First Eagle Investment Management, LLC

13F filer, CIK 1325447, NEW YORK, NY

First Eagle Investment Management, LLC reported $50,934,092,344 across 392 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-06. Its ten largest share positions make up 33.51% of the portfolio.

Filed 2025-08-06 (acceptance time not in the bulk data set), ingested 2026-10-07 18:23:11 UTC13F-HR 0001325447-25-000033

Period: 2025-06-30
Reported value: $50.9B
Holdings: 392
Top 10 weight: 33.51%
New: 21
Sold out: 40

Part of the filer group First Eagle Investment Management, LLC

FIRST EAGLE SEPARATE ACCOUNT MANAGEMENT, LLC

How groups are built

Largest buys vs the previous quarter

Security	Shares change	Approx. value
Bnew	+39,483,961	$822M
BDXadded	+3,268,478	$563M
OKEadded	+3,545,256	$289M
TSMadded	+1,047,777	$237M
CRMadded	+845,389	$231M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
BARRICK GOLD CORPexited	-45,617,874	-$887M
PMreduced	-1,852,263	-$337M
ORCLreduced	-1,134,615	-$248M
BROexited	-1,921,699	-$239M
GLDreduced	-681,116	-$206M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001325447-25-000033, largest first. % of portfolio is the value over $49,966,292,344, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
METAMETA PLATFORMS INC	3,332,941	$2.46B	4.92%	-211,930	Timeline
ORCLORACLE CORP	11,148,566	$2.44B	4.88%	-1,134,615	Timeline
IMOIMPERIAL OIL LTD	20,491,197	$1.63B	3.26%	-597,160	Timeline
WPMWHEATON PRECIOUS METALS CORP	18,096,257	$1.63B	3.25%	-485,215	Timeline
HCAHCA HEALTHCARE INC	4,209,857	$1.61B	3.23%	-312,244	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	6,693,025	$1.52B	3.03%	+1,047,777	Timeline
BDXBECTON DICKINSON & CO	8,786,190	$1.51B	3.03%	+3,268,478	Timeline
GOOGALPHABET INC	7,511,577	$1.33B	2.67%	+334,802	Timeline
WTWWILLIS TOWERS WATSON PLC LTD	4,293,549	$1.32B	2.63%	-137,824	Timeline
PMPHILIP MORRIS INTL INC	7,132,119	$1.3B	2.6%	-1,852,263	Timeline
FMXFOMENTO ECONOMICO MEXICANO S	12,512,881	$1.29B	2.58%	-131,608	Timeline
CMCSACOMCAST CORP NEW	35,905,236	$1.28B	2.56%	+490,923	Timeline
ELVELEVANCE HEALTH INC FORMERLY	3,200,146	$1.24B	2.49%	-41,215	Timeline
BNYBANK OF NY MELLON CORP	12,552,364	$1.14B	2.29%	-1,385,172	Timeline
CHRWC H ROBINSON WORLDWIDE IN	10,585,623	$1.02B	2.03%	-146,554	Timeline
NEMNEWMONT CORP	17,121,534	$998M	2%	-462,787	Timeline
SLBSLB LIMITED	27,530,992	$931M	1.86%	-396,660	Timeline
CRMSALESFORCE INC	3,215,329	$877M	1.75%	+845,389	Timeline
MDTMEDTRONIC PLC	9,732,218	$848M	1.7%	-83,431	Timeline
XOMEXXON MOBIL CORP	7,793,152	$840M	1.68%	-913,185	Timeline
UHSUNIVERSAL HLTH SVCS INC	4,620,378	$837M	1.68%	-56,340	Timeline
BBARRICK MNG CORP	39,483,961	$822M	1.65%	new	Timeline
ABEVAMBEV SA	338,661,869	$816M	1.63%	-2,915,276	Timeline
TXNTEXAS INSTRS INC	3,871,517	$804M	1.61%	+241,182	Timeline
NTRNUTRIEN LTD	13,268,229	$773M	1.55%	+1,627,328	Timeline
GLDSPDR GOLD TR	2,464,780	$747M	1.49%	-681,116	Timeline
EXPDEXPEDITORS INTL WASH INC	6,279,825	$717M	1.44%	+918,108	Timeline
CLCOLGATE PALMOLIVE CO	7,871,222	$715M	1.43%	-848,461	Timeline
DGDOLLAR GEN CORP	5,975,918	$684M	1.37%	-94,073	Timeline
PPGPPG INDS INC	5,560,280	$632M	1.27%	+971,799	Timeline
AEMAGNICO EAGLE MINES LTD	5,271,369	$628M	1.26%	-1,263,684	Timeline
VMRKVIVMARK RESIDENTIAL	9,194,561	$621M	1.24%	-108,078	Timeline
AXPAMERICAN EXPRESS CO	1,931,940	$616M	1.23%	-173,334	Timeline
BIOBIO RAD LABS INC	2,517,313	$607M	1.22%	+951,123	Timeline
RGLDROYAL GOLD INC	3,343,634	$595M	1.19%	-68,767	Timeline
GOOGLALPHABET INC	3,280,631	$578M	1.16%	-60,082	Timeline
ADIANALOG DEVICES INC	2,244,833	$534M	1.07%	-609,473	Timeline
FNVFRANCO NEV CORP	3,202,237	$526M	1.05%	-16,954	Timeline
OKEONEOK INC NEW	6,256,173	$511M	1.02%	+3,545,256	Timeline
CMICUMMINS INC	1,523,048	$499M	1%	-22,316	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	649	$473M	0.95%	-263	Timeline
NOVNOV INC	37,572,394	$467M	0.93%	-666,978	Timeline
DISDISNEY WALT CO	3,423,309	$425M	0.85%	-53,092	Timeline
IFFINTERNATIONAL FLAVORS&FRAGRA	5,441,094	$400M	0.8%	+2,991,405	Timeline
USBUS BANCORP	8,764,371	$397M	0.79%	-126,827	Timeline
WYWEYERHAEUSER CO	14,144,971	$363M	0.73%	-258,120	Timeline
FNFFIDELITY NATL FINL INC	6,042,327	$339M	0.68%	-50,523	Timeline
NENOBLE CORP PLC	12,166,096	$323M	0.65%	-22,503	Timeline
CHTRCHARTER COMMUNICATIONS INC	754,426	$308M	0.62%	-14,485	Timeline
IPGPIPG PHOTONICS CORP	4,467,111	$307M	0.61%	-41,121	Timeline
MSFTMICROSOFT CORP	544,978	$271M	0.54%	-114,715	Timeline
DEDEERE & CO	512,633	$261M	0.52%	-17,540	Timeline
BXPBXP INC	3,539,982	$239M	0.48%	-96,751	Timeline
EXREXTRA SPACE STORAGE INC	1,583,614	$233M	0.47%	-32,435	Timeline
XRAYDENTSPLY SIRONA INC	14,193,858	$225M	0.45%	-245,117	Timeline
CCUCOMPANIA CERVECERIAS UNIDAS	15,891,620	$205M	0.41%	-730	Timeline
FLSFLOWSERVE CORP	3,909,570	$205M	0.41%	-77,221	Timeline
CSLCARLISLE COS INC	537,448	$201M	0.4%	-10,653	Timeline
DEIDOUGLAS EMMETT INC	13,030,644	$196M	0.39%	-231,032	Timeline
KGCKINROSS GOLD CORP	11,825,153	$185M	0.37%	+37,942	Timeline
ROSTROSS STORES INC	1,436,374	$183M	0.37%	-41,282	Timeline
AGIALAMOS GOLD INC	6,241,116	$166M	0.33%	-157,250	Timeline
MAG SILVER CORPMAG SILVER CORP	7,799,692	$166M	0.33%	+8,442
FERGFERGUSON ENTERPRISES INC	600,000	$131M	0.26%	new	Timeline
KHCKRAFT HEINZ CO	3,974,279	$103M	0.21%	-900,439	Timeline
AUANGLOGOLD ASHANTI PLC	2,054,211	$93.6M	0.19%	-447,157	Timeline
GFIGOLD FIELDS LTD	3,582,235	$84.8M	0.17%	-2,566,267	Timeline
ORLAORLA MNG LTD NEW	6,852,706	$68.9M	0.14%	-1,188,239	Timeline
EPDENTERPRISE PRODS PARTNERS L	1,852,080	$57.4M	0.11%	+200,193	Timeline
BTIBRITISH AMERN TOB PLC	1,124,502	$53.2M	0.11%	+113,687	Timeline
NGNOVAGOLD RESOURCES INC	11,805,442	$48.3M	0.1%	-6,425,600	Timeline
BTGB2GOLD CORP	12,856,490	$46.5M	0.09%	+14,389	Timeline
SHELSHELL PLC	608,425	$42.8M	0.09%	+113,293	Timeline
BILSPDR SERIES TRUST	437,200	$40.1M	0.08%	+219,937	Timeline
UNILEVER PLCUNILEVER PLC	635,155	$38.9M	0.08%	-1,815
KOFCOCA-COLA FEMSA SAB DE CV	371,596	$35.9M	0.07%	+14,773	Timeline
RPMRPM INTL INC	288,063	$31.6M	0.06%	-10,786	Timeline
BANK OF AMER CORPBANK OF AMER CORP	24,541	$29.8M	0.06%	0
LYGLLOYDS BANKING GROUP PLC	6,816,161	$29M	0.06%	+612,523	Timeline
HLNHALEON PLC	2,783,907	$28.9M	0.06%	+294,969	Timeline
CAECAE INC	940,907	$27.6M	0.06%	-1,307	Timeline
WELLS FARGO & COWELLS FARGO & CO	20,691	$24.3M	0.05%	0
TTMITTM TECHNOLOGIES INC	546,069	$22.3M	0.04%	-212,242	Timeline
TELTE CONNECTIVITY PLC	124,586	$21M	0.04%	-1,398	Timeline
FNFABRINET	64,254	$18.9M	0.04%	-2,700	Timeline
HDHOME DEPOT INC	49,937	$18.3M	0.04%	-559	Timeline
LINCLINCOLN EDL SVCS CORP	789,230	$18.2M	0.04%	-101,500	Timeline
DCODUCOMMUN INC DEL	217,888	$18M	0.04%	-30,699	Timeline
CDECOEUR MNG INC	1,994,230	$17.7M	0.04%	-469,748	Timeline
SNYSANOFI SA	355,667	$17.2M	0.03%	-26,553	Timeline
GHMGRAHAM CORP	346,673	$17.2M	0.03%	-21,500	Timeline
CECOCECO ENVIRONMENTAL CORP	601,478	$17M	0.03%	+13,200	Timeline
AEISADVANCED ENERGY INDS	119,883	$15.9M	0.03%	+900	Timeline
LNCLINCOLN NATL CORP IND	458,650	$15.9M	0.03%	-59,000	Timeline
IIININSTEEL INDS INC	417,954	$15.6M	0.03%	-99,100	Timeline
ITUBITAU UNIBANCO HLDG S A	2,266,228	$15.4M	0.03%	+213,025	Timeline
DYDYCOM INDS INC	62,455	$15.3M	0.03%	-547	Timeline
BZHBEAZER HOMES USA INC	675,175	$15.1M	0.03%	-20,000	Timeline
MGNIMAGNITE INC	618,119	$14.9M	0.03%	+122,462	Timeline
TITNTITAN MACHY INC	747,563	$14.8M	0.03%	-10,658	Timeline
AXSAXIS CAP HLDGS LTD	137,362	$14.3M	0.03%	-47,387	Timeline
IPIINTREPID POTASH INC	398,174	$14.2M	0.03%	-186,147	Timeline
ALAIR LEASE CORP	240,377	$14.1M	0.03%	-22,610	Timeline
LPXLOUISIANA PAC CORP	161,431	$13.9M	0.03%	-1,600	Timeline
OISOIL STS INTL INC	2,588,396	$13.9M	0.03%	-10,200	Timeline
LXULSB INDS INC	1,765,601	$13.8M	0.03%	-46,100	Timeline
UTIUNIVERSAL TECHNICAL INST INC	403,976	$13.7M	0.03%	-35,900	Timeline
TMHCTAYLOR MORRISON HOME CORP	221,701	$13.6M	0.03%	-6,300	Timeline
BKDBROOKDALE SR LIVING INC	1,935,586	$13.5M	0.03%	-52,300	Timeline
MTDRMATADOR RES CO	282,290	$13.5M	0.03%	-40,545	Timeline
VSHVISHAY INTERTECHNOLOGY INC	842,500	$13.4M	0.03%	+111,000	Timeline
WCCWESCO INTL INC	72,008	$13.3M	0.03%	+3,500	Timeline
OUTOUTFRONT MEDIA INC	804,035	$13.1M	0.03%	-23,600	Timeline
EYENATIONAL VISION HLDGS INC	568,102	$13.1M	0.03%	+7,800	Timeline
KTOSKRATOS DEFENSE & SEC SOLUTIO	281,063	$13.1M	0.03%	-113,200	Timeline
KMPRKEMPER CORP	200,331	$12.9M	0.03%	-16,300	Timeline
AORTARTIVION INC	415,015	$12.9M	0.03%	-18,200	Timeline
CMCCOMMERCIAL METALS CO	261,279	$12.8M	0.03%	-1,200	Timeline
PNTGPENNANT GROUP INC	426,848	$12.7M	0.03%	-4,500	Timeline
WRBYWARBY PARKER INC	561,144	$12.3M	0.02%	+141,070	Timeline
IBPINSTALLED BLDG PRODS INC	68,078	$12.3M	0.02%	-1,950	Timeline
ASTEASTEC INDS INC	292,050	$12.2M	0.02%	-8,600	Timeline
POTBELLY CORPPOTBELLY CORP	989,028	$12.1M	0.02%	-11,000
KALUKAISER ALUMINIUM CORPORATION	151,232	$12.1M	0.02%	-1,000	Timeline
ONBOLD NATL BANCORP IND	562,798	$12M	0.02%	-45,300	Timeline
ABCBAMERIS BANCORP	181,558	$11.7M	0.02%	-1,225	Timeline
QNSTQUINSTREET INC	725,874	$11.7M	0.02%	+3,051	Timeline
MTGMGIC INVT CORP WIS	419,160	$11.7M	0.02%	-41,719	Timeline
AMRCAMERESCO INC	753,807	$11.5M	0.02%	+187,380	Timeline
SBCFSEACOAST BKG CORP FLA	414,493	$11.4M	0.02%	-137,358	Timeline
HLHECLA MINING COMPANY	1,906,228	$11.4M	0.02%	-41,500	Timeline
GLNGGOLAR LNG LTD	276,272	$11.4M	0.02%	-9,700	Timeline
ACAARCOSA INC	130,480	$11.3M	0.02%	-3,000	Timeline
NMIHNMI HLDGS INC	267,119	$11.3M	0.02%	-22,000	Timeline
HSTMHEALTHSTREAM INC	406,498	$11.2M	0.02%	-6,400	Timeline
UNHUNITEDHEALTH GROUP INC	35,893	$11.2M	0.02%	-3,726	Timeline
PBFPBF ENERGY INC	507,417	$11M	0.02%	+22,000	Timeline
SIMOSILICON MOTION TECHNOLOGY CO	146,200	$11M	0.02%	new	Timeline
ORIOLD REP INTL CORP	285,374	$11M	0.02%	-37,911	Timeline
NPOENPRO INC	57,069	$10.9M	0.02%	+2,576	Timeline
MAMAMAMAS CREATIONS INC	1,315,914	$10.9M	0.02%	-5,121	Timeline
VITLVITAL FARMS INC	283,479	$10.9M	0.02%	+69,500	Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INC	2,704,255	$10.8M	0.02%	+24,000
FIPFTAI INFRASTRUCTURE INC	1,738,171	$10.7M	0.02%	+451,930	Timeline
TRNTRINITY INDS INC	394,192	$10.6M	0.02%	-6,900	Timeline
IDAIDACORP INC	91,953	$10.6M	0.02%	-10,812	Timeline
INGRINGREDION INC	77,550	$10.5M	0.02%	-15,451	Timeline
WBSWEBSTER FINL CORP	191,874	$10.5M	0.02%	+67,752	Timeline
FORFORESTAR GROUP INC	520,269	$10.4M	0.02%	-8,500	Timeline
CHEFCHEFS WHSE INC	161,913	$10.3M	0.02%	-45,648	Timeline
AXAXOS FINANCIAL INC	135,172	$10.3M	0.02%	-27,100	Timeline
ADTNADTRAN HOLDINGS INC	1,133,607	$10.2M	0.02%	-10,500	Timeline
WSRWHITESTONE REIT	811,040	$10.1M	0.02%	-287,500	Timeline
UMHUMH PPTYS INC	594,019	$9.97M	0.02%	+33,500	Timeline
MTWMANITOWOC CO INC	818,823	$9.84M	0.02%	+36,700	Timeline
THRTHERMON GROUP HLDGS INC	349,111	$9.8M	0.02%	-3,400	Timeline
NVGSNAVIGATOR HLDGS LTD	689,545	$9.76M	0.02%	+14,100	Timeline
SPBSPECTRUM BRANDS HOLDINGS INC	183,372	$9.72M	0.02%	-16,800	Timeline
CCSCENTURY COMMUNITIES INC	172,547	$9.72M	0.02%	-2,400	Timeline
FORMFORMFACTOR INC	281,444	$9.68M	0.02%	new	Timeline
CIENCIENA CORP	118,349	$9.63M	0.02%	new	Timeline
BDCBELDEN INC	82,338	$9.53M	0.02%	-6,103	Timeline
RDNRADIAN GROUP INC	261,061	$9.4M	0.02%	-30,012	Timeline
LPGDORIAN LPG LTD	385,425	$9.4M	0.02%	-3,700	Timeline
OTISOTIS WORLDWIDE CORP	94,015	$9.31M	0.02%	+17,602	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	18,876	$9.17M	0.02%	+2,994	Timeline
AVNWAVIAT NETWORKS INC	378,549	$9.1M	0.02%	+49,642	Timeline
HCSGHEALTHCARE SVCS GROUP INC	598,848	$9M	0.02%	+94,500	Timeline
JBIJANUS INTERNATIONAL GROUP IN	1,103,442	$8.98M	0.02%	-21,000	Timeline
SAHSONIC AUTOMOTIVE INC	112,216	$8.97M	0.02%	-9,100	Timeline
BHEBENCHMARK ELECTRS INC	225,079	$8.74M	0.02%	-19,800	Timeline
RELYREMITLY GLOBAL INC	460,516	$8.64M	0.02%	-11,400	Timeline
MOSMOSAIC CO	236,925	$8.64M	0.02%	+101,715	Timeline
AOSLALPHA & OMEGA SEMICONDUCTOR	329,208	$8.45M	0.02%	+22,500	Timeline
STNGSCORPIO TANKERS INC	209,968	$8.22M	0.02%	-32,400	Timeline
UCTTULTRA CLEAN HLDGS INC	360,139	$8.13M	0.02%	-45,300	Timeline
GTGOODYEAR TIRE & RUBR CO	776,455	$8.05M	0.02%	-176,517	Timeline
TRSTRIMAS CORP	281,306	$8.05M	0.02%	+8,800	Timeline
UTZUTZ BRANDS INC	640,530	$8.04M	0.02%	+78,400	Timeline
LOCOEL POLLO LOCO HLDGS INC	726,393	$8M	0.02%	+106,500	Timeline
BKHBLACK HILLS CORP	142,461	$7.99M	0.02%	-19,755	Timeline
DENNDENNY'S CORP	1,949,248	$7.99M	0.02%	+110,722	Timeline
NCMINATIONAL CINEMEDIA INC	1,644,447	$7.97M	0.02%	-213,111	Timeline
VIAVVIAVI SOLUTIONS INC	790,300	$7.96M	0.02%	+29,500	Timeline
VLYVALLEY NATL BANCORP	883,800	$7.89M	0.02%	-109,000	Timeline
PWPPERELLA WEINBERG PARTNERS	406,078	$7.89M	0.02%	+21,000	Timeline
ATECALPHATEC HLDGS INC	708,437	$7.86M	0.02%	-2,000	Timeline
STCSTEWART INFORMATION SVCS COR	120,309	$7.83M	0.02%	-2,000	Timeline
CAKECHEESECAKE FACTORY INC	124,058	$7.77M	0.02%	-83,360	Timeline
PRPERMIAN RESOURCES CORP	570,648	$7.77M	0.02%	-102,527	Timeline
NGSNATURAL GAS SVCS GROUP INC	299,239	$7.72M	0.02%	+15,550	Timeline
JBTMJBT MAREL CORPORATION	63,923	$7.69M	0.02%	-12,500	Timeline
GSMFERROGLOBE PLC	2,065,772	$7.58M	0.02%	+25,000	Timeline
VECOVEECO INSTRS INC DEL	371,881	$7.56M	0.02%	-104,917	Timeline
ATROASTRONICS CORP	222,326	$7.44M	0.01%	-55,100	Timeline
CDNACAREDX INC	379,023	$7.41M	0.01%	+50,409	Timeline
GEOSGEOSPACE TECHNOLOGIES CORP	509,364	$7.26M	0.01%	+41,477	Timeline
OGSONE GAS INC	101,014	$7.26M	0.01%	-38,600	Timeline
MURMURPHY OIL CORP	321,500	$7.23M	0.01%	+7,000	Timeline
AVTAVNET INC	136,045	$7.22M	0.01%	-28,600	Timeline
CARSCARS COM INC	607,143	$7.19M	0.01%	+22,000	Timeline
THRYTHRYV HLDGS INC	585,316	$7.12M	0.01%	+304,500	Timeline
SANMSANMINA CORP	72,572	$7.1M	0.01%	-38,300	Timeline
AMWDAMERICAN WOODMARK CORP	132,300	$7.06M	0.01%	+3,700	Timeline
EVEREVERQUOTE INC	291,457	$7.05M	0.01%	-6,400	Timeline
DEODIAGEO PLC	69,859	$7.04M	0.01%	+29,493	Timeline
DCOMDIME COML BANCSHARES INC	260,044	$7.01M	0.01%	-82,958	Timeline
SMSM ENERGY COMPANY	280,303	$6.93M	0.01%	+3,000	Timeline
PKOHPARK-OHIO HLDGS CORP	386,025	$6.89M	0.01%	+61,132	Timeline
AHCOADAPTHEALTH CORP	729,636	$6.88M	0.01%	-112,000	Timeline
MTRXMATRIX SVC CO	509,194	$6.88M	0.01%	+192,000	Timeline
NV5 HOLDINGS, INCNV5 HOLDINGS, INC	295,200	$6.82M	0.01%	-22,000
PTLOPORTILLOS INC	577,850	$6.74M	0.01%	+83,500	Timeline
BCCBOISE CASCADE CO DEL	77,253	$6.71M	0.01%	+31,400	Timeline
SIBNSI BONE INC	354,538	$6.67M	0.01%	+46,800	Timeline
CONCONCENTRA GROUP HOLDINGS PAR	324,259	$6.67M	0.01%	+8,500	Timeline
CRSCARPENTER TECHNOLOGY CORP	23,679	$6.54M	0.01%	-4,775	Timeline
SEMSELECT MED HLDGS CORP	428,948	$6.51M	0.01%	+47,789	Timeline
TROXTRONOX HOLDINGS PLC	1,261,840	$6.4M	0.01%	+190,000	Timeline
CXMSPRINKLR INC	755,728	$6.39M	0.01%	+213,000	Timeline
TWITITAN INTL INC ILL	620,251	$6.37M	0.01%	+115,087	Timeline
BLZEBACKBLAZE INC	1,157,390	$6.37M	0.01%	+92,000	Timeline
GXOGXO LOGISTICS INCORPORATED	129,431	$6.3M	0.01%	-216,769	Timeline
VPGVISHAY PRECISION GROUP INC	223,642	$6.28M	0.01%	+93,798	Timeline
HLITHARMONIC INC	661,376	$6.26M	0.01%	+399,800	Timeline
LFSTLIFESTANCE HEALTH GROUP INC	1,210,966	$6.26M	0.01%	+218,800	Timeline
ETDETHAN ALLEN INTERIORS INC	221,661	$6.17M	0.01%	+3,000	Timeline
DGIIDIGI INTL INC	176,909	$6.17M	0.01%	-8,000	Timeline
SMART GLOBAL HLDGS INCSMART GLOBAL HLDGS INC	308,744	$6.12M	0.01%	-184,000
CENXCENTURY ALUM CO	338,056	$6.09M	0.01%	-27,000	Timeline
HZOMARINEMAX INC	240,235	$6.04M	0.01%	+45,000	Timeline
MATVMATIV HOLDINGS INC	879,890	$6M	0.01%	+195,800	Timeline
ICHRICHOR HOLDINGS	305,172	$5.99M	0.01%	-61,623	Timeline
PEPPEPSICO INC	45,127	$5.96M	0.01%	-16,540	Timeline
NXQUANEX BLDG PRODS CORP	313,068	$5.92M	0.01%	+23,500	Timeline
SHOESHOE STA GROUP INC	314,384	$5.88M	0.01%	-40,301	Timeline
CUBICUSTOMERS BANCORP INC	99,717	$5.86M	0.01%	+13,600	Timeline
SMHISEACOR MARINE HLDGS INC	1,137,894	$5.8M	0.01%	+52,000	Timeline
INFUINFUSYSTEM HLDGS INC	910,371	$5.68M	0.01%	-10,000	Timeline
MECMAYVILLE ENGR CO INC	354,075	$5.65M	0.01%	+2,200	Timeline
SKTTANGER INC	181,504	$5.55M	0.01%	+3,400	Timeline
SKYCHAMPION HOMES INC	88,482	$5.54M	0.01%	-3,723	Timeline
LXFRLUXFER HLDGS PLC	449,056	$5.47M	0.01%	0	Timeline
REPXRILEY EXPLORATION PERMIAN IN	208,048	$5.46M	0.01%	-89,000	Timeline
SRTASTRATA CRITICAL MEDICAL INC	1,353,620	$5.46M	0.01%	+225,800	Timeline
TMCITREACE MED CONCEPTS INC	908,029	$5.34M	0.01%	+409,105	Timeline
ASIXADVANSIX INC	222,024	$5.27M	0.01%	-3,300	Timeline
LYTSLSI INDS INC OHIO	309,922	$5.27M	0.01%	-22,000	Timeline
OSISOSI SYSTEMS INC	23,200	$5.22M	0.01%	-6,900	Timeline
CLWCLEARWATER PAPER CORP	189,558	$5.16M	0.01%	+105,645	Timeline
NTCTNETSCOUT SYS INC	206,202	$5.12M	0.01%	-25,303	Timeline
ACLSAXCELIS TECHNOLOGIES INC	73,000	$5.09M	0.01%	new	Timeline
ALTGALTA EQUIPMENT GROUP INC	792,103	$5.01M	0.01%	+110,444	Timeline
RXORXO INC	317,975	$5M	0.01%	-52,100	Timeline
MCMOELIS & CO	79,551	$4.96M	0.01%	-23,500	Timeline
TKRTIMKEN CO	67,500	$4.9M	0.01%	new	Timeline
MNROMONRO INC	319,500	$4.76M	0.01%	-1,500	Timeline
VSECVSE CORP	35,672	$4.67M	0.01%	-18,550	Timeline
SDHCSMITH DOUGLAS HOMES CORP	240,382	$4.67M	0.01%	+4,000	Timeline
TALKTALKSPACE INC	1,601,130	$4.45M	0.01%	+469,280	Timeline
YETIYETI HLDGS INC	139,200	$4.39M	0.01%	-98,800	Timeline
AVAHAVEANNA HEALTHCARE HLDGS INC	810,667	$4.24M	0.01%	+87,500	Timeline
INTTINTEST CORP	579,834	$4.22M	0.01%	-31,000	Timeline
RBBNRIBBON COMMUNICATIONS INC	1,025,914	$4.11M	0.01%	+145,159	Timeline
JOUTJOHNSON OUTDOORS INC	133,047	$4.03M	0.01%	+27,147	Timeline
ZIMVIE INCZIMVIE INC	429,873	$4.02M	0.01%	+12,402
ASPSALTISOURCE PORTFOLIO SOLUTIO	469,880	$4.01M	0.01%	new	Timeline
COHUCOHU INC	205,327	$3.95M	0.01%	new	Timeline
DRSLEONARDO DRS INC	84,685	$3.94M	0.01%	-111,200	Timeline
PRGOPERRIGO CO PLC	145,905	$3.9M	0.01%	-5,500	Timeline
FSLYFASTLY INC	541,173	$3.82M	0.01%	-105,500	Timeline
LAKELAKELAND INDS INC	278,756	$3.79M	0.01%	+59,803	Timeline
EMBCEMBECTA CORP	389,994	$3.78M	0.01%	-5,500	Timeline
SHOOMADDEN STEVEN LTD	156,892	$3.76M	0.01%	+9,895	Timeline
PALPROFICIENT AUTO LOGISTICS IN	516,473	$3.75M	0.01%	+105,725	Timeline
NWENORTHWESTERN ENERGY GROUP IN	72,999	$3.74M	0.01%	-60,200	Timeline
MTNVAIL RESORTS INC	23,769	$3.73M	0.01%	new	Timeline
DOUGDOUGLAS ELLIMAN INC	1,597,367	$3.71M	0.01%	+123,055	Timeline
MACMACERICH CO	226,510	$3.66M	0.01%	-69,300	Timeline
SVCOSILVACO GROUP INC	774,438	$3.66M	0.01%	+130,709	Timeline
AIRAAR CORP	52,870	$3.64M	0.01%	-86,845	Timeline
ASYSAMTECH SYS INC	800,382	$3.55M	0.01%	-41,540	Timeline
NPKINPK INTERNATIONAL INC	417,121	$3.55M	0.01%	-209,984	Timeline
KOSKOSMOS ENERGY LTD	2,049,091	$3.52M	0.01%	+250,000	Timeline
NTGRNETGEAR INC	117,893	$3.43M	0.01%	-1,500	Timeline
STKLSUNOPTA INC	586,750	$3.4M	0.01%	+160,824	Timeline
ONEWONEWATER MARINE INC	251,048	$3.36M	0.01%	+99,964	Timeline
HOFTHOOKER FURNISHINGS CORPORATI	317,414	$3.36M	0.01%	+83,761	Timeline
PGNYPROGYNY INC	151,700	$3.34M	0.01%	-11,500	Timeline
CLARCLARUS CORP NEW	957,475	$3.32M	0.01%	+30,500	Timeline
DNOWDNOW INC	222,434	$3.3M	0.01%	-27,500	Timeline
TTAMTITAN AMER SA	256,310	$3.2M	0.01%	+124,520	Timeline
RLGTRADIANT LOGISTICS INC	518,801	$3.15M	0.01%	-8,000	Timeline
VMDVIEMED HEALTHCARE INC	455,344	$3.15M	0.01%	+30,000	Timeline
THE SHYFT GROUPTHE SHYFT GROUP	248,912	$3.12M	0.01%	+96,799
ACCOACCO BRANDS CORP	863,769	$3.09M	0.01%	+144,005	Timeline
STRWSTRAWBERRY FIELDS REIT INC	291,122	$3.07M	0.01%	+80,317	Timeline
TILEINTERFACE INC	145,543	$3.05M	0.01%	-10,074	Timeline
ANGOANGIODYNAMICS INC	305,335	$3.03M	0.01%	-72,500	Timeline
QXOQXO INC	140,445	$3.03M	0.01%	new	Timeline
RDNTRADNET INC	52,043	$2.96M	0.01%	-9,100	Timeline
KODKEASTMAN KODAK CO	503,216	$2.84M	0.01%	-10,000	Timeline
PUMPPROPETRO HLDG CORP	464,133	$2.77M	0.01%	-14,000	Timeline
CTOSCUSTOM TRUCK ONE SOURCE INC	558,353	$2.76M	0.01%	+412,830	Timeline
KROKRONOS WORLDWIDE INC	433,047	$2.68M	0.01%	-71,130	Timeline
BBCPCONCRETE PUMPING HLDGS INC	419,905	$2.58M	0.01%	+61,943	Timeline
POWWOUTDOOR HOLDING CO	1,919,370	$2.46M	<0.01%	+99,500	Timeline
SBUXSTARBUCKS CORP	25,998	$2.38M	<0.01%	-22,998	Timeline
HOSHORNBECK OFFSHORE SERVICES I	364,258	$2.27M	<0.01%	-8,000	Timeline
ICAD INCICAD INC	578,942	$2.21M	<0.01%	-145,577
AIRGAIRGAIN INC	522,230	$2.18M	<0.01%	-36,984	Timeline
GDGENERAL DYNAMICS CORP	7,297	$2.13M	<0.01%	0	Timeline
SDRLSEADRILL LTD	80,613	$2.12M	<0.01%	+46,000	Timeline
CIACITIZENS INC	598,750	$2.09M	<0.01%	+41,356	Timeline
AXGNAXOGEN INC	177,955	$1.93M	<0.01%	new	Timeline
NATRNATURES SUNSHINE PRODS INC	130,000	$1.92M	<0.01%	new	Timeline
HTLDHEARTLAND EXPRESS INC	221,581	$1.91M	<0.01%	-498,287	Timeline
MASS908 DEVICES INC	267,378	$1.91M	<0.01%	new	Timeline
TILE SHOP HLDGS INCTILE SHOP HLDGS INC	295,172	$1.88M	<0.01%	-3,500
ASURASURE SOFTWARE INC	185,046	$1.81M	<0.01%	-87,574	Timeline
THCTENET HEALTHCARE CORP	9,927	$1.75M	<0.01%	-1,639	Timeline
CAHCARDINAL HEALTH INC	9,977	$1.68M	<0.01%	-1,039	Timeline
RESRPC INC	328,149	$1.55M	<0.01%	+13,000	Timeline
CRNTCERAGON NETWORKS LTD	590,860	$1.45M	<0.01%	+139,528	Timeline
EVREVERCORE INC	5,342	$1.44M	<0.01%	+499	Timeline
FLYWFLYWIRE CORPORATION	116,489	$1.36M	<0.01%	new	Timeline
PWRQUANTA SVCS INC	3,586	$1.36M	<0.01%	-7	Timeline
SMWBSIMILARWEB LTD	169,505	$1.33M	<0.01%	new	Timeline
EXEEXPAND ENERGY CORPORATION	10,888	$1.27M	<0.01%	+595	Timeline
GTLSCHART INDS INC	7,523	$1.24M	<0.01%	+2,385	Timeline
FLEXFLEX LTD	23,705	$1.18M	<0.01%	+7,001	Timeline
FEOERBB FUND TRUST	27,780	$1.16M	<0.01%	0	Timeline
UEICUNIVERSAL ELECTRS INC	174,936	$1.16M	<0.01%	+9,000	Timeline
FOSLFOSSIL GROUP INC	761,226	$1.13M	<0.01%	+111,957	Timeline
FEGERBB FUND TRUST	27,635	$1.11M	<0.01%	0	Timeline
GNRCGENERAC HLDGS INC	7,679	$1.1M	<0.01%	+2,647	Timeline
CWCURTISS WRIGHT CORP	2,200	$1.07M	<0.01%	+100	Timeline
TXRHTEXAS ROADHOUSE INC	5,726	$1.07M	<0.01%	+916	Timeline
KVHIKVH INDS INC	196,344	$1.05M	<0.01%	+85,509	Timeline
DOVDOVER CORP	5,687	$1.04M	<0.01%	-2	Timeline
DGXQUEST DIAGNOSTICS INC	5,697	$1.02M	<0.01%	+148	Timeline
HLLYHOLLEY INC	475,297	$951K	<0.01%	+115,851	Timeline
COHRCOHERENT CORP	10,608	$946K	<0.01%	+4,172	Timeline
RKTROCKET COS INC	66,716	$946K	<0.01%	+3,376	Timeline
EXELEXELIXIS INC	20,683	$912K	<0.01%	+996	Timeline
ENSGENSIGN GROUP INC	5,838	$901K	<0.01%	+500	Timeline
HLIHOULIHAN LOKEY INC	4,996	$899K	<0.01%	+799	Timeline
PFGCPERFORMANCE FOOD GROUP CO	10,102	$884K	<0.01%	+598	Timeline
LTRXLANTRONIX INC	284,525	$817K	<0.01%	-358,492	Timeline
DECKDECKERS OUTDOOR CORP	7,880	$812K	<0.01%	new	Timeline
DALDELTA AIR LINES INC	16,201	$797K	<0.01%	+1,396	Timeline
WDWALKER & DUNLOP INC	11,097	$782K	<0.01%	+2,442	Timeline
DCIDONALDSON INC	11,241	$780K	<0.01%	-376	Timeline
ACNACCENTURE PLC IRELAND	2,597	$776K	<0.01%	-31	Timeline
LIILENNOX INTL INC	1,330	$762K	<0.01%	0	Timeline
CASYCASEYS GEN STORES INC	1,421	$725K	<0.01%	+100	Timeline
PROFPROFOUND MED CORP	122,039	$720K	<0.01%	new	Timeline
ARMKARAMARK	16,328	$684K	<0.01%	-107	Timeline
LADLITHIA MTRS INC	1,879	$635K	<0.01%	+647	Timeline
XPOXPO INC	4,981	$629K	<0.01%	-2,876	Timeline
NVTNVENT ELEC PLC	8,053	$590K	<0.01%	new	Timeline
RJFRAYMOND JAMES FINL INC	3,720	$571K	<0.01%	-518	Timeline
SNDSMART SAND INC	276,039	$555K	<0.01%	+19,117	Timeline
WLKWESTLAKE CORPORATION	6,885	$523K	<0.01%	+797	Timeline
TOLTOLL BROTHERS INC	4,177	$477K	<0.01%	+498	Timeline
ZBHZIMMER BIOMET HOLDINGS INC	4,725	$431K	<0.01%	+499	Timeline
KDKYNDRYL HLDGS INC	8,938	$375K	<0.01%	new	Timeline
CRHCRH PLC	4,052	$373K	<0.01%	0	Timeline
TRMBTRIMBLE INC	4,593	$349K	<0.01%	+798	Timeline
DINOHF SINCLAIR CORP	8,052	$331K	<0.01%	+1,697	Timeline
LUVSOUTHWEST AIRLS CO	10,183	$330K	<0.01%	+1,500	Timeline
UGIUGI CORP NEW	8,613	$314K	<0.01%	0	Timeline
TXNMTXNM ENERGY INC	5,387	$303K	<0.01%	0	Timeline
COTYCOTY INC	64,276	$299K	<0.01%	+4,000	Timeline
AZEK CO INCAZEK CO INC	5,328	$290K	<0.01%	-53,231
DDOMINION ENERGY INC	4,586	$259K	<0.01%	+646	Timeline
SNSHARKNINJA INC	2,589	$256K	<0.01%	new	Timeline
RSRELIANCE INC	793	$249K	<0.01%	+121	Timeline
PHMPULTE GROUP INC	2,150	$227K	<0.01%	+536	Timeline
WMBWILLIAMS COS INC	3,190	$200K	<0.01%	0	Timeline
CPCANADIAN PACIFIC KANSAS CITY	2,446	$194K	<0.01%	0	Timeline
BSMBLACK STONE MINERALS L P	14,564	$190K	<0.01%	0	Timeline
IAUISHARES GOLD TR	3,056	$189K	<0.01%	+2,088	Timeline
ALGNALIGN TECHNOLOGY INC	995	$188K	<0.01%	-325	Timeline
CNICANADIAN NATL RY CO	1,765	$184K	<0.01%	0	Timeline
TACTRANSALTA CORP	15,350	$166K	<0.01%	-3,903	Timeline
EGPEASTGROUP PPTYS INC	831	$139K	<0.01%	+284	Timeline
RHRH	593	$112K	<0.01%	+414	Timeline
EQIXEQUINIX INC	86	$68.4K	<0.01%	-136	Timeline
AWKAMERICAN WTR WKS CO INC NEW	454	$63.2K	<0.01%	-635	Timeline
LINLINDE PLC	53	$24.9K	<0.01%	0	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
HYGISHARES TR IBOXX HI YD ETF	put	12,000,000	$968M	+5,500,000

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
BARRICK GOLD CORPBARRICK GOLD CORP	45,617,874	$887M	shares
BROBROWN & BROWN INC	1,921,699	$239M	shares
ENOVENOVIS CORPORATION	310,521	$11.9M	shares
SRLNSSGA ACTIVE ETF TR	218,112	$9.15M	shares
BKLNINVESCO EXCH TRADED FD TR II	433,094	$9.12M	shares
LGIHLGI HOMES INC	129,315	$8.6M	shares
WERNWERNER ENTERPRISES INC	286,048	$8.38M	shares
FAFFIRST AMERN FINL CORP	126,175	$8.28M	shares
AMKRAMKOR TECHNOLOGY INC	424,500	$7.67M	shares
MKSIMKS INC.	86,649	$6.94M	shares
IMXIINTERNATIONAL MONEY EXPRESS	494,334	$6.24M	shares
AZTAAZENTA INC	170,200	$5.9M	shares
LBRTLIBERTY ENERGY INC	365,467	$5.79M	shares
TRIUMPH GROUP INC NEWTRIUMPH GROUP INC NEW	227,341	$5.76M	shares
Vital Energy IncVital Energy Inc	246,501	$5.23M	shares
KLICKULICKE & SOFFA INDS INC	132,738	$4.38M	shares
AIR TRANSPORT SERVICES GRP IAIR TRANSPORT SERVICES GRP I	184,747	$4.15M	shares
VVXV2X INC	84,433	$4.14M	shares
CNRCORE NATURAL RESOURCES INC	50,107	$3.86M	shares
ZUMZZUMIEZ INC	249,673	$3.72M	shares
HPHELMERICH & PAYNE INC	141,993	$3.71M	shares
ALTISOURCE PORTFOLIO SOLNS SALTISOURCE PORTFOLIO SOLNS S	3,759,044	$2.52M	shares
CVCOCAVCO INDS INC DEL	4,728	$2.46M	shares
RPAYREPAY HLDGS CORP	411,026	$2.29M	shares
CTLPCANTALOUPE INC	274,701	$2.16M	shares
FLWS1 800 FLOWERS COM INC	357,760	$2.11M	shares
DCGODOCGO INC	607,140	$1.6M	shares
JELDJELD-WEN HLDG INC	254,818	$1.52M	shares
NGVCNATURAL GROCERS BY VITAMIN	35,268	$1.42M	shares
ICUIICU MED INC	8,150	$1.13M	shares
TLYSTILLYS INC	370,114	$814K	shares
ONTOONTO INNOVATION INC	5,103	$619K	shares
LFMDLIFEMD INC	86,492	$471K	shares
ENTGENTEGRIS INC	5,183	$453K	shares
GENCGENCOR INDS INC	28,801	$350K	shares
KNXKNIGHT-SWIFT TRANSN HLDGS IN	6,435	$280K	shares
DHXDHI GROUP INC	156,344	$217K	shares
AVTRAVANTOR INC	12,082	$196K	shares
TRNOTERRENO RLTY CORP	2,029	$128K	shares
CMLSQCUMULUS MEDIA INC CL A COM 201	21,927	$20K	shares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001325447-25-000033	base		2025-08-06	acceptance time not in the bulk data set	2026-10-07 18:23:11 UTC