VALUE HOLDINGS MANAGEMENT CO. LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEFT	EURONET WORLDWIDE INC	196,412 (+100.2%)	$15 (+73.5%)	2.5%	$89.63	-13.0%	COM	298736109
MTDR	MATADOR RESOURCES CO	768,308 (+10.9%)	$33 (+4.7%)	5.5%	$26.36	+59.3%	COM	576485205
ACIW	ACI WORLDWIDE INC	339,900 (+2.1%)	$16 (-7.5%)	2.7%	$28.07	+72.9%	COM	004498101
DOX	AMDOCS LTD	88,475 (+14.1%)	$7 (+11.9%)	1.2%	$83.07	-3.8%	SHS	G02602103
DVN	DEVON ENERGY CORP	145,500 (+9.8%)	$5 (+14.7%)	0.9%	$35.23	-1.4%	COM	25179M103
VC	VISTEON CORP	42,500 (+34.9%)	$4 (+7.0%)	0.7%	$101.43	+4.3%	COM	92839U206

Exited Positions (4)

COP CONOCOPHILLIPS 0.8%

Value ($000) $5 Shares 51,509 Est. Cost $102.31 Unrealized -12.0%

TNC TENNANT CO 0.5%

Value ($000) $3 Shares 36,700 Est. Cost $78.64 Unrealized -3.1%

CBT CABOT CORP 0.4%

Value ($000) $3 Shares 33,380 Est. Cost $40.52 Unrealized +63.5%

— CORECARD CORP 0.2%

Value ($000) $1 Shares 44,500 Est. Cost $0.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COP	CONOCOPHILLIPS	51,509	$5	0.8%	$102.31	-12.0%	—	20825C104
TNC	TENNANT CO	36,700	$3	0.5%	$78.64	-3.1%	—	880345103
CBT	CABOT CORP	33,380	$3	0.4%	$40.52	+63.5%	—	127055101
—	CORECARD CORP	44,500	$1	0.2%	$0.03	—	—	45816D100

Decreased Positions (10)

EME EMCOR GROUP INC 10.2%

Value ($000) $61 (-16.7%) Shares 99,670 (-11.5%) Est. Cost $75.18 Unrealized +761.3%

PRIM PRIMORIS SERVICES CORP 8.9%

Value ($000) $53 (-13.4%) Shares 429,675 (-4.2%) Est. Cost $25.39 Unrealized +414.3%

CTRA COTERRA ENERGY INC 0.6%

Value ($000) $3 (-67.1%) Shares 131,203 (-70.4%) Est. Cost $16.59 Unrealized +51.3%

GPN GLOBAL PAYMENTS INC 2.8%

Value ($000) $17 (-29.6%) Shares 215,412 (-24.4%) Est. Cost $124.24 Unrealized -35.4%

FISV FISERV INC 0.0%

Value ($000) $0 (-99.9%) Shares 100 (-99.8%) Est. Cost $118.18 Unrealized -29.0%

NSP INSPERITY INC 1.2%

Value ($000) $7 (-37.2%) Shares 190,198 (-20.2%) Est. Cost $47.83 Unrealized -17.6%

EOG EOG RESOURCES INC 2.2%

Value ($000) $13 (-15.9%) Shares 123,500 (-10.2%) Est. Cost $71.16 Unrealized +50.7%

FIS FIDELITY NATIONAL INFO SERV 1.4%

Value ($000) $9 (-21.3%) Shares 128,800 (-21.9%) Est. Cost $68.46 Unrealized -4.1%

MSM MSC INDUSTRIAL DIRECT CO-A 1.1%

Value ($000) $7 (-23.8%) Shares 80,750 (-16.5%) Est. Cost $79.35 Unrealized +9.2%

TDW TIDEWATER INC 0.5%

Value ($000) $3 (-20.4%) Shares 63,000 (-16.0%) Est. Cost $50.16 Unrealized +5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EME	EMCOR GROUP INC	99,670 (-11.5%)	$61 (-16.7%)	10.2%	$75.18	+761.3%	COM	29084Q100
PRIM	PRIMORIS SERVICES CORP	429,675 (-4.2%)	$53 (-13.4%)	8.9%	$25.39	+414.3%	COM	74164F103
CTRA	COTERRA ENERGY INC	131,203 (-70.4%)	$3 (-67.1%)	0.6%	$16.59	+51.3%	COM	127097103
GPN	GLOBAL PAYMENTS INC	215,412 (-24.4%)	$17 (-29.6%)	2.8%	$124.24	-35.4%	COM	37940X102
FISV	FISERV INC	100 (-99.8%)	$0 (-99.9%)	0.0%	$118.18	-29.0%	COM	337738108
NSP	INSPERITY INC	190,198 (-20.2%)	$7 (-37.2%)	1.2%	$47.83	-17.6%	COM	45778Q107
EOG	EOG RESOURCES INC	123,500 (-10.2%)	$13 (-15.9%)	2.2%	$71.16	+50.7%	COM	26875P101
FIS	FIDELITY NATIONAL INFO SERV	128,800 (-21.9%)	$9 (-21.3%)	1.4%	$68.46	-4.1%	COM	31620M106
MSM	MSC INDUSTRIAL DIRECT CO-A	80,750 (-16.5%)	$7 (-23.8%)	1.1%	$79.35	+9.2%	COM	553530106
TDW	TIDEWATER INC	63,000 (-16.0%)	$3 (-20.4%)	0.5%	$50.16	+5.3%	COM	88642R109

Unchanged Positions (12)

MKSI MKS INSTRUMENTS INC 8.0%

Value ($000) $48 Shares 297,714 Est. Cost $82.29 Unrealized +80.1%

ONTO ONTO INNOVATION INC 4.0%

Value ($000) $24 Shares 152,375 Est. Cost $46.71 Unrealized +204.1%

CSGS CSG SYS INTL INC 4.3%

Value ($000) $26 Shares 338,180 Est. Cost $36.90 Unrealized +99.3%

WAB WABTEC CORP 8.3%

Value ($000) $50 Shares 232,900 Est. Cost $76.60 Unrealized +168.0%

XOM EXXON MOBIL CORP 6.3%

Value ($000) $38 Shares 312,845 Est. Cost $110.09 Unrealized +4.9%

ROL ROLLINS INC 9.4%

Value ($000) $56 Shares 939,170 Est. Cost $22.24 Unrealized +163.8%

VMI VALMONT INDUSTRIES 2.2%

Value ($000) $13 Shares 33,000 Est. Cost $162.58 Unrealized +150.3%

AIT APPLIED INDUSTRIAL TECH INC 4.0%

Value ($000) $24 Shares 92,698 Est. Cost $56.25 Unrealized +353.6%

AYI ACUITY BRANDS INC 1.3%

Value ($000) $8 Shares 21,000 Est. Cost $141.01 Unrealized +156.2%

KFY KORN FERRY 0.6%

Value ($000) $4 Shares 58,500 Est. Cost $40.90 Unrealized +63.5%

THO THOR INDUSTRIES 3.4%

Value ($000) $20 Shares 195,484 Est. Cost $85.68 Unrealized +20.6%

TTEK TETRA TECH INC 5.1%

Value ($000) $30 Shares 907,325 Est. Cost $37.76 Unrealized -10.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKSI	MKS INSTRUMENTS INC	297,714	$48	8.0%	$82.29	+80.1%	COM	55306N104
ONTO	ONTO INNOVATION INC	152,375	$24	4.0%	$46.71	+204.1%	COM	683344105
CSGS	CSG SYS INTL INC	338,180	$26	4.3%	$36.90	+99.3%	COM	126349109
WAB	WABTEC CORP	232,900	$50	8.3%	$76.60	+168.0%	COM	929740108
XOM	EXXON MOBIL CORP	312,845	$38	6.3%	$110.09	+4.9%	COM	30231G102
ROL	ROLLINS INC	939,170	$56	9.4%	$22.24	+163.8%	COM	775711104
VMI	VALMONT INDUSTRIES	33,000	$13	2.2%	$162.58	+150.3%	COM	920253101
AIT	APPLIED INDUSTRIAL TECH INC	92,698	$24	4.0%	$56.25	+353.6%	COM	03820C105
AYI	ACUITY BRANDS INC	21,000	$8	1.3%	$141.01	+156.2%	COM	00508Y102
KFY	KORN FERRY	58,500	$4	0.6%	$40.90	+63.5%	COM	500643200
THO	THOR INDUSTRIES	195,484	$20	3.4%	$85.68	+20.6%	COM	885160101
TTEK	TETRA TECH INC	907,325	$30	5.1%	$37.76	-10.4%	COM	88162G103