Quarry LP Portfolio holdings

AUM $433M

1-Year Return 10.68%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4

This Quarter Return

+4.28%

1 Year Return

+10.68%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$433M

AUM Growth

+$36.8M (+9.3%)

Cap. Flow

+$12.1M

Cap. Flow % of AUM

2.8%

Top 10 Holdings % Top 10 Hldgs %

29.44%

Holding

2,150

New

557

Increased

558

Reduced

528

Closed

457

Top Buys

1	Kellanova K	$18.9M
2	ANSS Ansys ANSS	$12.2M
3	Frontier Communications FYBR	$9.2M
4	TXNM TXNM Energy, Inc. TXNM	$8.17M
5	Interpublic Group of Companies IPG	$6.52M

Top Sells

1	DFS Discover Financial Services DFS	$21.1M
2	BZAI Blaize Holdings, Inc. Common Stock BZAI	$8.17M
3	AAM AA Mission Acquisition Corp. AAM	$7.3M
4	Spirit AeroSystems SPR	$7.01M
5	DMAA Drugs Made In America Acquisition Corp. Ordinary Shares DMAA	$6.51M

Sector Composition

1	Financials	17.16%
2	Energy	10.67%
3	Technology	9.5%
4	Communication Services	8.78%
5	Industrials	7.04%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
451	451 Antero Resources AR $10.1B	$126K	0.03%	+3,139	New	+$126K
452	452 Skywest SKYW $4.81B	$126K	0.03%	1,227 +236	+24%	+$24.3K
453	453 Arthur J. Gallagher & Co AJG $76.7B	$126K	0.03%	+393	New	+$126K
454	454 Schlumberger SLB $53.4B	$125K	0.03%	3,698 -6,934	-65%	-$234K
455	455 New Mountain Finance NMFC $1.13B	$125K	0.03%	11,846 +3,751	+46%	+$39.6K
456	456 Best Buy BBY $16.1B	$125K	0.03%	1,858 +1,752	+1,653%	+$118K
457	457 Home Depot HD $417B	$125K	0.03%	340 -179	-34%	-$65.6K
458	458 Copa Holdings CPA $4.85B	$124K	0.03%	1,132 +593	+110%	+$65.2K
459	459 Maplebear CART $11.9B	$124K	0.03%	2,747 +81	+3%	+$3.66K
460	460 Jabil JBL $22.5B	$123K	0.03%	566 -4,185	-88%	-$913K
461	461 Trinity Capital TRIN $1.14B	$123K	0.03%	8,746 +4,304	+97%	+$60.6K
462	462 Snap-on SNA $17.1B	$123K	0.03%	+395	New	+$123K
463	463 Zentalis Pharmaceuticals ZNTL $126M	$122K	0.03%	105,000 -15,000	-13%	-$17.4K
464	464 SouthState Bank Corporation SSB $10.4B	$122K	0.03%	1,322 +1,268	+2,348%	+$117K
465	465 Tarsus Pharmaceuticals TARS $2.43B	$122K	0.03%	3,000 -599	-17%	-$24.3K
466	466 American Airlines Group AAL $8.63B	$121K	0.03%	+10,823	New	+$121K
467	467 Viper Energy VNOM $6.29B	$121K	0.03%	3,176 +680	+27%	+$25.9K
468	468 Rithm Capital RITM $6.69B	$121K	0.03%	10,699 -3,780	-26%	-$42.7K
469	MRP 469 Millrose Properties, Inc. MRP $5.68B	$121K	0.03%	4,229 +2,477	+141%	+$70.6K
470	470 Albertsons Companies ACI $10.7B	$120K	0.03%	+5,590	New	+$120K
471	471 Chemed CHE $6.79B	$119K	0.03%	+245	New	+$119K
472	472 Ingersoll Rand IR $32.2B	$119K	0.03%	+1,434	New	+$119K
473	473 HP HPQ $27.4B	$118K	0.03%	4,836 -12,557	-72%	-$307K
474	CNTA 474 Centessa Pharmaceuticals CNTA $2.11B	$118K	0.03%	+8,999	New	+$118K
475	475 Regal Rexnord RRX $9.66B	$118K	0.03%	815 +688	+542%	+$99.7K