GENEVA CAPITAL MANAGEMENT LLC Diversified Active

CIK: 0001009232 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $5,323,305 (100.0% shares, 0.0% debt)

Holdings (123)

New Positions (4)

LOAR Loar Holdings Inc 0.5%

Value ($000) $24,349 Shares 358,067 Est. Cost $72.91 Unrealized 0.0%

ULS UL Solutions Inc. 0.1%

Value ($000) $4,417 Shares 56,008 Est. Cost $80.28 Unrealized 0.0%

VBK Vanguard Index Funds 0.0%

Value ($000) $1,666 Shares 5,515 Est. Cost $302.08 Unrealized —

IJK iShare Trust 0.0%

Value ($000) $250 Shares 2,582 Est. Cost $96.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LOAR	Loar Holdings Inc	358,067	$24,349	0.5%	$72.91	0.0%	COMMON-STOCK	53947R105
ULS	UL Solutions Inc.	56,008	$4,417	0.1%	$80.28	0.0%	COMMON-STOCK	903731107
VBK	Vanguard Index Funds	5,515	$1,666	0.0%	$302.08	—	ETF	922908595
IJK	iShare Trust	2,582	$250	0.0%	$96.90	—	ETF	464287606

Increased Positions (24)

BFAM Bright Horizons Family Solutions Inc Del 1.7%

Value ($000) $88,722 (+15.2%) Shares 874,973 (+23.3%) Est. Cost $111.40 Unrealized -9.4%

KEYS Keysight Technologies, Inc. 1.1%

Value ($000) $60,465 (+21.9%) Shares 297,578 (+5.0%) Est. Cost $150.25 Unrealized +23.5%

AXON Axon Enterprise Inc 0.9%

Value ($000) $46,299 (-18.3%) Shares 81,522 (+3.2%) Est. Cost $308.37 Unrealized +101.2%

FSV FirstService Corp. 1.2%

Value ($000) $64,537 (-11.7%) Shares 414,948 (+8.2%) Est. Cost $159.03 Unrealized +2.1%

POOL Pool Corporation 0.4%

Value ($000) $22,126 (-24.5%) Shares 96,727 (+2.3%) Est. Cost $345.09 Unrealized -24.8%

IWP ISHARES TR 0.2%

Value ($000) $8,855 (+330.0%) Shares 64,663 (+347.2%) Est. Cost $132.23 Unrealized —

CSGP Costar Group Inc 0.6%

Value ($000) $30,312 (-17.6%) Shares 450,799 (+3.4%) Est. Cost $83.19 Unrealized -14.9%

BURL Burlington Stores Inc. 0.7%

Value ($000) $39,644 (+19.5%) Shares 137,247 (+5.3%) Est. Cost $226.65 Unrealized +19.7%

EPAM EPAM Systems Inc. 0.4%

Value ($000) $20,601 (+41.4%) Shares 100,549 (+4.0%) Est. Cost $208.14 Unrealized -14.3%

HLNE Hamilton Lane Inc 0.8%

Value ($000) $41,683 (+13.4%) Shares 310,349 (+13.8%) Est. Cost $122.86 Unrealized +2.4%

WSO Watsco Inc 0.4%

Value ($000) $22,750 (-13.7%) Shares 67,519 (+3.5%) Est. Cost $246.17 Unrealized +45.1%

WMS Advanced Drainage System Inc 0.7%

Value ($000) $38,279 (+9.9%) Shares 264,305 (+5.3%) Est. Cost $154.64 Unrealized -6.4%

ROL Rollins Inc 1.0%

Value ($000) $54,909 (+6.6%) Shares 914,852 (+4.3%) Est. Cost $46.03 Unrealized +27.4%

APG API Group Corp 0.2%

Value ($000) $8,355 (+60.1%) Shares 218,380 (+43.8%) Est. Cost $35.53 Unrealized +4.1%

VRSK Verisk Analytics, Inc. 0.5%

Value ($000) $24,898 (-9.1%) Shares 111,306 (+2.2%) Est. Cost $243.66 Unrealized -7.5%

HQY Healthequity Inc 1.9%

Value ($000) $102,473 (-1.5%) Shares 1,118,576 (+1.9%) Est. Cost $84.13 Unrealized +13.8%

DDOG Datadog Inc 0.3%

Value ($000) $14,954 (+9.3%) Shares 109,962 (+14.5%) Est. Cost $131.58 Unrealized +20.1%

RYAN Ryan Specialty Holdings Inc 0.5%

Value ($000) $29,081 (-3.7%) Shares 563,257 (+5.1%) Est. Cost $54.65 Unrealized +0.4%

STE Steris PLC 0.5%

Value ($000) $26,408 (+4.3%) Shares 104,165 (+1.8%) Est. Cost $175.00 Unrealized +43.5%

CHD Church & Dwight Co Inc. 0.5%

Value ($000) $26,205 (-3.1%) Shares 312,517 (+1.3%) Est. Cost $52.45 Unrealized +62.6%

MKTX MarketAxess Holdings Inc. 0.1%

Value ($000) $4,975 (+18.8%) Shares 27,446 (+14.2%) Est. Cost $203.96 Unrealized -16.9%

BSY Bentley Systems Incorporated 0.1%

Value ($000) $5,825 (-10.4%) Shares 152,639 (+20.9%) Est. Cost $50.14 Unrealized -9.2%

EW Edwards Lifesciences Corporation 0.0%

Value ($000) $1,462 (+34.8%) Shares 17,152 (+22.9%) Est. Cost $87.34 Unrealized -6.0%

VEEV Veeva Systems Inc 0.1%

Value ($000) $6,799 (+1.6%) Shares 30,456 (+35.5%) Est. Cost $277.22 Unrealized -4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BFAM	Bright Horizons Family Solutions Inc Del	874,973 (+23.3%)	$88,722 (+15.2%)	1.7%	$111.40	-9.4%	COMMON-STOCK	109194100
KEYS	Keysight Technologies, Inc.	297,578 (+5.0%)	$60,465 (+21.9%)	1.1%	$150.25	+23.5%	COMMON-STOCK	49338L103
AXON	Axon Enterprise Inc	81,522 (+3.2%)	$46,299 (-18.3%)	0.9%	$308.37	+101.2%	COMMON-STOCK	05464C101
FSV	FirstService Corp.	414,948 (+8.2%)	$64,537 (-11.7%)	1.2%	$159.03	+2.1%	COMMON-STOCK	33767E202
POOL	Pool Corporation	96,727 (+2.3%)	$22,126 (-24.5%)	0.4%	$345.09	-24.8%	COMMON-STOCK	73278L105
IWP	ISHARES TR	64,663 (+347.2%)	$8,855 (+330.0%)	0.2%	$132.23	—	ETF	464287481
CSGP	Costar Group Inc	450,799 (+3.4%)	$30,312 (-17.6%)	0.6%	$83.19	-14.9%	COMMON-STOCK	22160N109
BURL	Burlington Stores Inc.	137,247 (+5.3%)	$39,644 (+19.5%)	0.7%	$226.65	+19.7%	COMMON-STOCK	122017106
EPAM	EPAM Systems Inc.	100,549 (+4.0%)	$20,601 (+41.4%)	0.4%	$208.14	-14.3%	COMMON-STOCK	29414B104
HLNE	Hamilton Lane Inc	310,349 (+13.8%)	$41,683 (+13.4%)	0.8%	$122.86	+2.4%	COMMON-STOCK	407497106
WSO	Watsco Inc	67,519 (+3.5%)	$22,750 (-13.7%)	0.4%	$246.17	+45.1%	COMMON-STOCK	942622200
WMS	Advanced Drainage System Inc	264,305 (+5.3%)	$38,279 (+9.9%)	0.7%	$154.64	-6.4%	COMMON-STOCK	00790R104
ROL	Rollins Inc	914,852 (+4.3%)	$54,909 (+6.6%)	1.0%	$46.03	+27.4%	COMMON-STOCK	775711104
APG	API Group Corp	218,380 (+43.8%)	$8,355 (+60.1%)	0.2%	$35.53	+4.1%	COMMON-STOCK	00187Y100
VRSK	Verisk Analytics, Inc.	111,306 (+2.2%)	$24,898 (-9.1%)	0.5%	$243.66	-7.5%	COMMON-STOCK	92345Y106
HQY	Healthequity Inc	1,118,576 (+1.9%)	$102,473 (-1.5%)	1.9%	$84.13	+13.8%	COMMON-STOCK	42226A107
DDOG	Datadog Inc	109,962 (+14.5%)	$14,954 (+9.3%)	0.3%	$131.58	+20.1%	COMMON-STOCK	23804L103
RYAN	Ryan Specialty Holdings Inc	563,257 (+5.1%)	$29,081 (-3.7%)	0.5%	$54.65	+0.4%	COMMON-STOCK	78351F107
STE	Steris PLC	104,165 (+1.8%)	$26,408 (+4.3%)	0.5%	$175.00	+43.5%	COMMON-STOCK	G8473T100
CHD	Church & Dwight Co Inc.	312,517 (+1.3%)	$26,205 (-3.1%)	0.5%	$52.45	+62.6%	COMMON-STOCK	171340102
MKTX	MarketAxess Holdings Inc.	27,446 (+14.2%)	$4,975 (+18.8%)	0.1%	$203.96	-16.9%	COMMON-STOCK	57060D108
BSY	Bentley Systems Incorporated	152,639 (+20.9%)	$5,825 (-10.4%)	0.1%	$50.14	-9.2%	COMMON-STOCK	08265T208
EW	Edwards Lifesciences Corporation	17,152 (+22.9%)	$1,462 (+34.8%)	0.0%	$87.34	-6.0%	COMMON-STOCK	28176E108
VEEV	Veeva Systems Inc	30,456 (+35.5%)	$6,799 (+1.6%)	0.1%	$277.22	-4.3%	COMMON-STOCK	922475108

Exited Positions (2)

FISV Fiserv Inc. 0.4%

Value ($000) $23,276 Shares 180,530 Est. Cost $35.56 Unrealized +135.9%

FOXF Fox Factory Holding Corporation 0.3%

Value ($000) $14,104 Shares 580,649 Est. Cost $42.92 Unrealized -55.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv Inc.	180,530	$23,276	0.4%	$35.56	+135.9%	—	337738108
FOXF	Fox Factory Holding Corporation	580,649	$14,104	0.3%	$42.92	-55.6%	—	35138V102

Decreased Positions (91)

TREX Trex Company, Inc. 0.5%

Value ($000) $28,093 (-68.5%) Shares 800,838 (-53.5%) Est. Cost $85.31 Unrealized -52.6%

AAON Aaon Inc 2.6%

Value ($000) $141,035 (-25.4%) Shares 1,849,643 (-8.6%) Est. Cost $54.08 Unrealized +70.6%

GMED Globus Med Inc 3.1%

Value ($000) $166,061 (+39.1%) Shares 1,901,974 (-8.7%) Est. Cost $58.59 Unrealized +29.5%

ESE ESCO Technologies Inc. 2.9%

Value ($000) $154,011 (-17.1%) Shares 788,225 (-10.4%) Est. Cost $92.99 Unrealized +126.6%

OLLI Ollies Bargain Outlet Holdings Inc. 2.1%

Value ($000) $113,311 (-21.8%) Shares 1,033,765 (-8.4%) Est. Cost $62.71 Unrealized +92.3%

CERT Certara Inc 0.9%

Value ($000) $47,677 (-36.7%) Shares 5,411,712 (-12.2%) Est. Cost $15.94 Unrealized -35.4%

SPSC SPS Commerce Inc 0.5%

Value ($000) $25,077 (-49.8%) Shares 281,354 (-41.4%) Est. Cost $180.88 Unrealized -48.7%

EXLS ExlService Holdings Inc. 3.7%

Value ($000) $195,304 (-11.2%) Shares 4,601,881 (-7.9%) Est. Cost $28.33 Unrealized +44.3%

KNSL Kinsale Capital Group Inc 2.3%

Value ($000) $120,474 (-16.4%) Shares 308,024 (-9.1%) Est. Cost $405.44 Unrealized +0.6%

DSGX Descartes Systems Group Inc. 2.4%

Value ($000) $125,304 (-15.4%) Shares 1,429,426 (-9.1%) Est. Cost $50.33 Unrealized +77.6%

TYL Tyler Technologies Inc. 1.9%

Value ($000) $101,301 (-17.8%) Shares 223,155 (-5.3%) Est. Cost $169.06 Unrealized +181.8%

VVV Valvoline Inc 0.9%

Value ($000) $48,092 (-31.2%) Shares 1,654,904 (-15.0%) Est. Cost $39.15 Unrealized -18.0%

DORM Dorman Products Inc. 0.9%

Value ($000) $49,933 (-29.6%) Shares 405,333 (-10.9%) Est. Cost $74.63 Unrealized +80.9%

IIIV I3 Verticals INC 0.8%

Value ($000) $42,382 (-30.6%) Shares 1,682,481 (-10.6%) Est. Cost $21.30 Unrealized +32.2%

VERX Vertex Inc 1.0%

Value ($000) $54,129 (-25.6%) Shares 2,710,499 (-7.6%) Est. Cost $37.42 Unrealized -42.2%

TXRH Texas Roadhouse Inc 2.7%

Value ($000) $142,214 (-10.3%) Shares 856,712 (-10.3%) Est. Cost $66.19 Unrealized +155.0%

LMAT Lemaitre Vascular Inc. 1.2%

Value ($000) $66,071 (-17.2%) Shares 814,683 (-10.7%) Est. Cost $33.15 Unrealized +159.4%

MRTN Marten Transport Ltd. 0.4%

Value ($000) $21,264 (-39.3%) Shares 1,868,567 (-43.1%) Est. Cost $12.85 Unrealized -17.8%

SITE Siteone Landscape Supply Inc 1.6%

Value ($000) $84,467 (-13.7%) Shares 678,120 (-10.8%) Est. Cost $148.03 Unrealized -14.5%

RGEN Repligen Corporation 1.7%

Value ($000) $92,249 (+15.6%) Shares 562,975 (-5.7%) Est. Cost $127.59 Unrealized +22.8%

MTSI MACOM Technology Solutions Holdings Inc. 1.2%

Value ($000) $63,812 (+23.7%) Shares 372,559 (-10.1%) Est. Cost $125.68 Unrealized +26.3%

CPRT Copart Inc 0.6%

Value ($000) $31,628 (-25.8%) Shares 807,874 (-14.8%) Est. Cost $33.28 Unrealized +24.6%

JJSF J&J Snack Foods Corp 0.8%

Value ($000) $41,213 (-20.8%) Shares 456,043 (-15.7%) Est. Cost $112.67 Unrealized -20.1%

ALRM Alarm.com Holdings Inc. 1.1%

Value ($000) $58,895 (-14.6%) Shares 1,154,353 (-11.1%) Est. Cost $48.10 Unrealized +6.0%

BLKB Blackbaud Inc 1.3%

Value ($000) $69,016 (-12.4%) Shares 1,089,951 (-11.0%) Est. Cost $76.14 Unrealized -18.8%

NOVT Novanta Inc 2.0%

Value ($000) $107,458 (+9.6%) Shares 903,088 (-7.8%) Est. Cost $159.08 Unrealized -28.4%

EXPO Exponent Inc 2.3%

Value ($000) $119,985 (-7.1%) Shares 1,727,401 (-7.1%) Est. Cost $87.27 Unrealized -19.7%

BCPC Balchem Corp 2.6%

Value ($000) $139,220 (-6.1%) Shares 907,801 (-8.1%) Est. Cost $98.85 Unrealized +53.5%

ONTO Onto Innovation Inc. 2.5%

Value ($000) $131,235 (-6.3%) Shares 831,341 (-23.3%) Est. Cost $81.05 Unrealized +75.2%

ORLY O'Reilly Automotive Inc. 0.7%

Value ($000) $39,661 (-16.8%) Shares 434,834 (-1.7%) Est. Cost $89.69 Unrealized +8.9%

PLUS Eplus Inc 1.4%

Value ($000) $72,224 (+10.6%) Shares 823,539 (-10.4%) Est. Cost $48.76 Unrealized +69.2%

AX Axos Financial Inc 1.1%

Value ($000) $56,853 (-9.0%) Shares 659,859 (-10.6%) Est. Cost $55.14 Unrealized +49.4%

WDFC WD-40 Co. 0.9%

Value ($000) $46,843 (-10.3%) Shares 237,904 (-9.9%) Est. Cost $184.29 Unrealized +6.3%

APH Amphenol Corporation 0.8%

Value ($000) $45,167 (-10.4%) Shares 334,224 (-17.9%) Est. Cost $38.64 Unrealized +245.6%

VCEL Vericel Corporation 1.2%

Value ($000) $65,780 (+7.4%) Shares 1,826,725 (-6.1%) Est. Cost $46.03 Unrealized -20.2%

CDNS Cadence Design Systems, Inc. 0.5%

Value ($000) $29,233 (-12.6%) Shares 93,521 (-1.8%) Est. Cost $190.34 Unrealized +71.4%

DGII Digi International Inc. 1.3%

Value ($000) $66,811 (+6.3%) Shares 1,543,335 (-10.5%) Est. Cost $30.40 Unrealized +31.7%

SPXC SPX Technologies, Inc. 1.6%

Value ($000) $84,264 (-4.2%) Shares 421,193 (-10.6%) Est. Cost $143.56 Unrealized —

IT Gartner Inc. 0.3%

Value ($000) $14,796 (-19.3%) Shares 58,648 (-15.9%) Est. Cost $84.14 Unrealized +186.1%

BLFS Biolife Solutions Inc. 0.4%

Value ($000) $19,430 (-15.3%) Shares 803,538 (-10.6%) Est. Cost $19.58 Unrealized +33.6%

WSC WillScot Holdings Corporation 0.2%

Value ($000) $12,490 (-20.1%) Shares 663,325 (-10.4%) Est. Cost $36.01 Unrealized -44.0%

BL Blackline Inc 0.9%

Value ($000) $45,662 (-6.3%) Shares 825,862 (-10.1%) Est. Cost $54.60 Unrealized +0.9%

RBC RBC Bearings Inc 4.3%

Value ($000) $231,307 (-1.3%) Shares 515,814 (-14.1%) Est. Cost $274.70 Unrealized +54.2%

CBZ CBIZ Inc. 0.4%

Value ($000) $20,161 (-12.1%) Shares 399,627 (-7.7%) Est. Cost $73.31 Unrealized -28.3%

ROP Roper Technologies Inc 0.3%

Value ($000) $17,956 (-13.3%) Shares 40,338 (-2.8%) Est. Cost $181.80 Unrealized +154.2%

IWO ISHARES TR 0.4%

Value ($000) $19,994 (-11.8%) Shares 61,898 (-12.6%) Est. Cost $292.45 Unrealized —

DCI Donaldson Co Inc 1.1%

Value ($000) $58,210 (-3.3%) Shares 656,558 (-10.7%) Est. Cost $41.42 Unrealized +108.6%

TECH Bio-Techne Corp 1.2%

Value ($000) $64,132 (-2.7%) Shares 1,090,495 (-8.0%) Est. Cost $71.34 Unrealized -14.9%

BR Broadridge Financial Solutions Inc. 0.4%

Value ($000) $20,406 (-7.9%) Shares 91,436 (-1.7%) Est. Cost $194.46 Unrealized +16.9%

VMC Vulcan Materials Company 0.3%

Value ($000) $16,865 (-8.8%) Shares 59,131 (-1.7%) Est. Cost $227.03 Unrealized +29.1%

RJF Raymond James Financial Inc. 0.3%

Value ($000) $16,976 (-8.7%) Shares 105,711 (-1.9%) Est. Cost $58.85 Unrealized +173.5%

FICO Fair Isaac Corporation 0.3%

Value ($000) $13,854 (+11.2%) Shares 8,195 (-1.6%) Est. Cost $791.77 Unrealized +117.4%

OPCH Option Care Health Inc 0.7%

Value ($000) $39,346 (+3.5%) Shares 1,234,976 (-9.8%) Est. Cost $30.68 Unrealized -4.3%

IEX Idex Corporation 0.3%

Value ($000) $17,453 (+7.9%) Shares 98,082 (-1.3%) Est. Cost $212.02 Unrealized -19.4%

ICE Intercontinental Exchange Inc 0.4%

Value ($000) $21,929 (-5.5%) Shares 135,395 (-1.7%) Est. Cost $132.97 Unrealized +17.5%

COO The Cooper Companies, Inc. 0.2%

Value ($000) $8,081 (+17.7%) Shares 98,597 (-1.6%) Est. Cost $96.05 Unrealized -22.1%

MLAB Mesa Laboratories Inc. 0.3%

Value ($000) $14,029 (+9.4%) Shares 178,713 (-6.6%) Est. Cost $104.11 Unrealized -27.0%

INTU Intuit Inc 0.4%

Value ($000) $21,894 (-5.1%) Shares 33,051 (-2.2%) Est. Cost $69.54 Unrealized +850.1%

IDXX IDEXX Laboratories Inc. 0.5%

Value ($000) $27,920 (+4.1%) Shares 41,270 (-1.7%) Est. Cost $501.25 Unrealized +35.9%

ULTA Ulta Beauty Inc 0.3%

Value ($000) $13,671 (+8.6%) Shares 22,596 (-1.9%) Est. Cost $406.67 Unrealized +35.2%

DXCM DexCom Inc 0.2%

Value ($000) $8,955 (-10.1%) Shares 134,930 (-8.9%) Est. Cost $112.24 Unrealized -42.4%

HEI/A Heico Corp 0.7%

Value ($000) $39,561 (-2.3%) Shares 156,721 (-1.6%) Est. Cost $115.62 Unrealized +113.6%

PLMR Palomar Holdings Inc 0.6%

Value ($000) $31,197 (+3.0%) Shares 231,499 (-10.7%) Est. Cost $85.64 Unrealized +42.5%

AGYS Agilysys Inc 1.6%

Value ($000) $86,993 (+1.1%) Shares 732,017 (-10.5%) Est. Cost $89.97 Unrealized +33.8%

GNRC Generac Holdings Inc. 0.0%

Value ($000) $2,649 (-22.5%) Shares 19,428 (-4.8%) Est. Cost $290.60 Unrealized -44.5%

ALGN Align Technology Inc. 0.1%

Value ($000) $4,395 (+20.0%) Shares 28,143 (-3.8%) Est. Cost $136.52 Unrealized +5.0%

GOOGL Alphabet Inc. 0.1%

Value ($000) $3,398 (+25.8%) Shares 10,856 (-2.3%) Est. Cost $167.35 Unrealized +70.7%

CGNX Cognex Corp 0.0%

Value ($000) $2,313 (-22.2%) Shares 64,299 (-2.0%) Est. Cost $15.00 Unrealized +169.5%

AZTA Azenta Inc 0.3%

Value ($000) $15,413 (+4.0%) Shares 463,408 (-10.2%) Est. Cost $66.37 Unrealized -50.8%

TRMB Trimble Inc 0.1%

Value ($000) $7,783 (-5.7%) Shares 99,339 (-1.7%) Est. Cost $29.25 Unrealized +172.5%

ISRG Intuitive Surgical Inc. 0.0%

Value ($000) $2,221 (+25.3%) Shares 3,921 (-1.1%) Est. Cost $418.41 Unrealized +27.2%

TMO Thermo Fisher Scientific Inc 0.1%

Value ($000) $2,857 (+18.2%) Shares 4,931 (-1.0%) Est. Cost $342.84 Unrealized +64.8%

CRL Charles River Laboratories International, Inc. 0.0%

Value ($000) $2,425 (+22.1%) Shares 12,156 (-4.3%) Est. Cost $303.76 Unrealized -40.3%

MSI Motorola Solutions Inc 0.0%

Value ($000) $1,674 (-17.0%) Shares 4,368 (-1.0%) Est. Cost $263.20 Unrealized +52.3%

MSFT Microsoft Corp. 0.1%

Value ($000) $3,034 (-8.6%) Shares 6,273 (-2.1%) Est. Cost $157.91 Unrealized +217.0%

FBIN Fortune Brands Innovations Inc 0.1%

Value ($000) $3,145 (-8.3%) Shares 62,873 (-2.1%) Est. Cost $69.39 Unrealized -28.2%

COST Costco Wholesale Corporation 0.0%

Value ($000) $2,551 (-9.0%) Shares 2,958 (-2.3%) Est. Cost $773.82 Unrealized +17.0%

DHR Danaher Corporation 0.0%

Value ($000) $2,007 (+14.3%) Shares 8,766 (-1.0%) Est. Cost $45.58 Unrealized +381.6%

SSNC SS&C Technologies Holdings Inc. 0.1%

Value ($000) $6,961 (-2.9%) Shares 79,632 (-1.4%) Est. Cost $62.57 Unrealized +36.3%

ODFL Old Dominion Freight Line Inc. 0.2%

Value ($000) $11,869 (+1.3%) Shares 75,697 (-9.0%) Est. Cost $194.60 Unrealized -26.4%

LOW Lowes Companies, Inc. 0.0%

Value ($000) $1,848 (-6.8%) Shares 7,662 (-2.9%) Est. Cost $104.18 Unrealized +130.2%

WMT Walmart Inc 0.0%

Value ($000) $2,594 (+5.4%) Shares 23,285 (-2.5%) Est. Cost $51.81 Unrealized +106.9%

TJX The TJX Companies Inc. 0.1%

Value ($000) $3,399 (+4.0%) Shares 22,127 (-2.1%) Est. Cost $39.05 Unrealized +278.2%

FRPT Freshpet Inc 0.1%

Value ($000) $3,995 (+3.2%) Shares 65,560 (-6.7%) Est. Cost $124.41 Unrealized -54.4%

CRM Salesforce Inc. 0.0%

Value ($000) $1,262 (+10.6%) Shares 4,765 (-1.0%) Est. Cost $264.72 Unrealized -6.3%

SPGI S&P Global Inc 0.0%

Value ($000) $1,722 (+6.2%) Shares 3,296 (-1.1%) Est. Cost $441.58 Unrealized +11.9%

ECL Ecolab Inc. 0.0%

Value ($000) $1,738 (-5.1%) Shares 6,619 (-1.0%) Est. Cost $102.55 Unrealized +159.1%

VLTO Veralto Corp. 0.0%

Value ($000) $1,095 (-7.4%) Shares 10,978 (-1.0%) Est. Cost $98.67 Unrealized +2.4%

UFPT UFP Technologies Inc. 0.6%

Value ($000) $31,586 (-0.2%) Shares 142,260 (-10.2%) Est. Cost $194.91 Unrealized +9.9%

V Visa Inc 0.0%

Value ($000) $2,523 (+0.3%) Shares 7,195 (-2.4%) Est. Cost $270.83 Unrealized +25.7%

MRVL Marvell Technology Inc 0.0%

Value ($000) $2,648 (+0.0%) Shares 31,160 (-1.0%) Est. Cost $52.31 Unrealized +67.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TREX	Trex Company, Inc.	800,838 (-53.5%)	$28,093 (-68.5%)	0.5%	$85.31	-52.6%	COMMON-STOCK	89531P105
AAON	Aaon Inc	1,849,643 (-8.6%)	$141,035 (-25.4%)	2.6%	$54.08	+70.6%	COMMON-STOCK	000360206
GMED	Globus Med Inc	1,901,974 (-8.7%)	$166,061 (+39.1%)	3.1%	$58.59	+29.5%	COMMON-STOCK	379577208
ESE	ESCO Technologies Inc.	788,225 (-10.4%)	$154,011 (-17.1%)	2.9%	$92.99	+126.6%	COMMON-STOCK	296315104
OLLI	Ollies Bargain Outlet Holdings Inc.	1,033,765 (-8.4%)	$113,311 (-21.8%)	2.1%	$62.71	+92.3%	COMMON-STOCK	681116109
CERT	Certara Inc	5,411,712 (-12.2%)	$47,677 (-36.7%)	0.9%	$15.94	-35.4%	COMMON-STOCK	15687V109
SPSC	SPS Commerce Inc	281,354 (-41.4%)	$25,077 (-49.8%)	0.5%	$180.88	-48.7%	COMMON-STOCK	78463M107
EXLS	ExlService Holdings Inc.	4,601,881 (-7.9%)	$195,304 (-11.2%)	3.7%	$28.33	+44.3%	COMMON-STOCK	302081104
KNSL	Kinsale Capital Group Inc	308,024 (-9.1%)	$120,474 (-16.4%)	2.3%	$405.44	+0.6%	COMMON-STOCK	49714P108
DSGX	Descartes Systems Group Inc.	1,429,426 (-9.1%)	$125,304 (-15.4%)	2.4%	$50.33	+77.6%	COMMON-STOCK	249906108
TYL	Tyler Technologies Inc.	223,155 (-5.3%)	$101,301 (-17.8%)	1.9%	$169.06	+181.8%	COMMON-STOCK	902252105
VVV	Valvoline Inc	1,654,904 (-15.0%)	$48,092 (-31.2%)	0.9%	$39.15	-18.0%	COMMON-STOCK	92047W101
DORM	Dorman Products Inc.	405,333 (-10.9%)	$49,933 (-29.6%)	0.9%	$74.63	+80.9%	COMMON-STOCK	258278100
IIIV	I3 Verticals INC	1,682,481 (-10.6%)	$42,382 (-30.6%)	0.8%	$21.30	+32.2%	COMMON-STOCK	46571Y107
VERX	Vertex Inc	2,710,499 (-7.6%)	$54,129 (-25.6%)	1.0%	$37.42	-42.2%	COMMON-STOCK	92538J106
TXRH	Texas Roadhouse Inc	856,712 (-10.3%)	$142,214 (-10.3%)	2.7%	$66.19	+155.0%	COMMON-STOCK	882681109
LMAT	Lemaitre Vascular Inc.	814,683 (-10.7%)	$66,071 (-17.2%)	1.2%	$33.15	+159.4%	COMMON-STOCK	525558201
MRTN	Marten Transport Ltd.	1,868,567 (-43.1%)	$21,264 (-39.3%)	0.4%	$12.85	-17.8%	COMMON-STOCK	573075108
SITE	Siteone Landscape Supply Inc	678,120 (-10.8%)	$84,467 (-13.7%)	1.6%	$148.03	-14.5%	COMMON-STOCK	82982L103
RGEN	Repligen Corporation	562,975 (-5.7%)	$92,249 (+15.6%)	1.7%	$127.59	+22.8%	COMMON-STOCK	759916109
MTSI	MACOM Technology Solutions Holdings Inc.	372,559 (-10.1%)	$63,812 (+23.7%)	1.2%	$125.68	+26.3%	COMMON-STOCK	55405Y100
CPRT	Copart Inc	807,874 (-14.8%)	$31,628 (-25.8%)	0.6%	$33.28	+24.6%	COMMON-STOCK	217204106
JJSF	J&J Snack Foods Corp	456,043 (-15.7%)	$41,213 (-20.8%)	0.8%	$112.67	-20.1%	COMMON-STOCK	466032109
ALRM	Alarm.com Holdings Inc.	1,154,353 (-11.1%)	$58,895 (-14.6%)	1.1%	$48.10	+6.0%	COMMON-STOCK	011642105
BLKB	Blackbaud Inc	1,089,951 (-11.0%)	$69,016 (-12.4%)	1.3%	$76.14	-18.8%	COMMON-STOCK	09227Q100
NOVT	Novanta Inc	903,088 (-7.8%)	$107,458 (+9.6%)	2.0%	$159.08	-28.4%	COMMON-STOCK	67000B104
EXPO	Exponent Inc	1,727,401 (-7.1%)	$119,985 (-7.1%)	2.3%	$87.27	-19.7%	COMMON-STOCK	30214U102
BCPC	Balchem Corp	907,801 (-8.1%)	$139,220 (-6.1%)	2.6%	$98.85	+53.5%	COMMON-STOCK	057665200
ONTO	Onto Innovation Inc.	831,341 (-23.3%)	$131,235 (-6.3%)	2.5%	$81.05	+75.2%	COMMON-STOCK	683344105
ORLY	O'Reilly Automotive Inc.	434,834 (-1.7%)	$39,661 (-16.8%)	0.7%	$89.69	+8.9%	COMMON-STOCK	67103H107
PLUS	Eplus Inc	823,539 (-10.4%)	$72,224 (+10.6%)	1.4%	$48.76	+69.2%	COMMON-STOCK	294268107
AX	Axos Financial Inc	659,859 (-10.6%)	$56,853 (-9.0%)	1.1%	$55.14	+49.4%	COMMON-STOCK	05465C100
WDFC	WD-40 Co.	237,904 (-9.9%)	$46,843 (-10.3%)	0.9%	$184.29	+6.3%	COMMON-STOCK	929236107
APH	Amphenol Corporation	334,224 (-17.9%)	$45,167 (-10.4%)	0.8%	$38.64	+245.6%	COMMON-STOCK	032095101
VCEL	Vericel Corporation	1,826,725 (-6.1%)	$65,780 (+7.4%)	1.2%	$46.03	-20.2%	COMMON-STOCK	92346J108
CDNS	Cadence Design Systems, Inc.	93,521 (-1.8%)	$29,233 (-12.6%)	0.5%	$190.34	+71.4%	COMMON-STOCK	127387108
DGII	Digi International Inc.	1,543,335 (-10.5%)	$66,811 (+6.3%)	1.3%	$30.40	+31.7%	COMMON-STOCK	253798102
SPXC	SPX Technologies, Inc.	421,193 (-10.6%)	$84,264 (-4.2%)	1.6%	$143.56	—	COMMON-STOCK	78473E103
IT	Gartner Inc.	58,648 (-15.9%)	$14,796 (-19.3%)	0.3%	$84.14	+186.1%	COMMON-STOCK	366651107
BLFS	Biolife Solutions Inc.	803,538 (-10.6%)	$19,430 (-15.3%)	0.4%	$19.58	+33.6%	COMMON-STOCK	09062W204
WSC	WillScot Holdings Corporation	663,325 (-10.4%)	$12,490 (-20.1%)	0.2%	$36.01	-44.0%	COMMON-STOCK	971378104
BL	Blackline Inc	825,862 (-10.1%)	$45,662 (-6.3%)	0.9%	$54.60	+0.9%	COMMON-STOCK	09239B109
RBC	RBC Bearings Inc	515,814 (-14.1%)	$231,307 (-1.3%)	4.3%	$274.70	+54.2%	COMMON-STOCK	75524B104
CBZ	CBIZ Inc.	399,627 (-7.7%)	$20,161 (-12.1%)	0.4%	$73.31	-28.3%	COMMON-STOCK	124805102
ROP	Roper Technologies Inc	40,338 (-2.8%)	$17,956 (-13.3%)	0.3%	$181.80	+154.2%	COMMON-STOCK	776696106
IWO	ISHARES TR	61,898 (-12.6%)	$19,994 (-11.8%)	0.4%	$292.45	—	ETF	464287648
DCI	Donaldson Co Inc	656,558 (-10.7%)	$58,210 (-3.3%)	1.1%	$41.42	+108.6%	COMMON-STOCK	257651109
TECH	Bio-Techne Corp	1,090,495 (-8.0%)	$64,132 (-2.7%)	1.2%	$71.34	-14.9%	COMMON-STOCK	09073M104
BR	Broadridge Financial Solutions Inc.	91,436 (-1.7%)	$20,406 (-7.9%)	0.4%	$194.46	+16.9%	COMMON-STOCK	11133T103
VMC	Vulcan Materials Company	59,131 (-1.7%)	$16,865 (-8.8%)	0.3%	$227.03	+29.1%	COMMON-STOCK	929160109
RJF	Raymond James Financial Inc.	105,711 (-1.9%)	$16,976 (-8.7%)	0.3%	$58.85	+173.5%	COMMON-STOCK	754730109
FICO	Fair Isaac Corporation	8,195 (-1.6%)	$13,854 (+11.2%)	0.3%	$791.77	+117.4%	COMMON-STOCK	303250104
OPCH	Option Care Health Inc	1,234,976 (-9.8%)	$39,346 (+3.5%)	0.7%	$30.68	-4.3%	COMMON-STOCK	68404L201
IEX	Idex Corporation	98,082 (-1.3%)	$17,453 (+7.9%)	0.3%	$212.02	-19.4%	COMMON-STOCK	45167R104
ICE	Intercontinental Exchange Inc	135,395 (-1.7%)	$21,929 (-5.5%)	0.4%	$132.97	+17.5%	COMMON-STOCK	45866F104
COO	The Cooper Companies, Inc.	98,597 (-1.6%)	$8,081 (+17.7%)	0.2%	$96.05	-22.1%	COMMON-STOCK	216648501
MLAB	Mesa Laboratories Inc.	178,713 (-6.6%)	$14,029 (+9.4%)	0.3%	$104.11	-27.0%	COMMON-STOCK	59064R109
INTU	Intuit Inc	33,051 (-2.2%)	$21,894 (-5.1%)	0.4%	$69.54	+850.1%	COMMON-STOCK	461202103
IDXX	IDEXX Laboratories Inc.	41,270 (-1.7%)	$27,920 (+4.1%)	0.5%	$501.25	+35.9%	COMMON-STOCK	45168D104
ULTA	Ulta Beauty Inc	22,596 (-1.9%)	$13,671 (+8.6%)	0.3%	$406.67	+35.2%	COMMON-STOCK	90384S303
DXCM	DexCom Inc	134,930 (-8.9%)	$8,955 (-10.1%)	0.2%	$112.24	-42.4%	COMMON-STOCK	252131107
HEI/A	Heico Corp	156,721 (-1.6%)	$39,561 (-2.3%)	0.7%	$115.62	+113.6%	COMMON-STOCK	422806208
PLMR	Palomar Holdings Inc	231,499 (-10.7%)	$31,197 (+3.0%)	0.6%	$85.64	+42.5%	COMMON-STOCK	69753M105
AGYS	Agilysys Inc	732,017 (-10.5%)	$86,993 (+1.1%)	1.6%	$89.97	+33.8%	COMMON-STOCK	00847J105
GNRC	Generac Holdings Inc.	19,428 (-4.8%)	$2,649 (-22.5%)	0.0%	$290.60	-44.5%	COMMON-STOCK	368736104
ALGN	Align Technology Inc.	28,143 (-3.8%)	$4,395 (+20.0%)	0.1%	$136.52	+5.0%	COMMON-STOCK	016255101
GOOGL	Alphabet Inc.	10,856 (-2.3%)	$3,398 (+25.8%)	0.1%	$167.35	+70.7%	COMMON-STOCK	02079K305
CGNX	Cognex Corp	64,299 (-2.0%)	$2,313 (-22.2%)	0.0%	$15.00	+169.5%	COMMON-STOCK	192422103
AZTA	Azenta Inc	463,408 (-10.2%)	$15,413 (+4.0%)	0.3%	$66.37	-50.8%	COMMON-STOCK	114340102
TRMB	Trimble Inc	99,339 (-1.7%)	$7,783 (-5.7%)	0.1%	$29.25	+172.5%	COMMON-STOCK	896239100
ISRG	Intuitive Surgical Inc.	3,921 (-1.1%)	$2,221 (+25.3%)	0.0%	$418.41	+27.2%	COMMON-STOCK	46120E602
TMO	Thermo Fisher Scientific Inc	4,931 (-1.0%)	$2,857 (+18.2%)	0.1%	$342.84	+64.8%	COMMON-STOCK	883556102
CRL	Charles River Laboratories International, Inc.	12,156 (-4.3%)	$2,425 (+22.1%)	0.0%	$303.76	-40.3%	COMMON-STOCK	159864107
MSI	Motorola Solutions Inc	4,368 (-1.0%)	$1,674 (-17.0%)	0.0%	$263.20	+52.3%	COMMON-STOCK	620076307
MSFT	Microsoft Corp.	6,273 (-2.1%)	$3,034 (-8.6%)	0.1%	$157.91	+217.0%	COMMON-STOCK	594918104
FBIN	Fortune Brands Innovations Inc	62,873 (-2.1%)	$3,145 (-8.3%)	0.1%	$69.39	-28.2%	COMMON-STOCK	34964C106
COST	Costco Wholesale Corporation	2,958 (-2.3%)	$2,551 (-9.0%)	0.0%	$773.82	+17.0%	COMMON-STOCK	22160K105
DHR	Danaher Corporation	8,766 (-1.0%)	$2,007 (+14.3%)	0.0%	$45.58	+381.6%	COMMON-STOCK	235851102
SSNC	SS&C Technologies Holdings Inc.	79,632 (-1.4%)	$6,961 (-2.9%)	0.1%	$62.57	+36.3%	COMMON-STOCK	78467J100
ODFL	Old Dominion Freight Line Inc.	75,697 (-9.0%)	$11,869 (+1.3%)	0.2%	$194.60	-26.4%	COMMON-STOCK	679580100
LOW	Lowes Companies, Inc.	7,662 (-2.9%)	$1,848 (-6.8%)	0.0%	$104.18	+130.2%	COMMON-STOCK	548661107
WMT	Walmart Inc	23,285 (-2.5%)	$2,594 (+5.4%)	0.0%	$51.81	+106.9%	COMMON-STOCK	931142103
TJX	The TJX Companies Inc.	22,127 (-2.1%)	$3,399 (+4.0%)	0.1%	$39.05	+278.2%	COMMON-STOCK	872540109
FRPT	Freshpet Inc	65,560 (-6.7%)	$3,995 (+3.2%)	0.1%	$124.41	-54.4%	COMMON-STOCK	358039105
CRM	Salesforce Inc.	4,765 (-1.0%)	$1,262 (+10.6%)	0.0%	$264.72	-6.3%	COMMON-STOCK	79466L302
SPGI	S&P Global Inc	3,296 (-1.1%)	$1,722 (+6.2%)	0.0%	$441.58	+11.9%	COMMON-STOCK	78409V104
ECL	Ecolab Inc.	6,619 (-1.0%)	$1,738 (-5.1%)	0.0%	$102.55	+159.1%	COMMON-STOCK	278865100
VLTO	Veralto Corp.	10,978 (-1.0%)	$1,095 (-7.4%)	0.0%	$98.67	+2.4%	COMMON-STOCK	92338C103
UFPT	UFP Technologies Inc.	142,260 (-10.2%)	$31,586 (-0.2%)	0.6%	$194.91	+9.9%	COMMON-STOCK	902673102
V	Visa Inc	7,195 (-2.4%)	$2,523 (+0.3%)	0.0%	$270.83	+25.7%	COMMON-STOCK	92826C839
MRVL	Marvell Technology Inc	31,160 (-1.0%)	$2,648 (+0.0%)	0.0%	$52.31	+67.2%	COMMON-STOCK	573874104

Unchanged Positions (4)

ROAD Construction Partners Inc. 3.7%

Value ($000) $197,684 Shares 1,821,134 Est. Cost $55.33 Unrealized +103.5%

CWST Casella Waste Systems, Inc. 2.3%

Value ($000) $123,926 Shares 1,265,324 Est. Cost $87.97 Unrealized +5.5%

HUBS Hubspot Inc 0.4%

Value ($000) $21,440 Shares 53,426 Est. Cost $388.98 Unrealized +6.5%

MPWR Monolithic Power Systems Inc. 0.7%

Value ($000) $38,835 Shares 42,847 Est. Cost $550.43 Unrealized +74.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROAD	Construction Partners Inc.	1,821,134	$197,684	3.7%	$55.33	+103.5%	COMMON-STOCK	21044C107
CWST	Casella Waste Systems, Inc.	1,265,324	$123,926	2.3%	$87.97	+5.5%	COMMON-STOCK	147448104
HUBS	Hubspot Inc	53,426	$21,440	0.4%	$388.98	+6.5%	COMMON-STOCK	443573100
MPWR	Monolithic Power Systems Inc.	42,847	$38,835	0.7%	$550.43	+74.5%	COMMON-STOCK	609839105