SEGALL BRYANT & HAMILL, LLC

Mercury Systems — a niche defense-electronics maker most retail investors have never heard of — saw its share count in Segall Bryant & Hamill's book rise 46.9% this quarter (636,526 to 934,824 shares), the fund's largest genuine conviction add, even though the position remains under 1% of the $6.98 billion book. That's the signature of an active small/mid-cap stock-picker rather than an index-hugger: no position among the top 50 exceeds 1.65% of assets. Several other moves are real, not price-driven — ONTO Innovation (-30.9% shares) and EnerSys (-39.6% shares) were both genuinely cut. SouthState Bank Corp shows up as both "sold" and "new" at two different CUSIPs for a near-identical dollar amount — a merger-related CUSIP reissuance, not an actual trade.