Pembroke Management, LTD Activity Q3 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GMED	Sell	GLOBUS MED INCcl a	$29,960,995	-16.8%	603,444	-0.2%	4.09%	+5.4%
PSTG	Sell	PURE STORAGE INCcl a	$29,761,507	-11.2%	835,528	-8.2%	4.06%	+12.5%
IBP	Sell	INSTALLED BLDG PRODS INC	$29,630,028	-25.1%	237,249	-16.0%	4.04%	-5.2%
WNS	Sell	WNS HLDGS LTDspon adr	$28,582,187	-9.9%	417,502	-3.0%	3.90%	+14.1%
MPWR	Sell	MONOLITHIC PWR SYS INC	$27,403,992	-23.8%	59,316	-10.9%	3.74%	-3.5%
TECH	Buy	BIO-TECHNE CORP	$24,887,141	-10.2%	365,611	+7.7%	3.40%	+13.8%
CIGI	Sell	COLLIERS INTL GROUP INC	$24,827,310	-21.1%	191,939	-20.7%	3.39%	0.0%
	Sell	BRP INC	$23,591,297	-20.7%	229,465	-13.6%	3.22%	+0.5%
SITE	Sell	SITEONE LANDSCAPE SUPPLY INC	$23,516,532	-19.7%	143,876	-17.8%	3.21%	+1.7%
AIN	Sell	ALBANY INTL CORPcl a	$22,827,445	-14.2%	264,574	-7.3%	3.12%	+8.7%
AOS	Sell	SMITH A O CORP	$22,715,589	-21.2%	343,499	-13.2%	3.10%	-0.1%
WSO	Buy	WATSCO INC	$22,371,978	+16.9%	59,229	+18.1%	3.05%	+48.1%
TREX	Sell	TREX CO INC	$21,274,121	-13.9%	345,191	-8.5%	2.90%	+9.0%
DORM	Sell	DORMAN PRODS INC	$19,889,803	-12.2%	262,537	-8.7%	2.72%	+11.2%
DSGX	Sell	DESCARTES SYS GROUP INC	$19,406,453	-19.2%	194,668	-14.0%	2.65%	+2.3%
SRI	Sell	STONERIDGE INC	$18,569,366	-1.9%	925,230	-7.8%	2.54%	+24.3%
	Sell	CORE & MAIN INCcl a	$18,113,473	-9.9%	627,850	-2.1%	2.47%	+14.2%
BWMN	Sell	BOWMAN CONSULTING GROUP LTD	$16,970,287	-21.3%	605,433	-10.5%	2.32%	-0.3%
SPT	Buy	SPROUT SOCIAL INC	$16,789,309	+9.6%	336,594	+1.4%	2.29%	+38.8%
PAYC	Sell	PAYCOM SOFTWARE INC	$15,264,262	-24.1%	58,874	-5.9%	2.08%	-3.8%
	Sell	STEVANATO GROUP S P A	$14,645,808	-34.7%	492,793	-28.8%	2.00%	-17.3%
QLYS	Buy	QUALYS INC	$14,072,127	+36.5%	92,246	+15.6%	1.92%	+72.9%
SSTK	Sell	SHUTTERSTOCK INC	$13,596,330	-45.9%	357,328	-30.8%	1.86%	-31.5%
DLB	Sell	DOLBY LABORATORIES INC	$13,499,325	-13.6%	170,317	-8.7%	1.84%	+9.5%
AX	Sell	AXOS FINANCIAL INC	$13,458,511	-20.6%	355,481	-17.3%	1.84%	+0.6%
SPSC	Sell	SPS COMM INC	$12,930,873	-19.7%	75,792	-9.6%	1.76%	+1.7%
	Buy	RYAN SPECIALTY HOLDINGS INCcl a	$12,711,244	+90.2%	262,629	+76.4%	1.74%	+141.0%
	Sell	COUCHBASE INC	$12,415,106	-10.0%	723,491	-17.0%	1.70%	+14.1%
PRFT	Sell	PERFICIENT INC	$12,124,794	-36.6%	209,554	-8.7%	1.66%	-19.7%
ERII	Sell	ENERGY RECOVERY INC	$11,623,738	-24.4%	548,031	-0.3%	1.59%	-4.2%
IVV	Sell	ISHARES TRcore s&p500 etf	$11,339,529	-7.2%	26,406	-3.7%	1.55%	+17.5%
CRAI	Sell	CRA INTL INC	$11,070,300	-28.2%	109,868	-27.3%	1.51%	-9.0%
THRM	Sell	GENTHERM INC	$10,643,045	-56.9%	196,149	-55.1%	1.45%	-45.4%
	Sell	TRICON RESIDENTIAL INC	$10,450,365	-61.5%	1,040,873	-55.2%	1.43%	-51.2%
FC	Sell	FRANKLIN COVEY CO	$9,478,710	-26.4%	220,846	-25.1%	1.29%	-6.7%
XPEL	Sell	XPEL INC	$9,119,800	-16.3%	118,270	-8.6%	1.24%	+6.0%
KBR	Buy	KBR INC	$9,043,989	-9.3%	153,444	+0.2%	1.24%	+15.0%
IMXI	Sell	INTERNATIONAL MNY EXPRESS IN	$8,462,037	-45.9%	499,825	-21.6%	1.16%	-31.5%
MANH	Sell	MANHATTAN ASSOCIATES INC	$8,203,088	-9.7%	41,501	-8.7%	1.12%	+14.4%
GIL	Sell	GILDAN ACTIVEWEAR INC	$7,256,294	-12.9%	190,604	-2.3%	0.99%	+10.4%
CERT	Sell	CERTARA INC	$6,771,932	-27.1%	465,745	-8.7%	0.92%	-7.6%
IEMG	Buy	ISHARES INCcore msci emkt	$6,730,416	-2.9%	141,425	+0.6%	0.92%	+23.0%
RGEN	Sell	REPLIGEN CORP	$6,582,537	+2.6%	41,397	-8.7%	0.90%	+30.1%
SBCF	Sell	SEACOAST BKG CORP FLA	$5,638,625	-9.3%	256,768	-8.7%	0.77%	+14.9%
ROAD	Sell	CONSTRUCTION PARTNERS INC	$5,530,029	-55.9%	151,259	-62.2%	0.76%	-44.2%
GO	Sell	GROCERY OUTLET HLDG CORP	$4,439,092	-14.0%	153,868	-8.7%	0.61%	+9.0%
LCII	Sell	LCI INDS	$4,331,624	-15.1%	36,890	-8.6%	0.59%	+7.5%
IEFA	Buy	ISHARES TRcore msci eafe	$3,063,704	-3.4%	47,610	+1.3%	0.42%	+22.2%
FNV	Buy	FRANCO NEV CORP	$907,375	+1.5%	5,004	+5.7%	0.12%	+29.2%
FSV	Buy	FIRSTSERVICE CORP NEW	$811,774	+3.5%	4,109	+6.8%	0.11%	+30.6%
WPM	Buy	WHEATON PRECIOUS METALS CORP	$797,972	+9.8%	14,477	+14.1%	0.11%	+39.7%
SHOP	Exit	SHOPIFY INCcl a	$0	–	-2,528	–	-0.02%	–
TCX	Exit	TUCOWS INC	$0	–	-51,453	–	-0.15%	–
TTEC	Exit	TTEC HLDGS INC	$0	–	-49,149	–	-0.18%	–
LESL	Exit	LESLIES INC	$0	–	-739,390	–	-0.75%	–
EEFT	Exit	EURONET WORLDWIDE INC	$0	–	-95,245	–	-1.20%	–

Q2 2023

			Value		Shares		↓ Weighting
IBP	New	INSTALLED BLDG PRODS INC	$39,575,297	–	282,358	–	4.26%	–
GMED	New	GLOBUS MED INCcl a	$36,016,937	–	604,920	–	3.88%	–
MPWR	New	MONOLITHIC PWR SYS INC	$35,959,329	–	66,563	–	3.88%	–
PSTG	New	PURE STORAGE INCcl a	$33,518,903	–	910,345	–	3.61%	–
WNS	New	WNS HLDGS LTDspon adr	$31,736,681	–	430,503	–	3.42%	–
CIGI	New	COLLIERS INTL GROUP INC	$31,453,240	–	241,948	–	3.39%	–
	New	BRP INC	$29,736,145	–	265,525	–	3.20%	–
SITE	New	SITEONE LANDSCAPE SUPPLY INC	$29,282,979	–	174,970	–	3.16%	–
AOS	New	SMITH A O CORP	$28,808,653	–	395,832	–	3.10%	–
TECH	New	BIO-TECHNE CORP	$27,720,813	–	339,591	–	2.99%	–
	New	TRICON RESIDENTIAL INC	$27,157,343	–	2,325,115	–	2.93%	–
AIN	New	ALBANY INTL CORPcl a	$26,615,676	–	285,331	–	2.87%	–
SSTK	New	SHUTTERSTOCK INC	$25,142,776	–	516,597	–	2.71%	–
TREX	New	TREX CO INC	$24,721,889	–	377,088	–	2.66%	–
THRM	New	GENTHERM INC	$24,680,234	–	436,741	–	2.66%	–
DSGX	New	DESCARTES SYS GROUP INC	$24,030,237	–	226,444	–	2.59%	–
DORM	New	DORMAN PRODS INC	$22,665,123	–	287,519	–	2.44%	–
	New	STEVANATO GROUP S P A	$22,425,773	–	692,581	–	2.42%	–
BWMN	New	BOWMAN CONSULTING GROUP LTD	$21,573,196	–	676,700	–	2.32%	–
PAYC	New	PAYCOM SOFTWARE INC	$20,099,344	–	62,568	–	2.17%	–
	New	CORE & MAIN INCcl a	$20,099,220	–	641,328	–	2.17%	–
WSO	New	WATSCO INC	$19,138,350	–	50,170	–	2.06%	–
PRFT	New	PERFICIENT INC	$19,134,235	–	229,620	–	2.06%	–
SRI	New	STONERIDGE INC	$18,921,705	–	1,003,804	–	2.04%	–
AX	New	AXOS FINANCIAL INC	$16,945,357	–	429,649	–	1.83%	–
SPSC	New	SPS COMM INC	$16,105,575	–	83,857	–	1.74%	–
IMXI	New	INTERNATIONAL MNY EXPRESS IN	$15,644,523	–	637,771	–	1.69%	–
DLB	New	DOLBY LABORATORIES INC	$15,618,035	–	186,640	–	1.68%	–
CRAI	New	CRA INTL INC	$15,410,262	–	151,081	–	1.66%	–
ERII	New	ENERGY RECOVERY INC	$15,370,879	–	549,942	–	1.66%	–
SPT	New	SPROUT SOCIAL INC	$15,316,488	–	331,813	–	1.65%	–
	New	COUCHBASE INC	$13,790,943	–	871,741	–	1.49%	–
FC	New	FRANKLIN COVEY CO	$12,873,064	–	294,713	–	1.39%	–
ROAD	New	CONSTRUCTION PARTNERS INC	$12,546,300	–	399,691	–	1.35%	–
IVV	New	ISHARES TRcore s&p500 etf	$12,219,585	–	27,416	–	1.32%	–
EEFT	New	EURONET WORLDWIDE INC	$11,178,906	–	95,245	–	1.20%	–
XPEL	New	XPEL INC	$10,900,763	–	129,432	–	1.18%	–
QLYS	New	QUALYS INC	$10,309,187	–	79,811	–	1.11%	–
KBR	New	KBR INC	$9,967,192	–	153,200	–	1.07%	–
CERT	New	CERTARA INC	$9,288,502	–	510,077	–	1.00%	–
MANH	New	MANHATTAN ASSOCIATES INC	$9,086,945	–	45,462	–	0.98%	–
GIL	New	GILDAN ACTIVEWEAR INC	$8,334,216	–	195,135	–	0.90%	–
LESL	New	LESLIES INC	$6,942,872	–	739,390	–	0.75%	–
IEMG	New	ISHARES INCcore msci emkt	$6,931,801	–	140,633	–	0.75%	–
	New	RYAN SPECIALTY HOLDINGS INCcl a	$6,684,301	–	148,904	–	0.72%	–
RGEN	New	REPLIGEN CORP	$6,416,060	–	45,356	–	0.69%	–
SBCF	New	SEACOAST BKG CORP FLA	$6,217,702	–	281,344	–	0.67%	–
GO	New	GROCERY OUTLET HLDG CORP	$5,161,060	–	168,607	–	0.56%	–
LCII	New	LCI INDS	$5,102,164	–	40,378	–	0.55%	–
IEFA	New	ISHARES TRcore msci eafe	$3,172,635	–	47,002	–	0.34%	–
TTEC	New	TTEC HLDGS INC	$1,663,202	–	49,149	–	0.18%	–
TCX	New	TUCOWS INC	$1,421,953	–	51,453	–	0.15%	–
GIB	New	CGI INCcl a sub vtg	$1,080,580	–	7,735	–	0.12%	–
RY	New	ROYAL BK CDA	$1,017,727	–	8,044	–	0.11%	–
FNV	New	FRANCO NEV CORP	$894,015	–	4,735	–	0.10%	–
FSV	New	FIRSTSERVICE CORP NEW	$784,661	–	3,846	–	0.08%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$726,953	–	12,689	–	0.08%	–
CNI	New	CANADIAN NATL RY CO	$669,914	–	4,176	–	0.07%	–
STN	New	STANTEC INC	$573,948	–	6,636	–	0.06%	–
UTI	New	UNIVERSAL TECHNICAL INST INC	$418,387	–	60,548	–	0.04%	–
PMTS	New	CPI CARD GROUP INC	$416,338	–	17,907	–	0.04%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$322,770	–	7,237	–	0.04%	–
SHOP	New	SHOPIFY INCcl a	$216,447	–	2,528	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
UTI	Exit	UNIVERSAL TECHNICAL	$0	–	-24,397	–	-0.02%	–
BAM	Exit	BROOKFIELD ASSET MGTcl a ltd vt sh	$0	–	-4,805	–	-0.03%	–
FSV	Exit	FIRSTSERVICE CORP	$0	–	-1,883	–	-0.03%	–
STN	Exit	STANTEC INC	$0	–	-5,688	–	-0.04%	–
WPM	Exit	WHEATON PRECIOUS MET	$0	–	-7,793	–	-0.04%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-4,476	–	-0.05%	–
TIXT	Exit	TELUS INTL (CDA)	$0	–	-13,205	–	-0.05%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-3,063	–	-0.06%	–
RY	Exit	ROYAL BANK CDA	$0	–	-4,624	–	-0.06%	–
VRRKF	Exit	VERSABANK	$0	–	-128,415	–	-0.14%	–
CIXX	Exit	CI FINANCIAL CORP	$0	–	-173,324	–	-0.26%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-49,903	–	-0.29%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-45,899	–	-0.52%	–
MANH	Exit	MANHATTAN ASSOCS IN	$0	–	-37,585	–	-0.56%	–
GIL	Exit	GILDAN ACTIVEWEAR	$0	–	-129,387	–	-0.56%	–
	Exit	STEVANATO GROUP SPA	$0	–	-301,343	–	-0.57%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-164,511	–	-0.64%	–
LESL	Exit	LESLIES INC	$0	–	-392,231	–	-0.64%	–
CERT	Exit	CERTARA INC	$0	–	-446,819	–	-0.66%	–
RGEN	Exit	REPLIGEN CORP	$0	–	-31,985	–	-0.66%	–
GO	Exit	GROCERY OUTLET HLD	$0	–	-189,955	–	-0.70%	–
FOXF	Exit	FOX FACTORY HLDG	$0	–	-89,063	–	-0.78%	–
OMCL	Exit	OMNICELL INC	$0	–	-90,350	–	-0.87%	–
MP	Exit	MP MATERIALS CORP	$0	–	-298,161	–	-0.90%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-107,483	–	-0.90%	–
KBR	Exit	KBR INC	$0	–	-206,400	–	-0.99%	–
XPEL	Exit	XPEL INC	$0	–	-144,182	–	-1.03%	–
IVV	Exit	ISHARES TRUSTcore s&p500 etf	$0	–	-27,255	–	-1.08%	–
	Exit	COUCHBASE INC	$0	–	-743,905	–	-1.18%	–
BWMN	Exit	BOWMAN CONSULTING GR	$0	–	-754,801	–	-1.22%	–
QLYS	Exit	QUALYS INC	$0	–	-90,336	–	-1.40%	–
ERII	Exit	ENERGY RECOVERY INC	$0	–	-621,811	–	-1.50%	–
DLB	Exit	DOLBY LABORATORIES	$0	–	-210,787	–	-1.52%	–
	Exit	SANGOMA TECHNOLOGS	$0	–	-1,971,282	–	-1.58%	–
ENPH	Exit	ENPHASE ENERGY	$0	–	-52,992	–	-1.63%	–
ROAD	Exit	CONSTRUCTION PARTNRS	$0	–	-596,212	–	-1.74%	–
IMXI	Exit	INTL MONEY EXPRESS	$0	–	-693,042	–	-1.75%	–
WSO	Exit	WATSCO INC	$0	–	-63,578	–	-1.82%	–
SPT	Exit	SPROUT SOCIAL INC	$0	–	-273,366	–	-1.84%	–
AX	Exit	AXOS FINANCIAL	$0	–	-487,262	–	-1.85%	–
PRFT	Exit	PERFICIENT INC	$0	–	-258,371	–	-1.86%	–
SSTK	Exit	SHUTTERSTOCK INC	$0	–	-355,277	–	-1.98%	–
	Exit	TRICON RESIDENTIAL	$0	–	-1,507,643	–	-2.00%	–
TREX	Exit	TREX CO INC	$0	–	-419,457	–	-2.05%	–
SBCF	Exit	SEACOAST BKG CORP FL	$0	–	-622,703	–	-2.09%	–
TCX	Exit	TUCOWS	$0	–	-383,476	–	-2.15%	–
AOS	Exit	SMITH A O	$0	–	-402,488	–	-2.17%	–
SPSC	Exit	SPS COMMERCE INC	$0	–	-158,000	–	-2.18%	–
MPWR	Exit	MONOLITHIC POWER	$0	–	-54,119	–	-2.18%	–
TTEC	Exit	TTEC HOLDINGS INC	$0	–	-446,362	–	-2.20%	–
SITE	Exit	SITEONE LANDSCAPE	$0	–	-203,300	–	-2.35%	–
TECH	Exit	BIO TECHNE CORP	$0	–	-74,550	–	-2.35%	–
PAYC	Exit	PAYCOM SOFTWARE	$0	–	-64,865	–	-2.38%	–
THRM	Exit	GENTHERM INC	$0	–	-449,133	–	-2.48%	–
SRI	Exit	STONERIDGE INC	$0	–	-1,334,376	–	-2.51%	–
	Exit	BRP INC	$0	–	-284,201	–	-2.68%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-281,610	–	-2.74%	–
GTLS	Exit	CHART INDS INC	$0	–	-135,108	–	-2.76%	–
CRAI	Exit	CRA INTERNATIONAL	$0	–	-283,054	–	-2.79%	–
DORM	Exit	DORMAN PRODUCTS	$0	–	-308,862	–	-2.82%	–
IBP	Exit	INSTALLED BUILDING	$0	–	-321,942	–	-2.89%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-610,766	–	-3.08%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-376,862	–	-3.30%	–
CIGI	Exit	COLLIERS INTL	$0	–	-265,339	–	-3.73%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-590,798	–	-3.91%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-463,784	–	-4.21%	–

Q3 2022

			Value		Shares		↓ Weighting
WNS	Sell	WNS HOLDINGS LTDspon adr	$37,956,000	+7.8%	463,784	-1.7%	4.21%	+15.7%
GMED	Sell	GLOBUS MED INCcl a	$35,193,000	+4.5%	590,798	-1.6%	3.91%	+12.1%
CIGI	Sell	COLLIERS INTL	$33,589,000	-11.7%	265,339	-1.6%	3.73%	-5.2%
AIN	Sell	ALBANY INTL CORPcl a	$29,708,000	-2.2%	376,862	-2.2%	3.30%	+5.1%
FC	Sell	FRANKLIN COVEY CO	$27,722,000	-17.2%	610,766	-15.8%	3.08%	-11.1%
IBP	Sell	INSTALLED BUILDING	$26,074,000	-4.0%	321,942	-1.4%	2.89%	+3.0%
DORM	Sell	DORMAN PRODUCTS	$25,363,000	-26.4%	308,862	-1.7%	2.82%	-21.0%
CRAI	Sell	CRA INTERNATIONAL	$25,118,000	-2.3%	283,054	-1.7%	2.79%	+4.9%
GTLS	Sell	CHART INDS INC	$24,907,000	+8.5%	135,108	-1.5%	2.76%	+16.5%
DSGX	Sell	DESCARTES SYSTEMS	$24,700,000	-20.3%	281,610	-27.3%	2.74%	-14.4%
	Sell	BRP INC	$24,182,000	+5.4%	284,201	-1.9%	2.68%	+13.1%
SRI	Sell	STONERIDGE INC	$22,617,000	-2.6%	1,334,376	-1.4%	2.51%	+4.6%
THRM	Sell	GENTHERM INC	$22,335,000	-21.7%	449,133	-1.7%	2.48%	-15.9%
PAYC	Sell	PAYCOM SOFTWARE	$21,404,000	+16.2%	64,865	-1.3%	2.38%	+24.8%
SITE	Buy	SITEONE LANDSCAPE	$21,171,000	-3.5%	203,300	+10.1%	2.35%	+3.6%
TECH	Sell	BIO TECHNE CORP	$21,172,000	-19.4%	74,550	-1.7%	2.35%	-13.5%
TTEC	Sell	TTEC HOLDINGS INC	$19,778,000	-35.9%	446,362	-1.7%	2.20%	-31.1%
MPWR	Sell	MONOLITHIC POWER	$19,666,000	-6.8%	54,119	-1.5%	2.18%	+0.1%
SPSC	Buy	SPS COMMERCE INC	$19,628,000	+12.2%	158,000	+2.1%	2.18%	+20.5%
AOS	Sell	SMITH A O	$19,552,000	-12.6%	402,488	-1.6%	2.17%	-6.2%
TCX	Sell	TUCOWS	$19,377,000	-10.6%	383,476	-2.1%	2.15%	-4.0%
SBCF	Sell	SEACOAST BKG CORP FL	$18,824,000	-10.3%	622,703	-2.0%	2.09%	-3.7%
TREX	Buy	TREX CO INC	$18,430,000	-10.6%	419,457	+10.7%	2.05%	-4.0%
	Sell	TRICON RESIDENTIAL	$18,016,000	-10.0%	1,507,643	-1.8%	2.00%	-3.4%
SSTK	Sell	SHUTTERSTOCK INC	$17,824,000	-14.0%	355,277	-1.8%	1.98%	-7.7%
PRFT	Buy	PERFICIENT INC	$16,799,000	-23.8%	258,371	+7.4%	1.86%	-18.2%
AX	Sell	AXOS FINANCIAL	$16,678,000	-6.3%	487,262	-1.8%	1.85%	+0.7%
SPT	Sell	SPROUT SOCIAL INC	$16,587,000	+3.1%	273,366	-1.4%	1.84%	+10.6%
WSO	Sell	WATSCO INC	$16,368,000	+6.0%	63,578	-1.7%	1.82%	+13.8%
IMXI	Sell	INTL MONEY EXPRESS	$15,794,000	-3.3%	693,042	-13.1%	1.75%	+3.9%
ROAD	Buy	CONSTRUCTION PARTNRS	$15,638,000	+67.5%	596,212	+33.7%	1.74%	+79.9%
ENPH	Sell	ENPHASE ENERGY	$14,703,000	-12.0%	52,992	-38.1%	1.63%	-5.6%
	Buy	SANGOMA TECHNOLOGS	$14,212,000	-32.9%	1,971,282	+1.3%	1.58%	-27.9%
DLB	Sell	DOLBY LABORATORIES	$13,732,000	-10.7%	210,787	-1.9%	1.52%	-4.2%
ERII	Sell	ENERGY RECOVERY INC	$13,518,000	+9.7%	621,811	-2.0%	1.50%	+17.8%
QLYS	Buy	QUALYS INC	$12,591,000	+81.4%	90,336	+64.2%	1.40%	+94.7%
BWMN	Buy	BOWMAN CONSULTING GR	$11,020,000	+19.6%	754,801	+1.1%	1.22%	+28.5%
	Buy	COUCHBASE INC	$10,615,000	-8.8%	743,905	+4.9%	1.18%	-2.2%
IVV	Sell	ISHARES TRUSTcore s&p500 etf	$9,775,000	-10.2%	27,255	-5.1%	1.08%	-3.6%
XPEL	Sell	XPEL INC	$9,291,000	+35.2%	144,182	-3.6%	1.03%	+45.0%
KBR	Sell	KBR INC	$8,920,000	-13.4%	206,400	-3.0%	0.99%	-7.0%
EEFT	Sell	EURONET WORLDWIDE	$8,142,000	-26.1%	107,483	-1.9%	0.90%	-20.7%
MP	Sell	MP MATERIALS CORP	$8,139,000	-16.6%	298,161	-2.0%	0.90%	-10.5%
OMCL	Sell	OMNICELL INC	$7,863,000	-25.0%	90,350	-2.0%	0.87%	-19.5%
FOXF	Sell	FOX FACTORY HLDG	$7,043,000	-3.7%	89,063	-1.9%	0.78%	+3.4%
GO	Sell	GROCERY OUTLET HLD	$6,323,000	-23.4%	189,955	-1.9%	0.70%	-17.7%
RGEN	Sell	REPLIGEN CORP	$5,984,000	+12.9%	31,985	-2.0%	0.66%	+21.2%
CERT	Buy	CERTARA INC	$5,933,000	-26.9%	446,819	+18.2%	0.66%	-21.5%
LESL	Sell	LESLIES INC	$5,769,000	-4.7%	392,231	-1.7%	0.64%	+2.2%
EEM	Sell	ISHARESmsci emg mkt etf	$5,738,000	-13.2%	164,511	-0.2%	0.64%	-6.9%
	New	STEVANATO GROUP SPA	$5,104,000	–	301,343	–	0.57%	–
GIL	Buy	GILDAN ACTIVEWEAR	$5,052,000	+1785.1%	129,387	+1684.6%	0.56%	+1903.6%
MANH	New	MANHATTAN ASSOCS IN	$4,999,000	–	37,585	–	0.56%	–
LCII	Sell	LCI INDUSTRIES	$4,656,000	-10.9%	45,899	-1.7%	0.52%	-4.3%
IEFA	Buy	ISHARES TRcore msci eafe	$2,628,000	-7.5%	49,903	+3.4%	0.29%	-0.7%
CIXX	Sell	CI FINANCIAL CORP	$2,294,000	-3.9%	173,324	-0.8%	0.26%	+3.2%
RY	Buy	ROYAL BANK CDA	$575,000	+26.9%	4,624	+27.1%	0.06%	+36.2%
FNV	Buy	FRANCO NEVADA CORP	$505,000	+23.8%	3,063	+27.0%	0.06%	+33.3%
TIXT	Buy	TELUS INTL (CDA)	$477,000	+42.4%	13,205	+27.1%	0.05%	+51.4%
GIB	Buy	CGI INCcl a sub vtg	$465,000	+47.6%	4,476	+45.6%	0.05%	+57.6%
WPM	Buy	WHEATON PRECIOUS MET	$348,000	+22.5%	7,793	+27.1%	0.04%	+34.5%
STN	New	STANTEC INC	$344,000	–	5,688	–	0.04%	–
FSV	New	FIRSTSERVICE CORP	$309,000	–	1,883	–	0.03%	–
BAM	Buy	BROOKFIELD ASSET MGTcl a ltd vt sh	$271,000	+25.5%	4,805	+27.0%	0.03%	+36.4%
UTI	Buy	UNIVERSAL TECHNICAL	$132,000	-2.9%	24,397	+27.1%	0.02%	+7.1%
KRNT	Exit	KORNIT DIGITAL LTD	$0	–	-181,010	–	-0.59%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-139,062	–	-0.70%	–

Q2 2022

			Value		Shares		↓ Weighting
CIGI	New	COLLIERS INTL	$38,032,000	–	269,680	–	3.93%	–
WNS	New	WNS HOLDINGS LTDspon adr	$35,206,000	–	471,689	–	3.64%	–
DORM	New	DORMAN PRODUCTS	$34,484,000	–	314,325	–	3.56%	–
GMED	New	GLOBUS MED INCcl a	$33,692,000	–	600,148	–	3.48%	–
FC	New	FRANKLIN COVEY CO	$33,480,000	–	725,010	–	3.46%	–
DSGX	New	DESCARTES SYSTEMS	$30,978,000	–	387,274	–	3.20%	–
TTEC	New	TTEC HOLDINGS INC	$30,833,000	–	454,170	–	3.19%	–
AIN	New	ALBANY INTL CORPcl a	$30,363,000	–	385,370	–	3.14%	–
THRM	New	GENTHERM INC	$28,510,000	–	456,828	–	2.95%	–
IBP	New	INSTALLED BUILDING	$27,165,000	–	326,661	–	2.81%	–
TECH	New	BIO TECHNE CORP	$26,276,000	–	75,804	–	2.72%	–
CRAI	New	CRA INTERNATIONAL	$25,715,000	–	287,907	–	2.66%	–
SRI	New	STONERIDGE INC	$23,210,000	–	1,353,372	–	2.40%	–
GTLS	New	CHART INDS INC	$22,964,000	–	137,199	–	2.37%	–
	New	BRP INC	$22,952,000	–	289,730	–	2.37%	–
AOS	New	SMITH A O	$22,370,000	–	409,123	–	2.31%	–
PRFT	New	PERFICIENT INC	$22,053,000	–	240,526	–	2.28%	–
SITE	New	SITEONE LANDSCAPE	$21,950,000	–	184,663	–	2.27%	–
TCX	New	TUCOWS	$21,678,000	–	391,709	–	2.24%	–
	New	SANGOMA TECHNOLOGS	$21,171,000	–	1,945,884	–	2.19%	–
MPWR	New	MONOLITHIC POWER	$21,091,000	–	54,919	–	2.18%	–
SBCF	New	SEACOAST BKG CORP FL	$20,985,000	–	635,163	–	2.17%	–
SSTK	New	SHUTTERSTOCK INC	$20,731,000	–	361,738	–	2.14%	–
TREX	New	TREX CO INC	$20,614,000	–	378,807	–	2.13%	–
	New	TRICON RESIDENTIAL	$20,028,000	–	1,534,742	–	2.07%	–
PAYC	New	PAYCOM SOFTWARE	$18,415,000	–	65,740	–	1.90%	–
AX	New	AXOS FINANCIAL	$17,790,000	–	496,249	–	1.84%	–
SPSC	New	SPS COMMERCE INC	$17,493,000	–	154,740	–	1.81%	–
ENPH	New	ENPHASE ENERGY	$16,712,000	–	85,601	–	1.73%	–
IMXI	New	INTL MONEY EXPRESS	$16,330,000	–	797,756	–	1.69%	–
SPT	New	SPROUT SOCIAL INC	$16,093,000	–	277,136	–	1.66%	–
WSO	New	WATSCO INC	$15,442,000	–	64,663	–	1.60%	–
DLB	New	DOLBY LABORATORIES	$15,377,000	–	214,890	–	1.59%	–
ERII	New	ENERGY RECOVERY INC	$12,318,000	–	634,297	–	1.27%	–
	New	COUCHBASE INC	$11,643,000	–	709,125	–	1.20%	–
EEFT	New	EURONET WORLDWIDE	$11,024,000	–	109,602	–	1.14%	–
IVV	New	ISHARES TRUSTcore s&p500 etf	$10,890,000	–	28,723	–	1.13%	–
OMCL	New	OMNICELL INC	$10,490,000	–	92,223	–	1.08%	–
KBR	New	KBR INC	$10,297,000	–	212,802	–	1.06%	–
MP	New	MP MATERIALS CORP	$9,762,000	–	304,307	–	1.01%	–
ROAD	New	CONSTRUCTION PARTNRS	$9,336,000	–	445,867	–	0.96%	–
BWMN	New	BOWMAN CONSULTING GR	$9,212,000	–	746,543	–	0.95%	–
GO	New	GROCERY OUTLET HLD	$8,254,000	–	193,630	–	0.85%	–
CERT	New	CERTARA INC	$8,112,000	–	378,021	–	0.84%	–
FOXF	New	FOX FACTORY HLDG	$7,313,000	–	90,805	–	0.76%	–
QLYS	New	QUALYS INC	$6,940,000	–	55,021	–	0.72%	–
XPEL	New	XPEL INC	$6,872,000	–	149,630	–	0.71%	–
OTEX	New	OPEN TEXT CORP	$6,770,000	–	139,062	–	0.70%	–
EEM	New	ISHARESmsci emg mkt etf	$6,612,000	–	164,893	–	0.68%	–
LESL	New	LESLIES INC	$6,054,000	–	398,827	–	0.63%	–
KRNT	New	KORNIT DIGITAL LTD	$5,738,000	–	181,010	–	0.59%	–
RGEN	New	REPLIGEN CORP	$5,300,000	–	32,637	–	0.55%	–
LCII	New	LCI INDUSTRIES	$5,225,000	–	46,704	–	0.54%	–
IEFA	New	ISHARES TRcore msci eafe	$2,840,000	–	48,270	–	0.29%	–
CIXX	New	CI FINANCIAL CORP	$2,388,000	–	174,733	–	0.25%	–
VRRKF	New	VERSABANK	$1,212,000	–	128,415	–	0.12%	–
RY	New	ROYAL BANK CDA	$453,000	–	3,638	–	0.05%	–
FNV	New	FRANCO NEVADA CORP	$408,000	–	2,411	–	0.04%	–
TIXT	New	TELUS INTL (CDA)	$335,000	–	10,388	–	0.04%	–
GIB	New	CGI INCcl a sub vtg	$315,000	–	3,074	–	0.03%	–
WPM	New	WHEATON PRECIOUS MET	$284,000	–	6,131	–	0.03%	–
GIL	New	GILDAN ACTIVEWEAR	$268,000	–	7,250	–	0.03%	–
BAM	New	BROOKFIELD ASSET MGTcl a ltd vt sh	$216,000	–	3,783	–	0.02%	–
UTI	New	UNIVERSAL TECHNICAL	$136,000	–	19,188	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
EVER	Exit	EVERQUOTE INC	$0	–	-43,487	–	-0.06%	–
VRRKF	Exit	VERSABANK	$0	–	-128,415	–	-0.14%	–
JRVR	Exit	JAMES RIV GROUP	$0	–	-73,685	–	-0.21%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-71,518	–	-0.27%	–
CSSE	Exit	CHICKEN SOUP FOR THcl a	$0	–	-174,622	–	-0.30%	–
CIXX	Exit	CI FINANCIAL CORP	$0	–	-192,314	–	-0.37%	–
XPEL	Exit	XPEL INC	$0	–	-70,441	–	-0.40%	–
STN	Exit	STANTEC INC	$0	–	-90,180	–	-0.40%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-87,600	–	-0.41%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-84,852	–	-0.48%	–
GO	Exit	GROCERY OUTLET HLD	$0	–	-295,802	–	-0.48%	–
CDNA	Exit	CAREDX INC	$0	–	-105,191	–	-0.50%	–
IVV	Exit	ISHARES TRUSTcore s&p500 etf	$0	–	-19,342	–	-0.63%	–
GWRE	Exit	GUIDEWIRE SOFTWARE	$0	–	-72,826	–	-0.65%	–
KBR	Exit	KBR INC	$0	–	-235,628	–	-0.70%	–
CHUY	Exit	CHUYS HLDGS INC	$0	–	-299,337	–	-0.71%	–
LEV	Exit	THE LION ELECTRIC CO	$0	–	-598,996	–	-0.72%	–
FOXF	Exit	FOX FACTORY HLDG	$0	–	-68,049	–	-0.74%	–
MP	Exit	MP MATERIALS CORP	$0	–	-304,820	–	-0.74%	–
	Exit	COUCHBASE INC	$0	–	-316,488	–	-0.74%	–
PRCH	Exit	PORCH GROUP INC	$0	–	-561,348	–	-0.75%	–
WSO	Exit	WATSCO INC	$0	–	-40,807	–	-0.81%	–
WPRT	Exit	WESTPORT FUEL SYSTEM	$0	–	-3,068,373	–	-0.96%	–
ENPH	Exit	ENPHASE ENERGY	$0	–	-85,930	–	-0.97%	–
PAYC	Exit	PAYCOM SOFTWARE	$0	–	-27,776	–	-1.04%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-102,602	–	-1.04%	–
OLLI	Exit	OLLIES BARGAIN OUT	$0	–	-245,136	–	-1.11%	–
NOTV	Exit	INOTIV INC	$0	–	-517,069	–	-1.14%	–
DLB	Exit	DOLBY LABORATORIES	$0	–	-176,353	–	-1.17%	–
	Exit	LIGHTSPEED COMMERCE	$0	–	-131,565	–	-1.21%	–
FSV	Exit	FIRSTSERVICE CORP	$0	–	-71,244	–	-1.23%	–
ROAD	Exit	CONSTRUCTION PARTNRS	$0	–	-517,588	–	-1.30%	–
SBCF	Exit	SEACOAST BKG CORP FL	$0	–	-511,696	–	-1.30%	–
BRKR	Exit	BRUKER CORP	$0	–	-249,551	–	-1.47%	–
IMXI	Exit	INTL MONEY EXPRESS	$0	–	-1,189,614	–	-1.50%	–
ABST	Exit	ABSOLUTE SOFTWARE	$0	–	-1,472,243	–	-1.54%	–
MPWR	Exit	MONOLITHIC POWER	$0	–	-43,699	–	-1.60%	–
DORM	Exit	DORMAN PRODUCTS	$0	–	-233,544	–	-1.67%	–
SRI	Exit	STONERIDGE INC	$0	–	-1,103,030	–	-1.70%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,047,015	–	-1.71%	–
OMCL	Exit	OMNICELL INC	$0	–	-155,048	–	-1.74%	–
SPSC	Exit	SPS COMMERCE INC	$0	–	-142,660	–	-1.74%	–
SPT	Exit	SPROUT SOCIAL INC	$0	–	-189,158	–	-1.74%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-199,761	–	-1.92%	–
AOS	Exit	SMITH A O	$0	–	-418,243	–	-1.92%	–
AX	Exit	AXOS FINANCIAL	$0	–	-498,997	–	-1.94%	–
IBP	Exit	INSTALLED BUILDING	$0	–	-264,956	–	-2.14%	–
CSTL	Exit	CASTLE BIOSCIENCES I	$0	–	-433,679	–	-2.17%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-70,014	–	-2.18%	–
GTLS	Exit	CHART INDS INC	$0	–	-151,332	–	-2.18%	–
CRAI	Exit	CRA INTERNATIONAL	$0	–	-293,121	–	-2.20%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-283,917	–	-2.21%	–
KRNT	Exit	KORNIT DIGITAL LTD	$0	–	-206,000	–	-2.25%	–
TREX	Exit	TREX CO INC	$0	–	-303,474	–	-2.33%	–
SSTK	Exit	SHUTTERSTOCK INC	$0	–	-285,411	–	-2.44%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-800,258	–	-2.46%	–
PRFT	Exit	PERFICIENT INC	$0	–	-288,066	–	-2.51%	–
THRM	Exit	GENTHERM INC	$0	–	-415,167	–	-2.53%	–
	Exit	BRP INC	$0	–	-288,481	–	-2.55%	–
TTEC	Exit	TTEC HOLDINGS INC	$0	–	-367,671	–	-2.59%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-457,830	–	-2.65%	–
SITE	Exit	SITEONE LANDSCAPE	$0	–	-180,679	–	-2.72%	–
TECH	Exit	BIO TECHNE CORP	$0	–	-75,581	–	-2.76%	–
TCX	Exit	TUCOWS	$0	–	-380,549	–	-2.80%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-515,044	–	-3.18%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-601,447	–	-3.47%	–
CIGI	Exit	COLLIERS INTL	$0	–	-311,007	–	-3.80%	–

Q3 2021

			Value		Shares		↓ Weighting
CIGI	Sell	COLLIERS INTL	$50,424,000	+1.6%	311,007	-13.0%	3.80%	-2.3%
GMED	Buy	GLOBUS MED INCcl a	$46,083,000	-1.0%	601,447	+0.2%	3.47%	-4.8%
WNS	Buy	WNS HOLDINGS LTDspon adr	$42,131,000	+7.7%	515,044	+5.1%	3.18%	+3.5%
TCX	Buy	TUCOWS	$37,176,000	+29.7%	380,549	+28.3%	2.80%	+24.7%
TECH	Buy	BIO TECHNE CORP	$36,624,000	+8.2%	75,581	+0.6%	2.76%	+4.1%
SITE	Buy	SITEONE LANDSCAPE	$36,040,000	+20.9%	180,679	+2.6%	2.72%	+16.3%
AIN	Buy	ALBANY INTL CORPcl a	$35,193,000	+3.8%	457,830	+20.5%	2.65%	-0.2%
TTEC	Sell	TTEC HOLDINGS INC	$34,388,000	-9.3%	367,671	-0.0%	2.59%	-12.8%
	Buy	BRP INC	$33,822,000	+21.7%	288,481	+0.7%	2.55%	+17.0%
THRM	Buy	GENTHERM INC	$33,599,000	+15.5%	415,167	+1.4%	2.53%	+11.1%
PRFT	Buy	PERFICIENT INC	$33,329,000	+45.0%	288,066	+0.8%	2.51%	+39.4%
FC	Buy	FRANKLIN COVEY CO	$32,643,000	+34.5%	800,258	+6.6%	2.46%	+29.3%
SSTK	Sell	SHUTTERSTOCK INC	$32,343,000	+15.1%	285,411	-0.3%	2.44%	+10.7%
TREX	Buy	TREX CO INC	$30,933,000	+2.5%	303,474	+2.8%	2.33%	-1.4%
KRNT	Sell	KORNIT DIGITAL LTD	$29,816,000	+3.6%	206,000	-11.0%	2.25%	-0.4%
DSGX	Sell	DESCARTES SYSTEMS	$29,272,000	-1.2%	283,917	-17.9%	2.21%	-5.0%
CRAI	Buy	CRA INTERNATIONAL	$29,119,000	+16.8%	293,121	+0.6%	2.20%	+12.3%
GTLS	Buy	CHART INDS INC	$28,921,000	+32.3%	151,332	+1.3%	2.18%	+27.2%
CRL	Buy	CHARLES RIV LABS INT	$28,893,000	+12.0%	70,014	+0.4%	2.18%	+7.7%
CSTL	Sell	CASTLE BIOSCIENCES I	$28,840,000	-12.8%	433,679	-3.8%	2.17%	-16.1%
IBP	Buy	INSTALLED BUILDING	$28,390,000	-9.5%	264,956	+3.3%	2.14%	-13.0%
AX	Buy	AXOS FINANCIAL	$25,718,000	+11.4%	498,997	+0.2%	1.94%	+7.1%
AOS	Buy	SMITH A O	$25,542,000	-9.4%	418,243	+6.9%	1.92%	-12.9%
EEFT	Buy	EURONET WORLDWIDE	$25,426,000	+0.4%	199,761	+6.8%	1.92%	-3.4%
SPT	Sell	SPROUT SOCIAL INC	$23,068,000	+34.1%	189,158	-1.7%	1.74%	+28.9%
SPSC	Buy	SPS COMMERCE INC	$23,012,000	+62.7%	142,660	+0.7%	1.74%	+56.4%
OMCL	Buy	OMNICELL INC	$23,014,000	-1.2%	155,048	+0.8%	1.74%	-5.0%
PCOM	Sell	POINTS INTL LTD	$22,689,000	-1.2%	1,047,015	-2.0%	1.71%	-5.1%
SRI	Buy	STONERIDGE INC	$22,491,000	-26.6%	1,103,030	+6.1%	1.70%	-29.5%
DORM	Buy	DORMAN PRODUCTS	$22,110,000	-8.1%	233,544	+0.6%	1.67%	-11.6%
MPWR	Sell	MONOLITHIC POWER	$21,180,000	+23.7%	43,699	-4.7%	1.60%	+19.0%
ABST	Buy	ABSOLUTE SOFTWARE	$20,494,000	-22.1%	1,472,243	+0.4%	1.54%	-25.1%
IMXI	Sell	INTL MONEY EXPRESS	$19,867,000	+10.8%	1,189,614	-1.5%	1.50%	+6.5%
BRKR	Sell	BRUKER CORP	$19,490,000	+2.0%	249,551	-0.8%	1.47%	-1.9%
SBCF	Buy	SEACOAST BKG CORP FL	$17,300,000	-0.2%	511,696	+0.9%	1.30%	-4.0%
ROAD	New	CONSTRUCTION PARTNRS	$17,272,000	–	517,588	–	1.30%	–
FSV	Sell	FIRSTSERVICE CORP	$16,315,000	+5.7%	71,244	-1.9%	1.23%	+1.7%
	New	LIGHTSPEED COMMERCE	$16,080,000	–	131,565	–	1.21%	–
DLB	Buy	DOLBY LABORATORIES	$15,519,000	-10.2%	176,353	+0.3%	1.17%	-13.7%
NOTV	Buy	INOTIV INC	$15,119,000	+26.0%	517,069	+15.0%	1.14%	+21.1%
OLLI	Sell	OLLIES BARGAIN OUT	$14,777,000	-37.6%	245,136	-12.9%	1.11%	-40.0%
LCII	Sell	LCI INDUSTRIES	$13,813,000	+2.4%	102,602	-0.0%	1.04%	-1.5%
PAYC	Buy	PAYCOM SOFTWARE	$13,770,000	+41.1%	27,776	+3.5%	1.04%	+35.7%
ENPH	Buy	ENPHASE ENERGY	$12,887,000	-17.7%	85,930	+0.8%	0.97%	-20.9%
WPRT	Buy	WESTPORT FUEL SYSTEM	$12,764,000	-36.3%	3,068,373	+0.7%	0.96%	-38.8%
WSO	Buy	WATSCO INC	$10,798,000	-7.1%	40,807	+0.6%	0.81%	-10.7%
PRCH	Sell	PORCH GROUP INC	$9,925,000	-8.6%	561,348	-0.0%	0.75%	-12.2%
	New	COUCHBASE INC	$9,846,000	–	316,488	–	0.74%	–
MP	Sell	MP MATERIALS CORP	$9,824,000	-12.6%	304,820	-0.1%	0.74%	-15.9%
FOXF	Sell	FOX FACTORY HLDG	$9,815,000	-7.4%	68,049	-0.0%	0.74%	-11.0%
LEV	Buy	THE LION ELECTRIC CO	$9,614,000	+288.0%	598,996	+485.3%	0.72%	+273.7%
CHUY	Buy	CHUYS HLDGS INC	$9,438,000	-14.8%	299,337	+0.7%	0.71%	-18.2%
KBR	Buy	KBR INC	$9,284,000	+3.9%	235,628	+0.6%	0.70%	-0.1%
GWRE	Buy	GUIDEWIRE SOFTWARE	$8,657,000	+6.2%	72,826	+0.7%	0.65%	+2.2%
IVV	Buy	ISHARES TRUSTcore s&p500 etf	$8,333,000	+12.4%	19,342	+12.2%	0.63%	+8.1%
CDNA	Sell	CAREDX INC	$6,666,000	-30.8%	105,191	-0.1%	0.50%	-33.5%
GO	Sell	GROCERY OUTLET HLD	$6,380,000	-37.8%	295,802	-0.0%	0.48%	-40.2%
IEFA	Buy	ISHARES TRcore msci eafe	$6,300,000	+14.4%	84,852	+15.4%	0.48%	+10.0%
OTEX	Buy	OPEN TEXT CORP	$5,415,000	+0.1%	87,600	+1.9%	0.41%	-3.8%
STN	Buy	STANTEC INC	$5,366,000	+9.4%	90,180	+1.7%	0.40%	+4.9%
XPEL	Sell	XPEL INC	$5,344,000	-9.6%	70,441	-0.0%	0.40%	-13.0%
CIXX	Buy	CI FINANCIAL CORP	$4,944,000	+42.8%	192,314	+26.4%	0.37%	+37.6%
CSSE	New	CHICKEN SOUP FOR THcl a	$3,994,000	–	174,622	–	0.30%	–
EEM	Buy	ISHARESmsci emg mkt etf	$3,603,000	+12.9%	71,518	+23.6%	0.27%	+8.8%
JRVR	Buy	JAMES RIV GROUP	$2,780,000	+1.4%	73,685	+0.8%	0.21%	-2.3%
VRRKF	New	VERSABANK	$1,793,000	–	128,415	–	0.14%	–
EVER	Sell	EVERQUOTE INC	$810,000	-91.5%	43,487	-85.1%	0.06%	-91.8%
BCOV	Exit	BRIGHTCOVE INC	$0	–	-476,230	–	-0.54%	–
MDB	Exit	MONGODB INCcl a	$0	–	-22,414	–	-0.64%	–
AYX	Exit	ALTERYX INC	$0	–	-147,874	–	-1.00%	–
	Exit	LIGHTSPEED POS	$0	–	-130,375	–	-1.06%	–

Q2 2021

			Value		Shares		↓ Weighting
CIGI	New	COLLIERS INTL	$49,638,000	–	357,568	–	3.89%	–
GMED	New	GLOBUS MED INCcl a	$46,544,000	–	600,336	–	3.65%	–
WNS	New	WNS HOLDINGS LTDspon adr	$39,132,000	–	489,944	–	3.07%	–
TTEC	New	TTEC HOLDINGS INC	$37,911,000	–	367,748	–	2.97%	–
AIN	New	ALBANY INTL CORPcl a	$33,903,000	–	379,822	–	2.66%	–
TECH	New	BIO TECHNE CORP	$33,834,000	–	75,144	–	2.65%	–
CSTL	New	CASTLE BIOSCIENCES I	$33,064,000	–	450,894	–	2.59%	–
IBP	New	INSTALLED BUILDING	$31,375,000	–	256,415	–	2.46%	–
SRI	New	STONERIDGE INC	$30,659,000	–	1,039,273	–	2.40%	–
TREX	New	TREX CO INC	$30,173,000	–	295,203	–	2.37%	–
SITE	New	SITEONE LANDSCAPE	$29,813,000	–	176,135	–	2.34%	–
DSGX	New	DESCARTES SYSTEMS	$29,637,000	–	345,696	–	2.32%	–
THRM	New	GENTHERM INC	$29,079,000	–	409,274	–	2.28%	–
KRNT	New	KORNIT DIGITAL LTD	$28,776,000	–	231,446	–	2.26%	–
TCX	New	TUCOWS	$28,662,000	–	296,629	–	2.25%	–
AOS	New	SMITH A O	$28,191,000	–	391,214	–	2.21%	–
SSTK	New	SHUTTERSTOCK INC	$28,092,000	–	286,156	–	2.20%	–
	New	BRP INC	$27,781,000	–	286,404	–	2.18%	–
ABST	New	ABSOLUTE SOFTWARE	$26,296,000	–	1,466,613	–	2.06%	–
CRL	New	CHARLES RIV LABS INT	$25,805,000	–	69,759	–	2.02%	–
EEFT	New	EURONET WORLDWIDE	$25,316,000	–	187,038	–	1.98%	–
CRAI	New	CRA INTERNATIONAL	$24,939,000	–	291,346	–	1.96%	–
FC	New	FRANKLIN COVEY CO	$24,277,000	–	750,440	–	1.90%	–
DORM	New	DORMAN PRODUCTS	$24,055,000	–	232,036	–	1.89%	–
OLLI	New	OLLIES BARGAIN OUT	$23,668,000	–	281,327	–	1.86%	–
OMCL	New	OMNICELL INC	$23,300,000	–	153,843	–	1.83%	–
AX	New	AXOS FINANCIAL	$23,094,000	–	497,829	–	1.81%	–
PRFT	New	PERFICIENT INC	$22,979,000	–	285,739	–	1.80%	–
PCOM	New	POINTS INTL LTD	$22,971,000	–	1,068,415	–	1.80%	–
GTLS	New	CHART INDS INC	$21,862,000	–	149,409	–	1.71%	–
WPRT	New	WESTPORT FUEL SYSTEM	$20,048,000	–	3,046,740	–	1.57%	–
BRKR	New	BRUKER CORP	$19,109,000	–	251,499	–	1.50%	–
IMXI	New	INTL MONEY EXPRESS	$17,936,000	–	1,207,792	–	1.41%	–
SBCF	New	SEACOAST BKG CORP FL	$17,326,000	–	507,358	–	1.36%	–
DLB	New	DOLBY LABORATORIES	$17,285,000	–	175,861	–	1.36%	–
SPT	New	SPROUT SOCIAL INC	$17,207,000	–	192,432	–	1.35%	–
MPWR	New	MONOLITHIC POWER	$17,120,000	–	45,842	–	1.34%	–
ENPH	New	ENPHASE ENERGY	$15,652,000	–	85,235	–	1.23%	–
FSV	New	FIRSTSERVICE CORP	$15,434,000	–	72,591	–	1.21%	–
SPSC	New	SPS COMMERCE INC	$14,143,000	–	141,644	–	1.11%	–
	New	LIGHTSPEED POS	$13,526,000	–	130,375	–	1.06%	–
LCII	New	LCI INDUSTRIES	$13,486,000	–	102,615	–	1.06%	–
AYX	New	ALTERYX INC	$12,720,000	–	147,874	–	1.00%	–
NOTV	New	INOTIV INC	$11,998,000	–	449,690	–	0.94%	–
WSO	New	WATSCO INC	$11,629,000	–	40,570	–	0.91%	–
MP	New	MP MATERIALS CORP	$11,242,000	–	304,980	–	0.88%	–
CHUY	New	CHUYS HLDGS INC	$11,080,000	–	297,358	–	0.87%	–
PRCH	New	PORCH GROUP INC	$10,861,000	–	561,604	–	0.85%	–
FOXF	New	FOX FACTORY HLDG	$10,594,000	–	68,059	–	0.83%	–
GO	New	GROCERY OUTLET HLD	$10,255,000	–	295,885	–	0.80%	–
PAYC	New	PAYCOM SOFTWARE	$9,756,000	–	26,840	–	0.76%	–
CDNA	New	CAREDX INC	$9,633,000	–	105,254	–	0.76%	–
EVER	New	EVERQUOTE INC	$9,536,000	–	291,793	–	0.75%	–
KBR	New	KBR INC	$8,936,000	–	234,237	–	0.70%	–
GWRE	New	GUIDEWIRE SOFTWARE	$8,153,000	–	72,330	–	0.64%	–
MDB	New	MONGODB INCcl a	$8,103,000	–	22,414	–	0.64%	–
IVV	New	ISHARES TRUSTcore s&p500 etf	$7,411,000	–	17,239	–	0.58%	–
BCOV	New	BRIGHTCOVE INC	$6,834,000	–	476,230	–	0.54%	–
XPEL	New	XPEL INC	$5,909,000	–	70,450	–	0.46%	–
IEFA	New	ISHARES TRcore msci eafe	$5,506,000	–	73,554	–	0.43%	–
OTEX	New	OPEN TEXT CORP	$5,410,000	–	85,940	–	0.42%	–
STN	New	STANTEC INC	$4,905,000	–	88,679	–	0.38%	–
CIXX	New	CI FINANCIAL CORP	$3,462,000	–	152,177	–	0.27%	–
EEM	New	ISHARESmsci emg mkt etf	$3,192,000	–	57,880	–	0.25%	–
JRVR	New	JAMES RIV GROUP	$2,742,000	–	73,070	–	0.22%	–
LEV	New	THE LION ELECTRIC CO	$2,478,000	–	102,339	–	0.19%	–

Q4 2020

			Value		Shares		↓ Weighting
JRVR	Exit	JAMES RIV GROUP	$0	–	-50,151	–	-0.24%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-49,544	–	-0.32%	–
PGNY	Exit	PROGYNY INC	$0	–	-116,393	–	-0.37%	–
IVV	Exit	ISHARES TRUSTcore s&p500 etf	$0	–	-10,861	–	-0.40%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-69,186	–	-0.42%	–
IMXI	Exit	INTL MONEY EXPRESS	$0	–	-319,050	–	-0.50%	–
HSTM	Exit	HEALTHSTREAM INC	$0	–	-234,666	–	-0.51%	–
TTEK	Exit	TETRA TECH INC	$0	–	-51,868	–	-0.54%	–
HMSY	Exit	HMS HOLDINGS CORP	$0	–	-241,626	–	-0.63%	–
SSTK	Exit	SHUTTERSTOCK INC	$0	–	-114,483	–	-0.65%	–
SBCF	Exit	SEACOAST BKG CORP FL	$0	–	-332,615	–	-0.65%	–
EPAY	Exit	BOTTOMLINE TECH DEL	$0	–	-146,394	–	-0.67%	–
CRVL	Exit	CORVEL CORP	$0	–	-72,382	–	-0.67%	–
PRFT	Exit	PERFICIENT INC	$0	–	-149,472	–	-0.70%	–
GWRE	Exit	GUIDEWIRE SOFTWARE	$0	–	-75,396	–	-0.86%	–
AYX	Exit	ALTERYX INC	$0	–	-70,759	–	-0.88%	–
SPSC	Exit	SPS COMMERCE INC	$0	–	-105,226	–	-0.89%	–
ENPH	Exit	ENPHASE ENERGY	$0	–	-108,025	–	-0.97%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-110,214	–	-1.09%	–
BRKR	Exit	BRUKER CORP	$0	–	-262,433	–	-1.14%	–
WPRT	Exit	WESTPORT FUEL SYSTEM	$0	–	-4,796,017	–	-1.14%	–
CRAI	Exit	CRA INTERNATIONAL	$0	–	-293,409	–	-1.20%	–
CLCT	Exit	COLLECTORS UNIVERSE	$0	–	-224,641	–	-1.21%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-299,872	–	-1.26%	–
OMCL	Exit	OMNICELL INC	$0	–	-159,389	–	-1.30%	–
WSO	Exit	WATSCO INC	$0	–	-51,113	–	-1.30%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-673,221	–	-1.30%	–
AX	Exit	AXOS FINANCIAL	$0	–	-577,432	–	-1.47%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,073,621	–	-1.50%	–
AMED	Exit	AMEDISYS INC	$0	–	-61,440	–	-1.58%	–
TECH	Exit	BIO TECHNE CORP	$0	–	-60,755	–	-1.64%	–
PRLB	Exit	PROTO LABS INC	$0	–	-117,780	–	-1.66%	–
THRM	Exit	GENTHERM INC	$0	–	-381,421	–	-1.70%	–
DLB	Exit	DOLBY LABORATORIES	$0	–	-237,030	–	-1.71%	–
MDB	Exit	MONGODB INCcl a	$0	–	-71,303	–	-1.80%	–
AVLR	Exit	AVALARA INC	$0	–	-133,118	–	-1.85%	–
G	Exit	GENPACT LIMITED	$0	–	-461,434	–	-1.96%	–
SRI	Exit	STONERIDGE INC	$0	–	-987,402	–	-1.98%	–
AOS	Exit	SMITH A O	$0	–	-348,328	–	-2.00%	–
FSV	Exit	FIRSTSERVICE CORP	$0	–	-105,443	–	-2.02%	–
	Exit	LIGHTSPEED POS	$0	–	-442,804	–	-2.06%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-189,687	–	-2.20%	–
OLLI	Exit	OLLIES BARGAIN OUT	$0	–	-234,376	–	-2.23%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-419,534	–	-2.26%	–
KRNT	Exit	KORNIT DIGITAL LTD	$0	–	-325,921	–	-2.30%	–
TTEC	Exit	TTEC HOLDINGS INC	$0	–	-408,986	–	-2.43%	–
TREX	Exit	TREX CO INC	$0	–	-324,820	–	-2.53%	–
DORM	Exit	DORMAN PRODUCTS	$0	–	-260,974	–	-2.57%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-375,062	–	-2.61%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-490,871	–	-2.65%	–
MPWR	Exit	MONOLITHIC POWER	$0	–	-90,041	–	-2.74%	–
PAYC	Exit	PAYCOM SOFTWARE	$0	–	-84,150	–	-2.85%	–
SITE	Exit	SITEONE LANDSCAPE	$0	–	-222,168	–	-2.95%	–
TCX	Exit	TUCOWS	$0	–	-315,393	–	-3.02%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-125,339	–	-3.09%	–
IBP	Exit	INSTALLED BUILDING	$0	–	-329,928	–	-3.66%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-465,416	–	-3.85%	–
	Exit	BRP INC	$0	–	-540,983	–	-4.15%	–
CIGI	Exit	COLLIERS INTL	$0	–	-535,304	–	-5.17%	–

Q3 2020

			Value		Shares		↓ Weighting
CIGI	Buy	COLLIERS INTL	$47,465,000	+31.3%	535,304	+15.3%	5.17%	+21.7%
	Sell	BRP INC	$38,058,000	-8.2%	540,983	-24.5%	4.15%	-14.9%
DSGX	Sell	DESCARTES SYSTEMS	$35,302,000	-7.2%	465,416	-12.3%	3.85%	-14.0%
IBP	Sell	INSTALLED BUILDING	$33,570,000	+17.4%	329,928	-20.7%	3.66%	+8.8%
CRL	Buy	CHARLES RIV LABS INT	$28,383,000	+29.9%	125,339	+0.0%	3.09%	+20.4%
TCX	Sell	TUCOWS	$27,737,000	+17.6%	315,393	-0.7%	3.02%	+9.0%
SITE	Buy	SITEONE LANDSCAPE	$27,093,000	+7.3%	222,168	+0.3%	2.95%	-0.6%
PAYC	Buy	PAYCOM SOFTWARE	$26,196,000	+4.6%	84,150	+4.1%	2.85%	-3.0%
MPWR	Sell	MONOLITHIC POWER	$25,176,000	+17.1%	90,041	-0.8%	2.74%	+8.5%
GMED	Buy	GLOBUS MED INCcl a	$24,308,000	+5.4%	490,871	+1.6%	2.65%	-2.3%
WNS	Buy	WNS HOLDINGS LTDspon adr	$23,989,000	+27.1%	375,062	+9.3%	2.61%	+17.8%
DORM	Buy	DORMAN PRODUCTS	$23,587,000	+97.7%	260,974	+46.7%	2.57%	+83.2%
TREX	Buy	TREX CO INC	$23,257,000	+5.7%	324,820	+92.0%	2.53%	-2.0%
TTEC	Buy	TTEC HOLDINGS INC	$22,310,000	+49.2%	408,986	+27.4%	2.43%	+38.3%
KRNT	Sell	KORNIT DIGITAL LTD	$21,142,000	+21.1%	325,921	-0.4%	2.30%	+12.2%
AIN	Buy	ALBANY INTL CORPcl a	$20,771,000	-14.9%	419,534	+0.9%	2.26%	-21.2%
OLLI	Buy	OLLIES BARGAIN OUT	$20,473,000	+0.4%	234,376	+12.3%	2.23%	-7.0%
LCII	Buy	LCI INDUSTRIES	$20,162,000	+8.6%	189,687	+17.5%	2.20%	+0.6%
	New	LIGHTSPEED POS	$18,890,000	–	442,804	–	2.06%	–
FSV	Sell	FIRSTSERVICE CORP	$18,528,000	+27.8%	105,443	-0.5%	2.02%	+18.4%
AOS	Buy	SMITH A O	$18,392,000	+95.3%	348,328	+74.3%	2.00%	+81.0%
SRI	Buy	STONERIDGE INC	$18,139,000	-9.8%	987,402	+1.4%	1.98%	-16.4%
G	Sell	GENPACT LIMITED	$17,973,000	+6.3%	461,434	-0.4%	1.96%	-1.5%
AVLR	Buy	AVALARA INC	$16,951,000	-2.2%	133,118	+2.3%	1.85%	-9.3%
MDB	Buy	MONGODB INCcl a	$16,507,000	+14.0%	71,303	+11.5%	1.80%	+5.7%
DLB	Sell	DOLBY LABORATORIES	$15,710,000	+0.3%	237,030	-0.3%	1.71%	-7.1%
THRM	Buy	GENTHERM INC	$15,600,000	+5.7%	381,421	+0.5%	1.70%	-2.1%
PRLB	Sell	PROTO LABS INC	$15,253,000	+14.7%	117,780	-0.4%	1.66%	+6.3%
TECH	New	BIO TECHNE CORP	$15,051,000	–	60,755	–	1.64%	–
AMED	Sell	AMEDISYS INC	$14,526,000	+18.8%	61,440	-0.3%	1.58%	+10.0%
PCOM	Sell	POINTS INTL LTD	$13,732,000	+3.5%	1,073,621	-0.6%	1.50%	-4.1%
AX	Sell	AXOS FINANCIAL	$13,460,000	-2.6%	577,432	-7.7%	1.47%	-9.7%
FC	Sell	FRANKLIN COVEY CO	$11,943,000	-17.3%	673,221	-0.2%	1.30%	-23.4%
WSO	Sell	WATSCO INC	$11,904,000	+30.7%	51,113	-0.2%	1.30%	+21.2%
OMCL	Buy	OMNICELL INC	$11,900,000	+77.3%	159,389	+67.7%	1.30%	+64.3%
ECPG	Sell	ENCORE CAP GROUP INC	$11,572,000	+12.4%	299,872	-0.4%	1.26%	+4.2%
CLCT	Buy	COLLECTORS UNIVERSE	$11,117,000	+51.3%	224,641	+4.8%	1.21%	+40.2%
CRAI	Sell	CRA INTERNATIONAL	$10,994,000	-5.4%	293,409	-0.3%	1.20%	-12.3%
WPRT	Sell	WESTPORT FUEL SYSTEM	$10,455,000	+31.0%	4,796,017	-0.9%	1.14%	+21.4%
BRKR	Buy	BRUKER CORP	$10,432,000	+14.7%	262,433	+17.4%	1.14%	+6.3%
EEFT	Sell	EURONET WORLDWIDE	$10,040,000	-5.3%	110,214	-0.3%	1.09%	-12.2%
ENPH	New	ENPHASE ENERGY	$8,922,000	–	108,025	–	0.97%	–
SPSC	Buy	SPS COMMERCE INC	$8,194,000	+89.0%	105,226	+82.3%	0.89%	+75.1%
AYX	Sell	ALTERYX INC	$8,035,000	-31.2%	70,759	-0.4%	0.88%	-36.3%
GWRE	Sell	GUIDEWIRE SOFTWARE	$7,862,000	-6.3%	75,396	-0.4%	0.86%	-13.3%
PRFT	Sell	PERFICIENT INC	$6,388,000	+19.0%	149,472	-0.4%	0.70%	+10.3%
CRVL	Sell	CORVEL CORP	$6,184,000	+20.5%	72,382	-0.0%	0.67%	+11.8%
EPAY	Sell	BOTTOMLINE TECH DEL	$6,172,000	-59.8%	146,394	-51.6%	0.67%	-62.8%
SBCF	Sell	SEACOAST BKG CORP FL	$5,997,000	-12.0%	332,615	-0.5%	0.65%	-18.5%
SSTK	New	SHUTTERSTOCK INC	$5,958,000	–	114,483	–	0.65%	–
HMSY	Sell	HMS HOLDINGS CORP	$5,787,000	-74.5%	241,626	-65.5%	0.63%	-76.3%
TTEK	New	TETRA TECH INC	$4,953,000	–	51,868	–	0.54%	–
HSTM	Sell	HEALTHSTREAM INC	$4,710,000	-31.7%	234,666	-24.7%	0.51%	-36.7%
IMXI	New	INTL MONEY EXPRESS	$4,585,000	–	319,050	–	0.50%	–
OTEX	Buy	OPEN TEXT CORP	$3,894,000	-2.1%	69,186	+0.3%	0.42%	-9.4%
IVV	Sell	ISHARES TRUSTcore s&p500 etf	$3,650,000	+7.0%	10,861	-1.4%	0.40%	-0.7%
PGNY	New	PROGYNY INC	$3,425,000	–	116,393	–	0.37%	–
IEFA	Buy	ISHARES TRcore msci eafe	$2,987,000	+6.1%	49,544	+0.6%	0.32%	-1.8%
NEM	Exit	NEWMONT CORPORATION	$0	–	-3,280	–	-0.02%	–
IMAX	Exit	IMAX CORP	$0	–	-252,702	–	-0.33%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-40,583	–	-0.43%	–
FIVN	Exit	FIVE9 INC	$0	–	-58,813	–	-0.76%	–
BEAT	Exit	BIOTELEMETRY INC	$0	–	-211,779	–	-1.12%	–
NGHC	Exit	NATIONAL GEN HLDGS	$0	–	-700,452	–	-1.78%	–
PSTG	Exit	PURE STORAGE INCcl a	$0	–	-1,013,949	–	-2.07%	–

Q2 2020

			Value		Shares		↓ Weighting
	New	BRP INC	$41,460,000	–	716,062	–	4.87%	–
DSGX	New	DESCARTES SYSTEMS	$38,056,000	–	530,984	–	4.47%	–
CIGI	New	COLLIERS INTL	$36,155,000	–	464,125	–	4.25%	–
IBP	New	INSTALLED BUILDING	$28,602,000	–	415,845	–	3.36%	–
SITE	New	SITEONE LANDSCAPE	$25,255,000	–	221,590	–	2.97%	–
PAYC	New	PAYCOM SOFTWARE	$25,036,000	–	80,832	–	2.94%	–
AIN	New	ALBANY INTL CORPcl a	$24,421,000	–	415,958	–	2.87%	–
TCX	New	TUCOWS	$23,594,000	–	317,508	–	2.77%	–
GMED	New	GLOBUS MED INCcl a	$23,058,000	–	483,286	–	2.71%	–
HMSY	New	HMS HOLDINGS CORP	$22,656,000	–	699,473	–	2.66%	–
TREX	New	TREX CO INC	$21,999,000	–	169,134	–	2.59%	–
CRL	New	CHARLES RIV LABS INT	$21,851,000	–	125,330	–	2.57%	–
MPWR	New	MONOLITHIC POWER	$21,507,000	–	90,747	–	2.53%	–
OLLI	New	OLLIES BARGAIN OUT	$20,388,000	–	208,787	–	2.40%	–
SRI	New	STONERIDGE INC	$20,111,000	–	973,430	–	2.36%	–
WNS	New	WNS HOLDINGS LTDspon adr	$18,868,000	–	343,184	–	2.22%	–
LCII	New	LCI INDUSTRIES	$18,563,000	–	161,445	–	2.18%	–
PSTG	New	PURE STORAGE INCcl a	$17,572,000	–	1,013,949	–	2.07%	–
KRNT	New	KORNIT DIGITAL LTD	$17,462,000	–	327,125	–	2.05%	–
AVLR	New	AVALARA INC	$17,325,000	–	130,175	–	2.04%	–
G	New	GENPACT LIMITED	$16,913,000	–	463,119	–	1.99%	–
DLB	New	DOLBY LABORATORIES	$15,662,000	–	237,770	–	1.84%	–
EPAY	New	BOTTOMLINE TECH DEL	$15,362,000	–	302,578	–	1.81%	–
NGHC	New	NATIONAL GEN HLDGS	$15,137,000	–	700,452	–	1.78%	–
TTEC	New	TTEC HOLDINGS INC	$14,949,000	–	321,061	–	1.76%	–
THRM	New	GENTHERM INC	$14,756,000	–	379,337	–	1.74%	–
FSV	New	FIRSTSERVICE CORP	$14,496,000	–	106,002	–	1.70%	–
MDB	New	MONGODB INCcl a	$14,474,000	–	63,947	–	1.70%	–
FC	New	FRANKLIN COVEY CO	$14,443,000	–	674,900	–	1.70%	–
AX	New	AXOS FINANCIAL	$13,818,000	–	625,829	–	1.62%	–
PRLB	New	PROTO LABS INC	$13,297,000	–	118,227	–	1.56%	–
PCOM	New	POINTS INTL LTD	$13,268,000	–	1,079,593	–	1.56%	–
AMED	New	AMEDISYS INC	$12,232,000	–	61,608	–	1.44%	–
DORM	New	DORMAN PRODUCTS	$11,929,000	–	177,865	–	1.40%	–
AYX	New	ALTERYX INC	$11,676,000	–	71,071	–	1.37%	–
CRAI	New	CRA INTERNATIONAL	$11,620,000	–	294,181	–	1.37%	–
EEFT	New	EURONET WORLDWIDE	$10,597,000	–	110,595	–	1.25%	–
ECPG	New	ENCORE CAP GROUP INC	$10,293,000	–	301,143	–	1.21%	–
BEAT	New	BIOTELEMETRY INC	$9,570,000	–	211,779	–	1.12%	–
AOS	New	SMITH A O	$9,418,000	–	199,878	–	1.11%	–
WSO	New	WATSCO INC	$9,106,000	–	51,241	–	1.07%	–
BRKR	New	BRUKER CORP	$9,092,000	–	223,502	–	1.07%	–
GWRE	New	GUIDEWIRE SOFTWARE	$8,393,000	–	75,713	–	0.99%	–
WPRT	New	WESTPORT FUEL SYSTEM	$7,983,000	–	4,837,895	–	0.94%	–
CLCT	New	COLLECTORS UNIVERSE	$7,346,000	–	214,292	–	0.86%	–
HSTM	New	HEALTHSTREAM INC	$6,897,000	–	311,674	–	0.81%	–
SBCF	New	SEACOAST BKG CORP FL	$6,817,000	–	334,143	–	0.80%	–
OMCL	New	OMNICELL INC	$6,710,000	–	95,020	–	0.79%	–
FIVN	New	FIVE9 INC	$6,509,000	–	58,813	–	0.76%	–
PRFT	New	PERFICIENT INC	$5,369,000	–	150,054	–	0.63%	–
CRVL	New	CORVEL CORP	$5,132,000	–	72,399	–	0.60%	–
SPSC	New	SPS COMMERCE INC	$4,336,000	–	57,721	–	0.51%	–
OTEX	New	OPEN TEXT CORP	$3,979,000	–	69,012	–	0.47%	–
BILL	New	BILL COM HLDGS INC	$3,661,000	–	40,583	–	0.43%	–
IVV	New	ISHARES TRUSTcore s&p500 etf	$3,410,000	–	11,010	–	0.40%	–
IMAX	New	IMAX CORP	$2,833,000	–	252,702	–	0.33%	–
IEFA	New	ISHARES TRcore msci eafe	$2,816,000	–	49,262	–	0.33%	–
JRVR	New	JAMES RIV GROUP	$2,257,000	–	50,151	–	0.26%	–
NEM	New	NEWMONT CORPORATION	$203,000	–	3,280	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
RMT	Exit	ROYCE OTC MICRO-CAP	$0	–	-11,227	–	-0.01%	–
EEA	Exit	EUROPEAN EQUITY FD	$0	–	-14,500	–	-0.01%	–
TD	Exit	TORONTO DOMINION BK	$0	–	-2,867	–	-0.02%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-10,500	–	-0.03%	–
RY	Exit	ROYAL BANK CDA	$0	–	-2,487	–	-0.03%	–
KL	Exit	KIRKLAND LAKE GOLD	$0	–	-6,588	–	-0.04%	–
LVGO	Exit	LIVONGO HEALTH INC	$0	–	-64,690	–	-0.12%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-21,217	–	-0.14%	–
IVV	Exit	ISHARES TRUSTcore s&p500 etf	$0	–	-5,207	–	-0.17%	–
JRVR	Exit	JAMES RIV GROUP	$0	–	-48,381	–	-0.27%	–
MAIN	Exit	MAIN STREET CAPITAL	$0	–	-59,235	–	-0.28%	–
CLCT	Exit	COLLECTORS UNIVERSE	$0	–	-94,640	–	-0.29%	–
AVLR	Exit	AVALARA INC	$0	–	-41,775	–	-0.31%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-58,214	–	-0.34%	–
EPAY	Exit	BOTTOMLINE TECH DEL	$0	–	-110,411	–	-0.47%	–
VCRA	Exit	VOCERA COMMUNICATI	$0	–	-260,741	–	-0.70%	–
NVEE	Exit	NV5 GLOBAL INC	$0	–	-97,662	–	-0.72%	–
IMXI	Exit	INTL MONEY EXPRESS	$0	–	-489,124	–	-0.73%	–
AMED	Exit	AMEDISYS INC	$0	–	-51,868	–	-0.74%	–
LPSN	Exit	LIVEPERSON INC	$0	–	-209,062	–	-0.81%	–
AOS	Exit	SMITH A O	$0	–	-164,989	–	-0.86%	–
SBCF	Exit	SEACOAST BKG CORP FL	$0	–	-380,595	–	-1.05%	–
HMTV	Exit	HEMISPHERE MEDIA Gcl a	$0	–	-788,683	–	-1.05%	–
MDB	Exit	MONGODB INCcl a	$0	–	-81,306	–	-1.07%	–
WIFI	Exit	BOINGO WIRELESS IN	$0	–	-946,369	–	-1.14%	–
PRLB	Exit	PROTO LABS INC	$0	–	-113,836	–	-1.26%	–
HSTM	Exit	HEALTHSTREAM INC	$0	–	-490,480	–	-1.38%	–
MGPI	Exit	MGP INGREDIENTS INC	$0	–	-261,929	–	-1.42%	–
CRAI	Exit	CRA INTERNATIONAL	$0	–	-320,159	–	-1.46%	–
KRNT	Exit	KORNIT DIGITAL LTD	$0	–	-454,098	–	-1.52%	–
TREX	Exit	TREX CO INC	$0	–	-156,303	–	-1.55%	–
FSV	Exit	FIRSTSERVICE CORP	$0	–	-110,794	–	-1.64%	–
MPWR	Exit	MONOLITHIC POWER	$0	–	-104,013	–	-1.76%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-486,422	–	-1.76%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-179,467	–	-1.79%	–
BEAT	Exit	BIOTELEMETRY INC	$0	–	-406,600	–	-1.80%	–
RP	Exit	REALPAGE INC	$0	–	-277,544	–	-1.90%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-298,022	–	-1.90%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,214,804	–	-1.92%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-135,040	–	-1.94%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-369,575	–	-2.06%	–
UPLD	Exit	UPLAND SOFTWARE	$0	–	-558,774	–	-2.12%	–
G	Exit	GENPACT LIMITED	$0	–	-508,436	–	-2.14%	–
PSTG	Exit	PURE STORAGE INCcl a	$0	–	-1,176,754	–	-2.17%	–
PAYC	Exit	PAYCOM SOFTWARE	$0	–	-95,730	–	-2.18%	–
THRM	Exit	GENTHERM INC	$0	–	-490,064	–	-2.19%	–
WWD	Exit	WOODWARD INC	$0	–	-198,030	–	-2.32%	–
GIL	Exit	GILDAN ACTIVEWEAR	$0	–	-455,777	–	-2.33%	–
IMAX	Exit	IMAX CORP	$0	–	-990,900	–	-2.37%	–
SITE	Exit	SITEONE LANDSCAPE	$0	–	-301,017	–	-2.42%	–
TCX	Exit	TUCOWS	$0	–	-324,309	–	-2.43%	–
WPRT	Exit	WESTPORT FUEL SYSTEM	$0	–	-6,286,200	–	-2.45%	–
NGHC	Exit	NATIONAL GEN HLDGS	$0	–	-1,009,123	–	-2.53%	–
AX	Exit	AXOS FINANCIAL	$0	–	-850,890	–	-2.56%	–
HMSY	Exit	HMS HOLDINGS CORP	$0	–	-708,203	–	-2.66%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-176,244	–	-2.80%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-296,613	–	-2.91%	–
SRI	Exit	STONERIDGE INC	$0	–	-886,876	–	-2.99%	–
IBP	Exit	INSTALLED BUILDING	$0	–	-493,907	–	-3.08%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-810,759	–	-3.09%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-560,150	–	-3.26%	–
	Exit	BRP INC	$0	–	-926,209	–	-5.19%	–
CIGI	Exit	COLLIERS INTL	$0	–	-493,300	–	-5.34%	–

Q3 2019

			Value		Shares		↓ Weighting
CIGI	Buy	COLLIERS INTL	$49,083,000	+15.0%	493,300	+8.2%	5.34%	+18.5%
	Sell	BRP INC	$47,746,000	+7.3%	926,209	-2.6%	5.19%	+10.5%
DSGX	Sell	DESCARTES SYSTEMS	$29,957,000	+6.9%	560,150	-3.1%	3.26%	+10.2%
FC	Sell	FRANKLIN COVEY CO	$28,377,000	-5.3%	810,759	-8.0%	3.09%	-2.4%
IBP	Sell	INSTALLED BUILDING	$28,321,000	-3.6%	493,907	-0.4%	3.08%	-0.7%
SRI	Sell	STONERIDGE INC	$27,467,000	-2.7%	886,876	-0.9%	2.99%	+0.2%
AIN	Sell	ALBANY INTL CORPcl a	$26,743,000	-4.8%	296,613	-12.5%	2.91%	-2.0%
EEFT	Sell	EURONET WORLDWIDE	$25,784,000	-14.2%	176,244	-1.5%	2.80%	-11.6%
HMSY	Sell	HMS HOLDINGS CORP	$24,405,000	-17.7%	708,203	-22.6%	2.66%	-15.1%
AX	Sell	AXOS FINANCIAL	$23,527,000	+0.2%	850,890	-1.3%	2.56%	+3.2%
NGHC	Sell	NATIONAL GEN HLDGS	$23,230,000	-1.0%	1,009,123	-1.3%	2.53%	+2.1%
WPRT	Buy	WESTPORT FUEL SYSTEM	$22,505,000	+12.0%	6,286,200	+11.1%	2.45%	+15.4%
TCX	Buy	TUCOWS	$22,302,000	+1.0%	324,309	+12.4%	2.43%	+4.1%
SITE	Sell	SITEONE LANDSCAPE	$22,281,000	-10.9%	301,017	-16.6%	2.42%	-8.2%
IMAX	Buy	IMAX CORP	$21,750,000	+14.3%	990,900	+5.2%	2.37%	+17.8%
GIL	Sell	GILDAN ACTIVEWEAR	$21,431,000	-9.6%	455,777	-2.6%	2.33%	-6.9%
WWD	Buy	WOODWARD INC	$21,354,000	+20.6%	198,030	+26.5%	2.32%	+24.2%
THRM	Sell	GENTHERM INC	$20,137,000	-7.5%	490,064	-5.8%	2.19%	-4.7%
PAYC	Buy	PAYCOM SOFTWARE	$20,054,000	-3.9%	95,730	+4.0%	2.18%	-0.9%
PSTG	Sell	PURE STORAGE INCcl a	$19,934,000	-16.3%	1,176,754	-24.6%	2.17%	-13.8%
G	Buy	GENPACT LIMITED	$19,702,000	+32.5%	508,436	+30.2%	2.14%	+36.5%
UPLD	Buy	UPLAND SOFTWARE	$19,479,000	-23.1%	558,774	+0.4%	2.12%	-20.8%
GMED	Buy	GLOBUS MED INCcl a	$18,893,000	+40.0%	369,575	+15.8%	2.06%	+44.2%
CRL	Buy	CHARLES RIV LABS INT	$17,875,000	+21.9%	135,040	+30.7%	1.94%	+25.6%
PCOM	Buy	POINTS INTL LTD	$17,651,000	-4.1%	1,214,804	+7.5%	1.92%	-1.2%
WNS	Sell	WNS HOLDINGS LTDspon adr	$17,509,000	-11.5%	298,022	-10.9%	1.90%	-8.9%
RP	Buy	REALPAGE INC	$17,446,000	+103.5%	277,544	+90.5%	1.90%	+109.7%
BEAT	Buy	BIOTELEMETRY INC	$16,561,000	+2.9%	406,600	+21.6%	1.80%	+6.0%
LCII	Sell	LCI INDUSTRIES	$16,484,000	+0.6%	179,467	-1.5%	1.79%	+3.6%
ECPG	Sell	ENCORE CAP GROUP INC	$16,208,000	-2.7%	486,422	-1.3%	1.76%	+0.3%
MPWR	Sell	MONOLITHIC POWER	$16,188,000	+7.7%	104,013	-6.1%	1.76%	+10.9%
FSV	Sell	FIRSTSERVICE CORP	$15,049,000	+4.7%	110,794	-2.9%	1.64%	+7.8%
TREX	Sell	TREX CO INC	$14,213,000	-14.3%	156,303	-32.4%	1.55%	-11.7%
KRNT	Sell	KORNIT DIGITAL LTD	$13,977,000	-4.2%	454,098	-1.5%	1.52%	-1.4%
CRAI	Buy	CRA INTERNATIONAL	$13,437,000	+27.7%	320,159	+16.6%	1.46%	+31.6%
MGPI	Sell	MGP INGREDIENTS INC	$13,013,000	-40.8%	261,929	-21.0%	1.42%	-39.0%
HSTM	Sell	HEALTHSTREAM INC	$12,699,000	-31.8%	490,480	-31.9%	1.38%	-29.8%
PRLB	Buy	PROTO LABS INC	$11,623,000	+66.1%	113,836	+88.7%	1.26%	+71.0%
WIFI	Sell	BOINGO WIRELESS IN	$10,505,000	-39.3%	946,369	-1.7%	1.14%	-37.4%
MDB	Sell	MONGODB INCcl a	$9,796,000	-22.2%	81,306	-1.8%	1.07%	-19.8%
SBCF	Buy	SEACOAST BKG CORP FL	$9,633,000	+30.9%	380,595	+31.6%	1.05%	+34.9%
HMTV	Sell	HEMISPHERE MEDIA Gcl a	$9,638,000	-6.7%	788,683	-1.4%	1.05%	-3.9%
AOS	New	SMITH A O	$7,872,000	–	164,989	–	0.86%	–
LPSN	Sell	LIVEPERSON INC	$7,464,000	-24.4%	209,062	-40.6%	0.81%	-22.1%
AMED	New	AMEDISYS INC	$6,795,000	–	51,868	–	0.74%	–
IMXI	New	INTL MONEY EXPRESS	$6,721,000	–	489,124	–	0.73%	–
NVEE	New	NV5 GLOBAL INC	$6,667,000	–	97,662	–	0.72%	–
VCRA	Buy	VOCERA COMMUNICATI	$6,427,000	-2.1%	260,741	+26.8%	0.70%	+0.9%
EPAY	Sell	BOTTOMLINE TECH DEL	$4,345,000	-34.5%	110,411	-26.6%	0.47%	-32.4%
OTEX	New	OPEN TEXT CORP	$3,146,000	–	58,214	–	0.34%	–
AVLR	New	AVALARA INC	$2,811,000	–	41,775	–	0.31%	–
CLCT	Sell	COLLECTORS UNIVERSE	$2,695,000	-8.1%	94,640	-30.7%	0.29%	-5.2%
MAIN	Sell	MAIN STREET CAPITAL	$2,560,000	-14.9%	59,235	-19.0%	0.28%	-12.3%
JRVR	Sell	JAMES RIV GROUP	$2,479,000	-11.9%	48,381	-19.3%	0.27%	-9.1%
IVV	Buy	ISHARES TRUSTcore s&p500 etf	$1,554,000	+78.6%	5,207	+76.4%	0.17%	+83.7%
IEFA	Buy	ISHARES TRcore msci eafe	$1,296,000	+73.5%	21,217	+74.5%	0.14%	+78.5%
LVGO	New	LIVONGO HEALTH INC	$1,128,000	–	64,690	–	0.12%	–
KL	Buy	KIRKLAND LAKE GOLD	$391,000	+6.0%	6,588	+0.7%	0.04%	+10.3%
RMT	Buy	ROYCE OTC MICRO-CAP	$90,000	0.0%	11,227	+2.1%	0.01%	0.0%
FPI	Exit	FARMLAND PARTNERS	$0	–	-20,000	–	-0.02%	–
PS	Exit	PLURALSIGHT INC	$0	–	-264,704	–	-0.85%	–
MMSI	Exit	MERIT MEDICAL SYS	$0	–	-160,117	–	-1.01%	–
GDOT	Exit	GREEN DOT CORPcl a	$0	–	-252,389	–	-1.30%	–
CARB	Exit	CARBONITE INC	$0	–	-776,863	–	-2.13%	–

Q2 2019

			Value		Shares		↓ Weighting
	New	BRP INC	$44,513,000	–	951,139	–	4.70%	–
CIGI	New	COLLIERS INTL	$42,672,000	–	455,750	–	4.50%	–
EEFT	New	EURONET WORLDWIDE	$30,060,000	–	178,984	–	3.17%	–
FC	New	FRANKLIN COVEY CO	$29,963,000	–	881,276	–	3.16%	–
HMSY	New	HMS HOLDINGS CORP	$29,636,000	–	914,976	–	3.13%	–
IBP	New	INSTALLED BUILDING	$29,381,000	–	496,125	–	3.10%	–
SRI	New	STONERIDGE INC	$28,239,000	–	895,050	–	2.98%	–
AIN	New	ALBANY INTL CORPcl a	$28,098,000	–	338,892	–	2.97%	–
DSGX	New	DESCARTES SYSTEMS	$28,011,000	–	578,150	–	2.96%	–
UPLD	New	UPLAND SOFTWARE	$25,333,000	–	556,400	–	2.68%	–
SITE	New	SITEONE LANDSCAPE	$25,007,000	–	360,850	–	2.64%	–
PSTG	New	PURE STORAGE INCcl a	$23,817,000	–	1,559,734	–	2.52%	–
GIL	New	GILDAN ACTIVEWEAR	$23,709,000	–	467,823	–	2.50%	–
AX	New	AXOS FINANCIAL	$23,490,000	–	862,009	–	2.48%	–
NGHC	New	NATIONAL GEN HLDGS	$23,454,000	–	1,022,423	–	2.48%	–
TCX	New	TUCOWS	$22,082,000	–	288,409	–	2.33%	–
MGPI	New	MGP INGREDIENTS INC	$21,982,000	–	331,504	–	2.32%	–
THRM	New	GENTHERM INC	$21,771,000	–	520,452	–	2.30%	–
PAYC	New	PAYCOM SOFTWARE	$20,859,000	–	92,004	–	2.20%	–
CARB	New	CARBONITE INC	$20,198,000	–	776,863	–	2.13%	–
WPRT	New	WESTPORT FUEL SYSTEM	$20,086,000	–	5,657,950	–	2.12%	–
WNS	New	WNS HOLDINGS LTDspon adr	$19,793,000	–	334,333	–	2.09%	–
IMAX	New	IMAX CORP	$19,026,000	–	941,900	–	2.01%	–
HSTM	New	HEALTHSTREAM INC	$18,619,000	–	720,001	–	1.97%	–
PCOM	New	POINTS INTL LTD	$18,403,000	–	1,130,404	–	1.94%	–
WWD	New	WOODWARD INC	$17,710,000	–	156,504	–	1.87%	–
WIFI	New	BOINGO WIRELESS IN	$17,299,000	–	962,663	–	1.83%	–
ECPG	New	ENCORE CAP GROUP INC	$16,653,000	–	492,689	–	1.76%	–
TREX	New	TREX CO INC	$16,582,000	–	231,270	–	1.75%	–
LCII	New	LCI INDUSTRIES	$16,390,000	–	182,112	–	1.73%	–
BEAT	New	BIOTELEMETRY INC	$16,100,000	–	334,381	–	1.70%	–
MPWR	New	MONOLITHIC POWER	$15,036,000	–	110,737	–	1.59%	–
G	New	GENPACT LIMITED	$14,873,000	–	390,480	–	1.57%	–
CRL	New	CHARLES RIV LABS INT	$14,666,000	–	103,351	–	1.55%	–
KRNT	New	KORNIT DIGITAL LTD	$14,596,000	–	461,033	–	1.54%	–
FSV	New	FIRSTSERVICE CORP	$14,376,000	–	114,094	–	1.52%	–
GMED	New	GLOBUS MED INCcl a	$13,495,000	–	319,037	–	1.42%	–
MDB	New	MONGODB INCcl a	$12,594,000	–	82,808	–	1.33%	–
GDOT	New	GREEN DOT CORPcl a	$12,342,000	–	252,389	–	1.30%	–
CRAI	New	CRA INTERNATIONAL	$10,523,000	–	274,537	–	1.11%	–
HMTV	New	HEMISPHERE MEDIA Gcl a	$10,333,000	–	799,790	–	1.09%	–
LPSN	New	LIVEPERSON INC	$9,867,000	–	351,885	–	1.04%	–
MMSI	New	MERIT MEDICAL SYS	$9,537,000	–	160,117	–	1.01%	–
RP	New	REALPAGE INC	$8,573,000	–	145,669	–	0.90%	–
PS	New	PLURALSIGHT INC	$8,026,000	–	264,704	–	0.85%	–
SBCF	New	SEACOAST BKG CORP FL	$7,358,000	–	289,224	–	0.78%	–
PRLB	New	PROTO LABS INC	$6,998,000	–	60,321	–	0.74%	–
EPAY	New	BOTTOMLINE TECH DEL	$6,634,000	–	150,332	–	0.70%	–
VCRA	New	VOCERA COMMUNICATI	$6,562,000	–	205,578	–	0.69%	–
MAIN	New	MAIN STREET CAPITAL	$3,007,000	–	73,130	–	0.32%	–
CLCT	New	COLLECTORS UNIVERSE	$2,931,000	–	136,595	–	0.31%	–
JRVR	New	JAMES RIV GROUP	$2,813,000	–	59,975	–	0.30%	–
IVV	New	ISHARES TRUSTcore s&p500 etf	$870,000	–	2,952	–	0.09%	–
IEFA	New	ISHARES TRcore msci eafe	$747,000	–	12,161	–	0.08%	–
KL	New	KIRKLAND LAKE GOLD	$369,000	–	6,541	–	0.04%	–
RY	New	ROYAL BANK CDA	$259,000	–	2,487	–	0.03%	–
TD	New	TORONTO DOMINION BK	$219,000	–	2,867	–	0.02%	–
GOLD	New	BARRICK GOLD CORP	$217,000	–	10,500	–	0.02%	–
FPI	New	FARMLAND PARTNERS	$141,000	–	20,000	–	0.02%	–
EEA	New	EUROPEAN EQUITY FD	$128,000	–	14,500	–	0.01%	–
RMT	New	ROYCE OTC MICRO-CAP	$90,000	–	11,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
CLCT	Exit	COLLECTORS UNIVERSE	$0	–	-110,200	–	-0.17%	–
JRVR	Exit	JAMES RIV GROUP	$0	–	-79,600	–	-0.35%	–
SGC	Exit	SUPERIOR GRP OF COMP	$0	–	-227,434	–	-0.44%	–
EVBG	Exit	EVERBRIDGE INC	$0	–	-95,324	–	-0.56%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-97,750	–	-0.57%	–
NTNX	Exit	NUTANIX INCcl a	$0	–	-131,401	–	-0.58%	–
NP	Exit	NEENAH INC	$0	–	-66,000	–	-0.58%	–
MDB	Exit	MONGODBcl a	$0	–	-62,592	–	-0.60%	–
LPSN	Exit	LIVEPERSON INC	$0	–	-232,138	–	-0.62%	–
REI	Exit	RING ENERGY INC	$0	–	-642,050	–	-0.65%	–
TREX	Exit	TREX CO INC	$0	–	-94,050	–	-0.74%	–
NVEE	Exit	NV5 GLOBAL INC	$0	–	-84,492	–	-0.75%	–
AMN	Exit	AMN HEALTHCARE SERVI	$0	–	-135,500	–	-0.76%	–
WWD	Exit	WOODWARD INC	$0	–	-92,400	–	-0.77%	–
EXLS	Exit	EXLSERVICE HOLDINGS	$0	–	-115,658	–	-0.79%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-99,189	–	-0.84%	–
ORBC	Exit	ORBCOMM INC	$0	–	-847,368	–	-0.95%	–
HSDT	Exit	HELIUS MEDICAL TECH	$0	–	-843,499	–	-1.06%	–
GDOT	Exit	GREEN DOT CORPcl a	$0	–	-121,450	–	-1.11%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-87,785	–	-1.21%	–
HMTV	Exit	HEMISPHERE MEDIA Gcl a	$0	–	-891,650	–	-1.28%	–
VCRA	Exit	VOCERA COMMUNICATI	$0	–	-351,100	–	-1.32%	–
DOOR	Exit	MASONITE INTER CORP	$0	–	-203,345	–	-1.34%	–
SITE	Exit	SITEONE LANDSCAPE	$0	–	-174,980	–	-1.36%	–
FSV	Exit	FIRSTSERVICE CORPsub vtg sh	$0	–	-124,286	–	-1.39%	–
GTTN	Exit	GTT COMMUNICATIONS	$0	–	-335,622	–	-1.50%	–
HCSG	Exit	HEALTHCARE SVCS GRP	$0	–	-362,895	–	-1.52%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-417,393	–	-1.54%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-195,313	–	-1.66%	–
DY	Exit	DYCOM INDUSTRIES INC	$0	–	-194,020	–	-1.69%	–
PAYC	Exit	PAYCOM SOFTWARE	$0	–	-108,310	–	-1.73%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-2,132,363	–	-1.79%	–
IMAX	Exit	IMAX CORP	$0	–	-718,900	–	-1.91%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-817,779	–	-1.99%	–
BEAT	Exit	BIOTELEMETRY INC	$0	–	-300,950	–	-1.99%	–
WPRT	Exit	WESTPORT FUEL SYSTEM	$0	–	-5,187,500	–	-2.05%	–
UPLD	Exit	UPLAND SOFTWARE	$0	–	-627,361	–	-2.08%	–
MPWR	Exit	MONOLITHIC POWER	$0	–	-163,006	–	-2.10%	–
HSTM	Exit	HEALTHSTREAM INC	$0	–	-669,328	–	-2.13%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,145,704	–	-2.14%	–
IBP	Exit	INSTALLED BUILDING	$0	–	-536,546	–	-2.15%	–
THRM	Exit	GENTHERM INC	$0	–	-466,319	–	-2.18%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-418,083	–	-2.18%	–
MGPI	Exit	MGP INGREDIENTS INC	$0	–	-272,141	–	-2.21%	–
SRI	Exit	STONERIDGE INC	$0	–	-768,320	–	-2.35%	–
GIL	Exit	GILDAN ACTIVEWEAR	$0	–	-621,650	–	-2.51%	–
CIGI	Exit	COLLIERS INTL	$0	–	-252,900	–	-2.60%	–
PETQ	Exit	PETIQ INC	$0	–	-608,600	–	-2.74%	–
PINC	Exit	PREMIER INCcl a	$0	–	-584,200	–	-2.75%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-350,358	–	-2.86%	–
TCX	Exit	TUCOWS	$0	–	-406,634	–	-2.90%	–
NGHC	Exit	NATIONAL GEN HLDGS	$0	–	-1,080,900	–	-2.98%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-294,969	–	-3.04%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-741,300	–	-3.34%	–
PSTG	Exit	PURE STORAGE INCcl a	$0	–	-1,278,331	–	-3.41%	–
HMSY	Exit	HMS HOLDINGS CORP	$0	–	-1,050,601	–	-3.54%	–
WIFI	Exit	BOINGO WIRELESS IN	$0	–	-1,044,866	–	-3.75%	–
CARB	Exit	CARBONITE INC	$0	–	-1,067,749	–	-3.91%	–

Q3 2018

			Value		Shares		↓ Weighting
CARB	Buy	CARBONITE INC	$38,065,000	+2.4%	1,067,749	+0.3%	3.91%	+3.0%
WIFI	Sell	BOINGO WIRELESS IN	$36,466,000	+52.0%	1,044,866	-1.6%	3.75%	+52.8%
HMSY	Sell	HMS HOLDINGS CORP	$34,470,000	+15.8%	1,050,601	-23.7%	3.54%	+16.4%
PSTG	Sell	PURE STORAGE INCcl a	$33,173,000	+6.3%	1,278,331	-2.2%	3.41%	+6.8%
DSGX	Sell	DESCARTES SYSTEMS	$32,476,000	-12.6%	741,300	-14.6%	3.34%	-12.2%
EEFT	Buy	EURONET WORLDWIDE	$29,562,000	+35.3%	294,969	+13.1%	3.04%	+36.0%
NGHC	Sell	NATIONAL GEN HLDGS	$29,011,000	+0.3%	1,080,900	-1.6%	2.98%	+0.8%
TCX	Sell	TUCOWS	$28,250,000	-10.0%	406,634	-0.6%	2.90%	-9.5%
AIN	Buy	ALBANY INTL CORPcl a	$27,853,000	+51.8%	350,358	+14.9%	2.86%	+52.6%
PINC	Sell	PREMIER INCcl a	$26,745,000	+23.2%	584,200	-2.1%	2.75%	+23.8%
PETQ	Sell	PETIQ INC	$26,660,000	+43.0%	608,600	-1.6%	2.74%	+43.8%
CIGI	Sell	COLLIERS INTL	$25,303,000	-15.1%	252,900	-15.1%	2.60%	-14.6%
GIL	Sell	GILDAN ACTIVEWEAR	$24,431,000	-7.0%	621,650	-12.3%	2.51%	-6.5%
SRI	Buy	STONERIDGE INC	$22,834,000	-9.4%	768,320	+7.2%	2.35%	-8.9%
MGPI	Buy	MGP INGREDIENTS INC	$21,494,000	+55.4%	272,141	+74.8%	2.21%	+56.2%
WNS	Sell	WNS HOLDINGS LTDspon adr	$21,218,000	-5.3%	418,083	-2.6%	2.18%	-4.8%
THRM	Sell	GENTHERM INC	$21,194,000	+5.1%	466,319	-9.2%	2.18%	+5.6%
IBP	Buy	INSTALLED BUILDING	$20,925,000	+4.7%	536,546	+51.8%	2.15%	+5.2%
PCOM	Buy	POINTS INTL LTD	$20,795,000	-10.7%	1,145,704	+6.7%	2.14%	-10.2%
HSTM	Sell	HEALTHSTREAM INC	$20,756,000	+11.6%	669,328	-1.7%	2.13%	+12.2%
MPWR	Sell	MONOLITHIC POWER	$20,462,000	-18.9%	163,006	-13.6%	2.10%	-18.5%
UPLD	Sell	UPLAND SOFTWARE	$20,270,000	-18.9%	627,361	-13.7%	2.08%	-18.5%
WPRT	Buy	WESTPORT FUEL SYSTEM	$19,920,000	+62.5%	5,187,500	+40.5%	2.05%	+63.4%
BEAT	Sell	BIOTELEMETRY INC	$19,396,000	-9.6%	300,950	-36.9%	1.99%	-9.1%
FC	Sell	FRANKLIN COVEY CO	$19,340,000	-5.3%	817,779	-1.6%	1.99%	-4.8%
IMAX	Sell	IMAX CORP	$18,548,000	-1.0%	718,900	-15.0%	1.91%	-0.4%
GSM	Buy	FERROGLOBE PLC	$17,421,000	+6.3%	2,132,363	+11.5%	1.79%	+6.8%
PAYC	Sell	PAYCOM SOFTWARE	$16,832,000	+23.2%	108,310	-21.7%	1.73%	+23.8%
DY	Buy	DYCOM INDUSTRIES INC	$16,414,000	+21.8%	194,020	+36.1%	1.69%	+22.4%
LCII	Sell	LCI INDUSTRIES	$16,172,000	-9.9%	195,313	-1.9%	1.66%	-9.4%
ECPG	Buy	ENCORE CAP GROUP INC	$14,964,000	+81.6%	417,393	+85.3%	1.54%	+82.4%
HCSG	Buy	HEALTHCARE SVCS GRP	$14,741,000	+23.8%	362,895	+31.6%	1.52%	+24.4%
GTTN	Sell	GTT COMMUNICATIONS	$14,566,000	-5.6%	335,622	-2.1%	1.50%	-5.1%
FSV	Sell	FIRSTSERVICE CORPsub vtg sh	$13,563,000	-21.0%	124,286	-27.6%	1.39%	-20.5%
SITE	Buy	SITEONE LANDSCAPE	$13,183,000	+43.6%	174,980	+60.1%	1.36%	+44.5%
DOOR	Sell	MASONITE INTER CORP	$13,034,000	-12.3%	203,345	-1.7%	1.34%	-11.9%
VCRA	Sell	VOCERA COMMUNICATI	$12,843,000	+20.0%	351,100	-1.9%	1.32%	+20.7%
HMTV	Sell	HEMISPHERE MEDIA Gcl a	$12,439,000	+4.7%	891,650	-1.7%	1.28%	+5.2%
CRL	Sell	CHARLES RIV LABS INT	$11,811,000	-12.2%	87,785	-26.8%	1.21%	-11.8%
GDOT	Sell	GREEN DOT CORPcl a	$10,787,000	+18.5%	121,450	-2.1%	1.11%	+19.1%
ORBC	Sell	ORBCOMM INC	$9,202,000	+5.4%	847,368	-2.0%	0.95%	+6.1%
JCOM	Sell	J2 GLOBAL INC	$8,218,000	-36.8%	99,189	-33.9%	0.84%	-36.5%
EXLS	Sell	EXLSERVICE HOLDINGS	$7,657,000	+13.9%	115,658	-2.6%	0.79%	+14.6%
WWD	Sell	WOODWARD INC	$7,471,000	+3.0%	92,400	-2.1%	0.77%	+3.5%
AMN	Sell	AMN HEALTHCARE SERVI	$7,412,000	-23.2%	135,500	-17.7%	0.76%	-22.7%
NVEE	Sell	NV5 GLOBAL INC	$7,325,000	-3.6%	84,492	-22.9%	0.75%	-3.0%
TREX	Sell	TREX CO INC	$7,240,000	-18.6%	94,050	-33.8%	0.74%	-18.2%
REI	Sell	RING ENERGY INC	$6,363,000	-23.2%	642,050	-2.2%	0.65%	-22.8%
LPSN	New	LIVEPERSON INC	$6,024,000	–	232,138	–	0.62%	–
MDB	New	MONGODBcl a	$5,787,000	–	62,592	–	0.60%	–
NP	Sell	NEENAH INC	$5,696,000	+0.7%	66,000	-1.0%	0.58%	+1.2%
NTNX	Sell	NUTANIX INCcl a	$5,613,000	-18.7%	131,401	-1.9%	0.58%	-18.3%
GMED	Sell	GLOBUS MED INCcl a	$5,548,000	+10.6%	97,750	-1.7%	0.57%	+11.1%
EVBG	Sell	EVERBRIDGE INC	$5,494,000	-38.6%	95,324	-49.5%	0.56%	-38.3%
SGC	Sell	SUPERIOR GRP OF COMP	$4,326,000	-15.9%	227,434	-8.4%	0.44%	-15.4%
JRVR	Buy	JAMES RIV GROUP	$3,393,000	+23.2%	79,600	+13.6%	0.35%	+23.8%
CLCT	Buy	COLLECTORS UNIVERSE	$1,631,000	+4.0%	110,200	+3.6%	0.17%	+5.0%
MTDR	Exit	MATADOR RESOURCES	$0	–	-103,400	–	-0.32%	–
RBA	Exit	RITCHIE BROS AUCTNRS	$0	–	-301,800	–	-1.12%	–
OR	Exit	OSISKO GOLD ROYALTIE	$0	–	-1,485,308	–	-1.89%	–
BOFI	Exit	BOFI HOLDING	$0	–	-565,436	–	-2.36%	–

Q2 2018

			Value		Shares		↓ Weighting
DSGX	New	DESCARTES SYSTEMS	$37,164,000	–	867,700	–	3.80%	–
CARB	New	CARBONITE INC	$37,155,000	–	1,064,624	–	3.80%	–
TCX	New	TUCOWS	$31,373,000	–	409,084	–	3.21%	–
PSTG	New	PURE STORAGE INCcl a	$31,213,000	–	1,307,057	–	3.19%	–
CIGI	New	COLLIERS INTL	$29,786,000	–	297,800	–	3.04%	–
HMSY	New	HMS HOLDINGS CORP	$29,770,000	–	1,376,964	–	3.04%	–
NGHC	New	NATIONAL GEN HLDGS	$28,921,000	–	1,098,400	–	2.96%	–
GIL	New	GILDAN ACTIVEWEAR	$26,263,000	–	709,230	–	2.68%	–
MPWR	New	MONOLITHIC POWER	$25,227,000	–	188,726	–	2.58%	–
SRI	New	STONERIDGE INC	$25,194,000	–	716,961	–	2.58%	–
UPLD	New	UPLAND SOFTWARE	$24,993,000	–	727,165	–	2.56%	–
WIFI	New	BOINGO WIRELESS IN	$23,997,000	–	1,062,266	–	2.45%	–
PCOM	New	POINTS INTL LTD	$23,293,000	–	1,073,404	–	2.38%	–
BOFI	New	BOFI HOLDING	$23,132,000	–	565,436	–	2.36%	–
WNS	New	WNS HOLDINGS LTDspon adr	$22,407,000	–	429,415	–	2.29%	–
EEFT	New	EURONET WORLDWIDE	$21,851,000	–	260,845	–	2.23%	–
PINC	New	PREMIER INCcl a	$21,712,000	–	596,800	–	2.22%	–
BEAT	New	BIOTELEMETRY INC	$21,452,000	–	476,700	–	2.19%	–
FC	New	FRANKLIN COVEY CO	$20,412,000	–	831,429	–	2.09%	–
THRM	New	GENTHERM INC	$20,173,000	–	513,303	–	2.06%	–
IBP	New	INSTALLED BUILDING	$19,988,000	–	353,463	–	2.04%	–
IMAX	New	IMAX CORP	$18,726,000	–	845,400	–	1.91%	–
PETQ	New	PETIQ INC	$18,637,000	–	618,500	–	1.90%	–
HSTM	New	HEALTHSTREAM INC	$18,596,000	–	680,928	–	1.90%	–
OR	New	OSISKO GOLD ROYALTIE	$18,492,000	–	1,485,308	–	1.89%	–
AIN	New	ALBANY INTL CORPcl a	$18,345,000	–	304,989	–	1.88%	–
LCII	New	LCI INDUSTRIES	$17,941,000	–	199,014	–	1.83%	–
FSV	New	FIRSTSERVICE CORPsub vtg sh	$17,158,000	–	171,600	–	1.75%	–
GSM	New	FERROGLOBE PLC	$16,395,000	–	1,913,111	–	1.68%	–
GTTN	New	GTT COMMUNICATIONS	$15,425,000	–	342,776	–	1.58%	–
DOOR	New	MASONITE INTER CORP	$14,869,000	–	206,945	–	1.52%	–
MGPI	New	MGP INGREDIENTS INC	$13,828,000	–	155,700	–	1.41%	–
PAYC	New	PAYCOM SOFTWARE	$13,662,000	–	138,240	–	1.40%	–
DY	New	DYCOM INDUSTRIES INC	$13,477,000	–	142,600	–	1.38%	–
CRL	New	CHARLES RIV LABS INT	$13,458,000	–	119,885	–	1.38%	–
JCOM	New	J2 GLOBAL INC	$12,999,000	–	150,086	–	1.33%	–
WPRT	New	WESTPORT FUEL SYSTEM	$12,256,000	–	3,691,550	–	1.25%	–
HCSG	New	HEALTHCARE SVCS GRP	$11,911,000	–	275,776	–	1.22%	–
HMTV	New	HEMISPHERE MEDIA Gcl a	$11,883,000	–	907,100	–	1.22%	–
RBA	New	RITCHIE BROS AUCTNRS	$10,997,000	–	301,800	–	1.12%	–
VCRA	New	VOCERA COMMUNICATI	$10,701,000	–	358,000	–	1.09%	–
HSDT	New	HELIUS MEDICAL TECH	$10,268,000	–	843,499	–	1.05%	–
AMN	New	AMN HEALTHCARE SERVI	$9,646,000	–	164,600	–	0.99%	–
SITE	New	SITEONE LANDSCAPE	$9,179,000	–	109,310	–	0.94%	–
GDOT	New	GREEN DOT CORPcl a	$9,100,000	–	124,000	–	0.93%	–
EVBG	New	EVERBRIDGE INC	$8,948,000	–	188,700	–	0.92%	–
TREX	New	TREX CO INC	$8,894,000	–	142,100	–	0.91%	–
ORBC	New	ORBCOMM INC	$8,729,000	–	864,268	–	0.89%	–
REI	New	RING ENERGY INC	$8,284,000	–	656,400	–	0.85%	–
ECPG	New	ENCORE CAP GROUP INC	$8,242,000	–	225,193	–	0.84%	–
NVEE	New	NV5 GLOBAL INC	$7,595,000	–	109,592	–	0.78%	–
WWD	New	WOODWARD INC	$7,254,000	–	94,376	–	0.74%	–
NTNX	New	NUTANIX INCcl a	$6,908,000	–	133,963	–	0.71%	–
EXLS	New	EXLSERVICE HOLDINGS	$6,720,000	–	118,700	–	0.69%	–
NP	New	NEENAH INC	$5,659,000	–	66,700	–	0.58%	–
SGC	New	SUPERIOR GRP OF COMP	$5,142,000	–	248,285	–	0.53%	–
GMED	New	GLOBUS MED INCcl a	$5,016,000	–	99,400	–	0.51%	–
MTDR	New	MATADOR RESOURCES	$3,107,000	–	103,400	–	0.32%	–
JRVR	New	JAMES RIV GROUP	$2,754,000	–	70,100	–	0.28%	–
CLCT	New	COLLECTORS UNIVERSE	$1,568,000	–	106,400	–	0.16%	–

Q4 2017

			Value		Shares		↓ Weighting
JRVR	Exit	JAMES RIV GROUP	$0	–	-50,200	–	-0.20%	–
QTRHF	Exit	QUARTERHILL INC	$0	–	-1,462,600	–	-0.23%	–
CLCT	Exit	COLLECTORS UNIVERSE	$0	–	-132,500	–	-0.31%	–
ACTA	Exit	ACTUA CORP	$0	–	-277,657	–	-0.42%	–
SITE	Exit	SITEONE LANDSCAPE	$0	–	-97,800	–	-0.56%	–
MGPI	Exit	MGP INGREDIENTS INC	$0	–	-132,265	–	-0.78%	–
SONC	Exit	SONIC CORP	$0	–	-327,100	–	-0.81%	–
MLAB	Exit	MESA LABS INC	$0	–	-56,700	–	-0.83%	–
DHXM	Exit	DHX MEDIA LTD	$0	–	-1,636,660	–	-0.84%	–
MTDR	Exit	MATADOR RESOURCES	$0	–	-356,100	–	-0.94%	–
NVEE	Exit	NV5 GLOBAL INC	$0	–	-180,954	–	-0.97%	–
ANET	Exit	ARISTA NETWORKS IN	$0	–	-53,100	–	-0.98%	–
TREX	Exit	TREX CO INC	$0	–	-111,800	–	-0.98%	–
MPWR	Exit	MONOLITHIC POWER	$0	–	-98,000	–	-1.02%	–
GPX	Exit	GP STRATEGIES CORP	$0	–	-357,915	–	-1.08%	–
REI	Exit	RING ENERGY INC	$0	–	-769,300	–	-1.09%	–
RBA	Exit	RITCHIE BROS AUCTNRS	$0	–	-346,500	–	-1.12%	–
DOOR	Exit	MASONITE INTER CORP	$0	–	-167,195	–	-1.13%	–
SGC	Exit	SUPERIOR UNIFORM GRP	$0	–	-535,900	–	-1.20%	–
UPLD	Exit	UPLAND SOFTWARE	$0	–	-623,100	–	-1.29%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-127,535	–	-1.35%	–
AMN	Exit	AMN HEALTHCARE SERVI	$0	–	-302,600	–	-1.35%	–
HMTV	Exit	HEMISPHERE MEDIA Gcl a	$0	–	-1,169,300	–	-1.36%	–
VC	Exit	VISTEON CORP	$0	–	-113,150	–	-1.37%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-244,400	–	-1.37%	–
FNGN	Exit	FINANCIAL ENGINES	$0	–	-416,600	–	-1.41%	–
BEAT	Exit	BIOTELEMETRY INC	$0	–	-449,300	–	-1.45%	–
LPNT	Exit	LIFEPOINT HEALTH INC	$0	–	-263,900	–	-1.49%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-350,693	–	-1.52%	–
TLGT	Exit	TELIGENT INC NEW	$0	–	-2,326,621	–	-1.52%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-1,211,900	–	-1.56%	–
WPRT	Exit	WESTPORT FUEL SYSTEM	$0	–	-3,948,250	–	-1.57%	–
ACHC	Exit	ACADIA HEALTHCARE	$0	–	-339,045	–	-1.58%	–
LCII	Exit	LCI INDUSTRIES	$0	–	-145,017	–	-1.64%	–
DY	Exit	DYCOM INDUSTRIES INC	$0	–	-203,700	–	-1.71%	–
PINC	Exit	PREMIER INCcl a	$0	–	-547,400	–	-1.74%	–
WIFI	Exit	BOINGO WIRELESS IN	$0	–	-837,200	–	-1.75%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-193,700	–	-1.79%	–
WEB	Exit	WEB COM GROUP INC	$0	–	-736,002	–	-1.80%	–
PAYC	Exit	PAYCOM SOFTWARE	$0	–	-252,600	–	-1.85%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,339,590	–	-1.86%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-963,872	–	-1.91%	–
IMAX	Exit	IMAX CORP	$0	–	-906,700	–	-2.01%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-911,782	–	-2.01%	–
NGHC	Exit	NATIONAL GEN HLDGS	$0	–	-1,143,300	–	-2.13%	–
FSV	Exit	FIRSTSERVICE CORPsub vtg sh	$0	–	-269,600	–	-2.16%	–
THRM	Exit	GENTHERM INC	$0	–	-606,408	–	-2.20%	–
IBP	Exit	INSTALLED BUILDING	$0	–	-349,700	–	-2.21%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-630,397	–	-2.25%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-323,186	–	-2.33%	–
HSTM	Exit	HEALTHSTREAM INC	$0	–	-1,082,628	–	-2.47%	–
OR	Exit	OSISKO GOLD ROYALTIE	$0	–	-1,585,608	–	-2.49%	–
GTTN	Exit	GTT COMMUNICATIONS	$0	–	-861,576	–	-2.66%	–
CARB	Exit	CARBONITE INC	$0	–	-1,245,753	–	-2.68%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-896,600	–	-2.98%	–
CIGI	Exit	COLLIERS INTL	$0	–	-511,300	–	-3.09%	–
TCX	Exit	TUCOWS	$0	–	-442,184	–	-3.15%	–
BOFI	Exit	BOFI HOLDING	$0	–	-1,215,836	–	-3.38%	–
HMSY	Exit	HMS HOLDINGS CORP	$0	–	-1,790,896	–	-3.48%	–
GIL	Exit	GILDAN ACTIVEWEAR	$0	–	-1,198,230	–	-4.56%	–

Q3 2017

			Value		Shares		↓ Weighting
GIL	Sell	GILDAN ACTIVEWEAR	$46,719,000	-10.8%	1,198,230	-8.8%	4.56%	-2.0%
HMSY	Sell	HMS HOLDINGS CORP	$35,567,000	-6.3%	1,790,896	-12.7%	3.48%	+2.9%
BOFI	Sell	BOFI HOLDING	$34,615,000	+4.0%	1,215,836	-13.4%	3.38%	+14.1%
TCX	New	TUCOWS	$32,284,000	–	442,184	–	3.15%	–
CIGI	Sell	COLLIERS INTL	$31,649,000	-25.2%	511,300	-11.4%	3.09%	-17.9%
DSGX	Sell	DESCARTES SYSTEMS	$30,511,000	-27.8%	896,600	-33.0%	2.98%	-20.7%
CARB	Sell	CARBONITE INC	$27,407,000	-1.0%	1,245,753	-1.9%	2.68%	+8.7%
GTTN	Sell	GTT COMMUNICATIONS	$27,269,000	-13.2%	861,576	-13.2%	2.66%	-4.8%
OR	Sell	OSISKO GOLD ROYALTIE	$25,528,000	-9.3%	1,585,608	-10.7%	2.49%	-0.4%
HSTM	Sell	HEALTHSTREAM INC	$25,301,000	-24.1%	1,082,628	-14.6%	2.47%	-16.7%
JCOM	Sell	J2 GLOBAL INC	$23,877,000	-14.0%	323,186	-1.0%	2.33%	-5.6%
WNS	Sell	WNS HOLDINGS LTDspon adr	$23,009,000	-9.8%	630,397	-15.1%	2.25%	-1.0%
IBP	Sell	INSTALLED BUILDING	$22,661,000	+13.1%	349,700	-7.6%	2.21%	+24.2%
THRM	Sell	GENTHERM INC	$22,528,000	-8.1%	606,408	-4.0%	2.20%	+0.9%
FSV	Sell	FIRSTSERVICE CORPsub vtg sh	$22,105,000	-11.0%	269,600	-9.7%	2.16%	-2.3%
NGHC	Sell	NATIONAL GEN HLDGS	$21,848,000	-21.3%	1,143,300	-13.1%	2.13%	-13.6%
CHUBA	Buy	COMMERCEHUB INC	$20,579,000	+32.9%	911,782	+2.6%	2.01%	+45.9%
IMAX	Sell	IMAX CORP	$20,537,000	+2.9%	906,700	-0.0%	2.01%	+13.0%
FC	Buy	FRANKLIN COVEY CO	$19,567,000	+11.7%	963,872	+6.2%	1.91%	+22.7%
PCOM	Sell	POINTS INTL LTD	$19,022,000	+7.1%	1,339,590	-11.6%	1.86%	+17.6%
PAYC	Buy	PAYCOM SOFTWARE	$18,935,000	+62.6%	252,600	+48.4%	1.85%	+78.6%
WEB	Sell	WEB COM GROUP INC	$18,400,000	-16.6%	736,002	-15.6%	1.80%	-8.5%
EEFT	Sell	EURONET WORLDWIDE	$18,361,000	-15.5%	193,700	-22.1%	1.79%	-7.2%
WIFI	Sell	BOINGO WIRELESS IN	$17,891,000	-21.6%	837,200	-45.1%	1.75%	-14.0%
PINC	Buy	PREMIER INCcl a	$17,829,000	-7.2%	547,400	+2.6%	1.74%	+1.9%
DY	Sell	DYCOM INDUSTRIES INC	$17,494,000	-4.9%	203,700	-0.8%	1.71%	+4.5%
LCII	Sell	LCI INDUSTRIES	$16,800,000	-3.8%	145,017	-15.0%	1.64%	+5.5%
ACHC	Sell	ACADIA HEALTHCARE	$16,193,000	-17.5%	339,045	-14.7%	1.58%	-9.4%
WPRT	New	WESTPORT FUEL SYSTEM	$16,069,000	–	3,948,250	–	1.57%	–
GSM	Sell	FERROGLOBE PLC	$15,949,000	-4.8%	1,211,900	-13.6%	1.56%	+4.5%
TLGT	Buy	TELIGENT INC NEW	$15,612,000	-24.6%	2,326,621	+2.9%	1.52%	-17.2%
ECPG	Sell	ENCORE CAP GROUP INC	$15,536,000	-6.4%	350,693	-15.2%	1.52%	+2.8%
LPNT	Sell	LIFEPOINT HEALTH INC	$15,280,000	-26.6%	263,900	-14.8%	1.49%	-19.4%
BEAT	Buy	BIOTELEMETRY INC	$14,827,000	+61.7%	449,300	+63.9%	1.45%	+77.5%
FNGN	Sell	FINANCIAL ENGINES	$14,477,000	-5.5%	416,600	-0.5%	1.41%	+3.7%
AIN	Buy	ALBANY INTL CORPcl a	$14,029,000	+33.1%	244,400	+23.8%	1.37%	+46.2%
VC	Sell	VISTEON CORP	$14,005,000	-22.2%	113,150	-35.9%	1.37%	-14.6%
HMTV	Sell	HEMISPHERE MEDIA Gcl a	$13,973,000	-12.6%	1,169,300	-13.3%	1.36%	-4.0%
AMN	Sell	AMN HEALTHCARE SERVI	$13,829,000	-0.7%	302,600	-15.1%	1.35%	+9.0%
CRL	Sell	CHARLES RIV LABS INT	$13,776,000	-38.2%	127,535	-42.1%	1.35%	-32.1%
UPLD	Buy	UPLAND SOFTWARE	$13,185,000	+0.1%	623,100	+4.0%	1.29%	+9.9%
SGC	Sell	SUPERIOR UNIFORM GRP	$12,272,000	-17.7%	535,900	-19.7%	1.20%	-9.6%
DOOR	Sell	MASONITE INTER CORP	$11,570,000	-22.1%	167,195	-15.0%	1.13%	-14.5%
RBA	Sell	RITCHIE BROS AUCTNRS	$11,482,000	-3.8%	346,500	-12.4%	1.12%	+5.6%
REI	Sell	RING ENERGY INC	$11,147,000	-5.5%	769,300	-15.2%	1.09%	+3.8%
GPX	Sell	GP STRATEGIES CORP	$11,042,000	-17.7%	357,915	-29.5%	1.08%	-9.6%
MPWR	Buy	MONOLITHIC POWER	$10,442,000	+16.7%	98,000	+5.6%	1.02%	+28.1%
ANET	Sell	ARISTA NETWORKS IN	$10,068,000	+7.6%	53,100	-15.0%	0.98%	+18.1%
TREX	Sell	TREX CO INC	$10,070,000	+13.3%	111,800	-14.9%	0.98%	+24.4%
NVEE	Sell	NV5 GLOBAL INC	$9,889,000	-27.5%	180,954	-43.6%	0.97%	-20.4%
MTDR	Sell	MATADOR RESOURCES	$9,668,000	+7.8%	356,100	-15.1%	0.94%	+18.3%
MLAB	Sell	MESA LABS INC	$8,466,000	+2.2%	56,700	-1.9%	0.83%	+12.2%
SONC	Sell	SONIC CORP	$8,325,000	-18.3%	327,100	-15.0%	0.81%	-10.4%
MGPI	Sell	MGP INGREDIENTS INC	$8,019,000	-19.1%	132,265	-31.7%	0.78%	-11.2%
SITE	New	SITEONE LANDSCAPE	$5,682,000	–	97,800	–	0.56%	–
ACTA	Sell	ACTUA CORP	$4,248,000	-65.8%	277,657	-68.6%	0.42%	-62.5%
JRVR	Buy	JAMES RIV GROUP	$2,082,000	+82.0%	50,200	+74.3%	0.20%	+99.0%
KONAQ	Exit	KONA GRILL	$0	–	-242,300	–	-0.08%	–
MMS	Exit	MAXIMUS INC	$0	–	-161,618	–	-0.90%	–
ACXM	Exit	ACXIOM CORP	$0	–	-461,500	–	-1.07%	–
CRHM	Exit	CRH MEDICAL CORP	$0	–	-1,647,800	–	-1.08%	–
TAHO	Exit	TAHOE RESOURCES	$0	–	-1,643,100	–	-1.64%	–

Q2 2017

			Value		Shares		↓ Weighting
GIL	New	GILDAN ACTIVEWEAR	$52,352,000	–	1,313,730	–	4.66%	–
CIGI	New	COLLIERS INTL	$42,316,000	–	577,300	–	3.77%	–
DSGX	New	DESCARTES SYSTEMS	$42,239,000	–	1,338,800	–	3.76%	–
HMSY	New	HMS HOLDINGS CORP	$37,948,000	–	2,051,296	–	3.38%	–
HSTM	New	HEALTHSTREAM INC	$33,350,000	–	1,267,128	–	2.97%	–
BOFI	New	BOFI HOLDING	$33,289,000	–	1,403,436	–	2.96%	–
GTTN	New	GTT COMMUNICATIONS	$31,424,000	–	992,876	–	2.80%	–
OR	New	OSISKO GOLD ROYALTIE	$28,133,000	–	1,775,008	–	2.50%	–
JCOM	New	J2 GLOBAL INC	$27,763,000	–	326,286	–	2.47%	–
NGHC	New	NATIONAL GEN HLDGS	$27,752,000	–	1,315,300	–	2.47%	–
CARB	New	CARBONITE INC	$27,675,000	–	1,269,500	–	2.46%	–
WNS	New	WNS HOLDINGS LTDspon adr	$25,522,000	–	742,797	–	2.27%	–
FSV	New	FIRSTSERVICE CORPsub vtg sh	$24,829,000	–	298,400	–	2.21%	–
THRM	New	GENTHERM INC	$24,510,000	–	631,708	–	2.18%	–
WIFI	New	BOINGO WIRELESS IN	$22,831,000	–	1,526,200	–	2.03%	–
CRL	New	CHARLES RIV LABS INT	$22,286,000	–	220,335	–	1.98%	–
WEB	New	WEB COM GROUP INC	$22,074,000	–	872,502	–	1.96%	–
EEFT	New	EURONET WORLDWIDE	$21,737,000	–	248,800	–	1.93%	–
LPNT	New	LIFEPOINT HEALTH INC	$20,809,000	–	309,900	–	1.85%	–
TLGT	New	TELIGENT INC NEW	$20,692,000	–	2,261,421	–	1.84%	–
IBP	New	INSTALLED BUILDING	$20,030,000	–	378,300	–	1.78%	–
IMAX	New	IMAX CORP	$19,949,000	–	906,800	–	1.78%	–
ACHC	New	ACADIA HEALTHCARE	$19,625,000	–	397,445	–	1.75%	–
PINC	New	PREMIER INCcl a	$19,213,000	–	533,700	–	1.71%	–
DY	New	DYCOM INDUSTRIES INC	$18,387,000	–	205,400	–	1.64%	–
TAHO	New	TAHOE RESOURCES	$18,369,000	–	1,643,100	–	1.64%	–
VC	New	VISTEON CORP	$18,003,000	–	176,400	–	1.60%	–
PCOM	New	POINTS INTL LTD	$17,759,000	–	1,515,300	–	1.58%	–
FC	New	FRANKLIN COVEY CO	$17,512,000	–	907,372	–	1.56%	–
LCII	New	LCI INDUSTRIES	$17,471,000	–	170,617	–	1.56%	–
GSM	New	FERROGLOBE PLC	$16,753,000	–	1,402,000	–	1.49%	–
ECPG	New	ENCORE CAP GROUP INC	$16,601,000	–	413,493	–	1.48%	–
HMTV	New	HEMISPHERE MEDIA Gcl a	$15,980,000	–	1,348,600	–	1.42%	–
CHUBA	New	COMMERCEHUB INC	$15,480,000	–	888,682	–	1.38%	–
FNGN	New	FINANCIAL ENGINES	$15,317,000	–	418,500	–	1.36%	–
SGC	New	SUPERIOR UNIFORM GRP	$14,907,000	–	667,000	–	1.33%	–
DOOR	New	MASONITE INTER CORP	$14,850,000	–	196,695	–	1.32%	–
AMN	New	AMN HEALTHCARE SERVI	$13,921,000	–	356,500	–	1.24%	–
NVEE	New	NV5 GLOBAL INC	$13,638,000	–	320,904	–	1.21%	–
GPX	New	GP STRATEGIES CORP	$13,411,000	–	507,998	–	1.19%	–
UPLD	New	UPLAND SOFTWARE	$13,174,000	–	599,100	–	1.17%	–
ACTA	New	ACTUA CORP	$12,428,000	–	884,607	–	1.11%	–
CRHM	New	CRH MEDICAL CORP	$12,160,000	–	1,647,800	–	1.08%	–
ACXM	New	ACXIOM CORP	$11,989,000	–	461,500	–	1.07%	–
RBA	New	RITCHIE BROS AUCTNRS	$11,941,000	–	395,600	–	1.06%	–
REI	New	RING ENERGY INC	$11,791,000	–	907,000	–	1.05%	–
PAYC	New	PAYCOM SOFTWARE	$11,643,000	–	170,200	–	1.04%	–
AIN	New	ALBANY INTL CORPcl a	$10,541,000	–	197,400	–	0.94%	–
SONC	New	SONIC CORP	$10,188,000	–	384,600	–	0.91%	–
MMS	New	MAXIMUS INC	$10,122,000	–	161,618	–	0.90%	–
MGPI	New	MGP INGREDIENTS INC	$9,909,000	–	193,665	–	0.88%	–
DHXM	New	DHX MEDIA LTD	$9,378,000	–	1,636,660	–	0.84%	–
ANET	New	ARISTA NETWORKS IN	$9,361,000	–	62,500	–	0.83%	–
BEAT	New	BIOTELEMETRY INC	$9,168,000	–	274,100	–	0.82%	–
MTDR	New	MATADOR RESOURCES	$8,966,000	–	419,600	–	0.80%	–
MPWR	New	MONOLITHIC POWER	$8,945,000	–	92,800	–	0.80%	–
TREX	New	TREX CO INC	$8,890,000	–	131,400	–	0.79%	–
MLAB	New	MESA LABS INC	$8,283,000	–	57,800	–	0.74%	–
CLCT	New	COLLECTORS UNIVERSE	$3,292,000	–	132,500	–	0.29%	–
QTRHF	New	QUARTERHILL INC	$2,735,000	–	1,462,600	–	0.24%	–
JRVR	New	JAMES RIV GROUP	$1,144,000	–	28,800	–	0.10%	–
KONAQ	New	KONA GRILL	$896,000	–	242,300	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
VCRA	Exit	VOCERA COMMUNICATI	$0	–	-84,500	–	-0.14%	–
WILN	Exit	WI LAN INC	$0	–	-978,700	–	-0.20%	–
KONAQ	Exit	KONA GRILL	$0	–	-200,500	–	-0.25%	–
CLCT	Exit	COLLECTORS UNIVERSE	$0	–	-149,600	–	-0.28%	–
RBA	Exit	RITCHIE BROS AUCTNRS	$0	–	-70,400	–	-0.32%	–
ANET	Exit	ARISTA NETWORKS IN	$0	–	-44,000	–	-0.37%	–
XTLY	Exit	XACTLY CORP	$0	–	-272,200	–	-0.40%	–
REIS	Exit	REIS INC	$0	–	-215,300	–	-0.44%	–
BCOV	Exit	BRIGHTCOVE INC	$0	–	-461,700	–	-0.60%	–
HSKA	Exit	HESKA CORPORATION	$0	–	-114,903	–	-0.62%	–
FNGN	Exit	FINANCIAL ENGINES	$0	–	-246,600	–	-0.73%	–
EXLS	Exit	EXLSERVICE HOLDINGS	$0	–	-149,900	–	-0.74%	–
HAR	Exit	HARMAN INTL INDS	$0	–	-90,200	–	-0.75%	–
INGN	Exit	INOGEN INC	$0	–	-138,100	–	-0.82%	–
VEEV	Exit	VEEVA SYSTEMS INC	$0	–	-209,100	–	-0.86%	–
DHXM	Exit	DHX MEDIA LTD	$0	–	-1,327,660	–	-0.90%	–
CARB	Exit	CARBONITE INC	$0	–	-621,300	–	-0.94%	–
VRTU	Exit	VIRTUSA CORP	$0	–	-432,187	–	-1.06%	–
SONC	Exit	SONIC CORP	$0	–	-408,600	–	-1.06%	–
TREX	Exit	TREX CO INC	$0	–	-193,000	–	-1.12%	–
ACHC	Exit	ACADIA HEALTHCARE	$0	–	-248,245	–	-1.22%	–
MTDR	Exit	MATADOR RESOURCES	$0	–	-548,900	–	-1.32%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-482,716	–	-1.35%	–
AMN	Exit	AMN HEALTHCARE SERVI	$0	–	-438,900	–	-1.38%	–
TAHO	Exit	TAHOE RESOURCES	$0	–	-844,600	–	-1.41%	–
SGC	Exit	SUPERIOR UNIFORM GRP	$0	–	-729,200	–	-1.43%	–
VC	Exit	VISTEON CORP	$0	–	-204,800	–	-1.45%	–
HMTV	Exit	HEMISPHERE MEDIA Gcl a	$0	–	-1,248,100	–	-1.58%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-949,470	–	-1.68%	–
LPNT	Exit	LIFEPOINT HEALTH INC	$0	–	-291,400	–	-1.71%	–
MGPI	Exit	MGP INGREDIENTS INC	$0	–	-426,565	–	-1.71%	–
GPX	Exit	GP STRATEGIES CORP	$0	–	-712,898	–	-1.74%	–
WIFI	Exit	BOINGO WIRELESS IN	$0	–	-1,741,200	–	-1.77%	–
MMS	Exit	MAXIMUS INC	$0	–	-331,718	–	-1.86%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-226,535	–	-1.87%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,610,000	–	-1.88%	–
AACH	Exit	AAC HLDGS INC	$0	–	-1,100,763	–	-1.90%	–
WEB	Exit	WEB COM GROUP INC	$0	–	-1,123,602	–	-1.92%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-308,386	–	-2.04%	–
DW	Exit	DREW INDUSTRIES INC	$0	–	-213,117	–	-2.07%	–
WBMD	Exit	WEBMD HEALTH CORP	$0	–	-421,800	–	-2.08%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-934,893	–	-2.08%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-264,000	–	-2.14%	–
TLGT	Exit	TELIGENT INC NEW	$0	–	-2,937,621	–	-2.21%	–
NGHC	Exit	NATIONAL GEN HLDGS	$0	–	-1,073,600	–	-2.36%	–
FSV	Exit	FIRSTSERVICE CORPsub vtg sh	$0	–	-399,100	–	-2.41%	–
THRM	Exit	GENTHERM INC	$0	–	-851,808	–	-2.65%	–
OR	Exit	OSISKO GOLD ROYALTIE	$0	–	-1,866,808	–	-2.66%	–
GTTN	Exit	GTT COMMUNICATIONS	$0	–	-1,156,776	–	-2.70%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-1,022,197	–	-3.03%	–
ACTA	Exit	ACTUA CORP	$0	–	-2,680,515	–	-3.44%	–
HSTM	Exit	HEALTHSTREAM INC	$0	–	-1,439,828	–	-3.94%	–
BOFI	Exit	BOFI HOLDING	$0	–	-1,806,936	–	-4.01%	–
CIGI	Exit	COLLIERS INTL	$0	–	-748,800	–	-4.08%	–
GIL	Exit	GILDAN ACTIVEWEAR	$0	–	-1,219,430	–	-4.43%	–
HMSY	Exit	HMS HOLDINGS CORP	$0	–	-2,036,696	–	-4.47%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-1,948,700	–	-5.45%	–

Q3 2016

			Value		Shares		↓ Weighting
DSGX	Buy	DESCARTES SYSTEMS	$55,011,000	+14.6%	1,948,700	+0.3%	5.45%	+24.3%
HMSY	Sell	HMS HOLDINGS CORP	$45,153,000	-11.5%	2,036,696	-29.7%	4.47%	-3.9%
GIL	Sell	GILDAN ACTIVEWEAR	$44,679,000	-11.4%	1,219,430	-8.5%	4.43%	-3.9%
CIGI	Buy	COLLIERS INTL	$41,236,000	+44.7%	748,800	+15.9%	4.08%	+57.1%
BOFI	Sell	BOFI HOLDING	$40,475,000	+13.3%	1,806,936	-10.5%	4.01%	+22.9%
HSTM	Sell	HEALTHSTREAM INC	$39,739,000	-9.0%	1,439,828	-12.6%	3.94%	-1.3%
ACTA	Sell	ACTUA CORP	$34,712,000	+16.5%	2,680,515	-18.8%	3.44%	+26.4%
WNS	Sell	WNS HOLDINGS LTDspon adr	$30,614,000	-26.8%	1,022,197	-34.0%	3.03%	-20.6%
GTTN	Sell	GTT COMMUNICATIONS	$27,218,000	+5.7%	1,156,776	-17.0%	2.70%	+14.7%
OR	New	OSISKO GOLD ROYALTIE	$26,807,000	–	1,866,808	–	2.66%	–
THRM	Sell	GENTHERM INC	$26,763,000	-24.5%	851,808	-17.7%	2.65%	-18.0%
FSV	Sell	FIRSTSERVICE CORPsub vtg sh	$24,353,000	-14.8%	399,100	-17.5%	2.41%	-7.6%
NGHC	Buy	NATIONAL GEN HLDGS	$23,876,000	+4.4%	1,073,600	+0.6%	2.36%	+13.3%
TLGT	Sell	TELIGENT INC NEW	$22,325,000	-11.2%	2,937,621	-16.5%	2.21%	-3.6%
EEFT	Buy	EURONET WORLDWIDE	$21,603,000	+35.2%	264,000	+14.2%	2.14%	+46.7%
ECPG	Sell	ENCORE CAP GROUP INC	$21,016,000	-26.0%	934,893	-22.5%	2.08%	-19.7%
WBMD	Buy	WEBMD HEALTH CORP	$20,963,000	-2.8%	421,800	+13.6%	2.08%	+5.4%
DW	Sell	DREW INDUSTRIES INC	$20,889,000	-40.2%	213,117	-48.3%	2.07%	-35.1%
JCOM	Sell	J2 GLOBAL INC	$20,541,000	-13.9%	308,386	-18.3%	2.04%	-6.5%
WEB	Sell	WEB COM GROUP INC	$19,404,000	-25.7%	1,123,602	-21.8%	1.92%	-19.4%
AACH	Sell	AAC HLDGS INC	$19,142,000	-26.8%	1,100,763	-3.9%	1.90%	-20.5%
PCOM	Sell	POINTS INTL LTD	$18,933,000	+0.8%	1,610,000	-0.1%	1.88%	+9.4%
CRL	Sell	CHARLES RIV LABS INT	$18,879,000	-27.9%	226,535	-28.6%	1.87%	-21.7%
MMS	Sell	MAXIMUS INC	$18,761,000	-46.4%	331,718	-47.6%	1.86%	-41.9%
WIFI	Sell	BOINGO WIRELESS IN	$17,899,000	+9.0%	1,741,200	-5.4%	1.77%	+18.3%
GPX	Sell	GP STRATEGIES CORP	$17,551,000	-10.8%	712,898	-21.5%	1.74%	-3.3%
MGPI	Sell	MGP INGREDIENTS INC	$17,284,000	-20.0%	426,565	-24.6%	1.71%	-13.2%
LPNT	Buy	LIFEPOINT HEALTH INC	$17,259,000	+4.1%	291,400	+14.9%	1.71%	+12.9%
FC	Sell	FRANKLIN COVEY CO	$16,910,000	-15.6%	949,470	-27.4%	1.68%	-8.5%
HMTV	Buy	HEMISPHERE MEDIA Gcl a	$15,913,000	+8.7%	1,248,100	+0.6%	1.58%	+18.0%
VC	Sell	VISTEON CORP	$14,675,000	-10.9%	204,800	-18.1%	1.45%	-3.3%
SGC	Buy	SUPERIOR UNIFORM GRP	$14,430,000	+9.6%	729,200	+5.7%	1.43%	+18.9%
TAHO	Buy	TAHOE RESOURCES	$14,206,000	-13.0%	844,600	+0.1%	1.41%	-5.6%
AMN	Buy	AMN HEALTHCARE SERVI	$13,987,000	-10.8%	438,900	+11.9%	1.38%	-3.1%
GPORQ	Buy	GULFPORT ENERGY CORP	$13,636,000	-9.1%	482,716	+0.5%	1.35%	-1.3%
MTDR	Sell	MATADOR RESOURCES	$13,360,000	+0.7%	548,900	-18.1%	1.32%	+9.2%
ACHC	Sell	ACADIA HEALTHCARE	$12,300,000	-25.1%	248,245	-16.3%	1.22%	-18.7%
TREX	Sell	TREX CO INC	$11,332,000	+25.1%	193,000	-4.3%	1.12%	+35.7%
SONC	New	SONIC CORP	$10,697,000	–	408,600	–	1.06%	–
VRTU	Sell	VIRTUSA CORP	$10,666,000	-45.9%	432,187	-36.7%	1.06%	-41.3%
CARB	New	CARBONITE INC	$9,543,000	–	621,300	–	0.94%	–
DHXM	Sell	DHX MEDIA LTD	$9,121,000	-18.8%	1,327,660	-21.7%	0.90%	-11.9%
VEEV	Buy	VEEVA SYSTEMS INC	$8,631,000	+28.6%	209,100	+6.2%	0.86%	+39.5%
INGN	Sell	INOGEN INC	$8,272,000	-43.6%	138,100	-52.8%	0.82%	-38.8%
HAR	New	HARMAN INTL INDS	$7,617,000	–	90,200	–	0.75%	–
EXLS	Sell	EXLSERVICE HOLDINGS	$7,471,000	-46.1%	149,900	-43.3%	0.74%	-41.5%
FNGN	New	FINANCIAL ENGINES	$7,326,000	–	246,600	–	0.73%	–
HSKA	Sell	HESKA CORPORATION	$6,254,000	+22.7%	114,903	-16.2%	0.62%	+33.1%
BCOV	New	BRIGHTCOVE INC	$6,025,000	–	461,700	–	0.60%	–
REIS	Buy	REIS INC	$4,405,000	+164.9%	215,300	+222.3%	0.44%	+186.8%
XTLY	New	XACTLY CORP	$4,006,000	–	272,200	–	0.40%	–
ANET	New	ARISTA NETWORKS IN	$3,743,000	–	44,000	–	0.37%	–
RBA	New	RITCHIE BROS AUCTNRS	$3,236,000	–	70,400	–	0.32%	–
CLCT	Buy	COLLECTORS UNIVERSE	$2,772,000	-2.7%	149,600	+3.7%	0.28%	+5.8%
WILN	Sell	WI LAN INC	$1,986,000	-42.3%	978,700	-6.8%	0.20%	-37.3%
VCRA	New	VOCERA COMMUNICATI	$1,428,000	–	84,500	–	0.14%	–
RICE	Exit	RICE ENERGY INC	$0	–	-24,600	–	-0.05%	–
IWM	Exit	ISHARESrussell 2000 etf	$0	–	-6,700	–	-0.07%	–
AAVVF	Exit	ADVANTAGE OIL & GAS	$0	–	-145,305	–	-0.10%	–
SFE	Exit	SAFEGUARD SCIENTIFIC	$0	–	-100,000	–	-0.11%	–
CHKE	Exit	CHEROKEE INC	$0	–	-452,942	–	-0.46%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-619,934	–	-1.49%	–
PRIM	Exit	PRIMORIS SVCS CORP	$0	–	-964,350	–	-1.66%	–
STN	Exit	STANTEC INC	$0	–	-731,900	–	-2.09%	–

Q2 2016

			Value		Shares		↓ Weighting
HMSY	New	HMS HOLDINGS CORP	$50,998,000	–	2,895,996	–	4.66%	–
GIL	New	GILDAN ACTIVEWEAR	$50,438,000	–	1,332,930	–	4.60%	–
DSGX	New	DESCARTES SYSTEMS	$48,011,000	–	1,943,000	–	4.38%	–
HSTM	New	HEALTHSTREAM INC	$43,689,000	–	1,647,428	–	3.99%	–
WNS	New	WNS HOLDINGS LTDspon adr	$41,822,000	–	1,548,997	–	3.82%	–
BOFI	New	BOFI HOLDING	$35,737,000	–	2,017,936	–	3.26%	–
THRM	New	GENTHERM INC	$35,431,000	–	1,034,508	–	3.23%	–
MMS	New	MAXIMUS INC	$35,028,000	–	632,618	–	3.20%	–
DW	New	DREW INDUSTRIES INC	$34,947,000	–	411,917	–	3.19%	–
ACTA	New	ACTUA CORP	$29,793,000	–	3,299,415	–	2.72%	–
FSV	New	FIRSTSERVICE CORPsub vtg sh	$28,599,000	–	484,000	–	2.61%	–
CIGI	New	COLLIERS INTL	$28,501,000	–	646,000	–	2.60%	–
ECPG	New	ENCORE CAP GROUP INC	$28,398,000	–	1,206,893	–	2.59%	–
CRL	New	CHARLES RIV LABS INT	$26,169,000	–	317,435	–	2.39%	–
AACH	New	AAC HLDGS INC	$26,146,000	–	1,145,763	–	2.39%	–
WEB	New	WEB COM GROUP INC	$26,130,000	–	1,437,302	–	2.38%	–
GTTN	New	GTT COMMUNICATIONS	$25,749,000	–	1,393,376	–	2.35%	–
TLGT	New	TELIGENT INC NEW	$25,131,000	–	3,519,821	–	2.29%	–
JCOM	New	J2 GLOBAL INC	$23,852,000	–	377,586	–	2.18%	–
STN	New	STANTEC INC	$22,930,000	–	731,900	–	2.09%	–
NGHC	New	NATIONAL GEN HLDGS	$22,863,000	–	1,067,400	–	2.09%	–
MGPI	New	MGP INGREDIENTS INC	$21,617,000	–	565,465	–	1.97%	–
WBMD	New	WEBMD HEALTH CORP	$21,570,000	–	371,200	–	1.97%	–
FC	New	FRANKLIN COVEY CO	$20,046,000	–	1,307,670	–	1.83%	–
VRTU	New	VIRTUSA CORP	$19,727,000	–	683,087	–	1.80%	–
GPX	New	GP STRATEGIES CORP	$19,687,000	–	907,698	–	1.80%	–
PCOM	New	POINTS INTL LTD	$18,775,000	–	1,611,600	–	1.71%	–
PRIM	New	PRIMORIS SVCS CORP	$18,245,000	–	964,350	–	1.66%	–
LPNT	New	LIFEPOINT HEALTH INC	$16,584,000	–	253,700	–	1.51%	–
VC	New	VISTEON CORP	$16,465,000	–	250,200	–	1.50%	–
ACHC	New	ACADIA HEALTHCARE	$16,423,000	–	296,445	–	1.50%	–
WIFI	New	BOINGO WIRELESS IN	$16,421,000	–	1,841,000	–	1.50%	–
TAHO	New	TAHOE RESOURCES	$16,325,000	–	843,700	–	1.49%	–
XPO	New	XPO LOGISTICS INC	$16,279,000	–	619,934	–	1.49%	–
EEFT	New	EURONET WORLDWIDE	$15,980,000	–	231,100	–	1.46%	–
AMN	New	AMN HEALTHCARE SERVI	$15,672,000	–	392,100	–	1.43%	–
GPORQ	New	GULFPORT ENERGY CORP	$14,998,000	–	480,116	–	1.37%	–
INGN	New	INOGEN INC	$14,657,000	–	292,500	–	1.34%	–
HMTV	New	HEMISPHERE MEDIA Gcl a	$14,640,000	–	1,240,700	–	1.34%	–
EXLS	New	EXLSERVICE HOLDINGS	$13,851,000	–	264,300	–	1.26%	–
MTDR	New	MATADOR RESOURCES	$13,269,000	–	670,200	–	1.21%	–
SGC	New	SUPERIOR UNIFORM GRP	$13,170,000	–	689,900	–	1.20%	–
DHXM	New	DHX MEDIA LTD	$11,231,000	–	1,696,660	–	1.02%	–
TREX	New	TREX CO INC	$9,060,000	–	201,700	–	0.83%	–
VEEV	New	VEEVA SYSTEMS INC	$6,714,000	–	196,800	–	0.61%	–
HSKA	New	HESKA CORPORATION	$5,096,000	–	137,103	–	0.46%	–
CHKE	New	CHEROKEE INC	$5,032,000	–	452,942	–	0.46%	–
WILN	New	WI LAN INC	$3,444,000	–	1,050,100	–	0.31%	–
CLCT	New	COLLECTORS UNIVERSE	$2,849,000	–	144,300	–	0.26%	–
KONAQ	New	KONA GRILL	$2,149,000	–	200,500	–	0.20%	–
REIS	New	REIS INC	$1,663,000	–	66,800	–	0.15%	–
SFE	New	SAFEGUARD SCIENTIFIC	$1,249,000	–	100,000	–	0.11%	–
AAVVF	New	ADVANTAGE OIL & GAS	$1,049,000	–	145,305	–	0.10%	–
IWM	New	ISHARESrussell 2000 etf	$770,000	–	6,700	–	0.07%	–
RICE	New	RICE ENERGY INC	$542,000	–	24,600	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
RICE	Exit	RICE ENERGY INC	$0	–	-24,600	–	-0.03%	–
AAVVF	Exit	ADVANTAGE OIL & GAS	$0	–	-117,805	–	-0.06%	–
CLCT	Exit	COLLECTORS UNIVERSE	$0	–	-92,300	–	-0.10%	–
SGC	Exit	SUPERIOR UNIFORM GRP	$0	–	-107,805	–	-0.14%	–
KONAQ	Exit	KONA GRILL	$0	–	-171,400	–	-0.20%	–
PSIX	Exit	POWER SOLUTIONS INTL	$0	–	-147,015	–	-0.25%	–
HMTV	Exit	HEMISPHERE MEDIA Gcl a	$0	–	-286,800	–	-0.29%	–
WBMD	Exit	WEBMD HEALTH CORP	$0	–	-166,605	–	-0.49%	–
SAAS	Exit	INCONTACT INC	$0	–	-1,147,831	–	-0.64%	–
CHKE	Exit	CHEROKEE INC	$0	–	-640,747	–	-0.74%	–
GCO	Exit	GENESCO INC	$0	–	-255,185	–	-1.08%	–
TNAV	Exit	TELENAV INC	$0	–	-1,871,500	–	-1.08%	–
NGHC	Exit	NATIONAL GEN HLDGS	$0	–	-811,900	–	-1.16%	–
TAXA	Exit	LIBERTY TAX INCcl a	$0	–	-678,908	–	-1.17%	–
EIGI	Exit	ENDURANCE INTL GRO	$0	–	-1,354,065	–	-1.34%	–
SFE	Exit	SAFEGUARD SCIENTIFIC	$0	–	-1,166,360	–	-1.34%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,293,800	–	-1.38%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-707,216	–	-1.56%	–
IG	Exit	IGI LABS INC	$0	–	-3,213,321	–	-1.56%	–
PGI	Exit	PREMIERE GLOBAL SVCS	$0	–	-1,576,464	–	-1.61%	–
CRL	Exit	CHARLES RIV LABS INT	$0	–	-347,335	–	-1.64%	–
GPX	Exit	GP STRATEGIES CORP	$0	–	-1,020,698	–	-1.73%	–
AACH	Exit	AAC HLDGS INC	$0	–	-1,051,563	–	-1.74%	–
PRIM	Exit	PRIMORIS SVCS CORP	$0	–	-1,336,950	–	-1.78%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-341,986	–	-1.80%	–
GTTN	Exit	GTT COMMUNICATIONS	$0	–	-1,043,976	–	-1.80%	–
KIRK	Exit	KIRKLANDS INC	$0	–	-1,129,328	–	-1.81%	–
MMS	Exit	MAXIMUS INC	$0	–	-411,818	–	-1.82%	–
FC	Exit	FRANKLIN COVEY CO	$0	–	-1,529,670	–	-1.82%	–
HMSY	Exit	HMS HOLDINGS CORP	$0	–	-2,980,896	–	-1.94%	–
FSV	Exit	FIRSTSERVICE CORPsub vtg sh	$0	–	-623,800	–	-2.00%	–
MTDR	Exit	MATADOR RESOURCES	$0	–	-1,304,700	–	-2.01%	–
ABCO	Exit	ADVISORY BRD CO	$0	–	-601,157	–	-2.03%	–
WEB	Exit	WEB COM GROUP INC	$0	–	-1,327,902	–	-2.08%	–
CKEC	Exit	CARMIKE CINEMAS INC	$0	–	-1,415,891	–	-2.11%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-1,277,734	–	-2.26%	–
SQBG	Exit	SEQUENTIAL BRANDS GR	$0	–	-2,130,957	–	-2.29%	–
STN	Exit	STANTEC INC	$0	–	-1,107,400	–	-2.40%	–
PSGLQ	Exit	PERFORMANCE SPORTS	$0	–	-1,833,600	–	-2.43%	–
THRM	Exit	GENTHERM INC	$0	–	-777,408	–	-2.59%	–
HSTM	Exit	HEALTHSTREAM INC	$0	–	-1,651,228	–	-2.67%	–
ACHC	Exit	ACADIA HEALTHCARE	$0	–	-561,045	–	-2.76%	–
PRAA	Exit	PRA GROUP INC	$0	–	-703,350	–	-2.76%	–
CIGI	Exit	COLLIERS INTL	$0	–	-721,800	–	-2.90%	–
DW	Exit	DREW INDUSTRIES INC	$0	–	-721,717	–	-2.92%	–
ACTA	Exit	ACTUA CORP	$0	–	-3,927,915	–	-3.43%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-1,310,693	–	-3.60%	–
GIL	Exit	GILDAN ACTIVEWEAR	$0	–	-1,283,530	–	-3.84%	–
WNS	Exit	WNS HOLDINGS LTDspon adr	$0	–	-2,138,197	–	-4.44%	–
VRTU	Exit	VIRTUSA CORP	$0	–	-1,226,494	–	-4.67%	–
BOFI	Exit	BOFI HOLDING	$0	–	-498,584	–	-4.77%	–
DSGX	Exit	DESCARTES SYSTEMS	$0	–	-2,803,800	–	-4.92%	–

Q3 2015

			Value		Shares		↓ Weighting
DSGX	Sell	DESCARTES SYSTEMS	$66,281,000	-10.4%	2,803,800	-24.0%	4.92%	+4.5%
BOFI	Sell	BOFI HOLDING	$64,232,000	-7.1%	498,584	-23.8%	4.77%	+8.4%
VRTU	Sell	VIRTUSA CORP	$62,931,000	-22.1%	1,226,494	-22.0%	4.67%	-9.1%
WNS	Sell	WNS HOLDINGS LTDspon adr	$59,762,000	+3.3%	2,138,197	-1.1%	4.44%	+20.6%
GIL	Sell	GILDAN ACTIVEWEAR	$51,700,000	-3.0%	1,283,530	-0.0%	3.84%	+13.3%
ECPG	Sell	ENCORE CAP GROUP INC	$48,495,000	-14.6%	1,310,693	-1.3%	3.60%	-0.2%
ACTA	Sell	ACTUA CORP	$46,192,000	-18.2%	3,927,915	-0.8%	3.43%	-4.5%
DW	Buy	DREW INDUSTRIES INC	$39,412,000	-0.1%	721,717	+6.1%	2.92%	+16.5%
CIGI	Buy	COLLIERS INTL	$39,121,000	+29.3%	721,800	+14.1%	2.90%	+50.9%
PRAA	Sell	PRA GROUP INC	$37,221,000	-16.2%	703,350	-1.4%	2.76%	-2.2%
ACHC	Sell	ACADIA HEALTHCARE	$37,180,000	-16.7%	561,045	-1.5%	2.76%	-2.8%
HSTM	Sell	HEALTHSTREAM INC	$36,013,000	-33.0%	1,651,228	-6.6%	2.67%	-21.8%
THRM	Sell	GENTHERM INC	$34,921,000	-22.2%	777,408	-4.9%	2.59%	-9.1%
PSGLQ	Sell	PERFORMANCE SPORTS	$32,784,000	-20.5%	1,833,600	-0.1%	2.43%	-7.2%
STN	Sell	STANTEC INC	$32,313,000	-20.1%	1,107,400	-0.1%	2.40%	-6.8%
SQBG	Buy	SEQUENTIAL BRANDS GR	$30,834,000	-4.0%	2,130,957	+1.4%	2.29%	+12.0%
XPO	Buy	XPO LOGISTICS INC	$30,448,000	-38.8%	1,277,734	+16.0%	2.26%	-28.6%
CKEC	Sell	CARMIKE CINEMAS INC	$28,445,000	-25.4%	1,415,891	-1.4%	2.11%	-12.9%
WEB	Sell	WEB COM GROUP INC	$27,992,000	-18.2%	1,327,902	-6.1%	2.08%	-4.5%
ABCO	Buy	ADVISORY BRD CO	$27,376,000	+3.7%	601,157	+24.5%	2.03%	+21.0%
MTDR	Sell	MATADOR RESOURCES	$27,059,000	-18.1%	1,304,700	-1.3%	2.01%	-4.5%
FSV	Sell	FIRSTSERVICE CORPsub vtg sh	$26,904,000	+22.5%	623,800	-1.4%	2.00%	+42.9%
HMSY	Buy	HMS HOLDINGS CORP	$26,142,000	-23.4%	2,980,896	+50.1%	1.94%	-10.6%
FC	Sell	FRANKLIN COVEY CO	$24,566,000	-21.9%	1,529,670	-1.3%	1.82%	-8.9%
MMS	Sell	MAXIMUS INC	$24,527,000	-10.7%	411,818	-1.5%	1.82%	+4.2%
KIRK	Buy	KIRKLANDS INC	$24,325,000	-0.6%	1,129,328	+28.7%	1.81%	+16.1%
GTTN	Buy	GTT COMMUNICATIONS	$24,282,000	+6.9%	1,043,976	+9.7%	1.80%	+24.7%
JCOM	Buy	J2 GLOBAL INC	$24,239,000	+90.4%	341,986	+82.5%	1.80%	+122.1%
PRIM	Sell	PRIMORIS SVCS CORP	$23,944,000	-10.6%	1,336,950	-1.2%	1.78%	+4.3%
AACH	Buy	AAC HLDGS INC	$23,397,000	+13.7%	1,051,563	+122.7%	1.74%	+32.8%
GPX	Sell	GP STRATEGIES CORP	$23,292,000	-32.3%	1,020,698	-1.3%	1.73%	-20.9%
CRL	Buy	CHARLES RIV LABS INT	$22,062,000	+20.6%	347,335	+33.5%	1.64%	+40.7%
PGI	Sell	PREMIERE GLOBAL SVCS	$21,660,000	-40.0%	1,576,464	-55.1%	1.61%	-30.0%
IG	Buy	IGI LABS INC	$21,015,000	+20.2%	3,213,321	+15.8%	1.56%	+40.3%
GPORQ	Buy	GULFPORT ENERGY CORP	$20,990,000	-18.1%	707,216	+11.1%	1.56%	-4.4%
PCOM	Sell	POINTS INTL LTD	$18,630,000	-7.2%	1,293,800	-0.1%	1.38%	+8.4%
SFE	Sell	SAFEGUARD SCIENTIFIC	$18,125,000	-21.5%	1,166,360	-1.7%	1.34%	-8.4%
EIGI	Buy	ENDURANCE INTL GRO	$18,090,000	-28.1%	1,354,065	+11.1%	1.34%	-16.1%
TAXA	Sell	LIBERTY TAX INCcl a	$15,811,000	-7.6%	678,908	-1.8%	1.17%	+7.9%
NGHC	Buy	NATIONAL GEN HLDGS	$15,661,000	+100.5%	811,900	+116.5%	1.16%	+133.8%
TNAV	Buy	TELENAV INC	$14,616,000	+100.2%	1,871,500	+106.3%	1.08%	+133.8%
GCO	Sell	GENESCO INC	$14,563,000	-14.6%	255,185	-1.2%	1.08%	-0.4%
CHKE	Buy	CHEROKEE INC	$9,944,000	+34.5%	640,747	+144.3%	0.74%	+57.0%
SAAS	Sell	INCONTACT INC	$8,620,000	-25.2%	1,147,831	-1.7%	0.64%	-12.7%
WBMD	New	WEBMD HEALTH CORP	$6,637,000	–	166,605	–	0.49%	–
HMTV	New	HEMISPHERE MEDIA Gcl a	$3,900,000	–	286,800	–	0.29%	–
PSIX	Buy	POWER SOLUTIONS INTL	$3,338,000	0.0%	147,015	+137.9%	0.25%	+17.0%
SGC	New	SUPERIOR UNIFORM GRP	$1,932,000	–	107,805	–	0.14%	–
CLCT	Sell	COLLECTORS UNIVERSE	$1,391,000	-36.3%	92,300	-15.8%	0.10%	-25.9%
AAVVF	Buy	ADVANTAGE OIL & GAS	$821,000	+0.4%	117,805	+13.7%	0.06%	+17.3%
RICE	Buy	RICE ENERGY INC	$397,000	+5.3%	24,600	+35.9%	0.03%	+20.8%
REXX	Exit	REX ENERGY CORP	$0	–	-117,100	–	-0.04%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-265,505	–	-1.04%	–
TYPE	Exit	MONOTYPE IMAGING HLD	$0	–	-1,102,711	–	-1.69%	–
WIRE	Exit	ENCORE WIRE CORP	$0	–	-607,000	–	-1.71%	–

Q2 2015

			Value		Shares		↓ Weighting
VRTU	New	VIRTUSA CORP	$80,816,000	–	1,572,300	–	5.14%	–
DSGX	New	DESCARTES SYSTEMS	$73,990,000	–	3,690,300	–	4.71%	–
BOFI	New	BOFI HOLDING	$69,155,000	–	654,204	–	4.40%	–
WNS	New	WNS HOLDINGS LTDspon adr	$57,827,000	–	2,161,794	–	3.68%	–
ECPG	New	ENCORE CAP GROUP INC	$56,753,000	–	1,327,876	–	3.61%	–
ACTA	New	ACTUA CORP	$56,473,000	–	3,960,300	–	3.59%	–
HSTM	New	HEALTHSTREAM INC	$53,774,000	–	1,767,736	–	3.42%	–
GIL	New	GILDAN ACTIVEWEAR	$53,278,000	–	1,284,130	–	3.39%	–
XPO	New	XPO LOGISTICS INC	$49,771,000	–	1,101,619	–	3.16%	–
THRM	New	GENTHERM INC	$44,866,000	–	817,100	–	2.85%	–
ACHC	New	ACADIA HEALTHCARE	$44,635,000	–	569,840	–	2.84%	–
PRAA	New	PRA GROUP INC	$44,441,000	–	713,233	–	2.83%	–
PSGLQ	New	PERFORMANCE SPORTS	$41,241,000	–	1,834,600	–	2.62%	–
STN	New	STANTEC INC	$40,445,000	–	1,108,100	–	2.57%	–
DW	New	DREW INDUSTRIES INC	$39,459,000	–	680,100	–	2.51%	–
CKEC	New	CARMIKE CINEMAS INC	$38,127,000	–	1,436,615	–	2.42%	–
PGI	New	PREMIERE GLOBAL SVCS	$36,119,000	–	3,510,167	–	2.30%	–
GPX	New	GP STRATEGIES CORP	$34,382,000	–	1,034,383	–	2.19%	–
WEB	New	WEB COM GROUP INC	$34,236,000	–	1,413,578	–	2.18%	–
HMSY	New	HMS HOLDINGS CORP	$34,106,000	–	1,986,423	–	2.17%	–
MTDR	New	MATADOR RESOURCES	$33,043,000	–	1,321,743	–	2.10%	–
SQBG	New	SEQUENTIAL BRANDS GR	$32,130,000	–	2,101,400	–	2.04%	–
FC	New	FRANKLIN COVEY CO	$31,457,000	–	1,550,400	–	2.00%	–
CIGI	New	COLLIERS INTL	$30,247,000	–	632,800	–	1.92%	–
MMS	New	MAXIMUS INC	$27,469,000	–	417,916	–	1.75%	–
WIRE	New	ENCORE WIRE CORP	$26,884,000	–	607,000	–	1.71%	–
PRIM	New	PRIMORIS SVCS CORP	$26,794,000	–	1,353,262	–	1.70%	–
TYPE	New	MONOTYPE IMAGING HLD	$26,586,000	–	1,102,711	–	1.69%	–
ABCO	New	ADVISORY BRD CO	$26,400,000	–	482,900	–	1.68%	–
GPORQ	New	GULFPORT ENERGY CORP	$25,620,000	–	636,546	–	1.63%	–
EIGI	New	ENDURANCE INTL GRO	$25,176,000	–	1,218,600	–	1.60%	–
KIRK	New	KIRKLANDS INC	$24,464,000	–	877,800	–	1.56%	–
SFE	New	SAFEGUARD SCIENTIFIC	$23,085,000	–	1,186,300	–	1.47%	–
GTTN	New	GTT COMMUNICATIONS	$22,724,000	–	951,994	–	1.44%	–
FSV	New	FIRSTSERVICE CORPsub vtg sh	$21,970,000	–	632,800	–	1.40%	–
AACH	New	AAC HLDGS INC	$20,569,000	–	472,200	–	1.31%	–
PCOM	New	POINTS INTL LTD	$20,070,000	–	1,294,900	–	1.28%	–
CRL	New	CHARLES RIV LABS INT	$18,295,000	–	260,100	–	1.16%	–
IG	New	IGI LABS INC	$17,487,000	–	2,775,754	–	1.11%	–
TAXA	New	LIBERTY TAX INCcl a	$17,103,000	–	691,063	–	1.09%	–
GCO	New	GENESCO INC	$17,060,000	–	258,378	–	1.08%	–
RGLD	New	ROYAL GOLD INC	$16,352,000	–	265,505	–	1.04%	–
JCOM	New	J2 GLOBAL INC	$12,731,000	–	187,400	–	0.81%	–
SAAS	New	INCONTACT INC	$11,524,000	–	1,167,600	–	0.73%	–
NGHC	New	NATIONAL GEN HLDGS	$7,811,000	–	375,000	–	0.50%	–
CHKE	New	CHEROKEE INC	$7,391,000	–	262,300	–	0.47%	–
TNAV	New	TELENAV INC	$7,301,000	–	907,000	–	0.46%	–
PSIX	New	POWER SOLUTIONS INTL	$3,338,000	–	61,800	–	0.21%	–
KONAQ	New	KONA GRILL	$3,326,000	–	171,400	–	0.21%	–
CLCT	New	COLLECTORS UNIVERSE	$2,185,000	–	109,600	–	0.14%	–
AAVVF	New	ADVANTAGE OIL & GAS	$818,000	–	103,600	–	0.05%	–
REXX	New	REX ENERGY CORP	$654,000	–	117,100	–	0.04%	–
RICE	New	RICE ENERGY INC	$377,000	–	18,100	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
PSIX	Exit	Power Solutions Intl	$0	–	-16,200	–	-0.08%	–
UPLMQ	Exit	Ultra Petroleum	$0	–	-56,000	–	-0.10%	–
KONAQ	Exit	KONA GRILL	$0	–	-149,300	–	-0.22%	–
STRM	Exit	Streamline Health Solutions	$0	–	-1,771,000	–	-0.61%	–
CTG	Exit	Computer Task Group	$0	–	-1,007,000	–	-0.83%	–
CTRX	Exit	Catamaran	$0	–	-408,906	–	-1.28%	–
WIRE	Exit	Encore Wire Corp	$0	–	-490,020	–	-1.35%	–
RGLD	Exit	Royal Gold	$0	–	-332,655	–	-1.60%	–
IG	Exit	IGI Laboratories	$0	–	-2,359,854	–	-1.63%	–
FC	Exit	Franklin Covey	$0	–	-1,131,215	–	-1.65%	–
HIBB	Exit	Hibbett Sports	$0	–	-525,318	–	-1.66%	–
SFE	Exit	Safeguard Scientifics Inc	$0	–	-1,246,000	–	-1.70%	–
REXX	Exit	Rexx Energy	$0	–	-1,910,017	–	-1.80%	–
DW	Exit	Drew Industries	$0	–	-594,370	–	-1.86%	–
PRIM	Exit	Primoris Services	$0	–	-952,362	–	-1.90%	–
PGI	Exit	Premiere Global Services	$0	–	-2,186,210	–	-1.94%	–
SNECQ	Exit	Sanchez Energy	$0	–	-1,054,222	–	-2.06%	–
GCO	Exit	Genesco	$0	–	-370,878	–	-2.06%	–
TYPE	Exit	Monotype Imaging Holdings Inc.	$0	–	-985,411	–	-2.07%	–
HMSY	Exit	HMS Holdings	$0	–	-1,487,823	–	-2.08%	–
EPAY	Exit	Bottomline Technologies	$0	–	-1,067,116	–	-2.19%	–
FXCM	Exit	FXCM	$0	–	-1,999,051	–	-2.35%	–
MTDR	Exit	Matador Resources	$0	–	-1,227,743	–	-2.36%	–
GPORQ	Exit	Gulfport Energy	$0	–	-605,646	–	-2.40%	–
MMS	Exit	Maximus	$0	–	-817,416	–	-2.44%	–
MEI	Exit	Methode Electronics	$0	–	-927,460	–	-2.54%	–
PRAA	Exit	Portfolio Recovery Associates	$0	–	-676,433	–	-2.62%	–
CKEC	Exit	Carmike Cinemas	$0	–	-1,273,915	–	-2.93%	–
BOFI	Exit	Bofi Holding	$0	–	-599,904	–	-3.24%	–
HSTM	Exit	Healthstream Inc.	$0	–	-1,824,336	–	-3.25%	–
XPO	Exit	XPO Logistics	$0	–	-1,191,919	–	-3.34%	–
MGAM	Exit	Multimedia Games	$0	–	-1,309,400	–	-3.50%	–
THRM	Exit	Gentherm	$0	–	-1,137,700	–	-3.57%	–
GPX	Exit	GP Strategies	$0	–	-1,731,200	–	-3.69%	–
WEB	Exit	Web.Com Group	$0	–	-2,505,478	–	-3.71%	–
ACHC	Exit	Acadia Healthcare	$0	–	-1,056,540	–	-3.81%	–
WNS	Exit	WNS Holdingsspon adr	$0	–	-2,416,494	–	-4.04%	–
ECPG	Exit	Encore Capital Group	$0	–	-1,248,276	–	-4.11%	–
MTZ	Exit	Mastec	$0	–	-2,070,204	–	-4.71%	–
ACTA	Exit	Actua Corp.	$0	–	-4,119,300	–	-4.90%	–
VRTU	Exit	Virtusa	$0	–	-2,200,000	–	-5.81%	–

Q3 2014

			Value		Shares		↓ Weighting
VRTU	Buy	Virtusa	$78,232,000	+12.1%	2,200,000	+12.9%	5.81%	+7.6%
ACTA	New	Actua Corp.	$65,991,000	–	4,119,300	–	4.90%	–
MTZ	Buy	Mastec	$63,390,000	+21.3%	2,070,204	+22.1%	4.71%	+16.4%
ECPG	Buy	Encore Capital Group	$55,311,000	+11.9%	1,248,276	+14.7%	4.11%	+7.4%
WNS	Buy	WNS Holdingsspon adr	$54,395,000	+39.7%	2,416,494	+19.0%	4.04%	+34.0%
ACHC	Buy	Acadia Healthcare	$51,242,000	+20.8%	1,056,540	+13.3%	3.81%	+15.9%
WEB	Buy	Web.Com Group	$50,009,000	+3.5%	2,505,478	+49.7%	3.71%	-0.7%
GPX	Buy	GP Strategies	$49,720,000	+24.2%	1,731,200	+11.9%	3.69%	+19.2%
THRM	Sell	Gentherm	$48,045,000	-13.9%	1,137,700	-9.4%	3.57%	-17.4%
MGAM	Sell	Multimedia Games	$47,151,000	-11.6%	1,309,400	-27.3%	3.50%	-15.2%
XPO	Sell	XPO Logistics	$44,900,000	+26.3%	1,191,919	-4.1%	3.34%	+21.2%
HSTM	Buy	Healthstream Inc.	$43,802,000	+15.2%	1,824,336	+16.6%	3.25%	+10.5%
BOFI	Buy	Bofi Holding	$43,619,000	+32.8%	599,904	+34.1%	3.24%	+27.4%
CKEC	Buy	Carmike Cinemas	$39,466,000	+2.1%	1,273,915	+15.7%	2.93%	-2.1%
PRAA	Buy	Portfolio Recovery Associates	$35,330,000	+28.2%	676,433	+46.1%	2.62%	+23.0%
MEI	Buy	Methode Electronics	$34,195,000	+9.2%	927,460	+13.2%	2.54%	+4.8%
MMS	Sell	Maximus	$32,803,000	-9.6%	817,416	-3.1%	2.44%	-13.2%
GPORQ	Buy	Gulfport Energy	$32,341,000	-9.4%	605,646	+6.5%	2.40%	-13.1%
MTDR	New	Matador Resources	$31,737,000	–	1,227,743	–	2.36%	–
FXCM	Buy	FXCM	$31,685,000	+46.4%	1,999,051	+38.2%	2.35%	+40.5%
EPAY	Buy	Bottomline Technologies	$29,442,000	-5.8%	1,067,116	+2.1%	2.19%	-9.6%
HMSY	New	HMS Holdings	$28,045,000	–	1,487,823	–	2.08%	–
TYPE	New	Monotype Imaging Holdings Inc.	$27,907,000	–	985,411	–	2.07%	–
GCO	Sell	Genesco	$27,723,000	-19.1%	370,878	-11.1%	2.06%	-22.3%
SNECQ	Buy	Sanchez Energy	$27,684,000	-4.7%	1,054,222	+36.4%	2.06%	-8.5%
PGI	Buy	Premiere Global Services	$26,169,000	+8.1%	2,186,210	+20.5%	1.94%	+3.7%
PRIM	Buy	Primoris Services	$25,561,000	+32.3%	952,362	+42.2%	1.90%	+27.0%
DW	Buy	Drew Industries	$25,076,000	+60.1%	594,370	+89.8%	1.86%	+53.6%
REXX	Buy	Rexx Energy	$24,200,000	+17.4%	1,910,017	+64.0%	1.80%	+12.6%
SFE	Buy	Safeguard Scientifics Inc	$22,926,000	+0.6%	1,246,000	+13.6%	1.70%	-3.5%
HIBB	Buy	Hibbett Sports	$22,394,000	-9.8%	525,318	+14.7%	1.66%	-13.4%
FC	Buy	Franklin Covey	$22,161,000	+17.1%	1,131,215	+20.4%	1.65%	+12.4%
IG	New	IGI Laboratories	$21,994,000	–	2,359,854	–	1.63%	–
RGLD	Buy	Royal Gold	$21,603,000	-14.0%	332,655	+0.8%	1.60%	-17.5%
WIRE	Buy	Encore Wire Corp	$18,175,000	-3.7%	490,020	+27.4%	1.35%	-7.5%
CTRX	Sell	Catamaran	$17,235,000	-45.2%	408,906	-42.6%	1.28%	-47.4%
CTG	Sell	Computer Task Group	$11,178,000	-63.5%	1,007,000	-45.9%	0.83%	-65.0%
STRM	Buy	Streamline Health Solutions	$8,200,000	-2.8%	1,771,000	+0.7%	0.61%	-6.7%
KONAQ	Buy	KONA GRILL	$2,946,000	+38.8%	149,300	+36.6%	0.22%	+33.5%
PSIX	Sell	Power Solutions Intl	$1,118,000	-39.6%	16,200	-37.0%	0.08%	-42.0%
RRC	Exit	Range Resources	$0	–	-17,800	–	-0.12%	–
LPSN	Exit	Liveperson	$0	–	-332,900	–	-0.26%	–
KEX	Exit	Kirby	$0	–	-162,241	–	-1.47%	–
PFMT	Exit	Performant Financial	$0	–	-2,077,100	–	-1.62%	–
DNRCQ	Exit	Denbury Resources	$0	–	-1,437,500	–	-2.05%	–
CONN	Exit	Conn's Inc.	$0	–	-741,200	–	-2.83%	–
ICGE	Exit	ICG Group	$0	–	-3,589,100	–	-5.80%	–

Q2 2014

			Value		Shares		↓ Weighting
ICGE	New	ICG Group	$74,940,000	–	3,589,100	–	5.80%	–
VRTU	New	Virtusa	$69,789,000	–	1,949,400	–	5.40%	–
THRM	New	Gentherm	$55,829,000	–	1,256,000	–	4.32%	–
MGAM	New	Multimedia Games	$53,361,000	–	1,800,300	–	4.13%	–
MTZ	New	Mastec	$52,253,000	–	1,695,437	–	4.04%	–
ECPG	New	Encore Capital Group	$49,422,000	–	1,088,100	–	3.82%	–
WEB	New	Web.Com Group	$48,314,000	–	1,673,500	–	3.74%	–
ACHC	New	Acadia Healthcare	$42,433,000	–	932,600	–	3.28%	–
GPX	New	GP Strategies	$40,023,000	–	1,546,500	–	3.10%	–
WNS	New	WNS Holdingsspon adr	$38,937,000	–	2,030,100	–	3.01%	–
CKEC	New	Carmike Cinemas	$38,668,000	–	1,100,700	–	2.99%	–
HSTM	New	Healthstream Inc.	$38,027,000	–	1,564,900	–	2.94%	–
CONN	New	Conn's Inc.	$36,608,000	–	741,200	–	2.83%	–
MMS	New	Maximus	$36,279,000	–	843,300	–	2.81%	–
GPORQ	New	Gulfport Energy	$35,714,000	–	568,700	–	2.76%	–
XPO	New	XPO Logistics	$35,557,000	–	1,242,400	–	2.75%	–
GCO	New	Genesco	$34,248,000	–	417,000	–	2.65%	–
BOFI	New	Bofi Holding	$32,856,000	–	447,200	–	2.54%	–
CTRX	New	Catamaran	$31,438,000	–	711,900	–	2.43%	–
MEI	New	Methode Electronics	$31,305,000	–	819,300	–	2.42%	–
EPAY	New	Bottomline Technologies	$31,260,000	–	1,044,800	–	2.42%	–
CTG	New	Computer Task Group	$30,665,000	–	1,863,000	–	2.37%	–
SNECQ	New	Sanchez Energy	$29,046,000	–	772,700	–	2.25%	–
PRAA	New	Portfolio Recovery Associates	$27,568,000	–	463,100	–	2.13%	–
DNRCQ	New	Denbury Resources	$26,536,000	–	1,437,500	–	2.05%	–
RGLD	New	Royal Gold	$25,115,000	–	329,900	–	1.94%	–
HIBB	New	Hibbett Sports	$24,815,000	–	458,100	–	1.92%	–
PGI	New	Premiere Global Services	$24,216,000	–	1,813,900	–	1.87%	–
SFE	New	Safeguard Scientifics Inc	$22,794,000	–	1,096,400	–	1.76%	–
FXCM	New	FXCM	$21,641,000	–	1,446,600	–	1.68%	–
PFMT	New	Performant Financial	$20,979,000	–	2,077,100	–	1.62%	–
REXX	New	Rexx Energy	$20,622,000	–	1,164,400	–	1.60%	–
PRIM	New	Primoris Services	$19,320,000	–	669,900	–	1.50%	–
KEX	New	Kirby	$19,005,000	–	162,241	–	1.47%	–
FC	New	Franklin Covey	$18,918,000	–	939,800	–	1.46%	–
WIRE	New	Encore Wire Corp	$18,866,000	–	384,700	–	1.46%	–
DW	New	Drew Industries	$15,658,000	–	313,100	–	1.21%	–
STRM	New	Streamline Health Solutions	$8,438,000	–	1,757,900	–	0.65%	–
LPSN	New	Liveperson	$3,379,000	–	332,900	–	0.26%	–
KONAQ	New	KONA GRILL	$2,122,000	–	109,300	–	0.16%	–
PSIX	New	Power Solutions Intl	$1,850,000	–	25,700	–	0.14%	–
UPLMQ	New	Ultra Petroleum	$1,663,000	–	56,000	–	0.13%	–
RRC	New	Range Resources	$1,548,000	–	17,800	–	0.12%	–

Q4 2013

			Value		Shares		↓ Weighting
UPLMQ	Exit	Ultra Petroleum	$0	–	-56,000	–	-0.12%	–
RRC	Exit	Range Resources	$0	–	-17,800	–	-0.14%	–
	Exit	Almost Family Inc	$0	–	-94,500	–	-0.20%	–
KONAQ	Exit	KONA GRILL	$0	–	-183,500	–	-0.23%	–
PGI	Exit	Premiere Global Services	$0	–	-220,500	–	-0.24%	–
OUTR	Exit	Outerwall	$0	–	-175,829	–	-0.95%	–
ORLY	Exit	O'Reilly Automotive	$0	–	-71,500	–	-0.98%	–
EGOV	Exit	NIC	$0	–	-430,636	–	-1.07%	–
STRM	Exit	Streamline Health Solutions	$0	–	-1,461,000	–	-1.19%	–
HIBB	Exit	Hibbett Sports	$0	–	-221,300	–	-1.34%	–
SODA	Exit	Sodastream International	$0	–	-212,952	–	-1.43%	–
RGLD	Exit	Royal Gold	$0	–	-274,600	–	-1.44%	–
MEI	Exit	Methode Electronics	$0	–	-504,300	–	-1.52%	–
XPO	Exit	XPO Logistics	$0	–	-700,400	–	-1.63%	–
FXCM	Exit	FXCM	$0	–	-804,200	–	-1.71%	–
RJF	Exit	Raymond James Financial	$0	–	-383,675	–	-1.72%	–
PFMT	Exit	Performant Financial	$0	–	-1,467,600	–	-1.72%	–
HSTM	Exit	Healthstream Inc.	$0	–	-430,400	–	-1.75%	–
MMS	Exit	Maximus	$0	–	-378,100	–	-1.83%	–
CTRX	Exit	Catamaran	$0	–	-450,764	–	-2.23%	–
EPAY	Exit	Bottomline Technologies	$0	–	-745,000	–	-2.23%	–
EPL	Exit	EPL Oil & Gas Inc	$0	–	-563,100	–	-2.25%	–
REXX	Exit	Rexx Energy	$0	–	-957,700	–	-2.30%	–
BOFI	Exit	Bofi Holding	$0	–	-329,900	–	-2.30%	–
PRAA	Exit	Portfolio Recovery Associates	$0	–	-374,600	–	-2.42%	–
DNRCQ	Exit	Denbury Resources	$0	–	-1,227,800	–	-2.43%	–
LPSN	Exit	Liveperson	$0	–	-2,626,500	–	-2.66%	–
CTG	Exit	Computer Task Group	$0	–	-1,549,200	–	-2.69%	–
WNS	Exit	WNS Holdings	$0	–	-1,236,581	–	-2.82%	–
GPX	Exit	Gp Strategies	$0	–	-1,033,100	–	-2.91%	–
MGAM	Exit	Multimedia Games	$0	–	-792,100	–	-2.94%	–
GPORQ	Exit	Gulfport Energy	$0	–	-456,000	–	-3.16%	–
ACHC	Exit	Acadia Healthcare	$0	–	-758,000	–	-3.22%	–
KEX	Exit	Kirby	$0	–	-359,700	–	-3.35%	–
WEB	Exit	Web.Com Group	$0	–	-1,008,300	–	-3.51%	–
GCO	Exit	Genesco	$0	–	-520,600	–	-3.67%	–
MTZ	Exit	Mastec	$0	–	-1,149,200	–	-3.75%	–
LQDT	Exit	Liquidity Services	$0	–	-1,042,000	–	-3.76%	–
THRM	Exit	Gentherm	$0	–	-1,853,400	–	-3.81%	–
3106SC	Exit	Susser Holdings	$0	–	-697,000	–	-3.98%	–
VRTU	Exit	Virtusa	$0	–	-1,526,800	–	-4.77%	–
ECPG	Exit	Encore Capital Group	$0	–	-1,148,500	–	-5.66%	–
ICGE	Exit	ICG Group	$0	–	-3,913,000	–	-5.97%	–

Q3 2013

			Value		Shares		↓ Weighting
ICGE	Buy	ICG Group	$55,525,000	+103.8%	3,913,000	+63.7%	5.97%	+16.0%
ECPG	Buy	Encore Capital Group	$52,567,000	+148.0%	1,148,500	+79.4%	5.66%	+41.2%
VRTU	Buy	Virtusa	$44,369,000	+106.2%	1,526,800	+57.3%	4.77%	+17.4%
3106SC	Buy	Susser Holdings	$37,046,000	+149.8%	697,000	+125.1%	3.98%	+42.2%
THRM	Buy	Gentherm	$35,381,000	+50.6%	1,853,400	+46.5%	3.81%	-14.3%
LQDT	Buy	Liquidity Services	$34,907,000	+75.1%	1,042,000	+81.2%	3.76%	-0.4%
MTZ	Buy	Mastec	$34,821,000	+16.8%	1,149,200	+26.8%	3.75%	-33.5%
GCO	Buy	Genesco	$34,141,000	+58.3%	520,600	+61.7%	3.67%	-9.9%
WEB	Buy	Web.Com Group	$32,619,000	+68.5%	1,008,300	+33.4%	3.51%	-4.1%
KEX	Buy	Kirby	$31,132,000	+76.6%	359,700	+62.3%	3.35%	+0.5%
ACHC	Buy	Acadia Healthcare	$29,888,000	+90.7%	758,000	+59.9%	3.22%	+8.5%
GPORQ	Buy	Gulfport Energy	$29,339,000	+85.8%	456,000	+36.0%	3.16%	+5.7%
MGAM	Buy	Multimedia Games	$27,367,000	+114.4%	792,100	+61.8%	2.94%	+22.0%
GPX	Buy	Gp Strategies	$27,088,000	+86.2%	1,033,100	+69.2%	2.91%	+6.0%
WNS	Buy	WNS Holdings	$26,240,000	+100.8%	1,236,581	+58.0%	2.82%	+14.3%
CTG	Buy	Computer Task Group	$25,035,000	+73.3%	1,549,200	+146.3%	2.69%	-1.4%
LPSN	Buy	Liveperson	$24,768,000	+81.5%	2,626,500	+72.4%	2.66%	+3.3%
DNRCQ	Buy	Denbury Resources	$22,604,000	+94.1%	1,227,800	+82.6%	2.43%	+10.4%
PRAA	Buy	Portfolio Recovery Associates	$22,450,000	+75.5%	374,600	+349.8%	2.42%	-0.2%
BOFI	Buy	Bofi Holding	$21,381,000	+128.5%	329,900	+61.6%	2.30%	+30.0%
REXX	Buy	Rexx Energy	$21,375,000	+93.0%	957,700	+52.0%	2.30%	+9.8%
EPL	New	EPL Oil & Gas Inc	$20,897,000	–	563,100	–	2.25%	–
EPAY	Buy	Bottomline Technologies	$20,771,000	+129.3%	745,000	+108.0%	2.23%	+30.5%
CTRX	Buy	Catamaran	$20,713,000	+64.0%	450,764	+74.0%	2.23%	-6.7%
MMS	Buy	Maximus	$17,030,000	+67.1%	378,100	+176.4%	1.83%	-4.9%
HSTM	Sell	Healthstream Inc.	$16,304,000	+2.4%	430,400	-31.5%	1.75%	-41.7%
PFMT	New	Performant Financial	$15,997,000	–	1,467,600	–	1.72%	–
RJF	Buy	Raymond James Financial	$15,988,000	+57.6%	383,675	+62.5%	1.72%	-10.3%
FXCM	New	FXCM	$15,883,000	–	804,200	–	1.71%	–
XPO	New	XPO Logistics	$15,178,000	–	700,400	–	1.63%	–
MEI	Buy	Methode Electronics	$14,120,000	+1408.5%	504,300	+816.9%	1.52%	+758.2%
RGLD	Buy	Royal Gold	$13,362,000	+91.0%	274,600	+65.2%	1.44%	+8.7%
SODA	Buy	Sodastream International	$13,281,000	+39.1%	212,952	+62.0%	1.43%	-20.8%
HIBB	Buy	Hibbett Sports	$12,418,000	+62.3%	221,300	+60.7%	1.34%	-7.7%
STRM	Buy	Streamline Health Solutions	$11,104,000	+86.9%	1,461,000	+61.5%	1.19%	+6.3%
EGOV	Sell	NIC	$9,952,000	+23.2%	430,636	-11.9%	1.07%	-29.9%
ORLY	Buy	O'Reilly Automotive	$9,123,000	+89.3%	71,500	+67.1%	0.98%	+7.7%
OUTR	New	Outerwall	$8,797,000	–	175,829	–	0.95%	–
PGI	Buy	Premiere Global Services	$2,196,000	+249.1%	220,500	+323.2%	0.24%	+98.3%
KONAQ	New	KONA GRILL	$2,132,000	–	183,500	–	0.23%	–
	Buy	Almost Family Inc	$1,836,000	+100.0%	94,500	+96.5%	0.20%	+13.2%
NOG	Exit	Northern Oil & Gas	$0	–	-430,900	–	-1.09%	–
	Exit	Performant Financial	$0	–	-671,800	–	-1.47%	–
CSTR	Exit	Coinstar	$0	–	-191,100	–	-2.12%	–
HCSG	Exit	Healthcare Services Group	$0	–	-464,500	–	-2.15%	–
TCBI	Exit	Texas Capital Bancshares	$0	–	-282,600	–	-2.37%	–
TAHO	Exit	Tahoe Resources	$0	–	-871,500	–	-2.46%	–

Q2 2013

			Value		Shares		↓ Weighting
MTZ	New	Mastec	$29,814,000	–	906,200	–	5.64%	–
ICGE	New	ICG Group	$27,251,000	–	2,390,400	–	5.15%	–
THRM	New	Gentherm	$23,493,000	–	1,265,100	–	4.44%	–
GCO	New	Genesco	$21,564,000	–	321,900	–	4.08%	–
VRTU	New	Virtusa	$21,513,000	–	970,800	–	4.07%	–
ECPG	New	Encore Capital Group	$21,194,000	–	640,100	–	4.01%	–
LQDT	New	Liquidity Services	$19,939,000	–	575,100	–	3.77%	–
WEB	New	Web.Com Group	$19,354,000	–	756,000	–	3.66%	–
KEX	New	Kirby	$17,626,000	–	221,600	–	3.33%	–
HSTM	New	Healthstream Inc.	$15,919,000	–	628,700	–	3.01%	–
GPORQ	New	Gulfport Energy	$15,794,000	–	335,400	–	2.99%	–
ACHC	New	Acadia Healthcare	$15,672,000	–	473,900	–	2.96%	–
3106SC	New	Susser Holdings	$14,828,000	–	309,700	–	2.80%	–
GPX	New	Gp Strategies	$14,544,000	–	610,600	–	2.75%	–
CTG	New	Computer Task Group	$14,448,000	–	629,000	–	2.73%	–
LPSN	New	Liveperson	$13,645,000	–	1,523,700	–	2.58%	–
WNS	New	WNS Holdings	$13,065,000	–	782,800	–	2.47%	–
TAHO	New	Tahoe Resources	$12,994,000	–	871,500	–	2.46%	–
PRAA	New	Portfolio Recovery Associates	$12,794,000	–	83,275	–	2.42%	–
MGAM	New	Multimedia Games	$12,764,000	–	489,600	–	2.41%	–
CTRX	New	Catamaran	$12,632,000	–	259,064	–	2.39%	–
TCBI	New	Texas Capital Bancshares	$12,536,000	–	282,600	–	2.37%	–
DNRCQ	New	Denbury Resources	$11,646,000	–	672,400	–	2.20%	–
HCSG	New	Healthcare Services Group	$11,390,000	–	464,500	–	2.15%	–
CSTR	New	Coinstar	$11,214,000	–	191,100	–	2.12%	–
REXX	New	Rexx Energy	$11,074,000	–	629,900	–	2.09%	–
MMS	New	Maximus	$10,189,000	–	136,800	–	1.93%	–
RJF	New	Raymond James Financial	$10,147,000	–	236,075	–	1.92%	–
SODA	New	Sodastream International	$9,550,000	–	131,452	–	1.80%	–
BOFI	New	Bofi Holding	$9,356,000	–	204,200	–	1.77%	–
EPAY	New	Bottomline Technologies	$9,059,000	–	358,200	–	1.71%	–
EGOV	New	NIC	$8,078,000	–	488,700	–	1.53%	–
	New	Performant Financial	$7,786,000	–	671,800	–	1.47%	–
HIBB	New	Hibbett Sports	$7,652,000	–	137,700	–	1.45%	–
RGLD	New	Royal Gold	$6,994,000	–	166,200	–	1.32%	–
STRM	New	Streamline Health Solutions	$5,942,000	–	904,400	–	1.12%	–
NOG	New	Northern Oil & Gas	$5,748,000	–	430,900	–	1.09%	–
ORLY	New	O'Reilly Automotive	$4,820,000	–	42,800	–	0.91%	–
RRC	New	Range Resources	$1,376,000	–	17,800	–	0.26%	–
UPLMQ	New	Ultra Petroleum	$1,110,000	–	56,000	–	0.21%	–
MEI	New	Methode Electronics	$936,000	–	55,000	–	0.18%	–
	New	Almost Family Inc	$918,000	–	48,100	–	0.17%	–
PGI	New	Premiere Global Services	$629,000	–	52,100	–	0.12%	–

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