Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
UBER	Uber Technologies, Inc.	408,643	$28M	1.0%	$68.51	$73.13	-6.3%	Common Stocks	90353T100
META	Meta Platforms Inc. Class A	30,225	$21.92M	0.8%	$725.18	$624.16	+16.2%	Common Stocks	30303M102
MRSH	Marsh & Mclennan Companies, Inc	64,000	$10.93M	0.4%	$170.73	$182.92	-6.7%	Common Stocks	571748102
CPAY	Corpay, Inc.	22,074	$8.578M	0.3%	$388.60	$391.19	-0.7%	Common Stocks	219948106
XOM	Exxonmobil Holdings Corp	46,341	$7.542M	0.3%	$162.75	$162.75	—	Common Stocks	30233Q108
FLTR	Flutter Entertainment PLC	77,978	$5.812M	0.2%	$74.54 *	$25.56	+0.1%	Common Stocks	92189F486
QXO	QXO, Inc	331,910	$3.88M	0.1%	$11.69	$13.75	-15.0%	Common Stocks	82846H405
NBR	Nabors Industries Ltd.	38,021	$2.97M	0.1%	$78.12	$85.66	-8.8%	Common Stocks	G6359F137

Increased Positions (10)

BIO Bio-Rad Laboratories, Inc. Class A 1.3%

Value $36.06M (+30.1%) Shares 95,472 (+1.1%) Share Price $377.71 Est. Cost/Share $279.07 Unrealized @ Report Date +35.3%

LRCX Lam Research Corporation 1.0%

Value $28.78M (-21.9%) Shares 87,593 (+3.0%) Share Price $328.51 Est. Cost/Share $81.98 Unrealized @ Report Date +300.7%

CPNG Coupang Inc 1.0%

Value $28.72M (-17.0%) Shares 2,070,895 (+4.0%) Share Price $13.87 Est. Cost/Share $20.20 Unrealized @ Report Date -31.4%

TPL Texas Pacific Land Corporation 0.4%

Value $12.65M (-16.8%) Shares 38,825 (+11.8%) Share Price $325.83 Est. Cost/Share $292.62 Unrealized @ Report Date +11.4%

NU Nu Holdings Ltd. Class A 0.5%

Value $14.19M (+16.5%) Shares 1,120,626 (+22.9%) Share Price $12.66 Est. Cost/Share $13.43 Unrealized @ Report Date -5.7%

AVGO Broadcom Inc. 1.5%

Value $41.75M (-4.4%) Shares 118,895 (+2.9%) Share Price $351.19 Est. Cost/Share $162.45 Unrealized @ Report Date +116.2%

LSAK Lesaka Technologies, Inc. 0.5%

Value $15.01M (+10.8%) Shares 3,465,448 (+27.2%) Share Price $4.33 Est. Cost/Share $4.88 Unrealized @ Report Date -11.3%

ARLO Arlo Technologies, Inc. 0.5%

Value $14.99M (-6.3%) Shares 1,208,788 (+1.9%) Share Price $12.40 Est. Cost/Share $12.44 Unrealized @ Report Date -0.3%

RRC Range Resources Corporation 0.2%

Value $5.364M (+17.3%) Shares 144,803 (+17.7%) Share Price $37.04 Est. Cost/Share $40.41 Unrealized @ Report Date -8.3%

WSO Watsco , Inc. 0.1%

Value $2.534M (-12.9%) Shares 8,370 (+19.9%) Share Price $302.69 Est. Cost/Share $378.56 Unrealized @ Report Date -20.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BIO	Bio-Rad Laboratories, Inc. Class A	95,472 (+1.1%)	$36.06M (+30.1%)	1.3%	$377.71	$279.07	+35.3%	Common Stocks	090572207
LRCX	Lam Research Corporation	87,593 (+3.0%)	$28.78M (-21.9%)	1.0%	$328.51	$81.98	+300.7%	Common Stocks	512807306
CPNG	Coupang Inc	2,070,895 (+4.0%)	$28.72M (-17.0%)	1.0%	$13.87	$20.20	-31.4%	Common Stocks	22266T109
TPL	Texas Pacific Land Corporation	38,825 (+11.8%)	$12.65M (-16.8%)	0.4%	$325.83	$292.62	+11.4%	Common Stocks	88262P102
NU	Nu Holdings Ltd. Class A	1,120,626 (+22.9%)	$14.19M (+16.5%)	0.5%	$12.66	$13.43	-5.7%	Common Stocks	G6683N103
AVGO	Broadcom Inc.	118,895 (+2.9%)	$41.75M (-4.4%)	1.5%	$351.19	$162.45	+116.2%	Common Stocks	11135F101
LSAK	Lesaka Technologies, Inc.	3,465,448 (+27.2%)	$15.01M (+10.8%)	0.5%	$4.33	$4.88	-11.3%	Common Stocks	64107N206
ARLO	Arlo Technologies, Inc.	1,208,788 (+1.9%)	$14.99M (-6.3%)	0.5%	$12.40	$12.44	-0.3%	Common Stocks	04206A101
RRC	Range Resources Corporation	144,803 (+17.7%)	$5.364M (+17.3%)	0.2%	$37.04	$40.41	-8.3%	Common Stocks	75281A109
WSO	Watsco , Inc.	8,370 (+19.9%)	$2.534M (-12.9%)	0.1%	$302.69	$378.56	-20.0%	Common Stocks	942622200

Exited Positions (4)

BLD TopBuild Corp. 0.4%

Value $12.47M Shares 35,180 Share Price $354.53 Est. Cost/Share $135.59 Unrealized @ Report Date +161.5%

WTW Willis Towers Watson Public Limited Company 0.3%

Value $8.28M Shares 31,681 Share Price $261.37 * Est. Cost/Share $114.79 Unrealized @ Report Date +151.1%

XOM Exxon Mobil Corporation 0.2%

Value $6.699M Shares 48,998 Share Price $136.72 * Est. Cost/Share $110.09 Unrealized @ Report Date +47.8%

LBRDK Liberty Broadband Corp. Class C 0.0%

Value $227K Shares 6,836 Share Price $33.26 * Est. Cost/Share $81.23 Unrealized @ Report Date -55.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BLD	TopBuild Corp.	35,180	$12.47M	0.4%	$354.53	$135.59	+161.5%	—	89055F103
WTW	Willis Towers Watson Public Limited Company	31,681	$8.28M	0.3%	$261.37 *	$114.79	+151.1%	—	G96629103
XOM	Exxon Mobil Corporation	48,998	$6.699M	0.2%	$136.72 *	$110.09	+47.8%	—	30231G102
LBRDK	Liberty Broadband Corp. Class C	6,836	$227K	0.0%	$33.26 *	$81.23	-55.7%	—	530307305

Decreased Positions (81)

MU Micron Technology, Inc. 6.5%

Value $182M (-17.9%) Shares 171,240 (-11.0%) Share Price $1065.11 Est. Cost/Share $59.84 Unrealized @ Report Date +1679.9%

C Citigroup Inc. 3.9%

Value $111M (-22.8%) Shares 856,087 (-16.6%) Share Price $129.48 Est. Cost/Share $46.23 Unrealized @ Report Date +180.1%

GLW Corning Inc 1.5%

Value $42.45M (-40.7%) Shares 276,103 (-1.5%) Share Price $153.76 Est. Cost/Share $31.79 Unrealized @ Report Date +383.7%

GOOG Alphabet Inc. Class C 4.8%

Value $135M (-11.2%) Shares 394,738 (-7.9%) Share Price $340.74 Est. Cost/Share $108.22 Unrealized @ Report Date +214.8%

MPC Marathon Petroleum Corporation 2.4%

Value $67.68M (+28.0%) Shares 171,157 (-17.3%) Share Price $395.42 Est. Cost/Share $105.75 Unrealized @ Report Date +273.9%

MGM MGM Resorts International 0.7%

Value $20.56M (-39.5%) Shares 662,020 (-6.9%) Share Price $31.05 Est. Cost/Share $23.55 Unrealized @ Report Date +31.8%

DHT DHT Holdings, Inc. 2.3%

Value $63.37M (+22.9%) Shares 2,807,780 (-10.0%) Share Price $22.57 Est. Cost/Share $4.86 Unrealized @ Report Date +364.0%

AXP American Express Company 2.1%

Value $59.61M (-16.1%) Shares 196,027 (-6.7%) Share Price $304.10 Est. Cost/Share $85.46 Unrealized @ Report Date +255.8%

IBKR Interactive Brokers Group, Inc. Class A 2.9%

Value $81.16M (-12.1%) Shares 950,149 (-10.5%) Share Price $85.42 Est. Cost/Share $43.53 Unrealized @ Report Date +96.2%

DAL Delta Air Lines, Inc. 1.4%

Value $38.78M (-20.7%) Shares 464,629 (-11.0%) Share Price $83.46 Est. Cost/Share $40.95 Unrealized @ Report Date +103.8%

BKNG Booking Holdings Inc. 2.0%

Value $57.35M (-13.9%) Shares 352,053 (-5.8%) Share Price $162.91 Est. Cost/Share $233.82 Unrealized @ Report Date -30.3%

CBRE CBRE Group, Inc. Class A 2.1%

Value $59.2M (-10.7%) Shares 460,790 (-6.4%) Share Price $128.47 Est. Cost/Share $44.68 Unrealized @ Report Date +187.6%

MCHP Microchip Technology Incorporated 0.8%

Value $23.09M (-23.5%) Shares 296,965 (-10.3%) Share Price $77.77 Est. Cost/Share $64.62 Unrealized @ Report Date +20.3%

SYF Synchrony Financial 1.7%

Value $46.7M (-12.6%) Shares 658,018 (-6.3%) Share Price $70.97 Est. Cost/Share $26.29 Unrealized @ Report Date +169.9%

COST Costco Wholesale Corporation 1.7%

Value $48.39M (-11.9%) Shares 53,160 (-9.5%) Share Price $910.34 Est. Cost/Share $153.67 Unrealized @ Report Date +492.4%

AMAT Applied Materials, Inc. 0.4%

Value $12.52M (-32.6%) Shares 24,480 (-4.7%) Share Price $511.38 Est. Cost/Share $138.19 Unrealized @ Report Date +270.1%

AA Alcoa Corporation 0.6%

Value $18.04M (-25.0%) Shares 429,433 (-6.9%) Share Price $42.00 Est. Cost/Share $30.17 Unrealized @ Report Date +39.2%

BRK/B Berkshire Hathaway Inc. Class B 2.5%

Value $69.3M (-7.8%) Shares 139,170 (-7.4%) Share Price $497.95 Est. Cost/Share $222.59 Unrealized @ Report Date +123.7%

MS Morgan Stanley 1.2%

Value $33.53M (-14.8%) Shares 178,289 (-5.3%) Share Price $188.08 Est. Cost/Share $58.85 Unrealized @ Report Date +219.6%

BAC Bank of America Corp 1.7%

Value $46.59M (-10.9%) Shares 855,871 (-6.8%) Share Price $54.43 Est. Cost/Share $18.97 Unrealized @ Report Date +187.0%

AAL American Airlines Group Inc. 0.4%

Value $12.48M (-31.0%) Shares 933,294 (-6.7%) Share Price $13.37 Est. Cost/Share $20.25 Unrealized @ Report Date -34.0%

COF Capital One Financial Corp 1.6%

Value $45.61M (-10.9%) Shares 236,254 (-7.4%) Share Price $193.07 Est. Cost/Share $96.14 Unrealized @ Report Date +100.8%

CFG Citizens Financial Group, Inc. 0.6%

Value $16.46M (-21.6%) Shares 258,224 (-13.9%) Share Price $63.76 Est. Cost/Share $21.65 Unrealized @ Report Date +194.5%

HSHP Himalaya Shipping Ltd 1.0%

Value $28.82M (+17.9%) Shares 1,659,097 (-9.3%) Share Price $17.37 Est. Cost/Share $5.76 Unrealized @ Report Date +201.3%

STX Seagate Technology Holdings PLC 1.7%

Value $47.65M (-8.3%) Shares 51,662 (-4.1%) Share Price $922.34 Est. Cost/Share $74.49 Unrealized @ Report Date +1138.1%

AIG American International Group, Inc. 2.0%

Value $57.64M (-6.4%) Shares 774,523 (-6.2%) Share Price $74.42 Est. Cost/Share $47.07 Unrealized @ Report Date +58.1%

MBI MBIA Inc. 0.2%

Value $6.204M (-38.6%) Shares 1,456,452 (-6.0%) Share Price $4.26 Est. Cost/Share $3.56 Unrealized @ Report Date +19.8%

TIGO Millicom International Cellular 1.0%

Value $27.18M (-12.5%) Shares 311,922 (-8.9%) Share Price $87.14 Est. Cost/Share $27.55 Unrealized @ Report Date +216.3%

SDRL Seadrill Ltd 1.1%

Value $30.27M (+13.6%) Shares 677,637 (-3.8%) Share Price $44.67 Est. Cost/Share $42.00 Unrealized @ Report Date +6.4%

VLO Valero Energy Corporation 0.5%

Value $14.1M (+34.6%) Shares 36,369 (-9.6%) Share Price $387.61 Est. Cost/Share $206.07 Unrealized @ Report Date +88.1%

WFC Wells Fargo & Company 1.3%

Value $35.97M (-9.0%) Shares 449,309 (-6.1%) Share Price $80.05 Est. Cost/Share $35.12 Unrealized @ Report Date +128.0%

JEF Jefferies Financial Group Inc. 0.8%

Value $21.65M (-14.0%) Shares 473,389 (-6.0%) Share Price $45.73 Est. Cost/Share $25.13 Unrealized @ Report Date +82.0%

ELV Elevance Health, Inc. 1.9%

Value $54.6M (-5.9%) Shares 140,427 (-6.4%) Share Price $388.82 Est. Cost/Share $326.95 Unrealized @ Report Date +18.9%

BAP Credicorp Ltd. 0.9%

Value $26.26M (-11.3%) Shares 69,120 (-9.0%) Share Price $379.87 Est. Cost/Share $125.27 Unrealized @ Report Date +203.2%

COP ConocoPhillips 1.1%

Value $29.98M (+12.5%) Shares 239,550 (-6.5%) Share Price $125.15 Est. Cost/Share $71.17 Unrealized @ Report Date +75.8%

PSX Phillips 66 0.4%

Value $11.76M (+36.6%) Shares 46,049 (-9.6%) Share Price $255.31 Est. Cost/Share $156.68 Unrealized @ Report Date +62.9%

OXY Occidental Petroleum Corporation 0.5%

Value $14.5M (-17.1%) Shares 262,066 (-27.2%) Share Price $55.32 Est. Cost/Share $55.32 Unrealized @ Report Date +0.0%

STLD Steel Dynamics, Inc. 1.1%

Value $31.06M (-8.6%) Shares 140,153 (-5.4%) Share Price $221.61 Est. Cost/Share $86.17 Unrealized @ Report Date +157.2%

CVE CENOVUS ENERGY INC. 0.8%

Value $22.45M (+13.8%) Shares 722,235 (-9.2%) Share Price $31.08 Est. Cost/Share $17.37 Unrealized @ Report Date +79.0%

INSW International Seaways, Inc. 1.8%

Value $49.26M (+5.7%) Shares 447,206 (-26.5%) Share Price $110.14 Est. Cost/Share $22.44 Unrealized @ Report Date +390.7%

GLNG Golar LNG Limited 0.6%

Value $16.73M (-13.2%) Shares 351,994 (-9.0%) Share Price $47.52 Est. Cost/Share $19.42 Unrealized @ Report Date +144.8%

MAS Masco Corporation 0.3%

Value $9.035M (-21.9%) Shares 134,045 (-5.7%) Share Price $67.40 Est. Cost/Share $39.82 Unrealized @ Report Date +69.3%

CRH CRH Plc 0.2%

Value $6.352M (-27.0%) Shares 76,717 (-5.6%) Share Price $82.80 Est. Cost/Share $70.71 Unrealized @ Report Date +17.1%

CPA Copa Holdings, S.A. Class A 0.3%

Value $7.564M (-23.0%) Shares 57,372 (-9.2%) Share Price $131.85 Est. Cost/Share $65.84 Unrealized @ Report Date +100.3%

FCX Freeport-McMoRan, Inc. 3.1%

Value $87.58M (+2.5%) Shares 1,251,100 (-7.9%) Share Price $70.00 Est. Cost/Share $23.02 Unrealized @ Report Date +204.1%

NE Noble Corporation PLC Class A 1.4%

Value $39.18M (+5.0%) Shares 938,628 (-6.1%) Share Price $41.74 Est. Cost/Share $33.69 Unrealized @ Report Date +23.9%

JPM JPMorgan Chase & Co. 1.1%

Value $31.81M (-4.7%) Shares 96,152 (-5.7%) Share Price $330.83 Est. Cost/Share $109.01 Unrealized @ Report Date +203.5%

LYB LyondellBasell Industries NV 1.6%

Value $44.66M (+3.4%) Shares 777,140 (-5.2%) Share Price $57.47 Est. Cost/Share $63.49 Unrealized @ Report Date -9.5%

L Loews Corporation 0.3%

Value $8.985M (-14.1%) Shares 86,039 (-6.9%) Share Price $104.43 Est. Cost/Share $47.13 Unrealized @ Report Date +121.6%

AMZN Amazon.com, Inc. 2.0%

Value $57.07M (-2.0%) Shares 229,053 (-6.3%) Share Price $249.15 Est. Cost/Share $129.41 Unrealized @ Report Date +92.5%

STNG Scorpio Tankers Inc. 0.4%

Value $10.48M (+12.2%) Shares 125,195 (-7.1%) Share Price $83.70 Est. Cost/Share $20.44 Unrealized @ Report Date —

PYPL PayPal Holdings, Inc. 0.4%

Value $9.859M (+13.0%) Shares 187,675 (-7.1%) Share Price $52.53 Est. Cost/Share $46.77 Unrealized @ Report Date +12.3%

UNP Union Pacific Corporation 0.5%

Value $15.31M (-6.8%) Shares 56,250 (-6.8%) Share Price $272.13 Est. Cost/Share $91.02 Unrealized @ Report Date +199.0%

TRUP Trupanion Inc 0.2%

Value $6.317M (-14.7%) Shares 270,430 (-9.6%) Share Price $23.36 Est. Cost/Share $39.29 Unrealized @ Report Date -40.5%

CVX Chevron Corporation 0.3%

Value $7.31M (+16.6%) Shares 35,796 (-5.4%) Share Price $204.21 Est. Cost/Share $140.68 Unrealized @ Report Date +45.2%

KWR Quaker Houghton 0.6%

Value $16.87M (-5.7%) Shares 106,920 (-5.0%) Share Price $157.76 Est. Cost/Share $130.01 Unrealized @ Report Date +21.3%

FNKO Funko, Inc. Class A 0.3%

Value $7.089M (-12.5%) Shares 1,310,314 (-5.0%) Share Price $5.41 Est. Cost/Share $3.71 Unrealized @ Report Date +45.8%

TDW Tidewater Inc 1.5%

Value $41.41M (+1.9%) Shares 510,577 (-16.2%) Share Price $81.10 Est. Cost/Share $47.13 Unrealized @ Report Date +72.1%

GSM Ferroglobe PLC 1.2%

Value $33.29M (+2.3%) Shares 8,374,924 (-18.1%) Share Price $3.98 Est. Cost/Share $4.47 Unrealized @ Report Date -11.0%

CTVA Corteva Inc 0.2%

Value $4.457M (-14.5%) Shares 57,393 (-6.8%) Share Price $77.65 Est. Cost/Share $47.09 Unrealized @ Report Date +64.9%

FCFS FirstCash Holdings, Inc. 0.3%

Value $7.717M (-8.9%) Shares 36,533 (-6.7%) Share Price $211.23 Est. Cost/Share $74.49 Unrealized @ Report Date +183.6%

EPAM EPAM Systems, Inc. 0.1%

Value $1.614M (-29.5%) Shares 14,896 (-48.4%) Share Price $108.36 Est. Cost/Share $102.39 Unrealized @ Report Date +5.8%

THO Thor Industries, Inc. 0.1%

Value $4.162M (-13.1%) Shares 60,228 (-5.5%) Share Price $69.10 Est. Cost/Share $75.37 Unrealized @ Report Date -8.3%

FWONK Liberty Media Corporation Series C 0.2%

Value $6.816M (-8.2%) Shares 73,761 (-5.5%) Share Price $92.40 Est. Cost/Share $62.30 Unrealized @ Report Date —

QCOM QUALCOMM Incorporated 0.6%

Value $16.5M (-3.3%) Shares 89,674 (-2.9%) Share Price $184.04 Est. Cost/Share $128.20 Unrealized @ Report Date +43.6%

MNTK Montauk Renewables, Inc. 0.0%

Value $1.012M (+66.1%) Shares 370,553 (-5.1%) Share Price $2.73 Est. Cost/Share $7.85 Unrealized @ Report Date -65.2%

SCHW Charles Schwab Corp 0.9%

Value $25.03M (-1.4%) Shares 256,119 (-6.9%) Share Price $97.74 Est. Cost/Share $53.44 Unrealized @ Report Date +82.9%

CNR Core Natural Resources Inc 0.2%

Value $5.66M (+5.7%) Shares 65,936 (-1.4%) Share Price $85.84 Est. Cost/Share $84.81 Unrealized @ Report Date +1.2%

CZR Caesars Entertainment Inc 0.1%

Value $3.856M (-6.9%) Shares 130,042 (-5.2%) Share Price $29.65 Est. Cost/Share $45.80 Unrealized @ Report Date -35.3%

KR Kroger Co. 0.5%

Value $12.8M (-1.7%) Shares 218,332 (-6.9%) Share Price $58.62 Est. Cost/Share $26.29 Unrealized @ Report Date +123.0%

AMR Alpha Metallurgical Resources, Inc. 0.4%

Value $12.6M (-1.6%) Shares 74,907 (-3.5%) Share Price $168.22 Est. Cost/Share $222.90 Unrealized @ Report Date -24.5%

HCC Warrior Met Coal, Inc. 1.8%

Value $51.29M (-0.4%) Shares 582,400 (-8.2%) Share Price $88.07 Est. Cost/Share $48.49 Unrealized @ Report Date +81.6%

DSX Diana Shipping Inc. 0.1%

Value $3.46M (-5.3%) Shares 1,258,155 (-27.7%) Share Price $2.75 Est. Cost/Share $2.55 Unrealized @ Report Date +7.7%

V Visa Inc. Class A 0.3%

Value $7.252M (-2.3%) Shares 20,183 (-6.7%) Share Price $359.33 Est. Cost/Share $218.52 Unrealized @ Report Date +64.4%

DIS Walt Disney Company 0.4%

Value $12.65M (+1.3%) Shares 120,569 (-7.0%) Share Price $104.90 Est. Cost/Share $119.33 Unrealized @ Report Date -12.1%

SIRI Liberty Sirius Xm Holdings Inc 0.0%

Value $693K (-18.0%) Shares 26,774 (-6.4%) Share Price $25.88 Est. Cost/Share $31.06 Unrealized @ Report Date -16.7%

LLYVK Liberty Live Holdings Inc C 0.0%

Value $504K (-13.9%) Shares 5,182 (-6.4%) Share Price $97.25 Est. Cost/Share $85.87 Unrealized @ Report Date +13.2%

RIG Transocean Ltd. 0.2%

Value $5.505M (-1.4%) Shares 1,050,543 (-8.0%) Share Price $5.24 Est. Cost/Share $5.85 Unrealized @ Report Date -10.5%

VAL Valaris Ltd. 0.7%

Value $18.45M (-0.4%) Shares 234,944 (-7.9%) Share Price $78.52 Est. Cost/Share $55.32 Unrealized @ Report Date +41.9%

BTU Peabody Energy Corporation 0.1%

Value $1.933M (+4.0%) Shares 79,251 (-1.4%) Share Price $24.39 Est. Cost/Share $20.36 Unrealized @ Report Date +19.8%

LLYVA Liberty Live Holdings Inc A 0.0%

Value $341K (-12.6%) Shares 3,608 (-6.5%) Share Price $94.64 Est. Cost/Share $83.24 Unrealized @ Report Date +13.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MU	Micron Technology, Inc.	171,240 (-11.0%)	$182M (-17.9%)	6.5%	$1065.11	$59.84	+1679.9%	Common Stocks	595112103
C	Citigroup Inc.	856,087 (-16.6%)	$111M (-22.8%)	3.9%	$129.48	$46.23	+180.1%	Common Stocks	172967424
GLW	Corning Inc	276,103 (-1.5%)	$42.45M (-40.7%)	1.5%	$153.76	$31.79	+383.7%	Common Stocks	219350105
GOOG	Alphabet Inc. Class C	394,738 (-7.9%)	$135M (-11.2%)	4.8%	$340.74	$108.22	+214.8%	Common Stocks	02079K107
MPC	Marathon Petroleum Corporation	171,157 (-17.3%)	$67.68M (+28.0%)	2.4%	$395.42	$105.75	+273.9%	Common Stocks	56585A102
MGM	MGM Resorts International	662,020 (-6.9%)	$20.56M (-39.5%)	0.7%	$31.05	$23.55	+31.8%	Common Stocks	552953101
DHT	DHT Holdings, Inc.	2,807,780 (-10.0%)	$63.37M (+22.9%)	2.3%	$22.57	$4.86	+364.0%	Common Stocks	Y2065G121
AXP	American Express Company	196,027 (-6.7%)	$59.61M (-16.1%)	2.1%	$304.10	$85.46	+255.8%	Common Stocks	025816109
IBKR	Interactive Brokers Group, Inc. Class A	950,149 (-10.5%)	$81.16M (-12.1%)	2.9%	$85.42	$43.53	+96.2%	Common Stocks	45841N107
DAL	Delta Air Lines, Inc.	464,629 (-11.0%)	$38.78M (-20.7%)	1.4%	$83.46	$40.95	+103.8%	Common Stocks	247361702
BKNG	Booking Holdings Inc.	352,053 (-5.8%)	$57.35M (-13.9%)	2.0%	$162.91	$233.82	-30.3%	Common Stocks	09857L108
CBRE	CBRE Group, Inc. Class A	460,790 (-6.4%)	$59.2M (-10.7%)	2.1%	$128.47	$44.68	+187.6%	Common Stocks	12504L109
MCHP	Microchip Technology Incorporated	296,965 (-10.3%)	$23.09M (-23.5%)	0.8%	$77.77	$64.62	+20.3%	Common Stocks	595017104
SYF	Synchrony Financial	658,018 (-6.3%)	$46.7M (-12.6%)	1.7%	$70.97	$26.29	+169.9%	Common Stocks	87165B103
COST	Costco Wholesale Corporation	53,160 (-9.5%)	$48.39M (-11.9%)	1.7%	$910.34	$153.67	+492.4%	Common Stocks	22160K105
AMAT	Applied Materials, Inc.	24,480 (-4.7%)	$12.52M (-32.6%)	0.4%	$511.38	$138.19	+270.1%	Common Stocks	038222105
AA	Alcoa Corporation	429,433 (-6.9%)	$18.04M (-25.0%)	0.6%	$42.00	$30.17	+39.2%	Common Stocks	013872106
BRK/B	Berkshire Hathaway Inc. Class B	139,170 (-7.4%)	$69.3M (-7.8%)	2.5%	$497.95	$222.59	+123.7%	Common Stocks	084670702
MS	Morgan Stanley	178,289 (-5.3%)	$33.53M (-14.8%)	1.2%	$188.08	$58.85	+219.6%	Common Stocks	617446448
BAC	Bank of America Corp	855,871 (-6.8%)	$46.59M (-10.9%)	1.7%	$54.43	$18.97	+187.0%	Common Stocks	060505104
AAL	American Airlines Group Inc.	933,294 (-6.7%)	$12.48M (-31.0%)	0.4%	$13.37	$20.25	-34.0%	Common Stocks	02376R102
COF	Capital One Financial Corp	236,254 (-7.4%)	$45.61M (-10.9%)	1.6%	$193.07	$96.14	+100.8%	Common Stocks	14040H105
CFG	Citizens Financial Group, Inc.	258,224 (-13.9%)	$16.46M (-21.6%)	0.6%	$63.76	$21.65	+194.5%	Common Stocks	174610105
HSHP	Himalaya Shipping Ltd	1,659,097 (-9.3%)	$28.82M (+17.9%)	1.0%	$17.37	$5.76	+201.3%	Common Stocks	G4660A103
STX	Seagate Technology Holdings PLC	51,662 (-4.1%)	$47.65M (-8.3%)	1.7%	$922.34	$74.49	+1138.1%	Common Stocks	G7997R103
AIG	American International Group, Inc.	774,523 (-6.2%)	$57.64M (-6.4%)	2.0%	$74.42	$47.07	+58.1%	Common Stocks	026874784
MBI	MBIA Inc.	1,456,452 (-6.0%)	$6.204M (-38.6%)	0.2%	$4.26	$3.56	+19.8%	Common Stocks	55262C100
TIGO	Millicom International Cellular	311,922 (-8.9%)	$27.18M (-12.5%)	1.0%	$87.14	$27.55	+216.3%	Common Stocks	L6388F110
SDRL	Seadrill Ltd	677,637 (-3.8%)	$30.27M (+13.6%)	1.1%	$44.67	$42.00	+6.4%	Common Stocks	G7997W102
VLO	Valero Energy Corporation	36,369 (-9.6%)	$14.1M (+34.6%)	0.5%	$387.61	$206.07	+88.1%	Common Stocks	91913Y100
WFC	Wells Fargo & Company	449,309 (-6.1%)	$35.97M (-9.0%)	1.3%	$80.05	$35.12	+128.0%	Common Stocks	949746101
JEF	Jefferies Financial Group Inc.	473,389 (-6.0%)	$21.65M (-14.0%)	0.8%	$45.73	$25.13	+82.0%	Common Stocks	47233W109
ELV	Elevance Health, Inc.	140,427 (-6.4%)	$54.6M (-5.9%)	1.9%	$388.82	$326.95	+18.9%	Common Stocks	036752103
BAP	Credicorp Ltd.	69,120 (-9.0%)	$26.26M (-11.3%)	0.9%	$379.87	$125.27	+203.2%	Common Stocks	G2519Y108
COP	ConocoPhillips	239,550 (-6.5%)	$29.98M (+12.5%)	1.1%	$125.15	$71.17	+75.8%	Common Stocks	20825C104
PSX	Phillips 66	46,049 (-9.6%)	$11.76M (+36.6%)	0.4%	$255.31	$156.68	+62.9%	Common Stocks	718546104
OXY	Occidental Petroleum Corporation	262,066 (-27.2%)	$14.5M (-17.1%)	0.5%	$55.32	$55.32	+0.0%	Common Stocks	674599105
STLD	Steel Dynamics, Inc.	140,153 (-5.4%)	$31.06M (-8.6%)	1.1%	$221.61	$86.17	+157.2%	Common Stocks	858119100
CVE	CENOVUS ENERGY INC.	722,235 (-9.2%)	$22.45M (+13.8%)	0.8%	$31.08	$17.37	+79.0%	Common Stocks	15135U109
INSW	International Seaways, Inc.	447,206 (-26.5%)	$49.26M (+5.7%)	1.8%	$110.14	$22.44	+390.7%	Common Stocks	Y41053102
GLNG	Golar LNG Limited	351,994 (-9.0%)	$16.73M (-13.2%)	0.6%	$47.52	$19.42	+144.8%	Common Stocks	G9456A100
MAS	Masco Corporation	134,045 (-5.7%)	$9.035M (-21.9%)	0.3%	$67.40	$39.82	+69.3%	Common Stocks	574599106
CRH	CRH Plc	76,717 (-5.6%)	$6.352M (-27.0%)	0.2%	$82.80	$70.71	+17.1%	Common Stocks	G25508105
CPA	Copa Holdings, S.A. Class A	57,372 (-9.2%)	$7.564M (-23.0%)	0.3%	$131.85	$65.84	+100.3%	Common Stocks	P31076105
FCX	Freeport-McMoRan, Inc.	1,251,100 (-7.9%)	$87.58M (+2.5%)	3.1%	$70.00	$23.02	+204.1%	Common Stocks	35671D857
NE	Noble Corporation PLC Class A	938,628 (-6.1%)	$39.18M (+5.0%)	1.4%	$41.74	$33.69	+23.9%	Common Stocks	G65431127
JPM	JPMorgan Chase & Co.	96,152 (-5.7%)	$31.81M (-4.7%)	1.1%	$330.83	$109.01	+203.5%	Common Stocks	46625H100
LYB	LyondellBasell Industries NV	777,140 (-5.2%)	$44.66M (+3.4%)	1.6%	$57.47	$63.49	-9.5%	Common Stocks	N53745100
L	Loews Corporation	86,039 (-6.9%)	$8.985M (-14.1%)	0.3%	$104.43	$47.13	+121.6%	Common Stocks	540424108
AMZN	Amazon.com, Inc.	229,053 (-6.3%)	$57.07M (-2.0%)	2.0%	$249.15	$129.41	+92.5%	Common Stocks	023135106
STNG	Scorpio Tankers Inc.	125,195 (-7.1%)	$10.48M (+12.2%)	0.4%	$83.70	$20.44	—	Common Stocks	Y7542C130
PYPL	PayPal Holdings, Inc.	187,675 (-7.1%)	$9.859M (+13.0%)	0.4%	$52.53	$46.77	+12.3%	Common Stocks	70450Y103
UNP	Union Pacific Corporation	56,250 (-6.8%)	$15.31M (-6.8%)	0.5%	$272.13	$91.02	+199.0%	Common Stocks	907818108
TRUP	Trupanion Inc	270,430 (-9.6%)	$6.317M (-14.7%)	0.2%	$23.36	$39.29	-40.5%	Common Stocks	898202106
CVX	Chevron Corporation	35,796 (-5.4%)	$7.31M (+16.6%)	0.3%	$204.21	$140.68	+45.2%	Common Stocks	166764100
KWR	Quaker Houghton	106,920 (-5.0%)	$16.87M (-5.7%)	0.6%	$157.76	$130.01	+21.3%	Common Stocks	747316107
FNKO	Funko, Inc. Class A	1,310,314 (-5.0%)	$7.089M (-12.5%)	0.3%	$5.41	$3.71	+45.8%	Common Stocks	361008105
TDW	Tidewater Inc	510,577 (-16.2%)	$41.41M (+1.9%)	1.5%	$81.10	$47.13	+72.1%	Common Stocks	88642R109
GSM	Ferroglobe PLC	8,374,924 (-18.1%)	$33.29M (+2.3%)	1.2%	$3.98	$4.47	-11.0%	Common Stocks	G33856108
CTVA	Corteva Inc	57,393 (-6.8%)	$4.457M (-14.5%)	0.2%	$77.65	$47.09	+64.9%	Common Stocks	22052L104
FCFS	FirstCash Holdings, Inc.	36,533 (-6.7%)	$7.717M (-8.9%)	0.3%	$211.23	$74.49	+183.6%	Common Stocks	33768G107
EPAM	EPAM Systems, Inc.	14,896 (-48.4%)	$1.614M (-29.5%)	0.1%	$108.36	$102.39	+5.8%	Common Stocks	29414B104
THO	Thor Industries, Inc.	60,228 (-5.5%)	$4.162M (-13.1%)	0.1%	$69.10	$75.37	-8.3%	Common Stocks	885160101
FWONK	Liberty Media Corporation Series C	73,761 (-5.5%)	$6.816M (-8.2%)	0.2%	$92.40	$62.30	—	Common Stocks	531229755
QCOM	QUALCOMM Incorporated	89,674 (-2.9%)	$16.5M (-3.3%)	0.6%	$184.04	$128.20	+43.6%	Common Stocks	747525103
MNTK	Montauk Renewables, Inc.	370,553 (-5.1%)	$1.012M (+66.1%)	0.0%	$2.73	$7.85	-65.2%	Common Stocks	61218C103
SCHW	Charles Schwab Corp	256,119 (-6.9%)	$25.03M (-1.4%)	0.9%	$97.74	$53.44	+82.9%	Common Stocks	808513105
CNR	Core Natural Resources Inc	65,936 (-1.4%)	$5.66M (+5.7%)	0.2%	$85.84	$84.81	+1.2%	Common Stocks	218937100
CZR	Caesars Entertainment Inc	130,042 (-5.2%)	$3.856M (-6.9%)	0.1%	$29.65	$45.80	-35.3%	Common Stocks	12769G100
KR	Kroger Co.	218,332 (-6.9%)	$12.8M (-1.7%)	0.5%	$58.62	$26.29	+123.0%	Common Stocks	501044101
AMR	Alpha Metallurgical Resources, Inc.	74,907 (-3.5%)	$12.6M (-1.6%)	0.4%	$168.22	$222.90	-24.5%	Common Stocks	020764106
HCC	Warrior Met Coal, Inc.	582,400 (-8.2%)	$51.29M (-0.4%)	1.8%	$88.07	$48.49	+81.6%	Common Stocks	93627C101
DSX	Diana Shipping Inc.	1,258,155 (-27.7%)	$3.46M (-5.3%)	0.1%	$2.75	$2.55	+7.7%	Common Stocks	Y2066G104
V	Visa Inc. Class A	20,183 (-6.7%)	$7.252M (-2.3%)	0.3%	$359.33	$218.52	+64.4%	Common Stocks	92826C839
DIS	Walt Disney Company	120,569 (-7.0%)	$12.65M (+1.3%)	0.4%	$104.90	$119.33	-12.1%	Common Stocks	254687106
SIRI	Liberty Sirius Xm Holdings Inc	26,774 (-6.4%)	$693K (-18.0%)	0.0%	$25.88	$31.06	-16.7%	Common Stocks	829933100
LLYVK	Liberty Live Holdings Inc C	5,182 (-6.4%)	$504K (-13.9%)	0.0%	$97.25	$85.87	+13.2%	Common Stocks	530909308
RIG	Transocean Ltd.	1,050,543 (-8.0%)	$5.505M (-1.4%)	0.2%	$5.24	$5.85	-10.5%	Common Stocks	H8817H100
VAL	Valaris Ltd.	234,944 (-7.9%)	$18.45M (-0.4%)	0.7%	$78.52	$55.32	+41.9%	Common Stocks	G9460G101
BTU	Peabody Energy Corporation	79,251 (-1.4%)	$1.933M (+4.0%)	0.1%	$24.39	$20.36	+19.8%	Common Stocks	704551100
LLYVA	Liberty Live Holdings Inc A	3,608 (-6.5%)	$341K (-12.6%)	0.0%	$94.64	$83.24	+13.7%	Common Stocks	530909100

Unchanged Positions (3)

LPX Louisiana-Pacific Corporation 0.9%

Value $25.63M Shares 397,002 Share Price $64.55 Est. Cost/Share $62.06 Unrealized @ Report Date +4.0%

RPRX Royalty Pharma Plc Class A 1.0%

Value $28.59M Shares 489,935 Share Price $58.36 Est. Cost/Share $39.43 Unrealized @ Report Date +48.0%

PM Philip Morris International Inc. 0.3%

Value $8.327M Shares 43,640 Share Price $190.82 Est. Cost/Share $81.81 Unrealized @ Report Date +133.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
LPX	Louisiana-Pacific Corporation	397,002	$25.63M	0.9%	$64.55	$62.06	+4.0%	Common Stocks	546347105
RPRX	Royalty Pharma Plc Class A	489,935	$28.59M	1.0%	$58.36	$39.43	+48.0%	Common Stocks	G7709Q104
PM	Philip Morris International Inc.	43,640	$8.327M	0.3%	$190.82	$81.81	+133.2%	Common Stocks	718172109