Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STRL	STERLING INFRASTRUCTURE INC	5,672	$4.761M	0.2%	$839.36	—	COM	859241101
CNC	CENTENE CORP DEL	70,588	$4.531M	0.2%	$64.19	—	COM	15135B101
CVLT	COMMVAULT SYS INC	29,664	$4.204M	0.2%	$141.73	—	COM	204166102
O	REALTY INCOME CORP	57,000	$3.532M	0.1%	$61.96	—	COM	756109104
AMRX	AMNEAL PHARMACEUTICALS INC	185,831	$3.217M	0.1%	$17.31	—	COM STK CL A	03168L105
OHI	OMEGA HEALTHCARE INVS INC	66,500	$3.171M	0.1%	$47.68	—	COM	681936100
GVA	GRANITE CONSTR INC	19,268	$3.046M	0.1%	$158.08	—	COM	387328107
BWA	BORGWARNER INC	42,615	$2.83M	0.1%	$66.40	—	COM	099724106
F	FORD MTR CO	200,240	$2.783M	0.1%	$13.90	—	COM	345370860
KTB	KONTOOR BRANDS INC	32,874	$2.74M	0.1%	$83.34	—	COM	50050N103
GNTX	GENTEX CORP	105,738	$2.672M	0.1%	$25.27	—	COM	371901109
SYF	SYNCHRONY FINANCIAL	33,967	$2.583M	0.1%	$76.05	—	COM	87165B103
ADP	AUTOMATIC DATA PROCESSING IN	11,374	$2.547M	0.1%	$223.95	—	COM	053015103
HQY	HEALTHEQUITY INC	27,661	$2.498M	0.1%	$90.32	—	COM	42226A107
GPN	GLOBAL PMTS INC	34,357	$2.493M	0.1%	$72.56	—	COM	37940X102
FDS	FACTSET RESH SYS INC	10,624	$2.444M	0.1%	$230.08	—	COM	303075105
LAUR	LAUREATE ED INC	66,358	$2.41M	0.1%	$36.32	—	COMMON STOCK	518613203
OSK	OSHKOSH CORP	15,694	$2.409M	0.1%	$153.48	—	COM	688239201
TPR	TAPESTRY INC	16,388	$2.399M	0.1%	$146.38	—	COM	876030107
AMP	AMERIPRISE FINL INC	5,204	$2.387M	0.1%	$458.76	—	COM	03076C106
JLL	JONES LANG LASALLE INC	7,603	$2.357M	0.1%	$309.95	—	COM	48020Q107
BMRN	BIOMARIN PHARMACEUTICAL INC	40,919	$2.341M	0.1%	$57.22	—	COM	09061G101
NXST	NEXSTAR MEDIA GROUP INC	12,792	$2.285M	0.1%	$178.59	—	COMMON STOCK	65336K103
ANF	ABERCROMBIE & FITCH CO	25,310	$2.278M	0.1%	$90.01	—	CL A	002896207
RTX	RTX CORPORATION	11,982	$2.273M	0.1%	$189.73	—	COM	75513E101
DG	DOLLAR GEN CORP	19,454	$2.239M	0.1%	$115.11	—	COM	256677105
HESM	HESS MIDSTREAM LP	59,361	$2.232M	0.1%	$37.60	—	CL A SHS	428103105
ALSN	ALLISON TRANSMISSION HLDGS I	19,714	$2.223M	0.1%	$112.74	—	COM	01973R101
ROP	ROPER TECHNOLOGIES INC	6,531	$2.21M	0.1%	$338.39	—	COM	776696106
BMY	BRISTOL-MYERS SQUIBB CO	38,091	$2.195M	0.1%	$57.62	—	COM	110122108
WDAY	WORKDAY INC	17,792	$2.178M	0.1%	$122.42	—	CL A	98138H101
MWA	MUELLER WTR PRODS INC	84,083	$2.172M	0.1%	$25.83	—	COM SER A	624758108
REZI	RESIDEO TECHNOLOGIES INC	68,421	$2.128M	0.1%	$31.10	—	COM	76118Y104
BCO	BRINKS CO	22,283	$2.106M	0.1%	$94.49	—	COM	109696104
FISV	FISERV INC	41,408	$2.031M	0.1%	$49.05	—	COM	337738108
JKHY	HENRY JACK & ASSOC INC	14,638	$2.016M	0.1%	$137.74	—	COM	426281101
RMD	RESMED INC	10,293	$2.006M	0.1%	$194.88	—	COM	761152107
BFAM	BRIGHT HORIZONS FAM SOL IN D	28,085	$1.991M	0.1%	$70.88	—	COM	109194100
HSY	HERSHEY CO	11,118	$1.951M	0.1%	$175.45	—	COM	427866108
BR	BROADRIDGE FINL SOLUTIONS IN	14,218	$1.947M	0.1%	$136.95	—	COM	11133T103
UHS	UNIVERSAL HLTH SVCS INC	12,903	$1.919M	0.1%	$148.69	—	CL B	913903100
MZTI	MARZETTI COMPANY	16,745	$1.912M	0.1%	$114.16	—	COM	513847103
HCA	HCA HEALTHCARE INC	4,883	$1.904M	0.1%	$389.89	—	COM	40412C101
IT	GARTNER INC	14,619	$1.895M	0.1%	$129.62	—	COM	366651107
TMUS	T-MOBILE US INC	11,003	$1.846M	0.1%	$167.73	—	COM	872590104
OPCH	OPTION CARE HEALTH INC	85,835	$1.8M	0.1%	$20.97	—	COM NEW	68404L201
MKTX	MARKETAXESS HLDGS INC	14,039	$1.593M	0.1%	$113.49	—	COM	57060D108
MRP	MILLROSE PPTYS INC	45,000	$1.352M	0.1%	$30.05	—	COM CL A	601137102

Increased Positions (20)

QXO QXO INC 1.4%

Value $35.42M (+21.6%) Shares 2,050,000 (+36.7%) Est. Cost $22.30 Unrealized —

HUM HUMANA INC 0.2%

Value $5.292M (+201.9%) Shares 13,322 (+31.8%) Est. Cost $377.41 Unrealized —

NSP INSPERITY INC 0.1%

Value $3.529M (+335.6%) Shares 85,424 (+185.1%) Est. Cost $58.95 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.1%

Value $3.548M (+156.8%) Shares 8,536 (+67.2%) Est. Cost $464.88 Unrealized —

QLYS QUALYS INC 0.1%

Value $3.615M (+93.7%) Shares 26,294 (+23.8%) Est. Cost $129.72 Unrealized —

NTNX NUTANIX INC 0.1%

Value $3.097M (+112.6%) Shares 60,770 (+58.6%) Est. Cost $64.22 Unrealized —

INVH INVITATION HOMES INC 0.1%

Value $1.983M (+286.8%) Shares 65,628 (+218.2%) Est. Cost $30.14 Unrealized —

OC OWENS CORNING NEW 0.1%

Value $3.393M (+67.4%) Shares 21,345 (+14.0%) Est. Cost $111.88 Unrealized —

CACC CREDIT ACCEP CORP MICH 0.1%

Value $3.473M (+58.3%) Shares 5,455 (+5.3%) Est. Cost $473.63 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.1%

Value $3.052M (+69.5%) Shares 7,891 (+28.3%) Est. Cost $442.02 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.1%

Value $3.083M (+63.5%) Shares 144,063 (+25.5%) Est. Cost $17.16 Unrealized —

GEN GEN DIGITAL INC 0.1%

Value $3.053M (+60.9%) Shares 122,671 (+21.7%) Est. Cost $26.66 Unrealized —

GDDY GODADDY INC 0.1%

Value $2.372M (+93.2%) Shares 27,941 (+88.2%) Est. Cost $84.78 Unrealized —

EEFT EURONET WORLDWIDE INC 0.1%

Value $2.547M (+53.3%) Shares 34,804 (+39.0%) Est. Cost $89.59 Unrealized —

PYPL PAYPAL HLDGS INC 0.9%

Value $23.8M (-2.8%) Shares 551,070 (+1.9%) Est. Cost $64.68 Unrealized —

BOX BOX INC 0.1%

Value $2.593M (+26.5%) Shares 97,711 (+12.7%) Est. Cost $27.89 Unrealized —

DBX DROPBOX INC 0.1%

Value $2.793M (+22.7%) Shares 101,668 (+1.5%) Est. Cost $23.35 Unrealized —

EXP EAGLE MATLS INC 0.1%

Value $2.743M (+20.1%) Shares 12,193 (+1.2%) Est. Cost $158.19 Unrealized —

CPAY CORPAY INC 0.1%

Value $2.646M (+18.5%) Shares 7,939 (+3.5%) Est. Cost $290.69 Unrealized —

BAH BOOZ ALLEN HAMILTON HLDG COR 0.1%

Value $1.796M (-10.0%) Shares 29,603 (+15.7%) Est. Cost $102.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QXO	QXO INC	2,050,000 (+36.7%)	$35.42M (+21.6%)	1.4%	$22.30	—	COM NEW	82846H405
HUM	HUMANA INC	13,322 (+31.8%)	$5.292M (+201.9%)	0.2%	$377.41	—	COM	444859102
NSP	INSPERITY INC	85,424 (+185.1%)	$3.529M (+335.6%)	0.1%	$58.95	—	COM	45778Q107
UNH	UNITEDHEALTH GROUP INC	8,536 (+67.2%)	$3.548M (+156.8%)	0.1%	$464.88	—	COM	91324P102
QLYS	QUALYS INC	26,294 (+23.8%)	$3.615M (+93.7%)	0.1%	$129.72	—	COM	74758T303
NTNX	NUTANIX INC	60,770 (+58.6%)	$3.097M (+112.6%)	0.1%	$64.22	—	CL A	67059N108
INVH	INVITATION HOMES INC	65,628 (+218.2%)	$1.983M (+286.8%)	0.1%	$30.14	—	COM	46187W107
OC	OWENS CORNING NEW	21,345 (+14.0%)	$3.393M (+67.4%)	0.1%	$111.88	—	COM	690742101
CACC	CREDIT ACCEP CORP MICH	5,455 (+5.3%)	$3.473M (+58.3%)	0.1%	$473.63	—	COM	225310101
ELV	ELEVANCE HEALTH INC FORMERLY	7,891 (+28.3%)	$3.052M (+69.5%)	0.1%	$442.02	—	COM	036752103
DOC	HEALTHPEAK PROPERTIES INC	144,063 (+25.5%)	$3.083M (+63.5%)	0.1%	$17.16	—	COM	42250P103
GEN	GEN DIGITAL INC	122,671 (+21.7%)	$3.053M (+60.9%)	0.1%	$26.66	—	COM	668771108
GDDY	GODADDY INC	27,941 (+88.2%)	$2.372M (+93.2%)	0.1%	$84.78	—	CL A	380237107
EEFT	EURONET WORLDWIDE INC	34,804 (+39.0%)	$2.547M (+53.3%)	0.1%	$89.59	—	COM	298736109
PYPL	PAYPAL HLDGS INC	551,070 (+1.9%)	$23.8M (-2.8%)	0.9%	$64.68	—	COM	70450Y103
BOX	BOX INC	97,711 (+12.7%)	$2.593M (+26.5%)	0.1%	$27.89	—	CL A	10316T104
DBX	DROPBOX INC	101,668 (+1.5%)	$2.793M (+22.7%)	0.1%	$23.35	—	CL A	26210C104
EXP	EAGLE MATLS INC	12,193 (+1.2%)	$2.743M (+20.1%)	0.1%	$158.19	—	COM	26969P108
CPAY	CORPAY INC	7,939 (+3.5%)	$2.646M (+18.5%)	0.1%	$290.69	—	COM SHS	219948106
BAH	BOOZ ALLEN HAMILTON HLDG COR	29,603 (+15.7%)	$1.796M (-10.0%)	0.1%	$102.77	—	CL A	099502106

Exited Positions (28)

CIEN CIENA CORP 0.7%

Value $17.19M Shares 44,268 Est. Cost $49.67 Unrealized —

FWRD FORWARD AIR CORP 0.6%

Value $16.29M Shares 975,000 Est. Cost $17.76 Unrealized —

JBL JABIL INC 0.2%

Value $5.222M Shares 19,660 Est. Cost $94.72 Unrealized —

ENS ENERSYS 0.2%

Value $5.075M Shares 29,211 Est. Cost $95.63 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 0.2%

Value $5.043M Shares 17,861 Est. Cost $147.99 Unrealized —

NYT NEW YORK TIMES CO 0.2%

Value $4.516M Shares 53,934 Est. Cost $52.52 Unrealized —

PLXS PLEXUS CORP 0.2%

Value $4.229M Shares 20,878 Est. Cost $128.20 Unrealized —

AKAM AKAMAI TECHNOLOGIES INC 0.1%

Value $3.817M Shares 33,231 Est. Cost $84.60 Unrealized —

PII POLARIS INC 0.1%

Value $3.561M Shares 65,343 Est. Cost $60.49 Unrealized —

TGT TARGET CORP 0.1%

Value $3.107M Shares 25,633 Est. Cost $122.97 Unrealized —

DLR DIGITAL RLTY TR INC 0.1%

Value $3.064M Shares 17,000 Est. Cost $162.16 Unrealized —

NDAQ NASDAQ INC 0.1%

Value $2.994M Shares 35,264 Est. Cost $60.80 Unrealized —

CVS CVS HEALTH CORP 0.1%

Value $2.836M Shares 39,485 Est. Cost $64.19 Unrealized —

FOXA FOX CORP 0.1%

Value $2.76M Shares 47,264 Est. Cost $31.64 Unrealized —

SIRI SIRIUSXM HOLDINGS INC 0.1%

Value $2.739M Shares 118,658 Est. Cost $21.52 Unrealized —

IRDM IRIDIUM COMMUNICATIONS INC 0.1%

Value $2.716M Shares 97,919 Est. Cost $28.26 Unrealized —

ESNT ESSENT GROUP LTD 0.1%

Value $2.709M Shares 46,347 Est. Cost $54.85 Unrealized —

ADSK AUTODESK INC 0.1%

Value $2.446M Shares 10,218 Est. Cost $283.70 Unrealized —

HD HOME DEPOT INC 0.1%

Value $2.4M Shares 7,298 Est. Cost $336.14 Unrealized —

SAIC SCIENCE APPLICATIONS INTL CO 0.1%

Value $2.262M Shares 23,827 Est. Cost $113.93 Unrealized —

NKE NIKE INC 0.1%

Value $2.226M Shares 42,141 Est. Cost $59.08 Unrealized —

FTV FORTIVE CORP 0.1%

Value $2.021M Shares 36,555 Est. Cost $52.21 Unrealized —

ACIW ACI WORLDWIDE INC 0.1%

Value $2.005M Shares 48,897 Est. Cost $49.17 Unrealized —

G GENPACT LIMITED 0.1%

Value $1.978M Shares 53,099 Est. Cost $38.93 Unrealized —

CAG CONAGRA BRANDS INC 0.1%

Value $1.577M Shares 100,305 Est. Cost $26.54 Unrealized —

VICI VICI PPTYS INC 0.1%

Value $1.414M Shares 51,763 Est. Cost $25.92 Unrealized —

TNET TRINET GROUP INC 0.0%

Value $1.23M Shares 33,760 Est. Cost $75.86 Unrealized —

SAFE SAFEHOLD INC 0.0%

Value $1.12M Shares 82,800 Est. Cost $23.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CIEN	CIENA CORP	44,268	$17.19M	0.7%	$49.67	—	—	171779309
FWRD	FORWARD AIR CORP	975,000	$16.29M	0.6%	$17.76	—	—	34986A104
JBL	JABIL INC	19,660	$5.222M	0.2%	$94.72	—	—	466313103
ENS	ENERSYS	29,211	$5.075M	0.2%	$95.63	—	—	29275Y102
KEYS	KEYSIGHT TECHNOLOGIES INC	17,861	$5.043M	0.2%	$147.99	—	—	49338L103
NYT	NEW YORK TIMES CO	53,934	$4.516M	0.2%	$52.52	—	—	650111107
PLXS	PLEXUS CORP	20,878	$4.229M	0.2%	$128.20	—	—	729132100
AKAM	AKAMAI TECHNOLOGIES INC	33,231	$3.817M	0.1%	$84.60	—	—	00971T101
PII	POLARIS INC	65,343	$3.561M	0.1%	$60.49	—	—	731068102
TGT	TARGET CORP	25,633	$3.107M	0.1%	$122.97	—	—	87612E106
DLR	DIGITAL RLTY TR INC	17,000	$3.064M	0.1%	$162.16	—	—	253868103
NDAQ	NASDAQ INC	35,264	$2.994M	0.1%	$60.80	—	—	631103108
CVS	CVS HEALTH CORP	39,485	$2.836M	0.1%	$64.19	—	—	126650100
FOXA	FOX CORP	47,264	$2.76M	0.1%	$31.64	—	—	35137L105
SIRI	SIRIUSXM HOLDINGS INC	118,658	$2.739M	0.1%	$21.52	—	—	829933100
IRDM	IRIDIUM COMMUNICATIONS INC	97,919	$2.716M	0.1%	$28.26	—	—	46269C102
ESNT	ESSENT GROUP LTD	46,347	$2.709M	0.1%	$54.85	—	—	G3198U102
ADSK	AUTODESK INC	10,218	$2.446M	0.1%	$283.70	—	—	052769106
HD	HOME DEPOT INC	7,298	$2.4M	0.1%	$336.14	—	—	437076102
SAIC	SCIENCE APPLICATIONS INTL CO	23,827	$2.262M	0.1%	$113.93	—	—	808625107
NKE	NIKE INC	42,141	$2.226M	0.1%	$59.08	—	—	654106103
FTV	FORTIVE CORP	36,555	$2.021M	0.1%	$52.21	—	—	34959J108
ACIW	ACI WORLDWIDE INC	48,897	$2.005M	0.1%	$49.17	—	—	004498101
G	GENPACT LIMITED	53,099	$1.978M	0.1%	$38.93	—	—	G3922B107
CAG	CONAGRA BRANDS INC	100,305	$1.577M	0.1%	$26.54	—	—	205887102
VICI	VICI PPTYS INC	51,763	$1.414M	0.1%	$25.92	—	—	925652109
TNET	TRINET GROUP INC	33,760	$1.23M	0.0%	$75.86	—	—	896288107
SAFE	SAFEHOLD INC	82,800	$1.12M	0.0%	$23.40	—	—	78646V107

Decreased Positions (23)

CSCO CISCO SYS INC 4.5%

Value $117M (+22.1%) Shares 1,000,000 (-19.4%) Est. Cost $50.47 Unrealized —

WMT WALMART INC 0.7%

Value $18.12M (-46.0%) Shares 160,000 (-40.7%) Est. Cost $52.42 Unrealized —

EME EMCOR GROUP INC 0.1%

Value $2.597M (-51.4%) Shares 3,129 (-56.8%) Est. Cost $194.27 Unrealized —

CCI CROWN CASTLE INC ⚠ 0.0%

Value $0 (-100.0%) Shares 0 (-100.0%) Est. Cost — Unrealized —

PEGA PEGASYSTEMS INC 0.1%

Value $1.627M (-50.3%) Shares 54,274 (-29.5%) Est. Cost $45.30 Unrealized —

LDOS LEIDOS HOLDINGS INC 0.1%

Value $1.529M (-50.4%) Shares 14,853 (-25.1%) Est. Cost $91.93 Unrealized —

CAH CARDINAL HEALTH INC 0.1%

Value $2.597M (-36.7%) Shares 10,932 (-43.7%) Est. Cost $100.65 Unrealized —

COKE COCA COLA CONS INC 0.1%

Value $2.3M (-39.5%) Shares 12,047 (-39.2%) Est. Cost $111.85 Unrealized —

MCK MCKESSON CORP 0.1%

Value $2.017M (-41.3%) Shares 2,670 (-32.8%) Est. Cost $703.74 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.1%

Value $1.995M (-40.0%) Shares 8,219 (-30.5%) Est. Cost $177.76 Unrealized —

VTR VENTAS INC 0.1%

Value $2.655M (-33.1%) Shares 29,900 (-38.4%) Est. Cost $60.66 Unrealized —

TTC TORO CO 0.1%

Value $2.408M (-29.9%) Shares 24,721 (-32.8%) Est. Cost $70.95 Unrealized —

VST VISTRA CORP 0.1%

Value $2.438M (-28.8%) Shares 15,366 (-32.5%) Est. Cost $147.45 Unrealized —

COR CENCORA INC 0.1%

Value $2.081M (-31.1%) Shares 7,354 (-23.5%) Est. Cost $161.00 Unrealized —

FCN FTI CONSULTING INC 0.1%

Value $1.947M (-32.4%) Shares 13,068 (-19.8%) Est. Cost $163.26 Unrealized —

LINE LINEAGE INC 0.0%

Value $25,950 (-96.8%) Shares 600 (-97.6%) Est. Cost $38.64 Unrealized —

WTS WATTS WATER TECHNOLOGIES INC 0.1%

Value $3.115M (-18.2%) Shares 7,958 (-39.3%) Est. Cost $224.98 Unrealized —

AMGN AMGEN INC 0.1%

Value $2.377M (-21.3%) Shares 6,565 (-23.5%) Est. Cost $277.77 Unrealized —

ACA ARCOSA INC 0.1%

Value $3.162M (-14.1%) Shares 21,763 (-37.3%) Est. Cost $83.52 Unrealized —

RAL RALLIANT CORP ⚠ 0.0%

Value $0 (-100.0%) Shares 0 (-100.0%) Est. Cost — Unrealized —

FTDR FRONTDOOR INC 0.1%

Value $3.394M (-7.8%) Shares 43,744 (-37.2%) Est. Cost $50.17 Unrealized —

AIT APPLIED INDL TECHNOLOGIES IN 0.1%

Value $2.944M (-6.5%) Shares 8,707 (-26.7%) Est. Cost $141.22 Unrealized —

NVR NVR INC 0.1%

Value $2.392M (-1.7%) Shares 351 (-4.9%) Est. Cost $5255.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSCO	CISCO SYS INC	1,000,000 (-19.4%)	$117M (+22.1%)	4.5%	$50.47	—	COM	17275R102
WMT	WALMART INC	160,000 (-40.7%)	$18.12M (-46.0%)	0.7%	$52.42	—	COM	931142103
EME	EMCOR GROUP INC	3,129 (-56.8%)	$2.597M (-51.4%)	0.1%	$194.27	—	COM	29084Q100
CCI	CROWN CASTLE INC ⚠	0 (-100.0%)	$0 (-100.0%)	0.0%	—	—	COM	22822V101
PEGA	PEGASYSTEMS INC	54,274 (-29.5%)	$1.627M (-50.3%)	0.1%	$45.30	—	COM	705573103
LDOS	LEIDOS HOLDINGS INC	14,853 (-25.1%)	$1.529M (-50.4%)	0.1%	$91.93	—	COM	525327102
CAH	CARDINAL HEALTH INC	10,932 (-43.7%)	$2.597M (-36.7%)	0.1%	$100.65	—	COM	14149Y108
COKE	COCA COLA CONS INC	12,047 (-39.2%)	$2.3M (-39.5%)	0.1%	$111.85	—	COM	191098102
MCK	MCKESSON CORP	2,670 (-32.8%)	$2.017M (-41.3%)	0.1%	$703.74	—	COM	58155Q103
CBOE	CBOE GLOBAL MKTS INC	8,219 (-30.5%)	$1.995M (-40.0%)	0.1%	$177.76	—	COM	12503M108
VTR	VENTAS INC	29,900 (-38.4%)	$2.655M (-33.1%)	0.1%	$60.66	—	COM	92276F100
TTC	TORO CO	24,721 (-32.8%)	$2.408M (-29.9%)	0.1%	$70.95	—	COM	891092108
VST	VISTRA CORP	15,366 (-32.5%)	$2.438M (-28.8%)	0.1%	$147.45	—	COM	92840M102
COR	CENCORA INC	7,354 (-23.5%)	$2.081M (-31.1%)	0.1%	$161.00	—	COM	03073E105
FCN	FTI CONSULTING INC	13,068 (-19.8%)	$1.947M (-32.4%)	0.1%	$163.26	—	COM	302941109
LINE	LINEAGE INC	600 (-97.6%)	$25,950 (-96.8%)	0.0%	$38.64	—	COM	53566V106
WTS	WATTS WATER TECHNOLOGIES INC	7,958 (-39.3%)	$3.115M (-18.2%)	0.1%	$224.98	—	CL A	942749102
AMGN	AMGEN INC	6,565 (-23.5%)	$2.377M (-21.3%)	0.1%	$277.77	—	COM	031162100
ACA	ARCOSA INC	21,763 (-37.3%)	$3.162M (-14.1%)	0.1%	$83.52	—	COM	039653100
RAL	RALLIANT CORP ⚠	0 (-100.0%)	$0 (-100.0%)	0.0%	—	—	COM	750940108
FTDR	FRONTDOOR INC	43,744 (-37.2%)	$3.394M (-7.8%)	0.1%	$50.17	—	COM	35905A109
AIT	APPLIED INDL TECHNOLOGIES IN	8,707 (-26.7%)	$2.944M (-6.5%)	0.1%	$141.22	—	COM	03820C105
NVR	NVR INC	351 (-4.9%)	$2.392M (-1.7%)	0.1%	$5255.40	—	COM	62944T105

Unchanged Positions (35)

CAT CATERPILLAR INC 4.1%

Value $106M Shares 100,000 Est. Cost $186.69 Unrealized —

JPM JPMORGAN CHASE & CO 13.0%

Value $336M Shares 1,028,000 Est. Cost $147.83 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 29.7%

Value $770M Shares 1,028 Est. Cost $431815.88 Unrealized —

EBAY EBAY INC. 2.8%

Value $72.64M Shares 650,000 Est. Cost $60.02 Unrealized —

EVR EVERCORE INC 4.0%

Value $102M Shares 300,000 Est. Cost $108.05 Unrealized —

SWK STANLEY BLACK & DECKER INC 1.9%

Value $49.88M Shares 530,000 Est. Cost $74.88 Unrealized —

TRV TRAVELERS COMPANIES INC 2.8%

Value $72.63M Shares 220,000 Est. Cost $143.90 Unrealized —

CART MAPLEBEAR INC 1.3%

Value $33.15M Shares 700,000 Est. Cost $43.48 Unrealized —

IBP INSTALLED BLDG PRODS INC 1.5%

Value $37.92M Shares 165,000 Est. Cost $177.73 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 4.9%

Value $126M Shares 251,000 Est. Cost $286.41 Unrealized —

— COHEN & STEERS INFRASTRUCTUR 2.9%

Value $75.87M Shares 2,750,000 Est. Cost $28.16 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 5.2%

Value $134M Shares 3,650,000 Est. Cost $21.96 Unrealized —

GFL GFL ENVIRONMENTAL INC 0.8%

Value $20.23M Shares 550,000 Est. Cost $43.48 Unrealized —

DKNG DRAFTKINGS INC NEW 0.6%

Value $15.16M Shares 600,000 Est. Cost $35.86 Unrealized —

FWRG FIRST WATCH RESTAURANT GROUP 0.4%

Value $11.6M Shares 900,000 Est. Cost $22.65 Unrealized —

YUM YUM BRANDS INC 2.6%

Value $67.94M Shares 425,000 Est. Cost $118.20 Unrealized —

SCHW SCHWAB CHARLES CORP 2.7%

Value $69.2M Shares 750,000 Est. Cost $59.67 Unrealized —

LAMR LAMAR ADVERTISING CO 0.2%

Value $5.797M Shares 37,168 Est. Cost $106.28 Unrealized —

HIW HIGHWOODS PPTYS INC 0.1%

Value $2.407M Shares 79,800 Est. Cost $22.96 Unrealized —

CUZ COUSINS PPTYS INC 0.1%

Value $2.174M Shares 72,500 Est. Cost $29.50 Unrealized —

HST HOST HOTELS & RESORTS INC 0.1%

Value $2.455M Shares 103,525 Est. Cost $15.08 Unrealized —

APLE APPLE HOSPITALITY REIT INC 0.0%

Value $1.261M Shares 75,000 Est. Cost $14.54 Unrealized —

MSFT MICROSOFT CORP 1.6%

Value $41.03M Shares 110,000 Est. Cost $256.88 Unrealized —

CURB CURBLINE PPTYS CORP 0.1%

Value $1.824M Shares 60,000 Est. Cost $22.83 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 0.1%

Value $1.85M Shares 35,000 Est. Cost $58.57 Unrealized —

NXRT NEXPOINT RESIDENTIAL TR INC 0.1%

Value $2.013M Shares 72,082 Est. Cost $38.40 Unrealized —

BRX BRIXMOR PPTY GROUP INC 0.1%

Value $2.024M Shares 64,200 Est. Cost $27.86 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.1%

Value $1.783M Shares 12,270 Est. Cost $149.15 Unrealized —

SMA SMARTSTOP SELF STORAG REIT I 0.1%

Value $2.112M Shares 65,000 Est. Cost $30.28 Unrealized —

MAA MID-AMER APT CMNTYS INC 0.0%

Value $1.112M Shares 8,000 Est. Cost $120.75 Unrealized —

EGP EASTGROUP PPTYS INC 0.1%

Value $1.498M Shares 7,395 Est. Cost $183.54 Unrealized —

FR FIRST INDL RLTY TR INC 0.1%

Value $2.268M Shares 37,000 Est. Cost $50.63 Unrealized —

GNL GLOBAL NET LEASE INC 0.1%

Value $2.642M Shares 295,500 Est. Cost $7.88 Unrealized —

SUI SUN CMNTYS INC 0.1%

Value $1.93M Shares 16,094 Est. Cost $131.77 Unrealized —

REXR REXFORD INDL RLTY INC 0.1%

Value $1.34M Shares 40,000 Est. Cost $49.44 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR INC	100,000	$106M	4.1%	$186.69	—	COM	149123101
JPM	JPMORGAN CHASE & CO	1,028,000	$336M	13.0%	$147.83	—	COM	46625H100
BRK/A	BERKSHIRE HATHAWAY INC DEL	1,028	$770M	29.7%	$431815.88	—	CL A	084670108
EBAY	EBAY INC.	650,000	$72.64M	2.8%	$60.02	—	COM	278642103
EVR	EVERCORE INC	300,000	$102M	4.0%	$108.05	—	CLASS A	29977A105
SWK	STANLEY BLACK & DECKER INC	530,000	$49.88M	1.9%	$74.88	—	COM	854502101
TRV	TRAVELERS COMPANIES INC	220,000	$72.63M	2.8%	$143.90	—	COM	89417E109
CART	MAPLEBEAR INC	700,000	$33.15M	1.3%	$43.48	—	COM	565394103
IBP	INSTALLED BLDG PRODS INC	165,000	$37.92M	1.5%	$177.73	—	COM	45780R101
BRK/B	BERKSHIRE HATHAWAY INC DEL	251,000	$126M	4.9%	$286.41	—	CL B NEW	084670702
—	COHEN & STEERS INFRASTRUCTUR	2,750,000	$75.87M	2.9%	$28.16	—	COM	19248A109
EPD	ENTERPRISE PRODS PARTNERS L	3,650,000	$134M	5.2%	$21.96	—	COM	293792107
GFL	GFL ENVIRONMENTAL INC	550,000	$20.23M	0.8%	$43.48	—	SUB VTG SHS	36168Q104
DKNG	DRAFTKINGS INC NEW	600,000	$15.16M	0.6%	$35.86	—	COM CL A	26142V105
FWRG	FIRST WATCH RESTAURANT GROUP	900,000	$11.6M	0.4%	$22.65	—	COM	33748L101
YUM	YUM BRANDS INC	425,000	$67.94M	2.6%	$118.20	—	COM	988498101
SCHW	SCHWAB CHARLES CORP	750,000	$69.2M	2.7%	$59.67	—	COM	808513105
LAMR	LAMAR ADVERTISING CO	37,168	$5.797M	0.2%	$106.28	—	CL A	512816109
HIW	HIGHWOODS PPTYS INC	79,800	$2.407M	0.1%	$22.96	—	COM	431284108
CUZ	COUSINS PPTYS INC	72,500	$2.174M	0.1%	$29.50	—	COM NEW	222795502
HST	HOST HOTELS & RESORTS INC	103,525	$2.455M	0.1%	$15.08	—	COM	44107P104
APLE	APPLE HOSPITALITY REIT INC	75,000	$1.261M	0.0%	$14.54	—	COM NEW	03784Y200
MSFT	MICROSOFT CORP	110,000	$41.03M	1.6%	$256.88	—	COM	594918104
CURB	CURBLINE PPTYS CORP	60,000	$1.824M	0.1%	$22.83	—	COM	23128Q101
ARE	ALEXANDRIA REAL ESTATE EQ IN	35,000	$1.85M	0.1%	$58.57	—	COM	015271109
NXRT	NEXPOINT RESIDENTIAL TR INC	72,082	$2.013M	0.1%	$38.40	—	COM	65341D102
BRX	BRIXMOR PPTY GROUP INC	64,200	$2.024M	0.1%	$27.86	—	COM	11120U105
EXR	EXTRA SPACE STORAGE INC	12,270	$1.783M	0.1%	$149.15	—	COM	30225T102
SMA	SMARTSTOP SELF STORAG REIT I	65,000	$2.112M	0.1%	$30.28	—	COMMON STOCK	83192D402
MAA	MID-AMER APT CMNTYS INC	8,000	$1.112M	0.0%	$120.75	—	COM	59522J103
EGP	EASTGROUP PPTYS INC	7,395	$1.498M	0.1%	$183.54	—	COM	277276101
FR	FIRST INDL RLTY TR INC	37,000	$2.268M	0.1%	$50.63	—	COM	32054K103
GNL	GLOBAL NET LEASE INC	295,500	$2.642M	0.1%	$7.88	—	COM NEW	379378201
SUI	SUN CMNTYS INC	16,094	$1.93M	0.1%	$131.77	—	COM	866674104
REXR	REXFORD INDL RLTY INC	40,000	$1.34M	0.1%	$49.44	—	COM	76169C100