Sector Valuation

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1409 valued companies across 11 sectors 617 undervalued 724 overvalued 68 fairly valued (1821 incalculable at bottom)

Undervalued Overvalued Fair

‹ Market capitalization ?

‹ Return on Equity (ROE) ?

‹ Price to Earnings (P/E)

‹ Price to Book (P/B)

‹ Dividend Yield (%)

Growth Period (From/To basis) 5Y

TTM 3Y 5Y 10Y

‹ Price to Sales (P/S)

‹ Annual Sales / Revenue

Net Margin Config

Growth Period (From/To basis) 5Y

TTM 3Y 5Y 10Y

Min Net Margin Growth (%)

Shows only stocks where Net Margin growth has increased from historic norms (growing faster).

Lookback Period 5 Yr Avg

3Y 5Y 7Y 10Y

Recent Comparison Period TTM

3Y Avg 2Y Avg 1Y (FY) TTM

TTM vs 5 Yr Avg Differential Rate

Sales Config

Growth Period (From/To basis) 5Y

TTM 3Y 5Y 10Y

Min Sales Growth (%)

Shows only stocks where Sales growth has increased from historic norms (growing faster).

Lookback Period 5 Yr Avg

3Y 5Y 7Y 10Y

Recent Comparison Period TTM

3Y Avg 2Y Avg 1Y (FY) TTM

TTM vs 5 Yr Avg Differential Rate

Net Income Config

Growth Period (From/To basis) 5Y

TTM 3Y 5Y 10Y

Min Increasing Inc Growth (≥ %)

Shows all stocks where Net Income growth rate is greater than or equal to this value (≥).

Lookback Period 5 Yr Avg

3Y 5Y 7Y 10Y

Recent Comparison Period TTM

3Y Avg 2Y Avg 1Y (FY) TTM

TTM vs 5 Yr Avg Differential Rate

FCF Config

Growth Period (From/To basis) 5Y

TTM 3Y 5Y 10Y

Min FCF Growth (%)

Shows only stocks where FCF growth has increased from historic norms (growing faster).

Lookback Period 5 Yr Avg

3Y 5Y 7Y 10Y

Recent Comparison Period TTM

3Y Avg 2Y Avg 1Y (FY) TTM

TTM vs 5 Yr Avg Differential Rate

Growing Stable Declining Insufficient data

ADR stocks LP stocks BDC stocks REIT stocks Foreign stocks (non-ADR)

Valuation

▶ Financial Services

321

+62.3%

229 / 84 / 8

+61.5%

Undervalued

229

Valuation

▶ Insurance-Property & Casualty (26+15 total)

+188.7%

+170.9%

Undervalued


UVE — Universal Insurance Holdings Inc. Common Stock	$1.2B	$44.73	$330.77	+639.5%	Undervalued
HMN — Horace Mann Educators Corporation Common Stock	$2.1B	$51.90	$310.21	+497.7%	Undervalued
SIGI — Selective Insurance Group, Inc. - Common Stock	$5.6B	$93.30	$472.10	+406.0%	Undervalued
HCI — HCI Group, Inc. Common Stock	$2.4B	$189.92	$912.10	+380.3%	Undervalued
HRTG — Heritage Insurance Holdings, Inc. Common Stock	$1.1B	$34.95	$152.04	+335.0%	Undervalued
MCY — Mercury General Corporation Common Stock	$5.9B	$106.03	$439.57	+314.6%	Undervalued
CNA — CNA Financial Corporation Common Stock	$13.3B	$49.16	$195.29	+297.3%	Undervalued
THG — Hanover Insurance Group Inc.	$8.1B	$231.48	$799.70	+245.5%	Undervalued
TRV — Travelers Companies (the)	$78.1B	$374.20	$1203.30	+221.6%	Undervalued
WRB — W R Berkley Corporation	$25.9B	$69.48	$218.86	+215.0%	Undervalued
PGR — Progressive Corporation	$130.2B	$223.87	$700.15	+212.7%	Undervalued
SAFT — Safety Insurance Group, Inc. - Common Stock	$1.5B	$103.13	$311.08	+201.6%	Undervalued
AFG — American Financial Group, Inc. Common Stock	$12.0B	$144.34	$426.08	+195.2%	Undervalued
L — Loews Corporation	$22.6B	$110.06	$310.54	+182.2%	Undervalued
AIZ — Assurant	$14.3B	$287.71	$800.50	+178.2%	Undervalued
CINF — Cincinnati Financial	$27.0B	$174.72	$475.32	+172.0%	Undervalued
PLMR — Palomar Holdings, Inc. - Common Stock	$3.6B	$136.12	$369.23	+171.3%	Undervalued
ORI — Old Republic International Corporation Common Stock	$10.4B	$42.57	$113.13	+165.8%	Undervalued
KNSL — Kinsale Capital Group, Inc. Common Stock	$8.8B	$383.14	$1011.49	+164.0%	Undervalued
MKL — Markel Group Inc. Common Stock	$23.1B	$1845.50	$4803.87	+160.3%	Undervalued
RLI — RLI Corp. Common Stock DE	$5.9B	$64.04	$157.66	+146.2%	Undervalued
WTM — White Mountains Insurance Group, Ltd. Common Stock	$5.2B	$2114.06	$4987.48	+135.9%	Undervalued
CB — Chubb Limited	$135.1B	$348.27	$742.79	+113.3%	Undervalued
DGICA — Donegal Group, Inc. - Class A Common Stock	$718M	$19.39	$39.94	+106.0%	Undervalued
DGICB — Donegal Group, Inc. - Class B Common Stock	$773M	$20.86	$39.94	+91.5%	Undervalued
STC — Stewart Information Services Corporation Common Stock	$2.1B	$69.90	$113.46	+62.3%	Undervalued
Cannot calculate DCF
ACIC — American Coastal Insurance Corporation - Common Stock	$462M	$9.54	N/A	N/A	N/A
ALL — Allstate	$67.7B	$263.11	N/A	N/A	N/A
GBLI — Global Indemnity Group, LLC - Class A Common Shares LP	$438M	$30.00	N/A	N/A	N/A
HGTY — Hagerty, Inc. Class A Common Stock	$1.4B	$13.40	N/A	N/A	N/A
HIPO — Hippo Holdings Inc. Common Stock	$889M	$34.13	N/A	N/A	N/A
KINS — Kingstone Companies, Inc. - Common Stock	$292M	$20.18	N/A	N/A	N/A
KMPR — Kemper Corporation	$1.7B	$28.70	N/A	N/A	N/A
LMND — Lemonade, Inc. Common Stock	$4.2B	$55.08	N/A	N/A	N/A
NODK — NI Holdings, Inc. - Common Stock	$314M	$15.35	N/A	N/A	N/A
PRA — Proassurance Corporation Common Stock	$1.3B	—	N/A	N/A	N/A
PRCH — Porch Group, Inc. - Common Stock	$2.0B	$18.06	N/A	N/A	N/A
ROOT — Root, Inc. - Common Stock	$875M	$55.30	N/A	N/A	N/A
SKWD — Skyward Specialty Insurance Group, Inc. - Common Stock	$2.4B	$58.10	N/A	N/A	N/A
TRUP — Trupanion, Inc. - Common Stock	$1.3B	$28.76	N/A	N/A	N/A
UFCS — United Fire Group, Inc. - Common Stock	$1.4B	$56.41	N/A	N/A	N/A

▶ Insurance-Reinsurance (6)

+161.5%

+112.1%

Undervalued


GLRE — Greenlight Reinsurance, Ltd. - Class A Ordinary Shares	$513M	$15.46	$153.23	+891.1%	Undervalued
RNR — Renaissancere Holdings Ltd. Common Stock	$14.4B	$338.08	$2036.11	+502.3%	Undervalued
EG — Everest Group	$15.3B	$386.16	$1141.08	+195.5%	Undervalued
HG — Hamilton Insurance Group, Ltd. Class B Common Shares	$3.6B	$36.09	$82.10	+127.5%	Undervalued
RGA — Reinsurance Group of America, Incorporated Common Stock	$16.8B	$255.91	$307.37	+20.1%	Undervalued
SPNT — Siriuspoint Ltd. Common Shares	$2.9B	$24.88	$7.39	-70.3%	Overvalued

▶ Insurance-Specialty (11+4 total)

+119.7%

+102.9%

Undervalued


RDN — Radian Group Inc. Common Stock	$4.9B	$36.79	$205.07	+457.4%	Undervalued
AXS — Axis Capital Holdings Limited Common Stock	$7.5B	$101.49	$338.51	+233.5%	Undervalued
ESNT — Essent Group Ltd. Common Shares	$6.4B	$69.62	$218.66	+214.1%	Undervalued
NMIH — NMI Holdings Inc. - Common Stock	$3.4B	$45.38	$128.76	+183.7%	Undervalued
MTG — Mgic Investment Corporation Common Stock	$6.7B	$31.46	$87.37	+177.7%	Undervalued
FAF — First American Corporation (New) Common Stock	$7.8B	$76.50	$168.09	+119.7%	Undervalued
ACT — Enact Holdings, Inc. - Common Stock	$6.9B	$49.51	$96.77	+95.5%	Undervalued
RYAN — Ryan Specialty Holdings, Inc. Class A Common Stock	$5.5B	$42.36	$80.58	+90.2%	Undervalued
ITIC — Investors Title Company - Common Stock	$566M	$299.62	$329.22	+9.9%	Undervalued
AGO — Assured Guaranty Ltd. Common Stock	$3.4B	$75.82	$29.03	-61.7%	Overvalued
AMSF — Amerisafe, Inc. - Common Stock	$492M	$26.31	$4.52	-82.8%	Overvalued
Cannot calculate DCF
EIG — Employers Holdings Inc. Common Stock	$914M	$50.12	N/A	N/A	N/A
FNF — Fidelity National Financial, Inc. Common Stock	$12.7B	$47.30	N/A	N/A	N/A
JRVR — James River Group Holdings, Inc. - Common Stock	$194M	$4.20	N/A	N/A	N/A
OSG — Octave Specialty Group, Inc. Common Stock	$212M	$4.71	N/A	N/A	N/A

▶ Banks-Regional (168+49 total)

168

+63.4%

+59.1%

Undervalued

131


AUB — Atlantic Union Bankshares Corporation Common Stock	$5.8B	$40.77	$369.30	+805.8%	Undervalued
CCB — Coastal Financial Corporation - Common Stock	$753M	$49.38	$391.44	+692.7%	Undervalued
CASH — Pathward Financial, Inc. - Common Stock	$1.7B	$82.72	$496.23	+499.9%	Undervalued
CUBI — Customers Bancorp, Inc. Common Stock	$2.7B	$79.47	$445.38	+460.4%	Undervalued
HAFC — Hanmi Financial Corporation - Common Stock	$947M	$31.82	$161.96	+409.0%	Undervalued
QCRH — QCR Holdings, Inc. - Common Stock	$1.7B	$102.81	$512.79	+398.8%	Undervalued
SFBS — Servisfirst Bancshares, Inc. Common Stock	$2.3B	$42.51	$162.75	+282.9%	Undervalued
NECB — Northeast Community Bancorp, Inc. - Common Stock	$358M	$26.93	$96.52	+258.4%	Undervalued
PFS — Provident Financial Services, Inc. Common Stock	$3.1B	$23.56	$79.83	+238.8%	Undervalued
BCML — Baycom Corp. - Common Stock	$333M	$30.49	$87.98	+188.6%	Undervalued
DCOM — Dime Commercial Bancshares, Inc. Common Stock	$1.8B	$40.91	$117.75	+187.8%	Undervalued
FBP — First Bancorp. New Common Stock	$4.4B	$28.41	$81.51	+186.9%	Undervalued
UMBF — UMB Financial Corporation - Common Stock	$10.9B	$143.41	$400.72	+179.4%	Undervalued
EFSC — Enterprise Financial Services Corporation - Common Stock	$2.4B	$64.39	$172.69	+168.2%	Undervalued
IBOC — International Bancshares Corporation - Common Stock	$4.4B	$71.55	$188.63	+163.6%	Undervalued
FRME — First Merchants Corporation - Common Stock	$2.6B	$42.01	$109.33	+160.2%	Undervalued
OFG — OFG Bancorp Common Stock	$2.2B	$52.78	$136.26	+158.2%	Undervalued
WAL — Western Alliance Bancorporation Common Stock DE	$8.8B	$80.93	$208.45	+157.6%	Undervalued
BANR — Banner Corporation - Common Stock	$2.4B	$71.06	$179.01	+151.9%	Undervalued
BFST — Business First Bancshares, Inc. - Common Stock	$1.0B	$31.48	$79.22	+151.7%	Undervalued
FHB — First Hawaiian, Inc. - Common Stock	$3.2B	$26.00	$65.11	+150.4%	Undervalued
FBIZ — First Business Financial Services, Inc. - Common Stock	$602M	$71.95	$177.65	+146.9%	Undervalued
SRCE — 1st Source Corporation - Common Stock	$2.1B	$86.97	$212.94	+144.8%	Undervalued
SMBC — Southern Missouri Bancorp, Inc. - Common Stock	$809M	$73.43	$179.27	+144.1%	Undervalued
AMAL — Amalgamated Financial Corp. - Common Stock	$1.5B	$49.04	$116.25	+137.1%	Undervalued
IBCP — Independent Bank Corporation - Common Stock	$763M	$37.01	$87.31	+135.9%	Undervalued
CZFS — Citizens Financial Services, Inc. - Common Stock	$386M	$80.31	$180.70	+125.0%	Undervalued
FSBC — Five Star Bancorp - Common Stock	$994M	$46.50	$104.10	+123.9%	Undervalued
EBC — Eastern Bankshares, Inc. - Common Stock	$4.7B	$22.09	$49.08	+122.2%	Undervalued
EWBC — East West Bancorp, Inc. - Common Stock	$17.9B	$130.57	$290.00	+122.1%	Undervalued
ZION — Zions Bancorporation N.a. - Common Stock	$10.2B	$69.29	$153.17	+121.1%	Undervalued
OSBC — Old Second Bancorp, Inc. - Common Stock	$1.3B	$25.68	$56.60	+120.4%	Undervalued
FFBC — First Financial Bancorp. - Common Stock	$3.4B	$32.81	$71.52	+118.0%	Undervalued
RBCAA — Republic Bancorp, Inc. - Class A Common Stock	$1.9B	$95.39	$207.67	+117.7%	Undervalued
CCBG — Capital City Bank Group - Common Stock	$880M	$51.46	$110.75	+115.2%	Undervalued
SHBI — Shore Bancshares, Inc. - Common Stock	$779M	$23.28	$49.86	+114.2%	Undervalued
UNTY — Unity Bancorp, Inc. - Common Stock	$595M	$59.23	$126.05	+112.8%	Undervalued
SMBK — Smartfinancial, Inc. Common Stock	$889M	$51.98	$109.29	+110.3%	Undervalued
WAFD — Wafd, Inc. - Common Stock	$2.7B	$35.96	$75.53	+110.0%	Undervalued
GSBC — Great Southern Bancorp, Inc. - Common Stock	$884M	$79.92	$167.01	+109.0%	Undervalued
THFF — First Financial Corporation - Common Stock	$935M	$78.62	$162.42	+106.6%	Undervalued
COLB — Columbia Banking System, Inc. - Common Stock	$8.8B	$30.45	$62.60	+105.6%	Undervalued
MCB — Metropolitan Bank Holding Corp. Common Stock	$1.1B	$92.31	$189.13	+104.9%	Undervalued
UCB — United Community Banks, Inc. Common Stock	$4.2B	$35.36	$72.10	+103.9%	Undervalued
HBCP — Home Bancorp, Inc. - Common Stock	$549M	$70.02	$141.41	+102.0%	Undervalued
HWC — Hancock Whitney Corporation - Common Stock	$6.1B	$75.61	$152.53	+101.7%	Undervalued
NBTB — NBT Bancorp Inc. - Common Stock	$2.7B	$51.62	$103.37	+100.3%	Undervalued
ORRF — Orrstown Financial Services, Inc. - Common Stock	$834M	$42.46	$84.92	+100.0%	Undervalued
FIBK — First Interstate Bancsystem, Inc. - Common Stock	$3.6B	$37.49	$74.64	+99.1%	Undervalued
FMBH — First Mid Bancshares, Inc. - Common Stock	$1.4B	$51.05	$100.16	+96.2%	Undervalued
GABC — German American Bancorp, Inc. - Common Stock	$1.9B	$49.79	$97.03	+94.9%	Undervalued
FCF — First Commonwealth Financial Corporation Common Stock	$2.2B	$21.15	$41.10	+94.3%	Undervalued
FBNC — First Bancorp - Common Stock	$2.7B	$64.31	$123.15	+91.5%	Undervalued
USB — U.s. Bancorp	$99.0B	$63.54	$121.07	+90.5%	Undervalued
WBS — Webster Financial Corporation Common Stock	$12.6B	$77.59	$147.32	+89.9%	Undervalued
OBT — Orange County Bancorp, Inc. - Common Stock	$517M	$38.59	$72.96	+89.1%	Undervalued
SBSI — Southside Bancshares, Inc. Common Stock	$966M	$32.47	$61.21	+88.5%	Undervalued
HFWA — Heritage Financial Corporation - Common Stock	$1.2B	$29.20	$54.84	+87.8%	Undervalued
UBSI — United Bankshares, Inc. - Common Stock	$6.6B	$47.57	$89.19	+87.5%	Undervalued
BANF — Bancfirst Corporation - Common Stock	$3.8B	$111.71	$209.38	+87.4%	Undervalued
PEBO — Peoples Bancorp Inc. - Common Stock	$1.4B	$39.66	$73.74	+85.9%	Undervalued
TCBI — Texas Capital Bancshares, Inc. - Common Stock	$4.3B	$97.82	$180.79	+84.8%	Undervalued
TCBK — Trico Bancshares - Common Stock	$1.7B	$54.26	$99.80	+83.9%	Undervalued
CTBI — Community Trust Bancorp, Inc. - Common Stock	$1.4B	$77.44	$141.84	+83.2%	Undervalued
CPF — Central Pacific Financial Corp. New	$987M	$37.81	$69.02	+82.5%	Undervalued
MPB — Mid Penn Bancorp - Common Stock	$940M	$37.10	$67.05	+80.7%	Undervalued
CCNE — CNB Financial Corporation - Common Stock	$1.0B	$34.33	$61.80	+80.0%	Undervalued
TCBX — Third Coast Bancshares, Inc. Common Stock	$745M	$44.90	$79.25	+76.5%	Undervalued
BHRB — Burke & Herbert Financial Services Corp. - Common Stock	$1.5B	$72.37	$127.37	+76.0%	Undervalued
FITB — Fifth Third Bancorp	$49.8B	$54.98	$96.56	+75.6%	Undervalued
WABC — Westamerica Bancorporation - Common Stock	$1.4B	$58.99	$102.90	+74.4%	Undervalued
CIVB — Civista Bancshares, Inc. - Common Stock	$573M	$27.57	$47.96	+74.0%	Undervalued
LKFN — Lakeland Financial Corporation - Common Stock	$1.5B	$60.03	$104.24	+73.6%	Undervalued
WSBC — Wesbanco, Inc. - Common Stock	$4.0B	$41.29	$71.15	+72.3%	Undervalued
CNOB — Connectone Bancorp, Inc. - Common Stock	$1.6B	$32.06	$55.11	+71.9%	Undervalued
FMAO — Farmers & Merchants Bancorp, Inc. - Common Stock	$482M	$34.98	$60.11	+71.8%	Undervalued
OCFC — Oceanfirst Financial Corp. - Common Stock	$1.1B	$19.30	$32.67	+69.3%	Undervalued
CATY — Cathay General Bancorp - Common Stock	$4.2B	$62.57	$105.54	+68.7%	Undervalued
ONB — Old National Bancorp - Common Stock	$10.0B	$25.98	$43.77	+68.5%	Undervalued
MTB — M&t Bank	$34.8B	$239.94	$401.54	+67.4%	Undervalued
AX — Axos Financial, Inc. Common Stock	$5.5B	$97.08	$161.57	+66.4%	Undervalued
LOB — Live Oak Bancshares, Inc. Common Stock	$1.8B	$39.67	$65.47	+65.0%	Undervalued
WSFS — Wsfs Financial Corporation - Common Stock	$4.1B	$78.76	$129.79	+64.8%	Undervalued
CBU — Community Financial System, Inc. Common Stock	$3.3B	$63.51	$103.81	+63.5%	Undervalued
SYBT — Stock Yards Bancorp, Inc. - Common Stock	$2.4B	$80.26	$131.04	+63.3%	Undervalued
RNST — Renasant Corporation Common Stock	$3.8B	$41.19	$67.17	+63.1%	Undervalued
OBK — Origin Bancorp, Inc. Common Stock	$1.7B	$54.35	$88.43	+62.7%	Undervalued
SPFI — South Plains Financial, Inc. - Common Stock	$854M	$45.32	$73.51	+62.2%	Undervalued
HTB — Hometrust Bancshares, Inc. Common Stock	$792M	$47.11	$76.31	+62.0%	Undervalued
HBT — HBT Financial, Inc. - Common Stock	$1.3B	$36.37	$58.70	+61.4%	Undervalued
BSRR — Sierra Bancorp - Common Stock	$533M	$40.73	$64.80	+59.1%	Undervalued
CBNK — Capital Bancorp, Inc. - Common Stock	$597M	$36.63	$58.15	+58.7%	Undervalued
ACNB — Acnb Corporation - Common Stock	$670M	$65.61	$103.25	+57.4%	Undervalued
HOMB — Home Bancshares, Inc. Common Stock	$6.0B	$30.00	$46.96	+56.5%	Undervalued
PB — Prosperity Bancshares, Inc. Common Stock	$7.3B	$72.42	$112.81	+55.8%	Undervalued
TRMK — Trustmark Corporation - Common Stock	$2.7B	$46.05	$71.38	+55.0%	Undervalued
CWBC — Community West Bancshares - Common Stock	$714M	$26.33	$39.86	+51.4%	Undervalued
ESQ — Esquire Financial Holdings, Inc. - Common Stock	$1.0B	$121.32	$182.57	+50.5%	Undervalued
CZNC — Citizens & Northern Corp. - Common Stock	$462M	$25.80	$38.44	+49.0%	Undervalued
PDLB — Ponce Financial Group, Inc. - Common Stock	$496M	$20.50	$30.52	+48.9%	Undervalued
FNB — F.n.b. Corporation Common Stock	$6.5B	$18.47	$26.86	+45.4%	Undervalued
BBT — Beacon Financial Corporation Common Stock	$2.6B	$31.48	$45.68	+45.1%	Undervalued
BHB — Bar Harbor Bankshares, Inc. Common Stock	$672M	$40.16	$58.22	+45.0%	Undervalued
SBCF — Seacoast Banking Corporation of Florida - Common Stock	$3.3B	$34.38	$49.76	+44.7%	Undervalued
ASB — Associated Banc-Corp. Common Stock	$5.8B	$30.92	$44.55	+44.1%	Undervalued
INDB — Independent Bank Corp. - Common Stock	$3.9B	$82.90	$118.80	+43.3%	Undervalued
AROW — Arrow Financial Corporation - Common Stock	$654M	$39.59	$56.66	+43.1%	Undervalued
GBCI — Glacier Bancorp, Inc. Common Stock	$6.0B	$46.38	$64.77	+39.7%	Undervalued
PRK — Park National Corporation Common Stock	$3.5B	$195.64	$263.94	+34.9%	Undervalued
FCBC — First Community Bankshares, Inc. - Common Stock	$924M	$48.95	$65.37	+33.5%	Undervalued
CVBF — CVB Financial Corporation - Common Stock	$4.0B	$22.48	$29.87	+32.9%	Undervalued
FMNB — Farmers National Banc Corp. - Common Stock	$937M	$15.83	$20.86	+31.8%	Undervalued
BPOP — Popular, Inc. - Common Stock	$11.1B	$171.34	$223.25	+30.3%	Undervalued
CBSH — Commerce Bancshares, Inc. - Common Stock	$8.4B	$58.34	$75.01	+28.6%	Undervalued
FFIN — First Financial Bankshares, Inc. - Common Stock	$4.8B	$33.32	$42.73	+28.2%	Undervalued
PFIS — Peoples Financial Services Corp. - Common Stock	$710M	$70.91	$88.69	+25.1%	Undervalued
RBB — RBB Bancorp - Common Stock	$452M	$26.66	$32.89	+23.4%	Undervalued
RF — Regions Financial Corporation	$26.0B	$30.45	$37.52	+23.2%	Undervalued
BWFG — Bankwell Financial Group, Inc. - Common Stock	$530M	$66.41	$80.16	+20.7%	Undervalued
LC — Lendingclub Corporation Common Stock	$2.2B	$19.20	$23.14	+20.5%	Undervalued
SFST — Southern First Bancshares, Inc. - Common Stock	$598M	$63.28	$75.39	+19.1%	Undervalued
TBBK — the Bancorp, Inc. - Common Stock	$2.8B	$67.68	$80.62	+19.1%	Undervalued
FHN — First Horizon Corporation Common Stock	$11.8B	$24.96	$29.71	+19.0%	Undervalued
COFS — Choiceone Financial Services, Inc. - Common Stock	$510M	$34.04	$40.21	+18.1%	Undervalued
TRST — Trustco Bank Corp. NY - Common Stock	$1.0B	$57.47	$67.62	+17.7%	Undervalued
NWBI — Northwest Bancshares, Inc. - Common Stock	$2.3B	$15.52	$18.25	+17.6%	Undervalued
STBA — S&t Bancorp, Inc. - Common Stock	$1.8B	$50.23	$58.27	+16.0%	Undervalued
BOH — Bank of Hawaii Corporation Common Stock	$3.0B	$76.67	$88.15	+15.0%	Undervalued
MBIN — Merchants Bancorp - Common Stock	$2.4B	$52.59	$58.17	+10.6%	Undervalued
HBAN — Huntington Bancshares	$34.6B	$17.05	$18.68	+9.6%	Undervalued
VLY — Valley National Bancorp - Common Stock	$7.7B	$13.90	$14.69	+5.7%	Undervalued
BUSE — First Busey Corporation - Common Stock	$2.6B	$30.66	$30.18	+0.0%	Fair
CHCO — City Holding Company - Common Stock	$2.0B	$144.95	$147.87	+0.0%	Fair
FCNCA — First Citizens Bancshares, Inc. - Class A Common Stock	$25.5B	$2202.99	$2211.13	+0.0%	Fair
FULT — Fulton Financial Corporation - Common Stock	$4.6B	$23.88	$24.79	+0.0%	Fair
NIC — Nicolet Bankshares Inc. Common Stock	$3.6B	$171.31	$167.37	+0.0%	Fair
PNC — PNC Financial Services	$98.5B	$245.18	$232.65	-5.1%	Overvalued
FBK — FB Financial Corporation Common Stock	$2.8B	$56.92	$52.88	-7.1%	Overvalued
FSUN — Firstsun Capital Bancorp - Common Stock	$1.9B	$40.63	$37.38	-8.0%	Overvalued
ISTR — Investar Holding Corporation - Common Stock	$424M	$30.75	$27.82	-9.5%	Overvalued
FSBW — FS Bancorp, Inc. - Common Stock	$321M	$43.33	$37.55	-13.3%	Overvalued
BFC — Bank First Corporation - Common Stock	$1.7B	$155.38	$129.30	-16.8%	Overvalued
SSB — Southstate Bank Corporation Common Stock	$10.5B	$107.12	$88.36	-17.5%	Overvalued
PGC — Peapack-gladstone Financial Corporation - Common Stock	$814M	$45.94	$37.19	-19.0%	Overvalued
CFG — Citizens Financial Group	$29.9B	$70.83	$57.33	-19.1%	Overvalued
MCBS — Metrocity Bankshares, Inc. - Common Stock	$1.0B	$35.55	$25.78	-27.5%	Overvalued
PCB — PCB Bancorp - Common Stock	$399M	$28.06	$19.56	-30.3%	Overvalued
MYFW — First Western Financial, Inc. - Common Stock	$305M	$31.34	$20.93	-33.2%	Overvalued
WTFC — Wintrust Financial Corporation - Common Stock	$10.3B	$153.38	$98.09	-36.0%	Overvalued
MVBF — MVB Financial Corp. - Common Stock	$398M	$31.00	$19.36	-37.5%	Overvalued
NBHC — National Bank Holdings Corporation Common Stock	$1.9B	$41.88	$25.43	-39.3%	Overvalued
BWB — Bridgewater Bancshares, Inc. - Common Stock	$601M	$21.57	$11.65	-46.0%	Overvalued
EQBK — Equity Bancshares, Inc. Class A Common Stock	$1.0B	$50.88	$24.84	-51.2%	Overvalued
NRIM — Northrim Bancorp Inc. - Common Stock	$577M	$25.94	$12.60	-51.4%	Overvalued
MRBK — Meridian Corporation - Common Stock	$232M	$19.50	$8.37	-57.1%	Overvalued
CAC — Camden National Corporation - Common Stock	$974M	$57.59	$22.40	-61.1%	Overvalued
TFSL — TFS Financial Corporation - Common Stock	$4.9B	$17.51	$6.13	-65.0%	Overvalued
ALRS — Alerus Financial Corporation - Common Stock	$839M	$33.37	$10.61	-68.2%	Overvalued
TMP — Tompkins Financial Corporation Common Stock	$1.4B	$98.75	$27.82	-71.8%	Overvalued
MBWM — Mercantile Bank Corporation - Common Stock	$1.1B	$61.89	$15.36	-75.2%	Overvalued
CARE — Carter Bankshares, Inc. - Common Stock	$704M	$31.69	$6.45	-79.6%	Overvalued
CFR — Cullen/Frost Bankers, Inc. Common Stock	$10.2B	$162.73	$28.17	-82.7%	Overvalued
CFFI — C&f Financial Corporation - Common Stock	$308M	$94.63	$15.84	-83.3%	Overvalued
ABCB — Ameris Bancorp Common Stock	$5.8B	$85.83	$9.41	-89.0%	Overvalued
CBC — Central Bancompany, Inc. - Class A Common Stock	$7.8B	$32.70	$1.64	-95.0%	Overvalued
BOKF — BOK Financial Corporation - Common Stock	$8.3B	$137.29	$2.72	-98.0%	Overvalued
CBAN — Colony Bankcorp, Inc. Common Stock	$455M	$21.50	$-4.88	-122.7%	Overvalued
WSBF — Waterstone Financial, Inc. - Common Stock	$386M	$21.38	$-16.79	-178.5%	Overvalued
Cannot calculate DCF
AGBK — AGI Inc. Class A Common Shares Foreign	$1.1B	$6.85	N/A	N/A	N/A
AMTB — Amerant Bancorp Inc. Class A Common Stock	$1.2B	$29.39	N/A	N/A	N/A
AVAL — Grupo Aval Acciones Y Valores S.A. ADR	$40.1B	$5.32	N/A	N/A	N/A
BANC — Banc of California, Inc. Common Stock	$2.9B	$18.77	N/A	N/A	N/A
BAP — Credicorp Ltd. Common Stock Foreign	$30.5B	$384.24	N/A	N/A	N/A
BBAR — Banco Bbva Argentina S.A. ADS ADR	$3.1B	$15.06	N/A	N/A	N/A
BBD — Bank Bradesco ADR	$36.6B	$3.47	N/A	N/A	N/A
BBDO — Bank Bradesco ADR	$33.4B	$3.13	N/A	N/A	N/A
BCAL — California Bancorp - Common Stock	$697M	$21.69	N/A	N/A	N/A
BCH — Banco de Chile ADS ADR	$21.7B	$42.90	N/A	N/A	N/A
BLX — Banco Latinoamericano de Comercio Exterior, S.A. Foreign	$2.1B	$55.95	N/A	N/A	N/A
BMA — Banco Macro S.A. ADR (Representing Ten Class B Common Shares) ADR	$5.1B	$79.31	N/A	N/A	N/A
BSAC — Banco Santander - Chile ADS ADR	$16.9B	$35.85	N/A	N/A	N/A
BSBR — Banco Santander (Brasil) S.A. ADR	$45.1B	$6.03	N/A	N/A	N/A
BY — Byline Bancorp, Inc. Common Stock	$1.8B	$38.60	N/A	N/A	N/A
CFFN — Capitol Federal Financial, Inc. - Common Stock	$1.1B	$8.80	N/A	N/A	N/A
CIB — Grupo Cibest S.A. ADR	$51.9B	$101.87	N/A	N/A	N/A
CLBK — Columbia Financial, Inc. - Common Stock	$1.2B	$11.70	N/A	N/A	N/A
DB — Deutsche Bank AG Common Stock ADR	$79.5B	$41.53	N/A	N/A	N/A
FINW — Finwise Bancorp - Common Stock	$193M	$14.10	N/A	N/A	N/A
FISI — Financial Institutions, Inc. - Common Stock	$810M	$41.14	N/A	N/A	N/A
FLG — Flagstar Bank, N.a. Common Stock	$5.6B	$13.48	N/A	N/A	N/A
FRST — Primis Financial Corp. - Common Stock	$399M	$16.09	N/A	N/A	N/A
GGAL — Grupo Financiero Galicia S.A. ADR	$7.6B	$44.65	N/A	N/A	N/A
HDB — Hdfc Bank Limited Common Stock ADR	$119.5B	$23.27	N/A	N/A	N/A
HOPE — Hope Bancorp, Inc. - Common Stock	$1.8B	$14.00	N/A	N/A	N/A
IFS — Intercorp Financial Services Inc. Common Shares Foreign	$6.3B	$56.36	N/A	N/A	N/A
INTR — Inter & Co. Inc. - Class A Common Shares Foreign	$2.6B	$5.79	N/A	N/A	N/A
ITUB — Itau Unibanco Holding S.A. ADR	$40.8B	$8.22	N/A	N/A	N/A
KB — KB Financial Group Inc. ADR	$47.5B	$132.52	N/A	N/A	N/A
KEY — Keycorp	$24.0B	$22.11	N/A	N/A	N/A
KRNY — Kearny Financial - Common Stock	$632M	$10.05	N/A	N/A	N/A
LYG — Lloyds Banking Group Plc. ADR	$88.3B	$6.09	N/A	N/A	N/A
MFG — Mizuho Financial Group, Inc. Sponosred ADR (Japan) ADR	$138.1B	$11.33	N/A	N/A	N/A
MSBI — Midland States Bancorp, Inc. - Common Stock	$694M	$33.49	N/A	N/A	N/A
NBBK — NB Bancorp, Inc. - Common Stock	$1.0B	$22.93	N/A	N/A	N/A
NEWT — Newtekone, Inc. - Common Stock	$355M	$12.29	N/A	N/A	N/A
NFBK — Northfield Bancorp, Inc. - Common Stock	$640M	$15.33	N/A	N/A	N/A
NU — Nu Holdings Ltd. Class A Ordinary Shares Foreign	$76.2B	$15.67	N/A	N/A	N/A
NWG — Natwest Group Plc. ADR	$75.2B	$18.95	N/A	N/A	N/A
RRBI — Red River Bancshares, Inc. - Common Stock	$685M	$104.05	N/A	N/A	N/A
SHG — Shinhan Financial Group Co. Ltd. ADR	$40.2B	$84.33	N/A	N/A	N/A
SUPV — Grupo Supervielle S.A. ADR	$830M	$8.79	N/A	N/A	N/A
TFC — Truist Financial	$63.1B	$51.62	N/A	N/A	N/A
TFIN — Triumph Financial, Inc. Common Stock	$1.6B	$68.83	N/A	N/A	N/A
UVSP — Univest Financial Corporation - Common Stock	$1.2B	$42.03	N/A	N/A	N/A
VBNK — Versabank - Common Shares Foreign	$663M	$20.59	N/A	N/A	N/A
WASH — Washington Trust Bancorp, Inc. - Common Stock	$759M	$39.81	N/A	N/A	N/A
WF — Woori Financial Group Inc. ADR	$56.9B	$77.48	N/A	N/A	N/A

▶ Capital Markets (16+31 total)

+49.2%

+48.8%

Undervalued


SNEX — Stonex Group Inc. - Common Stock	$5.5B	$69.57	$1314.88	+1790.0%	Undervalued
GOLD — Gold.com, Inc. Common Stock	$1.2B	$41.44	$115.60	+179.0%	Undervalued
PIPR — Piper Sandler Companies Common Stock	$5.3B	$77.75	$206.82	+166.0%	Undervalued
EVR — Evercore Inc. Class A Common Stock	$11.5B	$296.63	$760.32	+156.3%	Undervalued
SF — Stifel Financial Corporation Common Stock	$12.6B	$82.16	$172.95	+110.5%	Undervalued
VIRT — Virtu Financial, Inc. Class A Common Stock	$5.6B	$64.32	$123.54	+92.1%	Undervalued
HLI — Houlihan Lokey, Inc. Class A Common Stock	$9.5B	$136.84	$250.88	+83.3%	Undervalued
MKTX — Marketaxess Holdings, Inc. - Common Stock	$5.8B	$163.38	$263.64	+61.4%	Undervalued
BGC — BGC Group, Inc. - Class A Common Stock	$5.8B	$12.15	$16.66	+37.1%	Undervalued
TW — Tradeweb Markets Inc. - Class A Common Stock	$22.4B	$105.33	$135.04	+28.2%	Undervalued
JEF — Jefferies Financial Group Inc. Common Stock	$11.0B	$54.27	$64.10	+18.1%	Undervalued
IBKR — Interactive Brokers	$41.4B	$92.96	$63.40	-31.8%	Overvalued
SCHW — Charles Schwab Corporation	$191.9B	$110.36	$65.66	-40.5%	Overvalued
OPY — Oppenheimer Holdings, Inc. Class A Common Stock DE	$1.3B	$124.74	$23.32	-81.3%	Overvalued
MS — Morgan Stanley	$341.4B	$217.15	$40.22	-81.5%	Overvalued
LPLA — LPL Financial Holdings Inc. - Common Stock	$28.8B	$360.14	$-59.38	-116.5%	Overvalued
Cannot calculate DCF
ABTC — American Bitcoin Corp. - Class A Common Stock	$9.9B	$9.34	N/A	N/A	N/A
ARBK — Argo Blockchain Plc. ADR	$88.3B	$3.06	N/A	N/A	N/A
BRBI — Brbi BR Partners S.A. ADR	$2.3B	$11.43	N/A	N/A	N/A
BTBT — Bit Digital, Inc. - Ordinary Share	$566M	$1.62	N/A	N/A	N/A
BTGO — Bitgo Holdings, Inc. Class A Common Stock	$871M	$7.51	N/A	N/A	N/A
CANG — Cango Inc. Class A Ordinary Shares ADR	$738M	$2.07	N/A	N/A	N/A
CLSK — Cleanspark, Inc. - Common Stock	$3.2B	$12.58	N/A	N/A	N/A
COHN — Cohen & Company Inc.	$28M	$11.41	N/A	N/A	N/A
CSHR — Coinshares Plc. - Ordinary Shares Foreign	$386M	$5.89	N/A	N/A	N/A
DOMH — Dominari Holdings Inc. - Common Stock	$48M	$2.12	N/A	N/A	N/A
FUFU — Bitfufu Inc. - Class A Ordinary Shares Foreign	$223M	$1.34	N/A	N/A	N/A
FUTU — Futu Holdings Ltd. ADR	$136.0B	$122.05	N/A	N/A	N/A
GLXY — Galaxy Digital Inc. - Class A Common Stock	$5.1B	$26.48	N/A	N/A	N/A
GS — Goldman Sachs	$309.5B	$1037.36	N/A	N/A	N/A
HIVE — Hive Digital Technologies Ltd. - Common Shares	$791M	$3.05	N/A	N/A	N/A
HOOD — Robinhood Markets	$111.8B	$124.20	N/A	N/A	N/A
IREN — Iren Limited - Ordinary Shares	$14.9B	$41.63	N/A	N/A	N/A
LAZ — Lazard, Inc. Common Stock	$4.4B	$44.30	N/A	N/A	N/A
LGHL — Lion Group Holding Ltd. ADR	$405697.0	$0.44	N/A	N/A	N/A
MARA — Mara Holdings, Inc. - Common Stock	$4.4B	$11.58	N/A	N/A	N/A
MC — Moelis & Company Class A Common Stock	$5.1B	$69.15	N/A	N/A	N/A
MRX — Marex Group Plc. - Ordinary Shares Foreign	$5.0B	$75.60	N/A	N/A	N/A
NCTY — The9 Limited - American Depository Shares ADR	$73M	$4.77	N/A	N/A	N/A
NMR — Nomura Holdings Inc. ADR	$30.8B	$10.61	N/A	N/A	N/A
PJT — PJT Partners Inc. Class A Common Stock	$7.9B	$185.82	N/A	N/A	N/A
PWP — Perella Weinberg Partners - Class A Common Stock	$1.2B	$16.91	N/A	N/A	N/A
RIOT — Riot Platforms, Inc. - Common Stock	$8.0B	$21.14	N/A	N/A	N/A
SOS — SOS Limited Class A Ordinary Shares ADR	$13M	$0.80	N/A	N/A	N/A
TIGR — UP Fintech Holding Ltd. ADR	$13.4B	$5.07	N/A	N/A	N/A
WULF — Terawulf Inc. - Common Stock	$8.0B	$16.23	N/A	N/A	N/A
XP — XP Inc. - Class A Common Stock Foreign	$10.3B	$19.99	N/A	N/A	N/A

▶ Credit Services (23+20 total)

+32.6%

+74.1%

Undervalued


RM — Regional Management Corp. Common Stock	$304M	$33.03	$782.13	+2267.9%	Undervalued
ATLC — Atlanticus Holdings Corporation - Common Stock	$1.5B	$96.66	$1031.93	+967.6%	Undervalued
MFIN — Medallion Financial Corp. - Common Stock	$286M	$11.99	$102.95	+758.6%	Undervalued
BFH — Bread Financial Holdings, Inc. Common Stock	$4.4B	$109.01	$708.86	+550.3%	Undervalued
ENVA — Enova International, Inc. Common Stock	$5.8B	$233.73	$1507.35	+544.9%	Undervalued
SYF — Synchrony Financial	$26.8B	$79.75	$487.71	+511.5%	Undervalued
OMF — Onemain Holdings, Inc. Common Stock	$7.5B	$64.54	$324.89	+403.4%	Undervalued
WRLD — World Acceptance Corporation - Common Stock	$900M	$193.33	$771.27	+298.9%	Undervalued
CACC — Credit Acceptance Corporation - Common Stock	$6.3B	$600.69	$2242.88	+273.4%	Undervalued
PMTS — CPI Card Group Inc. - Common Stock	$329M	$28.65	$62.14	+116.9%	Undervalued
NNI — Nelnet, Inc. Common Stock	$4.6B	$127.30	$269.54	+111.7%	Undervalued
WU — Western Union Company (the) Common Stock	$2.3B	$7.24	$9.60	+32.6%	Undervalued
EZPW — Ezcorp, Inc. - Class A Non-voting Common Stock	$2.0B	$33.31	$41.68	+25.1%	Undervalued
SEZL — Sezzle Inc. - Common Stock	$4.1B	$123.12	$149.18	+21.2%	Undervalued
FCFS — Firstcash Holdings, Inc. - Common Stock	$9.8B	$224.26	$239.17	+6.6%	Undervalued
AXP — American Express	$225.0B	$329.77	$327.15	+0.0%	Fair
MA — Mastercard	$517.5B	$585.71	$450.06	-23.2%	Overvalued
AGM.A — Federal Agricultural Mortgage Corporation Common Stock	$1.7B	$157.24	$113.12	-28.1%	Overvalued
V — Visa Inc.	$720.2B	$378.70	$264.31	-30.2%	Overvalued
AGM — Federal Agricultural Mortgage Corporation Common Stock	$2.5B	$226.17	$113.12	-50.0%	Overvalued
PYPL — Paypal	$50.1B	$56.83	$15.96	-71.9%	Overvalued
COF — Capital One	$137.2B	$220.50	$31.27	-85.8%	Overvalued
SLM — SLM Corporation - Common Stock	$5.0B	$26.48	$-5.71	-121.6%	Overvalued
Cannot calculate DCF
AFRM — Affirm Holdings, Inc. - Class A Common Stock	$24.9B	$74.30	N/A	N/A	N/A
ALLY — Ally Financial Inc. Common Stock	$13.4B	$43.59	N/A	N/A	N/A
ECPG — Encore Capital Group Inc. - Common Stock	$2.1B	$97.11	N/A	N/A	N/A
FINV — Finvolution Group ADR	$4.2B	$3.31	N/A	N/A	N/A
FOA — Finance of America Companies Inc. Class A Common Stock	$155M	$17.45	N/A	N/A	N/A
GDOT — Green Dot Corporation Class A Common Stock, $0.001 Par Value	$754M	$13.30	N/A	N/A	N/A
HTT — High Templar Tech Ltd. ADR	$404M	$2.59	N/A	N/A	N/A
JFIN — Jiayin Group Inc. ADR	$378M	$1.81	N/A	N/A	N/A
LU — Lufax Holding Ltd. ADR	$2.1B	$1.23	N/A	N/A	N/A
LX — Lexinfintech Holdings Ltd. ADR	$288M	$0.85	N/A	N/A	N/A
NAVI — Navient Corporation - Common Stock	$890M	$9.47	N/A	N/A	N/A
OPFI — Oppfi Inc. Class A Common Stock	$625M	$7.32	N/A	N/A	N/A
OPRT — Oportun Financial Corporation - Common Stock	$339M	$7.41	N/A	N/A	N/A
PRAA — PRA Group, Inc. - Common Stock	$724M	$18.99	N/A	N/A	N/A
QFIN — Qfin Holdings, Inc. ADR	$2.1B	$8.73	N/A	N/A	N/A
SOFI — Sofi Technologies, Inc. - Common Stock	$23.7B	$18.50	N/A	N/A	N/A
UPST — Upstart Holdings, Inc. - Common Stock	$2.7B	$28.50	N/A	N/A	N/A
VRM — Vroom, Inc. - Common Stock	$51M	$9.81	N/A	N/A	N/A
XYF — X Financial ADR	$1.3B	$5.54	N/A	N/A	N/A
YRD — Yiren Digital Ltd. ADR	$175M	$1.00	N/A	N/A	N/A

▶ Financial Conglomerates (2+4 total)

+28.4%

Undervalued


HTH — Hilltop Holdings Inc.	$2.3B	$38.87	$95.37	+145.4%	Undervalued
FRHC — Freedom Holding Corp. - Common Stock	$10.0B	$162.74	$18.37	-88.7%	Overvalued
Cannot calculate DCF
IX — Orix Corp. ADR	$46.3B	$41.18	N/A	N/A	N/A
RILY — BRC Group Holdings, Inc. - Common Stock	$263M	$7.09	N/A	N/A	N/A
TREE — Lendingtree, Inc. - Common Stock	$391M	$28.00	N/A	N/A	N/A
VOYA — Voya Financial, Inc. Common Stock	$9.5B	$104.88	N/A	N/A	N/A

▶ Insurance-Life (11+7 total)

+23.1%

+44.1%

Undervalued


JXN — Jackson Financial Inc. Class A Common Stock	$9.7B	$139.68	$904.90	+547.8%	Undervalued
MET — Metlife	$63.8B	$99.23	$631.20	+536.1%	Undervalued
PRI — Primerica, Inc. Common Stock	$9.3B	$297.83	$688.42	+131.1%	Undervalued
CNO — CNO Financial Group, Inc. Common Stock	$5.3B	$56.72	$116.70	+105.7%	Undervalued
GNW — Genworth Financial Inc. Common Stock	$4.0B	$10.38	$13.89	+33.8%	Undervalued
PRU — Prudential Financial	$42.8B	$123.20	$151.68	+23.1%	Undervalued
GL — Globe Life	$13.7B	$176.45	$148.47	-15.9%	Overvalued
SNFCA — Security National Financial Corporation - Class A Common Stock	$230M	$8.85	$6.51	-26.4%	Overvalued
UNM — Unum Group Common Stock	$15.4B	$96.55	$51.74	-46.4%	Overvalued
CIA — Citizens, Inc. Class A Common Stock ($1.00 Par)	$201M	$3.97	$1.92	-51.6%	Overvalued
AFL — Aflac	$60.2B	$118.36	$37.09	-68.7%	Overvalued
Cannot calculate DCF
AAME — Atlantic American Corporation - Common Stock	$28M	$1.36	N/A	N/A	N/A
ABX — Abacus Global Management, Inc. Class A Common Stock	$935M	$9.75	N/A	N/A	N/A
BHF — Brighthouse Financial, Inc. - Common Stock	$3.1B	$53.69	N/A	N/A	N/A
FG — F&g Annuities & Life, Inc. Common Stock	$3.3B	$24.86	N/A	N/A	N/A
LNC — Lincoln National Corporation Common Stock	$8.7B	$45.66	N/A	N/A	N/A
MFC — Manulife Financial Corporation Common Stock Foreign	$74.4B	$44.58	N/A	N/A	N/A
PUK — Prudential Public Limited Company Common Stock ADR	$36.3B	$28.32	N/A	N/A	N/A

▶ Insurance Brokers (9+7 total)

+11.8%

+38.4%

Undervalued


CRD.B — Crawford & Company Common Stock	$595M	$12.20	$38.28	+213.8%	Undervalued
CRD.A — Crawford & Company Common Stock	$655M	$13.44	$38.28	+184.8%	Undervalued
ERIE — Erie Indemnity	$12.0B	$258.16	$295.88	+14.6%	Undervalued
GSHD — Goosehead Insurance, Inc. - Class A Common Stock	$1.6B	$66.92	$75.17	+12.3%	Undervalued
MRSH — Marsh McLennan	$90.8B	$188.43	$210.58	+11.8%	Undervalued
BRO — Brown & Brown	$24.6B	$72.56	$77.22	+6.4%	Undervalued
AON — Aon Plc.	$69.8B	$327.00	$293.54	-10.2%	Overvalued
CRVL — Corvel Corp. - Common Stock	$3.5B	$68.68	$56.09	-18.3%	Overvalued
AJG — Arthur J Gallagher & Co.	$68.5B	$266.66	$118.66	-55.5%	Overvalued
Cannot calculate DCF
AIFU — Aifu Inc. - Class A Ordinary Share ADR	$2.7B	$23.20	N/A	N/A	N/A
BWIN — the Baldwin Insurance Group, Inc. - Class A Common Stock	$3.0B	$31.20	N/A	N/A	N/A
EHTH — Ehealth, Inc. - Common Stock	$30M	$0.93	N/A	N/A	N/A
HUIZ — Huize Holding Ltd. ADR	$1.5B	$1.46	N/A	N/A	N/A
SLQT — Selectquote, Inc. Common Stock	$95M	$0.54	N/A	N/A	N/A
WTW — Willis Towers Watson	$32.3B	$342.06	N/A	N/A	N/A
XHG — Xchange Tec.Inc. ADR	$166.8B	$3.32	N/A	N/A	N/A

▶ Asset Management (25+39 total)

+0.0%

+15.1%

Fair


GCMG — GCM Grosvenor Inc. - Class A Common Stock	$806M	$13.35	$67.32	+404.3%	Undervalued
AMP — Ameriprise Financial	$50.8B	$565.08	$2174.36	+284.8%	Undervalued
NTRS — Northern Trust	$34.7B	$187.50	$698.24	+272.4%	Undervalued
ARES — Ares Management	$31.9B	$141.53	$335.27	+136.9%	Undervalued
APO — Apollo Global Management LP	$77.5B	$134.50	$314.69	+134.0%	Undervalued
HLNE — Hamilton Lane Incorporated - Class A Common Stock	$4.5B	$103.44	$238.46	+130.5%	Undervalued
JHG — Janus Henderson Group Plc. Ordinary Shares	$8.0B	$51.98	$114.77	+120.8%	Undervalued
RJF — Raymond James Financial	$35.2B	$180.64	$331.20	+83.3%	Undervalued
TROW — T Rowe Price	$23.7B	$110.84	$179.15	+61.6%	Undervalued
FHI — Federated Hermes, Inc. Common Stock	$4.7B	$62.16	$94.92	+52.7%	Undervalued
VCTR — Victory Capital Holdings, Inc. - Common Stock	$7.1B	$113.39	$131.43	+15.9%	Undervalued
STT — State Street Corporation	$53.3B	$193.93	$221.15	+14.0%	Undervalued
WT — Wisdomtree, Inc. Common Stock	$3.8B	$24.86	$23.71	+0.0%	Fair
AMG — Affiliated Managers Group, Inc. Common Stock	$9.7B	$366.18	$312.30	-14.7%	Overvalued
SEIC — SEI Investments Company - Common Stock	$13.4B	$111.45	$94.09	-15.6%	Overvalued
APAM — Artisan Partners Asset Management Inc. Class A Common Stock	$2.9B	$41.12	$28.50	-30.7%	Overvalued
BX — Blackstone Inc.	$168.1B	$137.62	$79.96	-41.9%	Overvalued
CNS — Cohen & Steers Inc. Common Stock	$4.1B	$78.99	$14.12	-82.1%	Overvalued
KKR — KKR & Co.	$98.5B	$109.72	$19.58	-82.2%	Overvalued
AAMI — Acadian Asset Management Inc. Common Stock	$3.3B	$92.24	$4.86	-94.7%	Overvalued
VRTS — Virtus Investment Partners, Inc. Common Stock	$1.0B	$155.59	$-4.67	-103.0%	Overvalued
RPC — Ridgepost Capital, Inc. Class A Common Stock	$937M	$8.56	$-0.48	-105.6%	Overvalued
PFLT — Pennantpark Floating Rate Capital Ltd. Common Stock BDC	$737M	$7.43	$-0.84	-111.3%	Overvalued
OWL — Blue Owl Capital Inc. Class A Common Stock	$8.0B	$11.84	$-2.83	-123.9%	Overvalued
HTGC — Hercules Capital, Inc. Common Stock BDC	$3.3B	$17.74	$-11.61	-165.4%	Overvalued
Cannot calculate DCF
AB — Alliancebernstein Holding L.P. Units LP	$3.4B	$37.02	N/A	N/A	N/A
ALTI — Alti Global, Inc. - Class A Common Stock	$425M	$3.84	N/A	N/A	N/A
AMBR — Amber International Holding Ltd. ADR	$443M	$0.94	N/A	N/A	N/A
AMTD — Amtd Idea Group ADR	$72M	$0.76	N/A	N/A	N/A
BAM — Brookfield Asset Management Ltd. ADR	$80.3B	$50.30	N/A	N/A	N/A
BBDC — Barings BDC Inc. Common Stock BDC	$942M	$9.00	N/A	N/A	N/A
BCG — Binah Capital Group, Inc. - Common Stock	$23M	$1.32	N/A	N/A	N/A
BCSF — Bain Capital Specialty Finance, Inc. Common Stock BDC	$769M	$11.86	N/A	N/A	N/A
BEN — Franklin Resources	$17.4B	$33.55	N/A	N/A	N/A
BN — Brookfield Corporation Class A Limited Voting Shares Foreign	$90.3B	$40.42	N/A	N/A	N/A
CCAP — Crescent Capital BDC Inc. - Common Stock BDC	$385M	$10.46	N/A	N/A	N/A
CG — the Carlyle Group Inc. - Common Stock LP	$17.2B	$47.75	N/A	N/A	N/A
CION — Cion Investment Corporation Common Stock BDC	$366M	$7.36	N/A	N/A	N/A
CRBG — Corebridge Financial Inc. Common Stock	$15.9B	$34.75	N/A	N/A	N/A
CSWC — Capital Southwest Corporation - Common Stock BDC	$1.5B	$24.55	N/A	N/A	N/A
DBRG — Digitalbridge Group, Inc.	$2.9B	$15.94	N/A	N/A	N/A
EQH — Equitable Holdings, Inc. Common Stock	$15.1B	$53.54	N/A	N/A	N/A
FSK — FS KKR Capital Corp. Common Stock BDC	$3.5B	$12.32	N/A	N/A	N/A
GSBD — Goldman Sachs BDC Inc. Common Stock BDC	$1.1B	$9.88	N/A	N/A	N/A
IVZ — Invesco	$14.5B	$32.70	N/A	N/A	N/A
KBDC — Kayne Anderson BDC Inc. Common Stock	$894M	$13.48	N/A	N/A	N/A
KWY — Kingsway Corporation Common Stock	$287M	$10.04	N/A	N/A	N/A
MAIN — Main Street Capital Corporation Common Stock BDC	$5.4B	$58.09	N/A	N/A	N/A
NMFC — New Mountain Finance Corporation - Common Stock BDC	$705M	$7.46	N/A	N/A	N/A
NOAH — Noah Holdings Ltd. ADR	$2.8B	$8.30	N/A	N/A	N/A
OBDC — Blue Owl Capital Corporation Common Stock BDC	$5.7B	$11.39	N/A	N/A	N/A
OTF — Blue Owl Technology Finance Corp. Common Stock	$5.3B	$11.43	N/A	N/A	N/A
PAX — Patria Investments Limited - Class A Common Shares Foreign	$1.8B	$11.31	N/A	N/A	N/A
PFG — Principal Financial Group	$25.6B	$118.51	N/A	N/A	N/A
PNNT — Pennantpark Investment Corporation Common Stock BDC	$244M	$3.74	N/A	N/A	N/A
RWAY — Runway Growth Finance Corp. - Common Stock BDC	$281M	$6.61	N/A	N/A	N/A
SAMG — Silvercrest Asset Management Group Inc. - Common Stock	$77M	$9.97	N/A	N/A	N/A
SCM — Stellus Capital Investment Corporation Common Stock BDC	$252M	$8.72	N/A	N/A	N/A
SII — Sprott Inc. Common Shares Foreign	$3.4B	$130.28	N/A	N/A	N/A
STEP — Stepstone Group Inc. - Class A Common Stock	$4.2B	$50.91	N/A	N/A	N/A
TPG — TPG Inc. - Class A Common Stock	$8.5B	$53.20	N/A	N/A	N/A
TRIN — Trinity Capital Inc. - Common Stock BDC	$1.6B	$18.34	N/A	N/A	N/A
TSLX — Sixth Street Specialty Lending, Inc. Common Stock BDC	$1.7B	$18.31	N/A	N/A	N/A
VINP — Vinci Compass Investments Ltd. - Class A Common Shares Foreign	$645M	$9.86	N/A	N/A	N/A

▶ Insurance-Diversified (5+6 total)

-5.4%

+65.2%

Overvalued


ACGL — Arch Capital Group	$34.9B	$99.83	$415.09	+315.8%	Undervalued
HIG — Hartford (the)	$38.4B	$140.06	$461.98	+229.8%	Undervalued
BRK.A — Berkshire Hathaway Inc. Common Stock	$681.0B	$477207.28	$451628.86	-5.4%	Overvalued
AIG — American International Group	$40.8B	$76.86	$55.41	-27.9%	Overvalued
BRK.B — Berkshire Hathaway	$1.09T	$507.97	$301.09	-40.7%	Overvalued
Cannot calculate DCF
AEG — Aegon Ltd. New York Registry Shares ADR	$13.9B	$9.20	N/A	N/A	N/A
BNT — Brookfield Wealth Solutions Ltd. Class A Exchangeable Limited Voting Shares Foreign	$11.0B	$40.16	N/A	N/A	N/A
IGIC — International General Insurance Holdings Ltd. - Ordinary Shares Foreign	$1.1B	$26.69	N/A	N/A	N/A
PLGO — Pelagos Insurance Capital Limited Common Shares Foreign	$2.2B	$25.56	N/A	N/A	N/A
SLF — Sun Life Financial Inc. Common Stock Foreign	$44.8B	$80.78	N/A	N/A	N/A
WDH — Waterdrop Inc. ADR	$3.6B	$1.00	N/A	N/A	N/A

▶ Financial Data & Stock Exchanges (11+1 total)

-11.2%

+5.7%

Overvalued


MKTW — Marketwise, Inc. - Class A Common Stock	$47M	$17.65	$136.46	+673.1%	Undervalued
CBOE — Cboe Global Markets	$31.2B	$298.28	$387.67	+30.0%	Undervalued
MORN — Morningstar, Inc. - Common Stock	$8.2B	$215.65	$259.72	+20.4%	Undervalued
FDS — Factset	$11.2B	$312.82	$362.27	+15.8%	Undervalued
CME — CME Group	$101.3B	$282.05	$288.51	+0.0%	Fair
SPGI — S&p Global	$133.4B	$450.60	$400.34	-11.2%	Overvalued
ICE — Intercontinental Exchange	$93.1B	$164.61	$145.22	-11.8%	Overvalued
MSCI — Msci Inc.	$41.8B	$574.52	$425.49	-25.9%	Overvalued
NDAQ — Nasdaq, Inc.	$55.8B	$98.67	$69.14	-29.9%	Overvalued
MCO — Moody's Corporation	$88.1B	$504.09	$322.49	-36.0%	Overvalued
COIN — Coinbase	$50.8B	$192.70	$21.07	-89.1%	Overvalued
Cannot calculate DCF
TRU — Transunion Common Stock	$16.4B	$84.89	N/A	N/A	N/A

▶ Mortgage Finance (3+6 total)

-74.8%

-33.3%

Overvalued


UWMC — UWM Holdings Corporation Class A Common Stock	$495M	$1.46	$2.28	+56.2%	Undervalued
PFSI — Pennymac Financial Services, Inc. Common Stock	$3.8B	$73.23	$18.43	-74.8%	Overvalued
VEL — Velocity Financial, Inc. Common Stock	$723M	$18.42	$3.43	-81.4%	Overvalued
Cannot calculate DCF
BETR — Better Home & Finance Holding Company - Class A Common Stock	$248M	$13.15	N/A	N/A	N/A
CNF — Cnfinance Holdings Ltd. ADR	$3.0B	$2.18	N/A	N/A	N/A
LDI — Loandepot, Inc. Class A Common Stock	$504M	$0.93	N/A	N/A	N/A
ONIT — Onity Group Inc. Common Stock	$294M	$34.84	N/A	N/A	N/A
RKT — Rocket Companies, Inc. Class A Common Stock	$40.2B	$14.22	N/A	N/A	N/A
WD — Walker & Dunlop, Inc. Common Stock	$1.4B	$41.62	N/A	N/A	N/A

▶ Banks-Diversified (5+14 total)

-91.1%

-94.2%

Overvalued


BAC — Bank of America	$442.6B	$63.06	$30.28	-52.0%	Overvalued
WFC — Wells Fargo	$270.1B	$89.19	$26.14	-70.7%	Overvalued
BNY — BNY Mellon	$112.8B	$164.32	$14.64	-91.1%	Overvalued
JPM — Jpmorgan Chase	$962.5B	$362.09	$-54.77	-115.1%	Overvalued
C — Citigroup	$231.7B	$138.12	$-57.94	-141.9%	Overvalued
Cannot calculate DCF
BBVA — Banco Bilbao Vizcaya Argentaria S.A. Common Stock ADR	$164.8B	$29.62	N/A	N/A	N/A
BCS — Barclays Plc. Common Stock ADR	$91.1B	$26.90	N/A	N/A	N/A
BMO — Bank of Montreal Common Stock Foreign	$123.8B	$176.78	N/A	N/A	N/A
BNS — Bank Nova Scotia Halifax Pfd 3 Ordinary Shares Foreign	$116.4B	$94.91	N/A	N/A	N/A
CM — Canadian Imperial Bank of Commerce Common Stock Foreign	$108.1B	$118.16	N/A	N/A	N/A
HSBC — Hsbc Holdings, Plc. Common Stock ADR	$1.83T	$106.42	N/A	N/A	N/A
ING — ING Group, N.V. Common Stock ADR	$106.4B	$37.09	N/A	N/A	N/A
MUFG — Mitsubishi UFJ Financial Group, Inc. Common Stock ADR	$272.2B	$24.14	N/A	N/A	N/A
NTB — Bank of N.t. Butterfield & Son Limited (the) Voting Ordinary Shares Foreign	$2.4B	$60.94	N/A	N/A	N/A
RY — Royal Bank of Canada Common Stock Foreign	$294.7B	$212.07	N/A	N/A	N/A
SAN — Banco Santander, S.A. Sponsored ADR (Spain) ADR	$216.6B	$15.04	N/A	N/A	N/A
SMFG — Sumitomo Mitsui Financial Group, Inc. ADR	$105.4B	$27.55	N/A	N/A	N/A
TD — Toronto Dominion Bank (the) Common Stock Foreign	$208.2B	$123.25	N/A	N/A	N/A
UBS — UBS Group AG Registered Ordinary Shares Foreign	$186.1B	$55.69	N/A	N/A	N/A

▶ Communication Services

+14.4%

22 / 16 / 2

+40.1%

Undervalued

Valuation

▶ Internet Content & Information (14+38 total)

+116.5%

+63.1%

Undervalued


SSTK — Shutterstock, Inc. Common Stock	$212M	$5.76	$77.14	+1239.2%	Undervalued
YELP — Yelp Inc. Common Stock	$1.2B	$22.16	$143.23	+546.3%	Undervalued
UPWK — Upwork Inc. - Common Stock	$1.1B	$9.18	$48.84	+432.0%	Undervalued
NRDS — Nerdwallet, Inc. - Class A Common Stock	$651M	$9.90	$48.36	+388.5%	Undervalued
EVER — Everquote, Inc. - Class A Common Stock	$896M	$25.32	$65.28	+157.8%	Undervalued
CARS — Cars.com Inc. Common Stock	$659M	$11.79	$29.33	+148.8%	Undervalued
MAX — Mediaalpha, Inc. Class A Common Stock	$660M	$12.21	$26.60	+117.9%	Undervalued
MTCH — Match Group, Inc. - Common Stock	$9.9B	$42.44	$91.23	+115.0%	Undervalued
PINS — Pinterest, Inc. Class A Common Stock	$11.7B	$20.85	$17.28	-17.1%	Overvalued
META — Meta Platforms	$1.55T	$610.68	$420.88	-31.1%	Overvalued
GOOG — Alphabet Inc. (Class C	$4.11T	$339.10	$141.65	-58.2%	Overvalued
GOOGL — Alphabet Inc. (Class A	$4.15T	$342.39	$141.65	-58.6%	Overvalued
STUB — Stubhub Holdings, Inc. Class A Common Stock	$2.4B	$6.52	$0.61	-90.6%	Overvalued
SEAT — Vivid Seats Inc. - Class A Common Stock	$65M	$5.96	$-17.77	-398.2%	Overvalued
Cannot calculate DCF
ANGI — Angi Inc. - Class A Common Stock	$196M	$4.86	N/A	N/A	N/A
AREN — the Arena Group Holdings, Inc. Common Stock	$52M	$1.10	N/A	N/A	N/A
ATHM — Autohome Inc. ADR	$10.0B	$21.57	N/A	N/A	N/A
BIDU — Baidu, Inc. ADR	$32.4B	$95.58	N/A	N/A	N/A
BILI — Bilibili Inc. ADR	$6.5B	$15.49	N/A	N/A	N/A
BMBL — Bumble Inc. - Common Stock	$374M	$2.87	N/A	N/A	N/A
BODI — the Beachbody Company, Inc. - Class A Common Stock	$42M	$5.80	N/A	N/A	N/A
BZ — Kanzhun Limited - American Depository Shares ADR	$7.1B	$16.84	N/A	N/A	N/A
BZFD — Buzzfeed, Inc. - Class A Common Stock	$87M	$1.13	N/A	N/A	N/A
CCG — Cheche Group Inc. - Class A Ordinary Shares Foreign	$1.3B	$15.59	N/A	N/A	N/A
DOYU — Douyu International Holdings Ltd. ADR	$130M	$4.32	N/A	N/A	N/A
FENG — Phoenix New Media Ltd. ADR	$18M	$1.54	N/A	N/A	N/A
FVRR — Fiverr International Ltd. Ordinary Shares, No Par Value Foreign	$331M	$9.22	N/A	N/A	N/A
GENI — Genius Sports Limited Ordinary Shares Foreign	$2.0B	$7.62	N/A	N/A	N/A
GETY — Getty Images Holdings, Inc. Class A Common Stock	$96M	$0.23	N/A	N/A	N/A
GRPN — Groupon, Inc. - Common Stock	$718M	$18.89	N/A	N/A	N/A
JOYY — Joyy Inc. ADR	$78.6B	$74.67	N/A	N/A	N/A
MOMO — Hello Group Inc. ADR	$1.7B	$5.13	N/A	N/A	N/A
NBIS — Nebius Group N.V. - Class A Ordinary Shares Foreign	$53.5B	$210.68	N/A	N/A	N/A
NXDR — Nextdoor Holdings, Inc. Class A Common Stock	$858M	$2.25	N/A	N/A	N/A
OPRA — Opera Ltd. ADR	$1.7B	$18.44	N/A	N/A	N/A
PERI — Perion Network Ltd. - Ordinary Shares Foreign	$373M	$9.23	N/A	N/A	N/A
PPLI — People Incorporated - Common Stock	$2.9B	$38.96	N/A	N/A	N/A
RUM — Rumble Inc. - Class A Common Stock	$2.0B	$9.04	N/A	N/A	N/A
SJ — Scienjoy Holding Corporation - Class A Ordinary Shares Foreign	$38M	$0.89	N/A	N/A	N/A
SNAP — Snap Inc. Class A Common Stock	$9.5B	$5.72	N/A	N/A	N/A
SOGP — Sound Group Inc. ADR	$10.4B	$12.45	N/A	N/A	N/A
SPOT — Spotify Technology S.A. Ordinary Shares Foreign	$115.2B	$560.05	N/A	N/A	N/A
TBLA — Taboola.com Ltd. - Ordinary Shares	$1.2B	$3.88	N/A	N/A	N/A
TEAD — Teads Holding Co. - Common Stock	$51M	$0.53	N/A	N/A	N/A
TME — Tencent Music Entertainment Group ADR	$25.8B	$8.21	N/A	N/A	N/A
TRVG — Trivago N.V. ADR	$2.3B	$6.39	N/A	N/A	N/A
WB — Weibo Corp. ADR	$1.7B	$6.75	N/A	N/A	N/A
Z — Zillow Group, Inc. - Class C Capital Stock	$8.1B	$35.33	N/A	N/A	N/A
ZD — Ziff Davis, Inc. - Common Stock	$2.1B	$56.30	N/A	N/A	N/A
ZG — Zillow Group, Inc. - Class A Common Stock	$8.2B	$36.02	N/A	N/A	N/A
ZH — Zhihu Inc. ADR	$615M	$2.56	N/A	N/A	N/A
ZIP — Ziprecruiter, Inc. Class A Common Stock	$342M	$4.19	N/A	N/A	N/A

▶ Advertising Agencies (4+18 total)

+111.0%

+96.2%

Undervalued


TTD — Trade Desk (the)	$7.1B	$15.07	$41.46	+175.1%	Undervalued
DV — Doubleverify Holdings, Inc. Common Stock	$2.1B	$13.36	$28.31	+111.9%	Undervalued
STGW — Stagwell Inc. - Class A Common Stock	$2.2B	$8.89	$18.68	+110.1%	Undervalued
APP — Applovin	$105.3B	$313.57	$274.71	-12.4%	Overvalued
Cannot calculate DCF
ADV — Advantage Solutions Inc. - Class A Common Stock	$418M	$31.92	N/A	N/A	N/A
CCO — Clear Channel Outdoor Holdings, Inc. Common Stock	$1.2B	$2.38	N/A	N/A	N/A
CDLX — Cardlytics, Inc. - Common Stock	$210M	$3.64	N/A	N/A	N/A
CHR — Cheer Holding, Inc. - Class A Ordinary Share Foreign	$3M	$1.82	N/A	N/A	N/A
CRTO — Criteo S.A. ADR	$913M	$18.17	N/A	N/A	N/A
EEX — Emerald Holding, Inc. Common Stock	$997M	$5.04	N/A	N/A	N/A
EVC — Entravision Communications Corporation Common Stock	$772M	$8.39	N/A	N/A	N/A
FLNT — Fluent, Inc. - Common Stock	$92M	$3.08	N/A	N/A	N/A
KRKR — 36kr Holdings Inc. ADR	$3.4B	$3.19	N/A	N/A	N/A
MGNI — Magnite, Inc. - Common Stock	$3.5B	$24.60	N/A	N/A	N/A
NCMI — National Cinemedia, Inc. - Common Stock	$234M	$2.49	N/A	N/A	N/A
NEXN — Nexxen International Ltd. - Ordinary Shares ADR	$534M	$9.59	N/A	N/A	N/A
OMC — Omnicom Group	$24.1B	$84.70	N/A	N/A	N/A
QNST — Quinstreet, Inc. - Common Stock	$1.1B	$18.75	N/A	N/A	N/A
SWAG — Stran & Company, Inc. - Common Stock	$32M	$1.73	N/A	N/A	N/A
TSQ — Townsquare Media, Inc. Class A Common Stock	$103M	$5.72	N/A	N/A	N/A
WIMI — Wimi Hologram Cloud Inc. - Class B Ordinary Shares ADR	$12M	$1.26	N/A	N/A	N/A
WPP — WPP Plc. ADR	$28.0B	$25.93	N/A	N/A	N/A

▶ Telecom Services (7+40 total)

+25.3%

+55.2%

Undervalued


CHTR — Charter Communications	$21.4B	$151.38	$1885.66	+1145.6%	Undervalued
CMCSA — Comcast	$95.2B	$26.65	$156.60	+487.6%	Undervalued
TMUS — T-mobile US	$203.5B	$188.01	$318.98	+69.7%	Undervalued
VZ — Verizon	$211.2B	$50.59	$63.37	+25.3%	Undervalued
IRDM — Iridium Communications Inc. - Common Stock	$5.0B	$46.95	$51.37	+9.4%	Undervalued
GOGO — Gogo Inc. - Common Stock	$356M	$2.63	$1.80	-31.6%	Overvalued
IDT — IDT Corporation Class B Common Stock	$1.7B	$68.82	$9.26	-86.5%	Overvalued
Cannot calculate DCF
AD — Array Digital Infrastructure, Inc. Common Shares	$3.3B	$38.73	N/A	N/A	N/A
AMX — America Movil SAB DE Cv/ ADR	$1.40T	$23.18	N/A	N/A	N/A
ATNI — ATN International, Inc. - Common Stock	$475M	$30.89	N/A	N/A	N/A
BCE — BCE Inc. Common Stock Foreign	$22.2B	$23.82	N/A	N/A	N/A
CABO — Cable One, Inc. Common Stock	$146M	$25.77	N/A	N/A	N/A
CCOI — Cogent Communications Holdings, Inc. - Common Stock	$500M	$9.98	N/A	N/A	N/A
CHT — Chunghwa Telecom Co., Ltd. ADR	$33.9B	$43.76	N/A	N/A	N/A
GSAT — Globalstar, Inc. - Common Stock	$10.6B	$81.98	N/A	N/A	N/A
IQST — Iqstel Inc. - Common Stock	$5M	$0.91	N/A	N/A	N/A
KORE — Kore Group Holdings, Inc. Common Stock	$163M	$9.26	N/A	N/A	N/A
KT — KT Corporation Common Stock ADR	$9.6B	$19.84	N/A	N/A	N/A
KVHI — KVH Industries, Inc. - Common Stock	$138M	$7.06	N/A	N/A	N/A
LBTYA — Liberty Global Ltd. - Class A Common Shares	$3.6B	$10.65	N/A	N/A	N/A
LBTYB — Liberty Global Ltd. - Class B Common Shares	$3.9B	$11.55	N/A	N/A	N/A
LBTYK — Liberty Global Ltd. - Class C Common Shares	$3.5B	$10.40	N/A	N/A	N/A
LILA — Liberty Latin America Ltd. - Class A Common Stock	$1.8B	$8.76	N/A	N/A	N/A
LILAK — Liberty Latin America Ltd. - Class C Common Stock	$1.7B	$8.68	N/A	N/A	N/A
LUMN — Lumen Technologies, Inc. Common Stock	$7.1B	$6.91	N/A	N/A	N/A
NIXX — Nixxy, Inc. - Common Stock	$16M	$0.61	N/A	N/A	N/A
OPTU — Optimum Communications, Inc. Class A Common Stock	$496M	$1.04	N/A	N/A	N/A
PCLA — Picocela Inc. ADR	$63M	$6.54	N/A	N/A	N/A
PHI — Pldt Inc. Sponsored ADR ADR	$4.0B	$18.40	N/A	N/A	N/A
RCI — Rogers Communication, Inc. Common Stock Foreign	$20.5B	$38.01	N/A	N/A	N/A
SATS — Echostar	$30.1B	$103.94	N/A	N/A	N/A
SHEN — Shenandoah Telecommunications Co. - Common Stock	$693M	$12.52	N/A	N/A	N/A
SIFY — Sify Technologies Limited - American Depository Shares ADR	$1.0B	$14.37	N/A	N/A	N/A
SKM — SK Telecom Co., Ltd. Common Stock ADR	$14.3B	$37.28	N/A	N/A	N/A
T — AT&T	$181.9B	$26.18	N/A	N/A	N/A
TDS — Telephone and Data Systems, Inc. Common Shares	$4.3B	$37.87	N/A	N/A	N/A
TEO — Telecom Argentina S.A. ADR	$1.6B	$12.97	N/A	N/A	N/A
TIGO — Millicom International Cellular S.A. - Common Stock Foreign	$16.1B	$95.89	N/A	N/A	N/A
TIMB — TIM S.A. ADR	$44.7B	$18.68	N/A	N/A	N/A
TKC — Turkcell Iletisim Hizmetleri A/S Common Stock ADR	$4.4B	$5.05	N/A	N/A	N/A
TLK — PT Telekomunikasi Indonesia, Tbk ADR	$14.7B	$14.82	N/A	N/A	N/A
TU — Telus Corporation Ordinary Shares Foreign	$15.2B	$9.73	N/A	N/A	N/A
TV — Grupo Televisa S.A.b. Common Stock ADR	$1.1B	$2.66	N/A	N/A	N/A
UCL — Ucloudlink Group Inc. ADR	$148M	$0.39	N/A	N/A	N/A
VEON — Veon Ltd. ADR	$122.4B	$66.19	N/A	N/A	N/A
VIV — Telefonica Brasil S.A. ADR	$38.0B	$11.89	N/A	N/A	N/A
VOD — Vodafone Group Public Ltd. Co. ADR	$38.3B	$16.57	N/A	N/A	N/A

▶ Publishing (1+6 total)

+22.4%

Undervalued


NYT — New York Times Company (the) Common Stock	$10.9B	$67.04	$82.07	+22.4%	Undervalued
Cannot calculate DCF
LEE — Lee Enterprises, Incorporated - Common Stock	$177M	$7.96	N/A	N/A	N/A
PSO — Pearson, Plc. Common Stock ADR	$9.7B	$16.13	N/A	N/A	N/A
SCHL — Scholastic Corporation - Common Stock	$817M	$38.38	N/A	N/A	N/A
TDAY — USA Today Co., Inc. Common Stock	$948M	$6.46	N/A	N/A	N/A
WLY — John Wiley & Sons, Inc. Common Stock	$2.6B	$50.59	N/A	N/A	N/A
WLYB — John Wiley & Sons, Inc. Common Stock	$2.5B	$49.70	N/A	N/A	N/A

▶ Broadcasting (1+11 total)

+22.0%

Undervalued


NXST — Nexstar Media Group, Inc. - Common Stock	$5.4B	$177.52	$216.49	+22.0%	Undervalued
Cannot calculate DCF
BBGI — Beasley Broadcast Group, Inc. - Class A Common Stock	$33M	$18.31	N/A	N/A	N/A
FUBO — Fubotv Inc. Class A Common Stock	$341M	$11.59	N/A	N/A	N/A
GTN — Gray Media, Inc. Common Stock	$513M	$4.99	N/A	N/A	N/A
GTN.A — Gray Media, Inc. Class A Common Stock	$789M	$7.68	N/A	N/A	N/A
IHRT — Iheartmedia, Inc. - Class A Common Stock	$428M	$2.83	N/A	N/A	N/A
MDIA — Mediaco Holding Inc. - Class A Common Stock	$87M	$1.06	N/A	N/A	N/A
SBGI — Sinclair, Inc. - Class A Common Stock	$1.0B	$13.93	N/A	N/A	N/A
SGA — Saga Communications, Inc. - Class A Common Stock	$61M	$9.51	N/A	N/A	N/A
SSP — E.w. Scripps Company (the) - Class A Common Stock	$307M	$3.35	N/A	N/A	N/A
UONE — Urban One, Inc. - Class A Common Stock	$23M	$5.09	N/A	N/A	N/A
UONEK — Urban One, Inc. - Class D Common Stock	$22M	$4.90	N/A	N/A	N/A

▶ Electronic Gaming & Multimedia (1+10 total)

+0.0%

Fair


EA — Electronic Arts	$52.6B	$209.86	$207.81	+0.0%	Fair
Cannot calculate DCF
DDI — Doubledown Interactive Co., Ltd. - American Depository Shares ADR	$643M	$12.98	N/A	N/A	N/A
GDEV — Gdev Inc. - Ordinary Shares Foreign	$193M	$10.62	N/A	N/A	N/A
GRVY — Gravity Co., Ltd. ADR	$502M	$72.19	N/A	N/A	N/A
MYPS — Playstudios, Inc. - Class A Common Stock	$67M	$0.52	N/A	N/A	N/A
NTES — Netease, Inc. ADR	$373.6B	$117.04	N/A	N/A	N/A
PLTK — Playtika Holding Corp. - Common Stock	$852M	$2.24	N/A	N/A	N/A
RBLX — Roblox Corporation Class A Common Stock	$29.7B	$41.47	N/A	N/A	N/A
SKLZ — Skillz Inc. Class A Common Stock	$137M	$8.79	N/A	N/A	N/A
SOHU — Sohu.com Ltd. ADR	$358M	$13.72	N/A	N/A	N/A
TTWO — Take-two Interactive	$39.7B	$214.09	N/A	N/A	N/A

▶ Entertainment (12+23 total)

-35.7%

-7.9%

Overvalued


FOX — Fox Corporation (Class B	$25.4B	$60.45	$136.43	+125.7%	Undervalued
FOXA — Fox Corporation (Class A	$28.5B	$67.71	$136.43	+101.5%	Undervalued
CNK — Cinemark Holdings Inc. Cinemark Holdings, Inc. Common Stock	$4.1B	$34.99	$41.75	+19.3%	Undervalued
DIS — Walt Disney Company (the)	$186.0B	$107.14	$116.42	+8.7%	Undervalued
IMAX — Imax Corporation Common Stock	$2.9B	$51.95	$53.90	+0.0%	Fair
NFLX — Netflix	$344.3B	$82.68	$55.42	-33.0%	Overvalued
NWSA — News Corp. (Class A	$16.9B	$30.95	$19.06	-38.4%	Overvalued
MSGE — Madison Square Garden Entertainment Corp. Class A Common Stock	$3.7B	$77.96	$46.84	-39.9%	Overvalued
WMG — Warner Music Group Corp. - Class A Common Stock	$15.4B	$29.55	$17.69	-40.1%	Overvalued
NWS — News Corp. (Class B	$19.0B	$34.73	$19.06	-45.1%	Overvalued
AENT — Alliance Entertainment Holding Corporation - Common Stock	$262M	$5.14	$1.36	-73.5%	Overvalued
LYV — Live Nation Entertainment	$41.3B	$177.51	$35.35	-80.1%	Overvalued
Cannot calculate DCF
AMC — AMC Entertainment Holdings, Inc. Class A Common Stock	$1.6B	$2.54	N/A	N/A	N/A
AMCX — AMC Global Media Inc. - Class A Common Stock	$562M	$12.79	N/A	N/A	N/A
BATRA — Atlanta Braves Holdings, Inc. - Series A Common Stock	$3.6B	$56.22	N/A	N/A	N/A
BATRK — Atlanta Braves Holdings, Inc. - Series C Common Stock	$3.3B	$50.70	N/A	N/A	N/A
CPOP — Pop Culture Group Co., Ltd. - Class A Ordinary Shares Foreign	$26M	$0.32	N/A	N/A	N/A
FWONA — Liberty Media Corporation - Series A Liberty Formula One Common Stock	$22.5B	$89.64	N/A	N/A	N/A
FWONK — Liberty Media Corporation - Series C Liberty Formula One Common Stock	$24.3B	$96.93	N/A	N/A	N/A
HUYA — Huya Inc. ADR	$478M	$2.09	N/A	N/A	N/A
IQ — Iqiyi, Inc. ADR	$852M	$0.88	N/A	N/A	N/A
LFS — Leifras Co., Ltd. ADR	$58M	$2.24	N/A	N/A	N/A
MCS — Marcus Corporation (the) Common Stock	$846M	$27.53	N/A	N/A	N/A
MSGS — Madison Square Garden Sports Corp. Class A Common Stock (New)	$9.3B	$387.38	N/A	N/A	N/A
NIPG — NIP Group Inc. ADR	$1.7B	$14.60	N/A	N/A	N/A
PLAY — Dave & Buster's Entertainment, Inc. - Common Stock	$302M	$8.67	N/A	N/A	N/A
RDI — Reading International Inc. - Class A Non-voting Common Stock	$49M	$2.14	N/A	N/A	N/A
RDIB — Reading International Inc. - Class B Voting Common Stock	$308M	$13.55	N/A	N/A	N/A
ROKU — Roku, Inc. - Class A Common Stock	$23.4B	$158.28	N/A	N/A	N/A
RSVR — Reservoir Media, Inc.. - Common Stock	$642M	$9.77	N/A	N/A	N/A
SIRI — Siriusxm Holdings Inc. - Common Stock	$10.0B	$29.77	N/A	N/A	N/A
SPHR — Sphere Entertainment Co. Class A Common Stock	$5.1B	$143.29	N/A	N/A	N/A
STRZ — Starz Entertainment Corp. - Common Shares	$450M	$26.83	N/A	N/A	N/A
TKO — TKO Group Holdings	$14.6B	$189.44	N/A	N/A	N/A
WBD — Warner Bros. Discovery	$71.1B	$28.37	N/A	N/A	N/A

▶ Healthcare

102

-8.8%

40 / 53 / 9

-0.4%

Overvalued

Valuation

▶ Biotechnology (13+99 total)

+42.8%

+49.0%

Undervalued


HRMY — Harmony Biosciences Holdings, Inc. - Common Stock	$2.4B	$41.82	$152.39	+264.4%	Undervalued
INVA — Innoviva, Inc. - Common Stock	$1.6B	$21.34	$66.76	+212.8%	Undervalued
MDXG — Mimedx Group, Inc. - Common Stock	$660M	$4.43	$12.59	+184.2%	Undervalued
PBYI — Puma Biotechnology Inc. - Common Stock	$479M	$9.41	$19.54	+107.7%	Undervalued
CPRX — Catalyst Pharmaceuticals, Inc. - Common Stock	$3.9B	$31.49	$46.14	+46.5%	Undervalued
BMRN — Biomarin Pharmaceutical Inc. - Common Stock	$12.8B	$66.42	$95.55	+43.9%	Undervalued
EXEL — Exelixis, Inc. - Common Stock	$14.9B	$59.08	$84.39	+42.8%	Undervalued
INCY — Incyte	$25.6B	$128.02	$173.02	+35.2%	Undervalued
HALO — Halozyme Therapeutics, Inc. - Common Stock	$13.1B	$110.73	$111.68	+0.0%	Fair
REGN — Regeneron Pharmaceuticals	$88.4B	$843.25	$860.77	+0.0%	Fair
RPRX — Royalty Pharma Plc. - Class A Ordinary Shares	$28.3B	$63.88	$26.94	-57.8%	Overvalued
CORT — Corcept Therapeutics Incorporated - Common Stock	$12.1B	$112.80	$32.38	-71.3%	Overvalued
KRYS — Krystal Biotech, Inc. - Common Stock	$10.9B	$371.25	$22.18	-94.0%	Overvalued
Cannot calculate DCF
AAPG — Ascentage Pharma Group International - American Depository Shares Foreign	$1.6B	$17.36	N/A	N/A	N/A
ABUS — Arbutus Biopharma Corporation - Common Stock	$1.0B	$5.12	N/A	N/A	N/A
ABVX — Abivax S.A. ADR	$9.0B	$114.03	N/A	N/A	N/A
ACAD — Acadia Pharmaceuticals Inc. - Common Stock	$4.8B	$27.86	N/A	N/A	N/A
ADAG — Adagene Inc. ADR	$219M	$3.69	N/A	N/A	N/A
ADMA — Adma Biologics Inc. - Common Stock	$2.2B	$9.58	N/A	N/A	N/A
ADXN — Addex Therapeutics Ltd. ADR	$548M	$3.71	N/A	N/A	N/A
AGEN — Agenus Inc. - Common Stock	$343M	$8.24	N/A	N/A	N/A
AGMB — Agomab Therapeutics N.V. ADR	$507M	$14.83	N/A	N/A	N/A
AKTX — Akari Therapeutics Plc. ADR	$992.6B	$10.84	N/A	N/A	N/A
ALNY — Alnylam Pharmaceuticals, Inc. - Common Stock	$35.3B	$264.50	N/A	N/A	N/A
ANAB — Anaptysbio, Inc. - Common Stock	$1.7B	$57.46	N/A	N/A	N/A
ANL — Adlai Nortye Ltd. ADR	$950M	$14.75	N/A	N/A	N/A
ARDX — Ardelyx, Inc. - Common Stock	$919M	$3.72	N/A	N/A	N/A
ARGX — Argenx SE ADR	$65.2B	$1052.92	N/A	N/A	N/A
ARQT — Arcutis Biotherapeutics, Inc. - Common Stock	$3.0B	$23.66	N/A	N/A	N/A
ARWR — Arrowhead Pharmaceuticals, Inc. - Common Stock	$12.2B	$86.50	N/A	N/A	N/A
ASND — Ascendis Pharma A/S - Ordinary Share ADR	$16.8B	$271.22	N/A	N/A	N/A
ATAI — Ataibeckley Inc. ADR	$2.7B	$7.34	N/A	N/A	N/A
ATHE — Alterity Therapeutics Ltd. ADR	$41.1B	$4.50	N/A	N/A	N/A
AUPH — Aurinia Pharmaceuticals Inc. - Common Shares	$2.1B	$16.11	N/A	N/A	N/A
AUTL — Autolus Therapeutics Plc. ADR	$609M	$2.29	N/A	N/A	N/A
AXSM — Axsome Therapeutics, Inc. - Common Stock	$10.7B	$208.47	N/A	N/A	N/A
BBIO — Bridgebio Pharma, Inc. - Common Stock	$14.8B	$75.39	N/A	N/A	N/A
BCYC — Bicycle Therapeutics Plc. ADR	$294M	$4.22	N/A	N/A	N/A
BDRX — Biodexa Pharmaceuticals Plc. ADR	$178.4B	$0.79	N/A	N/A	N/A
BEAM — Beam Therapeutics Inc. - Common Stock	$3.0B	$29.43	N/A	N/A	N/A
BLRX — Biolinerx Ltd. ADR	$7.0B	$2.70	N/A	N/A	N/A
BLTE — Belite BIO Inc. ADR	$6.7B	$171.00	N/A	N/A	N/A
BNTC — Benitec Biopharma Inc. ADR	$425M	$12.38	N/A	N/A	N/A
BNTX — Biontech SE ADR	$26.0B	$102.84	N/A	N/A	N/A
BRNS — Barinthus Biotherapeutics Plc. ADR	$29M	$0.72	N/A	N/A	N/A
CANF — Can-fite Biopharma Ltd. ADR	$6M	$2.46	N/A	N/A	N/A
CLLS — Cellectis S.A. ADR	$238M	$3.32	N/A	N/A	N/A
CMMB — Chemomab Therapeutics Ltd. ADR	$1.6B	$2.83	N/A	N/A	N/A
CNTA — Centessa Pharmaceuticals Plc. ADR	$6.3B	—	N/A	N/A	N/A
CNTB — Connect Biopharma Holdings Ltd. ADR	$122M	$1.93	N/A	N/A	N/A
CRMD — Cormedix Inc. - Common Stock	$664M	$8.47	N/A	N/A	N/A
CYTK — Cytokinetics, Incorporated - Common Stock	$10.0B	$73.94	N/A	N/A	N/A
DBVT — DBV Technologies S.A. ADR	$4.1B	$13.74	N/A	N/A	N/A
DNA — Ginkgo Bioworks Holdings, Inc. Class A Common Stock	$454M	$6.95	N/A	N/A	N/A
GERN — Geron Corporation - Common Stock	$962M	$1.50	N/A	N/A	N/A
GMAB — Genmab A/S ADR	$21.5B	$34.42	N/A	N/A	N/A
GNTA — Genenta Science S.p.a. ADR	$23M	$1.00	N/A	N/A	N/A
GPCR — Structure Therapeutics Inc. ADR	$10.1B	$47.37	N/A	N/A	N/A
GYRE — Gyre Therapeutics, Inc. - Common Stock	$620M	$6.39	N/A	N/A	N/A
HRTX — Heron Therapeutics, Inc. - Common Stock	$62M	$0.33	N/A	N/A	N/A
IBRX — Immunitybio, Inc. - Common Stock	$8.6B	$8.19	N/A	N/A	N/A
IDYA — Ideaya Biosciences, Inc. - Common Stock	$3.5B	$39.94	N/A	N/A	N/A
IMCR — Immunocore Holdings Plc. ADR	$1.9B	$37.59	N/A	N/A	N/A
IMMP — Immutep Ltd. ADR	$555M	$0.38	N/A	N/A	N/A
IMRN — Immuron Ltd. ADR	$255M	$1.09	N/A	N/A	N/A
INSM — Insmed Incorporated - Common Stock	$27.5B	$126.72	N/A	N/A	N/A
IONS — Ionis Pharmaceuticals, Inc. - Common Stock	$9.6B	$58.08	N/A	N/A	N/A
IOVA — Iovance Biotherapeutics, Inc. - Common Stock	$3.9B	$8.71	N/A	N/A	N/A
IPHA — Innate Pharma S.A. ADR	$198M	$2.11	N/A	N/A	N/A
JAZZ — Jazz Pharmaceuticals Plc. - Ordinary Shares	$15.5B	$247.59	N/A	N/A	N/A
KPTI — Karyopharm Therapeutics Inc. - Common Stock	$40M	$1.76	N/A	N/A	N/A
LEGN — Legend Biotech Corp. ADR	$8.0B	$21.76	N/A	N/A	N/A
LGND — Ligand Pharmaceuticals Incorporated - Common Stock	$5.8B	$288.79	N/A	N/A	N/A
LKFT — Lakefront Biotherapeutics N.V. ADR	$1.9B	$29.01	N/A	N/A	N/A
MDGL — Madrigal Pharmaceuticals, Inc. - Common Stock	$12.5B	$542.22	N/A	N/A	N/A
MGNX — Macrogenics, Inc. - Common Stock	$270M	$4.25	N/A	N/A	N/A
MIRM — Mirum Pharmaceuticals, Inc. - Common Stock	$6.1B	$100.57	N/A	N/A	N/A
MNKD — Mannkind Corporation - Common Stock	$1.2B	$3.96	N/A	N/A	N/A
MOLN — Molecular Partners AG ADR	$177M	$4.38	N/A	N/A	N/A
MREO — Mereo Biopharma Group Plc. ADR	$215M	$0.27	N/A	N/A	N/A
MRNA — Moderna	$59.0B	$148.81	N/A	N/A	N/A
MRVI — Maravai Lifesciences Holdings, Inc. - Class A Common Stock	$1.1B	$7.35	N/A	N/A	N/A
NAGE — Niagen Bioscience, Inc. - Common Stock	$248M	$3.12	N/A	N/A	N/A
NBP — Novabridge Biosciences ADR	$478M	$1.80	N/A	N/A	N/A
NBTX — Nanobiotix S.A. ADR	$2.0B	$40.66	N/A	N/A	N/A
NCNA — Nucana Plc. ADR	$30.0B	$1.44	N/A	N/A	N/A
NUVB — Nuvation Bio Inc. Class A Common Stock	$2.4B	$6.76	N/A	N/A	N/A
NVAX — Novavax, Inc. - Common Stock	$1.7B	$10.34	N/A	N/A	N/A
ONC — Beone Medicines Ltd. ADR	$524.0B	$362.54	N/A	N/A	N/A
PHAR — Pharming Group N.V. - ADS Each Representing 10 Ordinary Shares ADR	$804M	$11.46	N/A	N/A	N/A
PHAT — Phathom Pharmaceuticals, Inc. - Common Stock	$722M	$9.05	N/A	N/A	N/A
PTCT — PTC Therapeutics, Inc. - Common Stock	$5.9B	$71.40	N/A	N/A	N/A
RARE — Ultragenyx Pharmaceutical Inc. - Common Stock	$1.5B	$14.84	N/A	N/A	N/A
RCUS — Arcus Biosciences, Inc. Common Stock	$3.8B	$30.13	N/A	N/A	N/A
RIGL — Rigel Pharmaceuticals, Inc. - Common Stock	$898M	$48.56	N/A	N/A	N/A
RYTM — Rhythm Pharmaceuticals, Inc. - Common Stock	$7.2B	$104.88	N/A	N/A	N/A
SLN — Silence Therapeutics Plc. ADR	$2.1B	$14.79	N/A	N/A	N/A
SNDX — Syndax Pharmaceuticals, Inc. - Common Stock	$1.8B	$20.69	N/A	N/A	N/A
SRPT — Sarepta Therapeutics, Inc. - Common Stock	$2.4B	$23.00	N/A	N/A	N/A
TARS — Tarsus Pharmaceuticals, Inc. - Common Stock	$3.6B	$83.13	N/A	N/A	N/A
TBPH — Theravance Biopharma, Inc. - Ordinary Shares	$879M	$17.06	N/A	N/A	N/A
TECH — Bio-techne	$11.3B	$72.45	N/A	N/A	N/A
TGTX — TG Therapeutics, Inc. - Common Stock	$8.7B	$56.70	N/A	N/A	N/A
TVTX — Travere Therapeutics, Inc. - Common Stock	$6.2B	$66.50	N/A	N/A	N/A
URGN — Urogen Pharma Ltd. - Ordinary Shares	$2.2B	$44.87	N/A	N/A	N/A
VALN — Valneva SE ADR	$1.2B	$7.07	N/A	N/A	N/A
VCEL — Vericel Corporation - Common Stock	$2.1B	$40.47	N/A	N/A	N/A
VNDA — Vanda Pharmaceuticals Inc. - Common Stock	$321M	$5.34	N/A	N/A	N/A
VRTX — Vertex Pharmaceuticals	$141.6B	$557.89	N/A	N/A	N/A
XTLB — XTL Biopharmaceuticals Ltd. ADR	$2.5B	$2.60	N/A	N/A	N/A
ZLAB — Zai Lab Ltd. ADR	$30.0B	$27.00	N/A	N/A	N/A
ZVRA — Zevra Therapeutics, Inc. - Common Stock	$741M	$12.54	N/A	N/A	N/A

▶ Health Information Services (6+22 total)

+41.5%

+41.0%

Undervalued


GDRX — Goodrx Holdings, Inc. - Class A Common Stock	$1.2B	$3.52	$11.21	+218.5%	Undervalued
HSTM — Healthstream, Inc. - Common Stock	$869M	$29.73	$49.55	+66.7%	Undervalued
DOCS — Doximity, Inc. Class A Common Stock	$5.0B	$27.09	$43.45	+60.4%	Undervalued
HQY — Healthequity, Inc. - Common Stock	$8.3B	$98.76	$121.20	+22.7%	Undervalued
VEEV — Veeva Systems	$46.3B	$284.41	$214.28	-24.7%	Overvalued
TALK — Talkspace, Inc. - Common Stock	$879M	$5.25	$1.11	-78.9%	Overvalued
Cannot calculate DCF
AMWL — American Well Corporation Class A Common Stock	$221M	$13.25	N/A	N/A	N/A
CCLD — Carecloud, Inc. - Common Stock	$96M	$2.25	N/A	N/A	N/A
CERT — Certara, Inc. - Common Stock	$1.3B	$8.13	N/A	N/A	N/A
CTEV — Claritev Corporation Class A Common Stock	$657M	$38.55	N/A	N/A	N/A
DH — Definitive Healthcare Corp. - Class A Common Stock	$111M	$1.05	N/A	N/A	N/A
EVH — Evolent Health, Inc. Class A Common Stock	$479M	$4.26	N/A	N/A	N/A
HCAT — Health Catalyst, Inc. - Common Stock	$127M	$1.72	N/A	N/A	N/A
LFMD — Lifemd, Inc. - Common Stock	$148M	$3.06	N/A	N/A	N/A
NRC — NRC Health - Common Stock	$478M	$21.23	N/A	N/A	N/A
OMCL — Omnicell, Inc. - Common Stock	$1.6B	$34.81	N/A	N/A	N/A
OPRX — Optimizerx Corporation - Common Stock	$149M	$7.95	N/A	N/A	N/A
PHR — Phreesia, Inc. Common Stock	$686M	$11.10	N/A	N/A	N/A
PRVA — Privia Health Group, Inc. - Common Stock	$2.6B	$20.67	N/A	N/A	N/A
SDGR — Schrodinger, Inc. - Common Stock	$1.5B	$20.68	N/A	N/A	N/A
SPOK — Spok Holdings, Inc. - Common Stock	$223M	$10.68	N/A	N/A	N/A
SY — So-young International Inc. - American Depository Shares ADR	$238M	$2.81	N/A	N/A	N/A
TBRG — Trubridge, Inc. - Common Stock	$394M	$26.25	N/A	N/A	N/A
TDOC — Teladoc Health, Inc. Common Stock	$1.2B	$6.48	N/A	N/A	N/A
TEM — Tempus AI Inc. - Class A Common Stock	$11.7B	$64.58	N/A	N/A	N/A
TXG — 10x Genomics, Inc. - Common Stock	$8.0B	$63.16	N/A	N/A	N/A
WAY — Waystar Holding Corp. - Common Stock	$5.0B	$26.05	N/A	N/A	N/A
WEAV — Weave Communications, Inc. Common Stock	$582M	$7.32	N/A	N/A	N/A

▶ Drug Manufacturers-Specialty & Generic (12+37 total)

+28.4%

+22.8%

Undervalued


COLL — Collegium Pharmaceutical, Inc. - Common Stock	$769M	$23.70	$246.16	+938.6%	Undervalued
AMPH — Amphastar Pharmaceuticals, Inc. - Common Stock	$1.1B	$23.84	$54.88	+130.2%	Undervalued
PBH — Prestige Consumer Healthcare Inc. Common Stock	$2.5B	$52.56	$99.57	+89.4%	Undervalued
ALKS — Alkermes Plc. - Ordinary Shares	$7.8B	$46.88	$70.53	+50.4%	Undervalued
ZTS — Zoetis	$32.0B	$76.33	$111.04	+45.5%	Undervalued
LNTH — Lantheus Holdings, Inc. - Common Stock	$6.6B	$100.98	$132.23	+30.9%	Undervalued
UTHR — United Therapeutics Corporation - Common Stock	$20.8B	$489.86	$616.94	+25.9%	Undervalued
NBIX — Neurocrine Biosciences, Inc. - Common Stock	$15.9B	$158.28	$183.31	+15.8%	Undervalued
ORGO — Organogenesis Holdings Inc. - Class A	$211M	$1.64	$0.82	-50.0%	Overvalued
HIMS — Hims & Hers Health, Inc. Class A Common Stock	$6.4B	$27.84	$6.86	-75.4%	Overvalued
PAHC — Phibro Animal Health Corporation - Class A Common Stock	$1.6B	$38.58	$5.66	-85.3%	Overvalued
INDV — Indivior Pharmaceuticals, Inc. - Common Stock	$4.1B	$34.84	$-1.27	-103.6%	Overvalued
Cannot calculate DCF
ACB — Aurora Cannabis Inc. - Common Shares Foreign	$230M	$3.89	N/A	N/A	N/A
AKBA — Akebia Therapeutics, Inc. - Common Stock	$263M	$0.98	N/A	N/A	N/A
ALVO — Alvotech - Ordinary Shares Foreign	$1.8B	$5.38	N/A	N/A	N/A
AMRX — Amneal Pharmaceuticals, Inc. - Class A Common Stock	$5.7B	$17.87	N/A	N/A	N/A
ANIK — Anika Therapeutics Inc. - Common Stock	$279M	$21.00	N/A	N/A	N/A
ANIP — ANI Pharmaceuticals, Inc. - Common Stock	$1.6B	$71.99	N/A	N/A	N/A
BCRX — Biocryst Pharmaceuticals, Inc. - Common Stock	$2.6B	$10.11	N/A	N/A	N/A
BFRI — Biofrontera Inc. ADR	$19M	$1.51	N/A	N/A	N/A
BHC — Bausch Health Companies Inc. Common Stock	$2.5B	$6.77	N/A	N/A	N/A
CGC — Canopy Growth Corporation - Common Shares	$409M	$0.97	N/A	N/A	N/A
CRON — Cronos Group Inc. - Common Share	$1.2B	$3.26	N/A	N/A	N/A
EBS — Emergent Biosolutions Inc. Common Stock	$322M	$6.24	N/A	N/A	N/A
ELAN — Elanco Animal Health Incorporated Common Stock	$12.2B	$24.42	N/A	N/A	N/A
EOLS — Evolus, Inc. - Common Stock	$597M	$9.06	N/A	N/A	N/A
ESPR — Esperion Therapeutics, Inc. - Common Stock	$821M	$3.19	N/A	N/A	N/A
EVO — Evotec SE ADR	$340M	$1.91	N/A	N/A	N/A
HCM — Hutchmed (China) Ltd. ADR	$12.3B	$14.11	N/A	N/A	N/A
HLN — Haleon Plc. ADR	$88.3B	$9.86	N/A	N/A	N/A
HROW — Harrow, Inc. - Common Stock	$1.4B	$38.32	N/A	N/A	N/A
INCR — Intercure Ltd. - Ordinary Shares Foreign	$312M	$5.71	N/A	N/A	N/A
IRWD — Ironwood Pharmaceuticals, Inc. - Class A Common Stock	$705M	$4.28	N/A	N/A	N/A
KMDA — Kamada Ltd. - Ordinary Shares Foreign	$478M	$8.29	N/A	N/A	N/A
KNSA — Kiniksa Pharmaceuticals International, Plc. - Class A Ordinary Shares	$6.2B	$80.37	N/A	N/A	N/A
LFCR — Lifecore Biomedical, Inc. - Common Stock	$163M	$4.35	N/A	N/A	N/A
LQDA — Liquidia Corporation - Common Stock	$6.1B	$68.61	N/A	N/A	N/A
OGI — Organigram Global Inc. - Common Shares Foreign	$162M	$1.15	N/A	N/A	N/A
PCRX — Pacira Biosciences, Inc. - Common Stock	$1.0B	$26.60	N/A	N/A	N/A
PRGO — Perrigo Company Plc. Ordinary Shares	$2.0B	$14.27	N/A	N/A	N/A
RDY — Dr. Reddy's Laboratories Ltd. Common Stock ADR	$10.0B	$12.04	N/A	N/A	N/A
SUPN — Supernus Pharmaceuticals, Inc. - Common Stock	$2.6B	$43.98	N/A	N/A	N/A
TAK — Takeda Pharmaceutical Co. Ltd. ADR	$59.8B	$18.70	N/A	N/A	N/A
TEVA — Teva Pharmaceutical Industries Ltd. ADR	$42.6B	$36.62	N/A	N/A	N/A
TLRY — Tilray Brands, Inc. - Common Stock	$527M	$4.53	N/A	N/A	N/A
TRLV — Trulieve Cannabis Corp. Subordinate Voting Shares	$2.3B	$12.02	N/A	N/A	N/A
VTRS — Viatris	$19.7B	$16.94	N/A	N/A	N/A
XERS — Xeris Biopharma Holdings, Inc. - Common Stock	$1.5B	$8.58	N/A	N/A	N/A
ZYBT — Zhengye Biotechnology Holding Limited - Class A Ordinary Shares Foreign	$77M	$1.64	N/A	N/A	N/A

▶ Medical Care Facilities (15+25 total)

+0.0%

+2.6%

Fair


HCSG — Healthcare Services Group, Inc. - Common Stock	$1.5B	$21.68	$46.80	+115.9%	Undervalued
DVA — Davita	$11.7B	$181.87	$356.99	+96.3%	Undervalued
HCA — HCA Healthcare	$90.8B	$409.28	$637.76	+55.8%	Undervalued
UHS — Universal Health Services	$10.2B	$169.05	$255.78	+51.3%	Undervalued
CHE — Chemed Corp.	$6.9B	$524.45	$588.34	+12.2%	Undervalued
OPCH — Option Care Health, Inc. - Common Stock	$3.8B	$24.46	$26.82	+9.6%	Undervalued
ASTH — Astrana Health Inc. - Common Stock	$1.9B	$37.69	$37.59	+0.0%	Fair
NHC — National Healthcare Corporation Common Stock	$3.5B	$221.01	$228.59	+0.0%	Fair
SEM — Select Medical Holdings Corporation Common Stock	$2.0B	$16.52	$15.69	-5.0%	Overvalued
ENSG — the Ensign Group, Inc. - Common Stock	$10.1B	$172.06	$156.31	-9.2%	Overvalued
USPH — U.s. Physical Therapy, Inc. Common Stock	$1.2B	$78.73	$63.23	-19.7%	Overvalued
ADUS — Addus Homecare Corporation - Common Stock	$2.2B	$118.69	$78.18	-34.1%	Overvalued
PNTG — the Pennant Group, Inc. - Common Stock	$1.3B	$38.54	$24.68	-36.0%	Overvalued
EHC — Encompass Health Corporation Common Stock	$12.2B	$122.67	$64.66	-47.3%	Overvalued
BTMD — Biote Corp. - Class A Common Stock	$47M	$1.54	$-0.78	-150.6%	Overvalued
Cannot calculate DCF
ACHC — Acadia Healthcare Company, Inc. - Common Stock	$2.6B	$28.38	N/A	N/A	N/A
AGL — Agilon Health, Inc. Common Stock	$1.4B	$86.48	N/A	N/A	N/A
AIRS — Airsculpt Technologies, Inc. - Common Stock	$179M	$2.54	N/A	N/A	N/A
AMN — AMN Healthcare Services Inc.	$1.3B	$33.41	N/A	N/A	N/A
AUNA — Auna S.A. Class A Ordinary Shares Foreign	$399M	$5.39	N/A	N/A	N/A
AVAH — Aveanna Healthcare Holdings Inc. - Common Stock	$3.0B	$13.64	N/A	N/A	N/A
BKD — Brookdale Senior Living Inc. Common Stock	$2.9B	$11.95	N/A	N/A	N/A
CCM — Concord Medical Services Holdings Ltd. ADR	$642M	$4.93	N/A	N/A	N/A
CCRN — Cross Country Healthcare, Inc. - Common Stock	$411M	$13.26	N/A	N/A	N/A
CMPS — Compass Pathways Plc. ADR	$1.8B	$13.29	N/A	N/A	N/A
CYH — Community Health Systems, Inc. Common Stock	$409M	$2.90	N/A	N/A	N/A
DCGO — Docgo Inc. - Common Stock	$40M	$0.41	N/A	N/A	N/A
FMS — Fresenius Medical Care AG ADR	$6.3B	$22.46	N/A	N/A	N/A
GRDN — Guardian Pharmacy Services, Inc. Class A Common Stock	$2.5B	$40.08	N/A	N/A	N/A
INNV — Innovage Holding Corp. - Common Stock	$1.5B	$10.74	N/A	N/A	N/A
LFST — Lifestance Health Group, Inc. - Common Stock	$4.9B	$12.83	N/A	N/A	N/A
MD — Pediatrix Medical Group, Inc. Common Stock	$2.2B	$26.88	N/A	N/A	N/A
NUTX — Nutex Health Inc. - Common Stock	$1.4B	$196.20	N/A	N/A	N/A
PIII — P3 Health Partners Inc. - Class A Common Stock	$30M	$9.13	N/A	N/A	N/A
SGRY — Surgery Partners, Inc. - Common Stock	$1.9B	$14.17	N/A	N/A	N/A
SNDA — Sonida Senior Living, Inc. Common Stock	$1.8B	$37.84	N/A	N/A	N/A
SRTA — Strata Critical Medical, Inc. - Class A Common Stock	$465M	$5.37	N/A	N/A	N/A
THC — Tenet Healthcare Corporation Common Stock	$22.7B	$263.12	N/A	N/A	N/A
TOI — the Oncology Institute, Inc. - Common Stock	$512M	$5.12	N/A	N/A	N/A
WW — WW International, Inc. - Common Stock	$177M	$17.67	N/A	N/A	N/A

▶ Medical Devices (19+46 total)

-7.6%

-3.5%

Overvalued


INFU — Infusystems Holdings, Inc. Common Stock	$245M	$12.16	$27.15	+123.3%	Undervalued
TCMD — Tactile Systems Technology, Inc. - Common Stock	$496M	$21.97	$46.12	+109.9%	Undervalued
CNMD — Conmed Corporation Common Stock	$1.5B	$49.42	$91.73	+85.6%	Undervalued
GMED — Globus Medical, Inc. Class A Common Stock	$10.6B	$78.08	$106.53	+36.4%	Undervalued
ABT — Abbott Laboratories	$189.5B	$108.79	$125.18	+15.1%	Undervalued
HAE — Haemonetics Corporation Common Stock	$4.7B	$102.81	$114.08	+11.0%	Undervalued
BSX — Boston Scientific	$69.8B	$46.94	$51.87	+10.5%	Undervalued
STE — Steris	$22.1B	$226.65	$238.71	+5.3%	Undervalued
INSP — Inspire Medical Systems, Inc. Common Stock	$1.8B	$62.02	$64.31	+0.0%	Fair
UFPT — UFP Technologies, Inc. - Common Stock	$2.2B	$288.02	$266.13	-7.6%	Overvalued
VMD — Viemed Healthcare, Inc. - Common Shares	$345M	$9.01	$7.39	-18.0%	Overvalued
SYK — Stryker Corporation	$118.1B	$308.05	$236.09	-23.4%	Overvalued
DXCM — Dexcom	$34.6B	$89.71	$68.45	-23.7%	Overvalued
EW — Edwards Lifesciences	$51.7B	$89.80	$58.93	-34.4%	Overvalued
PODD — Insulet Corporation	$10.4B	$150.58	$70.39	-53.3%	Overvalued
ZBH — Zimmer Biomet	$19.1B	$98.88	$39.16	-60.4%	Overvalued
ITGR — Integer Holdings Corporation Common Stock	$4.3B	$125.50	$38.87	-69.0%	Overvalued
PEN — Penumbra, Inc. Common Stock	$12.6B	$321.14	$69.79	-78.3%	Overvalued
TMDX — Transmedics Group, Inc. - Common Stock	$3.0B	$86.91	$4.24	-95.1%	Overvalued
Cannot calculate DCF
AHCO — Adapthealth Corp. - Common Stock	$873M	$6.42	N/A	N/A	N/A
AORT — Artivion, Inc. Common Stock	$1.2B	$25.62	N/A	N/A	N/A
ARAY — Accuray Incorporated - Common Stock	$31M	$0.26	N/A	N/A	N/A
ATEC — Alphatec Holdings, Inc. - Common Stock	$1.4B	$9.33	N/A	N/A	N/A
AVNS — Avanos Medical, Inc. Common Stock	$1.2B	$24.99	N/A	N/A	N/A
AXGN — Axogen, Inc. - Common Stock	$2.5B	$47.09	N/A	N/A	N/A
BFLY — Butterfly Network, Inc. Class A Common Stock	$1.9B	$7.29	N/A	N/A	N/A
BIO — Bio-rad Laboratories, Inc. Class A Common Stock	$10.4B	$388.52	N/A	N/A	N/A
BIO.B — Bio-rad Laboratories, Inc. Class B Common Stock	$8.0B	$298.50	N/A	N/A	N/A
BRKR — Bruker Corporation - Common Stock	$9.0B	$59.41	N/A	N/A	N/A
BVS — Bioventus Inc. - Class A Common Stock	$973M	$14.36	N/A	N/A	N/A
BWAY — Brainsway Ltd. ADR	$569M	$14.54	N/A	N/A	N/A
CERS — Cerus Corporation - Common Stock	$515M	$2.57	N/A	N/A	N/A
CTKB — Cytek Biosciences, Inc. - Common Stock	$607M	$4.70	N/A	N/A	N/A
ENOV — Enovis Corporation Common Stock	$1.1B	$19.39	N/A	N/A	N/A
ESTA — Establishment Labs Holdings Inc. - Common Shares	$2.1B	$72.39	N/A	N/A	N/A
GEHC — GE Healthcare	$31.7B	$69.72	N/A	N/A	N/A
GKOS — Glaukos Corporation Common Stock	$10.6B	$180.29	N/A	N/A	N/A
IART — Integra Lifesciences Holdings Corporation - Common Stock	$1.3B	$16.42	N/A	N/A	N/A
INGN — Inogen, Inc. - Common Stock	$147M	$5.44	N/A	N/A	N/A
INMD — Inmode Ltd. - Ordinary Shares Foreign	$940M	$14.84	N/A	N/A	N/A
IRTC — Irhythm Holdings, Inc. - Common Stock	$4.1B	$123.48	N/A	N/A	N/A
KIDS — Orthopediatrics Corp. - Common Stock	$580M	$22.57	N/A	N/A	N/A
LIVN — Livanova Plc. - Ordinary Shares	$4.5B	$81.17	N/A	N/A	N/A
LMRI — Lumexa Imaging Holdings, Inc. - Common Stock	$1.1B	$11.89	N/A	N/A	N/A
MDT — Medtronic	$119.2B	$93.11	N/A	N/A	N/A
NEOG — Neogen Corporation - Common Stock	$2.5B	$11.65	N/A	N/A	N/A
NSYS — Nortech Systems Incorporated - Common Stock	$32M	$11.50	N/A	N/A	N/A
NVCR — Novocure Limited - Ordinary Shares	$2.0B	$17.65	N/A	N/A	N/A
OFIX — Orthofix Medical Inc. - Common Stock	$377M	$9.33	N/A	N/A	N/A
OM — Outset Medical, Inc. - Common Stock	$66M	$3.56	N/A	N/A	N/A
OWLT — Owlet, Inc. Class A Common Stock	$146M	$5.03	N/A	N/A	N/A
PACB — Pacific Biosciences of California, Inc. - Common Stock	$404M	$1.30	N/A	N/A	N/A
PHG — Koninklijke Philips N.V. NY Registry Shares ADR	$24.8B	$26.05	N/A	N/A	N/A
PRCT — Procept Biorobotics Corporation - Common Stock	$1.2B	$21.37	N/A	N/A	N/A
QDEL — Quidelortho Corporation - Common Stock	$949M	$13.91	N/A	N/A	N/A
QTRX — Quanterix Corporation - Common Stock	$121M	$2.57	N/A	N/A	N/A
RXST — Rxsight, Inc. - Common Stock	$271M	$6.55	N/A	N/A	N/A
SIBN — Si-bone, Inc. - Common Stock	$826M	$18.62	N/A	N/A	N/A
SNN — Smith & Nephew Snats, Inc. Common Stock ADR	$12.2B	$28.69	N/A	N/A	N/A
STIM — Neuronetics, Inc. - Common Stock	$190M	$2.73	N/A	N/A	N/A
TMCI — Treace Medical Concepts, Inc. - Common Stock	$317M	$4.89	N/A	N/A	N/A
TNDM — Tandem Diabetes Care, Inc. - Common Stock	$1.4B	$20.41	N/A	N/A	N/A
TRIB — Trinity Biotech Plc. ADR	$4.5B	$12.07	N/A	N/A	N/A
VREX — Varex Imaging Corporation - Common Stock	$781M	$18.52	N/A	N/A	N/A
XTNT — Xtant Medical Holdings, Inc. Common Stock	$55M	$0.39	N/A	N/A	N/A

▶ Healthcare Plans (6+5 total)

-17.0%

+2.8%

Overvalued


CI — Cigna	$75.7B	$286.26	$660.61	+130.8%	Undervalued
PGNY — Progyny, Inc. - Common Stock	$2.1B	$26.61	$59.42	+123.3%	Undervalued
MOH — Molina Healthcare Inc. Common Stock	$10.6B	$202.55	$234.26	+15.7%	Undervalued
CVS — CVS Health	$124.0B	$97.19	$48.82	-49.8%	Overvalued
UNH — Unitedhealth Group	$364.2B	$400.99	$1.08	-99.7%	Overvalued
HUM — Humana	$48.8B	$406.49	$-15.07	-103.7%	Overvalued
Cannot calculate DCF
ALHC — Alignment Healthcare, Inc. - Common Stock	$2.8B	$13.54	N/A	N/A	N/A
CLOV — Clover Health Investments, Corp. - Class A Common Stock	$2.2B	$4.25	N/A	N/A	N/A
CNC — Centene Corporation	$33.6B	$68.02	N/A	N/A	N/A
ELV — Elevance Health	$89.9B	$414.77	N/A	N/A	N/A
OSCR — Oscar Health, Inc. Class A Common Stock	$9.7B	$32.24	N/A	N/A	N/A

▶ Medical Instruments & Supplies (9+20 total)

-22.2%

-22.5%

Overvalued


RMD — Resmed	$33.2B	$228.96	$279.46	+22.1%	Undervalued
ALGN — Align Technology	$11.4B	$159.85	$177.47	+11.0%	Undervalued
LMAT — Lemaitre Vascular, Inc. - Common Stock	$1.8B	$80.37	$78.36	+0.0%	Fair
ATR — Aptargroup, Inc. Common Stock	$8.2B	$128.34	$117.40	-8.5%	Overvalued
BDX — Becton Dickinson	$51.7B	$187.48	$145.86	-22.2%	Overvalued
COO — Cooper Companies (the)	$13.8B	$70.64	$36.97	-47.7%	Overvalued
WST — West Pharmaceutical Services	$24.2B	$342.43	$165.41	-51.7%	Overvalued
ISRG — Intuitive Surgical	$131.0B	$369.92	$175.95	-52.4%	Overvalued
MMSI — Merit Medical Systems, Inc. - Common Stock	$5.3B	$88.50	$41.39	-53.2%	Overvalued
Cannot calculate DCF
ALC — Alcon Inc. Ordinary Shares Foreign	$35.2B	$72.08	N/A	N/A	N/A
ANGO — Angiodynamics, Inc. - Common Stock	$645M	$15.47	N/A	N/A	N/A
ATRC — Atricure, Inc. - Common Stock	$2.7B	$52.45	N/A	N/A	N/A
AVTR — Avantor, Inc. Common Stock	$10.4B	$15.20	N/A	N/A	N/A
AZTA — Azenta, Inc. - Common Stock	$1.4B	$31.14	N/A	N/A	N/A
BAX — Baxter International	$13.2B	$25.56	N/A	N/A	N/A
BLCO — Bausch + Lomb Corporation Common Shares	$6.5B	$18.14	N/A	N/A	N/A
BLFS — Biolife Solutions, Inc. - Common Stock	$1.7B	$35.52	N/A	N/A	N/A
EMBC — Embecta Corp. - Common Stock	$338M	$5.70	N/A	N/A	N/A
ICUI — ICU Medical, Inc. - Common Stock	$4.2B	$166.19	N/A	N/A	N/A
NVST — Envista Holdings Corporation Common Stock	$4.5B	$27.59	N/A	N/A	N/A
OSUR — Orasure Technologies, Inc. - Common Stock	$246M	$3.58	N/A	N/A	N/A
RGEN — Repligen Corporation - Common Stock	$9.6B	$169.60	N/A	N/A	N/A
SMTI — Sanara Medtech Inc. - Common Stock	$318M	$34.70	N/A	N/A	N/A
SOLV — Solventum	$15.7B	$92.38	N/A	N/A	N/A
STAA — Staar Surgical Company - Common Stock	$1.2B	$23.58	N/A	N/A	N/A
STVN — Stevanato Group S.p.a. Ordinary Shares Foreign	$5.6B	$20.54	N/A	N/A	N/A
TFX — Teleflex Incorporated Common Stock	$6.2B	$139.71	N/A	N/A	N/A
WRBY — Warby Parker Inc. Class A Common Stock	$2.9B	$23.29	N/A	N/A	N/A
XRAY — Dentsply Sirona Inc. - Common Stock	$2.3B	$11.44	N/A	N/A	N/A

▶ Medical Distribution (3+5 total)

-22.3%

-18.0%

Overvalued


COR — Cencora	$65.6B	$337.22	$373.14	+10.7%	Undervalued
MCK — McKesson Corporation	$110.7B	$920.87	$715.21	-22.3%	Overvalued
CAH — Cardinal Health	$58.2B	$248.52	$143.16	-42.4%	Overvalued
Cannot calculate DCF
ACH — Accendra Health, Inc. Common Stock	$93M	$1.22	N/A	N/A	N/A
AHG — Akso Health Group ADR	$1.5B	$0.87	N/A	N/A	N/A
FOCL — Edap TMS S.A. ADR	$157M	$4.20	N/A	N/A	N/A
HSIC — Henry Schein	$10.4B	$90.86	N/A	N/A	N/A
YI — 111, Inc. ADR	$552M	$3.17	N/A	N/A	N/A

▶ Diagnostics & Research (12+18 total)

-33.8%

-30.3%

Overvalued


DGX — Quest Diagnostics	$26.5B	$238.96	$243.12	+0.0%	Fair
MEDP — Medpace Holdings, Inc. - Common Stock	$16.9B	$592.12	$582.45	+0.0%	Fair
DHR — Danaher Corporation	$149.3B	$210.93	$188.99	-10.4%	Overvalued
LH — Labcorp	$27.2B	$331.43	$286.46	-13.6%	Overvalued
IQV — Iqvia	$45.3B	$271.40	$208.49	-23.2%	Overvalued
RVTY — Revvity	$14.6B	$130.64	$87.45	-33.1%	Overvalued
MTD — Mettler Toledo	$27.4B	$1356.96	$890.72	-34.4%	Overvalued
TMO — Thermo Fisher Scientific	$229.9B	$618.61	$394.60	-36.2%	Overvalued
A — Agilent Technologies	$42.4B	$149.98	$89.18	-40.5%	Overvalued
IDXX — Idexx Laboratories	$41.7B	$529.17	$313.74	-40.7%	Overvalued
WAT — Waters Corporation	$40.6B	$413.62	$153.63	-62.9%	Overvalued
SHC — Sotera Health Company - Common Stock	$5.4B	$19.04	$6.08	-68.1%	Overvalued
Cannot calculate DCF
ADPT — Adaptive Biotechnologies Corporation - Common Stock	$3.9B	$24.57	N/A	N/A	N/A
CDNA — Caredx, Inc. - Common Stock	$2.6B	$49.86	N/A	N/A	N/A
CRL — Charles River Laboratories	$14.1B	$293.35	N/A	N/A	N/A
CSTL — Castle Biosciences, Inc. - Common Stock	$991M	$32.66	N/A	N/A	N/A
FLGT — Fulgent Genetics, Inc. - Common Stock	$557M	$19.61	N/A	N/A	N/A
GH — Guardant Health, Inc. - Common Stock	$21.3B	$161.01	N/A	N/A	N/A
ICLR — Icon Plc. - Ordinary Shares Foreign	$12.5B	$163.62	N/A	N/A	N/A
ILMN — Illumina, Inc. - Common Stock	$33.5B	$221.63	N/A	N/A	N/A
MDXH — Mdxhealth S.A. - Ordinary Shares Foreign	$36M	$0.71	N/A	N/A	N/A
MYGN — Myriad Genetics, Inc. - Common Stock	$306M	$3.24	N/A	N/A	N/A
NEO — Neogenomics, Inc. - Common Stock	$2.3B	$17.44	N/A	N/A	N/A
NTRA — Natera, Inc. - Common Stock	$46.9B	$327.42	N/A	N/A	N/A
OPK — Opko Health, Inc. - Common Stock	$1.2B	$1.61	N/A	N/A	N/A
QGEN — Qiagen N.V. Common Shares ADR	$9.0B	$43.84	N/A	N/A	N/A
RDNT — Radnet, Inc. - Common Stock	$5.9B	$74.58	N/A	N/A	N/A
TWST — Twist Bioscience Corporation - Common Stock	$8.0B	$128.50	N/A	N/A	N/A
VCYT — Veracyte, Inc. - Common Stock	$3.6B	$44.67	N/A	N/A	N/A
WGS — Genedx Holdings Corp. - Class A Common Stock	$2.6B	$87.41	N/A	N/A	N/A

▶ Drug Manufacturers-General (7+10 total)

-77.3%

-81.7%

Overvalued


PFE — Pfizer	$164.2B	$28.81	$25.97	-9.9%	Overvalued
MRK — Merck & Co.	$376.2B	$152.32	$86.75	-43.0%	Overvalued
JNJ — Johnson & Johnson	$670.3B	$278.45	$94.74	-66.0%	Overvalued
GILD — Gilead Sciences	$187.6B	$151.13	$34.30	-77.3%	Overvalued
AMGN — Amgen	$239.7B	$444.12	$63.98	-85.6%	Overvalued
LLY — Lilly (Eli)	$1.03T	$1159.54	$118.77	-89.8%	Overvalued
OGN — Organon & Co. Common Stock	$3.6B	$13.78	$-25.94	-288.2%	Overvalued
Cannot calculate DCF
ABBV — Abbvie	$459.7B	$260.21	N/A	N/A	N/A
AMRN — Amarin Corp. Plc.\uk ADR	$5.8B	$13.71	N/A	N/A	N/A
AZN — Astrazeneca Plc. Ordinary Shares ADR	$255.4B	$164.71	N/A	N/A	N/A
BIIB — Biogen	$33.1B	$224.26	N/A	N/A	N/A
BMY — Bristol Myers Squibb	$139.0B	$68.07	N/A	N/A	N/A
GRFS — Grifols S.A. ADR	$5.4B	$7.88	N/A	N/A	N/A
GSK — GSK Plc. ADR	$219.6B	$50.88	N/A	N/A	N/A
NVO — Novo Nordisk A/S Common Stock ADR	$210.5B	$47.51	N/A	N/A	N/A
NVS — Novartis AG Common Stock ADR	$311.0B	$163.01	N/A	N/A	N/A
SNY — Sanofi ADR	$54.0B	$44.32	N/A	N/A	N/A

▶ Energy

-15.2%

35 / 41 / 3

+0.7%

Overvalued

Valuation

▶ Thermal Coal (2+3 total)

+63.8%

Undervalued


NRP — Natural Resource Partners L.P. Limited Partnership LP	$1.5B	$112.72	$235.52	+108.9%	Undervalued
ARLP — Alliance Resource Partners, L.P. - Common Units Representing Limited Partnership Interests LP	$3.4B	$26.23	$31.12	+18.6%	Undervalued
Cannot calculate DCF
BTU — Peabody Energy Corporation Common Stock	$3.4B	$27.65	N/A	N/A	N/A
CNR — Core Natural Resources, Inc. Common Stock	$4.9B	$97.43	N/A	N/A	N/A
NC — Nacco Industries, Inc. Common Stock	$315M	$41.80	N/A	N/A	N/A

▶ Oil & Gas Drilling (1+8 total)

+17.3%

Undervalued


NE — Noble Corporation Plc. A Ordinary Shares	$7.4B	$46.61	$54.68	+17.3%	Undervalued
Cannot calculate DCF
BORR — Borr Drilling Limited Common Shares Foreign	$1.4B	$4.61	N/A	N/A	N/A
HP — Helmerich & Payne, Inc. Common Stock	$4.5B	$44.98	N/A	N/A	N/A
NBR — Nabors Industries Ltd.	$1.4B	$92.94	N/A	N/A	N/A
PDS — Precision Drilling Corporation Common Stock Foreign	$1.2B	$92.32	N/A	N/A	N/A
PTEN — Patterson-uti Energy, Inc. - Common Stock	$4.8B	$12.55	N/A	N/A	N/A
RIG — Transocean Ltd. (Switzerland) Common Stock	$6.7B	$6.01	N/A	N/A	N/A
SDRL — Seadrill Limited Common Shares	$3.1B	$50.10	N/A	N/A	N/A
VAL — Valaris Limited Common Shares	$6.2B	$89.78	N/A	N/A	N/A

▶ Oil & Gas E&P (25+28 total)

+14.4%

+24.2%

Undervalued


APA — APA Corporation	$15.6B	$44.18	$292.79	+562.7%	Undervalued
REPX — Riley Exploration Permian, Inc. Common Stock	$913M	$42.10	$219.42	+421.2%	Undervalued
PR — Permian Resources Corporation Class A Common Stock	$19.9B	$23.74	$90.74	+282.2%	Undervalued
EOG — EOG Resources	$77.7B	$145.94	$416.48	+185.4%	Undervalued
AR — Antero Resources Corporation Common Stock	$12.3B	$39.68	$90.54	+128.2%	Undervalued
DMLP — Dorchester Minerals, L.P. - Common Units Representing Limited Partnership Interests LP	$1.4B	$29.26	$65.85	+125.1%	Undervalued
MNR — Mach Natural Resources L.P. Common Units Representing Limited Partner Interests	$2.1B	$12.58	$27.88	+121.6%	Undervalued
CHRD — Chord Energy Corporation - Common Stock	$8.3B	$148.00	$268.29	+81.3%	Undervalued
EQT — EQT Corporation	$34.8B	$55.60	$95.07	+71.0%	Undervalued
OXY — Occidental Petroleum	$60.3B	$60.61	$76.36	+26.0%	Undervalued
PNRG — Primeenergy Resources Corporation - Common Stock	$348M	$215.35	$268.78	+24.8%	Undervalued
DVN — Devon Energy	$56.3B	$48.80	$57.93	+18.7%	Undervalued
RRC — Range Resources Corporation Common Stock	$10.0B	$42.35	$48.45	+14.4%	Undervalued
BSM — Black Stone Minerals, L.P. Common Units Representing Limited Partner Interests LP	$3.1B	$14.70	$15.75	+7.1%	Undervalued
CRC — California Resources Corporation Common Stock	$4.7B	$53.42	$43.83	-18.0%	Overvalued
COP — Conocophillips	$165.3B	$135.72	$103.23	-23.9%	Overvalued
SM — SM Energy Company Common Stock	$9.0B	$37.57	$26.70	-28.9%	Overvalued
OVV — Ovintiv Inc. DE	$18.5B	$65.91	$38.45	-41.7%	Overvalued
TPL — Texas Pacific Land Corporation	$25.2B	$366.07	$187.21	-48.9%	Overvalued
MTDR — Matador Resources Company Common Stock	$7.4B	$59.70	$18.78	-68.5%	Overvalued
MGY — Magnolia Oil & Gas Corporation Class A Common Stock	$5.0B	$27.22	$8.10	-70.2%	Overvalued
FANG — Diamondback Energy	$57.1B	$202.89	$50.32	-75.2%	Overvalued
MUR — Murphy Oil Corporation Common Stock	$5.3B	$37.29	$-1.08	-102.9%	Overvalued
HPK — Highpeak Energy, Inc. - Common Stock	$1.0B	$8.28	$-5.01	-160.5%	Overvalued
NOG — Northern Oil and Gas, Inc. Common Stock	$2.7B	$25.89	$-15.72	-160.7%	Overvalued
Cannot calculate DCF
AMPY — Amplify Energy Corp. Common Stock	$202M	$4.90	N/A	N/A	N/A
BATL — Battalion Oil Corporation Common Stock	$28M	$1.29	N/A	N/A	N/A
BKV — BKV Corporation Common Stock	$2.9B	$26.28	N/A	N/A	N/A
BTE — Baytex Energy Corp. Common Shares Foreign	$3.6B	$4.96	N/A	N/A	N/A
CNQ — Canadian Natural Resources Limited Common Stock Foreign	$106.7B	$51.14	N/A	N/A	N/A
CNX — CNX Resources Corporation Common Stock	$5.3B	$37.77	N/A	N/A	N/A
CRGY — Crescent Energy Company Class A Common Stock	$4.6B	$13.96	N/A	N/A	N/A
CRK — Comstock Resources, Inc. Common Stock	$4.4B	$14.95	N/A	N/A	N/A
EGY — Vaalco Energy, Inc. Common Stock	$645M	$6.03	N/A	N/A	N/A
EXE — Expand Energy	$23.7B	$99.02	N/A	N/A	N/A
GFR — Greenfire Resources Ltd. Common Shares Foreign	$911M	$6.21	N/A	N/A	N/A
GPOR — Gulfport Energy Corporation Common Shares	$3.3B	$181.78	N/A	N/A	N/A
GPRK — Geopark Ltd. Common Shares Foreign	$636M	$11.90	N/A	N/A	N/A
GRNT — Granite Ridge Resources, Inc. Common Stock	$671M	$5.09	N/A	N/A	N/A
GTE — Gran Tierra Energy Inc. Common Stock	$358M	$10.13	N/A	N/A	N/A
KOS — Kosmos Energy Ltd. Common Shares DE	$1.7B	$2.83	N/A	N/A	N/A
KRP — Kimbell Royalty Partners Common Units Representing Limited Partner Interests	$1.5B	$14.90	N/A	N/A	N/A
OBE — Obsidian Energy Ltd. Common Shares Foreign	$803M	$12.02	N/A	N/A	N/A
PROP — Prairie Operating Co. - Common Stock	$46M	$0.47	N/A	N/A	N/A
REI — Ring Energy, Inc. Common Stock	$381M	$1.50	N/A	N/A	N/A
SD — Sandridge Energy, Inc. Common Stock	$528M	$14.29	N/A	N/A	N/A
TALO — Talos Energy, Inc. Common Stock	$2.9B	$17.28	N/A	N/A	N/A
TXO — TXO Partners, L.P. Common Units Representing Limited Partner Interests	$824M	$14.92	N/A	N/A	N/A
VET — Vermilion Energy Inc. Common (Canada) Foreign	$2.0B	$13.02	N/A	N/A	N/A
VIST — Vista Energy, S.A.b. de C.v. ADR	$7.1B	$74.72	N/A	N/A	N/A
VTS — Vitesse Energy, Inc. Common Stock	$733M	$17.42	N/A	N/A	N/A
WDS — Woodside Energy Group Ltd. ADR	$45.1B	$23.70	N/A	N/A	N/A
WTI — W&t Offshore, Inc. Common Stock	$577M	$3.88	N/A	N/A	N/A

▶ Oil & Gas Equipment & Services (17+23 total)

+0.0%

-1.9%

Fair


SND — Smart Sand, Inc. - Common Stock	$230M	$5.34	$18.13	+239.5%	Undervalued
TDW — Tidewater Inc. Common Stock	$4.7B	$94.50	$178.89	+89.3%	Undervalued
NOV — NOV Inc. Common Stock	$7.7B	$21.49	$36.08	+67.9%	Undervalued
SLB — Schlumberger	$85.9B	$57.44	$91.41	+59.1%	Undervalued
RNGR — Ranger Energy Services, Inc. Class A Common Stock	$401M	$16.88	$23.52	+39.3%	Undervalued
AROC — Archrock, Inc. Common Stock	$5.7B	$32.56	$35.32	+8.5%	Undervalued
WHD — Cactus, Inc. Class A Common Stock	$5.0B	$71.56	$76.65	+7.1%	Undervalued
HAL — Halliburton	$31.2B	$37.30	$37.99	+0.0%	Fair
USAC — USA Compression Partners, L.P. Common Units Representing Limited Partner Interests LP	$4.0B	$27.54	$27.87	+0.0%	Fair
FTI — Technipfmc Plc. Ordinary Share	$31.9B	$80.11	$60.72	-24.2%	Overvalued
RES — RPC Inc. Common Stock	$1.4B	$6.47	$4.88	-24.6%	Overvalued
CLB — Core Laboratories Inc. Common Stock	$578M	$12.53	$7.27	-42.0%	Overvalued
NESR — National Energy Services Reunited Corp. - Ordinary Shares	$3.5B	$34.50	$19.19	-44.4%	Overvalued
INVX — Innovex International, Inc. Common Stock	$2.1B	$30.78	$10.60	-65.6%	Overvalued
LBRT — Liberty Energy Inc. Class A Common Stock	$3.3B	$20.39	$0.70	-96.6%	Overvalued
NGS — Natural Gas Services Group, Inc. Common Stock	$448M	$35.58	$0.31	-99.1%	Overvalued
WTTR — Select Water Solutions, Inc. Class A Common Stock	$2.5B	$20.17	$-1.44	-107.1%	Overvalued
Cannot calculate DCF
ACDC — Profrac Holding Corp. - Class A Common Stock	$926M	$5.12	N/A	N/A	N/A
AESI — Atlas Energy Solutions Inc. Common Stock	$1.6B	$13.17	N/A	N/A	N/A
BKR — Baker Hughes	$63.1B	$63.63	N/A	N/A	N/A
DTI — Drilling Tools International Corporation - Common Stock	$92M	$2.61	N/A	N/A	N/A
EFXT — Enerflex Ltd. Common Shares Foreign	$2.7B	$22.07	N/A	N/A	N/A
FET — Forum Energy Technologies, Inc. Common Stock	$925M	$81.86	N/A	N/A	N/A
FTK — Flotek Industries, Inc. Common Stock	$860M	$23.77	N/A	N/A	N/A
GEOS — Geospace Technologies Corporation - Common Stock	$66M	$5.12	N/A	N/A	N/A
HLX — Helix Energy Solutions Group, Inc. Common Stock	$1.6B	$10.62	N/A	N/A	N/A
KGS — Kodiak Gas Services, Inc. Common Stock	$6.2B	$61.64	N/A	N/A	N/A
KLXE — KLX Energy Services Holdings, Inc. - Common Stock	$30M	$1.53	N/A	N/A	N/A
NCSM — NCS Multistage Holdings, Inc. - Common Stock	$134M	$51.01	N/A	N/A	N/A
NINE — Nine Energy Service, Inc. Common Stock	$144M	$10.34	N/A	N/A	N/A
NOA — North American Construction Group Ltd. Common Shares (No Par) Foreign	$363M	$13.40	N/A	N/A	N/A
OII — Oceaneering International, Inc. Common Stock	$5.2B	$51.77	N/A	N/A	N/A
OIS — Oil States International, Inc. Common Stock	$533M	$8.85	N/A	N/A	N/A
PUMP — Propetro Holding Corp. Common Stock	$1.4B	$11.23	N/A	N/A	N/A
RCON — Recon Technology, Ltd. - Class A Ordinary Shares Foreign	$46M	$1.50	N/A	N/A	N/A
SEI — Solaris Energy Infrastructure, Inc. Class A Common Stock	$5.4B	$53.13	N/A	N/A	N/A
TS — Tenaris S.A. ADR	$60.4B	$56.33	N/A	N/A	N/A
VTOL — Bristow Group, Inc. Common Stock	$1.3B	$43.79	N/A	N/A	N/A
WFRD — Weatherford International Plc. - Ordinary Shares	$6.9B	$96.37	N/A	N/A	N/A
XPRO — Expro Group Holdings N.V. Common Stock	$2.0B	$17.92	N/A	N/A	N/A

▶ Oil & Gas Integrated (4+13 total)

-31.8%

-17.5%

Overvalued


IMO — Imperial Oil Limited Common Stock	$63.8B	$131.87	$225.39	+70.9%	Undervalued
CVX — Chevron Corporation	$420.8B	$211.27	$179.17	-15.2%	Overvalued
XOM — Exxonmobil	$672.4B	$162.23	$83.93	-48.3%	Overvalued
NFG — National Fuel Gas Company Common Stock	$7.9B	$83.53	$18.84	-77.4%	Overvalued
Cannot calculate DCF
BP — BP P.l.c. Common Stock ADR	$112.3B	$43.60	N/A	N/A	N/A
CVE — Cenovus Energy Inc. Common Stock Foreign	$61.2B	$32.80	N/A	N/A	N/A
DEC — Diversified Energy Company Common Stock	$1.1B	$15.71	N/A	N/A	N/A
E — ENI S.p.a. Common Stock ADR	$81.5B	$55.12	N/A	N/A	N/A
EC — Ecopetrol S.A. ADR	$706.8B	$17.19	N/A	N/A	N/A
EQNR — Equinor ASA ADR	$106.3B	$42.66	N/A	N/A	N/A
PBR — Petroleo Brasileiro S.A. Petrobras ADS ADR	$132.2B	$20.51	N/A	N/A	N/A
PBR-A — Petrobras - Petroleo Brasileiro S.A. ADR	$119.7B	$18.58	N/A	N/A	N/A
SHEL — Shell Plc. ADR	$525.3B	$92.32	N/A	N/A	N/A
SU — Suncor Energy Inc. Common Stock Foreign	$80.6B	$68.28	N/A	N/A	N/A
TGS — Transportadora de Gas Del Sur S.A. TGS Common Stock ADR	$2.0B	$28.84	N/A	N/A	N/A
TTE — Totalenergies SE Ordinary Shares ADR	$198.1B	$89.19	N/A	N/A	N/A
YPF — YPF Sociedad Anonima Common Stock ADR	$20.6B	$52.34	N/A	N/A	N/A

▶ Oil & Gas Midstream (20+26 total)

-48.4%

-13.4%

Overvalued


PAGP — Plains GP Holdings, L.P. - Class A Shares Representing Limited Partner Interests	$5.5B	$27.68	$220.81	+697.7%	Undervalued
EE — Excelerate Energy, Inc. Class A Common Stock	$1.3B	$39.75	$209.18	+426.2%	Undervalued
HESM — Hess Midstream L.P. Class A Representing Limited Partner Interests LP	$5.1B	$39.84	$104.71	+162.8%	Undervalued
PAA — Plains All American Pipeline, L.P. - Common Units Representing Limited Partner Interests LP	$18.0B	$25.52	$61.42	+140.7%	Undervalued
MPLX — Mplx L.P. Common Units Representing Limited Partner Interests LP	$60.2B	$59.37	$97.75	+64.6%	Undervalued
AM — Antero Midstream Corporation Common Stock	$10.7B	$22.46	$31.97	+42.3%	Undervalued
CQP — Cheniere Energy Partners, L.P. Common Units LP	$33.1B	$68.41	$96.09	+40.5%	Undervalued
WES — Western Midstream Partners, L.P. Common Units Representing Limited Partner Interests LP	$19.3B	$49.12	$63.19	+28.6%	Undervalued
LPG — Dorian LPG Ltd. Common Stock	$2.3B	$53.61	$49.53	-7.6%	Overvalued
LNG — Cheniere Energy, Inc. Common Stock	$60.9B	$290.79	$174.32	-40.1%	Overvalued
EPD — Enterprise Products Partners L.P. Common Stock LP	$84.8B	$39.19	$16.98	-56.7%	Overvalued
OKE — Oneok	$60.3B	$95.75	$20.26	-78.8%	Overvalued
DTM — DT Midstream, Inc. Common Stock	$13.1B	$128.55	$15.14	-88.2%	Overvalued
KMI — Kinder Morgan	$70.3B	$31.62	$1.98	-93.7%	Overvalued
WMB — Williams Companies	$90.6B	$74.06	$3.29	-95.6%	Overvalued
INSW — International Seaways, Inc. Common Stock	$5.1B	$102.31	$-7.40	-107.2%	Overvalued
TRGP — Targa Resources	$63.0B	$293.44	$-68.21	-123.2%	Overvalued
KNTK — Kinetik Holdings Inc. Class A Common Stock	$4.0B	$54.32	$-15.92	-129.3%	Overvalued
GLP — Global Partners L.P. Common Units Representing Limited Partner Interests LP	$1.8B	$52.44	$-29.53	-156.3%	Overvalued
ET — Energy Transfer L.P. Common Units LP	$73.8B	$21.45	$-15.19	-170.8%	Overvalued
Cannot calculate DCF
BANL — CBL International Limited - Class B Ordinary Shares Foreign	$420M	$15.30	N/A	N/A	N/A
BWLP — BW LPG Limited Common Shares Foreign	$3.7B	$24.58	N/A	N/A	N/A
CMBT — Cmb.tech N.V. Ordinary Shares Foreign	$5.4B	$18.70	N/A	N/A	N/A
DHT — DHT Holdings, Inc. Foreign	$3.2B	$20.20	N/A	N/A	N/A
DLNG — Dynagas LNG Partners L.P. Common Units LP Foreign	$136M	$3.73	N/A	N/A	N/A
ENB — Enbridge Inc. Common Stock	$110.3B	$50.51	N/A	N/A	N/A
FLNG — Flex LNG Ltd. Ordinary Shares Foreign	$1.7B	$31.28	N/A	N/A	N/A
FRO — Frontline Plc. Ordinary Shares Foreign	$10.1B	$45.42	N/A	N/A	N/A
GEL — Genesis Energy, L.P. Common Units LP	$2.0B	$16.15	N/A	N/A	N/A
GLNG — Golar LNG Limited - Common Shares Foreign	$5.3B	$51.99	N/A	N/A	N/A
IMPP — Imperial Petroleum Inc. - Common Shares Foreign	$237M	$5.24	N/A	N/A	N/A
KNOP — Knot Offshore Partners L.P. Common Units Representing Limited Partner Interests LP Foreign	$388M	$11.23	N/A	N/A	N/A
MMLP — Martin Midstream Partners L.P. - Common Units Representing Limited Partnership Interests LP	$90M	$2.30	N/A	N/A	N/A
NAT — Nordic American Tankers Limited Common Stock Foreign	$1.5B	$7.11	N/A	N/A	N/A
NFE — New Fortress Energy Inc. - Class A Common Stock	$80M	$0.28	N/A	N/A	N/A
NGL — NGL Energy Partners L.P. Common Units Representing Limited Partner Interests LP	$2.3B	$18.17	N/A	N/A	N/A
NVGS — Navigator Holdings Ltd. Ordinary Shares (Marshall Islands) Foreign	$1.4B	$22.62	N/A	N/A	N/A
PBA — Pembina Pipeline Corp. Ordinary Shares (Canada) Foreign	$28.3B	$48.60	N/A	N/A	N/A
SMC — Summit Midstream Corporation Common Stock	$474M	$34.48	N/A	N/A	N/A
STNG — Scorpio Tankers Inc. Common Shares Foreign	$4.0B	$80.05	N/A	N/A	N/A
TEN — Tsakos Energy Navigation Ltd. Common Shares Foreign	$1.3B	$43.30	N/A	N/A	N/A
TK — Teekay Corporation Ltd. Common Stock Foreign	$1.2B	$13.47	N/A	N/A	N/A
TNK — Teekay Tankers Ltd. Foreign	$3.2B	$91.84	N/A	N/A	N/A
TRMD — Torm Plc. - Class A Common Stock Foreign	$3.5B	$34.19	N/A	N/A	N/A
TRP — TC Energy Corporation Common Stock Foreign	$65.5B	$62.90	N/A	N/A	N/A
VNOM — Viper Energy, Inc. - Class A Common Stock	$23.5B	$44.87	N/A	N/A	N/A

▶ Oil & Gas Refining & Marketing (9+9 total)

-55.0%

-27.9%

Overvalued


SGU — Star Group L.P. Common Stock	$424M	$12.90	$35.41	+174.5%	Undervalued
DINO — HF Sinclair Corporation Common Stock	$19.1B	$106.14	$123.64	+16.5%	Undervalued
VLO — Valero Energy	$110.0B	$370.60	$388.88	+0.0%	Fair
MPC — Marathon Petroleum	$113.1B	$387.50	$294.54	-24.0%	Overvalued
PSX — Phillips 66	$102.1B	$254.66	$114.70	-55.0%	Overvalued
CVI — CVR Energy Inc. Common Stock	$4.4B	$43.56	$19.41	-55.4%	Overvalued
CAPL — Crossamerica Partners L.P. Common Units Representing Limited Partner Interests LP	$872M	$22.85	$5.21	-77.2%	Overvalued
SUN — Sunoco L.P. Common Units Representing Limited Partner Interests LP	$14.0B	$74.04	$1.06	-98.6%	Overvalued
DKL — Delek Logistics Partners, L.P. Common Units Representing Limited Partner Interests LP	$2.9B	$55.25	$-17.79	-132.2%	Overvalued
Cannot calculate DCF
APC — Arko Petroleum Corp. - Class A Common Stock	$880M	$18.50	N/A	N/A	N/A
CLNE — Clean Energy Fuels Corp. - Common Stock	$357M	$1.62	N/A	N/A	N/A
CSAN — Cosan S.A. ADS ADR	$2.9B	$2.94	N/A	N/A	N/A
DK — Delek US Holdings, Inc. Common Stock	$4.4B	$72.45	N/A	N/A	N/A
IEP — Icahn Enterprises L.P. - Depositary Units Representing Limited Partner Interests LP	$4.7B	$6.95	N/A	N/A	N/A
PARR — Par Pacific Holdings, Inc. Common Stock	$4.1B	$81.98	N/A	N/A	N/A
PBF — PBF Energy Inc. Class A Common Stock	$8.8B	$75.33	N/A	N/A	N/A
UGP — Ultrapar Holdings Inc. ADR	$7.7B	$7.16	N/A	N/A	N/A
WKC — World Kinect Corporation Common Stock	$1.8B	$35.06	N/A	N/A	N/A

▶ Uranium (1+1 total)

-71.7%

Overvalued


LEU — Centrus Energy Corp. Class A Common Stock	$3.4B	$170.34	$48.21	-71.7%	Overvalued
Cannot calculate DCF
CCJ — Cameco Corporation Common Stock Foreign	$43.8B	$100.62	N/A	N/A	N/A

▶ Consumer Defensive

-16.7%

33 / 44 / 2

+9.4%

Overvalued

Valuation

▶ Beverages-Brewers (1+7 total)

+197.9%

Undervalued


SAM — Boston Beer Company, Inc. (the) Common Stock	$1.8B	$171.66	$511.44	+197.9%	Undervalued
Cannot calculate DCF
ABEV — Ambev S.A. ADR	$47.9B	$3.04	N/A	N/A	N/A
BUD — Anheuser-busch Inbev S.A. Sponsored ADR (Belgium) ADR	$155.3B	$80.20	N/A	N/A	N/A
CCU — Compania Cervecerias Unidas, S.A. Common Stock ADR	$2.2B	$11.92	N/A	N/A	N/A
FMX — Fomento Economico Mexicano S.A.b. de C.v. Common Stock ADR	$24.1B	$120.97	N/A	N/A	N/A
STZ — Constellation Brands	$22.2B	$129.09	N/A	N/A	N/A
TAP — Molson Coors Beverage Company	$7.6B	$40.53	N/A	N/A	N/A
TAP.A — Molson Coors Beverage Company Class A Common Stock	$7.6B	$40.31	N/A	N/A	N/A

▶ Beverages-Wineries & Distilleries (2+3 total)

+50.0%

Undervalued


BF.B — Brown–forman	$12.6B	$27.53	$41.44	+50.5%	Undervalued
BF.A — Brown Forman Inc. Class A Common Stock	$12.7B	$27.73	$41.44	+49.4%	Undervalued
Cannot calculate DCF
DEO — Diageo Plc. Common Stock ADR	$50.4B	$90.59	N/A	N/A	N/A
MGPI — MGP Ingredients, Inc. - Common Stock	$348M	$16.30	N/A	N/A	N/A
SNDL — Sndl Inc. - Common Shares Foreign	$370M	$1.42	N/A	N/A	N/A

▶ Education & Training Services (9+17 total)

+42.4%

+50.2%

Undervalued


LRN — Stride, Inc. Common Stock	$3.6B	$85.81	$248.50	+189.6%	Undervalued
FC — Franklin Covey Company Common Stock	$206M	$18.27	$46.21	+152.9%	Undervalued
PRDO — Perdoceo Education Corporation - Common Stock	$2.1B	$33.19	$80.94	+143.9%	Undervalued
STRA — Strategic Education, Inc. - Common Stock	$1.8B	$81.81	$167.34	+104.5%	Undervalued
LOPE — Grand Canyon Education, Inc. - Common Stock	$4.0B	$152.21	$216.68	+42.4%	Undervalued
CVSA — Covista Inc. Common Shares	$4.4B	$127.98	$162.04	+26.6%	Undervalued
LAUR — Laureate Education, Inc. - Common Stock	$5.0B	$35.94	$26.79	-25.5%	Overvalued
LINC — Lincoln Educational Services Corporation - Common Stock	$809M	$25.49	$2.68	-89.5%	Overvalued
UTI — Universal Technical Institute Inc. Common Stock	$1.2B	$21.60	$1.57	-92.7%	Overvalued
Cannot calculate DCF
AACG — ATA Creativity Global ADR	$58M	$0.90	N/A	N/A	N/A
AFYA — Afya Limited - Class A Common Shares Foreign	$1.3B	$14.73	N/A	N/A	N/A
AMBO — Ambow Education Holding Ltd. ADR	$120M	$2.10	N/A	N/A	N/A
APEI — American Public Education, Inc. - Common Stock	$832M	$45.33	N/A	N/A	N/A
CHGG — Chegg, Inc. Common Stock	$110M	$0.98	N/A	N/A	N/A
COE — 51talk Online Education Group ADR	$5.3B	$14.88	N/A	N/A	N/A
COUR — Coursera, Inc. Common Stock	$1.7B	$6.01	N/A	N/A	N/A
DAO — Youdao, Inc. ADR	$1.8B	$15.48	N/A	N/A	N/A
EDU — New Oriental Education & Technology Group, Inc. Sponsored ADR Representing 10 Ordinary Share (Cayman Islands) ADR	$9.5B	$58.23	N/A	N/A	N/A
FEDU — Four Seasons Education (Cayman) Inc. ADR	$225M	$9.95	N/A	N/A	N/A
IH — Ihuman Inc. ADR	$316M	$1.23	N/A	N/A	N/A
KLC — Kindercare Learning Companies, Inc. Common Stock	$319M	$2.69	N/A	N/A	N/A
MYND — Mynd.ai, Inc. ADR	$185M	$0.40	N/A	N/A	N/A
STG — Sunlands Technology Group ADR	$19M	$2.81	N/A	N/A	N/A
TAL — TAL Education Group ADR	$2.3B	$12.00	N/A	N/A	N/A
VSA — Visionsys AI Inc. ADR	$673M	$3.47	N/A	N/A	N/A
YQ — 17 Education & Technology Group Inc. ADR	$1.3B	$2.66	N/A	N/A	N/A

▶ Grocery Stores (6+3 total)

+20.5%

+19.0%

Undervalued


ACI — Albertsons Companies, Inc. Class A Common Stock	$6.2B	$12.59	$98.60	+683.2%	Undervalued
SFM — Sprouts Farmers Market, Inc. - Common Stock	$7.4B	$79.12	$119.57	+51.1%	Undervalued
VLGEA — Village Super Market, Inc. - Class A Common Stock	$582M	$43.54	$64.26	+47.6%	Undervalued
NGVC — Natural Grocers By Vitamin Cottage, Inc. Common Stock	$629M	$27.30	$25.50	-6.6%	Overvalued
IMKTA — Ingles Markets, Incorporated - Class A Common Stock	$1.6B	$82.58	$9.31	-88.7%	Overvalued
WMK — Weis Markets, Inc. Common Stock	$1.8B	$71.69	$7.65	-89.3%	Overvalued
Cannot calculate DCF
DDL — Dingdong (Cayman) Ltd. ADR	$494M	$2.25	N/A	N/A	N/A
GO — Grocery Outlet Holding Corp. - Common Stock	$1.2B	$12.29	N/A	N/A	N/A
KR — Kroger	$35.8B	$58.48	N/A	N/A	N/A

▶ Packaged Foods (24+19 total)

-8.3%

+32.7%

Overvalued


SMPL — the Simply Good Foods Company - Common Stock	$1.0B	$11.50	$40.55	+252.6%	Undervalued
BRBR — Bellring Brands, Inc. Common Stock	$1.2B	$10.40	$34.98	+236.3%	Undervalued
NATR — Nature's Sunshine Products, Inc. - Common Stock	$242M	$13.78	$44.16	+220.5%	Undervalued
CAG — Conagra Brands	$7.5B	$15.62	$49.38	+216.1%	Undervalued
LFVN — Lifevantage Corporation - Common Stock	$77M	$6.13	$19.09	+211.4%	Undervalued
HLF — Herbalife Ltd. Common Shares	$1.3B	$12.16	$35.95	+195.6%	Undervalued
CENTA — Central Garden & Pet Company - Class A Common Stock Nonvoting	$2.3B	$36.06	$94.84	+163.0%	Undervalued
CENT — Central Garden & Pet Company - Common Stock	$2.6B	$41.70	$94.84	+127.4%	Undervalued
GIS — General Mills	$21.0B	$39.27	$82.40	+109.8%	Undervalued
PPC — Pilgrim's Pride Corporation - Common Stock	$7.3B	$30.51	$55.85	+83.1%	Undervalued
JJSF — J & J Snack Foods Corp. - Common Stock	$1.6B	$86.00	$83.58	+0.0%	Fair
MZTI — the Marzetti Company - Common Stock	$2.9B	$105.58	$102.53	+0.0%	Fair
JBSS — John B Sanfilippo & Son, Inc. - Common Stock	$857M	$73.31	$61.05	-16.7%	Overvalued
MKC — McCormick & Company	$14.1B	$52.59	$43.06	-18.1%	Overvalued
MKC.V — McCormick & Company, Incorporated Common Stock	$14.6B	$54.13	$43.06	-20.5%	Overvalued
POST — Post Holdings, Inc. Common Stock	$3.8B	$84.26	$65.51	-22.3%	Overvalued
MAMA — Mama's Creations, Inc. - Common Stock	$650M	$15.97	$6.03	-62.2%	Overvalued
SENEA — Seneca Foods Corp. - Class A Common Stock	$1.4B	$205.11	$53.15	-74.1%	Overvalued
SENEB — Seneca Foods Corp. - Class B Common Stock	$1.4B	$208.53	$53.15	-74.5%	Overvalued
INGR — Ingredion Incorporated Common Stock	$6.4B	$101.62	$24.14	-76.2%	Overvalued
LWAY — Lifeway Foods, Inc. - Common Stock	$390M	$25.50	$1.63	-93.6%	Overvalued
CPB — Campbell's Company (the)	$6.6B	$22.12	$-4.62	-120.9%	Overvalued
LW — Lamb Weston Holdings, Inc. Common Stock	$7.0B	$50.41	$-24.96	-149.5%	Overvalued
UTZ — Utz Brands Inc. Class A Common Stock	$1.3B	$14.24	$-9.26	-165.0%	Overvalued
Cannot calculate DCF
BGS — B&g Foods, Inc. Common Stock	$273M	$3.36	N/A	N/A	N/A
BRCC — BRC Inc. Class A Common Stock	$1.0B	$8.57	N/A	N/A	N/A
BRID — Bridgford Foods Corporation - Common Stock	$56M	$6.15	N/A	N/A	N/A
BYND — Beyond Meat, Inc. - Common Stock	$5.8B	$11.29	N/A	N/A	N/A
DAR — Darling Ingredients Inc. Common Stock	$10.4B	$65.69	N/A	N/A	N/A
DDC — DDC Enterprise Limited Class A Ordinary Shares Foreign	$10M	$0.34	N/A	N/A	N/A
FLO — Flowers Foods, Inc. Common Stock	$1.4B	$6.45	N/A	N/A	N/A
FRPT — Freshpet, Inc. - Common Stock	$3.4B	$69.80	N/A	N/A	N/A
HAIN — the Hain Celestial Group, Inc. - Common Stock	$66M	$0.73	N/A	N/A	N/A
HRL — Hormel Foods	$11.9B	$21.69	N/A	N/A	N/A
JBS — JBS N.V. Class A Common Shares Foreign	$14.1B	$13.17	N/A	N/A	N/A
KHC — Kraft Heinz	$30.2B	$25.44	N/A	N/A	N/A
NAII — Natural Alternatives International, Inc. - Common Stock	$14M	$2.23	N/A	N/A	N/A
NOMD — Nomad Foods Limited Ordinary Shares Foreign	$1.6B	$11.49	N/A	N/A	N/A
OTLY — Oatly Group AB ADR	$8.9B	$14.33	N/A	N/A	N/A
PRE — Prenetics Global Limited - Class A Ordinary Share Foreign	$436M	$25.63	N/A	N/A	N/A
SJM — J.m. Smucker Company (the)	$13.7B	$128.51	N/A	N/A	N/A
USNA — Usana Health Sciences, Inc. Common Stock	$264M	$14.29	N/A	N/A	N/A
WEST — Westrock Coffee Company - Common Stock	$748M	$7.67	N/A	N/A	N/A

▶ Confectioners (3)

-17.3%

-10.3%

Overvalued


HSY — Hershey Company (the)	$35.5B	$174.94	$190.01	+8.6%	Undervalued
TR — Tootsie Roll Industries, Inc. Common Stock	$2.9B	$38.80	$32.07	-17.3%	Overvalued
MDLZ — Mondelez International	$78.9B	$61.45	$47.88	-22.1%	Overvalued

▶ Discount Stores (6+2 total)

-22.6%

+2.5%

Overvalued


DG — Dollar General	$28.9B	$131.22	$261.94	+99.6%	Undervalued
TGT — Target Corporation	$74.5B	$163.97	$317.78	+93.8%	Undervalued
OLLI — Ollie's Bargain Outlet Holdings, Inc. - Common Stock	$4.5B	$73.70	$79.32	+7.6%	Undervalued
COST — Costco	$410.4B	$925.41	$437.07	-52.8%	Overvalued
PSMT — Pricesmart, Inc. - Common Stock	$5.4B	$173.72	$80.89	-53.4%	Overvalued
WMT — Walmart	$863.0B	$108.44	$22.18	-79.5%	Overvalued
Cannot calculate DCF
BJ — Bj's Wholesale Club Holdings, Inc. Common Stock	$11.9B	$93.17	N/A	N/A	N/A
DLTR — Dollar Tree	$25.2B	$131.03	N/A	N/A	N/A

▶ Beverages-Non-Alcoholic (8+7 total)

-29.0%

-33.5%

Overvalued


FIZZ — National Beverage Corp. - Common Stock	$3.0B	$32.46	$45.15	+39.1%	Undervalued
MNST — Monster Beverage	$43.1B	$44.09	$49.71	+12.7%	Undervalued
COKE — Coca-cola Consolidated, Inc. - Common Stock	$13.1B	$197.40	$182.67	-7.5%	Overvalued
CELH — Celsius Holdings, Inc. - Common Stock	$8.1B	$31.61	$28.85	-8.7%	Overvalued
KDP — Keurig Dr Pepper	$44.7B	$32.89	$16.69	-49.3%	Overvalued
PEP — Pepsico	$191.3B	$140.02	$41.64	-70.3%	Overvalued
COCO — the Vita Coco Company, Inc. - Common Stock	$3.1B	$55.08	$5.93	-89.2%	Overvalued
KO — Coca-cola Company (the)	$382.2B	$88.84	$4.64	-94.8%	Overvalued
Cannot calculate DCF
AKO-A — Andina Bottling Co. Inc. ADR	$1.9B	$24.50	N/A	N/A	N/A
AKO-B — Andina Bottling Co. Inc. ADR	$2.4B	$29.80	N/A	N/A	N/A
AKO.A — Embotelladora Andina S.A. Common Stock ADR	$1.9B	$24.50	N/A	N/A	N/A
AKO.B — Embotelladora Andina S.A. Common Stock ADR	$2.4B	$29.80	N/A	N/A	N/A
CCEP — Coca-cola Europacific Partners Plc. - Ordinary Shares Foreign	$48.3B	$109.08	N/A	N/A	N/A
KOF — Coca Cola Femsa SAB DE CV ADR	$23.6B	$113.21	N/A	N/A	N/A
ZVIA — Zevia PBC Class A Common Stock	$98M	$1.37	N/A	N/A	N/A

▶ Tobacco (3+3 total)

-35.0%

-8.7%

Overvalued


MO — Altria	$116.0B	$69.49	$115.89	+66.8%	Undervalued
TPB — Turning Point Brands, Inc. Common Stock	$1.5B	$76.76	$49.92	-35.0%	Overvalued
PM — Philip Morris International	$290.2B	$186.17	$78.17	-58.0%	Overvalued
Cannot calculate DCF
BTI — British American Tobacco Industries, P.l.c. Common Stock ADR ADR	$121.0B	$55.97	N/A	N/A	N/A
RLX — RLX Technology Inc. ADR	$2.7B	$1.77	N/A	N/A	N/A
UVV — Universal Corporation Common Stock	$1.1B	$45.91	N/A	N/A	N/A

▶ Household & Personal Products (8+14 total)

-44.2%

-37.2%

Overvalued


CLX — Clorox	$11.4B	$94.29	$123.80	+31.3%	Undervalued
IPAR — Interparfums, Inc. - Common Stock	$3.6B	$113.79	$140.53	+23.5%	Undervalued
CHD — Church & Dwight	$23.4B	$98.59	$82.77	-16.0%	Overvalued
ELF — E.l.f. Beauty, Inc. Common Stock	$6.4B	$107.40	$64.58	-39.9%	Overvalued
PG — Procter & Gamble	$342.1B	$146.92	$75.66	-48.5%	Overvalued
KMB — Kimberly-clark	$35.8B	$107.93	$53.85	-50.1%	Overvalued
SPB — Spectrum Brands Holdings, Inc. Common Stock	$2.1B	$88.50	$36.36	-58.9%	Overvalued
EPC — Edgewell Personal Care Company Common Stock	$1.3B	$28.48	$-11.09	-138.9%	Overvalued
Cannot calculate DCF
CL — Colgate-palmolive	$72.1B	$90.09	N/A	N/A	N/A
COTY — Coty Inc. Class A Common Stock	$2.6B	$2.93	N/A	N/A	N/A
EL — Estée Lauder Companies (the)	$36.5B	$100.83	N/A	N/A	N/A
GROV — Grove Collaborative Holdings, Inc. Class A Common Stock	$44M	$1.05	N/A	N/A	N/A
HELE — Helen of Troy Limited - Common Stock	$656M	$28.18	N/A	N/A	N/A
HNST — the Honest Company, Inc. - Common Stock	$644M	$5.85	N/A	N/A	N/A
KVUE — Kenvue	$36.4B	$18.92	N/A	N/A	N/A
MAGN — Magnera Corporation Common Stock	$443M	$12.38	N/A	N/A	N/A
NUS — Nu Skin Enterprises, Inc. Common Stock	$227M	$4.68	N/A	N/A	N/A
NWL — Newell Brands Inc. - Common Stock	$2.6B	$6.08	N/A	N/A	N/A
ODD — Oddity Tech Ltd. - Class A Ordinary Shares Foreign	$799M	$14.10	N/A	N/A	N/A
SKIN — Skinhealth Systems Inc. - Class A Common Stock	$91M	$0.70	N/A	N/A	N/A
UL — Unilever Plc. ADR	$140.1B	$64.24	N/A	N/A	N/A
YSG — Yatsen Holding Ltd. ADR	$4.5B	$2.40	N/A	N/A	N/A

▶ Food Distribution (6+5 total)

-53.5%

-45.8%

Overvalued


PFGC — Performance Food Group Company Common Stock	$15.6B	$99.15	$106.08	+7.0%	Undervalued
USFD — US Foods Holding Corp. Common Stock	$23.0B	$104.37	$79.63	-23.7%	Overvalued
ANDE — the Andersons, Inc. - Common Stock	$2.4B	$69.49	$43.08	-38.0%	Overvalued
CHEF — the Chefs' Warehouse, Inc. - Common Stock	$4.7B	$114.21	$35.56	-68.9%	Overvalued
SYY — Sysco	$38.8B	$81.08	$21.77	-73.1%	Overvalued
AVO — Mission Produce, Inc. - Common Stock	$888M	$12.55	$2.77	-77.9%	Overvalued
Cannot calculate DCF
DIT — Amcon Distributing Company Common Stock	$58M	$59.17	N/A	N/A	N/A
HFFG — HF Foods Group Inc. - Common Stock	$95M	$1.78	N/A	N/A	N/A
MTEX — Mannatech, Incorporated - Common Stock	$14M	$7.02	N/A	N/A	N/A
UNFI — United Natural Foods, Inc. Common Stock	$2.6B	$43.56	N/A	N/A	N/A
WILC — G Willi-food International, Ltd. - Ordinary Shares Foreign	$401M	$28.80	N/A	N/A	N/A

▶ Farm Products (3+9 total)

-86.9%

-7.8%

Overvalued


CALM — Cal-maine Foods, Inc. - Common Stock	$3.6B	$76.02	$416.06	+447.3%	Undervalued
VITL — Vital Farms, Inc. - Common Stock	$433M	$10.10	$1.32	-86.9%	Overvalued
BG — Bunge Global	$23.3B	$120.03	$-43.94	-136.6%	Overvalued
Cannot calculate DCF
ADM — Archer Daniels Midland	$40.7B	$84.38	N/A	N/A	N/A
AFRI — Forafric Global Plc. - Ordinary Shares Foreign	$300M	$11.13	N/A	N/A	N/A
AGRO — Adecoagro S.A. Common Shares Foreign	$1.7B	$11.60	N/A	N/A	N/A
DOLE — Dole Plc. Ordinary Shares	$1.3B	$13.91	N/A	N/A	N/A
LMNR — Limoneira Co. - Common Stock	$272M	$15.01	N/A	N/A	N/A
LND — Brasilagro Brazilian Agric Real Estate Co. Sponsored ADR (Brazil) ADR	$381M	$3.82	N/A	N/A	N/A
SDOT — Sadot Group Inc. - Common Stock	$10M	$13.43	N/A	N/A	N/A
TSN — Tyson Foods	$17.9B	$51.77	N/A	N/A	N/A
VFF — Village Farms International, Inc. - Common Shares	$329M	$2.88	N/A	N/A	N/A

▶ Technology

177

-17.2%

71 / 97 / 9

-1.8%

Overvalued

Valuation

▶ Information Technology Services (23+28 total)

+40.0%

+55.4%

Undervalued


EFOR — Everforth, Inc. Common Stock	$1.3B	$31.74	$141.71	+346.5%	Undervalued
VRRM — Verra Mobility Corporation - Class A Common Stock	$638M	$4.20	$12.85	+206.0%	Undervalued
G — Genpact Limited Common Stock	$6.5B	$38.08	$98.51	+158.7%	Undervalued
HCKT — the Hackett Group, Inc. - Common Stock	$278M	$11.05	$28.09	+154.2%	Undervalued
EPAM — Epam Systems, Inc. Common Stock	$6.3B	$119.92	$301.88	+151.7%	Undervalued
ACN — Accenture	$118.2B	$193.12	$439.38	+127.5%	Undervalued
LDOS — Leidos	$16.6B	$132.26	$300.18	+127.0%	Undervalued
SAIC — Science Applications International Corporation - Common Stock	$5.3B	$126.52	$268.48	+112.2%	Undervalued
IT — Gartner	$13.1B	$195.55	$396.62	+102.8%	Undervalued
PSN — Parsons Corporation Common Stock	$5.0B	$46.35	$83.58	+80.3%	Undervalued
III — Information Services Group, Inc. - Common Stock	$246M	$5.14	$8.62	+67.7%	Undervalued
CTSH — Cognizant	$30.6B	$64.65	$90.52	+40.0%	Undervalued
GDYN — Grid Dynamics Holdings, Inc. - Class A Common Stock	$686M	$8.20	$11.24	+37.1%	Undervalued
CDW — CDW Corporation	$19.7B	$153.92	$190.64	+23.9%	Undervalued
EXLS — Exlservice Holdings, Inc. - Common Stock	$5.7B	$37.32	$45.18	+21.1%	Undervalued
BR — Broadridge Financial Solutions	$20.7B	$178.93	$207.45	+15.9%	Undervalued
JKHY — Jack Henry & Associates	$12.0B	$168.38	$185.52	+10.2%	Undervalued
IBEX — Ibex Limited - Common Share	$531M	$39.65	$40.10	+0.0%	Fair
CACI — Caci International, Inc. Class A Common Stock	$13.9B	$630.02	$388.46	-38.3%	Overvalued
TASK — Taskus, Inc. - Class A Common Stock	$739M	$8.07	$3.41	-57.7%	Overvalued
TSSI — TSS Inc. - Common Stock	$228M	$8.11	$3.24	-60.0%	Overvalued
IBM — IBM	$220.5B	$234.56	$90.39	-61.5%	Overvalued
KD — Kyndryl Holdings, Inc. Common Stock	$2.9B	$13.34	$-5.10	-138.2%	Overvalued
Cannot calculate DCF
ARBB — ARB IOT Group Limited - Ordinary Shares Foreign	$8M	$4.27	N/A	N/A	N/A
BBAI — Bigbear.ai, Inc. Common Stock	$1.4B	$2.99	N/A	N/A	N/A
CIFR — Cipher Digital Inc. - Common Stock	$7.1B	$17.37	N/A	N/A	N/A
CLPS — Clps Incorporation - Common Stock Foreign	$32M	$1.06	N/A	N/A	N/A
CLVT — Clarivate Plc. Ordinary Shares	$1.4B	$2.15	N/A	N/A	N/A
CNDT — Conduent Incorporated - Common Stock	$293M	$1.89	N/A	N/A	N/A
CNXC — Concentrix Corporation - Common Stock	$2.0B	$32.85	N/A	N/A	N/A
DXC — DXC Technology Company Common Stock	$1.9B	$11.67	N/A	N/A	N/A
FIS — Fidelity National Information Services	$21.8B	$42.27	N/A	N/A	N/A
FORTY — Formula Systems (1985) Ltd. ADR	$1.8B	$118.64	N/A	N/A	N/A
GDS — GDS Holdings Ltd. ADR	$47.3B	$31.10	N/A	N/A	N/A
GIB — CGI Inc. Common Stock Foreign	$15.7B	$74.82	N/A	N/A	N/A
GLOB — Globant S.A. Common Shares Foreign	$1.7B	$40.30	N/A	N/A	N/A
INFY — Infosys Ltd. ADR	$49.1B	$12.11	N/A	N/A	N/A
INOD — Innodata Inc. - Common Stock	$1.8B	$54.96	N/A	N/A	N/A
JFU — 9F Inc. ADR	$681M	$2.89	N/A	N/A	N/A
KEEL — Keel Infrastructure Corp. - Common Stock	$2.0B	$3.35	N/A	N/A	N/A
LZMH — LZ Technology Holdings Limited - Class B Ordinary Shares Foreign	$11M	$1.24	N/A	N/A	N/A
NABL — N-able, Inc. Common Stock	$750M	$3.98	N/A	N/A	N/A
PENG — Penguin Solutions, Inc. - Common Stock	$2.5B	$48.63	N/A	N/A	N/A
SLAI — Solai Ltd. ADR	$6.5B	$3.79	N/A	N/A	N/A
TDTH — Trident Digital Tech Holdings Ltd. ADR	$1.3B	$1.80	N/A	N/A	N/A
TTEC — Ttec Holdings, Inc. - Common Stock	$67M	$1.37	N/A	N/A	N/A
UIS — Unisys Corporation New Common Stock	$189M	$2.59	N/A	N/A	N/A
VNET — Vnet Group, Inc. ADR	$9.9B	$6.14	N/A	N/A	N/A
VYX — NCR Voyix Corporation Common Stock	$1.2B	$8.96	N/A	N/A	N/A
WIT — Wipro Limited Common Stock ADR	$17.7B	$1.79	N/A	N/A	N/A
WYY — Widepoint Corporation Common Stock	$110M	$11.15	N/A	N/A	N/A

▶ Software-Application (44+88 total)

+14.8%

+25.5%

Undervalued


GTM — Zoominfo Technologies Inc. - Common Stock	$1.2B	$4.12	$27.37	+564.3%	Undervalued
IMMR — Immersion Corporation - Common Stock	$250M	$7.55	$22.12	+193.0%	Undervalued
CXM — Sprinklr, Inc. Class A Common Stock	$1.5B	$6.23	$16.66	+167.4%	Undervalued
BL — Blackline, Inc. - Common Stock	$1.9B	$33.22	$71.80	+116.1%	Undervalued
ADBE — Adobe Inc.	$114.0B	$285.75	$597.98	+109.3%	Undervalued
PEGA — Pegasystems Inc. - Common Stock	$6.4B	$37.72	$70.07	+85.8%	Undervalued
YOU — Clear Secure, Inc. Class A Common Stock	$4.5B	$44.63	$81.44	+82.5%	Undervalued
MITK — Mitek Systems, Inc. - Common Stock	$852M	$18.86	$31.71	+68.1%	Undervalued
PLUS — Eplus Inc. - Common Stock	$2.4B	$90.87	$145.25	+59.8%	Undervalued
SSNC — Ss&c Technologies Holdings, Inc. - Common Stock	$20.4B	$84.61	$134.57	+59.0%	Undervalued
DOCU — Docusign, Inc. - Common Stock	$13.5B	$70.06	$108.50	+54.9%	Undervalued
ZM — Zoom Communications, Inc. - Class A Common Stock	$28.8B	$98.13	$149.43	+52.3%	Undervalued
CRM — Salesforce	$216.6B	$264.43	$399.63	+51.1%	Undervalued
INTU — Intuit	$94.2B	$344.32	$518.47	+50.6%	Undervalued
ALRM — Alarm.com Holdings, Inc. - Common Stock	$2.8B	$56.73	$85.00	+49.8%	Undervalued
IDCC — Interdigital, Inc. - Common Stock	$8.7B	$336.07	$494.24	+47.1%	Undervalued
DAVE — Dave Inc. - Class A Common Stock	$5.0B	$390.31	$545.60	+39.8%	Undervalued
DUOL — Duolingo, Inc. - Class A Common Stock	$7.4B	$158.82	$210.04	+32.3%	Undervalued
WDAY — Workday, Inc.	$51.1B	$206.84	$260.09	+25.7%	Undervalued
SPSC — SPS Commerce, Inc. - Common Stock	$3.1B	$84.23	$102.28	+21.4%	Undervalued
PCTY — Paylocity Holding Corporation - Common Stock	$8.3B	$154.43	$183.48	+18.8%	Undervalued
CVLT — Commvault Systems, Inc. - Common Stock	$5.7B	$137.29	$157.88	+15.0%	Undervalued
CCC — CCC Intelligent Solutions Holdings Inc. - Common Stock	$4.2B	$7.21	$8.27	+14.7%	Undervalued
ROP — Roper Technologies	$42.6B	$422.27	$481.97	+14.1%	Undervalued
ADSK — Autodesk	$50.2B	$237.52	$268.83	+13.2%	Undervalued
OTEX — Open Text Corporation - Common Shares	$6.0B	$24.85	$28.00	+12.7%	Undervalued
PTC — PTC Inc.	$17.3B	$150.08	$166.76	+11.1%	Undervalued
BSY — Bentley Systems, Incorporated - Class B Common Stock	$10.8B	$35.57	$36.82	+0.0%	Fair
LYFT — Lyft, Inc. - Class A Common Stock	$6.6B	$17.29	$16.97	+0.0%	Fair
TYL — Tyler Technologies	$16.0B	$379.69	$367.67	+0.0%	Fair
ADP — Automatic Data Processing	$113.3B	$283.53	$258.51	-8.8%	Overvalued
PAYC — Paycom Software, Inc. Common Stock	$11.2B	$240.52	$215.03	-10.6%	Overvalued
DT — Dynatrace, Inc. Common Stock	$15.4B	$52.76	$45.72	-13.3%	Overvalued
NOW — Servicenow	$150.1B	$145.58	$108.62	-25.4%	Overvalued
APPF — Appfolio, Inc. - Class A Common Stock	$7.9B	$223.44	$162.96	-27.1%	Overvalued
PAYX — Paychex	$44.5B	$125.08	$87.89	-29.7%	Overvalued
MANH — Manhattan Associates, Inc. - Common Stock	$13.2B	$222.28	$155.17	-30.2%	Overvalued
FICO — Fair Isaac	$25.9B	$1118.69	$676.93	-39.5%	Overvalued
DFIN — Donnelley Financial Solutions, Inc. Common Stock	$1.2B	$48.86	$27.55	-43.6%	Overvalued
AGYS — Agilysys, Inc. - Common Stock	$3.2B	$114.15	$61.41	-46.2%	Overvalued
CDNS — Cadence Design Systems	$84.1B	$304.88	$147.05	-51.8%	Overvalued
DDOG — Datadog	$76.5B	$214.81	$67.65	-68.5%	Overvalued
SHOP — Shopify Inc. - Class A Subordinate Voting Shares	$189.3B	$145.91	$37.79	-74.1%	Overvalued
ADEA — Adeia Inc. - Common Stock	$2.8B	$25.46	$5.87	-76.9%	Overvalued
Cannot calculate DCF
AIXI — Xiao-i Corp. ADR	$27M	$0.48	N/A	N/A	N/A
ALIT — Alight, Inc. Class A Common Stock	$7.8B	$14.89	N/A	N/A	N/A
ALKT — Alkami Technology, Inc. - Common Stock	$2.2B	$20.09	N/A	N/A	N/A
AMPL — Amplitude, Inc. - Class A Common Stock	$1.8B	$13.55	N/A	N/A	N/A
API — Agora, Inc. - ADS ADR	$310M	$4.16	N/A	N/A	N/A
APPS — Digital Turbine, Inc. - Common Stock	$1.3B	$10.89	N/A	N/A	N/A
ASAN — Asana, Inc. Class A Common Stock	$2.3B	$10.11	N/A	N/A	N/A
ASUR — Asure Software Inc. - Common Stock	$262M	$9.12	N/A	N/A	N/A
BILL — Bill Holdings, Inc. Common Stock	$5.1B	$50.81	N/A	N/A	N/A
BLKB — Blackbaud, Inc. - Common Stock	$2.2B	$48.46	N/A	N/A	N/A
BLND — Blend Labs, Inc. Class A Common Stock	$363M	$1.50	N/A	N/A	N/A
BRZE — Braze, Inc. - Class A Common Stock	$3.7B	$33.25	N/A	N/A	N/A
BTDR — Bitdeer Technologies Group - Ordinary Shares Foreign	$2.9B	$11.92	N/A	N/A	N/A
BVC — Bitventures Ltd. ADR	$2.5B	$15.47	N/A	N/A	N/A
CMRC — Commerce.com, Inc. - Series 1 Common Stock	$207M	$2.51	N/A	N/A	N/A
CRNC — Cerence Inc. - Common Stock	$384M	$8.49	N/A	N/A	N/A
CWAN — Clearwater Analytics Holdings, Inc. Class A Common Stock	$7.3B	$24.56	N/A	N/A	N/A
DBD — Diebold Nixdorf Incorporated Common Stock	$2.4B	$67.98	N/A	N/A	N/A
DCBO — Docebo Inc. - Common Shares Foreign	$648M	$25.52	N/A	N/A	N/A
DHX — DHI Group, Inc. Common Stock	$198M	$4.58	N/A	N/A	N/A
DOMO — Domo, Inc. - Class B Common Stock	$171M	$3.79	N/A	N/A	N/A
DSGX — the Descartes Systems Group Inc. - Common Stock Foreign	$6.9B	$80.79	N/A	N/A	N/A
DSP — Viant Technology Inc. - Common Stock	$269M	$13.44	N/A	N/A	N/A
EGHT — 8x8 Inc. - Common Stock	$270M	$1.91	N/A	N/A	N/A
ESTC — Elastic N.V. Ordinary Shares	$10.1B	$96.11	N/A	N/A	N/A
EVCM — Evercommerce Inc. - Common Stock	$1.4B	$7.93	N/A	N/A	N/A
EXFY — Expensify, Inc. - Class A Common Stock	$235M	$2.44	N/A	N/A	N/A
FROG — Jfrog Ltd. - Ordinary Shares	$11.0B	$90.47	N/A	N/A	N/A
FRSH — Freshworks Inc. - Class A Common Stock	$3.7B	$13.37	N/A	N/A	N/A
FSLY — Fastly, Inc. - Class A Common Stock	$3.3B	$21.13	N/A	N/A	N/A
GRAB — Grab Holdings Limited - Class A Ordinary Shares Foreign	$14.0B	$3.42	N/A	N/A	N/A
GRND — Grindr Inc. Common Stock	$2.8B	$15.66	N/A	N/A	N/A
GWRE — Guidewire Software, Inc. Common Stock	$16.9B	$202.84	N/A	N/A	N/A
HKD — Amtd Digital Inc. ADR	$209M	$1.69	N/A	N/A	N/A
HOLO — Microcloud Hologram Inc. - Ordinary Shares Foreign	$40M	$1.76	N/A	N/A	N/A
HUBS — Hubspot, Inc. Common Stock	$13.1B	$255.07	N/A	N/A	N/A
INTA — Intapp, Inc. - Common Stock	$3.3B	$43.10	N/A	N/A	N/A
KARO — Karooooo Ltd. - Ordinary Shares Foreign	$2.0B	$65.95	N/A	N/A	N/A
KC — Kingsoft Cloud Holdings Ltd. ADR	$46.9B	$10.47	N/A	N/A	N/A
KLTR — Kaltura, Inc. - Common Stock	$230M	$1.53	N/A	N/A	N/A
KVYO — Klaviyo, Inc. Series A Common Stock	$5.9B	$19.76	N/A	N/A	N/A
LAW — CS Disco, Inc. Common Stock	$281M	$4.38	N/A	N/A	N/A
LGCL — Lucas GC Limited - Class A Ordinary Shares Foreign	$172M	$4.01	N/A	N/A	N/A
LIF — Life360, Inc. - Common Stock	$3.6B	$43.85	N/A	N/A	N/A
LPSN — Liveperson, Inc. - Common Stock	$38M	$3.10	N/A	N/A	N/A
LSPD — Lightspeed Commerce Inc. Subordinate Voting Shares Foreign	$1.5B	$10.57	N/A	N/A	N/A
MNDY — Monday.com Ltd. - Ordinary Shares Foreign	$5.0B	$97.29	N/A	N/A	N/A
MNTN — Mntn, Inc. Class A Common Stock	$1.0B	$13.46	N/A	N/A	N/A
MSTR — Strategy Inc. - Class A Common Stock	$50.9B	$144.85	N/A	N/A	N/A
MTLS — Materialise N.V. ADR	$415M	$7.03	N/A	N/A	N/A
NCNO — Ncino, Inc. - Common Stock	$2.6B	$23.61	N/A	N/A	N/A
NICE — Nice Ltd. ADR	$6.5B	$108.19	N/A	N/A	N/A
NRDY — Nerdy Inc. Class A Common Stock	$1.2B	$9.61	N/A	N/A	N/A
NVNI — Nvni Group Limited - Ordinary Shares Foreign	$11M	$1.00	N/A	N/A	N/A
OOMA — Ooma, Inc. Common Stock	$641M	$23.29	N/A	N/A	N/A
PAR — PAR Technology Corporation Common Stock	$780M	$18.90	N/A	N/A	N/A
PCOR — Procore Technologies, Inc. Common Stock	$9.1B	$60.59	N/A	N/A	N/A
PD — Pagerduty, Inc. Common Stock	$1.1B	$14.10	N/A	N/A	N/A
PDFS — PDF Solutions, Inc. - Common Stock	$1.8B	$43.46	N/A	N/A	N/A
PUBM — Pubmatic, Inc. - Class A Common Stock	$787M	$16.95	N/A	N/A	N/A
QH — Quhuo Limited - American Depository Shares ADR	$108M	$4.28	N/A	N/A	N/A
QTWO — Q2 Holdings, Inc. Common Stock	$4.0B	$64.16	N/A	N/A	N/A
RBBN — Ribbon Communications Inc. - Common Stock	$351M	$1.99	N/A	N/A	N/A
RMNI — Rimini Street, Inc. - Common Stock	$472M	$5.10	N/A	N/A	N/A
RNG — Ringcentral, Inc. Class A Common Stock	$6.4B	$76.29	N/A	N/A	N/A
RSKD — Riskified Ltd. Class A Ordinary Shares Foreign	$1.0B	$6.95	N/A	N/A	N/A
SAP — SAP SE ADS ADR	$266.6B	$217.00	N/A	N/A	N/A
SCOR — Comscore, Inc. - Common Stock	$75M	$4.95	N/A	N/A	N/A
SMRT — Smartrent, Inc. Class A Common Stock	$255M	$1.32	N/A	N/A	N/A
SMWB — Similarweb Ltd. Ordinary Shares Foreign	$781M	$8.92	N/A	N/A	N/A
SNOW — Snowflake Inc. Common Stock	$123.5B	$356.30	N/A	N/A	N/A
SOUN — Soundhound AI Inc. - Class A Common Stock	$2.9B	$6.74	N/A	N/A	N/A
SPT — Sprout Social, Inc. - Class A Common Stock	$683M	$11.37	N/A	N/A	N/A
SRAD — Sportradar Group AG - Class A Ordinary Shares Foreign	$4.0B	$13.11	N/A	N/A	N/A
TEAM — Atlassian Corporation - Class A Common Stock	$49.4B	$194.74	N/A	N/A	N/A
THRY — Thryv Holdings, Inc. - Common Stock	$85M	$1.91	N/A	N/A	N/A
UBER — Uber	$154.6B	$75.95	N/A	N/A	N/A
UPBD — Upbound Group, Inc. - Common Stock	$1.1B	$18.66	N/A	N/A	N/A
UPLD — Upland Software, Inc. - Common Stock	$137M	$4.67	N/A	N/A	N/A
VERX — Vertex, Inc. - Class A Common Stock	$2.2B	$13.80	N/A	N/A	N/A
VTEX — Vtex Class A Common Shares Foreign	$615M	$3.61	N/A	N/A	N/A
WK — Workiva Inc. Class A Common Stock	$4.4B	$78.50	N/A	N/A	N/A
WRD — Weride Inc. ADR	$1.9B	$5.89	N/A	N/A	N/A
XPER — Xperi Inc. Common Stock	$282M	$5.84	N/A	N/A	N/A
YALA — Yalla Group Ltd. ADR	$856M	$5.49	N/A	N/A	N/A
YB — Yuanbao Inc. ADR	$3.0B	$13.78	N/A	N/A	N/A
YMM — Full Truck Alliance Co. Ltd. ADR	$179.2B	$8.60	N/A	N/A	N/A
YXT — Yxt.com Group Holding Limited - American Depository Shares ADR	$155M	$2.60	N/A	N/A	N/A

▶ Computer Hardware (6+13 total)

+7.9%

+10.8%

Undervalued


SMCI — Supermicro	$22.8B	$37.87	$71.70	+89.3%	Undervalued
LOGI — Logitech International S.A. - Registered Shares	$14.6B	$101.73	$173.00	+70.1%	Undervalued
HPQ — HP Inc.	$29.2B	$31.93	$36.97	+15.8%	Undervalued
CRCT — Cricut, Inc. - Class A Common Stock	$1.2B	$5.85	$6.03	+0.0%	Fair
P — Everpure, Inc. Class A Common Stock	$32.6B	$98.15	$46.46	-52.7%	Overvalued
ANET — Arista Networks	$241.1B	$191.44	$81.49	-57.4%	Overvalued
Cannot calculate DCF
ALOT — Astronova, Inc. - Common Stock	$224M	$28.99	N/A	N/A	N/A
CAN — Canaan Inc. ADR	$2.7B	$0.38	N/A	N/A	N/A
CRSR — Corsair Gaming, Inc. - Common Stock	$1.4B	$12.77	N/A	N/A	N/A
DDD — 3D Systems Corporation Common Stock	$488M	$3.32	N/A	N/A	N/A
DELL — Dell Technologies	$334.8B	$515.89	N/A	N/A	N/A
IONQ — Ionq, Inc. Common Stock	$14.6B	$39.04	N/A	N/A	N/A
KTCC — Key Tronic Corporation - Common Stock	$30M	$2.79	N/A	N/A	N/A
NNDM — Nano Dimension Ltd. ADR	$333M	$1.59	N/A	N/A	N/A
QMCO — Quantum Corporation - Common Stock	$356M	$24.34	N/A	N/A	N/A
SSYS — Stratasys, Ltd. - Common Stock Foreign	$675M	$7.78	N/A	N/A	N/A
STX — Seagate Technology	$179.1B	$798.57	N/A	N/A	N/A
WDC — Western Digital	$152.2B	$441.69	N/A	N/A	N/A
YIBO — Planet Image International Limited - Class A Ordinary Shares Foreign	$74M	$1.30	N/A	N/A	N/A

▶ Solar (2+11 total)

-15.2%

Overvalued


FSLR — First Solar	$22.3B	$207.49	$284.95	+37.3%	Undervalued
ENPH — Enphase Energy, Inc. - Common Stock	$4.8B	$36.31	$11.68	-67.8%	Overvalued
Cannot calculate DCF
ARRY — Array Technologies, Inc. - Common Stock	$698M	$4.54	N/A	N/A	N/A
CSIQ — Canadian Solar Inc. - Common Shares Foreign	$906M	$13.53	N/A	N/A	N/A
JKS — Jinkosolar Holding Co., Ltd. ADR	$2.6B	$12.18	N/A	N/A	N/A
NXT — Nextpower Inc. - Class A Common Stock	$12.5B	$83.48	N/A	N/A	N/A
RUN — Sunrun Inc. - Common Stock	$2.1B	$8.94	N/A	N/A	N/A
SEDG — Solaredge Technologies, Inc. - Common Stock	$2.1B	$33.81	N/A	N/A	N/A
SHLS — Shoals Technologies Group, Inc. - Class A Common Stock	$1.2B	$7.04	N/A	N/A	N/A
SPRU — Spruce Power Holding Corporation Class A Common Stock	$33M	$1.77	N/A	N/A	N/A
SPWR — Sunpower Inc. - Common Stock	$51M	$0.35	N/A	N/A	N/A
TURB — Turbo Energy, S.A. ADR	$63M	$1.15	N/A	N/A	N/A
TYGO — Tigo Energy, Inc. - Common Stock	$80M	$1.06	N/A	N/A	N/A

▶ Software-Infrastructure (31+67 total)

-20.1%

+8.9%

Overvalued


EEFT — Euronet Worldwide, Inc. - Common Stock	$2.8B	$73.24	$270.02	+268.7%	Undervalued
FOUR — Shift4 Payments, Inc. Class A Common Stock	$3.5B	$44.17	$141.01	+219.2%	Undervalued
GDDY — Godaddy	$13.7B	$103.62	$260.09	+151.0%	Undervalued
DBX — Dropbox, Inc. - Class A Common Stock	$8.3B	$35.71	$80.83	+126.4%	Undervalued
PRGS — Progress Software Corporation - Common Stock	$1.8B	$44.61	$99.87	+123.9%	Undervalued
PAYO — Payoneer Global Inc. - Common Stock	$2.4B	$7.18	$15.85	+120.8%	Undervalued
BOX — Box, Inc. Class A Common Stock	$5.0B	$35.95	$59.31	+65.0%	Undervalued
GEN — Gen Digital	$18.9B	$31.33	$46.91	+49.7%	Undervalued
AKAM — Akamai Technologies	$15.5B	$106.50	$140.68	+32.1%	Undervalued
EVTC — Evertec, Inc. Common Stock	$1.9B	$30.51	$38.21	+25.2%	Undervalued
ACIW — ACI Worldwide, Inc. - Common Stock	$5.4B	$52.91	$66.04	+24.8%	Undervalued
QLYS — Qualys, Inc. - Common Stock	$6.1B	$174.25	$211.68	+21.5%	Undervalued
NTAP — Netapp	$36.3B	$185.37	$219.35	+18.3%	Undervalued
FLYW — Flywire Corporation - Voting Common Stock	$2.3B	$18.68	$21.63	+15.8%	Undervalued
PAY — Paymentus Holdings, Inc. Class A Common Stock	$4.6B	$36.77	$32.99	-10.3%	Overvalued
TOST — Toast, Inc. Class A Common Stock	$19.7B	$33.95	$27.14	-20.1%	Overvalued
FFIV — F5, Inc.	$22.1B	$391.73	$309.26	-21.1%	Overvalued
OKTA — Okta, Inc. - Class A Common Stock	$29.6B	$170.34	$124.08	-27.2%	Overvalued
VRSN — Verisign	$26.7B	$293.17	$211.38	-27.9%	Overvalued
WEX — WEX Inc. Common Stock	$6.8B	$195.09	$136.82	-29.9%	Overvalued
CPAY — Corpay	$27.4B	$419.68	$293.65	-30.0%	Overvalued
ATEN — A10 Networks, Inc. Common Stock	$1.8B	$24.73	$15.98	-35.4%	Overvalued
FTNT — Fortinet	$114.6B	$156.40	$73.95	-52.7%	Overvalued
MSFT — Microsoft	$3.79T	$510.15	$203.69	-60.1%	Overvalued
DOCN — Digitalocean Holdings, Inc. Common Stock	$11.4B	$109.48	$43.37	-60.4%	Overvalued
SNPS — Synopsys	$79.7B	$416.37	$111.41	-73.2%	Overvalued
ORCL — Oracle Corporation	$443.6B	$154.04	$36.88	-76.1%	Overvalued
CRWD — Crowdstrike	$218.9B	$214.97	$34.86	-83.8%	Overvalued
IMXI — International Money Express, Inc. - Common Stock	$435M	$14.45	$1.16	-92.0%	Overvalued
PANW — Palo Alto Networks	$269.9B	$331.94	$2.88	-99.1%	Overvalued
PLTR — Palantir Technologies	$437.6B	$182.53	$0.60	-99.7%	Overvalued
Cannot calculate DCF
AI — C3.ai, Inc. Class A Common Stock	$1.6B	$10.90	N/A	N/A	N/A
AIOT — Powerfleet, Inc. - Common Stock	$408M	$3.04	N/A	N/A	N/A
ALAR — Alarum Technologies Ltd. ADR	$95M	$1.32	N/A	N/A	N/A
ALLT — Allot Ltd. - Ordinary Shares Foreign	$367M	$7.57	N/A	N/A	N/A
APPN — Appian Corporation - Class A Common Stock	$3.0B	$40.81	N/A	N/A	N/A
AVPT — Avepoint, Inc. - Class A Common Stock	$2.9B	$13.56	N/A	N/A	N/A
BAND — Bandwidth Inc. - Class A Common Stock	$1.5B	$47.04	N/A	N/A	N/A
BB — Blackberry Limited Common Stock	$4.5B	$7.69	N/A	N/A	N/A
BIRD — Allbirds, Inc. - Class A Common Stock	$22M	$2.46	N/A	N/A	N/A
BKKT — Bakkt, Inc. Class A Common Stock	$374M	$8.37	N/A	N/A	N/A
BLSH — Bullish Ordinary Shares Foreign	$5.5B	$36.21	N/A	N/A	N/A
BLZE — Backblaze, Inc. - Common Stock	$799M	$13.32	N/A	N/A	N/A
CALX — Calix, Inc. Common Stock	$2.4B	$37.07	N/A	N/A	N/A
CCSI — Consensus Cloud Solutions, Inc. - Common Stock	$644M	$34.99	N/A	N/A	N/A
CGNT — Cognyte Software Ltd. - Ordinary Shares Foreign	$625M	$8.48	N/A	N/A	N/A
CHKP — Check Point Software Technologies Ltd. - Ordinary Shares ADR	$14.3B	$137.41	N/A	N/A	N/A
CINT — Ci&t Inc. Class A Common Shares Foreign	$451M	$3.51	N/A	N/A	N/A
CLBT — Cellebrite DI Ltd. - Ordinary Shares Foreign	$3.0B	$11.94	N/A	N/A	N/A
CORZ — Core Scientific, Inc. - Common Stock	$5.7B	$17.90	N/A	N/A	N/A
DAVA — Endava Plc. ADR	$165M	$3.10	N/A	N/A	N/A
DLO — Dlocal Limited - Class A Common Shares Foreign	$4.6B	$15.79	N/A	N/A	N/A
DOX — Amdocs Limited - Ordinary Shares Foreign	$6.7B	$63.29	N/A	N/A	N/A
FIVN — Five9, Inc. - Common Stock	$2.6B	$34.08	N/A	N/A	N/A
GCT — Gigacloud Technology Inc. - Class A Ordinary Shares	$1.9B	$50.91	N/A	N/A	N/A
GRRR — Gorilla Technology Group Inc. - Ordinary Shares Foreign	$379M	$13.71	N/A	N/A	N/A
GTLB — Gitlab Inc. - Class A Common Stock	$8.3B	$49.33	N/A	N/A	N/A
IIIV — I3 Verticals, Inc. - Common Stock	$323M	$16.53	N/A	N/A	N/A
IOT — Samsara Inc. Class A Common Stock	$22.6B	$38.76	N/A	N/A	N/A
KPLT — Katapult Holdings, Inc. - Common Stock	$32M	$6.82	N/A	N/A	N/A
KSPI — Joint Stock Company Kaspi.kz - American Depository Shares ADR	$20.5B	$107.83	N/A	N/A	N/A
LSAK — Lesaka Technologies, Inc. - Common Stock	$390M	$4.55	N/A	N/A	N/A
MDB — Mongodb, Inc. - Class A Common Stock	$30.9B	$384.46	N/A	N/A	N/A
MLGO — Microalgo, Inc. - Ordinary Shares Foreign	$46M	$4.16	N/A	N/A	N/A
MQ — Marqeta, Inc. - Class A Common Stock	$7.2B	$16.95	N/A	N/A	N/A
NET — Cloudflare, Inc. Class A Common Stock	$100.6B	$284.58	N/A	N/A	N/A
NTCT — Netscout Systems, Inc. - Common Stock	$2.7B	$37.46	N/A	N/A	N/A
NTNX — Nutanix, Inc. - Class A Common Stock	$18.4B	$68.08	N/A	N/A	N/A
NYAX — Nayax Ltd. - Ordinary Shares Foreign	$1.9B	$52.15	N/A	N/A	N/A
OSPN — Onespan Inc. - Common Stock	$621M	$16.75	N/A	N/A	N/A
PAGS — Pagseguro Digital Ltd. Class A Common Shares Foreign	$2.8B	$9.96	N/A	N/A	N/A
PATH — Uipath, Inc. Class A Common Stock	$9.5B	$18.22	N/A	N/A	N/A
PGY — Pagaya Technologies Ltd. - Class A Ordinary Shares	$1.9B	$22.89	N/A	N/A	N/A
PRTH — Priority Technology Holdings, Inc. - Common Stock	$446M	$5.42	N/A	N/A	N/A
PSFE — Paysafe Limited Common Shares Foreign	$348M	$6.79	N/A	N/A	N/A
RAMP — Liveramp Holdings, Inc. Common Stock	$2.3B	$37.75	N/A	N/A	N/A
RDWR — Radware Ltd. - Ordinary Shares Foreign	$1.2B	$28.56	N/A	N/A	N/A
RELY — Remitly Global, Inc. - Common Stock	$5.7B	$26.91	N/A	N/A	N/A
RPAY — Repay Holdings Corporation - Class A Common Stock	$321M	$3.88	N/A	N/A	N/A
RPD — Rapid7, Inc. - Common Stock	$768M	$11.49	N/A	N/A	N/A
RXT — Rackspace Technology, Inc. - Common Stock	$820M	$3.29	N/A	N/A	N/A
S — Sentinelone, Inc. Class A Common Stock	$6.8B	$19.81	N/A	N/A	N/A
SABR — Sabre Corporation - Common Stock	$810M	$2.05	N/A	N/A	N/A
SANG — Sangoma Technologies Corporation - Common Shares Foreign	$128M	$3.85	N/A	N/A	N/A
STNE — Stoneco Ltd. - Class A Common Share Foreign	$2.5B	$10.31	N/A	N/A	N/A
TCX — Tucows Inc. - Common Stock	$121M	$10.81	N/A	N/A	N/A
TDC — Teradata Corporation Common Stock	$2.7B	$28.78	N/A	N/A	N/A
TENB — Tenable Holdings, Inc. - Common Stock	$3.8B	$34.49	N/A	N/A	N/A
TLS — Telos Corporation - Common Stock	$364M	$4.86	N/A	N/A	N/A
TUYA — Tuya Inc. ADR	$1.2B	$1.90	N/A	N/A	N/A
TWLO — Twilio Inc. Class A Common Stock	$36.5B	$240.38	N/A	N/A	N/A
VRNS — Varonis Systems, Inc. - Common Stock	$5.3B	$46.53	N/A	N/A	N/A
WIX — Wix.com Ltd. - Ordinary Shares ADR	$3.4B	$81.16	N/A	N/A	N/A
XNET — Xunlei Ltd. ADR	$1.5B	$4.87	N/A	N/A	N/A
XYZ — Block, Inc.	$49.6B	$83.33	N/A	N/A	N/A
YEXT — Yext, Inc. Common Stock	$645M	$6.44	N/A	N/A	N/A
ZETA — Zeta Global Holdings Corp. Class A Common Stock	$8.1B	$32.69	N/A	N/A	N/A
ZS — Zscaler, Inc. - Common Stock	$29.4B	$181.93	N/A	N/A	N/A

▶ Scientific & Technical Instruments (10+7 total)

-40.1%

-19.9%

Overvalued


ITRI — Itron, Inc. - Common Stock	$4.2B	$95.53	$191.56	+100.5%	Undervalued
VNT — Vontier Corporation Common Stock	$4.6B	$33.02	$46.42	+40.6%	Undervalued
BMI — Badger Meter, Inc. Common Stock	$4.0B	$136.03	$140.57	+0.0%	Fair
TDY — Teledyne Technologies	$28.1B	$607.23	$502.82	-17.2%	Overvalued
GRMN — Garmin	$53.4B	$277.10	$179.07	-35.4%	Overvalued
FTV — Fortive	$17.5B	$57.56	$31.80	-44.8%	Overvalued
KEYS — Keysight Technologies	$55.1B	$322.72	$173.67	-46.2%	Overvalued
ESE — Esco Technologies Inc. Common Stock	$7.1B	$273.77	$132.14	-51.7%	Overvalued
TRMB — Trimble Inc.	$14.0B	$60.06	$18.71	-68.8%	Overvalued
NOVT — Novanta Inc. - Common Shares	$5.2B	$146.78	$35.84	-75.6%	Overvalued
Cannot calculate DCF
CGNX — Cognex Corporation - Common Stock	$10.1B	$60.79	N/A	N/A	N/A
COHR — Coherent Corp.	$51.7B	$264.41	N/A	N/A	N/A
ITRN — Ituran Location and Control Ltd. - Ordinary Shares Foreign	$1.0B	$51.15	N/A	N/A	N/A
MKSI — MKS Inc. - Common Stock	$16.8B	$249.43	N/A	N/A	N/A
MLAB — Mesa Laboratories, Inc. - Common Stock	$718M	$130.03	N/A	N/A	N/A
ST — Sensata Technologies Holding Plc. Ordinary Shares	$6.1B	$42.03	N/A	N/A	N/A
VPG — Vishay Precision Group, Inc. Common Stock	$833M	$62.66	N/A	N/A	N/A

▶ Electronic Components (19+8 total)

-40.4%

-37.1%

Overvalued


CTS — CTS Corporation Common Stock	$1.6B	$56.52	$74.37	+31.6%	Undervalued
APH — Amphenol	$101.0B	$82.07	$104.97	+27.9%	Undervalued
TEL — TE Connectivity	$61.1B	$209.45	$244.49	+16.7%	Undervalued
SANM — Sanmina Corporation - Common Stock	$10.5B	$195.33	$206.71	+5.8%	Undervalued
LYTS — LSI Industries Inc. - Common Stock	$739M	$20.12	$21.11	+0.0%	Fair
OLED — Universal Display Corporation - Common Stock	$3.9B	$82.58	$81.10	+0.0%	Fair
JBL — Jabil	$32.1B	$305.98	$255.53	-16.5%	Overvalued
ALNT — Allient Inc. - Common Stock	$1.5B	$90.21	$60.97	-32.4%	Overvalued
PLXS — Plexus Corp. - Common Stock	$6.5B	$242.07	$147.64	-39.0%	Overvalued
FLEX — Flex Ltd. - Ordinary Shares	$39.5B	$107.82	$64.24	-40.4%	Overvalued
BELFA — Bel Fuse Inc. - Class A Common Stock	$2.9B	$201.69	$104.35	-48.3%	Overvalued
BELFB — Bel Fuse Inc. - Class B Common Stock	$3.4B	$240.41	$104.35	-56.6%	Overvalued
OSIS — OSI Systems, Inc. - Common Stock	$3.4B	$206.62	$83.75	-59.5%	Overvalued
FN — Fabrinet Ordinary Shares	$14.2B	$394.98	$145.47	-63.2%	Overvalued
CLS — Celestica, Inc. Common Stock	$35.6B	$309.84	$70.90	-77.1%	Overvalued
GLW — Corning Inc.	$125.7B	$146.05	$30.38	-79.2%	Overvalued
BHE — Benchmark Electronics, Inc. Common Stock	$2.5B	$71.05	$12.36	-82.6%	Overvalued
VICR — Vicor Corporation - Common Stock	$8.1B	$178.77	$17.29	-90.3%	Overvalued
TTMI — TTM Technologies, Inc. - Common Stock	$12.0B	$115.37	$-1.02	-100.9%	Overvalued
Cannot calculate DCF
DAKT — Daktronics, Inc. - Common Stock	$941M	$19.51	N/A	N/A	N/A
KN — Knowles Corporation Common Stock	$3.0B	$34.77	N/A	N/A	N/A
LFUS — Littelfuse, Inc. - Common Stock	$10.5B	$414.21	N/A	N/A	N/A
MEI — Methode Electronics, Inc. Common Stock	$541M	$15.26	N/A	N/A	N/A
OUST — Ouster, Inc. - Common Stock	$2.3B	$35.83	N/A	N/A	N/A
RELL — Richardson Electronics, Ltd. - Common Stock	$247M	$16.98	N/A	N/A	N/A
ROG — Rogers Corporation Common Stock	$2.2B	$125.79	N/A	N/A	N/A
WBX — Wallbox N.V. Class A Ordinary Shares Foreign	$52M	$2.95	N/A	N/A	N/A

▶ Electronics & Computer Distribution (6+2 total)

-52.5%

-47.6%

Overvalued


SNX — TD Synnex Corporation Common Stock	$20.8B	$262.16	$399.88	+52.5%	Undervalued
CNXN — PC Connection, Inc. - Common Stock	$2.1B	$83.53	$54.63	-34.6%	Overvalued
SCSC — Scansource, Inc. - Common Stock	$1.2B	$57.85	$35.70	-38.3%	Overvalued
NSIT — Insight Enterprises, Inc. - Common Stock	$4.8B	$159.01	$52.76	-66.8%	Overvalued
CLMB — Climb Global Solutions, Inc. - Common Stock	$520M	$28.18	$3.74	-86.7%	Overvalued
ARW — Arrow Electronics, Inc. Common Stock	$10.8B	$210.96	$-24.69	-111.7%	Overvalued
Cannot calculate DCF
AVT — Avnet, Inc. - Common Stock	$7.4B	$90.79	N/A	N/A	N/A
IZM — Iczoom Group Inc. - Class A Ordinary Shares Foreign	$3M	$0.25	N/A	N/A	N/A

▶ Communication Equipment (9+19 total)

-57.8%

-55.3%

Overvalued


ZBRA — Zebra Technologies	$17.0B	$357.38	$362.98	+0.0%	Fair
DGII — Digi International Inc. - Common Stock	$2.6B	$70.19	$62.48	-11.0%	Overvalued
MSI — Motorola Solutions	$78.4B	$472.17	$323.04	-31.6%	Overvalued
BDC — Belden Inc. Common Stock	$4.6B	$118.90	$59.11	-50.3%	Overvalued
CSCO — Cisco	$428.1B	$108.61	$45.80	-57.8%	Overvalued
UI — Ubiquiti Inc. Common Stock	$36.2B	$597.68	$247.83	-58.5%	Overvalued
CIEN — Ciena	$45.0B	$317.46	$108.06	-66.0%	Overvalued
AVNW — Aviat Networks, Inc. - Common Stock	$248M	$19.19	$-1.60	-108.3%	Overvalued
HPE — Hewlett Packard Enterprise	$72.1B	$54.43	$-7.74	-114.2%	Overvalued
Cannot calculate DCF
AAOI — Applied Optoelectronics, Inc. - Common Stock	$8.1B	$100.38	N/A	N/A	N/A
ADTN — Adtran Holdings, Inc. - Common Stock	$579M	$7.15	N/A	N/A	N/A
AUDC — Audiocodes Ltd. - Ordinary Shares Foreign	$268M	$10.00	N/A	N/A	N/A
CLFD — Clearfield, Inc. - Common Stock	$385M	$28.32	N/A	N/A	N/A
CMTL — Comtech Telecommunications Corp. - Common Stock	$46M	$1.53	N/A	N/A	N/A
CRNT — Ceragon Networks Ltd. - Ordinary Shares Foreign	$185M	$2.04	N/A	N/A	N/A
ERIC — Ericsson LM Telephone Co. ADR	$33.1B	$10.13	N/A	N/A	N/A
EXTR — Extreme Networks, Inc. - Common Stock	$2.9B	$21.89	N/A	N/A	N/A
GILT — Gilat Satellite Networks Ltd. - Ordinary Shares Foreign	$765M	$10.29	N/A	N/A	N/A
HLIT — Harmonic Inc. - Common Stock	$1.3B	$11.59	N/A	N/A	N/A
INSG — Inseego Corp. - Common Stock	$65M	$4.02	N/A	N/A	N/A
LITE — Lumentum	$65.9B	$846.92	N/A	N/A	N/A
LTRX — Lantronix, Inc. - Common Stock	$208M	$5.23	N/A	N/A	N/A
NOK — Nokia Corp. ADR	$55.9B	$9.73	N/A	N/A	N/A
NTGR — Netgear, Inc. - Common Stock	$567M	$21.12	N/A	N/A	N/A
TSAT — Telesat Corporation - Class A Common Shares and Class B Variable Voting Shares Foreign	$670M	$44.05	N/A	N/A	N/A
VIAV — Viavi Solutions Inc. - Common Stock	$8.3B	$33.62	N/A	N/A	N/A
VISN — Vistance Networks, Inc. - Common Stock	$1.4B	$6.38	N/A	N/A	N/A
VSAT — Viasat, Inc. - Common Stock	$9.8B	$71.69	N/A	N/A	N/A

▶ Consumer Electronics (1+9 total)

-58.6%

Overvalued


AAPL — Apple Inc.	$4.82T	$328.21	$136.03	-58.6%	Overvalued
Cannot calculate DCF
BOXL — Boxlight Corporation - Class A Common Stock	$25M	$6.32	N/A	N/A	N/A
GPRO — Gopro, Inc. - Class A Common Stock	$254M	$1.47	N/A	N/A	N/A
LPL — LG Display Co., Ltd. American Depository Shares ADR	$1.6B	$3.24	N/A	N/A	N/A
SONO — Sonos, Inc. - Common Stock	$1.9B	$16.14	N/A	N/A	N/A
SONY — Sony Group Corp. ADR	$145.8B	$24.94	N/A	N/A	N/A
TBCH — Turtle Beach Corporation - Common Stock	$248M	$12.51	N/A	N/A	N/A
UEIC — Universal Electronics Inc. - Common Stock	$58M	$4.62	N/A	N/A	N/A
WTO — Utime Limited - Class A Ordinary Shares	$14M	$6.96	N/A	N/A	N/A
ZEPP — Zepp Health Corp. ADR	$1.1B	$4.51	N/A	N/A	N/A

▶ Semiconductors (14+34 total)

-61.5%

-30.2%

Overvalued


CRUS — Cirrus Logic, Inc. - Common Stock	$5.7B	$113.13	$313.69	+177.3%	Undervalued
QCOM — Qualcomm	$177.6B	$168.53	$279.05	+65.6%	Undervalued
RMBS — Rambus, Inc. - Common Stock	$9.1B	$84.36	$74.61	-11.6%	Overvalued
DIOD — Diodes Incorporated - Common Stock	$4.1B	$89.95	$78.05	-13.2%	Overvalued
NXPI — NXP Semiconductors	$56.8B	$225.08	$177.29	-21.2%	Overvalued
ADI — Analog Devices	$173.6B	$356.50	$196.30	-44.9%	Overvalued
NVDA — Nvidia	$5.54T	$228.54	$94.55	-58.6%	Overvalued
CRDO — Credo Technology Group Holding Ltd. - Ordinary Shares	$30.4B	$164.17	$58.23	-64.5%	Overvalued
AVGO — Broadcom	$1.70T	$357.19	$123.58	-65.4%	Overvalued
ALGM — Allegro Microsystems, Inc. - Common Stock	$6.6B	$35.56	$10.43	-70.7%	Overvalued
MPWR — Monolithic Power Systems	$59.6B	$1213.57	$333.89	-72.5%	Overvalued
AMD — Advanced Micro Devices	$743.8B	$456.16	$99.17	-78.3%	Overvalued
LSCC — Lattice Semiconductor Corporation - Common Stock	$15.6B	$113.56	$23.88	-79.0%	Overvalued
TXN — Texas Instruments	$231.0B	$253.84	$37.28	-85.3%	Overvalued
Cannot calculate DCF
AOSL — Alpha and Omega Semiconductor Limited - Common Shares	$732M	$24.45	N/A	N/A	N/A
ARM — ARM Holdings Plc. /Uk ADR	$258.2B	$242.61	N/A	N/A	N/A
ASX — ASE Technology Holding Co., Ltd. ADR	$166.5B	$37.43	N/A	N/A	N/A
CEVA — Ceva, Inc. - Common Stock	$737M	$26.44	N/A	N/A	N/A
GFS — Globalfoundries Inc. - Ordinary Share Foreign	$24.4B	$44.46	N/A	N/A	N/A
HIMX — Himax Technologies, Inc. ADR	$4.7B	$13.55	N/A	N/A	N/A
ICG — Intchains Group Ltd. ADR	$125M	$1.03	N/A	N/A	N/A
IMOS — Chipmos Technologies Inc. ADR	$39.4B	$56.30	N/A	N/A	N/A
INDI — Indie Semiconductor, Inc. - Class A Common Stock	$735M	$3.48	N/A	N/A	N/A
INTC — Intel	$460.7B	$91.66	N/A	N/A	N/A
LASR — Nlight, Inc. - Common Stock	$2.3B	$41.46	N/A	N/A	N/A
MCHP — Microchip Technology	$39.6B	$73.11	N/A	N/A	N/A
MRVL — Marvell Technology, Inc. - Common Stock	$182.5B	$208.60	N/A	N/A	N/A
MTSI — Macom Technology Solutions Holdings, Inc. - Common Stock	$19.8B	$260.04	N/A	N/A	N/A
MU — Micron Technology	$1.08T	$957.46	N/A	N/A	N/A
MX — Magnachip Semiconductor Corporation Common Stock	$111M	$3.04	N/A	N/A	N/A
MXL — Maxlinear, Inc. - Common Stock	$5.3B	$59.47	N/A	N/A	N/A
ON — ON Semiconductor	$28.9B	$73.68	N/A	N/A	N/A
PI — Impinj, Inc. - Common Stock	$5.3B	$175.11	N/A	N/A	N/A
POWI — Power Integrations, Inc. - Common Stock	$2.8B	$50.54	N/A	N/A	N/A
QRVO — Qorvo, Inc. - Common Stock	$8.8B	$100.32	N/A	N/A	N/A
SIMO — Silicon Motion Technology Corp. ADR	$31.6B	$235.18	N/A	N/A	N/A
SITM — Sitime Corporation - Common Stock	$15.1B	$573.70	N/A	N/A	N/A
SKYT — Skywater Technology, Inc. - Common Stock	$1.6B	$32.42	N/A	N/A	N/A
SLAB — Silicon Laboratories, Inc. - Common Stock	$7.3B	$220.58	N/A	N/A	N/A
SMTC — Semtech Corporation - Common Stock	$12.6B	$135.49	N/A	N/A	N/A
STM — Stmicroelectronics N.V. Common Stock ADR	$45.6B	$51.27	N/A	N/A	N/A
SWKS — Skyworks Solutions	$10.8B	$71.48	N/A	N/A	N/A
SYNA — Synaptics Incorporated - Common Stock	$3.8B	$97.64	N/A	N/A	N/A
TSEM — Tower Semiconductor Ltd. - Ordinary Shares Foreign	$23.3B	$206.22	N/A	N/A	N/A
TSM — Taiwan Semiconductor Manufacturing Company Ltd. ADR	$2.16T	$417.01	N/A	N/A	N/A
UMC — United Microelectronics Corporation NEW Common Stock ADR	$49.9B	$19.85	N/A	N/A	N/A
VSH — Vishay Intertechnology, Inc. Common Stock	$4.1B	$30.44	N/A	N/A	N/A
WOLF — Wolfspeed, Inc. Common Stock New	$1.3B	$26.71	N/A	N/A	N/A

▶ Semiconductor Equipment & Materials (11+12 total)

-62.4%

-63.8%

Overvalued


ACLS — Axcelis Technologies, Inc. - Common Stock	$3.4B	$110.37	$87.14	-21.0%	Overvalued
PLAB — Photronics, Inc. - Common Stock	$1.6B	$28.18	$17.50	-37.9%	Overvalued
ONTO — Onto Innovation Inc. Common Stock	$12.6B	$252.47	$149.60	-40.7%	Overvalued
LRCX — Lam Research	$366.0B	$292.66	$116.83	-60.1%	Overvalued
AMKR — Amkor Technology, Inc. - Common Stock	$11.6B	$46.94	$18.62	-60.3%	Overvalued
KLAC — KLA Corporation	$226.0B	$172.91	$64.97	-62.4%	Overvalued
ENTG — Entegris, Inc. - Common Stock	$19.9B	$130.75	$39.66	-69.7%	Overvalued
TER — Teradyne	$53.0B	$338.66	$66.61	-80.3%	Overvalued
AMAT — Applied Materials	$346.1B	$435.91	$57.75	-86.8%	Overvalued
ACMR — ACM Research, Inc. - Class A Common Stock	$4.8B	$69.42	$8.93	-87.1%	Overvalued
FORM — Formfactor, Inc. - Common Stock	$7.5B	$96.81	$4.14	-95.7%	Overvalued
Cannot calculate DCF
AMBA — Ambarella, Inc. - Ordinary Shares	$2.8B	$63.38	N/A	N/A	N/A
ASML — Asml Holding N.V. - New York Registry Shares ADR	$634.6B	$1646.60	N/A	N/A	N/A
CAMT — Camtek Ltd. - Ordinary Shares Foreign	$6.4B	$139.16	N/A	N/A	N/A
COHU — Cohu, Inc. - Common Stock	$2.2B	$45.98	N/A	N/A	N/A
DQ — Daqo NEW Energy Corp. ADR	$4.2B	$12.53	N/A	N/A	N/A
ICHR — Ichor Holdings - Ordinary Shares	$1.8B	$52.73	N/A	N/A	N/A
INTT — Intest Corporation Common Stock	$136M	$10.82	N/A	N/A	N/A
IPGP — IPG Photonics Corporation - Common Stock	$3.2B	$76.48	N/A	N/A	N/A
KLIC — Kulicke and Soffa Industries, Inc. - Common Stock	$4.1B	$78.78	N/A	N/A	N/A
NVMI — Nova Ltd. - Ordinary Shares Foreign	$11.2B	$352.85	N/A	N/A	N/A
UCTT — Ultra Clean Holdings, Inc. - Common Stock	$3.0B	$66.60	N/A	N/A	N/A
VECO — Veeco Instruments Inc. - Common Stock	$2.6B	$42.48	N/A	N/A	N/A

▶ Technology (1+1 total)

-150.1%

Overvalued


FISV — Fiserv	$28.1B	$52.69	$-26.40	-150.1%	Overvalued
Cannot calculate DCF
CORZZ — Core Scientific, Inc. - Tranche 2 Warrants	$5.5B	$17.36	N/A	N/A	N/A

▶ Consumer Cyclical

196

-19.0%

74 / 109 / 13

-0.6%

Overvalued

109

Valuation

▶ Auto & Truck Dealerships (11+10 total)

+88.4%

+38.6%

Undervalued


SAH — Sonic Automotive, Inc. Common Stock	$2.5B	$79.52	$261.73	+229.1%	Undervalued
RUSHA — Rush Enterprises, Inc. - Class A Common Stock	$3.9B	$50.08	$139.90	+179.4%	Undervalued
RUSHB — Rush Enterprises, Inc. - Class B Common Stock	$3.9B	$50.55	$139.90	+176.8%	Undervalued
ABG — Asbury Automotive Group Inc. Common Stock	$4.0B	$215.41	$558.61	+159.3%	Undervalued
CARG — Cargurus, Inc. - Class A Common Stock	$3.1B	$34.21	$77.92	+127.8%	Undervalued
GPI — Group 1 Automotive, Inc. Common Stock	$3.4B	$284.55	$536.17	+88.4%	Undervalued
PAG — Penske Automotive Group, Inc. Common Stock	$14.4B	$219.62	$129.45	-41.1%	Overvalued
LAD — Lithia Motors, Inc. Common Stock	$8.6B	$379.15	$15.14	-96.0%	Overvalued
CVNA — Carvana	$52.6B	$73.42	$-0.58	-100.8%	Overvalued
VVV — Valvoline Inc. Common Stock	$4.0B	$31.67	$-6.34	-120.0%	Overvalued
AN — Autonation, Inc. Common Stock	$6.9B	$207.18	$-102.11	-149.3%	Overvalued
Cannot calculate DCF
ACVA — ACV Auctions Inc. Class A Common Stock	$1.2B	$6.70	N/A	N/A	N/A
BGSI — Boyd Group Services Inc. Common Shares Foreign	$2.5B	$90.56	N/A	N/A	N/A
CRMT — America's Car-mart, Inc. - Common Stock	$18M	$2.21	N/A	N/A	N/A
CWH — Camping World Holdings, Inc. Class A Common Stock	$426M	$6.71	N/A	N/A	N/A
DRVN — Driven Brands Holdings Inc. - Common Stock	$2.2B	$13.57	N/A	N/A	N/A
KMX — Carmax Inc.	$8.9B	$62.61	N/A	N/A	N/A
OPLN — Openlane, Inc. Common Stock	$3.7B	$34.90	N/A	N/A	N/A
RDNW — Ridenow Group, Inc. - Class B Common Stock	$227M	$5.90	N/A	N/A	N/A
SDA — Suncar Technology Group Inc. - Ordinary Shares Foreign	$61M	$0.60	N/A	N/A	N/A
UXIN — Uxin Ltd. ADR	$70.9B	$1.13	N/A	N/A	N/A

▶ Auto Manufacturers (2+16 total)

+79.0%

+57.7%

Undervalued


GM — General Motors	$78.6B	$87.22	$298.75	+242.5%	Undervalued
TSLA — Tesla, Inc.	$1.42T	$377.47	$58.22	-84.6%	Overvalued
Cannot calculate DCF
F — Ford Motor Company	$57.4B	$14.40	N/A	N/A	N/A
GGR — Gogoro Inc. - Ordinary Shares Foreign	$55M	$2.72	N/A	N/A	N/A
HMC — Honda Motor Company, Ltd. Common Stock ADR	$42.8B	$33.01	N/A	N/A	N/A
LCID — Lucid Group, Inc. - Common Stock	$1.5B	$4.59	N/A	N/A	N/A
LI — Li Auto Inc. ADR	$24.4B	$12.05	N/A	N/A	N/A
LOT — Lotus Technology Inc. ADR	$751M	$1.17	N/A	N/A	N/A
NIO — NIO Inc. ADR	$9.5B	$3.85	N/A	N/A	N/A
NIU — Niu Technologies ADR	$315M	$1.97	N/A	N/A	N/A
PSNY — Polestar Automotive Holding UK Limited - Class A ADS ADR	$804M	$8.69	N/A	N/A	N/A
PSNYW — Polestar Automotive Holding UK Limited - Class C-1 ADS ADW ADR	$492M	$5.32	N/A	N/A	N/A
RACE — Ferrari N.V. Common Shares Foreign	$73.7B	$417.93	N/A	N/A	N/A
RIVN — Rivian Automotive, Inc. - Class A Common Stock	$21.4B	$15.91	N/A	N/A	N/A
STLA — Stellantis N.V. Common Shares Foreign	$15.9B	$5.48	N/A	N/A	N/A
TM — Toyota Motor Corporation Common Stock ADR	$260.4B	$199.77	N/A	N/A	N/A
VFS — Vinfast Auto Ltd. - Ordinary Shares Foreign	$7.2B	$3.08	N/A	N/A	N/A
XPEV — Xpeng Inc. ADR	$21.2B	$11.13	N/A	N/A	N/A

▶ Recreational Vehicles (5+5 total)

+70.3%

+56.5%

Undervalued


THO — Thor Industries, Inc. Common Stock	$3.9B	$75.71	$245.16	+223.8%	Undervalued
HOG — Harley-davidson, Inc. Common Stock	$2.9B	$27.68	$48.04	+73.6%	Undervalued
PATK — Patrick Industries, Inc. - Common Stock	$2.7B	$81.59	$138.97	+70.3%	Undervalued
MCFT — Mastercraft Boat Holdings, Inc. - Common Stock	$565M	$23.31	$26.98	+15.7%	Undervalued
LCII — LCI Industries	$2.5B	$100.94	$23.32	-76.9%	Overvalued
Cannot calculate DCF
BC — Brunswick Corporation Common Stock	$4.7B	$72.74	N/A	N/A	N/A
DOO — BRP Inc. - Common Subordinate Voting Shares Foreign	$4.7B	$64.19	N/A	N/A	N/A
MBUU — Malibu Boats, Inc. - Common Stock	$524M	$26.67	N/A	N/A	N/A
PII — Polaris Inc. Common Stock	$3.5B	$61.09	N/A	N/A	N/A
WGO — Winnebago Industries, Inc. Common Stock	$847M	$30.03	N/A	N/A	N/A

▶ Luxury Goods (5+5 total)

+41.8%

+50.3%

Undervalued


BRLT — Brilliant Earth Group, Inc. - Class A Common Stock	$21M	$1.30	$6.19	+376.2%	Undervalued
MOV — Movado Group Inc. Common Stock	$746M	$33.57	$67.24	+100.3%	Undervalued
SIG — Signet Jewelers Limited Common Shares	$6.5B	$82.01	$116.32	+41.8%	Undervalued
TPR — Tapestry, Inc.	$24.8B	$122.63	$121.63	+0.0%	Fair
ELA — Envela Corporation Common Stock	$356M	$13.71	$1.32	-90.4%	Overvalued
Cannot calculate DCF
BGI — Birks Group Inc. Common Stock Foreign	$7M	$0.36	N/A	N/A	N/A
CPRI — Capri Holdings Limited Ordinary Shares	$1.5B	$13.24	N/A	N/A	N/A
LANV — Lanvin Group Holdings Limited Ordinary Shares Foreign	$148M	$1.06	N/A	N/A	N/A
LUXE — Luxexperience B.v. ADR	$1.0B	$7.63	N/A	N/A	N/A
REAL — the Realreal, Inc. - Common Stock	$1.2B	$10.07	N/A	N/A	N/A

▶ Personal Services (6+3 total)

+17.2%

+10.6%

Undervalued


HRB — H&r Block, Inc. Common Stock	$6.5B	$51.08	$78.28	+53.2%	Undervalued
FTDR — Frontdoor, Inc. - Common Stock	$5.8B	$82.95	$122.77	+48.0%	Undervalued
BFAM — Bright Horizons Family Solutions Inc. Common Stock	$3.7B	$71.11	$104.77	+47.3%	Undervalued
ROL — Rollins, Inc.	$17.2B	$35.73	$31.15	-12.8%	Overvalued
SCI — Service Corporation International Common Stock	$11.4B	$82.79	$59.58	-28.0%	Overvalued
CSV — Carriage Services, Inc. Common Stock	$538M	$33.89	$18.86	-44.3%	Overvalued
Cannot calculate DCF
MED — Medifast Inc. Common Stock	$140M	$12.55	N/A	N/A	N/A
MRM — Medirom Healthcare Technologies Inc. - American Depositary Share ADR	$7M	$0.92	N/A	N/A	N/A
RGS — Regis Corporation - Common Stock	$71M	$28.56	N/A	N/A	N/A

▶ Department Stores (2+1 total)

+6.6%

Undervalued


M — Macy's Inc. Common Stock	$5.9B	$22.48	$27.82	+23.8%	Undervalued
DDS — Dillard's, Inc. Common Stock	$10.2B	$653.57	$583.90	-10.7%	Overvalued
Cannot calculate DCF
KSS — Kohl's Corporation Common Stock	$2.2B	$19.34	N/A	N/A	N/A

▶ Auto Parts (17+25 total)

+0.0%

+5.9%

Fair


MLR — Miller Industries, Inc. Common Stock	$629M	$55.20	$176.01	+218.9%	Undervalued
VC — Visteon Corporation - Common Stock	$2.7B	$102.29	$258.66	+152.9%	Undervalued
LKQ — LKQ Corporation - Common Stock	$6.4B	$25.27	$61.23	+142.3%	Undervalued
BWA — Borgwarner Inc. Common Stock	$13.5B	$65.64	$129.25	+96.9%	Undervalued
GNTX — Gentex Corporation - Common Stock	$4.9B	$22.83	$35.88	+57.2%	Undervalued
ALV — Autoliv, Inc. Common Stock	$9.2B	$125.05	$189.28	+51.4%	Undervalued
PLOW — Douglas Dynamics, Inc. Common Stock	$955M	$41.30	$46.01	+11.4%	Undervalued
XPEL — Xpel, Inc. - Common Stock	$1.4B	$50.78	$53.95	+6.2%	Undervalued
GTX — Garrett Motion Inc. - Common Stock	$5.1B	$27.36	$27.69	+0.0%	Fair
ALSN — Allison Transmission Holdings, Inc. Common Stock	$10.7B	$128.44	$109.77	-14.5%	Overvalued
AZO — Autozone	$48.6B	$2968.18	$1729.81	-41.7%	Overvalued
ORLY — O’reilly Automotive	$72.4B	$87.38	$35.51	-59.4%	Overvalued
LEA — Lear Corporation Common Stock	$6.6B	$131.05	$51.82	-60.5%	Overvalued
MOD — Modine Manufacturing Company Common Stock	$9.9B	$186.66	$40.41	-78.4%	Overvalued
DORM — Dorman Products, Inc. - Common Stock	$3.9B	$129.38	$9.26	-92.8%	Overvalued
GPC — Genuine Parts Company	$18.9B	$137.62	$-18.30	-113.3%	Overvalued
SMP — Standard Motor Products, Inc. Common Stock	$881M	$39.59	$-23.04	-158.2%	Overvalued
Cannot calculate DCF
AAP — Advance Auto Parts Inc.	$2.6B	$42.72	N/A	N/A	N/A
ADNT — Adient Plc. Ordinary Shares	$1.5B	$19.57	N/A	N/A	N/A
APTV — Aptiv	$9.8B	$46.46	N/A	N/A	N/A
CAAS — China Automotive Systems, Inc. - Ordinary Share Foreign	$165M	$5.47	N/A	N/A	N/A
CPS — Cooper-standard Holdings Inc. Common Stock	$473M	$26.62	N/A	N/A	N/A
CVGI — Commercial Vehicle Group, Inc. - Common Stock	$104M	$3.10	N/A	N/A	N/A
DAN — Dana Incorporated Common Stock	$3.4B	$31.50	N/A	N/A	N/A
DCH — Dauch Corporation Common Stock	$1.6B	$6.67	N/A	N/A	N/A
ECX — Ecarx Holdings Inc. - Class A Ordinary Shares Foreign	$378M	$1.06	N/A	N/A	N/A
FOXF — Fox Factory Holding Corp. - Common Stock	$870M	$20.75	N/A	N/A	N/A
FRSX — Foresight Autonomous Holdings Ltd. ADR	$153M	$1.09	N/A	N/A	N/A
GT — the Goodyear Tire & Rubber Company - Common Stock	$1.8B	$6.12	N/A	N/A	N/A
HLLY — Holley Inc. Common Stock	$373M	$3.10	N/A	N/A	N/A
HSAI — Hesai Group - American Depositary Share, Each ADS Represents One Class B Ordinary Share ADR	$19.1B	$18.46	N/A	N/A	N/A
MBLY — Mobileye Global Inc. - Class A Common Stock	$7.0B	$8.34	N/A	N/A	N/A
MGA — Magna International, Inc. Common Stock Foreign	$18.3B	$67.09	N/A	N/A	N/A
MNRO — Monro, Inc. - Common Stock	$378M	$12.59	N/A	N/A	N/A
MPAA — Motorcar Parts of America, Inc. - Common Stock	$223M	$11.80	N/A	N/A	N/A
MVST — Microvast Holdings, Inc. - Common Stock	$233M	$0.70	N/A	N/A	N/A
PHIN — Phinia Inc. Common Stock	$2.5B	$68.42	N/A	N/A	N/A
PRTS — Carparts.com, Inc. - Common Stock	$67M	$8.36	N/A	N/A	N/A
SRI — Stoneridge, Inc. Common Stock	$202M	$7.16	N/A	N/A	N/A
STRT — Strattec Security Corporation - Common Stock	$312M	$74.59	N/A	N/A	N/A
SYPR — Sypris Solutions, Inc. - Common Stock	$43M	$1.87	N/A	N/A	N/A
THRM — Gentherm Inc. - Common Stock	$1.2B	$39.98	N/A	N/A	N/A

▶ Travel Services (9+7 total)

+0.0%

+25.1%

Fair


TRIP — Tripadvisor, Inc. - Common Stock	$1.1B	$9.29	$35.01	+276.9%	Undervalued
NCLH — Norwegian Cruise Line Holdings	$7.2B	$15.59	$43.70	+180.3%	Undervalued
EXPE — Expedia Group	$36.4B	$303.10	$607.02	+100.3%	Undervalued
BKNG — Booking Holdings	$154.5B	$195.13	$279.28	+43.1%	Undervalued
ABNB — Airbnb	$109.9B	$185.25	$192.95	+0.0%	Fair
TNL — Travel Leisure Co. Common Stock	$4.1B	$66.35	$32.80	-50.6%	Overvalued
RCL — Royal Caribbean Group	$71.2B	$265.54	$112.15	-57.8%	Overvalued
PRSU — Pursuit Attractions and Hospitality, Inc. Common Stock	$1.3B	$48.00	$10.78	-77.5%	Overvalued
GBTG — Global Business Travel Group, Inc. Class A Common Stock	$4.9B	$9.48	$-1.10	-111.6%	Overvalued
Cannot calculate DCF
CCL — Carnival Corporation	$32.2B	$23.46	N/A	N/A	N/A
LIND — Lindblad Expeditions Holdings Inc. - Common Stock	$1.7B	$26.02	N/A	N/A	N/A
MMYT — Makemytrip Limited - Ordinary Shares Foreign	$5.4B	$57.17	N/A	N/A	N/A
TCOM — Trip.com Group Ltd. ADR	$26.9B	$41.40	N/A	N/A	N/A
TOUR — Tuniu Corp. ADR	$1.6B	$4.92	N/A	N/A	N/A
VIK — Viking Holdings Ltd. Ordinary Shares Foreign	$37.7B	$85.60	N/A	N/A	N/A
YTRA — Yatra Online, Inc. - Ordinary Shares Foreign	$64M	$1.00	N/A	N/A	N/A

▶ Leisure (7+15 total)

+0.0%

-23.1%

Fair


MAT — Mattel, Inc. - Common Stock	$4.2B	$14.30	$27.91	+95.2%	Undervalued
YETI — Yeti Holdings, Inc. Common Stock	$3.1B	$41.42	$67.77	+63.6%	Undervalued
ESCA — Escalade, Incorporated - Common Stock	$280M	$20.26	$20.77	+0.0%	Fair
PLNT — Planet Fitness, Inc. Common Stock	$4.1B	$51.50	$49.19	+0.0%	Fair
GOLF — Acushnet Holdings Corp. Common Stock	$5.1B	$86.55	$17.00	-80.4%	Overvalued
LTH — Life Time Group Holdings, Inc. Common Stock	$9.6B	$43.08	$-0.38	-100.9%	Overvalued
PRKS — United Parks & Resorts Inc. Common Stock	$1.9B	$40.61	$-15.90	-139.2%	Overvalued
Cannot calculate DCF
AOUT — American Outdoor Brands, Inc. - Common Stock	$125M	$10.01	N/A	N/A	N/A
AS — Amer Sports, Inc. Ordinary Shares Foreign	$16.5B	$28.47	N/A	N/A	N/A
CALY — Callaway Golf Company Common Stock	$2.8B	$15.73	N/A	N/A	N/A
CLAR — Clarus Corporation - Common Stock	$146M	$3.81	N/A	N/A	N/A
FNKO — Funko, Inc. - Class A Common Stock	$318M	$5.69	N/A	N/A	N/A
FUN — Six Flags Entertainment Corporation Common Stock New LP	$1.5B	$15.04	N/A	N/A	N/A
HAS — Hasbro	$13.2B	$93.01	N/A	N/A	N/A
HERE — Here Group Ltd. ADR	$305M	$1.89	N/A	N/A	N/A
JAKK — Jakks Pacific, Inc. - Common Stock	$274M	$23.98	N/A	N/A	N/A
JOUT — Johnson Outdoors Inc. - Class A Common Stock	$475M	$45.38	N/A	N/A	N/A
LUCK — Lucky Strike Entertainment Corporation Class A Common Stock	$846M	$6.20	N/A	N/A	N/A
OSW — Onespaworld Holdings Limited - Common Shares	$2.3B	$22.27	N/A	N/A	N/A
PLBY — Playboy, Inc. - Common Stock	$137M	$1.18	N/A	N/A	N/A
PTON — Peloton Interactive, Inc. - Common Stock	$2.3B	$5.38	N/A	N/A	N/A
XPOF — Xponential Fitness, Inc. Class A Common Stock	$207M	$4.94	N/A	N/A	N/A

▶ Residential Construction (17+2 total)

+0.0%

+12.3%

Fair


DFH — Dream Finders Homes, Inc. Class A Common Stock	$1.3B	$13.80	$80.54	+483.6%	Undervalued
TMHC — Taylor Morrison Home Corporation Common Stock	$6.8B	$72.45	$181.39	+150.4%	Undervalued
KBH — KB Home Common Stock	$3.2B	$52.30	$116.28	+122.3%	Undervalued
DHI — D R Horton	$41.0B	$144.42	$284.56	+97.0%	Undervalued
TOL — Toll Brothers, Inc. Common Stock	$13.3B	$141.81	$273.31	+92.7%	Undervalued
PHM — Pultegroup	$23.7B	$124.31	$227.41	+82.9%	Undervalued
NVR — NVR Inc.	$17.2B	$6374.64	$10657.45	+67.2%	Undervalued
CVCO — Cavco Industries, Inc. - Common Stock	$4.3B	$559.88	$745.63	+33.2%	Undervalued
IBP — Installed Building Products, Inc. Common Stock	$6.4B	$237.49	$243.28	+0.0%	Fair
MHO — M/I Homes, Inc. Common Stock	$3.8B	$147.44	$118.98	-19.3%	Overvalued
BZH — Beazer Homes USA Inc. Common Stock	$907M	$33.20	$10.87	-67.3%	Overvalued
GRBK — Green Brick Partners, Inc. Common Stock	$3.1B	$70.75	$18.23	-74.2%	Overvalued
MTH — Meritage Homes Corporation Common Stock	$4.5B	$67.44	$17.41	-74.2%	Overvalued
HOV — Hovnanian Enterprises, Inc. Class A Common Stock	$710M	$121.35	$16.89	-86.1%	Overvalued
LEGH — Legacy Housing Corporation - Common Stock	$662M	$27.85	$1.44	-94.8%	Overvalued
LEN — Lennar	$20.3B	$84.39	$-8.64	-110.2%	Overvalued
LEN.B — Lennar Corporation Class B	$19.9B	$82.81	$-8.64	-110.4%	Overvalued
Cannot calculate DCF
LGIH — LGI Homes, Inc. - Common Stock	$1.3B	$54.45	N/A	N/A	N/A
SKY — Champion Homes, Inc. Common Stock	$4.7B	$86.23	N/A	N/A	N/A

▶ Furnishings, Fixtures & Appliances (10+14 total)

-3.5%

-0.8%

Fair


LZB — La-z-boy Incorporated Common Stock	$1.3B	$31.92	$82.48	+158.4%	Undervalued
ETD — Ethan Allen Interiors Inc. Common Stock	$557M	$21.88	$35.48	+62.2%	Undervalued
FLXS — Flexsteel Industries, Inc. - Common Stock	$327M	$80.23	$94.17	+17.4%	Undervalued
HNI — HNI Corporation Common Stock	$3.5B	$48.23	$54.37	+12.7%	Undervalued
LOVE — the Lovesac Company - Common Stock	$233M	$15.91	$15.97	+0.0%	Fair
TILE — Interface, Inc. - Common Stock	$2.1B	$36.37	$33.84	-7.0%	Overvalued
VIRC — Virco Manufacturing Corporation - Common Stock	$94M	$6.00	$4.57	-23.8%	Overvalued
SGI — Somnigroup International Inc. Common Stock	$14.6B	$69.58	$49.14	-29.4%	Overvalued
HBB — Hamilton Beach Brands Holding Company Class A Common Stock	$429M	$31.70	$4.17	-86.8%	Overvalued
KEQU — Kewaunee Scientific Corporation - Common Stock	$103M	$35.90	$-4.20	-111.7%	Overvalued
Cannot calculate DCF
BSET — Bassett Furniture Industries, Incorporated - Common Stock	$161M	$18.63	N/A	N/A	N/A
COOK — Traeger, Inc. Common Stock	$133M	$48.61	N/A	N/A	N/A
FGI — FGI Industries Ltd. - Ordinary Shares	$13M	$6.95	N/A	N/A	N/A
HOFT — Hooker Furnishings Corporation - Common Stock	$137M	$12.68	N/A	N/A	N/A
LCUT — Lifetime Brands, Inc. - Common Stock	$202M	$8.85	N/A	N/A	N/A
LEG — Leggett & Platt, Incorporated Common Stock	$1.3B	$9.20	N/A	N/A	N/A
MBC — Masterbrand, Inc. Common Stock	$1.0B	$8.17	N/A	N/A	N/A
MHK — Mohawk Industries, Inc. Common Stock	$8.0B	$131.57	N/A	N/A	N/A
MLKN — Millerknoll, Inc. - Common Stock	$1.5B	$22.39	N/A	N/A	N/A
NTZ — Natuzzi, S.p.a. Foreign	$14M	$1.26	N/A	N/A	N/A
PRPL — Purple Innovation, Inc. - Common Stock	$415M	$3.81	N/A	N/A	N/A
SNBR — Sleep Number Corporation - Common Stock	$3M	$0.12	N/A	N/A	N/A
VIOT — Viomi Technology Co., Ltd. ADR	$275M	$1.35	N/A	N/A	N/A
WHR — Whirlpool Corporation Common Stock	$2.5B	$38.48	N/A	N/A	N/A

▶ Apparel Manufacturing (8+12 total)

-6.0%

+40.6%

Overvalued


GIII — G-iii Apparel Group, Ltd. - Common Stock	$1.1B	$27.23	$157.68	+479.1%	Undervalued
OXM — Oxford Industries, Inc. Common Stock	$547M	$36.63	$93.34	+154.8%	Undervalued
PVH — PVH Corp. Common Stock	$3.3B	$72.61	$172.32	+137.3%	Undervalued
KTB — Kontoor Brands, Inc. Common Stock	$4.1B	$73.65	$72.56	+0.0%	Fair
LEVI — Levi Strauss & Co. Class A Common Stock	$8.0B	$20.70	$18.22	-12.0%	Overvalued
COLM — Columbia Sportswear Company - Common Stock	$3.0B	$57.79	$42.48	-26.5%	Overvalued
RL — Ralph Lauren Corporation	$20.5B	$344.04	$214.52	-37.6%	Overvalued
FIGS — Figs, Inc. Class A Common Stock	$2.5B	$15.19	$1.31	-91.4%	Overvalued
Cannot calculate DCF
GIL — Gildan Activewear, Inc. Class A Sub. Vot. Common Stock Foreign	$9.9B	$53.71	N/A	N/A	N/A
GOOS — Canada Goose Holdings Inc. Subordinate Voting Shares Foreign	$793M	$8.16	N/A	N/A	N/A
JRSH — Jerash Holdings US Inc. - Common Stock	$70M	$5.53	N/A	N/A	N/A
LAKE — Lakeland Industries, Inc. - Common Stock	$119M	$12.06	N/A	N/A	N/A
NCI — Neo-concept International Group Holdings Limited - Class A Ordinary Shares Foreign	$32M	$13.47	N/A	N/A	N/A
PLCE — Children's Place, Inc. (the) - Common Stock	$63M	$2.82	N/A	N/A	N/A
SGC — Superior Group of Companies, Inc. - Common Stock	$196M	$12.54	N/A	N/A	N/A
UA — Under Armour, Inc. Class C Common Stock	$2.2B	$5.10	N/A	N/A	N/A
UAA — Under Armour, Inc. Class A Common Stock	$2.2B	$5.19	N/A	N/A	N/A
VFC — V.f. Corporation Common Stock	$5.1B	$13.13	N/A	N/A	N/A
VNCE — Vince Holding Corp. - Common Stock	$81M	$6.33	N/A	N/A	N/A
ZGN — Ermenegildo Zegna N.V. Ordinary Shares Foreign	$3.4B	$12.64	N/A	N/A	N/A

▶ Specialty Retail (14+22 total)

-6.0%

+5.1%

Overvalued


ARHS — Arhaus, Inc. - Class A Common Stock	$1.2B	$8.39	$20.59	+145.4%	Undervalued
BBWI — Bath & Body Works, Inc.	$3.8B	$18.96	$38.85	+104.9%	Undervalued
BBW — Build-a-bear Workshop, Inc. Common Stock	$367M	$29.08	$58.26	+100.3%	Undervalued
SBH — Sally Beauty Holdings, Inc. (Name To Be Changed From Sally Holdings, Inc.) Common Stock	$1.6B	$16.46	$25.23	+53.3%	Undervalued
BBY — Best Buy	$18.4B	$87.42	$112.49	+28.7%	Undervalued
ULTA — Ulta Beauty	$24.1B	$557.18	$543.88	+0.0%	Fair
WSM — Williams-sonoma, Inc.	$26.2B	$222.69	$220.80	+0.0%	Fair
TSCO — Tractor Supply	$18.1B	$34.60	$30.42	-12.1%	Overvalued
FIVE — Five Below, Inc. - Common Stock	$13.3B	$239.78	$189.29	-21.1%	Overvalued
MUSA — Murphy USA Inc. Common Stock	$9.6B	$521.41	$363.22	-30.3%	Overvalued
CASY — Casey's	$28.0B	$757.99	$239.35	-68.4%	Overvalued
RH — RH Common Stock	$2.8B	$146.72	$42.10	-71.3%	Overvalued
DKS — Dick's Sporting Goods Inc. Common Stock	$12.4B	$139.80	$38.73	-72.3%	Overvalued
ASO — Academy Sports and Outdoors, Inc. - Common Stock	$2.8B	$43.65	$6.49	-85.1%	Overvalued
Cannot calculate DCF
ABLV — Able View Global Inc. - Class B Ordinary Shares Foreign	$52M	$1.05	N/A	N/A	N/A
ARKO — Arko Corp. - Common Stock	$542M	$4.83	N/A	N/A	N/A
BARK — Bark, Inc. Class A Common Stock	$89M	$10.29	N/A	N/A	N/A
BNED — Barnes & Noble Education, Inc. Common Stock	$420M	$12.19	N/A	N/A	N/A
BQ — Boqii Holding Limited Class A Ordinary Shares ADR	$4M	$0.90	N/A	N/A	N/A
BWMX — Betterware de Mexico, S.A.p.i. de C.v. Ordinary Shares Foreign	$576M	$15.47	N/A	N/A	N/A
CHPT — Chargepoint Holdings, Inc. Common Stock	$235M	$9.08	N/A	N/A	N/A
EVGO — Evgo Inc. - Common Stock	$203M	$1.45	N/A	N/A	N/A
EYE — National Vision Holdings, Inc. - Common Stock	$1.4B	$16.87	N/A	N/A	N/A
FLWS — 1-800-flowers.com, Inc. - Class A Common Stock	$229M	$3.57	N/A	N/A	N/A
GME — Gamestop Corporation Common Stock	$8.6B	$19.23	N/A	N/A	N/A
GRWG — Growgeneration Corp. - Common Stock	$96M	$1.60	N/A	N/A	N/A
HTLM — Homestolife Ltd. - Ordinary Shares Foreign	$157M	$1.64	N/A	N/A	N/A
HZO — Marinemax, Inc. FL Common Stock	$1.1B	$52.17	N/A	N/A	N/A
LESL — Leslie's, Inc. - Common Stock	$5M	$0.55	N/A	N/A	N/A
MNSO — Miniso Group Holding Ltd. ADR	$12.0B	$9.67	N/A	N/A	N/A
OLPX — Olaplex Holdings, Inc. - Common Stock	$1.4B	$2.08	N/A	N/A	N/A
ONEW — Onewater Marine Inc. - Class A Common Stock	$196M	$11.80	N/A	N/A	N/A
SPWH — Sportsman's Warehouse Holdings, Inc. - Common Stock	$49M	$1.26	N/A	N/A	N/A
SVV — Savers Value Village, Inc. Common Stock	$1.6B	$10.26	N/A	N/A	N/A
TKLF — Tokyo Lifestyle Co., Ltd. ADR	$71M	$1.67	N/A	N/A	N/A
WOOF — Petco Health and Wellness Company, Inc. - Class A Common Stock	$716M	$2.51	N/A	N/A	N/A

▶ Internet Retail (9+18 total)

-7.1%

-10.7%

Overvalued


ETSY — Etsy, Inc. Common Stock	$7.8B	$82.07	$159.22	+94.0%	Undervalued
CART — Maplebear Inc. - Common Stock	$12.2B	$51.72	$94.34	+82.4%	Undervalued
CHWY — Chewy, Inc. Class A Common Stock	$9.8B	$23.96	$34.57	+44.3%	Undervalued
LQDT — Liquidity Services, Inc. - Common Stock	$1.3B	$40.50	$50.35	+24.3%	Undervalued
RVLV — Revolve Group, Inc. Class A Common Stock	$1.5B	$21.48	$19.96	-7.1%	Overvalued
CPNG — Coupang, Inc. Class A Common Stock	$27.8B	$15.51	$5.02	-67.6%	Overvalued
MELI — Mercadolibre, Inc. - Common Stock	$100.9B	$1989.43	$351.81	-82.3%	Overvalued
EBAY — Ebay Inc.	$47.0B	$105.91	$13.51	-87.2%	Overvalued
AMZN — Amazon	$2.79T	$258.90	$6.42	-97.5%	Overvalued
Cannot calculate DCF
BABA — Alibaba Group Holding Ltd. ADR	$207.7B	$111.80	N/A	N/A	N/A
BZUN — Baozun Inc. ADR	$484M	$2.79	N/A	N/A	N/A
DASH — Doordash	$96.7B	$221.96	N/A	N/A	N/A
GLBE — Global-e Online Ltd. - Ordinary Shares Foreign	$6.4B	$38.28	N/A	N/A	N/A
HEPS — D-market Electronic Services & Trading ADR	$954M	$2.67	N/A	N/A	N/A
HOUR — Hour Loop, Inc. - Common Stock	$66M	$1.88	N/A	N/A	N/A
JD — Jd.com, Inc. ADR	$79.0B	$27.73	N/A	N/A	N/A
JMIA — Jumia Technologies AG ADR	$1.8B	$7.11	N/A	N/A	N/A
JWEL — Jowell Global Ltd. - Ordinary Shares Foreign	$5M	$2.39	N/A	N/A	N/A
NEGG — Newegg Commerce, Inc. - Common Shares Foreign	$355M	$16.93	N/A	N/A	N/A
PDD — PDD Holdings Inc. ADR	$464.8B	$81.63	N/A	N/A	N/A
RERE — Atrenew Inc. ADR	$674M	$4.18	N/A	N/A	N/A
SE — Sea Ltd. ADR	$67.3B	$113.07	N/A	N/A	N/A
TDUP — Thredup Inc. - Class A Common Stock	$343M	$2.66	N/A	N/A	N/A
VIPS — Vipshop Holdings Ltd. ADR	$1.3B	$13.08	N/A	N/A	N/A
W — Wayfair Inc. Class A Common Stock	$12.8B	$96.95	N/A	N/A	N/A
YJ — Yunji Inc. - American Depository Shares ADR	$10M	$2.10	N/A	N/A	N/A
ZKH — ZKH Group Ltd. ADR	$16.7B	$3.00	N/A	N/A	N/A

▶ Apparel Retail (13+14 total)

-25.4%

+18.0%

Overvalued


CAL — Caleres, Inc. Common Stock	$406M	$12.13	$36.39	+200.0%	Undervalued
LULU — Lululemon Athletica	$13.9B	$121.78	$336.17	+176.0%	Undervalued
BKE — Buckle, Inc. (the) Common Stock	$2.2B	$43.38	$88.06	+103.0%	Undervalued
ANF — Abercrombie & Fitch Company Common Stock	$6.4B	$143.54	$251.37	+75.1%	Undervalued
AEO — American Eagle Outfitters, Inc. Common Stock	$2.8B	$17.01	$20.11	+18.2%	Undervalued
TJX — TJX Companies	$146.1B	$132.21	$108.38	-18.0%	Overvalued
URBN — Urban Outfitters, Inc. - Common Stock	$6.9B	$80.59	$60.08	-25.4%	Overvalued
ROST — Ross Stores	$74.4B	$231.71	$172.33	-25.6%	Overvalued
BOOT — Boot Barn Holdings, Inc. Common Stock	$4.5B	$147.16	$103.18	-29.9%	Overvalued
VSXY — Victorias Secret & Co. Common Stock	$5.8B	$73.51	$34.57	-53.0%	Overvalued
DXLG — Destination XL Group, Inc. - Common Stock	$34M	$0.62	$0.27	-56.5%	Overvalued
JILL — J Jill, Inc. Common Stock	$286M	$19.12	$7.60	-60.3%	Overvalued
BURL — Burlington Stores, Inc. Common Stock	$16.3B	$258.57	$79.48	-69.3%	Overvalued
Cannot calculate DCF
AKA — A.k.a. Brands Holding Corp. Common Stock	$121M	$11.16	N/A	N/A	N/A
CATO — Cato Corporation (the) Class A Common Stock	$52M	$2.61	N/A	N/A	N/A
CRI — Carter's, Inc. Common Stock	$1.2B	$33.15	N/A	N/A	N/A
CTRN — Citi Trends, Inc. - Common Stock	$576M	$68.98	N/A	N/A	N/A
CURV — Torrid Holdings Inc. Common Stock	$237M	$2.25	N/A	N/A	N/A
DLTH — Duluth Holdings Inc. - Class B Common Stock	$169M	$4.43	N/A	N/A	N/A
GAP — Gap, Inc. (the) Common Stock	$8.0B	$22.32	N/A	N/A	N/A
GCO — Genesco Inc. Common Stock	$382M	$34.42	N/A	N/A	N/A
LE — Lands' End, Inc. - Common Stock	$334M	$10.85	N/A	N/A	N/A
LVLU — Lulu's Fashion Lounge Holdings, Inc. - Common Stock	$32M	$11.20	N/A	N/A	N/A
RENT — Rent the Runway, Inc. - Class A Common Stock	$131M	$3.91	N/A	N/A	N/A
SFIX — Stitch Fix, Inc. - Class A Common Stock	$408M	$3.06	N/A	N/A	N/A
TLYS — Tilly's, Inc. Common Stock	$129M	$4.22	N/A	N/A	N/A
ZUMZ — Zumiez Inc. - Common Stock	$301M	$17.68	N/A	N/A	N/A

▶ Gambling (3+9 total)

-28.6%

-17.7%

Overvalued


RSI — Rush Street Interactive, Inc. Class A Common Stock	$2.8B	$26.75	$41.02	+53.3%	Undervalued
ACEL — Accel Entertainment, Inc.	$960M	$11.80	$8.43	-28.6%	Overvalued
CHDN — Churchill Downs, Incorporated - Common Stock	$6.3B	$90.28	$20.07	-77.8%	Overvalued
Cannot calculate DCF
BRAG — Bragg Gaming Group Inc. - Common Shares Foreign	$34M	$1.33	N/A	N/A	N/A
BRSL — Brightstar Lottery Plc. Trading Under the Legal Name To Begin AT the Market Open On July 21, 2025. Ordinary Shares Foreign	$2.1B	$11.33	N/A	N/A	N/A
CDRO — Codere Online Luxembourg, S.A. - Ordinary Shares Foreign	$401M	$8.83	N/A	N/A	N/A
DKNG — Draftkings Inc. - Class A Common Stock	$12.0B	$24.20	N/A	N/A	N/A
FLUT — Flutter Entertainment Plc. Ordinary Shares	$17.7B	$102.26	N/A	N/A	N/A
GAMB — Gambling.com Group Limited - Ordinary Shares Foreign	$65M	$1.84	N/A	N/A	N/A
INSE — Inspired Entertainment, Inc. - Common Stock	$149M	$5.59	N/A	N/A	N/A
MRDN — Meridian Holdings Inc. - Common Stock	$170M	$13.50	N/A	N/A	N/A
SGHC — Super Group (Sghc) Limited Ordinary Shares Foreign	$7.2B	$14.16	N/A	N/A	N/A

▶ Home Improvement Retail (3+3 total)

-33.2%

-39.8%

Overvalued


LOW — Lowe's	$113.2B	$201.89	$180.00	-10.8%	Overvalued
HD — Home Depot (the)	$317.2B	$318.08	$212.43	-33.2%	Overvalued
FND — Floor & Decor Holdings, Inc. Common Stock	$5.3B	$49.39	$12.22	-75.3%	Overvalued
Cannot calculate DCF
HVT — Haverty Furniture Companies, Inc. Common Stock	$444M	$27.60	N/A	N/A	N/A
HVT.A — Haverty Furniture Companies, Inc. Common Stock	$676M	$41.98	N/A	N/A	N/A
LIVE — Live Ventures Incorporated - Common Stock	$29M	$9.41	N/A	N/A	N/A

▶ Restaurants (22+18 total)

-39.8%

-24.4%

Overvalued


RICK — RCI Hospitality Holdings, Inc. - Common Stock	$218M	$28.54	$71.92	+152.0%	Undervalued
WEN — Wendy's Company (the) - Common Stock	$1.5B	$7.88	$17.23	+118.7%	Undervalued
BDL — Flanigan's Enterprises, Inc. Common Stock	$87M	$46.62	$71.17	+52.7%	Undervalued
DPZ — Domino's	$11.5B	$346.81	$481.13	+38.7%	Undervalued
YUMC — Yum China Holdings, Inc. Common Stock	$15.3B	$43.67	$58.08	+33.0%	Undervalued
LOCO — El Pollo Loco Holdings, Inc. - Common Stock	$457M	$14.99	$18.19	+21.3%	Undervalued
EAT — Brinker International, Inc. Common Stock	$9.8B	$228.84	$228.73	+0.0%	Fair
NATH — Nathan's Famous, Inc. - Common Stock	$403M	$98.40	$97.46	+0.0%	Fair
CMG — Chipotle Mexican Grill	$48.2B	$37.57	$26.98	-28.2%	Overvalued
TXRH — Texas Roadhouse, Inc. - Common Stock	$12.4B	$188.97	$125.22	-33.7%	Overvalued
CAKE — the Cheesecake Factory Incorporated - Common Stock	$5.3B	$107.10	$65.53	-38.8%	Overvalued
QSR — Restaurant Brands International Inc. Common Shares	$27.8B	$80.25	$47.52	-40.8%	Overvalued
GTIM — Good Times Restaurants Inc. - Common Stock	$16M	$1.53	$0.82	-46.4%	Overvalued
WING — Wingstop Inc. - Common Stock	$3.0B	$110.15	$54.61	-50.4%	Overvalued
YUM — Yum! Brands	$42.0B	$152.53	$67.55	-55.7%	Overvalued
PZZA — Papa John's International, Inc. - Common Stock	$743M	$22.57	$6.01	-73.4%	Overvalued
DIN — Dine Brands Global, Inc. Common Stock	$408M	$32.13	$6.98	-78.3%	Overvalued
BJRI — Bj's Restaurants, Inc. - Common Stock	$1.2B	$58.80	$10.65	-81.9%	Overvalued
SHAK — Shake Shack, Inc. Class A Common Stock	$2.8B	$69.33	$5.96	-91.4%	Overvalued
CBRL — Cracker Barrel Old Country Store, Inc. - Common Stock	$1.2B	$54.06	$1.92	-96.4%	Overvalued
CAVA — Cava Group, Inc. Common Stock	$7.2B	$61.62	$-1.87	-103.0%	Overvalued
FWRG — First Watch Restaurant Group, Inc. - Common Stock	$721M	$11.69	$-3.96	-133.9%	Overvalued
Cannot calculate DCF
ARCO — Arcos Dorados Holdings Inc. Class A Shares Foreign	$1.7B	$8.24	N/A	N/A	N/A
ARKR — Ark Restaurants Corp. - Common Stock	$20M	$5.41	N/A	N/A	N/A
BH — Biglari Holdings Inc. Class B Common Stock	$1.2B	$385.38	N/A	N/A	N/A
BH.A — Biglari Holdings Inc. Class A Common Stock	$6.1B	$1950.59	N/A	N/A	N/A
BLMN — Bloomin' Brands, Inc. - Common Stock	$831M	$9.71	N/A	N/A	N/A
CHA — Chagee Holdings Ltd. ADR	$2.2B	$11.36	N/A	N/A	N/A
CNNE — Cannae Holdings, Inc. Common Stock	$696M	$15.84	N/A	N/A	N/A
DRI — Darden Restaurants	$25.0B	$218.09	N/A	N/A	N/A
GENK — GEN Restaurant Group, Inc. - Class A Common Stock	$62M	$1.91	N/A	N/A	N/A
JACK — Jack In the Box Inc. - Common Stock	$289M	$15.14	N/A	N/A	N/A
KRUS — Kura Sushi USA Inc. - Class A Common Stock	$529M	$43.51	N/A	N/A	N/A
MCD — McDonald's	$184.4B	$259.61	N/A	N/A	N/A
NDLS — Noodles & Company - Class A Common Stock	$85M	$14.35	N/A	N/A	N/A
PTLO — Portillo's Inc. - Class A Common Stock	$318M	$4.40	N/A	N/A	N/A
RRGB — Red Robin Gourmet Burgers, Inc. - Common Stock	$152M	$8.21	N/A	N/A	N/A
SG — Sweetgreen, Inc. Class A Common Stock	$794M	$6.68	N/A	N/A	N/A
STKS — the ONE Group Hospitality, Inc. - Common Stock	$51M	$1.63	N/A	N/A	N/A
THCH — TH International Limited - Ordinary Shares Foreign	$40M	$1.25	N/A	N/A	N/A

▶ Footwear & Accessories (4+7 total)

-44.1%

-8.3%

Overvalued


DECK — Deckers Brands	$11.7B	$84.42	$200.73	+137.8%	Undervalued
SHOO — Steven Madden, Ltd. - Common Stock	$3.1B	$42.27	$31.71	-25.0%	Overvalued
WEYS — Weyco Group, Inc. - Common Stock	$422M	$44.31	$16.31	-63.2%	Overvalued
RCKY — Rocky Brands, Inc. - Common Stock	$329M	$43.66	$7.49	-82.8%	Overvalued
Cannot calculate DCF
CROX — Crocs, Inc. - Common Stock	$5.8B	$116.01	N/A	N/A	N/A
DBI — Designer Brands Inc. Class A Common Stock	$262M	$5.17	N/A	N/A	N/A
FOSL — Fossil Group, Inc. - Common Stock	$304M	$5.14	N/A	N/A	N/A
NKE — Nike, Inc.	$57.5B	$38.74	N/A	N/A	N/A
ONON — On Holding AG Class A Ordinary Shares Foreign	$9.9B	$28.36	N/A	N/A	N/A
VRA — Vera Bradley, Inc. - Common Stock	$93M	$3.26	N/A	N/A	N/A
WWW — Wolverine World Wide, Inc. Common Stock	$1.6B	$19.54	N/A	N/A	N/A

▶ Packaging & Containers (14+5 total)

-45.2%

-45.6%

Overvalued


CCK — Crown Holdings, Inc.	$12.9B	$115.61	$190.78	+65.0%	Undervalued
SLGN — Silgan Holdings Inc. Common Stock	$4.4B	$41.51	$63.77	+53.6%	Undervalued
MYE — Myers Industries, Inc. Common Stock	$1.2B	$30.96	$34.34	+10.9%	Undervalued
AVY — Avery Dennison	$13.2B	$173.13	$174.41	+0.0%	Fair
KRT — Karat Packaging Inc. - Common Stock	$937M	$46.96	$39.94	-14.9%	Overvalued
SON — Sonoco Products Company Common Stock	$5.2B	$52.68	$42.83	-18.7%	Overvalued
REYN — Reynolds Consumer Products Inc. - Common Stock	$4.6B	$21.83	$12.20	-44.1%	Overvalued
TRS — Trimas Corporation - Common Stock	$1.4B	$38.92	$20.85	-46.4%	Overvalued
PKG — Packaging Corporation of America	$20.9B	$234.57	$123.99	-47.1%	Overvalued
GEF — Greif Inc. Class A Common Stock	$3.2B	$85.00	$4.77	-94.4%	Overvalued
GEF.B — Greif, Inc. Corporation Class B Common Stock	$4.1B	$108.45	$4.77	-95.6%	Overvalued
BALL — Ball Corporation	$16.7B	$62.91	$-17.74	-128.2%	Overvalued
AMCR — Amcor	$21.2B	$45.89	$-16.27	-135.5%	Overvalued
GPK — Graphic Packaging Holding Company	$3.2B	$10.70	$-4.55	-142.5%	Overvalued
Cannot calculate DCF
AMBP — Ardagh Metal Packaging S.A. Ordinary Shares Foreign	$3.0B	$5.10	N/A	N/A	N/A
IP — International Paper	$19.3B	$36.38	N/A	N/A	N/A
OI — O-i Glass, Inc. Common Stock	$1.1B	$7.03	N/A	N/A	N/A
PACK — Ranpak Holdings Corp. Class A Common Stock	$375M	$4.38	N/A	N/A	N/A
SW — Smurfit Westrock	$23.7B	$45.23	N/A	N/A	N/A

▶ Resorts & Casinos (9+7 total)

-48.1%

-36.5%

Overvalued


MGM — MGM Resorts	$10.5B	$41.13	$118.81	+188.9%	Undervalued
BYD — Boyd Gaming Corporation Common Stock	$5.8B	$77.76	$86.92	+11.8%	Undervalued
MTN — Vail Resorts, Inc. Common Stock	$4.8B	$135.87	$92.06	-32.2%	Overvalued
WYNN — Wynn Resorts	$9.5B	$91.49	$55.96	-38.8%	Overvalued
MCRI — Monarch Casino & Resort, Inc. - Common Stock	$2.2B	$121.47	$62.99	-48.1%	Overvalued
LVS — Las Vegas Sands	$29.5B	$44.48	$17.99	-59.6%	Overvalued
HGV — Hilton Grand Vacations Inc. Common Stock	$3.3B	$41.85	$14.26	-65.9%	Overvalued
RRR — Red Rock Resorts, Inc. - Class A Common Stock	$3.3B	$57.09	$-19.36	-133.9%	Overvalued
PENN — Penn Entertainment, Inc. - Common Stock	$2.3B	$17.20	$-8.66	-150.3%	Overvalued
Cannot calculate DCF
BALY — Bally's Corporation Common Stock	$499M	$10.19	N/A	N/A	N/A
CNTY — Century Casinos, Inc. - Common Stock	$35M	$1.26	N/A	N/A	N/A
CZR — Caesars Entertainment, Inc. - Common Stock	$6.0B	$29.68	N/A	N/A	N/A
FLL — Full House Resorts, Inc. - Common Stock	$74M	$2.04	N/A	N/A	N/A
MLCO — Melco Resorts & Entertainment Ltd. ADR	$6.3B	$5.19	N/A	N/A	N/A
MSC — Studio City International Holdings Ltd. ADR	$331M	$1.81	N/A	N/A	N/A
VAC — Marriott Vacations Worldwide Corporation Common Stock	$3.4B	$99.20	N/A	N/A	N/A

▶ Lodging (4+6 total)

-77.8%

-71.3%

Overvalued


MAR — Marriott International	$88.6B	$336.09	$235.34	-30.0%	Overvalued
HLT — Hilton Worldwide	$71.6B	$314.36	$111.78	-64.4%	Overvalued
WH — Wyndham Hotels & Resorts, Inc. Common Stock	$5.3B	$71.00	$6.30	-91.1%	Overvalued
CHH — Choice Hotels International, Inc. Common Stock	$4.5B	$99.40	$0.21	-99.8%	Overvalued
Cannot calculate DCF
ATAT — Atour Lifestyle Holdings Ltd. ADR	$14.3B	$34.60	N/A	N/A	N/A
CVEO — Civeo Corporation (Canada) Common Shares	$371M	$33.89	N/A	N/A	N/A
GHG — Greentree Hospitality Group Ltd. ADR	$109M	$1.07	N/A	N/A	N/A
H — Hyatt Hotels Corporation Class A Common Stock	$15.6B	$165.34	N/A	N/A	N/A
HTHT — H World Group Ltd. ADR	$142.2B	$46.30	N/A	N/A	N/A
IHG — Intercontinental Hotels Group Plc. /New/ ADR	$26.5B	$160.62	N/A	N/A	N/A

▶ Retail - Eating & Drinking Places (2)

-84.8%

Overvalued


BROS — Dutch Bros Inc. Class A Common Stock	$6.3B	$46.21	$9.89	-78.6%	Overvalued
SBUX — Starbucks	$120.6B	$105.79	$9.61	-90.9%	Overvalued

▶ Industrials

233

-27.5%

67 / 152 / 14

-20.5%

Overvalued

152

Valuation

▶ Airports & Air Services (1+5 total)

+78.5%

Undervalued


ASLE — Aersale Corporation - Common Stock	$267M	$5.64	$10.07	+78.5%	Undervalued
Cannot calculate DCF
ASR — Grupo Aeroportuario Del Sureste, S.A. de C.v. Common Stock ADR	$7.1B	$257.76	N/A	N/A	N/A
CAAP — Corporacion America Airports S.A. Common Shares Foreign	$3.9B	$24.15	N/A	N/A	N/A
OMAB — Central North Airport Group ADR	$4.8B	$99.19	N/A	N/A	N/A
PAC — Grupo Aeroportuario Del Pacifico, S.A. B de C.v. Grupo Aeroportuario Del Pacifico, S.A. de C.v. (Each Representing 10 Series B Shares) ADR	$10.8B	$208.29	N/A	N/A	N/A
UP — Wheels Up Experience Inc. Class A Common Stock	$162M	$4.46	N/A	N/A	N/A

▶ Rental & Leasing Services (7+8 total)

+60.7%

+49.2%

Undervalued


WLFC — Willis Lease Finance Corporation - Common Stock	$442M	$55.46	$412.19	+643.2%	Undervalued
HRI — Herc Holdings Inc. Common Stock	$4.6B	$138.74	$658.30	+374.5%	Undervalued
PRG — Prog Holdings, Inc. Common Stock	$1.5B	$38.47	$120.59	+213.5%	Undervalued
URI — United Rentals	$62.2B	$993.65	$1596.53	+60.7%	Undervalued
MGRC — McGrath Rentcorp - Common Stock	$2.7B	$109.78	$127.90	+16.5%	Undervalued
R — Ryder System, Inc. Common Stock	$9.6B	$247.44	$-81.57	-133.0%	Overvalued
GATX — Gatx Corporation Common Stock	$6.3B	$177.08	$-297.05	-267.7%	Overvalued
Cannot calculate DCF
AER — Aercap Holdings N.V. Ordinary Shares Foreign	$23.7B	$146.48	N/A	N/A	N/A
ALTG — Alta Equipment Group Inc. Class A Common Stock	$186M	$5.73	N/A	N/A	N/A
CAR — Avis Budget Group, Inc. - Common Stock	$4.9B	$138.72	N/A	N/A	N/A
CTOS — Custom Truck One Source, Inc. Common Stock	$2.0B	$8.94	N/A	N/A	N/A
HTZ — Hertz Global Holdings, Inc. - Common Stock	$717M	$2.27	N/A	N/A	N/A
UHAL — U-haul Holding Company Common Stock	$13.3B	$67.58	N/A	N/A	N/A
VSTS — Vestis Corporation Common Stock	$1.7B	$12.52	N/A	N/A	N/A
WSC — Willscot Holdings Corporation - Class A Common Stock	$3.5B	$19.45	N/A	N/A	N/A

▶ Staffing & Employment Services (4+9 total)

+50.3%

+45.2%

Undervalued


KFY — Korn Ferry Common Stock	$4.3B	$85.67	$154.38	+80.2%	Undervalued
TNET — Trinet Group, Inc. Common Stock	$3.2B	$69.35	$107.30	+54.7%	Undervalued
BBSI — Barrett Business Services, Inc. - Common Stock	$830M	$33.81	$49.33	+45.9%	Undervalued
KFRC — Kforce, Inc. Common Stock	$958M	$53.75	$51.28	+0.0%	Fair
Cannot calculate DCF
ATLN — Atlantic International Corp. - Common Stock	$71M	$0.90	N/A	N/A	N/A
KELYA — Kelly Services, Inc. - Class A Common Stock	$578M	$16.67	N/A	N/A	N/A
KELYB — Kelly Services, Inc. - Class B Common Stock	$745M	$21.50	N/A	N/A	N/A
MAN — Manpowergroup Common Stock	$2.9B	$61.42	N/A	N/A	N/A
MHH — Mastech Digital, Inc. Common Stock	$89M	$7.45	N/A	N/A	N/A
NSP — Insperity, Inc. Common Stock	$2.0B	$51.87	N/A	N/A	N/A
RHI — Robert Half Inc. Common Stock	$4.4B	$43.01	N/A	N/A	N/A
STRR — Star Equity Holdings, Inc. - Common Stock	$40M	$10.81	N/A	N/A	N/A
TBI — Trueblue, Inc. Common Stock	$301M	$9.90	N/A	N/A	N/A

▶ Consulting Services (7+4 total)

+0.0%

+17.5%

Fair


BAH — Booz Allen Hamilton Holding Corporation Common Stock	$8.8B	$73.83	$177.34	+140.2%	Undervalued
ICFI — ICF International, Inc. - Common Stock	$1.6B	$89.77	$135.27	+50.7%	Undervalued
HURN — Huron Consulting Group Inc. - Common Stock	$2.6B	$158.06	$237.16	+50.0%	Undervalued
EFX — Equifax	$22.5B	$189.11	$192.91	+0.0%	Fair
VRSK — Verisk Analytics	$25.0B	$190.56	$183.97	+0.0%	Fair
FCN — FTI Consulting, Inc. Common Stock	$4.6B	$153.18	$66.38	-56.7%	Overvalued
CRAI — CRA International,Inc. - Common Stock	$1.1B	$172.60	$66.10	-61.7%	Overvalued
Cannot calculate DCF
FORR — Forrester Research, Inc. - Common Stock	$242M	$12.46	N/A	N/A	N/A
LAWR — Robot Consulting Co., Ltd. ADR	$172M	$3.75	N/A	N/A	N/A
PPHC — Public Policy Holding Company, Inc. - Common Stock	$325M	$11.24	N/A	N/A	N/A
RGP — Resources Connection, Inc. - Common Stock	$146M	$4.25	N/A	N/A	N/A

▶ Security & Protection Services (8+6 total)

-4.7%

-19.8%

Fair


BCO — Brinks Company (the) Common Stock	$4.4B	$106.21	$196.23	+84.8%	Undervalued
CIX — Compx International Inc. Common Stock	$443M	$35.93	$41.12	+14.4%	Undervalued
ALLE — Allegion	$13.4B	$155.56	$161.95	+0.0%	Fair
NSSC — Napco Security Technologies, Inc. - Common Stock	$1.3B	$37.05	$36.38	+0.0%	Fair
MSA — MSA Safety Incorporated Common Stock	$7.3B	$187.85	$170.34	-9.3%	Overvalued
BRC — Brady Corporation Common Stock	$4.3B	$90.19	$70.79	-21.5%	Overvalued
GEO — Geo Group Inc. (the) Reit	$4.1B	$30.86	$-2.58	-108.4%	Overvalued
CXW — Corecivic, Inc. Common Stock	$3.3B	$33.62	$-6.22	-118.5%	Overvalued
Cannot calculate DCF
ADT — ADT Inc. Common Stock	$5.5B	$7.51	N/A	N/A	N/A
BAER — Bridger Aerospace Group Holdings, Inc. - Common Stock	$64M	$1.10	N/A	N/A	N/A
EVLV — Evolv Technologies Holdings, Inc. - Class A Common Stock	$892M	$4.96	N/A	N/A	N/A
MG — Mistras Group Inc. Common Stock	$607M	$19.07	N/A	N/A	N/A
NL — NLI Holdings, Inc. Common Stock	$340M	$6.95	N/A	N/A	N/A
SUGP — SU Group Holdings Limited - Class A Ordinary Shares Foreign	$913968.0	$0.66	N/A	N/A	N/A

▶ Specialty Business Services (15+16 total)

-7.8%

+12.4%

Overvalued


LZ — Legalzoom.com, Inc. - Common Stock	$1.1B	$6.39	$21.58	+237.7%	Undervalued
MMS — Maximus, Inc. Common Stock	$3.1B	$58.33	$143.77	+146.5%	Undervalued
DLB — Dolby Laboratories Common Stock	$5.9B	$61.90	$109.17	+76.4%	Undervalued
GPN — Global Payments	$25.1B	$91.75	$121.07	+32.0%	Undervalued
CASS — Cass Information Systems, Inc. - Common Stock	$717M	$55.74	$70.02	+25.6%	Undervalued
RBA — RB Global, Inc. Common Stock	$15.5B	$83.28	$81.69	+0.0%	Fair
CPRT — Copart	$31.1B	$33.58	$31.66	-5.7%	Overvalued
CBZ — Cbiz, Inc. Common Stock	$2.9B	$54.92	$50.63	-7.8%	Overvalued
AZZ — AZZ Inc.	$4.1B	$137.38	$108.79	-20.8%	Overvalued
UNF — Unifirst Corporation Common Stock	$4.8B	$275.18	$205.87	-25.2%	Overvalued
ARMK — Aramark Common Stock	$15.1B	$57.29	$41.17	-28.1%	Overvalued
ULS — UL Solutions Inc. Class A Common Stock	$15.1B	$74.67	$46.35	-37.9%	Overvalued
CTAS — Cintas	$80.4B	$201.01	$98.52	-51.0%	Overvalued
TRNS — Transcat, Inc. - Common Stock	$799M	$85.50	$39.37	-54.0%	Overvalued
ABM — ABM Industries Incorporated Common Stock	$2.8B	$47.23	$17.33	-63.3%	Overvalued
Cannot calculate DCF
BV — Brightview Holdings, Inc. Common Stock	$1.1B	$11.30	N/A	N/A	N/A
CMPR — Cimpress Plc. - Ordinary Shares	$2.1B	$88.40	N/A	N/A	N/A
CRE — Cre8 Enterprise Limited - Class A Ordinary Shares Foreign	$6M	$2.86	N/A	N/A	N/A
DLHC — DLH Holdings Corp. - Common Stock	$61M	$4.20	N/A	N/A	N/A
FA — First Advantage Corporation - Common Stock	$3.6B	$21.05	N/A	N/A	N/A
KODK — Eastman Kodak Company Common New	$893M	$9.15	N/A	N/A	N/A
QUAD — Quad Graphics, Inc. Class A Common Stock	$533M	$10.34	N/A	N/A	N/A
RELX — Relx Plc. ADR	$66.7B	$36.65	N/A	N/A	N/A
RTO — Rentokil Initial Plc. /Fi ADR	$60.7B	$24.02	N/A	N/A	N/A
SFHG — Samfine Creation Holdings Group Limited - Class A Ordinary Share Foreign	$8M	$2.42	N/A	N/A	N/A
SGRP — Spar Group, Inc. - Common Stock	$7M	$0.28	N/A	N/A	N/A
SST — System1, Inc. Class A Common Stock	$30M	$3.67	N/A	N/A	N/A
TH — Target Hospitality Corp. - Common Stock	$1.8B	$18.57	N/A	N/A	N/A
THH — Tryhard Holdings Limited - Ordinary Shares Foreign	$87M	$1.74	N/A	N/A	N/A
TISI — Team, Inc. Common Stock	$124M	$27.09	N/A	N/A	N/A
TRI — Thomson Reuters Corp. - Common Shares Foreign	$48.8B	$111.80	N/A	N/A	N/A

▶ Industrial Distribution (12+9 total)

-7.9%

-8.0%

Overvalued


BXC — Bluelinx Holdings Inc. Common Stock	$601M	$77.19	$193.27	+150.4%	Undervalued
EVI — EVI Industries, Inc. Common Stock	$168M	$13.09	$26.74	+104.3%	Undervalued
SITE — Siteone Landscape Supply, Inc. Common Stock	$4.4B	$98.23	$113.26	+15.3%	Undervalued
WSO — Watsco, Inc. Common Stock	$12.8B	$315.25	$322.12	+0.0%	Fair
WSO.B — Watsco, Inc. Class B Common Stock	$12.7B	$312.55	$322.12	+0.0%	Fair
GIC — Global Industrial Company Common Stock	$1.5B	$39.14	$36.14	-7.7%	Overvalued
POOL — Pool Corporation	$6.7B	$184.07	$168.90	-8.2%	Overvalued
AIT — Applied Industrial Technologies, Inc. Common Stock	$11.9B	$322.46	$292.91	-9.2%	Overvalued
GWW — W W Grainger	$61.9B	$1311.39	$624.64	-52.4%	Overvalued
FAST — Fastenal	$56.5B	$49.23	$21.80	-55.7%	Overvalued
DXPE — DXP Enterprises, Inc. - Common Stock	$2.8B	$181.38	$-5.80	-103.2%	Overvalued
WCC — Wesco International, Inc. Common Stock	$16.5B	$338.27	$-99.07	-129.3%	Overvalued
Cannot calculate DCF
CNM — Core & Main, Inc. Class A Common Stock	$8.3B	$43.98	N/A	N/A	N/A
DNOW — Dnow Inc. Common Stock	$2.9B	$15.80	N/A	N/A	N/A
DSGR — Distribution Solutions Group, Inc. - Common Stock	$1.6B	$34.73	N/A	N/A	N/A
FERG — Ferguson Enterprises Inc. Common Stock	$43.2B	$223.19	N/A	N/A	N/A
MSM — MSC Industrial Direct Company, Inc. Common Stock	$6.6B	$117.84	N/A	N/A	N/A
QXO — QXO Inc. Common Stock	$9.8B	$13.46	N/A	N/A	N/A
REZI — Resideo Technologies, Inc. Common Stock	$3.0B	$19.53	N/A	N/A	N/A
TITN — Titan Machinery Inc. - Common Stock	$533M	$22.86	N/A	N/A	N/A
XMTR — Xometry, Inc. - Class A Common Stock	$4.9B	$93.08	N/A	N/A	N/A

▶ Marine Shipping (3+18 total)

-11.0%

+3.8%

Overvalued


PANL — Pangaea Logistics Solutions Ltd. - Common Stock	$542M	$8.29	$16.92	+104.1%	Undervalued
KEX — Kirby Corporation Common Stock	$7.7B	$143.56	$127.73	-11.0%	Overvalued
MATX — Matson, Inc. Common Stock	$6.7B	$222.23	$40.67	-81.7%	Overvalued
Cannot calculate DCF
ASC — Ardmore Shipping Corporation Common Stock Foreign	$735M	$18.01	N/A	N/A	N/A
CCEC — Capital Clean Energy Carriers Corp. - Common Share Foreign	$1.4B	$22.58	N/A	N/A	N/A
CMRE — Costamare Inc. Common Stock $0.0001 Par Value Foreign	$1.9B	$15.39	N/A	N/A	N/A
DAC — Danaos Corporation Common Stock Foreign	$2.8B	$153.89	N/A	N/A	N/A
DSX — Diana Shipping Inc. Common Stock Foreign	$369M	$2.97	N/A	N/A	N/A
ESEA — Euroseas Ltd. - Common Stock Foreign	$542M	$76.85	N/A	N/A	N/A
GASS — Stealthgas, Inc. - Common Stock Foreign	$345M	$9.29	N/A	N/A	N/A
GNK — Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands)	$1.2B	$27.27	N/A	N/A	N/A
GSL — Global Ship Lease Inc. New Class A Common Shares Foreign	$1.6B	$45.76	N/A	N/A	N/A
HAFN — Hafnia Limited Common Shares Foreign	$4.5B	$8.93	N/A	N/A	N/A
HTCO — High-trend International Group - Class A Ordinary Shares Foreign	$20M	$2.67	N/A	N/A	N/A
NMM — Navios Maritime Partners L.P. Common Units Representing Limited Partner Interests LP Foreign	$2.6B	$91.51	N/A	N/A	N/A
SB — Safe Bulkers, Inc. Common Stock ($0.001 Par Value) Foreign	$922M	$9.02	N/A	N/A	N/A
SBLK — Star Bulk Carriers Corp. - Common Shares Foreign	$3.6B	$31.86	N/A	N/A	N/A
SFL — SFL Corporation Ltd. Foreign	$1.8B	$12.62	N/A	N/A	N/A
SHIP — Seanergy Maritime Holdings Corp. - Common Stock Foreign	$390M	$18.49	N/A	N/A	N/A
SMHI — Seacor Marine Holdings Inc. Common Stock	$263M	$9.71	N/A	N/A	N/A
ZIM — ZIM Integrated Shipping Services Ltd. Ordinary Shares ADR	$3.3B	$27.61	N/A	N/A	N/A

▶ Engineering & Construction (21+15 total)

-11.2%

-10.3%

Overvalued


PRIM — Primoris Services Corporation Common Stock	$4.0B	$73.59	$149.74	+103.5%	Undervalued
AGX — Argan, Inc. Common Stock	$5.8B	$411.77	$717.72	+74.3%	Undervalued
ACM — Aecom Common Stock	$8.6B	$66.83	$111.84	+67.3%	Undervalued
WLDN — Willdan Group, Inc. - Common Stock	$1.3B	$86.93	$127.60	+46.8%	Undervalued
BLD — Topbuild Corp. Common Stock	$10.0B	$353.73	$491.47	+38.9%	Undervalued
GVA — Granite Construction Incorporated Common Stock	$5.2B	$119.50	$160.36	+34.2%	Undervalued
MYRG — MYR Group, Inc. - Common Stock	$4.4B	$283.67	$358.77	+26.5%	Undervalued
BWMN — Bowman Consulting Group Ltd. - Common Stock	$746M	$42.60	$45.20	+6.1%	Undervalued
TTEK — Tetra Tech, Inc. - Common Stock	$9.4B	$36.30	$37.74	+0.0%	Fair
EXPO — Exponent, Inc. - Common Stock	$3.4B	$70.12	$64.26	-8.4%	Overvalued
EME — Emcor	$32.9B	$741.14	$658.39	-11.2%	Overvalued
IESC — IES Holdings, Inc. - Common Stock	$6.3B	$314.88	$265.01	-15.8%	Overvalued
DY — Dycom Industries, Inc. Common Stock	$8.9B	$295.48	$240.56	-18.6%	Overvalued
STRL — Sterling Infrastructure, Inc. - Common Stock	$14.1B	$460.47	$282.96	-38.5%	Overvalued
ACA — Arcosa, Inc. Common Stock	$7.1B	$145.48	$88.80	-39.0%	Overvalued
PWR — Quanta Services	$93.1B	$620.25	$320.96	-48.3%	Overvalued
FIX — Comfort Systems USA	$55.6B	$1579.90	$717.22	-54.6%	Overvalued
ESOA — Energy Services of America Corporation - Common Stock	$210M	$11.28	$4.93	-56.3%	Overvalued
ROAD — Construction Partners, Inc. - Common Stock	$5.8B	$102.74	$33.31	-67.6%	Overvalued
J — Jacobs Solutions	$17.4B	$147.51	$31.65	-78.5%	Overvalued
BBCP — Concrete Pumping Holdings, Inc. - Common Stock	$456M	$9.05	$-6.95	-176.8%	Overvalued
Cannot calculate DCF
AMRC — Ameresco, Inc. Class A Common Stock	$1.2B	$22.77	N/A	N/A	N/A
APG — Api Group Corporation Common Stock	$17.4B	$40.05	N/A	N/A	N/A
BLNK — Blink Charging Co. - Common Stock	$85M	$0.59	N/A	N/A	N/A
CDLR — Cadeler A/S American Depositary Share (Each Representing Four (4) Ordinary Shares) ADR	$2.4B	$25.29	N/A	N/A	N/A
FER — Ferrovial N.V. - Ordinary Shares Foreign	$41.9B	$58.12	N/A	N/A	N/A
FGL — Founder Group Limited - Class A Ordinary Shares Foreign	$149500.0	$13.00	N/A	N/A	N/A
FLR — Fluor Corporation Common Stock	$8.0B	$57.51	N/A	N/A	N/A
KBR — KBR Inc. Common Stock	$4.7B	$37.28	N/A	N/A	N/A
MTRX — Matrix Service Company - Common Stock	$297M	$10.55	N/A	N/A	N/A
MTZ — Mastec, Inc. Common Stock	$18.4B	$232.32	N/A	N/A	N/A
ORN — Orion Group Holdings, Inc. Common	$370M	$9.15	N/A	N/A	N/A
SHIM — Shimmick Corporation - Common Stock	$150M	$3.65	N/A	N/A	N/A
STN — Stantec Inc. Common Stock Foreign	$8.3B	$73.02	N/A	N/A	N/A
TPC — Tutor Perini Corporation Common Stock	$4.6B	$87.25	N/A	N/A	N/A
VATE — Innovate Corp. Common Stock	$101M	$7.40	N/A	N/A	N/A

▶ Pollution & Treatment Controls (3+1 total)

-11.7%

-32.3%

Overvalued


ERII — Energy Recovery, Inc. - Common Stock	$395M	$7.66	$8.94	+16.7%	Undervalued
ZWS — Zurn Elkay Water Solutions Corporation Common Stock	$7.9B	$47.63	$42.04	-11.7%	Overvalued
CECO — Ceco Environmental Corp. - Common Stock	$2.7B	$74.35	$-1.38	-101.9%	Overvalued
Cannot calculate DCF
ARQ — Arq, Inc. - Common Stock	$97M	$2.26	N/A	N/A	N/A

▶ Integrated Freight & Logistics (7+11 total)

-16.1%

-59.4%

Overvalued


EXPD — Expeditors International	$24.5B	$187.13	$182.57	+0.0%	Fair
UPS — United Parcel Service	$88.0B	$103.49	$94.85	-8.3%	Overvalued
CHRW — C.h. Robinson	$17.3B	$146.69	$123.95	-15.5%	Overvalued
JBHT — J.b. Hunt	$25.0B	$266.36	$223.36	-16.1%	Overvalued
RLGT — Radiant Logistics, Inc. Common Stock	$393M	$8.39	$1.38	-83.6%	Overvalued
FDX — Fedex	$77.4B	$324.28	$-33.12	-110.2%	Overvalued
GXO — GXO Logistics, Inc. Common Stock	$5.4B	$47.15	$-38.85	-182.4%	Overvalued
Cannot calculate DCF
BTOC — Armlogi Holding Corp. - Common Stock	$14M	$0.30	N/A	N/A	N/A
CYRX — Cryoport, Inc. - Common Stock	$800M	$15.87	N/A	N/A	N/A
FLX — Bingex Ltd. ADR	$139M	$1.92	N/A	N/A	N/A
FWRD — Forward Air Corporation - Common Stock	$515M	$16.30	N/A	N/A	N/A
HUBG — Hub Group, Inc. - Class A Common Stock	$2.2B	$36.52	N/A	N/A	N/A
JYD — Jayud Global Logistics Limited - Class A Ordinary Shares Foreign	$8M	$0.93	N/A	N/A	N/A
LSTR — Landstar System, Inc. - Common Stock	$5.9B	$174.31	N/A	N/A	N/A
PBI — Pitney Bowes Inc. Common Stock	$2.4B	$17.58	N/A	N/A	N/A
SFWL — Shengfeng Development Limited - Class A Ordinary Shares Foreign	$74M	$0.90	N/A	N/A	N/A
SLGB — Smart Logistics Global Limited - Ordinary Shares Foreign	$18M	$0.43	N/A	N/A	N/A
ZTO — ZTO Express (Cayman) Inc. ADR	$16.5B	$20.89	N/A	N/A	N/A

▶ Tools & Accessories (7+2 total)

-21.3%

-22.3%

Overvalued


TTC — Toro Company (the) Common Stock	$8.8B	$92.31	$136.86	+48.3%	Undervalued
SNA — Snap-on	$19.9B	$384.10	$467.93	+21.8%	Undervalued
TKR — Timken Company (the) Common Stock	$8.4B	$121.09	$116.24	+0.0%	Fair
LECO — Lincoln Electric Holdings, Inc. - Common Shares	$15.0B	$273.68	$215.40	-21.3%	Overvalued
KMT — Kennametal Inc. Common Stock	$2.2B	$29.41	$21.27	-27.7%	Overvalued
RBC — RBC Bearings Incorporated Common Stock	$15.5B	$490.59	$230.44	-53.0%	Overvalued
HLMN — Hillman Solutions Corp. - Common Stock	$1.5B	$7.69	$-1.86	-124.2%	Overvalued
Cannot calculate DCF
EML — Eastern Company (the) - Common Stock	$167M	$27.67	N/A	N/A	N/A
SWK — Stanley Black & Decker	$15.0B	$96.52	N/A	N/A	N/A

▶ Business Equipment & Supplies (1+3 total)

-25.7%

Overvalued


EBF — Ennis, Inc. Common Stock	$539M	$21.34	$15.85	-25.7%	Overvalued
Cannot calculate DCF
ACCO — Acco Brands Corporation Common Stock	$400M	$4.34	N/A	N/A	N/A
ACTG — Acacia Research Corporation - Common Stock	$436M	$4.51	N/A	N/A	N/A
XRX — Xerox Holdings Corporation - Common Stock	$430M	$3.29	N/A	N/A	N/A

▶ Farm & Heavy Construction Machinery (12+7 total)

-27.4%

-17.3%

Overvalued


BLBD — Blue Bird Corporation - Common Stock	$2.0B	$63.69	$119.07	+87.0%	Undervalued
ALG — Alamo Group, Inc. Common Stock	$2.1B	$171.54	$311.19	+81.4%	Undervalued
PCAR — Paccar	$65.5B	$124.51	$192.65	+54.7%	Undervalued
OSK — Oshkosh Corporation (Holding Company)common Stock	$9.7B	$156.36	$224.61	+43.6%	Undervalued
TEX — Terex Corporation Common Stock	$7.2B	$62.79	$50.79	-19.1%	Overvalued
FSS — Federal Signal Corporation Common Stock	$7.1B	$117.20	$89.15	-23.9%	Overvalued
LNN — Lindsay Corporation Common Stock	$1.2B	$122.61	$84.75	-30.9%	Overvalued
DE — Deere & Company	$187.4B	$694.42	$404.08	-41.8%	Overvalued
CAT — Caterpillar Inc.	$368.4B	$799.92	$405.53	-49.3%	Overvalued
ASTE — Astec Industries, Inc. - Common Stock	$974M	$42.36	$9.22	-78.2%	Overvalued
GENC — Gencor Industries, Inc. Common Stock	$266M	$18.13	$2.01	-88.9%	Overvalued
MTW — Manitowoc Company, Inc. (the) Common Stock	$734M	$20.43	$-8.61	-142.1%	Overvalued
Cannot calculate DCF
AGCO — Agco Corporation Common Stock	$9.1B	$125.82	N/A	N/A	N/A
CMCO — Columbus McKinnon Corporation - Common Stock	$525M	$18.25	N/A	N/A	N/A
CNH — CNH Industrial N.V. Common Shares Foreign	$17.2B	$13.84	N/A	N/A	N/A
HY — Hyster-yale, Inc. Class A Common Stock	$606M	$33.83	N/A	N/A	N/A
HYFM — Hydrofarm Holdings Group, Inc. - Common Stock	$5M	$0.99	N/A	N/A	N/A
TWI — Titan International, Inc. DE Common Stock	$492M	$7.64	N/A	N/A	N/A
WNC — Wabash National Corporation Common Stock	$582M	$14.32	N/A	N/A	N/A

▶ Specialty Industrial Machinery (33+17 total)

-30.4%

-35.4%

Overvalued


AOS — A O Smith	$8.3B	$60.53	$93.90	+55.1%	Undervalued
PNR — Pentair	$9.7B	$60.02	$76.84	+28.0%	Undervalued
GGG — Graco Inc. Common Stock	$12.9B	$78.02	$94.71	+21.4%	Undervalued
GTES — Gates Industrial Corporation Plc. Ordinary Shares	$6.4B	$25.18	$29.38	+16.7%	Undervalued
XYL — Xylem Inc.	$25.7B	$107.92	$118.98	+10.2%	Undervalued
KAI — Kadant Inc. Common Stock	$3.5B	$297.85	$319.33	+7.2%	Undervalued
FELE — Franklin Electric Co., Inc. - Common Stock	$4.4B	$99.21	$105.93	+6.8%	Undervalued
HLIO — Helios Technologies, Inc. Common Stock	$2.4B	$72.01	$76.08	+5.7%	Undervalued
IR — Ingersoll Rand	$29.5B	$75.39	$76.98	+0.0%	Fair
MWA — Mueller Water Products Common Stock	$3.7B	$23.89	$24.58	+0.0%	Fair
FLS — Flowserve Corporation Common Stock	$9.9B	$77.09	$69.89	-9.3%	Overvalued
DOV — Dover Corporation	$25.7B	$190.98	$167.08	-12.5%	Overvalued
NDSN — Nordson Corporation	$17.7B	$317.39	$246.93	-22.2%	Overvalued
WTS — Watts Water Technologies, Inc. Class A Common Stock	$11.9B	$355.60	$258.76	-27.2%	Overvalued
AME — AMETEK	$53.7B	$234.20	$169.91	-27.5%	Overvalued
DCI — Donaldson Company, Inc. Common Stock	$10.5B	$90.56	$65.38	-27.8%	Overvalued
CMI — Cummins	$75.3B	$545.50	$379.94	-30.4%	Overvalued
ROK — Rockwell Automation	$47.7B	$428.36	$269.46	-37.1%	Overvalued
EPAC — Enerpac Tool Group Corp. Common Stock	$1.9B	$36.95	$22.93	-37.9%	Overvalued
IEX — IDEX Corporation	$16.5B	$223.22	$135.92	-39.1%	Overvalued
PH — Parker Hannifin	$121.5B	$964.52	$571.72	-40.7%	Overvalued
GRC — Gorman-rupp Company (the) Common Stock	$2.0B	$74.99	$41.88	-44.2%	Overvalued
ETN — Eaton Corporation	$154.2B	$397.05	$207.21	-47.8%	Overvalued
CSW — CSW Industrials, Inc. Common Stock	$5.0B	$305.86	$158.87	-48.1%	Overvalued
GNRC — Generac	$10.8B	$182.98	$76.86	-58.0%	Overvalued
EMR — Emerson Electric	$84.1B	$150.19	$57.11	-62.0%	Overvalued
TNC — Tennant Company Common Stock	$1.2B	$70.15	$12.99	-81.5%	Overvalued
GTLS — Chart Industries, Inc. Common Stock	$10.1B	$209.97	$33.42	-84.1%	Overvalued
PSIX — Power Solutions International, Inc. - Common Stock	$839M	$36.42	$3.69	-89.9%	Overvalued
GHM — Graham Corporation Common Stock	$949M	$85.72	$0.87	-99.0%	Overvalued
SXI — Standex International Corporation Common Stock	$3.3B	$276.34	$-0.17	-100.1%	Overvalued
CXT — Crane NXT Co. Common Stock	$2.9B	$49.83	$-1.93	-103.9%	Overvalued
PKOH — Park-ohio Holdings Corp. - Common Stock	$647M	$44.93	$-39.60	-188.1%	Overvalued
Cannot calculate DCF
AMSC — American Superconductor Corporation - Common Stock	$1.4B	$29.01	N/A	N/A	N/A
BW — Babcock & Wilcox Enterprises, Inc. Common Stock	$1.1B	$7.12	N/A	N/A	N/A
BWEN — Broadwind, Inc. - Common Stock	$96M	$4.11	N/A	N/A	N/A
CR — Crane Company Common Stock	$11.7B	$202.93	N/A	N/A	N/A
HURC — Hurco Companies, Inc. - Common Stock	$148M	$22.75	N/A	N/A	N/A
ITT — ITT Inc. Common Stock	$18.2B	$203.62	N/A	N/A	N/A
ITW — Illinois Tool Works	$78.1B	$271.54	N/A	N/A	N/A
JBTM — JBT Marel Corporation Common Stock	$6.1B	$117.55	N/A	N/A	N/A
KRNT — Kornit Digital Ltd. - Ordinary Shares Foreign	$719M	$16.04	N/A	N/A	N/A
LXFR — Luxfer Holdings Plc. Ordinary Shares	$465M	$17.21	N/A	N/A	N/A
MIDD — the Middleby Corporation - Common Stock	$5.1B	$112.28	N/A	N/A	N/A
MIR — Mirion Technologies, Inc. Class A Common Stock	$4.1B	$16.78	N/A	N/A	N/A
NPO — Enpro Inc. Common Stock	$6.2B	$295.29	N/A	N/A	N/A
OTIS — Otis Worldwide	$27.4B	$71.48	N/A	N/A	N/A
RRX — Regal Rexnord Corporation Common Stock	$10.8B	$162.47	N/A	N/A	N/A
SYM — Symbotic Inc. - Class A Common Stock	$5.3B	$41.61	N/A	N/A	N/A
TWIN — Twin Disc, Incorporated - Common Stock	$329M	$22.79	N/A	N/A	N/A

▶ Building Products & Equipment (18+9 total)

-35.8%

-24.4%

Overvalued


BLDR — Builders Firstsource	$6.9B	$64.17	$189.44	+195.2%	Undervalued
APOG — Apogee Enterprises, Inc. - Common Stock	$803M	$38.12	$97.25	+155.1%	Undervalued
CSL — Carlisle Companies Incorporated Common Stock	$14.0B	$345.04	$523.82	+51.8%	Undervalued
WMS — Advanced Drainage Systems, Inc. Common Stock	$10.3B	$134.77	$157.77	+17.1%	Undervalued
LII — Lennox International	$13.4B	$386.07	$434.89	+12.6%	Undervalued
MAS — Masco	$14.4B	$71.42	$75.22	+5.3%	Undervalued
AWI — Armstrong World Industries Inc. Common Stock	$7.3B	$170.81	$129.58	-24.1%	Overvalued
TREX — Trex Company, Inc. Common Stock	$4.5B	$43.67	$30.68	-29.7%	Overvalued
TT — Trane Technologies	$98.4B	$445.08	$288.10	-35.3%	Overvalued
CARR — Carrier Global	$49.1B	$59.07	$37.70	-36.2%	Overvalued
SPXC — SPX Technologies, Inc. Common Stock	$9.7B	$194.00	$122.31	-37.0%	Overvalued
LPX — Louisiana-pacific Corporation Common Stock	$4.7B	$67.74	$18.22	-73.1%	Overvalued
LMB — Limbach Holdings, Inc. - Common Stock	$591M	$49.57	$9.11	-81.6%	Overvalued
PPIH — Perma-pipe International Holdings, Inc. - Common Stock	$224M	$27.58	$1.18	-95.7%	Overvalued
AAON — Aaon, Inc. - Common Stock	$6.4B	$77.98	$0.17	-99.8%	Overvalued
GFF — Griffon Corporation Common Stock	$4.5B	$97.70	$-7.76	-107.9%	Overvalued
JCI — Johnson Controls	$86.8B	$142.26	$-13.88	-109.8%	Overvalued
JBI — Janus International Group, Inc. Common Stock	$683M	$5.01	$-2.29	-145.7%	Overvalued
Cannot calculate DCF
ARLO — Arlo Technologies, Inc. Common Stock	$1.5B	$13.46	N/A	N/A	N/A
CSTE — Caesarstone Ltd. - Ordinary Shares Foreign	$105M	$3.05	N/A	N/A	N/A
FBIN — Fortune Brands Innovations, Inc. Common Stock	$5.0B	$42.22	N/A	N/A	N/A
JELD — Jeld-wen Holding, Inc. Common Stock	$196M	$2.27	N/A	N/A	N/A
NPKI — NPK International Inc. Common Stock	$1.1B	$13.10	N/A	N/A	N/A
NX — Quanex Building Products Corporation Common Stock	$865M	$18.84	N/A	N/A	N/A
OC — Owens Corning Inc. Common Stock New	$10.8B	$134.72	N/A	N/A	N/A
ROCK — Gibraltar Industries, Inc. - Common Stock	$1.4B	$45.76	N/A	N/A	N/A
SWIM — Latham Group, Inc. - Common Stock	$814M	$6.93	N/A	N/A	N/A

▶ Electrical Equipment & Parts (11+13 total)

-37.4%

-26.9%

Overvalued


KE — Kimball Electronics, Inc. - Common Stock	$588M	$24.43	$145.84	+497.0%	Undervalued
ENS — Enersys Common Stock	$6.6B	$179.82	$285.44	+58.7%	Undervalued
AYI — Acuity Inc. Common Stock	$9.9B	$328.60	$403.32	+22.7%	Undervalued
HAYW — Hayward Holdings, Inc. Common Stock	$3.0B	$13.70	$11.40	-16.8%	Overvalued
HUBB — Hubbell Incorporated	$24.3B	$460.15	$362.35	-21.3%	Overvalued
POWL — Powell Industries, Inc. - Common Stock	$6.4B	$175.16	$109.73	-37.4%	Overvalued
VRT — Vertiv	$103.3B	$268.84	$112.78	-58.0%	Overvalued
NVT — Nvent Electric Plc. Ordinary Shares	$24.6B	$151.95	$33.44	-78.0%	Overvalued
AEIS — Advanced Energy Industries, Inc. - Common Stock	$10.4B	$274.30	$56.01	-79.6%	Overvalued
PLPC — Preformed Line Products Company - Common Stock	$1.9B	$392.63	$52.11	-86.7%	Overvalued
ENR — Energizer Holdings, Inc. Common Stock	$1.4B	$20.66	$-42.53	-305.9%	Overvalued
Cannot calculate DCF
APWC — Asia Pacific Wire & Cable Corporation Limited - Common Shares, Par Value 01 Per Share Foreign	$32M	$1.54	N/A	N/A	N/A
ATKR — Atkore Inc. Common Stock	$3.2B	$93.66	N/A	N/A	N/A
BE — Bloom Energy Corporation Class A Common Stock	$66.9B	$235.16	N/A	N/A	N/A
BLDP — Ballard Power Systems, Inc. - Common Shares Foreign	$690M	$2.29	N/A	N/A	N/A
CBAT — Cbak Energy Technology, Inc. - Common Stock	$91M	$1.03	N/A	N/A	N/A
EAF — Graftech International Ltd. Common Stock	$164M	$6.29	N/A	N/A	N/A
EOSE — Eos Energy Enterprises, Inc. - Common Stock	$1.2B	$3.51	N/A	N/A	N/A
FCEL — Fuelcell Energy, Inc. - Common Stock	$930M	$14.65	N/A	N/A	N/A
NVX — Novonix Ltd. ADR	$2.4B	$2.91	N/A	N/A	N/A
PLUG — Plug Power, Inc. - Common Stock	$2.9B	$2.11	N/A	N/A	N/A
TE — T1 Energy Inc. Common Stock	$1.3B	$4.54	N/A	N/A	N/A
ULBI — Ultralife Corporation - Common Stock	$101M	$6.04	N/A	N/A	N/A
XCH — Xchg Ltd. ADR	$9.8B	$3.51	N/A	N/A	N/A

▶ Aerospace & Defense (25+19 total)

-42.6%

-36.2%

Overvalued


SWBI — Smith & Wesson Brands, Inc. - Common Stock	$547M	$12.27	$34.03	+177.3%	Undervalued
TXT — Textron	$13.8B	$79.32	$117.02	+47.5%	Undervalued
HII — Huntington Ingalls Industries	$11.5B	$290.70	$389.80	+34.1%	Undervalued
LMT — Lockheed Martin	$122.9B	$532.89	$632.84	+18.8%	Undervalued
LHX — L3harris	$48.8B	$261.91	$290.40	+10.9%	Undervalued
NPK — National Presto Industries, Inc. Common Stock	$1.0B	$145.83	$144.28	+0.0%	Fair
CDRE — Cadre Holdings, Inc. Common Stock	$1.3B	$29.88	$27.13	-9.2%	Overvalued
NOC — Northrop Grumman	$75.0B	$528.37	$471.53	-10.8%	Overvalued
GD — General Dynamics	$98.9B	$365.82	$325.47	-11.0%	Overvalued
HEI.A — Heico Corporation Common Stock	$33.4B	$239.29	$146.94	-38.6%	Overvalued
RTX — RTX Corporation	$272.2B	$202.10	$119.60	-40.8%	Overvalued
CW — Curtiss-wright Corporation Common Stock	$21.0B	$568.79	$328.45	-42.3%	Overvalued
DRS — Leonardo DRS Inc. - Common Stock	$9.9B	$37.04	$21.26	-42.6%	Overvalued
HEI — Heico Corporation Common Stock	$45.5B	$325.86	$146.94	-54.9%	Overvalued
WWD — Woodward, Inc. - Common Stock	$20.4B	$342.13	$130.96	-61.7%	Overvalued
BWXT — BWX Technologies, Inc. Common Stock	$14.7B	$160.28	$59.73	-62.7%	Overvalued
HXL — Hexcel Corporation Common Stock	$7.0B	$92.41	$29.78	-67.8%	Overvalued
TDG — Transdigm Group	$64.8B	$1157.70	$292.70	-74.7%	Overvalued
HWM — Howmet Aerospace	$104.2B	$260.54	$61.94	-76.2%	Overvalued
MOG.A — Moog Inc. Class A Common Stock	$11.7B	$369.80	$61.00	-83.5%	Overvalued
MOG.B — Moog Inc. Class B Common Stock	$13.3B	$420.07	$61.00	-85.5%	Overvalued
AXON — Axon Enterprise	$43.4B	$537.91	$14.48	-97.3%	Overvalued
VSEC — VSE Corporation - Common Stock	$5.7B	$202.30	$-6.71	-103.3%	Overvalued
FTAI — Ftai Aviation Ltd. - Common Stock	$20.5B	$199.53	$-28.50	-114.3%	Overvalued
AIR — AAR Corp. Common Stock	$5.0B	$125.66	$-21.73	-117.3%	Overvalued
Cannot calculate DCF
ATRO — Astronics Corporation - Common Stock	$2.7B	$74.53	N/A	N/A	N/A
AVAV — Aerovironment, Inc. - Common Stock	$7.4B	$147.10	N/A	N/A	N/A
BA — Boeing	$166.0B	$210.53	N/A	N/A	N/A
BYRN — Byrna Technologies, Inc. - Common Stock	$77M	$3.41	N/A	N/A	N/A
CAE — CAE Inc. Ordinary Shares Foreign	$7.8B	$24.48	N/A	N/A	N/A
DCO — Ducommun Incorporated Common Stock	$2.5B	$166.33	N/A	N/A	N/A
EH — Ehang Holdings Limited - ADS ADR	$253M	$4.56	N/A	N/A	N/A
EMBJ — Embraer S.A. Common Stock ADR	$13.1B	$73.56	N/A	N/A	N/A
ESLT — Elbit Systems Ltd. - Ordinary Shares ADR	$32.8B	$701.55	N/A	N/A	N/A
GE — GE Aerospace	$345.9B	$333.42	N/A	N/A	N/A
KTOS — Kratos Defense & Security Solutions, Inc. - Common Stock	$9.0B	$48.08	N/A	N/A	N/A
LUNR — Intuitive Machines, Inc. - Class A Common Stock	$2.4B	$14.70	N/A	N/A	N/A
MRCY — Mercury Systems Inc. - Common Stock	$5.1B	$84.72	N/A	N/A	N/A
PL — Planet Labs PBC Class A Common Stock	$6.5B	$18.35	N/A	N/A	N/A
RDW — Redwire Corporation Common Stock	$2.1B	$10.37	N/A	N/A	N/A
RGR — Sturm, Ruger & Company, Inc. Common Stock	$593M	$37.19	N/A	N/A	N/A
RKLB — Rocket Lab Corporation - Common Stock	$36.9B	$63.77	N/A	N/A	N/A
TATT — TAT Technologies Ltd. - Ordinary Shares Foreign	$510M	$39.29	N/A	N/A	N/A
VVX — V2x, Inc. Common Stock	$2.4B	$76.06	N/A	N/A	N/A

▶ Railroads (8+2 total)

-44.3%

-27.7%

Overvalued


TRN — Trinity Industries, Inc. Common Stock	$2.2B	$28.10	$58.98	+109.9%	Undervalued
FSTR — L.b. Foster Company - Common Stock	$387M	$37.01	$51.15	+38.2%	Undervalued
CP — Canadian Pacific Kansas City Limited Common Shares	$81.1B	$91.30	$59.04	-35.3%	Overvalued
WAB — Wabtec	$47.6B	$280.59	$179.21	-36.1%	Overvalued
NSC — Norfolk Southern	$73.7B	$328.00	$155.82	-52.5%	Overvalued
CSX — CSX Corporation	$91.0B	$49.00	$22.85	-53.4%	Overvalued
UNP — Union Pacific Corporation	$171.6B	$289.03	$95.06	-67.1%	Overvalued
GBX — Greenbrier Companies, Inc. (the) Common Stock	$1.3B	$42.77	$-10.82	-125.3%	Overvalued
Cannot calculate DCF
CNI — Canadian National Railway Company Common Stock Foreign	$74.7B	$123.17	N/A	N/A	N/A
RAIL — Freightcar America, Inc. - Common Stock	$135M	$7.03	N/A	N/A	N/A

▶ Trucking (5+9 total)

-46.8%

-45.7%

Overvalued


CVLG — Covenant Logistics Group, Inc. Class A Common Stock	$866M	$34.41	$43.61	+26.7%	Undervalued
ARCB — Arcbest Corporation - Common Stock	$3.1B	$137.36	$115.90	-15.6%	Overvalued
ODFL — Old Dominion	$38.6B	$185.83	$98.81	-46.8%	Overvalued
XPO — XPO Inc. Common Stock	$21.7B	$184.98	$10.81	-94.2%	Overvalued
SAIA — Saia, Inc. - Common Stock	$9.2B	$345.84	$5.29	-98.5%	Overvalued
Cannot calculate DCF
HTLD — Heartland Express, Inc. - Common Stock	$959M	$12.38	N/A	N/A	N/A
KNX — Knight-swift Transportation Holdings Inc.	$11.3B	$69.50	N/A	N/A	N/A
MRTN — Marten Transport, Ltd. - Common Stock	$1.2B	$14.15	N/A	N/A	N/A
PAMT — Pamt Corp. - Common Stock	$264M	$12.62	N/A	N/A	N/A
RXO — RXO Inc. Common Stock	$3.3B	$19.95	N/A	N/A	N/A
SNDR — Schneider National, Inc. Common Stock	$6.0B	$34.04	N/A	N/A	N/A
TFII — TFI International Inc. Common Shares Foreign	$10.9B	$132.82	N/A	N/A	N/A
ULH — Universal Logistics Holdings, Inc. - Common Stock	$482M	$18.27	N/A	N/A	N/A
WERN — Werner Enterprises, Inc. - Common Stock	$2.3B	$38.53	N/A	N/A	N/A

▶ Waste Management (5+4 total)

-53.0%

-49.6%

Overvalued


WCN — Waste Connections, Inc. Common Shares	$42.4B	$166.82	$115.20	-30.9%	Overvalued
RSG — Republic Services	$69.3B	$225.09	$140.99	-37.4%	Overvalued
CLH — Clean Harbors, Inc. Common Stock	$16.8B	$318.65	$149.61	-53.0%	Overvalued
WM — Waste Management	$89.1B	$221.77	$84.91	-61.7%	Overvalued
CWST — Casella Waste Systems, Inc. - Class A Common Stock	$6.1B	$95.91	$33.46	-65.1%	Overvalued
Cannot calculate DCF
GFL — GFL Environmental Inc. Subordinate Voting Shares, No Par Value Foreign	$15.7B	$43.52	N/A	N/A	N/A
NVRI — Enviri Corporation Common Stock	$1.9B	$23.30	N/A	N/A	N/A
ONT — Onterris, Inc. Common Stock	$637M	$17.63	N/A	N/A	N/A
QRHC — Quest Resource Holding Corporation - Common Stock	$29M	$1.39	N/A	N/A	N/A

▶ Metal Fabrication (7+5 total)

-70.2%

-36.8%

Overvalued


MLI — Mueller Industries, Inc. Common Stock	$7.0B	$62.93	$159.33	+153.2%	Undervalued
ESAB — Esab Corporation Common Stock	$4.5B	$74.63	$39.30	-47.3%	Overvalued
CMC — Commercial Metals Company Common Stock	$7.6B	$68.75	$25.61	-62.7%	Overvalued
ATI — ATI Inc. Common Stock	$27.9B	$204.52	$60.92	-70.2%	Overvalued
CRS — Carpenter Technology Corporation Common Stock	$23.2B	$467.48	$128.63	-72.5%	Overvalued
IIIN — Insteel Industries, Inc. Common Stock	$602M	$31.11	$7.15	-77.0%	Overvalued
WOR — Worthington Enterprises, Inc. Common Shares	$3.0B	$61.22	$11.40	-81.4%	Overvalued
Cannot calculate DCF
AP — Ampco-pittsburgh Corporation Common Stock	$173M	$8.49	N/A	N/A	N/A
MEC — Mayville Engineering Company, Inc. Common Stock	$495M	$19.40	N/A	N/A	N/A
PRLB — Proto Labs, Inc. Common Stock	$1.9B	$79.53	N/A	N/A	N/A
RYZ — Ryerson Holding Corporation Common Stock	$1.3B	$25.78	N/A	N/A	N/A
TG — Tredegar Corporation Common Stock	$268M	$7.67	N/A	N/A	N/A

▶ Airlines (6+10 total)

-72.4%

-32.7%

Overvalued


SKYW — Skywest, Inc. - Common Stock	$3.8B	$96.21	$380.12	+295.1%	Undervalued
DAL — Delta Air Lines	$51.8B	$78.73	$124.62	+58.3%	Undervalued
UAL — United Airlines Holdings	$35.3B	$108.63	$41.00	-62.3%	Overvalued
LUV — Southwest Airlines	$18.9B	$38.69	$6.75	-82.6%	Overvalued
ALK — Alaska Air Group, Inc. Common Stock	$4.6B	$41.40	$-3.92	-109.5%	Overvalued
AAL — American Airlines Group, Inc. - Common Stock	$8.6B	$12.97	$-40.80	-414.6%	Overvalued
Cannot calculate DCF
ALGT — Allegiant Travel Company - Common Stock	$2.0B	$75.86	N/A	N/A	N/A
AZUL — Azul S.A. ADR	$1.3B	$7.33	N/A	N/A	N/A
CPA — Copa Holdings, S.A. Class A Common Stock Foreign	$5.3B	$129.41	N/A	N/A	N/A
FLYX — Flyexclusive, Inc. Class A Common Stock	$55M	$1.19	N/A	N/A	N/A
JBLU — Jetblue Airways Corporation - Common Stock	$1.7B	$4.62	N/A	N/A	N/A
RJET — Republic Airways Holdings Inc. - Common Stock	$804M	$17.16	N/A	N/A	N/A
RYAAY — Ryanair Holdings Plc. ADR	$57.1B	$54.67	N/A	N/A	N/A
SRFM — Surf Air Mobility Inc. Common Stock	$83M	$0.67	N/A	N/A	N/A
ULCC — Frontier Group Holdings, Inc. - Common Stock	$1.3B	$5.74	N/A	N/A	N/A
VLRS — Controladora Vuela Compania de Aviacion, S.A.b. de C.v. ADR	$763M	$6.65	N/A	N/A	N/A

▶ Conglomerates (7+14 total)

-76.2%

-54.1%

Overvalued


GHC — Graham Holdings Company Common Stock	$4.8B	$1121.63	$1370.24	+22.2%	Undervalued
HON — Honeywell	$65.7B	$207.46	$176.00	-15.2%	Overvalued
VMI — Valmont Industries, Inc. Common Stock	$9.2B	$474.83	$348.36	-26.6%	Overvalued
OTTR — Otter Tail Corporation - Common Stock	$3.7B	$89.27	$21.22	-76.2%	Overvalued
DLX — Deluxe Corporation Common Stock	$1.1B	$24.39	$5.57	-77.2%	Overvalued
RCMT — RCM Technologies, Inc. - Common Stock	$292M	$41.14	$5.53	-86.6%	Overvalued
SEB — Seaboard Corporation Common Stock	$4.1B	$4316.24	$-825.98	-119.1%	Overvalued
Cannot calculate DCF
AIRT — Air T Inc. - Common Stock	$89M	$32.95	N/A	N/A	N/A
BBUC — Brookfield Business Corporation Class A Subordinate Voting Shares Foreign	$5.6B	$27.31	N/A	N/A	N/A
BOC — Boston Omaha Corporation Class A Common Stock	$420M	$13.83	N/A	N/A	N/A
BOOM — DMC Global Inc. - Common Stock	$142M	$6.94	N/A	N/A	N/A
CODI — D/B/A Compass Diversified Holdings Shares of Beneficial Interest LP	$869M	$11.55	N/A	N/A	N/A
CRESY — Cresud Inc. ADR	$7.3B	$11.84	N/A	N/A	N/A
FIP — Ftai Infrastructure Inc. - Common Stock	$397M	$3.36	N/A	N/A	N/A
GPUS — Hyperscale Data, Inc. Common Stock	$102M	$0.19	N/A	N/A	N/A
HHS — Harte Hanks, Inc. - Common Stock	$31M	$4.24	N/A	N/A	N/A
MATW — Matthews International Corporation - Class A Common Stock	$658M	$21.09	N/A	N/A	N/A
MMM — 3M	$87.8B	$168.26	N/A	N/A	N/A
NNBR — NN Inc. - Common Stock	$183M	$3.47	N/A	N/A	N/A
PAM — Pampa Energia S.A. ADR	$4.6B	$84.74	N/A	N/A	N/A
TTI — Tetra Technologies, Inc. Common Stock	$940M	$6.94	N/A	N/A	N/A

▶ Real Estate

-37.2%

34 / 59 / 3

-20.4%

Overvalued

Valuation

▶ REIT-Office (6+14 total)

+184.4%

+58.9%

Undervalued


ESBA — Empire State Realty OP L.P. Series ES Operating Partnership Units Representing Limited Partnership Interests LP REIT	$1.2B	$4.20	$19.62	+367.1%	Undervalued
FISK — Empire State Realty OP L.P. Series 250 Operating Partnership Units Representing Limited Partnership Interests LP REIT	$1.2B	$4.46	$19.62	+339.9%	Undervalued
OGCP — Empire State Realty OP L.P. Series 60 Operating Partnership Units Representing Limited Partnership Interests LP REIT	$1.3B	$4.55	$19.62	+331.2%	Undervalued
HIW — Highwoods Properties, Inc. Common Stock REIT	$3.4B	$31.01	$42.70	+37.7%	Undervalued
KRC — Kilroy Realty Corporation Common Stock REIT	$4.3B	$36.96	$5.78	-84.4%	Overvalued
DEA — Easterly Government Properties, Inc. Common Stock REIT	$1.1B	$24.28	$-30.87	-227.1%	Overvalued
Cannot calculate DCF
ARE — Alexandria Real Estate Equities REIT	$9.2B	$52.69	N/A	N/A	N/A
BDN — Brandywine Realty Trust Common Stock REIT	$530M	$3.05	N/A	N/A	N/A
BXP — BXP Inc. REIT	$10.9B	$68.26	N/A	N/A	N/A
CDP — Copt Defense Properties Common Shares of Beneficial Interest REIT	$4.0B	$35.30	N/A	N/A	N/A
CMCT — Creative Media - Common Stock REIT	$10M	$3.60	N/A	N/A	N/A
CUZ — Cousins Properties Incorporated Common Stock REIT	$4.8B	$29.23	N/A	N/A	N/A
DEI — Douglas Emmett, Inc. Common Stock REIT	$1.9B	$11.27	N/A	N/A	N/A
FSP — Franklin Street Properties Corp. Common Stock REIT	$41M	$0.40	N/A	N/A	N/A
HPP — Hudson Pacific Properties, Inc. Common Stock REIT	$691M	$12.74	N/A	N/A	N/A
ONL — Orion Properties Inc. Common Stock REIT	$153M	$2.69	N/A	N/A	N/A
PDM — Piedmont Realty Trust, Inc. Class A Common Stock REIT	$1.2B	$9.69	N/A	N/A	N/A
PSTL — Postal Realty Trust, Inc. Class A Common Stock REIT	$659M	$23.85	N/A	N/A	N/A
SLG — SL Green Realty Corp. Common Stock REIT	$3.9B	$54.90	N/A	N/A	N/A
VNO — Vornado Realty Trust Common Stock REIT	$6.9B	$36.52	N/A	N/A	N/A

▶ REIT-Diversified (6+6 total)

+25.2%

+40.6%

Undervalued


ESRT — Empire State Realty Trust, Inc. Class A Common Stock REIT	$760M	$4.41	$31.85	+622.2%	Undervalued
GOOD — Gladstone Commercial Corporation - Real Estate Investment Trust REIT	$630M	$13.02	$25.90	+98.9%	Undervalued
WPC — W P Carey Inc. Reit REIT	$15.6B	$70.26	$97.79	+39.2%	Undervalued
OLP — One Liberty Properties, Inc. Common Stock REIT	$519M	$23.77	$26.41	+11.1%	Undervalued
BNL — Broadstone Net Lease, Inc. Common Stock REIT	$4.0B	$20.88	$20.30	+0.0%	Fair
AAT — American Assets Trust, Inc. Common Stock REIT	$1.4B	$22.16	$-1.30	-105.9%	Overvalued
Cannot calculate DCF
AHRT — AH Realty Trust, Inc. Common Stock REIT	$494M	$6.50	N/A	N/A	N/A
CTO — CTO Realty Growth, Inc. Common Stock REIT	$724M	$21.43	N/A	N/A	N/A
GNL — Global Net Lease, Inc. Common Stock REIT	$1.9B	$9.13	N/A	N/A	N/A
JBGS — JBG Smith Properties Common Shares REIT	$685M	$11.75	N/A	N/A	N/A
SAFE — Safehold Inc. New Common Stock REIT	$1.1B	$15.06	N/A	N/A	N/A
VICI — VICI Properties REIT	$27.6B	$25.65	N/A	N/A	N/A

▶ Real Estate-Diversified (1)

+9.3%

Undervalued


JOE — St. Joe Company (the) Common Stock	$3.8B	$66.22	$72.38	+9.3%	Undervalued

▶ REIT-Hotel & Motel (8+6 total)

+5.6%

+18.8%

Undervalued


RLJ — RLJ Lodging Trust Common Shares of Beneficial Interest $0.01 Par Value REIT	$1.7B	$10.90	$26.21	+140.5%	Undervalued
CLDT — Chatham Lodging Trust (Reit) Common Shares of Beneficial Interest REIT	$606M	$12.99	$25.69	+97.8%	Undervalued
SHO — Sunstone Hotel Investors, Inc. Sunstone Hotel Investors, Inc. Common Shares REIT	$2.1B	$11.01	$18.75	+70.3%	Undervalued
HST — Host Hotels & Resorts REIT	$15.1B	$21.98	$29.19	+32.8%	Undervalued
RHP — Ryman Hospitality Properties, Inc. (Reit) REIT	$7.6B	$122.09	$95.74	-21.6%	Overvalued
DRH — Diamondrock Hospitality Company - Common Stock REIT	$2.5B	$12.06	$6.86	-43.1%	Overvalued
XHR — Xenia Hotels & Resorts, Inc. Common Stock REIT	$1.7B	$18.14	$9.16	-49.5%	Overvalued
APLE — Apple Hospitality Reit, Inc. Common Shares REIT	$3.7B	$15.58	$3.62	-76.8%	Overvalued
Cannot calculate DCF
AHT — Ashford Hospitality Trust Inc. Common Stock REIT	$20M	$3.10	N/A	N/A	N/A
BHR — Braemar Hotels & Resorts Inc. Common Stock REIT	$128M	$1.86	N/A	N/A	N/A
INN — Summit Hotel Properties, Inc. Common Stock REIT	$619M	$5.71	N/A	N/A	N/A
PEB — Pebblebrook Hotel Trust Common Shares of Beneficial Interest REIT	$2.0B	$17.73	N/A	N/A	N/A
PK — Park Hotels & Resorts Inc. Common Stock REIT	$3.0B	$15.08	N/A	N/A	N/A
SVC — Service Properties Trust - Shares of Beneficial Interest REIT	$4.9B	$7.60	N/A	N/A	N/A

▶ REIT-Industrial (12+3 total)

-3.0%

+8.5%

Fair


IIPR — Innovative Industrial Properties, Inc. Common Stock REIT	$1.6B	$56.67	$150.98	+166.4%	Undervalued
NSA — National Storage Affiliates Trust Common Shares of Beneficial Interest REIT	$3.4B	$44.00	$81.93	+86.2%	Undervalued
CUBE — Cubesmart Common Shares REIT	$9.0B	$39.73	$63.63	+60.2%	Undervalued
EXR — Extra Space Storage REIT	$29.8B	$140.97	$205.56	+45.8%	Undervalued
FR — First Industrial Realty Trust, Inc. Common Stock REIT	$8.2B	$61.70	$82.95	+34.4%	Undervalued
EGP — Eastgroup Properties, Inc. Common Stock REIT	$10.7B	$198.27	$211.98	+6.9%	Undervalued
STAG — Stag Industrial, Inc. Common Stock REIT	$7.2B	$37.69	$32.79	-13.0%	Overvalued
PSA — Public Storage REIT	$53.7B	$305.73	$209.62	-31.4%	Overvalued
PLD — Prologis REIT	$129.0B	$138.35	$90.78	-34.4%	Overvalued
TRNO — Terreno Realty Corporation Common Stock REIT	$6.9B	$65.70	$37.98	-42.2%	Overvalued
REXR — Rexford Industrial Realty, Inc. Common Stock REIT	$8.3B	$36.99	$8.21	-77.8%	Overvalued
LXP — LXP Industrial Trust Common Stock (Maryland Reit)	$3.6B	$60.72	$0.78	-98.7%	Overvalued
Cannot calculate DCF
COLD — Americold Realty Trust, Inc. Common Stock REIT	$4.0B	$14.11	N/A	N/A	N/A
ILPT — Industrial Logistics Properties Trust - Common Shares of Beneficial Interest REIT	$549M	$8.23	N/A	N/A	N/A
SMA — Smartstop Self Storage Reit, Inc. Common Stock REIT	$1.8B	$33.12	N/A	N/A	N/A

▶ Real Estate Services (4+17 total)

-14.2%

-8.8%

Overvalued


JLL — Jones Lang Lasalle Incorporated Common Stock	$16.8B	$362.21	$492.70	+36.0%	Undervalued
NMRK — Newmark Group, Inc. - Class A Common Stock	$2.6B	$14.90	$16.52	+10.9%	Undervalued
COMP — Compass, Inc. Class A Common Stock	$8.3B	$11.06	$6.71	-39.3%	Overvalued
CBRE — Cbre Group	$43.6B	$148.80	$85.30	-42.7%	Overvalued
Cannot calculate DCF
AGNT — Agnt, Inc. - Common Stock	$664M	$4.04	N/A	N/A	N/A
BEKE — KE Holdings Inc. ADR	$59.5B	$17.90	N/A	N/A	N/A
CIGI — Colliers International Group Inc. - Subordinate Voting Shares Foreign	$5.2B	$100.79	N/A	N/A	N/A
CSGP — Costar Group	$12.9B	$31.68	N/A	N/A	N/A
CWK — Cushman & Wakefield Ltd. Common Shares	$3.2B	$13.46	N/A	N/A	N/A
DOUG — Douglas Elliman Inc. Common Stock	$165M	$1.82	N/A	N/A	N/A
DUO — Fangdd Network Group Ltd. - Class A Ordinary Shares Foreign	$21M	$0.54	N/A	N/A	N/A
FSV — Firstservice Corporation - Common Shares Foreign	$6.6B	$142.88	N/A	N/A	N/A
FTHM — Fathom Holdings Inc. - Common Stock	$22M	$0.66	N/A	N/A	N/A
IHS — IHS Holding Limited Ordinary Shares ADR	$2.9B	$8.48	N/A	N/A	N/A
IRS — Irsa Investments & Representations Inc. ADR	$11.5B	$15.07	N/A	N/A	N/A
MMI — Marcus & Millichap, Inc. Common Stock	$1.2B	$32.03	N/A	N/A	N/A
OPAD — Offerpad Solutions Inc. Class A Common Stock	$208M	$4.39	N/A	N/A	N/A
OPEN — Opendoor Technologies Inc. - Common Stock	$3.0B	$3.13	N/A	N/A	N/A
REAX — the Real Brokerage, Inc. - Common Shares Foreign	$3.9B	$18.39	N/A	N/A	N/A
RMAX — Re/Max Holdings, Inc. Class A Common Stock	$263M	$12.37	N/A	N/A	N/A
RMR — the RMR Group Inc. - Class A Common Stock	$331M	$19.38	N/A	N/A	N/A

▶ REIT-Retail (16+7 total)

-28.3%

-23.9%

Overvalued


O — Realty Income REIT	$57.6B	$61.73	$101.85	+65.0%	Undervalued
SKT — Tanger Inc. Common Stock REIT	$4.3B	$37.16	$56.91	+53.1%	Undervalued
ADC — Agree Realty Corporation Common Stock REIT	$8.7B	$72.73	$99.48	+36.8%	Undervalued
NNN — NNN Reit, Inc. Common Stock REIT	$8.6B	$45.17	$61.05	+35.2%	Undervalued
UE — Urban Edge Properties Common Shares of Beneficial Interest REIT	$2.7B	$21.16	$23.44	+10.8%	Undervalued
GTY — Getty Realty Corporation Common Stock REIT	$2.0B	$32.63	$33.40	+0.0%	Fair
KIM — Kimco Realty REIT	$16.1B	$23.93	$22.25	-7.0%	Overvalued
AKR — Acadia Realty Trust Common Stock REIT	$2.7B	$20.28	$15.94	-21.4%	Overvalued
REG — Regency Centers REIT	$13.9B	$75.92	$49.19	-35.2%	Overvalued
SPG — Simon Property Group REIT	$68.6B	$211.47	$115.95	-45.2%	Overvalued
PECO — Phillips Edison & Company, Inc. - Common Stock REIT	$4.9B	$39.18	$21.00	-46.4%	Overvalued
KRG — Kite Realty Group Trust Common Stock REIT	$5.3B	$26.09	$13.33	-48.9%	Overvalued
FRT — Federal Realty Investment Trust REIT	$10.1B	$117.06	$24.09	-79.4%	Overvalued
WSR — Whitestone Reit Common Shares REIT	$976M	$18.99	$1.94	-89.8%	Overvalued
IVT — Inventrust Properties Corp. Common Stock REIT	$2.5B	$32.53	$2.80	-91.4%	Overvalued
FCPT — Four Corners Property Trust, Inc. Common Stock REIT	$2.7B	$24.91	$-4.63	-118.6%	Overvalued
Cannot calculate DCF
ALX — Alexander's, Inc. Common Stock REIT	$1.3B	$263.20	N/A	N/A	N/A
BFS — Saul Centers, Inc. Common Stock REIT	$799M	$32.55	N/A	N/A	N/A
BRX — Brixmor Property Group Inc. Common Stock REIT	$9.0B	$29.28	N/A	N/A	N/A
CBL — CBL & Associates Properties, Inc. Common Stock	$1.7B	$55.03	N/A	N/A	N/A
EPRT — Essential Properties Realty Trust, Inc. Common Stock REIT	$6.4B	$29.69	N/A	N/A	N/A
MAC — Macerich Company (the) Common Stock REIT	$6.5B	$23.05	N/A	N/A	N/A
NTST — Netstreit Corp. Common Stock REIT	$2.0B	$20.42	N/A	N/A	N/A

▶ REIT-Mortgage (11+11 total)

-51.9%

-34.6%

Overvalued


FBRT — Franklin BSP Realty Trust, Inc. Common Stock REIT	$656M	$8.53	$91.84	+976.7%	Undervalued
STWD — Starwood Property Trust, Inc. Starwood Property Trust Inc. REIT	$5.9B	$15.88	$58.56	+268.8%	Undervalued
AGNC — Agnc Investment Corp. - Common Stock REIT	$12.2B	$10.66	$13.85	+29.9%	Undervalued
LADR — Ladder Capital Corp. Class A Common Stock REIT	$1.3B	$9.82	$5.19	-47.1%	Overvalued
NREF — Nexpoint Real Estate Finance, Inc. Common Stock REIT	$332M	$17.59	$9.01	-48.8%	Overvalued
PMT — Pennymac Mortgage Investment Trust Common Shares of Beneficial Interest REIT	$840M	$9.63	$4.63	-51.9%	Overvalued
CIM — Chimera Investment Corporation Common Stock REIT	$968M	$11.57	$5.28	-54.4%	Overvalued
EFC — Ellington Financial Inc. Common Stock REIT	$1.7B	$13.34	$2.87	-78.5%	Overvalued
ADAM — Adamas Trust, Inc. - Common Stock REIT	$872M	$9.70	$-2.85	-129.4%	Overvalued
ABR — Arbor Realty Trust Common Stock REIT	$998M	$5.19	$-9.25	-278.2%	Overvalued
RITM — Rithm Capital Corp. Common Stock REIT	$5.6B	$10.06	$-36.65	-464.3%	Overvalued
Cannot calculate DCF
ARI — Apollo Commercial Real Estate Finance, Inc. REIT	$911M	$6.86	N/A	N/A	N/A
ARR — Armour Residential Reit, Inc. REIT	$2.0B	$16.14	N/A	N/A	N/A
BRSP — Brightspire Capital, Inc. Class A Common Stock REIT	$606M	$4.65	N/A	N/A	N/A
BXMT — Blackstone Mortgage Trust, Inc. Common Stock REIT	$2.4B	$14.15	N/A	N/A	N/A
DX — Dynex Capital, Inc. Common Stock REIT	$2.8B	$12.84	N/A	N/A	N/A
MFA — MFA Financial, Inc.	$901M	$8.87	N/A	N/A	N/A
NLY — Annaly Capital Management Inc. Common Stock REIT	$16.7B	$22.83	N/A	N/A	N/A
ORC — Orchid Island Capital, Inc. Common Stock REIT	$1.3B	$6.52	N/A	N/A	N/A
RWT — Redwood Trust, Inc. Common Stock REIT	$560M	$4.47	N/A	N/A	N/A
TRTX — TPG RE Finance Trust, Inc. Common Stock REIT	$607M	$7.85	N/A	N/A	N/A
TWO — Two Harbors Investment Corp. REIT	$1.3B	$12.18	N/A	N/A	N/A

▶ REIT-Healthcare Facilities (10+8 total)

-69.3%

-66.8%

Overvalued


SILA — Sila Realty Trust, Inc. Common Stock REIT	$1.7B	$30.38	$48.08	+58.3%	Undervalued
SBRA — Sabra Health Care Reit, Inc. - Common Stock REIT	$5.3B	$20.93	$21.29	+0.0%	Fair
OHI — Omega Healthcare Investors, Inc. Common Stock REIT	$14.0B	$47.03	$33.50	-28.8%	Overvalued
LTC — LTC Properties, Inc. Common Stock	$2.1B	$41.88	$24.43	-41.7%	Overvalued
UHT — Universal Health Realty Income Trust Common Stock REIT	$571M	$41.13	$13.32	-67.6%	Overvalued
NHI — National Health Investors, Inc. Common Stock REIT	$3.5B	$71.80	$20.74	-71.1%	Overvalued
WELL — Welltower REIT	$170.1B	$240.97	$61.23	-74.6%	Overvalued
CTRE — Caretrust Reit, Inc. Common Stock REIT	$9.4B	$39.59	$4.74	-88.0%	Overvalued
DOC — Healthpeak Properties REIT	$14.5B	$21.02	$-11.36	-154.0%	Overvalued
STRW — Strawberry Fields Reit, Inc. Common Stock REIT	$184M	$13.70	$-43.46	-417.2%	Overvalued
Cannot calculate DCF
AHR — American Healthcare Reit, Inc. Common Stock REIT	$10.7B	$55.76	N/A	N/A	N/A
CHCT — Community Healthcare Trust Incorporated Common Stock REIT	$426M	$14.90	N/A	N/A	N/A
DHC — Diversified Healthcare Trust - Common Shares of Beneficial Interest REIT	$1.9B	$7.67	N/A	N/A	N/A
HR — Healthcare Realty Trust Incorporated Common Stock REIT	$6.7B	$19.27	N/A	N/A	N/A
MPT — Medical Properties Trust, Inc. Common Stock REIT	$2.4B	$4.03	N/A	N/A	N/A
NHP — National Healthcare Properties, Inc. - Class A Common Stock REIT	$454M	$15.98	N/A	N/A	N/A
VTR — Ventas REIT	$44.8B	$92.10	N/A	N/A	N/A
XRN — Chiron Real Estate Inc. Common Stock REIT	$484M	$36.57	N/A	N/A	N/A

▶ Real Estate-Development (3+5 total)

-70.0%

-30.2%

Overvalued


HHH — Howard Hughes Holdings Inc. Common Stock	$3.8B	$63.52	$133.51	+110.2%	Undervalued
CCS — Century Communities, Inc. Common Stock	$1.8B	$63.81	$19.16	-70.0%	Overvalued
FOR — Forestar Group Inc. Common Stock	$1.4B	$27.66	$-8.51	-130.8%	Overvalued
Cannot calculate DCF
FPH — Five Point Holdings, LLC Class A Common Shares LP	$370M	$5.11	N/A	N/A	N/A
LRE — Lead Real Estate Co. Ltd. ADR	$20M	$1.43	N/A	N/A	N/A
MRNO — Murano Global Investments Plc. - Ordinary Shares Foreign	$18M	$0.23	N/A	N/A	N/A
SDHC — Smith Douglas Homes Corp. Class A Common Stock	$92M	$10.94	N/A	N/A	N/A
VTMX — Vesta Real Estate Corporation, S.A.b. de C.v. ADR	$30.8B	$34.77	N/A	N/A	N/A

▶ REIT-Residential (8+10 total)

-74.2%

-57.0%

Overvalued


AMH — American Homes 4 Rent Common Shares of Beneficial Interest REIT	$11.8B	$32.71	$35.14	+7.4%	Undervalued
INVH — Invitation Homes REIT	$16.9B	$28.42	$24.50	-13.8%	Overvalued
ESS — Essex Property Trust REIT	$17.9B	$278.34	$213.97	-23.1%	Overvalued
EQR — Equity Residential REIT	$23.9B	$63.66	$21.66	-66.0%	Overvalued
UDR — UDR Inc. REIT	$11.8B	$36.35	$6.38	-82.4%	Overvalued
MAA — Mid-america Apartment Communities REIT	$15.0B	$128.46	$11.89	-90.7%	Overvalued
ELS — Equity Lifestyle Properties, Inc. Common Stock REIT	$12.1B	$62.62	$4.68	-92.5%	Overvalued
CPT — Camden Property Trust REIT	$10.5B	$105.60	$5.67	-94.6%	Overvalued
Cannot calculate DCF
AIV — Apartment Investment and Management Company Common Stock REIT	$365M	$2.54	N/A	N/A	N/A
AVB — Avalonbay Communities REIT	$26.1B	$184.11	N/A	N/A	N/A
BRT — BRT Apartments Corp. MD Common Stock REIT	$263M	$14.63	N/A	N/A	N/A
CLPR — Clipper Realty Inc. Common Stock REIT	$53M	$3.26	N/A	N/A	N/A
CSR — D/B/A Centerspace Common Stock REIT	$880M	$52.39	N/A	N/A	N/A
ELME — Elme Communities Common Stock REIT	$150M	$1.69	N/A	N/A	N/A
IRT — Independence Realty Trust, Inc. Common Stock REIT	$3.8B	$16.14	N/A	N/A	N/A
NXRT — Nexpoint Residential Trust, Inc. Common Stock REIT	$603M	$23.67	N/A	N/A	N/A
SUI — Sun Communities, Inc. Common Stock REIT	$14.8B	$119.77	N/A	N/A	N/A
UMH — UMH Properties, Inc. Common Stock REIT	$1.4B	$15.95	N/A	N/A	N/A

▶ REIT-Specialty (11+2 total)

-85.1%

-72.8%

Overvalued


EPR — EPR Properties Common Stock	$4.6B	$60.45	$91.27	+51.0%	Undervalued
AMT — American Tower REIT	$82.8B	$177.75	$195.37	+9.9%	Undervalued
DLR — Digital Realty REIT	$66.0B	$187.78	$172.28	-8.3%	Overvalued
LAMR — Lamar Advertising Company - Class A Common Stock REIT	$15.4B	$151.46	$87.58	-42.2%	Overvalued
RYN — Rayonier Inc. Reit Common Stock REIT	$6.1B	$20.32	$11.56	-43.1%	Overvalued
EQIX — Equinix REIT	$102.6B	$1040.49	$155.15	-85.1%	Overvalued
SBAC — SBA Communications REIT	$20.3B	$191.38	$22.16	-88.4%	Overvalued
WY — Weyerhaeuser REIT	$16.6B	$23.04	$-2.78	-112.1%	Overvalued
GLPI — Gaming and Leisure Properties, Inc. - Common Stock REIT	$12.0B	$42.38	$-15.23	-135.9%	Overvalued
IRM — Iron Mountain REIT	$34.2B	$115.06	$-54.15	-147.1%	Overvalued
UNIT — Uniti Group Inc. - Common Stock REIT	$2.5B	$10.18	$-38.81	-481.2%	Overvalued
Cannot calculate DCF
CCI — Crown Castle REIT	$33.7B	$77.24	N/A	N/A	N/A
OUT — Outfront Media Inc. Common Stock REIT	$5.2B	$29.40	N/A	N/A	N/A

▶ Basic Materials

-49.8%

6 / 38 / 4

-41.4%

Overvalued

Valuation

▶ Agricultural Inputs (4+7 total)

+8.8%

+12.4%

Undervalued


CF — CF Industries	$21.2B	$137.81	$245.20	+77.9%	Undervalued
CTVA — Corteva	$59.2B	$88.57	$104.27	+17.7%	Undervalued
UAN — CVR Partners, L.P. Common Units Representing Limited Partner Interests LP	$1.4B	$130.73	$127.46	+0.0%	Fair
MOS — Mosaic Company (the)	$8.1B	$25.50	$13.72	-46.2%	Overvalued
Cannot calculate DCF
AVD — American Vanguard Corporation Common Stock ($0.10 Par Value)	$66M	$2.30	N/A	N/A	N/A
BIOX — Bioceres Crop Solutions Corp. - Ordinary Shares Foreign	$26M	$0.42	N/A	N/A	N/A
FMC — FMC Corporation Common Stock	$1.6B	$12.99	N/A	N/A	N/A
ICL — ICL Group Ltd. Ordinary Shares ADR	$7.5B	$5.82	N/A	N/A	N/A
IPI — Intrepid Potash, Inc. Common Stock	$551M	$41.02	N/A	N/A	N/A
NTR — Nutrien Ltd. Common Shares Foreign	$38.7B	$80.72	N/A	N/A	N/A
SMG — Scotts Miracle-gro Company (the) Common Stock	$3.4B	$59.23	N/A	N/A	N/A

▶ Lumber & Wood Production (3+2 total)

+0.0%

-25.0%

Fair


UFPI — UFP Industries, Inc. - Common Stock	$4.7B	$83.12	$93.72	+12.8%	Undervalued
SSD — Simpson Manufacturing Company, Inc. Common Stock	$7.3B	$177.72	$172.90	+0.0%	Fair
BCC — Boise Cascade, L.l.c. Common Stock	$2.7B	$77.06	$9.46	-87.7%	Overvalued
Cannot calculate DCF
NWGL — CL Workshop Group Ltd. ADR	$130M	$0.98	N/A	N/A	N/A
WFG — West Fraser Timber Co. Ltd. Common Stock Foreign	$5.3B	$67.05	N/A	N/A	N/A

▶ Specialty Chemicals (20+27 total)

-37.0%

-31.1%

Overvalued


HDSN — Hudson Technologies, Inc. - Common Stock	$220M	$5.24	$25.93	+394.8%	Undervalued
AXTA — Axalta Coating Systems Ltd. Common Shares	$7.7B	$35.96	$38.31	+6.5%	Undervalued
ODC — Oil-dri Corporation of America Common Stock	$1.2B	$88.85	$87.68	+0.0%	Fair
RPM — RPM International Inc. Common Stock	$13.2B	$103.39	$102.12	+0.0%	Fair
KOP — Koppers Holdings Inc. Common Stock	$900M	$46.78	$37.64	-19.5%	Overvalued
PPG — PPG Industries	$24.7B	$110.75	$85.27	-23.0%	Overvalued
NEU — Newmarket Corp. Common Stock	$8.3B	$899.24	$686.02	-23.7%	Overvalued
BCPC — Balchem Corporation - Common Stock	$5.5B	$171.47	$129.80	-24.3%	Overvalued
HWKN — Hawkins, Inc. - Common Stock	$2.7B	$129.38	$86.13	-33.4%	Overvalued
SHW — Sherwin-williams	$81.9B	$332.19	$216.33	-34.9%	Overvalued
AVNT — Avient Corporation Common Stock	$3.9B	$42.91	$26.10	-39.2%	Overvalued
CBT — Cabot Corporation Common Stock	$4.2B	$81.28	$42.26	-48.0%	Overvalued
WDFC — Wd-40 Company - Common Stock	$2.8B	$210.87	$109.48	-48.1%	Overvalued
ECL — Ecolab	$78.5B	$278.88	$128.35	-54.0%	Overvalued
IOSP — Innospec Inc. - Common Stock	$2.3B	$92.94	$37.94	-59.2%	Overvalued
ESI — Element Solutions Inc. Common Stock	$8.5B	$34.98	$11.96	-65.8%	Overvalued
FUL — H B Fuller Company Common Stock	$2.9B	$53.61	$16.92	-68.4%	Overvalued
CMT — Core Molding Technologies Inc. Common Stock	$206M	$24.04	$5.07	-78.9%	Overvalued
LIN — Linde Plc.	$223.0B	$482.24	$-3.00	-100.6%	Overvalued
SXT — Sensient Technologies Corporation Common Stock	$5.8B	$136.38	$-11.17	-108.2%	Overvalued
Cannot calculate DCF
ALB — Albemarle Corporation	$15.6B	$132.16	N/A	N/A	N/A
ALTO — Alto Ingredients, Inc. - Common Stock	$312M	$4.03	N/A	N/A	N/A
AMTX — Aemetis, Inc. - Common Stock	$129M	$1.83	N/A	N/A	N/A
APD — Air Products	$67.7B	$304.24	N/A	N/A	N/A
ASH — Ashland Inc. Common Stock	$3.3B	$73.16	N/A	N/A	N/A
ASPN — Aspen Aerogels, Inc. Common Stock	$396M	$4.78	N/A	N/A	N/A
CC — Chemours Company (the) Common Stock	$2.3B	$15.49	N/A	N/A	N/A
CLMT — Calumet, Inc. - Common Stock LP	$4.7B	$53.50	N/A	N/A	N/A
DD — Dupont	$53.7B	$131.01	N/A	N/A	N/A
ECVT — Ecovyst Inc. Common Stock	$1.1B	$10.20	N/A	N/A	N/A
EMN — Eastman Chemical Company Common Stock	$8.1B	$70.78	N/A	N/A	N/A
FF — Futurefuel Corp. Common Shares	$232M	$5.30	N/A	N/A	N/A
GEVO — Gevo, Inc. - Common Stock	$399M	$1.64	N/A	N/A	N/A
IFF — International Flavors & Fragrances	$22.1B	$86.40	N/A	N/A	N/A
KRO — Kronos Worldwide Inc. Common Stock	$970M	$8.43	N/A	N/A	N/A
KWR — Quaker Houghton Common Stock	$2.8B	$160.84	N/A	N/A	N/A
LYB — Lyondellbasell	$20.9B	$64.73	N/A	N/A	N/A
MATV — Mativ Holdings, Inc. Common Stock	$690M	$12.52	N/A	N/A	N/A
MNTK — Montauk Renewables, Inc. - Common Stock	$319M	$2.24	N/A	N/A	N/A
MTX — Minerals Technologies Inc. Common Stock	$2.2B	$70.72	N/A	N/A	N/A
NGVT — Ingevity Corporation Common Stock	$2.4B	$70.00	N/A	N/A	N/A
OEC — Orion S.A. Common Shares	$336M	$5.96	N/A	N/A	N/A
PRM — Perimeter Solutions, S.A. Common Stock	$5.2B	$32.05	N/A	N/A	N/A
SCL — Stepan Company Common Stock	$1.4B	$62.37	N/A	N/A	N/A
SQM — Sociedad Quimica Y Minera S.A. Common Stock ADR	$11.4B	$79.77	N/A	N/A	N/A
SSL — Sasol Ltd. ADR	$7.9B	$12.35	N/A	N/A	N/A
WLK — Westlake Corporation Common Stock	$9.6B	$74.54	N/A	N/A	N/A

▶ Building Materials (5+5 total)

-41.5%

-45.6%

Overvalued


USLM — United States Lime & Minerals, Inc. - Common Stock	$3.3B	$115.73	$97.33	-15.9%	Overvalued
VMC — Vulcan Materials Company	$33.8B	$260.32	$174.87	-32.8%	Overvalued
MLM — Martin Marietta Materials	$30.6B	$509.13	$297.94	-41.5%	Overvalued
TGLS — Tecnoglass Inc. Ordinary Shares	$1.7B	$39.30	$16.72	-57.5%	Overvalued
EXP — Eagle Materials Inc. Common Stock	$6.0B	$193.45	$38.29	-80.2%	Overvalued
Cannot calculate DCF
CPAC — Cementos Pacasmayo SAA ADR	$5.3B	$12.62	N/A	N/A	N/A
CRH — CRH Plc. Foreign	$61.5B	$92.04	N/A	N/A	N/A
CX — Cemex, S.A.b. de C.v. Sponsored ADR ADR	$15.7B	$10.88	N/A	N/A	N/A
JHX — James Hardie Industries Plc. Ordinary Shares	$17.2B	$29.63	N/A	N/A	N/A
LOMA — Loma Negra Compania Industrial Argentina Sociedad Anonima ADS ADR	$1.2B	$10.12	N/A	N/A	N/A

▶ Chemicals (3+11 total)

-54.5%

-22.7%

Overvalued


WLKP — Westlake Chemical Partners L.P. Common Units Representing Limited Partner Interests LP	$776M	$22.02	$32.88	+49.3%	Undervalued
REX — REX American Resources Corporation	$1.4B	$41.55	$18.92	-54.5%	Overvalued
ASIX — Advansix Inc. Common Stock	$462M	$17.15	$6.37	-62.9%	Overvalued
Cannot calculate DCF
BAK — Braskem S.A. ADR ADR	$773M	$1.94	N/A	N/A	N/A
CE — Celanese Corporation Common Stock	$5.0B	$45.20	N/A	N/A	N/A
DOW — Dow Inc.	$21.9B	$30.34	N/A	N/A	N/A
GPRE — Green Plains, Inc. - Common Stock	$1.0B	$14.96	N/A	N/A	N/A
HUN — Huntsman Corporation Common Stock	$1.7B	$9.41	N/A	N/A	N/A
LXU — LSB Industries, Inc. Common Stock	$809M	$11.24	N/A	N/A	N/A
MEOH — Methanex Corporation - Common Stock Foreign	$4.6B	$59.34	N/A	N/A	N/A
OLN — Olin Corporation Common Stock	$1.9B	$16.98	N/A	N/A	N/A
RYAM — Rayonier Advanced Materials Inc. Common Stock	$577M	$8.55	N/A	N/A	N/A
TROX — Tronox Holdings Plc. Ordinary Shares UK	$778M	$4.88	N/A	N/A	N/A
VHI — Valhi, Inc. Common Stock	$515M	$18.20	N/A	N/A	N/A

▶ Copper (2+4 total)

-67.3%

Overvalued


SCCO — Southern Copper Corporation Common Stock	$166.4B	$199.48	$94.28	-52.7%	Overvalued
FCX — Freeport-mcmoran	$104.3B	$72.52	$13.09	-81.9%	Overvalued
Cannot calculate DCF
ERO — Ero Copper Corp. Common Shares Foreign	$3.7B	$35.30	N/A	N/A	N/A
HBM — Hudbay Minerals Inc. Ordinary Shares (Canada) Foreign	$11.0B	$27.71	N/A	N/A	N/A
TECK — Teck Resources Ltd. Ordinary Shares Foreign	$33.7B	$68.87	N/A	N/A	N/A
TGB — Taseko Mines, Ltd. Common Stock Foreign	$3.1B	$8.40	N/A	N/A	N/A

▶ Steel (5+8 total)

-76.2%

-63.3%

Overvalued


NUE — Nucor	$59.8B	$262.48	$242.95	-7.4%	Overvalued
RS — RELIANCE Inc. Common Stock	$20.3B	$397.61	$192.87	-51.5%	Overvalued
STLD — Steel Dynamics	$35.5B	$245.82	$58.44	-76.2%	Overvalued
NWPX — Nwpx Infrastructure, Inc. - Common Stock	$1.1B	$110.49	$18.95	-82.8%	Overvalued
FRD — Friedman Industries Inc. - Common Stock	$322M	$45.30	$0.60	-98.7%	Overvalued
Cannot calculate DCF
CLF — Cleveland-cliffs Inc. Common Stock	$7.0B	$12.28	N/A	N/A	N/A
GGB — Gerdau S.A. Common Stock ADR	$9.7B	$4.95	N/A	N/A	N/A
MT — Arcelor Mittal NY Registry Shares NEW ADR	$57.8B	$75.99	N/A	N/A	N/A
MTUS — Metallus Inc. Common Shares	$797M	$19.15	N/A	N/A	N/A
PKX — Posco Holdings Inc. ADR	$4.8B	$63.13	N/A	N/A	N/A
SID — Companhia Siderurgica Nacional S.A. Common Stock ADR	$1.7B	$1.25	N/A	N/A	N/A
SIM — Grupo Simec, S.A.b. de C.v. ADR	$14.1B	$30.50	N/A	N/A	N/A
TX — Ternium S.A. ADR	$116.2B	$57.97	N/A	N/A	N/A

▶ Gold (1+28 total)

-80.4%

Overvalued


RGLD — Royal Gold, Inc. - Common Stock	$22.5B	$264.76	$51.94	-80.4%	Overvalued
Cannot calculate DCF
AEM — Agnico Eagle Mines Limited Common Stock Foreign	$103.4B	$207.13	N/A	N/A	N/A
AGI — Alamos Gold Inc. Class A Common Shares Foreign	$15.8B	$37.69	N/A	N/A	N/A
ARIS — Aris Mining Corporation Common Shares Foreign	$4.2B	$20.57	N/A	N/A	N/A
AU — Anglogold Ashanti Plc. Ordinary Shares ADR	$56.5B	$111.68	N/A	N/A	N/A
AUGO — Aura Minerals Inc. - Common Shares Foreign	$7.3B	$88.02	N/A	N/A	N/A
B — Barrick Mining Corporation Common Shares Foreign	$76.7B	$45.78	N/A	N/A	N/A
BTG — B2gold Corp. Common Shares (Canada) Foreign	$7.6B	$5.69	N/A	N/A	N/A
CDE — Coeur Mining, Inc. Common Stock	$22.3B	$21.65	N/A	N/A	N/A
CGAU — Centerra Gold Inc. Common Shares Foreign	$4.6B	$23.04	N/A	N/A	N/A
CMCL — Caledonia Mining Corporation Plc. Common Shares Foreign	$508M	$26.32	N/A	N/A	N/A
DRD — Drdgold Ltd. ADR	$25.7B	$29.68	N/A	N/A	N/A
EGO — Eldorado Gold Corporation Ordinary Shares Foreign	$11.4B	$43.80	N/A	N/A	N/A
EQX — Equinox Gold Corp. Common Shares Foreign	$10.4B	$13.12	N/A	N/A	N/A
FNV — Franco-nevada Corporation Foreign	$52.2B	$270.46	N/A	N/A	N/A
FSM — Fortuna Mining Corp. Common Shares Foreign	$3.8B	$12.66	N/A	N/A	N/A
GAU — Galiano Gold Inc. Foreign	$614M	$2.35	N/A	N/A	N/A
GFI — Gold Fields Ltd. ADR	$43.1B	$48.17	N/A	N/A	N/A
HMY — Harmony Gold Mining Company Limited ADR	$13.0B	$20.78	N/A	N/A	N/A
IAG — Iamgold Corporation Ordinary Shares Foreign	$12.1B	$20.96	N/A	N/A	N/A
IAUX — I-80 Gold Corp. Common Shares	$1.5B	$1.79	N/A	N/A	N/A
KGC — Kinross Gold Corporation Common Stock Foreign	$37.7B	$31.60	N/A	N/A	N/A
MAKO — Mako Mining Corp. - Common Stock Foreign	$908M	$10.37	N/A	N/A	N/A
NEM — Newmont	$139.2B	$130.39	N/A	N/A	N/A
OR — OR Royalties Inc. Common Shares Foreign	$7.1B	$37.68	N/A	N/A	N/A
ORLA — Orla Mining Ltd. Common Shares Foreign	$3.3B	$9.44	N/A	N/A	N/A
PAAS — Pan American Silver Corp. Common Stock Foreign	$22.2B	$52.60	N/A	N/A	N/A
SSRM — SSR Mining Inc. - Common Stock	$8.1B	$38.90	N/A	N/A	N/A
WPM — Wheaton Precious Metals Corp. Common Shares (Canada) Foreign	$71.1B	$156.66	N/A	N/A	N/A

▶ Coking Coal (1+4 total)

-93.2%

Overvalued


HCC — Warrior Met Coal, Inc. Common Stock	$5.5B	$103.23	$7.04	-93.2%	Overvalued
Cannot calculate DCF
AMR — Alpha Metallurgical Resources, Inc. Common Stock	$2.8B	$217.18	N/A	N/A	N/A
METC — Ramaco Resources, Inc. - Class A Common Stock	$804M	$12.34	N/A	N/A	N/A
METCB — Ramaco Resources, Inc. - Class B Common Stock	$417M	$6.40	N/A	N/A	N/A
SXC — Suncoke Energy, Inc. Common Stock	$865M	$10.19	N/A	N/A	N/A

▶ Aluminum (2+2 total)

-101.6%

Overvalued


CSTM — Constellium SE Ordinary Shares (France)	$3.6B	$26.47	$9.42	-64.4%	Overvalued
KALU — Kaiser Aluminum Corporation - Common Stock	$2.6B	$160.75	$-62.41	-138.8%	Overvalued
Cannot calculate DCF
AA — Alcoa Corporation Common Stock	$13.5B	$51.05	N/A	N/A	N/A
CENX — Century Aluminum Company - Common Stock	$4.7B	$47.51	N/A	N/A	N/A

▶ Other Industrial Metals & Mining (2+11 total)

-107.9%

Overvalued


MTRN — Materion Corporation	$5.0B	$240.35	$32.84	-86.3%	Overvalued
CMP — Compass Minerals Intl Inc. Common Stock	$1.1B	$25.14	$-7.41	-129.5%	Overvalued
Cannot calculate DCF
BHP — BHP Group Ltd. ADR	$470.5B	$92.70	N/A	N/A	N/A
ELVR — Elevra Lithium Limited - American Depository Shares Foreign	$1.1B	$56.99	N/A	N/A	N/A
GSM — Ferroglobe Plc. - Ordinary Shares Foreign	$848M	$4.54	N/A	N/A	N/A
IONR — Ioneer Ltd. ADR	$7.9B	$2.95	N/A	N/A	N/A
LGO — Largo Inc. - Common Shares Foreign	$73M	$0.72	N/A	N/A	N/A
MP — MP Materials Corp. Common Stock	$9.6B	$53.75	N/A	N/A	N/A
NEXA — Nexa Resources S.A. Common Shares Foreign	$1.8B	$13.85	N/A	N/A	N/A
RIO — Rio Tinto Plc. Common Stock ADR	$167.1B	$102.76	N/A	N/A	N/A
SGML — Sigma Lithium Corporation - Common Shares Foreign	$1.4B	$12.74	N/A	N/A	N/A
USAS — Americas Gold and Silver Corporation Common Shares, No Par Value Foreign	$1.8B	$5.54	N/A	N/A	N/A
VALE — Vale S.A. ADR	$65.2B	$15.33	N/A	N/A	N/A

▶ Utilities

-132.8%

6 / 31 / 1

-90.9%

Overvalued

Valuation

▶ Utilities-Renewable (1+11 total)

-92.7%

Overvalued


CWEN — Clearway Energy, Inc. Class C Common Stock	$4.9B	$31.47	$2.30	-92.7%	Overvalued
Cannot calculate DCF
AXIA — Axia Energia S.A. ADR	$23.3B	$10.20	N/A	N/A	N/A
BEP — Brookfield Renewable Partners L.P. Limited Partnership Units LP Foreign	$9.4B	$31.08	N/A	N/A	N/A
BEPC — Brookfield Renewable Corporation Brookfield Renewable Corporation Class A Subordinate Voting Shares Foreign	$5.7B	$31.50	N/A	N/A	N/A
ENLT — Enlight Renewable Energy Ltd. - Ordinary Shares Foreign	$10.8B	$77.28	N/A	N/A	N/A
FLNC — Fluence Energy, Inc. - Class A Common Stock	$1.4B	$10.19	N/A	N/A	N/A
NRGV — Energy Vault Holdings, Inc. Common Stock	$672M	$3.77	N/A	N/A	N/A
ORA — Ormat Technologies, Inc. Common Stock	$6.4B	$104.19	N/A	N/A	N/A
RNW — Renew Energy Global Plc. - Class A Shares Foreign	$2.5B	$6.83	N/A	N/A	N/A
STEM — Stem, Inc. Class A Common Stock	$47M	$5.52	N/A	N/A	N/A
WAVE — Eco Wave Power Global AB (Publ) ADR	$283M	$6.06	N/A	N/A	N/A
XIFR — Xplr Infrastructure, L.P. Common Units Representing Limited Partner Interests	$1.1B	$12.02	N/A	N/A	N/A

▶ Utilities-Regulated Water (5+4 total)

-103.2%

-56.7%

Overvalued


CWCO — Consolidated Water Co. Ltd. - Ordinary Shares	$463M	$28.96	$56.80	+96.1%	Undervalued
WTRG — Essential Utilities, Inc. Common Stock	$11.9B	$41.87	$43.67	+0.0%	Fair
CWT — California Water Service Group Common Stock	$3.0B	$50.48	$-1.60	-103.2%	Overvalued
MSEX — Middlesex Water Company - Common Stock	$1.1B	$58.46	$-12.68	-121.7%	Overvalued
HTO — H2o America - Common Stock	$2.7B	$64.53	$-35.20	-154.5%	Overvalued
Cannot calculate DCF
ARTNA — Artesian Resources Corporation - Class A Non-voting Common Stock	$375M	$36.35	N/A	N/A	N/A
AWK — American Water Works	$27.5B	$140.90	N/A	N/A	N/A
AWR — American States Water Company Common Stock	$3.5B	$89.73	N/A	N/A	N/A
SBS — Companhia DE Saneamento Basico DO Estado DE SAO Paulo-sabesp ADR	$3.6B	$5.11	N/A	N/A	N/A

▶ Utilities-Regulated Electric (21+20 total)

-138.4%

-70.4%

Overvalued


PCG — Pg&e Corporation	$30.7B	$13.96	$47.58	+240.8%	Undervalued
GNE — Genie Energy Ltd. Class B Common Stock Stock	$405M	$15.34	$47.22	+207.8%	Undervalued
FE — Firstenergy	$27.2B	$47.04	$74.34	+58.0%	Undervalued
DUK — Duke Energy	$94.6B	$121.40	$181.58	+49.6%	Undervalued
DTE — DTE Energy	$28.5B	$137.04	$168.03	+22.6%	Undervalued
XEL — Xcel Energy	$47.7B	$76.33	$58.42	-23.5%	Overvalued
EXC — Exelon	$45.6B	$44.54	$30.54	-31.4%	Overvalued
TXNM — Txnm Energy, Inc. Common Stock	$6.4B	$58.15	$10.14	-82.6%	Overvalued
MGEE — MGE Energy Inc. - Common Stock	$2.9B	$77.58	$4.21	-94.6%	Overvalued
PPL — PPL Corporation	$26.4B	$35.11	$-0.16	-100.5%	Overvalued
NEE — Nextera Energy	$175.4B	$84.08	$-32.30	-138.4%	Overvalued
IDA — Idacorp, Inc. Common Stock	$7.5B	$136.00	$-54.14	-139.8%	Overvalued
ETR — Entergy	$49.4B	$107.78	$-43.44	-140.3%	Overvalued
LNT — Alliant Energy	$17.5B	$67.98	$-35.30	-151.9%	Overvalued
OGE — OGE Energy Corp. Common Stock	$9.7B	$46.88	$-24.68	-152.6%	Overvalued
WEC — WEC Energy Group	$34.8B	$106.69	$-60.27	-156.5%	Overvalued
AEP — American Electric Power	$67.9B	$124.71	$-73.12	-158.6%	Overvalued
ED — Consolidated Edison	$40.1B	$108.78	$-64.01	-158.8%	Overvalued
SO — Southern Company	$100.1B	$88.79	$-52.59	-159.2%	Overvalued
D — Dominion Energy	$58.8B	$66.80	$-39.91	-159.7%	Overvalued
PEG — Public Service Enterprise Group	$36.8B	$73.81	$-44.82	-160.7%	Overvalued
Cannot calculate DCF
AEE — Ameren	$29.4B	$106.41	N/A	N/A	N/A
CEPU — Central Puerto S.A. ADR	$21.2B	$14.03	N/A	N/A	N/A
CIG — Energy Co. of Minas Gerais ADR	$2.1B	$2.15	N/A	N/A	N/A
CIG-C — Energy Co. of Minas Gerais ADR	$3.1B	$3.28	N/A	N/A	N/A
CIG.C — Comp En de Mn Cemig ADS American Depositary Receipts ADR	$3.1B	$3.28	N/A	N/A	N/A
CMS — CMS Energy	$21.2B	$68.59	N/A	N/A	N/A
CNP — Centerpoint Energy	$26.2B	$39.98	N/A	N/A	N/A
EDN — Edenor ADR	$1.2B	$24.44	N/A	N/A	N/A
EIX — Edison International	$21.7B	$56.28	N/A	N/A	N/A
ELPC — Energy Co. of Parana ADR	$36.9B	$12.38	N/A	N/A	N/A
EMA — Emera Incorporated Common Shares Foreign	$15.4B	$50.27	N/A	N/A	N/A
ENIC — Enel Chile S.A. ADR	$303.6B	$4.39	N/A	N/A	N/A
ES — Eversource Energy	$26.9B	$71.44	N/A	N/A	N/A
EVRG — Evergy	$18.9B	$81.94	N/A	N/A	N/A
FTS — Fortis Inc. Common Shares Foreign	$28.3B	$55.55	N/A	N/A	N/A
HE — Hawaiian Electric Industries, Inc. Common Stock	$1.9B	$11.08	N/A	N/A	N/A
KEP — Korea Electric Power Corporation Common Stock ADR	$15.4B	$11.99	N/A	N/A	N/A
NGG — National Grid Plc. ADR	$406.2B	$78.14	N/A	N/A	N/A
PNW — Pinnacle West Capital	$11.9B	$98.00	N/A	N/A	N/A
POR — Portland General Electric Co. Common Stock	$5.7B	$49.17	N/A	N/A	N/A

▶ Utilities-Regulated Gas (8+7 total)

-145.2%

-138.5%

Overvalued


SPH — Suburban Propane Partners, L.P. Common Stock LP	$1.2B	$17.48	$3.65	-79.1%	Overvalued
ATO — Atmos Energy	$28.2B	$168.91	$-5.89	-103.5%	Overvalued
SWX — Southwest Gas Holdings, Inc. Common Stock DE	$6.4B	$88.63	$-24.20	-127.3%	Overvalued
CPK — Chesapeake Utilities Corporation Common Stock	$3.2B	$132.24	$-59.66	-145.1%	Overvalued
OGS — ONE Gas, Inc. Common Stock	$5.1B	$80.53	$-36.49	-145.3%	Overvalued
RGCO — RGC Resources Inc. - Common Stock	$224M	$21.57	$-12.10	-156.1%	Overvalued
SR — Spire Inc. Common Stock	$4.9B	$83.22	$-60.88	-173.2%	Overvalued
BKH — Black Hills Corporation Common Stock	$5.6B	$73.28	$-57.61	-178.6%	Overvalued
Cannot calculate DCF
BIPC — Brookfield Infrastructure Corporation Brookfield Infrastructure Corporation Foreign	$4.6B	$37.24	N/A	N/A	N/A
MDU — MDU Resources Group, Inc. Common Stock (Holding Company)	$4.1B	$19.72	N/A	N/A	N/A
NI — Nisource	$20.0B	$41.66	N/A	N/A	N/A
NJR — Newjersey Resources Corporation Common Stock	$5.4B	$53.67	N/A	N/A	N/A
NWN — Northwest Natural Holding Company Common Stock	$2.1B	$49.47	N/A	N/A	N/A
OPAL — Opal Fuels Inc. - Class A Common Stock	$60M	$1.97	N/A	N/A	N/A
UGI — UGI Corporation Common Stock	$8.1B	$37.80	N/A	N/A	N/A

▶ Utilities (2+1 total)

-154.9%

-150.2%

Overvalued


PPLC — PPL Corporation Corporate Units	$35.5B	$47.14	$-0.16	-100.3%	Overvalued
SOMN — Southern Company (the) 2025 Series A Corporate Units	$54.1B	$48.03	$-52.59	-209.5%	Overvalued
Cannot calculate DCF
TVC — Tennessee Valley Authority Common Stock	$13M	$23.99	N/A	N/A	N/A

▶ Utilities-Diversified (1+5 total)

-189.5%

Overvalued


AVA — Avista Corporation Common Stock	$3.1B	$37.63	$-33.69	-189.5%	Overvalued
Cannot calculate DCF
AES — AES Corporation	$10.5B	$14.78	N/A	N/A	N/A
AQN — Algonquin Power & Utilities Corp. Common Shares Foreign	$4.3B	$5.60	N/A	N/A	N/A
BIP — Brookfield Infrastructure Partners L.P. Limited Partnership Units LP Foreign	$16.9B	$36.86	N/A	N/A	N/A
SRE — Sempra	$55.3B	$84.56	N/A	N/A	N/A
UTL — Unitil Corporation Common Stock	$968M	$53.78	N/A	N/A	N/A

Average discounted cash flow valuation upside / downside by GICS sector, aggregated from the DCF Screener snapshot. Only companies with a computed DCF estimate against a current price are included in the per-sector / per-industry aggregates. Companies without a usable DCF estimate are displayed below a divider under each industry.