First Eagle

Q4 2021 13F · by Kimball Brooker, portfolio manager

As of: Dec 31, 2021
Filed: Feb 10, 2022
US stock: $39.9B · prev $39.0B
Positions: 361 · prev 311
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%

Moves374 since the prior filing

+1.8 pp in · −2.2 pp out

New 66 +0.17 pp
Added 219 +1.65 pp
Trimmed 73 −2.19 pp
Exited 16 −0.02 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.5% a year, about 11.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions361 in this filing · 16 exited


ORCLOracle Corp	5.62%	25,720,505	$2.2B	trimmed−2%	−0.24 pp	35 q
CMCSAComcast Corp	3.71%	29,394,424	$1.5B	trimmed−0%	−0.51 pp	35 q
XOMExxon Mobil Corp	3.65%	23,812,283	$1.5B	trimmed−5%	−0.13 pp	35 q
CHRWC.H. Robinson Worldwide, Inc.	2.85%	10,588,958	$1.1B	added+1%	+0.50 pp	20 q
METAMeta Platforms, Inc. Class A	2.84%	3,369,145	$1.1B	trimmed−1%	−0.13 pp	15 q
WTWWillis Towers Watson Public Limited Company	2.82%	4,737,700	$1.1B	trimmed−0%	−0.01 pp	24 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.79%	9,267,991	$1.1B	trimmed−4%	+0.04 pp	14 q
NEMNewmont Corporation	2.71%	17,433,254	$1.1B	trimmed−5%	+0.15 pp	35 q
PMPhilip Morris International Inc.	2.49%	10,457,356	$993M	trimmed−1%	−0.07 pp	15 q
CLColgate-Palmolive Company	2.48%	11,582,477	$988M	trimmed−1%	+0.22 pp	35 q
ELVElevance Health, Inc.	2.34%	2,017,856	$935M	trimmed−1%	+0.38 pp	29 q
BNYBank of New York Mellon Corporation	2.33%	15,982,314	$928M	trimmed−1%	+0.18 pp	35 q
MSFTMicrosoft Corp	2.25%	2,670,208	$898M	trimmed−8%	+0.14 pp	35 q
IMOImperial Oil Limited	2.23%	24,730,313	$892M	trimmed−3%	+0.16 pp	26 q
NTRNutrien Ltd.	2.14%	11,346,489	$853M	trimmed−33%	−0.66 pp	16 q
SLBSLB Limited	2.01%	26,829,599	$804M	trimmed−13%	−0.34 pp	35 q
WYWeyerhaeuser Company	1.88%	18,213,567	$750M	trimmed−2%	+0.19 pp	35 q
WPMWheaton Precious Metals Corp.	1.77%	16,437,704	$706M	trimmed−0%	+0.18 pp	19 q
AXPAmerican Express Company	1.73%	4,225,855	$691M	trimmed−1%	−0.10 pp	35 q
GOOGAlphabet Inc. Class C	1.62%	223,295	$646M	trimmed−1%	+0.08 pp	31 q
ABEVAmbev S.a.	1.62%	230,472,887	$645M	trimmed−0%	−0.02 pp	8 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.60%	3,736,960	$639M	trimmed−5%	−0.05 pp	35 q
TXNTexas Instruments Incorporated	1.57%	3,317,443	$625M	trimmed−1%	−0.08 pp	26 q
HCAHCA Healthcare, Inc.	1.52%	2,362,528	$607M	trimmed−1%	+0.03 pp	15 q
ADIAnalog Devices, Inc.	1.51%	3,430,981	$603M	trimmed−1%	+0.02 pp	28 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	1.40%	7,177,703	$558M	added+7%	−0.09 pp	8 q
TDCTeradata Corporation	1.39%	13,030,275	$553M	trimmed−1%	−0.54 pp	33 q
GOOGLAlphabet Inc. Class A	1.35%	186,053	$539M	trimmed−2%	+0.05 pp	25 q
BKNGBooking Holdings Inc.	1.35%	225,179	$540M	trimmed−1%	−0.04 pp	14 q
USBU.S. Bancorp	1.33%	9,457,289	$531M	trimmed−1%	−0.12 pp	35 q
UHSUniversal Health Services, Inc. Class B	1.33%	4,099,131	$531M	added+14%	+0.05 pp	15 q
VMRKVivmark Residential	1.30%	5,735,533	$519M	trimmed−2%	+0.09 pp	8 q
ABXBarrick Mining Corporation	1.28%	26,874,196	$511M	trimmed−0%	+0.03 pp	35 q
BROBrown & Brown, Inc.	1.28%	7,276,967	$511M	trimmed−1%	+0.24 pp	31 q
BABAAlibaba Group Holding Limited	1.23%	4,129,303	$491M	added+79%	+0.35 pp	4 q
CRMSalesforce, Inc.	1.21%	1,908,185	$485M	trimmed−1%	−0.13 pp	7 q
TRVThe Travelers Companies, Inc.	1.21%	3,093,075	$484M	trimmed−2%	−0.02 pp	20 q
UNPUnion Pacific Corp.	1.20%	1,899,318	$478M	trimmed−1%	+0.23 pp	26 q
DEDeere & Company	1.19%	1,388,518	$476M	trimmed−1%	−0.02 pp	30 q
NOVNOV Inc.	1.16%	34,050,900	$461M	trimmed−1%	+0.01 pp	35 q
BRK.ABerkshire Hathaway Inc.	1.13%	1,003	$452M	trimmed−1%	+0.06 pp	35 q
WFCWells Fargo & Co.	1.12%	9,300,948	$446M	trimmed−8%	−0.08 pp	12 q
BDXBecton, Dickinson and Co.	1.06%	1,683,063	$423M	added+9%	+0.08 pp	5 q
CMICummins Inc.	1.04%	1,909,566	$417M	trimmed−2%	−0.08 pp	25 q
SCHWThe Charles Schwab Corporation	1.04%	4,916,190	$413M	trimmed−1%	+0.11 pp	10 q
WRBW.R. Berkley Corporation	1.00%	4,843,912	$399M	trimmed−1%	+0.08 pp	35 q
XRAYDENTSPLY SIRONA Inc.	1.00%	7,184,012	$401M	added+17%	+0.08 pp	15 q
IPGPIPG Photonics Corporation	0.99%	2,302,862	$396M	added+15%	+0.17 pp	14 q
UGIUGI Corporation	0.99%	8,630,089	$396M	trimmed−2%	+0.02 pp	26 q
RGLDRoyal Gold Inc	0.92%	3,508,703	$369M	added+3%	+0.08 pp	35 q
FLSFlowserve Corporation	0.83%	10,788,753	$330M	trimmed−1%	−0.14 pp	28 q
EXPDExpeditors International of Washington, Inc.	0.82%	2,433,579	$327M	trimmed−1%	+0.07 pp	8 q
YAlleghany Corporation	0.72%	427,932	$286M	trimmed−1%	+0.03 pp	35 q
BXPBXP, Inc.	0.70%	2,429,476	$280M	trimmed−1%	+0.02 pp	7 q
AEMAgnico Eagle Mines Ltd.	0.69%	5,205,654	$277M	trimmed−1%	−0.01 pp	35 q
FNVFranco-Nevada Corporation	0.65%	1,876,389	$260M	trimmed−0%	+0.02 pp	35 q
CCUCompania Cervecerias Unidas S.A.	0.58%	14,065,567	$231M	added0%	−0.04 pp	31 q
DEIDouglas Emmett, Inc.	0.58%	6,932,372	$232M	trimmed−0%	+0.02 pp	7 q
KHCThe Kraft Heinz Company	0.58%	6,464,037	$232M	trimmed−2%	−0.04 pp	10 q
TFCTruist Financial Corporation	0.54%	3,668,100	$215M	trimmed−1%	−0.02 pp	35 q
SMGThe Scotts Miracle-Gro Company	0.47%	1,177,704	$190M	added×2.6	+0.30 pp	35 q
PPGPPG Industries, Inc.	0.46%	1,070,953	$185M	trimmed−1%	+0.06 pp	8 q
KLKirkland Lake Gold Ltd Ordinary	0.29%	2,759,148	$116M	added+1%	0.00 pp	8 q
AGIAlamos Gold Inc. Class A	0.22%	11,251,654	$87M	added+12%	+0.03 pp	21 q
BTGB2Gold Corp.	0.21%	21,787,105	$86M	added+11%	+0.04 pp	27 q
NGNovaGold Resources Inc.	0.20%	11,592,289	$80M	added+1%	0.00 pp	24 q
EPDEnterprise Products Partners L.P.	0.17%	3,145,440	$69M	added+11%	+0.01 pp	8 q
WEPMagellan Midstream Partners	0.15%	1,323,473	$61M	added+9%	+0.01 pp	5 q
MQ8Mag Silver Corp	0.14%	3,465,021	$54M	added+3%	0.00 pp	28 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.13%	101,264	$51M	trimmed−4%	+0.02 pp	6 q
WFC.PRLWells Fargo & Company	0.12%	33,241	$50M	new	+0.12 pp	new
AUAngloGold Ashanti plc	0.07%	1,323,532	$28M	added+1%	+0.02 pp	35 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.06%	437,163	$24M	added+15%	0.00 pp	4 q
HDHome Depot, Inc.	0.06%	55,662	$23M	trimmed−2%	+0.01 pp	6 q
KGCKinross Gold Corporation	0.06%	4,453,381	$26M	added+33%	+0.01 pp	15 q
ORLAOrla Mining Ltd	0.06%	5,895,007	$23M	added+1%	+0.01 pp	5 q
ROSTRoss Stores Inc	0.05%	191,443	$22M	trimmed−3%	−0.01 pp	6 q
MDTMedtronic plc	0.05%	189,869	$20M	trimmed−0%	−0.01 pp	6 q
0VQJLTe Connectivity Ltd	0.05%	135,319	$22M	trimmed−3%	0.00 pp	6 q
BAC.PRLBank Of America Corp	0.03%	8,868	$13M	new	+0.03 pp	new
PEPPepsiCo, Inc.	0.03%	66,635	$12M	trimmed−3%	0.00 pp	6 q
IDAIDACORP, Inc.	0.02%	69,801	$8M	new	+0.02 pp	new
SPGIS&P Global Inc.	0.02%	14,461	$7M	trimmed−44%	−0.01 pp	6 q
ACNAccenture PLC	0.02%	16,414	$7M	trimmed−38%	0.00 pp	6 q
BTIBritish American Tobacco p.l.c.	0.01%	95,048	$4M	added×2.2	+0.01 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.01%	47,887	$2M	added×2.2	+0.01 pp	4 q
SNYSanofi	0.01%	46,189	$2M	added×2.2	+0.01 pp	5 q
SBUXStarbucks Corp	0.01%	31,819	$4M	trimmed−16%	0.00 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.01%	56,868	$3M	added×2.2	+0.01 pp	5 q
VVISA Inc.	0.01%	10,177	$2M	trimmed−3%	0.00 pp	6 q
99952EURLinde PLC/OLD	0.01%	6,791	$2M	trimmed−100%	−1.36 pp	13 q
AIRAAR Corp.	0.00%	28,516	$1M	added×2.3	0.00 pp	3 q
ATENA10 Networks Inc	0.00%	9,165	$152,000	added+27%	0.00 pp	3 q
ASOAcademy Sports and Outdoors, Inc.	0.00%	21,000	$922,000	new	0.00 pp	new
ACHCAcadia Healthcare Company, Inc.	0.00%	15,916	$966,000	added×2.5	0.00 pp	3 q
ADUSAddus HomeCare Corp.	0.00%	11,711	$1M	added+89%	0.00 pp	2 q
QH9Adtran Inc	0.00%	24,986	$570,000	added+47%	0.00 pp	3 q
ASIXAdvanSix Inc.	0.00%	15,252	$721,000	added+22%	0.00 pp	3 q
AEISAdvanced Energy Industries Inc	0.00%	12,134	$1M	added×2.1	0.00 pp	3 q
AL1Sumisho Air Lease Corp	0.00%	28,183	$1M	added×2.1	0.00 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.00%	42,202	$1M	added×9.2	0.00 pp	3 q
ALCOAlico Inc	0.00%	13,000	$481,000	new	0.00 pp	new
ATIATI Inc.	0.00%	75,340	$1M	added×2.7	0.00 pp	3 q
ALGTAllegiant Travel Company	0.00%	6,995	$1M	added×3.7	0.00 pp	3 q
ALTOAlto Ingredients, Inc.	0.00%	188,500	$907,000	new	0.00 pp	new
AMHAmerican Homes 4 Rent	0.00%	4,920	$215,000	new	0.00 pp	new
APEIAmerican Public Education, Inc.	0.00%	49,686	$1M	added×6.2	0.00 pp	3 q
unresolvedAmerican Woodmark Corporation	0.00%	22,650	$1M	added×2.7	0.00 pp	3 q
CRMTAmerica's Car Mart Inc	0.00%	14,716	$2M	added×3.3	0.00 pp	3 q
AMKRAmkor Technology Inc	0.00%	53,116	$1M	added×2.5	0.00 pp	3 q
ASYSAmtech Systems Inc	0.00%	11,892	$117,000	trimmed−27%	0.00 pp	3 q
APOGApogee Enterprises Inc	0.00%	9,089	$438,000	added+21%	0.00 pp	3 q
AROCArchrock Inc	0.00%	32,320	$242,000	added+33%	0.00 pp	3 q
ACAArcosa, Inc.	0.00%	18,006	$949,000	added+84%	0.00 pp	3 q
AHRTAH Realty Trust, Inc.	0.00%	60,238	$917,000	added×2.4	0.00 pp	3 q
9YYAshford Inc	0.00%	37,374	$622,000	added+51%	0.00 pp	3 q
ASPUAspen Group Inc	0.00%	39,500	$93,000	new	0.00 pp	new
ATROAstronics Corp	0.00%	95,548	$1M	added×3.3	0.00 pp	3 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.00%	10,259	$966,000	added+52%	0.00 pp	3 q
AVYAAvaya Holdings Corp.	0.00%	32,443	$642,000	added+47%	0.00 pp	3 q
AVTAvnet, Inc.	0.00%	10,025	$413,000	trimmed−8%	0.00 pp	3 q
AXAxos Financial, Inc.	0.00%	18,968	$1M	added×4.8	0.00 pp	3 q
RILYBRC Group Holdings, Inc.	0.00%	15,600	$1M	added+49%	0.00 pp	3 q
BWBabcock & Wilcox Enterprises, Inc.	0.00%	67,974	$613,000	added+60%	0.00 pp	3 q
BALLBall Corporation	0.00%	474	$46,000	new	0.00 pp	new
BSETBassett Furniture Industries I	0.00%	21,500	$361,000	new	0.00 pp	new
BZHBeazer Homes USA, Inc. New	0.00%	39,959	$928,000	added+98%	0.00 pp	2 q
BVSBioventus Inc. Class A	0.00%	84,300	$1M	new	0.00 pp	new
BJRIBJ's Restaurants, Inc.	0.00%	27,418	$947,000	added×2.3	0.00 pp	2 q
BHRBraemar Hotels & Resorts Inc.	0.00%	192,515	$982,000	added×3.0	0.00 pp	3 q
BKDBrookdale Senior Living, Inc.	0.00%	195,000	$1M	new	0.00 pp	new
unresolvedCrh PLC	0.00%	18,904	$998,000	added×2.2	0.00 pp	5 q
CAMPCalamp Corp	0.00%	98,293	$694,000	added×3.2	0.00 pp	3 q
CNICanadian National Railway	0.00%	1,103	$135,000	new	0.00 pp	new
unresolvedCanadian Pac Ry Ltd	0.00%	1,524	$110,000	new	0.00 pp	new
PRTSCarParts.com, Inc.	0.00%	72,000	$806,000	added×3.3	0.00 pp	3 q
CRSCarpenter Technology Corp	0.00%	39,121	$1M	added×2.8	0.00 pp	3 q
CARSCars.com Inc.	0.00%	28,354	$456,000	added+50%	0.00 pp	3 q
CSLTCastlight Health, Inc.	0.00%	349,461	$538,000	added×3.8	0.00 pp	3 q
CATCaterpillar Inc.	0.00%	360	$74,000	new	0.00 pp	new
CVCOCavco Industries Inc.	0.00%	2,293	$728,000	added×2.6	0.00 pp	3 q
CENXCentury Aluminum Co	0.00%	45,296	$750,000	added×2.9	0.00 pp	2 q
CNTYCentury Casinos Inc	0.00%	10,823	$132,000	held	—	3 q
CCSCentury Communities, Inc.	0.00%	10,707	$876,000	added+43%	0.00 pp	3 q
CHTRCharter Comm Inc Del CL A New	0.00%	186	$121,000	new	0.00 pp	new
CLDTChatham Lodging Trust	0.00%	72,552	$995,000	added×2.7	0.00 pp	3 q
CAKECheesecake Factory (The)	0.00%	20,000	$783,000	added×2.6	0.00 pp	2 q
CHEFThe Chef's Warehouse Inc	0.00%	17,904	$596,000	added+81%	0.00 pp	3 q
EXEExpand Energy Corporation	0.00%	19,231	$1M	added+98%	0.00 pp	3 q
CVXChevron Corporation	0.00%	1,490	$175,000	new	0.00 pp	new
CHUYChuy's Holdings, Inc.	0.00%	40,896	$1M	added×2.5	0.00 pp	2 q
CIRCircor International Inc	0.00%	40,361	$1M	added×3.3	0.00 pp	3 q
COHUCohu Inc	0.00%	32,115	$1M	added×2.2	0.00 pp	3 q
CMCOColumbus McKinnon Corp/NY	0.00%	19,282	$892,000	new	0.00 pp	new
FIXComfort Systems USA, Inc.	0.00%	5,366	$531,000	trimmed−22%	0.00 pp	3 q
CMCCommercial Metals Company	0.00%	24,691	$896,000	added+51%	0.00 pp	3 q
CYHCommunity Health Systems, Inc.	0.00%	107,500	$1M	added×2.4	0.00 pp	2 q
CMTLComtech Telecommunications	0.00%	17,031	$403,000	added+20%	0.00 pp	3 q
CONNQConn's Inc	0.00%	68,079	$2M	added×3.0	0.00 pp	3 q
CCRNCross Ctry. Healthcare Inc.	0.00%	31,537	$875,000	added×3.1	0.00 pp	3 q
AORTArtivion, Inc.	0.00%	35,500	$722,000	new	0.00 pp	new
CWCurtiss-Wright Corp.	0.00%	9,000	$1M	added×2.3	0.00 pp	2 q
BOOMDMC Global Inc.	0.00%	27,500	$1M	added+95%	0.00 pp	2 q
DHID.R. Horton Inc.	0.00%	622	$67,000	new	0.00 pp	new
DSKEDaseke, Inc.	0.00%	64,787	$650,000	added×3.5	0.00 pp	3 q
DGIIDigi International Inc	0.00%	24,278	$597,000	added+90%	0.00 pp	3 q
DHCDiversified Healthcare Trust of Beneficial Interest	0.00%	344,544	$1M	added×4.0	0.00 pp	3 q
DXYNDixie Group Inc	0.00%	62,277	$357,000	added×4.1	0.00 pp	3 q
DSDrive Shack Inc.	0.00%	462,390	$661,000	added×4.0	0.00 pp	3 q
DCODucommun Incorporated	0.00%	28,825	$1M	added×3.0	0.00 pp	3 q
DZSIQDzs Inc	0.00%	60,587	$983,000	added+87%	0.00 pp	3 q
EOGEOG Resources, Inc.	0.00%	930	$83,000	new	0.00 pp	new
ESTEEarthstone Energy Inc. Class A	0.00%	95,944	$1M	added+96%	0.00 pp	3 q
ENSEnerSys, Inc.	0.00%	11,000	$870,000	new	0.00 pp	new
NPOEnpro Inc.	0.00%	4,517	$497,000	trimmed−15%	0.00 pp	3 q
EQIXEquinix, Inc.	0.00%	144	$122,000	new	0.00 pp	new
ETDEthan Allen Interiors Inc	0.00%	36,495	$959,000	added×2.7	0.00 pp	3 q
FTSIFts International Inc-cl A	0.00%	22,101	$580,000	held	—	5 q
FFWMFirst Foundation Inc.	0.00%	31,052	$772,000	added×5.6	0.00 pp	3 q
WOOFoot Locker Inc	0.00%	17,000	$742,000	new	0.00 pp	new
FORMFormFactor Inc.	0.00%	11,860	$542,000	added+34%	0.00 pp	3 q
FTAIFTAI Aviation Ltd.	0.00%	31,921	$923,000	new	0.00 pp	new
FULH.B. Fuller Company	0.00%	6,750	$547,000	trimmed−13%	0.00 pp	2 q
JOBGEE Group Inc.	0.00%	314,876	$179,000	new	0.00 pp	new
GDGeneral Dynamics Corporation	0.00%	7,297	$2M	trimmed−98%	−0.15 pp	24 q
ROCKGibraltar Industries, Inc.	0.00%	16,506	$1M	added×2.0	0.00 pp	3 q
GLTMagnera Corporation	0.00%	26,374	$454,000	added+29%	0.00 pp	3 q
unresolvedGlaxosmithkline PLC	0.00%	41,594	$2M	added×2.2	0.00 pp	5 q
GRBKGreen Brick Partners, Inc	0.00%	13,100	$397,000	added+39%	0.00 pp	3 q
GFFGriffon Corp	0.00%	15,895	$453,000	added+93%	0.00 pp	3 q
HCIHCI Group, Inc.	0.00%	10,268	$858,000	added×8.1	0.00 pp	3 q
HOGHarley-Davidson, Inc.	0.00%	30,100	$1M	new	0.00 pp	new
HAYNHaynes International, Inc.	0.00%	23,240	$937,000	added×2.8	0.00 pp	3 q
HTLDHeartland Express Inc	0.00%	48,500	$816,000	new	0.00 pp	new
HLHecla Mining Company	0.00%	187,943	$981,000	new	0.00 pp	new
HPHelmerich & Payne, Inc.	0.00%	57,912	$1M	added×3.1	0.00 pp	3 q
HRIHerc Holdings Inc.	0.00%	3,500	$548,000	trimmed−15%	0.00 pp	3 q
HCCIHeritage-Crystal Clean, Inc.	0.00%	28,841	$923,000	added×2.1	0.00 pp	3 q
HXLHexcel Corporation	0.00%	18,981	$983,000	added×2.4	0.00 pp	3 q
HTHHilltop Holdings Inc.	0.00%	35,918	$1M	added×3.7	0.00 pp	3 q
HZNHorizon Global Corporation	0.00%	91,467	$730,000	added+90%	0.00 pp	3 q
HMHCHoughton Mifflin Harcourt Company	0.00%	14,496	$233,000	held	—	3 q
HUBGHUB Group Inc	0.00%	5,500	$463,000	added+12%	0.00 pp	3 q
HUNHuntsman Corporation	0.00%	28,648	$999,000	added+96%	0.00 pp	3 q
IBTXIndependent Bank Group, Inc.	0.00%	8,912	$643,000	new	0.00 pp	new
INFNInfinera Corporation	0.00%	92,156	$884,000	added×2.4	0.00 pp	3 q
IEAInfrastructure and Energy Alternatives, Inc.	0.00%	83,100	$765,000	added×3.2	0.00 pp	2 q
TILEInterface Inc	0.00%	43,945	$701,000	added×4.5	0.00 pp	3 q
IDCCInterDigital, Inc.	0.00%	5,845	$419,000	added+9%	0.00 pp	3 q
INTTinTEST Corporation	0.00%	62,450	$794,000	added+82%	0.00 pp	2 q
IINIntriCon Corporation	0.00%	53,901	$872,000	added×2.7	0.00 pp	3 q
IPIIntrepid Potash, Inc	0.00%	19,335	$826,000	added+65%	0.00 pp	3 q
ITUBItau Unibanco Holding S.A.	0.00%	219,017	$821,000	added×3.8	0.00 pp	2 q
ITIIteris, Inc.	0.00%	213,799	$855,000	added×3.5	0.00 pp	3 q
JILLJ.Jill, Inc.	0.00%	26,366	$506,000	trimmed−77%	−0.01 pp	5 q
JELDJELD-WEN Holding, Inc.	0.00%	26,149	$689,000	added×2.2	0.00 pp	3 q
JBLUJetBlue Airways Corp	0.00%	75,813	$1M	added×3.2	0.00 pp	2 q
OPLNOPENLANE, Inc	0.00%	21,736	$340,000	added+71%	0.00 pp	3 q
KLRKaleyra, Inc.	0.00%	79,830	$801,000	added×4.5	0.00 pp	3 q
KAMNKaman Corp	0.00%	21,000	$906,000	new	0.00 pp	new
TBHCThe Brand House Collective, Inc.	0.00%	70,653	$1M	added×10.9	0.00 pp	3 q
KLICKulicke & Soffa Industries Inc	0.00%	16,974	$1M	added+79%	0.00 pp	3 q
LGIHLGI Homes, Inc.	0.00%	8,367	$1M	added×2.2	0.00 pp	3 q
LXULsb Industries Inc	0.00%	51,908	$574,000	added×3.1	0.00 pp	3 q
LYTSLSI Industries Inc	0.00%	88,838	$609,000	added×3.5	0.00 pp	3 q
LADRLadder Capital Corp	0.00%	55,000	$659,000	new	0.00 pp	new
LAKELakeland Industries Inc	0.00%	27,017	$586,000	added+65%	0.00 pp	3 q
LINCLincoln Educational Services	0.00%	151,185	$1M	added×6.7	0.00 pp	2 q
LGFLions Gate Entertainment-a	0.00%	74,054	$1M	new	0.00 pp	new
unresolvedLiqtech Intl Inc	0.00%	148,492	$849,000	added×3.7	0.00 pp	3 q
LADLithia Motors, Inc.	0.00%	3,100	$921,000	new	0.00 pp	new
LTHMLivent Corporation	0.00%	41,918	$1M	added×2.3	0.00 pp	3 q
LYGLloyds Banking Group PLC	0.00%	635,874	$2M	added×2.2	0.00 pp	5 q
unresolvedLumber Liquidators Hldgs Inc	0.00%	39,510	$674,000	added×5.3	0.00 pp	3 q
MDCM.D.C. Holdings, Inc.	0.00%	21,100	$1M	added+95%	0.00 pp	2 q
MTGMGIC Investment Corp.	0.00%	43,663	$630,000	added×3.6	0.00 pp	3 q
MGPIMGP Ingredients Inc	0.00%	7,273	$618,000	added+26%	0.00 pp	3 q
MACThe Macerich Company	0.00%	15,567	$269,000	added×2.2	0.00 pp	3 q
MNTXManitex International, Inc.	0.00%	64,607	$411,000	added×3.0	0.00 pp	3 q
MCHXMarchex, Inc. Class B	0.00%	205,801	$510,000	added×3.6	0.00 pp	3 q
MCSThe Marcus Corporation	0.00%	10,178	$182,000	trimmed−10%	0.00 pp	3 q
MLMMartin Marietta Materials	0.00%	94	$41,000	new	0.00 pp	new
MTDRMatador Resources Company	0.00%	31,414	$1M	added×2.2	0.00 pp	3 q
MRCYMercury Systems Inc.	0.00%	24,102	$1M	added×4.8	0.00 pp	2 q
unresolvedMesa Air Group Inc	0.00%	154,893	$867,000	added×3.1	0.00 pp	3 q
MAAMid-America Apartment Communities, Inc.	0.00%	591	$136,000	new	0.00 pp	new
MODModine Manufacturing Co	0.00%	52,805	$533,000	added+53%	0.00 pp	3 q
MCMoelis & Company	0.00%	19,708	$1M	added×7.3	0.00 pp	3 q
NMIHNMI Holdings Inc.	0.00%	53,437	$1M	added×3.8	0.00 pp	3 q
NVRNVR, Inc.	0.00%	14	$83,000	new	0.00 pp	new
NGVCNatural Grocers By Vitamin Cottage, Inc	0.00%	63,866	$910,000	added×3.6	0.00 pp	3 q
NPTNNeophotonics Corp	0.00%	45,500	$699,000	new	0.00 pp	new
STIMNeuronetics, Inc.	0.00%	219,883	$981,000	added×3.8	0.00 pp	3 q
NPKINPK International Inc.	0.00%	201,822	$593,000	added×2.2	0.00 pp	3 q
NDLSNoodles & Company Class A	0.00%	73,690	$668,000	added×3.7	0.00 pp	3 q
JWNNordstrom, Inc.	0.00%	50,300	$1M	added×4.3	0.00 pp	2 q
NWPXNWPX Infrastructure, Inc.	0.00%	25,525	$812,000	new	0.00 pp	new
OISOil States International, Inc.	0.00%	213,917	$1M	new	0.00 pp	new
ORIOld Republic International Corporation	0.00%	35,855	$881,000	added+96%	0.00 pp	3 q
OLNOlin Corp.	0.00%	14,600	$840,000	added×2.9	0.00 pp	3 q
ZEUSOlympic Steel, Inc.	0.00%	36,546	$859,000	added×8.9	0.00 pp	3 q
OOMAOoma, Inc.	0.00%	8,233	$168,000	trimmed−15%	0.00 pp	3 q
OPCHOption Care Health, Inc.	0.00%	9,096	$259,000	added×3.5	0.00 pp	3 q
OESXOrion Energy Systems, Inc.	0.00%	131,974	$478,000	new	0.00 pp	new
ORNOrion Group Holdings, Inc	0.00%	76,238	$287,000	added×4.2	0.00 pp	3 q
OFIXOrthofix Medical Inc. (DE)	0.00%	39,811	$1M	added×4.1	0.00 pp	3 q
NXHNeighborhood Intelligence, Inc.	0.00%	20,322	$1M	added×2.6	0.00 pp	3 q
ACHAccendra Health, Inc.	0.00%	19,500	$848,000	new	0.00 pp	new
PBFPbf Energy Inc.	0.00%	92,659	$1M	new	0.00 pp	new
PEWPctel Inc	0.00%	65,608	$372,000	added×2.5	0.00 pp	3 q
PGTIPGT, Inc.	0.00%	37,564	$845,000	added×2.1	0.00 pp	3 q
PCRXPacira BioSciences, Inc.	0.00%	24,832	$1M	new	0.00 pp	new
PKPark Hotels & Resorts Inc.	0.00%	53,500	$1M	new	0.00 pp	new
PKOHPark-Ohio Holdings Corp	0.00%	42,841	$907,000	added×4.3	0.00 pp	3 q
PATKPatrick Industries Inc	0.00%	15,200	$1M	added×4.5	0.00 pp	2 q
PFMTPerformant Financial Corp	0.00%	179,901	$434,000	added×3.6	0.00 pp	2 q
PSXPhillips 66	0.00%	1,220	$88,000	new	0.00 pp	new
42OPhysicians Realty Trust	0.00%	55,500	$1M	new	0.00 pp	new
PBIPitney Bowes Inc.	0.00%	138,842	$921,000	added×3.2	0.00 pp	3 q
PTBPotbelly Corp	0.00%	95,110	$531,000	added×2.3	0.00 pp	3 q
PRIMPrimoris Services Corporation	0.00%	34,185	$820,000	added+93%	0.00 pp	3 q
NXQuanex Building Products Corporation	0.00%	23,940	$593,000	new	0.00 pp	new
QRHCQuest Resource Holding Corporation	0.00%	68,829	$478,000	added×2.3	0.00 pp	3 q
QNSTQuinStreet, Inc.	0.00%	41,354	$752,000	added×3.0	0.00 pp	3 q
RESRPC, Inc.	0.00%	178,040	$808,000	new	0.00 pp	new
RPMRPM International, Inc.	0.00%	871	$88,000	new	0.00 pp	new
RDNRadian Group Inc.	0.00%	61,718	$1M	added×3.5	0.00 pp	3 q
RLGTRadiant Logistics, Inc.	0.00%	77,831	$567,000	added×3.7	0.00 pp	3 q
RDNTRadNet, Inc.	0.00%	24,000	$723,000	new	0.00 pp	new
unresolvedThe Real Good Food Company I	0.00%	54,301	$340,000	new	0.00 pp	new
HOUSAnywhere Real Estate Inc.	0.00%	59,964	$1M	added×3.4	0.00 pp	3 q
RAHSocietal Cdmo Inc	0.00%	515,596	$882,000	added×3.5	0.00 pp	3 q
unresolvedReeds Inc	0.00%	110,000	$39,000	added+52%	0.00 pp	3 q
RGSRegis Corporation	0.00%	402,108	$700,000	added×4.9	0.00 pp	3 q
RUTHRuth's Hospitality Group, Inc.	0.00%	23,900	$476,000	added×2.2	0.00 pp	3 q
SBACSBA Communications Corp	0.00%	360	$140,000	new	0.00 pp	new
SMSM Energy Company	0.00%	31,203	$920,000	new	0.00 pp	new
SBCFSeacoast Banking Corp of Florida	0.00%	37,578	$1M	added×5.7	0.00 pp	3 q
46LSeaspine Holdings Corp	0.00%	59,655	$813,000	added×2.1	0.00 pp	2 q
07SSecureworks Corp - A	0.00%	70,081	$1M	added×4.1	0.00 pp	3 q
SEMSelect Medical Holdings Corp	0.00%	50,730	$1M	added×3.6	0.00 pp	3 q
SIENSientra, Inc.	0.00%	253,831	$932,000	added×5.1	0.00 pp	3 q
SWSmurfit Westrock plc	0.00%	40,786	$719,000	added×3.2	0.00 pp	2 q
SIX1Six Flags Entertainment Corp.	0.00%	22,042	$939,000	added×4.0	0.00 pp	3 q
SKAASkechers USA Inc-cl A	0.00%	27,700	$1M	added×2.2	0.00 pp	2 q
SKYChampion Homes, Inc.	0.00%	10,461	$826,000	added+82%	0.00 pp	3 q
SAHSonic Automotive, Inc.	0.00%	7,987	$395,000	added+78%	0.00 pp	3 q
SPWHSportsman's Warehouse Holdings, Inc.	0.00%	70,000	$826,000	new	0.00 pp	new
GJBSteelcase Inc-cl A	0.00%	81,182	$951,000	added×5.3	0.00 pp	3 q
STCStewart Information Services Corporation	0.00%	7,372	$588,000	added+69%	0.00 pp	3 q
SSUPSuperior Industries Intl	0.00%	132,995	$596,000	added×4.4	0.00 pp	3 q
SGRYSurgery Partners, Inc.	0.00%	26,506	$1M	added×2.0	0.00 pp	2 q
RTIXRTI Surgical Holdings, Inc.	0.00%	95,504	$68,000	added+26%	0.00 pp	3 q
TPHTri Pointe Homes, Inc.	0.00%	34,327	$957,000	added×2.6	0.00 pp	3 q
TTMITTM Technologies Inc	0.00%	64,600	$963,000	new	0.00 pp	new
SKTTanger Inc.	0.00%	54,101	$1M	added×2.4	0.00 pp	3 q
TMHCTaylor Morrison Home Corporation	0.00%	30,333	$1M	added+87%	0.00 pp	3 q
TRNOTerreno Realty Corporation	0.00%	594	$51,000	new	0.00 pp	new
TCBITexas Capital Bancshares, Inc.	0.00%	23,800	$1M	added×3.3	0.00 pp	3 q
MTUSMetallus Inc.	0.00%	44,672	$737,000	added×9.6	0.00 pp	3 q
TOLToll Brothers, Inc.	0.00%	13,846	$1M	added+58%	0.00 pp	3 q
unresolvedTraeger Inc	0.00%	66,500	$809,000	new	0.00 pp	new
unresolvedTrecora Resources	0.00%	42,239	$341,000	added+90%	0.00 pp	3 q
TRNTrinity Industries, Inc.	0.00%	28,969	$875,000	added×3.7	0.00 pp	3 q
TSCTriState Capital Holdings, Inc.	0.00%	19,992	$605,000	added+13%	0.00 pp	3 q
TG7Triumph Group Inc	0.00%	46,247	$857,000	added+100%	0.00 pp	3 q
TBITrueblue, Inc.	0.00%	35,116	$972,000	added×2.1	0.00 pp	3 q
unresolvedIi-Vi Inc	0.00%	21,044	$1M	added×2.1	0.00 pp	3 q
7S3US Xpress Enterprises Inc -a	0.00%	166,196	$976,000	added×7.2	0.00 pp	3 q
SLCAU.s. Silica Holdings, Inc.	0.00%	87,063	$818,000	added+77%	0.00 pp	3 q
UCTTUltra Clean Holdings, Inc.	0.00%	11,114	$637,000	added+44%	0.00 pp	3 q
UFIUNIFI, Inc. New	0.00%	46,867	$1M	new	0.00 pp	new
UFABQUnique Fabricating Inc	0.00%	14,991	$29,000	added+50%	0.00 pp	3 q
UNVRUnivar Solutions Inc.	0.00%	36,249	$1M	added+76%	0.00 pp	3 q
UTIUniversal Technical Institute, Inc.	0.00%	102,284	$800,000	new	0.00 pp	new
ECOLUS Ecology, Inc.	0.00%	32,300	$1M	added×2.6	0.00 pp	2 q
UTZUtz Brands, Inc.	0.00%	44,500	$710,000	new	0.00 pp	new
VIAOYVia Optroncs Hldg S/	0.00%	76,230	$560,000	added×2.5	0.00 pp	3 q
VSECVSE Corp	0.00%	16,004	$975,000	added×2.1	0.00 pp	3 q
VEUVanguard FTSE All-World Ex-US ETF	0.00%	12,178	$746,000	added×93.7	0.00 pp	2 q
VECOVeeco Instruments Inc	0.00%	36,512	$1M	added×2.3	0.00 pp	3 q
WNCWabash National Corp.	0.00%	31,711	$619,000	added×2.5	0.00 pp	3 q
WDWalker & Dunlop, Inc.	0.00%	6,100	$920,000	added+33%	0.00 pp	2 q
WCCWesco International Inc.	0.00%	8,549	$1M	added×3.0	0.00 pp	3 q
WSRWhitestone REIT	0.00%	92,565	$938,000	new	0.00 pp	new
WMBWilliams Companies Inc.	0.00%	3,519	$92,000	new	0.00 pp	new
ZVOIZovio Inc	0.00%	246,662	$313,000	added×4.6	0.00 pp	3 q
ZUMZZumiez Inc.	0.00%	18,314	$879,000	new	0.00 pp	new
FNFabrinet	0.00%	7,348	$871,000	added×5.5	0.00 pp	3 q
GSMFerroglobe PLC	0.00%	126,798	$787,000	added×3.7	0.00 pp	3 q
ICHRIchor Holdings	0.00%	24,310	$1M	added+94%	0.00 pp	3 q
LXFRLuxfer Holdings PLC	0.00%	32,369	$625,000	added×2.3	0.00 pp	3 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	16,519	$1M	added+22%	0.00 pp	3 q
NESRNational Energy Services Reunited Corp.	0.00%	5,263	$50,000	new	0.00 pp	new
OCDXOrtho Clinical Diagnostics H	0.00%	49,357	$1M	added×2.8	0.00 pp	3 q
TROXTronox Limited Cl A	0.00%	14,594	$351,000	added+23%	0.00 pp	3 q
ICLICL Group Ltd.	0.00%	8,197	$79,000	new	0.00 pp	new
ASCArdmore Shipping Corporation	0.00%	119,739	$405,000	added+56%	0.00 pp	3 q
DSXDiana Shipping, Inc.	0.00%	88,666	$345,000	added×2.7	0.00 pp	3 q
LPGDorian Lpg Ltd	0.00%	48,218	$612,000	added×2.6	0.00 pp	3 q
NVGSNavigator Holdings Ltd.	0.00%	105,414	$935,000	added×3.5	0.00 pp	3 q
SJTSan Juan Basin Royalty Trust UBI	—	−1,531,078	—	exited	−0.02 pp	—
ACRACRES Commercial Realty Corp.	—	−14,521	—	exited	0.00 pp	—
AVDAmerican Vanguard Corporation	—	−11,555	—	exited	0.00 pp	—
CVGICommercial Vehicle Group, Inc.	—	−14,735	—	exited	0.00 pp	—
DEODiageo plc	—	−1,224	—	exited	0.00 pp	—
unresolvedFlexion Therapeutics Inc	—	−38,841	—	exited	0.00 pp	—
HRTGHeritage Insurance Holdings Inc	—	−14,886	—	exited	0.00 pp	—
KRAKraton Corporation	—	−8,270	—	exited	0.00 pp	—
LMBLimbach Holdings, Inc	—	−3,119	—	exited	0.00 pp	—
MTORMERITOR, Inc.	—	−15,159	—	exited	0.00 pp	—
MGMistras Group Inc.	—	−20,667	—	exited	0.00 pp	—
9M1NMoneygram International Inc	—	−37,000	—	exited	0.00 pp	—
NNBRNN Inc	—	−9,914	—	exited	0.00 pp	—
ONTOOnto Innovation Inc.	—	−4,449	—	exited	0.00 pp	—
TPRTapestry, Inc.	—	−3,852	—	exited	0.00 pp	—
WGOWinnebago Industries, Inc.	—	−2,500	—	exited	0.00 pp	—