Avenir Corp Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$145,950,631	-8.4%	462,235	-1.2%	13.66%	-2.3%
MKL	Sell	MARKEL GROUP INC	$128,680,967	+6.1%	87,390	-0.3%	12.04%	+13.2%
AMT	Sell	AMERICAN TOWER CORP NEWcl a	$95,596,020	-15.6%	581,308	-0.5%	8.95%	-10.0%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$76,079,307	-5.2%	83,708	-0.3%	7.12%	+1.1%
CPRT	Buy	COPART INC	$69,273,380	-5.6%	1,607,644	+99.8%	6.48%	+0.7%
AMZN	Buy	AMAZON COM INC	$68,423,802	-2.2%	538,261	+0.3%	6.40%	+4.3%
	Buy	DIGITALBRIDGE GROUP INCcl a new	$59,054,690	+19.6%	3,359,197	+0.1%	5.53%	+27.6%
AAPL	Buy	APPLE INC	$55,527,183	-11.3%	324,322	+0.5%	5.20%	-5.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$54,437,706	+2.4%	155,403	-0.3%	5.10%	+9.2%
LMT	Buy	LOCKHEED MARTIN CORP	$42,763,947	-11.2%	104,568	+0.0%	4.00%	-5.3%
ERII	Buy	ENERGY RECOVERY INC	$37,765,245	-21.1%	1,780,540	+3.9%	3.54%	-15.9%
MA	Sell	MASTERCARD INCORPORATEDcl a	$35,978,468	+0.6%	90,875	-0.1%	3.37%	+7.2%
OLED	Sell	UNIVERSAL DISPLAY CORP	$35,567,184	+8.1%	226,557	-0.7%	3.33%	+15.3%
AES	Sell	AES CORP	$24,508,886	-28.0%	1,612,427	-1.8%	2.29%	-23.2%
KMX	Sell	CARMAX INC	$18,046,265	-15.8%	255,143	-0.4%	1.69%	-10.3%
V	Sell	VISA INC	$17,605,501	-3.3%	76,542	-0.1%	1.65%	+3.1%
BAC	Sell	BANK AMERICA CORP	$15,315,852	-29.5%	559,381	-26.2%	1.43%	-24.8%
SBAC	Buy	SBA COMMUNICATIONS CORP NEWcl a	$11,214,925	+128.7%	56,027	+164.8%	1.05%	+143.6%
BOKF	Sell	BOK FINL CORP	$10,274,231	-2.8%	128,460	-1.9%	0.96%	+3.7%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$9,244,081	-23.0%	415,651	-1.3%	0.86%	-17.9%
CTSO	Sell	CYTOSORBENTS CORP	$5,108,706	-47.7%	2,717,397	-0.1%	0.48%	-44.2%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$4,822,514	-19.7%	164,031	-0.3%	0.45%	-14.4%
KMI	Sell	KINDER MORGAN INC DEL	$2,487,083	-7.7%	150,005	-4.2%	0.23%	-1.7%
OPRX	Sell	OPTIMIZERX CORP	$2,392,731	-56.1%	307,549	-19.4%	0.22%	-53.2%
ATOM	Buy	ATOMERA INC	$1,976,382	-27.7%	315,716	+1.3%	0.18%	-22.9%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,358,055	+2.1%	10,300	-6.4%	0.13%	+8.5%
GOOD	Sell	GLADSTONE COMMERCIAL CORP	$1,035,910	-7.9%	85,190	-6.3%	0.10%	-2.0%
LUNA	Buy	LUNA INNOVATIONS	$957,993	-35.7%	163,480	+0.1%	0.09%	-31.3%
DLTR	Sell	DOLLAR TREE INC	$845,319	-56.9%	7,941	-41.8%	0.08%	-54.1%
INTC	Sell	INTEL CORP	$405,021	-2.3%	11,393	-8.1%	0.04%	+5.6%
DIS	Sell	DISNEY WALT CO	$400,387	-29.0%	4,940	-21.8%	0.04%	-26.0%
GLD	Sell	SPDR GOLD TRUST	$362,445	-29.7%	2,114	-27.0%	0.03%	-24.4%
MGNI	Sell	MAGNITE INC	$263,900	-50.8%	35,000	-10.9%	0.02%	-46.8%
DENN	Sell	DENNYS CORP	$259,944	-31.8%	30,690	-0.8%	0.02%	-27.3%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$236,281	-11.9%	1,357	-0.9%	0.02%	-8.3%
ABBV	New	ABBVIE INC	$217,926	–	1,462	–	0.02%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-7,925	–	-0.02%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$159,355,239	–	467,949	–	13.99%	–
MKL	New	MARKEL GROUP INC	$121,233,023	–	87,648	–	10.64%	–
AMT	New	AMERICAN TOWER CORP NEWcl a	$113,305,859	–	584,232	–	9.95%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$80,238,035	–	83,992	–	7.04%	–
CPRT	New	COPART INC	$73,379,950	–	804,516	–	6.44%	–
AMZN	New	AMAZON COM INC	$69,946,418	–	536,563	–	6.14%	–
AAPL	New	APPLE INC	$62,582,302	–	322,639	–	5.49%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$53,158,865	–	155,891	–	4.67%	–
	New	DIGITALBRIDGE GROUP INCcl a new	$49,363,456	–	3,355,775	–	4.33%	–
LMT	New	LOCKHEED MARTIN CORP	$48,132,890	–	104,550	–	4.22%	–
ERII	New	ENERGY RECOVERY INC	$47,888,290	–	1,713,356	–	4.20%	–
MA	New	MASTERCARD INCORPORATEDcl a	$35,781,400	–	90,977	–	3.14%	–
AES	New	AES CORP	$34,037,266	–	1,641,933	–	2.99%	–
OLED	New	UNIVERSAL DISPLAY CORP	$32,887,873	–	228,182	–	2.89%	–
BAC	New	BANK AMERICA CORP	$21,736,319	–	757,627	–	1.91%	–
KMX	New	CARMAX INC	$21,434,148	–	256,083	–	1.88%	–
V	New	VISA INC	$18,204,345	–	76,656	–	1.60%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$12,003,041	–	421,307	–	1.05%	–
BOKF	New	BOK FINL CORP	$10,574,910	–	130,910	–	0.93%	–
CTSO	New	CYTOSORBENTS CORP	$9,763,838	–	2,719,732	–	0.86%	–
MPLX	New	MPLX LP	$6,810,536	–	200,664	–	0.60%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$6,003,706	–	164,485	–	0.53%	–
ET	New	ENERGY TRANSFER LP	$5,690,857	–	448,099	–	0.50%	–
OPRX	New	OPTIMIZERX CORP	$5,453,921	–	381,660	–	0.48%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$4,904,273	–	21,161	–	0.43%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$3,336,121	–	126,608	–	0.29%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,106,860	–	6	–	0.27%	–
ATOM	New	ATOMERA INC	$2,733,486	–	311,686	–	0.24%	–
KMI	New	KINDER MORGAN INC DEL	$2,695,016	–	156,505	–	0.24%	–
EQIX	New	EQUINIX INC	$2,317,327	–	2,956	–	0.20%	–
BRSP	New	BRIGHTSPIRE CAPITAL INC	$1,982,322	–	294,550	–	0.17%	–
DLTR	New	DOLLAR TREE INC	$1,959,636	–	13,656	–	0.17%	–
LUNA	New	LUNA INNOVATIONS	$1,489,661	–	163,340	–	0.13%	–
STWD	New	STARWOOD PPTY TR INC	$1,391,329	–	71,718	–	0.12%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,330,670	–	11,000	–	0.12%	–
AIG	New	AMERICAN INTL GROUP INC	$1,224,451	–	21,280	–	0.11%	–
GOOD	New	GLADSTONE COMMERCIAL CORP	$1,124,247	–	90,885	–	0.10%	–
NEWT	New	NEWTEK BUSINESS SVCS CORP	$1,030,320	–	64,800	–	0.09%	–
XOM	New	EXXON MOBIL CORP	$911,196	–	8,496	–	0.08%	–
VOO	New	VANGUARD INDEX FDS	$786,050	–	1,930	–	0.07%	–
PRVA	New	PRIVIA HEALTH GROUP INC	$774,031	–	29,645	–	0.07%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$579,791	–	38,860	–	0.05%	–
DIS	New	DISNEY WALT CO	$564,250	–	6,320	–	0.05%	–
MGNI	New	MAGNITE INC	$536,036	–	39,270	–	0.05%	–
GLD	New	SPDR GOLD TRUST	$515,913	–	2,894	–	0.04%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$504,750	–	15,000	–	0.04%	–
	New	ENOVIX CORPORATION	$461,734	–	25,595	–	0.04%	–
JPM	New	JPMORGAN CHASE & CO	$425,267	–	2,924	–	0.04%	–
INTC	New	INTEL CORP	$414,422	–	12,393	–	0.04%	–
TPVG	New	TRIPLEPOINT VENTURE GROWTH B	$388,740	–	33,000	–	0.03%	–
DENN	New	DENNYS CORP	$381,181	–	30,940	–	0.03%	–
PG	New	PROCTER AND GAMBLE CO	$337,015	–	2,221	–	0.03%	–
VABK	New	VIRGINIA NATL BANKSHARES CORP	$347,220	–	10,800	–	0.03%	–
KHC	New	KRAFT HEINZ CO	$281,338	–	7,925	–	0.02%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$268,258	–	1,370	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW	$269,190	–	500	–	0.02%	–
WMT	New	WALMART INC	$257,146	–	1,636	–	0.02%	–
NVAX	New	NOVAVAX INC	$211,458	–	28,460	–	0.02%	–
ADPT	New	ADAPTIVE BIOTECHNOLOGIES COR	$205,091	–	30,565	–	0.02%	–
CIO	New	CITY OFFICE REIT INC	$144,987	–	26,030	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
SRAX	Exit	SRAX INCcl a	$0	–	-34,400	–	-0.01%	–
WMT	Exit	WALMART INC	$0	–	-1,607	–	-0.02%	–
MGNI	Exit	MAGNITE INC	$0	–	-32,000	–	-0.02%	–
ADPT	Exit	ADAPTIVE BIOTECHNOLOGIES COR	$0	–	-30,650	–	-0.02%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-7,925	–	-0.03%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-550	–	-0.03%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,221	–	-0.03%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-1,362	–	-0.03%	–
DENN	Exit	DENNYS CORP	$0	–	-30,940	–	-0.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,924	–	-0.03%	–
TPVG	Exit	TRIPLEPOINT VENTURE GROWTH B	$0	–	-29,000	–	-0.03%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-32,805	–	-0.04%	–
VABK	Exit	VIRGINIA NATL BANKSHARES CORP	$0	–	-10,800	–	-0.04%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,894	–	-0.05%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-38,860	–	-0.05%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-12,500	–	-0.05%	–
PRVA	Exit	PRIVIA HEALTH GROUP INC	$0	–	-17,500	–	-0.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,377	–	-0.06%	–
LUNA	Exit	LUNA INNOVATIONS	$0	–	-144,410	–	-0.07%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-1,983	–	-0.07%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-8,496	–	-0.08%	–
NEWT	Exit	NEWTEK BUSINESS CVCS CORP	$0	–	-47,000	–	-0.08%	–
NVAX	Exit	NOVAVAX INC	$0	–	-49,614	–	-0.10%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-21,411	–	-0.11%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-11,040	–	-0.11%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-69,195	–	-0.13%	–
BRSP	Exit	BRIGHTSPIRE CAPITAL INC	$0	–	-212,350	–	-0.14%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-92,435	–	-0.15%	–
EQIX	Exit	EQUINIX	$0	–	-2,971	–	-0.18%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-13,656	–	-0.20%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-7,576	–	-0.23%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.26%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-157,105	–	-0.28%	–
ATOM	Exit	ATOMERA INC	$0	–	-267,981	–	-0.29%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-126,608	–	-0.32%	–
CTSO	Exit	CYTOSORBENTS CORP	$0	–	-2,314,854	–	-0.33%	–
DCT	Exit	DUCK CREEK TECHNOLOGIES INC	$0	–	-387,695	–	-0.49%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-452,300	–	-0.53%	–
OPRX	Exit	OPTIMIZERX CORP	$0	–	-421,296	–	-0.66%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-183,751	–	-0.70%	–
MPLX	Exit	MPLX LP	$0	–	-225,844	–	-0.72%	–
BOKF	Exit	B O K FINL CORP	$0	–	-132,120	–	-1.24%	–
V	Exit	VISA INC	$0	–	-79,086	–	-1.49%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-483,508	–	-1.61%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-233,371	–	-2.34%	–
BAC	Exit	BANK AMER CORP	$0	–	-795,126	–	-2.55%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-92,557	–	-2.79%	–
KMX	Exit	CARMAX INC	$0	–	-405,283	–	-2.84%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-1,721,164	–	-3.97%	–
AES	Exit	AES CORP	$0	–	-1,814,045	–	-4.35%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-106,483	–	-4.36%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-155,252	–	-4.40%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC	$0	–	-3,415,205	–	-4.53%	–
CPRT	Exit	COPART INC	$0	–	-406,856	–	-4.59%	–
AAPL	Exit	APPLE INC	$0	–	-329,846	–	-4.83%	–
AMZN	Exit	AMAZON COM INC	$0	–	-462,654	–	-5.54%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-85,695	–	-6.39%	–
MKL	Exit	MARKEL CORP	$0	–	-82,747	–	-9.51%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-499,446	–	-12.33%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-592,646	–	-13.49%	–

Q3 2022

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$127,241,000	-17.3%	592,646	-1.5%	13.49%	-8.2%
MSFT	Sell	MICROSOFT CORP	$116,321,000	-9.7%	499,446	-0.4%	12.33%	+0.2%
MKL	Buy	MARKEL CORP	$89,716,000	-15.4%	82,747	+0.9%	9.51%	-6.2%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$60,274,000	+10.9%	85,695	-0.3%	6.39%	+23.1%
AMZN	Buy	AMAZON COM INC	$52,280,000	+7.2%	462,654	+0.8%	5.54%	+19.0%
AAPL	Buy	APPLE INC	$45,585,000	+3.0%	329,846	+1.9%	4.83%	+14.2%
CPRT	Buy	COPART INC	$43,289,000	-1.9%	406,856	+0.2%	4.59%	+8.9%
DBRG	Sell	DIGITALBRIDGE GROUP INC	$42,724,000	-19.1%	3,415,205	-68.5%	4.53%	-10.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$41,455,000	-1.4%	155,252	+0.8%	4.40%	+9.4%
LMT	Buy	LOCKHEED MARTIN CORP	$41,133,000	-9.7%	106,483	+0.5%	4.36%	+0.2%
AES	Sell	AES CORP	$40,997,000	+4.6%	1,814,045	-2.7%	4.35%	+16.1%
ERII	Sell	ENERGY RECOVERY INC	$37,418,000	+11.6%	1,721,164	-0.3%	3.97%	+23.8%
KMX	Sell	CARMAX INC	$26,757,000	-29.9%	405,283	-3.9%	2.84%	-22.2%
MA	Buy	MASTERCARD INCcl a	$26,318,000	-9.4%	92,557	+0.5%	2.79%	+0.5%
BAC	Sell	BANK AMER CORP	$24,013,000	-8.4%	795,126	-5.6%	2.55%	+1.6%
OLED	Buy	UNIVERSAL DISPLAY CORP	$22,019,000	-6.6%	233,371	+0.2%	2.34%	+3.7%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$15,182,000	-6.0%	483,508	+13.4%	1.61%	+4.3%
V	Sell	VISA INC	$14,050,000	-12.1%	79,086	-2.5%	1.49%	-2.4%
MPLX	Sell	MPLX LP	$6,778,000	+2.5%	225,844	-0.4%	0.72%	+13.8%
OPRX	Sell	OPTIMIZERX CORP	$6,244,000	-46.2%	421,296	-0.6%	0.66%	-40.3%
DCT	Sell	DUCK CREEK TECHNOLOGIES INC	$4,594,000	-26.4%	387,695	-7.8%	0.49%	-18.4%
CTSO	Buy	CYTOSORBENTS CORP	$3,148,000	-33.6%	2,314,854	+6.9%	0.33%	-26.3%
SBAC	Sell	SBA COMMUNICATIONS CORP	$2,157,000	-12.1%	7,576	-1.1%	0.23%	-2.1%
DLTR	Sell	DOLLAR TREE INC	$1,859,000	-87.7%	13,656	-85.9%	0.20%	-86.4%
BRSP	Buy	BRIGHTSPIRE CAPITAL INC	$1,340,000	-11.8%	212,350	+5.5%	0.14%	-2.1%
GOOG	New	ALPHABET INCcap stk cl c	$1,061,000	–	11,040	–	0.11%	–
LUNA	Buy	LUNA INNOVATIONS	$641,000	-15.0%	144,410	+11.6%	0.07%	-5.6%
DIS	Buy	DISNEY WALT CO	$602,000	+0.7%	6,377	+0.6%	0.06%	+12.3%
LHX	Buy	L3HARRIS TECHNOLOGIES INC	$283,000	-13.7%	1,362	+0.4%	0.03%	-3.2%
ADPT	Sell	ADAPTIVE BIOTECHNOLOGIES COR	$218,000	-50.2%	30,650	-43.3%	0.02%	-45.2%
WMT	New	WALMART INC	$208,000	–	1,607	–	0.02%	–
MGNI	Buy	MAGNITE INC	$210,000	+47.9%	32,000	+100.0%	0.02%	+57.1%
MCO	Exit	MOODY'S CORP	$0	–	-749	–	-0.02%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-1,210	–	-0.02%	–
PFE	Exit	PFIZER INC	$0	–	-4,071	–	-0.02%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,462	–	-0.02%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-12,290	–	-0.43%	–

Q2 2022

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$153,783,000	–	601,678	–	14.70%	–
MSFT	New	MICROSOFT CORP	$128,750,000	–	501,304	–	12.30%	–
MKL	New	MARKEL CORP	$106,106,000	–	82,046	–	10.14%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$54,328,000	–	85,995	–	5.19%	–
DBRG	New	DIGITALBRIDGE GROUP INC	$52,832,000	–	10,826,314	–	5.05%	–
AMZN	New	AMAZON COM INC	$48,746,000	–	458,962	–	4.66%	–
LMT	New	LOCKHEED MARTIN CORP	$45,534,000	–	105,903	–	4.35%	–
AAPL	New	APPLE INC	$44,272,000	–	323,816	–	4.23%	–
CPRT	New	COPART INC	$44,109,000	–	405,933	–	4.22%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$42,041,000	–	153,984	–	4.02%	–
AES	New	AES CORP	$39,182,000	–	1,864,911	–	3.74%	–
KMX	New	CARMAX INC	$38,165,000	–	421,805	–	3.65%	–
ERII	New	ENERGY RECOVERY INC	$33,526,000	–	1,726,340	–	3.20%	–
MA	New	MASTERCARD INCcl a	$29,048,000	–	92,076	–	2.78%	–
BAC	New	BANK AMER CORP	$26,212,000	–	842,027	–	2.50%	–
OLED	New	UNIVERSAL DISPLAY CORP	$23,564,000	–	232,981	–	2.25%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$16,153,000	–	426,194	–	1.54%	–
V	New	VISA INC	$15,975,000	–	81,137	–	1.53%	–
DLTR	New	DOLLAR TREE INC	$15,116,000	–	96,990	–	1.44%	–
OPRX	New	OPTIMIZERX CORP	$11,604,000	–	423,666	–	1.11%	–
BOKF	New	B O K FINL CORP	$9,986,000	–	132,120	–	0.95%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$7,023,000	–	183,751	–	0.67%	–
MPLX	New	MPLX LP	$6,613,000	–	226,852	–	0.63%	–
DCT	New	DUCK CREEK TECHNOLOGIES INC	$6,245,000	–	420,564	–	0.60%	–
CTSO	New	CYTOSORBENTS CORP	$4,741,000	–	2,164,999	–	0.45%	–
ET	New	ENERGY TRANSFER LP	$4,514,000	–	452,300	–	0.43%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$4,499,000	–	12,290	–	0.43%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$3,085,000	–	126,608	–	0.30%	–
KMI	New	KINDER MORGAN INC	$2,633,000	–	157,105	–	0.25%	–
NVAX	New	NOVAVAX INC	$2,552,000	–	49,614	–	0.24%	–
ATOM	New	ATOMERA INC	$2,514,000	–	267,981	–	0.24%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,454,000	–	6	–	0.24%	–
SBAC	New	SBA COMMUNICATIONS CORP	$2,453,000	–	7,664	–	0.23%	–
EQIX	New	EQUINIX	$1,952,000	–	2,971	–	0.19%	–
GOOD	New	GLADSTONE COML CORP	$1,741,000	–	92,435	–	0.17%	–
BRSP	New	BRIGHTSPIRE CAPITAL INC	$1,520,000	–	201,350	–	0.14%	–
STWD	New	STARWOOD PPTY TR INC	$1,445,000	–	69,195	–	0.14%	–
AIG	New	AMERICAN INTL GROUP INC	$1,095,000	–	21,411	–	0.10%	–
NEWT	New	NEWTEK BUSINESS CVCS CORP	$890,000	–	47,000	–	0.08%	–
LUNA	New	LUNA INNOVATIONS	$754,000	–	129,410	–	0.07%	–
XOM	New	EXXON MOBIL CORP	$728,000	–	8,496	–	0.07%	–
VOO	New	VANGUARD INDEX FDS	$688,000	–	1,983	–	0.07%	–
DIS	New	DISNEY WALT CO	$598,000	–	6,340	–	0.06%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$556,000	–	12,500	–	0.05%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$551,000	–	38,860	–	0.05%	–
PRVA	New	PRIVIA HEALTH GROUP INC	$510,000	–	17,500	–	0.05%	–
GLD	New	SPDR GOLD TRUST	$488,000	–	2,894	–	0.05%	–
ADPT	New	ADAPTIVE BIOTECHNOLOGIES COR	$438,000	–	54,100	–	0.04%	–
CIO	New	CITY OFFICE REIT INC	$425,000	–	32,805	–	0.04%	–
TPVG	New	TRIPLEPOINT VENTURE GROWTH B	$369,000	–	29,000	–	0.04%	–
VABK	New	VIRGINIA NATL BANKSHARES CORP	$340,000	–	10,800	–	0.03%	–
JPM	New	JPMORGAN CHASE & CO	$329,000	–	2,924	–	0.03%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$328,000	–	1,357	–	0.03%	–
PG	New	PROCTER AND GAMBLE CO	$319,000	–	2,221	–	0.03%	–
KHC	New	KRAFT HEINZ CO	$302,000	–	7,925	–	0.03%	–
DENN	New	DENNYS CORP	$269,000	–	30,940	–	0.03%	–
COST	New	COSTCO WHSL CORP NEW	$264,000	–	550	–	0.02%	–
ABBV	New	ABBVIE INC	$224,000	–	1,462	–	0.02%	–
PFE	New	PFIZER INC	$213,000	–	4,071	–	0.02%	–
MCO	New	MOODY'S CORP	$204,000	–	749	–	0.02%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$204,000	–	1,210	–	0.02%	–
MGNI	New	MAGNITE INC	$142,000	–	16,000	–	0.01%	–
SRAX	New	SRAX INCcl a	$114,000	–	34,400	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
TRITW	Exit	TRITERRAS INC*w exp 11/10/2025	$0	–	-20,000	–	-0.00%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-1,210	–	-0.02%	–
WMT	Exit	WALMART INC	$0	–	-1,607	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-550	–	-0.02%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-1,266	–	-0.02%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-7,520	–	-0.02%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-3,738	–	-0.02%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-1,769	–	-0.02%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-25,635	–	-0.02%	–
STOR	Exit	STORE CAP CORP	$0	–	-9,173	–	-0.02%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-1,357	–	-0.02%	–
MCO	Exit	MOODY'S CORP	$0	–	-885	–	-0.03%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,221	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,061	–	-0.03%	–
VABK	Exit	VIRGINIA NATL BANKSHARES CORP	$0	–	-10,800	–	-0.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,924	–	-0.04%	–
DENN	Exit	DENNYS CORP	$0	–	-30,290	–	-0.04%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-8,826	–	-0.04%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-38,860	–	-0.04%	–
BIPC	Exit	BROOKFIELD INFRASTRUCTURE CO	$0	–	-8,983	–	-0.04%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-35,305	–	-0.05%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-12,500	–	-0.06%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-2,309	–	-0.08%	–
ADPT	Exit	ADAPTIVE BIOTECHNOLOGIES COR	$0	–	-28,000	–	-0.08%	–
NEWT	Exit	NEWTEK BUSINESS CVCS CORP	$0	–	-38,000	–	-0.09%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,490	–	-0.09%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-301,297	–	-0.09%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-21,411	–	-0.10%	–
LUNA	Exit	LUNA INNOVATIONS	$0	–	-124,410	–	-0.10%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-25,000	–	-0.11%	–
BRSP	Exit	BRIGHTSPIRE CAPITAL INC	$0	–	-162,350	–	-0.13%	–
IRM	Exit	IRON MTN INC NEW	$0	–	-39,130	–	-0.14%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-75,320	–	-0.16%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-92,950	–	-0.16%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-6,398	–	-0.18%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.21%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-152,380	–	-0.21%	–
EQIX	Exit	EQUINIX	$0	–	-3,309	–	-0.22%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-126,608	–	-0.23%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-452,539	–	-0.36%	–
ATOM	Exit	ATOMERA INC	$0	–	-242,131	–	-0.47%	–
MPLX	Exit	MPLX LP	$0	–	-227,497	–	-0.54%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-122,637	–	-0.58%	–
TRUP	Exit	TRUPANION INC	$0	–	-107,400	–	-0.70%	–
DCT	Exit	DUCK CREEK TECHNOLOGIES INC	$0	–	-220,037	–	-0.82%	–
NVAX	Exit	NOVAVAX INC	$0	–	-49,614	–	-0.86%	–
CTSO	Exit	CYTOSORBENTS CORP	$0	–	-1,395,385	–	-0.95%	–
BOKF	Exit	B O K FINL CORP	$0	–	-133,925	–	-1.01%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-325,896	–	-1.29%	–
V	Exit	VISA INC	$0	–	-89,537	–	-1.68%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-89,232	–	-2.61%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-1,677,090	–	-2.68%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC	$0	–	-5,319,935	–	-2.70%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-207,695	–	-2.98%	–
BAC	Exit	BANK AMER CORP	$0	–	-869,694	–	-3.10%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-153,871	–	-3.53%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-125,210	–	-3.63%	–
OPRX	Exit	OPTIMIZERX CORP	$0	–	-508,899	–	-3.66%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-461,941	–	-3.72%	–
AAPL	Exit	APPLE INC	$0	–	-324,604	–	-3.86%	–
AES	Exit	AES CORP	$0	–	-2,053,706	–	-3.94%	–
AMZN	Exit	AMAZON COM INC	$0	–	-14,981	–	-4.14%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-86,880	–	-4.46%	–
KMX	Exit	CARMAX INC	$0	–	-414,960	–	-4.46%	–
CPRT	Exit	COPART INC	$0	–	-388,252	–	-4.53%	–
MKL	Exit	MARKEL CORP	$0	–	-83,103	–	-8.35%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-511,459	–	-12.12%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-592,746	–	-13.22%	–

Q3 2021

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$157,321,000	-4.9%	592,746	-3.2%	13.22%	+0.7%
MSFT	Sell	MICROSOFT CORP	$144,190,000	-3.4%	511,459	-7.2%	12.12%	+2.2%
MKL	Sell	MARKEL CORP	$99,319,000	-1.6%	83,103	-2.3%	8.35%	+4.1%
CPRT	Sell	COPART INC	$53,858,000	+1.4%	388,252	-3.6%	4.53%	+7.3%
KMX	Sell	CARMAX INC	$53,098,000	-5.6%	414,960	-4.7%	4.46%	-0.1%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$53,089,000	+3.6%	86,880	-4.0%	4.46%	+9.6%
AMZN	Sell	AMAZON COM INC	$49,213,000	-6.9%	14,981	-2.5%	4.14%	-1.5%
AES	Sell	AES CORP	$46,886,000	-16.1%	2,053,706	-4.2%	3.94%	-11.3%
AAPL	Sell	APPLE INC	$45,931,000	-1.2%	324,604	-4.4%	3.86%	+4.5%
DLTR	Sell	DOLLAR TREE INC	$44,217,000	-10.4%	461,941	-6.8%	3.72%	-5.2%
OPRX	Sell	OPTIMIZERX CORP	$43,536,000	+10.2%	508,899	-20.3%	3.66%	+16.6%
LMT	Sell	LOCKHEED MARTIN CORP	$43,210,000	-9.5%	125,210	-0.8%	3.63%	-4.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$41,998,000	-5.4%	153,871	-3.7%	3.53%	+0.1%
BAC	Sell	BANK AMER CORP	$36,919,000	-2.6%	869,694	-5.4%	3.10%	+3.1%
OLED	Sell	UNIVERSAL DISPLAY CORP	$35,508,000	-24.4%	207,695	-1.7%	2.98%	-20.0%
DBRG	Buy	DIGITALBRIDGE GROUP INC	$32,079,000	+6.2%	5,319,935	+39.1%	2.70%	+12.3%
ERII	Buy	ENERGY RECOVERY INC	$31,915,000	-12.9%	1,677,090	+4.3%	2.68%	-7.8%
MA	Buy	MASTERCARD INCcl a	$31,024,000	-4.3%	89,232	+0.5%	2.61%	+1.3%
V	Buy	VISA INC	$19,944,000	+2.3%	89,537	+7.4%	1.68%	+8.2%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$15,333,000	-13.0%	325,896	-2.7%	1.29%	-7.9%
CTSO	Buy	CYTOSORBENTS CORP	$11,331,000	+9.8%	1,395,385	+2.1%	0.95%	+16.1%
DCT	Buy	DUCK CREEK TECHNOLOGIES INC	$9,734,000	+2.6%	220,037	+0.9%	0.82%	+8.5%
TRUP	Sell	TRUPANION INC	$8,342,000	-63.0%	107,400	-45.2%	0.70%	-60.9%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$6,881,000	-0.0%	122,637	-1.0%	0.58%	+5.7%
MPLX	Sell	MPLX LP	$6,477,000	-4.4%	227,497	-0.6%	0.54%	+1.1%
ET	Sell	ENERGY TRANSFER LP	$4,335,000	-11.2%	452,539	-1.4%	0.36%	-6.2%
BRSP	Sell	BRIGHTSPIRE CAPITAL INC	$1,524,000	-5.9%	162,350	-5.8%	0.13%	-0.8%
DIS	Buy	DISNEY WALT CO	$1,098,000	+23.4%	6,490	+28.2%	0.09%	+29.6%
VOO	Buy	VANGUARD INDEX FDS	$911,000	+2.6%	2,309	+2.3%	0.08%	+8.5%
XOM	Buy	EXXON MOBIL CORP	$519,000	+58.2%	8,826	+69.6%	0.04%	+69.2%
JNJ	New	JOHNSON & JOHNSON	$333,000	–	2,061	–	0.03%	–
MCO	Sell	MOODY'S CORP	$314,000	-9.2%	885	-7.3%	0.03%	-3.7%
LHX	New	L3HARRIS TECHNOLOGIES INC	$299,000	–	1,357	–	0.02%	–
KHC	Sell	KRAFT HEINZ CO	$277,000	-20.2%	7,520	-11.7%	0.02%	-17.9%
WMT	New	WALMART INC	$224,000	–	1,607	–	0.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,350	–	-0.01%	–
CABO	Exit	CABLE ONE INC	$0	–	-140	–	-0.02%	–

Q2 2021

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$165,365,000	–	612,147	–	13.14%	–
MSFT	New	MICROSOFT CORP	$149,254,000	–	550,956	–	11.86%	–
MKL	New	MARKEL CORP	$100,933,000	–	85,053	–	8.02%	–
KMX	New	CARMAX INC	$56,228,000	–	435,368	–	4.47%	–
AES	New	AES CORP	$55,905,000	–	2,144,404	–	4.44%	–
CPRT	New	COPART INC	$53,096,000	–	402,758	–	4.22%	–
AMZN	New	AMAZON COM INC	$52,882,000	–	15,372	–	4.20%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$51,235,000	–	90,488	–	4.07%	–
DLTR	New	DOLLAR TREE INC	$49,324,000	–	495,714	–	3.92%	–
LMT	New	LOCKHEED MARTIN CORP	$47,742,000	–	126,185	–	3.79%	–
OLED	New	UNIVERSAL DISPLAY CORP	$46,982,000	–	211,317	–	3.73%	–
AAPL	New	APPLE INC	$46,507,000	–	339,566	–	3.70%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$44,406,000	–	159,780	–	3.53%	–
OPRX	New	OPTIMIZERX CORP	$39,520,000	–	638,446	–	3.14%	–
BAC	New	BANK AMER CORP	$37,887,000	–	918,916	–	3.01%	–
ERII	New	ENERGY RECOVERY INC	$36,634,000	–	1,608,177	–	2.91%	–
MA	New	MASTERCARD INCcl a	$32,407,000	–	88,765	–	2.57%	–
DBRG	New	DIGITALBRIDGE GROUP INC	$30,207,000	–	3,823,698	–	2.40%	–
TRUP	New	TRUPANION INC	$22,555,000	–	195,957	–	1.79%	–
V	New	VISA INC	$19,497,000	–	83,387	–	1.55%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$17,628,000	–	335,075	–	1.40%	–
BOKF	New	B O K FINL CORP	$11,598,000	–	133,925	–	0.92%	–
NVAX	New	NOVAVAX INC	$10,534,000	–	49,614	–	0.84%	–
CTSO	New	CYTOSORBENTS CORP	$10,317,000	–	1,366,549	–	0.82%	–
DCT	New	DUCK CREEK TECHNOLOGIES INC	$9,487,000	–	218,051	–	0.75%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$6,883,000	–	123,907	–	0.55%	–
MPLX	New	MPLX LP	$6,775,000	–	228,797	–	0.54%	–
ATOM	New	ATOMERA INC	$5,191,000	–	242,131	–	0.41%	–
ET	New	ENERGY TRANSFER LP	$4,880,000	–	459,075	–	0.39%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$3,055,000	–	126,608	–	0.24%	–
KMI	New	KINDER MORGAN INC	$2,778,000	–	152,380	–	0.22%	–
EQIX	New	EQUINIX	$2,656,000	–	3,309	–	0.21%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,512,000	–	6	–	0.20%	–
GOOD	New	GLADSTONE COML CORP	$2,097,000	–	92,950	–	0.17%	–
SBAC	New	SBA COMMUNICATIONS CORP	$2,039,000	–	6,398	–	0.16%	–
STWD	New	STARWOOD PPTY TR INC	$1,971,000	–	75,320	–	0.16%	–
IRM	New	IRON MTN INC NEW	$1,656,000	–	39,130	–	0.13%	–
BRSP	New	BRIGHTSPIRE CAPITAL INC	$1,620,000	–	172,350	–	0.13%	–
LUNA	New	LUNA INNOVATIONS	$1,347,000	–	124,410	–	0.11%	–
NEWT	New	NEWTEK BUSINESS CVCS CORP	$1,327,000	–	38,000	–	0.10%	–
ATRS	New	ANTARES PHARMA INC	$1,314,000	–	301,297	–	0.10%	–
EVA	New	ENVIVA PARTNERS LP	$1,310,000	–	25,000	–	0.10%	–
ADPT	New	ADAPTIVE BIOTECHNOLOGIES COR	$1,144,000	–	28,000	–	0.09%	–
AIG	New	AMERICAN INTL GROUP INC	$1,019,000	–	21,411	–	0.08%	–
DIS	New	DISNEY WALT CO	$890,000	–	5,062	–	0.07%	–
VOO	New	VANGUARD INDEX FDS	$888,000	–	2,256	–	0.07%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE CO	$677,000	–	8,983	–	0.05%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$637,000	–	12,500	–	0.05%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$545,000	–	38,860	–	0.04%	–
DENN	New	DENNYS CORP	$499,000	–	30,290	–	0.04%	–
JPM	New	JPMORGAN CHASE & CO	$455,000	–	2,924	–	0.04%	–
CIO	New	CITY OFFICE REIT INC	$439,000	–	35,305	–	0.04%	–
VABK	New	VIRGINIA NATL BANKSHARES CORP	$420,000	–	10,800	–	0.03%	–
KHC	New	KRAFT HEINZ CO	$347,000	–	8,520	–	0.03%	–
MCO	New	MOODY'S CORP	$346,000	–	955	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$328,000	–	5,205	–	0.03%	–
STOR	New	STORE CAP CORP	$317,000	–	9,173	–	0.02%	–
OMC	New	OMNICOM GROUP INC	$299,000	–	3,738	–	0.02%	–
PG	New	PROCTER AND GAMBLE CO	$300,000	–	2,221	–	0.02%	–
GLD	New	SPDR GOLD TRUST	$293,000	–	1,769	–	0.02%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$271,000	–	25,635	–	0.02%	–
CABO	New	CABLE ONE INC	$268,000	–	140	–	0.02%	–
PNC	New	PNC FINL SVCS GROUP INC	$242,000	–	1,266	–	0.02%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$236,000	–	1,210	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW	$218,000	–	550	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$166,000	–	12,350	–	0.01%	–
TRITW	New	TRITERRAS INC*w exp 11/10/2025	$32,000	–	20,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-22,230	–	0.00%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,350	–	-0.01%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-575	–	-0.02%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-1,210	–	-0.02%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-20,075	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.02%	–
CABO	Exit	CABLE ONE INC	$0	–	-140	–	-0.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,088	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,420	–	-0.03%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,221	–	-0.03%	–
BPR	Exit	BROOKFIELD PROPERTY REIT INCcl a	$0	–	-38,885	–	-0.05%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-21,544	–	-0.05%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,969	–	-0.06%	–
LUNA	Exit	LUNA INNOVATIONS	$0	–	-88,750	–	-0.06%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-21,411	–	-0.06%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-1,930	–	-0.06%	–
STOR	Exit	STORE CAP CORP	$0	–	-22,580	–	-0.06%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-42,171	–	-0.07%	–
BIPC	Exit	BROOKFIELD INFRASTRUCTURE CO	$0	–	-11,571	–	-0.07%	–
LMRK	Exit	LANDMARK INFRASTRUCTURE LP	$0	–	-80,047	–	-0.08%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-283,797	–	-0.08%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-51,360	–	-0.08%	–
	Exit	EXTENDED STAY AMER INCunit	$0	–	-67,480	–	-0.08%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-24,295	–	-0.08%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-111,749	–	-0.09%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-111,405	–	-0.09%	–
IRM	Exit	IRON MTN INC NEW	$0	–	-39,130	–	-0.11%	–
ADPT	Exit	ADAPTIVE BIOTECHNOLOGIES COR	$0	–	-28,000	–	-0.14%	–
CTSO	Exit	CYTOSORBENTS CORP	$0	–	-190,240	–	-0.16%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-94,877	–	-0.17%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.20%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-6,398	–	-0.21%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-135,403	–	-0.22%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-176,233	–	-0.23%	–
ATOM	Exit	ATOMERA INC	$0	–	-239,996	–	-0.26%	–
EQIX	Exit	EQUINIX	$0	–	-3,316	–	-0.26%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-470,722	–	-0.27%	–
CLNY	Exit	COLONY CAP INC NEW	$0	–	-965,156	–	-0.28%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-70,419	–	-0.30%	–
MPLX	Exit	MPLX LP	$0	–	-233,873	–	-0.38%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-158,262	–	-0.44%	–
NVAX	Exit	NOVAVAX INC	$0	–	-58,954	–	-0.67%	–
BOKF	Exit	B O K FINL CORP	$0	–	-135,764	–	-0.73%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-152,179	–	-0.76%	–
C	Exit	CITIGROUP INC	$0	–	-199,473	–	-0.90%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-102,030	–	-0.92%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-1,577,540	–	-1.35%	–
OPRX	Exit	OPTIMIZERX CORP	$0	–	-729,045	–	-1.59%	–
V	Exit	VISA INC	$0	–	-81,043	–	-1.69%	–
DENN	Exit	DENNYS CORP	$0	–	-1,908,095	–	-1.99%	–
BAC	Exit	BANK AMER CORP	$0	–	-960,337	–	-2.42%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-78,437	–	-2.77%	–
TRUP	Exit	TRUPANION INC	$0	–	-380,247	–	-3.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-148,828	–	-3.31%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-72,563	–	-3.49%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-94,059	–	-3.76%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-218,477	–	-4.12%	–
AAPL	Exit	APPLE INC	$0	–	-341,460	–	-4.13%	–
AES	Exit	AES CORP	$0	–	-2,250,661	–	-4.25%	–
CPRT	Exit	COPART INC	$0	–	-395,124	–	-4.34%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-465,665	–	-4.44%	–
KMX	Exit	CARMAX INC	$0	–	-487,090	–	-4.67%	–
AMZN	Exit	AMAZON COM INC	$0	–	-15,403	–	-5.06%	–
MKL	Exit	MARKEL CORP	$0	–	-70,001	–	-7.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-561,133	–	-12.32%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-599,197	–	-15.12%	–

Q3 2020

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$144,844,000	-7.2%	599,197	-0.8%	15.12%	-15.0%
MSFT	Sell	MICROSOFT CORP	$118,023,000	+0.9%	561,133	-2.4%	12.32%	-7.6%
MKL	Buy	MARKEL CORP	$68,160,000	+5.6%	70,001	+0.1%	7.11%	-3.3%
AMZN	Sell	AMAZON COM INC	$48,500,000	+12.2%	15,403	-1.7%	5.06%	+2.8%
KMX	Sell	CARMAX INC	$44,768,000	+2.0%	487,090	-0.6%	4.67%	-6.5%
DLTR	Sell	DOLLAR TREE INC	$42,534,000	-4.6%	465,665	-3.2%	4.44%	-12.6%
CPRT	Sell	COPART INC	$41,551,000	+25.4%	395,124	-0.7%	4.34%	+14.9%
AES	Sell	AES CORP	$40,759,000	+24.1%	2,250,661	-0.7%	4.25%	+13.7%
AAPL	Buy	APPLE INC	$39,544,000	+14.5%	341,460	+260.5%	4.13%	+4.9%
OLED	Buy	UNIVERSAL DISPLAY CORP	$39,488,000	+21.2%	218,477	+0.3%	4.12%	+11.0%
LMT	New	LOCKHEED MARTIN CORP	$36,051,000	–	94,059	–	3.76%	–
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$33,457,000	+8.5%	72,563	-0.8%	3.49%	-0.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$31,691,000	+19.9%	148,828	+0.5%	3.31%	+9.8%
TRUP	Sell	TRUPANION INC	$30,001,000	+82.1%	380,247	-1.5%	3.13%	+66.8%
MA	Sell	MASTERCARD INCcl a	$26,525,000	+13.5%	78,437	-0.8%	2.77%	+4.0%
BAC	Sell	BANK AMER CORP	$23,135,000	+0.5%	960,337	-1.0%	2.42%	-7.9%
DENN	Sell	DENNYS CORP	$19,081,000	-3.7%	1,908,095	-2.7%	1.99%	-11.7%
V	Sell	VISA INC	$16,206,000	+2.8%	81,043	-0.7%	1.69%	-5.8%
OPRX	Sell	OPTIMIZERX CORP	$15,201,000	+58.8%	729,045	-0.8%	1.59%	+45.5%
ERII	Buy	ENERGY RECOVERY INC	$12,936,000	+8.0%	1,577,540	+0.1%	1.35%	-1.0%
PXD	Sell	PIONEER NAT RES CO	$8,774,000	-15.6%	102,030	-4.1%	0.92%	-22.6%
C	Sell	CITIGROUP INC	$8,599,000	-42.9%	199,473	-32.3%	0.90%	-47.6%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$7,247,000	+12.8%	152,179	-2.6%	0.76%	+3.3%
NVAX	Sell	NOVAVAX INC	$6,388,000	-3.1%	58,954	-25.5%	0.67%	-11.2%
MIC	Sell	MACQUARIE INFRASTR CO LLCmembership int	$4,256,000	-13.4%	158,262	-1.2%	0.44%	-20.7%
MPLX	Sell	MPLX LP	$3,681,000	-10.5%	233,873	-1.8%	0.38%	-18.1%
CLNY	Buy	COLONY CAP INC NEW	$2,635,000	+409.7%	965,156	+348.1%	0.28%	+366.1%
ET	Sell	ENERGY TRANSFER LP	$2,551,000	-24.3%	470,722	-0.6%	0.27%	-30.7%
KMI	Sell	KINDER MORGAN INC	$2,173,000	-23.3%	176,233	-5.6%	0.23%	-29.7%
CTSO	Buy	CYTOSORBENTS CORP	$1,517,000	-8.6%	190,240	+13.4%	0.16%	-16.4%
NRZ	Sell	NEW RESIDENTIAL INVT CORP	$886,000	+4.7%	111,405	-2.2%	0.09%	-4.2%
CIO	Sell	CITY OFFICE REIT INC	$840,000	-27.1%	111,749	-2.4%	0.09%	-32.8%
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$803,000	–	24,295	–	0.08%	–
	Sell	EXTENDED STAY AMER INCunit	$806,000	+2.7%	67,480	-3.9%	0.08%	-5.6%
PHYS	Buy	SPROTT PHYSICAL GOLD TRUSTunit	$773,000	+39.0%	51,360	+32.2%	0.08%	+28.6%
LMRK	Buy	LANDMARK INFRASTRUCTURE LP	$724,000	-1.5%	80,047	+7.9%	0.08%	-9.5%
BIPC	Sell	BROOKFIELD INFRASTRUCTURE CO	$641,000	+18.7%	11,571	-2.4%	0.07%	+8.1%
STWD	Sell	STARWOOD PPTY TR INC	$636,000	-1.4%	42,171	-2.1%	0.07%	-9.6%
AIG	Sell	AMERICAN INTL GROUP INC	$589,000	-66.6%	21,411	-62.2%	0.06%	-69.7%
LUNA	New	LUNA INNOVATIONS	$531,000	–	88,750	–	0.06%	–
BPR	Sell	BROOKFIELD PROPERTY REIT INCcl a	$476,000	+19.0%	38,885	-3.1%	0.05%	+8.7%
COST	New	COSTCO WHSL CORP NEW	$204,000	–	575	–	0.02%	–
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/21	$4,000	-87.9%	22,230	-4.3%	0.00%	-100.0%
HSIC	Exit	SCHEIN HENRY INC	$0	–	-4,245	–	-0.03%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-60,170	–	-0.07%	–
AX	Exit	AXOS FINL INC	$0	–	-32,540	–	-0.08%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-56,562	–	-0.42%	–

Q2 2020

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$156,163,000	–	604,020	–	17.79%	–
MSFT	New	MICROSOFT CORP	$116,994,000	–	574,880	–	13.33%	–
MKL	New	MARKEL CORP	$64,547,000	–	69,918	–	7.35%	–
DLTR	New	DOLLAR TREE INC	$44,605,000	–	481,280	–	5.08%	–
KMX	New	CARMAX INC	$43,869,000	–	489,886	–	5.00%	–
AMZN	New	AMAZON COM INC	$43,220,000	–	15,666	–	4.92%	–
AAPL	New	APPLE INC	$34,550,000	–	94,709	–	3.94%	–
CPRT	New	COPART INC	$33,126,000	–	397,818	–	3.77%	–
AES	New	AES CORP	$32,838,000	–	2,266,258	–	3.74%	–
OLED	New	UNIVERSAL DISPLAY CORP	$32,589,000	–	217,812	–	3.71%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$30,844,000	–	73,148	–	3.51%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$26,439,000	–	148,107	–	3.01%	–
MA	New	MASTERCARD INCcl a	$23,379,000	–	79,062	–	2.66%	–
BAC	New	BANK AMER CORP	$23,029,000	–	969,646	–	2.62%	–
DENN	New	DENNYS CORP	$19,808,000	–	1,961,201	–	2.26%	–
TRUP	New	TRUPANION INC	$16,479,000	–	386,015	–	1.88%	–
V	New	VISA INC	$15,771,000	–	81,643	–	1.80%	–
C	New	CITIGROUP INC	$15,053,000	–	294,578	–	1.72%	–
ERII	New	ENERGY RECOVERY INC	$11,975,000	–	1,576,727	–	1.36%	–
PXD	New	PIONEER NAT RES CO	$10,392,000	–	106,367	–	1.18%	–
OPRX	New	OPTIMIZERX CORP	$9,575,000	–	734,840	–	1.09%	–
BOKF	New	B O K FINL CORP	$7,663,000	–	135,764	–	0.87%	–
NVAX	New	NOVAVAX INC	$6,595,000	–	79,119	–	0.75%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$6,423,000	–	156,232	–	0.73%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$4,916,000	–	160,191	–	0.56%	–
MPLX	New	MPLX LP	$4,115,000	–	238,115	–	0.47%	–
CCK	New	CROWN HOLDINGS INC	$3,684,000	–	56,562	–	0.42%	–
ET	New	ENERGY TRANSFER LP	$3,372,000	–	473,615	–	0.38%	–
KMI	New	KINDER MORGAN INC	$2,833,000	–	186,773	–	0.32%	–
EVA	New	ENVIVA PARTNERS LP	$2,538,000	–	70,419	–	0.29%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$2,460,000	–	135,403	–	0.28%	–
EQIX	New	EQUINIX	$2,329,000	–	3,316	–	0.26%	–
ATOM	New	ATOMERA INC	$2,160,000	–	239,996	–	0.25%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,906,000	–	6,398	–	0.22%	–
GOOD	New	GLADSTONE COML CORP	$1,779,000	–	94,877	–	0.20%	–
AIG	New	AMERICAN INTL GROUP INC	$1,766,000	–	56,627	–	0.20%	–
CTSO	New	CYTOSORBENTS CORP	$1,660,000	–	167,720	–	0.19%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,604,000	–	6	–	0.18%	–
ADPT	New	ADAPTIVE BIOTECHNOLOGIES COR	$1,355,000	–	28,000	–	0.15%	–
CIO	New	CITY OFFICE REIT INC	$1,152,000	–	114,484	–	0.13%	–
IRM	New	IRON MTN INC NEW	$1,021,000	–	39,130	–	0.12%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$846,000	–	113,925	–	0.10%	–
	New	EXTENDED STAY AMER INCunit	$785,000	–	70,185	–	0.09%	–
ATRS	New	ANTARES PHARMA INC	$780,000	–	283,797	–	0.09%	–
LMRK	New	LANDMARK INFRASTRUCTURE LP	$735,000	–	74,202	–	0.08%	–
AX	New	AXOS FINL INC	$718,000	–	32,540	–	0.08%	–
STWD	New	STARWOOD PPTY TR INC	$645,000	–	43,088	–	0.07%	–
LUMN	New	CENTURYLINK INC	$604,000	–	60,170	–	0.07%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$556,000	–	38,860	–	0.06%	–
WFC	New	WELLS FARGO & CO NEW	$552,000	–	21,544	–	0.06%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE CO	$540,000	–	11,851	–	0.06%	–
VOO	New	VANGUARD INDEX FDS	$547,000	–	1,930	–	0.06%	–
STOR	New	STORE CAP CORP	$538,000	–	22,580	–	0.06%	–
CLNY	New	COLONY CAP INC NEW	$517,000	–	215,400	–	0.06%	–
GLD	New	SPDR GOLD TRUST	$497,000	–	2,969	–	0.06%	–
BPR	New	BROOKFIELD PROPERTY REIT INCcl a	$400,000	–	40,135	–	0.05%	–
JPM	New	JPMORGAN CHASE & CO	$290,000	–	3,088	–	0.03%	–
DIS	New	DISNEY WALT CO	$270,000	–	2,420	–	0.03%	–
PG	New	PROCTER AND GAMBLE CO	$266,000	–	2,221	–	0.03%	–
CABO	New	CABLE ONE INC	$248,000	–	140	–	0.03%	–
HSIC	New	SCHEIN HENRY INC	$248,000	–	4,245	–	0.03%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$226,000	–	16,000	–	0.03%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$202,000	–	1,210	–	0.02%	–
UNIT	New	UNITI GROUP INC	$188,000	–	20,075	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$84,000	–	12,350	–	0.01%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$33,000	–	23,230	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
NOG	Exit	NORTHERN OIL & GAS INC NEV	$0	–	-10,000	–	-0.00%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,350	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,895	–	-0.02%	–
CLNC	Exit	COLONY CR REAL ESTATE INC	$0	–	-14,800	–	-0.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,970	–	-0.02%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-1,870	–	-0.02%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,000	–	-0.03%	–
NVAX	Exit	NOVAVAX INC	$0	–	-55,600	–	-0.03%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-21,000	–	-0.03%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.03%	–
STOR	Exit	STORE CAP CORP	$0	–	-9,990	–	-0.04%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,969	–	-0.04%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-8,745	–	-0.05%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-38,860	–	-0.05%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-38,815	–	-0.05%	–
BPR	Exit	BROOKFIELD PROPERTY REIT INCcl a	$0	–	-30,560	–	-0.06%	–
ATOM	Exit	ATOMERA INC	$0	–	-196,550	–	-0.08%	–
CTSO	Exit	CYTOSORBENTS CORP	$0	–	-150,600	–	-0.08%	–
CLNY	Exit	COLONY CAP INC NEW	$0	–	-144,270	–	-0.09%	–
AX	Exit	AXOS FINL INC	$0	–	-32,540	–	-0.09%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-286,097	–	-0.10%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-43,838	–	-0.11%	–
LMRK	Exit	LANDMARK INFRASTRUCTURE LP	$0	–	-73,712	–	-0.14%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,604	–	-0.14%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-85,595	–	-0.14%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-6,398	–	-0.16%	–
PEGI	Exit	PATTERN ENERGY GROUP INCcl a	$0	–	-61,905	–	-0.18%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.20%	–
EQIX	Exit	EQUINIX	$0	–	-3,313	–	-0.20%	–
DIN	Exit	DINE BRANDS GLOBAL INC	$0	–	-27,320	–	-0.22%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-150,954	–	-0.23%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-93,452	–	-0.23%	–
CVET	Exit	COVETRUS INC	$0	–	-209,080	–	-0.26%	–
GSHD	Exit	GOOSEHEAD INS INC	$0	–	-53,935	–	-0.28%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-88,112	–	-0.30%	–
INAPQ	Exit	INTERNAP CORP	$0	–	-1,142,044	–	-0.31%	–
OPRX	Exit	OPTIMIZERX CORP	$0	–	-224,100	–	-0.34%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-58,610	–	-0.34%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-105,878	–	-0.38%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-178,003	–	-0.38%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-134,838	–	-0.40%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-85,577	–	-0.52%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-156,286	–	-0.65%	–
MPLX	Exit	MPLX LP	$0	–	-225,905	–	-0.66%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-486,198	–	-0.67%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-159,317	–	-0.83%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-932,576	–	-0.90%	–
V	Exit	VISA INC	$0	–	-52,177	–	-0.94%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-36,668	–	-1.04%	–
TRUP	Exit	TRUPANION INC	$0	–	-407,863	–	-1.09%	–
BOKF	Exit	B O K FINL CORP	$0	–	-136,438	–	-1.13%	–
C	Exit	CITIGROUP INC	$0	–	-284,090	–	-2.06%	–
AAPL	Exit	APPLE INC	$0	–	-92,707	–	-2.18%	–
CPRT	Exit	COPART INC	$0	–	-272,092	–	-2.29%	–
AMZN	Exit	AMAZON COM INC	$0	–	-13,539	–	-2.46%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-356,057	–	-2.46%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-117,223	–	-2.55%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-434,000	–	-2.89%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-77,267	–	-3.22%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-282,899	–	-3.73%	–
AES	Exit	AES CORP	$0	–	-2,247,094	–	-3.85%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-219,377	–	-3.86%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,280,825	–	-3.91%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-467,579	–	-5.59%	–
KMX	Exit	CARMAX INC	$0	–	-681,048	–	-6.28%	–
DENN	Exit	DENNYS CORP	$0	–	-3,004,643	–	-7.16%	–
MKL	Exit	MARKEL CORP	$0	–	-68,425	–	-8.47%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-596,445	–	-8.68%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-606,160	–	-14.04%	–

Q3 2019

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$134,040,000	+7.9%	606,160	-0.2%	14.04%	+8.4%
MSFT	Sell	MICROSOFT CORP	$82,924,000	+3.1%	596,445	-0.6%	8.68%	+3.6%
MKL	Buy	MARKEL CORP	$80,872,000	+8.5%	68,425	+0.0%	8.47%	+9.0%
DENN	Sell	DENNYS CORP	$68,401,000	-13.7%	3,004,643	-22.2%	7.16%	-13.3%
KMX	Sell	CARMAX INC	$59,932,000	+1.1%	681,048	-0.3%	6.28%	+1.5%
DLTR	Buy	DOLLAR TREE INC	$53,379,000	+6.8%	467,579	+0.5%	5.59%	+7.3%
BAC	Sell	BANK AMER CORP	$37,362,000	+0.4%	1,280,825	-0.2%	3.91%	+0.9%
OLED	Sell	UNIVERSAL DISPLAY CORP	$36,833,000	-17.4%	219,377	-7.4%	3.86%	-17.0%
AES	Sell	AES CORP	$36,718,000	-8.4%	2,247,094	-6.1%	3.85%	-8.0%
PXD	Buy	PIONEER NAT RES CO	$35,580,000	-17.8%	282,899	+0.6%	3.73%	-17.4%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$30,792,000	+11.8%	77,267	+3.6%	3.22%	+12.4%
HSIC	Sell	SCHEIN HENRY INC	$27,559,000	-10.9%	434,000	-2.0%	2.89%	-10.5%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$24,385,000	+0.4%	117,223	+2.9%	2.55%	+0.9%
CCK	Sell	CROWN HOLDINGS INC	$23,521,000	-5.6%	356,057	-12.7%	2.46%	-5.1%
AMZN	Sell	AMAZON COM INC	$23,502,000	-8.6%	13,539	-0.3%	2.46%	-8.2%
CPRT	Buy	COPART INC	$21,857,000	+8.9%	272,092	+1.3%	2.29%	+9.4%
AAPL	Buy	APPLE INC	$20,764,000	+17.5%	92,707	+3.8%	2.18%	+18.0%
C	Buy	CITIGROUP INC	$19,625,000	+3.2%	284,090	+4.7%	2.06%	+3.7%
TRUP	Buy	TRUPANION INC	$10,368,000	-8.8%	407,863	+29.6%	1.09%	-8.4%
MA	Buy	MASTERCARD INCcl a	$9,958,000	+67.8%	36,668	+63.5%	1.04%	+68.8%
V	Buy	VISA INC	$8,975,000	+70.0%	52,177	+71.6%	0.94%	+70.9%
ERII	Buy	ENERGY RECOVERY INC	$8,640,000	+2.9%	932,576	+15.7%	0.90%	+3.4%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$7,904,000	+14.1%	159,317	-1.2%	0.83%	+14.7%
ET	Buy	ENERGY TRANSFER LP	$6,359,000	-6.8%	486,198	+0.4%	0.67%	-6.3%
MIC	Sell	MACQUARIE INFRASTR CO LLCmembership int	$6,169,000	-5.1%	156,286	-2.5%	0.65%	-4.7%
KMI	Sell	KINDER MORGAN INC	$3,669,000	-2.7%	178,003	-1.4%	0.38%	-2.3%
ZAYO	Sell	ZAYO GROUP HLDGS INC	$3,589,000	-47.3%	105,878	-48.8%	0.38%	-47.0%
INAPQ	Sell	INTERNAP CORP	$2,946,000	-16.9%	1,142,044	-3.0%	0.31%	-16.3%
GSHD	Sell	GOOSEHEAD INS INC	$2,662,000	+0.2%	53,935	-2.9%	0.28%	+0.7%
CVET	Sell	COVETRUS INC	$2,486,000	-81.0%	209,080	-60.8%	0.26%	-80.9%
CIO	Sell	CITY OFFICE REIT INC	$2,172,000	+18.8%	150,954	-1.1%	0.23%	+18.8%
DIN	Sell	DINE BRANDS GLOBAL INC	$2,072,000	-21.0%	27,320	-0.6%	0.22%	-20.5%
PEGI	Sell	PATTERN ENERGY GROUP INCcl a	$1,667,000	-22.1%	61,905	-33.2%	0.18%	-21.5%
WFC	Sell	WELLS FARGO & CO NEW	$1,342,000	+3.5%	26,604	-2.9%	0.14%	+4.4%
NRZ	Buy	NEW RESIDENTIAL INVT CORP	$1,342,000	+48.3%	85,595	+45.5%	0.14%	+50.0%
STWD	Sell	STARWOOD PPTY TR INC	$1,062,000	+4.7%	43,838	-1.8%	0.11%	+4.7%
CLNY	Sell	COLONY CAP INC NEW	$869,000	+6.2%	144,270	-11.8%	0.09%	+7.1%
CTSO	Buy	CYTOSORBENTS CORP	$758,000	-21.0%	150,600	+3.6%	0.08%	-21.0%
ATOM	Buy	ATOMERA INC	$741,000	-5.8%	196,550	+25.6%	0.08%	-4.9%
BPR	Buy	BROOKFIELD PROPERTY REIT INCcl a	$623,000	+14.9%	30,560	+6.6%	0.06%	+16.1%
LUMN	New	CENTURYLINK INC	$484,000	–	38,815	–	0.05%	–
NVAX	Buy	NOVAVAX INC	$279,000	+322.7%	55,600	+392.0%	0.03%	+314.3%
CLNC	New	COLONY CR REAL ESTATE INC	$214,000	–	14,800	–	0.02%	–
NOG	New	NORTHERN OIL & GAS INC NEV	$20,000	–	10,000	–	0.00%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-9,080	–	-0.03%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-28,640	–	-0.11%	–

Q2 2019

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$124,227,000	–	607,617	–	12.95%	–
MSFT	New	MICROSOFT CORP	$80,418,000	–	600,316	–	8.38%	–
DENN	New	DENNYS CORP	$79,275,000	–	3,861,440	–	8.26%	–
MKL	New	MARKEL CORP	$74,552,000	–	68,421	–	7.77%	–
KMX	New	CARMAX INC	$59,306,000	–	683,009	–	6.18%	–
DLTR	New	DOLLAR TREE INC	$49,975,000	–	465,357	–	5.21%	–
OLED	New	UNIVERSAL DISPLAY CORP	$44,569,000	–	236,994	–	4.65%	–
PXD	New	PIONEER NAT RES CO	$43,275,000	–	281,263	–	4.51%	–
AES	New	AES CORP	$40,102,000	–	2,392,703	–	4.18%	–
BAC	New	BANK AMER CORP	$37,220,000	–	1,283,455	–	3.88%	–
HSIC	New	SCHEIN HENRY INC	$30,941,000	–	442,647	–	3.22%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$27,532,000	–	74,548	–	2.87%	–
AMZN	New	AMAZON COM INC	$25,717,000	–	13,581	–	2.68%	–
CCK	New	CROWN HOLDINGS INC	$24,913,000	–	407,737	–	2.60%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$24,290,000	–	113,947	–	2.53%	–
CPRT	New	COPART INC	$20,074,000	–	268,584	–	2.09%	–
C	New	CITIGROUP INC	$19,011,000	–	271,464	–	1.98%	–
AAPL	New	APPLE INC	$17,679,000	–	89,325	–	1.84%	–
CVET	New	COVETRUS INC	$13,055,000	–	533,718	–	1.36%	–
TRUP	New	TRUPANION INC	$11,368,000	–	314,637	–	1.18%	–
ERII	New	ENERGY RECOVERY INC	$8,397,000	–	805,900	–	0.88%	–
MPLX	New	MPLX LP	$7,272,000	–	225,905	–	0.76%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$6,927,000	–	161,317	–	0.72%	–
ET	New	ENERGY TRANSFER LP	$6,820,000	–	484,358	–	0.71%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$6,810,000	–	206,943	–	0.71%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$6,500,000	–	160,336	–	0.68%	–
MA	New	MASTERCARD INCcl a	$5,933,000	–	22,429	–	0.62%	–
V	New	VISA INC	$5,278,000	–	30,411	–	0.55%	–
FUN	New	CEDAR FAIR LPdepositry unit	$4,081,000	–	85,577	–	0.42%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$3,893,000	–	134,838	–	0.41%	–
KMI	New	KINDER MORGAN INC	$3,769,000	–	180,491	–	0.39%	–
OPRX	New	OPTIMIZERX CORP	$3,630,000	–	224,100	–	0.38%	–
INAPQ	New	INTERNAP CORP	$3,544,000	–	1,177,375	–	0.37%	–
AIG	New	AMERICAN INTL GROUP INC	$3,123,000	–	58,610	–	0.33%	–
BOKF	New	B O K FINL CORP	$2,848,000	–	136,438	–	0.30%	–
EVA	New	ENVIVA PARTNERS LP	$2,768,000	–	88,112	–	0.29%	–
GSHD	New	GOOSEHEAD INS INC	$2,656,000	–	55,560	–	0.28%	–
DIN	New	DINE BRANDS GLOBAL INC	$2,623,000	–	27,475	–	0.27%	–
PEGI	New	PATTERN ENERGY GROUP INCcl a	$2,139,000	–	92,633	–	0.22%	–
GOOD	New	GLADSTONE COML CORP	$1,983,000	–	93,452	–	0.21%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,910,000	–	6	–	0.20%	–
CIO	New	CITY OFFICE REIT INC	$1,829,000	–	152,575	–	0.19%	–
EQIX	New	EQUINIX	$1,671,000	–	3,313	–	0.17%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,439,000	–	6,398	–	0.15%	–
WFC	New	WELLS FARGO & CO NEW	$1,297,000	–	27,404	–	0.14%	–
LMRK	New	LANDMARK INFRASTRUCTURE LP	$1,242,000	–	73,712	–	0.13%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$1,061,000	–	28,640	–	0.11%	–
STWD	New	STARWOOD PPTY TR INC	$1,014,000	–	44,623	–	0.11%	–
CTSO	New	CYTOSORBENTS CORP	$960,000	–	145,300	–	0.10%	–
ATRS	New	ANTARES PHARMA INC	$941,000	–	286,097	–	0.10%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$905,000	–	58,825	–	0.09%	–
AX	New	AXOS FINL INC	$887,000	–	32,540	–	0.09%	–
CLNY	New	COLONY CAP INC NEW	$818,000	–	163,500	–	0.08%	–
ATOM	New	ATOMERA INC	$787,000	–	156,506	–	0.08%	–
BPR	New	BROOKFIELD PROPERTY REIT INCcl a	$542,000	–	28,680	–	0.06%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$440,000	–	38,860	–	0.05%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$434,000	–	8,745	–	0.04%	–
GLD	New	SPDR GOLD TRUST	$395,000	–	2,969	–	0.04%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$341,000	–	16,000	–	0.04%	–
STOR	New	STORE CAP CORP	$332,000	–	9,990	–	0.04%	–
KHC	New	KRAFT HEINZ CO	$282,000	–	9,080	–	0.03%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$257,000	–	21,000	–	0.03%	–
JPM	New	JPMORGAN CHASE & CO	$220,000	–	1,970	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$222,000	–	2,895	–	0.02%	–
FIVE	New	FIVE BELOW INC	$224,000	–	1,870	–	0.02%	–
PG	New	PROCTER AND GAMBLE CO	$219,000	–	2,000	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$130,000	–	12,350	–	0.01%	–
NVAX	New	NOVAVAX INC	$66,000	–	11,300	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
GE	Exit	GENERAL ELECTRIC CO	$0	–	-13,177	–	-0.02%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/19	$0	–	-10,000	–	-0.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,830	–	-0.02%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-18,000	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,564	–	-0.03%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,969	–	-0.04%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-38,860	–	-0.04%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.04%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-4,210	–	-0.05%	–
ATOM	Exit	ATOMERA INC	$0	–	-83,884	–	-0.06%	–
CTSO	Exit	CYTOSORBENTS CORP	$0	–	-42,255	–	-0.06%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-12,556	–	-0.06%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-8,745	–	-0.07%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-15,150	–	-0.08%	–
TWOU	Exit	2U INC	$0	–	-12,900	–	-0.11%	–
PCRX	Exit	PACIRA PHARMACEUTICALS INC	$0	–	-20,080	–	-0.11%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-291,597	–	-0.11%	–
LMRK	Exit	LANDMARK INFRASTRUCTURE LP	$0	–	-71,952	–	-0.11%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-6,628	–	-0.12%	–
AX	Exit	AXOS FINL INC	$0	–	-32,540	–	-0.12%	–
OPRX	Exit	OPTIMIZERX CORP	$0	–	-67,400	–	-0.13%	–
EQIX	Exit	EQUINIX	$0	–	-3,313	–	-0.16%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-27,604	–	-0.16%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-68,316	–	-0.16%	–
PEGI	Exit	PATTERN ENERGY GROUP INCcl a	$0	–	-92,498	–	-0.20%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-150,180	–	-0.21%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.21%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-103,124	–	-0.22%	–
DIN	Exit	DINE BRANDS GLOBAL INC	$0	–	-25,355	–	-0.23%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-87,012	–	-0.30%	–
CLNY	Exit	COLONY CAP INC NEW	$0	–	-473,554	–	-0.32%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-68,470	–	-0.40%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-134,838	–	-0.43%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-229,982	–	-0.44%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-196,036	–	-0.48%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-85,177	–	-0.49%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-511,196	–	-0.50%	–
V	Exit	VISA INC	$0	–	-31,662	–	-0.52%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-23,377	–	-0.57%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-160,987	–	-0.70%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-168,344	–	-0.85%	–
MPLX	Exit	MPLX LP	$0	–	-225,609	–	-0.86%	–
TRUP	Exit	TRUPANION INC	$0	–	-310,719	–	-1.22%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-86,253	–	-1.23%	–
BOKF	Exit	B O K FINL CORP	$0	–	-137,730	–	-1.47%	–
C	Exit	CITIGROUP INC	$0	–	-186,856	–	-1.47%	–
INAPQ	Exit	INTERNAP CORP	$0	–	-1,090,544	–	-1.51%	–
CPRT	Exit	COPART INC	$0	–	-274,220	–	-1.55%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-817,464	–	-1.59%	–
AAPL	Exit	APPLE INC	$0	–	-86,572	–	-2.15%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-443,830	–	-2.34%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-110,654	–	-2.60%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-279,112	–	-2.61%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-76,264	–	-2.91%	–
AMZN	Exit	AMAZON COM INC	$0	–	-13,663	–	-3.01%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-261,942	–	-3.39%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,162,838	–	-3.76%	–
AES	Exit	AES CORP	$0	–	-2,469,374	–	-3.80%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-1,172,293	–	-4.47%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-520,340	–	-4.66%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-285,596	–	-5.47%	–
KMX	Exit	CARMAX INC	$0	–	-694,533	–	-5.70%	–
DENN	Exit	DENNYS CORP	$0	–	-4,199,338	–	-6.79%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-622,806	–	-7.83%	–
MKL	Exit	MARKEL CORP	$0	–	-66,518	–	-8.69%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-621,360	–	-9.92%	–

Q3 2018

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$90,284,000	-0.2%	621,360	-1.0%	9.92%	-4.0%
MKL	Sell	MARKEL CORP	$79,057,000	+8.7%	66,518	-0.8%	8.69%	+4.5%
MSFT	Sell	MICROSOFT CORP	$71,230,000	+14.7%	622,806	-1.1%	7.83%	+10.3%
DENN	Sell	DENNYS CORP	$61,814,000	-9.5%	4,199,338	-2.1%	6.79%	-13.0%
KMX	Sell	CARMAX INC	$51,861,000	-0.1%	694,533	-2.5%	5.70%	-3.9%
PXD	Sell	PIONEER NAT RES CO	$49,748,000	-9.2%	285,596	-1.3%	5.47%	-12.7%
DLTR	Sell	DOLLAR TREE INC	$42,434,000	-5.2%	520,340	-1.2%	4.66%	-8.9%
ZAYO	Buy	ZAYO GROUP HLDGS INC	$40,702,000	-4.1%	1,172,293	+0.8%	4.47%	-7.7%
AES	Sell	AES CORP	$34,571,000	+2.4%	2,469,374	-1.9%	3.80%	-1.5%
BAC	Buy	BANK AMER CORP	$34,257,000	+30.9%	1,162,838	+25.2%	3.76%	+25.8%
OLED	Sell	UNIVERSAL DISPLAY CORP	$30,883,000	+36.3%	261,942	-0.6%	3.39%	+31.0%
AMZN	Sell	AMAZON COM INC	$27,367,000	+16.1%	13,663	-1.5%	3.01%	+11.6%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$26,488,000	+24.9%	76,264	-1.6%	2.91%	+20.2%
HSIC	Sell	SCHEIN HENRY INC	$23,733,000	+16.4%	279,112	-0.5%	2.61%	+11.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$23,692,000	+57.4%	110,654	+37.2%	2.60%	+51.3%
CCK	Sell	CROWN HOLDINGS INC	$21,304,000	+4.2%	443,830	-2.8%	2.34%	+0.3%
AAPL	Sell	APPLE INC	$19,543,000	+21.4%	86,572	-0.5%	2.15%	+16.7%
KMI	Sell	KINDER MORGAN INC	$14,494,000	-5.5%	817,464	-5.8%	1.59%	-9.1%
CPRT	Buy	COPART INC	$14,131,000	+42.8%	274,220	+56.7%	1.55%	+37.3%
INAPQ	Sell	INTERNAP CORP	$13,774,000	+19.0%	1,090,544	-1.8%	1.51%	+14.5%
C	Sell	CITIGROUP INC	$13,405,000	-33.4%	186,856	-37.9%	1.47%	-36.0%
FIVE	Sell	FIVE BELOW INC	$11,218,000	-3.0%	86,253	-27.1%	1.23%	-6.7%
TRUP	Buy	TRUPANION INC	$11,102,000	-7.2%	310,719	+0.2%	1.22%	-10.8%
MPLX	Sell	MPLX LP	$7,824,000	-11.3%	225,609	-12.7%	0.86%	-14.7%
MIC	Sell	MACQUARIE INFRASTR CO LLCmembership int	$7,766,000	-3.9%	168,344	-12.1%	0.85%	-7.6%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$6,420,000	+4.3%	160,987	+0.4%	0.70%	+0.3%
MA	Sell	MASTERCARD INCcl a	$5,204,000	+11.4%	23,377	-1.6%	0.57%	+7.1%
V	Sell	VISA INC	$4,752,000	+11.6%	31,662	-1.5%	0.52%	+7.2%
ERII	Buy	ENERGY RECOVERY INC	$4,575,000	+82.1%	511,196	+64.3%	0.50%	+75.3%
EPD	Sell	ENTERPRISE PRODS PARTNERS LP	$3,874,000	-20.7%	134,838	-23.6%	0.43%	-23.7%
AIG	Sell	AMERICAN INTL GROUP INC	$3,645,000	-60.8%	68,470	-61.0%	0.40%	-62.3%
CLNY	Sell	COLONY CAP INC NEW	$2,884,000	-6.9%	473,554	-4.6%	0.32%	-10.5%
CIO	Sell	CITY OFFICE REIT INC	$1,895,000	-6.0%	150,180	-4.5%	0.21%	-9.6%
WFC	Sell	WELLS FARGO & CO NEW	$1,451,000	-30.4%	27,604	-26.6%	0.16%	-33.2%
AX	New	AXOS FINL INC	$1,119,000	–	32,540	–	0.12%	–
SBAC	Sell	SBA COMMUNICATIONS CORP	$1,065,000	-5.0%	6,628	-2.4%	0.12%	-8.6%
LMRK	Sell	LANDMARK INFRASTRUCTURE LP	$997,000	-33.0%	71,952	-33.0%	0.11%	-35.3%
CBBPRB	Sell	CINCINNATI BELL INC NEWpfd cv dep1/20	$740,000	-1.7%	15,150	-0.7%	0.08%	-5.8%
CTSO	Buy	CYTOSORBENTS CORP	$545,000	+54.0%	42,255	+36.0%	0.06%	+50.0%
ATOM	Buy	ATOMERA INC	$502,000	+72.5%	83,884	+76.6%	0.06%	+66.7%
XOM	Sell	EXXON MOBIL CORP	$303,000	+1.3%	3,564	-1.5%	0.03%	-2.9%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/21	$263,000	-42.5%	18,000	-42.9%	0.03%	-44.2%
JPM	New	JPMORGAN CHASE & CO	$206,000	–	1,830	–	0.02%	–
BACWSA	Sell	BANK AMER CORP*w exp 01/16/19	$178,000	-45.4%	10,000	-50.0%	0.02%	-45.9%
GE	Buy	GENERAL ELECTRIC CO	$149,000	-16.3%	13,177	+1.0%	0.02%	-20.0%
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-9,060	–	-0.07%	–
BOFI	Exit	BOFI HLDG INC	$0	–	-32,540	–	-0.15%	–

Q2 2018

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$90,466,000	–	627,498	–	10.34%	–
MKL	New	MARKEL CORP	$72,729,000	–	67,071	–	8.31%	–
DENN	New	DENNYS CORP	$68,315,000	–	4,288,462	–	7.81%	–
MSFT	New	MICROSOFT CORP	$62,128,000	–	630,038	–	7.10%	–
PXD	New	PIONEER NAT RES CO	$54,775,000	–	289,447	–	6.26%	–
KMX	New	CARMAX INC	$51,916,000	–	712,443	–	5.93%	–
DLTR	New	DOLLAR TREE INC	$44,773,000	–	526,743	–	5.12%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$42,424,000	–	1,162,938	–	4.85%	–
AES	New	AES CORP	$33,757,000	–	2,517,289	–	3.86%	–
BAC	New	BANK AMER CORP	$26,178,000	–	928,613	–	2.99%	–
AMZN	New	AMAZON COM INC	$23,578,000	–	13,871	–	2.69%	–
OLED	New	UNIVERSAL DISPLAY CORP	$22,666,000	–	263,562	–	2.59%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$21,199,000	–	77,489	–	2.42%	–
CCK	New	CROWN HOLDINGS INC	$20,439,000	–	456,630	–	2.34%	–
HSIC	New	SCHEIN HENRY INC	$20,387,000	–	280,655	–	2.33%	–
C	New	CITIGROUP INC	$20,132,000	–	300,833	–	2.30%	–
AAPL	New	APPLE INC	$16,099,000	–	86,969	–	1.84%	–
KMI	New	KINDER MORGAN INC	$15,333,000	–	867,759	–	1.75%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$15,051,000	–	80,635	–	1.72%	–
BOKF	New	B O K FINL CORP	$12,948,000	–	137,730	–	1.48%	–
TRUP	New	TRUPANION INC	$11,964,000	–	309,954	–	1.37%	–
INAPQ	New	INTERNAP CORP	$11,574,000	–	1,110,796	–	1.32%	–
FIVE	New	FIVE BELOW INC	$11,563,000	–	118,344	–	1.32%	–
CPRT	New	COPART INC	$9,899,000	–	175,010	–	1.13%	–
AIG	New	AMERICAN INTL GROUP INC	$9,307,000	–	175,543	–	1.06%	–
MPLX	New	MPLX LP	$8,821,000	–	258,377	–	1.01%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$8,078,000	–	191,424	–	0.92%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$6,155,000	–	160,287	–	0.70%	–
FUN	New	CEDAR FAIR LPdepositry unit	$5,367,000	–	85,177	–	0.61%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$4,884,000	–	176,502	–	0.56%	–
MA	New	MASTERCARD INCcl a	$4,671,000	–	23,769	–	0.53%	–
V	New	VISA INC	$4,258,000	–	32,147	–	0.49%	–
ET	New	ENERGY TRANSFER EQUITY LP	$3,967,000	–	229,982	–	0.45%	–
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$3,733,000	–	196,036	–	0.43%	–
CLNY	New	COLONY CAP INC NEW	$3,099,000	–	496,584	–	0.35%	–
EVA	New	ENVIVA PARTNERS LP	$2,532,000	–	87,012	–	0.29%	–
ERII	New	ENERGY RECOVERY INC	$2,513,000	–	311,050	–	0.29%	–
WFC	New	WELLS FARGO & CO NEW	$2,085,000	–	37,604	–	0.24%	–
CIO	New	CITY OFFICE REIT INC	$2,017,000	–	157,180	–	0.23%	–
GOOD	New	GLADSTONE COML CORP	$1,982,000	–	103,124	–	0.23%	–
DIN	New	DINE BRANDS GLOBAL INC	$1,897,000	–	25,355	–	0.22%	–
PEGI	New	PATTERN ENERGY GROUP INCcl a	$1,734,000	–	92,498	–	0.20%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,692,000	–	6	–	0.19%	–
LMRK	New	LANDMARK INFRASTRUCTURE LP	$1,488,000	–	107,412	–	0.17%	–
STWD	New	STARWOOD PPTY TR INC	$1,483,000	–	68,316	–	0.17%	–
EQIX	New	EQUINIX	$1,424,000	–	3,313	–	0.16%	–
BOFI	New	BOFI HLDG INC	$1,331,000	–	32,540	–	0.15%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,121,000	–	6,788	–	0.13%	–
TWOU	New	2U INC	$1,078,000	–	12,900	–	0.12%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$753,000	–	15,250	–	0.09%	–
ATRS	New	ANTARES PHARMA INC	$752,000	–	291,597	–	0.09%	–
OPRX	New	OPTIMIZERX CORP	$701,000	–	67,400	–	0.08%	–
PCRX	New	PACIRA PHARMACEUTICALS INC	$644,000	–	20,080	–	0.07%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$624,000	–	12,556	–	0.07%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$619,000	–	9,060	–	0.07%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$613,000	–	8,745	–	0.07%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$457,000	–	31,515	–	0.05%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$454,000	–	4,210	–	0.05%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$396,000	–	38,860	–	0.04%	–
CTSO	New	CYTOSORBENTS CORP	$354,000	–	31,070	–	0.04%	–
GLD	New	SPDR GOLD TRUST	$352,000	–	2,969	–	0.04%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$339,000	–	16,000	–	0.04%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/19	$326,000	–	20,000	–	0.04%	–
XOM	New	EXXON MOBIL CORP	$299,000	–	3,620	–	0.03%	–
ATOM	New	ATOMERA INC	$291,000	–	47,500	–	0.03%	–
GE	New	GENERAL ELECTRIC CO	$178,000	–	13,050	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
RELYQ	Exit	REAL IND INC	$0	–	-33,352	–	-0.01%	–
TNK	Exit	TEEKAY TANKERS LTDcl a	$0	–	-35,000	–	-0.01%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-16,940	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,438	–	-0.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,100	–	-0.02%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS LPpartnership un	$0	–	-126,608	–	-0.03%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.03%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-12,556	–	-0.03%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-38,860	–	-0.04%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-3,439	–	-0.04%	–
PCRX	Exit	PACIRA PHARMACEUTICALS INC	$0	–	-12,120	–	-0.04%	–
IRM	Exit	IRON MTN INC NEW	$0	–	-15,715	–	-0.05%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-10,710	–	-0.06%	–
TWOU	Exit	2U INC	$0	–	-12,900	–	-0.06%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-10,640	–	-0.06%	–
ENB	Exit	ENBRIDGE INC	$0	–	-17,900	–	-0.06%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-42,365	–	-0.07%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-17,610	–	-0.08%	–
BOFI	Exit	BOFI HLDG INC	$0	–	-32,540	–	-0.08%	–
CAFD	Exit	8POINT3 ENERGY PARTNERS LPcl a rpt ltdpt	$0	–	-71,490	–	-0.09%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-351,685	–	-0.10%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-8,813	–	-0.11%	–
SNR	Exit	NEW SR INVT GROUP INC	$0	–	-158,820	–	-0.12%	–
EQIX	Exit	EQUINIX	$0	–	-3,426	–	-0.13%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-73,781	–	-0.14%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-16,695	–	-0.14%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/19	$0	–	-128,130	–	-0.15%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-249,750	–	-0.17%	–
LMRK	Exit	LANDMARK INFRASTRUCTURE LP	$0	–	-121,907	–	-0.18%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-117,073	–	-0.18%	–
PEGI	Exit	PATTERN ENERGY GROUP INCcl a	$0	–	-101,523	–	-0.21%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-110,124	–	-0.21%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-87,012	–	-0.22%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-128,435	–	-0.24%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-54,854	–	-0.26%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-186,448	–	-0.29%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-13	–	-0.31%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-214,382	–	-0.32%	–
CLNS	Exit	COLONY NORTHSTAR INC	$0	–	-381,228	–	-0.41%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-195,502	–	-0.44%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-94,877	–	-0.52%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-86,169	–	-0.54%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-365,647	–	-0.62%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-174,775	–	-0.65%	–
MPLX	Exit	MPLX LP	$0	–	-264,487	–	-0.80%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-65,852	–	-0.88%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-58,825	–	-0.93%	–
V	Exit	VISA INC	$0	–	-110,035	–	-1.00%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-83,796	–	-1.02%	–
BOKF	Exit	B O K FINL CORP	$0	–	-148,670	–	-1.14%	–
AAPL	Exit	APPLE INC	$0	–	-122,432	–	-1.62%	–
AMZN	Exit	AMAZON COM INC	$0	–	-20,615	–	-1.70%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-131,909	–	-2.44%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-1,675,025	–	-2.76%	–
INAP	Exit	INTERNAP NETWORK SVCS CORP	$0	–	-7,759,424	–	-2.90%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-276,477	–	-3.06%	–
AES	Exit	AES CORP	$0	–	-3,328,879	–	-3.15%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,467,349	–	-3.20%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-936,377	–	-4.81%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-1,657,881	–	-4.90%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-964,765	–	-5.09%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-423,682	–	-5.37%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-758,195	–	-5.66%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,000,521	–	-6.41%	–
KMX	Exit	CARMAX INC	$0	–	-1,080,467	–	-7.04%	–
DENN	Exit	DENNYS CORP	$0	–	-6,875,045	–	-7.36%	–
MKL	Exit	MARKEL CORP	$0	–	-97,673	–	-8.97%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-872,816	–	-10.26%	–

Q3 2017

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$119,296,000	+0.4%	872,816	-2.8%	10.26%	-2.2%
MKL	Sell	MARKEL CORP	$104,313,000	+5.1%	97,673	-4.0%	8.97%	+2.4%
DENN	Sell	DENNYS CORP	$85,594,000	+2.3%	6,875,045	-3.3%	7.36%	-0.4%
KMX	Sell	CARMAX INC	$81,910,000	+15.4%	1,080,467	-4.0%	7.04%	+12.5%
MSFT	Sell	MICROSOFT CORP	$74,529,000	+4.0%	1,000,521	-3.8%	6.41%	+1.3%
DLTR	Sell	DOLLAR TREE INC	$65,826,000	+19.7%	758,195	-3.6%	5.66%	+16.7%
PXD	Buy	PIONEER NAT RES CO	$62,510,000	+11.3%	423,682	+20.4%	5.37%	+8.5%
AIG	Sell	AMERICAN INTL GROUP INC	$59,227,000	-6.3%	964,765	-4.6%	5.09%	-8.7%
ZAYO	Sell	ZAYO GROUP HLDGS INC	$57,064,000	+4.3%	1,657,881	-6.3%	4.90%	+1.7%
CCK	Sell	CROWN HOLDINGS INC	$55,920,000	-4.1%	936,377	-4.2%	4.81%	-6.5%
BAC	Sell	BANK AMER CORP	$37,183,000	-1.2%	1,467,349	-5.4%	3.20%	-3.7%
AES	Sell	AES CORP	$36,684,000	-5.0%	3,328,879	-4.2%	3.15%	-7.4%
OLED	Sell	UNIVERSAL DISPLAY CORP	$35,624,000	+15.3%	276,477	-2.2%	3.06%	+12.4%
INAP	Sell	INTERNAP NETWORK SVCS CORP	$33,753,000	+12.4%	7,759,424	-5.2%	2.90%	+9.5%
KMI	Sell	KINDER MORGAN INC	$32,127,000	-14.5%	1,675,025	-14.6%	2.76%	-16.7%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$28,409,000	+192.8%	131,909	+197.4%	2.44%	+185.3%
AMZN	Sell	AMAZON COM INC	$19,818,000	-3.4%	20,615	-2.7%	1.70%	-5.9%
AAPL	Sell	APPLE INC	$18,869,000	+3.8%	122,432	-3.0%	1.62%	+1.1%
MA	Sell	MASTERCARD INCcl a	$11,832,000	+5.9%	83,796	-8.9%	1.02%	+3.2%
V	Sell	VISA INC	$11,580,000	+2.4%	110,035	-8.8%	1.00%	-0.3%
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$10,192,000	-1.7%	65,852	-8.4%	0.88%	-4.3%
MPLX	Sell	MPLX LP	$9,260,000	+4.3%	264,487	-0.5%	0.80%	+1.7%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$7,540,000	+3.2%	174,775	-2.1%	0.65%	+0.6%
CBB	Sell	CINCINNATI BELL INC NEW	$7,258,000	-75.3%	365,647	-75.7%	0.62%	-75.9%
MIC	Buy	MACQUARIE INFRASTR CO LLCmembership int	$6,220,000	-0.1%	86,169	+8.5%	0.54%	-2.6%
FUN	Sell	CEDAR FAIR LPdepositry unit	$6,084,000	-12.2%	94,877	-1.3%	0.52%	-14.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS LP	$5,097,000	-5.4%	195,502	-1.7%	0.44%	-7.8%
CLNS	Buy	COLONY NORTHSTAR INC	$4,788,000	+2.5%	381,228	+15.0%	0.41%	0.0%
ET	Buy	ENERGY TRANSFER EQUITY LP	$3,726,000	-2.3%	214,382	+0.9%	0.32%	-4.8%
ETP	Buy	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$3,410,000	-0.1%	186,448	+11.3%	0.29%	-2.7%
EVA	Sell	ENVIVA PARTNERS LP	$2,571,000	+2.1%	87,012	-5.0%	0.22%	-0.5%
GOOD	Sell	GLADSTONE COML CORP	$2,452,000	+0.4%	110,124	-1.7%	0.21%	-1.9%
PEGI	Sell	PATTERN ENERGY GROUP INCcl a	$2,447,000	-3.0%	101,523	-4.1%	0.21%	-5.8%
FTAI	Sell	FORTRESS TRANS INFRST INVS L	$2,112,000	+7.9%	117,073	-4.6%	0.18%	+5.2%
LMRK	Sell	LANDMARK INFRASTRUCTURE LP	$2,066,000	+2.3%	121,907	-3.4%	0.18%	0.0%
ERII	Buy	ENERGY RECOVERY INC	$1,973,000	+9.7%	249,750	+15.1%	0.17%	+6.9%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$1,669,000	-4.6%	16,695	-4.4%	0.14%	-7.1%
STWD	Sell	STARWOOD PPTY TR INC	$1,603,000	-8.0%	73,781	-5.1%	0.14%	-10.4%
EQIX	Sell	EQUINIX	$1,529,000	-1.9%	3,426	-5.7%	0.13%	-5.1%
SNR	Sell	NEW SR INVT GROUP INC	$1,453,000	-15.0%	158,820	-6.7%	0.12%	-17.2%
CAFD	Sell	8POINT3 ENERGY PARTNERS LPcl a rpt ltdpt	$1,074,000	-6.4%	71,490	-5.8%	0.09%	-8.9%
CBBPRB	Sell	CINCINNATI BELL INC NEWpfd cv dep1/20	$887,000	-0.2%	17,610	-0.8%	0.08%	-2.6%
LAMR	Sell	LAMAR ADVERTISING CO NEWcl a	$729,000	-11.3%	10,640	-4.7%	0.06%	-13.7%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$653,000	+86.0%	10,710	+82.1%	0.06%	+80.6%
IRM	Sell	IRON MTN INC NEW	$611,000	+6.6%	15,715	-5.7%	0.05%	+3.9%
PCRX	Buy	PACIRA PHARMACEUTICALS INC	$455,000	-4.8%	12,120	+21.0%	0.04%	-7.1%
TOO	Sell	TEEKAY OFFSHORE PARTNERS LPpartnership un	$301,000	-92.1%	126,608	-90.5%	0.03%	-92.3%
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-50,000	–	-0.01%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-17,550	–	-0.01%	–
SPWH	Exit	SPORTSMANS WHSE HLDGS INC	$0	–	-23,800	–	-0.01%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,510	–	-0.03%	–

Q2 2017

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$118,823,000	–	897,999	–	10.48%	–
MKL	New	MARKEL CORP	$99,283,000	–	101,739	–	8.76%	–
DENN	New	DENNYS CORP	$83,704,000	–	7,111,662	–	7.38%	–
MSFT	New	MICROSOFT CORP	$71,695,000	–	1,040,118	–	6.32%	–
KMX	New	CARMAX INC	$70,979,000	–	1,125,573	–	6.26%	–
AIG	New	AMERICAN INTL GROUP INC	$63,211,000	–	1,011,058	–	5.58%	–
CCK	New	CROWN HOLDINGS INC	$58,284,000	–	976,943	–	5.14%	–
PXD	New	PIONEER NAT RES CO	$56,159,000	–	351,916	–	4.95%	–
DLTR	New	DOLLAR TREE INC	$54,980,000	–	786,323	–	4.85%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$54,689,000	–	1,769,870	–	4.82%	–
AES	New	AES CORP	$38,601,000	–	3,474,431	–	3.40%	–
BAC	New	BANK AMER CORP	$37,631,000	–	1,551,166	–	3.32%	–
KMI	New	KINDER MORGAN INC	$37,589,000	–	1,961,853	–	3.32%	–
OLED	New	UNIVERSAL DISPLAY CORP	$30,892,000	–	282,767	–	2.72%	–
INAP	New	INTERNAP NETWORK SVCS CORP	$30,040,000	–	8,185,175	–	2.65%	–
CBB	New	CINCINNATI BELL INC NEW	$29,358,000	–	1,501,667	–	2.59%	–
AMZN	New	AMAZON COM INC	$20,519,000	–	21,197	–	1.81%	–
AAPL	New	APPLE INC	$18,180,000	–	126,233	–	1.60%	–
BOKF	New	B O K FINL CORP	$12,508,000	–	148,670	–	1.10%	–
V	New	VISA INC	$11,314,000	–	120,646	–	1.00%	–
MA	New	MASTERCARD INCcl a	$11,170,000	–	91,973	–	0.98%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$10,370,000	–	71,911	–	0.92%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$9,963,000	–	58,825	–	0.88%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$9,702,000	–	44,354	–	0.86%	–
MPLX	New	MPLX LP	$8,877,000	–	265,774	–	0.78%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$7,304,000	–	178,542	–	0.64%	–
FUN	New	CEDAR FAIR LPdepositry unit	$6,933,000	–	96,155	–	0.61%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$6,227,000	–	79,431	–	0.55%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$5,386,000	–	198,901	–	0.48%	–
CLNS	New	COLONY NORTHSTAR INC	$4,670,000	–	331,475	–	0.41%	–
TOO	New	TEEKAY OFFSHORE PARTNERS LPpartnership un	$3,829,000	–	1,334,096	–	0.34%	–
ET	New	ENERGY TRANSFER EQUITY LP	$3,814,000	–	212,382	–	0.34%	–
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$3,415,000	–	167,473	–	0.30%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,311,000	–	13	–	0.29%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$3,140,000	–	128,435	–	0.28%	–
WFC	New	WELLS FARGO & CO NEW	$3,039,000	–	54,854	–	0.27%	–
PEGI	New	PATTERN ENERGY GROUP INCcl a	$2,523,000	–	105,847	–	0.22%	–
EVA	New	ENVIVA PARTNERS LP	$2,519,000	–	91,591	–	0.22%	–
GOOD	New	GLADSTONE COML CORP	$2,442,000	–	112,061	–	0.22%	–
LMRK	New	LANDMARK INFRASTRUCTURE LP	$2,020,000	–	126,247	–	0.18%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$1,957,000	–	122,747	–	0.17%	–
ERII	New	ENERGY RECOVERY INC	$1,799,000	–	217,050	–	0.16%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$1,749,000	–	17,455	–	0.15%	–
STWD	New	STARWOOD PPTY TR INC	$1,742,000	–	77,787	–	0.15%	–
SNR	New	NEW SR INVT GROUP INC	$1,710,000	–	170,169	–	0.15%	–
EQIX	New	EQUINIX	$1,559,000	–	3,632	–	0.14%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/19	$1,543,000	–	128,130	–	0.14%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,189,000	–	8,813	–	0.10%	–
CAFD	New	8POINT3 ENERGY PARTNERS LPcl a rpt ltdpt	$1,148,000	–	75,885	–	0.10%	–
ATRS	New	ANTARES PHARMA INC	$1,132,000	–	351,685	–	0.10%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$893,000	–	42,365	–	0.08%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$889,000	–	17,760	–	0.08%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$822,000	–	11,170	–	0.07%	–
BOFI	New	BOFI HLDG INC	$772,000	–	32,540	–	0.07%	–
ENB	New	ENBRIDGE INC	$713,000	–	17,900	–	0.06%	–
TWOU	New	2U INC	$605,000	–	12,900	–	0.05%	–
IRM	New	IRON MTN INC NEW	$573,000	–	16,670	–	0.05%	–
PCRX	New	PACIRA PHARMACEUTICALS INC	$478,000	–	10,020	–	0.04%	–
GLD	New	SPDR GOLD TRUST	$406,000	–	3,439	–	0.04%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$394,000	–	38,860	–	0.04%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$351,000	–	5,880	–	0.03%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$356,000	–	12,556	–	0.03%	–
GE	New	GENERAL ELECTRIC CO	$327,000	–	12,100	–	0.03%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$304,000	–	16,000	–	0.03%	–
VZ	New	VERIZON COMMUNICATIONS INC	$291,000	–	6,510	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$278,000	–	3,438	–	0.02%	–
SPWH	New	SPORTSMANS WHSE HLDGS INC	$129,000	–	23,800	–	0.01%	–
TK	New	TEEKAY CORPORATION	$117,000	–	17,550	–	0.01%	–
RELYQ	New	REAL IND INC	$97,000	–	33,352	–	0.01%	–
SIRI	New	SIRIUS XM RADIO INC	$93,000	–	16,940	–	0.01%	–
TNK	New	TEEKAY TANKERS LTDcl a	$66,000	–	35,000	–	0.01%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$58,000	–	50,000	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/2017	$0	–	-466,400	–	-0.00%	–
NVAX	Exit	NOVAVAX INC	$0	–	-18,000	–	-0.00%	–
VNRSQ	Exit	VANGUARD NATURAL RESOURCES L	$0	–	-44,500	–	-0.00%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-16,940	–	-0.01%	–
TNK	Exit	TEEKAY TANKERS LTDcl a	$0	–	-35,000	–	-0.01%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-17,550	–	-0.01%	–
XOXO	Exit	XO GROUP INC	$0	–	-12,545	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.02%	–
PCRX	Exit	PACIRA PHARMACEUTICALS INC	$0	–	-7,500	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,403	–	-0.03%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-12,556	–	-0.03%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-5,845	–	-0.03%	–
RELYQ	Exit	REAL IND INC	$0	–	-55,252	–	-0.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,510	–	-0.03%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,100	–	-0.03%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-38,860	–	-0.04%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-3,574	–	-0.04%	–
ENB	Exit	ENBRIDGE INC	$0	–	-11,350	–	-0.04%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-321,535	–	-0.05%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-9,410	–	-0.05%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-33,365	–	-0.06%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/19	$0	–	-157,330	–	-0.06%	–
FTR	Exit	FRONTIER COMMUCATIONS CORP	$0	–	-194,355	–	-0.07%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-17,765	–	-0.08%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-9,098	–	-0.09%	–
AESPRC	Exit	AES TR IIIpfd cv 6.75%	$0	–	-20,180	–	-0.09%	–
LMRK	Exit	LANDMARK INFRASTRUCTURE LP	$0	–	-63,145	–	-0.10%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-47,191	–	-0.11%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-63,855	–	-0.12%	–
NRF	Exit	NORTHSTAR RLTY FIN CORPP	$0	–	-111,013	–	-0.13%	–
SNR	Exit	NEW SR INVT GROUP INC	$0	–	-130,763	–	-0.13%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-134,555	–	-0.14%	–
PEGI	Exit	PATTERN ENERGY GROUP INCcl a	$0	–	-85,378	–	-0.17%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-114,161	–	-0.18%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-91,926	–	-0.21%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-73,096	–	-0.28%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-209,550	–	-0.29%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-135,135	–	-0.30%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-17	–	-0.32%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-234,590	–	-0.34%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-198,911	–	-0.47%	–
ETP	Exit	ENERGY TRANSFER PRTNRS LPunit ltd partn	$0	–	-152,637	–	-0.49%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-68,753	–	-0.49%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-100,557	–	-0.50%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-61,237	–	-0.54%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-181,687	–	-0.54%	–
INAP	Exit	INTERNAP NETWORK SVCS CORP	$0	–	-4,031,193	–	-0.57%	–
V	Exit	VISA INC	$0	–	-85,060	–	-0.61%	–
MPLX	Exit	MPLX LP	$0	–	-243,926	–	-0.71%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-59,922	–	-0.75%	–
AMZN	Exit	AMAZON COM INC	$0	–	-10,546	–	-0.76%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS LPpartnership un	$0	–	-1,409,911	–	-0.77%	–
BOKF	Exit	B O K FINL CORP	$0	–	-151,485	–	-0.90%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,396,128	–	-1.88%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-471,483	–	-2.26%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-7,861,658	–	-2.77%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-1,581,570	–	-3.16%	–
AES	Exit	AES CORP	$0	–	-3,718,249	–	-4.12%	–
EQIX	Exit	EQUINIX	$0	–	-141,320	–	-4.39%	–
PLKI	Exit	POPEYES LA KITCHEN INC	$0	–	-987,264	–	-4.52%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,050,746	–	-5.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,104,592	–	-5.49%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-811,852	–	-5.53%	–
KMX	Exit	CARMAX INC	$0	–	-1,208,213	–	-5.56%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-356,616	–	-5.71%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-2,330,336	–	-5.97%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,263,401	–	-6.46%	–
DENN	Exit	DENNYS CORP	$0	–	-7,822,307	–	-7.21%	–
MKL	Exit	MARKEL CORP	$0	–	-109,894	–	-8.80%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-936,577	–	-9.15%	–

Q3 2016

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$106,142,000	-9.0%	936,577	-8.7%	9.15%	-4.1%
MKL	Sell	MARKEL CORP	$102,067,000	-9.8%	109,894	-7.5%	8.80%	-5.0%
DENN	Sell	DENNYS CORP	$83,620,000	-6.5%	7,822,307	-6.2%	7.21%	-1.5%
AIG	Sell	AMERICAN INTL GROUP INC	$74,970,000	+5.3%	1,263,401	-6.2%	6.46%	+10.9%
ZAYO	Sell	ZAYO GROUP HLDGS INC	$69,234,000	-0.5%	2,330,336	-6.4%	5.97%	+4.8%
PXD	Sell	PIONEER NAT RES CO	$66,206,000	+17.3%	356,616	-4.4%	5.71%	+23.6%
KMX	Sell	CARMAX INC	$64,458,000	+3.3%	1,208,213	-5.1%	5.56%	+8.9%
DLTR	Sell	DOLLAR TREE INC	$64,079,000	-21.1%	811,852	-5.8%	5.53%	-16.8%
MSFT	Sell	MICROSOFT CORP	$63,624,000	+5.6%	1,104,592	-6.2%	5.49%	+11.3%
CCK	Sell	CROWN HOLDINGS INC	$59,987,000	+6.0%	1,050,746	-5.9%	5.17%	+11.7%
PLKI	Sell	POPEYES LA KITCHEN INC	$52,463,000	-6.4%	987,264	-3.8%	4.52%	-1.4%
EQIX	Sell	EQUINIX	$50,911,000	-12.9%	141,320	-6.2%	4.39%	-8.2%
AES	Sell	AES CORP	$47,779,000	-2.1%	3,718,249	-5.0%	4.12%	+3.1%
KMI	Sell	KINDER MORGAN INC	$36,582,000	+17.8%	1,581,570	-4.7%	3.16%	+24.2%
CBB	Sell	CINCINNATI BELL INC NEW	$32,076,000	-15.4%	7,861,658	-5.2%	2.77%	-10.9%
OLED	Sell	UNIVERSAL DISPLAY CORP	$26,172,000	-19.4%	471,483	-1.5%	2.26%	-15.1%
BAC	Sell	BANK AMER CORP	$21,849,000	-2.3%	1,396,128	-17.2%	1.88%	+2.9%
BOKF	Sell	B O K FINL CORP	$10,448,000	+9.8%	151,485	-0.2%	0.90%	+15.7%
TOO	Sell	TEEKAY OFFSHORE PARTNERS LPpartnership un	$8,911,000	-4.3%	1,409,911	-9.9%	0.77%	+0.8%
AMZN	Buy	AMAZON COM INC	$8,830,000	+19.4%	10,546	+2.1%	0.76%	+25.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$8,657,000	-0.9%	59,922	-0.7%	0.75%	+4.5%
MPLX	Sell	MPLX LP	$8,259,000	-1.7%	243,926	-2.4%	0.71%	+3.5%
V	Sell	VISA INC	$7,034,000	-2.9%	85,060	-12.9%	0.61%	+2.4%
INAP	Sell	INTERNAP NETWORK SVCS CORP	$6,651,000	-38.6%	4,031,193	-23.3%	0.57%	-35.2%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$6,294,000	+14.6%	181,687	+49.7%	0.54%	+20.7%
MA	Sell	MASTERCARD INCcl a	$6,232,000	+5.0%	61,237	-9.2%	0.54%	+10.5%
MIC	Buy	MACQUARIE INFRASTR CO LLCmembership int	$5,723,000	+12.6%	68,753	+0.1%	0.49%	+18.8%
ETP	Buy	ENERGY TRANSFER PRTNRS LPunit ltd partn	$5,648,000	-2.8%	152,637	+0.0%	0.49%	+2.5%
ET	Sell	ENERGY TRANSFER EQUITY LP	$3,939,000	-5.6%	234,590	-19.2%	0.34%	-0.3%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$3,676,000	-5.9%	17	-5.6%	0.32%	-0.9%
WFC	Sell	WELLS FARGO & CO NEW	$3,237,000	-7.1%	73,096	-0.7%	0.28%	-2.1%
EVA	Buy	ENVIVA PARTNERS LP	$2,481,000	+18.7%	91,926	+0.1%	0.21%	+25.1%
FTAI	Buy	FORTRESS TRANS INFRST INVS L	$1,683,000	+36.6%	134,555	+0.3%	0.14%	+43.6%
STWD	Buy	STARWOOD PPTY TR INC	$1,438,000	+10.9%	63,855	+2.0%	0.12%	+17.0%
LMRK	Buy	LANDMARK INFRASTRUCTURE LP	$1,109,000	+7.4%	63,145	+0.6%	0.10%	+12.9%
SBAC	Sell	SBA COMMUNICATIONS CORP	$1,020,000	-25.7%	9,098	-28.4%	0.09%	-21.4%
ENB	New	ENBRIDGE INC	$502,000	–	11,350	–	0.04%	–
GE	Buy	GENERAL ELECTRIC CO	$358,000	-1.1%	12,100	+5.2%	0.03%	+3.3%
VZ	Buy	VERIZON COMMUNICATIONS INC	$338,000	+6.3%	6,510	+14.2%	0.03%	+11.5%
PCRX	New	PACIRA PHARMACEUTICALS INC	$257,000	–	7,500	–	0.02%	–
XOXO	New	XO GROUP INC	$242,000	–	12,545	–	0.02%	–
TK	Sell	TEEKAY CORPORATION	$135,000	+7.1%	17,550	-0.5%	0.01%	+20.0%
TNK	New	TEEKAY TANKERS LTDcl a	$89,000	–	35,000	–	0.01%	–
ALL	Exit	ALLSTATE CORP	$0	–	-23,995	–	-0.14%	–
AZO	Exit	AUTOZONE INC	$0	–	-25,863	–	-1.68%	–

Q2 2016

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$116,598,000	–	1,026,300	–	9.54%	–
MKL	New	MARKEL CORP	$113,159,000	–	118,767	–	9.26%	–
DENN	New	DENNYS CORP	$89,437,000	–	8,335,201	–	7.32%	–
DLTR	New	DOLLAR TREE INC	$81,181,000	–	861,424	–	6.64%	–
AIG	New	AMERICAN INTL GROUP INC	$71,222,000	–	1,346,599	–	5.83%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$69,572,000	–	2,490,954	–	5.69%	–
KMX	New	CARMAX INC	$62,391,000	–	1,272,510	–	5.11%	–
MSFT	New	MICROSOFT CORP	$60,229,000	–	1,177,029	–	4.93%	–
EQIX	New	EQUINIX	$58,436,000	–	150,714	–	4.78%	–
CCK	New	CROWN HOLDINGS INC	$56,570,000	–	1,116,433	–	4.63%	–
PXD	New	PIONEER NAT RES CO	$56,421,000	–	373,131	–	4.62%	–
PLKI	New	POPEYES LA KITCHEN INC	$56,077,000	–	1,026,291	–	4.59%	–
AES	New	AES CORP	$48,824,000	–	3,912,178	–	4.00%	–
CBB	New	CINCINNATI BELL INC NEW	$37,910,000	–	8,295,299	–	3.10%	–
OLED	New	UNIVERSAL DISPLAY CORP	$32,466,000	–	478,843	–	2.66%	–
KMI	New	KINDER MORGAN INC	$31,052,000	–	1,658,742	–	2.54%	–
BAC	New	BANK AMER CORP	$22,370,000	–	1,685,731	–	1.83%	–
AZO	New	AUTOZONE INC	$20,531,000	–	25,863	–	1.68%	–
INAP	New	INTERNAP NETWORK SVCS CORP	$10,830,000	–	5,257,481	–	0.89%	–
BOKF	New	B O K FINL CORP	$9,513,000	–	151,730	–	0.78%	–
TOO	New	TEEKAY OFFSHORE PARTNERS LPpartnership un	$9,311,000	–	1,564,894	–	0.76%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$8,735,000	–	60,332	–	0.72%	–
MPLX	New	MPLX LP	$8,403,000	–	249,866	–	0.69%	–
AMZN	New	AMAZON COM INC	$7,394,000	–	10,332	–	0.60%	–
V	New	VISA INC	$7,241,000	–	97,630	–	0.59%	–
MA	New	MASTERCARD INCcl a	$5,937,000	–	67,424	–	0.49%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$5,820,000	–	198,911	–	0.48%	–
FUN	New	CEDAR FAIR LPdepositry unit	$5,814,000	–	100,557	–	0.48%	–
ETP	New	ENERGY TRANSFER PRTNRS LPunit ltd partn	$5,808,000	–	152,567	–	0.48%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$5,493,000	–	121,370	–	0.45%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$5,084,000	–	68,653	–	0.42%	–
ET	New	ENERGY TRANSFER EQUITY LP	$4,171,000	–	290,235	–	0.34%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,906,000	–	18	–	0.32%	–
WFC	New	WELLS FARGO & CO NEW	$3,486,000	–	73,646	–	0.28%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$3,465,000	–	135,135	–	0.28%	–
EVA	New	ENVIVA PARTNERS LP	$2,090,000	–	91,816	–	0.17%	–
PEGI	New	PATTERN ENERGY GROUP INCcl a	$1,961,000	–	85,378	–	0.16%	–
GOOD	New	GLADSTONE COML CORP	$1,928,000	–	114,161	–	0.16%	–
ERII	New	ENERGY RECOVERY INC	$1,863,000	–	209,550	–	0.15%	–
ALL	New	ALLSTATE CORP	$1,678,000	–	23,995	–	0.14%	–
SNR	New	NEW SR INVT GROUP INC	$1,397,000	–	130,763	–	0.11%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,372,000	–	12,708	–	0.11%	–
STWD	New	STARWOOD PPTY TR INC	$1,297,000	–	62,575	–	0.11%	–
NRF	New	NORTHSTAR RLTY FIN CORPP	$1,269,000	–	111,013	–	0.10%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$1,232,000	–	134,090	–	0.10%	–
TRNO	New	TERRENO RLTY CORP	$1,221,000	–	47,191	–	0.10%	–
AESPRC	New	AES TR IIIpfd cv 6.75%	$1,051,000	–	20,180	–	0.09%	–
LMRK	New	LANDMARK INFRASTRUCTURE LP	$1,033,000	–	62,750	–	0.08%	–
FTR	New	FRONTIER COMMUCATIONS CORP	$960,000	–	194,355	–	0.08%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$880,000	–	17,765	–	0.07%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$624,000	–	33,365	–	0.05%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$624,000	–	9,410	–	0.05%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/19	$548,000	–	157,330	–	0.04%	–
GLD	New	SPDR GOLD TRUST	$452,000	–	3,574	–	0.04%	–
RELYQ	New	REAL IND INC	$429,000	–	55,252	–	0.04%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$427,000	–	38,860	–	0.04%	–
GE	New	GENERAL ELECTRIC CO	$362,000	–	11,500	–	0.03%	–
ATRS	New	ANTARES PHARMA INC	$338,000	–	321,535	–	0.03%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$339,000	–	5,845	–	0.03%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$340,000	–	12,556	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$319,000	–	3,403	–	0.03%	–
VZ	New	VERIZON COMMUNICATIONS INC	$318,000	–	5,700	–	0.03%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$238,000	–	16,000	–	0.02%	–
NVAX	New	NOVAVAX INC	$131,000	–	18,000	–	0.01%	–
TK	New	TEEKAY CORPORATION	$126,000	–	17,630	–	0.01%	–
VNRSQ	New	VANGUARD NATURAL RESOURCES L	$63,000	–	44,500	–	0.01%	–
SIRI	New	SIRIUS XM RADIO INC	$67,000	–	16,940	–	0.01%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/2017	$8,000	–	466,400	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
ACFN	Exit	ACORN ENERGY INC	$0	–	-39,500	–	0.00%	–
TIGR	Exit	TIGERLOGIC CORPORATION	$0	–	-169,735	–	-0.00%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-16,940	–	-0.01%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-18,410	–	-0.01%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-27,685	–	-0.01%	–
NVAX	Exit	NOVAVAX INC	$0	–	-18,000	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,748	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.02%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-10,200	–	-0.02%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-5,695	–	-0.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-11,500	–	-0.02%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-12,556	–	-0.03%	–
VNRSQ	Exit	VANGUARD NATURAL RESOURCES L	$0	–	-53,200	–	-0.03%	–
RELYQ	Exit	REAL IND INC	$0	–	-55,252	–	-0.04%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-256,000	–	-0.05%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-321,535	–	-0.05%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/2017	$0	–	-618,970	–	-0.05%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-5,510	–	-0.05%	–
WPG	Exit	WP GLIMCHER INC	$0	–	-51,580	–	-0.05%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-13,160	–	-0.05%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-34,615	–	-0.06%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/19	$0	–	-141,675	–	-0.07%	–
AESPRC	Exit	AES TR IIIpfd cv 6.75%	$0	–	-18,980	–	-0.08%	–
ALL	Exit	ALLSTATE CORP	$0	–	-23,995	–	-0.12%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-115,361	–	-0.14%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-17,383	–	-0.15%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-18	–	-0.29%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-47,830	–	-0.30%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-134,135	–	-0.30%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-101,658	–	-0.31%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-184,322	–	-0.32%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-158,208	–	-0.33%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-46,350	–	-0.35%	–
V	Exit	VISA INC	$0	–	-60,439	–	-0.35%	–
ETP	Exit	ENERGY TRANSFER PRTNRS LPunit ltd partn	$0	–	-102,747	–	-0.35%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-80,635	–	-0.35%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-62,603	–	-0.68%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LPunit ltd partn	$0	–	-231,539	–	-0.83%	–
BOKF	Exit	B O K FINL CORP	$0	–	-154,810	–	-0.83%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-225,129	–	-0.96%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS LPpartnership un	$0	–	-897,464	–	-1.07%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-534,682	–	-1.51%	–
AZO	Exit	AUTOZONE INC	$0	–	-31,430	–	-1.89%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-789,595	–	-1.95%	–
ROST	Exit	ROSS STORES INC	$0	–	-526,356	–	-2.12%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-8,808,058	–	-2.29%	–
	Exit	BANK AMER CORP	$0	–	-1,876,060	–	-2.43%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-1,160,842	–	-2.67%	–
EQIX	Exit	EQUINIX	$0	–	-148,196	–	-3.37%	–
AES	Exit	AES CORP	$0	–	-4,328,908	–	-3.53%	–
INAP	Exit	INTERNAP NETWORK SVCS CORP	$0	–	-7,100,897	–	-3.62%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-410,900	–	-4.16%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,242,882	–	-4.58%	–
PLKI	Exit	POPEYES LA KITCHEN INC	$0	–	-978,342	–	-4.59%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,207,359	–	-4.60%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-886,923	–	-4.92%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-2,536,078	–	-5.35%	–
KMX	Exit	CARMAX INC	$0	–	-1,237,333	–	-6.11%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,466,205	–	-6.93%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-1,065,992	–	-7.80%	–
DENN	Exit	DENNYS CORP	$0	–	-9,059,355	–	-8.31%	–
MKL	Exit	MARKEL CORP	$0	–	-127,726	–	-8.52%	–

Q3 2015

			Value		Shares		↓ Weighting
MKL	Sell	MARKEL CORP	$102,419,000	-1.3%	127,726	-1.4%	8.52%	+11.0%
DENN	Sell	DENNYS CORP	$99,925,000	-6.0%	9,059,355	-1.1%	8.31%	+5.7%
AMT	Buy	AMERICAN TOWER CORPcl a	$93,786,000	-5.5%	1,065,992	+0.2%	7.80%	+6.2%
AIG	Sell	AMERICAN INTL GROUP INC	$83,310,000	-8.9%	1,466,205	-0.8%	6.93%	+2.5%
KMX	Sell	CARMAX INC	$73,399,000	-10.9%	1,237,333	-0.6%	6.11%	+0.1%
ZAYO	Buy	ZAYO GROUP HLDGS INC	$64,315,000	-1.1%	2,536,078	+0.3%	5.35%	+11.2%
DLTR	Buy	DOLLAR TREE INC	$59,122,000	-12.4%	886,923	+3.8%	4.92%	-1.5%
CCK	Sell	CROWN HOLDINGS INC	$55,237,000	-14.2%	1,207,359	-0.7%	4.60%	-3.5%
PLKI	Buy	POPEYES LA KITCHEN INC	$55,139,000	-5.3%	978,342	+0.8%	4.59%	+6.5%
MSFT	Sell	MICROSOFT CORP	$55,010,000	+0.1%	1,242,882	-0.2%	4.58%	+12.5%
PXD	Buy	PIONEER NAT RES CO	$49,982,000	-12.3%	410,900	+0.0%	4.16%	-1.4%
INAP	Sell	INTERNAP NETWORK SVCS CORP	$43,528,000	-38.4%	7,100,897	-7.1%	3.62%	-30.8%
AES	Buy	AES CORP	$42,380,000	-26.1%	4,328,908	+0.1%	3.53%	-16.9%
EQIX	Buy	EQUINIX	$40,517,000	+11.6%	148,196	+3.7%	3.37%	+25.5%
KMI	Buy	KINDER MORGAN INC	$32,132,000	-26.2%	1,160,842	+2.3%	2.67%	-17.1%
	Buy	BANK AMER CORP	$29,229,000	-7.6%	1,876,060	+0.9%	2.43%	+3.9%
CBB	Sell	CINCINNATI BELL INC NEW	$27,481,000	-18.8%	8,808,058	-0.6%	2.29%	-8.7%
ROST	Sell	ROSS STORES INC	$25,512,000	-4.8%	526,356	-4.5%	2.12%	+7.1%
TK	Sell	TEEKAY CORPORATION	$23,404,000	-51.9%	789,595	-30.5%	1.95%	-45.9%
AZO	Sell	AUTOZONE INC	$22,750,000	+3.8%	31,430	-4.3%	1.89%	+16.7%
OLED	Sell	UNIVERSAL DISPLAY CORP	$18,126,000	-35.6%	534,682	-1.8%	1.51%	-27.6%
TOO	Buy	TEEKAY OFFSHORE PARTNERS LPpartnership un	$12,915,000	+266.8%	897,464	+415.6%	1.07%	+311.5%
WFC	Sell	WELLS FARGO & CO NEW	$11,560,000	-9.1%	225,129	-0.5%	0.96%	+2.2%
BOKF	Sell	B O K FINL CORP	$10,018,000	-7.8%	154,810	-0.8%	0.83%	+3.6%
MWE	Sell	MARKWEST ENERGY PARTNERS LPunit ltd partn	$9,935,000	-24.1%	231,539	-0.2%	0.83%	-14.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$8,163,000	-4.6%	62,603	-0.4%	0.68%	+7.3%
FUN	Buy	CEDAR FAIR LPdepositry unit	$4,242,000	-1.0%	80,635	+2.5%	0.35%	+11.4%
ETP	Buy	ENERGY TRANSFER PRTNRS LPunit ltd partn	$4,220,000	-19.6%	102,747	+2.2%	0.35%	-9.5%
V	New	VISA INC	$4,210,000	–	60,439	–	0.35%	–
MA	New	MASTERCARD INCcl a	$4,177,000	–	46,350	–	0.35%	–
EPD	Buy	ENTERPRISE PRODS PARTNERS LP	$3,939,000	-15.3%	158,208	+1.7%	0.33%	-4.7%
ET	Buy	ENERGY TRANSFER EQUITY LP	$3,836,000	-35.7%	184,322	+98.4%	0.32%	-27.7%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$3,738,000	-16.2%	101,658	+1.7%	0.31%	-5.8%
MIC	Buy	MACQUARIE INFRASTR CO LLCmembership int	$3,571,000	-6.9%	47,830	+3.0%	0.30%	+4.6%
GOOD	Sell	GLADSTONE COML CORP	$1,628,000	-15.6%	115,361	-1.0%	0.14%	-5.6%
BACWSA	Sell	BANK AMER CORP*w exp 01/16/19	$812,000	-14.8%	141,675	-8.2%	0.07%	-4.2%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/21	$786,000	-23.0%	34,615	-6.1%	0.06%	-14.5%
CBBPRB	Buy	CINCINNATI BELL INC NEWpfd cv dep1/20	$631,000	+9.0%	13,160	+11.4%	0.05%	+20.9%
WPG	Buy	WP GLIMCHER INC	$601,000	-13.0%	51,580	+1.0%	0.05%	-2.0%
GLD	New	SPDR GOLD TRUST	$589,000	–	5,510	–	0.05%	–
KMIWS	Buy	KINDER MORGAN INC DEL*w exp 05/25/2017	$569,000	+48.2%	618,970	+335.6%	0.05%	+67.9%
ERII	Buy	ENERGY RECOVERY INC	$548,000	-15.3%	256,000	+8.5%	0.05%	-4.2%
VNRSQ	Buy	VANGUARD NATURAL RESOURCES L	$404,000	-25.5%	53,200	+46.6%	0.03%	-15.0%
ZINCQ	Buy	HORSEHEAD HLDG CORP	$84,000	-59.4%	27,685	+56.9%	0.01%	-53.3%
GNW	Sell	GENWORTH FINL INC	$85,000	-47.5%	18,410	-14.0%	0.01%	-41.7%
SIRI	Sell	SIRIUS XM RADIO INC	$63,000	-88.2%	16,940	-88.2%	0.01%	-87.5%
AXPW	Exit	AXION PWR INTL INC	$0	–	-10,000	–	0.00%	–
IRDM	Exit	IRIDIUM COMMUNICATIONS INC	$0	–	-94,500	–	-0.06%	–

Q2 2015

			Value		Shares		↓ Weighting
DENN	New	DENNYS CORP	$106,310,000	–	9,156,761	–	7.87%	–
MKL	New	MARKEL CORP	$103,724,000	–	129,545	–	7.68%	–
AMT	New	AMERICAN TOWER CORPcl a	$99,245,000	–	1,063,836	–	7.34%	–
AIG	New	AMERICAN INTL GROUP INC	$91,412,000	–	1,478,680	–	6.76%	–
KMX	New	CARMAX INC	$82,411,000	–	1,244,690	–	6.10%	–
INAP	New	INTERNAP NETWORK SVCS CORP	$70,666,000	–	7,639,568	–	5.23%	–
DLTR	New	DOLLAR TREE INC	$67,494,000	–	854,466	–	5.00%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$65,033,000	–	2,528,514	–	4.81%	–
CCK	New	CROWN HOLDINGS INC	$64,359,000	–	1,216,392	–	4.76%	–
PLKI	New	POPEYES LA KITCHEN INC	$58,210,000	–	970,324	–	4.31%	–
AES	New	AES CORP	$57,318,000	–	4,322,644	–	4.24%	–
PXD	New	PIONEER NAT RES CO	$56,976,000	–	410,818	–	4.22%	–
MSFT	New	MICROSOFT CORP	$54,969,000	–	1,245,052	–	4.07%	–
TK	New	TEEKAY CORPORATION	$48,661,000	–	1,136,409	–	3.60%	–
KMI	New	KINDER MORGAN INC	$43,565,000	–	1,134,809	–	3.22%	–
EQIX	New	EQUINIX	$36,308,000	–	142,943	–	2.69%	–
CBB	New	CINCINNATI BELL INC NEW	$33,848,000	–	8,860,863	–	2.50%	–
	New	BANK AMER CORP	$31,640,000	–	1,858,977	–	2.34%	–
OLED	New	UNIVERSAL DISPLAY CORP	$28,167,000	–	544,507	–	2.08%	–
ROST	New	ROSS STORES INC	$26,785,000	–	551,015	–	1.98%	–
AZO	New	AUTOZONE INC	$21,912,000	–	32,857	–	1.62%	–
MWE	New	MARKWEST ENERGY PARTNERS LPunit ltd partn	$13,086,000	–	232,109	–	0.97%	–
WFC	New	WELLS FARGO & CO NEW	$12,721,000	–	226,193	–	0.94%	–
BOKF	New	B O K FINL CORP	$10,862,000	–	156,110	–	0.80%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$8,558,000	–	62,878	–	0.63%	–
ET	New	ENERGY TRANSFER EQUITY LP	$5,962,000	–	92,911	–	0.44%	–
ETP	New	ENERGY TRANSFER PRTNRS LPunit ltd partn	$5,246,000	–	100,497	–	0.39%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$5,105,000	–	134,135	–	0.38%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$4,650,000	–	155,558	–	0.34%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$4,462,000	–	99,972	–	0.33%	–
FUN	New	CEDAR FAIR LPdepositry unit	$4,285,000	–	78,642	–	0.32%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$3,837,000	–	46,435	–	0.28%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,687,000	–	18	–	0.27%	–
TOO	New	TEEKAY OFFSHORE PARTNERS LPpartnership un	$3,521,000	–	174,065	–	0.26%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,999,000	–	17,383	–	0.15%	–
GOOD	New	GLADSTONE COML CORP	$1,930,000	–	116,538	–	0.14%	–
ALL	New	ALLSTATE CORP	$1,557,000	–	23,995	–	0.12%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$1,021,000	–	36,845	–	0.08%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/19	$953,000	–	154,400	–	0.07%	–
AESPRC	New	AES TR IIIpfd cv 6.75%	$965,000	–	18,980	–	0.07%	–
IRDM	New	IRIDIUM COMMUNICATIONS INC	$859,000	–	94,500	–	0.06%	–
WPG	New	WP GLIMCHER INC	$691,000	–	51,080	–	0.05%	–
ATRS	New	ANTARES PHARMA INC	$669,000	–	321,535	–	0.05%	–
ERII	New	ENERGY RECOVERY INC	$647,000	–	236,000	–	0.05%	–
RELYQ	New	REAL IND INC	$627,000	–	55,252	–	0.05%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$579,000	–	11,815	–	0.04%	–
SIRI	New	SIRIUS XM RADIO INC	$535,000	–	143,440	–	0.04%	–
VNRSQ	New	VANGUARD NATURAL RESOURCES L	$542,000	–	36,300	–	0.04%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$409,000	–	12,556	–	0.03%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/2017	$384,000	–	142,100	–	0.03%	–
GE	New	GENERAL ELECTRIC CO	$306,000	–	11,500	–	0.02%	–
WD	New	WALKER & DUNLOP INC	$273,000	–	10,200	–	0.02%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$255,000	–	5,695	–	0.02%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$254,000	–	16,000	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$229,000	–	2,748	–	0.02%	–
NVAX	New	NOVAVAX INC	$201,000	–	18,000	–	0.02%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$207,000	–	17,645	–	0.02%	–
GNW	New	GENWORTH FINL INC	$162,000	–	21,410	–	0.01%	–
TIGR	New	TIGERLOGIC CORPORATION	$58,000	–	169,735	–	0.00%	–
ACFN	New	ACORN ENERGY INC	$17,000	–	39,500	–	0.00%	–
AXPW	New	AXION PWR INTL INC	$1,000	–	10,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
ACFN	Exit	ACORN ENERGY INC	$0	–	-39,500	–	-0.01%	–
NVAX	Exit	NOVAVAX INC	$0	–	-18,000	–	-0.01%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-10,200	–	-0.01%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/2017	$0	–	-62,800	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.02%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-17,645	–	-0.02%	–
TIGR	Exit	TIGERLOGIC CORPORATION	$0	–	-338,160	–	-0.03%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-4,000	–	-0.03%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,900	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,950	–	-0.03%	–
BACWSA	Exit	BANK OF AMERICA CORPORATION*w exp 01/16/19	$0	–	-56,960	–	-0.04%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-121,900	–	-0.04%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-12,556	–	-0.04%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-9,440	–	-0.04%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-17,160	–	-0.04%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-143,440	–	-0.04%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-338,535	–	-0.05%	–
WPG	Exit	WASHINGTON PRIME GROUP INC	$0	–	-41,000	–	-0.06%	–
SDS	Exit	PROSHARES TR	$0	–	-29,670	–	-0.06%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERSut ltd partner	$0	–	-8,000	–	-0.06%	–
VNRSQ	Exit	VANGUARD NATURAL RESOURCES L	$0	–	-28,340	–	-0.06%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-10,000	–	-0.08%	–
AESPRC	Exit	AES TR IIIpfd cv 6.75%	$0	–	-18,980	–	-0.08%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-100,386	–	-0.08%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-49,551	–	-0.10%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-26,920	–	-0.11%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-17,418	–	-0.16%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-59,183	–	-0.17%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-30,793	–	-0.17%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-128,948	–	-0.18%	–
EQIX	Exit	EQUINIX	$0	–	-13,594	–	-0.24%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS LPpartnership un	$0	–	-91,675	–	-0.26%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-19	–	-0.33%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-103,572	–	-0.33%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-84,014	–	-0.33%	–
CONE	Exit	CYRUSONE INC	$0	–	-168,003	–	-0.34%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-93,760	–	-0.48%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-140,185	–	-0.51%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-153,138	–	-0.52%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-552,724	–	-0.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-65,013	–	-0.75%	–
RGP	Exit	REGENCY ENERGY PARTNERS LP	$0	–	-283,936	–	-0.77%	–
BOKF	Exit	B O K FINL CORP	$0	–	-159,564	–	-0.89%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-244,719	–	-1.06%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LPunit ltd partn	$0	–	-237,149	–	-1.52%	–
AZO	Exit	AUTOZONE INC	$0	–	-36,838	–	-1.57%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-578,313	–	-1.58%	–
IRDM	Exit	IRIDIUM COMMUNICATIONS INC	$0	–	-2,276,747	–	-1.68%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-365,254	–	-2.02%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-8,571,630	–	-2.41%	–
ALL	Exit	ALLSTATE CORP	$0	–	-521,187	–	-2.67%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-243,752	–	-2.92%	–
ROST	Exit	ROSS STORES INC	$0	–	-518,390	–	-3.27%	–
PLKI	Exit	POPEYES LA KITCHEN INC	$0	–	-1,008,539	–	-3.41%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-1,188,941	–	-3.81%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-915,918	–	-4.29%	–
AES	Exit	AES CORP	$0	–	-3,755,289	–	-4.45%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,199,567	–	-4.64%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,260,986	–	-4.69%	–
INAP	Exit	INTERNAP NETWORK SVCS CORP	$0	–	-8,213,495	–	-4.73%	–
KMX	Exit	CARMAX INC	$0	–	-1,335,681	–	-5.18%	–
DENN	Exit	DENNYS CORP	$0	–	-10,038,216	–	-5.89%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-413,443	–	-6.80%	–
MKL	Exit	MARKEL CORP	$0	–	-137,577	–	-7.31%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,620,691	–	-7.31%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-1,096,093	–	-8.57%	–

Q3 2014

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORPcl a	$102,627,000	+2.6%	1,096,093	-1.4%	8.57%	+3.3%
AIG	Sell	AMERICAN INTL GROUP INC	$87,550,000	-1.8%	1,620,691	-0.8%	7.31%	-1.1%
MKL	Sell	MARKEL CORP	$87,520,000	-4.0%	137,577	-1.0%	7.31%	-3.3%
PXD	Sell	PIONEER NAT RES CO	$81,436,000	-15.6%	413,443	-1.5%	6.80%	-15.0%
DENN	Buy	DENNYS CORP	$70,569,000	+14.2%	10,038,216	+5.9%	5.89%	+15.0%
KMX	Sell	CARMAX INC	$62,042,000	-11.5%	1,335,681	-0.9%	5.18%	-10.9%
INAP	Sell	INTERNAP NETWORK SVCS CORP	$56,673,000	-3.5%	8,213,495	-1.4%	4.73%	-2.8%
CCK	Sell	CROWN HOLDINGS INC	$56,139,000	-11.6%	1,260,986	-1.2%	4.69%	-11.0%
MSFT	Buy	MICROSOFT CORP	$55,612,000	+11.8%	1,199,567	+0.5%	4.64%	+12.6%
AES	Sell	AES CORP	$53,250,000	-9.6%	3,755,289	-0.8%	4.45%	-8.9%
DLTR	Buy	DOLLAR TREE INC	$51,356,000	+3.1%	915,918	+0.1%	4.29%	+3.8%
KMI	Buy	KINDER MORGAN INC	$45,584,000	+12.4%	1,188,941	+6.3%	3.81%	+13.2%
PLKI	Buy	POPEYES LA KITCHEN INC	$40,846,000	+15.8%	1,008,539	+24.9%	3.41%	+16.6%
ROST	Buy	ROSS STORES INC	$39,180,000	+50.5%	518,390	+31.7%	3.27%	+51.6%
TWC	Sell	TIME WARNER CABLE INC	$34,976,000	-5.0%	243,752	-2.4%	2.92%	-4.3%
ALL	Sell	ALLSTATE CORP	$31,985,000	+2.3%	521,187	-2.1%	2.67%	+3.0%
CBB	Buy	CINCINNATI BELL INC NEW	$28,886,000	-7.9%	8,571,630	+7.4%	2.41%	-7.2%
TK	Sell	TEEKAY CORPORATION	$24,238,000	+3.4%	365,254	-3.0%	2.02%	+4.1%
IRDM	Sell	IRIDIUM COMMUNICATIONS INC	$20,149,000	-5.7%	2,276,747	-9.8%	1.68%	-5.0%
OLED	Sell	UNIVERSAL DISPLAY CORP	$18,876,000	+1.5%	578,313	-0.2%	1.58%	+2.1%
AZO	Buy	AUTOZONE INC	$18,775,000	+47.0%	36,838	+54.7%	1.57%	+48.1%
WFC	Sell	WELLS FARGO & CO NEW	$12,694,000	-2.1%	244,719	-0.8%	1.06%	-1.4%
BOKF	Sell	B O K FINL CORP	$10,608,000	-0.3%	159,564	-0.1%	0.89%	+0.5%
RGP	Sell	REGENCY ENERGY PARTNERS LP	$9,262,000	+1.1%	283,936	-0.2%	0.77%	+1.7%
GNW	Buy	GENWORTH FINL INC	$7,241,000	-16.3%	552,724	+11.1%	0.60%	-15.7%
EPD	Buy	ENTERPRISE PRODS PARTNERS LP	$6,171,000	+2.9%	153,138	+100.0%	0.52%	+3.6%
ET	Sell	ENERGY TRANSFER EQUITY LP	$5,784,000	+4.1%	93,760	-0.5%	0.48%	+4.8%
CONE	Buy	CYRUSONE INC	$4,039,000	-2.3%	168,003	+1.2%	0.34%	-1.7%
FUN	Buy	CEDAR FAIR LPdepositry unit	$3,971,000	+4.1%	84,014	+16.5%	0.33%	+5.1%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$3,936,000	-9.2%	103,572	-0.4%	0.33%	-8.6%
EQIX	Buy	EQUINIX	$2,888,000	+3.2%	13,594	+2.0%	0.24%	+3.9%
GOOD	Sell	GLADSTONE COML CORP	$2,191,000	-8.4%	128,948	-3.7%	0.18%	-7.6%
MIC	Sell	MACQUARIE INFRASTR CO LLCmembership int	$2,054,000	+5.8%	30,793	-1.1%	0.17%	+6.8%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$2,035,000	-33.4%	59,183	-17.6%	0.17%	-32.8%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,346,000	+100.9%	26,920	+96.5%	0.11%	+100.0%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/21	$1,180,000	-12.4%	49,551	-2.1%	0.10%	-11.6%
WPG	Buy	WASHINGTON PRIME GROUP INC	$717,000	+6.1%	41,000	+13.7%	0.06%	+7.1%
ATRS	Sell	ANTARES PHARMA INC	$620,000	-31.9%	338,535	-0.7%	0.05%	-31.6%
CBBPRB	Sell	CINCINNATI BELL INC NEWpfd cv dep1/20	$452,000	-12.4%	9,440	-11.7%	0.04%	-11.6%
BACWSA	Buy	BANK OF AMERICA CORPORATION*w exp 01/16/19	$427,000	+32.6%	56,960	+21.3%	0.04%	+33.3%
ERII	Buy	ENERGY RECOVERY INC	$432,000	-21.6%	121,900	+8.9%	0.04%	-21.7%
COF	Sell	CAPITAL ONE FINL CORP	$326,000	-50.7%	4,000	-50.0%	0.03%	-50.9%
TIGR	Buy	TIGERLOGIC CORPORATION	$315,000	-18.0%	338,160	+17.9%	0.03%	-18.8%
KMIWS	Buy	KINDER MORGAN INC DEL*w exp 05/25/2017	$229,000	+55.8%	62,800	+18.9%	0.02%	+58.3%
NVAX	Buy	NOVAVAX INC	$75,000	+1.4%	18,000	+12.5%	0.01%	0.0%
NIHDQ	Exit	NII HLDGS INCcl b new	$0	–	-204,199	–	-0.01%	–
A309PS	Exit	DIRECTV	$0	–	-14,745	–	-0.10%	–
MCRS	Exit	MICROS SYS INC	$0	–	-117,123	–	-0.66%	–

Q2 2014

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$100,007,000	–	1,111,436	–	8.29%	–
PXD	New	PIONEER NAT RES CO	$96,477,000	–	419,814	–	8.00%	–
MKL	New	MARKEL CORP	$91,125,000	–	138,986	–	7.56%	–
AIG	New	AMERICAN INTL GROUP INC	$89,176,000	–	1,633,865	–	7.40%	–
KMX	New	CARMAX INC	$70,119,000	–	1,348,185	–	5.82%	–
CCK	New	CROWN HOLDINGS INC	$63,518,000	–	1,276,480	–	5.27%	–
DENN	New	DENNYS CORP	$61,803,000	–	9,478,955	–	5.12%	–
AES	New	AES CORP	$58,873,000	–	3,786,021	–	4.88%	–
INAP	New	INTERNAP NETWORK SVCS CORP	$58,745,000	–	8,332,620	–	4.87%	–
DLTR	New	DOLLAR TREE INC	$49,807,000	–	914,570	–	4.13%	–
MSFT	New	MICROSOFT CORP	$49,761,000	–	1,193,319	–	4.13%	–
KMI	New	KINDER MORGAN INC	$40,563,000	–	1,118,678	–	3.36%	–
TWC	New	TIME WARNER CABLE INC	$36,806,000	–	249,873	–	3.05%	–
PLKI	New	POPEYES LA KITCHEN INC	$35,285,000	–	807,250	–	2.93%	–
CBB	New	CINCINNATI BELL INC NEW	$31,357,000	–	7,978,941	–	2.60%	–
ALL	New	ALLSTATE CORP	$31,252,000	–	532,220	–	2.59%	–
ROST	New	ROSS STORES INC	$26,034,000	–	393,678	–	2.16%	–
TK	New	TEEKAY CORPORATION	$23,440,000	–	376,551	–	1.94%	–
IRDM	New	IRIDIUM COMMUNICATIONS INC	$21,364,000	–	2,525,299	–	1.77%	–
OLED	New	UNIVERSAL DISPLAY CORP	$18,606,000	–	579,618	–	1.54%	–
MWE	New	MARKWEST ENERGY PARTNERS LPunit ltd partn	$16,975,000	–	237,149	–	1.41%	–
WFC	New	WELLS FARGO & CO NEW	$12,969,000	–	246,744	–	1.08%	–
AZO	New	AUTOZONE INC	$12,772,000	–	23,818	–	1.06%	–
BOKF	New	B O K FINL CORP	$10,637,000	–	159,714	–	0.88%	–
RGP	New	REGENCY ENERGY PARTNERS LP	$9,165,000	–	284,535	–	0.76%	–
GNW	New	GENWORTH FINL INC	$8,655,000	–	497,432	–	0.72%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$8,228,000	–	65,013	–	0.68%	–
MCRS	New	MICROS SYS INC	$7,953,000	–	117,123	–	0.66%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$5,995,000	–	76,569	–	0.50%	–
ET	New	ENERGY TRANSFER EQUITY LP	$5,556,000	–	94,260	–	0.46%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$5,483,000	–	140,185	–	0.46%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$4,336,000	–	103,938	–	0.36%	–
CONE	New	CYRUSONE INC	$4,135,000	–	166,046	–	0.34%	–
FUN	New	CEDAR FAIR LPdepositry unit	$3,814,000	–	72,104	–	0.32%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,608,000	–	19	–	0.30%	–
TOO	New	TEEKAY OFFSHORE PARTNERS LPpartnership un	$3,309,000	–	91,675	–	0.27%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$3,056,000	–	71,813	–	0.25%	–
EQIX	New	EQUINIX	$2,799,000	–	13,322	–	0.23%	–
GOOD	New	GLADSTONE COML CORP	$2,392,000	–	133,858	–	0.20%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$1,941,000	–	31,123	–	0.16%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,782,000	–	17,418	–	0.15%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$1,347,000	–	50,636	–	0.11%	–
A309PS	New	DIRECTV	$1,253,000	–	14,745	–	0.10%	–
LXP	New	LEXINGTON REALTY TRUST	$1,105,000	–	100,386	–	0.09%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$1,026,000	–	10,000	–	0.08%	–
AESPRC	New	AES TR IIIpfd cv 6.75%	$984,000	–	18,980	–	0.08%	–
VNRSQ	New	VANGUARD NATURAL RESOURCES L	$913,000	–	28,340	–	0.08%	–
ATRS	New	ANTARES PHARMA INC	$911,000	–	341,035	–	0.08%	–
SDS	New	PROSHARES TR	$755,000	–	29,670	–	0.06%	–
SDRL	New	SEADRILL LIMITED	$686,000	–	17,160	–	0.06%	–
VZ	New	VERIZON COMMUNICATIONS INC	$670,000	–	13,700	–	0.06%	–
WPG	New	WASHINGTON PRIME GROUP INC	$676,000	–	36,050	–	0.06%	–
COF	New	CAPITAL ONE FINL CORP	$661,000	–	8,000	–	0.06%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERSut ltd partner	$658,000	–	8,000	–	0.06%	–
ERII	New	ENERGY RECOVERY INC	$551,000	–	111,900	–	0.05%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$516,000	–	10,691	–	0.04%	–
SIRI	New	SIRIUS XM RADIO INC	$496,000	–	143,440	–	0.04%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$441,000	–	12,556	–	0.04%	–
XOM	New	EXXON MOBIL CORP	$398,000	–	3,950	–	0.03%	–
TIGR	New	TIGERLOGIC CORPORATION	$384,000	–	286,859	–	0.03%	–
GE	New	GENERAL ELECTRIC CO	$339,000	–	12,900	–	0.03%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/19	$322,000	–	46,960	–	0.03%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$322,000	–	17,645	–	0.03%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$243,000	–	16,000	–	0.02%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/2017	$147,000	–	52,800	–	0.01%	–
WD	New	WALKER & DUNLOP INC	$144,000	–	10,200	–	0.01%	–
NIHDQ	New	NII HLDGS INCcl b new	$112,000	–	204,199	–	0.01%	–
ACFN	New	ACORN ENERGY INC	$93,000	–	39,500	–	0.01%	–
NVAX	New	NOVAVAX INC	$74,000	–	16,000	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
WD	Exit	WALKER & DUNLOP INC	$0	–	-10,200	–	-0.02%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-15,485	–	-0.02%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE LPunit ltd partn	$0	–	-4,000	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-16,000	–	-0.02%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-54,350	–	-0.02%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT LP	$0	–	-8,006	–	-0.02%	–
ACFN	Exit	ACORN ENERGY INC	$0	–	-39,500	–	-0.02%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-3,510	–	-0.02%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-3,440	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,950	–	-0.03%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-16,250	–	-0.04%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-9,856	–	-0.04%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-12,556	–	-0.04%	–
TIGR	Exit	TIGERLOGIC CORPORATION	$0	–	-290,274	–	-0.05%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-8,000	–	-0.05%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-18,945	–	-0.06%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERSut ltd partner	$0	–	-8,000	–	-0.06%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/21	$0	–	-34,246	–	-0.06%	–
POZN	Exit	POZEN INC	$0	–	-120,007	–	-0.07%	–
MASC	Exit	MATERIAL SCIENCES CORP	$0	–	-88,958	–	-0.08%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-74,266	–	-0.08%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-18,820	–	-0.08%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-10,000	–	-0.09%	–
AESPRC	Exit	AES TR IIIpfd cv 6.75%	$0	–	-19,500	–	-0.10%	–
SDS	Exit	PROSHARES TR	$0	–	-29,670	–	-0.10%	–
ATRS	Exit	ANTARES PHARMA INC	$0	–	-277,460	–	-0.11%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-23,785	–	-0.12%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-18,113	–	-0.14%	–
GOOD	Exit	GLADSTONE COML CORP	$0	–	-123,409	–	-0.21%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-67,027	–	-0.28%	–
VNRSQ	Exit	VANGUARD NATURAL RESOURCES L	$0	–	-105,620	–	-0.28%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-46,665	–	-0.30%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-140,185	–	-0.30%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-19	–	-0.31%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-896,952	–	-0.34%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS LPpartnership un	$0	–	-104,505	–	-0.34%	–
APEI	Exit	AMERICAN PUBLIC EDUCATION INC	$0	–	-117,524	–	-0.43%	–
PSE	Exit	PIONEER SOUTHWST ENRG PRTNRunit lp int	$0	–	-105,640	–	-0.45%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP	$0	–	-76,817	–	-0.45%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-127,387	–	-0.47%	–
ACE	Exit	ACE LTD	$0	–	-68,350	–	-0.62%	–
PVR	Exit	PVR PARTNERS LP	$0	–	-288,451	–	-0.64%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-67,883	–	-0.74%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-242,263	–	-0.79%	–
BOKF	Exit	B O K FINL CORP	$0	–	-162,013	–	-0.99%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-254,856	–	-1.02%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-5,025,543	–	-1.32%	–
DTV	Exit	DIRECTV	$0	–	-281,397	–	-1.62%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LPunit ltd partn	$0	–	-246,134	–	-1.72%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-440,095	–	-1.82%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-612,984	–	-1.97%	–
ROST	Exit	ROSS STORES INC	$0	–	-353,613	–	-2.48%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-824,905	–	-2.55%	–
IRDM	Exit	IRIDIUM COMMUNICATIONS INC	$0	–	-3,959,583	–	-2.63%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-262,918	–	-2.83%	–
AFCE	Exit	AFC ENTERPRISES INC	$0	–	-724,376	–	-3.05%	–
NIHDQ	Exit	NII HLDGS INCcl b new	$0	–	-5,701,814	–	-3.34%	–
ALL	Exit	ALLSTATE CORP	$0	–	-710,372	–	-3.46%	–
AES	Exit	AES CORP	$0	–	-3,622,286	–	-4.64%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,232,973	–	-5.03%	–
INAP	Exit	INTERNAP NETWORK SVCS CORP	$0	–	-7,534,731	–	-5.05%	–
MKL	Exit	MARKEL CORP	$0	–	-107,113	–	-5.35%	–
DENN	Exit	DENNYS CORP	$0	–	-9,401,479	–	-5.54%	–
MCRS	Exit	MICROS SYS INC	$0	–	-1,230,353	–	-5.93%	–
KMX	Exit	CARMAX INC	$0	–	-1,309,024	–	-6.12%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-418,460	–	-7.62%	–
AMT	Exit	AMERICAN TOWER CORPcl a	$0	–	-1,073,264	–	-7.68%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,637,194	–	-7.68%	–

Q3 2013

			Value		Shares		↓ Weighting
AIG	Buy	AMERICAN INTL GROUP INC	$79,617,000	+9.6%	1,637,194	+0.7%	7.68%	+1.5%
AMT	Buy	AMERICAN TOWER CORPcl a	$79,561,000	+4.0%	1,073,264	+2.6%	7.68%	-3.6%
PXD	Sell	PIONEER NAT RES CO	$79,005,000	+14.9%	418,460	-11.9%	7.62%	+6.5%
KMX	Sell	CARMAX INC	$63,448,000	+0.1%	1,309,024	-4.7%	6.12%	-7.2%
MCRS	Buy	MICROS SYS INC	$61,444,000	+18.2%	1,230,353	+2.1%	5.93%	+9.5%
DENN	Buy	DENNYS CORP	$57,443,000	+10.6%	9,401,479	+1.8%	5.54%	+2.5%
MKL	Buy	MARKEL CORP	$55,460,000	+0.7%	107,113	+2.5%	5.35%	-6.6%
INAP	Buy	INTERNAP NETWORK SVCS CORP	$52,366,000	-9.9%	7,534,731	+7.2%	5.05%	-16.5%
CCK	Buy	CROWN HOLDINGS INC	$52,130,000	+5.6%	1,232,973	+2.7%	5.03%	-2.1%
AES	Buy	AES CORP	$48,140,000	+12.7%	3,622,286	+1.7%	4.64%	+4.5%
ALL	Buy	ALLSTATE CORP	$35,909,000	+6.8%	710,372	+1.7%	3.46%	-1.0%
NIHDQ	Buy	NII HLDGS INCcl b new	$34,610,000	+1.3%	5,701,814	+11.2%	3.34%	-6.1%
AFCE	Sell	AFC ENTERPRISES INC	$31,576,000	+21.3%	724,376	-0.0%	3.05%	+12.4%
TWC	Sell	TIME WARNER CABLE INC	$29,342,000	-1.0%	262,918	-0.2%	2.83%	-8.3%
IRDM	Sell	IRIDIUM COMMUNICATIONS INC	$27,242,000	-11.7%	3,959,583	-0.4%	2.63%	-18.2%
OLED	Sell	UNIVERSAL DISPLAY CORP	$26,422,000	-1.8%	824,905	-13.8%	2.55%	-9.0%
ROST	New	ROSS STORES INC	$25,743,000	–	353,613	–	2.48%	–
MSFT	New	MICROSOFT CORP	$20,400,000	–	612,984	–	1.97%	–
TK	Buy	TEEKAY CORPORATION	$18,814,000	+9.3%	440,095	+3.9%	1.82%	+1.3%
MWE	Sell	MARKWEST ENERGY PARTNERS LPunit ltd partn	$17,778,000	+6.5%	246,134	-1.5%	1.72%	-1.3%
DTV	Buy	DIRECTV	$16,822,000	+4.3%	281,397	+7.6%	1.62%	-3.3%
CBB	Buy	CINCINNATI BELL INC NEW	$13,669,000	-10.6%	5,025,543	+0.6%	1.32%	-17.1%
WFC	Sell	WELLS FARGO & CO NEW	$10,531,000	-0.1%	254,856	-0.2%	1.02%	-7.5%
BOKF	Sell	B O K FINL CORP	$10,264,000	-1.2%	162,013	-0.1%	0.99%	-8.5%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$8,186,000	-5.1%	242,263	-1.2%	0.79%	-12.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$7,705,000	-3.1%	67,883	-4.4%	0.74%	-10.1%
PVR	Sell	PVR PARTNERS LP	$6,669,000	-16.7%	288,451	-1.6%	0.64%	-22.8%
ACE	Sell	ACE LTD	$6,395,000	-28.1%	68,350	-31.3%	0.62%	-33.4%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$4,843,000	+3.8%	127,387	-0.3%	0.47%	-3.9%
EPD	Sell	ENTERPRISE PRODS PARTNERS LP	$4,689,000	-3.5%	76,817	-1.8%	0.45%	-10.7%
PSE	Sell	PIONEER SOUTHWST ENRG PRTNRunit lp int	$4,672,000	-18.1%	105,640	-36.5%	0.45%	-24.1%
TOO	Sell	TEEKAY OFFSHORE PARTNERS LPpartnership un	$3,486,000	-3.1%	104,505	-5.7%	0.34%	-10.4%
SIRI	Sell	SIRIUS XM RADIO INC	$3,476,000	-0.6%	896,952	-14.1%	0.34%	-8.0%
NSH	Buy	NUSTAR GP HOLDINGS LLCunit restg llc	$3,146,000	+35.4%	140,185	+61.3%	0.30%	+25.6%
ET	Buy	ENERGY TRANSFER EQUITY LP	$3,070,000	+11.9%	46,665	+1.7%	0.30%	+3.5%
VNRSQ	Sell	VANGUARD NATURAL RESOURCES L	$2,955,000	-7.4%	105,620	-7.6%	0.28%	-14.2%
FUN	Sell	CEDAR FAIR LPdepositry unit	$2,922,000	+2.2%	67,027	-2.9%	0.28%	-5.4%
GOOD	Sell	GLADSTONE COML CORP	$2,216,000	-5.1%	123,409	-1.4%	0.21%	-11.9%
MIC	Sell	MACQUARIE INFRASTR CO LLCmembership int	$1,273,000	-3.1%	23,785	-3.3%	0.12%	-10.2%
SDS	Buy	PROSHARES TR	$1,085,000	-7.3%	29,670	+3.5%	0.10%	-13.9%
SDRL	Sell	SEADRILL LIMITED	$848,000	+3.9%	18,820	-6.0%	0.08%	-3.5%
LXP	Sell	LEXINGTON REALTY TRUST	$834,000	-7.5%	74,266	-3.9%	0.08%	-14.9%
4945SC	Sell	KINDER MORGAN ENERGY PARTNERSut ltd partner	$639,000	-14.0%	8,000	-8.0%	0.06%	-19.5%
BK	Sell	BANK OF NEW YORK MELLON CORP	$572,000	+4.4%	18,945	-3.0%	0.06%	-3.5%
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$421,000	–	12,556	–	0.04%	–
CBBPRB	Buy	CINCINNATI BELL INC NEWpfd cv dep1/20	$415,000	+2.0%	9,856	+8.2%	0.04%	-4.8%
GE	Buy	GENERAL ELECTRIC CO	$388,000	+75.6%	16,250	+70.2%	0.04%	+60.9%
XOM	Sell	EXXON MOBIL CORP	$340,000	-9.3%	3,950	-4.8%	0.03%	-15.4%
COP	New	CONOCOPHILLIPS	$239,000	–	3,440	–	0.02%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT LP	$230,000	–	8,006	–	0.02%	–
FTR	Sell	FRONTIER COMMUNICATIONS CORP	$227,000	-56.8%	54,350	-58.2%	0.02%	-60.0%
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$229,000	–	3,510	–	0.02%	–
PAA	New	PLAINS ALL AMERN PIPELINE LPunit ltd partn	$211,000	–	4,000	–	0.02%	–
ZINCQ	Buy	HORSEHEAD HLDG CORP	$193,000	+35.9%	15,485	+39.7%	0.02%	+26.7%
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-3,015	–	-0.02%	–
NWSA	Exit	NEWS CORPcl a	$0	–	-12,556	–	-0.04%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-19,328	–	-0.27%	–
POOL	Exit	POOL CORPORATION	$0	–	-135,178	–	-0.74%	–

Q2 2013

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORPcl a	$76,517,000	–	1,045,737	–	7.97%	–
AIG	New	AMERICAN INTL GROUP INC	$72,676,000	–	1,625,867	–	7.57%	–
PXD	New	PIONEER NAT RES CO	$68,755,000	–	474,991	–	7.16%	–
KMX	New	CARMAX INC	$63,371,000	–	1,372,863	–	6.60%	–
INAP	New	INTERNAP NETWORK SVCS CORP	$58,115,000	–	7,027,152	–	6.05%	–
MKL	New	MARKEL CORP	$55,058,000	–	104,484	–	5.73%	–
MCRS	New	MICROS SYS INC	$51,999,000	–	1,205,068	–	5.41%	–
DENN	New	DENNYS CORP	$51,922,000	–	9,238,846	–	5.41%	–
CCK	New	CROWN HOLDINGS INC	$49,358,000	–	1,200,050	–	5.14%	–
AES	New	AES CORP	$42,703,000	–	3,561,528	–	4.45%	–
NIHDQ	New	NII HLDGS INCcl b new	$34,157,000	–	5,128,636	–	3.56%	–
ALL	New	ALLSTATE CORP	$33,619,000	–	698,652	–	3.50%	–
IRDM	New	IRIDIUM COMMUNICATIONS INC	$30,845,000	–	3,974,829	–	3.21%	–
TWC	New	TIME WARNER CABLE INC	$29,643,000	–	263,537	–	3.09%	–
OLED	New	UNIVERSAL DISPLAY CORP	$26,914,000	–	957,462	–	2.80%	–
AFCE	New	AFC ENTERPRISES INC	$26,041,000	–	724,579	–	2.71%	–
TK	New	TEEKAY CORPORATION	$17,214,000	–	423,685	–	1.79%	–
MWE	New	MARKWEST ENERGY PARTNERS LPunit ltd partn	$16,697,000	–	249,774	–	1.74%	–
DTV	New	DIRECTV	$16,122,000	–	261,546	–	1.68%	–
CBB	New	CINCINNATI BELL INC NEW	$15,286,000	–	4,995,573	–	1.59%	–
WFC	New	WELLS FARGO & CO NEW	$10,543,000	–	255,456	–	1.10%	–
BOKF	New	B O K FINL CORP	$10,387,000	–	162,168	–	1.08%	–
ACE	New	ACE LTD	$8,900,000	–	99,468	–	0.93%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$8,623,000	–	245,256	–	0.90%	–
PVR	New	PVR PARTNERS LP	$8,005,000	–	293,226	–	0.83%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$7,951,000	–	71,043	–	0.83%	–
POOL	New	POOL CORPORATION	$7,085,000	–	135,178	–	0.74%	–
PSE	New	PIONEER SOUTHWST ENRG PRTNRunit lp int	$5,704,000	–	166,390	–	0.59%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP	$4,861,000	–	78,219	–	0.51%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$4,665,000	–	127,731	–	0.49%	–
APEI	New	AMERICAN PUBLIC EDUCATION INC	$4,367,000	–	117,524	–	0.46%	–
TOO	New	TEEKAY OFFSHORE PARTNERS LPpartnership un	$3,597,000	–	110,790	–	0.38%	–
SIRI	New	SIRIUS XM RADIO INC	$3,497,000	–	1,043,852	–	0.36%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,203,000	–	19	–	0.33%	–
VNRSQ	New	VANGUARD NATURAL RESOURCES L	$3,190,000	–	114,320	–	0.33%	–
FUN	New	CEDAR FAIR LPdepositry unit	$2,858,000	–	69,027	–	0.30%	–
ET	New	ENERGY TRANSFER EQUITY LP	$2,744,000	–	45,865	–	0.29%	–
ESGR	New	ENSTAR GROUP LIMITED	$2,570,000	–	19,328	–	0.27%	–
GOOD	New	GLADSTONE COML CORP	$2,334,000	–	125,209	–	0.24%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$2,323,000	–	86,922	–	0.24%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,343,000	–	18,113	–	0.14%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$1,314,000	–	24,585	–	0.14%	–
SDS	New	PROSHARES TR	$1,171,000	–	28,670	–	0.12%	–
ATRS	New	ANTARES PHARMA INC	$1,154,000	–	277,460	–	0.12%	–
AESPRC	New	AES TR IIIpfd cv 6.75%	$985,000	–	19,500	–	0.10%	–
LXP	New	LEXINGTON REALTY TRUST	$902,000	–	77,266	–	0.09%	–
MASC	New	MATERIAL SCIENCES CORP	$895,000	–	88,958	–	0.09%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$892,000	–	10,000	–	0.09%	–
SDRL	New	SEADRILL LIMITED	$816,000	–	20,020	–	0.08%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERSut ltd partner	$743,000	–	8,700	–	0.08%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/21	$625,000	–	34,246	–	0.06%	–
POZN	New	POZEN INC	$601,000	–	120,007	–	0.06%	–
BK	New	BANK OF NEW YORK MELLON CORP	$548,000	–	19,525	–	0.06%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$526,000	–	129,985	–	0.06%	–
COF	New	CAPITAL ONE FINL CORP	$502,000	–	8,000	–	0.05%	–
TIGR	New	TIGERLOGIC CORPORATION	$476,000	–	290,274	–	0.05%	–
NWSA	New	NEWS CORPcl a	$409,000	–	12,556	–	0.04%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$407,000	–	9,106	–	0.04%	–
XOM	New	EXXON MOBIL CORP	$375,000	–	4,150	–	0.04%	–
ACFN	New	ACORN ENERGY INC	$333,000	–	39,500	–	0.04%	–
CCI	New	CROWN CASTLE INTL CORP	$218,000	–	3,015	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$221,000	–	9,550	–	0.02%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$194,000	–	16,000	–	0.02%	–
WD	New	WALKER & DUNLOP INC	$179,000	–	10,200	–	0.02%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$142,000	–	11,085	–	0.02%	–

Compare quarters

Export Avenir Corp's holdings