# EDGAR Filing Document

**Accession Number:** 0000813933
**File Stem:** 0001172661-23-000620
**Filing Date:** 2023-2
**Character Count:** 29960
**Document Hash:** d31ffe604ceff51bb9f0e2b7c6b8de22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000620.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001172661-23-000620

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANCHOR CAPITAL ADVISORS LLC
- **CENTRAL INDEX KEY:** 0000813933
- **IRS NUMBER:** 204669888
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01880
- **FILM NUMBER:** 23610602

**BUSINESS ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6173683803

**MAIL ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANCHOR CAPITAL ADVISORS INC
- **DATE OF NAME CHANGE:** 19990402

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** ANCHOR CAPITAL ADVISORS LLC<br>**Address:** Two International Place<br>Boston, MA 02110

**Form 13F File Number:** 028-01880

**CRD Number (if applicable):** 000105540

**SEC File Number (if applicable):** 801-18930

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:** Michelle Demerle<br>**Title:** Compliance Officer<br>**Phone:** 617-338-3800

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

/s/ Michelle Demerle  Boston, MA  02-10-2023<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:** 264

**Form 13F Information Table Value Total:** $3895791914

      (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 |  | 341772 | 2850 | SH |  | SOLE |  | 2620 | 0 | 230 |
| ABBOTT LABS | COM | 002824100 |  | 15712062 | 143110 | SH |  | SOLE |  | 140678 | 0 | 2432 |
| ABBVIE INC | COM | 00287Y109 |  | 16992322 | 105144 | SH |  | SOLE |  | 103085 | 0 | 2059 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 14821757 | 48082 | SH |  | SOLE |  | 47062 | 0 | 1020 |
| ALCON AG | ORD SHS | H01301128 |  | 14537969 | 212078 | SH |  | SOLE |  | 209020 | 0 | 3058 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 58427654 | 401096 | SH |  | SOLE |  | 383237 | 0 | 17859 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 42925996 | 777504 | SH |  | SOLE |  | 744550 | 0 | 32954 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 587836 | 6625 | SH |  | SOLE |  | 5340 | 0 | 1285 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 727015 | 8240 | SH |  | SOLE |  | 7080 | 0 | 1160 |
| AMAZON COM INC | COM | 023135106 |  | 257040 | 3060 | SH |  | SOLE |  | 3060 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 9694049 | 65611 | SH |  | SOLE |  | 64175 | 0 | 1436 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 11305273 | 53362 | SH |  | SOLE |  | 52718 | 0 | 644 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 37964418 | 1341025 | SH |  | SOLE |  | 1284306 | 0 | 56719 |
| AMGEN INC | COM | 031162100 |  | 324360 | 1235 | SH |  | SOLE |  | 1235 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 76597114 | 466970 | SH |  | SOLE |  | 448599 | 0 | 18371 |
| AON PLC | SHS CL A | G0403H108 |  | 2459947 | 8196 | SH |  | SOLE |  | 8196 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 24093360 | 185433 | SH |  | SOLE |  | 180612 | 0 | 4821 |
| ATLANTICUS HOLDINGS CORP | COM | 04914Y102 |  | 610984 | 23320 | SH |  | SOLE |  | 23320 | 0 | 0 |
| AUDIOEYE INC | COM NEW | 050734201 |  | 332375 | 87467 | SH |  | SOLE |  | 87467 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 45208370 | 249770 | SH |  | SOLE |  | 239540 | 0 | 10230 |
| BANK AMERICA CORP | COM | 060505104 |  | 1371723 | 41417 | SH |  | SOLE |  | 41417 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 39339440 | 507213 | SH |  | SOLE |  | 485294 | 0 | 21919 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 408914 | 1608 | SH |  | SOLE |  | 1608 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 16330945 | 225037 | SH |  | SOLE |  | 221002 | 0 | 4035 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 11718532 | 37936 | SH |  | SOLE |  | 37186 | 0 | 750 |
| BM TECHNOLOGIES INC | CL A COM | 05591L107 |  | 359724 | 69045 | SH |  | SOLE |  | 69045 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 9036369 | 47437 | SH |  | SOLE |  | 46427 | 0 | 1010 |
| BOOT BARN HLDGS INC | COM | 099406100 |  | 723606 | 11574 | SH |  | SOLE |  | 11382 | 0 | 192 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 87913861 | 841120 | SH |  | SOLE |  | 809196 | 0 | 31924 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 64885515 | 1402324 | SH |  | SOLE |  | 1352385 | 0 | 49939 |
| BRC INC | COM CL A | 05601U105 |  | 681907 | 111605 | SH |  | SOLE |  | 111605 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 52259102 | 389615 | SH |  | SOLE |  | 372434 | 0 | 17181 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 63523331 | 1093721 | SH |  | SOLE |  | 1049865 | 0 | 43856 |
| CAMBRIDGE BANCORP | COM | 132152109 |  | 294365 | 3544 | SH |  | SOLE |  | 3544 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 662744 | 8885 | SH |  | SOLE |  | 8583 | 0 | 302 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 61794515 | 275438 | SH |  | SOLE |  | 263288 | 0 | 12150 |
| CATERPILLAR INC | COM | 149123101 |  | 258725 | 1080 | SH |  | SOLE |  | 1080 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 1097991 | 4853 | SH |  | SOLE |  | 4769 | 0 | 84 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 84586253 | 674155 | SH |  | SOLE |  | 648114 | 0 | 26041 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 1219037 | 11717 | SH |  | SOLE |  | 11717 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 25118486 | 139944 | SH |  | SOLE |  | 136944 | 0 | 3000 |
| CHUBB LIMITED | COM | H1467J104 |  | 22862764 | 103639 | SH |  | SOLE |  | 101394 | 0 | 2245 |
| CISCO SYS INC | COM | 17275R102 |  | 2484165 | 52145 | SH |  | SOLE |  | 50634 | 0 | 1511 |
| CITI TRENDS INC | COM | 17306X102 |  | 826944 | 31229 | SH |  | SOLE |  | 30669 | 0 | 560 |
| CITIGROUP INC | COM NEW | 172967424 |  | 374504 | 8280 | SH |  | SOLE |  | 7660 | 0 | 620 |
| CLOROX CO DEL | COM | 189054109 |  | 3154197 | 22477 | SH |  | SOLE |  | 21690 | 0 | 787 |
| COCA COLA CO | COM | 191216100 |  | 2591488 | 40740 | SH |  | SOLE |  | 40440 | 0 | 300 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 2772620 | 35190 | SH |  | SOLE |  | 34675 | 0 | 515 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 877198 | 29114 | SH |  | SOLE |  | 28634 | 0 | 480 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 12516568 | 357923 | SH |  | SOLE |  | 349301 | 0 | 8622 |
| COMMUNITY BK SYS INC | COM | 203607106 |  | 1130468 | 17958 | SH |  | SOLE |  | 17626 | 0 | 332 |
| COMMUNITY HEALTHCARE TR INC | COM | 20369C106 |  | 944010 | 26369 | SH |  | SOLE |  | 25940 | 0 | 429 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 695060 | 5890 | SH |  | SOLE |  | 5490 | 0 | 400 |
| CORECARD CORPORATION | COM | 45816D100 |  | 305112 | 10532 | SH |  | SOLE |  | 10532 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 15003085 | 255241 | SH |  | SOLE |  | 249696 | 0 | 5545 |
| CROWN HLDGS INC | COM | 228368106 |  | 8738101 | 106290 | SH |  | SOLE |  | 104081 | 0 | 2209 |
| CVS HEALTH CORP | COM | 126650100 |  | 12286915 | 131848 | SH |  | SOLE |  | 130613 | 0 | 1235 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 11724011 | 65795 | SH |  | SOLE |  | 64921 | 0 | 874 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 69544789 | 508443 | SH |  | SOLE |  | 486753 | 0 | 21690 |
| DIGITAL TURBINE INC | COM NEW | 25400W102 |  | 572140 | 37542 | SH |  | SOLE |  | 37542 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 10030064 | 115447 | SH |  | SOLE |  | 114109 | 0 | 1338 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 83667204 | 339765 | SH |  | SOLE |  | 327332 | 0 | 12433 |
| DORMAN PRODS INC | COM | 258278100 |  | 24292135 | 300385 | SH |  | SOLE |  | 287544 | 0 | 12841 |
| DOUGLAS DYNAMICS INC | COM | 25960R105 |  | 1187962 | 32853 | SH |  | SOLE |  | 32313 | 0 | 540 |
| DOW INC | COM | 260557103 |  | 2067099 | 41022 | SH |  | SOLE |  | 39588 | 0 | 1434 |
| DREAM FINDERS HOMES INC | COM CL A | 26154D100 |  | 766349 | 88493 | SH |  | SOLE |  | 88493 | 0 | 0 |
| EASTERLY GOVT PPTYS INC | COM | 27616P103 |  | 374959 | 26276 | SH |  | SOLE |  | 26276 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 2275982 | 131941 | SH |  | SOLE |  | 131026 | 0 | 915 |
| EATON CORP PLC | SHS | G29183103 |  | 21848197 | 139205 | SH |  | SOLE |  | 136364 | 0 | 2841 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 2175171 | 17803 | SH |  | SOLE |  | 17803 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 62559450 | 556084 | SH |  | SOLE |  | 536431 | 0 | 19653 |
| ENVELA CORP | COM | 29402E102 |  | 387373 | 73645 | SH |  | SOLE |  | 73645 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 23914532 | 72968 | SH |  | SOLE |  | 69996 | 0 | 2972 |
| EVEREST RE GROUP LTD | COM | G3223R108 |  | 2322534 | 7011 | SH |  | SOLE |  | 6674 | 0 | 337 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 863300 | 10297 | SH |  | SOLE |  | 10297 | 0 | 0 |
| EVI INDS INC | COM | 26929N102 |  | 897751 | 37610 | SH |  | SOLE |  | 37610 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 42321 | 16340 | SH |  | SOLE |  | 16340 | 0 | 0 |
| EXP WORLD HLDGS INC | COM | 30212W100 |  | 1063746 | 96006 | SH |  | SOLE |  | 95726 | 0 | 280 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 52583208 | 505997 | SH |  | SOLE |  | 483973 | 0 | 22024 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 274292 | 2487 | SH |  | SOLE |  | 2487 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 601815 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| FATHOM HOLDINGS INC | COM | 31189V109 |  | 136106 | 32025 | SH |  | SOLE |  | 32025 | 0 | 0 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 2984151 | 66285 | SH |  | SOLE |  | 61220 | 0 | 5065 |
| FIDELITY MERRIMACK STR TR | LOW DURTIN ETF | 316188408 |  | 306034 | 6185 | SH |  | SOLE |  | 6185 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 67311781 | 1286049 | SH |  | SOLE |  | 1234215 | 0 | 51834 |
| FIRST LONG IS CORP | COM | 320734106 |  | 918951 | 51053 | SH |  | SOLE |  | 50086 | 0 | 967 |
| FIRST REP BK SAN FRANCISCO C | COM | 33616C100 |  | 74711988 | 612946 | SH |  | SOLE |  | 587845 | 0 | 25101 |
| FISERV INC | COM | 337738108 |  | 10322548 | 102133 | SH |  | SOLE |  | 101001 | 0 | 1132 |
| FLUOR CORP NEW | COM | 343412102 |  | 104557297 | 3016656 | SH |  | SOLE |  | 2880043 | 0 | 136613 |
| FRANCO NEV CORP | COM | 351858105 |  | 11341361 | 83099 | SH |  | SOLE |  | 81822 | 0 | 1277 |
| GARTNER INC | COM | 366651107 |  | 51778669 | 154039 | SH |  | SOLE |  | 147372 | 0 | 6667 |
| GENUINE PARTS CO | COM | 372460105 |  | 2675871 | 15422 | SH |  | SOLE |  | 14889 | 0 | 533 |
| GIBRALTAR INDS INC | COM | 374689107 |  | 779822 | 16997 | SH |  | SOLE |  | 16722 | 0 | 275 |
| GLOBE LIFE INC | COM | 37959E102 |  | 70013391 | 580783 | SH |  | SOLE |  | 556527 | 0 | 24256 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 400947 | 11410 | SH |  | SOLE |  | 11234 | 0 | 176 |
| HALEON PLC | SPON ADS | 405552100 |  | 125256 | 15657 | SH |  | SOLE |  | 14917 | 0 | 740 |
| HALLIBURTON CO | COM | 406216101 |  | 41707321 | 1059907 | SH |  | SOLE |  | 1013298 | 0 | 46609 |
| HARROW HEALTH INC | COM | 415858109 |  | 2735869 | 185357 | SH |  | SOLE |  | 183817 | 0 | 1540 |
| HASBRO INC | COM | 418056107 |  | 29072119 | 476514 | SH |  | SOLE |  | 455808 | 0 | 20706 |
| HELEN OF TROY LTD | COM | G4388N106 |  | 831825 | 7500 | SH |  | SOLE |  | 7385 | 0 | 115 |
| HERSHEY CO | COM | 427866108 |  | 57353173 | 247671 | SH |  | SOLE |  | 237104 | 0 | 10567 |
| HESS CORP | COM | 42809H107 |  | 76465373 | 539172 | SH |  | SOLE |  | 514691 | 0 | 24481 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 717323 | 99490 | SH |  | SOLE |  | 97835 | 0 | 1655 |
| HINGHAM INSTN SVGS MASS | COM | 433323102 |  | 970275 | 3516 | SH |  | SOLE |  | 3460 | 0 | 56 |
| HOLOGIC INC | COM | 436440101 |  | 2717473 | 36325 | SH |  | SOLE |  | 36325 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 438098 | 1387 | SH |  | SOLE |  | 1387 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 2984348 | 13926 | SH |  | SOLE |  | 13926 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 56321088 | 239991 | SH |  | SOLE |  | 229259 | 0 | 10732 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 11487063 | 1180582 | SH |  | SOLE |  | 1122637 | 0 | 57945 |
| HUNTSMAN CORP | COM | 447011107 |  | 2736467 | 99580 | SH |  | SOLE |  | 94530 | 0 | 5050 |
| IBEX LTD | SHS NEW | G4690M101 |  | 657034 | 26440 | SH |  | SOLE |  | 26440 | 0 | 0 |
| ICF INTL INC | COM | 44925C103 |  | 2883742 | 29114 | SH |  | SOLE |  | 28869 | 0 | 245 |
| IDACORP INC | COM | 451107106 |  | 17320926 | 160602 | SH |  | SOLE |  | 156658 | 0 | 3944 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 597894 | 2714 | SH |  | SOLE |  | 2714 | 0 | 0 |
| INMODE LTD | SHS | M5425M103 |  | 1506719 | 42205 | SH |  | SOLE |  | 42205 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 56752061 | 499578 | SH |  | SOLE |  | 478168 | 0 | 21410 |
| INTEL CORP | COM | 458140100 |  | 1510554 | 57153 | SH |  | SOLE |  | 57153 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 299493 | 2857 | SH |  | SOLE |  | 2769 | 0 | 88 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 3612658 | 148242 | SH |  | SOLE |  | 147357 | 0 | 885 |
| INVESCO EXCH TRADED FD TR II | VAR RATE PFD | 46138G870 |  | 388964 | 17380 | SH |  | SOLE |  | 17380 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | TAXABLE MUN BD | 46138G805 |  | 554308 | 21560 | SH |  | SOLE |  | 21560 | 0 | 0 |
| ISHARES INC | MSCI EMERG MRKT | 464286533 |  | 232741 | 4387 | SH |  | SOLE |  | 4387 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 634902 | 7480 | SH |  | SOLE |  | 7480 | 0 | 0 |
| ISHARES TR | MODERT ALLOC ETF | 464289875 |  | 259988 | 6840 | SH |  | SOLE |  | 6840 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 968370 | 21125 | SH |  | SOLE |  | 21125 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 16041840 | 105782 | SH |  | SOLE |  | 101402 | 0 | 4380 |
| ISHARES TR | RUS TP200 VL ETF | 464289420 |  | 246561 | 3795 | SH |  | SOLE |  | 3795 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 26001348 | 320332 | SH |  | SOLE |  | 320332 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 22292051 | 211620 | SH |  | SOLE |  | 210791 | 0 | 829 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 5247251 | 49770 | SH |  | SOLE |  | 49770 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 300002 | 4867 | SH |  | SOLE |  | 4867 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1424750 | 21706 | SH |  | SOLE |  | 21706 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 10163695 | 106115 | SH |  | SOLE |  | 106027 | 0 | 88 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 37154829 | 338017 | SH |  | SOLE |  | 337807 | 0 | 210 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 4172459 | 23930 | SH |  | SOLE |  | 23930 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 32946890 | 286769 | SH |  | SOLE |  | 286769 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 295610 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 2127710 | 31545 | SH |  | SOLE |  | 31545 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 1707509 | 17605 | SH |  | SOLE |  | 17605 | 0 | 0 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 1657661 | 11954 | SH |  | SOLE |  | 11659 | 0 | 295 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 4095939 | 19456 | SH |  | SOLE |  | 19456 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1400407 | 11612 | SH |  | SOLE |  | 11212 | 0 | 400 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 900850 | 8937 | SH |  | SOLE |  | 8937 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 215727 | 5692 | SH |  | SOLE |  | 5692 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 1656461 | 32912 | SH |  | SOLE |  | 32912 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 221224 | 1685 | SH |  | SOLE |  | 1685 | 0 | 0 |
| ISHARES U S ETF TR | GSCI CMDTY STGY | 46431W853 |  | 858414 | 30451 | SH |  | SOLE |  | 30451 | 0 | 0 |
| JANUS INTERNATIONAL GROUP IN | COMMON STOCK | 47103N106 |  | 1190904 | 125095 | SH |  | SOLE |  | 125095 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 27102222 | 153423 | SH |  | SOLE |  | 150074 | 0 | 3349 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 23561236 | 175699 | SH |  | SOLE |  | 172041 | 0 | 3658 |
| KADANT INC | COM | 48282T104 |  | 433469 | 2440 | SH |  | SOLE |  | 2440 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 13770321 | 145872 | SH |  | SOLE |  | 142541 | 0 | 3331 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 35603294 | 466806 | SH |  | SOLE |  | 446872 | 0 | 19934 |
| LIBERTY MEDIA CORP DEL | COM C SIRIUSXM | 531229607 |  | 37242877 | 951773 | SH |  | SOLE |  | 909287 | 0 | 42486 |
| LIFEMD INC | COM | 53216B104 |  | 170798 | 88040 | SH |  | SOLE |  | 88040 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 539614 | 1475 | SH |  | SOLE |  | 1475 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 26139709 | 489416 | SH |  | SOLE |  | 467295 | 0 | 22121 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 14890030 | 30607 | SH |  | SOLE |  | 30013 | 0 | 594 |
| LOWES COS INC | COM | 548661107 |  | 17558257 | 88126 | SH |  | SOLE |  | 86649 | 0 | 1477 |
| M  T BK CORP | COM | 55261F104 |  | 68749198 | 473936 | SH |  | SOLE |  | 454454 | 0 | 19482 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 1253379 | 53449 | SH |  | SOLE |  | 52579 | 0 | 870 |
| MARATHON PETE CORP | COM | 56585A102 |  | 18656619 | 160294 | SH |  | SOLE |  | 156644 | 0 | 3650 |
| MARKEL CORP | COM | 570535104 |  | 73916459 | 56104 | SH |  | SOLE |  | 54166 | 0 | 1938 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 529155 | 3554 | SH |  | SOLE |  | 3504 | 0 | 50 |
| MASTECH DIGITAL INC | COM | 57633B100 |  | 839501 | 76249 | SH |  | SOLE |  | 76249 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 93954431 | 250465 | SH |  | SOLE |  | 240454 | 0 | 10011 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 9914763 | 127570 | SH |  | SOLE |  | 124636 | 0 | 2934 |
| MICROSOFT CORP | COM | 594918104 |  | 25949638 | 108205 | SH |  | SOLE |  | 105629 | 0 | 2576 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 575525 | 3666 | SH |  | SOLE |  | 3261 | 0 | 405 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 21870664 | 328142 | SH |  | SOLE |  | 321419 | 0 | 6723 |
| MSA SAFETY INC | COM | 553498106 |  | 2605767 | 18072 | SH |  | SOLE |  | 17926 | 0 | 146 |
| MVB FINL CORP | COM | 553810102 |  | 646155 | 29344 | SH |  | SOLE |  | 28844 | 0 | 500 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 3019668 | 83601 | SH |  | SOLE |  | 80637 | 0 | 2964 |
| NELNET INC | CL A | 64031N108 |  | 1160693 | 12790 | SH |  | SOLE |  | 12576 | 0 | 214 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 12184221 | 145744 | SH |  | SOLE |  | 143744 | 0 | 2000 |
| NICOLET BANKSHARES INC | COM | 65406E102 |  | 2494954 | 31269 | SH |  | SOLE |  | 31004 | 0 | 265 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 327739 | 1330 | SH |  | SOLE |  | 1330 | 0 | 0 |
| NUVASIVE INC | COM | 670704105 |  | 863194 | 20931 | SH |  | SOLE |  | 20126 | 0 | 805 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 3495762 | 26419 | SH |  | SOLE |  | 26288 | 0 | 131 |
| OPEN LENDING CORP | COM CL A | 68373J104 |  | 644119 | 95425 | SH |  | SOLE |  | 95425 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 284047 | 3475 | SH |  | SOLE |  | 3475 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 8902062 | 113677 | SH |  | SOLE |  | 111552 | 0 | 2125 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 10367748 | 35628 | SH |  | SOLE |  | 35082 | 0 | 546 |
| PARTS ID INC | COM CL A | 702141102 |  | 216947 | 222510 | SH |  | SOLE |  | 222510 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1256273 | 17639 | SH |  | SOLE |  | 17054 | 0 | 585 |
| PDC ENERGY INC | COM | 69327R101 |  | 1228021 | 19345 | SH |  | SOLE |  | 19030 | 0 | 315 |
| PEPSICO INC | COM | 713448108 |  | 21991019 | 121726 | SH |  | SOLE |  | 119418 | 0 | 2308 |
| PERFICIENT INC | COM | 71375U101 |  | 845851 | 12113 | SH |  | SOLE |  | 11928 | 0 | 185 |
| PFIZER INC | COM | 717081103 |  | 1299498 | 25361 | SH |  | SOLE |  | 24141 | 0 | 1220 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 8286995 | 84004 | SH |  | SOLE |  | 83690 | 0 | 314 |
| PIONEER NAT RES CO | COM | 723787107 |  | 703670 | 3081 | SH |  | SOLE |  | 3081 | 0 | 0 |
| PJT PARTNERS INC | COM CL A | 69343T107 |  | 2563675 | 34790 | SH |  | SOLE |  | 34520 | 0 | 270 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 13716931 | 86849 | SH |  | SOLE |  | 85845 | 0 | 1004 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 58177357 | 1187293 | SH |  | SOLE |  | 1134934 | 0 | 52359 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 22964025 | 151518 | SH |  | SOLE |  | 148976 | 0 | 2542 |
| PROGRESSIVE CORP | COM | 743315103 |  | 18032673 | 139023 | SH |  | SOLE |  | 136246 | 0 | 2777 |
| QUALCOMM INC | COM | 747525103 |  | 1042121 | 9479 | SH |  | SOLE |  | 8739 | 0 | 740 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 15022045 | 148851 | SH |  | SOLE |  | 146003 | 0 | 2848 |
| RED VIOLET INC | COM | 75704L104 |  | 1182745 | 51379 | SH |  | SOLE |  | 51379 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 647284 | 3110 | SH |  | SOLE |  | 3110 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 1721202 | 14829 | SH |  | SOLE |  | 14559 | 0 | 270 |
| ROYAL GOLD INC | COM | 780287108 |  | 49114020 | 435717 | SH |  | SOLE |  | 416559 | 0 | 19158 |
| RPM INTL INC | COM | 749685103 |  | 2460515 | 25249 | SH |  | SOLE |  | 24217 | 0 | 1032 |
| S GLOBAL INC | COM | 78409V104 |  | 271971 | 812 | SH |  | SOLE |  | 542 | 0 | 270 |
| SAFETY INS GROUP INC | COM | 78648T100 |  | 1171045 | 13898 | SH |  | SOLE |  | 13648 | 0 | 250 |
| SALESFORCE INC | COM | 79466L302 |  | 8612251 | 64954 | SH |  | SOLE |  | 64335 | 0 | 619 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 729387 | 6575 | SH |  | SOLE |  | 6475 | 0 | 100 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 1199550 | 36350 | SH |  | SOLE |  | 36085 | 0 | 265 |
| SHELL PLC | SPON ADS | 780259305 |  | 14505450 | 254705 | SH |  | SOLE |  | 250309 | 0 | 4396 |
| SIMPSON MFG INC | COM | 829073105 |  | 710699 | 8016 | SH |  | SOLE |  | 7881 | 0 | 135 |
| SKYWEST INC | COM | 830879102 |  | 791324 | 47930 | SH |  | SOLE |  | 47564 | 0 | 366 |
| SMITH A O CORP | COM | 831865209 |  | 61428995 | 1073183 | SH |  | SOLE |  | 1030192 | 0 | 42991 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 27401840 | 96734 | SH |  | SOLE |  | 92803 | 0 | 3931 |
| SONOCO PRODS CO | COM | 835495102 |  | 1972468 | 32490 | SH |  | SOLE |  | 30866 | 0 | 1624 |
| SOUTHERN CO | COM | 842587107 |  | 242794 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| SP PLUS CORP | COM | 78469C103 |  | 1287626 | 37086 | SH |  | SOLE |  | 36421 | 0 | 665 |
| SPECTRUM BRANDS HLDGS INC NE | COM | 84790A105 |  | 725314 | 11906 | SH |  | SOLE |  | 11721 | 0 | 185 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 53375885 | 1025276 | SH |  | SOLE |  | 986944 | 0 | 38332 |
| STAG INDL INC | COM | 85254J102 |  | 1095147 | 33895 | SH |  | SOLE |  | 33358 | 0 | 537 |
| STATE STR CORP | COM | 857477103 |  | 512660 | 6609 | SH |  | SOLE |  | 6609 | 0 | 0 |
| STORE CAP CORP | COM | 862121100 |  | 776899 | 24233 | SH |  | SOLE |  | 22338 | 0 | 1895 |
| STRYKER CORPORATION | COM | 863667101 |  | 833222 | 3408 | SH |  | SOLE |  | 3408 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 68565336 | 479478 | SH |  | SOLE |  | 459096 | 0 | 20382 |
| TE CONNECTIVITY LTD | SHS | H84989104 |  | 17348071 | 151116 | SH |  | SOLE |  | 148107 | 0 | 3009 |
| TEXAS INSTRS INC | COM | 882508104 |  | 462616 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 5293271 | 2258 | SH |  | SOLE |  | 2161 | 0 | 97 |
| TEXTRON INC | COM | 883203101 |  | 707048 | 9987 | SH |  | SOLE |  | 9987 | 0 | 0 |
| THE REAL BROKERAGE INC | COM NEW | 75585H206 |  | 128697 | 122569 | SH |  | SOLE |  | 122569 | 0 | 0 |
| THE REAL GOOD FOOD COMPANY I | COM CL A | 75601G109 |  | 449978 | 67870 | SH |  | SOLE |  | 67870 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 261578 | 475 | SH |  | SOLE |  | 475 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 48697202 | 289709 | SH |  | SOLE |  | 277701 | 0 | 12008 |
| TRANSCAT INC | COM | 893529107 |  | 1092815 | 15420 | SH |  | SOLE |  | 15185 | 0 | 235 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 224648 | 1198 | SH |  | SOLE |  | 1198 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1497917 | 34811 | SH |  | SOLE |  | 33741 | 0 | 1070 |
| UBIQUITI INC | COM | 90353W103 |  | 25685835 | 93905 | SH |  | SOLE |  | 89967 | 0 | 3938 |
| UFP TECHNOLOGIES INC | COM | 902673102 |  | 1896379 | 16086 | SH |  | SOLE |  | 15836 | 0 | 250 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 79941255 | 170425 | SH |  | SOLE |  | 164074 | 0 | 6351 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 2845244 | 56509 | SH |  | SOLE |  | 53694 | 0 | 2815 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 1033939 | 25536 | SH |  | SOLE |  | 25138 | 0 | 398 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 19053159 | 35937 | SH |  | SOLE |  | 35287 | 0 | 650 |
| UNITIL CORP | COM | 913259107 |  | 1038910 | 20228 | SH |  | SOLE |  | 19875 | 0 | 353 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 330464 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 3249386 | 43164 | SH |  | SOLE |  | 43164 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 1638465 | 19865 | SH |  | SOLE |  | 19865 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 1195186 | 6861 | SH |  | SOLE |  | 6861 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 321871 | 2380 | SH |  | SOLE |  | 2380 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 1169945 | 25047 | SH |  | SOLE |  | 25047 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 14641561 | 188899 | SH |  | SOLE |  | 188519 | 0 | 380 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 24835887 | 429538 | SH |  | SOLE |  | 429428 | 0 | 110 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 17084217 | 227214 | SH |  | SOLE |  | 226799 | 0 | 415 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 267635 | 3535 | SH |  | SOLE |  | 3535 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 285478 | 1880 | SH |  | SOLE |  | 1880 | 0 | 0 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 1577553 | 208671 | SH |  | SOLE |  | 208671 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 14684269 | 70679 | SH |  | SOLE |  | 69532 | 0 | 1147 |
| VONTIER CORPORATION | COM | 928881101 |  | 37675813 | 1949085 | SH |  | SOLE |  | 1863794 | 0 | 85291 |
| WALMART INC | COM | 931142103 |  | 15840961 | 111721 | SH |  | SOLE |  | 108654 | 0 | 3067 |
| WATERS CORP | COM | 941848103 |  | 49745699 | 145209 | SH |  | SOLE |  | 139095 | 0 | 6114 |
| WATSCO INC | COM | 942622200 |  | 65159344 | 261264 | SH |  | SOLE |  | 249387 | 0 | 11877 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 55513546 | 226975 | SH |  | SOLE |  | 217803 | 0 | 9172 |
| WINMARK CORP | COM | 974250102 |  | 1049915 | 4452 | SH |  | SOLE |  | 4382 | 0 | 70 |
| WOODWARD INC | COM | 980745103 |  | 227307 | 2353 | SH |  | SOLE |  | 2283 | 0 | 70 |
| XCEL ENERGY INC | COM | 98389B100 |  | 45170471 | 644280 | SH |  | SOLE |  | 616898 | 0 | 27382 |
| XPO INC | COM | 983793100 |  | 233030 | 7000 | SH |  | SOLE |  | 6735 | 0 | 265 |
| ZEVIA PBC | CL A | 98955K104 |  | 826556 | 202092 | SH |  | SOLE |  | 202092 | 0 | 0 |

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