# EDGAR Filing Document

**Accession Number:** 0001999514
**File Stem:** 0001999514-25-000006
**Filing Date:** 2025-8
**Character Count:** 25883
**Document Hash:** f9a1d25515c3620b073443c836af5402
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999514-25-000006.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001999514-25-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 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:** 251196332

**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:** 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:** 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:** Mr<br>**Phone:** 004930233220100

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

Florian Peters  Berlin, 2M  08-08-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 242

**Form 13F Information Table Value Total:** $125259799

      (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 |  | 459460 | 3018 | SH |  | SOLE |  | 3018 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 390916 | 2106 | SH |  | SOLE |  | 2106 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 279867 | 3378 | SH |  | SOLE |  | 3378 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 270488 | 12540 | SH |  | SOLE |  | 12540 | 0 | 0 |
| ACI WORLDWIDE INC | COM | 004498101 |  | 236896 | 5160 | SH |  | SOLE |  | 5160 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 215401 | 722 | SH |  | SOLE |  | 722 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 769117 | 1988 | SH |  | SOLE |  | 1988 | 0 | 0 |
| ADTALEM GLOBAL ED INC | COM | 00737L103 |  | 376346 | 2958 | SH |  | SOLE |  | 2958 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 428624 | 3604 | SH |  | SOLE |  | 3604 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 336144 | 2540 | SH |  | SOLE |  | 2540 | 0 | 0 |
| ALARM COM HLDGS INC | COM | 011642105 |  | 244043 | 4314 | SH |  | SOLE |  | 4314 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 1207141 | 56120 | SH |  | SOLE |  | 56120 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 466211 | 4908 | SH |  | SOLE |  | 4908 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 574136 | 2852 | SH |  | SOLE |  | 2852 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1084519 | 6154 | SH |  | SOLE |  | 6154 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1090166 | 18594 | SH |  | SOLE |  | 18594 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 318116 | 1450 | SH |  | SOLE |  | 1450 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 297077 | 3256 | SH |  | SOLE |  | 3256 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 861549 | 10066 | SH |  | SOLE |  | 10066 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 305294 | 572 | SH |  | SOLE |  | 572 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 760568 | 2724 | SH |  | SOLE |  | 2724 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 125235 | 21856 | SH |  | SOLE |  | 21856 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 267875 | 14646 | SH |  | SOLE |  | 14646 | 0 | 0 |
| APPFOLIO INC | COM CL A | 03783C100 |  | 238570 | 1036 | SH |  | SOLE |  | 1036 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1547802 | 7544 | SH |  | SOLE |  | 7544 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 1121853 | 6128 | SH |  | SOLE |  | 6128 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 366998 | 2880 | SH |  | SOLE |  | 2880 | 0 | 0 |
| ASSURANT INC | COM | 04621X108 |  | 566796 | 2870 | SH |  | SOLE |  | 2870 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 526269 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 530793 | 2672 | SH |  | SOLE |  | 2672 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 335858 | 8850 | SH |  | SOLE |  | 8850 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 498372 | 5470 | SH |  | SOLE |  | 5470 | 0 | 0 |
| BANK OZK LITTLE ROCK ARK | COM | 06417N103 |  | 607639 | 12912 | SH |  | SOLE |  | 12912 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 203953 | 2776 | SH |  | SOLE |  | 2776 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 532502 | 4240 | SH |  | SOLE |  | 4240 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 419201 | 7626 | SH |  | SOLE |  | 7626 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 683130 | 118 | SH |  | SOLE |  | 118 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 357791 | 3436 | SH |  | SOLE |  | 3436 | 0 | 0 |
| BOSTON BEER INC | CL A | 100557107 |  | 249579 | 1308 | SH |  | SOLE |  | 1308 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 870387 | 11126 | SH |  | SOLE |  | 11126 | 0 | 0 |
| BRINKER INTL INC | COM | 109641100 |  | 555777 | 3082 | SH |  | SOLE |  | 3082 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1120403 | 24204 | SH |  | SOLE |  | 24204 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 372128 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 222411 | 1906 | SH |  | SOLE |  | 1906 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 252969 | 1756 | SH |  | SOLE |  | 1756 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 1219670 | 12242 | SH |  | SOLE |  | 12242 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 842925 | 26800 | SH |  | SOLE |  | 26800 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 221923 | 7892 | SH |  | SOLE |  | 7892 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 327649 | 844 | SH |  | SOLE |  | 844 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 441658 | 3152 | SH |  | SOLE |  | 3152 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 368610 | 2064 | SH |  | SOLE |  | 2064 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 798459 | 14710 | SH |  | SOLE |  | 14710 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1388096 | 15088 | SH |  | SOLE |  | 15088 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 418367 | 1718 | SH |  | SOLE |  | 1718 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 360839 | 2520 | SH |  | SOLE |  | 2520 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 805565 | 26692 | SH |  | SOLE |  | 26692 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 507305 | 4866 | SH |  | SOLE |  | 4866 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 789267 | 11376 | SH |  | SOLE |  | 11376 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 228133 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 |  | 290430 | 7528 | SH |  | SOLE |  | 7528 | 0 | 0 |
| COCA COLA CONS INC | COM | 191098102 |  | 285824 | 2560 | SH |  | SOLE |  | 2560 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 308843 | 3958 | SH |  | SOLE |  | 3958 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 607394 | 6682 | SH |  | SOLE |  | 6682 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 801954 | 22470 | SH |  | SOLE |  | 22470 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 502965 | 938 | SH |  | SOLE |  | 938 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 898935 | 8958 | SH |  | SOLE |  | 8958 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 296143 | 2924 | SH |  | SOLE |  | 2924 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 499659 | 4852 | SH |  | SOLE |  | 4852 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 260718 | 3992 | SH |  | SOLE |  | 3992 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 713295 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 267725 | 548 | SH |  | SOLE |  | 548 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 240307 | 1864 | SH |  | SOLE |  | 1864 | 0 | 0 |
| DAVITA INC | COM | 23918K108 |  | 276068 | 1938 | SH |  | SOLE |  | 1938 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 453102 | 14244 | SH |  | SOLE |  | 14244 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1089552 | 8786 | SH |  | SOLE |  | 8786 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 766593 | 9842 | SH |  | SOLE |  | 9842 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 321938 | 5696 | SH |  | SOLE |  | 5696 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 263150 | 584 | SH |  | SOLE |  | 584 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 269355 | 3884 | SH |  | SOLE |  | 3884 | 0 | 0 |
| DROPBOX INC | CL A | 26210C104 |  | 391648 | 13694 | SH |  | SOLE |  | 13694 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 290087 | 2190 | SH |  | SOLE |  | 2190 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 660907 | 8876 | SH |  | SOLE |  | 8876 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 703411 | 13632 | SH |  | SOLE |  | 13632 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 919233 | 5756 | SH |  | SOLE |  | 5756 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 608333 | 1564 | SH |  | SOLE |  | 1564 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 1255922 | 2348 | SH |  | SOLE |  | 2348 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 316304 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| ENERSYS | COM | 29275Y102 |  | 521996 | 6086 | SH |  | SOLE |  | 6086 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 795885 | 6654 | SH |  | SOLE |  | 6654 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 274778 | 4898 | SH |  | SOLE |  | 4898 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 318319 | 4618 | SH |  | SOLE |  | 4618 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 1054715 | 23930 | SH |  | SOLE |  | 23930 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 560292 | 12904 | SH |  | SOLE |  | 12904 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 704070 | 4174 | SH |  | SOLE |  | 4174 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 732343 | 6410 | SH |  | SOLE |  | 6410 | 0 | 0 |
| F5 INC | COM | 315616102 |  | 309625 | 1052 | SH |  | SOLE |  | 1052 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 513477 | 1148 | SH |  | SOLE |  | 1148 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 394615 | 6428 | SH |  | SOLE |  | 6428 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 292560 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 210898 | 1274 | SH |  | SOLE |  | 1274 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 596412 | 14814 | SH |  | SOLE |  | 14814 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 545626 | 10930 | SH |  | SOLE |  | 10930 | 0 | 0 |
| FLOWERS FOODS INC | COM | 343498101 |  | 219597 | 13742 | SH |  | SOLE |  | 13742 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 412097 | 3898 | SH |  | SOLE |  | 3898 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 915021 | 16328 | SH |  | SOLE |  | 16328 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 372691 | 922 | SH |  | SOLE |  | 922 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 382371 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 771149 | 2644 | SH |  | SOLE |  | 2644 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 677326 | 13764 | SH |  | SOLE |  | 13764 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 769438 | 6940 | SH |  | SOLE |  | 6940 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 478599 | 2658 | SH |  | SOLE |  | 2658 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 427481 | 604 | SH |  | SOLE |  | 604 | 0 | 0 |
| GRIFFON CORP | COM | 398433102 |  | 259664 | 3588 | SH |  | SOLE |  | 3588 | 0 | 0 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 229709 | 526 | SH |  | SOLE |  | 526 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 213770 | 558 | SH |  | SOLE |  | 558 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 235367 | 3222 | SH |  | SOLE |  | 3222 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 400104 | 2888 | SH |  | SOLE |  | 2888 | 0 | 0 |
| HILLTOP HOLDINGS INC | COM | 432748101 |  | 453793 | 14952 | SH |  | SOLE |  | 14952 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 443479 | 6806 | SH |  | SOLE |  | 6806 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 368489 | 662 | SH |  | SOLE |  | 662 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 294093 | 2048 | SH |  | SOLE |  | 2048 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 727277 | 1356 | SH |  | SOLE |  | 1356 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 515269 | 2084 | SH |  | SOLE |  | 2084 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 768985 | 11292 | SH |  | SOLE |  | 11292 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 345017 | 2544 | SH |  | SOLE |  | 2544 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 351253 | 1118 | SH |  | SOLE |  | 1118 | 0 | 0 |
| INTERDIGITAL INC | COM | 45867G101 |  | 1645848 | 7340 | SH |  | SOLE |  | 7340 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 830162 | 1054 | SH |  | SOLE |  | 1054 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 227145 | 418 | SH |  | SOLE |  | 418 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 802172 | 3678 | SH |  | SOLE |  | 3678 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 775054 | 5074 | SH |  | SOLE |  | 5074 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 965314 | 3774 | SH |  | SOLE |  | 3774 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 888864 | 3066 | SH |  | SOLE |  | 3066 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 611339 | 4742 | SH |  | SOLE |  | 4742 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 788534 | 50450 | SH |  | SOLE |  | 50450 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 931570 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 294667 | 4108 | SH |  | SOLE |  | 4108 | 0 | 0 |
| KYNDRYL HLDGS INC | COMMON STOCK | 50155Q100 |  | 492526 | 11738 | SH |  | SOLE |  | 11738 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 930616 | 3710 | SH |  | SOLE |  | 3710 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1201760 | 12346 | SH |  | SOLE |  | 12346 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 463991 | 10664 | SH |  | SOLE |  | 10664 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 |  | 312123 | 13350 | SH |  | SOLE |  | 13350 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 331480 | 3490 | SH |  | SOLE |  | 3490 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 464761 | 2946 | SH |  | SOLE |  | 2946 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 408372 | 3692 | SH |  | SOLE |  | 3692 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 728056 | 1572 | SH |  | SOLE |  | 1572 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 419216 | 1118 | SH |  | SOLE |  | 1118 | 0 | 0 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 |  | 304104 | 1540 | SH |  | SOLE |  | 1540 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 197662 | 12606 | SH |  | SOLE |  | 12606 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 281058 | 1692 | SH |  | SOLE |  | 1692 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 531595 | 946 | SH |  | SOLE |  | 946 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 249424 | 2240 | SH |  | SOLE |  | 2240 | 0 | 0 |
| MAXIMUS INC | COM | 577933104 |  | 278273 | 3964 | SH |  | SOLE |  | 3964 | 0 | 0 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 664755 | 2118 | SH |  | SOLE |  | 2118 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 914615 | 11554 | SH |  | SOLE |  | 11554 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 723328 | 980 | SH |  | SOLE |  | 980 | 0 | 0 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 439983 | 15804 | SH |  | SOLE |  | 15804 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1285307 | 2584 | SH |  | SOLE |  | 2584 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 314797 | 6546 | SH |  | SOLE |  | 6546 | 0 | 0 |
| MONARCH CASINO  RESORT INC | COM | 609027107 |  | 278164 | 3218 | SH |  | SOLE |  | 3218 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 282002 | 2002 | SH |  | SOLE |  | 2002 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 347207 | 1106 | SH |  | SOLE |  | 1106 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 322913 | 768 | SH |  | SOLE |  | 768 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 523548 | 6588 | SH |  | SOLE |  | 6588 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 418295 | 2476 | SH |  | SOLE |  | 2476 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 227700 | 2688 | SH |  | SOLE |  | 2688 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 414480 | 3890 | SH |  | SOLE |  | 3890 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 840974 | 628 | SH |  | SOLE |  | 628 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 323526 | 2574 | SH |  | SOLE |  | 2574 | 0 | 0 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 350403 | 7818 | SH |  | SOLE |  | 7818 | 0 | 0 |
| NEWMARKET CORP | COM | 651587107 |  | 279107 | 404 | SH |  | SOLE |  | 404 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1568126 | 26916 | SH |  | SOLE |  | 26916 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 269556 | 2126 | SH |  | SOLE |  | 2126 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 159527 | 12834 | SH |  | SOLE |  | 12834 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 794871 | 4950 | SH |  | SOLE |  | 4950 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1128681 | 7144 | SH |  | SOLE |  | 7144 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 239851 | 5604 | SH |  | SOLE |  | 5604 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 235660 | 1452 | SH |  | SOLE |  | 1452 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 649636 | 16900 | SH |  | SOLE |  | 16900 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 239796 | 2112 | SH |  | SOLE |  | 2112 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 731930 | 19236 | SH |  | SOLE |  | 19236 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 770550 | 10368 | SH |  | SOLE |  | 10368 | 0 | 0 |
| PEGASYSTEMS INC | COM | 705573103 |  | 219768 | 4060 | SH |  | SOLE |  | 4060 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 353636 | 1378 | SH |  | SOLE |  | 1378 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 813785 | 33572 | SH |  | SOLE |  | 33572 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 279752 | 1536 | SH |  | SOLE |  | 1536 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 421373 | 9368 | SH |  | SOLE |  | 9368 | 0 | 0 |
| PJT PARTNERS INC | COM CL A | 69343T107 |  | 407245 | 2468 | SH |  | SOLE |  | 2468 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 540618 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| PRIMERICA INC | COM | 74164M108 |  | 227693 | 832 | SH |  | SOLE |  | 832 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 445671 | 2586 | SH |  | SOLE |  | 2586 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 781037 | 7406 | SH |  | SOLE |  | 7406 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 1629867 | 10234 | SH |  | SOLE |  | 10234 | 0 | 0 |
| QUALYS INC | COM | 74758T303 |  | 299741 | 2098 | SH |  | SOLE |  | 2098 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 240253 | 6670 | SH |  | SOLE |  | 6670 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 370542 | 2416 | SH |  | SOLE |  | 2416 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 397320 | 1540 | SH |  | SOLE |  | 1540 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 232202 | 2480 | SH |  | SOLE |  | 2480 | 0 | 0 |
| ROKU INC | COM CL A | 77543R102 |  | 428903 | 4880 | SH |  | SOLE |  | 4880 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 395160 | 2222 | SH |  | SOLE |  | 2222 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 665256 | 4184 | SH |  | SOLE |  | 4184 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 408122 | 774 | SH |  | SOLE |  | 774 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 337161 | 5142 | SH |  | SOLE |  | 5142 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 347277 | 1116 | SH |  | SOLE |  | 1116 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 469429 | 4640 | SH |  | SOLE |  | 4640 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 183125 | 14374 | SH |  | SOLE |  | 14374 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 297114 | 2794 | SH |  | SOLE |  | 2794 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 446130 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 768457 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 414298 | 5470 | SH |  | SOLE |  | 5470 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 224441 | 942 | SH |  | SOLE |  | 942 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 489277 | 5572 | SH |  | SOLE |  | 5572 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 252682 | 4114 | SH |  | SOLE |  | 4114 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 475200 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 232406 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 380442 | 2030 | SH |  | SOLE |  | 2030 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 638019 | 1930 | SH |  | SOLE |  | 1930 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 517917 | 4194 | SH |  | SOLE |  | 4194 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 1663463 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 308677 | 5518 | SH |  | SOLE |  | 5518 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 755730 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 408050 | 11204 | SH |  | SOLE |  | 11204 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 267392 | 20890 | SH |  | SOLE |  | 20890 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 799972 | 1710 | SH |  | SOLE |  | 1710 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 250593 | 6892 | SH |  | SOLE |  | 6892 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 563696 | 2450 | SH |  | SOLE |  | 2450 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 507562 | 6374 | SH |  | SOLE |  | 6374 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 747110 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 777858 | 4294 | SH |  | SOLE |  | 4294 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 382140 | 2432 | SH |  | SOLE |  | 2432 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 341023 | 766 | SH |  | SOLE |  | 766 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 209822 | 1634 | SH |  | SOLE |  | 1634 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 342978 | 966 | SH |  | SOLE |  | 966 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 367464 | 1896 | SH |  | SOLE |  | 1896 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 119759 | 10432 | SH |  | SOLE |  | 10432 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 118060 | 10338 | SH |  | SOLE |  | 10338 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 233285 | 27706 | SH |  | SOLE |  | 27706 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 236560 | 1448 | SH |  | SOLE |  | 1448 | 0 | 0 |
| YELP INC | CL A | 985817105 |  | 679437 | 19826 | SH |  | SOLE |  | 19826 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 203581 | 2232 | SH |  | SOLE |  | 2232 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 548008 | 3514 | SH |  | SOLE |  | 3514 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 619005 | 7938 | SH |  | SOLE |  | 7938 | 0 | 0 |

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