# EDGAR Filing Document

**Accession Number:** 0001341401
**File Stem:** 0001341401-26-000012
**Filing Date:** 2026-4
**Character Count:** 22662
**Document Hash:** 221a8d1ba0b3bf2239946e23b55a30b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001341401-26-000012.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001341401-26-000012

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** River Road Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001341401

**ORGANIZATION NAME:**
- **EIN:** 432076925
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11487
- **FILM NUMBER:** 26920532

**BUSINESS ADDRESS:**
- **STREET 1:** 462 SOUTH FOURTH STREET, SUITE 2000
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202
- **BUSINESS PHONE:** 5023714100

**MAIL ADDRESS:**
- **STREET 1:** 462 SOUTH FOURTH STREET, SUITE 2000
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** River Road Asset Management LLC<br>**Address:** 462 SOUTH FOURTH STREET SUITE 2000<br>LOUISVILLE, KY 40202

**Form 13F File Number:** 028-11487

**CRD Number (if applicable):** 000134918

**SEC File Number (if applicable):** 801-64175

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:** Meagan N. Snyder<br>**Title:** Chief Compliance Officer<br>**Phone:** 502-371-4100

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

/s/ MEAGAN N. SNYDER  Louisville, KY  04-30-2026<br>[Signature]  [City, State]  [Date]

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

[ ] **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).)

[x] **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:** 1

**Form 13F Information Table Entry Total:** 176

**Form 13F Information Table Value Total:** $8828138271

      (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.]

|   No. | Name                          | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | ABN AMRO INVESTMENT SOLUTIONS | 028-25693              |  |  |

### 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 |  | 6820704 | 31361 | SH |  | SOLE |  | 23112 | 0 | 8249 |
| Accenture Plc Class A | COM | G1151C101 |  | 5283437 | 26645 | SH |  | SOLE |  | 19445 | 0 | 7200 |
| ACI Worldwide Inc. | COM | 004498101 |  | 10958282 | 267210 | SH |  | SOLE |  | 249993 | 0 | 17217 |
| AES Corporation | COM | 00130H105 |  | 3326536 | 236092 | SH |  | SOLE |  | 118212 | 0 | 117880 |
| Air Products and Chemicals In | COM | 009158106 |  | 11802318 | 40629 | SH |  | SOLE |  | 29823 | 0 | 10806 |
| Alamo Group Inc. | COM | 011311107 |  | 6715764 | 40709 | SH |  | SOLE |  | 40709 | 0 | 0 |
| Albertsons Companies Inc. Cla | COM | 013091103 |  | 10526290 | 617740 | SH |  | SOLE |  | 617740 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 68038060 | 326682 | SH |  | SOLE |  | 324751 | 0 | 1931 |
| American Express Company | COM | 025816109 |  | 114699509 | 379197 | SH |  | SOLE |  | 377832 | 0 | 1365 |
| American Tower Corporation | COM | 03027X100 |  | 11266713 | 65284 | SH |  | SOLE |  | 47921 | 0 | 17363 |
| Amgen Inc. | COM | 031162100 |  | 7280832 | 20693 | SH |  | SOLE |  | 15213 | 0 | 5480 |
| Amrize Ltd | COM | H2927K103 |  | 125678797 | 2243463 | SH |  | SOLE |  | 2235991 | 0 | 7472 |
| Api Group Corporation | COM | 00187Y100 |  | 8513981 | 210118 | SH |  | SOLE |  | 205625 | 0 | 4493 |
| AptarGroup Inc. | COM | 038336103 |  | 148325918 | 1177003 | SH |  | SOLE |  | 1015213 | 0 | 161790 |
| Armstrong World Industries In | COM | 04247X102 |  | 45922509 | 278656 | SH |  | SOLE |  | 235208 | 0 | 43448 |
| Asbury Automotive Group Inc. | COM | 043436104 |  | 48930664 | 250400 | SH |  | SOLE |  | 233569 | 0 | 16831 |
| Assured Guaranty Ltd. | COM | G0585R106 |  | 154109479 | 1891378 | SH |  | SOLE |  | 1647850 | 0 | 243528 |
| Atlanta Braves Holdings Inc Cl | COM | 047726302 |  | 13520699 | 316644 | SH |  | SOLE |  | 316644 | 0 | 0 |
| Avnet Inc. | COM | 053807103 |  | 7012726 | 113806 | SH |  | SOLE |  | 83313 | 0 | 30493 |
| Axis Capital Holdings Limited | COM | G0692U109 |  | 102933989 | 1015028 | SH |  | SOLE |  | 861653 | 0 | 153375 |
| Becton Dickinson and Company | COM | 075887109 |  | 65426548 | 416120 | SH |  | SOLE |  | 401215 | 0 | 14905 |
| BellRing Brands Inc. | COM | 07831C103 |  | 34798165 | 2162720 | SH |  | SOLE |  | 1857740 | 0 | 304980 |
| Berkshire Hathaway Inc. Class | COM | 084670702 |  | 218246369 | 455439 | SH |  | SOLE |  | 453971 | 0 | 1468 |
| BioMarin Pharmaceutical Inc. | COM | 09061G101 |  | 51835902 | 917612 | SH |  | SOLE |  | 740265 | 0 | 177347 |
| BJ's Wholesale Club Holdings | COM | 05550J101 |  | 344811813 | 3503473 | SH |  | SOLE |  | 3221432 | 0 | 282041 |
| BlueLinx Holdings Inc. | COM | 09624H208 |  | 13215261 | 243914 | SH |  | SOLE |  | 229188 | 0 | 14726 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 3890819 | 64152 | SH |  | SOLE |  | 46808 | 0 | 17344 |
| Brown  Brown Inc. | COM | 115236101 |  | 10244947 | 157107 | SH |  | SOLE |  | 157107 | 0 | 0 |
| Caci International Inc Class A | COM | 127190304 |  | 81213932 | 149326 | SH |  | SOLE |  | 137392 | 0 | 11934 |
| Cal-Maine Foods Inc. | COM | 128030202 |  | 108397666 | 1369522 | SH |  | SOLE |  | 1187743 | 0 | 181779 |
| Canadian National Railway Comp | COM | 136375102 |  | 418479 | 4072 | SH |  | SOLE |  | 514 | 0 | 3558 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 22286394 | 1960105 | SH |  | SOLE |  | 1591553 | 0 | 368552 |
| Carlisle Companies Incorporate | COM | 142339100 |  | 53630416 | 160753 | SH |  | SOLE |  | 160109 | 0 | 644 |
| Carnival Corporation | COM | 143658300 |  | 15459314 | 597346 | SH |  | SOLE |  | 584318 | 0 | 13028 |
| Chemed Corporation | COM | 16359R103 |  | 27109644 | 71768 | SH |  | SOLE |  | 60360 | 0 | 11408 |
| Chubb Limited | COM | H1467J104 |  | 16480976 | 50566 | SH |  | SOLE |  | 37354 | 0 | 13212 |
| Cisco Systems Inc. | COM | 17275R102 |  | 3217502 | 41468 | SH |  | SOLE |  | 30474 | 0 | 10994 |
| CNA Financial Corporation | COM | 126117100 |  | 38949206 | 848197 | SH |  | SOLE |  | 688116 | 0 | 160081 |
| CNH Industrial NV | COM | N20944109 |  | 22972422 | 2088402 | SH |  | SOLE |  | 1733026 | 0 | 355376 |
| Coca-Cola Consolidated Inc. | COM | 191098102 |  | 15866485 | 82750 | SH |  | SOLE |  | 81538 | 0 | 1212 |
| Commerce Bancshares Inc. | COM | 200525103 |  | 16720620 | 339850 | SH |  | SOLE |  | 339850 | 0 | 0 |
| Constellation Energy Corporati | COM | 21037T109 |  | 80198087 | 287191 | SH |  | SOLE |  | 279559 | 0 | 7632 |
| Cooper Companies Inc. | COM | 216648501 |  | 141184329 | 1974606 | SH |  | SOLE |  | 1712012 | 0 | 262594 |
| CoreCivic Inc. | COM | 21871N101 |  | 170405498 | 9011396 | SH |  | SOLE |  | 7758282 | 0 | 1253114 |
| Corning Inc | COM | 219350105 |  | 2814987 | 20703 | SH |  | SOLE |  | 15104 | 0 | 5599 |
| Corpay Inc. | COM | 219948106 |  | 13776631 | 47344 | SH |  | SOLE |  | 46425 | 0 | 919 |
| CRH public limited company | COM | G25508105 |  | 135181902 | 1285977 | SH |  | SOLE |  | 1280536 | 0 | 5441 |
| Deere  Company | COM | 244199105 |  | 47307061 | 83982 | SH |  | SOLE |  | 83601 | 0 | 381 |
| Delek US Holdings Inc | COM | 24665A103 |  | 111790636 | 2480378 | SH |  | SOLE |  | 2175979 | 0 | 304399 |
| Delta Air Lines Inc. | COM | 247361702 |  | 74371242 | 1118701 | SH |  | SOLE |  | 1115281 | 0 | 3420 |
| DNOW Inc. | COM | 67011P100 |  | 47749870 | 4009225 | SH |  | SOLE |  | 3410439 | 0 | 598786 |
| Dole PLC | COM | G27907107 |  | 67090850 | 4694951 | SH |  | SOLE |  | 4060367 | 0 | 634584 |
| Duke Energy Corporation | COM | 26441C204 |  | 5442914 | 41568 | SH |  | SOLE |  | 21053 | 0 | 20515 |
| Embecta Corporation | COM | 29082K105 |  | 30493598 | 3449502 | SH |  | SOLE |  | 2998820 | 0 | 450682 |
| Energy Transfer LP | COM | 29273V100 |  | 2038755 | 105635 | SH |  | SOLE |  | 102886 | 0 | 2749 |
| Enovis Corporation | COM | 194014502 |  | 34192840 | 1502982 | SH |  | SOLE |  | 1298525 | 0 | 204457 |
| Enterprise Products Partners L | COM | 293792107 |  | 3311378 | 87510 | SH |  | SOLE |  | 85170 | 0 | 2340 |
| EOG Resources Inc. | COM | 26875P101 |  | 8049658 | 55680 | SH |  | SOLE |  | 39945 | 0 | 15735 |
| ePlus inc. | COM | 294268107 |  | 122256568 | 1624672 | SH |  | SOLE |  | 1387523 | 0 | 237149 |
| Estee Lauder Companies Inc. Cl | COM | 518439104 |  | 10648228 | 148366 | SH |  | SOLE |  | 144724 | 0 | 3642 |
| Expand Energy Corporation | COM | 165167735 |  | 3083281 | 28086 | SH |  | SOLE |  | 20677 | 0 | 7409 |
| Expedia Group Inc. | COM | 30212P303 |  | 8726257 | 37794 | SH |  | SOLE |  | 36638 | 0 | 1156 |
| Expeditors International Of Wa | COM | 302130109 |  | 16723821 | 116762 | SH |  | SOLE |  | 103351 | 0 | 13411 |
| First Citizens BancShares Inc | COM | 31946M103 |  | 94517584 | 50151 | SH |  | SOLE |  | 49936 | 0 | 215 |
| GE Healthcare Technologies Inc | COM | 36266G107 |  | 95608051 | 1343187 | SH |  | SOLE |  | 1340217 | 0 | 2970 |
| Genuine Parts Company | COM | 372460105 |  | 16938083 | 160171 | SH |  | SOLE |  | 142411 | 0 | 17760 |
| Genworth Financial Inc. | COM | 37247D106 |  | 124411489 | 15321612 | SH |  | SOLE |  | 13110529 | 0 | 2211083 |
| GEO Group Inc | COM | 36162J106 |  | 10466141 | 622614 | SH |  | SOLE |  | 581023 | 0 | 41591 |
| GXO Logistics Inc | COM | 36262G101 |  | 183608161 | 3541141 | SH |  | SOLE |  | 3076819 | 0 | 464322 |
| Haemonetics Corporation | COM | 405024100 |  | 74845460 | 1327989 | SH |  | SOLE |  | 1130430 | 0 | 197559 |
| HF Sinclair Corporation | COM | 403949100 |  | 41741655 | 669044 | SH |  | SOLE |  | 542192 | 0 | 126852 |
| Howard Hughes Holdings Inc. | COM | 44267T102 |  | 32287082 | 510387 | SH |  | SOLE |  | 446072 | 0 | 64315 |
| Hub Group Inc. Class A | COM | 443320106 |  | 40192457 | 1115218 | SH |  | SOLE |  | 977765 | 0 | 137453 |
| Huntington Ingalls Industries | COM | 446413106 |  | 47797878 | 125817 | SH |  | SOLE |  | 100249 | 0 | 25568 |
| Icon PLC | COM | G4705A100 |  | 40912662 | 369715 | SH |  | SOLE |  | 279162 | 0 | 90553 |
| ICU Medical Inc. | COM | 44930G107 |  | 83486434 | 646430 | SH |  | SOLE |  | 549732 | 0 | 96698 |
| IDACORP Inc. | COM | 451107106 |  | 4622077 | 32329 | SH |  | SOLE |  | 16072 | 0 | 16257 |
| Independence Realty Trust Inc | COM | 45378A106 |  | 16072028 | 1079384 | SH |  | SOLE |  | 1004719 | 0 | 74665 |
| Ingles Markets Incorporated C | COM | 457030104 |  | 85972594 | 956420 | SH |  | SOLE |  | 827892 | 0 | 128528 |
| Ingram Micro Holding Corporati | COM | 457152106 |  | 40980425 | 1758062 | SH |  | SOLE |  | 1404242 | 0 | 353820 |
| International Flavors  Fragra | COM | 459506101 |  | 91387825 | 1259653 | SH |  | SOLE |  | 1034671 | 0 | 224982 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 25887830 | 121158 | SH |  | SOLE |  | 121158 | 0 | 0 |
| Ituran Location and Control Lt | COM | M6158M104 |  | 14977113 | 305593 | SH |  | SOLE |  | 284361 | 0 | 21232 |
| Janus International Group Inc | COM | 47103N106 |  | 23177173 | 4500422 | SH |  | SOLE |  | 3898087 | 0 | 602335 |
| Johnson  Johnson | COM | 478160104 |  | 6164043 | 25217 | SH |  | SOLE |  | 18478 | 0 | 6739 |
| Keurig Dr Pepper Inc. | COM | 49271V100 |  | 72001834 | 2734593 | SH |  | SOLE |  | 2722040 | 0 | 12553 |
| Kinder Morgan Inc Class P | COM | 49456B101 |  | 14266981 | 425499 | SH |  | SOLE |  | 309048 | 0 | 116451 |
| Kroger Co. | COM | 501044101 |  | 104522066 | 1444473 | SH |  | SOLE |  | 1398790 | 0 | 45683 |
| Labcorp Holdings Inc. | COM | 504922105 |  | 134720907 | 504932 | SH |  | SOLE |  | 503236 | 0 | 1696 |
| Landstar System Inc. | COM | 515098101 |  | 19911624 | 124207 | SH |  | SOLE |  | 124207 | 0 | 0 |
| Lennar Corporation Class A | COM | 526057104 |  | 41600441 | 479047 | SH |  | SOLE |  | 477427 | 0 | 1620 |
| Lennar Corporation Class B | COM | 526057302 |  | 4956350 | 58920 | SH |  | SOLE |  | 43193 | 0 | 15727 |
| LGI Homes Inc. | COM | 50187T106 |  | 33102699 | 837407 | SH |  | SOLE |  | 715844 | 0 | 121563 |
| Lithia Motors Inc. | COM | 536797103 |  | 163020962 | 652815 | SH |  | SOLE |  | 582287 | 0 | 70528 |
| LKQ Corporation | COM | 501889208 |  | 39632113 | 1349408 | SH |  | SOLE |  | 1069662 | 0 | 279746 |
| Lockheed Martin Corporation | COM | 539830109 |  | 36401805 | 60229 | SH |  | SOLE |  | 57776 | 0 | 2453 |
| Madison Square Garden Sports C | COM | 55825T103 |  | 11781238 | 36656 | SH |  | SOLE |  | 36656 | 0 | 0 |
| Marsh  McLennan Companies In | COM | 571748102 |  | 249248 | 1437 | SH |  | SOLE |  | 184 | 0 | 1253 |
| Matador Resources Company | COM | 576485205 |  | 11236058 | 177842 | SH |  | SOLE |  | 177842 | 0 | 0 |
| MAXIMUS Inc. | COM | 577933104 |  | 52960958 | 826224 | SH |  | SOLE |  | 713561 | 0 | 112663 |
| McGrath RentCorp | COM | 580589109 |  | 238297104 | 2160837 | SH |  | SOLE |  | 1889820 | 0 | 271017 |
| MDU Resources Group Inc. | COM | 552690109 |  | 84480641 | 4077251 | SH |  | SOLE |  | 3483015 | 0 | 594236 |
| Medtronic PLC | COM | G5960L103 |  | 8602179 | 99275 | SH |  | SOLE |  | 72247 | 0 | 27028 |
| Meta Platforms Inc Class A | COM | 30303M102 |  | 398775 | 697 | SH |  | SOLE |  | 88 | 0 | 609 |
| Micron Technology Inc. | COM | 595112103 |  | 4896653 | 14494 | SH |  | SOLE |  | 10525 | 0 | 3969 |
| Microsoft Corporation | COM | 594918104 |  | 2560466 | 6917 | SH |  | SOLE |  | 5023 | 0 | 1894 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 174397007 | 1428079 | SH |  | SOLE |  | 1397609 | 0 | 30470 |
| Morningstar Inc. | COM | 617700109 |  | 7114300 | 42084 | SH |  | SOLE |  | 42084 | 0 | 0 |
| Murphy USA Inc. | COM | 626755102 |  | 195505422 | 395784 | SH |  | SOLE |  | 343778 | 0 | 52006 |
| NCR Voyix Corporation | COM | 62886E108 |  | 9819128 | 1551205 | SH |  | SOLE |  | 1193088 | 0 | 358117 |
| News Corporation Class A | COM | 65249B109 |  | 10491092 | 420822 | SH |  | SOLE |  | 420822 | 0 | 0 |
| NMI Holdings Inc. | COM | 629209305 |  | 13877275 | 369962 | SH |  | SOLE |  | 345780 | 0 | 24182 |
| Nomad Foods Ltd. | COM | G6564A105 |  | 36686021 | 3817484 | SH |  | SOLE |  | 3287101 | 0 | 530383 |
| NorthWestern Energy Group Inc | COM | 668074305 |  | 66322584 | 1005802 | SH |  | SOLE |  | 823957 | 0 | 181845 |
| Oracle Corporation | COM | 68389X105 |  | 3155657 | 21451 | SH |  | SOLE |  | 15655 | 0 | 5796 |
| Ovintiv Inc | COM | 69047Q102 |  | 7363667 | 124051 | SH |  | SOLE |  | 71410 | 0 | 52641 |
| Owens Corning | COM | 690742101 |  | 38786914 | 358408 | SH |  | SOLE |  | 291210 | 0 | 67198 |
| Paycom Software Inc. | COM | 70432V102 |  | 65537163 | 539223 | SH |  | SOLE |  | 458393 | 0 | 80830 |
| PepsiCo Inc. | COM | 713448108 |  | 7711236 | 49657 | SH |  | SOLE |  | 36676 | 0 | 12981 |
| Permian Resources Corporation | COM | 71424F105 |  | 76019040 | 3565621 | SH |  | SOLE |  | 2874956 | 0 | 690665 |
| PNC Financial Services Group | COM | 693475105 |  | 18182904 | 87380 | SH |  | SOLE |  | 64548 | 0 | 22832 |
| PriceSmart Inc. | COM | 741511109 |  | 90477289 | 601178 | SH |  | SOLE |  | 520069 | 0 | 81109 |
| Progressive Corporation | COM | 743315103 |  | 95557627 | 482030 | SH |  | SOLE |  | 463030 | 0 | 19000 |
| Progyny Inc. | COM | 74340E103 |  | 11482334 | 676227 | SH |  | SOLE |  | 628663 | 0 | 47564 |
| Pursuit Attractions and Hospit | COM | 92552R406 |  | 75978752 | 2074222 | SH |  | SOLE |  | 1735791 | 0 | 338431 |
| Qualcomm Incorporated | COM | 747525103 |  | 2665360 | 20697 | SH |  | SOLE |  | 15029 | 0 | 5668 |
| Radian Group Inc. | COM | 750236101 |  | 37301769 | 1127623 | SH |  | SOLE |  | 929239 | 0 | 198384 |
| RELX PLC Sponsored ADR | COM | 759530108 |  | 8381082 | 252823 | SH |  | SOLE |  | 183591 | 0 | 69232 |
| Rentokil Initial plc Sponsored | COM | 760125104 |  | 60120756 | 1909808 | SH |  | SOLE |  | 1529035 | 0 | 380773 |
| Restaurant Brands Internationa | COM | 76131D103 |  | 8659528 | 117179 | SH |  | SOLE |  | 116091 | 0 | 1088 |
| Ridgepost Capital Inc. Class | COM | 69376K106 |  | 24590665 | 3387144 | SH |  | SOLE |  | 3039367 | 0 | 347777 |
| Royalty Pharma Plc Class A | COM | G7709Q104 |  | 19541491 | 407369 | SH |  | SOLE |  | 298137 | 0 | 109232 |
| RPM International Inc. | COM | 749685103 |  | 7222006 | 72656 | SH |  | SOLE |  | 53192 | 0 | 19464 |
| Salesforce Inc. | COM | 79466L302 |  | 8630127 | 46232 | SH |  | SOLE |  | 34103 | 0 | 12129 |
| Science Applications Internati | COM | 808625107 |  | 45837532 | 482907 | SH |  | SOLE |  | 411622 | 0 | 71285 |
| Simply Good Foods Co | COM | 82900L102 |  | 43040156 | 2999314 | SH |  | SOLE |  | 2533690 | 0 | 465624 |
| Simpson Manufacturing Co. Inc | COM | 829073105 |  | 20423123 | 119002 | SH |  | SOLE |  | 117112 | 0 | 1890 |
| Smith  Nephew plc Sponsored A | COM | 83175M205 |  | 103022815 | 3241750 | SH |  | SOLE |  | 2809403 | 0 | 432347 |
| Southwest Gas Holdings Inc. | COM | 844895102 |  | 78535875 | 903750 | SH |  | SOLE |  | 763849 | 0 | 139901 |
| Sprouts Farmers Market Inc. | COM | 85208M102 |  | 53889883 | 698689 | SH |  | SOLE |  | 613148 | 0 | 85541 |
| SS Technologies Holdings In | COM | 78467J100 |  | 32634080 | 482967 | SH |  | SOLE |  | 479727 | 0 | 3240 |
| St. Joe Company | COM | 790148100 |  | 9143617 | 145599 | SH |  | SOLE |  | 145599 | 0 | 0 |
| Starbucks Corporation | COM | 855244109 |  | 11315486 | 126303 | SH |  | SOLE |  | 92613 | 0 | 33690 |
| Talen Energy Corp | COM | 87422Q109 |  | 13701352 | 42920 | SH |  | SOLE |  | 35426 | 0 | 7494 |
| TD SYNNEX Corporation | COM | 87162W100 |  | 47483092 | 281448 | SH |  | SOLE |  | 225897 | 0 | 55551 |
| Teleflex Incorporated | COM | 879369106 |  | 110294295 | 922116 | SH |  | SOLE |  | 813721 | 0 | 108395 |
| Tennant Company | COM | 880345103 |  | 17943803 | 270238 | SH |  | SOLE |  | 253055 | 0 | 17183 |
| Texas Instruments Incorporated | COM | 882508104 |  | 11854188 | 61060 | SH |  | SOLE |  | 44297 | 0 | 16763 |
| TFI International Inc. | COM | 87241L109 |  | 8423170 | 77540 | SH |  | SOLE |  | 77540 | 0 | 0 |
| Titan America SA | COM | B9151N105 |  | 46952803 | 3134366 | SH |  | SOLE |  | 2596277 | 0 | 538089 |
| TripAdvisor Inc. | COM | 896945201 |  | 23929952 | 2244836 | SH |  | SOLE |  | 1972009 | 0 | 272827 |
| TXNM Energy Inc. | COM | 69349H107 |  | 21093713 | 360823 | SH |  | SOLE |  | 323756 | 0 | 37067 |
| UFP Industries Inc. | COM | 90278Q108 |  | 81972337 | 889843 | SH |  | SOLE |  | 771083 | 0 | 118760 |
| UGI Corporation | COM | 902681105 |  | 28359926 | 778691 | SH |  | SOLE |  | 626474 | 0 | 152217 |
| UniFirst Corporation | COM | 904708104 |  | 125760029 | 499861 | SH |  | SOLE |  | 428497 | 0 | 71364 |
| Unilever PLC Sponsored ADR | COM | 904767803 |  | 25419330 | 446188 | SH |  | SOLE |  | 388119 | 0 | 58069 |
| Union Pacific Corporation | COM | 907818108 |  | 117951169 | 486156 | SH |  | SOLE |  | 472365 | 0 | 13791 |
| United Natural Foods Inc. | COM | 911163103 |  | 10113176 | 224438 | SH |  | SOLE |  | 224438 | 0 | 0 |
| United Parks  Resorts Inc. | COM | 81282V100 |  | 67939463 | 2080204 | SH |  | SOLE |  | 1818610 | 0 | 261594 |
| Vail Resorts Inc. | COM | 91879Q109 |  | 64672510 | 503994 | SH |  | SOLE |  | 427125 | 0 | 76869 |
| Verra Mobility Corp. Class A | COM | 92511U102 |  | 43423437 | 3038729 | SH |  | SOLE |  | 2604389 | 0 | 434340 |
| Vontier Corp | COM | 928881101 |  | 118060441 | 3328459 | SH |  | SOLE |  | 2822894 | 0 | 505565 |
| Walt Disney Company | COM | 254687106 |  | 94057724 | 975905 | SH |  | SOLE |  | 972658 | 0 | 3247 |
| Warner Music Group Corp. Class | COM | 934550203 |  | 14047000 | 550000 | SH |  | SOLE |  | 477807 | 0 | 72193 |
| Watsco Inc. | COM | 942622200 |  | 5786080 | 15905 | SH |  | SOLE |  | 11684 | 0 | 4221 |
| Wells Fargo  Company | COM | 949746101 |  | 56476130 | 709410 | SH |  | SOLE |  | 662444 | 0 | 46966 |
| WESCO International Inc. | COM | 95082P105 |  | 21843632 | 79832 | SH |  | SOLE |  | 59662 | 0 | 20170 |
| WEX Inc. | COM | 96208T104 |  | 72858824 | 476077 | SH |  | SOLE |  | 405639 | 0 | 70438 |
| White Mountains Insurance Grou | COM | G9618E107 |  | 264775422 | 120519 | SH |  | SOLE |  | 104043 | 0 | 16476 |
| Williams Companies Inc. | COM | 969457100 |  | 19497616 | 267898 | SH |  | SOLE |  | 194924 | 0 | 72974 |
| Willis Towers Watson Public Li | COM | G96629103 |  | 140987465 | 484993 | SH |  | SOLE |  | 483856 | 0 | 1137 |
| WillScot Holdings Corporation | COM | 971378104 |  | 50984445 | 2936892 | SH |  | SOLE |  | 2547766 | 0 | 389126 |
| Yelp Inc. | COM | 985817105 |  | 7863139 | 317831 | SH |  | SOLE |  | 296237 | 0 | 21594 |
| Zoetis Inc. Class A | COM | 98978V103 |  | 5443925 | 46053 | SH |  | SOLE |  | 33442 | 0 | 12611 |
| Hewlett Packard Enterprise Co. | COM | 42824C208 |  | 6552345 | 101571 | SH |  | SOLE |  | 74911 | 0 | 26660 |
| Oracle Corporation Depositary | COM | 68389X204 |  | 6052990 | 134481 | SH |  | SOLE |  | 97811 | 0 | 36670 |

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