Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KGS	KODIAK GAS SVCS INC	127,571	$7.44M	6.1%	$43.52	0.0%	COM	50012A108
LIN	LINDE PLC	13,690	$6.787M	5.6%	$460.00	0.0%	SHS	G54950103
IWM	ISHARES TR	25,000	$6.2M	5.1%	—	—	PUT	464287655
WMB	WILLIAMS COS INC	71,661	$5.215M	4.3%	$66.35	0.0%	COM	969457100
LNG	CHENIERE ENERGY INC	10,400	$2.951M	2.4%	$209.78	0.0%	COM NEW	16411R208
MTSI	MACOM TECH SOLUTIONS HLDGS I	10,120	$2.247M	1.9%	$221.00	0.0%	COM	55405Y100
WWD	WOODWARD INC	6,000	$2.148M	1.8%	$206.67	+70.9%	PUT	980745103
GE	GE AEROSPACE	5,000	$1.419M	1.2%	—	—	PUT	369604301
VRT	VERTIV HOLDINGS CO	5,000	$1.253M	1.0%	—	—	PUT	92537N108
ATI	ATI INC	7,000	$1.018M	0.8%	$69.59	+89.2%	PUT	01741R102
HWM	HOWMET AEROSPACE INC	4,000	$922K	0.8%	—	—	PUT	443201108
DD	DUPONT DE NEMOURS INC	15,000	$687K	0.6%	—	—	PUT	26614N102
XLI	SELECT SECTOR SPDR TR	2,500	$404K	0.3%	—	—	PUT	81369Y704

Increased Positions (4)

SMH VANECK ETF TRUST 6.3%

Value $7.668M (+204.2%) Shares 20,000 (+185.7%) Est. Cost — Unrealized —

ATS ATS CORP 3.5%

Value $4.275M (+528.4%) Shares 151,688 (+514.1%) Est. Cost $29.43 Unrealized +1.8%

CTRI CENTURI HOLDINGS INC 5.7%

Value $6.878M (+90.3%) Shares 235,453 (+64.5%) Est. Cost $24.85 Unrealized +15.5%

GVA GRANITE CONSTR INC 5.4%

Value $6.505M (+14.9%) Shares 54,261 (+10.5%) Est. Cost $109.18 Unrealized +15.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SMH	VANECK ETF TRUST	20,000 (+185.7%)	$7.668M (+204.2%)	6.3%	—	—	PUT	92189F676
ATS	ATS CORP	151,688 (+514.1%)	$4.275M (+528.4%)	3.5%	$29.43	+1.8%	COM	00217Y104
CTRI	CENTURI HOLDINGS INC	235,453 (+64.5%)	$6.878M (+90.3%)	5.7%	$24.85	+15.5%	COM SHS	155923105
GVA	GRANITE CONSTR INC	54,261 (+10.5%)	$6.505M (+14.9%)	5.4%	$109.18	+15.0%	COM	387328107

Exited Positions (9)

UNP UNION PAC CORP 4.7%

Value $5.748M Shares 24,850 Est. Cost $223.19 Unrealized +9.0%

MKSI MKS INC. 4.6%

Value $5.61M Shares 35,107 Est. Cost $148.21 Unrealized +51.9%

DHR DANAHER CORPORATION 4.0%

Value $4.853M Shares 21,200 Est. Cost $219.54 Unrealized +2.3%

ATRO ASTRONICS CORP 3.7%

Value $4.537M Shares 83,642 Est. Cost $50.32 Unrealized +45.9%

BDC BELDEN INC 3.5%

Value $4.297M Shares 36,871 Est. Cost $125.80 Unrealized +2.3%

SHC SOTERA HEALTH CO 3.4%

Value $4.071M Shares 230,801 Est. Cost $16.54 Unrealized +9.1%

CHRW C H ROBINSON WORLDWIDE INC 2.8%

Value $3.408M Shares 21,201 Est. Cost $147.32 Unrealized +23.1%

SATS ECHOSTAR CORP 2.0%

Value $2.424M Shares 22,300 Est. Cost $81.43 Unrealized +42.9%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 2.0%

Value $2.415M Shares 46,194 Est. Cost $46.76 Unrealized +23.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNP	UNION PAC CORP	24,850	$5.748M	4.7%	$223.19	+9.0%	—	907818108
MKSI	MKS INC.	35,107	$5.61M	4.6%	$148.21	+51.9%	—	55306N104
DHR	DANAHER CORPORATION	21,200	$4.853M	4.0%	$219.54	+2.3%	—	235851102
ATRO	ASTRONICS CORP	83,642	$4.537M	3.7%	$50.32	+45.9%	—	046433108
BDC	BELDEN INC	36,871	$4.297M	3.5%	$125.80	+2.3%	—	077454106
SHC	SOTERA HEALTH CO	230,801	$4.071M	3.4%	$16.54	+9.1%	—	83601L102
CHRW	C H ROBINSON WORLDWIDE INC	21,201	$3.408M	2.8%	$147.32	+23.1%	—	12541W209
SATS	ECHOSTAR CORP	22,300	$2.424M	2.0%	$81.43	+42.9%	—	278768106
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	46,194	$2.415M	2.0%	$46.76	+23.7%	—	499049104

Decreased Positions (13)

ATI ATI INC 3.4%

Value $4.094M (-43.7%) Shares 28,146 (-55.6%) Est. Cost $69.59 Unrealized +89.2%

GLW CORNING INC 2.2%

Value $2.698M (-31.7%) Shares 19,839 (-56.0%) Est. Cost $64.97 Unrealized +71.9%

AMAT APPLIED MATLS INC 3.6%

Value $4.409M (+31.0%) Shares 12,900 (-1.5%) Est. Cost $239.49 Unrealized +36.4%

TLN TALEN ENERGY CORP 3.1%

Value $3.735M (-20.9%) Shares 11,700 (-7.1%) Est. Cost $212.23 Unrealized +73.5%

ESI ELEMENT SOLUTIONS INC 3.6%

Value $4.34M (-16.9%) Shares 127,112 (-39.2%) Est. Cost $24.80 Unrealized +22.9%

MOD MODINE MFG CO 4.2%

Value $5.075M (+20.6%) Shares 23,419 (-25.7%) Est. Cost $127.24 Unrealized +38.7%

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.0%

Value $3.619M (-18.4%) Shares 10,710 (-26.6%) Est. Cost $279.29 Unrealized —

ADI ANALOG DEVICES INC 4.2%

Value $5.06M (+11.7%) Shares 15,905 (-4.8%) Est. Cost $250.62 Unrealized +26.2%

TDY TELEDYNE TECHNOLOGIES INC 5.2%

Value $6.324M (-6.2%) Shares 10,452 (-20.8%) Est. Cost $505.94 Unrealized +21.4%

WWD WOODWARD INC 2.7%

Value $3.329M (-9.4%) Shares 9,300 (-23.5%) Est. Cost $206.67 Unrealized +70.9%

SEI SOLARIS ENERGY INFRAS INC 3.6%

Value $4.384M (-7.1%) Shares 77,574 (-24.4%) Est. Cost $48.29 Unrealized +9.8%

MRCY MERCURY SYS INC 3.6%

Value $4.408M (-6.0%) Shares 60,460 (-5.9%) Est. Cost $71.48 Unrealized +26.7%

CW CURTISS WRIGHT CORP 1.4%

Value $1.702M (+0.3%) Shares 2,499 (-18.8%) Est. Cost $305.93 Unrealized +112.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ATI	ATI INC	28,146 (-55.6%)	$4.094M (-43.7%)	3.4%	$69.59	+89.2%	COM	01741R102
GLW	CORNING INC	19,839 (-56.0%)	$2.698M (-31.7%)	2.2%	$64.97	+71.9%	COM	219350105
AMAT	APPLIED MATLS INC	12,900 (-1.5%)	$4.409M (+31.0%)	3.6%	$239.49	+36.4%	COM	038222105
TLN	TALEN ENERGY CORP	11,700 (-7.1%)	$3.735M (-20.9%)	3.1%	$212.23	+73.5%	COM	87422Q109
ESI	ELEMENT SOLUTIONS INC	127,112 (-39.2%)	$4.34M (-16.9%)	3.6%	$24.80	+22.9%	COM	28618M106
MOD	MODINE MFG CO	23,419 (-25.7%)	$5.075M (+20.6%)	4.2%	$127.24	+38.7%	COM	607828100
TSM	TAIWAN SEMICONDUCTOR MANUFAC	10,710 (-26.6%)	$3.619M (-18.4%)	3.0%	$279.29	—	SPONSORED ADS	874039100
ADI	ANALOG DEVICES INC	15,905 (-4.8%)	$5.06M (+11.7%)	4.2%	$250.62	+26.2%	COM	032654105
TDY	TELEDYNE TECHNOLOGIES INC	10,452 (-20.8%)	$6.324M (-6.2%)	5.2%	$505.94	+21.4%	COM	879360105
WWD	WOODWARD INC	9,300 (-23.5%)	$3.329M (-9.4%)	2.7%	$206.67	+70.9%	COM	980745103
SEI	SOLARIS ENERGY INFRAS INC	77,574 (-24.4%)	$4.384M (-7.1%)	3.6%	$48.29	+9.8%	COM CL A	83418M103
MRCY	MERCURY SYS INC	60,460 (-5.9%)	$4.408M (-6.0%)	3.6%	$71.48	+26.7%	COM	589378108
CW	CURTISS WRIGHT CORP	2,499 (-18.8%)	$1.702M (+0.3%)	1.4%	$305.93	+112.7%	COM	231561101

Unchanged Positions (1)

PWR QUANTA SVCS INC 3.2%

Value $3.919M Shares 7,138 Est. Cost $275.96 Unrealized +76.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PWR	QUANTA SVCS INC	7,138	$3.919M	3.2%	$275.96	+76.2%	COM	74762E102