# EDGAR Filing Document

**Accession Number:** 0001966007
**File Stem:** 0001398344-25-020421
**Filing Date:** 2025-11
**Character Count:** 30736
**Document Hash:** 9bdf9e6adab12e5a1686eb4bfc44840e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020421.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001398344-25-020421

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Applied Finance Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001966007

**ORGANIZATION NAME:**
- **EIN:** 660823991
- **STATE OF INCORPORATION:** PR

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23109
- **FILM NUMBER:** 251456732

**BUSINESS ADDRESS:**
- **STREET 1:** 53 CALLE PALMERAS
- **STREET 2:** SUITE 601
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00901
- **BUSINESS PHONE:** 787-626-0404

**MAIL ADDRESS:**
- **STREET 1:** 53 CALLE PALMERAS
- **STREET 2:** SUITE 601
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00901

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Applied Finance Capital Management LLC<br>**Address:** 53 CALLE PALMERAS<br>SUITE 601<br>SAN JUAN, PR 00901

**Form 13F File Number:** 028-23109

**CRD Number (if applicable):** 000226755

**SEC File Number (if applicable):** 801-98338

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David D. Jones<br>**Title:** Chief Compliance Officer<br>**Phone:** 210-540-1681

**Signature, Place, and Date of Signing:**

/s/ David D. Jones  San Antonio, TX  11-03-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 280

**Form 13F Information Table Value Total:** $1407359461

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| APPLE INC. | COM | 037833100 |  | 64369941 | 252799 | SH |  | SOLE |  | 250367 | 0 | 2432 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 60612757 | 117025 | SH |  | SOLE |  | 116020 | 0 | 1005 |
| ALPHABET INC | COM | 02079K305 |  | 56132452 | 230900 | SH |  | SOLE |  | 228588 | 0 | 2312 |
| ORACLE CORP | COM | 68389X105 |  | 44940917 | 159791 | SH |  | SOLE |  | 157714 | 0 | 2077 |
| META PLATFORMS INC | COM | 30303M102 |  | 40428624 | 55048 | SH |  | SOLE |  | 54496 | 0 | 552 |
| KLA CORP | COM | 482480100 |  | 38740918 | 35921 | SH |  | SOLE |  | 35288 | 0 | 633 |
| APPLIED MATERIALS INC. | COM | 038222105 |  | 36158771 | 176607 | SH |  | SOLE |  | 173590 | 0 | 3017 |
| HP INC | COM | 40434L105 |  | 33138870 | 1217071 | SH |  | SOLE |  | 1195941 | 0 | 21130 |
| INTERNATIONAL BUSINESS MACHINE | COM | 459200101 |  | 32532485 | 115305 | SH |  | SOLE |  | 113583 | 0 | 1722 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 32348308 | 173375 | SH |  | SOLE |  | 172766 | 0 | 609 |
| CISCO SYSTEMS INCORPORATED | COM | 17275R102 |  | 31682087 | 463087 | SH |  | SOLE |  | 452985 | 0 | 10102 |
| ADOBE INC | COM | 00724F101 |  | 29203752 | 82781 | SH |  | SOLE |  | 81537 | 0 | 1244 |
| DR HORTON INC | COM | 23331A109 |  | 27955309 | 164956 | SH |  | SOLE |  | 163077 | 0 | 1879 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 27833880 | 633368 | SH |  | SOLE |  | 620904 | 0 | 12464 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 26315909 | 52769 | SH |  | SOLE |  | 52005 | 0 | 764 |
| MASTERCARD INC. | COM | 57636Q104 |  | 25673092 | 45135 | SH |  | SOLE |  | 44469 | 0 | 666 |
| APTIV PLC | COM | G3265R107 |  | 25407950 | 294697 | SH |  | SOLE |  | 290304 | 0 | 4393 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 24569225 | 77891 | SH |  | SOLE |  | 76121 | 0 | 1770 |
| LOWE'S COMPANIES INC. | COM | 548661107 |  | 24169022 | 96168 | SH |  | SOLE |  | 95007 | 0 | 1161 |
| WALT DISNEY CO | COM | 254687106 |  | 24077148 | 210278 | SH |  | SOLE |  | 207365 | 0 | 2913 |
| CUMMINS INC | COM | 231021106 |  | 23799181 | 56349 | SH |  | SOLE |  | 55713 | 0 | 636 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 23784318 | 460978 | SH |  | SOLE |  | 454563 | 0 | 6415 |
| UNITED RENTALS INC | COM | 911363109 |  | 23529625 | 24649 | SH |  | SOLE |  | 24344 | 0 | 305 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 23523913 | 84254 | SH |  | SOLE |  | 82473 | 0 | 1781 |
| CBRE GROUP INCORPORATED | COM | 12504L109 |  | 23363010 | 148273 | SH |  | SOLE |  | 146321 | 0 | 1952 |
| METLIFE INC. | COM | 59156R108 |  | 21924033 | 266171 | SH |  | SOLE |  | 262758 | 0 | 3413 |
| AMERIPRISE FINANCIAL INC. | COM | 03076C106 |  | 21659725 | 44087 | SH |  | SOLE |  | 43190 | 0 | 897 |
| QUANTA SERVICES INCORPORATED | COM | 74762E102 |  | 20555180 | 49604 | SH |  | SOLE |  | 48919 | 0 | 685 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 19612113 | 115183 | SH |  | SOLE |  | 113926 | 0 | 1257 |
| DARDEN RESTAURANTS INC. | COM | 237194105 |  | 19385985 | 101830 | SH |  | SOLE |  | 99388 | 0 | 2442 |
| UNION PACIFIC CORPORATION | COM | 907818108 |  | 18669923 | 78986 | SH |  | SOLE |  | 77893 | 0 | 1093 |
| WESTINGHOUSE AIR BRAKE TECHNOL | COM | 929740108 |  | 17929024 | 89443 | SH |  | SOLE |  | 88252 | 0 | 1191 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 16871841 | 178358 | SH |  | SOLE |  | 176540 | 0 | 1818 |
| LKQ CORPORATION | COM | 501889208 |  | 16379555 | 536345 | SH |  | SOLE |  | 528762 | 0 | 7583 |
| FISERV INC. | COM | 337738108 |  | 15773855 | 122337 | SH |  | SOLE |  | 120971 | 0 | 1366 |
| INCYTE CORP | COM | 45337C102 |  | 15043329 | 177389 | SH |  | SOLE |  | 173744 | 0 | 3645 |
| MERCK  CO.  INC. | COM | 58933Y105 |  | 14946837 | 178136 | SH |  | SOLE |  | 174363 | 0 | 3773 |
| TARGET CORPORATION | COM | 87612E106 |  | 14341255 | 159887 | SH |  | SOLE |  | 156490 | 0 | 3397 |
| THERMO FISHER SCIENTIFIC INC. | COM | 883556102 |  | 14298497 | 29487 | SH |  | SOLE |  | 29186 | 0 | 301 |
| MCKESSON CORPORATION | COM | 58155Q103 |  | 14160321 | 18332 | SH |  | SOLE |  | 18044 | 0 | 288 |
| TYSON FOODS INC. | COM | 902494103 |  | 14024583 | 258290 | SH |  | SOLE |  | 254734 | 0 | 3556 |
| CVS HEALTH CORP | COM | 126650100 |  | 13890360 | 184244 | SH |  | SOLE |  | 181568 | 0 | 2676 |
| REGENERON PHARMACEUTICALS INCO | COM | 75886F107 |  | 12493101 | 22219 | SH |  | SOLE |  | 21993 | 0 | 226 |
| STRYKER CORPORATION | COM | 863667101 |  | 12228396 | 33079 | SH |  | SOLE |  | 32619 | 0 | 460 |
| CONSTELLATION BRANDS INC. | COM | 21036P108 |  | 12177866 | 90422 | SH |  | SOLE |  | 89175 | 0 | 1247 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 12004765 | 470578 | SH |  | SOLE |  | 465622 | 0 | 4956 |
| PUBLIC SERVICE ENTERPRISE GROU | COM | 744573106 |  | 11987681 | 143638 | SH |  | SOLE |  | 139648 | 0 | 3990 |
| DTE ENERGY COMPANY | COM | 233331107 |  | 11876918 | 83980 | SH |  | SOLE |  | 82742 | 0 | 1238 |
| BROADCOM INC | COM | 11135F101 |  | 11495714 | 34845 | SH |  | SOLE |  | 34845 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 11181850 | 56419 | SH |  | SOLE |  | 55745 | 0 | 674 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 10010040 | 71793 | SH |  | SOLE |  | 71180 | 0 | 613 |
| SHERWIN-WILLIAMS CO | COM | 824348106 |  | 9833324 | 28400 | SH |  | SOLE |  | 28001 | 0 | 399 |
| VISA INCORPORATION | COM | 92826C839 |  | 5309825 | 15554 | SH |  | SOLE |  | 15554 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 5046947 | 27219 | SH |  | SOLE |  | 26084 | 0 | 1135 |
| ABBVIE INC | COM | 00287Y109 |  | 4782459 | 20655 | SH |  | SOLE |  | 19680 | 0 | 975 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 3780057 | 33526 | SH |  | SOLE |  | 33526 | 0 | 0 |
| ETF OPPORTUNITIES TRUST APPLIED FINA VAL | COM | 26923N405 |  | 3041268 | 71628 | SH |  | SOLE |  | 0 | 0 | 71628 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2831460 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| APPLOVIN CORP | COM | 03831W108 |  | 2754164 | 3833 | SH |  | SOLE |  | 3833 | 0 | 0 |
| ACCENTURE PLC | COM | G1151C101 |  | 2341714 | 9496 | SH |  | SOLE |  | 8869 | 0 | 627 |
| T-MOBILE US INC | COM | 872590104 |  | 2329886 | 9733 | SH |  | SOLE |  | 9733 | 0 | 0 |
| NORFOLK SOUTHERN CORPORATION | COM | 655844108 |  | 2107376 | 7015 | SH |  | SOLE |  | 6060 | 0 | 955 |
| CATERPILLAR INC. | COM | 149123101 |  | 2050791 | 4298 | SH |  | SOLE |  | 4298 | 0 | 0 |
| LAM RESEARCH CORPORATION | COM | 512807306 |  | 2011446 | 15022 | SH |  | SOLE |  | 13955 | 0 | 1067 |
| AT INC | COM | 00206R102 |  | 1885472 | 66766 | SH |  | SOLE |  | 66766 | 0 | 0 |
| PNC FINANCIAL SERVICES GROUP I | COM | 693475105 |  | 1876083 | 9337 | SH |  | SOLE |  | 8289 | 0 | 1048 |
| O'REILLY AUTOMOTIVE INC. | COM | 67103H107 |  | 1851098 | 17170 | SH |  | SOLE |  | 16183 | 0 | 987 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 1841151 | 341 | SH |  | SOLE |  | 341 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1825848 | 7704 | SH |  | SOLE |  | 7704 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 1743149 | 6177 | SH |  | SOLE |  | 5939 | 0 | 238 |
| GILEAD SCIENCES INC. | COM | 375558103 |  | 1669440 | 15040 | SH |  | SOLE |  | 15040 | 0 | 0 |
| QUALCOMM INCORPORATED | COM | 747525103 |  | 1668591 | 10030 | SH |  | SOLE |  | 10030 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 1657675 | 16860 | SH |  | SOLE |  | 15155 | 0 | 1705 |
| PFIZER INC | COM | 717081103 |  | 1581161 | 62055 | SH |  | SOLE |  | 62055 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 1512075 | 6123 | SH |  | SOLE |  | 6123 | 0 | 0 |
| DELL TECHNOLOGIES INC | COM | 24703L202 |  | 1508291 | 10639 | SH |  | SOLE |  | 10639 | 0 | 0 |
| AUTOZONE INC. | COM | 053332102 |  | 1505874 | 351 | SH |  | SOLE |  | 351 | 0 | 0 |
| AON PLC | COM | G0403H108 |  | 1457342 | 4087 | SH |  | SOLE |  | 4087 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 1449080 | 3400 | SH |  | SOLE |  | 3192 | 0 | 208 |
| COMCAST CORP | COM | 20030N101 |  | 1440827 | 45857 | SH |  | SOLE |  | 45857 | 0 | 0 |
| MARRIOTT INTERNATIONAL INC. | COM | 571903202 |  | 1408199 | 5407 | SH |  | SOLE |  | 5106 | 0 | 301 |
| HILTON WORLDWIDE HOLDINGS INC | COM | 43300A203 |  | 1356093 | 5227 | SH |  | SOLE |  | 4884 | 0 | 343 |
| MEDTRONIC PLC | COM | G5960L103 |  | 1307836 | 13732 | SH |  | SOLE |  | 13732 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 1305438 | 4177 | SH |  | SOLE |  | 4177 | 0 | 0 |
| ISHARES RUSSELL 1000 VALUE | COM | 464287598 |  | 1288928 | 6331 | SH |  | SOLE |  | 6331 | 0 | 0 |
| CHUBB LTD | COM | H1467J104 |  | 1248110 | 4422 | SH |  | SOLE |  | 4422 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 1131499 | 12575 | SH |  | SOLE |  | 9836 | 0 | 2739 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 1128508 | 3845 | SH |  | SOLE |  | 3845 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 1106250 | 11673 | SH |  | SOLE |  | 11459 | 0 | 214 |
| MOODY'S CORPORATION | COM | 615369105 |  | 1102098 | 2313 | SH |  | SOLE |  | 2313 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1094028 | 30809 | SH |  | SOLE |  | 29279 | 0 | 1530 |
| RTX CORP | COM | 75513E101 |  | 1079279 | 6450 | SH |  | SOLE |  | 5034 | 0 | 1416 |
| GENERAL DYNAMICS CORPORATION | COM | 369550108 |  | 1069717 | 3137 | SH |  | SOLE |  | 3137 | 0 | 0 |
| OMEGA HEALTHCARE INVESTORS IN | COM | 681936100 |  | 1056809 | 25031 | SH |  | SOLE |  | 20102 | 0 | 4929 |
| DUKE ENERGY CORPORATION | COM | 26441C204 |  | 1045811 | 8451 | SH |  | SOLE |  | 8451 | 0 | 0 |
| CRH PLC | COM | 12626K203 |  | 1019750 | 8505 | SH |  | SOLE |  | 8505 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | COM | 60871R209 |  | 1018306 | 22504 | SH |  | SOLE |  | 18741 | 0 | 3763 |
| UGI CORPORATION | COM | 902681105 |  | 1006913 | 30274 | SH |  | SOLE |  | 25025 | 0 | 5249 |
| CHENIERE ENERGY INC. | COM | 16411R208 |  | 1001955 | 4264 | SH |  | SOLE |  | 4264 | 0 | 0 |
| MARATHON PETROLEUM CORP | COM | 56585A102 |  | 1001863 | 5198 | SH |  | SOLE |  | 4046 | 0 | 1152 |
| STATE STREET CORP | COM | 857477103 |  | 994786 | 8575 | SH |  | SOLE |  | 6690 | 0 | 1885 |
| HOME DEPOT INC | COM | 437076102 |  | 991500 | 2447 | SH |  | SOLE |  | 1974 | 0 | 473 |
| LYONDELLBASELL INDUSTRIES NV | COM | N53745100 |  | 990118 | 20190 | SH |  | SOLE |  | 17432 | 0 | 2758 |
| EATON CORP PLC | COM | G29183103 |  | 984652 | 2631 | SH |  | SOLE |  | 2060 | 0 | 571 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 984336 | 3223 | SH |  | SOLE |  | 3223 | 0 | 0 |
| INGREDION INCORPORATION | COM | 457187102 |  | 982619 | 8047 | SH |  | SOLE |  | 6674 | 0 | 1373 |
| NOVARTIS AG | COM | 66987V109 |  | 969879 | 7563 | SH |  | SOLE |  | 5963 | 0 | 1600 |
| CHEVRON CORP | COM | 166764100 |  | 969298 | 6240 | SH |  | SOLE |  | 4778 | 0 | 1462 |
| ZOETIS INC | COM | 98978V103 |  | 968785 | 6621 | SH |  | SOLE |  | 6621 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 957728 | 2964 | SH |  | SOLE |  | 2964 | 0 | 0 |
| MOTOROLA SOLUTIONS INCORPORATI | COM | 620076307 |  | 954822 | 2088 | SH |  | SOLE |  | 2088 | 0 | 0 |
| TRUIST FINANCIAL CORP | COM | 89832Q109 |  | 946678 | 20706 | SH |  | SOLE |  | 16198 | 0 | 4508 |
| HUNTINGTON BANCSHARES INCORPOR | COM | 446150104 |  | 935153 | 54149 | SH |  | SOLE |  | 41974 | 0 | 12175 |
| SIMON PROPERTY GROUP INC | COM | 828806109 |  | 932908 | 4971 | SH |  | SOLE |  | 4702 | 0 | 269 |
| US BANCORP | COM | 902973304 |  | 923345 | 19105 | SH |  | SOLE |  | 19105 | 0 | 0 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 917757 | 6852 | SH |  | SOLE |  | 5527 | 0 | 1325 |
| HASBRO INC | COM | 418056107 |  | 916723 | 12086 | SH |  | SOLE |  | 9558 | 0 | 2528 |
| ALLSTATE CORP | COM | 020002101 |  | 911404 | 4246 | SH |  | SOLE |  | 4246 | 0 | 0 |
| EOG RESOURCES INC | COM | 26875P101 |  | 908620 | 8104 | SH |  | SOLE |  | 8104 | 0 | 0 |
| APOLLO GLOBAL MANAGEMENT INC | COM | 03769M106 |  | 889711 | 6676 | SH |  | SOLE |  | 6676 | 0 | 0 |
| CADENCE DESIGN SYSTEMS INC. | COM | 127387108 |  | 888688 | 2530 | SH |  | SOLE |  | 2530 | 0 | 0 |
| PRUDENTIAL FINANCIAL INCORPOR | COM | 744320102 |  | 886977 | 8550 | SH |  | SOLE |  | 6880 | 0 | 1670 |
| MONDELEZ INTERNATIONAL INCORPO | COM | 609207105 |  | 886262 | 14187 | SH |  | SOLE |  | 14187 | 0 | 0 |
| ELI LILLY AND COMPANY | COM | 532457108 |  | 879739 | 1153 | SH |  | SOLE |  | 932 | 0 | 221 |
| YUM! BRANDS INC. | COM | 988498101 |  | 876432 | 5766 | SH |  | SOLE |  | 5766 | 0 | 0 |
| UNILEVER PLC | COM | 904767704 |  | 870112 | 14678 | SH |  | SOLE |  | 11985 | 0 | 2693 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 |  | 865678 | 12909 | SH |  | SOLE |  | 12909 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 855622 | 7660 | SH |  | SOLE |  | 7660 | 0 | 0 |
| FAIR ISAAC CORP. | COM | 303250104 |  | 839553 | 561 | SH |  | SOLE |  | 511 | 0 | 50 |
| AMETEK INC | COM | 031100100 |  | 823064 | 4378 | SH |  | SOLE |  | 4378 | 0 | 0 |
| IDEXX LABORATORIES INCORPORATE | COM | 45168D104 |  | 799251 | 1251 | SH |  | SOLE |  | 1251 | 0 | 0 |
| SLB NV | COM | 806857108 |  | 774287 | 22528 | SH |  | SOLE |  | 22528 | 0 | 0 |
| FORTINET INCORPORATION | COM | 34959E109 |  | 762017 | 9063 | SH |  | SOLE |  | 9063 | 0 | 0 |
| DELTA AIR LINES INC | COM | 247361702 |  | 753186 | 13272 | SH |  | SOLE |  | 13272 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 752835 | 8234 | SH |  | SOLE |  | 8234 | 0 | 0 |
| AGILENT TECHNOLOGIES INC. | COM | 00846U101 |  | 741606 | 5778 | SH |  | SOLE |  | 5778 | 0 | 0 |
| ARCH CAPITAL GROUP LTD. | COM | G0450A105 |  | 728380 | 8028 | SH |  | SOLE |  | 8028 | 0 | 0 |
| FEDEX CORPORATION | COM | 31428X106 |  | 727238 | 3084 | SH |  | SOLE |  | 3084 | 0 | 0 |
| AUTODESK INC. | COM | 052769106 |  | 719840 | 2266 | SH |  | SOLE |  | 2266 | 0 | 0 |
| SYNOPSYS INC. | COM | 871607107 |  | 718376 | 1456 | SH |  | SOLE |  | 1456 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 717238 | 5377 | SH |  | SOLE |  | 5377 | 0 | 0 |
| CHARTER COMMUNICATIONS INC | COM | 16119P108 |  | 716098 | 2603 | SH |  | SOLE |  | 2603 | 0 | 0 |
| EDWARDS LIFESCIENCES CORPORATI | COM | 28176E108 |  | 707940 | 9103 | SH |  | SOLE |  | 9103 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES INC | COM | 36266G107 |  | 699106 | 9309 | SH |  | SOLE |  | 9309 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 |  | 696614 | 731 | SH |  | SOLE |  | 731 | 0 | 0 |
| LENNAR CORPORATION | COM | 526057104 |  | 685784 | 5441 | SH |  | SOLE |  | 5441 | 0 | 0 |
| WHIRLPOOL CORPORATION | COM | 963320106 |  | 682327 | 8681 | SH |  | SOLE |  | 6725 | 0 | 1956 |
| CARNIVAL CORP | COM | 143658300 |  | 668486 | 23123 | SH |  | SOLE |  | 23123 | 0 | 0 |
| EBAY INCORPORATED | COM | 278642103 |  | 661116 | 7269 | SH |  | SOLE |  | 7269 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 661035 | 3534 | SH |  | SOLE |  | 3534 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIONS | COM | 192446102 |  | 656682 | 9791 | SH |  | SOLE |  | 9791 | 0 | 0 |
| IQVIA HOLDINGS INC | COM | 46266C105 |  | 654913 | 3448 | SH |  | SOLE |  | 3448 | 0 | 0 |
| RAYMOND JAMES FINANCIAL INC. | COM | 754730109 |  | 649494 | 3763 | SH |  | SOLE |  | 3763 | 0 | 0 |
| EQT CORPORATION | COM | 26884L109 |  | 640532 | 11768 | SH |  | SOLE |  | 11768 | 0 | 0 |
| UNITED AIRLINES HOLDINGS INC | COM | 910047109 |  | 637093 | 6602 | SH |  | SOLE |  | 6602 | 0 | 0 |
| CBOE GLOBAL MARKETS INC | COM | 12503M108 |  | 632255 | 2578 | SH |  | SOLE |  | 2214 | 0 | 364 |
| VICI PROPERTIES INC | COM | 925652109 |  | 627123 | 19231 | SH |  | SOLE |  | 19231 | 0 | 0 |
| M BANK CORPORATION | COM | 55261F104 |  | 619736 | 3136 | SH |  | SOLE |  | 3136 | 0 | 0 |
| COMFORT SYSTEMS USA INC | COM | 199908104 |  | 619710 | 751 | SH |  | SOLE |  | 751 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 617561 | 4560 | SH |  | SOLE |  | 4560 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 607969 | 936 | SH |  | SOLE |  | 936 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM | 86800U302 |  | 599825 | 12512 | SH |  | SOLE |  | 12512 | 0 | 0 |
| FOX CORP | COM | 35137L105 |  | 596548 | 9460 | SH |  | SOLE |  | 9460 | 0 | 0 |
| RESTAURANT BRANDS INTERNATIONA | COM | 76131D103 |  | 594001 | 9261 | SH |  | SOLE |  | 9261 | 0 | 0 |
| CENTENE CORPORATION | COM | 15135B101 |  | 588649 | 16498 | SH |  | SOLE |  | 16498 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 584451 | 13119 | SH |  | SOLE |  | 13119 | 0 | 0 |
| EQUIFAX INCORPORATED | COM | 294429105 |  | 567444 | 2212 | SH |  | SOLE |  | 2212 | 0 | 0 |
| ARCHER-DANIELS-MIDLAND CO | COM | 039483102 |  | 564483 | 9449 | SH |  | SOLE |  | 9449 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 563613 | 2016 | SH |  | SOLE |  | 2016 | 0 | 0 |
| GENERAL MILLS INC. | COM | 370334104 |  | 558603 | 11079 | SH |  | SOLE |  | 11079 | 0 | 0 |
| EXPEDIA GROUP INC | COM | 30212P303 |  | 554681 | 2595 | SH |  | SOLE |  | 2595 | 0 | 0 |
| VERALTO CORP | COM | 92338C103 |  | 542663 | 5090 | SH |  | SOLE |  | 5090 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 540264 | 7604 | SH |  | SOLE |  | 7604 | 0 | 0 |
| PULTEGROUP INCORPORATION | COM | 745867101 |  | 533145 | 4035 | SH |  | SOLE |  | 4035 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | COM | 98980L101 |  | 525938 | 6375 | SH |  | SOLE |  | 6375 | 0 | 0 |
| LPL FINANCIAL HOLDINGS INCORPO | COM | 50212V100 |  | 523321 | 1573 | SH |  | SOLE |  | 1573 | 0 | 0 |
| METTLER-TOLEDO INTERNATIONAL I | COM | 592688105 |  | 520507 | 424 | SH |  | SOLE |  | 424 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 510118 | 933 | SH |  | SOLE |  | 933 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 494215 | 4172 | SH |  | SOLE |  | 4172 | 0 | 0 |
| GODADDY INC | COM | 380237107 |  | 490399 | 3584 | SH |  | SOLE |  | 3039 | 0 | 545 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 486383 | 2574 | SH |  | SOLE |  | 2574 | 0 | 0 |
| PPG INDUSTRIES INC. | COM | 693506107 |  | 478776 | 4555 | SH |  | SOLE |  | 4555 | 0 | 0 |
| WILLIAMS-SONOMA INC. | COM | 969904101 |  | 474748 | 2429 | SH |  | SOLE |  | 2429 | 0 | 0 |
| NVR INC. | COM | 62944T105 |  | 474045 | 59 | SH |  | SOLE |  | 59 | 0 | 0 |
| FIRST CITIZENS BANCSHARES INC | COM | 31946M103 |  | 472338 | 264 | SH |  | SOLE |  | 264 | 0 | 0 |
| DOVER CORPORATION | COM | 260003108 |  | 464121 | 2782 | SH |  | SOLE |  | 2782 | 0 | 0 |
| T ROWE PRICE GROUP INC | COM | 74144T108 |  | 456851 | 4451 | SH |  | SOLE |  | 4451 | 0 | 0 |
| DOLLAR GENERAL CORPORATION | COM | 256677105 |  | 448952 | 4344 | SH |  | SOLE |  | 4344 | 0 | 0 |
| FLEX LTD | COM | Y2573F102 |  | 446485 | 7702 | SH |  | SOLE |  | 7702 | 0 | 0 |
| CHURCH  DWIGHT CO. INC. | COM | 171340102 |  | 445336 | 5082 | SH |  | SOLE |  | 5082 | 0 | 0 |
| LULULEMON ATHLETICA INCORPORAT | COM | 550021109 |  | 444825 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| LOEWS CORPORATION | COM | 540424108 |  | 442118 | 4404 | SH |  | SOLE |  | 4404 | 0 | 0 |
| FIRST SOLAR INC. | COM | 336433107 |  | 439957 | 1995 | SH |  | SOLE |  | 1995 | 0 | 0 |
| CIENA CORP | COM | 171779309 |  | 437447 | 3003 | SH |  | SOLE |  | 3003 | 0 | 0 |
| GARTNER INCORPORATED | COM | 366651107 |  | 432158 | 1644 | SH |  | SOLE |  | 1644 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 428463 | 2690 | SH |  | SOLE |  | 2690 | 0 | 0 |
| HALLIBURTON COMPANY | COM | 406216101 |  | 416872 | 16946 | SH |  | SOLE |  | 16946 | 0 | 0 |
| GLOBAL PAYMENTS INC. | COM | 37940X102 |  | 415815 | 5005 | SH |  | SOLE |  | 5005 | 0 | 0 |
| TENET HEALTHCARE CORPORATION | COM | 88033G407 |  | 407704 | 2008 | SH |  | SOLE |  | 2008 | 0 | 0 |
| ON SEMICONDUCTOR CORPORATION | COM | 682189105 |  | 404046 | 8194 | SH |  | SOLE |  | 8194 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 403150 | 2878 | SH |  | SOLE |  | 2878 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 397940 | 4040 | SH |  | SOLE |  | 4040 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 397309 | 4866 | SH |  | SOLE |  | 4866 | 0 | 0 |
| GENUINE PARTS COMPANY | COM | 372460105 |  | 385724 | 2783 | SH |  | SOLE |  | 2783 | 0 | 0 |
| UNITED THERAPEUTICS CORPORATIO | COM | 91307C102 |  | 385254 | 919 | SH |  | SOLE |  | 919 | 0 | 0 |
| F5 INC | COM | 315616102 |  | 384596 | 1190 | SH |  | SOLE |  | 1190 | 0 | 0 |
| PRINCIPAL FINANCIAL GROUP INC | COM | 74251V102 |  | 380971 | 4595 | SH |  | SOLE |  | 4595 | 0 | 0 |
| ALLEGION PLC | COM | G0176J109 |  | 380593 | 2146 | SH |  | SOLE |  | 1804 | 0 | 342 |
| LENNOX INTERNATIONAL INCORPORA | COM | 526107107 |  | 379022 | 716 | SH |  | SOLE |  | 716 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 371165 | 1238 | SH |  | SOLE |  | 1238 | 0 | 0 |
| COREBRIDGE FINANCIAL INC | COM | 21871X109 |  | 369376 | 11525 | SH |  | SOLE |  | 11525 | 0 | 0 |
| SNAP-ON INCORPORATED | COM | 833034101 |  | 368361 | 1063 | SH |  | SOLE |  | 1063 | 0 | 0 |
| PENTAIR PLC | COM | G7S00T104 |  | 366948 | 3313 | SH |  | SOLE |  | 3313 | 0 | 0 |
| DICK'S SPORTING GOODS INC. | COM | 253393102 |  | 351996 | 1584 | SH |  | SOLE |  | 1584 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 339648 | 6933 | SH |  | SOLE |  | 6933 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 331263 | 3184 | SH |  | SOLE |  | 3184 | 0 | 0 |
| EQUITABLE HOLDINGS INC | COM | 29452E101 |  | 325246 | 6405 | SH |  | SOLE |  | 6405 | 0 | 0 |
| BENTLEY SYSTEMS INC | COM | 08265T208 |  | 320463 | 6225 | SH |  | SOLE |  | 6225 | 0 | 0 |
| OMNICOM GROUP INCORPORATED | COM | 681919106 |  | 318864 | 3911 | SH |  | SOLE |  | 3911 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 317001 | 4697 | SH |  | SOLE |  | 4697 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 313751 | 13683 | SH |  | SOLE |  | 13683 | 0 | 0 |
| TEXTRON INC. | COM | 883203101 |  | 312866 | 3703 | SH |  | SOLE |  | 3703 | 0 | 0 |
| BEST BUY CO. INC. | COM | 086516101 |  | 311025 | 4113 | SH |  | SOLE |  | 4113 | 0 | 0 |
| DOMINO' S PIZZA INC. | COM | 25754A201 |  | 309968 | 718 | SH |  | SOLE |  | 718 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATION | COM | 989207105 |  | 308749 | 1039 | SH |  | SOLE |  | 1039 | 0 | 0 |
| MEDPACE HOLDINGS INC | COM | 58506Q109 |  | 306439 | 596 | SH |  | SOLE |  | 596 | 0 | 0 |
| DECKERS OUTDOOR CORPORATION | COM | 243537107 |  | 306137 | 3020 | SH |  | SOLE |  | 3020 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 305214 | 4517 | SH |  | SOLE |  | 4517 | 0 | 0 |
| CF INDUSTRIES HOLDINGS INC. | COM | 125269100 |  | 302468 | 3372 | SH |  | SOLE |  | 3372 | 0 | 0 |
| MASCO CORPORATION | COM | 574599106 |  | 299017 | 4248 | SH |  | SOLE |  | 4248 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 285064 | 3665 | SH |  | SOLE |  | 3665 | 0 | 0 |
| EAST WEST BANCORP INCORPORATED | COM | 27579R104 |  | 284222 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| SHARKNINJA INC | COM | G8068L108 |  | 282012 | 2734 | SH |  | SOLE |  | 2734 | 0 | 0 |
| BALL CORPORATION | COM | 058498106 |  | 281293 | 5579 | SH |  | SOLE |  | 5579 | 0 | 0 |
| FACTSET RESEARCH SYSTEMS INC. | COM | 303075105 |  | 279328 | 975 | SH |  | SOLE |  | 793 | 0 | 182 |
| TOLL BROTHERS INC. | COM | 889478103 |  | 273103 | 1977 | SH |  | SOLE |  | 1977 | 0 | 0 |
| TD SYNNEX CORP | COM | 87162W100 |  | 271170 | 1656 | SH |  | SOLE |  | 1656 | 0 | 0 |
| MOLINA HEALTHCARE INC. | COM | 60855R100 |  | 269435 | 1408 | SH |  | SOLE |  | 1408 | 0 | 0 |
| CNA FINANCIAL CORPORATION | COM | 126117100 |  | 268214 | 5773 | SH |  | SOLE |  | 5773 | 0 | 0 |
| UNIVERSAL HEALTH SERVICES INC | COM | 913903100 |  | 267612 | 1309 | SH |  | SOLE |  | 1309 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 266051 | 13893 | SH |  | SOLE |  | 13893 | 0 | 0 |
| RENAISSANCERE HOLDINGS LTD. | COM | G7496G103 |  | 264341 | 1041 | SH |  | SOLE |  | 1041 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC. | COM | 12008R107 |  | 264083 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| BJS WHOLESALE CLUB HOLDINGS IN | COM | 05550J101 |  | 262219 | 2812 | SH |  | SOLE |  | 2812 | 0 | 0 |
| SOLVENTUM CORP | COM | 83444M101 |  | 256303 | 3511 | SH |  | SOLE |  | 3511 | 0 | 0 |
| AMERICAN FINANCIAL GROUP INC. | COM | 025932104 |  | 254281 | 1745 | SH |  | SOLE |  | 1745 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 254058 | 1777 | SH |  | SOLE |  | 1777 | 0 | 0 |
| BOOZ ALLEN HAMILTON HOLDING CO | COM | 099502106 |  | 249575 | 2497 | SH |  | SOLE |  | 2497 | 0 | 0 |
| SERVICE CORPORATION INTERNATIO | COM | 817565104 |  | 247496 | 2974 | SH |  | SOLE |  | 2974 | 0 | 0 |
| BXP INC | COM | 101121101 |  | 245694 | 3305 | SH |  | SOLE |  | 3305 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 245397 | 1179 | SH |  | SOLE |  | 1179 | 0 | 0 |
| OWENS-CORNING | COM | 690742101 |  | 237653 | 1680 | SH |  | SOLE |  | 1680 | 0 | 0 |
| SKYWORKS SOLUTIONS INC. | COM | 83088M102 |  | 236560 | 3073 | SH |  | SOLE |  | 3073 | 0 | 0 |
| ASSURANT INC. | COM | 04621X108 |  | 235661 | 1088 | SH |  | SOLE |  | 1088 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 235333 | 23771 | SH |  | SOLE |  | 23771 | 0 | 0 |
| EXELIXIS INC. | COM | 30161Q104 |  | 234336 | 5674 | SH |  | SOLE |  | 5674 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 232272 | 13647 | SH |  | SOLE |  | 13647 | 0 | 0 |
| PENSKE AUTOMOTIVE GROUP INC | COM | 70959W103 |  | 228866 | 1316 | SH |  | SOLE |  | 1316 | 0 | 0 |
| BUNGE GLOBAL SA | COM | H11356104 |  | 228069 | 2807 | SH |  | SOLE |  | 2807 | 0 | 0 |
| CROWN HOLDINGS INC. | COM | 228368106 |  | 225827 | 2338 | SH |  | SOLE |  | 2338 | 0 | 0 |
| OLD REPUBLIC INTERNATIONAL COR | COM | 680223104 |  | 224327 | 5282 | SH |  | SOLE |  | 5282 | 0 | 0 |
| MUELLER INDUSTRIES INC. | COM | 624756102 |  | 223655 | 2212 | SH |  | SOLE |  | 2212 | 0 | 0 |
| MOSAIC CO | COM | 61945C103 |  | 222715 | 6422 | SH |  | SOLE |  | 6422 | 0 | 0 |
| CACI INTERNATIONAL INC | COM | 127190304 |  | 221957 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| TOPBUILD CORP | COM | 89055F103 |  | 219272 | 561 | SH |  | SOLE |  | 561 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 218343 | 634 | SH |  | SOLE |  | 634 | 0 | 0 |
| ADVANCED DRAINAGE SYSTEMS INC | COM | 00790R104 |  | 216095 | 1558 | SH |  | SOLE |  | 1558 | 0 | 0 |
| DAVITA INC | COM | 23918K108 |  | 214718 | 1616 | SH |  | SOLE |  | 1616 | 0 | 0 |
| NORWEGIAN CRUISE LINE HOLDINGS | COM | G66721104 |  | 214503 | 8709 | SH |  | SOLE |  | 8709 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 210218 | 5206 | SH |  | SOLE |  | 5206 | 0 | 0 |
| KINSALE CAPITAL GROUP INC | COM | 49714P108 |  | 209228 | 492 | SH |  | SOLE |  | 492 | 0 | 0 |
| INTERPUBLIC GROUP OF COMPANIES | COM | 460690100 |  | 208795 | 7481 | SH |  | SOLE |  | 7481 | 0 | 0 |
| CORE  MAIN INC | COM | 21874C102 |  | 207784 | 3860 | SH |  | SOLE |  | 3860 | 0 | 0 |
| ALBERTSONS COMPANIES INC | COM | 013091103 |  | 207599 | 11856 | SH |  | SOLE |  | 11856 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 207216 | 3826 | SH |  | SOLE |  | 3826 | 0 | 0 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 207039 | 10280 | SH |  | SOLE |  | 10280 | 0 | 0 |
| WESCO INTERNATIONAL INC. | COM | 95082P105 |  | 206213 | 975 | SH |  | SOLE |  | 975 | 0 | 0 |
| COCA-COLA CONSOLIDATED INC | COM | 191098102 |  | 205616 | 1755 | SH |  | SOLE |  | 1755 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 203051 | 10445 | SH |  | SOLE |  | 10445 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 200505 | 4924 | SH |  | SOLE |  | 4924 | 0 | 0 |

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