# EDGAR Filing Document

**Accession Number:** 0001999514
**File Stem:** 0001999514-25-000007
**Filing Date:** 2025-11
**Character Count:** 29002
**Document Hash:** de4c637bc20c1e217a8f6f3800a38272
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999514-25-000007.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001999514-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** denkapparat Operations GmbH
- **CENTRAL INDEX KEY:** 0001999514

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 2M
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24949
- **FILM NUMBER:** 251461041

**BUSINESS ADDRESS:**
- **STREET 1:** LEIPZIGER STRASSE 51
- **CITY:** BERLIN
- **STATE:** 2M
- **ZIP:** 10117
- **BUSINESS PHONE:** 4930233220100

**MAIL ADDRESS:**
- **STREET 1:** LEIPZIGER STRASSE 51
- **CITY:** BERLIN
- **STATE:** 2M
- **ZIP:** 10117

### 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:** denkapparat Operations GmbH<br>**Address:** LEIPZIGER STRASSE 51<br>BERLIN, 2M 10117

**Form 13F File Number:** 028-24949

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:** Florian Peters<br>**Title:** Dr<br>**Phone:** 004930233220100

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

Florian Peters  Berlin, 2M  11-07-2025<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:** 274

**Form 13F Information Table Value Total:** $156734282

      (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 |
| 3M CO | COM | 88579Y101 |  | 468333 | 3018 | SH |  | SOLE |  | 3018 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 487623 | 2106 | SH |  | SOLE |  | 2106 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 288988 | 3378 | SH |  | SOLE |  | 3378 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 267604 | 12540 | SH |  | SOLE |  | 12540 | 0 | 0 |
| ACI WORLDWIDE INC | COM | 004498101 |  | 272293 | 5160 | SH |  | SOLE |  | 5160 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 525539 | 1526 | SH |  | SOLE |  | 1526 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 1343978 | 3810 | SH |  | SOLE |  | 3810 | 0 | 0 |
| ADTALEM GLOBAL ED INC | COM | 00737L103 |  | 456863 | 2958 | SH |  | SOLE |  | 2958 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 874152 | 5186 | SH |  | SOLE |  | 5186 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 490780 | 4042 | SH |  | SOLE |  | 4042 | 0 | 0 |
| ALARM COM HLDGS INC | COM | 011642105 |  | 228987 | 4314 | SH |  | SOLE |  | 4314 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 982661 | 56120 | SH |  | SOLE |  | 56120 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 416591 | 4908 | SH |  | SOLE |  | 4908 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 640945 | 2986 | SH |  | SOLE |  | 2986 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 993307 | 4086 | SH |  | SOLE |  | 4086 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1228320 | 18594 | SH |  | SOLE |  | 18594 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 624457 | 2844 | SH |  | SOLE |  | 2844 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 267155 | 3256 | SH |  | SOLE |  | 3256 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 367200 | 3264 | SH |  | SOLE |  | 3264 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 990861 | 12616 | SH |  | SOLE |  | 12616 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 280995 | 572 | SH |  | SOLE |  | 572 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 768713 | 2724 | SH |  | SOLE |  | 2724 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 172225 | 21856 | SH |  | SOLE |  | 21856 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 291307 | 4142 | SH |  | SOLE |  | 4142 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 807698 | 33266 | SH |  | SOLE |  | 33266 | 0 | 0 |
| APPFOLIO INC | COM CL A | 03783C100 |  | 285584 | 1036 | SH |  | SOLE |  | 1036 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1572595 | 6176 | SH |  | SOLE |  | 6176 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 1476175 | 7210 | SH |  | SOLE |  | 7210 | 0 | 0 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 205026 | 1046 | SH |  | SOLE |  | 1046 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 348480 | 2880 | SH |  | SOLE |  | 2880 | 0 | 0 |
| ASSURANT INC | COM | 04621X108 |  | 472621 | 2182 | SH |  | SOLE |  | 2182 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 540039 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 584553 | 2672 | SH |  | SOLE |  | 2672 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 334619 | 8850 | SH |  | SOLE |  | 8850 | 0 | 0 |
| AXCELIS TECHNOLOGIES INC | COM NEW | 054540208 |  | 211684 | 2168 | SH |  | SOLE |  | 2168 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 202314 | 2390 | SH |  | SOLE |  | 2390 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 829186 | 7610 | SH |  | SOLE |  | 7610 | 0 | 0 |
| BANK OZK LITTLE ROCK ARK | COM | 06417N103 |  | 773367 | 15170 | SH |  | SOLE |  | 15170 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 887827 | 6338 | SH |  | SOLE |  | 6338 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 599443 | 11068 | SH |  | SOLE |  | 11068 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 495283 | 9794 | SH |  | SOLE |  | 9794 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 637114 | 118 | SH |  | SOLE |  | 118 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 243478 | 2436 | SH |  | SOLE |  | 2436 | 0 | 0 |
| BOSTON BEER INC | CL A | 100557107 |  | 676544 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 1126098 | 13026 | SH |  | SOLE |  | 13026 | 0 | 0 |
| BRINKER INTL INC | COM | 109641100 |  | 390428 | 3082 | SH |  | SOLE |  | 3082 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1594646 | 35358 | SH |  | SOLE |  | 35358 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 445379 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 231103 | 1906 | SH |  | SOLE |  | 1906 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 323754 | 1756 | SH |  | SOLE |  | 1756 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 1151972 | 12242 | SH |  | SOLE |  | 12242 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 863134 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 579992 | 20062 | SH |  | SOLE |  | 20062 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 496629 | 3152 | SH |  | SOLE |  | 3152 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 328754 | 2064 | SH |  | SOLE |  | 2064 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 238414 | 6682 | SH |  | SOLE |  | 6682 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1353394 | 15088 | SH |  | SOLE |  | 15088 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 403696 | 1718 | SH |  | SOLE |  | 1718 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 272248 | 1722 | SH |  | SOLE |  | 1722 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 971061 | 34656 | SH |  | SOLE |  | 34656 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 609661 | 4866 | SH |  | SOLE |  | 4866 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 956512 | 13980 | SH |  | SOLE |  | 13980 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 643307 | 6338 | SH |  | SOLE |  | 6338 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 940779 | 7630 | SH |  | SOLE |  | 7630 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 |  | 297732 | 7528 | SH |  | SOLE |  | 7528 | 0 | 0 |
| CNX RES CORP | COM | 12653C108 |  | 335333 | 10440 | SH |  | SOLE |  | 10440 | 0 | 0 |
| COCA COLA CONS INC | COM | 191098102 |  | 423416 | 3614 | SH |  | SOLE |  | 3614 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 265463 | 3958 | SH |  | SOLE |  | 3958 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 534159 | 6682 | SH |  | SOLE |  | 6682 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 816354 | 25982 | SH |  | SOLE |  | 25982 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 1028174 | 1246 | SH |  | SOLE |  | 1246 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 332118 | 3304 | SH |  | SOLE |  | 3304 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 210893 | 1566 | SH |  | SOLE |  | 1566 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 528867 | 7820 | SH |  | SOLE |  | 7820 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 244300 | 2924 | SH |  | SOLE |  | 2924 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 808458 | 8370 | SH |  | SOLE |  | 8370 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 257005 | 3992 | SH |  | SOLE |  | 3992 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 364120 | 10254 | SH |  | SOLE |  | 10254 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 919922 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 297531 | 548 | SH |  | SOLE |  | 548 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 222006 | 1310 | SH |  | SOLE |  | 1310 | 0 | 0 |
| DAVITA INC | COM | 23918K108 |  | 257502 | 1938 | SH |  | SOLE |  | 1938 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 499395 | 14244 | SH |  | SOLE |  | 14244 | 0 | 0 |
| DILLARDS INC | CL A | 254067101 |  | 235960 | 384 | SH |  | SOLE |  | 384 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1005997 | 8786 | SH |  | SOLE |  | 8786 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 709510 | 9842 | SH |  | SOLE |  | 9842 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 348424 | 5696 | SH |  | SOLE |  | 5696 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 460203 | 1066 | SH |  | SOLE |  | 1066 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 317905 | 3884 | SH |  | SOLE |  | 3884 | 0 | 0 |
| DROPBOX INC | CL A | 26210C104 |  | 413696 | 13694 | SH |  | SOLE |  | 13694 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 466232 | 1598 | SH |  | SOLE |  | 1598 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 704863 | 7750 | SH |  | SOLE |  | 7750 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 785750 | 14214 | SH |  | SOLE |  | 14214 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 1122662 | 5566 | SH |  | SOLE |  | 5566 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 753516 | 2332 | SH |  | SOLE |  | 2332 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 1525120 | 2348 | SH |  | SOLE |  | 2348 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 398120 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| ENERSYS | COM | 29275Y102 |  | 687475 | 6086 | SH |  | SOLE |  | 6086 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 746046 | 6654 | SH |  | SOLE |  | 6654 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 248720 | 4898 | SH |  | SOLE |  | 4898 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 499867 | 12528 | SH |  | SOLE |  | 12528 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 209527 | 3156 | SH |  | SOLE |  | 3156 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 988309 | 23930 | SH |  | SOLE |  | 23930 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 892193 | 4174 | SH |  | SOLE |  | 4174 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 785802 | 6410 | SH |  | SOLE |  | 6410 | 0 | 0 |
| F5 INC | COM | 315616102 |  | 339996 | 1052 | SH |  | SOLE |  | 1052 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 328891 | 1148 | SH |  | SOLE |  | 1148 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 811186 | 3440 | SH |  | SOLE |  | 3440 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 310370 | 1382 | SH |  | SOLE |  | 1382 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 412935 | 6428 | SH |  | SOLE |  | 6428 | 0 | 0 |
| FIRST BANCORP P R | COM NEW | 318672706 |  | 204845 | 9290 | SH |  | SOLE |  | 9290 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 312018 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 280955 | 1274 | SH |  | SOLE |  | 1274 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 551306 | 12032 | SH |  | SOLE |  | 12032 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 633612 | 10930 | SH |  | SOLE |  | 10930 | 0 | 0 |
| FLOWERS FOODS INC | COM | 343498101 |  | 179333 | 13742 | SH |  | SOLE |  | 13742 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 327744 | 3898 | SH |  | SOLE |  | 3898 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 1138107 | 18048 | SH |  | SOLE |  | 18048 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 200885 | 5122 | SH |  | SOLE |  | 5122 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 242366 | 922 | SH |  | SOLE |  | 922 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 446958 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 1145760 | 3360 | SH |  | SOLE |  | 3360 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 839191 | 13764 | SH |  | SOLE |  | 13764 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 555888 | 5008 | SH |  | SOLE |  | 5008 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 363694 | 2658 | SH |  | SOLE |  | 2658 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 480995 | 604 | SH |  | SOLE |  | 604 | 0 | 0 |
| GRANITE CONSTR INC | COM | 387328107 |  | 208335 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| GRIFFON CORP | COM | 398433102 |  | 273226 | 3588 | SH |  | SOLE |  | 3588 | 0 | 0 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 230130 | 526 | SH |  | SOLE |  | 526 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 237820 | 558 | SH |  | SOLE |  | 558 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 213844 | 3222 | SH |  | SOLE |  | 3222 | 0 | 0 |
| HILLTOP HOLDINGS INC | COM | 432748101 |  | 601359 | 17994 | SH |  | SOLE |  | 17994 | 0 | 0 |
| HNI CORP | COM | 404251100 |  | 263578 | 5626 | SH |  | SOLE |  | 5626 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 459337 | 6806 | SH |  | SOLE |  | 6806 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 260756 | 1270 | SH |  | SOLE |  | 1270 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 309684 | 662 | SH |  | SOLE |  | 662 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 274780 | 2048 | SH |  | SOLE |  | 2048 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 640168 | 1002 | SH |  | SOLE |  | 1002 | 0 | 0 |
| IES HLDGS INC | COM | 44951W106 |  | 254496 | 640 | SH |  | SOLE |  | 640 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 322821 | 1238 | SH |  | SOLE |  | 1238 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 957675 | 11292 | SH |  | SOLE |  | 11292 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 587838 | 4814 | SH |  | SOLE |  | 4814 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 284773 | 15604 | SH |  | SOLE |  | 15604 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 345160 | 1118 | SH |  | SOLE |  | 1118 | 0 | 0 |
| INTERDIGITAL INC | COM | 45867G101 |  | 2533988 | 7340 | SH |  | SOLE |  | 7340 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 652107 | 9968 | SH |  | SOLE |  | 9968 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 798751 | 3678 | SH |  | SOLE |  | 3678 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 989030 | 5334 | SH |  | SOLE |  | 5334 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 1243828 | 4170 | SH |  | SOLE |  | 4170 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 610672 | 1936 | SH |  | SOLE |  | 1936 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 451354 | 3630 | SH |  | SOLE |  | 3630 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 1455216 | 58560 | SH |  | SOLE |  | 58560 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 1302949 | 1208 | SH |  | SOLE |  | 1208 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 988635 | 14666 | SH |  | SOLE |  | 14666 | 0 | 0 |
| KYNDRYL HLDGS INC | COMMON STOCK | 50155Q100 |  | 352492 | 11738 | SH |  | SOLE |  | 11738 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 900349 | 2948 | SH |  | SOLE |  | 2948 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1653129 | 12346 | SH |  | SOLE |  | 12346 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 698302 | 12982 | SH |  | SOLE |  | 12982 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 |  | 421059 | 13350 | SH |  | SOLE |  | 13350 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 351129 | 3490 | SH |  | SOLE |  | 3490 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 556676 | 2946 | SH |  | SOLE |  | 2946 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 226397 | 960 | SH |  | SOLE |  | 960 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 371947 | 1118 | SH |  | SOLE |  | 1118 | 0 | 0 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 |  | 315669 | 1540 | SH |  | SOLE |  | 1540 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 608131 | 33304 | SH |  | SOLE |  | 33304 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 532348 | 2762 | SH |  | SOLE |  | 2762 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 363158 | 190 | SH |  | SOLE |  | 190 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 538094 | 946 | SH |  | SOLE |  | 946 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 220842 | 2240 | SH |  | SOLE |  | 2240 | 0 | 0 |
| MAXIMUS INC | COM | 577933104 |  | 362191 | 3964 | SH |  | SOLE |  | 3964 | 0 | 0 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 1073566 | 2088 | SH |  | SOLE |  | 2088 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 969727 | 11554 | SH |  | SOLE |  | 11554 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 719692 | 980 | SH |  | SOLE |  | 980 | 0 | 0 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 448359 | 15804 | SH |  | SOLE |  | 15804 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 742901 | 4440 | SH |  | SOLE |  | 4440 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1338383 | 2584 | SH |  | SOLE |  | 2584 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 434581 | 9604 | SH |  | SOLE |  | 9604 | 0 | 0 |
| MONARCH CASINO  RESORT INC | COM | 609027107 |  | 340593 | 3218 | SH |  | SOLE |  | 3218 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 386273 | 2430 | SH |  | SOLE |  | 2430 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 256603 | 1106 | SH |  | SOLE |  | 1106 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 616427 | 1348 | SH |  | SOLE |  | 1348 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 1135465 | 11230 | SH |  | SOLE |  | 11230 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 584643 | 3632 | SH |  | SOLE |  | 3632 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 537224 | 5816 | SH |  | SOLE |  | 5816 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 460809 | 3890 | SH |  | SOLE |  | 3890 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 395644 | 330 | SH |  | SOLE |  | 330 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 361338 | 2574 | SH |  | SOLE |  | 2574 | 0 | 0 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 638276 | 13256 | SH |  | SOLE |  | 13256 | 0 | 0 |
| NEWMARKET CORP | COM | 651587107 |  | 624470 | 754 | SH |  | SOLE |  | 754 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 2269288 | 26916 | SH |  | SOLE |  | 26916 | 0 | 0 |
| NEXTRACKER INC | CLASS A COM | 65290E101 |  | 222118 | 3002 | SH |  | SOLE |  | 3002 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 286160 | 2126 | SH |  | SOLE |  | 2126 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 531327 | 872 | SH |  | SOLE |  | 872 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 170051 | 12834 | SH |  | SOLE |  | 12834 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 370542 | 2288 | SH |  | SOLE |  | 2288 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1332928 | 7144 | SH |  | SOLE |  | 7144 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 243718 | 5604 | SH |  | SOLE |  | 5604 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 882781 | 20786 | SH |  | SOLE |  | 20786 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 776750 | 19236 | SH |  | SOLE |  | 19236 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 219218 | 2962 | SH |  | SOLE |  | 2962 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 987928 | 14732 | SH |  | SOLE |  | 14732 | 0 | 0 |
| PEGASYSTEMS INC | COM | 705573103 |  | 233450 | 4060 | SH |  | SOLE |  | 4060 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 349075 | 1378 | SH |  | SOLE |  | 1378 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 702636 | 27576 | SH |  | SOLE |  | 27576 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 543042 | 13336 | SH |  | SOLE |  | 13336 | 0 | 0 |
| PJT PARTNERS INC | COM CL A | 69343T107 |  | 438638 | 2468 | SH |  | SOLE |  | 2468 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 466158 | 2320 | SH |  | SOLE |  | 2320 | 0 | 0 |
| PRIMERICA INC | COM | 74164M108 |  | 230955 | 832 | SH |  | SOLE |  | 832 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 525010 | 2586 | SH |  | SOLE |  | 2586 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 365642 | 5958 | SH |  | SOLE |  | 5958 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 759653 | 9102 | SH |  | SOLE |  | 9102 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 809957 | 6130 | SH |  | SOLE |  | 6130 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 1702528 | 10234 | SH |  | SOLE |  | 10234 | 0 | 0 |
| QUALYS INC | COM | 74758T303 |  | 277628 | 2098 | SH |  | SOLE |  | 2098 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 241587 | 6670 | SH |  | SOLE |  | 6670 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 417002 | 2416 | SH |  | SOLE |  | 2416 | 0 | 0 |
| RED ROCK RESORTS INC | CL A | 75700L108 |  | 281120 | 4604 | SH |  | SOLE |  | 4604 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 409333 | 728 | SH |  | SOLE |  | 728 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 633724 | 24032 | SH |  | SOLE |  | 24032 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 421544 | 1540 | SH |  | SOLE |  | 1540 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 236981 | 678 | SH |  | SOLE |  | 678 | 0 | 0 |
| ROKU INC | COM CL A | 77543R102 |  | 488634 | 4880 | SH |  | SOLE |  | 4880 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 326945 | 1630 | SH |  | SOLE |  | 1630 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 956782 | 5072 | SH |  | SOLE |  | 5072 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 376714 | 774 | SH |  | SOLE |  | 774 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 550428 | 7498 | SH |  | SOLE |  | 7498 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 386727 | 1116 | SH |  | SOLE |  | 1116 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 568693 | 4686 | SH |  | SOLE |  | 4686 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 351013 | 14374 | SH |  | SOLE |  | 14374 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 324132 | 2794 | SH |  | SOLE |  | 2794 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 402235 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 857688 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 296394 | 6202 | SH |  | SOLE |  | 6202 | 0 | 0 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 239805 | 4886 | SH |  | SOLE |  | 4886 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 450400 | 5470 | SH |  | SOLE |  | 5470 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 225496 | 942 | SH |  | SOLE |  | 942 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 378756 | 1466 | SH |  | SOLE |  | 1466 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 630862 | 5572 | SH |  | SOLE |  | 5572 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 443719 | 6722 | SH |  | SOLE |  | 6722 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 278375 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 548208 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 205401 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 337285 | 2030 | SH |  | SOLE |  | 2030 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 733885 | 2546 | SH |  | SOLE |  | 2546 | 0 | 0 |
| THOR INDS INC | COM | 885160101 |  | 201988 | 1948 | SH |  | SOLE |  | 1948 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 857700 | 5934 | SH |  | SOLE |  | 5934 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 679373 | 4918 | SH |  | SOLE |  | 4918 | 0 | 0 |
| TORO CO | COM | 891092108 |  | 352501 | 4626 | SH |  | SOLE |  | 4626 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 2598093 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 218608 | 3844 | SH |  | SOLE |  | 3844 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 299627 | 5518 | SH |  | SOLE |  | 5518 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 793557 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 549056 | 16508 | SH |  | SOLE |  | 16508 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 427652 | 31962 | SH |  | SOLE |  | 31962 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 934943 | 1710 | SH |  | SOLE |  | 1710 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 207311 | 6892 | SH |  | SOLE |  | 6892 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 579107 | 2450 | SH |  | SOLE |  | 2450 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 511450 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 1089946 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 877865 | 4294 | SH |  | SOLE |  | 4294 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 673663 | 4504 | SH |  | SOLE |  | 4504 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 597720 | 13600 | SH |  | SOLE |  | 13600 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 299996 | 766 | SH |  | SOLE |  | 766 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 246505 | 1634 | SH |  | SOLE |  | 1634 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 329773 | 966 | SH |  | SOLE |  | 966 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 209598 | 4994 | SH |  | SOLE |  | 4994 | 0 | 0 |
| WARNER MUSIC GROUP CORP | COM CL A | 934550203 |  | 212534 | 6240 | SH |  | SOLE |  | 6240 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 94696 | 10338 | SH |  | SOLE |  | 10338 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 277098 | 2308 | SH |  | SOLE |  | 2308 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 221371 | 27706 | SH |  | SOLE |  | 27706 | 0 | 0 |
| YELP INC | CL A | 985817105 |  | 739502 | 23702 | SH |  | SOLE |  | 23702 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 219852 | 2232 | SH |  | SOLE |  | 2232 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 514168 | 3514 | SH |  | SOLE |  | 3514 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 1042635 | 12638 | SH |  | SOLE |  | 12638 | 0 | 0 |

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