Ophir Asset Management Pty Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRX	MAREX GROUP PLC	1,087,160	$41,703	4.7%	$33.95	0.0%	ORD	G5S37H101
ANDE	ANDERSONS INC/THE	728,724	$38,746	4.3%	$48.74	0.0%	Common	034164103
MGNI	MAGNITE INC	2,384,187	$38,695	4.3%	$16.60	0.0%	Common	55955D100
NCNO	NCINO INC	1,325,484	$33,985	3.8%	$25.39	0.0%	Common	63947X101
BGSI	THE BOYD GROUP INC	158,549	$25,257	2.8%	$160.25	0.0%	Common	103310108
XZO	EXZEO GROUP INC	985,845	$23,907	2.7%	$19.02	0.0%	Common	30234F101
CDNL	CARDINAL INFRASTRUCTURE GR-A	986,985	$23,865	2.7%	$24.69	0.0%	Class A	14154A102
JBI	JANUS INTERNATIONAL GROUP IN	3,479,005	$22,753	2.6%	$7.79	0.0%	Common	47103N106
PDFS	PDF SOLUTIONS INC	723,127	$20,631	2.3%	$27.67	0.0%	Common	693282105
BRCB	BLACK ROCK COFFEE BAR INC-A	274,688	$6,112	0.7%	$23.19	0.0%	Class A	092244102

Increased Positions (10)

PENG PENGUIN SOLUTIONS INC 2.7%

Value ($000) $23,699 (+148.8%) Shares 1,211,612 (+234.3%) Est. Cost $20.43 Unrealized +4.9%

PNTG PENNANT GROUP INC/THE 4.2%

Value ($000) $37,351 (+38.5%) Shares 1,326,850 (+24.1%) Est. Cost $26.94 Unrealized -1.2%

DSGX DESCARTES SYSTEMS GRP/THE 3.3%

Value ($000) $29,313 (+50.0%) Shares 334,391 (+61.3%) Est. Cost $97.34 Unrealized -8.2%

GENI GENIUS SPORTS LTD 4.7%

Value ($000) $41,564 (+14.7%) Shares 3,771,695 (+28.9%) Est. Cost $6.85 Unrealized +59.3%

IRTC IRHYTHM HOLDINGS INC 2.5%

Value ($000) $22,659 (+29.7%) Shares 127,697 (+25.7%) Est. Cost $98.76 Unrealized +79.4%

LRN STRIDE INC 3.9%

Value ($000) $34,927 (+15.5%) Shares 537,915 (+165.0%) Est. Cost $97.10 Unrealized -6.5%

TRS TRIMAS CORP 1.3%

Value ($000) $11,477 (+33.9%) Shares 323,742 (+45.9%) Est. Cost $27.80 Unrealized +25.6%

VVX V2X INC 5.6%

Value ($000) $49,765 (+4.2%) Shares 912,274 (+10.9%) Est. Cost $50.44 Unrealized +11.6%

REZI RESIDEO TECHNOLOGIES INC 4.4%

Value ($000) $39,300 (+4.6%) Shares 1,119,007 (+28.6%) Est. Cost $23.07 Unrealized +60.4%

REAX REAL BROKERAGE INC/THE 1.6%

Value ($000) $14,428 (+9.0%) Shares 3,952,949 (+24.9%) Est. Cost $4.48 Unrealized -13.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PENG	PENGUIN SOLUTIONS INC	1,211,612 (+234.3%)	$23,699 (+148.8%)	2.7%	$20.43	+4.9%	Common	706915105
PNTG	PENNANT GROUP INC/THE	1,326,850 (+24.1%)	$37,351 (+38.5%)	4.2%	$26.94	-1.2%	Common	70805E109
DSGX	DESCARTES SYSTEMS GRP/THE	334,391 (+61.3%)	$29,313 (+50.0%)	3.3%	$97.34	-8.2%	Common	249906108
GENI	GENIUS SPORTS LTD	3,771,695 (+28.9%)	$41,564 (+14.7%)	4.7%	$6.85	+59.3%	Class A	G3934V109
IRTC	IRHYTHM HOLDINGS INC	127,697 (+25.7%)	$22,659 (+29.7%)	2.5%	$98.76	+79.4%	Common	450056106
LRN	STRIDE INC	537,915 (+165.0%)	$34,927 (+15.5%)	3.9%	$97.10	-6.5%	Common	86333M108
TRS	TRIMAS CORP	323,742 (+45.9%)	$11,477 (+33.9%)	1.3%	$27.80	+25.6%	Common	896215209
VVX	V2X INC	912,274 (+10.9%)	$49,765 (+4.2%)	5.6%	$50.44	+11.6%	Common	92242T101
REZI	RESIDEO TECHNOLOGIES INC	1,119,007 (+28.6%)	$39,300 (+4.6%)	4.4%	$23.07	+60.4%	Common	76118Y104
REAX	REAL BROKERAGE INC/THE	3,952,949 (+24.9%)	$14,428 (+9.0%)	1.6%	$4.48	-13.6%	Common	75585H206

Exited Positions (7)

POWL POWELL INDUSTRIES INC 4.1%

Value ($000) $36,955 Shares 121,240 Est. Cost $180.93 Unrealized +86.0%

DFIN DONNELLEY FINANCIAL SOLUTION 3.1%

Value ($000) $27,403 Shares 532,816 Est. Cost $56.14 Unrealized -13.9%

TREX TREX COMPANY INC 2.3%

Value ($000) $20,609 Shares 398,865 Est. Cost $60.90 Unrealized -33.6%

WLY WILEY (JOHN) & SONS-CLASS A 2.2%

Value ($000) $20,003 Shares 494,257 Est. Cost $43.64 Unrealized -20.2%

ADMA ADMA BIOLOGICS INC 2.1%

Value ($000) $18,402 Shares 1,255,235 Est. Cost $11.82 Unrealized +42.6%

AORT ARTIVION INC 2.0%

Value ($000) $17,519 Shares 413,766 Est. Cost $27.29 Unrealized +63.2%

NGVC NATURAL GROCERS BY VITAMIN C 1.0%

Value ($000) $9,087 Shares 227,166 Est. Cost $45.84 Unrealized -30.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
POWL	POWELL INDUSTRIES INC	121,240	$36,955	4.1%	$180.93	+86.0%	—	739128106
DFIN	DONNELLEY FINANCIAL SOLUTION	532,816	$27,403	3.1%	$56.14	-13.9%	—	25787G100
TREX	TREX COMPANY INC	398,865	$20,609	2.3%	$60.90	-33.6%	—	89531P105
WLY	WILEY (JOHN) & SONS-CLASS A	494,257	$20,003	2.2%	$43.64	-20.2%	—	968223206
ADMA	ADMA BIOLOGICS INC	1,255,235	$18,402	2.1%	$11.82	+42.6%	—	000899104
AORT	ARTIVION INC	413,766	$17,519	2.0%	$27.29	+63.2%	—	228903100
NGVC	NATURAL GROCERS BY VITAMIN C	227,166	$9,087	1.0%	$45.84	-30.4%	—	63888U108

Decreased Positions (11)

UNFI UNITED NATURAL FOODS INC 2.0%

Value ($000) $17,880 (-64.6%) Shares 531,027 (-60.5%) Est. Cost $27.42 Unrealized +35.6%

ZETA ZETA GLOBAL HOLDINGS CORP-A 2.4%

Value ($000) $21,337 (-44.9%) Shares 1,048,509 (-46.2%) Est. Cost $17.32 Unrealized +7.9%

CDNA CAREDX INC 2.0%

Value ($000) $17,435 (-45.4%) Shares 925,433 (-57.9%) Est. Cost $20.06 Unrealized -16.5%

AIR AAR CORP 5.1%

Value ($000) $45,495 (-23.3%) Shares 549,520 (-16.9%) Est. Cost $66.74 Unrealized +24.0%

KRUS KURA SUSHI USA INC-CLASS A 0.3%

Value ($000) $2,888 (-79.3%) Shares 55,193 (-76.5%) Est. Cost $75.14 Unrealized -27.4%

SIMO SILICON MOTION TECHNOL-ADR 4.9%

Value ($000) $43,343 (-9.6%) Shares 467,564 (-7.5%) Est. Cost $81.70 Unrealized —

DCO DUCOMMUN INC 4.6%

Value ($000) $40,830 (-6.7%) Shares 429,204 (-5.8%) Est. Cost $77.67 Unrealized +19.9%

IESC IES HOLDINGS INC 2.6%

Value ($000) $23,176 (-9.7%) Shares 59,575 (-7.7%) Est. Cost $134.79 Unrealized +198.2%

ADTN ADTRAN HOLDINGS INC 1.0%

Value ($000) $9,293 (-17.8%) Shares 1,069,420 (-11.2%) Est. Cost $9.32 Unrealized -6.8%

HURN HURON CONSULTING GROUP INC 4.7%

Value ($000) $42,242 (-4.5%) Shares 244,302 (-18.9%) Est. Cost $136.37 Unrealized +20.0%

VIAV VIAVI SOLUTIONS INC 1.3%

Value ($000) $11,217 (-6.5%) Shares 629,466 (-33.4%) Est. Cost $11.00 Unrealized +46.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UNFI	UNITED NATURAL FOODS INC	531,027 (-60.5%)	$17,880 (-64.6%)	2.0%	$27.42	+35.6%	Common	911163103
ZETA	ZETA GLOBAL HOLDINGS CORP-A	1,048,509 (-46.2%)	$21,337 (-44.9%)	2.4%	$17.32	+7.9%	Class A	98956A105
CDNA	CAREDX INC	925,433 (-57.9%)	$17,435 (-45.4%)	2.0%	$20.06	-16.5%	Common	14167L103
AIR	AAR CORP	549,520 (-16.9%)	$45,495 (-23.3%)	5.1%	$66.74	+24.0%	Common	000361105
KRUS	KURA SUSHI USA INC-CLASS A	55,193 (-76.5%)	$2,888 (-79.3%)	0.3%	$75.14	-27.4%	Class A	501270102
SIMO	SILICON MOTION TECHNOL-ADR	467,564 (-7.5%)	$43,343 (-9.6%)	4.9%	$81.70	—	ADR	82706C108
DCO	DUCOMMUN INC	429,204 (-5.8%)	$40,830 (-6.7%)	4.6%	$77.67	+19.9%	Common	264147109
IESC	IES HOLDINGS INC	59,575 (-7.7%)	$23,176 (-9.7%)	2.6%	$134.79	+198.2%	Common	44951W106
ADTN	ADTRAN HOLDINGS INC	1,069,420 (-11.2%)	$9,293 (-17.8%)	1.0%	$9.32	-6.8%	Common	00486H105
HURN	HURON CONSULTING GROUP INC	244,302 (-18.9%)	$42,242 (-4.5%)	4.7%	$136.37	+20.0%	Common	447462102
VIAV	VIAVI SOLUTIONS INC	629,466 (-33.4%)	$11,217 (-6.5%)	1.3%	$11.00	+46.8%	Common	925550105

Unchanged Positions (1)

RDVT RED VIOLET INC 4.1%

Value ($000) $36,368 Shares 638,598 Est. Cost $45.83 Unrealized +18.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RDVT	RED VIOLET INC	638,598	$36,368	4.1%	$45.83	+18.4%	Common	75704L104