Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAL	American Airlines Group Inc.	5,952,846	$108M	3.3%	$18.07	—	COMMON	02376R102
ELV	Elevance Health, Inc.	243,452	$94.15M	2.9%	$386.73	—	COMMON	036752103
TEL	TE Connectivity PLC	447,360	$90.19M	2.8%	$201.61	—	COMMON	G87052109
TMO	Thermo Fisher Scientific, Inc.	165,318	$82.88M	2.6%	$501.36	—	COMMON	883556102
NFG	National Fuel Gas Company	902,778	$69.7M	2.1%	$77.21	—	COMMON	636180101
GPC	Genuine Parts Company	579,343	$68.35M	2.1%	$117.98	—	COMMON	372460105
ORCL	Oracle Corporation	454,708	$66.64M	2.1%	$146.55	—	COMMON	68389X105

Increased Positions (15)

LUV Southwest Airlines Co. 3.9%

Value $126M (+66.9%) Shares 2,441,564 (+22.0%) Est. Cost $34.73 Unrealized —

QCOM QUALCOMM Incorporated 3.1%

Value $101M (+85.0%) Shares 547,812 (+29.0%) Est. Cost $163.76 Unrealized —

SW Smurfit WestRock Public Limited Company 2.6%

Value $84.92M (+41.2%) Shares 1,835,817 (+21.6%) Est. Cost $44.39 Unrealized —

VST Vistra Corp. 2.8%

Value $91.59M (+27.0%) Shares 577,385 (+20.3%) Est. Cost $162.41 Unrealized —

OMC Omnicom Group Inc. 2.5%

Value $82.27M (+29.6%) Shares 1,129,610 (+34.0%) Est. Cost $75.60 Unrealized —

BA The Boeing Company 2.7%

Value $88.12M (+24.7%) Shares 407,058 (+14.7%) Est. Cost $235.72 Unrealized —

UPS United Parcel Service, Inc. Cl B 2.7%

Value $86.19M (+20.3%) Shares 801,772 (+10.1%) Est. Cost $109.65 Unrealized —

QXO QXO, Inc. 2.8%

Value $89.83M (+17.7%) Shares 5,198,401 (+32.3%) Est. Cost $18.70 Unrealized —

PFE Pfizer Inc 2.8%

Value $91.99M (+14.1%) Shares 3,820,117 (+33.1%) Est. Cost $25.66 Unrealized —

BRK/B Berkshire Hathaway Inc. - Class B 3.1%

Value $102M (+6.7%) Shares 203,903 (+2.2%) Est. Cost $362.50 Unrealized —

MDT Medtronic, PLC 2.0%

Value $65.6M (-8.3%) Shares 838,573 (+1.6%) Est. Cost $99.17 Unrealized —

EQT EQT Corporation 2.6%

Value $83.23M (+5.8%) Shares 1,565,288 (+26.7%) Est. Cost $53.31 Unrealized —

BP BP PLC Sponsored ADR 2.5%

Value $82.82M (+5.4%) Shares 2,241,317 (+34.1%) Est. Cost $35.29 Unrealized —

PKG Packaging Corporation of America 0.4%

Value $14.54M (+25.1%) Shares 61,025 (+11.5%) Est. Cost $227.55 Unrealized —

CVX Chevron Corporation 0.1%

Value $2.234M (+9.5%) Shares 13,475 (+36.7%) Est. Cost $170.23 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LUV	Southwest Airlines Co.	2,441,564 (+22.0%)	$126M (+66.9%)	3.9%	$34.73	—	COMMON	844741108
QCOM	QUALCOMM Incorporated	547,812 (+29.0%)	$101M (+85.0%)	3.1%	$163.76	—	COMMON	747525103
SW	Smurfit WestRock Public Limited Company	1,835,817 (+21.6%)	$84.92M (+41.2%)	2.6%	$44.39	—	COMMON	G8267P108
VST	Vistra Corp.	577,385 (+20.3%)	$91.59M (+27.0%)	2.8%	$162.41	—	COMMON	92840M102
OMC	Omnicom Group Inc.	1,129,610 (+34.0%)	$82.27M (+29.6%)	2.5%	$75.60	—	COMMON	681919106
BA	The Boeing Company	407,058 (+14.7%)	$88.12M (+24.7%)	2.7%	$235.72	—	COMMON	097023105
UPS	United Parcel Service, Inc. Cl B	801,772 (+10.1%)	$86.19M (+20.3%)	2.7%	$109.65	—	COMMON	911312106
QXO	QXO, Inc.	5,198,401 (+32.3%)	$89.83M (+17.7%)	2.8%	$18.70	—	COMMON	82846H405
PFE	Pfizer Inc	3,820,117 (+33.1%)	$91.99M (+14.1%)	2.8%	$25.66	—	COMMON	717081103
BRK/B	Berkshire Hathaway Inc. - Class B	203,903 (+2.2%)	$102M (+6.7%)	3.1%	$362.50	—	COMMON	084670702
MDT	Medtronic, PLC	838,573 (+1.6%)	$65.6M (-8.3%)	2.0%	$99.17	—	COMMON	G5960L103
EQT	EQT Corporation	1,565,288 (+26.7%)	$83.23M (+5.8%)	2.6%	$53.31	—	COMMON	26884L109
BP	BP PLC Sponsored ADR	2,241,317 (+34.1%)	$82.82M (+5.4%)	2.5%	$35.29	—	COMMON	055622104
PKG	Packaging Corporation of America	61,025 (+11.5%)	$14.54M (+25.1%)	0.4%	$227.55	—	COMMON	695156109
CVX	Chevron Corporation	13,475 (+36.7%)	$2.234M (+9.5%)	0.1%	$170.23	—	COMMON	166764100

Exited Positions (7)

MRVL Marvell Technology, Inc. 3.5%

Value $114M Shares 1,148,590 Est. Cost $76.25 Unrealized —

CTRA Coterra Energy Inc. 2.3%

Value $74.81M Shares 2,128,868 Est. Cost $23.66 Unrealized —

CHKP Check Point Software Technologies Ltd. 2.3%

Value $74.07M Shares 518,529 Est. Cost $195.85 Unrealized —

ACI Albertsons Companies, Inc. 2.2%

Value $70.45M Shares 4,134,360 Est. Cost $20.46 Unrealized —

ICLR ICON Plc 2.1%

Value $69.38M Shares 626,958 Est. Cost $156.36 Unrealized —

KMI Kinder Morgan, Inc. 2.0%

Value $64.19M Shares 1,914,405 Est. Cost $18.92 Unrealized —

FLEX Flex Ltd. 1.9%

Value $60.54M Shares 924,882 Est. Cost $12.30 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	Marvell Technology, Inc.	1,148,590	$114M	3.5%	$76.25	—	—	573874104
CTRA	Coterra Energy Inc.	2,128,868	$74.81M	2.3%	$23.66	—	—	127097103
CHKP	Check Point Software Technologies Ltd.	518,529	$74.07M	2.3%	$195.85	—	—	M22465104
ACI	Albertsons Companies, Inc.	4,134,360	$70.45M	2.2%	$20.46	—	—	013091103
ICLR	ICON Plc	626,958	$69.38M	2.1%	$156.36	—	—	G4705A100
KMI	Kinder Morgan, Inc.	1,914,405	$64.19M	2.0%	$18.92	—	—	49456B101
FLEX	Flex Ltd.	924,882	$60.54M	1.9%	$12.30	—	—	Y2573F102

Decreased Positions (17)

REGN Regeneron Pharmaceuticals, Inc. 2.4%

Value $79.19M (-32.1%) Shares 126,994 (-15.9%) Est. Cost $603.86 Unrealized —

OC Owens Corning 2.9%

Value $92.93M (+45.0%) Shares 584,629 (-1.3%) Est. Cost $125.69 Unrealized —

ZBH Zimmer Biomet Holdings Inc. 2.1%

Value $68.41M (-28.1%) Shares 794,602 (-24.5%) Est. Cost $102.14 Unrealized —

KD Kyndryl Holdings, Inc. 0.9%

Value $28.32M (-48.0%) Shares 2,504,350 (-39.6%) Est. Cost $28.81 Unrealized —

BAC Bank of America Corporation 3.6%

Value $116M (+15.3%) Shares 2,038,298 (-1.3%) Est. Cost $44.33 Unrealized —

MHK Mohawk Industries, Inc. 2.4%

Value $76.96M (+21.7%) Shares 634,336 (-1.3%) Est. Cost $115.98 Unrealized —

INCY Incyte Corporation 2.6%

Value $85.9M (+18.9%) Shares 757,723 (-1.3%) Est. Cost $70.40 Unrealized —

GEHC GE HealthCare Technologies Inc. 2.2%

Value $71.64M (-15.6%) Shares 1,119,193 (-6.2%) Est. Cost $75.11 Unrealized —

CSX CSX Corporation 2.2%

Value $69.99M (-14.8%) Shares 1,472,441 (-26.5%) Est. Cost $32.91 Unrealized —

TEVA Teva Pharmaceutical Industries Ltd. - ADR 4.0%

Value $129M (+10.1%) Shares 3,804,497 (-2.1%) Est. Cost $11.27 Unrealized —

GOOGL Alphabet Inc. - Class A 2.6%

Value $83.18M (+13.1%) Shares 232,766 (-9.0%) Est. Cost $172.22 Unrealized —

AMZN Amazon.com, Inc. 2.6%

Value $83.45M (+5.8%) Shares 350,136 (-7.6%) Est. Cost $226.83 Unrealized —

WFC Wells Fargo & Company 2.3%

Value $73.63M (+2.5%) Shares 890,946 (-1.3%) Est. Cost $42.04 Unrealized —

GM General Motors Company 2.4%

Value $78.94M (+2.1%) Shares 1,024,187 (-1.3%) Est. Cost $44.08 Unrealized —

C Citigroup Inc. 2.7%

Value $86.16M (-1.8%) Shares 615,635 (-20.4%) Est. Cost $66.43 Unrealized —

PEG Public Service Enterprise Group Incorporated 2.4%

Value $78.69M (-1.3%) Shares 969,513 (-1.5%) Est. Cost $76.38 Unrealized —

NXPI NXP Semiconductors NV 2.5%

Value $80.57M (-0.3%) Shares 286,699 (-30.2%) Est. Cost $234.41 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
REGN	Regeneron Pharmaceuticals, Inc.	126,994 (-15.9%)	$79.19M (-32.1%)	2.4%	$603.86	—	COMMON	75886F107
OC	Owens Corning	584,629 (-1.3%)	$92.93M (+45.0%)	2.9%	$125.69	—	COMMON	690742101
ZBH	Zimmer Biomet Holdings Inc.	794,602 (-24.5%)	$68.41M (-28.1%)	2.1%	$102.14	—	COMMON	98956P102
KD	Kyndryl Holdings, Inc.	2,504,350 (-39.6%)	$28.32M (-48.0%)	0.9%	$28.81	—	COMMON	50155Q100
BAC	Bank of America Corporation	2,038,298 (-1.3%)	$116M (+15.3%)	3.6%	$44.33	—	COMMON	060505104
MHK	Mohawk Industries, Inc.	634,336 (-1.3%)	$76.96M (+21.7%)	2.4%	$115.98	—	COMMON	608190104
INCY	Incyte Corporation	757,723 (-1.3%)	$85.9M (+18.9%)	2.6%	$70.40	—	COMMON	45337C102
GEHC	GE HealthCare Technologies Inc.	1,119,193 (-6.2%)	$71.64M (-15.6%)	2.2%	$75.11	—	COMMON	36266G107
CSX	CSX Corporation	1,472,441 (-26.5%)	$69.99M (-14.8%)	2.2%	$32.91	—	COMMON	126408103
TEVA	Teva Pharmaceutical Industries Ltd. - ADR	3,804,497 (-2.1%)	$129M (+10.1%)	4.0%	$11.27	—	COMMON	881624209
GOOGL	Alphabet Inc. - Class A	232,766 (-9.0%)	$83.18M (+13.1%)	2.6%	$172.22	—	COMMON	02079K305
AMZN	Amazon.com, Inc.	350,136 (-7.6%)	$83.45M (+5.8%)	2.6%	$226.83	—	COMMON	023135106
WFC	Wells Fargo & Company	890,946 (-1.3%)	$73.63M (+2.5%)	2.3%	$42.04	—	COMMON	949746101
GM	General Motors Company	1,024,187 (-1.3%)	$78.94M (+2.1%)	2.4%	$44.08	—	COMMON	37045V100
C	Citigroup Inc.	615,635 (-20.4%)	$86.16M (-1.8%)	2.7%	$66.43	—	COMMON	172967424
PEG	Public Service Enterprise Group Incorporated	969,513 (-1.5%)	$78.69M (-1.3%)	2.4%	$76.38	—	COMMON	744573106
NXPI	NXP Semiconductors NV	286,699 (-30.2%)	$80.57M (-0.3%)	2.5%	$234.41	—	COMMON	N6596X109

Unchanged Positions (1)

DIS The Walt Disney Company 2.9%

Value $93.15M Shares 967,830 Est. Cost $104.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DIS	The Walt Disney Company	967,830	$93.15M	2.9%	$104.39	—	COMMON	254687106