{"size":110,"asOfDate":"2026-07-31T00:00:00-04:00","self":{"type":"application/xml,application/json","href":"http://api.vanguard.com/rs/ire/01/ind/fund/VAW/portfolio-holding/stock?start=1&count=500","ref":"self"},"fund":{"entity":[{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Linde plc","shortName":"LINDE PLC","sharesHeld":"1367234","marketValue":654057400.92,"ticker":"LIN","isin":"IE000S9YS762","percentWeight":"15.11","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"G54950103","sedol":"BNZHB81"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Newmont Goldcorp Corp.","shortName":"NEWMONT GOLDCORP","sharesHeld":"3186309","marketValue":298589016.39,"ticker":"NEM","isin":"US6516391066","percentWeight":"6.90","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"651639106","sedol":"2636607"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Freeport-McMoRan Inc.","shortName":"FREEPORT-MCMORAN","sharesHeld":"4240423","marketValue":265577692.49,"ticker":"FCX","isin":"US35671D8570","percentWeight":"6.13","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"35671D857","sedol":"2352118"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Sherwin-Williams Co.","shortName":"SHERWIN-WILLIAMS","sharesHeld":"693346","marketValue":236326984.1,"ticker":"SHW","isin":"US8243481061","percentWeight":"5.46","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"824348106","sedol":"2804211"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ecolab Inc.","shortName":"ECOLAB INC","sharesHeld":"749962","marketValue":208211950.06,"ticker":"ECL","isin":"US2788651006","percentWeight":"4.81","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"278865100","sedol":"2304227"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"CRH plc","shortName":"CRH PLC","sharesHeld":"1975048","marketValue":187649310.48,"ticker":"CRH","isin":"IE0001827041","percentWeight":"4.33","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"G25508105","sedol":"B01ZKD6"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Air Products & Chemicals Inc.","shortName":"AIR PRODS & CHEM","sharesHeld":"597091","marketValue":176076164.99,"ticker":"APD","isin":"US0091581068","percentWeight":"4.07","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"009158106","sedol":"2011602"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Nucor Corp.","shortName":"NUCOR CORP","sharesHeld":"655241","marketValue":168586956.89,"ticker":"NUE","isin":"US6703461052","percentWeight":"3.89","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"670346105","sedol":"2651086"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Corteva Inc.","shortName":"CORTEVA INC","sharesHeld":"1980828","marketValue":155910971.88,"ticker":"CTVA","isin":"US22052L1044","percentWeight":"3.60","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"22052L104","sedol":"BK73B42"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Vulcan Materials Co.","shortName":"VULCAN MATERIALS","sharesHeld":"384928","marketValue":103380112.96,"ticker":"VMC","isin":"US9291601097","percentWeight":"2.39","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"929160109","sedol":"2931205"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Steel Dynamics Inc.","shortName":"STEEL DYNAMICS","sharesHeld":"406093","marketValue":102034927.18,"ticker":"STLD","isin":"US8581191009","percentWeight":"2.36","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"858119100","sedol":"2849472"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Martin Marietta Materials Inc.","shortName":"MARTIN MAR MTLS","sharesHeld":"177785","marketValue":93362014.9,"ticker":"MLM","isin":"US5732841060","percentWeight":"2.16","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"573284106","sedol":"2572079"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"PPG Industries Inc.","shortName":"PPG INDS INC","sharesHeld":"660306","marketValue":72977019.12,"ticker":"PPG","isin":"US6935061076","percentWeight":"1.69","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"693506107","sedol":"2698470"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Amrize Ltd.","shortName":"AMRIZE LTD","sharesHeld":"1468662","marketValue":71832258.42,"ticker":"AMRZ","isin":"CH1430134226","percentWeight":"1.66","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"","sedol":"BV5F675"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Smurfit Westrock plc","shortName":"SMURFIT WESTROCK","sharesHeld":"1546791","marketValue":71105982.27,"ticker":"SW","isin":"IE00028FXN24","percentWeight":"1.64","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"G8267P108","sedol":"BRK49M5"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Packaging Corp. of America","shortName":"PACKAGING CORP","sharesHeld":"262672","marketValue":64575284.48,"ticker":"PKG","isin":"US6951561090","percentWeight":"1.49","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"695156109","sedol":"2504566"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Dow Inc.","shortName":"DOW INC","sharesHeld":"2123209","marketValue":64312000.61,"ticker":"DOW","isin":"US2605571031","percentWeight":"1.49","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"260557103","sedol":"BHXCF84"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Reliance Steel & Aluminum Co.","shortName":"RELIANCE STEEL","sharesHeld":"150801","marketValue":61240286.1,"ticker":"RS","isin":"US7595091023","percentWeight":"1.41","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"759509102","sedol":"2729068"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Amcor plc","shortName":"AMCOR PLC","sharesHeld":"1363249","marketValue":61182615.12,"ticker":"AMCR","isin":"JE00BV7DQ550","percentWeight":"1.41","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"G0250X107","sedol":"BV7DQ55"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"International Paper Co.","shortName":"INTL PAPER CO","sharesHeld":"1484108","marketValue":60596129.64,"ticker":"IP","isin":"US4601461035","percentWeight":"1.40","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"460146103","sedol":"2465254"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"International Flavors & Fragrances Inc.","shortName":"INTL FLVR & FRAG","sharesHeld":"734817","marketValue":58212202.74,"ticker":"IFF","isin":"US4595061015","percentWeight":"1.34","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"459506101","sedol":"2464165"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"CF Industries Holdings Inc.","shortName":"CF INDUSTRIES HO","sharesHeld":"453235","marketValue":56740489.65,"ticker":"CF","isin":"US1252691001","percentWeight":"1.31","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"125269100","sedol":"B0G4K50"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Royal Gold Inc.","shortName":"ROYAL GOLD INC","sharesHeld":"250315","marketValue":49649980.25,"ticker":"RGLD","isin":"US7802871084","percentWeight":"1.15","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"780287108","sedol":"2755706"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ball Corp.","shortName":"BALL CORP","sharesHeld":"746026","marketValue":48417087.4,"ticker":"BALL","isin":"US0584981064","percentWeight":"1.12","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"058498106","sedol":"2073022"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"LyondellBasell Industries NV Class A","shortName":"LYONDELLBASELL-A","sharesHeld":"760438","marketValue":47207991.04,"ticker":"LYB","isin":"NL0009434992","percentWeight":"1.09","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"N53745100","sedol":"B3SPXZ3"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Coeur Mining Inc.","shortName":"COEUR MINING INC","sharesHeld":"3052314","marketValue":45510001.74,"ticker":"CDE","isin":"US1921085049","percentWeight":"1.05","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"192108504","sedol":"2208136"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Albemarle Corp.","shortName":"ALBEMARLE CORP","sharesHeld":"347703","marketValue":40903780.92,"ticker":"ALB","isin":"US0126531013","percentWeight":"0.94","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"012653101","sedol":"2046853"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"RPM International Inc.","shortName":"RPM INTL INC","sharesHeld":"376555","marketValue":40317743.85,"ticker":"RPM","isin":"US7496851038","percentWeight":"0.93","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"749685103","sedol":"2756174"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Crown Holdings Inc.","shortName":"CROWN HOLDINGS I","sharesHeld":"331170","marketValue":39028384.5,"ticker":"CCK","isin":"US2283681060","percentWeight":"0.90","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"228368106","sedol":"2427986"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Avery Dennison Corp.","shortName":"AVERY DENNISON","sharesHeld":"226946","marketValue":38519544.58,"ticker":"AVY","isin":"US0536111091","percentWeight":"0.89","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"053611109","sedol":"2066408"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Alcoa Corp.","shortName":"ALCOA CORP","sharesHeld":"778515","marketValue":35235588.9,"ticker":"AA","isin":"US0138721065","percentWeight":"0.81","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"013872106","sedol":"BYNF418"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Solstice Advanced Materials Inc.","shortName":"SOLSTICE ADV MAT","sharesHeld":"468518","marketValue":28190728.06,"ticker":"SOLS","isin":"US83443Q1031","percentWeight":"0.65","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"83443Q103","sedol":"BW2K5V7"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Hecla Mining Co.","shortName":"HECLA MINING CO","sharesHeld":"1978462","marketValue":27935883.44,"ticker":"HL","isin":"US4227041062","percentWeight":"0.65","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"422704106","sedol":"2418601"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"AptarGroup Inc.","shortName":"APTARGROUP INC","sharesHeld":"188167","marketValue":25206851.32,"ticker":"ATR","isin":"US0383361039","percentWeight":"0.58","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"038336103","sedol":"2045247"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Element Solutions Inc.","shortName":"ELEMENT SOLUTION","sharesHeld":"682770","marketValue":25078142.1,"ticker":"ESI","isin":"US28618M1062","percentWeight":"0.58","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"28618M106","sedol":"BJ1C2K1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Eastman Chemical Co.","shortName":"EASTMAN CHEMICAL","sharesHeld":"337386","marketValue":23600150.7,"ticker":"EMN","isin":"US2774321002","percentWeight":"0.55","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"277432100","sedol":"2298386"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Axalta Coating Systems Ltd.","shortName":"AXALTA COATING S","sharesHeld":"629548","marketValue":22544113.88,"ticker":"AXTA","isin":"BMG0750C1082","percentWeight":"0.52","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"G0750C108","sedol":"BSFWCF5"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Commercial Metals Co.","shortName":"COMMERCIAL METAL","sharesHeld":"327167","marketValue":22482916.24,"ticker":"CMC","isin":"US2017231034","percentWeight":"0.52","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"201723103","sedol":"2213260"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Mosaic Co.","shortName":"MOSAIC CO/THE","sharesHeld":"936780","marketValue":20721573.6,"ticker":"MOS","isin":"US61945C1036","percentWeight":"0.48","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"61945C103","sedol":"B3NPHP6"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Cleveland-Cliffs Inc.","shortName":"CLEVELAND-CLIFFS","sharesHeld":"1682901","marketValue":19387019.52,"ticker":"CLF","isin":"US1858991011","percentWeight":"0.45","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"185899101","sedol":"BYVZ186"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Eagle Materials Inc.","shortName":"EAGLE MATERIALS","sharesHeld":"92736","marketValue":19005315.84,"ticker":"EXP","isin":"US26969P1084","percentWeight":"0.44","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"26969P108","sedol":"2191399"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"NewMarket Corp.","shortName":"NEWMARKET CORP","sharesHeld":"22181","marketValue":18857398.96,"ticker":"NEU","isin":"US6515871076","percentWeight":"0.44","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"651587107","sedol":"B01CGF1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"MP Materials Corp.","shortName":"MP MATERIALS COR","sharesHeld":"419352","marketValue":17348592.24,"ticker":"MP","isin":"US5533681012","percentWeight":"0.40","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"553368101","sedol":"BN15Y35"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Sonoco Products Co.","shortName":"SONOCO PRODUCTS","sharesHeld":"291719","marketValue":16441282.84,"ticker":"SON","isin":"US8354951027","percentWeight":"0.38","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"835495102","sedol":"2821395"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Balchem Corp.","shortName":"BALCHEM CORP","sharesHeld":"94491","marketValue":15832439.51,"ticker":"BCPC","isin":"US0576652004","percentWeight":"0.37","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"057665200","sedol":"2072074"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Celanese Corp. Class A","shortName":"CELANESE CORP","sharesHeld":"323282","marketValue":14457171.04,"ticker":"CE","isin":"US1508701034","percentWeight":"0.33","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"150870103","sedol":"B05MZT4"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Cabot Corp.","shortName":"CABOT CORP","sharesHeld":"154078","marketValue":13561945.56,"ticker":"CBT","isin":"US1270551013","percentWeight":"0.31","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"127055101","sedol":"2162500"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Perimeter Solutions Inc.","shortName":"PERIMETER SOLUTI","sharesHeld":"432368","marketValue":13234784.48,"ticker":"PRM","isin":"US71385M1071","percentWeight":"0.31","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"71385M107","sedol":"BL9XML1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Sensient Technologies Corp.","shortName":"SENSIENT TECHNOL","sharesHeld":"106716","marketValue":13197567.72,"ticker":"SXT","isin":"US81725T1007","percentWeight":"0.30","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"81725T100","sedol":"2923741"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Materion Corp.","shortName":"MATERION CORP","sharesHeld":"59839","marketValue":12616454.76,"ticker":"MTRN","isin":"US5766901012","percentWeight":"0.29","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"576690101","sedol":"2149622"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Warrior Met Coal Inc.","shortName":"WARRIOR MET COAL","sharesHeld":"155784","marketValue":12370807.44,"ticker":"HCC","isin":"US93627C1018","percentWeight":"0.29","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"93627C101","sedol":"BF2X272"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Knife River Corp.","shortName":"KNIFE RIVER","sharesHeld":"167443","marketValue":12251804.31,"ticker":"KNF","isin":"US4988941047","percentWeight":"0.28","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"498894104","sedol":"BPLL4V5"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Silgan Holdings Inc.","shortName":"SILGAN HOLDINGS","sharesHeld":"256661","marketValue":10261306.78,"ticker":"SLGN","isin":"US8270481091","percentWeight":"0.24","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"827048109","sedol":"2809324"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Constellium SE Class A","shortName":"CONSTELLIUM SE","sharesHeld":"361525","marketValue":10043164.5,"ticker":"CSTM","isin":"FR0013467479","percentWeight":"0.23","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"F21107101","sedol":"BKPR6S5"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Avient Corp.","shortName":"AVIENT CORP","sharesHeld":"270584","marketValue":9827610.88,"ticker":"AVNT","isin":"US05368V1061","percentWeight":"0.23","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"05368V106","sedol":"BMHWY55"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Graphic Packaging Holding Co.","shortName":"GRAPHIC PACKAGIN","sharesHeld":"872534","marketValue":9362289.82,"ticker":"GPK","isin":"US3886891015","percentWeight":"0.22","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"388689101","sedol":"B2Q8249"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ashland Global Holdings Inc.","shortName":"ASHLAND GLOBAL H","sharesHeld":"124889","marketValue":9068190.29,"ticker":"ASH","isin":"US0441861046","percentWeight":"0.21","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"044186104","sedol":"BYND5N1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"HB Fuller Co.","shortName":"HB FULLER CO","sharesHeld":"160761","marketValue":8890083.3,"ticker":"FUL","isin":"US3596941068","percentWeight":"0.21","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"359694106","sedol":"2354664"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Century Aluminum Co.","shortName":"CENTURY ALUMINUM","sharesHeld":"197111","marketValue":8824659.47,"ticker":"CENX","isin":"US1564311082","percentWeight":"0.20","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"156431108","sedol":"2186254"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Scotts Miracle-Gro Co.","shortName":"SCOTTS MIRACLE","sharesHeld":"132713","marketValue":8716589.84,"ticker":"SMG","isin":"US8101861065","percentWeight":"0.20","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"810186106","sedol":"2781518"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"USA Rare Earth Inc.","shortName":"USA RARE EARTH I","sharesHeld":"514517","marketValue":7692029.15,"ticker":"USAR","isin":"US91733P1075","percentWeight":"0.18","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"91733P107","sedol":"BSBGKF7"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Kaiser Aluminum Corp.","shortName":"KAISER ALUMINUM","sharesHeld":"47832","marketValue":7637813.76,"ticker":"KALU","isin":"US4830077040","percentWeight":"0.18","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"483007704","sedol":"B15CJ33"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ingevity Corp.","shortName":"INGEVITY CORP","sharesHeld":"103925","marketValue":7597956.75,"ticker":"NGVT","isin":"US45688C1071","percentWeight":"0.18","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"45688C107","sedol":"BD4LHG4"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Chemours Co.","shortName":"CHEMOURS CO","sharesHeld":"442835","marketValue":7355489.35,"ticker":"CC","isin":"US1638511089","percentWeight":"0.17","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"163851108","sedol":"BZ0CTP8"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Hawkins Inc.","shortName":"HAWKINS INC","sharesHeld":"57044","marketValue":7303343.32,"ticker":"HWKN","isin":"US4202611095","percentWeight":"0.17","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"420261109","sedol":"2415594"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Minerals Technologies Inc.","shortName":"MINERALS TECH","sharesHeld":"89274","marketValue":6806249.76,"ticker":"MTX","isin":"US6031581068","percentWeight":"0.16","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"603158106","sedol":"2595612"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Westlake Chemical Corp.","shortName":"WESTLAKE CHEMICA","sharesHeld":"94484","marketValue":6661122,"ticker":"WLK","isin":"US9604131022","percentWeight":"0.15","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"960413102","sedol":"B01ZP20"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Quaker Chemical Corp.","shortName":"QUAKER CHEMICAL","sharesHeld":"40926","marketValue":6569441.52,"ticker":"KWR","isin":"US7473161070","percentWeight":"0.15","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"747316107","sedol":"2715186"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Innospec Inc.","shortName":"INNOSPEC INC","sharesHeld":"73422","marketValue":6312823.56,"ticker":"IOSP","isin":"US45768S1050","percentWeight":"0.15","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"45768S105","sedol":"2245597"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Olin Corp.","shortName":"OLIN CORP","sharesHeld":"335830","marketValue":6216213.3,"ticker":"OLN","isin":"US6806652052","percentWeight":"0.14","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"680665205","sedol":"2658526"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Greif Inc. Class A","shortName":"GREIF INC-CL A","sharesHeld":"69418","marketValue":6008127.9,"ticker":"GEF","isin":"US3976241071","percentWeight":"0.14","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"397624107","sedol":"2388016"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Huntsman Corp.","shortName":"HUNTSMAN CORP","sharesHeld":"487747","marketValue":4760410.72,"ticker":"HUN","isin":"US4470111075","percentWeight":"0.11","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"447011107","sedol":"B0650B9"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Perpetua Resources Corp.","shortName":"PERPETUA RESOURC","sharesHeld":"248919","marketValue":4582598.79,"ticker":"PPTA","isin":"CA7142661031","percentWeight":"0.11","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"714266103","sedol":"BNNNK51"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Alpha Metallurgical Resources Inc.","shortName":"ALPHA METALLURGI","sharesHeld":"31122","marketValue":4268693.52,"ticker":"AMR","isin":"US0207641061","percentWeight":"0.10","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"020764106","sedol":"BMFND53"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Stepan Co.","shortName":"STEPAN CO","sharesHeld":"63598","marketValue":4079175.72,"ticker":"SCL","isin":"US8585861003","percentWeight":"0.09","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"858586100","sedol":"2845005"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"FMC Corp.","shortName":"FMC CORP","sharesHeld":"368992","marketValue":3951904.32,"ticker":"FMC","isin":"US3024913036","percentWeight":"0.09","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"302491303","sedol":"2328603"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ecovyst Inc.","shortName":"ECOVYST INC","sharesHeld":"322749","marketValue":3892352.94,"ticker":"ECVT","isin":"US27923Q1094","percentWeight":"0.09","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"27923Q109","sedol":"BM8NHT2"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ryerson Holding Corp.","shortName":"RYERSON HOLDING","sharesHeld":"129637","marketValue":3602612.23,"ticker":"RYZ","isin":"US7837541041","percentWeight":"0.08","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"783754104","sedol":"B3TPPZ6"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Sylvamo Corp.","shortName":"SYLVAMO CORP","sharesHeld":"96238","marketValue":3600263.58,"ticker":"SLVM","isin":"US8713321029","percentWeight":"0.08","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"871332102","sedol":"BMW72C8"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Worthington Steel Inc.","shortName":"WORTHINGTON STEE","sharesHeld":"97474","marketValue":3510038.74,"ticker":"WS","isin":"US9821041012","percentWeight":"0.08","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"982104101","sedol":"BS70KN1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"United States Lime & Minerals Inc.","shortName":"US LIME & MINERA","sharesHeld":"31708","marketValue":3497392.4,"ticker":"USLM","isin":"US9119221029","percentWeight":"0.08","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"911922102","sedol":"2724115"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"TriMas Corp.","shortName":"TRIMAS CORP","sharesHeld":"83915","marketValue":3350725.95,"ticker":"TRS","isin":"US8962152091","percentWeight":"0.08","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"896215209","sedol":"B1XHRL4"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ivanhoe Electric Inc. / US","shortName":"IVANHOE ELECTRIC","sharesHeld":"360184","marketValue":3295683.6,"ticker":"IE","isin":"US46578C1080","percentWeight":"0.08","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"46578C108","sedol":"BPF0KH6"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"O-I Glass Inc.","shortName":"O-I GLASS INC","sharesHeld":"452179","marketValue":3233079.85,"ticker":"OI","isin":"US67098H1041","percentWeight":"0.07","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"67098H104","sedol":"BKLKXD2"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Myers Industries Inc.","shortName":"MYERS INDS INC","sharesHeld":"93739","marketValue":3202124.24,"ticker":"MYE","isin":"US6284641098","percentWeight":"0.07","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"628464109","sedol":"2613086"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Hycroft Mining Holding Corp. Class A","shortName":"HYCROFT MINING-A","sharesHeld":"154554","marketValue":3018439.62,"ticker":"HYMC","isin":"US44862P2083","percentWeight":"0.07","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"44862P208","sedol":"BS70KX1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Compass Minerals International Inc.","shortName":"COMPASS MINERALS","sharesHeld":"101885","marketValue":2989305.9,"ticker":"CMP","isin":"US20451N1019","percentWeight":"0.07","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"20451N101","sedol":"2202763"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"PureCycle Technologies Inc.","shortName":"PURECYCLE TECHNO","sharesHeld":"443507","marketValue":2825139.59,"ticker":"PCT","isin":"US74623V1035","percentWeight":"0.07","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"74623V103","sedol":"BLNB073"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Koppers Holdings Inc.","shortName":"KOPPERS HOLDINGS","sharesHeld":"54209","marketValue":2657325.18,"ticker":"KOP","isin":"US50060P1066","percentWeight":"0.06","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"50060P106","sedol":"B0X46B1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"McEwen Inc.","shortName":"MCEWEN INC","sharesHeld":"149077","marketValue":2577541.33,"ticker":"MUX","isin":"US58039P3055","percentWeight":"0.06","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"58039P305","sedol":"BQGD8H7"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"TMC the metals co Inc.","shortName":"TMC THE METALS C","sharesHeld":"638962","marketValue":2274704.72,"ticker":"TMC","isin":"CA87261Y1060","percentWeight":"0.05","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"87261Y106","sedol":"BP80TY3"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"SunCoke Energy Inc.","shortName":"SUNCOKE ENERGY I","sharesHeld":"250186","marketValue":2121577.28,"ticker":"SXC","isin":"US86722A1034","percentWeight":"0.05","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"86722A103","sedol":"B3R0638"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"TimkenSteel Corp.","shortName":"TIMKENSTEEL","sharesHeld":"104604","marketValue":2104632.48,"ticker":"MTUS","isin":"US8873991033","percentWeight":"0.05","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"887399103","sedol":"BNBPMX1"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Tronox Holdings plc Class A","shortName":"TRONOX HOLDING-A","sharesHeld":"353143","marketValue":2062355.12,"ticker":"TROX","isin":"GB00BJT16S69","percentWeight":"0.05","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"G9087Q102","sedol":"BJT16S6"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"US Antimony Corp.","shortName":"US ANTIMONY CORP","sharesHeld":"359012","marketValue":1820190.84,"ticker":"UAMY","isin":"US9115491030","percentWeight":"0.04","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"911549103","sedol":"2910668"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"LSB Industries Inc.","shortName":"LSB INDUS INC","sharesHeld":"164239","marketValue":1786920.32,"ticker":"LXU","isin":"US5021601043","percentWeight":"0.04","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"502160104","sedol":"2536882"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Rayonier Advanced Materials Inc.","shortName":"RAYONIER ADV","sharesHeld":"179023","marketValue":1602255.85,"ticker":"RYAM","isin":"US75508B1044","percentWeight":"0.04","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"75508B104","sedol":"BN458W9"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"AdvanSix Inc.","shortName":"ADVANSIX INC","sharesHeld":"75332","marketValue":1511159.92,"ticker":"ASIX","isin":"US00773T1016","percentWeight":"0.03","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"00773T101","sedol":"BYMMZL7"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Schweitzer-Mauduit International Inc.","shortName":"SCHWEITZER-MAUDU","sharesHeld":"161727","marketValue":1411876.71,"ticker":"MATV","isin":"US8085411069","percentWeight":"0.03","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"808541106","sedol":"2782038"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Magnera Corp.","shortName":"MAGNERA CORP","sharesHeld":"98054","marketValue":1299215.5,"ticker":"MAGN","isin":"US55939A1079","percentWeight":"0.03","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"55939A107","sedol":"BT9NC28"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"ASP Isotopes Inc.","shortName":"ASP ISOTOPES INC","sharesHeld":"315874","marketValue":1263496,"ticker":"ASPI","isin":"US00218A1051","percentWeight":"0.03","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"00218A105","sedol":"BPBJFJ4"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Orion Engineered Carbons SA","shortName":"ORION ENGINEERED","sharesHeld":"162064","marketValue":1093932,"ticker":"OEC","isin":"LU1092234845","percentWeight":"0.03","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"L72967109","sedol":"BP8FKJ0"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Intrepid Potash Inc.","shortName":"INTREPID POTASH","sharesHeld":"31749","marketValue":1078196.04,"ticker":"IPI","isin":"US46121Y2019","percentWeight":"0.02","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"46121Y201","sedol":"BMDNMT2"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Flotek Industries Inc.","shortName":"FLOTEK INDS","sharesHeld":"42746","marketValue":1006240.84,"ticker":"FTK","isin":"US3433894090","percentWeight":"0.02","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"343389409","sedol":"BR56603"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ramaco Resources Inc. Class A","shortName":"RAMACO RESOURC-A","sharesHeld":"107404","marketValue":984894.68,"ticker":"METC","isin":"US75134P6007","percentWeight":"0.02","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"75134P600","sedol":"BRXYZ91"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Aspen Aerogels Inc.","shortName":"ASPEN AEROGELS I","sharesHeld":"208016","marketValue":963114.08,"ticker":"ASPN","isin":"US04523Y1055","percentWeight":"0.02","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"04523Y105","sedol":"BN65SM7"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Clearwater Paper Corp.","shortName":"CLEARWATER","sharesHeld":"44837","marketValue":942922.11,"ticker":"CLW","isin":"US18538R1032","percentWeight":"0.02","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"18538R103","sedol":"B3K9Z35"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Ranpak Holdings Corp. Class A","shortName":"RANPAK HOLDINGS","sharesHeld":"113258","marketValue":579880.96,"ticker":"PACK","isin":"US75321W1036","percentWeight":"0.01","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"75321W103","sedol":"BKBQD30"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Kronos Worldwide Inc.","shortName":"KRONOS WORLDWIDE","sharesHeld":"62634","marketValue":377056.68,"ticker":"KRO","isin":"US50105F1057","percentWeight":"0.01","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"50105F105","sedol":"2166397"},{"type":"portfolioHolding","asOfDate":"2026-07-31T00:00:00-04:00","longName":"Mercer International Inc.","shortName":"MERCER INTERNATI","sharesHeld":"118407","marketValue":74833.22,"ticker":"MERC","isin":"US5880561015","percentWeight":"0.00","notionalValue":"0","secMainType":"","secSubType":"","holdingType":"","cusip":"588056101","sedol":"2053024"}]}}