PARADIGM CAPITAL MANAGEMENT INC/NY

Paradigm Capital Management's share count in Modine Manufacturing fell 1.4% this quarter — a genuine, if modest, real sale. Its dollar position in Modine rose $118.3 million anyway, a 60.1% jump that vaulted the stock from the fund's third-largest holding to its largest, now 12.07% of a $2.61 billion book. That's not an isolated contradiction: Onto Innovation, Veeco Instruments, EnerSys, and Jabil all show the same pattern — real share reductions sitting underneath dollar values that rose on price alone, across a book concentrated in semiconductor and industrial-supply-chain names. The real conviction moves ran the other direction: genuine buys of Enovis (+70.2% shares), Quidel (+84.1%), Penguin Solutions (+73.8%), and SI-Bone (more than doubled), funded in part by a real $25.7 million reduction in Enviri Corp, the quarter's largest actual sale.