SouthernSun Asset Management Activity Q4 1999-Q2 2024

Q2 2024

			Value		Shares		↓ Weighting
DY	New	Dycom Industries Inc	$55,009,685	–	325,964	–	6.64%	–
MGPI	New	MGP Ingredients Inc	$53,304,326	–	716,456	–	6.43%	–
BOOT	New	Boot Barn Holdings Inc	$50,605,025	–	392,500	–	6.10%	–
DAR	New	Darling Ingredients Inc.	$49,003,185	–	1,333,420	–	5.91%	–
BDC	New	Belden Inc	$48,374,630	–	515,721	–	5.84%	–
BCO	New	The Brink's Co.	$47,800,730	–	466,804	–	5.77%	–
USPH	New	US Physical Therapy Inc	$45,752,429	–	495,049	–	5.52%	–
LPX	New	Louisiana-Pacific Corp	$44,183,712	–	536,666	–	5.33%	–
SAM	New	The Boston Beer Co Inc	$43,519,043	–	142,662	–	5.25%	–
EPAC	New	Enerpac Tool Group	$42,511,559	–	1,113,451	–	5.13%	–
AGCO	New	AGCO Corp.	$41,094,037	–	419,841	–	4.96%	–
TKR	New	Timken Co.	$40,586,166	–	506,504	–	4.90%	–
MUSA	New	Murphy USA Inc.	$34,609,061	–	73,721	–	4.17%	–
NGVT	New	Ingevity Corp	$31,951,748	–	730,994	–	3.85%	–
DORM	New	Dorman Products Inc	$31,123,326	–	340,220	–	3.75%	–
AWI	New	Armstrong World Industries Inc	$30,386,029	–	268,333	–	3.66%	–
LOB	New	Live Oak Bancshares Inc	$28,792,043	–	821,222	–	3.47%	–
PII	New	Polaris Inc.	$26,492,978	–	338,309	–	3.20%	–
THO	New	Thor Industries Inc.	$24,131,687	–	258,231	–	2.91%	–
SCL	New	Stepan Co	$23,403,346	–	278,744	–	2.82%	–
BR	New	Broadridge Financial Solutions	$9,483,974	–	48,142	–	1.14%	–
WSO	New	Watsco Inc	$7,909,360	–	17,074	–	0.95%	–
VMI	New	Valmont Industries Inc	$5,212,354	–	18,992	–	0.63%	–
SEIC	New	SEI Investments Co	$4,238,230	–	65,516	–	0.51%	–
IEX	New	IDEX Corp.	$3,753,386	–	18,655	–	0.45%	–
TREX	New	Trex Co	$3,590,299	–	48,439	–	0.43%	–
FND	New	Floor & Decor Holdings	$2,243,385	–	22,567	–	0.27%	–

Q4 2023

			Value		Shares		↓ Weighting
FND	Exit	Floor & Decor Holdings	$0	–	-8,687	–	-0.09%	–
IEX	Exit	IDEX Corp.	$0	–	-19,301	–	-0.47%	–
TREX	Exit	Trex Co	$0	–	-67,033	–	-0.48%	–
SEIC	Exit	SEI Investments Co	$0	–	-77,547	–	-0.55%	–
WSO	Exit	Watsco Inc	$0	–	-25,199	–	-1.12%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-55,080	–	-1.16%	–
MBUU	Exit	Malibu Boats Inc	$0	–	-478,296	–	-2.75%	–
SCL	Exit	Stepan Co	$0	–	-337,559	–	-2.96%	–
LPX	Exit	Louisiana-Pacific Corp	$0	–	-503,766	–	-3.26%	–
DORM	Exit	Dorman Products Inc	$0	–	-374,847	–	-3.33%	–
THO	Exit	Thor Industries Inc.	$0	–	-315,802	–	-3.52%	–
LOB	Exit	Live Oak Bancshares Inc	$0	–	-1,044,614	–	-3.54%	–
AWI	Exit	Armstrong World Industries Inc	$0	–	-500,307	–	-4.22%	–
PII	Exit	Polaris Inc.	$0	–	-356,360	–	-4.35%	–
NGVT	Exit	Ingevity Corp	$0	–	-802,464	–	-4.48%	–
BOOT	Exit	Boot Barn Holdings Inc	$0	–	-473,991	–	-4.51%	–
TKR	Exit	Timken Co.	$0	–	-542,546	–	-4.67%	–
BCO	Exit	The Brink's Co.	$0	–	-556,687	–	-4.74%	–
USPH	Exit	US Physical Therapy Inc	$0	–	-452,456	–	-4.86%	–
AGCO	Exit	AGCO Corp.	$0	–	-363,472	–	-5.04%	–
EPAC	Exit	Enerpac Tool Group	$0	–	-1,659,733	–	-5.14%	–
BDC	Exit	Belden Inc	$0	–	-463,500	–	-5.24%	–
MGPI	Exit	MGP Ingredients Inc	$0	–	-432,257	–	-5.34%	–
SAM	Exit	The Boston Beer Co Inc	$0	–	-118,088	–	-5.39%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-145,253	–	-5.82%	–
DY	Exit	Dycom Industries Inc	$0	–	-599,842	–	-6.26%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-1,099,309	–	-6.72%	–

Q3 2023

			Value		Shares		↓ Weighting
DAR	Sell	Darling Ingredients Inc.	$57,383,930	-20.2%	1,099,309	-2.5%	6.72%	-11.4%
DY	Sell	Dycom Industries Inc	$53,385,938	-23.4%	599,842	-2.2%	6.26%	-15.0%
MUSA	Sell	Murphy USA Inc.	$49,637,308	-14.8%	145,253	-22.4%	5.82%	-5.4%
SAM	Sell	The Boston Beer Co Inc	$45,998,819	+12.0%	118,088	-11.3%	5.39%	+24.4%
MGPI	Buy	MGP Ingredients Inc	$45,594,468	+5.6%	432,257	+6.4%	5.34%	+17.3%
BDC	Buy	Belden Inc	$44,750,925	+25.0%	463,500	+23.9%	5.24%	+38.9%
EPAC	Buy	Enerpac Tool Group	$43,866,743	+0.9%	1,659,733	+3.1%	5.14%	+12.1%
AGCO	Buy	AGCO Corp.	$42,991,468	-1.5%	363,472	+9.4%	5.04%	+9.4%
USPH	Sell	US Physical Therapy Inc	$41,503,789	-25.9%	452,456	-2.0%	4.86%	-17.7%
BCO	Sell	The Brink's Co.	$40,437,744	-13.4%	556,687	-19.1%	4.74%	-3.8%
TKR	Buy	Timken Co.	$39,871,706	-19.6%	542,546	+0.1%	4.67%	-10.7%
BOOT	Sell	Boot Barn Holdings Inc	$38,483,329	-6.2%	473,991	-2.2%	4.51%	+4.1%
NGVT	Sell	Ingevity Corp	$38,205,311	-20.6%	802,464	-3.0%	4.48%	-11.8%
PII	Sell	Polaris Inc.	$37,111,330	-23.9%	356,360	-11.6%	4.35%	-15.5%
AWI	Sell	Armstrong World Industries Inc	$36,022,104	-5.4%	500,307	-3.5%	4.22%	+5.0%
LOB	Sell	Live Oak Bancshares Inc	$30,241,575	+4.8%	1,044,614	-4.8%	3.54%	+16.4%
THO	Sell	Thor Industries Inc.	$30,042,244	-16.9%	315,802	-9.6%	3.52%	-7.7%
DORM	Sell	Dorman Products Inc	$28,398,409	-11.3%	374,847	-7.7%	3.33%	-1.5%
LPX	Buy	Louisiana-Pacific Corp	$27,843,147	+54.0%	503,766	+108.9%	3.26%	+71.0%
SCL	Sell	Stepan Co	$25,306,798	-28.4%	337,559	-8.7%	2.96%	-20.5%
MBUU	Buy	Malibu Boats Inc	$23,446,070	-12.5%	478,296	+4.7%	2.75%	-2.8%
BR	Sell	Broadridge Financial Solutions	$9,862,074	+6.3%	55,080	-1.7%	1.16%	+18.0%
WSO	Sell	Watsco Inc	$9,518,166	-2.7%	25,199	-1.7%	1.12%	+8.0%
SEIC	Sell	SEI Investments Co	$4,670,656	-2.3%	77,547	-3.3%	0.55%	+8.5%
TREX	Sell	Trex Co	$4,131,244	-42.6%	67,033	-38.9%	0.48%	-36.2%
IEX	Sell	IDEX Corp.	$4,014,994	-5.1%	19,301	-1.8%	0.47%	+5.4%
FND	New	Floor & Decor Holdings	$786,174	–	8,687	–	0.09%	–

Q2 2023

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients Inc.	$71,891,266	–	1,126,999	–	7.58%	–
DY	New	Dycom Industries Inc	$69,736,663	–	613,609	–	7.36%	–
MUSA	New	Murphy USA Inc.	$58,269,347	–	187,295	–	6.15%	–
USPH	New	US Physical Therapy Inc	$56,020,392	–	461,491	–	5.91%	–
TKR	New	Timken Co.	$49,590,313	–	541,793	–	5.23%	–
PII	New	Polaris Inc.	$48,746,520	–	403,097	–	5.14%	–
NGVT	New	Ingevity Corp	$48,115,477	–	827,295	–	5.08%	–
BCO	New	The Brink's Co.	$46,703,058	–	688,531	–	4.93%	–
AGCO	New	AGCO Corp.	$43,645,765	–	332,109	–	4.60%	–
EPAC	New	Enerpac Tool Group	$43,468,785	–	1,609,955	–	4.59%	–
MGPI	New	MGP Ingredients Inc	$43,167,004	–	406,163	–	4.55%	–
SAM	New	The Boston Beer Co Inc	$41,053,056	–	133,099	–	4.33%	–
BOOT	New	Boot Barn Holdings Inc	$41,042,976	–	484,626	–	4.33%	–
AWI	New	Armstrong World Industries Inc	$38,090,112	–	518,515	–	4.02%	–
THO	New	Thor Industries Inc.	$36,156,173	–	349,335	–	3.81%	–
BDC	New	Belden Inc	$35,790,413	–	374,181	–	3.78%	–
SCL	New	Stepan Co	$35,332,068	–	369,737	–	3.73%	–
DORM	New	Dorman Products Inc	$32,030,757	–	406,327	–	3.38%	–
LOB	New	Live Oak Bancshares Inc	$28,863,938	–	1,097,071	–	3.04%	–
MBUU	New	Malibu Boats Inc	$26,800,581	–	456,880	–	2.83%	–
LPX	New	Louisiana-Pacific Corp	$18,082,477	–	241,164	–	1.91%	–
WSO	New	Watsco Inc	$9,780,891	–	25,640	–	1.03%	–
BR	New	Broadridge Financial Solutions	$9,281,905	–	56,040	–	0.98%	–
TREX	New	Trex Co	$7,196,980	–	109,777	–	0.76%	–
SEIC	New	SEI Investments Co	$4,779,914	–	80,173	–	0.50%	–
IEX	New	IDEX Corp.	$4,228,783	–	19,645	–	0.45%	–

Q4 2022

			Value		Shares		↓ Weighting
WU	Exit	Western Union Co.	$0	–	-346,494	–	-0.58%	–
TREX	Exit	Trex Co	$0	–	-110,908	–	-0.60%	–
SEIC	Exit	SEI Investments Co	$0	–	-120,085	–	-0.73%	–
WRK	Exit	WestRock Co	$0	–	-225,146	–	-0.86%	–
IEX	Exit	IDEX Corp.	$0	–	-38,080	–	-0.94%	–
WSO	Exit	Watsco Inc	$0	–	-39,964	–	-1.27%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-75,237	–	-1.34%	–
USPH	Exit	US Physical Therapy Inc	$0	–	-177,022	–	-1.66%	–
AWI	Exit	Armstrong World Industries Inc	$0	–	-192,217	–	-1.88%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-170,620	–	-2.32%	–
MBUU	Exit	Malibu Boats Inc	$0	–	-427,292	–	-2.53%	–
BDC	Exit	Belden Inc	$0	–	-449,900	–	-3.33%	–
DORM	Exit	Dorman Products Inc	$0	–	-365,639	–	-3.71%	–
THO	Exit	Thor Industries Inc.	$0	–	-467,083	–	-4.04%	–
EPAC	Exit	Enerpac Tool Group	$0	–	-1,853,760	–	-4.08%	–
AGCO	Exit	AGCO Corp.	$0	–	-376,532	–	-4.47%	–
BCO	Exit	The Brink's Co.	$0	–	-760,780	–	-4.55%	–
MGPI	Exit	MGP Ingredients Inc	$0	–	-348,508	–	-4.57%	–
NGVT	Exit	Ingevity Corp	$0	–	-611,144	–	-4.58%	–
SCL	Exit	Stepan Co	$0	–	-397,712	–	-4.60%	–
SAM	Exit	The Boston Beer Co Inc	$0	–	-119,417	–	-4.77%	–
PII	Exit	Polaris Inc.	$0	–	-436,865	–	-5.16%	–
UNVR	Exit	Univar Solutions USA Inc.	$0	–	-1,883,305	–	-5.29%	–
	Exit	Crane Holdings	$0	–	-491,030	–	-5.31%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-177,983	–	-6.04%	–
TKR	Exit	Timken Co.	$0	–	-851,011	–	-6.20%	–
DY	Exit	Dycom Industries Inc	$0	–	-587,112	–	-6.92%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-940,575	–	-7.68%	–

Q3 2022

			Value		Shares		↓ Weighting
DAR	Buy	Darling Ingredients Inc.	$62,219,000	+13.0%	940,575	+2.2%	7.68%	+12.6%
DY	Sell	Dycom Industries Inc	$56,087,000	-5.4%	587,112	-7.9%	6.92%	-5.8%
TKR	Buy	Timken Co.	$50,244,000	+12.7%	851,011	+1.3%	6.20%	+12.2%
MUSA	Sell	Murphy USA Inc.	$48,929,000	+9.9%	177,983	-6.9%	6.04%	+9.5%
	Buy	Crane Holdings	$42,985,000	+7.2%	491,030	+7.2%	5.31%	+6.7%
UNVR	Buy	Univar Solutions USA Inc.	$42,826,000	+2.7%	1,883,305	+12.3%	5.29%	+2.2%
PII	Sell	Polaris Inc.	$41,786,000	-4.5%	436,865	-0.8%	5.16%	-4.9%
SAM	Buy	The Boston Beer Co Inc	$38,649,000	+41.5%	119,417	+32.4%	4.77%	+40.9%
SCL	Buy	Stepan Co	$37,254,000	+4.0%	397,712	+12.5%	4.60%	+3.6%
NGVT	Buy	Ingevity Corp	$37,054,000	+25.1%	611,144	+30.3%	4.58%	+24.6%
MGPI	Sell	MGP Ingredients Inc	$36,998,000	-8.0%	348,508	-13.3%	4.57%	-8.4%
BCO	Sell	The Brink's Co.	$36,852,000	-21.7%	760,780	-1.8%	4.55%	-22.0%
AGCO	Buy	AGCO Corp.	$36,211,000	+1.2%	376,532	+3.9%	4.47%	+0.8%
EPAC	Buy	Enerpac Tool Group	$33,053,000	+1.9%	1,853,760	+8.8%	4.08%	+1.5%
THO	Sell	Thor Industries Inc.	$32,686,000	-8.4%	467,083	-2.2%	4.04%	-8.8%
DORM	Buy	Dorman Products Inc	$30,026,000	-16.2%	365,639	+11.9%	3.71%	-16.6%
BDC	Buy	Belden Inc	$27,003,000	+23.5%	449,900	+9.6%	3.33%	+23.0%
MBUU	Sell	Malibu Boats Inc	$20,506,000	-10.5%	427,292	-1.7%	2.53%	-10.8%
CLH	Sell	Clean Harbors Inc.	$18,765,000	+4.7%	170,620	-16.6%	2.32%	+4.3%
AWI	Buy	Armstrong World Industries Inc	$15,229,000	+88.3%	192,217	+78.2%	1.88%	+87.4%
USPH	New	US Physical Therapy Inc	$13,457,000	–	177,022	–	1.66%	–
BR	Sell	Broadridge Financial Solutions	$10,858,000	+0.9%	75,237	-0.3%	1.34%	+0.5%
WSO	Buy	Watsco Inc	$10,289,000	+11.3%	39,964	+3.3%	1.27%	+10.8%
IEX	Sell	IDEX Corp.	$7,610,000	-8.4%	38,080	-16.7%	0.94%	-8.7%
WRK	Buy	WestRock Co	$6,955,000	+7.8%	225,146	+39.0%	0.86%	+7.4%
SEIC	Buy	SEI Investments Co	$5,890,000	-6.4%	120,085	+3.1%	0.73%	-6.8%
TREX	New	Trex Co	$4,873,000	–	110,908	–	0.60%	–
WU	Sell	Western Union Co.	$4,678,000	-18.5%	346,494	-0.6%	0.58%	-18.8%
CCMP	Exit	CMC Materials Inc	$0	–	-231,130	–	-5.00%	–

Q2 2022

			Value		Shares		↓ Weighting
DY	New	Dycom Industries Inc	$59,304,000	–	637,406	–	7.35%	–
DAR	New	Darling Ingredients Inc.	$55,043,000	–	920,450	–	6.82%	–
BCO	New	The Brink's Co.	$47,038,000	–	774,800	–	5.83%	–
TKR	New	Timken Co.	$44,582,000	–	840,370	–	5.53%	–
MUSA	New	Murphy USA Inc.	$44,507,000	–	191,123	–	5.52%	–
PII	New	Polaris Inc.	$43,739,000	–	440,567	–	5.42%	–
UNVR	New	Univar Solutions USA Inc.	$41,716,000	–	1,677,346	–	5.17%	–
CCMP	New	CMC Materials Inc	$40,330,000	–	231,130	–	5.00%	–
MGPI	New	MGP Ingredients Inc	$40,232,000	–	401,963	–	4.99%	–
	New	Crane Holdings	$40,111,000	–	458,099	–	4.97%	–
DORM	New	Dorman Products Inc	$35,844,000	–	326,713	–	4.44%	–
SCL	New	Stepan Co	$35,825,000	–	353,481	–	4.44%	–
AGCO	New	AGCO Corp.	$35,770,000	–	362,415	–	4.43%	–
THO	New	Thor Industries Inc.	$35,691,000	–	477,600	–	4.42%	–
EPAC	New	Enerpac Tool Group	$32,422,000	–	1,704,606	–	4.02%	–
NGVT	New	Ingevity Corp	$29,615,000	–	469,032	–	3.67%	–
SAM	New	The Boston Beer Co Inc	$27,322,000	–	90,180	–	3.39%	–
MBUU	New	Malibu Boats Inc	$22,909,000	–	434,618	–	2.84%	–
BDC	New	Belden Inc	$21,861,000	–	410,384	–	2.71%	–
CLH	New	Clean Harbors Inc.	$17,928,000	–	204,498	–	2.22%	–
BR	New	Broadridge Financial Solutions	$10,761,000	–	75,487	–	1.33%	–
WSO	New	Watsco Inc	$9,241,000	–	38,694	–	1.15%	–
IEX	New	IDEX Corp.	$8,306,000	–	45,730	–	1.03%	–
AWI	New	Armstrong World Industries Inc	$8,087,000	–	107,880	–	1.00%	–
WRK	New	WestRock Co	$6,451,000	–	161,930	–	0.80%	–
SEIC	New	SEI Investments Co	$6,294,000	–	116,516	–	0.78%	–
WU	New	Western Union Co.	$5,742,000	–	348,608	–	0.71%	–

Q4 2021

			Value		Shares		↓ Weighting
TSCO	Exit	Tractor Supply Co.	$0	–	-2,000	–	-0.04%	–
MOH	Exit	Molina Healthcare Inc	$0	–	-20,201	–	-0.58%	–
IEX	Exit	IDEX Corp.	$0	–	-27,635	–	-0.60%	–
SEIC	Exit	SEI Investments Co	$0	–	-122,852	–	-0.77%	–
FHN	Exit	First Horizon Corporation	$0	–	-536,336	–	-0.92%	–
WRK	Exit	WestRock Co	$0	–	-183,532	–	-0.97%	–
WU	Exit	Western Union Co.	$0	–	-498,859	–	-1.07%	–
WSO	Exit	Watsco Inc	$0	–	-40,111	–	-1.12%	–
AWI	Exit	Armstrong World Industries Inc	$0	–	-128,433	–	-1.30%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-79,535	–	-1.40%	–
KOP	Exit	Koppers Holdings Inc.	$0	–	-628,783	–	-2.08%	–
EPAC	Exit	Enerpac Tool Group	$0	–	-984,362	–	-2.16%	–
HRC	Exit	Hill-Rom Holdings Inc.	$0	–	-158,541	–	-2.51%	–
NGVT	Exit	Ingevity Corp	$0	–	-368,532	–	-2.78%	–
BDC	Exit	Belden Inc	$0	–	-459,697	–	-2.83%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-266,373	–	-2.92%	–
MBUU	Exit	Malibu Boats Inc	$0	–	-398,848	–	-2.95%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-157,028	–	-3.12%	–
CCMP	Exit	CMC Materials Inc	$0	–	-259,949	–	-3.38%	–
DORM	Exit	Dorman Products Inc	$0	–	-339,326	–	-3.39%	–
SCL	Exit	Stepan Co	$0	–	-292,824	–	-3.49%	–
TMX	Exit	Terminix Global Holdings Inc.	$0	–	-832,910	–	-3.67%	–
AGCO	Exit	AGCO Corp.	$0	–	-293,338	–	-3.80%	–
MGPI	Exit	MGP Ingredients Inc	$0	–	-567,131	–	-3.90%	–
UNVR	Exit	Univar Solutions USA Inc.	$0	–	-1,735,334	–	-4.37%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-255,035	–	-4.51%	–
TKR	Exit	Timken Co.	$0	–	-670,164	–	-4.63%	–
PII	Exit	Polaris Inc.	$0	–	-376,826	–	-4.76%	–
CR	Exit	Crane Co	$0	–	-487,316	–	-4.88%	–
BCO	Exit	The Brink's Co.	$0	–	-832,979	–	-5.57%	–
DY	Exit	Dycom Industries Inc	$0	–	-758,123	–	-5.70%	–
THO	Exit	Thor Industries Inc.	$0	–	-505,132	–	-6.55%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-958,619	–	-7.28%	–

Q3 2021

			Value		Shares		↓ Weighting
DAR	Sell	Darling Ingredients Inc.	$68,925,000	+6.1%	958,619	-0.4%	7.28%	+2.4%
THO	Buy	Thor Industries Inc.	$62,010,000	+19.4%	505,132	+9.9%	6.55%	+15.2%
DY	Buy	Dycom Industries Inc	$54,009,000	+5.5%	758,123	+10.3%	5.70%	+1.8%
BCO	Buy	The Brink's Co.	$52,728,000	-12.9%	832,979	+5.7%	5.57%	-16.0%
CR	Sell	Crane Co	$46,202,000	-1.8%	487,316	-4.3%	4.88%	-5.2%
PII	Sell	Polaris Inc.	$45,091,000	-13.8%	376,826	-1.3%	4.76%	-16.8%
TKR	Buy	Timken Co.	$43,842,000	-13.8%	670,164	+6.1%	4.63%	-16.9%
MUSA	Buy	Murphy USA Inc.	$42,657,000	+28.1%	255,035	+2.2%	4.51%	+23.6%
UNVR	Buy	Univar Solutions USA Inc.	$41,336,000	+219.3%	1,735,334	+226.8%	4.37%	+208.2%
MGPI	Buy	MGP Ingredients Inc	$36,920,000	+23.3%	567,131	+28.1%	3.90%	+19.0%
AGCO	Buy	AGCO Corp.	$35,943,000	+26.3%	293,338	+34.4%	3.80%	+21.9%
TMX	Buy	Terminix Global Holdings Inc.	$34,707,000	+5.0%	832,910	+20.3%	3.67%	+1.4%
SCL	Buy	Stepan Co	$33,072,000	+15.9%	292,824	+23.4%	3.49%	+11.8%
DORM	Buy	Dorman Products Inc	$32,124,000	+17.1%	339,326	+28.2%	3.39%	+13.0%
CCMP	Buy	CMC Materials Inc	$32,034,000	+11.9%	259,949	+36.8%	3.38%	+7.9%
SAFM	Sell	Sanderson Farms Inc.	$29,553,000	-21.5%	157,028	-21.6%	3.12%	-24.3%
MBUU	Buy	Malibu Boats Inc	$27,911,000	+31.9%	398,848	+38.2%	2.95%	+27.2%
CLH	Sell	Clean Harbors Inc.	$27,668,000	-5.9%	266,373	-15.6%	2.92%	-9.2%
BDC	Sell	Belden Inc	$26,782,000	+6.0%	459,697	-8.0%	2.83%	+2.2%
NGVT	Buy	Ingevity Corp	$26,302,000	-5.9%	368,532	+7.2%	2.78%	-9.2%
HRC	Sell	Hill-Rom Holdings Inc.	$23,781,000	+3.2%	158,541	-21.9%	2.51%	-0.4%
EPAC	Buy	Enerpac Tool Group	$20,406,000	-14.9%	984,362	+9.3%	2.16%	-17.8%
KOP	Buy	Koppers Holdings Inc.	$19,656,000	+3.7%	628,783	+7.3%	2.08%	+0.0%
BR	Buy	Broadridge Financial Solutions	$13,254,000	+3.2%	79,535	+0.0%	1.40%	-0.4%
AWI	Sell	Armstrong World Industries Inc	$12,261,000	-12.5%	128,433	-1.7%	1.30%	-15.6%
WSO	Buy	Watsco Inc	$10,614,000	-7.7%	40,111	+0.0%	1.12%	-10.9%
WU	Buy	Western Union Co.	$10,087,000	-4.1%	498,859	+9.0%	1.07%	-7.4%
WRK	Buy	WestRock Co	$9,145,000	+23.8%	183,532	+32.2%	0.97%	+19.4%
FHN	Buy	First Horizon Corporation	$8,737,000	+4.9%	536,336	+11.3%	0.92%	+1.2%
SEIC	Buy	SEI Investments Co	$7,285,000	-4.3%	122,852	+0.0%	0.77%	-7.6%
IEX	Buy	IDEX Corp.	$5,719,000	-5.9%	27,635	+0.0%	0.60%	-9.3%
MOH	Sell	Molina Healthcare Inc	$5,481,000	-42.8%	20,201	-46.6%	0.58%	-44.8%
FTDR	Exit	Frontdoor Inc	$0	–	-333,340	–	-1.82%	–

Q2 2021

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients Inc.	$64,957,000	–	962,324	–	7.11%	–
BCO	New	The Brink's Co.	$60,566,000	–	788,212	–	6.63%	–
PII	New	Polaris Inc.	$52,291,000	–	381,800	–	5.72%	–
THO	New	Thor Industries Inc.	$51,952,000	–	459,748	–	5.69%	–
DY	New	Dycom Industries Inc	$51,205,000	–	687,044	–	5.61%	–
TKR	New	Timken Co.	$50,882,000	–	631,373	–	5.57%	–
CR	New	Crane Co	$47,044,000	–	509,301	–	5.15%	–
SAFM	New	Sanderson Farms Inc.	$37,653,000	–	200,315	–	4.12%	–
MUSA	New	Murphy USA Inc.	$33,294,000	–	249,635	–	3.64%	–
TMX	New	Terminix Global Holdings Inc.	$33,041,000	–	692,539	–	3.62%	–
MGPI	New	MGP Ingredients Inc	$29,937,000	–	442,591	–	3.28%	–
CLH	New	Clean Harbors Inc.	$29,392,000	–	315,570	–	3.22%	–
CCMP	New	CMC Materials Inc	$28,637,000	–	189,975	–	3.14%	–
SCL	New	Stepan Co	$28,535,000	–	237,257	–	3.12%	–
AGCO	New	AGCO Corp.	$28,453,000	–	218,229	–	3.12%	–
NGVT	New	Ingevity Corp	$27,960,000	–	343,661	–	3.06%	–
DORM	New	Dorman Products Inc	$27,431,000	–	264,604	–	3.00%	–
BDC	New	Belden Inc	$25,277,000	–	499,850	–	2.77%	–
EPAC	New	Enerpac Tool Group	$23,965,000	–	900,245	–	2.62%	–
HRC	New	Hill-Rom Holdings Inc.	$23,047,000	–	202,899	–	2.52%	–
MBUU	New	Malibu Boats Inc	$21,160,000	–	288,562	–	2.32%	–
KOP	New	Koppers Holdings Inc.	$18,951,000	–	585,797	–	2.08%	–
FTDR	New	Frontdoor Inc	$16,607,000	–	333,340	–	1.82%	–
AWI	New	Armstrong World Industries Inc	$14,008,000	–	130,595	–	1.53%	–
UNVR	New	Univar Solutions USA Inc.	$12,945,000	–	530,952	–	1.42%	–
BR	New	Broadridge Financial Solutions	$12,843,000	–	79,506	–	1.41%	–
WSO	New	Watsco Inc	$11,494,000	–	40,098	–	1.26%	–
WU	New	Western Union Co.	$10,514,000	–	457,708	–	1.15%	–
MOH	New	Molina Healthcare Inc	$9,582,000	–	37,863	–	1.05%	–
FHN	New	First Horizon Corporation	$8,326,000	–	481,807	–	0.91%	–
SEIC	New	SEI Investments Co	$7,610,000	–	122,799	–	0.83%	–
WRK	New	WestRock Co	$7,387,000	–	138,796	–	0.81%	–
IEX	New	IDEX Corp.	$6,079,000	–	27,627	–	0.67%	–
TSCO	New	Tractor Supply Co.	$372,000	–	2,000	–	0.04%	–

Q4 2020

			Value		Shares		↓ Weighting
TSCO	Exit	Tractor Supply Co.	$0	–	-2,000	–	-0.04%	–
MGPI	Exit	MGP Ingredients Inc	$0	–	-24,388	–	-0.13%	–
EGOV	Exit	NIC Inc	$0	–	-58,153	–	-0.15%	–
UNVR	Exit	Univar Solutions USA Inc.	$0	–	-74,300	–	-0.16%	–
OVV	Exit	Ovintiv Inc	$0	–	-654,958	–	-0.70%	–
MOH	Exit	Molina Healthcare Inc	$0	–	-35,624	–	-0.85%	–
FHN	Exit	First Horizon National Corp	$0	–	-703,685	–	-0.87%	–
DORM	Exit	Dorman Products Inc	$0	–	-73,620	–	-0.87%	–
SEIC	Exit	SEI Investments Co	$0	–	-137,110	–	-0.91%	–
IEX	Exit	IDEX Corp.	$0	–	-38,378	–	-0.92%	–
KN	Exit	Knowles Corporation	$0	–	-511,208	–	-1.00%	–
WSO	Exit	Watsco Inc	$0	–	-33,165	–	-1.01%	–
FTDR	Exit	Frontdoor Inc	$0	–	-206,348	–	-1.05%	–
WRK	Exit	WestRock Co	$0	–	-234,293	–	-1.07%	–
AEGN	Exit	Aegion Corp.	$0	–	-607,707	–	-1.12%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-645,024	–	-1.33%	–
WU	Exit	Western Union Co.	$0	–	-495,819	–	-1.39%	–
NGVT	Exit	Ingevity Corp	$0	–	-274,871	–	-1.78%	–
EPAC	Exit	Enerpac Tool Group	$0	–	-791,642	–	-1.95%	–
HRC	Exit	Hill-Rom Holdings Inc.	$0	–	-194,113	–	-2.12%	–
CNC	Exit	Centene Corp.	$0	–	-305,535	–	-2.33%	–
KOP	Exit	Koppers Holdings Inc.	$0	–	-870,568	–	-2.38%	–
BDC	Exit	Belden Inc	$0	–	-601,471	–	-2.45%	–
SCL	Exit	Stepan Co	$0	–	-172,344	–	-2.46%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-159,445	–	-2.46%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-172,242	–	-2.89%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-173,912	–	-3.01%	–
SERV	Exit	ServiceMaster Global Holdings	$0	–	-636,295	–	-3.32%	–
TRN	Exit	Trinity Industries Inc.	$0	–	-1,381,203	–	-3.53%	–
THO	Exit	Thor Industries Inc.	$0	–	-290,758	–	-3.63%	–
CR	Exit	Crane Co	$0	–	-580,296	–	-3.81%	–
PII	Exit	Polaris Inc.	$0	–	-328,814	–	-4.06%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-558,690	–	-4.10%	–
TKR	Exit	Timken Co.	$0	–	-837,537	–	-5.95%	–
AGCO	Exit	AGCO Corp.	$0	–	-618,331	–	-6.01%	–
STAY	Exit	Extended Stay America, Inc.	$0	–	-3,931,151	–	-6.15%	–
DY	Exit	Dycom Industries Inc	$0	–	-1,003,560	–	-6.94%	–
BCO	Exit	The Brink's Co.	$0	–	-1,294,892	–	-6.97%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-1,717,541	–	-8.10%	–

Q3 2020

			Value		Shares		↓ Weighting
DAR	Sell	Darling Ingredients Inc.	$61,883,000	+9.0%	1,717,541	-25.5%	8.10%	+5.8%
BCO	Buy	The Brink's Co.	$53,207,000	+5.9%	1,294,892	+17.3%	6.97%	+2.7%
DY	Sell	Dycom Industries Inc	$53,008,000	+3.5%	1,003,560	-19.9%	6.94%	+0.4%
STAY	Sell	Extended Stay America, Inc.	$46,977,000	+5.7%	3,931,151	-1.0%	6.15%	+2.6%
AGCO	Sell	AGCO Corp.	$45,923,000	+7.9%	618,331	-19.4%	6.01%	+4.7%
TKR	Sell	Timken Co.	$45,411,000	-1.4%	837,537	-17.3%	5.95%	-4.4%
CLH	Buy	Clean Harbors Inc.	$31,303,000	+0.2%	558,690	+7.3%	4.10%	-2.8%
PII	Buy	Polaris Inc.	$31,020,000	+11.0%	328,814	+8.9%	4.06%	+7.7%
CR	Buy	Crane Co	$29,090,000	-4.0%	580,296	+13.9%	3.81%	-6.9%
THO	Sell	Thor Industries Inc.	$27,698,000	-18.9%	290,758	-9.3%	3.63%	-21.3%
TRN	Sell	Trinity Industries Inc.	$26,933,000	-14.7%	1,381,203	-6.9%	3.53%	-17.3%
SERV	Buy	ServiceMaster Global Holdings	$25,375,000	+39.2%	636,295	+24.6%	3.32%	+35.0%
BR	Sell	Broadridge Financial Solutions	$22,956,000	-3.9%	173,912	-8.1%	3.01%	-6.8%
MUSA	Sell	Murphy USA Inc.	$22,093,000	-1.0%	172,242	-13.1%	2.89%	-4.0%
SAFM	Buy	Sanderson Farms Inc.	$18,810,000	+40.0%	159,445	+37.5%	2.46%	+35.8%
SCL	Sell	Stepan Co	$18,785,000	+9.9%	172,344	-2.1%	2.46%	+6.6%
BDC	Sell	Belden Inc	$18,718,000	-5.6%	601,471	-1.3%	2.45%	-8.5%
KOP	Sell	Koppers Holdings Inc.	$18,204,000	-10.1%	870,568	-19.0%	2.38%	-12.8%
CNC	Sell	Centene Corp.	$17,822,000	-11.8%	305,535	-3.9%	2.33%	-14.4%
HRC	Buy	Hill-Rom Holdings Inc.	$16,210,000	-16.1%	194,113	+10.3%	2.12%	-18.6%
EPAC	Sell	Enerpac Tool Group	$14,891,000	+3.6%	791,642	-3.1%	1.95%	+0.5%
NGVT	Buy	Ingevity Corp	$13,590,000	+429.0%	274,871	+462.5%	1.78%	+413.0%
WU	Sell	Western Union Co.	$10,625,000	-11.6%	495,819	-10.8%	1.39%	-14.2%
HBI	Sell	Hanesbrands Inc.	$10,159,000	+10.6%	645,024	-20.7%	1.33%	+7.3%
AEGN	Sell	Aegion Corp.	$8,587,000	-24.3%	607,707	-15.0%	1.12%	-26.5%
WRK	Sell	WestRock Co	$8,139,000	-21.4%	234,293	-36.1%	1.07%	-23.7%
FTDR	Buy	Frontdoor Inc	$8,029,000	+214.2%	206,348	+258.0%	1.05%	+204.9%
WSO	Sell	Watsco Inc	$7,724,000	+12.2%	33,165	-14.4%	1.01%	+8.9%
KN	Sell	Knowles Corporation	$7,617,000	-17.8%	511,208	-15.8%	1.00%	-20.2%
IEX	Sell	IDEX Corp.	$7,001,000	-11.1%	38,378	-23.0%	0.92%	-13.7%
SEIC	Buy	SEI Investments Co	$6,954,000	+8.0%	137,110	+17.1%	0.91%	+4.8%
DORM	Sell	Dorman Products Inc	$6,654,000	+34.6%	73,620	-0.1%	0.87%	+30.6%
FHN	Sell	First Horizon National Corp	$6,636,000	-11.9%	703,685	-7.0%	0.87%	-14.6%
MOH	Buy	Molina Healthcare Inc	$6,521,000	+118.3%	35,624	+112.2%	0.85%	+111.9%
OVV	Sell	Ovintiv Inc	$5,344,000	-44.9%	654,958	-35.5%	0.70%	-46.5%
UNVR	New	Univar Solutions USA Inc.	$1,254,000	–	74,300	–	0.16%	–
EGOV	Sell	NIC Inc	$1,146,000	-14.3%	58,153	-0.2%	0.15%	-17.1%
MGPI	New	MGP Ingredients Inc	$969,000	–	24,388	–	0.13%	–

Q2 2020

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients Inc.	$56,769,000	–	2,305,817	–	7.66%	–
DY	New	Dycom Industries Inc	$51,218,000	–	1,252,585	–	6.92%	–
BCO	New	Brink's Co.	$50,253,000	–	1,104,216	–	6.78%	–
TKR	New	Timken Co.	$46,076,000	–	1,012,884	–	6.22%	–
STAY	New	Extended Stay America, Inc.	$44,435,000	–	3,970,958	–	6.00%	–
AGCO	New	AGCO Corp.	$42,544,000	–	767,120	–	5.74%	–
THO	New	Thor Industries Inc.	$34,134,000	–	320,414	–	4.61%	–
TRN	New	Trinity Industries Inc.	$31,586,000	–	1,483,623	–	4.26%	–
CLH	New	Clean Harbors Inc.	$31,233,000	–	520,728	–	4.22%	–
CR	New	Crane Co	$30,304,000	–	509,648	–	4.09%	–
PII	New	Polaris Inc.	$27,949,000	–	301,988	–	3.77%	–
BR	New	Broadridge Financial Solutions	$23,890,000	–	189,319	–	3.22%	–
MUSA	New	Murphy USA Inc.	$22,325,000	–	198,290	–	3.01%	–
KOP	New	Koppers Holdings Inc.	$20,259,000	–	1,075,304	–	2.74%	–
CNC	New	Centene Corp.	$20,203,000	–	317,912	–	2.73%	–
BDC	New	Belden Inc	$19,833,000	–	609,302	–	2.68%	–
HRC	New	Hill-Rom Holdings Inc.	$19,315,000	–	175,941	–	2.61%	–
SERV	New	ServiceMaster Global Holdings	$18,226,000	–	510,667	–	2.46%	–
SCL	New	Stepan Co	$17,095,000	–	176,052	–	2.31%	–
EPAC	New	Enerpac Tool Group	$14,374,000	–	816,698	–	1.94%	–
SAFM	New	Sanderson Farms Inc.	$13,437,000	–	115,942	–	1.81%	–
WU	New	Western Union Co.	$12,020,000	–	555,953	–	1.62%	–
AEGN	New	Aegion Corp.	$11,341,000	–	714,628	–	1.53%	–
WRK	New	WestRock Co	$10,357,000	–	366,499	–	1.40%	–
OVV	New	Ovintiv Inc	$9,692,000	–	1,014,857	–	1.31%	–
KN	New	Knowles Corporation	$9,269,000	–	607,429	–	1.25%	–
HBI	New	Hanesbrands Inc.	$9,184,000	–	813,460	–	1.24%	–
IEX	New	IDEX Corp.	$7,877,000	–	49,844	–	1.06%	–
FHN	New	First Horizon National Corp	$7,534,000	–	756,468	–	1.02%	–
WSO	New	Watsco Inc	$6,883,000	–	38,734	–	0.93%	–
SEIC	New	SEI Investments Co	$6,440,000	–	117,134	–	0.87%	–
DORM	New	Dorman Products Inc	$4,942,000	–	73,683	–	0.67%	–
MOH	New	Molina Healthcare Inc	$2,987,000	–	16,785	–	0.40%	–
NGVT	New	Ingevity Corp	$2,569,000	–	48,862	–	0.35%	–
FTDR	New	Frontdoor Inc	$2,555,000	–	57,645	–	0.34%	–
EGOV	New	NIC Inc	$1,338,000	–	58,258	–	0.18%	–
TSCO	New	Tractor Supply Co.	$264,000	–	2,000	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
WSO	Exit	Watsco Inc	$0	–	-58,653	–	-0.82%	–
SEIC	Exit	SEI Investments Co	$0	–	-189,449	–	-0.93%	–
SCL	Exit	Stepan Co	$0	–	-185,421	–	-1.49%	–
EPAC	Exit	Enerpac Tool Group	$0	–	-976,167	–	-1.78%	–
AEGN	Exit	Aegion Corp.	$0	–	-1,005,233	–	-1.78%	–
FHN	Exit	First Horizon National Corp	$0	–	-1,353,005	–	-1.82%	–
IEX	Exit	IDEX Corp.	$0	–	-157,513	–	-2.14%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-172,050	–	-2.16%	–
KN	Exit	Knowles Corporation	$0	–	-1,280,620	–	-2.16%	–
BDC	Exit	Belden Inc	$0	–	-505,647	–	-2.24%	–
HRC	Exit	Hill-Rom Holdings Inc.	$0	–	-262,743	–	-2.30%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-351,698	–	-2.49%	–
WU	Exit	Western Union Co.	$0	–	-1,317,834	–	-2.54%	–
WRK	Exit	WestRock Co	$0	–	-861,386	–	-2.61%	–
KOP	Exit	Koppers Holdings Inc.	$0	–	-1,122,242	–	-2.72%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-2,192,409	–	-2.79%	–
ECA	Exit	Encana Corp	$0	–	-7,373,377	–	-2.82%	–
BR	Exit	Broadridge Financial Solutions, Inc.	$0	–	-280,159	–	-2.89%	–
CNC	Exit	Centene Corp.	$0	–	-819,723	–	-2.94%	–
PII	Exit	Polaris Inc.	$0	–	-529,898	–	-3.87%	–
TRN	Exit	Trinity Industries Inc.	$0	–	-2,555,169	–	-4.18%	–
CR	Exit	Crane Co	$0	–	-650,397	–	-4.35%	–
THO	Exit	Thor Industries Inc.	$0	–	-945,028	–	-4.44%	–
AGCO	Exit	AGCO Corp.	$0	–	-780,652	–	-4.91%	–
STAY	Exit	Extended Stay America, Inc.	$0	–	-4,478,383	–	-5.44%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-851,330	–	-5.46%	–
TKR	Exit	Timken Co.	$0	–	-1,688,355	–	-6.10%	–
BCO	Exit	Brink's Co.	$0	–	-906,481	–	-6.24%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-4,151,021	–	-6.59%	–
DY	Exit	Dycom Industries Inc	$0	–	-1,649,560	–	-6.99%	–

Q3 2019

			Value		Shares		↓ Weighting
DY	Buy	Dycom Industries Inc	$84,210,000	-9.7%	1,649,560	+4.2%	6.99%	-2.7%
DAR	Sell	Darling Ingredients Inc.	$79,409,000	-9.2%	4,151,021	-5.6%	6.59%	-2.2%
BCO	Sell	Brink's Co.	$75,193,000	-8.6%	906,481	-10.6%	6.24%	-1.6%
TKR	Buy	Timken Co.	$73,460,000	-11.2%	1,688,355	+4.8%	6.10%	-4.3%
CLH	Sell	Clean Harbors Inc.	$65,723,000	-8.2%	851,330	-15.5%	5.46%	-1.1%
STAY	Buy	Extended Stay America, Inc.	$65,564,000	-7.8%	4,478,383	+6.3%	5.44%	-0.7%
AGCO	Sell	AGCO Corp.	$59,095,000	-3.8%	780,652	-1.5%	4.91%	+3.6%
THO	Buy	Thor Industries Inc.	$53,526,000	-0.1%	945,028	+3.1%	4.44%	+7.6%
CR	Buy	Crane Co	$52,442,000	+2.8%	650,397	+6.4%	4.35%	+10.8%
TRN	Buy	Trinity Industries Inc.	$50,286,000	-0.1%	2,555,169	+5.4%	4.18%	+7.7%
PII	Buy	Polaris Inc.	$46,636,000	-2.0%	529,898	+1.6%	3.87%	+5.6%
CNC	Buy	Centene Corp.	$35,461,000	-14.4%	819,723	+3.8%	2.94%	-7.7%
BR	Sell	Broadridge Financial Solutions, Inc.	$34,860,000	-8.6%	280,159	-6.3%	2.89%	-1.6%
ECA	Sell	Encana Corp	$33,918,000	-15.0%	7,373,377	-5.2%	2.82%	-8.4%
HBI	Buy	Hanesbrands Inc.	$33,588,000	-0.4%	2,192,409	+11.9%	2.79%	+7.3%
KOP	Sell	Koppers Holdings Inc.	$32,781,000	-10.5%	1,122,242	-10.0%	2.72%	-3.6%
WRK	Buy	WestRock Co	$31,398,000	+0.9%	861,386	+0.9%	2.61%	+8.7%
WU	Sell	Western Union Co.	$30,534,000	-18.0%	1,317,834	-29.6%	2.54%	-11.6%
MUSA	Sell	Murphy USA Inc.	$30,000,000	-15.4%	351,698	-16.7%	2.49%	-8.9%
HRC	Sell	Hill-Rom Holdings Inc.	$27,648,000	-1.0%	262,743	-1.5%	2.30%	+6.7%
BDC	Buy	Belden Inc	$26,971,000	+4.9%	505,647	+17.2%	2.24%	+13.1%
KN	Sell	Knowles Corporation	$26,048,000	-16.5%	1,280,620	-24.8%	2.16%	-10.0%
SAFM	Sell	Sanderson Farms Inc.	$26,036,000	-9.2%	172,050	-18.1%	2.16%	-2.2%
IEX	Sell	IDEX Corp.	$25,813,000	-14.3%	157,513	-9.9%	2.14%	-7.6%
FHN	Buy	First Horizon National Corp	$21,919,000	+13.4%	1,353,005	+4.5%	1.82%	+22.2%
AEGN	Sell	Aegion Corp.	$21,492,000	-8.1%	1,005,233	-20.9%	1.78%	-1.0%
EPAC	Sell	Enerpac Tool Group	$21,417,000	-20.9%	976,167	-10.5%	1.78%	-14.7%
SCL	Sell	Stepan Co	$17,997,000	+4.2%	185,421	-1.3%	1.49%	+12.2%
SEIC	Buy	SEI Investments Co	$11,226,000	+25.3%	189,449	+18.6%	0.93%	+35.1%
WSO	Buy	Watsco Inc	$9,923,000	+11.5%	58,653	+7.8%	0.82%	+20.3%
TSCO	Exit	Tractor Supply Co.	$0	–	-2,000	–	-0.02%	–
DFS	Exit	Discover Financial Services	$0	–	-40,909	–	-0.24%	–

Q2 2019

			Value		Shares		↓ Weighting
DY	New	Dycom Industries Inc	$93,226,000	–	1,583,589	–	7.18%	–
DAR	New	Darling Ingredients Inc.	$87,441,000	–	4,396,234	–	6.74%	–
TKR	New	Timken Co.	$82,688,000	–	1,610,604	–	6.37%	–
BCO	New	Brink's Co.	$82,299,000	–	1,013,789	–	6.34%	–
CLH	New	Clean Harbors Inc.	$71,612,000	–	1,007,201	–	5.52%	–
STAY	New	Extended Stay America, Inc.	$71,133,000	–	4,211,525	–	5.48%	–
AGCO	New	AGCO Corp.	$61,451,000	–	792,201	–	4.74%	–
THO	New	Thor Industries Inc.	$53,601,000	–	917,032	–	4.13%	–
CR	New	Crane Co	$51,000,000	–	611,218	–	3.93%	–
TRN	New	Trinity Industries Inc.	$50,325,000	–	2,425,309	–	3.88%	–
PII	New	Polaris Industries Inc.	$47,593,000	–	521,679	–	3.67%	–
CNC	New	Centene Corp.	$41,406,000	–	789,596	–	3.19%	–
ECA	New	Encana Corp	$39,917,000	–	7,781,129	–	3.08%	–
BR	New	Broadridge Financial Solutions	$38,156,000	–	298,837	–	2.94%	–
WU	New	Western Union Co.	$37,226,000	–	1,871,581	–	2.87%	–
KOP	New	Koppers Holdings Inc.	$36,624,000	–	1,247,410	–	2.82%	–
MUSA	New	Murphy USA Inc.	$35,471,000	–	422,122	–	2.73%	–
HBI	New	Hanesbrands Inc.	$33,730,000	–	1,958,763	–	2.60%	–
KN	New	Knowles Corporation	$31,187,000	–	1,703,256	–	2.40%	–
WRK	New	WestRock Co	$31,131,000	–	853,593	–	2.40%	–
IEX	New	IDEX Corp.	$30,108,000	–	174,904	–	2.32%	–
SAFM	New	Sanderson Farms Inc.	$28,680,000	–	210,016	–	2.21%	–
HRC	New	Hill-Rom Holdings Inc.	$27,917,000	–	266,838	–	2.15%	–
EPAC	New	Actuant Corp	$27,064,000	–	1,090,866	–	2.08%	–
BDC	New	Belden Inc	$25,701,000	–	431,450	–	1.98%	–
AEGN	New	Aegion Corp.	$23,386,000	–	1,270,966	–	1.80%	–
FHN	New	First Horizon National Corp	$19,329,000	–	1,294,651	–	1.49%	–
SCL	New	Stepan Co	$17,272,000	–	187,925	–	1.33%	–
SEIC	New	SEI Investments Co	$8,958,000	–	159,685	–	0.69%	–
WSO	New	Watsco Inc	$8,897,000	–	54,404	–	0.68%	–
DFS	New	Discover Financial Services	$3,174,000	–	40,909	–	0.24%	–
TSCO	New	Tractor Supply Co.	$218,000	–	2,000	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
DFS	Exit	Discover Financial Services	$0	–	-40,502	–	-0.14%	–
PNR	Exit	Pentair plc	$0	–	-457,626	–	-0.91%	–
DBD	Exit	Diebold Nixdorf Incorporated	$0	–	-4,612,762	–	-0.95%	–
CR	Exit	Crane Co	$0	–	-234,076	–	-1.05%	–
KOP	Exit	Koppers Holdings Inc.	$0	–	-748,068	–	-1.06%	–
FSS	Exit	Federal Signal Corp	$0	–	-960,268	–	-1.18%	–
BDC	Exit	Belden Inc	$0	–	-382,349	–	-1.25%	–
TVPT	Exit	Travelport Worldwide Limited	$0	–	-1,802,564	–	-1.39%	–
COMM	Exit	CommScope Holdings Company, In	$0	–	-1,235,416	–	-1.74%	–
EPAC	Exit	Actuant Corp	$0	–	-1,413,567	–	-1.80%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-382,882	–	-1.81%	–
HRC	Exit	Hill-Rom Holdings Inc.	$0	–	-447,256	–	-1.93%	–
AEGN	Exit	Aegion Corp.	$0	–	-1,684,781	–	-1.96%	–
FLS	Exit	Flowserve Corp.	$0	–	-848,170	–	-2.12%	–
WRK	Exit	WestRock Co	$0	–	-906,592	–	-2.22%	–
IEX	Exit	IDEX Corp.	$0	–	-360,643	–	-2.48%	–
KN	Exit	Knowles Corporation	$0	–	-3,560,667	–	-2.71%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-499,625	–	-3.01%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-3,731,802	–	-3.14%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-837,282	–	-3.27%	–
WU	Exit	Western Union Co.	$0	–	-3,765,022	–	-3.28%	–
PII	Exit	Polaris Industries Inc.	$0	–	-751,876	–	-3.47%	–
THO	Exit	Thor Industries Inc.	$0	–	-925,298	–	-3.54%	–
CNC	Exit	Centene Corp.	$0	–	-585,919	–	-3.88%	–
AGCO	Exit	AGCO Corp.	$0	–	-1,426,607	–	-3.96%	–
STAY	Exit	Extended Stay America, Inc.	$0	–	-5,190,973	–	-4.80%	–
DY	Exit	Dycom Industries Inc	$0	–	-1,308,159	–	-5.06%	–
TRN	Exit	Trinity Industries Inc.	$0	–	-3,023,138	–	-5.06%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-1,715,774	–	-5.62%	–
TKR	Exit	Timken Co.	$0	–	-2,682,550	–	-6.11%	–
BCO	Exit	Brink's Co.	$0	–	-1,928,207	–	-6.15%	–
NFX	Exit	Newfield Exploration Co.	$0	–	-4,784,550	–	-6.31%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-7,502,385	–	-6.63%	–

Q3 2018

			Value		Shares		↓ Weighting
DAR	Sell	Darling Ingredients Inc.	$144,946,000	-30.0%	7,502,385	-28.0%	6.63%	-1.9%
NFX	Sell	Newfield Exploration Co.	$137,939,000	-26.3%	4,784,550	-22.6%	6.31%	+3.4%
BCO	Sell	Brink's Co.	$134,492,000	-25.5%	1,928,207	-14.9%	6.15%	+4.4%
TKR	Sell	Timken Co.	$133,725,000	-16.8%	2,682,550	-27.3%	6.11%	+16.7%
CLH	Sell	Clean Harbors Inc.	$122,815,000	-35.0%	1,715,774	-49.6%	5.62%	-9.0%
TRN	Sell	Trinity Industries Inc.	$110,768,000	-26.8%	3,023,138	-31.5%	5.06%	+2.7%
DY	Buy	Dycom Industries Inc	$110,670,000	+18.5%	1,308,159	+32.4%	5.06%	+66.1%
STAY	Sell	Extended Stay America, Inc.	$105,013,000	-28.6%	5,190,973	-23.7%	4.80%	+0.2%
AGCO	Sell	AGCO Corp.	$86,723,000	-22.8%	1,426,607	-22.8%	3.96%	+8.3%
CNC	Sell	Centene Corp.	$84,829,000	-47.1%	585,919	-55.0%	3.88%	-25.9%
THO	Sell	Thor Industries Inc.	$77,447,000	-33.2%	925,298	-22.3%	3.54%	-6.3%
PII	Sell	Polaris Industries Inc.	$75,902,000	-43.0%	751,876	-31.0%	3.47%	-20.1%
WU	Sell	Western Union Co.	$71,761,000	-38.1%	3,765,022	-34.0%	3.28%	-13.2%
MUSA	Sell	Murphy USA Inc.	$71,554,000	-50.8%	837,282	-57.2%	3.27%	-31.0%
HBI	Sell	Hanesbrands Inc.	$68,777,000	-30.9%	3,731,802	-17.4%	3.14%	-3.1%
BR	Sell	Broadridge Financial Solutions	$65,926,000	-34.5%	499,625	-42.8%	3.01%	-8.1%
KN	Sell	Knowles Corporation	$59,178,000	-35.9%	3,560,667	-41.0%	2.71%	-10.1%
IEX	Sell	IDEX Corp.	$54,334,000	-30.9%	360,643	-37.4%	2.48%	-3.1%
WRK	Sell	WestRock Co	$48,448,000	-36.5%	906,592	-32.3%	2.22%	-11.0%
FLS	Sell	Flowserve Corp.	$46,386,000	-40.1%	848,170	-55.7%	2.12%	-16.0%
AEGN	Sell	Aegion Corp.	$42,760,000	-8.9%	1,684,781	-7.6%	1.96%	+27.7%
HRC	Sell	Hill-Rom Holdings Inc.	$42,221,000	-6.7%	447,256	-13.7%	1.93%	+30.8%
SAFM	Buy	Sanderson Farms Inc.	$39,579,000	+31.6%	382,882	+33.9%	1.81%	+84.5%
EPAC	Sell	Actuant Corp	$39,439,000	-27.4%	1,413,567	-23.7%	1.80%	+1.7%
COMM	Sell	CommScope Holdings Company, In	$38,001,000	-28.1%	1,235,416	-31.7%	1.74%	+0.9%
TVPT	Buy	Travelport Worldwide Limited	$30,409,000	+114.1%	1,802,564	+135.3%	1.39%	+200.2%
BDC	Buy	Belden Inc	$27,304,000	+23.5%	382,349	+5.7%	1.25%	+73.1%
FSS	Sell	Federal Signal Corp	$25,716,000	-7.1%	960,268	-19.2%	1.18%	+30.2%
KOP	Buy	Koppers Holdings Inc.	$23,302,000	+10.1%	748,068	+35.6%	1.06%	+54.3%
CR	Buy	Crane Co	$23,021,000	+54.1%	234,076	+25.5%	1.05%	+116.2%
DBD	Sell	Diebold Nixdorf Incorporated	$20,757,000	-70.6%	4,612,762	-22.0%	0.95%	-58.8%
PNR	Sell	Pentair plc	$19,838,000	-15.4%	457,626	-17.8%	0.91%	+18.7%
AXP	Exit	American Express Co.	$0	–	-32,879	–	-0.10%	–
OGE	Exit	OGE Energy Corp.	$0	–	-350,680	–	-0.40%	–

Q2 2018

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients Inc.	$207,124,000	–	10,418,715	–	6.76%	–
CLH	New	Clean Harbors Inc.	$189,085,000	–	3,403,879	–	6.17%	–
NFX	New	Newfield Exploration Co.	$187,057,000	–	6,183,708	–	6.10%	–
BCO	New	Brink's Co.	$180,626,000	–	2,264,900	–	5.89%	–
TKR	New	Timken Co.	$160,632,000	–	3,688,450	–	5.24%	–
CNC	New	Centene Corp.	$160,456,000	–	1,302,294	–	5.23%	–
TRN	New	Trinity Industries Inc.	$151,234,000	–	4,414,299	–	4.93%	–
STAY	New	Extended Stay America, Inc.	$146,994,000	–	6,802,115	–	4.79%	–
MUSA	New	Murphy USA Inc.	$145,453,000	–	1,957,914	–	4.74%	–
PII	New	Polaris Industries Inc.	$133,125,000	–	1,089,577	–	4.34%	–
WU	New	Western Union Co.	$115,943,000	–	5,703,053	–	3.78%	–
THO	New	Thor Industries Inc.	$115,904,000	–	1,190,106	–	3.78%	–
AGCO	New	AGCO Corp.	$112,273,000	–	1,849,035	–	3.66%	–
BR	New	Broadridge Financial Solutions	$100,601,000	–	874,033	–	3.28%	–
HBI	New	Hanesbrands Inc.	$99,469,000	–	4,517,215	–	3.24%	–
DY	New	Dycom Industries Inc	$93,385,000	–	988,098	–	3.05%	–
KN	New	Knowles Corporation	$92,324,000	–	6,034,217	–	3.01%	–
IEX	New	IDEX Corp.	$78,589,000	–	575,826	–	2.56%	–
FLS	New	Flowserve Corp.	$77,429,000	–	1,916,557	–	2.52%	–
WRK	New	WestRock Co	$76,356,000	–	1,339,102	–	2.49%	–
DBD	New	Diebold Nixdorf Incorporated	$70,709,000	–	5,917,087	–	2.31%	–
EPAC	New	Actuant Corp	$54,354,000	–	1,851,915	–	1.77%	–
COMM	New	CommScope Holdings Company, In	$52,816,000	–	1,808,471	–	1.72%	–
AEGN	New	Aegion Corp.	$46,954,000	–	1,823,447	–	1.53%	–
HRC	New	Hill-Rom Holdings Inc.	$45,271,000	–	518,330	–	1.48%	–
SAFM	New	Sanderson Farms Inc.	$30,070,000	–	285,970	–	0.98%	–
FSS	New	Federal Signal Corp	$27,686,000	–	1,188,739	–	0.90%	–
PNR	New	Pentair plc	$23,439,000	–	557,000	–	0.76%	–
BDC	New	Belden Inc	$22,116,000	–	361,847	–	0.72%	–
KOP	New	Koppers Holdings Inc.	$21,162,000	–	551,823	–	0.69%	–
CR	New	Crane Co	$14,942,000	–	186,471	–	0.49%	–
TVPT	New	Travelport Worldwide Limited	$14,206,000	–	766,219	–	0.46%	–
OGE	New	OGE Energy Corp.	$12,347,000	–	350,680	–	0.40%	–
AXP	New	American Express Co.	$3,222,000	–	32,879	–	0.10%	–
DFS	New	Discover Financial Services	$2,852,000	–	40,502	–	0.09%	–

Q4 2017

			Value		Shares		↓ Weighting
DFS	Exit	Discover Financial Services	$0	–	-38,420	–	-0.06%	–
AXP	Exit	American Express Co.	$0	–	-30,148	–	-0.07%	–
CR	Exit	Crane Co	$0	–	-269,854	–	-0.53%	–
NDSN	Exit	Nordson Corp.	$0	–	-215,003	–	-0.63%	–
AEGN	Exit	Aegion Corp.	$0	–	-1,300,145	–	-0.74%	–
FSS	Exit	Federal Signal Corp	$0	–	-1,434,447	–	-0.75%	–
STAY	Exit	Extended Stay America, Inc.	$0	–	-1,827,584	–	-0.90%	–
DY	Exit	Dycom Industries Inc	$0	–	-465,396	–	-0.98%	–
KOP	Exit	Koppers Holdings Inc.	$0	–	-1,036,708	–	-1.18%	–
EPAC	Exit	Actuant Corp	$0	–	-2,438,945	–	-1.54%	–
TEN	Exit	Tenneco Inc	$0	–	-1,043,464	–	-1.56%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-405,484	–	-1.61%	–
HRC	Exit	Hill-Rom Holdings Inc.	$0	–	-908,416	–	-1.65%	–
PNR	Exit	Pentair plc	$0	–	-1,085,855	–	-1.81%	–
WRK	Exit	WestRock Co	$0	–	-1,405,811	–	-1.96%	–
BCO	Exit	Brink's Co.	$0	–	-979,886	–	-2.03%	–
KN	Exit	Knowles Corporation	$0	–	-6,894,975	–	-2.59%	–
FLS	Exit	Flowserve Corp.	$0	–	-2,712,145	–	-2.84%	–
IEX	Exit	IDEX Corp.	$0	–	-1,017,206	–	-3.04%	–
BR	Exit	Broadridge Financial Solutions, Inc.	$0	–	-1,756,018	–	-3.49%	–
WU	Exit	Western Union Co.	$0	–	-7,482,662	–	-3.53%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-5,844,747	–	-3.54%	–
DBD	Exit	Diebold Nixdorf Incorporated	$0	–	-6,900,003	–	-3.88%	–
OGE	Exit	OGE Energy Corp.	$0	–	-4,473,472	–	-3.96%	–
NFX	Exit	Newfield Exploration Co.	$0	–	-5,744,533	–	-4.19%	–
AGCO	Exit	AGCO Corp.	$0	–	-2,365,913	–	-4.29%	–
EVHC	Exit	Envision Healthcare Corp	$0	–	-3,897,736	–	-4.31%	–
THO	Exit	Thor Industries Inc	$0	–	-1,411,731	–	-4.37%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-2,891,724	–	-4.91%	–
TRN	Exit	Trinity Industries Inc.	$0	–	-6,552,857	–	-5.14%	–
TKR	Exit	Timken Co	$0	–	-4,347,573	–	-5.19%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-3,757,594	–	-5.24%	–
PII	Exit	Polaris Industries Inc.	$0	–	-2,079,750	–	-5.35%	–
CNC	Exit	Centene Corp.	$0	–	-2,343,302	–	-5.58%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-15,269,520	–	-6.58%	–

Q3 2017

			Value		Shares		↓ Weighting
DAR	Sell	Darling Ingredients Inc.	$267,522,000	+5.9%	15,269,520	-4.8%	6.58%	+1.7%
CNC	Sell	Centene Corp.	$226,761,000	-1.6%	2,343,302	-18.8%	5.58%	-5.6%
PII	Sell	Polaris Industries Inc.	$217,604,000	+4.6%	2,079,750	-7.8%	5.35%	+0.4%
CLH	Buy	Clean Harbors Inc.	$213,056,000	+6.3%	3,757,594	+4.7%	5.24%	+2.1%
TKR	Sell	Timken Co	$211,075,000	+1.9%	4,347,573	-2.9%	5.19%	-2.1%
TRN	Sell	Trinity Industries Inc.	$209,036,000	+3.2%	6,552,857	-9.3%	5.14%	-1.0%
MUSA	Buy	Murphy USA Inc.	$199,529,000	-6.5%	2,891,724	+0.4%	4.91%	-10.2%
THO	Sell	Thor Industries Inc	$177,751,000	+0.5%	1,411,731	-16.6%	4.37%	-3.6%
EVHC	Buy	Envision Healthcare Corp	$175,203,000	-22.4%	3,897,736	+8.2%	4.31%	-25.5%
AGCO	Sell	AGCO Corp.	$174,533,000	+5.8%	2,365,913	-3.3%	4.29%	+1.6%
NFX	Buy	Newfield Exploration Co.	$170,440,000	+10.4%	5,744,533	+5.9%	4.19%	+5.9%
OGE	Sell	OGE Energy Corp.	$161,179,000	-0.1%	4,473,472	-3.5%	3.96%	-4.1%
DBD	Buy	Diebold Nixdorf Incorporated	$157,665,000	+90.6%	6,900,003	+133.5%	3.88%	+82.9%
HBI	Sell	Hanesbrands Inc.	$144,015,000	-4.9%	5,844,747	-10.6%	3.54%	-8.7%
WU	Sell	Western Union Co.	$143,667,000	-0.0%	7,482,662	-0.8%	3.53%	-4.0%
BR	Sell	Broadridge Financial Solutions, Inc.	$141,921,000	-4.7%	1,756,018	-10.9%	3.49%	-8.5%
IEX	Sell	IDEX Corp.	$123,560,000	-3.4%	1,017,206	-10.1%	3.04%	-7.3%
FLS	Buy	Flowserve Corp.	$115,510,000	+7.3%	2,712,145	+17.0%	2.84%	+3.0%
KN	Buy	Knowles Corporation	$105,286,000	+9.0%	6,894,975	+20.7%	2.59%	+4.6%
BCO	Sell	Brink's Co.	$82,555,000	+6.2%	979,886	-15.6%	2.03%	+2.0%
WRK	Sell	WestRock Co	$79,752,000	-8.4%	1,405,811	-8.5%	1.96%	-12.0%
PNR	Buy	Pentair plc	$73,795,000	+6.4%	1,085,855	+4.2%	1.81%	+2.1%
HRC	Sell	Hill-Rom Holdings Inc.	$67,223,000	-11.3%	908,416	-4.6%	1.65%	-14.9%
SAFM	Sell	Sanderson Farms Inc.	$65,494,000	+6.9%	405,484	-23.4%	1.61%	+2.6%
TEN	Sell	Tenneco Inc	$63,307,000	-2.7%	1,043,464	-7.2%	1.56%	-6.6%
EPAC	Buy	Actuant Corp	$62,437,000	+6.7%	2,438,945	+2.5%	1.54%	+2.4%
KOP	Sell	Koppers Holdings Inc.	$47,844,000	+7.7%	1,036,708	-15.6%	1.18%	+3.3%
DY	New	Dycom Industries Inc	$39,968,000	–	465,396	–	0.98%	–
STAY	New	Extended Stay America, Inc.	$36,552,000	–	1,827,584	–	0.90%	–
FSS	Sell	Federal Signal Corp	$30,525,000	+10.1%	1,434,447	-10.2%	0.75%	+5.6%
AEGN	Buy	Aegion Corp.	$30,267,000	+27.7%	1,300,145	+20.0%	0.74%	+22.6%
NDSN	Sell	Nordson Corp.	$25,478,000	-35.4%	215,003	-33.8%	0.63%	-38.0%
CR	Buy	Crane Co	$21,586,000	+70.9%	269,854	+69.6%	0.53%	+63.9%
AXP	Sell	American Express Co.	$2,727,000	-5.3%	30,148	-11.8%	0.07%	-9.5%
DFS	Buy	Discover Financial Services	$2,477,000	+23.4%	38,420	+19.0%	0.06%	+19.6%

Q2 2017

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients Inc.	$252,541,000	–	16,044,511	–	6.47%	–
CNC	New	Centene Corp.	$230,474,000	–	2,885,251	–	5.90%	–
EVHC	New	Envision Healthcare Corp	$225,761,000	–	3,602,373	–	5.78%	–
MUSA	New	Murphy USA Inc.	$213,354,000	–	2,878,881	–	5.46%	–
PII	New	Polaris Industries Inc.	$208,084,000	–	2,256,141	–	5.33%	–
TKR	New	Timken Co.	$207,083,000	–	4,477,471	–	5.30%	–
TRN	New	Trinity Industries Inc.	$202,586,000	–	7,227,455	–	5.19%	–
CLH	New	Clean Harbors Inc.	$200,382,000	–	3,589,150	–	5.13%	–
THO	New	Thor Industries Inc.	$176,944,000	–	1,692,917	–	4.53%	–
AGCO	New	AGCO Corp.	$164,893,000	–	2,446,850	–	4.22%	–
OGE	New	OGE Energy Corp.	$161,336,000	–	4,637,426	–	4.13%	–
NFX	New	Newfield Exploration Co.	$154,440,000	–	5,426,579	–	3.96%	–
HBI	New	Hanesbrands Inc.	$151,381,000	–	6,536,311	–	3.88%	–
BR	New	Broadridge Financial Solutions	$148,974,000	–	1,971,603	–	3.82%	–
WU	New	Western Union Co.	$143,683,000	–	7,542,428	–	3.68%	–
IEX	New	IDEX Corp.	$127,919,000	–	1,131,926	–	3.28%	–
FLS	New	Flowserve Corp.	$107,664,000	–	2,318,856	–	2.76%	–
KN	New	Knowles Corporation	$96,616,000	–	5,710,146	–	2.48%	–
WRK	New	WestRock Co	$87,035,000	–	1,536,095	–	2.23%	–
DBD	New	Diebold Nixdorf Incorporated	$82,730,000	–	2,954,655	–	2.12%	–
BCO	New	Brink's Co.	$77,755,000	–	1,160,523	–	1.99%	–
HRC	New	Hill-Rom Holdings Inc.	$75,829,000	–	952,508	–	1.94%	–
PNR	New	Pentair plc	$69,361,000	–	1,042,400	–	1.78%	–
TEN	New	Tenneco Inc	$65,052,000	–	1,124,888	–	1.67%	–
SAFM	New	Sanderson Farms Inc.	$61,254,000	–	529,651	–	1.57%	–
EPAC	New	Actuant Corp	$58,538,000	–	2,379,610	–	1.50%	–
KOP	New	Koppers Holdings Inc.	$44,423,000	–	1,228,858	–	1.14%	–
NDSN	New	Nordson Corp.	$39,423,000	–	324,952	–	1.01%	–
FSS	New	Federal Signal Corp	$27,716,000	–	1,596,556	–	0.71%	–
AEGN	New	Aegion Corp.	$23,698,000	–	1,083,073	–	0.61%	–
CR	New	Crane Co	$12,633,000	–	159,143	–	0.32%	–
AXP	New	American Express Co.	$2,880,000	–	34,185	–	0.07%	–
DFS	New	Discover Financial Services	$2,008,000	–	32,283	–	0.05%	–

Q4 2016

			Value		Shares		↓ Weighting
AXP	Exit	American Express Co.	$0	–	-33,900	–	-0.03%	–
DFS	Exit	Discover Financial Services	$0	–	-40,935	–	-0.03%	–
MIDD	Exit	Middleby Corp.	$0	–	-180,688	–	-0.28%	–
CR	Exit	Crane Co	$0	–	-433,964	–	-0.34%	–
FSS	Exit	Federal Signal Corp	$0	–	-3,256,246	–	-0.54%	–
AEGN	Exit	Aegion Corp.	$0	–	-3,170,488	–	-0.76%	–
KOP	Exit	Koppers Holdings, Inc.	$0	–	-2,827,166	–	-1.14%	–
PNR	Exit	Pentair plc	$0	–	-1,940,360	–	-1.56%	–
NDSN	Exit	Nordson Corp.	$0	–	-1,256,162	–	-1.56%	–
DBD	Exit	Diebold, Inc.	$0	–	-5,719,338	–	-1.77%	–
TEN	Exit	Tenneco Inc	$0	–	-2,676,706	–	-1.95%	–
WRK	Exit	WestRock Co	$0	–	-3,338,688	–	-2.02%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-1,774,198	–	-2.14%	–
BCO	Exit	Brink's Co.	$0	–	-4,936,174	–	-2.29%	–
KN	Exit	Knowles Corporation	$0	–	-13,073,090	–	-2.30%	–
HRC	Exit	Hill-Rom Holdings, Inc.	$0	–	-3,041,676	–	-2.36%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-2,660,862	–	-2.37%	–
FLS	Exit	Flowserve Corp.	$0	–	-5,130,522	–	-3.09%	–
HBI	Exit	Hanesbrands, Inc.	$0	–	-10,177,320	–	-3.21%	–
BR	Exit	Broadridge Financial Solutions, Inc.	$0	–	-4,315,704	–	-3.66%	–
WU	Exit	Western Union Co.	$0	–	-14,125,952	–	-3.67%	–
IEX	Exit	IDEX Corp.	$0	–	-3,256,060	–	-3.81%	–
NFX	Exit	Newfield Exploration Co.	$0	–	-7,818,492	–	-4.24%	–
OGE	Exit	OGE Energy Corp.	$0	–	-10,913,058	–	-4.31%	–
CBI	Exit	Chicago Bridge & Iron Co.	$0	–	-13,427,276	–	-4.70%	–
AMSG	Exit	Amsurg Corp	$0	–	-5,748,562	–	-4.82%	–
TRN	Exit	Trinity Industries, Inc.	$0	–	-16,234,874	–	-4.90%	–
TKR	Exit	Timken Co.	$0	–	-11,243,230	–	-4.94%	–
AGCO	Exit	AGCO Corp.	$0	–	-8,069,280	–	-4.97%	–
THO	Exit	Thor Industries, Inc.	$0	–	-4,731,282	–	-5.01%	–
PII	Exit	Polaris Industries, Inc.	$0	–	-5,212,420	–	-5.04%	–
CLH	Exit	Clean Harbors, Inc.	$0	–	-8,442,826	–	-5.06%	–
CNC	Exit	Centene Corp.	$0	–	-6,587,916	–	-5.51%	–
DAR	Exit	Darling Ingredients, Inc.	$0	–	-33,408,868	–	-5.64%	–

Q3 2016

			Value		Shares		↓ Weighting
DAR	Buy	Darling Ingredients, Inc.	$451,354,000	+78.6%	33,408,868	+97.0%	5.64%	-15.0%
CNC	Buy	Centene Corp.	$441,126,000	+88.4%	6,587,916	+100.8%	5.51%	-10.4%
CLH	Buy	Clean Harbors, Inc.	$405,086,000	+113.2%	8,442,826	+131.5%	5.06%	+1.4%
PII	Buy	Polaris Industries, Inc.	$403,650,000	+85.9%	5,212,420	+96.3%	5.04%	-11.5%
THO	Buy	Thor Industries, Inc.	$400,740,000	+133.5%	4,731,282	+78.5%	5.01%	+11.1%
AGCO	Buy	AGCO Corp.	$397,976,000	+107.8%	8,069,280	+98.6%	4.97%	-1.1%
TKR	Buy	Timken Co.	$395,088,000	+128.9%	11,243,230	+99.7%	4.94%	+8.9%
TRN	Buy	Trinity Industries, Inc.	$392,560,000	+153.5%	16,234,874	+94.7%	4.90%	+20.6%
AMSG	Buy	Amsurg Corp	$385,442,000	+335.4%	5,748,562	+403.6%	4.82%	+107.2%
CBI	Buy	Chicago Bridge & Iron Co.	$376,366,000	+83.1%	13,427,276	+126.2%	4.70%	-12.9%
OGE	Buy	OGE Energy Corp.	$345,070,000	+89.0%	10,913,058	+95.7%	4.31%	-10.1%
NFX	Buy	Newfield Exploration Co.	$339,792,000	+90.1%	7,818,492	+93.3%	4.24%	-9.5%
IEX	Buy	IDEX Corp.	$304,670,000	+101.4%	3,256,060	+76.7%	3.81%	-4.2%
WU	Buy	Western Union Co.	$294,102,000	+113.9%	14,125,952	+97.0%	3.67%	+1.7%
BR	Buy	Broadridge Financial Solutions, Inc.	$292,562,000	+104.2%	4,315,704	+96.4%	3.66%	-2.9%
HBI	Buy	Hanesbrands, Inc.	$256,978,000	+114.7%	10,177,320	+113.6%	3.21%	+2.2%
FLS	Buy	Flowserve Corp.	$247,496,000	+111.7%	5,130,522	+98.3%	3.09%	+0.7%
MUSA	Buy	Murphy USA Inc.	$189,880,000	+70.5%	2,660,862	+77.2%	2.37%	-18.9%
HRC	Buy	Hill-Rom Holdings, Inc.	$188,524,000	+140.8%	3,041,676	+96.0%	2.36%	+14.5%
KN	Buy	Knowles Corporation	$183,676,000	+93.8%	13,073,090	+88.7%	2.30%	-7.8%
BCO	Buy	Brink's Co.	$183,034,000	+155.6%	4,936,174	+96.4%	2.29%	+21.6%
SAFM	Buy	Sanderson Farms, Inc.	$170,908,000	+110.1%	1,774,198	+88.9%	2.14%	-0.0%
WRK	Buy	WestRock Co	$161,860,000	+115.7%	3,338,688	+73.0%	2.02%	+2.6%
TEN	Buy	Tenneco Inc	$155,972,000	+116.2%	2,676,706	+72.9%	1.95%	+2.8%
DBD	Buy	Diebold, Inc.	$141,782,000	+99.2%	5,719,338	+99.5%	1.77%	-5.2%
NDSN	Buy	Nordson Corp.	$125,152,000	+100.7%	1,256,162	+68.4%	1.56%	-4.5%
PNR	Buy	Pentair plc	$124,648,000	+113.1%	1,940,360	+93.4%	1.56%	+1.4%
KOP	Buy	Koppers Holdings, Inc.	$90,978,000	+93.2%	2,827,166	+84.5%	1.14%	-8.0%
AEGN	Buy	Aegion Corp.	$60,462,000	+116.9%	3,170,488	+121.9%	0.76%	+3.1%
FSS	Buy	Federal Signal Corp	$43,178,000	+12307.5%	3,256,246	+11960.2%	0.54%	+5888.9%
CR	Buy	Crane Co	$27,344,000	+131.8%	433,964	+108.7%	0.34%	+10.3%
MIDD	Buy	Middleby Corp.	$22,336,000	+48.5%	180,688	+38.5%	0.28%	-29.4%
DFS	Buy	Discover Financial Services	$2,315,000	+7.5%	40,935	+1.8%	0.03%	-49.1%
AXP	Buy	American Express Co.	$2,171,000	+7.5%	33,900	+2.0%	0.03%	-49.1%
WAC	Exit	Walter Investment Management C	$0	–	-2,175,766	–	-0.16%	–
NGVT	Exit	Ingevity Corp	$0	–	-321,276	–	-0.29%	–

Q2 2016

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients, Inc.	$252,651,000	–	16,956,437	–	6.63%	–
CNC	New	Centene Corp.	$234,170,000	–	3,281,076	–	6.15%	–
PII	New	Polaris Industries, Inc.	$217,117,000	–	2,655,540	–	5.70%	–
CBI	New	Chicago Bridge & Iron Co.	$205,576,000	–	5,936,356	–	5.40%	–
AGCO	New	AGCO Corp.	$191,522,000	–	4,063,701	–	5.03%	–
CLH	New	Clean Harbors, Inc.	$190,037,000	–	3,646,840	–	4.99%	–
OGE	New	OGE Energy Corp.	$182,605,000	–	5,575,722	–	4.80%	–
NFX	New	Newfield Exploration Co.	$178,732,000	–	4,045,532	–	4.69%	–
TKR	New	Timken Co.	$172,579,000	–	5,628,800	–	4.53%	–
THO	New	Thor Industries, Inc.	$171,590,000	–	2,650,454	–	4.50%	–
TRN	New	Trinity Industries, Inc.	$154,873,000	–	8,339,953	–	4.07%	–
IEX	New	IDEX Corp.	$151,300,000	–	1,842,874	–	3.97%	–
BR	New	Broadridge Financial Solutions	$143,303,000	–	2,197,900	–	3.76%	–
WU	New	Western Union Co.	$137,520,000	–	7,169,965	–	3.61%	–
HBI	New	Hanesbrands, Inc.	$119,714,000	–	4,763,777	–	3.14%	–
FLS	New	Flowserve Corp.	$116,883,000	–	2,587,627	–	3.07%	–
MUSA	New	Murphy USA Inc.	$111,367,000	–	1,501,715	–	2.92%	–
KN	New	Knowles Corporation	$94,755,000	–	6,926,532	–	2.49%	–
AMSG	New	Amsurg Corp	$88,516,000	–	1,141,547	–	2.32%	–
SAFM	New	Sanderson Farms, Inc.	$81,359,000	–	939,045	–	2.14%	–
HRC	New	Hill-Rom Holdings, Inc.	$78,305,000	–	1,552,136	–	2.06%	–
WRK	New	WestRock Co	$75,029,000	–	1,930,258	–	1.97%	–
TEN	New	Tenneco Inc	$72,157,000	–	1,548,098	–	1.90%	–
BCO	New	Brink's Co.	$71,618,000	–	2,513,805	–	1.88%	–
DBD	New	Diebold, Inc.	$71,179,000	–	2,866,636	–	1.87%	–
NDSN	New	Nordson Corp.	$62,360,000	–	745,841	–	1.64%	–
PNR	New	Pentair plc	$58,490,000	–	1,003,425	–	1.54%	–
KOP	New	Koppers Holdings, Inc.	$47,083,000	–	1,532,148	–	1.24%	–
AEGN	New	Aegion Corp.	$27,878,000	–	1,428,928	–	0.73%	–
MIDD	New	Middleby Corp.	$15,037,000	–	130,471	–	0.40%	–
CR	New	Crane Co	$11,794,000	–	207,940	–	0.31%	–
NGVT	New	Ingevity Corp	$10,936,000	–	321,276	–	0.29%	–
WAC	New	Walter Investment Management C	$6,005,000	–	2,175,766	–	0.16%	–
DFS	New	Discover Financial Services	$2,154,000	–	40,200	–	0.06%	–
AXP	New	American Express Co.	$2,020,000	–	33,245	–	0.05%	–
FSS	New	Federal Signal Corp	$348,000	–	27,000	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
MDY	Exit	S&P Midcap 400 Dep Rec Spdrs	$0	–	-3,805	–	-0.01%	–
IWM	Exit	Russell 2000 Index Fund	$0	–	-14,365	–	-0.02%	–
AXP	Exit	American Express Co.	$0	–	-27,355	–	-0.02%	–
DFS	Exit	Discover Financial Services	$0	–	-39,950	–	-0.02%	–
ASCMA	Exit	Ascent Capital Group Inc	$0	–	-254,635	–	-0.08%	–
AEGN	Exit	Aegion Corp.	$0	–	-3,149,450	–	-0.57%	–
IPI	Exit	Intrepid Potash, Inc.	$0	–	-10,082,554	–	-0.62%	–
TMST	Exit	TimkenSteel Corp.	$0	–	-5,820,834	–	-0.65%	–
MIDD	Exit	Middleby Corp.	$0	–	-619,676	–	-0.72%	–
KOP	Exit	Koppers Holdings, Inc.	$0	–	-3,458,906	–	-0.77%	–
CRRTQ	Exit	CARBO Ceramics, Inc.	$0	–	-3,882,772	–	-0.81%	–
WAC	Exit	Walter Investment Management C	$0	–	-4,684,496	–	-0.84%	–
TDW	Exit	Tidewater, Inc.	$0	–	-8,721,098	–	-1.26%	–
COLM	Exit	Columbia Sportswear Co.	$0	–	-1,961,830	–	-1.27%	–
NDSN	Exit	Nordson Corp.	$0	–	-1,902,504	–	-1.32%	–
PNR	Exit	Pentair plc	$0	–	-2,443,476	–	-1.38%	–
ICON	Exit	Iconix Brand Group, Inc.	$0	–	-9,423,344	–	-1.41%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-2,047,798	–	-1.55%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-3,054,650	–	-1.85%	–
TEN	Exit	Tenneco Inc	$0	–	-3,762,764	–	-1.86%	–
WRK	Exit	WestRock Co	$0	–	-3,695,450	–	-2.10%	–
PII	Exit	Polaris Industries, Inc.	$0	–	-1,625,448	–	-2.15%	–
HRC	Exit	Hill-Rom Holdings, Inc.	$0	–	-3,818,866	–	-2.19%	–
BCO	Exit	Brink's Co.	$0	–	-7,357,576	–	-2.19%	–
DBD	Exit	Diebold, Inc.	$0	–	-7,062,148	–	-2.32%	–
AMSG	Exit	Amsurg Corp	$0	–	-2,754,038	–	-2.36%	–
KN	Exit	Knowles Corporation	$0	–	-11,760,854	–	-2.39%	–
FLS	Exit	Flowserve Corp.	$0	–	-6,420,000	–	-2.91%	–
TKR	Exit	Timken Co.	$0	–	-10,491,576	–	-3.18%	–
ADT	Exit	ADT Corp.	$0	–	-10,841,860	–	-3.58%	–
HBI	Exit	Hanesbrands, Inc.	$0	–	-11,266,706	–	-3.60%	–
THO	Exit	Thor Industries, Inc.	$0	–	-6,507,006	–	-3.72%	–
WU	Exit	Western Union Co.	$0	–	-18,658,328	–	-3.78%	–
IEX	Exit	IDEX Corp.	$0	–	-4,863,228	–	-3.83%	–
NFX	Exit	Newfield Exploration Co.	$0	–	-10,896,462	–	-3.96%	–
TRN	Exit	Trinity Industries, Inc.	$0	–	-15,952,040	–	-3.99%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-6,585,424	–	-4.02%	–
OGE	Exit	OGE Energy Corp.	$0	–	-14,408,342	–	-4.35%	–
CLH	Exit	Clean Harbors, Inc.	$0	–	-9,748,474	–	-4.73%	–
CNC	Exit	Centene Corp.	$0	–	-8,224,110	–	-4.92%	–
CBI	Exit	Chicago Bridge & Iron Co.	$0	–	-12,112,366	–	-5.30%	–
AGCO	Exit	AGCO Corp.	$0	–	-10,791,052	–	-5.55%	–
DAR	Exit	Darling Ingredients, Inc.	$0	–	-47,235,790	–	-5.86%	–

Q3 2015

			Value		Shares		↓ Weighting
DAR	Buy	Darling Ingredients, Inc.	$530,930,000	+64.7%	47,235,790	+114.8%	5.86%	+0.3%
AGCO	Buy	AGCO Corp.	$503,186,000	+48.6%	10,791,052	+80.9%	5.55%	-9.5%
CBI	Buy	Chicago Bridge & Iron Co.	$480,376,000	+55.5%	12,112,366	+96.2%	5.30%	-5.3%
CNC	Buy	Centene Corp.	$445,994,000	+44.2%	8,224,110	+113.7%	4.92%	-12.2%
CLH	Buy	Clean Harbors, Inc.	$428,640,000	+75.4%	9,748,474	+114.4%	4.73%	+6.8%
OGE	Buy	OGE Energy Corp.	$394,212,000	+88.5%	14,408,342	+96.9%	4.35%	+14.8%
BR	Buy	Broadridge Financial Solutions	$364,504,000	+84.3%	6,585,424	+66.5%	4.02%	+12.3%
TRN	Buy	Trinity Industries, Inc.	$361,632,000	+260.9%	15,952,040	+320.7%	3.99%	+119.8%
NFX	Buy	Newfield Exploration Co.	$358,494,000	+86.3%	10,896,462	+104.6%	3.96%	+13.5%
IEX	Buy	IDEX Corp.	$346,748,000	+83.2%	4,863,228	+101.9%	3.83%	+11.6%
WU	Buy	Western Union Co.	$342,566,000	+96.4%	18,658,328	+117.4%	3.78%	+19.6%
THO	Buy	Thor Industries, Inc.	$337,062,000	+59.5%	6,507,006	+73.3%	3.72%	-2.8%
HBI	Buy	Hanesbrands, Inc.	$326,058,000	+66.2%	11,266,706	+91.4%	3.60%	+1.2%
ADT	Buy	ADT Corp.	$324,172,000	+80.4%	10,841,860	+102.5%	3.58%	+9.9%
TKR	Buy	Timken Co.	$288,414,000	+68.5%	10,491,576	+124.1%	3.18%	+2.6%
FLS	Buy	Flowserve Corp.	$264,118,000	+63.6%	6,420,000	+109.4%	2.91%	-0.3%
KN	Buy	Knowles Corporation	$216,752,000	+186.1%	11,760,854	+180.9%	2.39%	+74.1%
AMSG	Buy	Amsurg Corp	$214,016,000	+84.8%	2,754,038	+66.4%	2.36%	+12.6%
DBD	Buy	Diebold, Inc.	$210,240,000	+58.7%	7,062,148	+86.6%	2.32%	-3.3%
BCO	Buy	Brink's Co.	$198,728,000	+71.4%	7,357,576	+86.8%	2.19%	+4.4%
HRC	Buy	Hill-Rom Holdings, Inc.	$198,542,000	+65.1%	3,818,866	+72.6%	2.19%	+0.6%
PII	Buy	Polaris Industries, Inc.	$194,842,000	+49.4%	1,625,448	+84.6%	2.15%	-9.0%
WRK	New	WestRock Co	$190,094,000	–	3,695,450	–	2.10%	–
TEN	Buy	Tenneco Inc	$168,458,000	+53.1%	3,762,764	+96.4%	1.86%	-6.7%
MUSA	Buy	Murphy USA Inc.	$167,854,000	+178.9%	3,054,650	+183.4%	1.85%	+69.9%
SAFM	Buy	Sanderson Farms, Inc.	$140,418,000	+138.5%	2,047,798	+161.5%	1.55%	+45.3%
ICON	Buy	Iconix Brand Group, Inc.	$127,404,000	+2.1%	9,423,344	+88.6%	1.41%	-37.8%
PNR	Buy	Pentair plc	$124,716,000	+50.8%	2,443,476	+103.1%	1.38%	-8.1%
NDSN	Buy	Nordson Corp.	$119,744,000	+53.5%	1,902,504	+90.0%	1.32%	-6.5%
COLM	Buy	Columbia Sportswear Co.	$115,336,000	+65.6%	1,961,830	+70.3%	1.27%	+0.8%
TDW	Buy	Tidewater, Inc.	$114,596,000	+14.7%	8,721,098	+98.5%	1.26%	-30.1%
WAC	Buy	Walter Investment Management C	$76,124,000	+25.5%	4,684,496	+76.6%	0.84%	-23.6%
CRRTQ	Buy	CARBO Ceramics, Inc.	$73,734,000	+2.7%	3,882,772	+125.1%	0.81%	-37.5%
KOP	Buy	Koppers Holdings, Inc.	$69,766,000	+28.7%	3,458,906	+57.8%	0.77%	-21.6%
MIDD	Buy	Middleby Corp.	$65,184,000	+58.3%	619,676	+68.9%	0.72%	-3.6%
TMST	Buy	TimkenSteel Corp.	$58,906,000	-21.2%	5,820,834	+110.1%	0.65%	-52.0%
IPI	Buy	Intrepid Potash, Inc.	$55,858,000	-11.6%	10,082,554	+90.6%	0.62%	-46.2%
AEGN	Buy	Aegion Corp.	$51,902,000	+51.0%	3,149,450	+73.5%	0.57%	-8.0%
ASCMA	Buy	Ascent Capital Group Inc	$6,972,000	-22.5%	254,635	+21.0%	0.08%	-52.8%
DFS	Buy	Discover Financial Services	$2,077,000	+58.2%	39,950	+75.3%	0.02%	-4.2%
AXP	New	American Express Co.	$2,028,000	–	27,355	–	0.02%	–
IWM	New	Russell 2000 Index Fund	$1,569,000	–	14,365	–	0.02%	–
MDY	Sell	S&P Midcap 400 Dep Rec Spdrs	$947,000	-69.4%	3,805	-66.4%	0.01%	-82.1%
4107PS	Exit	MeadWestvaco Corp.	$0	–	-2,152,162	–	-1.84%	–
TFM	Exit	Fresh Market, Inc.	$0	–	-3,859,461	–	-2.25%	–

Q2 2015

			Value		Shares		↓ Weighting
AGCO	New	AGCO Corp.	$338,635,000	–	5,963,979	–	6.13%	–
DAR	New	Darling Ingredients, Inc.	$322,422,000	–	21,993,317	–	5.84%	–
CNC	New	Centene Corp.	$309,374,000	–	3,847,931	–	5.60%	–
CBI	New	Chicago Bridge & Iron Co.	$308,887,000	–	6,172,801	–	5.60%	–
CLH	New	Clean Harbors, Inc.	$244,394,000	–	4,547,706	–	4.43%	–
THO	New	Thor Industries, Inc.	$211,339,000	–	3,755,128	–	3.83%	–
OGE	New	OGE Energy Corp.	$209,094,000	–	7,318,661	–	3.79%	–
BR	New	Broadridge Financial Solutions	$197,766,000	–	3,954,529	–	3.58%	–
HBI	New	Hanesbrands, Inc.	$196,138,000	–	5,886,506	–	3.55%	–
NFX	New	Newfield Exploration Co.	$192,390,000	–	5,326,411	–	3.48%	–
IEX	New	IDEX Corp.	$189,266,000	–	2,408,572	–	3.43%	–
ADT	New	ADT Corp.	$179,700,000	–	5,353,008	–	3.26%	–
WU	New	Western Union Co.	$174,448,000	–	8,580,794	–	3.16%	–
TKR	New	Timken Co.	$171,178,000	–	4,680,842	–	3.10%	–
FLS	New	Flowserve Corp.	$161,412,000	–	3,065,180	–	2.92%	–
DBD	New	Diebold, Inc.	$132,463,000	–	3,784,668	–	2.40%	–
PII	New	Polaris Industries, Inc.	$130,381,000	–	880,298	–	2.36%	–
ICON	New	Iconix Brand Group, Inc.	$124,786,000	–	4,997,422	–	2.26%	–
TFM	New	Fresh Market, Inc.	$124,043,000	–	3,859,461	–	2.25%	–
HRC	New	Hill-Rom Holdings, Inc.	$120,233,000	–	2,213,018	–	2.18%	–
BCO	New	Brink's Co.	$115,947,000	–	3,939,752	–	2.10%	–
AMSG	New	Amsurg Corp	$115,781,000	–	1,655,199	–	2.10%	–
TEN	New	Tenneco Inc	$110,031,000	–	1,915,577	–	1.99%	–
4107PS	New	MeadWestvaco Corp.	$101,561,000	–	2,152,162	–	1.84%	–
TRN	New	Trinity Industries, Inc.	$100,206,000	–	3,791,385	–	1.82%	–
TDW	New	Tidewater, Inc.	$99,886,000	–	4,394,464	–	1.81%	–
PNR	New	Pentair plc	$82,718,000	–	1,203,165	–	1.50%	–
NDSN	New	Nordson Corp.	$78,012,000	–	1,001,564	–	1.41%	–
KN	New	Knowles Corporation	$75,772,000	–	4,186,283	–	1.37%	–
TMST	New	TimkenSteel Corp.	$74,789,000	–	2,770,971	–	1.36%	–
CRRTQ	New	CARBO Ceramics, Inc.	$71,813,000	–	1,725,026	–	1.30%	–
COLM	New	Columbia Sportswear Co.	$69,643,000	–	1,151,878	–	1.26%	–
IPI	New	Intrepid Potash, Inc.	$63,173,000	–	5,290,887	–	1.14%	–
WAC	New	Walter Investment Management C	$60,650,000	–	2,651,930	–	1.10%	–
MUSA	New	Murphy USA Inc.	$60,176,000	–	1,078,034	–	1.09%	–
SAFM	New	Sanderson Farms, Inc.	$58,864,000	–	783,187	–	1.07%	–
KOP	New	Koppers Holdings, Inc.	$54,192,000	–	2,192,225	–	0.98%	–
MIDD	New	Middleby Corp.	$41,172,000	–	366,854	–	0.75%	–
AEGN	New	Aegion Corp.	$34,379,000	–	1,815,165	–	0.62%	–
ASCMA	New	Ascent Capital Group Inc	$8,997,000	–	210,500	–	0.16%	–
MDY	New	S&P Midcap 400 Dep Rec Spdrs	$3,093,000	–	11,320	–	0.06%	–
DFS	New	Discover Financial Services	$1,313,000	–	22,785	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
TFM	Exit	Fresh Market, Inc.	$0	–	-396,955	–	-0.27%	–
TMST	Exit	TimkenSteel Corp.	$0	–	-451,764	–	-0.41%	–
AEGN	Exit	Aegion Corp.	$0	–	-1,230,435	–	-0.54%	–
WAC	Exit	Walter Investment Management C	$0	–	-2,012,661	–	-0.87%	–
MIDD	Exit	Middleby Corp.	$0	–	-548,766	–	-0.95%	–
COLM	Exit	Columbia Sportswear Co.	$0	–	-1,886,070	–	-1.32%	–
PNR	Exit	Pentair plc	$0	–	-1,105,013	–	-1.42%	–
MUSA	Exit	Murphy USA Inc.	$0	–	-1,378,025	–	-1.44%	–
KOP	Exit	Koppers Holdings, Inc.	$0	–	-2,320,590	–	-1.51%	–
IPI	Exit	Intrepid Potash, Inc.	$0	–	-5,819,843	–	-1.76%	–
NDSN	Exit	Nordson Corp.	$0	–	-1,249,385	–	-1.86%	–
BCO	Exit	Brink's Co.	$0	–	-4,551,187	–	-2.15%	–
TDW	Exit	Tidewater, Inc.	$0	–	-2,950,856	–	-2.26%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-1,425,999	–	-2.46%	–
OGE	Exit	OGE Energy Corp.	$0	–	-3,415,683	–	-2.49%	–
4107PS	Exit	MeadWestvaco Corp.	$0	–	-3,187,097	–	-2.56%	–
HRC	Exit	Hill-Rom Holdings, Inc.	$0	–	-3,190,144	–	-2.59%	–
FLS	Exit	Flowserve Corp.	$0	–	-1,940,412	–	-2.68%	–
ADT	Exit	ADT Corp.	$0	–	-3,945,484	–	-2.74%	–
DBD	Exit	Diebold, Inc.	$0	–	-4,012,313	–	-2.78%	–
PII	Exit	Polaris Industries, Inc.	$0	–	-996,616	–	-2.93%	–
ICON	Exit	Iconix Brand Group, Inc.	$0	–	-4,091,206	–	-2.97%	–
WU	Exit	Western Union Co.	$0	–	-9,533,467	–	-3.00%	–
TKR	Exit	Timken Co.	$0	–	-3,734,416	–	-3.11%	–
CRRTQ	Exit	CARBO Ceramics, Inc.	$0	–	-2,747,819	–	-3.19%	–
IEX	Exit	IDEX Corp.	$0	–	-2,285,718	–	-3.25%	–
HBI	Exit	Hanesbrands, Inc.	$0	–	-1,565,317	–	-3.30%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-4,598,541	–	-3.76%	–
THO	Exit	Thor Industries, Inc.	$0	–	-3,873,659	–	-3.92%	–
CLH	Exit	Clean Harbors, Inc.	$0	–	-3,852,509	–	-4.08%	–
NFX	Exit	Newfield Exploration Co.	$0	–	-5,739,253	–	-4.18%	–
AGCO	Exit	AGCO Corp.	$0	–	-5,697,561	–	-5.08%	–
CBI	Exit	Chicago Bridge & Iron Co.	$0	–	-4,574,502	–	-5.19%	–
TRN	Exit	Trinity Industries, Inc.	$0	–	-5,901,732	–	-5.41%	–
DAR	Exit	Darling Ingredients, Inc.	$0	–	-15,741,736	–	-5.66%	–
CNC	Exit	Centene Corp.	$0	–	-3,642,864	–	-5.91%	–

Q3 2014

			Value		Shares		↓ Weighting
CNC	Sell	Centene Corp.	$301,301,000	-0.3%	3,642,864	-8.9%	5.91%	+7.6%
DAR	Buy	Darling Ingredients, Inc.	$288,389,000	-9.1%	15,741,736	+3.7%	5.66%	-1.9%
TRN	Sell	Trinity Industries, Inc.	$275,729,000	-4.1%	5,901,732	-10.2%	5.41%	+3.6%
CBI	Buy	Chicago Bridge & Iron Co.	$264,635,000	-11.2%	4,574,502	+4.7%	5.19%	-4.2%
AGCO	Buy	AGCO Corp.	$259,011,000	-8.2%	5,697,561	+13.6%	5.08%	-0.9%
NFX	Buy	Newfield Exploration Co.	$212,754,000	-2.9%	5,739,253	+15.8%	4.18%	+4.8%
CLH	Buy	Clean Harbors, Inc.	$207,727,000	-6.0%	3,852,509	+12.0%	4.08%	+1.4%
THO	Buy	Thor Industries, Inc.	$199,493,000	+0.1%	3,873,659	+10.6%	3.92%	+8.1%
BR	Buy	Broadridge Financial Solutions	$191,437,000	+1.1%	4,598,541	+1.1%	3.76%	+9.1%
HBI	Sell	Hanesbrands, Inc.	$168,178,000	+4.7%	1,565,317	-4.0%	3.30%	+13.0%
IEX	Buy	IDEX Corp.	$165,417,000	-6.0%	2,285,718	+4.9%	3.25%	+1.5%
CRRTQ	Buy	CARBO Ceramics, Inc.	$162,753,000	-6.6%	2,747,819	+143.1%	3.19%	+0.9%
TKR	Buy	Timken Co.	$158,302,000	-18.6%	3,734,416	+30.3%	3.11%	-12.2%
WU	Buy	Western Union Co.	$152,917,000	-4.0%	9,533,467	+3.8%	3.00%	+3.6%
ICON	Sell	Iconix Brand Group, Inc.	$151,129,000	-14.7%	4,091,206	-0.8%	2.97%	-7.9%
PII	Sell	Polaris Industries, Inc.	$149,283,000	+6.8%	996,616	-7.1%	2.93%	+15.3%
DBD	Sell	Diebold, Inc.	$141,715,000	-12.4%	4,012,313	-0.3%	2.78%	-5.4%
ADT	Buy	ADT Corp.	$139,907,000	+9.5%	3,945,484	+7.9%	2.74%	+18.2%
FLS	Buy	Flowserve Corp.	$136,838,000	+9.3%	1,940,412	+15.3%	2.68%	+18.0%
HRC	Sell	Hill-Rom Holdings, Inc.	$132,168,000	-11.5%	3,190,144	-11.3%	2.59%	-4.5%
4107PS	Buy	MeadWestvaco Corp.	$130,480,000	+0.8%	3,187,097	+9.0%	2.56%	+8.8%
OGE	Buy	OGE Energy Corp.	$126,756,000	+0.8%	3,415,683	+6.1%	2.49%	+8.7%
SAFM	Sell	Sanderson Farms, Inc.	$125,417,000	-20.3%	1,425,999	-12.0%	2.46%	-14.0%
TDW	Buy	Tidewater, Inc.	$115,172,000	-11.4%	2,950,856	+27.4%	2.26%	-4.4%
BCO	Buy	Brink's Co.	$109,411,000	-10.4%	4,551,187	+5.1%	2.15%	-3.4%
NDSN	Sell	Nordson Corp.	$95,041,000	-6.4%	1,249,385	-1.3%	1.86%	+1.0%
IPI	Sell	Intrepid Potash, Inc.	$89,917,000	-13.8%	5,819,843	-6.5%	1.76%	-7.0%
KOP	Buy	Koppers Holdings, Inc.	$76,951,000	-12.4%	2,320,590	+1.1%	1.51%	-5.4%
MUSA	New	Murphy USA Inc.	$73,118,000	–	1,378,025	–	1.44%	–
PNR	Buy	Pentair plc	$72,367,000	+10.8%	1,105,013	+22.0%	1.42%	+19.6%
COLM	Buy	Columbia Sportswear Co.	$67,484,000	-11.5%	1,886,070	+104.5%	1.32%	-4.5%
MIDD	Buy	Middleby Corp.	$48,363,000	+7.4%	548,766	+0.8%	0.95%	+15.9%
WAC	New	Walter Investment Management C	$44,178,000	–	2,012,661	–	0.87%	–
AEGN	Buy	Aegion Corp.	$27,377,000	+88.8%	1,230,435	+97.4%	0.54%	+103.4%
TMST	New	TimkenSteel Corp.	$21,003,000	–	451,764	–	0.41%	–
TFM	New	Fresh Market, Inc.	$13,866,000	–	396,955	–	0.27%	–
6107SC	Exit	URS Corp.	$0	–	-6,084,638	–	-5.07%	–

Q2 2014

			Value		Shares		↓ Weighting
DAR	New	Darling Ingredients Inc.	$317,257,000	–	15,179,751	–	5.77%	–
CNC	New	Centene Corp.	$302,214,000	–	3,997,009	–	5.50%	–
CBI	New	Chicago Bridge & Iron Co.	$298,096,000	–	4,370,911	–	5.42%	–
TRN	New	Trinity Industries, Inc.	$287,380,000	–	6,573,189	–	5.22%	–
AGCO	New	AGCO Corp.	$282,078,000	–	5,017,404	–	5.13%	–
6107SC	New	URS Corp.	$278,981,000	–	6,084,638	–	5.07%	–
CLH	New	Clean Harbors, Inc.	$221,051,000	–	3,440,489	–	4.02%	–
NFX	New	Newfield Exploration Co.	$219,069,000	–	4,956,303	–	3.98%	–
THO	New	Thor Industries, Inc.	$199,252,000	–	3,503,632	–	3.62%	–
TKR	New	Timken Co.	$194,477,000	–	2,866,695	–	3.54%	–
BR	New	Broadridge Financial Solutions	$189,434,000	–	4,549,321	–	3.44%	–
ICON	New	Iconix Brand Group, Inc.	$177,113,000	–	4,124,657	–	3.22%	–
IEX	New	IDEX Corp.	$175,915,000	–	2,178,778	–	3.20%	–
CRRTQ	New	CARBO Ceramics, Inc.	$174,199,000	–	1,130,281	–	3.17%	–
DBD	New	Diebold, Inc.	$161,704,000	–	4,025,498	–	2.94%	–
HBI	New	Hanesbrands, Inc.	$160,589,000	–	1,631,339	–	2.92%	–
WU	New	Western Union Co.	$159,286,000	–	9,186,065	–	2.90%	–
SAFM	New	Sanderson Farms, Inc.	$157,431,000	–	1,619,658	–	2.86%	–
HRC	New	Hill-Rom Holdings, Inc.	$149,320,000	–	3,597,206	–	2.72%	–
PII	New	Polaris Industries, Inc.	$139,770,000	–	1,073,169	–	2.54%	–
TDW	New	Tidewater, Inc.	$130,050,000	–	2,316,111	–	2.36%	–
4107PS	New	MeadWestvaco Corp.	$129,452,000	–	2,924,805	–	2.35%	–
ADT	New	ADT Corp.	$127,732,000	–	3,655,745	–	2.32%	–
OGE	New	OGE Energy Corp.	$125,766,000	–	3,218,170	–	2.29%	–
FLS	New	Flowserve Corp.	$125,164,000	–	1,683,439	–	2.28%	–
BCO	New	Brink's Co.	$122,175,000	–	4,329,388	–	2.22%	–
IPI	New	Intrepid Potash, Inc.	$104,287,000	–	6,222,354	–	1.90%	–
NDSN	New	Nordson Corp.	$101,505,000	–	1,265,812	–	1.85%	–
KOP	New	Koppers Holdings, Inc.	$87,801,000	–	2,295,451	–	1.60%	–
COLM	New	Columbia Sportswear Co.	$76,244,000	–	922,492	–	1.39%	–
PNR	New	Pentair PLC	$65,301,000	–	905,452	–	1.19%	–
MIDD	New	Middleby Corp.	$45,036,000	–	544,434	–	0.82%	–
AEGN	New	Aegion Corp.	$14,501,000	–	623,175	–	0.26%	–

Q4 2013

			Value		Shares		↓ Weighting
VRNT	Exit	Verint Systems Inc	$0	–	-98,698	–	-0.09%	–
PNR	Exit	Pentair, Ltd.	$0	–	-722,578	–	-1.16%	–
CLH	Exit	Clean Harbors Inc	$0	–	-1,124,800	–	-1.63%	–
TDW	Exit	Tidewater Inc	$0	–	-1,185,197	–	-1.74%	–
4107PS	Exit	MeadWestvaco Corp.	$0	–	-1,890,199	–	-1.79%	–
FLS	Exit	Flowserve Corp.	$0	–	-1,177,590	–	-1.81%	–
HBI	Exit	Hanesbrands Inc	$0	–	-1,221,667	–	-1.88%	–
COLM	Exit	Columbia Sportswear	$0	–	-1,377,730	–	-2.05%	–
SWY	Exit	Safeway Inc.	$0	–	-2,660,353	–	-2.10%	–
KOP	Exit	Koppers Holdings Inc.	$0	–	-2,036,199	–	-2.14%	–
WU	Exit	Western Union Co.	$0	–	-4,715,143	–	-2.17%	–
NDSN	Exit	Nordson Corp.	$0	–	-1,228,374	–	-2.23%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-1,403,013	–	-2.26%	–
MIDD	Exit	Middleby Corp.	$0	–	-440,841	–	-2.27%	–
OGE	Exit	OGE Energy Corp.	$0	–	-3,007,016	–	-2.68%	–
TKR	Exit	Timken Co.	$0	–	-1,810,641	–	-2.70%	–
IEX	Exit	IDEX Corp.	$0	–	-1,677,815	–	-2.70%	–
DBD	Exit	Diebold Inc.	$0	–	-3,731,421	–	-2.70%	–
PII	Exit	Polaris Industries Inc.	$0	–	-863,175	–	-2.75%	–
BCO	Exit	Brink's Company	$0	–	-4,170,752	–	-2.91%	–
HRC	Exit	Hill-Rom Holdings, Inc.	$0	–	-3,307,761	–	-2.93%	–
IPI	Exit	Intrepid Potash Inc	$0	–	-7,672,735	–	-2.97%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-4,096,201	–	-3.21%	–
NFX	Exit	Newfield Exploration	$0	–	-5,143,610	–	-3.48%	–
ICON	Exit	Iconix Brand Group	$0	–	-4,550,415	–	-3.73%	–
CRRTQ	Exit	Carbo Ceramics	$0	–	-1,530,517	–	-3.74%	–
THO	Exit	Thor Industries, Inc.	$0	–	-2,962,155	–	-4.24%	–
DAR	Exit	Darling International	$0	–	-10,393,806	–	-5.43%	–
CNC	Exit	Centene Corp.	$0	–	-3,485,039	–	-5.50%	–
TRN	Exit	Trinity Industries Inc.	$0	–	-5,054,530	–	-5.66%	–
CBI	Exit	Chicago Bridge & Iron	$0	–	-3,398,547	–	-5.69%	–
AGCO	Exit	AGCO Corp.	$0	–	-3,827,313	–	-5.71%	–
6107SC	Exit	URS Corp.	$0	–	-4,464,137	–	-5.92%	–

Q3 2013

			Value		Shares		↓ Weighting
6107SC	Buy	URS Corp.	$239,947,000	+29.0%	4,464,137	+13.3%	5.92%	+4.6%
AGCO	Buy	AGCO Corp.	$231,246,000	+32.7%	3,827,313	+10.2%	5.71%	+7.6%
CBI	Buy	Chicago Bridge & Iron	$230,320,000	+27.5%	3,398,547	+12.3%	5.69%	+3.4%
TRN	Buy	Trinity Industries Inc.	$229,223,000	+29.6%	5,054,530	+9.8%	5.66%	+5.1%
CNC	Buy	Centene Corp.	$222,903,000	+23.3%	3,485,039	+1.1%	5.50%	+0.0%
DAR	Buy	Darling International	$219,933,000	+32.6%	10,393,806	+16.9%	5.43%	+7.5%
THO	Buy	Thor Industries, Inc.	$171,923,000	+23.7%	2,962,155	+4.8%	4.24%	+0.3%
CRRTQ	Sell	Carbo Ceramics	$151,690,000	+36.2%	1,530,517	-7.3%	3.74%	+10.5%
ICON	Buy	Iconix Brand Group	$151,210,000	+27.9%	4,550,415	+13.2%	3.73%	+3.8%
NFX	Buy	Newfield Exploration	$140,781,000	+41.7%	5,143,610	+23.7%	3.48%	+14.9%
BR	Buy	Broadridge Financial Solutions	$130,054,000	+36.3%	4,096,201	+14.1%	3.21%	+10.5%
IPI	Buy	Intrepid Potash Inc	$120,308,000	+60.4%	7,672,735	+94.9%	2.97%	+30.1%
HRC	Buy	Hill-Rom Holdings, Inc.	$118,517,000	+17.1%	3,307,761	+10.1%	2.93%	-5.0%
BCO	Buy	Brink's Company	$118,032,000	+17.1%	4,170,752	+5.5%	2.91%	-5.1%
PII	Sell	Polaris Industries Inc.	$111,505,000	+16.3%	863,175	-14.5%	2.75%	-5.7%
DBD	Buy	Diebold Inc.	$109,555,000	+5.6%	3,731,421	+21.2%	2.70%	-14.3%
IEX	Buy	IDEX Corp.	$109,477,000	+39.8%	1,677,815	+15.3%	2.70%	+13.4%
TKR	Buy	Timken Co.	$109,363,000	+66.4%	1,810,641	+55.0%	2.70%	+34.9%
OGE	Buy	OGE Energy Corp.	$108,523,000	+10.8%	3,007,016	+109.3%	2.68%	-10.2%
MIDD	Sell	Middleby Corp.	$92,096,000	+16.5%	440,841	-5.1%	2.27%	-5.5%
SAFM	Buy	Sanderson Farms, Inc.	$91,533,000	+20.0%	1,403,013	+22.1%	2.26%	-2.7%
NDSN	Sell	Nordson Corp.	$90,445,000	-9.0%	1,228,374	-14.4%	2.23%	-26.2%
WU	Buy	Western Union Co.	$87,985,000	+68.6%	4,715,143	+54.6%	2.17%	+36.7%
KOP	Sell	Koppers Holdings Inc.	$86,844,000	+10.6%	2,036,199	-1.0%	2.14%	-10.3%
SWY	Sell	Safeway Inc.	$85,105,000	+5.9%	2,660,353	-21.6%	2.10%	-14.1%
COLM	Sell	Columbia Sportswear	$82,981,000	-33.2%	1,377,730	-30.5%	2.05%	-45.8%
HBI	Buy	Hanesbrands Inc	$76,122,000	+92.8%	1,221,667	+59.1%	1.88%	+56.3%
FLS	Buy	Flowserve Corp.	$73,470,000	+61.2%	1,177,590	+39.5%	1.81%	+30.7%
4107PS	Buy	MeadWestvaco Corp.	$72,546,000	+55.0%	1,890,199	+37.8%	1.79%	+25.7%
TDW	Buy	Tidewater Inc	$70,353,000	+114.7%	1,185,197	+106.1%	1.74%	+74.2%
CLH	New	Clean Harbors Inc	$65,981,000	–	1,124,800	–	1.63%	–
PNR	Buy	Pentair, Ltd.	$46,924,000	+32.9%	722,578	+18.1%	1.16%	+7.7%
VRNT	New	Verint Systems Inc	$3,658,000	–	98,698	–	0.09%	–
AMG	Exit	Affiliated Managers Group	$0	–	-908,511	–	-4.53%	–

Q2 2013

			Value		Shares		↓ Weighting
6107SC	New	URS Corp.	$185,984,000	–	3,938,676	–	5.66%	–
CNC	New	Centene Corp.	$180,759,000	–	3,445,655	–	5.50%	–
CBI	New	Chicago Bridge & Iron	$180,626,000	–	3,027,588	–	5.50%	–
TRN	New	Trinity Industries Inc.	$176,902,000	–	4,602,023	–	5.38%	–
AGCO	New	AGCO Corp.	$174,244,000	–	3,471,693	–	5.30%	–
DAR	New	Darling International	$165,860,000	–	8,888,540	–	5.05%	–
AMG	New	Affiliated Managers Group	$148,941,000	–	908,511	–	4.53%	–
THO	New	Thor Industries, Inc.	$138,987,000	–	2,826,094	–	4.23%	–
COLM	New	Columbia Sportswear	$124,243,000	–	1,983,128	–	3.78%	–
ICON	New	Iconix Brand Group	$118,203,000	–	4,019,153	–	3.60%	–
CRRTQ	New	Carbo Ceramics	$111,336,000	–	1,651,138	–	3.39%	–
DBD	New	Diebold Inc.	$103,704,000	–	3,078,170	–	3.16%	–
HRC	New	Hill-Rom Holdings, Inc.	$101,214,000	–	3,005,152	–	3.08%	–
BCO	New	Brink's Company	$100,825,000	–	3,952,383	–	3.07%	–
NDSN	New	Nordson Corp.	$99,433,000	–	1,434,614	–	3.03%	–
NFX	New	Newfield Exploration	$99,335,000	–	4,158,023	–	3.02%	–
OGE	New	OGE Energy Corp.	$97,966,000	–	1,436,451	–	2.98%	–
PII	New	Polaris Industries Inc.	$95,890,000	–	1,009,371	–	2.92%	–
BR	New	Broadridge Financial Solutions	$95,441,000	–	3,590,706	–	2.90%	–
SWY	New	Safeway Inc.	$80,334,000	–	3,395,347	–	2.44%	–
MIDD	New	Middleby Corp.	$79,027,000	–	464,618	–	2.41%	–
KOP	New	Koppers Holdings Inc.	$78,502,000	–	2,056,091	–	2.39%	–
IEX	New	IDEX Corp.	$78,321,000	–	1,455,502	–	2.38%	–
SAFM	New	Sanderson Farms, Inc.	$76,305,000	–	1,148,823	–	2.32%	–
IPI	New	Intrepid Potash Inc	$74,987,000	–	3,936,350	–	2.28%	–
TKR	New	Timken Co.	$65,725,000	–	1,167,828	–	2.00%	–
WU	New	Western Union Co.	$52,193,000	–	3,050,436	–	1.59%	–
4107PS	New	MeadWestvaco Corp.	$46,803,000	–	1,372,128	–	1.42%	–
FLS	New	Flowserve Corp.	$45,591,000	–	844,121	–	1.39%	–
HBI	New	Hanesbrands Inc	$39,473,000	–	767,653	–	1.20%	–
PNR	New	Pentair, Ltd.	$35,303,000	–	611,949	–	1.08%	–
TDW	New	Tidewater Inc	$32,768,000	–	575,187	–	1.00%	–

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