BRANDES INVESTMENT PARTNERS, LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PGR	PROGRESSIVE CORP	602,276	$137,153	1.0%	$212.34	0.0%	COM	743315103
GIL	GILDAN ACTIVEWEAR INC	1,598,946	$99,870	0.8%	$59.45	0.0%	COM	375916103
NICE	NICE LTD	707,208	$79,944	0.6%	$113.04	—	SPONSORED ADR	653656108
NGG	NATIONAL GRID PLC	780,474	$60,372	0.5%	$77.35	—	SPONSORED ADR NE	636274409
TTE	TOTALENERGIES SE	828,232	$54,077	0.4%	$63.23	0.0%	ACT	F92124100
ALSN	ALLISON TRANSMISSION HLDGS I	476,471	$46,647	0.4%	$87.50	0.0%	COM	01973R101
UWMC	UWM HOLDINGS CORPORATION	10,471,859	$45,867	0.3%	$5.38	0.0%	COM CL A	91823B109
JBS	JBS N.V.	1,678,836	$24,209	0.2%	$13.74	0.0%	CL A SHS	N4732M103
CENTA	CENTRAL GARDEN & PET CO	85,299	$2,490	0.0%	$28.91	0.0%	CL A NON-VTG	153527205
TCOM	TRIP COM GROUP LTD	29,900	$2,150	0.0%	$71.92	—	ADS	89677Q107
VT	VANGUARD INTL EQUITY INDEX F	13,676	$1,929	0.0%	$141.06	—	TT WRLD ST ETF	922042742
VWO	VANGUARD INTL EQUITY INDEX F	24,869	$1,337	0.0%	$53.76	—	FTSE EMR MKT ETF	922042858
WFG	WEST FRASER TIMBER CO LTD	11,878	$726	0.0%	$62.58	0.0%	COM	952845105
VEA	VANGUARD TAX-MANAGED FDS	4,208	$263	0.0%	$62.47	—	VAN FTSE DEV MKT	921943858
VSS	VANGUARD INTL EQUITY INDEX F	1,542	$221	0.0%	$143.33	—	FTSE SMCAP ETF	922042718
RTO	RENTOKIL INITIAL PLC	7,054	$212	0.0%	$30.10	—	SPONSORED ADR	760125104

Increased Positions (116)

FISV FISERV INC 0.9%

Value ($000) $121,280 (-41.3%) Shares 1,805,562 (+12.7%) Est. Cost $127.74 Unrealized -34.3%

EPAM EPAM SYS INC 1.5%

Value ($000) $201,570 (+62.5%) Shares 983,830 (+19.6%) Est. Cost $166.51 Unrealized +7.1%

MRK MERCK & CO INC 2.0%

Value ($000) $259,733 (+27.7%) Shares 2,467,525 (+1.9%) Est. Cost $78.01 Unrealized +19.5%

UNF UNIFIRST CORP MASS 0.5%

Value ($000) $70,946 (+204.8%) Shares 367,786 (+164.2%) Est. Cost $172.27 Unrealized -2.2%

ARW ARROW ELECTRS INC 0.3%

Value ($000) $45,115 (+1277.1%) Shares 409,461 (+1412.3%) Est. Cost $113.82 Unrealized -0.2%

CTSH COGNIZANT TECHNOLOGY SOLUTIO 1.5%

Value ($000) $192,763 (+27.0%) Shares 2,322,430 (+2.6%) Est. Cost $64.83 Unrealized +15.2%

OTEX OPEN TEXT CORP 2.3%

Value ($000) $296,679 (-11.8%) Shares 9,106,157 (+1.2%) Est. Cost $29.01 Unrealized +22.1%

SMG SCOTTS MIRACLE-GRO CO 0.3%

Value ($000) $43,036 (+374.2%) Shares 737,546 (+362.8%) Est. Cost $55.45 Unrealized -0.5%

HAL HALLIBURTON CO 1.6%

Value ($000) $213,333 (+16.5%) Shares 7,548,930 (+1.4%) Est. Cost $24.05 Unrealized +9.3%

ACGL ARCH CAP GROUP LTD 1.2%

Value ($000) $164,078 (+20.0%) Shares 1,710,565 (+13.5%) Est. Cost $94.25 Unrealized -2.9%

OMC OMNICOM GROUP INC 0.7%

Value ($000) $87,963 (+41.2%) Shares 1,089,323 (+42.6%) Est. Cost $73.88 Unrealized +2.5%

DEO DIAGEO PLC 0.2%

Value ($000) $26,020 (+4036.2%) Shares 301,596 (+4475.2%) Est. Cost $86.92 Unrealized —

GLOB GLOBANT S A 1.2%

Value ($000) $156,936 (+18.5%) Shares 2,400,732 (+4.0%) Est. Cost $73.19 Unrealized -14.1%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 0.6%

Value ($000) $73,943 (+48.6%) Shares 1,414,368 (+12.3%) Est. Cost $46.25 Unrealized +1.1%

BDX BECTON DICKINSON & CO 1.8%

Value ($000) $238,651 (+10.6%) Shares 1,229,707 (+6.7%) Est. Cost $181.86 Unrealized +4.2%

SLB SLB LIMITED 0.6%

Value ($000) $74,602 (+44.3%) Shares 1,943,761 (+29.2%) Est. Cost $38.69 Unrealized -6.8%

CI THE CIGNA GROUP 2.0%

Value ($000) $259,892 (+8.8%) Shares 944,262 (+14.0%) Est. Cost $261.95 Unrealized +6.6%

SAP SAP SE 0.4%

Value ($000) $55,741 (+54.8%) Shares 229,454 (+70.3%) Est. Cost $228.86 Unrealized —

IFF INTERNATIONAL FLAVORS&FRAGRA 0.5%

Value ($000) $70,312 (+38.7%) Shares 1,043,352 (+26.7%) Est. Cost $67.36 Unrealized -4.4%

PBH PRESTIGE CONSMR HEALTHCARE I 0.3%

Value ($000) $37,430 (+91.0%) Shares 606,737 (+93.2%) Est. Cost $65.40 Unrealized -6.4%

CAE CAE INC 3.5%

Value ($000) $461,107 (+3.8%) Shares 15,157,988 (+1.1%) Est. Cost $19.76 Unrealized +42.0%

MOG/A MOOG INC 0.7%

Value ($000) $86,749 (+20.5%) Shares 356,187 (+2.7%) Est. Cost $116.12 Unrealized +88.7%

WKC WORLD KINECT CORPORATION 0.7%

Value ($000) $90,106 (+18.2%) Shares 3,845,750 (+30.9%) Est. Cost $25.07 Unrealized -1.6%

KVUE KENVUE INC 0.4%

Value ($000) $53,383 (+33.6%) Shares 3,094,648 (+25.7%) Est. Cost $18.62 Unrealized -12.7%

IXUS ISHARES TR 0.1%

Value ($000) $12,442 (+3755.3%) Shares 146,997 (+3661.4%) Est. Cost $84.59 Unrealized —

TKR TIMKEN CO 0.4%

Value ($000) $56,129 (+27.4%) Shares 667,166 (+13.9%) Est. Cost $72.09 Unrealized +10.3%

MCK MCKESSON CORP 1.2%

Value ($000) $154,524 (+8.4%) Shares 188,365 (+2.1%) Est. Cost $303.49 Unrealized +168.7%

CVS CVS HEALTH CORP 1.1%

Value ($000) $146,447 (+7.9%) Shares 1,845,342 (+2.5%) Est. Cost $61.29 Unrealized +28.4%

KSPI KASPI KZ JSC 0.3%

Value ($000) $43,602 (+30.9%) Shares 558,071 (+36.9%) Est. Cost $80.72 Unrealized —

VBR VANGUARD INDEX FDS 0.1%

Value ($000) $10,364 (+3716.8%) Shares 48,934 (+3661.3%) Est. Cost $211.42 Unrealized —

NTR NUTRIEN LTD 0.9%

Value ($000) $114,755 (+9.3%) Shares 1,859,268 (+4.0%) Est. Cost $52.30 Unrealized +12.5%

TGT TARGET CORP 0.4%

Value ($000) $53,499 (+22.0%) Shares 547,294 (+12.0%) Est. Cost $93.66 Unrealized -2.2%

ICLR ICON PLC 1.1%

Value ($000) $141,538 (+7.0%) Shares 776,732 (+2.8%) Est. Cost $160.83 Unrealized +10.7%

PNC PNC FINL SVCS GROUP INC 1.3%

Value ($000) $166,533 (+5.7%) Shares 797,827 (+1.7%) Est. Cost $123.88 Unrealized +55.6%

NTGR NETGEAR INC 0.3%

Value ($000) $45,517 (-16.1%) Shares 1,855,555 (+10.8%) Est. Cost $22.21 Unrealized +29.6%

ORN ORION GROUP HLDGS INC 0.4%

Value ($000) $49,801 (+20.8%) Shares 5,010,193 (+1.1%) Est. Cost $5.88 Unrealized +64.7%

SON SONOCO PRODS CO 0.1%

Value ($000) $16,080 (+113.5%) Shares 368,464 (+110.8%) Est. Cost $43.38 Unrealized -5.1%

MTX MINERALS TECHNOLOGIES INC 0.4%

Value ($000) $49,973 (+20.6%) Shares 819,908 (+22.9%) Est. Cost $59.55 Unrealized -0.8%

SHEL SHELL PLC 1.5%

Value ($000) $192,329 (+4.6%) Shares 2,617,417 (+1.8%) Est. Cost $65.48 Unrealized —

SNY SANOFI SA 1.1%

Value ($000) $141,177 (+6.0%) Shares 2,913,256 (+3.2%) Est. Cost $49.64 Unrealized —

CNH CNH INDL N V 0.2%

Value ($000) $24,936 (+42.4%) Shares 2,704,581 (+67.6%) Est. Cost $10.63 Unrealized -6.0%

ABEV AMBEV SA 0.4%

Value ($000) $55,822 (+15.2%) Shares 22,600,124 (+4.0%) Est. Cost $2.49 Unrealized —

AZO AUTOZONE INC 0.3%

Value ($000) $38,747 (-15.1%) Shares 11,417 (+7.5%) Est. Cost $2370.77 Unrealized +59.4%

QRVO QORVO INC 0.3%

Value ($000) $37,354 (+19.0%) Shares 442,000 (+28.2%) Est. Cost $103.45 Unrealized -14.7%

ARLO ARLO TECHNOLOGIES INC 0.9%

Value ($000) $114,700 (+5.3%) Shares 8,198,707 (+27.6%) Est. Cost $10.50 Unrealized +49.8%

INGR INGREDION INC 0.3%

Value ($000) $44,491 (+14.0%) Shares 403,503 (+26.2%) Est. Cost $102.07 Unrealized +10.5%

PKE PARK AEROSPACE CORP 0.5%

Value ($000) $68,105 (+8.6%) Shares 3,191,411 (+3.5%) Est. Cost $13.66 Unrealized +45.9%

SYY SYSCO CORP 0.5%

Value ($000) $63,163 (-7.0%) Shares 857,140 (+3.9%) Est. Cost $73.53 Unrealized +2.7%

VTV VANGUARD INDEX FDS 0.0%

Value ($000) $5,091 (+723.0%) Shares 26,656 (+703.6%) Est. Cost $189.21 Unrealized —

NVS NOVARTIS AG 0.3%

Value ($000) $36,234 (+14.0%) Shares 262,797 (+6.0%) Est. Cost $101.51 Unrealized —

WLK WESTLAKE CORPORATION 0.9%

Value ($000) $123,505 (+3.5%) Shares 1,670,327 (+7.9%) Est. Cost $86.69 Unrealized -18.3%

XRAY DENTSPLY SIRONA INC 0.1%

Value ($000) $9,794 (+65.0%) Shares 856,878 (+83.2%) Est. Cost $14.71 Unrealized -20.2%

STM STMICROELECTRONICS N V 0.3%

Value ($000) $40,647 (+10.5%) Shares 1,566,965 (+20.4%) Est. Cost $24.42 Unrealized —

CPA COPA HOLDINGS SA 0.6%

Value ($000) $78,910 (+5.1%) Shares 654,255 (+3.5%) Est. Cost $72.94 Unrealized +66.3%

TFC TRUIST FINL CORP 0.3%

Value ($000) $39,511 (+10.6%) Shares 802,907 (+2.7%) Est. Cost $35.22 Unrealized +30.0%

UNH UNITEDHEALTH GROUP INC 1.0%

Value ($000) $132,069 (+2.5%) Shares 400,063 (+7.2%) Est. Cost $359.09 Unrealized -6.1%

ZBH ZIMMER BIOMET HOLDINGS INC 0.0%

Value ($000) $4,394 (+187.9%) Shares 48,863 (+215.3%) Est. Cost $98.15 Unrealized -3.6%

FTRE FORTREA HLDGS INC 0.0%

Value ($000) $4,817 (+134.7%) Shares 279,273 (+14.5%) Est. Cost $13.44 Unrealized -8.1%

EPC EDGEWELL PERS CARE CO 0.8%

Value ($000) $104,337 (-2.5%) Shares 6,119,499 (+16.4%) Est. Cost $29.75 Unrealized -38.2%

KOF COCA-COLA FEMSA SAB DE CV 0.0%

Value ($000) $2,846 (+1196.3%) Shares 30,048 (+1037.3%) Est. Cost $93.63 Unrealized —

PHG KONINKLIJKE PHILIPS N V 0.4%

Value ($000) $46,740 (+5.9%) Shares 1,725,997 (+6.6%) Est. Cost $22.49 Unrealized —

CMCSA COMCAST CORP NEW 1.4%

Value ($000) $179,173 (-1.4%) Shares 5,994,421 (+3.6%) Est. Cost $37.22 Unrealized -23.3%

MHK MOHAWK INDS INC 0.9%

Value ($000) $120,513 (+2.1%) Shares 1,102,574 (+20.4%) Est. Cost $114.21 Unrealized +0.6%

IMKTA INGLES MKTS INC 0.6%

Value ($000) $82,716 (+2.5%) Shares 1,206,646 (+4.0%) Est. Cost $67.78 Unrealized +7.0%

DOX AMDOCS LTD 1.7%

Value ($000) $218,583 (+0.9%) Shares 2,714,965 (+2.8%) Est. Cost $75.28 Unrealized +6.1%

MOV MOVADO GROUP INC 0.1%

Value ($000) $14,517 (+14.8%) Shares 704,036 (+5.6%) Est. Cost $16.39 Unrealized +19.0%

MSM MSC INDL DIRECT INC 0.2%

Value ($000) $26,831 (+6.9%) Shares 319,034 (+17.2%) Est. Cost $81.17 Unrealized +6.8%

UTMD UTAH MED PRODS INC 0.1%

Value ($000) $19,660 (-7.6%) Shares 351,322 (+4.0%) Est. Cost $65.60 Unrealized -11.6%

LKQ LKQ CORP 0.4%

Value ($000) $57,384 (+2.8%) Shares 1,900,120 (+4.0%) Est. Cost $37.48 Unrealized -20.0%

EBMT EAGLE BANCORP MONT INC 0.1%

Value ($000) $8,236 (+22.2%) Shares 413,888 (+6.0%) Est. Cost $14.79 Unrealized +16.4%

IQV IQVIA HLDGS INC 0.1%

Value ($000) $6,649 (+27.4%) Shares 29,496 (+7.4%) Est. Cost $164.68 Unrealized +32.1%

EVRG EVERGY INC 0.6%

Value ($000) $82,532 (-1.6%) Shares 1,138,521 (+3.1%) Est. Cost $60.47 Unrealized +24.8%

NKSH NATIONAL BANKSHARES INC VA 0.1%

Value ($000) $8,198 (+20.1%) Shares 244,505 (+5.5%) Est. Cost $27.64 Unrealized +7.9%

WHR WHIRLPOOL CORP 0.0%

Value ($000) $3,124 (+72.4%) Shares 43,302 (+87.8%) Est. Cost $85.25 Unrealized -13.4%

CPB THE CAMPBELLS COMPANY 0.0%

Value ($000) $3,149 (+68.5%) Shares 112,984 (+91.0%) Est. Cost $32.78 Unrealized -8.3%

ENIC ENEL CHILE S.A. 0.2%

Value ($000) $21,188 (+5.8%) Shares 5,270,748 (+2.3%) Est. Cost $3.00 Unrealized —

SCHL SCHOLASTIC CORP 0.1%

Value ($000) $8,287 (+15.4%) Shares 279,686 (+6.6%) Est. Cost $23.51 Unrealized +21.0%

CFG CITIZENS FINL GROUP INC 0.0%

Value ($000) $3,972 (+32.4%) Shares 68,001 (+20.5%) Est. Cost $37.72 Unrealized +42.1%

SSNC SS&C TECHNOLOGIES HLDGS INC 0.7%

Value ($000) $92,046 (+1.0%) Shares 1,052,905 (+2.6%) Est. Cost $66.26 Unrealized +28.7%

WTW WILLIS TOWERS WATSON PLC LTD 0.7%

Value ($000) $90,562 (+1.0%) Shares 275,591 (+6.2%) Est. Cost $233.44 Unrealized +39.9%

HURC HURCO CO 0.1%

Value ($000) $7,813 (-9.1%) Shares 505,717 (+2.3%) Est. Cost $22.88 Unrealized -27.6%

AOUT AMERICAN OUTDOOR BRANDS INC 0.1%

Value ($000) $14,591 (-5.1%) Shares 1,887,645 (+6.6%) Est. Cost $9.83 Unrealized -24.6%

TAP MOLSON COORS BEVERAGE CO 0.0%

Value ($000) $5,017 (+18.2%) Shares 107,479 (+14.5%) Est. Cost $47.35 Unrealized -3.3%

SHC SOTERA HEALTH CO 0.0%

Value ($000) $2,621 (+38.8%) Shares 148,572 (+23.8%) Est. Cost $13.51 Unrealized +22.4%

UTHR UNITED THERAPEUTICS CORP DEL 0.0%

Value ($000) $1,970 (+55.8%) Shares 4,044 (+34.0%) Est. Cost $305.03 Unrealized +52.7%

HOLX HOLOGIC INC 0.0%

Value ($000) $3,342 (+25.3%) Shares 44,864 (+13.5%) Est. Cost $64.61 Unrealized +13.1%

HTLD HEARTLAND EXPRESS INC 0.0%

Value ($000) $2,207 (+36.7%) Shares 244,424 (+26.8%) Est. Cost $9.47 Unrealized -12.1%

GRFS GRIFOLS S A 2.2%

Value ($000) $289,422 (-0.2%) Shares 30,954,223 (+6.3%) Est. Cost $9.29 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.0%

Value ($000) $2,552 (+28.4%) Shares 23,127 (+23.6%) Est. Cost $74.16 Unrealized +49.2%

HSIC HENRY SCHEIN INC 0.0%

Value ($000) $1,695 (+48.5%) Shares 22,422 (+30.4%) Est. Cost $70.79 Unrealized -0.6%

FSTR FOSTER L B CO 0.3%

Value ($000) $36,663 (+1.5%) Shares 1,360,415 (+1.5%) Est. Cost $18.27 Unrealized +47.7%

FFIV F5 INC 0.0%

Value ($000) $3,091 (-14.9%) Shares 12,111 (+7.7%) Est. Cost $177.69 Unrealized +51.4%

NPK NATIONAL PRESTO INDS INC 0.1%

Value ($000) $7,523 (+7.5%) Shares 70,469 (+12.9%) Est. Cost $81.24 Unrealized +29.0%

PFE PFIZER INC 1.6%

Value ($000) $214,867 (+0.2%) Shares 8,629,182 (+2.6%) Est. Cost $26.32 Unrealized -4.9%

HMC HONDA MOTOR LTD 0.2%

Value ($000) $28,097 (+1.8%) Shares 953,081 (+6.4%) Est. Cost $28.35 Unrealized —

SEIC SEI INVTS CO 0.0%

Value ($000) $2,925 (+19.6%) Shares 35,663 (+23.7%) Est. Cost $72.89 Unrealized +12.1%

AGCO AGCO CORP 0.0%

Value ($000) $2,261 (+26.9%) Shares 21,677 (+30.2%) Est. Cost $99.65 Unrealized +6.4%

LSTR LANDSTAR SYS INC 0.0%

Value ($000) $1,097 (+77.0%) Shares 7,634 (+51.0%) Est. Cost $148.87 Unrealized —

SEB SEABOARD CORP DEL 0.0%

Value ($000) $2,058 (+27.4%) Shares 463 (+4.5%) Est. Cost $2994.62 Unrealized +32.0%

ORI OLD REP INTL CORP 0.0%

Value ($000) $1,625 (+33.2%) Shares 35,601 (+24.0%) Est. Cost $25.82 Unrealized +58.1%

MZTI MARZETTI COMPANY 0.0%

Value ($000) $1,809 (+26.7%) Shares 11,000 (+33.2%) Est. Cost $176.67 Unrealized -5.5%

BAP CREDICORP LTD 0.0%

Value ($000) $4,493 (+9.3%) Shares 15,654 (+1.4%) Est. Cost $143.76 Unrealized +84.2%

WTM WHITE MTNS INS GROUP LTD 0.0%

Value ($000) $1,382 (+34.6%) Shares 665 (+8.3%) Est. Cost $1725.35 Unrealized +13.3%

LNSR LENSAR INC 0.1%

Value ($000) $9,958 (+3.7%) Shares 856,216 (+10.1%) Est. Cost $7.47 Unrealized +52.8%

IPGP IPG PHOTONICS CORP 0.1%

Value ($000) $10,822 (-3.2%) Shares 151,148 (+7.1%) Est. Cost $71.60 Unrealized +14.0%

ETR ENTERGY CORP NEW 0.3%

Value ($000) $36,452 (+0.9%) Shares 394,372 (+1.7%) Est. Cost $61.57 Unrealized +53.5%

CTVA CORTEVA INC 1.2%

Value ($000) $155,009 (+0.2%) Shares 2,312,515 (+1.1%) Est. Cost $48.60 Unrealized +32.8%

VTMX VESTA REAL ESTATE CORP 0.0%

Value ($000) $1,433 (+26.5%) Shares 46,990 (+17.4%) Est. Cost $26.56 Unrealized —

SUZ SUZANO S A 0.0%

Value ($000) $2,241 (+14.0%) Shares 239,957 (+14.8%) Est. Cost $10.22 Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 0.5%

Value ($000) $61,900 (-0.4%) Shares 5,492,474 (+4.4%) Est. Cost $11.82 Unrealized —

ZTO ZTO EXPRESS CAYMAN INC 0.0%

Value ($000) $2,417 (+10.6%) Shares 115,699 (+1.7%) Est. Cost $24.02 Unrealized —

AVT AVNET INC 0.0%

Value ($000) $1,580 (+16.9%) Shares 32,857 (+27.1%) Est. Cost $48.51 Unrealized +0.8%

RGP RESOURCES CONNECTION INC 0.1%

Value ($000) $7,271 (+2.9%) Shares 1,442,645 (+3.1%) Est. Cost $6.93 Unrealized -31.2%

LEVI LEVI STRAUSS & CO NEW 0.0%

Value ($000) $2,292 (+9.4%) Shares 110,507 (+22.9%) Est. Cost $17.42 Unrealized +22.8%

FMX FOMENTO ECONOMICO MEXICANO S 0.0%

Value ($000) $2,145 (+4.5%) Shares 21,222 (+2.0%) Est. Cost $96.05 Unrealized —

OGN ORGANON & CO 0.0%

Value ($000) $4,349 (-1.5%) Shares 606,499 (+46.7%) Est. Cost $10.61 Unrealized -25.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	1,805,562 (+12.7%)	$121,280 (-41.3%)	0.9%	$127.74	-34.3%	COM	337738108
EPAM	EPAM SYS INC	983,830 (+19.6%)	$201,570 (+62.5%)	1.5%	$166.51	+7.1%	COM	29414B104
MRK	MERCK & CO INC	2,467,525 (+1.9%)	$259,733 (+27.7%)	2.0%	$78.01	+19.5%	COM	58933Y105
UNF	UNIFIRST CORP MASS	367,786 (+164.2%)	$70,946 (+204.8%)	0.5%	$172.27	-2.2%	COM	904708104
ARW	ARROW ELECTRS INC	409,461 (+1412.3%)	$45,115 (+1277.1%)	0.3%	$113.82	-0.2%	COM	042735100
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	2,322,430 (+2.6%)	$192,763 (+27.0%)	1.5%	$64.83	+15.2%	CL A	192446102
OTEX	OPEN TEXT CORP	9,106,157 (+1.2%)	$296,679 (-11.8%)	2.3%	$29.01	+22.1%	COM	683715106
SMG	SCOTTS MIRACLE-GRO CO	737,546 (+362.8%)	$43,036 (+374.2%)	0.3%	$55.45	-0.5%	CL A	810186106
HAL	HALLIBURTON CO	7,548,930 (+1.4%)	$213,333 (+16.5%)	1.6%	$24.05	+9.3%	COM	406216101
ACGL	ARCH CAP GROUP LTD	1,710,565 (+13.5%)	$164,078 (+20.0%)	1.2%	$94.25	-2.9%	ORD	G0450A105
OMC	OMNICOM GROUP INC	1,089,323 (+42.6%)	$87,963 (+41.2%)	0.7%	$73.88	+2.5%	COM	681919106
DEO	DIAGEO PLC	301,596 (+4475.2%)	$26,020 (+4036.2%)	0.2%	$86.92	—	SPON ADR NEW	25243Q205
GLOB	GLOBANT S A	2,400,732 (+4.0%)	$156,936 (+18.5%)	1.2%	$73.19	-14.1%	COM	L44385109
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	1,414,368 (+12.3%)	$73,943 (+48.6%)	0.6%	$46.25	+1.1%	CL A	499049104
BDX	BECTON DICKINSON & CO	1,229,707 (+6.7%)	$238,651 (+10.6%)	1.8%	$181.86	+4.2%	COM	075887109
SLB	SLB LIMITED	1,943,761 (+29.2%)	$74,602 (+44.3%)	0.6%	$38.69	-6.8%	COM STK	806857108
CI	THE CIGNA GROUP	944,262 (+14.0%)	$259,892 (+8.8%)	2.0%	$261.95	+6.6%	COM	125523100
SAP	SAP SE	229,454 (+70.3%)	$55,741 (+54.8%)	0.4%	$228.86	—	SPON ADR	803054204
IFF	INTERNATIONAL FLAVORS&FRAGRA	1,043,352 (+26.7%)	$70,312 (+38.7%)	0.5%	$67.36	-4.4%	COM	459506101
PBH	PRESTIGE CONSMR HEALTHCARE I	606,737 (+93.2%)	$37,430 (+91.0%)	0.3%	$65.40	-6.4%	COM	74112D101
CAE	CAE INC	15,157,988 (+1.1%)	$461,107 (+3.8%)	3.5%	$19.76	+42.0%	COM	124765108
MOG/A	MOOG INC	356,187 (+2.7%)	$86,749 (+20.5%)	0.7%	$116.12	+88.7%	CL A	615394202
WKC	WORLD KINECT CORPORATION	3,845,750 (+30.9%)	$90,106 (+18.2%)	0.7%	$25.07	-1.6%	COM	981475106
KVUE	KENVUE INC	3,094,648 (+25.7%)	$53,383 (+33.6%)	0.4%	$18.62	-12.7%	COM	49177J102
IXUS	ISHARES TR	146,997 (+3661.4%)	$12,442 (+3755.3%)	0.1%	$84.59	—	CORE MSCI TOTAL	46432F834
TKR	TIMKEN CO	667,166 (+13.9%)	$56,129 (+27.4%)	0.4%	$72.09	+10.3%	COM	887389104
MCK	MCKESSON CORP	188,365 (+2.1%)	$154,524 (+8.4%)	1.2%	$303.49	+168.7%	COM	58155Q103
CVS	CVS HEALTH CORP	1,845,342 (+2.5%)	$146,447 (+7.9%)	1.1%	$61.29	+28.4%	COM	126650100
KSPI	KASPI KZ JSC	558,071 (+36.9%)	$43,602 (+30.9%)	0.3%	$80.72	—	SPONSORED ADS	48581R205
VBR	VANGUARD INDEX FDS	48,934 (+3661.3%)	$10,364 (+3716.8%)	0.1%	$211.42	—	SM CP VAL ETF	922908611
NTR	NUTRIEN LTD	1,859,268 (+4.0%)	$114,755 (+9.3%)	0.9%	$52.30	+12.5%	COM	67077M108
TGT	TARGET CORP	547,294 (+12.0%)	$53,499 (+22.0%)	0.4%	$93.66	-2.2%	COM	87612E106
ICLR	ICON PLC	776,732 (+2.8%)	$141,538 (+7.0%)	1.1%	$160.83	+10.7%	SHS	G4705A100
PNC	PNC FINL SVCS GROUP INC	797,827 (+1.7%)	$166,533 (+5.7%)	1.3%	$123.88	+55.6%	COM	693475105
NTGR	NETGEAR INC	1,855,555 (+10.8%)	$45,517 (-16.1%)	0.3%	$22.21	+29.6%	COM	64111Q104
ORN	ORION GROUP HLDGS INC	5,010,193 (+1.1%)	$49,801 (+20.8%)	0.4%	$5.88	+64.7%	COM	68628V308
SON	SONOCO PRODS CO	368,464 (+110.8%)	$16,080 (+113.5%)	0.1%	$43.38	-5.1%	COM	835495102
MTX	MINERALS TECHNOLOGIES INC	819,908 (+22.9%)	$49,973 (+20.6%)	0.4%	$59.55	-0.8%	COM	603158106
SHEL	SHELL PLC	2,617,417 (+1.8%)	$192,329 (+4.6%)	1.5%	$65.48	—	SPON ADS	780259305
SNY	SANOFI SA	2,913,256 (+3.2%)	$141,177 (+6.0%)	1.1%	$49.64	—	SPONSORED ADR	80105N105
CNH	CNH INDL N V	2,704,581 (+67.6%)	$24,936 (+42.4%)	0.2%	$10.63	-6.0%	SHS	N20944109
ABEV	AMBEV SA	22,600,124 (+4.0%)	$55,822 (+15.2%)	0.4%	$2.49	—	SPONSORED ADR	02319V103
AZO	AUTOZONE INC	11,417 (+7.5%)	$38,747 (-15.1%)	0.3%	$2370.77	+59.4%	COM	053332102
QRVO	QORVO INC	442,000 (+28.2%)	$37,354 (+19.0%)	0.3%	$103.45	-14.7%	COM	74736K101
ARLO	ARLO TECHNOLOGIES INC	8,198,707 (+27.6%)	$114,700 (+5.3%)	0.9%	$10.50	+49.8%	COM	04206A101
INGR	INGREDION INC	403,503 (+26.2%)	$44,491 (+14.0%)	0.3%	$102.07	+10.5%	COM	457187102
PKE	PARK AEROSPACE CORP	3,191,411 (+3.5%)	$68,105 (+8.6%)	0.5%	$13.66	+45.9%	COM	70014A104
SYY	SYSCO CORP	857,140 (+3.9%)	$63,163 (-7.0%)	0.5%	$73.53	+2.7%	COM	871829107
VTV	VANGUARD INDEX FDS	26,656 (+703.6%)	$5,091 (+723.0%)	0.0%	$189.21	—	VALUE ETF	922908744
NVS	NOVARTIS AG	262,797 (+6.0%)	$36,234 (+14.0%)	0.3%	$101.51	—	SPONSORED ADR	66987V109
WLK	WESTLAKE CORPORATION	1,670,327 (+7.9%)	$123,505 (+3.5%)	0.9%	$86.69	-18.3%	COM	960413102
XRAY	DENTSPLY SIRONA INC	856,878 (+83.2%)	$9,794 (+65.0%)	0.1%	$14.71	-20.2%	COM	24906P109
STM	STMICROELECTRONICS N V	1,566,965 (+20.4%)	$40,647 (+10.5%)	0.3%	$24.42	—	NY REGISTRY	861012102
CPA	COPA HOLDINGS SA	654,255 (+3.5%)	$78,910 (+5.1%)	0.6%	$72.94	+66.3%	CL A	P31076105
TFC	TRUIST FINL CORP	802,907 (+2.7%)	$39,511 (+10.6%)	0.3%	$35.22	+30.0%	COM	89832Q109
UNH	UNITEDHEALTH GROUP INC	400,063 (+7.2%)	$132,069 (+2.5%)	1.0%	$359.09	-6.1%	COM	91324P102
ZBH	ZIMMER BIOMET HOLDINGS INC	48,863 (+215.3%)	$4,394 (+187.9%)	0.0%	$98.15	-3.6%	COM	98956P102
FTRE	FORTREA HLDGS INC	279,273 (+14.5%)	$4,817 (+134.7%)	0.0%	$13.44	-8.1%	COMMON STOCK	34965K107
EPC	EDGEWELL PERS CARE CO	6,119,499 (+16.4%)	$104,337 (-2.5%)	0.8%	$29.75	-38.2%	COM	28035Q102
KOF	COCA-COLA FEMSA SAB DE CV	30,048 (+1037.3%)	$2,846 (+1196.3%)	0.0%	$93.63	—	SPONS ADS REP	191241108
PHG	KONINKLIJKE PHILIPS N V	1,725,997 (+6.6%)	$46,740 (+5.9%)	0.4%	$22.49	—	NY REGIS SHS NEW	500472303
CMCSA	COMCAST CORP NEW	5,994,421 (+3.6%)	$179,173 (-1.4%)	1.4%	$37.22	-23.3%	CL A	20030N101
MHK	MOHAWK INDS INC	1,102,574 (+20.4%)	$120,513 (+2.1%)	0.9%	$114.21	+0.6%	COM	608190104
IMKTA	INGLES MKTS INC	1,206,646 (+4.0%)	$82,716 (+2.5%)	0.6%	$67.78	+7.0%	CL A	457030104
DOX	AMDOCS LTD	2,714,965 (+2.8%)	$218,583 (+0.9%)	1.7%	$75.28	+6.1%	SHS	G02602103
MOV	MOVADO GROUP INC	704,036 (+5.6%)	$14,517 (+14.8%)	0.1%	$16.39	+19.0%	COM	624580106
MSM	MSC INDL DIRECT INC	319,034 (+17.2%)	$26,831 (+6.9%)	0.2%	$81.17	+6.8%	CL A	553530106
UTMD	UTAH MED PRODS INC	351,322 (+4.0%)	$19,660 (-7.6%)	0.1%	$65.60	-11.6%	COM	917488108
LKQ	LKQ CORP	1,900,120 (+4.0%)	$57,384 (+2.8%)	0.4%	$37.48	-20.0%	COM	501889208
EBMT	EAGLE BANCORP MONT INC	413,888 (+6.0%)	$8,236 (+22.2%)	0.1%	$14.79	+16.4%	COM	26942G100
IQV	IQVIA HLDGS INC	29,496 (+7.4%)	$6,649 (+27.4%)	0.1%	$164.68	+32.1%	COM	46266C105
EVRG	EVERGY INC	1,138,521 (+3.1%)	$82,532 (-1.6%)	0.6%	$60.47	+24.8%	COM	30034W106
NKSH	NATIONAL BANKSHARES INC VA	244,505 (+5.5%)	$8,198 (+20.1%)	0.1%	$27.64	+7.9%	COM	634865109
WHR	WHIRLPOOL CORP	43,302 (+87.8%)	$3,124 (+72.4%)	0.0%	$85.25	-13.4%	COM	963320106
CPB	THE CAMPBELLS COMPANY	112,984 (+91.0%)	$3,149 (+68.5%)	0.0%	$32.78	-8.3%	COM	134429109
ENIC	ENEL CHILE S.A.	5,270,748 (+2.3%)	$21,188 (+5.8%)	0.2%	$3.00	—	SPONSORED ADR	29278D105
SCHL	SCHOLASTIC CORP	279,686 (+6.6%)	$8,287 (+15.4%)	0.1%	$23.51	+21.0%	COM	807066105
CFG	CITIZENS FINL GROUP INC	68,001 (+20.5%)	$3,972 (+32.4%)	0.0%	$37.72	+42.1%	COM	174610105
SSNC	SS&C TECHNOLOGIES HLDGS INC	1,052,905 (+2.6%)	$92,046 (+1.0%)	0.7%	$66.26	+28.7%	COM	78467J100
WTW	WILLIS TOWERS WATSON PLC LTD	275,591 (+6.2%)	$90,562 (+1.0%)	0.7%	$233.44	+39.9%	SHS	G96629103
HURC	HURCO CO	505,717 (+2.3%)	$7,813 (-9.1%)	0.1%	$22.88	-27.6%	COM	447324104
AOUT	AMERICAN OUTDOOR BRANDS INC	1,887,645 (+6.6%)	$14,591 (-5.1%)	0.1%	$9.83	-24.6%	COM	02875D109
TAP	MOLSON COORS BEVERAGE CO	107,479 (+14.5%)	$5,017 (+18.2%)	0.0%	$47.35	-3.3%	CL B	60871R209
SHC	SOTERA HEALTH CO	148,572 (+23.8%)	$2,621 (+38.8%)	0.0%	$13.51	+22.4%	COM	83601L102
UTHR	UNITED THERAPEUTICS CORP DEL	4,044 (+34.0%)	$1,970 (+55.8%)	0.0%	$305.03	+52.7%	COM	91307C102
HOLX	HOLOGIC INC	44,864 (+13.5%)	$3,342 (+25.3%)	0.0%	$64.61	+13.1%	COM	436440101
HTLD	HEARTLAND EXPRESS INC	244,424 (+26.8%)	$2,207 (+36.7%)	0.0%	$9.47	-12.1%	COM	422347104
GRFS	GRIFOLS S A	30,954,223 (+6.3%)	$289,422 (-0.2%)	2.2%	$9.29	—	SP ADR REP B NVT	398438408
EXE	EXPAND ENERGY CORPORATION	23,127 (+23.6%)	$2,552 (+28.4%)	0.0%	$74.16	+49.2%	COM	165167735
HSIC	HENRY SCHEIN INC	22,422 (+30.4%)	$1,695 (+48.5%)	0.0%	$70.79	-0.6%	COM	806407102
FSTR	FOSTER L B CO	1,360,415 (+1.5%)	$36,663 (+1.5%)	0.3%	$18.27	+47.7%	COM	350060109
FFIV	F5 INC	12,111 (+7.7%)	$3,091 (-14.9%)	0.0%	$177.69	+51.4%	COM	315616102
NPK	NATIONAL PRESTO INDS INC	70,469 (+12.9%)	$7,523 (+7.5%)	0.1%	$81.24	+29.0%	COM	637215104
PFE	PFIZER INC	8,629,182 (+2.6%)	$214,867 (+0.2%)	1.6%	$26.32	-4.9%	COM	717081103
HMC	HONDA MOTOR LTD	953,081 (+6.4%)	$28,097 (+1.8%)	0.2%	$28.35	—	ADR ECH CNV IN 3	438128308
SEIC	SEI INVTS CO	35,663 (+23.7%)	$2,925 (+19.6%)	0.0%	$72.89	+12.1%	COM	784117103
AGCO	AGCO CORP	21,677 (+30.2%)	$2,261 (+26.9%)	0.0%	$99.65	+6.4%	COM	001084102
LSTR	LANDSTAR SYS INC	7,634 (+51.0%)	$1,097 (+77.0%)	0.0%	$148.87	—	COM	515098101
SEB	SEABOARD CORP DEL	463 (+4.5%)	$2,058 (+27.4%)	0.0%	$2994.62	+32.0%	COM	811543107
ORI	OLD REP INTL CORP	35,601 (+24.0%)	$1,625 (+33.2%)	0.0%	$25.82	+58.1%	COM	680223104
MZTI	MARZETTI COMPANY	11,000 (+33.2%)	$1,809 (+26.7%)	0.0%	$176.67	-5.5%	COM	513847103
BAP	CREDICORP LTD	15,654 (+1.4%)	$4,493 (+9.3%)	0.0%	$143.76	+84.2%	COM	G2519Y108
WTM	WHITE MTNS INS GROUP LTD	665 (+8.3%)	$1,382 (+34.6%)	0.0%	$1725.35	+13.3%	COM	G9618E107
LNSR	LENSAR INC	856,216 (+10.1%)	$9,958 (+3.7%)	0.1%	$7.47	+52.8%	COM	52634L108
IPGP	IPG PHOTONICS CORP	151,148 (+7.1%)	$10,822 (-3.2%)	0.1%	$71.60	+14.0%	COM	44980X109
ETR	ENTERGY CORP NEW	394,372 (+1.7%)	$36,452 (+0.9%)	0.3%	$61.57	+53.5%	COM	29364G103
CTVA	CORTEVA INC	2,312,515 (+1.1%)	$155,009 (+0.2%)	1.2%	$48.60	+32.8%	COM	22052L104
VTMX	VESTA REAL ESTATE CORP	46,990 (+17.4%)	$1,433 (+26.5%)	0.0%	$26.56	—	ADS	92540K109
SUZ	SUZANO S A	239,957 (+14.8%)	$2,241 (+14.0%)	0.0%	$10.22	—	SPON ADS	86959K105
PBR/A	PETROLEO BRASILEIRO SA PETRO	5,492,474 (+4.4%)	$61,900 (-0.4%)	0.5%	$11.82	—	SP ADR NON VTG	71654V101
ZTO	ZTO EXPRESS CAYMAN INC	115,699 (+1.7%)	$2,417 (+10.6%)	0.0%	$24.02	—	SPONSORED ADS A	98980A105
AVT	AVNET INC	32,857 (+27.1%)	$1,580 (+16.9%)	0.0%	$48.51	+0.8%	COM	053807103
RGP	RESOURCES CONNECTION INC	1,442,645 (+3.1%)	$7,271 (+2.9%)	0.1%	$6.93	-31.2%	COM	76122Q105
LEVI	LEVI STRAUSS & CO NEW	110,507 (+22.9%)	$2,292 (+9.4%)	0.0%	$17.42	+22.8%	CL A COM STK	52736R102
FMX	FOMENTO ECONOMICO MEXICANO S	21,222 (+2.0%)	$2,145 (+4.5%)	0.0%	$96.05	—	SPON ADR UNITS	344419106
OGN	ORGANON & CO	606,499 (+46.7%)	$4,349 (-1.5%)	0.0%	$10.61	-25.7%	COMMON STOCK	68622V106

Exited Positions (6)

— HANESBRANDS INC 1.0%

Value ($000) $127,443 Shares 19,338,869 Est. Cost $5.62 Unrealized —

— TOTALENERGIES SE 0.3%

Value ($000) $45,744 Shares 766,340 Est. Cost $60.91 Unrealized —

— PREMIER INC 0.1%

Value ($000) $18,639 Shares 670,452 Est. Cost $20.22 Unrealized —

— INTERPUBLIC GROUP COS INC 0.1%

Value ($000) $7,555 Shares 270,689 Est. Cost $24.87 Unrealized +4.4%

CRH CRH PLC 0.1%

Value ($000) $6,706 Shares 55,928 Est. Cost $62.42 Unrealized +90.9%

PAHC PHIBRO ANIMAL HEALTH CORP 0.0%

Value ($000) $1,557 Shares 38,475 Est. Cost $14.30 Unrealized +184.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HANESBRANDS INC	19,338,869	$127,443	1.0%	$5.62	—	—	410345102
—	TOTALENERGIES SE	766,340	$45,744	0.3%	$60.91	—	—	89151E109
—	PREMIER INC	670,452	$18,639	0.1%	$20.22	—	—	74051N102
—	INTERPUBLIC GROUP COS INC	270,689	$7,555	0.1%	$24.87	+4.4%	—	460690100
CRH	CRH PLC	55,928	$6,706	0.1%	$62.42	+90.9%	—	G25508105
PAHC	PHIBRO ANIMAL HEALTH CORP	38,475	$1,557	0.0%	$14.30	+184.1%	—	71742Q106

Decreased Positions (48)

AIG AMERICAN INTL GROUP INC 0.0%

Value ($000) $389 (-99.7%) Shares 4,552 (-99.7%) Est. Cost $47.75 Unrealized +66.9%

OMF ONEMAIN HLDGS INC 0.1%

Value ($000) $7,885 (-92.8%) Shares 116,733 (-93.9%) Est. Cost $49.72 Unrealized +22.3%

— AVADEL PHARMACEUTICALS PLC 0.0%

Value ($000) $4,707 (-94.3%) Shares 218,425 (-96.0%) Est. Cost $9.61 Unrealized —

CX CEMEX SAB DE CV 1.1%

Value ($000) $147,673 (-34.0%) Shares 12,852,316 (-48.4%) Est. Cost $6.07 Unrealized —

SEE SEALED AIR CORP NEW 0.3%

Value ($000) $45,187 (-43.8%) Shares 1,090,676 (-52.1%) Est. Cost $31.95 Unrealized +20.7%

MU MICRON TECHNOLOGY INC 1.3%

Value ($000) $168,773 (+18.6%) Shares 591,323 (-30.5%) Est. Cost $74.15 Unrealized +209.3%

ELAN ELANCO ANIMAL HEALTH INC 0.7%

Value ($000) $95,088 (-20.5%) Shares 4,201,864 (-29.3%) Est. Cost $12.06 Unrealized +80.5%

EMBJ EMBRAER S.A. 2.5%

Value ($000) $331,876 (-6.7%) Shares 5,155,739 (-12.4%) Est. Cost $19.87 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.7%

Value ($000) $93,701 (-20.2%) Shares 639,228 (-2.7%) Est. Cost $95.53 Unrealized —

PZZA PAPA JOHNS INTL INC 0.1%

Value ($000) $14,296 (-59.7%) Shares 371,409 (-49.6%) Est. Cost $39.94 Unrealized +8.5%

WRB BERKLEY W R CORP 0.4%

Value ($000) $57,358 (-24.3%) Shares 817,992 (-17.3%) Est. Cost $45.82 Unrealized +58.8%

STT STATE STR CORP 0.4%

Value ($000) $47,796 (-26.6%) Shares 370,477 (-34.0%) Est. Cost $63.16 Unrealized +88.4%

BAC BANK AMERICA CORP 1.8%

Value ($000) $241,241 (-6.3%) Shares 4,386,202 (-12.1%) Est. Cost $24.71 Unrealized +113.2%

TIGO MILLICOM INTL CELLULAR S A 2.0%

Value ($000) $268,136 (-5.3%) Shares 4,836,505 (-17.1%) Est. Cost $20.62 Unrealized +144.2%

MUFG MITSUBISHI UFJ FINL GROUP IN 0.0%

Value ($000) $350 (-97.7%) Shares 22,094 (-97.7%) Est. Cost $7.77 Unrealized —

CVX CHEVRON CORP NEW 0.7%

Value ($000) $89,100 (-13.2%) Shares 584,604 (-11.5%) Est. Cost $104.05 Unrealized +45.5%

JPM JPMORGAN CHASE & CO. 0.4%

Value ($000) $51,868 (-19.5%) Shares 160,966 (-21.2%) Est. Cost $111.80 Unrealized +176.9%

E ENI S P A 0.1%

Value ($000) $15,577 (-39.5%) Shares 410,556 (-44.3%) Est. Cost $29.35 Unrealized —

HCA HCA HEALTHCARE INC 1.4%

Value ($000) $180,601 (+5.7%) Shares 386,831 (-3.5%) Est. Cost $211.45 Unrealized +119.3%

C CITIGROUP INC 2.1%

Value ($000) $275,510 (+3.6%) Shares 2,361,032 (-9.9%) Est. Cost $45.32 Unrealized +128.7%

AMX AMERICA MOVIL SAB DE CV 0.4%

Value ($000) $57,108 (-13.2%) Shares 2,762,821 (-11.9%) Est. Cost $16.93 Unrealized —

VIV TELEFONICA BRASIL SA 0.2%

Value ($000) $27,010 (-19.8%) Shares 2,277,427 (-13.8%) Est. Cost $9.00 Unrealized —

SNN SMITH & NEPHEW PLC 0.3%

Value ($000) $38,755 (-14.6%) Shares 1,181,183 (-5.5%) Est. Cost $26.93 Unrealized —

FLEX FLEX LTD 0.4%

Value ($000) $48,451 (-11.1%) Shares 801,904 (-14.7%) Est. Cost $16.65 Unrealized +271.1%

BK BANK NEW YORK MELLON CORP 0.3%

Value ($000) $44,374 (-11.7%) Shares 382,234 (-17.2%) Est. Cost $37.77 Unrealized +192.6%

GOOGL ALPHABET INC 0.8%

Value ($000) $104,988 (+5.2%) Shares 335,420 (-18.3%) Est. Cost $118.16 Unrealized +141.7%

CAH CARDINAL HEALTH INC 1.2%

Value ($000) $160,685 (+3.3%) Shares 781,909 (-21.1%) Est. Cost $61.28 Unrealized +206.4%

UBS UBS GROUP AG 0.5%

Value ($000) $63,567 (+8.8%) Shares 1,372,632 (-3.7%) Est. Cost $23.20 Unrealized +74.1%

GHM GRAHAM CORP 0.6%

Value ($000) $80,097 (+6.3%) Shares 1,247,033 (-9.1%) Est. Cost $19.34 Unrealized +212.1%

GSK GSK PLC 0.6%

Value ($000) $84,574 (+4.9%) Shares 1,724,576 (-7.7%) Est. Cost $36.78 Unrealized —

TXT TEXTRON INC 1.8%

Value ($000) $238,415 (-1.6%) Shares 2,735,047 (-4.6%) Est. Cost $68.82 Unrealized +21.6%

GOOG ALPHABET INC 0.7%

Value ($000) $88,991 (+4.4%) Shares 283,586 (-19.0%) Est. Cost $122.87 Unrealized +133.0%

EMR EMERSON ELEC CO 0.9%

Value ($000) $120,522 (-2.8%) Shares 908,082 (-3.9%) Est. Cost $71.42 Unrealized +85.4%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.4%

Value ($000) $55,196 (+6.6%) Shares 181,617 (-2.1%) Est. Cost $116.48 Unrealized —

WPP WPP PLC NEW 0.1%

Value ($000) $15,768 (-17.1%) Shares 702,057 (-7.5%) Est. Cost $47.51 Unrealized —

TAK TAKEDA PHARMACEUTICAL CO LTD 0.5%

Value ($000) $60,519 (+5.1%) Shares 3,881,882 (-1.3%) Est. Cost $15.27 Unrealized —

HSBC HSBC HLDGS PLC 0.0%

Value ($000) $801 (-71.4%) Shares 10,175 (-74.2%) Est. Cost $38.08 Unrealized —

NWG NATWEST GROUP PLC 0.1%

Value ($000) $8,690 (+18.5%) Shares 496,566 (-4.2%) Est. Cost $6.21 Unrealized —

BRC BRADY CORP 0.0%

Value ($000) $4,825 (-21.1%) Shares 61,573 (-21.5%) Est. Cost $72.15 Unrealized +6.9%

MD PEDIATRIX MEDICAL GROUP INC 0.1%

Value ($000) $9,460 (-10.5%) Shares 442,273 (-29.9%) Est. Cost $13.68 Unrealized +49.8%

TIMB TIM S A 0.0%

Value ($000) $2,912 (-14.5%) Shares 149,702 (-1.9%) Est. Cost $13.49 Unrealized —

HDB HDFC BANK LTD 0.0%

Value ($000) $3,303 (-5.6%) Shares 90,397 (-11.8%) Est. Cost $48.60 Unrealized —

TLK P T TELEKOMUNIKASI INDONESIA 0.0%

Value ($000) $3,397 (+6.0%) Shares 161,381 (-5.2%) Est. Cost $15.27 Unrealized —

SHG SHINHAN FINANCIAL GROUP CO L 0.0%

Value ($000) $3,286 (+5.1%) Shares 61,268 (-1.3%) Est. Cost $30.38 Unrealized —

WFC WELLS FARGO CO NEW 1.9%

Value ($000) $245,037 (+0.1%) Shares 2,629,147 (-10.0%) Est. Cost $38.22 Unrealized +126.7%

BTI BRITISH AMERN TOB PLC 0.0%

Value ($000) $670 (-15.4%) Shares 11,833 (-20.7%) Est. Cost $32.14 Unrealized —

RCI ROGERS COMMUNICATIONS INC 0.0%

Value ($000) $1,736 (-2.3%) Shares 45,998 (-10.8%) Est. Cost $38.81 Unrealized -3.4%

UPS UNITED PARCEL SERVICE INC 0.0%

Value ($000) $1,298 (+2.7%) Shares 13,086 (-13.5%) Est. Cost $104.62 Unrealized -11.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIG	AMERICAN INTL GROUP INC	4,552 (-99.7%)	$389 (-99.7%)	0.0%	$47.75	+66.9%	COM NEW	026874784
OMF	ONEMAIN HLDGS INC	116,733 (-93.9%)	$7,885 (-92.8%)	0.1%	$49.72	+22.3%	COM	68268W103
—	AVADEL PHARMACEUTICALS PLC	218,425 (-96.0%)	$4,707 (-94.3%)	0.0%	$9.61	—	COM SHS	G29687103
CX	CEMEX SAB DE CV	12,852,316 (-48.4%)	$147,673 (-34.0%)	1.1%	$6.07	—	SPON ADR NEW	151290889
SEE	SEALED AIR CORP NEW	1,090,676 (-52.1%)	$45,187 (-43.8%)	0.3%	$31.95	+20.7%	COM	81211K100
MU	MICRON TECHNOLOGY INC	591,323 (-30.5%)	$168,773 (+18.6%)	1.3%	$74.15	+209.3%	COM	595112103
ELAN	ELANCO ANIMAL HEALTH INC	4,201,864 (-29.3%)	$95,088 (-20.5%)	0.7%	$12.06	+80.5%	COM	28414H103
EMBJ	EMBRAER S.A.	5,155,739 (-12.4%)	$331,876 (-6.7%)	2.5%	$19.87	—	SPONSORED ADS	29082A107
BABA	ALIBABA GROUP HLDG LTD	639,228 (-2.7%)	$93,701 (-20.2%)	0.7%	$95.53	—	SPONSORED ADS	01609W102
PZZA	PAPA JOHNS INTL INC	371,409 (-49.6%)	$14,296 (-59.7%)	0.1%	$39.94	+8.5%	COM	698813102
WRB	BERKLEY W R CORP	817,992 (-17.3%)	$57,358 (-24.3%)	0.4%	$45.82	+58.8%	COM	084423102
STT	STATE STR CORP	370,477 (-34.0%)	$47,796 (-26.6%)	0.4%	$63.16	+88.4%	COM	857477103
BAC	BANK AMERICA CORP	4,386,202 (-12.1%)	$241,241 (-6.3%)	1.8%	$24.71	+113.2%	COM	060505104
TIGO	MILLICOM INTL CELLULAR S A	4,836,505 (-17.1%)	$268,136 (-5.3%)	2.0%	$20.62	+144.2%	COM STK	L6388F110
MUFG	MITSUBISHI UFJ FINL GROUP IN	22,094 (-97.7%)	$350 (-97.7%)	0.0%	$7.77	—	SPONSORED ADS	606822104
CVX	CHEVRON CORP NEW	584,604 (-11.5%)	$89,100 (-13.2%)	0.7%	$104.05	+45.5%	COM	166764100
JPM	JPMORGAN CHASE & CO.	160,966 (-21.2%)	$51,868 (-19.5%)	0.4%	$111.80	+176.9%	COM	46625H100
E	ENI S P A	410,556 (-44.3%)	$15,577 (-39.5%)	0.1%	$29.35	—	SPONSORED ADR	26874R108
HCA	HCA HEALTHCARE INC	386,831 (-3.5%)	$180,601 (+5.7%)	1.4%	$211.45	+119.3%	COM	40412C101
C	CITIGROUP INC	2,361,032 (-9.9%)	$275,510 (+3.6%)	2.1%	$45.32	+128.7%	COM NEW	172967424
AMX	AMERICA MOVIL SAB DE CV	2,762,821 (-11.9%)	$57,108 (-13.2%)	0.4%	$16.93	—	SPON ADS RP CL B	02390A101
VIV	TELEFONICA BRASIL SA	2,277,427 (-13.8%)	$27,010 (-19.8%)	0.2%	$9.00	—	SPONSORED ADS	87936R205
SNN	SMITH & NEPHEW PLC	1,181,183 (-5.5%)	$38,755 (-14.6%)	0.3%	$26.93	—	SPDN ADR NEW	83175M205
FLEX	FLEX LTD	801,904 (-14.7%)	$48,451 (-11.1%)	0.4%	$16.65	+271.1%	ORD	Y2573F102
BK	BANK NEW YORK MELLON CORP	382,234 (-17.2%)	$44,374 (-11.7%)	0.3%	$37.77	+192.6%	COM	064058100
GOOGL	ALPHABET INC	335,420 (-18.3%)	$104,988 (+5.2%)	0.8%	$118.16	+141.7%	CAP STK CL A	02079K305
CAH	CARDINAL HEALTH INC	781,909 (-21.1%)	$160,685 (+3.3%)	1.2%	$61.28	+206.4%	COM	14149Y108
UBS	UBS GROUP AG	1,372,632 (-3.7%)	$63,567 (+8.8%)	0.5%	$23.20	+74.1%	SHS	H42097107
GHM	GRAHAM CORP	1,247,033 (-9.1%)	$80,097 (+6.3%)	0.6%	$19.34	+212.1%	COM	384556106
GSK	GSK PLC	1,724,576 (-7.7%)	$84,574 (+4.9%)	0.6%	$36.78	—	SPONSORED ADR	37733W204
TXT	TEXTRON INC	2,735,047 (-4.6%)	$238,415 (-1.6%)	1.8%	$68.82	+21.6%	COM	883203101
GOOG	ALPHABET INC	283,586 (-19.0%)	$88,991 (+4.4%)	0.7%	$122.87	+133.0%	CAP STK CL C	02079K107
EMR	EMERSON ELEC CO	908,082 (-3.9%)	$120,522 (-2.8%)	0.9%	$71.42	+85.4%	COM	291011104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	181,617 (-2.1%)	$55,196 (+6.6%)	0.4%	$116.48	—	SPONSORED ADS	874039100
WPP	WPP PLC NEW	702,057 (-7.5%)	$15,768 (-17.1%)	0.1%	$47.51	—	ADR	92937A102
TAK	TAKEDA PHARMACEUTICAL CO LTD	3,881,882 (-1.3%)	$60,519 (+5.1%)	0.5%	$15.27	—	SPONSORED ADS	874060205
HSBC	HSBC HLDGS PLC	10,175 (-74.2%)	$801 (-71.4%)	0.0%	$38.08	—	SPON ADR NEW	404280406
NWG	NATWEST GROUP PLC	496,566 (-4.2%)	$8,690 (+18.5%)	0.1%	$6.21	—	SPONS ADR	639057207
BRC	BRADY CORP	61,573 (-21.5%)	$4,825 (-21.1%)	0.0%	$72.15	+6.9%	CL A	104674106
MD	PEDIATRIX MEDICAL GROUP INC	442,273 (-29.9%)	$9,460 (-10.5%)	0.1%	$13.68	+49.8%	COM	58502B106
TIMB	TIM S A	149,702 (-1.9%)	$2,912 (-14.5%)	0.0%	$13.49	—	SPONSORED ADR	88706T108
HDB	HDFC BANK LTD	90,397 (-11.8%)	$3,303 (-5.6%)	0.0%	$48.60	—	SPONSORED ADS	40415F101
TLK	P T TELEKOMUNIKASI INDONESIA	161,381 (-5.2%)	$3,397 (+6.0%)	0.0%	$15.27	—	SPONSORED ADR	715684106
SHG	SHINHAN FINANCIAL GROUP CO L	61,268 (-1.3%)	$3,286 (+5.1%)	0.0%	$30.38	—	SPN ADR RESTRD	824596100
WFC	WELLS FARGO CO NEW	2,629,147 (-10.0%)	$245,037 (+0.1%)	1.9%	$38.22	+126.7%	COM	949746101
BTI	BRITISH AMERN TOB PLC	11,833 (-20.7%)	$670 (-15.4%)	0.0%	$32.14	—	SPONSORED ADR	110448107
RCI	ROGERS COMMUNICATIONS INC	45,998 (-10.8%)	$1,736 (-2.3%)	0.0%	$38.81	-3.4%	CL B	775109200
UPS	UNITED PARCEL SERVICE INC	13,086 (-13.5%)	$1,298 (+2.7%)	0.0%	$104.62	-11.3%	CL B	911312106

Unchanged Positions (10)

KMT KENNAMETAL INC 2.2%

Value ($000) $290,664 Shares 10,231,052 Est. Cost $21.69 Unrealized +16.8%

FDX FEDEX CORP 1.6%

Value ($000) $208,930 Shares 723,281 Est. Cost $211.63 Unrealized +23.6%

HXL HEXCEL CORP NEW 1.4%

Value ($000) $185,199 Shares 2,506,068 Est. Cost $59.28 Unrealized +19.3%

INVX INNOVEX INTERNATIONAL INC 1.3%

Value ($000) $167,441 Shares 7,656,210 Est. Cost $15.83 Unrealized +31.8%

JNJ JOHNSON & JOHNSON 0.7%

Value ($000) $86,747 Shares 419,162 Est. Cost $142.02 Unrealized +38.7%

LH LABCORP HOLDINGS INC 0.4%

Value ($000) $55,926 Shares 222,911 Est. Cost $207.95 Unrealized +27.5%

GTES GATES INDL CORP PLC 0.2%

Value ($000) $24,271 Shares 1,130,476 Est. Cost $15.13 Unrealized +52.6%

HCSG HEALTHCARE SVCS GROUP INC 0.1%

Value ($000) $13,485 Shares 705,272 Est. Cost $12.20 Unrealized +47.5%

CNA CNA FINL CORP 0.0%

Value ($000) $872 Shares 18,264 Est. Cost $39.85 Unrealized +15.1%

GTE GRAN TIERRA ENERGY INC 0.0%

Value ($000) $271 Shares 63,869 Est. Cost $6.49 Unrealized -35.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMT	KENNAMETAL INC	10,231,052	$290,664	2.2%	$21.69	+16.8%	COM	489170100
FDX	FEDEX CORP	723,281	$208,930	1.6%	$211.63	+23.6%	COM	31428X106
HXL	HEXCEL CORP NEW	2,506,068	$185,199	1.4%	$59.28	+19.3%	COM	428291108
INVX	INNOVEX INTERNATIONAL INC	7,656,210	$167,441	1.3%	$15.83	+31.8%	COM	457651107
JNJ	JOHNSON & JOHNSON	419,162	$86,747	0.7%	$142.02	+38.7%	COM	478160104
LH	LABCORP HOLDINGS INC	222,911	$55,926	0.4%	$207.95	+27.5%	COM SHS	504922105
GTES	GATES INDL CORP PLC	1,130,476	$24,271	0.2%	$15.13	+52.6%	ORD SHS	G39108108
HCSG	HEALTHCARE SVCS GROUP INC	705,272	$13,485	0.1%	$12.20	+47.5%	COM	421906108
CNA	CNA FINL CORP	18,264	$872	0.0%	$39.85	+15.1%	COM	126117100
GTE	GRAN TIERRA ENERGY INC	63,869	$271	0.0%	$6.49	-35.0%	COM	38500T200