# EDGAR Filing Document

**Accession Number:** 0000813933
**File Stem:** 0001172661-26-000590
**Filing Date:** 2026-2
**Character Count:** 28743
**Document Hash:** bf59cada969babdbabe9f9d97158f8e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000590.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001172661-26-000590

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANCHOR CAPITAL ADVISORS LLC
- **CENTRAL INDEX KEY:** 0000813933

**ORGANIZATION NAME:**
- **EIN:** 204669888
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01880
- **FILM NUMBER:** 26617231

**BUSINESS ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6173683803

**MAIL ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANCHOR CAPITAL ADVISORS INC
- **DATE OF NAME CHANGE:** 19990402

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** ANCHOR CAPITAL ADVISORS LLC<br>**Address:** Two International Place<br>Boston, MA 02110

**Form 13F File Number:** 028-01880

**CRD Number (if applicable):** 000105540

**SEC File Number (if applicable):** 801-18930

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:** Michelle Demerle<br>**Title:** Compliance Officer<br>**Phone:** 617-338-3800

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

/s/ Michelle Demerle  Boston, MA  02-10-2026<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:** 251

**Form 13F Information Table Value Total:** $3451024770

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 17032118 | 135942 | SH |  | SOLE |  | 133159 | 0 | 2783 |
| ABBVIE INC | COM | 00287Y109 |  | 14264719 | 62430 | SH |  | SOLE |  | 61133 | 0 | 1297 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 48714033 | 197207 | SH |  | SOLE |  | 192474 | 0 | 4733 |
| ALCON AG | ORD SHS | H01301128 |  | 56477214 | 716625 | SH |  | SOLE |  | 702128 | 0 | 14497 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 50624689 | 778722 | SH |  | SOLE |  | 762607 | 0 | 16115 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2137164 | 6828 | SH |  | SOLE |  | 6828 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1583749 | 5047 | SH |  | SOLE |  | 5047 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1051385 | 4555 | SH |  | SOLE |  | 4555 | 0 | 0 |
| AMERICAN BEACON SELECT FUNDS | GLG NATURAL RESO | 02368W408 |  | 3289860 | 74600 | SH |  | SOLE |  | 74600 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 19736446 | 53349 | SH |  | SOLE |  | 52401 | 0 | 948 |
| AMERICAN HEALTHCARE REIT INC | COM SHS | 398182303 |  | 8098367 | 172086 | SH |  | SOLE |  | 169301 | 0 | 2785 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 11097329 | 63207 | SH |  | SOLE |  | 62025 | 0 | 1182 |
| AMETEK INC | COM | 031100100 |  | 561112 | 2733 | SH |  | SOLE |  | 2733 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 404228 | 1235 | SH |  | SOLE |  | 1235 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 72867206 | 268684 | SH |  | SOLE |  | 263302 | 0 | 5382 |
| AON PLC | SHS CL A | G0403H108 |  | 2098930 | 5948 | SH |  | SOLE |  | 5948 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 2465128 | 17029 | SH |  | SOLE |  | 16884 | 0 | 145 |
| APPLE INC | COM | 037833100 |  | 7874099 | 28964 | SH |  | SOLE |  | 28624 | 0 | 340 |
| APPLIED MATLS INC | COM | 038222105 |  | 19043527 | 74102 | SH |  | SOLE |  | 72748 | 0 | 1354 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 42214295 | 440099 | SH |  | SOLE |  | 430807 | 0 | 9292 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 10235795 | 111343 | SH |  | SOLE |  | 109200 | 0 | 2143 |
| ASURE SOFTWARE INC | COM | 04649U102 |  | 1136749 | 120674 | SH |  | SOLE |  | 119225 | 0 | 1449 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 939260 | 18094 | SH |  | SOLE |  | 17899 | 0 | 195 |
| AUTODESK INC | COM | 052769106 |  | 43673582 | 147541 | SH |  | SOLE |  | 144370 | 0 | 3171 |
| AVERY DENNISON CORP | COM | 053611109 |  | 49373011 | 271459 | SH |  | SOLE |  | 265521 | 0 | 5938 |
| BERKLEY W R CORP | COM | 084423102 |  | 78979739 | 1126351 | SH |  | SOLE |  | 1102929 | 0 | 23422 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 24287908 | 48320 | SH |  | SOLE |  | 47503 | 0 | 817 |
| BOEING CO | COM | 097023105 |  | 769148 | 3543 | SH |  | SOLE |  | 3508 | 0 | 35 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 2028580 | 24047 | SH |  | SOLE |  | 23707 | 0 | 340 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 43793979 | 459297 | SH |  | SOLE |  | 450696 | 0 | 8601 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 971346 | 76665 | SH |  | SOLE |  | 75657 | 0 | 1008 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 37003298 | 165808 | SH |  | SOLE |  | 161812 | 0 | 3996 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 33623305 | 194534 | SH |  | SOLE |  | 190672 | 0 | 3862 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 211539 | 2873 | SH |  | SOLE |  | 2873 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 53356402 | 96536 | SH |  | SOLE |  | 94512 | 0 | 2024 |
| CATERPILLAR INC | COM | 149123101 |  | 528186 | 922 | SH |  | SOLE |  | 922 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 2689639 | 4553 | SH |  | SOLE |  | 4505 | 0 | 48 |
| CBIZ INC | COM | 124805102 |  | 990434 | 19632 | SH |  | SOLE |  | 19398 | 0 | 234 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 74633594 | 297345 | SH |  | SOLE |  | 290757 | 0 | 6588 |
| CHEVRON CORP NEW | COM | 166764100 |  | 17860871 | 117190 | SH |  | SOLE |  | 114846 | 0 | 2344 |
| CHORD ENERGY CORPORATION | COM NEW | 674215207 |  | 1681393 | 18138 | SH |  | SOLE |  | 17914 | 0 | 224 |
| CHUBB LIMITED | COM | H1467J104 |  | 22826877 | 73135 | SH |  | SOLE |  | 71726 | 0 | 1409 |
| CISCO SYS INC | COM | 17275R102 |  | 778690 | 10109 | SH |  | SOLE |  | 10109 | 0 | 0 |
| CITI TRENDS INC | COM | 17306X102 |  | 802939 | 19320 | SH |  | SOLE |  | 19133 | 0 | 187 |
| CITIGROUP INC | COM NEW | 172967424 |  | 327315 | 2805 | SH |  | SOLE |  | 2805 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 17951569 | 65737 | SH |  | SOLE |  | 64355 | 0 | 1382 |
| CNH INDL N V | SHS | N20944109 |  | 28676627 | 3110263 | SH |  | SOLE |  | 3037191 | 0 | 73072 |
| COCA COLA CO | COM | 191216100 |  | 1078101 | 15421 | SH |  | SOLE |  | 15421 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1393676 | 17637 | SH |  | SOLE |  | 17637 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 863786 | 28899 | SH |  | SOLE |  | 28569 | 0 | 330 |
| COMMUNITY FINANCIAL SYSTEM I | COM | 203607106 |  | 2253325 | 39229 | SH |  | SOLE |  | 38797 | 0 | 432 |
| COMMUNITY HEALTHCARE TR INC | COM | 20369C106 |  | 791575 | 48208 | SH |  | SOLE |  | 47645 | 0 | 563 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 2842630 | 108415 | SH |  | SOLE |  | 107249 | 0 | 1166 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 423117 | 4520 | SH |  | SOLE |  | 4520 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 37535345 | 124731 | SH |  | SOLE |  | 122280 | 0 | 2451 |
| CORTEVA INC | COM | 22052L104 |  | 42713982 | 637237 | SH |  | SOLE |  | 623679 | 0 | 13558 |
| CRANE NXT CO | COM | 224441105 |  | 848625 | 18029 | SH |  | SOLE |  | 17810 | 0 | 219 |
| CRH PLC | ORD | G25508105 |  | 79984521 | 640902 | SH |  | SOLE |  | 628060 | 0 | 12842 |
| CROCS INC | COM | 227046109 |  | 627631 | 7339 | SH |  | SOLE |  | 7243 | 0 | 96 |
| CROWN CASTLE INC | COM | 22822V101 |  | 34672115 | 390144 | SH |  | SOLE |  | 381319 | 0 | 8825 |
| DAKTRONICS INC | COM | 234264109 |  | 2034254 | 102896 | SH |  | SOLE |  | 102097 | 0 | 799 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 6683507 | 77472 | SH |  | SOLE |  | 76764 | 0 | 708 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 54477281 | 362385 | SH |  | SOLE |  | 354480 | 0 | 7905 |
| DREAM FINDERS HOMES INC | COM CL A | 26154D100 |  | 363084 | 21233 | SH |  | SOLE |  | 21233 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 44140654 | 1098026 | SH |  | SOLE |  | 1075624 | 0 | 22402 |
| EATON CORP PLC | SHS | G29183103 |  | 3913532 | 12287 | SH |  | SOLE |  | 12152 | 0 | 135 |
| ELI LILLY  CO | COM | 532457108 |  | 774844 | 721 | SH |  | SOLE |  | 721 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 17319696 | 187382 | SH |  | SOLE |  | 183850 | 0 | 3532 |
| ETON PHARMACEUTICALS INC | COM | 29772L108 |  | 687696 | 40668 | SH |  | SOLE |  | 40229 | 0 | 439 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 2750520 | 8105 | SH |  | SOLE |  | 7910 | 0 | 195 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 448687 | 6664 | SH |  | SOLE |  | 6664 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 116994 | 16340 | SH |  | SOLE |  | 16340 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 50089364 | 336148 | SH |  | SOLE |  | 329089 | 0 | 7059 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1279816 | 10635 | SH |  | SOLE |  | 10635 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 435285 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 66995340 | 300927 | SH |  | SOLE |  | 294342 | 0 | 6585 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 1248098 | 27109 | SH |  | SOLE |  | 23719 | 0 | 3390 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 522158 | 7857 | SH |  | SOLE |  | 7857 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 749875 | 12205 | SH |  | SOLE |  | 12205 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 24494750 | 618086 | SH |  | SOLE |  | 605442 | 0 | 12644 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 37666390 | 145548 | SH |  | SOLE |  | 142458 | 0 | 3090 |
| GARTNER INC | COM | 366651107 |  | 791909 | 3139 | SH |  | SOLE |  | 3139 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 55197233 | 672973 | SH |  | SOLE |  | 658876 | 0 | 14097 |
| GENUINE PARTS CO | COM | 372460105 |  | 2315371 | 18830 | SH |  | SOLE |  | 18403 | 0 | 427 |
| GLOBUS MED INC | CL A | 379577208 |  | 60711226 | 695352 | SH |  | SOLE |  | 678167 | 0 | 17185 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 29867831 | 33979 | SH |  | SOLE |  | 33309 | 0 | 670 |
| HALLIBURTON CO | COM | 406216101 |  | 22251612 | 787389 | SH |  | SOLE |  | 771159 | 0 | 16230 |
| HAWKINS INC | COM | 420261109 |  | 1785410 | 12568 | SH |  | SOLE |  | 12441 | 0 | 127 |
| HCI GROUP INC | COM | 40416E103 |  | 410217 | 2140 | SH |  | SOLE |  | 2140 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 45461096 | 249814 | SH |  | SOLE |  | 244661 | 0 | 5153 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 2113092 | 244006 | SH |  | SOLE |  | 241352 | 0 | 2654 |
| HINGHAM INSTN SVGS MASS | COM | 433323102 |  | 1646116 | 5797 | SH |  | SOLE |  | 5727 | 0 | 70 |
| HOLOGIC INC | COM | 436440101 |  | 1092023 | 14660 | SH |  | SOLE |  | 14660 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 305217 | 887 | SH |  | SOLE |  | 887 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 12347236 | 63290 | SH |  | SOLE |  | 61949 | 0 | 1341 |
| HUBBELL INC | COM | 443510607 |  | 47726314 | 107465 | SH |  | SOLE |  | 105263 | 0 | 2202 |
| ICF INTL INC | COM | 44925C103 |  | 2713649 | 31813 | SH |  | SOLE |  | 31498 | 0 | 315 |
| IDACORP INC | COM | 451107106 |  | 52842739 | 417531 | SH |  | SOLE |  | 408378 | 0 | 9153 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 539397 | 2190 | SH |  | SOLE |  | 2190 | 0 | 0 |
| INDEPENDENCE RLTY TR INC | COM | 45378A106 |  | 1583286 | 90577 | SH |  | SOLE |  | 89525 | 0 | 1052 |
| INSIGHT ENTERPRISES INC | COM | 45765U103 |  | 712627 | 8747 | SH |  | SOLE |  | 8639 | 0 | 108 |
| INTEL CORP | COM | 458140100 |  | 12268018 | 332467 | SH |  | SOLE |  | 325413 | 0 | 7054 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 918192 | 9562 | SH |  | SOLE |  | 9562 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 282273 | 5550 | SH |  | SOLE |  | 5550 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 353076 | 3535 | SH |  | SOLE |  | 3535 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 3015369 | 31322 | SH |  | SOLE |  | 31322 | 0 | 0 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 715640 | 31081 | SH |  | SOLE |  | 31081 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 768857 | 5434 | SH |  | SOLE |  | 5434 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 418226 | 4675 | SH |  | SOLE |  | 4675 | 0 | 0 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 634434 | 1640 | SH |  | SOLE |  | 1640 | 0 | 0 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 |  | 14993160 | 136116 | SH |  | SOLE |  | 135821 | 0 | 295 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 3158596 | 28665 | SH |  | SOLE |  | 28665 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 |  | 8657411 | 90920 | SH |  | SOLE |  | 90920 | 0 | 0 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 1289674 | 9801 | SH |  | SOLE |  | 9801 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 22289475 | 231796 | SH |  | SOLE |  | 231658 | 0 | 138 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 1221718 | 6742 | SH |  | SOLE |  | 6742 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 11852891 | 219987 | SH |  | SOLE |  | 219987 | 0 | 0 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 212766 | 2078 | SH |  | SOLE |  | 2078 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 209035 | 2220 | SH |  | SOLE |  | 2220 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 44401094 | 314790 | SH |  | SOLE |  | 312382 | 0 | 2408 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 983233 | 16024 | SH |  | SOLE |  | 16024 | 0 | 0 |
| ISHARES TR | RUS TP200 VL ETF | 464289420 |  | 233324 | 2540 | SH |  | SOLE |  | 2540 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1282208 | 1872 | SH |  | SOLE |  | 1872 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 16931492 | 320187 | SH |  | SOLE |  | 320187 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2756041 | 11196 | SH |  | SOLE |  | 11196 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 20814059 | 251317 | SH |  | SOLE |  | 251317 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 5409389 | 14485 | SH |  | SOLE |  | 14485 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 14278192 | 67881 | SH |  | SOLE |  | 66326 | 0 | 1555 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 23068295 | 193283 | SH |  | SOLE |  | 193283 | 0 | 0 |
| J JILL INC | COM | 46620W201 |  | 651096 | 47456 | SH |  | SOLE |  | 46843 | 0 | 613 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 30737346 | 148525 | SH |  | SOLE |  | 145718 | 0 | 2807 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 2365661 | 19755 | SH |  | SOLE |  | 19755 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 48048972 | 149119 | SH |  | SOLE |  | 146218 | 0 | 2901 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 36356933 | 1297998 | SH |  | SOLE |  | 1268448 | 0 | 29550 |
| KROGER CO | COM | 501044101 |  | 249920 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 56805328 | 448770 | SH |  | SOLE |  | 439399 | 0 | 9371 |
| LISTED FDS TR | ROUNDHILL MAGNIF | 53656G498 |  | 444768 | 6743 | SH |  | SOLE |  | 6743 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 14703873 | 30401 | SH |  | SOLE |  | 29812 | 0 | 589 |
| LOWES COS INC | COM | 548661107 |  | 14553038 | 60346 | SH |  | SOLE |  | 59298 | 0 | 1048 |
| LYFT INC | CL A COM | 55087P104 |  | 694996 | 35880 | SH |  | SOLE |  | 35880 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 71374233 | 354250 | SH |  | SOLE |  | 347195 | 0 | 7055 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 2636016 | 120421 | SH |  | SOLE |  | 119060 | 0 | 1361 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 217680 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 11109795 | 68313 | SH |  | SOLE |  | 67051 | 0 | 1262 |
| MARKEL GROUP INC | COM | 570535104 |  | 70770648 | 32922 | SH |  | SOLE |  | 32381 | 0 | 541 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 923895 | 2978 | SH |  | SOLE |  | 2928 | 0 | 50 |
| MAYVILLE ENGR CO INC | COM | 578605107 |  | 2027713 | 108318 | SH |  | SOLE |  | 107120 | 0 | 1198 |
| MCDONALDS CORP | COM | 580135101 |  | 16023943 | 52429 | SH |  | SOLE |  | 51370 | 0 | 1059 |
| MCGRATH RENTCORP | COM | 580589109 |  | 947623 | 9031 | SH |  | SOLE |  | 8925 | 0 | 106 |
| MCKESSON CORP | COM | 58155Q103 |  | 90677869 | 110544 | SH |  | SOLE |  | 108224 | 0 | 2320 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 912378 | 9498 | SH |  | SOLE |  | 9347 | 0 | 151 |
| META PLATFORMS INC | CL A | 30303M102 |  | 238292 | 361 | SH |  | SOLE |  | 361 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 31094419 | 64295 | SH |  | SOLE |  | 63092 | 0 | 1203 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 54580019 | 392916 | SH |  | SOLE |  | 384392 | 0 | 8524 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1200948 | 22310 | SH |  | SOLE |  | 21990 | 0 | 320 |
| MSA SAFETY INC | COM | 553498106 |  | 1881767 | 11751 | SH |  | SOLE |  | 11655 | 0 | 96 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 1325899 | 47001 | SH |  | SOLE |  | 46479 | 0 | 522 |
| NELNET INC | CL A | 64031N108 |  | 1866891 | 14041 | SH |  | SOLE |  | 13878 | 0 | 163 |
| NETGEAR INC | COM | 64111Q104 |  | 2130921 | 86870 | SH |  | SOLE |  | 86222 | 0 | 648 |
| NICOLET BANKSHARES INC | COM | 65406E102 |  | 2600429 | 21438 | SH |  | SOLE |  | 21214 | 0 | 224 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 966317 | 3347 | SH |  | SOLE |  | 3347 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 236861 | 1718 | SH |  | SOLE |  | 1718 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1162443 | 5964 | SH |  | SOLE |  | 5964 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 47506346 | 543862 | SH |  | SOLE |  | 532068 | 0 | 11794 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 14787898 | 16824 | SH |  | SOLE |  | 16507 | 0 | 317 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 789220 | 13519 | SH |  | SOLE |  | 13389 | 0 | 130 |
| PEPSICO INC | COM | 713448108 |  | 18227381 | 127002 | SH |  | SOLE |  | 124354 | 0 | 2648 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 2813835 | 28043 | SH |  | SOLE |  | 27729 | 0 | 314 |
| PJT PARTNERS INC | COM CL A | 69343T107 |  | 2084315 | 12466 | SH |  | SOLE |  | 12333 | 0 | 133 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 70917825 | 339759 | SH |  | SOLE |  | 332698 | 0 | 7061 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 15052855 | 105037 | SH |  | SOLE |  | 103227 | 0 | 1810 |
| PROGRESS SOFTWARE CORP | COM | 743312100 |  | 2606942 | 60683 | SH |  | SOLE |  | 60197 | 0 | 486 |
| PROGRESSIVE CORP | COM | 743315103 |  | 16400502 | 72020 | SH |  | SOLE |  | 70702 | 0 | 1318 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 35708281 | 437334 | SH |  | SOLE |  | 427794 | 0 | 9540 |
| QUALCOMM INC | COM | 747525103 |  | 1118754 | 6541 | SH |  | SOLE |  | 6401 | 0 | 140 |
| REALTY INCOME CORP | COM | 756109104 |  | 11885024 | 210840 | SH |  | SOLE |  | 206859 | 0 | 3981 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 9647896 | 12499 | SH |  | SOLE |  | 12232 | 0 | 267 |
| RESMED INC | COM | 761152107 |  | 551592 | 2290 | SH |  | SOLE |  | 2290 | 0 | 0 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 41826679 | 1080234 | SH |  | SOLE |  | 1056678 | 0 | 23556 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 16677845 | 208395 | SH |  | SOLE |  | 203743 | 0 | 4652 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 270556 | 13975 | SH |  | SOLE |  | 13975 | 0 | 0 |
| RPM INTL INC | COM | 749685103 |  | 2394054 | 23020 | SH |  | SOLE |  | 22437 | 0 | 583 |
| RTX CORPORATION | COM | 75513E101 |  | 25125136 | 136996 | SH |  | SOLE |  | 134178 | 0 | 2818 |
| RUSSELL INVTS EXCHANGE TRADE | US SMALL CAP EQU | 78249U100 |  | 3305060 | 106201 | SH |  | SOLE |  | 105651 | 0 | 550 |
| S GLOBAL INC | COM | 78409V104 |  | 226804 | 434 | SH |  | SOLE |  | 434 | 0 | 0 |
| SAFETY INS GROUP INC | COM | 78648T100 |  | 1341532 | 17219 | SH |  | SOLE |  | 17000 | 0 | 219 |
| SALESFORCE INC | COM | 79466L302 |  | 902564 | 3407 | SH |  | SOLE |  | 3407 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 434549 | 4317 | SH |  | SOLE |  | 4217 | 0 | 100 |
| SENECA FOODS CORP NEW | CL A | 817070501 |  | 2173990 | 19651 | SH |  | SOLE |  | 19447 | 0 | 204 |
| SHELL PLC | SPON ADS | 780259305 |  | 19205724 | 261373 | SH |  | SOLE |  | 256485 | 0 | 4888 |
| SIMPSON MFG INC | COM | 829073105 |  | 1528152 | 9464 | SH |  | SOLE |  | 9362 | 0 | 102 |
| SKYWEST INC | COM | 830879102 |  | 1696628 | 16897 | SH |  | SOLE |  | 16716 | 0 | 181 |
| SLB LIMITED | COM STK | 806857108 |  | 8887977 | 231578 | SH |  | SOLE |  | 226136 | 0 | 5442 |
| SMITH A O CORP | COM | 831865209 |  | 638318 | 9544 | SH |  | SOLE |  | 9544 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 13418852 | 276222 | SH |  | SOLE |  | 270998 | 0 | 5224 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 46586919 | 587922 | SH |  | SOLE |  | 575486 | 0 | 12436 |
| SOUTHERN CO | COM | 842587107 |  | 261600 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 335675 | 847 | SH |  | SOLE |  | 847 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 466481 | 684 | SH |  | SOLE |  | 684 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 334820 | 555 | SH |  | SOLE |  | 555 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 2015443 | 23055 | SH |  | SOLE |  | 23055 | 0 | 0 |
| STAG INDL INC | COM | 85254J102 |  | 2030108 | 55226 | SH |  | SOLE |  | 54619 | 0 | 607 |
| STATE STR CORP | COM | 857477103 |  | 786445 | 6096 | SH |  | SOLE |  | 6096 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1096586 | 3120 | SH |  | SOLE |  | 3120 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 4560303 | 36803 | SH |  | SOLE |  | 36215 | 0 | 588 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 44102259 | 293565 | SH |  | SOLE |  | 287327 | 0 | 6238 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 49916243 | 219402 | SH |  | SOLE |  | 214784 | 0 | 4618 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 30302406 | 632750 | SH |  | SOLE |  | 620733 | 0 | 12017 |
| TEXAS INSTRS INC | COM | 882508104 |  | 485772 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 2678976 | 9327 | SH |  | SOLE |  | 9114 | 0 | 213 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 15312956 | 26427 | SH |  | SOLE |  | 25902 | 0 | 525 |
| TJX COS INC NEW | COM | 872540109 |  | 218280 | 1421 | SH |  | SOLE |  | 1421 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 45984828 | 340074 | SH |  | SOLE |  | 332315 | 0 | 7759 |
| TORO CO | COM | 891092108 |  | 2357192 | 29944 | SH |  | SOLE |  | 29676 | 0 | 268 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 23696146 | 60884 | SH |  | SOLE |  | 59630 | 0 | 1254 |
| UFP TECHNOLOGIES INC | COM | 902673102 |  | 1028443 | 4632 | SH |  | SOLE |  | 4581 | 0 | 51 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 493283 | 815 | SH |  | SOLE |  | 815 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 3171835 | 48499 | SH |  | SOLE |  | 46846 | 0 | 1653 |
| UNION PAC CORP | COM | 907818108 |  | 14200658 | 61390 | SH |  | SOLE |  | 60193 | 0 | 1197 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 2045491 | 53268 | SH |  | SOLE |  | 52726 | 0 | 542 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 6503690 | 19702 | SH |  | SOLE |  | 19281 | 0 | 421 |
| UNITIL CORP | COM | 913259107 |  | 1984296 | 40964 | SH |  | SOLE |  | 40488 | 0 | 476 |
| UNIVERSAL LOGISTICS HLDGS IN | COM | 91388P105 |  | 737353 | 48542 | SH |  | SOLE |  | 48034 | 0 | 508 |
| VANGUARD ADMIRAL FDS INC | SMLLCP 600 IDX | 921932828 |  | 390357 | 3518 | SH |  | SOLE |  | 3518 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 2737623 | 34737 | SH |  | SOLE |  | 34737 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 377757 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 264939 | 5483 | SH |  | SOLE |  | 5483 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1601063 | 2553 | SH |  | SOLE |  | 2553 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 334935 | 3785 | SH |  | SOLE |  | 3785 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 553740 | 1908 | SH |  | SOLE |  | 1908 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 643718 | 1920 | SH |  | SOLE |  | 1920 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 1401175 | 4451 | SH |  | SOLE |  | 4451 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 323796 | 6023 | SH |  | SOLE |  | 6023 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 313640 | 4135 | SH |  | SOLE |  | 4135 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 1611551 | 27440 | SH |  | SOLE |  | 27130 | 0 | 310 |
| VANGUARD SCOTTSDALE FDS | TOTAL CORP BND | 92206C573 |  | 244566 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 4799964 | 57313 | SH |  | SOLE |  | 56933 | 0 | 380 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 5667926 | 71089 | SH |  | SOLE |  | 70674 | 0 | 415 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 223736 | 1018 | SH |  | SOLE |  | 1018 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 1160818 | 18582 | SH |  | SOLE |  | 18582 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 14634066 | 41727 | SH |  | SOLE |  | 41012 | 0 | 715 |
| VONTIER CORPORATION | COM | 928881101 |  | 362982 | 9763 | SH |  | SOLE |  | 9763 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 17388280 | 156075 | SH |  | SOLE |  | 152659 | 0 | 3416 |
| WATERS CORP | COM | 941848103 |  | 240949 | 634 | SH |  | SOLE |  | 634 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 28772729 | 85392 | SH |  | SOLE |  | 83785 | 0 | 1607 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 216876 | 660 | SH |  | SOLE |  | 635 | 0 | 25 |
| WINMARK CORP | COM | 974250102 |  | 1511236 | 3732 | SH |  | SOLE |  | 3682 | 0 | 50 |
| WOODWARD INC | COM | 980745103 |  | 282669 | 935 | SH |  | SOLE |  | 935 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 46037997 | 623314 | SH |  | SOLE |  | 609575 | 0 | 13739 |
| XPO INC | COM | 983793100 |  | 396857 | 2920 | SH |  | SOLE |  | 2835 | 0 | 85 |
| YUM BRANDS INC | COM | 988498101 |  | 41344956 | 273301 | SH |  | SOLE |  | 267389 | 0 | 5912 |

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