Polaris Capital Management, LLC Diversified Active

Name: Polaris Capital Management, LLC Q4 2025 13F Filing | 13F Explorer
Creator: Polaris Capital Management, LLC
Published: 2026-01-29

Location: Boston, MA

CIK: 0001316926 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 29, 2026

Total Value: $1.206B (100.0% shares, 0.0% debt)

Holdings (89)

New Positions (3)

CBK COMMERCIAL BANCGROUP INC 0.2%

Value $2.051M Shares 83,500 Est. Cost $24.55 Unrealized 0.0%

NMIH NMI HOLDINGS INC 0.1%

Value $832K Shares 20,400 Est. Cost $37.80 Unrealized 0.0%

PDD PDD HOLDINGS INC 0.1%

Value $646K Shares 5,700 Est. Cost $113.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CBK	COMMERCIAL BANCGROUP INC	83,500	$2.051M	0.2%	$24.55	0.0%	CommonStock	20112C106
NMIH	NMI HOLDINGS INC	20,400	$832K	0.1%	$37.80	0.0%	CommonStock	629209305
PDD	PDD HOLDINGS INC	5,700	$646K	0.1%	$113.39	—	ADR	722304102

Increased Positions (13)

CVLG COVENANT LOGISTICS GROUP INC 0.1%

Value $1.249M (+1081.4%) Shares 56,682 (+1061.0%) Est. Cost $21.31 Unrealized -1.8%

ANF ABERCROMBIE & FITCH CO-CL A 0.2%

Value $1.813M (+69.5%) Shares 14,400 (+15.2%) Est. Cost $77.38 Unrealized +13.0%

AMPH AMPHASTAR PHARMACEUTICALS IN 0.1%

Value $952K (+172.6%) Shares 35,532 (+171.2%) Est. Cost $31.26 Unrealized -17.6%

WGO WINNEBAGO INDUSTRIES 0.1%

Value $1.218M (+97.3%) Shares 30,067 (+62.8%) Est. Cost $48.52 Unrealized -24.8%

AEO AMERICAN EAGLE OUTFITTERS 0.1%

Value $1.448M (+60.6%) Shares 54,900 (+4.2%) Est. Cost $16.63 Unrealized +18.2%

WNC WABASH NATIONAL CORP 0.1%

Value $1.251M (+64.9%) Shares 144,670 (+88.2%) Est. Cost $11.69 Unrealized -26.0%

NTB BANK OF N.T. BUTTERFIELD&SON 0.2%

Value $2.272M (+20.3%) Shares 45,600 (+3.6%) Est. Cost $36.38 Unrealized +26.7%

EEFT EURONET WORLDWIDE INC 0.1%

Value $822K (+73.4%) Shares 10,800 (+100.0%) Est. Cost $88.77 Unrealized -12.2%

BFST BUSINESS FIRST BANCSHARES 0.2%

Value $2.154M (+18.5%) Shares 82,400 (+7.0%) Est. Cost $24.84 Unrealized +1.0%

BHB BAR HARBOR BANKSHARES 0.2%

Value $2.174M (+13.8%) Shares 70,000 (+11.6%) Est. Cost $25.47 Unrealized +17.7%

SBSI SOUTHSIDE BANCSHARES INC 0.2%

Value $1.891M (+8.8%) Shares 62,227 (+1.2%) Est. Cost $30.05 Unrealized -2.5%

LKQ LKQ CORP 1.8%

Value $21.37M (+0.6%) Shares 707,500 (+1.7%) Est. Cost $44.56 Unrealized -32.7%

BKE BUCKLE INC/THE 0.1%

Value $1.335M (-5.5%) Shares 25,000 (+3.7%) Est. Cost $31.72 Unrealized +64.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVLG	COVENANT LOGISTICS GROUP INC	56,682 (+1061.0%)	$1.249M (+1081.4%)	0.1%	$21.31	-1.8%	CommonStock	22284P105
ANF	ABERCROMBIE & FITCH CO-CL A	14,400 (+15.2%)	$1.813M (+69.5%)	0.2%	$77.38	+13.0%	CommonStock	002896207
AMPH	AMPHASTAR PHARMACEUTICALS IN	35,532 (+171.2%)	$952K (+172.6%)	0.1%	$31.26	-17.6%	CommonStock	03209R103
WGO	WINNEBAGO INDUSTRIES	30,067 (+62.8%)	$1.218M (+97.3%)	0.1%	$48.52	-24.8%	CommonStock	974637100
AEO	AMERICAN EAGLE OUTFITTERS	54,900 (+4.2%)	$1.448M (+60.6%)	0.1%	$16.63	+18.2%	CommonStock	02553E106
WNC	WABASH NATIONAL CORP	144,670 (+88.2%)	$1.251M (+64.9%)	0.1%	$11.69	-26.0%	CommonStock	929566107
NTB	BANK OF N.T. BUTTERFIELD&SON	45,600 (+3.6%)	$2.272M (+20.3%)	0.2%	$36.38	+26.7%	CommonStock	G0772R208
EEFT	EURONET WORLDWIDE INC	10,800 (+100.0%)	$822K (+73.4%)	0.1%	$88.77	-12.2%	CommonStock	298736109
BFST	BUSINESS FIRST BANCSHARES	82,400 (+7.0%)	$2.154M (+18.5%)	0.2%	$24.84	+1.0%	CommonStock	12326C105
BHB	BAR HARBOR BANKSHARES	70,000 (+11.6%)	$2.174M (+13.8%)	0.2%	$25.47	+17.7%	CommonStock	066849100
SBSI	SOUTHSIDE BANCSHARES INC	62,227 (+1.2%)	$1.891M (+8.8%)	0.2%	$30.05	-2.5%	CommonStock	84470P109
LKQ	LKQ CORP	707,500 (+1.7%)	$21.37M (+0.6%)	1.8%	$44.56	-32.7%	CommonStock	501889208
BKE	BUCKLE INC/THE	25,000 (+3.7%)	$1.335M (-5.5%)	0.1%	$31.72	+64.9%	CommonStock	118440106

Exited Positions (4)

VIPS VIPSHOP HOLDINGS LTD - ADR 8.3%

Value $99.54M Shares 5,068,000 Est. Cost $14.34 Unrealized —

CG CARLYLE GROUP INC/THE 3.0%

Value $36.28M Shares 578,600 Est. Cost $31.66 Unrealized +77.8%

CBAN COLONY BANKCORP INC. 0.2%

Value $2.077M Shares 122,079 Est. Cost $14.08 Unrealized +19.4%

CSGS CSG SYSTEMS INTL INC 0.2%

Value $1.867M Shares 29,000 Est. Cost $51.56 Unrealized +42.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VIPS	VIPSHOP HOLDINGS LTD - ADR	5,068,000	$99.54M	8.3%	$14.34	—	—	92763W103
CG	CARLYLE GROUP INC/THE	578,600	$36.28M	3.0%	$31.66	+77.8%	—	14316J108
CBAN	COLONY BANKCORP INC.	122,079	$2.077M	0.2%	$14.08	+19.4%	—	19623P101
CSGS	CSG SYSTEMS INTL INC	29,000	$1.867M	0.2%	$51.56	+42.6%	—	126349109

Decreased Positions (41)

BPOP POPULAR INC 7.0%

Value $84.96M (-24.5%) Shares 682,330 (-23.0%) Est. Cost $42.27 Unrealized +178.3%

LIN LINDE PLC 4.7%

Value $57.09M (-28.6%) Shares 133,883 (-20.5%) Est. Cost $322.30 Unrealized +32.6%

SW SMURFIT WESTROCK PLC 4.6%

Value $55.98M (-24.5%) Shares 1,447,650 (-16.9%) Est. Cost $49.43 Unrealized -22.9%

NOMD NOMAD FOODS LTD 2.4%

Value $29.14M (-35.6%) Shares 2,329,600 (-32.3%) Est. Cost $16.45 Unrealized -25.8%

MPC MARATHON PETROLEUM CORP 2.2%

Value $26.66M (-28.8%) Shares 163,932 (-15.6%) Est. Cost $92.29 Unrealized +102.0%

SBH SALLY BEAUTY HOLDINGS INC 2.1%

Value $24.92M (-25.7%) Shares 1,747,829 (-15.2%) Est. Cost $12.37 Unrealized +21.8%

ARW ARROW ELECTRONICS INC 2.7%

Value $32.55M (-20.2%) Shares 295,403 (-12.3%) Est. Cost $112.30 Unrealized +1.1%

MKSI MKS INC 3.5%

Value $42.36M (-14.7%) Shares 265,100 (-33.9%) Est. Cost $83.76 Unrealized +76.9%

JAZZ JAZZ PHARMACEUTICALS PLC 6.1%

Value $73.52M (+8.6%) Shares 432,466 (-15.8%) Est. Cost $151.95 Unrealized +0.9%

IBOC INTERNATIONAL BANCSHARES CORP 2.6%

Value $31.71M (-15.5%) Shares 477,304 (-12.6%) Est. Cost $35.50 Unrealized +88.8%

WMB WILLIAMS COS INC 2.1%

Value $24.74M (-18.6%) Shares 411,500 (-14.2%) Est. Cost $27.89 Unrealized +115.3%

ABBV ABBVIE INC 2.3%

Value $27.37M (-16.7%) Shares 119,777 (-15.6%) Est. Cost $79.91 Unrealized +184.7%

SLM SLM CORP 2.8%

Value $33.71M (-13.7%) Shares 1,245,600 (-11.7%) Est. Cost $15.49 Unrealized +77.1%

GD GENERAL DYNAMICS CORP. 2.5%

Value $30.12M (-15.0%) Shares 89,454 (-13.9%) Est. Cost $206.02 Unrealized +65.4%

JPM JPMORGAN CHASE & CO 3.1%

Value $37.78M (-12.2%) Shares 117,255 (-14.1%) Est. Cost $88.70 Unrealized +249.0%

INGR INGREDION INC 2.0%

Value $24.44M (-16.9%) Shares 221,700 (-7.9%) Est. Cost $87.81 Unrealized +28.4%

CFR CULLEN/FROST BANKERS INC 2.3%

Value $27.16M (-13.6%) Shares 214,500 (-13.5%) Est. Cost $93.33 Unrealized +33.7%

GLPI GAMING AND LEISURE PROPERTIE 1.9%

Value $22.58M (-15.1%) Shares 505,300 (-11.4%) Est. Cost $51.45 Unrealized —

MTB M & T BANK CORP 2.1%

Value $25.39M (-13.4%) Shares 125,994 (-15.1%) Est. Cost $152.66 Unrealized +24.5%

CVS CVS HEALTH CORP 3.5%

Value $41.69M (-8.2%) Shares 525,300 (-12.8%) Est. Cost $79.51 Unrealized -1.1%

WBS WEBSTER FINANCIAL CORP - CT 2.7%

Value $32.49M (-10.0%) Shares 516,201 (-15.0%) Est. Cost $42.17 Unrealized +40.8%

NEE NEXTERA ENERGY INC 2.1%

Value $24.83M (-11.7%) Shares 309,276 (-17.0%) Est. Cost $69.78 Unrealized +18.2%

LNTH LANTHEUS HOLDINGS INC 3.0%

Value $35.8M (+9.5%) Shares 538,000 (-15.6%) Est. Cost $62.49 Unrealized -6.9%

UNH UNITEDHEALTH GROUP INC 1.2%

Value $14.76M (-13.3%) Shares 44,712 (-9.3%) Est. Cost $436.67 Unrealized -22.8%

GILD GILEAD SCIENCES INC 2.7%

Value $32.54M (-6.2%) Shares 265,100 (-15.1%) Est. Cost $56.73 Unrealized +113.1%

TSN TYSON FOODS INC-CL A 2.3%

Value $27.68M (-6.2%) Shares 472,248 (-13.1%) Est. Cost $65.90 Unrealized -17.1%

CB CHUBB LTD 2.4%

Value $28.44M (-4.9%) Shares 91,125 (-14.0%) Est. Cost $180.79 Unrealized +61.7%

ELV ELEVANCE HEALTH INC 2.2%

Value $25.92M (-4.4%) Shares 73,941 (-11.9%) Est. Cost $413.51 Unrealized -18.6%

— CAPITAL ONE FINANCIAL CORP 2.3%

Value $27.88M (-4.0%) Shares 115,044 (-15.8%) Est. Cost $92.21 Unrealized —

UTHR UNITED THERAPEUTICS CORP 4.2%

Value $50.5M (-1.3%) Shares 103,650 (-15.1%) Est. Cost $231.41 Unrealized +101.2%

PRGS PROGRESS SOFTWARE CORP 0.1%

Value $1.358M (-30.1%) Shares 31,600 (-28.5%) Est. Cost $54.81 Unrealized -20.5%

ALSN ALLISON TRANSMISSION HOLDING 2.2%

Value $26.3M (+2.2%) Shares 268,600 (-11.4%) Est. Cost $33.11 Unrealized +164.3%

OFG OFG BANCORP 0.4%

Value $4.426M (-9.2%) Shares 108,000 (-3.7%) Est. Cost $27.13 Unrealized +50.9%

SPFI SOUTH PLAINS FINANCIAL INC 0.4%

Value $4.695M (-7.6%) Shares 121,000 (-8.0%) Est. Cost $23.06 Unrealized +66.1%

— SOUTH STATE CORP 0.2%

Value $2.424M (-13.5%) Shares 25,761 (-9.2%) Est. Cost $85.45 Unrealized —

CHCO CITY HOLDING CO 0.2%

Value $2.479M (-12.6%) Shares 20,795 (-9.2%) Est. Cost $105.93 Unrealized +13.9%

BAP CREDICORP LTD 0.1%

Value $775K (-19.2%) Shares 2,700 (-25.0%) Est. Cost $121.87 Unrealized +117.2%

PLUS EPLUS INC 0.2%

Value $2.289M (+5.3%) Shares 26,100 (-14.7%) Est. Cost $70.24 Unrealized +17.5%

BKH BLACK HILLS CORP 0.2%

Value $2.339M (+4.4%) Shares 33,700 (-7.4%) Est. Cost $57.38 Unrealized +15.8%

LAUR LAUREATE EDUCATION INC 0.2%

Value $2.418M (+1.8%) Shares 71,800 (-4.6%) Est. Cost $19.65 Unrealized +57.1%

NBN NORTHEAST BANK 0.4%

Value $4.937M (+0.2%) Shares 47,500 (-3.5%) Est. Cost $57.81 Unrealized +61.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BPOP	POPULAR INC	682,330 (-23.0%)	$84.96M (-24.5%)	7.0%	$42.27	+178.3%	CommonStock	733174700
LIN	LINDE PLC	133,883 (-20.5%)	$57.09M (-28.6%)	4.7%	$322.30	+32.6%	CommonStock	G54950103
SW	SMURFIT WESTROCK PLC	1,447,650 (-16.9%)	$55.98M (-24.5%)	4.6%	$49.43	-22.9%	CommonStock	G8267P108
NOMD	NOMAD FOODS LTD	2,329,600 (-32.3%)	$29.14M (-35.6%)	2.4%	$16.45	-25.8%	CommonStock	G6564A105
MPC	MARATHON PETROLEUM CORP	163,932 (-15.6%)	$26.66M (-28.8%)	2.2%	$92.29	+102.0%	CommonStock	56585A102
SBH	SALLY BEAUTY HOLDINGS INC	1,747,829 (-15.2%)	$24.92M (-25.7%)	2.1%	$12.37	+21.8%	CommonStock	79546E104
ARW	ARROW ELECTRONICS INC	295,403 (-12.3%)	$32.55M (-20.2%)	2.7%	$112.30	+1.1%	CommonStock	042735100
MKSI	MKS INC	265,100 (-33.9%)	$42.36M (-14.7%)	3.5%	$83.76	+76.9%	CommonStock	55306N104
JAZZ	JAZZ PHARMACEUTICALS PLC	432,466 (-15.8%)	$73.52M (+8.6%)	6.1%	$151.95	+0.9%	CommonStock	G50871105
IBOC	INTERNATIONAL BANCSHARES CORP	477,304 (-12.6%)	$31.71M (-15.5%)	2.6%	$35.50	+88.8%	CommonStock	459044103
WMB	WILLIAMS COS INC	411,500 (-14.2%)	$24.74M (-18.6%)	2.1%	$27.89	+115.3%	CommonStock	969457100
ABBV	ABBVIE INC	119,777 (-15.6%)	$27.37M (-16.7%)	2.3%	$79.91	+184.7%	CommonStock	00287Y109
SLM	SLM CORP	1,245,600 (-11.7%)	$33.71M (-13.7%)	2.8%	$15.49	+77.1%	CommonStock	78442P106
GD	GENERAL DYNAMICS CORP.	89,454 (-13.9%)	$30.12M (-15.0%)	2.5%	$206.02	+65.4%	CommonStock	369550108
JPM	JPMORGAN CHASE & CO	117,255 (-14.1%)	$37.78M (-12.2%)	3.1%	$88.70	+249.0%	CommonStock	46625H100
INGR	INGREDION INC	221,700 (-7.9%)	$24.44M (-16.9%)	2.0%	$87.81	+28.4%	CommonStock	457187102
CFR	CULLEN/FROST BANKERS INC	214,500 (-13.5%)	$27.16M (-13.6%)	2.3%	$93.33	+33.7%	CommonStock	229899109
GLPI	GAMING AND LEISURE PROPERTIE	505,300 (-11.4%)	$22.58M (-15.1%)	1.9%	$51.45	—	CommonStock	36467J108
MTB	M & T BANK CORP	125,994 (-15.1%)	$25.39M (-13.4%)	2.1%	$152.66	+24.5%	CommonStock	55261F104
CVS	CVS HEALTH CORP	525,300 (-12.8%)	$41.69M (-8.2%)	3.5%	$79.51	-1.1%	CommonStock	126650100
WBS	WEBSTER FINANCIAL CORP - CT	516,201 (-15.0%)	$32.49M (-10.0%)	2.7%	$42.17	+40.8%	CommonStock	947890109
NEE	NEXTERA ENERGY INC	309,276 (-17.0%)	$24.83M (-11.7%)	2.1%	$69.78	+18.2%	CommonStock	65339F101
LNTH	LANTHEUS HOLDINGS INC	538,000 (-15.6%)	$35.8M (+9.5%)	3.0%	$62.49	-6.9%	CommonStock	516544103
UNH	UNITEDHEALTH GROUP INC	44,712 (-9.3%)	$14.76M (-13.3%)	1.2%	$436.67	-22.8%	CommonStock	91324P102
GILD	GILEAD SCIENCES INC	265,100 (-15.1%)	$32.54M (-6.2%)	2.7%	$56.73	+113.1%	CommonStock	375558103
TSN	TYSON FOODS INC-CL A	472,248 (-13.1%)	$27.68M (-6.2%)	2.3%	$65.90	-17.1%	CommonStock	902494103
CB	CHUBB LTD	91,125 (-14.0%)	$28.44M (-4.9%)	2.4%	$180.79	+61.7%	CommonStock	H1467J104
ELV	ELEVANCE HEALTH INC	73,941 (-11.9%)	$25.92M (-4.4%)	2.2%	$413.51	-18.6%	CommonStock	036752103
—	CAPITAL ONE FINANCIAL CORP	115,044 (-15.8%)	$27.88M (-4.0%)	2.3%	$92.21	—	CommonStock	14040h105
UTHR	UNITED THERAPEUTICS CORP	103,650 (-15.1%)	$50.5M (-1.3%)	4.2%	$231.41	+101.2%	CommonStock	91307C102
PRGS	PROGRESS SOFTWARE CORP	31,600 (-28.5%)	$1.358M (-30.1%)	0.1%	$54.81	-20.5%	CommonStock	743312100
ALSN	ALLISON TRANSMISSION HOLDING	268,600 (-11.4%)	$26.3M (+2.2%)	2.2%	$33.11	+164.3%	CommonStock	01973R101
OFG	OFG BANCORP	108,000 (-3.7%)	$4.426M (-9.2%)	0.4%	$27.13	+50.9%	CommonStock	67103X102
SPFI	SOUTH PLAINS FINANCIAL INC	121,000 (-8.0%)	$4.695M (-7.6%)	0.4%	$23.06	+66.1%	CommonStock	83946P107
—	SOUTH STATE CORP	25,761 (-9.2%)	$2.424M (-13.5%)	0.2%	$85.45	—	CommonStock	840441109
CHCO	CITY HOLDING CO	20,795 (-9.2%)	$2.479M (-12.6%)	0.2%	$105.93	+13.9%	CommonStock	177835105
BAP	CREDICORP LTD	2,700 (-25.0%)	$775K (-19.2%)	0.1%	$121.87	+117.2%	CommonStock	G2519Y108
PLUS	EPLUS INC	26,100 (-14.7%)	$2.289M (+5.3%)	0.2%	$70.24	+17.5%	CommonStock	294268107
BKH	BLACK HILLS CORP	33,700 (-7.4%)	$2.339M (+4.4%)	0.2%	$57.38	+15.8%	CommonStock	092113109
LAUR	LAUREATE EDUCATION INC	71,800 (-4.6%)	$2.418M (+1.8%)	0.2%	$19.65	+57.1%	CommonStock	518613203
NBN	NORTHEAST BANK	47,500 (-3.5%)	$4.937M (+0.2%)	0.4%	$57.81	+61.4%	CommonStock	66405S100

Unchanged Positions (32)

CVI CVR ENERGY INC 0.1%

Value $1.704M Shares 67,000 Est. Cost $20.98 Unrealized +62.3%

PRDO PERDOCEO EDUCATION CORP 0.1%

Value $1.777M Shares 60,600 Est. Cost $17.38 Unrealized +81.2%

HRMY HARMONY BIOSCIENCES HOLDINGS 0.1%

Value $1.351M Shares 36,100 Est. Cost $39.49 Unrealized -16.8%

BBSI BARRETT BUSINESS SVCS INC 0.1%

Value $1.405M Shares 38,800 Est. Cost $27.81 Unrealized +37.4%

EVTC EVERTEC INC 0.2%

Value $1.882M Shares 64,700 Est. Cost $32.27 Unrealized -7.9%

GPK GRAPHIC PACKAGING HOLDING CO 0.1%

Value $884K Shares 58,700 Est. Cost $18.64 Unrealized -11.8%

CBT CABOT CORP 0.1%

Value $1.576M Shares 23,773 Est. Cost $57.08 Unrealized +16.1%

DNOW DNOW INC 0.1%

Value $1.428M Shares 107,800 Est. Cost $11.46 Unrealized +22.5%

HTB HOMETRUST BANCSHARES INC 0.4%

Value $4.509M Shares 105,000 Est. Cost $35.15 Unrealized +17.4%

EXP EAGLE MATERIALS INC 0.1%

Value $1.447M Shares 7,000 Est. Cost $98.52 Unrealized +123.8%

FSEA FIRST SEACOAST BANCORP INC 0.1%

Value $1.195M Shares 90,537 Est. Cost $9.83 Unrealized +21.3%

AVT AVNET INC 0.1%

Value $1.712M Shares 35,600 Est. Cost $53.11 Unrealized -7.9%

BOKF BOK FINANCIAL CORPORATION 0.2%

Value $2.152M Shares 18,164 Est. Cost $78.02 Unrealized +42.7%

INDB INDEPENDENT BANK CORP/MA 0.2%

Value $2.371M Shares 32,439 Est. Cost $63.82 Unrealized +10.5%

ANIP ANI PHARMACEUTICALS INC 0.1%

Value $766K Shares 9,700 Est. Cost $81.54 Unrealized +6.2%

VVX V2X INC 0.2%

Value $1.844M Shares 33,800 Est. Cost $47.19 Unrealized +19.2%

FANG DIAMONDBACK ENERGY INC 0.1%

Value $1.604M Shares 10,670 Est. Cost $105.81 Unrealized +39.0%

AVBC AVIDIA BANCORP INC 0.1%

Value $672K Shares 40,000 Est. Cost $15.09 Unrealized +3.6%

PECO PHILLIPS EDISON & COMPANY IN 0.2%

Value $2.12M Shares 59,600 Est. Cost $34.87 Unrealized —

AYI ACUITY BRANDS INC 0.1%

Value $1.692M Shares 4,700 Est. Cost $162.26 Unrealized +122.6%

EXEL EXELIXIS INC 0.1%

Value $1.153M Shares 26,300 Est. Cost $18.62 Unrealized +122.1%

MMS MAXIMUS INC 0.1%

Value $941K Shares 10,900 Est. Cost $75.22 Unrealized +13.6%

SUPN SUPERNUS PHARMACEUTICALS INC 0.1%

Value $1.282M Shares 25,800 Est. Cost $30.54 Unrealized +59.2%

NTST NETSTREIT CORP 0.2%

Value $2.046M Shares 116,000 Est. Cost $14.15 Unrealized —

IMKTA INGLES MARKETS INC-CLASS A 0.2%

Value $2.213M Shares 32,283 Est. Cost $67.89 Unrealized +6.8%

SBRA SABRA HEALTH CARE REIT INC 0.2%

Value $1.921M Shares 101,400 Est. Cost $18.44 Unrealized —

AIT APPLIED INDUSTRIAL TECH INC 0.1%

Value $1.797M Shares 7,000 Est. Cost $100.64 Unrealized +153.5%

EBF ENNIS INC 0.2%

Value $1.893M Shares 105,100 Est. Cost $17.11 Unrealized +0.3%

CSL CARLISLE COS INC 0.1%

Value $1.123M Shares 3,512 Est. Cost $274.63 Unrealized +17.5%

KFRC KFORCE INC 0.1%

Value $708K Shares 22,894 Est. Cost $63.94 Unrealized -54.0%

EPRT ESSENTIAL PROPERTIES REALTY 0.1%

Value $1.8M Shares 60,700 Est. Cost $34.09 Unrealized —

PEBO PEOPLES BANCORP INC 0.2%

Value $1.943M Shares 64,700 Est. Cost $29.11 Unrealized +2.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVI	CVR ENERGY INC	67,000	$1.704M	0.1%	$20.98	+62.3%	CommonStock	12662P108
PRDO	PERDOCEO EDUCATION CORP	60,600	$1.777M	0.1%	$17.38	+81.2%	CommonStock	71363P106
HRMY	HARMONY BIOSCIENCES HOLDINGS	36,100	$1.351M	0.1%	$39.49	-16.8%	CommonStock	413197104
BBSI	BARRETT BUSINESS SVCS INC	38,800	$1.405M	0.1%	$27.81	+37.4%	CommonStock	068463108
EVTC	EVERTEC INC	64,700	$1.882M	0.2%	$32.27	-7.9%	CommonStock	30040P103
GPK	GRAPHIC PACKAGING HOLDING CO	58,700	$884K	0.1%	$18.64	-11.8%	CommonStock	388689101
CBT	CABOT CORP	23,773	$1.576M	0.1%	$57.08	+16.1%	CommonStock	127055101
DNOW	DNOW INC	107,800	$1.428M	0.1%	$11.46	+22.5%	CommonStock	67011P100
HTB	HOMETRUST BANCSHARES INC	105,000	$4.509M	0.4%	$35.15	+17.4%	CommonStock	437872104
EXP	EAGLE MATERIALS INC	7,000	$1.447M	0.1%	$98.52	+123.8%	CommonStock	26969P108
FSEA	FIRST SEACOAST BANCORP INC	90,537	$1.195M	0.1%	$9.83	+21.3%	CommonStock	33631F104
AVT	AVNET INC	35,600	$1.712M	0.1%	$53.11	-7.9%	CommonStock	053807103
BOKF	BOK FINANCIAL CORPORATION	18,164	$2.152M	0.2%	$78.02	+42.7%	CommonStock	05561Q201
INDB	INDEPENDENT BANK CORP/MA	32,439	$2.371M	0.2%	$63.82	+10.5%	CommonStock	453836108
ANIP	ANI PHARMACEUTICALS INC	9,700	$766K	0.1%	$81.54	+6.2%	CommonStock	00182C103
VVX	V2X INC	33,800	$1.844M	0.2%	$47.19	+19.2%	CommonStock	92242T101
FANG	DIAMONDBACK ENERGY INC	10,670	$1.604M	0.1%	$105.81	+39.0%	CommonStock	25278X109
AVBC	AVIDIA BANCORP INC	40,000	$672K	0.1%	$15.09	+3.6%	CommonStock	05369T100
PECO	PHILLIPS EDISON & COMPANY IN	59,600	$2.12M	0.2%	$34.87	—	CommonStock	71844V201
AYI	ACUITY BRANDS INC	4,700	$1.692M	0.1%	$162.26	+122.6%	CommonStock	00508Y102
EXEL	EXELIXIS INC	26,300	$1.153M	0.1%	$18.62	+122.1%	CommonStock	30161Q104
MMS	MAXIMUS INC	10,900	$941K	0.1%	$75.22	+13.6%	CommonStock	577933104
SUPN	SUPERNUS PHARMACEUTICALS INC	25,800	$1.282M	0.1%	$30.54	+59.2%	CommonStock	868459108
NTST	NETSTREIT CORP	116,000	$2.046M	0.2%	$14.15	—	CommonStock	64119V303
IMKTA	INGLES MARKETS INC-CLASS A	32,283	$2.213M	0.2%	$67.89	+6.8%	CommonStock	457030104
SBRA	SABRA HEALTH CARE REIT INC	101,400	$1.921M	0.2%	$18.44	—	CommonStock	78573L106
AIT	APPLIED INDUSTRIAL TECH INC	7,000	$1.797M	0.1%	$100.64	+153.5%	CommonStock	03820C105
EBF	ENNIS INC	105,100	$1.893M	0.2%	$17.11	+0.3%	CommonStock	293389102
CSL	CARLISLE COS INC	3,512	$1.123M	0.1%	$274.63	+17.5%	CommonStock	142339100
KFRC	KFORCE INC	22,894	$708K	0.1%	$63.94	-54.0%	CommonStock	493732101
EPRT	ESSENTIAL PROPERTIES REALTY	60,700	$1.8M	0.1%	$34.09	—	CommonStock	29670E107
PEBO	PEOPLES BANCORP INC	64,700	$1.943M	0.2%	$29.11	+2.1%	CommonStock	709789101