The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACUSHNET HOLDINGS CORP. COM 005098108   7,840 153,905 SH   SOLE   91,161 0 62,744
ARMSTRONG WORLD INDS INC. COM 04247X102   57,929 813,146 SH   SOLE   489,488 0 323,658
AVANTAX INC. COM 095229100   47,060 1,787,997 SH   SOLE   1,049,613 0 738,384
BANK OZK COM 06417N103   59,563 1,741,603 SH   SOLE   1,050,908 0 690,695
BIO-TECHNE CORP COM 09073M104   1,309 17,642 SH   SOLE   17,642 0 0
BLACKBAUD INC. COM 09227Q100   54,183 781,867 SH   SOLE   463,332 0 318,535
BOK FINANCIAL CORPORATION COM NEW 05561Q201   1,342 15,893 SH   SOLE   15,893 0 0
BRADY CORP CL A CL A 104674106   57,380 1,067,933 SH   SOLE   633,221 0 434,712
BRUNSWICK CORP. COM 117043109   56,234 685,786 SH   SOLE   414,289 0 271,497
CANADA GOOSE HOLDINGS INC. SHS SUB VTG 135086106   4,515 235,111 SH   SOLE   235,111 0 0
CERENCE INC. COM 156727109   55,779 1,985,717 SH   SOLE   1,196,172 0 789,545
CHARLES RIVER LABORATORIES COM 159864107   38,549 191,005 SH   SOLE   116,645 0 74,360
CHEMED CORP. COM 16359R103   59,873 111,339 SH   SOLE   67,222 0 44,117
COLLIERS INTERNATIONAL GROUP INC. SUB VTG SHS 194693107   13,223 125,465 SH   SOLE   125,465 0 0
DADA NEXUS LTD. ADR ADS 23344D108   1,022 120,681 SH   SOLE   120,681 0 0
DIGITALOCEAN HLDGS INC. COM 25402D102   54,673 1,395,799 SH   SOLE   846,119 0 549,680
DOUBLEVERIFY HOLDINGS INC. COM 25862V105   66,487 2,205,210 SH   SOLE   1,333,399 0 871,811
ENSIGN GROUP INC. COM 29358P101   85,323 893,060 SH   SOLE   538,928 0 354,132
ENVESTNET INC. COM 29404K106   74,138 1,263,642 SH   SOLE   759,654 0 503,988
EURONET WORLDWIDE INC. COM 298736109   81,599 729,210 SH   SOLE   438,131 0 291,079
FEDERAL SIGNAL CORP. COM 313855108   84,817 1,564,597 SH   SOLE   945,383 0 619,214
FOX FACTORY HOLDING CORP. COM 35138V102   64,175 528,751 SH   SOLE   319,444 0 209,307
FTI CONSULTING INC. COM 302941109   55,615 281,810 SH   SOLE   167,248 0 114,562
GENTHERM INC. COM 37253A103   53,145 879,589 SH   SOLE   530,865 0 348,724
GLOBUS MEDICAL INC. CL A 379577208   65,050 1,148,480 SH   SOLE   691,814 0 456,666
GODADDY INC. CL A 380237107   1,383 17,800 SH   SOLE   17,800 0 0
GRAND CANYON EDUCATION INC. COM 38526M106   84,619 742,927 SH   SOLE   447,562 0 295,365
GROCERY OUTLET HLDG CORP. COM 39874R101   27,652 978,470 SH   SOLE   591,003 0 387,467
HAMILTON LANE INC. CL A 407497106   71,747 969,820 SH   SOLE   584,694 0 385,126
HEALTHEQUITY INC. COM 42226A107   60,963 1,038,377 SH   SOLE   615,802 0 422,575
HOULIHAN LOKEY INC. CL A 441593100   64,980 742,717 SH   SOLE   448,370 0 294,347
InMODE LTD. SHS M5425M103   109 3,423 SH   SOLE   3,423 0 0
INSTALLED BLDG PRODS INC. COM 45780R101   58,231 510,665 SH   SOLE   308,812 0 201,853
IPG PHOTONICS CORP. COM 44980X109   1,681 13,631 SH   SOLE   13,631 0 0
IRIDIUM COMMUNICATIONS INC. COM 46269C102   83,757 1,352,454 SH   SOLE   815,568 0 536,886
ISHARES TR MSCI CHINA ETF MSCI CHINA ETF 46429B671   50 1,000 SH   SOLE   1,000 0 0
KULICKE & SOFFA INDUSTRIES ADR COM 501242101   1,118 21,210 SH   SOLE   21,210 0 0
LAUREATE EDUCATION INC. COMMON STOCK 518613203   78,547 6,679,176 SH   SOLE   4,023,819 0 2,655,357
MARKETAXESS HOLDINGS INC. COM 57060D108   55,746 142,466 SH   SOLE   85,991 0 56,475
MARRIOTT VACATIONS WORLDWIDE CORP. COM 57164Y107   56,933 422,164 SH   SOLE   254,715 0 167,449
MAXIMUS INC. COM 577933104   73,351 932,027 SH   SOLE   560,958 0 371,069
NMI HOLDINGS INC. CL A CL A 629209305   64,307 2,879,864 SH   SOLE   1,709,116 0 1,170,748
ORMAT TECHNOLOGIES INC. COM 686688102   65,673 774,720 SH   SOLE   467,157 0 307,563
PENNANT GROUP INC. COM 70805E109   1,729 121,056 SH   SOLE   121,056 0 0
PRIMORIS SERVICES CORP. COM 74164F103   56,964 2,309,978 SH   SOLE   1,369,562 0 940,416
PTC INC. COM 69370C100   1,373 10,708 SH   SOLE   10,708 0 0
QUALYS INC. COM 74758T303   61,337 471,753 SH   SOLE   284,914 0 186,839
RLI CORP. COM 749607107   63,285 476,148 SH   SOLE   288,182 0 187,966
SHAKE SHACK INC. CL A CL A 819047101   55,537 1,000,856 SH   SOLE   602,631 0 398,225
SILICON LABORATORIES INC. COM 826919102   59,562 340,182 SH   SOLE   206,112 0 134,070
SOTERA HEALTH CO. COM 83601L102   1,193 66,609 SH   SOLE   66,609 0 0
STANTEC INC. COM 85472N109   7,904 135,375 SH   SOLE   135,375 0 0
STONEX GROUP INC. COM 861896108   90,457 873,731 SH   SOLE   528,669 0 345,062
TEMPUR SEALY INTERNATIONAL INC. COM 88023U101   57,251 1,449,759 SH   SOLE   859,642 0 590,117
THERMON GROUP HOLDINGS INC. COM 88362T103   14,754 592,048 SH   SOLE   350,797 0 241,251
TRACTOR SUPPLY COMPANY COM 892356106   1,979 8,420 SH   SOLE   8,420 0 0
TUCOWS INC. COM NEW 898697206   6,426 330,303 SH   SOLE   330,303 0 0
UNIVERSAL HEALTH SERVICES CL B 913903100   29,126 229,158 SH   SOLE   135,861 0 93,297
VICTORY CAP HLDGS INC. COM CL A COM CL A 92645B103   45,307 1,547,893 SH   SOLE   942,680 0 605,213
VIPSHOP HOLDINGS LIMITED ADR SPONSORED ADS A 92763W103   1,337 88,052 SH   SOLE   88,052 0 0
VIRTU FINANCIAL CL A 928254101   40,069 2,120,054 SH   SOLE   1,256,880 0 863,174
YETI HOLDINGS INC. COM 98585X104   56,410 1,410,243 SH   SOLE   848,365 0 561,878
YUM CHINA HOLDINGS COM 98850P109   924 14,700 SH   SOLE   14,700 0 0