Pembroke Management, LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BGSI	BOYD GROUP SERVICES INC	119,498	$26,126	2.7%	$160.25	0.0%	COM	103310108
LPX	LOUISIANA PAC CORP	135,592	$10,950	1.1%	$84.49	0.0%	COM	546347105
BROS	DUTCH BROS INC	96,537	$5,910	0.6%	$56.81	0.0%	CL A	26701L100
CWST	CASELLA WASTE SYS INC	50,755	$4,971	0.5%	$92.83	0.0%	CL A	147448104
WCN	WASTE CONNECTIONS INC	6,625	$1,595	0.2%	$172.81	0.0%	COM	94106B101
OTEX	OPEN TEXT CORP	19,733	$882	0.1%	$35.42	0.0%	COM	683715106
SHW	SHERWIN WILLIAMS CO	650	$211	0.0%	$334.11	0.0%	COM	824348106
COST	COSTCO WHSL CORP NEW	233	$201	0.0%	$905.73	0.0%	COM	22160K105

Increased Positions (44)

GMED GLOBUS MED INC 5.1%

Value ($000) $49,744 (+54.5%) Shares 569,735 (+1.3%) Est. Cost $51.26 Unrealized +48.1%

TECH BIO-TECHNE CORP 3.1%

Value ($000) $30,162 (+43.8%) Shares 512,868 (+36.0%) Est. Cost $65.96 Unrealized -7.9%

FSS FEDERAL SIGNAL CORP 4.2%

Value ($000) $40,454 (+20.9%) Shares 372,543 (+32.5%) Est. Cost $85.63 Unrealized +33.6%

WK WORKIVA INC 4.2%

Value ($000) $40,913 (+13.1%) Shares 474,356 (+12.8%) Est. Cost $76.65 Unrealized +15.5%

VBNK VERSABANK NEW 1.1%

Value ($000) $11,029 (+72.6%) Shares 736,222 (+40.7%) Est. Cost $16.58 Unrealized —

MANH MANHATTAN ASSOCIATES INC 3.0%

Value ($000) $28,986 (-13.3%) Shares 167,248 (+2.6%) Est. Cost $186.59 Unrealized -2.0%

DORM DORMAN PRODS INC 2.0%

Value ($000) $19,410 (-17.0%) Shares 157,561 (+5.0%) Est. Cost $84.83 Unrealized +59.1%

LCII LCI INDS 0.7%

Value ($000) $7,178 (+70.0%) Shares 59,153 (+30.5%) Est. Cost $95.10 Unrealized +11.2%

AX AXOS FINANCIAL INC 2.6%

Value ($000) $24,862 (+12.3%) Shares 288,555 (+10.3%) Est. Cost $40.75 Unrealized +102.1%

QTWO Q2 HLDGS INC 2.6%

Value ($000) $24,761 (+10.9%) Shares 343,134 (+11.2%) Est. Cost $70.26 Unrealized -2.3%

GIL GILDAN ACTIVEWEAR INC 1.0%

Value ($000) $9,941 (+17.5%) Shares 159,161 (+8.7%) Est. Cost $43.00 Unrealized +38.3%

OLLI OLLIES BARGAIN OUTLET HLDGS 1.3%

Value ($000) $12,190 (-6.1%) Shares 111,216 (+10.0%) Est. Cost $99.84 Unrealized +20.8%

CAE CAE INC 0.2%

Value ($000) $1,882 (+46.8%) Shares 61,864 (+43.0%) Est. Cost $23.50 Unrealized +19.4%

DSGX DESCARTES SYS GROUP INC 0.9%

Value ($000) $8,851 (-5.3%) Shares 100,973 (+1.8%) Est. Cost $43.55 Unrealized +105.2%

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $1,337 (+43.0%) Shares 7,170 (+43.0%) Est. Cost $159.78 Unrealized +16.5%

AMZN AMAZON COM INC 0.1%

Value ($000) $1,105 (+55.1%) Shares 4,789 (+47.6%) Est. Cost $211.83 Unrealized +8.0%

GOOGL ALPHABET INC 0.1%

Value ($000) $964 (+65.4%) Shares 3,081 (+28.5%) Est. Cost $202.94 Unrealized +40.7%

EUSA ISHARES INC 0.3%

Value ($000) $2,442 (+18.5%) Shares 23,623 (+18.0%) Est. Cost $103.03 Unrealized —

BN BROOKFIELD CORP 0.1%

Value ($000) $979 (+50.6%) Shares 21,336 (+50.0%) Est. Cost $34.73 Unrealized +31.1%

AAPL APPLE INC 0.1%

Value ($000) $1,103 (+36.8%) Shares 4,058 (+28.1%) Est. Cost $228.51 Unrealized +17.4%

ONON ON HLDG AG 0.1%

Value ($000) $542 (+120.8%) Shares 11,665 (+101.2%) Est. Cost $45.33 Unrealized -4.9%

IEFA ISHARES TR 0.5%

Value ($000) $4,873 (+6.3%) Shares 54,471 (+3.8%) Est. Cost $68.13 Unrealized —

LLY ELI LILLY & CO 0.1%

Value ($000) $494 (+88.3%) Shares 460 (+33.7%) Est. Cost $796.03 Unrealized +20.0%

MDB MONGODB INC 0.1%

Value ($000) $701 (+42.4%) Shares 1,671 (+5.3%) Est. Cost $213.26 Unrealized +70.6%

MSFT MICROSOFT CORP 0.1%

Value ($000) $990 (+24.8%) Shares 2,047 (+33.6%) Est. Cost $466.43 Unrealized +7.3%

TDG TRANSDIGM GROUP INC 0.1%

Value ($000) $508 (+61.3%) Shares 382 (+59.8%) Est. Cost $1317.65 Unrealized -0.5%

WMT WALMART INC 0.0%

Value ($000) $440 (+75.9%) Shares 3,951 (+62.7%) Est. Cost $102.30 Unrealized +4.8%

FERG FERGUSON ENTERPRISES INC 0.1%

Value ($000) $761 (+32.7%) Shares 3,416 (+33.9%) Est. Cost $201.30 Unrealized +18.2%

LIN LINDE PLC 0.1%

Value ($000) $500 (+53.7%) Shares 1,173 (+71.2%) Est. Cost $442.60 Unrealized -3.5%

IDXX IDEXX LABS INC 0.1%

Value ($000) $512 (+49.6%) Shares 757 (+41.2%) Est. Cost $552.72 Unrealized +23.2%

CPRT COPART INC 0.0%

Value ($000) $379 (+63.5%) Shares 9,684 (+87.7%) Est. Cost $44.48 Unrealized -6.8%

MAIN MAIN STR CAP CORP 0.4%

Value ($000) $3,897 (-3.3%) Shares 64,529 (+1.8%) Est. Cost $46.25 Unrealized +27.5%

ASML ASML HOLDING N V 0.1%

Value ($000) $532 (+26.3%) Shares 497 (+14.3%) Est. Cost $870.77 Unrealized —

VEEV VEEVA SYS INC 0.1%

Value ($000) $573 (-15.1%) Shares 2,565 (+13.3%) Est. Cost $254.80 Unrealized +4.1%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $545 (+20.7%) Shares 955 (+20.3%) Est. Cost $556.23 Unrealized +0.5%

HD HOME DEPOT INC 0.0%

Value ($000) $344 (+28.7%) Shares 1,000 (+51.5%) Est. Cost $380.81 Unrealized -4.3%

META META PLATFORMS INC 0.1%

Value ($000) $553 (+15.0%) Shares 838 (+27.9%) Est. Cost $627.69 Unrealized +6.3%

TYL TYLER TECHNOLOGIES INC 0.0%

Value ($000) $272 (+33.5%) Shares 600 (+53.8%) Est. Cost $531.60 Unrealized -10.4%

CSGP COSTAR GROUP INC 0.0%

Value ($000) $395 (-10.1%) Shares 5,874 (+12.9%) Est. Cost $78.61 Unrealized -9.9%

CDNS CADENCE DESIGN SYSTEM INC 0.0%

Value ($000) $310 (+11.9%) Shares 991 (+25.8%) Est. Cost $340.40 Unrealized -4.1%

SPOT SPOTIFY TECHNOLOGY S A 0.0%

Value ($000) $347 (-5.8%) Shares 597 (+13.3%) Est. Cost $651.80 Unrealized -4.1%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $272 (+8.1%) Shares 824 (+13.0%) Est. Cost $303.35 Unrealized +11.2%

TT TRANE TECHNOLOGIES PLC 0.0%

Value ($000) $315 (+4.5%) Shares 810 (+13.3%) Est. Cost $396.28 Unrealized +4.4%

PSA PUBLIC STORAGE OPER CO 0.0%

Value ($000) $274 (+1.9%) Shares 1,057 (+13.4%) Est. Cost $286.26 Unrealized -3.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GMED	GLOBUS MED INC	569,735 (+1.3%)	$49,744 (+54.5%)	5.1%	$51.26	+48.1%	CL A	379577208
TECH	BIO-TECHNE CORP	512,868 (+36.0%)	$30,162 (+43.8%)	3.1%	$65.96	-7.9%	COM	09073M104
FSS	FEDERAL SIGNAL CORP	372,543 (+32.5%)	$40,454 (+20.9%)	4.2%	$85.63	+33.6%	COM	313855108
WK	WORKIVA INC	474,356 (+12.8%)	$40,913 (+13.1%)	4.2%	$76.65	+15.5%	COM CL A	98139A105
VBNK	VERSABANK NEW	736,222 (+40.7%)	$11,029 (+72.6%)	1.1%	$16.58	—	COM	92512J106
MANH	MANHATTAN ASSOCIATES INC	167,248 (+2.6%)	$28,986 (-13.3%)	3.0%	$186.59	-2.0%	COM	562750109
DORM	DORMAN PRODS INC	157,561 (+5.0%)	$19,410 (-17.0%)	2.0%	$84.83	+59.1%	COM	258278100
LCII	LCI INDS	59,153 (+30.5%)	$7,178 (+70.0%)	0.7%	$95.10	+11.2%	COM	50189K103
AX	AXOS FINANCIAL INC	288,555 (+10.3%)	$24,862 (+12.3%)	2.6%	$40.75	+102.1%	COM	05465C100
QTWO	Q2 HLDGS INC	343,134 (+11.2%)	$24,761 (+10.9%)	2.6%	$70.26	-2.3%	COM	74736L109
GIL	GILDAN ACTIVEWEAR INC	159,161 (+8.7%)	$9,941 (+17.5%)	1.0%	$43.00	+38.3%	COM	375916103
OLLI	OLLIES BARGAIN OUTLET HLDGS	111,216 (+10.0%)	$12,190 (-6.1%)	1.3%	$99.84	+20.8%	COM	681116109
CAE	CAE INC	61,864 (+43.0%)	$1,882 (+46.8%)	0.2%	$23.50	+19.4%	COM	124765108
DSGX	DESCARTES SYS GROUP INC	100,973 (+1.8%)	$8,851 (-5.3%)	0.9%	$43.55	+105.2%	COM	249906108
NVDA	NVIDIA CORPORATION	7,170 (+43.0%)	$1,337 (+43.0%)	0.1%	$159.78	+16.5%	COM	67066G104
AMZN	AMAZON COM INC	4,789 (+47.6%)	$1,105 (+55.1%)	0.1%	$211.83	+8.0%	COM	023135106
GOOGL	ALPHABET INC	3,081 (+28.5%)	$964 (+65.4%)	0.1%	$202.94	+40.7%	CAP STK CL A	02079K305
EUSA	ISHARES INC	23,623 (+18.0%)	$2,442 (+18.5%)	0.3%	$103.03	—	MSCI EQUAL WEITE	464286681
BN	BROOKFIELD CORP	21,336 (+50.0%)	$979 (+50.6%)	0.1%	$34.73	+31.1%	CL A LTD VT SH	11271J107
AAPL	APPLE INC	4,058 (+28.1%)	$1,103 (+36.8%)	0.1%	$228.51	+17.4%	COM	037833100
ONON	ON HLDG AG	11,665 (+101.2%)	$542 (+120.8%)	0.1%	$45.33	-4.9%	NAMEN AKT A	H5919C104
IEFA	ISHARES TR	54,471 (+3.8%)	$4,873 (+6.3%)	0.5%	$68.13	—	CORE MSCI EAFE	46432F842
LLY	ELI LILLY & CO	460 (+33.7%)	$494 (+88.3%)	0.1%	$796.03	+20.0%	COM	532457108
MDB	MONGODB INC	1,671 (+5.3%)	$701 (+42.4%)	0.1%	$213.26	+70.6%	CL A	60937P106
MSFT	MICROSOFT CORP	2,047 (+33.6%)	$990 (+24.8%)	0.1%	$466.43	+7.3%	COM	594918104
TDG	TRANSDIGM GROUP INC	382 (+59.8%)	$508 (+61.3%)	0.1%	$1317.65	-0.5%	COM	893641100
WMT	WALMART INC	3,951 (+62.7%)	$440 (+75.9%)	0.0%	$102.30	+4.8%	COM	931142103
FERG	FERGUSON ENTERPRISES INC	3,416 (+33.9%)	$761 (+32.7%)	0.1%	$201.30	+18.2%	COMMON STOCK NEW	31488V107
LIN	LINDE PLC	1,173 (+71.2%)	$500 (+53.7%)	0.1%	$442.60	-3.5%	SHS	G54950103
IDXX	IDEXX LABS INC	757 (+41.2%)	$512 (+49.6%)	0.1%	$552.72	+23.2%	COM	45168D104
CPRT	COPART INC	9,684 (+87.7%)	$379 (+63.5%)	0.0%	$44.48	-6.8%	COM	217204106
MAIN	MAIN STR CAP CORP	64,529 (+1.8%)	$3,897 (-3.3%)	0.4%	$46.25	+27.5%	COM	56035L104
ASML	ASML HOLDING N V	497 (+14.3%)	$532 (+26.3%)	0.1%	$870.77	—	N Y REGISTRY SHS	N07059210
VEEV	VEEVA SYS INC	2,565 (+13.3%)	$573 (-15.1%)	0.1%	$254.80	+4.1%	CL A COM	922475108
MA	MASTERCARD INCORPORATED	955 (+20.3%)	$545 (+20.7%)	0.1%	$556.23	+0.5%	CL A	57636Q104
HD	HOME DEPOT INC	1,000 (+51.5%)	$344 (+28.7%)	0.0%	$380.81	-4.3%	COM	437076102
META	META PLATFORMS INC	838 (+27.9%)	$553 (+15.0%)	0.1%	$627.69	+6.3%	CL A	30303M102
TYL	TYLER TECHNOLOGIES INC	600 (+53.8%)	$272 (+33.5%)	0.0%	$531.60	-10.4%	COM	902252105
CSGP	COSTAR GROUP INC	5,874 (+12.9%)	$395 (-10.1%)	0.0%	$78.61	-9.9%	COM	22160N109
CDNS	CADENCE DESIGN SYSTEM INC	991 (+25.8%)	$310 (+11.9%)	0.0%	$340.40	-4.1%	COM	127387108
SPOT	SPOTIFY TECHNOLOGY S A	597 (+13.3%)	$347 (-5.8%)	0.0%	$651.80	-4.1%	SHS	L8681T102
UNH	UNITEDHEALTH GROUP INC	824 (+13.0%)	$272 (+8.1%)	0.0%	$303.35	+11.2%	COM	91324P102
TT	TRANE TECHNOLOGIES PLC	810 (+13.3%)	$315 (+4.5%)	0.0%	$396.28	+4.4%	SHS	G8994E103
PSA	PUBLIC STORAGE OPER CO	1,057 (+13.4%)	$274 (+1.9%)	0.0%	$286.26	-3.1%	COM	74460D109

Exited Positions (5)

TREX TREX CO INC 2.5%

Value ($000) $24,611 Shares 476,311 Est. Cost $56.71 Unrealized -28.7%

CCC CCC INTELLIGENT SOLUTIONS HL 1.3%

Value ($000) $12,164 Shares 1,335,265 Est. Cost $11.15 Unrealized -27.1%

KBR KBR INC 1.0%

Value ($000) $9,824 Shares 207,742 Est. Cost $46.58 Unrealized -8.2%

ARX ACCELERANT HOLDINGS 0.1%

Value ($000) $1,396 Shares 93,785 Est. Cost $23.42 Unrealized -39.9%

CNI CANADIAN NATL RY CO 0.1%

Value ($000) $1,179 Shares 12,503 Est. Cost $106.23 Unrealized -9.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TREX	TREX CO INC	476,311	$24,611	2.5%	$56.71	-28.7%	—	89531P105
CCC	CCC INTELLIGENT SOLUTIONS HL	1,335,265	$12,164	1.3%	$11.15	-27.1%	—	12510Q100
KBR	KBR INC	207,742	$9,824	1.0%	$46.58	-8.2%	—	48242W106
ARX	ACCELERANT HOLDINGS	93,785	$1,396	0.1%	$23.42	-39.9%	—	G00894108
CNI	CANADIAN NATL RY CO	12,503	$1,179	0.1%	$106.23	-9.5%	—	136375102

Decreased Positions (27)

PSTG PURE STORAGE INC 4.1%

Value ($000) $40,137 (-28.2%) Shares 598,966 (-10.2%) Est. Cost $38.68 Unrealized +116.0%

REZI RESIDEO TECHNOLOGIES INC 5.2%

Value ($000) $50,743 (-20.1%) Shares 1,444,832 (-1.7%) Est. Cost $22.98 Unrealized +61.0%

WSO WATSCO INC 1.6%

Value ($000) $15,770 (-44.4%) Shares 46,803 (-33.3%) Est. Cost $346.96 Unrealized +2.9%

AAON AAON INC 4.3%

Value ($000) $41,725 (-19.3%) Shares 547,215 (-1.1%) Est. Cost $91.42 Unrealized +1.0%

STVN STEVANATO GROUP S P A 2.6%

Value ($000) $25,428 (-23.0%) Shares 1,263,833 (-1.5%) Est. Cost $19.97 Unrealized +16.4%

VERX VERTEX INC 1.3%

Value ($000) $12,942 (-36.2%) Shares 648,097 (-20.8%) Est. Cost $27.95 Unrealized -22.6%

SITE SITEONE LANDSCAPE SUPPLY INC 3.4%

Value ($000) $32,650 (-16.7%) Shares 262,126 (-13.9%) Est. Cost $111.77 Unrealized +13.3%

RYAN RYAN SPECIALTY HOLDINGS INC 1.0%

Value ($000) $10,014 (-35.7%) Shares 193,966 (-29.8%) Est. Cost $44.86 Unrealized +22.3%

BWMN BOWMAN CONSULTING GROUP LTD 1.5%

Value ($000) $14,509 (-23.7%) Shares 439,401 (-2.1%) Est. Cost $20.81 Unrealized +82.2%

HGTY HAGERTY INC 3.1%

Value ($000) $29,930 (+9.9%) Shares 2,226,961 (-1.5%) Est. Cost $10.95 Unrealized +14.0%

CHWY CHEWY INC 1.0%

Value ($000) $9,816 (-19.7%) Shares 297,007 (-1.7%) Est. Cost $31.78 Unrealized +9.2%

CNM CORE & MAIN INC 4.8%

Value ($000) $46,558 (-4.9%) Shares 895,855 (-1.5%) Est. Cost $38.85 Unrealized +32.0%

MOD MODINE MFG CO 2.9%

Value ($000) $28,190 (-7.6%) Shares 211,143 (-1.6%) Est. Cost $127.24 Unrealized +17.1%

UTI UNIVERSAL TECHNICAL INST INC 0.8%

Value ($000) $7,399 (-23.2%) Shares 283,155 (-4.3%) Est. Cost $15.50 Unrealized +82.7%

MPWR MONOLITHIC PWR SYS INC 5.0%

Value ($000) $48,166 (-3.0%) Shares 53,142 (-1.5%) Est. Cost $373.82 Unrealized +157.0%

FIVE FIVE BELOW INC 0.9%

Value ($000) $8,911 (+20.0%) Shares 47,307 (-1.5%) Est. Cost $141.49 Unrealized +14.9%

IBP INSTALLED BLDG PRODS INC 3.5%

Value ($000) $34,075 (-3.8%) Shares 131,367 (-8.6%) Est. Cost $83.13 Unrealized +210.7%

CLBT CELLEBRITE DI LTD 2.6%

Value ($000) $24,912 (-3.9%) Shares 1,380,940 (-1.3%) Est. Cost $11.84 Unrealized +51.7%

RDVT RED VIOLET INC 1.5%

Value ($000) $14,093 (+7.3%) Shares 247,470 (-1.5%) Est. Cost $37.62 Unrealized +44.2%

CRAI CRA INTL INC 1.6%

Value ($000) $15,289 (-5.3%) Shares 76,184 (-1.6%) Est. Cost $52.95 Unrealized +255.2%

GIB CGI INC 0.1%

Value ($000) $1,313 (-32.5%) Shares 14,220 (-34.8%) Est. Cost $101.19 Unrealized -12.0%

CDRE CADRE HLDGS INC 0.7%

Value ($000) $6,531 (+9.0%) Shares 159,913 (-2.5%) Est. Cost $34.04 Unrealized +21.8%

VCTR VICTORY CAP HLDGS INC 1.0%

Value ($000) $9,388 (-4.2%) Shares 148,809 (-1.6%) Est. Cost $51.96 Unrealized +21.9%

PGR PROGRESSIVE CORP 0.0%

Value ($000) $408 (-20.2%) Shares 1,791 (-13.5%) Est. Cost $251.54 Unrealized -15.6%

CIGI COLLIERS INTL GROUP INC 0.1%

Value ($000) $519 (-12.8%) Shares 3,530 (-7.3%) Est. Cost $53.36 Unrealized +181.3%

BSX BOSTON SCIENTIFIC CORP 0.0%

Value ($000) $400 (-5.3%) Shares 4,200 (-3.0%) Est. Cost $101.38 Unrealized -3.3%

IEMG ISHARES INC 0.4%

Value ($000) $3,794 (-0.1%) Shares 56,439 (-2.0%) Est. Cost $47.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSTG	PURE STORAGE INC	598,966 (-10.2%)	$40,137 (-28.2%)	4.1%	$38.68	+116.0%	CL A	74624M102
REZI	RESIDEO TECHNOLOGIES INC	1,444,832 (-1.7%)	$50,743 (-20.1%)	5.2%	$22.98	+61.0%	COM	76118Y104
WSO	WATSCO INC	46,803 (-33.3%)	$15,770 (-44.4%)	1.6%	$346.96	+2.9%	COM	942622200
AAON	AAON INC	547,215 (-1.1%)	$41,725 (-19.3%)	4.3%	$91.42	+1.0%	COM PAR $0.004	000360206
STVN	STEVANATO GROUP S P A	1,263,833 (-1.5%)	$25,428 (-23.0%)	2.6%	$19.97	+16.4%	ORD SHS	T9224W109
VERX	VERTEX INC	648,097 (-20.8%)	$12,942 (-36.2%)	1.3%	$27.95	-22.6%	CL A	92538J106
SITE	SITEONE LANDSCAPE SUPPLY INC	262,126 (-13.9%)	$32,650 (-16.7%)	3.4%	$111.77	+13.3%	COM	82982L103
RYAN	RYAN SPECIALTY HOLDINGS INC	193,966 (-29.8%)	$10,014 (-35.7%)	1.0%	$44.86	+22.3%	CL A	78351F107
BWMN	BOWMAN CONSULTING GROUP LTD	439,401 (-2.1%)	$14,509 (-23.7%)	1.5%	$20.81	+82.2%	COM	103002101
HGTY	HAGERTY INC	2,226,961 (-1.5%)	$29,930 (+9.9%)	3.1%	$10.95	+14.0%	CL A COM	405166109
CHWY	CHEWY INC	297,007 (-1.7%)	$9,816 (-19.7%)	1.0%	$31.78	+9.2%	CL A	16679L109
CNM	CORE & MAIN INC	895,855 (-1.5%)	$46,558 (-4.9%)	4.8%	$38.85	+32.0%	CL A	21874C102
MOD	MODINE MFG CO	211,143 (-1.6%)	$28,190 (-7.6%)	2.9%	$127.24	+17.1%	COM	607828100
UTI	UNIVERSAL TECHNICAL INST INC	283,155 (-4.3%)	$7,399 (-23.2%)	0.8%	$15.50	+82.7%	COM	913915104
MPWR	MONOLITHIC PWR SYS INC	53,142 (-1.5%)	$48,166 (-3.0%)	5.0%	$373.82	+157.0%	COM	609839105
FIVE	FIVE BELOW INC	47,307 (-1.5%)	$8,911 (+20.0%)	0.9%	$141.49	+14.9%	COM	33829M101
IBP	INSTALLED BLDG PRODS INC	131,367 (-8.6%)	$34,075 (-3.8%)	3.5%	$83.13	+210.7%	COM	45780R101
CLBT	CELLEBRITE DI LTD	1,380,940 (-1.3%)	$24,912 (-3.9%)	2.6%	$11.84	+51.7%	ORDINARY SHARES	M2197Q107
RDVT	RED VIOLET INC	247,470 (-1.5%)	$14,093 (+7.3%)	1.5%	$37.62	+44.2%	COM	75704L104
CRAI	CRA INTL INC	76,184 (-1.6%)	$15,289 (-5.3%)	1.6%	$52.95	+255.2%	COM	12618T105
GIB	CGI INC	14,220 (-34.8%)	$1,313 (-32.5%)	0.1%	$101.19	-12.0%	CL A SUB VTG	12532H104
CDRE	CADRE HLDGS INC	159,913 (-2.5%)	$6,531 (+9.0%)	0.7%	$34.04	+21.8%	COM	12763L105
VCTR	VICTORY CAP HLDGS INC	148,809 (-1.6%)	$9,388 (-4.2%)	1.0%	$51.96	+21.9%	COM CL A	92645B103
PGR	PROGRESSIVE CORP	1,791 (-13.5%)	$408 (-20.2%)	0.0%	$251.54	-15.6%	COM	743315103
CIGI	COLLIERS INTL GROUP INC	3,530 (-7.3%)	$519 (-12.8%)	0.1%	$53.36	+181.3%	SUB VTG SHS	194693107
BSX	BOSTON SCIENTIFIC CORP	4,200 (-3.0%)	$400 (-5.3%)	0.0%	$101.38	-3.3%	COM	101137107
IEMG	ISHARES INC	56,439 (-2.0%)	$3,794 (-0.1%)	0.4%	$47.95	—	CORE MSCI EMKT	46434G103

Unchanged Positions (13)

IMAX IMAX CORP 2.0%

Value ($000) $19,021 Shares 514,648 Est. Cost $18.32 Unrealized +90.3%

RY ROYAL BK CDA 0.2%

Value ($000) $2,262 Shares 13,266 Est. Cost $108.97 Unrealized +40.9%

IVV ISHARES TR 1.6%

Value ($000) $15,276 Shares 22,303 Est. Cost $411.63 Unrealized —

FSV FIRSTSERVICE CORP NEW 0.1%

Value ($000) $1,017 Shares 6,541 Est. Cost $139.91 Unrealized +16.1%

SHOP SHOPIFY INC 0.2%

Value ($000) $1,761 Shares 10,937 Est. Cost $95.06 Unrealized +68.9%

STN STANTEC INC 0.1%

Value ($000) $654 Shares 6,933 Est. Cost $69.43 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value ($000) $449 Shares 4,924 Est. Cost $92.95 Unrealized +5.1%

AGI ALAMOS GOLD INC NEW 0.1%

Value ($000) $695 Shares 18,012 Est. Cost $12.74 Unrealized +173.4%

BKTI BK TECHNOLOGIES CORPORATION 0.1%

Value ($000) $501 Shares 6,712 Est. Cost $57.09 Unrealized +25.5%

PMTS CPI CARD GROUP INC 0.2%

Value ($000) $1,462 Shares 99,567 Est. Cost $22.89 Unrealized -34.1%

WPM WHEATON PRECIOUS METALS CORP 0.1%

Value ($000) $743 Shares 6,324 Est. Cost $45.29 Unrealized +136.4%

CXDO CREXENDO INC 0.1%

Value ($000) $1,264 Shares 195,371 Est. Cost $5.88 Unrealized +11.2%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $760 Shares 4,483 Est. Cost $55.39 Unrealized +203.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IMAX	IMAX CORP	514,648	$19,021	2.0%	$18.32	+90.3%	COM	45245E109
RY	ROYAL BK CDA	13,266	$2,262	0.2%	$108.97	+40.9%	COM	780087102
IVV	ISHARES TR	22,303	$15,276	1.6%	$411.63	—	CORE S&P500 ETF	464287200
FSV	FIRSTSERVICE CORP NEW	6,541	$1,017	0.1%	$139.91	+16.1%	COM	33767E202
SHOP	SHOPIFY INC	10,937	$1,761	0.2%	$95.06	+68.9%	CL A SUB VTG SHS	82509L107
STN	STANTEC INC	6,933	$654	0.1%	$69.43	—	COM	85472N109
ORLY	OREILLY AUTOMOTIVE INC	4,924	$449	0.0%	$92.95	+5.1%	COM	67103H107
AGI	ALAMOS GOLD INC NEW	18,012	$695	0.1%	$12.74	+173.4%	COM CL A	011532108
BKTI	BK TECHNOLOGIES CORPORATION	6,712	$501	0.1%	$57.09	+25.5%	COM NEW	05587G203
PMTS	CPI CARD GROUP INC	99,567	$1,462	0.2%	$22.89	-34.1%	COM NEW	12634H200
WPM	WHEATON PRECIOUS METALS CORP	6,324	$743	0.1%	$45.29	+136.4%	COM	962879102
CXDO	CREXENDO INC	195,371	$1,264	0.1%	$5.88	+11.2%	COM	226552107
AEM	AGNICO EAGLE MINES LTD	4,483	$760	0.1%	$55.39	+203.0%	COM	008474108