Brandywine Global Investment Management, LLC

Name: Brandywine Global Investment Management, LLC 13F holdings, Q3 2025
Creator: Brandywine Global Investment Management, LLC
Published: 2025-11-13

Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Brandywine Global Investment Management, LLC reported 590 stock positions worth $14.4 billion. Its top holding was JPMorgan Chase (JPM) at 3.2% of the portfolio, followed by Johnson & Johnson (JNJ, 2.5%) and AT&T (T, 2.3%). Compared with Q2 2025, it opened 93 new positions, sold out of 67, added to 191 and reduced 297. The biggest buy was a new position in Exxon Mobil (XOM) and the biggest sale an exit from Caterpillar (CAT).

Most Recent 13F: Q4 2025
Location: Philadelphia, PA
CIK: 0000829108
Portfolio Value: $14.4B (Q3 2025)
SEC Filing: 0000829108-25-000008 ↗ filed Nov 13, 2025

Holdings Value

Holdings 590 stocks · $14.4B


JPM JPMorgan Chase & Co.	3.16%	1,443,635	$455.4M	Add +11.2%
JNJ Johnson & Johnson	2.52%	1,954,378	$362.4M	Reduce -0.9%
T AT&T Inc.	2.31%	11,799,813	$333.2M	Add +22.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP	2.19%	6,097,423	$314.6M	Reduce -0.5%
WFC Wells Fargo & Co.	2.01%	3,457,533	$289.8M	Add +10.2%
C Citigroup Inc.	1.96%	2,780,479	$282.2M	Reduce -17.3%
CMCSA Comcast Corp. Class A	1.83%	8,402,079	$264.0M	Reduce -0.9%
CVS CVS Health Corp.	1.64%	3,137,476	$236.5M	Reduce -0.4%
KR Kroger Co.	1.43%	3,048,179	$205.5M	Add +3.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO	1.33%	1,675,227	$191.8M	Reduce -3.1%
XOM Exxon Mobil Corp.	1.30%	1,654,861	$186.6M	New
VZ Verizon Communications Inc.	1.26%	4,140,831	$182.0M	Add +0.3%
GM General Motors Co.	1.23%	2,894,765	$176.5M	Reduce -8.2%
GOOGL Alphabet Inc. Class A	1.22%	721,352	$175.4M	Add +58.7%
CSCO Cisco Systems Inc.	1.05%	2,201,402	$150.6M	Add +0.1%
DG Dollar General Corp.	1.03%	1,438,400	$148.7M	Add +1.2%
MDT Medtronic PLC	1.01%	1,520,277	$144.8M	Add +22.6%
MS Morgan Stanley	0.99%	893,962	$142.1M	Reduce -0.0%
AER Aercap Holdings NV	0.98%	1,162,089	$140.6M	Reduce -1.2%
GS Goldman Sachs Group Inc.	0.96%	172,834	$137.6M	Add +0.1%
PEP Pepsico Inc.	0.95%	977,468	$137.3M	Add +22.3%
GPN Global Payments Inc.	0.95%	1,651,248	$137.2M	Reduce -1.7%
QCOM Qualcomm Inc.	0.89%	771,166	$128.3M	Add +7.6%
ABBV Abbvie Inc.	0.80%	496,675	$115.0M	Reduce -0.2%
LMT Lockheed Martin Corp.	0.79%	227,062	$113.4M	Reduce -40.9%
DAL Delta Air Lines Inc.	0.77%	1,950,752	$110.7M	Reduce -3.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.76%	385,501	$108.8M	Reduce -21.5%
LOW Lowe's Cos Inc.	0.74%	425,728	$107.0M	Add +0.2%
AMGN Amgen Inc.	0.73%	370,096	$104.4M	Reduce -1.6%
TMUS T-Mobile US Inc.	0.72%	432,245	$103.5M	Reduce -1.8%
WTW Willis Towers Watson PLC	0.70%	289,742	$100.1M	Reduce -3.5%
DE Deere & Co.	0.69%	216,680	$99.1M	Reduce -13.5%
EOG EOG Resources Inc.	0.67%	861,854	$96.6M	Add +2.8%
MTB M & T Bank Corp. filed as M & T BK CORP	0.65%	471,278	$93.1M	Add +32.5%
CRM Salesforce Inc.	0.60%	365,328	$86.6M	Add +33.0%
MET Metlife Inc.	0.58%	1,016,171	$83.7M	Reduce -0.9%
HCA HCA Healthcare Inc.	0.58%	195,487	$83.3M	Add +0.3%
EBAY eBay Inc.	0.55%	877,280	$79.8M	Reduce -4.9%
SRE Sempra	0.54%	871,743	$78.4M	Add +30.9%
MO Altria Group Inc.	0.54%	1,182,635	$78.1M	Add +7.7%
GILD Gilead Sciences Inc.	0.54%	703,103	$78.0M	Add +0.5%
ON On Semiconductor	0.54%	1,572,298	$77.5M	Add +18.3%
HON Honeywell International Inc.	0.54%	367,180	$77.3M	Reduce -12.3%
FDX FedEx Corp.	0.54%	327,273	$77.2M	Add +32.7%
FMC FMC Corp.	0.53%	2,280,846	$76.7M	Reduce -1.6%
ADBE Adobe Inc.	0.53%	216,297	$76.3M	Add +33.2%
PYPL PayPal Holdings Inc.	0.52%	1,111,584	$74.5M	Reduce -38.9%
CNQ Canadian Natural Resources	0.51%	2,304,399	$73.7M	Reduce -0.4%
XEL Xcel Energy Inc.	0.51%	911,834	$73.5M	Reduce -1.9%
ADM Archer-Daniels-Midland Co.	0.49%	1,171,484	$70.0M	Add +78.0%
CB Chubb Ltd.	0.46%	236,274	$66.7M	Add +0.0%
SYY Sysco Corp.	0.46%	800,778	$65.9M	Reduce -5.2%
COP Conocophillips	0.46%	696,055	$65.8M	Add +31.6%
UNP Union Pacific Corp.	0.45%	275,980	$65.2M	Add +227.4%
NLY Annaly Capital Management Inc.	0.45%	3,224,839	$65.2M	Reduce -25.5%
DOC Healthpeak Properties Inc.	0.45%	3,384,904	$64.8M	New
ANF Abercrombie & Fitch Co. Class A	0.45%	756,466	$64.7M	Add +1.7%
PGR Progressive Corp.	0.44%	255,917	$63.2M	Add +0.2%
HUM Humana Inc.	0.43%	238,402	$62.0M	Add +22.2%
NEM Newmont Corp.	0.43%	726,350	$61.2M	Reduce -0.6%
ICLR Icon PLC	0.42%	377,420	$60.9M	Add +6.4%
FE Firstenergy Corp.	0.42%	1,305,399	$59.8M	Reduce -20.6%
NRG NRG Energy Inc.	0.42%	368,984	$59.8M	Reduce -59.9%
CSX CSX Corp.	0.41%	1,642,679	$58.3M	Add +0.9%
EIX Edison International	0.40%	1,052,924	$58.2M	Add +11.5%
MMM 3M Co.	0.40%	374,399	$58.1M	Reduce -54.1%
VNT Vontier Corp.	0.40%	1,384,221	$58.1M	Reduce -2.0%
SHEL Shell PLC-ADR	0.40%	804,685	$57.6M	Reduce -2.0%
TRV The Travelers Cos Inc.	0.40%	204,953	$57.2M	Reduce -0.5%
SNY Sanofi-ADR	0.39%	1,201,132	$56.7M	Add +62.3%
ES Eversource Energy	0.39%	792,430	$56.4M	New
RRX Regal Rexnord Corp.	0.39%	391,226	$56.1M	Reduce -1.7%
GD General Dynamics Corp.	0.38%	162,078	$55.3M	Reduce -0.1%
ALL Allstate Corp.	0.38%	253,823	$54.5M	Add +15.0%
HST Host Hotels & Resorts Inc.	0.38%	3,192,019	$54.3M	Add +32.5%
CI The Cigna Group	0.38%	187,918	$54.2M	Add +7.7%
DUK Duke Energy Corp.	0.37%	435,368	$53.9M	Add +0.2%
MU Micron Technology Inc.	0.37%	319,860	$53.5M	Reduce -28.9%
RPRX Royalty Pharma PLC Class A	0.37%	1,516,321	$53.5M	Add +20.3%
CRH CRH PLC	0.37%	441,772	$53.3M	Add +0.0%
DHI D.R. Horton Inc.	0.36%	305,075	$51.7M	Add +44.8%
KMB Kimberly-Clark Corp.	0.36%	414,767	$51.6M	Add +12.7%
CAG Conagra Brands Inc.	0.35%	2,733,475	$50.0M	Add +1.2%
BIDU Baidu Inc. - Spon ADR	0.35%	379,462	$50.0M	Add +31.4%
GSK GSK PLC-Spon ADR	0.34%	1,143,549	$49.4M	Reduce -24.3%
BMRN Biomarin Pharmaceutical Inc.	0.34%	906,030	$49.1M	New
MDLZ Mondelez International Inc. Class A	0.34%	782,978	$48.9M	Reduce -12.3%
CE Celanese Corp.	0.33%	1,122,933	$47.3M	Reduce -13.5%
MGA Magna International Inc.	0.33%	989,781	$46.9M	Reduce -0.6%
CVX Chevron Corp.	0.31%	286,490	$44.5M	Reduce -65.9%
KMI Kinder Morgan Inc.	0.31%	1,567,168	$44.4M	Add +15.9%
VTRS Viatris Inc.	0.31%	4,442,134	$44.0M	Reduce -0.7%
CCK Crown Holdings Inc.	0.30%	454,073	$43.9M	Reduce -0.7%
HHH Howard Hughes Holdings Inc.	0.30%	532,714	$43.8M	Reduce -2.1%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.30%	400,273	$43.6M	Reduce -0.6%
GMAB Genmab A/S -SP ADR	0.30%	1,412,835	$43.3M	Reduce -19.0%
COR Cencora Inc.	0.30%	136,306	$42.6M	Add +14.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.29%	1,231,369	$42.3M	Reduce -6.1%
TSN Tyson Foods Inc. Class A	0.29%	763,474	$41.5M	Add +0.7%
BP BP PLC-Spons ADR	0.29%	1,197,933	$41.3M	Reduce -2.0%
NSC Norfolk Southern Corp.	0.28%	136,434	$41.0M	Reduce -0.0%
PFE Pfizer Inc.	0.28%	1,607,390	$41.0M	Reduce -1.8%
IWD iShares Russell 1000 Value E	0.28%	200,770	$40.9M	Reduce -4.2%
URI United Rentals Inc.	0.28%	42,520	$40.6M	Reduce -0.1%
WMT Walmart Inc.	0.28%	387,762	$40.0M	Reduce -14.3%
PNC PNC Financial Services Group	0.27%	195,138	$39.2M	Add +0.2%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.27%	443,536	$39.1M	Reduce -24.1%
PSX Phillips 66	0.27%	286,579	$39.0M	Add +7.7%
NVR NVR Inc.	0.27%	4,833	$38.8M	Reduce -8.9%
VLO Valero Energy Corp.	0.27%	225,930	$38.5M	Reduce -48.5%
WMB Williams Cos Inc.	0.26%	599,413	$38.0M	Reduce -14.2%
ABEV Ambev SA-ADR	0.26%	16,868,888	$37.6M	Reduce -1.9%
WHR Whirlpool Corp.	0.26%	475,784	$37.4M	New
HIG Hartford Insurance Group Inc.	0.26%	279,386	$37.3M	Reduce -6.5%
PG The Procter & Gamble Co.	0.26%	241,947	$37.2M	Add +55.2%
APO Apollo Global Management Inc.	0.26%	276,854	$36.9M	Add +0.2%
PCAR Paccar Inc.	0.25%	368,959	$36.3M	Add +7.5%
AFL Aflac Inc.	0.25%	322,776	$36.1M	Reduce -41.1%
JBL Jabil Inc.	0.25%	164,368	$35.7M	Reduce -14.6%
AIG American International Group	0.24%	448,488	$35.2M	Add +59.4%
CMI Cummins Inc.	0.24%	81,215	$34.3M	Reduce -31.3%
DELL Dell Technologies -C	0.23%	238,347	$33.8M	Add +7.5%
LDOS Leidos Holdings Inc.	0.23%	178,488	$33.7M	Add +19.2%
PPG PPG Industries Inc.	0.23%	316,039	$33.2M	Add +7.7%
F Ford Motor Co. filed as FORD MTR CO	0.23%	2,767,428	$33.1M	Add +7.6%
CTVA Corteva Inc.	0.23%	482,881	$32.7M	Add +16.0%
SYF Synchrony Financial	0.22%	455,388	$32.4M	Add +22.9%
AZN Astrazeneca PLC-Spons ADR	0.22%	420,519	$32.3M	Reduce -1.9%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC	0.22%	353,897	$31.7M	Reduce -8.5%
BKR Baker Hughes Co.	0.22%	647,407	$31.5M	Reduce -0.1%
AMP Ameriprise Financial Inc.	0.19%	56,479	$27.7M	Reduce -0.3%
USB US Bancorp	0.19%	563,584	$27.2M	Add +0.1%
WSM Williams-Sonoma Inc.	0.19%	137,650	$26.9M	Add +71.4%
NTRS Northern Trust Corp.	0.19%	199,536	$26.9M	Add +9.9%
SO The Southern Co.	0.18%	279,534	$26.5M	Add +0.2%
PEG Public Service Enterprise GP	0.18%	306,189	$25.6M	Add +0.2%
KDP Keurig Dr Pepper Inc.	0.17%	954,154	$24.3M	Add +7.7%
ORI Old Republic Intl Corp.	0.17%	563,759	$23.9M	Reduce -10.6%
DVN Devon Energy Corp.	0.17%	679,216	$23.8M	Reduce -2.1%
OGN Organon & Co.	0.16%	2,214,334	$23.6M	Reduce -2.1%
MGM MGM Resorts International	0.16%	675,415	$23.4M	Reduce -9.3%
CTSH Cognizant Tech Solutions-A	0.16%	346,313	$23.2M	Add +7.6%
STLD Steel Dynamics Inc.	0.16%	166,467	$23.2M	Reduce -5.5%
FLEX Flex Ltd.	0.16%	394,095	$22.8M	Add +148.1%
AMAT Applied Materials Inc.	0.16%	110,431	$22.6M	New
CAH Cardinal Health Inc.	0.16%	142,524	$22.4M	Reduce -0.0%
UAL United Airlines Holdings Inc.	0.15%	229,344	$22.1M	Add +6.8%
LVS Las Vegas Sands Corp.	0.15%	410,965	$22.1M	Reduce -9.3%
NUE Nucor Corp.	0.15%	162,492	$22.0M	Add +7.2%
BMY Bristol-Myers Squibb Co.	0.15%	476,227	$21.5M	Add +42.3%
NXST Nexstar Media Group Inc.	0.15%	107,799	$21.3M	Reduce -6.9%
THC Tenet Healthcare Corp.	0.15%	104,813	$21.3M	Add +70.0%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.15%	206,854	$21.2M	Add +87.6%
SEE Sealed Air Corp.	0.15%	598,798	$21.2M	Reduce -5.5%
TFC Truist Financial Corp.	0.15%	462,653	$21.2M	Add +0.3%
RJF Raymond James Financial Inc.	0.15%	121,163	$20.9M	Add +0.1%
PHM Pultegroup Inc.	0.14%	155,700	$20.6M	Reduce -61.2%
STT State Street Corp.	0.14%	172,012	$20.0M	Reduce -0.2%
ABG Asbury Automotive Group	0.14%	80,190	$19.6M	Reduce -6.7%
DTE DTE Energy Company	0.13%	134,935	$19.1M	Reduce -0.2%
CSL Carlisle Cos Inc.	0.13%	57,818	$19.0M	Reduce -13.8%
PRU Prudential Financial Inc.	0.13%	182,109	$18.9M	Add +0.2%
CNH CNH Industrial NV	0.13%	1,734,314	$18.8M	Add +2.3%
KHC The Kraft Heinz Co.	0.13%	713,745	$18.6M	Add +0.0%
AVT Avnet Inc.	0.13%	351,883	$18.4M	Reduce -7.0%
GPI Group 1 Automotive Inc.	0.13%	41,971	$18.4M	Reduce -3.0%
DRI Darden Restaurants Inc.	0.13%	96,105	$18.3M	New
EXPE Expedia Group Inc.	0.13%	85,201	$18.2M	Add +7.7%
MGY Magnolia Oil & Gas Corp. Class A	0.13%	758,213	$18.1M	Reduce -5.9%
PPL PPL Corp.	0.13%	484,474	$18.0M	Reduce -0.2%
TSM Taiwan Semiconductor-SP ADR	0.13%	64,449	$18.0M	Reduce -74.4%
AMZN Amazon.com Inc.	0.12%	81,893	$18.0M	New
APD Air Products & Chemicals Inc.	0.12%	63,589	$17.3M	Reduce -15.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.12%	225,349	$17.3M	Add +0.2%
MLM Martin Marietta Materials	0.12%	27,070	$17.1M	Reduce -14.6%
LH Labcorp Holdings Inc.	0.12%	58,435	$16.8M	Add +6.5%
AM Antero Midstream Corp.	0.12%	856,669	$16.7M	Reduce -3.6%
FSLR First Solar Inc.	0.12%	75,349	$16.6M	New
BABA Alibaba Group Holding-SP ADR	0.11%	92,248	$16.5M	Reduce -1.1%
ACGL Arch Capital Group Ltd.	0.11%	181,602	$16.5M	Add +0.4%
TNL Travel + Leisure Co.	0.11%	275,175	$16.4M	Reduce -5.6%
CPA Copa Holdings SA Class A	0.11%	135,880	$16.1M	Add +4.8%
ULTA Ulta Beauty Inc.	0.11%	29,308	$16.0M	Add +0.2%
SNA Snap-on Inc.	0.11%	45,269	$15.7M	Add +8.9%
CRC California Resources Corp.	0.11%	293,692	$15.6M	Reduce -7.2%
AMG Affiliated Managers Group	0.11%	65,501	$15.6M	Reduce -13.1%
NTAP Netapp Inc.	0.11%	130,300	$15.4M	Reduce -51.3%
TRGP Targa Resources Corp.	0.11%	92,087	$15.4M	Add +78.2%
CLF Cleveland-Cliffs Inc.	0.11%	1,256,507	$15.3M	New
DGX Quest Diagnostics Inc.	0.10%	79,228	$15.1M	Add +0.5%
PRI Primerica Inc.	0.10%	53,715	$14.9M	Reduce -5.4%
BKH Black Hills Corp.	0.10%	239,517	$14.8M	Reduce -3.5%
CINF Cincinnati Financial Corp.	0.10%	92,834	$14.7M	Add +0.1%
KVUE Kenvue Inc.	0.10%	900,211	$14.6M	Reduce -0.2%
SEIC Sei Investments Company	0.10%	166,317	$14.1M	Add +7.6%
POR Portland General Electric Co.	0.10%	319,895	$14.1M	Reduce -3.5%
ZBH Zimmer Biomet Holdings Inc.	0.10%	140,144	$13.8M	Add +7.5%
INGR Ingredion Inc.	0.10%	112,786	$13.8M	Reduce -2.2%
SKYW Skywest Inc.	0.10%	136,435	$13.7M	Reduce -3.5%
UNM Unum Group	0.10%	175,999	$13.7M	Add +81.7%
GPC Genuine Parts Co.	0.09%	98,361	$13.6M	Add +17.5%
PFSI Pennymac Financial Services	0.09%	108,431	$13.4M	Reduce -3.2%
GRBK Green Brick Partners Inc.	0.09%	181,749	$13.4M	Reduce -6.5%
CG The Carlyle Group Inc.	0.09%	212,622	$13.3M	Reduce -0.1%
GEHC GE Healthcare Technology	0.09%	176,851	$13.3M	New
AFG American Financial Group Inc.	0.09%	89,373	$13.0M	Reduce -5.7%
VC Visteon Corp.	0.09%	107,999	$12.9M	Reduce -8.0%
EXEL Exelixis Inc.	0.09%	310,195	$12.8M	Add +130.0%
L Loews Corp.	0.09%	127,477	$12.8M	Add +0.2%
AOS Smith (a.o.) Corp.	0.09%	174,176	$12.8M	Add +58.2%
PKG Packaging Corp. of America	0.09%	58,553	$12.8M	Reduce -0.3%
RNR Renaissancere Holdings Ltd.	0.09%	49,466	$12.6M	Add +70.4%
FITB Fifth Third Bancorp	0.09%	281,319	$12.5M	Reduce -49.4%
RDN Radian Group Inc.	0.09%	344,940	$12.5M	Reduce -2.5%
BRK.B Berkshire Hathaway Inc. Class B	0.09%	24,829	$12.5M	New
MTG Mgic Investment Corp.	0.09%	439,523	$12.5M	Reduce -14.5%
GEN Gen Digital Inc.	0.09%	437,058	$12.4M	Add +7.7%
EVRG Evergy Inc.	0.09%	163,034	$12.4M	Add +7.4%
HBAN Huntington Bancshares Inc.	0.09%	711,563	$12.3M	Add +0.2%
FOXA Fox Corp. Class A	0.09%	194,873	$12.3M	Add +0.3%
OZK Bank Ozk	0.08%	239,479	$12.2M	Reduce -3.6%
BKE The Buckle Inc.	0.08%	207,382	$12.2M	Reduce -7.2%
NWE Northwestern Energy Group Inc.	0.08%	205,038	$12.0M	Reduce -3.5%
FNB FNB Corp.	0.08%	745,433	$12.0M	Reduce -3.6%
DLTR Dollar Tree Inc.	0.08%	126,268	$11.9M	Reduce -0.2%
LUV Southwest Airlines Co.	0.08%	371,358	$11.9M	Reduce -0.0%
RF Regions Financial Corp.	0.08%	448,148	$11.8M	Reduce -45.6%
CFG Citizens Financial Group	0.08%	221,895	$11.8M	Add +0.1%
FCNCA First Citizens Bcshs Class A	0.08%	6,586	$11.8M	Add +0.2%
EXPD Expeditors Intl Wash Inc.	0.08%	96,058	$11.8M	Add +7.5%
ASO Academy Sports & Outdoors Inc.	0.08%	232,038	$11.6M	Reduce -3.5%
TPH Tri Pointe Homes Inc.	0.08%	335,938	$11.4M	Reduce -3.4%
UTHR United Therapeutics Corp.	0.08%	26,790	$11.2M	Add +0.1%
PFG Principal Financial Group	0.08%	134,380	$11.1M	Add +0.1%
LEN Lennar Corp. Class A	0.08%	88,269	$11.1M	Reduce -44.2%
BLD Topbuild Corp.	0.08%	28,338	$11.1M	Add +24.7%
MDU Mdu Resources Group Inc.	0.08%	618,453	$11.0M	Reduce -3.6%
AX Axos Financial Inc.	0.08%	130,071	$11.0M	Reduce -3.6%
TXT Textron Inc.	0.08%	130,134	$11.0M	Add +0.5%
GHC Graham Holdings Co. Class B	0.08%	9,320	$11.0M	Reduce -7.5%
ACI Albertsons Cos Inc. Class A	0.08%	643,525	$11.0M	Add +72.4%
TGNA Tegna Inc.	0.08%	538,197	$10.9M	Reduce -23.4%
MAS Masco Corp.	0.07%	153,142	$10.8M	Add +0.2%
ENS Enersys	0.07%	95,087	$10.7M	New
IWN iShares Russell 2000 Value E	0.07%	60,713	$10.7M	Add +142.1%
MKL Markel Group Inc.	0.07%	5,606	$10.7M	Add +0.7%
AGO Assured Guaranty Ltd.	0.07%	126,563	$10.7M	Reduce -3.7%
PPLI People Inc. filed as IAC INC	0.07%	313,256	$10.7M	Reduce -3.6%
ABCB Ameris Bancorp	0.07%	143,431	$10.5M	Reduce -3.6%
GL Globe Life Inc.	0.07%	71,824	$10.3M	Add +35.7%
ADT Adt Inc.	0.07%	1,175,397	$10.2M	Reduce -1.2%
META Meta Platforms Inc. Class A	0.07%	13,924	$10.2M	Reduce -19.6%
EQH Equitable Holdings Inc.	0.07%	200,786	$10.2M	Add +0.3%
DOV Dover Corp.	0.07%	61,102	$10.2M	Reduce -0.1%
HCC Warrior Met Coal Inc.	0.07%	159,369	$10.1M	Reduce -3.6%
AVA Avista Corp.	0.07%	264,610	$10.0M	Reduce -3.6%
FTI Technipfmc PLC	0.07%	252,803	$10.0M	Reduce -0.1%
RS Reliance Inc.	0.07%	35,387	$9.9M	Add +0.7%
ALLE Allegion PLC	0.07%	55,990	$9.9M	Add +0.0%
AN Autonation Inc.	0.07%	45,059	$9.9M	Reduce -69.9%
WH Wyndham Hotels & Resorts Inc.	0.07%	122,573	$9.8M	Reduce -14.5%
BALL Ball Corp.	0.07%	194,189	$9.8M	New
CPAY Corpay Inc.	0.07%	33,855	$9.8M	Add +0.2%
MHO M/I Homes Inc.	0.07%	67,066	$9.7M	New
SNX TD Synnex Corp.	0.07%	58,584	$9.6M	Add +13.1%
VAC Marriott Vacations World	0.07%	143,543	$9.6M	Reduce -3.5%
CNX CNX Resources Corp.	0.07%	292,856	$9.4M	Reduce -53.5%
UHS Universal Health Services-B	0.07%	45,767	$9.4M	Reduce -45.1%
GNW Genworth Financial Inc.	0.06%	1,043,060	$9.3M	Reduce -0.7%
JLL Jones Lang Lasalle Inc.	0.06%	31,098	$9.3M	Add +0.4%
IBOC International Bancshares CRP	0.06%	134,365	$9.2M	Reduce -3.5%
VCTR Victory Capital Holding - A	0.06%	142,349	$9.2M	Reduce -3.5%
LEA Lear Corp.	0.06%	90,895	$9.1M	Reduce -3.4%
EG Everest Group Ltd.	0.06%	25,753	$9.0M	Add +0.8%
GT Goodyear Tire & Rubber Co.	0.06%	1,201,538	$9.0M	Reduce -3.6%
WEC WEC Energy Group Inc.	0.06%	78,423	$9.0M	Add +0.3%
VAL Valaris Ltd.	0.06%	180,884	$8.8M	New
TEX Terex Corp.	0.06%	166,770	$8.6M	Add +44.4%
CRBG Corebridge Financial Inc.	0.06%	262,431	$8.4M	Add +0.5%
PRDO Perdoceo Education Corp.	0.06%	223,271	$8.4M	Reduce -3.5%
FHN First Horizon Corp.	0.06%	368,198	$8.3M	Reduce -1.0%
BYD Boyd Gaming Corp.	0.06%	96,261	$8.3M	Reduce -10.9%
PAG Penske Automotive Group Inc.	0.06%	47,057	$8.2M	Add +7.2%
TOL Toll Brothers Inc.	0.06%	59,211	$8.2M	Reduce -65.5%
TAP Molson Coors Beverage Co. Class B	0.06%	180,644	$8.2M	Add +43.6%
NWSA News Corp. Class A	0.06%	264,717	$8.1M	Add +7.4%
AXS Axis Capital Holdings Ltd.	0.06%	84,568	$8.1M	Add +75.1%
CDW CDW Corp.	0.06%	50,787	$8.1M	New
MUSA Murphy USA Inc.	0.06%	20,704	$8.0M	Reduce -42.0%
FNF Fidelity National Financial	0.06%	132,707	$8.0M	Reduce -0.1%
PHIN Phinia Inc.	0.06%	138,354	$8.0M	Reduce -3.5%
CNO Cno Financial Group Inc.	0.05%	199,981	$7.9M	Reduce -6.1%
MLI Mueller Industries Inc.	0.05%	78,073	$7.9M	Add +7.5%
BHF Brighthouse Financial Inc.	0.05%	147,402	$7.8M	Reduce -2.3%
FHI Federated Hermes Inc.	0.05%	148,679	$7.7M	Reduce -3.6%
ENVA Enova International Inc.	0.05%	66,692	$7.7M	Reduce -3.7%
GAP The Gap Inc.	0.05%	357,744	$7.7M	Add +44.6%
APTV Aptiv PLC	0.05%	88,047	$7.6M	Reduce -6.5%
ENR Energizer Holdings Inc.	0.05%	304,045	$7.6M	Reduce -3.6%
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC	0.05%	197,054	$7.6M	Add +6.6%
CNXC Concentrix Corp.	0.05%	160,173	$7.4M	Add +42.5%
CATY Cathay General Bancorp	0.05%	153,759	$7.4M	Reduce -3.6%
OVV Ovintiv Inc.	0.05%	182,723	$7.4M	Add +6.3%
HII Huntington Ingalls Industrie	0.05%	25,594	$7.4M	No change
AYI Acuity Inc.	0.05%	21,263	$7.3M	Add +23.8%
SCI Service Corp. International	0.05%	87,561	$7.3M	Add +69.0%
MRK Merck & Co. Inc.	0.05%	86,817	$7.3M	Reduce -12.3%
MOS The Mosaic Co.	0.05%	209,349	$7.3M	Reduce -0.4%
EWBC East West Bancorp Inc.	0.05%	67,291	$7.2M	Add +0.1%
OTTR Otter Tail Corp.	0.05%	85,695	$7.0M	Add +16.3%
DMC Del Monte Corp. filed as FRESH DEL MONTE PRODUCE INC	0.05%	202,106	$7.0M	Reduce -3.5%
KMPR Kemper Corp.	0.05%	136,011	$7.0M	Reduce -3.4%
DVA Davita Inc.	0.05%	52,761	$7.0M	Add +11.8%
CACI Caci International Inc. Class A	0.05%	14,385	$7.0M	Reduce -0.2%
GTX Garrett Motion Inc.	0.05%	511,958	$7.0M	New
DINO HF Sinclair Corp.	0.05%	133,120	$7.0M	Add +7.6%
SAH Sonic Automotive Inc. Class A	0.05%	91,046	$6.9M	Reduce -3.6%
CNM Core & Main Inc. Class A	0.05%	128,458	$6.9M	Reduce -14.8%
EMN Eastman Chemical Co.	0.05%	107,958	$6.8M	Reduce -15.8%
UNFI United Natural Foods Inc.	0.05%	180,188	$6.8M	Reduce -3.5%
WCC Wesco International Inc.	0.05%	32,032	$6.8M	Reduce -24.1%
G Genpact Ltd.	0.05%	161,032	$6.7M	Add +50.7%
ROIV Roivant Sciences Ltd.	0.05%	443,469	$6.7M	Reduce -0.1%
SIG Signet Jewelers Ltd.	0.05%	69,922	$6.7M	Reduce -3.5%
DCI Donaldson Co. Inc.	0.05%	81,511	$6.7M	Add +7.5%
ASB Associated Banc-Corp.	0.05%	258,629	$6.6M	Reduce -3.6%
BFH Bread Financial Holdings Inc.	0.05%	118,510	$6.6M	Add +5.1%
CLVT Clarivate PLC	0.05%	1,707,440	$6.5M	New
AIZ Assurant Inc.	0.05%	29,996	$6.5M	Add +0.6%
H Hyatt Hotels Corp. Class A	0.04%	45,637	$6.5M	Reduce -9.2%
JEF Jefferies Financial Group Inc.	0.04%	98,801	$6.5M	Reduce -1.2%
SPNT Siriuspoint Ltd.	0.04%	355,668	$6.4M	Reduce -3.5%
COKE Coca-Cola Consolidated Inc.	0.04%	54,377	$6.4M	Reduce -63.5%
FULT Fulton Financial Corp.	0.04%	341,257	$6.4M	Reduce -3.6%
RRC Range Resources Corp.	0.04%	167,094	$6.3M	Add +7.3%
PRGO Perrigo Co. PLC	0.04%	280,538	$6.2M	Add +15.9%
WKC World Kinect Corp.	0.04%	239,352	$6.2M	Reduce -3.5%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.04%	121,600	$6.1M	Add +49.0%
RGA Reinsurance Group of America	0.04%	31,888	$6.1M	Add +0.1%
CPRX Catalyst Pharmaceuticals Inc.	0.04%	310,990	$6.1M	New
TWLO Twilio Inc. Class A	0.04%	60,292	$6.1M	New
MTCH Match Group Inc.	0.04%	171,464	$6.1M	Add +16.2%
NWN Northwest Natural Holding Co.	0.04%	134,313	$6.0M	Reduce -3.5%
PPC Pilgrim's Pride Corp.	0.04%	147,491	$6.0M	Add +69.6%
MD Pediatrix Medical Group Inc.	0.04%	356,800	$6.0M	Reduce -3.6%
PBI Pitney Bowes Inc.	0.04%	520,561	$5.9M	Reduce -3.6%
OSK Oshkosh Corp.	0.04%	45,762	$5.9M	Add +18.9%
UHAL.B U-Haul Holding Co.-Non Voting	0.04%	116,436	$5.9M	Add +0.3%
HAS Hasbro Inc.	0.04%	78,034	$5.9M	Add +0.3%
BWA Borgwarner Inc.	0.04%	134,590	$5.9M	Reduce -0.3%
NATL NCR Atleos Corp.	0.04%	149,591	$5.9M	Add +15.9%
DDS Dillards Inc. Class A	0.04%	9,458	$5.8M	New
SF Stifel Financial Corp.	0.04%	50,966	$5.8M	Reduce -0.6%
INSW International Seaways Inc.	0.04%	125,392	$5.8M	New
UVV Universal Corp.	0.04%	102,569	$5.7M	Reduce -3.6%
AUB Atlantic Union Bankshares Co.	0.04%	161,510	$5.7M	Reduce -3.4%
HSIC Henry Schein Inc.	0.04%	85,141	$5.7M	Add +7.6%
AGCO Agco Corp.	0.04%	51,992	$5.6M	Add +7.0%
WTM White Mountains Insurance GP	0.04%	3,326	$5.6M	Reduce -5.7%
LAD Lithia Motors Inc.	0.04%	17,504	$5.5M	Add +0.5%
LULU Lululemon Athletica Inc.	0.04%	30,768	$5.5M	Reduce -39.2%
NFG National Fuel Gas Co.	0.04%	59,213	$5.5M	Reduce -0.2%
FBK FB Financial Corp. filed as FB FINL CORP	0.04%	97,187	$5.4M	Reduce -3.5%
ALLY Ally Financial Inc.	0.04%	137,251	$5.4M	Reduce -0.0%
HALO Halozyme Therapeutics Inc.	0.04%	73,013	$5.4M	Reduce -0.0%
OGE Oge Energy Corp.	0.04%	114,421	$5.3M	Add +0.1%
HWC Hancock Whitney Corp.	0.04%	83,637	$5.2M	Reduce -3.6%
LKQ LKQ Corp.	0.04%	170,523	$5.2M	Reduce -0.1%
HTH Hilltop Holdings Inc.	0.04%	153,975	$5.1M	Reduce -3.5%
WBS Webster Financial Corp.	0.04%	86,132	$5.1M	Add +0.1%
NNI Nelnet Inc. Class A	0.03%	39,954	$5.0M	Reduce -3.4%
FFBC First Financial Bancorp	0.03%	197,632	$5.0M	Reduce -3.6%
ADNT Adient PLC	0.03%	206,473	$5.0M	New
MIDD Middleby Corp.	0.03%	37,362	$5.0M	Add +7.2%
ADEA Adeia Inc.	0.03%	292,563	$4.9M	Reduce -3.6%
JAZZ Jazz Pharmaceuticals PLC	0.03%	36,781	$4.8M	Reduce -86.4%
COLL Collegium Pharmaceutical Inc.	0.03%	135,345	$4.7M	Reduce -3.6%
ALGT Allegiant Travel Co.	0.03%	77,284	$4.7M	Reduce -3.6%
UBSI United Bankshares Inc.	0.03%	121,942	$4.5M	Reduce -3.5%
WSFS WSFS Financial Corp.	0.03%	84,019	$4.5M	Reduce -3.6%
OFG Ofg Bancorp	0.03%	102,099	$4.4M	Reduce -3.6%
CUBI Customers Bancorp Inc.	0.03%	67,772	$4.4M	Reduce -3.6%
VTOL Bristow Group Inc.	0.03%	120,672	$4.4M	Reduce -3.5%
RES RPC Inc.	0.03%	910,265	$4.3M	Reduce -3.6%
DBX Dropbox Inc. Class A	0.03%	143,424	$4.3M	Add +7.5%
BUSE First Busey Corp.	0.03%	184,640	$4.3M	Reduce -3.6%
IMKTA Ingles Markets Inc. Class A	0.03%	61,334	$4.3M	Reduce -3.5%
HG Hamilton Insurance Grou Class B	0.03%	166,574	$4.1M	Add +41.6%
NGVT Ingevity Corp.	0.03%	74,392	$4.1M	Add +15.8%
SBH Sally Beauty Holdings Inc.	0.03%	251,274	$4.1M	New
CLX Clorox Company	0.03%	33,119	$4.1M	New
MAT Mattel Inc.	0.03%	242,268	$4.1M	Add +15.2%
AR Antero Resources Corp.	0.03%	121,210	$4.1M	New
HRMY Harmony Biosciences Holdings	0.03%	146,204	$4.0M	New
CASH Pathward Financial Inc.	0.03%	54,339	$4.0M	Reduce -3.7%
GEF Greif Inc. Class A	0.03%	67,112	$4.0M	Reduce -3.6%
DOX Amdocs Ltd.	0.03%	48,528	$4.0M	New
FBP First Bancorp Puerto Rico	0.03%	180,572	$4.0M	Reduce -3.5%
EFSC Enterprise Financial Service	0.03%	68,511	$4.0M	Reduce -3.5%
CBSH Commerce Bancshares Inc.	0.03%	64,935	$3.9M	Add +0.2%
VSH Vishay Intertechnology Inc.	0.03%	252,046	$3.9M	Add +16.0%
FCF First Commonwealth Finl Corp.	0.03%	221,249	$3.8M	Reduce -3.6%
BHE Benchmark Electronics Inc.	0.03%	97,730	$3.8M	Reduce -3.5%
NAVI Navient Corp.	0.03%	284,813	$3.7M	Reduce -3.7%
SMP Standard Motor Prods	0.03%	91,160	$3.7M	Reduce -3.6%
AES AES Corp.	0.03%	281,297	$3.7M	New
ALB Albemarle Corp.	0.03%	45,549	$3.7M	New
ASTE Astec Industries Inc.	0.03%	76,270	$3.7M	Reduce -3.4%
WAFD Wafd Inc.	0.03%	120,865	$3.7M	Reduce -3.6%
SLM SLM Corp.	0.03%	130,996	$3.6M	Add +67.8%
ITUB Itau Unibanco H-Spon PRF ADR	0.02%	487,080	$3.6M	Add +0.1%
TIGO Millicom Intl Cellular S.A.	0.02%	73,585	$3.6M	New
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP	0.02%	374,472	$3.6M	New
TCBI Texas Capital Bancshares Inc.	0.02%	41,827	$3.5M	Reduce -3.5%
HAPN Happen Inc. filed as LENDINGCLUB CORP	0.02%	232,626	$3.5M	Add +10.0%
UPBD Upbound Group Inc.	0.02%	149,476	$3.5M	Reduce -3.6%
EBC Eastern Bankshares Inc.	0.02%	193,466	$3.5M	Reduce -3.5%
PLAB Photronics Inc.	0.02%	152,743	$3.5M	New
APA Apa Corp.	0.02%	141,313	$3.4M	New
GLDD Great Lakes Dredge & Dock Co.	0.02%	281,720	$3.4M	Reduce -3.6%
MTN Vail Resorts Inc.	0.02%	22,490	$3.4M	Add +79.9%
UCB United Community Banks	0.02%	107,104	$3.4M	Reduce -3.5%
HMN Horace Mann Educators	0.02%	74,080	$3.3M	Reduce -3.5%
SFNC Simmons First Natl Corp. Class A	0.02%	173,619	$3.3M	Reduce -3.7%
CMA Comerica Inc.	0.02%	48,406	$3.3M	Reduce -0.1%
CFR Cullen/Frost Bankers Inc.	0.02%	25,514	$3.2M	Add +0.3%
APAM Artisan Partners Asset Ma -A	0.02%	73,740	$3.2M	Reduce -3.5%
SCSC Scansource Inc.	0.02%	72,187	$3.2M	Reduce -3.6%
FCX Freeport-McMoran Inc.	0.02%	78,973	$3.1M	Reduce -94.3%
RYZ Ryerson Holding Corp.	0.02%	134,280	$3.1M	Reduce -3.5%
RNST Renasant Corp.	0.02%	82,942	$3.1M	Reduce -3.6%
MLKN Millerknoll Inc.	0.02%	172,274	$3.1M	New
KE Kimball Electronics Inc.	0.02%	101,090	$3.0M	Reduce -3.6%
STBA S & T Bancorp Inc.	0.02%	79,441	$3.0M	Reduce -3.5%
FLGT Fulgent Genetics Inc.	0.02%	129,910	$2.9M	Reduce -3.6%
PFBC Preferred Bank/Los Angeles	0.02%	32,273	$2.9M	Reduce -3.6%
PFS Provident Financial Services	0.02%	146,132	$2.8M	Reduce -3.7%
EZPW Ezcorp Inc. Class A	0.02%	147,086	$2.8M	Add +26.6%
DLX Deluxe Corp.	0.02%	143,640	$2.8M	Reduce -3.6%
WABC Westamerica Bancorporation	0.02%	55,576	$2.8M	Reduce -3.7%
AVY Avery Dennison Corp.	0.02%	17,065	$2.8M	New
QCRH QCR Holdings Inc.	0.02%	36,149	$2.7M	Reduce -3.5%
VRTS Virtus Investment Partners	0.02%	14,290	$2.7M	Add +5.1%
NWBI Northwest Bancshares Inc.	0.02%	217,915	$2.7M	Reduce -3.7%
BY Byline Bancorp Inc.	0.02%	94,515	$2.6M	Reduce -3.6%
BMBL Bumble Inc. Class A	0.02%	428,390	$2.6M	Reduce -3.6%
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC	0.02%	220,530	$2.6M	Reduce -3.6%
FHB First Hawaiian Inc.	0.02%	104,490	$2.6M	Reduce -3.9%
NOV Nov Inc.	0.02%	189,597	$2.5M	New
ZION Zions Bancorp NA	0.02%	44,280	$2.5M	Add +0.0%
REPX Riley Exploration Permian Inc.	0.02%	91,360	$2.5M	Reduce -3.6%
M Macy's Inc.	0.02%	136,428	$2.4M	New
WFRD Weatherford International PL	0.02%	36,451	$2.4M	New
SAIC Science Applications Inte	0.02%	24,342	$2.4M	Add +297.8%
EIG Employers Holdings Inc.	0.02%	56,784	$2.4M	Reduce -3.6%
CCSI Consensus Cloud Solution	0.02%	81,980	$2.4M	Reduce -3.6%
IVZ Invesco Ltd.	0.02%	104,530	$2.4M	Reduce -1.4%
WRLD World Acceptance Corp.	0.02%	13,910	$2.4M	Add +48.6%
LXU LSB Industries Inc.	0.02%	298,180	$2.3M	Reduce -3.6%
CALM Cal-Maine Foods Inc.	0.02%	24,751	$2.3M	New
DFH Dream Finders Homes Inc. Class A	0.02%	89,250	$2.3M	New
PEBO Peoples Bancorp Inc.	0.02%	76,599	$2.3M	Reduce -3.7%
NE Noble Corp. PLC	0.02%	80,682	$2.3M	New
KBH KB Home	0.02%	34,634	$2.2M	New
NWPX NWPX Infrastructure Inc.	0.02%	41,038	$2.2M	Reduce -3.3%
CTBI Community Trust Bancorp Inc.	0.01%	38,169	$2.1M	Reduce -3.5%
ECPG Encore Capital Group Inc.	0.01%	50,759	$2.1M	Reduce -3.4%
RIGL Rigel Pharmaceuticals Inc.	0.01%	74,170	$2.1M	Reduce -3.5%
LNWO Light & Wonder Inc.	0.01%	24,985	$2.1M	New
EMBC Embecta Corp.	0.01%	148,190	$2.1M	New
MUR Murphy Oil Corp.	0.01%	72,481	$2.1M	New
ACT Enact Holdings Inc.	0.01%	52,739	$2.0M	Reduce -16.1%
LEGH Legacy Housing Corp.	0.01%	73,260	$2.0M	Reduce -3.5%
TWI Titan International Inc.	0.01%	266,110	$2.0M	Reduce -3.6%
UFCS United Fire Group Inc.	0.01%	64,870	$2.0M	Add +45.2%
ETD Ethan Allen Interiors Inc.	0.01%	66,954	$2.0M	Reduce -3.6%
OPY Oppenheimer Holdings Class A	0.01%	26,458	$2.0M	Add +6.4%
VOYA Voya Financial Inc.	0.01%	26,005	$1.9M	Add +0.6%
GNK Genco Shipping & Trading Ltd.	0.01%	108,970	$1.9M	New
INDB Independent Bank Corp.	0.01%	27,542	$1.9M	Add +0.8%
UVE Universal Insurance Holdings	0.01%	71,895	$1.9M	Add +34.7%
SENEA Seneca Foods Corp. Class A	0.01%	17,479	$1.9M	Reduce -3.3%
SHEN Shenandoah Telecommunication	0.01%	139,150	$1.9M	Add +44.3%
BKU Bankunited Inc.	0.01%	48,647	$1.9M	Reduce -3.5%
ASLE Aersale Corp.	0.01%	223,770	$1.8M	Reduce -3.7%
TRC Tejon Ranch Co.	0.01%	112,992	$1.8M	Reduce -3.6%
MBIN Merchants Bancorp	0.01%	56,126	$1.8M	Reduce -3.6%
PBF PBF Energy Inc. Class A	0.01%	58,827	$1.8M	New
MTUS Metallus Inc.	0.01%	106,130	$1.8M	Add +43.8%
HOG Harley-Davidson Inc.	0.01%	61,719	$1.7M	New
IPI Intrepid Potash Inc.	0.01%	55,790	$1.7M	Reduce -3.6%
R Ryder System Inc.	0.01%	9,034	$1.7M	Reduce -1.1%
BOC Boston Omaha Corp. Class A	0.01%	129,690	$1.7M	Reduce -3.7%
TOWN Towne Bank	0.01%	48,743	$1.7M	Reduce -3.6%
SCHL Scholastic Corp.	0.01%	61,400	$1.7M	New
SWKS Skyworks Solutions Inc.	0.01%	21,731	$1.7M	New
SBCF Seacoast Banking Corp.	0.01%	54,742	$1.7M	Reduce -3.7%
SIGA Siga Technologies Inc.	0.01%	181,630	$1.7M	New
TITN Titan Machinery Inc.	0.01%	97,430	$1.6M	Reduce -3.5%
SJM The JM Smucker Co. filed as SMUCKER J M CO	0.01%	15,008	$1.6M	New
OSBC Old Second Bancorp Inc.	0.01%	94,020	$1.6M	Reduce -3.6%
WEX Wex Inc.	0.01%	10,180	$1.6M	New
WSBC Wesbanco Inc.	0.01%	48,717	$1.6M	Add +22.0%
MBWM Mercantile Bank Corp.	0.01%	34,447	$1.6M	Reduce -3.6%
CACC Credit Acceptance Corp.	0.01%	3,315	$1.5M	New
HRL Hormel Foods Corp.	0.01%	62,560	$1.5M	Reduce -0.1%
GSBC Great Southern Bancorp Inc.	0.01%	25,184	$1.5M	Reduce -3.5%
HTB Hometrust Bancshares Inc.	0.01%	37,438	$1.5M	Reduce -3.6%
VIRT Virtu Financial Inc. Class A	0.01%	43,092	$1.5M	New
GDOT Green Dot Corp. Class A	0.01%	111,610	$1.5M	Add +10.2%
RIG Transocean Ltd.	0.01%	479,004	$1.5M	New
FRME First Merchants Corp.	0.01%	38,873	$1.5M	Reduce -3.5%
CLNE Clean Energy Fuels Corp.	0.01%	556,250	$1.4M	New
AMAL Amalgamated Financial Corp.	0.01%	52,685	$1.4M	Reduce -3.7%
FBNC First Bancorp	0.01%	26,956	$1.4M	Reduce -3.6%
CLW Clearwater Paper Corp.	0.01%	67,520	$1.4M	Reduce -3.6%
HZO Marinemax Inc.	0.01%	54,340	$1.4M	New
WAL Western Alliance Bancorp	0.01%	15,814	$1.4M	New
HRTG Heritage Insurance Holdings	0.01%	53,500	$1.3M	Reduce -3.4%
BPOP Popular Inc.	0.01%	10,027	$1.3M	New
TRST Trustco Bank Corp. NY	0.01%	34,922	$1.3M	Reduce -3.6%
SMBC Southern Missouri Bancorp	0.01%	24,032	$1.3M	Reduce -3.6%
BANC Banc of California Inc.	0.01%	75,041	$1.2M	Add +132.3%
TRMK Trustmark Corp.	0.01%	30,587	$1.2M	Add +25.1%
EBS Emergent Biosolutions Inc.	0.01%	135,410	$1.2M	New
MHK Mohawk Industries Inc.	0.01%	9,149	$1.2M	New
KOP Koppers Holdings Inc.	0.01%	40,860	$1.1M	New
FMNB Farmers Natl Banc Corp.	0.01%	78,855	$1.1M	Reduce -3.8%
CVLG Covenant Logistics Group Inc.	0.01%	52,438	$1.1M	Reduce -3.1%
DGICA Donegal Group Inc. Class A	0.01%	57,900	$1.1M	Reduce -3.5%
ACIC American Coastal Insurance C	0.01%	98,350	$1.1M	Add +8.4%
VLGEA Village Super Market Class A	0.01%	29,707	$1.1M	Reduce -3.3%
GCO Genesco Inc.	0.01%	37,460	$1.1M	Reduce -3.6%
KELYA Kelly Services Inc. Class A	0.01%	81,030	$1.1M	New
TTC Toro Co.	0.01%	13,905	$1.1M	New
STEL Stellar Bancorp Inc.	0.01%	34,893	$1.1M	Reduce -3.6%
USNA Usana Health Sciences Inc.	0.01%	37,910	$1.0M	New
BFST Business First Bancshares	0.01%	41,861	$988K	Reduce -3.7%
OBK Origin Bancorp Inc.	0.01%	27,801	$960K	Reduce -3.5%
JOUT Johnson Outdoors Inc. Class A	0.01%	23,175	$936K	New
BCH Banco DE Chile-ADR	0.01%	30,131	$913K	No change
SMBK Smartfinancial Inc.	0.01%	25,359	$906K	Reduce -2.3%
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES	0.01%	29,658	$903K	Reduce -2.6%
BIO Bio-Rad Laboratories-A	0.01%	3,153	$884K	New
HTO H2O America	0.01%	18,009	$877K	New
HOPE Hope Bancorp Inc.	0.01%	79,564	$857K	Reduce -2.7%
TALO Talos Energy Inc.	0.01%	88,683	$850K	New
MTW Manitowoc Company Inc.	0.01%	75,890	$760K	Add +21.9%
IBCP Independent Bank Corp. - Mich	0.01%	24,238	$751K	Reduce -2.4%
ANDE The Andersons Inc.	0.00%	17,577	$700K	New
XPRO Expro Group Holdings NV	0.00%	58,527	$695K	New
OCFC Oceanfirst Financial Corp.	0.00%	38,861	$683K	Reduce -1.8%
LEG Leggett & Platt Inc.	0.00%	68,646	$610K	New
RM Regional Management Corp.	0.00%	14,000	$545K	Add +5.4%
UHAL U-Haul Holding Co.	0.00%	9,027	$515K	Reduce -1.1%
CPF Central Pacific Financial Co.	0.00%	15,976	$485K	Reduce -1.8%
TCBX Third Coast Bancshares Inc.	0.00%	11,790	$448K	Add +55.3%
UVSP Univest Financial Corp.	0.00%	14,766	$443K	New
CFFN Capitol Federal Financial Inc.	0.00%	67,910	$431K	Add +153.3%
HBNC Horizon Bancorp Inc.	0.00%	26,210	$420K	New
NRIM Northrim Bancorp Inc.	0.00%	18,996	$411K	Add +86.3%
EQBK Equity Bancshares Inc. Class A	0.00%	9,870	$402K	New
HAFC Hanmi Financial Corporation	0.00%	15,390	$380K	New
OIS Oil States International Inc. filed as OIL STS INTL INC	0.00%	57,410	$348K	No change
THFF First Financial Corp.	0.00%	6,050	$341K	New
MPB Mid Penn Bancorp Inc.	0.00%	11,780	$337K	New
GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC	0.00%	12,530	$324K	New
HTBK Heritage Commerce Corp.	0.00%	31,310	$311K	Add +153.1%
RNGR Ranger Energy Services Class A	0.00%	21,390	$300K	No change
MOFG Midwestone Financial Group I	0.00%	10,610	$300K	New
NBHC National Bank Hold Class A	0.00%	7,686	$297K	Reduce -1.3%
GPRE Green Plains Inc.	0.00%	33,530	$295K	New
FISI Financial Institutions Inc.	0.00%	10,290	$280K	New
SHBI Shore Bancshares Inc.	0.00%	16,980	$279K	New
NGS Natural Gas Services Group	0.00%	9,385	$263K	No change
NFBK Northfield Bancorp Inc.	0.00%	21,330	$252K	New
BWB Bridgewater Bancshares Inc.	0.00%	14,010	$247K	New
AROW Arrow Financial Corp.	0.00%	8,380	$237K	New
BSRR Sierra Bancorp	0.00%	8,192	$237K	No change
VPG Vishay Precision Group	0.00%	7,020	$225K	New
QUAD Quad Graphics Inc.	0.00%	34,700	$217K	No change
EGY Vaalco Energy Inc.	0.00%	53,270	$214K	New
VNDA Vanda Pharmaceuticals Inc.	0.00%	39,390	$197K	No change
PDLB Ponce Financial Group Inc.	0.00%	11,360	$167K	No change
WSBF Waterstone Financial Inc.	0.00%	10,670	$166K	New
JRVR James River Group Holdings I	0.00%	26,170	$145K	Add +55.3%
IVE iShares S&P 500 Value ETF	0.00%	488	$101K	Reduce -5.2%
KRNY Kearny Financial Corp.	0.00%	12,950	$85K	Reduce -0.8%
IWS iShares Russell Mid-Cap Valu	0.00%	489	$68K	Reduce -17.0%
SNAP Snap Inc. Class A	0.00%	628	$5K	New

Other holdings (8): bonds, preferreds, convertibles and warrants · $182.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	70,351,000	$60.2M	Reduce -9.1%
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	20,141,005	$49.6M	Reduce -23.6%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	26,615,000	$24.4M	No change
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	19,500,000	$16.8M	Reduce -1.3%
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29)	NOTE 4.000% 3/1 · principal	12,375,000	$12.3M	Reduce -4.8%
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	12,966,000	$11.6M	Reduce -8.8%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	6,250,000	$6.1M	No change
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	2,000,000	$1.8M	No change

Total filed on the 13F, all lines: $14.6B.

Portfolio Sells Q2 2025 → Q3 2025


CAT Caterpillar Inc.	Sold out	0.00%	−1.73
NRG NRG Energy Inc.	Reduce -59.9%	0.42%	−0.64
CVX Chevron Corp.	Reduce -65.9%	0.31%	−0.55
MMM 3M Co.	Reduce -54.1%	0.40%	−0.48
LMT Lockheed Martin Corp.	Reduce -40.9%	0.79%	−0.48
PYPL PayPal Holdings Inc.	Reduce -38.9%	0.52%	−0.44
FCX Freeport-McMoran Inc.	Reduce -94.3%	0.02%	−0.41
CMCSA Comcast Corp. Class A	Reduce -0.9%	1.83%	−0.32
TSM Taiwan Semiconductor-SP ADR	Reduce -74.4%	0.13%	−0.28
IBM Intl Business Machines Corp.	Reduce -21.5%	0.76%	−0.28
GIS General Mills Inc.	Sold out	0.00%	−0.27
TGT Target Corp.	Sold out	0.00%	−0.25
CHTR Charter Communications Inc. Class A	Sold out	0.00%	−0.24
UPS United Parcel Service Class B	Sold out	0.00%	−0.23
DE Deere & Co.	Reduce -13.5%	0.69%	−0.22
LHX L3HARRIS Technologies Inc.	Sold out	0.00%	−0.20
DIS The Walt Disney Co.	Reduce -3.1%	1.33%	−0.19
CE Celanese Corp.	Reduce -13.5%	0.33%	−0.18
JAZZ Jazz Pharmaceuticals PLC	Reduce -86.4%	0.03%	−0.17
AFL Aflac Inc.	Reduce -41.1%	0.25%	−0.16
PHM Pultegroup Inc.	Reduce -61.2%	0.14%	−0.16
HON Honeywell International Inc.	Reduce -12.3%	0.54%	−0.16
FMC FMC Corp.	Reduce -1.6%	0.53%	−0.16
NEU Newmarket Corp.	Sold out	0.00%	−0.16
VLO Valero Energy Corp.	Reduce -48.5%	0.27%	−0.15
IPG Interpublic Group of Cos Inc.	Sold out	0.00%	−0.15
AN Autonation Inc.	Reduce -69.9%	0.07%	−0.14
NLY Annaly Capital Management Inc.	Reduce -25.5%	0.45%	−0.13
AMCR Amcor PLC	Sold out	0.00%	−0.13
BBY Best Buy Co. Inc.	Sold out	0.00%	−0.11
LAUR Laureate Education Inc.	Sold out	0.00%	−0.11
EME Emcor Group Inc.	Sold out	0.00%	−0.10
REZI Resideo Technologies Inc.	Sold out	0.00%	−0.10
NTAP Netapp Inc.	Reduce -51.3%	0.11%	−0.10
RL Ralph Lauren Corp.	Sold out	0.00%	−0.09
MATX Matson Inc.	Sold out	0.00%	−0.09
TPR Tapestry Inc.	Sold out	0.00%	−0.09
MDLZ Mondelez International Inc. Class A	Reduce -12.3%	0.34%	−0.09
CNX CNX Resources Corp.	Reduce -53.5%	0.07%	−0.09
TOL Toll Brothers Inc.	Reduce -65.5%	0.06%	−0.08
C Citigroup Inc.	Reduce -17.3%	1.96%	−0.08
FITB Fifth Third Bancorp	Reduce -49.4%	0.09%	−0.08
COKE Coca-Cola Consolidated Inc.	Reduce -63.5%	0.04%	−0.07
GSK GSK PLC-Spon ADR	Reduce -24.3%	0.34%	−0.07
MOH Molina Healthcare Inc.	Sold out	0.00%	−0.07
DXC DXC Technology Co.	Sold out	0.00%	−0.07
EL Estee Lauder Companies Class A	Reduce -24.1%	0.27%	−0.07
PREMIER INC-CLASS A	Sold out	0.00%	−0.06
OC Owens Corning	Sold out	0.00%	−0.06
FE Firstenergy Corp.	Reduce -20.6%	0.42%	−0.06

Portfolio Buys Q2 2025 → Q3 2025


XOM Exxon Mobil Corp.	New	1.30%	+1.30
GOOGL Alphabet Inc. Class A	Add +58.7%	1.22%	+0.65
JPM JPMorgan Chase & Co.	Add +11.2%	3.16%	+0.48
DOC Healthpeak Properties Inc.	New	0.45%	+0.45
ES Eversource Energy	New	0.39%	+0.39
BMRN Biomarin Pharmaceutical Inc.	New	0.34%	+0.34
T AT&T Inc.	Add +22.1%	2.31%	+0.32
UNP Union Pacific Corp.	Add +227.4%	0.45%	+0.32
WHR Whirlpool Corp.	New	0.26%	+0.26
ADM Archer-Daniels-Midland Co.	Add +78.0%	0.49%	+0.24
MDT Medtronic PLC	Add +22.6%	1.01%	+0.24
WFC Wells Fargo & Co.	Add +10.2%	2.01%	+0.22
PEP Pepsico Inc.	Add +22.3%	0.95%	+0.20
SRE Sempra	Add +30.9%	0.54%	+0.19
BIDU Baidu Inc. - Spon ADR	Add +31.4%	0.35%	+0.17
DHI D.R. Horton Inc.	Add +44.8%	0.36%	+0.17
AMAT Applied Materials Inc.	New	0.16%	+0.16
MTB M & T Bank Corp.	Add +32.5%	0.65%	+0.16
SNY Sanofi-ADR	Add +62.3%	0.39%	+0.14
FDX FedEx Corp.	Add +32.7%	0.54%	+0.14
DRI Darden Restaurants Inc.	New	0.13%	+0.13
AMZN Amazon.com Inc.	New	0.12%	+0.12
COP Conocophillips	Add +31.6%	0.46%	+0.12
FSLR First Solar Inc.	New	0.12%	+0.12
HST Host Hotels & Resorts Inc.	Add +32.5%	0.38%	+0.11
CLF Cleveland-Cliffs Inc.	New	0.11%	+0.11
FLEX Flex Ltd.	Add +148.1%	0.16%	+0.10
WSM Williams-Sonoma Inc.	Add +71.4%	0.19%	+0.09
GEHC GE Healthcare Technology	New	0.09%	+0.09
HUM Humana Inc.	Add +22.2%	0.43%	+0.09
BRK.B Berkshire Hathaway Inc. Class B	New	0.09%	+0.09
GS Goldman Sachs Group Inc.	Add +0.1%	0.96%	+0.09
MO Altria Group Inc.	Add +7.7%	0.54%	+0.08
ADBE Adobe Inc.	Add +33.2%	0.53%	+0.08
PG The Procter & Gamble Co.	Add +55.2%	0.26%	+0.08
CRH CRH PLC	Add +0.0%	0.37%	+0.08
QCOM Qualcomm Inc.	Add +7.6%	0.89%	+0.08
ENS Enersys	New	0.07%	+0.07
AIG American International Group	Add +59.4%	0.24%	+0.07
TROW T Rowe Price Group Inc.	Add +87.6%	0.15%	+0.07
LOW Lowe's Cos Inc.	Add +0.2%	0.74%	+0.07
THC Tenet Healthcare Corp.	Add +70.0%	0.15%	+0.07
BALL Ball Corp.	New	0.07%	+0.07
CRM Salesforce Inc.	Add +33.0%	0.60%	+0.07
MHO M/I Homes Inc.	New	0.07%	+0.07
LDOS Leidos Holdings Inc.	Add +19.2%	0.23%	+0.07
ALL Allstate Corp.	Add +15.0%	0.38%	+0.06
VAL Valaris Ltd.	New	0.06%	+0.06
ICLR Icon PLC	Add +6.4%	0.42%	+0.06
EIX Edison International	Add +11.5%	0.40%	+0.06

Notes & Other Activity Q2 2025 → Q3 2025


CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	Reduce -9.1%	70,351,000	$60.2M
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	Reduce -23.6%	20,141,005	$49.6M
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	Reduce -1.3%	19,500,000	$16.8M
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29)	NOTE 4.000% 3/1 · principal	Reduce -4.8%	12,375,000	$12.3M
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	Reduce -8.8%	12,966,000	$11.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q4 2025	594	$14.7B	JPM, JNJ, BAC, WFC, C
Q3 2025	590	$14.4B	JPM, JNJ, T, BAC, WFC
Q2 2025	564	$14.0B	JPM, CMCSA, JNJ, BAC, C
Q1 2025	551	$13.7B	JNJ, JPM, UNH, T, CMCSA
Q4 2024	553	$13.7B	JPM, BAC, C, JNJ, CMCSA
Q3 2024	663	$14.9B	JPM, BAC, C, JNJ, CVX
Q2 2024	681	$13.3B	JPM, C, CVX, JNJ, BAC
Q1 2024	690	$13.8B	JPM, C, CVX, XOM, JNJ