CARDINAL CAPITAL MANAGEMENT LLC /CT Activity Q2 2002-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SLGN	Sell	SILGAN HLDGS INC	$112,772,496	-13.1%	2,615,924	-5.4%	4.84%	-1.5%
NXST	Sell	NEXSTAR MEDIA GROUP INC	$104,642,138	-18.9%	729,875	-5.8%	4.49%	-8.1%
BWXT	Sell	BWX TECHNOLOGIES INC	$101,643,767	-6.7%	1,355,612	-10.9%	4.36%	+5.7%
SPB	Sell	SPECTRUM BRANDS HLDGS INC NE	$98,888,338	-3.4%	1,262,136	-3.7%	4.24%	+9.4%
DTM	Sell	DT MIDSTREAM INC	$92,898,547	+1.8%	1,755,453	-4.7%	3.99%	+15.3%
LAD	Sell	LITHIA MTRS INC	$90,390,021	-10.1%	306,064	-7.4%	3.88%	+1.9%
	Sell	GXO LOGISTICS INCORPORATED	$89,784,832	-7.9%	1,530,858	-1.4%	3.85%	+4.3%
STWD	Sell	STARWOOD PPTY TR INC	$78,190,809	-6.2%	4,040,869	-6.0%	3.36%	+6.2%
JCOM	Sell	ZIFF DAVIS INC	$75,080,490	-14.3%	1,178,843	-5.7%	3.22%	-2.9%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$74,587,836	-9.8%	1,637,494	-4.1%	3.20%	+2.1%
FTI	Buy	TECHNIPFMC PLC	$70,789,653	+37.3%	3,480,317	+12.2%	3.04%	+55.6%
	Sell	ESAB CORPORATION	$70,215,372	-1.0%	999,934	-6.2%	3.01%	+12.0%
KAR	Sell	OPENLANE INC	$65,113,376	-7.7%	4,364,167	-5.9%	2.80%	+4.5%
	New	BGC GROUP INCcl a	$63,823,304	–	12,087,747	–	2.74%	–
MGY	Sell	MAGNOLIA OIL & GAS CORPcl a	$59,773,900	+0.6%	2,609,075	-8.3%	2.56%	+13.9%
VRRM	Sell	VERRA MOBILITY CORP	$58,931,666	-22.8%	3,151,426	-18.6%	2.53%	-12.6%
VRNT	Sell	VERINT SYS INC	$53,197,210	-38.5%	2,313,928	-6.2%	2.28%	-30.3%
	Sell	ENOVIS CORPORATION	$52,206,670	-22.7%	990,075	-6.0%	2.24%	-12.4%
AXTA	Sell	AXALTA COATING SYS LTD	$51,194,697	-21.3%	1,903,149	-4.0%	2.20%	-10.9%
ASH	Sell	ASHLAND INC	$46,266,326	-9.9%	566,434	-4.1%	1.99%	+2.1%
FRME	Sell	FIRST MERCHANTS CORP	$44,297,419	-10.4%	1,592,287	-9.1%	1.90%	+1.5%
XPO	Sell	XPO INC	$43,356,367	+10.7%	580,717	-12.5%	1.86%	+25.4%
LIVN	Sell	LIVANOVA PLC	$40,687,528	-3.0%	769,431	-5.7%	1.75%	+9.9%
COLB	Sell	COLUMBIA BKG SYS INC	$38,472,510	-8.5%	1,895,198	-8.6%	1.65%	+3.6%
CBZ	Sell	CBIZ INC	$37,465,416	-14.2%	721,877	-11.9%	1.61%	-2.8%
PPBI	Sell	PACIFIC PREMIER BANCORP	$35,652,243	-5.2%	1,638,430	-9.9%	1.53%	+7.4%
FMC	Sell	FMC CORP	$33,014,345	-38.4%	492,972	-4.0%	1.42%	-30.2%
EQC	Sell	EQUITY COMWLTH	$32,412,609	-15.2%	1,764,432	-6.5%	1.39%	-3.9%
MPW	Sell	MEDICAL PPTYS TRUST INC	$31,937,763	-44.1%	5,860,140	-5.0%	1.37%	-36.7%
ACIW	Sell	ACI WORLDWIDE INC	$28,628,684	-2.9%	1,269,002	-0.3%	1.23%	+10.0%
JWA	Sell	WILEY JOHN & SONS INCcl a	$26,677,424	-29.1%	717,714	-35.1%	1.14%	-19.7%
TDC	Buy	TERADATA CORP DEL	$24,981,345	+50.3%	554,894	+78.3%	1.07%	+70.2%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$24,677,178	-5.5%	60,397	-4.9%	1.06%	+7.0%
USFD	Buy	US FOODS HLDG CORP	$24,481,403	+0.3%	616,660	+11.2%	1.05%	+13.6%
NMRK	Sell	NEWMARK GROUP INCcl a	$24,257,087	-2.9%	3,772,486	-6.1%	1.04%	+9.9%
EEFT	Sell	EURONET WORLDWIDE INC	$23,416,164	-35.4%	294,988	-4.5%	1.00%	-26.9%
GMED	Buy	GLOBUS MED INCcl a	$20,387,504	+4.9%	410,624	+25.8%	0.88%	+18.9%
IDCC	Sell	INTERDIGITAL INC	$20,193,996	-31.3%	251,670	-17.3%	0.87%	-22.2%
KAMN	Sell	KAMAN CORP	$19,647,902	-24.5%	999,893	-6.5%	0.84%	-14.5%
PACW	Sell	PACWEST BANCORP DEL	$18,836,965	-22.8%	2,381,412	-20.5%	0.81%	-12.6%
	Sell	VICTORIAS SECRET AND CO	$18,550,950	-8.4%	1,112,167	-4.3%	0.80%	+3.8%
	Sell	RB GLOBAL INC	$18,511,183	-0.2%	296,179	-4.2%	0.79%	+12.9%
HELE	Sell	HELEN OF TROY LTD	$18,400,619	+3.0%	157,864	-4.5%	0.79%	+16.7%
FBK	Sell	FB FINL CORP	$18,351,824	-13.6%	647,102	-14.5%	0.79%	-2.1%
	Sell	QUIDELORTHO CORP	$16,939,297	-16.0%	231,918	-4.7%	0.73%	-4.8%
	Sell	CONSENSUS CLOUD SOLUTIONS IN	$16,294,231	-23.5%	647,110	-5.8%	0.70%	-13.4%
LGND	Sell	LIGAND PHARMACEUTICALS INC	$12,367,428	-19.4%	206,399	-3.0%	0.53%	-8.6%
CHCT	Sell	COMMUNITY HEALTHCARE TR INC	$11,684,171	-18.1%	393,406	-9.0%	0.50%	-7.4%
ESE	Sell	ESCO TECHNOLOGIES INC	$11,633,522	-8.7%	111,390	-9.4%	0.50%	+3.3%
OXM	Sell	OXFORD INDS INC	$11,550,909	-17.4%	120,159	-15.5%	0.50%	-6.4%
WOW	Sell	WIDEOPENWEST INC	$8,974,077	-16.4%	1,173,082	-7.8%	0.38%	-5.4%
MOD	New	MODINE MFG CO	$8,839,769	–	193,219	–	0.38%	–
OSIS	Sell	OSI SYSTEMS INC	$8,749,951	-19.7%	74,127	-19.9%	0.38%	-9.0%
FUL	Sell	FULLER H B CO	$8,760,483	-13.6%	127,685	-9.9%	0.38%	-2.1%
PGTI	Buy	PGT INNOVATIONS INC	$8,631,471	+213.2%	311,044	+229.0%	0.37%	+255.8%
MODV	Sell	MODIVCARE INC	$8,492,292	-35.5%	269,511	-7.4%	0.36%	-27.1%
MIDD	New	MIDDLEBY CORP	$7,854,556	–	61,364	–	0.34%	–
EVRI	Sell	EVERI HLDGS INC	$6,621,012	-20.9%	500,833	-13.5%	0.28%	-10.4%
SUM	Buy	SUMMIT MATLS INCcl a	$4,969,134	+6.6%	159,574	+29.6%	0.21%	+20.3%
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-1,077	–	-0.01%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-23,175	–	-0.12%	–
LESL	Exit	LESLIES INC	$0	–	-3,463,782	–	-1.23%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-12,874,472	–	-2.16%	–

Q2 2023

			Value		Shares		↓ Weighting
SLGN	New	SILGAN HLDGS INC	$129,719,921	–	2,766,473	–	4.92%	–
NXST	New	NEXSTAR MEDIA GROUP INC	$129,006,901	–	774,584	–	4.89%	–
BWXT	New	BWX TECHNOLOGIES INC	$108,908,744	–	1,521,709	–	4.13%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$102,343,122	–	1,311,251	–	3.88%	–
LAD	New	LITHIA MTRS INC	$100,497,407	–	330,464	–	3.81%	–
	New	GXO LOGISTICS INCORPORATED	$97,495,295	–	1,551,979	–	3.69%	–
DTM	New	DT MIDSTREAM INC	$91,292,763	–	1,841,694	–	3.46%	–
JCOM	New	ZIFF DAVIS INC	$87,592,037	–	1,250,243	–	3.32%	–
VRNT	New	VERINT SYS INC	$86,445,348	–	2,465,640	–	3.28%	–
STWD	New	STARWOOD PPTY TR INC	$83,387,673	–	4,298,334	–	3.16%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$82,706,472	–	1,706,696	–	3.13%	–
VRRM	New	VERRA MOBILITY CORP	$76,324,819	–	3,870,427	–	2.89%	–
	New	ESAB CORPORATION	$70,956,460	–	1,066,373	–	2.69%	–
KAR	New	OPENLANE INC	$70,560,252	–	4,636,022	–	2.67%	–
	New	ENOVIS CORPORATION	$67,549,917	–	1,053,492	–	2.56%	–
AXTA	New	AXALTA COATING SYS LTD	$65,051,647	–	1,982,677	–	2.46%	–
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$59,445,289	–	2,844,272	–	2.25%	–
MPW	New	MEDICAL PPTYS TRUST INC	$57,129,650	–	6,169,509	–	2.16%	–
BGCP	New	BGC PARTNERS INCcl a	$57,032,722	–	12,874,472	–	2.16%	–
FMC	New	FMC CORP	$53,598,162	–	513,688	–	2.03%	–
FTI	New	TECHNIPFMC PLC	$51,556,239	–	3,102,060	–	1.95%	–
ASH	New	ASHLAND INC	$51,323,921	–	590,541	–	1.94%	–
FRME	New	FIRST MERCHANTS CORP	$49,440,942	–	1,751,362	–	1.87%	–
CBZ	New	CBIZ INC	$43,643,832	–	819,141	–	1.65%	–
COLB	New	COLUMBIA BKG SYS INC	$42,040,603	–	2,073,008	–	1.59%	–
LIVN	New	LIVANOVA PLC	$41,947,338	–	815,620	–	1.59%	–
XPO	New	XPO INC	$39,174,964	–	663,982	–	1.48%	–
EQC	New	EQUITY COMWLTH	$38,221,950	–	1,886,572	–	1.45%	–
JWA	New	WILEY JOHN & SONS INCcl a	$37,644,097	–	1,106,203	–	1.43%	–
PPBI	New	PACIFIC PREMIER BANCORP	$37,597,102	–	1,818,042	–	1.42%	–
EEFT	New	EURONET WORLDWIDE INC	$36,263,696	–	308,969	–	1.37%	–
LESL	New	LESLIES INC	$32,524,911	–	3,463,782	–	1.23%	–
ACIW	New	ACI WORLDWIDE INC	$29,485,408	–	1,272,568	–	1.12%	–
IDCC	New	INTERDIGITAL INC	$29,390,255	–	304,405	–	1.11%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$26,120,379	–	63,536	–	0.99%	–
KAMN	New	KAMAN CORP	$26,023,324	–	1,069,598	–	0.99%	–
NMRK	New	NEWMARK GROUP INCcl a	$24,981,102	–	4,016,254	–	0.95%	–
PACW	New	PACWEST BANCORP DEL	$24,400,354	–	2,993,908	–	0.92%	–
USFD	New	US FOODS HLDG CORP	$24,400,334	–	554,553	–	0.92%	–
	New	CONSENSUS CLOUD SOLUTIONS IN	$21,302,683	–	687,183	–	0.81%	–
FBK	New	FB FINL CORP	$21,239,153	–	757,189	–	0.80%	–
	New	VICTORIAS SECRET AND CO	$20,255,550	–	1,162,108	–	0.77%	–
	New	QUIDELORTHO CORP	$20,162,398	–	243,331	–	0.76%	–
GMED	New	GLOBUS MED INCcl a	$19,436,878	–	326,451	–	0.74%	–
	New	RB GLOBAL INC	$18,557,154	–	309,286	–	0.70%	–
HELE	New	HELEN OF TROY LTD	$17,861,350	–	165,352	–	0.68%	–
TDC	New	TERADATA CORP DEL	$16,625,561	–	311,282	–	0.63%	–
LGND	New	LIGAND PHARMACEUTICALS INC	$15,345,331	–	212,834	–	0.58%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$14,268,575	–	432,119	–	0.54%	–
OXM	New	OXFORD INDS INC	$13,987,442	–	142,120	–	0.53%	–
MODV	New	MODIVCARE INC	$13,164,745	–	291,191	–	0.50%	–
ESE	New	ESCO TECHNOLOGIES INC	$12,737,732	–	122,915	–	0.48%	–
OSIS	New	OSI SYSTEMS INC	$10,897,861	–	92,488	–	0.41%	–
WOW	New	WIDEOPENWEST INC	$10,736,693	–	1,272,120	–	0.41%	–
FUL	New	FULLER H B CO	$10,138,622	–	141,779	–	0.38%	–
EVRI	New	EVERI HLDGS INC	$8,372,615	–	579,019	–	0.32%	–
SUM	New	SUMMIT MATLS INCcl a	$4,659,827	–	123,113	–	0.18%	–
IWN	New	ISHARES TRrus 2000 val etf	$3,262,741	–	23,175	–	0.12%	–
PGTI	New	PGT INNOVATIONS INC	$2,756,162	–	94,551	–	0.10%	–
IWM	New	ISHARES TRrussell 2000 etf	$201,765	–	1,077	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-5,645	–	-0.03%	–
ESE	Exit	ESCO TECHNOLOGIES INC	$0	–	-160,493	–	-0.40%	–
EVRI	Exit	EVERI HLDGS INC	$0	–	-790,603	–	-0.44%	–
RUTH	Exit	RUTHS HOSPITALITY GROUP INC	$0	–	-872,791	–	-0.51%	–
OSIS	Exit	OSI SYSTEMS INC	$0	–	-222,007	–	-0.55%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-1,466,451	–	-0.62%	–
HELE	Exit	HELEN OF TROY LTD	$0	–	-190,707	–	-0.63%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-569,768	–	-0.64%	–
FUL	Exit	FULLER H B CO	$0	–	-396,339	–	-0.82%	–
OXM	Exit	OXFORD INDS INC	$0	–	-267,005	–	-0.82%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-554,264	–	-0.85%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-73,087	–	-0.85%	–
EEFT	Exit	EURONET WORLDWIDE INC	$0	–	-357,038	–	-0.93%	–
IAA	Exit	IAA INC	$0	–	-907,481	–	-0.99%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-455,648	–	-1.02%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-541,409	–	-1.03%	–
FWRD	Exit	FORWARD AIR CORP	$0	–	-347,876	–	-1.08%	–
	Exit	CONSENSUS CLOUD SOLUTIONS IN	$0	–	-679,832	–	-1.11%	–
MODV	Exit	MODIVCARE INC	$0	–	-323,540	–	-1.11%	–
LIVN	Exit	LIVANOVA PLC	$0	–	-684,472	–	-1.20%	–
KAMN	Exit	KAMAN CORP	$0	–	-1,306,785	–	-1.26%	–
	Exit	GXO LOGISTICS INCORPORATED	$0	–	-1,042,773	–	-1.26%	–
	Exit	VICTORIAS SECRET AND CO	$0	–	-1,282,997	–	-1.28%	–
FBK	Exit	FB FINL CORP	$0	–	-989,444	–	-1.30%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-2,534,176	–	-1.34%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-4,845,615	–	-1.34%	–
	Exit	ESAB CORPORATION	$0	–	-1,186,812	–	-1.36%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-979,420	–	-1.59%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-1,652,908	–	-1.63%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-15,473,897	–	-1.67%	–
FMC	Exit	FMC CORP	$0	–	-467,791	–	-1.70%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-2,440,858	–	-1.77%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-1,353,543	–	-1.82%	–
CBZ	Exit	CBIZ INC	$0	–	-1,287,674	–	-1.89%	–
	Exit	ENOVIS CORPORATION	$0	–	-1,230,024	–	-1.95%	–
LESL	Exit	LESLIES INC	$0	–	-4,196,974	–	-2.12%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-5,606,213	–	-2.15%	–
ASH	Exit	ASHLAND INC	$0	–	-686,153	–	-2.24%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-5,593,874	–	-2.28%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-2,335,169	–	-2.49%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-3,599,152	–	-2.59%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,617,430	–	-2.60%	–
MGY	Exit	MAGNOLIA OIL & GAS CORPcl a	$0	–	-3,976,536	–	-2.71%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-2,123,555	–	-2.74%	–
VRNT	Exit	VERINT SYS INC	$0	–	-2,475,476	–	-2.86%	–
LAD	Exit	LITHIA MTRS INC	$0	–	-394,348	–	-2.91%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,975,041	–	-3.00%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-2,359,098	–	-3.14%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-1,827,761	–	-3.17%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-5,127,576	–	-3.21%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-4,343,711	–	-3.38%	–
DTM	Exit	DT MIDSTREAM INC	$0	–	-1,894,320	–	-3.38%	–
JCOM	Exit	ZIFF DAVIS INC	$0	–	-1,505,733	–	-3.55%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-3,572,571	–	-5.16%	–
NXST	Exit	NEXSTAR MEDIA GROUP INC	$0	–	-965,922	–	-5.54%	–

Q3 2022

			Value		Shares		↓ Weighting
NXST	Sell	NEXSTAR MEDIA GROUP INC	$161,164,000	-5.9%	965,922	-8.1%	5.54%	+5.8%
SLGN	Buy	SILGAN HOLDINGS INC	$150,191,000	+7.9%	3,572,571	+6.1%	5.16%	+21.2%
JCOM	Sell	ZIFF DAVIS INC	$103,113,000	-8.4%	1,505,733	-0.3%	3.55%	+3.0%
DTM	Buy	DT MIDSTREAM INC	$98,296,000	+54.1%	1,894,320	+45.6%	3.38%	+73.2%
PACW	Sell	PACWEST BANCORP DEL	$98,168,000	-15.6%	4,343,711	-0.5%	3.38%	-5.1%
STWD	Buy	STARWOOD PPTY TR INC	$93,424,000	-10.8%	5,127,576	+2.3%	3.21%	+0.3%
BWXT	Buy	BWX TECHNOLOGIES INC	$92,064,000	-2.2%	1,827,761	+7.0%	3.17%	+10.0%
FRME	Buy	FIRST MERCHANTS CORP	$91,250,000	+13.2%	2,359,098	+4.2%	3.14%	+27.3%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$87,297,000	+0.5%	1,975,041	+4.0%	3.00%	+13.0%
LAD	Sell	LITHIA MTRS INC	$84,607,000	-22.3%	394,348	-0.4%	2.91%	-12.6%
VRNT	Buy	VERINT SYS INC	$83,126,000	-10.6%	2,475,476	+12.7%	2.86%	+0.5%
JWA	Buy	WILEY JOHN & SONS INCcl a	$79,761,000	-10.5%	2,123,555	+13.9%	2.74%	+0.7%
MGY	Buy	MAGNOLIA OIL & GAS CORPcl a	$78,775,000	-2.7%	3,976,536	+3.1%	2.71%	+9.4%
COLB	Sell	COLUMBIA BKG SYS INC	$75,618,000	+0.8%	2,617,430	-0.0%	2.60%	+13.3%
ACIW	Sell	ACI WORLDWIDE INC	$75,222,000	-19.5%	3,599,152	-0.3%	2.59%	-9.5%
PPBI	Buy	PACIFIC PREMIER BANCORP	$72,297,000	+7.5%	2,335,169	+1.6%	2.49%	+20.9%
MPW	Buy	MEDICAL PPTYS TRUST INC	$66,343,000	-14.2%	5,593,874	+10.5%	2.28%	-3.6%
ASH	Buy	ASHLAND INC	$65,164,000	-7.8%	686,153	+0.1%	2.24%	+3.7%
KAR	Sell	KAR AUCTION SVCS INC	$62,621,000	-24.6%	5,606,213	-0.3%	2.15%	-15.2%
LESL	Buy	LESLIES INC	$61,737,000	+27.3%	4,196,974	+31.3%	2.12%	+43.2%
	Sell	ENOVIS CORPORATION	$56,667,000	-16.5%	1,230,024	-0.3%	1.95%	-6.2%
CBZ	Sell	CBIZ INC	$55,087,000	-1.7%	1,287,674	-8.2%	1.89%	+10.6%
SPB	Sell	SPECTRUM BRANDS HLDGS INC NE	$52,829,000	-52.6%	1,353,543	-0.4%	1.82%	-46.7%
AXTA	Buy	AXALTA COATING SYS LTD	$51,404,000	-4.7%	2,440,858	+0.1%	1.77%	+7.2%
FMC	Buy	FMC CORP	$49,446,000	+13.6%	467,791	+15.0%	1.70%	+27.7%
BGCP	Buy	BGC PARTNERS INCcl a	$48,588,000	-1.5%	15,473,897	+5.8%	1.67%	+10.8%
VNOM	Sell	VIPER ENERGY PARTNERS LP	$47,372,000	-39.8%	1,652,908	-44.0%	1.63%	-32.3%
SYNH	Sell	SYNEOS HEALTH INCcl a	$46,180,000	-39.4%	979,420	-7.9%	1.59%	-31.8%
	Sell	ESAB CORPORATION	$39,592,000	-24.1%	1,186,812	-0.5%	1.36%	-14.7%
NMRK	Sell	NEWMARK GROUP INCcl a	$39,056,000	-17.1%	4,845,615	-0.6%	1.34%	-6.8%
VRRM	Buy	VERRA MOBILITY CORP	$38,950,000	-0.9%	2,534,176	+1.3%	1.34%	+11.4%
FBK	Sell	FB FINL CORP	$37,807,000	-4.1%	989,444	-1.6%	1.30%	+7.8%
	Buy	VICTORIAS SECRET AND CO	$37,361,000	+16.7%	1,282,997	+12.1%	1.28%	+31.3%
	Buy	GXO LOGISTICS INCORPORATED	$36,560,000	-8.6%	1,042,773	+12.7%	1.26%	+2.7%
KAMN	Buy	KAMAN CORP	$36,498,000	-7.3%	1,306,785	+3.7%	1.26%	+4.2%
LIVN	New	LIVANOVA PLC	$34,751,000	–	684,472	–	1.20%	–
MODV	Buy	MODIVCARE INC	$32,250,000	+28.1%	323,540	+8.6%	1.11%	+44.0%
	New	CONSENSUS CLOUD SOLUTIONS IN	$32,156,000	–	679,832	–	1.11%	–
FWRD	Sell	FORWARD AIR CORP	$31,399,000	-3.4%	347,876	-1.6%	1.08%	+8.7%
HHC	Sell	HOWARD HUGHES CORP	$29,989,000	-26.9%	541,409	-10.2%	1.03%	-17.8%
SIMO	Sell	SILICON MOTION TECHNOLOGY COsponsored adr	$29,704,000	-78.7%	455,648	-72.7%	1.02%	-76.1%
IAA	Buy	IAA INC	$28,903,000	+33.2%	907,481	+37.1%	0.99%	+49.7%
EEFT	Buy	EURONET WORLDWIDE INC	$27,049,000	-24.7%	357,038	+0.0%	0.93%	-15.3%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$24,665,000	-10.1%	73,087	-0.1%	0.85%	+1.1%
XPO	Buy	XPO LOGISTICS INC	$24,676,000	-7.5%	554,264	+0.0%	0.85%	+3.9%
OXM	Sell	OXFORD INDS INC	$23,972,000	-9.1%	267,005	-10.2%	0.82%	+2.1%
FUL	Sell	FULLER H B CO	$23,820,000	-1.7%	396,339	-1.6%	0.82%	+10.5%
CHCT	Sell	COMMUNITY HEALTHCARE TR INC	$18,660,000	-10.8%	569,768	-1.4%	0.64%	+0.3%
HELE	Sell	HELEN OF TROY LTD	$18,392,000	-40.6%	190,707	-0.0%	0.63%	-33.3%
WOW	Buy	WIDEOPENWEST INC	$17,993,000	-28.7%	1,466,451	+5.8%	0.62%	-19.8%
OSIS	Sell	OSI SYSTEMS INC	$15,998,000	-17.0%	222,007	-1.6%	0.55%	-6.8%
RUTH	Buy	RUTHS HOSPITALITY GROUP INC	$14,715,000	+20.5%	872,791	+16.3%	0.51%	+35.7%
EVRI	Buy	EVERI HLDGS INC	$12,824,000	+14.1%	790,603	+14.7%	0.44%	+28.2%
ESE	Sell	ESCO TECHNOLOGIES INC	$11,787,000	+7.3%	160,493	-0.1%	0.40%	+20.5%
IWM	New	ISHARES TRrussell 2000 etf	$931,000	–	5,645	–	0.03%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-35,658	–	-0.15%	–
CIR	Exit	CIRCOR INTL INC	$0	–	-592,304	–	-0.30%	–
RTLR	Exit	RATTLER MIDSTREAM LP	$0	–	-2,986,339	–	-1.25%	–

Q2 2022

			Value		Shares		↓ Weighting
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$171,210,000	–	1,051,139	–	5.24%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$139,460,000	–	1,666,194	–	4.26%	–
SLGN	New	SILGAN HOLDINGS INC	$139,245,000	–	3,367,476	–	4.26%	–
PACW	New	PACWEST BANCORP DEL	$116,349,000	–	4,364,161	–	3.56%	–
JCOM	New	ZIFF DAVIS INC	$112,612,000	–	1,510,957	–	3.44%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$111,421,000	–	1,358,463	–	3.41%	–
LAD	New	LITHIA MTRS INC	$108,860,000	–	396,129	–	3.33%	–
STWD	New	STARWOOD PPTY TR INC	$104,705,000	–	5,012,223	–	3.20%	–
BWXT	New	BWX TECHNOLOGIES INC	$94,106,000	–	1,708,229	–	2.88%	–
ACIW	New	ACI WORLDWIDE INC	$93,470,000	–	3,610,260	–	2.86%	–
VRNT	New	VERINT SYS INC	$93,033,000	–	2,196,770	–	2.84%	–
JWA	New	WILEY JOHN & SONS INCcl a	$89,078,000	–	1,865,107	–	2.72%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$86,849,000	–	1,898,342	–	2.66%	–
KAR	New	KAR AUCTION SVCS INC	$83,037,000	–	5,622,016	–	2.54%	–
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$80,943,000	–	3,856,265	–	2.48%	–
FRME	New	FIRST MERCHANTS CORP	$80,641,000	–	2,263,928	–	2.47%	–
VNOM	New	VIPER ENERGY PARTNERS LP	$78,689,000	–	2,949,347	–	2.41%	–
MPW	New	MEDICAL PPTYS TRUST INC	$77,314,000	–	5,063,136	–	2.36%	–
SYNH	New	SYNEOS HEALTH INCcl a	$76,188,000	–	1,062,895	–	2.33%	–
COLB	New	COLUMBIA BKG SYS INC	$75,015,000	–	2,618,329	–	2.29%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$70,644,000	–	685,532	–	2.16%	–
	New	ENOVIS CORPORATION	$67,880,000	–	1,234,177	–	2.08%	–
PPBI	New	PACIFIC PREMIER BANCORP	$67,228,000	–	2,299,173	–	2.06%	–
DTM	New	DT MIDSTREAM INC	$63,781,000	–	1,301,120	–	1.95%	–
CBZ	New	CBIZ INC	$56,024,000	–	1,401,992	–	1.71%	–
AXTA	New	AXALTA COATING SYS LTD	$53,922,000	–	2,438,818	–	1.65%	–
	New	ESAB CORPORATION	$52,168,000	–	1,192,411	–	1.60%	–
BGCP	New	BGC PARTNERS INCcl a	$49,311,000	–	14,632,364	–	1.51%	–
LESL	New	LESLIES INC	$48,504,000	–	3,195,266	–	1.48%	–
NMRK	New	NEWMARK GROUP INCcl a	$47,125,000	–	4,873,308	–	1.44%	–
FMC	New	FMC CORP	$43,536,000	–	406,844	–	1.33%	–
HHC	New	HOWARD HUGHES CORP	$41,023,000	–	602,836	–	1.26%	–
RTLR	New	RATTLER MIDSTREAM LP	$40,764,000	–	2,986,339	–	1.25%	–
	New	GXO LOGISTICS INCORPORATED	$40,021,000	–	924,904	–	1.22%	–
FBK	New	FB FINL CORP	$39,437,000	–	1,005,542	–	1.21%	–
KAMN	New	KAMAN CORP	$39,379,000	–	1,260,135	–	1.20%	–
VRRM	New	VERRA MOBILITY CORP	$39,295,000	–	2,501,291	–	1.20%	–
EEFT	New	EURONET WORLDWIDE INC	$35,898,000	–	356,873	–	1.10%	–
FWRD	New	FORWARD AIR CORP	$32,505,000	–	353,466	–	0.99%	–
	New	VICTORIAS SECRET AND CO	$32,001,000	–	1,144,116	–	0.98%	–
HELE	New	HELEN OF TROY LTD	$30,980,000	–	190,752	–	0.95%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$27,445,000	–	73,164	–	0.84%	–
XPO	New	XPO LOGISTICS INC	$26,686,000	–	554,121	–	0.82%	–
OXM	New	OXFORD INDS INC	$26,382,000	–	297,300	–	0.81%	–
WOW	New	WIDEOPENWEST INC	$25,236,000	–	1,385,839	–	0.77%	–
MODV	New	MODIVCARE INC	$25,185,000	–	298,050	–	0.77%	–
FUL	New	FULLER H B CO	$24,244,000	–	402,650	–	0.74%	–
IAA	New	IAA INC	$21,698,000	–	662,116	–	0.66%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$20,920,000	–	577,732	–	0.64%	–
OSIS	New	OSI SYSTEMS INC	$19,285,000	–	225,719	–	0.59%	–
RUTH	New	RUTHS HOSPITALITY GROUP INC	$12,207,000	–	750,768	–	0.37%	–
EVRI	New	EVERI HLDGS INC	$11,242,000	–	689,287	–	0.34%	–
ESE	New	ESCO TECHNOLOGIES INC	$10,981,000	–	160,615	–	0.34%	–
CIR	New	CIRCOR INTL INC	$9,708,000	–	592,304	–	0.30%	–
IWN	New	ISHARES TRrus 2000 val etf	$4,846,000	–	35,658	–	0.15%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	ARCHAEA ENERGY INC	$0	–	-151,612	–	-0.07%	–
RUTH	Exit	RUTHS HOSPITALITY GROUP INC	$0	–	-407,942	–	-0.20%	–
ESE	Exit	ESCO TECHNOLOGIES INC	$0	–	-200,142	–	-0.37%	–
CGNT	Exit	COGNYTE SOFTWARE LTD	$0	–	-906,549	–	-0.45%	–
	Exit	VICTORIAS SECRET AND CO	$0	–	-408,051	–	-0.54%	–
HELE	Exit	HELEN OF TROY LTD	$0	–	-110,556	–	-0.60%	–
OSIS	Exit	OSI SYSTEMS INC	$0	–	-277,117	–	-0.63%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-209,695	–	-0.70%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-2,108,629	–	-0.76%	–
FUL	Exit	FULLER H B CO	$0	–	-494,082	–	-0.77%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-711,925	–	-0.77%	–
OXM	Exit	OXFORD INDS INC	$0	–	-369,545	–	-0.80%	–
FWRD	Exit	FORWARD AIR CORP	$0	–	-412,884	–	-0.82%	–
DTM	Exit	DT MIDSTREAM INC	$0	–	-765,579	–	-0.85%	–
CIR	Exit	CIRCOR INTL INC	$0	–	-1,106,511	–	-0.88%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-227,026	–	-0.91%	–
RTLR	Exit	RATTLER MIDSTREAM LP	$0	–	-3,347,210	–	-0.94%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-92,796	–	-0.96%	–
EEFT	Exit	EURONET WORLDWIDE INC	$0	–	-318,909	–	-0.98%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-540,093	–	-1.03%	–
MODV	Exit	MODIVCARE INC	$0	–	-253,767	–	-1.11%	–
KAMN	Exit	KAMAN CORP	$0	–	-1,313,955	–	-1.13%	–
	Exit	GXO LOGISTICS INCORPORATED	$0	–	-621,776	–	-1.17%	–
FBK	Exit	FB FINL CORP	$0	–	-1,235,555	–	-1.27%	–
TRN	Exit	TRINITY INDS INC	$0	–	-2,042,739	–	-1.33%	–
CBZ	Exit	CBIZ INC	$0	–	-1,816,029	–	-1.41%	–
ATKR	Exit	ATKORE INC	$0	–	-694,142	–	-1.45%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-2,780,414	–	-1.46%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-743,392	–	-1.59%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-2,534,006	–	-1.78%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-928,501	–	-1.95%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-16,240,121	–	-2.03%	–
FMC	Exit	FMC CORP	$0	–	-930,539	–	-2.05%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-1,632,935	–	-2.05%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-985,600	–	-2.08%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,967,011	–	-2.19%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-1,721,163	–	-2.23%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-6,542,432	–	-2.25%	–
VRNT	Exit	VERINT SYS INC	$0	–	-2,195,167	–	-2.36%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-2,366,632	–	-2.38%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-3,270,378	–	-2.41%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-6,235,868	–	-2.45%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-1,114,602	–	-2.56%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-2,630,191	–	-2.62%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,927,039	–	-2.67%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-5,605,676	–	-2.70%	–
TWNK	Exit	HOSTESS BRANDS INCcl a	$0	–	-7,359,941	–	-3.07%	–
LAD	Exit	LITHIA MTRS INC	$0	–	-405,876	–	-3.09%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-3,705,927	–	-3.41%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-5,963,516	–	-3.50%	–
CFX	Exit	COLFAX CORP	$0	–	-3,583,508	–	-3.95%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-1,094,850	–	-4.00%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-2,516,549	–	-4.17%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-1,383,259	–	-4.54%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-5,128,032	–	-5.58%	–

Q3 2021

			Value		Shares		↓ Weighting
PACW	Sell	PACWEST BANCORP DEL	$232,402,000	+7.2%	5,128,032	-2.7%	5.58%	+7.6%
JCOM	Sell	J2 GLOBAL INC	$188,981,000	-15.8%	1,383,259	-15.2%	4.54%	-15.5%
SIMO	Sell	SILICON MOTION TECHNOLOGY COsponsored adr	$173,592,000	+1.4%	2,516,549	-5.7%	4.17%	+1.8%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$166,373,000	-0.8%	1,094,850	-3.5%	4.00%	-0.4%
CFX	Buy	COLFAX CORP	$164,483,000	+2.9%	3,583,508	+2.7%	3.95%	+3.3%
STWD	Sell	STARWOOD PPTY TR INC	$145,569,000	-8.7%	5,963,516	-2.1%	3.50%	-8.3%
SLGN	Sell	SILGAN HOLDINGS INC	$142,159,000	-8.4%	3,705,927	-0.9%	3.41%	-8.1%
LAD	Sell	LITHIA MTRS INC	$128,679,000	-8.7%	405,876	-1.0%	3.09%	-8.3%
TWNK	Sell	HOSTESS BRANDS INCcl a	$127,842,000	+6.5%	7,359,941	-0.7%	3.07%	+6.9%
MPW	Sell	MEDICAL PPTYS TRUST INC	$112,506,000	-1.5%	5,605,676	-1.3%	2.70%	-1.1%
COLB	Sell	COLUMBIA BKG SYS INC	$111,198,000	-2.2%	2,927,039	-0.8%	2.67%	-1.9%
PPBI	Sell	PACIFIC PREMIER BANCORP	$108,995,000	-2.2%	2,630,191	-0.2%	2.62%	-1.8%
SPB	Buy	SPECTRUM BRANDS HLDGS INC NE	$106,634,000	+51.1%	1,114,602	+34.3%	2.56%	+51.7%
KAR	Buy	KAR AUCTION SVCS INC	$102,206,000	-6.6%	6,235,868	+0.0%	2.45%	-6.3%
ACIW	Buy	ACI WORLDWIDE INC	$100,499,000	-16.6%	3,270,378	+0.7%	2.41%	-16.3%
FRME	Sell	FIRST MERCHANTS CORP	$99,020,000	+0.2%	2,366,632	-0.2%	2.38%	+0.6%
VRNT	Buy	VERINT SYS INC	$98,322,000	+5.2%	2,195,167	+5.8%	2.36%	+5.6%
NMRK	Buy	NEWMARK GROUP INCcl a	$93,622,000	+24.4%	6,542,432	+4.4%	2.25%	+24.9%
BWXT	Buy	BWX TECHNOLOGIES INC	$92,702,000	-6.6%	1,721,163	+0.8%	2.23%	-6.3%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$91,014,000	-2.0%	1,967,011	-1.9%	2.19%	-1.6%
HHC	Sell	HOWARD HUGHES CORP	$86,546,000	-10.6%	985,600	-0.8%	2.08%	-10.3%
JWA	Buy	WILEY JOHN & SONS INCcl a	$85,256,000	-12.0%	1,632,935	+1.4%	2.05%	-11.7%
FMC	Sell	FMC CORP	$85,200,000	-17.0%	930,539	-1.9%	2.05%	-16.7%
BGCP	Sell	BGC PARTNERS INCcl a	$84,611,000	-8.9%	16,240,121	-0.8%	2.03%	-8.5%
SYNH	Sell	SYNEOS HEALTH INCcl a	$81,225,000	-4.1%	928,501	-1.9%	1.95%	-3.7%
AXTA	Sell	AXALTA COATING SYS LTD	$73,968,000	-6.1%	2,534,006	-1.9%	1.78%	-5.7%
ASH	Sell	ASHLAND GLOBAL HLDGS INC	$66,251,000	-0.1%	743,392	-1.9%	1.59%	+0.3%
VNOM	Buy	VIPER ENERGY PARTNERS LP	$60,752,000	+31.7%	2,780,414	+13.5%	1.46%	+32.3%
ATKR	Buy	ATKORE INC	$60,335,000	+34.4%	694,142	+9.8%	1.45%	+34.9%
CBZ	Buy	CBIZ INC	$58,730,000	-0.5%	1,816,029	+0.9%	1.41%	-0.1%
TRN	Sell	TRINITY INDS INC	$55,501,000	+0.2%	2,042,739	-0.8%	1.33%	+0.6%
FBK	Buy	FB FINL CORP	$52,981,000	+16.0%	1,235,555	+1.0%	1.27%	+16.5%
	New	GXO LOGISTICS INCORPORATED	$48,772,000	–	621,776	–	1.17%	–
KAMN	Sell	KAMAN CORP	$46,869,000	-29.7%	1,313,955	-0.7%	1.13%	-29.4%
MODV	Buy	MODIVCARE INC	$46,089,000	+17.9%	253,767	+10.4%	1.11%	+18.4%
XPO	Buy	XPO LOGISTICS INC	$42,981,000	-39.4%	540,093	+6.6%	1.03%	-39.2%
EEFT	Sell	EURONET WORLDWIDE INC	$40,591,000	-7.7%	318,909	-1.9%	0.98%	-7.4%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$39,863,000	-6.4%	92,796	-8.7%	0.96%	-6.1%
RTLR	Sell	RATTLER MIDSTREAM LP	$39,296,000	+6.9%	3,347,210	-0.6%	0.94%	+7.3%
PXD	Sell	PIONEER NAT RES CO	$37,802,000	+0.5%	227,026	-1.9%	0.91%	+1.0%
CIR	Buy	CIRCOR INTL INC	$36,526,000	+2.3%	1,106,511	+1.0%	0.88%	+2.7%
DTM	New	DT MIDSTREAM INC	$35,400,000	–	765,579	–	0.85%	–
FWRD	Buy	FORWARD AIR CORP	$34,278,000	-0.6%	412,884	+7.5%	0.82%	-0.2%
OXM	Buy	OXFORD INDS INC	$33,322,000	-8.0%	369,545	+0.8%	0.80%	-7.7%
CHCT	Sell	COMMUNITY HEALTHCARE TR INC	$32,172,000	-8.2%	711,925	-3.6%	0.77%	-7.8%
FUL	Buy	FULLER H B CO	$31,898,000	+49.1%	494,082	+46.9%	0.77%	+49.6%
VRRM	Buy	VERRA MOBILITY CORP	$31,777,000	+139.3%	2,108,629	+144.0%	0.76%	+139.9%
LGND	New	LIGAND PHARMACEUTICALS INC	$29,215,000	–	209,695	–	0.70%	–
OSIS	Buy	OSI SYSTEMS INC	$26,271,000	-5.7%	277,117	+1.1%	0.63%	-5.4%
HELE	Sell	HELEN OF TROY LTD	$24,840,000	-3.4%	110,556	-1.9%	0.60%	-2.9%
	New	VICTORIAS SECRET AND CO	$22,549,000	–	408,051	–	0.54%	–
CGNT	Sell	COGNYTE SOFTWARE LTD	$18,630,000	-57.5%	906,549	-49.3%	0.45%	-57.3%
ESE	Buy	ESCO TECHNOLOGIES INC	$15,411,000	-17.2%	200,142	+0.8%	0.37%	-16.9%
RUTH	New	RUTHS HOSPITALITY GROUP INC	$8,448,000	–	407,942	–	0.20%	–
	New	ARCHAEA ENERGY INC	$2,872,000	–	151,612	–	0.07%	–
QUOT	Exit	QUOTIENT TECHNOLOGY INC	$0	–	-626,414	–	-0.16%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-201,851	–	-0.31%	–
PQG	Exit	PQ GROUP HLDGS INC	$0	–	-1,334,272	–	-0.49%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-1,356,897	–	-0.60%	–

Q2 2021

			Value		Shares		↓ Weighting
JCOM	New	J2 GLOBAL INC	$224,416,000	–	1,631,523	–	5.37%	–
PACW	New	PACWEST BANCORP DEL	$216,860,000	–	5,268,697	–	5.19%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$171,142,000	–	2,669,915	–	4.09%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$167,737,000	–	1,134,275	–	4.01%	–
CFX	New	COLFAX CORP	$159,905,000	–	3,490,603	–	3.82%	–
STWD	New	STARWOOD PPTY TR INC	$159,364,000	–	6,089,574	–	3.81%	–
SLGN	New	SILGAN HOLDINGS INC	$155,214,000	–	3,740,102	–	3.71%	–
LAD	New	LITHIA MTRS INC	$140,867,000	–	409,927	–	3.37%	–
ACIW	New	ACI WORLDWIDE INC	$120,571,000	–	3,246,385	–	2.88%	–
TWNK	New	HOSTESS BRANDS INCcl a	$120,057,000	–	7,415,525	–	2.87%	–
MPW	New	MEDICAL PPTYS TRUST INC	$114,174,000	–	5,680,285	–	2.73%	–
COLB	New	COLUMBIA BKG SYS INC	$113,725,000	–	2,949,295	–	2.72%	–
PPBI	New	PACIFIC PREMIER BANCORP	$111,488,000	–	2,636,263	–	2.67%	–
KAR	New	KAR AUCTION SVCS INC	$109,419,000	–	6,234,712	–	2.62%	–
FMC	New	FMC CORP	$102,627,000	–	948,489	–	2.46%	–
BWXT	New	BWX TECHNOLOGIES INC	$99,289,000	–	1,708,343	–	2.38%	–
FRME	New	FIRST MERCHANTS CORP	$98,821,000	–	2,371,525	–	2.36%	–
JWA	New	WILEY JOHN & SONS INCcl a	$96,925,000	–	1,610,581	–	2.32%	–
HHC	New	HOWARD HUGHES CORP	$96,824,000	–	993,478	–	2.32%	–
VRNT	New	VERINT SYS INC	$93,483,000	–	2,074,182	–	2.24%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$92,895,000	–	2,005,079	–	2.22%	–
BGCP	New	BGC PARTNERS INCcl a	$92,858,000	–	16,377,071	–	2.22%	–
SYNH	New	SYNEOS HEALTH INCcl a	$84,695,000	–	946,424	–	2.03%	–
AXTA	New	AXALTA COATING SYS LTD	$78,749,000	–	2,582,790	–	1.88%	–
NMRK	New	NEWMARK GROUP INCcl a	$75,235,000	–	6,264,340	–	1.80%	–
XPO	New	XPO LOGISTICS INC	$70,903,000	–	506,847	–	1.70%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$70,571,000	–	829,861	–	1.69%	–
KAMN	New	KAMAN CORP	$66,662,000	–	1,322,657	–	1.60%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$66,296,000	–	757,664	–	1.59%	–
CBZ	New	CBIZ INC	$58,996,000	–	1,800,304	–	1.41%	–
TRN	New	TRINITY INDS INC	$55,370,000	–	2,059,141	–	1.32%	–
VNOM	New	VIPER ENERGY PARTNERS LP	$46,122,000	–	2,449,382	–	1.10%	–
FBK	New	FB FINL CORP	$45,665,000	–	1,223,608	–	1.09%	–
ATKR	New	ATKORE INC	$44,906,000	–	632,472	–	1.07%	–
EEFT	New	EURONET WORLDWIDE INC	$43,996,000	–	325,053	–	1.05%	–
CGNT	New	COGNYTE SOFTWARE LTD	$43,794,000	–	1,787,500	–	1.05%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$42,585,000	–	101,675	–	1.02%	–
MODV	New	MODIVCARE INC	$39,097,000	–	229,885	–	0.94%	–
PXD	New	PIONEER NAT RES CO	$37,597,000	–	231,337	–	0.90%	–
RTLR	New	RATTLER MIDSTREAM LP	$36,772,000	–	3,367,419	–	0.88%	–
OXM	New	OXFORD INDS INC	$36,233,000	–	366,580	–	0.87%	–
CIR	New	CIRCOR INTL INC	$35,709,000	–	1,095,354	–	0.85%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$35,041,000	–	738,337	–	0.84%	–
FWRD	New	FORWARD AIR CORP	$34,477,000	–	384,145	–	0.82%	–
OSIS	New	OSI SYSTEMS INC	$27,863,000	–	274,136	–	0.67%	–
HELE	New	HELEN OF TROY LTD	$25,708,000	–	112,693	–	0.62%	–
DOC	New	PHYSICIANS RLTY TR	$25,062,000	–	1,356,897	–	0.60%	–
FUL	New	FULLER H B CO	$21,398,000	–	336,387	–	0.51%	–
PQG	New	PQ GROUP HLDGS INC	$20,494,000	–	1,334,272	–	0.49%	–
ESE	New	ESCO TECHNOLOGIES INC	$18,622,000	–	198,509	–	0.44%	–
VRRM	New	VERRA MOBILITY CORP	$13,280,000	–	864,023	–	0.32%	–
CVGW	New	CALAVO GROWERS INC	$12,801,000	–	201,851	–	0.31%	–
QUOT	New	QUOTIENT TECHNOLOGY INC	$6,772,000	–	626,414	–	0.16%	–

Q4 2020

			Value		Shares		↓ Weighting
DENN	Exit	DENNYS CORP	$0	–	-273,435	–	-0.11%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-38,686	–	-0.16%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-974,194	–	-0.39%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-146,835	–	-0.41%	–
EEFT	Exit	EURONET WORLDWIDE INC	$0	–	-110,561	–	-0.42%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,276,995	–	-0.50%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-432,721	–	-0.51%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-2,051,690	–	-0.64%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-4,163,051	–	-0.75%	–
OSIS	Exit	OSI SYSTEMS INC	$0	–	-232,030	–	-0.75%	–
RTLR	Exit	RATTLER MIDSTREAM LP	$0	–	-3,051,109	–	-0.76%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-214,241	–	-0.76%	–
IAA	Exit	IAA INC	$0	–	-349,326	–	-0.76%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-283,894	–	-0.79%	–
ESE	Exit	ESCO TECHNOLOGIES INC	$0	–	-268,793	–	-0.90%	–
OXM	Exit	OXFORD INDS INC	$0	–	-596,923	–	-1.01%	–
FBK	Exit	FB FINL CORP	$0	–	-1,025,940	–	-1.08%	–
CIR	Exit	CIRCOR INTL INC	$0	–	-981,736	–	-1.12%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-1,613,615	–	-1.21%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-1,326,076	–	-1.23%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-444,194	–	-1.32%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-103,852	–	-1.35%	–
ITRI	Exit	ITRON INC	$0	–	-561,208	–	-1.42%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-14,333,556	–	-1.44%	–
TRN	Exit	TRINITY INDS INC	$0	–	-1,837,607	–	-1.50%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-694,675	–	-1.54%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-1,683,447	–	-1.63%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-447,540	–	-1.74%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-910,904	–	-1.78%	–
KAMN	Exit	KAMAN CORP	$0	–	-1,108,017	–	-1.80%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,205,702	–	-1.86%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-2,243,952	–	-1.89%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-866,664	–	-2.08%	–
CBZ	Exit	CBIZ INC	$0	–	-2,237,376	–	-2.14%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,548,995	–	-2.54%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-4,359,471	–	-2.75%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-4,593,480	–	-2.76%	–
FMC	Exit	F M C CORP	$0	–	-666,246	–	-2.95%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-4,170,190	–	-2.98%	–
VRNT	Exit	VERINT SYS INC	$0	–	-1,561,203	–	-3.14%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-2,011,310	–	-3.17%	–
CHNG	Exit	CHANGE HEALTHCARE INC	$0	–	-5,443,763	–	-3.30%	–
TWNK	Exit	HOSTESS BRANDS INCcl a	$0	–	-6,427,790	–	-3.31%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-1,411,977	–	-3.32%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-354,984	–	-3.38%	–
CFX	Exit	COLFAX CORP	$0	–	-2,731,466	–	-3.58%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-5,012,064	–	-3.69%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-986,457	–	-3.71%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-941,295	–	-3.75%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-1,392,493	–	-4.03%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-4,385,212	–	-4.79%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-3,330,873	–	-5.12%	–

Q3 2020

			Value		Shares		↓ Weighting
SLGN	Sell	SILGAN HOLDINGS INC	$122,476,000	+8.9%	3,330,873	-4.1%	5.12%	+8.9%
ACIW	Sell	ACI WORLDWIDE INC	$114,586,000	-5.2%	4,385,212	-2.0%	4.79%	-5.2%
JCOM	Buy	J2 GLOBAL INC	$96,388,000	+23.8%	1,392,493	+13.0%	4.03%	+23.8%
LGND	Buy	LIGAND PHARMACEUTICALS INC	$89,724,000	-7.6%	941,295	+8.4%	3.75%	-7.6%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$88,712,000	+5.1%	986,457	-2.2%	3.71%	+5.0%
MPW	Sell	MEDICAL PPTYS TRUST INC	$88,363,000	-7.8%	5,012,064	-1.7%	3.69%	-7.9%
CFX	Sell	COLFAX CORP	$85,659,000	+3.5%	2,731,466	-8.0%	3.58%	+3.4%
LAD	Sell	LITHIA MTRS INCcl a	$80,915,000	-8.3%	354,984	-39.1%	3.38%	-8.4%
BWXT	Buy	BWX TECHNOLOGIES INC	$79,508,000	+12.3%	1,411,977	+12.9%	3.32%	+12.2%
TWNK	Sell	HOSTESS BRANDS INCcl a	$79,255,000	+0.2%	6,427,790	-0.7%	3.31%	+0.2%
CHNG	Buy	CHANGE HEALTHCARE INC	$78,989,000	+54.2%	5,443,763	+19.0%	3.30%	+54.1%
SIMO	Buy	SILICON MOTION TECHNOLOGY COsponsored adr	$75,987,000	-16.3%	2,011,310	+8.1%	3.17%	-16.3%
VRNT	Buy	VERINT SYS INC	$75,219,000	+16.9%	1,561,203	+9.6%	3.14%	+16.9%
PACW	Buy	PACWEST BANCORP DEL	$71,227,000	+6.7%	4,170,190	+23.1%	2.98%	+6.7%
FMC	Sell	F M C CORP	$70,562,000	-0.6%	666,246	-6.5%	2.95%	-0.6%
KAR	Buy	KAR AUCTION SVCS INC	$66,146,000	+9.2%	4,593,480	+4.4%	2.76%	+9.2%
STWD	Buy	STARWOOD PPTY TR INC	$65,784,000	+11.2%	4,359,471	+10.3%	2.75%	+11.2%
COLB	Buy	COLUMBIA BKG SYS INC	$60,794,000	-15.8%	2,548,995	+0.0%	2.54%	-15.8%
CBZ	Buy	CBIZ INC	$51,169,000	-4.0%	2,237,376	+0.6%	2.14%	-4.0%
HHC	Sell	HOWARD HUGHES CORP	$49,920,000	+8.6%	866,664	-2.1%	2.08%	+8.5%
PPBI	Buy	PACIFIC PREMIER BANCORP	$45,193,000	+8.6%	2,243,952	+16.9%	1.89%	+8.6%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$44,527,000	+7.3%	1,205,702	+0.5%	1.86%	+7.3%
KAMN	Buy	KAMAN CORP	$43,179,000	+6.6%	1,108,017	+13.8%	1.80%	+6.6%
CHCT	Sell	COMMUNITY HEALTHCARE TR INC	$42,594,000	+3.4%	910,904	-9.5%	1.78%	+3.4%
PRSC	Buy	PROVIDENCE SVC CORP	$41,581,000	+24.5%	447,540	+5.8%	1.74%	+24.5%
FRME	Buy	FIRST MERCHANTS CORP	$38,989,000	-8.2%	1,683,447	+9.3%	1.63%	-8.2%
SYNH	Buy	SYNEOS HEALTH INCcl a	$36,929,000	-7.6%	694,675	+1.3%	1.54%	-7.5%
TRN	Sell	TRINITY INDS INC	$35,833,000	-9.9%	1,837,607	-1.6%	1.50%	-9.9%
BGCP	Sell	BGC PARTNERS INCcl a	$34,401,000	-14.5%	14,333,556	-2.4%	1.44%	-14.6%
ITRI	Sell	ITRON INC	$34,088,000	-10.1%	561,208	-1.9%	1.42%	-10.1%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$32,216,000	-2.3%	103,852	-2.1%	1.35%	-2.3%
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$31,591,000	+9.5%	444,194	+6.4%	1.32%	+9.5%
AXTA	Buy	AXALTA COATING SYS LTD	$29,399,000	+23.3%	1,326,076	+25.5%	1.23%	+23.3%
DOC	Buy	PHYSICIANS RLTY TR	$28,900,000	+7.8%	1,613,615	+5.5%	1.21%	+7.8%
CIR	Buy	CIRCOR INTL INC	$26,850,000	+15.3%	981,736	+7.5%	1.12%	+15.3%
FBK	Buy	FB FINL CORP	$25,772,000	+23.9%	1,025,940	+22.1%	1.08%	+23.9%
OXM	Buy	OXFORD INDS INC	$24,092,000	-1.4%	596,923	+7.5%	1.01%	-1.5%
ESE	Sell	ESCO TECHNOLOGIES INC	$21,654,000	-7.1%	268,793	-2.5%	0.90%	-7.1%
CVGW	Sell	CALAVO GROWERS INC	$18,814,000	-2.6%	283,894	-7.5%	0.79%	-2.6%
IAA	Sell	IAA INC	$18,189,000	-64.0%	349,326	-73.3%	0.76%	-64.0%
RTLR	Sell	RATTLER MIDSTREAM LP	$18,154,000	-39.8%	3,051,109	-1.8%	0.76%	-39.8%
XPO	New	XPO LOGISTICS INC	$18,138,000	–	214,241	–	0.76%	–
OSIS	New	OSI SYSTEMS INC	$18,008,000	–	232,030	–	0.75%	–
NMRK	Sell	NEWMARK GROUP INCcl a	$17,984,000	-13.4%	4,163,051	-2.5%	0.75%	-13.4%
VNOM	Sell	VIPER ENERGY PARTNERS LP	$15,429,000	-28.8%	2,051,690	-1.9%	0.64%	-28.8%
INVH	Sell	INVITATION HOMES INC	$12,112,000	-0.4%	432,721	-2.0%	0.51%	-0.4%
PE	Sell	PARSLEY ENERGY INCcl a	$11,953,000	-13.3%	1,276,995	-1.1%	0.50%	-13.4%
EEFT	New	EURONET WORLDWIDE INC	$10,072,000	–	110,561	–	0.42%	–
DLB	Sell	DOLBY LABORATORIES INC	$9,732,000	-11.9%	146,835	-12.4%	0.41%	-11.9%
VRRM	Sell	VERRA MOBILITY CORP	$9,411,000	-8.4%	974,194	-2.5%	0.39%	-8.4%
IWN	Buy	ISHARES TRrus 2000 val etf	$3,843,000	+30.7%	38,686	+28.2%	0.16%	+30.9%
DENN	Sell	DENNYS CORP	$2,734,000	-82.9%	273,435	-82.7%	0.11%	-82.9%
WEN	Exit	WENDYS CO	$0	–	-454,009	–	-0.41%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-527,428	–	-0.56%	–
BANF	Exit	BANCFIRST CORP	$0	–	-336,866	–	-0.57%	–

Q2 2020

			Value		Shares		↓ Weighting
ACIW	New	ACI WORLDWIDE INC	$120,809,000	–	4,476,079	–	5.05%	–
SLGN	New	SILGAN HOLDINGS INC	$112,477,000	–	3,472,588	–	4.70%	–
LGND	New	LIGAND PHARMACEUTICALS INC	$97,129,000	–	868,385	–	4.06%	–
MPW	New	MEDICAL PPTYS TRUST INC	$95,888,000	–	5,100,447	–	4.01%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$90,778,000	–	1,861,348	–	3.79%	–
LAD	New	LITHIA MTRS INCcl a	$88,268,000	–	583,280	–	3.69%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$84,439,000	–	1,008,948	–	3.53%	–
CFX	New	COLFAX CORP	$82,802,000	–	2,967,821	–	3.46%	–
TWNK	New	HOSTESS BRANDS INCcl a	$79,095,000	–	6,472,582	–	3.30%	–
JCOM	New	J2 GLOBAL INC	$77,868,000	–	1,231,889	–	3.25%	–
COLB	New	COLUMBIA BKG SYS INC	$72,215,000	–	2,547,722	–	3.02%	–
FMC	New	F M C CORP	$70,985,000	–	712,560	–	2.97%	–
BWXT	New	BWX TECHNOLOGIES INC	$70,822,000	–	1,250,384	–	2.96%	–
PACW	New	PACWEST BANCORP DEL	$66,765,000	–	3,387,370	–	2.79%	–
VRNT	New	VERINT SYS INC	$64,329,000	–	1,423,843	–	2.69%	–
KAR	New	KAR AUCTION SVCS INC	$60,554,000	–	4,400,723	–	2.53%	–
STWD	New	STARWOOD PPTY TR INC	$59,146,000	–	3,953,635	–	2.47%	–
CBZ	New	CBIZ INC	$53,326,000	–	2,224,686	–	2.23%	–
CHNG	New	CHANGE HEALTHCARE INC	$51,241,000	–	4,575,075	–	2.14%	–
IAA	New	IAA INC	$50,549,000	–	1,310,589	–	2.11%	–
HHC	New	HOWARD HUGHES CORP	$45,986,000	–	885,188	–	1.92%	–
FRME	New	FIRST MERCHANTS CORP	$42,470,000	–	1,540,449	–	1.78%	–
PPBI	New	PACIFIC PREMIER BANCORP	$41,627,000	–	1,920,050	–	1.74%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$41,495,000	–	1,199,266	–	1.73%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$41,181,000	–	1,006,862	–	1.72%	–
KAMN	New	KAMAN CORP	$40,491,000	–	973,349	–	1.69%	–
BGCP	New	BGC PARTNERS INCcl a	$40,250,000	–	14,689,807	–	1.68%	–
SYNH	New	SYNEOS HEALTH INCcl a	$39,955,000	–	685,927	–	1.67%	–
TRN	New	TRINITY INDS INC	$39,757,000	–	1,867,400	–	1.66%	–
ITRI	New	ITRON INC	$37,917,000	–	572,335	–	1.58%	–
PRSC	New	PROVIDENCE SVC CORP	$33,390,000	–	423,138	–	1.40%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$32,972,000	–	106,035	–	1.38%	–
RTLR	New	RATTLER MIDSTREAM LP	$30,142,000	–	3,107,427	–	1.26%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$28,840,000	–	417,302	–	1.20%	–
DOC	New	PHYSICIANS RLTY TR	$26,805,000	–	1,529,951	–	1.12%	–
OXM	New	OXFORD INDS INC	$24,446,000	–	555,461	–	1.02%	–
AXTA	New	AXALTA COATING SYS LTD	$23,835,000	–	1,056,984	–	1.00%	–
ESE	New	ESCO TECHNOLOGIES INC	$23,309,000	–	275,746	–	0.97%	–
CIR	New	CIRCOR INTL INC	$23,277,000	–	913,531	–	0.97%	–
VNOM	New	VIPER ENERGY PARTNERS LP	$21,673,000	–	2,091,974	–	0.91%	–
FBK	New	FB FINL CORP	$20,809,000	–	840,081	–	0.87%	–
NMRK	New	NEWMARK GROUP INCcl a	$20,757,000	–	4,270,895	–	0.87%	–
CVGW	New	CALAVO GROWERS INC	$19,309,000	–	306,930	–	0.81%	–
DENN	New	DENNYS CORP	$15,999,000	–	1,584,082	–	0.67%	–
PE	New	PARSLEY ENERGY INCcl a	$13,792,000	–	1,291,388	–	0.58%	–
BANF	New	BANCFIRST CORP	$13,667,000	–	336,866	–	0.57%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$13,347,000	–	527,428	–	0.56%	–
INVH	New	INVITATION HOMES INC	$12,156,000	–	441,555	–	0.51%	–
DLB	New	DOLBY LABORATORIES INC	$11,046,000	–	167,691	–	0.46%	–
VRRM	New	VERRA MOBILITY CORP	$10,270,000	–	999,027	–	0.43%	–
WEN	New	WENDYS CO	$9,888,000	–	454,009	–	0.41%	–
IWN	New	ISHARES TRrus 2000 val etf	$2,940,000	–	30,166	–	0.12%	–

Q4 2019

			Value		Shares		↓ Weighting
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-5,255	–	-0.02%	–
LSCC	Exit	LATTICE SEMICONDUCTOR CORP	$0	–	-428,944	–	-0.26%	–
BV	Exit	BRIGHTVIEW HLDGS INC	$0	–	-478,731	–	-0.27%	–
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-661,874	–	-0.31%	–
HIIQ	Exit	HEALTH INS INNOVATIONS INC	$0	–	-395,633	–	-0.33%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-409,261	–	-0.36%	–
MGPI	Exit	MGP INGREDIENTS INC NEW	$0	–	-238,151	–	-0.39%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-268,015	–	-0.53%	–
BANF	Exit	BANCFIRST CORP	$0	–	-330,487	–	-0.60%	–
TRN	Exit	TRINITY INDS INC	$0	–	-999,703	–	-0.65%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-679,312	–	-0.68%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,227,779	–	-0.68%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-2,523,539	–	-0.76%	–
CISN	Exit	CISION LTD	$0	–	-3,003,085	–	-0.76%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-794,556	–	-0.78%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-340,303	–	-0.86%	–
LTHM	Exit	LIVENT CORP	$0	–	-3,957,117	–	-0.87%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-279,754	–	-0.88%	–
ERF	Exit	ENERPLUS CORP	$0	–	-3,696,943	–	-0.91%	–
FBK	Exit	FB FINL CORP	$0	–	-751,208	–	-0.93%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-542,709	–	-0.94%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-231,132	–	-0.99%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-1,180,244	–	-1.22%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,632,312	–	-1.30%	–
OXM	Exit	OXFORD INDS INC	$0	–	-565,222	–	-1.34%	–
RTLR	Exit	RATTLER MIDSTREAM LP	$0	–	-2,406,550	–	-1.42%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-807,590	–	-1.42%	–
KAMN	Exit	KAMAN CORP	$0	–	-753,956	–	-1.48%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-206,115	–	-1.48%	–
WEN	Exit	WENDYS CO	$0	–	-2,302,901	–	-1.52%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-1,682,368	–	-1.54%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-2,470,895	–	-1.54%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-3,256,338	–	-1.54%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-1,377,599	–	-1.71%	–
DENN	Exit	DENNYS CORP	$0	–	-2,290,518	–	-1.72%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-1,208,903	–	-1.78%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,417,821	–	-1.79%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-3,779,057	–	-1.82%	–
ITRI	Exit	ITRON INC	$0	–	-754,185	–	-1.84%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-1,843,596	–	-2.15%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-605,051	–	-2.21%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-654,411	–	-2.21%	–
CBZ	Exit	CBIZ INC	$0	–	-3,055,596	–	-2.37%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-800,522	–	-2.40%	–
TWNK	Exit	HOSTESS BRANDS INCcl a	$0	–	-5,206,240	–	-2.40%	–
FMC	Exit	F M C CORP	$0	–	-860,719	–	-2.49%	–
IAA	Exit	IAA INC	$0	–	-1,815,608	–	-2.50%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-14,848,037	–	-2.70%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-893,351	–	-2.94%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,484,801	–	-3.03%	–
CFX	Exit	COLFAX CORP	$0	–	-3,167,659	–	-3.04%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-2,581,328	–	-3.10%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-3,859,891	–	-3.13%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-1,914,492	–	-3.21%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-757,888	–	-3.31%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-3,520,677	–	-3.49%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-347,609	–	-3.70%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-6,845,933	–	-4.42%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-4,812,073	–	-4.98%	–

Q3 2019

			Value		Shares		↓ Weighting
ACIW	Buy	ACI WORLDWIDE INC	$150,738,000	-7.9%	4,812,073	+1.0%	4.98%	-6.9%
MPW	Buy	MEDICAL PPTYS TRUST INC	$133,906,000	+15.9%	6,845,933	+3.4%	4.42%	+17.2%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$111,927,000	+12.6%	347,609	-4.2%	3.70%	+13.8%
SLGN	Buy	SILGAN HOLDINGS INC	$105,744,000	+8.4%	3,520,677	+10.4%	3.49%	+9.6%
LAD	Sell	LITHIA MTRS INCcl a	$100,329,000	+9.4%	757,888	-1.9%	3.31%	+10.6%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$97,237,000	+14.1%	1,914,492	+11.6%	3.21%	+15.3%
KAR	Buy	KAR AUCTION SVCS INC	$94,760,000	+45.8%	3,859,891	+48.4%	3.13%	+47.3%
PACW	Sell	PACWEST BANCORP DEL	$93,805,000	-9.1%	2,581,328	-2.9%	3.10%	-8.1%
CFX	Buy	COLFAX CORP	$92,052,000	+31.3%	3,167,659	+26.7%	3.04%	+32.8%
COLB	Sell	COLUMBIA BKG SYS INC	$91,689,000	-3.2%	2,484,801	-5.1%	3.03%	-2.1%
LGND	Sell	LIGAND PHARMACEUTICALS INC	$88,924,000	-13.1%	893,351	-0.4%	2.94%	-12.1%
BGCP	Buy	BGC PARTNERS INCcl a	$81,664,000	+12.0%	14,848,037	+6.5%	2.70%	+13.3%
IAA	Sell	IAA INC	$75,765,000	-24.7%	1,815,608	-30.1%	2.50%	-23.9%
FMC	Sell	F M C CORP	$75,468,000	+5.0%	860,719	-0.7%	2.49%	+6.1%
TWNK	Sell	HOSTESS BRANDS INCcl a	$72,809,000	-4.9%	5,206,240	-1.8%	2.40%	-3.8%
JCOM	Buy	J2 GLOBAL INC	$72,703,000	+10.0%	800,522	+7.7%	2.40%	+11.3%
CBZ	Sell	CBIZ INC	$71,807,000	+17.2%	3,055,596	-2.3%	2.37%	+18.5%
NXST	Buy	NEXSTAR MEDIA GROUP INCcl a	$66,953,000	+123.0%	654,411	+120.1%	2.21%	+125.3%
GWR	Sell	GENESEE & WYO INCcl a	$66,864,000	+4.9%	605,051	-5.1%	2.21%	+6.1%
SIMO	Buy	SILICON MOTION TECHNOLOGY COsponsored adr	$65,171,000	+8.3%	1,843,596	+36.0%	2.15%	+9.5%
ITRI	Sell	ITRON INC	$55,780,000	+15.9%	754,185	-2.0%	1.84%	+17.3%
STAY	Sell	EXTENDED STAY AMER INCunit 99/99/9999b	$55,288,000	-14.9%	3,779,057	-1.7%	1.82%	-14.0%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$54,217,000	+4.6%	1,417,821	+6.7%	1.79%	+5.8%
CHCT	Sell	COMMUNITY HEALTHCARE TR INC	$53,857,000	+10.1%	1,208,903	-2.6%	1.78%	+11.3%
DENN	Sell	DENNYS CORP	$52,144,000	-24.7%	2,290,518	-32.1%	1.72%	-23.9%
FRME	Sell	FIRST MERCHANTS CORP	$51,846,000	-2.8%	1,377,599	-2.1%	1.71%	-1.7%
BGS	Buy	B & G FOODS INC NEW	$46,725,000	-4.5%	2,470,895	+5.1%	1.54%	-3.4%
VRRM	Sell	VERRA MOBILITY CORP	$46,728,000	-1.4%	3,256,338	-10.0%	1.54%	-0.3%
VNOM	Buy	VIPER ENERGY PARTNERS LP	$46,551,000	+8.6%	1,682,368	+21.0%	1.54%	+9.8%
WEN	Sell	WENDYS CO	$46,012,000	-12.9%	2,302,901	-14.6%	1.52%	-11.9%
IAC	Sell	IAC INTERACTIVECORP	$44,927,000	-29.8%	206,115	-29.9%	1.48%	-29.0%
KAMN	Sell	KAMAN CORP	$44,830,000	-8.3%	753,956	-1.8%	1.48%	-7.3%
SYNH	Sell	SYNEOS HEALTH INCcl a	$42,972,000	+3.1%	807,590	-1.0%	1.42%	+4.2%
RTLR	Buy	RATTLER MIDSTREAM LP	$42,885,000	+42.2%	2,406,550	+54.7%	1.42%	+43.8%
OXM	Buy	OXFORD INDS INC	$40,526,000	+9.8%	565,222	+16.0%	1.34%	+10.9%
STWD	Sell	STARWOOD PPTY TR INC	$39,535,000	-0.6%	1,632,312	-6.7%	1.30%	+0.5%
PPBI	Sell	PACIFIC PREMIER BANCORP	$36,812,000	-1.6%	1,180,244	-2.5%	1.22%	-0.5%
HHC	Sell	HOWARD HUGHES CORP	$29,955,000	-41.7%	231,132	-44.3%	0.99%	-41.1%
SPB	Sell	SPECTRUM BRANDS HLDGS INC NE	$28,612,000	-52.4%	542,709	-51.4%	0.94%	-51.8%
FBK	Sell	FB FINL CORP	$28,208,000	-6.5%	751,208	-8.8%	0.93%	-5.5%
ERF	Buy	ENERPLUS CORP	$27,505,000	+23.9%	3,696,943	+25.4%	0.91%	+25.2%
CVGW	Buy	CALAVO GROWERS INC	$26,627,000	+10.8%	279,754	+12.6%	0.88%	+12.0%
LTHM	Sell	LIVENT CORP	$26,473,000	-5.2%	3,957,117	-2.0%	0.87%	-4.2%
ASH	Sell	ASHLAND GLOBAL HLDGS INC	$26,186,000	-4.6%	340,303	-1.1%	0.86%	-3.6%
INVH	Sell	INVITATION HOMES INC	$23,527,000	+9.6%	794,556	-1.0%	0.78%	+10.8%
CISN	Buy	CISION LTD	$23,094,000	-8.4%	3,003,085	+39.7%	0.76%	-7.4%
NMRK	Buy	NEWMARK GROUP INCcl a	$22,863,000	+47.5%	2,523,539	+46.2%	0.76%	+49.2%
PE	Sell	PARSLEY ENERGY INCcl a	$20,627,000	-12.5%	1,227,779	-1.0%	0.68%	-11.6%
AXTA	Buy	AXALTA COATING SYS LTD	$20,481,000	+19.2%	679,312	+17.7%	0.68%	+20.5%
TRN	Sell	TRINITY INDS INC	$19,674,000	-6.1%	999,703	-1.0%	0.65%	-5.0%
BANF	Sell	BANCFIRST CORP	$18,316,000	-3.0%	330,487	-2.6%	0.60%	-1.9%
PRSC	Sell	PROVIDENCE SVC CORP	$15,936,000	+1.2%	268,015	-2.4%	0.53%	+2.3%
MGPI	Buy	MGP INGREDIENTS INC NEW	$11,831,000	+3.9%	238,151	+38.7%	0.39%	+5.1%
HFWA	Sell	HERITAGE FINL CORP WASH	$11,034,000	-40.3%	409,261	-34.6%	0.36%	-39.7%
HIIQ	Sell	HEALTH INS INNOVATIONS INC	$9,863,000	-46.0%	395,633	-43.9%	0.33%	-45.4%
REZI	Sell	RESIDEO TECHNOLOGIES INC	$9,498,000	-35.2%	661,874	-1.0%	0.31%	-34.4%
BV	Sell	BRIGHTVIEW HLDGS INC	$8,210,000	-23.9%	478,731	-17.0%	0.27%	-23.0%
LSCC	Sell	LATTICE SEMICONDUCTOR CORP	$7,843,000	-25.9%	428,944	-40.9%	0.26%	-24.9%
IWN	New	ISHARES TRrus 2000 val etf	$628,000	–	5,255	–	0.02%	–
CY	Exit	CYPRESS SEMICONDUCTOR CORP	$0	–	-235,764	–	-0.17%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-1,454,257	–	-0.77%	–
CPE	Exit	CALLON PETE CO DEL	$0	–	-4,372,032	–	-0.94%	–

Q2 2019

			Value		Shares		↓ Weighting
ACIW	New	ACI WORLDWIDE INC	$163,677,000	–	4,766,354	–	5.34%	–
MPW	New	MEDICAL PPTYS TRUST INC	$115,506,000	–	6,623,044	–	3.77%	–
PACW	New	PACWEST BANCORP DEL	$103,187,000	–	2,657,409	–	3.37%	–
LGND	New	LIGAND PHARMACEUTICALS INC	$102,348,000	–	896,609	–	3.34%	–
IAA	New	IAA INC	$100,665,000	–	2,595,802	–	3.29%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$99,408,000	–	362,976	–	3.25%	–
SLGN	New	SILGAN HOLDINGS INC	$97,572,000	–	3,188,630	–	3.19%	–
COLB	New	COLUMBIA BKG SYS INC	$94,721,000	–	2,618,057	–	3.09%	–
LAD	New	LITHIA MTRS INCcl a	$91,731,000	–	772,278	–	3.00%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$85,234,000	–	1,715,662	–	2.78%	–
TWNK	New	HOSTESS BRANDS INCcl a	$76,574,000	–	5,302,936	–	2.50%	–
BGCP	New	BGC PARTNERS INCcl a	$72,893,000	–	13,937,438	–	2.38%	–
FMC	New	F M C CORP	$71,906,000	–	866,863	–	2.35%	–
CFX	New	COLFAX CORP	$70,105,000	–	2,501,056	–	2.29%	–
DENN	New	DENNYS CORP	$69,293,000	–	3,375,209	–	2.26%	–
JCOM	New	J2 GLOBAL INC	$66,075,000	–	743,339	–	2.16%	–
KAR	New	KAR AUCTION SVCS INC	$65,005,000	–	2,600,198	–	2.12%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$64,971,000	–	3,844,465	–	2.12%	–
IAC	New	IAC INTERACTIVECORP	$63,994,000	–	294,187	–	2.09%	–
GWR	New	GENESEE & WYO INCcl a	$63,745,000	–	637,450	–	2.08%	–
CBZ	New	CBIZ INC	$61,290,000	–	3,128,637	–	2.00%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$60,173,000	–	1,355,850	–	1.96%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$60,082,000	–	1,117,382	–	1.96%	–
FRME	New	FIRST MERCHANTS CORP	$53,332,000	–	1,407,181	–	1.74%	–
WEN	New	WENDYS CO	$52,829,000	–	2,698,130	–	1.72%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$51,812,000	–	1,329,182	–	1.69%	–
HHC	New	HOWARD HUGHES CORP	$51,382,000	–	414,905	–	1.68%	–
BGS	New	B & G FOODS INC NEW	$48,906,000	–	2,351,246	–	1.60%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$48,923,000	–	1,241,388	–	1.60%	–
KAMN	New	KAMAN CORP	$48,907,000	–	767,885	–	1.60%	–
ITRI	New	ITRON INC	$48,128,000	–	769,187	–	1.57%	–
VRRM	New	VERRA MOBILITY CORP	$47,381,000	–	3,619,645	–	1.55%	–
VNOM	New	VIPER ENERGY PARTNERS LP	$42,866,000	–	1,390,834	–	1.40%	–
SYNH	New	SYNEOS HEALTH INCcl a	$41,698,000	–	816,159	–	1.36%	–
STWD	New	STARWOOD PPTY TR INC	$39,767,000	–	1,750,305	–	1.30%	–
PPBI	New	PACIFIC PREMIER BANCORP	$37,398,000	–	1,211,082	–	1.22%	–
OXM	New	OXFORD INDS INC	$36,924,000	–	487,123	–	1.21%	–
RTLR	New	RATTLER MIDSTREAM LP	$30,155,000	–	1,555,195	–	0.98%	–
FBK	New	FB FINL CORP	$30,153,000	–	823,863	–	0.98%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$30,030,000	–	297,326	–	0.98%	–
CPE	New	CALLON PETE CO DEL	$28,812,000	–	4,372,032	–	0.94%	–
LTHM	New	LIVENT CORP	$27,931,000	–	4,036,300	–	0.91%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$27,459,000	–	343,963	–	0.90%	–
CISN	New	CISION LTD	$25,217,000	–	2,149,770	–	0.82%	–
CVGW	New	CALAVO GROWERS INC	$24,038,000	–	248,478	–	0.78%	–
PE	New	PARSLEY ENERGY INCcl a	$23,587,000	–	1,240,779	–	0.77%	–
LBAI	New	LAKELAND BANCORP INC	$23,486,000	–	1,454,257	–	0.77%	–
ERF	New	ENERPLUS CORP	$22,191,000	–	2,946,960	–	0.72%	–
INVH	New	INVITATION HOMES INC	$21,461,000	–	802,871	–	0.70%	–
TRN	New	TRINITY INDS INC	$20,963,000	–	1,010,242	–	0.68%	–
BANF	New	BANCFIRST CORP	$18,891,000	–	339,402	–	0.62%	–
HFWA	New	HERITAGE FINL CORP WASH	$18,493,000	–	626,034	–	0.60%	–
HIIQ	New	HEALTH INS INNOVATIONS INC	$18,280,000	–	705,235	–	0.60%	–
AXTA	New	AXALTA COATING SYS LTD	$17,188,000	–	577,349	–	0.56%	–
PRSC	New	PROVIDENCE SVC CORP	$15,744,000	–	274,578	–	0.51%	–
NMRK	New	NEWMARK GROUP INCcl a	$15,498,000	–	1,725,886	–	0.51%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$14,660,000	–	668,785	–	0.48%	–
MGPI	New	MGP INGREDIENTS INC NEW	$11,386,000	–	171,702	–	0.37%	–
BV	New	BRIGHTVIEW HLDGS INC	$10,793,000	–	576,854	–	0.35%	–
LSCC	New	LATTICE SEMICONDUCTOR CORP	$10,581,000	–	725,233	–	0.34%	–
CY	New	CYPRESS SEMICONDUCTOR CORP	$5,243,000	–	235,764	–	0.17%	–

Q4 2018

			Value		Shares		↓ Weighting
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-381,649	–	-0.20%	–
WPX	Exit	WPX ENERGY INC	$0	–	-328,627	–	-0.21%	–
BMS	Exit	BEMIS INC	$0	–	-184,304	–	-0.28%	–
BANF	Exit	BANCFIRST CORP	$0	–	-229,005	–	-0.42%	–
APY	Exit	APERGY CORP	$0	–	-326,382	–	-0.44%	–
GSHT	Exit	GORES HLDGS II INC	$0	–	-1,381,285	–	-0.46%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-689,797	–	-0.50%	–
MGPI	Exit	MGP INGREDIENTS INC NEW	$0	–	-219,170	–	-0.52%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-135,420	–	-0.58%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-485,247	–	-0.62%	–
CY	Exit	CYPRESS SEMICONDUCTOR CORP	$0	–	-1,459,798	–	-0.66%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-261,831	–	-0.69%	–
TRN	Exit	TRINITY INDS INC	$0	–	-605,370	–	-0.70%	–
HIIQ	Exit	HEALTH INS INNOVATIONS INC	$0	–	-387,226	–	-0.70%	–
INWK	Exit	INNERWORKINGS INC	$0	–	-3,001,169	–	-0.72%	–
LSCC	Exit	LATTICE SEMICONDUCTOR CORP	$0	–	-3,258,875	–	-0.75%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-713,384	–	-0.79%	–
WEN	Exit	WENDYS CO	$0	–	-1,488,326	–	-0.80%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-348,539	–	-0.88%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-559,401	–	-0.91%	–
MGY	Exit	MAGNOLIA OIL & GAS CORPcl a	$0	–	-2,042,232	–	-0.91%	–
CTS	Exit	CTS CORP	$0	–	-914,855	–	-0.91%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,404,077	–	-0.95%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-872,698	–	-0.97%	–
ITRI	Exit	ITRON INC	$0	–	-530,151	–	-1.00%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,101,242	–	-1.01%	–
PF	Exit	PINNACLE FOODS INC DEL	$0	–	-499,189	–	-1.02%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-1,011,692	–	-1.09%	–
ERF	Exit	ENERPLUS CORP	$0	–	-3,348,217	–	-1.19%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-1,268,037	–	-1.22%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-658,405	–	-1.28%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-2,367,545	–	-1.30%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-1,397,963	–	-1.31%	–
FBK	Exit	FB FINL CORP	$0	–	-1,095,754	–	-1.32%	–
EZPW	Exit	EZCORP INCcl a non vtg	$0	–	-4,153,173	–	-1.36%	–
MBFI	Exit	MB FINANCIAL INC NEW	$0	–	-961,615	–	-1.39%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-461,029	–	-1.40%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-387,130	–	-1.50%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-592,024	–	-1.50%	–
OXM	Exit	OXFORD INDS INC	$0	–	-534,596	–	-1.51%	–
DENN	Exit	DENNYS CORP	$0	–	-3,270,116	–	-1.60%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-1,555,761	–	-1.68%	–
KAMN	Exit	KAMAN CORP	$0	–	-893,203	–	-1.85%	–
TWNK	Exit	HOSTESS BRANDS INCcl a	$0	–	-5,558,371	–	-1.91%	–
CPE	Exit	CALLON PETE CO DEL	$0	–	-5,338,083	–	-1.92%	–
FMC	Exit	F M C CORP	$0	–	-703,768	–	-1.93%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-738,719	–	-1.94%	–
SSB	Exit	SOUTH ST CORP	$0	–	-824,432	–	-2.07%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-932,802	–	-2.13%	–
CBZ	Exit	CBIZ INC	$0	–	-2,961,176	–	-2.16%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-317,142	–	-2.16%	–
VVV	Exit	VALVOLINE INC	$0	–	-3,330,930	–	-2.22%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-1,079,457	–	-2.28%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-3,027,541	–	-2.57%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-336,008	–	-2.65%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-1,920,144	–	-2.66%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-365,758	–	-2.78%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-1,898,963	–	-2.79%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-1,781,205	–	-2.81%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-7,940,998	–	-2.88%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-6,470,984	–	-3.03%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,768,751	–	-3.34%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-4,551,627	–	-3.93%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-1,505,892	–	-4.20%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-2,453,167	–	-4.56%	–

Q3 2018

			Value		Shares		↓ Weighting
KAR	Buy	KAR AUCTION SVCS INC	$145,173,000	+12.8%	2,453,167	+4.5%	4.56%	+8.6%
GWR	Buy	GENESEE & WYO INCcl a	$133,508,000	+12.5%	1,505,892	+3.2%	4.20%	+8.3%
ACIW	Buy	ACI WORLDWIDE INC	$125,031,000	+15.6%	4,551,627	+3.8%	3.93%	+11.2%
COLB	Buy	COLUMBIA BKG SYS INC	$106,282,000	-1.3%	2,768,751	+5.2%	3.34%	-5.0%
MPW	Buy	MEDICAL PPTYS TRUST INC	$96,415,000	+8.3%	6,470,984	+2.0%	3.03%	+4.2%
BGCP	Buy	BGC PARTNERS INCcl a	$91,651,000	+9.4%	7,940,998	+7.3%	2.88%	+5.3%
SIMO	Buy	SILICON MOTION TECHNOLOGY COsponsored adr	$89,555,000	+2.3%	1,781,205	+7.7%	2.81%	-1.5%
PACW	Buy	PACWEST BANCORP DEL	$88,767,000	+7.3%	1,898,963	+13.5%	2.79%	+3.3%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$88,563,000	+19.3%	365,758	-1.9%	2.78%	+14.8%
FRME	Buy	FIRST MERCHANTS CORP	$84,651,000	+22.6%	1,920,144	+29.0%	2.66%	+18.0%
LGND	Sell	LIGAND PHARMACEUTICALS INC	$84,239,000	-4.4%	336,008	-21.0%	2.65%	-8.0%
SLGN	Buy	SILGAN HOLDINGS INC	$81,711,000	+4.9%	3,027,541	+4.3%	2.57%	+1.0%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$72,391,000	+6.9%	1,079,457	+11.7%	2.28%	+2.9%
VVV	Buy	VALVOLINE INC	$70,540,000	+19.6%	3,330,930	+21.8%	2.22%	+15.1%
IAC	Sell	IAC INTERACTIVECORP	$68,731,000	+27.9%	317,142	-10.0%	2.16%	+23.1%
CBZ	Buy	CBIZ INC	$68,640,000	+2.6%	2,961,176	+1.8%	2.16%	-1.3%
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$67,827,000	–	932,802	–	2.13%	–
SSB	Sell	SOUTH ST CORP	$65,806,000	-12.7%	824,432	-5.7%	2.07%	-16.0%
LAD	Buy	LITHIA MTRS INCcl a	$61,570,000	-7.6%	738,719	+4.8%	1.94%	-11.1%
FMC	Buy	F M C CORP	$61,354,000	+37.4%	703,768	+40.6%	1.93%	+32.3%
CPE	Buy	CALLON PETE CO DEL	$61,232,000	+11.0%	5,338,083	+3.9%	1.92%	+6.8%
TWNK	Buy	HOSTESS BRANDS INCcl a	$60,733,000	-14.4%	5,558,371	+6.5%	1.91%	-17.7%
KAMN	Buy	KAMAN CORP	$58,978,000	-1.0%	893,203	+4.4%	1.85%	-4.8%
PPBI	Buy	PACIFIC PREMIER BANCORP	$53,612,000	-6.1%	1,555,761	+4.0%	1.68%	-9.6%
DENN	Buy	DENNYS CORP	$51,052,000	+52.4%	3,270,116	+55.5%	1.60%	+46.8%
OXM	Buy	OXFORD INDS INC	$47,993,000	+12.9%	534,596	+4.4%	1.51%	+8.7%
JCOM	Buy	J2 GLOBAL INC	$47,713,000	-2.8%	592,024	+4.4%	1.50%	-6.5%
HHC	Sell	HOWARD HUGHES CORP	$47,582,000	-23.2%	387,130	-17.2%	1.50%	-26.1%
CVGW	Sell	CALAVO GROWERS INC	$44,597,000	-9.2%	461,029	-9.7%	1.40%	-12.6%
MBFI	Sell	MB FINANCIAL INC NEW	$44,340,000	-58.7%	961,615	-58.2%	1.39%	-60.3%
EZPW	Buy	EZCORP INCcl a non vtg	$43,358,000	-7.6%	4,153,173	+6.6%	1.36%	-11.2%
FBK	Buy	FB FINL CORP	$41,928,000	-4.9%	1,095,754	+1.2%	1.32%	-8.4%
OEC	Buy	ORION ENGINEERED CARBONS S A	$41,622,000	+19.4%	1,397,963	+23.7%	1.31%	+14.9%
LBAI	Buy	LAKELAND BANCORP INC	$41,470,000	-10.8%	2,367,545	+1.1%	1.30%	-14.2%
BWXT	Sell	BWX TECHNOLOGIES INC	$40,750,000	-15.3%	658,405	-14.8%	1.28%	-18.5%
CHCT	Buy	COMMUNITY HEALTHCARE TR INC	$38,749,000	+9.9%	1,268,037	+7.5%	1.22%	+5.8%
ERF	Buy	ENERPLUS CORP	$37,885,000	+20.7%	3,348,217	+34.4%	1.19%	+16.1%
HFWA	Buy	HERITAGE FINL CORP WASH	$34,730,000	+1.6%	1,011,692	+3.1%	1.09%	-2.3%
PF	Sell	PINNACLE FOODS INC DEL	$32,352,000	-2.7%	499,189	-2.3%	1.02%	-6.3%
PE	Buy	PARSLEY ENERGY INCcl a	$32,211,000	+4.0%	1,101,242	+7.7%	1.01%	+0.1%
ITRI	Buy	ITRON INC	$31,699,000	+324.3%	530,151	+326.1%	1.00%	+308.2%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$30,763,000	+21.4%	872,698	+23.3%	0.97%	+16.9%
STWD	Buy	STARWOOD PPTY TR INC	$30,216,000	+6.8%	1,404,077	+7.7%	0.95%	+2.8%
CTS	Buy	CTS CORP	$28,907,000	-11.8%	914,855	+0.5%	0.91%	-15.1%
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$28,865,000	–	2,042,232	–	0.91%	–
SYNH	Buy	SYNEOS HEALTH INCcl a	$28,837,000	+49.1%	559,401	+35.7%	0.91%	+43.6%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$27,926,000	-52.8%	348,539	-56.8%	0.88%	-54.6%
WEN	Buy	WENDYS CO	$25,556,000	+71.6%	1,488,326	+71.7%	0.80%	+65.2%
UBSI	Sell	UNITED BANKSHARES INC WEST V	$25,215,000	-3.2%	713,384	-0.3%	0.79%	-6.8%
LSCC	New	LATTICE SEMICONDUCTOR CORP	$23,805,000	–	3,258,875	–	0.75%	–
INWK	Sell	INNERWORKINGS INC	$23,036,000	-15.2%	3,001,169	-4.0%	0.72%	-18.4%
HIIQ	Buy	HEALTH INS INNOVATIONS INC	$22,375,000	+311.9%	387,226	+130.6%	0.70%	+297.2%
TRN	New	TRINITY INDS INC	$22,181,000	–	605,370	–	0.70%	–
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$21,957,000	+15.4%	261,831	+7.5%	0.69%	+11.1%
CY	Buy	CYPRESS SEMICONDUCTOR CORP	$21,152,000	+33.3%	1,459,798	+43.3%	0.66%	+28.4%
VNOM	Buy	VIPER ENERGY PARTNERS LP	$19,744,000	+148.7%	485,247	+95.0%	0.62%	+139.4%
AMG	Buy	AFFILIATED MANAGERS GROUP	$18,515,000	-1.0%	135,420	+7.6%	0.58%	-4.7%
MGPI	Buy	MGP INGREDIENTS INC NEW	$16,633,000	-12.4%	219,170	+2.5%	0.52%	-15.6%
INVH	Sell	INVITATION HOMES INC	$15,803,000	-5.2%	689,797	-4.5%	0.50%	-8.6%
GSHT	New	GORES HLDGS II INC	$14,669,000	–	1,381,285	–	0.46%	–
APY	Sell	APERGY CORP	$13,955,000	-22.4%	326,382	-24.2%	0.44%	-25.2%
BANF	New	BANCFIRST CORP	$13,404,000	–	229,005	–	0.42%	–
BMS	Buy	BEMIS INC	$8,957,000	+60.4%	184,304	+39.3%	0.28%	+54.4%
WPX	New	WPX ENERGY INC	$6,612,000	–	328,627	–	0.21%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$6,213,000	–	381,649	–	0.20%	–
PDFS	Exit	PDF SOLUTIONS INC	$0	–	-1,300,468	–	-0.51%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-463,999	–	-0.67%	–
REN	Exit	RESOLUTE ENERGY CORP	$0	–	-669,387	–	-0.68%	–
DFRG	Exit	DEL FRISCOS RESTAURANT GROUP	$0	–	-1,796,182	–	-0.74%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-509,094	–	-1.34%	–
HRG	Exit	HRG GROUP INC	$0	–	-4,112,094	–	-1.76%	–

Q2 2018

			Value		Shares		↓ Weighting
KAR	New	KAR AUCTION SVCS INC	$128,689,000	–	2,348,344	–	4.20%	–
GWR	New	GENESEE & WYO INCcl a	$118,698,000	–	1,459,638	–	3.88%	–
ACIW	New	ACI WORLDWIDE INC	$108,178,000	–	4,384,979	–	3.53%	–
COLB	New	COLUMBIA BKG SYS INC	$107,691,000	–	2,633,012	–	3.52%	–
MBFI	New	MB FINANCIAL INC NEW	$107,462,000	–	2,301,107	–	3.51%	–
MPW	New	MEDICAL PPTYS TRUST INC	$89,032,000	–	6,341,328	–	2.91%	–
LGND	New	LIGAND PHARMACEUTICALS INC	$88,097,000	–	425,237	–	2.88%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$87,511,000	–	1,654,599	–	2.86%	–
BGCP	New	BGC PARTNERS INCcl a	$83,783,000	–	7,401,329	–	2.74%	–
PACW	New	PACWEST BANCORP DEL	$82,704,000	–	1,673,489	–	2.70%	–
SLGN	New	SILGAN HOLDINGS INC	$77,862,000	–	2,902,036	–	2.54%	–
SSB	New	SOUTH ST CORP	$75,409,000	–	874,301	–	2.46%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$74,253,000	–	373,020	–	2.42%	–
TWNK	New	HOSTESS BRANDS INCcl a	$70,968,000	–	5,218,206	–	2.32%	–
FRME	New	FIRST MERCHANTS CORP	$69,046,000	–	1,488,065	–	2.25%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$67,713,000	–	966,643	–	2.21%	–
CBZ	New	CBIZ INC	$66,926,000	–	2,909,829	–	2.18%	–
LAD	New	LITHIA MTRS INCcl a	$66,639,000	–	704,643	–	2.18%	–
HHC	New	HOWARD HUGHES CORP	$61,973,000	–	467,720	–	2.02%	–
KAMN	New	KAMAN CORP	$59,600,000	–	855,215	–	1.95%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$59,172,000	–	806,156	–	1.93%	–
VVV	New	VALVOLINE INC	$58,988,000	–	2,734,726	–	1.93%	–
PPBI	New	PACIFIC PREMIER BANCORP	$57,079,000	–	1,496,173	–	1.86%	–
CPE	New	CALLON PETE CO DEL	$55,173,000	–	5,137,106	–	1.80%	–
HRG	New	HRG GROUP INC	$53,827,000	–	4,112,094	–	1.76%	–
IAC	New	IAC INTERACTIVECORP	$53,745,000	–	352,451	–	1.76%	–
CVGW	New	CALAVO GROWERS INC	$49,110,000	–	510,755	–	1.60%	–
JCOM	New	J2 GLOBAL INC	$49,099,000	–	566,903	–	1.60%	–
BWXT	New	BWX TECHNOLOGIES INC	$48,132,000	–	772,324	–	1.57%	–
EZPW	New	EZCORP INCcl a non vtg	$46,948,000	–	3,896,044	–	1.53%	–
LBAI	New	LAKELAND BANCORP INC	$46,507,000	–	2,342,937	–	1.52%	–
FMC	New	F M C CORP	$44,638,000	–	500,369	–	1.46%	–
FBK	New	FB FINL CORP	$44,080,000	–	1,082,501	–	1.44%	–
OXM	New	OXFORD INDS INC	$42,495,000	–	512,106	–	1.39%	–
IDCC	New	INTERDIGITAL INC	$41,185,000	–	509,094	–	1.34%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$35,248,000	–	1,180,060	–	1.15%	–
OEC	New	ORION ENGINEERED CARBONS S A	$34,854,000	–	1,129,805	–	1.14%	–
HFWA	New	HERITAGE FINL CORP WASH	$34,197,000	–	981,263	–	1.12%	–
DENN	New	DENNYS CORP	$33,492,000	–	2,102,492	–	1.09%	–
PF	New	PINNACLE FOODS INC DEL	$33,234,000	–	510,827	–	1.08%	–
CTS	New	CTS CORP	$32,774,000	–	910,385	–	1.07%	–
ERF	New	ENERPLUS CORP	$31,380,000	–	2,490,437	–	1.02%	–
PE	New	PARSLEY ENERGY INCcl a	$30,961,000	–	1,022,494	–	1.01%	–
STWD	New	STARWOOD PPTY TR INC	$28,303,000	–	1,303,677	–	0.92%	–
INWK	New	INNERWORKINGS INC	$27,178,000	–	3,127,436	–	0.89%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$26,043,000	–	715,455	–	0.85%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$25,331,000	–	707,568	–	0.83%	–
DFRG	New	DEL FRISCOS RESTAURANT GROUP	$22,631,000	–	1,796,182	–	0.74%	–
REN	New	RESOLUTE ENERGY CORP	$20,885,000	–	669,387	–	0.68%	–
RSPP	New	RSP PERMIAN INC	$20,425,000	–	463,999	–	0.67%	–
SYNH	New	SYNEOS HEALTH INCcl a	$19,336,000	–	412,285	–	0.63%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$19,035,000	–	243,478	–	0.62%	–
MGPI	New	MGP INGREDIENTS INC NEW	$18,996,000	–	213,893	–	0.62%	–
AMG	New	AFFILIATED MANAGERS GROUP	$18,710,000	–	125,848	–	0.61%	–
APY	New	APERGY CORP	$17,976,000	–	430,570	–	0.59%	–
INVH	New	INVITATION HOMES INC	$16,662,000	–	722,561	–	0.54%	–
CY	New	CYPRESS SEMICONDUCTOR CORP	$15,873,000	–	1,018,791	–	0.52%	–
PDFS	New	PDF SOLUTIONS INC	$15,579,000	–	1,300,468	–	0.51%	–
WEN	New	WENDYS CO	$14,894,000	–	866,947	–	0.49%	–
VNOM	New	VIPER ENERGY PARTNERS LP	$7,939,000	–	248,785	–	0.26%	–
ITRI	New	ITRON INC	$7,471,000	–	124,416	–	0.24%	–
BMS	New	BEMIS INC	$5,583,000	–	132,279	–	0.18%	–
HIIQ	New	HEALTH INS INNOVATIONS INC	$5,432,000	–	167,906	–	0.18%	–

Q4 2017

			Value		Shares		↓ Weighting
IMMR	Exit	IMMERSION CORP	$0	–	-13,122	–	-0.00%	–
BRG	Exit	BLUEROCK RESIDENTIAL GRW REI	$0	–	-10,004	–	-0.01%	–
SKIS	Exit	PEAK RESORTS INC	$0	–	-40,270	–	-0.01%	–
ESTE	Exit	EARTHSTONE ENERGY INC	$0	–	-14,880	–	-0.01%	–
TUSK	Exit	MAMMOTH ENERGY SVCS INC	$0	–	-12,450	–	-0.01%	–
ECHO	Exit	ECHO GLOBAL LOGISTICS INC	$0	–	-13,850	–	-0.01%	–
PUB	Exit	PEOPLES UTAH BANCORP	$0	–	-8,583	–	-0.01%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-22,500	–	-0.01%	–
SYKE	Exit	SYKES ENTERPRISES INC	$0	–	-9,640	–	-0.01%	–
PLPM	Exit	PLANET PAYMENT INC	$0	–	-74,748	–	-0.01%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-21,027	–	-0.02%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-17,840	–	-0.02%	–
REI	Exit	RING ENERGY INC	$0	–	-28,278	–	-0.02%	–
EZPW	Exit	EZCORP INCcl a non vtg	$0	–	-47,038	–	-0.02%	–
BREW	Exit	CRAFT BREW ALLIANCE INC	$0	–	-25,843	–	-0.02%	–
LIND	Exit	LINDBLAD EXPEDITIONS HLDGS I	$0	–	-47,065	–	-0.02%	–
DENN	Exit	DENNYS CORP	$0	–	-41,718	–	-0.02%	–
OKSB	Exit	SOUTHWEST BANCORP INC OKLA	$0	–	-19,664	–	-0.02%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-28,755	–	-0.02%	–
CUNB	Exit	CU BANCORP CALIF	$0	–	-13,773	–	-0.02%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-19,120	–	-0.02%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-66,700	–	-0.12%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-259,835	–	-0.14%	–
ANGI	Exit	ANGIES LIST INC	$0	–	-302,286	–	-0.16%	–
FBK	Exit	FB FINL CORP	$0	–	-159,861	–	-0.25%	–
CVG	Exit	CONVERGYS CORP	$0	–	-292,795	–	-0.31%	–
CHE	Exit	CHEMED CORP NEW	$0	–	-38,443	–	-0.32%	–
LW	Exit	LAMB WESTON HLDGS INC	$0	–	-184,188	–	-0.36%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-138,397	–	-0.37%	–
HT	Exit	HERSHA HOSPITALITY TR	$0	–	-552,871	–	-0.43%	–
WIFI	Exit	BOINGO WIRELESS INC	$0	–	-495,314	–	-0.44%	–
WEN	Exit	WENDYS CO	$0	–	-712,700	–	-0.46%	–
HRG	Exit	HRG GROUP INC	$0	–	-859,114	–	-0.55%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-410,819	–	-0.59%	–
PSTB	Exit	PARK STERLING CORP	$0	–	-1,169,744	–	-0.60%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-782,217	–	-0.61%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-614,481	–	-0.68%	–
TWNK	Exit	HOSTESS BRANDS INCcl a	$0	–	-1,241,360	–	-0.70%	–
DFRG	Exit	DEL FRISCOS RESTAURANT GROUP	$0	–	-1,225,830	–	-0.74%	–
PF	Exit	PINNACLE FOODS INC DEL	$0	–	-336,105	–	-0.79%	–
REN	Exit	RESOLUTE ENERGY CORP	$0	–	-655,735	–	-0.80%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-105,244	–	-0.83%	–
INWK	Exit	INNERWORKINGS INC	$0	–	-1,800,574	–	-0.84%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-797,964	–	-0.87%	–
LPI	Exit	LAREDO PETROLEUM INC	$0	–	-1,716,279	–	-0.92%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-614,777	–	-0.94%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-610,338	–	-0.94%	–
CHUBK	Exit	COMMERCEHUB INC	$0	–	-1,107,740	–	-0.98%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,094,605	–	-0.98%	–
CTS	Exit	CTS CORP	$0	–	-1,140,956	–	-1.14%	–
OXM	Exit	OXFORD INDS INC	$0	–	-463,449	–	-1.22%	–
MTCH	Exit	MATCH GROUP INC	$0	–	-1,318,840	–	-1.26%	–
FMC	Exit	F M C CORP	$0	–	-346,830	–	-1.28%	–
MGPI	Exit	MGP INGREDIENTS INC NEW	$0	–	-521,605	–	-1.31%	–
PDFS	Exit	PDF SOLUTIONS INC	$0	–	-2,094,663	–	-1.34%	–
ABCO	Exit	ADVISORY BRD CO	$0	–	-619,316	–	-1.37%	–
SLM	Exit	SLM CORP	$0	–	-2,909,202	–	-1.38%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-457,635	–	-1.38%	–
FCFS	Exit	FIRSTCASH INC	$0	–	-573,397	–	-1.50%	–
SFR	Exit	STARWOOD WAYPOINT HOMES	$0	–	-1,043,703	–	-1.57%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-2,019,115	–	-1.70%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-1,138,245	–	-1.78%	–
CPE	Exit	CALLON PETE CO DEL	$0	–	-3,836,592	–	-1.78%	–
CBZ	Exit	CBIZ INC	$0	–	-2,665,446	–	-1.79%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-704,388	–	-1.81%	–
SSB	Exit	SOUTH ST CORP	$0	–	-509,540	–	-1.90%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-771,965	–	-1.94%	–
VVV	Exit	VALVOLINE INC	$0	–	-2,057,386	–	-1.99%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-686,416	–	-2.10%	–
KAMN	Exit	KAMAN CORP	$0	–	-969,160	–	-2.23%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-1,139,005	–	-2.26%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-493,462	–	-2.45%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-1,083,433	–	-2.51%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-2,709,099	–	-2.55%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-553,924	–	-2.70%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-569,517	–	-2.77%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-424,873	–	-2.80%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-5,415,728	–	-2.94%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-2,505,481	–	-3.05%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-5,496,476	–	-3.29%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-1,693,803	–	-3.34%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-623,341	–	-3.51%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-1,179,986	–	-3.61%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-1,772,644	–	-3.70%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,212,545	–	-3.85%	–
MBFI	Exit	MB FINANCIAL INC NEW	$0	–	-2,097,144	–	-3.90%	–

Q3 2017

			Value		Shares		↓ Weighting
MBFI	Buy	MB FINANCIAL INC NEW	$94,413,000	+2.4%	2,097,144	+0.2%	3.90%	+7.0%
COLB	Sell	COLUMBIA BKG SYS INC	$93,171,000	+1.2%	2,212,545	-4.2%	3.85%	+5.7%
PACW	Buy	PACWEST BANCORP DEL	$89,536,000	+8.3%	1,772,644	+0.2%	3.70%	+13.1%
GWR	Sell	GENESEE & WYO INCcl a	$87,331,000	+1.2%	1,179,986	-6.5%	3.61%	+5.7%
LGND	Sell	LIGAND PHARMACEUTICALS INC	$84,868,000	-12.8%	623,341	-22.2%	3.51%	-8.9%
KAR	Sell	KAR AUCTION SVCS INC	$80,862,000	+2.9%	1,693,803	-9.5%	3.34%	+7.5%
BGCP	Buy	BGC PARTNERS INCcl a	$79,534,000	+21.0%	5,496,476	+5.7%	3.29%	+26.4%
SLGN	Buy	SILGAN HOLDINGS INC	$73,737,000	-5.5%	2,505,481	+2.0%	3.05%	-1.3%
MPW	Sell	MEDICAL PPTYS TRUST INC	$71,108,000	-4.6%	5,415,728	-6.5%	2.94%	-0.3%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$67,631,000	+16.3%	424,873	-6.7%	2.80%	+21.5%
IAC	Sell	IAC INTERACTIVECORP	$66,963,000	-20.1%	569,517	-29.9%	2.77%	-16.6%
HHC	Sell	HOWARD HUGHES CORP	$65,324,000	-10.5%	553,924	-6.8%	2.70%	-6.5%
ACIW	Buy	ACI WORLDWIDE INC	$61,713,000	+2.2%	2,709,099	+0.3%	2.55%	+6.7%
BWXT	Sell	BWX TECHNOLOGIES INC	$60,694,000	-24.5%	1,083,433	-34.3%	2.51%	-21.1%
LAD	Buy	LITHIA MTRS INCcl a	$59,368,000	+27.9%	493,462	+0.2%	2.45%	+33.6%
SIMO	Buy	SILICON MOTION TECHNOLOGY COsponsored adr	$54,706,000	+10.3%	1,139,005	+10.7%	2.26%	+15.2%
KAMN	Sell	KAMAN CORP	$54,060,000	+5.4%	969,160	-5.8%	2.23%	+10.0%
JCOM	Buy	J2 GLOBAL INC	$50,712,000	-0.2%	686,416	+14.9%	2.10%	+4.2%
VVV	Sell	VALVOLINE INC	$48,246,000	-5.8%	2,057,386	-4.7%	1.99%	-1.6%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$47,044,000	+8.2%	771,965	+5.8%	1.94%	+13.0%
SSB	Buy	SOUTH ST CORP	$45,884,000	+5.8%	509,540	+0.7%	1.90%	+10.5%
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$43,883,000	–	704,388	–	1.81%	–
CBZ	Sell	CBIZ INC	$43,314,000	-2.3%	2,665,446	-9.8%	1.79%	+2.1%
CPE	Sell	CALLON PETE CO DEL	$43,123,000	-4.6%	3,836,592	-9.9%	1.78%	-0.3%
PPBI	Buy	PACIFIC PREMIER BANCORP	$42,969,000	+5.8%	1,138,245	+3.4%	1.78%	+10.5%
LBAI	Buy	LAKELAND BANCORP INC	$41,190,000	+15.8%	2,019,115	+7.0%	1.70%	+21.0%
SFR	New	STARWOOD WAYPOINT HOMES	$37,959,000	–	1,043,703	–	1.57%	–
FCFS	Sell	FIRSTCASH INC	$36,210,000	-5.6%	573,397	-12.8%	1.50%	-1.4%
CVGW	Buy	CALAVO GROWERS INC	$33,498,000	+315.4%	457,635	+291.9%	1.38%	+333.9%
SLM	Sell	SLM CORP	$33,368,000	-7.2%	2,909,202	-7.0%	1.38%	-3.0%
ABCO	Sell	ADVISORY BRD CO	$33,211,000	-37.5%	619,316	-40.0%	1.37%	-34.7%
PDFS	Sell	PDF SOLUTIONS INC	$32,446,000	-22.2%	2,094,663	-17.4%	1.34%	-18.7%
MGPI	Sell	MGP INGREDIENTS INC NEW	$31,625,000	-14.2%	521,605	-27.6%	1.31%	-10.4%
FMC	Sell	F M C CORP	$30,975,000	-1.9%	346,830	-19.7%	1.28%	+2.5%
MTCH	Sell	MATCH GROUP INC	$30,583,000	+24.7%	1,318,840	-6.6%	1.26%	+30.2%
OXM	Buy	OXFORD INDS INC	$29,448,000	+10.9%	463,449	+9.1%	1.22%	+15.9%
CTS	Sell	CTS CORP	$27,497,000	-0.0%	1,140,956	-10.4%	1.14%	+4.4%
STWD	Sell	STARWOOD PPTY TR INC	$23,775,000	-10.1%	1,094,605	-7.3%	0.98%	-6.1%
CHUBK	Sell	COMMERCEHUB INC	$23,650,000	+15.2%	1,107,740	-5.9%	0.98%	+20.3%
UBSI	Sell	UNITED BANKSHARES INC WEST V	$22,674,000	-9.0%	610,338	-3.9%	0.94%	-4.9%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$22,679,000	-0.1%	614,777	+2.0%	0.94%	+4.3%
LPI	Buy	LAREDO PETROLEUM INC	$22,191,000	+72.9%	1,716,279	+40.7%	0.92%	+80.5%
PE	Buy	PARSLEY ENERGY INCcl a	$21,018,000	-3.8%	797,964	+1.4%	0.87%	+0.6%
INWK	Buy	INNERWORKINGS INC	$20,256,000	+201.3%	1,800,574	+210.6%	0.84%	+214.7%
AMG	Sell	AFFILIATED MANAGERS GROUP	$19,978,000	+2.2%	105,244	-10.7%	0.83%	+6.7%
REN	Buy	RESOLUTE ENERGY CORP	$19,468,000	+26.8%	655,735	+27.1%	0.80%	+32.6%
PF	Sell	PINNACLE FOODS INC DEL	$19,215,000	-4.3%	336,105	-0.6%	0.79%	-0.1%
DFRG	Sell	DEL FRISCOS RESTAURANT GROUP	$17,836,000	-12.4%	1,225,830	-3.1%	0.74%	-8.6%
TWNK	Buy	HOSTESS BRANDS INCcl a	$16,957,000	+121.4%	1,241,360	+160.9%	0.70%	+131.4%
CHCT	Buy	COMMUNITY HEALTHCARE TR INC	$16,566,000	+411.8%	614,481	+385.8%	0.68%	+435.2%
GBDC	Sell	GOLUB CAP BDC INC	$14,721,000	-5.7%	782,217	-4.2%	0.61%	-1.6%
PSTB	Buy	PARK STERLING CORP	$14,528,000	+45.0%	1,169,744	+38.7%	0.60%	+51.5%
RSPP	Buy	RSP PERMIAN INC	$14,210,000	+31.2%	410,819	+22.4%	0.59%	+37.1%
HRG	Buy	HRG GROUP INC	$13,411,000	+50.8%	859,114	+71.1%	0.55%	+57.4%
WEN	Sell	WENDYS CO	$11,068,000	-21.3%	712,700	-21.4%	0.46%	-17.8%
WIFI	Sell	BOINGO WIRELESS INC	$10,585,000	-7.8%	495,314	-35.5%	0.44%	-3.7%
HT	Sell	HERSHA HOSPITALITY TR	$10,322,000	-42.6%	552,871	-43.1%	0.43%	-40.0%
ASH	Sell	ASHLAND GLOBAL HLDGS INC	$9,050,000	-11.7%	138,397	-11.0%	0.37%	-7.7%
LW	Sell	LAMB WESTON HLDGS INC	$8,637,000	-25.2%	184,188	-29.8%	0.36%	-21.9%
CHE	Sell	CHEMED CORP NEW	$7,767,000	-60.6%	38,443	-60.1%	0.32%	-58.8%
CVG	Sell	CONVERGYS CORP	$7,581,000	-41.6%	292,795	-46.3%	0.31%	-39.0%
FBK	New	FB FINL CORP	$6,030,000	–	159,861	–	0.25%	–
ANGI	Sell	ANGIES LIST INC	$3,766,000	-60.1%	302,286	-59.1%	0.16%	-58.3%
HTGC	Sell	HERCULES CAPITAL INC	$3,352,000	-60.9%	259,835	-59.8%	0.14%	-59.0%
FRME	New	FIRST MERCHANTS CORP	$2,863,000	–	66,700	–	0.12%	–
HFWA	Sell	HERITAGE FINL CORP WASH	$564,000	-82.2%	19,120	-84.0%	0.02%	-81.6%
CUNB	Sell	CU BANCORP CALIF	$534,000	-77.7%	13,773	-79.2%	0.02%	-76.8%
CHFN	Sell	CHARTER FINL CORP MD	$533,000	-84.0%	28,755	-84.5%	0.02%	-83.3%
OKSB	Sell	SOUTHWEST BANCORP INC OKLA	$542,000	-76.8%	19,664	-78.5%	0.02%	-76.1%
DENN	Sell	DENNYS CORP	$519,000	-73.7%	41,718	-75.1%	0.02%	-73.1%
LIND	Sell	LINDBLAD EXPEDITIONS HLDGS I	$504,000	-81.9%	47,065	-82.3%	0.02%	-80.9%
BREW	Sell	CRAFT BREW ALLIANCE INC	$454,000	-79.0%	25,843	-79.9%	0.02%	-77.9%
EZPW	Sell	EZCORP INCcl a non vtg	$447,000	-81.8%	47,038	-85.3%	0.02%	-81.4%
REI	New	RING ENERGY INC	$410,000	–	28,278	–	0.02%	–
UBNK	Sell	UNITED FINL BANCORP INC NEW	$385,000	-81.1%	21,027	-82.8%	0.02%	-80.2%
CIVB	Sell	CIVISTA BANCSHARES INC	$399,000	-55.7%	17,840	-58.6%	0.02%	-55.6%
PLPM	Sell	PLANET PAYMENT INC	$321,000	-82.3%	74,748	-86.4%	0.01%	-81.9%
PUB	Sell	PEOPLES UTAH BANCORP	$279,000	-88.3%	8,583	-90.3%	0.01%	-87.2%
SYKE	Sell	SYKES ENTERPRISES INC	$281,000	-86.0%	9,640	-83.9%	0.01%	-85.0%
ACRE	Sell	ARES COML REAL ESTATE CORP	$299,000	-79.1%	22,500	-79.4%	0.01%	-78.6%
ECHO	Sell	ECHO GLOBAL LOGISTICS INC	$261,000	-81.3%	13,850	-80.2%	0.01%	-80.0%
TUSK	Sell	MAMMOTH ENERGY SVCS INC	$210,000	-85.4%	12,450	-83.9%	0.01%	-84.2%
SKIS	Sell	PEAK RESORTS INC	$175,000	-83.3%	40,270	-84.2%	0.01%	-82.9%
ESTE	New	EARTHSTONE ENERGY INC	$164,000	–	14,880	–	0.01%	–
BRG	Sell	BLUEROCK RESIDENTIAL GRW REI	$111,000	-94.1%	10,004	-93.1%	0.01%	-93.2%
IMMR	Sell	IMMERSION CORP	$107,000	-84.0%	13,122	-82.2%	0.00%	-85.2%
FRPH	Exit	FRP HLDGS INC	$0	–	-11,330	–	-0.02%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-14,571	–	-0.02%	–
AAOI	Exit	APPLIED OPTOELECTRONICS INC	$0	–	-10,820	–	-0.03%	–
LCNB	Exit	LCNB CORP	$0	–	-67,131	–	-0.05%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-282,700	–	-0.09%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE F	$0	–	-62,680	–	-0.12%	–
AKRXQ	Exit	AKORN INC	$0	–	-228,112	–	-0.30%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-449,326	–	-0.31%	–
EPR	Exit	EPR PPTYS	$0	–	-152,022	–	-0.43%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-1,326,316	–	-0.85%	–
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-1,166,026	–	-1.58%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-9,387,404	–	-3.21%	–

Q2 2017

			Value		Shares		↓ Weighting
LGND	New	LIGAND PHARMACEUTICALS INC	$97,295,000	–	801,442	–	3.85%	–
MBFI	New	MB FINANCIAL INC NEW	$92,158,000	–	2,092,588	–	3.65%	–
COLB	New	COLUMBIA BKG SYS INC	$92,038,000	–	2,309,618	–	3.64%	–
GWR	New	GENESEE & WYO INCcl a	$86,291,000	–	1,261,745	–	3.41%	–
IAC	New	IAC INTERACTIVECORP	$83,850,000	–	812,187	–	3.32%	–
PACW	New	PACWEST BANCORP DEL	$82,653,000	–	1,769,888	–	3.27%	–
NYRT	New	NEW YORK REIT INC	$81,107,000	–	9,387,404	–	3.21%	–
BWXT	New	BWX TECHNOLOGIES INC	$80,398,000	–	1,649,194	–	3.18%	–
KAR	New	KAR AUCTION SVCS INC	$78,563,000	–	1,871,890	–	3.11%	–
SLGN	New	SILGAN HOLDINGS INC	$78,025,000	–	2,455,165	–	3.09%	–
MPW	New	MEDICAL PPTYS TRUST INC	$74,536,000	–	5,791,458	–	2.95%	–
HHC	New	HOWARD HUGHES CORP	$73,017,000	–	594,404	–	2.89%	–
BGCP	New	BGC PARTNERS INCcl a	$65,744,000	–	5,201,304	–	2.60%	–
ACIW	New	ACI WORLDWIDE INC	$60,399,000	–	2,700,017	–	2.39%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$58,155,000	–	455,579	–	2.30%	–
ABCO	New	ADVISORY BRD CO	$53,133,000	–	1,031,702	–	2.10%	–
KAMN	New	KAMAN CORP	$51,312,000	–	1,028,914	–	2.03%	–
VVV	New	VALVOLINE INC	$51,213,000	–	2,159,060	–	2.03%	–
JCOM	New	J2 GLOBAL INC	$50,825,000	–	597,317	–	2.01%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$49,614,000	–	1,028,707	–	1.96%	–
LAD	New	LITHIA MTRS INCcl a	$46,424,000	–	492,665	–	1.84%	–
CPE	New	CALLON PETE CO DEL	$45,182,000	–	4,258,467	–	1.79%	–
CBZ	New	CBIZ INC	$44,340,000	–	2,956,016	–	1.75%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$43,497,000	–	729,692	–	1.72%	–
SSB	New	SOUTH ST CORP	$43,373,000	–	506,095	–	1.72%	–
PDFS	New	PDF SOLUTIONS INC	$41,707,000	–	2,535,385	–	1.65%	–
PPBI	New	PACIFIC PREMIER BANCORP	$40,629,000	–	1,101,060	–	1.61%	–
SFR	New	COLONY STARWOOD HOMES	$40,006,000	–	1,166,026	–	1.58%	–
FCFS	New	FIRSTCASH INC	$38,339,000	–	657,606	–	1.52%	–
MGPI	New	MGP INGREDIENTS INC NEW	$36,854,000	–	720,231	–	1.46%	–
SLM	New	SLM CORP	$35,958,000	–	3,126,759	–	1.42%	–
LBAI	New	LAKELAND BANCORP INC	$35,573,000	–	1,887,138	–	1.41%	–
FMC	New	F M C CORP	$31,564,000	–	432,083	–	1.25%	–
CTS	New	CTS CORP	$27,499,000	–	1,273,073	–	1.09%	–
OXM	New	OXFORD INDS INC	$26,555,000	–	424,943	–	1.05%	–
STWD	New	STARWOOD PROPERTY TRST	$26,446,000	–	1,181,139	–	1.05%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$24,905,000	–	635,328	–	0.98%	–
MTCH	New	MATCH GROUP INC	$24,533,000	–	1,411,560	–	0.97%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$22,705,000	–	602,729	–	0.90%	–
PE	New	PARSLEY ENERGY INCcl a	$21,838,000	–	786,955	–	0.86%	–
SEAS	New	SEAWORLD ENTMT INC	$21,579,000	–	1,326,316	–	0.85%	–
CHUBK	New	COMMERCEHUB INC	$20,537,000	–	1,177,585	–	0.81%	–
DFRG	New	DEL FRISCOS RESTAURANT GROUP	$20,371,000	–	1,265,278	–	0.81%	–
PF	New	PINNACLE FOODS INC DEL	$20,087,000	–	338,167	–	0.80%	–
CHE	New	CHEMED CORP NEW	$19,710,000	–	96,365	–	0.78%	–
AMG	New	AFFILIATED MANAGERS GROUP	$19,557,000	–	117,914	–	0.77%	–
HT	New	HERSHA HOSPITALITY TR	$17,986,000	–	971,681	–	0.71%	–
GBDC	New	GOLUB CAP BDC INC	$15,619,000	–	816,890	–	0.62%	–
REN	New	RESOLUTE ENERGY CORP	$15,355,000	–	515,787	–	0.61%	–
WEN	New	WENDYS CO	$14,055,000	–	906,171	–	0.56%	–
CVG	New	CONVERGYS CORP	$12,974,000	–	545,590	–	0.51%	–
LPI	New	LAREDO PETROLEUM INC	$12,836,000	–	1,220,127	–	0.51%	–
LW	New	LAMB WESTON HLDGS INC	$11,554,000	–	262,347	–	0.46%	–
WIFI	New	BOINGO WIRELESS INC	$11,482,000	–	767,531	–	0.45%	–
EPR	New	EPR PPTYS	$10,926,000	–	152,022	–	0.43%	–
RSPP	New	RSP PERMIAN INC	$10,830,000	–	335,617	–	0.43%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$10,245,000	–	155,437	–	0.40%	–
PSTB	New	PARK STERLING CORP	$10,021,000	–	843,452	–	0.40%	–
ANGI	New	ANGIES LIST INC	$9,443,000	–	738,259	–	0.37%	–
HRG	New	HRG GROUP INC	$8,893,000	–	502,168	–	0.35%	–
HTGC	New	HERCULES CAPITAL INC	$8,562,000	–	646,623	–	0.34%	–
CVGW	New	CALAVO GROWERS INC	$8,064,000	–	116,775	–	0.32%	–
CHUBA	New	COMMERCEHUB INC	$7,827,000	–	449,326	–	0.31%	–
AKRXQ	New	AKORN INC	$7,651,000	–	228,112	–	0.30%	–
TWNK	New	HOSTESS BRANDS INCcl a	$7,660,000	–	475,793	–	0.30%	–
INWK	New	INNERWORKINGS INC	$6,723,000	–	579,622	–	0.27%	–
CHFN	New	CHARTER FINL CORP MD	$3,332,000	–	185,096	–	0.13%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$3,237,000	–	126,490	–	0.13%	–
HFWA	New	HERITAGE FINL CORP WASH	$3,171,000	–	119,670	–	0.12%	–
SGBK	New	STONEGATE BK FT LAUDERDALE F	$2,895,000	–	62,680	–	0.12%	–
LIND	New	LINDBLAD EXPEDITIONS	$2,790,000	–	265,711	–	0.11%	–
EZPW	New	EZCORP INCcl a non vtg	$2,457,000	–	319,091	–	0.10%	–
CUNB	New	CU BANCORP CALIF	$2,390,000	–	66,114	–	0.10%	–
PUB	New	PEOPLES UTAH BANCORP	$2,382,000	–	88,865	–	0.09%	–
OKSB	New	SOUTHWEST BANCORP INC OKLA	$2,337,000	–	91,475	–	0.09%	–
PCYO	New	PURECYCLE CORP	$2,191,000	–	282,700	–	0.09%	–
BREW	New	CRAFT BREW ALLIANCE INC	$2,164,000	–	128,426	–	0.09%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$2,041,000	–	122,299	–	0.08%	–
SYKE	New	SYKES ENTERPRISES INC	$2,013,000	–	60,039	–	0.08%	–
DENN	New	DENNYS CORP	$1,975,000	–	167,820	–	0.08%	–
BRG	New	BLUEROCK RESIDENTIAL GRW REI	$1,867,000	–	144,867	–	0.07%	–
PLPM	New	PLANET PAYMENT INC	$1,817,000	–	550,526	–	0.07%	–
TUSK	New	MAMMOTH ENERGY SVCS INC	$1,437,000	–	77,275	–	0.06%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,428,000	–	109,114	–	0.06%	–
ECHO	New	ECHO GLOBAL LOGISTICS INC	$1,395,000	–	70,095	–	0.06%	–
LCNB	New	LCNB CORP	$1,343,000	–	67,131	–	0.05%	–
SKIS	New	PEAK RESORTS INC	$1,046,000	–	255,147	–	0.04%	–
CIVB	New	CIVISTA BANCSHARES INC	$900,000	–	43,098	–	0.04%	–
IMMR	New	IMMERSION CORP	$670,000	–	73,762	–	0.03%	–
AAOI	New	APPLIED OPTOELECTRONICS INC	$669,000	–	10,820	–	0.03%	–
DMRC	New	DIGIMARC CORP NEW	$585,000	–	14,571	–	0.02%	–
FRPH	New	FRP HLDGS INC	$523,000	–	11,330	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
VVV	Exit	VALVOLINE INC	$0	–	-10,000	–	-0.01%	–
INWK	Exit	INNERWORKINGS INC	$0	–	-72,490	–	-0.03%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-18,395	–	-0.03%	–
ECHO	Exit	ECHO GLOBAL LOGISTICS INC	$0	–	-38,065	–	-0.04%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-66,775	–	-0.05%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-80,250	–	-0.05%	–
SKIS	Exit	PEAK RESORTS INC	$0	–	-221,683	–	-0.05%	–
LIND	Exit	LINDBLAD EXPEDITIONS HLDGS I	$0	–	-132,155	–	-0.06%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-104,740	–	-0.06%	–
IMMR	Exit	IMMERSION CORP	$0	–	-173,742	–	-0.07%	–
LCNB	Exit	LCNB CORP	$0	–	-81,471	–	-0.07%	–
SYKE	Exit	SYKES ENTERPRISES INC	$0	–	-53,580	–	-0.07%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE F	$0	–	-44,610	–	-0.07%	–
PLPM	Exit	PLANET PAYMENT INC	$0	–	-418,479	–	-0.07%	–
PUB	Exit	PEOPLES UTAH BANCORP	$0	–	-81,452	–	-0.08%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-119,809	–	-0.08%	–
DENN	Exit	DENNYS CORP	$0	–	-159,910	–	-0.08%	–
EZPW	Exit	EZCORP INCcl a non vtg	$0	–	-154,130	–	-0.08%	–
AAOI	Exit	APPLIED OPTOELECTRONICS INC	$0	–	-80,280	–	-0.08%	–
BRG	Exit	BLUEROCK RESIDENTIAL GRW REI	$0	–	-141,516	–	-0.08%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-60,399	–	-0.09%	–
CHCT	Exit	COMMUNITY HEALTHCARE TR INC	$0	–	-90,320	–	-0.09%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-351,548	–	-0.09%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-125,970	–	-0.10%	–
OKSB	Exit	SOUTHWEST BANCORP INC OKLA	$0	–	-124,285	–	-0.11%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-174,930	–	-0.11%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-218,656	–	-0.13%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-57,546	–	-0.14%	–
CHUBK	Exit	COMMERCEHUB INC	$0	–	-257,108	–	-0.19%	–
WIFI	Exit	BOINGO WIRELESS INC	$0	–	-789,056	–	-0.38%	–
TTGT	Exit	TECHTARGET INC	$0	–	-1,015,660	–	-0.38%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-623,336	–	-0.39%	–
MDCA	Exit	MDC PARTNERS INCcl a sub vtg	$0	–	-798,370	–	-0.40%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-414,908	–	-0.41%	–
CEB	Exit	CEB INC	$0	–	-183,686	–	-0.46%	–
AKRXQ	Exit	AKORN INC	$0	–	-389,290	–	-0.49%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-757,598	–	-0.56%	–
WEN	Exit	WENDYS CO	$0	–	-1,362,588	–	-0.68%	–
GBDC	Exit	GOLUB CAPITAL BDC INC	$0	–	-793,491	–	-0.68%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-102,688	–	-0.69%	–
PF	Exit	PINNACLE FOODS INC DEL	$0	–	-299,150	–	-0.70%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-190,563	–	-0.70%	–
FMC	Exit	F M C CORP	$0	–	-320,541	–	-0.72%	–
TRS	Exit	TRIMAS CORP	$0	–	-856,836	–	-0.74%	–
OXM	Exit	OXFORD INDS INC	$0	–	-242,971	–	-0.76%	–
CXO	Exit	CONCHO RES INC	$0	–	-119,838	–	-0.76%	–
SSB	Exit	SOUTH ST CORP	$0	–	-223,893	–	-0.78%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-228,132	–	-0.78%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-777,894	–	-0.83%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-546,215	–	-0.85%	–
EPR	Exit	EPR PPTYS	$0	–	-235,667	–	-0.86%	–
NCMI	Exit	NATIONAL CINEDMEDIA INC	$0	–	-1,334,060	–	-0.91%	–
DFRG	Exit	DEL FRISCOS RESTAURANT GROUP	$0	–	-1,508,601	–	-0.94%	–
CVG	Exit	CONVERGYS CORP	$0	–	-673,616	–	-0.95%	–
HT	Exit	HERSHA HOSPITALITY TR	$0	–	-1,171,682	–	-0.98%	–
NSA	Exit	NATIONAL STORAGE AFFILIATES	$0	–	-1,051,739	–	-1.02%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-203,152	–	-1.09%	–
CHE	Exit	CHEMED CORP NEW	$0	–	-179,927	–	-1.18%	–
AIRM	Exit	AIR METHODS CORP	$0	–	-872,222	–	-1.27%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-598,596	–	-1.28%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-290,037	–	-1.28%	–
CTS	Exit	CTS CORP	$0	–	-1,607,217	–	-1.39%	–
BW	Exit	BABCOCK & WILCOX ENTERPRIS I	$0	–	-1,852,782	–	-1.42%	–
CFNL	Exit	CARDINAL FINL CORP	$0	–	-1,172,523	–	-1.42%	–
CBZ	Exit	CBIZ INC	$0	–	-2,871,296	–	-1.49%	–
MGPI	Exit	MGP INGREDIENTS INC NEW	$0	–	-800,574	–	-1.50%	–
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-1,280,090	–	-1.70%	–
FCFS	Exit	FIRSTCASH INC	$0	–	-789,178	–	-1.72%	–
SLM	Exit	SLM CORP	$0	–	-5,119,860	–	-1.77%	–
SIMO	Exit	SOLICON MOTION TECHNOLOGY CO	$0	–	-743,614	–	-1.79%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-625,142	–	-1.93%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,904,964	–	-1.99%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-2,243,954	–	-2.02%	–
CPE	Exit	CALLON PETE CO DEL	$0	–	-2,904,537	–	-2.11%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,373,541	–	-2.13%	–
PDFS	Exit	PDF SOLUTIONS INC	$0	–	-2,562,775	–	-2.16%	–
KAMN	Exit	KAMAN CORP	$0	–	-1,073,615	–	-2.19%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-937,227	–	-2.33%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-486,610	–	-2.44%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-3,681,804	–	-2.52%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-815,461	–	-2.61%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-1,144,769	–	-2.68%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-7,464,552	–	-3.03%	–
MBFI	Exit	MB FINANCIAL INC NEW	$0	–	-1,801,455	–	-3.18%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-673,850	–	-3.19%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-2,127,685	–	-3.23%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-1,932,075	–	-3.44%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-1,204,885	–	-3.49%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-688,704	–	-3.66%	–
KAR	Exit	KAR AUCTIONS SVCS INC	$0	–	-2,067,383	–	-4.14%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-2,094,455	–	-4.17%	–

Q3 2016

			Value		Shares		↓ Weighting
PACW	Buy	PACWEST BANCORP DEL	$89,873,000	+14.7%	2,094,455	+6.4%	4.17%	+7.5%
KAR	Buy	KAR AUCTIONS SVCS INC	$89,228,000	+7.6%	2,067,383	+4.0%	4.14%	+0.8%
HHC	Buy	HOWARD HUGHES CORP	$78,857,000	+3.9%	688,704	+3.8%	3.66%	-2.7%
IAC	Buy	IAC INTERACTIVECORP	$75,269,000	+21.7%	1,204,885	+9.7%	3.49%	+14.0%
BWXT	Sell	BWX TECHNOLOGIES INC	$74,134,000	-4.5%	1,932,075	-11.0%	3.44%	-10.6%
COLB	Buy	COLUMBIA BKG SYS INC	$69,618,000	+59.7%	2,127,685	+36.9%	3.23%	+49.5%
LGND	Buy	LIGAND PHARMACEUTICALS INC	$68,773,000	-13.8%	673,850	+0.8%	3.19%	-19.2%
MBFI	Buy	MB FINANCIAL INC NEW	$68,527,000	+38.0%	1,801,455	+31.6%	3.18%	+29.3%
BGCP	Buy	BGC PARTNERS INCcl a	$65,315,000	+11.1%	7,464,552	+10.6%	3.03%	+4.1%
SLGN	Buy	SILGAN HOLDINGS INC	$57,914,000	+1.9%	1,144,769	+3.6%	2.68%	-4.6%
GWR	Buy	GENESEE & WYO INCcl a	$56,226,000	+50.6%	815,461	+28.8%	2.61%	+41.1%
MPW	Sell	MEDICAL PPTYS TRUST INC	$54,380,000	-11.7%	3,681,804	-9.1%	2.52%	-17.3%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$52,520,000	+7.9%	486,610	-1.0%	2.44%	+1.0%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$50,244,000	-4.1%	937,227	+3.7%	2.33%	-10.1%
KAMN	Sell	KAMAN CORP	$47,153,000	+1.5%	1,073,615	-1.7%	2.19%	-4.9%
PDFS	Sell	PDF SOLUTIONS INC	$46,565,000	+16.2%	2,562,775	-10.5%	2.16%	+8.8%
PE	Sell	PARSLEY ENERGY INCcl a	$46,027,000	+6.0%	1,373,541	-14.4%	2.13%	-0.7%
CPE	Buy	CALLON PETE CO DEL	$45,601,000	+2457.5%	2,904,537	+1729.3%	2.11%	+2302.3%
ACIW	Buy	ACI WORLDWIDE INC	$43,487,000	+3.2%	2,243,954	+3.8%	2.02%	-3.4%
STWD	Buy	STARWOOD PPTY TR INC	$42,900,000	+13.1%	1,904,964	+4.1%	1.99%	+5.9%
JCOM	Buy	J2 GLOBAL INC	$41,641,000	+9.5%	625,142	+3.8%	1.93%	+2.5%
SIMO	Buy	SOLICON MOTION TECHNOLOGY CO	$38,512,000	+43.1%	743,614	+32.1%	1.79%	+34.0%
SLM	Buy	SLM CORP	$38,246,000	+44.0%	5,119,860	+19.1%	1.77%	+34.8%
FCFS	New	FIRSTCASH INC	$37,154,000	–	789,178	–	1.72%	–
SFR	Buy	COLONY STARWOOD HOMES	$36,739,000	-1.6%	1,280,090	+4.3%	1.70%	-7.9%
MGPI	New	MGP INGREDIENTS INC NEW	$32,439,000	–	800,574	–	1.50%	–
CBZ	Buy	CBIZ INC	$32,130,000	+10.2%	2,871,296	+2.5%	1.49%	+3.2%
CFNL	Buy	CARDINAL FINL CORP	$30,591,000	+68.0%	1,172,523	+41.3%	1.42%	+57.2%
BW	Buy	BABCOCK & WILCOX ENTERPRIS I	$30,571,000	+51.0%	1,852,782	+34.5%	1.42%	+41.4%
CTS	Buy	CTS CORP	$29,894,000	+15.4%	1,607,217	+11.2%	1.39%	+8.0%
LAD	Buy	LITHIA MTRS INCcl a	$27,705,000	+141.3%	290,037	+79.5%	1.28%	+125.8%
INT	Sell	WORLD FUEL SVCS CORP	$27,691,000	-30.4%	598,596	-28.5%	1.28%	-34.8%
AIRM	Buy	AIR METHODS CORP	$27,466,000	-8.8%	872,222	+3.7%	1.27%	-14.7%
CHE	New	CHEMED CORP NEW	$25,382,000	–	179,927	–	1.18%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$23,555,000	–	203,152	–	1.09%	–
NSA	Sell	NATIONAL STORAGE AFFILIATES	$22,024,000	-28.5%	1,051,739	-29.0%	1.02%	-33.1%
HT	Sell	HERSHA HOSPITALITY TR	$21,114,000	-11.2%	1,171,682	-15.5%	0.98%	-16.9%
CVG	Sell	CONVERGYS CORP	$20,492,000	-10.1%	673,616	-26.1%	0.95%	-15.9%
DFRG	Buy	DEL FRISCOS RESTAURANT GROUP	$20,321,000	-4.2%	1,508,601	+1.8%	0.94%	-10.3%
NCMI	Buy	NATIONAL CINEDMEDIA INC	$19,638,000	+14.9%	1,334,060	+20.8%	0.91%	+7.7%
EPR	Sell	EPR PPTYS	$18,557,000	-32.8%	235,667	-31.1%	0.86%	-37.1%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$18,271,000	-1.1%	546,215	+1.9%	0.85%	-7.4%
FCEA	Buy	FOREST CITY RLTY TR INC	$17,993,000	+5.6%	777,894	+1.9%	0.83%	-1.1%
CMP	Sell	COMPASS MINERALS INTL INC	$16,813,000	-39.3%	228,132	-38.9%	0.78%	-43.1%
SSB	New	SOUTH ST CORP	$16,801,000	–	223,893	–	0.78%	–
OXM	New	OXFORD INDS INC	$16,449,000	–	242,971	–	0.76%	–
CXO	Sell	CONCHO RES INC	$16,460,000	-25.1%	119,838	-35.0%	0.76%	-29.9%
TRS	Sell	TRIMAS CORP	$15,946,000	-47.3%	856,836	-49.0%	0.74%	-50.7%
FMC	Buy	F M C CORP	$15,495,000	+9.6%	320,541	+5.0%	0.72%	+2.6%
IDCC	Sell	INTERDIGITAL INC	$15,093,000	-69.0%	190,563	-78.2%	0.70%	-70.9%
PF	Buy	PINNACLE FOODS INC DEL	$15,008,000	+16.1%	299,150	+7.1%	0.70%	+8.8%
AMG	Buy	AFFILIATED MANAGERS GROUP	$14,859,000	+8.0%	102,688	+5.0%	0.69%	+1.2%
GBDC	Buy	GOLUB CAPITAL BDC INC	$14,735,000	+6.3%	793,491	+3.4%	0.68%	-0.4%
WEN	Buy	WENDYS CO	$14,716,000	+18.1%	1,362,588	+5.2%	0.68%	+10.5%
CHUBA	New	COMMERCEHUB INC	$11,970,000	–	757,598	–	0.56%	–
AKRXQ	Buy	AKORN INC	$10,612,000	+51.8%	389,290	+58.6%	0.49%	+42.2%
CEB	Buy	CEB INC	$10,005,000	-7.3%	183,686	+5.0%	0.46%	-13.1%
DOC	Buy	PHYSICIANS RLTY TR	$8,937,000	+755.2%	414,908	+734.0%	0.41%	+696.2%
MDCA	Sell	MDC PARTNERS INCcl a sub vtg	$8,558,000	-84.1%	798,370	-72.9%	0.40%	-85.1%
HTGC	Buy	HERCULES CAPITAL INC	$8,452,000	+12.2%	623,336	+2.7%	0.39%	+5.1%
TTGT	Sell	TECHTARGET INC	$8,186,000	-38.2%	1,015,660	-37.9%	0.38%	-42.1%
WIFI	Sell	BOINGO WIRELESS INC	$8,111,000	-14.3%	789,056	-25.6%	0.38%	-19.8%
CHUBK	New	COMMERCEHUB INC	$4,091,000	–	257,108	–	0.19%	–
CTO	Sell	CONSOLIDATED TOMOKA LD CO	$2,946,000	+1.0%	57,546	-6.3%	0.14%	-4.9%
CHFN	Buy	CHARTER FINL CORP MD	$2,816,000	+3.3%	218,656	+6.6%	0.13%	-3.0%
LBAI	Buy	LAKELAND BANCORP INC	$2,456,000	+111.5%	174,930	+71.5%	0.11%	+100.0%
OKSB	Buy	SOUTHWEST BANCORP INC OKLA	$2,360,000	+22.9%	124,285	+9.6%	0.11%	+14.7%
HFWA	Buy	HERITAGE FINL CORP WASH	$2,261,000	+41.9%	125,970	+39.1%	0.10%	+32.9%
PCYO	Sell	PURECYCLE CORP	$2,018,000	+15.2%	351,548	-5.4%	0.09%	+8.0%
CHCT	Sell	COMMUNITY HEALTHCARE TR INC	$1,980,000	+0.9%	90,320	-2.7%	0.09%	-5.2%
FRPH	Sell	FRP HLDGS INC	$1,877,000	-16.1%	60,399	-6.8%	0.09%	-21.6%
BRG	Sell	BLUEROCK RESIDENTIAL GRW REI	$1,840,000	-8.2%	141,516	-8.2%	0.08%	-14.1%
AAOI	Sell	APPLIED OPTOELECTRONICS INC	$1,783,000	+85.7%	80,280	-6.7%	0.08%	+72.9%
DENN	Sell	DENNYS CORP	$1,709,000	-7.1%	159,910	-6.7%	0.08%	-13.2%
EZPW	New	EZCORP INCcl a non vtg	$1,705,000	–	154,130	–	0.08%	–
UBNK	Sell	UNITED FINL BANCORP INC NEW	$1,658,000	-7.4%	119,809	-13.2%	0.08%	-13.5%
PUB	Buy	PEOPLES UTAH BANCORP	$1,658,000	+76.6%	81,452	+44.0%	0.08%	+67.4%
PLPM	Buy	PLANET PAYMENT INC	$1,553,000	-11.1%	418,479	+7.6%	0.07%	-16.3%
SGBK	New	STONEGATE BK FT LAUDERDALE F	$1,506,000	–	44,610	–	0.07%	–
SYKE	Sell	SYKES ENTERPRISES INC	$1,507,000	-9.5%	53,580	-6.8%	0.07%	-14.6%
LCNB	Sell	LCNB CORP	$1,484,000	+7.8%	81,471	-6.5%	0.07%	+1.5%
IMMR	Sell	IMMERSION CORP	$1,418,000	+3.7%	173,742	-6.8%	0.07%	-2.9%
ACRE	Sell	ARES COML REAL ESTATE CORP	$1,320,000	-4.3%	104,740	-6.7%	0.06%	-10.3%
LIND	Buy	LINDBLAD EXPEDITIONS HLDGS I	$1,189,000	-5.9%	132,155	+0.8%	0.06%	-12.7%
SKIS	Sell	PEAK RESORTS INC	$1,142,000	+5.4%	221,683	-6.7%	0.05%	-1.9%
FRP	Sell	FAIRPOINT COMMUNICATIONS INC	$1,004,000	-4.5%	66,775	-6.7%	0.05%	-9.6%
CIO	Sell	CITY OFFICE REIT INC	$1,022,000	-8.5%	80,250	-6.7%	0.05%	-14.5%
ECHO	Sell	ECHO GLOBAL LOGISTICS INC	$878,000	-4.1%	38,065	-6.9%	0.04%	-8.9%
DMRC	Sell	DIGIMARC CORP NEW	$705,000	-17.4%	18,395	-31.1%	0.03%	-21.4%
INWK	New	INNERWORKINGS INC	$683,000	–	72,490	–	0.03%	–
VVV	New	VALVOLINE INC	$235,000	–	10,000	–	0.01%	–
UAMY	Exit	UNITED STATES ANTIMONY CORP	$0	–	-587,651	–	-0.01%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-48,391	–	-0.19%	–
MPAA	Exit	MOTORCAR PTS AMER INC	$0	–	-269,926	–	-0.36%	–
FNBCQ	Exit	FIRST NBC BK HLDG CO	$0	–	-591,813	–	-0.49%	–
TYPE	Exit	MONOTYPE IMAGING HOLDINGS IN	$0	–	-531,853	–	-0.65%	–
ASH	Exit	ASHLAND INC NEW	$0	–	-132,506	–	-0.75%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-750,955	–	-0.89%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-450,526	–	-1.00%	–
CSH	Exit	CASH AMER INTL INC	$0	–	-847,147	–	-1.79%	–

Q2 2016

			Value		Shares		↓ Weighting
KAR	New	KAR AUCTION SVCS INC	$82,934,000	–	1,986,940	–	4.11%	–
LGND	New	LIGAND PHARMACEUTICALS INC	$79,761,000	–	668,739	–	3.95%	–
PACW	New	PACWEST BANCORP DEL	$78,321,000	–	1,968,875	–	3.88%	–
BWXT	New	BWX TECHNOLOGIES INC	$77,655,000	–	2,170,967	–	3.84%	–
HHC	New	HOWARD HUGHES CORP	$75,881,000	–	663,757	–	3.76%	–
IAC	New	IAC INTERACTIVECORP	$61,834,000	–	1,098,280	–	3.06%	–
MPW	New	MEDICAL PPTYS TRUST INC	$61,606,000	–	4,050,372	–	3.05%	–
BGCP	New	BGC PARTNERS INCcl a	$58,770,000	–	6,747,416	–	2.91%	–
SLGN	New	SILGAN HOLDINGS INC	$56,851,000	–	1,104,760	–	2.82%	–
MDCA	New	MDC PARTNERS INCcl a sub vtg	$53,899,000	–	2,946,917	–	2.67%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$52,375,000	–	903,790	–	2.59%	–
MBFI	New	MB FINANCIAL INC NEW	$49,648,000	–	1,368,490	–	2.46%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$48,674,000	–	491,413	–	2.41%	–
IDCC	New	INTERDIGITAL INC	$48,646,000	–	873,666	–	2.41%	–
KAMN	New	KAMAN CORP	$46,434,000	–	1,092,053	–	2.30%	–
COLB	New	COLUMBIA BKG SYS INC	$43,603,000	–	1,553,921	–	2.16%	–
PE	New	PARSLEY ENERGY INCcl a	$43,413,000	–	1,604,314	–	2.15%	–
ACIW	New	ACI WORLDWIDE INC	$42,157,000	–	2,160,787	–	2.09%	–
PDFS	New	PDF SOLUTIONS INC	$40,070,000	–	2,864,219	–	1.98%	–
INT	New	WORLD FUEL SVCS CORP	$39,766,000	–	837,358	–	1.97%	–
JCOM	New	J2 GLOBAL INC	$38,044,000	–	602,246	–	1.88%	–
STWD	New	STARWOOD PPTY TR INC	$37,926,000	–	1,830,386	–	1.88%	–
SFR	New	COLONY STARWOOD HOMES	$37,347,000	–	1,227,726	–	1.85%	–
GWR	New	GENESEE & WYO INCcl a	$37,330,000	–	633,235	–	1.85%	–
CSH	New	CASH AMER INTL INC	$36,105,000	–	847,147	–	1.79%	–
NSA	New	NATIONAL STORAGE AFFILIATES	$30,822,000	–	1,480,441	–	1.53%	–
TRS	New	TRIMAS CORP	$30,267,000	–	1,681,484	–	1.50%	–
AIRM	New	AIR METHODS CORP	$30,132,000	–	840,979	–	1.49%	–
CBZ	New	CBIZ INC	$29,163,000	–	2,801,427	–	1.44%	–
CMP	New	COMPASS MINERALS INTL INC	$27,706,000	–	373,442	–	1.37%	–
EPR	New	EPR PPTYS	$27,603,000	–	342,136	–	1.37%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$26,917,000	–	563,117	–	1.33%	–
SLM	New	SLM CORP	$26,564,000	–	4,298,343	–	1.32%	–
CTS	New	CTS CORP	$25,907,000	–	1,445,716	–	1.28%	–
HT	New	HERSHA HOSPITALITY TR	$23,786,000	–	1,386,926	–	1.18%	–
CVG	New	CONVERGYS CORP	$22,793,000	–	911,728	–	1.13%	–
CXO	New	CONCHO RES INC	$21,976,000	–	184,255	–	1.09%	–
DFRG	New	DEL FRISCOS RESTAURANT GROUP	$21,215,000	–	1,481,445	–	1.05%	–
BW	New	BABCOCK & WILCOX ENTERPRIS I	$20,243,000	–	1,377,974	–	1.00%	–
PRSC	New	PROVIDENCE SVC CORP	$20,220,000	–	450,526	–	1.00%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$18,483,000	–	536,052	–	0.92%	–
CFNL	New	CARDINAL FINL CORP	$18,210,000	–	830,028	–	0.90%	–
GMED	New	GLOBUS MED INCcl a	$17,895,000	–	750,955	–	0.89%	–
NCMI	New	NATIONAL CINEMEDIA INC	$17,089,000	–	1,103,939	–	0.85%	–
FCEA	New	FOREST CITY RLTY TR INC	$17,035,000	–	763,540	–	0.84%	–
ASH	New	ASHLAND INC NEW	$15,208,000	–	132,506	–	0.75%	–
FMC	New	F M C CORP	$14,134,000	–	305,199	–	0.70%	–
GBDC	New	GOLUB CAP BDC INC	$13,861,000	–	767,070	–	0.69%	–
AMG	New	AFFILIATED MANAGERS GROUP	$13,762,000	–	97,765	–	0.68%	–
TTGT	New	TECHTARGET INC	$13,252,000	–	1,636,051	–	0.66%	–
TYPE	New	MONOTYPE IMAGING HOLDINGS IN	$13,100,000	–	531,853	–	0.65%	–
PF	New	PINNACLE FOODS INC DEL	$12,926,000	–	279,241	–	0.64%	–
WEN	New	WENDYS CO	$12,464,000	–	1,295,645	–	0.62%	–
LAD	New	LITHIA MTRS INCcl a	$11,483,000	–	161,570	–	0.57%	–
CEB	New	CEB INC	$10,795,000	–	175,012	–	0.53%	–
FNBCQ	New	FIRST NBC BK HLDG CO	$9,936,000	–	591,813	–	0.49%	–
WIFI	New	BOINGO WIRELESS INC	$9,463,000	–	1,060,856	–	0.47%	–
HTGC	New	HERCULES CAPITAL INC	$7,535,000	–	606,677	–	0.37%	–
MPAA	New	MOTORCAR PTS AMER INC	$7,336,000	–	269,926	–	0.36%	–
AKRXQ	New	AKORN INC	$6,990,000	–	245,385	–	0.35%	–
ALB	New	ALBEMARLE CORP	$3,838,000	–	48,391	–	0.19%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$2,917,000	–	61,446	–	0.14%	–
CHFN	New	CHARTER FINL CORP MD	$2,725,000	–	205,166	–	0.14%	–
FRPH	New	FRP HLDGS INC	$2,236,000	–	64,799	–	0.11%	–
BRG	New	BLUEROCK RESIDENTIAL GRW REI	$2,004,000	–	154,136	–	0.10%	–
CHCT	New	COMMUNITY HEALTHCARE TR INC	$1,962,000	–	92,795	–	0.10%	–
OKSB	New	SOUTHWEST BANCORP INC OKLA	$1,920,000	–	113,415	–	0.10%	–
DENN	New	DENNYS CORP	$1,839,000	–	171,410	–	0.09%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$1,791,000	–	138,019	–	0.09%	–
CPE	New	CALLON PETE CO DEL	$1,783,000	–	158,780	–	0.09%	–
PCYO	New	PURECYCLE CORP	$1,751,000	–	371,800	–	0.09%	–
PLPM	New	PLANET PAYMENT INC	$1,746,000	–	388,899	–	0.09%	–
SYKE	New	SYKES ENTERPRISES INC	$1,665,000	–	57,480	–	0.08%	–
HFWA	New	HERITAGE FINL CORP WASH	$1,593,000	–	90,590	–	0.08%	–
LCNB	New	LCNB CORP	$1,377,000	–	87,171	–	0.07%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,379,000	–	112,240	–	0.07%	–
IMMR	New	IMMERSION CORP	$1,368,000	–	186,342	–	0.07%	–
LIND	New	LINDBLAD EXPEDITIONS HLDGS I	$1,263,000	–	131,155	–	0.06%	–
LBAI	New	LAKELAND BANCORP INC	$1,161,000	–	102,020	–	0.06%	–
CIO	New	CITY OFFICE REIT INC	$1,117,000	–	86,050	–	0.06%	–
SKIS	New	PEAK RESORTS INC	$1,084,000	–	237,683	–	0.05%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$1,051,000	–	71,575	–	0.05%	–
DOC	New	PHYSICIANS RLTY TR	$1,045,000	–	49,750	–	0.05%	–
AAOI	New	APPLIED OPTOELECTRONICS INC	$960,000	–	86,080	–	0.05%	–
PUB	New	PEOPLES UTAH BANCORP	$939,000	–	56,562	–	0.05%	–
ECHO	New	ECHO GLOBAL LOGISTICS INC	$916,000	–	40,865	–	0.04%	–
DMRC	New	DIGIMARC CORP NEW	$853,000	–	26,705	–	0.04%	–
UAMY	New	UNITED STATES ANTIMONY CORP	$123,000	–	587,651	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
FUN	Exit	CEDAR FAIR L Pdepository unit	$0	–	-5,290	–	-0.02%	–
CKEC	Exit	CARMIKE CINEMAS INC	$0	–	-26,600	–	-0.03%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-20,000	–	-0.04%	–
PUB	Exit	PEOPLES UTAH BANCORP	$0	–	-37,900	–	-0.04%	–
PLPM	Exit	PLANET PAYMENT INC	$0	–	-252,169	–	-0.04%	–
OKSB	Exit	SOUTHWEST BANCORP INC OKLA	$0	–	-47,640	–	-0.05%	–
BDBD	Exit	BOULDER BRANDS INC	$0	–	-118,400	–	-0.06%	–
TREC	Exit	TRECORA RES	$0	–	-79,400	–	-0.06%	–
NCMI	Exit	NATIONAL CINEMEDIA INC	$0	–	-100,000	–	-0.08%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-75,900	–	-0.09%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-102,435	–	-0.10%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-140,900	–	-0.10%	–
LCNB	Exit	LCNB CORP	$0	–	-108,028	–	-0.11%	–
SKIS	Exit	PEAK RESORTS INC	$0	–	-261,350	–	-0.11%	–
UAMY	Exit	UNITED STATES ANTIMONY CORP	$0	–	-5,417,141	–	-0.12%	–
SYKE	Exit	SYKES ENTERPRISES INC	$0	–	-74,500	–	-0.12%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-167,000	–	-0.12%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-136,300	–	-0.13%	–
DENN	Exit	DENNYS CORP	$0	–	-189,700	–	-0.13%	–
AAOI	Exit	APPLIED OPTOELECTRONICS INC	$0	–	-113,700	–	-0.13%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-70,969	–	-0.13%	–
IMMR	Exit	IMMERSION CORP	$0	–	-196,212	–	-0.14%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-463,693	–	-0.14%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-138,550	–	-0.14%	–
BRG	Exit	BLUEROCK RESIDENT GR REIT IN	$0	–	-207,855	–	-0.16%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-55,258	–	-0.17%	–
QRVO	Exit	QORVO INC	$0	–	-61,704	–	-0.17%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-70,913	–	-0.20%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-249,382	–	-0.20%	–
CEB	Exit	CEB INC	$0	–	-48,583	–	-0.21%	–
SLM	Exit	SLM CORP	$0	–	-505,429	–	-0.23%	–
ARCC	Exit	ARES CAP CORP	$0	–	-292,109	–	-0.26%	–
ECHO	Exit	ECHO GLOBAL LOGISTICS INC	$0	–	-256,652	–	-0.31%	–
FUR	Exit	WINTHROP RLTY TRsh ben int new	$0	–	-429,667	–	-0.38%	–
WIFI	Exit	BOINGO WIRELESS INC	$0	–	-956,586	–	-0.50%	–
TRS	Exit	TRIMAS CORP	$0	–	-492,390	–	-0.50%	–
FMC	Exit	F M C CORP	$0	–	-251,888	–	-0.53%	–
PF	Exit	PINNACLE FOODS INC DEL	$0	–	-204,266	–	-0.53%	–
AKRXQ	Exit	AKORN INC	$0	–	-300,152	–	-0.54%	–
FOE	Exit	FERRO CORP	$0	–	-814,578	–	-0.56%	–
PSGLQ	Exit	PERFORMANCE SPORTS GROUP LTD	$0	–	-711,990	–	-0.60%	–
TRIB	Exit	TRINITY BIOTECH PLCspon adr new	$0	–	-849,095	–	-0.61%	–
HTGC	Exit	HERCULES TECH GROWTH CAP INC	$0	–	-985,870	–	-0.62%	–
TYPE	Exit	MONOTYPE IMAGING HOLDINGS IN	$0	–	-465,305	–	-0.63%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-61,681	–	-0.66%	–
CLH	Exit	CLEAN HARBORS INC	$0	–	-242,490	–	-0.67%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-668,334	–	-0.67%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-184,476	–	-0.68%	–
WEN	Exit	WENDYS CO	$0	–	-1,307,118	–	-0.71%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-382,519	–	-0.71%	–
TTGT	Exit	TECHTARGET INC	$0	–	-1,363,529	–	-0.73%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-182,855	–	-0.74%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-1,093,378	–	-0.83%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-721,719	–	-0.91%	–
KKD	Exit	KRISPY KREME DOUGHNUTS INC	$0	–	-993,531	–	-0.91%	–
CXO	Exit	CONCHO RES INC	$0	–	-155,669	–	-0.96%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-749,456	–	-0.97%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-363,179	–	-0.99%	–
NSA	Exit	NATIONAL STORAGE AFFILIATES	$0	–	-1,184,479	–	-1.00%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-152,383	–	-1.03%	–
CFNL	Exit	CARDINAL FINL CORP	$0	–	-735,156	–	-1.06%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-1,302,232	–	-1.06%	–
DFRG	Exit	DEL FRISCOS RESTAURANT GROUP	$0	–	-1,228,018	–	-1.07%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-343,508	–	-1.09%	–
EPR	Exit	EPR PPTYS	$0	–	-345,840	–	-1.11%	–
CSH	Exit	CASH AMER INTL INC	$0	–	-676,857	–	-1.18%	–
MPAA	Exit	MOTORCAR PTS AMER INC	$0	–	-631,330	–	-1.24%	–
CTS	Exit	CTS CORP	$0	–	-1,094,417	–	-1.27%	–
KN	Exit	KNOWLES CORP	$0	–	-1,222,388	–	-1.41%	–
BW	Exit	BABCOCK & WILCOX ENTERPRIS I	$0	–	-1,354,416	–	-1.42%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-1,045,193	–	-1.56%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-397,614	–	-1.62%	–
PDFS	Exit	PDF SOLUTIONS INC	$0	–	-2,645,646	–	-1.65%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-352,999	–	-1.73%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,358,192	–	-1.74%	–
CVG	Exit	CONVERGYS CORP	$0	–	-1,244,264	–	-1.80%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-3,385,963	–	-1.87%	–
HT	Exit	HERSHA HOSPITALITY TR	$0	–	-1,399,781	–	-1.98%	–
KAMN	Exit	KAMAN CORP	$0	–	-928,320	–	-2.08%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDG I	$0	–	-1,885,150	–	-2.17%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-1,121,656	–	-2.19%	–
CBZ	Exit	CBIZ INC	$0	–	-3,653,547	–	-2.24%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-4,398,977	–	-2.26%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-405,705	–	-2.29%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-518,027	–	-2.29%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-3,455,750	–	-2.39%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-1,125,382	–	-2.52%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-2,017,262	–	-2.66%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-1,030,111	–	-2.95%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-926,926	–	-3.01%	–
MDCA	Exit	MDC PARTNERS INCcl a sub vtg	$0	–	-2,682,254	–	-3.09%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-447,071	–	-3.20%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-1,953,761	–	-3.22%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-1,675,914	–	-3.72%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-1,446,169	–	-3.87%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-879,249	–	-4.70%	–

Q3 2015

			Value		Shares		↓ Weighting
LGND	Sell	LIGAND PHARMACEUTICALS INC	$75,308,000	-25.8%	879,249	-12.6%	4.70%	-12.6%
PACW	Buy	PACWEST BANCORP DEL	$61,910,000	-6.8%	1,446,169	+1.8%	3.87%	+9.7%
KAR	Sell	KAR AUCTION SVCS INC	$59,495,000	-9.4%	1,675,914	-4.5%	3.72%	+6.7%
BWXT	New	BWX TECHNOLOGIES INC	$51,501,000	–	1,953,761	–	3.22%	–
HHC	Buy	HOWARD HUGHES CORP	$51,297,000	-14.7%	447,071	+6.7%	3.20%	+0.4%
MDCA	Buy	MDC PARTNERS INCcl a sub vtg	$49,434,000	-2.8%	2,682,254	+3.9%	3.09%	+14.4%
SLGN	Sell	SILGAN HOLDINGS INC	$48,237,000	-6.0%	926,926	-4.7%	3.01%	+10.6%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$47,158,000	+2.3%	1,030,111	+0.2%	2.95%	+20.3%
ACIW	Sell	ACI WORLDWIDE INC	$42,605,000	-17.9%	2,017,262	-4.5%	2.66%	-3.4%
INT	Buy	WORLD FUEL SVCS CORP	$40,289,000	-22.5%	1,125,382	+3.8%	2.52%	-8.8%
MPW	Buy	MEDICAL PPTYS TRUST INC	$38,221,000	-11.6%	3,455,750	+4.7%	2.39%	+4.0%
JCOM	Sell	J2 GLOBAL INC	$36,702,000	-1.7%	518,027	-5.7%	2.29%	+15.7%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$36,635,000	-24.7%	405,705	-12.0%	2.29%	-11.3%
BGCP	Buy	BGC PARTNERS INCcl a	$36,160,000	+54.1%	4,398,977	+64.0%	2.26%	+81.3%
CBZ	Sell	CBIZ INC	$35,878,000	-2.1%	3,653,547	-3.9%	2.24%	+15.3%
COLB	Sell	COLUMBIA BKG SYS INC	$35,007,000	-5.7%	1,121,656	-1.7%	2.19%	+11.0%
RRTS	Sell	ROADRUNNER TRNSN SVCS HLDG I	$34,687,000	-31.7%	1,885,150	-4.3%	2.17%	-19.6%
KAMN	Sell	KAMAN CORP	$33,280,000	-18.0%	928,320	-4.1%	2.08%	-3.5%
HT	Sell	HERSHA HOSPITALITY TR	$31,719,000	-15.7%	1,399,781	-4.6%	1.98%	-0.8%
TWO	Sell	TWO HBRS INVT CORP	$29,864,000	-13.6%	3,385,963	-4.6%	1.87%	+1.7%
CVG	Sell	CONVERGYS CORP	$28,755,000	-13.6%	1,244,264	-4.7%	1.80%	+1.8%
STWD	Buy	STARWOOD PPTY TR INC	$27,870,000	-4.8%	1,358,192	+0.1%	1.74%	+12.1%
CMP	New	COMPASS MINERALS INTL INC	$27,665,000	–	352,999	–	1.73%	–
PDFS	Buy	PDF SOLUTIONS INC	$26,456,000	-26.9%	2,645,646	+16.9%	1.65%	-14.0%
IAC	Sell	IAC INTERACTIVECORP	$25,952,000	-21.8%	397,614	-4.6%	1.62%	-8.0%
SWAY	Sell	STARWOOD WAYPOINT RESIDENTL	$24,907,000	-4.3%	1,045,193	-4.6%	1.56%	+12.7%
BW	New	BABCOCK & WILCOX ENTERPRIS I	$22,754,000	–	1,354,416	–	1.42%	–
KN	Sell	KNOWLES CORP	$22,529,000	-2.4%	1,222,388	-4.1%	1.41%	+14.9%
CTS	Buy	CTS CORP	$20,258,000	+52.8%	1,094,417	+59.1%	1.27%	+79.8%
MPAA	Sell	MOTORCAR PTS AMER INC	$19,786,000	-0.3%	631,330	-4.3%	1.24%	+17.4%
CSH	Buy	CASH AMER INTL INC	$18,932,000	+55.2%	676,857	+45.4%	1.18%	+82.8%
EPR	Sell	EPR PPTYS	$17,835,000	-9.8%	345,840	-4.2%	1.11%	+6.1%
IDCC	Sell	INTERDIGITAL INC	$17,382,000	-37.2%	343,508	-29.4%	1.09%	-26.1%
DFRG	Buy	DEL FRISCOS RESTAURANT GROUP	$17,057,000	+1.7%	1,228,018	+36.3%	1.07%	+19.6%
UBNK	Sell	UNITED FINL BANCORP INC NEW	$16,994,000	-31.5%	1,302,232	-29.4%	1.06%	-19.4%
CFNL	Sell	CARDINAL FINL CORP	$16,916,000	+1.1%	735,156	-4.2%	1.06%	+19.0%
LAD	Buy	LITHIA MTRS INCcl a	$16,474,000	+5.0%	152,383	+9.9%	1.03%	+23.5%
NSA	Buy	NATIONAL STORAGE AFFILIATES	$16,050,000	+40.9%	1,184,479	+28.9%	1.00%	+65.8%
PRSC	Sell	PROVIDENCE SVC CORP	$15,827,000	-4.2%	363,179	-2.7%	0.99%	+12.8%
GMED	Sell	GLOBUS MED INCcl a	$15,484,000	-46.3%	749,456	-33.2%	0.97%	-36.8%
CXO	Sell	CONCHO RES INC	$15,302,000	-19.5%	155,669	-6.8%	0.96%	-5.3%
KKD	Sell	KRISPY KREME DOUGHNUTS INC	$14,535,000	-26.6%	993,531	-3.3%	0.91%	-13.5%
FCEA	Sell	FOREST CITY ENTERPRISES INCcl a	$14,528,000	-15.1%	721,719	-6.8%	0.91%	0.0%
ACAS	Sell	AMERICAN CAP LTD	$13,295,000	-16.5%	1,093,378	-6.9%	0.83%	-1.7%
FANG	Sell	DIAMONDBACK ENERGY INC	$11,812,000	-17.4%	182,855	-3.6%	0.74%	-2.8%
TTGT	Buy	TECHTARGET INC	$11,617,000	+10.0%	1,363,529	+15.3%	0.73%	+29.4%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$11,361,000	+4.1%	382,519	+28.5%	0.71%	+22.6%
WEN	Buy	WENDYS CO	$11,307,000	-17.4%	1,307,118	+7.7%	0.71%	-2.8%
GWR	Sell	GENESEE & WYO INCcl a	$10,899,000	-28.2%	184,476	-7.4%	0.68%	-15.5%
GBDC	Sell	GOLUB CAP BDC INC	$10,680,000	-5.1%	668,334	-1.7%	0.67%	+11.5%
CLH	Sell	CLEAN HARBORS INC	$10,662,000	-18.5%	242,490	-0.3%	0.67%	-4.0%
AMG	Sell	AFFILIATED MANAGERS GROUP	$10,547,000	-27.1%	61,681	-6.8%	0.66%	-14.2%
TYPE	Buy	MONOTYPE IMAGING HOLDINGS IN	$10,153,000	+75.0%	465,305	+93.4%	0.63%	+105.8%
HTGC	Sell	HERCULES TECH GROWTH CAP INC	$9,967,000	-15.1%	985,870	-3.0%	0.62%	0.0%
TRIB	Sell	TRINITY BIOTECH PLCspon adr new	$9,714,000	-39.9%	849,095	-5.2%	0.61%	-29.3%
PSGLQ	Sell	PERFORMANCE SPORTS GROUP LTD	$9,555,000	-28.5%	711,990	-4.1%	0.60%	-15.8%
FOE	Buy	FERRO CORP	$8,920,000	-7.2%	814,578	+42.2%	0.56%	+9.2%
AKRXQ	Buy	AKORN INC	$8,557,000	-29.2%	300,152	+8.5%	0.54%	-16.5%
PF	Sell	PINNACLE FOODS INC DEL	$8,555,000	-14.4%	204,266	-6.9%	0.53%	+0.6%
FMC	Buy	F M C CORP	$8,542,000	-7.9%	251,888	+42.7%	0.53%	+8.5%
TRS	New	TRIMAS CORP	$8,051,000	–	492,390	–	0.50%	–
WIFI	Sell	BOINGO WIRELESS INC	$7,921,000	-4.8%	956,586	-5.0%	0.50%	+12.0%
FUR	Sell	WINTHROP RLTY TRsh ben int new	$6,170,000	-74.2%	429,667	-72.7%	0.38%	-69.6%
ECHO	Buy	ECHO GLOBAL LOGISTICS INC	$5,030,000	-35.0%	256,652	+8.4%	0.31%	-23.6%
ARCC	Sell	ARES CAP CORP	$4,230,000	-38.9%	292,109	-30.6%	0.26%	-28.3%
SLM	Sell	SLM CORP	$3,740,000	-31.9%	505,429	-9.1%	0.23%	-19.6%
CEB	Sell	CEB INC	$3,320,000	-27.2%	48,583	-7.2%	0.21%	-14.5%
CHFN	Sell	CHARTER FINL CORP MD	$3,162,000	-0.1%	249,382	-2.2%	0.20%	+17.9%
ALB	Sell	ALBEMARLE CORP	$3,127,000	-60.3%	70,913	-50.2%	0.20%	-53.3%
QRVO	New	QORVO INC	$2,780,000	–	61,704	–	0.17%	–
CTO	Sell	CONSOLIDATED TOMOKA LD CO	$2,752,000	-20.9%	55,258	-8.4%	0.17%	-7.0%
BRG	Sell	BLUEROCK RESIDENT GR REIT IN	$2,490,000	-14.1%	207,855	-9.3%	0.16%	+1.3%
LMNR	Sell	LIMONEIRA CO	$2,318,000	-26.2%	138,550	-1.9%	0.14%	-13.2%
PCYO	Sell	PURECYCLE CORP	$2,295,000	-13.4%	463,693	-9.0%	0.14%	+1.4%
IMMR	Sell	IMMERSION CORP	$2,203,000	-21.5%	196,212	-11.4%	0.14%	-7.4%
FRPH	Buy	FRP HLDGS INC	$2,139,000	+4.2%	70,969	+12.1%	0.13%	+22.9%
AAOI	Sell	APPLIED OPTOELECTRONICS INC	$2,135,000	-3.8%	113,700	-11.1%	0.13%	+12.7%
DENN	Sell	DENNYS CORP	$2,092,000	-25.8%	189,700	-21.9%	0.13%	-12.7%
DOC	Sell	PHYSICIANS RLTY TR	$2,057,000	-12.7%	136,300	-11.1%	0.13%	+3.2%
ACRE	Sell	ARES COML REAL ESTATE CORP	$2,002,000	-6.3%	167,000	-11.0%	0.12%	+10.6%
SYKE	Sell	SYKES ENTERPRISES INC	$1,900,000	-6.3%	74,500	-10.9%	0.12%	+10.2%
UAMY	Sell	UNITED STATES ANTIMONY CORP	$1,896,000	-49.9%	5,417,141	-2.7%	0.12%	-41.3%
SKIS	Sell	PEAK RESORTS INC	$1,801,000	-14.4%	261,350	-11.0%	0.11%	+0.9%
LCNB	Sell	LCNB CORP	$1,749,000	-11.4%	108,028	-11.3%	0.11%	+3.8%
CIO	Sell	CITY OFFICE REIT INC	$1,601,000	-17.6%	140,900	-10.1%	0.10%	-2.9%
FRP	Sell	FAIRPOINT COMMUNICATIONS INC	$1,579,000	-25.0%	102,435	-11.4%	0.10%	-11.6%
HFWA	Sell	HERITAGE FINL CORP WASH	$1,428,000	-5.9%	75,900	-10.6%	0.09%	+9.9%
NCMI	New	NATIONAL CINEMEDIA INC	$1,342,000	–	100,000	–	0.08%	–
TREC	Sell	TRECORA RES	$986,000	-40.2%	79,400	-27.4%	0.06%	-29.5%
BDBD	Buy	BOULDER BRANDS INC	$970,000	+104.2%	118,400	+72.8%	0.06%	+144.0%
OKSB	New	SOUTHWEST BANCORP INC OKLA	$782,000	–	47,640	–	0.05%	–
PLPM	Sell	PLANET PAYMENT INC	$714,000	-1.7%	252,169	-15.9%	0.04%	+15.4%
PUB	Buy	PEOPLES UTAH BANCORP	$618,000	+45.8%	37,900	+51.6%	0.04%	+69.6%
DMRC	Sell	DIGIMARC CORP NEW	$611,000	-39.3%	20,000	-10.3%	0.04%	-28.3%
CKEC	Sell	CARMIKE CINEMAS INC	$534,000	-32.1%	26,600	-10.1%	0.03%	-21.4%
FUN	Buy	CEDAR FAIR L Pdepository unit	$278,000	+4.5%	5,290	+8.2%	0.02%	+21.4%
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-10,380	–	-0.06%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-86,600	–	-0.07%	–
AVID	Exit	AVID TECHNOLOGY INC	$0	–	-103,200	–	-0.07%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-410,498	–	-0.40%	–
TKR	Exit	TIMKEN CO	$0	–	-215,297	–	-0.42%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-200,300	–	-0.55%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-168,410	–	-0.74%	–
SYNA	Exit	SYNAPTICS INC	$0	–	-178,259	–	-0.82%	–
IOSP	Exit	INNOSPEC INC	$0	–	-427,994	–	-1.02%	–
CHE	Exit	CHEMED CORP NEW	$0	–	-241,258	–	-1.68%	–
F102PS	Exit	BABCOCK & WILCOX CO NEW	$0	–	-1,682,481	–	-2.93%	–

Q2 2015

			Value		Shares		↓ Weighting
LGND	New	LIGAND PHARMACEUTICALS INC	$101,451,000	–	1,005,458	–	5.38%	–
PACW	New	PACWEST BANCORP DEL	$66,411,000	–	1,420,263	–	3.52%	–
KAR	New	KAR AUCTION SVCS INC	$65,638,000	–	1,755,032	–	3.48%	–
HHC	New	HOWARD HUGHES CORP	$60,126,000	–	418,878	–	3.19%	–
F102PS	New	BABCOCK & WILCOX CO NEW	$55,185,000	–	1,682,481	–	2.93%	–
INT	New	WORLD FUEL SVCS CORP	$51,986,000	–	1,084,170	–	2.76%	–
ACIW	New	ACI WORLDWIDE INC	$51,913,000	–	2,112,876	–	2.76%	–
SLGN	New	SILGAN HOLDINGS INC	$51,343,000	–	973,136	–	2.72%	–
MDCA	New	MDC PARTNERS INCcl a sub vtg	$50,865,000	–	2,581,984	–	2.70%	–
RRTS	New	ROADRUNNER TRNSN SVCS HLDG I	$50,802,000	–	1,969,066	–	2.70%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$48,635,000	–	460,953	–	2.58%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$46,116,000	–	1,028,230	–	2.45%	–
MPW	New	MEDICAL PPTYS TRUST INC	$43,251,000	–	3,299,098	–	2.30%	–
KAMN	New	KAMAN CORP	$40,605,000	–	968,161	–	2.16%	–
HT	New	HERSHA HOSPITALITY TR	$37,620,000	–	1,467,247	–	2.00%	–
JCOM	New	J2 GLOBAL INC	$37,333,000	–	549,495	–	1.98%	–
COLB	New	COLUMBIA BKG SYS INC	$37,117,000	–	1,140,669	–	1.97%	–
CBZ	New	CBIZ INC	$36,654,000	–	3,802,314	–	1.94%	–
PDFS	New	PDF SOLUTIONS INC	$36,212,000	–	2,263,226	–	1.92%	–
TWO	New	TWO HBRS INVT CORP	$34,576,000	–	3,549,947	–	1.84%	–
CVG	New	CONVERGYS CORP	$33,276,000	–	1,305,457	–	1.77%	–
IAC	New	IAC INTERACTIVECORP	$33,194,000	–	416,695	–	1.76%	–
CHE	New	CHEMED CORP NEW	$31,629,000	–	241,258	–	1.68%	–
STWD	New	STARWOOD PPTY TR INC	$29,261,000	–	1,356,551	–	1.55%	–
GMED	New	GLOBUS MED INCcl a	$28,819,000	–	1,122,685	–	1.53%	–
IDCC	New	INTERDIGITAL INC	$27,685,000	–	486,633	–	1.47%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$26,020,000	–	1,095,117	–	1.38%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$24,809,000	–	1,844,520	–	1.32%	–
FUR	New	WINTHROP RLTY TRsh ben int new	$23,884,000	–	1,576,512	–	1.27%	–
BGCP	New	BGC PARTNERS INCcl a	$23,472,000	–	2,682,460	–	1.25%	–
KN	New	KNOWLES CORP	$23,078,000	–	1,275,053	–	1.22%	–
MPAA	New	MOTORCAR PTS AMER INC	$19,846,000	–	659,543	–	1.05%	–
KKD	New	KRISPY KREME DOUGHNUTS INC	$19,791,000	–	1,027,550	–	1.05%	–
EPR	New	EPR PPTYS	$19,779,000	–	361,071	–	1.05%	–
IOSP	New	INNOSPEC INC	$19,277,000	–	427,994	–	1.02%	–
CXO	New	CONCHO RES INC	$19,014,000	–	166,997	–	1.01%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$17,114,000	–	774,381	–	0.91%	–
DFRG	New	DEL FRISCOS RESTAURANT GROUP	$16,780,000	–	900,718	–	0.89%	–
CFNL	New	CARDINAL FINL CORP	$16,728,000	–	767,703	–	0.89%	–
PRSC	New	PROVIDENCE SVC CORP	$16,520,000	–	373,073	–	0.88%	–
TRIB	New	TRINITY BIOTECH PLCspon adr new	$16,170,000	–	895,368	–	0.86%	–
ACAS	New	AMERICAN CAP LTD	$15,921,000	–	1,174,968	–	0.84%	–
LAD	New	LITHIA MTRS INCcl a	$15,687,000	–	138,631	–	0.83%	–
SYNA	New	SYNAPTICS INC	$15,461,000	–	178,259	–	0.82%	–
GWR	New	GENESEE & WYO INCcl a	$15,177,000	–	199,231	–	0.81%	–
AMG	New	AFFILIATED MANAGERS GROUP	$14,462,000	–	66,156	–	0.77%	–
FANG	New	DIAMONDBACK ENERGY INC	$14,293,000	–	189,617	–	0.76%	–
CPA	New	COPA HOLDINGS SAcl a	$13,909,000	–	168,410	–	0.74%	–
WEN	New	WENDYS CO	$13,684,000	–	1,213,155	–	0.73%	–
PSGLQ	New	PERFORMANCE SPORTS GROUP LTD	$13,360,000	–	742,209	–	0.71%	–
CTS	New	CTS CORP	$13,260,000	–	688,091	–	0.70%	–
CLH	New	CLEAN HARBORS INC	$13,077,000	–	243,336	–	0.69%	–
CSH	New	CASH AMER INTL INC	$12,195,000	–	465,624	–	0.65%	–
AKRXQ	New	AKORN INC	$12,082,000	–	276,728	–	0.64%	–
HTGC	New	HERCULES TECH GROWTH CAP INC	$11,741,000	–	1,016,565	–	0.62%	–
NSA	New	NATIONAL STORAGE AFFILIATES	$11,390,000	–	918,564	–	0.60%	–
GBDC	New	GOLUB CAP BDC INC	$11,259,000	–	679,901	–	0.60%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$10,917,000	–	297,782	–	0.58%	–
TTGT	New	TECHTARGET INC	$10,561,000	–	1,182,631	–	0.56%	–
CVGW	New	CALAVO GROWERS INC	$10,402,000	–	200,300	–	0.55%	–
PF	New	PINNACLE FOODS INC DEL	$9,996,000	–	219,501	–	0.53%	–
FOE	New	FERRO CORP	$9,611,000	–	572,745	–	0.51%	–
FMC	New	F M C CORP	$9,275,000	–	176,503	–	0.49%	–
WIFI	New	BOINGO WIRELESS INC	$8,321,000	–	1,007,393	–	0.44%	–
ALB	New	ALBEMARLE CORP	$7,867,000	–	142,332	–	0.42%	–
TKR	New	TIMKEN CO	$7,873,000	–	215,297	–	0.42%	–
ECHO	New	ECHO GLOBAL LOGISTICS INC	$7,735,000	–	236,823	–	0.41%	–
BCEI	New	BONANZA CREEK ENERGY INC	$7,492,000	–	410,498	–	0.40%	–
ARCC	New	ARES CAP CORP	$6,926,000	–	420,758	–	0.37%	–
TYPE	New	MONOTYPE IMAGING HOLDINGS IN	$5,801,000	–	240,586	–	0.31%	–
SLM	New	SLM CORP	$5,490,000	–	556,182	–	0.29%	–
CEB	New	CEB INC	$4,558,000	–	52,351	–	0.24%	–
UAMY	New	UNITED STATES ANTIMONY CORP	$3,787,000	–	5,568,601	–	0.20%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$3,479,000	–	60,358	–	0.18%	–
CHFN	New	CHARTER FINL CORP MD	$3,165,000	–	255,018	–	0.17%	–
LMNR	New	LIMONEIRA CO	$3,140,000	–	141,260	–	0.17%	–
BRG	New	BLUEROCK RESIDENT GR REIT IN	$2,900,000	–	229,055	–	0.15%	–
DENN	New	DENNYS CORP	$2,819,000	–	242,800	–	0.15%	–
IMMR	New	IMMERSION CORP	$2,805,000	–	221,412	–	0.15%	–
PCYO	New	PURECYCLE CORP	$2,649,000	–	509,493	–	0.14%	–
DOC	New	PHYSICIANS RLTY TR	$2,355,000	–	153,300	–	0.12%	–
AAOI	New	APPLIED OPTOELECTRONICS INC	$2,220,000	–	127,900	–	0.12%	–
ACRE	New	ARES COML REAL ESTATE CORP	$2,137,000	–	187,600	–	0.11%	–
SKIS	New	PEAK RESORTS INC	$2,104,000	–	293,800	–	0.11%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$2,106,000	–	115,600	–	0.11%	–
FRPH	New	FRP HLDGS INC	$2,053,000	–	63,302	–	0.11%	–
SYKE	New	SYKES ENTERPRISES INC	$2,027,000	–	83,600	–	0.11%	–
LCNB	New	LCNB CORP	$1,974,000	–	121,828	–	0.10%	–
CIO	New	CITY OFFICE REIT INC	$1,944,000	–	156,800	–	0.10%	–
TREC	New	TRECORA RES	$1,650,000	–	109,300	–	0.09%	–
HFWA	New	HERITAGE FINL CORP WASH	$1,517,000	–	84,900	–	0.08%	–
AVID	New	AVID TECHNOLOGY INC	$1,377,000	–	103,200	–	0.07%	–
GTN	New	GRAY TELEVISION INC	$1,358,000	–	86,600	–	0.07%	–
IWN	New	ISHARES TRrus 2000 val etf	$1,058,000	–	10,380	–	0.06%	–
DMRC	New	DIGIMARC CORP NEW	$1,007,000	–	22,300	–	0.05%	–
CKEC	New	CARMIKE CINEMAS INC	$786,000	–	29,600	–	0.04%	–
PLPM	New	PLANET PAYMENT INC	$726,000	–	299,950	–	0.04%	–
BDBD	New	BOULDER BRANDS INC	$475,000	–	68,500	–	0.02%	–
PUB	New	PEOPLES UTAH BANCORP	$424,000	–	25,000	–	0.02%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$266,000	–	4,890	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-5,590	–	-0.02%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-5,350	–	-0.02%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-5,680	–	-0.03%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-28,800	–	-0.04%	–
GFIG	Exit	GFI GROUP INC	$0	–	-117,053	–	-0.04%	–
TTGT	Exit	TECHTARGET INC	$0	–	-100,000	–	-0.05%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-82,000	–	-0.05%	–
JGWEQ	Exit	J G WENTWORTH COcl a	$0	–	-72,500	–	-0.06%	–
TREC	Exit	TRECORA RES	$0	–	-109,300	–	-0.08%	–
BDE	Exit	BLACK DIAMOND INC	$0	–	-183,100	–	-0.09%	–
PLPM	Exit	PLANET PAYMENT INC	$0	–	-723,300	–	-0.09%	–
LEAF	Exit	SPRINGLEAF HLDGS INC	$0	–	-47,000	–	-0.09%	–
AAOI	Exit	APPLIED OPTOELECTRONICS INC	$0	–	-101,500	–	-0.10%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-52,263	–	-0.10%	–
SYKE	Exit	SYKES ENTERPRISES INC	$0	–	-88,900	–	-0.11%	–
LCNB	Exit	LCNB CORP	$0	–	-121,828	–	-0.11%	–
MPET	Exit	MAGELLAN PETE CORP	$0	–	-922,913	–	-0.12%	–
MPAA	Exit	MOTORCAR PTS AMER INC	$0	–	-75,000	–	-0.13%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-187,600	–	-0.14%	–
BAGL	Exit	EINSTEIN NOAH REST GROUP INC	$0	–	-118,100	–	-0.15%	–
ECHO	Exit	ECHO GLOBAL LOGISTICS INC	$0	–	-110,000	–	-0.16%	–
CKEC	Exit	CARMIKE CINEMAS INC	$0	–	-85,900	–	-0.16%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-200,500	–	-0.17%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-184,600	–	-0.17%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-441,643	–	-0.18%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-369,499	–	-0.18%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-128,380	–	-0.19%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-62,758	–	-0.19%	–
TMST	Exit	TIMKENSTEEL CORP	$0	–	-70,436	–	-0.20%	–
SYNA	Exit	SYNAPTICS INC	$0	–	-68,354	–	-0.31%	–
TKR	Exit	TIMKEN CO	$0	–	-136,973	–	-0.36%	–
MTZ	Exit	MASTEC INC	$0	–	-197,045	–	-0.37%	–
WIFI	Exit	BOINGO WIRELESS INC	$0	–	-904,017	–	-0.40%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-110,669	–	-0.40%	–
OMCL	Exit	OMNICELL INC	$0	–	-252,627	–	-0.43%	–
BDC	Exit	BELDEN INC	$0	–	-111,177	–	-0.44%	–
PGI	Exit	PREMIERE GLOBAL SVCS INC	$0	–	-618,411	–	-0.46%	–
UAMY	Exit	UNITED STATES ANTIMONY CORP	$0	–	-6,080,468	–	-0.48%	–
OASPQ	Exit	OASIS PETE INC NEW	$0	–	-184,608	–	-0.48%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-309,230	–	-0.50%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-88,298	–	-0.52%	–
ARCC	Exit	ARES CAP CORP	$0	–	-549,982	–	-0.55%	–
F102PS	Exit	BABCOCK & WILCOX CO NEW	$0	–	-322,497	–	-0.55%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-45,962	–	-0.57%	–
DFRG	Exit	DEL FRISCOS RESTAURANT GROUP	$0	–	-487,210	–	-0.58%	–
FMC	Exit	F M C CORP	$0	–	-164,983	–	-0.58%	–
CXO	Exit	CONCHO RES INC	$0	–	-85,806	–	-0.67%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-700,272	–	-0.69%	–
PDFS	Exit	PDF SOLUTIONS INC	$0	–	-890,593	–	-0.70%	–
PSGLQ	Exit	PERFORMANCE SPORTS GROUP LTD	$0	–	-759,762	–	-0.76%	–
CLH	Exit	CLEAN HARBORS INC	$0	–	-231,856	–	-0.78%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-714,007	–	-0.80%	–
CFNL	Exit	CARDINAL FINL CORP	$0	–	-765,933	–	-0.81%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-1,024,293	–	-0.90%	–
HTGC	Exit	HERCULES TECH GROWTH CAP INC	$0	–	-1,027,170	–	-0.92%	–
KKD	Exit	KRISPY KREME DOUGHNUTS INC	$0	–	-878,685	–	-0.94%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-337,086	–	-0.94%	–
LANC	Exit	LANCASTER COLONY CORP	$0	–	-187,162	–	-0.99%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-149,080	–	-0.99%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-2,309,429	–	-1.06%	–
TRIB	Exit	TRINITY BIOTECH PLCspon adr new	$0	–	-953,618	–	-1.08%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-711,030	–	-1.09%	–
TPLMQ	Exit	TRIANGLE PETE CORP	$0	–	-1,696,327	–	-1.16%	–
ATML	Exit	ATMEL CORP	$0	–	-2,546,432	–	-1.28%	–
NNI	Exit	NELNET INCcl a	$0	–	-482,094	–	-1.29%	–
IOSP	Exit	INNOSPEC INC	$0	–	-587,856	–	-1.31%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-415,640	–	-1.50%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-1,909,128	–	-1.50%	–
EPR	Exit	EPR PPTYS	$0	–	-483,617	–	-1.52%	–
CNK	Exit	CINEMARK HOLDINGS INC	$0	–	-754,751	–	-1.59%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,194,527	–	-1.63%	–
PRGS	Exit	PROGRESS SOFTWARE CORP	$0	–	-1,102,152	–	-1.63%	–
CBZ	Exit	CBIZ INC	$0	–	-3,440,835	–	-1.68%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-1,381,025	–	-1.68%	–
HT	Exit	HERSHA HOSPITALITY TRsh ben int a	$0	–	-4,577,692	–	-1.81%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-522,695	–	-1.84%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-3,408,412	–	-2.04%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-1,003,763	–	-2.14%	–
FUR	Exit	WINTHROP RLTY TRsh ben int new	$0	–	-2,447,642	–	-2.29%	–
CVG	Exit	CONVERGYS CORP	$0	–	-2,096,984	–	-2.32%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDG I	$0	–	-1,654,357	–	-2.34%	–
KAMN	Exit	KAMAN CORP	$0	–	-960,242	–	-2.34%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-574,272	–	-2.35%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-954,101	–	-2.36%	–
LIN	Exit	LIN MEDIA LLC	$0	–	-1,760,897	–	-2.42%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-2,177,632	–	-2.53%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-3,332,904	–	-2.53%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-1,058,302	–	-2.61%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-859,444	–	-2.63%	–
LGND	Exit	LIGAND PHARMACEUTICALS INC	$0	–	-936,825	–	-2.73%	–
MDCA	Exit	MDC PARTNERS INCcl a sub vtg	$0	–	-2,340,784	–	-2.78%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-496,898	–	-2.90%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-1,110,092	–	-3.24%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-1,952,079	–	-3.47%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-1,371,513	–	-3.51%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-399,248	–	-3.71%	–

Q3 2014

			Value		Shares		↓ Weighting
HHC	Sell	HOWARD HUGHES CORP	$59,887,000	-11.0%	399,248	-6.4%	3.71%	+2.1%
PACW	Sell	PACWEST BANCORP DEL	$56,547,000	-10.6%	1,371,513	-6.4%	3.51%	+2.6%
KAR	Sell	KAR AUCTION SVCS INC	$55,888,000	-14.9%	1,952,079	-5.3%	3.47%	-2.3%
SLGN	Sell	SILGAN HOLDINGS INC	$52,174,000	-12.3%	1,110,092	-5.2%	3.24%	+0.6%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$46,713,000	-8.6%	496,898	-5.6%	2.90%	+4.8%
MDCA	Buy	MDC PARTNERS INCcl a sub vtg	$44,920,000	-1.0%	2,340,784	+10.8%	2.78%	+13.6%
LGND	Buy	LIGAND PHARMACEUTICALS INC	$44,021,000	+24.4%	936,825	+64.9%	2.73%	+42.8%
JCOM	Sell	J2 GLOBAL INC	$42,422,000	-8.3%	859,444	-5.5%	2.63%	+5.2%
IDCC	Sell	INTERDIGITAL INC	$42,142,000	-21.4%	1,058,302	-5.7%	2.61%	-9.8%
MPW	Sell	MEDICAL PPTYS TRUST INC	$40,861,000	-12.6%	3,332,904	-5.6%	2.53%	+0.4%
ACIW	Buy	ACI WORLDWIDE INC	$40,852,000	+11.8%	2,177,632	+232.7%	2.53%	+28.3%
LIN	Buy	LIN MEDIA LLC	$39,092,000	-11.4%	1,760,897	+8.7%	2.42%	+1.6%
INT	Sell	WORLD FUEL SVCS CORP	$38,088,000	-22.3%	954,101	-4.2%	2.36%	-10.8%
IAC	Sell	IAC INTERACTIVECORP	$37,845,000	-28.3%	574,272	-24.7%	2.35%	-17.7%
KAMN	Buy	KAMAN CORP	$37,738,000	-5.8%	960,242	+2.5%	2.34%	+8.1%
RRTS	Buy	ROADRUNNER TRNSN SVCS HLDG I	$37,703,000	-9.9%	1,654,357	+11.1%	2.34%	+3.4%
CVG	Sell	CONVERGYS CORP	$37,368,000	-21.4%	2,096,984	-5.5%	2.32%	-9.8%
FUR	Buy	WINTHROP RLTY TRsh ben int new	$36,886,000	+55.8%	2,447,642	+58.7%	2.29%	+78.8%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$34,519,000	-23.5%	1,003,763	-5.4%	2.14%	-12.3%
TWO	Sell	TWO HBRS INVT CORP	$32,959,000	-10.7%	3,408,412	-3.2%	2.04%	+2.5%
BCEI	Buy	BONANZA CREEK ENERGY INC	$29,741,000	+2.2%	522,695	+2.7%	1.84%	+17.2%
HT	Buy	HERSHA HOSPITALITY TRsh ben int a	$29,160,000	-1.6%	4,577,692	+3.7%	1.81%	+13.0%
GMED	Buy	GLOBUS MED INCcl a	$27,165,000	+8.3%	1,381,025	+31.7%	1.68%	+24.3%
CBZ	Buy	CBIZ INC	$27,079,000	-9.3%	3,440,835	+4.1%	1.68%	+4.1%
PRGS	Buy	PROGRESS SOFTWARE CORP	$26,352,000	+3.5%	1,102,152	+4.0%	1.63%	+18.8%
STWD	Sell	STARWOOD PPTY TR INC	$26,232,000	-14.8%	1,194,527	-7.7%	1.63%	-2.2%
CNK	Sell	CINEMARK HOLDINGS INC	$25,692,000	-13.5%	754,751	-10.2%	1.59%	-0.7%
EPR	Sell	EPR PPTYS	$24,510,000	-13.9%	483,617	-5.0%	1.52%	-1.1%
UBNK	Buy	UNITED FINL BANCORP INC NEW	$24,227,000	-5.6%	1,909,128	+0.8%	1.50%	+8.4%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$24,128,000	-27.7%	415,640	-41.6%	1.50%	-17.1%
IOSP	Buy	INNOSPEC INC	$21,104,000	-11.7%	587,856	+6.1%	1.31%	+1.3%
NNI	Sell	NELNET INCcl a	$20,773,000	-1.0%	482,094	-4.8%	1.29%	+13.7%
ATML	Buy	ATMEL CORP	$20,575,000	+80.9%	2,546,432	+109.8%	1.28%	+107.8%
TPLMQ	Buy	TRIANGLE PETE CORP	$18,677,000	-5.2%	1,696,327	+1.1%	1.16%	+8.7%
COLB	Buy	COLUMBIA BKG SYS INC	$17,641,000	-5.1%	711,030	+0.7%	1.09%	+9.0%
TRIB	Buy	TRINITY BIOTECH PLCspon adr new	$17,423,000	-12.2%	953,618	+10.7%	1.08%	+0.7%
BGCP	Buy	BGC PARTNERS INCcl a	$17,159,000	+3.2%	2,309,429	+3.3%	1.06%	+18.5%
CPA	Buy	COPA HOLDINGS SAcl a	$15,995,000	-22.8%	149,080	+2.6%	0.99%	-11.3%
LANC	Buy	LANCASTER COLONY CORP	$15,961,000	-7.3%	187,162	+3.5%	0.99%	+6.5%
CVGW	Sell	CALAVO GROWERS INC	$15,216,000	+24.4%	337,086	-6.8%	0.94%	+42.8%
KKD	Buy	KRISPY KREME DOUGHNUTS INC	$15,078,000	+8.4%	878,685	+0.9%	0.94%	+24.3%
HTGC	Buy	HERCULES TECH GROWTH CAP INC	$14,853,000	-7.2%	1,027,170	+3.7%	0.92%	+6.5%
ACAS	Sell	AMERICAN CAP LTD	$14,504,000	-21.3%	1,024,293	-15.0%	0.90%	-9.7%
CFNL	Buy	CARDINAL FINL CORP	$13,074,000	-5.7%	765,933	+2.0%	0.81%	+8.3%
RM	Sell	REGIONAL MGMT CORP	$12,816,000	+7.0%	714,007	-7.7%	0.80%	+22.9%
CLH	Sell	CLEAN HARBORS INC	$12,502,000	-33.2%	231,856	-20.5%	0.78%	-23.4%
PSGLQ	New	PERFORMANCE SPORTS GROUP LTD	$12,209,000	–	759,762	–	0.76%	–
PDFS	Buy	PDF SOLUTIONS INC	$11,230,000	-40.2%	890,593	+0.7%	0.70%	-31.4%
GBDC	Buy	GOLUB CAP BDC INC	$11,169,000	-8.9%	700,272	+1.1%	0.69%	+4.7%
CXO	Sell	CONCHO RES INC	$10,759,000	-28.4%	85,806	-17.4%	0.67%	-17.8%
FMC	Sell	F M C CORP	$9,435,000	-37.1%	164,983	-21.7%	0.58%	-27.8%
DFRG	Buy	DEL FRISCOS RESTAURANT GROUP	$9,325,000	+434.4%	487,210	+669.7%	0.58%	+514.9%
AMG	Sell	AFFILIATED MANAGERS GROUP	$9,209,000	-21.0%	45,962	-19.0%	0.57%	-9.4%
F102PS	Buy	BABCOCK & WILCOX CO NEW	$8,930,000	-6.2%	322,497	+10.0%	0.55%	+7.8%
ARCC	Sell	ARES CAP CORP	$8,888,000	-21.0%	549,982	-12.7%	0.55%	-9.4%
GWR	Buy	GENESEE & WYO INCcl a	$8,416,000	+3.9%	88,298	+14.5%	0.52%	+19.5%
SWAY	Buy	STARWOOD WAYPOINT RESIDENTL	$8,043,000	+2.7%	309,230	+3.4%	0.50%	+18.0%
UAMY	Buy	UNITED STATES ANTIMONY CORP	$7,722,000	+9.8%	6,080,468	+22.8%	0.48%	+26.1%
OASPQ	Buy	OASIS PETE INC NEW	$7,718,000	-17.4%	184,608	+10.4%	0.48%	-5.1%
PGI	Buy	PREMIERE GLOBAL SVCS INC	$7,402,000	-9.4%	618,411	+1.0%	0.46%	+3.8%
BDC	Sell	BELDEN INC	$7,118,000	-37.5%	111,177	-23.7%	0.44%	-28.3%
OMCL	Buy	OMNICELL INC	$6,904,000	-3.4%	252,627	+1.5%	0.43%	+10.9%
ALB	Sell	ALBEMARLE CORP	$6,518,000	-26.5%	110,669	-10.8%	0.40%	-15.7%
WIFI	Buy	BOINGO WIRELESS INC	$6,446,000	+5.6%	904,017	+1.2%	0.40%	+21.2%
MTZ	Buy	MASTEC INC	$6,034,000	+9.8%	197,045	+10.5%	0.37%	+25.9%
TKR	Sell	TIMKEN CO	$5,806,000	-47.5%	136,973	-16.0%	0.36%	-39.7%
SYNA	Sell	SYNAPTICS INC	$5,004,000	-56.1%	68,354	-45.6%	0.31%	-49.6%
TMST	New	TIMKENSTEEL CORP	$3,275,000	–	70,436	–	0.20%	–
CTO	Buy	CONSOLIDATED TOMOKA LD CO	$3,080,000	+9.5%	62,758	+2.4%	0.19%	+25.7%
LMNR	Sell	LIMONEIRA CO	$3,041,000	+7.3%	128,380	-0.5%	0.19%	+23.5%
GTN	Buy	GRAY TELEVISION INC	$2,912,000	-28.7%	369,499	+18.8%	0.18%	-18.1%
PCYO	Sell	PURECYCLE CORP	$2,857,000	-6.5%	441,643	-2.2%	0.18%	+7.3%
FRP	Buy	FAIRPOINT COMMUNICATIONS INC	$2,800,000	+9.6%	184,600	+0.9%	0.17%	+26.1%
DOC	Buy	PHYSICIANS RLTY TR	$2,751,000	-4.0%	200,500	+0.7%	0.17%	+10.3%
CKEC	Buy	CARMIKE CINEMAS INC	$2,661,000	-11.3%	85,900	+0.6%	0.16%	+1.9%
BAGL	Buy	EINSTEIN NOAH REST GROUP INC	$2,381,000	+26.4%	118,100	+0.7%	0.15%	+45.1%
ACRE	Buy	ARES COML REAL ESTATE CORP	$2,193,000	-4.9%	187,600	+0.9%	0.14%	+8.8%
MPAA	New	MOTORCAR PTS AMER INC	$2,041,000	–	75,000	–	0.13%	–
MPET	Sell	MAGELLAN PETE CORP	$1,966,000	-17.4%	922,913	-14.7%	0.12%	-5.4%
LCNB	Buy	LCNB CORP	$1,830,000	-6.3%	121,828	+0.8%	0.11%	+6.6%
SYKE	Buy	SYKES ENTERPRISES INC	$1,776,000	-7.4%	88,900	+0.8%	0.11%	+5.8%
JBSS	Buy	SANFILIPPO JOHN B & SON INC	$1,691,000	+23.0%	52,263	+0.6%	0.10%	+41.9%
AAOI	Buy	APPLIED OPTOELECTRONICS INC	$1,634,000	+74.8%	101,500	+151.9%	0.10%	+98.0%
LEAF	New	SPRINGLEAF HLDGS INC	$1,501,000	–	47,000	–	0.09%	–
PLPM	Buy	PLANET PAYMENT INC	$1,418,000	-0.9%	723,300	+43.5%	0.09%	+14.3%
BDE	Buy	BLACK DIAMOND INC	$1,384,000	-32.2%	183,100	+0.7%	0.09%	-21.8%
TREC	New	TRECORA RES	$1,353,000	–	109,300	–	0.08%	–
JGWEQ	New	J G WENTWORTH COcl a	$898,000	–	72,500	–	0.06%	–
CHFN	New	CHARTER FINL CORP MD	$877,000	–	82,000	–	0.05%	–
TTGT	New	TECHTARGET INC	$859,000	–	100,000	–	0.05%	–
GFIG	Sell	GFI GROUP INC	$633,000	-52.6%	117,053	-70.9%	0.04%	-45.8%
SWK	Sell	STANLEY BLACK & DECKER INC	$504,000	-89.9%	5,680	-90.0%	0.03%	-88.6%
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$370,000	-92.2%	5,350	-92.4%	0.02%	-91.0%
JGW	Exit	JGWPT HLDGS INCcl a	$0	–	-72,000	–	-0.04%	–
IRGTQ	Exit	IGNITE RESTAURANT GROUP INC	$0	–	-108,742	–	-0.09%	–
HUBA	Exit	HUBBELL INCcl a	$0	–	-13,293	–	-0.09%	–
EACIQ	Exit	ERICKSON INC	$0	–	-120,280	–	-0.11%	–
EFX	Exit	EQUIFAX INC	$0	–	-35,799	–	-0.14%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-68,561	–	-0.15%	–
PNR	Exit	PENTAIR PLC	$0	–	-41,900	–	-0.16%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-106,200	–	-0.17%	–
CIT	Exit	CIT GROUP INC	$0	–	-76,633	–	-0.19%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-162,700	–	-0.20%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-122,000	–	-0.20%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-150,300	–	-0.23%	–
AVAV	Exit	AEROVIRONMENT INC	$0	–	-200,727	–	-0.34%	–
SJM	Exit	SMUCKER J M CO	$0	–	-63,284	–	-0.36%	–
LBYYQ	Exit	LIBBEY INC	$0	–	-334,454	–	-0.48%	–
J105SC	Exit	CONVERSANT INC	$0	–	-386,980	–	-0.53%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,055,442	–	-0.60%	–
THRM	Exit	GENTHERM INC	$0	–	-290,537	–	-0.70%	–

Q2 2014

			Value		Shares		↓ Weighting
HHC	New	HOWARD HUGHES CORP	$67,295,000	–	426,375	–	3.64%	–
KAR	New	KAR AUCTION SVCS INC	$65,689,000	–	2,061,142	–	3.55%	–
PACW	New	PACWEST BANCORP DEL	$63,267,000	–	1,465,533	–	3.42%	–
SLGN	New	SILGAN HOLDINGS INC	$59,522,000	–	1,171,225	–	3.22%	–
IDCC	New	INTERDIGITAL INC	$53,634,000	–	1,122,043	–	2.90%	–
IAC	New	IAC INTERACTIVECORP	$52,816,000	–	762,904	–	2.85%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$51,134,000	–	526,236	–	2.76%	–
INT	New	WORLD FUEL SVCS CORP	$49,018,000	–	995,690	–	2.65%	–
CVG	New	CONVERGYS CORP	$47,559,000	–	2,218,229	–	2.57%	–
MPW	New	MEDICAL PPTYS TRUST INC	$46,745,000	–	3,530,604	–	2.52%	–
JCOM	New	J2 GLOBAL INC	$46,278,000	–	909,910	–	2.50%	–
MDCA	New	MDC PARTNERS INCcl a sub vtg	$45,386,000	–	2,111,977	–	2.45%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$45,142,000	–	1,060,919	–	2.44%	–
LIN	New	LIN MEDIA LLC	$44,141,000	–	1,619,858	–	2.38%	–
RRTS	New	ROADRUNNER TRNSN SVCS HLDG I	$41,847,000	–	1,489,207	–	2.26%	–
KAMN	New	KAMAN CORP	$40,047,000	–	937,200	–	2.16%	–
TWO	New	TWO HBRS INVT CORP	$36,913,000	–	3,522,211	–	1.99%	–
ACIW	New	ACI WORLDWIDE INC	$36,545,000	–	654,569	–	1.97%	–
LGND	New	LIGAND PHARMACEUTICALS INC	$35,393,000	–	568,199	–	1.91%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$33,394,000	–	711,107	–	1.80%	–
STWD	New	STARWOOD PPTY TR INC	$30,775,000	–	1,294,698	–	1.66%	–
CBZ	New	CBIZ INC	$29,850,000	–	3,305,613	–	1.61%	–
CNK	New	CINEMARK HOLDINGS INC	$29,716,000	–	840,371	–	1.60%	–
HT	New	HERSHA HOSPITALITY TRsh ben int a	$29,623,000	–	4,414,760	–	1.60%	–
BCEI	New	BONANZA CREEK ENERGY INC	$29,115,000	–	509,092	–	1.57%	–
EPR	New	EPR PPTYS	$28,455,000	–	509,313	–	1.54%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$25,654,000	–	1,893,261	–	1.39%	–
PRGS	New	PROGRESS SOFTWARE CORP	$25,466,000	–	1,059,312	–	1.38%	–
GMED	New	GLOBUS MED INCcl a	$25,074,000	–	1,048,247	–	1.36%	–
IOSP	New	INNOSPEC INC	$23,908,000	–	553,820	–	1.29%	–
FUR	New	WINTHROP RLTY TRsh ben int new	$23,679,000	–	1,542,606	–	1.28%	–
NNI	New	NELNET INCcl a	$20,974,000	–	506,259	–	1.13%	–
CPA	New	COPA HOLDINGS SAcl a	$20,708,000	–	145,250	–	1.12%	–
TRIB	New	TRINITY BIOTECH PLCspon adr new	$19,843,000	–	861,625	–	1.07%	–
TPLMQ	New	TRIANGLE PETE CORP	$19,708,000	–	1,677,258	–	1.06%	–
PDFS	New	PDF SOLUTIONS INC	$18,776,000	–	884,830	–	1.01%	–
CLH	New	CLEAN HARBORS INC	$18,727,000	–	291,469	–	1.01%	–
COLB	New	COLUMBIA BKG SYS INC	$18,584,000	–	706,335	–	1.00%	–
ACAS	New	AMERICAN CAP LTD	$18,435,000	–	1,205,693	–	1.00%	–
LANC	New	LANCASTER COLONY CORP	$17,213,000	–	180,886	–	0.93%	–
BGCP	New	BGC PARTNERS INCcl a	$16,631,000	–	2,235,398	–	0.90%	–
HTGC	New	HERCULES TECH GROWTH CAP INC	$16,013,000	–	990,885	–	0.86%	–
CXO	New	CONCHO RES INC	$15,017,000	–	103,926	–	0.81%	–
FMC	New	F M C CORP	$14,991,000	–	210,583	–	0.81%	–
KKD	New	KRISPY KREME DOUGHNUTS INC	$13,915,000	–	870,800	–	0.75%	–
CFNL	New	CARDINAL FINL CORP	$13,867,000	–	751,218	–	0.75%	–
THRM	New	GENTHERM INC	$12,914,000	–	290,537	–	0.70%	–
GBDC	New	GOLUB CAP BDC INC	$12,257,000	–	692,493	–	0.66%	–
CVGW	New	CALAVO GROWERS INC	$12,230,000	–	361,520	–	0.66%	–
RM	New	REGIONAL MGMT CORP	$11,972,000	–	773,871	–	0.65%	–
AMG	New	AFFILIATED MANAGERS GROUP	$11,659,000	–	56,762	–	0.63%	–
BDC	New	BELDEN INC	$11,389,000	–	145,709	–	0.62%	–
SYNA	New	SYNAPTICS INC	$11,390,000	–	125,660	–	0.62%	–
ATML	New	ATMEL CORP	$11,372,000	–	1,213,620	–	0.61%	–
ARCC	New	ARES CAP CORP	$11,257,000	–	630,282	–	0.61%	–
NMIH	New	NMI HLDGS INCcl a	$11,082,000	–	1,055,442	–	0.60%	–
TKR	New	TIMKEN CO	$11,056,000	–	162,973	–	0.60%	–
J105SC	New	CONVERSANT INC	$9,829,000	–	386,980	–	0.53%	–
F102PS	New	BABCOCK & WILCOX CO NEW	$9,517,000	–	293,197	–	0.51%	–
OASPQ	New	OASIS PETE INC NEW	$9,345,000	–	167,208	–	0.50%	–
LBYYQ	New	LIBBEY INC	$8,910,000	–	334,454	–	0.48%	–
ALB	New	ALBEMARLE CORP	$8,871,000	–	124,069	–	0.48%	–
PGI	New	PREMIERE GLOBAL SVCS INC	$8,174,000	–	612,263	–	0.44%	–
GWR	New	GENESEE & WYO INCcl a	$8,097,000	–	77,111	–	0.44%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$7,835,000	–	298,946	–	0.42%	–
OMCL	New	OMNICELL INC	$7,144,000	–	248,820	–	0.39%	–
UAMY	New	UNITED STATES ANTIMONY CORP	$7,033,000	–	4,953,025	–	0.38%	–
SJM	New	SMUCKER J M CO	$6,744,000	–	63,284	–	0.36%	–
AVAV	New	AEROVIRONMENT INC	$6,383,000	–	200,727	–	0.34%	–
WIFI	New	BOINGO WIRELESS INC	$6,104,000	–	893,644	–	0.33%	–
MTZ	New	MASTEC INC	$5,497,000	–	178,345	–	0.30%	–
SWK	New	STANLEY BLACK & DECKER INC	$5,013,000	–	57,080	–	0.27%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$4,747,000	–	70,825	–	0.26%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$4,213,000	–	150,300	–	0.23%	–
GTN	New	GRAY TELEVISION INC	$4,082,000	–	310,915	–	0.22%	–
CHK	New	CHESAPEAKE ENERGY CORP	$3,792,000	–	122,000	–	0.20%	–
SYMC	New	SYMANTEC CORP	$3,726,000	–	162,700	–	0.20%	–
CIT	New	CIT GROUP INC	$3,507,000	–	76,633	–	0.19%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$3,118,000	–	106,200	–	0.17%	–
PCYO	New	PURECYCLE CORP	$3,056,000	–	451,393	–	0.16%	–
PNR	New	PENTAIR PLC	$3,022,000	–	41,900	–	0.16%	–
CKEC	New	CARMIKE CINEMAS INC	$3,000,000	–	85,400	–	0.16%	–
DOC	New	PHYSICIANS RLTY TR	$2,866,000	–	199,200	–	0.16%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$2,855,000	–	68,561	–	0.15%	–
LMNR	New	LIMONEIRA CO	$2,834,000	–	128,980	–	0.15%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$2,812,000	–	61,258	–	0.15%	–
EFX	New	EQUIFAX INC	$2,597,000	–	35,799	–	0.14%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$2,555,000	–	182,900	–	0.14%	–
MPET	New	MAGELLAN PETE CORP	$2,381,000	–	1,082,116	–	0.13%	–
ACRE	New	ARES COML REAL ESTATE CORP	$2,307,000	–	185,900	–	0.12%	–
ECHO	New	ECHO GLOBAL LOGISTICS INC	$2,109,000	–	110,000	–	0.11%	–
BDE	New	BLACK DIAMOND INC	$2,040,000	–	181,800	–	0.11%	–
LCNB	New	LCNB CORP	$1,953,000	–	120,828	–	0.11%	–
EACIQ	New	ERICKSON INC	$1,955,000	–	120,280	–	0.11%	–
SYKE	New	SYKES ENTERPRISES INC	$1,917,000	–	88,200	–	0.10%	–
BAGL	New	EINSTEIN NOAH REST GROUP INC	$1,884,000	–	117,300	–	0.10%	–
DFRG	New	DEL FRISCOS RESTAURANT GROUP	$1,745,000	–	63,300	–	0.09%	–
HUBA	New	HUBBELL INCcl a	$1,659,000	–	13,293	–	0.09%	–
IRGTQ	New	IGNITE RESTAURANT GROUP INC	$1,583,000	–	108,742	–	0.09%	–
PLPM	New	PLANET PAYMENT INC	$1,431,000	–	503,900	–	0.08%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$1,375,000	–	51,963	–	0.07%	–
GFIG	New	GFI GROUP INC	$1,336,000	–	402,553	–	0.07%	–
AAOI	New	APPLIED OPTOELECTRONICS INC	$935,000	–	40,300	–	0.05%	–
DMRC	New	DIGIMARC CORP NEW	$939,000	–	28,800	–	0.05%	–
JGW	New	JGWPT HLDGS INCcl a	$811,000	–	72,000	–	0.04%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$296,000	–	5,590	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
SYKE	Exit	SYKES ENTERPRISES INC	$0	–	-12,900	–	-0.01%	–
GFIG	Exit	GFI GROUP INC	$0	–	-58,900	–	-0.01%	–
BAGL	Exit	EINSTEIN NOAH REST GROUP INC	$0	–	-14,300	–	-0.02%	–
UBNK	Exit	UNITED FINANCIAL BANCORP INC	$0	–	-15,100	–	-0.02%	–
FRGI	Exit	FIESTA RESTAURANT GROUP INC	$0	–	-6,600	–	-0.02%	–
EACIQ	Exit	ERICKSON AIR-CRANE INC	$0	–	-16,400	–	-0.02%	–
RCKB	Exit	ROCKVILLE FINL INC NEW	$0	–	-21,100	–	-0.02%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-7,100	–	-0.02%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-27,200	–	-0.02%	–
ECHO	Exit	ECHO GLOBAL LOGISTICS INC	$0	–	-16,100	–	-0.02%	–
CKEC	Exit	CARMIKE CINEMAS INC	$0	–	-15,400	–	-0.02%	–
BDE	Exit	BLACK DIAMOND INC	$0	–	-30,000	–	-0.02%	–
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-9,110	–	-0.02%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-43,965	–	-0.03%	–
MPET	Exit	MAGELLAN PETE CORP	$0	–	-469,100	–	-0.03%	–
ZIGO	Exit	ZYGO CORP	$0	–	-29,900	–	-0.03%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-21,020	–	-0.03%	–
PDFS	Exit	PDF SOLUTIONS INC	$0	–	-35,200	–	-0.05%	–
MEG	Exit	MEDIA GEN INCcl a	$0	–	-55,190	–	-0.05%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-188,679	–	-0.05%	–
CFNL	Exit	CARDINAL FINL CORP	$0	–	-188,335	–	-0.19%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-138,100	–	-0.20%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-21,934	–	-0.25%	–
UAMY	Exit	UNITED STATES ANTIMONY CORP	$0	–	-2,992,528	–	-0.26%	–
PGI	Exit	PREMIERE GLOBAL SVCS INC	$0	–	-417,761	–	-0.26%	–
OMCL	Exit	OMNICELL INC	$0	–	-185,860	–	-0.27%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-180,700	–	-0.29%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-222,600	–	-0.30%	–
WIFI	Exit	BOINGO WIRELESS INC	$0	–	-712,585	–	-0.31%	–
TRIB	Exit	TRINITY BIOTECH PLCspon adr new	$0	–	-234,610	–	-0.32%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-214,200	–	-0.33%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-101,425	–	-0.35%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-50,216	–	-0.36%	–
CIT	Exit	CIT GROUP INC	$0	–	-128,050	–	-0.38%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-309,460	–	-0.43%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-220,300	–	-0.43%	–
EFX	Exit	EQUIFAX INC	$0	–	-125,205	–	-0.46%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-86,480	–	-0.48%	–
GCA	Exit	GLOBAL CASH ACCESS HLDGS INC	$0	–	-1,065,248	–	-0.51%	–
HELE	Exit	HELEN OF TROY CORP LTD	$0	–	-202,113	–	-0.55%	–
LBYYQ	Exit	LIBBEY INC	$0	–	-410,506	–	-0.60%	–
LIN	Exit	LIN MEDIA LLC	$0	–	-521,366	–	-0.65%	–
OASPQ	Exit	OASIS PETE INC NEW	$0	–	-220,261	–	-0.67%	–
THRM	Exit	GENTHERM INC	$0	–	-575,730	–	-0.68%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-369,957	–	-0.69%	–
MTZ	Exit	MASTEC INC	$0	–	-395,125	–	-0.74%	–
PF	Exit	PINNACLE FOODS INC DEL	$0	–	-472,629	–	-0.77%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-2,233,114	–	-0.78%	–
TPLMQ	Exit	TRIANGLE PETE CORP	$0	–	-1,286,152	–	-0.78%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-516,050	–	-0.79%	–
SJM	Exit	SMUCKER J M CO	$0	–	-125,902	–	-0.82%	–
HTGC	Exit	HERCULES TECH GROWTH CAP INC	$0	–	-870,567	–	-0.82%	–
HLF	Exit	HERBALIFE LTD	$0	–	-198,044	–	-0.85%	–
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-421,895	–	-0.87%	–
CLH	Exit	CLEAN HARBORS INC	$0	–	-243,698	–	-0.88%	–
CXO	Exit	CONCHO RES INC	$0	–	-135,636	–	-0.91%	–
ARCC	Exit	ARES CAP CORP	$0	–	-856,915	–	-0.91%	–
EPR	Exit	EPR PPTYS	$0	–	-335,748	–	-1.01%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-262,288	–	-1.02%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-119,127	–	-1.02%	–
IOSP	Exit	INNOSPEC INC	$0	–	-365,735	–	-1.05%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-553,035	–	-1.08%	–
CBZ	Exit	CBIZ INC	$0	–	-2,394,291	–	-1.10%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-1,047,798	–	-1.13%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-1,413,250	–	-1.20%	–
FMC	Exit	F M C CORP	$0	–	-284,532	–	-1.26%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDG I	$0	–	-726,194	–	-1.26%	–
INTEQ	Exit	INTELSAT S A	$0	–	-860,769	–	-1.27%	–
PRGS	Exit	PROGRESS SOFTWARE CORP	$0	–	-825,679	–	-1.32%	–
BDC	Exit	BELDEN INC	$0	–	-335,380	–	-1.32%	–
BOBE	Exit	BOB EVANS FARMS INC	$0	–	-378,165	–	-1.34%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-939,404	–	-1.39%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-489,083	–	-1.46%	–
NNI	Exit	NELNET INCcl a	$0	–	-689,250	–	-1.64%	–
CNK	Exit	CINEMARK HOLDINGS INC	$0	–	-903,248	–	-1.77%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-800,997	–	-1.84%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-2,536,084	–	-1.90%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-902,784	–	-2.08%	–
KAMN	Exit	KAMAN CORP	$0	–	-902,378	–	-2.11%	–
VCLK	Exit	VALUECLICK INC	$0	–	-1,794,921	–	-2.31%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-1,156,176	–	-2.41%	–
MDCA	Exit	MDC PARTNERS INCcl a sub vtg	$0	–	-1,405,102	–	-2.43%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HLDGS IN	$0	–	-891,237	–	-2.53%	–
CSH	Exit	CASH AMER INTL INC	$0	–	-930,971	–	-2.60%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-1,806,672	–	-2.77%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-852,830	–	-2.84%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-422,809	–	-2.93%	–
CVG	Exit	CONVERGYS CORP	$0	–	-2,614,133	–	-3.02%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-995,841	–	-3.04%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-608,573	–	-3.19%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-1,045,278	–	-3.52%	–
SLGN	Exit	SILGAN HOLDINGS INC	$0	–	-1,236,529	–	-3.58%	–
CSE	Exit	CAPITALSOURCE INC	$0	–	-5,213,899	–	-3.82%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-2,200,549	–	-3.83%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-943,414	–	-3.94%	–

Q3 2013

			Value		Shares		↓ Weighting
LORL	Sell	LORAL SPACE & COMMUNICATNS I	$63,897,000	+8.0%	943,414	-4.3%	3.94%	+5.1%
KAR	Sell	KAR AUCTION SVCS INC	$62,077,000	+16.8%	2,200,549	-5.3%	3.83%	+13.6%
CSE	Sell	CAPITALSOURCE INC	$61,941,000	+20.2%	5,213,899	-5.1%	3.82%	+16.9%
SLGN	Sell	SILGAN HOLDINGS INC	$58,117,000	-5.0%	1,236,529	-5.1%	3.58%	-7.6%
IAC	Sell	IAC INTERACTIVECORP	$57,145,000	+12.8%	1,045,278	-1.8%	3.52%	+9.7%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$51,686,000	-4.6%	608,573	-13.1%	3.19%	-7.2%
JCOM	Sell	J2 GLOBAL INC	$49,314,000	-16.6%	995,841	-28.4%	3.04%	-18.9%
CVG	Sell	CONVERGYS CORP	$49,015,000	+1.7%	2,614,133	-5.5%	3.02%	-1.1%
HHC	Sell	HOWARD HUGHES CORP	$47,511,000	-6.0%	422,809	-6.2%	2.93%	-8.6%
ACIW	Sell	ACI WORLDWIDE INC	$46,104,000	+11.5%	852,830	-4.1%	2.84%	+8.5%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$44,878,000	+13.9%	1,806,672	+0.4%	2.77%	+10.8%
CSH	Buy	CASH AMER INTL INC	$42,154,000	+0.9%	930,971	+1.3%	2.60%	-1.8%
AAWW	Sell	ATLAS AIR WORLDWIDE HLDGS IN	$41,024,000	-8.9%	891,237	-13.4%	2.53%	-11.3%
MDCA	Sell	MDC PARTNERS INCcl a sub vtg	$39,318,000	+38.8%	1,405,102	-10.5%	2.43%	+35.1%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$39,067,000	-9.4%	1,156,176	-5.7%	2.41%	-11.9%
VCLK	Sell	VALUECLICK INC	$37,442,000	-20.4%	1,794,921	-5.7%	2.31%	-22.6%
KAMN	Buy	KAMAN CORP	$34,164,000	+14.9%	902,378	+4.9%	2.11%	+11.8%
IDCC	Sell	INTERDIGITAL INC	$33,710,000	-19.7%	902,784	-4.0%	2.08%	-21.9%
MPW	Buy	MEDICAL PPTYS TRUST INC	$30,864,000	+46.6%	2,536,084	+72.5%	1.90%	+42.6%
INT	Sell	WORLD FUEL SVCS CORP	$29,885,000	-9.9%	800,997	-3.4%	1.84%	-12.3%
CNK	Sell	CINEMARK HOLDINGS INC	$28,669,000	+7.6%	903,248	-5.3%	1.77%	+4.7%
NNI	Sell	NELNET INCcl a	$26,502,000	-1.9%	689,250	-8.0%	1.64%	-4.6%
BCEI	Sell	BONANZA CREEK ENERGY INC	$23,603,000	+6.1%	489,083	-22.1%	1.46%	+3.1%
STWD	Sell	STARWOOD PPTY TR INC	$22,518,000	-7.7%	939,404	-4.7%	1.39%	-10.2%
BOBE	Sell	BOB EVANS FARMS INC	$21,658,000	+16.8%	378,165	-4.2%	1.34%	+13.5%
BDC	Sell	BELDEN INC	$21,481,000	+23.0%	335,380	-4.1%	1.32%	+19.7%
PRGS	Buy	PROGRESS SOFTWARE CORP	$21,344,000	+19.7%	825,679	+6.6%	1.32%	+16.4%
INTEQ	Buy	INTELSAT S A	$20,658,000	+30.8%	860,769	+9.0%	1.27%	+27.1%
RRTS	Sell	ROADRUNNER TRNSN SVCS HLDG I	$20,508,000	-2.3%	726,194	-3.7%	1.26%	-5.0%
FMC	Sell	F M C CORP	$20,407,000	-3.1%	284,532	-17.5%	1.26%	-5.8%
ACAS	Buy	AMERICAN CAP LTD	$19,432,000	+35.8%	1,413,250	+25.1%	1.20%	+32.0%
GMED	Buy	GLOBUS MED INCcl a	$18,295,000	+21.8%	1,047,798	+17.6%	1.13%	+18.5%
CBZ	Buy	CBIZ INC	$17,814,000	+20.2%	2,394,291	+8.4%	1.10%	+16.9%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$17,559,000	-22.4%	553,035	-35.0%	1.08%	-24.5%
IOSP	Sell	INNOSPEC INC	$17,065,000	+15.2%	365,735	-0.8%	1.05%	+12.0%
CPA	Buy	COPA HOLDINGS SAcl a	$16,519,000	+105.5%	119,127	+94.3%	1.02%	+99.8%
ALB	Buy	ALBEMARLE CORP	$16,508,000	+7.3%	262,288	+6.2%	1.02%	+4.3%
EPR	Sell	EPR PPTYS	$16,364,000	-8.1%	335,748	-5.2%	1.01%	-10.5%
ARCC	Buy	ARES CAP CORP	$14,816,000	+8.8%	856,915	+8.2%	0.91%	+5.8%
CXO	Sell	CONCHO RES INC	$14,759,000	+23.1%	135,636	-5.3%	0.91%	+19.7%
CLH	Buy	CLEAN HARBORS INC	$14,295,000	+27.0%	243,698	+9.4%	0.88%	+23.5%
LQDT	Sell	LIQUIDITY SERVICES INC	$14,133,000	-10.4%	421,895	-7.3%	0.87%	-12.8%
HLF	Sell	HERBALIFE LTD	$13,818,000	-23.6%	198,044	-50.6%	0.85%	-25.8%
HTGC	Sell	HERCULES TECH GROWTH CAP INC	$13,276,000	-22.8%	870,567	-29.4%	0.82%	-24.9%
SJM	Sell	SMUCKER J M CO	$13,225,000	-18.2%	125,902	-19.7%	0.82%	-20.5%
COLB	Buy	COLUMBIA BKG SYS INC	$12,746,000	+9.1%	516,050	+5.2%	0.79%	+6.1%
TPLMQ	New	TRIANGLE PETE CORP	$12,630,000	–	1,286,152	–	0.78%	–
BGCP	Buy	BGC PARTNERS INCcl a	$12,597,000	+13.7%	2,233,114	+18.7%	0.78%	+10.5%
PF	Buy	PINNACLE FOODS INC DEL	$12,510,000	+15.8%	472,629	+5.7%	0.77%	+12.7%
MTZ	Buy	MASTEC INC	$11,972,000	+27.3%	395,125	+38.2%	0.74%	+23.8%
CVGW	Sell	CALAVO GROWERS INC	$11,187,000	+4.7%	369,957	-5.8%	0.69%	+1.8%
THRM	New	GENTHERM INC	$10,991,000	–	575,730	–	0.68%	–
OASPQ	Sell	OASIS PETE INC NEW	$10,821,000	-34.6%	220,261	-48.2%	0.67%	-36.3%
LIN	New	LIN MEDIA LLC	$10,579,000	–	521,366	–	0.65%	–
LBYYQ	Sell	LIBBEY INC	$9,762,000	-2.8%	410,506	-2.0%	0.60%	-5.5%
HELE	Sell	HELEN OF TROY CORP LTD	$8,944,000	+7.3%	202,113	-7.0%	0.55%	+4.3%
GCA	Sell	GLOBAL CASH ACCESS HLDGS INC	$8,320,000	+6.9%	1,065,248	-14.3%	0.51%	+3.8%
SWK	Sell	STANLEY BLACK & DECKER INC	$7,832,000	-0.2%	86,480	-14.8%	0.48%	-3.0%
EFX	Sell	EQUIFAX INC	$7,494,000	-35.0%	125,205	-36.0%	0.46%	-36.9%
RM	Buy	REGIONAL MGMT CORP	$7,006,000	+1560.2%	220,300	+1203.6%	0.43%	+1500.0%
EFC	Sell	ELLINGTON FINANCIAL LLC	$6,954,000	-6.3%	309,460	-4.9%	0.43%	-8.9%
CIT	New	CIT GROUP INC	$6,245,000	–	128,050	–	0.38%	–
BIO	New	BIO RAD LABS INCcl a	$5,903,000	–	50,216	–	0.36%	–
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$5,737,000	-3.0%	101,425	-14.8%	0.35%	-5.6%
SYMC	Sell	SYMANTEC CORP	$5,301,000	-7.1%	214,200	-15.6%	0.33%	-9.7%
TRIB	Buy	TRINITY BIOTECH PLCspon adr new	$5,105,000	+1756.4%	234,610	+1339.3%	0.32%	+1752.9%
WIFI	Sell	BOINGO WIRELESS INC	$4,988,000	+5.5%	712,585	-6.4%	0.31%	+2.7%
HTZ	Sell	HERTZ GLOBAL HOLDINGS INC	$4,933,000	-19.1%	222,600	-9.5%	0.30%	-21.4%
CHK	Sell	CHESAPEAKE ENERGY CORP	$4,677,000	+7.2%	180,700	-15.6%	0.29%	+4.3%
OMCL	New	OMNICELL INC	$4,401,000	–	185,860	–	0.27%	–
UAMY	Sell	UNITED STATES ANTIMONY CORP	$4,160,000	+18.1%	2,992,528	-5.7%	0.26%	+15.2%
PGI	Buy	PREMIERE GLOBAL SVCS INC	$4,161,000	+97.5%	417,761	+139.3%	0.26%	+91.8%
AMG	Sell	AFFILIATED MANAGERS GROUP	$4,006,000	-31.8%	21,934	-38.8%	0.25%	-33.8%
QRTEA	New	LIBERTY INTERACTIVE CORP	$3,241,000	–	138,100	–	0.20%	–
CFNL	Buy	CARDINAL FINL CORP	$3,113,000	+1061.6%	188,335	+929.2%	0.19%	+1029.4%
PCYO	Buy	PURECYCLE CORP	$872,000	-16.4%	188,679	+1.2%	0.05%	-18.2%
MEG	New	MEDIA GEN INCcl a	$787,000	–	55,190	–	0.05%	–
LMNR	Buy	LIMONEIRA CO	$540,000	+25.3%	21,020	+1.1%	0.03%	+22.2%
TWO	Buy	TWO HBRS INVT CORP	$427,000	-5.1%	43,965	+0.1%	0.03%	-10.3%
FUN	Buy	CEDAR FAIR L Pdepositry unit	$397,000	+9.1%	9,110	+3.5%	0.02%	+4.3%
ECHO	New	ECHO GLOBAL LOGISTICS INC	$337,000	–	16,100	–	0.02%	–
ACRE	Buy	ARES COML REAL ESTATE CORP	$338,000	+54.3%	27,200	+59.1%	0.02%	+50.0%
EACIQ	New	ERICKSON AIR-CRANE INC	$257,000	–	16,400	–	0.02%	–
BAGL	New	EINSTEIN NOAH REST GROUP INC	$248,000	–	14,300	–	0.02%	–
KKD	Exit	KRISPY KREME DOUGHNUTS INC	$0	–	-10,300	–	-0.01%	–
LMIA	Exit	LMI AEROSPACE INC	$0	–	-10,600	–	-0.01%	–
EARN	Exit	ELLINGTON RESIDENTIAL MTG RE	$0	–	-12,500	–	-0.01%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-16,200	–	-0.02%	–
DOLNQ	Exit	DOLAN CO	$0	–	-317,272	–	-0.03%	–
FISV	Exit	FISERV INC	$0	–	-27,200	–	-0.15%	–
LVB	Exit	STEINWAY MUSICAL INSTRS INC	$0	–	-262,932	–	-0.51%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-261,561	–	-0.77%	–
CYS	Exit	CYS INVTS INC	$0	–	-4,944,624	–	-2.89%	–

Q2 2013

			Value		Shares		↓ Weighting
SLGN	New	SILGAN HOLDINGS INC	$61,172,000	–	1,302,649	–	3.88%	–
JCOM	New	J2 GLOBAL INC	$59,157,000	–	1,391,602	–	3.75%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$59,150,000	–	986,154	–	3.75%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$54,186,000	–	700,524	–	3.44%	–
KAR	New	KAR AUCTION SVCS INC	$53,135,000	–	2,323,369	–	3.37%	–
CSE	New	CAPITALSOURCE INC	$51,519,000	–	5,492,399	–	3.27%	–
IAC	New	IAC INTERACTIVECORP	$50,649,000	–	1,064,501	–	3.21%	–
HHC	New	HOWARD HUGHES CORP	$50,541,000	–	450,899	–	3.21%	–
CVG	New	CONVERGYS CORP	$48,191,000	–	2,764,853	–	3.06%	–
VCLK	New	VALUECLICK INC	$47,044,000	–	1,903,851	–	2.98%	–
CYS	New	CYS INVTS INC	$45,540,000	–	4,944,624	–	2.89%	–
AAWW	New	ATLAS AIR WORLDWIDE HLDGS IN	$45,011,000	–	1,028,587	–	2.86%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$43,121,000	–	1,226,436	–	2.74%	–
IDCC	New	INTERDIGITAL INC	$42,000,000	–	940,654	–	2.66%	–
CSH	New	CASH AMER INTL INC	$41,788,000	–	919,233	–	2.65%	–
ACIW	New	ACI WORLDWIDE INC	$41,342,000	–	889,460	–	2.62%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$39,408,000	–	1,800,252	–	2.50%	–
INT	New	WORLD FUEL SVCS CORP	$33,163,000	–	829,497	–	2.10%	–
KAMN	New	KAMAN CORP	$29,722,000	–	860,013	–	1.88%	–
MDCA	New	MDC PARTNERS INCcl a sub vtg	$28,320,000	–	1,569,833	–	1.80%	–
NNI	New	NELNET INCcl a	$27,026,000	–	748,859	–	1.71%	–
CNK	New	CINEMARK HOLDINGS INC	$26,642,000	–	954,218	–	1.69%	–
STWD	New	STARWOOD PPTY TR INC	$24,392,000	–	985,544	–	1.55%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$22,621,000	–	851,045	–	1.44%	–
BCEI	New	BONANZA CREEK ENERGY INC	$22,255,000	–	627,597	–	1.41%	–
FMC	New	F M C CORP	$21,066,000	–	345,002	–	1.34%	–
MPW	New	MEDICAL PPTYS TRUST INC	$21,055,000	–	1,470,328	–	1.34%	–
RRTS	New	ROADRUNNER TRNSN SVCS HLDG I	$20,987,000	–	753,834	–	1.33%	–
BOBE	New	BOB EVANS FARMS INC	$18,550,000	–	394,855	–	1.18%	–
HLF	New	HERBALIFE LTD	$18,092,000	–	400,789	–	1.15%	–
PRGS	New	PROGRESS SOFTWARE CORP	$17,824,000	–	774,609	–	1.13%	–
EPR	New	EPR PPTYS	$17,804,000	–	354,158	–	1.13%	–
BDC	New	BELDEN INC	$17,460,000	–	349,680	–	1.11%	–
HTGC	New	HERCULES TECH GROWTH CAP INC	$17,189,000	–	1,233,077	–	1.09%	–
OASPQ	New	OASIS PETE INC NEW	$16,536,000	–	425,414	–	1.05%	–
SJM	New	SMUCKER J M CO	$16,173,000	–	156,789	–	1.03%	–
INTEQ	New	INTELSAT S A	$15,793,000	–	789,639	–	1.00%	–
LQDT	New	LIQUIDITY SERVICES INC	$15,774,000	–	454,975	–	1.00%	–
ALB	New	ALBEMARLE CORP	$15,391,000	–	247,079	–	0.98%	–
GMED	New	GLOBUS MED INCcl a	$15,020,000	–	890,860	–	0.95%	–
CBZ	New	CBIZ INC	$14,820,000	–	2,208,701	–	0.94%	–
IOSP	New	INNOSPEC INC	$14,813,000	–	368,665	–	0.94%	–
ACAS	New	AMERICAN CAP LTD	$14,308,000	–	1,129,249	–	0.91%	–
ARCC	New	ARES CAP CORP	$13,622,000	–	791,983	–	0.86%	–
GPN	New	GLOBAL PMTS INC	$12,116,000	–	261,561	–	0.77%	–
CXO	New	CONCHO RES INC	$11,992,000	–	143,236	–	0.76%	–
COLB	New	COLUMBIA BKG SYS INC	$11,684,000	–	490,710	–	0.74%	–
EFX	New	EQUIFAX INC	$11,534,000	–	195,720	–	0.73%	–
CLH	New	CLEAN HARBORS INC	$11,253,000	–	222,698	–	0.71%	–
BGCP	New	BGC PARTNERS INCcl a	$11,082,000	–	1,881,539	–	0.70%	–
PF	New	PINNACLE FOODS INC DEL	$10,800,000	–	447,224	–	0.68%	–
CVGW	New	CALAVO GROWERS INC	$10,682,000	–	392,848	–	0.68%	–
LBYYQ	New	LIBBEY INC	$10,043,000	–	418,996	–	0.64%	–
MTZ	New	MASTEC INC	$9,406,000	–	285,890	–	0.60%	–
HELE	New	HELEN OF TROY CORP LTD	$8,338,000	–	217,313	–	0.53%	–
CPA	New	COPA HOLDINGS SAcl a	$8,039,000	–	61,314	–	0.51%	–
LVB	New	STEINWAY MUSICAL INSTRS INC	$8,001,000	–	262,932	–	0.51%	–
SWK	New	STANLEY BLACK & DECKER INC	$7,844,000	–	101,480	–	0.50%	–
GCA	New	GLOBAL CASH ACCESS HLDGS INC	$7,785,000	–	1,243,668	–	0.49%	–
EFC	New	ELLINGTON FINANCIAL LLC	$7,425,000	–	325,520	–	0.47%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$6,098,000	–	245,900	–	0.39%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$5,913,000	–	119,025	–	0.38%	–
AMG	New	AFFILIATED MANAGERS GROUP	$5,875,000	–	35,834	–	0.37%	–
SYMC	New	SYMANTEC CORP	$5,705,000	–	253,800	–	0.36%	–
WIFI	New	BOINGO WIRELESS INC	$4,730,000	–	761,620	–	0.30%	–
CHK	New	CHESAPEAKE ENERGY CORP	$4,363,000	–	214,100	–	0.28%	–
UAMY	New	UNITED STATES ANTIMONY CORP	$3,521,000	–	3,171,857	–	0.22%	–
FISV	New	FISERV INC	$2,378,000	–	27,200	–	0.15%	–
PGI	New	PREMIERE GLOBAL SVCS INC	$2,107,000	–	174,581	–	0.13%	–
PCYO	New	PURECYCLE CORP	$1,043,000	–	186,499	–	0.07%	–
PDFS	New	PDF SOLUTIONS INC	$649,000	–	35,200	–	0.04%	–
DOLNQ	New	DOLAN CO	$517,000	–	317,272	–	0.03%	–
MPET	New	MAGELLAN PETE CORP	$483,000	–	469,100	–	0.03%	–
ZIGO	New	ZYGO CORP	$474,000	–	29,900	–	0.03%	–
TWO	New	TWO HBRS INVT CORP	$450,000	–	43,925	–	0.03%	–
RM	New	REGIONAL MGMT CORP	$422,000	–	16,900	–	0.03%	–
LMNR	New	LIMONEIRA CO	$431,000	–	20,800	–	0.03%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$364,000	–	8,800	–	0.02%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$327,000	–	16,200	–	0.02%	–
CKEC	New	CARMIKE CINEMAS INC	$298,000	–	15,400	–	0.02%	–
BDE	New	BLACK DIAMOND INC	$282,000	–	30,000	–	0.02%	–
RCKB	New	ROCKVILLE FINL INC NEW	$276,000	–	21,100	–	0.02%	–
TRIB	New	TRINITY BIOTECH PLCspon adr new	$275,000	–	16,300	–	0.02%	–
CFNL	New	CARDINAL FINL CORP	$268,000	–	18,300	–	0.02%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$271,000	–	7,100	–	0.02%	–
UBNK	New	UNITED FINANCIAL BANCORP INC	$229,000	–	15,100	–	0.02%	–
GFIG	New	GFI GROUP INC	$230,000	–	58,900	–	0.02%	–
EARN	New	ELLINGTON RESIDENTIAL MTG RE	$223,000	–	12,500	–	0.01%	–
FRGI	New	FIESTA RESTAURANT GROUP INC	$227,000	–	6,600	–	0.01%	–
ACRE	New	ARES COML REAL ESTATE CORP	$219,000	–	17,100	–	0.01%	–
SYKE	New	SYKES ENTERPRISES INC	$203,000	–	12,900	–	0.01%	–
LMIA	New	LMI AEROSPACE INC	$199,000	–	10,600	–	0.01%	–
KKD	New	KRISPY KREME DOUGHNUTS INC	$180,000	–	10,300	–	0.01%	–

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