# EDGAR Filing Document

**Accession Number:** 0001639666
**File Stem:** 0001104659-25-077422
**Filing Date:** 2025-8
**Character Count:** 24433
**Document Hash:** d59be9c7900c1a2e2cb7127e2b27caae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077422.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001104659-25-077422

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ISTHMUS PARTNERS, LLC
- **CENTRAL INDEX KEY:** 0001639666

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

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16855
- **FILM NUMBER:** 251210302

**BUSINESS ADDRESS:**
- **STREET 1:** ONE SOUTH PINCKNEY STREET, SUITE 818
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53703
- **BUSINESS PHONE:** 608-729-0949

**MAIL ADDRESS:**
- **STREET 1:** ONE SOUTH PINCKNEY STREET, SUITE 818
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53703

### 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:** ISTHMUS PARTNERS LLC<br>**Address:** One South Pinckney Street Suite 818<br>Madison, WI 53703

**Form 13F File Number:** 028-16855

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:** Ryan Cobb<br>**Title:** Chief Operating Officer<br>**Phone:** 608-729-0953

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

/s/ Ryan Cobb  Madison, WI  08-07-2025<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:** 217

**Form 13F Information Table Value Total:** $856083601

      (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 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 329144 | 2420 | SH |  | SOLE |  | 2420 | 0 | 0 |
| ABBVIE INC | COM | 00287y109 |  | 11906628 | 64145 | SH |  | SOLE |  | 64145 | 0 | 0 |
| ABERDEEN STANDARD PLATINUM ETF IV | PHYSCL PLATM SHS | 003260106 |  | 426973 | 3475 | SH |  | SOLE |  | 3475 | 0 | 0 |
| ACADEMY SPORTS AND OUTDOORS INC | COM | 00402L107 |  | 2353780 | 52528 | SH |  | SOLE |  | 52528 | 0 | 0 |
| ACCENTURE PLC | COM | G1151C101 |  | 10340398 | 34596 | SH |  | SOLE |  | 34596 | 0 | 0 |
| ACUITY INC | COM | 00508y102 |  | 402759 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| ADVANCED DRAINAGE SYSTEMS INC | COM | 00790r104 |  | 330223 | 2875 | SH |  | SOLE |  | 2875 | 0 | 0 |
| ADVANCED ENERGY INDUSTRIES INC | COM | 007973100 |  | 3923988 | 29615 | SH |  | SOLE |  | 29615 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 427392 | 4143 | SH |  | SOLE |  | 4143 | 0 | 0 |
| AIRJOULE TECHNOLOGIES CO CLASS A | CL A | 612160101 |  | 78710 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| ALEXANDER  BALDWIN | COM | 014491104 |  | 2936423 | 164690 | SH |  | SOLE |  | 164690 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS INC | COM | 01973R101 |  | 14583625 | 153528 | SH |  | SOLE |  | 153528 | 0 | 0 |
| ALPHABET INC CLASS A | COM | 02079k305 |  | 16190779 | 91873 | SH |  | SOLE |  | 91873 | 0 | 0 |
| AMALGAMATED FINL CORP | COM | 022671101 |  | 3423732 | 109735 | SH |  | SOLE |  | 109735 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 692175 | 3155 | SH |  | SOLE |  | 3155 | 0 | 0 |
| AMCOR PLC F | COM | g0250x107 |  | 18411283 | 2003404 | SH |  | SOLE |  | 2003404 | 0 | 0 |
| AMDOCS LIMITED | COM | g02602103 |  | 413956 | 4537 | SH |  | SOLE |  | 4537 | 0 | 0 |
| AMERISAFE INC | COM | 03071h100 |  | 2865321 | 65523 | SH |  | SOLE |  | 65523 | 0 | 0 |
| APOGEE ENTERPRISES | COM | 037598109 |  | 1471100 | 36234 | SH |  | SOLE |  | 36234 | 0 | 0 |
| APPLE HOSPITALITY REIT | COM | 03784Y200 |  | 2677833 | 229463 | SH |  | SOLE |  | 229463 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 18746096 | 91369 | SH |  | SOLE |  | 91369 | 0 | 0 |
| APPLIED INDL TECH | COM | 03820c105 |  | 743840 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| APPLIED MATERIALS | COM | 038222105 |  | 13538210 | 73951 | SH |  | SOLE |  | 73951 | 0 | 0 |
| ARROW ELECTRONICS | COM | 042735100 |  | 393759 | 3090 | SH |  | SOLE |  | 3090 | 0 | 0 |
| ARTISAN PARTNERS ASSET MANAGEMENT INC | COM | 04316a108 |  | 3102745 | 69992 | SH |  | SOLE |  | 69992 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 1739128 | 24651 | SH |  | SOLE |  | 24651 | 0 | 0 |
| AUTO DATA PROCESSING | COM | 053015103 |  | 585035 | 1897 | SH |  | SOLE |  | 1897 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 17172776 | 4626 | SH |  | SOLE |  | 4626 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 382174 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| AVIENT CORPORATION | COM | 05368V106 |  | 2208130 | 68342 | SH |  | SOLE |  | 68342 | 0 | 0 |
| AXCELIS TECHNOLOGIES INC | COM | 054540208 |  | 2381168 | 34168 | SH |  | SOLE |  | 34168 | 0 | 0 |
| B J S WHOLESALE CLUB HOL | COM | 05550j101 |  | 726235 | 6735 | SH |  | SOLE |  | 6735 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 15605503 | 171282 | SH |  | SOLE |  | 171282 | 0 | 0 |
| BEL FUSE INC. CLASS B | CL B | 077347300 |  | 4626501 | 47359 | SH |  | SOLE |  | 47359 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 15708180 | 213804 | SH |  | SOLE |  | 213804 | 0 | 0 |
| BERKSHIRE HATHAWAY CLASS B | CL B NEW | 084670702 |  | 819008 | 1686 | SH |  | SOLE |  | 1686 | 0 | 0 |
| BIOLIFE SOLUTIONS INC | COM | 09062W204 |  | 2845973 | 132125 | SH |  | SOLE |  | 132125 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 284123 | 1356 | SH |  | SOLE |  | 1356 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG CORP | COM | 099502106 |  | 9857154 | 94662 | SH |  | SOLE |  | 94662 | 0 | 0 |
| BROADCOM INC | COM | 11135f101 |  | 17534097 | 63610 | SH |  | SOLE |  | 63610 | 0 | 0 |
| BUTTERFLY NETWORK INC CLASS A | CL A | 124155102 |  | 1378444 | 689222 | SH |  | SOLE |  | 689222 | 0 | 0 |
| CABOT CORPORATION | COM | 127055101 |  | 319350 | 4258 | SH |  | SOLE |  | 4258 | 0 | 0 |
| CAPITAL CITY BANK GP | COM | 139674105 |  | 3349511 | 85121 | SH |  | SOLE |  | 85121 | 0 | 0 |
| CAPITAL ONE FINL | COM | 14040h105 |  | 272758 | 1282 | SH |  | SOLE |  | 1282 | 0 | 0 |
| CARLISLE COMPANIES | COM | 142339100 |  | 1036932 | 2777 | SH |  | SOLE |  | 2777 | 0 | 0 |
| CARRIER GLOBAL CORP | COM | 14448c104 |  | 236038 | 3225 | SH |  | SOLE |  | 3225 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1885924 | 4858 | SH |  | SOLE |  | 4858 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503m108 |  | 14738639 | 63199 | SH |  | SOLE |  | 63199 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 18799096 | 62695 | SH |  | SOLE |  | 62695 | 0 | 0 |
| CH ROBINSON WORLDWIDE INC | COM | 12541W209 |  | 13581818 | 141551 | SH |  | SOLE |  | 141551 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 343513 | 2399 | SH |  | SOLE |  | 2399 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 12491387 | 137419 | SH |  | SOLE |  | 137419 | 0 | 0 |
| COLUMBUS MCKINNON CO | COM | 199333105 |  | 1333590 | 87334 | SH |  | SOLE |  | 87334 | 0 | 0 |
| COMMERCE BANCSHARES | COM | 200525103 |  | 425715 | 6848 | SH |  | SOLE |  | 6848 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 361005 | 7381 | SH |  | SOLE |  | 7381 | 0 | 0 |
| COMSTOCK RESOURCES INC | COM | 205768302 |  | 5225369 | 188846 | SH |  | SOLE |  | 188846 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825c104 |  | 251182 | 2799 | SH |  | SOLE |  | 2799 | 0 | 0 |
| CORE  MAIN INC | COM | 21874C102 |  | 4958235 | 82158 | SH |  | SOLE |  | 82158 | 0 | 0 |
| CORE LABORATORIES INC | COM | 21867a105 |  | 136996 | 11892 | SH |  | SOLE |  | 11892 | 0 | 0 |
| COSTCO WHOLESALE CO | COM | 22160k105 |  | 263324 | 266 | SH |  | SOLE |  | 266 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 10325345 | 406830 | SH |  | SOLE |  | 406830 | 0 | 0 |
| CRA INTERNATIONAL INC | COM | 12618T105 |  | 3842959 | 20510 | SH |  | SOLE |  | 20510 | 0 | 0 |
| CRANE NXT | COM | 224441105 |  | 2937281 | 54495 | SH |  | SOLE |  | 54495 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 345162 | 3408 | SH |  | SOLE |  | 3408 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 14611211 | 167387 | SH |  | SOLE |  | 167387 | 0 | 0 |
| DOCGO INC | COM | 256086109 |  | 1071029 | 682184 | SH |  | SOLE |  | 682184 | 0 | 0 |
| DONALDSON CO | COM | 257651109 |  | 309648 | 4465 | SH |  | SOLE |  | 4465 | 0 | 0 |
| DONNELLEY FINANCIAL | COM | 25787g100 |  | 3389949 | 54987 | SH |  | SOLE |  | 54987 | 0 | 0 |
| EATON CORP PLC F | COM | g29183103 |  | 586892 | 1644 | SH |  | SOLE |  | 1644 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 16769732 | 225218 | SH |  | SOLE |  | 225218 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 370480 | 1375 | SH |  | SOLE |  | 1375 | 0 | 0 |
| EMBECTA CORP | COM | 29082K105 |  | 1123798 | 115975 | SH |  | SOLE |  | 115975 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 15035891 | 112772 | SH |  | SOLE |  | 112772 | 0 | 0 |
| EMPLOYERS HOLDINGS INC | COM | 292218104 |  | 3033485 | 64296 | SH |  | SOLE |  | 64296 | 0 | 0 |
| EVERCORE INC CLASS A | COM | 29977a105 |  | 935619 | 3465 | SH |  | SOLE |  | 3465 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063p105 |  | 649743 | 12227 | SH |  | SOLE |  | 12227 | 0 | 0 |
| EXPONENT INC | COM | 30214u102 |  | 253267 | 3390 | SH |  | SOLE |  | 3390 | 0 | 0 |
| EXXON MOBIL CORP COM | COM | 30231g102 |  | 961576 | 8920 | SH |  | SOLE |  | 8920 | 0 | 0 |
| F T I CONSULTING INC | COM | 302941109 |  | 391153 | 2422 | SH |  | SOLE |  | 2422 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 846636 | 20158 | SH |  | SOLE |  | 20158 | 0 | 0 |
| FERGUSON PLC NEW F | COM | 31488v107 |  | 271752 | 1248 | SH |  | SOLE |  | 1248 | 0 | 0 |
| FIDELITY NATL INFORMATION | COM | 31620m106 |  | 501160 | 6156 | SH |  | SOLE |  | 6156 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 12998067 | 316024 | SH |  | SOLE |  | 316024 | 0 | 0 |
| FIRST HORIZON CORPORATION COM | COM | 320517105 |  | 506489 | 23891 | SH |  | SOLE |  | 23891 | 0 | 0 |
| FIRST SOURCE CORP | COM | 336901103 |  | 3447430 | 55541 | SH |  | SOLE |  | 55541 | 0 | 0 |
| FIRSTCASH HLDGS INC | COM | 33768g107 |  | 683673 | 5059 | SH |  | SOLE |  | 5059 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 242753 | 1408 | SH |  | SOLE |  | 1408 | 0 | 0 |
| FIVE BELOW | COM | 33829m101 |  | 350907 | 2675 | SH |  | SOLE |  | 2675 | 0 | 0 |
| FLOWSERVE CORP | COM | 34354P105 |  | 11841256 | 226194 | SH |  | SOLE |  | 226194 | 0 | 0 |
| FRONTDOOR INC | COM | 35905A109 |  | 4992454 | 84704 | SH |  | SOLE |  | 84704 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 12732930 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604301 |  | 210030 | 816 | SH |  | SOLE |  | 816 | 0 | 0 |
| GENPACT LIMITED | COM | g3922b107 |  | 539123 | 12250 | SH |  | SOLE |  | 12250 | 0 | 0 |
| GLOBAL INDUSTRIAL COMPANY | COM | 37892e102 |  | 946484 | 35042 | SH |  | SOLE |  | 35042 | 0 | 0 |
| GLOBAL SHIP LEASE | COM | Y27183600 |  | 2998603 | 113972 | SH |  | SOLE |  | 113972 | 0 | 0 |
| GMS INC | COM | 36251C103 |  | 3864431 | 35535 | SH |  | SOLE |  | 35535 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 15044991 | 14463 | SH |  | SOLE |  | 14463 | 0 | 0 |
| HACKETT GROUP | COM | 404609109 |  | 3441360 | 135380 | SH |  | SOLE |  | 135380 | 0 | 0 |
| HAEMONETICS CORP | COM | 405024100 |  | 3372148 | 45197 | SH |  | SOLE |  | 45197 | 0 | 0 |
| HALOZYME THERAPEUTICS | COM | 40637h109 |  | 357638 | 6875 | SH |  | SOLE |  | 6875 | 0 | 0 |
| HCA HOLDINGS INC | COM | 40412c101 |  | 14150182 | 36936 | SH |  | SOLE |  | 36936 | 0 | 0 |
| HEALTHPEAK PPTYS INC REIT | COM | 42250p103 |  | 323252 | 18461 | SH |  | SOLE |  | 18461 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 12087798 | 72840 | SH |  | SOLE |  | 72840 | 0 | 0 |
| HOULIHAN LOKEY INC CLASS A | COM | 441593100 |  | 914146 | 5080 | SH |  | SOLE |  | 5080 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 393950 | 48516 | SH |  | SOLE |  | 48516 | 0 | 0 |
| HYPERFINE INC | COM | 44916k106 |  | 225487 | 313350 | SH |  | SOLE |  | 313350 | 0 | 0 |
| HYSTER-YALE MH CLASS A | COM | 449172105 |  | 1956699 | 49188 | SH |  | SOLE |  | 49188 | 0 | 0 |
| IBM CORP | COM | 459200101 |  | 751099 | 2548 | SH |  | SOLE |  | 2548 | 0 | 0 |
| ILLINOIS TOOL WORKS | COM | 452308109 |  | 323898 | 1310 | SH |  | SOLE |  | 1310 | 0 | 0 |
| INDEPENDENT BANK CO | COM | 453836108 |  | 2408496 | 38300 | SH |  | SOLE |  | 38300 | 0 | 0 |
| INGEVITY CORP | COM | 45688C107 |  | 2980018 | 69158 | SH |  | SOLE |  | 69158 | 0 | 0 |
| INNOVATIVE SOLUTIONS AND SUPPORT INC. | COM | 45769N105 |  | 2659089 | 191577 | SH |  | SOLE |  | 191577 | 0 | 0 |
| INSIGHT ENTERPRISES | COM | 45765u103 |  | 521961 | 3780 | SH |  | SOLE |  | 3780 | 0 | 0 |
| INSTEEL INDUSTRIES | COM | 45774w108 |  | 3525796 | 94754 | SH |  | SOLE |  | 94754 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 5547584 | 247660 | SH |  | SOLE |  | 247660 | 0 | 0 |
| INTERCONTINENTAL EXC | COM | 45866f104 |  | 220164 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| INTERFACE INC | COM | 458665304 |  | 3876885 | 185231 | SH |  | SOLE |  | 185231 | 0 | 0 |
| INTERPUBLIC GRP COS | COM | 460690100 |  | 305143 | 12465 | SH |  | SOLE |  | 12465 | 0 | 0 |
| IRADIMED CORP | COM | 46266a109 |  | 3428598 | 57344 | SH |  | SOLE |  | 57344 | 0 | 0 |
| ISHARES GOLD ETF | ISHARES NEW | 464285204 |  | 593667 | 9520 | SH |  | SOLE |  | 9520 | 0 | 0 |
| ISHARES RUSSELL 1000 ETF IV | RUS 1000 ETF | 464287622 |  | 269958 | 795 | SH |  | SOLE |  | 795 | 0 | 0 |
| ISHARES SILVER TRUST ETF IV | ISHARES | 46428q109 |  | 488869 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| J P MORGAN CHASE  CO | COM | 46625h100 |  | 873499 | 3013 | SH |  | SOLE |  | 3013 | 0 | 0 |
| JANUS INTERNATIONAL GROUP | COM | 47103N106 |  | 2635781 | 323806 | SH |  | SOLE |  | 323806 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | COM | g50871105 |  | 362612 | 3417 | SH |  | SOLE |  | 3417 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 15217566 | 99624 | SH |  | SOLE |  | 99624 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 204338 | 1585 | SH |  | SOLE |  | 1585 | 0 | 0 |
| KORN FERRY | COM | 500643200 |  | 3633282 | 49547 | SH |  | SOLE |  | 49547 | 0 | 0 |
| LIGAND PHARMA | COM | 53220k504 |  | 4237195 | 37273 | SH |  | SOLE |  | 37273 | 0 | 0 |
| LIMBACH HOLDINGS INC | COM | 53263P105 |  | 4808232 | 34320 | SH |  | SOLE |  | 34320 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 11140380 | 301010 | SH |  | SOLE |  | 301010 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 11497451 | 24825 | SH |  | SOLE |  | 24825 | 0 | 0 |
| LOWES COMPANIES INC | COM | 548661107 |  | 10786432 | 48616 | SH |  | SOLE |  | 48616 | 0 | 0 |
| MAGNOLIA OIL  GAS CORP | COM | 559663109 |  | 213335 | 9490 | SH |  | SOLE |  | 9490 | 0 | 0 |
| MARKEL CORP | COM | 570535104 |  | 367514 | 184 | SH |  | SOLE |  | 184 | 0 | 0 |
| MATIV HOLDINGS INC | COM | 808541106 |  | 275003 | 40323 | SH |  | SOLE |  | 40323 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 12149305 | 41583 | SH |  | SOLE |  | 41583 | 0 | 0 |
| MCKESSON CORP | COM | 58155q103 |  | 696141 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733r102 |  | 331931 | 127 | SH |  | SOLE |  | 127 | 0 | 0 |
| MERCK  CO. INC. | COM | 58933y105 |  | 1033275 | 13053 | SH |  | SOLE |  | 13053 | 0 | 0 |
| META PLATFORMS INC | COM | 30303m102 |  | 1371371 | 1858 | SH |  | SOLE |  | 1858 | 0 | 0 |
| MGP INGREDIENTS INC | COM | 55303j106 |  | 1495533 | 49901 | SH |  | SOLE |  | 49901 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 23505152 | 47255 | SH |  | SOLE |  | 47255 | 0 | 0 |
| MILLER INDUSTRIES INC | COM | 600551204 |  | 1914359 | 43058 | SH |  | SOLE |  | 43058 | 0 | 0 |
| MIMEDX GROUP INC | COM | 602496101 |  | 2391967 | 391484 | SH |  | SOLE |  | 391484 | 0 | 0 |
| MINERALS TECHNOLOGIES INC | COM | 603158106 |  | 1691861 | 30722 | SH |  | SOLE |  | 30722 | 0 | 0 |
| MUELLER INDUSTRIES INC | COM | 624756102 |  | 4194506 | 52781 | SH |  | SOLE |  | 52781 | 0 | 0 |
| N V E CORPORATION | COM | 629445206 |  | 3225001 | 43812 | SH |  | SOLE |  | 43812 | 0 | 0 |
| NAPCO SECURITY TECHNOLOGIES INC | COM | 630402105 |  | 3474680 | 117032 | SH |  | SOLE |  | 117032 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 228021 | 2550 | SH |  | SOLE |  | 2550 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 449147 | 6470 | SH |  | SOLE |  | 6470 | 0 | 0 |
| NMI HOLDINGS INC CLASS A | CL A | 629209305 |  | 928180 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| NORDSON CORP | COM | 655663102 |  | 316839 | 1478 | SH |  | SOLE |  | 1478 | 0 | 0 |
| NORTHERN OIL AND GAS | COM | 665531307 |  | 1925050 | 67903 | SH |  | SOLE |  | 67903 | 0 | 0 |
| NORTHROP GRUMMAN CO | COM | 666807102 |  | 232491 | 465 | SH |  | SOLE |  | 465 | 0 | 0 |
| NVENT ELECTRIC PLC F | COM | g6700g107 |  | 639619 | 8732 | SH |  | SOLE |  | 8732 | 0 | 0 |
| NVIDIA CORP | COM | 67066g104 |  | 251994 | 1595 | SH |  | SOLE |  | 1595 | 0 | 0 |
| O REILLY AUTOMOTIVE | COM | 67103h107 |  | 283910 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| OCEANEERING INTL INC | COM | 675232102 |  | 1861112 | 89822 | SH |  | SOLE |  | 89822 | 0 | 0 |
| OMNIAB INC. | COM | 68218J103 |  | 988395 | 568043 | SH |  | SOLE |  | 568043 | 0 | 0 |
| OPTION CARE HEALTH INC. | COM | 68404L201 |  | 2815074 | 86671 | SH |  | SOLE |  | 86671 | 0 | 0 |
| ORION ENGINEERED CARBONS | COM | L72967109 |  | 1643154 | 156640 | SH |  | SOLE |  | 156640 | 0 | 0 |
| OTC MARKETS GROUP INC | COM | 67106f108 |  | 803643 | 14099 | SH |  | SOLE |  | 14099 | 0 | 0 |
| OVINTIV INC | COM | 69047q102 |  | 223810 | 5882 | SH |  | SOLE |  | 5882 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 6059505 | 63744 | SH |  | SOLE |  | 63744 | 0 | 0 |
| PAPA JOHNS INTERNATIONAL INC | COM | 698813102 |  | 3650386 | 74589 | SH |  | SOLE |  | 74589 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 14866081 | 200028 | SH |  | SOLE |  | 200028 | 0 | 0 |
| PLEXUS CORP | COM | 729132100 |  | 3733609 | 27593 | SH |  | SOLE |  | 27593 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 14138838 | 75844 | SH |  | SOLE |  | 75844 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 1636376 | 10271 | SH |  | SOLE |  | 10271 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 12306915 | 41943 | SH |  | SOLE |  | 41943 | 0 | 0 |
| R L I CORP | COM | 749607107 |  | 3379607 | 46796 | SH |  | SOLE |  | 46796 | 0 | 0 |
| REXFORD INDUSTRIAL REALTY INC | COM | 76169c100 |  | 268696 | 7554 | SH |  | SOLE |  | 7554 | 0 | 0 |
| REYNOLDS CONSUMER PRODUCTS INC | COM | 76171L106 |  | 1984434 | 92644 | SH |  | SOLE |  | 92644 | 0 | 0 |
| ROBERT HALF INTL | COM | 770323103 |  | 416575 | 10148 | SH |  | SOLE |  | 10148 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 14077697 | 42381 | SH |  | SOLE |  | 42381 | 0 | 0 |
| S GLOBAL INC | COM | 78409v104 |  | 306883 | 582 | SH |  | SOLE |  | 582 | 0 | 0 |
| SANMINA CORPORATION | COM | 801056102 |  | 534739 | 5466 | SH |  | SOLE |  | 5466 | 0 | 0 |
| SCHEIN HENRY INC | COM | 806407102 |  | 734006 | 10048 | SH |  | SOLE |  | 10048 | 0 | 0 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 9122316 | 269891 | SH |  | SOLE |  | 269891 | 0 | 0 |
| SHELL PLC F SPONSORED ADR 1 ADR REPS 2 ORD SHS | SPONSORED ADR | 780lvt011 |  | 332335 | 4720 | SH |  | SOLE |  | 4720 | 0 | 0 |
| SHYFT GROUP INC | COM | 825698103 |  | 2527362 | 201544 | SH |  | SOLE |  | 201544 | 0 | 0 |
| SNAP-ON INCORPORATED | COM | 833034101 |  | 383685 | 1233 | SH |  | SOLE |  | 1233 | 0 | 0 |
| SPDR GOLD SHARES ETF | GOLD SHS | 78463v107 |  | 1828980 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SPDR S 500 ETF | TR UNIT | 78462f103 |  | 1119544 | 1812 | SH |  | SOLE |  | 1812 | 0 | 0 |
| SPDR S MIDCAP 400 ETF IV | UTSER1 S | 78467y107 |  | 293437 | 518 | SH |  | SOLE |  | 518 | 0 | 0 |
| SPDR TOTAL STOCK MARKET ETF | PORTFOLI S | 78464a805 |  | 6214134 | 82977 | SH |  | SOLE |  | 82977 | 0 | 0 |
| SPROUTS FARMERS MARKET INC | COM | 85208M102 |  | 3629818 | 22047 | SH |  | SOLE |  | 22047 | 0 | 0 |
| STRIDE INC | COM | 86333m108 |  | 434844 | 2995 | SH |  | SOLE |  | 2995 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 12202699 | 161113 | SH |  | SOLE |  | 161113 | 0 | 0 |
| TAIWAN SEMICONDUCTR F SPONSORED ADR 1 ADR REPS 5 ORD SHS | COM | 874039100 |  | 314821 | 1390 | SH |  | SOLE |  | 1390 | 0 | 0 |
| TENNANT CO | COM | 880345103 |  | 464880 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| TETRA TECH INC | COM | 88162G103 |  | 3847037 | 106981 | SH |  | SOLE |  | 106981 | 0 | 0 |
| THERMO FISHER SCNTFC | COM | 883556102 |  | 474388 | 1170 | SH |  | SOLE |  | 1170 | 0 | 0 |
| TMC THE METALS CO INC F | COM | 87261y106 |  | 149794 | 22696 | SH |  | SOLE |  | 22696 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | COM | G8994E103 |  | 19203174 | 43902 | SH |  | SOLE |  | 43902 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 249385 | 164 | SH |  | SOLE |  | 164 | 0 | 0 |
| TWIST BIOSCIENCE CORP | COM | 90184d100 |  | 410025 | 11145 | SH |  | SOLE |  | 11145 | 0 | 0 |
| U S BANCORP | COM | 902973304 |  | 572232 | 12646 | SH |  | SOLE |  | 12646 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 14025711 | 29981 | SH |  | SOLE |  | 29981 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 885808 | 3850 | SH |  | SOLE |  | 3850 | 0 | 0 |
| UNITED PARCEL SVC INC | COM | 911312106 |  | 12620427 | 125029 | SH |  | SOLE |  | 125029 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 316428 | 420 | SH |  | SOLE |  | 420 | 0 | 0 |
| UNITED STATES COPPER INDEX ETF | CM REP COPP FD | 911718104 |  | 404992 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| UTAH MEDICAL PRODUCT | COM | 917488108 |  | 1923611 | 33795 | SH |  | SOLE |  | 33795 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879q109 |  | 366741 | 2334 | SH |  | SOLE |  | 2334 | 0 | 0 |
| VALVOLINE INC | COM | 92047w101 |  | 361431 | 9544 | SH |  | SOLE |  | 9544 | 0 | 0 |
| VANGUARD DIV APPRCIATION | COM | 921908844 |  | 247855 | 1211 | SH |  | SOLE |  | 1211 | 0 | 0 |
| W E C ENERGY GROUP INC | COM | 92939u106 |  | 305202 | 2929 | SH |  | SOLE |  | 2929 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 204947 | 2096 | SH |  | SOLE |  | 2096 | 0 | 0 |
| WALT DISNEY CO | COM | 254687106 |  | 203996 | 1645 | SH |  | SOLE |  | 1645 | 0 | 0 |
| WESCO INTL INC | COM | 95082p105 |  | 405588 | 2190 | SH |  | SOLE |  | 2190 | 0 | 0 |
| WEX INC | COM | 96208t104 |  | 295690 | 2013 | SH |  | SOLE |  | 2013 | 0 | 0 |
| WHITE MOUNTAINS INS F | COM | g9618e107 |  | 294498 | 164 | SH |  | SOLE |  | 164 | 0 | 0 |
| WOODWARD INC | COM | 980745103 |  | 397046 | 1620 | SH |  | SOLE |  | 1620 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORP | COM | 989207105 |  | 12995215 | 42143 | SH |  | SOLE |  | 42143 | 0 | 0 |
| ZOETIS INC CLASS A | CL A | 98978v103 |  | 10978880 | 70400 | SH |  | SOLE |  | 70400 | 0 | 0 |

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