Robotti & Company Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TDW	Buy	TIDEWATER INC	$273,945,285	+32.5%	3,854,584	+3.3%	40.24%	+20.5%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$83,377,925	-20.7%	669,756	-13.4%	12.25%	-27.9%
LXU	Buy	LSB INDS INC	$44,519,190	+63.2%	4,351,827	+57.1%	6.54%	+48.4%
WLK	Sell	WESTLAKE CHEM CORP	$28,377,635	+4.0%	227,622	-0.3%	4.17%	-5.4%
WFG	Sell	WEST FRASER TIMBER CO LTD	$24,475,359	-16.2%	337,405	-0.7%	3.60%	-23.8%
NE	New	NOBLE CORP NEW	$18,792,518	–	371,027	–	2.76%	–
SKY	Sell	SKYLINE CORP	$18,088,770	-3.5%	283,879	-0.9%	2.66%	-12.3%
JEF	Sell	JEFFERIES FINL GROUP INC	$15,545,223	+9.1%	424,385	-1.2%	2.28%	-0.8%
CVCO	Buy	CAVCO INDS INC DEL	$13,703,806	-9.7%	51,584	+0.3%	2.01%	-17.8%
FTI	Sell	TECHNIPFMC PLC	$11,331,862	+20.3%	557,122	-1.7%	1.66%	+9.4%
CNQ	Sell	CANADIAN NAT RES LTD	$10,396,091	+13.5%	160,756	-1.2%	1.53%	+3.2%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$9,347,680	+21.2%	673,464	-0.2%	1.37%	+10.3%
LECO	Sell	LINCOLN ELEC HLDGS INC	$9,091,681	-9.9%	50,012	-1.5%	1.34%	-18.0%
AXR	Sell	AMREP CORP NEW	$8,558,441	-6.3%	508,750	-0.0%	1.26%	-14.7%
RDNT	Sell	RADNET INC	$8,280,474	-14.5%	293,738	-1.0%	1.22%	-22.2%
IIIN	Sell	INSTEEL INDUSTRIES INC	$8,124,738	+3.1%	250,300	-1.2%	1.19%	-6.2%
WDC	Sell	WESTERN DIGITAL CORP	$6,327,968	+18.7%	138,680	-1.3%	0.93%	+7.9%
EAF	Buy	GRAFTECH INTERNATIONAL	$6,307,129	+60.1%	1,646,770	+110.7%	0.93%	+45.6%
DAN	Sell	DANA HOLDING CORP	$6,122,422	-15.6%	417,343	-2.2%	0.90%	-23.2%
OLN	Sell	OLIN CORP NEW	$5,811,724	-3.4%	116,281	-0.7%	0.85%	-12.1%
AER	Buy	AERCAP HOLDINGS NV	$5,565,159	+1.3%	88,801	+2.7%	0.82%	-7.9%
UMH	Sell	U M H PROPERTIES INC	$4,260,958	-13.3%	303,920	-1.2%	0.63%	-21.2%
CSIQ	Sell	CANADIAN SOLAR INC	$4,119,369	-37.2%	167,386	-1.3%	0.60%	-42.9%
AMKR	New	AMKOR TECHNOLOGY INC	$4,111,618	–	181,930	–	0.60%	–
LPX	Sell	LOUISIANA PAC CORP	$3,982,646	-26.6%	72,058	-0.5%	0.58%	-33.3%
VAL	Sell	VALARIS LIMITEDcl a	$3,849,023	+15.8%	51,334	-2.8%	0.56%	+5.2%
LEGH	Sell	LEGACY HOUSING CORP	$3,594,247	-16.8%	185,175	-0.6%	0.53%	-24.4%
ALSN	Sell	ALLISON TRANSMISSION HLDGS INC	$3,557,656	+3.5%	60,238	-1.0%	0.52%	-5.8%
CC	Sell	CHEMOURS CO	$3,311,976	-24.9%	118,074	-1.2%	0.49%	-31.7%
BVH	Sell	BLUEGREEN VACATIONS HLDG CORPcl a	$3,200,440	+2.3%	87,253	-0.6%	0.47%	-6.9%
TNL	Sell	TRAVEL PLUS LEISURE CO	$2,383,189	-10.2%	64,884	-1.4%	0.35%	-18.2%
AEO	Sell	AMERICAN EAGLE OUTFITTERS NE	$2,118,107	+38.6%	127,520	-1.5%	0.31%	+25.9%
RNGR	New	RANGER ENERGY SVCS INC	$1,418,000	–	100,000	–	0.21%	–
	Sell	U HAUL HOLDING COMPANY	$1,372,618	-9.7%	26,200	-12.7%	0.20%	-17.6%
ATKR	Buy	ATKORE INC	$1,044,330	+21.8%	7,000	+27.3%	0.15%	+10.9%
RYI	Buy	RYERSON HLDG CORP	$741,795	+71.0%	25,500	+155.0%	0.11%	+55.7%
FNV	Sell	FRANCO NEV CORP	$667,450	-14.9%	5,000	-9.1%	0.10%	-22.8%
	New	SEADRILL 2021 LTD	$463,129	–	10,340	–	0.07%	–
TDWWSB	Exit	TIDEWATER INC*w exp 07/31/2023	$0	–	-240,955	–	-0.01%	–
TDWWSA	Exit	TIDEWATER INC*w exp 07/31/2023	$0	–	-82,135	–	-0.02%	–
AAPL	Exit	APPLE INC	$0	–	-1,041	–	-0.03%	–
IAC	Exit	IAC INC	$0	–	-4,000	–	-0.04%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-9,178	–	-0.05%	–
HRZN	Exit	HORIZON TECHNOLOGY FIN CORP	$0	–	-32,500	–	-0.06%	–
MEI	Exit	METHODE ELECTRS INC	$0	–	-107,143	–	-0.58%	–
	Exit	NOBLE CORP PLC	$0	–	-371,452	–	-2.48%	–

Q2 2023

			Value		Shares		↓ Weighting
TDW	New	TIDEWATER INC	$206,821,082	–	3,730,539	–	33.39%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$105,129,360	–	773,010	–	16.98%	–
WFG	New	WEST FRASER TIMBER CO LTD	$29,218,927	–	339,834	–	4.72%	–
LXU	New	LSB INDS INC	$27,286,154	–	2,770,168	–	4.41%	–
WLK	New	WESTLAKE CORPORATION	$27,282,050	–	228,359	–	4.40%	–
SKY	New	SKYLINE CHAMPION CORPORATION	$18,754,501	–	286,547	–	3.03%	–
	New	NOBLE CORP PLC	$15,344,682	–	371,452	–	2.48%	–
CVCO	New	CAVCO INDS INC DEL	$15,176,275	–	51,445	–	2.45%	–
JEF	New	JEFFERIES FINL GROUP INC	$14,254,210	–	429,732	–	2.30%	–
LECO	New	LINCOLN ELEC HLDGS INC	$10,088,417	–	50,790	–	1.63%	–
RDNT	New	RADNET INC	$9,682,953	–	296,841	–	1.56%	–
FTI	New	TECHNIPFMC PLC	$9,417,574	–	566,641	–	1.52%	–
CNQ	New	CANADIAN NAT RES LTD	$9,158,059	–	162,781	–	1.48%	–
AXR	New	AMREP CORP	$9,131,131	–	508,982	–	1.47%	–
IIIN	New	INSTEEL INDS INC	$7,880,082	–	253,216	–	1.27%	–
SMHI	New	SEACOR MARINE HLDGS INC	$7,710,118	–	674,551	–	1.24%	–
DAN	New	DANA INC	$7,252,251	–	426,603	–	1.17%	–
CSIQ	New	CANADIAN SOLAR INC	$6,561,282	–	169,586	–	1.06%	–
OLN	New	OLIN CORP	$6,019,362	–	117,131	–	0.97%	–
AER	New	AERCAP HOLDINGS NV	$5,493,400	–	86,483	–	0.89%	–
LPX	New	LOUISIANA PAC CORP	$5,428,777	–	72,403	–	0.88%	–
WDC	New	WESTERN DIGITAL CORP.	$5,330,227	–	140,528	–	0.86%	–
UMH	New	UMH PRTYS INC	$4,914,969	–	307,570	–	0.79%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$4,655,950	–	29,000	–	0.75%	–
CC	New	CHEMOURS CO	$4,409,978	–	119,544	–	0.71%	–
LEGH	New	LEGACY HOUSING CORP	$4,321,225	–	186,340	–	0.70%	–
TECK	New	TECK RESOURCES INCcl b	$4,210,000	–	100,000	–	0.68%	–
EAF	New	GRAFTECH INTL LTD	$3,939,783	–	781,703	–	0.64%	–
MEI	New	METHODE ELECTRS INC	$3,591,433	–	107,143	–	0.58%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$3,436,890	–	60,873	–	0.56%	–
VAL	New	VALARIS LIMITEDcl a	$3,324,844	–	52,834	–	0.54%	–
BVH	New	BLUEGREEN VACATIONS HLDG CORPcl a	$3,129,714	–	87,790	–	0.50%	–
TNL	New	TRAVEL PLUS LEISURE CO	$2,653,525	–	65,779	–	0.43%	–
PLPC	New	PREFORMED LINE PRODS CO	$1,561,000	–	10,000	–	0.25%	–
AEO	New	AMERICAN EAGLE OUTFITTERS IN	$1,528,041	–	129,495	–	0.25%	–
	New	U HAUL HOLDING COMPANY	$1,520,100	–	30,000	–	0.24%	–
SE	New	SEA LTDsponsored ads	$1,451,000	–	25,000	–	0.23%	–
FRPH	New	FRP HLDGS INC	$1,324,110	–	23,000	–	0.21%	–
CACI	New	CACI INTL INCcl a	$1,158,856	–	3,400	–	0.19%	–
GIB	New	CGI INCcl a sub vtg	$1,159,730	–	11,000	–	0.19%	–
ATKR	New	ATKORE INC	$857,670	–	5,500	–	0.14%	–
FNV	New	FRANCO NEV CORP	$784,300	–	5,500	–	0.13%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$763,993	–	23,378	–	0.12%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$691,500	–	50,000	–	0.11%	–
MS	New	MORGAN STANLEY	$616,161	–	7,215	–	0.10%	–
AEIS	New	ADVANCED ENERGY INDS	$526,601	–	4,725	–	0.08%	–
AGI	New	ALAMOS GOLD INCORPORATED	$476,800	–	40,000	–	0.08%	–
AEM	New	AGNICO EAGLE MINES LTD	$474,810	–	9,500	–	0.08%	–
RYI	New	RYERSON HLDG CORP	$433,800	–	10,000	–	0.07%	–
HRZN	New	HORIZON TECHNOLOGY FIN CORP	$392,600	–	32,500	–	0.06%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$382,400	–	10,000	–	0.06%	–
MRK	New	MERCK & CO INC	$346,170	–	3,000	–	0.06%	–
CET	New	CENTRAL SECS CORP	$335,089	–	9,178	–	0.05%	–
UHAL	New	U HAUL HOLDING COMPANY	$287,664	–	5,200	–	0.05%	–
IAC	New	IAC INC	$251,200	–	4,000	–	0.04%	–
DMLP	New	DORCHESTER MINERALS LP	$225,449	–	7,525	–	0.04%	–
AAPL	New	APPLE INC	$202,009	–	1,041	–	0.03%	–
FPH	New	FIVE POINT HOLDINGS LLC	$167,756	–	58,047	–	0.03%	–
PSQ	New	PROSHARES TRshort qqq new	$158,550	–	15,000	–	0.03%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/2023	$95,277	–	82,135	–	0.02%	–
PHX	New	PHX MINERALS INCcl a	$78,352	–	25,113	–	0.01%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/2023	$48,191	–	240,955	–	0.01%	–
	New	ALPHA TAU MEDICAL LTD*w exp 03/07/2028	$19,755	–	50,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	ALPHA TAU MEDICAL LTD*w exp 03/07/2028	$0	–	-100,000	–	-0.01%	–
TDWWSA	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-86,603	–	-0.01%	–
FTK	Exit	FLOTEK INDUSTRIES INC	$0	–	-100,000	–	-0.02%	–
TDWWSB	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-245,005	–	-0.03%	–
AGI	Exit	ALAMOS GOLD INCORPORATED	$0	–	-20,000	–	-0.04%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-12,500	–	-0.04%	–
DMLP	Exit	DORCHESTER MINERALS	$0	–	-9,025	–	-0.05%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-3,000	–	-0.06%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-50,000	–	-0.06%	–
	Exit	SEVEN HILLS REALTY TRUST	$0	–	-30,482	–	-0.07%	–
IAC	Exit	IAC INC	$0	–	-5,000	–	-0.07%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-114,500	–	-0.07%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-2,500	–	-0.08%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-4,725	–	-0.09%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-10,000	–	-0.09%	–
PHX	Exit	PHX MINERALS INCcl a	$0	–	-129,059	–	-0.10%	–
MKL	Exit	MARKEL CORP	$0	–	-400	–	-0.10%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-13,706	–	-0.11%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-6,500	–	-0.12%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-50,000	–	-0.15%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-16,000	–	-0.16%	–
PLPC	Exit	PREFORMED LINE PRODS CO	$0	–	-10,000	–	-0.17%	–
MS	Exit	MORGAN STANLEY	$0	–	-9,215	–	-0.17%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-13,000	–	-0.19%	–
	Exit	WATSCO INC	$0	–	-3,200	–	-0.20%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-7,000	–	-0.20%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-30,432	–	-0.21%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-12,500	–	-0.22%	–
UHAL	Exit	AMERCO	$0	–	-2,200	–	-0.27%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-4,800	–	-0.30%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-133,114	–	-0.31%	–
FRPH	Exit	FRP HLDGS INCORPORATED	$0	–	-27,113	–	-0.35%	–
BVH	Exit	BLUEGREEN VACATIONS HLDG CORPcl a	$0	–	-95,347	–	-0.37%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS INC	$0	–	-59,659	–	-0.48%	–
TNL	Exit	TRAVEL PLUS LEISURE CO	$0	–	-67,695	–	-0.55%	–
GRIN	Exit	GRINDROD SHIPPING HOLDINGS L	$0	–	-100,000	–	-0.57%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-50,000	–	-0.58%	–
CC	Exit	CHEMOURS CO	$0	–	-119,975	–	-0.70%	–
TECK	Exit	TECK RESOURCES INCcl b	$0	–	-100,000	–	-0.72%	–
CSIQ	Exit	CANADIAN SOLAR INC	$0	–	-82,327	–	-0.73%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-55,000	–	-0.73%	–
LEGH	Exit	LEGACY HOUSING CORP	$0	–	-180,495	–	-0.74%	–
EAF	Exit	GRAFTECH INTERNATIONAL	$0	–	-736,628	–	-0.75%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-79,830	–	-0.80%	–
SMHI	Exit	SEACOR MARINE HOLDINGS INC	$0	–	-667,488	–	-0.89%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-73,640	–	-0.90%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-109,191	–	-0.96%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-141,556	–	-1.10%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-587,369	–	-1.18%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-58,000	–	-1.19%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-318,030	–	-1.22%	–
OLN	Exit	OLIN CORP NEW	$0	–	-133,291	–	-1.36%	–
AXR	Exit	AMREP CORP NEW	$0	–	-508,605	–	-1.36%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-537,330	–	-1.46%	–
RDNT	Exit	RADNET INC	$0	–	-312,315	–	-1.51%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-51,506	–	-1.54%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-255,760	–	-1.61%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-167,344	–	-1.85%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-51,789	–	-2.53%	–
NE	Exit	NOBLE CORP NEW	$0	–	-374,460	–	-2.63%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-434,721	–	-3.05%	–
SKY	Exit	SKYLINE CORP	$0	–	-290,237	–	-3.65%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-229,966	–	-4.75%	–
LXU	Exit	LSB INDS INC	$0	–	-1,686,093	–	-5.71%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-372,724	–	-6.40%	–
TDW	Exit	TIDEWATER INC	$0	–	-3,325,574	–	-17.15%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,727,001	–	-24.18%	–

Q3 2022

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$101,755,000	+6.1%	1,727,001	-3.3%	24.18%	+3.1%
TDW	Buy	TIDEWATER INC	$72,165,000	+24.4%	3,325,574	+20.9%	17.15%	+20.8%
WFG	Buy	WEST FRASER TIMBER CO LTD	$26,933,000	+7.2%	372,724	+13.8%	6.40%	+4.1%
LXU	Sell	LSB INDS INC	$24,027,000	+2.6%	1,686,093	-0.2%	5.71%	-0.3%
WLK	Sell	WESTLAKE CHEM CORP	$19,979,000	-11.5%	229,966	-0.2%	4.75%	-14.1%
SKY	Buy	SKYLINE CORP	$15,345,000	+23.1%	290,237	+10.4%	3.65%	+19.6%
JEF	Sell	JEFFERIES FINL GROUP INC	$12,824,000	+6.6%	434,721	-0.2%	3.05%	+3.5%
NE	Buy	NOBLE CORP NEW	$11,077,000	+30.7%	374,460	+12.0%	2.63%	+27.0%
CVCO	Buy	CAVCO INDS INC DEL	$10,656,000	+34.0%	51,789	+27.6%	2.53%	+30.2%
CNQ	Sell	CANADIAN NAT RES LTD	$7,783,000	-19.2%	167,344	-6.6%	1.85%	-21.5%
IIIN	Sell	INSTEEL INDUSTRIES INC	$6,785,000	-21.3%	255,760	-0.1%	1.61%	-23.5%
LECO	Sell	LINCOLN ELEC HLDGS INC	$6,475,000	-25.3%	51,506	-26.7%	1.54%	-27.5%
RDNT	Sell	RADNET INC	$6,356,000	+17.6%	312,315	-0.2%	1.51%	+14.2%
DAN	Sell	DANA HOLDING CORP	$6,141,000	-19.0%	537,330	-0.2%	1.46%	-21.3%
AXR	Sell	AMREP CORP NEW	$5,737,000	-1.1%	508,605	-1.6%	1.36%	-3.9%
OLN	Sell	OLIN CORP NEW	$5,715,000	-7.4%	133,291	-0.1%	1.36%	-10.1%
UMH	Sell	U M H PROPERTIES INC	$5,136,000	-13.0%	318,030	-4.8%	1.22%	-15.5%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$5,005,000	+83.9%	58,000	+100.0%	1.19%	+78.5%
FTI	Sell	TECHNIPFMC PLC	$4,969,000	+24.5%	587,369	-0.9%	1.18%	+21.0%
WDC	Sell	WESTERN DIGITAL CORP	$4,608,000	-27.5%	141,556	-0.1%	1.10%	-29.5%
MEI	Sell	METHODE ELECTRONICS INC	$4,056,000	-0.6%	109,191	-0.9%	0.96%	-3.4%
LPX	Sell	LOUISIANA PAC CORP	$3,770,000	-2.6%	73,640	-0.3%	0.90%	-5.4%
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$3,751,000	+0.2%	667,488	+2.7%	0.89%	-2.7%
AER	Sell	AERCAP HOLDINGS NV	$3,379,000	+3.2%	79,830	-0.2%	0.80%	+0.2%
EAF	Sell	GRAFTECH INTERNATIONAL	$3,175,000	-50.9%	736,628	-19.5%	0.75%	-52.4%
LEGH	Sell	LEGACY HOUSING CORP	$3,095,000	+30.8%	180,495	-0.5%	0.74%	+26.9%
SE	Buy	SEA LTDsponsored ads	$3,083,000	+53.7%	55,000	+83.3%	0.73%	+49.3%
CSIQ	Sell	CANADIAN SOLAR INC	$3,067,000	+19.1%	82,327	-0.5%	0.73%	+15.7%
CC	Sell	CHEMOURS CO	$2,957,000	-23.4%	119,975	-0.4%	0.70%	-25.5%
TNL	Sell	TRAVEL PLUS LEISURE CO	$2,310,000	-12.5%	67,695	-0.5%	0.55%	-15.0%
ALSN	Buy	ALLISON TRANSMISSION HLDGS INC	$2,014,000	-11.9%	59,659	+0.4%	0.48%	-14.3%
BVH	Sell	BLUEGREEN VACATIONS HLDG CORPcl a	$1,575,000	-34.5%	95,347	-1.1%	0.37%	-36.5%
FRPH	Sell	FRP HLDGS INCORPORATED	$1,474,000	-13.1%	27,113	-3.6%	0.35%	-15.7%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$1,295,000	-12.6%	133,114	+0.5%	0.31%	-14.9%
CACI	Sell	CACI INTL INCcl a	$1,253,000	-11.1%	4,800	-4.0%	0.30%	-13.6%
UHAL	Buy	AMERCO	$1,120,000	+17.2%	2,200	+10.0%	0.27%	+13.7%
GIB	Sell	CGI INCcl a sub vtg	$940,000	-30.6%	12,500	-26.5%	0.22%	-32.6%
TRQ	Buy	TURQUOISE HILL RES LTD	$900,000	+12.1%	30,432	+1.4%	0.21%	+9.2%
FNV	Buy	FRANCO NEV CORP	$836,000	+58.9%	7,000	+75.0%	0.20%	+54.3%
	Buy	WATSCO INC	$824,000	+53.4%	3,200	+42.2%	0.20%	+49.6%
VOYA	Sell	VOYA FINANCIAL INC	$787,000	-17.3%	13,000	-18.8%	0.19%	-19.7%
MS	Buy	MORGAN STANLEY	$728,000	+16.7%	9,215	+12.2%	0.17%	+13.1%
AEM	Buy	AGNICO EAGLE MINES LTD	$676,000	+56.8%	16,000	+70.0%	0.16%	+53.3%
LBRDA	Sell	LIBERTY BROADBAND CORP	$485,000	-57.3%	6,500	-35.0%	0.12%	-58.6%
CET	Buy	CENTRAL SECS CORP	$462,000	+3.4%	13,706	+7.9%	0.11%	+0.9%
MKL	Sell	MARKEL CORP	$434,000	-66.4%	400	-60.0%	0.10%	-67.4%
	Sell	SEVEN HILLS REALTY TRUST	$278,000	-77.6%	30,482	-73.7%	0.07%	-78.2%
IAC	New	IAC INC	$277,000	–	5,000	–	0.07%	–
SAND	New	SANDSTORM GOLD LTD	$259,000	–	50,000	–	0.06%	–
WOW	Buy	WIDEOPENWEST INC	$153,000	-15.9%	12,500	+25.0%	0.04%	-20.0%
AGI	New	ALAMOS GOLD INCORPORATED	$148,000	–	20,000	–	0.04%	–
	Buy	ALPHA TAU MEDICAL LTD*w exp 03/07/2028	$45,000	+87.5%	100,000	+100.0%	0.01%	+83.3%
NSRXD	Exit	NOMAD ROYALTY COMPANY LIMITED	$0	–	-20,000	–	-0.03%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-13,842	–	-0.07%	–
CMCT	Exit	CREATIVE MEDIA & CMNTY TR	$0	–	-52,871	–	-0.09%	–
NLS	Exit	NAUTILUS INC	$0	–	-250,000	–	-0.11%	–
PSMT	Exit	PRICESMART INC	$0	–	-6,553	–	-0.12%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-1,137,120	–	-1.20%	–

Q2 2022

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$95,895,000	–	1,785,754	–	23.46%	–
TDW	New	TIDEWATER INC	$58,025,000	–	2,751,305	–	14.19%	–
WFG	New	WEST FRASER TIMBER CO LTD	$25,127,000	–	327,501	–	6.15%	–
LXU	New	LSB INDS INC	$23,422,000	–	1,689,923	–	5.73%	–
WLK	New	WESTLAKE CHEM CORP	$22,582,000	–	230,381	–	5.52%	–
SKY	New	SKYLINE CORP	$12,465,000	–	262,870	–	3.05%	–
JEF	New	JEFFERIES FINL GROUP INC	$12,035,000	–	435,741	–	2.94%	–
CNQ	New	CANADIAN NAT RES LTD	$9,629,000	–	179,234	–	2.36%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,670,000	–	70,278	–	2.12%	–
IIIN	New	INSTEEL INDUSTRIES INC	$8,618,000	–	255,961	–	2.11%	–
NE	New	NOBLE CORP NEW	$8,472,000	–	334,220	–	2.07%	–
CVCO	New	CAVCO INDS INC DEL	$7,953,000	–	40,580	–	1.94%	–
DAN	New	DANA HOLDING CORP	$7,577,000	–	538,510	–	1.85%	–
EAF	New	GRAFTECH INTERNATIONAL	$6,472,000	–	915,513	–	1.58%	–
WDC	New	WESTERN DIGITAL CORP	$6,353,000	–	141,701	–	1.55%	–
OLN	New	OLIN CORP NEW	$6,175,000	–	133,441	–	1.51%	–
UMH	New	U M H PROPERTIES INC	$5,902,000	–	334,205	–	1.44%	–
AXR	New	AMREP CORP NEW	$5,800,000	–	516,933	–	1.42%	–
RDNT	New	RADNET INC	$5,406,000	–	312,835	–	1.32%	–
EXTN	New	EXTERRAN CORPORATION	$4,889,000	–	1,137,120	–	1.20%	–
MEI	New	METHODE ELECTRONICS INC	$4,081,000	–	110,186	–	1.00%	–
FTI	New	TECHNIPFMC PLC	$3,990,000	–	592,949	–	0.98%	–
LPX	New	LOUISIANA PAC CORP	$3,872,000	–	73,880	–	0.95%	–
CC	New	CHEMOURS CO	$3,858,000	–	120,495	–	0.94%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$3,745,000	–	650,223	–	0.92%	–
AER	New	AERCAP HOLDINGS NV	$3,274,000	–	79,965	–	0.80%	–
TECK	New	TECK RESOURCES INCcl b	$3,057,000	–	100,000	–	0.75%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$2,721,000	–	29,000	–	0.67%	–
TNL	New	TRAVEL PLUS LEISURE CO	$2,641,000	–	68,035	–	0.65%	–
CSIQ	New	CANADIAN SOLAR INC	$2,575,000	–	82,707	–	0.63%	–
BVH	New	BLUEGREEN VACATIONS HLDG CORPcl a	$2,406,000	–	96,399	–	0.59%	–
LEGH	New	LEGACY HOUSING CORP	$2,367,000	–	181,345	–	0.58%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$2,285,000	–	59,440	–	0.56%	–
VAL	New	VALARIS LIMITEDcl a	$2,112,000	–	50,000	–	0.52%	–
SE	New	SEA LTDsponsored ads	$2,006,000	–	30,000	–	0.49%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$1,715,000	–	100,000	–	0.42%	–
FRPH	New	FRP HLDGS INCORPORATED	$1,697,000	–	28,113	–	0.42%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$1,481,000	–	132,484	–	0.36%	–
CACI	New	CACI INTL INCcl a	$1,409,000	–	5,000	–	0.34%	–
GIB	New	CGI INCcl a sub vtg	$1,354,000	–	17,000	–	0.33%	–
MKL	New	MARKEL CORP	$1,293,000	–	1,000	–	0.32%	–
	New	SEVEN HILLS REALTY TRUST	$1,239,000	–	116,053	–	0.30%	–
LBRDA	New	LIBERTY BROADBAND CORP	$1,136,000	–	10,000	–	0.28%	–
UHAL	New	AMERCO	$956,000	–	2,000	–	0.23%	–
VOYA	New	VOYA FINANCIAL INC	$952,000	–	16,000	–	0.23%	–
TRQ	New	TURQUOISE HILL RES LTD	$803,000	–	30,000	–	0.20%	–
MS	New	MORGAN STANLEY	$624,000	–	8,215	–	0.15%	–
PLPC	New	PREFORMED LINE PRODS CO	$615,000	–	10,000	–	0.15%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$584,000	–	50,000	–	0.14%	–
	New	WATSCO INC	$537,000	–	2,250	–	0.13%	–
FNV	New	FRANCO NEV CORP	$526,000	–	4,000	–	0.13%	–
PSMT	New	PRICESMART INC	$470,000	–	6,553	–	0.12%	–
FPH	New	FIVE POINT HOLDINGS LLC	$448,000	–	114,500	–	0.11%	–
CET	New	CENTRAL SECS CORP	$447,000	–	12,706	–	0.11%	–
NLS	New	NAUTILUS INC	$438,000	–	250,000	–	0.11%	–
AEM	New	AGNICO EAGLE MINES LTD	$431,000	–	9,413	–	0.10%	–
PHX	New	PHX MINERALS INCcl a	$392,000	–	129,059	–	0.10%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$378,000	–	2,500	–	0.09%	–
CMCT	New	CREATIVE MEDIA & CMNTY TR	$375,000	–	52,871	–	0.09%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$360,000	–	10,000	–	0.09%	–
AEIS	New	ADVANCED ENERGY INDS	$345,000	–	4,725	–	0.08%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$293,000	–	13,842	–	0.07%	–
MRK	New	MERCK & CO INC NEW	$274,000	–	3,000	–	0.07%	–
DMLP	New	DORCHESTER MINERALS	$215,000	–	9,025	–	0.05%	–
WOW	New	WIDEOPENWEST INC	$182,000	–	10,000	–	0.04%	–
NSRXD	New	NOMAD ROYALTY COMPANY LIMITED	$141,000	–	20,000	–	0.03%	–
FTK	New	FLOTEK INDUSTRIES INC	$99,000	–	100,000	–	0.02%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$80,000	–	245,005	–	0.02%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$57,000	–	86,603	–	0.01%	–
	New	ALPHA TAU MEDICAL LTD*w exp 03/07/2028	$24,000	–	50,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
TDWWSA	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-109,852	–	-0.02%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-18,250	–	-0.04%	–
TDWWSB	Exit	TIDEWATER INC*w exp 07/31/202	$0	–	-280,207	–	-0.04%	–
CMI	Exit	CUMMINS INC	$0	–	-930	–	-0.05%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-5,242	–	-0.05%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-3,000	–	-0.05%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-13,842	–	-0.06%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-9,000	–	-0.06%	–
VIV	Exit	TELEFONICA BRASIL SAnew adr	$0	–	-40,000	–	-0.07%	–
UHAL	Exit	AMERCO	$0	–	-500	–	-0.07%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-4,725	–	-0.10%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-1,900	–	-0.10%	–
PSMT	Exit	PRICESMART INC	$0	–	-5,553	–	-0.10%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-30,000	–	-0.10%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-25,000	–	-0.10%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-22,000	–	-0.10%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-11,000	–	-0.12%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-14,000	–	-0.13%	–
MKL	Exit	MARKEL CORP	$0	–	-500	–	-0.14%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-4,000	–	-0.14%	–
RMRM	Exit	RMR MORTGAGE TR	$0	–	-62,301	–	-0.15%	–
PLPC	Exit	PREFORMED LINE PRODS CO	$0	–	-10,000	–	-0.15%	–
MS	Exit	MORGAN STANLEY	$0	–	-7,000	–	-0.16%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-99,406	–	-0.17%	–
CSV	Exit	CARRIAGE SVCS INC	$0	–	-17,106	–	-0.18%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-9,000	–	-0.18%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-5,000	–	-0.19%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-14,000	–	-0.20%	–
EXTN	Exit	EXTERRAN CORPORATION	$0	–	-202,500	–	-0.21%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-4,000	–	-0.24%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-43,000	–	-0.26%	–
FRPH	Exit	FRP HLDGS INCORPORATED	$0	–	-25,113	–	-0.32%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-184,500	–	-0.33%	–
ESTC	Exit	ELASTIC N V	$0	–	-10,000	–	-0.34%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-25,550	–	-0.36%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-50,000	–	-0.40%	–
SMHI	Exit	SEACOR MARINE HOLDINGS INC	$0	–	-384,213	–	-0.41%	–
PHX	Exit	PHX MINERALS INCcl a	$0	–	-619,177	–	-0.44%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS INC	$0	–	-57,980	–	-0.47%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-50,000	–	-0.51%	–
BVH	Exit	BLUEGREEN VACATIONS HLDG CORPcl a	$0	–	-98,311	–	-0.58%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-106,173	–	-0.63%	–
CSIQ	Exit	CANADIAN SOLAR INC	$0	–	-82,107	–	-0.69%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-14,000	–	-0.72%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-11,932	–	-0.75%	–
LEGH	Exit	LEGACY HOUSING CORP	$0	–	-183,110	–	-0.76%	–
CC	Exit	CHEMOURS CO	$0	–	-121,895	–	-0.81%	–
GAN	Exit	GAN LIMITED	$0	–	-238,748	–	-0.81%	–
TNL	Exit	TRAVEL PLUS LEISURE CO	$0	–	-68,610	–	-0.86%	–
CMCT	Exit	CIM COMMERCIAL TRUST	$0	–	-420,550	–	-0.87%	–
VWTR	Exit	VIDLER WATER RESOURCES INC	$0	–	-370,661	–	-0.97%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-80,549	–	-1.07%	–
MEI	Exit	METHODE ELECTRONICS INC	$0	–	-111,181	–	-1.07%	–
OLN	Exit	OLIN CORP NEW	$0	–	-108,805	–	-1.20%	–
EAF	Exit	GRAFTECH INTERNATIONAL	$0	–	-710,675	–	-1.68%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-202,619	–	-1.70%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-339,237	–	-1.78%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-142,878	–	-1.85%	–
AXR	Exit	AMREP CORP NEW	$0	–	-518,305	–	-1.87%	–
NE	Exit	NOBLE CORP NEW	$0	–	-307,500	–	-1.91%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-66,010	–	-1.95%	–
RDNT	Exit	RADNET INC	$0	–	-318,050	–	-2.14%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-30,000	–	-2.19%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-40,705	–	-2.21%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-258,650	–	-2.26%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-520,940	–	-2.66%	–
SKY	Exit	SKYLINE CORP	$0	–	-213,480	–	-2.94%	–
LXU	Exit	LSB INDS INC	$0	–	-1,372,157	–	-3.21%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-446,970	–	-3.81%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-230,970	–	-4.83%	–
TDW	Exit	TIDEWATER INC	$0	–	-2,519,049	–	-6.97%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-424,747	–	-8.21%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,251,727	–	-26.73%	–

Q3 2021

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$116,504,000	+19.4%	2,251,727	-1.6%	26.73%	+9.1%
WFG	Buy	WEST FRASER TIMBER CO LTD	$35,776,000	+17.7%	424,747	+0.2%	8.21%	+7.6%
WLK	Buy	WESTLAKE CHEM CORP	$21,051,000	+1.4%	230,970	+0.3%	4.83%	-7.3%
JEF	Sell	JEFFERIES FINL GROUP INC	$16,596,000	+8.2%	446,970	-0.4%	3.81%	-1.1%
LXU	Sell	LSB INDS INC	$14,010,000	+68.3%	1,372,157	-0.3%	3.21%	+53.9%
DAN	Buy	DANA HOLDING CORP	$11,586,000	-6.3%	520,940	+0.1%	2.66%	-14.4%
IIIN	Buy	INSTEEL INDUSTRIES INC	$9,842,000	+18.9%	258,650	+0.5%	2.26%	+8.7%
RDNT	Buy	RADNET INC	$9,322,000	-12.9%	318,050	+0.1%	2.14%	-20.4%
LECO	Buy	LINCOLN ELEC HLDGS INC	$8,502,000	-1.6%	66,010	+0.6%	1.95%	-10.1%
NE	Buy	NOBLE CORP NEW	$8,321,000	+485.2%	307,500	+434.8%	1.91%	+434.7%
WDC	Sell	WESTERN DIGITAL CORP	$8,064,000	-20.8%	142,878	-0.1%	1.85%	-27.6%
UMH	Sell	U M H PROPERTIES INC	$7,768,000	+4.3%	339,237	-0.6%	1.78%	-4.7%
CNQ	Sell	CANADIAN NAT RES LTD	$7,403,000	+0.5%	202,619	-0.2%	1.70%	-8.2%
EAF	Buy	GRAFTECH INTERNATIONAL	$7,334,000	-10.2%	710,675	+1.1%	1.68%	-17.9%
OLN	Buy	OLIN CORP NEW	$5,250,000	+5.2%	108,805	+0.8%	1.20%	-3.9%
MEI	Buy	METHODE ELECTRONICS INC	$4,675,000	-13.9%	111,181	+0.8%	1.07%	-21.2%
AER	Buy	AERCAP HOLDINGS NV	$4,657,000	+13.5%	80,549	+0.5%	1.07%	+3.7%
CMCT	Sell	CIM COMMERCIAL TRUST	$3,810,000	-9.0%	420,550	-10.1%	0.87%	-16.8%
TNL	New	TRAVEL PLUS LEISURE CO	$3,741,000	–	68,610	–	0.86%	–
LEGH	Buy	LEGACY HOUSING CORP	$3,290,000	+7.5%	183,110	+1.2%	0.76%	-1.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$3,257,000	-4.8%	11,932	-3.1%	0.75%	-13.0%
CSIQ	Buy	CANADIAN SOLAR INC	$2,998,000	-18.0%	82,107	+0.6%	0.69%	-25.1%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$2,739,000	-31.0%	106,173	+0.3%	0.63%	-37.0%
PHX	Sell	PHX MINERALS INCcl a	$1,895,000	-18.2%	619,177	-0.6%	0.44%	-25.3%
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$1,779,000	+5.4%	384,213	+0.4%	0.41%	-3.8%
LPX	Buy	LOUISIANA PAC CORP	$1,568,000	+4.0%	25,550	+2.2%	0.36%	-4.8%
FRPH	Buy	FRP HLDGS INCORPORATED	$1,404,000	+0.5%	25,113	+0.1%	0.32%	-8.3%
EQC	Buy	EQUITY COMWLTH	$1,117,000	+89.3%	43,000	+91.1%	0.26%	+73.0%
EXTN	Sell	EXTERRAN CORPORATION	$899,000	-40.2%	202,500	-35.9%	0.21%	-45.4%
GIB	Buy	CGI INCcl a sub vtg	$763,000	+5.2%	9,000	+12.5%	0.18%	-3.8%
FTI	Buy	TECHNIPFMC PLC	$749,000	-16.4%	99,406	+0.4%	0.17%	-23.6%
MS	Sell	MORGAN STANLEY	$681,000	-17.5%	7,000	-22.2%	0.16%	-24.6%
KL	Buy	KIRKLAND LAKE GOLD LTD	$582,000	+115.6%	14,000	+100.0%	0.13%	+97.1%
LSXMA	Sell	LIBERTY MEDIA CORP DEL	$519,000	-20.4%	11,000	-21.4%	0.12%	-27.4%
ATUS	Buy	ALTICE USA INCcl a	$456,000	-33.2%	22,000	+10.0%	0.10%	-38.6%
GOLD	Buy	BARRICK GOLD CORP	$451,000	+8.9%	25,000	+25.0%	0.10%	-1.0%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$418,000	-43.1%	1,900	-44.1%	0.10%	-47.8%
UHAL	Sell	AMERCO	$323,000	-45.2%	500	-50.0%	0.07%	-50.0%
BXMT	New	BLACKSTONE MTG TR INC	$273,000	–	9,000	–	0.06%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$252,000	–	13,842	–	0.06%	–
TDWWSB	Sell	TIDEWATER INC*w exp 07/31/202	$194,000	-29.2%	280,207	-0.0%	0.04%	-34.8%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$189,000	-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	$97,601,000	–	2,287,891	–	24.50%	–
WFG	New	WEST FRASER TIMBER CO LTD	$30,393,000	–	423,977	–	7.63%	–
TDW	New	TIDEWATER INC	$30,355,000	–	2,519,049	–	7.62%	–
WLK	New	WESTLAKE CHEM CORP	$20,755,000	–	230,380	–	5.21%	–
JEF	New	JEFFERIES FINL GROUP INC	$15,340,000	–	448,550	–	3.85%	–
DAN	New	DANA HOLDING CORP	$12,367,000	–	520,500	–	3.10%	–
SKY	New	SKYLINE CORP	$11,378,000	–	213,480	–	2.86%	–
RDNT	New	RADNET INC	$10,701,000	–	317,640	–	2.69%	–
WDC	New	WESTERN DIGITAL CORP	$10,179,000	–	143,030	–	2.56%	–
CVCO	New	CAVCO INDS INC DEL	$9,044,000	–	40,705	–	2.27%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,644,000	–	65,626	–	2.17%	–
LXU	New	LSB INDS INC	$8,322,000	–	1,375,792	–	2.09%	–
IIIN	New	INSTEEL INDUSTRIES INC	$8,277,000	–	257,455	–	2.08%	–
SE	New	SEA LTDsponsored ads	$8,238,000	–	30,000	–	2.07%	–
EAF	New	GRAFTECH INTERNATIONAL	$8,171,000	–	703,250	–	2.05%	–
UMH	New	U M H PROPERTIES INC	$7,448,000	–	341,327	–	1.87%	–
CNQ	New	CANADIAN NAT RES LTD	$7,368,000	–	203,094	–	1.85%	–
AXR	New	AMREP CORP NEW	$6,043,000	–	518,305	–	1.52%	–
MEI	New	METHODE ELECTRONICS INC	$5,428,000	–	110,301	–	1.36%	–
OLN	New	OLIN CORP NEW	$4,991,000	–	107,905	–	1.25%	–
VWTR	New	VIDLER WATER RESOURCES INC	$4,930,000	–	370,661	–	1.24%	–
CC	New	CHEMOURS CO	$4,242,000	–	121,895	–	1.06%	–
CMCT	New	CIM COMMERCIAL TRUST	$4,185,000	–	467,550	–	1.05%	–
AER	New	AERCAP HOLDINGS NV	$4,104,000	–	80,144	–	1.03%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$3,971,000	–	105,818	–	1.00%	–
GAN	New	GAN LIMITED	$3,925,000	–	238,748	–	0.98%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$3,858,000	–	14,000	–	0.97%	–
CSIQ	New	CANADIAN SOLAR INC	$3,658,000	–	81,587	–	0.92%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$3,423,000	–	12,315	–	0.86%	–
LEGH	New	LEGACY HOUSING CORP	$3,061,000	–	181,020	–	0.77%	–
UBER	New	UBER TECHNOLOGIES INC	$2,506,000	–	50,000	–	0.63%	–
PHX	New	PHX MINERALS INCcl a	$2,318,000	–	623,027	–	0.58%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$2,304,000	–	57,980	–	0.58%	–
BVH	New	BLUEGREEN VACATIONS HLDG CORPcl a	$1,770,000	–	98,311	–	0.44%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$1,688,000	–	382,843	–	0.42%	–
LPX	New	LOUISIANA PAC CORP	$1,507,000	–	25,000	–	0.38%	–
EXTN	New	EXTERRAN CORPORATION	$1,503,000	–	315,787	–	0.38%	–
FPH	New	FIVE POINT HOLDINGS LLC	$1,491,000	–	184,500	–	0.37%	–
ESTC	New	ELASTIC N V	$1,458,000	–	10,000	–	0.37%	–
VAL	New	VALARIS LIMITEDcl a	$1,444,000	–	50,000	–	0.36%	–
NE	New	NOBLE CORP NEW	$1,422,000	–	57,500	–	0.36%	–
FRPH	New	FRP HLDGS INCORPORATED	$1,397,000	–	25,087	–	0.35%	–
CACI	New	CACI INTL INCcl a	$1,020,000	–	4,000	–	0.26%	–
FTI	New	TECHNIPFMC PLC	$896,000	–	98,981	–	0.22%	–
VOYA	New	VOYA FINANCIAL INC	$861,000	–	14,000	–	0.22%	–
LBRDA	New	LIBERTY BROADBAND CORP	$841,000	–	5,000	–	0.21%	–
MS	New	MORGAN STANLEY	$825,000	–	9,000	–	0.21%	–
PLPC	New	PREFORMED LINE PRODS CO	$742,000	–	10,000	–	0.19%	–
RMRM	New	RMR MORTGAGE TR	$743,000	–	62,301	–	0.19%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$735,000	–	3,400	–	0.18%	–
GIB	New	CGI INCcl a sub vtg	$725,000	–	8,000	–	0.18%	–
ATUS	New	ALTICE USA INCcl a	$683,000	–	20,000	–	0.17%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$652,000	–	14,000	–	0.16%	–
CSV	New	CARRIAGE SVCS INC	$632,000	–	17,106	–	0.16%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$612,000	–	50,000	–	0.15%	–
MKL	New	MARKEL CORP	$593,000	–	500	–	0.15%	–
UHAL	New	AMERCO	$589,000	–	1,000	–	0.15%	–
EQC	New	EQUITY COMWLTH	$590,000	–	22,500	–	0.15%	–
NWHM	New	NEW HOME CO	$587,000	–	100,000	–	0.15%	–
MMC	New	MARSH & MCLENNAN COS INC	$563,000	–	4,000	–	0.14%	–
AEIS	New	ADVANCED ENERGY INDS	$533,000	–	4,725	–	0.13%	–
PSMT	New	PRICESMART INC	$505,000	–	5,553	–	0.13%	–
TRQ	New	TURQUOISE HILL RES LTD	$506,000	–	30,000	–	0.13%	–
GOLD	New	BARRICK GOLD CORP	$414,000	–	20,000	–	0.10%	–
VIV	New	TELEFONICA BRASIL SAnew adr	$340,000	–	40,000	–	0.08%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$274,000	–	280,245	–	0.07%	–
KL	New	KIRKLAND LAKE GOLD LTD	$270,000	–	7,000	–	0.07%	–
	New	DIAMOND S SHIPPING INC	$249,000	–	25,000	–	0.06%	–
MRK	New	MERCK & CO INC NEW	$233,000	–	3,000	–	0.06%	–
CMI	New	CUMMINS INC	$227,000	–	930	–	0.06%	–
CET	New	CENTRAL SECS CORP	$221,000	–	5,242	–	0.06%	–
GES	New	GUESS INC	$206,000	–	7,800	–	0.05%	–
LQDT	New	LIQUIDITY SERVICES INC	$202,000	–	7,950	–	0.05%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$133,000	–	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	$43,317,000	+33.5%	1,327,934	-15.3%	16.71%	+19.6%
BMCH	Sell	BMC STOCK HOLDINGS INC	$40,138,000	+39.8%	937,140	-17.9%	15.48%	+25.3%
WLK	Sell	WESTLAKE CHEM CORP	$16,904,000	+14.1%	267,376	-3.2%	6.52%	+2.3%
TDW	Sell	TIDEWATER INC	$16,695,000	+18.3%	2,488,217	-1.4%	6.44%	+6.1%
OSB	Sell	NORBORD INC	$16,077,000	+25.5%	544,988	-2.9%	6.20%	+12.5%
GAN	Sell	GAN LIMITED	$10,643,000	-52.2%	629,748	-28.0%	4.11%	-57.2%
JEF	Sell	JEFFERIES FINL GROUP INC	$8,173,000	+11.3%	454,060	-3.8%	3.15%	-0.3%
CVCO	Sell	CAVCO INDS INC DEL	$7,415,000	-8.7%	41,121	-2.4%	2.86%	-18.2%
DAN	Sell	DANA HOLDING CORP	$6,493,000	-2.6%	527,035	-3.6%	2.50%	-12.7%
LECO	Sell	LINCOLN ELEC HLDGS INC	$6,040,000	+4.3%	65,622	-4.5%	2.33%	-6.5%
EAF	Sell	GRAFTECH INTERNATIONAL	$5,982,000	-17.0%	874,595	-3.1%	2.31%	-25.6%
SKY	Sell	SKYLINE CORP	$5,853,000	+9.8%	218,650	-0.2%	2.26%	-1.6%
WDC	Buy	WESTERN DIGITAL CORP	$5,357,000	+8.0%	146,565	+30.5%	2.07%	-3.1%
RDNT	Sell	RADNET INC	$4,896,000	-7.7%	318,950	-4.6%	1.89%	-17.3%
UMH	Sell	U M H PROPERTIES INC	$4,497,000	-10.9%	332,072	-14.9%	1.74%	-20.2%
CNQ	Sell	CANADIAN NAT RES LTD	$3,255,000	-10.8%	203,304	-2.9%	1.26%	-20.1%
MEI	Sell	METHODE ELECTRONICS INC	$3,133,000	-12.8%	109,921	-4.3%	1.21%	-21.8%
LXU	Buy	LSB INDS INC	$2,890,000	+57.6%	1,783,481	+12.8%	1.12%	+41.1%
IIIN	Sell	INSTEEL INDUSTRIES INC	$2,884,000	-5.8%	154,198	-3.9%	1.11%	-15.5%
AXR	Sell	AMREP CORP NEW	$2,871,000	+20.8%	512,733	-2.7%	1.11%	+8.3%
CSIQ	Buy	CANADIAN SOLAR INC	$2,845,000	+648.7%	81,057	+311.2%	1.10%	+569.5%
CC	Sell	CHEMOURS CO	$2,626,000	+30.3%	125,600	-4.3%	1.01%	+16.8%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$2,580,000	+363.2%	12,112	+287.8%	1.00%	+314.6%
LEGH	Sell	LEGACY HOUSING CORP	$2,515,000	-7.0%	183,880	-3.4%	0.97%	-16.7%
CKH	Sell	SEACOR HOLDINGS INC	$2,367,000	-0.4%	81,410	-3.0%	0.91%	-10.8%
PICO	Buy	PICO HLDGS INC	$2,229,000	+150.4%	248,826	+135.6%	0.86%	+124.5%
WYND	Sell	WYNDHAM DESTINATIONS INC	$2,108,000	+4.3%	68,545	-4.5%	0.81%	-6.6%
ALSN	Sell	ALLISON TRANSMISSION HLDGS INC	$2,081,000	-9.0%	59,210	-4.8%	0.80%	-18.5%
AER	Buy	AERCAP HOLDINGS NV	$2,025,000	+39.0%	80,375	+69.9%	0.78%	+24.6%
AEO	Sell	AMERICAN EAGLE OUTFITTERS NE	$1,580,000	+31.1%	106,698	-3.5%	0.61%	+17.5%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$1,336,000	-32.3%	934,346	+26.9%	0.52%	-39.3%
LPG	Sell	DORIAN LPG LTD	$1,219,000	+3.4%	152,244	-0.0%	0.47%	-7.5%
ESTC	New	ELASTIC N V	$1,079,000	–	10,000	–	0.42%	–
	New	BBX CAP CORP NEWcl a	$1,060,000	–	79,197	–	0.41%	–
EXTN	Sell	EXTERRAN CORPORATION	$712,000	-22.9%	171,107	-0.2%	0.28%	-30.9%
FTI	Sell	TECHNIPFMC PLC	$623,000	-9.7%	98,743	-2.1%	0.24%	-19.2%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$585,000	-28.2%	287,924	-9.9%	0.23%	-35.6%
CSV	Sell	CARRIAGE SVCS INC	$411,000	+12.9%	18,406	-8.3%	0.16%	+1.3%
FPH	Buy	FIVE POINT HOLDINGS LLC	$331,000	-3.5%	79,500	+6.7%	0.13%	-13.5%
PNC	Buy	PNC FINL SVCS GROUP INC	$330,000	+57.1%	3,000	+50.0%	0.13%	+41.1%
LHX	Buy	L3HARRIS TECHNOLOGIES INC	$306,000	+20.0%	1,800	+20.0%	0.12%	+7.3%
CACI	New	CACI INTL INCcl a	$213,000	–	1,000	–	0.08%	–
DENN	New	DENNYS CORP	$150,000	–	15,000	–	0.06%	–
TDWWSA	Sell	TIDEWATER INC*w exp 07/31/202	$132,000	-4.3%	247,549	-1.4%	0.05%	-13.6%
TDWWSB	Sell	TIDEWATER INC*w exp 07/31/202	$96,000	-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	$32,449,000	–	1,567,582	–	13.97%	–
BMCH	New	BMC STOCK HOLDINGS INC	$28,713,000	–	1,142,115	–	12.36%	–
GAN	New	GAN LIMITED	$22,269,000	–	875,000	–	9.59%	–
WLK	New	WESTLAKE CHEM CORP	$14,812,000	–	276,078	–	6.38%	–
TDW	New	TIDEWATER INC	$14,108,000	–	2,523,828	–	6.07%	–
OSB	New	NORBORD INC	$12,806,000	–	561,416	–	5.51%	–
CVCO	New	CAVCO INDS INC DEL	$8,123,000	–	42,124	–	3.50%	–
JEF	New	JEFFERIES FINL GROUP INC	$7,343,000	–	472,219	–	3.16%	–
EAF	New	GRAFTECH INTERNATIONAL	$7,204,000	–	902,855	–	3.10%	–
DAN	New	DANA HOLDING CORP	$6,664,000	–	546,740	–	2.87%	–
LECO	New	LINCOLN ELEC HLDGS INC	$5,789,000	–	68,712	–	2.49%	–
SKY	New	SKYLINE CORP	$5,330,000	–	218,995	–	2.30%	–
RDNT	New	RADNET INC	$5,305,000	–	334,300	–	2.28%	–
UMH	New	U M H PROPERTIES INC	$5,048,000	–	390,372	–	2.17%	–
WDC	New	WESTERN DIGITAL CORP	$4,958,000	–	112,295	–	2.13%	–
CNQ	New	CANADIAN NAT RES LTD	$3,651,000	–	209,459	–	1.57%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$3,615,000	–	14,000	–	1.56%	–
MEI	New	METHODE ELECTRONICS INC	$3,592,000	–	114,901	–	1.55%	–
IIIN	New	INSTEEL INDUSTRIES INC	$3,060,000	–	160,468	–	1.32%	–
LEGH	New	LEGACY HOUSING CORP	$2,705,000	–	190,260	–	1.16%	–
SE	New	SEA LTDsponsored ads	$2,681,000	–	25,000	–	1.15%	–
AXR	New	AMREP CORP NEW	$2,377,000	–	526,960	–	1.02%	–
CKH	New	SEACOR SMIT INC	$2,377,000	–	83,965	–	1.02%	–
ALSN	New	ALLISON TRANSMISSION HLDGS INC	$2,287,000	–	62,170	–	0.98%	–
WYND	New	WYNDHAM DESTINATIONS INC	$2,022,000	–	71,760	–	0.87%	–
CC	New	CHEMOURS CO	$2,015,000	–	131,250	–	0.87%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$1,973,000	–	736,196	–	0.85%	–
LXU	New	LSB INDS INC	$1,834,000	–	1,581,217	–	0.79%	–
UBER	New	UBER TECHNOLOGIES INC	$1,554,000	–	50,000	–	0.67%	–
AER	New	AERCAP HOLDINGS NV	$1,457,000	–	47,310	–	0.63%	–
BBX	New	BBX CAPITAL CORPcl a	$1,304,000	–	513,208	–	0.56%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$1,205,000	–	110,528	–	0.52%	–
LPG	New	DORIAN LPG LTD	$1,179,000	–	152,278	–	0.51%	–
EXTN	New	EXTERRAN CORPORATION	$924,000	–	171,407	–	0.40%	–
PICO	New	PICO HLDGS INC	$890,000	–	105,606	–	0.38%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$815,000	–	319,525	–	0.35%	–
FRPH	New	FRP HLDGS INCORPORATED	$795,000	–	19,582	–	0.34%	–
FTI	New	TECHNIPFMC PLC	$690,000	–	100,888	–	0.30%	–
UHAL	New	AMERCO	$604,000	–	2,000	–	0.26%	–
ATUS	New	ALTICE USA INCcl a	$564,000	–	25,000	–	0.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$557,000	–	3,123	–	0.24%	–
VOYA	New	VOYA FINANCIAL INC	$467,000	–	10,000	–	0.20%	–
BB	New	BLACKBERRY LTD	$391,000	–	80,000	–	0.17%	–
MS	New	MORGAN STANLEY	$386,000	–	8,000	–	0.17%	–
CSIQ	New	CANADIAN SOLAR INC	$380,000	–	19,710	–	0.16%	–
CSV	New	CARRIAGE SVCS INC	$364,000	–	20,066	–	0.16%	–
FPH	New	FIVE POINT HOLDINGS LLC	$343,000	–	74,500	–	0.15%	–
NWHM	New	NEW HOME CO	$336,000	–	100,000	–	0.14%	–
PSMT	New	PRICESMART INC	$335,000	–	5,553	–	0.14%	–
AEIS	New	ADVANCED ENERGY INDS	$320,000	–	4,725	–	0.14%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$255,000	–	1,500	–	0.11%	–
MRK	New	MERCK & CO INC NEW	$232,000	–	3,000	–	0.10%	–
PNC	New	PNC FINL SVCS GROUP INC	$210,000	–	2,000	–	0.09%	–
GCAP	New	GAIN CAPITAL HOLDINGS	$151,000	–	25,000	–	0.06%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$138,000	–	251,077	–	0.06%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$128,000	–	329,825	–	0.06%	–
VNTR	New	VENATOR MATLS PLC	$98,000	–	55,000	–	0.04%	–
LOV	New	SPARK NETWORKS SEsponsored adr	$48,000	–	14,514	–	0.02%	–
HLX	New	HELIX ENERGY SOLUTIONS	$43,000	–	12,250	–	0.02%	–
	New	VALARIS PLC	$9,000	–	13,660	–	0.00%	–
HNRG	New	HALLADOR ENERGY COMPANY	$7,000	–	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	$40,907,000	+20.4%	1,562,520	-2.5%	12.47%	+5.4%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$36,539,000	+15.3%	1,775,884	-5.5%	11.14%	+1.0%
EXTN	Buy	EXTERRAN CORPORATION	$30,613,000	+530.4%	344,081	+0.8%	9.34%	+452.0%
TDW	Buy	TIDEWATER INC	$19,411,000	-25.3%	1,284,652	+16.1%	5.92%	-34.6%
WLK	Sell	WESTLAKE CHEM CORP	$18,929,000	-6.1%	288,908	-0.4%	5.77%	-17.8%
MEI	Buy	METHODE ELECTRONICS INC	$16,481,000	+214.0%	184,210	+0.3%	5.03%	+174.9%
OSB	Buy	NORBORD INC	$12,108,000	-0.6%	505,552	+2.9%	3.69%	-12.9%
WDC	Buy	WESTERN DIGITAL CORP	$11,306,000	+25.8%	189,573	+0.3%	3.45%	+10.2%
JEF	Buy	JEFFERIES FINL GROUP INC	$11,060,000	+19.7%	601,058	+25.1%	3.37%	+4.8%
LXU	Buy	LSB INDS INC	$10,523,000	+37.3%	2,031,425	+3.4%	3.21%	+20.2%
CVCO	Buy	CAVCO INDS INC DEL	$10,244,000	+22.1%	53,329	+0.1%	3.12%	+6.9%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$10,221,000	+7.3%	731,111	+0.1%	3.12%	-6.1%
RDNT	Buy	RADNET INC	$8,566,000	+4.5%	596,518	+0.3%	2.61%	-8.5%
EAF	Buy	GRAFTECH INTERNATIONAL	$8,265,000	+36.5%	645,630	+22.6%	2.52%	+19.5%
LECO	Buy	LINCOLN ELEC HLDGS INC	$7,470,000	+5.8%	86,106	+0.4%	2.28%	-7.4%
DAN	Buy	DANA HOLDING CORP	$6,999,000	+91.4%	484,680	+164.4%	2.13%	+67.6%
SKY	Buy	SKYLINE CORP	$6,703,000	+10.7%	222,770	+0.7%	2.04%	-3.0%
UMH	Buy	U M H PROPERTIES INC	$6,554,000	+14.6%	465,450	+1.0%	2.00%	+0.4%
CNQ	Buy	CANADIAN NAT RES LTD	$5,836,000	-0.6%	219,154	+0.6%	1.78%	-13.0%
IIIN	Buy	INSTEEL INDUSTRIES INC	$4,494,000	-0.5%	218,923	+0.9%	1.37%	-12.8%
CKH	Buy	SEACOR SMIT INC	$3,766,000	+0.7%	80,006	+1.6%	1.15%	-11.9%
AXR	Buy	AMREP CORP NEW	$3,416,000	-16.8%	604,845	+1.0%	1.04%	-27.2%
LPG	Buy	DORIAN LPG LTD	$3,286,000	+14.9%	317,234	+0.0%	1.00%	+0.6%
VALPQ	New	VALARIS PLC	$2,873,000	–	597,302	–	0.88%	–
SMHI	Buy	SEACOR MARINE HOLDINGS INC	$2,592,000	-13.7%	206,216	+2.7%	0.79%	-24.5%
HP	Buy	HELMERICH & PAYNE INC	$2,479,000	-20.4%	61,880	+0.6%	0.76%	-30.3%
FTI	Buy	TECHNIPFMC PLC	$2,426,000	-6.5%	100,495	+0.5%	0.74%	-18.1%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$1,971,000	-3.3%	121,505	+0.7%	0.60%	-15.4%
GASS	Buy	STEALTHGAS INC	$1,856,000	-11.2%	612,428	+0.9%	0.57%	-22.3%
VNTR	Buy	VENATOR MATLS PLC	$1,797,000	-51.8%	736,375	+4.6%	0.55%	-57.7%
GCAP	Sell	GAIN CAPITAL HOLDINGS	$1,771,000	+27.1%	335,415	-0.6%	0.54%	+11.3%
PICO	Sell	PICO HLDGS INC	$1,151,000	-13.7%	114,025	-0.7%	0.35%	-24.5%
ROCK	Sell	GIBRALTAR INDS INC	$998,000	-25.8%	21,733	-34.8%	0.30%	-35.0%
ATUS	Sell	ALTICE USA INCcl a	$889,000	+4.3%	31,000	-11.4%	0.27%	-8.8%
FRPH	Buy	FRP HLDGS INCORPORATED	$699,000	-13.6%	14,559	+0.4%	0.21%	-24.5%
TKR	Buy	TIMKEN CO	$684,000	-9.6%	15,725	+6.6%	0.21%	-20.8%
WBC	Sell	WABCO HOLDGS INCORPORATED	$535,000	-19.3%	4,000	-20.0%	0.16%	-29.4%
CSV	Buy	CARRIAGE SVCS INC	$453,000	+19.8%	22,176	+11.6%	0.14%	+4.5%
TDWWSB	Buy	TIDEWATER INC*w exp 07/31/202	$420,000	-56.5%	350,560	+0.8%	0.13%	-61.9%
PSMT	New	PRICESMART INC	$395,000	–	5,553	–	0.12%	–
TDWWSA	Buy	TIDEWATER INC*w exp 07/31/202	$385,000	-51.8%	265,203	+1.1%	0.12%	-57.9%
BB	Buy	BLACKBERRY LTD	$236,000	+26.2%	45,000	+80.0%	0.07%	+10.8%
	New	VALARIS PLC	$158,000	–	32,918	–	0.05%	–
OMN	Sell	OMNOVA SOLUTIONS INC	$138,000	-97.5%	13,735	-98.4%	0.04%	-97.8%
HLX	New	HELIX ENERGY SOLUTIONS	$99,000	–	12,250	–	0.03%	–
LQDT	New	LIQUIDITY SERVICES INC	$78,000	–	10,525	–	0.02%	–
LOV	Sell	SPARK NETWORKS SEsponsored adr	$80,000	-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	$33,985,000	–	1,603,045	–	11.84%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$31,689,000	–	1,879,524	–	11.04%	–
TDW	New	TIDEWATER INC	$25,985,000	–	1,106,698	–	9.05%	–
WLK	New	WESTLAKE CHEM CORP	$20,156,000	–	290,187	–	7.02%	–
OSB	New	NORBORD INC	$12,178,000	–	491,209	–	4.24%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$9,527,000	–	730,547	–	3.32%	–
JEF	New	JEFFERIES FINL GROUP INC	$9,239,000	–	480,447	–	3.22%	–
WDC	New	WESTERN DIGITAL CORP	$8,987,000	–	189,005	–	3.13%	–
CVCO	New	CAVCO INDS INC DEL	$8,392,000	–	53,269	–	2.92%	–
RDNT	New	RADNET INC	$8,200,000	–	594,668	–	2.86%	–
LXU	New	LSB INDS INC	$7,663,000	–	1,964,799	–	2.67%	–
LECO	New	LINCOLN ELEC HLDGS INC	$7,060,000	–	85,766	–	2.46%	–
EAF	New	GRAFTECH INTERNATIONAL	$6,055,000	–	526,580	–	2.11%	–
SKY	New	SKYLINE CORP	$6,054,000	–	221,120	–	2.11%	–
CNQ	New	CANADIAN NAT RES LTD	$5,873,000	–	217,749	–	2.04%	–
UMH	New	U M H PROPERTIES INC	$5,721,000	–	461,025	–	1.99%	–
GRUB	New	GRUBHUB	$5,459,000	–	70,000	–	1.90%	–
OMN	New	OMNOVA SOLUTIONS INC	$5,452,000	–	875,249	–	1.90%	–
ESV	New	ENSCO PLC	$5,345,000	–	626,569	–	1.86%	–
MEI	New	METHODE ELECTRONICS INC	$5,248,000	–	183,690	–	1.83%	–
EXTN	New	EXTERRAN CORPORATION	$4,856,000	–	341,461	–	1.69%	–
IIIN	New	INSTEEL INDUSTRIES INC	$4,515,000	–	216,873	–	1.57%	–
AXR	New	AMREP CORP NEW	$4,108,000	–	598,807	–	1.43%	–
CKH	New	SEACOR HOLDINGS INC	$3,740,000	–	78,736	–	1.30%	–
VNTR	New	VENATOR MATLS PLC	$3,725,000	–	704,175	–	1.30%	–
DAN	New	DANA HOLDING CORP	$3,656,000	–	183,315	–	1.27%	–
HP	New	HELMERICH & PAYNE INC	$3,114,000	–	61,513	–	1.08%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$3,004,000	–	200,826	–	1.05%	–
LPG	New	DORIAN LPG LTD	$2,860,000	–	317,117	–	1.00%	–
BBX	New	BBX CAPITAL CORPcl a	$2,661,000	–	541,936	–	0.93%	–
FTI	New	TECHNIPFMC PLC	$2,595,000	–	100,040	–	0.90%	–
GASS	New	STEALTHGAS INC	$2,089,000	–	607,028	–	0.73%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$2,038,000	–	120,605	–	0.71%	–
GCAP	New	GAIN CAPITAL HOLDINGS	$1,393,000	–	337,365	–	0.48%	–
ROCK	New	GIBRALTAR INDS INC	$1,345,000	–	33,334	–	0.47%	–
PICO	New	PICO HLDGS INC	$1,334,000	–	114,785	–	0.46%	–
MTOR	New	MERITOR INC	$1,183,000	–	48,780	–	0.41%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$966,000	–	347,728	–	0.34%	–
PCMI	New	PCM, INC	$876,000	–	25,000	–	0.30%	–
ATUS	New	ALTICE USA INCcl a	$852,000	–	35,000	–	0.30%	–
UHAL	New	AMERCO	$833,000	–	2,200	–	0.29%	–
FRPH	New	FRP HLDGS INCORPORATED	$809,000	–	14,500	–	0.28%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$799,000	–	262,194	–	0.28%	–
TKR	New	TIMKEN CO	$757,000	–	14,750	–	0.26%	–
LEGH	New	LEGACY HOUSING COR	$735,000	–	59,000	–	0.26%	–
WBC	New	WABCO HOLDGS INCORPORATED	$663,000	–	5,000	–	0.23%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$638,000	–	4,500	–	0.22%	–
	New	TOTAL S Asponsored adr	$443,000	–	7,935	–	0.15%	–
CSV	New	CARRIAGE SVCS INC	$378,000	–	19,876	–	0.13%	–
FPH	New	FIVE POINT HOLDINGS LLC	$306,000	–	40,750	–	0.11%	–
AEIS	New	ADVANCED ENERGY INDS	$266,000	–	4,725	–	0.09%	–
LOV	New	SPARK NETWORKS SEsponsored adr	$266,000	–	22,587	–	0.09%	–
MRK	New	MERCK & CO INC NEW	$252,000	–	3,000	–	0.09%	–
GLIBA	New	GCI LIBERTY INC	$246,000	–	4,000	–	0.09%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$235,000	–	93,818	–	0.08%	–
BB	New	BLACKBERRY LTD	$187,000	–	25,000	–	0.06%	–
HNRG	New	HALLADOR ENERGY COMPANY	$130,000	–	22,920	–	0.04%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$12,000	–	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	$39,760,000	-14.3%	2,131,935	-4.2%	10.47%	-13.4%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$30,464,000	-19.4%	2,075,205	+0.4%	8.02%	-18.6%
CVCO	Sell	CAVCO INDS INC DEL	$28,305,000	+8.4%	111,877	-11.0%	7.45%	+9.6%
LXU	Sell	LSB INDS INC	$24,162,000	+82.5%	2,470,573	-1.1%	6.36%	+84.4%
WLK	Buy	WESTLAKE CHEM CORP	$21,772,000	-22.4%	261,970	+0.5%	5.73%	-21.6%
OSB	Buy	NORBORD INC	$20,562,000	-15.4%	619,894	+4.9%	5.41%	-14.5%
TDW	Sell	TIDEWATER INC	$19,724,000	+2.9%	632,382	-4.5%	5.19%	+4.0%
ESV	Sell	ENSCO PLC	$17,110,000	+16.1%	2,027,275	-0.1%	4.50%	+17.3%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$13,943,000	-3.5%	755,732	-0.1%	3.67%	-2.5%
JEF	Sell	JEFFERIES FINL GROUP INC	$12,307,000	-3.9%	560,426	-0.5%	3.24%	-2.9%
RDNT	Sell	RADNET INC	$12,102,000	-0.6%	804,130	-0.9%	3.19%	+0.4%
OMN	Sell	OMNOVA SOLUTIONS INC	$9,666,000	-6.0%	981,270	-0.8%	2.54%	-5.0%
EXTN	Sell	EXTERRAN CORPORATION	$9,616,000	+5.2%	362,472	-0.7%	2.53%	+6.3%
LECO	Buy	LINCOLN ELEC HLDGS INC	$8,956,000	+6.7%	95,856	+0.2%	2.36%	+7.8%
IIIN	Buy	INSTEEL INDUSTRIES INC	$8,433,000	+7.5%	235,020	+0.1%	2.22%	+8.6%
UMH	Buy	U M H PROPERTIES INC	$7,882,000	+2.8%	503,975	+0.9%	2.08%	+3.9%
MEI	Buy	METHODE ELECTRONICS INC	$7,591,000	-9.8%	209,697	+0.4%	2.00%	-8.8%
CNQ	Buy	CANADIAN NAT RES LTD	$6,965,000	-9.2%	213,259	+0.3%	1.83%	-8.2%
AXR	Buy	AMREP CORP NEW	$5,036,000	+2.5%	688,982	+0.0%	1.33%	+3.6%
HP	Sell	HELMERICH & PAYNE INC	$4,843,000	+7.6%	70,423	-0.2%	1.28%	+8.8%
DAN	Buy	DANA HOLDING CORP	$4,722,000	+139.1%	252,945	+158.6%	1.24%	+141.4%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$4,528,000	-2.6%	200,104	-0.6%	1.19%	-1.6%
BBX	Sell	BBX CAPITAL CORPcl a	$4,468,000	-20.1%	602,219	-2.7%	1.18%	-19.3%
SKY	Buy	SKYLINE CORP	$4,434,000	+9.8%	155,200	+34.6%	1.17%	+10.8%
LPG	Buy	DORIAN LPG LTD	$4,326,000	+9.3%	542,709	+4.7%	1.14%	+10.5%
CKH	Buy	SEACOR HOLDINGS INC	$4,163,000	-13.3%	84,251	+0.5%	1.10%	-12.4%
FTI	Sell	TECHNIPFMC PLC	$3,682,000	-2.4%	117,847	-0.8%	0.97%	-1.4%
WDC	Buy	WESTERN DIGITAL CORP	$3,338,000	-21.8%	57,015	+3.4%	0.88%	-21.0%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$3,335,000	+10.1%	134,317	+3.1%	0.88%	+11.3%
GASS	Buy	STEALTHGAS INC	$2,862,000	-10.2%	803,831	+0.1%	0.75%	-9.3%
GLF	New	GULFMARK OFFSHORE INC	$2,301,000	–	61,700	–	0.61%	–
PICO	Buy	PICO HLDGS INC	$1,690,000	+7.8%	134,665	+0.1%	0.44%	+9.1%
ROCK	Sell	GIBRALTAR INDS INC	$1,616,000	+11.8%	35,429	-8.1%	0.42%	+12.7%
FRAN	Buy	FRANCESCA HLDGS CORP	$1,367,000	-50.8%	368,425	+0.0%	0.36%	-50.3%
TDWWSB	Buy	TIDEWATER INC*w exp 07/31/202	$1,336,000	+62.9%	369,958	+24.1%	0.35%	+64.5%
RVI	New	RETAIL VENTURES INC	$1,158,000	–	35,419	–	0.30%	–
TDWWSA	Sell	TIDEWATER INC*w exp 07/31/202	$1,139,000	+18.4%	276,476	-0.3%	0.30%	+19.5%
UHAL	Buy	AMERCO	$927,000	+4.2%	2,600	+4.0%	0.24%	+5.2%
DHIL	Buy	DIAMOND HILL INVESTMENT GROUP	$910,000	+50.9%	5,500	+77.4%	0.24%	+52.9%
VNTR	Buy	VENATOR MATLS PLC	$720,000	-8.3%	80,000	+66.7%	0.19%	-7.3%
TKR	Buy	TIMKEN CO	$684,000	+30.0%	13,725	+13.6%	0.18%	+31.4%
ATUS	Buy	ALTICE USA INCcl a	$544,000	+27.4%	30,000	+20.0%	0.14%	+28.8%
GLW	Sell	CORNING INC	$531,000	-22.9%	15,040	-39.9%	0.14%	-22.2%
ELF	New	E L F BEAUTY INC	$446,000	–	35,000	–	0.12%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$358,000	-11.6%	1,674	-22.8%	0.09%	-11.3%
LOV	Sell	SPARK NETWORKS SEsponsored adr	$308,000	-2.5%	26,978	-8.2%	0.08%	-1.2%
SPB	New	SPECTRUM BRANDS HOLDINGS INC	$299,000	–	4,000	–	0.08%	–
BDC	Sell	BELDEN INC	$286,000	-48.0%	4,000	-55.6%	0.08%	-47.6%
MRK	New	MERCK & CO INC NEW	$213,000	–	3,000	–	0.06%	–
GCAP	New	GAIN CAPITAL HOLDINGS	$163,000	–	25,000	–	0.04%	–
	Sell	CSI COMPRESSCO LP	$165,000	-8.3%	32,020	-0.9%	0.04%	-8.5%
BB	New	BLACKBERRY LTD	$114,000	–	10,000	–	0.03%	–
HBP	New	HUTTING BUILDING PRODUCTS I	$106,000	–	25,000	–	0.03%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$18,000	–	13,950	–	0.01%	–
	New	ECO STIM ENERGY SOLUTIONS	$7,000	–	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	$46,397,000	–	2,225,262	–	12.09%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$37,798,000	–	2,066,600	–	9.85%	–
WLK	New	WESTLAKE CHEM CORP	$28,051,000	–	260,622	–	7.31%	–
CVCO	New	CAVCO INDS INC DEL	$26,105,000	–	125,715	–	6.80%	–
OSB	New	NORBORD INC	$24,306,000	–	591,096	–	6.33%	–
TDW	New	TIDEWATER INC	$19,165,000	–	662,457	–	4.99%	–
ESV	New	ENSCO PLC	$14,737,000	–	2,029,913	–	3.84%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$14,451,000	–	756,583	–	3.76%	–
LXU	New	LSB INDS INC	$13,240,000	–	2,498,106	–	3.45%	–
JEF	New	JEFFERIES FINL GROUP INC	$12,809,000	–	563,313	–	3.34%	–
RDNT	New	RADNET INC	$12,176,000	–	811,688	–	3.17%	–
OMN	New	OMNOVA SOLUTIONS INC	$10,284,000	–	988,880	–	2.68%	–
EXTN	New	EXTERRAN CORPORATION	$9,141,000	–	365,072	–	2.38%	–
MEI	New	METHODE ELECTRONICS INC	$8,414,000	–	208,780	–	2.19%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,397,000	–	95,691	–	2.19%	–
IIIN	New	INSTEEL INDUSTRIES INC	$7,844,000	–	234,828	–	2.04%	–
CNQ	New	CANADIAN NAT RES LTD	$7,670,000	–	212,629	–	2.00%	–
UMH	New	U M H PROPERTIES INC	$7,669,000	–	499,590	–	2.00%	–
BBX	New	BBX CAPITAL CORPcl a	$5,592,000	–	619,219	–	1.46%	–
AXR	New	AMREP CORP NEW	$4,911,000	–	688,722	–	1.28%	–
CKH	New	SEACOR HOLDINGS INC	$4,801,000	–	83,836	–	1.25%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$4,647,000	–	201,246	–	1.21%	–
HP	New	HELMERICH & PAYNE INC	$4,500,000	–	70,577	–	1.17%	–
WDC	New	WESTERN DIGITAL CORP	$4,269,000	–	55,144	–	1.11%	–
SKY	New	SKYLINE CORP	$4,040,000	–	115,300	–	1.05%	–
LPG	New	DORIAN LPG LTD	$3,959,000	–	518,149	–	1.03%	–
FTI	New	TECHNIPFMC PLC	$3,772,000	–	118,847	–	0.98%	–
SBUX	New	STARBUCKS CORP	$3,664,000	–	75,000	–	0.96%	–
GASS	New	STEALTHGAS INC	$3,188,000	–	802,985	–	0.83%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$3,030,000	–	130,310	–	0.79%	–
FRAN	New	FRANCESCA HLDGS CORP	$2,781,000	–	368,400	–	0.72%	–
NKE	New	NIKE INCcl b	$1,992,000	–	25,000	–	0.52%	–
DAN	New	DANA HOLDING CORP	$1,975,000	–	97,825	–	0.52%	–
ETM	New	ENTERCOMcl a	$1,874,000	–	248,240	–	0.49%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$1,819,000	–	230,267	–	0.47%	–
PICO	New	PICO HLDGS INC	$1,567,000	–	134,505	–	0.41%	–
ROCK	New	GIBRALTAR INDS INC	$1,446,000	–	38,559	–	0.38%	–
TDWWSA	New	TIDEWATER INC*w exp 07/31/202	$962,000	–	277,253	–	0.25%	–
UHAL	New	AMERCO	$890,000	–	2,500	–	0.23%	–
GLIBA	New	GCI LIBERTY INC	$857,000	–	19,000	–	0.22%	–
TDWWSB	New	TIDEWATER INC*w exp 07/31/202	$820,000	–	298,025	–	0.21%	–
VNTR	New	VENATOR MATLS PLC	$785,000	–	48,000	–	0.20%	–
GLW	New	CORNING INC	$689,000	–	25,040	–	0.18%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$603,000	–	3,100	–	0.16%	–
BDC	New	BELDEN INC	$550,000	–	9,000	–	0.14%	–
TKR	New	TIMKEN CO	$526,000	–	12,085	–	0.14%	–
PSMT	New	PRICESMART INC	$503,000	–	5,553	–	0.13%	–
SPB	New	SPECTRUM BRANDS HOLDINGS INC	$490,000	–	6,000	–	0.13%	–
ATUS	New	ALTICE USA INCcl a	$427,000	–	25,000	–	0.11%	–
PCMI	New	PCM, INC	$406,000	–	26,791	–	0.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$405,000	–	2,169	–	0.11%	–
GTN	New	GRAY TELEVISION INC	$338,000	–	21,411	–	0.09%	–
LOV	New	SPARK NETWORKS SEsponsored adr	$316,000	–	29,398	–	0.08%	–
AVT	New	AVNET INC	$313,000	–	7,298	–	0.08%	–
AEIS	New	ADVANCED ENERGY INDS	$309,000	–	5,325	–	0.08%	–
HNRG	New	HALLADOR ENERGY COMPANY	$306,000	–	42,919	–	0.08%	–
LBRDA	New	LIBERTY BROADBAND CORP	$227,000	–	3,000	–	0.06%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$223,000	–	727	–	0.06%	–
	New	CSI COMPRESSCO LP	$180,000	–	32,320	–	0.05%	–
HLX	New	HELIX ENERGY SOLUTIONS GROUP INC	$102,000	–	12,250	–	0.03%	–
LQDT	New	LIQUIDITY SERVICES INC	$75,000	–	11,475	–	0.02%	–
DHX	New	DHI GROUP INC	$29,000	–	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	$61,767,000	-2.3%	2,893,087	-11.2%	16.94%	-11.1%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$38,885,000	+17.5%	2,161,458	-0.5%	10.67%	+7.0%
WLK	Sell	WESTLAKE CHEM CORP	$22,343,000	+25.3%	268,903	-0.8%	6.13%	+14.2%
CVCO	Sell	CAVCO INDS INC DEL	$21,172,000	+13.6%	143,493	-16.9%	5.81%	+3.4%
LXU	Buy	LSB INDS INC	$17,991,000	-19.3%	2,265,856	+2.9%	4.94%	-26.5%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$17,977,000	+3.0%	755,337	+0.2%	4.93%	-6.2%
TDW	New	TIDEWATER INC	$17,478,000	–	601,034	–	4.80%	–
OSB	Buy	NORBORD INC	$16,773,000	+21.8%	440,006	+6.6%	4.60%	+10.9%
LUK	Sell	LEUCADIA NATL CORP	$14,841,000	-2.9%	587,782	-1.0%	4.07%	-11.6%
ATW	Buy	ATWOOD OCEANICS INC	$12,096,000	+15.1%	1,288,139	+9.1%	3.32%	+4.9%
EXTN	Sell	EXTERRAN CORPORATION	$11,734,000	+18.6%	371,202	-21.3%	3.22%	+8.1%
OMN	Sell	OMNOVA SOLUTIONS INC	$11,271,000	+14.0%	1,029,264	-0.2%	3.09%	+3.8%
RDNT	Buy	RADNET INC	$9,783,000	+46.3%	846,938	+14.1%	2.68%	+33.3%
MEI	Sell	METHODE ELECTRONICS INC	$9,053,000	+2.7%	213,755	-1.9%	2.48%	-6.5%
LECO	Sell	LINCOLN ELEC HLDGS INC	$8,959,000	+0.0%	97,716	-0.8%	2.46%	-8.9%
UMH	Sell	U M H PROPERTIES INC	$7,936,000	-7.1%	510,344	-1.1%	2.18%	-15.4%
CNQ	Buy	CANADIAN NAT RES LTD	$7,228,000	+16.5%	215,829	+0.3%	1.98%	+6.1%
IIIN	Sell	INSTEEL INDUSTRIES INC	$6,212,000	-20.6%	237,903	-0.2%	1.70%	-27.7%
BBX	New	BBX CAPITAL CORPcl a	$5,102,000	–	692,269	–	1.40%	–
WDC	Sell	WESTERN DIGITAL CORP	$4,881,000	-2.7%	56,494	-0.8%	1.34%	-11.4%
AXR	Sell	AMREP CORP NEW	$4,814,000	+0.2%	707,019	-1.2%	1.32%	-8.6%
HP	Buy	HELMERICH & PAYNE INC	$3,928,000	-5.2%	75,388	+42.6%	1.08%	-13.7%
CKH	Sell	SEACOR HOLDINGS INC	$3,931,000	+34.2%	85,266	-3.4%	1.08%	+22.1%
PICO	Sell	PICO HLDGS INC	$3,835,000	-4.4%	229,640	-3.0%	1.05%	-12.9%
ROCK	Sell	GIBRALTAR INDS INC	$3,173,000	-13.1%	101,848	-3.4%	0.87%	-20.9%
DAN	Sell	DANA HOLDING CORP	$2,735,000	-37.3%	97,825	-49.9%	0.75%	-42.9%
GASS	Sell	STEALTHGAS INC	$2,696,000	+2.8%	814,635	-5.0%	0.74%	-6.3%
LPG	Sell	DORIAN LPG LTD	$2,046,000	-16.6%	300,000	-0.3%	0.56%	-24.1%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$1,900,000	+18.4%	132,880	+0.9%	0.52%	+7.9%
XRM	Sell	XERIUM TECHNOLOGIES INC	$1,454,000	-37.6%	304,109	-15.8%	0.40%	-43.2%
SKY	Buy	SKYLINE CORP	$1,394,000	+119.9%	115,300	+51.2%	0.38%	+100.0%
SMHI	Sell	SEACOR MARINE HOLDINGS INC	$1,276,000	-26.9%	81,597	-4.9%	0.35%	-33.5%
DWSN	Buy	DAWSON GEOPHYSICAL CO	$1,009,000	+15.4%	222,845	+875.5%	0.28%	+5.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$790,000	+8.2%	4,309	-3.1%	0.22%	-1.4%
WPX	Sell	WPX ENERGY INC	$535,000	+7.2%	46,500	-11.8%	0.15%	-2.0%
PSMT	Sell	PRICESMART INC	$496,000	+1.2%	5,553	-0.8%	0.14%	-8.1%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$403,000	+10.1%	7,000	+16.7%	0.11%	+0.9%
NWLI	Sell	NATIONAL WESTN LIFE INS COcl a	$388,000	+9.3%	1,111	-3.2%	0.11%	-0.9%
LOV	Buy	SPARK NETWORKS INC	$382,000	+26.5%	313,025	+5.3%	0.10%	+15.4%
TKR	Sell	TIMKEN CO	$357,000	+4.1%	7,360	-0.7%	0.10%	-4.9%
AVT	New	AVNET INC	$334,000	–	8,500	–	0.09%	–
SENEA	Sell	SENECA FOODS CORP NEWcl a	$290,000	+1.8%	8,428	-50.9%	0.08%	-7.0%
BDC	Sell	BELDEN INC	$282,000	+6.8%	3,500	-95.0%	0.08%	-3.8%
HLX	New	HELIX ENERGY SOLUTIONS GROUP INC	$259,000	–	35,000	–	0.07%	–
HNRG	Sell	HALLADOR ENERGY COMPANY	$254,000	-26.4%	44,389	-4.4%	0.07%	-32.7%
ALOG	New	ANALOGIC CORP	$251,000	–	3,000	–	0.07%	–
INT	Buy	WORLD FUEL SERVICES CORP	$237,000	+2.6%	7,000	+16.7%	0.06%	-7.1%
	Buy	CSI COMPRESSCO LP	$168,000	+7.0%	32,320	+38.6%	0.05%	-2.1%
LQDT	Sell	LIQUIDITY SERVICES INC	$76,000	-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	$63,243,000	–	3,257,763	–	19.05%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$33,087,000	–	2,172,902	–	9.97%	–
LXU	New	LSB INDS INC	$22,297,000	–	2,202,115	–	6.72%	–
CVCO	New	CAVCO INDS INC DEL	$18,643,000	–	172,723	–	5.62%	–
WLK	New	WESTLAKE CHEM CORP	$17,825,000	–	271,165	–	5.37%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$17,448,000	–	754,201	–	5.26%	–
LUK	New	LEUCADIA NATL CORP	$15,289,000	–	593,654	–	4.60%	–
OSB	New	NORBORD INC	$13,773,000	–	412,613	–	4.15%	–
ATW	New	ATWOOD OCEANICS INC	$10,505,000	–	1,181,154	–	3.16%	–
EXTN	New	EXTERRAN CORPORATION	$9,891,000	–	471,616	–	2.98%	–
OMN	New	OMNOVA SOLUTIONS INC	$9,891,000	–	1,031,139	–	2.98%	–
LECO	New	LINCOLN ELEC HLDGS INC	$8,955,000	–	98,485	–	2.70%	–
MEI	New	METHODE ELECTRONICS INC	$8,814,000	–	217,925	–	2.66%	–
UMH	New	U M H PROPERTIES INC	$8,541,000	–	515,814	–	2.57%	–
IIIN	New	INSTEEL INDUSTRIES INC	$7,825,000	–	238,298	–	2.36%	–
RDNT	New	RADNET INC	$6,685,000	–	742,316	–	2.01%	–
CNQ	New	CANADIAN NAT RES LTD	$6,205,000	–	215,219	–	1.87%	–
WDC	New	WESTERN DIGITAL CORP	$5,018,000	–	56,930	–	1.51%	–
AXR	New	AMREP CORP NEW	$4,802,000	–	715,504	–	1.45%	–
DAN	New	DANA HOLDING CORP	$4,362,000	–	195,325	–	1.31%	–
HP	New	HELMERICH & PAYNE INC	$4,145,000	–	52,884	–	1.25%	–
PICO	New	PICO HLDGS INC	$4,012,000	–	236,695	–	1.21%	–
ROCK	New	GIBRALTAR INDS INC	$3,652,000	–	105,408	–	1.10%	–
TDW	New	TIDEWATER INC	$3,304,000	–	4,357,370	–	1.00%	–
CKH	New	SEACOR HOLDINGS INC	$2,930,000	–	88,306	–	0.88%	–
GASS	New	STEALTHGAS INC	$2,623,000	–	857,344	–	0.79%	–
LQDT	New	LIQUIDITY SERVICES INC	$2,488,000	–	415,194	–	0.75%	–
LPG	New	DORIAN LPG LTD	$2,454,000	–	300,791	–	0.74%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,331,000	–	361,091	–	0.70%	–
SMHI	New	SEACOR MARINE HOLDINGS INC	$1,746,000	–	85,779	–	0.53%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$1,605,000	–	131,745	–	0.48%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$874,000	–	22,845	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$730,000	–	4,449	–	0.22%	–
SKY	New	SKYLINE CORP	$634,000	–	76,278	–	0.19%	–
WPX	New	WPX ENERGY INC	$499,000	–	52,750	–	0.15%	–
PSMT	New	PRICESMART INC	$490,000	–	5,598	–	0.15%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$366,000	–	6,000	–	0.11%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$355,000	–	1,148	–	0.11%	–
HNRG	New	HALLADOR ENERGY COMPANY	$345,000	–	46,431	–	0.10%	–
AEIS	New	ADVANCED ENERGY INDS	$344,000	–	5,325	–	0.10%	–
TKR	New	TIMKEN CO	$343,000	–	7,410	–	0.10%	–
LOV	New	SPARK NETWORKS INC	$302,000	–	297,325	–	0.09%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$285,000	–	17,182	–	0.09%	–
CMI	New	CUMMINS INC	$287,000	–	1,765	–	0.09%	–
WTM	New	WHITE MOUNTAINS INSURANCE GROUP LTD	$282,000	–	325	–	0.08%	–
BDC	New	BELDEN INC	$264,000	–	69,552	–	0.08%	–
INT	New	WORLD FUEL SERVICES CORP	$231,000	–	6,000	–	0.07%	–
PXD	New	PIONEER NAT RES CO	$223,000	–	1,400	–	0.07%	–
MINI	New	MOBILE MINI INC	$205,000	–	6,860	–	0.06%	–
	New	HELIX ENERGY SOLUTIONS GROUP INC	$197,000	–	35,000	–	0.06%	–
CMRE	New	COSTAMARE INC	$183,000	–	25,000	–	0.06%	–
	New	CSI COMPRESSCO LP	$157,000	–	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	$57,849,000	+2.2%	3,262,772	+2.7%	19.85%	-2.7%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$24,959,000	+3.3%	2,168,457	+1.0%	8.56%	-1.6%
CVCO	Sell	CAVCO INDS INC DEL	$17,069,000	-3.1%	172,323	-8.4%	5.86%	-7.8%
LXU	Buy	LSB INDS INC	$16,520,000	-25.0%	1,925,387	+5.5%	5.67%	-28.6%
WLK	Sell	WESTLAKE CHEM CORP	$14,490,000	+24.2%	270,845	-0.4%	4.97%	+18.2%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$13,299,000	+4.4%	758,659	-0.7%	4.56%	-0.6%
LUK	Sell	LEUCADIA NATL CORP	$11,895,000	+8.5%	624,755	-1.2%	4.08%	+3.3%
ATW	Buy	ATWOOD OCEANICS INC	$11,152,000	-27.4%	1,283,404	+4.7%	3.83%	-30.8%
OSB	Sell	NORBORD INC	$10,651,000	+28.4%	414,079	-1.5%	3.65%	+22.3%
OMN	Sell	OMNOVA SOLUTIONS INC	$9,013,000	+10.8%	1,067,964	-4.9%	3.09%	+5.5%
TDW	Buy	TIDEWATER INC	$8,070,000	+78.4%	2,861,670	+179.1%	2.77%	+69.9%
MEI	Sell	METHODE ELECTRONICS INC	$7,618,000	+1.1%	217,845	-1.0%	2.61%	-3.7%
EXTN	Buy	EXTERRAN CORPORATION	$7,384,000	+25.4%	470,941	+2.7%	2.53%	+19.4%
CNQ	Sell	CANADIAN NAT RES LTD	$7,086,000	-10.1%	221,159	-13.5%	2.43%	-14.4%
IIIN	Sell	INSTEEL INDUSTRIES INC	$6,851,000	+25.5%	189,048	-1.0%	2.35%	+19.5%
UMH	Sell	U M H PROPERTIES INC	$6,313,000	+5.2%	529,639	-0.7%	2.17%	+0.2%
LECO	Sell	LINCOLN ELEC HLDGS INC	$6,157,000	+1.5%	98,330	-4.2%	2.11%	-3.3%
AXR	Sell	AMREP CORP NEW	$5,677,000	+60.6%	715,784	-0.4%	1.95%	+52.9%
CKH	Sell	SEACOR HOLDINGS INC	$5,246,000	+1.7%	88,176	-0.9%	1.80%	-3.1%
RDNT	Buy	RADNET INC	$4,995,000	+101.4%	674,966	+45.3%	1.71%	+91.7%
LQDT	Buy	LIQUIDITY SERVICES INC	$4,696,000	+47.4%	417,794	+2.8%	1.61%	+40.3%
HP	Sell	HELMERICH & PAYNE INC	$4,308,000	-0.6%	64,016	-0.9%	1.48%	-5.4%
ROCK	Sell	GIBRALTAR INDS INC	$3,961,000	-13.6%	106,633	-26.6%	1.36%	-17.8%
XRM	Sell	XERIUM TECHNOLOGIES INC	$3,343,000	+23.1%	420,430	-1.2%	1.15%	+17.3%
WDC	Sell	WESTERN DIGITAL CORP	$3,324,000	+22.9%	56,855	-0.6%	1.14%	+17.0%
PICO	Sell	PICO HLDGS INC	$2,786,000	+23.9%	236,340	-0.6%	0.96%	+18.0%
AEO	Sell	AMERICAN EAGLE OUTFITTERS NE	$2,708,000	+8.2%	151,645	-3.4%	0.93%	+3.1%
GASS	Buy	STEALTHGAS INC	$2,692,000	+12.7%	775,968	+22.8%	0.92%	+7.3%
LPG	Buy	DORIAN LPG LTD	$1,960,000	-14.6%	326,582	+0.4%	0.67%	-18.7%
WPX	Sell	WPX ENERGY INC	$723,000	+35.6%	54,850	-4.2%	0.25%	+29.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$650,000	-14.0%	4,499	-13.8%	0.22%	-18.0%
LOV	Sell	SPARK NETWORKS INC	$503,000	-0.8%	318,650	-0.6%	0.17%	-5.5%
SENEA	Sell	SENECA FOODS CORP NEWcl a	$485,000	-28.4%	17,182	-8.1%	0.17%	-32.0%
HNRG	Buy	HALLADOR ENERGY COMPANY	$365,000	+73.8%	46,431	+2.2%	0.12%	+64.5%
JOY	Sell	JOY GLOBAL INC	$268,000	-41.2%	9,642	-55.3%	0.09%	-43.9%
	Sell	CSI COMPRESSCO LP	$247,000	+10.3%	23,320	-15.0%	0.08%	+4.9%
CMI	New	CUMMINS INC	$226,000	–	1,765	–	0.08%	–
TKR	New	TIMKEN CO	$227,000	–	6,460	–	0.08%	–
NWLI	Buy	NATIONAL WESTN LIFE INS COcl a	$206,000	+7.3%	1,002	+1.8%	0.07%	+2.9%
MINI	Sell	MOBILE MINI INC	$207,000	-13.4%	6,860	-0.4%	0.07%	-17.4%
CVU	Sell	CPI AEROSTRUCTURES INC	$171,000	+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	$56,589,000	–	3,175,585	–	20.39%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$24,153,000	–	2,146,976	–	8.70%	–
LXU	New	LSB INDS INC	$22,041,000	–	1,824,587	–	7.94%	–
CVCO	New	CAVCO INDS INC DEL	$17,622,000	–	188,073	–	6.35%	–
ATW	New	ATWOOD OCEANICS INC	$15,354,000	–	1,226,353	–	5.53%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$12,741,000	–	764,318	–	4.59%	–
WLK	New	WESTLAKE CHEM CORP	$11,670,000	–	271,880	–	4.20%	–
LUK	New	LEUCADIA NATL CORP	$10,963,000	–	632,589	–	3.95%	–
OSB	New	NORBORD INC	$8,292,000	–	420,489	–	2.99%	–
OMN	New	OMNOVA SOLUTIONS INC	$8,138,000	–	1,122,464	–	2.93%	–
CNQ	New	CANADIAN NAT RES LTD	$7,885,000	–	255,764	–	2.84%	–
MEI	New	METHODE ELECTRONICS INC	$7,536,000	–	220,145	–	2.72%	–
LECO	New	LINCOLN ELEC HLDGS INC	$6,065,000	–	102,665	–	2.18%	–
UMH	New	U M H PROPERTIES INC	$6,000,000	–	533,339	–	2.16%	–
EXTN	New	EXTERRAN CORPORATION	$5,890,000	–	458,379	–	2.12%	–
IIIN	New	INSTEEL INDUSTRIES INC	$5,461,000	–	190,998	–	1.97%	–
CKH	New	SEACOR HOLDINGS INC	$5,157,000	–	89,001	–	1.86%	–
ROCK	New	GIBRALTAR INDS INC	$4,587,000	–	145,293	–	1.65%	–
TDW	New	TIDEWATER INC	$4,523,000	–	1,025,470	–	1.63%	–
HP	New	HELMERICH & PAYNE INC	$4,335,000	–	64,576	–	1.56%	–
AXR	New	AMREP CORP NEW	$3,535,000	–	718,604	–	1.27%	–
LQDT	New	LIQUIDITY SERVICES INC	$3,186,000	–	406,369	–	1.15%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,715,000	–	425,580	–	0.98%	–
WDC	New	WESTERN DIGITAL CORP	$2,704,000	–	57,205	–	0.97%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$2,502,000	–	157,045	–	0.90%	–
RDNT	New	RADNET INC	$2,480,000	–	464,475	–	0.89%	–
GASS	New	STEALTHGAS INC	$2,389,000	–	632,069	–	0.86%	–
LPG	New	DORIAN LPG LTD	$2,294,000	–	325,401	–	0.83%	–
PICO	New	PICO HLDGS INC	$2,249,000	–	237,805	–	0.81%	–
DAN	New	DANA HOLDING CORP	$2,063,000	–	195,325	–	0.74%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$756,000	–	5,219	–	0.27%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$677,000	–	18,691	–	0.24%	–
SKY	New	SKYLINE CORP	$608,000	–	64,700	–	0.22%	–
WPX	New	WPX ENERGY INC	$533,000	–	57,250	–	0.19%	–
PSMT	New	PRICESMART INC	$524,000	–	5,598	–	0.19%	–
LOV	New	SPARK NETWORKS INC	$507,000	–	320,600	–	0.18%	–
JOY	New	JOY GLOBAL INC	$456,000	–	21,591	–	0.16%	–
BWINA	New	BALDWIN & LYONS INCcl a	$401,000	–	17,146	–	0.14%	–
MINI	New	MOBILE MINI INC	$239,000	–	6,890	–	0.09%	–
	New	CSI COMPRESSCO LP	$224,000	–	27,420	–	0.08%	–
PXD	New	PIONEER NAT RES CO	$212,000	–	1,400	–	0.08%	–
HNRG	New	HALLADOR ENERGY COMPANY	$210,000	–	45,424	–	0.08%	–
AAPL	New	APPLE INC	$205,000	–	2,140	–	0.07%	–
AEIS	New	ADVANCED ENERGY INDS	$202,000	–	5,325	–	0.07%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$192,000	–	984	–	0.07%	–
CVU	New	CPI AEROSTRUCTURES INC	$167,000	–	27,093	–	0.06%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$110,000	–	13,533	–	0.04%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$76,000	–	9,312	–	0.03%	–
RT	New	RUBY TUESDAY INC	$60,000	–	16,600	–	0.02%	–
CGG	New	CGGspons adr	$34,000	–	48,728	–	0.01%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$29,000	–	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	$20,293,000	-34.6%	1,600,421	-33.7%	13.50%	-21.4%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$12,973,000	-22.1%	802,826	-0.2%	8.63%	-6.5%
LUK	Buy	LEUCADIA NATL CORP	$12,707,000	-15.7%	627,201	+1.0%	8.46%	+1.2%
CVCO	Buy	CAVCO INDS INC DEL	$12,695,000	-9.3%	186,452	+0.5%	8.45%	+8.9%
LXU	Buy	LSB INDS INC	$9,984,000	-30.2%	651,714	+86.2%	6.64%	-16.1%
MEI	New	METHODE ELECTRONICS INC	$7,192,000	–	225,445	–	4.79%	–
OMN	Buy	OMNOVA SOLUTIONS INC	$7,140,000	-25.6%	1,288,813	+0.6%	4.75%	-10.7%
GME	Sell	GAMESTOP CORP NEWcl a	$6,875,000	-4.2%	166,820	-0.1%	4.58%	+15.0%
UMH	Sell	U M H PROPERTIES INC	$6,632,000	-5.2%	713,084	-0.1%	4.41%	+13.8%
LECO	Buy	LINCOLN ELEC HLDGS INC	$5,412,000	-5.3%	103,230	+10.1%	3.60%	+13.8%
CNQ	Buy	CANADIAN NAT RES LTD	$5,264,000	-22.9%	270,644	+7.7%	3.50%	-7.5%
CKH	Buy	SEACOR HOLDINGS INC	$4,538,000	-12.5%	75,886	+3.8%	3.02%	+5.1%
LQDT	Buy	LIQUIDITY SERVICES INC	$3,747,000	-22.6%	507,018	+0.8%	2.49%	-7.1%
AXR	Buy	AMREP CORP NEW	$3,394,000	-3.8%	692,588	+0.1%	2.26%	+15.5%
IIIN	Buy	INSTEEL INDUSTRIES INC	$3,056,000	+76.6%	190,078	+105.4%	2.03%	+112.1%
HP	Sell	HELMERICH & PAYNE INC	$2,789,000	-32.9%	59,008	-0.1%	1.86%	-19.5%
XRM	Buy	XERIUM TECHNOLOGIES INC	$2,358,000	-5.0%	181,637	+33.2%	1.57%	+14.0%
AEIS	Sell	ADVANCED ENERGY INDS	$2,000,000	-5.9%	76,028	-1.6%	1.33%	+13.0%
SENEA	Sell	SENECA FOODS CORP NEWcl a	$1,978,000	-6.4%	75,080	-1.3%	1.32%	+12.3%
ATW	Buy	ATWOOD OCEANICS INC	$1,896,000	-43.3%	128,042	+1.3%	1.26%	-31.9%
PICO	Buy	PICO HLDGS INC	$1,483,000	-32.1%	153,155	+3.3%	0.99%	-18.4%
CVU	Sell	CPI AEROSTRUCTURES INC	$1,189,000	-12.4%	135,011	-0.5%	0.79%	+5.0%
GASS	Buy	STEALTHGAS INC	$1,038,000	-25.0%	231,100	+12.7%	0.69%	-9.9%
MINI	Sell	MOBILE MINI INC	$857,000	-26.9%	27,832	-0.2%	0.57%	-12.3%
ERA	Sell	ERA GROUP INC	$721,000	-27.2%	48,118	-0.5%	0.48%	-12.6%
BWINA	Sell	BALDWIN & LYONS INCcl a	$416,000	-7.1%	18,184	-8.5%	0.28%	+11.7%
WPX	Buy	WPX ENERGY INC	$404,000	-45.6%	61,100	+1.2%	0.27%	-34.5%
JOY	Buy	JOY GLOBAL INC	$358,000	-28.1%	23,973	+74.3%	0.24%	-13.8%
CGG	Buy	CGGspons adr	$183,000	+63.4%	52,128	+168.7%	0.12%	+96.8%
GLPW	Buy	GLOBAL POWER EQUIPMENT GRP INC	$138,000	-52.4%	37,699	+0.8%	0.09%	-42.9%
RDNT	New	RADNET INC	$134,000	–	24,175	–	0.09%	–
DWSN	Buy	DAWSON GEOPHYSICAL CO	$84,000	+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	$31,009,000	–	2,415,031	–	17.19%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$16,650,000	–	804,701	–	9.23%	–
LUK	New	LEUCADIA NATL CORP	$15,075,000	–	620,902	–	8.36%	–
LXU	New	LSB INDS INC	$14,294,000	–	350,004	–	7.92%	–
CVCO	New	CAVCO INDS INC DEL	$13,994,000	–	185,507	–	7.76%	–
OMN	New	OMNOVA SOLUTIONS INC	$9,596,000	–	1,281,163	–	5.32%	–
GME	New	GAMESTOP CORP NEWcl a	$7,177,000	–	167,070	–	3.98%	–
UMH	New	U M H PROPERTIES INC	$6,998,000	–	714,034	–	3.88%	–
CNQ	New	CANADIAN NAT RES LTD	$6,828,000	–	251,399	–	3.78%	–
LECO	New	LINCOLN ELEC HLDGS INC	$5,712,000	–	93,800	–	3.17%	–
CKH	New	SEACOR HOLDINGS INC	$5,185,000	–	73,086	–	2.87%	–
LQDT	New	LIQUIDITY SERVICES INC	$4,844,000	–	503,034	–	2.68%	–
HP	New	HELMERICH & PAYNE INC	$4,159,000	–	59,056	–	2.30%	–
ROCK	New	GIBRALTAR INDS INC	$4,062,000	–	199,393	–	2.25%	–
AXR	New	AMREP CORP NEW	$3,529,000	–	691,923	–	1.96%	–
ATW	New	ATWOOD OCEANICS INC	$3,343,000	–	126,444	–	1.85%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,482,000	–	136,368	–	1.38%	–
PICO	New	PICO HLDGS INC	$2,183,000	–	148,325	–	1.21%	–
AEIS	New	ADVANCED ENERGY INDS	$2,125,000	–	77,270	–	1.18%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$2,114,000	–	76,092	–	1.17%	–
IIIN	New	INSTEEL INDUSTRIES INC	$1,730,000	–	92,525	–	0.96%	–
PSMT	New	PRICESMART INC	$1,447,000	–	15,865	–	0.80%	–
GASS	New	STEALTHGAS INC	$1,384,000	–	205,050	–	0.77%	–
CVU	New	CPI AEROSTRUCTURES INC	$1,358,000	–	135,711	–	0.75%	–
CRV	New	COAST DISTR SYS	$1,298,000	–	355,654	–	0.72%	–
SBLK	New	STARR BULK CARRIERS CORP	$1,181,000	–	401,858	–	0.66%	–
MINI	New	MOBILE MINI INC	$1,172,000	–	27,892	–	0.65%	–
STCK	New	STOCK BLDG SUPPLY HLDGS INC	$1,004,000	–	51,371	–	0.56%	–
ERA	New	ERA GROUP INC	$990,000	–	48,366	–	0.55%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$924,000	–	53,675	–	0.51%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$914,000	–	6,715	–	0.51%	–
WPX	New	WPX ENERGY INC	$742,000	–	60,400	–	0.41%	–
HNRG	New	HALLADOR ENERGY COMPANY	$499,000	–	59,825	–	0.28%	–
JOY	New	JOY GLOBAL INC	$498,000	–	13,753	–	0.28%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$474,000	–	1,979	–	0.26%	–
PHIIQ	New	PHI INC	$449,000	–	13,689	–	0.25%	–
BWINA	New	BALDWIN & LYONS INCcl a	$448,000	–	19,884	–	0.25%	–
AAPL	New	APPLE INC	$394,000	–	3,140	–	0.22%	–
GLPW	New	GLOBAL POWER EQUIPMENT GRP INC	$290,000	–	37,399	–	0.16%	–
RT	New	RUBY TUESDAY INC	$262,000	–	41,925	–	0.14%	–
DVN	New	DEVON ENERGY CORP NEW	$242,000	–	4,075	–	0.13%	–
GTI	New	GRAFTECH INTL LTD	$232,000	–	46,700	–	0.13%	–
MRK	New	MERCK & CO INC NEW	$228,000	–	4,000	–	0.13%	–
TAL	New	TAL INTL GROUP INC	$224,000	–	7,075	–	0.12%	–
TKR	New	TIMKEN CO	$218,000	–	5,965	–	0.12%	–
	New	INTERGRATED ELECTRICAL SVC	$176,000	–	24,827	–	0.10%	–
CGG	New	CGGspons adr	$112,000	–	19,403	–	0.06%	–
LOAN	New	MANHATTAN BRIDGE CAPITAL INC	$44,000	–	10,000	–	0.02%	–
SKY	New	SKYLINE CORP	$43,000	–	14,700	–	0.02%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$34,000	–	7,248	–	0.02%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$29,000	–	6,127	–	0.02%	–
AGX	New	ARGAN INC	$16,000	–	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	–	-3.85%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-251,339	–	-4.83%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-188,386	–	-6.34%	–
LXU	Exit	LSB INDS INC	$0	–	-373,047	–	-6.59%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,774,498	–	-7.48%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-634,487	–	-7.48%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-405,164	–	-11.97%	–

Q3 2014

			Value		Shares		↓ Weighting
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$24,188,000	-36.8%	405,164	-40.7%	11.97%	-20.2%
LUK	Sell	LEUCADIA NATL CORP	$15,126,000	-9.2%	634,487	-0.1%	7.48%	+14.8%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$15,121,000	-33.9%	2,774,498	-9.2%	7.48%	-16.4%
LXU	Sell	LSB INDS INC	$13,321,000	-24.5%	373,047	-11.9%	6.59%	-4.5%
CVCO	Sell	CAVCO INDS INC DEL	$12,810,000	-23.2%	188,386	-3.6%	6.34%	-2.9%
CNQ	Sell	CANADIAN NAT RES LTD	$9,762,000	-24.6%	251,339	-10.9%	4.83%	-4.7%
HP	Sell	HELMERICH & PAYNE INC	$7,789,000	-17.3%	79,582	-1.9%	3.85%	+4.5%
ATW	Sell	ATWOOD OCEANICS INC	$7,380,000	-27.9%	168,924	-13.4%	3.65%	-8.9%
OMN	Sell	OMNOVA SOLUTIONS INC	$6,842,000	-46.3%	1,274,050	-9.2%	3.38%	-32.2%
LECO	Sell	LINCOLN ELEC HLDGS INC	$6,682,000	-4.5%	96,655	-3.5%	3.31%	+20.7%
UMH	Sell	U M H PROPERTIES INC	$6,514,000	-6.9%	685,659	-1.7%	3.22%	+17.7%
GME	New	GAMESTOP CORP NEWcl a	$6,504,000	–	157,875	–	3.22%	–
LQDT	New	LIQUIDITY SERVICES INC	$5,948,000	–	432,565	–	2.94%	–
AEIS	Sell	ADVANCED ENERGY INDS	$5,556,000	-22.9%	295,675	-21.0%	2.75%	-2.5%
CKH	Buy	SEACOR HOLDINGS INC	$5,545,000	-8.9%	74,136	+0.1%	2.74%	+15.1%
CALM	Sell	CAL MAINE FOODS INC	$4,422,000	+11.3%	49,504	-7.4%	2.19%	+40.6%
AXR	Sell	AMREP CORP NEW	$3,291,000	-24.2%	706,269	-0.3%	1.63%	-4.2%
SENEA	Sell	SENECA FOODS CORP NEWcl a	$3,284,000	-12.4%	114,821	-6.3%	1.62%	+10.8%
ROCK	Sell	GIBRALTAR INDS INC	$3,191,000	-22.4%	233,066	-12.1%	1.58%	-1.9%
VPRT	Sell	VISTAPRINT N V	$3,145,000	+10.7%	57,395	-18.3%	1.56%	+39.9%
PICO	Sell	PICO HLDGS INC	$2,748,000	-16.2%	137,785	-0.2%	1.36%	+5.9%
GTI	Buy	GRAFTECH INTL LTD	$2,661,000	-31.3%	581,025	+57.0%	1.32%	-13.1%
SKX	Sell	SKECHERS U S A INCcl a	$2,424,000	-47.7%	45,468	-55.2%	1.20%	-33.9%
CVU	Sell	CPI AEROSTRUCTURES INC	$2,188,000	-25.2%	222,172	-3.8%	1.08%	-5.4%
DW	Sell	DREW INDS INC	$2,079,000	-18.1%	49,297	-2.9%	1.03%	+3.5%
PSMT	Sell	PRICESMART INC	$1,611,000	-15.9%	18,805	-14.5%	0.80%	+6.3%
GASS	Sell	STEALTHGAS INC	$1,594,000	-31.2%	174,950	-16.1%	0.79%	-13.0%
WPX	Sell	WPX ENERGY INC	$1,528,000	-0.7%	63,500	-1.3%	0.76%	+25.6%
CRV	Sell	COAST DISTR SYS	$1,197,000	-7.7%	362,804	-13.6%	0.59%	+16.5%
COTY	Sell	COTY INC	$1,159,000	-41.2%	70,000	-39.1%	0.57%	-25.7%
ERA	Sell	ERA GROUP INC	$1,136,000	-26.5%	52,271	-3.0%	0.56%	-7.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$1,026,000	-3.7%	7,425	-11.8%	0.51%	+21.8%
MINI	Sell	MOBILE MINI INC	$995,000	-28.0%	28,457	-1.3%	0.49%	-9.1%
STCK	Buy	STOCK BLDG SUPPLY HLDGS INC	$851,000	-15.2%	54,171	+6.5%	0.42%	+7.1%
JOY	Sell	JOY GLOBAL INC	$788,000	-76.8%	14,453	-73.8%	0.39%	-70.7%
BPZRQ	Sell	BPZ RESOURCES INC	$718,000	-45.5%	376,035	-12.1%	0.36%	-31.2%
HNRG	Sell	HALLADOR ENERGY COMPANY	$716,000	+22.0%	60,496	-2.1%	0.35%	+53.9%
GLPW	Sell	GLOBAL POWER EQUIPMENT GRP INC	$702,000	-16.7%	47,146	-9.6%	0.35%	+5.2%
AEO	Buy	AMERICAN EAGLE OUTFITTERS NE	$692,000	+77.0%	47,625	+36.7%	0.34%	+123.5%
CGG	Sell	CGGspons adr	$642,000	-36.9%	70,363	-1.8%	0.32%	-20.3%
PHIIQ	Sell	PHI INC	$575,000	-7.6%	13,689	-9.8%	0.28%	+16.9%
CTCLY	Sell	IFM INVTS LTDads cl a new	$479,000	-2.4%	373,908	-1.8%	0.24%	+23.4%
BWINA	Sell	BALDWIN & LYONS INCcl a	$465,000	-12.4%	19,929	-12.2%	0.23%	+10.6%
TLM	Sell	TALISMAN ENERGY INC	$328,000	-23.4%	37,992	-5.9%	0.16%	-3.6%
TKR	Sell	TIMKEN CO	$325,000	-40.6%	7,660	-5.0%	0.16%	-24.8%
RT	Buy	RUBY TUESDAY INC	$255,000	-21.3%	43,225	+1.2%	0.13%	-0.8%
	Buy	INTERGRATED ELECTRICAL SVC	$205,000	+53.0%	24,827	+23.9%	0.10%	+94.2%
TGE	Sell	TGC INDS INC	$114,000	-43.8%	29,551	-20.7%	0.06%	-29.1%
BXC	Sell	BLUELINX HLDGS INC	$111,000	-65.7%	85,066	-63.2%	0.06%	-56.7%
SKY	Sell	SKYLINE CORP	$62,000	-84.8%	14,950	-84.9%	0.03%	-80.5%
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-50,211	–	-0.07%	–
RDNT	Exit	RADNET INC	$0	–	-105,575	–	-0.27%	–
WLK	Exit	WESTLAKE SHEM CORP	$0	–	-20,000	–	-0.66%	–

Q2 2014

			Value		Shares		↓ Weighting
PHX	New	PANHANDLE OIL AND GAS INCcl a	$38,295,000	–	683,478	–	14.99%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$22,859,000	–	3,055,945	–	8.95%	–
LXU	New	LSB INDS INC	$17,639,000	–	423,316	–	6.90%	–
CVCO	New	CAVCO INDS INC DEL	$16,671,000	–	195,442	–	6.53%	–
LUK	New	LEUCADIA NATL CORP	$16,657,000	–	635,269	–	6.52%	–
CNQ	New	CANADIAN NAT RES LTD	$12,943,000	–	281,930	–	5.07%	–
OMN	New	OMNOVA SOLUTIONS INC	$12,751,000	–	1,402,792	–	4.99%	–
ATW	New	ATWOOD OCEANICS INC	$10,235,000	–	195,026	–	4.01%	–
HP	New	HELMERICH & PAYNE INC	$9,423,000	–	81,162	–	3.69%	–
AEIS	New	ADVANCED ENERGY INDS	$7,204,000	–	374,225	–	2.82%	–
UMH	New	U M H PROPERTIES INC	$6,996,000	–	697,459	–	2.74%	–
LECO	New	LINCOLN ELEC HLDGS INC	$6,996,000	–	100,120	–	2.74%	–
CKH	New	SEACOR HOLDINGS INC	$6,089,000	–	74,030	–	2.38%	–
SKX	New	SKECHERS U S A INCcl a	$4,636,000	–	101,453	–	1.82%	–
AXR	New	AMREP CORP NEW	$4,342,000	–	708,463	–	1.70%	–
ROCK	New	GIBRALTAR INDS INC	$4,111,000	–	265,044	–	1.61%	–
CALM	New	CAL MAINE FOODS INC	$3,974,000	–	53,469	–	1.56%	–
GTI	New	GRAFTECH INTL LTD	$3,872,000	–	370,150	–	1.52%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$3,748,000	–	122,496	–	1.47%	–
JOY	New	JOY GLOBAL INC	$3,403,000	–	55,265	–	1.33%	–
PICO	New	PICO HLDGS INC	$3,281,000	–	138,085	–	1.28%	–
CVU	New	CPI AEROSTRUCTURES INC	$2,926,000	–	230,922	–	1.14%	–
VPRT	New	VISTAPRINT N V	$2,841,000	–	70,215	–	1.11%	–
DW	New	DREW INDS INC	$2,538,000	–	50,757	–	0.99%	–
GASS	New	STEALTHGAS INC	$2,316,000	–	208,625	–	0.91%	–
SBLK	New	STARR BULK CARRIERS CORP	$2,034,000	–	156,858	–	0.80%	–
COTY	New	COTY INC	$1,970,000	–	115,000	–	0.77%	–
PSMT	New	PRICESMART INC	$1,915,000	–	22,004	–	0.75%	–
WLK	New	WESTLAKE SHEM CORP	$1,675,000	–	20,000	–	0.66%	–
ERA	New	ERA GROUP INC	$1,546,000	–	53,896	–	0.60%	–
WPX	New	WPX ENERGY INC	$1,539,000	–	64,350	–	0.60%	–
MINI	New	MOBILE MINI INC	$1,381,000	–	28,837	–	0.54%	–
BPZRQ	New	BPZ RESOURCES INC	$1,318,000	–	427,835	–	0.52%	–
CRV	New	COAST DISTR SYS	$1,297,000	–	420,039	–	0.51%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$1,120,000	–	100,000	–	0.44%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,065,000	–	8,419	–	0.42%	–
CGG	New	CGGspons adr	$1,018,000	–	71,634	–	0.40%	–
STCK	New	STOCK BLDG SUPPLY HLDGS INC	$1,004,000	–	50,871	–	0.39%	–
GLPW	New	GLOBAL POWER EQUIPMENT GRP INC	$843,000	–	52,164	–	0.33%	–
RDNT	New	RADNET INC	$700,000	–	105,575	–	0.27%	–
PHIIQ	New	PHI INC	$622,000	–	15,181	–	0.24%	–
HNRG	New	HALLADOR ENERGY COMPANY	$587,000	–	61,806	–	0.23%	–
TKR	New	TIMKEN CO	$547,000	–	8,060	–	0.21%	–
AAPL	New	APPLE INC	$533,000	–	5,740	–	0.21%	–
BWINA	New	BALDWIN & LYONS INCcl a	$531,000	–	22,701	–	0.21%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$527,000	–	2,113	–	0.21%	–
CTCLY	New	IFM INVTS LTDads cl a new	$491,000	–	380,708	–	0.19%	–
TLM	New	TALISMAN ENERGY INC	$428,000	–	40,377	–	0.17%	–
SKY	New	SKYLINE CORP	$407,000	–	99,125	–	0.16%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$391,000	–	34,850	–	0.15%	–
TAL	New	TAL INTL GROUP INC	$380,000	–	8,575	–	0.15%	–
UCP	New	UCP INCcl a	$357,000	–	26,150	–	0.14%	–
DVN	New	DEVON ENERGY CORP NEW	$353,000	–	4,450	–	0.14%	–
SPLP	New	STEEL PARTNERS HLDGS L Pltd prtrship u	$334,000	–	20,000	–	0.13%	–
RT	New	RUBY TUESDAY INC	$324,000	–	42,725	–	0.13%	–
BXC	New	BLUELINX HLDGS INC	$324,000	–	231,438	–	0.13%	–
PXD	New	PIONEER NAT RES CO	$321,000	–	1,400	–	0.13%	–
MRK	New	MERCK & CO INC NEW	$231,000	–	4,000	–	0.09%	–
TGE	New	TGC INDS INC	$203,000	–	37,279	–	0.08%	–
TRQ	New	TURQUOISE HILL RES LTD	$168,000	–	50,211	–	0.07%	–
	New	INTERGRATED ELECTRICAL SVC	$134,000	–	20,040	–	0.05%	–
SPAR	New	SPARTAN MTRS INC	$52,000	–	11,400	–	0.02%	–
LOAN	New	MANHATTAN BRIDGE CAPITAL INC	$34,000	–	10,000	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
STSA	Exit	STERLING FINL CORP WASH	$0	–	-38	–	0.00%	–
LOAN	Exit	MANHATTAN BRIDGE CAPITAL INC	$0	–	-10,000	–	-0.01%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-10,000	–	-0.02%	–
	Exit	INTERGRATED ELECTRICAL SVC	$0	–	-20,040	–	-0.03%	–
SPAR	Exit	SPARTAN MTRS INC	$0	–	-16,510	–	-0.04%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-8,310	–	-0.09%	–
PHIKQ	Exit	PHI INC	$0	–	-6,350	–	-0.10%	–
RDNT	Exit	RADNET INC	$0	–	-105,575	–	-0.10%	–
TGE	Exit	TGC INDS INC	$0	–	-32,279	–	-0.10%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-4,550	–	-0.11%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,400	–	-0.11%	–
SPLP	Exit	STEEL PARTNERS HLDGS L Pltd prtrship u	$0	–	-20,000	–	-0.12%	–
STCK	Exit	STOCK BLDG SUPPLY HLDGS INC	$0	–	-25,050	–	-0.13%	–
AAPL	Exit	APPLE INC	$0	–	-820	–	-0.16%	–
TAL	Exit	TAL INTL GROUP INC	$0	–	-8,575	–	-0.16%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-2,113	–	-0.17%	–
BXC	Exit	BLUELINX HLDGS INC	$0	–	-240,003	–	-0.19%	–
TLM	Exit	TALISMAN ENERGY INC	$0	–	-42,177	–	-0.20%	–
TKR	Exit	TIMKEN CO	$0	–	-8,060	–	-0.20%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-66,913	–	-0.20%	–
CTCLY	Exit	IFM INVTS LTDads cl a new	$0	–	-280,708	–	-0.20%	–
SKY	Exit	SKYLINE CORP	$0	–	-101,600	–	-0.20%	–
BWINA	Exit	BALDWIN & LYONS INCcl a	$0	–	-22,701	–	-0.22%	–
PHIIQ	Exit	PHI INC	$0	–	-17,381	–	-0.26%	–
BPZRQ	Exit	BPZ RESOURCES INC	$0	–	-427,835	–	-0.34%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-8,749	–	-0.40%	–
WLK	Exit	WESTLAKE SHEM CORP	$0	–	-10,000	–	-0.42%	–
SBLK	Exit	STARR BULK CARRIERS CORP	$0	–	-106,858	–	-0.44%	–
MINI	Exit	MOBILE MINI INC	$0	–	-35,142	–	-0.48%	–
WPX	Exit	WPX ENERGY INC	$0	–	-76,350	–	-0.59%	–
GLPW	Exit	GLOBAL POWER EQUIPMENT GRP INC	$0	–	-77,700	–	-0.63%	–
CRV	Exit	COAST DISTR SYS	$0	–	-420,039	–	-0.65%	–
EJ	Exit	E HOUSE CHINA HLDGS LTDadr	$0	–	-186,405	–	-0.69%	–
ERA	Exit	ERA GROUP INC	$0	–	-65,120	–	-0.71%	–
GASS	Exit	STEALTHGAS INC	$0	–	-200,000	–	-0.74%	–
CGG	Exit	CGGspons adr	$0	–	-81,521	–	-0.76%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-44,315	–	-0.91%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-249,622	–	-1.16%	–
GTI	Exit	GRAFTECH INTL LTD	$0	–	-364,600	–	-1.24%	–
PICO	Exit	PICO HLDGS INC	$0	–	-143,810	–	-1.25%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-129,698	–	-1.57%	–
VPRT	Exit	VISTAPRINT N V	$0	–	-90,380	–	-2.06%	–
DW	Exit	DREW INDS INC	$0	–	-122,587	–	-2.24%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-120,243	–	-2.32%	–
AXR	Exit	AMREP CORP NEW	$0	–	-684,659	–	-2.39%	–
PSMT	Exit	PRICESMART INC	$0	–	-69,612	–	-2.67%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-73,327	–	-2.67%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-98,982	–	-2.74%	–
ROCK	Exit	GIBRALTAR INDS INC	$0	–	-481,638	–	-2.76%	–
UMH	Exit	U M H PROPERTIES INC	$0	–	-711,104	–	-2.84%	–
LECO	Exit	LINCOLN ELEC HLDGS INC	$0	–	-111,124	–	-2.98%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-480,925	–	-3.39%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-296,555	–	-3.75%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-325,770	–	-4.08%	–
CVCO	Exit	CAVCO INDS INC DEL	$0	–	-214,899	–	-4.92%	–
LXU	Exit	LSB INDS INC	$0	–	-374,285	–	-5.05%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-1,524,992	–	-5.24%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-280,721	–	-6.21%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-685,616	–	-7.51%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-714,680	–	-8.13%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-4,223,053	–	-9.99%	–

Q3 2013

			Value		Shares		↓ Weighting
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$24,832,000	+41.2%	4,223,053	+43.6%	9.99%	+30.3%
PHX	Sell	PANHANDLE OIL AND GAS INCcl a	$20,211,000	-1.8%	714,680	-1.1%	8.13%	-9.4%
LUK	Buy	LEUCADIA NATL CORP	$18,677,000	+6.1%	685,616	+2.1%	7.51%	-2.1%
ATW	Sell	ATWOOD OCEANICS INC	$15,451,000	-5.6%	280,721	-10.8%	6.21%	-12.9%
OMN	Buy	OMNOVA SOLUTIONS INC	$13,038,000	+7.4%	1,524,992	+0.7%	5.24%	-0.9%
LXU	Buy	LSB INDS INC	$12,550,000	+35.0%	374,285	+22.4%	5.05%	+24.6%
CVCO	Buy	CAVCO INDS INC DEL	$12,238,000	+12.9%	214,899	+0.1%	4.92%	+4.3%
SKX	Sell	SKECHERS U S A INCcl a	$10,135,000	-11.9%	325,770	-32.0%	4.08%	-18.7%
CNQ	Buy	CANADIAN NAT RES LTD	$9,324,000	+12.4%	296,555	+1.1%	3.75%	+3.8%
AEIS	Buy	ADVANCED ENERGY INDS	$8,421,000	+1.3%	480,925	+0.7%	3.39%	-6.5%
UMH	Buy	U M H PROPERTIES INC	$7,061,000	+2.4%	711,104	+5.9%	2.84%	-5.5%
ROCK	Sell	GIBRALTAR INDS INC	$6,868,000	-2.9%	481,638	-0.9%	2.76%	-10.4%
HP	Sell	HELMERICH & PAYNE INC	$6,825,000	+9.9%	98,982	-0.4%	2.74%	+1.5%
CKH	Sell	SEACOR HOLDINGS INC	$6,632,000	+8.8%	73,327	-0.1%	2.67%	+0.4%
PSMT	Sell	PRICESMART INC	$6,629,000	-23.5%	69,612	-29.6%	2.67%	-29.4%
AXR	Buy	AMREP CORP NEW	$5,950,000	+11.5%	684,659	+18.7%	2.39%	+3.0%
DW	Sell	DREW INDS INC	$5,582,000	-13.3%	122,587	-25.2%	2.24%	-20.0%
VPRT	Sell	VISTAPRINT N V	$5,115,000	+14.3%	90,380	-0.3%	2.06%	+5.4%
SENEA	Sell	SENECA FOODS CORP NEWcl a	$3,902,000	-3.4%	129,698	-1.5%	1.57%	-10.9%
PICO	Buy	PICO HLDGS INC	$3,115,000	+7.0%	143,810	+3.6%	1.25%	-1.2%
GTI	New	GRAFTECH INTL LTD	$3,081,000	–	364,600	–	1.24%	–
JOY	Buy	JOY GLOBAL INC	$2,262,000	+9.2%	44,315	+3.9%	0.91%	+0.9%
GASS	Buy	STEALTHGAS INC	$1,828,000	+66.2%	200,000	+100.0%	0.74%	+53.4%
ERA	Sell	ERA GROUP INC	$1,770,000	+0.2%	65,120	-3.6%	0.71%	-7.5%
MINI	Sell	MOBILE MINI INC	$1,197,000	-33.5%	35,142	-35.3%	0.48%	-38.7%
SBLK	Buy	STARR BULK CARRIERS CORP	$1,082,000	+97.8%	106,858	+6.9%	0.44%	+82.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$993,000	-0.9%	8,749	-2.2%	0.40%	-8.7%
SKY	Sell	SKYLINE CORP	$504,000	+24.1%	101,600	-1.7%	0.20%	+14.7%
BXC	Sell	BLUELINX HLDGS INC	$468,000	-10.2%	240,003	-1.0%	0.19%	-17.2%
AAPL	Sell	APPLE INC	$391,000	+15.3%	820	-4.1%	0.16%	+6.1%
STCK	New	STOCK BLDG SUPPLY HLDGS INC	$329,000	–	25,050	–	0.13%	–
DVN	Buy	DEVON ENERGY CORP NEW	$263,000	+16.4%	4,550	+4.6%	0.11%	+8.2%
LMNR	New	LIMONEIRA CO	$213,000	–	8,310	–	0.09%	–
STSA	New	STERLING FINL CORP WASH	$1,000	–	38	–	0.00%	–
HDY	Exit	HYPERDYNAMICS CORP	$0	–	-14,200	–	-0.00%	–
DL	Exit	CHINA DISTANCE ED HLDGS LTDspons adr	$0	–	-12,429	–	-0.04%	–
BOLT	Exit	BOLT TECHNOLOGY CORP	$0	–	-15,000	–	-0.11%	–

Q2 2013

			Value		Shares		↓ Weighting
PHX	New	PANHANDLE OIL AND GAS INCcl a	$20,590,000	–	722,440	–	8.97%	–
LUK	New	LEUCADIA NATL CORP	$17,606,000	–	671,456	–	7.67%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$17,591,000	–	2,941,627	–	7.66%	–
ATW	New	ATWOOD OCEANICS INC	$16,376,000	–	314,629	–	7.14%	–
OMN	New	OMNOVA SOLUTIONS INC	$12,136,000	–	1,515,075	–	5.29%	–
SKX	New	SKECHERS U S A INCcl a	$11,510,000	–	479,375	–	5.02%	–
CVCO	New	CAVCO INDS INC DEL	$10,835,000	–	214,759	–	4.72%	–
LXU	New	LSB INDS INC	$9,298,000	–	305,760	–	4.05%	–
PSMT	New	PRICESMART INC	$8,664,000	–	98,870	–	3.78%	–
AEIS	New	ADVANCED ENERGY INDS	$8,316,000	–	477,625	–	3.62%	–
CNQ	New	CANADIAN NAT RES LTD	$8,292,000	–	293,405	–	3.61%	–
ROCK	New	GIBRALTAR INDS INC	$7,075,000	–	485,951	–	3.08%	–
UMH	New	U M H PROPERTIES INC	$6,896,000	–	671,459	–	3.00%	–
DW	New	DREW INDS INC	$6,440,000	–	163,787	–	2.81%	–
LECO	New	LINCOLN ELEC HLDGS INC	$6,364,000	–	111,124	–	2.77%	–
HP	New	HELMERICH & PAYNE INC	$6,208,000	–	99,412	–	2.70%	–
CKH	New	SEACOR HOLDINGS INC	$6,098,000	–	73,420	–	2.66%	–
CALM	New	CAL MAINE FOODS INC	$5,593,000	–	120,243	–	2.44%	–
AXR	New	AMREP CORP NEW	$5,334,000	–	576,562	–	2.32%	–
VPRT	New	VISTAPRINT N V	$4,477,000	–	90,690	–	1.95%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$4,040,000	–	131,687	–	1.76%	–
PICO	New	PICO HLDGS INC	$2,910,000	–	138,860	–	1.27%	–
CVU	New	CPI AEROSTRUCTURES INC	$2,708,000	–	249,622	–	1.18%	–
JOY	New	JOY GLOBAL INC	$2,071,000	–	42,665	–	0.90%	–
MINI	New	MOBILE MINI INC	$1,801,000	–	54,322	–	0.78%	–
CGG	New	CGGspons adr	$1,784,000	–	81,521	–	0.78%	–
ERA	New	ERA GROUP INC	$1,767,000	–	67,550	–	0.77%	–
CRV	New	COAST DISTR SYS	$1,470,000	–	420,039	–	0.64%	–
WPX	New	WPX ENERGY INC	$1,446,000	–	76,350	–	0.63%	–
GLPW	New	GLOBAL POWER EQUIPMENT GRP INC	$1,252,000	–	77,700	–	0.54%	–
GASS	New	STEALTHGAS INC	$1,100,000	–	100,000	–	0.48%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,002,000	–	8,949	–	0.44%	–
WLK	New	WESTLAKE SHEM CORP	$964,000	–	10,000	–	0.42%	–
EJ	New	E HOUSE CHINA HLDGS LTDadr	$809,000	–	186,405	–	0.35%	–
BPZRQ	New	BPZ RESOURCES INC	$766,000	–	427,835	–	0.33%	–
CTCLY	New	IFM INVTS LTDads cl a new	$654,000	–	280,708	–	0.28%	–
PHIIQ	New	PHI INC	$591,000	–	17,381	–	0.26%	–
SBLK	New	STARR BULK CARRIERS CORP	$547,000	–	100,000	–	0.24%	–
HNRG	New	HALLADOR ENERGY COMPANY	$539,000	–	66,913	–	0.24%	–
BWINA	New	BALDWIN & LYONS INCcl a	$540,000	–	22,701	–	0.24%	–
BXC	New	BLUELINX HLDGS INC	$521,000	–	242,503	–	0.23%	–
TLM	New	TALISMAN ENERGY INC	$482,000	–	42,177	–	0.21%	–
TKR	New	TIMKEN CO	$454,000	–	8,060	–	0.20%	–
SKY	New	SKYLINE CORP	$406,000	–	103,400	–	0.18%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$401,000	–	2,113	–	0.18%	–
TAL	New	TAL INTL GROUP INC	$374,000	–	8,575	–	0.16%	–
AAPL	New	APPLE INC	$339,000	–	855	–	0.15%	–
RDNT	New	RADNET INC	$280,000	–	105,575	–	0.12%	–
SPLP	New	STEEL PARTNERS HLDGS L Pltd prtrship u	$274,000	–	20,000	–	0.12%	–
TGE	New	TGC INDS INC	$265,000	–	32,279	–	0.12%	–
BOLT	New	BOLT TECHNOLOGY CORP	$256,000	–	15,000	–	0.11%	–
DVN	New	DEVON ENERGY CORP NEW	$226,000	–	4,350	–	0.10%	–
PHIKQ	New	PHI INC	$217,000	–	6,350	–	0.10%	–
PXD	New	PIONEER NAT RES CO	$203,000	–	1,400	–	0.09%	–
SPAR	New	SPARTAN MTRS INC	$101,000	–	16,510	–	0.04%	–
	New	INTERGRATED ELECTRICAL SVC	$89,000	–	20,040	–	0.04%	–
DL	New	CHINA DISTANCE ED HLDGS LTDspons adr	$88,000	–	12,429	–	0.04%	–
TRQ	New	TURQUOISE HILL RES LTD	$59,000	–	10,000	–	0.03%	–
LOAN	New	MANHATTAN BRIDGE CAPITAL INC	$16,000	–	10,000	–	0.01%	–
HDY	New	HYPERDYNAMICS CORP	$7,000	–	14,200	–	0.00%	–

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