North Growth Management Ltd. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EAT	BRINKER INTERNATIONAL	140,000 (+10.2%)	$20 (+24.5%)	3.1%	$46.13	+184.0%	COM	109641100
TMO	THERMO FISHER SCIENTIFIC	23,000 (+9.5%)	$13 (+34.9%)	2.1%	$481.16	+17.5%	COM	883556102
IQV	IQVIA	51,000 (+15.9%)	$11 (+37.1%)	1.8%	$166.50	+30.7%	COM	46266C105
TPR	TAPESTRY	147,000 (+1.4%)	$19 (+14.2%)	2.9%	$32.22	+253.9%	COM	876030107
HPQ	HP	476,000 (+1.3%)	$11 (-17.2%)	1.7%	$16.13	+56.6%	COM	40434L105
TXN	TEXAS INSTRUMENTS	73,000 (+28.1%)	$13 (+20.3%)	2.0%	$111.44	+53.2%	COM	882508104
WST	WEST PHARMACEUTICAL SERVICES	39,000 (+14.7%)	$11 (+21.0%)	1.7%	$282.92	-3.4%	COM	955306105
CROX	CROCS	103,000 (+21.2%)	$9 (+24.7%)	1.4%	$74.01	+13.0%	COM	227046109
FDX	FEDEX CORP	29,000 (+3.6%)	$8 (+24.0%)	1.3%	$203.84	+28.3%	COM	31428X106
NKE	NIKE CL B	116,000 (+36.5%)	$7 (+24.9%)	1.2%	$72.08	-9.9%	COM	654106103
SGI	SOMNIGROUP INTERNATIONAL	213,000 (+1.4%)	$19 (+7.2%)	3.0%	$30.08	+190.4%	COM	88023U101
GPN	GLOBAL PAYMENTS	153,000 (+14.2%)	$12 (+6.5%)	1.8%	$98.54	-18.5%	COM	37940X102
AMTM	AMENTUM HOLDINGS	98,000 (+1.0%)	$3 (+22.5%)	0.4%	$27.99	-8.7%	COM	023939101
ARHS	ARHAUS	702,000 (+1.2%)	$8 (+6.7%)	1.2%	$9.68	+7.3%	COM	04035M102
ITGR	INTEGER HOLDINGS	129,000 (+25.2%)	$10 (-4.2%)	1.6%	$87.93	-9.4%	COM	45826H109
MBC	MASTERBRAND	218,000 (+1.4%)	$2 (-15.2%)	0.4%	$9.29	+26.0%	COM	57638P104
EA	ELECTRONIC ARTS INC	73,000 (+1.4%)	$15 (+2.5%)	2.3%	$106.43	+89.5%	COM	285512109
AZO	AUTOZONE	3,000 (+50.0%)	$10 (+2.4%)	1.6%	$3746.66	+0.8%	COM	053332102
NVDA	NVIDIA	83,000 (+1.2%)	$15 (+1.0%)	2.4%	$86.72	+114.6%	COM	67066G104
ATKR	ATKORE	94,000 (+1.1%)	$6 (+1.9%)	0.9%	$91.34	-29.2%	COM	047649108
J	JACOBS SOLUTIONS	95,000 (+11.8%)	$13 (-0.6%)	2.0%	$105.90	+38.3%	COM	46982L108
INMD	INMODE	662,000 (+1.2%)	$10 (-0.2%)	1.5%	$28.86	-49.0%	COM	M5425M103

Decreased Positions (6)

CIEN CIENA 9.0%

Value ($000) $58 (+21.9%) Shares 247,000 (-24.0%) Est. Cost $33.27 Unrealized +483.1%

LITE LUMENTUM 5.5%

Value ($000) $35 (+40.7%) Shares 95,000 (-37.5%) Est. Cost $83.61 Unrealized +207.1%

COHR COHERENT 4.2%

Value ($000) $27 (+24.8%) Shares 145,000 (-27.5%) Est. Cost $46.07 Unrealized +224.7%

AMAT APPLIED MATERIALS 5.3%

Value ($000) $34 (+15.5%) Shares 133,000 (-7.6%) Est. Cost $52.43 Unrealized +356.8%

QCOM QUALCOMM 1.5%

Value ($000) $10 (-17.6%) Shares 57,000 (-20.8%) Est. Cost $131.14 Unrealized +30.2%

ZYME ZYMEWORKS INC 0.2%

Value ($000) $1 (-16.0%) Shares 45,000 (-45.1%) Est. Cost $7.66 Unrealized +184.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CIEN	CIENA	247,000 (-24.0%)	$58 (+21.9%)	9.0%	$33.27	+483.1%	COM	171779309
LITE	LUMENTUM	95,000 (-37.5%)	$35 (+40.7%)	5.5%	$83.61	+207.1%	COM	55024U109
COHR	COHERENT	145,000 (-27.5%)	$27 (+24.8%)	4.2%	$46.07	+224.7%	COM	19247G107
AMAT	APPLIED MATERIALS	133,000 (-7.6%)	$34 (+15.5%)	5.3%	$52.43	+356.8%	COM	038222105
QCOM	QUALCOMM	57,000 (-20.8%)	$10 (-17.6%)	1.5%	$131.14	+30.2%	COM	747525103
ZYME	ZYMEWORKS INC	45,000 (-45.1%)	$1 (-16.0%)	0.2%	$7.66	+184.7%	COM	98985Y108

Unchanged Positions (19)

ANF ABERCROMBIE & FITCH 2.4%

Value ($000) $15 Shares 120,000 Est. Cost $55.78 Unrealized +56.8%

WBD WARNER BROS DISCOVERY INC 2.3%

Value ($000) $14 Shares 503,000 Est. Cost $15.80 Unrealized +48.0%

MSI MOTOROLA SOLUTIONS 2.9%

Value ($000) $19 Shares 48,000 Est. Cost $111.47 Unrealized +259.5%

JBL JABIL 7.3%

Value ($000) $47 Shares 204,000 Est. Cost $32.62 Unrealized +553.9%

JCI JOHNSON CONTROLS 2.9%

Value ($000) $18 Shares 153,000 Est. Cost $31.16 Unrealized +268.4%

ULTA ULTA BEAUTY 2.2%

Value ($000) $14 Shares 23,000 Est. Cost $432.92 Unrealized +27.0%

ALGN ALIGN TECHNOLOGY 1.1%

Value ($000) $7 Shares 45,000 Est. Cost $305.35 Unrealized -53.1%

URI UNITED RENTALS 1.4%

Value ($000) $9 Shares 11,000 Est. Cost $456.93 Unrealized +89.8%

BIIB BIOGEN 0.9%

Value ($000) $6 Shares 34,000 Est. Cost $191.86 Unrealized -14.8%

NVR NVR 1.6%

Value ($000) $10 Shares 1,000 Est. Cost $6015.25 Unrealized +24.3%

ELV ELEVANCE HEALTH 1.2%

Value ($000) $8 Shares 22,000 Est. Cost $220.60 Unrealized +52.6%

AAPL APPLE 1.4%

Value ($000) $9 Shares 34,000 Est. Cost $84.23 Unrealized +218.6%

FSLR FIRST SOLAR INC 0.6%

Value ($000) $4 Shares 15,000 Est. Cost $211.68 Unrealized +19.1%

ODFL OLD DOMINION FREIGHT LINE 0.8%

Value ($000) $5 Shares 31,000 Est. Cost $176.31 Unrealized -18.8%

MSFT MICROSOFT 1.4%

Value ($000) $9 Shares 19,000 Est. Cost $75.26 Unrealized +565.1%

FBIN FORTUNE BRANDS 0.9%

Value ($000) $6 Shares 114,000 Est. Cost $44.48 Unrealized +11.9%

BKNG BOOKING HOLDINGS 2.9%

Value ($000) $18 Shares 3,000 Est. Cost $2012.44 Unrealized +155.3%

LULU LULULEMON ATHLETICA 0.0%

Value ($000) $0 Shares 1,000 Est. Cost $265.38 Unrealized -31.7%

WTS WATTS WATER 1.7%

Value ($000) $11 Shares 40,000 Est. Cost $123.74 Unrealized +123.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ANF	ABERCROMBIE & FITCH	120,000	$15	2.4%	$55.78	+56.8%	COM	002896207
WBD	WARNER BROS DISCOVERY INC	503,000	$14	2.3%	$15.80	+48.0%	COM	934423104
MSI	MOTOROLA SOLUTIONS	48,000	$19	2.9%	$111.47	+259.5%	COM	620076307
JBL	JABIL	204,000	$47	7.3%	$32.62	+553.9%	COM	466313103
JCI	JOHNSON CONTROLS	153,000	$18	2.9%	$31.16	+268.4%	COM	G51502105
ULTA	ULTA BEAUTY	23,000	$14	2.2%	$432.92	+27.0%	COM	90384S303
ALGN	ALIGN TECHNOLOGY	45,000	$7	1.1%	$305.35	-53.1%	COM	016255101
URI	UNITED RENTALS	11,000	$9	1.4%	$456.93	+89.8%	COM	911363109
BIIB	BIOGEN	34,000	$6	0.9%	$191.86	-14.8%	COM	09062X103
NVR	NVR	1,000	$10	1.6%	$6015.25	+24.3%	COM	62944T105
ELV	ELEVANCE HEALTH	22,000	$8	1.2%	$220.60	+52.6%	COM	036752103
AAPL	APPLE	34,000	$9	1.4%	$84.23	+218.6%	COM	037833100
FSLR	FIRST SOLAR INC	15,000	$4	0.6%	$211.68	+19.1%	COM	336433107
ODFL	OLD DOMINION FREIGHT LINE	31,000	$5	0.8%	$176.31	-18.8%	COM	679580100
MSFT	MICROSOFT	19,000	$9	1.4%	$75.26	+565.1%	COM	594918104
FBIN	FORTUNE BRANDS	114,000	$6	0.9%	$44.48	+11.9%	COM	34964C106
BKNG	BOOKING HOLDINGS	3,000	$18	2.9%	$2012.44	+155.3%	COM	09857L108
LULU	LULULEMON ATHLETICA	1,000	$0	0.0%	$265.38	-31.7%	COM	550021109
WTS	WATTS WATER	40,000	$11	1.7%	$123.74	+123.0%	COM	942749102