# Matthew McLennan — First Eagle Investment Management Portfolio USD 60,637,880,000 · 256 positions · 2026 Q2 · history from 2019 Q3. Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/FE ## Positions (2026 Q2) | Ticker | Company | % of portfolio | Value | This quarter | Holders | |---|---|---:|---:|---|---:| | GOOG | Alphabet Inc. CL C | 4.3% | USD 2,585,052,000 | -1.19% | | | BDX | Becton Dickinson | 3.5% | USD 2,090,675,000 | +15.82% | | | META | Meta Platforms Inc. | 3.0% | USD 1,812,303,000 | +0.76% | | | TSM | Taiwan Semiconductor S.A. | 3.0% | USD 1,788,784,000 | -4.01% | | | FMX | Fomento Economico Mexicano | 2.7% | USD 1,663,759,000 | +0.82% | | | ELV | Elevance Health Inc. | 2.7% | USD 1,619,701,000 | +1.35% | | | WPM | Wheaton Precious Metals Corp. | 2.6% | USD 1,596,645,000 | +0.41% | | | IMO | Imperial Oil Ltd. | 2.5% | USD 1,524,486,000 | -2.73% | | | SLB | Schlumberger Ltd. | 2.2% | USD 1,344,199,000 | +1.89% | | | BNY | Bank of New York Mellon Corp. | 2.2% | USD 1,340,088,000 | -6.09% | | | HCA | HCA Healthcare Inc. | 2.1% | USD 1,284,908,000 | +1.26% | | | ORCL | Oracle Corp. | 2.1% | USD 1,248,148,000 | +0.97% | | | WY | Weyerhaeuser Co. | 2.0% | USD 1,225,232,000 | +10.55% | | | WTW | Willis Towers Watson plc | 1.9% | USD 1,169,855,000 | +3.15% | | | ADP | Automatic Data Processing Inc. | 1.9% | USD 1,158,702,000 | +81.56% | | | CRM | Salesforce.com | 1.9% | USD 1,144,563,000 | +19.14% | | | FNV | Franco Nevada Corp. | 1.8% | USD 1,099,219,000 | -0.02% | | | ABEV | Ambev S.A. | 1.8% | USD 1,096,875,000 | +0.67% | | | NEM | Newmont Corp. | 1.8% | USD 1,080,668,000 | -3.76% | | | WDAY | Workday Inc. | 1.8% | USD 1,080,297,000 | +15.98% | | | MDT | Medtronic plc | 1.8% | USD 1,078,321,000 | +37.23% | | | PM | Philip Morris Intl. | 1.8% | USD 1,071,977,000 | +0.56% | | | OKE | ONEOK Inc. | 1.7% | USD 1,028,920,000 | +1.33% | | | CMCSA | Comcast Corp. | 1.6% | USD 937,147,000 | +1.04% | | | GLD | SPDR Gold Trust | 1.5% | USD 917,863,000 | +1.46% | | | BKNG | Booking Holdings Inc. | 1.5% | USD 876,316,000 | new | | | XOM | ExxonMobil Holdings Corp. | 1.4% | USD 828,123,000 | -2.89% | | | AEM | Agnico-Eagle Mines Ltd. | 1.3% | USD 805,996,000 | -0.01% | | | PPG | PPG Industries | 1.3% | USD 789,576,000 | +1.16% | | | BIO | Bio-Rad Laboratories Inc. | 1.3% | USD 765,212,000 | +0.13% | | | BRO | Brown & Brown Inc. | 1.2% | USD 752,320,000 | +32.92% | | | CL | Colgate-Palmolive | 1.2% | USD 752,299,000 | +1.1% | | | IFF | International Flavors & Fragrances Inc. | 1.2% | USD 745,437,000 | +1.02% | | | B | Barrick Mining Corp. | 1.2% | USD 731,599,000 | -3.17% | | | MSFT | Microsoft Corp. | 1.2% | USD 723,739,000 | +46.42% | | | CHRW | C.H. Robinson Worldwide | 1.1% | USD 686,020,000 | -36.43% | | | UHS | Universal Health Services Inc. | 1.1% | USD 677,234,000 | +2.95% | | | VMRK | Vivmark Residential | 1.1% | USD 647,312,000 | +0.63% | | | BXP | BXP Inc. | 1.0% | USD 627,773,000 | +1.31% | | | NTR | Nutrien Ltd. | 1.0% | USD 627,691,000 | -0.18% | | | NOV | Nov Inc. | 0.9% | USD 569,201,000 | -15.72% | | | AXP | American Express | 0.9% | USD 568,310,000 | +1.05% | | | EXR | Extra Space Storage Inc. | 0.9% | USD 563,328,000 | +1% | | | USB | U.S. Bancorp | 0.9% | USD 551,033,000 | +1.16% | | | OMC | Omnicom Group | 0.9% | USD 534,806,000 | +0.55% | | | FISV | Fiserv Inc. | 0.9% | USD 532,574,000 | +44.86% | | | NE | Noble Corp. | 0.9% | USD 520,602,000 | +2.91% | | | DG | Dollar General | 0.9% | USD 517,995,000 | +1% | | | DIS | Walt Disney Co. | 0.9% | USD 517,372,000 | +2.31% | | | CHTR | Charter Communications | 0.8% | USD 510,156,000 | +0.2% | | | WAT | Waters Corp. | 0.8% | USD 500,719,000 | -15.24% | | | CSL | Carlisle Companies | 0.7% | USD 447,829,000 | +55.65% | | | CFR | Cullen Frost Bankers | 0.7% | USD 429,204,000 | +22.59% | | | FNF | Fidelity National Financial Inc. | 0.7% | USD 423,356,000 | +1.09% | | | BRK.A | Berkshire Hathaway CL A | 0.7% | USD 423,100,000 | hold | | | MICC | Magnum Ice Cream Co NV | 0.7% | USD 400,637,000 | +1.37% | | | IPGP | IPG Photonics Corp. | 0.7% | USD 391,717,000 | -27.31% | | | CMI | Cummins Inc. | 0.6% | USD 382,900,000 | -30.03% | | | DE | Deere & Co. | 0.6% | USD 340,558,000 | +0.72% | | | EXPD | Expeditors Int'l | 0.5% | USD 329,381,000 | -66.01% | | | HCC | Warrior Met Coal Inc. | 0.5% | USD 314,824,000 | new | | | AGI | Alamos Gold Inc. | 0.3% | USD 186,875,000 | hold | | | GOOGL | Alphabet Inc. | 0.3% | USD 185,447,000 | -56.69% | | | CCU | Compania Cervecerias Unidas SA | 0.3% | USD 180,538,000 | -0.01% | | | RGLD | Royal Gold Inc. | 0.3% | USD 172,021,000 | -6.08% | | | DEI | Douglas Emmett Inc. | 0.3% | USD 164,708,000 | +0% | | | FERG | Ferguson Enterprises Inc. | 0.3% | USD 156,413,000 | +4.07% | | | KGC | Kinross Gold Corp. | 0.3% | USD 151,522,000 | -10.17% | | | AU | AngloGold Ashanti Ltd. | 0.2% | USD 120,581,000 | hold | | | GFI | Gold Fields Ltd. | 0.2% | USD 118,768,000 | hold | | | PAAS | Pan American Silver Corp. | 0.2% | USD 108,263,000 | hold | | | BTI | British American Tobacco plc | 0.2% | USD 106,156,000 | +3.02% | | | BIL | SPDR Bloomberg 1 3 Month T B | 0.2% | USD 98,711,000 | -21% | | | SHEL | Shell plc | 0.1% | USD 83,221,000 | +1.54% | | | EPD | Enterprise Products Partners LP | 0.1% | USD 71,977,000 | +0.85% | | | UL | Unilever PLC | 0.1% | USD 50,652,000 | +4.54% | | | UCTT | Ultra Clean Holdings Inc. | 0.1% | USD 49,612,000 | -19.85% | | | ORLA-OLD | Orla Mining Ltd | 0.1% | USD 46,581,000 | hold | | | NG | NovaGold Resources | 0.1% | USD 44,688,000 | -18.4% | | | DEO | Diageo ADR | 0.1% | USD 44,543,000 | +248.1% | | | VSH | Vishay Intertechnology | 0.1% | USD 43,895,000 | -23.26% | | | SIMO | Silicon Motion Technol ADR | 0.1% | USD 41,912,000 | -25.35% | | | KOF | Coca-Cola FEMSA S A CV | 0.1% | USD 41,729,000 | hold | | | LYG | Lloyds TSB Grp Plc ADR | 0.1% | USD 40,820,000 | -5.43% | | | COHU | Cohu Inc. | 0.1% | USD 40,542,000 | +15.71% | | | HLN | Haleon Plc ADR | 0.1% | USD 39,418,000 | +4.77% | | | BKD | Brookdale Senior Living Inc. | 0.1% | USD 37,012,000 | +23.3% | | | BTG | B2Gold Corp. | 0.1% | USD 36,359,000 | hold | | | HNGE | Hinge Health Inc A | 0.1% | USD 35,702,000 | +27.66% | | | MTRN | Materion Corp. | 0.1% | USD 35,479,000 | +17.02% | | | VECO | Veeco Instruments | 0.1% | USD 35,160,000 | +18.52% | | | BHE | Benchmark Electronics | 0.1% | USD 34,629,000 | +18.34% | | | AEIS | Advanced Energy Industries | 0.1% | USD 34,130,000 | +11.88% | | | NPO | EnPro Industries | 0.1% | USD 33,972,000 | +29.02% | | | BRK.B | Berkshire Hathaway CL B | 0.1% | USD 33,840,000 | +17.4% | | | RELX | RELX plc | 0.1% | USD 32,965,000 | +29.76% | | | DCO | Ducommun Inc. | 0.1% | USD 32,667,000 | +14.7% | | | ROG | Rogers Corp. | 0.1% | USD 30,825,000 | +42.82% | | | LINC | Lincoln Educational Services Corp. | 0.1% | USD 30,715,000 | -10.17% | | | ONTO | Onto Innovation Inc. | 0.1% | USD 30,009,000 | +84.48% | | | ABCB | Ameris Bancorp | 0.1% | USD 29,689,000 | +32.92% | | | TTMI | TTM Technologies Inc. | 0.1% | USD 29,439,000 | -29.87% | | | IBP | Installed Building Products | 0.1% | USD 29,319,000 | +99.81% | | | PLXS | Plexus Corp. | 0.1% | USD 27,685,000 | +36.33% | | | KALU | Kaiser Aluminum Corp. | <0.1% | USD 27,082,000 | +24.98% | | | KWR | Quaker Chemical | <0.1% | USD 25,892,000 | +72.39% | | | ONB | Old National Bancorp | <0.1% | USD 25,563,000 | +41.65% | | | CECO | CECO Environmental Corp. | <0.1% | USD 24,892,000 | +13.12% | | | SPB | Spectrum Brands Holdings Inc. | <0.1% | USD 24,792,000 | +24.48% | | | MAMA | Mama's Creations Inc | <0.1% | USD 24,620,000 | +12.74% | | | UTI | Universal Technical Institute | <0.1% | USD 24,389,000 | +20.78% | | | RELY | Remitly Global Inc | <0.1% | USD 24,040,000 | +29.02% | | | GHM | Graham Corp. | <0.1% | USD 24,029,000 | -9.93% | | | HLIT | Harmonic Inc. | <0.1% | USD 23,615,000 | +22.46% | | | CAE | CAE Inc. | <0.1% | USD 22,995,000 | -1.68% | | | LPX | Louisiana-Pacific Corp. | <0.1% | USD 22,953,000 | +25.83% | | | MRVI | Maravai LifeSciences Holdings Inc. | <0.1% | USD 22,909,000 | +45.44% | | | HRI | HERC Holdings Inc. | <0.1% | USD 22,263,000 | +56.84% | | | TEL | TE Connectivity plc | <0.1% | USD 22,145,000 | +3.82% | | | CMC | Commercial Metals | <0.1% | USD 21,985,000 | +22.7% | | | DORM | Dorman Products | <0.1% | USD 21,647,000 | +73.68% | | | AMBQ | Ambiq Micro Inc | <0.1% | USD 21,580,000 | -12.43% | | | SBCF | Seacoast Banking Corp. of Florida | <0.1% | USD 21,532,000 | +28.21% | | | PNTG | Pennant Group Inc. | <0.1% | USD 21,080,000 | +32.37% | | | AX | Axos Financial Inc. | <0.1% | USD 20,775,000 | +29.58% | | | TKR | Timken Co. | <0.1% | USD 20,679,000 | +54.93% | | | AMRC | Ameresco Inc. CL A | <0.1% | USD 20,674,000 | +34.89% | | | AIN | Albany International | <0.1% | USD 20,274,000 | +32.86% | | | FLYW | Flywire Corp Voting | <0.1% | USD 20,269,000 | +44.05% | | | CYRX | CryoPort Inc. | <0.1% | USD 19,961,000 | +70.7% | | | FUL | H.B. Fuller Co. | <0.1% | USD 19,780,000 | +48.45% | | | SLP | Simulations Plus Inc. | <0.1% | USD 19,603,000 | +44.27% | | | ASYS | Amtech Systems Inc. | <0.1% | USD 19,582,000 | +1.92% | | | LPG | Dorian LPG Ltd | <0.1% | USD 19,457,000 | +41.65% | | | CON | Concentra Group Holdings Par | <0.1% | USD 19,280,000 | +62.09% | | | NVGS | Navigator Holdings Ltd. | <0.1% | USD 19,204,000 | +32.05% | | | LAD | Lithia Motors Inc. | <0.1% | USD 19,165,000 | +50.97% | | | CBT | Cabot Corp. | <0.1% | USD 18,931,000 | +52.54% | | | EXTR | Extreme Networks Inc. | <0.1% | USD 18,869,000 | +66.77% | | | HD | Home Depot | <0.1% | USD 18,613,000 | +3.82% | | | ACA | Arcosa Inc. | <0.1% | USD 18,574,000 | +0.95% | | | PKOH | Park Ohio Holdings Corp. | <0.1% | USD 18,373,000 | -0.71% | | | WCC | WESCO International Inc. | <0.1% | USD 18,221,000 | +3.11% | | | GLNG | Golar LNG Ltd. | <0.1% | USD 17,958,000 | +29.86% | | | KRE | SPDR S&P Regional Banking | <0.1% | USD 17,707,000 | +34.32% | | | ABM | ABM Industries | <0.1% | USD 17,700,000 | +36.56% | | | UNH | United Health Group Inc. | <0.1% | USD 17,607,000 | +3.82% | | | ESI | Element Solutions Inc. | <0.1% | USD 17,505,000 | +548.85% | | | CHEF | Chefs' Warehouse | <0.1% | USD 17,444,000 | +8.39% | | | BDC | Belden Inc. | <0.1% | USD 17,436,000 | +41.77% | | | ADTN | ADTRAN Holdings Inc. | <0.1% | USD 17,354,000 | -8.78% | | | CDNA | CareDx Inc. | <0.1% | USD 17,057,000 | +4.02% | | | FORM | FormFactor Inc. | <0.1% | USD 16,975,000 | -40.99% | | | LOCO | El Pollo Loco Holdings Inc. | <0.1% | USD 16,889,000 | +73.09% | | | LFST | Lifestance Health Group Inc | <0.1% | USD 16,739,000 | -2.95% | | | CENX | Century Aluminum Co. | <0.1% | USD 16,672,000 | +122.19% | | | ASTE | Astec Industries | <0.1% | USD 16,619,000 | +4.36% | | | TITN | Titan Machinery Inc. | <0.1% | USD 16,619,000 | -1.78% | | | FLOC | Flowco Holdings Inc Cl A | <0.1% | USD 16,615,000 | +36.86% | | | GFF | Griffon Corp. | <0.1% | USD 16,595,000 | new | | | VLY | Valley National Bancorp | <0.1% | USD 16,379,000 | +15.08% | | | TMHC-OLD | Taylor Morrison Home Corp. | <0.1% | USD 16,328,000 | -5.23% | | | AXS | Axis Capital Holdings Ltd. | <0.1% | USD 16,325,000 | +67.44% | | | MUR | Murphy Oil | <0.1% | USD 16,195,000 | +141.46% | | | HSTM | HealthStream Inc. | <0.1% | USD 16,129,000 | +39.04% | | | TRNS | Transcat Inc. | <0.1% | USD 16,114,000 | +13.49% | | | OIS | Oil States International Inc. | <0.1% | USD 16,065,000 | -1.86% | | | TRN | Trinity Industries | <0.1% | USD 16,021,000 | +11.48% | | | CVLG | Covenant Transportation Group Inc. CL A | <0.1% | USD 15,858,000 | +44.64% | | | STNG | Scorpio Tankers Inc. | <0.1% | USD 15,841,000 | -2.7% | | | AXGN | AxoGen Inc. | <0.1% | USD 15,755,000 | -3.81% | | | ATRO | Astronics Corp. | <0.1% | USD 15,661,000 | +0.21% | | | TXN | Texas Instruments | <0.1% | USD 15,638,000 | -98.57% | | | IIIN | Insteel Industries Inc. | <0.1% | USD 15,446,000 | +34.26% | | | IIIV | I3 Verticals Inc. CL A | <0.1% | USD 15,443,000 | +89.2% | | | LXU | LSB Industries Inc. | <0.1% | USD 15,338,000 | +30.77% | | | DGII | Digi International | <0.1% | USD 15,234,000 | +17.01% | | | GTES | Gates Industrial Corp. | <0.1% | USD 15,014,296 | +542.87% | | | BCC | Boise Cascade Company | <0.1% | USD 14,998,000 | +13.45% | | | SMBK | SmartFinancial Inc. | <0.1% | USD 14,983,386 | +42.54% | | | ACN | Accenture | <0.1% | USD 14,757,000 | +31.41% | | | TALO | Talos Energy Inc. | <0.1% | USD 14,553,443 | +123.72% | | | LRN | Stride Inc. | <0.1% | USD 14,470,986 | +3831.56% | | | PWP | Perella Weinberg Partners | <0.1% | USD 14,382,976 | +46.52% | | | SONO | Sonos Inc. | <0.1% | USD 14,286,679 | +48.93% | | | NTGR | NETGEAR Inc. | <0.1% | USD 14,272,571 | +111.54% | | | REPX | Riley Exploration Permian In | <0.1% | USD 14,203,980 | +134.02% | | | DY | Dycom Industries | <0.1% | USD 14,175,000 | -10.69% | | | PXED | Phoenix Education Partners I | <0.1% | USD 13,649,504 | +50.65% | | | RRBI | Red River Bancshares Inc | <0.1% | USD 13,632,577 | +91.5% | | | ACLS | Axcelis Technologies | <0.1% | USD 13,626,000 | -28.47% | | | DCOM | Dime Community Bancshares | <0.1% | USD 13,482,000 | +23.22% | | | BKH | Black Hills | <0.1% | USD 13,242,000 | +38.22% | | | BRZE | Braze Inc A | <0.1% | USD 13,227,000 | +284.74% | | | FVR | Frontview Reit Inc | <0.1% | USD 13,166,000 | +12.77% | | | FLS | Flowserve Corp. | <0.1% | USD 13,157,000 | +58.74% | | | FIP | Ftai Infrastructure Inc | <0.1% | USD 12,749,000 | +8.79% | | | MGNI | Magnite Inc. | <0.1% | USD 12,731,556 | +48.97% | | | DV | DoubleVerify Holdings Inc. | <0.1% | USD 12,574,000 | +82.68% | | | OGS | ONE Gas Inc. | <0.1% | USD 12,390,081 | +49.88% | | | COLB | Columbia Banking System Inc. | <0.1% | USD 12,326,000 | +67.95% | | | RDNT | RadNet Inc. | <0.1% | USD 12,027,870 | +107.19% | | | QTRX | Quanterix Corp. | <0.1% | USD 11,893,673 | +111.77% | | | TNC | Tennant Co. | <0.1% | USD 11,630,302 | +314.45% | | | HUN | Huntsman Corp. | <0.1% | USD 11,618,461 | +42.06% | | | AIR | AAR Corp. | <0.1% | USD 11,586,000 | +26.67% | | | FN | Fabrinet | <0.1% | USD 11,565,000 | +35.39% | | | NPKI | NPK International Inc. | <0.1% | USD 11,471,142 | +163.31% | | | QXO | Qxo Inc | <0.1% | USD 11,454,808 | +197.02% | | | OSIS | OSI Systems Inc. | <0.1% | USD 11,406,786 | +111.51% | | | CENTA | Central Garden & Pet | <0.1% | USD 11,241,000 | +11.33% | | | INTT | inTEST Corp. | <0.1% | USD 11,130,978 | +44.45% | | | PUMP | ProPetro Holding Corp. | <0.1% | USD 11,125,445 | +49.82% | | | STVN | Stevanato Group Spa | <0.1% | USD 11,045,938 | +288.12% | | | DIN | Dine Brands Global Inc. | <0.1% | USD 10,638,000 | new | | | CAKE | Cheesecake Factory | <0.1% | USD 10,626,000 | -9.49% | | | IPI | Intrepid Potash Inc. | <0.1% | USD 10,606,002 | +113.92% | | | VSEC | VSE Corp. | <0.1% | USD 10,378,927 | +140.05% | | | ENSG | Ensign Group | <0.1% | USD 10,356,000 | +5080.43% | | | CTOS | Custom Truck One Source Inc. | <0.1% | USD 10,178,000 | +12.53% | | | ARLO | Arlo Technologies Inc. | <0.1% | USD 10,140,000 | +713.19% | | | CCRN-OLD | Cross Country Healthcare | <0.1% | USD 9,872,000 | +26.72% | | | CEVA | CEVA Inc. | <0.1% | USD 9,862,000 | new | | | NVST | Envista Holdings Corp. | <0.1% | USD 9,815,375 | +40.83% | | | MG | Mistras Group Inc. | <0.1% | USD 9,675,847 | +96.73% | | | AVBH | Avidbank Holdings Inc | <0.1% | USD 9,382,000 | +43.93% | | | WRBY | Warby Parker Inc. | <0.1% | USD 8,737,920 | +113.19% | | | ATEC | Alphatec Holdings Inc. | <0.1% | USD 8,620,910 | +43.06% | | | ONEW | Onewater Marine Inc Cl A | <0.1% | USD 8,538,918 | +44.13% | | | EYE | National Vision Holdings Inc. | <0.1% | USD 8,167,038 | +93.91% | | | DNOW | NOW Inc. | <0.1% | USD 7,780,781 | +69.58% | | | MC | Moelis & Co. | <0.1% | USD 7,196,200 | +46.47% | | | SDRL | Seadrill Ltd | <0.1% | USD 6,762,519 | +280.44% | | | MKTX | MarketAxess Holdings Inc. | <0.1% | USD 5,625,998 | +225250% | | | DSX | Diana Shipping Inc. | <0.1% | USD 4,962,882 | +86.88% | | | RES | RPC Inc. | <0.1% | USD 3,175,304 | +61.55% | | | PROF | Profound Medical Corp | 0.0% | USD 2,927,377 | +36.41% | | | THC | Tenet Healthcare Corp. | 0.0% | USD 1,707,962 | +68.57% | | | DGX | Quest Diagnostics | 0.0% | USD 1,612,016 | +153.53% | | | XGN | Exagen Inc. | 0.0% | USD 1,427,387 | +145.1% | | | JHX | James Hardie Industries PLC | 0.0% | USD 1,260,766 | +54.53% | | | TOL | Toll Brothers | 0.0% | USD 988,980 | +131.57% | | | CASY | Casey's Gen'l Stores | 0.0% | USD 954,000 | +50% | | | ARMK | Aramark | 0.0% | USD 853,950 | +36.36% | | | PHM | PulteGroup Inc. | 0.0% | USD 648,994 | +56.12% | | | RS | Reliance Steel & Aluminum | 0.0% | USD 545,000 | +35.75% | | | URI | United Rentals | 0.0% | USD 470,999 | +6833.33% | | | TRGP | Targa Resources Corp. | 0.0% | USD 27,000 | +380.95% | | | TDY | Teledyne Technologies | 0.0% | USD 22,000 | +371.43% | | | CNS | Cohen & Steers Inc. | 0.0% | USD 21,001 | +345.9% | | | ODFL | Old Dominion Freight Line | 0.0% | USD 21,000 | +352.38% | | | STE | STERIS Plc | 0.0% | USD 20,000 | +427.78% | | | RGA | Reinsurance Group of America Inc. | 0.0% | USD 19,000 | +368.42% | | | WPC | WP Carey | 0.0% | USD 19,000 | +359.32% | | | GEHC | GE HealthCare Technologies Inc. | 0.0% | USD 16,000 | +347.27% | | | APD | Air Products & Chemicals | 0.0% | USD 13,000 | +164.71% | | ## Moves this quarter (248) - GOOG Alphabet Inc. CL C: -1.19% (USD 2,585,052,000) - BDX Becton Dickinson: +15.82% (USD 2,090,675,000) - META Meta Platforms Inc.: +0.76% (USD 1,812,303,000) - TSM Taiwan Semiconductor S.A.: -4.01% (USD 1,788,784,000) - FMX Fomento Economico Mexicano: +0.82% (USD 1,663,759,000) - ELV Elevance Health Inc.: +1.35% (USD 1,619,701,000) - WPM Wheaton Precious Metals Corp.: +0.41% (USD 1,596,645,000) - IMO Imperial Oil Ltd.: -2.73% (USD 1,524,486,000) - SLB Schlumberger Ltd.: +1.89% (USD 1,344,199,000) - BNY Bank of New York Mellon Corp.: -6.09% (USD 1,340,088,000) - HCA HCA Healthcare Inc.: +1.26% (USD 1,284,908,000) - ORCL Oracle Corp.: +0.97% (USD 1,248,148,000) - WY Weyerhaeuser Co.: +10.55% (USD 1,225,232,000) - WTW Willis Towers Watson plc: +3.15% (USD 1,169,855,000) - ADP Automatic Data Processing Inc.: +81.56% (USD 1,158,702,000) - CRM Salesforce.com: +19.14% (USD 1,144,563,000) - FNV Franco Nevada Corp.: -0.02% (USD 1,099,219,000) - ABEV Ambev S.A.: +0.67% (USD 1,096,875,000) - NEM Newmont Corp.: -3.76% (USD 1,080,668,000) - WDAY Workday Inc.: +15.98% (USD 1,080,297,000) - MDT Medtronic plc: +37.23% (USD 1,078,321,000) - PM Philip Morris Intl.: +0.56% (USD 1,071,977,000) - OKE ONEOK Inc.: +1.33% (USD 1,028,920,000) - CMCSA Comcast Corp.: +1.04% (USD 937,147,000) - GLD SPDR Gold Trust: +1.46% (USD 917,863,000) - BKNG Booking Holdings Inc.: new (USD 876,316,000) - XOM ExxonMobil Holdings Corp.: -2.89% (USD 828,123,000) - AEM Agnico-Eagle Mines Ltd.: -0.01% (USD 805,996,000) - PPG PPG Industries: +1.16% (USD 789,576,000) - BIO Bio-Rad Laboratories Inc.: +0.13% (USD 765,212,000) - BRO Brown & Brown Inc.: +32.92% (USD 752,320,000) - CL Colgate-Palmolive: +1.1% (USD 752,299,000) - IFF International Flavors & Fragrances Inc.: +1.02% (USD 745,437,000) - B Barrick Mining Corp.: -3.17% (USD 731,599,000) - MSFT Microsoft Corp.: +46.42% (USD 723,739,000) - CHRW C.H. Robinson Worldwide: -36.43% (USD 686,020,000) - UHS Universal Health Services Inc.: +2.95% (USD 677,234,000) - VMRK Vivmark Residential: +0.63% (USD 647,312,000) - BXP BXP Inc.: +1.31% (USD 627,773,000) - NTR Nutrien Ltd.: -0.18% (USD 627,691,000) - NOV Nov Inc.: -15.72% (USD 569,201,000) - AXP American Express: +1.05% (USD 568,310,000) - EXR Extra Space Storage Inc.: +1% (USD 563,328,000) - USB U.S. Bancorp: +1.16% (USD 551,033,000) - OMC Omnicom Group: +0.55% (USD 534,806,000) - FISV Fiserv Inc.: +44.86% (USD 532,574,000) - NE Noble Corp.: +2.91% (USD 520,602,000) - DG Dollar General: +1% (USD 517,995,000) - DIS Walt Disney Co.: +2.31% (USD 517,372,000) - CHTR Charter Communications: +0.2% (USD 510,156,000) - WAT Waters Corp.: -15.24% (USD 500,719,000) - CSL Carlisle Companies: +55.65% (USD 447,829,000) - CFR Cullen Frost Bankers: +22.59% (USD 429,204,000) - FNF Fidelity National Financial Inc.: +1.09% (USD 423,356,000) - MICC Magnum Ice Cream Co NV: +1.37% (USD 400,637,000) - IPGP IPG Photonics Corp.: -27.31% (USD 391,717,000) - CMI Cummins Inc.: -30.03% (USD 382,900,000) - DE Deere & Co.: +0.72% (USD 340,558,000) - EXPD Expeditors Int'l: -66.01% (USD 329,381,000) - HCC Warrior Met Coal Inc.: new (USD 314,824,000) - GOOGL Alphabet Inc.: -56.69% (USD 185,447,000) - CCU Compania Cervecerias Unidas SA: -0.01% (USD 180,538,000) - RGLD Royal Gold Inc.: -6.08% (USD 172,021,000) - DEI Douglas Emmett Inc.: +0% (USD 164,708,000) - FERG Ferguson Enterprises Inc.: +4.07% (USD 156,413,000) - KGC Kinross Gold Corp.: -10.17% (USD 151,522,000) - BTI British American Tobacco plc: +3.02% (USD 106,156,000) - BIL SPDR Bloomberg 1 3 Month T B: -21% (USD 98,711,000) - SHEL Shell plc: +1.54% (USD 83,221,000) - EPD Enterprise Products Partners LP: +0.85% (USD 71,977,000) - UL Unilever PLC: +4.54% (USD 50,652,000) - UCTT Ultra Clean Holdings Inc.: -19.85% (USD 49,612,000) - NG NovaGold Resources: -18.4% (USD 44,688,000) - DEO Diageo ADR: +248.1% (USD 44,543,000) - VSH Vishay Intertechnology: -23.26% (USD 43,895,000) - SIMO Silicon Motion Technol ADR: -25.35% (USD 41,912,000) - LYG Lloyds TSB Grp Plc ADR: -5.43% (USD 40,820,000) - COHU Cohu Inc.: +15.71% (USD 40,542,000) - HLN Haleon Plc ADR: +4.77% (USD 39,418,000) - BKD Brookdale Senior Living Inc.: +23.3% (USD 37,012,000) - HNGE Hinge Health Inc A: +27.66% (USD 35,702,000) - MTRN Materion Corp.: +17.02% (USD 35,479,000) - VECO Veeco Instruments: +18.52% (USD 35,160,000) - BHE Benchmark Electronics: +18.34% (USD 34,629,000) - AEIS Advanced Energy Industries: +11.88% (USD 34,130,000) - NPO EnPro Industries: +29.02% (USD 33,972,000) - BRK.B Berkshire Hathaway CL B: +17.4% (USD 33,840,000) - RELX RELX plc: +29.76% (USD 32,965,000) - DCO Ducommun Inc.: +14.7% (USD 32,667,000) - ROG Rogers Corp.: +42.82% (USD 30,825,000) - LINC Lincoln Educational Services Corp.: -10.17% (USD 30,715,000) - ONTO Onto Innovation Inc.: +84.48% (USD 30,009,000) - ABCB Ameris Bancorp: +32.92% (USD 29,689,000) - TTMI TTM Technologies Inc.: -29.87% (USD 29,439,000) - IBP Installed Building Products: +99.81% (USD 29,319,000) - PLXS Plexus Corp.: +36.33% (USD 27,685,000) - KALU Kaiser Aluminum Corp.: +24.98% (USD 27,082,000) - KWR Quaker Chemical: +72.39% (USD 25,892,000) - ONB Old National Bancorp: +41.65% (USD 25,563,000) - CECO CECO Environmental Corp.: +13.12% (USD 24,892,000) - SPB Spectrum Brands Holdings Inc.: +24.48% (USD 24,792,000) - MAMA Mama's Creations Inc: +12.74% (USD 24,620,000) - UTI Universal Technical Institute: +20.78% (USD 24,389,000) - RELY Remitly Global Inc: +29.02% (USD 24,040,000) - GHM Graham Corp.: -9.93% (USD 24,029,000) - HLIT Harmonic Inc.: +22.46% (USD 23,615,000) - CAE CAE Inc.: -1.68% (USD 22,995,000) - LPX Louisiana-Pacific Corp.: +25.83% (USD 22,953,000) - MRVI Maravai LifeSciences Holdings Inc.: +45.44% (USD 22,909,000) - HRI HERC Holdings Inc.: +56.84% (USD 22,263,000) - TEL TE Connectivity plc: +3.82% (USD 22,145,000) - CMC Commercial Metals: +22.7% (USD 21,985,000) - DORM Dorman Products: +73.68% (USD 21,647,000) - AMBQ Ambiq Micro Inc: -12.43% (USD 21,580,000) - SBCF Seacoast Banking Corp. of Florida: +28.21% (USD 21,532,000) - PNTG Pennant Group Inc.: +32.37% (USD 21,080,000) - AX Axos Financial Inc.: +29.58% (USD 20,775,000) - TKR Timken Co.: +54.93% (USD 20,679,000) - AMRC Ameresco Inc. CL A: +34.89% (USD 20,674,000) - AIN Albany International: +32.86% (USD 20,274,000) - FLYW Flywire Corp Voting: +44.05% (USD 20,269,000) - CYRX CryoPort Inc.: +70.7% (USD 19,961,000) - FUL H.B. Fuller Co.: +48.45% (USD 19,780,000) - SLP Simulations Plus Inc.: +44.27% (USD 19,603,000) - ASYS Amtech Systems Inc.: +1.92% (USD 19,582,000) - LPG Dorian LPG Ltd: +41.65% (USD 19,457,000) - CON Concentra Group Holdings Par: +62.09% (USD 19,280,000) - NVGS Navigator Holdings Ltd.: +32.05% (USD 19,204,000) - LAD Lithia Motors Inc.: +50.97% (USD 19,165,000) - CBT Cabot Corp.: +52.54% (USD 18,931,000) - EXTR Extreme Networks Inc.: +66.77% (USD 18,869,000) - HD Home Depot: +3.82% (USD 18,613,000) - ACA Arcosa Inc.: +0.95% (USD 18,574,000) - PKOH Park Ohio Holdings Corp.: -0.71% (USD 18,373,000) - WCC WESCO International Inc.: +3.11% (USD 18,221,000) - GLNG Golar LNG Ltd.: +29.86% (USD 17,958,000) - KRE SPDR S&P Regional Banking: +34.32% (USD 17,707,000) - ABM ABM Industries: +36.56% (USD 17,700,000) - UNH United Health Group Inc.: +3.82% (USD 17,607,000) - ESI Element Solutions Inc.: +548.85% (USD 17,505,000) - CHEF Chefs' Warehouse: +8.39% (USD 17,444,000) - BDC Belden Inc.: +41.77% (USD 17,436,000) - ADTN ADTRAN Holdings Inc.: -8.78% (USD 17,354,000) - CDNA CareDx Inc.: +4.02% (USD 17,057,000) - FORM FormFactor Inc.: -40.99% (USD 16,975,000) - LOCO El Pollo Loco Holdings Inc.: +73.09% (USD 16,889,000) - LFST Lifestance Health Group Inc: -2.95% (USD 16,739,000) - CENX Century Aluminum Co.: +122.19% (USD 16,672,000) - ASTE Astec Industries: +4.36% (USD 16,619,000) - TITN Titan Machinery Inc.: -1.78% (USD 16,619,000) - FLOC Flowco Holdings Inc Cl A: +36.86% (USD 16,615,000) - GFF Griffon Corp.: new (USD 16,595,000) - VLY Valley National Bancorp: +15.08% (USD 16,379,000) - TMHC-OLD Taylor Morrison Home Corp.: -5.23% (USD 16,328,000) - AXS Axis Capital Holdings Ltd.: +67.44% (USD 16,325,000) - MUR Murphy Oil: +141.46% (USD 16,195,000) - HSTM HealthStream Inc.: +39.04% (USD 16,129,000) - TRNS Transcat Inc.: +13.49% (USD 16,114,000) - OIS Oil States International Inc.: -1.86% (USD 16,065,000) - TRN Trinity Industries: +11.48% (USD 16,021,000) - CVLG Covenant Transportation Group Inc. CL A: +44.64% (USD 15,858,000) - STNG Scorpio Tankers Inc.: -2.7% (USD 15,841,000) - AXGN AxoGen Inc.: -3.81% (USD 15,755,000) - ATRO Astronics Corp.: +0.21% (USD 15,661,000) - TXN Texas Instruments: -98.57% (USD 15,638,000) - IIIN Insteel Industries Inc.: +34.26% (USD 15,446,000) - IIIV I3 Verticals Inc. CL A: +89.2% (USD 15,443,000) - LXU LSB Industries Inc.: +30.77% (USD 15,338,000) - DGII Digi International: +17.01% (USD 15,234,000) - GTES Gates Industrial Corp.: +542.87% (USD 15,014,296) - BCC Boise Cascade Company: +13.45% (USD 14,998,000) - SMBK SmartFinancial Inc.: +42.54% (USD 14,983,386) - ACN Accenture: +31.41% (USD 14,757,000) - TALO Talos Energy Inc.: +123.72% (USD 14,553,443) - LRN Stride Inc.: +3831.56% (USD 14,470,986) - PWP Perella Weinberg Partners: +46.52% (USD 14,382,976) - SONO Sonos Inc.: +48.93% (USD 14,286,679) - NTGR NETGEAR Inc.: +111.54% (USD 14,272,571) - REPX Riley Exploration Permian In: +134.02% (USD 14,203,980) - DY Dycom Industries: -10.69% (USD 14,175,000) - PXED Phoenix Education Partners I: +50.65% (USD 13,649,504) - RRBI Red River Bancshares Inc: +91.5% (USD 13,632,577) - ACLS Axcelis Technologies: -28.47% (USD 13,626,000) - DCOM Dime Community Bancshares: +23.22% (USD 13,482,000) - BKH Black Hills: +38.22% (USD 13,242,000) - BRZE Braze Inc A: +284.74% (USD 13,227,000) - FVR Frontview Reit Inc: +12.77% (USD 13,166,000) - FLS Flowserve Corp.: +58.74% (USD 13,157,000) - FIP Ftai Infrastructure Inc: +8.79% (USD 12,749,000) - MGNI Magnite Inc.: +48.97% (USD 12,731,556) - DV DoubleVerify Holdings Inc.: +82.68% (USD 12,574,000) - OGS ONE Gas Inc.: +49.88% (USD 12,390,081) - COLB Columbia Banking System Inc.: +67.95% (USD 12,326,000) - RDNT RadNet Inc.: +107.19% (USD 12,027,870) - QTRX Quanterix Corp.: +111.77% (USD 11,893,673) - TNC Tennant Co.: +314.45% (USD 11,630,302) - HUN Huntsman Corp.: +42.06% (USD 11,618,461) - AIR AAR Corp.: +26.67% (USD 11,586,000) - FN Fabrinet: +35.39% (USD 11,565,000) - NPKI NPK International Inc.: +163.31% (USD 11,471,142) - QXO Qxo Inc: +197.02% (USD 11,454,808) - OSIS OSI Systems Inc.: +111.51% (USD 11,406,786) - CENTA Central Garden & Pet: +11.33% (USD 11,241,000) - INTT inTEST Corp.: +44.45% (USD 11,130,978) - PUMP ProPetro Holding Corp.: +49.82% (USD 11,125,445) - STVN Stevanato Group Spa: +288.12% (USD 11,045,938) - DIN Dine Brands Global Inc.: new (USD 10,638,000) - CAKE Cheesecake Factory: -9.49% (USD 10,626,000) - IPI Intrepid Potash Inc.: +113.92% (USD 10,606,002) - VSEC VSE Corp.: +140.05% (USD 10,378,927) - ENSG Ensign Group: +5080.43% (USD 10,356,000) - CTOS Custom Truck One Source Inc.: +12.53% (USD 10,178,000) - ARLO Arlo Technologies Inc.: +713.19% (USD 10,140,000) - CCRN-OLD Cross Country Healthcare: +26.72% (USD 9,872,000) - CEVA CEVA Inc.: new (USD 9,862,000) - NVST Envista Holdings Corp.: +40.83% (USD 9,815,375) - MG Mistras Group Inc.: +96.73% (USD 9,675,847) - AVBH Avidbank Holdings Inc: +43.93% (USD 9,382,000) - WRBY Warby Parker Inc.: +113.19% (USD 8,737,920) - ATEC Alphatec Holdings Inc.: +43.06% (USD 8,620,910) - ONEW Onewater Marine Inc Cl A: +44.13% (USD 8,538,918) - EYE National Vision Holdings Inc.: +93.91% (USD 8,167,038) - DNOW NOW Inc.: +69.58% (USD 7,780,781) - MC Moelis & Co.: +46.47% (USD 7,196,200) - SDRL Seadrill Ltd: +280.44% (USD 6,762,519) - MKTX MarketAxess Holdings Inc.: +225250% (USD 5,625,998) - DSX Diana Shipping Inc.: +86.88% (USD 4,962,882) - RES RPC Inc.: +61.55% (USD 3,175,304) - PROF Profound Medical Corp: +36.41% (USD 2,927,377) - THC Tenet Healthcare Corp.: +68.57% (USD 1,707,962) - DGX Quest Diagnostics: +153.53% (USD 1,612,016) - XGN Exagen Inc.: +145.1% (USD 1,427,387) - JHX James Hardie Industries PLC: +54.53% (USD 1,260,766) - TOL Toll Brothers: +131.57% (USD 988,980) - CASY Casey's Gen'l Stores: +50% (USD 954,000) - ARMK Aramark: +36.36% (USD 853,950) - PHM PulteGroup Inc.: +56.12% (USD 648,994) - RS Reliance Steel & Aluminum: +35.75% (USD 545,000) - URI United Rentals: +6833.33% (USD 470,999) - TRGP Targa Resources Corp.: +380.95% (USD 27,000) - TDY Teledyne Technologies: +371.43% (USD 22,000) - CNS Cohen & Steers Inc.: +345.9% (USD 21,001) - ODFL Old Dominion Freight Line: +352.38% (USD 21,000) - STE STERIS Plc: +427.78% (USD 20,000) - RGA Reinsurance Group of America Inc.: +368.42% (USD 19,000) - WPC WP Carey: +359.32% (USD 19,000) - GEHC GE HealthCare Technologies Inc.: +347.27% (USD 16,000) - APD Air Products & Chemicals: +164.71% (USD 13,000) ## Portfolio value by quarter - 2019 Q3: USD 35,200,817,260 (46 positions) - 2019 Q4: USD 36,521,402,784 (46 positions) - 2020 Q1: USD 27,527,980,499 (53 positions) - 2020 Q2: USD 31,824,990,441 (53 positions) - 2020 Q3: USD 33,316,859,684 (58 positions) - 2020 Q4: USD 35,489,341,836 (64 positions) - 2021 Q1: USD 37,574,896,293 (66 positions) - 2021 Q2: USD 39,997,913,577 (104 positions) - 2021 Q3: USD 38,997,215,459 (108 positions) - 2021 Q4: USD 39,913,100,517 (113 positions) - 2022 Q1: USD 40,771,719,859 (121 positions) - 2022 Q2: USD 35,333,725,964 (124 positions) - 2022 Q3: USD 33,010,157,778 (124 positions) - 2022 Q4: USD 36,263,332,760 (128 positions) - 2023 Q1: USD 37,706,663,444 (134 positions) - 2023 Q2: USD 39,028,611,850 (140 positions) - 2023 Q3: USD 38,066,066,481 (148 positions) - 2023 Q4: USD 41,761,500,906 (151 positions) - 2024 Q1: USD 43,961,773,248 (157 positions) - 2024 Q2: USD 44,164,533,219 (164 positions) - 2024 Q3: USD 48,572,350,025 (166 positions) - 2024 Q4: USD 44,588,972,107 (172 positions) - 2025 Q1: USD 47,339,913,571 (175 positions) - 2025 Q2: USD 49,897,628,697 (183 positions) - 2025 Q3: USD 54,830,066,923 (200 positions) - 2025 Q4: USD 56,734,316,675 (225 positions) - 2026 Q1: USD 58,930,413,214 (251 positions) - 2026 Q2: USD 60,637,880,000 (256 positions)