Kerrisdale Advisers, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TDS	TELEPHONE & DATA SYS INC	506,067	$20,749	9.8%	$38.95	0.0%	COM NEW	879433829
LRN	STRIDE INC	59,665	$3,874	1.8%	$90.80	0.0%	COM	86333M108
LGN	LEGENCE CORP	61,495	$2,647	1.2%	$39.53	0.0%	CL A	52476L109
AMRZ	AMRIZE LTD	47,050	$2,544	1.2%	$51.02	0.0%	SHS	H2927K103
ETN	EATON CORP PLC	4,797	$1,528	0.7%	$354.39	0.0%	SHS	G29183103
LBRT	LIBERTY ENERGY INC	63,805	$1,178	0.6%	$16.71	0.0%	COM CL A	53115L104
GTLB	GITLAB INC	25,685	$964	0.5%	$43.29	0.0%	CLASS A COM	37637K108
GFF	GRIFFON CORP	7,150	$527	0.2%	$74.21	0.0%	COM	398433102
FISV	FISERV INC	7,630	$513	0.2%	$83.87	0.0%	COM	337738108
SNAP	SNAP INC	38,900	$314	0.1%	$7.91	0.0%	CL A	83304A106
RICK	RCI HOSPITALITY HLDGS INC	9,253	$221	0.1%	$25.60	0.0%	COM	74934Q108

Increased Positions (11)

SYY SYSCO CORP 7.3%

Value ($000) $15,565 (+86.4%) Shares 211,229 (+108.3%) Est. Cost $74.96 Unrealized +0.7%

MELI MERCADOLIBRE INC 8.1%

Value ($000) $17,250 (+45.4%) Shares 8,564 (+68.7%) Est. Cost $2012.94 Unrealized +4.3%

ACMR ACM RESH INC 4.9%

Value ($000) $10,394 (+50.4%) Shares 263,482 (+49.2%) Est. Cost $25.23 Unrealized +47.7%

KVUE KENVUE INC 2.8%

Value ($000) $5,931 (+122.5%) Shares 343,837 (+109.4%) Est. Cost $18.08 Unrealized -10.1%

SNPS SYNOPSYS INC 1.9%

Value ($000) $3,948 (+145.3%) Shares 8,406 (+157.6%) Est. Cost $491.22 Unrealized -9.6%

CART MAPLEBEAR INC 1.5%

Value ($000) $3,285 (+34.3%) Shares 73,040 (+9.8%) Est. Cost $45.59 Unrealized -10.2%

AMZN AMAZON COM INC 4.5%

Value ($000) $9,549 (+9.3%) Shares 41,371 (+3.9%) Est. Cost $215.24 Unrealized +6.3%

APPF APPFOLIO INC 1.8%

Value ($000) $3,726 (-8.5%) Shares 16,016 (+8.4%) Est. Cost $232.43 Unrealized +2.2%

LQDA LIQUIDIA CORPORATION 0.2%

Value ($000) $511 (+131.1%) Shares 14,820 (+52.4%) Est. Cost $24.02 Unrealized +18.5%

CC CHEMOURS CO 0.3%

Value ($000) $618 (+23.6%) Shares 52,401 (+66.0%) Est. Cost $16.14 Unrealized -20.8%

FOXF FOX FACTORY HLDG CORP 0.7%

Value ($000) $1,420 (+2.4%) Shares 82,979 (+45.3%) Est. Cost $34.49 Unrealized -44.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYY	SYSCO CORP	211,229 (+108.3%)	$15,565 (+86.4%)	7.3%	$74.96	+0.7%	COM	871829107
MELI	MERCADOLIBRE INC	8,564 (+68.7%)	$17,250 (+45.4%)	8.1%	$2012.94	+4.3%	COM	58733R102
ACMR	ACM RESH INC	263,482 (+49.2%)	$10,394 (+50.4%)	4.9%	$25.23	+47.7%	COM CL A	00108J109
KVUE	KENVUE INC	343,837 (+109.4%)	$5,931 (+122.5%)	2.8%	$18.08	-10.1%	COM	49177J102
SNPS	SYNOPSYS INC	8,406 (+157.6%)	$3,948 (+145.3%)	1.9%	$491.22	-9.6%	COM	871607107
CART	MAPLEBEAR INC	73,040 (+9.8%)	$3,285 (+34.3%)	1.5%	$45.59	-10.2%	COM	565394103
AMZN	AMAZON COM INC	41,371 (+3.9%)	$9,549 (+9.3%)	4.5%	$215.24	+6.3%	COM	023135106
APPF	APPFOLIO INC	16,016 (+8.4%)	$3,726 (-8.5%)	1.8%	$232.43	+2.2%	COM CL A	03783C100
LQDA	LIQUIDIA CORPORATION	14,820 (+52.4%)	$511 (+131.1%)	0.2%	$24.02	+18.5%	COM NEW	53635D202
CC	CHEMOURS CO	52,401 (+66.0%)	$618 (+23.6%)	0.3%	$16.14	-20.8%	COM	163851108
FOXF	FOX FACTORY HLDG CORP	82,979 (+45.3%)	$1,420 (+2.4%)	0.7%	$34.49	-44.7%	COM	35138V102

Exited Positions (10)

FTRE FORTREA HLDGS INC 1.4%

Value ($000) $3,016 Shares 358,191 Est. Cost $12.10 Unrealized +2.1%

IMXI INTERNATIONAL MNY EXPRESS IN 1.2%

Value ($000) $2,644 Shares 189,288 Est. Cost $22.84 Unrealized -34.3%

ADBE ADOBE INC 0.6%

Value ($000) $1,341 Shares 3,802 Est. Cost $481.37 Unrealized -29.3%

AMTM AMENTUM HOLDINGS INC 0.4%

Value ($000) $947 Shares 39,520 Est. Cost $24.35 Unrealized +5.0%

PII POLARIS INC 0.4%

Value ($000) $818 Shares 14,065 Est. Cost $47.61 Unrealized +38.3%

ACLS AXCELIS TECHNOLOGIES INC 0.3%

Value ($000) $709 Shares 7,265 Est. Cost $57.05 Unrealized +46.8%

INTC INTEL CORP 0.3%

Value ($000) $574 Shares 17,123 Est. Cost $24.23 Unrealized +55.9%

MSOS ADVISORSHARES TR 0.2%

Value ($000) $371 Shares 77,470 Est. Cost $2.61 Unrealized —

DELL DELL TECHNOLOGIES INC 0.2%

Value ($000) $361 Shares 2,543 Est. Cost $129.18 Unrealized +9.0%

FIGS FIGS INC 0.1%

Value ($000) $130 Shares 19,407 Est. Cost $5.31 Unrealized +76.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FTRE	FORTREA HLDGS INC	358,191	$3,016	1.4%	$12.10	+2.1%	—	34965K107
IMXI	INTERNATIONAL MNY EXPRESS IN	189,288	$2,644	1.2%	$22.84	-34.3%	—	46005L101
ADBE	ADOBE INC	3,802	$1,341	0.6%	$481.37	-29.3%	—	00724F101
AMTM	AMENTUM HOLDINGS INC	39,520	$947	0.4%	$24.35	+5.0%	—	023939101
PII	POLARIS INC	14,065	$818	0.4%	$47.61	+38.3%	—	731068102
ACLS	AXCELIS TECHNOLOGIES INC	7,265	$709	0.3%	$57.05	+46.8%	—	054540208
INTC	INTEL CORP	17,123	$574	0.3%	$24.23	+55.9%	—	458140100
MSOS	ADVISORSHARES TR	77,470	$371	0.2%	$2.61	—	—	00768Y453
DELL	DELL TECHNOLOGIES INC	2,543	$361	0.2%	$129.18	+9.0%	—	24703L202
FIGS	FIGS INC	19,407	$130	0.1%	$5.31	+76.4%	—	30260D103

Decreased Positions (19)

NE NOBLE CORP PLC 2.0%

Value ($000) $4,169 (-58.1%) Shares 147,621 (-58.1%) Est. Cost $32.22 Unrealized -9.3%

STX SEAGATE TECHNOLOGY HLDNGS PL 0.7%

Value ($000) $1,576 (-77.8%) Shares 5,724 (-81.0%) Est. Cost $88.97 Unrealized +191.0%

WDC WESTERN DIGITAL CORP 0.9%

Value ($000) $1,961 (-61.5%) Shares 11,384 (-73.2%) Est. Cost $47.46 Unrealized +219.3%

SHC SOTERA HEALTH CO 4.6%

Value ($000) $9,823 (-21.5%) Shares 556,854 (-30.0%) Est. Cost $15.66 Unrealized +5.6%

UNH UNITEDHEALTH GROUP INC 0.9%

Value ($000) $1,924 (-57.2%) Shares 5,828 (-55.2%) Est. Cost $377.23 Unrealized -10.6%

VAL VALARIS LTD 1.2%

Value ($000) $2,521 (-46.9%) Shares 50,024 (-48.6%) Est. Cost $50.38 Unrealized +6.5%

ZM ZOOM COMMUNICATIONS INC 1.5%

Value ($000) $3,262 (-38.9%) Shares 37,799 (-41.6%) Est. Cost $81.89 Unrealized +2.8%

DAVA ENDAVA PLC 1.7%

Value ($000) $3,586 (-31.7%) Shares 567,416 (-1.6%) Est. Cost $23.77 Unrealized —

CCJ CAMECO CORP 0.4%

Value ($000) $883 (-58.5%) Shares 9,655 (-62.0%) Est. Cost $31.90 Unrealized +182.0%

GOOGL ALPHABET INC 4.3%

Value ($000) $9,198 (+11.5%) Shares 29,387 (-13.4%) Est. Cost $115.58 Unrealized +147.1%

CRON CRONOS GROUP INC 0.2%

Value ($000) $452 (-65.3%) Shares 171,886 (-63.3%) Est. Cost $1.96 Unrealized +32.1%

CIB GRUPO CIBEST SA 2.7%

Value ($000) $5,796 (+11.7%) Shares 91,110 (-8.8%) Est. Cost $46.19 Unrealized —

MU MICRON TECHNOLOGY INC 0.9%

Value ($000) $1,981 (-21.4%) Shares 6,942 (-53.9%) Est. Cost $127.82 Unrealized +79.4%

MSGE MADISON SQUARE GARDEN ENTMT 1.1%

Value ($000) $2,316 (+17.7%) Shares 42,969 (-1.2%) Est. Cost $33.61 Unrealized +43.1%

CRL CHARLES RIV LABS INTL INC 0.4%

Value ($000) $916 (-21.5%) Shares 4,593 (-38.4%) Est. Cost $195.80 Unrealized -7.4%

HDSN HUDSON TECHNOLOGIES INC 0.2%

Value ($000) $395 (-38.0%) Shares 57,622 (-10.1%) Est. Cost $9.55 Unrealized -17.5%

BABA ALIBABA GROUP HLDG LTD 0.1%

Value ($000) $200 (-39.6%) Shares 1,366 (-26.4%) Est. Cost $90.60 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $274 (-13.4%) Shares 567 (-7.2%) Est. Cost $279.53 Unrealized +79.1%

WAB WABTEC 0.7%

Value ($000) $1,478 (+1.1%) Shares 6,925 (-5.1%) Est. Cost $181.39 Unrealized +13.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NE	NOBLE CORP PLC	147,621 (-58.1%)	$4,169 (-58.1%)	2.0%	$32.22	-9.3%	ORD SHS A	G65431127
STX	SEAGATE TECHNOLOGY HLDNGS PL	5,724 (-81.0%)	$1,576 (-77.8%)	0.7%	$88.97	+191.0%	ORD SHS	G7997R103
WDC	WESTERN DIGITAL CORP	11,384 (-73.2%)	$1,961 (-61.5%)	0.9%	$47.46	+219.3%	COM	958102105
SHC	SOTERA HEALTH CO	556,854 (-30.0%)	$9,823 (-21.5%)	4.6%	$15.66	+5.6%	COM	83601L102
UNH	UNITEDHEALTH GROUP INC	5,828 (-55.2%)	$1,924 (-57.2%)	0.9%	$377.23	-10.6%	COM	91324P102
VAL	VALARIS LTD	50,024 (-48.6%)	$2,521 (-46.9%)	1.2%	$50.38	+6.5%	CL A	G9460G101
ZM	ZOOM COMMUNICATIONS INC	37,799 (-41.6%)	$3,262 (-38.9%)	1.5%	$81.89	+2.8%	CL A	98980L101
DAVA	ENDAVA PLC	567,416 (-1.6%)	$3,586 (-31.7%)	1.7%	$23.77	—	ADS	29260V105
CCJ	CAMECO CORP	9,655 (-62.0%)	$883 (-58.5%)	0.4%	$31.90	+182.0%	COM	13321L108
GOOGL	ALPHABET INC	29,387 (-13.4%)	$9,198 (+11.5%)	4.3%	$115.58	+147.1%	CAP STK CL A	02079K305
CRON	CRONOS GROUP INC	171,886 (-63.3%)	$452 (-65.3%)	0.2%	$1.96	+32.1%	COM	22717L101
CIB	GRUPO CIBEST SA	91,110 (-8.8%)	$5,796 (+11.7%)	2.7%	$46.19	—	SPON ADS	40090E106
MU	MICRON TECHNOLOGY INC	6,942 (-53.9%)	$1,981 (-21.4%)	0.9%	$127.82	+79.4%	COM	595112103
MSGE	MADISON SQUARE GARDEN ENTMT	42,969 (-1.2%)	$2,316 (+17.7%)	1.1%	$33.61	+43.1%	COM CL A	558256103
CRL	CHARLES RIV LABS INTL INC	4,593 (-38.4%)	$916 (-21.5%)	0.4%	$195.80	-7.4%	COM	159864107
HDSN	HUDSON TECHNOLOGIES INC	57,622 (-10.1%)	$395 (-38.0%)	0.2%	$9.55	-17.5%	COM	444144109
BABA	ALIBABA GROUP HLDG LTD	1,366 (-26.4%)	$200 (-39.6%)	0.1%	$90.60	—	SPONSORED ADS	01609W102
MSFT	MICROSOFT CORP	567 (-7.2%)	$274 (-13.4%)	0.1%	$279.53	+79.1%	COM	594918104
WAB	WABTEC	6,925 (-5.1%)	$1,478 (+1.1%)	0.7%	$181.39	+13.2%	COM	929740108

Unchanged Positions (35)

CPNG COUPANG INC 1.2%

Value ($000) $2,573 Shares 109,085 Est. Cost $24.70 Unrealized +15.2%

V VISA INC 6.5%

Value ($000) $13,843 Shares 39,472 Est. Cost $252.56 Unrealized +34.8%

RTO RENTOKIL INITIAL PLC 1.0%

Value ($000) $2,026 Shares 68,778 Est. Cost $24.80 Unrealized —

KNX KNIGHT-SWIFT TRANSN HLDGS IN 0.6%

Value ($000) $1,181 Shares 22,587 Est. Cost $48.49 Unrealized -3.6%

DEO DIAGEO PLC 1.3%

Value ($000) $2,686 Shares 31,133 Est. Cost $151.93 Unrealized —

GTM ZOOMINFO TECHNOLOGIES INC 1.7%

Value ($000) $3,544 Shares 348,428 Est. Cost $12.01 Unrealized -14.2%

JOE ST JOE CO 0.7%

Value ($000) $1,424 Shares 23,990 Est. Cost $35.80 Unrealized +56.4%

UHAL/B U HAUL HOLDING COMPANY 1.2%

Value ($000) $2,582 Shares 55,241 Est. Cost $57.46 Unrealized -15.3%

WMG WARNER MUSIC GROUP CORP 1.0%

Value ($000) $2,040 Shares 66,530 Est. Cost $27.99 Unrealized +8.0%

KEYS KEYSIGHT TECHNOLOGIES INC 0.6%

Value ($000) $1,344 Shares 6,613 Est. Cost $148.09 Unrealized +25.3%

ON ON SEMICONDUCTOR CORP 0.9%

Value ($000) $2,015 Shares 37,210 Est. Cost $50.19 Unrealized +2.2%

HSIC HENRY SCHEIN INC 0.6%

Value ($000) $1,211 Shares 16,026 Est. Cost $71.73 Unrealized -1.9%

BAH BOOZ ALLEN HAMILTON HLDG COR 0.4%

Value ($000) $797 Shares 9,452 Est. Cost $105.15 Unrealized -15.8%

LESL LESLIES INC 0.0%

Value ($000) $39 Shares 23,811 Est. Cost $7.37 Unrealized -56.0%

PBR PETROLEO BRASILEIRO SA PETRO 0.6%

Value ($000) $1,317 Shares 111,126 Est. Cost $15.82 Unrealized —

UHAL U HAUL HOLDING COMPANY 0.3%

Value ($000) $641 Shares 12,714 Est. Cost $57.99 Unrealized -8.3%

UNP UNION PAC CORP 1.8%

Value ($000) $3,794 Shares 16,402 Est. Cost $222.38 Unrealized +2.2%

RCMT RCM TECHNOLOGIES INC 0.1%

Value ($000) $264 Shares 12,891 Est. Cost $14.63 Unrealized +46.7%

TENB TENABLE HLDGS INC 0.1%

Value ($000) $276 Shares 11,720 Est. Cost $41.71 Unrealized -34.5%

AVAL GRUPO AVAL ACCIONES Y VALORE 0.1%

Value ($000) $304 Shares 75,000 Est. Cost $2.34 Unrealized —

EC ECOPETROL S A 0.3%

Value ($000) $677 Shares 67,555 Est. Cost $10.56 Unrealized —

PRTS CARPARTS COM INC 0.1%

Value ($000) $126 Shares 252,495 Est. Cost $1.08 Unrealized -48.0%

KSPI KASPI KZ JSC 0.5%

Value ($000) $1,068 Shares 13,665 Est. Cost $85.79 Unrealized —

OXY OCCIDENTAL PETE CORP 0.1%

Value ($000) $290 Shares 7,050 Est. Cost $41.76 Unrealized -0.5%

KFY KORN FERRY 0.3%

Value ($000) $692 Shares 10,488 Est. Cost $50.47 Unrealized +32.5%

BOOM DMC GLOBAL INC 0.1%

Value ($000) $137 Shares 20,492 Est. Cost $9.43 Unrealized -26.9%

OBE OBSIDIAN ENERGY LTD 0.2%

Value ($000) $515 Shares 84,060 Est. Cost $6.44 Unrealized -6.0%

NMM NAVIOS MARITIME PARTNERS L P 0.1%

Value ($000) $241 Shares 4,590 Est. Cost $45.05 Unrealized —

PMTS CPI CARD GROUP INC 0.4%

Value ($000) $892 Shares 60,796 Est. Cost $24.35 Unrealized -38.1%

SSTK SHUTTERSTOCK INC 0.1%

Value ($000) $206 Shares 10,765 Est. Cost $25.62 Unrealized -16.6%

ATKR ATKORE INC 0.8%

Value ($000) $1,776 Shares 28,074 Est. Cost $95.93 Unrealized -32.6%

NXE NEXGEN ENERGY LTD 0.2%

Value ($000) $468 Shares 50,883 Est. Cost $4.06 Unrealized +117.5%

DNN DENISON MINES CORP 0.1%

Value ($000) $231 Shares 86,800 Est. Cost $1.24 Unrealized +120.3%

PERI PERION NETWORK LTD 0.3%

Value ($000) $724 Shares 75,563 Est. Cost $12.13 Unrealized -19.9%

RDDT REDDIT INC 0.2%

Value ($000) $394 Shares 1,715 Est. Cost $113.37 Unrealized +85.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPNG	COUPANG INC	109,085	$2,573	1.2%	$24.70	+15.2%	CL A	22266T109
V	VISA INC	39,472	$13,843	6.5%	$252.56	+34.8%	COM CL A	92826C839
RTO	RENTOKIL INITIAL PLC	68,778	$2,026	1.0%	$24.80	—	SPONSORED ADR	760125104
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	22,587	$1,181	0.6%	$48.49	-3.6%	CL A	499049104
DEO	DIAGEO PLC	31,133	$2,686	1.3%	$151.93	—	SPON ADR NEW	25243Q205
GTM	ZOOMINFO TECHNOLOGIES INC	348,428	$3,544	1.7%	$12.01	-14.2%	COMMON STOCK	98980F104
JOE	ST JOE CO	23,990	$1,424	0.7%	$35.80	+56.4%	COM	790148100
UHAL/B	U HAUL HOLDING COMPANY	55,241	$2,582	1.2%	$57.46	-15.3%	COM SER N	023586506
WMG	WARNER MUSIC GROUP CORP	66,530	$2,040	1.0%	$27.99	+8.0%	COM CL A	934550203
KEYS	KEYSIGHT TECHNOLOGIES INC	6,613	$1,344	0.6%	$148.09	+25.3%	COM	49338L103
ON	ON SEMICONDUCTOR CORP	37,210	$2,015	0.9%	$50.19	+2.2%	COM	682189105
HSIC	HENRY SCHEIN INC	16,026	$1,211	0.6%	$71.73	-1.9%	COM	806407102
BAH	BOOZ ALLEN HAMILTON HLDG COR	9,452	$797	0.4%	$105.15	-15.8%	CL A	099502106
LESL	LESLIES INC	23,811	$39	0.0%	$7.37	-56.0%	COM	527064208
PBR	PETROLEO BRASILEIRO SA PETRO	111,126	$1,317	0.6%	$15.82	—	SPONSORED ADR	71654V408
UHAL	U HAUL HOLDING COMPANY	12,714	$641	0.3%	$57.99	-8.3%	COM	023586100
UNP	UNION PAC CORP	16,402	$3,794	1.8%	$222.38	+2.2%	COM	907818108
RCMT	RCM TECHNOLOGIES INC	12,891	$264	0.1%	$14.63	+46.7%	COM NEW	749360400
TENB	TENABLE HLDGS INC	11,720	$276	0.1%	$41.71	-34.5%	COM	88025T102
AVAL	GRUPO AVAL ACCIONES Y VALORE	75,000	$304	0.1%	$2.34	—	SPONSORED ADS	40053W101
EC	ECOPETROL S A	67,555	$677	0.3%	$10.56	—	SPONSORED ADS	279158109
PRTS	CARPARTS COM INC	252,495	$126	0.1%	$1.08	-48.0%	COM	14427M107
KSPI	KASPI KZ JSC	13,665	$1,068	0.5%	$85.79	—	SPONSORED ADS	48581R205
OXY	OCCIDENTAL PETE CORP	7,050	$290	0.1%	$41.76	-0.5%	COM	674599105
KFY	KORN FERRY	10,488	$692	0.3%	$50.47	+32.5%	COM NEW	500643200
BOOM	DMC GLOBAL INC	20,492	$137	0.1%	$9.43	-26.9%	COM	23291C103
OBE	OBSIDIAN ENERGY LTD	84,060	$515	0.2%	$6.44	-6.0%	COM	674482203
NMM	NAVIOS MARITIME PARTNERS L P	4,590	$241	0.1%	$45.05	—	COM UNIT LPI	Y62267409
PMTS	CPI CARD GROUP INC	60,796	$892	0.4%	$24.35	-38.1%	COM NEW	12634H200
SSTK	SHUTTERSTOCK INC	10,765	$206	0.1%	$25.62	-16.6%	COM	825690100
ATKR	ATKORE INC	28,074	$1,776	0.8%	$95.93	-32.6%	COM	047649108
NXE	NEXGEN ENERGY LTD	50,883	$468	0.2%	$4.06	+117.5%	COM	65340P106
DNN	DENISON MINES CORP	86,800	$231	0.1%	$1.24	+120.3%	COM	248356107
PERI	PERION NETWORK LTD	75,563	$724	0.3%	$12.13	-19.9%	SHS NEW	M78673114
RDDT	REDDIT INC	1,715	$394	0.2%	$113.37	+85.5%	CL A	75734B100