# EDGAR Filing Document

**Accession Number:** 0001806755
**File Stem:** 0001806755-23-000001
**Filing Date:** 2023-2
**Character Count:** 25481
**Document Hash:** b6db0222dc7fb9be4643046e482af99f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001806755-23-000001.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001806755-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Systematic Alpha Investments, LLC
- **CENTRAL INDEX KEY:** 0001806755
- **IRS NUMBER:** 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:** 23592061

**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:** 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:** 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):** 801-113746

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 Ainsworth<br>**Title:** Compliance Coordinator<br>**Phone:** 9497357303

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

Christopher Ainsworth  Newport Coast, CA  02-06-2023<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:** 215

**Form 13F Information Table Value Total:** $1973270798

      (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 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 397908100 | 1132544 | SH |  | SOLE |  | 1132544 | 0 | 0 |
| Vanguard European Stock Index Fund Insti Plus | MF | 922042627 |  | 163158800 | 1232597 | SH |  | SOLE |  | 1232597 | 0 | 0 |
| Vanguard Value ETF | ETF | 922908744 |  | 125612600 | 894868 | SH |  | SOLE |  | 894868 | 0 | 0 |
| Eli Lilly and Company | COM | 532457108 |  | 102180200 | 279303 | SH |  | SOLE |  | 279303 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 74858390 | 576144 | SH |  | SOLE |  | 576144 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 58924250 | 245702 | SH |  | SOLE |  | 245702 | 0 | 0 |
| Vanguard Dividend Appreciation ETF | ETF | 921908844 |  | 53603050 | 353000 | SH |  | SOLE |  | 353000 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 45565170 | 410682 | SH |  | SOLE |  | 410682 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 40349350 | 215208 | SH |  | SOLE |  | 215208 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 34944160 | 193425 | SH |  | SOLE |  | 193425 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 31174060 | 320128 | SH |  | SOLE |  | 320128 | 0 | 0 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 30921690 | 58323 | SH |  | SOLE |  | 58323 | 0 | 0 |
| Vanguard Growth ETF | ETF | 922908736 |  | 27847510 | 130672 | SH |  | SOLE |  | 130672 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 27227780 | 308600 | SH |  | SOLE |  | 308600 | 0 | 0 |
| Invesco S Smallcap 600 Pure Value ETF | ETF | 46137V167 |  | 27087690 | 306488 | SH |  | SOLE |  | 306488 | 0 | 0 |
| Vanguard Information Technology ETF | ETF | 92204A702 |  | 26287440 | 82300 | SH |  | SOLE |  | 82300 | 0 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 25299140 | 96001 | SH |  | SOLE |  | 96001 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 25166060 | 160416 | SH |  | SOLE |  | 160416 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 23790580 | 75320 | SH |  | SOLE |  | 75320 | 0 | 0 |
| Vanguard Short-Term Inflation-Protected Securities ETF | ETF | 922020805 |  | 23121450 | 495000 | SH |  | SOLE |  | 495000 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 21752150 | 424515 | SH |  | SOLE |  | 424515 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 21318210 | 296292 | SH |  | SOLE |  | 296292 | 0 | 0 |
| Mastercard Incorporated Class A | COM | 57636Q104 |  | 20820680 | 59876 | SH |  | SOLE |  | 59876 | 0 | 0 |
| American Electric Power Company Inc. | COM | 025537101 |  | 20604150 | 217000 | SH |  | SOLE |  | 217000 | 0 | 0 |
| MetLife Inc. | COM | 59156R108 |  | 20297690 | 280471 | SH |  | SOLE |  | 280471 | 0 | 0 |
| Union Pacific Corporation | COM | 907818108 |  | 19329570 | 93348 | SH |  | SOLE |  | 93348 | 0 | 0 |
| Eversource Energy | COM | 30040W108 |  | 18960580 | 226152 | SH |  | SOLE |  | 226152 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 18942000 | 225500 | SH |  | SOLE |  | 225500 | 0 | 0 |
| Kimberly-Clark Corporation | COM | 494368103 |  | 17899860 | 131859 | SH |  | SOLE |  | 131859 | 0 | 0 |
| Allstate Corporation | COM | 020002101 |  | 17213200 | 126941 | SH |  | SOLE |  | 126941 | 0 | 0 |
| Target Corporation | COM | 87612E106 |  | 17107710 | 114786 | SH |  | SOLE |  | 114786 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 15883840 | 98285 | SH |  | SOLE |  | 98285 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 14986020 | 314568 | SH |  | SOLE |  | 314568 | 0 | 0 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 14086780 | 158760 | SH |  | SOLE |  | 158760 | 0 | 0 |
| Raytheon Technologies Corporation | COM | 75513E101 |  | 13542460 | 134190 | SH |  | SOLE |  | 134190 | 0 | 0 |
| NVIDIA Corporation | COM | 67066G104 |  | 13158740 | 90042 | SH |  | SOLE |  | 90042 | 0 | 0 |
| Avery Dennison Corporation | COM | 053611109 |  | 12786560 | 70644 | SH |  | SOLE |  | 70644 | 0 | 0 |
| Yum! Brands Inc. | COM | 988498101 |  | 12709890 | 99234 | SH |  | SOLE |  | 99234 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 12171450 | 308920 | SH |  | SOLE |  | 308920 | 0 | 0 |
| Sun Life Financial Inc. | COM | 866796105 |  | 11642510 | 250808 | SH |  | SOLE |  | 250808 | 0 | 0 |
| Vanguard European Stock Index Fund Institutional Shares | MF | 922042502 |  | 10978790 | 370655 | SH |  | SOLE |  | 370655 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 10960000 | 172300 | SH |  | SOLE |  | 172300 | 0 | 0 |
| T-Mobile US Inc. | COM | 872590104 |  | 10222800 | 73020 | SH |  | SOLE |  | 73020 | 0 | 0 |
| Truist Financial Corporation | COM | 89832Q109 |  | 10066310 | 233937 | SH |  | SOLE |  | 233937 | 0 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 9719683 | 212638 | SH |  | SOLE |  | 212638 | 0 | 0 |
| SPDR S 500 ETF Trust | ETF | 78462F103 |  | 9625763 | 25170 | SH |  | SOLE |  | 25170 | 0 | 0 |
| Financial Select Sector SPDR Fund | ETF | 81369Y605 |  | 8495622 | 248410 | SH |  | SOLE |  | 248410 | 0 | 0 |
| Meta Platforms Inc. Class A | COM | 30303M102 |  | 8420190 | 69970 | SH |  | SOLE |  | 69970 | 0 | 0 |
| Edison International | COM | 281020107 |  | 8282560 | 130188 | SH |  | SOLE |  | 130188 | 0 | 0 |
| BrightSphere Investment Group Inc. | COM | 10948W103 |  | 7616822 | 370108 | SH |  | SOLE |  | 370108 | 0 | 0 |
| Unilever PLC Sponsored ADR | SPONSORED ADR | 904767704 |  | 7445808 | 147881 | SH |  | SOLE |  | 147881 | 0 | 0 |
| iShares Core U.S. Aggregate Bond ETF | ETF | 464287226 |  | 6983280 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| SPDR Portfolio S 500 High Dividend ETF | ETF | 78468R788 |  | 5842048 | 147601 | SH |  | SOLE |  | 147601 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 5692705 | 215388 | SH |  | SOLE |  | 215388 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 5620708 | 19061 | SH |  | SOLE |  | 19061 | 0 | 0 |
| Microchip Technology Incorporated | COM | 595017104 |  | 5549750 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 4935416 | 36804 | SH |  | SOLE |  | 36804 | 0 | 0 |
| SLM Corp | COM | 78442P106 |  | 4613240 | 277906 | SH |  | SOLE |  | 277906 | 0 | 0 |
| Lam Research Corporation | COM | 512807108 |  | 4576646 | 10889 | SH |  | SOLE |  | 10889 | 0 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 4112960 | 7356 | SH |  | SOLE |  | 7356 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 3545646 | 19754 | SH |  | SOLE |  | 19754 | 0 | 0 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 3537284 | 54613 | SH |  | SOLE |  | 54613 | 0 | 0 |
| Franklin Resources Inc. | COM | 354613101 |  | 3329156 | 126200 | SH |  | SOLE |  | 126200 | 0 | 0 |
| V.F. Corporation | COM | 918204108 |  | 3224213 | 116777 | SH |  | SOLE |  | 116777 | 0 | 0 |
| Tesla Inc | COM | 88160R101 |  | 2972210 | 24129 | SH |  | SOLE |  | 24129 | 0 | 0 |
| Adobe Incorporated | COM | 00724F101 |  | 2732624 | 8120 | SH |  | SOLE |  | 8120 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 2530116 | 9030 | SH |  | SOLE |  | 9030 | 0 | 0 |
| QUALCOMM Incorporated | COM | 747525103 |  | 2456280 | 22342 | SH |  | SOLE |  | 22342 | 0 | 0 |
| Medtronic Plc | COM | G5960L103 |  | 2308362 | 29701 | SH |  | SOLE |  | 29701 | 0 | 0 |
| Leidos Holdings Inc. | COM | 525327102 |  | 2291144 | 21781 | SH |  | SOLE |  | 21781 | 0 | 0 |
| Invesco Ltd. | COM | G491BT108 |  | 2270212 | 126193 | SH |  | SOLE |  | 126193 | 0 | 0 |
| APA Corp. | COM | 03743Q108 |  | 2240780 | 48003 | SH |  | SOLE |  | 48003 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 2235865 | 67508 | SH |  | SOLE |  | 67508 | 0 | 0 |
| Southern Company | COM | 842587107 |  | 2142300 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 2084313 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| Salesforce Inc. | COM | 79466L302 |  | 2071586 | 15624 | SH |  | SOLE |  | 15624 | 0 | 0 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 2019966 | 53157 | SH |  | SOLE |  | 53157 | 0 | 0 |
| Boeing Company | COM | 097023105 |  | 1912139 | 10038 | SH |  | SOLE |  | 10038 | 0 | 0 |
| Visa Inc. Class A | COM | 92826C839 |  | 1801902 | 8673 | SH |  | SOLE |  | 8673 | 0 | 0 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 1643138 | 12013 | SH |  | SOLE |  | 12013 | 0 | 0 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 1519254 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 1473056 | 17326 | SH |  | SOLE |  | 17326 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 1424110 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| Walgreens Boots Alliance Inc. | COM | 931427108 |  | 1359904 | 36400 | SH |  | SOLE |  | 36400 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 1264384 | 2296 | SH |  | SOLE |  | 2296 | 0 | 0 |
| Organon  Co. | COM | 68622V106 |  | 1147001 | 41067 | SH |  | SOLE |  | 41067 | 0 | 0 |
| Schlumberger NV | COM | 806857108 |  | 1145380 | 21425 | SH |  | SOLE |  | 21425 | 0 | 0 |
| Otis Worldwide Corporation | COM | 68902V107 |  | 1144109 | 14610 | SH |  | SOLE |  | 14610 | 0 | 0 |
| Align Technology Inc. | COM | 016255101 |  | 1110599 | 5266 | SH |  | SOLE |  | 5266 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 1096756 | 3194 | SH |  | SOLE |  | 3194 | 0 | 0 |
| Chipotle Mexican Grill Inc. | COM | 169656105 |  | 1085017 | 782 | SH |  | SOLE |  | 782 | 0 | 0 |
| Carrier Global Corp. | COM | 14448C104 |  | 1063796 | 25789 | SH |  | SOLE |  | 25789 | 0 | 0 |
| Pitney Bowes Inc. | COM | 724479100 |  | 1045000 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| Celanese Corporation | COM | 150870103 |  | 1022400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Charles Schwab Corp | COM | 808513105 |  | 990877 | 11901 | SH |  | SOLE |  | 11901 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 981423 | 29270 | SH |  | SOLE |  | 29270 | 0 | 0 |
| Pioneer Natural Resources Company | COM | 723787107 |  | 958781 | 4198 | SH |  | SOLE |  | 4198 | 0 | 0 |
| Cigna Corporation | COM | 125523100 |  | 934710 | 2821 | SH |  | SOLE |  | 2821 | 0 | 0 |
| Ford Motor Company | COM | 345370860 |  | 929725 | 79942 | SH |  | SOLE |  | 79942 | 0 | 0 |
| Northrop Grumman Corp. | COM | 666807102 |  | 927537 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Nucor Corporation | COM | 670346105 |  | 925306 | 7020 | SH |  | SOLE |  | 7020 | 0 | 0 |
| Marriott International Inc. Class A | COM | 571903202 |  | 914631 | 6143 | SH |  | SOLE |  | 6143 | 0 | 0 |
| Etsy Inc. | COM | 29786A106 |  | 901704 | 7528 | SH |  | SOLE |  | 7528 | 0 | 0 |
| Samsung Electronics Co. Ltd. Sponsored GDR | SPONSORED ADR | 796050888 |  | 874654 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Invesco QQQ Trust | ETF | 46090E903 |  | 833456 | 3130 | SH |  | SOLE |  | 3130 | 0 | 0 |
| Elevance Health Inc. | COM | 036752103 |  | 819213 | 1597 | SH |  | SOLE |  | 1597 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 788183 | 3001 | SH |  | SOLE |  | 3001 | 0 | 0 |
| Hershey Company | COM | 427866108 |  | 787570 | 3401 | SH |  | SOLE |  | 3401 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 742475 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| KLA Corporation | COM | 482480100 |  | 739356 | 1961 | SH |  | SOLE |  | 1961 | 0 | 0 |
| Marathon Petroleum Corporation | COM | 56585A102 |  | 735003 | 6315 | SH |  | SOLE |  | 6315 | 0 | 0 |
| HSBC Holdings PLC Sponsored ADR | SPONSORED ADR | 404280406 |  | 716680 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| Arista Networks Inc. | COM | 040413106 |  | 706743 | 5824 | SH |  | SOLE |  | 5824 | 0 | 0 |
| Marathon Oil Corporation | COM | 565849106 |  | 706473 | 26098 | SH |  | SOLE |  | 26098 | 0 | 0 |
| Hess Corporation | COM | 42809H107 |  | 706264 | 4980 | SH |  | SOLE |  | 4980 | 0 | 0 |
| Baker Hughes Company Class A | COM | 05722G100 |  | 706122 | 23912 | SH |  | SOLE |  | 23912 | 0 | 0 |
| Albemarle Corporation | COM | 012653101 |  | 701976 | 3237 | SH |  | SOLE |  | 3237 | 0 | 0 |
| Big Lots Inc. | COM | 089302103 |  | 685020 | 46600 | SH |  | SOLE |  | 46600 | 0 | 0 |
| Tecnoglass Inc. | COM | G87264100 |  | 661555 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| Synopsys Inc. | COM | 871607107 |  | 655503 | 2053 | SH |  | SOLE |  | 2053 | 0 | 0 |
| Newell Brands Inc | COM | 651229106 |  | 654000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| Royal Caribbean Group | COM | V7780T103 |  | 653168 | 13214 | SH |  | SOLE |  | 13214 | 0 | 0 |
| CBRE Group Inc. Class A | COM | 12504L109 |  | 640923 | 8328 | SH |  | SOLE |  | 8328 | 0 | 0 |
| Regions Financial Corporation | COM | 7591EP100 |  | 638500 | 29615 | SH |  | SOLE |  | 29615 | 0 | 0 |
| Lincoln National Corp | COM | 534187109 |  | 637071 | 20738 | SH |  | SOLE |  | 20738 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 631402 | 5751 | SH |  | SOLE |  | 5751 | 0 | 0 |
| Alibaba Group Holding Ltd. Sponsored ADR | SPONSORED ADR | 01609W102 |  | 625439 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 610056 | 9918 | SH |  | SOLE |  | 9918 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 609045 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| SPDR S Dividend ETF | ETF | 78464A763 |  | 600528 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| Magnolia Oil  Gas Corp. Class A | COM | 559663109 |  | 595630 | 25400 | SH |  | SOLE |  | 25400 | 0 | 0 |
| United Rentals Inc. | COM | 911363109 |  | 594973 | 1674 | SH |  | SOLE |  | 1674 | 0 | 0 |
| Dollar General Corporation | COM | 256677105 |  | 591000 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| Viatris Inc. | COM | 92556V106 |  | 586896 | 52731 | SH |  | SOLE |  | 52731 | 0 | 0 |
| Copart Inc. | COM | 217204106 |  | 577603 | 9486 | SH |  | SOLE |  | 9486 | 0 | 0 |
| Chemed Corporation | COM | 16359R103 |  | 561473 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 543980 | 4610 | SH |  | SOLE |  | 4610 | 0 | 0 |
| Halliburton Company | COM | 406216101 |  | 543660 | 13816 | SH |  | SOLE |  | 13816 | 0 | 0 |
| Campbell Soup Company | COM | 134429109 |  | 539125 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 |  | 525492 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR Class B | SPONSORED ADR | 400501102 |  | 512578 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Mosaic Company | COM | 61945C103 |  | 510340 | 11633 | SH |  | SOLE |  | 11633 | 0 | 0 |
| Fortinet Inc. | COM | 34959E109 |  | 506500 | 10360 | SH |  | SOLE |  | 10360 | 0 | 0 |
| Western Digital Corporation | COM | 958102105 |  | 504800 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Centene Corporation | COM | 15135B101 |  | 503049 | 6134 | SH |  | SOLE |  | 6134 | 0 | 0 |
| ServiceNow Inc. | COM | 81762P102 |  | 484173 | 1247 | SH |  | SOLE |  | 1247 | 0 | 0 |
| Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR | SPONSORED ADR | 20441A102 |  | 477568 | 44800 | SH |  | SOLE |  | 44800 | 0 | 0 |
| Atkore Inc | COM | 047649108 |  | 476364 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| Univar Solutions Inc. | COM | 91336L107 |  | 467460 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| Bath  Body Works Inc. | COM | 070830104 |  | 436992 | 10370 | SH |  | SOLE |  | 10370 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 434972 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 432426 | 9700 | SH |  | SOLE |  | 9700 | 0 | 0 |
| News Corporation Class A | COM | 65249B109 |  | 432068 | 23740 | SH |  | SOLE |  | 23740 | 0 | 0 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 |  | 415779 | 1346 | SH |  | SOLE |  | 1346 | 0 | 0 |
| Paycom Software Inc. | COM | 70432V102 |  | 414885 | 1337 | SH |  | SOLE |  | 1337 | 0 | 0 |
| DXC Technology Co. | COM | 23355L106 |  | 412817 | 15578 | SH |  | SOLE |  | 15578 | 0 | 0 |
| Walt Disney Company | COM | 254687106 |  | 411029 | 4731 | SH |  | SOLE |  | 4731 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 410298 | 5761 | SH |  | SOLE |  | 5761 | 0 | 0 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 401279 | 2498 | SH |  | SOLE |  | 2498 | 0 | 0 |
| ORIX Corporation Sponsored ADR | SPONSORED ADR | 686330101 |  | 399540 | 4962 | SH |  | SOLE |  | 4962 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | ETF | 922042858 |  | 394283 | 10115 | SH |  | SOLE |  | 10115 | 0 | 0 |
| KT Corporation Sponsored ADR | SPONSORED ADR | 48268K101 |  | 384750 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| Gen Digital Inc. | COM | 668771108 |  | 380940 | 17776 | SH |  | SOLE |  | 17776 | 0 | 0 |
| FMC Corporation | COM | 302491303 |  | 374400 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ON Semiconductor Corporation | COM | 682189105 |  | 374220 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 373721 | 1764 | SH |  | SOLE |  | 1764 | 0 | 0 |
| CTS Corporation | COM | 126501105 |  | 368971 | 9360 | SH |  | SOLE |  | 9360 | 0 | 0 |
| Webster Financial Corporation | COM | 947890109 |  | 368873 | 7792 | SH |  | SOLE |  | 7792 | 0 | 0 |
| General Electric Company | COM | 369604301 |  | 355521 | 4243 | SH |  | SOLE |  | 4243 | 0 | 0 |
| Quanta Services Inc. | COM | 74762E102 |  | 355253 | 2493 | SH |  | SOLE |  | 2493 | 0 | 0 |
| SVB Financial Group | COM | 78486Q101 |  | 338306 | 1470 | SH |  | SOLE |  | 1470 | 0 | 0 |
| Grupo Financiero Banorte SAB de CV Sponsored ADR Class O | SPONSORED ADR | 40052P107 |  | 338240 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| McKesson Corporation | COM | 58155Q103 |  | 337608 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Lennar Corporation Class A | COM | 526057104 |  | 329330 | 3639 | SH |  | SOLE |  | 3639 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | SPONSORED ADR | 874039100 |  | 327756 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| Dollar Tree Inc. | COM | 256746108 |  | 319937 | 2262 | SH |  | SOLE |  | 2262 | 0 | 0 |
| Danaher Corporation | COM | 235851102 |  | 319831 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 314343 | 7580 | SH |  | SOLE |  | 7580 | 0 | 0 |
| Kinsale Capital Group Inc. | COM | 49714P108 |  | 313824 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| Hilton Worldwide Holdings Inc | COM | 43300A203 |  | 308066 | 2438 | SH |  | SOLE |  | 2438 | 0 | 0 |
| Activision Blizzard Inc. | COM | 00507V109 |  | 299157 | 3908 | SH |  | SOLE |  | 3908 | 0 | 0 |
| Insight Enterprises Inc. | COM | 45765U103 |  | 295797 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| State Street Corporation | COM | 857477103 |  | 294611 | 3798 | SH |  | SOLE |  | 3798 | 0 | 0 |
| AMN Healthcare Services Inc. | COM | 001744101 |  | 287896 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| International Business Machines Corporation | COM | 459200101 |  | 287416 | 2040 | SH |  | SOLE |  | 2040 | 0 | 0 |
| Intuitive Surgical Inc. | COM | 46120E602 |  | 273045 | 1029 | SH |  | SOLE |  | 1029 | 0 | 0 |
| United Microelectronics Corp. Sponsored ADR | SPONSORED ADR | 910873405 |  | 272954 | 41800 | SH |  | SOLE |  | 41800 | 0 | 0 |
| Academy Sports and Outdoors Inc. | COM | 00402L107 |  | 267954 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| CVB Financial Corp. | COM | 126600105 |  | 267800 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 257035 | 1567 | SH |  | SOLE |  | 1567 | 0 | 0 |
| KeyCorp | COM | 493267108 |  | 254349 | 14601 | SH |  | SOLE |  | 14601 | 0 | 0 |
| UFP Industries Inc. | COM | 90278Q108 |  | 253600 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| Dr. Reddy's Laboratories Ltd. Sponsored ADR | SPONSORED ADR | 256135203 |  | 253575 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| Dow Inc. | COM | 260557103 |  | 252958 | 5020 | SH |  | SOLE |  | 5020 | 0 | 0 |
| Johnson Controls International plc | COM | G51502105 |  | 250176 | 3909 | SH |  | SOLE |  | 3909 | 0 | 0 |
| Discover Financial Services | COM | 254709108 |  | 249173 | 2547 | SH |  | SOLE |  | 2547 | 0 | 0 |
| ICICI Bank Limited Sponsored ADR | SPONSORED ADR | 45104G104 |  | 247357 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| Electronic Arts Inc. | COM | 285512109 |  | 246804 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| DexCom Inc. | COM | 252131107 |  | 245957 | 2172 | SH |  | SOLE |  | 2172 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 240763 | 5288 | SH |  | SOLE |  | 5288 | 0 | 0 |
| LKQ Corporation | COM | 501889208 |  | 231586 | 4336 | SH |  | SOLE |  | 4336 | 0 | 0 |
| PVH Corp. | COM | 693656100 |  | 223700 | 3169 | SH |  | SOLE |  | 3169 | 0 | 0 |
| Capri Holdings Limited | COM | G1890L107 |  | 222115 | 3875 | SH |  | SOLE |  | 3875 | 0 | 0 |
| Sendas Distribuidora SA Sponsored ADR | SPONSORED ADR | 81689T104 |  | 219720 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| Western Alliance Bancorp | COM | 957638109 |  | 215607 | 3620 | SH |  | SOLE |  | 3620 | 0 | 0 |
| World Wrestling Entertainment Inc. Class A | COM | 98156Q108 |  | 212412 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| News Corporation Class B | COM | 65249B208 |  | 212060 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 209010 | 544 | SH |  | SOLE |  | 544 | 0 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 202746 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| Paramount Global Class B | COM | 92556H206 |  | 176025 | 10428 | SH |  | SOLE |  | 10428 | 0 | 0 |
| FinVolution Group Sponsored ADR Class A | SPONSORED ADR | 31810T101 |  | 169136 | 34100 | SH |  | SOLE |  | 34100 | 0 | 0 |
| Norwegian Cruise Line Holdings Ltd. | COM | G66721104 |  | 155546 | 12708 | SH |  | SOLE |  | 12708 | 0 | 0 |
| CSPC Pharmaceutical Group Limited Unsponsored ADR | UNSPONSORED ADR | 12591J207 |  | 124829 | 29700 | SH |  | SOLE |  | 29700 | 0 | 0 |
| BB Seguridade Participacoes SA Sponsored ADR | SPONSORED ADR | 05541J103 |  | 88752 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| Companhia Energetica de Minas Gerais SA Sponsored ADR | SPONSORED ADR | 204409882 |  | 42560 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |

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