4D Advisors, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CWST	CASELLA WASTE SYS INC	95,000	$9,304	5.1%	$92.83	0.0%	CL A	147448104
CSL	CARLISLE COS INC	20,000	$6,397	3.5%	$322.65	0.0%	COM	142339100
CALX	CALIX INC	115,000	$6,087	3.3%	$58.25	0.0%	COM	13100M509
ACVA	ACV AUCTIONS INC	750,000	$6,015	3.3%	$8.09	0.0%	COM CL A	00091G104
DAVE	DAVE INC	25,000	$5,535	3.0%	$215.10	0.0%	CLASS A COM NEW	23834J201
COHU	COHU INC	200,000	$4,654	2.6%	$22.92	0.0%	COM	192576106
UTI	UNIVERSAL TECHNICAL INST INC	175,000	$4,573	2.5%	$28.32	0.0%	COM	913915104
LINC	LINCOLN EDL SVCS CORP	185,000	$4,468	2.4%	$21.79	0.0%	COM	533535100
DIN	DINE BRANDS GLOBAL INC	135,000	$4,339	2.4%	$28.90	0.0%	COM	254423106
KAI	KADANT INC	15,000	$4,275	2.3%	$283.73	0.0%	COM	48282T104
NE	NOBLE CORP PLC	150,000	$4,236	2.3%	$29.24	0.0%	ORD SHS A	G65431127
ON	ON SEMICONDUCTOR CORP	75,000	$4,061	2.2%	$51.30	0.0%	COM	682189105
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	75,000	$3,921	2.1%	$46.76	0.0%	CL A	499049104
KNF	KNIFE RIVER CORP	50,000	$3,518	1.9%	$70.23	0.0%	COMMON STOCK	498894104
UCTT	ULTRA CLEAN HLDGS INC	135,000	$3,420	1.9%	$26.60	0.0%	COM	90385V107
MEI	METHODE ELECTRS INC	500,000	$3,320	1.8%	$7.03	0.0%	COM	591520200
AEIS	ADVANCED ENERGY INDS	15,000	$3,141	1.7%	$203.45	0.0%	COM	007973100
LOVE	LOVESAC COMPANY	200,000	$2,950	1.6%	$14.13	0.0%	COM	54738L109
PAL	PROFICIENT AUTO LOGISTICS IN	200,000	$1,928	1.1%	$7.85	0.0%	COM	74317M104

Increased Positions (2)

TPB TURNING PT BRANDS INC 6.8%

Value ($000) $12,466 (+26.1%) Shares 115,000 (+15.0%) Est. Cost $69.63 Unrealized +40.4%

FSS FEDERAL SIGNAL CORP 4.2%

Value ($000) $7,601 (+16.1%) Shares 70,000 (+27.3%) Est. Cost $95.40 Unrealized +19.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPB	TURNING PT BRANDS INC	115,000 (+15.0%)	$12,466 (+26.1%)	6.8%	$69.63	+40.4%	COM	90041L105
FSS	FEDERAL SIGNAL CORP	70,000 (+27.3%)	$7,601 (+16.1%)	4.2%	$95.40	+19.9%	COM	313855108

Exited Positions (15)

USPH U S PHYSICAL THERAPY 5.1%

Value ($000) $9,345 Shares 110,000 Est. Cost $80.11 Unrealized +1.3%

VEEV VEEVA SYS INC 4.1%

Value ($000) $7,448 Shares 25,000 Est. Cost $233.60 Unrealized +13.6%

VECO VEECO INSTRS INC DEL 3.3%

Value ($000) $6,086 Shares 200,000 Est. Cost $20.35 Unrealized +45.7%

GWRE GUIDEWIRE SOFTWARE INC 3.1%

Value ($000) $5,747 Shares 25,000 Est. Cost $217.38 Unrealized +1.8%

RXST RXSIGHT INC 2.7%

Value ($000) $4,989 Shares 554,930 Est. Cost $13.43 Unrealized -25.3%

STRL STERLING INFRASTRUCTURE INC 2.6%

Value ($000) $4,756 Shares 14,000 Est. Cost $174.59 Unrealized +97.3%

CDE COEUR MNG INC 2.6%

Value ($000) $4,690 Shares 250,000 Est. Cost $7.28 Unrealized +138.9%

CVCO CAVCO INDS INC DEL 2.4%

Value ($000) $4,355 Shares 7,500 Est. Cost $489.00 Unrealized +15.9%

MOD MODINE MFG CO 2.3%

Value ($000) $4,265 Shares 30,000 Est. Cost $127.24 Unrealized +17.1%

GRBK GREEN BRICK PARTNERS INC 2.0%

Value ($000) $3,693 Shares 50,000 Est. Cost $68.33 Unrealized -3.5%

LSCC LATTICE SEMICONDUCTOR CORP 1.8%

Value ($000) $3,299 Shares 45,000 Est. Cost $73.32 Unrealized —

EME EMCOR GROUP INC 1.8%

Value ($000) $3,248 Shares 5,000 Est. Cost $606.37 Unrealized +6.8%

NGD NEW GOLD INC CDA 1.6%

Value ($000) $2,872 Shares 400,000 Est. Cost $5.41 Unrealized +39.2%

ALM ALMONTY INDS INC 1.3%

Value ($000) $2,412 Shares 400,000 Est. Cost $4.80 Unrealized +53.3%

LRN STRIDE INC 1.2%

Value ($000) $2,234 Shares 15,000 Est. Cost $146.61 Unrealized -38.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USPH	U S PHYSICAL THERAPY	110,000	$9,345	5.1%	$80.11	+1.3%	—	90337L108
VEEV	VEEVA SYS INC	25,000	$7,448	4.1%	$233.60	+13.6%	—	922475108
VECO	VEECO INSTRS INC DEL	200,000	$6,086	3.3%	$20.35	+45.7%	—	922417100
GWRE	GUIDEWIRE SOFTWARE INC	25,000	$5,747	3.1%	$217.38	+1.8%	—	40171V100
RXST	RXSIGHT INC	554,930	$4,989	2.7%	$13.43	-25.3%	—	78349D107
STRL	STERLING INFRASTRUCTURE INC	14,000	$4,756	2.6%	$174.59	+97.3%	—	859241101
CDE	COEUR MNG INC	250,000	$4,690	2.6%	$7.28	+138.9%	—	192108504
CVCO	CAVCO INDS INC DEL	7,500	$4,355	2.4%	$489.00	+15.9%	—	149568107
MOD	MODINE MFG CO	30,000	$4,265	2.3%	$127.24	+17.1%	—	607828100
GRBK	GREEN BRICK PARTNERS INC	50,000	$3,693	2.0%	$68.33	-3.5%	—	392709101
LSCC	LATTICE SEMICONDUCTOR CORP	45,000	$3,299	1.8%	$73.32	—	—	518415104
EME	EMCOR GROUP INC	5,000	$3,248	1.8%	$606.37	+6.8%	—	29084Q100
NGD	NEW GOLD INC CDA	400,000	$2,872	1.6%	$5.41	+39.2%	—	644535106
ALM	ALMONTY INDS INC	400,000	$2,412	1.3%	$4.80	+53.3%	—	020398707
LRN	STRIDE INC	15,000	$2,234	1.2%	$146.61	-38.1%	—	86333M108

Decreased Positions (13)

ONTO ONTO INNOVATION INC 2.6%

Value ($000) $4,736 (-47.6%) Shares 30,000 (-57.1%) Est. Cost $106.93 Unrealized +32.8%

APEI AMERICAN PUB ED INC 3.6%

Value ($000) $6,615 (-36.8%) Shares 175,000 (-34.0%) Est. Cost $24.18 Unrealized +48.0%

SGHC SUPER GROUP SGHC LIMITED 3.3%

Value ($000) $5,975 (-35.3%) Shares 500,000 (-28.6%) Est. Cost $11.77 Unrealized +2.1%

MPWR MONOLITHIC PWR SYS INC 2.0%

Value ($000) $3,625 (-39.4%) Shares 4,000 (-38.5%) Est. Cost $656.26 Unrealized +46.4%

BOOT BOOT BARN HLDGS INC 1.9%

Value ($000) $3,529 (-39.2%) Shares 20,000 (-42.9%) Est. Cost $152.61 Unrealized +22.2%

CELH CELSIUS HLDGS INC 3.5%

Value ($000) $6,404 (-25.7%) Shares 140,000 (-6.7%) Est. Cost $28.86 Unrealized +74.5%

BBSI BARRETT BUSINESS SVCS INC 1.5%

Value ($000) $2,716 (-35.5%) Shares 75,000 (-21.1%) Est. Cost $40.05 Unrealized -4.6%

RAMP LIVERAMP HLDGS INC 2.2%

Value ($000) $3,965 (-27.0%) Shares 135,000 (-32.5%) Est. Cost $29.52 Unrealized -2.8%

TRNS TRANSCAT INC 1.9%

Value ($000) $3,404 (-28.5%) Shares 60,000 (-7.7%) Est. Cost $81.20 Unrealized -23.2%

NEM NEWMONT CORP 2.7%

Value ($000) $4,993 (-21.0%) Shares 50,000 (-33.3%) Est. Cost $52.90 Unrealized +70.5%

ESTA ESTABLISHMENT LABS HLDGS INC 2.2%

Value ($000) $4,008 (+30.4%) Shares 55,000 (-26.7%) Est. Cost $35.67 Unrealized +69.3%

FICO FAIR ISAAC CORP 3.7%

Value ($000) $6,762 (-9.6%) Shares 4,000 (-20.0%) Est. Cost $1503.82 Unrealized +14.5%

PWR QUANTA SVCS INC 2.0%

Value ($000) $3,588 (-13.4%) Shares 8,500 (-15.0%) Est. Cost $288.64 Unrealized +52.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ONTO	ONTO INNOVATION INC	30,000 (-57.1%)	$4,736 (-47.6%)	2.6%	$106.93	+32.8%	COM	683344105
APEI	AMERICAN PUB ED INC	175,000 (-34.0%)	$6,615 (-36.8%)	3.6%	$24.18	+48.0%	COM	02913V103
SGHC	SUPER GROUP SGHC LIMITED	500,000 (-28.6%)	$5,975 (-35.3%)	3.3%	$11.77	+2.1%	ORD SHS	G8588X103
MPWR	MONOLITHIC PWR SYS INC	4,000 (-38.5%)	$3,625 (-39.4%)	2.0%	$656.26	+46.4%	COM	609839105
BOOT	BOOT BARN HLDGS INC	20,000 (-42.9%)	$3,529 (-39.2%)	1.9%	$152.61	+22.2%	COM	099406100
CELH	CELSIUS HLDGS INC	140,000 (-6.7%)	$6,404 (-25.7%)	3.5%	$28.86	+74.5%	COM NEW	15118V207
BBSI	BARRETT BUSINESS SVCS INC	75,000 (-21.1%)	$2,716 (-35.5%)	1.5%	$40.05	-4.6%	COM	068463108
RAMP	LIVERAMP HLDGS INC	135,000 (-32.5%)	$3,965 (-27.0%)	2.2%	$29.52	-2.8%	COM	53815P108
TRNS	TRANSCAT INC	60,000 (-7.7%)	$3,404 (-28.5%)	1.9%	$81.20	-23.2%	COM	893529107
NEM	NEWMONT CORP	50,000 (-33.3%)	$4,993 (-21.0%)	2.7%	$52.90	+70.5%	COM	651639106
ESTA	ESTABLISHMENT LABS HLDGS INC	55,000 (-26.7%)	$4,008 (+30.4%)	2.2%	$35.67	+69.3%	COM	G31249108
FICO	FAIR ISAAC CORP	4,000 (-20.0%)	$6,762 (-9.6%)	3.7%	$1503.82	+14.5%	COM	303250104
PWR	QUANTA SVCS INC	8,500 (-15.0%)	$3,588 (-13.4%)	2.0%	$288.64	+52.2%	COM	74762E102

Unchanged Positions (3)

AXON AXON ENTERPRISE INC 3.9%

Value ($000) $7,099 Shares 12,500 Est. Cost $546.52 Unrealized +13.5%

FIX COMFORT SYS USA INC 2.6%

Value ($000) $4,666 Shares 5,000 Est. Cost $432.05 Unrealized +113.6%

NSSC NAPCO SEC TECHNOLOGIES INC 2.3%

Value ($000) $4,170 Shares 100,000 Est. Cost $34.48 Unrealized +21.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXON	AXON ENTERPRISE INC	12,500	$7,099	3.9%	$546.52	+13.5%	COM	05464C101
FIX	COMFORT SYS USA INC	5,000	$4,666	2.6%	$432.05	+113.6%	COM	199908104
NSSC	NAPCO SEC TECHNOLOGIES INC	100,000	$4,170	2.3%	$34.48	+21.7%	COM	630402105