Albar Capital Partners LLP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DOV	DOVER CORP	149,902	$29,267	6.9%	$181.83	0.0%	COM	260003108
RRX	REGAL REXNORD CORPORATION	124,552	$17,477	4.1%	$142.29	0.0%	COM	758750103
ONON	ON HLDG AG	271,643	$12,626	3.0%	$43.09	0.0%	NAMEN AKT A	H5919C104
MT	ARCELORMITTAL SA LUXEMBOURG	160,151	$7,298	1.7%	$45.57	—	NY REGISTRY SH	03938L203
GOOGL	ALPHABET INC	21,041	$6,586	1.6%	$285.60	0.0%	CAP STK CL A	02079K305
DAL	DELTA AIR LINES INC DEL	76,968	$5,342	1.3%	$62.45	0.0%	COM NEW	247361702
TRMB	TRIMBLE INC	67,380	$5,279	1.2%	$79.69	0.0%	COM	896239100
CARR	CARRIER GLOBAL CORPORATION	67,257	$3,554	0.8%	$55.53	0.0%	COM	14448C104
HON	HONEYWELL INTL INC	17,026	$3,322	0.8%	$195.03	0.0%	COM	438516106
ON	ON SEMICONDUCTOR	39,639	$2,146	0.5%	$51.30	0.0%	COM	682189105
APTV	APTIV PLC	22,339	$1,700	0.4%	$80.28	0.0%	COM SHS	G3265R107
RPM	RPM INTL INC	15,035	$1,564	0.4%	$108.25	0.0%	COM	749685103
—	AMCOR PLC	122,875	$1,025	0.2%	$8.25	0.0%	ORD	G0250X107
SHW	SHERWIN WILLIAMS CO	2,117	$686	0.2%	$334.11	0.0%	COM	824348106
CSL	CARLISLE COS INC	1,474	$471	0.1%	$322.65	0.0%	COM	142339100
NTR	NUTRIEN LTD	4,506	$278	0.1%	$58.85	0.0%	COM	67077M108

Increased Positions (8)

LIN LINDE PLC 7.6%

Value ($000) $32,330 (+611.6%) Shares 75,822 (+692.7%) Est. Cost $432.75 Unrealized -1.3%

FCX FREEPORT-MCMORAN INC 11.6%

Value ($000) $49,052 (+124.0%) Shares 965,783 (+72.9%) Est. Cost $40.11 Unrealized +8.0%

CAT CATERPILLAR INC 7.0%

Value ($000) $29,809 (+81.8%) Shares 52,034 (+51.4%) Est. Cost $469.58 Unrealized +18.3%

OTIS OTIS WORLDWIDE CORP 2.8%

Value ($000) $11,822 (+233.4%) Shares 135,346 (+249.0%) Est. Cost $89.50 Unrealized -0.3%

PKG PACKAGING CORP AMER 9.0%

Value ($000) $37,893 (+18.4%) Shares 183,743 (+25.1%) Est. Cost $195.16 Unrealized +3.7%

CTVA CORTEVA INC 7.4%

Value ($000) $31,145 (+22.6%) Shares 464,640 (+23.7%) Est. Cost $60.81 Unrealized +6.1%

ADI ANALOG DEVICES INC 1.9%

Value ($000) $8,135 (+103.7%) Shares 29,997 (+84.5%) Est. Cost $228.02 Unrealized +9.9%

VC VISTEON CORP 0.4%

Value ($000) $1,863 (-17.7%) Shares 19,586 (+3.7%) Est. Cost $82.70 Unrealized +27.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	75,822 (+692.7%)	$32,330 (+611.6%)	7.6%	$432.75	-1.3%	SHS	G54950103
FCX	FREEPORT-MCMORAN INC	965,783 (+72.9%)	$49,052 (+124.0%)	11.6%	$40.11	+8.0%	CL B	35671D857
CAT	CATERPILLAR INC	52,034 (+51.4%)	$29,809 (+81.8%)	7.0%	$469.58	+18.3%	COM	149123101
OTIS	OTIS WORLDWIDE CORP	135,346 (+249.0%)	$11,822 (+233.4%)	2.8%	$89.50	-0.3%	COM	68902V107
PKG	PACKAGING CORP AMER	183,743 (+25.1%)	$37,893 (+18.4%)	9.0%	$195.16	+3.7%	COM	695156109
CTVA	CORTEVA INC	464,640 (+23.7%)	$31,145 (+22.6%)	7.4%	$60.81	+6.1%	COM	22052L104
ADI	ANALOG DEVICES INC	29,997 (+84.5%)	$8,135 (+103.7%)	1.9%	$228.02	+9.9%	COM	032654105
VC	VISTEON CORP	19,586 (+3.7%)	$1,863 (-17.7%)	0.4%	$82.70	+27.9%	COM NEW	92839U206

Exited Positions (15)

CCK CROWN HLDGS INC 7.2%

Value ($000) $30,400 Shares 314,731 Est. Cost $94.62 Unrealized +2.9%

NVDA NVIDIA CORPORATION 6.6%

Value ($000) $27,764 Shares 148,804 Est. Cost $125.82 Unrealized +47.9%

SW SMURFIT WESTROCK PLC 4.8%

Value ($000) $20,240 Shares 475,457 Est. Cost $46.57 Unrealized -18.1%

TKR TIMKEN CO 3.3%

Value ($000) $14,142 Shares 188,114 Est. Cost $77.13 Unrealized +3.1%

CMI CUMMINS INC 3.2%

Value ($000) $13,338 Shares 31,580 Est. Cost $380.68 Unrealized +22.5%

HSY HERSHEY CO 2.2%

Value ($000) $9,308 Shares 49,764 Est. Cost $179.65 Unrealized +1.4%

FDX FEDEX CORP 1.7%

Value ($000) $7,208 Shares 30,566 Est. Cost $228.30 Unrealized +14.6%

ALV AUTOLIV INC 1.4%

Value ($000) $6,060 Shares 49,069 Est. Cost $96.87 Unrealized +23.3%

MMM 3M CO 1.1%

Value ($000) $4,747 Shares 30,590 Est. Cost $153.11 Unrealized +6.6%

ADNT ADIENT PLC 1.0%

Value ($000) $4,354 Shares 180,816 Est. Cost $23.36 Unrealized -9.9%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.9%

Value ($000) $3,742 Shares 49,831 Est. Cost $85.82 Unrealized -9.2%

CF CF INDS HLDGS INC 0.8%

Value ($000) $3,430 Shares 38,236 Est. Cost $88.36 Unrealized -7.3%

AVGO BROADCOM INC 0.6%

Value ($000) $2,463 Shares 7,465 Est. Cost $215.92 Unrealized +65.3%

ORCL ORACLE CORP 0.5%

Value ($000) $2,324 Shares 8,264 Est. Cost $254.17 Unrealized -6.3%

CIEN CIENA CORP 0.4%

Value ($000) $1,712 Shares 11,756 Est. Cost $101.84 Unrealized +90.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCK	CROWN HLDGS INC	314,731	$30,400	7.2%	$94.62	+2.9%	—	228368106
NVDA	NVIDIA CORPORATION	148,804	$27,764	6.6%	$125.82	+47.9%	—	67066G104
SW	SMURFIT WESTROCK PLC	475,457	$20,240	4.8%	$46.57	-18.1%	—	G8267P108
TKR	TIMKEN CO	188,114	$14,142	3.3%	$77.13	+3.1%	—	887389104
CMI	CUMMINS INC	31,580	$13,338	3.2%	$380.68	+22.5%	—	231021106
HSY	HERSHEY CO	49,764	$9,308	2.2%	$179.65	+1.4%	—	427866108
FDX	FEDEX CORP	30,566	$7,208	1.7%	$228.30	+14.6%	—	31428X106
ALV	AUTOLIV INC	49,069	$6,060	1.4%	$96.87	+23.3%	—	052800109
MMM	3M CO	30,590	$4,747	1.1%	$153.11	+6.6%	—	88579Y101
ADNT	ADIENT PLC	180,816	$4,354	1.0%	$23.36	-9.9%	—	G0084W101
GEHC	GE HEALTHCARE TECHNOLOGIES I	49,831	$3,742	0.9%	$85.82	-9.2%	—	36266G107
CF	CF INDS HLDGS INC	38,236	$3,430	0.8%	$88.36	-7.3%	—	125269100
AVGO	BROADCOM INC	7,465	$2,463	0.6%	$215.92	+65.3%	—	11135F101
ORCL	ORACLE CORP	8,264	$2,324	0.5%	$254.17	-6.3%	—	68389X105
CIEN	CIENA CORP	11,756	$1,712	0.4%	$101.84	+90.5%	—	171779309

Decreased Positions (7)

CRH CRH PLC 9.7%

Value ($000) $41,018 (-35.7%) Shares 328,668 (-38.2%) Est. Cost $92.03 Unrealized +29.4%

ESI ELEMENT SOLUTIONS INC 1.7%

Value ($000) $7,182 (-72.5%) Shares 287,384 (-72.3%) Est. Cost $20.78 Unrealized +24.7%

TSM TAIWAN SEMICONDUCTOR MFG LTD 10.5%

Value ($000) $44,343 (-9.2%) Shares 145,918 (-16.5%) Est. Cost $221.51 Unrealized —

GM GENERAL MTRS CO 2.6%

Value ($000) $11,115 (-26.5%) Shares 136,677 (-44.9%) Est. Cost $55.55 Unrealized +26.7%

MSFT MICROSOFT CORP 3.3%

Value ($000) $13,873 (-20.8%) Shares 28,686 (-15.1%) Est. Cost $474.33 Unrealized +5.5%

UAL UNITED AIRLS HLDGS INC 0.7%

Value ($000) $3,015 (-36.5%) Shares 26,967 (-45.2%) Est. Cost $96.17 Unrealized +5.1%

AXTA AXALTA COATING SYS LTD 0.4%

Value ($000) $1,742 (+11.1%) Shares 53,909 (-1.6%) Est. Cost $30.10 Unrealized -2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRH	CRH PLC	328,668 (-38.2%)	$41,018 (-35.7%)	9.7%	$92.03	+29.4%	ORD	G25508105
ESI	ELEMENT SOLUTIONS INC	287,384 (-72.3%)	$7,182 (-72.5%)	1.7%	$20.78	+24.7%	COM	28618M106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	145,918 (-16.5%)	$44,343 (-9.2%)	10.5%	$221.51	—	SPONSORED ADS	874039100
GM	GENERAL MTRS CO	136,677 (-44.9%)	$11,115 (-26.5%)	2.6%	$55.55	+26.7%	COM	37045V100
MSFT	MICROSOFT CORP	28,686 (-15.1%)	$13,873 (-20.8%)	3.3%	$474.33	+5.5%	COM	594918104
UAL	UNITED AIRLS HLDGS INC	26,967 (-45.2%)	$3,015 (-36.5%)	0.7%	$96.17	+5.1%	COM	910047109
AXTA	AXALTA COATING SYS LTD	53,909 (-1.6%)	$1,742 (+11.1%)	0.4%	$30.10	-2.5%	COM	G0750C108