.43	—	COM	860372101
ITGR	Integer Holdings Corporation	353,465 (-34.1%)	$33.03M (-30.1%)	0.4%	$85.79	—	COM	45826H109
WGO	Winnebago	1,276,663 (-26.8%)	$39.88M (-26.2%)	0.5%	$46.60	—	COM	974637100
BAC	Bank of America	1,839,377 (-1.5%)	$105M (+15.2%)	1.2%	$36.16	—	COM	060505104
RUSHA	Rush Enterprises Inc. Class A	292,313 (-42.6%)	$21.33M (-36.6%)	0.2%	$40.53	—	COM	781846209
RHP	Ryman Hospitality Properties	1,051,051 (-21.1%)	$135M (+9.9%)	1.6%	$98.56	—	COM	78377T107
MSA	MSA Safety	725,229 (-14.2%)	$127M (-8.7%)	1.5%	$175.69	—	COM	553498106
JBI	Janus International Group	5,099,757 (-34.5%)	$28.3M (-29.4%)	0.3%	$11.82	—	COM	47103N106
COLB	Columbia Banking System	1,500,913 (-30.3%)	$48.1M (-18.5%)	0.6%	$23.46	—	COM	197236102
WWD	Woodward	317,057 (-8.6%)	$135M (+8.7%)	1.6%	$109.60	—	COM	980745103
BUR	Burford Capital Limited	3,781,152 (-33.3%)	$15.5M (-39.5%)	0.2%	$12.40	—	COM	G17977110
ESNT	Essent Group Ltd	1,650,122 (-16.9%)	$106M (-8.6%)	1.2%	$48.27	—	COM	G3198U102
BV	BrightView Holdings Inc	2,509,527 (-35.0%)	$35.56M (-21.9%)	0.4%	$13.52	—	COM	10948C107
GBCI	Glacier Bancorp Inc	2,291,137 (-19.9%)	$118M (-7.5%)	1.4%	$35.71	—	COM	37637Q105
SSD	Simpson Manufacturing Co Inc	67,499 (-50.3%)	$14.13M (-39.4%)	0.2%	$174.74	—	COM	829073105
BDX	Becton Dickinson and Company	1,136,526 (-1.0%)	$172M (-4.8%)	2.0%	$213.65	—	COM	075887109
TFX	Teleflex Incorporated	1,011,666 (-11.5%)	$128M (-6.2%)	1.5%	$208.31	—	COM	879369106
MBUU	Malibu Boats Inc - A	1,103,942 (-25.8%)	$30.28M (-21.5%)	0.4%	$47.94	—	COM	56117J100
MDT	Medtronic PLC	799,208 (-1.6%)	$62.52M (-11.1%)	0.7%	$86.32	—	COM	G5960L103
PRGO	Perrigo Co PLC	1,188,669 (-34.6%)	$12.35M (-36.8%)	0.1%	$41.51	—	COM	G97822103
IFF	International Flavors & Fragra ⚠	389,864 (-25.2%)	$30.89M (-18.3%)	0.4%	$74.79	—	COM	459506101
DFH	Dream Finders Homes Inc - A	1,870,801 (-32.7%)	$32.29M (-16.5%)	0.4%	$23.34	—	COM	26154D100
IDT	IDT Corporation Cl B	242,039 (-40.9%)	$14.08M (-30.0%)	0.2%	$50.09	—	COM	448947507
BN	Brookfield Corp	3,477,413 (-1.2%)	$148M (+3.9%)	1.7%	$29.96	—	COM	11271J107
RNR	RenaissanceRe	776,599 (-7.8%)	$246M (-1.7%)	2.8%	$207.01	—	COM	G7496G103
PGR	Progressive Corporation	228,166 (-1.5%)	$49.84M (+8.6%)	0.6%	$206.69	—	COM	743315103
MBC	MasterBrand Inc.	2,551,527 (-29.0%)	$26.26M (-12.1%)	0.3%	$11.80	—	COM	57638P104
VREX	Varex Imaging Corporation	999,151 (-23.3%)	$10.42M (-24.6%)	0.1%	$23.46	—	COM	92214X106
WMG	Warner Music Group Corp Cl A	4,620,824 (-3.1%)	$125M (+2.7%)	1.4%	$27.28	—	COM	934550203
CB	Chubb Limited	343,888 (-1.7%)	$117M (+2.8%)	1.4%	$183.00	—	COM	H1467J104
LAD	Lithia Motors Inc	306,231 (-11.6%)	$88.96M (+2.8%)	1.0%	$321.76	—	COM	536797103
SCHW	Charles Schwab Corporation	685,644 (-1.5%)	$63.26M (-3.3%)	0.7%	$53.27	—	COM	808513105
AJG	Arthur J. Gallagher & Co. ⚠	593,623 (-4.7%)	$136M (+1.1%)	1.6%	$238.34	—	COM	363576109
WAT	Waters Corp	209,736 (-22.0%)	$78.66M (-1.8%)	0.9%	$367.10	—	COM	941848103
VVV	Valvoline Inc	3,473,065 (-15.7%)	$137M (-1.0%)	1.6%	$34.64	—	COM	92047W101
KHC	The Kraft Heinz Company	3,708,082 (-5.4%)	$87.58M (-0.6%)	1.0%	$31.23	—	COM	500754106
ATO	Atmos Energy	2,752 (-6.5%)	$474K (-12.8%)	0.0%	$96.55	—	COM	049560105
TEL	TE Connectivity	4,180 (-1.9%)	$843K (-5.4%)	0.0%	$146.90	—	COM	G87052109
GOOGL	Alphabet Inc CL A	2,301 (-14.8%)	$822K (+5.8%)	0.0%	$99.47	—	COM	02079K305
HNI	HNI Corporation	798,957 (-17.3%)	$32.29M (+0.1%)	0.4%	$46.69	—	COM	404251100

Unchanged Positions (20)

RBA RB Global Inc 3.3%

Value $289M Shares 2,479,885 Est. Cost $58.23 Unrealized —

OXY Occidental Petroleum 1.2%

Value $108M Shares 2,219,769 Est. Cost $55.29 Unrealized —

NXPI NXP Semiconductors N.V. 0.8%

Value $67.47M Shares 240,075 Est. Cost $219.35 Unrealized —

CCI Crown Castle Inc 2.4%

Value $207M Shares 2,727,278 Est. Cost $91.89 Unrealized —

LKQ LKQ Corp 1.1%

Value $95.95M Shares 3,644,136 Est. Cost $43.72 Unrealized —

C Citigroup 0.7%

Value $59.96M Shares 428,426 Est. Cost $66.43 Unrealized —

EOG EOG Resources Inc 1.0%

Value $86.16M Shares 664,173 Est. Cost $105.80 Unrealized —

MTB M&T Bank Corporation 0.8%

Value $71.27M Shares 299,450 Est. Cost $155.65 Unrealized —

LH Labcorp Holdings 2.2%

Value $187M Shares 669,178 Est. Cost $199.75 Unrealized —

OMC Omnicom Group 1.9%

Value $165M Shares 2,265,219 Est. Cost $62.83 Unrealized —

AER AerCap Holdings N.V. 1.6%

Value $135M Shares 927,931 Est. Cost $49.43 Unrealized —

APG APi Group 0.9%

Value $75.7M Shares 1,787,528 Est. Cost $22.24 Unrealized —

FNF Fidelity National Financial In 2.6%

Value $225M Shares 4,770,774 Est. Cost $32.19 Unrealized —

ACGL Arch Capital Group 2.5%

Value $215M Shares 2,219,448 Est. Cost $89.88 Unrealized —

BAM Brookfield Asset Management - 1.6%

Value $137M Shares 3,064,050 Est. Cost $44.04 Unrealized —

GOOG Alphabet Inc CL C 0.0%

Value $565K Shares 1,600 Est. Cost $129.05 Unrealized —

JPM JP Morgan Chase 0.0%

Value $613K Shares 1,872 Est. Cost $77.36 Unrealized —

PM Philip Morris Int'l 0.0%

Value $494K Shares 2,733 Est. Cost $77.89 Unrealized —

BRK/B Berkshire Hathaway Cl B 0.0%

Value $1.146M Shares 2,290 Est. Cost $217.21 Unrealized —

TJX TJX COS INC NEW COM 0.0%

Value $379K Shares 2,500 Est. Cost $76.14 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RBA	RB Global Inc	2,479,885	$289M	3.3%	$58.23	—	COM	74935Q107
OXY	Occidental Petroleum	2,219,769	$108M	1.2%	$55.29	—	COM	674599105
NXPI	NXP Semiconductors N.V.	240,075	$67.47M	0.8%	$219.35	—	COM	N6596X109
CCI	Crown Castle Inc	2,727,278	$207M	2.4%	$91.89	—	COM	22822V101
LKQ	LKQ Corp	3,644,136	$95.95M	1.1%	$43.72	—	COM	501889208
C	Citigroup	428,426	$59.96M	0.7%	$66.43	—	COM	172967424
EOG	EOG Resources Inc	664,173	$86.16M	1.0%	$105.80	—	COM	26875P101
MTB	M&T Bank Corporation	299,450	$71.27M	0.8%	$155.65	—	COM	55261F104
LH	Labcorp Holdings	669,178	$187M	2.2%	$199.75	—	COM	504922105
OMC	Omnicom Group	2,265,219	$165M	1.9%	$62.83	—	COM	681919106
AER	AerCap Holdings N.V.	927,931	$135M	1.6%	$49.43	—	COM	N00985106
APG	APi Group	1,787,528	$75.7M	0.9%	$22.24	—	COM	00187Y100
FNF	Fidelity National Financial In	4,770,774	$225M	2.6%	$32.19	—	COM	31620R303
ACGL	Arch Capital Group	2,219,448	$215M	2.5%	$89.88	—	COM	G0450A105
BAM	Brookfield Asset Management -	3,064,050	$137M	1.6%	$44.04	—	COM	113004105
GOOG	Alphabet Inc CL C	1,600	$565K	0.0%	$129.05	—	COM	02079K107
JPM	JP Morgan Chase	1,872	$613K	0.0%	$77.36	—	COM	46625H100
PM	Philip Morris Int'l	2,733	$494K	0.0%	$77.89	—	COM	718172109
BRK/B	Berkshire Hathaway Cl B	2,290	$1.146M	0.0%	$217.21	—	COM	084670702
TJX	TJX COS INC NEW COM	2,500	$379K	0.0%	$76.14	—	COM	872540109