# EDGAR Filing Document

**Accession Number:** 0001806755
**File Stem:** 0001806755-25-000005
**Filing Date:** 2025-8
**Character Count:** 26418
**Document Hash:** 1dd5dab71b887f7878a2e4b04b222ce6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001806755-25-000005.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001806755-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Systematic Alpha Investments, LLC
- **CENTRAL INDEX KEY:** 0001806755

**ORGANIZATION NAME:**
- **EIN:** 830738564
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21138
- **FILM NUMBER:** 251215375

**BUSINESS ADDRESS:**
- **STREET 1:** 36 MERCER STREET
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540
- **BUSINESS PHONE:** 609-751-7550

**MAIL ADDRESS:**
- **STREET 1:** 36 MERCER STREET
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Systematic Alpha Investments LLC<br>**Address:** 36 MERCER STREET<br>PRINCETON, NJ 08540

**Form 13F File Number:** 028-21138

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:** Christopher L Ainsworth<br>**Title:** Compliance Officer<br>**Phone:** 9497357303

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

Christopher L. Ainsworth  Newport Beach, CA  08-14-2025<br>[Signature]  [City, State]  [Date]

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

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

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

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

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 223

**Form 13F Information Table Value Total:** $2617752524

      (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 |
| Unilever PLC Sponsored ADR | ADR | 904767704 |  | 9045881 | 147881 | SH |  | SOLE |  | 147881 | 0 | 0 |
| HSBC Holdings PLC Sponsored ADR | ADR | 404280406 |  | 1398170 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | ADR | 874039100 |  | 996556 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| Alibaba Group Holding Limited Sponsored ADR | ADR | 01609W102 |  | 805211 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| ORIX Corporation Sponsored ADR | ADR | 686330101 |  | 558721 | 24810 | SH |  | SOLE |  | 24810 | 0 | 0 |
| SK Telecom Co. Ltd. Sponsored ADR | ADR | 78440P306 |  | 464665 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| ICICI Bank Limited Sponsored ADR | ADR | 45104G104 |  | 380132 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| Harmony Gold Mining Co. Ltd. Sponsored ADR | ADR | 413216300 |  | 301752 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| KB Financial Group Inc. Sponsored ADR | ADR | 48241A105 |  | 297324 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| Santander Bank Polska SA Unsponsored ADR | ADR | 80280M104 |  | 245862 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| Companhia Energetica de Minas Gerais SA Sponsored ADR | ADR | 204409882 |  | 50232 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 643319100 | 1132544 | SH |  | SOLE |  | 1132544 | 0 | 0 |
| Vanguard Value ETF | ETF | 922908744 |  | 158159000 | 894868 | SH |  | SOLE |  | 894868 | 0 | 0 |
| Vanguard Dividend Appreciation ETF | ETF | 921908844 |  | 72248510 | 353000 | SH |  | SOLE |  | 353000 | 0 | 0 |
| Vanguard Growth ETF | ETF | 922908736 |  | 57286600 | 130672 | SH |  | SOLE |  | 130672 | 0 | 0 |
| Vanguard Information Technology ETF | ETF | 92204A702 |  | 54587940 | 82300 | SH |  | SOLE |  | 82300 | 0 | 0 |
| SPDR S 500 ETF Trust | ETF | 78462F103 |  | 46443780 | 75170 | SH |  | SOLE |  | 75170 | 0 | 0 |
| Invesco S Smallcap 600 Pure Value ETF | ETF | 46137V167 |  | 32109610 | 306488 | SH |  | SOLE |  | 306488 | 0 | 0 |
| Financial Select Sector SPDR Fund | ETF | 81369Y605 |  | 13009230 | 248410 | SH |  | SOLE |  | 248410 | 0 | 0 |
| iShares Russell 2000 ETF | ETF | 464287655 |  | 8632895 | 40006 | SH |  | SOLE |  | 40006 | 0 | 0 |
| iShares Core U.S. Aggregate Bond ETF | ETF | 464287226 |  | 7142400 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| SPDR Portfolio S 500 Growth ETF | ETF | 78464A409 |  | 6672400 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| SPDR Portfolio S 500 High Dividend ETF | ETF | 78468R788 |  | 6264186 | 147601 | SH |  | SOLE |  | 147601 | 0 | 0 |
| Invesco QQQ Trust Series I | ETF | 46090E103 |  | 1726633 | 3130 | SH |  | SOLE |  | 3130 | 0 | 0 |
| SPDR S Dividend ETF | ETF | 78464A763 |  | 651504 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | ETF | 922042858 |  | 500288 | 10115 | SH |  | SOLE |  | 10115 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | ETF | 464287234 |  | 483268 | 10018 | SH |  | SOLE |  | 10018 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 337770 | 544 | SH |  | SOLE |  | 544 | 0 | 0 |
| Samsung Electronics Co. Ltd. Sponsored GDR | ADR | 796050888 |  | 886189 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Eli Lilly and Company | COM | 532457108 |  | 217725100 | 279303 | SH |  | SOLE |  | 279303 | 0 | 0 |
| NVIDIA Corporation | COM | 67066G104 |  | 141435800 | 895220 | SH |  | SOLE |  | 895220 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 125049900 | 251402 | SH |  | SOLE |  | 251402 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 118207500 | 576144 | SH |  | SOLE |  | 576144 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 58142660 | 317598 | SH |  | SOLE |  | 317598 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 57576750 | 215208 | SH |  | SOLE |  | 215208 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 54384580 | 308600 | SH |  | SOLE |  | 308600 | 0 | 0 |
| Meta Platforms Inc Class A | COM | 30303M102 |  | 54227470 | 73470 | SH |  | SOLE |  | 73470 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 49472440 | 225500 | SH |  | SOLE |  | 225500 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 34143600 | 149216 | SH |  | SOLE |  | 149216 | 0 | 0 |
| Mastercard Incorporated Class A | COM | 57636Q104 |  | 33646720 | 59876 | SH |  | SOLE |  | 59876 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 32509590 | 410682 | SH |  | SOLE |  | 410682 | 0 | 0 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 28162440 | 158760 | SH |  | SOLE |  | 158760 | 0 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 28048610 | 96001 | SH |  | SOLE |  | 96001 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 27615320 | 75320 | SH |  | SOLE |  | 75320 | 0 | 0 |
| Allstate Corporation | COM | 020002101 |  | 25554490 | 126941 | SH |  | SOLE |  | 126941 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 25539840 | 193425 | SH |  | SOLE |  | 193425 | 0 | 0 |
| MetLife Inc. | COM | 59156R108 |  | 22555480 | 280471 | SH |  | SOLE |  | 280471 | 0 | 0 |
| American Electric Power Company Inc. | COM | 025537101 |  | 22515920 | 217000 | SH |  | SOLE |  | 217000 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 22445160 | 16761 | SH |  | SOLE |  | 16761 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 21824730 | 314568 | SH |  | SOLE |  | 314568 | 0 | 0 |
| Union Pacific Corporation | COM | 907818108 |  | 21477510 | 93348 | SH |  | SOLE |  | 93348 | 0 | 0 |
| RTX Corporation | COM | 75513E101 |  | 19594420 | 134190 | SH |  | SOLE |  | 134190 | 0 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 19331610 | 70131 | SH |  | SOLE |  | 70131 | 0 | 0 |
| T-Mobile US Inc. | COM | 872590104 |  | 18288840 | 76760 | SH |  | SOLE |  | 76760 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 18243660 | 98285 | SH |  | SOLE |  | 98285 | 0 | 0 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 17883060 | 57323 | SH |  | SOLE |  | 57323 | 0 | 0 |
| Kimberly-Clark Corporation | COM | 494368103 |  | 16999260 | 131859 | SH |  | SOLE |  | 131859 | 0 | 0 |
| Sun Life Financial Inc. | COM | 866796105 |  | 16666190 | 250808 | SH |  | SOLE |  | 250808 | 0 | 0 |
| Yum! Brands Inc. | COM | 988498101 |  | 14704490 | 99234 | SH |  | SOLE |  | 99234 | 0 | 0 |
| Eversource Energy | COM | 30040W108 |  | 14387790 | 226152 | SH |  | SOLE |  | 226152 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 13715360 | 296292 | SH |  | SOLE |  | 296292 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 13366970 | 308920 | SH |  | SOLE |  | 308920 | 0 | 0 |
| Acadian Asset Management Inc. | COM | 10948W103 |  | 13042610 | 370108 | SH |  | SOLE |  | 370108 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 12466970 | 212638 | SH |  | SOLE |  | 212638 | 0 | 0 |
| Avery Dennison Corporation | COM | 053611109 |  | 12395900 | 70644 | SH |  | SOLE |  | 70644 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 12190220 | 172300 | SH |  | SOLE |  | 172300 | 0 | 0 |
| Target Corporation | COM | 87612E106 |  | 11323640 | 114786 | SH |  | SOLE |  | 114786 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 10669850 | 36804 | SH |  | SOLE |  | 36804 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 10290240 | 424515 | SH |  | SOLE |  | 424515 | 0 | 0 |
| Lam Research Corporation | COM | 512807306 |  | 10160450 | 104381 | SH |  | SOLE |  | 104381 | 0 | 0 |
| Truist Financial Corporation | COM | 89832Q109 |  | 10056950 | 233937 | SH |  | SOLE |  | 233937 | 0 | 0 |
| SLM Corp | COM | 78442P106 |  | 9112538 | 277906 | SH |  | SOLE |  | 277906 | 0 | 0 |
| Tesla Inc. | COM | 88160R101 |  | 8649572 | 27229 | SH |  | SOLE |  | 27229 | 0 | 0 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 7749584 | 54613 | SH |  | SOLE |  | 54613 | 0 | 0 |
| Edison International | COM | 281020107 |  | 6717701 | 130188 | SH |  | SOLE |  | 130188 | 0 | 0 |
| Microchip Technology Incorporated | COM | 595017104 |  | 5559230 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 4824691 | 215388 | SH |  | SOLE |  | 215388 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 4312102 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| Salesforce Inc. | COM | 79466L302 |  | 4260508 | 15624 | SH |  | SOLE |  | 15624 | 0 | 0 |
| Royal Caribbean Group | COM | V7780T103 |  | 4137832 | 13214 | SH |  | SOLE |  | 13214 | 0 | 0 |
| QUALCOMM Incorporated | COM | 747525103 |  | 3558187 | 22342 | SH |  | SOLE |  | 22342 | 0 | 0 |
| Leidos Holdings Inc. | COM | 525327102 |  | 3436170 | 21781 | SH |  | SOLE |  | 21781 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 3194478 | 67508 | SH |  | SOLE |  | 67508 | 0 | 0 |
| Adobe Inc. | COM | 00724F101 |  | 3141466 | 8120 | SH |  | SOLE |  | 8120 | 0 | 0 |
| Visa Inc. Class A | COM | 92826C839 |  | 3079349 | 8673 | SH |  | SOLE |  | 8673 | 0 | 0 |
| Franklin Resources Inc. | COM | 354613101 |  | 3009870 | 126200 | SH |  | SOLE |  | 126200 | 0 | 0 |
| Pitney Bowes Inc. | COM | 724479100 |  | 3000250 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| Southern Company | COM | 842587107 |  | 2754900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 2649582 | 9030 | SH |  | SOLE |  | 9030 | 0 | 0 |
| Medtronic Plc | COM | G5960L103 |  | 2589036 | 29701 | SH |  | SOLE |  | 29701 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 2440540 | 17326 | SH |  | SOLE |  | 17326 | 0 | 0 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 2433510 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| Arista Networks Inc. | COM | 040413205 |  | 2383414 | 23296 | SH |  | SOLE |  | 23296 | 0 | 0 |
| Boston Scientific Corporation | COM | 101137107 |  | 2337242 | 21760 | SH |  | SOLE |  | 21760 | 0 | 0 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 2304356 | 53157 | SH |  | SOLE |  | 53157 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 2260554 | 3194 | SH |  | SOLE |  | 3194 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2126944 | 14854 | SH |  | SOLE |  | 14854 | 0 | 0 |
| Boeing Company | COM | 097023105 |  | 2103262 | 10038 | SH |  | SOLE |  | 10038 | 0 | 0 |
| Invesco Ltd. | COM | G491BT108 |  | 1990064 | 126193 | SH |  | SOLE |  | 126193 | 0 | 0 |
| Carrier Global Corp. | COM | 14448C104 |  | 1887497 | 25789 | SH |  | SOLE |  | 25789 | 0 | 0 |
| CBRE Group Inc. Class A | COM | 12504L109 |  | 1852807 | 13223 | SH |  | SOLE |  | 13223 | 0 | 0 |
| Marriott International Inc. Class A | COM | 571903202 |  | 1678329 | 6143 | SH |  | SOLE |  | 6143 | 0 | 0 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 1650586 | 12013 | SH |  | SOLE |  | 12013 | 0 | 0 |
| Otis Worldwide Corporation | COM | 68902V107 |  | 1446682 | 14610 | SH |  | SOLE |  | 14610 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 1380260 | 13088 | SH |  | SOLE |  | 13088 | 0 | 0 |
| Brady Corporation Class A | COM | 104674106 |  | 1372994 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| V.F. Corporation | COM | 918204108 |  | 1372130 | 116777 | SH |  | SOLE |  | 116777 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 1350676 | 18830 | SH |  | SOLE |  | 18830 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 1296380 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| ServiceNow Inc. | COM | 81762P102 |  | 1282016 | 1247 | SH |  | SOLE |  | 1247 | 0 | 0 |
| United Rentals Inc. | COM | 911363109 |  | 1261192 | 1674 | SH |  | SOLE |  | 1674 | 0 | 0 |
| Chipotle Mexican Grill Inc. | COM | 169656105 |  | 1212840 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| Lennar Corporation Class A | COM | 526057104 |  | 1186735 | 10729 | SH |  | SOLE |  | 10729 | 0 | 0 |
| Fortinet Inc. | COM | 34959E109 |  | 1095259 | 10360 | SH |  | SOLE |  | 10360 | 0 | 0 |
| GE Aerospace | COM | 369604301 |  | 1092106 | 4243 | SH |  | SOLE |  | 4243 | 0 | 0 |
| Synopsys Inc. | COM | 871607107 |  | 1052532 | 2053 | SH |  | SOLE |  | 2053 | 0 | 0 |
| Marathon Petroleum Corporation | COM | 56585A102 |  | 1048985 | 6315 | SH |  | SOLE |  | 6315 | 0 | 0 |
| Western Digital Corporation | COM | 958102105 |  | 1023840 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 1006595 | 29270 | SH |  | SOLE |  | 29270 | 0 | 0 |
| Align Technology Inc. | COM | 016255101 |  | 997012 | 5266 | SH |  | SOLE |  | 5266 | 0 | 0 |
| KLA Corporation | COM | 482480100 |  | 950380 | 1061 | SH |  | SOLE |  | 1061 | 0 | 0 |
| Quanta Services Inc. | COM | 74762E102 |  | 942553 | 2493 | SH |  | SOLE |  | 2493 | 0 | 0 |
| Copart Inc. | COM | 217204106 |  | 930956 | 18972 | SH |  | SOLE |  | 18972 | 0 | 0 |
| Sprouts Farmers Market Inc. | COM | 85208M102 |  | 917868 | 5575 | SH |  | SOLE |  | 5575 | 0 | 0 |
| Baker Hughes Company Class A | COM | 05722G100 |  | 916786 | 23912 | SH |  | SOLE |  | 23912 | 0 | 0 |
| APA Corporation | COM | 03743Q108 |  | 877975 | 48003 | SH |  | SOLE |  | 48003 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 874209 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| Ford Motor Company | COM | 345370860 |  | 867371 | 79942 | SH |  | SOLE |  | 79942 | 0 | 0 |
| Northrop Grumman Corp. | COM | 666807102 |  | 849966 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Parker-Hannifin Corporation | COM | 701094104 |  | 782286 | 1120 | SH |  | SOLE |  | 1120 | 0 | 0 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 769759 | 2498 | SH |  | SOLE |  | 2498 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 764320 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| FirstCash Holdings Inc. | COM | 33768G107 |  | 743270 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Schlumberger Limited | COM | 806857108 |  | 724165 | 21425 | SH |  | SOLE |  | 21425 | 0 | 0 |
| Lincoln National Corp | COM | 534187109 |  | 717535 | 20738 | SH |  | SOLE |  | 20738 | 0 | 0 |
| News Corporation Class A | COM | 65249B109 |  | 705553 | 23740 | SH |  | SOLE |  | 23740 | 0 | 0 |
| Regions Financial Corporation | COM | 7591EP100 |  | 696545 | 29615 | SH |  | SOLE |  | 29615 | 0 | 0 |
| Hess Corporation | COM | 42809H107 |  | 689929 | 4980 | SH |  | SOLE |  | 4980 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 681589 | 9171 | SH |  | SOLE |  | 9171 | 0 | 0 |
| Tecnoglass Inc. | COM | G87264100 |  | 680768 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| Toll Brothers Inc. | COM | 889478103 |  | 673367 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| McKesson Corporation | COM | 58155Q103 |  | 659502 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 |  | 653846 | 1346 | SH |  | SOLE |  | 1346 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 651112 | 6040 | SH |  | SOLE |  | 6040 | 0 | 0 |
| Hilton Worldwide Holdings Inc. | COM | 43300A203 |  | 649337 | 2438 | SH |  | SOLE |  | 2438 | 0 | 0 |
| Allison Transmission Holdings Inc. | COM | 01973R101 |  | 626934 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| International Business Machines Corporation | COM | 459200101 |  | 601351 | 2040 | SH |  | SOLE |  | 2040 | 0 | 0 |
| Ameris Bancorp | COM | 03076K108 |  | 588770 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| Walt Disney Company | COM | 254687106 |  | 586691 | 4731 | SH |  | SOLE |  | 4731 | 0 | 0 |
| ACI Worldwide Inc. | COM | 004498101 |  | 578466 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| Magnolia Oil  Gas Corp. Class A | COM | 559663109 |  | 570992 | 25400 | SH |  | SOLE |  | 25400 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 564407 | 7580 | SH |  | SOLE |  | 7580 | 0 | 0 |
| Intuitive Surgical Inc. | COM | 46120E602 |  | 559169 | 1029 | SH |  | SOLE |  | 1029 | 0 | 0 |
| Celanese Corporation | COM | 150870103 |  | 553300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 551522 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| Chemed Corporation | COM | 16359R103 |  | 535623 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| Cigna Group | COM | 125523100 |  | 522647 | 1581 | SH |  | SOLE |  | 1581 | 0 | 0 |
| Gen Digital Inc. | COM | 668771108 |  | 522614 | 17776 | SH |  | SOLE |  | 17776 | 0 | 0 |
| Newmont Corporation | COM | 651639106 |  | 515892 | 8855 | SH |  | SOLE |  | 8855 | 0 | 0 |
| Carpenter Technology Corporation | COM | 144285103 |  | 497484 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Viatris Inc. | COM | 92556V106 |  | 470888 | 52731 | SH |  | SOLE |  | 52731 | 0 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 464030 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| Nucor Corporation | COM | 670346105 |  | 430073 | 3320 | SH |  | SOLE |  | 3320 | 0 | 0 |
| Amdocs Limited | COM | G02602103 |  | 428828 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| Stride Inc. | COM | 86333M108 |  | 428311 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| Webster Financial Corporation | COM | 947890109 |  | 425443 | 7792 | SH |  | SOLE |  | 7792 | 0 | 0 |
| Mosaic Company | COM | 61945C103 |  | 424372 | 11633 | SH |  | SOLE |  | 11633 | 0 | 0 |
| Walgreens Boots Alliance Inc. | COM | 931427108 |  | 417872 | 36400 | SH |  | SOLE |  | 36400 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 413701 | 4610 | SH |  | SOLE |  | 4610 | 0 | 0 |
| Johnson Controls International plc | COM | G51502105 |  | 412869 | 3909 | SH |  | SOLE |  | 3909 | 0 | 0 |
| Insight Enterprises Inc. | COM | 45765U103 |  | 407351 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| State Street Corporation | COM | 857477103 |  | 403879 | 3798 | SH |  | SOLE |  | 3798 | 0 | 0 |
| United Airlines Holdings Inc. | COM | 910047109 |  | 401893 | 5047 | SH |  | SOLE |  | 5047 | 0 | 0 |
| Organon  Co. | COM | 68622V106 |  | 397529 | 41067 | SH |  | SOLE |  | 41067 | 0 | 0 |
| News Corporation Class B | COM | 65249B208 |  | 394565 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 389879 | 1764 | SH |  | SOLE |  | 1764 | 0 | 0 |
| KKR  Co Inc | COM | 48251W104 |  | 380466 | 2860 | SH |  | SOLE |  | 2860 | 0 | 0 |
| Etsy Inc. | COM | 29786A106 |  | 377605 | 7528 | SH |  | SOLE |  | 7528 | 0 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 372977 | 1567 | SH |  | SOLE |  | 1567 | 0 | 0 |
| Elevance Health Inc. | COM | 036752103 |  | 368345 | 947 | SH |  | SOLE |  | 947 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 360739 | 4238 | SH |  | SOLE |  | 4238 | 0 | 0 |
| Stanley Black  Decker Inc. | COM | 854502101 |  | 357923 | 5283 | SH |  | SOLE |  | 5283 | 0 | 0 |
| Progressive Corporation | COM | 743315103 |  | 335443 | 1257 | SH |  | SOLE |  | 1257 | 0 | 0 |
| Centene Corporation | COM | 15135B101 |  | 332954 | 6134 | SH |  | SOLE |  | 6134 | 0 | 0 |
| Electronic Arts Inc. | COM | 285512109 |  | 322594 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| UFP Industries Inc. | COM | 90278Q108 |  | 317952 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 315492 | 9918 | SH |  | SOLE |  | 9918 | 0 | 0 |
| Bath  Body Works Inc. | COM | 070830104 |  | 310685 | 10370 | SH |  | SOLE |  | 10370 | 0 | 0 |
| Expedia Group Inc. | COM | 30212P303 |  | 309865 | 1837 | SH |  | SOLE |  | 1837 | 0 | 0 |
| Palomar Holdings Inc. | COM | 69753M105 |  | 308500 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Micron Technology Inc. | COM | 595112103 |  | 303318 | 2461 | SH |  | SOLE |  | 2461 | 0 | 0 |
| Darden Restaurants Inc. | COM | 237194105 |  | 300799 | 1380 | SH |  | SOLE |  | 1380 | 0 | 0 |
| Ingersoll Rand Inc. | COM | 45687V106 |  | 296287 | 3562 | SH |  | SOLE |  | 3562 | 0 | 0 |
| Campbell's Company | COM | 134429109 |  | 291175 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| General Motors Company | COM | 37045V100 |  | 286894 | 5830 | SH |  | SOLE |  | 5830 | 0 | 0 |
| LPL Financial Holdings Inc. | COM | 50212V100 |  | 284977 | 760 | SH |  | SOLE |  | 760 | 0 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 282728 | 738 | SH |  | SOLE |  | 738 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 282200 | 696 | SH |  | SOLE |  | 696 | 0 | 0 |
| Halliburton Company | COM | 406216101 |  | 281570 | 13816 | SH |  | SOLE |  | 13816 | 0 | 0 |
| Live Nation Entertainment Inc. | COM | 538034109 |  | 279414 | 1847 | SH |  | SOLE |  | 1847 | 0 | 0 |
| Newell Brands Inc | COM | 651229106 |  | 270000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| M/I Homes Inc. | COM | 55305B101 |  | 269088 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| Linde plc | COM | G54950103 |  | 264618 | 564 | SH |  | SOLE |  | 564 | 0 | 0 |
| Paycom Software Inc. | COM | 70432V102 |  | 263102 | 1137 | SH |  | SOLE |  | 1137 | 0 | 0 |
| Norwegian Cruise Line Holdings Ltd. | COM | G66721104 |  | 257718 | 12708 | SH |  | SOLE |  | 12708 | 0 | 0 |
| KeyCorp | COM | 493267108 |  | 254349 | 14601 | SH |  | SOLE |  | 14601 | 0 | 0 |
| TechnipFMC plc | COM | G87110105 |  | 246659 | 7162 | SH |  | SOLE |  | 7162 | 0 | 0 |
| BlackRock Inc. | COM | 09290D101 |  | 241328 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| S Global Inc. | COM | 78409V104 |  | 238335 | 452 | SH |  | SOLE |  | 452 | 0 | 0 |
| DXC Technology Co. | COM | 23355L106 |  | 238188 | 15578 | SH |  | SOLE |  | 15578 | 0 | 0 |
| Danaher Corporation | COM | 235851102 |  | 238036 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| Harmonic Inc. | COM | 413160102 |  | 237697 | 25100 | SH |  | SOLE |  | 25100 | 0 | 0 |
| Life Time Group Holdings Inc. | COM | 53190C102 |  | 227475 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| Modine Manufacturing Company | COM | 607828100 |  | 226550 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| Fluor Corporation | COM | 343412102 |  | 225588 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| Synchrony Financial | COM | 87165B103 |  | 217439 | 3258 | SH |  | SOLE |  | 3258 | 0 | 0 |
| PVH Corp. | COM | 693656100 |  | 217393 | 3169 | SH |  | SOLE |  | 3169 | 0 | 0 |
| Bancorp Inc | COM | 05969A105 |  | 216486 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| Goosehead Insurance Inc. Class A | COM | 38267D109 |  | 211020 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Edwards Lifesciences Corporation | COM | 28176E108 |  | 208821 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| Moody's Corporation | COM | 615369105 |  | 208661 | 416 | SH |  | SOLE |  | 416 | 0 | 0 |
| Philip Morris International Inc. | COM | 718172109 |  | 205078 | 1126 | SH |  | SOLE |  | 1126 | 0 | 0 |
| Westinghouse Air Brake Technologies Corporation | COM | 929740108 |  | 202023 | 965 | SH |  | SOLE |  | 965 | 0 | 0 |
| Kyndryl Holdings Incorporation | COM | 50155Q100 |  | 201744 | 4808 | SH |  | SOLE |  | 4808 | 0 | 0 |
| Lowe's Companies Inc. | COM | 548661107 |  | 200349 | 903 | SH |  | SOLE |  | 903 | 0 | 0 |
| Newmark Group Inc. Class A | COM | 65158N102 |  | 196830 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| Big Lots Inc. | COM | 089302103 |  | 96 | 46600 | SH |  | SOLE |  | 46600 | 0 | 0 |
| Immersion Corporation | COM | 452521107 |  | 192272 | 24400 | SH |  | SOLE |  | 24400 | 0 | 0 |
| Paramount Global Class B | COM | 92556H206 |  | 134521 | 10428 | SH |  | SOLE |  | 10428 | 0 | 0 |
| LendingClub Corp | COM | 52603A208 |  | 121503 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |

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