Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SMG	SCOTTS MIRACLE-GRO CO	962,642	$58.54M	0.7%	$64.30	0.0%	CL A	810186106
FITB	FIFTH THIRD BANCORP	567,418	$26.36M	0.3%	$51.27	0.0%	COM	316773100
VT	VANGUARD INTL EQUITY INDEX F	9,964	$1.378M	0.0%	$138.32	—	TT WRLD ST ETF	922042742
VWO	VANGUARD INTL EQUITY INDEX F	20,245	$1.094M	0.0%	$54.05	—	FTSE EMR MKT ETF	922042858
RCL	ROYAL CARIBBEAN GROUP	1,740	$479K	0.0%	$308.86	0.0%	COM	V7780T103
VXUS	VANGUARD STAR FDS	4,685	$361K	0.0%	$77.11	—	VG TL INTL STK F	921909768
XCEM	COLUMBIA ETF TR II	8,466	$345K	0.0%	$40.81	—	EM CORE EX ETF	19762B202
IWS	ISHARES TR	1,145	$167K	0.0%	$145.74	—	RUS MDCP VAL ETF	464287473

Increased Positions (39)

OSW ONESPAWORLD HOLDINGS LIMITED 4.0%

Value $354M (+21.9%) Shares 15,432,414 (+10.1%) Est. Cost $14.07 Unrealized +50.2%

MAT MATTEL INC 2.2%

Value $197M (-20.7%) Shares 13,567,083 (+8.3%) Est. Cost $18.18 Unrealized +9.3%

ZBRA ZEBRA TECHNOLOGIES CORPORATI 1.8%

Value $163M (+40.7%) Shares 777,363 (+63.4%) Est. Cost $266.04 Unrealized -6.4%

NCLH NORWEGIAN CRUISE LINE HLDGS 3.1%

Value $274M (-14.4%) Shares 14,661,579 (+2.2%) Est. Cost $21.15 Unrealized +8.1%

CRL CHARLES RIV LABS INTL INC 2.8%

Value $249M (-12.5%) Shares 1,444,183 (+1.1%) Est. Cost $180.70 Unrealized +9.3%

CVSA COVISTA INC 2.5%

Value $223M (+13.4%) Shares 1,931,284 (+1.8%) Est. Cost $61.56 Unrealized +74.6%

RLI RLI CORP 0.6%

Value $49.74M (+108.3%) Shares 872,033 (+133.7%) Est. Cost $60.71 Unrealized -0.9%

MIDD MIDDLEBY CORP 2.3%

Value $209M (-9.9%) Shares 1,574,530 (+1.0%) Est. Cost $132.43 Unrealized +17.4%

AQN ALGONQUIN POWER & UTILITIES 1.3%

Value $121M (+23.2%) Shares 19,641,661 (+23.4%) Est. Cost $5.40 Unrealized +20.6%

SJM SMUCKER J M CO 2.0%

Value $179M (+14.0%) Shares 1,860,459 (+15.6%) Est. Cost $103.80 Unrealized +0.3%

MHK MOHAWK INDS INC 1.9%

Value $172M (-8.4%) Shares 1,744,678 (+1.7%) Est. Cost $125.49 Unrealized -1.6%

FDX FEDEX CORP 0.4%

Value $35.23M (+70.8%) Shares 98,918 (+38.5%) Est. Cost $259.07 Unrealized +30.8%

XRAY DENTSPLY SIRONA INC 0.8%

Value $74.09M (+22.9%) Shares 6,386,815 (+21.1%) Est. Cost $11.89 Unrealized +6.1%

T AT&T INC 0.5%

Value $43.17M (+44.5%) Shares 1,489,147 (+23.8%) Est. Cost $25.37 Unrealized +1.5%

BIO BIO RAD LABS INC 2.5%

Value $219M (-5.4%) Shares 785,961 (+2.8%) Est. Cost $308.73 Unrealized -3.2%

FDS FACTSET RESH SYS INC 0.5%

Value $48.83M (+34.2%) Shares 225,047 (+79.4%) Est. Cost $265.46 Unrealized -6.9%

FSLR FIRST SOLAR INC 0.6%

Value $53.55M (-18.5%) Shares 271,480 (+7.9%) Est. Cost $156.50 Unrealized +51.5%

JLL JONES LANG LASALLE INC 3.5%

Value $312M (+3.7%) Shares 1,024,277 (+14.7%) Est. Cost $158.33 Unrealized +112.2%

LAZ LAZARD INC 2.8%

Value $248M (-3.8%) Shares 5,826,289 (+10.0%) Est. Cost $40.37 Unrealized +30.3%

HPE HEWLETT PACKARD ENTERPRISE C 0.4%

Value $39.51M (+24.5%) Shares 1,659,398 (+25.6%) Est. Cost $23.16 Unrealized -4.7%

KKR KKR & CO INC 0.5%

Value $40.64M (+20.4%) Shares 439,405 (+65.9%) Est. Cost $78.17 Unrealized +46.8%

IWN ISHARES TR 0.1%

Value $12.41M (+105.5%) Shares 65,455 (+96.4%) Est. Cost $179.54 Unrealized —

MAS MASCO CORP 0.4%

Value $31.6M (+22.8%) Shares 523,429 (+29.1%) Est. Cost $47.71 Unrealized +48.0%

OMC OMNICOM GROUP INC 0.9%

Value $83.21M (-5.3%) Shares 1,104,945 (+1.5%) Est. Cost $75.77 Unrealized +1.0%

SCHW SCHWAB CHARLES CORP 0.4%

Value $37.87M (+10.7%) Shares 402,927 (+17.7%) Est. Cost $59.08 Unrealized +69.5%

AFL AFLAC INC 0.3%

Value $26.25M (+12.3%) Shares 239,266 (+12.8%) Est. Cost $39.03 Unrealized +184.9%

FISV FISERV INC 0.3%

Value $24.14M (+11.9%) Shares 432,559 (+34.7%) Est. Cost $128.80 Unrealized -50.4%

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.1%

Value $5.438M (+76.1%) Shares 16,092 (+58.4%) Est. Cost $190.21 Unrealized —

CBRE CBRE GROUP INC 0.4%

Value $35.65M (+5.0%) Shares 263,149 (+24.7%) Est. Cost $57.87 Unrealized +178.9%

LESL LESLIES INC 0.0%

Value $3.229M (-31.0%) Shares 2,882,994 (+1.6%) Est. Cost $7.27 Unrealized -80.2%

GNTX GENTEX CORP 2.0%

Value $182M (-0.7%) Shares 8,342,402 (+5.7%) Est. Cost $29.89 Unrealized -19.6%

BAP CREDICORP LTD 0.0%

Value $2.573M (+56.2%) Shares 7,585 (+32.2%) Est. Cost $180.42 Unrealized +86.7%

IFS INTERCORP FINL SVCS INC 0.0%

Value $2.333M (+58.8%) Shares 46,465 (+34.0%) Est. Cost $36.59 Unrealized +30.7%

KSPI KASPI KZ JSC 0.0%

Value $1.683M (+63.6%) Shares 22,724 (+72.5%) Est. Cost $86.01 Unrealized —

TAP MOLSON COORS BEVERAGE CO 0.3%

Value $23.63M (-1.9%) Shares 548,715 (+6.4%) Est. Cost $48.73 Unrealized +1.5%

DIS DISNEY WALT CO 0.7%

Value $63.07M (-0.6%) Shares 654,369 (+17.3%) Est. Cost $111.48 Unrealized -1.8%

AJG GALLAGHER ARTHUR J & CO 0.0%

Value $4.28M (+7.7%) Shares 19,764 (+28.7%) Est. Cost $283.75 Unrealized -15.3%

PBH PRESTIGE CONSMR HEALTHCARE I 2.8%

Value $253M (+0.1%) Shares 4,274,326 (+4.2%) Est. Cost $63.29 Unrealized +3.9%

HDB HDFC BANK LTD 0.0%

Value $350K (-27.1%) Shares 14,072 (+7.0%) Est. Cost $34.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OSW	ONESPAWORLD HOLDINGS LIMITED	15,432,414 (+10.1%)	$354M (+21.9%)	4.0%	$14.07	+50.2%	COM	P73684113
MAT	MATTEL INC	13,567,083 (+8.3%)	$197M (-20.7%)	2.2%	$18.18	+9.3%	COM	577081102
ZBRA	ZEBRA TECHNOLOGIES CORPORATI	777,363 (+63.4%)	$163M (+40.7%)	1.8%	$266.04	-6.4%	CL A	989207105
NCLH	NORWEGIAN CRUISE LINE HLDGS	14,661,579 (+2.2%)	$274M (-14.4%)	3.1%	$21.15	+8.1%	SHS	G66721104
CRL	CHARLES RIV LABS INTL INC	1,444,183 (+1.1%)	$249M (-12.5%)	2.8%	$180.70	+9.3%	COM	159864107
CVSA	COVISTA INC	1,931,284 (+1.8%)	$223M (+13.4%)	2.5%	$61.56	+74.6%	COM	00737L103
RLI	RLI CORP	872,033 (+133.7%)	$49.74M (+108.3%)	0.6%	$60.71	-0.9%	COM	749607107
MIDD	MIDDLEBY CORP	1,574,530 (+1.0%)	$209M (-9.9%)	2.3%	$132.43	+17.4%	COM	596278101
AQN	ALGONQUIN POWER & UTILITIES	19,641,661 (+23.4%)	$121M (+23.2%)	1.3%	$5.40	+20.6%	COM	015857105
SJM	SMUCKER J M CO	1,860,459 (+15.6%)	$179M (+14.0%)	2.0%	$103.80	+0.3%	COM NEW	832696405
MHK	MOHAWK INDS INC	1,744,678 (+1.7%)	$172M (-8.4%)	1.9%	$125.49	-1.6%	COM	608190104
FDX	FEDEX CORP	98,918 (+38.5%)	$35.23M (+70.8%)	0.4%	$259.07	+30.8%	COM	31428X106
XRAY	DENTSPLY SIRONA INC	6,386,815 (+21.1%)	$74.09M (+22.9%)	0.8%	$11.89	+6.1%	COM	24906P109
T	AT&T INC	1,489,147 (+23.8%)	$43.17M (+44.5%)	0.5%	$25.37	+1.5%	COM	00206R102
BIO	BIO RAD LABS INC	785,961 (+2.8%)	$219M (-5.4%)	2.5%	$308.73	-3.2%	CL A	090572207
FDS	FACTSET RESH SYS INC	225,047 (+79.4%)	$48.83M (+34.2%)	0.5%	$265.46	-6.9%	COM	303075105
FSLR	FIRST SOLAR INC	271,480 (+7.9%)	$53.55M (-18.5%)	0.6%	$156.50	+51.5%	COM	336433107
JLL	JONES LANG LASALLE INC	1,024,277 (+14.7%)	$312M (+3.7%)	3.5%	$158.33	+112.2%	COM	48020Q107
LAZ	LAZARD INC	5,826,289 (+10.0%)	$248M (-3.8%)	2.8%	$40.37	+30.3%	COM	52110M109
HPE	HEWLETT PACKARD ENTERPRISE C	1,659,398 (+25.6%)	$39.51M (+24.5%)	0.4%	$23.16	-4.7%	COM	42824C109
KKR	KKR & CO INC	439,405 (+65.9%)	$40.64M (+20.4%)	0.5%	$78.17	+46.8%	COM	48251W104
IWN	ISHARES TR	65,455 (+96.4%)	$12.41M (+105.5%)	0.1%	$179.54	—	RUS 2000 VAL ETF	464287630
MAS	MASCO CORP	523,429 (+29.1%)	$31.6M (+22.8%)	0.4%	$47.71	+48.0%	COM	574599106
OMC	OMNICOM GROUP INC	1,104,945 (+1.5%)	$83.21M (-5.3%)	0.9%	$75.77	+1.0%	COM	681919106
SCHW	SCHWAB CHARLES CORP	402,927 (+17.7%)	$37.87M (+10.7%)	0.4%	$59.08	+69.5%	COM	808513105
AFL	AFLAC INC	239,266 (+12.8%)	$26.25M (+12.3%)	0.3%	$39.03	+184.9%	COM	001055102
FISV	FISERV INC	432,559 (+34.7%)	$24.14M (+11.9%)	0.3%	$128.80	-50.4%	COM	337738108
TSM	TAIWAN SEMICONDUCTOR MANUFAC	16,092 (+58.4%)	$5.438M (+76.1%)	0.1%	$190.21	—	SPONSORED ADS	874039100
CBRE	CBRE GROUP INC	263,149 (+24.7%)	$35.65M (+5.0%)	0.4%	$57.87	+178.9%	CL A	12504L109
LESL	LESLIES INC	2,882,994 (+1.6%)	$3.229M (-31.0%)	0.0%	$7.27	-80.2%	COM	527064208
GNTX	GENTEX CORP	8,342,402 (+5.7%)	$182M (-0.7%)	2.0%	$29.89	-19.6%	COM	371901109
BAP	CREDICORP LTD	7,585 (+32.2%)	$2.573M (+56.2%)	0.0%	$180.42	+86.7%	COM	G2519Y108
IFS	INTERCORP FINL SVCS INC	46,465 (+34.0%)	$2.333M (+58.8%)	0.0%	$36.59	+30.7%	SHS	P5626F128
KSPI	KASPI KZ JSC	22,724 (+72.5%)	$1.683M (+63.6%)	0.0%	$86.01	—	SPONSORED ADS	48581R205
TAP	MOLSON COORS BEVERAGE CO	548,715 (+6.4%)	$23.63M (-1.9%)	0.3%	$48.73	+1.5%	CL B	60871R209
DIS	DISNEY WALT CO	654,369 (+17.3%)	$63.07M (-0.6%)	0.7%	$111.48	-1.8%	COM	254687106
AJG	GALLAGHER ARTHUR J & CO	19,764 (+28.7%)	$4.28M (+7.7%)	0.0%	$283.75	-15.3%	COM	363576109
PBH	PRESTIGE CONSMR HEALTHCARE I	4,274,326 (+4.2%)	$253M (+0.1%)	2.8%	$63.29	+3.9%	COM	74112D101
HDB	HDFC BANK LTD	14,072 (+7.0%)	$350K (-27.1%)	0.0%	$34.21	—	SPONSORED ADS	40415F101

Exited Positions (10)

CHKP CHECK POINT SOFTWARE TECH LT 1.0%

Value $86.13M Shares 464,185 Est. Cost $129.03 Unrealized +36.7%

JHG JANUS HENDERSON GROUP PLC 0.6%

Value $55.62M Shares 1,169,327 Est. Cost $32.16 Unrealized +50.8%

COF CAPITAL ONE FINL CORP 0.4%

Value $39.32M Shares 162,230 Est. Cost $143.69 Unrealized +55.4%

WBS WEBSTER FINL CORP 0.4%

Value $36.44M Shares 578,996 Est. Cost $59.37 Unrealized +14.9%

NTAP NETAPP INC 0.4%

Value $34.58M Shares 322,860 Est. Cost $61.27 Unrealized +66.3%

HUM HUMANA INC 0.2%

Value $21.21M Shares 82,807 Est. Cost $261.21 Unrealized -14.4%

GS GOLDMAN SACHS GROUP INC 0.0%

Value $2.776M Shares 3,158 Est. Cost $479.39 Unrealized +94.5%

VEA VANGUARD TAX-MANAGED FDS 0.0%

Value $1.529M Shares 24,473 Est. Cost $52.04 Unrealized —

CPA COPA HOLDINGS SA 0.0%

Value $1.056M Shares 8,752 Est. Cost $121.26 Unrealized +14.5%

IWD ISHARES TR 0.0%

Value $141K Shares 668 Est. Cost $210.34 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CHKP	CHECK POINT SOFTWARE TECH LT	464,185	$86.13M	1.0%	$129.03	+36.7%	—	M22465104
JHG	JANUS HENDERSON GROUP PLC	1,169,327	$55.62M	0.6%	$32.16	+50.8%	—	G4474Y214
COF	CAPITAL ONE FINL CORP	162,230	$39.32M	0.4%	$143.69	+55.4%	—	14040H105
WBS	WEBSTER FINL CORP	578,996	$36.44M	0.4%	$59.37	+14.9%	—	947890109
NTAP	NETAPP INC	322,860	$34.58M	0.4%	$61.27	+66.3%	—	64110D104
HUM	HUMANA INC	82,807	$21.21M	0.2%	$261.21	-14.4%	—	444859102
GS	GOLDMAN SACHS GROUP INC	3,158	$2.776M	0.0%	$479.39	+94.5%	—	38141G104
VEA	VANGUARD TAX-MANAGED FDS	24,473	$1.529M	0.0%	$52.04	—	—	921943858
CPA	COPA HOLDINGS SA	8,752	$1.056M	0.0%	$121.26	+14.5%	—	P31076105
IWD	ISHARES TR	668	$141K	0.0%	$210.34	—	—	464287598

Decreased Positions (43)

AXTA AXALTA COATING SYS LTD 1.1%

Value $96.03M (-38.9%) Shares 3,466,960 (-28.7%) Est. Cost $29.06 Unrealized +15.9%

MSFT MICROSOFT CORP 0.3%

Value $23.02M (-72.4%) Shares 62,192 (-63.9%) Est. Cost $206.89 Unrealized +110.1%

GNRC GENERAC HLDGS INC 2.8%

Value $253M (+30.2%) Shares 1,294,787 (-9.1%) Est. Cost $134.22 Unrealized +36.4%

AMG AFFILIATED MANAGERS GROUP 3.3%

Value $294M (-13.6%) Shares 1,064,030 (-10.0%) Est. Cost $124.86 Unrealized +150.1%

ADT ADT INC DEL 1.4%

Value $128M (-26.5%) Shares 19,475,052 (-9.7%) Est. Cost $7.67 Unrealized +4.4%

KMT KENNAMETAL INC 0.4%

Value $31.4M (-53.5%) Shares 869,000 (-63.5%) Est. Cost $28.25 Unrealized +26.1%

BCO BRINKS CO 1.1%

Value $95.65M (-20.3%) Shares 922,958 (-10.2%) Est. Cost $59.26 Unrealized +113.0%

CNP CENTERPOINT ENERGY INC 0.2%

Value $20.58M (-46.1%) Shares 476,867 (-52.2%) Est. Cost $31.29 Unrealized +27.8%

LFUS LITTELFUSE INC 0.8%

Value $73.11M (+30.5%) Shares 215,427 (-2.7%) Est. Cost $163.73 Unrealized +95.4%

NVST ENVISTA HOLDINGS CORPORATION 3.1%

Value $276M (+6.1%) Shares 10,863,592 (-9.2%) Est. Cost $22.25 Unrealized +15.7%

CVS CVS HEALTH CORP 0.6%

Value $50.43M (-23.0%) Shares 702,151 (-14.9%) Est. Cost $63.78 Unrealized +22.2%

LIND LINDBLAD EXPEDITIONS HLDGS I 0.7%

Value $59.5M (-19.4%) Shares 3,439,063 (-32.8%) Est. Cost $11.81 Unrealized +50.2%

SLB SLB LIMITED 0.7%

Value $63.59M (+28.9%) Shares 1,237,399 (-3.7%) Est. Cost $38.58 Unrealized +25.2%

BYD BOYD GAMING CORP 2.1%

Value $187M (-6.3%) Shares 2,274,418 (-2.8%) Est. Cost $59.12 Unrealized +44.1%

KN KNOWLES CORP 1.1%

Value $98.07M (+14.4%) Shares 3,818,862 (-4.5%) Est. Cost $15.97 Unrealized +57.8%

SPHR SPHERE ENTERTAINMENT CO 3.2%

Value $289M (-4.0%) Shares 2,462,309 (-22.3%) Est. Cost $35.93 Unrealized +178.2%

PSKY PARAMOUNT SKYDANCE CORP 0.3%

Value $22.97M (-33.7%) Shares 2,546,320 (-1.6%) Est. Cost $14.51 Unrealized -21.7%

NTRS NORTHERN TR CORP 1.8%

Value $159M (-6.6%) Shares 1,141,118 (-8.6%) Est. Cost $62.30 Unrealized +135.8%

BOKF BOK FINL CORP 2.4%

Value $211M (+5.6%) Shares 1,649,883 (-2.3%) Est. Cost $62.69 Unrealized +106.4%

MSGE MADISON SQUARE GARDEN ENTMT 4.0%

Value $360M (-3.0%) Shares 6,105,583 (-11.3%) Est. Cost $34.89 Unrealized +71.3%

FAF FIRST AMERN FINL CORP 2.6%

Value $231M (-3.8%) Shares 3,839,002 (-2.0%) Est. Cost $35.37 Unrealized +81.4%

NVT NVENT ELEC PLC 0.8%

Value $70.54M (+12.8%) Shares 596,399 (-2.7%) Est. Cost $31.39 Unrealized +257.9%

INTC INTEL CORP 0.7%

Value $64.22M (+14.2%) Shares 1,455,291 (-4.5%) Est. Cost $35.27 Unrealized +31.6%

GCMG GCM GROSVENOR INC 0.5%

Value $43.08M (-15.6%) Shares 4,396,403 (-2.5%) Est. Cost $6.82 Unrealized +67.0%

KEYS KEYSIGHT TECHNOLOGIES INC 0.6%

Value $57.69M (+9.9%) Shares 204,324 (-20.9%) Est. Cost $75.89 Unrealized +200.8%

BMY BRISTOL-MYERS SQUIBB CO 0.5%

Value $43.77M (+10.8%) Shares 721,731 (-1.5%) Est. Cost $47.53 Unrealized +20.8%

LH LABCORP HOLDINGS INC 1.1%

Value $94.46M (+4.6%) Shares 354,019 (-1.7%) Est. Cost $199.50 Unrealized +35.9%

BAC BANK AMERICA CORP 0.3%

Value $24.97M (-12.3%) Shares 512,111 (-1.0%) Est. Cost $41.76 Unrealized +28.5%

SWK STANLEY BLACK & DECKER INC 0.3%

Value $28.21M (-9.9%) Shares 396,952 (-5.8%) Est. Cost $95.11 Unrealized -11.2%

GILD GILEAD SCIENCES INC 0.3%

Value $28.19M (+12.0%) Shares 202,271 (-1.4%) Est. Cost $71.09 Unrealized +94.6%

APA APA CORPORATION 0.1%

Value $9.428M (+29.6%) Shares 222,147 (-25.3%) Est. Cost $18.62 Unrealized +42.0%

CLB CORE LABORATORIES INC 2.5%

Value $221M (+1.0%) Shares 13,170,388 (-3.6%) Est. Cost $18.70 Unrealized +0.7%

LMT LOCKHEED MARTIN CORP 0.1%

Value $7.926M (+21.9%) Shares 13,114 (-2.5%) Est. Cost $165.55 Unrealized +263.0%

JNJ JOHNSON & JOHNSON 0.1%

Value $9.913M (+10.7%) Shares 40,553 (-6.3%) Est. Cost $128.51 Unrealized +77.3%

B BARRICK MNG CORP 0.1%

Value $8.455M (-10.2%) Shares 207,277 (-4.1%) Est. Cost $19.29 Unrealized +150.4%

KB KB FINL GROUP INC 0.1%

Value $4.983M (+12.9%) Shares 49,961 (-2.6%) Est. Cost $41.37 Unrealized —

MTB M & T BK CORP 0.4%

Value $36.72M (+1.0%) Shares 177,635 (-1.5%) Est. Cost $193.01 Unrealized +14.6%

PHIN PHINIA INC 0.1%

Value $9.072M (+3.3%) Shares 132,555 (-5.4%) Est. Cost $26.02 Unrealized +175.4%

FICO FAIR ISAAC CORP 0.0%

Value $218K (-41.7%) Shares 204 (-7.7%) Est. Cost $552.55 Unrealized +165.5%

PGR PROGRESSIVE CORP 0.0%

Value $200K (-19.6%) Shares 1,010 (-7.7%) Est. Cost $241.40 Unrealized -14.4%

ZBH ZIMMER BIOMET HOLDINGS INC 0.0%

Value $273K (-6.1%) Shares 3,014 (-6.7%) Est. Cost $93.82 Unrealized -2.3%

MSI MOTOROLA SOLUTIONS INC 0.0%

Value $302K (+4.4%) Shares 696 (-7.8%) Est. Cost $242.26 Unrealized +71.7%

BRC BRADY CORP 0.0%

Value $225K (-4.4%) Shares 2,764 (-7.7%) Est. Cost $33.86 Unrealized +158.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXTA	AXALTA COATING SYS LTD	3,466,960 (-28.7%)	$96.03M (-38.9%)	1.1%	$29.06	+15.9%	COM	G0750C108
MSFT	MICROSOFT CORP	62,192 (-63.9%)	$23.02M (-72.4%)	0.3%	$206.89	+110.1%	COM	594918104
GNRC	GENERAC HLDGS INC	1,294,787 (-9.1%)	$253M (+30.2%)	2.8%	$134.22	+36.4%	COM	368736104
AMG	AFFILIATED MANAGERS GROUP	1,064,030 (-10.0%)	$294M (-13.6%)	3.3%	$124.86	+150.1%	COM	008252108
ADT	ADT INC DEL	19,475,052 (-9.7%)	$128M (-26.5%)	1.4%	$7.67	+4.4%	COM	00090Q103
KMT	KENNAMETAL INC	869,000 (-63.5%)	$31.4M (-53.5%)	0.4%	$28.25	+26.1%	COM	489170100
BCO	BRINKS CO	922,958 (-10.2%)	$95.65M (-20.3%)	1.1%	$59.26	+113.0%	COM	109696104
CNP	CENTERPOINT ENERGY INC	476,867 (-52.2%)	$20.58M (-46.1%)	0.2%	$31.29	+27.8%	COM	15189T107
LFUS	LITTELFUSE INC	215,427 (-2.7%)	$73.11M (+30.5%)	0.8%	$163.73	+95.4%	COM	537008104
NVST	ENVISTA HOLDINGS CORPORATION	10,863,592 (-9.2%)	$276M (+6.1%)	3.1%	$22.25	+15.7%	COM	29415F104
CVS	CVS HEALTH CORP	702,151 (-14.9%)	$50.43M (-23.0%)	0.6%	$63.78	+22.2%	COM	126650100
LIND	LINDBLAD EXPEDITIONS HLDGS I	3,439,063 (-32.8%)	$59.5M (-19.4%)	0.7%	$11.81	+50.2%	COM	535219109
SLB	SLB LIMITED	1,237,399 (-3.7%)	$63.59M (+28.9%)	0.7%	$38.58	+25.2%	COM STK	806857108
BYD	BOYD GAMING CORP	2,274,418 (-2.8%)	$187M (-6.3%)	2.1%	$59.12	+44.1%	COM	103304101
KN	KNOWLES CORP	3,818,862 (-4.5%)	$98.07M (+14.4%)	1.1%	$15.97	+57.8%	COM	49926D109
SPHR	SPHERE ENTERTAINMENT CO	2,462,309 (-22.3%)	$289M (-4.0%)	3.2%	$35.93	+178.2%	CL A	55826T102
PSKY	PARAMOUNT SKYDANCE CORP	2,546,320 (-1.6%)	$22.97M (-33.7%)	0.3%	$14.51	-21.7%	COM CL B	69932A204
NTRS	NORTHERN TR CORP	1,141,118 (-8.6%)	$159M (-6.6%)	1.8%	$62.30	+135.8%	COM	665859104
BOKF	BOK FINL CORP	1,649,883 (-2.3%)	$211M (+5.6%)	2.4%	$62.69	+106.4%	COM NEW	05561Q201
MSGE	MADISON SQUARE GARDEN ENTMT	6,105,583 (-11.3%)	$360M (-3.0%)	4.0%	$34.89	+71.3%	COM CL A	558256103
FAF	FIRST AMERN FINL CORP	3,839,002 (-2.0%)	$231M (-3.8%)	2.6%	$35.37	+81.4%	COM	31847R102
NVT	NVENT ELEC PLC	596,399 (-2.7%)	$70.54M (+12.8%)	0.8%	$31.39	+257.9%	SHS	G6700G107
INTC	INTEL CORP	1,455,291 (-4.5%)	$64.22M (+14.2%)	0.7%	$35.27	+31.6%	COM	458140100
GCMG	GCM GROSVENOR INC	4,396,403 (-2.5%)	$43.08M (-15.6%)	0.5%	$6.82	+67.0%	COM CL A	36831E108
KEYS	KEYSIGHT TECHNOLOGIES INC	204,324 (-20.9%)	$57.69M (+9.9%)	0.6%	$75.89	+200.8%	COM	49338L103
BMY	BRISTOL-MYERS SQUIBB CO	721,731 (-1.5%)	$43.77M (+10.8%)	0.5%	$47.53	+20.8%	COM	110122108
LH	LABCORP HOLDINGS INC	354,019 (-1.7%)	$94.46M (+4.6%)	1.1%	$199.50	+35.9%	COM SHS	504922105
BAC	BANK AMERICA CORP	512,111 (-1.0%)	$24.97M (-12.3%)	0.3%	$41.76	+28.5%	COM	060505104
SWK	STANLEY BLACK & DECKER INC	396,952 (-5.8%)	$28.21M (-9.9%)	0.3%	$95.11	-11.2%	COM	854502101
GILD	GILEAD SCIENCES INC	202,271 (-1.4%)	$28.19M (+12.0%)	0.3%	$71.09	+94.6%	COM	375558103
APA	APA CORPORATION	222,147 (-25.3%)	$9.428M (+29.6%)	0.1%	$18.62	+42.0%	COM	03743Q108
CLB	CORE LABORATORIES INC	13,170,388 (-3.6%)	$221M (+1.0%)	2.5%	$18.70	+0.7%	COM	21867A105
LMT	LOCKHEED MARTIN CORP	13,114 (-2.5%)	$7.926M (+21.9%)	0.1%	$165.55	+263.0%	COM	539830109
JNJ	JOHNSON & JOHNSON	40,553 (-6.3%)	$9.913M (+10.7%)	0.1%	$128.51	+77.3%	COM	478160104
B	BARRICK MNG CORP	207,277 (-4.1%)	$8.455M (-10.2%)	0.1%	$19.29	+150.4%	COM SHS	06849F108
KB	KB FINL GROUP INC	49,961 (-2.6%)	$4.983M (+12.9%)	0.1%	$41.37	—	SPONSORED ADR	48241A105
MTB	M & T BK CORP	177,635 (-1.5%)	$36.72M (+1.0%)	0.4%	$193.01	+14.6%	COM	55261F104
PHIN	PHINIA INC	132,555 (-5.4%)	$9.072M (+3.3%)	0.1%	$26.02	+175.4%	COMMON STOCK	71880K101
FICO	FAIR ISAAC CORP	204 (-7.7%)	$218K (-41.7%)	0.0%	$552.55	+165.5%	COM	303250104
PGR	PROGRESSIVE CORP	1,010 (-7.7%)	$200K (-19.6%)	0.0%	$241.40	-14.4%	COM	743315103
ZBH	ZIMMER BIOMET HOLDINGS INC	3,014 (-6.7%)	$273K (-6.1%)	0.0%	$93.82	-2.3%	COM	98956P102
MSI	MOTOROLA SOLUTIONS INC	696 (-7.8%)	$302K (+4.4%)	0.0%	$242.26	+71.7%	COM NEW	620076307
BRC	BRADY CORP	2,764 (-7.7%)	$225K (-4.4%)	0.0%	$33.86	+158.8%	CL A	104674106

Unchanged Positions (16)

MSGS MADISON SQUARE GRDN SPRT COR 2.6%

Value $231M Shares 717,341 Est. Cost $168.95 Unrealized +69.8%

CG CARLYLE GROUP INC 2.2%

Value $193M Shares 3,981,757 Est. Cost $27.15 Unrealized +117.2%

REZI RESIDEO TECHNOLOGIES INC 2.3%

Value $205M Shares 6,078,851 Est. Cost $24.37 Unrealized +48.6%

MANU MANCHESTER UTD PLC NEW 1.7%

Value $152M Shares 9,050,387 Est. Cost $15.98 Unrealized +7.3%

MGPI MGP INGREDIENTS INC NEW 0.1%

Value $11.56M Shares 628,860 Est. Cost $70.33 Unrealized -64.6%

HCKT HACKETT GROUP INC 0.1%

Value $5.537M Shares 425,568 Est. Cost $21.17 Unrealized -17.5%

CVX CHEVRON CORPORATION 0.1%

Value $8.586M Shares 41,499 Est. Cost $141.24 Unrealized +21.7%

KFY KORN FERRY 0.3%

Value $29.17M Shares 463,417 Est. Cost $40.67 Unrealized +61.7%

KMX CARMAX INC 0.3%

Value $23.37M Shares 561,947 Est. Cost $75.64 Unrealized -40.7%

WEX WEX INC 0.6%

Value $51.69M Shares 337,724 Est. Cost $181.89 Unrealized -14.3%

SSD SIMPSON MFG INC 0.2%

Value $15.75M Shares 91,750 Est. Cost $45.60 Unrealized +311.6%

ORCL ORACLE CORP 0.0%

Value $2.408M Shares 16,367 Est. Cost $37.97 Unrealized +346.7%

BWA BORGWARNER INC 0.0%

Value $3.526M Shares 64,987 Est. Cost $29.29 Unrealized +78.6%

SNA SNAP ON INC 0.1%

Value $11.84M Shares 32,608 Est. Cost $109.76 Unrealized +238.3%

MTN VAIL RESORTS INC 0.2%

Value $14.41M Shares 112,309 Est. Cost $218.22 Unrealized -36.8%

MOS MOSAIC CO 0.0%

Value $3.783M Shares 148,341 Est. Cost $27.18 Unrealized +2.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSGS	MADISON SQUARE GRDN SPRT COR	717,341	$231M	2.6%	$168.95	+69.8%	CL A	55825T103
CG	CARLYLE GROUP INC	3,981,757	$193M	2.2%	$27.15	+117.2%	COM	14316J108
REZI	RESIDEO TECHNOLOGIES INC	6,078,851	$205M	2.3%	$24.37	+48.6%	COM	76118Y104
MANU	MANCHESTER UTD PLC NEW	9,050,387	$152M	1.7%	$15.98	+7.3%	ORD CL A	G5784H106
MGPI	MGP INGREDIENTS INC NEW	628,860	$11.56M	0.1%	$70.33	-64.6%	COM	55303J106
HCKT	HACKETT GROUP INC	425,568	$5.537M	0.1%	$21.17	-17.5%	COM	404609109
CVX	CHEVRON CORPORATION	41,499	$8.586M	0.1%	$141.24	+21.7%	COM	166764100
KFY	KORN FERRY	463,417	$29.17M	0.3%	$40.67	+61.7%	COM NEW	500643200
KMX	CARMAX INC	561,947	$23.37M	0.3%	$75.64	-40.7%	COM	143130102
WEX	WEX INC	337,724	$51.69M	0.6%	$181.89	-14.3%	COM	96208T104
SSD	SIMPSON MFG INC	91,750	$15.75M	0.2%	$45.60	+311.6%	COM	829073105
ORCL	ORACLE CORP	16,367	$2.408M	0.0%	$37.97	+346.7%	COM	68389X105
BWA	BORGWARNER INC	64,987	$3.526M	0.0%	$29.29	+78.6%	COM	099724106
SNA	SNAP ON INC	32,608	$11.84M	0.1%	$109.76	+238.3%	COM	833034101
MTN	VAIL RESORTS INC	112,309	$14.41M	0.2%	$218.22	-36.8%	COM	91879Q109
MOS	MOSAIC CO	148,341	$3.783M	0.0%	$27.18	+2.5%	COM	61945C103