# EDGAR Filing Document

**Accession Number:** 0001299910
**File Stem:** 0001821268-23-000058
**Filing Date:** 2023-2
**Character Count:** 17843
**Document Hash:** 7d48f5f41c82d6e1396911823a3d8a4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-23-000058.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001821268-23-000058

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Skylands Capital, LLC
- **CENTRAL INDEX KEY:** 0001299910
- **IRS NUMBER:** 200775613
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10937
- **FILM NUMBER:** 23604355

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 NORTH MAYFAIR ROAD
- **STREET 2:** SUITE 250
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53226
- **BUSINESS PHONE:** 414-256-3380

**MAIL ADDRESS:**
- **STREET 1:** 1200 NORTH MAYFAIR ROAD
- **STREET 2:** SUITE 250
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53226

### 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:** Skylands Capital LLC<br>**Address:** 1200 North Mayfair Road<br>Suite 250<br>Milwaukee, WI 53226

**Form 13F File Number:** 028-10937

**CRD Number (if applicable):** 000131183

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:** Virginia E. Riesing<br>**Title:** Vice President  Treasurer<br>**Phone:** 414-256-3380

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

/s/ Virginia E. Riesing  Milwaukee, WI  02-09-2023<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:** 145

**Form 13F Information Table Value Total:** $631334066

      (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 |
| CAMBIUM NETWORKS CORP | SHS | G17766109 |  | 660935 | 30500 | SH |  | SOLE |  | 11500 | 0 | 19000 |
| IHS HOLDING LIMITED | ORD SHS | G4701H109 |  | 922500 | 150000 | SH |  | SOLE |  | 0 | 0 | 150000 |
| ACCO BRANDS CORP | COM | 00081T108 |  | 328692 | 58800 | SH |  | SOLE |  | 58800 | 0 | 0 |
| AMMO INC | COM | 00175J107 |  | 363733 | 210250 | SH |  | SOLE |  | 210250 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 7483 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 3404045 | 65475 | SH |  | SOLE |  | 65475 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 547950 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 842935 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 13221266 | 149850 | SH |  | SOLE |  | 107350 | 0 | 42500 |
| AMAZON COM INC | COM | 023135106 |  | 2200800 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 281087 | 4670 | SH |  | SOLE |  | 4670 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 1694484 | 30820 | SH |  | SOLE |  | 0 | 0 | 30820 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 7552809 | 35650 | SH |  | SOLE |  | 35650 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 827433 | 26700 | SH |  | SOLE |  | 26700 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 39203779 | 301730 | SH |  | SOLE |  | 291730 | 0 | 10000 |
| ARCH RESOURCES INC | CL A | 03940R107 |  | 45272283 | 317055 | SH |  | SOLE |  | 306055 | 0 | 11000 |
| AVAYA HLDGS CORP | NOTE 2.250% 6/1 | 05351XAB7 |  | 18750 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| BK OF AMERICA CORP | COM | 060505104 |  | 1616256 | 48800 | SH |  | SOLE |  | 48800 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 2288376 | 133200 | SH |  | SOLE |  | 133200 | 0 | 0 |
| BEACON ROOFING SUPPLY INC | COM | 073685109 |  | 17020816 | 322425 | SH |  | SOLE |  | 322425 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 617800 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| BERRY GLOBAL GROUP INC | COM | 08579W103 |  | 223591 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 1908998 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 2561697 | 3615 | SH |  | SOLE |  | 1315 | 0 | 2300 |
| BOOT BARN HLDGS INC | COM | 099406100 |  | 2148125 | 34359 | SH |  | SOLE |  | 34359 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 8290439 | 115225 | SH |  | SOLE |  | 115225 | 0 | 0 |
| BRUNSWICK CORP | COM | 117043109 |  | 1099220 | 15250 | SH |  | SOLE |  | 15250 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 8894568 | 70890 | SH |  | SOLE |  | 63890 | 0 | 7000 |
| CI FINL CORP | COM | 125491100 |  | 973526 | 97450 | SH |  | SOLE |  | 97450 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 2387872 | 14200 | SH |  | SOLE |  | 9200 | 0 | 5000 |
| CSX CORP | COM | 126408103 |  | 1683763 | 54350 | SH |  | SOLE |  | 54350 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 39655 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 5382370 | 119000 | SH |  | SOLE |  | 119000 | 0 | 0 |
| CLARUS CORP NEW | COM | 18270P109 |  | 721280 | 92000 | SH |  | SOLE |  | 92000 | 0 | 0 |
| COGENT COMMUNICATIONS HLDGS | COM NEW | 19239V302 |  | 6392960 | 112000 | SH |  | SOLE |  | 112000 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 5975775 | 170250 | SH |  | SOLE |  | 130250 | 0 | 40000 |
| COLUMBUS MCKINNON CORP N Y | COM | 199333105 |  | 8071522 | 248584 | SH |  | SOLE |  | 248584 | 0 | 0 |
| QUIDELORTHO CORP | COM | 219798105 |  | 1242215 | 14500 | SH |  | SOLE |  | 4000 | 0 | 10500 |
| COSTAR GROUP INC | COM | 22160N109 |  | 935088 | 12100 | SH |  | SOLE |  | 6100 | 0 | 6000 |
| CROWN CASTLE INTL CORP NEW | COM | 22822V101 |  | 36904931 | 272080 | SH |  | SOLE |  | 272080 | 0 | 0 |
| CROWN CRAFTS INC | COM | 228309100 |  | 2723528 | 510024 | SH |  | SOLE |  | 360024 | 0 | 150000 |
| CROWN HLDGS INC | COM | 228368106 |  | 250741 | 3050 | SH |  | SOLE |  | 3050 | 0 | 0 |
| CRYOPORT INC | COM PAR $0.001 | 229050307 |  | 1688571 | 97324 | SH |  | SOLE |  | 87324 | 0 | 10000 |
| CYTOSORBENTS CORP | COM NEW | 23283X206 |  | 3940241 | 2542091 | SH |  | SOLE |  | 2337091 | 0 | 205000 |
| DENNYS CORP | COM | 24869P104 |  | 324192 | 35200 | SH |  | SOLE |  | 35200 | 0 | 0 |
| DESIGNER BRANDS INC | CL A | 250565108 |  | 4752102 | 485900 | SH |  | SOLE |  | 450900 | 0 | 35000 |
| DISNEY WALT CO | COM | 254687106 |  | 3075552 | 35400 | SH |  | SOLE |  | 6400 | 0 | 29000 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 662280 | 9650 | SH |  | SOLE |  | 9650 | 0 | 0 |
| EAGLE MATERIALS INC | COM | 26969P108 |  | 6560797 | 49385 | SH |  | SOLE |  | 49385 | 0 | 0 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 2547259 | 208450 | SH |  | SOLE |  | 148450 | 0 | 60000 |
| ENCORE WIRE CORP | COM | 292562105 |  | 4267799 | 31025 | SH |  | SOLE |  | 21025 | 0 | 10000 |
| ENERSYS | COM | 29275Y102 |  | 6577298 | 89075 | SH |  | SOLE |  | 89075 | 0 | 0 |
| EVERI HLDGS INC | COM | 30034T103 |  | 939208 | 65450 | SH |  | SOLE |  | 30450 | 0 | 35000 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 27231 | 550 | SH |  | SOLE |  | 550 | 0 | 0 |
| FMC CORP | COM NEW | 302491303 |  | 21621600 | 173250 | SH |  | SOLE |  | 173250 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 5150552 | 42800 | SH |  | SOLE |  | 22800 | 0 | 20000 |
| FATHOM HOLDINGS INC | COM | 31189V109 |  | 1219202 | 286871 | SH |  | SOLE |  | 286871 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 2784190 | 16075 | SH |  | SOLE |  | 16075 | 0 | 0 |
| GATX CORP | COM | 361448103 |  | 826262 | 7770 | SH |  | SOLE |  | 7770 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 563367 | 9650 | SH |  | SOLE |  | 4650 | 0 | 5000 |
| GENERAC HLDGS INC | COM | 368736104 |  | 3097308 | 30770 | SH |  | SOLE |  | 30770 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 186083 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 25732077 | 764925 | SH |  | SOLE |  | 744925 | 0 | 20000 |
| GIBRALTAR INDS INC | COM | 374689107 |  | 68820 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 812959 | 16450 | SH |  | SOLE |  | 16450 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 11353378 | 107452 | SH |  | SOLE |  | 107452 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 5015150 | 225400 | SH |  | SOLE |  | 225400 | 0 | 0 |
| GRAY TELEVISION INC | COM | 389375106 |  | 2752181 | 245950 | SH |  | SOLE |  | 245950 | 0 | 0 |
| GREENBRIER COS INC | NOTE 2.875% 2/0 | 393657AK7 |  | 1556808 | 1650000 | SH |  | SOLE |  | 1650000 | 0 | 0 |
| GREENBRIER COS INC | COM | 393657101 |  | 4571816 | 136350 | SH |  | SOLE |  | 120350 | 0 | 16000 |
| HALLIBURTON CO | COM | 406216101 |  | 2059973 | 52350 | SH |  | SOLE |  | 52350 | 0 | 0 |
| HIBBETT INC | COM | 428567101 |  | 9707706 | 142300 | SH |  | SOLE |  | 122300 | 0 | 20000 |
| HILLENBRAND INC | COM | 431571108 |  | 772327 | 18100 | SH |  | SOLE |  | 18100 | 0 | 0 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 629181 | 87265 | SH |  | SOLE |  | 87265 | 0 | 0 |
| HOLLEY INC | COM | 43538H103 |  | 579608 | 273400 | SH |  | SOLE |  | 158400 | 0 | 115000 |
| HOME DEPOT INC | COM | 437076102 |  | 63172 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| IMMERSION CORP | COM | 452521107 |  | 1115661 | 158700 | SH |  | SOLE |  | 158700 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 193120 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 400101 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 239652 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| IRIDIUM COMMUNICATIONS INC | COM | 46269C102 |  | 1120520 | 21800 | SH |  | SOLE |  | 3800 | 0 | 18000 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 87180 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 8696385 | 64850 | SH |  | SOLE |  | 64850 | 0 | 0 |
| JOHNSON OUTDOORS INC | CL A | 479167108 |  | 958740 | 14500 | SH |  | SOLE |  | 7500 | 0 | 7000 |
| JOINT CORP | COM | 47973J102 |  | 6232032 | 445782 | SH |  | SOLE |  | 445782 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 3109425 | 21520 | SH |  | SOLE |  | 21520 | 0 | 0 |
| LOVESAC COMPANY | COM | 54738L109 |  | 4128306 | 187565 | SH |  | SOLE |  | 187565 | 0 | 0 |
| LUNA INNOVATIONS INC | COM | 550351100 |  | 814420 | 92653 | SH |  | SOLE |  | 54153 | 0 | 38500 |
| MKS INSTRS INC | COM | 55306N104 |  | 338920 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 8088275 | 333125 | SH |  | SOLE |  | 333125 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 4065779 | 12030 | SH |  | SOLE |  | 12030 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 478129 | 1375 | SH |  | SOLE |  | 1375 | 0 | 0 |
| MASTERCRAFT BOAT HLDGS INC | COM | 57637H103 |  | 2942713 | 113750 | SH |  | SOLE |  | 113750 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 276707 | 1050 | SH |  | SOLE |  | 1050 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 189458 | 790 | SH |  | SOLE |  | 790 | 0 | 0 |
| MINERALS TECHNOLOGIES INC | COM | 603158106 |  | 437184 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 2107858 | 15930 | SH |  | SOLE |  | 15930 | 0 | 0 |
| NATURES SUNSHINE PRODS INC | COM | 639027101 |  | 1595551 | 191773 | SH |  | SOLE |  | 91773 | 0 | 100000 |
| NAUTILUS INC | COM | 63910B102 |  | 253653 | 165786 | SH |  | SOLE |  | 165786 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1596540 | 33825 | SH |  | SOLE |  | 33825 | 0 | 0 |
| NEXTIER OILFIELD SOLUTIONS | COM | 65290C105 |  | 2457378 | 265950 | SH |  | SOLE |  | 215950 | 0 | 50000 |
| NORDSON CORP | COM | 655663102 |  | 142632 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 10687235 | 43370 | SH |  | SOLE |  | 43370 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 15622 | 248 | SH |  | SOLE |  | 248 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 5922032 | 94950 | SH |  | SOLE |  | 94950 | 0 | 0 |
| OPEN LENDING CORP | COM CL A | 68373J104 |  | 783000 | 116000 | SH |  | SOLE |  | 116000 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 17212483 | 195175 | SH |  | SOLE |  | 195175 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 |  | 20158523 | 236325 | SH |  | SOLE |  | 222825 | 0 | 13500 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 2569 | 44 | SH |  | SOLE |  | 44 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 3599096 | 213850 | SH |  | SOLE |  | 163850 | 0 | 50000 |
| PIONEER NAT RES CO | COM | 723787107 |  | 2626485 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| PURE CYCLE CORP | COM NEW | 746228303 |  | 399560 | 38126 | SH |  | SOLE |  | 38126 | 0 | 0 |
| QUEST RESOURCE HLDG CORP | COM NEW | 74836W203 |  | 2027451 | 331825 | SH |  | SOLE |  | 331825 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 876063 | 8199 | SH |  | SOLE |  | 8199 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 7226679 | 71608 | SH |  | SOLE |  | 71608 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | COM | 75605Y106 |  | 668714 | 104650 | SH |  | SOLE |  | 104650 | 0 | 0 |
| RESERVOIR MEDIA INC | COM | 76119X105 |  | 682616 | 114341 | SH |  | SOLE |  | 114341 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1666327 | 4975 | SH |  | SOLE |  | 4975 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 1962170 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 38243 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 |  | 8931546 | 52650 | SH |  | SOLE |  | 52650 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 4294950 | 82500 | SH |  | SOLE |  | 55000 | 0 | 27500 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1867485 | 21350 | SH |  | SOLE |  | 21350 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 118665 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 440307 | 6775 | SH |  | SOLE |  | 2775 | 0 | 4000 |
| SPORTSMANS WHSE HLDGS INC | COM | 84920Y106 |  | 293122 | 31150 | SH |  | SOLE |  | 31150 | 0 | 0 |
| STRIDE INC | COM | 86333M108 |  | 597448 | 19100 | SH |  | SOLE |  | 12100 | 0 | 7000 |
| T-MOBILE US INC | COM | 872590104 |  | 10780000 | 77000 | SH |  | SOLE |  | 62000 | 0 | 15000 |
| TARGET CORP | COM | 87612E106 |  | 104328 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| THE BEAUTY HEALTH COMPANY | COM CL A | 88331L108 |  | 102830 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 59960 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 617057 | 980 | SH |  | SOLE |  | 980 | 0 | 0 |
| TWIN DISC INC | COM | 901476101 |  | 1948082 | 200420 | SH |  | SOLE |  | 200420 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 42216 | 90 | SH |  | SOLE |  | 90 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 56445211 | 272590 | SH |  | SOLE |  | 257090 | 0 | 15500 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 2447667 | 14080 | SH |  | SOLE |  | 14080 | 0 | 0 |
| UPLAND SOFTWARE INC | COM | 91544A109 |  | 1639900 | 230000 | SH |  | SOLE |  | 170000 | 0 | 60000 |
| VICI PPTYS INC | COM | 925652109 |  | 1375380 | 42450 | SH |  | SOLE |  | 22450 | 0 | 20000 |
| VISA INC | COM CL A | 92826C839 |  | 11443421 | 55080 | SH |  | SOLE |  | 52580 | 0 | 2500 |
| VONTIER CORPORATION | COM | 928881101 |  | 3024179 | 156450 | SH |  | SOLE |  | 156450 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 9095186 | 91125 | SH |  | SOLE |  | 91125 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 504360 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| WESTROCK CO | COM | 96145D105 |  | 150028 | 4267 | SH |  | SOLE |  | 4267 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 6397405 | 194450 | SH |  | SOLE |  | 194450 | 0 | 0 |
| WILLSCOT MOBIL MINI HLDNG CO | COM CL A | 971378104 |  | 5799828 | 128400 | SH |  | SOLE |  | 128400 | 0 | 0 |

---