# EDGAR Filing Document

**Accession Number:** 0000733020
**File Stem:** 0001172661-26-000498
**Filing Date:** 2026-2
**Character Count:** 23730
**Document Hash:** 195a742fbc59dc88bc784ea109669744
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000498.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001172661-26-000498

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARS Investment Partners, LLC
- **CENTRAL INDEX KEY:** 0000733020

**ORGANIZATION NAME:**
- **EIN:** 132684582
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-00858
- **FILM NUMBER:** 26603823

**BUSINESS ADDRESS:**
- **STREET 1:** 529 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-687-9800

**MAIL ADDRESS:**
- **STREET 1:** 529 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A.R. Schmeidler & Co., Inc.
- **DATE OF NAME CHANGE:** 20150706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCHMEIDLER A R & CO INC
- **DATE OF NAME CHANGE:** 19990329

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ARS Investment Partners LLC<br>**Address:** 529 Fifth Avenue<br>Suite 500<br>New York, NY 10017

**Form 13F File Number:** 028-00858

**CRD Number (if applicable):** 000005845

**SEC File Number (if applicable):** 801-7566

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:** Kristen Niebuhr<br>**Title:** Chief Compliance Officer<br>**Phone:** 212-687-9800

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

/s/ Kristen Niebuhr  New York, NY  02-05-2026<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:** 197

**Form 13F Information Table Value Total:** $1711222201

      (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 |
| A2Z CUST2MATE SOLUTIONS CORP | COM | 002205102 |  | 84630 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| ABBOTT LABS | COM | 002824100 |  | 610413 | 4872 | SH |  | SOLE |  | 0 | 0 | 4872 |
| ABBVIE INC | COM | 00287Y109 |  | 6464668 | 28293 | SH |  | SOLE |  | 195 | 0 | 28098 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 294256 | 1374 | SH |  | SOLE |  | 0 | 0 | 1374 |
| AEROVIRONMENT INC | COM | 008073108 |  | 803317 | 3321 | SH |  | SOLE |  | 197 | 0 | 3124 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 5311509 | 863660 | SH |  | SOLE |  | 41241 | 0 | 822419 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 75559922 | 241406 | SH |  | SOLE |  | 32770 | 0 | 208636 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 8609731 | 27437 | SH |  | SOLE |  | 3147 | 0 | 24290 |
| AMAZON COM INC | COM | 023135106 |  | 42079154 | 182303 | SH |  | SOLE |  | 23382 | 0 | 158921 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 290000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 1286514 | 11157 | SH |  | SOLE |  | 0 | 0 | 11157 |
| AMPLITUDE INC | COM CL A | 03213A104 |  | 565382 | 48824 | SH |  | SOLE |  | 6795 | 0 | 42029 |
| ANALOG DEVICES INC | COM | 032654105 |  | 6971217 | 25705 | SH |  | SOLE |  | 1273 | 0 | 24432 |
| AON PLC | SHS CL A | G0403H108 |  | 227608 | 645 | SH |  | SOLE |  | 0 | 0 | 645 |
| APPLE INC | COM | 037833100 |  | 86514850 | 318233 | SH |  | SOLE |  | 30119 | 0 | 288114 |
| APPLIED MATLS INC | COM | 038222105 |  | 4887693 | 19019 | SH |  | SOLE |  | 0 | 0 | 19019 |
| ARDAGH METAL PACKAGING S A | SHS | L02235106 |  | 54735 | 13350 | SH |  | SOLE |  | 0 | 0 | 13350 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 37234050 | 174611 | SH |  | SOLE |  | 31243 | 0 | 143368 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 406547 | 380 | SH |  | SOLE |  | 0 | 0 | 380 |
| ASPEN AEROGELS INC | COM | 04523Y105 |  | 115365 | 40765 | SH |  | SOLE |  | 12533 | 0 | 28232 |
| ASTRONICS CORP | COM | 046433108 |  | 377293 | 6956 | SH |  | SOLE |  | 1045 | 0 | 5911 |
| AZZ INC | COM | 002474104 |  | 369021 | 3443 | SH |  | SOLE |  | 472 | 0 | 2971 |
| BIOHAVEN LTD | COM | G1110E107 |  | 13995084 | 1239600 | SH |  | SOLE |  | 131637 | 0 | 1107963 |
| BLACKROCK INC | COM | 09290D101 |  | 11902349 | 11120 | SH |  | SOLE |  | 473 | 0 | 10647 |
| BLACKSTONE INC | COM | 09260D107 |  | 37641945 | 244206 | SH |  | SOLE |  | 34894 | 0 | 209312 |
| BOEING CO | COM | 097023105 |  | 34368359 | 158292 | SH |  | SOLE |  | 30975 | 0 | 127317 |
| BOWMAN CONSULTING GROUP LTD | COM | 103002101 |  | 204031 | 6179 | SH |  | SOLE |  | 1850 | 0 | 4329 |
| BP PLC | SPONSORED ADR | 055622104 |  | 576518 | 16600 | SH |  | SOLE |  | 0 | 0 | 16600 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 10750296 | 199301 | SH |  | SOLE |  | 5664 | 0 | 193637 |
| BROADCOM INC | COM | 11135F101 |  | 44083200 | 127371 | SH |  | SOLE |  | 4840 | 0 | 122531 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 4133296 | 23914 | SH |  | SOLE |  | 7472 | 0 | 16442 |
| CADRE HLDGS INC | COM | 12763L105 |  | 422653 | 10349 | SH |  | SOLE |  | 1615 | 0 | 8734 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1081221 | 10938 | SH |  | SOLE |  | 0 | 0 | 10938 |
| CAREDX INC | COM | 14167L103 |  | 1777347 | 94339 | SH |  | SOLE |  | 3780 | 0 | 90559 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 16208433 | 83381 | SH |  | SOLE |  | 18290 | 0 | 65091 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12261317 | 80450 | SH |  | SOLE |  | 2992 | 0 | 77458 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 3222087 | 242627 | SH |  | SOLE |  | 2989 | 0 | 239638 |
| COGENT COMMUNICATIONS HLDGS | COM NEW | 19239V302 |  | 495880 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1436426 | 18178 | SH |  | SOLE |  | 36 | 0 | 18142 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 3748747 | 125418 | SH |  | SOLE |  | 5352 | 0 | 120066 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 2338667 | 33786 | SH |  | SOLE |  | 238 | 0 | 33548 |
| COMPASS DIVERSIFIED | SH BEN INT | 20451Q104 |  | 71482 | 14892 | SH |  | SOLE |  | 5071 | 0 | 9821 |
| COMPASS INC | CL A | 20464U100 |  | 147980 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 257735 | 2595 | SH |  | SOLE |  | 0 | 0 | 2595 |
| CORNING INC | COM | 219350105 |  | 493838 | 5640 | SH |  | SOLE |  | 300 | 0 | 5340 |
| CRANE NXT CO | COM | 224441105 |  | 242834 | 5159 | SH |  | SOLE |  | 857 | 0 | 4302 |
| CREXENDO INC | COM | 226552107 |  | 400713 | 61934 | SH |  | SOLE |  | 18479 | 0 | 43455 |
| CRH PLC | ORD | G25508105 |  | 47395920 | 379775 | SH |  | SOLE |  | 55449 | 0 | 324326 |
| CROWN CASTLE INC | COM | 22822V101 |  | 9278828 | 104409 | SH |  | SOLE |  | 4458 | 0 | 99951 |
| CSX CORP | COM | 126408103 |  | 217500 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| CURIOSITYSTREAM INC | COM CL A | 23130Q107 |  | 455324 | 119822 | SH |  | SOLE |  | 17040 | 0 | 102782 |
| DANAHER CORPORATION | COM | 235851102 |  | 259137 | 1132 | SH |  | SOLE |  | 0 | 0 | 1132 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1683016 | 13370 | SH |  | SOLE |  | 235 | 0 | 13135 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 442768 | 6380 | SH |  | SOLE |  | 0 | 0 | 6380 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 424542 | 11590 | SH |  | SOLE |  | 0 | 0 | 11590 |
| DRIVEN BRANDS HLDGS INC | COM | 26210V102 |  | 148200 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 324869 | 3415 | SH |  | SOLE |  | 884 | 0 | 2531 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 246167 | 2100 | SH |  | SOLE |  | 0 | 0 | 2100 |
| EA SERIES TRUST | ARS CORE EQTY | 02072Q523 |  | 68013349 | 4173443 | SH |  | SOLE |  | 196549 | 0 | 3976894 |
| EA SERIES TRUST | BASTION ENERGY E | 02072Q671 |  | 267946 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| EA SERIES TRUST | ARS FOCUSED OPPO | 02072Q531 |  | 192656292 | 5603699 | SH |  | SOLE |  | 3059878 | 0 | 2543821 |
| EATON CORP PLC | SHS | G29183103 |  | 14901172 | 46784 | SH |  | SOLE |  | 9913 | 0 | 36871 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 3596715 | 112187 | SH |  | SOLE |  | 2680 | 0 | 109507 |
| EQUINIX INC | COM | 29444U700 |  | 229848 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 382620 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4438139 | 36880 | SH |  | SOLE |  | 405 | 0 | 36475 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 376418 | 19383 | SH |  | SOLE |  | 3232 | 0 | 16151 |
| FIRST TR EXCHANGE TRADED FD | NASDQ CLN EDGE | 33737A108 |  | 1489416 | 9733 | SH |  | SOLE |  | 2499 | 0 | 7234 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 46985524 | 925094 | SH |  | SOLE |  | 138681 | 0 | 786413 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 275590 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| FTAI INFRASTRUCTURE INC | COMMON STOCK | 35953C106 |  | 92200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| FULL HSE RESORTS INC | COM | 359678109 |  | 53826 | 20623 | SH |  | SOLE |  | 0 | 0 | 20623 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 21415908 | 82754 | SH |  | SOLE |  | 2245 | 0 | 80509 |
| GCI LIBERTY INC | COM SER C | 36164V800 |  | 297717 | 8001 | SH |  | SOLE |  | 0 | 0 | 8001 |
| GE AEROSPACE | COM NEW | 369604301 |  | 356699 | 1158 | SH |  | SOLE |  | 0 | 0 | 1158 |
| GE VERNOVA INC | COM | 36828A101 |  | 35465976 | 54265 | SH |  | SOLE |  | 8447 | 0 | 45818 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 2353253 | 6990 | SH |  | SOLE |  | 90 | 0 | 6900 |
| GENERAL MTRS CO | COM | 37045V100 |  | 26206996 | 322270 | SH |  | SOLE |  | 68114 | 0 | 254156 |
| GENESIS ENERGY L P | UNIT LTD PARTN | 371927104 |  | 499200 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 984670 | 23044 | SH |  | SOLE |  | 5964 | 0 | 17080 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 11796351 | 317021 | SH |  | SOLE |  | 13385 | 0 | 303636 |
| GRAHAM CORP | COM | 384556106 |  | 394693 | 6145 | SH |  | SOLE |  | 948 | 0 | 5197 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 248978 | 18977 | SH |  | SOLE |  | 5612 | 0 | 13365 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 793491 | 21205 | SH |  | SOLE |  | 0 | 0 | 21205 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 6936832 | 288794 | SH |  | SOLE |  | 12832 | 0 | 275962 |
| HUBBELL INC | COM | 443510607 |  | 222055 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 431009 | 48050 | SH |  | SOLE |  | 8287 | 0 | 39763 |
| INNOVATE CORP | COM NEW | 45784J303 |  | 463038 | 102442 | SH |  | SOLE |  | 11617 | 0 | 90825 |
| INTELLICHECK INC | COM NEW | 45817G201 |  | 725789 | 108651 | SH |  | SOLE |  | 16435 | 0 | 92216 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1597409 | 5393 | SH |  | SOLE |  | 0 | 0 | 5393 |
| INVESCO DB MULTI-SECTOR COMM | AGRICULTURE FD | 46140H106 |  | 268164 | 10508 | SH |  | SOLE |  | 10495 | 0 | 13 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 292886 | 477 | SH |  | SOLE |  | 0 | 0 | 477 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 1800557 | 36265 | SH |  | SOLE |  | 11955 | 0 | 24310 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 2564013 | 11943 | SH |  | SOLE |  | 4473 | 0 | 7470 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 254057 | 2639 | SH |  | SOLE |  | 0 | 0 | 2639 |
| ISHARES TR | LARGE CAP MAX BU | 46438G471 |  | 266433 | 9990 | SH |  | SOLE |  | 0 | 0 | 9990 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 358194 | 2409 | SH |  | SOLE |  | 0 | 0 | 2409 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1201243 | 8511 | SH |  | SOLE |  | 0 | 0 | 8511 |
| ISHARES TR | CORE S ETF | 464287200 |  | 3753471 | 5480 | SH |  | SOLE |  | 683 | 0 | 4797 |
| ISHARES TR | LARGE CAP MAX BU | 46438G588 |  | 536412 | 19900 | SH |  | SOLE |  | 0 | 0 | 19900 |
| ISHARES TR | LARGE CAP MAX BU | 46438G612 |  | 280815 | 9960 | SH |  | SOLE |  | 0 | 0 | 9960 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 935359 | 13474 | SH |  | SOLE |  | 0 | 0 | 13474 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 462000 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 423200 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| ISHARES TR | US BR DEL SE ETF | 464288794 |  | 2848809 | 15882 | SH |  | SOLE |  | 4028 | 0 | 11854 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 1100691 | 16396 | SH |  | SOLE |  | 60 | 0 | 16336 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 420630 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| IZEA WORLDWIDE INC | COM NEW | 46604H204 |  | 467964 | 106841 | SH |  | SOLE |  | 18585 | 0 | 88256 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 11791797 | 56979 | SH |  | SOLE |  | 2418 | 0 | 54561 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 9453831 | 124540 | SH |  | SOLE |  | 547 | 0 | 123993 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 2865830 | 9762 | SH |  | SOLE |  | 65 | 0 | 9697 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 74541846 | 435459 | SH |  | SOLE |  | 54198 | 0 | 381261 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 267300 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 |  | 82060 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 325302 | 35630 | SH |  | SOLE |  | 4200 | 0 | 31430 |
| MAGNITE INC | COM | 55955D100 |  | 227220 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| MARATHON PETE CORP | COM | 56585A102 |  | 16270969 | 100049 | SH |  | SOLE |  | 17018 | 0 | 83031 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 413339 | 2228 | SH |  | SOLE |  | 0 | 0 | 2228 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 4396602 | 7061 | SH |  | SOLE |  | 75 | 0 | 6986 |
| MATTHEWS INTL CORP | CL A | 577128101 |  | 449499 | 17209 | SH |  | SOLE |  | 3005 | 0 | 14204 |
| MERCK  CO INC | COM | 58933Y105 |  | 2377448 | 22586 | SH |  | SOLE |  | 245 | 0 | 22341 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1593457 | 2414 | SH |  | SOLE |  | 0 | 0 | 2414 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 223070 | 160 | SH |  | SOLE |  | 0 | 0 | 160 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 76845786 | 269247 | SH |  | SOLE |  | 35249 | 0 | 233998 |
| MIND TECHNOLOGY INC | COM NEW | 602566309 |  | 698770 | 79496 | SH |  | SOLE |  | 7794 | 0 | 71702 |
| MINERALS TECHNOLOGIES INC | COM | 603158106 |  | 247945 | 4068 | SH |  | SOLE |  | 891 | 0 | 3177 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 896431 | 16653 | SH |  | SOLE |  | 0 | 0 | 16653 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 22292265 | 125569 | SH |  | SOLE |  | 27642 | 0 | 97927 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 359554 | 938 | SH |  | SOLE |  | 0 | 0 | 938 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 1009390 | 19980 | SH |  | SOLE |  | 0 | 0 | 19980 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 688473 | 12900 | SH |  | SOLE |  | 0 | 0 | 12900 |
| NEWMONT CORP | COM | 651639106 |  | 69601741 | 697063 | SH |  | SOLE |  | 93355 | 0 | 603708 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 422112 | 5258 | SH |  | SOLE |  | 0 | 0 | 5258 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 500640 | 1734 | SH |  | SOLE |  | 0 | 0 | 1734 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 13146762 | 23056 | SH |  | SOLE |  | 1256 | 0 | 21800 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 8576333 | 168560 | SH |  | SOLE |  | 7787 | 0 | 160773 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 521870 | 43781 | SH |  | SOLE |  | 8935 | 0 | 34846 |
| NUCOR CORP | COM | 670346105 |  | 1043088 | 6395 | SH |  | SOLE |  | 0 | 0 | 6395 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 41063734 | 220181 | SH |  | SOLE |  | 42484 | 0 | 177697 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 200822 | 9641 | SH |  | SOLE |  | 0 | 0 | 9641 |
| PARK AEROSPACE CORP | COM | 70014A104 |  | 279234 | 13085 | SH |  | SOLE |  | 3075 | 0 | 10010 |
| PEPSICO INC | COM | 713448108 |  | 2287135 | 15936 | SH |  | SOLE |  | 0 | 0 | 15936 |
| PERMA-FIX ENVIRONMENTAL SVCS | COM NEW | 714157203 |  | 455066 | 36145 | SH |  | SOLE |  | 4921 | 0 | 31224 |
| PROGRESSIVE CORP | COM | 743315103 |  | 227280 | 998 | SH |  | SOLE |  | 0 | 0 | 998 |
| QUANTA SVCS INC | COM | 74762E102 |  | 24095405 | 57090 | SH |  | SOLE |  | 11203 | 0 | 45887 |
| QUIPT HOME MEDICAL CORP | COM | 74880P104 |  | 35300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| QXO INC | COM NEW | 82846H405 |  | 5192019 | 269156 | SH |  | SOLE |  | 2100 | 0 | 267056 |
| RANPAK HOLDINGS CORP | COM CL A | 75321W103 |  | 549196 | 101515 | SH |  | SOLE |  | 16145 | 0 | 85370 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 27358932 | 35445 | SH |  | SOLE |  | 7921 | 0 | 27524 |
| RICHARDSON ELECTRS LTD | COM | 763165107 |  | 539202 | 49559 | SH |  | SOLE |  | 5981 | 0 | 43578 |
| RTX CORPORATION | COM | 75513E101 |  | 38912026 | 212170 | SH |  | SOLE |  | 24520 | 0 | 187650 |
| S GLOBAL INC | COM | 78409V104 |  | 203288 | 389 | SH |  | SOLE |  | 0 | 0 | 389 |
| SALESFORCE INC | COM | 79466L302 |  | 15721084 | 59345 | SH |  | SOLE |  | 14297 | 0 | 45048 |
| SANDISK CORP | COM | 80004C200 |  | 525322 | 2213 | SH |  | SOLE |  | 0 | 0 | 2213 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 27861757 | 101172 | SH |  | SOLE |  | 5040 | 0 | 96132 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 1032350 | 23090 | SH |  | SOLE |  | 1174 | 0 | 21916 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 3467360 | 63308 | SH |  | SOLE |  | 255 | 0 | 63053 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y407 |  | 2810053 | 23533 | SH |  | SOLE |  | 104 | 0 | 23429 |
| SELECT SECTOR SPDR TR | STATE STREET COM | 81369Y852 |  | 1959716 | 16647 | SH |  | SOLE |  | 120 | 0 | 16527 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 3113506 | 20113 | SH |  | SOLE |  | 91 | 0 | 20022 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 1027394 | 13226 | SH |  | SOLE |  | 64 | 0 | 13162 |
| SELECT SECTOR SPDR TR | STATE STREET MAT | 81369Y100 |  | 513323 | 11319 | SH |  | SOLE |  | 52 | 0 | 11267 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 13177096 | 91527 | SH |  | SOLE |  | 11908 | 0 | 79619 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 2399881 | 15471 | SH |  | SOLE |  | 70 | 0 | 15401 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 599736 | 14049 | SH |  | SOLE |  | 68 | 0 | 13981 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 279750 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1973227 | 4979 | SH |  | SOLE |  | 4679 | 0 | 300 |
| SPDR INDEX SHS FDS | MSCI ACWI EXUS | 78463X848 |  | 308158 | 8579 | SH |  | SOLE |  | 8579 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 29369930 | 43069 | SH |  | SOLE |  | 16791 | 0 | 26278 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 2129190 | 3529 | SH |  | SOLE |  | 16 | 0 | 3513 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A755 |  | 4468409 | 43127 | SH |  | SOLE |  | 17967 | 0 | 25160 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 |  | 1436325 | 30651 | SH |  | SOLE |  | 186 | 0 | 30465 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 2145411 | 16992 | SH |  | SOLE |  | 6032 | 0 | 10960 |
| SPIRE GLOBAL INC | COM CL A NEW | 848560306 |  | 230340 | 30712 | SH |  | SOLE |  | 3745 | 0 | 26967 |
| STAGWELL INC | COM CL A | 85256A109 |  | 71379 | 14597 | SH |  | SOLE |  | 14597 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 11274186 | 66534 | SH |  | SOLE |  | 365 | 0 | 66169 |
| TANGER INC | COM | 875465106 |  | 542663 | 16262 | SH |  | SOLE |  | 0 | 0 | 16262 |
| TARGA RES CORP | COM | 87612G101 |  | 12169822 | 65961 | SH |  | SOLE |  | 3081 | 0 | 62880 |
| TECHPRECISION CORP | COM NEW | 878739200 |  | 1521006 | 314908 | SH |  | SOLE |  | 25238 | 0 | 289670 |
| TESLA INC | COM | 88160R101 |  | 3513213 | 7812 | SH |  | SOLE |  | 0 | 0 | 7812 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1600441 | 2762 | SH |  | SOLE |  | 0 | 0 | 2762 |
| TIPTREE INC | COM | 88822Q103 |  | 218052 | 11935 | SH |  | SOLE |  | 2225 | 0 | 9710 |
| T-MOBILE US INC | COM | 872590104 |  | 1193875 | 5880 | SH |  | SOLE |  | 0 | 0 | 5880 |
| TORTOISE CAPITAL SERIES TRUS | NORTH AMERN PIPE | 890930308 |  | 1371214 | 38851 | SH |  | SOLE |  | 9989 | 0 | 28862 |
| UNION PAC CORP | COM | 907818108 |  | 309275 | 1337 | SH |  | SOLE |  | 0 | 0 | 1337 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 227560 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 4344468 | 12064 | SH |  | SOLE |  | 7156 | 0 | 4908 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 412420 | 2159 | SH |  | SOLE |  | 0 | 0 | 2159 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 622132 | 2975 | SH |  | SOLE |  | 0 | 0 | 2975 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 288507 | 591 | SH |  | SOLE |  | 0 | 0 | 591 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 391148 | 1780 | SH |  | SOLE |  | 0 | 0 | 1780 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 21953003 | 135504 | SH |  | SOLE |  | 26874 | 0 | 108630 |
| VIRTRA INC | COM PAR | 92827K301 |  | 246044 | 58582 | SH |  | SOLE |  | 14375 | 0 | 44207 |
| VISA INC | COM CL A | 92826C839 |  | 965559 | 2753 | SH |  | SOLE |  | 141 | 0 | 2612 |
| VISTRA CORP | COM | 92840M102 |  | 15302634 | 94853 | SH |  | SOLE |  | 22859 | 0 | 71994 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 44655140 | 259216 | SH |  | SOLE |  | 52754 | 0 | 206462 |
| XCEL ENERGY INC | COM | 98389B100 |  | 2509172 | 33972 | SH |  | SOLE |  | 100 | 0 | 33872 |

---