Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSIT	INSIGHT ENTERPRISES INC	106,952 (+26.7%)	$13.03M (+130.2%)	2.8%	$90.86	—	COM	45765U103
TRMB	TRIMBLE INC	229,315 (+100.4%)	$11.74M (+57.3%)	2.5%	$61.07	—	COM	896239100
ATR	APTARGROUP INC	121,355 (+39.8%)	$15.19M (+38.9%)	3.2%	$117.17	—	COM	038336103
MGEE	MGE ENERGY INC	228,679 (+20.6%)	$18.65M (+27.3%)	4.0%	$76.00	—	COM	55277P104
STE	STERIS PLC SHS USD	84,495 (+31.1%)	$17.79M (+24.9%)	3.8%	$190.05	—	COM	G8473T100
LH	LABORATORY CORP AMER HLDGS	54,385 (+24.0%)	$15.23M (+30.2%)	3.3%	$215.82	—	COM	504922105
ORLY	O REILLY AUTOMOTIVE INC	164,080 (+29.2%)	$15.11M (+28.9%)	3.2%	$87.97	—	COM	67103H107
MSA	MSA SAFETY INC	96,741 (+13.6%)	$16.89M (+21.0%)	3.6%	$161.74	—	COM	553498106
WRB	BERKLEY W R CORP	162,554 (+23.3%)	$11.46M (+31.2%)	2.5%	$44.69	—	COM	084423102
TSCO	TRACTOR SUPPLY CO	359,937 (+26.5%)	$11.38M (-11.7%)	2.4%	$45.30	—	COM	892356106

Exited Positions (2)

BRO BROWN & BROWN INC 2.0%

Value $9.4M Shares 144,149 Est. Cost $68.78 Unrealized —

MKC MCCORMICK & CO INC 0.8%

Value $3.822M Shares 75,775 Est. Cost $66.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC	144,149	$9.4M	2.0%	$68.78	—	—	115236101
MKC	MCCORMICK & CO INC	75,775	$3.822M	0.8%	$66.69	—	—	579780206

Decreased Positions (26)

ARW ARROW ELECTRS INC 2.3%

Value $10.96M (-24.4%) Shares 51,368 (-49.2%) Est. Cost $89.37 Unrealized —

CASY CASEYS GEN STORES INC 1.4%

Value $6.316M (-33.2%) Shares 7,947 (-38.9%) Est. Cost $101.43 Unrealized —

DVN DEVON ENERGY CORP NEW 2.4%

Value $11.34M (-20.0%) Shares 274,418 (-2.6%) Est. Cost $36.35 Unrealized —

CBSH COMMERCE BANCSHARES INC 4.1%

Value $19.2M (+15.2%) Shares 332,442 (-1.8%) Est. Cost $44.22 Unrealized —

CASS CASS INFORMATION SYS INC 3.8%

Value $17.82M (+14.3%) Shares 347,328 (-2.0%) Est. Cost $40.99 Unrealized —

GNTX GENTEX CORP 3.2%

Value $15.09M (+13.4%) Shares 597,167 (-1.9%) Est. Cost $28.66 Unrealized —

MTB M & T BANK CORP 3.3%

Value $15.21M (+12.9%) Shares 63,885 (-2.0%) Est. Cost $110.89 Unrealized —

AZZ AZZ INC 2.1%

Value $9.884M (-14.7%) Shares 63,750 (-31.2%) Est. Cost $91.96 Unrealized —

SJM SMUCKER J M CO 2.8%

Value $13.18M (+14.3%) Shares 117,159 (-2.0%) Est. Cost $101.67 Unrealized —

NTRS NORTHERN TRUST CORP 1.9%

Value $9.04M (+22.1%) Shares 51,999 (-1.9%) Est. Cost $65.10 Unrealized —

WTM WHITE MOUNT INS GRP LTD 4.1%

Value $19.11M (-7.5%) Shares 9,215 (-1.9%) Est. Cost $872.68 Unrealized —

MAX MEDIAALPHA INC 1.3%

Value $6.148M (+32.5%) Shares 489,098 (-2.0%) Est. Cost $9.91 Unrealized —

RPM RPM INTL INC 3.4%

Value $15.79M (+9.6%) Shares 142,095 (-2.0%) Est. Cost $84.99 Unrealized —

MHK MOHAWK INDS INC 1.7%

Value $7.91M (+20.8%) Shares 65,195 (-2.0%) Est. Cost $122.13 Unrealized —

HXL HEXCEL CORP NEW 3.3%

Value $15.26M (-8.1%) Shares 152,463 (-25.6%) Est. Cost $61.56 Unrealized —

TEX TEREX CORP NEW 1.6%

Value $7.717M (+20.1%) Shares 106,610 (-1.9%) Est. Cost $62.32 Unrealized —

ZBH ZIMMER HLDGS INC 2.6%

Value $11.93M (-6.7%) Shares 138,547 (-2.0%) Est. Cost $110.82 Unrealized —

MWA MUELLER WTR PRODS INC 2.0%

Value $9.487M (-7.9%) Shares 367,282 (-1.9%) Est. Cost $9.97 Unrealized —

WAB WABTEC CORP 3.0%

Value $13.92M (+5.8%) Shares 51,647 (-2.0%) Est. Cost $76.61 Unrealized —

CHRW C H ROBINSON WORLDWIDE INC 1.5%

Value $7.11M (+11.1%) Shares 37,751 (-2.0%) Est. Cost $75.03 Unrealized —

TFX TELEFLEX INCORPORATED 2.8%

Value $13.19M (+3.8%) Shares 104,065 (-2.1%) Est. Cost $185.46 Unrealized —

FUL FULLER H B CO 1.0%

Value $4.509M (-7.4%) Shares 77,354 (-2.0%) Est. Cost $63.35 Unrealized —

SON SONOCO PRODUCTS 3.6%

Value $16.93M (+2.1%) Shares 300,496 (-2.0%) Est. Cost $40.22 Unrealized —

IEX IDEX CORP 3.2%

Value $14.87M (-2.1%) Shares 65,510 (-18.2%) Est. Cost $151.05 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 2.3%

Value $10.55M (-2.7%) Shares 30,127 (-21.5%) Est. Cost $144.37 Unrealized —

TTC TORO CO 3.1%

Value $14.32M (+2.0%) Shares 146,959 (-2.1%) Est. Cost $88.23 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARW	ARROW ELECTRS INC	51,368 (-49.2%)	$10.96M (-24.4%)	2.3%	$89.37	—	COM	042735100
CASY	CASEYS GEN STORES INC	7,947 (-38.9%)	$6.316M (-33.2%)	1.4%	$101.43	—	COM	147528103
DVN	DEVON ENERGY CORP NEW	274,418 (-2.6%)	$11.34M (-20.0%)	2.4%	$36.35	—	COM	25179M103
CBSH	COMMERCE BANCSHARES INC	332,442 (-1.8%)	$19.2M (+15.2%)	4.1%	$44.22	—	COM	200525103
CASS	CASS INFORMATION SYS INC	347,328 (-2.0%)	$17.82M (+14.3%)	3.8%	$40.99	—	COM	14808P109
GNTX	GENTEX CORP	597,167 (-1.9%)	$15.09M (+13.4%)	3.2%	$28.66	—	COM	371901109
MTB	M & T BANK CORP	63,885 (-2.0%)	$15.21M (+12.9%)	3.3%	$110.89	—	COM	55261F104
AZZ	AZZ INC	63,750 (-31.2%)	$9.884M (-14.7%)	2.1%	$91.96	—	COM	002474104
SJM	SMUCKER J M CO	117,159 (-2.0%)	$13.18M (+14.3%)	2.8%	$101.67	—	COM	832696405
NTRS	NORTHERN TRUST CORP	51,999 (-1.9%)	$9.04M (+22.1%)	1.9%	$65.10	—	COM	665859104
WTM	WHITE MOUNT INS GRP LTD	9,215 (-1.9%)	$19.11M (-7.5%)	4.1%	$872.68	—	COM	G9618E107
MAX	MEDIAALPHA INC	489,098 (-2.0%)	$6.148M (+32.5%)	1.3%	$9.91	—	COM	58450V104
RPM	RPM INTL INC	142,095 (-2.0%)	$15.79M (+9.6%)	3.4%	$84.99	—	COM	749685103
MHK	MOHAWK INDS INC	65,195 (-2.0%)	$7.91M (+20.8%)	1.7%	$122.13	—	COM	608190104
HXL	HEXCEL CORP NEW	152,463 (-25.6%)	$15.26M (-8.1%)	3.3%	$61.56	—	COM	428291108
TEX	TEREX CORP NEW	106,610 (-1.9%)	$7.717M (+20.1%)	1.6%	$62.32	—	COM	880779103
ZBH	ZIMMER HLDGS INC	138,547 (-2.0%)	$11.93M (-6.7%)	2.6%	$110.82	—	COM	98956P102
MWA	MUELLER WTR PRODS INC	367,282 (-1.9%)	$9.487M (-7.9%)	2.0%	$9.97	—	COM	624758108
WAB	WABTEC CORP	51,647 (-2.0%)	$13.92M (+5.8%)	3.0%	$76.61	—	COM	929740108
CHRW	C H ROBINSON WORLDWIDE INC	37,751 (-2.0%)	$7.11M (+11.1%)	1.5%	$75.03	—	COM	12541W209
TFX	TELEFLEX INCORPORATED	104,065 (-2.1%)	$13.19M (+3.8%)	2.8%	$185.46	—	COM	879369106
FUL	FULLER H B CO	77,354 (-2.0%)	$4.509M (-7.4%)	1.0%	$63.35	—	COM	359694106
SON	SONOCO PRODUCTS	300,496 (-2.0%)	$16.93M (+2.1%)	3.6%	$40.22	—	COM	835495102
IEX	IDEX CORP	65,510 (-18.2%)	$14.87M (-2.1%)	3.2%	$151.05	—	COM	45167R104
KEYS	KEYSIGHT TECHNOLOGIES INC	30,127 (-21.5%)	$10.55M (-2.7%)	2.3%	$144.37	—	COM	49338L103
TTC	TORO CO	146,959 (-2.1%)	$14.32M (+2.0%)	3.1%	$88.23	—	COM	891092108