Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AYI	ACUITY INC	28,950	$10.9M	3.4%	$376.66	—	COM	00508Y102
SXT	SENSIENT TECHNOLOGIES CORP	65,500	$8.075M	2.5%	$123.29	—	COM	81725T100
BELFB	BEL FUSE INC	11,000	$3.663M	1.2%	$333.04	—	CL B	077347300
KGS	KODIAK GAS SVCS INC	45,000	$3.381M	1.1%	$75.13	—	COM	50012A108
ESE	ESCO TECHNOLOGIES INC	5,000	$1.75M	0.6%	$350.04	—	COM	296315104

Increased Positions (10)

WTS WATTS WATER TECHNOLOGIES INC 5.7%

Value $18.05M (+134.6%) Shares 46,100 (+74.0%) Est. Cost $342.37 Unrealized —

VMI VALMONT INDS INC 4.7%

Value $14.93M (+92.6%) Shares 25,850 (+33.2%) Est. Cost $480.83 Unrealized —

CLH CLEAN HARBORS INC 1.3%

Value $4.033M (+290.7%) Shares 13,500 (+275.0%) Est. Cost $289.27 Unrealized —

EGP EASTGROUP PPTYS INC 5.1%

Value $16.06M (+14.8%) Shares 79,318 (+4.9%) Est. Cost $177.59 Unrealized —

MIR MIRION TECHNOLOGIES INC 2.4%

Value $7.506M (+32.3%) Shares 418,646 (+37.1%) Est. Cost $21.59 Unrealized —

WMS ADVANCED DRAIN SYS INC DEL 0.9%

Value $2.81M (+89.7%) Shares 17,900 (+65.7%) Est. Cost $129.65 Unrealized —

VEEV VEEVA SYS INC 2.4%

Value $7.649M (+20.9%) Shares 43,100 (+19.7%) Est. Cost $229.09 Unrealized —

TTEK TETRA TECH INC NEW 0.8%

Value $2.652M (+23.1%) Shares 91,800 (+28.4%) Est. Cost $35.13 Unrealized —

BMI BADGER METER INC 0.5%

Value $1.528M (+37.4%) Shares 10,300 (+41.1%) Est. Cost $104.67 Unrealized —

KNSL KINSALE CAP GROUP INC 0.5%

Value $1.569M (+3.0%) Shares 4,757 (+6.7%) Est. Cost $397.80 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WTS	WATTS WATER TECHNOLOGIES INC	46,100 (+74.0%)	$18.05M (+134.6%)	5.7%	$342.37	—	CL A	942749102
VMI	VALMONT INDS INC	25,850 (+33.2%)	$14.93M (+92.6%)	4.7%	$480.83	—	COM	920253101
CLH	CLEAN HARBORS INC	13,500 (+275.0%)	$4.033M (+290.7%)	1.3%	$289.27	—	COM	184496107
EGP	EASTGROUP PPTYS INC	79,318 (+4.9%)	$16.06M (+14.8%)	5.1%	$177.59	—	COM	277276101
MIR	MIRION TECHNOLOGIES INC	418,646 (+37.1%)	$7.506M (+32.3%)	2.4%	$21.59	—	COM CL A	60471A101
WMS	ADVANCED DRAIN SYS INC DEL	17,900 (+65.7%)	$2.81M (+89.7%)	0.9%	$129.65	—	COM	00790R104
VEEV	VEEVA SYS INC	43,100 (+19.7%)	$7.649M (+20.9%)	2.4%	$229.09	—	CL A COM	922475108
TTEK	TETRA TECH INC NEW	91,800 (+28.4%)	$2.652M (+23.1%)	0.8%	$35.13	—	COM	88162G103
BMI	BADGER METER INC	10,300 (+41.1%)	$1.528M (+37.4%)	0.5%	$104.67	—	COM	056525108
KNSL	KINSALE CAP GROUP INC	4,757 (+6.7%)	$1.569M (+3.0%)	0.5%	$397.80	—	COM	49714P108

Exited Positions (5)

TYL TYLER TECHNOLOGIES INC 2.9%

Value $9.356M Shares 27,325 Est. Cost $438.00 Unrealized —

FCN FTI CONSULTING INC 2.8%

Value $8.838M Shares 50,000 Est. Cost $200.03 Unrealized —

TMDX TRANSMEDICS GROUP INC 2.5%

Value $7.827M Shares 78,739 Est. Cost $89.31 Unrealized —

BRBR BELLRING BRANDS INC 0.7%

Value $2.253M Shares 140,000 Est. Cost $60.76 Unrealized —

DOCS DOXIMITY INC 0.3%

Value $1.055M Shares 45,300 Est. Cost $60.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TYL	TYLER TECHNOLOGIES INC	27,325	$9.356M	2.9%	$438.00	—	—	902252105
FCN	FTI CONSULTING INC	50,000	$8.838M	2.8%	$200.03	—	—	302941109
TMDX	TRANSMEDICS GROUP INC	78,739	$7.827M	2.5%	$89.31	—	—	89377M109
BRBR	BELLRING BRANDS INC	140,000	$2.253M	0.7%	$60.76	—	—	07831C103
DOCS	DOXIMITY INC	45,300	$1.055M	0.3%	$60.67	—	—	26622P107

Decreased Positions (26)

TECH BIO-TECHNE CORP 2.8%

Value $8.926M (-49.9%) Shares 126,335 (-63.0%) Est. Cost $73.24 Unrealized —

GGG GRACO INC 1.2%

Value $3.78M (-59.4%) Shares 50,000 (-54.5%) Est. Cost $85.92 Unrealized —

HWKN HAWKINS INC 1.3%

Value $4.235M (-53.9%) Shares 29,800 (-50.2%) Est. Cost $128.13 Unrealized —

FN FABRINET 1.8%

Value $5.621M (-46.1%) Shares 10,000 (-50.0%) Est. Cost $121.57 Unrealized —

ROL ROLLINS INC 2.0%

Value $6.316M (-41.7%) Shares 151,315 (-25.5%) Est. Cost $41.70 Unrealized —

SITM SITIME CORP 3.8%

Value $11.93M (+38.2%) Shares 16,000 (-36.0%) Est. Cost $124.83 Unrealized —

HLI HOULIHAN LOKEY INC 3.5%

Value $11.12M (-21.2%) Shares 82,934 (-15.6%) Est. Cost $90.58 Unrealized —

BSY BENTLEY SYS INC 3.6%

Value $11.38M (-19.0%) Shares 380,833 (-4.9%) Est. Cost $46.63 Unrealized —

LRN STRIDE INC 2.6%

Value $8.387M (-24.1%) Shares 97,249 (-22.4%) Est. Cost $79.26 Unrealized —

TW TRADEWEB MKTS INC 1.2%

Value $3.937M (-37.1%) Shares 39,500 (-25.7%) Est. Cost $116.42 Unrealized —

MSCI MSCI INC 1.9%

Value $6.16M (-27.0%) Shares 11,000 (-29.7%) Est. Cost $465.84 Unrealized —

NVMI NOVA LTD 5.9%

Value $18.67M (-10.7%) Shares 34,380 (-28.6%) Est. Cost $109.16 Unrealized —

EXPO EXPONENT INC 3.3%

Value $10.52M (-15.9%) Shares 179,089 (-6.6%) Est. Cost $80.04 Unrealized —

BCPC BALCHEM CORP 4.7%

Value $14.79M (-11.6%) Shares 87,518 (-11.3%) Est. Cost $133.06 Unrealized —

CSW CSW INDUSTRIALS INC 3.6%

Value $11.33M (-12.7%) Shares 40,705 (-18.3%) Est. Cost $163.67 Unrealized —

MDALF MDA SPACE LTD 1.6%

Value $5.022M (+47.8%) Shares 121,600 (-9.3%) Est. Cost $25.60 Unrealized —

AWK AMERICAN WTR WKS CO INC NEW 3.5%

Value $11.07M (-9.4%) Shares 84,140 (-6.3%) Est. Cost $136.64 Unrealized —

MANH MANHATTAN ASSOCIATES INC 3.0%

Value $9.436M (-10.6%) Shares 67,765 (-14.6%) Est. Cost $248.79 Unrealized —

ENTG ENTEGRIS INC 3.4%

Value $10.7M (+11.5%) Shares 59,500 (-27.4%) Est. Cost $102.46 Unrealized —

ALRM ALARM COM HLDGS INC 1.6%

Value $5.195M (-15.1%) Shares 111,197 (-21.5%) Est. Cost $69.93 Unrealized —

SNEX STONEX GROUP INC 0.9%

Value $2.853M (+17.9%) Shares 24,079 (-19.7%) Est. Cost $114.27 Unrealized —

STVN STEVANATO GROUP S P A 0.8%

Value $2.538M (+5.5%) Shares 140,459 (-19.7%) Est. Cost $30.27 Unrealized —

UTI UNIVERSAL TECHNICAL INST INC 0.7%

Value $2.312M (-3.9%) Shares 54,068 (-18.9%) Est. Cost $28.41 Unrealized —

TRNS TRANSCAT INC 0.9%

Value $2.978M (+1.4%) Shares 32,105 (-19.7%) Est. Cost $114.76 Unrealized —

HQY HEALTHEQUITY INC 1.3%

Value $4.281M (+0.8%) Shares 47,400 (-6.7%) Est. Cost $94.03 Unrealized —

HXL HEXCEL CORP NEW 1.1%

Value $3.373M (-0.8%) Shares 33,710 (-19.7%) Est. Cost $84.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TECH	BIO-TECHNE CORP	126,335 (-63.0%)	$8.926M (-49.9%)	2.8%	$73.24	—	COM	09073M104
GGG	GRACO INC	50,000 (-54.5%)	$3.78M (-59.4%)	1.2%	$85.92	—	COM	384109104
HWKN	HAWKINS INC	29,800 (-50.2%)	$4.235M (-53.9%)	1.3%	$128.13	—	COM	420261109
FN	FABRINET	10,000 (-50.0%)	$5.621M (-46.1%)	1.8%	$121.57	—	SHS	G3323L100
ROL	ROLLINS INC	151,315 (-25.5%)	$6.316M (-41.7%)	2.0%	$41.70	—	COM	775711104
SITM	SITIME CORP	16,000 (-36.0%)	$11.93M (+38.2%)	3.8%	$124.83	—	COM	82982T106
HLI	HOULIHAN LOKEY INC	82,934 (-15.6%)	$11.12M (-21.2%)	3.5%	$90.58	—	CL A	441593100
BSY	BENTLEY SYS INC	380,833 (-4.9%)	$11.38M (-19.0%)	3.6%	$46.63	—	COM CL B	08265T208
LRN	STRIDE INC	97,249 (-22.4%)	$8.387M (-24.1%)	2.6%	$79.26	—	COM	86333M108
TW	TRADEWEB MKTS INC	39,500 (-25.7%)	$3.937M (-37.1%)	1.2%	$116.42	—	CL A	892672106
MSCI	MSCI INC	11,000 (-29.7%)	$6.16M (-27.0%)	1.9%	$465.84	—	COM	55354G100
NVMI	NOVA LTD	34,380 (-28.6%)	$18.67M (-10.7%)	5.9%	$109.16	—	COM	M7516K103
EXPO	EXPONENT INC	179,089 (-6.6%)	$10.52M (-15.9%)	3.3%	$80.04	—	COM	30214U102
BCPC	BALCHEM CORP	87,518 (-11.3%)	$14.79M (-11.6%)	4.7%	$133.06	—	COM	057665200
CSW	CSW INDUSTRIALS INC	40,705 (-18.3%)	$11.33M (-12.7%)	3.6%	$163.67	—	COM	126402106
MDALF	MDA SPACE LTD	121,600 (-9.3%)	$5.022M (+47.8%)	1.6%	$25.60	—	COM	55293N109
AWK	AMERICAN WTR WKS CO INC NEW	84,140 (-6.3%)	$11.07M (-9.4%)	3.5%	$136.64	—	COM	030420103
MANH	MANHATTAN ASSOCIATES INC	67,765 (-14.6%)	$9.436M (-10.6%)	3.0%	$248.79	—	COM	562750109
ENTG	ENTEGRIS INC	59,500 (-27.4%)	$10.7M (+11.5%)	3.4%	$102.46	—	COM	29362U104
ALRM	ALARM COM HLDGS INC	111,197 (-21.5%)	$5.195M (-15.1%)	1.6%	$69.93	—	COM	011642105
SNEX	STONEX GROUP INC	24,079 (-19.7%)	$2.853M (+17.9%)	0.9%	$114.27	—	COM	861896108
STVN	STEVANATO GROUP S P A	140,459 (-19.7%)	$2.538M (+5.5%)	0.8%	$30.27	—	ORD SHS	T9224W109
UTI	UNIVERSAL TECHNICAL INST INC	54,068 (-18.9%)	$2.312M (-3.9%)	0.7%	$28.41	—	COM	913915104
TRNS	TRANSCAT INC	32,105 (-19.7%)	$2.978M (+1.4%)	0.9%	$114.76	—	COM	893529107
HQY	HEALTHEQUITY INC	47,400 (-6.7%)	$4.281M (+0.8%)	1.3%	$94.03	—	COM	42226A107
HXL	HEXCEL CORP NEW	33,710 (-19.7%)	$3.373M (-0.8%)	1.1%	$84.40	—	COM	428291108

Unchanged Positions (1)

FSS FEDERAL SIGNAL CORP 5.0%

Value $15.74M Shares 122,531 Est. Cost $106.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FSS	FEDERAL SIGNAL CORP	122,531	$15.74M	5.0%	$106.16	—	COM	313855108