# EDGAR Filing Document

**Accession Number:** 0001806755
**File Stem:** 0001806755-26-000005
**Filing Date:** 2026-5
**Character Count:** 27057
**Document Hash:** 6edfdb93f3252723018c8877a081426e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001806755-26-000005.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001806755-26-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**EFFECTIVENESS DATE**: 20260518

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Systematic Alpha Investments, LLC
- **CENTRAL INDEX KEY:** 0001806755

**ORGANIZATION NAME:**
- **EIN:** 830738564
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21138
- **FILM NUMBER:** 26992176

**BUSINESS ADDRESS:**
- **STREET 1:** 36 MERCER STREET
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540
- **BUSINESS PHONE:** 609-751-7550

**MAIL ADDRESS:**
- **STREET 1:** 36 MERCER STREET
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Systematic Alpha Investments LLC<br>**Address:** 36 MERCER STREET<br>PRINCETON, NJ 08540

**Form 13F File Number:** 028-21138

**CRD Number (if applicable):** 000297693

**SEC File Number (if applicable):** 801-113746

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:** Christopher L Ainsworth<br>**Title:** Compliance Officer<br>**Phone:** 9497357303

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

Christopher L. Ainsworth  Newport Beach, CA  05-18-2026<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:** 235

**Form 13F Information Table Value Total:** $2844315655

      (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 |
| NVIDIA Corporation | COM | 67066G104 |  | 156126400 | 895219 | SH |  | SOLE |  | 895219 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 146219600 | 576144 | SH |  | SOLE |  | 576144 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 108551800 | 317598 | SH |  | SOLE |  | 317598 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 93061480 | 251402 | SH |  | SOLE |  | 251402 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 88741020 | 308599 | SH |  | SOLE |  | 308599 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 62771870 | 215208 | SH |  | SOLE |  | 215208 | 0 | 0 |
| Merck and Co. Inc. | COM | 58933Y105 |  | 49400940 | 410682 | SH |  | SOLE |  | 410682 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 46964880 | 225499 | SH |  | SOLE |  | 225499 | 0 | 0 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 45541890 | 158759 | SH |  | SOLE |  | 158759 | 0 | 0 |
| Meta Platforms Inc Class A | COM | 30303M102 |  | 42034390 | 73470 | SH |  | SOLE |  | 73470 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 34288340 | 149216 | SH |  | SOLE |  | 149216 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 30036970 | 193425 | SH |  | SOLE |  | 193425 | 0 | 0 |
| Mastercard Incorporated Class A | COM | 57636Q104 |  | 29917640 | 59876 | SH |  | SOLE |  | 59876 | 0 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 29836150 | 96001 | SH |  | SOLE |  | 96001 | 0 | 0 |
| American Electric Power Company Inc. | COM | 025537101 |  | 28444360 | 217000 | SH |  | SOLE |  | 217000 | 0 | 0 |
| Allstate Corporation | COM | 020002101 |  | 26319950 | 126941 | SH |  | SOLE |  | 126941 | 0 | 0 |
| RTX Corporation | COM | 75513E101 |  | 25885250 | 134190 | SH |  | SOLE |  | 134190 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 24771990 | 75320 | SH |  | SOLE |  | 75320 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 24407330 | 314568 | SH |  | SOLE |  | 314568 | 0 | 0 |
| Union Pacific Corporation | COM | 907818108 |  | 22648090 | 93348 | SH |  | SOLE |  | 93348 | 0 | 0 |
| Lam Research Corporation | COM | 512807306 |  | 22302040 | 104380 | SH |  | SOLE |  | 104380 | 0 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 21706250 | 70130 | SH |  | SOLE |  | 70130 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 21376000 | 98285 | SH |  | SOLE |  | 98285 | 0 | 0 |
| Acadian Asset Management Inc. | COM | 10948W103 |  | 20141280 | 370108 | SH |  | SOLE |  | 370108 | 0 | 0 |
| MetLife Inc. | COM | 59156R108 |  | 19834910 | 280471 | SH |  | SOLE |  | 280471 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 17970110 | 296292 | SH |  | SOLE |  | 296292 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 16115700 | 167609 | SH |  | SOLE |  | 167609 | 0 | 0 |
| Sun Life Financial Inc. | COM | 866796105 |  | 15690550 | 250808 | SH |  | SOLE |  | 250808 | 0 | 0 |
| Eversource Energy | COM | 30040W108 |  | 15667810 | 226152 | SH |  | SOLE |  | 226152 | 0 | 0 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 15511030 | 57323 | SH |  | SOLE |  | 57323 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 15507780 | 308920 | SH |  | SOLE |  | 308920 | 0 | 0 |
| Yum! Brands Inc. | COM | 988498101 |  | 15428900 | 99234 | SH |  | SOLE |  | 99234 | 0 | 0 |
| T Mobile US Inc. | COM | 872590104 |  | 15336390 | 73020 | SH |  | SOLE |  | 73020 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 14031980 | 212638 | SH |  | SOLE |  | 212638 | 0 | 0 |
| Target Corporation | COM | 87612E106 |  | 13912060 | 114786 | SH |  | SOLE |  | 114786 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 13103420 | 172300 | SH |  | SOLE |  | 172300 | 0 | 0 |
| Kimberly-Clark Corporation | COM | 494368103 |  | 12720440 | 131859 | SH |  | SOLE |  | 131859 | 0 | 0 |
| Avery Dennison Corporation | COM | 053611109 |  | 12198810 | 70644 | SH |  | SOLE |  | 70644 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 11920380 | 424515 | SH |  | SOLE |  | 424515 | 0 | 0 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 11109920 | 54613 | SH |  | SOLE |  | 54613 | 0 | 0 |
| JPMorgan Chase Co. | COM | 46625H100 |  | 10826260 | 36804 | SH |  | SOLE |  | 36804 | 0 | 0 |
| Truist Financial Corporation | COM | 89832Q109 |  | 10754080 | 233937 | SH |  | SOLE |  | 233937 | 0 | 0 |
| Tesla Inc. | COM | 88160R101 |  | 10122390 | 27229 | SH |  | SOLE |  | 27229 | 0 | 0 |
| Edison International | COM | 281020107 |  | 9527158 | 130188 | SH |  | SOLE |  | 130188 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 9505072 | 215388 | SH |  | SOLE |  | 215388 | 0 | 0 |
| SLM Corp | COM | 78442P106 |  | 5949968 | 277906 | SH |  | SOLE |  | 277906 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 5480754 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| Microchip Technology Incorporated | COM | 595017104 |  | 5104190 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| Western Digital Corporation | COM | 958102105 |  | 4327840 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Royal Caribbean Group | COM | V7780T103 |  | 3636228 | 13214 | SH |  | SOLE |  | 13214 | 0 | 0 |
| Leidos Holdings Inc. | COM | 525327102 |  | 3387381 | 21781 | SH |  | SOLE |  | 21781 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 3291015 | 67508 | SH |  | SOLE |  | 67508 | 0 | 0 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 3124568 | 53157 | SH |  | SOLE |  | 53157 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 3073292 | 14854 | SH |  | SOLE |  | 14854 | 0 | 0 |
| Invesco Ltd. | COM | G491BT108 |  | 3065228 | 126193 | SH |  | SOLE |  | 126193 | 0 | 0 |
| Pitney Bowes Inc. | COM | 724479100 |  | 3038750 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| Franklin Resources Inc. | COM | 354613101 |  | 2980844 | 126200 | SH |  | SOLE |  | 126200 | 0 | 0 |
| Salesforce Inc. | COM | 79466L302 |  | 2916532 | 15624 | SH |  | SOLE |  | 15624 | 0 | 0 |
| Southern Company | COM | 842587107 |  | 2895600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| QUALCOMM Incorporated | COM | 747525103 |  | 2877203 | 22342 | SH |  | SOLE |  | 22342 | 0 | 0 |
| Arista Networks Inc. | COM | 040413205 |  | 2860283 | 23296 | SH |  | SOLE |  | 23296 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 2851340 | 17326 | SH |  | SOLE |  | 17326 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 2702092 | 3194 | SH |  | SOLE |  | 3194 | 0 | 0 |
| Visa Inc. Class A | COM | 92826C839 |  | 2621328 | 8673 | SH |  | SOLE |  | 8673 | 0 | 0 |
| Medtronic Plc | COM | G5960L103 |  | 2573592 | 29701 | SH |  | SOLE |  | 29701 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 2519910 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 2492370 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 2446046 | 9030 | SH |  | SOLE |  | 9030 | 0 | 0 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 2376051 | 12013 | SH |  | SOLE |  | 12013 | 0 | 0 |
| APA Corporation | COM | 03743Q108 |  | 2037247 | 48003 | SH |  | SOLE |  | 48003 | 0 | 0 |
| Marriott International Inc. Class A | COM | 571903202 |  | 2009191 | 6143 | SH |  | SOLE |  | 6143 | 0 | 0 |
| Boeing Company | COM | 097023105 |  | 1997863 | 10038 | SH |  | SOLE |  | 10038 | 0 | 0 |
| V.F. Corporation | COM | 918204108 |  | 1984041 | 116777 | SH |  | SOLE |  | 116777 | 0 | 0 |
| Adobe Inc. | COM | 00724F101 |  | 1973810 | 8120 | SH |  | SOLE |  | 8120 | 0 | 0 |
| CBRE Group Inc. Class A | COM | 12504L109 |  | 1791188 | 13223 | SH |  | SOLE |  | 13223 | 0 | 0 |
| Brady Corporation Class A | COM | 104674106 |  | 1641048 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| KLA Corporation | COM | 482480100 |  | 1562227 | 1061 | SH |  | SOLE |  | 1061 | 0 | 0 |
| Marathon Petroleum Corporation | COM | 56585A102 |  | 1541997 | 6315 | SH |  | SOLE |  | 6315 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 1539280 | 13088 | SH |  | SOLE |  | 13088 | 0 | 0 |
| Baker Hughes Company Class A | COM | 05722G100 |  | 1459828 | 23912 | SH |  | SOLE |  | 23912 | 0 | 0 |
| Carrier Global Corp. | COM | 14448C104 |  | 1452179 | 25789 | SH |  | SOLE |  | 25789 | 0 | 0 |
| Quanta Services Inc. | COM | 74762E102 |  | 1368707 | 2493 | SH |  | SOLE |  | 2493 | 0 | 0 |
| Boston Scientific Corporation | COM | 101137107 |  | 1365440 | 21760 | SH |  | SOLE |  | 21760 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 1362539 | 18830 | SH |  | SOLE |  | 18830 | 0 | 0 |
| United Rentals Inc. | COM | 911363109 |  | 1219610 | 1674 | SH |  | SOLE |  | 1674 | 0 | 0 |
| GE Aerospace | COM | 369604301 |  | 1204036 | 4243 | SH |  | SOLE |  | 4243 | 0 | 0 |
| Northrop Grumman Corp. | COM | 666807102 |  | 1159808 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Otis Worldwide Corporation | COM | 68902V107 |  | 1126139 | 14610 | SH |  | SOLE |  | 14610 | 0 | 0 |
| SLB Limited | COM | 806857108 |  | 1101031 | 21425 | SH |  | SOLE |  | 21425 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 1083283 | 29270 | SH |  | SOLE |  | 29270 | 0 | 0 |
| FirstCash Holdings Inc. | COM | 33768G107 |  | 1034000 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 1024746 | 6040 | SH |  | SOLE |  | 6040 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 1018130 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| Parker-Hannifin Corporation | COM | 701094104 |  | 1002669 | 1120 | SH |  | SOLE |  | 1120 | 0 | 0 |
| Newmont Corporation | COM | 651639106 |  | 958553 | 8855 | SH |  | SOLE |  | 8855 | 0 | 0 |
| Ford Motor Company | COM | 345370860 |  | 922530 | 79942 | SH |  | SOLE |  | 79942 | 0 | 0 |
| Align Technology Inc. | COM | 016255101 |  | 902750 | 5266 | SH |  | SOLE |  | 5266 | 0 | 0 |
| Fortinet Inc. | COM | 34959E109 |  | 846619 | 10359 | SH |  | SOLE |  | 10359 | 0 | 0 |
| Micron Technology Inc. | COM | 595112103 |  | 831424 | 2461 | SH |  | SOLE |  | 2461 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 825303 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| Synopsys Inc. | COM | 871607107 |  | 813973 | 2053 | SH |  | SOLE |  | 2053 | 0 | 0 |
| Toll Brothers Inc. | COM | 889478103 |  | 805173 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| McKesson Corporation | COM | 58155Q103 |  | 778824 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Regions Financial Corporation | COM | 7591EP100 |  | 773543 | 29615 | SH |  | SOLE |  | 29615 | 0 | 0 |
| Allison Transmission Holdings Inc. | COM | 01973R101 |  | 772596 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| Hilton Worldwide Holdings Inc. | COM | 43300A203 |  | 741347 | 2438 | SH |  | SOLE |  | 2438 | 0 | 0 |
| Lincoln National Corp | COM | 534187109 |  | 736199 | 20738 | SH |  | SOLE |  | 20738 | 0 | 0 |
| Viatris Inc. | COM | 92556V106 |  | 712395 | 52730 | SH |  | SOLE |  | 52730 | 0 | 0 |
| Ameris Bancorp | COM | 03076K108 |  | 709709 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| Carpenter Technology Corporation | COM | 144285103 |  | 709470 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 694119 | 2498 | SH |  | SOLE |  | 2498 | 0 | 0 |
| Chipotle Mexican Grill Inc. | COM | 169656105 |  | 691416 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 689931 | 7580 | SH |  | SOLE |  | 7580 | 0 | 0 |
| Fabrinet | COM | G3323L100 |  | 677976 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Celanese Corporation | COM | 150870103 |  | 657700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ServiceNow Inc. | COM | 81762P102 |  | 651869 | 6234 | SH |  | SOLE |  | 6234 | 0 | 0 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 |  | 645003 | 1346 | SH |  | SOLE |  | 1346 | 0 | 0 |
| Copart Inc. | COM | 217204106 |  | 629870 | 18972 | SH |  | SOLE |  | 18972 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 608520 | 4610 | SH |  | SOLE |  | 4610 | 0 | 0 |
| News Corporation Class A | COM | 65249B109 |  | 591838 | 23740 | SH |  | SOLE |  | 23740 | 0 | 0 |
| Douglas Dynamics Inc. | COM | 25960R105 |  | 589260 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Nucor Corporation | COM | 670346105 |  | 561412 | 3320 | SH |  | SOLE |  | 3320 | 0 | 0 |
| Webster Financial Corporation | COM | 947890109 |  | 540920 | 7792 | SH |  | SOLE |  | 7792 | 0 | 0 |
| Halliburton Company | COM | 406216101 |  | 538685 | 13816 | SH |  | SOLE |  | 13816 | 0 | 0 |
| OPENLANE Inc. | COM | 48238T109 |  | 530530 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |
| ACI Worldwide Inc. | COM | 004498101 |  | 516726 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| Johnson Controls International plc | COM | G51502105 |  | 511883 | 3909 | SH |  | SOLE |  | 3909 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 499073 | 9918 | SH |  | SOLE |  | 9918 | 0 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 498525 | 1567 | SH |  | SOLE |  | 1567 | 0 | 0 |
| Modine Manufacturing Company | COM | 607828100 |  | 498433 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| TechnipFMC plc | COM | G87110105 |  | 495109 | 7162 | SH |  | SOLE |  | 7162 | 0 | 0 |
| International Business Machines Corporation | COM | 459200101 |  | 494475 | 2040 | SH |  | SOLE |  | 2040 | 0 | 0 |
| Great Lakes Dredge and Dock Corporation | COM | 390607109 |  | 486200 | 28600 | SH |  | SOLE |  | 28600 | 0 | 0 |
| State Street Corporation | COM | 857477103 |  | 480674 | 3798 | SH |  | SOLE |  | 3798 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 480631 | 4238 | SH |  | SOLE |  | 4238 | 0 | 0 |
| Intuitive Surgical Inc. | COM | 46120E602 |  | 474358 | 1029 | SH |  | SOLE |  | 1029 | 0 | 0 |
| United Airlines Holdings Inc. | COM | 910047109 |  | 464677 | 5047 | SH |  | SOLE |  | 5047 | 0 | 0 |
| Walt Disney Company | COM | 254687106 |  | 455973 | 4731 | SH |  | SOLE |  | 4731 | 0 | 0 |
| Rambus Inc. | COM | 750917106 |  | 455959 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| General Motors Company | COM | 37045V100 |  | 434335 | 5830 | SH |  | SOLE |  | 5830 | 0 | 0 |
| Expedia Group Inc. | COM | 30212P303 |  | 424144 | 1837 | SH |  | SOLE |  | 1837 | 0 | 0 |
| Cigna Group | COM | 125523100 |  | 421731 | 1581 | SH |  | SOLE |  | 1581 | 0 | 0 |
| Coeur Mining Inc. | COM | 192108504 |  | 418571 | 22300 | SH |  | SOLE |  | 22300 | 0 | 0 |
| National Energy Services Reunited Corp. | COM | G6375R107 |  | 414371 | 19300 | SH |  | SOLE |  | 19300 | 0 | 0 |
| Electronic Arts Inc. | COM | 285512109 |  | 411817 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 397879 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| Tecnoglass Inc. | COM | G87264100 |  | 392040 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| TTM Technologies Inc. | COM | 87305R109 |  | 379938 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| Terex Corporation | COM | 880779103 |  | 376762 | 6375 | SH |  | SOLE |  | 6375 | 0 | 0 |
| Etsy Inc. | COM | 29786A106 |  | 376249 | 7528 | SH |  | SOLE |  | 7528 | 0 | 0 |
| Century Aluminum Company | COM | 156431108 |  | 363878 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| Par Pacific Holdings Inc | COM | 69888T207 |  | 350784 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 349251 | 738 | SH |  | SOLE |  | 738 | 0 | 0 |
| Credo Technology Group Holding Ltd. | COM | G25457105 |  | 347319 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 342104 | 696 | SH |  | SOLE |  | 696 | 0 | 0 |
| Gen Digital Inc. | COM | 668771108 |  | 334722 | 17776 | SH |  | SOLE |  | 17776 | 0 | 0 |
| News Corporation Class B | COM | 65249B208 |  | 327865 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| Lennar Corporation Class A | COM | 526057104 |  | 316010 | 3639 | SH |  | SOLE |  | 3639 | 0 | 0 |
| Amdocs Limited | COM | G02602103 |  | 306722 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 304431 | 1764 | SH |  | SOLE |  | 1764 | 0 | 0 |
| Mosaic Company | COM | 61945C103 |  | 296641 | 11633 | SH |  | SOLE |  | 11633 | 0 | 0 |
| Phibro Animal Health Corporation Class A | COM | 71742Q106 |  | 293143 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| KeyCorp | COM | 493267108 |  | 292750 | 14601 | SH |  | SOLE |  | 14601 | 0 | 0 |
| Ingersoll Rand Inc. | COM | 45687V106 |  | 285387 | 3562 | SH |  | SOLE |  | 3562 | 0 | 0 |
| Live Nation Entertainment Inc. | COM | 538034109 |  | 281686 | 1847 | SH |  | SOLE |  | 1847 | 0 | 0 |
| Linde plc | COM | G54950103 |  | 279608 | 564 | SH |  | SOLE |  | 564 | 0 | 0 |
| Expro Group Holdings N.V. | COM | N3144W105 |  | 278560 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Elevance Health Inc. | COM | 036752103 |  | 277234 | 947 | SH |  | SOLE |  | 947 | 0 | 0 |
| Primoris Services Corporation | COM | 74164F103 |  | 271776 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| Darden Restaurants Inc. | COM | 237194105 |  | 270535 | 1380 | SH |  | SOLE |  | 1380 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 260570 | 5761 | SH |  | SOLE |  | 5761 | 0 | 0 |
| Graham Corporation | COM | 384556106 |  | 260436 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| Stride Inc. | COM | 86333M108 |  | 260101 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| Progressive Corporation | COM | 743315103 |  | 249187 | 1257 | SH |  | SOLE |  | 1257 | 0 | 0 |
| Organon and Co. | COM | 68622V106 |  | 245991 | 41067 | SH |  | SOLE |  | 41067 | 0 | 0 |
| Westinghouse Air Brake Technologies Corporation | COM | 929740108 |  | 241163 | 965 | SH |  | SOLE |  | 965 | 0 | 0 |
| Palomar Holdings Inc. | COM | 69753M105 |  | 239000 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Norwegian Cruise Line Holdings Ltd. | COM | G66721104 |  | 237639 | 12708 | SH |  | SOLE |  | 12708 | 0 | 0 |
| Citizens Financial Group Inc. | COM | 174610105 |  | 231484 | 3860 | SH |  | SOLE |  | 3860 | 0 | 0 |
| Allient Inc. | COM | 019330109 |  | 230451 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| LPL Financial Holdings Inc. | COM | 50212V100 |  | 228630 | 760 | SH |  | SOLE |  | 760 | 0 | 0 |
| Old Dominion Freight Line Inc. | COM | 679580100 |  | 227054 | 1162 | SH |  | SOLE |  | 1162 | 0 | 0 |
| Metropolitan Bank Holding Corp. | COM | 591774104 |  | 224883 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| Synchrony Financial | COM | 87165B103 |  | 221609 | 3258 | SH |  | SOLE |  | 3258 | 0 | 0 |
| BlackRock Inc. | COM | 09290D101 |  | 221193 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| PVH Corp. | COM | 693656100 |  | 221069 | 3169 | SH |  | SOLE |  | 3169 | 0 | 0 |
| Edwards Lifesciences Corporation | COM | 28176E108 |  | 213813 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| Lowe's Companies Inc. | COM | 548661107 |  | 213360 | 903 | SH |  | SOLE |  | 903 | 0 | 0 |
| InterDigital Inc. | COM | 45867G101 |  | 211400 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Dow Inc. | COM | 260557103 |  | 209083 | 5020 | SH |  | SOLE |  | 5020 | 0 | 0 |
| Fluor Corporation | COM | 343412102 |  | 205260 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| Bancorp Inc | COM | 05969A105 |  | 204174 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| MasTec Inc. | COM | 576323109 |  | 202374 | 629 | SH |  | SOLE |  | 629 | 0 | 0 |
| ONEOK Inc. | COM | 682680103 |  | 200485 | 2218 | SH |  | SOLE |  | 2218 | 0 | 0 |
| Daktronics Inc. | COM | 234264109 |  | 197455 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| Newell Brands Inc | COM | 651229106 |  | 171500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| Former BL Stores Inc. | COM | 089302103 |  | 13 | 46600 | SH |  | SOLE |  | 46600 | 0 | 0 |
| DXC Technology Co. | COM | 23355L106 |  | 195815 | 15578 | SH |  | SOLE |  | 15578 | 0 | 0 |
| Super Group (SGHC) Limited | COM | G8588X103 |  | 163080 | 15100 | SH |  | SOLE |  | 15100 | 0 | 0 |
| Paramount Skydance Corporation Class B | COM | 69932A204 |  | 94060 | 10428 | SH |  | SOLE |  | 10428 | 0 | 0 |
| Bath  Body Works Inc. | COM | 070830104 |  | 193607 | 10370 | SH |  | SOLE |  | 10370 | 0 | 0 |
| Samsung Electronics Co. Ltd. Sponsored GDR | ADR | 796050888 |  | 2183266 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 676751800 | 1132544 | SH |  | SOLE |  | 1132544 | 0 | 0 |
| Vanguard Value ETF | ETF | 922908744 |  | 175573100 | 894868 | SH |  | SOLE |  | 894868 | 0 | 0 |
| Vanguard Dividend Appreciation ETF | ETF | 921908844 |  | 75916180 | 353000 | SH |  | SOLE |  | 353000 | 0 | 0 |
| Vanguard Information Technology ETF | ETF | 92204A702 |  | 57422360 | 658400 | SH |  | SOLE |  | 658400 | 0 | 0 |
| Vanguard Growth ETF | ETF | 922908736 |  | 57076230 | 784030 | SH |  | SOLE |  | 784030 | 0 | 0 |
| State Street SPDR S 500 ETF | ETF | 78462F103 |  | 47455310 | 72970 | SH |  | SOLE |  | 72970 | 0 | 0 |
| Invesco S Smallcap 600 Pure Value ETF | ETF | 46137V167 |  | 38128210 | 306488 | SH |  | SOLE |  | 306488 | 0 | 0 |
| State Street Financial Select Sector SPDR ETF | ETF | 81369Y605 |  | 12264000 | 248410 | SH |  | SOLE |  | 248410 | 0 | 0 |
| iShares Russell 2000 ETF | ETF | 464287655 |  | 9921488 | 40006 | SH |  | SOLE |  | 40006 | 0 | 0 |
| iShares Core U.S. Aggregate Bond ETF | ETF | 464287226 |  | 7147440 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| State Street SPDR Portfolio S 500 Growth ETF | ETF | 78464A409 |  | 6853700 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| State Street SPDR Portfolio S 500 High Dividend ETF | ETF | 78468R788 |  | 6718798 | 147601 | SH |  | SOLE |  | 147601 | 0 | 0 |
| iShares MSCI China A ETF | ETF | 46434V514 |  | 2990750 | 87500 | SH |  | SOLE |  | 87500 | 0 | 0 |
| Invesco QQQ Trust Series I | ETF | 46090E103 |  | 1806573 | 3130 | SH |  | SOLE |  | 3130 | 0 | 0 |
| State Street SPDR S Dividend ETF | ETF | 78464A763 |  | 700512 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | ETF | 464287234 |  | 568922 | 10018 | SH |  | SOLE |  | 10018 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | ETF | 922042858 |  | 546715 | 10115 | SH |  | SOLE |  | 10115 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 355346 | 544 | SH |  | SOLE |  | 544 | 0 | 0 |
| Unilever PLC Sponsored ADR | ADR | 904767803 |  | 7488694 | 131449 | SH |  | SOLE |  | 131449 | 0 | 0 |
| HSBC Holdings PLC Sponsored ADR | ADR | 404280406 |  | 1897270 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| Alibaba Group Holding Limited Sponsored ADR | ADR | 01609W102 |  | 890766 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | ADR | 874039100 |  | 844875 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| ORIX Corporation Sponsored ADR | ADR | 686330101 |  | 744051 | 24810 | SH |  | SOLE |  | 24810 | 0 | 0 |
| KB Financial Group Inc. Sponsored ADR | ADR | 48241A105 |  | 658218 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| SK Telecom Co. Ltd. Sponsored ADR | ADR | 78440P306 |  | 582871 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| KT Corporation Sponsored ADR | ADR | 48268K101 |  | 429000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Harmony Gold Mining Co. Ltd. Sponsored ADR | ADR | 413216300 |  | 331992 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| ICICI Bank Limited Sponsored ADR | ADR | 45104G104 |  | 292670 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| Erste Bank Polska S.A. Unsponsored ADR | ADR | 80280M104 |  | 281484 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ZTO Express (Cayman) Inc. Sponsored ADR Class A | ADR | 98980A105 |  | 269319 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| United Microelectronics Corp. Sponsored ADR | ADR | 910873405 |  | 174212 | 19400 | SH |  | SOLE |  | 19400 | 0 | 0 |
| Companhia Energetica de Minas Gerais SA Sponsored ADR | ADR | 204409882 |  | 59696 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |

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