TIMUCUAN ASSET MANAGEMENT INC/FL Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BKNG	Sell	BOOKING HLDGS INC	$201,933,712	+12.7%	65,479	-1.3%	8.10%	+15.0%
FND	Sell	FLOOR AND DECOR HOLDINGS INC	$190,037,602	-13.0%	2,099,863	-0.1%	7.62%	-11.3%
TPX	Sell	TEMPUR SEALY INTL INC COM	$179,113,293	+6.3%	4,132,748	-1.7%	7.18%	+8.4%
PGR	Buy	PROGRESSIVE CORPORATION	$177,543,265	+39.0%	1,274,539	+32.1%	7.12%	+41.8%
GOOG	Sell	ALPHABET INC	$177,484,701	+8.3%	1,346,111	-0.7%	7.12%	+10.4%
THO	Sell	THOR INDS INC COM	$162,967,564	-8.8%	1,713,104	-0.7%	6.53%	-6.9%
ADI	Sell	ANALOG DEVICES INC	$159,614,646	-10.6%	911,615	-0.5%	6.40%	-8.8%
AXP	Sell	AMERICAN EXPRESS CO COM	$148,097,129	-14.4%	992,675	-0.1%	5.94%	-12.7%
MC	Sell	MOELIS AND COMPANY	$137,677,803	-1.0%	3,050,694	-0.6%	5.52%	+0.9%
SCHW	Sell	CHARLES SCHWAB CORPORATION	$125,539,034	-3.6%	2,286,685	-0.5%	5.03%	-1.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$119,653,849	+0.2%	341,575	-2.4%	4.80%	+2.3%
ANET	Sell	ARISTA NETWORKS INC	$106,305,941	+12.9%	577,970	-0.5%	4.26%	+15.2%
KMX	Buy	CARMAX INC	$102,311,377	-14.3%	1,446,506	+1.4%	4.10%	-12.6%
NVR	Sell	NVR INC	$89,800,339	-29.4%	15,059	-24.8%	3.60%	-28.0%
AWI	Sell	ARMSTRONG WORLD INDUSTRIES INC	$83,757,705	-2.3%	1,163,301	-0.3%	3.36%	-0.4%
	Sell	BROOKFIELD CORP	$80,954,529	-7.4%	2,588,888	-0.3%	3.24%	-5.5%
GOOS	Buy	CANADA GOOSE HOLDINGS INC	$25,791,191	-0.2%	1,759,290	+21.1%	1.03%	+1.8%
	Sell	BROOKFIELD ASSET MANAGEMENT LT	$21,396,298	+1.1%	641,761	-1.1%	0.86%	+3.1%
WGO	Sell	WINNEBAGO INDUSTRIES INC	$21,306,880	-27.9%	358,400	-19.2%	0.85%	-26.5%
LKFN	Buy	LAKELAND FINANCIAL CORPORATION	$8,882,661	+3.7%	187,161	+6.0%	0.36%	+5.6%
CLVT	Exit	CLARIVATE PLC	$0	–	-11,057	–	-0.00%	–

Q2 2023

			Value		Shares		↓ Weighting
FND	New	FLOOR AND DECOR HOLDINGS INC	$218,485,247	–	2,101,628	–	8.59%	–
BKNG	New	BOOKING HLDGS INC	$179,196,380	–	66,361	–	7.04%	–
THO	New	THOR INDS INC COM	$178,620,899	–	1,725,806	–	7.02%	–
ADI	New	ANALOG DEVICES INC	$178,538,663	–	916,476	–	7.02%	–
AXP	New	AMERICAN EXPRESS CO COM	$173,030,533	–	993,287	–	6.80%	–
TPX	New	TEMPUR SEALY INTL INC COM	$168,507,368	–	4,205,325	–	6.62%	–
GOOG	New	ALPHABET INC	$163,945,529	–	1,355,258	–	6.44%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$146,022,420	–	282	–	5.74%	–
MC	New	MOELIS AND COMPANY	$139,135,113	–	3,068,706	–	5.47%	–
SCHW	New	CHARLES SCHWAB CORPORATION	$130,282,126	–	2,298,555	–	5.12%	–
PGR	New	PROGRESSIVE CORPORATION	$127,705,794	–	964,764	–	5.02%	–
NVR	New	NVR INC	$127,195,507	–	20,029	–	5.00%	–
KMX	New	CARMAX INC	$119,380,901	–	1,426,295	–	4.69%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$119,357,284	–	350,021	–	4.69%	–
ANET	New	ARISTA NETWORKS INC	$94,128,266	–	580,824	–	3.70%	–
	New	BROOKFIELD CORP	$87,387,402	–	2,596,951	–	3.43%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$85,749,230	–	1,167,291	–	3.37%	–
WGO	New	WINNEBAGO INDUSTRIES INC	$29,570,346	–	443,400	–	1.16%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$25,854,625	–	1,452,507	–	1.02%	–
	New	BROOKFIELD ASSET MANAGEMENT LT	$21,165,567	–	648,654	–	0.83%	–
BUR	New	BURFORD CAPITAL LTD	$13,437,073	–	1,103,208	–	0.53%	–
LKFN	New	LAKELAND FINANCIAL CORPORATION	$8,564,314	–	176,511	–	0.34%	–
PATK	New	PATRICK INDUSTRIES INC	$6,720,000	–	84,000	–	0.26%	–
LCII	New	LCI INDUSTRIES	$1,366,962	–	10,818	–	0.05%	–
WRK	New	WESTROCK COMPANY	$1,017,450	–	35,000	–	0.04%	–
GOOGL	New	ALPHABET INC CAP STK CL A (GOO	$208,278	–	1,740	–	0.01%	–
CLVT	New	CLARIVATE PLC	$105,373	–	11,057	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
CS	Exit	CREDIT SUISSE GROUP	$0	–	-14,037	–	-0.00%	–
CLVT	Exit	CLARIVATE PLC	$0	–	-17,257	–	-0.01%	–
GOOGL	Exit	ALPHABET INC CAP STK CL A (GOO	$0	–	-2,620	–	-0.01%	–
SEMUF	Exit	SIEM INDUSTRIES INC	$0	–	-21,200	–	-0.02%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-10,818	–	-0.05%	–
WRK	Exit	WESTROCK COMPANY	$0	–	-55,000	–	-0.08%	–
PATK	Exit	PATRICK INDUSTRIES INC	$0	–	-84,000	–	-0.18%	–
KO	Exit	COCA COLA COM	$0	–	-139,736	–	-0.37%	–
BUR	Exit	BURFORD CAPITAL LTD	$0	–	-1,102,616	–	-0.40%	–
WGO	Exit	WINNEBAGO INDUSTRIES INC	$0	–	-170,000	–	-0.43%	–
LKFN	Exit	LAKELAND FINANCIAL CORPORATION	$0	–	-161,146	–	-0.56%	–
DV	Exit	DOUBLEVERIFY HOLDINGS INC	$0	–	-438,783	–	-0.57%	–
DFH	Exit	DREAM FINDERS HOMES INC	$0	–	-1,215,510	–	-0.62%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-870,480	–	-0.63%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-570,245	–	-1.76%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES INC	$0	–	-889,889	–	-3.37%	–
KMX	Exit	CARMAX INC	$0	–	-1,201,881	–	-3.79%	–
NVR	Exit	NVR INC	$0	–	-20,645	–	-3.94%	–
MC	Exit	MOELIS AND COMPANY	$0	–	-2,444,669	–	-3.95%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-3,240,167	–	-4.54%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-379,706	–	-4.85%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-4,315,475	–	-4.98%	–
BAM	Exit	BROOKFIELD ASSET MANAGEMENT IN	$0	–	-2,649,320	–	-5.18%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-986,212	–	-5.32%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-68,246	–	-5.36%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-858,518	–	-5.54%	–
THO	Exit	THOR INDS INC COM	$0	–	-1,740,669	–	-5.82%	–
SCHW	Exit	CHARLES SCHWAB CORPORATION	$0	–	-1,742,562	–	-5.99%	–
GOOG	Exit	ALPHABET INC	$0	–	-1,326,167	–	-6.10%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-921,650	–	-6.14%	–
FND	Exit	FLOOR AND DECOR HOLDINGS INC	$0	–	-1,848,835	–	-6.21%	–
PGR	Exit	PROGRESSIVE CORPORATION	$0	–	-1,149,240	–	-6.39%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-351	–	-6.82%	–

Q3 2022

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORPORATION	$133,553,000	-37.2%	1,149,240	-37.2%	6.39%	-35.4%
FND	Buy	FLOOR AND DECOR HOLDINGS INC	$129,899,000	+46.4%	1,848,835	+31.2%	6.21%	+50.7%
ADI	Buy	ANALOG DEVICES INC	$128,423,000	+14.6%	921,650	+20.2%	6.14%	+18.0%
GOOG	Buy	ALPHABET INC	$127,511,000	-8.7%	1,326,167	+1977.8%	6.10%	-6.0%
SCHW	Sell	CHARLES SCHWAB CORPORATION	$125,238,000	+13.6%	1,742,562	-0.2%	5.99%	+16.9%
THO	Buy	THOR INDS INC COM	$121,812,000	-5.6%	1,740,669	+0.8%	5.82%	-2.8%
AXP	Buy	AMERICAN EXPRESS CO COM	$115,823,000	-2.2%	858,518	+0.5%	5.54%	+0.7%
BKNG	Buy	BOOKING HLDGS INC	$112,142,000	+18.5%	68,246	+26.2%	5.36%	+22.0%
ANET	Buy	ARISTA NETWORKS INC	$111,333,000	+22.2%	986,212	+1.5%	5.32%	+25.8%
BAM	Sell	BROOKFIELD ASSET MANAGEMENT IN	$108,331,000	-8.5%	2,649,320	-0.5%	5.18%	-5.8%
TPX	Buy	TEMPUR SEALY INTL INC COM	$104,176,000	+14.9%	4,315,475	+1.7%	4.98%	+18.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$101,389,000	-2.4%	379,706	-0.2%	4.85%	+0.4%
CMCSA	Sell	COMCAST CORP NEW CL A	$95,034,000	-25.5%	3,240,167	-0.3%	4.54%	-23.3%
MC	Buy	MOELIS AND COMPANY	$82,654,000	-11.9%	2,444,669	+2.5%	3.95%	-9.3%
NVR	Buy	NVR INC	$82,313,000	+0.6%	20,645	+1.0%	3.94%	+3.5%
KMX	Buy	CARMAX INC	$79,348,000	-26.8%	1,201,881	+0.3%	3.79%	-24.7%
AWI	Buy	ARMSTRONG WORLD INDUSTRIES INC	$70,506,000	+6.5%	889,889	+0.7%	3.37%	+9.6%
BKI	Sell	BLACK KNIGHT INC	$36,912,000	-2.5%	570,245	-1.5%	1.76%	+0.4%
GOOS	Buy	CANADA GOOSE HOLDINGS INC	$13,266,000	+9.9%	870,480	+29.8%	0.63%	+13.0%
LKFN	Buy	LAKELAND FINANCIAL CORPORATION	$11,733,000	+10.1%	161,146	+0.4%	0.56%	+13.3%
WGO	Sell	WINNEBAGO INDUSTRIES INC	$9,046,000	-6.9%	170,000	-15.0%	0.43%	-4.0%
GOOGL	Buy	ALPHABET INC CAP STK CL A (GOO	$251,000	-11.9%	2,620	+1900.0%	0.01%	-7.7%

Q2 2022

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORPORATION	$212,770,000	–	1,829,963	–	9.88%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$143,541,000	–	351	–	6.67%	–
GOOG	New	ALPHABET INC	$139,616,000	–	63,826	–	6.49%	–
THO	New	THOR INDS INC COM	$129,008,000	–	1,726,319	–	5.99%	–
CMCSA	New	COMCAST CORP NEW CL A	$127,534,000	–	3,250,107	–	5.92%	–
AXP	New	AMERICAN EXPRESS CO COM	$118,444,000	–	854,450	–	5.50%	–
BAM	New	BROOKFIELD ASSET MANAGEMENT IN	$118,361,000	–	2,661,589	–	5.50%	–
ADI	New	ANALOG DEVICES INC	$112,018,000	–	766,775	–	5.20%	–
SCHW	New	CHARLES SCHWAB CORPORATION	$110,284,000	–	1,745,545	–	5.12%	–
KMX	New	CARMAX INC	$108,446,000	–	1,198,567	–	5.04%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$103,912,000	–	380,601	–	4.83%	–
BKNG	New	BOOKING HLDGS INC	$94,608,000	–	54,093	–	4.40%	–
MC	New	MOELIS AND COMPANY	$93,817,000	–	2,384,173	–	4.36%	–
ANET	New	ARISTA NETWORKS INC	$91,098,000	–	971,819	–	4.23%	–
TPX	New	TEMPUR SEALY INTL INC COM	$90,638,000	–	4,241,362	–	4.21%	–
FND	New	FLOOR AND DECOR HOLDINGS INC	$88,736,000	–	1,409,405	–	4.12%	–
NVR	New	NVR INC	$81,860,000	–	20,444	–	3.80%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$66,217,000	–	883,368	–	3.08%	–
BKI	New	BLACK KNIGHT INC	$37,848,000	–	578,808	–	1.76%	–
DFH	New	DREAM FINDERS HOMES INC	$12,933,000	–	1,215,510	–	0.60%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$12,075,000	–	670,480	–	0.56%	–
BUR	New	BURFORD CAPITAL LTD	$11,125,000	–	1,102,616	–	0.52%	–
LKFN	New	LAKELAND FINANCIAL CORPORATION	$10,660,000	–	160,496	–	0.50%	–
DV	New	DOUBLEVERIFY HOLDINGS INC	$9,947,000	–	438,783	–	0.46%	–
WGO	New	WINNEBAGO INDUSTRIES INC	$9,712,000	–	200,000	–	0.45%	–
KO	New	COCA COLA COM	$8,791,000	–	139,736	–	0.41%	–
PATK	New	PATRICK INDUSTRIES INC	$4,355,000	–	84,000	–	0.20%	–
WRK	New	WESTROCK COMPANY	$2,191,000	–	55,000	–	0.10%	–
LCII	New	LCI INDUSTRIES	$1,210,000	–	10,818	–	0.06%	–
SEMUF	New	SIEM INDUSTRIES INC	$366,000	–	21,200	–	0.02%	–
GOOGL	New	ALPHABET INC CAP STK CL A (GOO	$285,000	–	131	–	0.01%	–
CLVT	New	CLARIVATE PLC	$239,000	–	17,257	–	0.01%	–
CS	New	CREDIT SUISSE GROUP	$80,000	–	14,037	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
CS	Exit	CREDIT SUISSE GROUP	$0	–	-14,037	–	-0.01%	–
SEMUF	Exit	SIEM INDUSTRIES INC	$0	–	-21,200	–	-0.02%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-6,551	–	-0.03%	–
WRK	Exit	WESTROCK COMPANY	$0	–	-55,000	–	-0.11%	–
PATK	Exit	PATRICK INDUSTRIES INC	$0	–	-84,000	–	-0.27%	–
KO	Exit	COCA COLA COM	$0	–	-139,736	–	-0.28%	–
LKFN	Exit	LAKELAND FINANCIAL CORPORATION	$0	–	-159,846	–	-0.44%	–
BUR	Exit	BURFORD CAPITAL LTD	$0	–	-1,102,616	–	-0.47%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-394,300	–	-0.54%	–
WGO	Exit	WINNEBAGO INDUSTRIES INC	$0	–	-200,000	–	-0.56%	–
DFH	Exit	DREAM FINDERS HOMES INC	$0	–	-1,207,300	–	-0.81%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES INC	$0	–	-851,632	–	-3.15%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-1,476,987	–	-3.40%	–
KMX	Exit	CARMAX INC	$0	–	-714,745	–	-3.54%	–
NVR	Exit	NVR INC	$0	–	-19,479	–	-3.62%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-417,179	–	-4.41%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-344,942	–	-4.59%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-51,152	–	-4.70%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-728,594	–	-4.73%	–
MC	Exit	MOELIS AND COMPANY	$0	–	-2,041,626	–	-4.89%	–
CLVT	Exit	CLARIVATE PLC	$0	–	-5,841,771	–	-4.96%	–
SCHW	Exit	CHARLES SCHWAB CORPORATION	$0	–	-1,820,958	–	-5.14%	–
BAM	Exit	BROOKFIELD ASSET MANAGEMENT IN	$0	–	-2,659,261	–	-5.51%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-3,077,199	–	-5.53%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-869,121	–	-5.64%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-362	–	-5.77%	–
THO	Exit	THOR INDS INC COM	$0	–	-1,257,487	–	-5.98%	–
GOOG	Exit	ALPHABET INC	$0	–	-61,601	–	-6.36%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-3,058,302	–	-6.63%	–
PGR	Exit	PROGRESSIVE CORPORATION	$0	–	-2,257,074	–	-7.90%	–

Q3 2021

			Value		Shares		↓ Weighting
PGR	Buy	PROGRESSIVE CORPORATION	$204,017,000	-5.6%	2,257,074	+2.6%	7.90%	-7.6%
CMCSA	Buy	COMCAST CORP NEW CL A	$171,051,000	-0.4%	3,058,302	+1.5%	6.63%	-2.6%
GOOG	Sell	ALPHABET INC	$164,186,000	+4.2%	61,601	-2.0%	6.36%	+1.9%
THO	Buy	THOR INDS INC COM	$154,369,000	+29.2%	1,257,487	+18.9%	5.98%	+26.4%
AXP	Sell	AMERICAN EXPRESS CO COM	$145,604,000	-2.7%	869,121	-4.0%	5.64%	-4.8%
TPX	Buy	TEMPUR SEALY INTL INC COM	$142,813,000	+18.5%	3,077,199	+0.0%	5.53%	+15.9%
BAM	Sell	BROOKFIELD ASSET MANAGEMENT IN	$142,297,000	+4.6%	2,659,261	-0.4%	5.51%	+2.3%
SCHW	Sell	CHARLES SCHWAB CORPORATION	$132,639,000	-1.0%	1,820,958	-1.1%	5.14%	-3.2%
CLVT	Buy	CLARIVATE PLC	$127,935,000	+23.3%	5,841,771	+55.0%	4.96%	+20.6%
MC	Buy	MOELIS AND COMPANY	$126,315,000	+9.8%	2,041,626	+0.9%	4.89%	+7.4%
ADI	Buy	ANALOG DEVICES INC	$122,025,000	-0.3%	728,594	+2.5%	4.73%	-2.4%
BKNG	Buy	BOOKING HLDGS INC	$121,428,000	+12.3%	51,152	+3.5%	4.70%	+9.9%
ANET	Buy	ARISTA NETWORKS INC	$118,536,000	-4.9%	344,942	+0.3%	4.59%	-6.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL	$113,865,000	-0.6%	417,179	+1.2%	4.41%	-2.8%
NVR	Buy	NVR INC	$93,384,000	-3.0%	19,479	+0.6%	3.62%	-5.1%
KMX	Buy	CARMAX INC	$91,459,000	+4.3%	714,745	+5.3%	3.54%	+2.0%
HXL	Sell	HEXCEL CORPORATION	$87,718,000	-21.9%	1,476,987	-18.0%	3.40%	-23.6%
AWI	Buy	ARMSTRONG WORLD INDUSTRIES INC	$81,305,000	-10.9%	851,632	+0.1%	3.15%	-12.8%
DFH	Buy	DREAM FINDERS HOMES INC	$20,923,000	+153.3%	1,207,300	+257.0%	0.81%	+148.0%
BUR	Sell	BURFORD CAPITAL LTD	$12,118,000	+4.2%	1,102,616	-1.5%	0.47%	+1.7%
LKFN	Buy	LAKELAND FINANCIAL CORPORATION	$11,387,000	+16.0%	159,846	+0.4%	0.44%	+13.4%
BAMR	Exit	BROOKFIELD ASSET MANAGEMENT RE	$0	–	-18,179	–	-0.04%	–
NSIT	Exit	INSIGHT ENTERPRISES INC	$0	–	-129,125	–	-0.51%	–

Q2 2021

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORPORATION	$216,091,000	–	2,200,298	–	8.56%	–
CMCSA	New	COMCAST CORP NEW CL A	$171,736,000	–	3,011,862	–	6.80%	–
GOOG	New	ALPHABET INC	$157,607,000	–	62,884	–	6.24%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$151,534,000	–	362	–	6.00%	–
AXP	New	AMERICAN EXPRESS CO COM	$149,586,000	–	905,317	–	5.92%	–
BAM	New	BROOKFIELD ASSET MANAGEMENT IN	$136,096,000	–	2,669,596	–	5.39%	–
SCHW	New	CHARLES SCHWAB CORPORATION	$134,006,000	–	1,840,486	–	5.31%	–
ANET	New	ARISTA NETWORKS INC	$124,598,000	–	343,900	–	4.93%	–
ADI	New	ANALOG DEVICES INC	$122,343,000	–	710,638	–	4.84%	–
TPX	New	TEMPUR SEALY INTL INC COM	$120,555,000	–	3,076,175	–	4.77%	–
THO	New	THOR INDS INC COM	$119,468,000	–	1,057,239	–	4.73%	–
MC	New	MOELIS AND COMPANY	$115,064,000	–	2,022,562	–	4.56%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$114,548,000	–	412,163	–	4.54%	–
HXL	New	HEXCEL CORPORATION	$112,350,000	–	1,800,475	–	4.45%	–
BKNG	New	BOOKING HLDGS INC	$108,107,000	–	49,407	–	4.28%	–
CLVT	New	CLARIVATE PLC	$103,768,000	–	3,769,261	–	4.11%	–
NVR	New	NVR INC	$96,261,000	–	19,356	–	3.81%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$91,242,000	–	850,661	–	3.61%	–
KMX	New	CARMAX INC	$87,674,000	–	678,853	–	3.47%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$17,247,000	–	394,300	–	0.68%	–
WGO	New	WINNEBAGO INDUSTRIES INC	$13,592,000	–	200,000	–	0.54%	–
NSIT	New	INSIGHT ENTERPRISES INC	$12,914,000	–	129,125	–	0.51%	–
BUR	New	BURFORD CAPITAL LTD	$11,631,000	–	1,119,417	–	0.46%	–
LKFN	New	LAKELAND FINANCIAL CORPORATION	$9,813,000	–	159,196	–	0.39%	–
DFH	New	DREAM FINDERS HOMES INC	$8,261,000	–	338,141	–	0.33%	–
KO	New	COCA COLA COM	$7,561,000	–	139,736	–	0.30%	–
PATK	New	PATRICK INDUSTRIES INC	$6,132,000	–	84,000	–	0.24%	–
WRK	New	WESTROCK COMPANY	$2,927,000	–	55,000	–	0.12%	–
BAMR	New	BROOKFIELD ASSET MANAGEMENT RE	$946,000	–	18,179	–	0.04%	–
LCII	New	LCI INDUSTRIES	$861,000	–	6,551	–	0.03%	–
SEMUF	New	SIEM INDUSTRIES INC	$534,000	–	21,200	–	0.02%	–
CS	New	CREDIT SUISSE GROUP	$147,000	–	14,037	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-10,000	–	-0.01%	–
CS	Exit	CREDIT SUISSE GROUP	$0	–	-14,037	–	-0.01%	–
SEMUF	Exit	SIEM INDUSTRIES INC	$0	–	-21,200	–	-0.02%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-5,029	–	-0.03%	–
IESC	Exit	IES HOLDINGS INC	$0	–	-41,400	–	-0.08%	–
WRK	Exit	WESTROCK COMPANY	$0	–	-55,000	–	-0.11%	–
PATK	Exit	PATRICK INDUSTRIES INC	$0	–	-94,000	–	-0.32%	–
LKFN	Exit	LAKELAND FINANCIAL CORPORATION	$0	–	-163,541	–	-0.39%	–
KO	Exit	COCA COLA COM	$0	–	-140,138	–	-0.40%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-394,300	–	-0.74%	–
WGO	Exit	WINNEBAGO INDUSTRIES INC	$0	–	-465,000	–	-1.40%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES INC	$0	–	-492,193	–	-1.98%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-1,753,853	–	-3.43%	–
KMX	Exit	CARMAX INC	$0	–	-671,308	–	-3.60%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-643,291	–	-3.76%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-315,982	–	-3.81%	–
MC	Exit	MOELIS AND COMPANY	$0	–	-1,891,090	–	-3.88%	–
SCHW	Exit	CHARLES SCHWAB CORPORATION	$0	–	-1,866,302	–	-3.94%	–
NVR	Exit	NVR INC	$0	–	-19,279	–	-4.59%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-691,877	–	-4.71%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-47,652	–	-4.75%	–
BAM	Exit	BROOKFIELD ASSET MANAGEMENT IN	$0	–	-2,612,930	–	-5.04%	–
THO	Exit	THOR INDS INC COM	$0	–	-920,994	–	-5.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-424,496	–	-5.27%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-1,184,774	–	-6.16%	–
HDS	Exit	HD SUPPLY HOLDINGS INC	$0	–	-2,563,532	–	-6.16%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-370	–	-6.90%	–
GOOG	Exit	ALPHABET INC	$0	–	-86,753	–	-7.44%	–
PGR	Exit	PROGRESSIVE CORPORATION	$0	–	-1,369,139	–	-7.56%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-3,107,996	–	-8.38%	–

Q3 2020

			Value		Shares		↓ Weighting
CMCSA	Sell	COMCAST CORP NEW CL A	$143,776,000	+17.2%	3,107,996	-1.3%	8.38%	+5.6%
PGR	Sell	PROGRESSIVE CORPORATION	$129,616,000	+17.4%	1,369,139	-0.6%	7.56%	+5.9%
GOOG	Sell	ALPHABET INC	$127,492,000	+2.7%	86,753	-1.2%	7.44%	-7.4%
BRKA	Sell	BERKSHIRE HATHAWAY INC DEL CL	$118,400,000	+19.1%	370	-0.5%	6.90%	+7.4%
HDS	Sell	HD SUPPLY HOLDINGS INC	$105,720,000	+15.7%	2,563,532	-2.8%	6.16%	+4.3%
TPX	Sell	TEMPUR SEALY INTL INC COM	$105,670,000	+23.1%	1,184,774	-0.7%	6.16%	+11.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$90,392,000	+17.5%	424,496	-1.5%	5.27%	+5.9%
THO	Sell	THOR INDS INC COM	$87,734,000	-22.4%	920,994	-13.2%	5.12%	-30.0%
BAM	Buy	BROOKFIELD ASSET MANAGEMENT IN	$86,383,000	+37.2%	2,612,930	+36.5%	5.04%	+23.7%
BKNG	Sell	BOOKING HLDGS INC	$81,517,000	+6.9%	47,652	-0.5%	4.75%	-3.6%
ADI	Sell	ANALOG DEVICES INC	$80,770,000	-5.1%	691,877	-0.3%	4.71%	-14.4%
NVR	Sell	NVR INC	$78,716,000	+23.9%	19,279	-1.1%	4.59%	+11.8%
SCHW	Buy	CHARLES SCHWAB CORPORATION	$67,616,000	+16.8%	1,866,302	+8.8%	3.94%	+5.3%
MC	Buy	MOELIS AND COMPANY	$66,453,000	+34.1%	1,891,090	+18.9%	3.88%	+20.9%
ANET	New	ARISTA NETWORKS INC	$65,386,000	–	315,982	–	3.81%	–
AXP	Buy	AMERICAN EXPRESS CO COM	$64,490,000	+5.4%	643,291	+0.1%	3.76%	-5.0%
KMX	Sell	CARMAX INC	$61,700,000	+1.8%	671,308	-0.8%	3.60%	-8.2%
HXL	Buy	HEXCEL CORPORATION	$58,842,000	-15.1%	1,753,853	+14.4%	3.43%	-23.5%
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$33,868,000	–	492,193	–	1.98%	–
LKFN	Buy	LAKELAND FINANCIAL CORPORATION	$6,738,000	-11.2%	163,541	+0.4%	0.39%	-20.0%
IESC	Sell	IES HOLDINGS INC	$1,315,000	+10.4%	41,400	-19.5%	0.08%	0.0%
FND	Exit	FLOOR AND DECOR HOLDINGS INC	$0	–	-1,249,047	–	-4.66%	–

Q2 2020

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INC	$124,170,000	–	87,839	–	8.03%	–
CMCSA	New	COMCAST CORP NEW CL A	$122,723,000	–	3,148,354	–	7.94%	–
THO	New	THOR INDS INC COM	$113,087,000	–	1,061,546	–	7.31%	–
PGR	New	PROGRESSIVE CORPORATION	$110,375,000	–	1,377,791	–	7.14%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$99,436,000	–	372	–	6.43%	–
HDS	New	HD SUPPLY HOLDINGS INC	$91,412,000	–	2,638,155	–	5.91%	–
TPX	New	TEMPUR SEALY INTL INC COM	$85,836,000	–	1,192,996	–	5.55%	–
ADI	New	ANALOG DEVICES INC	$85,088,000	–	693,807	–	5.50%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$76,931,000	–	430,963	–	4.98%	–
BKNG	New	BOOKING HLDGS INC	$76,281,000	–	47,905	–	4.93%	–
FND	New	FLOOR AND DECOR HOLDINGS INC	$72,008,000	–	1,249,047	–	4.66%	–
HXL	New	HEXCEL CORPORATION	$69,345,000	–	1,533,510	–	4.48%	–
NVR	New	NVR INC	$63,515,000	–	19,491	–	4.11%	–
BAM	New	BROOKFIELD ASSET MANAGEMENT IN	$62,968,000	–	1,913,906	–	4.07%	–
AXP	New	AMERICAN EXPRESS CO COM	$61,181,000	–	642,655	–	3.96%	–
KMX	New	CARMAX INC	$60,593,000	–	676,636	–	3.92%	–
SCHW	New	CHARLES SCHWAB CORPORATION	$57,902,000	–	1,716,125	–	3.74%	–
MC	New	MOELIS AND COMPANY	$49,560,000	–	1,590,515	–	3.20%	–
WGO	New	WINNEBAGO INDUSTRIES INC	$30,978,000	–	465,000	–	2.00%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$9,136,000	–	394,300	–	0.59%	–
LKFN	New	LAKELAND FINANCIAL CORPORATION	$7,589,000	–	162,891	–	0.49%	–
KO	New	COCA COLA COM	$6,261,000	–	140,138	–	0.40%	–
PATK	New	PATRICK INDUSTRIES INC	$5,758,000	–	94,000	–	0.37%	–
WRK	New	WESTROCK COMPANY	$1,554,000	–	55,000	–	0.10%	–
IESC	New	IES HOLDINGS INC	$1,191,000	–	51,400	–	0.08%	–
LCII	New	LCI INDUSTRIES	$578,000	–	5,029	–	0.04%	–
SEMUF	New	SIEM INDUSTRIES INC	$382,000	–	21,200	–	0.02%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$183,000	–	10,000	–	0.01%	–
CS	New	CREDIT SUISSE GROUP	$145,000	–	14,037	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
CS	Exit	CREDIT SUISSE GROUP	$0	–	-14,037	–	-0.01%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-3,378	–	-0.02%	–
BAC	Exit	BANK OF AMERICA CORPORATION CO	$0	–	-11,015	–	-0.02%	–
SEMUF	Exit	SIEM INDUSTRIES INC	$0	–	-21,200	–	-0.05%	–
IESC	Exit	IES HOLDINGS INC	$0	–	-51,400	–	-0.06%	–
WRK	Exit	WESTROCK COMPANY	$0	–	-55,000	–	-0.11%	–
PATK	Exit	PATRICK INDUSTRIES INC	$0	–	-84,000	–	-0.20%	–
LKFN	Exit	LAKELAND FINANCIAL CORPORATION	$0	–	-155,241	–	-0.38%	–
KO	Exit	COCA COLA COM	$0	–	-140,226	–	-0.42%	–
MC	Exit	MOELIS AND COMPANY	$0	–	-350,000	–	-0.64%	–
WGO	Exit	WINNEBAGO INDUSTRIES INC	$0	–	-862,519	–	-1.83%	–
AXTA	Exit	AXALTA COATING SYSTEMS LTD	$0	–	-1,799,688	–	-3.00%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-323,190	–	-3.00%	–
THO	Exit	THOR INDS INC COM	$0	–	-1,045,586	–	-3.27%	–
DAL	Exit	DELTA AIR LINES	$0	–	-1,224,720	–	-3.90%	–
DLB	Exit	DOLBY LABORATORIES INC COM	$0	–	-1,306,736	–	-4.67%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-1,056,612	–	-4.80%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-432,207	–	-4.97%	–
FND	Exit	FLOOR AND DECOR HOLDINGS INC	$0	–	-1,870,668	–	-5.29%	–
NVR	Exit	NVR INC	$0	–	-26,147	–	-5.37%	–
GOOG	Exit	ALPHABET INC	$0	–	-88,914	–	-5.99%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-1,440,349	–	-6.15%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-1,013,211	–	-6.26%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-375	–	-6.47%	–
USFD	Exit	US FOODS HOLDING CORPORATION	$0	–	-2,932,587	–	-6.66%	–
HDS	Exit	HD SUPPLY HOLDINGS INC	$0	–	-3,359,531	–	-7.28%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-3,159,741	–	-7.88%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-104,232	–	-11.31%	–

Q3 2019

			Value		Shares		↓ Weighting
BKNG	Sell	BOOKING HLDGS INC	$204,567,000	+4.0%	104,232	-0.7%	11.31%	+1.2%
CMCSA	Sell	COMCAST CORP NEW CL A	$142,441,000	+6.2%	3,159,741	-0.4%	7.88%	+3.4%
HDS	Buy	HD SUPPLY HOLDINGS INC	$131,610,000	-2.3%	3,359,531	+0.5%	7.28%	-4.9%
USFD	Sell	US FOODS HOLDING CORPORATION	$120,529,000	+14.8%	2,932,587	-0.2%	6.66%	+11.7%
ADI	Sell	ANALOG DEVICES INC	$113,206,000	-1.1%	1,013,211	-0.1%	6.26%	-3.7%
TPX	Sell	TEMPUR SEALY INTL INC COM	$111,195,000	+4.4%	1,440,349	-0.8%	6.15%	+1.6%
GOOG	Buy	ALPHABET INC	$108,386,000	+13.0%	88,914	+0.2%	5.99%	+10.0%
NVR	Sell	NVR INC	$97,198,000	+10.1%	26,147	-0.1%	5.37%	+7.2%
FND	Sell	FLOOR AND DECOR HOLDINGS INC	$95,685,000	-17.8%	1,870,668	-32.7%	5.29%	-20.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL	$89,908,000	-2.0%	432,207	+0.5%	4.97%	-4.6%
HXL	Sell	HEXCEL CORPORATION	$86,780,000	+0.6%	1,056,612	-0.9%	4.80%	-2.1%
DLB	Buy	DOLBY LABORATORIES INC COM	$84,467,000	+0.7%	1,306,736	+0.7%	4.67%	-1.9%
DAL	Buy	DELTA AIR LINES	$70,544,000	+3.9%	1,224,720	+2.3%	3.90%	+1.1%
THO	Buy	THOR INDS INC COM	$59,222,000	+72.2%	1,045,586	+77.7%	3.27%	+67.6%
LH	Sell	LABORATORY CORP AMER HLDGS COM	$54,296,000	-9.5%	323,190	-6.8%	3.00%	-11.9%
AXTA	Sell	AXALTA COATING SYSTEMS LTD	$54,261,000	-1.3%	1,799,688	-2.6%	3.00%	-3.9%
WGO	Sell	WINNEBAGO INDUSTRIES INC	$33,078,000	-6.2%	862,519	-5.5%	1.83%	-8.7%
LKFN	Buy	LAKELAND FINANCIAL CORPORATION	$6,827,000	+0.8%	155,241	+7.4%	0.38%	-2.1%
PATK	Buy	PATRICK INDUSTRIES INC	$3,602,000	-1.0%	84,000	+13.5%	0.20%	-3.9%
IESC	Sell	IES HOLDINGS INC	$1,058,000	-16.4%	51,400	-23.4%	0.06%	-19.4%
DSKE	Exit	DASEKE INC COM	$0	–	-30,000	–	-0.01%	–

Q2 2019

			Value		Shares		↓ Weighting
BKNG	New	BOOKING HLDGS INC	$196,775,000	–	104,963	–	11.17%	–
HDS	New	HD SUPPLY HOLDINGS INC	$134,683,000	–	3,343,662	–	7.65%	–
CMCSA	New	COMCAST CORP NEW CL A	$134,178,000	–	3,173,549	–	7.62%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$119,381,000	–	375	–	6.78%	–
FND	New	FLOOR AND DECOR HOLDINGS INC	$116,472,000	–	2,779,769	–	6.61%	–
ADI	New	ANALOG DEVICES INC	$114,434,000	–	1,013,859	–	6.50%	–
TPX	New	TEMPUR SEALY INTL INC COM	$106,512,000	–	1,451,715	–	6.05%	–
USFD	New	US FOODS HOLDING CORPORATION	$105,031,000	–	2,937,117	–	5.96%	–
GOOG	New	ALPHABET INC	$95,939,000	–	88,758	–	5.45%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$91,713,000	–	430,232	–	5.21%	–
NVR	New	NVR INC	$88,253,000	–	26,186	–	5.01%	–
HXL	New	HEXCEL CORPORATION	$86,274,000	–	1,066,688	–	4.90%	–
DLB	New	DOLBY LABORATORIES INC COM	$83,849,000	–	1,297,967	–	4.76%	–
DAL	New	DELTA AIR LINES	$67,922,000	–	1,196,864	–	3.86%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$59,979,000	–	346,900	–	3.41%	–
AXTA	New	AXALTA COATING SYSTEMS LTD	$54,992,000	–	1,847,217	–	3.12%	–
WGO	New	WINNEBAGO INDUSTRIES INC	$35,269,000	–	912,519	–	2.00%	–
THO	New	THOR INDS INC COM	$34,388,000	–	588,337	–	1.95%	–
MC	New	MOELIS AND COMPANY	$12,233,000	–	350,000	–	0.70%	–
KO	New	COCA COLA COM	$7,140,000	–	140,226	–	0.40%	–
LKFN	New	LAKELAND FINANCIAL CORPORATION	$6,771,000	–	144,591	–	0.38%	–
PATK	New	PATRICK INDUSTRIES INC	$3,640,000	–	74,000	–	0.21%	–
WRK	New	WESTROCK COMPANY	$2,006,000	–	55,000	–	0.11%	–
IESC	New	IES HOLDINGS INC	$1,265,000	–	67,100	–	0.07%	–
SEMUF	New	SIEM INDUSTRIES INC	$933,000	–	21,200	–	0.05%	–
BAC	New	BANK OF AMERICA CORPORATION CO	$319,000	–	11,015	–	0.02%	–
LCII	New	LCI INDUSTRIES	$304,000	–	3,378	–	0.02%	–
CS	New	CREDIT SUISSE GROUP	$168,000	–	14,037	–	0.01%	–
DSKE	New	DASEKE INC COM	$108,000	–	30,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
THO	Exit	THOR INDS INC COM	$0	–	-2,400	–	-0.01%	–
BAC	Exit	BANK OF AMERICA CORPORATION CO	$0	–	-11,015	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-3,985	–	-0.02%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-3,425	–	-0.03%	–
SEMUF	Exit	SIEM INDUSTRIES INC	$0	–	-21,200	–	-0.08%	–
KO	Exit	COCA COLA COM	$0	–	-140,336	–	-0.42%	–
WGO	Exit	WINNEBAGO INDUSTRIES INC	$0	–	-1,118,852	–	-2.40%	–
FND	Exit	FLOOR AND DECOR HOLDINGS INC	$0	–	-1,297,564	–	-2.53%	–
AXTA	Exit	AXALTA COATING SYSTEMS LTD	$0	–	-1,963,791	–	-3.71%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES INC	$0	–	-901,245	–	-4.06%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-152,637	–	-4.49%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-406,106	–	-4.56%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-1,085,637	–	-4.71%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-792,903	–	-4.74%	–
HDS	Exit	HD SUPPLY HOLDINGS INC	$0	–	-1,829,417	–	-5.07%	–
USFD	Exit	US FOODS HOLDING CORPORATION	$0	–	-2,780,062	–	-5.54%	–
DLB	Exit	DOLBY LABORATORIES INC COM	$0	–	-1,246,022	–	-5.64%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-438,512	–	-6.08%	–
GOOG	Exit	ALPHABET INC	$0	–	-79,893	–	-6.17%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-1,853,824	–	-6.35%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-1,030,313	–	-7.29%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-3,388,605	–	-7.77%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-391	–	-8.10%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-79,524	–	-10.21%	–

Q3 2018

			Value		Shares		↓ Weighting
BKNG	Buy	BOOKING HLDGS INC	$157,776,000	+1.4%	79,524	+3.6%	10.21%	-4.2%
BRKA	Sell	BERKSHIRE HATHAWAY INC DEL CL	$125,120,000	+3.9%	391	-8.4%	8.10%	-1.8%
CMCSA	Sell	COMCAST CORP NEW CL A	$119,991,000	+7.8%	3,388,605	-0.1%	7.77%	+1.8%
DG	Sell	DOLLAR GENERAL CORPORATION	$112,613,000	-5.4%	1,030,313	-14.7%	7.29%	-10.6%
TPX	Buy	TEMPUR SEALY INTL INC COM	$98,067,000	+10.3%	1,853,824	+0.2%	6.35%	+4.2%
GOOG	Buy	ALPHABET INC	$95,350,000	+7.2%	79,893	+0.3%	6.17%	+1.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$93,890,000	+12.7%	438,512	-1.8%	6.08%	+6.5%
DLB	Buy	DOLBY LABORATORIES INC COM	$87,184,000	+13.7%	1,246,022	+0.2%	5.64%	+7.4%
USFD	Buy	US FOODS HOLDING CORPORATION	$85,682,000	-17.2%	2,780,062	+1.6%	5.54%	-21.8%
HDS	Buy	HD SUPPLY HOLDINGS INC	$78,281,000	-0.1%	1,829,417	+0.2%	5.07%	-5.6%
ADI	Buy	ANALOG DEVICES INC	$73,312,000	+58.9%	792,903	+64.9%	4.74%	+50.2%
HXL	Sell	HEXCEL CORPORATION	$72,792,000	+0.7%	1,085,637	-0.3%	4.71%	-4.8%
LH	Sell	LABORATORY CORP AMER HLDGS COM	$70,532,000	-3.7%	406,106	-0.4%	4.56%	-9.0%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$69,377,000	+4.6%	152,637	-0.7%	4.49%	-1.2%
AWI	Sell	ARMSTRONG WORLD INDUSTRIES INC	$62,727,000	+2.2%	901,245	-7.2%	4.06%	-3.4%
AXTA	Sell	AXALTA COATING SYSTEMS LTD	$57,264,000	-5.4%	1,963,791	-1.7%	3.71%	-10.6%
FND	New	FLOOR AND DECOR HOLDINGS INC	$39,148,000	–	1,297,564	–	2.53%	–
KO	Sell	COCA COLA COM	$6,482,000	+5.2%	140,336	-0.1%	0.42%	-0.5%
THO	Sell	THOR INDS INC COM	$201,000	-32.3%	2,400	-21.2%	0.01%	-35.0%

Q2 2018

			Value		Shares		↓ Weighting
BKNG	New	BOOKING HLDGS INC	$155,557,000	–	76,739	–	10.65%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$120,431,000	–	427	–	8.25%	–
DG	New	DOLLAR GENERAL CORPORATION	$119,084,000	–	1,207,750	–	8.16%	–
CMCSA	New	COMCAST CORP NEW CL A	$111,334,000	–	3,393,306	–	7.62%	–
USFD	New	US FOODS HOLDING CORPORATION	$103,475,000	–	2,735,981	–	7.09%	–
TPX	New	TEMPUR SEALY INTL INC COM	$88,927,000	–	1,850,720	–	6.09%	–
GOOG	New	ALPHABET INC	$88,906,000	–	79,690	–	6.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$83,310,000	–	446,341	–	5.71%	–
HDS	New	HD SUPPLY HOLDINGS INC	$78,331,000	–	1,826,326	–	5.36%	–
DLB	New	DOLBY LABORATORIES INC COM	$76,689,000	–	1,243,142	–	5.25%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$73,218,000	–	407,833	–	5.01%	–
HXL	New	HEXCEL CORPORATION	$72,275,000	–	1,088,807	–	4.95%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$66,334,000	–	153,776	–	4.54%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$61,376,000	–	971,142	–	4.20%	–
AXTA	New	AXALTA COATING SYSTEMS LTD	$60,531,000	–	1,997,068	–	4.15%	–
ADI	New	ANALOG DEVICES INC	$46,126,000	–	480,880	–	3.16%	–
WGO	New	WINNEBAGO INDUSTRIES INC	$45,425,000	–	1,118,852	–	3.11%	–
KO	New	COCA COLA COM	$6,160,000	–	140,436	–	0.42%	–
SEMUF	New	SIEM INDUSTRIES INC	$1,269,000	–	21,200	–	0.09%	–
CVX	New	CHEVRON CORP NEW COM	$433,000	–	3,425	–	0.03%	–
XOM	New	EXXON MOBIL CORP COM	$330,000	–	3,985	–	0.02%	–
BAC	New	BANK OF AMERICA CORPORATION CO	$311,000	–	11,015	–	0.02%	–
THO	New	THOR INDS INC COM	$297,000	–	3,046	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
MAA	Exit	MID-AMER APT CMNTYS INC COM	$0	–	-2,421	–	-0.02%	–
USB	Exit	US BANCORP DEL COM NEW	$0	–	-4,700	–	-0.02%	–
BAC	Exit	BANK OF AMERICA CORPORATION CO	$0	–	-11,015	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-3,985	–	-0.03%	–
THO	Exit	THOR INDS INC COM	$0	–	-3,046	–	-0.03%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-3,425	–	-0.04%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-21,200	–	-0.12%	–
KO	Exit	COCA COLA CO COM	$0	–	-187,064	–	-0.75%	–
SBH	Exit	SALLY BEAUTY HOLDINGS INC	$0	–	-2,162,151	–	-3.78%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES INC	$0	–	-945,626	–	-4.33%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-401,821	–	-5.42%	–
HBI	Exit	HANESBRANDS INC	$0	–	-2,563,882	–	-5.64%	–
DLB	Exit	DOLBY LABORATORIES INC COM	$0	–	-1,213,314	–	-6.23%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-441,161	–	-7.22%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-1,673,678	–	-8.58%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-2,528,003	–	-8.69%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-1,206,104	–	-8.73%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-1,632,005	–	-9.41%	–
AXTA	Exit	AXALTA COATING SYSTEMS LTD	$0	–	-3,803,082	–	-9.82%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-427	–	-10.48%	–
PCLN	Exit	PRICELINE GROUP INC	$0	–	-64,906	–	-10.61%	–

Q3 2017

			Value		Shares		↓ Weighting
PCLN	Buy	PRICELINE GROUP INC	$118,831,000	-0.1%	64,906	+2.1%	10.61%	-5.4%
AXTA	Buy	AXALTA COATING SYSTEMS LTD	$109,985,000	-8.3%	3,803,082	+1.6%	9.82%	-13.2%
TPX	Buy	TEMPUR SEALY INTL INC COM	$105,297,000	+23.9%	1,632,005	+2.6%	9.41%	+17.4%
DG	Sell	DOLLAR GENERAL CORPORATION	$97,755,000	-9.9%	1,206,104	-19.9%	8.73%	-14.7%
CMCSA	Buy	COMCAST CORP NEW CL A	$97,278,000	+11.8%	2,528,003	+13.1%	8.69%	+5.8%
HXL	Sell	HEXCEL CORPORATION	$96,103,000	-15.5%	1,673,678	-22.3%	8.58%	-20.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL	$80,874,000	+11.0%	441,161	+2.5%	7.22%	+5.1%
DLB	Buy	DOLBY LABORATORIES INC COM	$69,790,000	+21.6%	1,213,314	+3.5%	6.23%	+15.1%
HBI	Buy	HANESBRANDS INC	$63,174,000	+11.0%	2,563,882	+4.3%	5.64%	+5.1%
LH	Buy	LABORATORY CORP AMER HLDGS COM	$60,663,000	+3.7%	401,821	+5.9%	5.42%	-1.8%
AWI	Buy	ARMSTRONG WORLD INDUSTRIES INC	$48,463,000	+145.4%	945,626	+120.3%	4.33%	+132.4%
SBH	Buy	SALLY BEAUTY HOLDINGS INC	$42,335,000	+2.6%	2,162,151	+6.1%	3.78%	-2.9%

Q2 2017

			Value		Shares		↓ Weighting
AXTA	New	AXALTA COATING SYSTEMS LTD	$119,954,000	–	3,743,877	–	11.32%	–
PCLN	New	PRICELINE GROUP INC	$118,931,000	–	63,582	–	11.22%	–
HXL	New	HEXCEL CORPORATION	$113,766,000	–	2,155,076	–	10.73%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$108,757,000	–	427	–	10.26%	–
DG	New	DOLLAR GENERAL CORPORATION	$108,543,000	–	1,505,653	–	10.24%	–
CMCSA	New	COMCAST CORP NEW CL A	$87,026,000	–	2,236,029	–	8.21%	–
TPX	New	TEMPUR SEALY INTL INC COM	$84,954,000	–	1,591,195	–	8.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$72,863,000	–	430,200	–	6.87%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$58,512,000	–	379,602	–	5.52%	–
DLB	New	DOLBY LABORATORIES INC COM	$57,394,000	–	1,172,271	–	5.41%	–
HBI	New	HANESBRANDS INC	$56,927,000	–	2,457,990	–	5.37%	–
SBH	New	SALLY BEAUTY HOLDINGS INC	$41,268,000	–	2,037,920	–	3.89%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$19,748,000	–	429,301	–	1.86%	–
KO	New	COCA COLA CO COM	$8,390,000	–	187,064	–	0.79%	–
SEMUF	New	SIEM INDS INC COM	$1,272,000	–	21,200	–	0.12%	–
CVX	New	CHEVRON CORP NEW COM	$357,000	–	3,425	–	0.03%	–
THO	New	THOR INDS INC COM	$318,000	–	3,046	–	0.03%	–
XOM	New	EXXON MOBIL CORP COM	$322,000	–	3,985	–	0.03%	–
BAC	New	BANK OF AMERICA CORPORATION CO	$267,000	–	11,015	–	0.02%	–
MAA	New	MID-AMER APT CMNTYS INC COM	$255,000	–	2,421	–	0.02%	–
USB	New	US BANCORP DEL COM NEW	$244,000	–	4,700	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
BAC	Exit	BANK OF AMERICA CORPORATION CO	$0	–	-11,525	–	-0.02%	–
MAA	Exit	MID-AMER APT CMNTYS INC COM	$0	–	-2,421	–	-0.02%	–
THO	Exit	THOR INDS INC COM	$0	–	-3,636	–	-0.03%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-3,425	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-3,985	–	-0.03%	–
NTG	Exit	TORTOISE MLP FD INC	$0	–	-28,000	–	-0.05%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-15,654	–	-0.06%	–
USB	Exit	US BANCORP DEL COM NEW	$0	–	-16,200	–	-0.06%	–
ROLL	Exit	RBC BEARINGS INCORPORATED	$0	–	-10,000	–	-0.07%	–
GNRC	Exit	GENERAC HOLDING INC	$0	–	-23,800	–	-0.08%	–
PRTY	Exit	PARTY CITY HOLDCO INC	$0	–	-53,000	–	-0.08%	–
EXAS	Exit	EXACT SCIENCES CORP COM	$0	–	-115,000	–	-0.20%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-41,200	–	-0.21%	–
HAWK	Exit	BLACKHAWK NETWORK HOLDINGS INC	$0	–	-257,600	–	-0.71%	–
KO	Exit	COCA COLA CO COM	$0	–	-187,300	–	-0.72%	–
DLB	Exit	DOLBY LABORATORIES INC COM	$0	–	-674,302	–	-3.35%	–
SBH	Exit	SALLY BEAUTY HOLDINGS INC	$0	–	-1,456,246	–	-3.42%	–
INT	Exit	WORLD FUEL SVCS CORP COM	$0	–	-871,104	–	-3.68%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-353,514	–	-4.44%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-419,227	–	-5.54%	–
EVER	Exit	EVERBANK FINL CORP COM	$0	–	-3,630,753	–	-6.43%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-1,033,031	–	-6.66%	–
CMCSA	Exit	COMCAST CORP NEW CL A	$0	–	-1,113,911	–	-6.76%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-1,152,492	–	-7.38%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-1,493,418	–	-7.75%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-392	–	-7.75%	–
PCLN	Exit	PRICELINE GROUP INC	$0	–	-62,515	–	-8.41%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-2,109,731	–	-8.55%	–
AXTA	Exit	AXALTA COATING SYSTEMS LTD	$0	–	-3,311,526	–	-8.56%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS INC	$0	–	-3,407,186	–	-8.94%	–

Q3 2016

			Value		Shares		↓ Weighting
ALSN	Buy	ALLISON TRANSMISSION HLDGS INC	$97,718,000	+2.5%	3,407,186	+0.9%	8.94%	+2.5%
AXTA	Buy	AXALTA COATING SYSTEMS LTD	$93,617,000	+15.4%	3,311,526	+8.3%	8.56%	+15.4%
HXL	Buy	HEXCEL CORPORATION	$93,461,000	+44.1%	2,109,731	+35.5%	8.55%	+44.1%
PCLN	Buy	PRICELINE GROUP INC	$91,990,000	+18.5%	62,515	+0.5%	8.41%	+18.4%
TPX	Buy	TEMPUR SEALY INTL INC COM	$84,737,000	+3.3%	1,493,418	+0.7%	7.75%	+3.2%
DG	Buy	DOLLAR GENERAL CORPORATION	$80,663,000	-2.3%	1,152,492	+31.2%	7.38%	-2.4%
CMCSA	Sell	COMCAST CORP NEW CL A	$73,897,000	+0.8%	1,113,911	-0.9%	6.76%	+0.8%
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$72,860,000	-4.3%	1,033,031	+2.8%	6.66%	-4.4%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL	$60,566,000	+1.4%	419,227	+1.6%	5.54%	+1.3%
LH	Buy	LABORATORY CORP AMER HLDGS COM	$48,601,000	+7.0%	353,514	+1.4%	4.44%	+7.0%
INT	Sell	WORLD FUEL SVCS CORP COM	$40,297,000	-15.6%	871,104	-13.4%	3.68%	-15.7%
SBH	Sell	SALLY BEAUTY HOLDINGS INC	$37,396,000	-13.6%	1,456,246	-1.1%	3.42%	-13.7%
DLB	Sell	DOLBY LABORATORIES INC COM	$36,608,000	+10.4%	674,302	-2.7%	3.35%	+10.4%
EXAS	Sell	EXACT SCIENCES CORP COM	$2,136,000	-34.3%	115,000	-56.7%	0.20%	-34.3%
PRTY	Sell	PARTY CITY HOLDCO INC	$907,000	-23.3%	53,000	-37.6%	0.08%	-23.1%
NTG	Sell	TORTOISE MLP FD INC	$560,000	-29.8%	28,000	-35.3%	0.05%	-30.1%
TUMI	Exit	TUMI HOLDINGS INC	$0	–	-12,040	–	-0.03%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-1,388,103	–	-5.72%	–

Q2 2016

			Value		Shares		↓ Weighting
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$95,317,000	–	3,376,450	–	8.72%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$85,054,000	–	392	–	7.78%	–
DG	New	DOLLAR GENERAL CORPORATION	$82,590,000	–	878,622	–	7.56%	–
TPX	New	TEMPUR SEALY INTL INC COM	$82,037,000	–	1,482,945	–	7.51%	–
AXTA	New	AXALTA COATING SYSTEMS LTD	$81,121,000	–	3,057,700	–	7.42%	–
PCLN	New	PRICELINE GROUP INC	$77,639,000	–	62,190	–	7.10%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$76,163,000	–	1,004,789	–	6.97%	–
CMCSA	New	COMCAST CORP NEW CL A	$73,298,000	–	1,124,370	–	6.71%	–
HXL	New	HEXCEL CORPORATION	$64,850,000	–	1,557,386	–	5.93%	–
DKS	New	DICKS SPORTING GOODS INC	$62,548,000	–	1,388,103	–	5.72%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$59,744,000	–	412,623	–	5.47%	–
EVER	New	EVERBANK FINL CORP COM	$53,953,000	–	3,630,753	–	4.94%	–
INT	New	WORLD FUEL SVCS CORP COM	$47,767,000	–	1,005,828	–	4.37%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$45,409,000	–	348,574	–	4.16%	–
SBH	New	SALLY BEAUTY HOLDINGS INC	$43,295,000	–	1,472,113	–	3.96%	–
DLB	New	DOLBY LABORATORIES INC COM	$33,150,000	–	692,784	–	3.03%	–
HAWK	New	BLACKHAWK NETWORK HOLDINGS INC	$8,627,000	–	257,600	–	0.79%	–
KO	New	COCA COLA CO COM	$8,490,000	–	187,300	–	0.78%	–
EXAS	New	EXACT SCIENCES CORP COM	$3,251,000	–	265,418	–	0.30%	–
SEMUF	New	SIEM INDS INC COM	$2,019,000	–	41,200	–	0.18%	–
PRTY	New	PARTY CITY HOLDCO INC	$1,182,000	–	85,000	–	0.11%	–
GNRC	New	GENERAC HOLDING INC	$832,000	–	23,800	–	0.08%	–
NTG	New	TORTOISE MLP FD INC	$798,000	–	43,260	–	0.07%	–
WFC	New	WELLS FARGO & CO NEW COM	$741,000	–	15,654	–	0.07%	–
ROLL	New	RBC BEARINGS INCORPORATED	$725,000	–	10,000	–	0.07%	–
USB	New	US BANCORP DEL COM NEW	$653,000	–	16,200	–	0.06%	–
XOM	New	EXXON MOBIL CORP COM	$374,000	–	3,985	–	0.03%	–
CVX	New	CHEVRON CORP NEW COM	$359,000	–	3,425	–	0.03%	–
TUMI	New	TUMI HOLDINGS INC	$322,000	–	12,040	–	0.03%	–
MAA	New	MID-AMER APT CMNTYS INC COM	$258,000	–	2,421	–	0.02%	–
THO	New	THOR INDS INC COM	$235,000	–	3,636	–	0.02%	–
BAC	New	BANK OF AMERICA CORPORATION CO	$153,000	–	11,525	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
MCZAF	Exit	MAD CATZ INTERACTIVE INC COM	$0	–	-30,000	–	-0.00%	–
AKS	Exit	AK STL HLDG CORP COM	$0	–	-17,240	–	-0.00%	–
BAC	Exit	BANK OF AMERICA CORPORATION CO	$0	–	-11,525	–	-0.02%	–
CS	Exit	CREDIT SUISSE GROUP	$0	–	-9,562	–	-0.02%	–
THO	Exit	THOR INDS INC COM	$0	–	-4,636	–	-0.02%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-3,425	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-3,985	–	-0.03%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-6,800	–	-0.03%	–
NTG	Exit	TORTOISE MLP FD INC	$0	–	-22,085	–	-0.04%	–
GNRC	Exit	GENERAC HOLDING INC	$0	–	-23,800	–	-0.07%	–
USB	Exit	US BANCORP DEL COM NEW	$0	–	-18,300	–	-0.08%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO COM	$0	–	-144,864	–	-0.09%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-20,254	–	-0.11%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-41,200	–	-0.25%	–
EXAS	Exit	EXACT SCIENCES CORP COM	$0	–	-150,418	–	-0.28%	–
KO	Exit	COCA COLA CO COM	$0	–	-189,336	–	-0.78%	–
HAWK	Exit	BLACKHAWK NETWORK HOLDINGS INC	$0	–	-257,600	–	-1.12%	–
AXTA	Exit	AXALTA COATING SYSTEMS LTD	$0	–	-464,660	–	-1.21%	–
DLB	Exit	DOLBY LABORATORIES INC COM	$0	–	-664,123	–	-2.22%	–
TUMI	Exit	TUMI HOLDINGS INC	$0	–	-1,436,276	–	-2.60%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-337,318	–	-3.76%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-511,010	–	-3.80%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-578,442	–	-4.25%	–
SBH	Exit	SALLY BEAUTY HOLDINGS INC	$0	–	-1,953,039	–	-4.77%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-965,881	–	-4.92%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-394,474	–	-5.29%	–
WRB	Exit	BERKLEY W R CORP COM	$0	–	-1,009,230	–	-5.64%	–
INT	Exit	WORLD FUEL SVCS CORP COM	$0	–	-1,825,094	–	-6.72%	–
CMCSK	Exit	COMCAST CORP NEW CL A SPL	$0	–	-1,149,219	–	-6.76%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-301,297	–	-7.11%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS INC	$0	–	-2,622,097	–	-7.19%	–
EVER	Exit	EVERBANK FINL CORP COM	$0	–	-3,628,152	–	-7.20%	–
PCLN	Exit	PRICELINE GROUP INC	$0	–	-60,373	–	-7.68%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-392	–	-7.87%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-963,544	–	-8.02%	–

Q3 2015

			Value		Shares		↓ Weighting
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$78,009,000	-8.8%	963,544	+0.1%	8.02%	-5.4%
PCLN	Buy	PRICELINE GROUP INC	$74,673,000	+9.1%	60,373	+1.5%	7.68%	+13.2%
ALSN	Buy	ALLISON TRANSMISSION HLDGS INC	$69,984,000	-6.3%	2,622,097	+2.7%	7.19%	-2.9%
PCP	Buy	PRECISION CASTPARTS CORP	$69,211,000	+148.3%	301,297	+116.1%	7.11%	+157.6%
CMCSK	Buy	COMCAST CORP NEW CL A SPL	$65,781,000	-1.6%	1,149,219	+3.1%	6.76%	+2.1%
INT	Buy	WORLD FUEL SVCS CORP COM	$65,338,000	-22.9%	1,825,094	+3.3%	6.72%	-20.0%
WRB	Sell	BERKLEY W R CORP COM	$54,872,000	+4.1%	1,009,230	-0.5%	5.64%	+8.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL	$51,439,000	+0.6%	394,474	+5.0%	5.29%	+4.3%
DKS	Sell	DICKS SPORTING GOODS INC	$47,917,000	-4.2%	965,881	-0.0%	4.92%	-0.6%
SBH	Buy	SALLY BEAUTY HOLDINGS INC	$46,385,000	-22.7%	1,953,039	+2.8%	4.77%	-19.8%
TPX	Sell	TEMPUR SEALY INTL INC COM	$41,318,000	-41.1%	578,442	-45.6%	4.25%	-38.9%
DG	Buy	DOLLAR GENERAL CORPORATION	$37,018,000	-5.7%	511,010	+1.2%	3.80%	-2.2%
LH	Buy	LABORATORY CORP AMER HLDGS COM	$36,589,000	-8.0%	337,318	+2.9%	3.76%	-4.5%
TUMI	Buy	TUMI HOLDINGS INC	$25,307,000	-13.6%	1,436,276	+0.7%	2.60%	-10.3%
DLB	Buy	DOLBY LABORATORIES INC COM	$21,650,000	-15.8%	664,123	+2.5%	2.22%	-12.7%
AXTA	New	AXALTA COATING SYSTEMS LTD	$11,774,000	–	464,660	–	1.21%	–
GNRC	New	GENERAC HOLDING INC	$716,000	–	23,800	–	0.07%	–
XOM	Buy	EXXON MOBIL CORP COM	$296,000	+28.7%	3,985	+44.4%	0.03%	+30.4%
CVX	Buy	CHEVRON CORP NEW COM	$270,000	+24.4%	3,425	+52.2%	0.03%	+27.3%
KMI	Exit	KINDER MORGAN INC	$0	–	-6,706	–	-0.02%	–
REG	Exit	REGENCY CTRS CORP COM	$0	–	-5,550	–	-0.03%	–

Q2 2015

			Value		Shares		↓ Weighting
ESRX	New	EXPRESS SCRIPTS HLDG CO	$85,575,000	–	962,164	–	8.48%	–
INT	New	WORLD FUEL SVCS CORP COM	$84,720,000	–	1,766,839	–	8.40%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$80,301,000	–	392	–	7.96%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$74,723,000	–	2,553,767	–	7.40%	–
EVER	New	EVERBANK FINL CORP COM	$71,293,000	–	3,628,152	–	7.06%	–
TPX	New	TEMPUR SEALY INTL INC COM	$70,104,000	–	1,063,788	–	6.95%	–
PCLN	New	PRICELINE GROUP INC	$68,451,000	–	59,452	–	6.78%	–
CMCSK	New	COMCAST CORP NEW CL A SPL	$66,842,000	–	1,115,152	–	6.62%	–
SBH	New	SALLY BEAUTY HOLDINGS INC	$59,976,000	–	1,899,164	–	5.94%	–
WRB	New	BERKLEY W R CORP COM	$52,695,000	–	1,014,730	–	5.22%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$51,145,000	–	375,761	–	5.07%	–
DKS	New	DICKS SPORTING GOODS INC	$50,009,000	–	965,991	–	4.96%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$39,757,000	–	327,970	–	3.94%	–
DG	New	DOLLAR GENERAL CORPORATION	$39,251,000	–	504,895	–	3.89%	–
TUMI	New	TUMI HOLDINGS INC	$29,274,000	–	1,426,591	–	2.90%	–
PCP	New	PRECISION CASTPARTS CORP	$27,869,000	–	139,436	–	2.76%	–
DLB	New	DOLBY LABORATORIES INC COM	$25,717,000	–	648,121	–	2.55%	–
HAWK	New	BLACKHAWK NETWORK HOLDINGS INC	$10,613,000	–	257,600	–	1.05%	–
KO	New	COCA COLA CO COM	$7,428,000	–	189,336	–	0.74%	–
EXAS	New	EXACT SCIENCES CORP COM	$4,473,000	–	150,418	–	0.44%	–
SEMUF	New	SIEM INDS INC COM	$2,884,000	–	41,200	–	0.29%	–
HWCC	New	HOUSTON WIRE & CABLE CO COM	$1,437,000	–	144,864	–	0.14%	–
WFC	New	WELLS FARGO & CO NEW COM	$1,139,000	–	20,254	–	0.11%	–
USB	New	US BANCORP DEL COM NEW	$794,000	–	18,300	–	0.08%	–
NTG	New	TORTOISE MLP FD INC	$469,000	–	22,085	–	0.05%	–
REG	New	REGENCY CTRS CORP COM	$327,000	–	5,550	–	0.03%	–
PAYX	New	PAYCHEX INC COM	$319,000	–	6,800	–	0.03%	–
CS	New	CREDIT SUISSE GROUP	$264,000	–	9,562	–	0.03%	–
THO	New	THOR INDS INC COM	$261,000	–	4,636	–	0.03%	–
KMI	New	KINDER MORGAN INC	$257,000	–	6,706	–	0.02%	–
XOM	New	EXXON MOBIL CORP COM	$230,000	–	2,760	–	0.02%	–
CVX	New	CHEVRON CORP NEW COM	$217,000	–	2,250	–	0.02%	–
BAC	New	BANK OF AMERICA CORPORATION CO	$196,000	–	11,525	–	0.02%	–
AKS	New	AK STL HLDG CORP COM	$67,000	–	17,240	–	0.01%	–
MCZAF	New	MAD CATZ INTERACTIVE INC COM	$12,000	–	30,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
THO	Exit	THOR INDS INC COM	$0	–	-5,436	–	-0.03%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERS	$0	–	-3,058	–	-0.03%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-6,800	–	-0.04%	–
TSCDY	Exit	TESCO PLC SPONSORED ADR	$0	–	-43,900	–	-0.05%	–
NTG	Exit	TORTOISE MLP FD INC	$0	–	-24,085	–	-0.08%	–
CPTA	Exit	CAPITALA FINANCE CORPORATION	$0	–	-40,354	–	-0.08%	–
USB	Exit	US BANCORP DEL COM NEW	$0	–	-18,700	–	-0.09%	–
MCY	Exit	MERCURY GENL CORP NEW COM	$0	–	-16,200	–	-0.09%	–
AJG	Exit	GALLAGHER ARTHUR J & CO COM	$0	–	-21,600	–	-0.11%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-20,754	–	-0.12%	–
OB	Exit	ONEBEACON INSURANCE GROUP LTD	$0	–	-97,540	–	-0.17%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO COM	$0	–	-144,864	–	-0.20%	–
EXAS	Exit	EXACT SCIENCES CORP COM	$0	–	-150,418	–	-0.33%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-41,200	–	-0.42%	–
KO	Exit	COCA COLA CO COM	$0	–	-189,336	–	-0.93%	–
HAWKB	Exit	BLACKHAWK NETWORK HOLDINGS CL	$0	–	-257,600	–	-0.96%	–
DLB	Exit	DOLBY LABORATORIES INC COM	$0	–	-601,295	–	-2.88%	–
TUMI	Exit	TUMI HOLDINGS INC	$0	–	-1,314,801	–	-3.07%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-473,600	–	-3.32%	–
FLIR	Exit	FLIR SYS INC COM	$0	–	-1,017,366	–	-3.66%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-975,515	–	-4.91%	–
MKL	Exit	MARKEL CORP COM	$0	–	-67,349	–	-4.92%	–
WRB	Exit	BERKLEY W R CORP COM	$0	–	-994,839	–	-5.46%	–
SBH	Exit	SALLY BEAUTY HOLDINGS INC	$0	–	-1,835,129	–	-5.76%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-375,593	–	-5.95%	–
INT	Exit	WORLD FUEL SVCS CORP COM	$0	–	-1,315,902	–	-6.03%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-543,397	–	-6.34%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-785,535	–	-6.37%	–
CMCSK	Exit	COMCAST CORP NEW CL A SPL	$0	–	-1,115,179	–	-6.85%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS INC	$0	–	-2,137,724	–	-6.99%	–
TPX	Exit	TEMPUR SEALY INTL INC COM	$0	–	-1,103,176	–	-7.11%	–
EVER	Exit	EVERBANK FINL CORP COM	$0	–	-3,625,464	–	-7.35%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-392	–	-9.31%	–

Q3 2014

			Value		Shares		↓ Weighting
EVER	Buy	EVERBANK FINL CORP COM	$64,026,000	-12.3%	3,625,464	+0.1%	7.35%	-10.5%
TPX	Sell	TEMPUR SEALY INTL INC COM	$61,965,000	-6.8%	1,103,176	-0.9%	7.11%	-4.8%
ALSN	Buy	ALLISON TRANSMISSION HLDGS INC	$60,904,000	-7.8%	2,137,724	+0.7%	6.99%	-5.8%
CMCSK	Sell	COMCAST CORP NEW CL A SPL	$59,662,000	-1.3%	1,115,179	-1.6%	6.85%	+0.8%
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$55,482,000	+3.1%	785,535	+1.2%	6.37%	+5.2%
LH	Buy	LABORATORY CORP AMER HLDGS COM	$55,291,000	-0.3%	543,397	+0.4%	6.34%	+1.8%
INT	Buy	WORLD FUEL SVCS CORP COM	$52,531,000	-18.2%	1,315,902	+0.9%	6.03%	-16.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$51,884,000	+6.8%	375,593	-2.1%	5.95%	+9.0%
SBH	Buy	SALLY BEAUTY HOLDINGS INC	$50,227,000	+24.4%	1,835,129	+14.0%	5.76%	+27.0%
WRB	Buy	BERKLEY W R CORP COM	$47,553,000	+3.9%	994,839	+0.6%	5.46%	+6.0%
MKL	Sell	MARKEL CORP COM	$42,844,000	-26.1%	67,349	-23.9%	4.92%	-24.6%
DKS	Buy	DICKS SPORTING GOODS INC	$42,806,000	-4.7%	975,515	+1.1%	4.91%	-2.7%
FLIR	Sell	FLIR SYS INC COM	$31,884,000	-14.7%	1,017,366	-5.4%	3.66%	-12.9%
DG	Buy	DOLLAR GENERAL CORPORATION	$28,942,000	+7.6%	473,600	+1.0%	3.32%	+9.9%
TUMI	Buy	TUMI HOLDINGS INC	$26,756,000	+112.4%	1,314,801	+110.1%	3.07%	+116.8%
DLB	Buy	DOLBY LABORATORIES INC COM	$25,128,000	-2.9%	601,295	+0.4%	2.88%	-0.9%
EXAS	Sell	EXACT SCIENCES CORP COM	$2,915,000	-44.4%	150,418	-51.1%	0.33%	-43.3%
CPTA	Sell	CAPITALA FINANCE CORPORATION	$715,000	-65.0%	40,354	-62.7%	0.08%	-64.3%
NTG	Sell	TORTOISE MLP FD INC	$699,000	-9.2%	24,085	-6.4%	0.08%	-8.0%

Q2 2014

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$74,441,000	–	392	–	8.37%	–
EVER	New	EVERBANK FINL CORP COM	$73,026,000	–	3,622,318	–	8.21%	–
TPX	New	TEMPUR SEALY INTL INC COM	$66,466,000	–	1,113,326	–	7.47%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$66,027,000	–	2,123,057	–	7.42%	–
INT	New	WORLD FUEL SVCS CORP COM	$64,222,000	–	1,304,532	–	7.22%	–
CMCSK	New	COMCAST CORP NEW CL A SPL	$60,450,000	–	1,133,511	–	6.80%	–
MKL	New	MARKEL CORP COM	$57,997,000	–	88,458	–	6.52%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$55,446,000	–	541,462	–	6.23%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$53,827,000	–	776,390	–	6.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$48,573,000	–	383,795	–	5.46%	–
WRB	New	BERKLEY W R CORP COM	$45,780,000	–	988,564	–	5.15%	–
DKS	New	DICKS SPORTING GOODS INC	$44,922,000	–	964,825	–	5.05%	–
SBH	New	SALLY BEAUTY HOLDINGS INC	$40,367,000	–	1,609,539	–	4.54%	–
FLIR	New	FLIR SYS INC COM	$37,368,000	–	1,075,951	–	4.20%	–
DG	New	DOLLAR GENERAL CORPORATION	$26,887,000	–	468,735	–	3.02%	–
DLB	New	DOLBY LABORATORIES INC COM	$25,882,000	–	599,120	–	2.91%	–
TUMI	New	TUMI HOLDINGS INC	$12,599,000	–	625,901	–	1.42%	–
KO	New	COCA COLA CO COM	$8,020,000	–	189,336	–	0.90%	–
HAWKB	New	BLACKHAWK NETWORK HOLDINGS CL	$6,917,000	–	257,600	–	0.78%	–
EXAS	New	EXACT SCIENCES CORP COM	$5,242,000	–	307,800	–	0.59%	–
SEMUF	New	SIEM INDS INC COM	$3,873,000	–	41,200	–	0.44%	–
CPTA	New	CAPITALA FINANCE CORPORATION	$2,042,000	–	108,105	–	0.23%	–
HWCC	New	HOUSTON WIRE & CABLE CO COM	$1,798,000	–	144,864	–	0.20%	–
OB	New	ONEBEACON INSURANCE GROUP LTD	$1,516,000	–	97,540	–	0.17%	–
WFC	New	WELLS FARGO & CO NEW COM	$1,091,000	–	20,754	–	0.12%	–
AJG	New	GALLAGHER ARTHUR J & CO COM	$1,007,000	–	21,600	–	0.11%	–
USB	New	US BANCORP DEL COM NEW	$810,000	–	18,700	–	0.09%	–
NTG	New	TORTOISE MLP FD INC	$770,000	–	25,734	–	0.09%	–
MCY	New	MERCURY GENL CORP NEW COM	$762,000	–	16,200	–	0.09%	–
TSCDY	New	TESCO PLC SPONSORED ADR	$640,000	–	43,900	–	0.07%	–
THO	New	THOR INDS INC COM	$309,000	–	5,436	–	0.04%	–
PAYX	New	PAYCHEX INC COM	$283,000	–	6,800	–	0.03%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERS	$251,000	–	3,058	–	0.03%	–

Q4 2013

			Value		Shares		↓ Weighting
4945SC	Exit	KINDER MORGAN ENERGY PARTNERS	$0	–	-3,058	–	-0.03%	–
PAYX	Exit	PAYCHEX INC	$0	–	-6,800	–	-0.04%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-4,275	–	-0.04%	–
THO	Exit	THOR INDUSTRIES	$0	–	-5,436	–	-0.04%	–
CINF	Exit	CINCINNATI FINL CORP	$0	–	-12,550	–	-0.08%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-5,300	–	-0.10%	–
USB	Exit	US BANCORP DEL COM NEW	$0	–	-18,700	–	-0.10%	–
TSCDY	Exit	TESCO PLC SPONSORED ADR	$0	–	-43,900	–	-0.11%	–
MCY	Exit	MERCURY GENL CORP NEW COM	$0	–	-16,200	–	-0.11%	–
NTG	Exit	TORTOISE MLP FD INC	$0	–	-29,734	–	-0.11%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-20,754	–	-0.12%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-21,600	–	-0.13%	–
OB	Exit	ONEBEACON INSURANCE GROUP LTD	$0	–	-97,540	–	-0.20%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-144,864	–	-0.27%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-41,200	–	-0.49%	–
EXAS	Exit	EXACT SCIENCES CORP	$0	–	-307,800	–	-0.51%	–
KO	Exit	COCA COLA CO	$0	–	-189,336	–	-1.01%	–
OUTR	Exit	OUTERWALL INC	$0	–	-146,700	–	-1.03%	–
PENN	Exit	PENN NATL GAMING INC COM	$0	–	-170,000	–	-1.32%	–
DLB	Exit	DOLBY LABORATORIES INC CL A	$0	–	-582,886	–	-2.83%	–
GOOGL	Exit	GOOGLE INC	$0	–	-31,114	–	-3.83%	–
WRB	Exit	WR BERKLEY CORP	$0	–	-836,360	–	-5.04%	–
AAP	Exit	ADVANCE AUTO PARTS	$0	–	-445,892	–	-5.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-381,636	–	-6.09%	–
MKL	Exit	MARKEL CORP	$0	–	-87,853	–	-6.40%	–
INT	Exit	WORLD FUEL SERVICES CORP	$0	–	-1,285,300	–	-6.74%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-1,107,611	–	-6.85%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDINGS	$0	–	-2,099,912	–	-7.40%	–
LH	Exit	LABORATORY CORP	$0	–	-538,957	–	-7.51%	–
EVER	Exit	EVERBANK FINL CORP	$0	–	-3,622,318	–	-7.63%	–
CMCSK	Exit	COMCAST CORP NEW CL A SPL	$0	–	-1,397,356	–	-8.52%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-392	–	-9.39%	–
FLIR	Exit	FLIR SYSTEMS INC	$0	–	-2,429,379	–	-10.73%	–

Q3 2013

			Value		Shares		↓ Weighting
FLIR	Buy	FLIR SYSTEMS INC	$76,283,000	+17.0%	2,429,379	+0.5%	10.73%	+7.8%
CMCSK	Buy	COMCAST CORP NEW CL A SPL	$60,575,000	+10.1%	1,397,356	+0.7%	8.52%	+1.5%
LH	Buy	LABORATORY CORP	$53,432,000	+0.4%	538,957	+1.4%	7.51%	-7.4%
ALSN	Buy	ALLISON TRANSMISSION HOLDINGS	$52,603,000	+118.0%	2,099,912	+100.8%	7.40%	+101.0%
TPX	Buy	TEMPUR SEALY INTL INC	$48,691,000	+16.9%	1,107,611	+16.7%	6.85%	+7.7%
INT	New	WORLD FUEL SERVICES CORP	$47,955,000	–	1,285,300	–	6.74%	–
MKL	Buy	MARKEL CORP	$45,488,000	+0.8%	87,853	+2.6%	6.40%	-7.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL	$43,320,000	+1.4%	381,636	+0.0%	6.09%	-6.5%
AAP	Buy	ADVANCE AUTO PARTS	$36,866,000	+3.6%	445,892	+1.7%	5.18%	-4.5%
WRB	Buy	WR BERKLEY CORP	$35,846,000	+6.4%	836,360	+1.4%	5.04%	-1.9%
GOOGL	Buy	GOOGLE INC	$27,253,000	+1.1%	31,114	+1.6%	3.83%	-6.9%
DLB	Buy	DOLBY LABORATORIES INC CL A	$20,115,000	+10.1%	582,886	+6.7%	2.83%	+1.5%
OUTR	New	OUTERWALL INC	$7,339,000	–	146,700	–	1.03%	–
KO	Sell	COCA COLA CO	$7,172,000	-5.8%	189,336	-0.2%	1.01%	-13.1%
OB	Sell	ONEBEACON INSURANCE GROUP LTD	$1,440,000	-10.7%	97,540	-12.4%	0.20%	-17.9%
NTG	Sell	TORTOISE MLP FD INC	$805,000	-11.4%	29,734	-4.3%	0.11%	-18.7%
MCY	Sell	MERCURY GENL CORP NEW COM	$783,000	-12.7%	16,200	-20.6%	0.11%	-19.7%
USB	Sell	US BANCORP DEL COM NEW	$684,000	-0.9%	18,700	-2.0%	0.10%	-8.6%
THO	Sell	THOR INDUSTRIES	$316,000	+1.3%	5,436	-14.2%	0.04%	-8.3%
NYCB	Exit	NEW YORK COMMUNITY BANCORP INC	$0	–	-16,000	–	-0.03%	–
EXPO	Exit	EXPONENT INC	$0	–	-10,000	–	-0.09%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-8,300	–	-0.11%	–
RLI	Exit	RLI CORP	$0	–	-12,500	–	-0.15%	–
IBKC	Exit	IBERIABANK CORP	$0	–	-21,388	–	-0.18%	–
LPS	Exit	LENDER PROCESSING SERVICES	$0	–	-118,400	–	-0.58%	–
CSTR	Exit	COINSTAR INC	$0	–	-146,700	–	-1.31%	–
STRA	Exit	STRAYER EDUCATION INC	$0	–	-230,381	–	-1.72%	–
TMK	Exit	TORCHMARK CORP	$0	–	-395,344	–	-3.93%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DEL CL	$66,091,000	–	392	–	10.08%	–
FLIR	New	FLIR SYSTEMS INC	$65,216,000	–	2,418,084	–	9.95%	–
EVER	New	EVERBANK FINL CORP	$59,986,000	–	3,622,318	–	9.15%	–
CMCSK	New	COMCAST CORP NEW CL A SPL	$55,041,000	–	1,387,466	–	8.40%	–
LH	New	LABORATORY CORP	$53,195,000	–	531,423	–	8.11%	–
MKL	New	MARKEL CORP	$45,115,000	–	85,615	–	6.88%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$42,708,000	–	381,595	–	6.52%	–
TPX	New	TEMPUR SEALY INTL INC	$41,660,000	–	948,970	–	6.36%	–
AAP	New	ADVANCE AUTO PARTS	$35,576,000	–	438,294	–	5.43%	–
WRB	New	WR BERKLEY CORP	$33,702,000	–	824,805	–	5.14%	–
GOOGL	New	GOOGLE INC	$26,969,000	–	30,634	–	4.11%	–
TMK	New	TORCHMARK CORP	$25,753,000	–	395,344	–	3.93%	–
ALSN	New	ALLISON TRANSMISSION HOLDINGS	$24,134,000	–	1,045,660	–	3.68%	–
DLB	New	DOLBY LABORATORIES INC CL A	$18,273,000	–	546,272	–	2.79%	–
STRA	New	STRAYER EDUCATION INC	$11,250,000	–	230,381	–	1.72%	–
PENN	New	PENN NATL GAMING INC COM	$8,996,000	–	170,000	–	1.37%	–
CSTR	New	COINSTAR INC	$8,608,000	–	146,700	–	1.31%	–
KO	New	COCA COLA CO	$7,610,000	–	189,736	–	1.16%	–
EXAS	New	EXACT SCIENCES CORP	$4,281,000	–	307,800	–	0.65%	–
LPS	New	LENDER PROCESSING SERVICES	$3,830,000	–	118,400	–	0.58%	–
SEMUF	New	SIEM INDS INC COM	$3,131,000	–	41,200	–	0.48%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$2,005,000	–	144,864	–	0.31%	–
OB	New	ONEBEACON INSURANCE GROUP LTD	$1,612,000	–	111,340	–	0.25%	–
IBKC	New	IBERIABANK CORP	$1,147,000	–	21,388	–	0.18%	–
RLI	New	RLI CORP	$955,000	–	12,500	–	0.15%	–
AJG	New	GALLAGHER ARTHUR J & CO	$944,000	–	21,600	–	0.14%	–
NTG	New	TORTOISE MLP FD INC	$909,000	–	31,085	–	0.14%	–
MCY	New	MERCURY GENL CORP NEW COM	$897,000	–	20,400	–	0.14%	–
WFC	New	WELLS FARGO & CO	$857,000	–	20,754	–	0.13%	–
JNJ	New	JOHNSON & JOHNSON COM	$713,000	–	8,300	–	0.11%	–
USB	New	US BANCORP DEL COM NEW	$690,000	–	19,090	–	0.10%	–
TSCDY	New	TESCO PLC SPONSORED ADR	$662,000	–	43,900	–	0.10%	–
EXPO	New	EXPONENT INC	$591,000	–	10,000	–	0.09%	–
CINF	New	CINCINNATI FINL CORP	$576,000	–	12,550	–	0.09%	–
LMT	New	LOCKHEED MARTIN CORP	$575,000	–	5,300	–	0.09%	–
THO	New	THOR INDUSTRIES	$312,000	–	6,336	–	0.05%	–
COP	New	CONOCO PHILLIPS	$259,000	–	4,275	–	0.04%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERS	$261,000	–	3,058	–	0.04%	–
PAYX	New	PAYCHEX INC	$248,000	–	6,800	–	0.04%	–
NYCB	New	NEW YORK COMMUNITY BANCORP INC	$224,000	–	16,000	–	0.03%	–

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