| IES Holdings, Inc. (IESC) | $7.6B | 68.36% | 10,293,528 | -46,720 | Trimmed |
| Sandisk Corp. (SNDK) | $341.1M | 3.08% | 150,000 | 0 | Held |
| Owens Corning (OC) | $160.1M | 1.45% | 1,007,315 | +66,793 | Added |
| Micron Technology Inc. (MU) | $150.1M | 1.36% | 130,000 | -10,000 | Trimmed |
| Tutor Perini Corp. (TPC) | $127.7M | 1.15% | 1,539,141 | +288,414 | Added |
| Oracle Corp. (ORCL) | $126.3M | 1.14% | 861,500 | +861,500 | New position |
| White Mountains Insurance Group Ltd. (WTM) | $122.8M | 1.11% | 59,243 | +21,429 | Added |
| Amphenol Corp. (APH) | $104.1M | 0.94% | 590,500 | +230,000 | Added |
| Alpha Metallurgical Resources, Inc. (AMR) | $99.2M | 0.90% | 601,255 | +57,107 | Added |
| Western Digital Corp. (WDC) | $95.8M | 0.87% | 150,009 | -50,000 | Trimmed |
| Vaneck ETF Trust (OIH) | $92.5M | 0.84% | 248,590 | +98,590 | Added |
| Apple Inc. (AAPL) | $91.1M | 0.82% | 315,000 | +245,000 | Added |
| Corning Inc. (GLW) | $83.0M | 0.75% | 325,000 | -75,900 | Trimmed |
| Advanced Micro Devices Inc. (AMD) | $81.3M | 0.73% | 140,000 | -60,000 | Trimmed |
| Avantor, Inc. (AVTR) | $75.3M | 0.68% | 7,607,270 | +2,690,000 | Added |
| Babcock & Wilcox Enterprises, Inc. (BW) | $72.5M | 0.66% | 5,142,978 | +16,910 | Added |
| UFP Industries Inc. (UFPI) | $68.2M | 0.62% | 751,340 | +375,642 | Added |
| Transocean Ltd. (RIG) | $67.7M | 0.61% | 13,853,533 | +2,153,533 | Added |
| Genworth Financial Inc. (GNW) | $67.6M | 0.61% | 7,141,238 | -557,675 | Trimmed |
| Mohawk Industries Inc. (MHK) | $67.6M | 0.61% | 557,360 | +132,013 | Added |
| Flex Ltd. (FLEX) | $60.0M | 0.54% | 370,000 | -30,000 | Trimmed |
| Assured Guaranty Ltd. (AGO) | $58.2M | 0.53% | 726,136 | +480,714 | Added |
| ON Semiconductor Corp. (ON) | $53.9M | 0.49% | 570,000 | +100,000 | Added |
| BlueLinx Holdings Inc. (BXC) | $47.3M | 0.43% | 764,406 | +24,883 | Added |
| Peabody Energy Corp. (BTU) | $46.3M | 0.42% | 2,003,893 | +1,497,279 | Added |
| Supernus, Inc. (INDV) | $45.0M | 0.41% | 1,096,343 | 0 | Held |
| Goodyear Tire & Rubber Co. (GT) | $44.2M | 0.40% | 6,690,818 | +3,730,807 | Added |
| SPDR Ser Trust (XBI) | $41.5M | 0.38% | 262,278 | 0 | Held |
| SLB Limited (SLB) | $40.9M | 0.37% | 880,000 | -20,000 | Trimmed |
| Lumen Technologies, Inc. (LUMN) | $38.3M | 0.35% | 4,986,216 | +225,000 | Added |
| Champion Homes, Inc. (SKY) | $37.5M | 0.34% | 425,360 | +108,263 | Added |
| Baxter International Inc. (BAX) | $37.4M | 0.34% | 1,755,898 | +191,355 | Added |
| Halliburton Co. (HAL) | $33.2M | 0.30% | 977,489 | 0 | Held |
| Core Natural Resources, Inc. (CNR) | $33.1M | 0.30% | 413,570 | +263,570 | Added |
| Atkore Inc. (ATKR) | $30.4M | 0.28% | 400,214 | 0 | Held |
| Nabors Industries Ltd. (NBR) | $29.3M | 0.26% | 348,234 | +5,435 | Added |
| Littelfuse Inc. (LFUS) | $29.0M | 0.26% | 63,658 | +63,658 | New position |
| Tetra Technologies Inc. (TTI) | $28.7M | 0.26% | 2,534,420 | -241,668 | Trimmed |
| Innospec Inc. (IOSP) | $26.4M | 0.24% | 324,504 | +30,000 | Added |
| Commscope Hldg Co. Inc. (VISN) | $24.1M | 0.22% | 1,885,076 | +1,230,076 | Added |
| First Trust Exchange-Traded FD (FCG) | $23.9M | 0.22% | 900,000 | 0 | Held |
| Boeing Co. (BA) | $23.8M | 0.21% | 110,000 | 0 | Held |
| Alcoa Corp. (AA) | $22.9M | 0.21% | 440,000 | +186,912 | Added |
| SunCoke Energy, Inc. (SXC) | $22.4M | 0.20% | 2,777,114 | +700,000 | Added |
| TechnipFMC plc (FTI) | $21.2M | 0.19% | 320,000 | 0 | Held |
| Materion Corp. (MTRN) | $21.2M | 0.19% | 71,296 | 0 | Held |
| Alkermes plc. (ALKS) | $20.7M | 0.19% | 395,882 | +132,278 | Added |
| Bausch Health Companies Inc. (BHC) | $19.9M | 0.18% | 4,037,091 | +1,067,251 | Added |
| EQT Corp. (EQT) | $19.7M | 0.18% | 370,000 | +50,000 | Added |
| Liberty Energy Inc. (LBRT) | $19.6M | 0.18% | 750,000 | 0 | Held |
| Tower Semiconductor Ltd (TSEM) | $19.5M | 0.18% | 75,000 | 0 | Held |
| Orion Group Holdings Inc. (ORN) | $18.6M | 0.17% | 1,104,300 | 0 | Held |
| GE Vernova Inc. (GEV) | $17.6M | 0.16% | 15,000 | 0 | Held |
| Smart Sand, Inc. (SND) | $17.2M | 0.16% | 3,437,474 | +310,559 | Added |
| Millerknoll, Inc. (MLKN) | $16.4M | 0.15% | 801,445 | +801,445 | New position |
| Matrix Service Co. (MTRX) | $16.3M | 0.15% | 1,192,529 | -38,778 | Trimmed |
| FMC Corp. (FMC) | $16.0M | 0.14% | 1,395,000 | 0 | Held |
| Cummins Inc. (CMI) | $15.9M | 0.14% | 22,240 | 0 | Held |
| Select Water Solutions, Inc. (WTTR) | $14.3M | 0.13% | 715,269 | 0 | Held |
| Republic Bancorp Inc. (RBCAA) | $12.9M | 0.12% | 142,916 | 0 | Held |
| Core Laboratories Inc. (CLB) | $12.7M | 0.12% | 1,090,973 | +442,513 | Added |
| Friedman Industries Inc. (FRD) | $11.4M | 0.10% | 354,576 | 0 | Held |
| Coherent Corp. (COHR) | $10.9M | 0.10% | 27,627 | 0 | Held |
| Winnebago Industries Inc. (WGO) | $10.0M | 0.09% | 321,564 | +157,880 | Added |
| General Mills Inc. (GIS) | $10.0M | 0.09% | 288,000 | +288,000 | New position |
| Patrick Industries Inc. (PATK) | $9.4M | 0.09% | 105,088 | 0 | Held |
| Peoples Bancorp of North Carolina Inc. (PEBK) | $9.4M | 0.09% | 217,763 | 0 | Held |
| Prospect Capital Corp. (PSEC) | $9.3M | 0.08% | 4,009,902 | 0 | Held |
| Stepan Co. (SCL) | $9.2M | 0.08% | 165,520 | 0 | Held |
| Innovex International, Inc. (INVX) | $8.8M | 0.08% | 356,460 | 0 | Held |
| EnerSys (ENS) | $8.8M | 0.08% | 37,580 | +5,394 | Added |
| Optical Cable Corp. (OCC) | $8.2M | 0.07% | 391,596 | -25,844 | Trimmed |
| Nine Energy Service, Inc. (NINE) | $8.0M | 0.07% | 614,230 | -170,271 | Trimmed |
| First United Corp. (FUNC) | $7.9M | 0.07% | 178,352 | 0 | Held |
| Inseego Corp. (INSG) | $7.6M | 0.07% | 740,332 | +311,031 | Added |
| Alerus Financial Corp. (ALRS) | $7.3M | 0.07% | 233,700 | 0 | Held |
| Conagra Brands Inc. (CAG) | $6.9M | 0.06% | 512,000 | +512,000 | New position |
| First MID Bancshares, Inc. (FMBH) | $6.6M | 0.06% | 137,473 | 0 | Held |
| First US Bancshares Inc. (FUSB) | $6.6M | 0.06% | 397,454 | 0 | Held |
| Ameriserv Financial Inc. (ASRV) | $6.3M | 0.06% | 1,635,677 | 0 | Held |
| Citizens Community Bancorp Inc. (CZWI) | $5.8M | 0.05% | 248,319 | 0 | Held |
| Ferroglobe PLC (GSM) | $5.2M | 0.05% | 1,641,676 | +729,353 | Added |
| Choiceone Finl Svcs Inc. (COFS) | $5.1M | 0.05% | 148,548 | 0 | Held |
| KLX Energy Services Holding (KLXE) | $4.8M | 0.04% | 1,866,221 | +95,113 | Added |
| Drilling Tools International (DTI) | $4.5M | 0.04% | 2,346,628 | -62,431 | Trimmed |
| Universal Technical Institute Inc. (UTI) | $3.9M | 0.04% | 91,585 | 0 | Held |
| MID Penn Bancorp Inc. (MPB) | $3.8M | 0.03% | 108,271 | 0 | Held |
| Invesco S&P Smallcap Energy (PSCE) | $3.8M | 0.03% | 68,469 | 0 | Held |
| NOV Inc. (NOV) | $3.7M | 0.03% | 200,000 | -40,330 | Trimmed |
| Neighborhood Intelligence, Inc. (NXH) | $3.6M | 0.03% | 620,000 | +620,000 | New position |
| Camden National Corp. (CAC) | $3.3M | 0.03% | 61,269 | 0 | Held |
| Shore Bancshares Inc. (SHBI) | $3.1M | 0.03% | 136,840 | 0 | Held |
| Octave Specialty Group Inc. (OSG) | $3.1M | 0.03% | 494,092 | -919,120 | Trimmed |
| BV Financial, Inc. (BVFL) | $3.0M | 0.03% | 141,262 | 0 | Held |
| Oil States International, Inc. (OIS) | $2.4M | 0.02% | 298,317 | 0 | Held |
| Southland Hldgs Inc. (SLND) | $1.5M | 0.01% | 2,322,648 | +42,391 | Added |
| SB Financial Group, Inc. (SBFG) | $1.2M | 0.01% | 46,286 | 0 | Held |
| Interface Inc. (TILE) | $896.0K | 0.01% | 25,000 | 0 | Held |
| First Bank/Hamilton NJ (FRBA) | $867.7K | 0.01% | 48,939 | 0 | Held |
| Blue Ridge Bankshares, Inc. (BRBS) | $757.6K | 0.01% | 214,608 | 0 | Held |