VAN DEN BERG MANAGEMENT I, INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$21,560,403	+0.0%	61,548	-2.6%	7.56%	-2.5%
PXD	Sell	PIONEER NAT RES CO	$21,007,391	+9.6%	91,516	-1.1%	7.36%	+6.8%
FANG	Sell	DIAMONDBACK ENERGY INC	$14,366,376	+17.6%	92,758	-0.3%	5.03%	+14.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$14,351,741	+1.5%	108,849	-6.8%	5.03%	-1.0%
SLB	Sell	SCHLUMBERGER LTD	$12,163,452	+17.1%	208,636	-1.4%	4.26%	+14.1%
MKL	Sell	MARKEL GROUP INC	$11,776,975	+5.9%	7,998	-0.5%	4.13%	+3.2%
PHYS	Buy	SPROTT PHYSICAL GOLD TRunit	$10,083,413	+11.2%	704,149	+15.9%	3.53%	+8.4%
ATKR	Sell	ATKORE INC	$9,390,565	-12.9%	62,944	-8.9%	3.29%	-15.1%
VNT	Buy	VONTIER CORPORATION	$8,072,609	-2.3%	261,080	+1.8%	2.83%	-4.8%
WRK	Buy	WESTROCK CO	$7,501,937	+30.3%	209,551	+5.8%	2.63%	+26.9%
EQT	Sell	EQT CORP	$7,095,332	-1.8%	174,848	-0.5%	2.49%	-4.3%
CRI	Buy	CARTERS INC	$7,028,374	-0.1%	101,640	+4.9%	2.46%	-2.6%
QCOM	Buy	QUALCOMM INC	$6,852,745	+1.0%	61,703	+8.3%	2.40%	-1.6%
	Buy	BROOKFIELD CORPcl a ltd vt sh	$6,720,699	-6.6%	214,925	+0.5%	2.36%	-9.0%
SA	Buy	SEABRIDGE GOLD INC	$6,715,528	-4.0%	636,543	+9.7%	2.35%	-6.4%
ESTE	Sell	EARTHSTONE ENERGY INCcl a	$6,502,485	+41.6%	321,269	-0.0%	2.28%	+38.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$6,044,573	+9.8%	43,083	+4.7%	2.12%	+7.0%
DIS	Buy	DISNEY WALT CO	$5,924,107	+15.7%	73,092	+27.4%	2.08%	+12.8%
KW	Buy	KENNEDY-WILSON HOLDINGS INC	$5,777,600	+4.3%	391,967	+15.5%	2.02%	+1.7%
FB	Sell	META PLATFORMS INCcl a	$5,668,765	+0.9%	18,883	-3.5%	1.99%	-1.6%
COP	Sell	CONOCOPHILLIPS	$5,470,307	-14.3%	45,662	-25.9%	1.92%	-16.5%
	Buy	COHERENT CORP	$5,307,590	-27.8%	162,610	+12.7%	1.86%	-29.7%
BAC	Buy	BANK AMERICA CORP	$4,806,493	-2.6%	175,548	+2.1%	1.68%	-5.1%
DHR	Sell	DANAHER CORPORATION	$4,650,883	+3.3%	18,746	-0.1%	1.63%	+0.7%
VRSN	Sell	VERISIGN INC	$4,601,346	-12.3%	22,719	-2.1%	1.61%	-14.6%
ANTM	New	ELEVANCE HEALTH INC	$4,518,360	–	10,377	–	1.58%	–
BOOM	Sell	DMC GLOBAL INC	$4,428,572	+36.6%	180,980	-0.8%	1.55%	+33.1%
MSFT	Sell	MICROSOFT CORP	$4,263,841	-7.5%	13,504	-0.3%	1.49%	-9.9%
CRK	Buy	COMSTOCK RES INC	$4,164,961	+180.3%	377,603	+194.7%	1.46%	+173.4%
	Buy	BROOKFIELD ASSET MANAGMT LTD	$3,529,486	+4.1%	105,863	+1.9%	1.24%	+1.5%
WDAY	Sell	WORKDAY INCcl a	$3,364,766	-6.6%	15,661	-1.8%	1.18%	-9.0%
SWK	Sell	STANLEY BLACK & DECKER INC	$3,105,371	-10.9%	37,154	-0.2%	1.09%	-13.2%
POWL	Sell	POWELL INDS INC	$3,096,397	-43.8%	37,351	-58.9%	1.08%	-45.2%
ST	Buy	SENSATA TECHNOLOGIES HLDG PL	$2,805,621	+109.1%	74,184	+148.8%	0.98%	+103.9%
MCO	Sell	MOODYS CORP	$2,446,945	-9.5%	7,739	-0.5%	0.86%	-11.8%
DVN	Buy	DEVON ENERGY CORP NEW	$1,546,959	+0.1%	32,431	+1.4%	0.54%	-2.5%
COG	Sell	COTERRA ENERGY INC	$1,467,787	+3.9%	54,262	-2.8%	0.51%	+1.2%
ILMN	Buy	ILLUMINA INC	$1,460,796	+217.4%	10,641	+333.4%	0.51%	+208.4%
NOG	Buy	NORTHERN OIL & GAS INC	$1,456,835	+20.0%	36,213	+2.4%	0.51%	+16.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$1,379,474	+104.9%	2,736	+95.3%	0.48%	+99.6%
SBOW	Buy	SILVERBOW RES INC	$1,285,574	+23.3%	35,940	+0.4%	0.45%	+20.3%
XOP	Sell	SPDR SER TRs&p oilgas exp	$1,121,909	+12.1%	7,585	-2.3%	0.39%	+9.2%
LPI	Buy	VITAL ENERGY INC	$1,098,979	+35.5%	19,830	+10.4%	0.38%	+31.8%
TXN	Sell	TEXAS INSTRS INC	$1,059,007	-11.7%	6,660	-0.0%	0.37%	-13.9%
OVV	Buy	OVINTIV INC	$1,002,585	+31.7%	21,076	+5.4%	0.35%	+28.1%
BTEGF	Buy	BAYTEX ENERGY CORP	$953,746	+38.0%	216,269	+2.0%	0.33%	+34.7%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$923,769	+2.8%	10,220	-7.7%	0.32%	+0.3%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$897,764	-8.7%	4,227	-5.3%	0.32%	-11.0%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$898,174	-37.2%	632,517	-0.1%	0.32%	-38.7%
VYM	Sell	VANGUARD WHITEHALL FDShigh div yld	$859,622	-8.9%	8,320	-6.4%	0.30%	-11.2%
MOAT	Sell	VANECK ETF TRUSTmrngstr wde moat	$855,633	-13.4%	11,282	-8.9%	0.30%	-15.5%
MA	Sell	MASTERCARD INCORPORATEDcl a	$783,110	+0.3%	1,978	-0.4%	0.27%	-2.5%
VEA	Sell	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$732,440	-6.5%	16,753	-1.3%	0.26%	-8.9%
TRS	Sell	TRIMAS CORP	$721,704	-11.3%	29,148	-1.6%	0.25%	-13.7%
CVX	Buy	CHEVRON CORP NEW	$647,332	+178.0%	3,839	+159.4%	0.23%	+170.2%
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$605,820	-10.9%	4,276	-5.9%	0.21%	-13.5%
ABC	Sell	CENCORA INC	$568,945	-57.5%	3,161	-54.6%	0.20%	-58.7%
AZZ	New	AZZ INC	$542,402	–	11,900	–	0.19%	–
VYMI	Sell	VANGUARD WHITEHALL FDSintl high etf	$490,726	-5.4%	7,929	-3.4%	0.17%	-8.0%
TALO	Buy	TALOS ENERGY INC	$425,369	+23.5%	25,874	+4.2%	0.15%	+20.2%
HAL	Buy	HALLIBURTON CO	$421,807	+23.1%	10,415	+0.3%	0.15%	+20.3%
SOI	Buy	SOLARIS OILFIELD INFRASTRUCT	$412,564	+28.2%	38,702	+0.2%	0.14%	+25.0%
SU	Sell	SUNCOR ENERGY INC NEW	$371,923	+12.9%	10,818	-3.7%	0.13%	+10.2%
SPSM	Sell	SPDR SER TRportfolio s&p600	$306,897	-13.5%	8,317	-8.9%	0.11%	-15.6%
URA	Sell	GLOBAL X FDSglobal x uranium	$293,606	+21.1%	10,858	-2.8%	0.10%	+18.4%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$257,465	-10.0%	1,657	-6.0%	0.09%	-12.6%
CPE	New	CALLON PETE CO DEL	$234,916	–	6,005	–	0.08%	–
AEM	Sell	AGNICO EAGLE MINES LTD	$231,431	-13.9%	5,092	-5.3%	0.08%	-16.5%
VRT	Sell	VERTIV HOLDINGS CO	$225,841	-7.5%	6,071	-38.4%	0.08%	-10.2%
AR	Sell	ANTERO RESOURCES CORP	$223,014	+9.0%	8,787	-1.1%	0.08%	+5.4%
DFAU	Sell	DIMENSIONAL ETF TRUSTus core eqt mkt	$213,632	-12.5%	7,133	-9.5%	0.08%	-14.8%
VUG	Sell	VANGUARD INDEX FDSgrowth etf	$213,257	-5.9%	783	-2.2%	0.08%	-8.5%
VV	Sell	VANGUARD INDEX FDSlarge cap etf	$199,212	-4.5%	1,018	-1.1%	0.07%	-6.7%
T	Sell	AT&T INC	$191,039	-92.3%	12,719	-91.8%	0.07%	-92.5%
VTV	Sell	VANGUARD INDEX FDSvalue etf	$180,964	-5.2%	1,312	-2.3%	0.06%	-8.7%
RIG	Sell	TRANSOCEAN LTD	$180,620	+2.9%	22,000	-12.1%	0.06%	0.0%
	New	PERMIAN RESOURCES CORP	$157,762	–	11,301	–	0.06%	–
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$111,164	-12.5%	1,469	-3.4%	0.04%	-15.2%
VB	Sell	VANGUARD INDEX FDSsmall cp etf	$79,493	-11.3%	420	-6.7%	0.03%	-12.5%
REI	Buy	RING ENERGY INC	$70,307	+29.6%	36,055	+13.6%	0.02%	+25.0%
	Sell	AIRSPAN NETWORKS HOLDINGS IN	$2,325	-35.0%	15,500	-27.9%	0.00%	0.0%
GOOGL	Sell	ALPHABET INCcap stk cl a	$2,617	-97.7%	20	-97.9%	0.00%	-97.6%
TEO	Exit	TELECOM ARGENTINA SAspon adr rep b	$0	–	-10,000	–	-0.02%	–
VXUS	Exit	VANGUARD STAR FDSvg tl intl stk f	$0	–	-3,748	–	-0.08%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-13,424	–	-0.34%	–
DOCN	Exit	DIGITALOCEAN HLDGS INC	$0	–	-53,892	–	-0.78%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-75,049	–	-1.00%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$21,556,245	–	63,215	–	7.75%	–
PXD	New	PIONEER NAT RES CO	$19,171,482	–	92,535	–	6.89%	–
GOOG	New	ALPHABET INCcap stk cl c	$14,132,925	–	116,830	–	5.08%	–
FANG	New	DIAMONDBACK ENERGY INC	$12,218,173	–	93,013	–	4.39%	–
MKL	New	MARKEL GROUP INC	$11,119,384	–	8,039	–	4.00%	–
ATKR	New	ATKORE INC	$10,779,455	–	69,126	–	3.88%	–
SLB	New	SCHLUMBERGER LTD	$10,389,990	–	211,523	–	3.74%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$9,063,810	–	607,494	–	3.26%	–
VNT	New	VONTIER CORPORATION	$8,262,748	–	256,527	–	2.97%	–
	New	COHERENT CORP	$7,356,006	–	144,292	–	2.64%	–
EQT	New	EQT CORP	$7,225,101	–	175,665	–	2.60%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$7,199,036	–	213,939	–	2.59%	–
CRI	New	CARTERS INC	$7,034,689	–	96,897	–	2.53%	–
SA	New	SEABRIDGE GOLD INC	$6,993,711	–	580,391	–	2.52%	–
QCOM	New	QUALCOMM INC	$6,784,155	–	56,991	–	2.44%	–
COP	New	CONOCOPHILLIPS	$6,380,614	–	61,583	–	2.30%	–
WRK	New	WESTROCK CO	$5,758,227	–	198,081	–	2.07%	–
FB	New	META PLATFORMS INCcl a	$5,618,399	–	19,578	–	2.02%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$5,539,822	–	339,242	–	1.99%	–
POWL	New	POWELL INDS INC	$5,509,452	–	90,930	–	1.98%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$5,506,830	–	41,154	–	1.98%	–
VRSN	New	VERISIGN INC	$5,246,646	–	23,218	–	1.89%	–
DIS	New	DISNEY WALT CO	$5,120,297	–	57,351	–	1.84%	–
BAC	New	BANK AMERICA CORP	$4,934,008	–	171,977	–	1.77%	–
MSFT	New	MICROSOFT CORP	$4,611,882	–	13,543	–	1.66%	–
ESTE	New	EARTHSTONE ENERGY INCcl a	$4,592,720	–	321,394	–	1.65%	–
DHR	New	DANAHER CORPORATION	$4,503,120	–	18,763	–	1.62%	–
WDAY	New	WORKDAY INCcl a	$3,603,171	–	15,951	–	1.30%	–
SWK	New	STANLEY BLACK & DECKER INC	$3,487,065	–	37,211	–	1.25%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$3,389,768	–	103,885	–	1.22%	–
BOOM	New	DMC GLOBAL INC	$3,241,354	–	182,509	–	1.17%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,791,072	–	75,049	–	1.00%	–
MCO	New	MOODYS CORP	$2,703,987	–	7,776	–	0.97%	–
T	New	AT&T INC	$2,474,015	–	155,111	–	0.89%	–
DOCN	New	DIGITALOCEAN HLDGS INC	$2,163,225	–	53,892	–	0.78%	–
DVN	New	DEVON ENERGY CORP NEW	$1,545,865	–	31,979	–	0.56%	–
CRK	New	COMSTOCK RES INC	$1,486,157	–	128,117	–	0.53%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$1,430,681	–	633,045	–	0.51%	–
COG	New	COTERRA ENERGY INC	$1,412,246	–	55,820	–	0.51%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$1,341,478	–	29,817	–	0.48%	–
ABC	New	AMERISOURCEBERGEN CORP	$1,339,954	–	6,963	–	0.48%	–
NOG	New	NORTHERN OIL & GAS INC	$1,213,933	–	35,371	–	0.44%	–
TXN	New	TEXAS INSTRS INC	$1,199,113	–	6,661	–	0.43%	–
SBOW	New	SILVERBOW RES INC	$1,042,642	–	35,805	–	0.38%	–
XOP	New	SPDR SER TRs&p oilgas exp	$1,000,625	–	7,767	–	0.36%	–
MOAT	New	VANECK ETF TRUSTmrngstr wde moat	$987,826	–	12,380	–	0.36%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$983,336	–	4,464	–	0.35%	–
ERO	New	ERO COPPER CORP	$977,089	–	48,299	–	0.35%	–
PDCE	New	PDC ENERGY INC	$954,998	–	13,424	–	0.34%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$943,288	–	8,893	–	0.34%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$898,455	–	11,069	–	0.32%	–
TRS	New	TRIMAS CORP	$814,089	–	29,614	–	0.29%	–
LPI	New	VITAL ENERGY INC	$811,075	–	17,964	–	0.29%	–
VEA	New	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$783,627	–	16,969	–	0.28%	–
MA	New	MASTERCARD INCORPORATEDcl a	$780,700	–	1,985	–	0.28%	–
OVV	New	OVINTIV INC	$760,981	–	19,989	–	0.27%	–
BTEGF	New	BAYTEX ENERGY CORP	$691,009	–	211,966	–	0.25%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$680,062	–	4,545	–	0.24%	–
UNH	New	UNITEDHEALTH GROUP INC	$673,377	–	1,401	–	0.24%	–
VYMI	New	VANGUARD WHITEHALL FDSintl high etf	$519,003	–	8,212	–	0.19%	–
ILMN	New	ILLUMINA INC	$460,288	–	2,455	–	0.17%	–
SPSM	New	SPDR SER TRportfolio s&p600	$354,648	–	9,131	–	0.13%	–
TALO	New	TALOS ENERGY INC	$344,517	–	24,839	–	0.12%	–
HAL	New	HALLIBURTON CO	$342,733	–	10,389	–	0.12%	–
SU	New	SUNCOR ENERGY INC NEW	$329,498	–	11,238	–	0.12%	–
SOI	New	SOLARIS OILFIELD INFRASTRUCT	$321,904	–	38,644	–	0.12%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$286,202	–	1,762	–	0.10%	–
	New	DIAMOND OFFSHORE DRILLING IN	$280,969	–	19,731	–	0.10%	–
AEM	New	AGNICO EAGLE MINES LTD	$268,742	–	5,377	–	0.10%	–
RRC	New	RANGE RES CORP	$255,486	–	8,690	–	0.09%	–
DFAU	New	DIMENSIONAL ETF TRUSTus core eqt mkt	$244,200	–	7,880	–	0.09%	–
VRT	New	VERTIV HOLDINGS CO	$244,257	–	9,861	–	0.09%	–
URA	New	GLOBAL X FDSglobal x uranium	$242,350	–	11,168	–	0.09%	–
CVX	New	CHEVRON CORP NEW	$232,878	–	1,480	–	0.08%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$226,690	–	801	–	0.08%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$210,202	–	3,748	–	0.08%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$208,599	–	1,029	–	0.08%	–
AR	New	ANTERO RESOURCES CORP	$204,668	–	8,887	–	0.07%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$190,840	–	1,343	–	0.07%	–
RIG	New	TRANSOCEAN LTD	$175,537	–	25,041	–	0.06%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$127,058	–	1,521	–	0.05%	–
GOOGL	New	ALPHABET INCcap stk cl a	$114,912	–	960	–	0.04%	–
VBR	New	VANGUARD INDEX FDSsm cp val etf	$99,902	–	604	–	0.04%	–
VB	New	VANGUARD INDEX FDSsmall cp etf	$89,589	–	450	–	0.03%	–
HL	New	HECLA MNG CO	$87,550	–	17,000	–	0.03%	–
DFAI	New	DIMENSIONAL ETF TRUSTintl core eqt mk	$60,924	–	2,230	–	0.02%	–
TEO	New	TELECOM ARGENTINA SAspon adr rep b	$60,900	–	10,000	–	0.02%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$55,451	–	1,555	–	0.02%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$55,703	–	1,850	–	0.02%	–
REI	New	RING ENERGY INC	$54,258	–	31,730	–	0.02%	–
DFAE	New	DIMENSIONAL ETF TRUSTemgr cre eqt mng	$15,671	–	668	–	0.01%	–
QYLD	New	GLOBAL X FDSnasdaq 100 cover	$13,312	–	750	–	0.01%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$10,735	–	318	–	0.00%	–
PFFD	New	GLOBAL X FDSus pfd etf	$11,634	–	600	–	0.00%	–
DFAS	New	DIMENSIONAL ETF TRUSTus small cap etf	$11,563	–	211	–	0.00%	–
VOO	New	VANGUARD INDEX FDS	$8,507	–	21	–	0.00%	–
EFAS	New	GLOBAL X FDSmsci supdiv ea	$7,734	–	575	–	0.00%	–
MORT	New	VANECK ETF TRUSTmortgage reit	$7,026	–	585	–	0.00%	–
DFAT	New	DIMENSIONAL ETF TRUSTus targeted vlu	$4,778	–	103	–	0.00%	–
DJD	New	INVESCO EXCHANGE TRADED FD Tdj indl avg dv	$6,402	–	150	–	0.00%	–
ALTY	New	GLOBAL X FDSalternative incm	$3,387	–	300	–	0.00%	–
	New	AIRSPAN NETWORKS HOLDINGS IN	$3,575	–	21,500	–	0.00%	–
XES	New	SPDR SER TRoilgas equip	$3,049	–	39	–	0.00%	–
SIL	New	GLOBAL X FDSglobal x silver	$1,299	–	50	–	0.00%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$348	–	2	–	0.00%	–
VPN	New	GLOBAL X FDSdata ctr reits	$1,360	–	100	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
NVVEW	Exit	NUVVE HOLDING CORP*w exp 03/19/202	$0	–	-14,800	–	-0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-14,896	–	-0.01%	–
TEO	Exit	TELECOM ARGENTINA SAspon adr rep b	$0	–	-10,000	–	-0.01%	–
HL	Exit	HECLA MNG CO	$0	–	-11,000	–	-0.01%	–
	Exit	AIRSPAN NETWORKS HOLDINGS IN	$0	–	-21,500	–	-0.01%	–
LODE	Exit	COMSTOCK INC	$0	–	-221,346	–	-0.03%	–
	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-25,038	–	-0.05%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-17,500	–	-0.05%	–
VXUS	Exit	VANGUARD STAR FDSvg tl intl stk f	$0	–	-4,389	–	-0.06%	–
RRC	Exit	RANGE RES CORP	$0	–	-8,201	–	-0.06%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-5,290	–	-0.07%	–
URA	Exit	GLOBAL X FDSglobal x uranium	$0	–	-11,421	–	-0.07%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-1,932	–	-0.08%	–
HAL	Exit	HALLIBURTON CO	$0	–	-11,514	–	-0.08%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-25,330	–	-0.09%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,050	–	-0.09%	–
SOI	Exit	SOLARIS OILFIELD INFRASTRUCT	$0	–	-32,770	–	-0.09%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-11,577	–	-0.10%	–
SPSM	Exit	SPDR SER TRportfolio s&p600	$0	–	-9,660	–	-0.10%	–
TALO	Exit	TALOS ENERGY INC	$0	–	-21,258	–	-0.10%	–
ILMN	Exit	ILLUMINA INC	$0	–	-2,187	–	-0.12%	–
VYMI	Exit	VANGUARD WHITEHALL FDSintl high etf	$0	–	-9,111	–	-0.14%	–
ERO	Exit	ERO COPPER CORP	$0	–	-48,299	–	-0.16%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-4,594	–	-0.17%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,177	–	-0.18%	–
VEA	Exit	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$0	–	-17,463	–	-0.19%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-12,947	–	-0.22%	–
MOAT	Exit	VANECK ETF TRUSTmrngstr wde moat	$0	–	-13,137	–	-0.23%	–
OVV	Exit	OVINTIV INC	$0	–	-17,443	–	-0.24%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-11,666	–	-0.25%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-4,738	–	-0.25%	–
SBOW	Exit	SILVERBOW RES INC	$0	–	-32,317	–	-0.26%	–
PVAC	Exit	RANGER OIL CORPORATION	$0	–	-27,849	–	-0.26%	–
NOG	Exit	NORTHERN OIL AND GAS INC MN	$0	–	-33,109	–	-0.27%	–
VYM	Exit	VANGUARD WHITEHALL FDShigh div yld	$0	–	-9,743	–	-0.27%	–
XOP	Exit	SPDR SER TRs&p oilgas exp	$0	–	-8,192	–	-0.30%	–
LPI	Exit	LAREDO PETROLEUM INC	$0	–	-17,129	–	-0.32%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-7,103	–	-0.33%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,776	–	-0.42%	–
COG	Exit	COTERRA ENERGY INC	$0	–	-56,072	–	-0.44%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-102,035	–	-0.47%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-30,969	–	-0.55%	–
T	Exit	AT&T INC	$0	–	-126,587	–	-0.58%	–
CRK	Exit	COMSTOCK RES INC	$0	–	-113,800	–	-0.58%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-31,333	–	-0.59%	–
TRS	Exit	TRIMAS CORP	$0	–	-81,097	–	-0.60%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG PL	$0	–	-68,490	–	-0.76%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-77,755	–	-0.88%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-39,306	–	-0.88%	–
MCO	Exit	MOODYS CORP	$0	–	-12,187	–	-0.88%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-22,306	–	-1.01%	–
BOOM	Exit	DMC GLOBAL INC	$0	–	-216,796	–	-1.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-18,332	–	-1.27%	–
DIS	Exit	DISNEY WALT CO	$0	–	-50,994	–	-1.43%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-37,051	–	-1.49%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-44,815	–	-1.58%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-749,158	–	-1.62%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-166,935	–	-1.67%	–
ESTE	Exit	EARTHSTONE ENERGY INCcl a	$0	–	-462,500	–	-1.69%	–
POWL	Exit	POWELL INDS INC	$0	–	-308,264	–	-1.93%	–
KW	Exit	KENNEDY-WILSON HOLDINGS INC	$0	–	-425,626	–	-1.95%	–
VNT	Exit	VONTIER CORPORATION	$0	–	-397,384	–	-1.97%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-49,181	–	-1.98%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-538,461	–	-2.05%	–
VRSN	Exit	VERISIGN INC	$0	–	-44,377	–	-2.29%	–
CRI	Exit	CARTERS INC	$0	–	-117,785	–	-2.29%	–
WRK	Exit	WESTROCK CO	$0	–	-259,394	–	-2.38%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-33,035	–	-2.53%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-732,983	–	-2.58%	–
CI	Exit	CIGNA CORP NEW	$0	–	-31,527	–	-2.60%	–
QCOM	Exit	QUALCOMM INC	$0	–	-82,748	–	-2.78%	–
EQT	Exit	EQT CORP	$0	–	-229,986	–	-2.78%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-277,802	–	-3.37%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-116,205	–	-3.53%	–
MKL	Exit	MARKEL CORP	$0	–	-11,328	–	-3.64%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-348,458	–	-3.71%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-119,973	–	-4.29%	–
ATKR	Exit	ATKORE INC	$0	–	-185,883	–	-4.29%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-170,399	–	-4.86%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-99,794	–	-7.91%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-133,112	–	-8.56%	–

Q3 2022

			Value		Shares		↓ Weighting
PXD	Sell	PIONEER NAT RES CO	$28,823,000	-6.4%	133,112	-3.6%	8.56%	+4.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$26,647,000	-3.9%	99,794	-1.7%	7.91%	+7.0%
GOOG	Buy	ALPHABET INCcap stk cl c	$16,384,000	-14.3%	170,399	+1850.3%	4.86%	-4.6%
ATKR	Sell	ATKORE INC	$14,464,000	-7.6%	185,883	-1.4%	4.29%	+2.8%
FANG	Sell	DIAMONDBACK ENERGY INC	$14,452,000	-2.4%	119,973	-1.9%	4.29%	+8.6%
SLB	Sell	SCHLUMBERGER LTD	$12,510,000	-2.3%	348,458	-2.7%	3.71%	+8.7%
MKL	Buy	MARKEL CORP	$12,282,000	-15.4%	11,328	+0.9%	3.64%	-5.9%
COP	Sell	CONOCOPHILLIPS	$11,892,000	+11.1%	116,205	-2.5%	3.53%	+23.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$11,359,000	-9.3%	277,802	-1.3%	3.37%	+0.9%
EQT	Sell	EQT CORP	$9,372,000	+15.4%	229,986	-2.6%	2.78%	+28.4%
QCOM	Buy	QUALCOMM INC	$9,349,000	-4.6%	82,748	+7.9%	2.78%	+6.2%
CI	Sell	CIGNA CORP NEW	$8,748,000	-1.0%	31,527	-6.0%	2.60%	+10.1%
SA	Sell	SEABRIDGE GOLD INC	$8,701,000	-6.3%	732,983	-1.9%	2.58%	+4.3%
DHR	Sell	DANAHER CORPORATION	$8,533,000	-1.9%	33,035	-3.7%	2.53%	+9.2%
WRK	Sell	WESTROCK CO	$8,013,000	-24.4%	259,394	-2.5%	2.38%	-15.9%
CRI	Sell	CARTERS INC	$7,718,000	-9.4%	117,785	-2.5%	2.29%	+0.8%
VRSN	Sell	VERISIGN INC	$7,708,000	+0.7%	44,377	-3.0%	2.29%	+12.0%
PHYS	Sell	SPROTT PHYSICAL GOLD TRunit	$6,892,000	-12.6%	538,461	-3.2%	2.05%	-2.8%
FB	Sell	META PLATFORMS INCcl a	$6,673,000	-18.9%	49,181	-3.6%	1.98%	-9.7%
VNT	Buy	VONTIER CORPORATION	$6,640,000	-21.0%	397,384	+8.7%	1.97%	-12.1%
KW	Buy	KENNEDY-WILSON HOLDINGS INC	$6,580,000	-16.0%	425,626	+2.9%	1.95%	-6.5%
POWL	Buy	POWELL INDS INC	$6,498,000	-4.9%	308,264	+5.5%	1.93%	+5.9%
ESTE	Sell	EARTHSTONE ENERGY INCcl a	$5,698,000	-10.6%	462,500	-1.0%	1.69%	-0.5%
AIMC	Sell	ALTRA INDL MOTION CORP	$5,612,000	-7.0%	166,935	-2.5%	1.67%	+3.5%
LUMN	Buy	LUMEN TECHNOLOGIES INC	$5,454,000	-29.1%	749,158	+6.3%	1.62%	-21.1%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$5,325,000	+0.3%	44,815	+19.2%	1.58%	+11.6%
ABC	Sell	AMERISOURCEBERGEN CORP	$5,014,000	-7.5%	37,051	-3.3%	1.49%	+2.8%
DIS	Buy	DISNEY WALT CO	$4,810,000	+18.9%	50,994	+19.0%	1.43%	+32.3%
MSFT	Sell	MICROSOFT CORP	$4,269,000	-10.3%	18,332	-1.0%	1.27%	-0.2%
BOOM	Sell	DMC GLOBAL INC	$3,464,000	-13.4%	216,796	-2.3%	1.03%	-3.7%
WDAY	Sell	WORKDAY INCcl a	$3,395,000	+6.0%	22,306	-2.8%	1.01%	+18.0%
MCO	Sell	MOODYS CORP	$2,963,000	-13.7%	12,187	-3.4%	0.88%	-3.9%
SWK	Buy	STANLEY BLACK & DECKER INC	$2,956,000	-18.3%	39,306	+13.9%	0.88%	-9.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,952,000	-17.8%	77,755	+9.9%	0.88%	-8.6%
ST	Buy	SENSATA TECHNOLOGIES HLDG PL	$2,553,000	+16.2%	68,490	+28.7%	0.76%	+29.4%
TRS	Sell	TRIMAS CORP	$2,033,000	-11.1%	81,097	-1.8%	0.60%	-1.1%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$2,002,000	-56.3%	31,333	-62.4%	0.59%	-51.4%
CRK	Sell	COMSTOCK RES INC	$1,968,000	+42.3%	113,800	-0.6%	0.58%	+58.3%
T	Buy	AT&T INC	$1,942,000	-16.0%	126,587	+14.8%	0.58%	-6.6%
DVN	Buy	DEVON ENERGY CORP NEW	$1,862,000	+13.5%	30,969	+4.0%	0.55%	+26.3%
CEF	Buy	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,589,000	+109.6%	102,035	+126.5%	0.47%	+133.7%
COG	Buy	COTERRA ENERGY INC	$1,465,000	+2.2%	56,072	+0.9%	0.44%	+13.9%
UNH	Sell	UNITEDHEALTH GROUP INC	$1,402,000	-5.3%	2,776	-3.7%	0.42%	+5.3%
TXN	Sell	TEXAS INSTRS INC	$1,099,000	+0.3%	7,103	-0.4%	0.33%	+11.6%
LPI	Buy	LAREDO PETROLEUM INC	$1,077,000	-3.8%	17,129	+5.5%	0.32%	+7.4%
XOP	Sell	SPDR SER TRs&p oilgas exp	$1,022,000	+3.4%	8,192	-0.9%	0.30%	+14.8%
VYM	Sell	VANGUARD WHITEHALL FDShigh div yld	$924,000	-23.9%	9,743	-18.4%	0.27%	-15.4%
NOG	Buy	NORTHERN OIL AND GAS INC MN	$908,000	+16.3%	33,109	+7.0%	0.27%	+29.3%
PVAC	Buy	RANGER OIL CORPORATION	$876,000	+3.2%	27,849	+7.8%	0.26%	+15.0%
SBOW	Buy	SILVERBOW RES INC	$869,000	-0.5%	32,317	+5.0%	0.26%	+10.7%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$850,000	-7.3%	4,738	-2.6%	0.25%	+2.9%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$840,000	-5.2%	11,666	-5.9%	0.25%	+5.5%
OVV	Buy	OVINTIV INC	$802,000	+9.9%	17,443	+5.6%	0.24%	+22.1%
MOAT	Sell	VANECK ETF TRUSTmrngstr wde moat	$788,000	-12.2%	13,137	-6.8%	0.23%	-2.5%
PDCE	Buy	PDC ENERGY INC	$748,000	+4.8%	12,947	+11.7%	0.22%	+16.8%
VEA	Sell	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$635,000	-15.0%	17,463	-4.7%	0.19%	-5.5%
MA	Sell	MASTERCARD INCORPORATEDcl a	$619,000	-11.4%	2,177	-1.7%	0.18%	-1.1%
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$585,000	-10.0%	4,594	-5.2%	0.17%	+0.6%
ERO	Buy	ERO COPPER CORP	$531,000	+30.8%	48,299	+0.3%	0.16%	+46.3%
VYMI	Sell	VANGUARD WHITEHALL FDSintl high etf	$474,000	-30.2%	9,111	-21.1%	0.14%	-22.1%
ILMN	Sell	ILLUMINA INC	$417,000	+1.7%	2,187	-1.6%	0.12%	+13.8%
TALO	Buy	TALOS ENERGY INC	$354,000	+8.9%	21,258	+1.3%	0.10%	+20.7%
SPSM	Sell	SPDR SER TRportfolio s&p600	$329,000	-14.3%	9,660	-9.4%	0.10%	-3.9%
SU	Sell	SUNCOR ENERGY INC NEW	$326,000	-20.3%	11,577	-0.8%	0.10%	-11.0%
CVX	Sell	CHEVRON CORP NEW	$295,000	-1.0%	2,050	-0.5%	0.09%	+11.4%
	Sell	WARNER BROS DISCOVERY INC	$291,000	-16.4%	25,330	-2.4%	0.09%	-7.5%
HAL	Buy	HALLIBURTON CO	$283,000	-21.2%	11,514	+0.6%	0.08%	-12.5%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$261,000	-8.7%	1,932	-3.0%	0.08%	+1.3%
URA	Buy	GLOBAL X FDSglobal x uranium	$226,000	+10.8%	11,421	+3.7%	0.07%	+24.1%
AEM	Sell	AGNICO EAGLE MINES LTD	$223,000	-11.2%	5,290	-3.6%	0.07%	-1.5%
RRC	Buy	RANGE RES CORP	$207,000	+2.5%	8,201	+0.7%	0.06%	+13.0%
VXUS	Sell	VANGUARD STAR FDSvg tl intl stk f	$201,000	-19.0%	4,389	-8.6%	0.06%	-9.1%
	Sell	DIAMOND OFFSHORE DRILLING IN	$166,000	+9.9%	25,038	-2.2%	0.05%	+22.5%
LODE	Buy	COMSTOCK INC	$93,000	-31.6%	221,346	+1.0%	0.03%	-22.2%
RIG	Sell	TRANSOCEAN LTD	$37,000	-27.5%	14,896	-3.2%	0.01%	-21.4%
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-10,500	–	-0.01%	–
	Exit	CRANE HLDGS CO	$0	–	-2,302	–	-0.05%	–
DFAU	Exit	DIMENSIONAL ETF TRUSTus core eqt mkt	$0	–	-9,671	–	-0.07%	–
LKQ	Exit	LKQ CORP	$0	–	-105,794	–	-1.38%	–
POST	Exit	POST HLDGS INC	$0	–	-65,295	–	-1.43%	–

Q2 2022

			Value		Shares		↓ Weighting
PXD	New	PIONEER NAT RES CO	$30,789,000	–	138,016	–	8.21%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$27,723,000	–	101,543	–	7.40%	–
GOOG	New	ALPHABET INCcap stk cl c	$19,112,000	–	8,737	–	5.10%	–
ATKR	New	ATKORE INC	$15,651,000	–	188,544	–	4.18%	–
FANG	New	DIAMONDBACK ENERGY INC	$14,809,000	–	122,238	–	3.95%	–
MKL	New	MARKEL CORP	$14,519,000	–	11,227	–	3.87%	–
SLB	New	SCHLUMBERGER LTD	$12,803,000	–	358,039	–	3.42%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$12,520,000	–	281,549	–	3.34%	–
COP	New	CONOCOPHILLIPS	$10,701,000	–	119,155	–	2.85%	–
WRK	New	WESTROCK CO	$10,597,000	–	265,985	–	2.83%	–
QCOM	New	QUALCOMM INC	$9,800,000	–	76,717	–	2.61%	–
SA	New	SEABRIDGE GOLD INC	$9,285,000	–	747,004	–	2.48%	–
CI	New	CIGNA CORP NEW	$8,838,000	–	33,539	–	2.36%	–
DHR	New	DANAHER CORPORATION	$8,697,000	–	34,306	–	2.32%	–
CRI	New	CARTERS INC	$8,519,000	–	120,867	–	2.27%	–
VNT	New	VONTIER CORPORATION	$8,404,000	–	365,533	–	2.24%	–
FB	New	META PLATFORMS INCcl a	$8,224,000	–	51,000	–	2.19%	–
EQT	New	EQT CORP	$8,119,000	–	236,029	–	2.17%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$7,888,000	–	556,263	–	2.10%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$7,831,000	–	413,466	–	2.09%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$7,690,000	–	704,894	–	2.05%	–
VRSN	New	VERISIGN INC	$7,655,000	–	45,747	–	2.04%	–
POWL	New	POWELL INDS INC	$6,831,000	–	292,304	–	1.82%	–
ESTE	New	EARTHSTONE ENERGY INCcl a	$6,375,000	–	466,998	–	1.70%	–
AIMC	New	ALTRA INDL MOTION CORP	$6,033,000	–	171,135	–	1.61%	–
ABC	New	AMERISOURCEBERGEN CORP	$5,423,000	–	38,333	–	1.45%	–
POST	New	POST HLDGS INC	$5,377,000	–	65,295	–	1.43%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$5,307,000	–	37,589	–	1.42%	–
LKQ	New	LKQ CORP	$5,193,000	–	105,794	–	1.38%	–
MSFT	New	MICROSOFT CORP	$4,757,000	–	18,523	–	1.27%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$4,581,000	–	83,284	–	1.22%	–
DIS	New	DISNEY WALT CO	$4,044,000	–	42,836	–	1.08%	–
BOOM	New	DMC GLOBAL INC	$4,000,000	–	221,843	–	1.07%	–
SWK	New	STANLEY BLACK & DECKER INC	$3,619,000	–	34,509	–	0.96%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,590,000	–	70,743	–	0.96%	–
MCO	New	MOODYS CORP	$3,432,000	–	12,618	–	0.92%	–
WDAY	New	WORKDAY INCcl a	$3,202,000	–	22,939	–	0.85%	–
T	New	AT&T INC	$2,312,000	–	110,303	–	0.62%	–
TRS	New	TRIMAS CORP	$2,287,000	–	82,587	–	0.61%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$2,198,000	–	53,204	–	0.59%	–
DVN	New	DEVON ENERGY CORP NEW	$1,641,000	–	29,776	–	0.44%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,480,000	–	2,882	–	0.40%	–
COG	New	COTERRA ENERGY INC	$1,433,000	–	55,552	–	0.38%	–
CRK	New	COMSTOCK RES INC	$1,383,000	–	114,463	–	0.37%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$1,214,000	–	11,938	–	0.32%	–
LPI	New	LAREDO PETROLEUM INC	$1,119,000	–	16,230	–	0.30%	–
TXN	New	TEXAS INSTRS INC	$1,096,000	–	7,134	–	0.29%	–
XOP	New	SPDR SER TRs&p oilgas exp	$988,000	–	8,266	–	0.26%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$917,000	–	4,863	–	0.24%	–
MOAT	New	VANECK ETF TRUSTmrngstr wde moat	$898,000	–	14,089	–	0.24%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$886,000	–	12,393	–	0.24%	–
SBOW	New	SILVERBOW RES INC	$873,000	–	30,775	–	0.23%	–
PVAC	New	RANGER OIL CORPORATION	$849,000	–	25,838	–	0.23%	–
NOG	New	NORTHERN OIL AND GAS INC MN	$781,000	–	30,930	–	0.21%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$758,000	–	45,056	–	0.20%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDvan ftse dev mkt	$747,000	–	18,317	–	0.20%	–
OVV	New	OVINTIV INC	$730,000	–	16,514	–	0.20%	–
PDCE	New	PDC ENERGY INC	$714,000	–	11,587	–	0.19%	–
MA	New	MASTERCARD INCORPORATEDcl a	$699,000	–	2,215	–	0.19%	–
VYMI	New	VANGUARD WHITEHALL FDSintl high etf	$679,000	–	11,551	–	0.18%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$650,000	–	4,844	–	0.17%	–
ILMN	New	ILLUMINA INC	$410,000	–	2,222	–	0.11%	–
SU	New	SUNCOR ENERGY INC NEW	$409,000	–	11,673	–	0.11%	–
ERO	New	ERO COPPER CORP	$406,000	–	48,167	–	0.11%	–
SPSM	New	SPDR SER TRportfolio s&p600	$384,000	–	10,660	–	0.10%	–
HAL	New	HALLIBURTON CO	$359,000	–	11,450	–	0.10%	–
SOI	New	SOLARIS OILFIELD INFRASTRUCT	$357,000	–	32,770	–	0.10%	–
	New	WARNER BROS DISCOVERY INC	$348,000	–	25,965	–	0.09%	–
TALO	New	TALOS ENERGY INC	$325,000	–	20,985	–	0.09%	–
CVX	New	CHEVRON CORP NEW	$298,000	–	2,061	–	0.08%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$286,000	–	1,992	–	0.08%	–
DFAU	New	DIMENSIONAL ETF TRUSTus core eqt mkt	$256,000	–	9,671	–	0.07%	–
AEM	New	AGNICO EAGLE MINES LTD	$251,000	–	5,488	–	0.07%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$248,000	–	4,804	–	0.07%	–
URA	New	GLOBAL X FDSglobal x uranium	$204,000	–	11,013	–	0.05%	–
RRC	New	RANGE RES CORP	$202,000	–	8,145	–	0.05%	–
	New	CRANE HLDGS CO	$202,000	–	2,302	–	0.05%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$152,000	–	17,500	–	0.04%	–
	New	DIAMOND OFFSHORE DRILLING IN	$151,000	–	25,595	–	0.04%	–
LODE	New	COMSTOCK INC	$136,000	–	219,066	–	0.04%	–
	New	AIRSPAN NETWORKS HOLDINGS IN	$64,000	–	21,500	–	0.02%	–
RIG	New	TRANSOCEAN LTD	$51,000	–	15,396	–	0.01%	–
TEO	New	TELECOM ARGENTINA SAspon adr rep b	$45,000	–	10,000	–	0.01%	–
HL	New	HECLA MNG CO	$43,000	–	11,000	–	0.01%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$34,000	–	10,500	–	0.01%	–
NVVEW	New	NUVVE HOLDING CORP*w exp 03/19/202	$6,000	–	14,800	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
NVVEW	Exit	NUVVE HOLDING CORP*w exp 03/19/202	$0	–	-14,800	–	-0.00%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-15,500	–	-0.02%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-24,671	–	-0.02%	–
SBOW	Exit	SILVERBOW RES INC	$0	–	-8,316	–	-0.04%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-1,494	–	-0.04%	–
PVAC	Exit	PENN VA CORP	$0	–	-8,601	–	-0.04%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-11,312	–	-0.05%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-816	–	-0.05%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-4,905	–	-0.05%	–
VBR	Exit	VANGUARD INDEX FDSsm cp val etf	$0	–	-1,635	–	-0.05%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-1,400	–	-0.06%	–
OVV	Exit	OVINTIV INC	$0	–	-8,716	–	-0.06%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,987	–	-0.06%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-2,042	–	-0.06%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-7,450	–	-0.07%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-2,724	–	-0.08%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-3,515	–	-0.11%	–
ESTE	Exit	EARTHSTONE ENERGY INCcl a	$0	–	-71,483	–	-0.13%	–
VXUS	Exit	VANGUARD STAR FDSvg tl intl stk f	$0	–	-10,465	–	-0.13%	–
MOAT	Exit	VANECK ETF TRUSTmrngstr wde moat	$0	–	-9,100	–	-0.13%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-282,089	–	-0.15%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-14,924	–	-0.15%	–
XOP	Exit	SPDR SER TRs&p oilgas exp	$0	–	-9,522	–	-0.18%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-44,122	–	-0.19%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-43,096	–	-0.20%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-7,835	–	-0.21%	–
CRK	Exit	COMSTOCK RES INC	$0	–	-108,836	–	-0.22%	–
VYMI	Exit	VANGUARD WHITEHALL FDSintl high etf	$0	–	-17,451	–	-0.23%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-34,645	–	-0.24%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-27,610	–	-0.28%	–
EQT	Exit	EQT CORP	$0	–	-70,998	–	-0.28%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-6,896	–	-0.30%	–
VYM	Exit	VANGUARD WHITEHALL FDShigh div yld	$0	–	-15,841	–	-0.32%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-5,516	–	-0.42%	–
TRS	Exit	TRIMAS CORP	$0	–	-87,298	–	-0.55%	–
POWL	Exit	POWELL INDS INC	$0	–	-128,522	–	-0.62%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-67,222	–	-0.71%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-16,597	–	-0.81%	–
MCO	Exit	MOODYS CORP	$0	–	-12,903	–	-0.90%	–
CERN	Exit	CERNER CORP	$0	–	-65,721	–	-0.91%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-44,689	–	-1.05%	–
T	Exit	AT&T INC	$0	–	-220,496	–	-1.17%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-96,177	–	-1.18%	–
CI	Exit	CIGNA CORP NEW	$0	–	-30,257	–	-1.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-21,877	–	-1.21%	–
LKQ	Exit	LKQ CORP	$0	–	-133,713	–	-1.32%	–
MCK	Exit	MCKESSON CORP	$0	–	-35,144	–	-1.37%	–
CRI	Exit	CARTERS INC	$0	–	-74,860	–	-1.43%	–
VNT	Exit	VONTIER CORPORATION	$0	–	-235,008	–	-1.55%	–
QCOM	Exit	QUALCOMM INC	$0	–	-62,061	–	-1.57%	–
BOOM	Exit	DMC GLOBAL INC	$0	–	-216,785	–	-1.57%	–
POST	Exit	POST HLDGS INC	$0	–	-74,082	–	-1.60%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-148,404	–	-1.61%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-678,454	–	-1.83%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-791,379	–	-1.92%	–
AIR	Exit	AAR CORP	$0	–	-337,909	–	-2.15%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-37,347	–	-2.23%	–
KW	Exit	KENNEDY-WILSON HOLDINGS INC	$0	–	-557,198	–	-2.28%	–
WRK	Exit	WESTROCK CO	$0	–	-235,449	–	-2.30%	–
VRSN	Exit	VERISIGN INC	$0	–	-58,002	–	-2.33%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDG	$0	–	-611,312	–	-2.36%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-131,009	–	-2.46%	–
CFX	Exit	COLFAX CORP	$0	–	-293,228	–	-2.64%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-880,265	–	-2.66%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-64,326	–	-2.67%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-204,920	–	-2.72%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-146,926	–	-2.72%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-515,429	–	-2.99%	–
MKL	Exit	MARKEL CORP	$0	–	-13,399	–	-3.14%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-360,515	–	-3.78%	–
ATKR	Exit	ATKORE INC	$0	–	-241,851	–	-4.12%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-65,918	–	-4.38%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-10,822	–	-5.65%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-179,672	–	-5.86%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-184,921	–	-9.89%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$50,472,000	-2.3%	184,921	-0.5%	9.89%	-2.7%
PXD	Sell	PIONEER NAT RES CO	$29,917,000	+2.4%	179,672	-0.1%	5.86%	+1.9%
GOOG	Buy	ALPHABET INCcap stk cl c	$28,844,000	+6.7%	10,822	+0.3%	5.65%	+6.3%
FB	Sell	FACEBOOK INCcl a	$22,372,000	-2.7%	65,918	-0.3%	4.38%	-3.1%
ATKR	Sell	ATKORE INC	$21,022,000	+22.4%	241,851	-0.0%	4.12%	+21.9%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$19,291,000	+5.2%	360,515	+0.3%	3.78%	+4.8%
MKL	Buy	MARKEL CORP	$16,014,000	+41.5%	13,399	+40.5%	3.14%	+40.9%
SLB	Sell	SCHLUMBERGER LTD	$15,277,000	-7.6%	515,429	-0.3%	2.99%	-8.0%
FANG	Buy	DIAMONDBACK ENERGY INC	$13,909,000	+1.4%	146,926	+0.6%	2.72%	+1.0%
COP	Sell	CONOCOPHILLIPS	$13,887,000	+11.2%	204,920	-0.1%	2.72%	+10.7%
DG	Sell	DOLLAR GEN CORP NEW	$13,646,000	-2.4%	64,326	-0.4%	2.67%	-2.8%
SA	Sell	SEABRIDGE GOLD INC	$13,600,000	-12.5%	880,265	-0.6%	2.66%	-12.9%
CFX	Sell	COLFAX CORP	$13,459,000	-0.1%	293,228	-0.3%	2.64%	-0.5%
DLTR	Sell	DOLLAR TREE INC	$12,540,000	-9.4%	131,009	-5.8%	2.46%	-9.7%
PSTH	Buy	PERSHING SQUARE TONTINE HLDG	$12,043,000	+10.2%	611,312	+27.4%	2.36%	+9.8%
VRSN	Sell	VERISIGN INC	$11,891,000	-10.4%	58,002	-0.5%	2.33%	-10.8%
WRK	Buy	WESTROCK CO	$11,732,000	-6.2%	235,449	+0.2%	2.30%	-6.6%
KW	Sell	KENNEDY-WILSON HOLDINGS INC	$11,657,000	+5.1%	557,198	-0.2%	2.28%	+4.6%
DHR	Sell	DANAHER CORPORATION	$11,370,000	+12.7%	37,347	-0.7%	2.23%	+12.2%
AIR	Buy	AAR CORP	$10,958,000	+149.0%	337,909	+197.5%	2.15%	+147.9%
LUMN	Buy	LUMEN TECHNOLOGIES INC	$9,805,000	-8.8%	791,379	+0.1%	1.92%	-9.1%
PHYS	Buy	SPROTT PHYSICAL GOLD TRunit	$9,363,000	-0.1%	678,454	+1.6%	1.83%	-0.5%
AIMC	Sell	ALTRA INDL MOTION CORP	$8,214,000	-15.1%	148,404	-0.3%	1.61%	-15.5%
POST	Buy	POST HLDGS INC	$8,161,000	+2.4%	74,082	+0.9%	1.60%	+2.0%
BOOM	Buy	DMC GLOBAL INC	$8,002,000	-34.1%	216,785	+0.3%	1.57%	-34.4%
QCOM	Buy	QUALCOMM INC	$8,005,000	-4.4%	62,061	+5.9%	1.57%	-4.9%
VNT	Buy	VONTIER CORPORATION	$7,896,000	+6.4%	235,008	+3.2%	1.55%	+6.0%
CRI	Buy	CARTERS INC	$7,279,000	-5.1%	74,860	+0.7%	1.43%	-5.5%
MCK	Sell	MCKESSON CORP	$7,007,000	+4.2%	35,144	-0.0%	1.37%	+3.9%
LKQ	Sell	LKQ CORP	$6,728,000	+2.0%	133,713	-0.2%	1.32%	+1.6%
MSFT	Sell	MICROSOFT CORP	$6,167,000	+3.7%	21,877	-0.4%	1.21%	+3.2%
CI	Buy	CIGNA CORP NEW	$6,056,000	-13.8%	30,257	+2.2%	1.19%	-14.1%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$5,996,000	-3.6%	96,177	+1.7%	1.18%	-3.9%
T	Sell	AT&T INC	$5,956,000	-9.0%	220,496	-3.1%	1.17%	-9.4%
ABC	Buy	AMERISOURCEBERGEN CORP	$5,338,000	+5.3%	44,689	+1.0%	1.05%	+4.9%
CERN	Buy	CERNER CORP	$4,635,000	-9.0%	65,721	+0.9%	0.91%	-9.4%
MCO	Sell	MOODYS CORP	$4,582,000	-7.2%	12,903	-5.3%	0.90%	-7.5%
WDAY	Sell	WORKDAY INCcl a	$4,147,000	+4.5%	16,597	-0.1%	0.81%	+4.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$3,631,000	-3.1%	67,222	+0.6%	0.71%	-3.5%
POWL	Sell	POWELL INDS INC	$3,158,000	-23.6%	128,522	-3.8%	0.62%	-24.0%
VYM	Sell	VANGUARD WHITEHALL FDShigh div yld	$1,637,000	-1.4%	15,841	-0.1%	0.32%	-1.8%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$1,531,000	-0.6%	6,896	-0.2%	0.30%	-1.0%
EQT	Buy	EQT CORP	$1,453,000	+11.4%	70,998	+21.2%	0.28%	+10.9%
FWONK	Buy	LIBERTY MEDIA CORP DEL	$1,419,000	+7.0%	27,610	+0.4%	0.28%	+6.5%
DVN	Buy	DEVON ENERGY CORP NEW	$1,230,000	+43.5%	34,645	+18.0%	0.24%	+42.6%
VYMI	Buy	VANGUARD WHITEHALL FDSintl high etf	$1,153,000	-0.3%	17,451	+2.5%	0.23%	-0.9%
CRK	Buy	COMSTOCK RES INC	$1,126,000	+61.3%	108,836	+4.0%	0.22%	+61.3%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$1,089,000	+32.3%	7,835	+39.6%	0.21%	+31.5%
GDP	Buy	GOODRICH PETE CORP	$1,020,000	+62.9%	43,096	+2.7%	0.20%	+62.6%
XOP	Buy	SPDR SER TRs&p oilgas exp	$921,000	+0.3%	9,522	+0.3%	0.18%	-0.6%
XLE	Buy	SELECT SECTOR SPDR TRenergy	$777,000	-2.4%	14,924	+1.1%	0.15%	-3.2%
LODE	Buy	COMSTOCK MNG INC	$753,000	-25.8%	282,089	+0.9%	0.15%	-26.0%
MOAT	Buy	VANECK ETF TRUSTmrngstr wde moat	$667,000	+6.9%	9,100	+8.0%	0.13%	+6.5%
VXUS	Sell	VANGUARD STAR FDSvg tl intl stk f	$662,000	-4.2%	10,465	-0.5%	0.13%	-4.4%
ESTE	Buy	EARTHSTONE ENERGY INCcl a	$658,000	-12.7%	71,483	+5.0%	0.13%	-12.8%
IWN	Sell	ISHARES TRrus 2000 val etf	$563,000	-20.9%	3,515	-18.2%	0.11%	-21.4%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$418,000	-1.4%	2,724	-0.5%	0.08%	-1.2%
VEA	Buy	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$376,000	+11.6%	7,450	+13.8%	0.07%	+12.1%
RSP	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$306,000	+20.9%	2,042	+21.5%	0.06%	+20.0%
CVX	Sell	CHEVRON CORP NEW	$303,000	-11.7%	2,987	-8.8%	0.06%	-11.9%
OVV	New	OVINTIV INC	$287,000	–	8,716	–	0.06%	–
VV	Buy	VANGUARD INDEX FDSlarge cap etf	$281,000	+2.9%	1,400	+3.0%	0.06%	+1.9%
VBR	Buy	VANGUARD INDEX FDSsm cp val etf	$277,000	0.0%	1,635	+2.5%	0.05%	0.0%
VUG	Buy	VANGUARD INDEX FDSgrowth etf	$237,000	+2.6%	816	+1.2%	0.05%	+2.2%
SU	New	SUNCOR ENERGY INC NEW	$235,000	–	11,312	–	0.05%	–
PVAC	New	PENN VA CORP	$229,000	–	8,601	–	0.04%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$202,000	–	1,494	–	0.04%	–
SBOW	Sell	SILVERBOW RES INC	$204,000	+1.5%	8,316	-4.1%	0.04%	0.0%
RIG	Buy	TRANSOCEAN LTD	$94,000	-13.8%	24,671	+2.1%	0.02%	-14.3%
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,182	–	-0.06%	–
TALO	Exit	TALOS ENERGY INC	$0	–	-32,533	–	-0.10%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-28,917	–	-0.88%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$51,645,000	–	185,828	–	10.16%	–
PXD	New	PIONEER NAT RES CO	$29,224,000	–	179,817	–	5.75%	–
GOOG	New	ALPHABET INCcap stk cl c	$27,031,000	–	10,785	–	5.32%	–
FB	New	FACEBOOK INCcl a	$22,995,000	–	66,133	–	4.52%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$18,333,000	–	359,603	–	3.61%	–
ATKR	New	ATKORE INC	$17,175,000	–	241,903	–	3.38%	–
SLB	New	SCHLUMBERGER LTD	$16,541,000	–	516,750	–	3.25%	–
SA	New	SEABRIDGE GOLD INC	$15,549,000	–	885,998	–	3.06%	–
DG	New	DOLLAR GEN CORP NEW	$13,981,000	–	64,609	–	2.75%	–
DLTR	New	DOLLAR TREE INC	$13,837,000	–	139,069	–	2.72%	–
FANG	New	DIAMONDBACK ENERGY INC	$13,719,000	–	146,120	–	2.70%	–
CFX	New	COLFAX CORP	$13,467,000	–	293,970	–	2.65%	–
VRSN	New	VERISIGN INC	$13,277,000	–	58,312	–	2.61%	–
WRK	New	WESTROCK CO	$12,506,000	–	234,988	–	2.46%	–
COP	New	CONOCOPHILLIPS	$12,490,000	–	205,088	–	2.46%	–
BOOM	New	DMC GLOBAL INC	$12,150,000	–	216,147	–	2.39%	–
MKL	New	MARKEL CORP	$11,316,000	–	9,536	–	2.23%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$11,095,000	–	558,371	–	2.18%	–
PSTH	New	PERSHING SQUARE TONTINE HLDG	$10,924,000	–	479,974	–	2.15%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$10,747,000	–	790,822	–	2.11%	–
DHR	New	DANAHER CORPORATION	$10,092,000	–	37,607	–	1.98%	–
AIMC	New	ALTRA INDL MOTION CORP	$9,680,000	–	148,880	–	1.90%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$9,373,000	–	668,072	–	1.84%	–
QCOM	New	QUALCOMM INC	$8,376,000	–	58,601	–	1.65%	–
POST	New	POST HLDGS INC	$7,967,000	–	73,445	–	1.57%	–
CRI	New	CARTERS INC	$7,671,000	–	74,353	–	1.51%	–
VNT	New	VONTIER CORPORATION	$7,418,000	–	227,691	–	1.46%	–
CI	New	CIGNA CORP NEW	$7,022,000	–	29,618	–	1.38%	–
MCK	New	MCKESSON CORP	$6,722,000	–	35,150	–	1.32%	–
LKQ	New	LKQ CORP	$6,594,000	–	133,975	–	1.30%	–
T	New	AT&T INC	$6,546,000	–	227,441	–	1.29%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$6,217,000	–	94,583	–	1.22%	–
MSFT	New	MICROSOFT CORP	$5,948,000	–	21,956	–	1.17%	–
CERN	New	CERNER CORP	$5,093,000	–	65,161	–	1.00%	–
ABC	New	AMERISOURCEBERGEN CORP	$5,067,000	–	44,257	–	1.00%	–
MCO	New	MOODYS CORP	$4,935,000	–	13,620	–	0.97%	–
JPM	New	JPMORGAN CHASE & CO	$4,498,000	–	28,917	–	0.88%	–
AIR	New	AAR CORP	$4,401,000	–	113,586	–	0.87%	–
POWL	New	POWELL INDS INC	$4,135,000	–	133,618	–	0.81%	–
WDAY	New	WORKDAY INCcl a	$3,968,000	–	16,619	–	0.78%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,746,000	–	66,849	–	0.74%	–
TRS	New	TRIMAS CORP	$2,648,000	–	87,298	–	0.52%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,209,000	–	5,516	–	0.44%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$1,660,000	–	15,849	–	0.33%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,540,000	–	6,910	–	0.30%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$1,326,000	–	27,502	–	0.26%	–
EQT	New	EQT CORP	$1,304,000	–	58,565	–	0.26%	–
VYMI	New	VANGUARD WHITEHALL FDSintl high etf	$1,157,000	–	17,020	–	0.23%	–
LODE	New	COMSTOCK MNG INC	$1,015,000	–	279,623	–	0.20%	–
XOP	New	SPDR SER TRs&p oilgas exp	$918,000	–	9,491	–	0.18%	–
DVN	New	DEVON ENERGY CORP NEW	$857,000	–	29,352	–	0.17%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$823,000	–	5,614	–	0.16%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$796,000	–	14,767	–	0.16%	–
COG	New	CABOT OIL & GAS CORP	$770,000	–	44,122	–	0.15%	–
ESTE	New	EARTHSTONE ENERGY INCcl a	$754,000	–	68,078	–	0.15%	–
IWN	New	ISHARES TRrus 2000 val etf	$712,000	–	4,295	–	0.14%	–
CRK	New	COMSTOCK RES INC	$698,000	–	104,618	–	0.14%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$691,000	–	10,515	–	0.14%	–
GDP	New	GOODRICH PETE CORP	$626,000	–	41,959	–	0.12%	–
MOAT	New	VANECK VECTORS ETF TRmorningstar wide	$624,000	–	8,424	–	0.12%	–
TALO	New	TALOS ENERGY INC	$509,000	–	32,533	–	0.10%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$424,000	–	2,737	–	0.08%	–
CVX	New	CHEVRON CORP NEW	$343,000	–	3,277	–	0.07%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$337,000	–	6,549	–	0.07%	–
XOM	New	EXXON MOBIL CORP	$327,000	–	5,182	–	0.06%	–
AEM	New	AGNICO EAGLE MINES LTD	$297,000	–	4,905	–	0.06%	–
VBR	New	VANGUARD INDEX FDSsm cp val etf	$277,000	–	1,595	–	0.05%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$273,000	–	1,359	–	0.05%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$253,000	–	1,680	–	0.05%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$231,000	–	806	–	0.04%	–
SBOW	New	SILVERBOW RES INC	$201,000	–	8,672	–	0.04%	–
RIG	New	TRANSOCEAN LTD	$109,000	–	24,171	–	0.02%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$80,000	–	15,500	–	0.02%	–
NVVEW	New	NUVVE HOLDING CORP*w exp 03/19/202	$32,000	–	14,800	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
RIG	Exit	TRANSOCEAN LTD	$0	–	-27,275	–	-0.01%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-12,500	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,837	–	-0.07%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-987	–	-0.07%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-6,592	–	-0.08%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-10,002	–	-0.09%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-329,278	–	-0.13%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-4,805	–	-0.14%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-4,295	–	-0.15%	–
VRSN	Exit	VERISIGN INC	$0	–	-3,581	–	-0.26%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-33,256	–	-0.43%	–
TRS	Exit	TRIMAS CORP	$0	–	-97,752	–	-0.80%	–
T	Exit	AT&T INC	$0	–	-114,926	–	-1.18%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-59,553	–	-1.27%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-17,076	–	-1.32%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-142,311	–	-1.54%	–
CERN	Exit	CERNER CORP	$0	–	-62,003	–	-1.61%	–
MCK	Exit	MCKESSON CORP	$0	–	-31,366	–	-1.68%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-22,470	–	-1.70%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-21,191	–	-1.71%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-57,935	–	-1.79%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-116,575	–	-2.03%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-164,877	–	-2.19%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-200,883	–	-2.37%	–
POST	Exit	POST HLDGS INC	$0	–	-79,617	–	-2.46%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-81,776	–	-2.83%	–
BOOM	Exit	DMC GLOBAL INC	$0	–	-242,861	–	-2.88%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-371,332	–	-3.04%	–
KW	Exit	KENNEDY-WILSON HOLDINGS INC	$0	–	-588,165	–	-3.07%	–
WRK	Exit	WESTROCK CO	$0	–	-246,823	–	-3.08%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-555,351	–	-3.11%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-40,869	–	-3.16%	–
MKL	Exit	MARKEL CORP	$0	–	-9,410	–	-3.30%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,042,099	–	-3.51%	–
CFX	Exit	COLFAX CORP	$0	–	-320,254	–	-3.61%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-326,963	–	-3.89%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-139,526	–	-4.58%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-11,682	–	-6.17%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-918,339	–	-6.20%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-71,699	–	-6.75%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-205,029	–	-15.70%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$43,659,000	+17.1%	205,029	-1.8%	15.70%	+3.0%
FB	Sell	FACEBOOK INCcl a	$18,778,000	+13.4%	71,699	-1.7%	6.75%	-0.3%
SA	Sell	SEABRIDGE GOLD INC	$17,246,000	+5.1%	918,339	-1.8%	6.20%	-7.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$17,168,000	+2.2%	11,682	-1.7%	6.17%	-10.2%
DLTR	Sell	DOLLAR TREE INC	$12,744,000	-3.6%	139,526	-2.2%	4.58%	-15.3%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$10,809,000	+29.3%	326,963	+28.7%	3.89%	+13.7%
CFX	Sell	COLFAX CORP	$10,043,000	+9.6%	320,254	-2.5%	3.61%	-3.7%
PE	Buy	PARSLEY ENERGY INCcl a	$9,754,000	-11.3%	1,042,099	+1.2%	3.51%	-22.0%
MKL	Sell	MARKEL CORP	$9,163,000	+2.7%	9,410	-2.6%	3.30%	-9.7%
DHR	Sell	DANAHER CORPORATION	$8,800,000	+19.5%	40,869	-1.9%	3.16%	+5.0%
SLB	Sell	SCHLUMBERGER LTD	$8,641,000	-16.9%	555,351	-1.7%	3.11%	-26.9%
WRK	Sell	WESTROCK CO	$8,575,000	+20.2%	246,823	-2.2%	3.08%	+5.7%
KW	Buy	KENNEDY-WILSON HOLDINGS INC	$8,540,000	-2.3%	588,165	+2.4%	3.07%	-14.1%
ATKR	Sell	ATKORE INTL GROUP INC	$8,440,000	-18.3%	371,332	-1.7%	3.04%	-28.2%
BOOM	Sell	DMC GLOBAL INC	$8,000,000	+16.5%	242,861	-2.4%	2.88%	+2.4%
JPM	Buy	JPMORGAN CHASE & CO	$7,873,000	+6.3%	81,776	+3.8%	2.83%	-6.5%
POST	Sell	POST HLDGS INC	$6,847,000	-3.9%	79,617	-2.1%	2.46%	-15.5%
COP	Sell	CONOCOPHILLIPS	$6,597,000	-22.4%	200,883	-0.7%	2.37%	-31.8%
AIMC	Sell	ALTRA INDL MOTION CORP	$6,096,000	+13.9%	164,877	-1.9%	2.19%	+0.1%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$5,634,000	+13.9%	116,575	-1.5%	2.03%	+0.1%
PXD	Buy	PIONEER NAT RES CO	$4,982,000	-1.3%	57,935	+12.2%	1.79%	-13.2%
ULTA	Sell	ULTA BEAUTY INC	$4,746,000	+7.9%	21,191	-2.0%	1.71%	-5.1%
MSFT	New	MICROSOFT CORP	$4,726,000	–	22,470	–	1.70%	–
MCK	New	MCKESSON CORP	$4,671,000	–	31,366	–	1.68%	–
CERN	New	CERNER CORP	$4,482,000	–	62,003	–	1.61%	–
FANG	New	DIAMONDBACK ENERGY INC	$4,286,000	–	142,311	–	1.54%	–
WDAY	New	WORKDAY INCcl a	$3,674,000	–	17,076	–	1.32%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$3,543,000	+6.0%	59,553	-1.7%	1.27%	-6.7%
T	Buy	AT&T INC	$3,277,000	+9.0%	114,926	+15.5%	1.18%	-4.1%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$1,206,000	+6.6%	33,256	-6.8%	0.43%	-6.3%
VRSN	New	VERISIGN INC	$734,000	–	3,581	–	0.26%	–
IWN	New	ISHARES TRrus 2000 val etf	$427,000	–	4,295	–	0.15%	–
AEM	Sell	AGNICO EAGLE MINES LTD	$383,000	+10.1%	4,805	-11.4%	0.14%	-2.8%
LODE	Sell	COMSTOCK MNG INC	$356,000	+11.2%	329,278	-2.2%	0.13%	-2.3%
BAC	New	BK OF AMERICA CORP	$241,000	–	10,002	–	0.09%	–
XOM	Sell	EXXON MOBIL CORP	$226,000	-25.2%	6,592	-2.3%	0.08%	-34.7%
DG	Sell	DOLLAR GEN CORP NEW	$207,000	-4.2%	987	-13.1%	0.07%	-15.9%
CVX	Buy	CHEVRON CORP NEW	$204,000	-17.1%	2,837	+2.9%	0.07%	-27.7%
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$31,000	–	12,500	–	0.01%	–
RIG	Sell	TRANSOCEAN LTD	$22,000	-61.4%	27,275	-13.1%	0.01%	-65.2%
VTOL	Exit	BRISTOW GROUP INC	$0	–	-134,118	–	-0.76%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$37,274,000	–	208,806	–	15.24%	–
GOOG	New	ALPHABET INCcap stk cl c	$16,805,000	–	11,888	–	6.87%	–
FB	New	FACEBOOK INCcl a	$16,555,000	–	72,909	–	6.77%	–
SA	New	SEABRIDGE GOLD INC	$16,402,000	–	935,141	–	6.71%	–
DLTR	New	DOLLAR TREE INC	$13,225,000	–	142,690	–	5.41%	–
PE	New	PARSLEY ENERGY INCcl a	$10,993,000	–	1,029,349	–	4.50%	–
SLB	New	SCHLUMBERGER LTD	$10,394,000	–	565,225	–	4.25%	–
ATKR	New	ATKORE INTL GROUP INC	$10,333,000	–	377,819	–	4.23%	–
CFX	New	COLFAX CORP	$9,167,000	–	328,577	–	3.75%	–
MKL	New	MARKEL CORP	$8,923,000	–	9,666	–	3.65%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$8,742,000	–	574,376	–	3.58%	–
COP	New	CONOCOPHILLIPS	$8,505,000	–	202,397	–	3.48%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$8,361,000	–	254,126	–	3.42%	–
JPM	New	JPMORGAN CHASE & CO	$7,407,000	–	78,745	–	3.03%	–
DHR	New	DANAHER CORPORATION	$7,366,000	–	41,658	–	3.01%	–
WRK	New	WESTROCK CO	$7,133,000	–	252,415	–	2.92%	–
POST	New	POST HLDGS INC	$7,127,000	–	81,335	–	2.92%	–
BOOM	New	DMC GLOBAL INC	$6,867,000	–	248,818	–	2.81%	–
AIMC	New	ALTRA INDL MOTION CORP	$5,353,000	–	168,027	–	2.19%	–
PXD	New	PIONEER NAT RES CO	$5,046,000	–	51,646	–	2.06%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$4,945,000	–	118,375	–	2.02%	–
ULTA	New	ULTA BEAUTY INC	$4,398,000	–	21,621	–	1.80%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,341,000	–	60,606	–	1.37%	–
T	New	AT&T INC	$3,007,000	–	99,478	–	1.23%	–
TRS	New	TRIMAS CORP	$2,341,000	–	97,752	–	0.96%	–
VTOL	New	BRISTOW GROUP INC	$1,868,000	–	134,118	–	0.76%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$1,131,000	–	35,680	–	0.46%	–
AEM	New	AGNICO EAGLE MINES LTD	$348,000	–	5,425	–	0.14%	–
LODE	New	COMSTOCK MNG INC	$320,000	–	336,832	–	0.13%	–
XOM	New	EXXON MOBIL CORP	$302,000	–	6,750	–	0.12%	–
CVX	New	CHEVRON CORP NEW	$246,000	–	2,757	–	0.10%	–
DG	New	DOLLAR GEN CORP NEW	$216,000	–	1,136	–	0.09%	–
RIG	New	TRANSOCEAN LTD	$57,000	–	31,397	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
BTG	Exit	B2GOLD CORP	$0	–	-11,300	–	-0.01%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-13,795	–	-0.01%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-1,443	–	-0.04%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-5,280	–	-0.05%	–
INTG	Exit	INTERGROUP CORP	$0	–	-10,149	–	-0.05%	–
MEI	Exit	METHODE ELECTRS INC	$0	–	-9,960	–	-0.06%	–
PESXQ	Exit	PIONEER ENERGY SVCS CORP	$0	–	-7,285,580	–	-0.07%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-4,486,812	–	-0.08%	–
MBUU	Exit	MALIBU BOATS INC	$0	–	-18,500	–	-0.10%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-39,170	–	-0.11%	–
HLIO	Exit	HELIOS TECHNOLOGIES INC	$0	–	-18,190	–	-0.13%	–
LDL	Exit	LYDALL INC DEL	$0	–	-30,153	–	-0.13%	–
POL	Exit	POLYONE CORP	$0	–	-26,000	–	-0.15%	–
MKL	Exit	MARKEL CORP	$0	–	-722	–	-0.15%	–
CRS	Exit	CARPENTER TECHNOLOGY CORP	$0	–	-17,030	–	-0.15%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-18,050	–	-0.18%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO NEW	$0	–	-546,598	–	-0.20%	–
FLIR	Exit	FLIR SYS INC	$0	–	-23,260	–	-0.21%	–
CMCO	Exit	COLUMBUS MCKINNON CORP N Y	$0	–	-58,036	–	-0.37%	–
GEF	Exit	GREIF INCcl a	$0	–	-58,745	–	-0.38%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-162,945	–	-0.40%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-59,294	–	-0.43%	–
ALOT	Exit	ASTRONOVA INC	$0	–	-158,655	–	-0.44%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-300,581	–	-0.62%	–
UNTCQ	Exit	UNIT CORP	$0	–	-1,082,648	–	-0.63%	–
VALPQ	Exit	VALARIS PLC	$0	–	-916,624	–	-0.76%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-203,569	–	-0.78%	–
T	Exit	AT&T INC	$0	–	-121,092	–	-0.79%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-326,511	–	-0.90%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-1,309,268	–	-1.02%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-101,260	–	-1.06%	–
MTW	Exit	MANITOWOC CO INC	$0	–	-490,724	–	-1.06%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-50,866	–	-1.22%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-304,348	–	-1.27%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-144,068	–	-1.34%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-292,662	–	-1.40%	–
HAL	Exit	HALLIBURTON CO	$0	–	-445,506	–	-1.45%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-2,060,021	–	-1.59%	–
POST	Exit	POST HLDGS INC	$0	–	-87,659	–	-1.60%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-1,097,901	–	-1.62%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-355,497	–	-1.70%	–
TRS	Exit	TRIMAS CORP	$0	–	-344,513	–	-1.83%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-100,811	–	-2.24%	–
MCK	Exit	MCKESSON CORP	$0	–	-94,730	–	-2.24%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-114,291	–	-2.26%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-103,223	–	-2.58%	–
ERA	Exit	ERA GROUP INC	$0	–	-1,557,183	–	-2.84%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,326,447	–	-2.91%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-221,791	–	-3.16%	–
DISCK	Exit	DISCOVERY INC	$0	–	-792,906	–	-3.38%	–
APA	Exit	APACHE CORP	$0	–	-1,010,313	–	-4.48%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-816,741	–	-4.54%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-1,366,294	–	-4.79%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-820,844	–	-4.85%	–
CFX	Exit	COLFAX CORP	$0	–	-999,242	–	-5.02%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-621,515	–	-5.42%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-1,049,574	–	-5.51%	–
BOOM	Exit	DMC GLOBAL INC	$0	–	-798,719	–	-6.08%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-309,332	–	-11.13%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$64,347,000	-4.0%	309,332	-1.6%	11.13%	+11.5%
BOOM	Sell	DMC GLOBAL INC	$35,128,000	-32.2%	798,719	-2.3%	6.08%	-21.3%
ATKR	Sell	ATKORE INTL GROUP INC	$31,855,000	-32.5%	1,049,574	-42.4%	5.51%	-21.6%
WFC	Sell	WELLS FARGO CO NEW	$31,349,000	+3.2%	621,515	-3.2%	5.42%	+19.7%
CFX	Sell	COLFAX CORP	$29,038,000	-2.0%	999,242	-5.4%	5.02%	+13.8%
SLB	Sell	SCHLUMBERGER LTD	$28,048,000	-15.5%	820,844	-1.8%	4.85%	-2.0%
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$27,667,000	-21.0%	1,366,294	-1.7%	4.79%	-8.4%
GVA	Buy	GRANITE CONSTR INC	$26,242,000	+30.4%	816,741	+95.6%	4.54%	+51.4%
APA	Sell	APACHE CORP	$25,864,000	-13.2%	1,010,313	-1.7%	4.48%	+0.8%
DISCK	Sell	DISCOVERY INC	$19,521,000	-16.7%	792,906	-3.8%	3.38%	-3.3%
ABC	Sell	AMERISOURCEBERGEN CORP	$18,260,000	-6.4%	221,791	-3.1%	3.16%	+8.6%
SA	Sell	SEABRIDGE GOLD INC	$16,793,000	-10.0%	1,326,447	-3.8%	2.91%	+4.5%
ERA	Sell	ERA GROUP INC	$16,444,000	+19.2%	1,557,183	-5.9%	2.84%	+38.3%
DHR	Sell	DANAHER CORPORATION	$14,908,000	+0.1%	103,223	-0.9%	2.58%	+16.2%
DLTR	Sell	DOLLAR TREE INC	$13,047,000	+3.6%	114,291	-2.5%	2.26%	+20.3%
MCK	Sell	MCKESSON CORP	$12,946,000	-1.4%	94,730	-3.0%	2.24%	+14.5%
ADS	Sell	ALLIANCE DATA SYSTEMS CORP	$12,917,000	-10.7%	100,811	-2.4%	2.24%	+3.6%
AIMC	Buy	ALTRA INDL MOTION CORP	$9,845,000	-21.6%	355,497	+1.6%	1.70%	-8.9%
PTEN	Sell	PATTERSON UTI ENERGY INC	$9,387,000	-26.1%	1,097,901	-0.5%	1.62%	-14.2%
POST	Sell	POST HLDGS INC	$9,278,000	-1.1%	87,659	-2.9%	1.60%	+14.7%
RIG	Sell	TRANSOCEAN LTD	$9,208,000	-31.2%	2,060,021	-1.3%	1.59%	-20.1%
HAL	Buy	HALLIBURTON CO	$8,398,000	+27.4%	445,506	+53.7%	1.45%	+47.8%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$8,121,000	-4.4%	292,662	-3.6%	1.40%	+11.0%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$7,748,000	+196.1%	144,068	+198.4%	1.34%	+243.8%
DVN	Sell	DEVON ENERGY CORP NEW	$7,323,000	-19.9%	304,348	-5.1%	1.27%	-7.1%
GLD	New	SPDR GOLD TRUST	$7,064,000	–	50,866	–	1.22%	–
MTW	Sell	MANITOWOC CO INC	$6,134,000	-31.1%	490,724	-1.9%	1.06%	-20.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$6,112,000	+5.1%	101,260	-0.5%	1.06%	+22.0%
CDEV	Buy	CENTENNIAL RESOURCE DEV INCcl a	$5,911,000	+190.2%	1,309,268	+387.9%	1.02%	+236.5%
SYNL	Sell	SYNALLOY CP DEL	$5,208,000	-23.0%	326,511	-24.6%	0.90%	-10.6%
T	Sell	AT&T INC	$4,582,000	+9.8%	121,092	-2.8%	0.79%	+27.5%
MUR	Buy	MURPHY OIL CORP	$4,501,000	-2.3%	203,569	+8.9%	0.78%	+13.4%
VALPQ	New	VALARIS PLC	$4,409,000	–	916,624	–	0.76%	–
UNTCQ	Buy	UNIT CORP	$3,659,000	-53.7%	1,082,648	+21.9%	0.63%	-46.2%
RDI	Sell	READING INTERNATIONAL INCcl a	$3,595,000	-9.5%	300,581	-1.8%	0.62%	+5.1%
ALOT	Buy	ASTRONOVA INC	$2,565,000	-29.4%	158,655	+12.8%	0.44%	-18.1%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$2,466,000	+3.3%	59,294	-7.1%	0.43%	+19.9%
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$2,309,000	–	162,945	–	0.40%	–
GEF	New	GREIF INCcl a	$2,226,000	–	58,745	–	0.38%	–
CMCO	Buy	COLUMBUS MCKINNON CORP N Y	$2,114,000	-2.3%	58,036	+12.6%	0.37%	+13.7%
FLIR	Buy	FLIR SYS INC	$1,223,000	+182.4%	23,260	+190.8%	0.21%	+226.2%
DWSN	Sell	DAWSON GEOPHYSICAL CO NEW	$1,170,000	-43.8%	546,598	-34.4%	0.20%	-34.8%
COP	Buy	CONOCOPHILLIPS	$1,028,000	-6.5%	18,050	+0.1%	0.18%	+8.5%
CRS	Sell	CARPENTER TECHNOLOGY CORP	$880,000	-55.2%	17,030	-58.4%	0.15%	-48.1%
MKL	Buy	MARKEL CORP	$853,000	+8.5%	722	+0.1%	0.15%	+26.5%
POL	New	POLYONE CORP	$849,000	–	26,000	–	0.15%	–
LDL	Sell	LYDALL INC DEL	$751,000	+0.8%	30,153	-18.2%	0.13%	+17.1%
PE	New	PARSLEY ENERGY INCcl a	$658,000	–	39,170	–	0.11%	–
MBUU	New	MALIBU BOATS INC	$568,000	–	18,500	–	0.10%	–
LODE	Sell	COMSTOCK MNG INC	$478,000	-45.2%	4,486,812	-2.3%	0.08%	-36.2%
PESXQ	Sell	PIONEER ENERGY SVCS CORP	$401,000	-79.0%	7,285,580	-3.6%	0.07%	-75.8%
MEI	Sell	METHODE ELECTRS INC	$335,000	-90.6%	9,960	-92.0%	0.06%	-89.1%
INTG	Sell	INTERGROUP CORP	$302,000	-81.2%	10,149	-80.6%	0.05%	-78.3%
DG	New	DOLLAR GEN CORP NEW	$229,000	–	1,443	–	0.04%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-44,276	–	-0.06%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,680	–	-0.07%	–
AMOT	Exit	ALLIED MOTION TECHNOLOGIES I	$0	–	-14,735	–	-0.08%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-31,340	–	-0.25%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-99,660	–	-0.32%	–
TGI	Exit	TRIUMPH GROUP INC NEW	$0	–	-109,266	–	-0.37%	–
ESV	Exit	ENSCO ROWAN PLC	$0	–	-887,847	–	-1.13%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-979,111	–	-1.19%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-269,142	–	-1.39%	–
POWL	Exit	POWELL INDS INC	$0	–	-249,738	–	-1.42%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$66,997,000	–	314,291	–	9.99%	–
BOOM	New	DMC GLOBAL INC	$51,776,000	–	817,293	–	7.72%	–
ATKR	New	ATKORE INTL GROUP INC	$47,158,000	–	1,822,892	–	7.03%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$35,042,000	–	1,390,549	–	5.22%	–
SLB	New	SCHLUMBERGER LTD	$33,208,000	–	835,628	–	4.95%	–
WFC	New	WELLS FARGO CO NEW	$30,383,000	–	642,072	–	4.53%	–
APA	New	APACHE CORP	$29,784,000	–	1,028,085	–	4.44%	–
CFX	New	COLFAX CORP	$29,619,000	–	1,056,706	–	4.42%	–
DISCK	New	DISCOVERY INC	$23,446,000	–	824,124	–	3.50%	–
GVA	New	GRANITE CONSTR INC	$20,122,000	–	417,650	–	3.00%	–
ABC	New	AMERISOURCEBERGEN CORP	$19,517,000	–	228,907	–	2.91%	–
SA	New	SEABRIDGE GOLD INC	$18,654,000	–	1,378,718	–	2.78%	–
DHR	New	DANAHER CORPORATION	$14,893,000	–	104,207	–	2.22%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$14,468,000	–	103,250	–	2.16%	–
ERA	New	ERA GROUP INC	$13,798,000	–	1,654,387	–	2.06%	–
RIG	New	TRANSOCEAN LTD	$13,378,000	–	2,087,120	–	1.99%	–
MCK	New	MCKESSON CORP	$13,127,000	–	97,679	–	1.96%	–
PTEN	New	PATTERSON UTI ENERGY INC	$12,695,000	–	1,102,945	–	1.89%	–
DLTR	New	DOLLAR TREE INC	$12,590,000	–	117,232	–	1.88%	–
AIMC	New	ALTRA INDL MOTION CORP	$12,551,000	–	349,797	–	1.87%	–
TRS	New	TRIMAS CORP	$10,670,000	–	344,513	–	1.59%	–
POWL	New	POWELL INDS INC	$9,490,000	–	249,738	–	1.42%	–
POST	New	POST HLDGS INC	$9,382,000	–	90,241	–	1.40%	–
SYF	New	SYNCHRONY FINL	$9,331,000	–	269,142	–	1.39%	–
DVN	New	DEVON ENERGY CORP NEW	$9,147,000	–	320,705	–	1.36%	–
MTW	New	MANITOWOC CO INC	$8,901,000	–	500,074	–	1.33%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$8,494,000	–	303,669	–	1.27%	–
ASC	New	ARDMORE SHIPPING CORP	$7,980,000	–	979,111	–	1.19%	–
UNTCQ	New	UNIT CORP	$7,895,000	–	888,082	–	1.18%	–
ESV	New	ENSCO ROWAN PLC	$7,573,000	–	887,847	–	1.13%	–
SYNL	New	SYNALLOY CP DEL	$6,763,000	–	432,994	–	1.01%	–
HAL	New	HALLIBURTON CO	$6,591,000	–	289,856	–	0.98%	–
VZ	New	VERIZON COMMUNICATIONS INC	$5,814,000	–	101,775	–	0.87%	–
MUR	New	MURPHY OIL CORP	$4,609,000	–	186,980	–	0.69%	–
T	New	AT&T INC	$4,173,000	–	124,518	–	0.62%	–
RDI	New	READING INTERNATIONAL INCcl a	$3,972,000	–	305,975	–	0.59%	–
ALOT	New	ASTRONOVA INC	$3,633,000	–	140,610	–	0.54%	–
MEI	New	METHODE ELECTRS INC	$3,570,000	–	124,960	–	0.53%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$2,617,000	–	48,283	–	0.39%	–
TGI	New	TRIUMPH GROUP INC NEW	$2,502,000	–	109,266	–	0.37%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$2,387,000	–	63,795	–	0.36%	–
CMCO	New	COLUMBUS MCKINNON CORP N Y	$2,163,000	–	51,531	–	0.32%	–
BMCH	New	BMC STK HLDGS INC	$2,113,000	–	99,660	–	0.32%	–
DWSN	New	DAWSON GEOPHYSICAL CO NEW	$2,082,000	–	832,869	–	0.31%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$2,037,000	–	268,373	–	0.30%	–
CRS	New	CARPENTER TECHNOLOGY CORP	$1,963,000	–	40,915	–	0.29%	–
PESXQ	New	PIONEER ENERGY SVCS CORP	$1,911,000	–	7,555,615	–	0.28%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$1,674,000	–	31,340	–	0.25%	–
INTG	New	INTERGROUP CORP	$1,608,000	–	52,440	–	0.24%	–
COP	New	CONOCOPHILLIPS	$1,100,000	–	18,040	–	0.16%	–
LODE	New	COMSTOCK MNG INC	$872,000	–	4,591,785	–	0.13%	–
HLIO	New	HELIOS TECHNOLOGIES INC	$844,000	–	18,190	–	0.13%	–
MKL	New	MARKEL CORP	$786,000	–	721	–	0.12%	–
LDL	New	LYDALL INC DEL	$745,000	–	36,873	–	0.11%	–
AMOT	New	ALLIED MOTION TECHNOLOGIES I	$558,000	–	14,735	–	0.08%	–
AXP	New	AMERICAN EXPRESS CO	$454,000	–	3,680	–	0.07%	–
FLIR	New	FLIR SYS INC	$433,000	–	8,000	–	0.06%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$393,000	–	44,276	–	0.06%	–
AEM	New	AGNICO EAGLE MINES LTD	$271,000	–	5,280	–	0.04%	–
AUY	New	YAMANA GOLD INC	$35,000	–	13,795	–	0.01%	–
BTG	New	B2GOLD CORP	$34,000	–	11,300	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
BTG	Exit	B2GOLD CORP	$0	–	-11,300	–	-0.00%	–
CUI	Exit	CUI GLOBAL INC	$0	–	-12,315	–	-0.00%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-13,795	–	-0.00%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-2,541	–	-0.02%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-3,383	–	-0.02%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-2,119	–	-0.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,457	–	-0.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,705	–	-0.04%	–
NR	Exit	NEWPARK RES INC	$0	–	-44,625	–	-0.05%	–
HPR	Exit	HIGHPOINT RES CORP	$0	–	-100,925	–	-0.05%	–
PFIE	Exit	PROFIRE ENERGY INC	$0	–	-192,601	–	-0.06%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-8,924	–	-0.07%	–
CMCO	Exit	COLUMBUS MCKINNON CORP N Y	$0	–	-18,936	–	-0.08%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-5,387,853	–	-0.08%	–
AMOT	Exit	ALLIED MOTION TECHNOLOGIES I	$0	–	-17,010	–	-0.10%	–
MKL	Exit	MARKEL CORP	$0	–	-798	–	-0.10%	–
MTSC	Exit	MTS SYS CORP	$0	–	-18,855	–	-0.11%	–
T	Exit	AT&T INC	$0	–	-33,615	–	-0.12%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-39,885	–	-0.12%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-69,660	–	-0.14%	–
MXWL	Exit	MAXWELL TECHNOLOGIES INC	$0	–	-395,503	–	-0.15%	–
SR	Exit	SPIRE INC	$0	–	-19,405	–	-0.15%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-19,575	–	-0.16%	–
SWX	Exit	SOUTHWEST GAS HOLDINGS INC	$0	–	-20,025	–	-0.17%	–
NAT	Exit	NORDIC AMERICAN TANKERS LIMI	$0	–	-772,508	–	-0.17%	–
TGI	Exit	TRIUMPH GROUP INC NEW	$0	–	-74,370	–	-0.18%	–
EAT	Exit	BRINKER INTL INC	$0	–	-38,865	–	-0.19%	–
FARO	Exit	FARO TECHNOLOGIES INC	$0	–	-32,190	–	-0.22%	–
LDL	Exit	LYDALL INC DEL	$0	–	-48,083	–	-0.22%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-131,420	–	-0.24%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-24,816	–	-0.24%	–
INTG	Exit	INTERGROUP CORP	$0	–	-67,598	–	-0.25%	–
CRS	Exit	CARPENTER TECHNOLOGY CORP	$0	–	-40,915	–	-0.26%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-48,760	–	-0.29%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-75,273	–	-0.30%	–
ALOT	Exit	ASTRONOVA INC	$0	–	-133,825	–	-0.31%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-106,532	–	-0.35%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-165,808	–	-0.39%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-125,643	–	-0.46%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-310,197	–	-0.52%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO NEW	$0	–	-832,869	–	-0.55%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-104,680	–	-0.60%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-280,037	–	-0.60%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-184,235	–	-0.65%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-967,241	–	-0.67%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-44,409	–	-0.72%	–
HAL	Exit	HALLIBURTON CO	$0	–	-183,682	–	-0.79%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-313,911	–	-0.91%	–
POWL	Exit	POWELL INDS INC	$0	–	-251,951	–	-0.97%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-125,743	–	-1.09%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-472,069	–	-1.15%	–
TRS	Exit	TRIMAS CORP	$0	–	-371,123	–	-1.20%	–
PHIKQ	Exit	PHI INC	$0	–	-1,211,751	–	-1.20%	–
MTW	Exit	MANITOWOC CO INC	$0	–	-481,787	–	-1.23%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-107,095	–	-1.24%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-331,547	–	-1.41%	–
MCK	Exit	MCKESSON CORP	$0	–	-105,012	–	-1.48%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-1,109,775	–	-1.65%	–
ERA	Exit	ERA GROUP INC	$0	–	-1,340,310	–	-1.76%	–
POST	Exit	POST HLDGS INC	$0	–	-174,310	–	-1.82%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,598,175	–	-2.20%	–
PESXQ	Exit	PIONEER ENERGY SVCS CORP	$0	–	-7,330,911	–	-2.30%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-243,636	–	-2.39%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-444,493	–	-2.49%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-521,933	–	-2.54%	–
UNTCQ	Exit	UNIT CORP	$0	–	-972,035	–	-2.70%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-109,958	–	-2.76%	–
DISCK	Exit	DISCOVERY INC	$0	–	-988,593	–	-3.11%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-704,377	–	-3.25%	–
AGN	Exit	ALLERGAN PLC	$0	–	-169,922	–	-3.45%	–
CFX	Exit	COLFAX CORP	$0	–	-1,062,201	–	-4.08%	–
BOOM	Exit	DMC GLOBAL INC	$0	–	-989,080	–	-4.30%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-757,128	–	-4.91%	–
APA	Exit	APACHE CORP	$0	–	-1,034,941	–	-5.25%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-1,909,030	–	-5.39%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-2,074,900	–	-6.53%	–
ESV	Exit	ENSCO PLC	$0	–	-7,419,658	–	-6.67%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-329,970	–	-7.52%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$70,650,000	+13.2%	329,970	-1.3%	7.52%	+13.7%
ESV	Sell	ENSCO PLC	$62,622,000	+14.7%	7,419,658	-1.4%	6.67%	+15.2%
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$61,313,000	+15.5%	2,074,900	-1.8%	6.53%	+16.1%
ATKR	Sell	ATKORE INTL GROUP INC	$50,647,000	+25.7%	1,909,030	-1.6%	5.39%	+26.4%
APA	Buy	APACHE CORP	$49,336,000	+51.2%	1,034,941	+48.3%	5.25%	+52.0%
SLB	Buy	SCHLUMBERGER LTD	$46,124,000	+62.9%	757,128	+79.3%	4.91%	+63.8%
BOOM	Sell	DMC GLOBAL INC	$40,354,000	-12.6%	989,080	-3.8%	4.30%	-12.1%
CFX	Sell	COLFAX CORP	$38,303,000	+15.8%	1,062,201	-1.6%	4.08%	+16.4%
AGN	Sell	ALLERGAN PLC	$32,367,000	+12.9%	169,922	-1.2%	3.45%	+13.5%
XOP	Sell	SPDR SERIES TRUSTs&p oilgas exp	$30,492,000	-2.0%	704,377	-2.5%	3.25%	-1.5%
DISCK	Sell	DISCOVERY INC	$29,243,000	-14.8%	988,593	-26.6%	3.11%	-14.4%
ADS	Sell	ALLIANCE DATA SYSTEMS CORP	$25,968,000	-0.5%	109,958	-1.8%	2.76%	0.0%
UNTCQ	Sell	UNIT CORP	$25,331,000	-19.8%	972,035	-21.4%	2.70%	-19.4%
GVA	Sell	GRANITE CONSTR INC	$23,852,000	-19.1%	521,933	-1.5%	2.54%	-18.7%
WFC	Sell	WELLS FARGO CO NEW	$23,363,000	-16.2%	444,493	-11.6%	2.49%	-15.8%
ABC	Buy	AMERISOURCEBERGEN CORP	$22,468,000	+126.8%	243,636	+109.7%	2.39%	+128.0%
PESXQ	Sell	PIONEER ENERGY SVCS CORP	$21,626,000	-49.9%	7,330,911	-0.6%	2.30%	-49.6%
SA	Sell	SEABRIDGE GOLD INC	$20,696,000	+13.2%	1,598,175	-2.6%	2.20%	+13.8%
POST	Sell	POST HLDGS INC	$17,089,000	+12.0%	174,310	-1.7%	1.82%	+12.6%
ERA	Sell	ERA GROUP INC	$16,553,000	-5.7%	1,340,310	-1.1%	1.76%	-5.2%
RIG	Buy	TRANSOCEAN LTD	$15,481,000	+117.8%	1,109,775	+109.8%	1.65%	+118.9%
MCK	Buy	MCKESSON CORP	$13,930,000	+0.4%	105,012	+1.0%	1.48%	+1.0%
DVN	Sell	DEVON ENERGY CORP NEW	$13,242,000	-9.7%	331,547	-0.6%	1.41%	-9.3%
DHR	Sell	DANAHER CORP DEL	$11,637,000	+9.6%	107,095	-0.4%	1.24%	+10.2%
MTW	Buy	MANITOWOC CO INC	$11,558,000	-3.2%	481,787	+4.3%	1.23%	-2.8%
PHIKQ	Sell	PHI INC	$11,318,000	-10.8%	1,211,751	-2.8%	1.20%	-10.3%
SYNL	Sell	SYNALLOY CP DEL	$10,787,000	+12.8%	472,069	-1.5%	1.15%	+13.4%
DLTR	Buy	DOLLAR TREE INC	$10,254,000	+1358.6%	125,743	+1420.3%	1.09%	+1375.7%
POWL	Sell	POWELL INDS INC	$9,136,000	+3.3%	251,951	-0.8%	0.97%	+3.8%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$8,554,000	-0.1%	313,911	-5.2%	0.91%	+0.4%
HAL	Sell	HALLIBURTON CO	$7,445,000	-11.2%	183,682	-1.3%	0.79%	-10.7%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$6,715,000	+4.3%	44,409	-3.7%	0.72%	+4.8%
ASC	Buy	ARDMORE SHIPPING CORP	$6,287,000	-20.1%	967,241	+0.8%	0.67%	-19.8%
MUR	Buy	MURPHY OIL CORP	$6,142,000	-1.2%	184,235	+0.1%	0.65%	-0.6%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$5,601,000	-3.3%	280,037	+0.8%	0.60%	-2.9%
VZ	Sell	VERIZON COMMUNICATIONS INC	$5,589,000	+5.6%	104,680	-0.5%	0.60%	+6.1%
RDI	Sell	READING INTERNATIONAL INCcl a	$4,901,000	-1.4%	310,197	-0.5%	0.52%	-0.9%
AEM	Sell	AGNICO EAGLE MINES LTD	$4,297,000	-29.6%	125,643	-5.7%	0.46%	-29.2%
CDEV	Buy	CENTENNIAL RESOURCE DEV INCcl a	$3,623,000	+42.6%	165,808	+17.9%	0.39%	+43.5%
SYF	Buy	SYNCHRONY FINL	$3,311,000	-0.6%	106,532	+6.7%	0.35%	0.0%
ALOT	Buy	ASTRONOVA INC	$2,891,000	+47.3%	133,825	+28.5%	0.31%	+48.1%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$2,799,000	-12.3%	75,273	-12.5%	0.30%	-11.8%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$2,697,000	-14.4%	48,760	-0.3%	0.29%	-14.1%
PTEN	Buy	PATTERSON UTI ENERGY INC	$2,249,000	+33.0%	131,420	+39.9%	0.24%	+33.5%
FARO	Buy	FARO TECHNOLOGIES INC	$2,071,000	+18.5%	32,190	+0.1%	0.22%	+19.5%
NAT	Sell	NORDIC AMERICAN TANKERS LIMI	$1,615,000	-23.2%	772,508	-1.6%	0.17%	-22.9%
COP	Sell	CONOCOPHILLIPS	$1,515,000	+10.5%	19,575	-0.6%	0.16%	+11.0%
MXWL	Sell	MAXWELL TECHNOLOGIES INC	$1,380,000	-88.4%	395,503	-82.7%	0.15%	-88.3%
NFX	Buy	NEWFIELD EXPL CO	$1,150,000	-4.6%	39,885	+0.1%	0.12%	-4.7%
T	New	AT&T INC	$1,129,000	–	33,615	–	0.12%	–
MKL	Sell	MARKEL CORP	$948,000	+8.5%	798	-1.0%	0.10%	+8.6%
LODE	Sell	COMSTOCK MNG INC	$754,000	-46.7%	5,387,853	-1.0%	0.08%	-46.7%
GOLD	Buy	RANDGOLD RES LTDadr	$630,000	-4.8%	8,924	+3.9%	0.07%	-4.3%
HPR	Buy	HIGHPOINT RES CORP	$493,000	-19.3%	100,925	+0.4%	0.05%	-20.0%
CSCO	Sell	CISCO SYS INC	$314,000	+4.7%	6,457	-7.5%	0.03%	+3.1%
TTE	Sell	TOTAL S Asponsored adr	$218,000	-35.7%	3,383	-39.5%	0.02%	-36.1%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$209,000	-99.3%	2,541	-99.3%	0.02%	-99.3%
ORN	Exit	ORION GROUP HOLDINGS INC	$0	–	-72,367	–	-0.06%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-39,155	–	-0.18%	–
CSL	Exit	CARLISLE COS INC	$0	–	-19,645	–	-0.22%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-80,524	–	-0.59%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-73,879	–	-1.62%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$62,430,000	–	334,478	–	6.61%	–
ESV	New	ENSCO PLC	$54,619,000	–	7,523,336	–	5.79%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$53,067,000	–	2,112,525	–	5.62%	–
BOOM	New	DMC GLOBAL INC	$46,156,000	–	1,027,970	–	4.89%	–
PESXQ	New	PIONEER ENERGY SVCS CORP	$43,144,000	–	7,375,048	–	4.57%	–
ATKR	New	ATKORE INTL GROUP INC	$40,290,000	–	1,939,819	–	4.27%	–
DISCK	New	DISCOVERY INC	$34,336,000	–	1,346,513	–	3.64%	–
CFX	New	COLFAX CORP	$33,074,000	–	1,079,078	–	3.50%	–
APA	New	APACHE CORP	$32,628,000	–	697,926	–	3.46%	–
UNTCQ	New	UNIT CORP	$31,591,000	–	1,235,957	–	3.35%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$31,113,000	–	722,553	–	3.30%	–
GVA	New	GRANITE CONSTR INC	$29,485,000	–	529,740	–	3.12%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$29,258,000	–	349,641	–	3.10%	–
AGN	New	ALLERGAN PLC	$28,668,000	–	171,954	–	3.04%	–
SLB	New	SCHLUMBERGER LTD	$28,311,000	–	422,367	–	3.00%	–
WFC	New	WELLS FARGO CO NEW	$27,887,000	–	503,012	–	2.95%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$26,101,000	–	111,926	–	2.76%	–
SA	New	SEABRIDGE GOLD INC	$18,287,000	–	1,640,126	–	1.94%	–
ERA	New	ERA GROUP INC	$17,556,000	–	1,355,711	–	1.86%	–
ESGR	New	ENSTAR GROUP LIMITED	$15,315,000	–	73,879	–	1.62%	–
POST	New	POST HLDGS INC	$15,257,000	–	177,360	–	1.62%	–
DVN	New	DEVON ENERGY CORP NEW	$14,666,000	–	333,627	–	1.55%	–
MCK	New	MCKESSON CORP	$13,868,000	–	103,957	–	1.47%	–
PHIKQ	New	PHI INC	$12,683,000	–	1,247,066	–	1.34%	–
MTW	New	MANITOWOC CO INC	$11,946,000	–	461,935	–	1.27%	–
MXWL	New	MAXWELL TECHNOLOGIES INC	$11,877,000	–	2,284,008	–	1.26%	–
TRS	New	TRIMAS CORP	$10,911,000	–	371,123	–	1.16%	–
DHR	New	DANAHER CORP DEL	$10,614,000	–	107,558	–	1.12%	–
ABC	New	AMERISOURCEBERGEN CORP	$9,905,000	–	116,159	–	1.05%	–
SYNL	New	SYNALLOY CP DEL	$9,564,000	–	479,374	–	1.01%	–
POWL	New	POWELL INDS INC	$8,846,000	–	253,984	–	0.94%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$8,565,000	–	331,202	–	0.91%	–
HAL	New	HALLIBURTON CO	$8,382,000	–	186,009	–	0.89%	–
ASC	New	ARDMORE SHIPPING CORP	$7,869,000	–	959,586	–	0.83%	–
RIG	New	TRANSOCEAN LTD	$7,109,000	–	528,910	–	0.75%	–
DWSN	New	DAWSON GEOPHYSICAL CO NEW	$6,580,000	–	832,869	–	0.70%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$6,441,000	–	46,105	–	0.68%	–
MUR	New	MURPHY OIL CORP	$6,215,000	–	184,025	–	0.66%	–
AEM	New	AGNICO EAGLE MINES LTD	$6,108,000	–	133,283	–	0.65%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$5,793,000	–	277,707	–	0.61%	–
EMR	New	EMERSON ELEC CO	$5,567,000	–	80,524	–	0.59%	–
VZ	New	VERIZON COMMUNICATIONS INC	$5,292,000	–	105,180	–	0.56%	–
RDI	New	READING INTERNATIONAL INCcl a	$4,973,000	–	311,757	–	0.53%	–
SYF	New	SYNCHRONY FINL	$3,332,000	–	99,816	–	0.35%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$3,193,000	–	85,984	–	0.34%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$3,150,000	–	48,900	–	0.33%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$2,541,000	–	140,685	–	0.27%	–
CRS	New	CARPENTER TECHNOLOGY CORP	$2,151,000	–	40,915	–	0.23%	–
CSL	New	CARLISLE COS INC	$2,128,000	–	19,645	–	0.22%	–
NAT	New	NORDIC AMERICAN TANKERS LIMI	$2,104,000	–	785,146	–	0.22%	–
LDL	New	LYDALL INC DEL	$2,099,000	–	48,083	–	0.22%	–
ALOT	New	ASTRONOVA INC	$1,963,000	–	104,150	–	0.21%	–
EAT	New	BRINKER INTL INC	$1,850,000	–	38,865	–	0.20%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$1,831,000	–	24,816	–	0.19%	–
INTG	New	INTERGROUP CORP	$1,805,000	–	67,598	–	0.19%	–
FARO	New	FARO TECHNOLOGIES INC	$1,748,000	–	32,155	–	0.18%	–
AIMC	New	ALTRA INDL MOTION CORP	$1,688,000	–	39,155	–	0.18%	–
PTEN	New	PATTERSON UTI ENERGY INC	$1,691,000	–	93,930	–	0.18%	–
SWX	New	SOUTHWEST GAS HOLDINGS INC	$1,527,000	–	20,025	–	0.16%	–
TGI	New	TRIUMPH GROUP INC NEW	$1,458,000	–	74,370	–	0.15%	–
BMCH	New	BMC STK HLDGS INC	$1,452,000	–	69,660	–	0.15%	–
LODE	New	COMSTOCK MNG INC	$1,415,000	–	5,442,572	–	0.15%	–
SR	New	SPIRE INC	$1,371,000	–	19,405	–	0.14%	–
COP	New	CONOCOPHILLIPS	$1,371,000	–	19,695	–	0.14%	–
NFX	New	NEWFIELD EXPL CO	$1,205,000	–	39,840	–	0.13%	–
MTSC	New	MTS SYS CORP	$993,000	–	18,855	–	0.10%	–
MKL	New	MARKEL CORP	$874,000	–	806	–	0.09%	–
CMCO	New	COLUMBUS MCKINNON CORP N Y	$821,000	–	18,936	–	0.09%	–
AMOT	New	ALLIED MOTION TECHNOLOGIES I	$814,000	–	17,010	–	0.09%	–
DLTR	New	DOLLAR TREE INC	$703,000	–	8,271	–	0.07%	–
GOLD	New	RANDGOLD RES LTDadr	$662,000	–	8,589	–	0.07%	–
PFIE	New	PROFIRE ENERGY INC	$651,000	–	192,601	–	0.07%	–
HPR	New	HIGHPOINT RES CORP	$611,000	–	100,520	–	0.06%	–
ORN	New	ORION GROUP HOLDINGS INC	$598,000	–	72,367	–	0.06%	–
NR	New	NEWPARK RES INC	$484,000	–	44,625	–	0.05%	–
AXP	New	AMERICAN EXPRESS CO	$363,000	–	3,705	–	0.04%	–
TTE	New	TOTAL S Asponsored adr	$339,000	–	5,592	–	0.04%	–
CSCO	New	CISCO SYS INC	$300,000	–	6,977	–	0.03%	–
DG	New	DOLLAR GEN CORP NEW	$209,000	–	2,119	–	0.02%	–
AUY	New	YAMANA GOLD INC	$40,000	–	13,795	–	0.00%	–
CUI	New	CUI GLOBAL INC	$37,000	–	12,315	–	0.00%	–
BTG	New	B2GOLD CORP	$29,000	–	11,300	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
AUY	Exit	YAMANA GOLD INC	$0	–	-13,949	–	-0.00%	–
BTG	Exit	B2GOLD CORP	$0	–	-11,300	–	-0.00%	–
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-7,804	–	-0.03%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-15,835	–	-0.03%	–
EYES	Exit	SECOND SIGHT MED PRODS INC	$0	–	-243,679	–	-0.03%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-5,832	–	-0.04%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-10,430	–	-0.04%	–
CRS	Exit	CARPENTER TECHNOLOGY CORP	$0	–	-6,940	–	-0.04%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,750	–	-0.04%	–
PFIE	Exit	PROFIRE ENERGY INC	$0	–	-192,601	–	-0.04%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-4,079	–	-0.04%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-31,157	–	-0.04%	–
SCSS	Exit	SELECT COMFORT CORP	$0	–	-13,545	–	-0.05%	–
BBG	Exit	BARRETT BILL CORP	$0	–	-100,320	–	-0.05%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-15,196	–	-0.05%	–
CUI	Exit	CUI GLOBAL INC	$0	–	-129,205	–	-0.05%	–
CSCO	Exit	CISCO SYS INC	$0	–	-14,862	–	-0.06%	–
PLOW	Exit	DOUGLAS DYNAMICS INC	$0	–	-16,235	–	-0.07%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-16,570	–	-0.09%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-231,115	–	-0.10%	–
MKL	Exit	MARKEL CORP	$0	–	-864	–	-0.10%	–
BRC	Exit	BRADY CORPcl a	$0	–	-25,383	–	-0.11%	–
LDL	Exit	LYDALL INC DEL	$0	–	-20,600	–	-0.13%	–
NR	Exit	NEWPARK RES INC	$0	–	-119,000	–	-0.13%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-13,836	–	-0.14%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-72,630	–	-0.17%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-39,155	–	-0.21%	–
CSL	Exit	CARLISLE COS INC	$0	–	-19,645	–	-0.22%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-253,175	–	-0.31%	–
TRS	Exit	TRIMAS CORP	$0	–	-106,625	–	-0.32%	–
INTG	Exit	INTERGROUP CORP	$0	–	-150,457	–	-0.41%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO NEW	$0	–	-808,431	–	-0.41%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-17,430	–	-0.44%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-282,792	–	-0.46%	–
NAT	Exit	NORDIC AMERICAN TANKERS LIMI	$0	–	-840,757	–	-0.50%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-102,090	–	-0.52%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-174,300	–	-0.52%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-93,499	–	-0.52%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-295,085	–	-0.52%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-29,901,124	–	-0.52%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-131,128	–	-0.56%	–
POWL	Exit	POWELL INDS INC	$0	–	-174,830	–	-0.59%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-901,561	–	-0.84%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-623,294	–	-0.88%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-181,797	–	-0.92%	–
ORN	Exit	ORION GROUP HOLDINGS INC	$0	–	-1,394,555	–	-1.03%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-362,345	–	-1.03%	–
PICO	Exit	PICO HLDGS INC	$0	–	-551,614	–	-1.04%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-110,920	–	-1.07%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-124,642	–	-1.14%	–
MXWL	Exit	MAXWELL TECHNOLOGIES INC	$0	–	-2,034,668	–	-1.18%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-130,084	–	-1.21%	–
HAL	Exit	HALLIBURTON CO	$0	–	-236,110	–	-1.22%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-81,547	–	-1.33%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-490,790	–	-1.36%	–
PHIKQ	Exit	PHI INC	$0	–	-1,030,994	–	-1.36%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-200,648	–	-1.42%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-170,261	–	-1.55%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-378,804	–	-1.56%	–
ESV	Exit	ENSCO PLC	$0	–	-2,522,746	–	-1.70%	–
MCK	Exit	MCKESSON CORP	$0	–	-102,345	–	-1.77%	–
MTW	Exit	MANITOWOC INC	$0	–	-1,789,888	–	-1.81%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-188,914	–	-1.85%	–
ERA	Exit	ERA GROUP INC	$0	–	-1,499,696	–	-1.89%	–
PESXQ	Exit	PIONEER ENERGY SVCS CORP	$0	–	-6,918,334	–	-1.99%	–
APA	Exit	APACHE CORP	$0	–	-409,025	–	-2.11%	–
BOOM	Exit	DMC GLOBAL INC	$0	–	-1,254,790	–	-2.39%	–
CERN	Exit	CERNER CORP	$0	–	-325,964	–	-2.62%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-373,667	–	-2.70%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,981,813	–	-2.72%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-367,452	–	-2.88%	–
LAYN	Exit	LAYNE CHRISTENSEN CO	$0	–	-2,115,261	–	-2.99%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-1,373,035	–	-3.02%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-123,868	–	-3.10%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-3,127,365	–	-3.30%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-869,712	–	-3.34%	–
UNTCQ	Exit	UNIT CORP	$0	–	-1,493,786	–	-3.46%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,603,321	–	-3.66%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-608,025	–	-3.77%	–
CFX	Exit	COLFAX CORP	$0	–	-1,087,031	–	-5.09%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-307,179	–	-6.34%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-2,464,804	–	-6.63%	–

Q3 2017

			Value		Shares		↓ Weighting
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$58,909,000	+39.8%	2,464,804	-0.5%	6.63%	+27.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$56,312,000	+29.1%	307,179	+19.3%	6.34%	+17.9%
CFX	Buy	COLFAX CORP	$45,264,000	+13.4%	1,087,031	+7.2%	5.09%	+3.5%
WFC	Buy	WELLS FARGO CO NEW	$33,533,000	+1.5%	608,025	+2.0%	3.77%	-7.3%
DISCK	Buy	DISCOVERY COMMUNICATNS NEW	$32,483,000	-17.6%	1,603,321	+2.5%	3.66%	-24.8%
UNTCQ	Sell	UNIT CORP	$30,742,000	+6.0%	1,493,786	-3.5%	3.46%	-3.3%
XOP	Sell	SPDR SERIES TRUSTs&p oilgas exp	$29,648,000	+1.1%	869,712	-5.4%	3.34%	-7.8%
ATW	Sell	ATWOOD OCEANICS INC	$29,366,000	+14.7%	3,127,365	-0.4%	3.30%	+4.7%
ESGR	Sell	ENSTAR GROUP LIMITED	$27,542,000	-6.2%	123,868	-16.2%	3.10%	-14.4%
ATKR	Buy	ATKORE INTL GROUP INC	$26,788,000	+89.2%	1,373,035	+118.7%	3.02%	+72.7%
LAYN	Sell	LAYNE CHRISTENSEN CO	$26,547,000	+35.5%	2,115,261	-5.1%	2.99%	+23.7%
SLB	Buy	SCHLUMBERGER LTD	$25,633,000	+35.4%	367,452	+27.8%	2.88%	+23.6%
SA	Sell	SEABRIDGE GOLD INC	$24,178,000	+8.9%	1,981,813	-3.6%	2.72%	-0.6%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$23,993,000	+4.8%	373,667	-2.3%	2.70%	-4.4%
CERN	Sell	CERNER CORP	$23,248,000	-7.4%	325,964	-13.7%	2.62%	-15.5%
BOOM	Sell	DMC GLOBAL INC	$21,206,000	+25.2%	1,254,790	-3.0%	2.39%	+14.3%
APA	Buy	APACHE CORP	$18,733,000	-0.8%	409,025	+3.9%	2.11%	-9.5%
PESXQ	Buy	PIONEER ENERGY SVCS CORP	$17,642,000	+28.2%	6,918,334	+3.0%	1.99%	+17.0%
ERA	Sell	ERA GROUP INC	$16,782,000	+13.4%	1,499,696	-4.2%	1.89%	+3.5%
DLTR	Buy	DOLLAR TREE INC	$16,402,000	+83.1%	188,914	+47.4%	1.85%	+67.1%
MTW	Buy	MANITOWOC INC	$16,109,000	+77.3%	1,789,888	+18.4%	1.81%	+61.9%
MCK	Sell	MCKESSON CORP	$15,721,000	-9.1%	102,345	-2.7%	1.77%	-17.1%
ESV	Buy	ENSCO PLC	$15,061,000	+76.4%	2,522,746	+52.5%	1.70%	+61.0%
DVN	Buy	DEVON ENERGY CORP NEW	$13,906,000	+24.7%	378,804	+8.6%	1.56%	+13.8%
DG	Buy	DOLLAR GEN CORP NEW	$13,800,000	+63.4%	170,261	+45.3%	1.55%	+49.2%
EMR	Sell	EMERSON ELEC CO	$12,609,000	+1.1%	200,648	-4.0%	1.42%	-7.7%
PHIKQ	Buy	PHI INC	$12,124,000	+38.8%	1,030,994	+15.2%	1.36%	+26.7%
EWH	Sell	ISHARES INCmsci hong kg etf	$12,118,000	+2.8%	490,790	-2.5%	1.36%	-6.2%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$11,831,000	-9.8%	81,547	-4.4%	1.33%	-17.7%
HAL	Sell	HALLIBURTON CO	$10,868,000	+3.4%	236,110	-4.1%	1.22%	-5.6%
ABC	Sell	AMERISOURCEBERGEN CORP	$10,764,000	-13.2%	130,084	-0.9%	1.21%	-20.8%
MXWL	Buy	MAXWELL TECHNOLOGIES INC	$10,438,000	-8.6%	2,034,668	+6.7%	1.18%	-16.6%
CVS	Sell	CVS HEALTH CORP	$10,136,000	-1.9%	124,642	-2.9%	1.14%	-10.4%
DHR	New	DANAHER CORP DEL	$9,515,000	–	110,920	–	1.07%	–
PICO	Sell	PICO HLDGS INC	$9,212,000	-57.2%	551,614	-55.2%	1.04%	-60.9%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$9,156,000	+2.3%	362,345	-2.9%	1.03%	-6.6%
ORN	Sell	ORION GROUP HOLDINGS INC	$9,148,000	-16.3%	1,394,555	-4.6%	1.03%	-23.5%
AEM	Sell	AGNICO EAGLE MINES LTD	$8,219,000	-3.5%	181,797	-3.7%	0.92%	-12.0%
SYNL	Sell	SYNALLOY CP DEL	$7,791,000	+9.5%	623,294	-0.9%	0.88%	0.0%
ASC	Sell	ARDMORE SHIPPING CORP	$7,438,000	+1.2%	901,561	-0.0%	0.84%	-7.6%
POWL	Buy	POWELL INDS INC	$5,243,000	+83.4%	174,830	+95.7%	0.59%	+67.6%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$4,995,000	-2.4%	131,128	-6.2%	0.56%	-10.9%
LODE	Sell	COMSTOCK MNG INC	$4,665,000	-16.8%	29,901,124	-2.5%	0.52%	-24.0%
RDI	Buy	READING INTERNATIONAL INCcl a	$4,639,000	+52.0%	295,085	+56.0%	0.52%	+38.8%
MUR	Buy	MURPHY OIL CORP	$4,629,000	+5.5%	174,300	+1.8%	0.52%	-3.7%
VZ	New	VERIZON COMMUNICATIONS INC	$4,627,000	–	93,499	–	0.52%	–
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$4,598,000	+19.9%	102,090	-0.4%	0.52%	+9.5%
NAT	Sell	NORDIC AMERICAN TANKERS LIMI	$4,490,000	-34.6%	840,757	-22.4%	0.50%	-40.4%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$4,100,000	+34.7%	282,792	+0.6%	0.46%	+22.9%
ADS	Sell	ALLIANCE DATA SYSTEMS CORP	$3,862,000	-14.6%	17,430	-1.1%	0.44%	-22.0%
DWSN	Buy	DAWSON GEOPHYSICAL CO NEW	$3,662,000	+16.6%	808,431	+0.9%	0.41%	+6.5%
TRS	Buy	TRIMAS CORP	$2,879,000	+360.6%	106,625	+255.4%	0.32%	+320.8%
RIG	New	TRANSOCEAN LTD	$2,724,000	–	253,175	–	0.31%	–
CSL	New	CARLISLE COS INC	$1,970,000	–	19,645	–	0.22%	–
ESL	Buy	ESTERLINE TECHNOLOGIES CORP	$1,247,000	+30.8%	13,836	+37.7%	0.14%	+18.6%
NR	Sell	NEWPARK RES INC	$1,190,000	+8.9%	119,000	-20.0%	0.13%	-0.7%
BRC	Sell	BRADY CORPcl a	$963,000	-16.0%	25,383	-25.0%	0.11%	-23.4%
MKL	Sell	MARKEL CORP	$923,000	+8.5%	864	-0.9%	0.10%	-1.0%
CLDPQ	Sell	CLOUD PEAK ENERGY INC	$846,000	+3.5%	231,115	-0.2%	0.10%	-5.9%
COP	New	CONOCOPHILLIPS	$829,000	–	16,570	–	0.09%	–
CSCO	Sell	CISCO SYS INC	$500,000	-32.6%	14,862	-37.3%	0.06%	-38.5%
CUI	Sell	CUI GLOBAL INC	$477,000	-30.4%	129,205	-27.6%	0.05%	-35.7%
SCSS	New	SELECT COMFORT CORP	$421,000	–	13,545	–	0.05%	–
GOLD	Sell	RANDGOLD RES LTDadr	$398,000	+1.5%	4,079	-7.9%	0.04%	-6.2%
GG	Sell	GOLDCORP INC NEW	$404,000	-2.4%	31,157	-2.9%	0.04%	-11.8%
CRS	New	CARPENTER TECHNOLOGY CORP	$333,000	–	6,940	–	0.04%	–
NFX	New	NEWFIELD EXPL CO	$309,000	–	10,430	–	0.04%	–
TTE	Sell	TOTAL S Asponsored adr	$312,000	-34.0%	5,832	-38.8%	0.04%	-39.7%
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$285,000	–	15,835	–	0.03%	–
GDXJ	Sell	VANECK VECTORS ETF TRjr gold miners e	$262,000	-95.1%	7,804	-95.2%	0.03%	-95.6%
BTG	Sell	B2GOLD CORP	$32,000	-15.8%	11,300	-16.6%	0.00%	-20.0%
AUY	Sell	YAMANA GOLD INC	$37,000	0.0%	13,949	-7.2%	0.00%	-20.0%
KEGX	Exit	KEY ENERGY SVCS INC DEL	$0	–	-12,279	–	-0.03%	–
RELYQ	Exit	REAL IND INC	$0	–	-114,811	–	-0.04%	–
SUP	Exit	SUPERIOR INDS INTL INC	$0	–	-21,010	–	-0.05%	–
HCCI	Exit	HERITAGE CRYSTAL CLEAN INC	$0	–	-34,755	–	-0.07%	–
INOV	Exit	INOVALON HLDGS INC	$0	–	-168,615	–	-0.27%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-111,817	–	-1.07%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-675,094	–	-1.84%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$43,612,000	–	257,494	–	5.38%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$42,123,000	–	2,476,389	–	5.19%	–
CFX	New	COLFAX CORP	$39,929,000	–	1,014,191	–	4.92%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$39,417,000	–	1,563,536	–	4.86%	–
WFC	New	WELLS FARGO CO NEW	$33,026,000	–	596,025	–	4.07%	–
ESGR	New	ENSTAR GROUP LIMITED	$29,358,000	–	147,789	–	3.62%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$29,339,000	–	919,132	–	3.62%	–
UNTCQ	New	UNIT CORP	$29,008,000	–	1,548,733	–	3.58%	–
ATW	New	ATWOOD OCEANICS INC	$25,602,000	–	3,141,330	–	3.16%	–
CERN	New	CERNER CORP	$25,119,000	–	377,906	–	3.10%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$22,897,000	–	382,442	–	2.82%	–
SA	New	SEABRIDGE GOLD INC	$22,201,000	–	2,055,604	–	2.74%	–
PICO	New	PICO HLDGS INC	$21,524,000	–	1,229,945	–	2.65%	–
LAYN	New	LAYNE CHRISTENSEN CO	$19,589,000	–	2,228,521	–	2.42%	–
SLB	New	SCHLUMBERGER LTD	$18,936,000	–	287,602	–	2.34%	–
APA	New	APACHE CORP	$18,875,000	–	393,795	–	2.33%	–
MCK	New	MCKESSON CORP	$17,302,000	–	105,151	–	2.13%	–
BOOM	New	DMC GLOBAL INC	$16,944,000	–	1,293,410	–	2.09%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$14,906,000	–	675,094	–	1.84%	–
ERA	New	ERA GROUP INC	$14,805,000	–	1,565,013	–	1.83%	–
ATKR	New	ATKORE INTL GROUP INC	$14,159,000	–	627,875	–	1.75%	–
PESXQ	New	PIONEER ENERGY SVCS CORP	$13,764,000	–	6,713,999	–	1.70%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$13,122,000	–	85,305	–	1.62%	–
EMR	New	EMERSON ELEC CO	$12,467,000	–	209,108	–	1.54%	–
ABC	New	AMERISOURCEBERGEN CORP	$12,406,000	–	131,239	–	1.53%	–
EWH	New	ISHARESmsci hong kg etf	$11,792,000	–	503,290	–	1.45%	–
MXWL	New	MAXWELL TECHNOLOGIES INC	$11,423,000	–	1,906,988	–	1.41%	–
DVN	New	DEVON ENERGY CORP NEW	$11,154,000	–	348,894	–	1.38%	–
ORN	New	ORION GROUP HOLDINGS INC	$10,924,000	–	1,462,355	–	1.35%	–
HAL	New	HALLIBURTON CO	$10,511,000	–	246,095	–	1.30%	–
CVS	New	CVS HEALTH CORP	$10,328,000	–	128,362	–	1.27%	–
MTW	New	MANITOWOC INC	$9,085,000	–	1,511,668	–	1.12%	–
DLTR	New	DOLLAR TREE INC	$8,958,000	–	128,124	–	1.10%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$8,949,000	–	373,355	–	1.10%	–
PHIKQ	New	PHI INC	$8,733,000	–	894,725	–	1.08%	–
CAH	New	CARDINAL HEALTH INC	$8,713,000	–	111,817	–	1.07%	–
ESV	New	ENSCO PLC	$8,536,000	–	1,654,196	–	1.05%	–
AEM	New	AGNICO EAGLE MINES LTD	$8,521,000	–	188,862	–	1.05%	–
DG	New	DOLLAR GEN CORP NEW	$8,446,000	–	117,156	–	1.04%	–
ASC	New	ARDMORE SHIPPING CORP	$7,350,000	–	901,896	–	0.91%	–
SYNL	New	SYNALLOY CP DEL	$7,116,000	–	629,159	–	0.88%	–
NAT	New	NORDIC AMERICAN TANKERS LIMI	$6,866,000	–	1,082,905	–	0.85%	–
LODE	New	COMSTOCK MNG INC	$5,607,000	–	30,671,322	–	0.69%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$5,375,000	–	161,037	–	0.66%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$5,119,000	–	139,789	–	0.63%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$4,524,000	–	17,626	–	0.56%	–
MUR	New	MURPHY OIL CORP	$4,387,000	–	171,185	–	0.54%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$3,836,000	–	102,510	–	0.47%	–
INTG	New	INTERGROUP CORP	$3,822,000	–	150,457	–	0.47%	–
DWSN	New	DAWSON GEOPHYSICAL CO NEW	$3,141,000	–	801,231	–	0.39%	–
RDI	New	READING INTERNATIONAL INCcl a	$3,052,000	–	189,188	–	0.38%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$3,043,000	–	281,012	–	0.38%	–
POWL	New	POWELL INDS INC	$2,858,000	–	89,335	–	0.35%	–
INOV	New	INOVALON HLDGS INC	$2,217,000	–	168,615	–	0.27%	–
AIMC	New	ALTRA INDL MOTION CORP	$1,558,000	–	39,155	–	0.19%	–
PTEN	New	PATTERSON UTI ENERGY INC	$1,466,000	–	72,630	–	0.18%	–
BRC	New	BRADY CORPcl a	$1,147,000	–	33,848	–	0.14%	–
NR	New	NEWPARK RES INC	$1,093,000	–	148,750	–	0.14%	–
LDL	New	LYDALL INC DEL	$1,065,000	–	20,600	–	0.13%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$953,000	–	10,051	–	0.12%	–
MKL	New	MARKEL CORP	$851,000	–	872	–	0.10%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$817,000	–	231,490	–	0.10%	–
CSCO	New	CISCO SYS INC	$742,000	–	23,715	–	0.09%	–
CUI	New	CUI GLOBAL INC	$685,000	–	178,365	–	0.08%	–
TRS	New	TRIMAS CORP	$625,000	–	30,000	–	0.08%	–
HCCI	New	HERITAGE CRYSTAL CLEAN INC	$553,000	–	34,755	–	0.07%	–
PLOW	New	DOUGLAS DYNAMICS INC	$534,000	–	16,235	–	0.07%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$510,000	–	15,196	–	0.06%	–
TTE	New	TOTAL S Asponsored adr	$473,000	–	9,533	–	0.06%	–
SUP	New	SUPERIOR INDS INTL INC	$432,000	–	21,010	–	0.05%	–
GG	New	GOLDCORP INC NEW	$414,000	–	32,092	–	0.05%	–
GOLD	New	RANDGOLD RES LTDadr	$392,000	–	4,429	–	0.05%	–
RELYQ	New	REAL IND INC	$333,000	–	114,811	–	0.04%	–
AXP	New	AMERICAN EXPRESS CO	$316,000	–	3,750	–	0.04%	–
EYES	New	SECOND SIGHT MED PRODS INC	$307,000	–	243,679	–	0.04%	–
BBG	New	BARRETT BILL CORP	$308,000	–	100,320	–	0.04%	–
PFIE	New	PROFIRE ENERGY INC	$250,000	–	192,601	–	0.03%	–
KEGX	New	KEY ENERGY SVCS INC DEL	$236,000	–	12,279	–	0.03%	–
AUY	New	YAMANA GOLD INC	$37,000	–	15,034	–	0.01%	–
BTG	New	B2GOLD CORP	$38,000	–	13,550	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
BAA	Exit	BANRO CORP	$0	–	-50,000	–	-0.00%	–
BTG	Exit	B2GOLD CORP	$0	–	-15,800	–	-0.01%	–
SGY	Exit	STONE ENERGY CORP	$0	–	-10,988	–	-0.02%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-29,315	–	-0.02%	–
KEGXQ	Exit	KEY ENERGY SVCS INC	$0	–	-3,462,303	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,484	–	-0.03%	–
PFIE	Exit	PROFIRE ENERGY INC	$0	–	-192,601	–	-0.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,750	–	-0.03%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-76,975	–	-0.03%	–
L	Exit	LOEWS CORP	$0	–	-7,058	–	-0.04%	–
CCJ	Exit	CAMECO CORP	$0	–	-40,011	–	-0.04%	–
BBG	Exit	BARRETT BILL CORP	$0	–	-65,605	–	-0.04%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-100,000	–	-0.05%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-4,444	–	-0.06%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-9,903	–	-0.06%	–
RELYQ	Exit	REAL IND INC	$0	–	-78,387	–	-0.06%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-99,316	–	-0.06%	–
MKL	Exit	MARKEL CORP	$0	–	-602	–	-0.07%	–
EYES	Exit	SECOND SIGHT MED PRODS INC	$0	–	-165,900	–	-0.07%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-21,910	–	-0.08%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-36,217	–	-0.08%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-101,095	–	-0.09%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-10,051	–	-0.09%	–
CSCO	Exit	CISCO SYS INC	$0	–	-25,865	–	-0.10%	–
HCCI	Exit	HERITAGE CRYSTAL CLEAN INC	$0	–	-64,755	–	-0.11%	–
PHIKQ	Exit	PHI INC	$0	–	-53,893	–	-0.12%	–
CUI	Exit	CUI GLOBAL INC	$0	–	-180,285	–	-0.13%	–
LDL	Exit	LYDALL INC DEL	$0	–	-20,700	–	-0.13%	–
NR	Exit	NEWPARK RES INC	$0	–	-148,750	–	-0.14%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-67,427	–	-0.14%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-39,155	–	-0.14%	–
BRC	Exit	BRADY CORPcl a	$0	–	-33,848	–	-0.14%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-72,630	–	-0.20%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-333,705	–	-0.22%	–
SUP	Exit	SUPERIOR INDS INTL INC	$0	–	-72,010	–	-0.26%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-187,878	–	-0.31%	–
INTG	Exit	INTERGROUP CORP	$0	–	-150,457	–	-0.45%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-321,213	–	-0.69%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-206,295	–	-0.72%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-615,892	–	-0.72%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO NEW	$0	–	-779,996	–	-0.73%	–
DVA	Exit	DAVITA INC	$0	–	-99,368	–	-0.81%	–
PESXQ	Exit	PIONEER ENERGY SVCS CORP	$0	–	-1,760,176	–	-0.88%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-96,600	–	-0.93%	–
MTW	Exit	MANITOWOC INC	$0	–	-1,609,075	–	-0.95%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-38,125	–	-1.01%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-104,893	–	-1.02%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-104,868	–	-1.04%	–
EWH	Exit	ISHARESmsci hong kg etf	$0	–	-396,567	–	-1.08%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-125,914	–	-1.10%	–
MXWL	Exit	MAXWELL TECHNOLOGIES INC	$0	–	-1,789,256	–	-1.14%	–
POWL	Exit	POWELL INDS INC	$0	–	-240,435	–	-1.19%	–
ESV	Exit	ENSCO PLC	$0	–	-1,165,250	–	-1.22%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-253,318	–	-1.38%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-211,560	–	-1.41%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-32,081,540	–	-1.46%	–
HAL	Exit	HALLIBURTON CO	$0	–	-268,916	–	-1.49%	–
ORN	Exit	ORION GROUP HOLDINGS INC	$0	–	-1,802,531	–	-1.52%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-233,063	–	-1.57%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-400,081	–	-1.65%	–
BOOM	Exit	DYNAMIC MATLS CORP	$0	–	-1,265,021	–	-1.66%	–
ERA	Exit	ERA GROUP INC	$0	–	-1,685,359	–	-1.67%	–
MCK	Exit	MCKESSON CORP	$0	–	-84,790	–	-1.74%	–
AVID	Exit	AVID TECHNOLOGY INC	$0	–	-1,794,572	–	-1.76%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-93,939	–	-1.84%	–
PICO	Exit	PICO HLDGS INC	$0	–	-1,394,555	–	-2.03%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-628,496	–	-2.05%	–
APA	Exit	APACHE CORP	$0	–	-309,331	–	-2.44%	–
USB	Exit	US BANCORP DEL	$0	–	-464,756	–	-2.46%	–
LAYN	Exit	LAYNE CHRISTENSEN CO	$0	–	-2,346,402	–	-2.46%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-2,367,206	–	-2.54%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-2,250,554	–	-3.06%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-647,330	–	-3.54%	–
UNTCQ	Exit	UNIT CORP	$0	–	-1,672,142	–	-3.84%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,035,420	–	-4.06%	–
CFX	Exit	COLFAX CORP	$0	–	-1,086,880	–	-4.21%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-219,326	–	-4.45%	–
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-862,607	–	-4.71%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-1,010,599	–	-4.79%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,483,396	–	-4.81%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-281,910	–	-5.02%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-2,473,320	–	-5.51%	–

Q3 2016

			Value		Shares		↓ Weighting
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$44,693,000	+39.6%	2,473,320	-1.5%	5.51%	+34.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$40,728,000	-2.2%	281,910	-2.0%	5.02%	-6.2%
DISCK	Sell	DISCOVERY COMMUNICATNS NEW	$39,028,000	+8.1%	1,483,396	-2.0%	4.81%	+3.7%
XOP	Sell	SPDR SERIES TRUSTs&p oilgas exp	$38,868,000	+8.8%	1,010,599	-1.5%	4.79%	+4.4%
GDXJ	Sell	VANECK VECTORS ETF TRjr gold miners e	$38,205,000	+2.0%	862,607	-1.9%	4.71%	-2.1%
ESGR	Buy	ENSTAR GROUP LIMITED	$36,073,000	+7.1%	219,326	+5.5%	4.45%	+2.8%
CFX	Sell	COLFAX CORP	$34,161,000	+17.1%	1,086,880	-1.4%	4.21%	+12.4%
GM	Sell	GENERAL MTRS CO	$32,895,000	+10.3%	1,035,420	-1.8%	4.06%	+5.8%
UNTCQ	Sell	UNIT CORP	$31,102,000	+17.9%	1,672,142	-1.4%	3.84%	+13.2%
WFC	Sell	WELLS FARGO & CO NEW	$28,664,000	-7.2%	647,330	-0.9%	3.54%	-11.0%
SA	Sell	SEABRIDGE GOLD INC	$24,824,000	-25.9%	2,250,554	-1.4%	3.06%	-28.9%
ATW	Buy	ATWOOD OCEANICS INC	$20,571,000	+0.5%	2,367,206	+44.7%	2.54%	-3.6%
LAYN	Sell	LAYNE CHRISTENSEN CO	$19,968,000	+3.9%	2,346,402	-1.1%	2.46%	-0.3%
USB	Sell	US BANCORP DEL	$19,933,000	-8.1%	464,756	-13.6%	2.46%	-11.9%
APA	Sell	APACHE CORP	$19,757,000	+12.9%	309,331	-1.6%	2.44%	+8.4%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$16,611,000	-6.5%	628,496	-1.9%	2.05%	-10.2%
PICO	Sell	PICO HLDGS INC	$16,442,000	+22.6%	1,394,555	-1.7%	2.03%	+17.6%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$14,922,000	+2.8%	93,939	-1.8%	1.84%	-1.4%
AVID	Sell	AVID TECHNOLOGY INC	$14,249,000	-7.7%	1,794,572	-32.5%	1.76%	-11.5%
MCK	Sell	MCKESSON CORP	$14,139,000	-11.9%	84,790	-1.4%	1.74%	-15.4%
ERA	Buy	ERA GROUP INC	$13,567,000	-11.5%	1,685,359	+3.3%	1.67%	-15.1%
BOOM	Buy	DYNAMIC MATLS CORP	$13,485,000	+9.3%	1,265,021	+10.2%	1.66%	+4.9%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$13,367,000	+5.1%	400,081	-2.9%	1.65%	+0.9%
EMR	Sell	EMERSON ELEC CO	$12,704,000	+2.2%	233,063	-2.2%	1.57%	-1.9%
ORN	Sell	ORION GROUP HOLDINGS INC	$12,347,000	+21.8%	1,802,531	-5.5%	1.52%	+17.0%
HAL	Sell	HALLIBURTON CO	$12,069,000	-2.9%	268,916	-2.0%	1.49%	-6.8%
LODE	Buy	COMSTOCK MNG INC	$11,861,000	+10.5%	32,081,540	+4.3%	1.46%	+6.1%
AEM	Sell	AGNICO EAGLE MINES LTD	$11,462,000	-12.1%	211,560	-13.2%	1.41%	-15.6%
DVN	Sell	DEVON ENERGY CORP NEW	$11,174,000	+20.0%	253,318	-1.4%	1.38%	+15.1%
ESV	Sell	ENSCO PLC	$9,905,000	-13.5%	1,165,250	-1.2%	1.22%	-16.9%
POWL	Sell	POWELL INDS INC	$9,629,000	-11.2%	240,435	-12.8%	1.19%	-14.8%
MXWL	Sell	MAXWELL TECHNOLOGIES INC	$9,233,000	-4.1%	1,789,256	-1.9%	1.14%	-7.9%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$8,881,000	-8.4%	125,914	-1.6%	1.10%	-12.1%
EWH	Sell	ISHARESmsci hong kg etf	$8,728,000	+10.4%	396,567	-1.8%	1.08%	+5.9%
ABC	Sell	AMERISOURCEBERGEN CORP	$8,471,000	+0.3%	104,868	-1.5%	1.04%	-3.8%
SLB	Sell	SCHLUMBERGER LTD	$8,249,000	-2.1%	104,893	-1.6%	1.02%	-6.1%
ADS	Sell	ALLIANCE DATA SYSTEMS CORP	$8,179,000	+7.7%	38,125	-1.6%	1.01%	+3.4%
MTW	New	MANITOWOC INC	$7,707,000	–	1,609,075	–	0.95%	–
CAH	Sell	CARDINAL HEALTH INC	$7,506,000	-2.1%	96,600	-1.7%	0.93%	-6.0%
PESXQ	Buy	PIONEER ENERGY SVCS CORP	$7,111,000	-0.7%	1,760,176	+13.1%	0.88%	-4.7%
DVA	Sell	DAVITA INC	$6,565,000	-17.9%	99,368	-3.9%	0.81%	-21.2%
DWSN	Sell	DAWSON GEOPHYSICAL CO NEW	$5,951,000	-6.7%	779,996	-0.4%	0.73%	-10.5%
SYNL	Buy	SYNALLOY CP DEL	$5,857,000	+28.5%	615,892	+3.5%	0.72%	+23.2%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$5,805,000	+8.3%	206,295	-27.0%	0.72%	+3.9%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$5,583,000	+16.2%	321,213	-2.0%	0.69%	+11.7%
INTG	Buy	INTERGROUP CORP	$3,656,000	-3.6%	150,457	+1.2%	0.45%	-7.4%
RDI	Buy	READING INTERNATIONAL INCcl a	$2,508,000	+7.5%	187,878	+0.5%	0.31%	+3.0%
CLDPQ	Sell	CLOUD PEAK ENERGY INC	$1,815,000	+163.0%	333,705	-0.4%	0.22%	+151.7%
GG	Sell	GOLDCORP INC NEW	$1,114,000	-14.2%	67,427	-0.6%	0.14%	-18.0%
LDL	Sell	LYDALL INC DEL	$1,058,000	+32.2%	20,700	-0.3%	0.13%	+26.2%
PHIKQ	Sell	PHI INC	$979,000	-5.8%	53,893	-7.3%	0.12%	-9.7%
CSCO	Sell	CISCO SYS INC	$820,000	+2.6%	25,865	-7.1%	0.10%	-1.9%
ASC	Buy	ARDMORE SHIPPING CORP	$712,000	+53.4%	101,095	+47.5%	0.09%	+46.7%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$638,000	-29.2%	36,217	-2.3%	0.08%	-31.9%
EYES	Sell	SECOND SIGHT MED PRODS INC	$584,000	-2.5%	165,900	-0.8%	0.07%	-6.5%
MKL	Sell	MARKEL CORP	$559,000	-6.8%	602	-4.4%	0.07%	-10.4%
TTE	Sell	TOTAL S Asponsored adr	$472,000	-4.5%	9,903	-3.5%	0.06%	-7.9%
GOLD	Sell	RANDGOLD RES LTDadr	$445,000	-13.9%	4,444	-3.6%	0.06%	-16.7%
CCJ	Buy	CAMECO CORP	$342,000	-21.6%	40,011	+0.6%	0.04%	-25.0%
L	Sell	LOEWS CORP	$290,000	-7.6%	7,058	-7.7%	0.04%	-10.0%
DNRCQ	Sell	DENBURY RES INC	$249,000	-10.8%	76,975	-1.0%	0.03%	-13.9%
KEGXQ	Sell	KEY ENERGY SVCS INC	$144,000	-82.2%	3,462,303	-0.7%	0.02%	-82.7%
AUY	Sell	YAMANA GOLD INC	$126,000	-43.2%	29,315	-31.4%	0.02%	-44.8%
BAA	Sell	BANRO CORP	$16,000	-5.9%	50,000	-15.2%	0.00%	0.0%
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-500	–	-0.05%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$41,658,000	–	287,711	–	5.35%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$37,462,000	–	879,389	–	4.81%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$36,118,000	–	1,514,388	–	4.64%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$35,715,000	–	1,026,009	–	4.59%	–
ESGR	New	ENSTAR GROUP LIMITED	$33,690,000	–	207,974	–	4.33%	–
SA	New	SEABRIDGE GOLD INC	$33,523,000	–	2,283,616	–	4.31%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$32,017,000	–	2,511,100	–	4.11%	–
WFC	New	WELLS FARGO & CO NEW	$30,904,000	–	652,949	–	3.97%	–
GM	New	GENERAL MTRS CO	$29,825,000	–	1,053,875	–	3.83%	–
CFX	New	COLFAX CORP	$29,177,000	–	1,102,683	–	3.75%	–
UNTCQ	New	UNIT CORP	$26,380,000	–	1,695,372	–	3.39%	–
USB	New	US BANCORP DEL	$21,700,000	–	538,062	–	2.79%	–
ATW	New	ATWOOD OCEANICS INC	$20,476,000	–	1,635,424	–	2.63%	–
LAYN	New	LAYNE CHRISTENSEN CO	$19,219,000	–	2,372,662	–	2.47%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$17,758,000	–	640,846	–	2.28%	–
APA	New	APACHE CORP	$17,503,000	–	314,406	–	2.25%	–
MCK	New	MCKESSON CORP	$16,049,000	–	85,982	–	2.06%	–
AVID	New	AVID TECHNOLOGY INC	$15,445,000	–	2,658,373	–	1.98%	–
ERA	New	ERA GROUP INC	$15,332,000	–	1,631,018	–	1.97%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$14,518,000	–	95,654	–	1.87%	–
PICO	New	PICO HLDGS INC	$13,415,000	–	1,418,050	–	1.72%	–
AEM	New	AGNICO EAGLE MINES LTD	$13,045,000	–	243,835	–	1.68%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$12,721,000	–	412,078	–	1.64%	–
HAL	New	HALLIBURTON CO	$12,426,000	–	274,360	–	1.60%	–
EMR	New	EMERSON ELEC CO	$12,425,000	–	238,214	–	1.60%	–
BOOM	New	DYNAMIC MATLS CORP	$12,342,000	–	1,148,085	–	1.59%	–
ESV	New	ENSCO PLC	$11,447,000	–	1,178,909	–	1.47%	–
POWL	New	POWELL INDS INC	$10,847,000	–	275,713	–	1.39%	–
LODE	New	COMSTOCK MNG INC	$10,732,000	–	30,759,463	–	1.38%	–
ORN	New	ORION GROUP HOLDINGS INC	$10,133,000	–	1,908,328	–	1.30%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$9,697,000	–	127,923	–	1.25%	–
MXWL	New	MAXWELL TECHNOLOGIES INC	$9,626,000	–	1,823,040	–	1.24%	–
DVN	New	DEVON ENERGY CORP NEW	$9,315,000	–	256,965	–	1.20%	–
ABC	New	AMERISOURCEBERGEN CORP	$8,447,000	–	106,490	–	1.09%	–
SLB	New	SCHLUMBERGER LTD	$8,430,000	–	106,598	–	1.08%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$7,998,000	–	103,438	–	1.03%	–
EWH	New	ISHARESmsci hong kg etf	$7,905,000	–	403,744	–	1.02%	–
CAH	New	CARDINAL HEALTH INC	$7,666,000	–	98,275	–	0.98%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$7,594,000	–	38,761	–	0.98%	–
PESXQ	New	PIONEER ENERGY SVCS CORP	$7,160,000	–	1,556,586	–	0.92%	–
DWSN	New	DAWSON GEOPHYSICAL CO NEW	$6,380,000	–	782,856	–	0.82%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$5,358,000	–	282,458	–	0.69%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$4,804,000	–	327,677	–	0.62%	–
SYNL	New	SYNALLOY CP DEL	$4,558,000	–	595,011	–	0.59%	–
INTG	New	INTERGROUP CORP	$3,792,000	–	148,702	–	0.49%	–
RDI	New	READING INTERNATIONAL INCcl a	$2,334,000	–	186,880	–	0.30%	–
SUP	New	SUPERIOR INDS INTL INC	$1,928,000	–	72,010	–	0.25%	–
PTEN	New	PATTERSON UTI ENERGY INC	$1,548,000	–	72,630	–	0.20%	–
GG	New	GOLDCORP INC NEW	$1,298,000	–	67,863	–	0.17%	–
AIMC	New	ALTRA INDL MOTION CORP	$1,056,000	–	39,155	–	0.14%	–
PHIKQ	New	PHI INC	$1,039,000	–	58,133	–	0.13%	–
BRC	New	BRADY CORPcl a	$1,034,000	–	33,848	–	0.13%	–
CUI	New	CUI GLOBAL INC	$910,000	–	180,285	–	0.12%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$901,000	–	37,052	–	0.12%	–
NR	New	NEWPARK RES INC	$861,000	–	148,750	–	0.11%	–
KEGXQ	New	KEY ENERGY SVCS INC	$808,000	–	3,486,293	–	0.10%	–
UAN	New	CVR PARTNERS LP	$811,000	–	99,316	–	0.10%	–
LDL	New	LYDALL INC DEL	$800,000	–	20,755	–	0.10%	–
CSCO	New	CISCO SYS INC	$799,000	–	27,836	–	0.10%	–
HCCI	New	HERITAGE CRYSTAL CLEAN INC	$791,000	–	64,755	–	0.10%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$690,000	–	334,880	–	0.09%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$624,000	–	10,051	–	0.08%	–
RELYQ	New	REAL IND INC	$609,000	–	78,387	–	0.08%	–
EYES	New	SECOND SIGHT MED PRODS INC	$599,000	–	167,220	–	0.08%	–
MKL	New	MARKEL CORP	$600,000	–	630	–	0.08%	–
AXTA	New	AXALTA COATING SYS LTD	$581,000	–	21,910	–	0.08%	–
GOLD	New	RANDGOLD RES LTDadr	$517,000	–	4,610	–	0.07%	–
TTE	New	TOTAL S Asponsored adr	$494,000	–	10,263	–	0.06%	–
ASC	New	ARDMORE SHIPPING CORP	$464,000	–	68,545	–	0.06%	–
CCJ	New	CAMECO CORP	$436,000	–	39,756	–	0.06%	–
BBG	New	BARRETT BILL CORP	$419,000	–	65,605	–	0.05%	–
WTM	New	WHITE MTNS INS GROUP LTD	$421,000	–	500	–	0.05%	–
AKG	New	ASANKO GOLD INC	$381,000	–	100,000	–	0.05%	–
L	New	LOEWS CORP	$314,000	–	7,644	–	0.04%	–
DNRCQ	New	DENBURY RES INC	$279,000	–	77,755	–	0.04%	–
XOM	New	EXXON MOBIL CORP	$233,000	–	2,484	–	0.03%	–
AUY	New	YAMANA GOLD INC	$222,000	–	42,720	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$228,000	–	3,750	–	0.03%	–
PFIE	New	PROFIRE ENERGY INC	$214,000	–	192,601	–	0.03%	–
SGY	New	STONE ENERGY CORP	$133,000	–	10,988	–	0.02%	–
BTG	New	B2GOLD CORP	$40,000	–	15,800	–	0.01%	–
BAA	New	BANRO CORP	$17,000	–	58,950	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
INVT	Exit	INVENTERGY GLOBAL INC	$0	–	-21,000	–	-0.00%	–
TGD	Exit	TIMMINS GOLD CORP	$0	–	-15,000	–	-0.00%	–
PACD	Exit	PACIFIC DRILLING SA LUXEMBOU	$0	–	-14,000	–	-0.00%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-15,000	–	-0.00%	–
FSNN	Exit	FUSION TELECOMM INTL INC	$0	–	-16,611	–	-0.00%	–
UCP	Exit	UCP INCcl a	$0	–	-10,090	–	-0.01%	–
CUI	Exit	CUI GLOBAL INC	$0	–	-16,425	–	-0.01%	–
XPLR	Exit	XPLORE TECHNOLOGIES CORP	$0	–	-17,700	–	-0.01%	–
BAA	Exit	BANRO CORP	$0	–	-655,540	–	-0.01%	–
PFIE	Exit	PROFIRE ENERGY INC	$0	–	-151,300	–	-0.02%	–
BBG	Exit	BARRETT BILL CORP	$0	–	-64,305	–	-0.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,775	–	-0.04%	–
TRMK	Exit	TRUSTMARK CORP	$0	–	-12,435	–	-0.04%	–
OIH	Exit	MARKET VECTORS ETF TRoil svcs etf	$0	–	-10,625	–	-0.04%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-25,400	–	-0.04%	–
SGY	Exit	STONE ENERGY CORP	$0	–	-62,740	–	-0.04%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,185	–	-0.04%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-16,875	–	-0.04%	–
AVD	Exit	AMERICAN VANGUARD CORP	$0	–	-36,018	–	-0.05%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-32,091	–	-0.06%	–
BTG	Exit	B2GOLD CORP	$0	–	-426,800	–	-0.06%	–
L	Exit	LOEWS CORP	$0	–	-13,417	–	-0.06%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-41,658	–	-0.07%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-40,125	–	-0.07%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-12,401	–	-0.07%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-27,450	–	-0.08%	–
BRC	Exit	BRADY CORPcl a	$0	–	-33,848	–	-0.08%	–
LDL	Exit	LYDALL INC DEL	$0	–	-24,440	–	-0.09%	–
RELYQ	Exit	REAL IND INC	$0	–	-79,254	–	-0.09%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-79,316	–	-0.10%	–
CSCO	Exit	CISCO SYS INC	$0	–	-30,981	–	-0.10%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-573,710	–	-0.11%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-319,005	–	-0.11%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-48,978	–	-0.11%	–
SUP	Exit	SUPERIOR INDS INTL INC	$0	–	-46,095	–	-0.11%	–
PESXQ	Exit	PIONEER ENERGY SVCS CORP	$0	–	-482,051	–	-0.13%	–
CCF	Exit	CHASE CORP	$0	–	-26,050	–	-0.13%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-36,000	–	-0.19%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-140,545	–	-0.23%	–
KEGXQ	Exit	KEY ENERGY SVCS INC	$0	–	-4,067,454	–	-0.25%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-2,879	–	-0.28%	–
ASA	Exit	ASA GOLD AND PRECIOUS MTLS L	$0	–	-282,805	–	-0.28%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,415,386	–	-0.31%	–
INTG	Exit	INTERGROUP CORP	$0	–	-128,842	–	-0.46%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-643,315	–	-0.49%	–
KO	Exit	COCA COLA CO	$0	–	-116,590	–	-0.60%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-993,994	–	-0.64%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-602,729	–	-0.70%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-1,865,027	–	-0.77%	–
BOOM	Exit	DYNAMIC MATLS CORP	$0	–	-738,871	–	-0.91%	–
EWH	Exit	ISHARESmsci hong kg etf	$0	–	-437,449	–	-1.08%	–
POWL	Exit	POWELL INDS INC	$0	–	-295,111	–	-1.14%	–
ESV	Exit	ENSCO PLC	$0	–	-687,762	–	-1.24%	–
PICO	Exit	PICO HLDGS INC	$0	–	-1,113,000	–	-1.38%	–
MXWL	Exit	MAXWELL TECHNOLOGIES INC	$0	–	-1,991,620	–	-1.39%	–
HAL	Exit	HALLIBURTON CO	$0	–	-306,501	–	-1.39%	–
ORN	Exit	ORION MARINE GROUP INC	$0	–	-1,971,252	–	-1.52%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-7,334,556	–	-1.60%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-2,173,808	–	-1.62%	–
APA	Exit	APACHE CORP	$0	–	-327,032	–	-1.65%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-296,369	–	-1.68%	–
CFX	Exit	COLFAX CORP	$0	–	-478,755	–	-1.84%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-23,654,116	–	-1.85%	–
UNTCQ	Exit	UNIT CORP	$0	–	-1,360,128	–	-1.97%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-655,042	–	-2.13%	–
GDXJ	Exit	MARKET VECTORS ETF TRjr gold miners e	$0	–	-880,760	–	-2.22%	–
ERA	Exit	ERA GROUP INC	$0	–	-1,163,111	–	-2.24%	–
LAYN	Exit	LAYNE CHRISTENSEN CO	$0	–	-2,730,723	–	-2.28%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-1,200,658	–	-2.28%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-318,544	–	-2.42%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-582,931	–	-2.58%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-1,535,848	–	-2.80%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-587,685	–	-2.83%	–
AVID	Exit	AVID TECHNOLOGY INC	$0	–	-2,965,028	–	-3.03%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-726,954	–	-3.07%	–
USB	Exit	US BANCORP DEL	$0	–	-630,659	–	-3.32%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-362,321	–	-3.37%	–
MKL	Exit	MARKEL CORP	$0	–	-44,711	–	-4.61%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,225,372	–	-4.73%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-253,774	–	-4.89%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-758,359	–	-5.00%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-1,062,114	–	-5.41%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,803,601	–	-5.63%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-337,056	–	-5.65%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$43,952,000	-12.1%	337,056	-8.2%	5.65%	-0.3%
DISCK	Buy	DISCOVERY COMMUNICATNS NEW	$43,809,000	-0.3%	1,803,601	+27.6%	5.63%	+13.1%
CBI	Buy	CHICAGO BRIDGE & IRON CO N V	$42,123,000	-3.9%	1,062,114	+21.2%	5.41%	+9.0%
WFC	Sell	WELLS FARGO & CO NEW	$38,942,000	-15.8%	758,359	-7.8%	5.00%	-4.5%
ESGR	Sell	ENSTAR GROUP LIMITED	$38,066,000	-9.2%	253,774	-6.2%	4.89%	+3.0%
GM	Buy	GENERAL MTRS CO	$36,786,000	+87.3%	1,225,372	+107.9%	4.73%	+112.4%
MKL	Sell	MARKEL CORP	$35,852,000	-5.4%	44,711	-5.5%	4.61%	+7.3%
DVA	Buy	DAVITA HEALTHCARE PARTNERS I	$26,207,000	+72.9%	362,321	+90.0%	3.37%	+96.1%
USB	Buy	US BANCORP DEL	$25,863,000	+21.1%	630,659	+28.1%	3.32%	+37.3%
XOP	Buy	SPDR SERIES TRUSTs&p oilgas exp	$23,873,000	+2653.5%	726,954	+3810.5%	3.07%	+3030.6%
AVID	Buy	AVID TECHNOLOGY INC	$23,602,000	+26.5%	2,965,028	+112.0%	3.03%	+43.5%
J	Sell	JACOBS ENGR GROUP INC DEL	$21,997,000	-34.0%	587,685	-28.3%	2.83%	-25.1%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$21,778,000	+45.2%	1,535,848	+209.2%	2.80%	+64.6%
LMCK	Sell	LIBERTY MEDIA CORP DELAWARE	$20,088,000	-8.6%	582,931	-4.7%	2.58%	+3.7%
GOLD	Sell	RANDGOLD RES LTDadr	$18,823,000	-16.0%	318,544	-4.8%	2.42%	-4.7%
ATW	Buy	ATWOOD OCEANICS INC	$17,782,000	-25.4%	1,200,658	+33.2%	2.28%	-15.4%
LAYN	Sell	LAYNE CHRISTENSEN CO	$17,750,000	-31.0%	2,730,723	-5.0%	2.28%	-21.8%
ERA	Sell	ERA GROUP INC	$17,412,000	-34.5%	1,163,111	-10.4%	2.24%	-25.7%
GDXJ	Buy	MARKET VECTORS ETF TRjr gold miners e	$17,254,000	+4.2%	880,760	+28.4%	2.22%	+18.1%
AEM	Sell	AGNICO EAGLE MINES LTD	$16,586,000	-14.4%	655,042	-4.0%	2.13%	-2.9%
UNTCQ	Buy	UNIT CORP	$15,315,000	+46.1%	1,360,128	+252.0%	1.97%	+65.8%
LODE	Buy	COMSTOCK MNG INC	$14,429,000	+22.8%	23,654,116	+17.8%	1.85%	+39.3%
CFX	Sell	COLFAX CORP	$14,320,000	-38.0%	478,755	-4.4%	1.84%	-29.7%
EMR	Buy	EMERSON ELEC CO	$13,091,000	+54.5%	296,369	+93.9%	1.68%	+75.2%
APA	Buy	APACHE CORP	$12,807,000	-25.8%	327,032	+9.3%	1.65%	-15.8%
SA	Buy	SEABRIDGE GOLD INC	$12,608,000	+16.1%	2,173,808	+22.3%	1.62%	+31.7%
AUY	Buy	YAMANA GOLD INC	$12,469,000	+32.7%	7,334,556	+134.1%	1.60%	+50.4%
ORN	Sell	ORION MARINE GROUP INC	$11,788,000	-20.6%	1,971,252	-4.1%	1.52%	-9.9%
HAL	Sell	HALLIBURTON CO	$10,835,000	-22.1%	306,501	-5.1%	1.39%	-11.7%
MXWL	Sell	MAXWELL TECHNOLOGIES INC	$10,795,000	-14.2%	1,991,620	-5.5%	1.39%	-2.7%
PICO	Buy	PICO HLDGS INC	$10,774,000	+12.5%	1,113,000	+71.1%	1.38%	+27.6%
ESV	Sell	ENSCO PLC	$9,684,000	-47.7%	687,762	-17.3%	1.24%	-40.7%
POWL	Buy	POWELL INDS INC	$8,883,000	-12.0%	295,111	+2.8%	1.14%	-0.3%
EWH	New	ISHARESmsci hong kg etf	$8,364,000	–	437,449	–	1.08%	–
BOOM	Buy	DYNAMIC MATLS CORP	$7,049,000	-8.2%	738,871	+5.9%	0.91%	+4.1%
EGO	Sell	ELDORADO GOLD CORP NEW	$6,005,000	-25.1%	1,865,027	-3.7%	0.77%	-15.0%
SYNL	Sell	SYNALLOY CP DEL	$5,449,000	-38.5%	602,729	-6.8%	0.70%	-30.3%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$5,010,000	-38.3%	993,994	-27.1%	0.64%	-30.1%
KO	Sell	COCA COLA CO	$4,678,000	-2.6%	116,590	-4.8%	0.60%	+10.5%
BVN	Sell	COMPANIA DE MINAS BUENAVENTUsponsored adr	$3,834,000	-64.0%	643,315	-37.3%	0.49%	-59.2%
INTG	Buy	INTERGROUP CORP	$3,564,000	+43.1%	128,842	+0.7%	0.46%	+62.4%
KGC	Sell	KINROSS GOLD CORP	$2,434,000	-32.3%	1,415,386	-8.6%	0.31%	-23.1%
ASA	Sell	ASA GOLD AND PRECIOUS MTLS L	$2,212,000	-24.4%	282,805	-6.2%	0.28%	-14.5%
WTM	Sell	WHITE MTNS INS GROUP LTD	$2,151,000	-75.3%	2,879	-78.4%	0.28%	-72.1%
KEGXQ	Buy	KEY ENERGY SVCS INC	$1,912,000	-70.5%	4,067,454	+13.0%	0.25%	-66.5%
RDI	Buy	READING INTERNATIONAL INCcl a	$1,781,000	+40.0%	140,545	+53.0%	0.23%	+59.0%
CCF	Buy	CHASE CORP	$1,026,000	+0.4%	26,050	+1.3%	0.13%	+13.8%
PESXQ	Buy	PIONEER ENERGY SVCS CORP	$1,012,000	+120.0%	482,051	+565.0%	0.13%	+150.0%
SUP	Sell	SUPERIOR INDS INTL INC	$861,000	+0.5%	46,095	-1.5%	0.11%	+14.4%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$847,000	-96.3%	48,978	-94.5%	0.11%	-95.8%
AKG	Sell	ASANKO GOLD INC	$843,000	-48.3%	573,710	-39.9%	0.11%	-41.6%
CLDPQ	Sell	CLOUD PEAK ENERGY INC	$839,000	-66.6%	319,005	-40.9%	0.11%	-62.1%
CSCO	Sell	CISCO SYS INC	$813,000	-30.0%	30,981	-26.8%	0.10%	-21.2%
UAN	Buy	CVR PARTNERS LP	$742,000	+11.2%	79,316	+50.2%	0.10%	+25.0%
RELYQ	Sell	REAL IND INC	$699,000	-68.6%	79,254	-59.6%	0.09%	-64.3%
LDL	Sell	LYDALL INC DEL	$696,000	-7.1%	24,440	-3.6%	0.09%	+4.7%
BRC	Sell	BRADY CORPcl a	$665,000	-24.6%	33,848	-5.1%	0.08%	-15.0%
AIMC	Buy	ALTRA INDL MOTION CORP	$635,000	+113.1%	27,450	+150.7%	0.08%	+141.2%
TTE	Sell	TOTAL S Asponsored adr	$554,000	-81.6%	12,401	-79.8%	0.07%	-79.2%
PTEN	New	PATTERSON UTI ENERGY INC	$527,000	–	40,125	–	0.07%	–
GG	Buy	GOLDCORP INC NEW	$522,000	-10.0%	41,658	+16.3%	0.07%	+1.5%
L	Sell	LOEWS CORP	$485,000	-95.6%	13,417	-95.3%	0.06%	-95.0%
BTG	Sell	B2GOLD CORP	$448,000	-54.6%	426,800	-33.8%	0.06%	-48.2%
ONB	Sell	OLD NATL BANCORP IND	$447,000	-63.5%	32,091	-62.1%	0.06%	-59.0%
AVD	Sell	AMERICAN VANGUARD CORP	$416,000	-39.8%	36,018	-28.0%	0.05%	-32.1%
CRRTQ	Sell	CARBO CERAMICS INC	$320,000	-58.7%	16,875	-9.2%	0.04%	-53.4%
IBM	New	INTERNATIONAL BUSINESS MACHS	$317,000	–	2,185	–	0.04%	–
SGY	Sell	STONE ENERGY CORP	$311,000	-63.6%	62,740	-7.7%	0.04%	-58.8%
ASC	Sell	ARDMORE SHIPPING CORP	$307,000	-74.4%	25,400	-74.4%	0.04%	-71.3%
OIH	Sell	MARKET VECTORS ETF TRoil svcs etf	$292,000	-48.1%	10,625	-34.1%	0.04%	-40.6%
TRMK	Sell	TRUSTMARK CORP	$288,000	-64.5%	12,435	-61.7%	0.04%	-59.8%
BBG	Sell	BARRETT BILL CORP	$212,000	-63.6%	64,305	-5.3%	0.03%	-59.1%
PFIE	Sell	PROFIRE ENERGY INC	$145,000	-16.2%	151,300	-2.1%	0.02%	-5.0%
XPLR	Sell	XPLORE TECHNOLOGIES CORP	$94,000	-19.0%	17,700	-11.5%	0.01%	-7.7%
UCP	Sell	UCP INCcl a	$68,000	-84.8%	10,090	-82.8%	0.01%	-82.4%
FSNN	Sell	FUSION TELECOMM INTL INC	$31,000	-75.0%	16,611	-71.4%	0.00%	-71.4%
MUX	Sell	MCEWEN MNG INC	$13,000	-65.8%	15,000	-62.2%	0.00%	-50.0%
TGD	Sell	TIMMINS GOLD CORP	$4,000	-95.3%	15,000	-89.7%	0.00%	-90.0%
HL	Exit	HECLA MNG CO	$0	–	-10,040	–	-0.00%	–
RLGT	Exit	RADIANT LOGISTICS INC	$0	–	-15,000	–	-0.01%	–
GLW	Exit	CORNING INC	$0	–	-10,935	–	-0.02%	–
WIRE	Exit	ENCORE WIRE CORP	$0	–	-5,334	–	-0.03%	–
T	Exit	AT&T INC	$0	–	-8,279	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,571	–	-0.03%	–
EMC	Exit	E M C CORP MASS	$0	–	-12,316	–	-0.04%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-40,424	–	-0.04%	–
MLAB	Exit	MESA LABS INC	$0	–	-5,858	–	-0.06%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-77,182	–	-0.09%	–
EXC	Exit	EXELON CORP	$0	–	-25,706	–	-0.09%	–
TDW	Exit	TIDEWATER INC	$0	–	-327,779	–	-0.84%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-137,713	–	-0.87%	–
POST	Exit	POST HLDGS INC	$0	–	-256,355	–	-1.57%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$49,992,000	–	367,288	–	5.66%	–
WFC	New	WELLS FARGO & CO NEW	$46,247,000	–	822,320	–	5.24%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$43,930,000	–	1,413,462	–	4.98%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$43,843,000	–	876,152	–	4.97%	–
ESGR	New	ENSTAR GROUP LIMITED	$41,913,000	–	270,494	–	4.75%	–
MKL	New	MARKEL CORP	$37,900,000	–	47,335	–	4.29%	–
J	New	JACOBS ENGR GROUP INC DEL	$33,316,000	–	820,184	–	3.78%	–
ERA	New	ERA GROUP INC	$26,573,000	–	1,297,510	–	3.01%	–
LAYN	New	LAYNE CHRISTENSEN CO	$25,734,000	–	2,875,286	–	2.92%	–
ATW	New	ATWOOD OCEANICS INC	$23,838,000	–	901,591	–	2.70%	–
CFX	New	COLFAX CORP	$23,110,000	–	500,766	–	2.62%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$23,053,000	–	893,175	–	2.61%	–
GOLD	New	RANDGOLD RES LTDadr	$22,409,000	–	334,717	–	2.54%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$21,971,000	–	612,001	–	2.49%	–
USB	New	US BANCORP DEL	$21,361,000	–	492,199	–	2.42%	–
GM	New	GENERAL MTRS CO	$19,645,000	–	589,411	–	2.23%	–
AEM	New	AGNICO EAGLE MINES LTD	$19,365,000	–	682,586	–	2.19%	–
AVID	New	AVID TECHNOLOGY INC	$18,656,000	–	1,398,501	–	2.11%	–
ESV	New	ENSCO PLC	$18,513,000	–	831,281	–	2.10%	–
APA	New	APACHE CORP	$17,251,000	–	299,342	–	1.96%	–
GDXJ	New	MARKET VECTORS ETF TRjr gold miners e	$16,566,000	–	685,961	–	1.88%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$15,156,000	–	190,716	–	1.72%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$15,003,000	–	496,775	–	1.70%	–
ORN	New	ORION MARINE GROUP INC	$14,846,000	–	2,056,222	–	1.68%	–
HAL	New	HALLIBURTON CO	$13,915,000	–	323,071	–	1.58%	–
POST	New	POST HLDGS INC	$13,825,000	–	256,355	–	1.57%	–
MXWL	New	MAXWELL TECHNOLOGIES INC	$12,579,000	–	2,107,005	–	1.42%	–
LODE	New	COMSTOCK MNG INC	$11,747,000	–	20,079,834	–	1.33%	–
L	New	LOEWS CORP	$10,956,000	–	284,500	–	1.24%	–
SA	New	SEABRIDGE GOLD INC	$10,858,000	–	1,777,095	–	1.23%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$10,649,000	–	1,025,875	–	1.21%	–
UNTCQ	New	UNIT CORP	$10,480,000	–	386,413	–	1.19%	–
POWL	New	POWELL INDS INC	$10,096,000	–	287,057	–	1.14%	–
PICO	New	PICO HLDGS INC	$9,577,000	–	650,585	–	1.08%	–
AUY	New	YAMANA GOLD INC	$9,398,000	–	3,132,575	–	1.06%	–
SYNL	New	SYNALLOY CP DEL	$8,861,000	–	646,816	–	1.00%	–
WTM	New	WHITE MTNS INS GROUP LTD	$8,717,000	–	13,310	–	0.99%	–
EMR	New	EMERSON ELEC CO	$8,471,000	–	152,817	–	0.96%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$8,125,000	–	1,363,333	–	0.92%	–
EGO	New	ELDORADO GOLD CORP NEW	$8,015,000	–	1,936,041	–	0.91%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$7,712,000	–	137,713	–	0.87%	–
BOOM	New	DYNAMIC MATLS CORP	$7,678,000	–	698,018	–	0.87%	–
TDW	New	TIDEWATER INC	$7,450,000	–	327,779	–	0.84%	–
KEGXQ	New	KEY ENERGY SVCS INC	$6,482,000	–	3,601,001	–	0.73%	–
KO	New	COCA COLA CO	$4,805,000	–	122,491	–	0.54%	–
KGC	New	KINROSS GOLD CORP	$3,594,000	–	1,549,305	–	0.41%	–
TTE	New	TOTAL S Asponsored adr	$3,013,000	–	61,270	–	0.34%	–
ASA	New	ASA GOLD AND PRECIOUS MTLS L	$2,927,000	–	301,470	–	0.33%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$2,514,000	–	539,400	–	0.28%	–
INTG	New	INTERGROUP CORP	$2,490,000	–	127,892	–	0.28%	–
RELYQ	New	REAL IND INC	$2,224,000	–	195,934	–	0.25%	–
AKG	New	ASANKO GOLD INC	$1,632,000	–	954,420	–	0.18%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$1,590,000	–	36,000	–	0.18%	–
RDI	New	READING INTERNATIONAL INCcl a	$1,272,000	–	91,870	–	0.14%	–
ONB	New	OLD NATL BANCORP IND	$1,224,000	–	84,660	–	0.14%	–
ASC	New	ARDMORE SHIPPING CORP	$1,200,000	–	99,055	–	0.14%	–
CSCO	New	CISCO SYS INC	$1,162,000	–	42,320	–	0.13%	–
CCF	New	CHASE CORP	$1,022,000	–	25,723	–	0.12%	–
BTG	New	B2GOLD CORP	$987,000	–	644,796	–	0.11%	–
BRC	New	BRADY CORPcl a	$882,000	–	35,660	–	0.10%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$867,000	–	18,590	–	0.10%	–
SGY	New	STONE ENERGY CORP	$855,000	–	67,940	–	0.10%	–
SUP	New	SUPERIOR INDS INTL INC	$857,000	–	46,780	–	0.10%	–
EXC	New	EXELON CORP	$808,000	–	25,706	–	0.09%	–
TRMK	New	TRUSTMARK CORP	$811,000	–	32,455	–	0.09%	–
CRRTQ	New	CARBO CERAMICS INC	$774,000	–	18,590	–	0.09%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$766,000	–	77,182	–	0.09%	–
LDL	New	LYDALL INC DEL	$749,000	–	25,340	–	0.08%	–
AVD	New	AMERICAN VANGUARD CORP	$691,000	–	50,048	–	0.08%	–
UAN	New	CVR PARTNERS LP	$667,000	–	52,796	–	0.08%	–
BBG	New	BARRETT BILL CORP	$583,000	–	67,895	–	0.07%	–
GG	New	GOLDCORP INC NEW	$580,000	–	35,818	–	0.07%	–
OIH	New	MARKET VECTORS ETF TRoil svcs etf	$563,000	–	16,120	–	0.06%	–
MLAB	New	MESA LABS INC	$521,000	–	5,858	–	0.06%	–
PESXQ	New	PIONEER ENERGY SVCS CORP	$460,000	–	72,487	–	0.05%	–
UCP	New	UCP INCcl a	$446,000	–	58,813	–	0.05%	–
HNRG	New	HALLADOR ENERGY COMPANY	$337,000	–	40,424	–	0.04%	–
EMC	New	E M C CORP MASS	$325,000	–	12,316	–	0.04%	–
AIMC	New	ALTRA INDL MOTION CORP	$298,000	–	10,950	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$297,000	–	3,571	–	0.03%	–
T	New	AT&T INC	$294,000	–	8,279	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$293,000	–	3,775	–	0.03%	–
WIRE	New	ENCORE WIRE CORP	$236,000	–	5,334	–	0.03%	–
BAA	New	BANRO CORP	$210,000	–	655,540	–	0.02%	–
GLW	New	CORNING INC	$216,000	–	10,935	–	0.02%	–
PFIE	New	PROFIRE ENERGY INC	$173,000	–	154,500	–	0.02%	–
FSNN	New	FUSION TELECOMM INTL INC	$124,000	–	58,000	–	0.01%	–
XPLR	New	XPLORE TECHNOLOGIES CORP	$116,000	–	20,000	–	0.01%	–
RLGT	New	RADIANT LOGISTICS INC	$110,000	–	15,000	–	0.01%	–
TGD	New	TIMMINS GOLD CORP	$86,000	–	145,000	–	0.01%	–
CUI	New	CUI GLOBAL INC	$83,000	–	16,425	–	0.01%	–
MUX	New	MCEWEN MNG INC	$38,000	–	39,700	–	0.00%	–
PACD	New	PACIFIC DRILLING SA LUXEMBOU	$39,000	–	14,000	–	0.00%	–
HL	New	HECLA MNG CO	$26,000	–	10,040	–	0.00%	–
INVT	New	INVENTERGY GLOBAL INC	$7,000	–	21,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
INUV	Exit	INUVO INC	$0	–	-12,000	–	-0.00%	–
LSG	Exit	LAKE SHORE GOLD CORP	$0	–	-21,400	–	-0.00%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-20,300	–	-0.00%	–
AUDC	Exit	AUDIOCODES LTDord	$0	–	-19,325	–	-0.01%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-17,600	–	-0.01%	–
BAA	Exit	BANRO CORP	$0	–	-624,790	–	-0.01%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-26,535	–	-0.01%	–
INFU	Exit	INFUSYSTEM HLDGS INC	$0	–	-51,234	–	-0.01%	–
TRNS	Exit	TRANSCAT INC	$0	–	-21,215	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-6,013	–	-0.02%	–
GORO	Exit	GOLD RESOURCE CORP	$0	–	-42,525	–	-0.02%	–
USB	Exit	US BANCORP DEL	$0	–	-5,620	–	-0.02%	–
TGT	Exit	TARGET CORP	$0	–	-3,637	–	-0.02%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-9,775	–	-0.02%	–
OFLX	Exit	OMEGA FLEX INC	$0	–	-14,185	–	-0.02%	–
SUP	Exit	SUPERIOR INDS INTL INC	$0	–	-15,170	–	-0.02%	–
MDT	Exit	MEDTRONIC INC	$0	–	-4,878	–	-0.02%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-23,745	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-4,175	–	-0.03%	–
CTPR	Exit	CTPARTNERS EXECUTIVE SEARCH	$0	–	-25,070	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,250	–	-0.03%	–
RBCN	Exit	RUBICON TECHNOLOGY INC	$0	–	-114,690	–	-0.04%	–
ESSX	Exit	ESSEX RENT CORP	$0	–	-356,703	–	-0.06%	–
ISSC	Exit	INNOVATIVE SOLUTIONS & SUPPO	$0	–	-148,576	–	-0.06%	–
KO	Exit	COCA COLA CO	$0	–	-18,045	–	-0.06%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-97,315	–	-0.06%	–
PACD	Exit	PACIFIC DRILLING SA LUXEMBOU	$0	–	-111,800	–	-0.07%	–
CUI	Exit	CUI GLOBAL INC	$0	–	-139,824	–	-0.08%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-493,515	–	-0.08%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-90,515	–	-0.08%	–
HBIO	Exit	HARVARD BIOSCIENCE INC	$0	–	-262,915	–	-0.08%	–
INTG	Exit	INTERGROUP CORP	$0	–	-60,780	–	-0.09%	–
TGD	Exit	TIMMINS GOLD CORP	$0	–	-921,945	–	-0.09%	–
GDXJ	Exit	MARKET VECTORS ETF TRjr gold miners e	$0	–	-52,592	–	-0.14%	–
EMC	Exit	E M C CORP MASS	$0	–	-68,615	–	-0.16%	–
HTCH	Exit	HUTCHINSON TECHNOLOGY INC	$0	–	-616,941	–	-0.18%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-169,076	–	-0.24%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-238,468	–	-0.26%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-303,893	–	-0.28%	–
UNTCQ	Exit	UNIT CORP	$0	–	-64,350	–	-0.29%	–
ASA	Exit	ASA GOLD AND PRECIOUS MTLS L	$0	–	-370,051	–	-0.34%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-1,294,033	–	-0.39%	–
RIOM	Exit	RIO ALTO MNG LTD NEW	$0	–	-2,265,662	–	-0.42%	–
INWK	Exit	INNERWORKINGS INC	$0	–	-701,760	–	-0.44%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-1,917,037	–	-0.56%	–
WIRE	Exit	ENCORE WIRE CORP	$0	–	-195,660	–	-0.56%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-11,624	–	-0.57%	–
CDI	Exit	C D I CORP	$0	–	-634,694	–	-0.72%	–
BOOM	Exit	DYNAMIC MATLS CORP	$0	–	-592,047	–	-0.88%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-1,849,481	–	-0.89%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-3,592,080	–	-0.92%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-694,272	–	-0.94%	–
POWL	Exit	POWELL INDS INC	$0	–	-298,424	–	-0.95%	–
HL	Exit	HECLA MNG CO	$0	–	-4,950,879	–	-0.96%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,527,383	–	-0.96%	–
CCOI	Exit	COGENT COMMUNICATIONS HLDGS	$0	–	-370,015	–	-0.97%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-207,254	–	-1.01%	–
MATX	Exit	MATSON INC	$0	–	-522,181	–	-1.02%	–
KEGXQ	Exit	KEY ENERGY SVCS INC	$0	–	-2,754,851	–	-1.04%	–
ASTE	Exit	ASTEC INDS INC	$0	–	-366,716	–	-1.04%	–
UCP	Exit	UCP INCcl a	$0	–	-1,139,387	–	-1.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-151,781	–	-1.11%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-465,944	–	-1.15%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-1,285,408	–	-1.20%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-114,742	–	-1.22%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-2,341,542	–	-1.23%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-1,391,474	–	-1.25%	–
L	Exit	LOEWS CORP	$0	–	-395,351	–	-1.28%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-629,499	–	-1.28%	–
EXC	Exit	EXELON CORP	$0	–	-485,582	–	-1.29%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-572,498	–	-1.29%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-90,434	–	-1.34%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-274,720	–	-1.38%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-717,218	–	-1.55%	–
TDW	Exit	TIDEWATER INC	$0	–	-514,105	–	-1.56%	–
PICO	Exit	PICO HLDGS INC	$0	–	-1,007,306	–	-1.56%	–
ERA	Exit	ERA GROUP INC	$0	–	-943,782	–	-1.60%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-1,004,036	–	-1.61%	–
POST	Exit	POST HLDGS INC	$0	–	-632,655	–	-1.63%	–
MXWL	Exit	MAXWELL TECHNOLOGIES INC	$0	–	-2,523,608	–	-1.71%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-333,498	–	-1.75%	–
VPG	Exit	VISHAY PRECISION GROUP INC	$0	–	-1,510,934	–	-1.76%	–
HAL	Exit	HALLIBURTON CO	$0	–	-366,004	–	-1.84%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-1,027,835	–	-1.84%	–
ORN	Exit	ORION MARINE GROUP INC	$0	–	-2,378,352	–	-1.85%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-3,979,936	–	-1.86%	–
CMCSK	Exit	COMCAST CORP NEWcl a spl	$0	–	-462,653	–	-1.93%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-21,363,727	–	-2.01%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-453,392	–	-2.04%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-811,633	–	-2.16%	–
ESV	Exit	ENSCO PLC	$0	–	-707,305	–	-2.27%	–
LAYN	Exit	LAYNE CHRISTENSEN CO	$0	–	-3,133,482	–	-2.37%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-701,042	–	-2.38%	–
APA	Exit	APACHE CORP	$0	–	-364,218	–	-2.66%	–
MKL	Exit	MARKEL CORP	$0	–	-57,941	–	-2.87%	–
PKX	Exit	POSCOsponsored adr	$0	–	-538,715	–	-3.18%	–
GLW	Exit	CORNING INC	$0	–	-2,227,966	–	-3.35%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,895,941	–	-3.71%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-978,355	–	-3.72%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,018,574	–	-4.11%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-438,719	–	-4.72%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$60,605,000	+5.2%	438,719	-3.7%	4.72%	+14.2%
WFC	Sell	WELLS FARGO & CO NEW	$52,833,000	-5.4%	1,018,574	-4.1%	4.11%	+2.7%
J	Sell	JACOBS ENGR GROUP INC DEL	$47,763,000	-11.8%	978,355	-3.7%	3.72%	-4.2%
CSCO	Sell	CISCO SYS INC	$47,721,000	-4.1%	1,895,941	-5.3%	3.71%	+4.1%
GLW	Sell	CORNING INC	$43,089,000	-17.4%	2,227,966	-6.3%	3.35%	-10.4%
PKX	Sell	POSCOsponsored adr	$40,888,000	-4.4%	538,715	-6.2%	3.18%	+3.8%
MKL	Buy	MARKEL CORP	$36,859,000	+6.0%	57,941	+9.3%	2.87%	+15.1%
APA	Sell	APACHE CORP	$34,189,000	-11.3%	364,218	-4.9%	2.66%	-3.7%
ATW	Buy	ATWOOD OCEANICS INC	$30,629,000	+61.8%	701,042	+94.3%	2.38%	+75.6%
LAYN	Sell	LAYNE CHRISTENSEN CO	$30,426,000	-29.7%	3,133,482	-3.8%	2.37%	-23.7%
ESV	Buy	ENSCO PLC	$29,219,000	+49.0%	707,305	+100.4%	2.27%	+61.7%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$27,815,000	+4.3%	811,633	+51.1%	2.16%	+13.2%
CBI	New	CHICAGO BRIDGE & IRON CO N V	$26,229,000	–	453,392	–	2.04%	–
LODE	Buy	COMSTOCK MNG INC	$25,850,000	-9.7%	21,363,727	+24.6%	2.01%	-2.0%
CMCSK	Sell	COMCAST CORP NEWcl a spl	$24,752,000	-7.2%	462,653	-7.5%	1.93%	+0.7%
AUY	Sell	YAMANA GOLD INC	$23,880,000	-29.3%	3,979,936	-3.2%	1.86%	-23.3%
ORN	Sell	ORION MARINE GROUP INC	$23,736,000	-11.9%	2,378,352	-4.4%	1.85%	-4.4%
NEM	Sell	NEWMONT MINING CORP	$23,692,000	-17.7%	1,027,835	-9.2%	1.84%	-10.7%
HAL	Sell	HALLIBURTON CO	$23,611,000	-14.2%	366,004	-5.5%	1.84%	-6.8%
VPG	Sell	VISHAY PRECISION GROUP INC	$22,573,000	-13.7%	1,510,934	-4.9%	1.76%	-6.3%
GOLD	Sell	RANDGOLD RES LTDadr	$22,541,000	-22.0%	333,498	-2.4%	1.75%	-15.3%
MXWL	Sell	MAXWELL TECHNOLOGIES INC	$22,006,000	-44.6%	2,523,608	-3.9%	1.71%	-39.9%
POST	New	POST HLDGS INC	$20,991,000	–	632,655	–	1.63%	–
IIIN	Sell	INSTEEL INDUSTRIES INC	$20,643,000	-1.4%	1,004,036	-5.7%	1.61%	+7.1%
ERA	Buy	ERA GROUP INC	$20,527,000	+234.0%	943,782	+340.5%	1.60%	+262.1%
PICO	Buy	PICO HLDGS INC	$20,096,000	-2.2%	1,007,306	+16.5%	1.56%	+6.2%
TDW	Sell	TIDEWATER INC	$20,066,000	-33.3%	514,105	-4.0%	1.56%	-27.6%
FNF	New	FIDELITY NATIONAL FINANCIAL	$19,896,000	–	717,218	–	1.55%	–
TTE	Sell	TOTAL S Asponsored adr	$17,706,000	-16.4%	274,720	-6.3%	1.38%	-9.2%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$17,167,000	+10.1%	90,434	+5.2%	1.34%	+19.6%
AEM	Sell	AGNICO EAGLE MINES LTD	$16,620,000	-28.4%	572,498	-5.5%	1.29%	-22.3%
EXC	Buy	EXELON CORP	$16,553,000	+1413.1%	485,582	+1518.6%	1.29%	+1551.3%
OCN	Buy	OCWEN FINL CORP	$16,480,000	-13.1%	629,499	+23.2%	1.28%	-5.7%
L	Buy	LOEWS CORP	$16,470,000	-4.8%	395,351	+0.5%	1.28%	+3.3%
BVN	Sell	COMPANIA DE MINAS BUENAVENTUsponsored adr	$16,113,000	-6.5%	1,391,474	-4.6%	1.25%	+1.5%
EGO	Sell	ELDORADO GOLD CORP NEW	$15,782,000	-15.7%	2,341,542	-4.4%	1.23%	-8.5%
ESGR	Buy	ENSTAR GROUP LIMITED	$15,642,000	+19.0%	114,742	+31.6%	1.22%	+29.2%
HWCC	Sell	HOUSTON WIRE & CABLE CO	$15,399,000	-7.5%	1,285,408	-4.1%	1.20%	+0.4%
GVA	Sell	GRANITE CONSTR INC	$14,822,000	-18.4%	465,944	-7.7%	1.15%	-11.4%
XOM	Sell	EXXON MOBIL CORP	$14,275,000	-10.2%	151,781	-3.9%	1.11%	-2.5%
UCP	Sell	UCP INCcl a	$13,616,000	-15.3%	1,139,387	-3.1%	1.06%	-8.1%
ASTE	Sell	ASTEC INDS INC	$13,374,000	-23.3%	366,716	-7.7%	1.04%	-16.7%
KEGXQ	Buy	KEY ENERGY SVCS INC	$13,333,000	-40.6%	2,754,851	+12.2%	1.04%	-35.5%
MATX	Sell	MATSON INC	$13,070,000	-11.5%	522,181	-5.1%	1.02%	-4.0%
EMR	Sell	EMERSON ELEC CO	$12,970,000	-14.6%	207,254	-9.4%	1.01%	-7.3%
CCOI	Sell	COGENT COMMUNICATIONS HLDGS	$12,436,000	-3.7%	370,015	-1.0%	0.97%	+4.5%
SA	Buy	SEABRIDGE GOLD INC	$12,280,000	+20.1%	1,527,383	+40.1%	0.96%	+30.4%
HL	Sell	HECLA MNG CO	$12,278,000	-31.6%	4,950,879	-4.9%	0.96%	-25.8%
POWL	Buy	POWELL INDS INC	$12,194,000	-35.5%	298,424	+3.2%	0.95%	-30.0%
SYNL	Sell	SYNALLOY CP DEL	$12,080,000	+2.2%	694,272	-3.6%	0.94%	+10.8%
KGC	Sell	KINROSS GOLD CORP	$11,854,000	-23.3%	3,592,080	-3.7%	0.92%	-16.7%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$11,430,000	-25.8%	1,849,481	-4.0%	0.89%	-19.5%
BOOM	Buy	DYNAMIC MATLS CORP	$11,278,000	+112.2%	592,047	+146.5%	0.88%	+130.4%
CDI	Sell	C D I CORP	$9,216,000	-8.0%	634,694	-8.7%	0.72%	-0.1%
WTM	Buy	WHITE MTNS INS GROUP LTD	$7,324,000	+6.6%	11,624	+3.0%	0.57%	+15.9%
WIRE	Sell	ENCORE WIRE CORP	$7,257,000	-29.4%	195,660	-6.7%	0.56%	-23.3%
TRQ	Sell	TURQUOISE HILL RES LTD	$7,170,000	-9.5%	1,917,037	-19.1%	0.56%	-1.8%
INWK	New	INNERWORKINGS INC	$5,677,000	–	701,760	–	0.44%	–
RIOM	Sell	RIO ALTO MNG LTD NEW	$5,438,000	-1.9%	2,265,662	-5.6%	0.42%	+6.5%
GFI	Sell	GOLD FIELDS LTD NEWsponsored adr	$5,047,000	-0.1%	1,294,033	-4.7%	0.39%	+8.6%
ASA	Sell	ASA GOLD AND PRECIOUS MTLS L	$4,352,000	-32.5%	370,051	-15.9%	0.34%	-26.6%
UNTCQ	Sell	UNIT CORP	$3,774,000	-22.3%	64,350	-8.8%	0.29%	-15.5%
AU	Sell	ANGLOGOLD ASHANTI LTDsponsored adr	$3,647,000	-34.3%	303,893	-5.8%	0.28%	-28.6%
FNFV	New	FIDELITY NATIONAL FINANCIAL	$3,281,000	–	238,468	–	0.26%	–
DWSN	Sell	DAWSON GEOPHYSICAL CO	$3,074,000	-37.7%	169,076	-1.8%	0.24%	-32.5%
HTCH	Sell	HUTCHINSON TECHNOLOGY INC	$2,258,000	+40.9%	616,941	-3.7%	0.18%	+53.0%
EMC	Sell	E M C CORP MASS	$2,008,000	-8.5%	68,615	-17.6%	0.16%	-0.6%
GDXJ	Buy	MARKET VECTORS ETF TRjr gold miners e	$1,768,000	-19.9%	52,592	+0.7%	0.14%	-12.7%
TGD	Sell	TIMMINS GOLD CORP	$1,189,000	-27.0%	921,945	-0.9%	0.09%	-20.5%
INTG	Buy	INTERGROUP CORP	$1,185,000	+362.9%	60,780	+352.6%	0.09%	+411.1%
HBIO	Buy	HARVARD BIOSCIENCE INC	$1,075,000	-7.6%	262,915	+2.9%	0.08%	+1.2%
HNRG	Sell	HALLADOR ENERGY COMPANY	$1,072,000	+7.1%	90,515	-14.2%	0.08%	+15.3%
AKG	Buy	ASANKO GOLD INC	$1,027,000	-19.1%	493,515	+0.6%	0.08%	-12.1%
CUI	Sell	CUI GLOBAL INC	$1,012,000	-14.1%	139,824	-0.3%	0.08%	-6.0%
PACD	Buy	PACIFIC DRILLING SA LUXEMBOU	$925,000	+0.5%	111,800	+21.6%	0.07%	+9.1%
RDI	Sell	READING INTERNATIONAL INCcl a	$817,000	-2.9%	97,315	-1.3%	0.06%	+6.7%
ISSC	Buy	INNOVATIVE SOLUTIONS & SUPPO	$775,000	-26.9%	148,576	+4.3%	0.06%	-21.1%
KO	New	COCA COLA CO	$770,000	–	18,045	–	0.06%	–
ESSX	Sell	ESSEX RENT CORP	$749,000	-15.4%	356,703	-2.0%	0.06%	-7.9%
RBCN	Buy	RUBICON TECHNOLOGY INC	$487,000	-49.0%	114,690	+5.1%	0.04%	-44.1%
MSFT	Sell	MICROSOFT CORP	$429,000	-43.1%	9,250	-48.8%	0.03%	-38.9%
CTPR	Sell	CTPARTNERS EXECUTIVE SEARCH	$391,000	-5.1%	25,070	-43.2%	0.03%	0.0%
MDT	Sell	MEDTRONIC INC	$302,000	-6.5%	4,878	-3.6%	0.02%	+4.3%
ONB	Sell	OLD NATL BANCORP IND	$308,000	-17.0%	23,745	-8.7%	0.02%	-11.1%
SUP	Sell	SUPERIOR INDS INTL INC	$266,000	-42.2%	15,170	-31.9%	0.02%	-36.4%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$244,000	+5.2%	9,775	-2.0%	0.02%	+11.8%
TGT	Sell	TARGET CORP	$228,000	-18.6%	3,637	-24.9%	0.02%	-10.0%
T	Sell	AT&T INC	$212,000	-0.9%	6,013	-0.5%	0.02%	+6.7%
MDR	Sell	MCDERMOTT INTL INC	$152,000	-99.6%	26,535	-99.5%	0.01%	-99.6%
SSRI	New	SILVER STD RES INC	$107,000	–	17,600	–	0.01%	–
BAA	Buy	BANRO CORP	$99,000	-66.0%	624,790	+2.9%	0.01%	-61.9%
AUDC	Buy	AUDIOCODES LTDord	$93,000	-14.7%	19,325	+24.7%	0.01%	-12.5%
MUX	New	MCEWEN MNG INC	$40,000	–	20,300	–	0.00%	–
LSG	Sell	LAKE SHORE GOLD CORP	$22,000	-60.0%	21,400	-64.3%	0.00%	-50.0%
INUV	New	INUVO INC	$18,000	–	12,000	–	0.00%	–
PRKR	Exit	PARKERVISION INC	$0	–	-12,800	–	-0.00%	–
LOJN	Exit	LO-JACK CORP	$0	–	-14,200	–	-0.01%	–
IAG	Exit	IAMGOLD CORP	$0	–	-32,920	–	-0.01%	–
TZA	Exit	DIREXION SHS ETF TRdly sc bear3xnew	$0	–	-10,180	–	-0.01%	–
INTC	Exit	INTEL CORP	$0	–	-14,992	–	-0.03%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-73,730	–	-0.08%	–
LAWS	Exit	LAWSON PRODS INC	$0	–	-342,636	–	-0.40%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-933,604	–	-1.99%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$57,630,000	–	455,359	–	4.13%	–
WFC	New	WELLS FARGO & CO NEW	$55,821,000	–	1,062,048	–	4.00%	–
J	New	JACOBS ENGR GROUP INC DEL	$54,124,000	–	1,015,843	–	3.88%	–
GLW	New	CORNING INC	$52,182,000	–	2,377,301	–	3.74%	–
CSCO	New	CISCO SYS INC	$49,765,000	–	2,002,611	–	3.57%	–
LAYN	New	LAYNE CHRISTENSEN CO	$43,305,000	–	3,256,032	–	3.10%	–
PKX	New	POSCOsponsored adr	$42,758,000	–	574,395	–	3.06%	–
MDR	New	MCDERMOTT INTL INC	$39,939,000	–	4,936,831	–	2.86%	–
MXWL	New	MAXWELL TECHNOLOGIES INC	$39,737,000	–	2,626,354	–	2.85%	–
APA	New	APACHE CORP	$38,540,000	–	383,026	–	2.76%	–
MKL	New	MARKEL CORP	$34,764,000	–	53,023	–	2.49%	–
AUY	New	YAMANA GOLD INC	$33,796,000	–	4,111,440	–	2.42%	–
TDW	New	TIDEWATER INC	$30,069,000	–	535,505	–	2.16%	–
GOLD	New	RANDGOLD RES LTDadr	$28,906,000	–	341,673	–	2.07%	–
NEM	New	NEWMONT MINING CORP	$28,789,000	–	1,131,646	–	2.06%	–
LODE	New	COMSTOCK MNG INC	$28,632,000	–	17,144,730	–	2.05%	–
WAC	New	WALTER INVT MGMT CORP	$27,803,000	–	933,604	–	1.99%	–
HAL	New	HALLIBURTON CO	$27,511,000	–	387,424	–	1.97%	–
ORN	New	ORION MARINE GROUP INC	$26,946,000	–	2,488,090	–	1.93%	–
CMCSK	New	COMCAST CORP NEWcl a spl	$26,685,000	–	500,366	–	1.91%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$26,658,000	–	537,130	–	1.91%	–
VPG	New	VISHAY PRECISION GROUP INC	$26,157,000	–	1,589,114	–	1.88%	–
AEM	New	AGNICO EAGLE MINES LTD	$23,214,000	–	606,101	–	1.66%	–
KEGXQ	New	KEY ENERGY SVCS INC	$22,450,000	–	2,456,288	–	1.61%	–
TTE	New	TOTAL S Asponsored adr	$21,173,000	–	293,250	–	1.52%	–
IIIN	New	INSTEEL INDUSTRIES INC	$20,926,000	–	1,064,914	–	1.50%	–
PICO	New	PICO HLDGS INC	$20,541,000	–	864,517	–	1.47%	–
ESV	New	Ensco plc	$19,611,000	–	352,903	–	1.41%	–
OCN	New	OCWEN FINL CORP	$18,961,000	–	511,082	–	1.36%	–
ATW	New	ATWOOD OCEANICS INC	$18,932,000	–	360,747	–	1.36%	–
POWL	New	POWELL INDS INC	$18,898,000	–	289,056	–	1.36%	–
EGO	New	ELDORADO GOLD CORP NEW	$18,720,000	–	2,450,212	–	1.34%	–
GVA	New	GRANITE CONSTR INC	$18,168,000	–	504,944	–	1.30%	–
HL	New	HECLA MNG CO	$17,952,000	–	5,203,355	–	1.29%	–
ASTE	New	ASTEC INDS INC	$17,431,000	–	397,241	–	1.25%	–
L	New	LOEWS CORP	$17,307,000	–	393,246	–	1.24%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$17,234,000	–	1,459,282	–	1.24%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$16,639,000	–	1,340,770	–	1.19%	–
UCP	New	UCP INCcl a	$16,080,000	–	1,176,285	–	1.15%	–
XOM	New	EXXON MOBIL CORP	$15,902,000	–	157,946	–	1.14%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$15,586,000	–	85,984	–	1.12%	–
KGC	New	KINROSS GOLD CORP	$15,445,000	–	3,730,710	–	1.11%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$15,397,000	–	1,927,003	–	1.10%	–
EMR	New	EMERSON ELEC CO	$15,179,000	–	228,734	–	1.09%	–
MATX	New	MATSON INC	$14,771,000	–	550,344	–	1.06%	–
ESGR	New	Enstar Group Limited	$13,144,000	–	87,205	–	0.94%	–
CCOI	New	COGENT COMMUNICATIONS HLDGS	$12,910,000	–	373,648	–	0.93%	–
SYNL	New	SYNALLOY CP DEL	$11,823,000	–	720,065	–	0.85%	–
WIRE	New	ENCORE WIRE CORP	$10,286,000	–	209,738	–	0.74%	–
SA	New	SEABRIDGE GOLD INC	$10,228,000	–	1,090,352	–	0.73%	–
CDI	New	C D I CORP	$10,018,000	–	695,221	–	0.72%	–
TRQ	New	TURQUOISE HILL RES LTD	$7,919,000	–	2,370,995	–	0.57%	–
WTM	New	WHITE MTNS INS GROUP LTD	$6,868,000	–	11,288	–	0.49%	–
ASA	New	ASA GOLD AND PRECIOUS MTLS L	$6,444,000	–	439,836	–	0.46%	–
ERA	New	ERA GROUP INC	$6,145,000	–	214,256	–	0.44%	–
LAWS	New	LAWSON PRODS INC	$5,582,000	–	342,636	–	0.40%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$5,550,000	–	322,508	–	0.40%	–
RIOM	New	RIO ALTO MNG LTD NEW	$5,542,000	–	2,399,132	–	0.40%	–
BOOM	New	DYNAMIC MATLS CORP	$5,315,000	–	240,159	–	0.38%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$5,052,000	–	1,357,991	–	0.36%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$4,932,000	–	172,164	–	0.35%	–
UNTCQ	New	UNIT CORP	$4,855,000	–	70,530	–	0.35%	–
GDXJ	New	MARKET VECTORS ETF TRjr gold miners e	$2,206,000	–	52,207	–	0.16%	–
EMC	New	E M C CORP MASS	$2,194,000	–	83,300	–	0.16%	–
TGD	New	TIMMINS GOLD CORP	$1,628,000	–	930,465	–	0.12%	–
HTCH	New	HUTCHINSON TECHNOLOGY INC	$1,602,000	–	640,601	–	0.12%	–
AKG	New	ASANKO GOLD INC	$1,270,000	–	490,495	–	0.09%	–
CUI	New	CUI GLOBAL INC	$1,178,000	–	140,294	–	0.08%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$1,173,000	–	73,730	–	0.08%	–
HBIO	New	HARVARD BIOSCIENCE INC	$1,163,000	–	255,615	–	0.08%	–
EXC	New	EXELON CORP	$1,094,000	–	30,000	–	0.08%	–
ISSC	New	INNOVATIVE SOLUTIONS & SUPPO	$1,060,000	–	142,411	–	0.08%	–
HNRG	New	Hallador Energy Company	$1,001,000	–	105,454	–	0.07%	–
RBCN	New	RUBICON TECHNOLOGY INC	$955,000	–	109,135	–	0.07%	–
PACD	New	PACIFIC DRILLING SA LUXEMBOU	$920,000	–	91,975	–	0.07%	–
ESSX	New	ESSEX RENT CORP	$885,000	–	364,008	–	0.06%	–
RDI	New	READING INTERNATIONAL INCcl a	$841,000	–	98,565	–	0.06%	–
MSFT	New	MICROSOFT CORP	$754,000	–	18,070	–	0.05%	–
SUP	New	SUPERIOR INDS INTL INC	$460,000	–	22,285	–	0.03%	–
INTC	New	INTEL CORP	$463,000	–	14,992	–	0.03%	–
CTPR	New	CTPARTNERS EXECUTIVE SEARCH	$412,000	–	44,100	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$396,000	–	4,175	–	0.03%	–
ONB	New	OLD NATL BANCORP IND	$371,000	–	26,005	–	0.03%	–
MDT	New	MEDTRONIC INC	$323,000	–	5,060	–	0.02%	–
BAA	New	BANRO CORP	$291,000	–	607,290	–	0.02%	–
OFLX	New	OMEGA FLEX INC	$278,000	–	14,185	–	0.02%	–
TGT	New	TARGET CORP	$280,000	–	4,840	–	0.02%	–
INTG	New	INTERGROUP CORP	$256,000	–	13,429	–	0.02%	–
USB	New	US BANCORP DEL	$243,000	–	5,620	–	0.02%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$232,000	–	9,970	–	0.02%	–
TRNS	New	TRANSCAT INC	$218,000	–	21,215	–	0.02%	–
GORO	New	GOLD RESOURCE CORP	$215,000	–	42,525	–	0.02%	–
T	New	AT&T INC	$214,000	–	6,043	–	0.02%	–
TZA	New	DIREXION SHS ETF TRdly sc bear3xnew	$142,000	–	10,180	–	0.01%	–
IAG	New	IAMGOLD CORP	$136,000	–	32,920	–	0.01%	–
INFU	New	INFUSYSTEM HLDGS INC	$136,000	–	51,234	–	0.01%	–
AUDC	New	AUDIOCODES LTDord	$109,000	–	15,500	–	0.01%	–
LOJN	New	LO-JACK CORP	$77,000	–	14,200	–	0.01%	–
LSG	New	LAKE SHORE GOLD CORP	$55,000	–	60,000	–	0.00%	–
PRKR	New	PARKERVISION INC	$19,000	–	12,800	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
TLAB	Exit	TELLABS INC	$0	–	-13,000	–	-0.00%	–
SIGA	Exit	SIGA TECHNOLOGIES INC	$0	–	-14,375	–	-0.00%	–
HL	Exit	HECLA MNG CO	$0	–	-20,000	–	-0.01%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-78,600	–	-0.01%	–
MOSY	Exit	MOSYS INC	$0	–	-20,400	–	-0.01%	–
GAME	Exit	SHANDA GAMES LTDsp adr reptg a	$0	–	-22,100	–	-0.01%	–
RFMD	Exit	RF MICRODEVICES INC	$0	–	-14,500	–	-0.01%	–
PMFG	Exit	PMFG INC	$0	–	-16,438	–	-0.01%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-38,200	–	-0.01%	–
PCMI	Exit	PCM INC	$0	–	-16,000	–	-0.01%	–
EXTR	Exit	EXTREME NETWORKS INC	$0	–	-29,900	–	-0.01%	–
TQNT	Exit	TRIQUINT SEMICONDUCTOR INC	$0	–	-19,439	–	-0.01%	–
FARM	Exit	FARMER BROS CO	$0	–	-10,500	–	-0.01%	–
TRNS	Exit	TRANSCAT INC	$0	–	-23,450	–	-0.02%	–
USB	Exit	US BANCORP DEL	$0	–	-5,550	–	-0.02%	–
CTPR	Exit	CTPARTNERS EXECUTIVE SEARCH	$0	–	-43,955	–	-0.02%	–
CW	Exit	CURTISS WRIGHT CORP	$0	–	-4,500	–	-0.02%	–
ORBK	Exit	ORBOTECH LTDord	$0	–	-19,050	–	-0.02%	–
TZA	Exit	DIREXION SHS ETF TRdly sc bear3xnew	$0	–	-10,400	–	-0.02%	–
ESIO	Exit	ELECTRO SCIENTIFIC INDS	$0	–	-19,890	–	-0.02%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-21,060	–	-0.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-2,955	–	-0.02%	–
RDI	Exit	READING INTERNATIONAL INCcl a	$0	–	-44,685	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-4,900	–	-0.03%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-8,000	–	-0.03%	–
SUP	Exit	SUPERIOR INDS INTL INC	$0	–	-22,720	–	-0.03%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-19,530	–	-0.03%	–
EXC	Exit	EXELON CORP	$0	–	-16,140	–	-0.04%	–
KRA	Exit	KRATON PERFORMANCE POLYMERS	$0	–	-26,385	–	-0.04%	–
HBIO	Exit	HARVARD BIOSCIENCE INC	$0	–	-118,265	–	-0.05%	–
SVT	Exit	SERVOTRONICS INC	$0	–	-70,047	–	-0.05%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-30,030	–	-0.05%	–
OFLX	Exit	OMEGA FLEX INC	$0	–	-34,290	–	-0.05%	–
SCX	Exit	STARRETT L S COcl a	$0	–	-60,861	–	-0.05%	–
SYNL	Exit	SYNALLOY CP DEL	$0	–	-41,179	–	-0.06%	–
BOOM	Exit	DYNAMIC MATLS CORP	$0	–	-29,970	–	-0.06%	–
APA	Exit	APACHE CORP	$0	–	-8,367	–	-0.06%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-42,845	–	-0.06%	–
RBCN	Exit	RUBICON TECHNOLOGY INC	$0	–	-66,470	–	-0.06%	–
IIVI	Exit	II VI INC	$0	–	-57,160	–	-0.09%	–
ISSC	Exit	INNOVATIVE SOLUTIONS & SUPPO	$0	–	-143,106	–	-0.09%	–
COHU	Exit	COHU INC	$0	–	-176,036	–	-0.16%	–
HTCH	Exit	HUTCHINSON TECHNOLOGY INC	$0	–	-652,291	–	-0.18%	–
ERA	Exit	ERA GROUP INC	$0	–	-126,250	–	-0.28%	–
DWSN	Exit	DAWSON GEOPHYSICAL CO	$0	–	-119,123	–	-0.31%	–
RTEC	Exit	RUDOLPH TECHNOLOGIES INC	$0	–	-346,141	–	-0.32%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-116,135	–	-0.32%	–
UCP	Exit	UCP INCcl a	$0	–	-355,816	–	-0.43%	–
UNTCQ	Exit	UNIT CORP	$0	–	-117,110	–	-0.44%	–
LAWS	Exit	LAWSON PRODS INC	$0	–	-562,275	–	-0.47%	–
KFY	Exit	KORN FERRY INTL	$0	–	-285,899	–	-0.50%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-190,570	–	-0.50%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-1,002,795	–	-0.60%	–
SPLS	Exit	STAPLES INC	$0	–	-525,597	–	-0.62%	–
UFPI	Exit	UNIVERSAL FST PRODS INC	$0	–	-200,159	–	-0.68%	–
HSII	Exit	HEIDRICK & STRUGGLES INTL IN	$0	–	-511,560	–	-0.79%	–
WIRE	Exit	ENCORE WIRE CORP	$0	–	-326,680	–	-1.05%	–
MMM	Exit	3M CO	$0	–	-108,212	–	-1.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-160,705	–	-1.12%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-212,386	–	-1.19%	–
AA	Exit	ALCOA INC	$0	–	-1,830,495	–	-1.21%	–
PKX	Exit	POSCOsponsored adr	$0	–	-208,510	–	-1.25%	–
PAYX	Exit	PAYCHEX INC	$0	–	-400,343	–	-1.32%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-9,420,900	–	-1.38%	–
MDT	Exit	MEDTRONIC INC	$0	–	-327,622	–	-1.42%	–
SCS	Exit	STEELCASE INCcl a	$0	–	-1,058,496	–	-1.43%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-304,445	–	-1.43%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-1,104,503	–	-1.44%	–
NEWP	Exit	NEWPORT CORP	$0	–	-1,162,488	–	-1.48%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-599,023	–	-1.49%	–
KEGXQ	Exit	KEY ENERGY SVCS INC	$0	–	-2,520,050	–	-1.49%	–
CDI	Exit	C D I CORP	$0	–	-1,234,486	–	-1.53%	–
HAL	Exit	HALLIBURTON CO	$0	–	-400,366	–	-1.56%	–
LDL	Exit	LYDALL INC DEL	$0	–	-1,195,813	–	-1.67%	–
FNF	Exit	FIDELITY NATIONAL FINANCIALcl a	$0	–	-772,090	–	-1.67%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-393,435	–	-1.78%	–
CMCSK	Exit	COMCAST CORP NEWcl a spl	$0	–	-523,350	–	-1.84%	–
VPG	Exit	VISHAY PRECISION GROUP INC	$0	–	-1,633,644	–	-1.93%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-425,201	–	-1.94%	–
CORE	Exit	CORE MARK HOLDING CO INC	$0	–	-373,488	–	-2.01%	–
POWL	Exit	POWELL INDS INC	$0	–	-412,415	–	-2.05%	–
MXWL	Exit	MAXWELL TECHNOLOGIES INC	$0	–	-2,798,255	–	-2.06%	–
ORN	Exit	ORION MARINE GROUP INC	$0	–	-2,551,665	–	-2.16%	–
INTC	Exit	INTEL CORP	$0	–	-1,283,504	–	-2.39%	–
HSC	Exit	HARSCO CORP	$0	–	-1,234,665	–	-2.50%	–
TDW	Exit	TIDEWATER INC	$0	–	-532,643	–	-2.57%	–
ASTE	Exit	ASTEC INDS INC	$0	–	-950,413	–	-2.77%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-571,505	–	-3.00%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-942,681	–	-3.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,171,761	–	-3.16%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,099,984	–	-3.69%	–
LAYN	Exit	LAYNE CHRISTENSEN CO	$0	–	-2,418,603	–	-3.92%	–
GLW	Exit	CORNING INC	$0	–	-3,585,031	–	-4.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-468,005	–	-4.31%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-2,026,393	–	-4.62%	–
CSCO	Exit	CISCO SYS INC	$0	–	-2,536,523	–	-4.82%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-1,096,777	–	-5.18%	–

Q3 2013

			Value		Shares		↓ Weighting
J	Sell	JACOBS ENGR GROUP INC DEL	$63,810,000	+4.3%	1,096,777	-1.1%	5.18%	-0.3%
CSCO	Sell	CISCO SYS INC	$59,433,000	-4.9%	2,536,523	-1.2%	4.82%	-9.1%
NEM	Buy	NEWMONT MINING CORP	$56,942,000	-6.1%	2,026,393	+0.1%	4.62%	-10.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$53,123,000	+0.3%	468,005	-1.1%	4.31%	-4.2%
GLW	Sell	CORNING INC	$52,306,000	+1.9%	3,585,031	-0.6%	4.24%	-2.6%
LAYN	Buy	LAYNE CHRISTENSEN CO	$48,275,000	+4.6%	2,418,603	+2.2%	3.92%	-0.1%
WFC	Sell	WELLS FARGO & CO NEW	$45,451,000	-1.1%	1,099,984	-1.2%	3.69%	-5.5%
MSFT	Sell	MICROSOFT CORP	$38,996,000	-4.7%	1,171,761	-1.1%	3.16%	-9.0%
WAC	Sell	WALTER INVT MGMT CORP	$37,274,000	+16.2%	942,681	-0.7%	3.02%	+11.0%
EMR	Sell	EMERSON ELEC CO	$36,976,000	+16.9%	571,505	-1.4%	3.00%	+11.7%
ASTE	Buy	ASTEC INDS INC	$34,177,000	+4.9%	950,413	+0.1%	2.77%	+0.3%
TDW	Sell	TIDEWATER INC	$31,618,000	+3.0%	532,643	-1.1%	2.57%	-1.6%
HSC	Sell	HARSCO CORP	$30,743,000	+6.2%	1,234,665	-1.1%	2.50%	+1.5%
INTC	Buy	INTEL CORP	$29,419,000	-4.3%	1,283,504	+1.2%	2.39%	-8.5%
ORN	Buy	ORION MARINE GROUP INC	$26,563,000	-13.6%	2,551,665	+0.3%	2.16%	-17.5%
MXWL	Buy	MAXWELL TECHNOLOGIES INC	$25,352,000	+26.7%	2,798,255	+0.0%	2.06%	+21.1%
POWL	Sell	POWELL INDS INC	$25,277,000	+17.4%	412,415	-1.1%	2.05%	+12.1%
CORE	Sell	CORE MARK HOLDING CO INC	$24,815,000	+3.1%	373,488	-1.5%	2.01%	-1.5%
NSM	Sell	NATIONSTAR MTG HLDGS INC	$23,909,000	+48.6%	425,201	-1.1%	1.94%	+42.0%
VPG	Sell	VISHAY PRECISION GROUP INC	$23,770,000	-5.1%	1,633,644	-1.3%	1.93%	-9.4%
CMCSK	Sell	COMCAST CORP NEWcl a spl	$22,687,000	+7.2%	523,350	-1.9%	1.84%	+2.4%
OCN	Sell	OCWEN FINL CORP	$21,942,000	+33.9%	393,435	-1.0%	1.78%	+27.9%
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$20,538,000	–	772,090	–	1.67%	–
LDL	Sell	LYDALL INC DEL	$20,532,000	+16.1%	1,195,813	-1.3%	1.67%	+10.8%
HAL	Sell	HALLIBURTON CO	$19,278,000	+14.3%	400,366	-0.9%	1.56%	+9.3%
CDI	Sell	C D I CORP	$18,900,000	+6.7%	1,234,486	-1.3%	1.53%	+1.9%
KEGXQ	Buy	KEY ENERGY SVCS INC	$18,371,000	+24.6%	2,520,050	+1.7%	1.49%	+19.0%
GVA	Buy	GRANITE CONSTR INC	$18,330,000	+4.8%	599,023	+2.0%	1.49%	+0.2%
NEWP	Sell	NEWPORT CORP	$18,170,000	+11.0%	1,162,488	-1.0%	1.48%	+6.1%
IIIN	Sell	INSTEEL INDUSTRIES INC	$17,783,000	-9.2%	1,104,503	-1.2%	1.44%	-13.2%
TTE	Sell	TOTAL S Asponsored adr	$17,633,000	+17.9%	304,445	-0.9%	1.43%	+12.6%
SCS	Sell	STEELCASE INCcl a	$17,592,000	+12.3%	1,058,496	-1.4%	1.43%	+7.4%
MDT	Sell	MEDTRONIC INC	$17,446,000	+1.7%	327,622	-1.7%	1.42%	-2.8%
LODE	Buy	COMSTOCK MNG INC	$16,958,000	+48.0%	9,420,900	+35.7%	1.38%	+41.4%
PAYX	Sell	PAYCHEX INC	$16,270,000	+9.8%	400,343	-1.4%	1.32%	+4.9%
PKX	New	POSCOsponsored adr	$15,355,000	–	208,510	–	1.25%	–
AA	Buy	ALCOA INC	$14,864,000	+9.0%	1,830,495	+5.0%	1.21%	+4.1%
HP	Sell	HELMERICH & PAYNE INC	$14,644,000	+9.1%	212,386	-1.2%	1.19%	+4.3%
XOM	Sell	EXXON MOBIL CORP	$13,827,000	-6.8%	160,705	-2.1%	1.12%	-11.0%
MMM	Sell	3M CO	$12,922,000	+6.2%	108,212	-2.7%	1.05%	+1.5%
WIRE	Sell	ENCORE WIRE CORP	$12,884,000	-26.7%	326,680	-36.6%	1.05%	-29.9%
HSII	Sell	HEIDRICK & STRUGGLES INTL IN	$9,750,000	+11.9%	511,560	-1.8%	0.79%	+6.9%
UFPI	Sell	UNIVERSAL FST PRODS INC	$8,405,000	+2.0%	200,159	-3.0%	0.68%	-2.6%
SPLS	Sell	STAPLES INC	$7,700,000	-11.2%	525,597	-3.9%	0.62%	-15.2%
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$7,451,000	–	1,002,795	–	0.60%	–
TOL	Sell	TOLL BROTHERS INC	$6,180,000	-1.8%	190,570	-1.2%	0.50%	-6.0%
KFY	Sell	KORN FERRY INTL	$6,118,000	+11.2%	285,899	-2.6%	0.50%	+6.2%
LAWS	Sell	LAWSON PRODS INC	$5,797,000	-20.0%	562,275	-0.4%	0.47%	-23.5%
UNTCQ	Buy	UNIT CORP	$5,444,000	+11.0%	117,110	+1.6%	0.44%	+6.0%
UCP	New	UCP INCcl a	$5,280,000	–	355,816	–	0.43%	–
DLB	Sell	DOLBY LABORATORIES INC	$4,008,000	+2.6%	116,135	-0.5%	0.32%	-2.1%
RTEC	Sell	RUDOLPH TECHNOLOGIES INC	$3,946,000	+0.2%	346,141	-1.6%	0.32%	-4.5%
DWSN	Sell	DAWSON GEOPHYSICAL CO	$3,868,000	-12.6%	119,123	-0.8%	0.31%	-16.5%
ERA	Buy	ERA GROUP INC	$3,431,000	+289.0%	126,250	+274.2%	0.28%	+270.7%
HTCH	Sell	HUTCHINSON TECHNOLOGY INC	$2,276,000	-27.1%	652,291	-1.2%	0.18%	-30.2%
COHU	Sell	COHU INC	$1,921,000	-12.9%	176,036	-0.3%	0.16%	-16.6%
ISSC	Sell	INNOVATIVE SOLUTIONS & SUPPO	$1,139,000	+24.3%	143,106	-0.1%	0.09%	+17.9%
IIVI	Sell	II VI INC	$1,075,000	-27.0%	57,160	-36.9%	0.09%	-30.4%
RBCN	New	RUBICON TECHNOLOGY INC	$805,000	–	66,470	–	0.06%	–
AMAT	Sell	APPLIED MATLS INC	$751,000	-97.9%	42,845	-98.2%	0.06%	-98.0%
APA	Buy	APACHE CORP	$712,000	+16.0%	8,367	+14.1%	0.06%	+11.5%
SYNL	Buy	SYNALLOY CP DEL	$675,000	+183.6%	41,179	+169.2%	0.06%	+175.0%
SCX	Sell	STARRETT L S COcl a	$669,000	+6.5%	60,861	-1.0%	0.05%	+1.9%
OFLX	Sell	OMEGA FLEX INC	$648,000	+21.8%	34,290	-4.2%	0.05%	+17.8%
SCHW	Sell	SCHWAB CHARLES CORP NEW	$635,000	-22.7%	30,030	-22.4%	0.05%	-25.7%
SVT	Sell	SERVOTRONICS INC	$610,000	+5.5%	70,047	-5.4%	0.05%	+2.0%
HBIO	New	HARVARD BIOSCIENCE INC	$622,000	–	118,265	–	0.05%	–
KRA	New	KRATON PERFORMANCE POLYMERS	$517,000	–	26,385	–	0.04%	–
EXC	Buy	EXELON CORP	$478,000	+13.3%	16,140	+18.1%	0.04%	+8.3%
HPQ	Sell	HEWLETT PACKARD CO	$410,000	-24.6%	19,530	-10.9%	0.03%	-28.3%
SUP	New	SUPERIOR INDS INTL INC	$405,000	–	22,720	–	0.03%	–
DOOR	New	MASONITE INTL CORP NEW	$391,000	–	8,000	–	0.03%	–
AXP	Sell	AMERICAN EXPRESS CO	$370,000	-4.6%	4,900	-5.5%	0.03%	-9.1%
ONB	Buy	OLD NATL BANCORP IND	$299,000	+7.6%	21,060	+4.6%	0.02%	0.0%
BDX	Sell	BECTON DICKINSON & CO	$296,000	-1.0%	2,955	-2.5%	0.02%	-4.0%
RDI	Buy	READING INTERNATIONAL INCcl a	$294,000	+191.1%	44,685	+180.9%	0.02%	+166.7%
ESIO	Sell	ELECTRO SCIENTIFIC INDS	$233,000	-13.1%	19,890	-20.1%	0.02%	-17.4%
ORBK	Buy	ORBOTECH LTDord	$228,000	+39.0%	19,050	+44.3%	0.02%	+35.7%
TZA	Sell	DIREXION SHS ETF TRdly sc bear3xnew	$236,000	-56.7%	10,400	-39.3%	0.02%	-58.7%
CTPR	Buy	CTPARTNERS EXECUTIVE SEARCH	$207,000	+8.4%	43,955	+0.6%	0.02%	+6.2%
CW	Sell	CURTISS WRIGHT CORP	$211,000	-5.0%	4,500	-25.0%	0.02%	-10.5%
FARM	New	FARMER BROS CO	$158,000	–	10,500	–	0.01%	–
EXTR	New	EXTREME NETWORKS INC	$156,000	–	29,900	–	0.01%	–
TQNT	New	TRIQUINT SEMICONDUCTOR INC	$158,000	–	19,439	–	0.01%	–
PCMI	New	PCM INC	$149,000	–	16,000	–	0.01%	–
COWN	New	COWEN GROUP INC NEWcl a	$131,000	–	38,200	–	0.01%	–
PMFG	Sell	PMFG INC	$121,000	-6.2%	16,438	-11.6%	0.01%	-9.1%
RFMD	Sell	RF MICRODEVICES INC	$82,000	-12.8%	14,500	-17.6%	0.01%	-12.5%
GAME	New	SHANDA GAMES LTDsp adr reptg a	$86,000	–	22,100	–	0.01%	–
WYY	New	WIDEPOINT CORP	$70,000	–	78,600	–	0.01%	–
HL	New	HECLA MNG CO	$63,000	–	20,000	–	0.01%	–
SIGA	Sell	SIGA TECHNOLOGIES INC	$55,000	+22.2%	14,375	-10.2%	0.00%	0.0%
TLAB	New	TELLABS INC	$30,000	–	13,000	–	0.00%	–
JOEZ	Exit	JOES JEANS INC	$0	–	-20,000	–	-0.00%	–
CBRIQ	Exit	CIBER INC	$0	–	-18,200	–	-0.01%	–
AUDC	Exit	AUDIOCODES LTDord	$0	–	-13,000	–	-0.01%	–
FLOW	Exit	FLOW INTL CORP	$0	–	-17,745	–	-0.01%	–
SUTR	Exit	SUTOR TECH GROUP LTD	$0	–	-67,800	–	-0.01%	–
GCAP	Exit	GAIN CAP HLDGS INC	$0	–	-19,500	–	-0.01%	–
VELTF	Exit	VELTI PLC ST HELIER	$0	–	-89,580	–	-0.01%	–
PRCP	Exit	PERCEPTRON INC	$0	–	-17,009	–	-0.01%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-33,500	–	-0.02%	–
PERI	Exit	PERION NETWORK LTD	$0	–	-15,100	–	-0.02%	–
HDNG	Exit	HARDINGE INC	$0	–	-12,500	–	-0.02%	–
AETI	Exit	AMERICAN ELECTRIC TECH INC	$0	–	-28,300	–	-0.02%	–
POWR	Exit	POWERSECURE INTL INC	$0	–	-13,500	–	-0.02%	–
TNGO	Exit	TANGOE INC	$0	–	-12,800	–	-0.02%	–
WMS	Exit	WMS INDS INC	$0	–	-8,400	–	-0.02%	–
SIGI	Exit	SELECTIVE INS GROUP INC	$0	–	-9,200	–	-0.02%	–
EME	Exit	EMCOR GROUP INC	$0	–	-5,730	–	-0.02%	–
PIOI	Exit	ACTIVE POWER INC	$0	–	-71,673	–	-0.02%	–
SYY	Exit	SYSCO CORP	$0	–	-9,470	–	-0.03%	–
BHE	Exit	BENCHMARK ELECTRS INC	$0	–	-218,564	–	-0.37%	–
APOG	Exit	APOGEE ENTERPRISES INC	$0	–	-272,489	–	-0.56%	–

Q2 2013

			Value		Shares		↓ Weighting
CSCO	New	CISCO SYS INC	$62,472,000	–	2,567,152	–	5.31%	–
J	New	JACOBS ENGR GROUP INC DEL	$61,166,000	–	1,109,482	–	5.20%	–
NEM	New	NEWMONT MINING CORP	$60,617,000	–	2,023,937	–	5.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$52,962,000	–	473,215	–	4.50%	–
GLW	New	CORNING INC	$51,310,000	–	3,605,756	–	4.36%	–
LAYN	New	LAYNE CHRISTENSEN CO	$46,170,000	–	2,366,485	–	3.92%	–
WFC	New	WELLS FARGO & CO NEW	$45,952,000	–	1,113,441	–	3.90%	–
MSFT	New	MICROSOFT CORP	$40,934,000	–	1,184,937	–	3.48%	–
AMAT	New	APPLIED MATLS INC	$35,123,000	–	2,354,082	–	2.98%	–
ASTE	New	ASTEC INDS INC	$32,573,000	–	949,928	–	2.77%	–
WAC	New	WALTER INVT MGMT CORP	$32,089,000	–	949,106	–	2.73%	–
EMR	New	EMERSON ELEC CO	$31,628,000	–	579,906	–	2.69%	–
ORN	New	ORION MARINE GROUP INC	$30,743,000	–	2,542,805	–	2.61%	–
INTC	New	INTEL CORP	$30,735,000	–	1,268,466	–	2.61%	–
TDW	New	TIDEWATER INC	$30,695,000	–	538,795	–	2.61%	–
HSC	New	HARSCO CORP	$28,946,000	–	1,248,195	–	2.46%	–
VPG	New	VISHAY PRECISION GROUP INC	$25,059,000	–	1,655,120	–	2.13%	–
CORE	New	CORE MARK HOLDING CO INC	$24,069,000	–	379,040	–	2.04%	–
POWL	New	POWELL INDS INC	$21,538,000	–	417,000	–	1.83%	–
CMCSK	New	COMCAST CORP NEWcl a spl	$21,168,000	–	533,600	–	1.80%	–
MXWL	New	MAXWELL TECHNOLOGIES INC	$20,004,000	–	2,797,825	–	1.70%	–
IIIN	New	INSTEEL INDUSTRIES INC	$19,578,000	–	1,117,493	–	1.66%	–
CDI	New	C D I CORP	$17,709,000	–	1,250,647	–	1.50%	–
LDL	New	LYDALL INC DEL	$17,689,000	–	1,211,583	–	1.50%	–
WIRE	New	ENCORE WIRE CORP	$17,567,000	–	515,155	–	1.49%	–
GVA	New	GRANITE CONSTR INC	$17,485,000	–	587,543	–	1.48%	–
MDT	New	MEDTRONIC INC	$17,153,000	–	333,257	–	1.46%	–
HAL	New	HALLIBURTON CO	$16,861,000	–	404,156	–	1.43%	–
OCN	New	OCWEN FINL CORP	$16,381,000	–	397,395	–	1.39%	–
NEWP	New	NEWPORT CORP	$16,365,000	–	1,174,778	–	1.39%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$16,094,000	–	429,856	–	1.37%	–
SCS	New	STEELCASE INCcl a	$15,659,000	–	1,074,036	–	1.33%	–
TTE	New	TOTAL S Asponsored adr	$14,956,000	–	307,110	–	1.27%	–
XOM	New	EXXON MOBIL CORP	$14,831,000	–	164,146	–	1.26%	–
PAYX	New	PAYCHEX INC	$14,821,000	–	405,933	–	1.26%	–
KEGXQ	New	KEY ENERGY SVCS INC	$14,749,000	–	2,478,880	–	1.25%	–
AA	New	ALCOA INC	$13,639,000	–	1,744,105	–	1.16%	–
HP	New	HELMERICH & PAYNE INC	$13,422,000	–	214,926	–	1.14%	–
MMM	New	3M CO	$12,163,000	–	111,232	–	1.03%	–
LODE	New	COMSTOCK MNG INC	$11,457,000	–	6,943,681	–	0.97%	–
HSII	New	HEIDRICK & STRUGGLES INTL IN	$8,711,000	–	521,020	–	0.74%	–
SPLS	New	STAPLES INC	$8,676,000	–	546,717	–	0.74%	–
UFPI	New	UNIVERSAL FST PRODS INC	$8,238,000	–	206,367	–	0.70%	–
LAWS	New	LAWSON PRODS INC	$7,246,000	–	564,325	–	0.62%	–
APOG	New	APOGEE ENTERPRISES INC	$6,540,000	–	272,489	–	0.56%	–
TOL	New	TOLL BROTHERS INC	$6,291,000	–	192,805	–	0.53%	–
KFY	New	KORN FERRY INTL	$5,503,000	–	293,624	–	0.47%	–
UNTCQ	New	UNIT CORP	$4,906,000	–	115,230	–	0.42%	–
DWSN	New	DAWSON GEOPHYSICAL CO	$4,426,000	–	120,088	–	0.38%	–
BHE	New	BENCHMARK ELECTRS INC	$4,393,000	–	218,564	–	0.37%	–
RTEC	New	RUDOLPH TECHNOLOGIES INC	$3,939,000	–	351,696	–	0.34%	–
DLB	New	DOLBY LABORATORIES INC	$3,905,000	–	116,750	–	0.33%	–
HTCH	New	HUTCHINSON TECHNOLOGY INC	$3,123,000	–	660,169	–	0.26%	–
COHU	New	COHU INC	$2,206,000	–	176,491	–	0.19%	–
IIVI	New	II VI INC	$1,473,000	–	90,610	–	0.12%	–
ISSC	New	INNOVATIVE SOLUTIONS & SUPPO	$916,000	–	143,186	–	0.08%	–
ERA	New	ERA GROUP INC	$882,000	–	33,735	–	0.08%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$821,000	–	38,695	–	0.07%	–
SCX	New	STARRETT L S COcl a	$628,000	–	61,481	–	0.05%	–
APA	New	APACHE CORP	$614,000	–	7,330	–	0.05%	–
SVT	New	SERVOTRONICS INC	$578,000	–	74,047	–	0.05%	–
TZA	New	DIREXION SHS ETF TRdly sc bear3xnew	$545,000	–	17,130	–	0.05%	–
HPQ	New	HEWLETT PACKARD CO	$544,000	–	21,930	–	0.05%	–
OFLX	New	OMEGA FLEX INC	$532,000	–	35,790	–	0.04%	–
BOOM	New	DYNAMIC MATLS CORP	$495,000	–	29,970	–	0.04%	–
EXC	New	EXELON CORP	$422,000	–	13,670	–	0.04%	–
AXP	New	AMERICAN EXPRESS CO	$388,000	–	5,185	–	0.03%	–
SYY	New	SYSCO CORP	$323,000	–	9,470	–	0.03%	–
PIOI	New	ACTIVE POWER INC	$300,000	–	71,673	–	0.02%	–
BDX	New	BECTON DICKINSON & CO	$299,000	–	3,030	–	0.02%	–
ONB	New	OLD NATL BANCORP IND	$278,000	–	20,130	–	0.02%	–
ESIO	New	ELECTRO SCIENTIFIC INDS	$268,000	–	24,890	–	0.02%	–
SYNL	New	SYNALLOY CP DEL	$238,000	–	15,299	–	0.02%	–
EME	New	EMCOR GROUP INC	$233,000	–	5,730	–	0.02%	–
CW	New	CURTISS WRIGHT CORP	$222,000	–	6,000	–	0.02%	–
SIGI	New	SELECTIVE INS GROUP INC	$212,000	–	9,200	–	0.02%	–
WMS	New	WMS INDS INC	$214,000	–	8,400	–	0.02%	–
TNGO	New	TANGOE INC	$198,000	–	12,800	–	0.02%	–
POWR	New	POWERSECURE INTL INC	$203,000	–	13,500	–	0.02%	–
AETI	New	AMERICAN ELECTRIC TECH INC	$202,000	–	28,300	–	0.02%	–
USB	New	US BANCORP DEL	$201,000	–	5,550	–	0.02%	–
CTPR	New	CTPARTNERS EXECUTIVE SEARCH	$191,000	–	43,695	–	0.02%	–
HDNG	New	HARDINGE INC	$185,000	–	12,500	–	0.02%	–
PERI	New	PERION NETWORK LTD	$173,000	–	15,100	–	0.02%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$175,000	–	33,500	–	0.02%	–
TRNS	New	TRANSCAT INC	$159,000	–	23,450	–	0.01%	–
ORBK	New	ORBOTECH LTDord	$164,000	–	13,200	–	0.01%	–
PRCP	New	PERCEPTRON INC	$134,000	–	17,009	–	0.01%	–
PMFG	New	PMFG INC	$129,000	–	18,588	–	0.01%	–
VELTF	New	VELTI PLC ST HELIER	$125,000	–	89,580	–	0.01%	–
GCAP	New	GAIN CAP HLDGS INC	$123,000	–	19,500	–	0.01%	–
SUTR	New	SUTOR TECH GROUP LTD	$103,000	–	67,800	–	0.01%	–
RDI	New	READING INTERNATIONAL INCcl a	$101,000	–	15,910	–	0.01%	–
RFMD	New	RF MICRODEVICES INC	$94,000	–	17,600	–	0.01%	–
MOSY	New	MOSYS INC	$82,000	–	20,400	–	0.01%	–
FLOW	New	FLOW INTL CORP	$65,000	–	17,745	–	0.01%	–
CBRIQ	New	CIBER INC	$61,000	–	18,200	–	0.01%	–
AUDC	New	AUDIOCODES LTDord	$58,000	–	13,000	–	0.01%	–
SIGA	New	SIGA TECHNOLOGIES INC	$45,000	–	16,000	–	0.00%	–
JOEZ	New	JOES JEANS INC	$33,000	–	20,000	–	0.00%	–

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