GRACE & WHITE INC /NY

Grace & White's Ultra Clean Holdings position lost 56.8% of its shares this quarter (109,950 down to 47,550) — a real, more-than-halved reduction — yet the reported dollar value moved by less than $60,000, from $6.84 million to $6.78 million, because the stock's price roughly doubled over the same period. The share-flow figure of -$8.9 million is the only number that captures the actual sale. Elsewhere the book was unusually stable: 19 of the fund's positions were completely unchanged, and Applied Industrial Technologies and Unum Group — the two largest holdings — barely moved in share count while both grew in value. Devon Energy more than doubled in shares (+120.6%), the quarter's clearest new conviction add.