Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GTES	Gates Industrial	6,189,245	$173M	2.5%	$27.97	—	COM	G39104107
ALH	Alliance Laundry	2,230,990	$59.17M	0.8%	$26.52	—	COM	01862Q107
IVV	iShares S&P 500	1,678	$1.257M	0.0%	$748.89	—	COM	464287200
IJR	iShares S&P 600	6,090	$903K	0.0%	$148.31	—	COM	464287804
RXEEY	Rexel	4,544	$202K	0.0%	$44.45	—	COM	761681105

Increased Positions (14)

NSIT Insight Enterprises 3.8%

Value $268M (+113.0%) Shares 2,197,521 (+17.2%) Est. Cost $99.30 Unrealized —

HAYW Hayward Holdings 2.9%

Value $202M (+73.0%) Shares 11,684,338 (+33.7%) Est. Cost $15.61 Unrealized —

BKNG Booking Holdings Inc 4.7%

Value $331M (-16.2%) Shares 1,858,189 (+1878.7%) Est. Cost $296.26 Unrealized —

LPX Louisiana-Pacific Corp. 2.0%

Value $138M (+49.6%) Shares 1,751,120 (+38.4%) Est. Cost $85.52 Unrealized —

COF Capital One Financial 2.2%

Value $151M (+41.5%) Shares 753,703 (+28.7%) Est. Cost $188.52 Unrealized —

OMF OneMain Holdings 2.7%

Value $188M (+30.9%) Shares 3,080,673 (+14.8%) Est. Cost $51.28 Unrealized —

VVV Valvoline Inc. 2.9%

Value $203M (+24.5%) Shares 5,122,337 (+6.1%) Est. Cost $36.16 Unrealized —

MWA Mueller Water Prod. 2.2%

Value $152M (+33.4%) Shares 5,902,018 (+42.0%) Est. Cost $25.49 Unrealized —

ATR AptarGroup Inc. 2.5%

Value $178M (+12.9%) Shares 1,423,771 (+13.7%) Est. Cost $124.42 Unrealized —

BJ BJ's Wholesale Club 1.2%

Value $86.19M (+27.0%) Shares 988,158 (+43.3%) Est. Cost $71.73 Unrealized —

MSA MSA Safety 1.8%

Value $125M (+11.9%) Shares 713,768 (+5.1%) Est. Cost $160.34 Unrealized —

HLI Houlihan Lokey Inc. 1.8%

Value $126M (+9.1%) Shares 938,411 (+16.8%) Est. Cost $82.48 Unrealized —

FCN FTI Consulting Inc 2.0%

Value $143M (-2.0%) Shares 957,952 (+16.3%) Est. Cost $169.14 Unrealized —

HURN Huron Consulting 1.7%

Value $117M (+1.2%) Shares 1,293,304 (+43.2%) Est. Cost $140.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSIT	Insight Enterprises	2,197,521 (+17.2%)	$268M (+113.0%)	3.8%	$99.30	—	COM	45765U103
HAYW	Hayward Holdings	11,684,338 (+33.7%)	$202M (+73.0%)	2.9%	$15.61	—	COM	421298100
BKNG	Booking Holdings Inc	1,858,189 (+1878.7%)	$331M (-16.2%)	4.7%	$296.26	—	COM	09857L108
LPX	Louisiana-Pacific Corp.	1,751,120 (+38.4%)	$138M (+49.6%)	2.0%	$85.52	—	COM	546347105
COF	Capital One Financial	753,703 (+28.7%)	$151M (+41.5%)	2.2%	$188.52	—	COM	14040H105
OMF	OneMain Holdings	3,080,673 (+14.8%)	$188M (+30.9%)	2.7%	$51.28	—	COM	68268W103
VVV	Valvoline Inc.	5,122,337 (+6.1%)	$203M (+24.5%)	2.9%	$36.16	—	COM	92047W101
MWA	Mueller Water Prod.	5,902,018 (+42.0%)	$152M (+33.4%)	2.2%	$25.49	—	COM	624758108
ATR	AptarGroup Inc.	1,423,771 (+13.7%)	$178M (+12.9%)	2.5%	$124.42	—	COM	038336103
BJ	BJ's Wholesale Club	988,158 (+43.3%)	$86.19M (+27.0%)	1.2%	$71.73	—	COM	05550J101
MSA	MSA Safety	713,768 (+5.1%)	$125M (+11.9%)	1.8%	$160.34	—	COM	553498106
HLI	Houlihan Lokey Inc.	938,411 (+16.8%)	$126M (+9.1%)	1.8%	$82.48	—	COM	441593100
FCN	FTI Consulting Inc	957,952 (+16.3%)	$143M (-2.0%)	2.0%	$169.14	—	COM	302941109
HURN	Huron Consulting	1,293,304 (+43.2%)	$117M (+1.2%)	1.7%	$140.70	—	COM	447462102

Exited Positions (11)

GTES Gates Industrial 2.1%

Value $150M Shares 6,654,116 Est. Cost $11.86 Unrealized —

ARW Arrow Electronics Inc. 2.1%

Value $150M Shares 1,048,441 Est. Cost $97.62 Unrealized —

SYY Sysco Corp. 1.9%

Value $134M Shares 1,876,385 Est. Cost $66.72 Unrealized —

GOOGL Alphabet Inc - Cl A 1.3%

Value $94.23M Shares 327,682 Est. Cost $94.32 Unrealized —

CCEP Coca-Cola Europacific 1.0%

Value $72.73M Shares 802,103 Est. Cost $60.99 Unrealized —

AIT Applied Ind. Tech. 0.8%

Value $54.64M Shares 205,928 Est. Cost $122.21 Unrealized —

CTS CTS Corp 0.7%

Value $49.79M Shares 1,042,452 Est. Cost $43.09 Unrealized —

WEIGF Weir Group PLC 0.0%

Value $1.255M Shares 34,009 Est. Cost $23.93 Unrealized —

BSPAX iShares S&P 500 0.0%

Value $337K Shares 443 Est. Cost $796.75 Unrealized —

IMCDY IMCD N.V. 0.0%

Value $209K Shares 4,002 Est. Cost $52.24 Unrealized —

BMRRY B&M European Value 0.0%

Value $106K Shares 12,165 Est. Cost $24.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GTES	Gates Industrial	6,654,116	$150M	2.1%	$11.86	—	—	G39108108
ARW	Arrow Electronics Inc.	1,048,441	$150M	2.1%	$97.62	—	—	042735100
SYY	Sysco Corp.	1,876,385	$134M	1.9%	$66.72	—	—	871829107
GOOGL	Alphabet Inc - Cl A	327,682	$94.23M	1.3%	$94.32	—	—	02079K305
CCEP	Coca-Cola Europacific	802,103	$72.73M	1.0%	$60.99	—	—	G25839104
AIT	Applied Ind. Tech.	205,928	$54.64M	0.8%	$122.21	—	—	03820C105
CTS	CTS Corp	1,042,452	$49.79M	0.7%	$43.09	—	—	126501105
WEIGF	Weir Group PLC	34,009	$1.255M	0.0%	$23.93	—	—	G95248137
BSPAX	iShares S&P 500	443	$337K	0.0%	$796.75	—	—	066923566
IMCDY	IMCD N.V.	4,002	$209K	0.0%	$52.24	—	—	44970W103
BMRRY	B&M European Value	12,165	$106K	0.0%	$24.03	—	—	05590Y100

Decreased Positions (37)

FCFS FirstCash Inc. 0.6%

Value $41.03M (-76.1%) Shares 189,663 (-79.2%) Est. Cost $88.16 Unrealized —

SCHW Charles Schwab Corp 3.0%

Value $212M (-35.0%) Shares 2,295,743 (-33.8%) Est. Cost $50.08 Unrealized —

FERG Ferguson Enterprises 2.9%

Value $201M (-35.7%) Shares 844,907 (-36.8%) Est. Cost $200.37 Unrealized —

— Accenture PLC 1.5%

Value $106M (-44.2%) Shares 855,060 (-11.2%) Est. Cost $250.07 Unrealized —

BRK/B Berkshire Hath. Cl B 1.0%

Value $71.72M (-50.9%) Shares 143,322 (-53.0%) Est. Cost $124.90 Unrealized —

BDX Becton Dickinson 1.8%

Value $126M (-35.4%) Shares 831,781 (-32.9%) Est. Cost $179.87 Unrealized —

AVY Avery Dennison Corp. 2.2%

Value $152M (-29.8%) Shares 935,794 (-25.3%) Est. Cost $169.30 Unrealized —

CARR Carrier Global 2.0%

Value $141M (-29.8%) Shares 1,923,538 (-46.1%) Est. Cost $47.42 Unrealized —

ARMK Aramark 5.3%

Value $371M (-13.6%) Shares 6,520,495 (-38.4%) Est. Cost $33.75 Unrealized —

WTM White Mountains Ins. 2.0%

Value $138M (-26.2%) Shares 66,550 (-21.8%) Est. Cost $1467.48 Unrealized —

PHG Koninklijke Philips NV 1.3%

Value $94.08M (-31.0%) Shares 3,459,961 (-30.5%) Est. Cost $33.56 Unrealized —

DGX Quest Diagnostics 1.5%

Value $102M (-27.5%) Shares 483,557 (-32.9%) Est. Cost $125.21 Unrealized —

UNH UnitedHealth Group 1.9%

Value $135M (+39.9%) Shares 325,962 (-8.9%) Est. Cost $216.63 Unrealized —

ALLE Allegion PLC 1.6%

Value $113M (-24.8%) Shares 803,654 (-22.2%) Est. Cost $146.27 Unrealized —

FMS Fresenius Med. Care 0.9%

Value $66.42M (-34.0%) Shares 2,937,829 (-34.2%) Est. Cost $32.35 Unrealized —

DLTR Dollar Tree 1.2%

Value $85.55M (-26.8%) Shares 707,327 (-33.7%) Est. Cost $95.95 Unrealized —

PNC PNC Financial Services 1.5%

Value $105M (-20.5%) Shares 427,245 (-32.8%) Est. Cost $224.93 Unrealized —

FBIN Fortune Brands Innov. 1.5%

Value $106M (+31.1%) Shares 1,928,059 (-7.0%) Est. Cost $56.55 Unrealized —

CVCO Cavco Industries 2.2%

Value $154M (+18.6%) Shares 250,135 (-6.5%) Est. Cost $526.93 Unrealized —

UL Unilever PLC ADR 1.5%

Value $107M (-17.8%) Shares 1,786,644 (-22.1%) Est. Cost $65.40 Unrealized —

PRI Primerica Inc. 2.2%

Value $152M (-12.4%) Shares 534,226 (-22.8%) Est. Cost $185.93 Unrealized —

CDW CDW Corp 2.8%

Value $196M (+12.2%) Shares 1,393,758 (-3.4%) Est. Cost $164.82 Unrealized —

ACGL Arch Capital Group 1.7%

Value $119M (-15.2%) Shares 1,225,226 (-16.1%) Est. Cost $92.54 Unrealized —

ZION Zions Bancorporation 2.6%

Value $179M (+11.6%) Shares 2,591,257 (-7.1%) Est. Cost $42.59 Unrealized —

MAS Masco Corp 1.8%

Value $127M (-11.1%) Shares 1,562,913 (-34.0%) Est. Cost $32.10 Unrealized —

CNM Core & Main 1.6%

Value $111M (-9.2%) Shares 2,308,589 (-7.0%) Est. Cost $38.25 Unrealized —

SSD Simpson Mfg. Co. 1.2%

Value $84.75M (+13.7%) Shares 404,809 (-6.8%) Est. Cost $113.18 Unrealized —

SUNB Sunbelt Rentals 1.7%

Value $116M (-7.1%) Shares 1,553,309 (-19.2%) Est. Cost $65.09 Unrealized —

HSIC Henry Schein Inc. 2.2%

Value $152M (+5.4%) Shares 1,817,353 (-7.0%) Est. Cost $68.97 Unrealized —

DCI Donaldson Co. Inc. 1.6%

Value $115M (-5.1%) Shares 1,279,144 (-10.3%) Est. Cost $53.51 Unrealized —

RHI Robert Half Inc. 0.7%

Value $46.72M (+7.7%) Shares 1,521,878 (-10.9%) Est. Cost $64.76 Unrealized —

PGR Progressive Corp. 1.6%

Value $112M (-2.4%) Shares 513,457 (-11.4%) Est. Cost $114.65 Unrealized —

CSL Carlisle Cos. Inc. 2.3%

Value $163M (-1.3%) Shares 447,968 (-9.3%) Est. Cost $194.14 Unrealized —

IFJPY Informa PLC 0.0%

Value $1.707M (+16.2%) Shares 70,966 (-1.4%) Est. Cost $20.53 Unrealized —

SDXAY Sodexo 0.0%

Value $1.594M (-9.2%) Shares 137,928 (-18.9%) Est. Cost $15.22 Unrealized —

RYAAY Ryanair Holdings 1.2%

Value $83.26M (-0.1%) Shares 1,285,919 (-10.8%) Est. Cost $72.56 Unrealized —

EDNMY Edenred 0.0%

Value $173K (+24.6%) Shares 13,586 (-4.8%) Est. Cost $14.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FCFS	FirstCash Inc.	189,663 (-79.2%)	$41.03M (-76.1%)	0.6%	$88.16	—	COM	33768G107
SCHW	Charles Schwab Corp	2,295,743 (-33.8%)	$212M (-35.0%)	3.0%	$50.08	—	COM	808513105
FERG	Ferguson Enterprises	844,907 (-36.8%)	$201M (-35.7%)	2.9%	$200.37	—	COM	31488V107
—	Accenture PLC	855,060 (-11.2%)	$106M (-44.2%)	1.5%	$250.07	—	COM	g1151c101
BRK/B	Berkshire Hath. Cl B	143,322 (-53.0%)	$71.72M (-50.9%)	1.0%	$124.90	—	COM	084670702
BDX	Becton Dickinson	831,781 (-32.9%)	$126M (-35.4%)	1.8%	$179.87	—	COM	075887109
AVY	Avery Dennison Corp.	935,794 (-25.3%)	$152M (-29.8%)	2.2%	$169.30	—	COM	053611109
CARR	Carrier Global	1,923,538 (-46.1%)	$141M (-29.8%)	2.0%	$47.42	—	COM	14448C104
ARMK	Aramark	6,520,495 (-38.4%)	$371M (-13.6%)	5.3%	$33.75	—	COM	03852U106
WTM	White Mountains Ins.	66,550 (-21.8%)	$138M (-26.2%)	2.0%	$1467.48	—	COM	G9618E107
PHG	Koninklijke Philips NV	3,459,961 (-30.5%)	$94.08M (-31.0%)	1.3%	$33.56	—	COM	500472303
DGX	Quest Diagnostics	483,557 (-32.9%)	$102M (-27.5%)	1.5%	$125.21	—	COM	74834L100
UNH	UnitedHealth Group	325,962 (-8.9%)	$135M (+39.9%)	1.9%	$216.63	—	COM	91324P102
ALLE	Allegion PLC	803,654 (-22.2%)	$113M (-24.8%)	1.6%	$146.27	—	COM	G0176J109
FMS	Fresenius Med. Care	2,937,829 (-34.2%)	$66.42M (-34.0%)	0.9%	$32.35	—	COM	358029106
DLTR	Dollar Tree	707,327 (-33.7%)	$85.55M (-26.8%)	1.2%	$95.95	—	COM	256746108
PNC	PNC Financial Services	427,245 (-32.8%)	$105M (-20.5%)	1.5%	$224.93	—	COM	693475105
FBIN	Fortune Brands Innov.	1,928,059 (-7.0%)	$106M (+31.1%)	1.5%	$56.55	—	COM	34964C106
CVCO	Cavco Industries	250,135 (-6.5%)	$154M (+18.6%)	2.2%	$526.93	—	COM	149568107
UL	Unilever PLC ADR	1,786,644 (-22.1%)	$107M (-17.8%)	1.5%	$65.40	—	COM	904767803
PRI	Primerica Inc.	534,226 (-22.8%)	$152M (-12.4%)	2.2%	$185.93	—	COM	74164M108
CDW	CDW Corp	1,393,758 (-3.4%)	$196M (+12.2%)	2.8%	$164.82	—	COM	12514G108
ACGL	Arch Capital Group	1,225,226 (-16.1%)	$119M (-15.2%)	1.7%	$92.54	—	COM	G0450A105
ZION	Zions Bancorporation	2,591,257 (-7.1%)	$179M (+11.6%)	2.6%	$42.59	—	COM	989701107
MAS	Masco Corp	1,562,913 (-34.0%)	$127M (-11.1%)	1.8%	$32.10	—	COM	574599106
CNM	Core & Main	2,308,589 (-7.0%)	$111M (-9.2%)	1.6%	$38.25	—	COM	21874C102
SSD	Simpson Mfg. Co.	404,809 (-6.8%)	$84.75M (+13.7%)	1.2%	$113.18	—	COM	829073105
SUNB	Sunbelt Rentals	1,553,309 (-19.2%)	$116M (-7.1%)	1.7%	$65.09	—	COM	866966104
HSIC	Henry Schein Inc.	1,817,353 (-7.0%)	$152M (+5.4%)	2.2%	$68.97	—	COM	806407102
DCI	Donaldson Co. Inc.	1,279,144 (-10.3%)	$115M (-5.1%)	1.6%	$53.51	—	COM	257651109
RHI	Robert Half Inc.	1,521,878 (-10.9%)	$46.72M (+7.7%)	0.7%	$64.76	—	COM	770323103
PGR	Progressive Corp.	513,457 (-11.4%)	$112M (-2.4%)	1.6%	$114.65	—	COM	743315103
CSL	Carlisle Cos. Inc.	447,968 (-9.3%)	$163M (-1.3%)	2.3%	$194.14	—	COM	142339100
IFJPY	Informa PLC	70,966 (-1.4%)	$1.707M (+16.2%)	0.0%	$20.53	—	COM	45672B305
SDXAY	Sodexo	137,928 (-18.9%)	$1.594M (-9.2%)	0.0%	$15.22	—	COM	833792104
RYAAY	Ryanair Holdings	1,285,919 (-10.8%)	$83.26M (-0.1%)	1.2%	$72.56	—	COM	783513203
EDNMY	Edenred	13,586 (-4.8%)	$173K (+24.6%)	0.0%	$14.86	—	COM	279655104