# EDGAR Filing Document

**Accession Number:** 0001806755
**File Stem:** 0001806755-25-000008
**Filing Date:** 2025-11
**Character Count:** 26234
**Document Hash:** 41faba0bcbd50357d90a55074237e730
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001806755-25-000008.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001806755-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**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:** 251473564

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

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

**CRD Number (if applicable):** 000297693

**SEC File Number (if applicable):** 801-113846

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  11-12-2025<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:** 227

**Form 13F Information Table Value Total:** $3040054972

      (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 |  | 8766386 | 147881 | SH |  | SOLE |  | 147881 | 0 | 0 |
| ORIX Corporation Sponsored ADR | ADR | 686330101 |  | 648037 | 24810 | SH |  | SOLE |  | 24810 | 0 | 0 |
| HSBC Holdings PLC Sponsored ADR | ADR | 404280406 |  | 1632540 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| Harmony Gold Mining Co. Ltd. Sponsored ADR | ADR | 413216300 |  | 392040 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| SK Telecom Co. Ltd. Sponsored ADR | ADR | 78440P306 |  | 429840 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| Companhia Energetica de Minas Gerais SA Sponsored ADR | ADR | 204409882 |  | 49686 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |
| ICICI Bank Limited Sponsored ADR | ADR | 45104G104 |  | 341599 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| Santander Bank Polska SA Unsponsored ADR | ADR | 80280M104 |  | 234585 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| Alibaba Group Holding Limited Sponsored ADR | ADR | 01609W102 |  | 1268983 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | ADR | 874039100 |  | 1228876 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| KB Financial Group Inc. Sponsored ADR | ADR | 48241A105 |  | 298476 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 693547500 | 1132544 | SH |  | SOLE |  | 1132544 | 0 | 0 |
| Vanguard Value ETF | ETF | 922908744 |  | 166884000 | 894868 | SH |  | SOLE |  | 894868 | 0 | 0 |
| Vanguard Dividend Appreciation ETF | ETF | 921908844 |  | 76173870 | 353000 | SH |  | SOLE |  | 353000 | 0 | 0 |
| Invesco S Smallcap 600 Pure Value ETF | ETF | 46137V167 |  | 36177660 | 306488 | SH |  | SOLE |  | 306488 | 0 | 0 |
| Financial Select Sector SPDR Fund | ETF | 81369Y605 |  | 13381850 | 248410 | SH |  | SOLE |  | 248410 | 0 | 0 |
| SPDR Portfolio S 500 High Dividend ETF | ETF | 78468R788 |  | 6494444 | 147601 | SH |  | SOLE |  | 147601 | 0 | 0 |
| Vanguard Growth ETF | ETF | 922908736 |  | 62671600 | 130672 | SH |  | SOLE |  | 130672 | 0 | 0 |
| Vanguard Information Technology ETF | ETF | 92204A702 |  | 61447650 | 82300 | SH |  | SOLE |  | 82300 | 0 | 0 |
| SPDR S 500 ETF Trust | ETF | 78462F103 |  | 50076750 | 75170 | SH |  | SOLE |  | 75170 | 0 | 0 |
| iShares Core U.S. Aggregate Bond ETF | ETF | 464287226 |  | 7218000 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| SPDR Portfolio S 500 Growth ETF | ETF | 78464A409 |  | 7315700 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| iShares Russell 2000 ETF | ETF | 464287655 |  | 9679852 | 40006 | SH |  | SOLE |  | 40006 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | ETF | 922042858 |  | 548031 | 10115 | SH |  | SOLE |  | 10115 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | ETF | 464287234 |  | 534961 | 10018 | SH |  | SOLE |  | 10018 | 0 | 0 |
| Invesco QQQ Trust Series I | ETF | 46090E103 |  | 1879158 | 3130 | SH |  | SOLE |  | 3130 | 0 | 0 |
| SPDR S Dividend ETF | ETF | 78464A763 |  | 672240 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 364099 | 544 | SH |  | SOLE |  | 544 | 0 | 0 |
| Samsung Electronics Co. Ltd. Sponsored GDR | ADR | 796050888 |  | 1195966 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| NVIDIA Corporation | COM | 67066G104 |  | 167030100 | 895220 | SH |  | SOLE |  | 895220 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 146703600 | 576144 | SH |  | SOLE |  | 576144 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 10816640 | 424515 | SH |  | SOLE |  | 424515 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 34468540 | 410682 | SH |  | SOLE |  | 410682 | 0 | 0 |
| Acadian Asset Management Inc. | COM | 10948W103 |  | 17824400 | 370108 | SH |  | SOLE |  | 370108 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 65025020 | 317598 | SH |  | SOLE |  | 317598 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 21522740 | 314568 | SH |  | SOLE |  | 314568 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 13577030 | 308920 | SH |  | SOLE |  | 308920 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 75020660 | 308600 | SH |  | SOLE |  | 308600 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 13362770 | 296292 | SH |  | SOLE |  | 296292 | 0 | 0 |
| MetLife Inc. | COM | 59156R108 |  | 23102400 | 280471 | SH |  | SOLE |  | 280471 | 0 | 0 |
| Eli Lilly and Company | COM | 532457108 |  | 213108200 | 279303 | SH |  | SOLE |  | 279303 | 0 | 0 |
| SLM Corp | COM | 78442P106 |  | 7692438 | 277906 | SH |  | SOLE |  | 277906 | 0 | 0 |
| Pitney Bowes Inc. | COM | 724479100 |  | 3137750 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 130213700 | 251402 | SH |  | SOLE |  | 251402 | 0 | 0 |
| Sun Life Financial Inc. | COM | 866796105 |  | 15056000 | 250808 | SH |  | SOLE |  | 250808 | 0 | 0 |
| Truist Financial Corporation | COM | 89832Q109 |  | 10695600 | 233937 | SH |  | SOLE |  | 233937 | 0 | 0 |
| Eversource Energy | COM | 30040W108 |  | 16088450 | 226152 | SH |  | SOLE |  | 226152 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 49513040 | 225500 | SH |  | SOLE |  | 225500 | 0 | 0 |
| American Electric Power Company Inc. | COM | 025537101 |  | 24412500 | 217000 | SH |  | SOLE |  | 217000 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 7226268 | 215388 | SH |  | SOLE |  | 215388 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 60090380 | 215208 | SH |  | SOLE |  | 215208 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 14046870 | 212638 | SH |  | SOLE |  | 212638 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 27164610 | 193425 | SH |  | SOLE |  | 193425 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 11426940 | 172300 | SH |  | SOLE |  | 172300 | 0 | 0 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 38666000 | 158760 | SH |  | SOLE |  | 158760 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 32951370 | 149216 | SH |  | SOLE |  | 149216 | 0 | 0 |
| RTX Corporation | COM | 75513E101 |  | 22454010 | 134190 | SH |  | SOLE |  | 134190 | 0 | 0 |
| Kimberly-Clark Corporation | COM | 494368103 |  | 16395350 | 131859 | SH |  | SOLE |  | 131859 | 0 | 0 |
| Edison International | COM | 281020107 |  | 7196792 | 130188 | SH |  | SOLE |  | 130188 | 0 | 0 |
| Allstate Corporation | COM | 020002101 |  | 27247890 | 126941 | SH |  | SOLE |  | 126941 | 0 | 0 |
| Franklin Resources Inc. | COM | 354613101 |  | 2919006 | 126200 | SH |  | SOLE |  | 126200 | 0 | 0 |
| Invesco Ltd. | COM | G491BT108 |  | 2894868 | 126193 | SH |  | SOLE |  | 126193 | 0 | 0 |
| V.F. Corporation | COM | 918204108 |  | 1685092 | 116777 | SH |  | SOLE |  | 116777 | 0 | 0 |
| Target Corporation | COM | 87612E106 |  | 10296300 | 114786 | SH |  | SOLE |  | 114786 | 0 | 0 |
| Lam Research Corporation | COM | 512807306 |  | 13976620 | 104381 | SH |  | SOLE |  | 104381 | 0 | 0 |
| Yum! Brands Inc. | COM | 988498101 |  | 15083570 | 99234 | SH |  | SOLE |  | 99234 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 22756910 | 98285 | SH |  | SOLE |  | 98285 | 0 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 29173740 | 96001 | SH |  | SOLE |  | 96001 | 0 | 0 |
| Union Pacific Corporation | COM | 907818108 |  | 22064670 | 93348 | SH |  | SOLE |  | 93348 | 0 | 0 |
| Ford Motor Company | COM | 345370860 |  | 956106 | 79942 | SH |  | SOLE |  | 79942 | 0 | 0 |
| Microchip Technology Incorporated | COM | 595017104 |  | 5073380 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| T-Mobile US Inc. | COM | 872590104 |  | 18374810 | 76760 | SH |  | SOLE |  | 76760 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 30518910 | 75320 | SH |  | SOLE |  | 75320 | 0 | 0 |
| Meta Platforms Inc Class A | COM | 30303M102 |  | 53954900 | 73470 | SH |  | SOLE |  | 73470 | 0 | 0 |
| Avery Dennison Corporation | COM | 053611109 |  | 11456340 | 70644 | SH |  | SOLE |  | 70644 | 0 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 23136920 | 70131 | SH |  | SOLE |  | 70131 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 3482738 | 67508 | SH |  | SOLE |  | 67508 | 0 | 0 |
| Mastercard Incorporated Class A | COM | 57636Q104 |  | 34058070 | 59876 | SH |  | SOLE |  | 59876 | 0 | 0 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 19793630 | 57323 | SH |  | SOLE |  | 57323 | 0 | 0 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 8835837 | 54613 | SH |  | SOLE |  | 54613 | 0 | 0 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 2084818 | 53157 | SH |  | SOLE |  | 53157 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 1443190 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| Viatris Inc. | COM | 92556V106 |  | 522037 | 52731 | SH |  | SOLE |  | 52731 | 0 | 0 |
| Newell Brands Inc | COM | 651229106 |  | 262000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| APA Corporation | COM | 03743Q108 |  | 1165513 | 48003 | SH |  | SOLE |  | 48003 | 0 | 0 |
| Big Lots Inc. | COM | 089302103 |  | 14 | 46600 | SH |  | SOLE |  | 46600 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 4544950 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| Organon  Co. | COM | 68622V106 |  | 438596 | 41067 | SH |  | SOLE |  | 41067 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 11609090 | 36804 | SH |  | SOLE |  | 36804 | 0 | 0 |
| Southern Company | COM | 842587107 |  | 2843100 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| Medtronic Plc | COM | G5960L103 |  | 2828723 | 29701 | SH |  | SOLE |  | 29701 | 0 | 0 |
| Regions Financial Corporation | COM | 7591EP100 |  | 780948 | 29615 | SH |  | SOLE |  | 29615 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 1014498 | 29270 | SH |  | SOLE |  | 29270 | 0 | 0 |
| Great Lakes Dredge  Dock Corporation | COM | 390607109 |  | 342914 | 28600 | SH |  | SOLE |  | 28600 | 0 | 0 |
| Tesla Inc. | COM | 88160R101 |  | 12109290 | 27229 | SH |  | SOLE |  | 27229 | 0 | 0 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 2910870 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| Carrier Global Corp. | COM | 14448C104 |  | 1539603 | 25789 | SH |  | SOLE |  | 25789 | 0 | 0 |
| Immersion Corporation | COM | 452521107 |  | 179096 | 24400 | SH |  | SOLE |  | 24400 | 0 | 0 |
| Goodyear Tire  Rubber Company | COM | 382550101 |  | 181016 | 24200 | SH |  | SOLE |  | 24200 | 0 | 0 |
| Baker Hughes Company Class A | COM | 05722G100 |  | 1164993 | 23912 | SH |  | SOLE |  | 23912 | 0 | 0 |
| News Corporation Class A | COM | 65249B109 |  | 729055 | 23740 | SH |  | SOLE |  | 23740 | 0 | 0 |
| Arista Networks Inc. | COM | 040413205 |  | 3394460 | 23296 | SH |  | SOLE |  | 23296 | 0 | 0 |
| QUALCOMM Incorporated | COM | 747525103 |  | 3716815 | 22342 | SH |  | SOLE |  | 22342 | 0 | 0 |
| Coeur Mining Inc. | COM | 192108504 |  | 418348 | 22300 | SH |  | SOLE |  | 22300 | 0 | 0 |
| Leidos Holdings Inc. | COM | 525327102 |  | 4115738 | 21781 | SH |  | SOLE |  | 21781 | 0 | 0 |
| Boston Scientific Corporation | COM | 101137107 |  | 2124429 | 21760 | SH |  | SOLE |  | 21760 | 0 | 0 |
| Chipotle Mexican Grill Inc. | COM | 169656105 |  | 846504 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| Schlumberger Limited | COM | 806857108 |  | 736377 | 21425 | SH |  | SOLE |  | 21425 | 0 | 0 |
| Lincoln National Corp | COM | 534187109 |  | 836364 | 20738 | SH |  | SOLE |  | 20738 | 0 | 0 |
| Brady Corporation Class A | COM | 104674106 |  | 1576206 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| Copart Inc. | COM | 217204106 |  | 853171 | 18972 | SH |  | SOLE |  | 18972 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 1269330 | 18830 | SH |  | SOLE |  | 18830 | 0 | 0 |
| OPENLANE Inc. | COM | 48238T109 |  | 523796 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |
| Gen Digital Inc. | COM | 668771108 |  | 504661 | 17776 | SH |  | SOLE |  | 17776 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 2754141 | 17326 | SH |  | SOLE |  | 17326 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 20095100 | 16761 | SH |  | SOLE |  | 16761 | 0 | 0 |
| Western Digital Corporation | COM | 958102105 |  | 1920960 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Salesforce Inc. | COM | 79466L302 |  | 3702888 | 15624 | SH |  | SOLE |  | 15624 | 0 | 0 |
| DXC Technology Co. | COM | 23355L106 |  | 212328 | 15578 | SH |  | SOLE |  | 15578 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2306678 | 14854 | SH |  | SOLE |  | 14854 | 0 | 0 |
| Otis Worldwide Corporation | COM | 68902V107 |  | 1335792 | 14610 | SH |  | SOLE |  | 14610 | 0 | 0 |
| KeyCorp | COM | 493267108 |  | 272893 | 14601 | SH |  | SOLE |  | 14601 | 0 | 0 |
| Douglas Dynamics Inc. | COM | 25960R105 |  | 437640 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Halliburton Company | COM | 406216101 |  | 339874 | 13816 | SH |  | SOLE |  | 13816 | 0 | 0 |
| CBRE Group Inc. Class A | COM | 12504L109 |  | 2083416 | 13223 | SH |  | SOLE |  | 13223 | 0 | 0 |
| Royal Caribbean Group | COM | V7780T103 |  | 4275786 | 13214 | SH |  | SOLE |  | 13214 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 1729318 | 13088 | SH |  | SOLE |  | 13088 | 0 | 0 |
| Norwegian Cruise Line Holdings Ltd. | COM | G66721104 |  | 312998 | 12708 | SH |  | SOLE |  | 12708 | 0 | 0 |
| ACI Worldwide Inc. | COM | 004498101 |  | 664902 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 1719060 | 12013 | SH |  | SOLE |  | 12013 | 0 | 0 |
| Mosaic Company | COM | 61945C103 |  | 403432 | 11633 | SH |  | SOLE |  | 11633 | 0 | 0 |
| News Corporation Class B | COM | 65249B208 |  | 397325 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| Paramount Skydance Corporation Class B | COM | 69932A204 |  | 197298 | 10428 | SH |  | SOLE |  | 10428 | 0 | 0 |
| Bath  Body Works Inc. | COM | 070830104 |  | 267131 | 10370 | SH |  | SOLE |  | 10370 | 0 | 0 |
| Fortinet Inc. | COM | 34959E109 |  | 871069 | 10360 | SH |  | SOLE |  | 10360 | 0 | 0 |
| Boeing Company | COM | 097023105 |  | 2166502 | 10038 | SH |  | SOLE |  | 10038 | 0 | 0 |
| Celanese Corporation | COM | 150870103 |  | 420800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 347725 | 9918 | SH |  | SOLE |  | 9918 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 615007 | 9171 | SH |  | SOLE |  | 9171 | 0 | 0 |
| Ameris Bancorp | COM | 03076K108 |  | 667121 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 2608316 | 9030 | SH |  | SOLE |  | 9030 | 0 | 0 |
| Newmont Corporation | COM | 651639106 |  | 746565 | 8855 | SH |  | SOLE |  | 8855 | 0 | 0 |
| Tecnoglass Inc. | COM | G87264100 |  | 588808 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| Visa Inc. Class A | COM | 92826C839 |  | 2960789 | 8673 | SH |  | SOLE |  | 8673 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 1169940 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| Adobe Inc. | COM | 00724F101 |  | 2864330 | 8120 | SH |  | SOLE |  | 8120 | 0 | 0 |
| Webster Financial Corporation | COM | 947890109 |  | 463157 | 7792 | SH |  | SOLE |  | 7792 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 689401 | 7580 | SH |  | SOLE |  | 7580 | 0 | 0 |
| Etsy Inc. | COM | 29786A106 |  | 499784 | 7528 | SH |  | SOLE |  | 7528 | 0 | 0 |
| Life Time Group Holdings Inc. | COM | 53190C102 |  | 207000 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 500462 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| TechnipFMC plc | COM | G87110105 |  | 282541 | 7162 | SH |  | SOLE |  | 7162 | 0 | 0 |
| Carnival Corporation | COM | 143658300 |  | 200462 | 6934 | SH |  | SOLE |  | 6934 | 0 | 0 |
| Cheesecake Factory Incorporated | COM | 163072101 |  | 366088 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| Allison Transmission Holdings Inc. | COM | 01973R101 |  | 560208 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| REV Group Inc. | COM | 749527107 |  | 368355 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 2543542 | 3194 | SH |  | SOLE |  | 3194 | 0 | 0 |
| Marriott International Inc. Class A | COM | 571903202 |  | 1599883 | 6143 | SH |  | SOLE |  | 6143 | 0 | 0 |
| United Rentals Inc. | COM | 911363109 |  | 1598101 | 1674 | SH |  | SOLE |  | 1674 | 0 | 0 |
| GE Aerospace | COM | 369604301 |  | 1276379 | 4243 | SH |  | SOLE |  | 4243 | 0 | 0 |
| Marathon Petroleum Corporation | COM | 56585A102 |  | 1217153 | 6315 | SH |  | SOLE |  | 6315 | 0 | 0 |
| ServiceNow Inc. | COM | 81762P102 |  | 1147589 | 1247 | SH |  | SOLE |  | 1247 | 0 | 0 |
| KLA Corporation | COM | 482480100 |  | 1144395 | 1061 | SH |  | SOLE |  | 1061 | 0 | 0 |
| Northrop Grumman Corp. | COM | 666807102 |  | 1035844 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Quanta Services Inc. | COM | 74762E102 |  | 1033149 | 2493 | SH |  | SOLE |  | 2493 | 0 | 0 |
| Synopsys Inc. | COM | 871607107 |  | 1012930 | 2053 | SH |  | SOLE |  | 2053 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 983820 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 877448 | 2498 | SH |  | SOLE |  | 2498 | 0 | 0 |
| FirstCash Holdings Inc. | COM | 33768G107 |  | 871310 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Parker-Hannifin Corporation | COM | 701094104 |  | 849128 | 1120 | SH |  | SOLE |  | 1120 | 0 | 0 |
| Toll Brothers Inc. | COM | 889478103 |  | 815026 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| McKesson Corporation | COM | 58155Q103 |  | 695286 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 681010 | 6040 | SH |  | SOLE |  | 6040 | 0 | 0 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 |  | 676688 | 1346 | SH |  | SOLE |  | 1346 | 0 | 0 |
| Align Technology Inc. | COM | 016255101 |  | 659409 | 5266 | SH |  | SOLE |  | 5266 | 0 | 0 |
| Hilton Worldwide Holdings Inc. | COM | 43300A203 |  | 632515 | 2438 | SH |  | SOLE |  | 2438 | 0 | 0 |
| Sprouts Farmers Market Inc. | COM | 85208M102 |  | 606560 | 5575 | SH |  | SOLE |  | 5575 | 0 | 0 |
| International Business Machines Corporation | COM | 459200101 |  | 575606 | 2040 | SH |  | SOLE |  | 2040 | 0 | 0 |
| Alamo Group Inc. | COM | 011311107 |  | 553610 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Walt Disney Company | COM | 254687106 |  | 541700 | 4731 | SH |  | SOLE |  | 4731 | 0 | 0 |
| United Airlines Holdings Inc. | COM | 910047109 |  | 487036 | 5047 | SH |  | SOLE |  | 5047 | 0 | 0 |
| Fabrinet | COM | G3323L100 |  | 474006 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 463637 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| Intuitive Surgical Inc. | COM | 46120E602 |  | 460200 | 1029 | SH |  | SOLE |  | 1029 | 0 | 0 |
| Lennar Corporation Class A | COM | 526057104 |  | 458660 | 3639 | SH |  | SOLE |  | 3639 | 0 | 0 |
| Cigna Group | COM | 125523100 |  | 455723 | 1581 | SH |  | SOLE |  | 1581 | 0 | 0 |
| Nucor Corporation | COM | 670346105 |  | 449628 | 3320 | SH |  | SOLE |  | 3320 | 0 | 0 |
| Carpenter Technology Corporation | COM | 144285103 |  | 441972 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| State Street Corporation | COM | 857477103 |  | 440606 | 3798 | SH |  | SOLE |  | 3798 | 0 | 0 |
| Stride Inc. | COM | 86333M108 |  | 439373 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 436060 | 4610 | SH |  | SOLE |  | 4610 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 430157 | 4238 | SH |  | SOLE |  | 4238 | 0 | 0 |
| Johnson Controls International plc | COM | G51502105 |  | 429795 | 3909 | SH |  | SOLE |  | 3909 | 0 | 0 |
| Micron Technology Inc. | COM | 595112103 |  | 411775 | 2461 | SH |  | SOLE |  | 2461 | 0 | 0 |
| Electronic Arts Inc. | COM | 285512109 |  | 407434 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| Expedia Group Inc. | COM | 30212P303 |  | 392659 | 1837 | SH |  | SOLE |  | 1837 | 0 | 0 |
| Urban Outfitters Inc. | COM | 917047102 |  | 385722 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| Amdocs Limited | COM | G02602103 |  | 385635 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 385012 | 1567 | SH |  | SOLE |  | 1567 | 0 | 0 |
| KKR  Co Inc | COM | 48251W104 |  | 371657 | 2860 | SH |  | SOLE |  | 2860 | 0 | 0 |
| General Motors Company | COM | 37045V100 |  | 355455 | 5830 | SH |  | SOLE |  | 5830 | 0 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 339253 | 1764 | SH |  | SOLE |  | 1764 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 337574 | 696 | SH |  | SOLE |  | 696 | 0 | 0 |
| Insight Enterprises Inc. | COM | 45765U103 |  | 334560 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| Modine Manufacturing Company | COM | 607828100 |  | 326968 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 314536 | 738 | SH |  | SOLE |  | 738 | 0 | 0 |
| Progressive Corporation | COM | 743315103 |  | 310416 | 1257 | SH |  | SOLE |  | 1257 | 0 | 0 |
| Elevance Health Inc. | COM | 036752103 |  | 305995 | 947 | SH |  | SOLE |  | 947 | 0 | 0 |
| Live Nation Entertainment Inc. | COM | 538034109 |  | 301800 | 1847 | SH |  | SOLE |  | 1847 | 0 | 0 |
| Ingersoll Rand Inc. | COM | 45687V106 |  | 294292 | 3562 | SH |  | SOLE |  | 3562 | 0 | 0 |
| Credo Technology Group Holding Ltd. | COM | G25457105 |  | 291220 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Bancorp Inc | COM | 05969A105 |  | 284582 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| BlackRock Inc. | COM | 09290D101 |  | 268150 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| Linde plc | COM | G54950103 |  | 267900 | 564 | SH |  | SOLE |  | 564 | 0 | 0 |
| PVH Corp. | COM | 693656100 |  | 265467 | 3169 | SH |  | SOLE |  | 3169 | 0 | 0 |
| Darden Restaurants Inc. | COM | 237194105 |  | 262697 | 1380 | SH |  | SOLE |  | 1380 | 0 | 0 |
| LPL Financial Holdings Inc. | COM | 50212V100 |  | 252844 | 760 | SH |  | SOLE |  | 760 | 0 | 0 |
| Danaher Corporation | COM | 235851102 |  | 238903 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| Paycom Software Inc. | COM | 70432V102 |  | 236655 | 1137 | SH |  | SOLE |  | 1137 | 0 | 0 |
| Palomar Holdings Inc. | COM | 69753M105 |  | 233500 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Synchrony Financial | COM | 87165B103 |  | 231481 | 3258 | SH |  | SOLE |  | 3258 | 0 | 0 |
| Lowe's Companies Inc. | COM | 548661107 |  | 226933 | 903 | SH |  | SOLE |  | 903 | 0 | 0 |
| S Global Inc. | COM | 78409V104 |  | 219993 | 452 | SH |  | SOLE |  | 452 | 0 | 0 |
| Brinker International Inc. | COM | 109641100 |  | 215356 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Edwards Lifesciences Corporation | COM | 28176E108 |  | 207646 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| Citizens Financial Group Inc. | COM | 174610105 |  | 205198 | 3860 | SH |  | SOLE |  | 3860 | 0 | 0 |
| Metropolitan Bank Holding Corp. | COM | 591774104 |  | 202014 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |

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