First Eagle

Q3 2021 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2021
Filed: Nov 10, 2021
US stock: $39.0B · prev $40.0B
Positions: 311 · prev 295
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves320 since the prior filing

+2.1 pp in · −2.2 pp out

New 28 0.00 pp
Added 213 +2.06 pp
Trimmed 67 −2.18 pp
Exited 12 0.00 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.7 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions311 in this filing · 12 exited


ORCLOracle Corp	5.86%	26,242,645	$2.3B	trimmed−2%	+0.63 pp	34 q
CMCSAComcast Corp	4.22%	29,449,845	$1.6B	trimmed−1%	−0.04 pp	34 q
XOMExxon Mobil Corp	3.78%	25,066,945	$1.5B	trimmed−2%	−0.24 pp	34 q
METAMeta Platforms, Inc. Class A	2.97%	3,415,252	$1.2B	trimmed−2%	−0.06 pp	14 q
WTWWillis Towers Watson Public Limited Company	2.83%	4,749,943	$1.1B	added+76%	+1.28 pp	23 q
NTRNutrien Ltd.	2.80%	16,839,474	$1.1B	trimmed−3%	+0.18 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.75%	9,616,452	$1.1B	trimmed−2%	−0.18 pp	13 q
NEMNewmont Corporation	2.56%	18,352,036	$997M	trimmed−0%	−0.36 pp	34 q
PMPhilip Morris International Inc.	2.56%	10,521,897	$997M	added+1%	−0.03 pp	14 q
CHRWC.H. Robinson Worldwide, Inc.	2.35%	10,511,539	$915M	trimmed−0%	−0.12 pp	19 q
SLBSLB Limited	2.35%	30,866,074	$915M	added+15%	+0.20 pp	34 q
CLColgate-Palmolive Company	2.26%	11,654,249	$881M	trimmed−2%	−0.15 pp	34 q
BNYBank of New York Mellon Corporation	2.15%	16,146,933	$837M	trimmed−2%	+0.04 pp	34 q
MSFTMicrosoft Corp	2.11%	2,914,556	$822M	trimmed−2%	+0.10 pp	34 q
IMOImperial Oil Limited	2.07%	25,575,718	$808M	trimmed−1%	+0.09 pp	25 q
ELVElevance Health, Inc.	1.96%	2,046,440	$763M	added+5%	+0.09 pp	28 q
TDCTeradata Corporation	1.93%	13,114,501	$752M	trimmed−3%	+0.24 pp	32 q
AXPAmerican Express Company	1.83%	4,258,100	$713M	trimmed−7%	−0.07 pp	34 q
WYWeyerhaeuser Company	1.69%	18,569,015	$661M	trimmed−2%	+0.07 pp	34 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.65%	3,916,668	$643M	trimmed−2%	−0.01 pp	34 q
TXNTexas Instruments Incorporated	1.65%	3,340,832	$642M	trimmed−2%	+0.01 pp	25 q
ABEVAmbev S.a.	1.64%	231,442,622	$639M	trimmed−1%	−0.38 pp	7 q
WPMWheaton Precious Metals Corp.	1.59%	16,506,831	$620M	trimmed−0%	−0.23 pp	18 q
GOOGAlphabet Inc. Class C	1.54%	224,887	$599M	trimmed−2%	+0.10 pp	30 q
ADIAnalog Devices, Inc.	1.49%	3,457,511	$579M	trimmed−2%	−0.02 pp	27 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	1.49%	6,717,215	$583M	trimmed−2%	+0.05 pp	7 q
HCAHCA Healthcare, Inc.	1.49%	2,385,899	$579M	added+5%	+0.32 pp	14 q
USBU.S. Bancorp	1.45%	9,540,704	$567M	trimmed−1%	+0.08 pp	34 q
BKNGBooking Holdings Inc.	1.39%	228,033	$541M	trimmed−2%	+0.12 pp	13 q
99952EURLinde PLC/OLD	1.37%	1,818,768	$536M	trimmed−32%	−0.55 pp	12 q
CRMSalesforce, Inc.	1.34%	1,926,878	$523M	trimmed−2%	+0.14 pp	6 q
GOOGLAlphabet Inc. Class A	1.30%	189,858	$508M	trimmed−2%	+0.12 pp	24 q
UHSUniversal Health Services, Inc. Class B	1.28%	3,597,031	$498M	added+18%	+0.16 pp	14 q
ABXBarrick Mining Corporation	1.25%	26,934,248	$486M	trimmed−0%	−0.15 pp	34 q
TRVThe Travelers Companies, Inc.	1.23%	3,159,124	$480M	trimmed−3%	+0.02 pp	19 q
DEDeere & Company	1.21%	1,402,206	$470M	trimmed−7%	−0.13 pp	29 q
VMRKVivmark Residential	1.21%	5,851,108	$473M	trimmed−3%	+0.05 pp	7 q
WFCWells Fargo & Co.	1.20%	10,085,166	$468M	trimmed−2%	+0.04 pp	11 q
NOVNOV Inc.	1.15%	34,299,073	$450M	trimmed−2%	−0.18 pp	34 q
CMICummins Inc.	1.12%	1,947,682	$437M	trimmed−2%	−0.09 pp	24 q
BRK.ABerkshire Hathaway Inc.	1.07%	1,011	$416M	trimmed−1%	0.00 pp	34 q
BROBrown & Brown, Inc.	1.04%	7,329,996	$406M	trimmed−7%	0.00 pp	30 q
BDXBecton, Dickinson and Co.	0.98%	1,551,096	$381M	added+3%	+0.06 pp	4 q
FLSFlowserve Corporation	0.97%	10,862,281	$377M	trimmed−2%	−0.14 pp	27 q
UGIUGI Corporation	0.97%	8,848,514	$377M	trimmed−3%	−0.08 pp	25 q
UNPUnion Pacific Corp.	0.97%	1,922,250	$377M	trimmed−3%	−0.11 pp	25 q
SCHWThe Charles Schwab Corporation	0.93%	4,951,670	$361M	trimmed−2%	+0.01 pp	9 q
WRBW.R. Berkley Corporation	0.92%	4,879,923	$357M	trimmed−2%	0.00 pp	34 q
XRAYDENTSPLY SIRONA Inc.	0.92%	6,165,833	$358M	trimmed−1%	−0.07 pp	14 q
BABAAlibaba Group Holding Limited	0.88%	2,310,965	$342M	added+35%	−0.09 pp	3 q
RGLDRoyal Gold Inc	0.84%	3,410,711	$326M	trimmed−0%	−0.14 pp	34 q
IPGPIPG Photonics Corporation	0.82%	2,009,892	$318M	added+28%	−0.01 pp	13 q
EXPDExpeditors International of Washington, Inc.	0.75%	2,454,325	$292M	trimmed−2%	−0.04 pp	7 q
AEMAgnico Eagle Mines Ltd.	0.70%	5,244,530	$272M	trimmed−0%	−0.09 pp	34 q
YAlleghany Corporation	0.69%	431,072	$269M	trimmed−16%	−0.17 pp	34 q
BXPBXP, Inc.	0.68%	2,458,391	$266M	trimmed−2%	−0.04 pp	6 q
FNVFranco-Nevada Corporation	0.63%	1,881,372	$244M	trimmed−1%	−0.06 pp	34 q
CCUCompania Cervecerias Unidas S.A.	0.62%	14,039,584	$243M	trimmed−2%	−0.10 pp	30 q
KHCThe Kraft Heinz Company	0.62%	6,563,664	$242M	trimmed−3%	−0.07 pp	9 q
DEIDouglas Emmett, Inc.	0.56%	6,957,497	$220M	trimmed−1%	−0.03 pp	6 q
TFCTruist Financial Corporation	0.56%	3,695,184	$217M	trimmed−18%	−0.07 pp	34 q
PPGPPG Industries, Inc.	0.40%	1,077,900	$154M	trimmed−2%	−0.07 pp	7 q
KLKirkland Lake Gold Ltd Ordinary	0.29%	2,740,738	$114M	added0%	+0.03 pp	7 q
NGNovaGold Resources Inc.	0.20%	11,514,811	$79M	added0%	−0.03 pp	23 q
AGIAlamos Gold Inc. Class A	0.19%	10,038,779	$72M	added+8%	+0.01 pp	20 q
BTGB2Gold Corp.	0.17%	19,562,273	$67M	added+9%	−0.02 pp	26 q
SMGThe Scotts Miracle-Gro Company	0.17%	454,032	$66M	added×5.8	+0.13 pp	34 q
EPDEnterprise Products Partners L.P.	0.16%	2,824,590	$61M	added+2%	−0.01 pp	7 q
GDGeneral Dynamics Corporation	0.15%	305,883	$60M	trimmed−2%	0.00 pp	23 q
MQ8Mag Silver Corp	0.14%	3,353,328	$54M	added0%	−0.04 pp	27 q
WEPMagellan Midstream Partners	0.14%	1,215,212	$55M	added+21%	+0.02 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.11%	105,521	$41M	trimmed−1%	0.00 pp	5 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.06%	381,717	$21M	held	—	3 q
ROSTRoss Stores Inc	0.06%	197,430	$21M	trimmed−1%	0.00 pp	5 q
MDTMedtronic plc	0.06%	190,487	$24M	trimmed−1%	0.00 pp	5 q
AUAngloGold Ashanti plc	0.05%	1,314,144	$21M	added0%	−0.01 pp	34 q
HDHome Depot, Inc.	0.05%	56,902	$19M	trimmed−1%	0.00 pp	5 q
KGCKinross Gold Corporation	0.05%	3,337,857	$18M	added+44%	+0.01 pp	14 q
ORLAOrla Mining Ltd	0.05%	5,860,712	$19M	added0%	−0.01 pp	4 q
0VQJLTe Connectivity Ltd	0.05%	139,550	$19M	trimmed−1%	0.00 pp	5 q
PEPPepsiCo, Inc.	0.03%	68,719	$10M	trimmed−1%	0.00 pp	5 q
SPGIS&P Global Inc.	0.03%	25,623	$11M	trimmed−15%	0.00 pp	5 q
SJTSan Juan Basin Royalty Trust UBI	0.02%	1,531,078	$8M	trimmed−63%	−0.03 pp	34 q
ACNAccenture PLC	0.02%	26,364	$8M	trimmed−4%	0.00 pp	5 q
JILLJ.Jill, Inc.	0.01%	113,967	$2M	held	—	4 q
SBUXStarbucks Corp	0.01%	37,839	$4M	trimmed−1%	0.00 pp	5 q
VVISA Inc.	0.01%	10,496	$2M	trimmed−59%	0.00 pp	5 q
AIRAAR Corp.	0.00%	12,220	$396,000	added×10.9	0.00 pp	2 q
ATENA10 Networks Inc	0.00%	7,215	$97,000	added×2.1	0.00 pp	2 q
ACHCAcadia Healthcare Company, Inc.	0.00%	6,416	$409,000	added×15.4	0.00 pp	2 q
ACRACRES Commercial Realty Corp.	0.00%	14,521	$235,000	added×5.0	0.00 pp	2 q
ADUSAddus HomeCare Corp.	0.00%	6,211	$495,000	new	0.00 pp	new
QH9Adtran Inc	0.00%	16,986	$319,000	added×6.8	0.00 pp	2 q
ASIXAdvanSix Inc.	0.00%	12,552	$499,000	added×5.8	0.00 pp	2 q
AEISAdvanced Energy Industries Inc	0.00%	5,734	$503,000	added×10.7	0.00 pp	2 q
AL1Sumisho Air Lease Corp	0.00%	13,423	$528,000	added×7.2	0.00 pp	2 q
ALEXAlexander & Baldwin, Inc.	0.00%	4,602	$108,000	added+53%	0.00 pp	2 q
ATIATI Inc.	0.00%	27,640	$460,000	added×10.5	0.00 pp	2 q
ALGTAllegiant Travel Company	0.00%	1,895	$370,000	added×13.1	0.00 pp	2 q
APEIAmerican Public Education, Inc.	0.00%	7,986	$205,000	added×3.8	0.00 pp	2 q
AVDAmerican Vanguard Corporation	0.00%	11,555	$174,000	added×3.3	0.00 pp	2 q
unresolvedAmerican Woodmark Corporation	0.00%	8,444	$552,000	added×11.3	0.00 pp	2 q
CRMTAmerica's Car Mart Inc	0.00%	4,516	$527,000	added×10.4	0.00 pp	2 q
AMKRAmkor Technology Inc	0.00%	21,316	$532,000	added×5.5	0.00 pp	2 q
ASYSAmtech Systems Inc	0.00%	16,392	$187,000	added×2.3	0.00 pp	2 q
APOGApogee Enterprises Inc	0.00%	7,489	$283,000	added×12.2	0.00 pp	2 q
AROCArchrock Inc	0.00%	24,320	$201,000	added×9.7	0.00 pp	2 q
ACAArcosa, Inc.	0.00%	9,806	$492,000	added×8.1	0.00 pp	2 q
AHRTAH Realty Trust, Inc.	0.00%	25,038	$335,000	added×5.6	0.00 pp	2 q
9YYAshford Inc	0.00%	24,819	$361,000	added×15.5	0.00 pp	2 q
ATROAstronics Corp	0.00%	28,715	$404,000	added×6.8	0.00 pp	2 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.00%	6,759	$552,000	added×6.1	0.00 pp	2 q
AVYAAvaya Holdings Corp.	0.00%	22,143	$438,000	added×8.1	0.00 pp	2 q
AVTAvnet, Inc.	0.00%	10,848	$401,000	added×7.5	0.00 pp	2 q
AXAxos Financial, Inc.	0.00%	3,968	$205,000	added×5.2	0.00 pp	2 q
RILYBRC Group Holdings, Inc.	0.00%	10,500	$620,000	added×10.5	0.00 pp	2 q
BWBabcock & Wilcox Enterprises, Inc.	0.00%	42,474	$272,000	added×5.8	0.00 pp	2 q
BZHBeazer Homes USA, Inc. New	0.00%	20,200	$348,000	new	0.00 pp	new
BJRIBJ's Restaurants, Inc.	0.00%	11,900	$497,000	new	0.00 pp	new
BHRBraemar Hotels & Resorts Inc.	0.00%	64,515	$313,000	added×6.4	0.00 pp	2 q
BTIBritish American Tobacco p.l.c.	0.00%	42,707	$2M	added+48%	0.00 pp	4 q
unresolvedCrh PLC	0.00%	8,484	$397,000	added+65%	0.00 pp	4 q
CAMPCalamp Corp	0.00%	30,614	$305,000	added×6.8	0.00 pp	2 q
PRTSCarParts.com, Inc.	0.00%	21,500	$336,000	added×9.3	0.00 pp	2 q
CRSCarpenter Technology Corp	0.00%	13,921	$456,000	added×7.3	0.00 pp	2 q
CARSCars.com Inc.	0.00%	18,854	$239,000	added×5.0	0.00 pp	2 q
CSLTCastlight Health, Inc.	0.00%	92,722	$146,000	added×4.8	0.00 pp	2 q
CVCOCavco Industries Inc.	0.00%	886	$210,000	added×3.8	0.00 pp	2 q
CENXCentury Aluminum Co	0.00%	15,600	$210,000	new	0.00 pp	new
CNTYCentury Casinos Inc	0.00%	10,823	$146,000	added×8.2	0.00 pp	2 q
CCSCentury Communities, Inc.	0.00%	7,507	$461,000	added×24.5	0.00 pp	2 q
CLDTChatham Lodging Trust	0.00%	26,852	$329,000	added×4.6	0.00 pp	2 q
CAKECheesecake Factory (The)	0.00%	7,800	$367,000	new	0.00 pp	new
CHEFThe Chef's Warehouse Inc	0.00%	9,904	$323,000	added×5.2	0.00 pp	2 q
EXEExpand Energy Corporation	0.00%	9,731	$599,000	added×8.3	0.00 pp	2 q
CHUYChuy's Holdings, Inc.	0.00%	16,496	$520,000	new	0.00 pp	new
CIRCircor International Inc	0.00%	12,161	$401,000	added×5.4	0.00 pp	2 q
COHUCohu Inc	0.00%	14,315	$457,000	added×6.2	0.00 pp	2 q
FIXComfort Systems USA, Inc.	0.00%	6,866	$490,000	added×41.4	0.00 pp	2 q
CMCCommercial Metals Company	0.00%	16,391	$499,000	added×7.1	0.00 pp	2 q
CVGICommercial Vehicle Group, Inc.	0.00%	14,735	$139,000	added×3.2	0.00 pp	2 q
CYHCommunity Health Systems, Inc.	0.00%	45,000	$527,000	new	0.00 pp	new
CMTLComtech Telecommunications	0.00%	14,231	$364,000	added×4.3	0.00 pp	2 q
CONNQConn's Inc	0.00%	22,479	$513,000	added×6.9	0.00 pp	2 q
CCRNCross Ctry. Healthcare Inc.	0.00%	10,337	$220,000	added×11.1	0.00 pp	2 q
CWCurtiss-Wright Corp.	0.00%	3,900	$492,000	new	0.00 pp	new
BOOMDMC Global Inc.	0.00%	14,100	$520,000	new	0.00 pp	new
DSKEDaseke, Inc.	0.00%	18,287	$168,000	added+61%	0.00 pp	2 q
DEODiageo plc	0.00%	1,224	$236,000	trimmed−10%	0.00 pp	4 q
DGIIDigi International Inc	0.00%	12,783	$269,000	added×4.3	0.00 pp	2 q
DHCDiversified Healthcare Trust of Beneficial Interest	0.00%	85,735	$291,000	added×5.0	0.00 pp	2 q
DXYNDixie Group Inc	0.00%	15,322	$74,000	added×2.2	0.00 pp	2 q
DSDrive Shack Inc.	0.00%	114,390	$321,000	added×5.8	0.00 pp	2 q
DCODucommun Incorporated	0.00%	9,577	$482,000	added×10.9	0.00 pp	2 q
DZSIQDzs Inc	0.00%	32,387	$397,000	added×10.1	0.00 pp	2 q
ESTEEarthstone Energy Inc. Class A	0.00%	48,944	$450,000	added×5.4	0.00 pp	2 q
NPOEnpro Inc.	0.00%	5,317	$463,000	added×7.4	0.00 pp	2 q
ETDEthan Allen Interiors Inc	0.00%	13,495	$320,000	added×19.4	0.00 pp	2 q
FTSIFts International Inc-cl A	0.00%	22,101	$544,000	held	—	4 q
FFWMFirst Foundation Inc.	0.00%	5,552	$146,000	added×5.3	0.00 pp	2 q
unresolvedFlexion Therapeutics Inc	0.00%	38,841	$237,000	added×4.7	0.00 pp	2 q
FORMFormFactor Inc.	0.00%	8,861	$331,000	added×3.8	0.00 pp	2 q
FULH.B. Fuller Company	0.00%	7,750	$500,000	new	0.00 pp	new
ROCKGibraltar Industries, Inc.	0.00%	8,206	$572,000	added×20.5	0.00 pp	2 q
GLTMagnera Corporation	0.00%	20,374	$287,000	added×4.6	0.00 pp	2 q
unresolvedGlaxosmithkline PLC	0.00%	18,640	$712,000	added+65%	0.00 pp	4 q
GRBKGreen Brick Partners, Inc	0.00%	9,400	$193,000	added×11.1	0.00 pp	2 q
GFFGriffon Corp	0.00%	8,256	$203,000	added×4.2	0.00 pp	2 q
HCIHCI Group, Inc.	0.00%	1,268	$140,000	added×2.4	0.00 pp	2 q
HAYNHaynes International, Inc.	0.00%	8,356	$311,000	added×5.9	0.00 pp	2 q
HPHelmerich & Payne, Inc.	0.00%	18,412	$505,000	added×10.2	0.00 pp	2 q
HRIHerc Holdings Inc.	0.00%	4,100	$670,000	added×41.0	0.00 pp	2 q
HCCIHeritage-Crystal Clean, Inc.	0.00%	13,741	$398,000	added×7.9	0.00 pp	2 q
HRTGHeritage Insurance Holdings Inc	0.00%	14,886	$101,000	added×2.4	0.00 pp	2 q
HXLHexcel Corporation	0.00%	7,781	$462,000	added×7.9	0.00 pp	2 q
HTHHilltop Holdings Inc.	0.00%	9,618	$314,000	added×5.2	0.00 pp	2 q
HZNHorizon Global Corporation	0.00%	48,148	$338,000	added×4.6	0.00 pp	2 q
HMHCHoughton Mifflin Harcourt Company	0.00%	14,496	$195,000	added×3.8	0.00 pp	2 q
HUBGHUB Group Inc	0.00%	4,900	$337,000	added×4.9	0.00 pp	2 q
HUNHuntsman Corporation	0.00%	14,648	$433,000	added×6.0	0.00 pp	2 q
INFNInfinera Corporation	0.00%	37,656	$313,000	added×7.9	0.00 pp	2 q
IEAInfrastructure and Energy Alternatives, Inc.	0.00%	26,200	$299,000	new	0.00 pp	new
TILEInterface Inc	0.00%	9,759	$148,000	added×7.0	0.00 pp	2 q
IDCCInterDigital, Inc.	0.00%	5,345	$362,000	added×15.5	0.00 pp	2 q
INTTinTEST Corporation	0.00%	34,239	$393,000	new	0.00 pp	new
IINIntriCon Corporation	0.00%	19,696	$358,000	added×9.9	0.00 pp	2 q
IPIIntrepid Potash, Inc	0.00%	11,729	$362,000	added×3.2	0.00 pp	2 q
ITUBItau Unibanco Holding S.A.	0.00%	56,935	$300,000	new	0.00 pp	new
ITIIteris, Inc.	0.00%	61,024	$322,000	added×14.8	0.00 pp	2 q
JELDJELD-WEN Holding, Inc.	0.00%	11,649	$292,000	added×7.5	0.00 pp	2 q
JBLUJetBlue Airways Corp	0.00%	24,000	$367,000	new	0.00 pp	new
OPLNOPENLANE, Inc	0.00%	12,736	$209,000	added×3.1	0.00 pp	2 q
KLRKaleyra, Inc.	0.00%	17,830	$196,000	added×3.5	0.00 pp	2 q
TBHCThe Brand House Collective, Inc.	0.00%	6,453	$124,000	added×2.4	0.00 pp	2 q
KRAKraton Corporation	0.00%	8,270	$377,000	added×3.4	0.00 pp	2 q
KLICKulicke & Soffa Industries Inc	0.00%	9,474	$552,000	added×10.8	0.00 pp	2 q
LGIHLGI Homes, Inc.	0.00%	3,767	$535,000	added×12.2	0.00 pp	2 q
LXULsb Industries Inc	0.00%	13,006	$133,000	added×2.8	0.00 pp	2 q
LYTSLSI Industries Inc	0.00%	25,744	$200,000	added×6.3	0.00 pp	2 q
LAKELakeland Industries Inc	0.00%	16,371	$344,000	added×10.2	0.00 pp	2 q
LMBLimbach Holdings, Inc	0.00%	3,119	$21,000	trimmed−28%	0.00 pp	2 q
LINCLincoln Educational Services	0.00%	22,500	$151,000	new	0.00 pp	new
unresolvedLiqtech Intl Inc	0.00%	39,852	$218,000	added×5.9	0.00 pp	2 q
LTHMLivent Corporation	0.00%	17,918	$414,000	added×5.4	0.00 pp	2 q
LYGLloyds Banking Group PLC	0.00%	294,955	$723,000	added+66%	0.00 pp	4 q
unresolvedLumber Liquidators Hldgs Inc	0.00%	7,510	$140,000	added×2.4	0.00 pp	2 q
MDCM.D.C. Holdings, Inc.	0.00%	10,800	$505,000	new	0.00 pp	new
MTGMGIC Investment Corp.	0.00%	12,163	$182,000	added×3.3	0.00 pp	2 q
MGPIMGP Ingredients Inc	0.00%	5,774	$376,000	added×7.5	0.00 pp	2 q
MACThe Macerich Company	0.00%	7,067	$118,000	added×3.4	0.00 pp	2 q
MNTXManitex International, Inc.	0.00%	21,884	$157,000	added×7.1	0.00 pp	2 q
MCHXMarchex, Inc. Class B	0.00%	57,723	$172,000	added×10.4	0.00 pp	2 q
MCSThe Marcus Corporation	0.00%	11,275	$197,000	added×3.9	0.00 pp	2 q
MTDRMatador Resources Company	0.00%	14,114	$537,000	added×7.0	0.00 pp	2 q
MRCYMercury Systems Inc.	0.00%	5,000	$237,000	new	0.00 pp	new
MTORMERITOR, Inc.	0.00%	15,159	$323,000	added×5.3	0.00 pp	2 q
unresolvedMesa Air Group Inc	0.00%	49,993	$383,000	added×6.2	0.00 pp	2 q
MGMistras Group Inc.	0.00%	20,667	$210,000	added×6.8	0.00 pp	2 q
MODModine Manufacturing Co	0.00%	34,605	$392,000	added×9.6	0.00 pp	2 q
MCMoelis & Company	0.00%	2,708	$168,000	added×3.8	0.00 pp	2 q
9M1NMoneygram International Inc	0.00%	37,000	$297,000	added×7.9	0.00 pp	2 q
NMIHNMI Holdings Inc.	0.00%	13,937	$315,000	added×5.1	0.00 pp	2 q
NNBRNN Inc	0.00%	9,914	$52,000	added+39%	0.00 pp	2 q
NGVCNatural Grocers By Vitamin Cottage, Inc	0.00%	17,864	$200,000	added×3.8	0.00 pp	2 q
STIMNeuronetics, Inc.	0.00%	57,369	$376,000	added×17.2	0.00 pp	2 q
NPKINPK International Inc.	0.00%	93,500	$309,000	added×6.2	0.00 pp	2 q
NDLSNoodles & Company Class A	0.00%	19,679	$232,000	added×5.1	0.00 pp	2 q
JWNNordstrom, Inc.	0.00%	11,800	$312,000	new	0.00 pp	new
ORIOld Republic International Corporation	0.00%	18,255	$422,000	added×24.2	0.00 pp	2 q
OLNOlin Corp.	0.00%	5,100	$246,000	added×3.9	0.00 pp	2 q
ZEUSOlympic Steel, Inc.	0.00%	4,110	$100,000	added×6.7	0.00 pp	2 q
ONTOOnto Innovation Inc.	0.00%	4,449	$321,000	added×4.2	0.00 pp	2 q
OOMAOoma, Inc.	0.00%	9,733	$181,000	added×22.6	0.00 pp	2 q
OPCHOption Care Health, Inc.	0.00%	2,596	$63,000	added×2.0	0.00 pp	2 q
ORNOrion Group Holdings, Inc	0.00%	17,962	$98,000	added×2.7	0.00 pp	2 q
OFIXOrthofix Medical Inc. (DE)	0.00%	9,730	$371,000	added×7.9	0.00 pp	2 q
NXHNeighborhood Intelligence, Inc.	0.00%	7,734	$603,000	added×8.3	0.00 pp	2 q
PEWPctel Inc	0.00%	25,842	$161,000	added×4.1	0.00 pp	2 q
PGTIPGT, Inc.	0.00%	18,264	$349,000	added×10.4	0.00 pp	2 q
PKOHPark-Ohio Holdings Corp	0.00%	9,990	$255,000	added×6.1	0.00 pp	2 q
PATKPatrick Industries Inc	0.00%	3,400	$283,000	new	0.00 pp	new
PFMTPerformant Financial Corp	0.00%	50,500	$200,000	new	0.00 pp	new
PBIPitney Bowes Inc.	0.00%	42,842	$309,000	added×8.8	0.00 pp	2 q
PTBPotbelly Corp	0.00%	40,500	$275,000	added×8.4	0.00 pp	2 q
PRIMPrimoris Services Corporation	0.00%	17,685	$433,000	added×8.9	0.00 pp	2 q
QRHCQuest Resource Holding Corporation	0.00%	29,290	$178,000	added×12.2	0.00 pp	2 q
QNSTQuinStreet, Inc.	0.00%	13,654	$240,000	added×5.8	0.00 pp	2 q
RDNRadian Group Inc.	0.00%	17,518	$398,000	added×8.7	0.00 pp	2 q
RLGTRadiant Logistics, Inc.	0.00%	21,128	$135,000	added×3.4	0.00 pp	2 q
HOUSAnywhere Real Estate Inc.	0.00%	17,740	$311,000	added×12.3	0.00 pp	2 q
RAHSocietal Cdmo Inc	0.00%	147,260	$303,000	added×10.3	0.00 pp	2 q
unresolvedReeds Inc	0.00%	72,500	$44,000	added×2.4	0.00 pp	2 q
RGSRegis Corporation	0.00%	82,108	$286,000	added×13.9	0.00 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.00%	21,534	$960,000	added×2.3	0.00 pp	3 q
RUTHRuth's Hospitality Group, Inc.	0.00%	10,744	$223,000	added×3.2	0.00 pp	2 q
SNYSanofi	0.00%	21,190	$1M	added+65%	0.00 pp	4 q
SBCFSeacoast Banking Corp of Florida	0.00%	6,578	$222,000	added×5.6	0.00 pp	2 q
46LSeaspine Holdings Corp	0.00%	28,655	$451,000	new	0.00 pp	new
07SSecureworks Corp - A	0.00%	17,008	$338,000	added×8.1	0.00 pp	2 q
SEMSelect Medical Holdings Corp	0.00%	14,130	$511,000	added×22.4	0.00 pp	2 q
SIENSientra, Inc.	0.00%	49,331	$283,000	added×5.5	0.00 pp	2 q
SWSmurfit Westrock plc	0.00%	12,786	$198,000	new	0.00 pp	new
SIX1Six Flags Entertainment Corp.	0.00%	5,542	$236,000	added×3.6	0.00 pp	2 q
SKAASkechers USA Inc-cl A	0.00%	12,600	$531,000	new	0.00 pp	new
SKYChampion Homes, Inc.	0.00%	5,761	$346,000	added×10.3	0.00 pp	2 q
SAHSonic Automotive, Inc.	0.00%	4,487	$236,000	added×3.5	0.00 pp	2 q
GJBSteelcase Inc-cl A	0.00%	15,182	$193,000	added×4.6	0.00 pp	2 q
STCStewart Information Services Corporation	0.00%	4,372	$277,000	added×13.6	0.00 pp	2 q
SSUPSuperior Industries Intl	0.00%	30,257	$213,000	added×3.7	0.00 pp	2 q
SGRYSurgery Partners, Inc.	0.00%	13,104	$555,000	new	0.00 pp	new
RTIXRTI Surgical Holdings, Inc.	0.00%	75,504	$82,000	added×4.3	0.00 pp	2 q
TPHTri Pointe Homes, Inc.	0.00%	13,376	$281,000	added×5.6	0.00 pp	2 q
SKTTanger Inc.	0.00%	22,901	$373,000	added×6.5	0.00 pp	2 q
TPRTapestry, Inc.	0.00%	3,852	$143,000	added×5.9	0.00 pp	2 q
TMHCTaylor Morrison Home Corporation	0.00%	16,192	$417,000	added×7.7	0.00 pp	2 q
TCBITexas Capital Bancshares, Inc.	0.00%	7,200	$432,000	added×6.5	0.00 pp	2 q
MTUSMetallus Inc.	0.00%	4,672	$61,000	added+57%	0.00 pp	2 q
TOLToll Brothers, Inc.	0.00%	8,746	$484,000	added×8.0	0.00 pp	2 q
unresolvedTrecora Resources	0.00%	22,239	$182,000	added×3.7	0.00 pp	2 q
TRNTrinity Industries, Inc.	0.00%	7,829	$213,000	added×4.8	0.00 pp	2 q
TSCTriState Capital Holdings, Inc.	0.00%	17,692	$374,000	added×7.4	0.00 pp	2 q
TG7Triumph Group Inc	0.00%	23,151	$431,000	added×5.7	0.00 pp	2 q
TBITrueblue, Inc.	0.00%	16,416	$445,000	added×76.0	0.00 pp	2 q
unresolvedIi-Vi Inc	0.00%	10,244	$608,000	added×8.1	0.00 pp	2 q
7S3US Xpress Enterprises Inc -a	0.00%	23,125	$200,000	added×4.8	0.00 pp	2 q
SLCAU.s. Silica Holdings, Inc.	0.00%	49,298	$394,000	added×9.1	0.00 pp	2 q
UCTTUltra Clean Holdings, Inc.	0.00%	7,714	$329,000	added×8.4	0.00 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.00%	26,154	$1M	added+65%	0.00 pp	4 q
UFABQUnique Fabricating Inc	0.00%	9,991	$33,000	added×3.5	0.00 pp	2 q
UNVRUnivar Solutions Inc.	0.00%	20,549	$489,000	added×8.1	0.00 pp	2 q
ECOLUS Ecology, Inc.	0.00%	12,600	$408,000	new	0.00 pp	new
VIAOYVia Optroncs Hldg S/	0.00%	30,444	$233,000	added×7.4	0.00 pp	2 q
VSECVSE Corp	0.00%	7,804	$376,000	added×13.0	0.00 pp	2 q
VEUVanguard FTSE All-World Ex-US ETF	0.00%	130	$8,000	new	0.00 pp	new
VECOVeeco Instruments Inc	0.00%	16,212	$360,000	added×10.7	0.00 pp	2 q
WNCWabash National Corp.	0.00%	12,493	$189,000	added×2.7	0.00 pp	2 q
WDWalker & Dunlop, Inc.	0.00%	4,600	$522,000	new	0.00 pp	new
WCCWesco International Inc.	0.00%	2,849	$329,000	added×5.2	0.00 pp	2 q
WGOWinnebago Industries, Inc.	0.00%	2,500	$181,000	new	0.00 pp	new
ZVOIZovio Inc	0.00%	54,148	$129,000	added×4.5	0.00 pp	2 q
FNFabrinet	0.00%	1,348	$138,000	added×3.0	0.00 pp	2 q
GSMFerroglobe PLC	0.00%	34,427	$300,000	added×4.1	0.00 pp	2 q
ICHRIchor Holdings	0.00%	12,505	$514,000	added×8.8	0.00 pp	2 q
LXFRLuxfer Holdings PLC	0.00%	14,069	$276,000	added×9.4	0.00 pp	2 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	13,529	$424,000	added×4.6	0.00 pp	2 q
OCDXOrtho Clinical Diagnostics H	0.00%	17,857	$330,000	added×7.3	0.00 pp	2 q
TROXTronox Limited Cl A	0.00%	11,894	$293,000	added×12.0	0.00 pp	2 q
ASCArdmore Shipping Corporation	0.00%	76,676	$318,000	added×9.7	0.00 pp	2 q
DSXDiana Shipping, Inc.	0.00%	33,166	$190,000	added×3.3	0.00 pp	2 q
LPGDorian Lpg Ltd	0.00%	18,718	$232,000	added×4.8	0.00 pp	2 q
NVGSNavigator Holdings Ltd.	0.00%	30,180	$269,000	added×8.0	0.00 pp	2 q
AAAlcoa Corporation	—	−643	—	exited	0.00 pp	—
CVACovanta Holding Corporation	—	−4,847	—	exited	0.00 pp	—
CUTRCutera, Inc.	—	−205	—	exited	0.00 pp	—
DANDana Incorporated	—	−1,901	—	exited	0.00 pp	—
GPXGP Strategies Corp.	—	−2,743	—	exited	0.00 pp	—
HLIHoulihan Lokey, Inc.	—	−283	—	exited	0.00 pp	—
JAXJ. Alexander's Holdings, Inc.	—	−3,329	—	exited	0.00 pp	—
NWHMThe New Home Company Inc.	—	−2,609	—	exited	0.00 pp	—
2677370DSelect Interior Concepts-a	—	−6,085	—	exited	0.00 pp	—
SRIStoneridge, Inc	—	−750	—	exited	0.00 pp	—
UFCSUnited Fire Group Inc.	—	−2,211	—	exited	0.00 pp	—
VSHVishay Intertechnology, Inc.	—	−2,414	—	exited	0.00 pp	—