First Eagle

Q2 2022 13F · by Kimball Brooker, portfolio manager

As of: Jun 30, 2022
Filed: Aug 10, 2022
US stock: $35.4B · prev $40.8B
Positions: 390 · prev 381
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%

Moves399 since the prior filing

+3.4 pp in · −3.0 pp out

New 38 +0.74 pp
Added 261 +2.63 pp
Trimmed 71 −1.46 pp
Exited 29 −1.54 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ORCL Oracle Corp trimmed−0.14 pp trimmed−0.145.1%
XOM Exxon Mobil Corp trimmed+0.05 pp trimmed+0.054.8%
CMCSA Comcast Corp added−0.09 pp added−0.093.4%
IMO Imperial Oil Limited added+0.37 pp added+0.373.3%
CHRW C.H. Robinson Worldwide, Inc. trimmed+0.22 pp trimmed+0.223.0%

Positions390 in this filing · 29 exited


ORCLOracle Corp	5.11%	25,921,965	$1.8B	trimmed−0%	−0.14 pp	37 q
XOMExxon Mobil Corp	4.82%	19,954,702	$1.7B	trimmed−15%	+0.05 pp	37 q
CMCSAComcast Corp	3.36%	30,305,640	$1.2B	added+1%	−0.09 pp	37 q
IMOImperial Oil Limited	3.29%	24,738,231	$1.2B	added0%	+0.37 pp	28 q
CHRWC.H. Robinson Worldwide, Inc.	3.04%	10,616,415	$1.1B	trimmed−1%	+0.22 pp	22 q
NEMNewmont Corporation	2.95%	17,501,697	$1.0B	trimmed0%	−0.45 pp	37 q
ELVElevance Health, Inc.	2.74%	2,011,000	$970M	trimmed−1%	+0.30 pp	31 q
SLBSLB Limited	2.73%	27,078,619	$968M	added+3%	+0.07 pp	37 q
PMPhilip Morris International Inc.	2.70%	9,686,262	$956M	added0%	+0.48 pp	17 q
WTWWillis Towers Watson Public Limited Company	2.69%	4,830,107	$953M	added+1%	−0.09 pp	26 q
CLColgate-Palmolive Company	2.54%	11,228,068	$900M	trimmed−1%	+0.44 pp	37 q
METAMeta Platforms, Inc. Class A	2.41%	5,297,098	$854M	added+4%	−0.36 pp	17 q
HCAHCA Healthcare, Inc.	2.12%	4,469,001	$751M	added+78%	+0.58 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.07%	8,961,845	$733M	trimmed−1%	−0.24 pp	16 q
ABEVAmbev S.a.	1.98%	279,088,999	$701M	added+2%	−0.19 pp	10 q
BNYBank of New York Mellon Corporation	1.94%	16,510,065	$689M	added+4%	+0.02 pp	37 q
NTRNutrien Ltd.	1.89%	8,386,213	$668M	added0%	−0.24 pp	18 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.80%	3,783,509	$637M	added0%	+0.13 pp	37 q
MSFTMicrosoft Corp	1.76%	2,423,263	$622M	trimmed−0%	−0.08 pp	37 q
WPMWheaton Precious Metals Corp.	1.73%	17,031,820	$614M	trimmed−0%	−0.26 pp	21 q
GOOGAlphabet Inc. Class C	1.65%	267,635	$585M	added+18%	+0.10 pp	33 q
NOVNOV Inc.	1.62%	33,938,447	$574M	added0%	−0.01 pp	37 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	1.60%	8,373,495	$565M	added+16%	+0.14 pp	10 q
TXNTexas Instruments Incorporated	1.53%	3,528,641	$542M	added+4%	+0.01 pp	28 q
TRVThe Travelers Companies, Inc.	1.48%	3,094,004	$523M	trimmed−0%	+0.09 pp	22 q
ADIAnalog Devices, Inc.	1.44%	3,490,574	$510M	added+1%	+0.05 pp	30 q
WYWeyerhaeuser Company	1.36%	14,560,878	$482M	trimmed−4%	−0.05 pp	37 q
ABXBarrick Mining Corporation	1.33%	26,634,759	$471M	added0%	−0.27 pp	37 q
UHSUniversal Health Services, Inc. Class B	1.31%	4,603,535	$464M	added+11%	−0.16 pp	17 q
AXPAmerican Express Company	1.27%	3,238,871	$449M	trimmed−1%	−0.23 pp	37 q
USBU.S. Bancorp	1.24%	9,541,851	$439M	added0%	0.00 pp	37 q
TDCTeradata Corporation	1.20%	11,460,444	$424M	added0%	−0.18 pp	35 q
BDXBecton, Dickinson and Co.	1.17%	1,687,848	$416M	added0%	+0.07 pp	7 q
BRK.ABerkshire Hathaway Inc.	1.16%	1,002	$410M	trimmed−0%	−0.14 pp	37 q
GOOGLAlphabet Inc. Class A	1.14%	185,176	$404M	trimmed−0%	−0.12 pp	27 q
VMRKVivmark Residential	1.13%	5,554,046	$401M	added+2%	−0.07 pp	10 q
CMICummins Inc.	1.09%	1,998,602	$387M	added+5%	+0.13 pp	27 q
UNPUnion Pacific Corp.	1.06%	1,766,424	$377M	added0%	−0.12 pp	28 q
WFCWells Fargo & Co.	1.02%	9,233,576	$362M	added0%	−0.07 pp	14 q
YAlleghany Corporation	1.00%	427,205	$356M	trimmed−0%	+0.11 pp	37 q
BROBrown & Brown, Inc.	0.99%	5,997,626	$350M	trimmed−6%	−0.14 pp	33 q
RGLDRoyal Gold Inc	0.97%	3,228,956	$345M	trimmed−3%	−0.19 pp	37 q
XRAYDENTSPLY SIRONA Inc.	0.95%	9,411,081	$336M	added+11%	−0.07 pp	17 q
UGIUGI Corporation	0.93%	8,553,749	$330M	trimmed−0%	+0.17 pp	28 q
IPGPIPG Photonics Corporation	0.90%	3,401,970	$320M	added+5%	+0.03 pp	16 q
WRBW.R. Berkley Corporation	0.88%	4,567,104	$312M	trimmed−21%	−0.06 pp	37 q
CRMSalesforce, Inc.	0.88%	1,891,030	$312M	trimmed−1%	−0.11 pp	9 q
FLSFlowserve Corporation	0.87%	10,770,663	$308M	trimmed−0%	−0.08 pp	30 q
DEDeere & Company	0.83%	984,355	$295M	trimmed−0%	−0.17 pp	32 q
FNVFranco-Nevada Corporation	0.79%	2,118,518	$279M	added+12%	+0.06 pp	37 q
AEMAgnico Eagle Mines Ltd.	0.78%	6,008,988	$275M	trimmed−17%	−0.31 pp	37 q
ROSTRoss Stores Inc	0.76%	3,828,556	$269M	added×20.0	+0.72 pp	8 q
BXPBXP, Inc.	0.74%	2,929,648	$261M	added+21%	−0.02 pp	9 q
DEIDouglas Emmett, Inc.	0.71%	11,164,284	$250M	added+48%	+0.09 pp	9 q
EXPDExpeditors International of Washington, Inc.	0.71%	2,595,286	$253M	added+7%	+0.10 pp	10 q
SCHWThe Charles Schwab Corporation	0.71%	4,007,460	$253M	held	—	12 q
KHCThe Kraft Heinz Company	0.70%	6,532,652	$249M	added+1%	+0.08 pp	12 q
WMTWalmart Inc.	0.67%	1,963,251	$239M	new	+0.67 pp	new
FISFidelity National Information Services, Inc.	0.59%	2,290,054	$210M	added×4.0	+0.45 pp	2 q
CCUCompania Cervecerias Unidas S.A.	0.52%	14,449,367	$182M	added+1%	0.00 pp	33 q
SMGThe Scotts Miracle-Gro Company	0.39%	1,760,019	$139M	added0%	−0.14 pp	37 q
PPGPPG Industries, Inc.	0.36%	1,108,072	$127M	added+4%	+0.02 pp	10 q
DHID.R. Horton Inc.	0.34%	1,802,084	$119M	added×1727.8	+0.34 pp	3 q
AGIAlamos Gold Inc. Class A	0.24%	11,897,917	$83M	added+6%	+0.01 pp	23 q
BTGB2Gold Corp.	0.24%	24,813,175	$84M	held	—	29 q
EPDEnterprise Products Partners L.P.	0.23%	3,316,221	$81M	added+1%	+0.02 pp	10 q
WEPMagellan Midstream Partners	0.21%	1,570,087	$75M	added+11%	+0.04 pp	7 q
NGNovaGold Resources Inc.	0.21%	15,394,458	$74M	added+9%	−0.06 pp	26 q
MQ8Mag Silver Corp	0.17%	4,799,997	$59M	added+18%	+0.01 pp	30 q
WFC.PRLWells Fargo & Company	0.11%	31,721	$39M	trimmed−5%	0.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.10%	71,067	$37M	trimmed−14%	0.00 pp	8 q
BAC.PRLBank Of America Corp	0.08%	24,611	$30M	added+4%	0.00 pp	3 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.07%	468,418	$26M	added+5%	+0.01 pp	6 q
RPMRPM International, Inc.	0.06%	247,585	$19M	added×150.0	+0.06 pp	3 q
KGCKinross Gold Corporation	0.05%	4,453,381	$16M	held	—	17 q
ORLAOrla Mining Ltd	0.05%	5,895,007	$16M	held	—	7 q
MDTMedtronic plc	0.05%	189,869	$17M	held	—	8 q
HDHome Depot, Inc.	0.04%	55,380	$15M	trimmed−1%	0.00 pp	8 q
0VQJLTe Connectivity Ltd	0.04%	134,401	$15M	trimmed−1%	0.00 pp	8 q
AJRDAerojet Rocketdyne Holdings, Inc.	0.03%	240,464	$10M	added+43%	+0.01 pp	2 q
PEPPepsiCo, Inc.	0.03%	66,183	$11M	trimmed−1%	0.00 pp	8 q
BTIBritish American Tobacco p.l.c.	0.02%	190,960	$8M	added+40%	+0.01 pp	7 q
EMBCEmbecta Corp.	0.02%	337,187	$9M	new	+0.02 pp	new
IDAIDACORP, Inc.	0.02%	78,788	$8M	added0%	0.00 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.02%	152,618	$7M	added+58%	+0.01 pp	7 q
AIRAAR Corp.	0.01%	51,894	$2M	trimmed−4%	0.00 pp	5 q
ACHCAcadia Healthcare Company, Inc.	0.01%	30,085	$2M	added+36%	+0.01 pp	5 q
AHCOAdaptHealth Corp.	0.01%	178,734	$3M	new	+0.01 pp	new
QH9Adtran Inc	0.01%	112,876	$2M	added+88%	+0.01 pp	5 q
AEISAdvanced Energy Industries Inc	0.01%	50,538	$4M	added+71%	0.00 pp	5 q
AL1Sumisho Air Lease Corp	0.01%	113,909	$4M	added+54%	0.00 pp	5 q
ALEXAlexander & Baldwin, Inc.	0.01%	139,770	$3M	added+57%	0.00 pp	5 q
ALGTAllegiant Travel Company	0.01%	29,568	$3M	added+52%	0.00 pp	5 q
ALTOAlto Ingredients, Inc.	0.01%	610,154	$2M	added+52%	0.00 pp	3 q
AMEDAmedisys Inc	0.01%	25,040	$3M	added×200.3	+0.01 pp	2 q
APEIAmerican Public Education, Inc.	0.01%	167,412	$3M	added+68%	0.00 pp	5 q
unresolvedAmerican Woodmark Corporation	0.01%	50,421	$2M	added+9%	0.00 pp	5 q
CRMTAmerica's Car Mart Inc	0.01%	32,619	$3M	trimmed−2%	0.00 pp	5 q
AMKRAmkor Technology Inc	0.01%	206,498	$4M	added+55%	0.00 pp	5 q
ACAArcosa, Inc.	0.01%	55,519	$3M	added+42%	0.00 pp	5 q
AHRTAH Realty Trust, Inc.	0.01%	207,699	$3M	added+70%	+0.01 pp	5 q
ATROAstronics Corp	0.01%	241,508	$2M	added+34%	0.00 pp	5 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.01%	59,115	$4M	added+65%	0.00 pp	5 q
AVNWAviat Networks, Inc.	0.01%	110,736	$3M	added+82%	+0.01 pp	2 q
ACLSAxcelis Technologies Inc	0.01%	48,845	$3M	new	+0.01 pp	new
AXAxos Financial, Inc.	0.01%	85,471	$3M	added+76%	0.00 pp	5 q
RILYBRC Group Holdings, Inc.	0.01%	78,296	$3M	added+52%	0.00 pp	5 q
BZHBeazer Homes USA, Inc. New	0.01%	198,696	$2M	added+62%	+0.01 pp	4 q
BVSBioventus Inc. Class A	0.01%	267,504	$2M	added+48%	0.00 pp	3 q
BJRIBJ's Restaurants, Inc.	0.01%	108,635	$2M	added+73%	+0.01 pp	4 q
BKDBrookdale Senior Living, Inc.	0.01%	563,398	$3M	added+41%	0.00 pp	3 q
CAMPCalamp Corp	0.01%	434,302	$2M	added+70%	+0.01 pp	5 q
CALYCallaway Golf Company	0.01%	91,940	$2M	added+66%	+0.01 pp	2 q
CDNACareDx, Inc.	0.01%	147,451	$3M	added×2.6	0.00 pp	2 q
PRTSCarParts.com, Inc.	0.01%	326,462	$2M	added+80%	+0.01 pp	5 q
CRSCarpenter Technology Corp	0.01%	82,635	$2M	added+24%	0.00 pp	5 q
CVCOCavco Industries Inc.	0.01%	16,672	$3M	added+84%	0.00 pp	5 q
CCSCentury Communities, Inc.	0.01%	63,393	$3M	added+85%	+0.01 pp	5 q
CLDTChatham Lodging Trust	0.01%	208,813	$2M	added+38%	0.00 pp	5 q
CAKECheesecake Factory (The)	0.01%	91,650	$2M	added+83%	+0.01 pp	4 q
CHEFThe Chef's Warehouse Inc	0.01%	53,154	$2M	added+19%	+0.01 pp	5 q
EXEExpand Energy Corporation	0.01%	29,766	$2M	added+30%	+0.01 pp	5 q
CHUYChuy's Holdings, Inc.	0.01%	163,417	$3M	added+67%	0.00 pp	4 q
CIRCircor International Inc	0.01%	129,433	$2M	added+69%	+0.01 pp	5 q
COHUCohu Inc	0.01%	127,736	$4M	added+70%	0.00 pp	5 q
CMCOColumbus McKinnon Corp/NY	0.01%	85,057	$2M	added+85%	+0.01 pp	3 q
CYHCommunity Health Systems, Inc.	0.01%	498,174	$2M	added×2.0	0.00 pp	4 q
CONNQConn's Inc	0.01%	241,133	$2M	added+60%	0.00 pp	5 q
AORTArtivion, Inc.	0.01%	119,843	$2M	added+45%	+0.01 pp	3 q
CWCurtiss-Wright Corp.	0.01%	29,267	$4M	added+31%	0.00 pp	4 q
BOOMDMC Global Inc.	0.01%	139,715	$3M	added+75%	0.00 pp	4 q
DGIIDigi International Inc	0.01%	82,303	$2M	added+29%	+0.01 pp	5 q
DIODDiodes Inc	0.01%	28,867	$2M	new	+0.01 pp	new
DCODucommun Incorporated	0.01%	85,320	$4M	added+47%	0.00 pp	5 q
DZSIQDzs Inc	0.01%	158,444	$3M	added+30%	+0.01 pp	5 q
ESTEEarthstone Energy Inc. Class A	0.01%	201,907	$3M	trimmed−9%	0.00 pp	5 q
ENSEnerSys, Inc.	0.01%	33,910	$2M	added+7%	0.00 pp	3 q
NPOEnpro Inc.	0.01%	25,943	$2M	added×2.4	+0.01 pp	5 q
FFWMFirst Foundation Inc.	0.01%	127,445	$3M	added+74%	+0.01 pp	5 q
FORMFormFactor Inc.	0.01%	71,013	$3M	added+88%	+0.01 pp	5 q
FTAIFTAI Aviation Ltd.	0.01%	124,216	$2M	added×2.4	+0.01 pp	3 q
ROCKGibraltar Industries, Inc.	0.01%	82,084	$3M	added+83%	+0.01 pp	5 q
unresolvedGlaxosmithkline PLC	0.01%	83,763	$4M	added+41%	0.00 pp	7 q
GTGoodyear Tire & Rubber	0.01%	243,623	$3M	added×4.2	+0.01 pp	2 q
HCIHCI Group, Inc.	0.01%	61,602	$4M	added+55%	0.00 pp	5 q
HOGHarley-Davidson, Inc.	0.01%	70,942	$2M	added+34%	0.00 pp	3 q
HTLDHeartland Express Inc	0.01%	174,296	$2M	added+58%	+0.01 pp	3 q
HLHecla Mining Company	0.01%	557,147	$2M	added+49%	0.00 pp	3 q
HPHelmerich & Payne, Inc.	0.01%	57,612	$2M	trimmed−23%	0.00 pp	5 q
HRIHerc Holdings Inc.	0.01%	39,379	$4M	added×2.6	0.00 pp	5 q
HCCIHeritage-Crystal Clean, Inc.	0.01%	121,035	$3M	added+66%	0.00 pp	5 q
HXLHexcel Corporation	0.01%	55,242	$3M	added+41%	0.00 pp	5 q
HTHHilltop Holdings Inc.	0.01%	93,759	$3M	added+15%	0.00 pp	5 q
HUNHuntsman Corporation	0.01%	88,257	$3M	added+51%	0.00 pp	5 q
IBTXIndependent Bank Group, Inc.	0.01%	54,835	$4M	added+58%	0.00 pp	3 q
INFNInfinera Corporation	0.01%	460,623	$2M	added×2.1	+0.01 pp	5 q
IEAInfrastructure and Energy Alternatives, Inc.	0.01%	294,635	$2M	added+69%	0.00 pp	4 q
INGRIngredion Incorporated	0.01%	24,773	$2M	added×124.5	+0.01 pp	2 q
INTTinTEST Corporation	0.01%	316,117	$2M	added×2.2	+0.01 pp	4 q
ITUBItau Unibanco Holding S.A.	0.01%	447,040	$2M	added+39%	+0.01 pp	4 q
ITIIteris, Inc.	0.01%	631,288	$2M	added+46%	+0.01 pp	5 q
JBLUJetBlue Airways Corp	0.01%	263,371	$2M	added+62%	0.00 pp	4 q
KAMNKaman Corp	0.01%	72,180	$2M	added+65%	+0.01 pp	3 q
KLICKulicke & Soffa Industries Inc	0.01%	69,368	$3M	added+67%	0.00 pp	5 q
LGIHLGI Homes, Inc.	0.01%	38,597	$3M	added+59%	0.00 pp	5 q
LBRTLiberty Energy Inc.	0.01%	200,024	$3M	added+16%	0.00 pp	2 q
LINCLincoln Educational Services	0.01%	481,083	$3M	added+52%	0.00 pp	4 q
LGFLions Gate Entertainment-a	0.01%	281,296	$3M	added+77%	0.00 pp	3 q
LADLithia Motors, Inc.	0.01%	9,325	$3M	added×6.3	+0.01 pp	3 q
LTHMLivent Corporation	0.01%	116,619	$3M	added+19%	0.00 pp	5 q
LYGLloyds Banking Group PLC	0.01%	1,257,698	$3M	added+37%	0.00 pp	7 q
MTDRMatador Resources Company	0.01%	49,124	$2M	trimmed−21%	0.00 pp	5 q
MRCYMercury Systems Inc.	0.01%	57,993	$4M	added+42%	0.00 pp	4 q
MODModine Manufacturing Co	0.01%	180,286	$2M	added+56%	+0.01 pp	5 q
DNOWDNOW Inc.	0.01%	211,829	$2M	added×2.4	+0.01 pp	2 q
OISOil States International, Inc.	0.01%	398,329	$2M	added+6%	0.00 pp	3 q
ORIOld Republic International Corporation	0.01%	103,967	$2M	added+40%	+0.01 pp	5 q
ONTOOnto Innovation Inc.	0.01%	38,576	$3M	new	+0.01 pp	new
OFIXOrthofix Medical Inc. (DE)	0.01%	111,622	$3M	added+41%	0.00 pp	5 q
ACHAccendra Health, Inc.	0.01%	119,471	$4M	added×2.1	0.00 pp	3 q
PBFPbf Energy Inc.	0.01%	91,637	$3M	trimmed−31%	0.00 pp	3 q
PCRXPacira BioSciences, Inc.	0.01%	69,825	$4M	added+46%	0.00 pp	3 q
PKPark Hotels & Resorts Inc.	0.01%	155,828	$2M	added+50%	+0.01 pp	3 q
PKOHPark-Ohio Holdings Corp	0.01%	158,559	$3M	added+88%	+0.01 pp	5 q
PATKPatrick Industries Inc	0.01%	46,762	$2M	added+44%	+0.01 pp	4 q
PDCOPatterson Companies, Inc.	0.01%	92,841	$3M	new	+0.01 pp	new
42OPhysicians Realty Trust	0.01%	176,808	$3M	added+38%	0.00 pp	3 q
PUMPProPetro Holding Corp.	0.01%	224,766	$2M	added+67%	+0.01 pp	2 q
NXQuanex Building Products Corporation	0.01%	79,080	$2M	added+52%	+0.01 pp	3 q
RDNTRadNet, Inc.	0.01%	118,648	$2M	added+89%	+0.01 pp	3 q
SHELShell plc	0.01%	97,269	$5M	added+42%	0.00 pp	2 q
SPGIS&P Global Inc.	0.01%	9,598	$3M	trimmed−1%	0.00 pp	8 q
SMSM Energy Company	0.01%	63,087	$2M	trimmed−16%	0.00 pp	3 q
SNYSanofi	0.01%	93,046	$5M	added+39%	0.00 pp	7 q
SBCFSeacoast Banking Corp of Florida	0.01%	118,255	$4M	added+52%	0.00 pp	5 q
07SSecureworks Corp - A	0.01%	270,874	$3M	added+68%	0.00 pp	5 q
SEMSelect Medical Holdings Corp	0.01%	171,085	$4M	added+45%	0.00 pp	5 q
SWSmurfit Westrock plc	0.01%	145,281	$3M	added+47%	+0.01 pp	4 q
SIX1Six Flags Entertainment Corp.	0.01%	107,874	$2M	added×2.4	+0.01 pp	5 q
SKAASkechers USA Inc-cl A	0.01%	80,428	$3M	added+40%	0.00 pp	4 q
SKYChampion Homes, Inc.	0.01%	58,826	$3M	added+82%	+0.01 pp	5 q
SPWHSportsman's Warehouse Holdings, Inc.	0.01%	260,371	$2M	added+42%	+0.01 pp	3 q
SBUXStarbucks Corp	0.01%	52,276	$4M	trimmed−1%	0.00 pp	8 q
GJBSteelcase Inc-cl A	0.01%	211,790	$2M	added+31%	+0.01 pp	5 q
STCStewart Information Services Corporation	0.01%	39,624	$2M	added×2.0	+0.01 pp	5 q
SGRYSurgery Partners, Inc.	0.01%	86,023	$2M	added+65%	0.00 pp	4 q
TTMITTM Technologies Inc	0.01%	199,623	$2M	added+31%	0.00 pp	3 q
SKTTanger Inc.	0.01%	212,299	$3M	added+56%	0.00 pp	5 q
THCTenet Healthcare Corporation New	0.01%	49,703	$3M	added×432.2	+0.01 pp	2 q
TCBITexas Capital Bancshares, Inc.	0.01%	74,457	$4M	added+42%	0.00 pp	5 q
TITNTitan Machinery Inc.	0.01%	121,168	$3M	added×8.1	+0.01 pp	2 q
TOLToll Brothers, Inc.	0.01%	61,384	$3M	added+83%	+0.01 pp	5 q
TRNTrinity Industries, Inc.	0.01%	95,771	$2M	added+57%	0.00 pp	5 q
TG7Triumph Group Inc	0.01%	168,361	$2M	added+79%	0.00 pp	5 q
unresolvedIi-Vi Inc	0.01%	69,821	$4M	added+53%	0.00 pp	5 q
SLCAU.s. Silica Holdings, Inc.	0.01%	191,247	$2M	added+6%	0.00 pp	5 q
UCTTUltra Clean Holdings, Inc.	0.01%	103,016	$3M	added×2.5	+0.01 pp	5 q
UFIUNIFI, Inc. New	0.01%	233,774	$3M	added×2.2	+0.01 pp	3 q
UNVRUnivar Solutions Inc.	0.01%	104,058	$3M	added+40%	0.00 pp	5 q
UTIUniversal Technical Institute, Inc.	0.01%	249,520	$2M	added+46%	+0.01 pp	3 q
UTZUtz Brands, Inc.	0.01%	164,342	$2M	added+53%	+0.01 pp	3 q
VSECVSE Corp	0.01%	68,426	$3M	added+59%	+0.01 pp	5 q
VECOVeeco Instruments Inc	0.01%	152,242	$3M	added×2.2	+0.01 pp	5 q
VVISA Inc.	0.01%	10,107	$2M	trimmed−1%	0.00 pp	8 q
WNCWabash National Corp.	0.01%	197,650	$3M	added+81%	+0.01 pp	5 q
WDWalker & Dunlop, Inc.	0.01%	38,162	$4M	added+91%	0.00 pp	4 q
WSRWhitestone REIT	0.01%	234,208	$3M	added+28%	0.00 pp	3 q
ACNAccenture PLC	0.01%	14,056	$4M	trimmed−1%	0.00 pp	8 q
FNFabrinet	0.01%	47,934	$4M	added×2.1	0.00 pp	5 q
ICHRIchor Holdings	0.01%	126,729	$3M	added×2.0	0.00 pp	5 q
AOSLAlpha and Omega Semiconductor Limited	0.01%	83,936	$3M	added+84%	0.00 pp	5 q
NVGSNavigator Holdings Ltd.	0.01%	247,074	$3M	added+21%	0.00 pp	5 q
ASOAcademy Sports and Outdoors, Inc.	0.00%	46,379	$2M	trimmed−31%	−0.01 pp	3 q
ADUSAddus HomeCare Corp.	0.00%	21,160	$2M	added×2.9	0.00 pp	4 q
ASIXAdvanSix Inc.	0.00%	39,766	$1M	added+3%	0.00 pp	5 q
ALCOAlico Inc	0.00%	16,690	$595,000	trimmed−57%	0.00 pp	3 q
AMHAmerican Homes 4 Rent	0.00%	5,881	$208,000	added0%	0.00 pp	3 q
AWKAmerican Water Works Company, Inc	0.00%	169	$25,000	new	0.00 pp	new
ABCBAmeris Bancorp	0.00%	345	$14,000	held	—	2 q
ASYSAmtech Systems Inc	0.00%	167,252	$1M	added×3.5	0.00 pp	5 q
APOGApogee Enterprises Inc	0.00%	7,632	$299,000	trimmed−37%	0.00 pp	5 q
ARMKAramark	0.00%	481	$15,000	held	—	2 q
AROCArchrock Inc	0.00%	30,751	$254,000	trimmed−31%	0.00 pp	5 q
9YYAshford Inc	0.00%	61,149	$854,000	added+23%	0.00 pp	5 q
unresolvedAssertio Holdings Inc	0.00%	250,053	$738,000	new	0.00 pp	new
ASTEAstec Industries Inc	0.00%	24,009	$979,000	new	0.00 pp	new
AVYAAvaya Holdings Corp.	0.00%	215,887	$484,000	added×2.4	0.00 pp	5 q
AVTRAvantor, Inc.	0.00%	480	$15,000	held	—	2 q
AVTAvnet, Inc.	0.00%	24,903	$1M	added×3.2	0.00 pp	5 q
AZEKThe AZEK Company Inc.	0.00%	78,176	$1M	new	0.00 pp	new
BWBabcock & Wilcox Enterprises, Inc.	0.00%	225,571	$1M	added+52%	0.00 pp	5 q
BALLBall Corporation	0.00%	564	$39,000	added0%	0.00 pp	3 q
BLMNBloomin' Brands, Inc.	0.00%	70,123	$1M	new	0.00 pp	new
BLBDBlue Bird Corporation	0.00%	94,266	$868,000	added+88%	0.00 pp	2 q
BHRBraemar Hotels & Resorts Inc.	0.00%	398,281	$2M	added+7%	−0.01 pp	5 q
unresolvedCrh PLC	0.00%	36,939	$1M	added+37%	0.00 pp	7 q
CNICanadian National Railway	0.00%	1,317	$148,000	added0%	0.00 pp	3 q
unresolvedCanadian Pac Ry Ltd	0.00%	1,820	$127,000	added0%	0.00 pp	3 q
CAHCardinal Health, Inc.	0.00%	266	$14,000	added+49%	0.00 pp	2 q
CARSCars.com Inc.	0.00%	137,629	$1M	added×3.1	0.00 pp	5 q
CASYCasey's General Stores Inc	0.00%	84	$16,000	trimmed−12%	0.00 pp	2 q
CENXCentury Aluminum Co	0.00%	155,146	$1M	added×5.5	0.00 pp	4 q
CHTRCharter Comm Inc Del CL A New	0.00%	261	$122,000	added+19%	0.00 pp	3 q
CCThe Chemours Company	0.00%	463	$15,000	trimmed−20%	0.00 pp	2 q
CVXChevron Corporation	0.00%	1,700	$246,000	added0%	0.00 pp	3 q
CHWYChewy, Inc.	0.00%	309	$11,000	added+39%	0.00 pp	2 q
CIENCiena Corporation	0.00%	321	$15,000	added+18%	0.00 pp	2 q
CLFCleveland-Cliffs Inc.	0.00%	825	$13,000	trimmed−10%	0.00 pp	2 q
CMCCommercial Metals Company	0.00%	49,124	$2M	trimmed−2%	−0.01 pp	5 q
CMTLComtech Telecommunications	0.00%	99,963	$907,000	added+53%	0.00 pp	5 q
TCSThe Container Store Group, Inc.	0.00%	274,070	$2M	added+73%	0.00 pp	2 q
QDELQuidelOrtho Corporation	0.00%	181	$18,000	new	0.00 pp	new
CBRLCracker Barrel Old Country Store, Inc,.	0.00%	139	$12,000	held	—	2 q
CCRNCross Ctry. Healthcare Inc.	0.00%	48,592	$1M	trimmed−9%	0.00 pp	5 q
DSKEDaseke, Inc.	0.00%	172,806	$1M	added×2.6	0.00 pp	5 q
DENNDenny's Corp	0.00%	15,000	$130,000	new	0.00 pp	new
DHCDiversified Healthcare Trust of Beneficial Interest	0.00%	846,993	$2M	added+31%	−0.01 pp	5 q
DXYNDixie Group Inc	0.00%	222,292	$285,000	added+62%	0.00 pp	5 q
DCIDonaldson Company, Inc.	0.00%	44	$2,000	new	0.00 pp	new
DOVDover Corporation	0.00%	17	$2,000	new	0.00 pp	new
DSDrive Shack Inc.	0.00%	1,047,391	$1M	added+27%	0.00 pp	5 q
EOGEOG Resources, Inc.	0.00%	642	$71,000	trimmed−53%	0.00 pp	3 q
EVAEnviva Inc.	0.00%	6,373	$365,000	new	0.00 pp	new
EQIXEquinix, Inc.	0.00%	172	$113,000	added+1%	0.00 pp	3 q
EVREvercore Inc.	0.00%	95	$9,000	trimmed−100%	−0.01 pp	2 q
EVBGEverbridge, Inc.	0.00%	61,018	$2M	added+20%	−0.01 pp	2 q
FULH.B. Fuller Company	0.00%	247	$15,000	trimmed−98%	0.00 pp	4 q
JOBGEE Group Inc.	0.00%	1,010,305	$527,000	added+12%	0.00 pp	3 q
GXOGXO Logistics, Inc.	0.00%	208	$9,000	held	—	2 q
GNRCGenerac Holdings Inc	0.00%	49	$10,000	new	0.00 pp	new
GDGeneral Dynamics Corporation	0.00%	7,297	$2M	held	—	26 q
DINOHF Sinclair Corporation	0.00%	406	$18,000	trimmed−10%	0.00 pp	2 q
HAYNHaynes International, Inc.	0.00%	47,212	$2M	added+8%	0.00 pp	5 q
HSTMHealthStream Inc	0.00%	11,056	$240,000	new	0.00 pp	new
HOSHornbeck Offshore Services, Inc.	0.00%	303,695	$941,000	added×2.2	0.00 pp	2 q
IAA-WUSDIaa Inc	0.00%	41,652	$1M	new	0.00 pp	new
ICADIcad Inc	0.00%	212,892	$852,000	new	0.00 pp	new
TILEInterface Inc	0.00%	112,535	$1M	added+33%	0.00 pp	5 q
IDCCInterDigital, Inc.	0.00%	17,961	$1M	added+42%	0.00 pp	5 q
IAUiShares Gold Trust	0.00%	3,926	$135,000	new	0.00 pp	new
JILLJ.Jill, Inc.	0.00%	30,486	$558,000	held	—	7 q
KLRKaleyra, Inc.	0.00%	291,254	$594,000	added+23%	0.00 pp	5 q
KBALKimball International	0.00%	41,000	$314,000	new	0.00 pp	new
LXULsb Industries Inc	0.00%	33,395	$463,000	trimmed−37%	0.00 pp	5 q
LYTSLSI Industries Inc	0.00%	192,044	$1M	added+18%	0.00 pp	5 q
LADRLadder Capital Corp	0.00%	139,911	$1M	added+34%	0.00 pp	3 q
LAKELakeland Industries Inc	0.00%	46,618	$716,000	trimmed−11%	0.00 pp	5 q
LIILennox International Inc.	0.00%	66	$14,000	held	—	2 q
unresolvedLumber Liquidators Hldgs Inc	0.00%	131,487	$1M	added+49%	0.00 pp	5 q
MTGMGIC Investment Corp.	0.00%	109,115	$1M	added+29%	0.00 pp	5 q
MKSIMKS Inc.	0.00%	120	$12,000	held	—	2 q
MACThe Macerich Company	0.00%	137,952	$1M	added×2.4	0.00 pp	5 q
SHOOSteven Madden Ltd	0.00%	65	$2,000	new	0.00 pp	new
MGNIMagnite, Inc.	0.00%	115,000	$1M	new	0.00 pp	new
MNTXManitex International, Inc.	0.00%	126,282	$820,000	added+13%	0.00 pp	5 q
MCHXMarchex, Inc. Class B	0.00%	420,592	$555,000	added+24%	0.00 pp	5 q
MCSThe Marcus Corporation	0.00%	46,611	$688,000	added×2.4	0.00 pp	5 q
unresolvedMesa Air Group Inc	0.00%	257,431	$564,000	trimmed−13%	0.00 pp	5 q
MAAMid-America Apartment Communities, Inc.	0.00%	704	$123,000	added0%	0.00 pp	3 q
MCMoelis & Company	0.00%	13,451	$529,000	trimmed−77%	−0.01 pp	5 q
NMIHNMI Holdings Inc.	0.00%	97,822	$2M	added×2.7	0.00 pp	5 q
NGVCNatural Grocers By Vitamin Cottage, Inc	0.00%	20,947	$334,000	trimmed−74%	0.00 pp	5 q
STIMNeuronetics, Inc.	0.00%	323,792	$1M	trimmed−5%	0.00 pp	5 q
NPKINPK International Inc.	0.00%	503,783	$2M	added+27%	0.00 pp	5 q
FRACKeane Group, Inc.	0.00%	70,398	$669,000	trimmed−54%	0.00 pp	2 q
NDLSNoodles & Company Class A	0.00%	217,166	$1M	added+31%	0.00 pp	5 q
NWPXNWPX Infrastructure, Inc.	0.00%	31,143	$932,000	trimmed−30%	0.00 pp	3 q
OLNOlin Corp.	0.00%	23,075	$1M	trimmed−56%	−0.01 pp	5 q
ONON Semiconductor Corp	0.00%	40	$2,000	new	0.00 pp	new
OOMAOoma, Inc.	0.00%	45,400	$538,000	added+54%	0.00 pp	5 q
OPCHOption Care Health, Inc.	0.00%	43,362	$1M	added+63%	0.00 pp	5 q
OESXOrion Energy Systems, Inc.	0.00%	378,566	$761,000	added+20%	0.00 pp	3 q
ORNOrion Group Holdings, Inc	0.00%	166,133	$379,000	added+58%	0.00 pp	5 q
PEWPctel Inc	0.00%	248,438	$1M	added+75%	0.00 pp	5 q
PGTIPGT, Inc.	0.00%	62,290	$1M	trimmed−9%	0.00 pp	5 q
PEBPebblebrook Hotel Trust	0.00%	73,047	$1M	added+79%	0.00 pp	2 q
PNTGThe Pennant Group, Inc.	0.00%	134,170	$2M	added×2.9	0.00 pp	2 q
PFGCPerformance Food Group Company	0.00%	329	$15,000	held	—	2 q
PFMTPerformant Financial Corp	0.00%	547,542	$1M	added+43%	0.00 pp	4 q
RVTYRevvity, Inc.	0.00%	15	$2,000	new	0.00 pp	new
PSXPhillips 66	0.00%	1,455	$119,000	added0%	0.00 pp	3 q
PTBPotbelly Corp	0.00%	283,316	$2M	added+47%	0.00 pp	5 q
DGXQuest Diagnostics Inc.	0.00%	131	$17,000	held	—	2 q
QRHCQuest Resource Holding Corporation	0.00%	156,839	$641,000	added+18%	0.00 pp	5 q
QNSTQuinStreet, Inc.	0.00%	91,120	$917,000	trimmed−3%	0.00 pp	5 q
QIPTQuipt Home Medical Corp.	0.00%	105,842	$484,000	new	0.00 pp	new
RESRPC, Inc.	0.00%	228,211	$2M	trimmed−17%	−0.01 pp	3 q
RHRh	0.00%	9	$2,000	new	0.00 pp	new
RDNRadian Group Inc.	0.00%	73,910	$1M	added+41%	0.00 pp	5 q
RLGTRadiant Logistics, Inc.	0.00%	218,707	$2M	added+30%	0.00 pp	5 q
unresolvedThe Real Good Food Company I	0.00%	214,632	$2M	added+37%	0.00 pp	3 q
HOUSAnywhere Real Estate Inc.	0.00%	139,069	$1M	added+47%	0.00 pp	5 q
RAHSocietal Cdmo Inc	0.00%	874,653	$695,000	trimmed−2%	0.00 pp	5 q
RGSRegis Corporation	0.00%	1,009,108	$1M	added+43%	0.00 pp	5 q
RUTHRuth's Hospitality Group, Inc.	0.00%	91,048	$1M	added+67%	0.00 pp	5 q
SBACSBA Communications Corp	0.00%	579	$185,000	added0%	0.00 pp	3 q
46LSeaspine Holdings Corp	0.00%	65,602	$371,000	trimmed−26%	0.00 pp	4 q
SHYFThe Shyft Group, Inc.	0.00%	91,952	$2M	new	0.00 pp	new
SIENSientra, Inc.	0.00%	701,488	$588,000	added+43%	0.00 pp	5 q
SGHTSight Sciences, Inc.	0.00%	30,195	$271,000	new	0.00 pp	new
SAHSonic Automotive, Inc.	0.00%	46,571	$2M	added×2.4	0.00 pp	5 q
SONOSonos, Inc.	0.00%	58,587	$1M	added+17%	0.00 pp	2 q
S9QSpirit Aerosystems Hold-cl A	0.00%	351	$10,000	held	—	2 q
SSUPSuperior Industries Intl	0.00%	343,478	$1M	added+46%	0.00 pp	5 q
SNCRSynchronoss Technologies Inc	0.00%	186,386	$214,000	new	0.00 pp	new
TCMDTactile Systems Technology, Inc.	0.00%	202,585	$1M	new	0.00 pp	new
TRNOTerreno Realty Corporation	0.00%	708	$39,000	added0%	0.00 pp	3 q
TLYSTilly's Inc.	0.00%	69,000	$484,000	new	0.00 pp	new
MTUSMetallus Inc.	0.00%	5,620	$105,000	trimmed−91%	0.00 pp	5 q
unresolvedTraeger Inc	0.00%	184,039	$782,000	added+1%	0.00 pp	3 q
TFCTruist Financial Corporation	0.00%	27,175	$1M	added+42%	0.00 pp	37 q
VIAOYVia Optroncs Hldg S/	0.00%	229,660	$487,000	added+79%	0.00 pp	5 q
VEUVanguard FTSE All-World Ex-US ETF	0.00%	21,344	$1M	new	0.00 pp	new
WCCWesco International Inc.	0.00%	13,399	$1M	trimmed−30%	−0.01 pp	5 q
WLKWestlake Corporation	0.00%	22	$2,000	new	0.00 pp	new
WMBWilliams Companies Inc.	0.00%	4,768	$149,000	added0%	0.00 pp	3 q
XPOXPO, Inc.	0.00%	260	$13,000	held	—	2 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	20	$2,000	new	0.00 pp	new
ZVOIZovio Inc	0.00%	241,787	$235,000	trimmed−20%	0.00 pp	5 q
ZUMZZumiez Inc.	0.00%	59,171	$2M	added+48%	0.00 pp	3 q
DOXAmdocs Limited	0.00%	25	$2,000	new	0.00 pp	new
GSMFerroglobe PLC	0.00%	216,050	$1M	added+1%	0.00 pp	5 q
99952EURLinde PLC/OLD	0.00%	4,400	$1M	held	—	15 q
LXFRLuxfer Holdings PLC	0.00%	64,411	$974,000	held	—	5 q
NESRNational Energy Services Reunited Corp.	0.00%	10,633	$72,000	added+12%	0.00 pp	3 q
CRNTCeragon Networks Ltd	0.00%	281,000	$722,000	added+48%	0.00 pp	2 q
ICLICL Group Ltd.	0.00%	9,803	$89,000	added0%	0.00 pp	3 q
ASCArdmore Shipping Corporation	0.00%	93,767	$654,000	trimmed−56%	0.00 pp	5 q
DSXDiana Shipping, Inc.	0.00%	119,587	$573,000	trimmed−13%	0.00 pp	5 q
LPGDorian Lpg Ltd	0.00%	114,773	$2M	added+13%	0.00 pp	5 q
BABAAlibaba Group Holding Limited	—	−5,714,725	—	exited	−1.52 pp	—
ZEUSOlympic Steel, Inc.	—	−53,882	—	exited	−0.01 pp	—
TBITrueblue, Inc.	—	−72,779	—	exited	−0.01 pp	—
ATENA10 Networks Inc	—	−97,533	—	exited	0.00 pp	—
ATIATI Inc.	—	−27,298	—	exited	0.00 pp	—
BSETBassett Furniture Industries I	—	−8,776	—	exited	0.00 pp	—
CATCaterpillar Inc.	—	−426	—	exited	0.00 pp	—
CNTYCentury Casinos Inc	—	−14,957	—	exited	0.00 pp	—
ETDEthan Allen Interiors Inc	—	−50,707	—	exited	0.00 pp	—
WOOFoot Locker Inc	—	−29,923	—	exited	0.00 pp	—
GLTMagnera Corporation	—	−49,693	—	exited	0.00 pp	—
HUBGHUB Group Inc	—	−2,961	—	exited	0.00 pp	—
IPIIntrepid Potash, Inc	—	−11,802	—	exited	0.00 pp	—
JELDJELD-WEN Holding, Inc.	—	−49,855	—	exited	0.00 pp	—
TBHCThe Brand House Collective, Inc.	—	−148,248	—	exited	0.00 pp	—
MDCM.D.C. Holdings, Inc.	—	−46,580	—	exited	0.00 pp	—
MGPIMGP Ingredients Inc	—	−17,082	—	exited	0.00 pp	—
MLMMartin Marietta Materials	—	−111	—	exited	0.00 pp	—
NPTNNeophotonics Corp	—	−62,662	—	exited	0.00 pp	—
JWNNordstrom, Inc.	—	−21,465	—	exited	0.00 pp	—
NXHNeighborhood Intelligence, Inc.	—	−14,967	—	exited	0.00 pp	—
QDELQuidel Corp	—	−181	—	exited	0.00 pp	—
unresolvedReeds Inc	—	−159,170	—	exited	0.00 pp	—
TPHTri Pointe Homes, Inc.	—	−74,175	—	exited	0.00 pp	—
TMHCTaylor Morrison Home Corporation	—	−66,921	—	exited	0.00 pp	—
unresolvedTrecora Resources	—	−81,274	—	exited	0.00 pp	—
7S3US Xpress Enterprises Inc -a	—	−318,019	—	exited	0.00 pp	—
OCDXOrtho Clinical Diagnostics H	—	−94,739	—	exited	0.00 pp	—
TROXTronox Limited Cl A	—	−31,105	—	exited	0.00 pp	—