# EDGAR Filing Document

**Accession Number:** 0001341401
**File Stem:** 0001341401-25-000034
**Filing Date:** 2025-8
**Character Count:** 22987
**Document Hash:** 61fa147ead4f5aaaea83f9990cb5f259
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001341401-25-000034.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001341401-25-000034

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** River Road Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001341401

**ORGANIZATION NAME:**
- **EIN:** 432076925
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11487
- **FILM NUMBER:** 251209938

**BUSINESS ADDRESS:**
- **STREET 1:** 462 SOUTH FOURTH STREET, SUITE 2000
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202
- **BUSINESS PHONE:** 5023714100

**MAIL ADDRESS:**
- **STREET 1:** 462 SOUTH FOURTH STREET, SUITE 2000
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** River Road Asset Management LLC<br>**Address:** 462 SOUTH FOURTH STREET SUITE 2000<br>LOUISVILLE, KY 40202

**Form 13F File Number:** 028-11487

**CRD Number (if applicable):** 000134918

**SEC File Number (if applicable):** 801-64175

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:** Thomas D. Mueller CFA CPA<br>**Title:** Chief Operating Officer<br>**Phone:** 502-371-4100

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

/s/ THOMAS D. MUELLER  Louisville, KY  08-13-2025<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:** 178

**Form 13F Information Table Value Total:** $7650162031

      (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 |
| AbbVie Inc. | COM | 00287Y109 |  | 8194962 | 43355 | SH |  | SOLE |  | 33149 | 0 | 10206 |
| Accenture Plc Class A | COM | G1151C101 |  | 14351550 | 53731 | SH |  | SOLE |  | 40657 | 0 | 13074 |
| ACI Worldwide Inc. | COM | 004498101 |  | 10344719 | 243062 | SH |  | SOLE |  | 226453 | 0 | 16609 |
| AerCap Holdings NV | COM | N00985106 |  | 33571180 | 313018 | SH |  | SOLE |  | 305233 | 0 | 7785 |
| AES Corporation | COM | 00130H105 |  | 4398925 | 334519 | SH |  | SOLE |  | 185157 | 0 | 149362 |
| Alamo Group Inc. | COM | 011311107 |  | 10222432 | 45927 | SH |  | SOLE |  | 45927 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 8071696 | 105609 | SH |  | SOLE |  | 76313 | 0 | 29296 |
| Alight Inc. Class A | COM | 01626W101 |  | 54735800 | 10211903 | SH |  | SOLE |  | 8869073 | 0 | 1342830 |
| American Tower Corporation | COM | 03027X100 |  | 17624793 | 84576 | SH |  | SOLE |  | 64290 | 0 | 20286 |
| Amgen Inc. | COM | 031162100 |  | 11196684 | 37942 | SH |  | SOLE |  | 29035 | 0 | 8907 |
| Amrize Ltd | COM | H2927K103 |  | 42255127 | 826587 | SH |  | SOLE |  | 807810 | 0 | 18777 |
| Api Group Corporation | COM | 00187Y100 |  | 14546706 | 403291 | SH |  | SOLE |  | 380193 | 0 | 23098 |
| Apollo Global Management Inc | COM | 03769M106 |  | 494815 | 3405 | SH |  | SOLE |  | 181 | 0 | 3224 |
| Arcosa Inc. | COM | 039653100 |  | 5722957 | 66639 | SH |  | SOLE |  | 61942 | 0 | 4697 |
| Ares Management Corporation | COM | 03990B101 |  | 420968 | 2269 | SH |  | SOLE |  | 123 | 0 | 2146 |
| Armstrong World Industries In | COM | 04247X102 |  | 68215200 | 362519 | SH |  | SOLE |  | 301739 | 0 | 60780 |
| Asbury Automotive Group Inc. | COM | 043436104 |  | 44413338 | 199952 | SH |  | SOLE |  | 186174 | 0 | 13778 |
| Aspen insurance Holdings Ltd C | COM | G05384501 |  | 8359409 | 264622 | SH |  | SOLE |  | 246358 | 0 | 18264 |
| Assured Guaranty Ltd. | COM | G0585R106 |  | 151548752 | 1791780 | SH |  | SOLE |  | 1550651 | 0 | 241129 |
| Atkore Inc | COM | 047649108 |  | 61032728 | 792427 | SH |  | SOLE |  | 668278 | 0 | 124149 |
| Atlanta Braves Holdings Inc Cl | COM | 047726302 |  | 9754050 | 218897 | SH |  | SOLE |  | 218897 | 0 | 0 |
| Avnet Inc. | COM | 053807103 |  | 8620167 | 162829 | SH |  | SOLE |  | 124496 | 0 | 38333 |
| Axis Capital Holdings Limited | COM | G0692U109 |  | 150939012 | 1608472 | SH |  | SOLE |  | 1350028 | 0 | 258444 |
| Bausch Lomb Corporation | COM | 071705107 |  | 16765786 | 1230065 | SH |  | SOLE |  | 990286 | 0 | 239779 |
| Becton Dickinson and Company | COM | 075887109 |  | 23931310 | 134257 | SH |  | SOLE |  | 116263 | 0 | 17994 |
| Berkshire Hathaway Inc. Class | COM | 084670702 |  | 93379861 | 197889 | SH |  | SOLE |  | 195698 | 0 | 2191 |
| BJ's Wholesale Club Holdings | COM | 05550J101 |  | 218886510 | 2066917 | SH |  | SOLE |  | 1818100 | 0 | 248817 |
| BlueLinx Holdings Inc. | COM | 09624H208 |  | 15909115 | 217130 | SH |  | SOLE |  | 202404 | 0 | 14726 |
| Booz Allen Hamiton Holdings | COM | 099502106 |  | 4758046 | 44331 | SH |  | SOLE |  | 44331 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 4343603 | 100291 | SH |  | SOLE |  | 75888 | 0 | 24403 |
| Brookfield Corporation | COM | 11271J107 |  | 30435470 | 453922 | SH |  | SOLE |  | 453922 | 0 | 0 |
| Caci International Inc Class A | COM | 127190304 |  | 168328663 | 365479 | SH |  | SOLE |  | 328863 | 0 | 36616 |
| Canadian National Railway Comp | COM | 136375102 |  | 1066078 | 11408 | SH |  | SOLE |  | 607 | 0 | 10801 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 100897415 | 4719243 | SH |  | SOLE |  | 4051582 | 0 | 667661 |
| Carlisle Companies Incorporate | COM | 142339100 |  | 50893081 | 143478 | SH |  | SOLE |  | 141014 | 0 | 2464 |
| Carnival Corporation | COM | 143658300 |  | 11224332 | 377035 | SH |  | SOLE |  | 359303 | 0 | 17732 |
| Casey's General Stores Inc. | COM | 147528103 |  | 21262394 | 40879 | SH |  | SOLE |  | 39419 | 0 | 1460 |
| Chubb Limited | COM | H1467J104 |  | 15554295 | 58466 | SH |  | SOLE |  | 44684 | 0 | 13782 |
| Cisco Systems Inc. | COM | 17275R102 |  | 5865977 | 86163 | SH |  | SOLE |  | 65245 | 0 | 20918 |
| CNA Financial Corporation | COM | 126117100 |  | 39086914 | 881726 | SH |  | SOLE |  | 716474 | 0 | 165252 |
| CNH Industrial NV | COM | N20944109 |  | 78003104 | 6018758 | SH |  | SOLE |  | 5338720 | 0 | 680038 |
| Cogent Communications Holdings | COM | 19239V302 |  | 11035105 | 242051 | SH |  | SOLE |  | 185198 | 0 | 56853 |
| Comcast Corporation Class A | COM | 20030N101 |  | 14333561 | 431344 | SH |  | SOLE |  | 329859 | 0 | 101485 |
| Constellation Brands Inc. Cla | COM | 21036P108 |  | 9763989 | 58453 | SH |  | SOLE |  | 58453 | 0 | 0 |
| Cooper Companies Inc. | COM | 216648501 |  | 40421178 | 571809 | SH |  | SOLE |  | 571809 | 0 | 0 |
| CoreCivic Inc. | COM | 21871N101 |  | 174649602 | 8715050 | SH |  | SOLE |  | 7431291 | 0 | 1283759 |
| Corning Inc | COM | 219350105 |  | 10653221 | 168457 | SH |  | SOLE |  | 128700 | 0 | 39757 |
| Corpay Inc. | COM | 219948106 |  | 13173010 | 40777 | SH |  | SOLE |  | 39069 | 0 | 1708 |
| CRH public limited company | COM | G25508105 |  | 90711194 | 950353 | SH |  | SOLE |  | 936604 | 0 | 13749 |
| Crown Castle Inc. | COM | 22822V101 |  | 3135991 | 29841 | SH |  | SOLE |  | 22805 | 0 | 7036 |
| CSG Systems International Inc | COM | 126349109 |  | 6193034 | 99152 | SH |  | SOLE |  | 75811 | 0 | 23341 |
| CSX Corporation | COM | 126408103 |  | 55462835 | 1560575 | SH |  | SOLE |  | 1532060 | 0 | 28515 |
| Deere  Company | COM | 244199105 |  | 28142938 | 53670 | SH |  | SOLE |  | 51297 | 0 | 2373 |
| Delek US Holdings Inc | COM | 24665A103 |  | 76639195 | 3425981 | SH |  | SOLE |  | 3015916 | 0 | 410065 |
| Delta Air Lines Inc. | COM | 247361702 |  | 15990403 | 300515 | SH |  | SOLE |  | 291359 | 0 | 9156 |
| Diageo plc Sponsored ADR | COM | 25243Q205 |  | 24826407 | 253460 | SH |  | SOLE |  | 241342 | 0 | 12118 |
| Dole PLC | COM | G27907107 |  | 58009274 | 4073685 | SH |  | SOLE |  | 3556894 | 0 | 516791 |
| Duke Energy Corporation | COM | 26441C204 |  | 5860980 | 48183 | SH |  | SOLE |  | 26750 | 0 | 21433 |
| Embecta Corporation | COM | 29082K105 |  | 32920869 | 3240243 | SH |  | SOLE |  | 2778331 | 0 | 461912 |
| Enovis Corporation | COM | 194014502 |  | 38589936 | 1439923 | SH |  | SOLE |  | 1229776 | 0 | 210147 |
| Enterprise Products Partners L | COM | 293792107 |  | 4394041 | 141789 | SH |  | SOLE |  | 138842 | 0 | 2947 |
| EOG Resources Inc. | COM | 26875P101 |  | 9106878 | 75878 | SH |  | SOLE |  | 57676 | 0 | 18202 |
| ePlus inc. | COM | 294268107 |  | 105262512 | 1624923 | SH |  | SOLE |  | 1382303 | 0 | 242620 |
| Estee Lauder Companies Inc. Cl | COM | 518439104 |  | 11620177 | 124493 | SH |  | SOLE |  | 117510 | 0 | 6983 |
| EVERTEC Inc. | COM | 30040P103 |  | 66849050 | 1849213 | SH |  | SOLE |  | 1572373 | 0 | 276840 |
| Evolution Petroleum Corporatio | COM | 30049A107 |  | 6292828 | 1302863 | SH |  | SOLE |  | 1216693 | 0 | 86170 |
| Expand Energy Corporation | COM | 165167735 |  | 5052387 | 48219 | SH |  | SOLE |  | 36852 | 0 | 11367 |
| Expedia Group Inc. | COM | 30212P303 |  | 14406246 | 79937 | SH |  | SOLE |  | 75537 | 0 | 4400 |
| Expeditors International Of Wa | COM | 302130109 |  | 18961999 | 163128 | SH |  | SOLE |  | 163128 | 0 | 0 |
| Ferguson Enterprises Inc. | COM | 31488V107 |  | 13767401 | 61646 | SH |  | SOLE |  | 59920 | 0 | 1726 |
| Fidelity National Financial I | COM | 31620R303 |  | 5325017 | 94365 | SH |  | SOLE |  | 72128 | 0 | 22237 |
| Fidelity National Information | COM | 31620M106 |  | 39105931 | 492456 | SH |  | SOLE |  | 482028 | 0 | 10428 |
| First American Financial Corpo | COM | 31847R102 |  | 10780957 | 179533 | SH |  | SOLE |  | 179533 | 0 | 0 |
| First Citizens BancShares Inc | COM | 31946M103 |  | 11106824 | 5568 | SH |  | SOLE |  | 5568 | 0 | 0 |
| Fiserv Inc. | COM | 337738108 |  | 19025471 | 136933 | SH |  | SOLE |  | 132095 | 0 | 4838 |
| GE Healthcare Technologies Inc | COM | 36266G107 |  | 89028899 | 1248302 | SH |  | SOLE |  | 1234176 | 0 | 14126 |
| Genuine Parts Company | COM | 372460105 |  | 5657316 | 43896 | SH |  | SOLE |  | 33552 | 0 | 10344 |
| Genworth Financial Inc. | COM | 37247D106 |  | 131202633 | 16692447 | SH |  | SOLE |  | 14198066 | 0 | 2494381 |
| GEO Group Inc | COM | 36162J106 |  | 15139535 | 584087 | SH |  | SOLE |  | 543577 | 0 | 40510 |
| GMS Inc. | COM | 36251C103 |  | 53170137 | 484952 | SH |  | SOLE |  | 421638 | 0 | 63314 |
| GXO Logistics Inc | COM | 36262G101 |  | 147491857 | 2967046 | SH |  | SOLE |  | 2636708 | 0 | 330338 |
| Haemonetics Corporation | COM | 405024100 |  | 122586251 | 1655676 | SH |  | SOLE |  | 1444468 | 0 | 211208 |
| HF Sinclair Corporation | COM | 403949100 |  | 34334145 | 781387 | SH |  | SOLE |  | 647533 | 0 | 133854 |
| Howard Hughes Holdings Inc. | COM | 44267T102 |  | 41768183 | 607714 | SH |  | SOLE |  | 517900 | 0 | 89814 |
| Hub Group Inc. Class A | COM | 443320106 |  | 38641138 | 1103402 | SH |  | SOLE |  | 973814 | 0 | 129588 |
| Huntington Ingalls Industries | COM | 446413106 |  | 58254412 | 208902 | SH |  | SOLE |  | 165950 | 0 | 42952 |
| Icon PLC | COM | G4705A100 |  | 35376614 | 209094 | SH |  | SOLE |  | 169213 | 0 | 39881 |
| ICU Medical Inc. | COM | 44930G107 |  | 83658088 | 651492 | SH |  | SOLE |  | 552325 | 0 | 99167 |
| IDACORP Inc. | COM | 451107106 |  | 7131778 | 56904 | SH |  | SOLE |  | 31592 | 0 | 25312 |
| Ingles Markets Incorporated C | COM | 457030104 |  | 61967486 | 984705 | SH |  | SOLE |  | 850777 | 0 | 133928 |
| InMode Ltd. | COM | M5425M103 |  | 3306908 | 242087 | SH |  | SOLE |  | 225426 | 0 | 16661 |
| Insperity Inc. | COM | 45778Q107 |  | 46499986 | 780463 | SH |  | SOLE |  | 664366 | 0 | 116097 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 25504069 | 130509 | SH |  | SOLE |  | 130509 | 0 | 0 |
| Ituran Location and Control Lt | COM | M6158M104 |  | 16202900 | 410200 | SH |  | SOLE |  | 344583 | 0 | 65617 |
| Janus International Group Inc | COM | 47103N106 |  | 44704762 | 5216425 | SH |  | SOLE |  | 4446537 | 0 | 769888 |
| Johnson  Johnson | COM | 478160104 |  | 6486308 | 39373 | SH |  | SOLE |  | 30101 | 0 | 9272 |
| Kelly Services Inc. Class A | COM | 488152208 |  | 4481307 | 365821 | SH |  | SOLE |  | 340129 | 0 | 25692 |
| Kimberly-Clark Corporation | COM | 494368103 |  | 10697630 | 85842 | SH |  | SOLE |  | 65630 | 0 | 20212 |
| Kinder Morgan Inc Class P | COM | 49456B101 |  | 23631543 | 842179 | SH |  | SOLE |  | 643468 | 0 | 198711 |
| KKR  Co Inc | COM | 48251W104 |  | 38371859 | 261781 | SH |  | SOLE |  | 255367 | 0 | 6414 |
| Kroger Co. | COM | 501044101 |  | 27332761 | 389911 | SH |  | SOLE |  | 321990 | 0 | 67921 |
| Labcorp Holdings Inc. | COM | 504922105 |  | 56625918 | 217725 | SH |  | SOLE |  | 213359 | 0 | 4366 |
| Lennar Corporation Class A | COM | 526057104 |  | 49749250 | 443477 | SH |  | SOLE |  | 438014 | 0 | 5463 |
| LGI Homes Inc. | COM | 50187T106 |  | 48174032 | 904337 | SH |  | SOLE |  | 768286 | 0 | 136051 |
| Lithia Motors Inc. | COM | 536797103 |  | 118804608 | 412516 | SH |  | SOLE |  | 344605 | 0 | 67911 |
| LKQ Corporation | COM | 501889208 |  | 54286775 | 1842103 | SH |  | SOLE |  | 1488316 | 0 | 353787 |
| Lululemon Athletica Inc. | COM | 550021109 |  | 39820846 | 198578 | SH |  | SOLE |  | 196351 | 0 | 2227 |
| MAXIMUS Inc. | COM | 577933104 |  | 18072582 | 244687 | SH |  | SOLE |  | 227847 | 0 | 16840 |
| McGrath RentCorp | COM | 580589109 |  | 245957845 | 1970974 | SH |  | SOLE |  | 1733130 | 0 | 237844 |
| MDU Resources Group Inc. | COM | 552690109 |  | 26105167 | 1513343 | SH |  | SOLE |  | 1287350 | 0 | 225993 |
| Micron Technology Inc. | COM | 595112103 |  | 17031079 | 156048 | SH |  | SOLE |  | 118089 | 0 | 37959 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 74402441 | 522379 | SH |  | SOLE |  | 516759 | 0 | 5620 |
| Molson Coors Beverage Company | COM | 60871R209 |  | 55405797 | 1137229 | SH |  | SOLE |  | 919522 | 0 | 217707 |
| Murphy USA Inc. | COM | 626755102 |  | 178210030 | 491641 | SH |  | SOLE |  | 431053 | 0 | 60588 |
| NCR Voyix Corporation | COM | 62886E108 |  | 34661279 | 2544881 | SH |  | SOLE |  | 2173657 | 0 | 371224 |
| Nomad Foods Ltd. | COM | G6564A105 |  | 65332936 | 3879628 | SH |  | SOLE |  | 3331516 | 0 | 548112 |
| NorthWestern Energy Group Inc | COM | 668074305 |  | 123464516 | 2299153 | SH |  | SOLE |  | 2006265 | 0 | 292888 |
| NVR Inc. | COM | 62944T105 |  | 422771 | 56 | SH |  | SOLE |  | 3 | 0 | 53 |
| OPENLANE Inc. | COM | 48238T109 |  | 64346473 | 2611464 | SH |  | SOLE |  | 2184754 | 0 | 426710 |
| Oracle Corporation | COM | 68389X105 |  | 27011279 | 106440 | SH |  | SOLE |  | 80537 | 0 | 25903 |
| Oshkosh Corp | COM | 688239201 |  | 10213502 | 80720 | SH |  | SOLE |  | 80720 | 0 | 0 |
| Ovintiv Inc | COM | 69047Q102 |  | 12350170 | 299907 | SH |  | SOLE |  | 245805 | 0 | 54102 |
| P10 Inc. Class A | COM | 69376K106 |  | 62671784 | 5095267 | SH |  | SOLE |  | 4415901 | 0 | 679366 |
| Papa John's International Inc | COM | 698813102 |  | 23604134 | 556570 | SH |  | SOLE |  | 473768 | 0 | 82802 |
| Park Aerospace Corp. | COM | 70014A104 |  | 17599738 | 976678 | SH |  | SOLE |  | 909868 | 0 | 66810 |
| Paycom Software Inc. | COM | 70432V102 |  | 14650230 | 63273 | SH |  | SOLE |  | 47882 | 0 | 15391 |
| PepsiCo Inc. | COM | 713448108 |  | 7918263 | 57412 | SH |  | SOLE |  | 43869 | 0 | 13543 |
| Permian Resources Corporation | COM | 71424F105 |  | 68166254 | 4814001 | SH |  | SOLE |  | 3889923 | 0 | 924078 |
| Phillips 66 | COM | 718546104 |  | 6871542 | 55604 | SH |  | SOLE |  | 39106 | 0 | 16498 |
| PNC Financial Services Group | COM | 693475105 |  | 19263886 | 101245 | SH |  | SOLE |  | 77392 | 0 | 23853 |
| PriceSmart Inc. | COM | 741511109 |  | 84549717 | 786509 | SH |  | SOLE |  | 675576 | 0 | 110933 |
| Progressive Corporation | COM | 743315103 |  | 36806781 | 152069 | SH |  | SOLE |  | 131542 | 0 | 20527 |
| Progyny Inc. | COM | 74340E103 |  | 14264740 | 606752 | SH |  | SOLE |  | 564756 | 0 | 41996 |
| Pursuit Attractions and Hospit | COM | 92552R406 |  | 59213246 | 1958110 | SH |  | SOLE |  | 1628673 | 0 | 329437 |
| Radian Group Inc. | COM | 750236101 |  | 21402628 | 656321 | SH |  | SOLE |  | 529354 | 0 | 126967 |
| Rentokil Initial plc Sponsored | COM | 760125104 |  | 89879010 | 3628543 | SH |  | SOLE |  | 3096929 | 0 | 531614 |
| Repay Holdings Corp. Class A | COM | 76029L100 |  | 11859114 | 2410389 | SH |  | SOLE |  | 2242837 | 0 | 167552 |
| Restaurant Brands Internationa | COM | 76131D103 |  | 58574716 | 863170 | SH |  | SOLE |  | 845431 | 0 | 17739 |
| Royalty Pharma Plc Class A | COM | G7709Q104 |  | 20027075 | 544214 | SH |  | SOLE |  | 412300 | 0 | 131914 |
| Salesforce Inc. | COM | 79466L302 |  | 15008715 | 58099 | SH |  | SOLE |  | 43994 | 0 | 14105 |
| Science Applications Internati | COM | 808625107 |  | 19767411 | 177318 | SH |  | SOLE |  | 143576 | 0 | 33742 |
| SharkNinja Inc. | COM | G8068L108 |  | 9206498 | 79298 | SH |  | SOLE |  | 79298 | 0 | 0 |
| Simpson Manufacturing Co. Inc | COM | 829073105 |  | 837041 | 4665 | SH |  | SOLE |  | 4404 | 0 | 261 |
| SM Energy Company | COM | 78454L100 |  | 47955558 | 1738150 | SH |  | SOLE |  | 1512552 | 0 | 225598 |
| Smith  Nephew plc Sponsored A | COM | 83175M205 |  | 97175116 | 3179814 | SH |  | SOLE |  | 2801230 | 0 | 378584 |
| Southwest Gas Holdings Inc. | COM | 844895102 |  | 87265502 | 1116784 | SH |  | SOLE |  | 950597 | 0 | 166187 |
| SS Technologies Holdings In | COM | 78467J100 |  | 52439758 | 613474 | SH |  | SOLE |  | 600648 | 0 | 12826 |
| St. Joe Company | COM | 790148100 |  | 9434915 | 186830 | SH |  | SOLE |  | 186830 | 0 | 0 |
| Starbucks Corporation | COM | 855244109 |  | 55552386 | 623064 | SH |  | SOLE |  | 572999 | 0 | 50065 |
| Talen Energy Corp | COM | 87422Q109 |  | 76620658 | 202931 | SH |  | SOLE |  | 174310 | 0 | 28621 |
| Target Corporation | COM | 87612E106 |  | 4252959 | 42318 | SH |  | SOLE |  | 32341 | 0 | 9977 |
| TD SYNNEX Corporation | COM | 87162W100 |  | 76791367 | 531833 | SH |  | SOLE |  | 436154 | 0 | 95679 |
| Tennant Company | COM | 880345103 |  | 19823384 | 240167 | SH |  | SOLE |  | 223725 | 0 | 16442 |
| Texas Instruments Incorporated | COM | 882508104 |  | 5529029 | 30537 | SH |  | SOLE |  | 23351 | 0 | 7186 |
| Tidewater Inc | COM | 88642R109 |  | 5090018 | 101780 | SH |  | SOLE |  | 101780 | 0 | 0 |
| Titan America SA | COM | B9151N105 |  | 52326328 | 3646434 | SH |  | SOLE |  | 3137073 | 0 | 509361 |
| TPG Inc Class A | COM | 872657101 |  | 13945568 | 244359 | SH |  | SOLE |  | 244359 | 0 | 0 |
| TripAdvisor Inc. | COM | 896945201 |  | 59777864 | 3417831 | SH |  | SOLE |  | 2877628 | 0 | 540203 |
| TXNM Energy Inc. | COM | 69349H107 |  | 73023989 | 1285860 | SH |  | SOLE |  | 1064613 | 0 | 221247 |
| U.S. Bancorp | COM | 902973304 |  | 5786532 | 128704 | SH |  | SOLE |  | 97387 | 0 | 31317 |
| UFP Industries Inc. | COM | 90278Q108 |  | 9305688 | 94956 | SH |  | SOLE |  | 94956 | 0 | 0 |
| UniFirst Corporation | COM | 904708104 |  | 135757628 | 793765 | SH |  | SOLE |  | 680115 | 0 | 113650 |
| Unilever PLC Sponsored ADR | COM | 904767704 |  | 32590209 | 557765 | SH |  | SOLE |  | 491032 | 0 | 66733 |
| United Parcel Service Inc. Cl | COM | 911312106 |  | 6295711 | 73070 | SH |  | SOLE |  | 55835 | 0 | 17235 |
| United Parks  Resorts Inc. | COM | 81282V100 |  | 88513632 | 1870138 | SH |  | SOLE |  | 1603569 | 0 | 266569 |
| Vail Resorts Inc. | COM | 91879Q109 |  | 55175472 | 367200 | SH |  | SOLE |  | 298169 | 0 | 69031 |
| Valaris Ltd. | COM | G9460G101 |  | 6973882 | 143407 | SH |  | SOLE |  | 135676 | 0 | 7731 |
| Valmont Industries Inc. | COM | 920253101 |  | 17751297 | 48774 | SH |  | SOLE |  | 48774 | 0 | 0 |
| Vontier Corp | COM | 928881101 |  | 129214299 | 3115850 | SH |  | SOLE |  | 2658066 | 0 | 457784 |
| Voya Financial Inc. | COM | 929089100 |  | 12301380 | 175734 | SH |  | SOLE |  | 175734 | 0 | 0 |
| Warner Music Group Corp. Class | COM | 934550203 |  | 16615145 | 567845 | SH |  | SOLE |  | 531665 | 0 | 36180 |
| Warrior Met Coal Inc. | COM | 93627C101 |  | 50253031 | 978066 | SH |  | SOLE |  | 867519 | 0 | 110547 |
| Watsco Inc. | COM | 942622200 |  | 2454591 | 5444 | SH |  | SOLE |  | 4164 | 0 | 1280 |
| Wells Fargo  Company | COM | 949746101 |  | 7752091 | 96144 | SH |  | SOLE |  | 72755 | 0 | 23389 |
| WESCO International Inc. | COM | 95082P105 |  | 125400789 | 605918 | SH |  | SOLE |  | 507156 | 0 | 98762 |
| WEX Inc. | COM | 96208T104 |  | 135382751 | 797871 | SH |  | SOLE |  | 680817 | 0 | 117054 |
| White Mountains Insurance Grou | COM | G9618E107 |  | 196464918 | 109892 | SH |  | SOLE |  | 92978 | 0 | 16914 |
| Williams Companies Inc. | COM | 969457100 |  | 24279870 | 405002 | SH |  | SOLE |  | 306194 | 0 | 98808 |
| Willis Towers Watson Public Li | COM | G96629103 |  | 104683120 | 331475 | SH |  | SOLE |  | 326744 | 0 | 4731 |
| WillScot Holdings Corporation | COM | 971378104 |  | 84337841 | 2873521 | SH |  | SOLE |  | 2482867 | 0 | 390654 |
| Yelp Inc. | COM | 985817105 |  | 40111604 | 1165019 | SH |  | SOLE |  | 969276 | 0 | 195743 |
| Hewlett Packard Enterprise Co. | COM | 42824C208 |  | 5719620 | 95327 | SH |  | SOLE |  | 73554 | 0 | 21773 |

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