Robotti & Company Activity Q4 2003-Q1 2022

Q1 2022

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$115,786	-27.1%	1,794,024	-3.2%	23.43%	-27.2%
TDW	Buy	TIDEWATER INC	$56,225	+103.0%	2,586,274	+0.0%	11.38%	+102.7%
LXU	Sell	LSB INDS INC	$35,844	+83.6%	1,641,188	-7.1%	7.25%	+83.4%
WFG	Sell	WEST FRASER TIMBER CO LTD	$34,594	-14.1%	419,668	-0.6%	7.00%	-14.2%
WLK	Buy	WESTLAKE CHEM CORP	$28,359	+121.3%	229,814	+74.2%	5.74%	+120.9%
JEF	Sell	JEFFERIES FINL GROUP INC	$14,340	-16.2%	436,542	-1.0%	2.90%	-16.3%
SKY	Buy	SKYLINE CORP	$11,659	-30.4%	212,450	+0.1%	2.36%	-30.5%
CNQ	Sell	CANADIAN NAT RES LTD	$11,157	+32.3%	180,009	-9.8%	2.26%	+32.1%
CVCO	Buy	CAVCO INDS INC DEL	$9,745	-24.1%	40,460	+0.1%	1.97%	-24.2%
IIIN	Buy	INSTEEL INDUSTRIES INC	$9,457	-7.1%	255,671	+0.0%	1.91%	-7.2%
LECO	Buy	LINCOLN ELEC HLDGS INC	$9,055	-0.3%	65,709	+0.9%	1.83%	-0.5%
DAN	Sell	DANA HOLDING CORP	$8,989	-23.2%	511,630	-0.3%	1.82%	-23.4%
EAF	Buy	GRAFTECH INTERNATIONAL	$8,561	+2.0%	889,863	+25.4%	1.73%	+1.8%
UMH	Sell	U M H PROPERTIES INC	$8,177	-10.6%	332,560	-0.7%	1.66%	-10.7%
EXTN	Buy	EXTERRAN CORPORATION	$7,767	+419.2%	1,250,770	+149.3%	1.57%	+418.8%
WDC	Buy	WESTERN DIGITAL CORP	$6,983	-23.6%	140,646	+0.3%	1.41%	-23.7%
OLN	Buy	OLIN CORP NEW	$6,965	-9.1%	133,221	+0.0%	1.41%	-9.2%
RDNT	Sell	RADNET INC	$6,967	-26.1%	311,455	-0.5%	1.41%	-26.2%
MEI	Buy	METHODE ELECTRONICS INC	$4,744	-11.8%	109,691	+0.3%	0.96%	-11.9%
FTI	Buy	TECHNIPFMC PLC	$4,593	+1420.9%	592,614	+1064.3%	0.93%	+1423.0%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$4,380	+33.7%	29,000	+107.1%	0.89%	+33.4%
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$4,226	+139.6%	523,623	+0.9%	0.86%	+138.8%
AER	Buy	AERCAP HOLDINGS NV	$4,009	-23.0%	79,735	+0.2%	0.81%	-23.1%
TNL	Buy	TRAVEL PLUS LEISURE CO	$3,921	+5.1%	67,675	+0.3%	0.79%	+5.0%
LEGH	Buy	LEGACY HOUSING CORP	$3,892	-18.8%	181,345	+0.1%	0.79%	-18.9%
CC	Buy	CHEMOURS CO	$3,783	-6.0%	120,175	+0.2%	0.77%	-6.1%
CSIQ	Buy	CANADIAN SOLAR INC	$2,905	+13.9%	82,167	+0.8%	0.59%	+13.7%
BVH	Sell	BLUEGREEN VACATIONS HLDG CORPcl a	$2,853	-17.0%	96,460	-1.5%	0.58%	-17.2%
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$2,544	–	100,000	–	0.52%	–
ALSN	Buy	ALLISON TRANSMISSION HLDGS INC	$2,316	+9.9%	58,990	+1.7%	0.47%	+9.8%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$1,818	-32.7%	108,244	+1.5%	0.37%	-32.7%
LPX	Buy	LOUISIANA PAC CORP	$1,686	-15.8%	27,140	+6.2%	0.34%	-16.0%
LBRDA	Buy	LIBERTY BROADBAND CORP	$1,638	+7.1%	12,500	+31.6%	0.33%	+6.8%
CACI	Buy	CACI INTL INCcl a	$1,506	+30.1%	5,000	+16.3%	0.30%	+29.8%
MKL	Buy	MARKEL CORP	$1,475	+99.3%	1,000	+66.7%	0.30%	+98.7%
GIB	Buy	CGI INCcl a sub vtg	$998	-2.0%	12,500	+8.7%	0.20%	-1.9%
MSGS	Buy	MADISON SQUARE GRDN SPRT CORcl a	$807	+85.9%	4,500	+80.0%	0.16%	+85.2%
SPB	New	SPECTRUM BRANDS HLDGS INC	$793	–	8,936	–	0.16%	–
LSXMA	Buy	LIBERTY MEDIA CORP DEL	$731	+10.6%	16,000	+23.1%	0.15%	+10.4%
AEM	New	AGNICO EAGLE MINES LTD	$674	–	11,000	–	0.14%	–
MS	Buy	MORGAN STANLEY	$631	-8.2%	7,215	+3.1%	0.13%	-7.9%
PSMT	Buy	PRICESMART INC	$517	+27.3%	6,553	+18.0%	0.10%	+28.0%
FNV	Buy	FRANCO NEV CORP	$479	+72.9%	3,000	+50.0%	0.10%	+73.2%
PHX	Sell	PHX MINERALS INCcl a	$395	-70.6%	129,059	-79.2%	0.08%	-70.6%
CET	Buy	CENTRAL SECS CORP	$360	+41.7%	8,706	+52.6%	0.07%	+43.1%
DMLP	New	DORCHESTER MINERALS	$234	–	9,025	–	0.05%	–
	New	ALPHA TAU MEDICAL LTD*w exp 03/07/2028	$31	–	50,000	–	0.01%	–
CMI	Exit	CUMMINS INC	$0	–	-930	–	-0.04%	–
HEPS	Exit	D MARKET ELECTR SVCS & TRADIsponsored ads	$0	–	-150,000	–	-0.06%	–
VIV	Exit	TELEFONICA BRASIL SAnew adr	$0	–	-40,000	–	-0.07%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-6,000	–	-0.07%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-1,900	–	-0.08%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-16,000	–	-0.14%	–
CSV	Exit	CARRIAGE SVCS INC	$0	–	-17,106	–	-0.22%	–
ESTC	Exit	ELASTIC N V	$0	–	-10,000	–	-0.25%	–
GAN	Exit	GAN LIMITED	$0	–	-191,748	–	-0.36%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-50,000	–	-0.42%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-11,639	–	-0.70%	–

Q4 2021

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$158,851	+36.3%	1,853,364	-17.7%	32.19%	+20.5%
WFG	Sell	WEST FRASER TIMBER CO LTD	$40,278	+12.6%	422,378	-0.6%	8.16%	-0.5%
TDW	Buy	TIDEWATER INC	$27,697	-8.8%	2,586,134	+2.7%	5.61%	-19.5%
LXU	Buy	LSB INDS INC	$19,519	+39.3%	1,766,451	+28.7%	3.96%	+23.1%
JEF	Sell	JEFFERIES FINL GROUP INC	$17,111	+3.1%	441,006	-1.3%	3.47%	-8.9%
SKY	Sell	SKYLINE CORP	$16,758	+30.7%	212,180	-0.6%	3.40%	+15.4%
CVCO	Sell	CAVCO INDS INC DEL	$12,841	+33.3%	40,426	-0.7%	2.60%	+17.7%
WLK	Sell	WESTLAKE CHEM CORP	$12,817	-39.1%	131,949	-42.9%	2.60%	-46.2%
DAN	Sell	DANA HOLDING CORP	$11,712	+1.1%	513,220	-1.5%	2.37%	-10.7%
IIIN	Sell	INSTEEL INDUSTRIES INC	$10,175	+3.4%	255,601	-1.2%	2.06%	-8.7%
RDNT	Sell	RADNET INC	$9,429	+1.1%	313,145	-1.5%	1.91%	-10.7%
UMH	Sell	U M H PROPERTIES INC	$9,150	+17.8%	334,825	-1.3%	1.85%	+4.0%
WDC	Sell	WESTERN DIGITAL CORP	$9,143	+13.4%	140,216	-1.9%	1.85%	+0.2%
LECO	Sell	LINCOLN ELEC HLDGS INC	$9,086	+6.9%	65,153	-1.3%	1.84%	-5.6%
CNQ	Sell	CANADIAN NAT RES LTD	$8,432	+13.9%	199,584	-1.5%	1.71%	+0.6%
EAF	Sell	GRAFTECH INTERNATIONAL	$8,397	+14.5%	709,869	-0.1%	1.70%	+1.1%
NE	Buy	NOBLE CORP NEW	$8,249	-0.9%	332,500	+8.1%	1.67%	-12.4%
AXR	Sell	AMREP CORP NEW	$7,861	-3.4%	517,133	-0.2%	1.59%	-14.7%
OLN	Buy	OLIN CORP NEW	$7,662	+45.9%	133,211	+22.4%	1.55%	+29.0%
MEI	Sell	METHODE ELECTRONICS INC	$5,377	+15.0%	109,361	-1.6%	1.09%	+1.6%
AER	Sell	AERCAP HOLDINGS NV	$5,204	+11.7%	79,545	-1.2%	1.06%	-1.2%
LEGH	Sell	LEGACY HOUSING CORP	$4,794	+45.7%	181,125	-1.1%	0.97%	+28.7%
VWTR	Sell	VIDLER WATER RESOURCES INC	$4,364	+3.5%	361,201	-2.6%	0.88%	-8.7%
CC	Sell	CHEMOURS CO	$4,024	+13.6%	119,895	-1.6%	0.82%	+0.4%
TNL	Sell	TRAVEL PLUS LEISURE CO	$3,730	-0.3%	67,495	-1.6%	0.76%	-11.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$3,480	+6.8%	11,639	-2.5%	0.70%	-5.6%
BVH	Sell	BLUEGREEN VACATIONS HLDG CORPcl a	$3,439	+35.6%	97,961	-0.4%	0.70%	+19.8%
TECK	New	TECK RESOURCES INCcl b	$2,882	–	100,000	–	0.58%	–
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$2,701	-1.4%	106,686	+0.5%	0.55%	-12.9%
CSIQ	Sell	CANADIAN SOLAR INC	$2,550	-14.9%	81,481	-0.8%	0.52%	-24.9%
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$1,764	-0.8%	518,863	+35.0%	0.36%	-12.3%
GAN	Sell	GAN LIMITED	$1,762	-50.4%	191,748	-19.7%	0.36%	-56.1%
LBRDA	Buy	LIBERTY BROADBAND CORP	$1,529	+81.6%	9,500	+90.0%	0.31%	+60.6%
FRPH	Buy	FRP HLDGS INCORPORATED	$1,509	+7.5%	26,113	+4.0%	0.31%	-5.0%
EXTN	Buy	EXTERRAN CORPORATION	$1,496	+66.4%	501,750	+147.8%	0.30%	+47.1%
	New	SEVEN HILLS REALTY TRUST	$1,205	–	116,053	–	0.24%	–
CACI	Buy	CACI INTL INCcl a	$1,158	+10.5%	4,300	+7.5%	0.24%	-2.1%
GIB	Buy	CGI INCcl a sub vtg	$1,018	+33.4%	11,500	+27.8%	0.21%	+17.7%
CMCT	Sell	CIM COMMERCIAL TRUST	$1,012	-73.4%	137,702	-67.3%	0.20%	-76.5%
FPH	Sell	FIVE POINT HOLDINGS LLC	$749	-48.2%	114,500	-37.9%	0.15%	-54.2%
MKL	Buy	MARKEL CORP	$740	+23.7%	600	+20.0%	0.15%	+9.5%
KL	Buy	KIRKLAND LAKE GOLD LTD	$671	+15.3%	16,000	+14.3%	0.14%	+1.5%
LSXMA	Buy	LIBERTY MEDIA CORP DEL	$661	+27.4%	13,000	+18.2%	0.13%	+12.6%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$549	+190.5%	50,000	+174.0%	0.11%	+158.1%
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$434	–	2,500	–	0.09%	–
PDD	New	PINDUODUO INCsponsored ads	$350	–	6,000	–	0.07%	–
FTI	Sell	TECHNIPFMC PLC	$302	-59.7%	50,899	-48.8%	0.06%	-64.5%
HEPS	New	D MARKET ELECTR SVCS & TRADIsponsored ads	$287	–	150,000	–	0.06%	–
FNV	New	FRANCO NEV CORP	$277	–	2,000	–	0.06%	–
CET	Buy	CENTRAL SECS CORP	$254	+14.9%	5,706	+8.9%	0.05%	0.0%
GOLD	Sell	BARRICK GOLD CORP	$190	-57.9%	10,000	-60.0%	0.04%	-62.1%
TDWWSB	Sell	TIDEWATER INC*w exp 07/31/202	$80	-58.8%	245,005	-12.6%	0.02%	-64.4%
TDWWSA	Sell	TIDEWATER INC*w exp 07/31/202	$5	-95.2%	86,603	-21.2%	0.00%	-95.8%
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-9,000	–	-0.06%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-22,000	–	-0.10%	–
RMRM	Exit	RMR MORTGAGE TR	$0	–	-62,301	–	-0.15%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-43,000	–	-0.26%	–

Q3 2021

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$116,504	+19.4%	2,251,727	-1.6%	26.73%	+9.1%
WFG	Buy	WEST FRASER TIMBER CO LTD	$35,776	+17.7%	424,747	+0.2%	8.21%	+7.6%
WLK	Buy	WESTLAKE CHEM CORP	$21,051	+1.4%	230,970	+0.3%	4.83%	-7.3%
JEF	Sell	JEFFERIES FINL GROUP INC	$16,596	+8.2%	446,970	-0.4%	3.81%	-1.1%
LXU	Sell	LSB INDS INC	$14,010	+68.3%	1,372,157	-0.3%	3.21%	+53.9%
DAN	Buy	DANA HOLDING CORP	$11,586	-6.3%	520,940	+0.1%	2.66%	-14.4%
IIIN	Buy	INSTEEL INDUSTRIES INC	$9,842	+18.9%	258,650	+0.5%	2.26%	+8.7%
RDNT	Buy	RADNET INC	$9,322	-12.9%	318,050	+0.1%	2.14%	-20.4%
LECO	Buy	LINCOLN ELEC HLDGS INC	$8,502	-1.6%	66,010	+0.6%	1.95%	-10.1%
NE	Buy	NOBLE CORP NEW	$8,321	+485.2%	307,500	+434.8%	1.91%	+434.7%
WDC	Sell	WESTERN DIGITAL CORP	$8,064	-20.8%	142,878	-0.1%	1.85%	-27.6%
UMH	Sell	U M H PROPERTIES INC	$7,768	+4.3%	339,237	-0.6%	1.78%	-4.7%
CNQ	Sell	CANADIAN NAT RES LTD	$7,403	+0.5%	202,619	-0.2%	1.70%	-8.2%
EAF	Buy	GRAFTECH INTERNATIONAL	$7,334	-10.2%	710,675	+1.1%	1.68%	-17.9%
OLN	Buy	OLIN CORP NEW	$5,250	+5.2%	108,805	+0.8%	1.20%	-3.9%
MEI	Buy	METHODE ELECTRONICS INC	$4,675	-13.9%	111,181	+0.8%	1.07%	-21.2%
AER	Buy	AERCAP HOLDINGS NV	$4,657	+13.5%	80,549	+0.5%	1.07%	+3.7%
CMCT	Sell	CIM COMMERCIAL TRUST	$3,810	-9.0%	420,550	-10.1%	0.87%	-16.8%
TNL	New	TRAVEL PLUS LEISURE CO	$3,741	–	68,610	–	0.86%	–
LEGH	Buy	LEGACY HOUSING CORP	$3,290	+7.5%	183,110	+1.2%	0.76%	-1.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$3,257	-4.8%	11,932	-3.1%	0.75%	-13.0%
CSIQ	Buy	CANADIAN SOLAR INC	$2,998	-18.0%	82,107	+0.6%	0.69%	-25.1%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$2,739	-31.0%	106,173	+0.3%	0.63%	-37.0%
PHX	Sell	PHX MINERALS INCcl a	$1,895	-18.2%	619,177	-0.6%	0.44%	-25.3%
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$1,779	+5.4%	384,213	+0.4%	0.41%	-3.8%
LPX	Buy	LOUISIANA PAC CORP	$1,568	+4.0%	25,550	+2.2%	0.36%	-4.8%
FRPH	Buy	FRP HLDGS INCORPORATED	$1,404	+0.5%	25,113	+0.1%	0.32%	-8.3%
EQC	Buy	EQUITY COMWLTH	$1,117	+89.3%	43,000	+91.1%	0.26%	+73.0%
EXTN	Sell	EXTERRAN CORPORATION	$899	-40.2%	202,500	-35.9%	0.21%	-45.4%
GIB	Buy	CGI INCcl a sub vtg	$763	+5.2%	9,000	+12.5%	0.18%	-3.8%
FTI	Buy	TECHNIPFMC PLC	$749	-16.4%	99,406	+0.4%	0.17%	-23.6%
MS	Sell	MORGAN STANLEY	$681	-17.5%	7,000	-22.2%	0.16%	-24.6%
KL	Buy	KIRKLAND LAKE GOLD LTD	$582	+115.6%	14,000	+100.0%	0.13%	+97.1%
LSXMA	Sell	LIBERTY MEDIA CORP DEL	$519	-20.4%	11,000	-21.4%	0.12%	-27.4%
ATUS	Buy	ALTICE USA INCcl a	$456	-33.2%	22,000	+10.0%	0.10%	-38.6%
GOLD	Buy	BARRICK GOLD CORP	$451	+8.9%	25,000	+25.0%	0.10%	-1.0%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$418	-43.1%	1,900	-44.1%	0.10%	-47.8%
UHAL	Sell	AMERCO	$323	-45.2%	500	-50.0%	0.07%	-50.0%
BXMT	New	BLACKSTONE MTG TR INC	$273	–	9,000	–	0.06%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$252	–	13,842	–	0.06%	–
TDWWSB	Sell	TIDEWATER INC*w exp 07/31/202	$194	-29.2%	280,207	-0.0%	0.04%	-34.8%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$189	-69.1%	18,250	-63.5%	0.04%	-72.1%
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-7,950	–	-0.05%	–
GES	Exit	GUESS INC	$0	–	-7,800	–	-0.05%	–
	Exit	DIAMOND S SHIPPING INC	$0	–	-25,000	–	-0.06%	–
NWHM	Exit	NEW HOME CO	$0	–	-100,000	–	-0.15%	–

Q2 2021

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$97,601	–	2,287,891	–	24.50%	–
WFG	New	WEST FRASER TIMBER CO LTD	$30,393	–	423,977	–	7.63%	–
TDW	New	TIDEWATER INC	$30,355	–	2,519,049	–	7.62%	–
WLK	New	WESTLAKE CHEM CORP	$20,755	–	230,380	–	5.21%	–
JEF	New	JEFFERIES FINL GROUP INC	$15,340	–	448,550	–	3.85%	–
DAN	New	DANA HOLDING CORP	$12,367	–	520,500	–	3.10%	–
SKY	New	SKYLINE CORP	$11,378	–	213,480	–	2.86%	–
RDNT	New	RADNET INC	$10,701	–	317,640	–	2.69%	–
WDC	New	WESTERN DIGITAL CORP	$10,179	–	143,030	–	2.56%	–
CVCO	New	CAVCO INDS INC DEL	$9,044	–	40,705	–	2.27%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,644	–	65,626	–	2.17%	–
LXU	New	LSB INDS INC	$8,322	–	1,375,792	–	2.09%	–
IIIN	New	INSTEEL INDUSTRIES INC	$8,277	–	257,455	–	2.08%	–
SE	New	SEA LTDsponsored ads	$8,238	–	30,000	–	2.07%	–
EAF	New	GRAFTECH INTERNATIONAL	$8,171	–	703,250	–	2.05%	–
UMH	New	U M H PROPERTIES INC	$7,448	–	341,327	–	1.87%	–
CNQ	New	CANADIAN NAT RES LTD	$7,368	–	203,094	–	1.85%	–
AXR	New	AMREP CORP NEW	$6,043	–	518,305	–	1.52%	–
MEI	New	METHODE ELECTRONICS INC	$5,428	–	110,301	–	1.36%	–
OLN	New	OLIN CORP NEW	$4,991	–	107,905	–	1.25%	–
VWTR	New	VIDLER WATER RESOURCES INC	$4,930	–	370,661	–	1.24%	–
CC	New	CHEMOURS CO	$4,242	–	121,895	–	1.06%	–
CMCT	New	CIM COMMERCIAL TRUST	$4,185	–	467,550	–	1.05%	–
AER	New	AERCAP HOLDINGS NV	$4,104	–	80,144	–	1.03%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$3,971	–	105,818	–	1.00%	–
GAN	New	GAN LIMITED	$3,925	–	238,748	–	0.98%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$3,858	–	14,000	–	0.97%	–
CSIQ	New	CANADIAN SOLAR INC	$3,658	–	81,587	–	0.92%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$3,423	–	12,315	–	0.86%	–
LEGH	New	LEGACY HOUSING CORP	$3,061	–	181,020	–	0.77%	–
UBER	New	UBER TECHNOLOGIES INC	$2,506	–	50,000	–	0.63%	–
PHX	New	PHX MINERALS INCcl a	$2,318	–	623,027	–	0.58%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$2,304	–	57,980	–	0.58%	–
BVH	New	BLUEGREEN VACATIONS HLDG CORPcl a	$1,770	–	98,311	–	0.44%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$1,688	–	382,843	–	0.42%	–
LPX	New	LOUISIANA PAC CORP	$1,507	–	25,000	–	0.38%	–
EXTN	New	EXTERRAN CORPORATION	$1,503	–	315,787	–	0.38%	–
FPH	New	FIVE POINT HOLDINGS LLC	$1,491	–	184,500	–	0.37%	–
ESTC	New	ELASTIC N V	$1,458	–	10,000	–	0.37%	–
VAL	New	VALARIS LIMITEDcl a	$1,444	–	50,000	–	0.36%	–
NE	New	NOBLE CORP NEW	$1,422	–	57,500	–	0.36%	–
FRPH	New	FRP HLDGS INCORPORATED	$1,397	–	25,087	–	0.35%	–
CACI	New	CACI INTL INCcl a	$1,020	–	4,000	–	0.26%	–
FTI	New	TECHNIPFMC PLC	$896	–	98,981	–	0.22%	–
VOYA	New	VOYA FINANCIAL INC	$861	–	14,000	–	0.22%	–
LBRDA	New	LIBERTY BROADBAND CORP	$841	–	5,000	–	0.21%	–
MS	New	MORGAN STANLEY	$825	–	9,000	–	0.21%	–
PLPC	New	PREFORMED LINE PRODS CO	$742	–	10,000	–	0.19%	–
RMRM	New	RMR MORTGAGE TR	$743	–	62,301	–	0.19%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$735	–	3,400	–	0.18%	–
GIB	New	CGI INCcl a sub vtg	$725	–	8,000	–	0.18%	–
ATUS	New	ALTICE USA INCcl a	$683	–	20,000	–	0.17%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$652	–	14,000	–	0.16%	–
CSV	New	CARRIAGE SVCS INC	$632	–	17,106	–	0.16%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$612	–	50,000	–	0.15%	–
MKL	New	MARKEL CORP	$593	–	500	–	0.15%	–
UHAL	New	AMERCO	$589	–	1,000	–	0.15%	–
EQC	New	EQUITY COMWLTH	$590	–	22,500	–	0.15%	–
NWHM	New	NEW HOME CO	$587	–	100,000	–	0.15%	–
MMC	New	MARSH & MCLENNAN COS INC	$563	–	4,000	–	0.14%	–
AEIS	New	ADVANCED ENERGY INDS	$533	–	4,725	–	0.13%	–
PSMT	New	PRICESMART INC	$505	–	5,553	–	0.13%	–
TRQ	New	TURQUOISE HILL RES LTD	$506	–	30,000	–	0.13%	–
GOLD	New	BARRICK GOLD CORP	$414	–	20,000	–	0.10%	–
VIV	New	TELEFONICA BRASIL SAnew adr	$340	–	40,000	–	0.08%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$274	–	280,245	–	0.07%	–
KL	New	KIRKLAND LAKE GOLD LTD	$270	–	7,000	–	0.07%	–
	New	DIAMOND S SHIPPING INC	$249	–	25,000	–	0.06%	–
MRK	New	MERCK & CO INC NEW	$233	–	3,000	–	0.06%	–
CMI	New	CUMMINS INC	$227	–	930	–	0.06%	–
CET	New	CENTRAL SECS CORP	$221	–	5,242	–	0.06%	–
GES	New	GUESS INC	$206	–	7,800	–	0.05%	–
LQDT	New	LIQUIDITY SERVICES INC	$202	–	7,950	–	0.05%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$133	–	109,852	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
HLX	Exit	HELIX ENERGY SOLUTIONS	$0	–	-12,250	–	-0.01%	–
LOV	Exit	SPARK NETWORKS SEsponsored adr	$0	–	-14,514	–	-0.03%	–
TDWWSB	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-319,763	–	-0.04%	–
VNTR	Exit	VENATOR MATLS PLC	$0	–	-55,000	–	-0.04%	–
TDWWSA	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-247,549	–	-0.05%	–
DENN	Exit	DENNYS CORP	$0	–	-15,000	–	-0.06%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-1,000	–	-0.08%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-3,000	–	-0.10%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-4,725	–	-0.12%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-1,800	–	-0.12%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-3,000	–	-0.13%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-79,500	–	-0.13%	–
PSMT	Exit	PRICESMART INC	$0	–	-5,553	–	-0.14%	–
BB	Exit	BLACKBERRY LTD	$0	–	-80,000	–	-0.14%	–
MS	Exit	MORGAN STANLEY	$0	–	-8,000	–	-0.15%	–
CSV	Exit	CARRIAGE SVCS INC	$0	–	-18,406	–	-0.16%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-10,000	–	-0.18%	–
NWHM	Exit	NEW HOME CO	$0	–	-100,000	–	-0.21%	–
SMHI	Exit	SEACOR MARINE HOLDINGS INC	$0	–	-287,924	–	-0.23%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-98,743	–	-0.24%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-25,000	–	-0.25%	–
UHAL	Exit	AMERCO	$0	–	-2,000	–	-0.28%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-171,107	–	-0.28%	–
FRPH	Exit	FRP HLDGS INCORPORATED	$0	–	-19,582	–	-0.32%	–
	Exit	BBX CAP CORP NEWcl a	$0	–	-79,197	–	-0.41%	–
ESTC	Exit	ELASTIC N V	$0	–	-10,000	–	-0.42%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-152,244	–	-0.47%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-934,346	–	-0.52%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-106,698	–	-0.61%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-50,000	–	-0.70%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-80,375	–	-0.78%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS INC	$0	–	-59,210	–	-0.80%	–
WYND	Exit	WYNDHAM DESTINATIONS INC	$0	–	-68,545	–	-0.81%	–
PICO	Exit	PICO HLDGS INC	$0	–	-248,826	–	-0.86%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-81,410	–	-0.91%	–
LEGH	Exit	LEGACY HOUSING CORP	$0	–	-183,880	–	-0.97%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-12,112	–	-1.00%	–
CC	Exit	CHEMOURS CO	$0	–	-125,600	–	-1.01%	–
CSIQ	Exit	CANADIAN SOLAR INC	$0	–	-81,057	–	-1.10%	–
AXR	Exit	AMREP CORP NEW	$0	–	-512,733	–	-1.11%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-154,198	–	-1.11%	–
LXU	Exit	LSB INDS INC	$0	–	-1,783,481	–	-1.12%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-109,921	–	-1.21%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-203,304	–	-1.26%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-14,000	–	-1.31%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-25,000	–	-1.49%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-332,072	–	-1.74%	–
RDNT	Exit	RADNET INC	$0	–	-318,950	–	-1.89%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-146,565	–	-2.07%	–
SKY	Exit	SKYLINE CORP	$0	–	-218,650	–	-2.26%	–
EAF	Exit	GRAFTECH INTERNATIONAL	$0	–	-874,595	–	-2.31%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-65,622	–	-2.33%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-527,035	–	-2.50%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-41,121	–	-2.86%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-454,060	–	-3.15%	–
GAN	Exit	GAN LIMITED	$0	–	-629,748	–	-4.11%	–
OSB	Exit	NORBORD INC	$0	–	-544,988	–	-6.20%	–
TDW	Exit	TIDEWATER INC	$0	–	-2,488,217	–	-6.44%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-267,376	–	-6.52%	–
BMCH	Exit	BMC STOCK HOLDINGS INC	$0	–	-937,140	–	-15.48%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,327,934	–	-16.71%	–

Q3 2020

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$43,317	+33.5%	1,327,934	-15.3%	16.71%	+19.6%
BMCH	Sell	BMC STOCK HOLDINGS INC	$40,138	+39.8%	937,140	-17.9%	15.48%	+25.3%
WLK	Sell	WESTLAKE CHEM CORP	$16,904	+14.1%	267,376	-3.2%	6.52%	+2.3%
TDW	Sell	TIDEWATER INC	$16,695	+18.3%	2,488,217	-1.4%	6.44%	+6.1%
OSB	Sell	NORBORD INC	$16,077	+25.5%	544,988	-2.9%	6.20%	+12.5%
GAN	Sell	GAN LIMITED	$10,643	-52.2%	629,748	-28.0%	4.11%	-57.2%
JEF	Sell	JEFFERIES FINL GROUP INC	$8,173	+11.3%	454,060	-3.8%	3.15%	-0.3%
CVCO	Sell	CAVCO INDS INC DEL	$7,415	-8.7%	41,121	-2.4%	2.86%	-18.2%
DAN	Sell	DANA HOLDING CORP	$6,493	-2.6%	527,035	-3.6%	2.50%	-12.7%
LECO	Sell	LINCOLN ELEC HLDGS INC	$6,040	+4.3%	65,622	-4.5%	2.33%	-6.5%
EAF	Sell	GRAFTECH INTERNATIONAL	$5,982	-17.0%	874,595	-3.1%	2.31%	-25.6%
SKY	Sell	SKYLINE CORP	$5,853	+9.8%	218,650	-0.2%	2.26%	-1.6%
WDC	Buy	WESTERN DIGITAL CORP	$5,357	+8.0%	146,565	+30.5%	2.07%	-3.1%
RDNT	Sell	RADNET INC	$4,896	-7.7%	318,950	-4.6%	1.89%	-17.3%
UMH	Sell	U M H PROPERTIES INC	$4,497	-10.9%	332,072	-14.9%	1.74%	-20.2%
CNQ	Sell	CANADIAN NAT RES LTD	$3,255	-10.8%	203,304	-2.9%	1.26%	-20.1%
MEI	Sell	METHODE ELECTRONICS INC	$3,133	-12.8%	109,921	-4.3%	1.21%	-21.8%
LXU	Buy	LSB INDS INC	$2,890	+57.6%	1,783,481	+12.8%	1.12%	+41.1%
IIIN	Sell	INSTEEL INDUSTRIES INC	$2,884	-5.8%	154,198	-3.9%	1.11%	-15.5%
AXR	Sell	AMREP CORP NEW	$2,871	+20.8%	512,733	-2.7%	1.11%	+8.3%
CSIQ	Buy	CANADIAN SOLAR INC	$2,845	+648.7%	81,057	+311.2%	1.10%	+569.5%
CC	Sell	CHEMOURS CO	$2,626	+30.3%	125,600	-4.3%	1.01%	+16.8%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$2,580	+363.2%	12,112	+287.8%	1.00%	+314.6%
LEGH	Sell	LEGACY HOUSING CORP	$2,515	-7.0%	183,880	-3.4%	0.97%	-16.7%
CKH	Sell	SEACOR HOLDINGS INC	$2,367	-0.4%	81,410	-3.0%	0.91%	-10.8%
PICO	Buy	PICO HLDGS INC	$2,229	+150.4%	248,826	+135.6%	0.86%	+124.5%
WYND	Sell	WYNDHAM DESTINATIONS INC	$2,108	+4.3%	68,545	-4.5%	0.81%	-6.6%
ALSN	Sell	ALLISON TRANSMISSION HLDGS INC	$2,081	-9.0%	59,210	-4.8%	0.80%	-18.5%
AER	Buy	AERCAP HOLDINGS NV	$2,025	+39.0%	80,375	+69.9%	0.78%	+24.6%
AEO	Sell	AMERICAN EAGLE OUTFITTERS NE	$1,580	+31.1%	106,698	-3.5%	0.61%	+17.5%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$1,336	-32.3%	934,346	+26.9%	0.52%	-39.3%
LPG	Sell	DORIAN LPG LTD	$1,219	+3.4%	152,244	-0.0%	0.47%	-7.5%
ESTC	New	ELASTIC N V	$1,079	–	10,000	–	0.42%	–
	New	BBX CAP CORP NEWcl a	$1,060	–	79,197	–	0.41%	–
EXTN	Sell	EXTERRAN CORPORATION	$712	-22.9%	171,107	-0.2%	0.28%	-30.9%
FTI	Sell	TECHNIPFMC PLC	$623	-9.7%	98,743	-2.1%	0.24%	-19.2%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$585	-28.2%	287,924	-9.9%	0.23%	-35.6%
CSV	Sell	CARRIAGE SVCS INC	$411	+12.9%	18,406	-8.3%	0.16%	+1.3%
FPH	Buy	FIVE POINT HOLDINGS LLC	$331	-3.5%	79,500	+6.7%	0.13%	-13.5%
PNC	Buy	PNC FINL SVCS GROUP INC	$330	+57.1%	3,000	+50.0%	0.13%	+41.1%
LHX	Buy	L3HARRIS TECHNOLOGIES INC	$306	+20.0%	1,800	+20.0%	0.12%	+7.3%
CACI	New	CACI INTL INCcl a	$213	–	1,000	–	0.08%	–
DENN	New	DENNYS CORP	$150	–	15,000	–	0.06%	–
TDWWSA	Sell	TIDEWATER INC*w exp 07/31/202	$132	-4.3%	247,549	-1.4%	0.05%	-13.6%
TDWWSB	Sell	TIDEWATER INC*w exp 07/31/202	$96	-25.0%	319,763	-3.1%	0.04%	-32.7%
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-10,145	–	-0.00%	–
	Exit	VALARIS PLC	$0	–	-13,660	–	-0.00%	–
GCAP	Exit	GAIN CAPITAL HOLDINGS	$0	–	-25,000	–	-0.06%	–
BBX	Exit	BBX CAPITAL CORPcl a	$0	–	-513,208	–	-0.56%	–

Q2 2020

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$32,449	–	1,567,582	–	13.97%	–
BMCH	New	BMC STOCK HOLDINGS INC	$28,713	–	1,142,115	–	12.36%	–
GAN	New	GAN LIMITED	$22,269	–	875,000	–	9.59%	–
WLK	New	WESTLAKE CHEM CORP	$14,812	–	276,078	–	6.38%	–
TDW	New	TIDEWATER INC	$14,108	–	2,523,828	–	6.07%	–
OSB	New	NORBORD INC	$12,806	–	561,416	–	5.51%	–
CVCO	New	CAVCO INDS INC DEL	$8,123	–	42,124	–	3.50%	–
JEF	New	JEFFERIES FINL GROUP INC	$7,343	–	472,219	–	3.16%	–
EAF	New	GRAFTECH INTERNATIONAL	$7,204	–	902,855	–	3.10%	–
DAN	New	DANA HOLDING CORP	$6,664	–	546,740	–	2.87%	–
LECO	New	LINCOLN ELEC HLDGS INC	$5,789	–	68,712	–	2.49%	–
SKY	New	SKYLINE CORP	$5,330	–	218,995	–	2.30%	–
RDNT	New	RADNET INC	$5,305	–	334,300	–	2.28%	–
UMH	New	U M H PROPERTIES INC	$5,048	–	390,372	–	2.17%	–
WDC	New	WESTERN DIGITAL CORP	$4,958	–	112,295	–	2.13%	–
CNQ	New	CANADIAN NAT RES LTD	$3,651	–	209,459	–	1.57%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$3,615	–	14,000	–	1.56%	–
MEI	New	METHODE ELECTRONICS INC	$3,592	–	114,901	–	1.55%	–
IIIN	New	INSTEEL INDUSTRIES INC	$3,060	–	160,468	–	1.32%	–
LEGH	New	LEGACY HOUSING CORP	$2,705	–	190,260	–	1.16%	–
SE	New	SEA LTDsponsored ads	$2,681	–	25,000	–	1.15%	–
AXR	New	AMREP CORP NEW	$2,377	–	526,960	–	1.02%	–
CKH	New	SEACOR SMIT INC	$2,377	–	83,965	–	1.02%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$2,287	–	62,170	–	0.98%	–
WYND	New	WYNDHAM DESTINATIONS INC	$2,022	–	71,760	–	0.87%	–
CC	New	CHEMOURS CO	$2,015	–	131,250	–	0.87%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$1,973	–	736,196	–	0.85%	–
LXU	New	LSB INDS INC	$1,834	–	1,581,217	–	0.79%	–
UBER	New	UBER TECHNOLOGIES INC	$1,554	–	50,000	–	0.67%	–
AER	New	AERCAP HOLDINGS NV	$1,457	–	47,310	–	0.63%	–
BBX	New	BBX CAPITAL CORPcl a	$1,304	–	513,208	–	0.56%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$1,205	–	110,528	–	0.52%	–
LPG	New	DORIAN LPG LTD	$1,179	–	152,278	–	0.51%	–
EXTN	New	EXTERRAN CORPORATION	$924	–	171,407	–	0.40%	–
PICO	New	PICO HLDGS INC	$890	–	105,606	–	0.38%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$815	–	319,525	–	0.35%	–
FRPH	New	FRP HLDGS INCORPORATED	$795	–	19,582	–	0.34%	–
FTI	New	TECHNIPFMC PLC	$690	–	100,888	–	0.30%	–
UHAL	New	AMERCO	$604	–	2,000	–	0.26%	–
ATUS	New	ALTICE USA INCcl a	$564	–	25,000	–	0.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$557	–	3,123	–	0.24%	–
VOYA	New	VOYA FINANCIAL INC	$467	–	10,000	–	0.20%	–
BB	New	BLACKBERRY LTD	$391	–	80,000	–	0.17%	–
MS	New	MORGAN STANLEY	$386	–	8,000	–	0.17%	–
CSIQ	New	CANADIAN SOLAR INC	$380	–	19,710	–	0.16%	–
CSV	New	CARRIAGE SVCS INC	$364	–	20,066	–	0.16%	–
FPH	New	FIVE POINT HOLDINGS LLC	$343	–	74,500	–	0.15%	–
NWHM	New	NEW HOME CO	$336	–	100,000	–	0.14%	–
PSMT	New	PRICESMART INC	$335	–	5,553	–	0.14%	–
AEIS	New	ADVANCED ENERGY INDS	$320	–	4,725	–	0.14%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$255	–	1,500	–	0.11%	–
MRK	New	MERCK & CO INC NEW	$232	–	3,000	–	0.10%	–
PNC	New	PNC FINL SVCS GROUP INC	$210	–	2,000	–	0.09%	–
GCAP	New	GAIN CAPITAL HOLDINGS	$151	–	25,000	–	0.06%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$138	–	251,077	–	0.06%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$128	–	329,825	–	0.06%	–
VNTR	New	VENATOR MATLS PLC	$98	–	55,000	–	0.04%	–
LOV	New	SPARK NETWORKS SEsponsored adr	$48	–	14,514	–	0.02%	–
HLX	New	HELIX ENERGY SOLUTIONS	$43	–	12,250	–	0.02%	–
	New	VALARIS PLC	$9	–	13,660	–	0.00%	–
HNRG	New	HALLADOR ENERGY COMPANY	$7	–	10,145	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
HDSN	Exit	HUDSON TECHNOLOGIES INC	$0	–	-13,950	–	-0.00%	–
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-10,525	–	-0.02%	–
LOV	Exit	SPARK NETWORKS SEsponsored adr	$0	–	-14,514	–	-0.02%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-22,920	–	-0.02%	–
HLX	Exit	HELIX ENERGY SOLUTIONS	$0	–	-12,250	–	-0.03%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-13,735	–	-0.04%	–
	Exit	VALARIS PLC	$0	–	-32,918	–	-0.05%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-93,818	–	-0.06%	–
BB	Exit	BLACKBERRY LTD	$0	–	-45,000	–	-0.07%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-3,000	–	-0.08%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-4,725	–	-0.08%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-40,750	–	-0.09%	–
TDWWSA	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-265,203	–	-0.12%	–
PSMT	Exit	PRICESMART INC	$0	–	-5,553	–	-0.12%	–
TDWWSB	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-350,560	–	-0.13%	–
CSV	Exit	CARRIAGE SVCS INC	$0	–	-22,176	–	-0.14%	–
WBC	Exit	WABCO HOLDGS INCORPORATED	$0	–	-4,000	–	-0.16%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-4,500	–	-0.19%	–
TKR	Exit	TIMKEN CO	$0	–	-15,725	–	-0.21%	–
FRPH	Exit	FRP HLDGS INCORPORATED	$0	–	-14,559	–	-0.21%	–
UHAL	Exit	AMERCO	$0	–	-2,200	–	-0.26%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-31,000	–	-0.27%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-21,733	–	-0.30%	–
PICO	Exit	PICO HLDGS INC	$0	–	-114,025	–	-0.35%	–
GCAP	Exit	GAIN CAPITAL HOLDINGS	$0	–	-335,415	–	-0.54%	–
VNTR	Exit	VENATOR MATLS PLC	$0	–	-736,375	–	-0.55%	–
GASS	Exit	STEALTHGAS INC	$0	–	-612,428	–	-0.57%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-121,505	–	-0.60%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-100,495	–	-0.74%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-61,880	–	-0.76%	–
BBX	Exit	BBX CAPITAL CORPcl a	$0	–	-541,936	–	-0.77%	–
SMHI	Exit	SEACOR MARINE HOLDINGS INC	$0	–	-206,216	–	-0.79%	–
VALPQ	Exit	VALARIS PLC	$0	–	-597,302	–	-0.88%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-317,234	–	-1.00%	–
AXR	Exit	AMREP CORP NEW	$0	–	-604,845	–	-1.04%	–
CKH	Exit	SEACOR SMIT INC	$0	–	-80,006	–	-1.15%	–
GRUB	Exit	GRUBHUB	$0	–	-70,000	–	-1.20%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-218,923	–	-1.37%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-219,154	–	-1.78%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-465,450	–	-2.00%	–
SKY	Exit	SKYLINE CORP	$0	–	-222,770	–	-2.04%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-484,680	–	-2.13%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-86,106	–	-2.28%	–
EAF	Exit	GRAFTECH INTERNATIONAL	$0	–	-645,630	–	-2.52%	–
RDNT	Exit	RADNET INC	$0	–	-596,518	–	-2.61%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-731,111	–	-3.12%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-53,329	–	-3.12%	–
LXU	Exit	LSB INDS INC	$0	–	-2,031,425	–	-3.21%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-601,058	–	-3.37%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-189,573	–	-3.45%	–
OSB	Exit	NORBORD INC	$0	–	-505,552	–	-3.69%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-184,210	–	-5.03%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-288,908	–	-5.77%	–
TDW	Exit	TIDEWATER INC	$0	–	-1,284,652	–	-5.92%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-344,081	–	-9.34%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,775,884	–	-11.14%	–
BMCH	Exit	BMC STOCK HOLDINGS INC	$0	–	-1,562,520	–	-12.47%	–

Q3 2019

			Value		Shares		↓ Weighting
BMCH	Sell	BMC STOCK HOLDINGS INC	$40,907	+20.4%	1,562,520	-2.5%	12.47%	+5.4%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$36,539	+15.3%	1,775,884	-5.5%	11.14%	+1.0%
EXTN	Buy	EXTERRAN CORPORATION	$30,613	+530.4%	344,081	+0.8%	9.34%	+452.0%
TDW	Buy	TIDEWATER INC	$19,411	-25.3%	1,284,652	+16.1%	5.92%	-34.6%
WLK	Sell	WESTLAKE CHEM CORP	$18,929	-6.1%	288,908	-0.4%	5.77%	-17.8%
MEI	Buy	METHODE ELECTRONICS INC	$16,481	+214.0%	184,210	+0.3%	5.03%	+174.9%
OSB	Buy	NORBORD INC	$12,108	-0.6%	505,552	+2.9%	3.69%	-12.9%
WDC	Buy	WESTERN DIGITAL CORP	$11,306	+25.8%	189,573	+0.3%	3.45%	+10.2%
JEF	Buy	JEFFERIES FINL GROUP INC	$11,060	+19.7%	601,058	+25.1%	3.37%	+4.8%
LXU	Buy	LSB INDS INC	$10,523	+37.3%	2,031,425	+3.4%	3.21%	+20.2%
CVCO	Buy	CAVCO INDS INC DEL	$10,244	+22.1%	53,329	+0.1%	3.12%	+6.9%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$10,221	+7.3%	731,111	+0.1%	3.12%	-6.1%
RDNT	Buy	RADNET INC	$8,566	+4.5%	596,518	+0.3%	2.61%	-8.5%
EAF	Buy	GRAFTECH INTERNATIONAL	$8,265	+36.5%	645,630	+22.6%	2.52%	+19.5%
LECO	Buy	LINCOLN ELEC HLDGS INC	$7,470	+5.8%	86,106	+0.4%	2.28%	-7.4%
DAN	Buy	DANA HOLDING CORP	$6,999	+91.4%	484,680	+164.4%	2.13%	+67.6%
SKY	Buy	SKYLINE CORP	$6,703	+10.7%	222,770	+0.7%	2.04%	-3.0%
UMH	Buy	U M H PROPERTIES INC	$6,554	+14.6%	465,450	+1.0%	2.00%	+0.4%
CNQ	Buy	CANADIAN NAT RES LTD	$5,836	-0.6%	219,154	+0.6%	1.78%	-13.0%
IIIN	Buy	INSTEEL INDUSTRIES INC	$4,494	-0.5%	218,923	+0.9%	1.37%	-12.8%
CKH	Buy	SEACOR SMIT INC	$3,766	+0.7%	80,006	+1.6%	1.15%	-11.9%
AXR	Buy	AMREP CORP NEW	$3,416	-16.8%	604,845	+1.0%	1.04%	-27.2%
LPG	Buy	DORIAN LPG LTD	$3,286	+14.9%	317,234	+0.0%	1.00%	+0.6%
VALPQ	New	VALARIS PLC	$2,873	–	597,302	–	0.88%	–
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$2,592	-13.7%	206,216	+2.7%	0.79%	-24.5%
HP	Buy	HELMERICH & PAYNE INC	$2,479	-20.4%	61,880	+0.6%	0.76%	-30.3%
FTI	Buy	TECHNIPFMC PLC	$2,426	-6.5%	100,495	+0.5%	0.74%	-18.1%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$1,971	-3.3%	121,505	+0.7%	0.60%	-15.4%
GASS	Buy	STEALTHGAS INC	$1,856	-11.2%	612,428	+0.9%	0.57%	-22.3%
VNTR	Buy	VENATOR MATLS PLC	$1,797	-51.8%	736,375	+4.6%	0.55%	-57.7%
GCAP	Sell	GAIN CAPITAL HOLDINGS	$1,771	+27.1%	335,415	-0.6%	0.54%	+11.3%
PICO	Sell	PICO HLDGS INC	$1,151	-13.7%	114,025	-0.7%	0.35%	-24.5%
ROCK	Sell	GIBRALTAR INDS INC	$998	-25.8%	21,733	-34.8%	0.30%	-35.0%
ATUS	Sell	ALTICE USA INCcl a	$889	+4.3%	31,000	-11.4%	0.27%	-8.8%
FRPH	Buy	FRP HLDGS INCORPORATED	$699	-13.6%	14,559	+0.4%	0.21%	-24.5%
TKR	Buy	TIMKEN CO	$684	-9.6%	15,725	+6.6%	0.21%	-20.8%
WBC	Sell	WABCO HOLDGS INCORPORATED	$535	-19.3%	4,000	-20.0%	0.16%	-29.4%
CSV	Buy	CARRIAGE SVCS INC	$453	+19.8%	22,176	+11.6%	0.14%	+4.5%
TDWWSB	Buy	TIDEWATER INC*w exp 07/31/202	$420	-56.5%	350,560	+0.8%	0.13%	-61.9%
PSMT	New	PRICESMART INC	$395	–	5,553	–	0.12%	–
TDWWSA	Buy	TIDEWATER INC*w exp 07/31/202	$385	-51.8%	265,203	+1.1%	0.12%	-57.9%
BB	Buy	BLACKBERRY LTD	$236	+26.2%	45,000	+80.0%	0.07%	+10.8%
	New	VALARIS PLC	$158	–	32,918	–	0.05%	–
OMN	Sell	OMNOVA SOLUTIONS INC	$138	-97.5%	13,735	-98.4%	0.04%	-97.8%
HLX	New	HELIX ENERGY SOLUTIONS	$99	–	12,250	–	0.03%	–
LQDT	New	LIQUIDITY SERVICES INC	$78	–	10,525	–	0.02%	–
LOV	Sell	SPARK NETWORKS SEsponsored adr	$80	-69.9%	14,514	-35.7%	0.02%	-74.2%
GLIBA	Exit	GCI LIBERTY INC	$0	–	-4,000	–	-0.09%	–
	Exit	TOTAL S Asponsored adr	$0	–	-7,935	–	-0.15%	–
LEGH	Exit	LEGACY HOUSING COR	$0	–	-59,000	–	-0.26%	–
PCMI	Exit	PCM, INC	$0	–	-25,000	–	-0.30%	–
MTOR	Exit	MERITOR INC	$0	–	-48,780	–	-0.41%	–
ESV	Exit	ENSCO PLC	$0	–	-626,569	–	-1.86%	–

Q2 2019

			Value		Shares		↓ Weighting
BMCH	New	BMC STOCK HOLDINGS INC	$33,985	–	1,603,045	–	11.84%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$31,689	–	1,879,524	–	11.04%	–
TDW	New	TIDEWATER INC	$25,985	–	1,106,698	–	9.05%	–
WLK	New	WESTLAKE CHEM CORP	$20,156	–	290,187	–	7.02%	–
OSB	New	NORBORD INC	$12,178	–	491,209	–	4.24%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$9,527	–	730,547	–	3.32%	–
JEF	New	JEFFERIES FINL GROUP INC	$9,239	–	480,447	–	3.22%	–
WDC	New	WESTERN DIGITAL CORP	$8,987	–	189,005	–	3.13%	–
CVCO	New	CAVCO INDS INC DEL	$8,392	–	53,269	–	2.92%	–
RDNT	New	RADNET INC	$8,200	–	594,668	–	2.86%	–
LXU	New	LSB INDS INC	$7,663	–	1,964,799	–	2.67%	–
LECO	New	LINCOLN ELEC HLDGS INC	$7,060	–	85,766	–	2.46%	–
EAF	New	GRAFTECH INTERNATIONAL	$6,055	–	526,580	–	2.11%	–
SKY	New	SKYLINE CORP	$6,054	–	221,120	–	2.11%	–
CNQ	New	CANADIAN NAT RES LTD	$5,873	–	217,749	–	2.04%	–
UMH	New	U M H PROPERTIES INC	$5,721	–	461,025	–	1.99%	–
GRUB	New	GRUBHUB	$5,459	–	70,000	–	1.90%	–
OMN	New	OMNOVA SOLUTIONS INC	$5,452	–	875,249	–	1.90%	–
ESV	New	ENSCO PLC	$5,345	–	626,569	–	1.86%	–
MEI	New	METHODE ELECTRONICS INC	$5,248	–	183,690	–	1.83%	–
EXTN	New	EXTERRAN CORPORATION	$4,856	–	341,461	–	1.69%	–
IIIN	New	INSTEEL INDUSTRIES INC	$4,515	–	216,873	–	1.57%	–
AXR	New	AMREP CORP NEW	$4,108	–	598,807	–	1.43%	–
CKH	New	SEACOR HOLDINGS INC	$3,740	–	78,736	–	1.30%	–
VNTR	New	VENATOR MATLS PLC	$3,725	–	704,175	–	1.30%	–
DAN	New	DANA HOLDING CORP	$3,656	–	183,315	–	1.27%	–
HP	New	HELMERICH & PAYNE INC	$3,114	–	61,513	–	1.08%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$3,004	–	200,826	–	1.05%	–
LPG	New	DORIAN LPG LTD	$2,860	–	317,117	–	1.00%	–
BBX	New	BBX CAPITAL CORPcl a	$2,661	–	541,936	–	0.93%	–
FTI	New	TECHNIPFMC PLC	$2,595	–	100,040	–	0.90%	–
GASS	New	STEALTHGAS INC	$2,089	–	607,028	–	0.73%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$2,038	–	120,605	–	0.71%	–
GCAP	New	GAIN CAPITAL HOLDINGS	$1,393	–	337,365	–	0.48%	–
ROCK	New	GIBRALTAR INDS INC	$1,345	–	33,334	–	0.47%	–
PICO	New	PICO HLDGS INC	$1,334	–	114,785	–	0.46%	–
MTOR	New	MERITOR INC	$1,183	–	48,780	–	0.41%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$966	–	347,728	–	0.34%	–
PCMI	New	PCM, INC	$876	–	25,000	–	0.30%	–
ATUS	New	ALTICE USA INCcl a	$852	–	35,000	–	0.30%	–
UHAL	New	AMERCO	$833	–	2,200	–	0.29%	–
FRPH	New	FRP HLDGS INCORPORATED	$809	–	14,500	–	0.28%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$799	–	262,194	–	0.28%	–
TKR	New	TIMKEN CO	$757	–	14,750	–	0.26%	–
LEGH	New	LEGACY HOUSING COR	$735	–	59,000	–	0.26%	–
WBC	New	WABCO HOLDGS INCORPORATED	$663	–	5,000	–	0.23%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$638	–	4,500	–	0.22%	–
	New	TOTAL S Asponsored adr	$443	–	7,935	–	0.15%	–
CSV	New	CARRIAGE SVCS INC	$378	–	19,876	–	0.13%	–
FPH	New	FIVE POINT HOLDINGS LLC	$306	–	40,750	–	0.11%	–
AEIS	New	ADVANCED ENERGY INDS	$266	–	4,725	–	0.09%	–
LOV	New	SPARK NETWORKS SEsponsored adr	$266	–	22,587	–	0.09%	–
MRK	New	MERCK & CO INC NEW	$252	–	3,000	–	0.09%	–
GLIBA	New	GCI LIBERTY INC	$246	–	4,000	–	0.09%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$235	–	93,818	–	0.08%	–
BB	New	BLACKBERRY LTD	$187	–	25,000	–	0.06%	–
HNRG	New	HALLADOR ENERGY COMPANY	$130	–	22,920	–	0.04%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$12	–	13,950	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	ECO STIM ENERGY SOLUTIONS	$0	–	-25,000	–	-0.00%	–
HDSN	Exit	HUDSON TECHNOLOGIES INC	$0	–	-13,950	–	-0.01%	–
DHX	Exit	DHI GROUP INC	$0	–	-12,440	–	-0.01%	–
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-11,475	–	-0.02%	–
HBP	Exit	HUTTING BUILDING PRODUCTS I	$0	–	-25,000	–	-0.03%	–
BB	Exit	BLACKBERRY LTD	$0	–	-10,000	–	-0.03%	–
HLX	Exit	HELIX ENERGY SOLUTIONS GROUP INC	$0	–	-12,250	–	-0.03%	–
	Exit	CSI COMPRESSCO LP	$0	–	-32,020	–	-0.04%	–
GCAP	Exit	GAIN CAPITAL HOLDINGS	$0	–	-25,000	–	-0.04%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-3,000	–	-0.06%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-727	–	-0.06%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-3,000	–	-0.07%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-42,919	–	-0.07%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-5,325	–	-0.07%	–
BDC	Exit	BELDEN INC	$0	–	-4,000	–	-0.08%	–
SPB	Exit	SPECTRUM BRANDS HOLDINGS INC	$0	–	-4,000	–	-0.08%	–
LOV	Exit	SPARK NETWORKS SEsponsored adr	$0	–	-26,978	–	-0.08%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-1,674	–	-0.09%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-21,411	–	-0.10%	–
ELF	Exit	E L F BEAUTY INC	$0	–	-35,000	–	-0.12%	–
PSMT	Exit	PRICESMART INC	$0	–	-5,553	–	-0.12%	–
PCMI	Exit	PCM, INC	$0	–	-26,791	–	-0.14%	–
GLW	Exit	CORNING INC	$0	–	-15,040	–	-0.14%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-30,000	–	-0.14%	–
TKR	Exit	TIMKEN CO	$0	–	-13,725	–	-0.18%	–
VNTR	Exit	VENATOR MATLS PLC	$0	–	-80,000	–	-0.19%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-5,500	–	-0.24%	–
UHAL	Exit	AMERCO	$0	–	-2,600	–	-0.24%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-19,000	–	-0.26%	–
TDWWSA	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-276,476	–	-0.30%	–
RVI	Exit	RETAIL VENTURES INC	$0	–	-35,419	–	-0.30%	–
TDWWSB	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-369,958	–	-0.35%	–
FRAN	Exit	FRANCESCA HLDGS CORP	$0	–	-368,425	–	-0.36%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-230,267	–	-0.38%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-35,429	–	-0.42%	–
PICO	Exit	PICO HLDGS INC	$0	–	-134,665	–	-0.44%	–
ETM	Exit	ENTERCOMcl a	$0	–	-248,240	–	-0.52%	–
NKE	Exit	NIKE INCcl b	$0	–	-25,000	–	-0.56%	–
GLF	Exit	GULFMARK OFFSHORE INC	$0	–	-61,700	–	-0.61%	–
GASS	Exit	STEALTHGAS INC	$0	–	-803,831	–	-0.75%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-134,317	–	-0.88%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-57,015	–	-0.88%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-117,847	–	-0.97%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-84,251	–	-1.10%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-75,000	–	-1.12%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-542,709	–	-1.14%	–
SKY	Exit	SKYLINE CORP	$0	–	-155,200	–	-1.17%	–
BBX	Exit	BBX CAPITAL CORPcl a	$0	–	-602,219	–	-1.18%	–
SMHI	Exit	SEACOR MARINE HOLDINGS INC	$0	–	-200,104	–	-1.19%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-252,945	–	-1.24%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-70,423	–	-1.28%	–
AXR	Exit	AMREP CORP NEW	$0	–	-688,982	–	-1.33%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-213,259	–	-1.83%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-209,697	–	-2.00%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-503,975	–	-2.08%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-235,020	–	-2.22%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-95,856	–	-2.36%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-362,472	–	-2.53%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-981,270	–	-2.54%	–
RDNT	Exit	RADNET INC	$0	–	-804,130	–	-3.19%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-560,426	–	-3.24%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-755,732	–	-3.67%	–
ESV	Exit	ENSCO PLC	$0	–	-2,027,275	–	-4.50%	–
TDW	Exit	TIDEWATER INC	$0	–	-632,382	–	-5.19%	–
OSB	Exit	NORBORD INC	$0	–	-619,894	–	-5.41%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-261,970	–	-5.73%	–
LXU	Exit	LSB INDS INC	$0	–	-2,470,573	–	-6.36%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-111,877	–	-7.45%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,075,205	–	-8.02%	–
BMCH	Exit	BMC STOCK HOLDINGS INC	$0	–	-2,131,935	–	-10.47%	–

Q3 2018

			Value		Shares		↓ Weighting
BMCH	Sell	BMC STOCK HOLDINGS INC	$39,760	-14.3%	2,131,935	-4.2%	10.47%	-13.4%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$30,464	-19.4%	2,075,205	+0.4%	8.02%	-18.6%
CVCO	Sell	CAVCO INDS INC DEL	$28,305	+8.4%	111,877	-11.0%	7.45%	+9.6%
LXU	Sell	LSB INDS INC	$24,162	+82.5%	2,470,573	-1.1%	6.36%	+84.4%
WLK	Buy	WESTLAKE CHEM CORP	$21,772	-22.4%	261,970	+0.5%	5.73%	-21.6%
OSB	Buy	NORBORD INC	$20,562	-15.4%	619,894	+4.9%	5.41%	-14.5%
TDW	Sell	TIDEWATER INC	$19,724	+2.9%	632,382	-4.5%	5.19%	+4.0%
ESV	Sell	ENSCO PLC	$17,110	+16.1%	2,027,275	-0.1%	4.50%	+17.3%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$13,943	-3.5%	755,732	-0.1%	3.67%	-2.5%
JEF	Sell	JEFFERIES FINL GROUP INC	$12,307	-3.9%	560,426	-0.5%	3.24%	-2.9%
RDNT	Sell	RADNET INC	$12,102	-0.6%	804,130	-0.9%	3.19%	+0.4%
OMN	Sell	OMNOVA SOLUTIONS INC	$9,666	-6.0%	981,270	-0.8%	2.54%	-5.0%
EXTN	Sell	EXTERRAN CORPORATION	$9,616	+5.2%	362,472	-0.7%	2.53%	+6.3%
LECO	Buy	LINCOLN ELEC HLDGS INC	$8,956	+6.7%	95,856	+0.2%	2.36%	+7.8%
IIIN	Buy	INSTEEL INDUSTRIES INC	$8,433	+7.5%	235,020	+0.1%	2.22%	+8.6%
UMH	Buy	U M H PROPERTIES INC	$7,882	+2.8%	503,975	+0.9%	2.08%	+3.9%
MEI	Buy	METHODE ELECTRONICS INC	$7,591	-9.8%	209,697	+0.4%	2.00%	-8.8%
CNQ	Buy	CANADIAN NAT RES LTD	$6,965	-9.2%	213,259	+0.3%	1.83%	-8.2%
AXR	Buy	AMREP CORP NEW	$5,036	+2.5%	688,982	+0.0%	1.33%	+3.6%
HP	Sell	HELMERICH & PAYNE INC	$4,843	+7.6%	70,423	-0.2%	1.28%	+8.8%
DAN	Buy	DANA HOLDING CORP	$4,722	+139.1%	252,945	+158.6%	1.24%	+141.4%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$4,528	-2.6%	200,104	-0.6%	1.19%	-1.6%
BBX	Sell	BBX CAPITAL CORPcl a	$4,468	-20.1%	602,219	-2.7%	1.18%	-19.3%
SKY	Buy	SKYLINE CORP	$4,434	+9.8%	155,200	+34.6%	1.17%	+10.8%
LPG	Buy	DORIAN LPG LTD	$4,326	+9.3%	542,709	+4.7%	1.14%	+10.5%
CKH	Buy	SEACOR HOLDINGS INC	$4,163	-13.3%	84,251	+0.5%	1.10%	-12.4%
FTI	Sell	TECHNIPFMC PLC	$3,682	-2.4%	117,847	-0.8%	0.97%	-1.4%
WDC	Buy	WESTERN DIGITAL CORP	$3,338	-21.8%	57,015	+3.4%	0.88%	-21.0%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$3,335	+10.1%	134,317	+3.1%	0.88%	+11.3%
GASS	Buy	STEALTHGAS INC	$2,862	-10.2%	803,831	+0.1%	0.75%	-9.3%
GLF	New	GULFMARK OFFSHORE INC	$2,301	–	61,700	–	0.61%	–
PICO	Buy	PICO HLDGS INC	$1,690	+7.8%	134,665	+0.1%	0.44%	+9.1%
ROCK	Sell	GIBRALTAR INDS INC	$1,616	+11.8%	35,429	-8.1%	0.42%	+12.7%
FRAN	Buy	FRANCESCA HLDGS CORP	$1,367	-50.8%	368,425	+0.0%	0.36%	-50.3%
TDWWSB	Buy	TIDEWATER INC*w exp 07/31/202	$1,336	+62.9%	369,958	+24.1%	0.35%	+64.5%
RVI	New	RETAIL VENTURES INC	$1,158	–	35,419	–	0.30%	–
TDWWSA	Sell	TIDEWATER INC*w exp 07/31/202	$1,139	+18.4%	276,476	-0.3%	0.30%	+19.5%
UHAL	Buy	AMERCO	$927	+4.2%	2,600	+4.0%	0.24%	+5.2%
DHIL	Buy	DIAMOND HILL INVESTMENT GROUP	$910	+50.9%	5,500	+77.4%	0.24%	+52.9%
VNTR	Buy	VENATOR MATLS PLC	$720	-8.3%	80,000	+66.7%	0.19%	-7.3%
TKR	Buy	TIMKEN CO	$684	+30.0%	13,725	+13.6%	0.18%	+31.4%
ATUS	Buy	ALTICE USA INCcl a	$544	+27.4%	30,000	+20.0%	0.14%	+28.8%
GLW	Sell	CORNING INC	$531	-22.9%	15,040	-39.9%	0.14%	-22.2%
ELF	New	E L F BEAUTY INC	$446	–	35,000	–	0.12%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$358	-11.6%	1,674	-22.8%	0.09%	-11.3%
LOV	Sell	SPARK NETWORKS SEsponsored adr	$308	-2.5%	26,978	-8.2%	0.08%	-1.2%
SPB	New	SPECTRUM BRANDS HOLDINGS INC	$299	–	4,000	–	0.08%	–
BDC	Sell	BELDEN INC	$286	-48.0%	4,000	-55.6%	0.08%	-47.6%
MRK	New	MERCK & CO INC NEW	$213	–	3,000	–	0.06%	–
GCAP	New	GAIN CAPITAL HOLDINGS	$163	–	25,000	–	0.04%	–
	Sell	CSI COMPRESSCO LP	$165	-8.3%	32,020	-0.9%	0.04%	-8.5%
BB	New	BLACKBERRY LTD	$114	–	10,000	–	0.03%	–
HBP	New	HUTTING BUILDING PRODUCTS I	$106	–	25,000	–	0.03%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$18	–	13,950	–	0.01%	–
	New	ECO STIM ENERGY SOLUTIONS	$7	–	25,000	–	0.00%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	0	–	0.00%	–
AVT	Exit	AVNET INC	$0	–	-7,298	–	-0.08%	–
SPB	Exit	SPECTRUM BRANDS HOLDINGS INC	$0	–	-6,000	–	-0.13%	–

Q2 2018

			Value		Shares		↓ Weighting
BMCH	New	BMC STOCK HOLDINGS INC	$46,397	–	2,225,262	–	12.09%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$37,798	–	2,066,600	–	9.85%	–
WLK	New	WESTLAKE CHEM CORP	$28,051	–	260,622	–	7.31%	–
CVCO	New	CAVCO INDS INC DEL	$26,105	–	125,715	–	6.80%	–
OSB	New	NORBORD INC	$24,306	–	591,096	–	6.33%	–
TDW	New	TIDEWATER INC	$19,165	–	662,457	–	4.99%	–
ESV	New	ENSCO PLC	$14,737	–	2,029,913	–	3.84%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$14,451	–	756,583	–	3.76%	–
LXU	New	LSB INDS INC	$13,240	–	2,498,106	–	3.45%	–
JEF	New	JEFFERIES FINL GROUP INC	$12,809	–	563,313	–	3.34%	–
RDNT	New	RADNET INC	$12,176	–	811,688	–	3.17%	–
OMN	New	OMNOVA SOLUTIONS INC	$10,284	–	988,880	–	2.68%	–
EXTN	New	EXTERRAN CORPORATION	$9,141	–	365,072	–	2.38%	–
MEI	New	METHODE ELECTRONICS INC	$8,414	–	208,780	–	2.19%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,397	–	95,691	–	2.19%	–
IIIN	New	INSTEEL INDUSTRIES INC	$7,844	–	234,828	–	2.04%	–
CNQ	New	CANADIAN NAT RES LTD	$7,670	–	212,629	–	2.00%	–
UMH	New	U M H PROPERTIES INC	$7,669	–	499,590	–	2.00%	–
BBX	New	BBX CAPITAL CORPcl a	$5,592	–	619,219	–	1.46%	–
AXR	New	AMREP CORP NEW	$4,911	–	688,722	–	1.28%	–
CKH	New	SEACOR HOLDINGS INC	$4,801	–	83,836	–	1.25%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$4,647	–	201,246	–	1.21%	–
HP	New	HELMERICH & PAYNE INC	$4,500	–	70,577	–	1.17%	–
WDC	New	WESTERN DIGITAL CORP	$4,269	–	55,144	–	1.11%	–
SKY	New	SKYLINE CORP	$4,040	–	115,300	–	1.05%	–
LPG	New	DORIAN LPG LTD	$3,959	–	518,149	–	1.03%	–
FTI	New	TECHNIPFMC PLC	$3,772	–	118,847	–	0.98%	–
SBUX	New	STARBUCKS CORP	$3,664	–	75,000	–	0.96%	–
GASS	New	STEALTHGAS INC	$3,188	–	802,985	–	0.83%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$3,030	–	130,310	–	0.79%	–
FRAN	New	FRANCESCA HLDGS CORP	$2,781	–	368,400	–	0.72%	–
NKE	New	NIKE INCcl b	$1,992	–	25,000	–	0.52%	–
DAN	New	DANA HOLDING CORP	$1,975	–	97,825	–	0.52%	–
ETM	New	ENTERCOMcl a	$1,874	–	248,240	–	0.49%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$1,819	–	230,267	–	0.47%	–
PICO	New	PICO HLDGS INC	$1,567	–	134,505	–	0.41%	–
ROCK	New	GIBRALTAR INDS INC	$1,446	–	38,559	–	0.38%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$962	–	277,253	–	0.25%	–
UHAL	New	AMERCO	$890	–	2,500	–	0.23%	–
GLIBA	New	GCI LIBERTY INC	$857	–	19,000	–	0.22%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$820	–	298,025	–	0.21%	–
VNTR	New	VENATOR MATLS PLC	$785	–	48,000	–	0.20%	–
GLW	New	CORNING INC	$689	–	25,040	–	0.18%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$603	–	3,100	–	0.16%	–
BDC	New	BELDEN INC	$550	–	9,000	–	0.14%	–
TKR	New	TIMKEN CO	$526	–	12,085	–	0.14%	–
PSMT	New	PRICESMART INC	$503	–	5,553	–	0.13%	–
SPB	New	SPECTRUM BRANDS HOLDINGS INC	$490	–	6,000	–	0.13%	–
ATUS	New	ALTICE USA INCcl a	$427	–	25,000	–	0.11%	–
PCMI	New	PCM, INC	$406	–	26,791	–	0.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$405	–	2,169	–	0.11%	–
GTN	New	GRAY TELEVISION INC	$338	–	21,411	–	0.09%	–
LOV	New	SPARK NETWORKS SEsponsored adr	$316	–	29,398	–	0.08%	–
AVT	New	AVNET INC	$313	–	7,298	–	0.08%	–
AEIS	New	ADVANCED ENERGY INDS	$309	–	5,325	–	0.08%	–
HNRG	New	HALLADOR ENERGY COMPANY	$306	–	42,919	–	0.08%	–
LBRDA	New	LIBERTY BROADBAND CORP	$227	–	3,000	–	0.06%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$223	–	727	–	0.06%	–
	New	CSI COMPRESSCO LP	$180	–	32,320	–	0.05%	–
HLX	New	HELIX ENERGY SOLUTIONS GROUP INC	$102	–	12,250	–	0.03%	–
LQDT	New	LIQUIDITY SERVICES INC	$75	–	11,475	–	0.02%	–
DHX	New	DHI GROUP INC	$29	–	12,440	–	0.01%	–
LBRDK	New	LIBERTY BROADBAND CORP	$0	–	0	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-12,800	–	-0.02%	–
CMRE	Exit	COSTAMARE INC	$0	–	-25,000	–	-0.04%	–
	Exit	CSI COMPRESSCO LP	$0	–	-32,320	–	-0.05%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,400	–	-0.06%	–
INT	Exit	WORLD FUEL SERVICES CORP	$0	–	-7,000	–	-0.06%	–
ALOG	Exit	ANALOGIC CORP	$0	–	-3,000	–	-0.07%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-44,389	–	-0.07%	–
HLX	Exit	HELIX ENERGY SOLUTIONS GROUP INC	$0	–	-35,000	–	-0.07%	–
BDC	Exit	BELDEN INC	$0	–	-3,500	–	-0.08%	–
WTM	Exit	WHITE MOUNTAINS INSURANCE GROUP LTD	$0	–	-325	–	-0.08%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-8,428	–	-0.08%	–
CMI	Exit	CUMMINS INC	$0	–	-1,765	–	-0.08%	–
AVT	Exit	AVNET INC	$0	–	-8,500	–	-0.09%	–
TKR	Exit	TIMKEN CO	$0	–	-7,360	–	-0.10%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-313,025	–	-0.10%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-1,111	–	-0.11%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-7,000	–	-0.11%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-5,325	–	-0.12%	–
PSMT	Exit	PRICESMART INC	$0	–	-5,553	–	-0.14%	–
WPX	Exit	WPX ENERGY INC	$0	–	-46,500	–	-0.15%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-4,309	–	-0.22%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-222,845	–	-0.28%	–
SMHI	Exit	SEACOR MARINE HOLDINGS INC	$0	–	-81,597	–	-0.35%	–
SKY	Exit	SKYLINE CORP	$0	–	-115,300	–	-0.38%	–
XRM	Exit	XERIUM TECHNOLOGIES INC	$0	–	-304,109	–	-0.40%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-132,880	–	-0.52%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-300,000	–	-0.56%	–
GASS	Exit	STEALTHGAS INC	$0	–	-814,635	–	-0.74%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-97,825	–	-0.75%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-101,848	–	-0.87%	–
PICO	Exit	PICO HLDGS INC	$0	–	-229,640	–	-1.05%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-75,388	–	-1.08%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-85,266	–	-1.08%	–
AXR	Exit	AMREP CORP NEW	$0	–	-707,019	–	-1.32%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-56,494	–	-1.34%	–
BBX	Exit	BBX CAPITAL CORPcl a	$0	–	-692,269	–	-1.40%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-237,903	–	-1.70%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-215,829	–	-1.98%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-510,344	–	-2.18%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-97,716	–	-2.46%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-213,755	–	-2.48%	–
RDNT	Exit	RADNET INC	$0	–	-846,938	–	-2.68%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-1,029,264	–	-3.09%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-371,202	–	-3.22%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-1,288,139	–	-3.32%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-587,782	–	-4.07%	–
OSB	Exit	NORBORD INC	$0	–	-440,006	–	-4.60%	–
TDW	Exit	TIDEWATER INC	$0	–	-601,034	–	-4.80%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-755,337	–	-4.93%	–
LXU	Exit	LSB INDS INC	$0	–	-2,265,856	–	-4.94%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-143,493	–	-5.81%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-268,903	–	-6.13%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,161,458	–	-10.67%	–
BMCH	Exit	BMC STOCK HOLDINGS INC	$0	–	-2,893,087	–	-16.94%	–

Q3 2017

			Value		Shares		↓ Weighting
BMCH	Sell	BMC STOCK HOLDINGS INC	$61,767	-2.3%	2,893,087	-11.2%	16.94%	-11.1%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$38,885	+17.5%	2,161,458	-0.5%	10.67%	+7.0%
WLK	Sell	WESTLAKE CHEM CORP	$22,343	+25.3%	268,903	-0.8%	6.13%	+14.2%
CVCO	Sell	CAVCO INDS INC DEL	$21,172	+13.6%	143,493	-16.9%	5.81%	+3.4%
LXU	Buy	LSB INDS INC	$17,991	-19.3%	2,265,856	+2.9%	4.94%	-26.5%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$17,977	+3.0%	755,337	+0.2%	4.93%	-6.2%
TDW	New	TIDEWATER INC	$17,478	–	601,034	–	4.80%	–
OSB	Buy	NORBORD INC	$16,773	+21.8%	440,006	+6.6%	4.60%	+10.9%
LUK	Sell	LEUCADIA NATL CORP	$14,841	-2.9%	587,782	-1.0%	4.07%	-11.6%
ATW	Buy	ATWOOD OCEANICS INC	$12,096	+15.1%	1,288,139	+9.1%	3.32%	+4.9%
EXTN	Sell	EXTERRAN CORPORATION	$11,734	+18.6%	371,202	-21.3%	3.22%	+8.1%
OMN	Sell	OMNOVA SOLUTIONS INC	$11,271	+14.0%	1,029,264	-0.2%	3.09%	+3.8%
RDNT	Buy	RADNET INC	$9,783	+46.3%	846,938	+14.1%	2.68%	+33.3%
MEI	Sell	METHODE ELECTRONICS INC	$9,053	+2.7%	213,755	-1.9%	2.48%	-6.5%
LECO	Sell	LINCOLN ELEC HLDGS INC	$8,959	+0.0%	97,716	-0.8%	2.46%	-8.9%
UMH	Sell	U M H PROPERTIES INC	$7,936	-7.1%	510,344	-1.1%	2.18%	-15.4%
CNQ	Buy	CANADIAN NAT RES LTD	$7,228	+16.5%	215,829	+0.3%	1.98%	+6.1%
IIIN	Sell	INSTEEL INDUSTRIES INC	$6,212	-20.6%	237,903	-0.2%	1.70%	-27.7%
BBX	New	BBX CAPITAL CORPcl a	$5,102	–	692,269	–	1.40%	–
WDC	Sell	WESTERN DIGITAL CORP	$4,881	-2.7%	56,494	-0.8%	1.34%	-11.4%
AXR	Sell	AMREP CORP NEW	$4,814	+0.2%	707,019	-1.2%	1.32%	-8.6%
HP	Buy	HELMERICH & PAYNE INC	$3,928	-5.2%	75,388	+42.6%	1.08%	-13.7%
CKH	Sell	SEACOR HOLDINGS INC	$3,931	+34.2%	85,266	-3.4%	1.08%	+22.1%
PICO	Sell	PICO HLDGS INC	$3,835	-4.4%	229,640	-3.0%	1.05%	-12.9%
ROCK	Sell	GIBRALTAR INDS INC	$3,173	-13.1%	101,848	-3.4%	0.87%	-20.9%
DAN	Sell	DANA HOLDING CORP	$2,735	-37.3%	97,825	-49.9%	0.75%	-42.9%
GASS	Sell	STEALTHGAS INC	$2,696	+2.8%	814,635	-5.0%	0.74%	-6.3%
LPG	Sell	DORIAN LPG LTD	$2,046	-16.6%	300,000	-0.3%	0.56%	-24.1%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$1,900	+18.4%	132,880	+0.9%	0.52%	+7.9%
XRM	Sell	XERIUM TECHNOLOGIES INC	$1,454	-37.6%	304,109	-15.8%	0.40%	-43.2%
SKY	Buy	SKYLINE CORP	$1,394	+119.9%	115,300	+51.2%	0.38%	+100.0%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$1,276	-26.9%	81,597	-4.9%	0.35%	-33.5%
DWSN	Buy	DAWSON GEOPHYSICAL CO	$1,009	+15.4%	222,845	+875.5%	0.28%	+5.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$790	+8.2%	4,309	-3.1%	0.22%	-1.4%
WPX	Sell	WPX ENERGY INC	$535	+7.2%	46,500	-11.8%	0.15%	-2.0%
PSMT	Sell	PRICESMART INC	$496	+1.2%	5,553	-0.8%	0.14%	-8.1%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$403	+10.1%	7,000	+16.7%	0.11%	+0.9%
NWLI	Sell	NATIONAL WESTN LIFE INS COcl a	$388	+9.3%	1,111	-3.2%	0.11%	-0.9%
LOV	Buy	SPARK NETWORKS INC	$382	+26.5%	313,025	+5.3%	0.10%	+15.4%
TKR	Sell	TIMKEN CO	$357	+4.1%	7,360	-0.7%	0.10%	-4.9%
AVT	New	AVNET INC	$334	–	8,500	–	0.09%	–
SENEA	Sell	SENECA FOODS CORP NEWcl a	$290	+1.8%	8,428	-50.9%	0.08%	-7.0%
BDC	Sell	BELDEN INC	$282	+6.8%	3,500	-95.0%	0.08%	-3.8%
HLX	New	HELIX ENERGY SOLUTIONS GROUP INC	$259	–	35,000	–	0.07%	–
HNRG	Sell	HALLADOR ENERGY COMPANY	$254	-26.4%	44,389	-4.4%	0.07%	-32.7%
ALOG	New	ANALOGIC CORP	$251	–	3,000	–	0.07%	–
INT	Buy	WORLD FUEL SERVICES CORP	$237	+2.6%	7,000	+16.7%	0.06%	-7.1%
	Buy	CSI COMPRESSCO LP	$168	+7.0%	32,320	+38.6%	0.05%	-2.1%
LQDT	Sell	LIQUIDITY SERVICES INC	$76	-96.9%	12,800	-96.9%	0.02%	-97.2%
	Exit	HELIX ENERGY SOLUTIONS GROUP INC	$0	–	-35,000	–	-0.06%	–
MINI	Exit	MOBILE MINI INC	$0	–	-6,860	–	-0.06%	–
TDW	Exit	TIDEWATER INC	$0	–	-4,357,370	–	-1.00%	–

Q2 2017

			Value		Shares		↓ Weighting
BMCH	New	BMC STOCK HOLDINGS INC	$63,243	–	3,257,763	–	19.05%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$33,087	–	2,172,902	–	9.97%	–
LXU	New	LSB INDS INC	$22,297	–	2,202,115	–	6.72%	–
CVCO	New	CAVCO INDS INC DEL	$18,643	–	172,723	–	5.62%	–
WLK	New	WESTLAKE CHEM CORP	$17,825	–	271,165	–	5.37%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$17,448	–	754,201	–	5.26%	–
LUK	New	LEUCADIA NATL CORP	$15,289	–	593,654	–	4.60%	–
OSB	New	NORBORD INC	$13,773	–	412,613	–	4.15%	–
ATW	New	ATWOOD OCEANICS INC	$10,505	–	1,181,154	–	3.16%	–
EXTN	New	EXTERRAN CORPORATION	$9,891	–	471,616	–	2.98%	–
OMN	New	OMNOVA SOLUTIONS INC	$9,891	–	1,031,139	–	2.98%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,955	–	98,485	–	2.70%	–
MEI	New	METHODE ELECTRONICS INC	$8,814	–	217,925	–	2.66%	–
UMH	New	U M H PROPERTIES INC	$8,541	–	515,814	–	2.57%	–
IIIN	New	INSTEEL INDUSTRIES INC	$7,825	–	238,298	–	2.36%	–
RDNT	New	RADNET INC	$6,685	–	742,316	–	2.01%	–
CNQ	New	CANADIAN NAT RES LTD	$6,205	–	215,219	–	1.87%	–
WDC	New	WESTERN DIGITAL CORP	$5,018	–	56,930	–	1.51%	–
AXR	New	AMREP CORP NEW	$4,802	–	715,504	–	1.45%	–
DAN	New	DANA HOLDING CORP	$4,362	–	195,325	–	1.31%	–
HP	New	HELMERICH & PAYNE INC	$4,145	–	52,884	–	1.25%	–
PICO	New	PICO HLDGS INC	$4,012	–	236,695	–	1.21%	–
ROCK	New	GIBRALTAR INDS INC	$3,652	–	105,408	–	1.10%	–
TDW	New	TIDEWATER INC	$3,304	–	4,357,370	–	1.00%	–
CKH	New	SEACOR HOLDINGS INC	$2,930	–	88,306	–	0.88%	–
GASS	New	STEALTHGAS INC	$2,623	–	857,344	–	0.79%	–
LQDT	New	LIQUIDITY SERVICES INC	$2,488	–	415,194	–	0.75%	–
LPG	New	DORIAN LPG LTD	$2,454	–	300,791	–	0.74%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,331	–	361,091	–	0.70%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$1,746	–	85,779	–	0.53%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$1,605	–	131,745	–	0.48%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$874	–	22,845	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$730	–	4,449	–	0.22%	–
SKY	New	SKYLINE CORP	$634	–	76,278	–	0.19%	–
WPX	New	WPX ENERGY INC	$499	–	52,750	–	0.15%	–
PSMT	New	PRICESMART INC	$490	–	5,598	–	0.15%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$366	–	6,000	–	0.11%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$355	–	1,148	–	0.11%	–
HNRG	New	HALLADOR ENERGY COMPANY	$345	–	46,431	–	0.10%	–
AEIS	New	ADVANCED ENERGY INDS	$344	–	5,325	–	0.10%	–
TKR	New	TIMKEN CO	$343	–	7,410	–	0.10%	–
LOV	New	SPARK NETWORKS INC	$302	–	297,325	–	0.09%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$285	–	17,182	–	0.09%	–
CMI	New	CUMMINS INC	$287	–	1,765	–	0.09%	–
WTM	New	WHITE MOUNTAINS INSURANCE GROUP LTD	$282	–	325	–	0.08%	–
BDC	New	BELDEN INC	$264	–	69,552	–	0.08%	–
INT	New	WORLD FUEL SERVICES CORP	$231	–	6,000	–	0.07%	–
PXD	New	PIONEER NAT RES CO	$223	–	1,400	–	0.07%	–
MINI	New	MOBILE MINI INC	$205	–	6,860	–	0.06%	–
	New	HELIX ENERGY SOLUTIONS GROUP INC	$197	–	35,000	–	0.06%	–
CMRE	New	COSTAMARE INC	$183	–	25,000	–	0.06%	–
	New	CSI COMPRESSCO LP	$157	–	23,320	–	0.05%	–

Q4 2016

			Value		Shares		↓ Weighting
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-146	–	-0.01%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-9,312	–	-0.02%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-13,533	–	-0.04%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-24,943	–	-0.06%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-1,002	–	-0.07%	–
MINI	Exit	MOBILE MINI INC	$0	–	-6,860	–	-0.07%	–
TKR	Exit	TIMKEN CO	$0	–	-6,460	–	-0.08%	–
CMI	Exit	CUMMINS INC	$0	–	-1,765	–	-0.08%	–
	Exit	CSI COMPRESSCO LP	$0	–	-23,320	–	-0.08%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-5,325	–	-0.09%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,400	–	-0.09%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-9,642	–	-0.09%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-46,431	–	-0.12%	–
PSMT	Exit	PRICESMART INC	$0	–	-5,598	–	-0.16%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-17,182	–	-0.17%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-318,650	–	-0.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-4,499	–	-0.22%	–
WPX	Exit	WPX ENERGY INC	$0	–	-54,850	–	-0.25%	–
SKY	Exit	SKYLINE CORP	$0	–	-64,700	–	-0.30%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-326,582	–	-0.67%	–
GASS	Exit	STEALTHGAS INC	$0	–	-775,968	–	-0.92%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-151,645	–	-0.93%	–
PICO	Exit	PICO HLDGS INC	$0	–	-236,340	–	-0.96%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-195,325	–	-1.04%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-56,855	–	-1.14%	–
XRM	Exit	XERIUM TECHNOLOGIES INC	$0	–	-420,430	–	-1.15%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-106,633	–	-1.36%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-64,016	–	-1.48%	–
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-417,794	–	-1.61%	–
RDNT	Exit	RADNET INC	$0	–	-674,966	–	-1.71%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-88,176	–	-1.80%	–
AXR	Exit	AMREP CORP NEW	$0	–	-715,784	–	-1.95%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-98,330	–	-2.11%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-529,639	–	-2.17%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-189,048	–	-2.35%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-221,159	–	-2.43%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-470,941	–	-2.53%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-217,845	–	-2.61%	–
TDW	Exit	TIDEWATER INC	$0	–	-2,861,670	–	-2.77%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-1,067,964	–	-3.09%	–
OSB	Exit	NORBORD INC	$0	–	-414,079	–	-3.65%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-1,283,404	–	-3.83%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-624,755	–	-4.08%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-758,659	–	-4.56%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-270,845	–	-4.97%	–
LXU	Exit	LSB INDS INC	$0	–	-1,925,387	–	-5.67%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-172,323	–	-5.86%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,168,457	–	-8.56%	–
BMCH	Exit	BMC STOCK HOLDINGS INC	$0	–	-3,262,772	–	-19.85%	–

Q3 2016

			Value		Shares		↓ Weighting
BMCH	Buy	BMC STOCK HOLDINGS INC	$57,849	+2.2%	3,262,772	+2.7%	19.85%	-2.7%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$24,959	+3.3%	2,168,457	+1.0%	8.56%	-1.6%
CVCO	Sell	CAVCO INDS INC DEL	$17,069	-3.1%	172,323	-8.4%	5.86%	-7.8%
LXU	Buy	LSB INDS INC	$16,520	-25.0%	1,925,387	+5.5%	5.67%	-28.6%
WLK	Sell	WESTLAKE CHEM CORP	$14,490	+24.2%	270,845	-0.4%	4.97%	+18.2%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$13,299	+4.4%	758,659	-0.7%	4.56%	-0.6%
LUK	Sell	LEUCADIA NATL CORP	$11,895	+8.5%	624,755	-1.2%	4.08%	+3.3%
ATW	Buy	ATWOOD OCEANICS INC	$11,152	-27.4%	1,283,404	+4.7%	3.83%	-30.8%
OSB	Sell	NORBORD INC	$10,651	+28.4%	414,079	-1.5%	3.65%	+22.3%
OMN	Sell	OMNOVA SOLUTIONS INC	$9,013	+10.8%	1,067,964	-4.9%	3.09%	+5.5%
TDW	Buy	TIDEWATER INC	$8,070	+78.4%	2,861,670	+179.1%	2.77%	+69.9%
MEI	Sell	METHODE ELECTRONICS INC	$7,618	+1.1%	217,845	-1.0%	2.61%	-3.7%
EXTN	Buy	EXTERRAN CORPORATION	$7,384	+25.4%	470,941	+2.7%	2.53%	+19.4%
CNQ	Sell	CANADIAN NAT RES LTD	$7,086	-10.1%	221,159	-13.5%	2.43%	-14.4%
IIIN	Sell	INSTEEL INDUSTRIES INC	$6,851	+25.5%	189,048	-1.0%	2.35%	+19.5%
UMH	Sell	U M H PROPERTIES INC	$6,313	+5.2%	529,639	-0.7%	2.17%	+0.2%
LECO	Sell	LINCOLN ELEC HLDGS INC	$6,157	+1.5%	98,330	-4.2%	2.11%	-3.3%
AXR	Sell	AMREP CORP NEW	$5,677	+60.6%	715,784	-0.4%	1.95%	+52.9%
CKH	Sell	SEACOR HOLDINGS INC	$5,246	+1.7%	88,176	-0.9%	1.80%	-3.1%
RDNT	Buy	RADNET INC	$4,995	+101.4%	674,966	+45.3%	1.71%	+91.7%
LQDT	Buy	LIQUIDITY SERVICES INC	$4,696	+47.4%	417,794	+2.8%	1.61%	+40.3%
HP	Sell	HELMERICH & PAYNE INC	$4,308	-0.6%	64,016	-0.9%	1.48%	-5.4%
ROCK	Sell	GIBRALTAR INDS INC	$3,961	-13.6%	106,633	-26.6%	1.36%	-17.8%
XRM	Sell	XERIUM TECHNOLOGIES INC	$3,343	+23.1%	420,430	-1.2%	1.15%	+17.3%
WDC	Sell	WESTERN DIGITAL CORP	$3,324	+22.9%	56,855	-0.6%	1.14%	+17.0%
PICO	Sell	PICO HLDGS INC	$2,786	+23.9%	236,340	-0.6%	0.96%	+18.0%
AEO	Sell	AMERICAN EAGLE OUTFITTERS NE	$2,708	+8.2%	151,645	-3.4%	0.93%	+3.1%
GASS	Buy	STEALTHGAS INC	$2,692	+12.7%	775,968	+22.8%	0.92%	+7.3%
LPG	Buy	DORIAN LPG LTD	$1,960	-14.6%	326,582	+0.4%	0.67%	-18.7%
WPX	Sell	WPX ENERGY INC	$723	+35.6%	54,850	-4.2%	0.25%	+29.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$650	-14.0%	4,499	-13.8%	0.22%	-18.0%
LOV	Sell	SPARK NETWORKS INC	$503	-0.8%	318,650	-0.6%	0.17%	-5.5%
SENEA	Sell	SENECA FOODS CORP NEWcl a	$485	-28.4%	17,182	-8.1%	0.17%	-32.0%
HNRG	Buy	HALLADOR ENERGY COMPANY	$365	+73.8%	46,431	+2.2%	0.12%	+64.5%
JOY	Sell	JOY GLOBAL INC	$268	-41.2%	9,642	-55.3%	0.09%	-43.9%
	Sell	CSI COMPRESSCO LP	$247	+10.3%	23,320	-15.0%	0.08%	+4.9%
CMI	New	CUMMINS INC	$226	–	1,765	–	0.08%	–
TKR	New	TIMKEN CO	$227	–	6,460	–	0.08%	–
NWLI	Buy	NATIONAL WESTN LIFE INS COcl a	$206	+7.3%	1,002	+1.8%	0.07%	+2.9%
MINI	Sell	MOBILE MINI INC	$207	-13.4%	6,860	-0.4%	0.07%	-17.4%
CVU	Sell	CPI AEROSTRUCTURES INC	$171	+2.4%	24,943	-7.9%	0.06%	-1.7%
CGG	Exit	CGGspons adr	$0	–	-48,728	–	-0.01%	–
RT	Exit	RUBY TUESDAY INC	$0	–	-16,600	–	-0.02%	–
AAPL	Exit	APPLE INC	$0	–	-2,140	–	-0.07%	–
BWINA	Exit	BALDWIN & LYONS INCcl a	$0	–	-17,146	–	-0.14%	–

Q2 2016

			Value		Shares		↓ Weighting
BMCH	New	BMC STOCK HOLDINGS INC	$56,589	–	3,175,585	–	20.39%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$24,153	–	2,146,976	–	8.70%	–
LXU	New	LSB INDS INC	$22,041	–	1,824,587	–	7.94%	–
CVCO	New	CAVCO INDS INC DEL	$17,622	–	188,073	–	6.35%	–
ATW	New	ATWOOD OCEANICS INC	$15,354	–	1,226,353	–	5.53%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$12,741	–	764,318	–	4.59%	–
WLK	New	WESTLAKE CHEM CORP	$11,670	–	271,880	–	4.20%	–
LUK	New	LEUCADIA NATL CORP	$10,963	–	632,589	–	3.95%	–
OSB	New	NORBORD INC	$8,292	–	420,489	–	2.99%	–
OMN	New	OMNOVA SOLUTIONS INC	$8,138	–	1,122,464	–	2.93%	–
CNQ	New	CANADIAN NAT RES LTD	$7,885	–	255,764	–	2.84%	–
MEI	New	METHODE ELECTRONICS INC	$7,536	–	220,145	–	2.72%	–
LECO	New	LINCOLN ELEC HLDGS INC	$6,065	–	102,665	–	2.18%	–
UMH	New	U M H PROPERTIES INC	$6,000	–	533,339	–	2.16%	–
EXTN	New	EXTERRAN CORPORATION	$5,890	–	458,379	–	2.12%	–
IIIN	New	INSTEEL INDUSTRIES INC	$5,461	–	190,998	–	1.97%	–
CKH	New	SEACOR HOLDINGS INC	$5,157	–	89,001	–	1.86%	–
ROCK	New	GIBRALTAR INDS INC	$4,587	–	145,293	–	1.65%	–
TDW	New	TIDEWATER INC	$4,523	–	1,025,470	–	1.63%	–
HP	New	HELMERICH & PAYNE INC	$4,335	–	64,576	–	1.56%	–
AXR	New	AMREP CORP NEW	$3,535	–	718,604	–	1.27%	–
LQDT	New	LIQUIDITY SERVICES INC	$3,186	–	406,369	–	1.15%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,715	–	425,580	–	0.98%	–
WDC	New	WESTERN DIGITAL CORP	$2,704	–	57,205	–	0.97%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$2,502	–	157,045	–	0.90%	–
RDNT	New	RADNET INC	$2,480	–	464,475	–	0.89%	–
GASS	New	STEALTHGAS INC	$2,389	–	632,069	–	0.86%	–
LPG	New	DORIAN LPG LTD	$2,294	–	325,401	–	0.83%	–
PICO	New	PICO HLDGS INC	$2,249	–	237,805	–	0.81%	–
DAN	New	DANA HOLDING CORP	$2,063	–	195,325	–	0.74%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$756	–	5,219	–	0.27%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$677	–	18,691	–	0.24%	–
SKY	New	SKYLINE CORP	$608	–	64,700	–	0.22%	–
WPX	New	WPX ENERGY INC	$533	–	57,250	–	0.19%	–
PSMT	New	PRICESMART INC	$524	–	5,598	–	0.19%	–
LOV	New	SPARK NETWORKS INC	$507	–	320,600	–	0.18%	–
JOY	New	JOY GLOBAL INC	$456	–	21,591	–	0.16%	–
BWINA	New	BALDWIN & LYONS INCcl a	$401	–	17,146	–	0.14%	–
MINI	New	MOBILE MINI INC	$239	–	6,890	–	0.09%	–
	New	CSI COMPRESSCO LP	$224	–	27,420	–	0.08%	–
PXD	New	PIONEER NAT RES CO	$212	–	1,400	–	0.08%	–
HNRG	New	HALLADOR ENERGY COMPANY	$210	–	45,424	–	0.08%	–
AAPL	New	APPLE INC	$205	–	2,140	–	0.07%	–
AEIS	New	ADVANCED ENERGY INDS	$202	–	5,325	–	0.07%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$192	–	984	–	0.07%	–
CVU	New	CPI AEROSTRUCTURES INC	$167	–	27,093	–	0.06%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$110	–	13,533	–	0.04%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$76	–	9,312	–	0.03%	–
RT	New	RUBY TUESDAY INC	$60	–	16,600	–	0.02%	–
CGG	New	CGGspons adr	$34	–	48,728	–	0.01%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$29	–	146	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
LOAN	Exit	MANHATTAN BRIDGE CAPITAL INC	$0	–	-10,000	–	-0.03%	–
SKY	Exit	SKYLINE CORP	$0	–	-14,700	–	-0.03%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-22,209	–	-0.06%	–
RDNT	Exit	RADNET INC	$0	–	-24,175	–	-0.09%	–
GLPW	Exit	GLOBAL POWER EQUIPMENT GRP INC	$0	–	-37,699	–	-0.09%	–
CGG	Exit	CGGspons adr	$0	–	-52,128	–	-0.12%	–
	Exit	INTERGRATED ELECTRICAL SVC	$0	–	-24,827	–	-0.13%	–
RT	Exit	RUBY TUESDAY INC	$0	–	-41,925	–	-0.17%	–
PHIIQ	Exit	PHI INC	$0	–	-13,689	–	-0.18%	–
AAPL	Exit	APPLE INC	$0	–	-3,140	–	-0.23%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-23,973	–	-0.24%	–
WPX	Exit	WPX ENERGY INC	$0	–	-61,100	–	-0.27%	–
BWINA	Exit	BALDWIN & LYONS INCcl a	$0	–	-18,184	–	-0.28%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-59,825	–	-0.28%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-1,979	–	-0.29%	–
ERA	Exit	ERA GROUP INC	$0	–	-48,118	–	-0.48%	–
SBLK	Exit	STARR BULK CARRIERS CORP	$0	–	-401,858	–	-0.55%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-53,675	–	-0.56%	–
MINI	Exit	MOBILE MINI INC	$0	–	-27,832	–	-0.57%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-6,715	–	-0.58%	–
STCK	Exit	STOCK BLDG SUPPLY HLDGS INC	$0	–	-51,371	–	-0.60%	–
GASS	Exit	STEALTHGAS INC	$0	–	-231,100	–	-0.69%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-135,011	–	-0.79%	–
PSMT	Exit	PRICESMART INC	$0	–	-15,865	–	-0.82%	–
PICO	Exit	PICO HLDGS INC	$0	–	-153,155	–	-0.99%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-128,042	–	-1.26%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-75,080	–	-1.32%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-76,028	–	-1.33%	–
XRM	Exit	XERIUM TECHNOLOGIES INC	$0	–	-181,637	–	-1.57%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-59,008	–	-1.86%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-190,078	–	-2.03%	–
AXR	Exit	AMREP CORP NEW	$0	–	-692,588	–	-2.26%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-199,393	–	-2.44%	–
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-507,018	–	-2.49%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-75,886	–	-3.02%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-270,644	–	-3.50%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-103,230	–	-3.60%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-713,084	–	-4.41%	–
GME	Exit	GAMESTOP CORP NEWcl a	$0	–	-166,820	–	-4.58%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-1,288,813	–	-4.75%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-225,445	–	-4.79%	–
LXU	Exit	LSB INDS INC	$0	–	-651,714	–	-6.64%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-186,452	–	-8.45%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-627,201	–	-8.46%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-802,826	–	-8.63%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,600,421	–	-13.50%	–

Q3 2015

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$20,293	-34.6%	1,600,421	-33.7%	13.50%	-21.4%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$12,973	-22.1%	802,826	-0.2%	8.63%	-6.5%
LUK	Buy	LEUCADIA NATL CORP	$12,707	-15.7%	627,201	+1.0%	8.46%	+1.2%
CVCO	Buy	CAVCO INDS INC DEL	$12,695	-9.3%	186,452	+0.5%	8.45%	+8.9%
LXU	Buy	LSB INDS INC	$9,984	-30.2%	651,714	+86.2%	6.64%	-16.1%
MEI	New	METHODE ELECTRONICS INC	$7,192	–	225,445	–	4.79%	–
OMN	Buy	OMNOVA SOLUTIONS INC	$7,140	-25.6%	1,288,813	+0.6%	4.75%	-10.7%
GME	Sell	GAMESTOP CORP NEWcl a	$6,875	-4.2%	166,820	-0.1%	4.58%	+15.0%
UMH	Sell	U M H PROPERTIES INC	$6,632	-5.2%	713,084	-0.1%	4.41%	+13.8%
LECO	Buy	LINCOLN ELEC HLDGS INC	$5,412	-5.3%	103,230	+10.1%	3.60%	+13.8%
CNQ	Buy	CANADIAN NAT RES LTD	$5,264	-22.9%	270,644	+7.7%	3.50%	-7.5%
CKH	Buy	SEACOR HOLDINGS INC	$4,538	-12.5%	75,886	+3.8%	3.02%	+5.1%
LQDT	Buy	LIQUIDITY SERVICES INC	$3,747	-22.6%	507,018	+0.8%	2.49%	-7.1%
AXR	Buy	AMREP CORP NEW	$3,394	-3.8%	692,588	+0.1%	2.26%	+15.5%
IIIN	Buy	INSTEEL INDUSTRIES INC	$3,056	+76.6%	190,078	+105.4%	2.03%	+112.1%
HP	Sell	HELMERICH & PAYNE INC	$2,789	-32.9%	59,008	-0.1%	1.86%	-19.5%
XRM	Buy	XERIUM TECHNOLOGIES INC	$2,358	-5.0%	181,637	+33.2%	1.57%	+14.0%
AEIS	Sell	ADVANCED ENERGY INDS	$2,000	-5.9%	76,028	-1.6%	1.33%	+13.0%
SENEA	Sell	SENECA FOODS CORP NEWcl a	$1,978	-6.4%	75,080	-1.3%	1.32%	+12.3%
ATW	Buy	ATWOOD OCEANICS INC	$1,896	-43.3%	128,042	+1.3%	1.26%	-31.9%
PICO	Buy	PICO HLDGS INC	$1,483	-32.1%	153,155	+3.3%	0.99%	-18.4%
CVU	Sell	CPI AEROSTRUCTURES INC	$1,189	-12.4%	135,011	-0.5%	0.79%	+5.0%
GASS	Buy	STEALTHGAS INC	$1,038	-25.0%	231,100	+12.7%	0.69%	-9.9%
MINI	Sell	MOBILE MINI INC	$857	-26.9%	27,832	-0.2%	0.57%	-12.3%
ERA	Sell	ERA GROUP INC	$721	-27.2%	48,118	-0.5%	0.48%	-12.6%
BWINA	Sell	BALDWIN & LYONS INCcl a	$416	-7.1%	18,184	-8.5%	0.28%	+11.7%
WPX	Buy	WPX ENERGY INC	$404	-45.6%	61,100	+1.2%	0.27%	-34.5%
JOY	Buy	JOY GLOBAL INC	$358	-28.1%	23,973	+74.3%	0.24%	-13.8%
CGG	Buy	CGGspons adr	$183	+63.4%	52,128	+168.7%	0.12%	+96.8%
GLPW	Buy	GLOBAL POWER EQUIPMENT GRP INC	$138	-52.4%	37,699	+0.8%	0.09%	-42.9%
RDNT	New	RADNET INC	$134	–	24,175	–	0.09%	–
DWSN	Buy	DAWSON GEOPHYSICAL CO	$84	+147.1%	22,209	+206.4%	0.06%	+194.7%
AGX	Exit	ARGAN INC	$0	–	-400	–	-0.01%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-6,127	–	-0.02%	–
TKR	Exit	TIMKEN CO	$0	–	-5,965	–	-0.12%	–
TAL	Exit	TAL INTL GROUP INC	$0	–	-7,075	–	-0.12%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-4,000	–	-0.13%	–
GTI	Exit	GRAFTECH INTL LTD	$0	–	-46,700	–	-0.13%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-4,075	–	-0.13%	–
CRV	Exit	COAST DISTR SYS	$0	–	-355,654	–	-0.72%	–

Q2 2015

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$31,009	–	2,415,031	–	17.19%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$16,650	–	804,701	–	9.23%	–
LUK	New	LEUCADIA NATL CORP	$15,075	–	620,902	–	8.36%	–
LXU	New	LSB INDS INC	$14,294	–	350,004	–	7.92%	–
CVCO	New	CAVCO INDS INC DEL	$13,994	–	185,507	–	7.76%	–
OMN	New	OMNOVA SOLUTIONS INC	$9,596	–	1,281,163	–	5.32%	–
GME	New	GAMESTOP CORP NEWcl a	$7,177	–	167,070	–	3.98%	–
UMH	New	U M H PROPERTIES INC	$6,998	–	714,034	–	3.88%	–
CNQ	New	CANADIAN NAT RES LTD	$6,828	–	251,399	–	3.78%	–
LECO	New	LINCOLN ELEC HLDGS INC	$5,712	–	93,800	–	3.17%	–
CKH	New	SEACOR HOLDINGS INC	$5,185	–	73,086	–	2.87%	–
LQDT	New	LIQUIDITY SERVICES INC	$4,844	–	503,034	–	2.68%	–
HP	New	HELMERICH & PAYNE INC	$4,159	–	59,056	–	2.30%	–
ROCK	New	GIBRALTAR INDS INC	$4,062	–	199,393	–	2.25%	–
AXR	New	AMREP CORP NEW	$3,529	–	691,923	–	1.96%	–
ATW	New	ATWOOD OCEANICS INC	$3,343	–	126,444	–	1.85%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,482	–	136,368	–	1.38%	–
PICO	New	PICO HLDGS INC	$2,183	–	148,325	–	1.21%	–
AEIS	New	ADVANCED ENERGY INDS	$2,125	–	77,270	–	1.18%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$2,114	–	76,092	–	1.17%	–
IIIN	New	INSTEEL INDUSTRIES INC	$1,730	–	92,525	–	0.96%	–
PSMT	New	PRICESMART INC	$1,447	–	15,865	–	0.80%	–
GASS	New	STEALTHGAS INC	$1,384	–	205,050	–	0.77%	–
CVU	New	CPI AEROSTRUCTURES INC	$1,358	–	135,711	–	0.75%	–
CRV	New	COAST DISTR SYS	$1,298	–	355,654	–	0.72%	–
SBLK	New	STARR BULK CARRIERS CORP	$1,181	–	401,858	–	0.66%	–
MINI	New	MOBILE MINI INC	$1,172	–	27,892	–	0.65%	–
STCK	New	STOCK BLDG SUPPLY HLDGS INC	$1,004	–	51,371	–	0.56%	–
ERA	New	ERA GROUP INC	$990	–	48,366	–	0.55%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$924	–	53,675	–	0.51%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$914	–	6,715	–	0.51%	–
WPX	New	WPX ENERGY INC	$742	–	60,400	–	0.41%	–
HNRG	New	HALLADOR ENERGY COMPANY	$499	–	59,825	–	0.28%	–
JOY	New	JOY GLOBAL INC	$498	–	13,753	–	0.28%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$474	–	1,979	–	0.26%	–
PHIIQ	New	PHI INC	$449	–	13,689	–	0.25%	–
BWINA	New	BALDWIN & LYONS INCcl a	$448	–	19,884	–	0.25%	–
AAPL	New	APPLE INC	$394	–	3,140	–	0.22%	–
GLPW	New	GLOBAL POWER EQUIPMENT GRP INC	$290	–	37,399	–	0.16%	–
RT	New	RUBY TUESDAY INC	$262	–	41,925	–	0.14%	–
DVN	New	DEVON ENERGY CORP NEW	$242	–	4,075	–	0.13%	–
GTI	New	GRAFTECH INTL LTD	$232	–	46,700	–	0.13%	–
MRK	New	MERCK & CO INC NEW	$228	–	4,000	–	0.13%	–
TAL	New	TAL INTL GROUP INC	$224	–	7,075	–	0.12%	–
TKR	New	TIMKEN CO	$218	–	5,965	–	0.12%	–
	New	INTERGRATED ELECTRICAL SVC	$176	–	24,827	–	0.10%	–
CGG	New	CGGspons adr	$112	–	19,403	–	0.06%	–
LOAN	New	MANHATTAN BRIDGE CAPITAL INC	$44	–	10,000	–	0.02%	–
SKY	New	SKYLINE CORP	$43	–	14,700	–	0.02%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$34	–	7,248	–	0.02%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$29	–	6,127	–	0.02%	–
AGX	New	ARGAN INC	$16	–	400	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
LOAN	Exit	MANHATTAN BRIDGE CAPITAL INC	$0	–	-10,000	–	-0.01%	–
SPAR	Exit	SPARTAN MTRS INC	$0	–	-11,400	–	-0.03%	–
SKY	Exit	SKYLINE CORP	$0	–	-14,950	–	-0.03%	–
BXC	Exit	BLUELINX HLDGS INC	$0	–	-85,066	–	-0.06%	–
TGE	Exit	TGC INDS INC	$0	–	-29,551	–	-0.06%	–
	Exit	INTERGRATED ELECTRICAL SVC	$0	–	-24,827	–	-0.10%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-4,000	–	-0.12%	–
RT	Exit	RUBY TUESDAY INC	$0	–	-43,225	–	-0.13%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,400	–	-0.14%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-4,450	–	-0.15%	–
UCP	Exit	UCP INCcl a	$0	–	-26,150	–	-0.15%	–
TKR	Exit	TIMKEN CO	$0	–	-7,660	–	-0.16%	–
TLM	Exit	TALISMAN ENERGY INC	$0	–	-37,992	–	-0.16%	–
SPLP	Exit	STEEL PARTNERS HLDGS L Pltd prtrship u	$0	–	-20,000	–	-0.16%	–
TAL	Exit	TAL INTL GROUP INC	$0	–	-8,575	–	-0.18%	–
BWINA	Exit	BALDWIN & LYONS INCcl a	$0	–	-19,929	–	-0.23%	–
CTCLY	Exit	IFM INVTS LTDads cl a new	$0	–	-373,908	–	-0.24%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-2,113	–	-0.26%	–
PHIIQ	Exit	PHI INC	$0	–	-13,689	–	-0.28%	–
AAPL	Exit	APPLE INC	$0	–	-5,740	–	-0.29%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-100,000	–	-0.30%	–
CGG	Exit	CGGspons adr	$0	–	-70,363	–	-0.32%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-47,625	–	-0.34%	–
GLPW	Exit	GLOBAL POWER EQUIPMENT GRP INC	$0	–	-47,146	–	-0.35%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-60,496	–	-0.35%	–
BPZRQ	Exit	BPZ RESOURCES INC	$0	–	-376,035	–	-0.36%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-14,453	–	-0.39%	–
STCK	Exit	STOCK BLDG SUPPLY HLDGS INC	$0	–	-54,171	–	-0.42%	–
MINI	Exit	MOBILE MINI INC	$0	–	-28,457	–	-0.49%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-7,425	–	-0.51%	–
ERA	Exit	ERA GROUP INC	$0	–	-52,271	–	-0.56%	–
COTY	Exit	COTY INC	$0	–	-70,000	–	-0.57%	–
CRV	Exit	COAST DISTR SYS	$0	–	-362,804	–	-0.59%	–
WPX	Exit	WPX ENERGY INC	$0	–	-63,500	–	-0.76%	–
GASS	Exit	STEALTHGAS INC	$0	–	-174,950	–	-0.79%	–
PSMT	Exit	PRICESMART INC	$0	–	-18,805	–	-0.80%	–
SBLK	Exit	STARR BULK CARRIERS CORP	$0	–	-156,858	–	-0.86%	–
DW	Exit	DREW INDS INC	$0	–	-49,297	–	-1.03%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-222,172	–	-1.08%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-45,468	–	-1.20%	–
GTI	Exit	GRAFTECH INTL LTD	$0	–	-581,025	–	-1.32%	–
PICO	Exit	PICO HLDGS INC	$0	–	-137,785	–	-1.36%	–
VPRT	Exit	VISTAPRINT N V	$0	–	-57,395	–	-1.56%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-233,066	–	-1.58%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-114,821	–	-1.62%	–
AXR	Exit	AMREP CORP NEW	$0	–	-706,269	–	-1.63%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-49,504	–	-2.19%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-74,136	–	-2.74%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-295,675	–	-2.75%	–
LQDT	Exit	LIQUIDITY SERVICES INC	$0	–	-432,565	–	-2.94%	–
GME	Exit	GAMESTOP CORP NEWcl a	$0	–	-157,875	–	-3.22%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-685,659	–	-3.22%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-96,655	–	-3.31%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-1,274,050	–	-3.38%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-168,924	–	-3.65%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-79,582