Global Alpha Capital Management Ltd. Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BGSI	BOYD GROUP SERVICES INC	319,783	$50,938	3.1%	$160.25	0.0%	COM	103310108
CAE	CAE INC	720,900	$21,923	1.3%	$28.05	0.0%	COM	124765108
KWR	QUAKER HOUGHTON	153,900	$21,132	1.3%	$135.02	0.0%	COM	747316107
REZI	RESIDEO TECHNOLOGIES INC	595,800	$20,924	1.3%	$37.00	0.0%	COM	76118Y104
CVLT	COMMVAULT SYS INC	140,900	$17,663	1.1%	$140.69	0.0%	COM	204166102
CERT	CERTARA INC	172,700	$1,521	0.1%	$10.30	0.0%	COM	15687V109
VITL	VITAL FARMS INC	21,400	$684	0.0%	$35.19	0.0%	COM	92847W103
SEDG	SOLAREDGE TECHNOLOGIES INC	21,000	$606	0.0%	$34.87	0.0%	COM	83417M104
ATAT	ATOUR LIFESTYLE HLDGS LTD	5,570	$219	0.0%	$39.40	—	SPONSORED ADS	04965M106

Increased Positions (11)

COLD AMERICOLD REALTY TRUST INC 1.9%

Value ($000) $31,552 (+5809.4%) Shares 2,453,522 (+5524.5%) Est. Cost $13.11 Unrealized —

GPOR GULFPORT ENERGY CORP 2.4%

Value ($000) $39,932 (+35.9%) Shares 191,991 (+18.3%) Est. Cost $171.03 Unrealized +16.6%

RUSHA RUSH ENTERPRISES INC 3.3%

Value ($000) $54,613 (+21.7%) Shares 1,012,486 (+20.6%) Est. Cost $43.34 Unrealized +19.9%

BC BRUNSWICK CORP 1.5%

Value ($000) $24,390 (+42.5%) Shares 328,523 (+21.4%) Est. Cost $65.59 Unrealized +2.9%

EEFT EURONET WORLDWIDE INC 1.1%

Value ($000) $18,119 (+50.8%) Shares 238,063 (+74.0%) Est. Cost $88.25 Unrealized -11.7%

EXP EAGLE MATLS INC 2.4%

Value ($000) $39,837 (+17.7%) Shares 192,746 (+32.7%) Est. Cost $158.82 Unrealized +38.8%

DNOW DNOW INC 2.2%

Value ($000) $36,767 (+19.0%) Shares 2,774,871 (+37.0%) Est. Cost $12.44 Unrealized +12.8%

DIOD DIODES INC 2.6%

Value ($000) $42,190 (-5.8%) Shares 855,090 (+1.6%) Est. Cost $58.12 Unrealized -12.9%

VCEL VERICEL CORP 0.1%

Value ($000) $1,803 (+65.7%) Shares 50,058 (+44.9%) Est. Cost $45.59 Unrealized -19.4%

NXT NEXTPOWER INC 0.2%

Value ($000) $3,225 (+20.0%) Shares 37,019 (+1.9%) Est. Cost $55.52 Unrealized +63.3%

BCPC BALCHEM CORP 0.2%

Value ($000) $3,107 (+14.6%) Shares 20,259 (+12.2%) Est. Cost $138.63 Unrealized +9.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COLD	AMERICOLD REALTY TRUST INC	2,453,522 (+5524.5%)	$31,552 (+5809.4%)	1.9%	$13.11	—	COM	03064D108
GPOR	GULFPORT ENERGY CORP	191,991 (+18.3%)	$39,932 (+35.9%)	2.4%	$171.03	+16.6%	COMMON SHARES	402635502
RUSHA	RUSH ENTERPRISES INC	1,012,486 (+20.6%)	$54,613 (+21.7%)	3.3%	$43.34	+19.9%	CL A	781846209
BC	BRUNSWICK CORP	328,523 (+21.4%)	$24,390 (+42.5%)	1.5%	$65.59	+2.9%	COM	117043109
EEFT	EURONET WORLDWIDE INC	238,063 (+74.0%)	$18,119 (+50.8%)	1.1%	$88.25	-11.7%	COM	298736109
EXP	EAGLE MATLS INC	192,746 (+32.7%)	$39,837 (+17.7%)	2.4%	$158.82	+38.8%	COM	26969P108
DNOW	DNOW INC	2,774,871 (+37.0%)	$36,767 (+19.0%)	2.2%	$12.44	+12.8%	COM	67011P100
DIOD	DIODES INC	855,090 (+1.6%)	$42,190 (-5.8%)	2.6%	$58.12	-12.9%	COM	254543101
VCEL	VERICEL CORP	50,058 (+44.9%)	$1,803 (+65.7%)	0.1%	$45.59	-19.4%	COM	92346J108
NXT	NEXTPOWER INC	37,019 (+1.9%)	$3,225 (+20.0%)	0.2%	$55.52	+63.3%	CLASS A COM	65290E101
BCPC	BALCHEM CORP	20,259 (+12.2%)	$3,107 (+14.6%)	0.2%	$138.63	+9.5%	COM	057665200

Exited Positions (9)

SCZ ISHARES TR 4.2%

Value ($000) $68,557 Shares 893,600 Est. Cost $76.72 Unrealized —

CW CURTISS WRIGHT CORP 2.8%

Value ($000) $46,420 Shares 85,497 Est. Cost $226.54 Unrealized +146.2%

— VERINT SYS INC 2.3%

Value ($000) $37,272 Shares 1,840,603 Est. Cost $30.76 Unrealized —

CSTE CAESARSTONE LTD 0.2%

Value ($000) $3,714 Shares 2,335,605 Est. Cost $13.34 Unrealized -89.5%

POWI POWER INTEGRATIONS INC 0.2%

Value ($000) $2,700 Shares 67,137 Est. Cost $59.83 Unrealized -36.9%

LMB LIMBACH HLDGS INC 0.2%

Value ($000) $2,598 Shares 26,752 Est. Cost $104.08 Unrealized -20.9%

BFAM BRIGHT HORIZONS FAM SOL IN D 0.1%

Value ($000) $2,095 Shares 19,293 Est. Cost $101.25 Unrealized -0.4%

LRN STRIDE INC 0.1%

Value ($000) $1,682 Shares 11,294 Est. Cost $59.54 Unrealized +52.5%

HAE HAEMONETICS CORP MASS 0.1%

Value ($000) $968 Shares 19,853 Est. Cost $75.82 Unrealized -11.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCZ	ISHARES TR	893,600	$68,557	4.2%	$76.72	—	—	464288273
CW	CURTISS WRIGHT CORP	85,497	$46,420	2.8%	$226.54	+146.2%	—	231561101
—	VERINT SYS INC	1,840,603	$37,272	2.3%	$30.76	—	—	92343X100
CSTE	CAESARSTONE LTD	2,335,605	$3,714	0.2%	$13.34	-89.5%	—	M20598104
POWI	POWER INTEGRATIONS INC	67,137	$2,700	0.2%	$59.83	-36.9%	—	739276103
LMB	LIMBACH HLDGS INC	26,752	$2,598	0.2%	$104.08	-20.9%	—	53263P105
BFAM	BRIGHT HORIZONS FAM SOL IN D	19,293	$2,095	0.1%	$101.25	-0.4%	—	109194100
LRN	STRIDE INC	11,294	$1,682	0.1%	$59.54	+52.5%	—	86333M108
HAE	HAEMONETICS CORP MASS	19,853	$968	0.1%	$75.82	-11.4%	—	405024100

Decreased Positions (33)

CWST CASELLA WASTE SYS INC 2.0%

Value ($000) $32,157 (-41.0%) Shares 328,332 (-42.8%) Est. Cost $95.25 Unrealized -2.5%

ORA ORMAT TECHNOLOGIES INC 11.6%

Value ($000) $189,701 (+12.8%) Shares 1,720,503 (-1.6%) Est. Cost $64.45 Unrealized +69.6%

RDNT RADNET INC 2.1%

Value ($000) $34,831 (-35.0%) Shares 488,169 (-30.5%) Est. Cost $33.82 Unrealized +128.3%

ACIW ACI WORLDWIDE INC 1.9%

Value ($000) $31,688 (-35.8%) Shares 662,783 (-29.1%) Est. Cost $28.69 Unrealized +69.1%

FPI FARMLAND PARTNERS INC 0.9%

Value ($000) $14,504 (-54.1%) Shares 1,496,785 (-48.5%) Est. Cost $9.85 Unrealized —

GENI GENIUS SPORTS LIMITED 2.6%

Value ($000) $43,104 (-26.4%) Shares 3,911,462 (-17.4%) Est. Cost $10.22 Unrealized +6.7%

GXO GXO LOGISTICS INCORPORATED 2.8%

Value ($000) $46,138 (-24.7%) Shares 876,476 (-24.3%) Est. Cost $47.49 Unrealized +10.7%

EVR EVERCORE INC 2.5%

Value ($000) $40,713 (-25.7%) Shares 119,657 (-26.3%) Est. Cost $182.87 Unrealized +75.5%

AA ALCOA CORP 3.4%

Value ($000) $56,034 (+31.4%) Shares 1,054,451 (-18.7%) Est. Cost $32.68 Unrealized +25.1%

ANIP ANI PHARMACEUTICALS INC 2.8%

Value ($000) $46,585 (-19.3%) Shares 590,135 (-6.4%) Est. Cost $53.31 Unrealized +62.4%

LMNR LIMONEIRA CO 2.3%

Value ($000) $36,950 (-21.9%) Shares 2,926,713 (-8.1%) Est. Cost $15.69 Unrealized -10.5%

ATNI ATN INTL INC 2.0%

Value ($000) $33,220 (+42.3%) Shares 1,456,998 (-6.6%) Est. Cost $37.23 Unrealized -50.8%

SANM SANMINA CORPORATION 5.2%

Value ($000) $84,734 (-9.8%) Shares 564,632 (-30.8%) Est. Cost $57.60 Unrealized +156.3%

RYN RAYONIER INC 2.2%

Value ($000) $35,886 (-20.1%) Shares 1,657,545 (-2.0%) Est. Cost $28.41 Unrealized —

GNTX GENTEX CORP 1.0%

Value ($000) $16,485 (-33.4%) Shares 708,431 (-19.0%) Est. Cost $21.86 Unrealized +10.3%

FSS FEDERAL SIGNAL CORP 2.9%

Value ($000) $47,346 (-14.7%) Shares 436,004 (-6.6%) Est. Cost $57.94 Unrealized +97.4%

GMED GLOBUS MED INC 3.6%

Value ($000) $58,209 (-11.3%) Shares 666,696 (-41.8%) Est. Cost $56.55 Unrealized +34.2%

CLNE CLEAN ENERGY FUELS CORP 0.8%

Value ($000) $13,744 (-24.0%) Shares 6,544,589 (-6.7%) Est. Cost $3.99 Unrealized -38.7%

SAM BOSTON BEER INC 1.5%

Value ($000) $24,006 (-13.5%) Shares 123,028 (-6.2%) Est. Cost $270.55 Unrealized -23.8%

SII SPROTT INC 2.4%

Value ($000) $39,635 (+10.0%) Shares 404,639 (-6.7%) Est. Cost $41.46 Unrealized +113.9%

UMBF UMB FINL CORP 4.4%

Value ($000) $72,730 (-4.6%) Shares 632,216 (-1.8%) Est. Cost $84.03 Unrealized +34.8%

AWI ARMSTRONG WORLD INDS INC NEW 1.9%

Value ($000) $30,476 (-8.6%) Shares 159,479 (-6.3%) Est. Cost $146.44 Unrealized +30.2%

RLI RLI CORP 1.7%

Value ($000) $27,732 (-8.5%) Shares 433,449 (-6.7%) Est. Cost $61.73 Unrealized -0.4%

PRAA PRA GROUP INC 2.1%

Value ($000) $34,720 (+7.0%) Shares 1,962,684 (-6.6%) Est. Cost $30.62 Unrealized -49.2%

DGII DIGI INTL INC 1.3%

Value ($000) $20,905 (+10.8%) Shares 482,914 (-6.7%) Est. Cost $33.69 Unrealized +18.9%

ATGE ADTALEM GLOBAL ED INC 0.1%

Value ($000) $1,826 (-52.6%) Shares 17,651 (-29.3%) Est. Cost $55.09 Unrealized +107.9%

ZWS ZURN ELKAY WATER SOLNS CORP 0.2%

Value ($000) $3,126 (-39.0%) Shares 67,242 (-38.3%) Est. Cost $30.07 Unrealized +55.6%

MEG MONTROSE ENVIRONMENTAL GROUP 0.2%

Value ($000) $3,560 (-26.0%) Shares 143,382 (-18.2%) Est. Cost $25.31 Unrealized +4.4%

ENS ENERSYS 0.3%

Value ($000) $4,116 (-17.8%) Shares 28,051 (-36.8%) Est. Cost $93.69 Unrealized +42.3%

WTFC WINTRUST FINL CORP 2.0%

Value ($000) $33,037 (-1.5%) Shares 236,284 (-6.7%) Est. Cost $80.30 Unrealized +65.6%

PCRX PACIRA BIOSCIENCES INC 0.1%

Value ($000) $1,769 (-13.6%) Shares 68,360 (-14.0%) Est. Cost $26.63 Unrealized -10.7%

BLKB BLACKBAUD INC 0.1%

Value ($000) $903 (-19.6%) Shares 14,255 (-18.3%) Est. Cost $65.50 Unrealized -5.6%

THRM GENTHERM INC 2.3%

Value ($000) $37,486 (-0.3%) Shares 1,030,673 (-6.6%) Est. Cost $46.99 Unrealized -23.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CWST	CASELLA WASTE SYS INC	328,332 (-42.8%)	$32,157 (-41.0%)	2.0%	$95.25	-2.5%	CL A	147448104
ORA	ORMAT TECHNOLOGIES INC	1,720,503 (-1.6%)	$189,701 (+12.8%)	11.6%	$64.45	+69.6%	COM	686688102
RDNT	RADNET INC	488,169 (-30.5%)	$34,831 (-35.0%)	2.1%	$33.82	+128.3%	COM	750491102
ACIW	ACI WORLDWIDE INC	662,783 (-29.1%)	$31,688 (-35.8%)	1.9%	$28.69	+69.1%	COM	004498101
FPI	FARMLAND PARTNERS INC	1,496,785 (-48.5%)	$14,504 (-54.1%)	0.9%	$9.85	—	COM	31154R109
GENI	GENIUS SPORTS LIMITED	3,911,462 (-17.4%)	$43,104 (-26.4%)	2.6%	$10.22	+6.7%	SHARES CL A	G3934V109
GXO	GXO LOGISTICS INCORPORATED	876,476 (-24.3%)	$46,138 (-24.7%)	2.8%	$47.49	+10.7%	COMMON STOCK	36262G101
EVR	EVERCORE INC	119,657 (-26.3%)	$40,713 (-25.7%)	2.5%	$182.87	+75.5%	CLASS A	29977A105
AA	ALCOA CORP	1,054,451 (-18.7%)	$56,034 (+31.4%)	3.4%	$32.68	+25.1%	COM	013872106
ANIP	ANI PHARMACEUTICALS INC	590,135 (-6.4%)	$46,585 (-19.3%)	2.8%	$53.31	+62.4%	COM	00182C103
LMNR	LIMONEIRA CO	2,926,713 (-8.1%)	$36,950 (-21.9%)	2.3%	$15.69	-10.5%	COM	532746104
ATNI	ATN INTL INC	1,456,998 (-6.6%)	$33,220 (+42.3%)	2.0%	$37.23	-50.8%	COM	00215F107
SANM	SANMINA CORPORATION	564,632 (-30.8%)	$84,734 (-9.8%)	5.2%	$57.60	+156.3%	COM	801056102
RYN	RAYONIER INC	1,657,545 (-2.0%)	$35,886 (-20.1%)	2.2%	$28.41	—	COM	754907103
GNTX	GENTEX CORP	708,431 (-19.0%)	$16,485 (-33.4%)	1.0%	$21.86	+10.3%	COM	371901109
FSS	FEDERAL SIGNAL CORP	436,004 (-6.6%)	$47,346 (-14.7%)	2.9%	$57.94	+97.4%	COM	313855108
GMED	GLOBUS MED INC	666,696 (-41.8%)	$58,209 (-11.3%)	3.6%	$56.55	+34.2%	CL A	379577208
CLNE	CLEAN ENERGY FUELS CORP	6,544,589 (-6.7%)	$13,744 (-24.0%)	0.8%	$3.99	-38.7%	COM	184499101
SAM	BOSTON BEER INC	123,028 (-6.2%)	$24,006 (-13.5%)	1.5%	$270.55	-23.8%	CL A	100557107
SII	SPROTT INC	404,639 (-6.7%)	$39,635 (+10.0%)	2.4%	$41.46	+113.9%	COM NEW	852066208
UMBF	UMB FINL CORP	632,216 (-1.8%)	$72,730 (-4.6%)	4.4%	$84.03	+34.8%	COM	902788108
AWI	ARMSTRONG WORLD INDS INC NEW	159,479 (-6.3%)	$30,476 (-8.6%)	1.9%	$146.44	+30.2%	COM	04247X102
RLI	RLI CORP	433,449 (-6.7%)	$27,732 (-8.5%)	1.7%	$61.73	-0.4%	COM	749607107
PRAA	PRA GROUP INC	1,962,684 (-6.6%)	$34,720 (+7.0%)	2.1%	$30.62	-49.2%	COM	69354N106
DGII	DIGI INTL INC	482,914 (-6.7%)	$20,905 (+10.8%)	1.3%	$33.69	+18.9%	COM	253798102
ATGE	ADTALEM GLOBAL ED INC	17,651 (-29.3%)	$1,826 (-52.6%)	0.1%	$55.09	+107.9%	COM	00737L103
ZWS	ZURN ELKAY WATER SOLNS CORP	67,242 (-38.3%)	$3,126 (-39.0%)	0.2%	$30.07	+55.6%	COM	98983L108
MEG	MONTROSE ENVIRONMENTAL GROUP	143,382 (-18.2%)	$3,560 (-26.0%)	0.2%	$25.31	+4.4%	COM	615111101
ENS	ENERSYS	28,051 (-36.8%)	$4,116 (-17.8%)	0.3%	$93.69	+42.3%	COM	29275Y102
WTFC	WINTRUST FINL CORP	236,284 (-6.7%)	$33,037 (-1.5%)	2.0%	$80.30	+65.6%	COM	97650W108
PCRX	PACIRA BIOSCIENCES INC	68,360 (-14.0%)	$1,769 (-13.6%)	0.1%	$26.63	-10.7%	COM	695127100
BLKB	BLACKBAUD INC	14,255 (-18.3%)	$903 (-19.6%)	0.1%	$65.50	-5.6%	COM	09227Q100
THRM	GENTHERM INC	1,030,673 (-6.6%)	$37,486 (-0.3%)	2.3%	$46.99	-23.4%	COM	37253A103

Unchanged Positions (3)

MWA MUELLER WTR PRODS INC 0.1%

Value ($000) $2,214 Shares 92,949 Est. Cost $13.88 Unrealized +77.9%

VMI VALMONT INDS INC 0.3%

Value ($000) $4,851 Shares 12,058 Est. Cost $282.57 Unrealized +44.0%

AGM FEDERAL AGRIC MTG CORP 0.2%

Value ($000) $2,968 Shares 16,907 Est. Cost $166.79 Unrealized +0.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MWA	MUELLER WTR PRODS INC	92,949	$2,214	0.1%	$13.88	+77.9%	COM SER A	624758108
VMI	VALMONT INDS INC	12,058	$4,851	0.3%	$282.57	+44.0%	COM	920253101
AGM	FEDERAL AGRIC MTG CORP	16,907	$2,968	0.2%	$166.79	+0.2%	CL C	313148306