# EDGAR Filing Document

**Accession Number:** 0001299910
**File Stem:** 0001528621-25-000825
**Filing Date:** 2025-8
**Character Count:** 18518
**Document Hash:** 1b35717edf06102f587f00b2d0f9b1b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001528621-25-000825.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001528621-25-000825

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Skylands Capital, LLC
- **CENTRAL INDEX KEY:** 0001299910

**ORGANIZATION NAME:**
- **EIN:** 200775613
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10937
- **FILM NUMBER:** 251196898

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 NORTH MAYFAIR ROAD
- **STREET 2:** SUITE 250
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53226
- **BUSINESS PHONE:** 414-256-3380

**MAIL ADDRESS:**
- **STREET 1:** 1200 NORTH MAYFAIR ROAD
- **STREET 2:** SUITE 250
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53226

### 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:** Skylands Capital LLC<br>**Address:** 1200 North Mayfair Road<br>Suite 250<br>Milwaukee, WI 53226

**Form 13F File Number:** 028-10937

**CRD Number (if applicable):** 000131183

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:** Virginia E. Shaffar<br>**Title:** Vice President  Treasurer<br>**Phone:** 414-256-3380

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

/s/ Virginia E. Shaffar  Milwaukee, WI  08-08-2025<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:** 152

**Form 13F Information Table Value Total:** $689542851

      (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 |
| ICON PLC | SHS | G4705A100 |  | 1432683 | 9850 | SH |  | SOLE |  | 4850 | 0 | 5000 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 123711 | 2867 | SH |  | SOLE |  | 2867 | 0 | 0 |
| GAUZY LTD | SHS | M4757U106 |  | 119426 | 14150 | SH |  | SOLE |  | 4150 | 0 | 10000 |
| ACCO BRANDS CORP | COM | 00081T108 |  | 146207 | 40840 | SH |  | SOLE |  | 40840 | 0 | 0 |
| ADEIA INC | COM | 00676P107 |  | 5984387 | 423224 | SH |  | SOLE |  | 348224 | 0 | 75000 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 3514382 | 29550 | SH |  | SOLE |  | 29550 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 1599839 | 8450 | SH |  | SOLE |  | 4950 | 0 | 3500 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1685205 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 37664757 | 213725 | SH |  | SOLE |  | 196725 | 0 | 17000 |
| OKLO INC | COM CL A | 02156V109 |  | 55990 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 3186640 | 14525 | SH |  | SOLE |  | 14525 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 123845 | 2045 | SH |  | SOLE |  | 2045 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 1614517 | 29695 | SH |  | SOLE |  | 0 | 0 | 29695 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 8066125 | 36495 | SH |  | SOLE |  | 36495 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 25673948 | 125135 | SH |  | SOLE |  | 125135 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 2547955 | 48275 | SH |  | SOLE |  | 48275 | 0 | 0 |
| ASPEN AEROGELS INC | COM | 04523Y105 |  | 324416 | 54800 | SH |  | SOLE |  | 24800 | 0 | 30000 |
| ASTRONICS CORP | COM | 046433108 |  | 1687392 | 50400 | SH |  | SOLE |  | 50400 | 0 | 0 |
| ASURE SOFTWARE INC | COM | 04649U102 |  | 866688 | 88800 | SH |  | SOLE |  | 88800 | 0 | 0 |
| AUDIOEYE INC | COM NEW | 050734201 |  | 785793 | 67450 | SH |  | SOLE |  | 67450 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 223293 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2996539 | 63325 | SH |  | SOLE |  | 63325 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 7575357 | 363850 | SH |  | SOLE |  | 363850 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 437193 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 1077437 | 16050 | SH |  | SOLE |  | 16050 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 965280 | 4000 | SH |  | SOLE |  | 2000 | 0 | 2000 |
| BLACKROCK INC | COM | 09247X101 |  | 682013 | 650 | SH |  | SOLE |  | 650 | 0 | 0 |
| BLOOMIN BRANDS INC | COM | 094235108 |  | 1513208 | 175750 | SH |  | SOLE |  | 175750 | 0 | 0 |
| BOOT BARN HLDGS INC | COM | 099406100 |  | 1622448 | 10674 | SH |  | SOLE |  | 10674 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 7701036 | 166365 | SH |  | SOLE |  | 166365 | 0 | 0 |
| BRUNSWICK CORP | COM | 117043109 |  | 1205613 | 21825 | SH |  | SOLE |  | 21825 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 967822 | 4150 | SH |  | SOLE |  | 4150 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 9856707 | 302075 | SH |  | SOLE |  | 282075 | 0 | 20000 |
| CAMECO CORP | COM | 13321L108 |  | 289497 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 31730 | 275 | SH |  | SOLE |  | 275 | 0 | 0 |
| CHURCHILL DOWNS INC | COM | 171484108 |  | 1121100 | 11100 | SH |  | SOLE |  | 3600 | 0 | 7500 |
| CITIGROUP INC | COM NEW | 172967424 |  | 11908288 | 139900 | SH |  | SOLE |  | 139900 | 0 | 0 |
| COGENT COMMUNICATIONS HLDGS | COM NEW | 19239V302 |  | 4996967 | 103650 | SH |  | SOLE |  | 103650 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 12930990 | 144950 | SH |  | SOLE |  | 141950 | 0 | 3000 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 16555858 | 237394 | SH |  | SOLE |  | 225394 | 0 | 12000 |
| QUIDELORTHO CORP | COM | 219798105 |  | 2386296 | 82800 | SH |  | SOLE |  | 82800 | 0 | 0 |
| CROWN CASTLE INTL CORP NEW | COM | 22822V101 |  | 24402484 | 237540 | SH |  | SOLE |  | 237540 | 0 | 0 |
| CROWN CRAFTS INC | COM | 228309100 |  | 295157 | 102842 | SH |  | SOLE |  | 102842 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 247152 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| CYTOSORBENTS CORP | COM NEW | 23283X206 |  | 3349395 | 2616715 | SH |  | SOLE |  | 2616715 | 0 | 0 |
| DENNYS CORP | COM | 24869P104 |  | 3401327 | 829592 | SH |  | SOLE |  | 829592 | 0 | 0 |
| DIEBOLD NIXDORF INC | COM SHS | 253651202 |  | 29544820 | 533300 | SH |  | SOLE |  | 497300 | 0 | 36000 |
| DISNEY WALT CO | COM | 254687106 |  | 871170 | 7025 | SH |  | SOLE |  | 7025 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 851730 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| EAGLE MATERIALS INC | COM | 26969P108 |  | 9651763 | 47755 | SH |  | SOLE |  | 43255 | 0 | 4500 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 6192522 | 433650 | SH |  | SOLE |  | 433650 | 0 | 0 |
| ENERSYS | COM | 29275Y102 |  | 7058013 | 82290 | SH |  | SOLE |  | 82290 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 1109298 | 20875 | SH |  | SOLE |  | 10875 | 0 | 10000 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 750935 | 6966 | SH |  | SOLE |  | 6966 | 0 | 0 |
| FMC CORP | COM NEW | 302491303 |  | 14510213 | 347550 | SH |  | SOLE |  | 347550 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 4793895 | 6495 | SH |  | SOLE |  | 6495 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 1880990 | 8275 | SH |  | SOLE |  | 8275 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 1199409 | 51900 | SH |  | SOLE |  | 51900 | 0 | 0 |
| GATX CORP | COM | 361448103 |  | 383132 | 2495 | SH |  | SOLE |  | 2495 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 11413446 | 154090 | SH |  | SOLE |  | 135090 | 0 | 19000 |
| GE VERNOVA INC | COM | 36828A101 |  | 264575 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| GEN RESTAURENT GROUP | CL A COM | 36870C104 |  | 1109550 | 284500 | SH |  | SOLE |  | 284500 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 5668968 | 39585 | SH |  | SOLE |  | 39585 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 211454 | 725 | SH |  | SOLE |  | 725 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 26439303 | 537275 | SH |  | SOLE |  | 537275 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 8113770 | 42930 | SH |  | SOLE |  | 42930 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 4146049 | 196775 | SH |  | SOLE |  | 196775 | 0 | 0 |
| GREENBRIER COS INC | COM | 393657101 |  | 1195688 | 25965 | SH |  | SOLE |  | 25965 | 0 | 0 |
| HAEMONETICS CORP MASS | COM | 405024100 |  | 2055506 | 27550 | SH |  | SOLE |  | 27550 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 2364080 | 116000 | SH |  | SOLE |  | 116000 | 0 | 0 |
| HARLEY DAVIDSON INC | COM | 412822108 |  | 1358180 | 57550 | SH |  | SOLE |  | 37550 | 0 | 20000 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 2217327 | 310550 | SH |  | SOLE |  | 310550 | 0 | 0 |
| HOLLEY INC | COM | 43538H103 |  | 2701964 | 1350982 | SH |  | SOLE |  | 1050982 | 0 | 300000 |
| HOME DEPOT INC | COM | 437076102 |  | 36664 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| MULTISENSOR AI HOLDINGS INC | COM | 456948108 |  | 16953 | 28350 | SH |  | SOLE |  | 28350 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 413730 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| IRIDIUM COMMUNICATIONS INC | COM | 46269C102 |  | 2214478 | 73400 | SH |  | SOLE |  | 73400 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 86316 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 8713245 | 30055 | SH |  | SOLE |  | 30055 | 0 | 0 |
| JOHNSON OUTDOORS INC | CL A | 479167108 |  | 5735983 | 189494 | SH |  | SOLE |  | 139494 | 0 | 50000 |
| JOINT CORP | COM | 47973J102 |  | 8993064 | 779295 | SH |  | SOLE |  | 779295 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 6623144 | 58400 | SH |  | SOLE |  | 46400 | 0 | 12000 |
| KOPPERS HOLDINGS INC | COM | 50060P106 |  | 1353515 | 42100 | SH |  | SOLE |  | 42100 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 3657513 | 98825 | SH |  | SOLE |  | 91325 | 0 | 7500 |
| LAKELAND INDS INC | COM | 511795106 |  | 233425 | 17151 | SH |  | SOLE |  | 17151 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 3536879 | 17060 | SH |  | SOLE |  | 17060 | 0 | 0 |
| LOVESAC COMPANY | COM | 54738L109 |  | 3470740 | 190700 | SH |  | SOLE |  | 190700 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 4607895 | 138500 | SH |  | SOLE |  | 138500 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 4183075 | 7620 | SH |  | SOLE |  | 7620 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 651850 | 1160 | SH |  | SOLE |  | 1160 | 0 | 0 |
| MATTHEWS INTL CORP | CL A | 577128101 |  | 3105526 | 129884 | SH |  | SOLE |  | 114884 | 0 | 15000 |
| MCDONALDS CORP | COM | 580135101 |  | 189911 | 650 | SH |  | SOLE |  | 650 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 345700 | 695 | SH |  | SOLE |  | 695 | 0 | 0 |
| MINERALS TECHNOLOGIES INC | COM | 603158106 |  | 6391149 | 116055 | SH |  | SOLE |  | 116055 | 0 | 0 |
| MITEK SYS INC | COM NEW | 606710200 |  | 929363 | 93875 | SH |  | SOLE |  | 93875 | 0 | 0 |
| MOBILEYE GLOBAL INC | COMMON CLASS A | 60741F104 |  | 436015 | 24250 | SH |  | SOLE |  | 24250 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 414118 | 3950 | SH |  | SOLE |  | 1450 | 0 | 2500 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 5299999 | 110210 | SH |  | SOLE |  | 70210 | 0 | 40000 |
| NATURES SUNSHINE PRODS INC | COM | 639027101 |  | 7193856 | 486400 | SH |  | SOLE |  | 389450 | 0 | 96950 |
| NEOGEN CORP | COM | 640491106 |  | 1122583 | 234850 | SH |  | SOLE |  | 194850 | 0 | 40000 |
| NEWMONT CORP | COM | 651639106 |  | 2933391 | 50350 | SH |  | SOLE |  | 50350 | 0 | 0 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 1859214 | 218474 | SH |  | SOLE |  | 218474 | 0 | 0 |
| NORDSON CORP | COM | 655663102 |  | 121119 | 565 | SH |  | SOLE |  | 565 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 14701637 | 57435 | SH |  | SOLE |  | 57435 | 0 | 0 |
| OSI SYSTEMS INC | COM | 671044105 |  | 2529675 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 4643953 | 110544 | SH |  | SOLE |  | 110544 | 0 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 |  | 427534 | 24100 | SH |  | SOLE |  | 14100 | 0 | 10000 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 4534513 | 86520 | SH |  | SOLE |  | 86520 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 18773839 | 165350 | SH |  | SOLE |  | 165350 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 |  | 13542282 | 98475 | SH |  | SOLE |  | 96475 | 0 | 2000 |
| PHOTRONICS INC | COM | 719405102 |  | 3554163 | 188750 | SH |  | SOLE |  | 173750 | 0 | 15000 |
| QUEST RESOURCE HLDG CORP | COM NEW | 74836W203 |  | 419003 | 207427 | SH |  | SOLE |  | 207427 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 731789 | 4787 | SH |  | SOLE |  | 4787 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 5582345 | 38230 | SH |  | SOLE |  | 38230 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1020306 | 1935 | SH |  | SOLE |  | 1935 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 11505986 | 48995 | SH |  | SOLE |  | 41495 | 0 | 7500 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 61785 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 |  | 8603827 | 28225 | SH |  | SOLE |  | 28225 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 6756480 | 81600 | SH |  | SOLE |  | 81600 | 0 | 0 |
| SPDR SER TR | S OILGAS EXP | 78468R556 |  | 5511927 | 43815 | SH |  | SOLE |  | 43815 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 3028480 | 89600 | SH |  | SOLE |  | 89600 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1341228 | 14700 | SH |  | SOLE |  | 7700 | 0 | 7000 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 3112527 | 36700 | SH |  | SOLE |  | 36700 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 137344 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 3908840 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 376950 | 17500 | SH |  | SOLE |  | 10000 | 0 | 7500 |
| SIMULATIONS PLUS INC | COM | 829214105 |  | 743370 | 42600 | SH |  | SOLE |  | 22600 | 0 | 20000 |
| SPORTSMANS WHSE HLDGS INC | COM | 84920Y106 |  | 1135050 | 329000 | SH |  | SOLE |  | 329000 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 4856930 | 20385 | SH |  | SOLE |  | 20385 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 39460 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 209656 | 660 | SH |  | SOLE |  | 660 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1358291 | 3350 | SH |  | SOLE |  | 1100 | 0 | 2250 |
| THRYV HLDGS INC | COM NEW | 886029206 |  | 1361312 | 111950 | SH |  | SOLE |  | 61950 | 0 | 50000 |
| TIMKEN CO | COM | 887389104 |  | 1733945 | 23900 | SH |  | SOLE |  | 23900 | 0 | 0 |
| METALLUS INC | COM | 887399103 |  | 2250631 | 146050 | SH |  | SOLE |  | 116050 | 0 | 30000 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 1406592 | 925 | SH |  | SOLE |  | 925 | 0 | 0 |
| TWIN DISC INC | COM | 901476101 |  | 344405 | 39004 | SH |  | SOLE |  | 39004 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 46782 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 52239664 | 227050 | SH |  | SOLE |  | 227050 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 4890038 | 48445 | SH |  | SOLE |  | 48445 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2406849 | 7715 | SH |  | SOLE |  | 4615 | 0 | 3100 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 443586 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 14271235 | 40195 | SH |  | SOLE |  | 38895 | 0 | 1300 |
| VONTIER CORPORATION | COM | 928881101 |  | 2339460 | 63400 | SH |  | SOLE |  | 63400 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 11472380 | 54800 | SH |  | SOLE |  | 54800 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 1741540 | 38000 | SH |  | SOLE |  | 15000 | 0 | 23000 |
| WESCO INTL INC | COM | 95082P105 |  | 1742732 | 9410 | SH |  | SOLE |  | 9410 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 8810673 | 140275 | SH |  | SOLE |  | 140275 | 0 | 0 |
| WILLSCOT MOBIL MINI HLDNG CO | COM CL A | 971378104 |  | 5530005 | 201825 | SH |  | SOLE |  | 201825 | 0 | 0 |
| XPONENTIAL FITNESS INC | COM CL A | 98422X101 |  | 1324981 | 176900 | SH |  | SOLE |  | 176900 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 988262 | 63800 | SH |  | SOLE |  | 63800 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 2176362 | 23861 | SH |  | SOLE |  | 20361 | 0 | 3500 |

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