# EDGAR Filing Document

**Accession Number:** 0001639666
**File Stem:** 0001104659-23-018245
**Filing Date:** 2023-2
**Character Count:** 19848
**Document Hash:** 226601c58cbaf2ae90c5fdf81abf9070
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018245.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018245

**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:** ISTHMUS PARTNERS, LLC
- **CENTRAL INDEX KEY:** 0001639666
- **IRS NUMBER:** 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:** 23609787

**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:** 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:** 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:** Victor Rodriguez<br>**Title:** Chief Operating Officer<br>**Phone:** 608-729-0948

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

/s/ Victor Rodriguez  Madison, WI  02-09-2023<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:** 166

**Form 13F Information Table Value Total:** $665754532

      (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 |
| ABBVIE INC | COM | 00287y109 |  | 311099 | 1925 | SH |  | SOLE |  | 0 | 0 | 311099 |
| ABERDEEN STANDARD PLATINUM ETF IV | COM | 003260106 |  | 352444 | 3550 | SH |  | SOLE |  | 0 | 0 | 352444 |
| ACCENTURE PLC | COM | G1151C101 |  | 8658691 | 32449 | SH |  | SOLE |  | 0 | 0 | 8658691 |
| ALLIED MOTION TECHNOLOGIES | COM | 019330109 |  | 1968192 | 56541 | SH |  | SOLE |  | 0 | 0 | 1968192 |
| ALLISON TRANSMISSION HLDGS INC | COM | 01973R101 |  | 10494848 | 252280 | SH |  | SOLE |  | 0 | 0 | 10494848 |
| ALPHABET INC. CLASS A | COM | 02079k305 |  | 246603 | 2795 | SH |  | SOLE |  | 0 | 0 | 246603 |
| AMALGAMATED FINL CORP | COM | 022671101 |  | 1959621 | 85053 | SH |  | SOLE |  | 0 | 0 | 1959621 |
| AMCOR PLC F | COM | g0250x107 |  | 62450252 | 5243514 | SH |  | SOLE |  | 0 | 0 | 62450252 |
| AMERISAFE INC | COM | 03071h100 |  | 1957762 | 37671 | SH |  | SOLE |  | 0 | 0 | 1957762 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 11392065 | 68747 | SH |  | SOLE |  | 0 | 0 | 11392065 |
| AMGEN INC. | COM | 031162100 |  | 210112 | 800 | SH |  | SOLE |  | 0 | 0 | 210112 |
| AMN HEALTHCARE SERVICES INC | COM | 001744101 |  | 2232119 | 21709 | SH |  | SOLE |  | 0 | 0 | 2232119 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 4241366 | 393083 | SH |  | SOLE |  | 0 | 0 | 4241366 |
| APPLE INC | COM | 037833100 |  | 11250899 | 86592 | SH |  | SOLE |  | 0 | 0 | 11250899 |
| APPLIED INDL TECH | COM | 03820c105 |  | 410858 | 3260 | SH |  | SOLE |  | 0 | 0 | 410858 |
| ARROW ELECTRONICS | COM | 042735100 |  | 331487 | 3170 | SH |  | SOLE |  | 0 | 0 | 331487 |
| ARTISAN PARTNERS ASSET MANAGEMENT INC | COM | 04316a108 |  | 1697622 | 57159 | SH |  | SOLE |  | 0 | 0 | 1697622 |
| ATKORE INC | COM | 047649108 |  | 1841941 | 16240 | SH |  | SOLE |  | 0 | 0 | 1841941 |
| AUTO DATA PROCESSING | COM | 053015103 |  | 465060 | 1947 | SH |  | SOLE |  | 0 | 0 | 465060 |
| AUTOZONE INC | COM | 053332102 |  | 13097882 | 5311 | SH |  | SOLE |  | 0 | 0 | 13097882 |
| AVIENT CORPORATION | COM | 05368V106 |  | 1656637 | 49071 | SH |  | SOLE |  | 0 | 0 | 1656637 |
| B J S WHOLESALE CLUB HOL | COM | 05550j101 |  | 483630 | 7310 | SH |  | SOLE |  | 0 | 0 | 483630 |
| BALL CORP | COM | 058498106 |  | 10373749 | 202850 | SH |  | SOLE |  | 0 | 0 | 10373749 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 10122419 | 222373 | SH |  | SOLE |  | 0 | 0 | 10122419 |
| BEACON ROOFING SUPPL | COM | 073685109 |  | 337170 | 6387 | SH |  | SOLE |  | 0 | 0 | 337170 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 9418001 | 37035 | SH |  | SOLE |  | 0 | 0 | 9418001 |
| BERKLEY W R CORP | COM | 084423102 |  | 11500785 | 158478 | SH |  | SOLE |  | 0 | 0 | 11500785 |
| BIOLIFE SOLUTIONS INC | COM | 09062W204 |  | 1101919 | 60545 | SH |  | SOLE |  | 0 | 0 | 1101919 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 9286410 | 4608 | SH |  | SOLE |  | 0 | 0 | 9286410 |
| BOOZ ALLEN HAMILTON HLDG CORP | COM | 099502106 |  | 11195242 | 107111 | SH |  | SOLE |  | 0 | 0 | 11195242 |
| BUTTERFLY NETWORK INC CLASS A | CL A | 124155102 |  | 1695486 | 689222 | SH |  | SOLE |  | 0 | 0 | 1695486 |
| CAMTEK LTD | COM | M20791105 |  | 1624469 | 73974 | SH |  | SOLE |  | 0 | 0 | 1624469 |
| CAPITAL CITY BANK GP | COM | 139674105 |  | 2166515 | 66662 | SH |  | SOLE |  | 0 | 0 | 2166515 |
| CARLISLE COMPANIES | COM | 142339100 |  | 797911 | 3386 | SH |  | SOLE |  | 0 | 0 | 797911 |
| CARPARTS.COM INC | COM | 14427M107 |  | 1534057 | 245057 | SH |  | SOLE |  | 0 | 0 | 1534057 |
| CASTLE BIOSCIENCES INC | COM | 14843C105 |  | 1360894 | 57812 | SH |  | SOLE |  | 0 | 0 | 1360894 |
| CATERPILLAR INC | COM | 149123101 |  | 265193 | 1107 | SH |  | SOLE |  | 0 | 0 | 265193 |
| CH ROBINSON WORLDWIDE INC | COM | 12541W209 |  | 9616364 | 105028 | SH |  | SOLE |  | 0 | 0 | 9616364 |
| CHASE CORP | COM | 16150r104 |  | 1827504 | 21186 | SH |  | SOLE |  | 0 | 0 | 1827504 |
| CHEVRON CORP | COM | 166764100 |  | 372801 | 2077 | SH |  | SOLE |  | 0 | 0 | 372801 |
| CHILDREN'S PLACE INC | COM | 168905107 |  | 374106 | 10272 | SH |  | SOLE |  | 0 | 0 | 374106 |
| CHURCH  DWIGHT INC | COM | 171340102 |  | 8685889 | 107752 | SH |  | SOLE |  | 0 | 0 | 8685889 |
| CIGNA CORP | COM | 125523100 |  | 8462092 | 25539 | SH |  | SOLE |  | 0 | 0 | 8462092 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 10073695 | 127855 | SH |  | SOLE |  | 0 | 0 | 10073695 |
| COLUMBUS MCKINNON CO | COM | 199333105 |  | 1646132 | 50697 | SH |  | SOLE |  | 0 | 0 | 1646132 |
| CORECARD CORP | COM | 45816D100 |  | 2269713 | 78347 | SH |  | SOLE |  | 0 | 0 | 2269713 |
| CRA INTERNATIONAL INC | COM | 12618T105 |  | 2023033 | 16524 | SH |  | SOLE |  | 0 | 0 | 2023033 |
| CULP INC | COM | 230215105 |  | 797572 | 173763 | SH |  | SOLE |  | 0 | 0 | 797572 |
| DONALDSON CO | COM | 257651109 |  | 305653 | 5192 | SH |  | SOLE |  | 0 | 0 | 305653 |
| EBAY INC | COM | 278642103 |  | 8959428 | 216046 | SH |  | SOLE |  | 0 | 0 | 8959428 |
| ECOLAB INC | COM | 278865100 |  | 231877 | 1593 | SH |  | SOLE |  | 0 | 0 | 231877 |
| ELECTRONIC ARTS | COM | 285512109 |  | 9025681 | 73872 | SH |  | SOLE |  | 0 | 0 | 9025681 |
| EMBECTA CORP | COM | 29082K105 |  | 1004114 | 39704 | SH |  | SOLE |  | 0 | 0 | 1004114 |
| EMERSON ELEC CO | COM | 291011104 |  | 10885327 | 113318 | SH |  | SOLE |  | 0 | 0 | 10885327 |
| EMPLOYERS HOLDINGS INC | COM | 292218104 |  | 2096463 | 48608 | SH |  | SOLE |  | 0 | 0 | 2096463 |
| EXACT SCIENCES CORP | COM | 30063p105 |  | 554512 | 11200 | SH |  | SOLE |  | 0 | 0 | 554512 |
| EXPONENT INC | COM | 30214u102 |  | 2494888 | 25178 | SH |  | SOLE |  | 0 | 0 | 2494888 |
| EXXON MOBIL CORP COM | COM | 30231g102 |  | 951227 | 8624 | SH |  | SOLE |  | 0 | 0 | 951227 |
| FASTENAL CO | COM | 311900104 |  | 621974 | 13144 | SH |  | SOLE |  | 0 | 0 | 621974 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 8633394 | 263133 | SH |  | SOLE |  | 0 | 0 | 8633394 |
| FIRST SOURCE CORP | COM | 336901103 |  | 1959286 | 36905 | SH |  | SOLE |  | 0 | 0 | 1959286 |
| FIRSTCASH HLDGS INC | COM | 33768g107 |  | 465577 | 5357 | SH |  | SOLE |  | 0 | 0 | 465577 |
| FIVE BELOW | COM | 33829m101 |  | 481440 | 2722 | SH |  | SOLE |  | 0 | 0 | 481440 |
| FLEETCOR TECHNOLOGIE | COM | 339041105 |  | 8786333 | 47835 | SH |  | SOLE |  | 0 | 0 | 8786333 |
| FLOWSERVE CORP | COM | 34354P105 |  | 5686354 | 185344 | SH |  | SOLE |  | 0 | 0 | 5686354 |
| FMC CORP | COM | 302491303 |  | 10412563 | 83434 | SH |  | SOLE |  | 0 | 0 | 10412563 |
| FORWARD AIR CORP | COM | 349853101 |  | 2298979 | 21918 | SH |  | SOLE |  | 0 | 0 | 2298979 |
| GARTNER INC | COM | 366651107 |  | 10402188 | 30946 | SH |  | SOLE |  | 0 | 0 | 10402188 |
| GENPACT LIMITED | COM | g3922b107 |  | 576267 | 12441 | SH |  | SOLE |  | 0 | 0 | 576267 |
| GLOBAL INDUSTRIAL COMPANY | COM | 37892E102 |  | 1414341 | 60108 | SH |  | SOLE |  | 0 | 0 | 1414341 |
| GLOBAL SHIP LEASE | COM | Y27183600 |  | 1321527 | 79371 | SH |  | SOLE |  | 0 | 0 | 1321527 |
| GLOBUS MEDICAL INC | COM | 379577208 |  | 1101350 | 14829 | SH |  | SOLE |  | 0 | 0 | 1101350 |
| GRAINGER W W INC | COM | 384802104 |  | 12614638 | 22678 | SH |  | SOLE |  | 0 | 0 | 12614638 |
| HACKETT GROUP | COM | 404609109 |  | 2014308 | 98886 | SH |  | SOLE |  | 0 | 0 | 2014308 |
| HELIOS TECHNOLOGIES INC | COM | 42328H109 |  | 1834791 | 33703 | SH |  | SOLE |  | 0 | 0 | 1834791 |
| HOULIHAN LOKEY INC CLASS A | COM | 441593100 |  | 442773 | 5080 | SH |  | SOLE |  | 0 | 0 | 442773 |
| HYPERFINE INC | COM | 44916k106 |  | 263214 | 313350 | SH |  | SOLE |  | 0 | 0 | 263214 |
| HYSTER-YALE MH CLASS A | COM | 449172105 |  | 966083 | 38170 | SH |  | SOLE |  | 0 | 0 | 966083 |
| ICHOR HOLDINGS LTD | COM | G4740B105 |  | 1560575 | 58187 | SH |  | SOLE |  | 0 | 0 | 1560575 |
| ILLINOIS TOOL WORKS | COM | 452308109 |  | 218097 | 990 | SH |  | SOLE |  | 0 | 0 | 218097 |
| INDEPENDENT BANK CO | COM | 453836108 |  | 1976253 | 23407 | SH |  | SOLE |  | 0 | 0 | 1976253 |
| INSIGHT ENTERPRISES | COM | 45765u103 |  | 379021 | 3780 | SH |  | SOLE |  | 0 | 0 | 379021 |
| INSTEEL INDUSTRIES | COM | 45774w108 |  | 1788525 | 64990 | SH |  | SOLE |  | 0 | 0 | 1788525 |
| INTEL CORP | COM | 458140100 |  | 4972038 | 188121 | SH |  | SOLE |  | 0 | 0 | 4972038 |
| INTERFACE INC | COM | 458665304 |  | 1626092 | 164751 | SH |  | SOLE |  | 0 | 0 | 1626092 |
| INTERPUBLIC GRP COS | COM | 460690100 |  | 531461 | 15955 | SH |  | SOLE |  | 0 | 0 | 531461 |
| IRIDEX CORP | COM | 462684101 |  | 670922 | 333792 | SH |  | SOLE |  | 0 | 0 | 670922 |
| ISHARES CORE MSCI EAFE ETF | COM | 46432f842 |  | 29285411 | 475104 | SH |  | SOLE |  | 0 | 0 | 29285411 |
| ISHARES CORE MSCI TOTAL INTL STOCK ETF | COM | 46432f834 |  | 1138905 | 19677 | SH |  | SOLE |  | 0 | 0 | 1138905 |
| ISHARES MSCI EMERGING MARKETS ETF | COM | 464287234 |  | 2087532 | 55080 | SH |  | SOLE |  | 0 | 0 | 2087532 |
| ISHARES SILVER TRUST ETF IV | COM | 46428q109 |  | 328098 | 14900 | SH |  | SOLE |  | 0 | 0 | 328098 |
| J P MORGAN CHASE  CO | COM | 46625h100 |  | 353488 | 2636 | SH |  | SOLE |  | 0 | 0 | 353488 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 11523056 | 65231 | SH |  | SOLE |  | 0 | 0 | 11523056 |
| JOHNSON OUTDOORS INC | COM | 479167108 |  | 1450673 | 21940 | SH |  | SOLE |  | 0 | 0 | 1450673 |
| KBR INC | COM | 48242w106 |  | 402389 | 7621 | SH |  | SOLE |  | 0 | 0 | 402389 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 10952717 | 80683 | SH |  | SOLE |  | 0 | 0 | 10952717 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1212655 | 8933 | SH |  | SOLE |  | 0 | 0 | 1212655 |
| KOHLS CORP | COM | 500255104 |  | 4712786 | 186645 | SH |  | SOLE |  | 0 | 0 | 4712786 |
| LEAR CORP | COM | 521865204 |  | 6517251 | 52550 | SH |  | SOLE |  | 0 | 0 | 6517251 |
| LIGAND PHARMA | COM | 53220k504 |  | 1324644 | 19830 | SH |  | SOLE |  | 0 | 0 | 1324644 |
| LIVENT CORP | COM | 53814L108 |  | 1639354 | 82504 | SH |  | SOLE |  | 0 | 0 | 1639354 |
| LOWES COMPANIES INC | COM | 548661107 |  | 9134955 | 45849 | SH |  | SOLE |  | 0 | 0 | 9134955 |
| MANITOWOC COMPANY | COM | 563571405 |  | 1272718 | 138943 | SH |  | SOLE |  | 0 | 0 | 1272718 |
| MASTERCRAFT BOAT HOLDINGS INC | COM | 57637H103 |  | 2104266 | 81340 | SH |  | SOLE |  | 0 | 0 | 2104266 |
| MATIV HOLDINGS INC | COM | 808541106 |  | 914730 | 43767 | SH |  | SOLE |  | 0 | 0 | 914730 |
| MC CORMICK  CO INC | COM | 579780206 |  | 234579 | 2830 | SH |  | SOLE |  | 0 | 0 | 234579 |
| MEDTRONIC PLC | COM | G5960L103 |  | 7812104 | 100516 | SH |  | SOLE |  | 0 | 0 | 7812104 |
| MERCK  CO. INC. | COM | 58933y105 |  | 258292 | 2328 | SH |  | SOLE |  | 0 | 0 | 258292 |
| MGP INGREDIENTS INC | COM | 55303j106 |  | 1952711 | 18356 | SH |  | SOLE |  | 0 | 0 | 1952711 |
| MICROSOFT CORP | COM | 594918104 |  | 10707004 | 44646 | SH |  | SOLE |  | 0 | 0 | 10707004 |
| MILLERKNOLL INC | COM | 600544100 |  | 1219126 | 58026 | SH |  | SOLE |  | 0 | 0 | 1219126 |
| MIMEDX GROUP INC | COM | 602496101 |  | 1070778 | 385172 | SH |  | SOLE |  | 0 | 0 | 1070778 |
| N V E CORPORATION | COM | 629445206 |  | 2267416 | 35018 | SH |  | SOLE |  | 0 | 0 | 2267416 |
| NAPCO SECURITY TECHNOLOGIES INC | COM | 630402105 |  | 2462510 | 89611 | SH |  | SOLE |  | 0 | 0 | 2462510 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 676073 | 8087 | SH |  | SOLE |  | 0 | 0 | 676073 |
| NORTHERN OIL AND GAS | COM | 665531307 |  | 1168756 | 37922 | SH |  | SOLE |  | 0 | 0 | 1168756 |
| NVENT ELECTRIC PLC F | COM | g6700g107 |  | 506765 | 13173 | SH |  | SOLE |  | 0 | 0 | 506765 |
| OCEANEERING INTL INC | COM | 675232102 |  | 1307657 | 74766 | SH |  | SOLE |  | 0 | 0 | 1307657 |
| OMNIAB INC. | COM | 68218J103 |  | 691463 | 192073 | SH |  | SOLE |  | 0 | 0 | 691463 |
| ORION ENGINEERED CARBONS | COM | L72967109 |  | 1997196 | 112139 | SH |  | SOLE |  | 0 | 0 | 1997196 |
| OTC MARKETS GROUP INC | COM | 67106F108 |  | 579413 | 10183 | SH |  | SOLE |  | 0 | 0 | 579413 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3614629 | 50753 | SH |  | SOLE |  | 0 | 0 | 3614629 |
| PDC ENERGY INC | COM | 69327R101 |  | 1618359 | 25494 | SH |  | SOLE |  | 0 | 0 | 1618359 |
| PGT INNOVATIONS INC | COM | 69336V101 |  | 1683714 | 93748 | SH |  | SOLE |  | 0 | 0 | 1683714 |
| PHYSICIANS REALTY TR | COM | 71943U104 |  | 5722711 | 395488 | SH |  | SOLE |  | 0 | 0 | 5722711 |
| PLEXUS CORP | COM | 729132100 |  | 2871953 | 27902 | SH |  | SOLE |  | 0 | 0 | 2871953 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 9468187 | 59948 | SH |  | SOLE |  | 0 | 0 | 9468187 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 1382985 | 9125 | SH |  | SOLE |  | 0 | 0 | 1382985 |
| PUBLIC STORAGE | COM | 74460D109 |  | 9550556 | 34086 | SH |  | SOLE |  | 0 | 0 | 9550556 |
| QUALCOMM INC | COM | 747525103 |  | 8681742 | 78968 | SH |  | SOLE |  | 0 | 0 | 8681742 |
| R L I CORP | COM | 749607107 |  | 2390558 | 18211 | SH |  | SOLE |  | 0 | 0 | 2390558 |
| REYNOLDS CONSUMER PRODUCTS INC | COM | 76171L106 |  | 1982847 | 66139 | SH |  | SOLE |  | 0 | 0 | 1982847 |
| ROBERT HALF INTL | COM | 770323103 |  | 391963 | 5309 | SH |  | SOLE |  | 0 | 0 | 391963 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 9844325 | 38220 | SH |  | SOLE |  | 0 | 0 | 9844325 |
| SCHEIN HENRY INC | COM | 806407102 |  | 460451 | 5765 | SH |  | SOLE |  | 0 | 0 | 460451 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 10363702 | 193859 | SH |  | SOLE |  | 0 | 0 | 10363702 |
| SHYFT GROUP INC | COM | 825698103 |  | 1991485 | 80108 | SH |  | SOLE |  | 0 | 0 | 1991485 |
| SILICOM LTD | COM | M84116108 |  | 1856455 | 44044 | SH |  | SOLE |  | 0 | 0 | 1856455 |
| SPDR GOLD SHARES ETF | COM | 78463v107 |  | 1017840 | 6000 | SH |  | SOLE |  | 0 | 0 | 1017840 |
| SPDR S 500 ETF | COM | 78462f103 |  | 6352927 | 16612 | SH |  | SOLE |  | 0 | 0 | 6352927 |
| SPDR S MIDCAP 400 ETF IV | COM | 78467y107 |  | 250176 | 565 | SH |  | SOLE |  | 0 | 0 | 250176 |
| SPDR TOTAL STOCK MARKET ETF | COM | 78464A805 |  | 3792894 | 80205 | SH |  | SOLE |  | 0 | 0 | 3792894 |
| SPROUTS FARMERS MARKET INC | COM | 85208M102 |  | 1819485 | 56209 | SH |  | SOLE |  | 0 | 0 | 1819485 |
| SUMMIT HOTEL PROPERTIES INC | COM | 866082100 |  | 790178 | 109443 | SH |  | SOLE |  | 0 | 0 | 790178 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 2219138 | 62213 | SH |  | SOLE |  | 0 | 0 | 2219138 |
| SYSCO CORP | COM | 871829107 |  | 10280461 | 134473 | SH |  | SOLE |  | 0 | 0 | 10280461 |
| TENNANT CO | COM | 880345103 |  | 369420 | 6000 | SH |  | SOLE |  | 0 | 0 | 369420 |
| TETRA TECH INC | COM | 88162G103 |  | 2354691 | 16218 | SH |  | SOLE |  | 0 | 0 | 2354691 |
| THERMO FISHER SCNTFC | COM | 883556102 |  | 314995 | 572 | SH |  | SOLE |  | 0 | 0 | 314995 |
| TMC THE METALS CO INC F | COM | 87261y106 |  | 17476 | 22696 | SH |  | SOLE |  | 0 | 0 | 17476 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 9294186 | 41313 | SH |  | SOLE |  | 0 | 0 | 9294186 |
| TRANE TECHNOLOGIES PLC | COM | G8994E103 |  | 12060962 | 71753 | SH |  | SOLE |  | 0 | 0 | 12060962 |
| U M B FINANCIAL CORP | COM | 902788108 |  | 1771960 | 21216 | SH |  | SOLE |  | 0 | 0 | 1771960 |
| U S BANCORP | COM | 902973304 |  | 566189 | 12983 | SH |  | SOLE |  | 0 | 0 | 566189 |
| UNION PACIFIC CORP | COM | 907818108 |  | 829937 | 4008 | SH |  | SOLE |  | 0 | 0 | 829937 |
| UNITED PARCEL SVC INC | COM | 911312106 |  | 10565995 | 60780 | SH |  | SOLE |  | 0 | 0 | 10565995 |
| UNITED STATES COPPER INDEX ETF | COM | 911718104 |  | 295552 | 12800 | SH |  | SOLE |  | 0 | 0 | 295552 |
| UTAH MEDICAL PRODUCT | COM | 917488108 |  | 2038045 | 20273 | SH |  | SOLE |  | 0 | 0 | 2038045 |
| VAREX IMAGING CORP | COM | 92214x106 |  | 1777590 | 87566 | SH |  | SOLE |  | 0 | 0 | 1777590 |
| VITA COCO CO | COM | 92846Q107 |  | 2164005 | 156585 | SH |  | SOLE |  | 0 | 0 | 2164005 |
| W E C ENERGY GROUP INC | COM | 92939u106 |  | 237119 | 2529 | SH |  | SOLE |  | 0 | 0 | 237119 |
| WALGREENS BOOTS ALLI | COM | 931427108 |  | 281881 | 7545 | SH |  | SOLE |  | 0 | 0 | 281881 |
| WESCO INTL INC | COM | 95082P105 |  | 10227338 | 81688 | SH |  | SOLE |  | 0 | 0 | 10227338 |
| WHITE MOUNTAINS INS F | COM | g9618e107 |  | 231950 | 164 | SH |  | SOLE |  | 0 | 0 | 231950 |
| ZEBRA TECHNOLOGIES CORP | COM | 989207105 |  | 9128709 | 35602 | SH |  | SOLE |  | 0 | 0 | 9128709 |
| ZIONS BANCORPORATION | COM | 989701107 |  | 389495 | 7923 | SH |  | SOLE |  | 0 | 0 | 389495 |

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