# EDGAR Filing Document

**Accession Number:** 0001966007
**File Stem:** 0001398344-26-002284
**Filing Date:** 2026-2
**Character Count:** 25562
**Document Hash:** 699ce1803e3a9156ffba313ee2e479cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002284.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001398344-26-002284

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**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:** 26601333

**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:** 12-31-2025

**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  02-04-2026<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:** 225

**Form 13F Information Table Value Total:** $1396261186

      (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 |  | 67117948 | 246884 | SH |  | SOLE |  | 244541 | 0 | 2343 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 56682467 | 117205 | SH |  | SOLE |  | 116032 | 0 | 1173 |
| ALPHABET INC | COM | 02079K305 |  | 53559347 | 171116 | SH |  | SOLE |  | 168931 | 0 | 2185 |
| APPLIED MATERIALS INC. | COM | 038222105 |  | 42200394 | 164210 | SH |  | SOLE |  | 161464 | 0 | 2746 |
| CISCO SYSTEMS INCORPORATED | COM | 17275R102 |  | 39452294 | 512168 | SH |  | SOLE |  | 503333 | 0 | 8835 |
| KLA CORP | COM | 482480100 |  | 38376203 | 31583 | SH |  | SOLE |  | 31066 | 0 | 517 |
| META PLATFORMS INC | COM | 30303M102 |  | 37620107 | 56992 | SH |  | SOLE |  | 56312 | 0 | 680 |
| INTERNATIONAL BUSINESS MACHINE | COM | 459200101 |  | 34943221 | 117968 | SH |  | SOLE |  | 116354 | 0 | 1614 |
| ADOBE INC | COM | 00724F101 |  | 32462972 | 92754 | SH |  | SOLE |  | 91203 | 0 | 1551 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 32322502 | 173311 | SH |  | SOLE |  | 172702 | 0 | 609 |
| MASTERCARD INC. | COM | 57636Q104 |  | 31977412 | 56014 | SH |  | SOLE |  | 55348 | 0 | 666 |
| WALT DISNEY CO | COM | 254687106 |  | 26338990 | 231511 | SH |  | SOLE |  | 228267 | 0 | 3244 |
| HP INC | COM | 40434L105 |  | 25838389 | 1159712 | SH |  | SOLE |  | 1137730 | 0 | 21982 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 25613721 | 57542 | SH |  | SOLE |  | 56597 | 0 | 945 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 25430889 | 624377 | SH |  | SOLE |  | 612860 | 0 | 11517 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 24049290 | 437260 | SH |  | SOLE |  | 431460 | 0 | 5800 |
| LOWE'S COMPANIES INC. | COM | 548661107 |  | 23787543 | 98638 | SH |  | SOLE |  | 97475 | 0 | 1163 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 23641453 | 73371 | SH |  | SOLE |  | 71850 | 0 | 1521 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 23495840 | 81003 | SH |  | SOLE |  | 79466 | 0 | 1537 |
| CUMMINS INC | COM | 231021106 |  | 23350192 | 45744 | SH |  | SOLE |  | 45156 | 0 | 588 |
| ORACLE CORP | COM | 68389X105 |  | 23115448 | 118595 | SH |  | SOLE |  | 116914 | 0 | 1681 |
| AMERIPRISE FINANCIAL INC. | COM | 03076C106 |  | 22428622 | 45741 | SH |  | SOLE |  | 44956 | 0 | 785 |
| CBRE GROUP INCORPORATED | COM | 12504L109 |  | 20507157 | 127540 | SH |  | SOLE |  | 125660 | 0 | 1880 |
| ISHARES RUSSELL 1000 VALUE ETF | COM | 464287598 |  | 20410342 | 97035 | SH |  | SOLE |  | 97035 | 0 | 0 |
| DARDEN RESTAURANTS INC. | COM | 237194105 |  | 20291482 | 110268 | SH |  | SOLE |  | 108106 | 0 | 2162 |
| METLIFE INC. | COM | 59156R108 |  | 19923125 | 252383 | SH |  | SOLE |  | 248956 | 0 | 3427 |
| APTIV PLC | COM | G3265R107 |  | 19679765 | 258638 | SH |  | SOLE |  | 254581 | 0 | 4057 |
| D.R. HORTON INC | COM | 23331A109 |  | 19593899 | 136040 | SH |  | SOLE |  | 134180 | 0 | 1860 |
| MERCK  CO.  INC. | COM | 58933Y105 |  | 19321950 | 183564 | SH |  | SOLE |  | 180423 | 0 | 3141 |
| WESTINGHOUSE AIR BRAKE TECHNOL | COM | 929740108 |  | 19138808 | 89664 | SH |  | SOLE |  | 88464 | 0 | 1200 |
| QUANTA SERVICES INCORPORATED | COM | 74762E102 |  | 18634306 | 44151 | SH |  | SOLE |  | 43569 | 0 | 582 |
| UNION PACIFIC CORPORATION | COM | 907818108 |  | 18586273 | 80349 | SH |  | SOLE |  | 79247 | 0 | 1102 |
| LKQ CORPORATION | COM | 501889208 |  | 18019788 | 596682 | SH |  | SOLE |  | 587433 | 0 | 9249 |
| UNITED RENTALS INC | COM | 911363109 |  | 16789172 | 20745 | SH |  | SOLE |  | 20486 | 0 | 259 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 16549212 | 176789 | SH |  | SOLE |  | 174881 | 0 | 1908 |
| TARGET CORPORATION | COM | 87612E106 |  | 16097759 | 164683 | SH |  | SOLE |  | 161630 | 0 | 3053 |
| ALPHABET INC | COM | 02079K107 |  | 15690000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 15194473 | 93338 | SH |  | SOLE |  | 92087 | 0 | 1251 |
| MCKESSON CORPORATION | COM | 58155Q103 |  | 14828928 | 18078 | SH |  | SOLE |  | 17847 | 0 | 231 |
| REGENERON PHARMACEUTICALS INCO | COM | 75886F107 |  | 14728357 | 19081 | SH |  | SOLE |  | 18846 | 0 | 235 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 14576250 | 520395 | SH |  | SOLE |  | 514089 | 0 | 6306 |
| TYSON FOODS INC. | COM | 902494103 |  | 14429217 | 246148 | SH |  | SOLE |  | 242571 | 0 | 3577 |
| THERMO FISHER SCIENTIFIC INC. | COM | 883556102 |  | 14128715 | 24383 | SH |  | SOLE |  | 24075 | 0 | 308 |
| INCYTE CORP | COM | 45337C102 |  | 13859505 | 140321 | SH |  | SOLE |  | 137229 | 0 | 3092 |
| CONSTELLATION BRANDS INC. | COM | 21036P108 |  | 13309272 | 96472 | SH |  | SOLE |  | 95067 | 0 | 1405 |
| CVS HEALTH CORP | COM | 126650100 |  | 12360162 | 155748 | SH |  | SOLE |  | 153266 | 0 | 2482 |
| VISA INCORPORATION | COM | 92826C839 |  | 12195940 | 34775 | SH |  | SOLE |  | 34775 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 11893248 | 51954 | SH |  | SOLE |  | 51253 | 0 | 701 |
| PUBLIC SERVICE ENTERPRISE GROU | COM | 744573106 |  | 11266869 | 140310 | SH |  | SOLE |  | 137009 | 0 | 3301 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 10882079 | 64220 | SH |  | SOLE |  | 63344 | 0 | 876 |
| BROADCOM INC | COM | 11135F101 |  | 10862349 | 31385 | SH |  | SOLE |  | 31385 | 0 | 0 |
| FISERV INC. | COM | 337738108 |  | 10531114 | 156783 | SH |  | SOLE |  | 154584 | 0 | 2199 |
| STRYKER CORPORATION | COM | 863667101 |  | 10453572 | 29742 | SH |  | SOLE |  | 29280 | 0 | 462 |
| DTE ENERGY COMPANY | COM | 233331107 |  | 10414620 | 80746 | SH |  | SOLE |  | 79504 | 0 | 1242 |
| SHERWIN-WILLIAMS CO | COM | 824348106 |  | 9485747 | 29274 | SH |  | SOLE |  | 28862 | 0 | 412 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7993444 | 38625 | SH |  | SOLE |  | 37872 | 0 | 753 |
| ABBVIE INC | COM | 00287Y109 |  | 6830480 | 29894 | SH |  | SOLE |  | 29312 | 0 | 582 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 5344619 | 998 | SH |  | SOLE |  | 998 | 0 | 0 |
| MARRIOTT INTERNATIONAL INC. | COM | 571903202 |  | 3436839 | 11078 | SH |  | SOLE |  | 11078 | 0 | 0 |
| ACCENTURE PLC | COM | G1151C101 |  | 3422703 | 12757 | SH |  | SOLE |  | 12232 | 0 | 525 |
| O'REILLY AUTOMOTIVE INC. | COM | 67103H107 |  | 3357531 | 36811 | SH |  | SOLE |  | 35824 | 0 | 987 |
| APPLIED FINANCE VALUATION LARGE CAP ETF | COM | 26923N405 |  | 3134803 | 70827 | SH |  | SOLE |  | 0 | 0 | 70827 |
| AMGEN INC | COM | 031162100 |  | 3026308 | 9246 | SH |  | SOLE |  | 9246 | 0 | 0 |
| HILTON WORLDWIDE HOLDINGS INC | COM | 43300A203 |  | 2953505 | 10282 | SH |  | SOLE |  | 9939 | 0 | 343 |
| CATERPILLAR INC. | COM | 149123101 |  | 2910752 | 5081 | SH |  | SOLE |  | 5081 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2727369 | 8262 | SH |  | SOLE |  | 8262 | 0 | 0 |
| GILEAD SCIENCES INC. | COM | 375558103 |  | 2582941 | 21044 | SH |  | SOLE |  | 21044 | 0 | 0 |
| AUTOZONE INC. | COM | 053332102 |  | 2492753 | 735 | SH |  | SOLE |  | 715 | 0 | 20 |
| PROGRESSIVE CORP | COM | 743315103 |  | 2154459 | 9461 | SH |  | SOLE |  | 9461 | 0 | 0 |
| CHENIERE ENERGY INC. | COM | 16411R208 |  | 2078612 | 10693 | SH |  | SOLE |  | 10693 | 0 | 0 |
| LAM RESEARCH CORPORATION | COM | 512807306 |  | 1883836 | 11005 | SH |  | SOLE |  | 10322 | 0 | 683 |
| SOUTHERN CO | COM | 842587107 |  | 1809749 | 20754 | SH |  | SOLE |  | 20540 | 0 | 214 |
| YUM! BRANDS INC. | COM | 988498101 |  | 1747435 | 11551 | SH |  | SOLE |  | 11551 | 0 | 0 |
| EOG RESOURCES INC | COM | 26875P101 |  | 1675015 | 15951 | SH |  | SOLE |  | 15333 | 0 | 618 |
| NORFOLK SOUTHERN CORPORATION | COM | 655844108 |  | 1669090 | 5781 | SH |  | SOLE |  | 5168 | 0 | 613 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 1563981 | 3350 | SH |  | SOLE |  | 3142 | 0 | 208 |
| CENCORA INC | COM | 03073E105 |  | 1538789 | 4556 | SH |  | SOLE |  | 4556 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 1502806 | 13723 | SH |  | SOLE |  | 12581 | 0 | 1142 |
| MONDELEZ INTERNATIONAL INCORPO | COM | 609207105 |  | 1463153 | 27181 | SH |  | SOLE |  | 27181 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 1449909 | 7141 | SH |  | SOLE |  | 7141 | 0 | 0 |
| UGI CORPORATION | COM | 902681105 |  | 1445434 | 38617 | SH |  | SOLE |  | 35072 | 0 | 3545 |
| MOODY'S CORPORATION | COM | 615369105 |  | 1382871 | 2707 | SH |  | SOLE |  | 2707 | 0 | 0 |
| QUALCOMM INCORPORATED | COM | 747525103 |  | 1378321 | 8058 | SH |  | SOLE |  | 8058 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1252849 | 2691 | SH |  | SOLE |  | 2691 | 0 | 0 |
| ELI LILLY AND COMPANY | COM | 532457108 |  | 1209015 | 1125 | SH |  | SOLE |  | 985 | 0 | 140 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1204175 | 1370 | SH |  | SOLE |  | 1370 | 0 | 0 |
| INTUIT INC | COM | 461202103 |  | 1183082 | 1786 | SH |  | SOLE |  | 1786 | 0 | 0 |
| DELL TECHNOLOGIES INC | COM | 24703L202 |  | 1181006 | 9382 | SH |  | SOLE |  | 9382 | 0 | 0 |
| RTX CORP | COM | 75513E101 |  | 1134879 | 6188 | SH |  | SOLE |  | 5306 | 0 | 882 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 1131008 | 12948 | SH |  | SOLE |  | 12948 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1117655 | 4219 | SH |  | SOLE |  | 4219 | 0 | 0 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 1091684 | 4244 | SH |  | SOLE |  | 4244 | 0 | 0 |
| OMEGA HEALTHCARE INVESTORS IN | COM | 681936100 |  | 1087660 | 24530 | SH |  | SOLE |  | 21150 | 0 | 3380 |
| STATE STREET CORP | COM | 857477103 |  | 1084200 | 8404 | SH |  | SOLE |  | 7134 | 0 | 1270 |
| NRG ENERGY INC. | COM | 629377508 |  | 1080443 | 6785 | SH |  | SOLE |  | 6785 | 0 | 0 |
| AMERICAN TOWER CORPORATION | COM | 03027X100 |  | 1077649 | 6138 | SH |  | SOLE |  | 6138 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1049184 | 28943 | SH |  | SOLE |  | 27646 | 0 | 1297 |
| PFIZER INC | COM | 717081103 |  | 1043609 | 41912 | SH |  | SOLE |  | 41912 | 0 | 0 |
| COMCAST CORP | COM | 20030N101 |  | 1020684 | 34148 | SH |  | SOLE |  | 34148 | 0 | 0 |
| TRUIST FINANCIAL CORP | COM | 89832Q109 |  | 1017318 | 20673 | SH |  | SOLE |  | 17533 | 0 | 3140 |
| NOVARTIS AG | COM | 66987V109 |  | 1013620 | 7352 | SH |  | SOLE |  | 6307 | 0 | 1045 |
| KROGER CO | COM | 501044101 |  | 995994 | 15941 | SH |  | SOLE |  | 15941 | 0 | 0 |
| PNC FINANCIAL SERVICES GROUP I | COM | 693475105 |  | 992511 | 4755 | SH |  | SOLE |  | 4033 | 0 | 722 |
| HASBRO INC | COM | 418056107 |  | 985476 | 12018 | SH |  | SOLE |  | 10371 | 0 | 1647 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 954776 | 2106 | SH |  | SOLE |  | 2106 | 0 | 0 |
| LULULEMON ATHLETICA INCORPORAT | COM | 550021109 |  | 946782 | 4556 | SH |  | SOLE |  | 4556 | 0 | 0 |
| HUNTINGTON BANCSHARES INCORPOR | COM | 446150104 |  | 940804 | 54225 | SH |  | SOLE |  | 45859 | 0 | 8366 |
| LYONDELLBASELL INDUSTRIES NV | COM | N53745100 |  | 939913 | 21707 | SH |  | SOLE |  | 18971 | 0 | 2736 |
| FLUTTER ENTERTAINMENT PLC | COM | G3643J108 |  | 923167 | 4293 | SH |  | SOLE |  | 4293 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 916097 | 10376 | SH |  | SOLE |  | 8646 | 0 | 1730 |
| TRANE TECHNOLOGIES PLC | COM | G8994E103 |  | 907225 | 2331 | SH |  | SOLE |  | 2331 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 889770 | 5838 | SH |  | SOLE |  | 5071 | 0 | 767 |
| UNILEVER PLC - ADR | COM | 904767803 |  | 887349 | 13568 | SH |  | SOLE |  | 11845 | 0 | 1723 |
| SIMON PROPERTY GROUP INC | COM | 828806109 |  | 885011 | 4781 | SH |  | SOLE |  | 4512 | 0 | 269 |
| ZOETIS INC | COM | 98978V103 |  | 873946 | 6946 | SH |  | SOLE |  | 6450 | 0 | 496 |
| PRUDENTIAL FINANCIAL INCORPOR | COM | 744320102 |  | 869402 | 7702 | SH |  | SOLE |  | 6525 | 0 | 1177 |
| HERSHEY CO | COM | 427866108 |  | 868409 | 4772 | SH |  | SOLE |  | 4772 | 0 | 0 |
| FREEPORT-MCMORAN INC | COM | 35671D857 |  | 868001 | 17090 | SH |  | SOLE |  | 16695 | 0 | 395 |
| MOLSON COORS BEVERAGE CO | COM | 60871R209 |  | 852003 | 18252 | SH |  | SOLE |  | 15802 | 0 | 2450 |
| MARATHON PETROLEUM CORP | COM | 56585A102 |  | 830877 | 5109 | SH |  | SOLE |  | 4324 | 0 | 785 |
| HALLIBURTON COMPANY | COM | 406216101 |  | 829827 | 29364 | SH |  | SOLE |  | 29364 | 0 | 0 |
| WHIRLPOOL CORPORATION | COM | 963320106 |  | 827807 | 11475 | SH |  | SOLE |  | 9689 | 0 | 1786 |
| EATON CORP PLC | COM | G29183103 |  | 812838 | 2552 | SH |  | SOLE |  | 2179 | 0 | 373 |
| ARISTA NETWORKS INC | COM | 040413205 |  | 801904 | 6120 | SH |  | SOLE |  | 6120 | 0 | 0 |
| FORTINET INCORPORATION | COM | 34959E109 |  | 783777 | 9870 | SH |  | SOLE |  | 8781 | 0 | 1089 |
| INGREDION INCORPORATION | COM | 457187102 |  | 770607 | 6989 | SH |  | SOLE |  | 6064 | 0 | 925 |
| NVR INC. | COM | 62944T105 |  | 765741 | 105 | SH |  | SOLE |  | 105 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 752627 | 30299 | SH |  | SOLE |  | 30299 | 0 | 0 |
| IQVIA HOLDINGS INC | COM | 46266C105 |  | 735287 | 3262 | SH |  | SOLE |  | 3262 | 0 | 0 |
| FAIR ISAAC CORP. | COM | 303250104 |  | 726967 | 430 | SH |  | SOLE |  | 380 | 0 | 50 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 723800 | 5777 | SH |  | SOLE |  | 4877 | 0 | 900 |
| INTERCONTINENTAL EXCHANGE INC | COM | 45866F104 |  | 721208 | 4453 | SH |  | SOLE |  | 4453 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 705749 | 2051 | SH |  | SOLE |  | 1730 | 0 | 321 |
| PULTEGROUP INCORPORATION | COM | 745867101 |  | 702387 | 5990 | SH |  | SOLE |  | 5990 | 0 | 0 |
| CHUBB LTD | COM | H1467J104 |  | 698212 | 2237 | SH |  | SOLE |  | 2237 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 |  | 687163 | 681 | SH |  | SOLE |  | 681 | 0 | 0 |
| EXPEDIA GROUP INC | COM | 30212P303 |  | 683627 | 2413 | SH |  | SOLE |  | 2413 | 0 | 0 |
| DOMINO' S PIZZA INC. | COM | 25754A201 |  | 658159 | 1579 | SH |  | SOLE |  | 1579 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 646316 | 3148 | SH |  | SOLE |  | 3148 | 0 | 0 |
| RESTAURANT BRANDS INTERNATIONA | COM | 76131D103 |  | 644091 | 9440 | SH |  | SOLE |  | 9440 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 642404 | 3561 | SH |  | SOLE |  | 3561 | 0 | 0 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 |  | 641363 | 10986 | SH |  | SOLE |  | 10986 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 640864 | 6598 | SH |  | SOLE |  | 5548 | 0 | 1050 |
| METTLER-TOLEDO INTERNATIONAL I | COM | 592688105 |  | 627386 | 450 | SH |  | SOLE |  | 450 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 620911 | 2983 | SH |  | SOLE |  | 2983 | 0 | 0 |
| ALBERTSONS COMPANIES INC | COM | 013091103 |  | 589515 | 34334 | SH |  | SOLE |  | 34334 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 579169 | 33575 | SH |  | SOLE |  | 33575 | 0 | 0 |
| CARNIVAL CORP | COM | 143658300 |  | 566700 | 18556 | SH |  | SOLE |  | 18556 | 0 | 0 |
| GENERAL MILLS INC. | COM | 370334104 |  | 564092 | 12131 | SH |  | SOLE |  | 12131 | 0 | 0 |
| DELTA AIR LINES INC | COM | 247361702 |  | 541598 | 7804 | SH |  | SOLE |  | 7804 | 0 | 0 |
| COMFORT SYSTEMS USA INC | COM | 199908104 |  | 532909 | 571 | SH |  | SOLE |  | 571 | 0 | 0 |
| DOLLAR GENERAL CORPORATION | COM | 256677105 |  | 527495 | 3973 | SH |  | SOLE |  | 3973 | 0 | 0 |
| MOTOROLA SOLUTIONS INCORPORATI | COM | 620076307 |  | 519015 | 1354 | SH |  | SOLE |  | 1354 | 0 | 0 |
| CHURCH  DWIGHT CO. INC. | COM | 171340102 |  | 512575 | 6113 | SH |  | SOLE |  | 6113 | 0 | 0 |
| DECKERS OUTDOOR CORPORATION | COM | 243537107 |  | 497720 | 4801 | SH |  | SOLE |  | 4801 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 484097 | 1649 | SH |  | SOLE |  | 1649 | 0 | 0 |
| BJS WHOLESALE CLUB HOLDINGS IN | COM | 05550J101 |  | 481841 | 5352 | SH |  | SOLE |  | 5352 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES INC | COM | 36266G107 |  | 442990 | 5401 | SH |  | SOLE |  | 5401 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 442272 | 18238 | SH |  | SOLE |  | 18238 | 0 | 0 |
| BROADRIDGE FINANCIAL SOLUTIONS | COM | 11133T103 |  | 441430 | 1978 | SH |  | SOLE |  | 1978 | 0 | 0 |
| UNITED AIRLINES HOLDINGS INC | COM | 910047109 |  | 429836 | 3844 | SH |  | SOLE |  | 3844 | 0 | 0 |
| ARCHER-DANIELS-MIDLAND CO | COM | 039483102 |  | 417665 | 7265 | SH |  | SOLE |  | 7265 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 412012 | 681 | SH |  | SOLE |  | 681 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM | 934423104 |  | 410339 | 14238 | SH |  | SOLE |  | 9193 | 0 | 5045 |
| APA CORP (US) | COM | 03743Q108 |  | 404446 | 16535 | SH |  | SOLE |  | 16535 | 0 | 0 |
| FEDEX CORPORATION | COM | 31428X106 |  | 404115 | 1399 | SH |  | SOLE |  | 1399 | 0 | 0 |
| VERALTO CORP | COM | 92338C103 |  | 400152 | 4010 | SH |  | SOLE |  | 4010 | 0 | 0 |
| AGILENT TECHNOLOGIES INC. | COM | 00846U101 |  | 396644 | 2915 | SH |  | SOLE |  | 2915 | 0 | 0 |
| CHARTER COMMUNICATIONS INC | COM | 16119P108 |  | 394120 | 1888 | SH |  | SOLE |  | 1888 | 0 | 0 |
| GARTNER INCORPORATED | COM | 366651107 |  | 391034 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| TOPBUILD CORP | COM | 89055F103 |  | 382146 | 916 | SH |  | SOLE |  | 916 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIONS | COM | 192446102 |  | 381717 | 4599 | SH |  | SOLE |  | 4599 | 0 | 0 |
| OMNICOM GROUP INCORPORATED | COM | 681919106 |  | 379525 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 374899 | 4372 | SH |  | SOLE |  | 4372 | 0 | 0 |
| CBOE GLOBAL MARKETS INC | COM | 12503M108 |  | 374492 | 1492 | SH |  | SOLE |  | 1128 | 0 | 364 |
| EQUITABLE HOLDINGS INC | COM | 29452E101 |  | 372909 | 7826 | SH |  | SOLE |  | 7826 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 359607 | 9176 | SH |  | SOLE |  | 9176 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 349818 | 8972 | SH |  | SOLE |  | 8972 | 0 | 0 |
| BUNGE GLOBAL SA | COM | H11356104 |  | 345185 | 3875 | SH |  | SOLE |  | 3875 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 338866 | 2488 | SH |  | SOLE |  | 2488 | 0 | 0 |
| MASCO CORPORATION | COM | 574599106 |  | 338813 | 5339 | SH |  | SOLE |  | 5339 | 0 | 0 |
| FACTSET RESEARCH SYSTEMS INC. | COM | 303075105 |  | 335169 | 1155 | SH |  | SOLE |  | 854 | 0 | 301 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 331590 | 542 | SH |  | SOLE |  | 542 | 0 | 0 |
| MAPLEBEAR INC | COM | 565394103 |  | 328579 | 7305 | SH |  | SOLE |  | 7305 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 328279 | 5946 | SH |  | SOLE |  | 5946 | 0 | 0 |
| WEATHERFORD INTERNATIONAL PLC | COM | G48833118 |  | 322901 | 4126 | SH |  | SOLE |  | 4126 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 317486 | 1804 | SH |  | SOLE |  | 1804 | 0 | 0 |
| MCCORMICK  COMPANY INCORPORA | COM | 579780206 |  | 317052 | 4655 | SH |  | SOLE |  | 4655 | 0 | 0 |
| AUTODESK INC. | COM | 052769106 |  | 315843 | 1067 | SH |  | SOLE |  | 1067 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 315372 | 2860 | SH |  | SOLE |  | 2860 | 0 | 0 |
| TENET HEALTHCARE CORPORATION | COM | 88033G407 |  | 314772 | 1584 | SH |  | SOLE |  | 1584 | 0 | 0 |
| PPG INDUSTRIES INC. | COM | 693506107 |  | 311376 | 3039 | SH |  | SOLE |  | 3039 | 0 | 0 |
| J M SMUCKER CO | COM | 832696405 |  | 309471 | 3164 | SH |  | SOLE |  | 3164 | 0 | 0 |
| RESMED INC. | COM | 761152107 |  | 306628 | 1273 | SH |  | SOLE |  | 1273 | 0 | 0 |
| LENNOX INTERNATIONAL INCORPORA | COM | 526107107 |  | 303488 | 625 | SH |  | SOLE |  | 552 | 0 | 73 |
| CIGNA GROUP | COM | 125523100 |  | 302478 | 1099 | SH |  | SOLE |  | 1099 | 0 | 0 |
| BOOZ ALLEN HAMILTON HOLDING CO | COM | 099502106 |  | 301671 | 3576 | SH |  | SOLE |  | 3576 | 0 | 0 |
| EQUIFAX INCORPORATED | COM | 294429105 |  | 290102 | 1337 | SH |  | SOLE |  | 1337 | 0 | 0 |
| BEST BUY CO. INC. | COM | 086516101 |  | 285791 | 4270 | SH |  | SOLE |  | 4270 | 0 | 0 |
| LENNAR CORPORATION | COM | 526057104 |  | 284242 | 2765 | SH |  | SOLE |  | 2765 | 0 | 0 |
| CHURCHILL DOWNS INC | COM | 171484108 |  | 283881 | 2495 | SH |  | SOLE |  | 2495 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC. | COM | 12008R107 |  | 280890 | 2730 | SH |  | SOLE |  | 2730 | 0 | 0 |
| TOLL BROTHERS INC. | COM | 889478103 |  | 278824 | 2062 | SH |  | SOLE |  | 2062 | 0 | 0 |
| UNITED THERAPEUTICS CORPORATIO | COM | 91307C102 |  | 277245 | 569 | SH |  | SOLE |  | 569 | 0 | 0 |
| ARCH CAPITAL GROUP LTD. | COM | G0450A105 |  | 267233 | 2786 | SH |  | SOLE |  | 2786 | 0 | 0 |
| BELLRING BRANDS INC | COM | 07831C103 |  | 267193 | 9996 | SH |  | SOLE |  | 9996 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 265307 | 3180 | SH |  | SOLE |  | 3180 | 0 | 0 |
| ALLEGION PLC | COM | G0176J109 |  | 262554 | 1649 | SH |  | SOLE |  | 1406 | 0 | 243 |
| NATIONAL FUEL GAS COMPANY | COM | 636180101 |  | 259635 | 3243 | SH |  | SOLE |  | 3243 | 0 | 0 |
| PENTAIR PLC | COM | G7S00T104 |  | 258684 | 2484 | SH |  | SOLE |  | 2484 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 258237 | 1874 | SH |  | SOLE |  | 1874 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 251827 | 663 | SH |  | SOLE |  | 663 | 0 | 0 |
| SHARKNINJA INC | COM | G8068L108 |  | 230178 | 2057 | SH |  | SOLE |  | 2057 | 0 | 0 |
| DOVER CORPORATION | COM | 260003108 |  | 228626 | 1171 | SH |  | SOLE |  | 1171 | 0 | 0 |
| DICK'S SPORTING GOODS INC. | COM | 253393102 |  | 226280 | 1143 | SH |  | SOLE |  | 1143 | 0 | 0 |
| ALLISON TRANSMISSION HOLDINGS | COM | 01973R101 |  | 220667 | 2254 | SH |  | SOLE |  | 2254 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 220560 | 2919 | SH |  | SOLE |  | 2919 | 0 | 0 |
| NORWEGIAN CRUISE LINE HOLDINGS | COM | G66721104 |  | 217174 | 9730 | SH |  | SOLE |  | 9730 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 210547 | 5770 | SH |  | SOLE |  | 5770 | 0 | 0 |
| GENUINE PARTS COMPANY | COM | 372460105 |  | 210016 | 1708 | SH |  | SOLE |  | 1708 | 0 | 0 |
| GLOBAL PAYMENTS INC. | COM | 37940X102 |  | 208825 | 2698 | SH |  | SOLE |  | 2698 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 207106 | 7617 | SH |  | SOLE |  | 7617 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 206008 | 1263 | SH |  | SOLE |  | 1263 | 0 | 0 |
| RENAISSANCERE HOLDINGS LTD. | COM | G7496G103 |  | 203841 | 725 | SH |  | SOLE |  | 725 | 0 | 0 |
| BALL CORPORATION | COM | 058498106 |  | 201339 | 3801 | SH |  | SOLE |  | 3801 | 0 | 0 |

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