# EDGAR Filing Document

**Accession Number:** 0001529389
**File Stem:** 0001172661-23-000768
**Filing Date:** 2023-2
**Character Count:** 30744
**Document Hash:** 118476bed57662f5d7615c5c024d6dd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000768.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001172661-23-000768

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cambria Investment Management, L.P.
- **CENTRAL INDEX KEY:** 0001529389
- **IRS NUMBER:** 205074578
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17008
- **FILM NUMBER:** 23618799

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 HIGHLAND AVE
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-606-5555

**MAIL ADDRESS:**
- **STREET 1:** 3300 HIGHLAND AVE
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cambria Investment Management, Inc.
- **DATE OF NAME CHANGE:** 20110907

### 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:** Cambria Investment Management L.P.<br>**Address:** 3300 HIGHLAND AVE<br>Manhattan Beach, CA 90266

**Form 13F File Number:** 028-17008

**CRD Number (if applicable):** 000141600

**SEC File Number (if applicable):** 801-71786

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:** Jonathan Keetz<br>**Title:** Chief Operating Officer<br>**Phone:** 310-683-5500

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

/s/ Jonathan Keetz  Manhattan Beach, CA  02-13-2023<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:** 271

**Form 13F Information Table Value Total:** $1192756872

      (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 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 5154303 | 194502 | SH |  | SOLE |  | 194502 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 928699 | 17056 | SH |  | SOLE |  | 17056 | 0 | 0 |
| CRANE HLDGS CO | COM | 224441105 |  | 5817260 | 57912 | SH |  | SOLE |  | 57912 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1177960 | 47943 | SH |  | SOLE |  | 47943 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 8109652 | 112728 | SH |  | SOLE |  | 112728 | 0 | 0 |
| EMPLOYERS HLDGS INC | COM | 292218104 |  | 1215533 | 28183 | SH |  | SOLE |  | 28183 | 0 | 0 |
| APPLE HOSPITALITY REIT INC | COM NEW | 03784Y200 |  | 291141 | 18450 | SH |  | SOLE |  | 18450 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 6460250 | 128205 | SH |  | SOLE |  | 128205 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 1032891 | 18600 | SH |  | SOLE |  | 18600 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 5395557 | 235511 | SH |  | SOLE |  | 235511 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 5676582 | 54285 | SH |  | SOLE |  | 54285 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 914200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SNDL INC | COM | 83307B101 |  | 245533 | 117480 | SH |  | SOLE |  | 117480 | 0 | 0 |
| CATHAY GEN BANCORP | COM | 149150104 |  | 6934953 | 170016 | SH |  | SOLE |  | 170016 | 0 | 0 |
| AURORA CANNABIS INC | COM | 05156X884 |  | 189022 | 204880 | SH |  | SOLE |  | 204880 | 0 | 0 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 5773868 | 39270 | SH |  | SOLE |  | 39270 | 0 | 0 |
| EPR PPTYS | COM SH BEN INT | 26884U109 |  | 285163 | 7560 | SH |  | SOLE |  | 7560 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | MNGD FUTRS STRGY | 33739G103 |  | 4627624 | 97219 | SH |  | SOLE |  | 97219 | 0 | 0 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 269712 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 281430 | 4770 | SH |  | SOLE |  | 4770 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 7057895 | 58674 | SH |  | SOLE |  | 58674 | 0 | 0 |
| BIG 5 SPORTING GOODS CORP | COM | 08915P101 |  | 3576671 | 405059 | SH |  | SOLE |  | 405059 | 0 | 0 |
| CORPORATE OFFICE PPTYS TR | SH BEN INT | 22002T108 |  | 280152 | 10800 | SH |  | SOLE |  | 10800 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 1616410 | 12480 | SH |  | SOLE |  | 12480 | 0 | 0 |
| CTO RLTY GROWTH INC NEW | COM | 22948Q101 |  | 296136 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| CBDMD INC | COM | 12482W101 |  | 68400 | 301320 | SH |  | SOLE |  | 301320 | 0 | 0 |
| EA SERIES TRUST | US QUAN MOMENTUM | 02072L409 |  | 1912985 | 41650 | SH |  | SOLE |  | 41650 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 6626776 | 96558 | SH |  | SOLE |  | 96558 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 250422 | 60930 | SH |  | SOLE |  | 60930 | 0 | 0 |
| EA SERIES TRUST | INTL QUAN MOMNTM | 02072L300 |  | 880040 | 35360 | SH |  | SOLE |  | 35360 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 5672281 | 57981 | SH |  | SOLE |  | 57981 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 1180015 | 37200 | SH |  | SOLE |  | 37200 | 0 | 0 |
| ENCORE WIRE CORP | COM | 292562105 |  | 1173112 | 8528 | SH |  | SOLE |  | 8528 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 1229892 | 19448 | SH |  | SOLE |  | 19448 | 0 | 0 |
| VILLAGE FARMS INTL INC | COM | 92707Y108 |  | 188029 | 140320 | SH |  | SOLE |  | 140320 | 0 | 0 |
| CRONOS GROUP INC | COM | 22717L101 |  | 510235 | 200880 | SH |  | SOLE |  | 200880 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 1062516 | 43368 | SH |  | SOLE |  | 43368 | 0 | 0 |
| EMPIRE ST RLTY TR INC | CL A | 292104106 |  | 292503 | 43398 | SH |  | SOLE |  | 43398 | 0 | 0 |
| ETHAN ALLEN INTERIORS INC | COM | 297602104 |  | 6493613 | 245784 | SH |  | SOLE |  | 245784 | 0 | 0 |
| CARETRUST REIT INC | COM | 14174T107 |  | 269559 | 14508 | SH |  | SOLE |  | 14508 | 0 | 0 |
| ORGANIGRAM HLDGS INC | COM | 68620P101 |  | 443412 | 545800 | SH |  | SOLE |  | 545800 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 6523805 | 57519 | SH |  | SOLE |  | 57519 | 0 | 0 |
| CHATHAM LODGING TR | COM | 16208T102 |  | 289547 | 23598 | SH |  | SOLE |  | 23598 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 4197014 | 171657 | SH |  | SOLE |  | 171657 | 0 | 0 |
| AGRIFY CORP | COM NEW | 00853E206 |  | 3432 | 10306 | SH |  | SOLE |  | 10306 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 7079134 | 52206 | SH |  | SOLE |  | 52206 | 0 | 0 |
| AMN HEALTHCARE SVCS INC | COM | 001744101 |  | 5969524 | 58058 | SH |  | SOLE |  | 58058 | 0 | 0 |
| AFC GAMMA INC | COM | 00109K105 |  | 296353 | 18840 | SH |  | SOLE |  | 18840 | 0 | 0 |
| FOOT LOCKER INC | COM | 344849104 |  | 6407446 | 169554 | SH |  | SOLE |  | 169554 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 1811920 | 37200 | SH |  | SOLE |  | 37200 | 0 | 0 |
| DELEK US HLDGS INC NEW | COM | 24665A103 |  | 1198989 | 44407 | SH |  | SOLE |  | 44407 | 0 | 0 |
| EQUITY COMWLTH | COM SH BEN INT | 294628102 |  | 289003 | 11574 | SH |  | SOLE |  | 11574 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 7364322 | 202818 | SH |  | SOLE |  | 202818 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 7118614 | 115731 | SH |  | SOLE |  | 115731 | 0 | 0 |
| VERADIGM INC | COM | 01988P108 |  | 5097625 | 288981 | SH |  | SOLE |  | 288981 | 0 | 0 |
| ARMADA HOFFLER PPTYS INC | COM | 04208T108 |  | 292284 | 25416 | SH |  | SOLE |  | 25416 | 0 | 0 |
| BIG LOTS INC | COM | 089302103 |  | 4129421 | 280913 | SH |  | SOLE |  | 280913 | 0 | 0 |
| AMERICAN EQTY INVT LIFE HLD | COM | 025676206 |  | 1157653 | 25376 | SH |  | SOLE |  | 25376 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1273193 | 41084 | SH |  | SOLE |  | 41084 | 0 | 0 |
| CANOPY GROWTH CORP | COM | 138035100 |  | 162624 | 70400 | SH |  | SOLE |  | 70400 | 0 | 0 |
| EARTHSTONE ENERGY INC | CL A | 27032D304 |  | 1138058 | 79976 | SH |  | SOLE |  | 79976 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1082684 | 6032 | SH |  | SOLE |  | 6032 | 0 | 0 |
| ENCORE CAP GROUP INC | COM | 292554102 |  | 5426329 | 113190 | SH |  | SOLE |  | 113190 | 0 | 0 |
| CALERES INC | COM | 129500104 |  | 5579001 | 250404 | SH |  | SOLE |  | 250404 | 0 | 0 |
| BERKSHIRE HILLS BANCORP INC | COM | 084680107 |  | 1051045 | 35152 | SH |  | SOLE |  | 35152 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 1307070 | 5640 | SH |  | SOLE |  | 5640 | 0 | 0 |
| THE VALENS COMPANY INC | COM NEW | 91914P603 |  | 156111 | 232280 | SH |  | SOLE |  | 232280 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 671537 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| BOSTON PROPERTIES INC | COM | 101121101 |  | 246937 | 3654 | SH |  | SOLE |  | 3654 | 0 | 0 |
| AGREE RLTY CORP | COM | 008492100 |  | 383022 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| CVR ENERGY INC | COM | 12662P108 |  | 10519052 | 335643 | SH |  | SOLE |  | 335643 | 0 | 0 |
| ATLAS AIR WORLDWIDE HLDGS IN | COM NEW | 049164205 |  | 1016870 | 10088 | SH |  | SOLE |  | 10088 | 0 | 0 |
| BRIXMOR PPTY GROUP INC | COM | 11120U105 |  | 326448 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 1148294 | 12168 | SH |  | SOLE |  | 12168 | 0 | 0 |
| CIVITAS RESOURCES INC | COM NEW | 17888H103 |  | 1060351 | 18304 | SH |  | SOLE |  | 18304 | 0 | 0 |
| CONSOL ENERGY INC NEW | COM | 20854L108 |  | 1284400 | 19760 | SH |  | SOLE |  | 19760 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 1448647 | 34840 | SH |  | SOLE |  | 34840 | 0 | 0 |
| THE NECESSITY RETAIL REIT IN | COM CLASS A | 02607T109 |  | 276243 | 46584 | SH |  | SOLE |  | 46584 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1191639 | 7480 | SH |  | SOLE |  | 7480 | 0 | 0 |
| CITI TRENDS INC | COM | 17306X102 |  | 6659190 | 251480 | SH |  | SOLE |  | 251480 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 1868630 | 38688 | SH |  | SOLE |  | 38688 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 8703103 | 27951 | SH |  | SOLE |  | 27951 | 0 | 0 |
| URSTADT BIDDLE PPTYS INC | CL A | 917286205 |  | 341100 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 3091722 | 592284 | SH |  | SOLE |  | 592284 | 0 | 0 |
| LTC PPTYS INC | COM | 502175102 |  | 248781 | 7002 | SH |  | SOLE |  | 7002 | 0 | 0 |
| HIBBETT INC | COM | 428567101 |  | 7017587 | 102867 | SH |  | SOLE |  | 102867 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 1636257 | 26554 | SH |  | SOLE |  | 26554 | 0 | 0 |
| RAMACO RES INC | COM | 75134P303 |  | 1949903 | 221832 | SH |  | SOLE |  | 221832 | 0 | 0 |
| GLOBAL NET LEASE INC | COM NEW | 379378201 |  | 274227 | 21816 | SH |  | SOLE |  | 21816 | 0 | 0 |
| WHITESTONE REIT | COM | 966084204 |  | 310080 | 32166 | SH |  | SOLE |  | 32166 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 6548578 | 41860 | SH |  | SOLE |  | 41860 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 982010 | 42328 | SH |  | SOLE |  | 42328 | 0 | 0 |
| PARAMOUNT GROUP INC | COM | 69924R108 |  | 235224 | 39600 | SH |  | SOLE |  | 39600 | 0 | 0 |
| WHIRLPOOL CORP | COM | 963320106 |  | 5751198 | 40656 | SH |  | SOLE |  | 40656 | 0 | 0 |
| VAALCO ENERGY INC | COM NEW | 91851C201 |  | 1076999 | 236184 | SH |  | SOLE |  | 236184 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 953560 | 12682 | SH |  | SOLE |  | 12682 | 0 | 0 |
| HIGHWOODS PPTYS INC | COM | 431284108 |  | 201456 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 4070728 | 278817 | SH |  | SOLE |  | 278817 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 305254 | 3906 | SH |  | SOLE |  | 3906 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 621952 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 6636498 | 145761 | SH |  | SOLE |  | 145761 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 7737165 | 73227 | SH |  | SOLE |  | 73227 | 0 | 0 |
| NORTHWEST BANCSHARES INC MD | COM | 667340103 |  | 6043820 | 432319 | SH |  | SOLE |  | 432319 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 403418 | 14076 | SH |  | SOLE |  | 14076 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 1087973 | 31408 | SH |  | SOLE |  | 31408 | 0 | 0 |
| CHORD ENERGY CORPORATION | COM NEW | 674215207 |  | 1395736 | 10202 | SH |  | SOLE |  | 10202 | 0 | 0 |
| KILROY RLTY CORP | COM | 49427F108 |  | 208818 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 9744134 | 195195 | SH |  | SOLE |  | 195195 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 263525 | 23508 | SH |  | SOLE |  | 23508 | 0 | 0 |
| HERSHA HOSPITALITY TR | PR SHS BEN INT | 427825500 |  | 274821 | 32256 | SH |  | SOLE |  | 32256 | 0 | 0 |
| SITE CTRS CORP | COM | 82981J109 |  | 295056 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 1618414 | 8632 | SH |  | SOLE |  | 8632 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 4421519 | 321098 | SH |  | SOLE |  | 321098 | 0 | 0 |
| SPIRIT RLTY CAP INC NEW | COM NEW | 84860W300 |  | 283902 | 7110 | SH |  | SOLE |  | 7110 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 1153568 | 19552 | SH |  | SOLE |  | 19552 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 1383554 | 17850 | SH |  | SOLE |  | 17850 | 0 | 0 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 2980454 | 97020 | SH |  | SOLE |  | 97020 | 0 | 0 |
| GENWORTH FINL INC | COM CL A | 37247D106 |  | 1259840 | 238155 | SH |  | SOLE |  | 238155 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 5631526 | 90090 | SH |  | SOLE |  | 90090 | 0 | 0 |
| OXFORD INDS INC | COM | 691497309 |  | 6092667 | 65386 | SH |  | SOLE |  | 65386 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 1567632 | 15288 | SH |  | SOLE |  | 15288 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 283702 | 22824 | SH |  | SOLE |  | 22824 | 0 | 0 |
| SPARTANNASH CO | COM | 847215100 |  | 871154 | 28808 | SH |  | SOLE |  | 28808 | 0 | 0 |
| GETTY RLTY CORP NEW | COM | 374297109 |  | 355222 | 10494 | SH |  | SOLE |  | 10494 | 0 | 0 |
| UNIVERSAL CORP VA | COM | 913456109 |  | 633720 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| HYDROFARM HLDGS GROUP INC | COM | 44888K209 |  | 87048 | 56160 | SH |  | SOLE |  | 56160 | 0 | 0 |
| HELIX ENERGY SOLUTIONS GRP I | COM | 42330P107 |  | 1859701 | 251992 | SH |  | SOLE |  | 251992 | 0 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 1899477 | 202072 | SH |  | SOLE |  | 202072 | 0 | 0 |
| MANPOWERGROUP INC WIS | COM | 56418H100 |  | 6326956 | 76036 | SH |  | SOLE |  | 76036 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 282582 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 |  | 6223066 | 126588 | SH |  | SOLE |  | 126588 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 1570300 | 38272 | SH |  | SOLE |  | 38272 | 0 | 0 |
| NATIONAL RETAIL PROPERTIES I | COM | 637417106 |  | 329472 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 1033280 | 10712 | SH |  | SOLE |  | 10712 | 0 | 0 |
| INVENTRUST PPTYS CORP | COM NEW | 46124J201 |  | 288443 | 12186 | SH |  | SOLE |  | 12186 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 1101622 | 32136 | SH |  | SOLE |  | 32136 | 0 | 0 |
| TILRAY BRANDS INC | COM CL 2 | 88688T100 |  | 480004 | 178440 | SH |  | SOLE |  | 178440 | 0 | 0 |
| PATTERSON-UTI ENERGY INC | COM | 703481101 |  | 1509672 | 89648 | SH |  | SOLE |  | 89648 | 0 | 0 |
| WISDOMTREE TR | WISDOMTREE US VA | 97717W547 |  | 209009 | 3665 | SH |  | SOLE |  | 0 | 0 | 3665 |
| TANGER FACTORY OUTLET CTRS I | COM | 875465106 |  | 278680 | 15534 | SH |  | SOLE |  | 15534 | 0 | 0 |
| CAMBRIA ETF TR | GLB MOMENT ETF | 132061508 |  | 12988085 | 458618 | SH |  | SOLE |  | 0 | 0 | 458618 |
| HUNTSMAN CORP | COM | 447011107 |  | 5979703 | 217602 | SH |  | SOLE |  | 217602 | 0 | 0 |
| RETAIL OPPORTUNITY INVTS COR | COM | 76131N101 |  | 270540 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| MYMD PHARMACEUTICALS INC | COM | 62856X102 |  | 79166 | 68840 | SH |  | SOLE |  | 68840 | 0 | 0 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 1217167 | 87566 | SH |  | SOLE |  | 87566 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 |  | 2000195 | 34944 | SH |  | SOLE |  | 34944 | 0 | 0 |
| SIGA TECHNOLOGIES INC | COM | 826917106 |  | 1364014 | 185328 | SH |  | SOLE |  | 185328 | 0 | 0 |
| GREENLANE HLDGS INC | CL A NEW | 395330202 |  | 9436 | 32820 | SH |  | SOLE |  | 32820 | 0 | 0 |
| WISDOMTREE TR | FUTRE STRAT FD | 97717W125 |  | 2913197 | 92365 | SH |  | SOLE |  | 0 | 0 | 92365 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 7257667 | 51513 | SH |  | SOLE |  | 51513 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 959175 | 56992 | SH |  | SOLE |  | 56992 | 0 | 0 |
| SMITH  WESSON BRANDS INC | COM | 831754106 |  | 3703383 | 426657 | SH |  | SOLE |  | 426657 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 1397353 | 13242 | SH |  | SOLE |  | 0 | 0 | 13242 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 8726207 | 269577 | SH |  | SOLE |  | 269577 | 0 | 0 |
| RESOLUTE FST PRODS INC | COM | 76117W109 |  | 1497655 | 69368 | SH |  | SOLE |  | 69368 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 6097014 | 367290 | SH |  | SOLE |  | 367290 | 0 | 0 |
| SCHOLASTIC CORP | COM | 807066105 |  | 1218840 | 30888 | SH |  | SOLE |  | 30888 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 408240 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| PIEDMONT OFFICE REALTY TR IN | COM CL A | 720190206 |  | 165060 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| GROWGENERATION CORP | COM | 39986L109 |  | 209328 | 53400 | SH |  | SOLE |  | 53400 | 0 | 0 |
| SUNCOKE ENERGY INC | COM | 86722A103 |  | 1279864 | 148304 | SH |  | SOLE |  | 148304 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 6738104 | 176946 | SH |  | SOLE |  | 176946 | 0 | 0 |
| NATIONAL HEALTH INVS INC | COM | 63633D104 |  | 250969 | 4806 | SH |  | SOLE |  | 4806 | 0 | 0 |
| NBT BANCORP INC | COM | 628778102 |  | 1219190 | 28079 | SH |  | SOLE |  | 28079 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 5995933 | 223146 | SH |  | SOLE |  | 223146 | 0 | 0 |
| WESBANCO INC | COM | 950810101 |  | 1153739 | 31199 | SH |  | SOLE |  | 31199 | 0 | 0 |
| TIMKENSTEEL CORPORATION | COM | 887399103 |  | 1636463 | 90064 | SH |  | SOLE |  | 90064 | 0 | 0 |
| SAUL CTRS INC | COM | 804395101 |  | 292896 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 1060380 | 11071 | SH |  | SOLE |  | 11071 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 1016289 | 9548 | SH |  | SOLE |  | 9548 | 0 | 0 |
| WM TECHNOLOGY INC | COM | 92971A109 |  | 76922 | 76160 | SH |  | SOLE |  | 76160 | 0 | 0 |
| UNIVERSAL HEALTH RLTY INCOME | SH BEN INT | 91359E105 |  | 303276 | 6354 | SH |  | SOLE |  | 6354 | 0 | 0 |
| HAVERTY FURNITURE COS INC | COM | 419596101 |  | 5698193 | 190575 | SH |  | SOLE |  | 190575 | 0 | 0 |
| VANECK ETF TRUST | INTERNATIONAL HI | 92189F445 |  | 922750 | 46852 | SH |  | SOLE |  | 46852 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | FTSE RAFI DEV | 46138E743 |  | 271227 | 6529 | SH |  | SOLE |  | 0 | 0 | 6529 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 5161982 | 149061 | SH |  | SOLE |  | 149061 | 0 | 0 |
| TRI POINTE HOMES INC | COM | 87265H109 |  | 5625520 | 302610 | SH |  | SOLE |  | 302610 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 1585145 | 49816 | SH |  | SOLE |  | 49816 | 0 | 0 |
| HILLTOP HOLDINGS INC | COM | 432748101 |  | 6190553 | 206283 | SH |  | SOLE |  | 206283 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 898745 | 8880 | SH |  | SOLE |  | 8880 | 0 | 0 |
| URBAN-GRO INC | COM NEW | 91704K202 |  | 117286 | 43120 | SH |  | SOLE |  | 43120 | 0 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 1378323 | 33799 | SH |  | SOLE |  | 33799 | 0 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 304992 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 |  | 607370 | 28080 | SH |  | SOLE |  | 28080 | 0 | 0 |
| FOUR CORNERS PPTY TR INC | COM | 35086T109 |  | 310849 | 11988 | SH |  | SOLE |  | 11988 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 4698619 | 142989 | SH |  | SOLE |  | 142989 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 438810 | 8866 | SH |  | SOLE |  | 0 | 0 | 8866 |
| HANMI FINL CORP | COM NEW | 410495204 |  | 1145430 | 46280 | SH |  | SOLE |  | 46280 | 0 | 0 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 1069233 | 5928 | SH |  | SOLE |  | 5928 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 6645806 | 124430 | SH |  | SOLE |  | 124430 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 1105104 | 45760 | SH |  | SOLE |  | 45760 | 0 | 0 |
| VANECK ETF TRUST | EMERGING MRKT HI | 92189F353 |  | 1835131 | 100776 | SH |  | SOLE |  | 100776 | 0 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 264128 | 9450 | SH |  | SOLE |  | 9450 | 0 | 0 |
| ABRDN GOLD ETF TRUST | PHYSCL GOLD SHS | 00326A104 |  | 515040 | 29481 | SH |  | SOLE |  | 0 | 0 | 29481 |
| INNOVATIVE INDL PPTYS INC | COM | 45781V101 |  | 827016 | 8160 | SH |  | SOLE |  | 8160 | 0 | 0 |
| UNITED STATES STL CORP NEW | COM | 912909108 |  | 1117631 | 44616 | SH |  | SOLE |  | 44616 | 0 | 0 |
| MACYS INC | COM | 55616P104 |  | 6196425 | 300069 | SH |  | SOLE |  | 300069 | 0 | 0 |
| INSTEEL INDS INC | COM | 45774W108 |  | 987418 | 35880 | SH |  | SOLE |  | 35880 | 0 | 0 |
| GREIF INC | CL A | 397624107 |  | 6908924 | 103026 | SH |  | SOLE |  | 103026 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 9750418 | 164703 | SH |  | SOLE |  | 164703 | 0 | 0 |
| ZUMIEZ INC | COM | 989817101 |  | 4687927 | 215636 | SH |  | SOLE |  | 215636 | 0 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 1280419 | 48464 | SH |  | SOLE |  | 48464 | 0 | 0 |
| SANDRIDGE ENERGY INC | COM NEW | 80007P869 |  | 1032563 | 60632 | SH |  | SOLE |  | 60632 | 0 | 0 |
| RPT REALTY | SH BEN INT | 74971D101 |  | 253008 | 25200 | SH |  | SOLE |  | 25200 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 353039 | 1260 | SH |  | SOLE |  | 1260 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 1182214 | 38584 | SH |  | SOLE |  | 38584 | 0 | 0 |
| FRANKLIN STR PPTYS CORP | COM | 35471R106 |  | 171990 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 295056 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 14432145 | 131296 | SH |  | SOLE |  | 131294 | 0 | 2 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 6539144 | 162949 | SH |  | SOLE |  | 162949 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 8154506 | 112678 | SH |  | SOLE |  | 112678 | 0 | 0 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 14611893 | 374760 | SH |  | SOLE |  | 374760 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 13508943 | 102488 | SH |  | SOLE |  | 102488 | 0 | 0 |
| CAMBRIA ETF TR | GLOBAL VALUE ETF | 132061409 |  | 24748790 | 1234969 | SH |  | SOLE |  | 1101513 | 0 | 133456 |
| GRANITESHARES GOLD TR | SHS BEN INT | 38748G101 |  | 3779887 | 209412 | SH |  | SOLE |  | 209412 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 9966045 | 30078 | SH |  | SOLE |  | 30078 | 0 | 0 |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 |  | 7906230 | 57592 | SH |  | SOLE |  | 57592 | 0 | 0 |
| CAMBRIA ETF TR | SHSHLD YIELD ETF | 132061201 |  | 24255760 | 408965 | SH |  | SOLE |  | 375237 | 0 | 33728 |
| FLEXSHARES TR | MORNSTAR UPSTR | 33939L407 |  | 13634278 | 313648 | SH |  | SOLE |  | 313648 | 0 | 0 |
| SPDR SER TR | FTSE INT GVT ETF | 78464A490 |  | 3575254 | 86778 | SH |  | SOLE |  | 86778 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 14413519 | 177572 | SH |  | SOLE |  | 177572 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 8909245 | 129740 | SH |  | SOLE |  | 129740 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 7490278 | 32796 | SH |  | SOLE |  | 32796 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 8568215 | 168965 | SH |  | SOLE |  | 168965 | 0 | 0 |
| ISHARES TR | GLOBAL FINLS ETF | 464287333 |  | 13328602 | 189650 | SH |  | SOLE |  | 189650 | 0 | 0 |
| INVESCO DB MULTI-SECTOR COMM | ENERGY FD | 46140H304 |  | 12485185 | 550736 | SH |  | SOLE |  | 550736 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 10646752 | 182058 | SH |  | SOLE |  | 182058 | 0 | 0 |
| RYERSON HLDG CORP | COM | 783754104 |  | 10595751 | 350157 | SH |  | SOLE |  | 350157 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 9904311 | 225765 | SH |  | SOLE |  | 225765 | 0 | 0 |
| CAMBRIA ETF TR | VALUE MOMENTUM | 132061888 |  | 48947439 | 1798876 | SH |  | SOLE |  | 1688657 | 0 | 110219 |
| RELIANCE STEEL  ALUMINUM CO | COM | 759509102 |  | 9308798 | 45983 | SH |  | SOLE |  | 45983 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 8634159 | 74183 | SH |  | SOLE |  | 74183 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 7285038 | 337896 | SH |  | SOLE |  | 337896 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 7371290 | 169416 | SH |  | SOLE |  | 169416 | 0 | 0 |
| VERITIV CORP | COM | 923454102 |  | 10177634 | 83622 | SH |  | SOLE |  | 83622 | 0 | 0 |
| LITMAN GREGORY FDS TR | IMGP DBI MANAGED | 53700T827 |  | 19632452 | 674422 | SH |  | SOLE |  | 664662 | 0 | 9760 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 3173591 | 66911 | SH |  | SOLE |  | 66262 | 0 | 649 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 7432168 | 502853 | SH |  | SOLE |  | 471532 | 0 | 31321 |
| ISHARES TR | GLOB INDSTRL ETF | 464288729 |  | 13134902 | 123344 | SH |  | SOLE |  | 123344 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 11779129 | 163963 | SH |  | SOLE |  | 141014 | 0 | 22949 |
| CF INDS HLDGS INC | COM | 125269100 |  | 6548813 | 76864 | SH |  | SOLE |  | 76864 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 8415603 | 310883 | SH |  | SOLE |  | 310883 | 0 | 0 |
| VOYA FINANCIAL INC | COM | 929089100 |  | 6814260 | 110819 | SH |  | SOLE |  | 110819 | 0 | 0 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 13849869 | 163170 | SH |  | SOLE |  | 163170 | 0 | 0 |
| CAMBRIA ETF TR | CAMBRIA FGN SHR | 132061300 |  | 21969845 | 905084 | SH |  | SOLE |  | 859501 | 0 | 45583 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 8276742 | 665333 | SH |  | SOLE |  | 665333 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 8741742 | 149867 | SH |  | SOLE |  | 149867 | 0 | 0 |
| SANMINA CORPORATION | COM | 801056102 |  | 9259095 | 161618 | SH |  | SOLE |  | 161618 | 0 | 0 |
| PDC ENERGY INC | COM | 69327R101 |  | 8532093 | 134406 | SH |  | SOLE |  | 134406 | 0 | 0 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 20729263 | 400256 | SH |  | SOLE |  | 377966 | 0 | 22290 |
| THE ODP CORP | COM | 88337F105 |  | 7602083 | 166932 | SH |  | SOLE |  | 166932 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 8685887 | 186073 | SH |  | SOLE |  | 186073 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9917183 | 89911 | SH |  | SOLE |  | 89911 | 0 | 0 |
| ALPHA METALLURGICAL RESOUR I | COM | 020764106 |  | 8503941 | 58091 | SH |  | SOLE |  | 58091 | 0 | 0 |
| EA SERIES TRUST | VAL MOMTM TRND | 02072L508 |  | 2102727 | 86248 | SH |  | SOLE |  | 86248 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 12820851 | 34178 | SH |  | SOLE |  | 34178 | 0 | 0 |
| DILLARDS INC | CL A | 254067101 |  | 12814556 | 39649 | SH |  | SOLE |  | 39649 | 0 | 0 |
| CAMBRIA ETF TR | EMRG SHAREHLDR | 132061706 |  | 10182100 | 363127 | SH |  | SOLE |  | 323944 | 0 | 39183 |
| CNX RES CORP | COM | 12653C108 |  | 7880177 | 467944 | SH |  | SOLE |  | 467944 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 8476452 | 86760 | SH |  | SOLE |  | 86760 | 0 | 0 |
| ADTALEM GLOBAL ED INC | COM | 00737L103 |  | 6871700 | 193569 | SH |  | SOLE |  | 193569 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 11092699 | 96517 | SH |  | SOLE |  | 96517 | 0 | 0 |
| PRINCIPAL FINANCIAL GROUP IN | COM | 74251V102 |  | 9823255 | 117055 | SH |  | SOLE |  | 117055 | 0 | 0 |
| ARCH RESOURCES INC | CL A | 03940R107 |  | 8202143 | 57442 | SH |  | SOLE |  | 57442 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 8582730 | 72735 | SH |  | SOLE |  | 72735 | 0 | 0 |
| CAMBRIA ETF TR | GBL REAL EST ETF | 132061813 |  | 8791974 | 335628 | SH |  | SOLE |  | 296040 | 0 | 39588 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 13303428 | 104867 | SH |  | SOLE |  | 104867 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 9032621 | 84181 | SH |  | SOLE |  | 84181 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 8703722 | 63633 | SH |  | SOLE |  | 63633 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 12267736 | 506303 | SH |  | SOLE |  | 458783 | 0 | 47520 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 7517798 | 142006 | SH |  | SOLE |  | 142006 | 0 | 0 |

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