# EDGAR Filing Document

**Accession Number:** 0001846436
**File Stem:** 0001420506-25-002962
**Filing Date:** 2025-11
**Character Count:** 25357
**Document Hash:** 09c14d5485c392c4a272391f031158ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-002962.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001420506-25-002962

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SummerHaven Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001846436

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21013
- **FILM NUMBER:** 251442644

**BUSINESS ADDRESS:**
- **STREET 1:** 1266 E MAIN STREET, 4TH FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 203-352-2700

**MAIL ADDRESS:**
- **STREET 1:** 1266 E MAIN STREET, 4TH FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** SummerHaven Investment Management LLC<br>**Address:** 1266 E MAIN STREET 4TH FLOOR<br>STAMFORD, CT 06902

**Form 13F File Number:** 028-21013

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:** Kurt Nelson<br>**Title:** Managing Partner<br>**Phone:** 203-352-2700

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

Kurt Nelson Managing Partner  STAMFORD, CT  11-03-2025<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:** 196

**Form 13F Information Table Value Total:** $171675153

      (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 |
| ASGN INCORPORATED COMN STK USD0.01 | Common Stock | 00191U102 |  | 797279 | 16838 | SH |  | SOLE |  | 0 | 0 | 16838 |
| ABERCROMBIE  FITCH CO CL A CL A | Common Stock | 002896207 |  | 822221 | 9611 | SH |  | SOLE |  | 0 | 0 | 9611 |
| ACADEMY SPORTS  OUTDOORS INC COM | Common Stock | 00402L107 |  | 818077 | 16355 | SH |  | SOLE |  | 0 | 0 | 16355 |
| ADAPTHEALTH CORP COM | Common Stock | 00653Q102 |  | 805276 | 89975 | SH |  | SOLE |  | 0 | 0 | 89975 |
| ADVANSIX INC COM | Common Stock | 00773T101 |  | 702467 | 36247 | SH |  | SOLE |  | 0 | 0 | 36247 |
| ALPHA METALLURGICAL RES INC COM | Common Stock | 020764106 |  | 1178658 | 7183 | SH |  | SOLE |  | 0 | 0 | 7183 |
| AMALGAMATED FINL CORP COM | Common Stock | 022671101 |  | 693438 | 25541 | SH |  | SOLE |  | 0 | 0 | 25541 |
| AMERICAN EAGLE OUTFITTERS INC NEW COM | Common Stock | 02553E106 |  | 1426392 | 83366 | SH |  | SOLE |  | 0 | 0 | 83366 |
| AMERN WOODMARK CORP COM | Common Stock | 030506109 |  | 983108 | 14726 | SH |  | SOLE |  | 0 | 0 | 14726 |
| AMKOR TECHNOLOGY INC COM | Common Stock | 031652100 |  | 1097774 | 38654 | SH |  | SOLE |  | 0 | 0 | 38654 |
| AMPHASTAR PHARMACEUTICALS INC DEL COM | Common Stock | 03209R103 |  | 1018030 | 38200 | SH |  | SOLE |  | 0 | 0 | 38200 |
| ANDERSONS INC COM | Common Stock | 034164103 |  | 879761 | 22099 | SH |  | SOLE |  | 0 | 0 | 22099 |
| APA CORP COM | Common Stock | 03743Q108 |  | 1009902 | 41594 | SH |  | SOLE |  | 0 | 0 | 41594 |
| APOGEE ENTERPRISES INC COM | Common Stock | 037598109 |  | 841990 | 19325 | SH |  | SOLE |  | 0 | 0 | 19325 |
| ARCBEST CORP COM USD0.01 | Common Stock | 03937C105 |  | 706386 | 10110 | SH |  | SOLE |  | 0 | 0 | 10110 |
| ARROW FINL CORP COM | Common Stock | 042744102 |  | 870706 | 30767 | SH |  | SOLE |  | 0 | 0 | 30767 |
| ATKORE INC | Common Stock | 047649108 |  | 702437 | 11196 | SH |  | SOLE |  | 0 | 0 | 11196 |
| AVANOS MED INC COM | Common Stock | 05350V106 |  | 802865 | 69452 | SH |  | SOLE |  | 0 | 0 | 69452 |
| BANCFIRST CORP COM | Common Stock | 05945F103 |  | 819017 | 6477 | SH |  | SOLE |  | 0 | 0 | 6477 |
| BANK MARIN BANCORP COM STK | Common Stock | 063425102 |  | 799273 | 32919 | SH |  | SOLE |  | 0 | 0 | 32919 |
| BANK7 CORP COM | Common Stock | 06652N107 |  | 868673 | 18774 | SH |  | SOLE |  | 0 | 0 | 18774 |
| BENCHMARK ELECTRS INC COM | Common Stock | 08160H101 |  | 811902 | 21061 | SH |  | SOLE |  | 0 | 0 | 21061 |
| BLUE BIRD CORP COM | Common Stock | 095306106 |  | 1072329 | 18633 | SH |  | SOLE |  | 0 | 0 | 18633 |
| BOISE CASCADE CO COM | Common Stock | 09739D100 |  | 708251 | 9160 | SH |  | SOLE |  | 0 | 0 | 9160 |
| C  F FINL CORP CMT-COM | Common Stock | 12466Q104 |  | 854448 | 12715 | SH |  | SOLE |  | 0 | 0 | 12715 |
| CPI CARD GROUP INC FORMERLY CPI HLDGS I INC TO 08/07/2015 COM NEW COM NEW | Common Stock | 12634H200 |  | 563995 | 37252 | SH |  | SOLE |  | 0 | 0 | 37252 |
| CABLE ONE INC COM | Common Stock | 12685J105 |  | 1129579 | 6380 | SH |  | SOLE |  | 0 | 0 | 6380 |
| CABOT CORP COM | Common Stock | 127055101 |  | 818222 | 10759 | SH |  | SOLE |  | 0 | 0 | 10759 |
| CALERES INC COM | Common Stock | 129500104 |  | 766309 | 58766 | SH |  | SOLE |  | 0 | 0 | 58766 |
| CAPITAL CITY BK GROUP INC COM | Common Stock | 139674105 |  | 851513 | 20376 | SH |  | SOLE |  | 0 | 0 | 20376 |
| CAPITAL BANCORP INC MD COM | Common Stock | 139737100 |  | 767227 | 24051 | SH |  | SOLE |  | 0 | 0 | 24051 |
| CATHAY GENERAL BANCORP INC COM | Common Stock | 149150104 |  | 840943 | 17516 | SH |  | SOLE |  | 0 | 0 | 17516 |
| CENTRAL PAC FINL CORP COM NEW | Common Stock | 154760409 |  | 880072 | 29007 | SH |  | SOLE |  | 0 | 0 | 29007 |
| CENTURY ALUM CO COM | Common Stock | 156431108 |  | 1276543 | 43479 | SH |  | SOLE |  | 0 | 0 | 43479 |
| CENTURY CMNTYS INC COM | Common Stock | 156504300 |  | 863163 | 13621 | SH |  | SOLE |  | 0 | 0 | 13621 |
| CHEMOURS CO COM | Common Stock | 163851108 |  | 956451 | 60382 | SH |  | SOLE |  | 0 | 0 | 60382 |
| COASTAL FINL CORP WA COM NEW COM NEW | Common Stock | 19046P209 |  | 898785 | 8309 | SH |  | SOLE |  | 0 | 0 | 8309 |
| COLLEGIUM PHARMACEUTICAL INC COM | Common Stock | 19459J104 |  | 900923 | 25748 | SH |  | SOLE |  | 0 | 0 | 25748 |
| COLONY BANKCORP INC CDT-COM STK | Common Stock | 19623P101 |  | 814286 | 47871 | SH |  | SOLE |  | 0 | 0 | 47871 |
| COLUMBIA BKG SYS INC COM | Common Stock | 197236102 |  | 875906 | 34029 | SH |  | SOLE |  | 0 | 0 | 34029 |
| COLUMBUS MCKINNON CORP N Y COM | Common Stock | 199333105 |  | 734925 | 51250 | SH |  | SOLE |  | 0 | 0 | 51250 |
| COMMERCIAL METALS CO COM | Common Stock | 201723103 |  | 920031 | 16062 | SH |  | SOLE |  | 0 | 0 | 16062 |
| COMMUNITY TR BANCORP INC COM | Common Stock | 204149108 |  | 854357 | 15270 | SH |  | SOLE |  | 0 | 0 | 15270 |
| CONCENTRIX CORP | Common Stock | 20602D101 |  | 660499 | 14312 | SH |  | SOLE |  | 0 | 0 | 14312 |
| CONSENSUS CLOUD SOLUTIONS INC COM USD0.001 | Common Stock | 20848V105 |  | 1093093 | 37218 | SH |  | SOLE |  | 0 | 0 | 37218 |
| QUIDELORTHO CORPORATION | Common Stock | 219798105 |  | 798772 | 27123 | SH |  | SOLE |  | 0 | 0 | 27123 |
| DMC GLOBAL INC COM | Common Stock | 23291C103 |  | 854211 | 101090 | SH |  | SOLE |  | 0 | 0 | 101090 |
| DXP ENTERPRISES INC COM NEW STK | Common Stock | 233377407 |  | 1072940 | 9011 | SH |  | SOLE |  | 0 | 0 | 9011 |
| DXC TECHNOLOGY CO COM | Common Stock | 23355L106 |  | 767682 | 56323 | SH |  | SOLE |  | 0 | 0 | 56323 |
| DAKTRONICS INC COM | Common Stock | 234264109 |  | 1077610 | 51511 | SH |  | SOLE |  | 0 | 0 | 51511 |
| DANA INC COM | Common Stock | 235825205 |  | 985627 | 49183 | SH |  | SOLE |  | 0 | 0 | 49183 |
| DELUXE CORP COM STK USD1 | Common Stock | 248019101 |  | 972027 | 50208 | SH |  | SOLE |  | 0 | 0 | 50208 |
| DINE BRANDS GLOBAL INC | Common Stock | 254423106 |  | 837291 | 33871 | SH |  | SOLE |  | 0 | 0 | 33871 |
| EL POLLO LOCO HLDGS INC COM | Common Stock | 268603107 |  | 740741 | 76365 | SH |  | SOLE |  | 0 | 0 | 76365 |
| EAGLE BANCORP INC MD COM | Common Stock | 268948106 |  | 805545 | 39839 | SH |  | SOLE |  | 0 | 0 | 39839 |
| EDGEWELL PERS CARE CO COM | Common Stock | 28035Q102 |  | 650176 | 31934 | SH |  | SOLE |  | 0 | 0 | 31934 |
| EMBECTA CORPORATION | Common Stock | 29082K105 |  | 1115297 | 79043 | SH |  | SOLE |  | 0 | 0 | 79043 |
| ENNIS INC COM | Common Stock | 293389102 |  | 828267 | 45310 | SH |  | SOLE |  | 0 | 0 | 45310 |
| ESPEY MFG  ELECTRS CORP COM | Common Stock | 296650104 |  | 710960 | 17949 | SH |  | SOLE |  | 0 | 0 | 17949 |
| ETHAN ALLEN INTERIORS INC COM | Common Stock | 297602104 |  | 826324 | 28049 | SH |  | SOLE |  | 0 | 0 | 28049 |
| FIRST CMNTY CORP S C COM | Common Stock | 319835104 |  | 943874 | 33447 | SH |  | SOLE |  | 0 | 0 | 33447 |
| FIRST CMNTY BANKSHARES | Common Stock | 31983A103 |  | 721195 | 20724 | SH |  | SOLE |  | 0 | 0 | 20724 |
| FIRST HAWAIIAN INC COM | Common Stock | 32051X108 |  | 805311 | 32433 | SH |  | SOLE |  | 0 | 0 | 32433 |
| FIRST UTD CORP COM | Common Stock | 33741H107 |  | 925869 | 25180 | SH |  | SOLE |  | 0 | 0 | 25180 |
| FIRST WESTN FINL INC COM | Common Stock | 33751L105 |  | 818585 | 35552 | SH |  | SOLE |  | 0 | 0 | 35552 |
| FIVE STAR BANCORP COM NPV | Common Stock | 33830T103 |  | 900924 | 27979 | SH |  | SOLE |  | 0 | 0 | 27979 |
| FLEXSTEEL INDS INC COM | Common Stock | 339382103 |  | 991427 | 21390 | SH |  | SOLE |  | 0 | 0 | 21390 |
| FRANKLIN COVEY CO COM | Common Stock | 353469109 |  | 792297 | 40819 | SH |  | SOLE |  | 0 | 0 | 40819 |
| FRANKLIN FINL SVCS CORP COM | Common Stock | 353525108 |  | 999856 | 21736 | SH |  | SOLE |  | 0 | 0 | 21736 |
| G-III APPAREL GROUP LTD COM | Common Stock | 36237H101 |  | 949924 | 35698 | SH |  | SOLE |  | 0 | 0 | 35698 |
| GENESCO INC COM | Common Stock | 371532102 |  | 1019288 | 35160 | SH |  | SOLE |  | 0 | 0 | 35160 |
| GENTHERM INC COM NPV | Common Stock | 37253A103 |  | 928714 | 27267 | SH |  | SOLE |  | 0 | 0 | 27267 |
| GOODYEAR TIRE  RUBBER CO COM | Common Stock | 382550101 |  | 559497 | 74799 | SH |  | SOLE |  | 0 | 0 | 74799 |
| GREENBRIER COS INC COM STK | Common Stock | 393657101 |  | 711434 | 15409 | SH |  | SOLE |  | 0 | 0 | 15409 |
| GUARANTY BANCSHARES INC TEX COM USD1.00 | Common Stock | 400764106 |  | 891881 | 18295 | SH |  | SOLE |  | 0 | 0 | 18295 |
| HANMI FINL CORP COM NEW COM NEW | Common Stock | 410495204 |  | 805240 | 32614 | SH |  | SOLE |  | 0 | 0 | 32614 |
| HEARTLAND EXPRESS INC COM | Common Stock | 422347104 |  | 755130 | 90111 | SH |  | SOLE |  | 0 | 0 | 90111 |
| HEIDRICK  STRUGGLES INTL INC COM | Common Stock | 422819102 |  | 873762 | 17556 | SH |  | SOLE |  | 0 | 0 | 17556 |
| HELIX ENERGY SOLUTIONS GROUP INC COM STK | Common Stock | 42330P107 |  | 833094 | 126996 | SH |  | SOLE |  | 0 | 0 | 126996 |
| HOPE BANCORP INC COM | Common Stock | 43940T109 |  | 787416 | 73112 | SH |  | SOLE |  | 0 | 0 | 73112 |
| INDEPENDENT BK CORPORATION | Common Stock | 453838609 |  | 766445 | 24744 | SH |  | SOLE |  | 0 | 0 | 24744 |
| INSPIRED ENTMT INC COM | Common Stock | 45782N108 |  | 888127 | 94683 | SH |  | SOLE |  | 0 | 0 | 94683 |
| INTEGRA LIFESCIENCES HLDG CORP COM DESP | Common Stock | 457985208 |  | 928111 | 64767 | SH |  | SOLE |  | 0 | 0 | 64767 |
| INTERFACE INC COM | Common Stock | 458665304 |  | 1101919 | 38076 | SH |  | SOLE |  | 0 | 0 | 38076 |
| INVESTORS TITLE CO NC COM | Common Stock | 461804106 |  | 1124886 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| J JILL INC COM NEW COM NEW | Common Stock | 46620W201 |  | 924248 | 53892 | SH |  | SOLE |  | 0 | 0 | 53892 |
| JAKKS PAC INC COM NEW COM NEW | Common Stock | 47012E403 |  | 777014 | 41485 | SH |  | SOLE |  | 0 | 0 | 41485 |
| KENNAMETAL INC CAP | Common Stock | 489170100 |  | 719971 | 34399 | SH |  | SOLE |  | 0 | 0 | 34399 |
| KIMBALL ELECTRONICS INC COM | Common Stock | 49428J109 |  | 1260271 | 42206 | SH |  | SOLE |  | 0 | 0 | 42206 |
| KOHLS CORP COM | Common Stock | 500255104 |  | 1343968 | 87441 | SH |  | SOLE |  | 0 | 0 | 87441 |
| LA Z BOY INC COM | Common Stock | 505336107 |  | 730501 | 21285 | SH |  | SOLE |  | 0 | 0 | 21285 |
| LANDS END INC NEW COM | Common Stock | 51509F105 |  | 1052861 | 74671 | SH |  | SOLE |  | 0 | 0 | 74671 |
| LEAR CORP COM NEW COM NEW | Common Stock | 521865204 |  | 794819 | 7900 | SH |  | SOLE |  | 0 | 0 | 7900 |
| LEGGETT  PLATT INC COM | Common Stock | 524660107 |  | 732600 | 82500 | SH |  | SOLE |  | 0 | 0 | 82500 |
| LIBERTY ENERGY INC COM USD0.01 CL A | Common Stock | 53115L104 |  | 838108 | 67918 | SH |  | SOLE |  | 0 | 0 | 67918 |
| LIFEVANTAGE CORP COM NEW COM NEW | Common Stock | 53222K205 |  | 669093 | 68766 | SH |  | SOLE |  | 0 | 0 | 68766 |
| MGP INGREDIENTS INC NEW COM | Common Stock | 55303J106 |  | 655259 | 27088 | SH |  | SOLE |  | 0 | 0 | 27088 |
| M / I HOMES INC | Common Stock | 55305B101 |  | 1012524 | 7010 | SH |  | SOLE |  | 0 | 0 | 7010 |
| MACYS INC COM STK | Common Stock | 55616P104 |  | 1192363 | 66501 | SH |  | SOLE |  | 0 | 0 | 66501 |
| MADDEN STEVEN LTD COM | Common Stock | 556269108 |  | 1088334 | 32507 | SH |  | SOLE |  | 0 | 0 | 32507 |
| MANITOWOC CO INC COM USD0.01(POST REV SPLIT) | Common Stock | 563571405 |  | 639409 | 63877 | SH |  | SOLE |  | 0 | 0 | 63877 |
| MANPOWERGROUP INC | Common Stock | 56418H100 |  | 718660 | 18962 | SH |  | SOLE |  | 0 | 0 | 18962 |
| MARINEMAX INC COM | Common Stock | 567908108 |  | 775579 | 30619 | SH |  | SOLE |  | 0 | 0 | 30619 |
| MATSON INC COM | Common Stock | 57686G105 |  | 740214 | 7508 | SH |  | SOLE |  | 0 | 0 | 7508 |
| MAYVILLE ENGR CO INC COM | Common Stock | 578605107 |  | 711736 | 51725 | SH |  | SOLE |  | 0 | 0 | 51725 |
| MEDIFAST INC COM | Common Stock | 58470H101 |  | 793626 | 58056 | SH |  | SOLE |  | 0 | 0 | 58056 |
| PEDIATRIX MEDICAL GROUP INC | Common Stock | 58502B106 |  | 1052570 | 62840 | SH |  | SOLE |  | 0 | 0 | 62840 |
| MERIDIAN CORPORATION COM NPV | Common Stock | 58958P104 |  | 945932 | 59907 | SH |  | SOLE |  | 0 | 0 | 59907 |
| META FINL GROUP INC COM | Common Stock | 59100U108 |  | 751276 | 10151 | SH |  | SOLE |  | 0 | 0 | 10151 |
| METHODE ELECTRS INC COM | Common Stock | 591520200 |  | 836125 | 110745 | SH |  | SOLE |  | 0 | 0 | 110745 |
| MILLERKNOLL INC COM STK USD0.20 | Common Stock | 600544100 |  | 713396 | 40214 | SH |  | SOLE |  | 0 | 0 | 40214 |
| MILLER INDS INC TENN COM NEW | Common Stock | 600551204 |  | 756420 | 18714 | SH |  | SOLE |  | 0 | 0 | 18714 |
| MINERALS TECHNOLOGIES INC COM | Common Stock | 603158106 |  | 884402 | 14237 | SH |  | SOLE |  | 0 | 0 | 14237 |
| MONRO INC COM USD0.01 | Common Stock | 610236101 |  | 944970 | 52586 | SH |  | SOLE |  | 0 | 0 | 52586 |
| MOTORCAR PTS  ACCESSORIES INC COM | Common Stock | 620071100 |  | 1174357 | 71001 | SH |  | SOLE |  | 0 | 0 | 71001 |
| MURPHY OIL CORP COM | Common Stock | 626717102 |  | 919802 | 32376 | SH |  | SOLE |  | 0 | 0 | 32376 |
| MYERS INDS INC COM | Common Stock | 628464109 |  | 931124 | 54966 | SH |  | SOLE |  | 0 | 0 | 54966 |
| NOV INC COM | Common Stock | 62955J103 |  | 819089 | 61818 | SH |  | SOLE |  | 0 | 0 | 61818 |
| NATURES SUNSHINE PRODS INC COM | Common Stock | 639027101 |  | 842814 | 54305 | SH |  | SOLE |  | 0 | 0 | 54305 |
| NEWELL BRANDS INC COM | Common Stock | 651229106 |  | 755409 | 144162 | SH |  | SOLE |  | 0 | 0 | 144162 |
| NORTHEAST BK LEWISTON ME COM | Common Stock | 66405S100 |  | 878003 | 8766 | SH |  | SOLE |  | 0 | 0 | 8766 |
| NORTHRIM BANCORP INC COM | Common Stock | 666762109 |  | 762150 | 35187 | SH |  | SOLE |  | 0 | 0 | 35187 |
| NWPX INFRASTRUCTURE INC | Common Stock | 667746101 |  | 1052989 | 19894 | SH |  | SOLE |  | 0 | 0 | 19894 |
| DNOW INC COM USD0.01 | Common Stock | 67011P100 |  | 932080 | 61120 | SH |  | SOLE |  | 0 | 0 | 61120 |
| NU SKIN ENTERPRISES INC CL A CL A | Common Stock | 67018T105 |  | 1108583 | 90942 | SH |  | SOLE |  | 0 | 0 | 90942 |
| NUTEX HEALTH INC COM NO PAR | Common Stock | 67079U306 |  | 748037 | 7240 | SH |  | SOLE |  | 0 | 0 | 7240 |
| OCEANEERING INTL INC COM | Common Stock | 675232102 |  | 967411 | 39040 | SH |  | SOLE |  | 0 | 0 | 39040 |
| OLIN CORP COM | Common Stock | 680665205 |  | 938974 | 37574 | SH |  | SOLE |  | 0 | 0 | 37574 |
| OLYMPIC STL INC COM | Common Stock | 68162K106 |  | 742341 | 24379 | SH |  | SOLE |  | 0 | 0 | 24379 |
| ORANGE CNTY BANCORP INC COM | Common Stock | 68417L107 |  | 769964 | 30542 | SH |  | SOLE |  | 0 | 0 | 30542 |
| ORGANON  CO COM | Common Stock | 68622V106 |  | 905974 | 84829 | SH |  | SOLE |  | 0 | 0 | 84829 |
| OXFORD INDS INC COM | Common Stock | 691497309 |  | 707018 | 17440 | SH |  | SOLE |  | 0 | 0 | 17440 |
| PVH CORP COM USD1 | Common Stock | 693656100 |  | 955983 | 11412 | SH |  | SOLE |  | 0 | 0 | 11412 |
| PATTERSON-UTI ENERGY INC COM | Common Stock | 703481101 |  | 673959 | 130108 | SH |  | SOLE |  | 0 | 0 | 130108 |
| PEAPACK-GLADSTONE FINL CORP COM | Common Stock | 704699107 |  | 771668 | 27959 | SH |  | SOLE |  | 0 | 0 | 27959 |
| PERDOCEO ED CORP COM | Common Stock | 71363P106 |  | 1079110 | 28654 | SH |  | SOLE |  | 0 | 0 | 28654 |
| PHOTRONICS INC COM | Common Stock | 719405102 |  | 978795 | 42649 | SH |  | SOLE |  | 0 | 0 | 42649 |
| PITNEY BOWES INC COM | Common Stock | 724479100 |  | 872112 | 76434 | SH |  | SOLE |  | 0 | 0 | 76434 |
| POLARIS INC | Common Stock | 731068102 |  | 985129 | 16947 | SH |  | SOLE |  | 0 | 0 | 16947 |
| PFD BK L A CAL COM | Common Stock | 740367404 |  | 829871 | 9181 | SH |  | SOLE |  | 0 | 0 | 9181 |
| PREFORMED LINE PRODS CO COM | Common Stock | 740444104 |  | 994088 | 5068 | SH |  | SOLE |  | 0 | 0 | 5068 |
| PRIMEENERGY RESOURCES CORP COM | Common Stock | 74158E104 |  | 862042 | 5161 | SH |  | SOLE |  | 0 | 0 | 5161 |
| PROFRAC HLDG CORP CL A CL A | Common Stock | 74319N100 |  | 405650 | 109635 | SH |  | SOLE |  | 0 | 0 | 109635 |
| PROPETRO HLDG CORP COM | Common Stock | 74347M108 |  | 679885 | 129749 | SH |  | SOLE |  | 0 | 0 | 129749 |
| RCI HOSPITALITY HLDGS INC COM | Common Stock | 74934Q108 |  | 638910 | 20941 | SH |  | SOLE |  | 0 | 0 | 20941 |
| RCM TECHNOLOGIES INC COM NEW | Common Stock | 749360400 |  | 898744 | 33851 | SH |  | SOLE |  | 0 | 0 | 33851 |
| RANGER ENERGY SVCS INC COM CL A COM CL A | Common Stock | 75282U104 |  | 967693 | 68924 | SH |  | SOLE |  | 0 | 0 | 68924 |
| RED RIV BANCSHARES INC COM | Common Stock | 75686R202 |  | 851540 | 13137 | SH |  | SOLE |  | 0 | 0 | 13137 |
| REX AMERICAN RESOURCES CORP | Common Stock | 761624105 |  | 955436 | 31203 | SH |  | SOLE |  | 0 | 0 | 31203 |
| RILEY EXPLORATION PERMIAN INC COM USD0.001 | Common Stock | 76665T102 |  | 830190 | 30623 | SH |  | SOLE |  | 0 | 0 | 30623 |
| ROCKY BRANDS INC COM STK | Common Stock | 774515100 |  | 1036930 | 34808 | SH |  | SOLE |  | 0 | 0 | 34808 |
| RYDER SYS INC COM | Common Stock | 783549108 |  | 910188 | 4825 | SH |  | SOLE |  | 0 | 0 | 4825 |
| RYERSON HLDG CORP COM STOCK | Common Stock | 783754104 |  | 811987 | 35520 | SH |  | SOLE |  | 0 | 0 | 35520 |
| SCANSOURCE INC COM | Common Stock | 806037107 |  | 888466 | 20197 | SH |  | SOLE |  | 0 | 0 | 20197 |
| MATIV HOLDINGS INC | Common Stock | 808541106 |  | 1255297 | 110990 | SH |  | SOLE |  | 0 | 0 | 110990 |
| SEABOARD CORP DEL COM | Common Stock | 811543107 |  | 1035748 | 284 | SH |  | SOLE |  | 0 | 0 | 284 |
| SHOE CARNIVAL INC COM | Common Stock | 824889109 |  | 809334 | 38929 | SH |  | SOLE |  | 0 | 0 | 38929 |
| SHUTTERSTOCK INC COM | Common Stock | 825690100 |  | 884103 | 42403 | SH |  | SOLE |  | 0 | 0 | 42403 |
| SIGA TECHNOLOGIES INC COM | Common Stock | 826917106 |  | 1122787 | 122709 | SH |  | SOLE |  | 0 | 0 | 122709 |
| SKYWEST INC COM | Common Stock | 830879102 |  | 753342 | 7487 | SH |  | SOLE |  | 0 | 0 | 7487 |
| SLEEP NUMBER CORP COM | Common Stock | 83125X103 |  | 782007 | 111397 | SH |  | SOLE |  | 0 | 0 | 111397 |
| SMITH  WESSON BRANDS INC | Common Stock | 831754106 |  | 965100 | 98179 | SH |  | SOLE |  | 0 | 0 | 98179 |
| SOUTH PLAINS FINL INC COM | Common Stock | 83946P107 |  | 874650 | 22630 | SH |  | SOLE |  | 0 | 0 | 22630 |
| SPECTRUM BRANDS HLDGS INC COM USD0.01 | Common Stock | 84790A105 |  | 775080 | 14755 | SH |  | SOLE |  | 0 | 0 | 14755 |
| STEPAN CO COM | Common Stock | 858586100 |  | 681442 | 14286 | SH |  | SOLE |  | 0 | 0 | 14286 |
| STONEX GROUP INC COM | Common Stock | 861896108 |  | 889408 | 8813 | SH |  | SOLE |  | 0 | 0 | 8813 |
| STURM RUGER  CO INC COM | Common Stock | 864159108 |  | 1029109 | 23674 | SH |  | SOLE |  | 0 | 0 | 23674 |
| SUN CTRY AIRLS HLDGS INC COM | Common Stock | 866683105 |  | 747502 | 63294 | SH |  | SOLE |  | 0 | 0 | 63294 |
| SYLVAMO CORP COM | Common Stock | 871332102 |  | 712252 | 16107 | SH |  | SOLE |  | 0 | 0 | 16107 |
| TACTILE SYS TECHNOLOGY INC COM | Common Stock | 87357P100 |  | 1142976 | 82585 | SH |  | SOLE |  | 0 | 0 | 82585 |
| TALOS ENERGY INC COM STK | Common Stock | 87484T108 |  | 901393 | 93993 | SH |  | SOLE |  | 0 | 0 | 93993 |
| TARGET HOSPITALITY CORP COM | Common Stock | 87615L107 |  | 888068 | 104725 | SH |  | SOLE |  | 0 | 0 | 104725 |
| TAYLOR MORRISON HOME CORP COM USD0.00001 | Common Stock | 87724P106 |  | 854301 | 12942 | SH |  | SOLE |  | 0 | 0 | 12942 |
| THE ODP CORP COM | Common Stock | 88337F105 |  | 1268846 | 45560 | SH |  | SOLE |  | 0 | 0 | 45560 |
| TIDEWATER INC NEW COM | Common Stock | 88642R109 |  | 854987 | 16032 | SH |  | SOLE |  | 0 | 0 | 16032 |
| TOWNEBANK PORTSMOUTH VA COM | Common Stock | 89214P109 |  | 815610 | 23593 | SH |  | SOLE |  | 0 | 0 | 23593 |
| TRUSTCO BK CORP N Y COM NEW | Common Stock | 898349204 |  | 871236 | 24001 | SH |  | SOLE |  | 0 | 0 | 24001 |
| VAREX IMAGING CORP COM | Common Stock | 92214X106 |  | 1232944 | 99431 | SH |  | SOLE |  | 0 | 0 | 99431 |
| VERITEX HLDGS INC COM | Common Stock | 923451108 |  | 1006939 | 30031 | SH |  | SOLE |  | 0 | 0 | 30031 |
| VICTORIAS SECRET  CO COM | Common Stock | 926400102 |  | 1141590 | 42063 | SH |  | SOLE |  | 0 | 0 | 42063 |
| VIEMED HEALTHCARE INC COM NPV | Common Stock | 92663R105 |  | 827945 | 121936 | SH |  | SOLE |  | 0 | 0 | 121936 |
| WSFS FINANCIAL CORP COM | Common Stock | 929328102 |  | 785329 | 14562 | SH |  | SOLE |  | 0 | 0 | 14562 |
| WABASH NATL CORP COM | Common Stock | 929566107 |  | 754216 | 76415 | SH |  | SOLE |  | 0 | 0 | 76415 |
| WEIS MKT INC COM | Common Stock | 948849104 |  | 815293 | 11344 | SH |  | SOLE |  | 0 | 0 | 11344 |
| WERNER ENTERPRISES INC COM | Common Stock | 950755108 |  | 748409 | 28435 | SH |  | SOLE |  | 0 | 0 | 28435 |
| WESTAMERICA BANCORPORATION COM | Common Stock | 957090103 |  | 821486 | 16433 | SH |  | SOLE |  | 0 | 0 | 16433 |
| WORLD KINECT CORPORATION COM USD0.01 | Common Stock | 981475106 |  | 750863 | 28935 | SH |  | SOLE |  | 0 | 0 | 28935 |
| XEROX HLDGS CORP COM NEW COM NEW | Common Stock | 98421M106 |  | 624724 | 166150 | SH |  | SOLE |  | 0 | 0 | 166150 |
| ADIENT PLC ADIENT PLC LTD COM | Common Stock | G0084W101 |  | 893994 | 37126 | SH |  | SOLE |  | 0 | 0 | 37126 |
| FRESH DEL MONTE PRODUCE INC COM STK | Common Stock | G36738105 |  | 878312 | 25297 | SH |  | SOLE |  | 0 | 0 | 25297 |
| HELEN TROY LTD COM STK | Common Stock | G4388N106 |  | 894272 | 35487 | SH |  | SOLE |  | 0 | 0 | 35487 |
| HERBALIFE LTD | Common Stock | G4412G101 |  | 694865 | 82330 | SH |  | SOLE |  | 0 | 0 | 82330 |
| WEATHERFORD INTL LTD COMMON STOCK | Common Stock | G48833118 |  | 1013790 | 14815 | SH |  | SOLE |  | 0 | 0 | 14815 |
| SIGNET JEWELERS LTD ORD USD0.18 | Common Stock | G81276100 |  | 1005817 | 10486 | SH |  | SOLE |  | 0 | 0 | 10486 |
| ORION S A COM NPV | Common Stock | L72967109 |  | 572980 | 75591 | SH |  | SOLE |  | 0 | 0 | 75591 |
| INTERNATIONAL SEAWAYS INC INTERNATIONAL SEAWAYS INC COMMON STOCK | Common Stock | Y41053102 |  | 980905 | 21287 | SH |  | SOLE |  | 0 | 0 | 21287 |

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