# EDGAR Filing Document

**Accession Number:** 0001341401
**File Stem:** 0001341401-23-000002
**Filing Date:** 2023-2
**Character Count:** 22016
**Document Hash:** 23c7ee152c727bd14cf7d3daeda2253f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001341401-23-000002.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001341401-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** River Road Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001341401
- **IRS NUMBER:** 432076925
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11487
- **FILM NUMBER:** 23576394

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

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Thomas D. Mueller CPA CFA<br>**Title:** Chief Operating Officer/Chief Compliance Officer<br>**Phone:** 502 371 4104

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

/s/ THOMAS D. MUELLER  Louisville, KY  02-01-2023<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:** 173

**Form 13F Information Table Value Total:** $7299967928

      (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 |
| AbbVie Inc. | COM | 00287Y109 |  | 19548022 | 120958 | SH |  | SOLE |  | 102167 | 0 | 18791 |
| ACI Worldwide Inc. | COM | 004498101 |  | 81598319 | 3547753 | SH |  | SOLE |  | 3475667 | 0 | 72086 |
| Advance Auto Parts Inc. | COM | 00751Y106 |  | 120423598 | 819041 | SH |  | SOLE |  | 769985 | 0 | 49056 |
| AES Corporation | COM | 00130H105 |  | 74843385 | 2602343 | SH |  | SOLE |  | 2022766 | 0 | 579577 |
| Air Transport Services Group | COM | 00922R105 |  | 217480399 | 8371070 | SH |  | SOLE |  | 8002487 | 0 | 368583 |
| Alight Inc. Class A | COM | 01626W101 |  | 74666287 | 8931374 | SH |  | SOLE |  | 8746316 | 0 | 185058 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 45281758 | 510332 | SH |  | SOLE |  | 510181 | 0 | 151 |
| American Equity Investment Lif | COM | 025676206 |  | 90681702 | 1987762 | SH |  | SOLE |  | 1945675 | 0 | 42087 |
| American Tower Corporation | COM | 03027X100 |  | 23075156 | 108917 | SH |  | SOLE |  | 91766 | 0 | 17151 |
| Amgen Inc. | COM | 031162100 |  | 19083685 | 72661 | SH |  | SOLE |  | 61151 | 0 | 11510 |
| Api Group Corporation | COM | 00187Y100 |  | 7873377 | 418574 | SH |  | SOLE |  | 418574 | 0 | 0 |
| Apollo Global Management Inc. | COM | 03769M106 |  | 6933718 | 108696 | SH |  | SOLE |  | 108696 | 0 | 0 |
| AptarGroup Inc. | COM | 038336103 |  | 5769661 | 52461 | SH |  | SOLE |  | 52461 | 0 | 0 |
| Ares Management Corporation | COM | 03990B101 |  | 8845528 | 129245 | SH |  | SOLE |  | 129245 | 0 | 0 |
| Argan Inc. | COM | 04010E109 |  | 65150991 | 1766567 | SH |  | SOLE |  | 1729641 | 0 | 36926 |
| Armstrong World Industries In | COM | 04247X102 |  | 96951142 | 1413488 | SH |  | SOLE |  | 1386640 | 0 | 26848 |
| Asbury Automotive Group Inc. | COM | 043436104 |  | 97856518 | 545922 | SH |  | SOLE |  | 496202 | 0 | 49720 |
| Atkore Inc | COM | 047649108 |  | 130494133 | 1150539 | SH |  | SOLE |  | 1127473 | 0 | 23066 |
| Axalta Coating Systems Ltd. | COM | G0750C108 |  | 54729019 | 2148764 | SH |  | SOLE |  | 2094788 | 0 | 53976 |
| Axis Capital Holdings Limited | COM | G0692U109 |  | 99261975 | 1832416 | SH |  | SOLE |  | 1751696 | 0 | 80720 |
| Barrett Business Services Inc | COM | 068463108 |  | 6755804 | 72425 | SH |  | SOLE |  | 67230 | 0 | 5195 |
| Bath  Body Works Inc. | COM | 070830104 |  | 4905686 | 116414 | SH |  | SOLE |  | 116414 | 0 | 0 |
| Bausch Lomb Corporation | COM | 071705107 |  | 25625095 | 1652166 | SH |  | SOLE |  | 1652166 | 0 | 0 |
| Baxter International Inc. | COM | 071813109 |  | 35341732 | 693383 | SH |  | SOLE |  | 554135 | 0 | 139248 |
| Berkshire Hathaway Inc. Class | COM | 084670702 |  | 150017903 | 485652 | SH |  | SOLE |  | 430988 | 0 | 54664 |
| BJ's Wholesale Club Holdings | COM | 05550J101 |  | 153974896 | 2327311 | SH |  | SOLE |  | 2162456 | 0 | 164855 |
| Black Hills Corporation | COM | 092113109 |  | 14650134 | 208276 | SH |  | SOLE |  | 175637 | 0 | 32639 |
| Blackstone Inc. | COM | 09260D107 |  | 37888685 | 510698 | SH |  | SOLE |  | 510698 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 27570161 | 383185 | SH |  | SOLE |  | 321004 | 0 | 62181 |
| Cable One Inc. | COM | 12685J105 |  | 42255298 | 59359 | SH |  | SOLE |  | 56122 | 0 | 3237 |
| Caci International Inc Class A | COM | 127190304 |  | 4299038 | 14302 | SH |  | SOLE |  | 14302 | 0 | 0 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 117903178 | 5709597 | SH |  | SOLE |  | 5598133 | 0 | 111464 |
| Carlisle Companies Incorporate | COM | 142339100 |  | 84430096 | 358286 | SH |  | SOLE |  | 333460 | 0 | 24826 |
| Centene Corporation | COM | 15135B101 |  | 7663014 | 93440 | SH |  | SOLE |  | 93440 | 0 | 0 |
| Check Point Software Technolog | COM | M22465104 |  | 275155 | 2181 | SH |  | SOLE |  | 1944 | 0 | 237 |
| Chesapeake Energy Corporation | COM | 165167735 |  | 22059365 | 233754 | SH |  | SOLE |  | 233754 | 0 | 0 |
| Chubb Limited | COM | H1467J104 |  | 25180166 | 114144 | SH |  | SOLE |  | 102951 | 0 | 11193 |
| Cisco Systems Inc. | COM | 17275R102 |  | 18279516 | 383701 | SH |  | SOLE |  | 341069 | 0 | 42632 |
| CNA Financial Corporation | COM | 126117100 |  | 43406688 | 1026648 | SH |  | SOLE |  | 999936 | 0 | 26712 |
| Cogent Communications Holdings | COM | 19239V302 |  | 17566427 | 307751 | SH |  | SOLE |  | 259462 | 0 | 48289 |
| Comcast Corporation Class A | COM | 20030N101 |  | 52869674 | 1511858 | SH |  | SOLE |  | 1213860 | 0 | 297998 |
| Comfort Systems USA Inc. | COM | 199908104 |  | 68172126 | 592389 | SH |  | SOLE |  | 578772 | 0 | 13617 |
| Computer Programs and Systems | COM | 205306103 |  | 33763879 | 1240407 | SH |  | SOLE |  | 1187002 | 0 | 53405 |
| CoreCivic Inc. | COM | 21871N101 |  | 99285268 | 8588691 | SH |  | SOLE |  | 8395048 | 0 | 193643 |
| Corning Inc | COM | 219350105 |  | 46290259 | 1449288 | SH |  | SOLE |  | 1169150 | 0 | 280138 |
| CSG Systems International Inc | COM | 126349109 |  | 7531753 | 131674 | SH |  | SOLE |  | 111213 | 0 | 20461 |
| CVS Health Corporation | COM | 126650100 |  | 46137717 | 495093 | SH |  | SOLE |  | 494818 | 0 | 275 |
| D.R. Horton Inc. | COM | 23331A109 |  | 5694531 | 63883 | SH |  | SOLE |  | 63883 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 3049666 | 49580 | SH |  | SOLE |  | 49580 | 0 | 0 |
| Dollar Tree Inc. | COM | 256746108 |  | 4589162 | 32446 | SH |  | SOLE |  | 32446 | 0 | 0 |
| Dun  Bradstreet Holdings Inc | COM | 26484T106 |  | 52685597 | 4297357 | SH |  | SOLE |  | 4297357 | 0 | 0 |
| DXC Technology Co. | COM | 23355L106 |  | 40884677 | 1542818 | SH |  | SOLE |  | 1504938 | 0 | 37880 |
| Enovis Corporation | COM | 194014502 |  | 6808761 | 127219 | SH |  | SOLE |  | 118402 | 0 | 8817 |
| Enterprise Products Partners L | COM | 293792107 |  | 10031074 | 415882 | SH |  | SOLE |  | 410589 | 0 | 5293 |
| EOG Resources Inc. | COM | 26875P101 |  | 40358173 | 311598 | SH |  | SOLE |  | 311598 | 0 | 0 |
| ePlus inc. | COM | 294268107 |  | 84152325 | 1900459 | SH |  | SOLE |  | 1860523 | 0 | 39936 |
| ESAB Corporation | COM | 29605J106 |  | 28273570 | 602591 | SH |  | SOLE |  | 587535 | 0 | 15056 |
| Evercore Inc. Class A | COM | 29977A105 |  | 16432357 | 150645 | SH |  | SOLE |  | 147464 | 0 | 3181 |
| EVERTEC Inc. | COM | 30040P103 |  | 65922312 | 2035896 | SH |  | SOLE |  | 1984301 | 0 | 51595 |
| Evolution Petroleum Corporatio | COM | 30049A107 |  | 8934368 | 1183360 | SH |  | SOLE |  | 1089202 | 0 | 94158 |
| Expedia Group Inc. | COM | 30212P303 |  | 4176242 | 47674 | SH |  | SOLE |  | 47674 | 0 | 0 |
| Expeditors International Of Wa | COM | 302130109 |  | 4954282 | 47674 | SH |  | SOLE |  | 47674 | 0 | 0 |
| Ferguson Plc | COM | G3421J106 |  | 58846913 | 463471 | SH |  | SOLE |  | 463471 | 0 | 0 |
| Fidelity National Financial I | COM | 31620R303 |  | 8613400 | 228958 | SH |  | SOLE |  | 192876 | 0 | 36082 |
| Fidelity National Information | COM | 31620M106 |  | 8800891 | 129711 | SH |  | SOLE |  | 109137 | 0 | 20574 |
| Fiserv Inc. | COM | 337738108 |  | 84226482 | 833348 | SH |  | SOLE |  | 749379 | 0 | 83969 |
| FS KKR Capital Corp. | COM | 302635206 |  | 32026120 | 1830064 | SH |  | SOLE |  | 1767001 | 0 | 63063 |
| Genuine Parts Company | COM | 372460105 |  | 5394252 | 31089 | SH |  | SOLE |  | 26249 | 0 | 4840 |
| Genworth Financial Inc. Class | COM | 37247D106 |  | 94689524 | 17899721 | SH |  | SOLE |  | 17483661 | 0 | 416060 |
| GMS Inc. | COM | 36251C103 |  | 19550534 | 392581 | SH |  | SOLE |  | 365711 | 0 | 26870 |
| Hagerty Inc Class A | COM | 405166109 |  | 1427328 | 169718 | SH |  | SOLE |  | 169718 | 0 | 0 |
| HF Sinclair Corporation | COM | 403949100 |  | 28389330 | 547106 | SH |  | SOLE |  | 547106 | 0 | 0 |
| Hostess Brands Inc. Class A | COM | 44109J106 |  | 5379048 | 239708 | SH |  | SOLE |  | 222852 | 0 | 16856 |
| Howard Hughes Corporation | COM | 44267D107 |  | 4809034 | 62929 | SH |  | SOLE |  | 62929 | 0 | 0 |
| IAA Inc. | COM | 449253103 |  | 49063720 | 1226593 | SH |  | SOLE |  | 1226593 | 0 | 0 |
| ICU Medical Inc. | COM | 44930G107 |  | 45995499 | 292072 | SH |  | SOLE |  | 285919 | 0 | 6153 |
| IDACORP Inc. | COM | 451107106 |  | 15941524 | 147812 | SH |  | SOLE |  | 126954 | 0 | 20858 |
| Ingles Markets Incorporated C | COM | 457030104 |  | 74412138 | 771430 | SH |  | SOLE |  | 750321 | 0 | 21109 |
| Interpublic Group of Companies | COM | 460690100 |  | 12767365 | 383289 | SH |  | SOLE |  | 322932 | 0 | 60357 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 212462 | 1401 | SH |  | SOLE |  | 1401 | 0 | 0 |
| Itau Unibanco Holding S.A. Spo | COM | 465562106 |  | 160277 | 34029 | SH |  | SOLE |  | 30327 | 0 | 3702 |
| Ituran Location and Control Lt | COM | M6158M104 |  | 18739415 | 886863 | SH |  | SOLE |  | 849885 | 0 | 36978 |
| J.M. Smucker Company | COM | 832696405 |  | 11384400 | 71844 | SH |  | SOLE |  | 60513 | 0 | 11331 |
| Kelly Services Inc. Class A | COM | 488152208 |  | 15112825 | 894250 | SH |  | SOLE |  | 831588 | 0 | 62662 |
| Keurig Dr Pepper Inc. | COM | 49271V100 |  | 34545910 | 968758 | SH |  | SOLE |  | 968758 | 0 | 0 |
| Kimberly-Clark Corporation | COM | 494368103 |  | 22213723 | 163637 | SH |  | SOLE |  | 138190 | 0 | 25447 |
| Kinder Morgan Inc Class P | COM | 49456B101 |  | 28485148 | 1575506 | SH |  | SOLE |  | 1336076 | 0 | 239430 |
| KKR  Co Inc | COM | 48251W104 |  | 50543674 | 1088834 | SH |  | SOLE |  | 1088834 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 60447939 | 1355943 | SH |  | SOLE |  | 1103106 | 0 | 252837 |
| Latham Group Inc | COM | 51819L107 |  | 4236271 | 1315612 | SH |  | SOLE |  | 1223900 | 0 | 91712 |
| Leslie's Inc. | COM | 527064109 |  | 59605789 | 4881719 | SH |  | SOLE |  | 4766814 | 0 | 114905 |
| Liberty Latin America Ltd. Cla | COM | G9001E102 |  | 12423604 | 1649881 | SH |  | SOLE |  | 1649881 | 0 | 0 |
| Liberty Latin America Ltd. Cla | COM | G9001E128 |  | 16268355 | 2140573 | SH |  | SOLE |  | 2076432 | 0 | 64141 |
| Liberty Media Corp. Series C L | COM | 531229607 |  | 12435044 | 317788 | SH |  | SOLE |  | 317213 | 0 | 575 |
| Lithia Motors Inc. | COM | 536797103 |  | 8199018 | 40046 | SH |  | SOLE |  | 40046 | 0 | 0 |
| LKQ Corporation | COM | 501889208 |  | 233802008 | 4377495 | SH |  | SOLE |  | 4192684 | 0 | 184811 |
| Lockheed Martin Corporation | COM | 539830109 |  | 5916691 | 12162 | SH |  | SOLE |  | 10072 | 0 | 2090 |
| M Bank Corporation | COM | 55261F104 |  | 14015842 | 96621 | SH |  | SOLE |  | 81243 | 0 | 15378 |
| M.D.C. Holdings Inc. | COM | 552676108 |  | 5001838 | 158286 | SH |  | SOLE |  | 133408 | 0 | 24878 |
| Madison Square Garden Sports C | COM | 55825T103 |  | 40060905 | 218518 | SH |  | SOLE |  | 218518 | 0 | 0 |
| McGrath RentCorp | COM | 580589109 |  | 68910152 | 697895 | SH |  | SOLE |  | 665640 | 0 | 32255 |
| MDU Resources Group Inc | COM | 552690109 |  | 58221246 | 1918960 | SH |  | SOLE |  | 1918960 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 9816190 | 88474 | SH |  | SOLE |  | 77686 | 0 | 10788 |
| MGM Resorts International | COM | 552953101 |  | 6042307 | 180206 | SH |  | SOLE |  | 180206 | 0 | 0 |
| Micron Technology Inc. | COM | 595112103 |  | 10802077 | 216128 | SH |  | SOLE |  | 182068 | 0 | 34060 |
| Molson Coors Beverage Company | COM | 60871R209 |  | 95734206 | 1858195 | SH |  | SOLE |  | 1667560 | 0 | 190635 |
| MSC Industrial Direct Co. Inc | COM | 553530106 |  | 11666842 | 142801 | SH |  | SOLE |  | 132806 | 0 | 9995 |
| Murphy USA Inc. | COM | 626755102 |  | 82671719 | 295742 | SH |  | SOLE |  | 288199 | 0 | 7543 |
| NCR Corporation | COM | 62886E108 |  | 76262289 | 3257680 | SH |  | SOLE |  | 3189877 | 0 | 67803 |
| Newmark Group Inc. Class A | COM | 65158N102 |  | 29765774 | 3734727 | SH |  | SOLE |  | 3686540 | 0 | 48187 |
| NMI Holdings Inc. Class A | COM | 629209305 |  | 42374395 | 2027483 | SH |  | SOLE |  | 1981817 | 0 | 45666 |
| NVR Inc. | COM | 62944T105 |  | 33805599 | 7329 | SH |  | SOLE |  | 7329 | 0 | 0 |
| Oracle Corporation | COM | 68389X105 |  | 71550619 | 875344 | SH |  | SOLE |  | 696138 | 0 | 179206 |
| Ovintiv Inc | COM | 69047Q102 |  | 17271217 | 340588 | SH |  | SOLE |  | 340588 | 0 | 0 |
| Owens Corning | COM | 690742101 |  | 5937136 | 69603 | SH |  | SOLE |  | 69603 | 0 | 0 |
| Park Aerospace Corp. | COM | 70014A104 |  | 15798817 | 1178137 | SH |  | SOLE |  | 1093361 | 0 | 84776 |
| Patterson Companies Incorporat | COM | 703395103 |  | 78911738 | 2815260 | SH |  | SOLE |  | 2442421 | 0 | 372839 |
| Pediatrix Medical Group Inc. | COM | 58502B106 |  | 34740362 | 2337844 | SH |  | SOLE |  | 2288311 | 0 | 49533 |
| PepsiCo Inc. | COM | 713448108 |  | 16158411 | 89441 | SH |  | SOLE |  | 75608 | 0 | 13833 |
| Permian Resources Corporation | COM | 71424F105 |  | 79361756 | 8442740 | SH |  | SOLE |  | 8249650 | 0 | 193090 |
| Petco Health  Wellness Compan | COM | 71601V105 |  | 2422424 | 255530 | SH |  | SOLE |  | 255530 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 65978725 | 1287641 | SH |  | SOLE |  | 1017989 | 0 | 269652 |
| PNC Financial Services Group | COM | 693475105 |  | 11831127 | 74909 | SH |  | SOLE |  | 63158 | 0 | 11751 |
| Polaris Inc. | COM | 731068102 |  | 46700582 | 462382 | SH |  | SOLE |  | 462382 | 0 | 0 |
| Pool Corporation | COM | 73278L105 |  | 2306173 | 7628 | SH |  | SOLE |  | 7628 | 0 | 0 |
| Premier Inc. Class A | COM | 74051N102 |  | 196200371 | 5608930 | SH |  | SOLE |  | 5183389 | 0 | 425541 |
| Progressive Corporation | COM | 743315103 |  | 29733034 | 229227 | SH |  | SOLE |  | 193476 | 0 | 35751 |
| Qualcomm Incorporated | COM | 747525103 |  | 26155850 | 237910 | SH |  | SOLE |  | 181598 | 0 | 56312 |
| Radian Group Inc. | COM | 750236101 |  | 48013245 | 2517737 | SH |  | SOLE |  | 2467284 | 0 | 50453 |
| Royal Gold Inc. | COM | 780287108 |  | 5593505 | 49623 | SH |  | SOLE |  | 49623 | 0 | 0 |
| SEI Investments Company | COM | 784117103 |  | 7310412 | 125393 | SH |  | SOLE |  | 125393 | 0 | 0 |
| Sk Telecom Co Ltd Sponsored AD | COM | 78440P306 |  | 204294 | 9922 | SH |  | SOLE |  | 8843 | 0 | 1079 |
| Sleep Number Corporation | COM | 83125X103 |  | 16223601 | 624465 | SH |  | SOLE |  | 608363 | 0 | 16102 |
| SM Energy Company | COM | 78454L100 |  | 72424875 | 2079382 | SH |  | SOLE |  | 1877979 | 0 | 201403 |
| Southwest Gas Holdings Inc. | COM | 844895102 |  | 52628940 | 850500 | SH |  | SOLE |  | 826816 | 0 | 23684 |
| SP Plus Corporation | COM | 78469C103 |  | 59478520 | 1713091 | SH |  | SOLE |  | 1640212 | 0 | 72879 |
| SS Technologies Holdings In | COM | 78467J100 |  | 7718364 | 148259 | SH |  | SOLE |  | 148259 | 0 | 0 |
| St. Joe Company | COM | 790148100 |  | 3906278 | 101068 | SH |  | SOLE |  | 101068 | 0 | 0 |
| Starbucks Corporation | COM | 855244109 |  | 7318282 | 73773 | SH |  | SOLE |  | 73483 | 0 | 290 |
| STORE Capital Corporation | COM | 862121100 |  | 7165442 | 223501 | SH |  | SOLE |  | 188762 | 0 | 34739 |
| Summit Materials Inc. Class A | COM | 86614U100 |  | 19877514 | 700159 | SH |  | SOLE |  | 649960 | 0 | 50199 |
| Suncor Energy Inc. | COM | 867224107 |  | 30651021 | 965995 | SH |  | SOLE |  | 965995 | 0 | 0 |
| Sysco Corporation | COM | 871829107 |  | 15675614 | 205044 | SH |  | SOLE |  | 172960 | 0 | 32084 |
| T-Mobile US Inc. | COM | 872590104 |  | 47342260 | 338159 | SH |  | SOLE |  | 338159 | 0 | 0 |
| Target Corporation | COM | 87612E106 |  | 26474273 | 177632 | SH |  | SOLE |  | 155062 | 0 | 22570 |
| TD SYNNEX Corporation | COM | 87162W100 |  | 122016503 | 1288317 | SH |  | SOLE |  | 1208181 | 0 | 80136 |
| Texas Instruments Incorporated | COM | 882508104 |  | 14071457 | 85168 | SH |  | SOLE |  | 71629 | 0 | 13539 |
| Texas Pacific Land Corporation | COM | 88262P102 |  | 2259838 | 964 | SH |  | SOLE |  | 964 | 0 | 0 |
| TIM SA (Brazil) Sponsored ADR | COM | 88706T108 |  | 273227 | 23453 | SH |  | SOLE |  | 20904 | 0 | 2549 |
| TransUnion | COM | 89400J107 |  | 53272019 | 938714 | SH |  | SOLE |  | 938714 | 0 | 0 |
| Trimas Corporation | COM | 896215209 |  | 40778244 | 1470016 | SH |  | SOLE |  | 1418804 | 0 | 51212 |
| Truist Financial Corporation | COM | 89832Q109 |  | 21525714 | 500249 | SH |  | SOLE |  | 421177 | 0 | 79072 |
| U.S. Bancorp | COM | 902973304 |  | 97465210 | 2234928 | SH |  | SOLE |  | 1958277 | 0 | 276651 |
| UniFirst Corporation | COM | 904708104 |  | 181115518 | 938471 | SH |  | SOLE |  | 886586 | 0 | 51885 |
| Unilever PLC Sponsored ADR | COM | 904767704 |  | 46689505 | 927299 | SH |  | SOLE |  | 695082 | 0 | 232217 |
| United Parcel Service Inc. Cl | COM | 911312106 |  | 59945943 | 344834 | SH |  | SOLE |  | 269623 | 0 | 75211 |
| UnitedHealth Group Incorporate | COM | 91324P102 |  | 15103238 | 28487 | SH |  | SOLE |  | 28487 | 0 | 0 |
| Univar Solutions Inc. | COM | 91336L107 |  | 79694711 | 2506123 | SH |  | SOLE |  | 2457848 | 0 | 48275 |
| Valaris Ltd. | COM | G9460G101 |  | 4762882 | 70436 | SH |  | SOLE |  | 70436 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 24743515 | 628008 | SH |  | SOLE |  | 527110 | 0 | 100898 |
| Verra Mobility Corp. Class A | COM | 92511U102 |  | 8716261 | 630243 | SH |  | SOLE |  | 620202 | 0 | 10041 |
| Viad Corp | COM | 92552R406 |  | 31678610 | 1298836 | SH |  | SOLE |  | 1254605 | 0 | 44231 |
| Visa Inc. Class A | COM | 92826C839 |  | 37602690 | 180991 | SH |  | SOLE |  | 180991 | 0 | 0 |
| Vistra Corp. | COM | 92840M102 |  | 100340348 | 4325015 | SH |  | SOLE |  | 3891948 | 0 | 433067 |
| Vontier Corp | COM | 928881101 |  | 65684616 | 3398066 | SH |  | SOLE |  | 3321219 | 0 | 76847 |
| Watsco Inc. | COM | 942622200 |  | 15164268 | 60803 | SH |  | SOLE |  | 51268 | 0 | 9535 |
| Weatherford International Plc | COM | G48833118 |  | 2718822 | 53394 | SH |  | SOLE |  | 53394 | 0 | 0 |
| WEX Inc. | COM | 96208T104 |  | 91514553 | 559209 | SH |  | SOLE |  | 509736 | 0 | 49473 |
| White Mountains Insurance Grou | COM | G9618E107 |  | 197190132 | 139423 | SH |  | SOLE |  | 133156 | 0 | 6267 |
| Williams Companies Inc. | COM | 969457100 |  | 29172825 | 886712 | SH |  | SOLE |  | 751072 | 0 | 135640 |
| Willis Towers Watson Public Li | COM | G96629103 |  | 97329877 | 397947 | SH |  | SOLE |  | 359417 | 0 | 38530 |
| World Fuel Services Corporatio | COM | 981475106 |  | 33230328 | 1215892 | SH |  | SOLE |  | 1193845 | 0 | 22047 |
| Yelp Inc | COM | 985817105 |  | 55031073 | 2012841 | SH |  | SOLE |  | 1971869 | 0 | 40972 |

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