Stanley-Laman Group, Ltd.

The portfolio consists of 306 holdings, indicating a high degree of diversification. The turnover rate for the quarter was exceptionally high, characterized by a "churn" of 62 positions—31 new entries and 31 complete exits. Despite the large number of holdings, the portfolio is relatively fragmented; the top 10 positions account for only approximately 19.4% of the total value, with no single position representing more than 3% of the portfolio. This structure implies a "core-satellite" or broad market approach with a focus on mitigating idiosyncratic risk associated with any single security.

2. Key Holdings