| PHYS Sprott Physical Gold Trust | 21.58% | 1,448,500 | $26.2M | No change |
| FNV Franco-Nevada Corp. | 7.97% | 81,500 | $9.7M | No change |
| GDX Vaneck Gold Miners ETF | 7.82% | 279,500 | $9.5M | No change |
| NEM Newmont Corp. | 6.94% | 200,950 | $8.4M | No change |
| AMZN Amazon.com Inc. | 6.38% | 40,000 | $7.7M | No change |
| DLR Digital Realty Trust Inc. | 3.90% | 31,100 | $4.7M | No change |
| JOE The St Joe Co. | 3.61% | 80,000 | $4.4M | Add +0.6% |
| MSFT Microsoft Corp. | 2.95% | 8,000 | $3.6M | No change |
| CMCO Columbus McKinnon Corp. | 2.53% | 88,688 | $3.1M | No change |
| BANR Banner Corporation | 2.52% | 61,476 | $3.1M | No change |
| GOOGL Alphabet Inc. Class A | 2.25% | 15,000 | $2.7M | No change |
| HQY Healthequity Inc. | 2.25% | 31,676 | $2.7M | No change |
| ZIMV Zimvie Inc. | 2.00% | 133,044 | $2.4M | Add +15.7% |
| HWC Hancock Whitney Corp. | 1.96% | 49,751 | $2.4M | No change |
| WIRE Encore Wire Corp. | 1.91% | 8,000 | $2.3M | No change |
| PNFP Pinnacle Financial Partners | 1.82% | 27,525 | $2.2M | No change |
| EVH Evolent Health Inc. Class A | 1.65% | 104,500 | $2.0M | New |
| SSB Southstate Bank Corp. | 1.58% | 25,000 | $1.9M | Add +78.6% |
| CADE Cadence Bank | 1.55% | 66,352 | $1.9M | No change |
| ATSG Air Transport Services Group | 1.46% | 127,950 | $1.8M | Reduce -7.3% |
| OBK Origin Bancorp Inc. | 1.31% | 50,000 | $1.6M | No change |
| SASR Sandy Spring Bancorp Inc. | 1.31% | 65,063 | $1.6M | No change |
| CALM Cal-Maine Foods Inc. | 1.26% | 25,000 | $1.5M | No change |
| ECVT Ecovyst Inc. | 1.26% | 170,000 | $1.5M | New |
| TBRG Trubridge Inc. | 1.24% | 150,684 | $1.5M | Add +2.2% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.09% | 19,200 | $1.3M | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.04% | 6,900 | $1.3M | No change |
| RELL Richardson Elec Ltd. | 0.96% | 97,813 | $1.2M | No change |
| PARAA Paramount Global Class B | 0.89% | 103,700 | $1.1M | No change |
| WEST Westrock Coffee Co. | 0.84% | 100,000 | $1.0M | No change |
| SMBK Smartfinancial Inc. | 0.60% | 30,632 | $725K | No change |
| CSCO Cisco Systems Inc. | 0.57% | 14,531 | $690K | No change |
| BIPC Brookfield Infrastructure-A | 0.54% | 19,600 | $660K | No change |
| ABBV Abbvie Inc. | 0.51% | 3,600 | $617K | No change |
| ENB Enbridge Inc. | 0.46% | 15,800 | $562K | No change |
| CCI Crown Castle Inc. | 0.42% | 5,200 | $508K | No change |
| FIBK First Interstate Bancsys-A | 0.41% | 18,000 | $500K | Reduce -71.4% |
| FHN First Horizon Corp. | 0.36% | 28,000 | $442K | No change |
| WM Waste Management Inc. | 0.30% | 1,730 | $369K | No change |