# EDGAR Filing Document

**Accession Number:** 0000733020
**File Stem:** 0001420506-23-000134
**Filing Date:** 2023-1
**Character Count:** 18747
**Document Hash:** 108df586d9b2d4e5a7fa85e7cc56a90a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-23-000134.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001420506-23-000134

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**EFFECTIVENESS DATE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARS Investment Partners, LLC
- **CENTRAL INDEX KEY:** 0000733020
- **IRS NUMBER:** 132684582
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-00858
- **FILM NUMBER:** 23552403

**BUSINESS ADDRESS:**
- **STREET 1:** 529 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-687-9800

**MAIL ADDRESS:**
- **STREET 1:** 529 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A.R. Schmeidler & Co., Inc.
- **DATE OF NAME CHANGE:** 20150706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCHMEIDLER A R & CO INC
- **DATE OF NAME CHANGE:** 19990329

### 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:** ARS Investment Partners LLC<br>**Address:** 529 FIFTH AVENUE<br>SUITE 500<br>NEW YORK, NY 10017

**Form 13F File Number:** 028-00858

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:** Jose Avizzano<br>**Title:** Compliance Associate<br>**Phone:** 646 940 1097

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

Jose Avizzano Compliance Associate  NEW YORK, NY  01-25-2023<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:** 148

**Form 13F Information Table Value Total:** $751731572

      (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 |
| 26 CAPITAL ACQUISITION CORP | *W EXP 12/31/202 | 90138P118 |  | 8750 | 35000 | SH |  | SOLE |  | 0 | 0 | 35000 |
| ABBOTT LABS | COM | 002824100 |  | 598356 | 5450 | SH |  | SOLE |  | 0 | 0 | 5450 |
| ABBVIE INC | COM | 00287Y109 |  | 4669075 | 28891 | SH |  | SOLE |  | 293 | 0 | 28598 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 228949 | 858 | SH |  | SOLE |  | 325 | 0 | 533 |
| AERSALE CORPORATION | COM | 00810F106 |  | 232887 | 14358 | SH |  | SOLE |  | 4068 | 0 | 10290 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 310660 | 49000 | SH |  | SOLE |  | 0 | 0 | 49000 |
| ALGOMA STL GROUP INC | *W EXP 10/19/202 | 015658115 |  | 27971 | 24217 | SH |  | SOLE |  | 0 | 0 | 24217 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 28389458 | 321767 | SH |  | SOLE |  | 49510 | 0 | 272257 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4928685 | 55547 | SH |  | SOLE |  | 15860 | 0 | 39687 |
| AMAZON COM INC | COM | 023135106 |  | 17066448 | 203172 | SH |  | SOLE |  | 33282 | 0 | 169890 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 1250073 | 13166 | SH |  | SOLE |  | 0 | 0 | 13166 |
| APPLE INC | COM | 037833100 |  | 60619157 | 466552 | SH |  | SOLE |  | 55694 | 0 | 410858 |
| APPLIED MATLS INC | COM | 038222105 |  | 1618163 | 16617 | SH |  | SOLE |  | 0 | 0 | 16617 |
| ARDAGH METAL PACKAGING S A | SHS | L02235106 |  | 5943895 | 1235737 | SH |  | SOLE |  | 98090 | 0 | 1137647 |
| ARRAY TECHNOLOGIES INC | COM SHS | 04271T100 |  | 13776317 | 712691 | SH |  | SOLE |  | 180521 | 0 | 532170 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 29142783 | 238621 | SH |  | SOLE |  | 54226 | 0 | 184395 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 458976 | 840 | SH |  | SOLE |  | 0 | 0 | 840 |
| ASPEN AEROGELS INC | COM | 04523Y105 |  | 441677 | 37462 | SH |  | SOLE |  | 6650 | 0 | 30812 |
| BABCOCK  WILCOX ENTERPRISES | COM | 05614L209 |  | 200179 | 34693 | SH |  | SOLE |  | 9582 | 0 | 25111 |
| BIOHAVEN LTD | COM | G1110E107 |  | 7831637 | 564239 | SH |  | SOLE |  | 3322 | 0 | 560917 |
| BLACKROCK INC | COM | 09247X101 |  | 6924732 | 9772 | SH |  | SOLE |  | 766 | 0 | 9006 |
| BLACKSTONE INC | COM | 09260D107 |  | 7046344 | 94977 | SH |  | SOLE |  | 7197 | 0 | 87780 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1687659 | 23456 | SH |  | SOLE |  | 0 | 0 | 23456 |
| BROADCOM INC | COM | 11135F101 |  | 13080287 | 23394 | SH |  | SOLE |  | 1557 | 0 | 21837 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 2033680 | 17107 | SH |  | SOLE |  | 0 | 0 | 17107 |
| CANTALOUPE INC | COM | 138103106 |  | 322887 | 74227 | SH |  | SOLE |  | 21421 | 0 | 52806 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 18383967 | 54214 | SH |  | SOLE |  | 11898 | 0 | 42316 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12483709 | 69551 | SH |  | SOLE |  | 5355 | 0 | 64196 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 25577122 | 1587655 | SH |  | SOLE |  | 342786 | 0 | 1244869 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 659478 | 14587 | SH |  | SOLE |  | 200 | 0 | 14387 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1768678 | 22448 | SH |  | SOLE |  | 50 | 0 | 22398 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4970496 | 142136 | SH |  | SOLE |  | 8682 | 0 | 133454 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 12166190 | 251888 | SH |  | SOLE |  | 66966 | 0 | 184922 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 247329 | 2595 | SH |  | SOLE |  | 0 | 0 | 2595 |
| CONX CORP | *W EXP 10/30/202 | 212873111 |  | 70740 | 471599 | SH |  | SOLE |  | 0 | 0 | 471599 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 4219894 | 68605 | SH |  | SOLE |  | 634 | 0 | 67971 |
| DISH NETWORK CORPORATION | CL A | 25470M109 |  | 4982838 | 354903 | SH |  | SOLE |  | 20121 | 0 | 334782 |
| EASTSIDE DISTILLING INC | COM | 277802302 |  | 42144 | 184117 | SH |  | SOLE |  | 27680 | 0 | 156437 |
| EATON CORP PLC | SHS | G29183103 |  | 7816828 | 49805 | SH |  | SOLE |  | 14142 | 0 | 35663 |
| ECHOSTAR CORP | CL A | 278768106 |  | 391980 | 23500 | SH |  | SOLE |  | 0 | 0 | 23500 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 2797799 | 115995 | SH |  | SOLE |  | 2680 | 0 | 113315 |
| ERO COPPER CORP | COM | 296006109 |  | 192500 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1401141 | 12703 | SH |  | SOLE |  | 0 | 0 | 12703 |
| FLEX LTD | ORD | Y2573F102 |  | 26454214 | 1232722 | SH |  | SOLE |  | 318705 | 0 | 914017 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 37337850 | 982575 | SH |  | SOLE |  | 198101 | 0 | 784474 |
| FTC SOLAR INC | COM | 30320C103 |  | 300964 | 112300 | SH |  | SOLE |  | 0 | 0 | 112300 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 16653361 | 88328 | SH |  | SOLE |  | 3562 | 0 | 84766 |
| GENERAL MTRS CO | COM | 37045V100 |  | 13969010 | 415250 | SH |  | SOLE |  | 101617 | 0 | 313633 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 1613930 | 60926 | SH |  | SOLE |  | 17035 | 0 | 43891 |
| GLOBALSTAR INC | COM | 378973408 |  | 66500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 65153 | 10950 | SH |  | SOLE |  | 0 | 0 | 10950 |
| GRIFFON CORP | COM | 398433102 |  | 280594 | 7840 | SH |  | SOLE |  | 2220 | 0 | 5620 |
| HANNON ARMSTRONG SUST INFR C | COM | 41068X100 |  | 6609353 | 228066 | SH |  | SOLE |  | 16117 | 0 | 211949 |
| HERSHEY CO | COM | 427866108 |  | 217907 | 941 | SH |  | SOLE |  | 0 | 0 | 941 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 346401 | 39908 | SH |  | SOLE |  | 11761 | 0 | 28147 |
| INNOVATE CORP | COM | 45784J105 |  | 3764607 | 2013159 | SH |  | SOLE |  | 3830 | 0 | 2009329 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 386039 | 2740 | SH |  | SOLE |  | 0 | 0 | 2740 |
| INUVO INC | COM NEW | 46122W204 |  | 2215 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| ISHARES INC | GLB ENR PROD ETF | 464286343 |  | 4378192 | 180544 | SH |  | SOLE |  | 49665 | 0 | 130879 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1030527 | 8545 | SH |  | SOLE |  | 0 | 0 | 8545 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1315919 | 3425 | SH |  | SOLE |  | 0 | 0 | 3425 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 219596 | 1025 | SH |  | SOLE |  | 0 | 0 | 1025 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 1081388 | 54478 | SH |  | SOLE |  | 14009 | 0 | 40469 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 255528 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 338646 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 598850 | 11977 | SH |  | SOLE |  | 0 | 0 | 11977 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 290847 | 5025 | SH |  | SOLE |  | 0 | 0 | 5025 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 2388211 | 21350 | SH |  | SOLE |  | 7126 | 0 | 14224 |
| ISHARES TR | COHEN STEER REIT | 464287564 |  | 287910 | 5250 | SH |  | SOLE |  | 5250 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1271173 | 7196 | SH |  | SOLE |  | 155 | 0 | 7041 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 14303892 | 1386036 | SH |  | SOLE |  | 316149 | 0 | 1069887 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 15165331 | 72837 | SH |  | SOLE |  | 16626 | 0 | 56211 |
| LAM RESEARCH CORP | COM | 512807108 |  | 22994886 | 54711 | SH |  | SOLE |  | 10514 | 0 | 44197 |
| LARGO INC | COM | 517097101 |  | 213586 | 39700 | SH |  | SOLE |  | 0 | 0 | 39700 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 533890 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 |  | 11534117 | 1517647 | SH |  | SOLE |  | 391624 | 0 | 1126023 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1477687 | 12696 | SH |  | SOLE |  | 0 | 0 | 12696 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 405922 | 2453 | SH |  | SOLE |  | 0 | 0 | 2453 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 15160486 | 44857 | SH |  | SOLE |  | 10203 | 0 | 34654 |
| MERCK  CO INC | COM | 58933Y105 |  | 13226017 | 119207 | SH |  | SOLE |  | 6702 | 0 | 112505 |
| META PLATFORMS INC | CL A | 30303M102 |  | 330815 | 2749 | SH |  | SOLE |  | 0 | 0 | 2749 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 231272 | 160 | SH |  | SOLE |  | 0 | 0 | 160 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 21239251 | 424955 | SH |  | SOLE |  | 85369 | 0 | 339586 |
| MIND TECHNOLOGY INC | COM | 602566101 |  | 36722 | 79848 | SH |  | SOLE |  | 18428 | 0 | 61420 |
| MODERNA INC | COM | 60770K107 |  | 13515687 | 75246 | SH |  | SOLE |  | 19387 | 0 | 55859 |
| MOGO INC | COM | 60800C109 |  | 329913 | 623300 | SH |  | SOLE |  | 0 | 0 | 623300 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1030076 | 15455 | SH |  | SOLE |  | 0 | 0 | 15455 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 229877 | 892 | SH |  | SOLE |  | 0 | 0 | 892 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 20700545 | 852576 | SH |  | SOLE |  | 188780 | 0 | 663796 |
| NEMAURA MED INC | COM NEW | 640442208 |  | 134396 | 78269 | SH |  | SOLE |  | 21909 | 0 | 56360 |
| NEXTDECADE CORP | COM | 65342K105 |  | 98800 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 344766 | 4124 | SH |  | SOLE |  | 0 | 0 | 4124 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 475344 | 1929 | SH |  | SOLE |  | 0 | 0 | 1929 |
| NORTH EUROPEAN OIL RTY TR | SH BEN INT | 659310106 |  | 139590 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 11901753 | 21814 | SH |  | SOLE |  | 1906 | 0 | 19908 |
| NUCOR CORP | COM | 670346105 |  | 982644 | 7455 | SH |  | SOLE |  | 0 | 0 | 7455 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7560229 | 51733 | SH |  | SOLE |  | 13501 | 0 | 38232 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 7170719 | 113839 | SH |  | SOLE |  | 5002 | 0 | 108837 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 10842430 | 204806 | SH |  | SOLE |  | 13456 | 0 | 191350 |
| PEPSICO INC | COM | 713448108 |  | 3122889 | 17286 | SH |  | SOLE |  | 0 | 0 | 17286 |
| PERMA-FIX ENVIRONMENTAL SVCS | COM NEW | 714157203 |  | 609719 | 172725 | SH |  | SOLE |  | 24881 | 0 | 147844 |
| PHILLIPS 66 | COM | 718546104 |  | 504788 | 4850 | SH |  | SOLE |  | 0 | 0 | 4850 |
| PRENETICS GLOBAL LTD | CLASS A ORD | G72245106 |  | 71000 | 35500 | SH |  | SOLE |  | 0 | 0 | 35500 |
| QUIPT HOME MEDICAL CORP | COM | 74880P104 |  | 399262 | 84769 | SH |  | SOLE |  | 23334 | 0 | 61435 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 36829088 | 364933 | SH |  | SOLE |  | 61135 | 0 | 303798 |
| RICHARDSON ELECTRS LTD | COM | 763165107 |  | 862990 | 40459 | SH |  | SOLE |  | 4874 | 0 | 35585 |
| ROGERS CORP | COM | 775133101 |  | 369715 | 3098 | SH |  | SOLE |  | 360 | 0 | 2738 |
| RUMBLE INC | *W EXP 09/16/202 | 78137L113 |  | 13125 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 296120 | 4200 | SH |  | SOLE |  | 34 | 0 | 4166 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 6113417 | 49127 | SH |  | SOLE |  | 9250 | 0 | 39877 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 |  | 989166 | 10072 | SH |  | SOLE |  | 70 | 0 | 10002 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 1779487 | 13099 | SH |  | SOLE |  | 91 | 0 | 13008 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 676222 | 7731 | SH |  | SOLE |  | 587 | 0 | 7144 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 |  | 582695 | 12142 | SH |  | SOLE |  | 120 | 0 | 12022 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 233733 | 3009 | SH |  | SOLE |  | 26 | 0 | 2983 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 1077348 | 8341 | SH |  | SOLE |  | 52 | 0 | 8289 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 777186 | 10425 | SH |  | SOLE |  | 64 | 0 | 10361 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 1328201 | 38836 | SH |  | SOLE |  | 255 | 0 | 38581 |
| SHYFT GROUP INC | COM | 825698103 |  | 253249 | 10187 | SH |  | SOLE |  | 2781 | 0 | 7406 |
| SILICOM LTD | ORD | M84116108 |  | 659648 | 15650 | SH |  | SOLE |  | 2680 | 0 | 12970 |
| SMITH MICRO SOFTWARE INC | COM NEW | 832154207 |  | 196033 | 93349 | SH |  | SOLE |  | 23763 | 0 | 69586 |
| SONO TEK CORP | COM | 835483108 |  | 436971 | 68064 | SH |  | SOLE |  | 0 | 0 | 68064 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1568322 | 9245 | SH |  | SOLE |  | 8945 | 0 | 300 |
| SPDR INDEX SHS FDS | MSCI ACWI EXUS | 78463X848 |  | 206411 | 8579 | SH |  | SOLE |  | 8579 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 18827643 | 49232 | SH |  | SOLE |  | 25424 | 0 | 23808 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 974440 | 2201 | SH |  | SOLE |  | 16 | 0 | 2185 |
| SPDR SER TR | S OILGAS EXP | 78468R556 |  | 2030998 | 14947 | SH |  | SOLE |  | 7266 | 0 | 7681 |
| SPDR SER TR | S METALS MNG | 78464A755 |  | 4512786 | 90600 | SH |  | SOLE |  | 31793 | 0 | 58807 |
| SPDR SER TR | S 600 SML CAP | 78464A813 |  | 929156 | 11302 | SH |  | SOLE |  | 84 | 0 | 11218 |
| STAGWELL INC | COM CL A | 85256A109 |  | 507109 | 81660 | SH |  | SOLE |  | 81660 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 7347333 | 75203 | SH |  | SOLE |  | 632 | 0 | 74571 |
| SUPER MICRO COMPUTER INC | COM | 86800U104 |  | 208616 | 2541 | SH |  | SOLE |  | 719 | 0 | 1822 |
| T-MOBILE US INC | COM | 872590104 |  | 823200 | 5880 | SH |  | SOLE |  | 0 | 0 | 5880 |
| TANGER FACTORY OUTLET CTRS I | COM | 875465106 |  | 6683457 | 372545 | SH |  | SOLE |  | 31012 | 0 | 341533 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 923460 | 123128 | SH |  | SOLE |  | 7028 | 0 | 116100 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 117640 | 34000 | SH |  | SOLE |  | 0 | 0 | 34000 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1697227 | 3082 | SH |  | SOLE |  | 15 | 0 | 3067 |
| UNION PAC CORP | COM | 907818108 |  | 9783643 | 47248 | SH |  | SOLE |  | 7396 | 0 | 39852 |
| UNITI GROUP INC | COM | 91325V108 |  | 4347470 | 786161 | SH |  | SOLE |  | 51972 | 0 | 734189 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 116400 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 3122638 | 15387 | SH |  | SOLE |  | 6051 | 0 | 9336 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 395259 | 2975 | SH |  | SOLE |  | 0 | 0 | 2975 |
| VERTEX ENERGY INC | COM | 92534K107 |  | 420720 | 67858 | SH |  | SOLE |  | 12385 | 0 | 55473 |
| VICOR CORP | COM | 925815102 |  | 3116264 | 57977 | SH |  | SOLE |  | 21240 | 0 | 36737 |
| VIRTRA INC | COM PAR | 92827K301 |  | 691325 | 147719 | SH |  | SOLE |  | 21280 | 0 | 126439 |
| VISA INC | COM CL A | 92826C839 |  | 405755 | 1953 | SH |  | SOLE |  | 320 | 0 | 1633 |
| WILLIAMS INDL SVCS GROUP INC | COM | 96951A104 |  | 27135 | 26600 | SH |  | SOLE |  | 0 | 0 | 26600 |
| XCEL ENERGY INC | COM | 98389B100 |  | 2917067 | 41607 | SH |  | SOLE |  | 1300 | 0 | 40307 |

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