First Eagle

Q3 2025 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2025
Filed: Nov 12, 2025
US stock: $54.9B · prev $50.0B
Positions: 404 · prev 391
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%

Moves427 since the prior filing

+3.3 pp in · −3.2 pp out

New 44 +2.45 pp
Added 185 +0.87 pp
Trimmed 166 −1.94 pp
Exited 31 −1.22 pp

Options: 1 move on a notional base, in the table below.

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions404 in this filing · 31 exited


ORCLOracle Corp	4.53%	8,839,413	$2.5B	trimmed−21%	−0.35 pp	50 q
METAMeta Platforms, Inc. Class A	4.46%	3,331,952	$2.4B	trimmed−0%	−0.46 pp	30 q
WPMWheaton Precious Metals Corp.	3.49%	17,158,963	$1.9B	trimmed−5%	+0.24 pp	34 q
BDXBecton, Dickinson and Co.	3.41%	9,994,408	$1.9B	added+14%	+0.38 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.41%	6,700,008	$1.9B	added0%	+0.38 pp	29 q
GOOGAlphabet Inc. Class C	3.34%	7,526,885	$1.8B	added0%	+0.67 pp	46 q
IMOImperial Oil Limited	3.32%	20,143,872	$1.8B	trimmed−2%	+0.06 pp	41 q
HCAHCA Healthcare, Inc.	3.04%	3,919,472	$1.7B	trimmed−7%	−0.19 pp	30 q
WTWWillis Towers Watson Public Limited Company	2.68%	4,265,114	$1.5B	trimmed−1%	+0.05 pp	39 q
CHRWC.H. Robinson Worldwide, Inc.	2.55%	10,564,999	$1.4B	trimmed−0%	+0.52 pp	35 q
NEMNewmont Corporation	2.40%	15,633,877	$1.3B	trimmed−9%	+0.40 pp	50 q
ELVElevance Health, Inc.	2.35%	3,998,603	$1.3B	added+25%	−0.14 pp	44 q
BBarrick Mining Corporation	2.31%	38,661,303	$1.3B	trimmed−2%	+0.66 pp	50 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	2.25%	12,508,526	$1.2B	trimmed−0%	−0.33 pp	23 q
CMCSAComcast Corp	2.06%	35,926,674	$1.1B	added0%	−0.50 pp	50 q
BNYBank of New York Mellon Corporation	2.04%	10,304,933	$1.1B	trimmed−18%	−0.25 pp	50 q
PMPhilip Morris International Inc.	1.81%	6,121,345	$993M	trimmed−14%	−0.79 pp	30 q
SLBSLB Limited	1.72%	27,543,894	$947M	added0%	−0.14 pp	50 q
UHSUniversal Health Services, Inc. Class B	1.72%	4,621,171	$945M	added0%	+0.04 pp	30 q
MDTMedtronic plc	1.69%	9,735,038	$927M	added0%	−0.01 pp	21 q
FNVFranco-Nevada Corporation	1.64%	4,049,187	$901M	added+26%	+0.59 pp	50 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.64%	2,531,196	$900M	added+3%	+0.15 pp	50 q
AEMAgnico Eagle Mines Ltd.	1.61%	5,258,551	$885M	trimmed−0%	+0.35 pp	50 q
XOMExxon Mobil Corp	1.60%	7,794,377	$879M	added0%	−0.08 pp	50 q
CRMSalesforce, Inc.	1.59%	3,690,824	$875M	added+15%	−0.16 pp	22 q
GOOGLAlphabet Inc. Class A	1.45%	3,268,864	$795M	trimmed−0%	+0.29 pp	40 q
NTRNutrien Ltd.	1.41%	13,237,215	$777M	trimmed−0%	−0.14 pp	31 q
EXPDExpeditors International of Washington, Inc.	1.40%	6,280,242	$770M	added0%	−0.04 pp	23 q
ABEVAmbev S.a.	1.37%	338,598,724	$755M	trimmed−0%	−0.26 pp	23 q
BIOBio-Rad Laboratories, Inc.Class A	1.29%	2,520,319	$707M	added0%	+0.07 pp	10 q
TXNTexas Instruments Incorporated	1.21%	3,630,721	$667M	trimmed−6%	−0.40 pp	41 q
PPGPPG Industries, Inc.	1.20%	6,263,829	$658M	added+13%	−0.07 pp	23 q
CLColgate-Palmolive Company	1.15%	7,889,103	$631M	added0%	−0.28 pp	50 q
DGDollar General Corp.	1.12%	5,977,005	$618M	added0%	−0.25 pp	4 q
CMICummins Inc.	1.09%	1,423,501	$601M	trimmed−7%	+0.09 pp	40 q
VMRKVivmark Residential	1.08%	9,197,886	$595M	added0%	−0.16 pp	23 q
AXPAmerican Express Company	1.04%	1,722,929	$572M	trimmed−11%	−0.19 pp	50 q
OKEOneok, Inc.	1.03%	7,769,215	$567M	added+24%	+0.01 pp	9 q
WDAYWorkday, Inc. Class A	1.01%	2,310,688	$556M	new	+1.01 pp	new
OMCOmnicom Group Inc.	0.94%	6,318,477	$515M	new	+0.94 pp	new
ADIAnalog Devices, Inc.	0.91%	2,030,651	$499M	trimmed−10%	−0.16 pp	43 q
NOVNOV Inc.	0.91%	37,609,002	$498M	added0%	−0.02 pp	50 q
RGLDRoyal Gold Inc	0.82%	2,247,875	$451M	trimmed−33%	−0.37 pp	50 q
BRK.ABerkshire Hathaway Inc.	0.78%	569	$429M	trimmed−12%	−0.17 pp	50 q
IFFInternational Flavors & Fragrances Inc.	0.78%	6,927,070	$426M	added+27%	−0.02 pp	11 q
USBU.S. Bancorp	0.77%	8,773,278	$424M	added0%	−0.02 pp	50 q
DISThe Walt Disney Company	0.71%	3,426,467	$392M	added0%	−0.14 pp	9 q
CHTRCharter Comm Inc Del CL A New	0.68%	1,352,359	$372M	added+79%	+0.06 pp	16 q
FNFFidelity National Financial, Inc.	0.67%	6,047,767	$366M	added0%	−0.01 pp	12 q
IPGPIPG Photonics Corporation	0.65%	4,474,759	$354M	added0%	+0.04 pp	29 q
WYWeyerhaeuser Company	0.64%	14,135,500	$350M	trimmed−0%	−0.09 pp	50 q
NENoble Corporation plc	0.63%	12,166,208	$344M	added0%	−0.02 pp	9 q
MSFTMicrosoft Corp	0.51%	545,853	$283M	added0%	−0.03 pp	50 q
BXPBXP, Inc.	0.48%	3,532,527	$263M	trimmed−0%	0.00 pp	22 q
KGCKinross Gold Corporation	0.46%	10,115,560	$251M	trimmed−14%	+0.09 pp	7 q
DEDeere & Company	0.43%	511,840	$234M	trimmed−0%	−0.09 pp	45 q
AGIAlamos Gold Inc. Class A	0.40%	6,248,315	$218M	added0%	+0.07 pp	36 q
EXRExtra Space Storage, Inc.	0.40%	1,577,249	$222M	trimmed−0%	−0.07 pp	11 q
ROSTRoss Stores Inc	0.40%	1,430,376	$218M	trimmed−0%	+0.03 pp	21 q
DEIDouglas Emmett, Inc.	0.37%	13,005,470	$202M	trimmed−0%	−0.02 pp	22 q
CCUCompania Cervecerias Unidas S.A.	0.35%	15,898,984	$193M	added0%	−0.06 pp	46 q
XRAYDENTSPLY SIRONA Inc.	0.33%	14,181,811	$180M	trimmed−0%	−0.12 pp	30 q
CSLCarlisle Companies, Inc.	0.32%	536,752	$177M	trimmed−0%	−0.08 pp	3 q
PAASPan American Silver Corp.	0.32%	4,594,534	$178M	new	+0.32 pp	new
GFIGold Fields Ltd	0.27%	3,586,921	$151M	added0%	+0.10 pp	7 q
AUAngloGold Ashanti plc	0.26%	2,056,440	$145M	added0%	+0.07 pp	12 q
FERGFerguson Enterprises Inc.	0.25%	599,229	$135M	trimmed−0%	−0.01 pp	2 q
NGNovaGold Resources Inc.	0.19%	11,811,841	$104M	added0%	+0.09 pp	39 q
ORLAOrla Mining Ltd	0.13%	6,719,636	$72M	trimmed−2%	−0.01 pp	20 q
BTIBritish American Tobacco p.l.c.	0.12%	1,284,550	$68M	added+14%	+0.01 pp	20 q
BTGB2Gold Corp.	0.12%	12,870,583	$64M	added0%	+0.03 pp	42 q
EPDEnterprise Products Partners L.P.	0.11%	1,849,600	$58M	trimmed−0%	0.00 pp	23 q
SHELShell plc	0.09%	668,344	$48M	added+10%	0.00 pp	15 q
unresolvedUnilever Spn.Adr 1:1	0.08%	701,486	$42M	added+10%	0.00 pp	20 q
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.07%	400,716	$37M	trimmed−8%	−0.01 pp	10 q
BAC.PRLBank Of America Corp	0.06%	24,541	$31M	held	—	16 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.06%	371,596	$31M	held	—	19 q
CDECoeur Mining, Inc.	0.06%	1,655,216	$31M	trimmed−17%	+0.02 pp	11 q
CAECAE Inc.	0.05%	937,279	$28M	trimmed−0%	−0.01 pp	4 q
HLNHaleon plc	0.05%	3,056,951	$27M	added+10%	−0.01 pp	13 q
LYGLloyds Banking Group PLC	0.05%	6,328,253	$29M	trimmed−7%	−0.01 pp	20 q
WFC.PRLWells Fargo & Company	0.05%	20,691	$26M	held	—	16 q
TELTE Connectivity plc	0.05%	118,916	$26M	trimmed−5%	+0.01 pp	5 q
AEISAdvanced Energy Industries Inc	0.04%	116,173	$20M	trimmed−3%	+0.01 pp	18 q
AMRCAmeresco, Inc.	0.04%	720,372	$24M	trimmed−4%	+0.02 pp	5 q
CECOCeco Environmental Corp	0.04%	434,256	$22M	trimmed−28%	+0.01 pp	9 q
HLHecla Mining Company	0.04%	1,750,788	$21M	trimmed−8%	+0.02 pp	16 q
HDHome Depot, Inc.	0.04%	48,945	$20M	trimmed−2%	0.00 pp	21 q
TTMITTM Technologies Inc	0.04%	360,253	$21M	trimmed−34%	0.00 pp	16 q
ABCBAmeris Bancorp	0.03%	196,564	$14M	added+8%	+0.01 pp	15 q
ASTEAstec Industries Inc	0.03%	298,150	$14M	added+2%	+0.01 pp	14 q
BZHBeazer Homes USA, Inc. New	0.03%	695,937	$17M	added+3%	0.00 pp	17 q
BKDBrookdale Senior Living, Inc.	0.03%	1,953,586	$17M	added+1%	0.00 pp	16 q
CCSCentury Communities, Inc.	0.03%	218,490	$14M	added+27%	+0.01 pp	18 q
CMCCommercial Metals Company	0.03%	264,249	$15M	added+1%	0.00 pp	18 q
AORTArtivion, Inc.	0.03%	340,393	$14M	trimmed−18%	0.00 pp	16 q
DCODucommun Incorporated	0.03%	183,024	$18M	trimmed−16%	−0.01 pp	18 q
FORForestar Group Inc.	0.03%	537,269	$14M	added+3%	+0.01 pp	6 q
GHMGraham Corporation	0.03%	306,673	$17M	trimmed−12%	0.00 pp	11 q
IIINInsteel Industries, Inc.	0.03%	402,254	$15M	trimmed−4%	0.00 pp	11 q
IBPInstalled Building Products, Inc.	0.03%	61,288	$15M	trimmed−10%	+0.01 pp	10 q
ITUBItau Unibanco Holding S.A.	0.03%	2,491,313	$18M	added+10%	0.00 pp	17 q
KTOSKratos Defense & Security Solutions, Inc.	0.03%	170,063	$16M	trimmed−39%	0.00 pp	8 q
LINCLincoln Educational Services	0.03%	774,630	$18M	trimmed−2%	−0.01 pp	17 q
LNCLincoln National Corp.	0.03%	409,950	$17M	trimmed−11%	0.00 pp	8 q
LPXLouisiana-Pacific Corp.	0.03%	173,916	$15M	added+8%	0.00 pp	12 q
MAMAMama's Creations, Inc.	0.03%	1,337,614	$14M	added+2%	+0.01 pp	7 q
EYENational Vision Holdings, Inc.	0.03%	586,552	$17M	added+3%	0.00 pp	7 q
OISOil States International, Inc.	0.03%	2,605,174	$16M	added+1%	0.00 pp	16 q
OUTOUTFRONT Media Inc.	0.03%	806,535	$15M	added0%	0.00 pp	3 q
PBFPbf Energy Inc.	0.03%	547,546	$17M	added+8%	+0.01 pp	16 q
SIMOSilicon Motion Technology Corporation	0.03%	150,487	$14M	added+3%	+0.01 pp	2 q
TMHCTaylor Morrison Home Corporation	0.03%	231,334	$15M	added+4%	0.00 pp	7 q
UTIUniversal Technical Institute, Inc.	0.03%	437,480	$14M	added+8%	0.00 pp	16 q
VECOVeeco Instruments Inc	0.03%	479,408	$15M	added+29%	+0.01 pp	18 q
VSHVishay Intertechnology, Inc.	0.03%	920,114	$14M	added+9%	0.00 pp	4 q
WRBYWarby Parker Inc.	0.03%	549,641	$15M	trimmed−2%	+0.01 pp	6 q
WCCWesco International Inc.	0.03%	65,208	$14M	trimmed−9%	0.00 pp	18 q
FNFabrinet	0.03%	45,028	$16M	trimmed−30%	−0.01 pp	18 q
ADTNADTRAN Holdings, Inc.	0.02%	1,209,207	$11M	added+7%	0.00 pp	13 q
ATECAlphatec Holdings, Inc.	0.02%	698,137	$10M	trimmed−1%	0.00 pp	6 q
unresolvedAmerican Woodmark Corporation	0.02%	159,300	$11M	added+20%	+0.01 pp	5 q
ACAArcosa, Inc.	0.02%	128,412	$12M	trimmed−2%	0.00 pp	18 q
ATROAstronics Corp	0.02%	236,326	$11M	added+6%	+0.01 pp	18 q
AVNWAviat Networks, Inc.	0.02%	380,356	$9M	added0%	0.00 pp	4 q
ACLSAxcelis Technologies Inc	0.02%	130,358	$13M	added+79%	+0.01 pp	2 q
AXAxos Financial, Inc.	0.02%	139,748	$12M	added+3%	0.00 pp	18 q
BLZEBackblaze, Inc. Class A	0.02%	1,133,740	$11M	trimmed−2%	+0.01 pp	9 q
BDCBelden Inc.	0.02%	83,706	$10M	added+2%	0.00 pp	13 q
BHEBenchmark Electronics	0.02%	238,469	$9M	added+6%	0.00 pp	10 q
SRTAStrata Critical Medical, Inc. Class A	0.02%	1,793,351	$9M	added+32%	+0.01 pp	4 q
BCCBoise Cascade Company	0.02%	107,452	$8M	added+39%	+0.01 pp	3 q
CARSCars.com Inc.	0.02%	687,543	$8M	added+13%	+0.01 pp	18 q
CENXCentury Aluminum Co	0.02%	340,153	$10M	added+1%	+0.01 pp	17 q
CHEFThe Chef's Warehouse Inc	0.02%	162,473	$9M	added0%	0.00 pp	18 q
CIENCiena Corporation	0.02%	67,400	$10M	trimmed−43%	0.00 pp	2 q
DENNDenny's Corp	0.02%	1,621,590	$8M	trimmed−17%	0.00 pp	14 q
DEODiageo plc	0.02%	132,978	$13M	added+90%	+0.01 pp	8 q
DYDycom Industries, Inc.	0.02%	46,442	$14M	trimmed−26%	−0.01 pp	3 q
NPOEnpro Inc.	0.02%	59,808	$14M	added+5%	0.00 pp	18 q
FORMFormFactor Inc.	0.02%	301,169	$11M	added+7%	0.00 pp	2 q
FIPFTAI Infrastructure Inc.	0.02%	2,226,353	$10M	added+28%	0.00 pp	6 q
GEOSGeospace Technologies Corporation	0.02%	522,864	$10M	added+3%	+0.01 pp	5 q
HLITHarmonic Inc	0.02%	818,376	$8M	added+24%	+0.01 pp	3 q
HCSGHealthcare Services Group	0.02%	560,148	$9M	trimmed−6%	0.00 pp	4 q
HSTMHealthStream Inc	0.02%	409,398	$12M	added+1%	0.00 pp	14 q
IDAIDACORP, Inc.	0.02%	91,312	$12M	trimmed−1%	0.00 pp	16 q
INFUInfuSystem Holdings, Inc.	0.02%	801,871	$8M	trimmed−12%	+0.01 pp	12 q
IPIIntrepid Potash, Inc	0.02%	270,674	$8M	trimmed−32%	−0.01 pp	11 q
JBIJanus International Group, Inc.	0.02%	1,134,681	$11M	added+3%	0.00 pp	10 q
JBTMJBT Marel Corporation	0.02%	64,023	$9M	added0%	0.00 pp	11 q
KALUKaiser Aluminum Corporation	0.02%	153,240	$12M	added+1%	0.00 pp	10 q
LXULsb Industries Inc	0.02%	1,579,801	$12M	trimmed−11%	−0.01 pp	18 q
MTGMGIC Investment Corp.	0.02%	411,753	$12M	trimmed−2%	0.00 pp	9 q
MGNIMagnite, Inc.	0.02%	575,443	$13M	trimmed−7%	−0.01 pp	4 q
MTWThe Manitowoc Company, Inc.	0.02%	834,869	$8M	added+2%	0.00 pp	5 q
MTDRMatador Resources Company	0.02%	298,451	$13M	added+6%	−0.01 pp	18 q
MURMurphy Oil Corp.	0.02%	322,500	$9M	added0%	+0.01 pp	3 q
NMIHNMI Holdings Inc.	0.02%	273,359	$10M	added+2%	0.00 pp	18 q
NGSNatural Gas Services Group, Inc.	0.02%	299,739	$8M	added0%	0.00 pp	5 q
ONBOld National Bancorp	0.02%	576,798	$13M	added+2%	0.00 pp	13 q
ORIOld Republic International Corporation	0.02%	281,062	$12M	trimmed−2%	0.00 pp	18 q
OTISOtis Worldwide Corporation	0.02%	143,699	$13M	added+53%	0.00 pp	12 q
PKOHPark-Ohio Holdings Corp	0.02%	414,070	$9M	added+7%	+0.01 pp	18 q
PENGPenguin Solutions, Inc.	0.02%	314,944	$8M	new	+0.02 pp	new
PNTGThe Pennant Group, Inc.	0.02%	442,199	$11M	added+4%	−0.01 pp	15 q
PWPPerella Weinberg Partners Class A	0.02%	467,792	$10M	added+15%	0.00 pp	9 q
RDNRadian Group Inc.	0.02%	255,988	$9M	trimmed−2%	0.00 pp	18 q
SMSM Energy Company	0.02%	415,868	$10M	added+48%	+0.01 pp	16 q
MATVMativ Holdings, Inc.	0.02%	1,013,390	$11M	added+15%	+0.01 pp	9 q
SBCFSeacoast Banking Corp of Florida	0.02%	413,000	$13M	trimmed−0%	0.00 pp	18 q
SKYChampion Homes, Inc.	0.02%	111,524	$9M	added+26%	+0.01 pp	18 q
SAHSonic Automotive, Inc.	0.02%	113,116	$9M	added+1%	0.00 pp	5 q
SPBSpectrum Brands Holdings, Inc.	0.02%	188,672	$10M	added+3%	0.00 pp	8 q
CXMSprinklr, Inc.	0.02%	1,071,681	$8M	added+42%	+0.01 pp	4 q
STCStewart Information Services Corporation	0.02%	115,017	$8M	trimmed−4%	0.00 pp	18 q
8TGThermon Group Holdings Inc	0.02%	391,978	$10M	added+12%	0.00 pp	7 q
THRYThryv Holdings, Inc.	0.02%	846,596	$10M	added+45%	+0.01 pp	3 q
TITNTitan Machinery Inc.	0.02%	749,563	$13M	added0%	−0.01 pp	15 q
TMCITreace Medical Concepts, Inc.	0.02%	1,238,895	$8M	added+36%	+0.01 pp	3 q
TRSTrimas Corporation	0.02%	296,406	$11M	added+5%	0.00 pp	8 q
TRNTrinity Industries, Inc.	0.02%	396,647	$11M	added+1%	0.00 pp	18 q
UMHUMH Properties, Inc.	0.02%	670,419	$10M	added+13%	0.00 pp	5 q
UCTTUltra Clean Holdings, Inc.	0.02%	402,569	$11M	added+12%	0.00 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	39,287	$14M	added+9%	0.00 pp	21 q
UTZUtz Brands, Inc.	0.02%	725,530	$9M	added+13%	0.00 pp	16 q
VLYValley National Bancorp	0.02%	885,800	$9M	added0%	0.00 pp	8 q
VIAVViavi Solutions Inc.	0.02%	771,800	$10M	trimmed−2%	0.00 pp	9 q
VITLVital Farms, Inc.	0.02%	281,247	$12M	trimmed−1%	0.00 pp	4 q
WEDWebster Financial Corp	0.02%	206,809	$12M	added+8%	0.00 pp	4 q
WSRWhitestone REIT	0.02%	713,749	$9M	trimmed−12%	0.00 pp	16 q
GSMFerroglobe PLC	0.02%	2,100,772	$10M	added+2%	0.00 pp	18 q
AOSLAlpha and Omega Semiconductor Limited	0.02%	326,608	$9M	trimmed−1%	0.00 pp	18 q
GLNGGolar LNG Ltd	0.02%	282,772	$11M	added+2%	0.00 pp	6 q
LPGDorian Lpg Ltd	0.02%	385,325	$11M	trimmed−0%	0.00 pp	18 q
NVGSNavigator Holdings Ltd.	0.02%	697,119	$11M	added+1%	0.00 pp	18 q
STNGScorpio Tankers Inc.	0.02%	214,068	$12M	added+2%	0.00 pp	6 q
AIRAAR Corp.	0.01%	50,319	$5M	trimmed−5%	0.00 pp	18 q
ACCOAcco Brands Corporation	0.01%	865,369	$3M	added0%	0.00 pp	5 q
POWWOutdoor Holding Company	0.01%	1,916,370	$3M	trimmed−0%	+0.01 pp	7 q
TICTIC Solutions, Inc	0.01%	274,580	$4M	new	+0.01 pp	new
ASIXAdvanSix Inc.	0.01%	222,024	$4M	held	—	18 q
AL1Sumisho Air Lease Corp	0.01%	68,331	$4M	trimmed−72%	−0.02 pp	18 q
AINAlbany International Corp Class A	0.01%	59,000	$3M	new	+0.01 pp	new
ALTGAlta Equipment Group Inc.	0.01%	782,591	$6M	trimmed−1%	0.00 pp	4 q
ASYSAmtech Systems Inc	0.01%	752,346	$7M	trimmed−6%	0.00 pp	18 q
ANGOAngioDynamics, Inc.	0.01%	277,335	$3M	trimmed−9%	0.00 pp	6 q
ASPNAspen Aerogels, Inc.	0.01%	517,323	$4M	new	+0.01 pp	new
AVAHAveanna Healthcare Holdings Inc.	0.01%	791,667	$7M	trimmed−2%	0.00 pp	4 q
AVTAvnet, Inc.	0.01%	111,856	$6M	trimmed−18%	0.00 pp	18 q
AXGNAxogen, Inc.	0.01%	431,843	$8M	added×2.4	+0.01 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	15,310	$8M	trimmed−19%	−0.01 pp	12 q
BBNXBeta Bionics, Inc.	0.01%	233,202	$5M	new	+0.01 pp	new
BKHBlack Hills Corporation	0.01%	123,670	$8M	trimmed−13%	−0.01 pp	10 q
CDNACareDx, Inc.	0.01%	475,146	$7M	added+25%	0.00 pp	15 q
CAKECheesecake Factory (The)	0.01%	94,791	$5M	trimmed−24%	−0.01 pp	17 q
CIACitizens, Inc.	0.01%	588,750	$3M	trimmed−2%	+0.01 pp	9 q
CLARClarus Corporation	0.01%	855,475	$3M	trimmed−11%	0.00 pp	12 q
CLWClearwater Paper Corporation	0.01%	207,058	$4M	added+9%	0.00 pp	3 q
COHUCohu Inc	0.01%	248,146	$5M	added+21%	0.00 pp	2 q
CONConcentra Group Holdings Parent, Inc.	0.01%	323,706	$7M	trimmed−0%	0.00 pp	4 q
BBCPConcrete Pumping Holdings, Inc.	0.01%	484,905	$3M	added+15%	0.00 pp	4 q
CUBICustomers Bancorp Inc	0.01%	101,217	$7M	added+2%	0.00 pp	4 q
CTOSCustom Truck One Source, Inc.	0.01%	774,436	$5M	added+39%	0.00 pp	3 q
DGIIDigi International Inc	0.01%	178,409	$7M	added+1%	0.00 pp	18 q
DCOMDime Commercial Bancshares, Inc.	0.01%	262,352	$8M	added+1%	0.00 pp	9 q
DVDoubleVerify Holdings, Inc.	0.01%	337,500	$4M	new	+0.01 pp	new
DOUGDouglas Elliman Inc.	0.01%	1,625,871	$5M	added+2%	0.00 pp	5 q
LOCOEl Pollo Loco Holdings, Inc.	0.01%	741,793	$7M	added+2%	−0.01 pp	8 q
KODKEastman Kodak Company	0.01%	734,433	$5M	added+46%	0.00 pp	4 q
EMBCEmbecta Corp.	0.01%	396,594	$6M	added+2%	0.00 pp	9 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.01%	212,500	$4M	new	+0.01 pp	new
ETDEthan Allen Interiors Inc	0.01%	247,461	$7M	added+12%	0.00 pp	7 q
EVEREverQuote, Inc. Class A	0.01%	288,457	$7M	trimmed−1%	0.00 pp	12 q
FLYWFlywire Corporation Voting	0.01%	267,989	$4M	added×2.3	+0.01 pp	2 q
FIVNFIVE9, Inc.	0.01%	295,500	$7M	new	+0.01 pp	new
GXOGXO Logistics, Inc.	0.01%	128,446	$7M	trimmed−1%	0.00 pp	15 q
GTGoodyear Tire & Rubber	0.01%	774,948	$6M	trimmed−0%	−0.01 pp	15 q
HOSHornbeck Offshore Services, Inc.	0.01%	529,358	$3M	added+45%	+0.01 pp	15 q
HNGEHinge Health, Inc.	0.01%	83,000	$4M	new	+0.01 pp	new
HOFTHooker Furnishings Corporation	0.01%	364,973	$4M	added+15%	0.00 pp	5 q
TILEInterface Inc	0.01%	137,543	$4M	trimmed−6%	0.00 pp	7 q
INTTinTEST Corporation	0.01%	517,611	$4M	trimmed−11%	0.00 pp	17 q
JOUTJohnson Outdoors Inc	0.01%	139,788	$6M	added+5%	0.00 pp	4 q
KOSKosmos Energy Ltd.	0.01%	2,747,831	$5M	added+34%	0.00 pp	5 q
LYTSLSI Industries Inc	0.01%	290,422	$7M	trimmed−6%	0.00 pp	18 q
LAKELakeland Industries Inc	0.01%	267,756	$4M	trimmed−4%	0.00 pp	4 q
LFSTLifeStance Health Group, Inc.	0.01%	1,320,466	$7M	added+9%	0.00 pp	5 q
MHOM/I Homes, Inc.	0.01%	28,605	$4M	new	+0.01 pp	new
MACThe Macerich Company	0.01%	168,710	$3M	trimmed−26%	0.00 pp	18 q
HZOMarineMax, Inc.	0.01%	272,935	$7M	added+14%	0.00 pp	4 q
MTRNMaterion Corporation	0.01%	24,500	$3M	new	+0.01 pp	new
MTRXMatrix Service Co	0.01%	581,874	$8M	added+14%	0.00 pp	3 q
MECMayville Engineering Company, Inc.	0.01%	354,575	$5M	added0%	0.00 pp	7 q
MCMoelis & Company	0.01%	79,851	$6M	added0%	0.00 pp	11 q
MNROMonro, Inc.	0.01%	352,000	$6M	added+10%	0.00 pp	7 q
NCMINational CineMedia, Inc.	0.01%	1,260,322	$6M	trimmed−23%	−0.01 pp	8 q
NTGRNETGEAR, Inc.	0.01%	150,393	$5M	added+28%	0.00 pp	8 q
NTCTNetscout Systems Inc	0.01%	209,202	$5M	added+1%	0.00 pp	9 q
NPKINPK International Inc.	0.01%	272,121	$3M	trimmed−35%	0.00 pp	4 q
MASS908 Devices Inc.	0.01%	603,962	$5M	added×2.3	+0.01 pp	2 q
DNOWDNOW Inc.	0.01%	233,530	$4M	added+5%	0.00 pp	15 q
OSISOSI Systems Inc	0.01%	30,864	$8M	added+33%	0.00 pp	4 q
OGSOne Gas, Inc.	0.01%	101,564	$8M	added+1%	0.00 pp	5 q
ONEWOneWater Marine Inc. Class A	0.01%	277,293	$4M	added+10%	0.00 pp	4 q
PEPPepsiCo, Inc.	0.01%	44,730	$6M	trimmed−1%	0.00 pp	21 q
PFMTPerformant Financial Corp	0.01%	697,800	$5M	trimmed−74%	−0.01 pp	17 q
PRPermian Resources Corporation	0.01%	404,651	$5M	trimmed−29%	−0.01 pp	12 q
PGNYProgyny, Inc.	0.01%	151,700	$3M	held	—	4 q
NXQuanex Building Products Corporation	0.01%	407,687	$6M	added+30%	0.00 pp	16 q
QNSTQuinStreet, Inc.	0.01%	460,874	$7M	trimmed−37%	−0.01 pp	18 q
RXORXO, Inc.	0.01%	343,975	$5M	added+8%	0.00 pp	6 q
RLGTRadiant Logistics, Inc.	0.01%	511,301	$3M	trimmed−1%	0.00 pp	18 q
RDNTRadNet, Inc.	0.01%	89,536	$7M	added+72%	0.00 pp	16 q
METCBRamaco Resources, Inc. Class B	0.01%	305,834	$5M	new	+0.01 pp	new
RBBNRibbon Communications Inc.	0.01%	1,033,914	$4M	added+1%	0.00 pp	5 q
REPXRiley Exploration Permian, Inc.	0.01%	207,648	$6M	trimmed−0%	0.00 pp	8 q
ROGRogers Corporation	0.01%	69,793	$6M	new	+0.01 pp	new
SMHISEACOR Marine Holdings Inc.	0.01%	1,135,194	$7M	trimmed−0%	0.00 pp	7 q
KREState Street SPDR S&P Regional Banking ETF	0.01%	121,619	$8M	new	+0.01 pp	new
SANMSanmina Corp	0.01%	46,708	$5M	trimmed−36%	0.00 pp	10 q
SIBNSI-BONE, Inc.	0.01%	484,261	$7M	added+37%	0.00 pp	4 q
SVCOSilvaco Group, Inc.	0.01%	774,938	$4M	added0%	0.00 pp	6 q
QXOQXO, Inc.	0.01%	199,500	$4M	added+42%	0.00 pp	2 q
SDHCSmith Douglas Homes Corp.	0.01%	331,674	$6M	added+38%	0.00 pp	5 q
STRWStrawberry Fields REIT, Inc.	0.01%	300,384	$4M	added+3%	0.00 pp	4 q
STKLSunOpta, Inc.	0.01%	709,750	$4M	added+21%	0.00 pp	4 q
TALKTalkspace Inc	0.01%	1,890,630	$5M	added+18%	0.00 pp	5 q
SKTTanger Inc.	0.01%	172,969	$6M	trimmed−5%	0.00 pp	18 q
TFXTeleflex Incorporated	0.01%	32,000	$4M	new	+0.01 pp	new
TKRThe Timken Company	0.01%	86,003	$6M	added+27%	0.00 pp	2 q
TWITitan International, Inc.(Delaware)	0.01%	622,251	$5M	added0%	0.00 pp	4 q
VSECVSE Corp	0.01%	27,772	$5M	trimmed−22%	0.00 pp	18 q
MTNVail Resorts, Inc.	0.01%	23,769	$4M	held	—	2 q
VMDViemed Healthcare, Inc.	0.01%	477,844	$3M	added+5%	0.00 pp	5 q
VPGVishay Precision Group, Inc.	0.01%	247,192	$8M	added+11%	0.00 pp	4 q
XRXXerox Holdings Corporation	0.01%	1,152,500	$4M	new	+0.01 pp	new
YETIYETI Holdings, Inc.	0.01%	142,400	$5M	added+2%	0.00 pp	5 q
ZIMVZimVie Inc.	0.01%	213,182	$4M	trimmed−50%	0.00 pp	9 q
TTAMTitan America SA	0.01%	355,610	$5M	added+39%	0.00 pp	3 q
AXSAxis Capital Holders Limited	0.01%	79,949	$8M	trimmed−42%	−0.02 pp	7 q
LXFRLuxfer Holdings PLC	0.01%	438,056	$6M	trimmed−2%	0.00 pp	18 q
PRGOPerrigo Company PLC	0.01%	143,405	$3M	trimmed−2%	0.00 pp	4 q
AEBIAebi Schmidt Holding AG	0.01%	294,489	$4M	new	+0.01 pp	new
ASPSAltisource Portfolio Solutions S.A.	0.01%	437,472	$5M	trimmed−7%	0.00 pp	3 q
SMWBSimilarweb Ltd.	0.01%	545,001	$5M	added×3.2	+0.01 pp	2 q
ARQArq, Inc.	0.00%	160,731	$1M	new	0.00 pp	new
WMSAdvanced Drainage Systems, Inc.	0.00%	4,100	$568,670	new	0.00 pp	new
AIRGAirgain, Inc.	0.00%	505,736	$2M	trimmed−3%	0.00 pp	13 q
ALMAlmonty Industries Inc.	0.00%	90,000	$542,700	new	0.00 pp	new
AMBQAmbiq Micro, Inc.	0.00%	58,900	$2M	new	0.00 pp	new
AWKAmerican Water Works Company, Inc	0.00%	458	$63,749	added+1%	0.00 pp	14 q
ARMKAramark	0.00%	12,485	$479,424	trimmed−24%	0.00 pp	15 q
AVBHAvidbank Holdings, Inc.	0.00%	85,000	$2M	new	0.00 pp	new
BSMBlack Stone Minerals, L.P.	0.00%	22,260	$292,496	added+53%	0.00 pp	10 q
CBZCBIZ, Inc.	0.00%	3,237	$171,432	new	0.00 pp	new
LAWCS Disco, Inc.	0.00%	163,846	$1M	new	0.00 pp	new
CNICanadian National Railway	0.00%	1,780	$167,820	added+1%	0.00 pp	16 q
CPCanadian Pacific Kansas City Limited	0.00%	2,464	$183,471	added+1%	0.00 pp	10 q
CAHCardinal Health, Inc.	0.00%	7,829	$1M	trimmed−22%	0.00 pp	15 q
CASYCasey's General Stores Inc	0.00%	993	$561,363	trimmed−30%	0.00 pp	15 q
GTLSChart Inds Inc	0.00%	4,280	$856,642	trimmed−43%	0.00 pp	3 q
EXEExpand Energy Corporation	0.00%	8,974	$953,398	trimmed−18%	0.00 pp	18 q
COHRCoherent Corp.	0.00%	8,801	$948,044	trimmed−17%	0.00 pp	13 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.00%	3,408	$532,364	new	0.00 pp	new
COLBColumbia Banking Systems Inc	0.00%	40,000	$1M	new	0.00 pp	new
COTYCoty Inc	0.00%	28,074	$113,419	trimmed−56%	0.00 pp	4 q
CWCurtiss-Wright Corp.	0.00%	1,756	$953,403	trimmed−20%	0.00 pp	17 q
PLAYDave & Buster's Entertainment, Inc.	0.00%	101,000	$2M	new	0.00 pp	new
DECKDeckers Outdoor Corp	0.00%	3,225	$326,918	trimmed−59%	0.00 pp	2 q
DALDelta Air Lines, Inc.	0.00%	12,694	$720,385	trimmed−22%	0.00 pp	8 q
DDominion Energy, Inc	0.00%	4,622	$282,728	added+1%	0.00 pp	4 q
DCIDonaldson Company, Inc.	0.00%	3,200	$261,920	trimmed−72%	0.00 pp	14 q
DOVDover Corporation	0.00%	2,014	$335,996	trimmed−65%	0.00 pp	14 q
EGPEastGroup Properties Inc.	0.00%	838	$141,840	added+1%	0.00 pp	8 q
ENSGThe Ensign Group, Inc.	0.00%	1,225	$211,643	trimmed−79%	0.00 pp	6 q
ENTGEntegris Inc	0.00%	5,500	$508,530	new	0.00 pp	new
EQIXEquinix, Inc.	0.00%	429	$336,010	added×5.0	0.00 pp	16 q
EVREvercore Inc.	0.00%	4,090	$1M	trimmed−23%	0.00 pp	11 q
EXELExelixis Inc	0.00%	16,271	$671,992	trimmed−21%	0.00 pp	9 q
FOSLFossil Group, Inc.	0.00%	641,557	$2M	trimmed−16%	0.00 pp	4 q
FVRFrontView REIT, Inc.	0.00%	30,000	$411,300	new	0.00 pp	new
GNRCGenerac Holdings Inc	0.00%	5,235	$876,339	trimmed−32%	0.00 pp	14 q
GDGeneral Dynamics Corporation	0.00%	7,297	$2M	held	—	39 q
DINOHF Sinclair Corporation	0.00%	4,491	$235,059	trimmed−44%	0.00 pp	15 q
HLLYHolley Inc.	0.00%	485,297	$2M	added+2%	0.00 pp	5 q
HLIHoulihan Lokey, Inc.	0.00%	4,202	$862,755	trimmed−16%	0.00 pp	5 q
INGRIngredion Incorporated	0.00%	4,382	$535,086	trimmed−94%	−0.02 pp	15 q
INSGInseego Corp.	0.00%	140,850	$2M	new	0.00 pp	new
IAUiShares Gold Trust	0.00%	3,121	$227,115	added+2%	0.00 pp	14 q
KVHIKVH Industries Inc	0.00%	211,826	$1M	added+8%	0.00 pp	3 q
KDKyndryl Holdings, Inc.	0.00%	23,600	$708,708	added×2.6	0.00 pp	2 q
LTRXLantronix Inc	0.00%	123,297	$563,467	trimmed−57%	0.00 pp	12 q
LIILennox International Inc.	0.00%	977	$517,185	trimmed−27%	0.00 pp	15 q
LADLithia Motors, Inc.	0.00%	1,644	$519,504	trimmed−13%	0.00 pp	16 q
MRVIMaravai LifeSciences Holdings, Inc. Class A	0.00%	450,931	$1M	new	0.00 pp	new
NATRNature's Sunshine Products Inc.	0.00%	120,000	$2M	trimmed−8%	0.00 pp	2 q
ONTOOnto Innovation Inc.	0.00%	2,500	$323,050	new	0.00 pp	new
PFGCPerformance Food Group Company	0.00%	8,400	$873,936	trimmed−17%	0.00 pp	15 q
PALProficient Auto Logistics, Inc.	0.00%	165,469	$1M	trimmed−68%	−0.01 pp	6 q
PROFProfound Medical Corp.	0.00%	291,391	$1M	added×2.4	0.00 pp	2 q
PUMPProPetro Holding Corp.	0.00%	453,333	$2M	trimmed−2%	−0.01 pp	15 q
PHMPultegroup, Inc.	0.00%	2,914	$385,027	added+36%	0.00 pp	5 q
PWRQuanta Services, Inc.	0.00%	2,618	$1M	trimmed−27%	0.00 pp	8 q
DGXQuest Diagnostics Inc.	0.00%	3,835	$730,874	trimmed−33%	0.00 pp	15 q
RESRPC, Inc.	0.00%	334,149	$2M	added+2%	0.00 pp	16 q
RHRh	0.00%	375	$76,185	trimmed−37%	0.00 pp	14 q
RPMRPM International, Inc.	0.00%	1,315	$155,012	trimmed−100%	−0.06 pp	16 q
PACKRanpak Holdings Corp.	0.00%	182,786	$1M	new	0.00 pp	new
RJFRaymond James Financial, Inc.	0.00%	2,343	$404,402	trimmed−37%	0.00 pp	13 q
FEOEFirst Eagle Overseas Equity ETF	0.00%	27,780	$1M	held	—	4 q
FEGEFirst Eagle Global Equity ETF	0.00%	27,635	$1M	held	—	4 q
RSReliance, Inc.	0.00%	799	$224,383	added+1%	0.00 pp	7 q
RKTRocket Companies, Inc.	0.00%	57,700	$1M	trimmed−14%	0.00 pp	11 q
ROKURoku, Inc. Class A	0.00%	6,200	$620,806	new	0.00 pp	new
RHPRyman Hospitality Properties, Inc	0.00%	2,800	$250,852	new	0.00 pp	new
SLPSimulations Plus, Inc.	0.00%	22,880	$344,802	new	0.00 pp	new
SMBKSmartFinancial, Inc.	0.00%	32,000	$1M	new	0.00 pp	new
SNDSmart Sand, Inc.	0.00%	286,483	$613,074	added+4%	0.00 pp	6 q
LUVSouthwest Airlines Co.	0.00%	4,000	$127,640	trimmed−61%	0.00 pp	4 q
SBUXStarbucks Corp	0.00%	25,769	$2M	trimmed−1%	0.00 pp	21 q
THCTenet Healthcare Corporation New	0.00%	7,533	$2M	trimmed−24%	0.00 pp	15 q
TXRHTexas Roadhouse, Inc.	0.00%	4,915	$816,627	trimmed−14%	0.00 pp	5 q
TTSTile Shop Hldgs Inc	0.00%	297,172	$2M	added+1%	0.00 pp	13 q
TOLToll Brothers, Inc.	0.00%	3,091	$426,991	trimmed−26%	0.00 pp	18 q
TACTransAlta Corporation	0.00%	15,474	$211,321	added+1%	0.00 pp	4 q
TRMBTrimble Inc.	0.00%	4,503	$367,670	trimmed−2%	0.00 pp	9 q
TRVGtrivago N.V.	0.00%	167,619	$559,009	new	0.00 pp	new
UGIUGI Corporation	0.00%	8,681	$288,730	added+1%	0.00 pp	41 q
UEICUniversal Electronics Inc	0.00%	166,436	$775,592	trimmed−5%	0.00 pp	9 q
WDWalker & Dunlop, Inc.	0.00%	3,092	$258,553	trimmed−72%	0.00 pp	5 q
WMBWilliams Companies Inc.	0.00%	3,215	$203,670	added+1%	0.00 pp	16 q
XPOXPO, Inc.	0.00%	3,885	$502,214	trimmed−22%	0.00 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	1,636	$161,146	trimmed−65%	0.00 pp	14 q
ACNAccenture PLC	0.00%	2,573	$634,502	trimmed−1%	0.00 pp	21 q
CRHCRH Public Limited Company	0.00%	3,735	$446,193	trimmed−8%	0.00 pp	9 q
JHXJames Hardie Industries plc	0.00%	19,676	$377,976	new	0.00 pp	new
NVTnVent Electric plc	0.00%	10,600	$1M	added+32%	0.00 pp	2 q
SDRLSeadrill Limited	0.00%	49,100	$1M	trimmed−39%	0.00 pp	9 q
SNSharkNinja, Inc.	0.00%	7,000	$722,050	added×2.7	0.00 pp	2 q
ASPSWAltisource Portfolio Solutions S.A. Net Settle Stakeholder	0.00%	2,834	$1,984	new	0.00 pp	new
ASPSZAltisource Portfolio Solutions S.A. Cash Exercise Stakeholder	0.00%	2,834	$1,644	new	0.00 pp	new
CRNTCeragon Networks Ltd	0.00%	589,560	$1M	trimmed−0%	0.00 pp	15 q
FLEXFlex Ltd.	0.00%	19,448	$1M	trimmed−18%	0.00 pp	10 q
FLSFlowserve Corporation	—	−3,909,570	—	exited	−0.41 pp	—
MQ8Mag Silver Corp	—	−7,799,692	—	exited	−0.33 pp	—
KHCThe Kraft Heinz Company	—	−3,974,279	—	exited	−0.21 pp	—
KMPRKemper Corporation	—	−200,331	—	exited	−0.03 pp	—
SNYSanofi	—	−355,667	—	exited	−0.03 pp	—
MOSThe Mosaic Company	—	−236,925	—	exited	−0.02 pp	—
PTBPotbelly Corp	—	−989,028	—	exited	−0.02 pp	—
RELYRemitly Global, Inc.	—	−460,516	—	exited	−0.02 pp	—
AHCOAdaptHealth Corp.	—	−729,636	—	exited	−0.01 pp	—
CRSCarpenter Technology Corp	—	−23,679	—	exited	−0.01 pp	—
FSLYFastly, Inc. Class A	—	−541,173	—	exited	−0.01 pp	—
KROKronos Worldwide, Inc.	—	−433,047	—	exited	−0.01 pp	—
DRSLeonardo DRS, Inc.	—	−84,685	—	exited	−0.01 pp	—
SHOOSteven Madden Ltd	—	−156,892	—	exited	−0.01 pp	—
NVEENV5 Global, Inc.	—	−295,200	—	exited	−0.01 pp	—
NWENorthWestern Energy Group, Inc.	—	−72,999	—	exited	−0.01 pp	—
PTLOPortillo's Inc. Class A	—	−577,850	—	exited	−0.01 pp	—
SEMSelect Medical Holdings Corp	—	−428,948	—	exited	−0.01 pp	—
SHOEShoe Station Group, Inc.	—	−314,384	—	exited	−0.01 pp	—
SHYFThe Shyft Group, Inc.	—	−248,912	—	exited	−0.01 pp	—
ICHRIchor Holdings	—	−305,172	—	exited	−0.01 pp	—
unresolvedSmart Global Holdings Inc	—	−308,744	—	exited	−0.01 pp	—
TROXTronox Limited Cl A	—	−1,261,840	—	exited	−0.01 pp	—
ALGNAlign Technology Inc	—	−995	—	exited	0.00 pp	—
ASURAsure Software, Inc	—	−185,046	—	exited	0.00 pp	—
AZEKThe AZEK Company Inc.	—	−5,328	—	exited	0.00 pp	—
HTLDHeartland Express Inc	—	−221,581	—	exited	0.00 pp	—
ICADIcad Inc	—	−578,942	—	exited	0.00 pp	—
TXNMTXNM Energy, Inc.	—	−5,387	—	exited	0.00 pp	—
WLKWestlake Corporation	—	−6,885	—	exited	0.00 pp	—
LINLinde plc	—	−53	—	exited	0.00 pp	—