Corsair Capital Management Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LAUR	Sell	LAUREATE EDUCATION INC	$28,759,615	+15.9%	2,039,689	-0.6%	9.88%	+16.9%
WSC	Sell	WILLSCOT MOBIL MINI HLDNG CO	$27,860,600	-14.0%	669,887	-1.2%	9.57%	-13.3%
VRT	Sell	VERTIV HOLDINGS CO	$26,806,543	+30.3%	720,606	-13.2%	9.20%	+31.4%
	Buy	MIRION TECHNOLOGIES INC	$20,162,359	+7.6%	2,699,111	+21.7%	6.92%	+8.5%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$16,633,247	-3.8%	38,910	-0.3%	5.71%	-3.0%
GDDY	Buy	GODADDY INCcl a	$15,379,673	+0.3%	206,494	+1.2%	5.28%	+1.1%
AON	Sell	AON PLC	$15,313,883	-7.0%	47,233	-0.9%	5.26%	-6.2%
APG	Buy	API GROUP CORP	$14,093,940	-4.1%	543,538	+0.8%	4.84%	-3.3%
IQV	Sell	IQVIA HLDGS INC	$11,501,021	-13.1%	58,455	-0.7%	3.95%	-12.4%
	New	SPX TECHNOLOGIES INC	$10,802,431	–	132,708	–	3.71%	–
CHDN	Sell	CHURCHILL DOWNS INC	$10,078,654	-17.4%	86,855	-0.9%	3.46%	-16.7%
SPGI	Sell	S&P GLOBAL INC	$8,804,919	-9.7%	24,096	-0.9%	3.02%	-9.0%
MSFT	Sell	MICROSOFT CORP	$7,733,665	-8.2%	24,493	-1.0%	2.66%	-7.5%
ALIT	Buy	ALIGHT INC	$7,676,648	+11.4%	1,082,743	+45.2%	2.64%	+12.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$7,278,884	+2.7%	20,779	-0.0%	2.50%	+3.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$5,391,432	+8.4%	41,200	-0.9%	1.85%	+9.3%
VOYA	Sell	VOYA FINANCIAL INC	$5,244,101	-8.2%	78,918	-1.0%	1.80%	-7.5%
	Sell	COMPOSECURE INC	$4,499,830	-6.6%	697,648	-0.6%	1.54%	-5.8%
JBI	Sell	JANUS INTERNATIONAL GROUP IN	$3,885,534	-1.1%	363,134	-1.5%	1.33%	-0.3%
	Sell	IAC INC	$3,508,101	-20.5%	69,619	-0.9%	1.20%	-19.8%
XLE	Buy	SELECT SECTOR SPDR TRenergy	$2,451,106	+36.4%	27,117	+22.5%	0.84%	+37.6%
AAPL	Sell	APPLE INC	$1,575,303	-13.1%	9,201	-1.5%	0.54%	-12.3%
	Sell	APOLLO GLOBAL MGMT INC	$1,542,436	+16.9%	17,184	-0.0%	0.53%	+18.0%
DK	Sell	DELEK US HOLDINGS INC NEW	$1,476,894	+18.6%	51,985	-0.0%	0.51%	+19.6%
	Sell	ARDAGH METAL PACKAGING S A	$1,271,434	-50.4%	406,209	-40.4%	0.44%	-49.9%
BHF	Sell	BRIGHTHOUSE FINL INC	$1,028,621	+3.4%	21,018	-0.0%	0.35%	+4.1%
	Sell	CONSTELLATION ENERGY CORP	$1,024,479	+19.1%	9,392	-0.0%	0.35%	+20.1%
MTCH	Sell	MATCH GROUP INC NEW	$931,777	-7.0%	23,785	-0.6%	0.32%	-6.2%
CNX	Sell	CNX RES CORP	$912,797	+13.4%	40,425	-11.0%	0.31%	+14.2%
	New	RAMACO RES INC	$849,953	–	71,245	–	0.29%	–
	Buy	INVESTMENT MANAGERS SER TR Iaxs first priort	$813,016	+78.7%	20,479	+62.9%	0.28%	+80.0%
GLNG	Sell	GOLAR LNG LTD	$800,022	+20.3%	32,977	-0.0%	0.28%	+21.1%
KOS	Sell	KOSMOS ENERGY LTD	$736,944	+36.6%	90,091	-0.0%	0.25%	+37.5%
	Buy	FTAI AVIATION LTD	$710,858	+124.5%	19,996	+100.0%	0.24%	+125.9%
BTU	Sell	PEABODY ENERGY CORP	$692,270	-12.8%	26,636	-27.3%	0.24%	-11.9%
OEC	Sell	ORION S.A.	$678,002	+0.3%	31,861	-0.0%	0.23%	+1.3%
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$624,201	+4.7%	11,091	-15.3%	0.21%	+5.4%
TK	Sell	TEEKAY CORPORATION	$613,557	+2.1%	99,442	-0.0%	0.21%	+2.9%
VAL	New	VALARIS LTDcl a	$599,765	–	7,999	–	0.21%	–
KBR	New	KBR INC	$589,400	–	10,000	–	0.20%	–
ILPT	Sell	INDUSTRIAL LOGISTICS PPTYS T	$589,413	-33.3%	203,949	-23.8%	0.20%	-32.9%
RMR	Buy	RMR GROUP INCcl a	$587,916	+33.7%	23,977	+26.3%	0.20%	+34.7%
ALTO	New	ALTO INGREDIENTS INC	$583,307	–	131,970	–	0.20%	–
AAIC	Sell	ARLINGTON ASSET INVST CORPcl a new	$503,242	-14.8%	117,580	-7.8%	0.17%	-13.9%
KKR	Sell	KKR & CO INC	$504,196	+9.9%	8,185	-0.0%	0.17%	+10.9%
MFIN	Sell	MEDALLION FINL CORP	$497,599	-11.3%	70,883	-0.0%	0.17%	-10.5%
RICK	Sell	RCI HOSPITALITY HLDGS INC	$487,949	-20.2%	8,044	-0.0%	0.17%	-19.2%
TECK	Sell	TECK RESOURCES LTDcl b	$461,451	+2.3%	10,709	-0.0%	0.16%	+2.6%
OPY	Buy	OPPENHEIMER HOLDINGS INCcl a non vtg	$445,852	+84.9%	11,638	+94.0%	0.15%	+86.6%
GLRE	Sell	GREENLIGHT CAPITAL RE LTDclass a	$445,066	+1.9%	41,440	-0.1%	0.15%	+2.7%
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$430,348	-6.3%	2,441	-0.1%	0.15%	-5.1%
MHO	Sell	M/I HOMES INC	$416,250	-3.6%	4,953	-0.0%	0.14%	-2.7%
BXC	New	BLUELINX HLDGS INC	$410,368	–	4,999	–	0.14%	–
GFF	Sell	GRIFFON CORP	$396,581	-1.6%	9,997	-0.0%	0.14%	-0.7%
RAVE	Buy	RAVE RESTAURANT GROUP INC	$389,427	+36.5%	164,315	+16.3%	0.13%	+38.1%
STNG	New	SCORPIO TANKERS INC	$378,786	–	6,999	–	0.13%	–
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$371,603	-8.5%	2,985	-0.0%	0.13%	-7.2%
BYD	Sell	BOYD GAMING CORP	$363,216	-12.4%	5,971	-0.1%	0.12%	-11.3%
BUR	Sell	BURFORD CAP LTD	$349,902	-4.2%	24,993	-16.7%	0.12%	-3.2%
	New	ADEIA INC	$341,717	–	31,996	–	0.12%	–
FSLR	New	FIRST SOLAR INC	$323,180	–	2,000	–	0.11%	–
CCJ	New	CAMECO CORP	$317,080	–	7,999	–	0.11%	–
	Sell	PAGAYA TECHNOLOGIES LTD*w exp 09/01/202	$314,651	+12.4%	199,146	-0.4%	0.11%	+13.7%
KMI	Sell	KINDER MORGAN INC DEL	$289,105	-3.8%	17,437	-0.0%	0.10%	-2.9%
GNW	Sell	GENWORTH FINANCIAL INC	$286,613	+17.1%	48,910	-0.0%	0.10%	+18.1%
FHN	New	FIRST HORIZON CORPORATION	$275,467	–	24,997	–	0.10%	–
NNI	Sell	NELNET INCcl a	$267,692	-7.5%	2,997	-0.0%	0.09%	-6.1%
DAC	New	DANAOS CORPORATION	$264,814	–	3,999	–	0.09%	–
	New	ZIMVIE INC	$263,452	–	27,997	–	0.09%	–
PFSW	Sell	PFSWEB INC	$254,671	+32.7%	34,230	-19.4%	0.09%	+33.8%
PED	Sell	PEDEVCO CORP	$237,356	+10.3%	235,006	-0.0%	0.08%	+11.0%
GTX	Sell	GARRETT MOTION INC	$236,337	-21.9%	29,992	-25.0%	0.08%	-21.4%
SD	Sell	SANDRIDGE ENERGY INC	$233,726	+2.6%	14,925	-0.0%	0.08%	+2.6%
INSE	Sell	INSPIRED ENTMT INC	$229,752	-42.3%	19,210	-29.0%	0.08%	-41.5%
LFT	Sell	LUMENT FINANCE TRUST INC	$228,773	+9.4%	109,987	-0.0%	0.08%	+11.3%
	Sell	JAKKS PAC INC	$222,076	-7.0%	11,946	-0.1%	0.08%	-6.2%
HROW	Sell	HARROW INC	$217,993	-24.6%	15,170	-0.0%	0.08%	-23.5%
SON	Sell	SONOCO PRODS CO	$216,313	-8.0%	3,980	-0.1%	0.07%	-7.5%
CHK	Sell	CHESAPEAKE ENERGY CORP	$214,368	+3.0%	2,486	-0.0%	0.07%	+4.2%
ENSV	Sell	ENSERVCO CORP	$207,974	-7.8%	545,864	-22.2%	0.07%	-7.8%
	New	OPPFI INC	$198,843	–	78,906	–	0.07%	–
ELMD	Sell	ELECTROMED INC	$172,744	-3.0%	16,626	-0.0%	0.06%	-3.3%
CLVT	New	CLARIVATE PLC	$167,730	–	24,997	–	0.06%	–
GMDA	Buy	GAMIDA CELL LTD	$161,674	-16.2%	156,965	+57.0%	0.06%	-15.2%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$138,013	+57.3%	20,296	+97.0%	0.05%	+56.7%
GRPH	New	GRAPHITE BIO INC	$113,738	–	45,862	–	0.04%	–
	Sell	SURGEPAYS INC	$91,237	-68.8%	19,495	-51.3%	0.03%	-69.0%
GRVI	Sell	UPEXI INC	$54,296	-51.6%	31,385	-37.1%	0.02%	-50.0%
AWRE	New	AWARE INC MASS	$55,193	–	39,995	–	0.02%	–
SCYX	Sell	SCYNEXIS INC	$29,629	-44.2%	12,995	-27.8%	0.01%	-44.4%
PGEN	Exit	PRECIGEN INC	$0	–	-20,000	–	-0.01%	–
	Exit	KORE GROUP HOLDINGS INC	$0	–	-20,000	–	-0.01%	–
DHC	Exit	DIVERSIFIED HEALTHCARE TR	$0	–	-16,900	–	-0.01%	–
GAN	Exit	GAN LTD	$0	–	-30,000	–	-0.02%	–
	Exit	NOGIN INC	$0	–	-57,985	–	-0.03%	–
MGTA	Exit	MAGENTA THERAPEUTICS INC	$0	–	-100,000	–	-0.03%	–
	Exit	INNOVATE CORP	$0	–	-50,000	–	-0.03%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-47,726	–	-0.03%	–
MNTK	Exit	MONTAUK RENEWABLES INC	$0	–	-14,929	–	-0.04%	–
TALS	Exit	TALARIS THERAPEUTICS INC	$0	–	-55,000	–	-0.06%	–
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-11,981	–	-0.08%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-5,000	–	-0.08%	–
	Exit	ENOVIX CORPORATION	$0	–	-15,000	–	-0.09%	–
CRH	Exit	CRH PLCadr	$0	–	-5,000	–	-0.10%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-2,228	–	-0.11%	–
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-10,000	–	-0.11%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-74,721	–	-0.11%	–
PLUS	Exit	EPLUS INC	$0	–	-8,000	–	-0.15%	–
IDT	Exit	IDT CORPcl b new	$0	–	-20,890	–	-0.18%	–
LNDC	Exit	LIFECORE BIOMEDICAL INC	$0	–	-122,431	–	-0.40%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-6,582	–	-0.42%	–
	Exit	SPX TECHNOLOGIES	$0	–	-134,215	–	-3.88%	–

Q2 2023

			Value		Shares		↓ Weighting
WSC	New	WILLSCOT MOBIL MINI HLDNG CO	$32,401,333	–	677,994	–	11.03%	–
LAUR	New	LAUREATE EDUCATION INC	$24,814,012	–	2,052,441	–	8.45%	–
VRT	New	VERTIV HOLDINGS CO	$20,575,646	–	830,668	–	7.01%	–
	New	MIRION TECHNOLOGIES INC	$18,734,858	–	2,217,143	–	6.38%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$17,291,910	–	39,009	–	5.89%	–
AON	New	AON PLC	$16,459,136	–	47,680	–	5.60%	–
GDDY	New	GODADDY INCcl a	$15,337,489	–	204,146	–	5.22%	–
APG	New	API GROUP CORP	$14,700,091	–	539,255	–	5.01%	–
IQV	New	IQVIA HLDGS INC	$13,237,829	–	58,895	–	4.51%	–
CHDN	New	CHURCHILL DOWNS INC	$12,201,730	–	87,675	–	4.16%	–
	New	SPX TECHNOLOGIES	$11,404,249	–	134,215	–	3.88%	–
SPGI	New	S&P GLOBAL INC	$9,751,649	–	24,325	–	3.32%	–
MSFT	New	MICROSOFT CORP	$8,427,684	–	24,748	–	2.87%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$7,086,321	–	20,781	–	2.41%	–
ALIT	New	ALIGHT INC	$6,888,300	–	745,487	–	2.35%	–
VOYA	New	VOYA FINANCIAL INC	$5,713,566	–	79,676	–	1.95%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,974,373	–	41,557	–	1.69%	–
	New	COMPOSECURE INC	$4,816,934	–	702,177	–	1.64%	–
	New	IAC INC	$4,413,772	–	70,283	–	1.50%	–
JBI	New	JANUS INTERNATIONAL GROUP IN	$3,930,331	–	368,699	–	1.34%	–
	New	ARDAGH METAL PACKAGING S A	$2,561,376	–	681,217	–	0.87%	–
AAPL	New	APPLE INC	$1,812,262	–	9,343	–	0.62%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$1,797,023	–	22,139	–	0.61%	–
IWO	New	ISHARES TRrus 2000 grw etf	$1,688,428	–	6,958	–	0.58%	–
	New	APOLLO GLOBAL MGMT INC	$1,319,980	–	17,185	–	0.45%	–
DK	New	DELEK US HLDGS INC NEW	$1,245,113	–	51,988	–	0.42%	–
IWM	New	ISHARES TRrussell 2000 etf	$1,232,611	–	6,582	–	0.42%	–
LNDC	New	LIFECORE BIOMEDICAL INC	$1,183,908	–	122,431	–	0.40%	–
MTCH	New	MATCH GROUP INC NEW	$1,001,512	–	23,931	–	0.34%	–
BHF	New	BRIGHTHOUSE FINL INC	$995,250	–	21,019	–	0.34%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS T	$883,031	–	267,585	–	0.30%	–
	New	CONSTELLATION ENERGY CORP	$859,929	–	9,393	–	0.29%	–
CNX	New	CNX RES CORP	$804,966	–	45,427	–	0.27%	–
BTU	New	PEABODY ENERGY CORP	$793,579	–	36,638	–	0.27%	–
MS	New	MORGAN STANLEY	$718,726	–	8,416	–	0.24%	–
OEC	New	ORION S.A.	$676,133	–	31,863	–	0.23%	–
GLNG	New	GOLAR LNG LTD	$665,207	–	32,980	–	0.23%	–
GLD	New	SPDR GOLD TR	$662,451	–	3,716	–	0.23%	–
RICK	New	RCI HOSPITALITY HLDGS INC	$611,340	–	8,045	–	0.21%	–
TK	New	TEEKAY CORPORATION	$600,678	–	99,450	–	0.20%	–
DFS	New	DISCOVER FINL SVCS	$597,104	–	5,110	–	0.20%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$596,079	–	13,092	–	0.20%	–
AAIC	New	ARLINGTON ASSET INVST CORPcl a new	$590,732	–	127,588	–	0.20%	–
MFIN	New	MEDALLION FINL CORP	$560,724	–	70,888	–	0.19%	–
NATH	New	NATHAN'S FAMOUS INC NEW	$541,141	–	6,890	–	0.18%	–
IDT	New	IDT CORPcl b new	$540,007	–	20,890	–	0.18%	–
KOS	New	KOSMOS ENERGY LTD	$539,687	–	90,098	–	0.18%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$459,406	–	2,443	–	0.16%	–
KKR	New	KKR & CO INC	$458,584	–	8,189	–	0.16%	–
	New	INVESTMENT MANAGERS SER TR Iaxs first priort	$454,891	–	12,573	–	0.16%	–
TECK	New	TECK RESOURCES LTDcl b	$451,059	–	10,714	–	0.15%	–
PLUS	New	EPLUS INC	$450,400	–	8,000	–	0.15%	–
RMR	New	RMR GROUP INCcl a	$439,882	–	18,985	–	0.15%	–
GLRE	New	GREENLIGHT CAPITAL RE LTDclass a	$436,792	–	41,461	–	0.15%	–
MHO	New	M/I HOMES INC	$431,939	–	4,954	–	0.15%	–
BYD	New	BOYD GAMING CORP	$414,416	–	5,974	–	0.14%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$406,096	–	2,986	–	0.14%	–
GFF	New	GRIFFON CORP	$403,000	–	10,000	–	0.14%	–
INSE	New	INSPIRED ENTMT INC	$397,876	–	27,048	–	0.14%	–
LENB	New	LENNAR CORPcl b	$393,396	–	3,482	–	0.13%	–
TSLA	New	TESLA INC	$391,346	–	1,495	–	0.13%	–
BUR	New	BURFORD CAPITAL LTD	$365,400	–	30,000	–	0.12%	–
BGCP	New	BGC PARTNERS INCcl a	$331,014	–	74,721	–	0.11%	–
OSTK	New	OVERSTOCK COM INC DEL	$325,700	–	10,000	–	0.11%	–
	New	FTAI AVIATION LTD	$316,600	–	10,000	–	0.11%	–
IWN	New	ISHARES TRrus 2000 val etf	$313,702	–	2,228	–	0.11%	–
GTX	New	GARRETT MOTION INC	$302,800	–	40,000	–	0.10%	–
KMI	New	KINDER MORGAN INC DEL	$300,403	–	17,445	–	0.10%	–
	New	SURGEPAYS INC	$292,400	–	40,000	–	0.10%	–
HROW	New	HARROW HEALTH INC	$288,970	–	15,177	–	0.10%	–
NNI	New	NELNET INCcl a	$289,247	–	2,998	–	0.10%	–
RAVE	New	RAVE RESTAURANT GROUP INC	$285,275	–	141,225	–	0.10%	–
CRH	New	CRH PLCadr	$278,650	–	5,000	–	0.10%	–
	New	PAGAYA TECHNOLOGIES LTD*w exp 09/01/202	$280,000	–	200,000	–	0.10%	–
	New	ENOVIX CORPORATION	$270,600	–	15,000	–	0.09%	–
ECPG	New	ENCORE CAP GROUP INC	$243,100	–	5,000	–	0.08%	–
GNW	New	GENWORTH FINL INC	$244,670	–	48,934	–	0.08%	–
OPY	New	OPPENHEIMER HOLDINGS INCcl a non vtg	$241,080	–	6,000	–	0.08%	–
	New	JAKKS PAC INC	$238,681	–	11,952	–	0.08%	–
SON	New	SONOCO PRODS CO	$235,018	–	3,982	–	0.08%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$232,431	–	11,981	–	0.08%	–
SD	New	SANDRIDGE ENERGY INC	$227,713	–	14,932	–	0.08%	–
ENSV	New	ENSERVCO CORP	$225,661	–	701,245	–	0.08%	–
PED	New	PEDEVCO CORP	$215,137	–	235,122	–	0.07%	–
LFT	New	LUMENT FINANCE TRUST INC	$209,038	–	110,020	–	0.07%	–
CHK	New	CHESAPEAKE ENERGY CORP	$208,112	–	2,487	–	0.07%	–
GMDA	New	GAMIDA CELL LTD	$193,000	–	100,000	–	0.07%	–
PFSW	New	PFSWEB INC	$191,879	–	42,451	–	0.06%	–
ELMD	New	ELECTROMED INC	$178,150	–	16,634	–	0.06%	–
TALS	New	TALARIS THERAPEUTICS INC	$167,200	–	55,000	–	0.06%	–
	New	TECHPRECISION CORP	$129,007	–	17,457	–	0.04%	–
GRVI	New	UPEXI INC	$112,259	–	49,893	–	0.04%	–
MNTK	New	MONTAUK RENEWABLES INC	$111,072	–	14,929	–	0.04%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$87,756	–	10,300	–	0.03%	–
ENZ	New	ENZO BIOCHEM INC	$87,816	–	47,726	–	0.03%	–
	New	INNOVATE CORP	$87,500	–	50,000	–	0.03%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$75,800	–	100,000	–	0.03%	–
	New	NOGIN INC	$75,960	–	57,985	–	0.03%	–
SCYX	New	SCYNEXIS INC	$53,100	–	18,000	–	0.02%	–
GAN	New	GAN LTD	$49,200	–	30,000	–	0.02%	–
DHC	New	DIVERSIFIED HEALTHCARE TR	$38,025	–	16,900	–	0.01%	–
PGEN	New	PRECIGEN INC	$23,000	–	20,000	–	0.01%	–
	New	KORE GROUP HOLDINGS INC	$24,400	–	20,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
ALTO	Exit	ALTO INGREDIENTS INC	$0	–	-11,496	–	-0.02%	–
IVAC	Exit	INTEVAC INC	$0	–	-12,137	–	-0.02%	–
HNRG	Exit	HALLADOR ENERGY CO	$0	–	-10,462	–	-0.03%	–
ARC	Exit	ARC DOCUMENT SOLUTIONS INC	$0	–	-26,316	–	-0.03%	–
ETWO	Exit	E2OPEN PARENT HOLDINGS INC	$0	–	-14,277	–	-0.04%	–
STAR	Exit	ISTAR INC	$0	–	-10,002	–	-0.04%	–
CLVT	Exit	CLARIVATE PLC	$0	–	-11,995	–	-0.05%	–
	Exit	KORE GROUP HOLDINGS INC	$0	–	-59,760	–	-0.05%	–
PCYO	Exit	PURE CYCLE CORP	$0	–	-15,005	–	-0.06%	–
EPSN	Exit	EPSILON ENERGY LTD	$0	–	-19,993	–	-0.06%	–
ELMD	Exit	ELECTROMED INC	$0	–	-14,482	–	-0.07%	–
OEC	Exit	ORION ENGINEERED CARBONS SA	$0	–	-11,996	–	-0.07%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-75,049	–	-0.07%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-49,167	–	-0.08%	–
TTI	Exit	TETRA TECHNOLOGIES INC DEL	$0	–	-50,262	–	-0.08%	–
	Exit	DOLE PLC	$0	–	-24,978	–	-0.08%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-3,498	–	-0.09%	–
LBRT	Exit	LIBERTY ENERGY INC	$0	–	-16,994	–	-0.10%	–
SON	Exit	SONOCO PRODS CO	$0	–	-4,001	–	-0.10%	–
GIIX	Exit	GORES HLDGS VIII INCcl a	$0	–	-24,542	–	-0.11%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-15,003	–	-0.11%	–
PNRG	Exit	PRIMEENERGY RESOURCES CORP	$0	–	-3,200	–	-0.11%	–
CLAR	Exit	CLARUS CORP NEW	$0	–	-20,000	–	-0.12%	–
CHKP	Exit	CHECK POINT SOFTWARE TECHord	$0	–	-2,406	–	-0.12%	–
	Exit	COMPOSECURE INC*w exp 12/27/202	$0	–	-339,483	–	-0.12%	–
RMNI	Exit	RIMINI STR INC DEL	$0	–	-59,987	–	-0.12%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-15,034	–	-0.13%	–
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-19,993	–	-0.14%	–
COOP	Exit	MR COOPER GROUP INC	$0	–	-7,997	–	-0.14%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-10,765	–	-0.14%	–
CC	Exit	CHEMOURS CO	$0	–	-13,465	–	-0.15%	–
METC	Exit	RAMACO RESOURCES INC	$0	–	-35,987	–	-0.15%	–
	Exit	JACKSON FINANCIAL INC	$0	–	-11,995	–	-0.15%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-2,454	–	-0.15%	–
HROW	Exit	HARROW HEALTH INC	$0	–	-27,790	–	-0.15%	–
KKR	Exit	KKR & CO INC	$0	–	-8,221	–	-0.16%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-99,964	–	-0.16%	–
AAIC	Exit	ARLINGTON ASSET INVST CORPcl a new	$0	–	-132,363	–	-0.16%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-40,949	–	-0.16%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-8,002	–	-0.17%	–
GTPAU	Exit	GORES TECHNOLOGY PARTNERS INunit 03/16/2028	$0	–	-38,897	–	-0.17%	–
VMEO	Exit	VIMEO INC	$0	–	-102,395	–	-0.18%	–
	Exit	CIVITAS RESOURCES INC	$0	–	-7,160	–	-0.18%	–
GTPBU	Exit	GORES TECHNOLOGY PARTNERS IIunit 03/16/2028	$0	–	-44,297	–	-0.19%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-15,001	–	-0.19%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTD-Aclass a	$0	–	-58,430	–	-0.19%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-27,575	–	-0.20%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-5,137	–	-0.21%	–
GLNG	Exit	GOLAR LNG LTD	$0	–	-19,089	–	-0.21%	–
ACQRU	Exit	INDEPENDENCE HOLDINGS CORPunit 03/02/2026	$0	–	-52,015	–	-0.23%	–
IDT	Exit	IDT CORPcl b new	$0	–	-20,998	–	-0.23%	–
RICK	Exit	RCI HOSPITALITY HLDGS INC	$0	–	-8,087	–	-0.23%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-14,660	–	-0.24%	–
LAUR	Exit	LAUREATE EDUCATION INC	$0	–	-53,036	–	-0.25%	–
OAS	Exit	CHORD ENERGY CORPORATION	$0	–	-4,200	–	-0.26%	–
GLD	Exit	SPDR GOLD TR	$0	–	-3,735	–	-0.26%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-22,237	–	-0.29%	–
MS	Exit	MORGAN STANLEY	$0	–	-8,456	–	-0.30%	–
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-129,709	–	-0.30%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-15,022	–	-0.30%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-18,127	–	-0.35%	–
SKIL	Exit	SKILLSOFT CORPcl a	$0	–	-436,184	–	-0.35%	–
CNX	Exit	CNX RES CORP	$0	–	-51,682	–	-0.36%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-21,420	–	-0.36%	–
GSQDU	Exit	G SQUARED ASCEND I INCunit 99/99/9999	$0	–	-83,430	–	-0.37%	–
MFIN	Exit	MEDALLION FINL CORP	$0	–	-124,711	–	-0.39%	–
GPACU	Exit	GLOBAL PARTNER ACQISTN CORPunit 01/06/2026	$0	–	-93,494	–	-0.41%	–
	Exit	ARCHAEA ENERGY INC	$0	–	-53,755	–	-0.43%	–
APGBU	Exit	APOLLO STRATEGIC GRWT CPTL Iunit 99/99/9999	$0	–	-97,902	–	-0.43%	–
	Exit	CONSTELLATION ENERGY CORP	$0	–	-11,952	–	-0.44%	–
FTEVU	Exit	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$0	–	-122,587	–	-0.54%	–
LOKMU	Exit	LIVE OAK MOBILITY ACQUISI COunit 03/01/2028	$0	–	-128,936	–	-0.56%	–
LVOX	Exit	LIVEVOX HOLDINGS INC	$0	–	-500,014	–	-0.65%	–
AACU	Exit	ARES ACQUISITION CORPORATIONunit 99/99/9999	$0	–	-149,564	–	-0.66%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-16,046	–	-0.67%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-22,232	–	-0.71%	–
FREE	Exit	WHOLE EARTH BRANDS INC	$0	–	-462,827	–	-0.79%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-79,989	–	-0.88%	–
AAPL	Exit	APPLE INC	$0	–	-17,636	–	-1.08%	–
WSC	Exit	WILLSCOT MOBIL MINI HLDNG CO	$0	–	-1,069,146	–	-1.10%	–
MTCH	Exit	MATCH GROUP INC NEW	$0	–	-61,278	–	-1.30%	–
	Exit	COMPOSECURE INC	$0	–	-710,675	–	-1.58%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-44,853	–	-1.90%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-17,904	–	-2.12%	–
JBI	Exit	JANUS INTERNATIONAL GROUP IN	$0	–	-538,702	–	-2.13%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-85,225	–	-2.29%	–
	Exit	ARDAGH METAL PACKAGING S A	$0	–	-1,261,676	–	-2.71%	–
IAC	Exit	IAC INC	$0	–	-119,727	–	-2.94%	–
APG	Exit	API GROUP CORP	$0	–	-567,450	–	-3.34%	–
ALIT	Exit	ALIGHT INC	$0	–	-1,092,442	–	-3.55%	–
SPXC	Exit	SPX CORP	$0	–	-153,112	–	-3.75%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-37,218	–	-3.84%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-902,079	–	-3.89%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-48,364	–	-3.95%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-30,394	–	-4.12%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-71,667	–	-5.76%	–
AON	Exit	AON PLC	$0	–	-49,808	–	-5.92%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-37,413	–	-5.93%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-253,969	–	-7.98%	–
	Exit	MIRION TECHNOLOGIES INC	$0	–	-3,267,441	–	-10.82%	–

Q3 2022

			Value		Shares		↓ Weighting
	Sell	MIRION TECHNOLOGIES INC	$24,408,000	+22.7%	3,267,441	-5.4%	10.82%	+54.0%
GDDY	Sell	GODADDY INCcl a	$18,001,000	-8.9%	253,969	-10.6%	7.98%	+14.4%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$13,363,000	-4.8%	37,413	+0.6%	5.93%	+19.5%
AON	Sell	AON PLC	$13,342,000	-0.7%	49,808	-0.0%	5.92%	+24.7%
IQV	Sell	IQVIA HLDGS INC	$12,982,000	-16.5%	71,667	-0.0%	5.76%	+4.8%
SPGI	Sell	S&P GLOBAL INC	$9,281,000	-9.4%	30,394	-0.0%	4.12%	+13.7%
CHDN	Sell	CHURCHILL DOWNS INC	$8,906,000	-3.9%	48,364	-0.0%	3.95%	+20.7%
VRT	Sell	VERTIV HOLDINGS CO	$8,768,000	-11.1%	902,079	-24.8%	3.89%	+11.6%
MSFT	Sell	MICROSOFT CORP	$8,668,000	-9.3%	37,218	-0.0%	3.84%	+13.9%
SPXC	Sell	SPX CORP	$8,455,000	-4.3%	153,112	-8.4%	3.75%	+20.2%
ALIT	Sell	ALIGHT INC	$8,008,000	-15.1%	1,092,442	-21.8%	3.55%	+6.6%
APG	Sell	API GROUP CORP	$7,530,000	-20.5%	567,450	-10.3%	3.34%	-0.1%
IAC	Sell	IAC INC	$6,630,000	-30.0%	119,727	-4.0%	2.94%	-12.2%
	Sell	ARDAGH METAL PACKAGING S A	$6,107,000	-33.1%	1,261,676	-15.7%	2.71%	-16.0%
VOYA	Sell	VOYA FINANCIAL INC	$5,156,000	+1.6%	85,225	-0.0%	2.29%	+27.6%
JBI	Sell	JANUS INTERNATIONAL GROUP IN	$4,805,000	-32.5%	538,702	-31.7%	2.13%	-15.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$4,781,000	-1.7%	17,904	+0.5%	2.12%	+23.4%
GOOG	Buy	ALPHABET INCcap stk cl c	$4,290,000	-12.2%	44,853	+1899.7%	1.90%	+10.3%
	Buy	COMPOSECURE INC	$3,560,000	+22.9%	710,675	+27.6%	1.58%	+54.3%
MTCH	Sell	MATCH GROUP INC NEW	$2,926,000	-31.5%	61,278	-0.0%	1.30%	-13.9%
WSC	Sell	WILLSCOT MOBIL MINI HLDNG CO	$2,475,000	-93.0%	1,069,146	-2.1%	1.10%	-91.2%
AAPL	Sell	APPLE INC	$2,437,000	+1.0%	17,636	-0.1%	1.08%	+26.9%
BTU	New	PEABODY ENERGY CORP	$1,985,000	–	79,989	–	0.88%	–
FREE	Buy	WHOLE EARTH BRANDS INC	$1,777,000	+44325.0%	462,827	+1708.9%	0.79%	+78700.0%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$1,601,000	+0.7%	22,232	-0.0%	0.71%	+26.3%
CHK	Buy	CHESAPEAKE ENERGY CORP	$1,512,000	+28.2%	16,046	+10.4%	0.67%	+61.3%
AACU	Sell	ARES ACQUISITION CORPORATIONunit 99/99/9999	$1,488,000	-11.0%	149,564	-11.8%	0.66%	+11.7%
LVOX	Sell	LIVEVOX HOLDINGS INC	$1,475,000	+25.1%	500,014	-29.6%	0.65%	+57.2%
LOKMU	Sell	LIVE OAK MOBILITY ACQUISI COunit 03/01/2028	$1,270,000	-11.1%	128,936	-11.3%	0.56%	+11.7%
	Buy	CONSTELLATION ENERGY CORP	$994,000	+45.3%	11,952	+0.0%	0.44%	+82.2%
APGBU	New	APOLLO STRATEGIC GRWT CPTL Iunit 99/99/9999	$969,000	–	97,902	–	0.43%	–
	Sell	ARCHAEA ENERGY INC	$968,000	+15.9%	53,755	-0.0%	0.43%	+45.4%
MFIN	Sell	MEDALLION FINL CORP	$875,000	+5.8%	124,711	-3.5%	0.39%	+32.9%
LSXMA	Buy	LIBERTY MEDIA CORP DEL	$815,000	+5.6%	21,420	+0.0%	0.36%	+32.2%
CNX	Sell	CNX RES CORP	$803,000	-9.1%	51,682	-3.7%	0.36%	+14.1%
SKIL	Sell	SKILLSOFT CORPcl a	$798,000	-78.7%	436,184	-59.1%	0.35%	-73.3%
BHF	Buy	BRIGHTHOUSE FINL INC	$787,000	+136.3%	18,127	+123.1%	0.35%	+195.8%
ECPG	Sell	ENCORE CAP GROUP INC	$683,000	-28.4%	15,022	-9.1%	0.30%	-10.1%
KOS	Buy	KOSMOS ENERGY LTD	$671,000	-16.4%	129,709	+0.0%	0.30%	+4.9%
MS	Buy	MORGAN STANLEY	$668,000	+3.9%	8,456	+0.1%	0.30%	+30.4%
CUBI	Sell	CUSTOMERS BANCORP INC	$656,000	-20.2%	22,237	-8.3%	0.29%	+0.3%
GLD	Buy	SPDR GOLD TR	$578,000	-8.1%	3,735	+0.1%	0.26%	+15.3%
OAS	New	CHORD ENERGY CORPORATION	$574,000	–	4,200	–	0.26%	–
LAUR	Sell	LAUREATE EDUCATION INC	$560,000	-41.7%	53,036	-36.1%	0.25%	-26.8%
DFIN	Buy	DONNELLEY FINL SOLUTIONS INC	$542,000	+26.3%	14,660	+0.1%	0.24%	+57.9%
RICK	Buy	RCI HOSPITALITY HLDGS INC	$528,000	+35.0%	8,087	+0.1%	0.23%	+69.6%
IDT	Buy	IDT CORPcl b new	$521,000	+88.1%	20,998	+90.9%	0.23%	+135.7%
ACQRU	New	INDEPENDENCE HOLDINGS CORPunit 03/02/2026	$516,000	–	52,015	–	0.23%	–
GLNG	Buy	GOLAR LNG LTD	$476,000	+9.7%	19,089	+0.0%	0.21%	+37.9%
DFS	Buy	DISCOVER FINL SVCS	$467,000	-3.7%	5,137	+0.1%	0.21%	+21.1%
KMI	Buy	KINDER MORGAN INC DEL	$459,000	+146.8%	27,575	+149.1%	0.20%	+209.1%
GLRE	New	GREENLIGHT CAPITAL RE LTD-Aclass a	$435,000	–	58,430	–	0.19%	–
GPRE	Buy	GREEN PLAINS INC	$436,000	+60.3%	15,001	+50.0%	0.19%	+101.0%
	Sell	CIVITAS RESOURCES INC	$411,000	-14.2%	7,160	-21.8%	0.18%	+7.7%
VMEO	Sell	VIMEO INC	$410,000	-33.5%	102,395	-0.0%	0.18%	-16.5%
BYD	Buy	BOYD GAMING CORP	$381,000	-4.3%	8,002	+0.0%	0.17%	+19.9%
INSE	Buy	INSPIRED ENTMT INC	$362,000	+2.8%	40,949	+0.0%	0.16%	+29.8%
AAIC	Buy	ARLINGTON ASSET INVST CORPcl a new	$360,000	+10.8%	132,363	+32.3%	0.16%	+39.1%
TK	New	TEEKAY CORPORATION	$359,000	–	99,964	–	0.16%	–
HROW	New	HARROW HEALTH INC	$335,000	–	27,790	–	0.15%	–
MSGS	Buy	MADISON SQUARE GRDN SPRT CORcl a	$335,000	-9.5%	2,454	+0.1%	0.15%	+13.7%
	New	JACKSON FINANCIAL INC	$333,000	–	11,995	–	0.15%	–
CC	Sell	CHEMOURS CO	$332,000	-23.0%	13,465	-0.0%	0.15%	-3.3%
METC	New	RAMACO RESOURCES INC	$331,000	–	35,987	–	0.15%	–
TECK	Buy	TECK RESOURCES LTDcl b	$327,000	-0.6%	10,765	+0.1%	0.14%	+25.0%
COOP	New	MR COOPER GROUP INC	$324,000	–	7,997	–	0.14%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$315,000	–	19,993	–	0.14%	–
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$297,000	-3.6%	15,034	+0.2%	0.13%	+21.1%
RMNI	Buy	RIMINI STR INC DEL	$280,000	+133.3%	59,987	+199.9%	0.12%	+195.2%
	Sell	COMPOSECURE INC*w exp 12/27/202	$272,000	-40.6%	339,483	-45.9%	0.12%	-25.3%
CHKP	Buy	CHECK POINT SOFTWARE TECHord	$270,000	-7.8%	2,406	+0.0%	0.12%	+16.5%
CLAR	New	CLARUS CORP NEW	$269,000	–	20,000	–	0.12%	–
SD	New	SANDRIDGE ENERGY INC	$245,000	–	15,003	–	0.11%	–
SON	Buy	SONOCO PRODS CO	$227,000	-0.4%	4,001	+0.0%	0.10%	+24.7%
LBRT	New	LIBERTY ENERGY INC	$215,000	–	16,994	–	0.10%	–
LENB	New	LENNAR CORPcl b	$208,000	–	3,498	–	0.09%	–
	New	DOLE PLC	$182,000	–	24,978	–	0.08%	–
TTI	Buy	TETRA TECHNOLOGIES INC DEL	$180,000	-11.8%	50,262	+0.0%	0.08%	+11.1%
GNW	Buy	GENWORTH FINL INC	$172,000	-0.6%	49,167	+0.1%	0.08%	+24.6%
ENZ	Buy	ENZO BIOCHEM INC	$167,000	+7.7%	75,049	+0.0%	0.07%	+34.5%
OEC	New	ORION ENGINEERED CARBONS SA	$160,000	–	11,996	–	0.07%	–
ELMD	Buy	ELECTROMED INC	$148,000	+5.7%	14,482	+0.0%	0.07%	+34.7%
EPSN	New	EPSILON ENERGY LTD	$126,000	–	19,993	–	0.06%	–
PCYO	Sell	PURE CYCLE CORP	$125,000	-26.0%	15,005	-6.2%	0.06%	-8.3%
	Sell	KORE GROUP HOLDINGS INC	$114,000	-46.0%	59,760	-13.0%	0.05%	-32.0%
CLVT	New	CLARIVATE PLC	$113,000	–	11,995	–	0.05%	–
STAR	Sell	ISTAR INC	$93,000	-86.2%	10,002	-79.6%	0.04%	-82.7%
ETWO	Sell	E2OPEN PARENT HOLDINGS INC	$87,000	-71.5%	14,277	-63.6%	0.04%	-63.9%
ARC	Buy	ARC DOCUMENT SOLUTIONS INC	$59,000	+5.4%	26,316	+23.6%	0.03%	+30.0%
HNRG	New	HALLADOR ENERGY CO	$59,000	–	10,462	–	0.03%	–
IVAC	Buy	INTEVAC INC	$56,000	-5.1%	12,137	+0.0%	0.02%	+19.0%
ALTO	New	ALTO INGREDIENTS INC	$42,000	–	11,496	–	0.02%	–
GTX	Exit	GARRETT MOTION INC	$0	–	-16,261	–	-0.04%	–
JOFFU	Exit	JOFF FINTECH ACQUISITION CORunit 02/03/2026	$0	–	-14,980	–	-0.05%	–
REI	Exit	RING ENERGY INC	$0	–	-57,737	–	-0.05%	–
HTZZ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-10,000	–	-0.06%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-30,000	–	-0.07%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-3,620	–	-0.08%	–
THRY	Exit	THRYV HLDGS INC	$0	–	-10,000	–	-0.08%	–
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-5,000	–	-0.09%	–
NFE	Exit	NEW FORTRESS ENERGY INC	$0	–	-7,035	–	-0.10%	–
PHM	Exit	PULTE GROUP INC	$0	–	-7,256	–	-0.10%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-9,532	–	-0.10%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-10,000	–	-0.13%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-7,000	–	-0.14%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-724	–	-0.14%	–
	Exit	SHELL PLCspon ads	$0	–	-8,000	–	-0.15%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-10,000	–	-0.16%	–
PCG	Exit	PG&E CORP	$0	–	-45,000	–	-0.16%	–
	Exit	RENEW ENERGY GLOBAL PLC	$0	–	-91,397	–	-0.21%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-11,000	–	-0.26%	–
APSGU	Exit	APOLLO STRATEGIC GROWTH CAPTunit 99/99/9999	$0	–	-117,664	–	-0.41%	–
APO	Exit	APOLLO GLOBAL MGMT INC	$0	–	-26,784	–	-0.46%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDG	$0	–	-110,591	–	-0.78%	–
FREEW	Exit	WHOLE EARTH BRANDS INCw exp 06/25/202	$0	–	-568,897	–	-1.25%	–

Q2 2022

			Value		Shares		↓ Weighting
WSC	New	WILLSCOT MOBIL MINI HLDNG CO	$35,408,000	–	1,092,180	–	12.50%	–
	New	MIRION TECHNOLOGIES INC	$19,897,000	–	3,454,276	–	7.03%	–
GDDY	New	GODADDY INCcl a	$19,758,000	–	284,042	–	6.98%	–
IQV	New	IQVIA HLDGS INC	$15,553,000	–	71,676	–	5.49%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$14,035,000	–	37,204	–	4.96%	–
AON	New	AON PLC	$13,435,000	–	49,817	–	4.74%	–
SPGI	New	S&P GLOBAL INC	$10,246,000	–	30,399	–	3.62%	–
VRT	New	VERTIV HOLDINGS CO	$9,866,000	–	1,200,239	–	3.48%	–
MSFT	New	MICROSOFT CORP	$9,560,000	–	37,225	–	3.38%	–
IAC	New	IAC INTERACTIVECORP NEW	$9,476,000	–	124,740	–	3.35%	–
APG	New	API GROUP CORP	$9,469,000	–	632,532	–	3.34%	–
ALIT	New	ALIGHT INC	$9,434,000	–	1,397,556	–	3.33%	–
CHDN	New	CHURCHILL DOWNS INC	$9,265,000	–	48,372	–	3.27%	–
	New	ARDAGH METAL PACKAGING S A	$9,131,000	–	1,496,813	–	3.22%	–
SPXC	New	SPX CORP	$8,831,000	–	167,135	–	3.12%	–
JBI	New	JANUS INTERNATIONAL GROUP IN	$7,122,000	–	788,740	–	2.52%	–
VOYA	New	VOYA FINANCIAL INC	$5,074,000	–	85,239	–	1.79%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,888,000	–	2,243	–	1.73%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,865,000	–	17,818	–	1.72%	–
MTCH	New	MATCH GROUP INC NEW	$4,271,000	–	61,281	–	1.51%	–
SKIL	New	SKILLSOFT CORPcl a	$3,750,000	–	1,065,256	–	1.32%	–
FREEW	New	WHOLE EARTH BRANDS INCw exp 06/25/202	$3,527,000	–	568,897	–	1.25%	–
	New	COMPOSECURE INC	$2,897,000	–	557,143	–	1.02%	–
AAPL	New	APPLE INC	$2,413,000	–	17,649	–	0.85%	–
PSTH	New	PERSHING SQUARE TONTINE HLDG	$2,209,000	–	110,591	–	0.78%	–
AACU	New	ARES ACQUISITION CORPORATIONunit 99/99/9999	$1,672,000	–	169,564	–	0.59%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$1,590,000	–	22,240	–	0.56%	–
LOKMU	New	LIVE OAK MOBILITY ACQUISI COunit 03/01/2028	$1,428,000	–	145,336	–	0.50%	–
APO	New	APOLLO GLOBAL MGMT INC	$1,298,000	–	26,784	–	0.46%	–
FTEVU	New	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$1,203,000	–	122,587	–	0.42%	–
LVOX	New	LIVEVOX HOLDINGS INC	$1,179,000	–	710,249	–	0.42%	–
CHK	New	CHESAPEAKE ENERGY CORP	$1,179,000	–	14,541	–	0.42%	–
APSGU	New	APOLLO STRATEGIC GROWTH CAPTunit 99/99/9999	$1,161,000	–	117,664	–	0.41%	–
LAUR	New	LAUREATE EDUCATION INC	$961,000	–	83,023	–	0.34%	–
ECPG	New	ENCORE CAP GROUP INC	$954,000	–	16,518	–	0.34%	–
GPACU	New	GLOBAL PARTNER ACQISTN CORPunit 01/06/2026	$922,000	–	93,494	–	0.33%	–
CNX	New	CNX RES CORP	$883,000	–	53,650	–	0.31%	–
	New	ARCHAEA ENERGY INC	$835,000	–	53,775	–	0.30%	–
MFIN	New	MEDALLION FINL CORP	$827,000	–	129,258	–	0.29%	–
CUBI	New	CUSTOMERS BANCORP INC	$822,000	–	24,245	–	0.29%	–
GSQDU	New	G SQUARED ASCEND I INCunit 99/99/9999	$820,000	–	83,430	–	0.29%	–
KOS	New	KOSMOS ENERGY LTD	$803,000	–	129,668	–	0.28%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$772,000	–	21,414	–	0.27%	–
WLL	New	WHITING PETE CORP NEW	$748,000	–	11,000	–	0.26%	–
	New	CONSTELLATION ENERGY CORP	$684,000	–	11,948	–	0.24%	–
STAR	New	ISTAR INC	$672,000	–	48,993	–	0.24%	–
MS	New	MORGAN STANLEY	$643,000	–	8,448	–	0.23%	–
GLD	New	SPDR GOLD TR	$629,000	–	3,732	–	0.22%	–
VMEO	New	VIMEO INC	$617,000	–	102,416	–	0.22%	–
	New	RENEW ENERGY GLOBAL PLC	$591,000	–	91,397	–	0.21%	–
DFS	New	DISCOVER FINL SVCS	$485,000	–	5,132	–	0.17%	–
	New	CIVITAS RESOURCES INC	$479,000	–	9,158	–	0.17%	–
	New	COMPOSECURE INC*w exp 12/27/202	$458,000	–	627,642	–	0.16%	–
PCG	New	PG&E CORP	$449,000	–	45,000	–	0.16%	–
WDC	New	WESTERN DIGITAL CORP.	$448,000	–	10,000	–	0.16%	–
GTPBU	New	GORES TECHNOLOGY PARTNERS IIunit 03/16/2028	$434,000	–	44,297	–	0.15%	–
GLNG	New	GOLAR LNG LTD	$434,000	–	19,083	–	0.15%	–
CC	New	CHEMOURS CO	$431,000	–	13,470	–	0.15%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$429,000	–	14,646	–	0.15%	–
	New	SHELL PLCspon ads	$418,000	–	8,000	–	0.15%	–
GHC	New	GRAHAM HLDGS CO	$410,000	–	724	–	0.14%	–
BYD	New	BOYD GAMING CORP	$398,000	–	8,000	–	0.14%	–
RICK	New	RCI HOSPITALITY HLDGS INC	$391,000	–	8,079	–	0.14%	–
MU	New	MICRON TECHNOLOGY INC	$387,000	–	7,000	–	0.14%	–
GTPAU	New	GORES TECHNOLOGY PARTNERS INunit 03/16/2028	$382,000	–	38,897	–	0.14%	–
KKR	New	KKR & CO INC	$381,000	–	8,221	–	0.14%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$370,000	–	2,452	–	0.13%	–
CFG	New	CITIZENS FINL GROUP INC	$357,000	–	10,000	–	0.13%	–
INSE	New	INSPIRED ENTMT INC	$352,000	–	40,929	–	0.12%	–
BHF	New	BRIGHTHOUSE FINL INC	$333,000	–	8,125	–	0.12%	–
TECK	New	TECK RESOURCES LTDcl b	$329,000	–	10,755	–	0.12%	–
AAIC	New	ARLINGTON ASSET INVST CORPcl a new	$325,000	–	100,011	–	0.12%	–
GPK	New	GRAPHIC PACKAGING HOLDING CO	$308,000	–	15,000	–	0.11%	–
ETWO	New	E2OPEN PARENT HOLDINGS INC	$305,000	–	39,264	–	0.11%	–
WMB	New	WILLIAMS COS INC	$297,000	–	9,532	–	0.10%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$293,000	–	2,405	–	0.10%	–
PHM	New	PULTE GROUP INC	$288,000	–	7,256	–	0.10%	–
IDT	New	IDT CORPcl b new	$277,000	–	11,000	–	0.10%	–
NFE	New	NEW FORTRESS ENERGY INC	$278,000	–	7,035	–	0.10%	–
GPRE	New	GREEN PLAINS INC	$272,000	–	10,000	–	0.10%	–
TTE	New	TOTALENERGIES SEsponsored ads	$263,000	–	5,000	–	0.09%	–
PNRG	New	PRIMEENERGY RESOURCES CORP	$251,000	–	3,200	–	0.09%	–
GIIX	New	GORES HLDGS VIII INCcl a	$242,000	–	24,542	–	0.08%	–
SON	New	SONOCO PRODS CO	$228,000	–	4,000	–	0.08%	–
THRY	New	THRYV HLDGS INC	$224,000	–	10,000	–	0.08%	–
DAR	New	DARLING INGREDIENTS INC	$216,000	–	3,620	–	0.08%	–
	New	KORE GROUP HOLDINGS INC	$211,000	–	68,707	–	0.08%	–
TTI	New	TETRA TECHNOLOGIES INC DEL	$204,000	–	50,246	–	0.07%	–
SWN	New	SOUTHWESTERN ENERGY CO	$188,000	–	30,000	–	0.07%	–
KMI	New	KINDER MORGAN INC DEL	$186,000	–	11,069	–	0.07%	–
GNW	New	GENWORTH FINANCIAL INC	$173,000	–	49,103	–	0.06%	–
PCYO	New	PURE CYCLE CORP	$169,000	–	16,000	–	0.06%	–
HTZZ	New	HERTZ GLOBAL HLDGS INC	$158,000	–	10,000	–	0.06%	–
ENZ	New	ENZO BIOCHEM INC	$155,000	–	75,026	–	0.06%	–
REI	New	RING ENERGY INC	$154,000	–	57,737	–	0.05%	–
JOFFU	New	JOFF FINTECH ACQUISITION CORunit 02/03/2026	$147,000	–	14,980	–	0.05%	–
ELMD	New	ELECTROMED INC	$140,000	–	14,478	–	0.05%	–
GTX	New	GARRETT MOTION INC	$126,000	–	16,261	–	0.04%	–
RMNI	New	RIMINI STR INC DEL	$120,000	–	20,000	–	0.04%	–
IVAC	New	INTEVAC INC	$59,000	–	12,133	–	0.02%	–
ARC	New	ARC DOCUMENT SOLUTIONS INC	$56,000	–	21,293	–	0.02%	–
FREE	New	WHOLE EARTH BRANDS INC	$4,000	–	25,586	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
AAIC	Exit	ARLINGTON ASSET INVST CORPcl a new	$0	–	-20,754	–	-0.02%	–
BW	Exit	BABCOCK & WILCOX ENTERPRISES	$0	–	-18,976	–	-0.02%	–
ARRY	Exit	ARRAY TECHNOLOGIES INC	$0	–	-6,717	–	-0.02%	–
MSGE	Exit	MADISON SQUARE GRDN ENTERTNMcl a	$0	–	-13,750	–	-0.03%	–
VNTR	Exit	VENATOR MATLS PLC	$0	–	-48,321	–	-0.03%	–
SPAQU	Exit	SPARTAN ACQUISITION CORP IIIunit 99/99/9999	$0	–	-15,484	–	-0.03%	–
EVOJU	Exit	EVO ACQUISITION CORPunit 99/99/9999	$0	–	-19,539	–	-0.04%	–
POLY	Exit	PLANTRONICS INC NEW	$0	–	-7,780	–	-0.04%	–
GFF	Exit	GRIFFON CORP	$0	–	-8,232	–	-0.04%	–
BMTX	Exit	BM TECHNOLOGIES INC	$0	–	-23,947	–	-0.04%	–
	Exit	HOLLEY INC	$0	–	-20,000	–	-0.05%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-1,459	–	-0.05%	–
QIPT	Exit	QUIPT HOME MEDICAL CORP	$0	–	-45,000	–	-0.05%	–
AVID	Exit	AVID TECHNOLOGY INC	$0	–	-9,726	–	-0.05%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-6,404	–	-0.06%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-11,671	–	-0.06%	–
VACQ	Exit	VECTOR ACQUISITION CORP	$0	–	-32,696	–	-0.06%	–
NVGS	Exit	NAVIGATOR HLDGS LTD	$0	–	-36,239	–	-0.06%	–
PGRWU	Exit	PROGRESS ACQUISITION CORPunit 12/25/2025	$0	–	-33,243	–	-0.06%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-4,863	–	-0.07%	–
KBH	Exit	KB HOME	$0	–	-9,235	–	-0.07%	–
KCAC	Exit	KENSINGTON CAPITAL ACQUISITI	$0	–	-46,798	–	-0.07%	–
GTPAU	Exit	GORES TECHNOLOGY PARTNERS INunit 03/16/2028	$0	–	-39,197	–	-0.08%	–
MFIN	Exit	MEDALLION FINL CORP	$0	–	-50,592	–	-0.08%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-19,725	–	-0.08%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-2,917	–	-0.08%	–
GSL	Exit	GLOBAL SHIP LEASE INC	$0	–	-18,484	–	-0.08%	–
LKQ	Exit	LKQ CORP	$0	–	-8,781	–	-0.08%	–
ALLY	Exit	ALLY FINL INC	$0	–	-9,195	–	-0.09%	–
GTPBU	Exit	GORES TECHNOLOGY PARTNERS IIunit 03/16/2028	$0	–	-48,997	–	-0.09%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-2,655	–	-0.09%	–
SAH	Exit	SONIC AUTOMOTIVE INCcl a	$0	–	-9,726	–	-0.10%	–
RMBL	Exit	RUMBLEON INC	$0	–	-13,228	–	-0.10%	–
NTIC	Exit	NORTHERN TECHNOLOGIES INTL C	$0	–	-34,731	–	-0.10%	–
CNX	Exit	CNX RES CORP	$0	–	-42,417	–	-0.10%	–
KKR	Exit	KKR & CO INC	$0	–	-8,901	–	-0.10%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-15,858	–	-0.10%	–
LFMD	Exit	LIFEMD INC	$0	–	-100,000	–	-0.12%	–
ATH	Exit	ATHENE HOLDING LTDcl a	$0	–	-9,195	–	-0.12%	–
TWTR	Exit	TWITTER INC	$0	–	-10,670	–	-0.12%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-24,903	–	-0.12%	–
GLD	Exit	SPDR GOLD TR	$0	–	-4,045	–	-0.13%	–
ISLE	Exit	ISLEWORTH HEALTHCARE ACQU CO	$0	–	-67,077	–	-0.13%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-5,557	–	-0.13%	–
APO	Exit	APOLLO GLOBAL MGMT INC	$0	–	-12,000	–	-0.14%	–
KVSA	Exit	KHOSLA VENTURES ACQUISITIONcl a	$0	–	-78,156	–	-0.15%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-17,288	–	-0.16%	–
MS	Exit	MORGAN STANLEY	$0	–	-9,091	–	-0.17%	–
RICK	Exit	RCI HOSPITALITY HLDGS INC	$0	–	-13,572	–	-0.18%	–
CC	Exit	CHEMOURS CO	$0	–	-32,032	–	-0.18%	–
C	Exit	CITIGROUP INC	$0	–	-13,352	–	-0.18%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-101,635	–	-0.21%	–
NATR	Exit	NATURES SUNSHINE PRODS INC	$0	–	-76,367	–	-0.21%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-84,147	–	-0.22%	–
JOFFU	Exit	JOFF FINTECH ACQUISITION CORunit 02/03/2026	$0	–	-117,689	–	-0.22%	–
	Exit	GXO LOGISTICS INCORPORATED	$0	–	-16,100	–	-0.24%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-16,100	–	-0.24%	–
STAR	Exit	ISTAR INC	$0	–	-53,074	–	-0.25%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-35,432	–	-0.29%	–
DBDRW	Exit	ROMAN DBDR TECH ACQUISITION*w exp 10/31/202	$0	–	-967,072	–	-0.30%	–
IHC	Exit	INDEPENDENCE HLDG CO NEW	$0	–	-157,882	–	-0.30%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-157,297	–	-0.35%	–
FTEVU	Exit	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$0	–	-223,226	–	-0.42%	–
GMII	Exit	GORES METROPOULOS II INCcl a	$0	–	-247,595	–	-0.47%	–
AAPL	Exit	APPLE INC	$0	–	-18,140	–	-0.49%	–
APSGU	Exit	APOLLO STRATEGIC GROWTH CAPTunit 99/99/9999	$0	–	-292,920	–	-0.56%	–
	Exit	ARCHAEA ENERGY INC	$0	–	-161,586	–	-0.58%	–
GSQDU	Exit	G SQUARED ASCEND I INCunit 99/99/9999	$0	–	-339,912	–	-0.65%	–
LOKMU	Exit	LIVE OAK MOBILITY ACQUISI COunit 03/01/2028	$0	–	-390,862	–	-0.74%	–
GPACU	Exit	GLOBAL PARTNER ACQISTN CORPunit 01/06/2026	$0	–	-410,543	–	-0.77%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-17,868	–	-0.93%	–
AACU	Exit	ARES ACQUISITION CORPORATIONunit 99/99/9999	$0	–	-555,054	–	-1.05%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDG	$0	–	-281,021	–	-1.05%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,377	–	-1.21%	–
VMEO	Exit	VIMEO INC	$0	–	-264,759	–	-1.48%	–
	Exit	EVOLV TECHNOLOGIES HLDNGS IN	$0	–	-1,414,276	–	-1.62%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-152,862	–	-1.79%	–
FREE	Exit	WHOLE EARTH BRANDS INC	$0	–	-1,005,169	–	-1.96%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-39,719	–	-2.13%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-52,237	–	-2.39%	–
	Exit	ARDAGH METAL PACKAGING S A	$0	–	-1,394,008	–	-2.64%	–
AON	Exit	AON PLC	$0	–	-51,300	–	-2.79%	–
MTCH	Exit	MATCH GROUP INC	$0	–	-98,226	–	-2.94%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-37,338	–	-3.05%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-143,371	–	-3.18%	–
SPXC	Exit	SPX CORP	$0	–	-322,171	–	-3.28%	–
APG	Exit	API GROUP CORP	$0	–	-895,219	–	-3.47%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-82,688	–	-3.77%	–
DBDR	Exit	ROMAN DBDR TECH ACQUISITION	$0	–	-1,983,569	–	-3.82%	–
SKIL	Exit	SKILLSOFT CORPcl a	$0	–	-1,764,900	–	-3.93%	–
IAC	Exit	IAC INTERACTIVECORP NEW	$0	–	-163,081	–	-4.05%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-334,370	–	-4.44%	–
JBI	Exit	JANUS INTERNATIONAL GROUP INC	$0	–	-1,983,980	–	-4.62%	–
ALIT	Exit	ALIGHT INC	$0	–	-2,116,197	–	-4.63%	–
GSAH	Exit	GS ACQUISITION HLDGS CORP II	$0	–	-2,467,448	–	-4.80%	–
WSC	Exit	WILLSCOT MOBIL MINI HLDNG CO	$0	–	-1,290,093	–	-7.79%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-2,024,459	–	-9.29%	–

Q3 2021

			Value		Shares		↓ Weighting
VRT	Sell	VERTIV HOLDINGS CO	$48,769,000	-13.8%	2,024,459	-2.3%	9.29%	-5.6%
WSC	Buy	WILLSCOT MOBIL MINI HLDNG CO	$40,922,000	+14.3%	1,290,093	+0.5%	7.79%	+25.2%
GSAH	Buy	GS ACQUISITION HLDGS CORP II	$25,217,000	+16.2%	2,467,448	+18.2%	4.80%	+27.2%
ALIT	New	ALIGHT INC	$24,294,000	–	2,116,197	–	4.63%	–
JBI	Sell	JANUS INTERNATIONAL GROUP INC	$24,284,000	-46.4%	1,983,980	-38.2%	4.62%	-41.3%
GDDY	Buy	GODADDY INCcl a	$23,306,000	-19.5%	334,370	+0.5%	4.44%	-11.8%
IAC	New	IAC INTERACTIVECORP NEW	$21,248,000	–	163,081	–	4.05%	–
SKIL	Buy	SKILLSOFT CORPcl a	$20,632,000	+32.6%	1,764,900	+11.7%	3.93%	+45.2%
DBDR	Sell	ROMAN DBDR TECH ACQUISITION	$20,054,000	-13.7%	1,983,569	-13.7%	3.82%	-5.4%
IQV	Sell	IQVIA HLDGS INC	$19,807,000	-1.4%	82,688	-0.2%	3.77%	+8.0%
APG	Buy	API GROUP CORP	$18,218,000	+40.0%	895,219	+43.7%	3.47%	+53.4%
SPXC	Sell	SPX CORP	$17,220,000	-15.0%	322,171	-2.8%	3.28%	-6.8%
INFO	Sell	IHS MARKIT LTD	$16,720,000	+3.3%	143,371	-0.2%	3.18%	+13.1%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$16,023,000	+1.0%	37,338	+0.8%	3.05%	+10.7%
MTCH	Buy	MATCH GROUP INC	$15,420,000	-2.3%	98,226	+0.3%	2.94%	+7.0%
AON	Sell	AON PLC	$14,660,000	+19.3%	51,300	-0.3%	2.79%	+30.7%
	New	ARDAGH METAL PACKAGING S A	$13,884,000	–	1,394,008	–	2.64%	–
CHDN	Buy	CHURCHILL DOWNS INC	$12,541,000	+21.1%	52,237	+0.0%	2.39%	+32.7%
MSFT	Sell	MICROSOFT CORP	$11,198,000	+3.9%	39,719	-0.2%	2.13%	+13.8%
FREE	Buy	WHOLE EARTH BRANDS INC	$10,275,000	-18.7%	1,005,169	+15.3%	1.96%	-11.0%
VOYA	Sell	VOYA FINANCIAL INC	$9,384,000	-0.5%	152,862	-0.3%	1.79%	+9.0%
	New	EVOLV TECHNOLOGIES HLDNGS IN	$8,486,000	–	1,414,276	–	1.62%	–
VMEO	Buy	VIMEO INC	$7,776,000	-39.7%	264,759	+0.6%	1.48%	-34.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$6,355,000	+9.3%	2,377	-0.2%	1.21%	+19.7%
PSTH	Sell	PERSHING SQUARE TONTINE HLDG	$5,536,000	-13.5%	281,021	-0.1%	1.05%	-5.3%
AACU	Sell	ARES ACQUISITION CORPORATIONunit 99/99/9999	$5,495,000	-19.5%	555,054	-18.7%	1.05%	-11.7%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$4,877,000	-1.5%	17,868	+0.3%	0.93%	+8.0%
GPACU	Sell	GLOBAL PARTNER ACQISTN CORPunit 01/06/2026	$4,060,000	-15.7%	410,543	-15.6%	0.77%	-7.6%
LOKMU	Sell	LIVE OAK MOBILITY ACQUISI COunit 03/01/2028	$3,873,000	-1.8%	390,862	-0.5%	0.74%	+7.6%
GSQDU	Sell	G SQUARED ASCEND I INCunit 99/99/9999	$3,420,000	-12.7%	339,912	-12.8%	0.65%	-4.4%
	New	ARCHAEA ENERGY INC	$3,060,000	–	161,586	–	0.58%	–
APSGU	Sell	APOLLO STRATEGIC GROWTH CAPTunit 99/99/9999	$2,915,000	-14.6%	292,920	-14.2%	0.56%	-6.4%
AAPL	Sell	APPLE INC	$2,567,000	+3.2%	18,140	-0.2%	0.49%	+12.9%
GMII	Sell	GORES METROPOULOS II INCcl a	$2,446,000	-31.4%	247,595	-31.4%	0.47%	-24.8%
FTEVU	Sell	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$2,205,000	-35.8%	223,226	-35.1%	0.42%	-29.6%
INSE	Sell	INSPIRED ENTMT INC	$1,840,000	-18.1%	157,297	-10.7%	0.35%	-10.5%
IHC	Sell	INDEPENDENCE HLDG CO NEW	$1,574,000	-19.8%	157,882	-19.7%	0.30%	-12.0%
DBDRW	Sell	ROMAN DBDR TECH ACQUISITION*w exp 10/31/202	$1,557,000	-27.3%	967,072	-26.2%	0.30%	-20.2%
CUBI	Sell	CUSTOMERS BANCORP INC	$1,524,000	+7.4%	35,432	-2.7%	0.29%	+17.4%
STAR	Sell	ISTAR INC	$1,331,000	+17.8%	53,074	-2.7%	0.25%	+29.1%
XPO	Sell	XPO LOGISTICS INC	$1,281,000	-44.5%	16,100	-2.4%	0.24%	-39.2%
	New	GXO LOGISTICS INCORPORATED	$1,263,000	–	16,100	–	0.24%	–
JOFFU	Sell	JOFF FINTECH ACQUISITION CORunit 02/03/2026	$1,166,000	-20.2%	117,689	-19.5%	0.22%	-12.6%
HMHC	Sell	HOUGHTON MIFFLIN HARCOURT CO	$1,130,000	-14.6%	84,147	-29.8%	0.22%	-6.5%
NRZ	Sell	NEW RESIDENTIAL INVT CORP	$1,118,000	+1.1%	101,635	-2.7%	0.21%	+10.9%
NATR	Sell	NATURES SUNSHINE PRODS INC	$1,119,000	-21.9%	76,367	-7.3%	0.21%	-14.5%
C	Sell	CITIGROUP INC	$937,000	-3.4%	13,352	-2.7%	0.18%	+5.3%
RICK	Sell	RCI HOSPITALITY HLDGS INC	$930,000	+0.8%	13,572	-2.7%	0.18%	+10.6%
CC	Buy	CHEMOURS CO	$931,000	+16.7%	32,032	+39.8%	0.18%	+27.3%
MS	Sell	MORGAN STANLEY	$885,000	+3.4%	9,091	-2.7%	0.17%	+13.4%
ECPG	Sell	ENCORE CAP GROUP INC	$852,000	+1.4%	17,288	-2.5%	0.16%	+11.0%
KVSA	Sell	KHOSLA VENTURES ACQUISITIONcl a	$771,000	-20.7%	78,156	-20.5%	0.15%	-13.0%
APO	New	APOLLO GLOBAL MGMT INC	$739,000	–	12,000	–	0.14%	–
DFS	Sell	DISCOVER FINL SVCS	$683,000	+0.9%	5,557	-2.9%	0.13%	+10.2%
ISLE	Sell	ISLEWORTH HEALTHCARE ACQU CO	$659,000	-22.7%	67,077	-23.0%	0.13%	-14.9%
GLD	Sell	SPDR GOLD TR	$664,000	-3.8%	4,045	-3.0%	0.13%	+5.0%
BSIG	Buy	BRIGHTSPHERE INVT GROUP INC	$651,000	+12.2%	24,903	+0.5%	0.12%	+22.8%
TWTR	Buy	TWITTER INC	$644,000	+57.5%	10,670	+79.5%	0.12%	+73.2%
ATH	Sell	ATHENE HOLDING LTDcl a	$633,000	-0.9%	9,195	-2.9%	0.12%	+9.0%
LFMD	New	LIFEMD INC	$621,000	–	100,000	–	0.12%	–
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$549,000	+1.9%	15,858	-2.9%	0.10%	+11.7%
KKR	Sell	KKR & CO INC	$542,000	-0.2%	8,901	-2.9%	0.10%	+9.6%
CNX	Buy	CNX RES CORP	$535,000	+65.6%	42,417	+79.2%	0.10%	+82.1%
NTIC	Sell	NORTHERN TECHNOLOGIES INTL C	$528,000	-14.7%	34,731	-2.9%	0.10%	-6.5%
RMBL	New	RUMBLEON INC	$516,000	–	13,228	–	0.10%	–
SAH	New	SONIC AUTOMOTIVE INCcl a	$511,000	–	9,726	–	0.10%	–
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$494,000	+4.7%	2,655	-2.9%	0.09%	+14.6%
ALLY	Sell	ALLY FINL INC	$469,000	-0.6%	9,195	-2.9%	0.09%	+8.5%
LKQ	Sell	LKQ CORP	$442,000	-0.7%	8,781	-2.9%	0.08%	+9.1%
GSL	Sell	GLOBAL SHIP LEASE INC	$438,000	+17.4%	18,484	-2.9%	0.08%	+27.7%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$432,000	–	2,917	–	0.08%	–
GRBK	New	GREEN BRICK PARTNERS INC	$405,000	–	19,725	–	0.08%	–
MFIN	Sell	MEDALLION FINL CORP	$397,000	-14.1%	50,592	-2.9%	0.08%	-5.0%
KCAC	Buy	KENSINGTON CAPITAL ACQUISITI	$387,000	+78.3%	46,798	+114.9%	0.07%	+94.7%
KBH	Sell	KB HOME	$359,000	-26.6%	9,235	-23.0%	0.07%	-20.0%
DAR	New	DARLING INGREDIENTS INC	$350,000	–	4,863	–	0.07%	–
PGRWU	Sell	PROGRESS ACQUISITION CORPunit 12/25/2025	$333,000	-32.2%	33,243	-32.1%	0.06%	-25.9%
NVGS	Sell	NAVIGATOR HLDGS LTD	$323,000	-25.1%	36,239	-7.8%	0.06%	-17.3%
TECK	Buy	TECK RESOURCES LTDcl b	$291,000	+27.6%	11,671	+17.8%	0.06%	+37.5%
BHF	Sell	BRIGHTHOUSE FINL INC	$290,000	-3.3%	6,404	-2.9%	0.06%	+5.8%
AVID	New	AVID TECHNOLOGY INC	$281,000	–	9,726	–	0.05%	–
QIPT	New	QUIPT HOME MEDICAL CORP	$284,000	–	45,000	–	0.05%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$266,000	–	1,459	–	0.05%	–
	New	HOLLEY INC	$239,000	–	20,000	–	0.05%	–
BMTX	Buy	BM TECHNOLOGIES INC	$213,000	+14.5%	23,947	+60.2%	0.04%	+28.1%
GFF	New	GRIFFON CORP	$203,000	–	8,232	–	0.04%	–
POLY	New	PLANTRONICS INC NEW	$200,000	–	7,780	–	0.04%	–
SPAQU	Sell	SPARTAN ACQUISITION CORP IIIunit 99/99/9999	$158,000	-86.6%	15,484	-86.8%	0.03%	-85.4%
MSGE	Buy	MADISON SQUARE GRDN ENTERTNMcl a	$136,000	-40.9%	13,750	+402.7%	0.03%	-35.0%
VNTR	Buy	VENATOR MATLS PLC	$138,000	-2.1%	48,321	+62.6%	0.03%	+4.0%
ARRY	New	ARRAY TECHNOLOGIES INC	$124,000	–	6,717	–	0.02%	–
BW	Sell	BABCOCK & WILCOX ENTERPRISES	$122,000	-20.8%	18,976	-2.9%	0.02%	-14.8%
AAIC	Buy	ARLINGTON ASSET INVST CORPcl a new	$77,000	+75.0%	20,754	+93.0%	0.02%	+87.5%
SLAMW	Exit	SLAM CORP-A -CW27*w exp 02/23/202	$0	–	-16,323	–	-0.00%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-16,911	–	-0.01%	–
RTP	Exit	REINVENT TECHNOLOGY PARTNERScl a	$0	–	-10,000	–	-0.02%	–
EJFAU	Exit	EJF ACQUISITION CORPunit 03/10/2026	$0	–	-10,146	–	-0.02%	–
CCV	Exit	CHURCHILL CAPITAL CORP V	$0	–	-13,443	–	-0.02%	–
GOED	Exit	1847 GOEDEKER INC	$0	–	-34,675	–	-0.02%	–
SCVX	Exit	SCVX CORP	$0	–	-14,251	–	-0.02%	–
STKS	Exit	THE ONE GROUP HOSPITALITY IN	$0	–	-12,879	–	-0.02%	–
FREEW	Exit	WHOLE EARTH BRANDS INC*w exp 06/25/202	$0	–	-136,856	–	-0.03%	–
HLIT	Exit	HARMONIC INC	$0	–	-19,815	–	-0.03%	–
RICEWS	Exit	RICE ACQUISITION CORP*w exp 10/26/202	$0	–	-29,821	–	-0.03%	–
FLEX	Exit	FLEX LTDord	$0	–	-11,423	–	-0.04%	–
IMBI	Exit	IMEDIA BRANDS INC	$0	–	-28,008	–	-0.04%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-37,945	–	-0.04%	–
KLR	Exit	KALEYRA INC	$0	–	-19,815	–	-0.04%	–
TCVA	Exit	TCV ACQUISITION CORP	$0	–	-25,000	–	-0.04%	–
IVANU	Exit	IVANHOE CAPITAL ACQUISTIN COunit 99/99/9999	$0	–	-24,275	–	-0.04%	–
BLMN	Exit	BLOOMIN BRANDS INC	$0	–	-9,907	–	-0.05%	–
CLF	Exit	CLEVELAND-CLIFFS INC NEW	$0	–	-12,879	–	-0.05%	–
EQT	Exit	EQT CORP	$0	–	-12,384	–	-0.05%	–
FUSE	Exit	FUSION ACQUISITION CORPcl a	$0	–	-28,105	–	-0.05%	–
MGI	Exit	MONEYGRAM INTL INC	$0	–	-29,722	–	-0.05%	–
SRNG	Exit	SOARING EAGLE ACQUISITION CO	$0	–	-30,800	–	-0.05%	–
HCI	Exit	HCI GROUP INC	$0	–	-3,372	–	-0.06%	–
AMTX	Exit	AMETIS INC	$0	–	-29,722	–	-0.06%	–
GPS	Exit	GAP INC	$0	–	-9,907	–	-0.06%	–
CURO	Exit	CURO GROUP HOLDINGS CORP	$0	–	-24,817	–	-0.07%	–
CFX	Exit	COLFAX CORP	$0	–	-9,907	–	-0.08%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-7,367	–	-0.08%	–
GGPIU	Exit	GORES GUGGENHEIM INCunit 03/25/2028	$0	–	-48,622	–	-0.08%	–
PCG	Exit	PG&E CORP	$0	–	-48,015	–	-0.08%	–
SPAQ	Exit	SPARTAN ACQUISITION CORP III	$0	–	-51,382	–	-0.09%	–
XPOA	Exit	DPCM CAP INC	$0	–	-51,098	–	-0.09%	–
SPRQ	Exit	SPARTAN ACQUISITION CORP II	$0	–	-65,452	–	-0.11%	–
SV	Exit	SPRING VY ACQUISITION CORPcl a	$0	–	-67,213	–	-0.12%	–
TWCT	Exit	TWC TECH HLDGS II CORP	$0	–	-93,961	–	-0.16%	–
RXN	Exit	REXNORD CORP	$0	–	-18,824	–	-0.16%	–
SLAMU	Exit	SLAM CORPunit 99/99/9999	$0	–	-102,084	–	-0.17%	–
KCACU	Exit	KENSINGTON CAPITAL ACQUISITIunit 99/99/9999	$0	–	-98,256	–	-0.18%	–
DNMR	Exit	DANIMER SCIENTIFIC INC	$0	–	-56,902	–	-0.25%	–
FSRVW	Exit	FINSERV ACQUISITION CORP*w exp 12/31/202	$0	–	-506,505	–	-0.28%	–
CAHCU	Exit	CA HEALTHCARE ACQUISITION CORPunit 12/25/2025	$0	–	-182,213	–	-0.33%	–
NHIC	Exit	NEWHOLD INVESTMENT CORP	$0	–	-253,362	–	-0.44%	–
KPLT	Exit	KATAPULT HOLDINGS INC	$0	–	-268,517	–	-0.50%	–
LOKB	Exit	LIVE OAK ACQUISITION CORP II	$0	–	-394,979	–	-0.51%	–
RICE	Exit	RICE ACQUISITION CORP	$0	–	-178,417	–	-0.56%	–
FGNAWS	Exit	FG NEW AMER ACQUISITION CORP*w exp 08/31/202	$0	–	-1,480,016	–	-0.57%	–
GRSV	Exit	GORES HLDGS V INC	$0	–	-1,002,447	–	-1.76%	–
FGNA	Exit	FG NEW AMERICA ACQUISION CORP	$0	–	-2,399,527	–	-4.26%	–
IAC	Exit	IAC INTERACTIVECORP NEW	$0	–	-162,168	–	-4.35%	–

Q2 2021

			Value		Shares		↓ Weighting
VRT	New	VERTIV HOLDINGS CO	$56,559,000	–	2,071,743	–	9.83%	–
JBI	New	JANUS INTERNATIONAL GROUP IN	$45,329,000	–	3,207,975	–	7.88%	–
WSC	New	WILLSCOT MOBIL MINI HLDNG CO	$35,792,000	–	1,284,249	–	6.22%	–
GDDY	New	GODADDY INCcl a	$28,944,000	–	332,837	–	5.03%	–
IAC	New	IAC INTERACTIVECORP NEW	$25,001,000	–	162,168	–	4.35%	–
FGNA	New	FG NEW AMERICA ACQUISION CORP	$24,499,000	–	2,399,527	–	4.26%	–
DBDR	New	ROMAN DBDR TECH ACQUISITION	$23,229,000	–	2,297,637	–	4.04%	–
GSAH	New	GS ACQUISITION HLDGS CORP II	$21,709,000	–	2,087,426	–	3.78%	–
SPXC	New	SPX CORP	$20,250,000	–	331,527	–	3.52%	–
IQV	New	IQVIA HLDGS INC	$20,086,000	–	82,889	–	3.49%	–
INFO	New	IHS MARKIT LTD	$16,183,000	–	143,641	–	2.81%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$15,862,000	–	37,055	–	2.76%	–
MTCH	New	MATCH GROUP INC NEW	$15,790,000	–	97,922	–	2.74%	–
SKIL	New	SKILLSOFT CORPcl a	$15,559,000	–	1,579,558	–	2.70%	–
APG	New	API GROUP CORP	$13,011,000	–	622,855	–	2.26%	–
VMEO	New	VIMEO INC	$12,900,000	–	263,275	–	2.24%	–
FREE	New	WHOLE EARTH BRANDS INC	$12,644,000	–	872,008	–	2.20%	–
AON	New	AON PLC	$12,288,000	–	51,467	–	2.14%	–
MSFT	New	MICROSOFT CORP	$10,781,000	–	39,798	–	1.88%	–
CHDN	New	CHURCHILL DOWNS INC	$10,354,000	–	52,226	–	1.80%	–
GRSV	New	GORES HLDGS V INC	$10,125,000	–	1,002,447	–	1.76%	–
VOYA	New	VOYA FINANCIAL INC	$9,429,000	–	153,316	–	1.64%	–
AACU	New	ARES ACQUISITION CORPORATIONunit 99/99/9999	$6,823,000	–	682,344	–	1.19%	–
PSTH	New	PERSHING SQUARE TONTINE HLDG	$6,401,000	–	281,242	–	1.11%	–
GOOG	New	ALPHABET INCcap stk cl c	$5,814,000	–	2,381	–	1.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,949,000	–	17,806	–	0.86%	–
GPACU	New	GLOBAL PARTNER ACQISTN CORPunit 01/06/2026	$4,814,000	–	486,294	–	0.84%	–
LOKMU	New	LIVE OAK MOBILITY ACQUISITIO COunit 03/01/2028	$3,945,000	–	392,962	–	0.69%	–
GSQDU	New	G SQUARED ASCEND I INCunit 99/99/9999	$3,919,000	–	389,912	–	0.68%	–
GMII	New	GORES METROPOULOS II INCcl a	$3,567,000	–	360,695	–	0.62%	–
FTEVU	New	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$3,432,000	–	343,894	–	0.60%	–
APSGU	New	APOLLO STRATEGIC GROWTH CAPTunit 99/99/9999	$3,413,000	–	341,320	–	0.59%	–
FGNAWS	New	FG NEW AMER ACQUISITION CORP*w exp 08/31/202	$3,256,000	–	1,480,016	–	0.57%	–
RICE	New	RICE ACQUISITION CORP	$3,220,000	–	178,417	–	0.56%	–
LOKB	New	LIVE OAK ACQUISITION CORP II	$2,918,000	–	394,979	–	0.51%	–
KPLT	New	KATAPULT HOLDINGS INC	$2,903,000	–	268,517	–	0.50%	–
NHIC	New	NEWHOLD INVESTMENT CORP	$2,541,000	–	253,362	–	0.44%	–
AAPL	New	APPLE INC	$2,488,000	–	18,169	–	0.43%	–
XPO	New	XPO LOGISTICS INC	$2,308,000	–	16,500	–	0.40%	–
INSE	New	INSPIRED ENTMT INC	$2,246,000	–	176,155	–	0.39%	–
DBDRW	New	ROMAN DBDR TECH ACQUISITION*w exp 10/31/202	$2,142,000	–	1,310,207	–	0.37%	–
IHC	New	INDEPENDENCE HLDG CO NEW	$1,963,000	–	196,512	–	0.34%	–
CAHCU	New	CA HEALTHCARE ACQUISITION CORPunit 12/25/2025	$1,877,000	–	182,213	–	0.33%	–
FSRVW	New	FINSERV ACQUISITION CORP*w exp 12/31/202	$1,616,000	–	506,505	–	0.28%	–
JOFFU	New	JOFF FINTECH ACQUISITION CORunit 02/03/2026	$1,462,000	–	146,238	–	0.25%	–
NATR	New	NATURES SUNSHINE PRODS INC	$1,432,000	–	82,413	–	0.25%	–
DNMR	New	DANIMER SCIENTIFIC INC	$1,425,000	–	56,902	–	0.25%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,419,000	–	36,402	–	0.25%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$1,323,000	–	119,810	–	0.23%	–
SPAQU	New	SPARTAN ACQUISITION CORP IIIunit 99/99/9999	$1,177,000	–	116,991	–	0.20%	–
STAR	New	ISTAR INC	$1,130,000	–	54,528	–	0.20%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$1,106,000	–	104,419	–	0.19%	–
KCACU	New	KENSINGTON CAPITAL ACQUISITIunit 99/99/9999	$1,022,000	–	98,256	–	0.18%	–
SLAMU	New	SLAM CORPunit 99/99/9999	$989,000	–	102,084	–	0.17%	–
KVSA	New	KHOSLA VENTURES ACQUISITIONcl a	$972,000	–	98,256	–	0.17%	–
C	New	CITIGROUP INC	$970,000	–	13,717	–	0.17%	–
RXN	New	REXNORD CORP	$942,000	–	18,824	–	0.16%	–
TWCT	New	TWC TECH HLDGS II CORP	$933,000	–	93,961	–	0.16%	–
RICK	New	RCI HOSPITALITY HLDGS INC	$923,000	–	13,945	–	0.16%	–
MS	New	MORGAN STANLEY	$856,000	–	9,341	–	0.15%	–
ISLE	New	ISLEWORTH HEALTHCARE ACQU CO	$853,000	–	87,077	–	0.15%	–
ECPG	New	ENCORE CAP GROUP INC	$840,000	–	17,731	–	0.15%	–
CC	New	CHEMOURS CO	$798,000	–	22,918	–	0.14%	–
GLD	New	SPDR GOLD TR	$690,000	–	4,168	–	0.12%	–
DFS	New	DISCOVER FINL SVCS	$677,000	–	5,723	–	0.12%	–
SV	New	SPRING VY ACQUISITION CORPcl a	$673,000	–	67,213	–	0.12%	–
SPRQ	New	SPARTAN ACQUISITION CORP II	$654,000	–	65,452	–	0.11%	–
ATH	New	ATHENE HOLDING LTDcl a	$639,000	–	9,470	–	0.11%	–
NTIC	New	NORTHERN TECHNOLOGIES INTL C	$619,000	–	35,771	–	0.11%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$580,000	–	24,768	–	0.10%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$539,000	–	16,333	–	0.09%	–
KKR	New	KKR & CO INC	$543,000	–	9,167	–	0.09%	–
GTPBU	New	GORES TECHNOLOGY PARTNERS IIunit 03/16/2028	$506,000	–	48,997	–	0.09%	–
XPOA	New	DPCM CAP INC	$505,000	–	51,098	–	0.09%	–
SPAQ	New	SPARTAN ACQUISITION CORP III	$503,000	–	51,382	–	0.09%	–
PGRWU	New	PROGRESS ACQUISITION CORPunit 12/25/2025	$491,000	–	48,935	–	0.08%	–
KBH	New	KB HOME	$489,000	–	12,000	–	0.08%	–
PCG	New	PG&E CORP	$488,000	–	48,015	–	0.08%	–
GGPIU	New	GORES GUGGENHEIM INCunit 03/25/2028	$487,000	–	48,622	–	0.08%	–
BERY	New	BERRY GLOBAL GROUP INC	$480,000	–	7,367	–	0.08%	–
ALLY	New	ALLY FINL INC	$472,000	–	9,470	–	0.08%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$472,000	–	2,735	–	0.08%	–
MFIN	New	MEDALLION FINL CORP	$462,000	–	52,107	–	0.08%	–
CFX	New	COLFAX CORP	$454,000	–	9,907	–	0.08%	–
LKQ	New	LKQ CORP	$445,000	–	9,044	–	0.08%	–
NVGS	New	NAVIGATOR HLDGS LTD	$431,000	–	39,323	–	0.08%	–
CURO	New	CURO GROUP HOLDINGS CORP	$422,000	–	24,817	–	0.07%	–
TWTR	New	TWITTER INC	$409,000	–	5,944	–	0.07%	–
GTPAU	New	GORES TECHNOLOGY PARTNERS INunit 03/16/2028	$394,000	–	39,197	–	0.07%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$373,000	–	19,038	–	0.06%	–
GPS	New	GAP INC	$333,000	–	9,907	–	0.06%	–
HCI	New	HCI GROUP INC	$335,000	–	3,372	–	0.06%	–
AMTX	New	AMETIS INC	$332,000	–	29,722	–	0.06%	–
VACQ	New	VECTOR ACQUISITION CORP	$325,000	–	32,696	–	0.06%	–
CNX	New	CNX RES CORP	$323,000	–	23,674	–	0.06%	–
SRNG	New	SOARING EAGLE ACQUISITION CO	$307,000	–	30,800	–	0.05%	–
BHF	New	BRIGHTHOUSE FINL INC	$300,000	–	6,595	–	0.05%	–
MGI	New	MONEYGRAM INTL INC	$300,000	–	29,722	–	0.05%	–
FUSE	New	FUSION ACQUISITION CORPcl a	$280,000	–	28,105	–	0.05%	–
EQT	New	EQT CORP	$276,000	–	12,384	–	0.05%	–
CLF	New	CLEVELAND-CLIFFS INC NEW	$278,000	–	12,879	–	0.05%	–
BLMN	New	BLOOMIN BRANDS INC	$269,000	–	9,907	–	0.05%	–
IVANU	New	IVANHOE CAPITAL ACQUISTIN COunit 99/99/9999	$261,000	–	24,275	–	0.04%	–
TCVA	New	TCV ACQUISITION CORP	$248,000	–	25,000	–	0.04%	–
KLR	New	KALEYRA INC	$243,000	–	19,815	–	0.04%	–
GROW	New	U S GLOBAL INVS INCcl a	$235,000	–	37,945	–	0.04%	–
MSGE	New	MADISON SQUARE GRDN ENTERTNMcl a	$230,000	–	2,735	–	0.04%	–
TECK	New	TECK RESOURCES LTDcl b	$228,000	–	9,907	–	0.04%	–
IMBI	New	IMEDIA BRANDS INC	$225,000	–	28,008	–	0.04%	–
KCAC	New	KENSINGTON CAPITAL ACQUISITI	$217,000	–	21,775	–	0.04%	–
FLEX	New	FLEX LTDord	$204,000	–	11,423	–	0.04%	–
EVOJU	New	EVO ACQUISITION CORPunit 99/99/9999	$197,000	–	19,539	–	0.03%	–
BMTX	New	BM TECHNOLOGIES INC	$186,000	–	14,952	–	0.03%	–
RICEWS	New	RICE ACQUISITION CORP*w exp 10/26/202	$170,000	–	29,821	–	0.03%	–
HLIT	New	HARMONIC INC	$169,000	–	19,815	–	0.03%	–
BW	New	BABCOCK & WILCOX ENTERPRISES	$154,000	–	19,544	–	0.03%	–
FREEW	New	WHOLE EARTH BRANDS INC*w exp 06/25/202	$152,000	–	136,856	–	0.03%	–
SCVX	New	SCVX CORP	$141,000	–	14,251	–	0.02%	–
STKS	New	THE ONE GROUP HOSPITALITY IN	$142,000	–	12,879	–	0.02%	–
VNTR	New	VENATOR MATLS PLC	$141,000	–	29,722	–	0.02%	–
GOED	New	1847 GOEDEKER INC	$133,000	–	34,675	–	0.02%	–
CCV	New	CHURCHILL CAPITAL CORP V	$135,000	–	13,443	–	0.02%	–
EJFAU	New	EJF ACQUISITION CORPunit 03/10/2026	$101,000	–	10,146	–	0.02%	–
RTP	New	REINVENT TECHNOLOGY PARTNERScl a	$100,000	–	10,000	–	0.02%	–
ENZ	New	ENZO BIOCHEM INC	$54,000	–	16,911	–	0.01%	–
AAIC	New	ARLINGTON ASSET INVST CORPcl a new	$44,000	–	10,754	–	0.01%	–
SLAMW	New	SLAM CORP-A -CW27*w exp 02/23/202	$18,000	–	16,323	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
MFIN	Exit	MEDALLION FINL CORP	$0	–	-10,648	–	-0.01%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-19,729	–	-0.02%	–
BBCP	Exit	CONCRETE PUMPING HLDGS INC	$0	–	-19,029	–	-0.02%	–
METC	Exit	RAMACO RES INC	$0	–	-20,518	–	-0.03%	–
KLR	Exit	KALEYRA INC	$0	–	-20,000	–	-0.05%	–
CDR	Exit	CEDAR REALTY TRUST INC	$0	–	-248,478	–	-0.07%	–
MSGE	Exit	MADISON SQUARE GRDN ENTERTNMcl a	$0	–	-2,984	–	-0.07%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-11,838	–	-0.07%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-49,991	–	-0.08%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-20,266	–	-0.08%	–
STAR	Exit	ISTAR INC	$0	–	-20,637	–	-0.09%	–
LKQ	Exit	LKQ CORP	$0	–	-9,865	–	-0.10%	–
CHNG	Exit	CHANGE HEALTHCARE INC	$0	–	-19,594	–	-0.10%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-14,555	–	-0.10%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,243	–	-0.13%	–
STT	Exit	STATE STR CORP	$0	–	-6,161	–	-0.13%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-2,984	–	-0.16%	–
MS	Exit	MORGAN STANLEY	$0	–	-9,865	–	-0.17%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-289,925	–	-0.18%	–
GSAH	Exit	GS ACQUISITION HLDGS CORP II	$0	–	-45,793	–	-0.18%	–
C	Exit	CITIGROUP INC	$0	–	-14,488	–	-0.22%	–
PSTHWS	Exit	PERSHING SQUARE TONTINE HLDG*w exp 07/24/202	$0	–	-89,157	–	-0.23%	–
NATR	Exit	NATURES SUNSHINE PRODS INC	$0	–	-59,642	–	-0.25%	–
PCG	Exit	PG&E CORP	$0	–	-73,985	–	-0.25%	–
APG	Exit	API GROUP CORP	$0	–	-49,718	–	-0.25%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-9,865	–	-0.27%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-16,000	–	-0.28%	–
GLD	Exit	SPDR GOLD SHARES	$0	–	-4,582	–	-0.29%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-21,703	–	-0.30%	–
BXRX	Exit	BAUDAX BIO INC	$0	–	-432,752	–	-0.43%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-5,088	–	-0.50%	–
BH	Exit	BIGLARI HLDGS INC	$0	–	-18,706	–	-0.59%	–
CC	Exit	CHEMOURS CO	$0	–	-86,601	–	-0.65%	–
AAPL	Exit	APPLE INC	$0	–	-19,377	–	-0.80%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-214,331	–	-1.07%	–
FMC	Exit	F M C CORP	$0	–	-32,860	–	-1.24%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,539	–	-1.33%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-18,251	–	-1.39%	–
PRSP	Exit	PERSPECTA INC	$0	–	-407,709	–	-2.83%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-175,281	–	-3.00%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-41,492	–	-3.11%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-56,695	–	-3.31%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-228,896	–	-3.37%	–
MTCH	Exit	MATCH GROUP INC NEW	$0	–	-105,576	–	-4.17%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-167,553	–	-4.69%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-39,825	–	-4.76%	–
AON	Exit	AON PLC	$0	–	-71,349	–	-5.25%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-103,741	–	-5.83%	–
SPXC	Exit	SPX CORP	$0	–	-359,615	–	-5.95%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDG	$0	–	-772,435	–	-6.25%	–
IAC	Exit	IAC INTERACTIVECORP NEW	$0	–	-151,273	–	-6.46%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-292,058	–	-7.91%	–
WSC	Exit	WILLSCOT CORP	$0	–	-1,414,639	–	-8.42%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-2,026,290	–	-12.52%	–

Q3 2020

			Value		Shares		↓ Weighting
VRT	Buy	VERTIV HOLDINGS CO	$35,095,000	+30.1%	2,026,290	+1.9%	12.52%	+13.5%
WSC	Sell	WILLSCOT CORP	$23,596,000	+33.1%	1,414,639	-1.9%	8.42%	+16.1%
GDDY	Buy	GODADDY INCcl a	$22,188,000	+35.5%	292,058	+30.8%	7.91%	+18.2%
IAC	New	IAC INTERACTIVECORP NEW	$18,119,000	–	151,273	–	6.46%	–
PSTH	New	PERSHING SQUARE TONTINE HLDG	$17,527,000	–	772,435	–	6.25%	–
SPXC	Sell	SPX CORP	$16,679,000	+11.7%	359,615	-0.9%	5.95%	-2.6%
IQV	Sell	IQVIA HLDGS INC	$16,353,000	+4.3%	103,741	-6.1%	5.83%	-9.0%
AON	New	AON PLC	$14,719,000	–	71,349	–	5.25%	–
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$13,337,000	+8.4%	39,825	-0.2%	4.76%	-5.5%
INFO	Sell	IHS MARKIT LTD	$13,155,000	+3.2%	167,553	-0.7%	4.69%	-10.0%
MTCH	New	MATCH GROUP INC NEW	$11,682,000	–	105,576	–	4.17%	–
HDS	Sell	HD SUPPLY HLDGS INC	$9,440,000	+17.5%	228,896	-1.2%	3.37%	+2.5%
CHDN	Sell	CHURCHILL DOWNS INC	$9,288,000	+22.3%	56,695	-0.6%	3.31%	+6.6%
MSFT	Sell	MICROSOFT CORP	$8,727,000	+2.7%	41,492	-0.7%	3.11%	-10.5%
VOYA	Sell	VOYA FINANCIAL INC	$8,401,000	-6.0%	175,281	-8.5%	3.00%	-18.0%
PRSP	Sell	PERSPECTA INC	$7,930,000	-16.8%	407,709	-0.6%	2.83%	-27.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$3,886,000	+17.8%	18,251	-1.2%	1.39%	+2.7%
GOOG	Sell	ALPHABET INCcap stk cl c	$3,721,000	+2.6%	2,539	-0.7%	1.33%	-10.5%
FMC	Sell	F M C CORP	$3,480,000	+5.5%	32,860	-0.7%	1.24%	-8.0%
NWSA	Sell	NEWS CORP NEWcl a	$3,005,000	+17.5%	214,331	-0.6%	1.07%	+2.5%
AAPL	Buy	APPLE INC	$2,244,000	+26.1%	19,377	+297.4%	0.80%	+9.9%
CC	Sell	CHEMOURS CO	$1,811,000	+35.3%	86,601	-0.7%	0.65%	+17.9%
BH	Sell	BIGLARI HLDGS INC	$1,665,000	+5.3%	18,706	-18.4%	0.59%	-8.2%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$1,414,000	-66.5%	5,088	-70.1%	0.50%	-70.8%
BXRX	Sell	BAUDAX BIO INC	$1,199,000	-66.8%	432,752	-50.3%	0.43%	-71.0%
ECPG	New	ENCORE CAP GROUP INC	$838,000	–	21,703	–	0.30%	–
BERY	New	BERRY GLOBAL GROUP INC	$773,000	–	16,000	–	0.28%	–
CCK	New	CROWN HLDGS INC	$758,000	–	9,865	–	0.27%	–
APG	New	API GROUP CORP	$707,000	–	49,718	–	0.25%	–
PCG	New	PG&E CORP	$695,000	–	73,985	–	0.25%	–
NATR	Buy	NATURES SUNSHINE PRODS INC	$690,000	+443.3%	59,642	+321.8%	0.25%	+373.1%
PSTHWS	New	PERSHING SQUARE TONTINE HLDG*w exp 07/24/202	$639,000	–	89,157	–	0.23%	–
C	Sell	CITIGROUP INC	$625,000	-16.7%	14,488	-1.3%	0.22%	-27.4%
GSAH	New	GS ACQUISITION HLDGS CORP II	$514,000	–	45,793	–	0.18%	–
HMHC	Sell	HOUGHTON MIFFLIN HARCOURT CO	$502,000	-24.4%	289,925	-21.0%	0.18%	-34.2%
MS	New	MORGAN STANLEY	$477,000	–	9,865	–	0.17%	–
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$449,000	+1.1%	2,984	-1.4%	0.16%	-12.1%
STT	Sell	STATE STR CORP	$366,000	-7.8%	6,161	-1.4%	0.13%	-19.1%
DFS	Sell	DISCOVER FINL SVCS	$361,000	+13.9%	6,243	-1.3%	0.13%	-0.8%
WMB	Sell	WILLIAMS COS INC	$286,000	-17.6%	14,555	-20.3%	0.10%	-28.2%
CHNG	Sell	CHANGE HEALTHCARE INC	$284,000	-46.8%	19,594	-58.9%	0.10%	-53.7%
LKQ	New	LKQ CORP	$274,000	–	9,865	–	0.10%	–
STAR	Sell	ISTAR INC	$244,000	-49.7%	20,637	-47.6%	0.09%	-56.1%
CUBI	Sell	CUSTOMERS BANCORP INC	$227,000	-8.1%	20,266	-1.4%	0.08%	-19.8%
PLYA	Sell	PLAYA HOTELS & RESORTS NV	$209,000	-71.8%	49,991	-75.5%	0.08%	-75.2%
GVA	New	GRANITE CONSTR INC	$208,000	–	11,838	–	0.07%	–
MSGE	Sell	MADISON SQUARE GRDN ENTERTNMcl a	$204,000	-10.1%	2,984	-1.4%	0.07%	-21.5%
CDR	New	CEDAR REALTY TRUST INC	$201,000	–	248,478	–	0.07%	–
KLR	New	KALEYRA INC	$152,000	–	20,000	–	0.05%	–
METC	Sell	RAMACO RES INC	$72,000	+56.5%	20,518	-4.9%	0.03%	+36.8%
BBCP	Sell	CONCRETE PUMPING HLDGS INC	$68,000	-2.9%	19,029	-4.9%	0.02%	-17.2%
ENZ	New	ENZO BIOCHEM INC	$42,000	–	19,729	–	0.02%	–
MFIN	Sell	MEDALLION FINL CORP	$27,000	-49.1%	10,648	-46.8%	0.01%	-54.5%
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-10,917	–	-0.02%	–
SMIT	Exit	SCHMITT INDS INC ORE	$0	–	-93,068	–	-0.13%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-4,000	–	-0.23%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-30,461	–	-0.24%	–
REPH	Exit	RECRO PHARMA INC	$0	–	-320,847	–	-0.60%	–
IWO	Exit	ISHARES TRrus 2000 grw etf	$0	–	-15,410	–	-1.30%	–
AON	Exit	AON PLC	$0	–	-71,890	–	-5.66%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-103,852	–	-13.74%	–

Q2 2020

			Value		Shares		↓ Weighting
IAC	New	IAC INTERACTIVECORP	$33,586,000	–	103,852	–	13.74%	–
VRT	New	VERTIV HOLDINGS CO	$26,970,000	–	1,988,924	–	11.03%	–
WSC	New	WILLSCOT CORP	$17,723,000	–	1,442,070	–	7.25%	–
GDDY	New	GODADDY INCcl a	$16,370,000	–	223,240	–	6.70%	–
IQV	New	IQVIA HLDGS INC	$15,675,000	–	110,484	–	6.41%	–
SPXC	New	SPX CORP	$14,929,000	–	362,792	–	6.11%	–
AON	New	AON PLC	$13,846,000	–	71,890	–	5.66%	–
INFO	New	IHS MARKIT LTD	$12,741,000	–	168,749	–	5.21%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$12,306,000	–	39,908	–	5.03%	–
PRSP	New	PERSPECTA INC	$9,531,000	–	410,290	–	3.90%	–
VOYA	New	VOYA FINANCIAL INC	$8,934,000	–	191,515	–	3.66%	–
MSFT	New	MICROSOFT CORP	$8,501,000	–	41,772	–	3.48%	–
HDS	New	HD SUPPLY HLDGS INC	$8,031,000	–	231,778	–	3.28%	–
CHDN	New	CHURCHILL DOWNS INC	$7,596,000	–	57,052	–	3.11%	–
QQQ	New	INVESCO QQQ TR	$4,216,000	–	17,027	–	1.72%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,625,000	–	2,556	–	1.48%	–
BXRX	New	BAUDAX BIO INC	$3,611,000	–	870,123	–	1.48%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,299,000	–	18,479	–	1.35%	–
FMC	New	F M C CORP	$3,298,000	–	33,101	–	1.35%	–
IWO	New	ISHARES TRrus 2000 grw etf	$3,188,000	–	15,410	–	1.30%	–
NWSA	New	NEWS CORP NEWcl a	$2,558,000	–	215,722	–	1.05%	–
AAPL	New	APPLE INC	$1,779,000	–	4,876	–	0.73%	–
BH	New	BIGLARI HLDGS INC	$1,581,000	–	22,923	–	0.65%	–
REPH	New	RECRO PHARMA INC	$1,460,000	–	320,847	–	0.60%	–
CC	New	CHEMOURS CO	$1,339,000	–	87,233	–	0.55%	–
GLD	New	SPDR GOLD TR	$767,000	–	4,582	–	0.31%	–
C	New	CITIGROUP INC	$750,000	–	14,685	–	0.31%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$740,000	–	204,299	–	0.30%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$664,000	–	366,867	–	0.27%	–
HGV	New	HILTON GRAND VACATIONS INC	$596,000	–	30,461	–	0.24%	–
IWM	New	ISHARES TRrussell 2000 etf	$573,000	–	4,000	–	0.23%	–
CHNG	New	CHANGE HEALTHCARE INC	$534,000	–	47,717	–	0.22%	–
STAR	New	ISTAR INC	$485,000	–	39,364	–	0.20%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$444,000	–	3,026	–	0.18%	–
STT	New	STATE STR CORP	$397,000	–	6,246	–	0.16%	–
WMB	New	WILLIAMS COS INC	$347,000	–	18,255	–	0.14%	–
SMIT	New	SCHMITT INDS INC ORE	$326,000	–	93,068	–	0.13%	–
DFS	New	DISCOVER FINL SVCS	$317,000	–	6,327	–	0.13%	–
CUBI	New	CUSTOMERS BANCORP INC	$247,000	–	20,546	–	0.10%	–
MSGE	New	MADISON SQUARE GRDN ENTERTNMcl a	$227,000	–	3,026	–	0.09%	–
NATR	New	NATURES SUNSHINE PRODS INC	$127,000	–	14,141	–	0.05%	–
BBCP	New	CONCRETE PUMPING HLDGS INC	$70,000	–	20,017	–	0.03%	–
MFIN	New	MEDALLION FINL CORP	$53,000	–	20,000	–	0.02%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$46,000	–	10,917	–	0.02%	–
METC	New	RAMACO RES INC	$46,000	–	21,585	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
REI	Exit	RING ENERGY INC	$0	–	-24,397	–	-0.01%	–
VNTR	Exit	VENATOR MATLS PLC	$0	–	-17,000	–	-0.01%	–
ROAN	Exit	ROAN RES INC	$0	–	-55,184	–	-0.02%	–
METC	Exit	RAMACO RES INC	$0	–	-22,286	–	-0.02%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-8,539	–	-0.11%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-5,788	–	-0.11%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,600	–	-0.11%	–
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-48,569	–	-0.11%	–
BLL	Exit	BALL CORP	$0	–	-5,105	–	-0.11%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-29,034	–	-0.12%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-37,262	–	-0.12%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-40,069	–	-0.12%	–
HYRE	Exit	HYRECAR INC	$0	–	-170,186	–	-0.13%	–
STT	Exit	STATE STR CORP	$0	–	-7,256	–	-0.13%	–
EQH	Exit	AXA EQUITABLE HLDGS INC	$0	–	-22,125	–	-0.15%	–
CASH	Exit	META FINL GROUP INC	$0	–	-15,148	–	-0.15%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-53,237	–	-0.18%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-29,119	–	-0.18%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-11,751	–	-0.19%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-9,342	–	-0.19%	–
ATH	Exit	ATHENE HLDG LTDcl a	$0	–	-14,881	–	-0.19%	–
IPI	Exit	INTREPID POTASH INC	$0	–	-197,317	–	-0.20%	–
BID	Exit	SOTHEBYS	$0	–	-11,582	–	-0.20%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-4,769	–	-0.20%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-17,081	–	-0.21%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-13,379	–	-0.22%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-6,076	–	-0.24%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-139,044	–	-0.25%	–
AABA	Exit	ALTABA INC	$0	–	-45,549	–	-0.27%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-30,526	–	-0.28%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-11,580	–	-0.29%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-5,714	–	-0.31%	–
LTHM	Exit	LIVENT CORP	$0	–	-177,649	–	-0.36%	–
AAPL	Exit	APPLE INC	$0	–	-5,691	–	-0.39%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-45,397	–	-0.46%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-5,786	–	-0.47%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-127,459	–	-0.51%	–
C	Exit	CITIGROUP INC	$0	–	-33,281	–	-0.71%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-212,119	–	-0.76%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-311,226	–	-0.87%	–
ALLY	Exit	ALLY FINL INC	$0	–	-86,446	–	-0.88%	–
BH	Exit	BIGLARI HLDGS INC	$0	–	-26,346	–	-0.88%	–
TROX	Exit	TRONOX HOLDINGS PLC	$0	–	-366,156	–	-0.93%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,121	–	-1.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-18,316	–	-1.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-32,943	–	-1.41%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-165,905	–	-1.55%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-664,047	–	-1.60%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-444,588	–	-1.90%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-469,608	–	-2.11%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-104,179	–	-2.62%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-30,225	–	-2.76%	–
PRSP	Exit	PERSPECTA INC	$0	–	-361,902	–	-2.90%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-150,641	–	-3.05%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-263,413	–	-3.17%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-336,793	–	-3.31%	–
REPH	Exit	RECRO PHARMA INC	$0	–	-996,281	–	-3.39%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-89,671	–	-3.40%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-167,797	–	-3.45%	–
KRA	Exit	KRATON CORPORATION	$0	–	-434,905	–	-4.31%	–
LAUR	Exit	LAUREATE EDUCATION INCcl a	$0	–	-883,843	–	-4.50%	–
VOYA	Exit	VOYA FINL INC	$0	–	-275,880	–	-4.61%	–
FMC	Exit	F M C CORP	$0	–	-179,172	–	-4.82%	–
WSC	Exit	WILLSCOT CORP	$0	–	-1,107,347	–	-5.30%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-128,317	–	-5.89%	–
SPXC	Exit	SPX CORP	$0	–	-495,859	–	-6.09%	–
AON	Exit	AON PLC	$0	–	-102,844	–	-6.11%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-105,070	–	-7.03%	–

Q3 2019

			Value		Shares		↓ Weighting
IAC	Sell	IAC INTERACTIVECORP	$22,902,000	-6.3%	105,070	-6.5%	7.03%	-1.6%
AON	Sell	AON PLC	$19,908,000	-6.4%	102,844	-6.7%	6.11%	-1.7%
SPXC	Sell	SPX CORP	$19,839,000	+14.0%	495,859	-5.9%	6.09%	+19.7%
IQV	Sell	IQVIA HLDGS INC	$19,168,000	-13.9%	128,317	-7.3%	5.89%	-9.6%
WSC	Sell	WILLSCOT CORP	$17,252,000	-2.9%	1,107,347	-6.2%	5.30%	+2.0%
FMC	Sell	F M C CORP	$15,710,000	-7.1%	179,172	-12.1%	4.82%	-2.4%
VOYA	Sell	VOYA FINL INC	$15,019,000	-14.6%	275,880	-13.3%	4.61%	-10.4%
LAUR	Sell	LAUREATE EDUCATION INCcl a	$14,650,000	+4.0%	883,843	-1.5%	4.50%	+9.1%
KRA	Sell	KRATON CORPORATION	$14,043,000	-7.9%	434,905	-11.4%	4.31%	-3.3%
INFO	Sell	IHS MARKIT LTD	$11,222,000	-2.8%	167,797	-7.4%	3.45%	+2.0%
CHDN	Sell	CHURCHILL DOWNS INC	$11,070,000	-1.6%	89,671	-8.2%	3.40%	+3.4%
REPH	Buy	RECRO PHARMA INC	$11,039,000	+46.1%	996,281	+34.1%	3.39%	+53.4%
HGV	Sell	HILTON GRAND VACATIONS INC	$10,777,000	-14.5%	336,793	-15.0%	3.31%	-10.3%
HDS	Sell	HD SUPPLY HLDGS INC	$10,319,000	-10.0%	263,413	-7.5%	3.17%	-5.5%
GDDY	New	GODADDY INCcl a	$9,939,000	–	150,641	–	3.05%	–
PRSP	Sell	PERSPECTA INC	$9,453,000	+10.5%	361,902	-1.0%	2.90%	+16.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$8,970,000	-1.3%	30,225	-2.5%	2.76%	+3.6%
RHP	Sell	RYMAN HOSPITALITY PPTYS INC	$8,523,000	-14.3%	104,179	-15.0%	2.62%	-10.0%
STAY	Sell	EXTENDED STAY AMER INCunit 99/99/9999b	$6,875,000	-17.8%	469,608	-5.1%	2.11%	-13.7%
NWSA	New	NEWS CORP NEWcl a	$6,189,000	–	444,588	–	1.90%	–
PLYA	Sell	PLAYA HOTELS & RESORTS NV	$5,199,000	+1.2%	664,047	-0.3%	1.60%	+6.3%
ATKR	Sell	ATKORE INTL GROUP INC	$5,035,000	-10.3%	165,905	-23.5%	1.55%	-5.8%
MSFT	Sell	MICROSOFT CORP	$4,580,000	-4.0%	32,943	-7.5%	1.41%	+0.9%
GOOG	Sell	ALPHABET INCcap stk cl c	$3,811,000	+4.3%	3,121	-7.5%	1.17%	+9.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$3,810,000	-4.6%	18,316	-2.3%	1.17%	+0.1%
TROX	Sell	TRONOX HOLDINGS PLC	$3,039,000	-40.4%	366,156	-8.2%	0.93%	-37.4%
BH	Buy	BIGLARI HLDGS INC	$2,872,000	+109.2%	26,346	+99.3%	0.88%	+119.4%
ALLY	Sell	ALLY FINL INC	$2,867,000	+1.0%	86,446	-5.6%	0.88%	+6.0%
NMRK	Sell	NEWMARK GROUP INCcl a	$2,820,000	-6.4%	311,226	-7.2%	0.87%	-1.7%
CZR	New	CAESARS ENTMT CORP	$2,473,000	–	212,119	–	0.76%	–
C	Sell	CITIGROUP INC	$2,299,000	-5.7%	33,281	-4.4%	0.71%	-1.0%
FCAU	Sell	FIAT CHRYSLER AUTOMOBILES N	$1,651,000	-12.4%	127,459	-6.6%	0.51%	-8.0%
MSGS	Sell	MADISON SQUARE GARDEN CO NEWcl a	$1,525,000	-10.0%	5,786	-4.4%	0.47%	-5.6%
ECPG	Sell	ENCORE CAP GROUP INC	$1,513,000	-11.0%	45,397	-9.6%	0.46%	-6.4%
AAPL	Sell	APPLE INC	$1,275,000	+4.8%	5,691	-7.5%	0.39%	+10.1%
LTHM	Sell	LIVENT CORP	$1,188,000	-11.8%	177,649	-8.7%	0.36%	-7.4%
FB	Sell	FACEBOOK INCcl a	$1,018,000	-13.6%	5,714	-6.4%	0.31%	-9.3%
DFS	Sell	DISCOVER FINL SVCS	$939,000	-0.1%	11,580	-4.4%	0.29%	+4.7%
AXTA	Sell	AXALTA COATING SYS LTD	$920,000	-27.5%	30,526	-28.4%	0.28%	-23.7%
AABA	Sell	ALTABA INC	$887,000	-73.7%	45,549	-6.2%	0.27%	-72.4%
FSK	Buy	FS KKR CAPITAL CORP	$811,000	+94.5%	139,044	+98.6%	0.25%	+104.1%
HHC	Sell	HOWARD HUGHES CORP	$787,000	0.0%	6,076	-4.4%	0.24%	+5.2%
AER	Sell	AERCAP HOLDINGS NV	$733,000	+0.7%	13,379	-4.5%	0.22%	+5.6%
SATS	Buy	ECHOSTAR CORPcl a	$677,000	+94.5%	17,081	+117.5%	0.21%	+103.9%
BID	Sell	SOTHEBYS	$660,000	-33.7%	11,582	-32.4%	0.20%	-30.2%
GLD	Sell	SPDR GOLD TRUST	$662,000	-0.3%	4,769	-4.4%	0.20%	+4.6%
IPI	Buy	INTREPID POTASH INC	$645,000	+446.6%	197,317	+461.2%	0.20%	+465.7%
ATH	Sell	ATHENE HLDG LTDcl a	$626,000	-66.6%	14,881	-65.8%	0.19%	-65.0%
CCK	New	CROWN HOLDINGS INC	$617,000	–	9,342	–	0.19%	–
DELL	Sell	DELL TECHNOLOGIES INCcl c	$609,000	-2.4%	11,751	-4.4%	0.19%	+2.2%
CUBI	Sell	CUSTOMERS BANCORP INC	$604,000	-3.7%	29,119	-2.4%	0.18%	+1.1%
NVGS	Sell	NAVIGATOR HOLDINGS LTD	$569,000	-4.2%	53,237	-16.1%	0.18%	+0.6%
CASH	Sell	META FINL GROUP INC	$494,000	+13.6%	15,148	-2.4%	0.15%	+19.7%
EQH	Buy	AXA EQUITABLE HLDGS INC	$490,000	+88.5%	22,125	+78.1%	0.15%	+97.4%
STT	Sell	STATE STR CORP	$429,000	+2.9%	7,256	-2.4%	0.13%	+8.2%
HYRE	New	HYRECAR INC	$425,000	–	170,186	–	0.13%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$397,000	–	40,069	–	0.12%	–
GPRE	New	GREEN PLAINS INC	$395,000	–	37,262	–	0.12%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$377,000	–	29,034	–	0.12%	–
BLL	Sell	BALL CORP	$372,000	-96.9%	5,105	-97.0%	0.11%	-96.7%
GSL	Sell	GLOBAL SHIP LEASE INC NEW	$372,000	-3.9%	48,569	-7.4%	0.11%	+0.9%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$358,000	+7.5%	8,600	-2.4%	0.11%	+13.4%
MRO	Sell	MARATHON OIL CORP	$352,000	+6.3%	5,788	-2.4%	0.11%	+11.3%
BHF	New	BRIGHTHOUSE FINL INC	$346,000	–	8,539	–	0.11%	–
METC	New	RAMACO RES INC	$83,000	–	22,286	–	0.02%	–
ROAN	Sell	ROAN RES INC	$68,000	-41.4%	55,184	-17.4%	0.02%	-38.2%
VNTR	New	VENATOR MATLS PLC	$41,000	–	17,000	–	0.01%	–
REI	New	RING ENERGY INC	$40,000	–	24,397	–	0.01%	–
ADT	Exit	ADT INC	$0	–	-25,000	–	-0.04%	–
CLF	Exit	CLEVELAND CLIFFS INC	$0	–	-30,000	–	-0.09%	–
MFIN	Exit	MEDALLION FINL CORP	$0	–	-64,307	–	-0.13%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-10,457	–	-0.13%	–
STMP	Exit	STAMPS COM INC	$0	–	-10,000	–	-0.13%	–
BSIG	Exit	BRIGHTSPHERE INVESTMNT GRP P	$0	–	-43,985	–	-0.15%	–
TIVO	Exit	TIVO CORP	$0	–	-75,257	–	-0.16%	–
	Exit	CAESARS ENTMT CORPnote 5.000%10/0	$0	–	-232,098	–	-0.80%	–
FLEX	Exit	FLEX LTDord	$0	–	-461,109	–	-1.29%	–

Q2 2019

			Value		Shares		↓ Weighting
IAC	New	IAC INTERACTIVECORP	$24,434,000	–	112,327	–	7.15%	–
IQV	New	IQVIA HLDGS INC	$22,261,000	–	138,354	–	6.51%	–
AON	New	AON PLC	$21,268,000	–	110,206	–	6.22%	–
WSC	New	WILLSCOT CORP	$17,762,000	–	1,180,995	–	5.20%	–
VOYA	New	VOYA FINL INC	$17,595,000	–	318,180	–	5.15%	–
SPXC	New	SPX CORP	$17,402,000	–	527,007	–	5.09%	–
FMC	New	F M C CORP	$16,908,000	–	203,833	–	4.95%	–
KRA	New	KRATON CORPORATION	$15,247,000	–	490,737	–	4.46%	–
LAUR	New	LAUREATE EDUCATION INCcl a	$14,093,000	–	897,042	–	4.12%	–
HGV	New	HILTON GRAND VACATIONS INC	$12,611,000	–	396,329	–	3.69%	–
BLL	New	BALL CORP	$11,924,000	–	170,361	–	3.49%	–
INFO	New	IHS MARKIT LTD	$11,543,000	–	181,153	–	3.38%	–
HDS	New	HD SUPPLY HLDGS INC	$11,465,000	–	284,644	–	3.35%	–
CHDN	New	CHURCHILL DOWNS INC	$11,245,000	–	97,727	–	3.29%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$9,941,000	–	122,591	–	2.91%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$9,085,000	–	31,006	–	2.66%	–
PRSP	New	PERSPECTA INC	$8,555,000	–	365,448	–	2.50%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$8,359,000	–	494,912	–	2.44%	–
REPH	New	RECRO PHARMA INC	$7,555,000	–	742,900	–	2.21%	–
ATKR	New	ATKORE INTL GROUP INC	$5,612,000	–	216,939	–	1.64%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$5,135,000	–	666,029	–	1.50%	–
TROX	New	TRONOX HOLDINGS PLC	$5,098,000	–	398,913	–	1.49%	–
MSFT	New	MICROSOFT CORP	$4,770,000	–	35,608	–	1.40%	–
FLEX	New	FLEX LTDord	$4,413,000	–	461,109	–	1.29%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,995,000	–	18,741	–	1.17%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,654,000	–	3,375	–	1.07%	–
AABA	New	ALTABA INC	$3,369,000	–	48,564	–	0.99%	–
NMRK	New	NEWMARK GROUP INCcl a	$3,012,000	–	335,461	–	0.88%	–
ALLY	New	ALLY FINL INC	$2,839,000	–	91,619	–	0.83%	–
	New	CAESARS ENTMT CORPnote 5.000%10/0	$2,743,000	–	232,098	–	0.80%	–
C	New	CITIGROUP INC	$2,439,000	–	34,823	–	0.71%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$1,885,000	–	136,420	–	0.55%	–
ATH	New	ATHENE HLDG LTDcl a	$1,876,000	–	43,570	–	0.55%	–
ECPG	New	ENCORE CAP GROUP INC	$1,700,000	–	50,200	–	0.50%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$1,694,000	–	6,053	–	0.50%	–
BH	New	BIGLARI HLDGS INC	$1,373,000	–	13,219	–	0.40%	–
LTHM	New	LIVENT CORP	$1,347,000	–	194,597	–	0.39%	–
AXTA	New	AXALTA COATING SYS LTD	$1,269,000	–	42,617	–	0.37%	–
AAPL	New	APPLE INC	$1,217,000	–	6,151	–	0.36%	–
FB	New	FACEBOOK INCcl a	$1,178,000	–	6,106	–	0.34%	–
BID	New	SOTHEBYS	$995,000	–	17,121	–	0.29%	–
DFS	New	DISCOVER FINL SVCS	$940,000	–	12,114	–	0.28%	–
HHC	New	HOWARD HUGHES CORP	$787,000	–	6,356	–	0.23%	–
AER	New	AERCAP HOLDINGS NV	$728,000	–	14,003	–	0.21%	–
GLD	New	SPDR GOLD TRUST	$664,000	–	4,987	–	0.19%	–
CUBI	New	CUSTOMERS BANCORP INC	$627,000	–	29,840	–	0.18%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$624,000	–	12,292	–	0.18%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$594,000	–	63,453	–	0.17%	–
TIVO	New	TIVO CORP	$555,000	–	75,257	–	0.16%	–
BSIG	New	BRIGHTSPHERE INVESTMNT GRP P	$502,000	–	43,985	–	0.15%	–
STMP	New	STAMPS COM INC	$453,000	–	10,000	–	0.13%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$446,000	–	10,457	–	0.13%	–
CASH	New	META FINL GROUP INC	$435,000	–	15,524	–	0.13%	–
MFIN	New	MEDALLION FINL CORP	$433,000	–	64,307	–	0.13%	–
FSK	New	FS KKR CAPITAL CORP	$417,000	–	70,000	–	0.12%	–
STT	New	STATE STR CORP	$417,000	–	7,436	–	0.12%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$387,000	–	52,461	–	0.11%	–
SATS	New	ECHOSTAR CORPcl a	$348,000	–	7,852	–	0.10%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$333,000	–	8,814	–	0.10%	–
MRO	New	MARATHON OIL CORP	$331,000	–	5,932	–	0.10%	–
CLF	New	CLEVELAND CLIFFS INC	$320,000	–	30,000	–	0.09%	–
EQH	New	AXA EQUITABLE HLDGS INC	$260,000	–	12,426	–	0.08%	–
ADT	New	ADT INC	$153,000	–	25,000	–	0.04%	–
IPI	New	INTREPID POTASH INC	$118,000	–	35,162	–	0.04%	–
ROAN	New	ROAN RES INC	$116,000	–	66,805	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
OCN	Exit	OCWEN FINL CORP	$0	–	-25,861	–	-0.02%	–
ROSEQ	Exit	ROSEHILL RES INCcl a	$0	–	-17,990	–	-0.02%	–
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-343,879	–	-0.09%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-91,573	–	-0.11%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-11,633	–	-0.12%	–
FREDQ	Exit	FREDS INCcl a	$0	–	-271,397	–	-0.13%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-13,029	–	-0.13%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-13,355	–	-0.14%	–
ANDV	Exit	ANDEAVOR	$0	–	-4,386	–	-0.16%	–
DHI	Exit	D R HORTON INC	$0	–	-17,242	–	-0.17%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-7,542	–	-0.20%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-46,484	–	-0.21%	–
STT	Exit	STATE STR CORP	$0	–	-11,018	–	-0.21%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-14,869	–	-0.26%	–
MFIN	Exit	MEDALLION FINL CORP	$0	–	-176,361	–	-0.27%	–
TIVO	Exit	TIVO CORP	$0	–	-97,959	–	-0.28%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-150,893	–	-0.28%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-25,400	–	-0.35%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-60,000	–	-0.43%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-25,692	–	-0.57%	–
OLN	Exit	OLIN CORP	$0	–	-99,500	–	-0.59%	–
IPI	Exit	INTREPID POTASH INC	$0	–	-717,132	–	-0.59%	–
ALLY	Exit	ALLY FINL INC	$0	–	-111,773	–	-0.68%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-197,289	–	-0.79%	–
BSIG	Exit	BRIGHTSPHERE INVESTMNT GRP P	$0	–	-292,476	–	-0.83%	–
C	Exit	CITIGROUP INC	$0	–	-53,365	–	-0.88%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-12,505	–	-0.91%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-19,734	–	-0.97%	–
AABA	Exit	ALTABA INC	$0	–	-83,731	–	-1.31%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-271,986	–	-1.82%	–
KRA	Exit	KRATON CORPORATION	$0	–	-168,899	–	-1.83%	–
ARMK	Exit	ARAMARK	$0	–	-205,492	–	-2.03%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-463,237	–	-2.16%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-992,322	–	-2.20%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-368,656	–	-2.25%	–
PRSP	Exit	PERSPECTA INC	$0	–	-402,489	–	-2.38%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-521,483	–	-2.42%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-38,282	–	-2.56%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-209,099	–	-2.59%	–
TROX	Exit	TRONOX LTD	$0	–	-975,714	–	-2.68%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-431,897	–	-2.70%	–
WSC	Exit	WILLSCOT CORP	$0	–	-697,067	–	-2.75%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-155,211	–	-3.07%	–
BLL	Exit	BALL CORP	$0	–	-311,522	–	-3.15%	–
FLEX	Exit	FLEX LTDord	$0	–	-1,158,296	–	-3.49%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-380,926	–	-3.75%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-1,964,693	–	-4.63%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-627,914	–	-4.78%	–
FMC	Exit	F M C CORP	$0	–	-250,647	–	-5.02%	–
VOYA	Exit	VOYA FINL INC	$0	–	-450,886	–	-5.15%	–
AON	Exit	AON PLC	$0	–	-153,341	–	-5.42%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-197,046	–	-5.88%	–
SPXC	Exit	SPX CORP	$0	–	-801,716	–	-6.14%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-149,491	–	-7.45%	–

Q3 2018

			Value		Shares		↓ Weighting
IAC	Sell	IAC INTERACTIVECORP	$32,398,000	+23.4%	149,491	-13.2%	7.45%	+26.7%
SPXC	Sell	SPX CORP	$26,705,000	-9.5%	801,716	-4.8%	6.14%	-7.1%
IQV	Sell	IQVIA HLDGS INC	$25,565,000	+21.8%	197,046	-6.3%	5.88%	+25.0%
AON	Sell	AON PLC	$23,581,000	+4.9%	153,341	-6.4%	5.42%	+7.7%
VOYA	Sell	VOYA FINL INC	$22,396,000	-1.3%	450,886	-6.6%	5.15%	+1.4%
FMC	Buy	F M C CORP	$21,851,000	+15.9%	250,647	+18.6%	5.02%	+19.0%
HGV	Buy	HILTON GRAND VACATIONS INC	$20,784,000	+5.6%	627,914	+10.7%	4.78%	+8.5%
CZR	Buy	CAESARS ENTMT CORP	$20,138,000	+4.4%	1,964,693	+9.0%	4.63%	+7.2%
HDS	Sell	HD SUPPLY HLDGS INC	$16,300,000	-7.0%	380,926	-6.8%	3.75%	-4.6%
FLEX	Sell	FLEX LTDord	$15,197,000	-8.3%	1,158,296	-1.3%	3.49%	-5.8%
BLL	Sell	BALL CORP	$13,704,000	+9.9%	311,522	-11.2%	3.15%	+12.8%
RHP	Buy	RYMAN HOSPITALITY PPTYS INC	$13,375,000	-3.5%	155,211	+229.7%	3.07%	-0.9%
WSC	Buy	WILLSCOT CORP	$11,955,000	+127.8%	697,067	+96.6%	2.75%	+133.9%
HUN	Sell	HUNTSMAN CORP	$11,761,000	-17.0%	431,897	-11.0%	2.70%	-14.8%
TROX	Sell	TRONOX LTD	$11,660,000	-40.3%	975,714	-1.7%	2.68%	-38.7%
INFO	Sell	IHS MARKIT LTD	$11,283,000	-2.7%	209,099	-7.0%	2.59%	-0.1%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$11,129,000	+6.6%	38,282	-0.5%	2.56%	+9.5%
STAY	Sell	EXTENDED STAY AMER INCunit 99/99/9999b	$10,550,000	-13.1%	521,483	-7.2%	2.42%	-10.8%
PRSP	Sell	PERSPECTA INC	$10,352,000	+21.9%	402,489	-2.6%	2.38%	+25.2%
ATKR	Sell	ATKORE INTL GROUP INC	$9,780,000	-1.2%	368,656	-22.6%	2.25%	+1.5%
PLYA	Buy	PLAYA HOTELS & RESORTS NV	$9,556,000	-0.1%	992,322	+12.0%	2.20%	+2.6%
NOMD	Sell	NOMAD FOODS LTD	$9,385,000	-6.0%	463,237	-10.9%	2.16%	-3.4%
ARMK	Sell	ARAMARK	$8,840,000	+8.2%	205,492	-6.7%	2.03%	+11.1%
KRA	Sell	KRATON CORPORATION	$7,964,000	-4.9%	168,899	-6.9%	1.83%	-2.3%
AXTA	Sell	AXALTA COATING SYS LTD	$7,931,000	-15.3%	271,986	-11.9%	1.82%	-13.0%
AABA	Sell	ALTABA INC	$5,704,000	-13.2%	83,731	-6.7%	1.31%	-10.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$4,225,000	+13.9%	19,734	-0.7%	0.97%	+16.8%
MSGS	Sell	MADISON SQUARE GARDEN CO NEWcl a	$3,943,000	-2.5%	12,505	-4.1%	0.91%	+0.1%
C	Sell	CITIGROUP INC	$3,828,000	+2.8%	53,365	-4.1%	0.88%	+5.6%
BSIG	Sell	BRIGHTSPHERE INVESTMNT GRP P	$3,627,000	-21.5%	292,476	-9.7%	0.83%	-19.3%
FCAU	Sell	FIAT CHRYSLER AUTOMOBILES N	$3,455,000	-12.8%	197,289	-6.0%	0.79%	-10.5%
ALLY	Sell	ALLY FINL INC	$2,956,000	-4.7%	111,773	-5.4%	0.68%	-2.2%
IPI	Sell	INTREPID POTASH INC	$2,575,000	-21.7%	717,132	-10.5%	0.59%	-19.6%
OLN	Sell	OLIN CORP	$2,555,000	-16.9%	99,500	-7.1%	0.59%	-14.7%
DVMT	Sell	DELL TECHNOLOGIES INC	$2,495,000	+10.1%	25,692	-4.1%	0.57%	+13.0%
TDW	New	TIDEWATER INC NEW	$1,871,000	–	60,000	–	0.43%	–
KAR	Sell	KAR AUCTION SVCS INC	$1,516,000	-3.0%	25,400	-11.0%	0.35%	-0.6%
GSM	Sell	FERROGLOBE PLC	$1,233,000	-63.6%	150,893	-61.8%	0.28%	-62.7%
TIVO	New	TIVO CORP	$1,220,000	–	97,959	–	0.28%	–
MFIN	Sell	MEDALLION FINL CORP	$1,173,000	-15.9%	176,361	-30.7%	0.27%	-13.5%
DFS	Sell	DISCOVER FINL SVCS	$1,137,000	+4.3%	14,869	-4.0%	0.26%	+7.0%
STT	Sell	STATE STR CORP	$923,000	-13.7%	11,018	-4.1%	0.21%	-11.3%
IGT	Sell	INTERNATIONAL GAME TECHNOLOG	$918,000	-65.0%	46,484	-58.8%	0.21%	-64.1%
GLD	Sell	SPDR GOLD TRUST	$850,000	-8.9%	7,542	-4.1%	0.20%	-6.7%
DHI	Sell	D R HORTON INC	$727,000	-36.9%	17,242	-38.6%	0.17%	-35.3%
ANDV	Sell	ANDEAVOR	$673,000	+12.9%	4,386	-3.5%	0.16%	+16.5%
MU	Sell	MICRON TECHNOLOGY INC	$604,000	-17.3%	13,355	-4.1%	0.14%	-14.7%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$566,000	-7.5%	13,029	-4.1%	0.13%	-5.1%
FREDQ	Sell	FREDS INCcl a	$554,000	-55.1%	271,397	-49.9%	0.13%	-54.0%
SATS	Sell	ECHOSTAR CORPcl a	$539,000	0.0%	11,633	-4.1%	0.12%	+2.5%
VOXX	Sell	VOXX INTL CORPcl a	$476,000	-7.6%	91,573	-4.0%	0.11%	-5.2%
GSL	Buy	GLOBAL SHIP LEASE INC NEW	$378,000	-14.9%	343,879	+2.3%	0.09%	-12.1%
ROSEQ	New	ROSEHILL RES INCcl a	$110,000	–	17,990	–	0.02%	–
OCN	Sell	OCWEN FINL CORP	$102,000	-45.2%	25,861	-45.1%	0.02%	-45.2%
HKRSQ	Exit	HALCON RES CORP	$0	–	-22,755	–	-0.02%	–
ITI	Exit	ITERIS INC	$0	–	-20,000	–	-0.02%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-46,187	–	-0.18%	–
ADNT	Exit	ADIENT PLC	$0	–	-20,423	–	-0.22%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-142,865	–	-0.24%	–
NTUS	Exit	NATUS MEDICAL INC DEL	$0	–	-45,905	–	-0.36%	–
ILG	Exit	ILG INC	$0	–	-109,583	–	-0.81%	–
REVG	Exit	REV GROUP INC	$0	–	-288,676	–	-1.10%	–

Q2 2018

			Value		Shares		↓ Weighting
SPXC	New	SPX CORP	$29,505,000	–	841,784	–	6.60%	–
IAC	New	IAC INTERACTIVECORP	$26,260,000	–	172,208	–	5.88%	–
VOYA	New	VOYA FINL INC	$22,686,000	–	482,676	–	5.08%	–
AON	New	AON PLC	$22,483,000	–	163,904	–	5.03%	–
IQV	New	IQVIA HLDGS INC	$20,995,000	–	210,332	–	4.70%	–
HGV	New	HILTON GRAND VACATIONS INC	$19,678,000	–	567,080	–	4.40%	–
TROX	New	TRONOX LTD	$19,539,000	–	992,820	–	4.37%	–
CZR	New	CAESARS ENTMT CORP	$19,289,000	–	1,802,740	–	4.32%	–
FMC	New	F M C CORP	$18,850,000	–	211,295	–	4.22%	–
HDS	New	HD SUPPLY HLDGS INC	$17,536,000	–	408,858	–	3.92%	–
FLEX	New	FLEX LTDord	$16,564,000	–	1,173,887	–	3.71%	–
HUN	New	HUNTSMAN CORP	$14,175,000	–	485,451	–	3.17%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$13,863,000	–	47,075	–	3.10%	–
BLL	New	BALL CORP	$12,473,000	–	350,871	–	2.79%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$12,147,000	–	562,085	–	2.72%	–
INFO	New	IHS MARKIT LTD	$11,598,000	–	224,819	–	2.60%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$10,437,000	–	38,473	–	2.34%	–
NOMD	New	NOMAD FOODS LTD	$9,983,000	–	520,198	–	2.23%	–
ATKR	New	ATKORE INTL GROUP INC	$9,896,000	–	476,469	–	2.22%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$9,568,000	–	885,924	–	2.14%	–
AXTA	New	AXALTA COATING SYS LTD	$9,362,000	–	308,861	–	2.10%	–
PRSP	New	PERSPECTA INC	$8,489,000	–	413,086	–	1.90%	–
KRA	New	KRATON CORPORATION	$8,370,000	–	181,402	–	1.87%	–
ARMK	New	ARAMARK	$8,172,000	–	220,268	–	1.83%	–
AABA	New	ALTABA INC	$6,570,000	–	89,736	–	1.47%	–
WSC	New	WILLSCOT CORP	$5,248,000	–	354,617	–	1.18%	–
REVG	New	REV GROUP INC	$4,910,000	–	288,676	–	1.10%	–
BSIG	New	BRIGHTSPHERE INVESTMNT GRP P	$4,621,000	–	324,047	–	1.03%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$4,044,000	–	13,038	–	0.90%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$3,963,000	–	209,771	–	0.89%	–
C	New	CITIGROUP INC	$3,723,000	–	55,641	–	0.83%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,711,000	–	19,881	–	0.83%	–
ILG	New	ILG INC	$3,620,000	–	109,583	–	0.81%	–
GSM	New	FERROGLOBE PLC	$3,386,000	–	395,062	–	0.76%	–
IPI	New	INTREPID POTASH INC	$3,287,000	–	801,634	–	0.74%	–
ALLY	New	ALLY FINL INC	$3,102,000	–	118,097	–	0.69%	–
OLN	New	OLIN CORP	$3,076,000	–	107,092	–	0.69%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$2,622,000	–	112,822	–	0.59%	–
DVMT	New	DELL TECHNOLOGIES INC	$2,266,000	–	26,788	–	0.51%	–
NTUS	New	NATUS MEDICAL INC DEL	$1,584,000	–	45,905	–	0.36%	–
KAR	New	KAR AUCTION SVCS INC	$1,563,000	–	28,524	–	0.35%	–
MFIN	New	MEDALLION FINL CORP	$1,394,000	–	254,317	–	0.31%	–
FREDQ	New	FREDS INCcl a	$1,235,000	–	541,702	–	0.28%	–
DHI	New	D R HORTON INC	$1,152,000	–	28,098	–	0.26%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$1,093,000	–	142,865	–	0.24%	–
DFS	New	DISCOVER FINL SVCS	$1,090,000	–	15,482	–	0.24%	–
STT	New	STATE STR CORP	$1,069,000	–	11,488	–	0.24%	–
ADNT	New	ADIENT PLC	$1,005,000	–	20,423	–	0.22%	–
GLD	New	SPDR GOLD TRUST	$933,000	–	7,863	–	0.21%	–
ATUS	New	ALTICE USA INCcl a	$788,000	–	46,187	–	0.18%	–
MU	New	MICRON TECHNOLOGY INC	$730,000	–	13,924	–	0.16%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$612,000	–	13,591	–	0.14%	–
ANDV	New	ANDEAVOR	$596,000	–	4,544	–	0.13%	–
SATS	New	ECHOSTAR CORPcl a	$539,000	–	12,129	–	0.12%	–
VOXX	New	VOXX INTL CORPcl a	$515,000	–	95,359	–	0.12%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$444,000	–	336,017	–	0.10%	–
OCN	New	OCWEN FINL CORP	$186,000	–	47,075	–	0.04%	–
ITI	New	ITERIS INC	$97,000	–	20,000	–	0.02%	–
HKRSQ	New	HALCON RES CORP	$100,000	–	22,755	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-10,854	–	-0.04%	–
GM	Exit	GENERAL MTRS CO	$0	–	-7,120	–	-0.05%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,572	–	-0.05%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-25,000	–	-0.06%	–
OFS	Exit	OFS CAP CORP	$0	–	-25,355	–	-0.06%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-10,000	–	-0.07%	–
MFIN	Exit	MEDALLION FINL CORP	$0	–	-211,134	–	-0.08%	–
CFCO	Exit	CF CORP	$0	–	-44,922	–	-0.08%	–
METC	Exit	RAMACO RES INC	$0	–	-90,828	–	-0.10%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,494	–	-0.10%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-25,739	–	-0.11%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-13,699	–	-0.13%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-120,000	–	-0.14%	–
CPN	Exit	CALPINE CORP	$0	–	-55,685	–	-0.14%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-22,000	–	-0.15%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-40,000	–	-0.15%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-14,647	–	-0.16%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-6,766	–	-0.17%	–
MET	Exit	METLIFE INC	$0	–	-19,447	–	-0.17%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-9,031	–	-0.18%	–
LAYN	Exit	LAYNE CHRISTENSEN CO	$0	–	-100,430	–	-0.21%	–
STT	Exit	STATE STR CORP	$0	–	-13,387	–	-0.21%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-21,940	–	-0.24%	–
LEXEA	Exit	LIBERTY EXPEDIA HOLDINGS	$0	–	-30,963	–	-0.28%	–
TSEM	Exit	TOWER SEMICONDUCTOR LTD	$0	–	-55,526	–	-0.29%	–
TROX	Exit	TRONOX LTD	$0	–	-85,000	–	-0.30%	–
MDCA	Exit	MDC PARTNERS INCcl a sub vtg	$0	–	-174,473	–	-0.32%	–
PNR	Exit	PENTAIR PLC	$0	–	-29,056	–	-0.33%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-387,598	–	-0.36%	–
ABCO	Exit	ADVISORY BRD CO	$0	–	-45,770	–	-0.41%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-16,538	–	-0.43%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-45,393	–	-0.44%	–
IWO	Exit	ISHARES TRrus 2000 grw etf	$0	–	-15,408	–	-0.46%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-45,558	–	-0.52%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-15,366	–	-0.55%	–
ADNT	Exit	ADIENT PLC	$0	–	-39,258	–	-0.55%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-145,000	–	-0.60%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-63,041	–	-0.64%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-21,862	–	-0.67%	–
	Exit	FIAT CHRYSLER AUTOMOBILES Ncall	$0	–	-249,044	–	-0.75%	–
ANDV	Exit	ANDEAVOR	$0	–	-43,518	–	-0.75%	–
IPI	Exit	INTREPID POTASH INC	$0	–	-1,169,647	–	-0.86%	–
C	Exit	CITIGROUP INC	$0	–	-80,359	–	-0.98%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-313,055	–	-1.05%	–
AFSI	Exit	AMTRUST FINL SVCS INC	$0	–	-100,055	–	-1.11%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-209,303	–	-1.17%	–
	Exit	OM ASSET MGMT PLC	$0	–	-468,680	–	-1.17%	–
KRA	Exit	KRATON CORPORATION	$0	–	-195,577	–	-1.33%	–
MWA	Exit	MUELLER WTR PRODS INC	$0	–	-662,973	–	-1.42%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-556,677	–	-1.47%	–
ALLY	Exit	ALLY FINL INC	$0	–	-363,396	–	-1.48%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-223,764	–	-1.65%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-42,783	–	-1.80%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-552,743	–	-1.81%	–
ARMK	Exit	ARAMARK	$0	–	-286,396	–	-1.95%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-1,030,677	–	-2.08%	–
OLN	Exit	OLIN CORP	$0	–	-384,268	–	-2.21%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-290,822	–	-2.33%	–
NTUS	Exit	NATUS MEDICAL INC DEL	$0	–	-370,133	–	-2.33%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-985,782	–	-2.41%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-517,736	–	-2.51%	–
FMC	Exit	F M C CORP	$0	–	-205,106	–	-3.07%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-508,244	–	-3.07%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-1,426,729	–	-3.15%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-307,214	–	-3.22%	–
BLL	Exit	BALL CORP	$0	–	-481,905	–	-3.34%	–
CLNS	Exit	COLONY NORTHSTAR INC	$0	–	-1,609,238	–	-3.39%	–
SPXC	Exit	SPX CORP	$0	–	-775,653	–	-3.82%	–
VOYA	Exit	VOYA FINL INC	$0	–	-613,304	–	-4.10%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-779,909	–	-4.19%	–
Q	Exit	QUINTILES IMS HOLDINGS INC	$0	–	-283,266	–	-4.52%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-241,664	–	-4.76%	–
ILG	Exit	ILG INC	$0	–	-1,090,903	–	-4.89%	–
OA	Exit	ORBITAL ATK INC	$0	–	-220,279	–	-4.92%	–
AON	Exit	AON PLC	$0	–	-202,401	–	-4.96%	–

Q3 2017

			Value		Shares		↓ Weighting
AON	Sell	AON PLC	$29,571,000	-47.1%	202,401	-51.9%	4.96%	-2.3%
OA	Sell	ORBITAL ATK INC	$29,332,000	-45.6%	220,279	-59.8%	4.92%	+0.5%
ILG	Sell	ILG INC	$29,160,000	-52.1%	1,090,903	-50.8%	4.89%	-11.5%
IAC	Sell	IAC INTERACTIVECORP	$28,415,000	-51.4%	241,664	-57.3%	4.76%	-10.1%
Q	Sell	QUINTILES IMS HOLDINGS INC	$26,930,000	-53.2%	283,266	-55.9%	4.52%	-13.5%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$24,996,000	-43.4%	779,909	-41.9%	4.19%	+4.6%
VOYA	Sell	VOYA FINL INC	$24,465,000	-46.0%	613,304	-50.1%	4.10%	-0.3%
SPXC	Sell	SPX CORP	$22,758,000	-1.3%	775,653	-15.3%	3.82%	+82.4%
CLNS	Sell	COLONY NORTHSTAR INC	$20,212,000	-56.2%	1,609,238	-50.9%	3.39%	-19.1%
BLL	Sell	BALL CORP	$19,903,000	-42.9%	481,905	-41.6%	3.34%	+5.6%
RHP	Sell	RYMAN HOSPITALITY PPTYS INC	$19,198,000	-51.3%	307,214	-50.1%	3.22%	-10.0%
GSM	Sell	FERROGLOBE PLC	$18,776,000	-43.7%	1,426,729	-48.9%	3.15%	+4.1%
HDS	Sell	HD SUPPLY HLDGS INC	$18,332,000	-44.9%	508,244	-53.2%	3.07%	+1.9%
FMC	Buy	F M C CORP	$18,318,000	+150.7%	205,106	+105.1%	3.07%	+363.3%
AXTA	Sell	AXALTA COATING SYS LTD	$14,973,000	-56.2%	517,736	-51.5%	2.51%	-19.1%
NOMD	Sell	NOMAD FOODS LTD	$14,363,000	-48.5%	985,782	-50.1%	2.41%	-4.7%
KAR	Sell	KAR AUCTION SVCS INC	$13,884,000	-45.1%	290,822	-51.8%	2.33%	+1.4%
NTUS	Buy	NATUS MEDICAL INC DEL	$13,880,000	+224.8%	370,133	+223.0%	2.33%	+500.0%
OLN	Sell	OLIN CORP	$13,161,000	-48.7%	384,268	-54.6%	2.21%	-5.2%
HMHC	Buy	HOUGHTON MIFFLIN HARCOURT CO	$12,420,000	+127.4%	1,030,677	+132.1%	2.08%	+320.0%
ARMK	Sell	ARAMARK	$11,631,000	-55.2%	286,396	-54.8%	1.95%	-17.3%
ATKR	Sell	ATKORE INTL GROUP INC	$10,784,000	-45.3%	552,743	-36.8%	1.81%	+1.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$10,748,000	-48.2%	42,783	-50.2%	1.80%	-4.3%
INFO	Sell	IHS MARKIT LTD	$9,864,000	-50.0%	223,764	-50.1%	1.65%	-7.7%
ALLY	Sell	ALLY FINL INC	$8,816,000	-69.9%	363,396	-74.1%	1.48%	-44.4%
GTN	Sell	GRAY TELEVISION INC	$8,740,000	-47.5%	556,677	-54.2%	1.47%	-3.0%
MWA	Sell	MUELLER WTR PRODS INC	$8,486,000	+3.6%	662,973	-5.5%	1.42%	+91.5%
KRA	Sell	KRATON CORPORATION	$7,909,000	-30.6%	195,577	-40.9%	1.33%	+28.1%
	Sell	OM ASSET MGMT PLC	$6,993,000	-44.9%	468,680	-45.2%	1.17%	+1.8%
COMM	Sell	COMMSCOPE HLDG CO INC	$6,951,000	-56.4%	209,303	-50.1%	1.17%	-19.4%
AFSI	Buy	AMTRUST FINL SVCS INC	$6,628,000	+1225.6%	100,055	+202.6%	1.11%	+2368.9%
STAY	Sell	EXTENDED STAY AMER INCunit 99/99/9999b	$6,261,000	-48.5%	313,055	-50.1%	1.05%	-4.7%
C	Sell	CITIGROUP INC	$5,845,000	-45.8%	80,359	-50.2%	0.98%	+0.2%
IPI	Sell	INTREPID POTASH INC	$5,100,000	-3.1%	1,169,647	-49.8%	0.86%	+79.2%
ANDV	New	ANDEAVOR	$4,489,000	–	43,518	–	0.75%	–
	New	FIAT CHRYSLER AUTOMOBILES Ncall	$4,460,000	–	249,044	–	0.75%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$4,008,000	-46.0%	21,862	-50.2%	0.67%	-0.3%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$3,842,000	-60.7%	63,041	-61.5%	0.64%	-27.3%
IGT	New	INTERNATIONAL GAME TECHNOLOG	$3,560,000	–	145,000	–	0.60%	–
ADNT	Buy	ADIENT PLC	$3,297,000	+76.3%	39,258	+37.2%	0.55%	+225.3%
MSGS	Sell	MADISON SQUARE GARDEN CO NEWcl a	$3,290,000	-45.8%	15,366	-50.2%	0.55%	+0.2%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$3,120,000	-43.5%	45,558	-46.5%	0.52%	+4.4%
IWO	Sell	ISHARES TRrus 2000 grw etf	$2,757,000	-47.0%	15,408	-50.0%	0.46%	-2.1%
LVNTA	New	LIBERTY INTERACTIVE CORP	$2,612,000	–	45,393	–	0.44%	–
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$2,551,000	-73.4%	16,538	-75.0%	0.43%	-50.9%
ABCO	Sell	ADVISORY BRD CO	$2,454,000	-48.1%	45,770	-50.1%	0.41%	-4.0%
SIRI	Sell	SIRIUS XM HLDGS INC	$2,140,000	-49.5%	387,598	-50.0%	0.36%	-6.8%
PNR	Sell	PENTAIR PLC	$1,975,000	-85.0%	29,056	-85.3%	0.33%	-72.3%
MDCA	Sell	MDC PARTNERS INCcl a sub vtg	$1,919,000	-66.0%	174,473	-69.4%	0.32%	-37.1%
TROX	New	TRONOX LTD	$1,794,000	–	85,000	–	0.30%	–
TSEM	Sell	TOWER SEMICONDUCTOR LTD	$1,707,000	-47.3%	55,526	-59.1%	0.29%	-2.7%
LEXEA	Sell	LIBERTY EXPEDIA HOLDINGS	$1,644,000	-50.0%	30,963	-49.1%	0.28%	-7.4%
DFS	Sell	DISCOVER FINL SVCS	$1,415,000	-48.3%	21,940	-50.2%	0.24%	-4.4%
STT	Sell	STATE STR CORP	$1,279,000	-46.9%	13,387	-50.2%	0.21%	-2.3%
LAYN	Buy	LAYNE CHRISTENSEN CO	$1,260,000	+615.9%	100,430	+402.2%	0.21%	+1218.8%
GLD	Sell	SPDR GOLD TRUST	$1,098,000	-48.6%	9,031	-50.2%	0.18%	-5.2%
MET	Sell	METLIFE INC	$1,010,000	-52.9%	19,447	-50.2%	0.17%	-13.3%
IWM	Sell	ISHARES TRrussell 2000 etf	$1,003,000	-47.4%	6,766	-50.0%	0.17%	-2.9%
IBP	Sell	INSTALLED BLDG PRODS INC	$949,000	-95.1%	14,647	-96.0%	0.16%	-90.9%
ACIW	New	ACI WORLDWIDE INC	$911,000	–	40,000	–	0.15%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$876,000	–	22,000	–	0.15%	–
CPN	Sell	CALPINE CORP	$821,000	-45.6%	55,685	-50.1%	0.14%	+0.7%
HKRSQ	New	HALCON RES CORP	$816,000	–	120,000	–	0.14%	–
SATS	Sell	ECHOSTAR CORPcl a	$784,000	-53.0%	13,699	-50.2%	0.13%	-13.2%
FCEA	Sell	FOREST CITY RLTY TR INC	$657,000	-47.4%	25,739	-50.2%	0.11%	-2.7%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$607,000	-50.2%	14,494	-50.2%	0.10%	-8.1%
METC	Sell	RAMACO RES INC	$602,000	+1.3%	90,828	-7.5%	0.10%	+87.0%
CFCO	New	CF CORP	$503,000	–	44,922	–	0.08%	–
MFIN	Sell	MEDALLION FINL CORP	$458,000	-66.7%	211,134	-63.3%	0.08%	-38.4%
MU	New	MICRON TECHNOLOGY INC	$393,000	–	10,000	–	0.07%	–
CZR	New	CAESARS ENTMT CORP	$334,000	–	25,000	–	0.06%	–
OFS	Sell	OFS CAP CORP	$334,000	-54.1%	25,355	-50.2%	0.06%	-15.2%
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$313,000	–	8,572	–	0.05%	–
GM	Sell	GENERAL MTRS CO	$288,000	-42.2%	7,120	-50.1%	0.05%	+6.7%
NGHC	Sell	NATIONAL GEN HLDGS CORP	$207,000	-94.2%	10,854	-93.6%	0.04%	-89.2%
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-31,938	–	-0.04%	–
WAGE	Exit	WAGEWORKS INC	$0	–	-7,440	–	-0.04%	–
FTV	Exit	FORTIVE CORP	$0	–	-9,174	–	-0.05%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-26,980	–	-0.06%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-99,328	–	-0.10%	–
PSX	Exit	PHILLIPS 66	$0	–	-13,492	–	-0.10%	–
EGRX	Exit	EAGLE PHARMACEUTICALS INC	$0	–	-30,134	–	-0.22%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-36,066	–	-0.26%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-129,068	–	-0.38%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-88,686	–	-0.39%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-539,676	–	-0.52%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-140,886	–	-0.60%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-221,536	–	-0.63%	–
TSO	Exit	TESORO CORP	$0	–	-87,066	–	-0.74%	–
MLI	Exit	MUELLER INDS INC	$0	–	-701,256	–	-0.74%	–

Q2 2017

			Value		Shares		↓ Weighting
ILG	New	ILG INC	$60,892,000	–	2,215,076	–	5.52%	–
IAC	New	IAC INTERACTIVECORP	$58,428,000	–	565,952	–	5.30%	–
Q	New	QUINTILES IMS HOLDINGS INC	$57,504,000	–	642,510	–	5.22%	–
AON	New	AON PLC	$55,920,000	–	420,606	–	5.07%	–
OA	New	ORBITAL ATK INC	$53,950,000	–	548,486	–	4.90%	–
CLNS	New	COLONY NORTHSTAR INC	$46,144,000	–	3,274,926	–	4.19%	–
VOYA	New	VOYA FINL INC	$45,338,000	–	1,229,026	–	4.11%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$44,184,000	–	1,342,998	–	4.01%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$39,412,000	–	615,718	–	3.58%	–
BLL	New	BALL CORP	$34,838,000	–	825,342	–	3.16%	–
AXTA	New	AXALTA COATING SYS LTD	$34,200,000	–	1,067,438	–	3.10%	–
GSM	New	FERROGLOBE PLC	$33,354,000	–	2,791,094	–	3.03%	–
HDS	New	HD SUPPLY HLDGS INC	$33,260,000	–	1,085,860	–	3.02%	–
ALLY	New	ALLY FINL INC	$29,302,000	–	1,401,994	–	2.66%	–
NOMD	New	NOMAD FOODS LTD	$27,872,000	–	1,975,306	–	2.53%	–
ARMK	New	ARAMARK	$25,984,000	–	634,046	–	2.36%	–
OLN	New	OLIN CORP	$25,642,000	–	846,812	–	2.33%	–
KAR	New	KAR AUCTION SVCS INC	$25,300,000	–	602,794	–	2.30%	–
SPXC	New	SPX CORP	$23,054,000	–	916,284	–	2.09%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$20,754,000	–	85,830	–	1.88%	–
INFO	New	IHS MARKIT LTD	$19,746,000	–	448,368	–	1.79%	–
ATKR	New	ATKORE INTL GROUP INC	$19,726,000	–	874,794	–	1.79%	–
IBP	New	INSTALLED BLDG PRODS INC	$19,282,000	–	364,172	–	1.75%	–
GTN	New	GRAY TELEVISION INC	$16,656,000	–	1,215,814	–	1.51%	–
COMM	New	COMMSCOPE HLDG CO INC	$15,950,000	–	419,422	–	1.45%	–
PNR	New	PENTAIR PLC	$13,196,000	–	198,312	–	1.20%	–
	New	OM ASSET MGMT PLC	$12,700,000	–	854,644	–	1.15%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$12,150,000	–	627,568	–	1.10%	–
KRA	New	KRATON CORPORATION	$11,404,000	–	331,154	–	1.04%	–
C	New	CITIGROUP INC	$10,782,000	–	161,214	–	0.98%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$9,768,000	–	163,858	–	0.89%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$9,608,000	–	66,048	–	0.87%	–
MWA	New	MUELLER WTR PRODS INC	$8,191,000	–	701,256	–	0.74%	–
MLI	New	MUELLER INDS INC	$8,191,000	–	701,256	–	0.74%	–
TSO	New	TESORO CORP	$8,150,000	–	87,066	–	0.74%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$7,428,000	–	43,860	–	0.67%	–
FMC	New	F M C CORP	$7,306,000	–	100,000	–	0.66%	–
LBTYK	New	LIBERTY GLOBAL PLC	$6,908,000	–	221,536	–	0.63%	–
CLW	New	CLEARWATER PAPER CORP	$6,586,000	–	140,886	–	0.60%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$6,074,000	–	30,850	–	0.55%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$5,736,000	–	539,676	–	0.52%	–
MDCA	New	MDC PARTNERS INCcl a sub vtg	$5,644,000	–	570,186	–	0.51%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$5,526,000	–	85,116	–	0.50%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$5,462,000	–	444,134	–	0.50%	–
IPI	New	INTREPID POTASH INC	$5,262,000	–	2,328,100	–	0.48%	–
IWO	New	ISHARES TRrus 2000 grw etf	$5,200,000	–	30,816	–	0.47%	–
ABCO	New	ADVISORY BRD CO	$4,724,000	–	91,714	–	0.43%	–
BWXT	New	BWX TECHNOLOGIES INC	$4,324,000	–	88,686	–	0.39%	–
NTUS	New	NATUS MEDICAL INC DEL	$4,274,000	–	114,586	–	0.39%	–
SIRI	New	SIRIUS XM HLDGS INC	$4,240,000	–	775,196	–	0.38%	–
LBTYA	New	LIBERTY GLOBAL PLC	$4,146,000	–	129,068	–	0.38%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$3,580,000	–	169,660	–	0.32%	–
LEXEA	New	LIBERTY EXPEDIA HOLDINGS	$3,288,000	–	60,864	–	0.30%	–
TSEM	New	TOWER SEMICONDUCTOR LTD	$3,238,000	–	135,780	–	0.29%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$2,824,000	–	36,066	–	0.26%	–
DFS	New	DISCOVER FINL SVCS	$2,738,000	–	44,018	–	0.25%	–
STT	New	STATE STR CORP	$2,410,000	–	26,858	–	0.22%	–
EGRX	New	EAGLE PHARMACEUTICALS INC	$2,378,000	–	30,134	–	0.22%	–
MET	New	METLIFE INC	$2,144,000	–	39,016	–	0.20%	–
GLD	New	SPDR GOLD TRUST	$2,138,000	–	18,118	–	0.19%	–
IWM	New	ISHARES TRrussell 2000 etf	$1,906,000	–	13,532	–	0.17%	–
ADNT	New	ADIENT PLC	$1,870,000	–	28,606	–	0.17%	–
SATS	New	ECHOSTAR CORPcl a	$1,668,000	–	27,484	–	0.15%	–
CPN	New	CALPINE CORP	$1,510,000	–	111,578	–	0.14%	–
MFIN	New	MEDALLION FINL CORP	$1,374,000	–	574,722	–	0.12%	–
FCEA	New	FOREST CITY RLTY TR INC	$1,248,000	–	51,640	–	0.11%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$1,220,000	–	29,080	–	0.11%	–
PSX	New	PHILLIPS 66	$1,116,000	–	13,492	–	0.10%	–
ENZ	New	ENZO BIOCHEM INC	$1,096,000	–	99,328	–	0.10%	–
OFS	New	OFS CAP CORP	$728,000	–	50,870	–	0.07%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$666,000	–	26,980	–	0.06%	–
METC	New	RAMACO RES INC	$594,000	–	98,180	–	0.05%	–
FTV	New	FORTIVE CORP	$582,000	–	9,174	–	0.05%	–
WAGE	New	WAGEWORKS INC	$500,000	–	7,440	–	0.04%	–
GM	New	GENERAL MTRS CO	$498,000	–	14,268	–	0.04%	–
AFSI	New	AMTRUST FINL SVCS INC	$500,000	–	33,064	–	0.04%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$404,000	–	31,938	–	0.04%	–
LAYN	New	LAYNE CHRISTENSEN CO	$176,000	–	20,000	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-58,675	–	-0.02%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-10,296	–	-0.03%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-2,560	–	-0.03%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-3,481	–	-0.04%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-8,617	–	-0.05%	–
GM	Exit	GENERAL MTRS CO	$0	–	-9,234	–	-0.05%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-4,616	–	-0.05%	–
CHUBK	Exit	COMMERCEHUB INC	$0	–	-20,596	–	-0.05%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-11,850	–	-0.05%	–
ITGR	Exit	INTEGER HLDGS CORP	$0	–	-18,157	–	-0.06%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-27,133	–	-0.07%	–
NWS	Exit	NEWS CORP NEWcl b new	$0	–	-28,680	–	-0.07%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-13,820	–	-0.07%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-83,486	–	-0.07%	–
L	Exit	LOEWS CORP	$0	–	-10,482	–	-0.07%	–
TSO	Exit	TESORO CORP	$0	–	-46,154	–	-0.08%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-11,920	–	-0.09%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-82,022	–	-0.09%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-23,298	–	-0.09%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-23,953	–	-0.09%	–
OFS	Exit	OFS CAP CORP	$0	–	-44,567	–	-0.10%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-21,508	–	-0.10%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-11,264	–	-0.12%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-21,495	–	-0.12%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-31,780	–	-0.12%	–
PSX	Exit	PHILLIPS 66	$0	–	-9,947	–	-0.13%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-7,204	–	-0.14%	–
FTV	Exit	FORTIVE CORP	$0	–	-18,469	–	-0.16%	–
TSEM	Exit	TOWER SEMICONDUCTOR LTD	$0	–	-64,128	–	-0.16%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-61,948	–	-0.20%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-17,655	–	-0.20%	–
EGRX	Exit	EAGLE PHARMACEUTICALS INC	$0	–	-18,648	–	-0.22%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-10,926	–	-0.23%	–
MET	Exit	METLIFE INC	$0	–	-31,393	–	-0.23%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-28,281	–	-0.25%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-412,598	–	-0.28%	–
STT	Exit	STATE STR CORP	$0	–	-27,043	–	-0.31%	–
AFSI	Exit	AMTRUST FINL SVCS INC	$0	–	-70,807	–	-0.31%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-9,229	–	-0.32%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-16,592	–	-0.32%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-101,454	–	-0.32%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-13,670	–	-0.38%	–
ENH	Exit	ENDURANCE SPECIALTY HLDGS LT	$0	–	-35,466	–	-0.38%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-141,367	–	-0.43%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-52,605	–	-0.45%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-31,311	–	-0.46%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-90,111	–	-0.51%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-54,562	–	-0.51%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-160,023	–	-0.59%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-102,074	–	-0.67%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-64,833	–	-0.86%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-36,592	–	-0.88%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-170,971	–	-0.93%	–
C	Exit	CITIGROUP INC	$0	–	-126,116	–	-0.98%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-45,006	–	-0.99%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-117,502	–	-1.04%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-252,623	–	-1.17%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-573,000	–	-1.25%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-203,870	–	-1.30%	–
PNR	Exit	PENTAIR PLC	$0	–	-147,423	–	-1.57%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-372,513	–	-1.86%	–
OLN	Exit	OLIN CORP	$0	–	-552,438	–	-1.88%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-1,260,950	–	-1.89%	–
CPN	Exit	CALPINE CORP	$0	–	-913,571	–	-1.91%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-54,351	–	-1.95%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-353,053	–	-2.10%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-108,421	–	-2.23%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-217,889	–	-2.33%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-757,697	–	-2.51%	–
VWR	Exit	VWR CORP	$0	–	-555,116	–	-2.61%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-1,143,590	–	-2.65%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-572,681	–	-2.74%	–
Q	Exit	QUINTILES TRANSNATIO HLDGS I	$0	–	-225,993	–	-3.03%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-1,422,505	–	-3.04%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-667,864	–	-3.13%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-625,079	–	-3.31%	–
ARMK	Exit	ARAMARK	$0	–	-576,384	–	-3.63%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,145,435	–	-3.69%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-534,442	–	-3.82%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-500,419	–	-3.99%	–
VOYA	Exit	VOYA FINL INC	$0	–	-843,954	–	-4.03%	–
IMS	Exit	IMS HEALTH HLDGS	$0	–	-849,419	–	-4.40%	–
OA	Exit	ORBITAL ATK INC	$0	–	-366,597	–	-4.63%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-539,078	–	-5.58%	–
AON	Exit	AON PLC	$0	–	-330,295	–	-6.15%	–

Q3 2016

			Value		Shares		↓ Weighting
AON	Sell	AON PLC	$37,148,000	-0.1%	330,295	-3.0%	6.15%	+8.6%
IAC	Sell	IAC INTERACTIVECORP	$33,680,000	+9.8%	539,078	-1.0%	5.58%	+19.4%
OA	Buy	ORBITAL ATK INC	$27,925,000	-4.9%	366,597	+6.3%	4.63%	+3.4%
IMS	Sell	IMS HEALTH HLDGS	$26,583,000	+0.3%	849,419	-18.7%	4.40%	+9.1%
VOYA	Sell	VOYA FINL INC	$24,303,000	+6.7%	843,954	-8.3%	4.03%	+16.0%
RHP	Sell	RYMAN HOSPITALITY PPTYS INC	$24,098,000	-17.0%	500,419	-12.7%	3.99%	-9.8%
KAR	Sell	KAR AUCTION SVCS INC	$23,060,000	-11.0%	534,442	-13.9%	3.82%	-3.3%
ALLY	Buy	ALLY FINL INC	$22,284,000	+19.2%	1,145,435	+4.6%	3.69%	+29.7%
ARMK	Sell	ARAMARK	$21,918,000	-2.3%	576,384	-14.1%	3.63%	+6.3%
HDS	Sell	HD SUPPLY HLDGS INC	$19,973,000	-11.7%	625,079	-3.8%	3.31%	-4.0%
AXTA	Sell	AXALTA COATING SYS LTD	$18,877,000	-2.3%	667,864	-8.3%	3.13%	+6.3%
NSAM	Sell	NORTHSTAR ASSET MGMT GROUP I	$18,377,000	+15.4%	1,422,505	-8.8%	3.04%	+25.5%
Q	Buy	QUINTILES TRANSNATIO HLDGS I	$18,304,000	+34.6%	225,993	+8.6%	3.03%	+46.5%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$16,530,000	+17.6%	572,681	+21.7%	2.74%	+27.9%
NWSA	Sell	NEWS CORP NEWcl a	$15,985,000	+14.8%	1,143,590	-6.8%	2.65%	+24.8%
VWR	Buy	VWR CORP	$15,731,000	-0.5%	555,116	+1.5%	2.61%	+8.2%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$15,148,000	-43.3%	757,697	-28.1%	2.51%	-38.3%
CLW	Sell	CLEARWATER PAPER CORP	$14,088,000	-14.4%	217,889	-13.5%	2.33%	-6.9%
IWM	Sell	ISHARES TRrussell 2000 etf	$13,467,000	+6.7%	108,421	-1.2%	2.23%	+16.0%
IBP	Buy	INSTALLED BLDG PRODS INC	$12,664,000	+35.2%	353,053	+36.8%	2.10%	+47.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$11,756,000	-5.6%	54,351	-8.5%	1.95%	+2.7%
CPN	Buy	CALPINE CORP	$11,547,000	+39.2%	913,571	+62.4%	1.91%	+51.3%
GSM	Buy	FERROGLOBE PLC	$11,383,000	+538.4%	1,260,950	+508.8%	1.89%	+593.4%
OLN	Sell	OLIN CORP	$11,324,000	-51.0%	552,438	-40.6%	1.88%	-46.7%
COMM	Sell	COMMSCOPE HLDG CO INC	$11,206,000	-24.3%	372,513	-21.9%	1.86%	-17.6%
PNR	Sell	PENTAIR PLC	$9,461,000	+1.0%	147,423	-8.2%	1.57%	+9.8%
BWXT	Sell	BWX TECHNOLOGIES INC	$7,823,000	-13.7%	203,870	-19.6%	1.30%	-6.2%
NRF	Buy	NORTHSTAR RLTY FIN CORP	$7,540,000	+139.0%	573,000	+107.6%	1.25%	+159.7%
SYF	Sell	SYNCHRONY FINL	$7,067,000	-30.6%	252,623	-37.3%	1.17%	-24.5%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$6,297,000	-15.2%	117,502	-8.3%	1.04%	-7.8%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$5,966,000	-26.5%	45,006	-31.1%	0.99%	-20.1%
C	Buy	CITIGROUP INC	$5,947,000	+19.3%	126,116	+7.2%	0.98%	+29.6%
LBTYK	Sell	LIBERTY GLOBAL PLC	$5,628,000	+7.3%	170,971	-6.6%	0.93%	+16.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$5,287,000	-8.9%	36,592	-8.7%	0.88%	-0.9%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$5,218,000	-11.6%	64,833	-8.5%	0.86%	-3.9%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$4,067,000	-1.4%	102,074	-8.2%	0.67%	+7.3%
NGHC	Sell	NATIONAL GEN HLDGS CORP	$3,559,000	-4.7%	160,023	-8.2%	0.59%	+3.7%
DFS	Sell	DISCOVER FINL SVCS	$3,083,000	-3.7%	54,562	-8.7%	0.51%	+4.7%
LBTYA	Sell	LIBERTY GLOBAL PLC	$3,080,000	+3.4%	90,111	-12.1%	0.51%	+12.3%
CVS	Sell	CVS HEALTH CORP	$2,785,000	-15.2%	31,311	-8.7%	0.46%	-7.8%
CLNY	New	COLONY CAP INCcl a	$2,575,000	–	141,367	–	0.43%	–
ENH	Sell	ENDURANCE SPECIALTY HLDGS LT	$2,321,000	-11.0%	35,466	-8.7%	0.38%	-3.0%
MSGS	Sell	MADISON SQUARE GARDEN CO NEWcl a	$2,313,000	-10.3%	13,670	-8.5%	0.38%	-2.5%
CNX	Sell	CONSOL ENERGY INC	$1,948,000	+9.6%	101,454	-8.1%	0.32%	+19.2%
SPG	Buy	SIMON PPTY GROUP INC NEW	$1,910,000	+7.5%	9,229	+12.7%	0.32%	+16.6%
AFSI	Buy	AMTRUST FINL SVCS INC	$1,898,000	+17.1%	70,807	+7.0%	0.31%	+27.1%
STT	Sell	STATE STR CORP	$1,880,000	+17.6%	27,043	-8.8%	0.31%	+28.0%
MET	Sell	METLIFE INC	$1,393,000	-11.4%	31,393	-20.5%	0.23%	-3.8%
GLD	Sell	SPDR GOLD TRUST	$1,373,000	-9.3%	10,926	-8.7%	0.23%	-1.7%
EGRX	New	EAGLE PHARMACEUTICALS INC	$1,305,000	–	18,648	–	0.22%	–
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$1,196,000	-40.3%	61,948	-29.4%	0.20%	-35.1%
TSEM	Buy	TOWER SEMICONDUCTOR LTD	$973,000	+148.8%	64,128	+103.8%	0.16%	+168.3%
FTV	New	FORTIVE CORP	$940,000	–	18,469	–	0.16%	–
HON	Sell	HONEYWELL INTL INC	$840,000	-8.5%	7,204	-8.7%	0.14%	-0.7%
PSX	Sell	PHILLIPS 66	$801,000	-36.9%	9,947	-37.8%	0.13%	-31.1%
FCEA	Sell	FOREST CITY RLTY TR INC	$735,000	-5.2%	31,780	-8.6%	0.12%	+3.4%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$730,000	-1.1%	21,495	-8.6%	0.12%	+8.0%
LILAK	Sell	LIBERTY GLOBAL PLC	$604,000	-20.0%	21,508	-7.4%	0.10%	-13.0%
OFS	Sell	OFS CAP CORP	$581,000	-7.2%	44,567	-8.6%	0.10%	+1.1%
ECPG	Sell	ENCORE CAP GROUP INC	$538,000	-55.6%	23,953	-53.5%	0.09%	-51.9%
FCAU	Sell	FIAT CHRYSLER AUTOMOBILES N	$523,000	-4.9%	82,022	-8.7%	0.09%	+3.6%
SATS	Sell	ECHOSTAR CORPcl a	$522,000	+1.0%	11,920	-8.6%	0.09%	+8.9%
TSO	Sell	TESORO CORP	$451,000	-87.1%	46,154	-1.5%	0.08%	-86.0%
L	Sell	LOEWS CORP	$431,000	-7.7%	10,482	-7.8%	0.07%	0.0%
ENZ	Sell	ENZO BIOCHEM INC	$425,000	-22.0%	83,486	-8.6%	0.07%	-15.7%
EQC	Sell	EQUITY COMWLTH	$418,000	-5.0%	13,820	-8.5%	0.07%	+3.0%
XHR	Sell	XENIA HOTELS & RESORTS INC	$410,000	-18.2%	27,133	-9.1%	0.07%	-10.5%
NWS	Sell	NEWS CORP NEWcl b new	$408,000	-29.8%	28,680	-42.4%	0.07%	-23.6%
ITGR	New	INTEGER HLDGS CORP	$393,000	–	18,157	–	0.06%	–
CHUBK	New	COMMERCEHUB INC	$327,000	–	20,596	–	0.05%	–
LILA	Sell	LIBERTY GLOBAL PLC	$327,000	-30.0%	11,850	-18.2%	0.05%	-23.9%
MAR	Sell	MARRIOTT INTL INC NEWcl a	$310,000	-8.3%	4,616	-9.2%	0.05%	0.0%
GM	Sell	GENERAL MTRS CO	$293,000	+3.5%	9,234	-7.7%	0.05%	+14.0%
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$282,000	–	8,617	–	0.05%	–
COF	Sell	CAPITAL ONE FINL CORP	$249,000	+2.5%	3,481	-9.1%	0.04%	+10.8%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$206,000	0.0%	2,560	-7.6%	0.03%	+9.7%
CHUBA	New	COMMERCEHUB INC	$163,000	–	10,296	–	0.03%	–
XLE	Buy	SELECT SECTOR SPDR TRsbi int-energy	$100,000	-97.2%	58,675	+13.3%	0.02%	-96.8%
AA	Exit	ALCOA INC	$0	–	-10,431	–	-0.02%	–
WLBAQ	Exit	WESTMORELAND COAL CO	$0	–	-14,578	–	-0.02%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-22,261	–	-0.02%	–
GB	Exit	GREATBATCH INC	$0	–	-8,530	–	-0.04%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-28,708	–	-0.05%	–
RSE	Exit	ROUSE PPTYS INC	$0	–	-36,323	–	-0.10%	–
IILG	Exit	INTERVAL LEISURE GROUP INC	$0	–	-50,000	–	-0.12%	–
BW	Exit	BABCOCK & WILCOX ENTERPRIS I	$0	–	-110,971	–	-0.25%	–
DRII	Exit	DIAMOND RESORTS INTL INC	$0	–	-1,202,410	–	-5.49%	–

Q2 2016

			Value		Shares		↓ Weighting
AON	New	AON PLC	$37,203,000	–	340,593	–	5.67%	–
DRII	New	DIAMOND RESORTS INTL INC	$36,024,000	–	1,202,410	–	5.49%	–
IAC	New	IAC INTERACTIVECORP	$30,672,000	–	544,793	–	4.67%	–
OA	New	ORBITAL ATK INC	$29,363,000	–	344,874	–	4.47%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$29,041,000	–	573,374	–	4.42%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$26,719,000	–	1,053,183	–	4.07%	–
IMS	New	IMS HEALTH HLDGS INC	$26,493,000	–	1,044,689	–	4.04%	–
KAR	New	KAR AUCTION SVCS INC	$25,917,000	–	620,908	–	3.95%	–
OLN	New	OLIN CORP	$23,100,000	–	929,969	–	3.52%	–
VOYA	New	VOYA FINL INC	$22,778,000	–	919,940	–	3.47%	–
HDS	New	HD SUPPLU HLDGS INC	$22,627,000	–	649,818	–	3.45%	–
ARMK	New	ARAMARK	$22,425,000	–	670,992	–	3.42%	–
AXTA	New	AXALTA COATING SYS LTD	$19,312,000	–	727,934	–	2.94%	–
ALLY	New	ALLY FINL INC	$18,687,000	–	1,094,704	–	2.85%	–
CLW	New	CLEARWATER PAPER CORP	$16,460,000	–	251,802	–	2.51%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$15,923,000	–	1,559,538	–	2.43%	–
VWR	New	VWR CORP	$15,803,000	–	546,811	–	2.41%	–
COMM	New	COMMSCOPE HLDG CO INC	$14,795,000	–	476,791	–	2.25%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$14,051,000	–	470,570	–	2.14%	–
NWSA	New	NEWS CORP NEWcl a	$13,929,000	–	1,227,249	–	2.12%	–
Q	New	QUINTILES TRANSNATIO HLDGS I	$13,595,000	–	208,125	–	2.07%	–
IWM	New	ISHARES TRrussell 2000 etf	$12,620,000	–	109,758	–	1.92%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$12,447,000	–	59,422	–	1.90%	–
SYF	New	SYNCHRONY FINL	$10,183,000	–	402,804	–	1.55%	–
PNR	New	PENTAIR PLC	$9,365,000	–	160,659	–	1.43%	–
IBP	New	INSTALLED BLDG PRODS INC	$9,369,000	–	258,164	–	1.43%	–
BWXT	New	BWX TECHNOLOGIES INC	$9,070,000	–	253,555	–	1.38%	–
CPN	New	CALPINE CORP	$8,297,000	–	562,535	–	1.26%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$8,114,000	–	65,275	–	1.24%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$7,422,000	–	128,069	–	1.13%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,900,000	–	70,855	–	0.90%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,802,000	–	40,075	–	0.88%	–
LBTYK	New	LIBERTY GLOBAL PLC	$5,245,000	–	183,073	–	0.80%	–
C	New	CITIGROUP INC	$4,986,000	–	117,620	–	0.76%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$4,124,000	–	111,250	–	0.63%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$3,735,000	–	174,392	–	0.57%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$3,533,000	–	51,771	–	0.54%	–
TSO	New	TESORO CORP	$3,509,000	–	46,842	–	0.54%	–
CVS	New	CVS HEALTH CORP	$3,284,000	–	34,300	–	0.50%	–
DFS	New	DISCOVER FINL SVCS	$3,202,000	–	59,758	–	0.49%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$3,155,000	–	275,985	–	0.48%	–
LBTYA	New	LIBERTY GLOBAL PLC	$2,979,000	–	102,495	–	0.45%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,937,000	–	52,605	–	0.45%	–
ENH	New	ENDURANCE SPECIALTY HLDGS LT	$2,607,000	–	38,825	–	0.40%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$2,578,000	–	14,945	–	0.39%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$2,005,000	–	87,737	–	0.30%	–
GSM	New	FERROGLOBE PLC	$1,783,000	–	207,107	–	0.27%	–
CNX	New	CONSOL ENERGY INC	$1,777,000	–	110,447	–	0.27%	–
SPG	New	SIMON PPTY GROUP INC NEW	$1,776,000	–	8,186	–	0.27%	–
EXPE	New	EXPEDIA INC DEL	$1,764,000	–	16,592	–	0.27%	–
BW	New	BABCOCK & WILCOX ENTERPRIS I	$1,630,000	–	110,971	–	0.25%	–
SIRI	New	SIRIUS XM HLDGS INC	$1,630,000	–	412,598	–	0.25%	–
AFSI	New	AMTRUST FINL SVCS INC	$1,621,000	–	66,150	–	0.25%	–
STT	New	STATE STR CORP	$1,598,000	–	29,642	–	0.24%	–
MET	New	METLIFE INC	$1,573,000	–	39,495	–	0.24%	–
GLD	New	SPDR GOLD TRUST	$1,514,000	–	11,973	–	0.23%	–
VLO	New	VALERO ENERGY CORP NEW	$1,442,000	–	28,281	–	0.22%	–
PSX	New	PHILLIPS 66	$1,269,000	–	15,989	–	0.19%	–
ECPG	New	ENCORE CAP GROUP INC	$1,213,000	–	51,555	–	0.18%	–
EMN	New	EASTMAN CHEM CO	$1,199,000	–	17,655	–	0.18%	–
HON	New	HONEYWELL INTL INC	$918,000	–	7,888	–	0.14%	–
IILG	New	INTERVAL LEISURE GROUP INC	$795,000	–	50,000	–	0.12%	–
FCEA	New	FOREST CITY RLTY TR INC	$775,000	–	34,752	–	0.12%	–
LILAK	New	LIBERTY GLOBAL PLC	$755,000	–	23,236	–	0.12%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$738,000	–	23,528	–	0.11%	–
TRIP	New	TRIPADVISOR INC	$724,000	–	11,264	–	0.11%	–
SKX	New	SKECHERS U S A INCcl a	$692,000	–	23,298	–	0.10%	–
RSE	New	ROUSE PPTYS INC	$663,000	–	36,323	–	0.10%	–
OFS	New	OFS CAP CORP	$626,000	–	48,740	–	0.10%	–
NWS	New	NEWS CORP NEWcl b	$581,000	–	49,790	–	0.09%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$550,000	–	89,800	–	0.08%	–
ENZ	New	ENZO BIOCHEM INC	$545,000	–	91,293	–	0.08%	–
SATS	New	ECHOSTAR CORPcl a	$517,000	–	13,035	–	0.08%	–
XHR	New	XENIA HOTELS & RESORTS INC	$501,000	–	29,862	–	0.08%	–
LILA	New	LIBERTY GLOBAL PLC	$467,000	–	14,487	–	0.07%	–
L	New	LOEWS CORP	$467,000	–	11,369	–	0.07%	–
EQC	New	EQUITY COMWLTH	$440,000	–	15,111	–	0.07%	–
TSEM	New	TOWER SEMICONDUCTOR LTD	$391,000	–	31,459	–	0.06%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$338,000	–	5,081	–	0.05%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$323,000	–	28,708	–	0.05%	–
GM	New	GENERAL MTRS CO	$283,000	–	10,009	–	0.04%	–
GB	New	GREATBATCH INC	$264,000	–	8,530	–	0.04%	–
COF	New	CAPITAL ONE FINL CORP	$243,000	–	3,831	–	0.04%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$206,000	–	2,772	–	0.03%	–
TK	New	TEEKAY CORPORATION	$159,000	–	22,261	–	0.02%	–
WLBAQ	New	WESTMORELAND COAL CO	$139,000	–	14,578	–	0.02%	–
AA	New	ALCOA INC	$97,000	–	10,431	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-11,833	–	-0.02%	–
AA	Exit	ALCOA INC	$0	–	-18,164	–	-0.02%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-8,384	–	-0.03%	–
JASN	Exit	JASON INDS INC	$0	–	-77,269	–	-0.04%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-117,195	–	-0.04%	–
RJETQ	Exit	REPUBLIC AWYS HLDGS INC	$0	–	-76,870	–	-0.05%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-65,025	–	-0.05%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-15,109	–	-0.06%	–
L	Exit	LOEWS CORP	$0	–	-16,071	–	-0.06%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-8,255	–	-0.07%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-10,689	–	-0.07%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-12,532	–	-0.08%	–
OFS	Exit	OFS CAP CORP	$0	–	-84,155	–	-0.09%	–
TWX	Exit	TIME WARNER INC	$0	–	-13,719	–	-0.10%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-5,242	–	-0.10%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-10,797	–	-0.11%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-61,136	–	-0.11%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-31,968	–	-0.12%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-17,655	–	-0.12%	–
CLH	Exit	CLEAN HARBORS INC	$0	–	-29,945	–	-0.14%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-46,105	–	-0.14%	–
SKX	Exit	SKETCHERS U S A INCcl a	$0	–	-10,508	–	-0.15%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-19,901	–	-0.15%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-33,495	–	-0.16%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-412,598	–	-0.16%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-14,815	–	-0.16%	–
STRP	Exit	STRAIGHT PATH COMMUNICATNS Icl b	$0	–	-39,388	–	-0.17%	–
PSX	Exit	PHILLIPS 66	$0	–	-21,681	–	-0.17%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-30,784	–	-0.19%	–
ALLY	Exit	ALLY FINL INC	$0	–	-91,220	–	-0.19%	–
MET	Exit	METLIFE INC	$0	–	-40,001	–	-0.20%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-28,557	–	-0.20%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-16,945	–	-0.21%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-54,354	–	-0.25%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-67,226	–	-0.26%	–
BW	Exit	BABCOCK & WILCOX ENTERPRIS I	$0	–	-156,780	–	-0.28%	–
AFSI	Exit	AMTRUST FINL SVCS INC	$0	–	-44,743	–	-0.29%	–
WLBAQ	Exit	WESTMORELAND COAL CO	$0	–	-200,626	–	-0.30%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-112,698	–	-0.31%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-51,639	–	-0.33%	–
ENH	Exit	ENDURANCE SPECIALTY HLDGS LT	$0	–	-53,183	–	-0.34%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-129,340	–	-0.37%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-34,096	–	-0.39%	–
DRII	Exit	DIAMOND RESORTS INTL INC	$0	–	-166,729	–	-0.41%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-49,742	–	-0.50%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-98,888	–	-0.54%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-129,367	–	-0.54%	–
STT	Exit	STATE STR CORP	$0	–	-78,279	–	-0.55%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-385,458	–	-0.56%	–
TSO	Exit	TESORO CORP	$0	–	-55,063	–	-0.56%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-133,145	–	-0.60%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-345,428	–	-0.70%	–
C	Exit	CITIGROUP INC	$0	–	-156,368	–	-0.81%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-213,071	–	-0.88%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-66,029	–	-0.90%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-890,244	–	-0.90%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-113,935	–	-0.99%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-218,575	–	-1.04%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-381,929	–	-1.05%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-257,893	–	-1.07%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-60,083	–	-1.20%	–
PNR	Exit	PENTAIR PLC	$0	–	-251,092	–	-1.34%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-324,811	–	-1.39%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-539,810	–	-1.48%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-197,390	–	-1.48%	–
RSE	Exit	ROUSE PPTYS INC	$0	–	-921,973	–	-1.50%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-608,188	–	-1.60%	–
VWR	Exit	VWR CORP	$0	–	-625,962	–	-1.68%	–
KND	Exit	KINDRED HEALTHCARE INC	$0	–	-1,085,026	–	-1.78%	–
CPN	Exit	CALPINE CORP	$0	–	-1,248,097	–	-1.90%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-388,942	–	-1.92%	–
GSM	Exit	GLOBE SPECIALTY METALS INC	$0	–	-2,219,641	–	-2.81%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-2,191,162	–	-2.88%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-1,183,341	–	-3.13%	–
OLN	Exit	OLIN CORP	$0	–	-1,814,670	–	-3.18%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-1,218,239	–	-3.22%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-1,125,789	–	-3.36%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-551,913	–	-3.76%	–
ARMK	Exit	ARAMARK	$0	–	-1,255,138	–	-3.88%	–
IMS	Exit	IMS HEALTH HLDGS INC	$0	–	-1,298,576	–	-3.94%	–
AON	Exit	AON PLC	$0	–	-432,823	–	-4.00%	–
CHMT	Exit	CHEMTURA CORP	$0	–	-1,397,461	–	-4.17%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-1,491,337	–	-4.67%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-921,609	–	-4.73%	–
VOYA	Exit	VOYA FINL INC	$0	–	-1,209,212	–	-4.89%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-1,336,881	–	-4.95%	–
OA	Exit	ORBITAL ATK INC	$0	–	-767,773	–	-5.76%	–

Q3 2015

			Value		Shares		↓ Weighting
OA	Sell	ORBITAL ATK INC	$55,180,000	-8.0%	767,773	-6.1%	5.76%	+5.5%
KAR	Sell	KAR AUCTION SVCS INC	$47,459,000	-12.6%	1,336,881	-7.9%	4.95%	+0.1%
VOYA	Sell	VOYA FINL INC	$46,881,000	-21.4%	1,209,212	-5.8%	4.89%	-10.0%
RHP	Sell	RYMAN HOSPITALITY PPTYS INC	$45,371,000	-15.1%	921,609	-8.4%	4.73%	-2.7%
COMM	Sell	COMMSCOPE HLDG CO INC	$44,785,000	-5.0%	1,491,337	-3.5%	4.67%	+8.9%
CHMT	Sell	CHEMTURA CORP	$39,995,000	-9.5%	1,397,461	-10.5%	4.17%	+3.7%
AON	Sell	AON PLC	$38,352,000	-12.5%	432,823	-1.5%	4.00%	+0.3%
IMS	Buy	IMS HEALTH HLDGS INC	$37,789,000	+30.5%	1,298,576	+37.4%	3.94%	+49.5%
ARMK	New	ARAMARK	$37,202,000	–	1,255,138	–	3.88%	–
IAC	Sell	IAC INTERACTIVECORP	$36,023,000	-37.5%	551,913	-23.7%	3.76%	-28.4%
HDS	Sell	HD SUPPLY HLDGS INC	$32,220,000	-21.7%	1,125,789	-3.7%	3.36%	-10.3%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$30,846,000	-15.0%	1,218,239	-6.3%	3.22%	-2.7%
OLN	Buy	OLIN CORP	$30,505,000	+140.3%	1,814,670	+285.2%	3.18%	+175.2%
AXTA	Buy	AXALTA COATING SYS LTD	$29,986,000	-19.4%	1,183,341	+5.2%	3.13%	-7.6%
NWSA	Sell	NEWS CORP NEWcl a	$27,652,000	-17.5%	2,191,162	-4.6%	2.88%	-5.5%
GSM	Sell	GLOBE SPECIALTY METALS INC	$26,924,000	-36.8%	2,219,641	-7.8%	2.81%	-27.6%
CLW	Sell	CLEARWATER PAPER CORP	$18,374,000	-34.1%	388,942	-20.0%	1.92%	-24.5%
CPN	Sell	CALPINE CORP	$18,222,000	-19.8%	1,248,097	-1.2%	1.90%	-8.1%
KND	Sell	KINDRED HEALTHCARE INC	$17,089,000	-25.8%	1,085,026	-4.4%	1.78%	-15.0%
VWR	Buy	VWR CORP	$16,081,000	+1105.5%	625,962	+1154.7%	1.68%	+1286.0%
IBP	Sell	INSTALLED BLDG PRODS INC	$15,375,000	-31.7%	608,188	-33.9%	1.60%	-21.8%
RSE	Sell	ROUSE PPTYS INC	$14,364,000	-19.2%	921,973	-15.2%	1.50%	-7.5%
ESL	Sell	ESTERLINE TECHNOLOGIES CORP	$14,190,000	-29.2%	197,390	-6.1%	1.48%	-18.9%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$14,159,000	-30.2%	539,810	-26.2%	1.48%	-20.0%
LBTYK	Buy	LIBERTY GLOBAL PLC	$13,324,000	-8.8%	324,811	+12.5%	1.39%	+4.5%
PNR	Sell	PENTAIR PLC	$12,816,000	-26.9%	251,092	-1.5%	1.34%	-16.2%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$11,505,000	+31.8%	60,083	+41.6%	1.20%	+50.9%
CBS	Sell	CBS CORP NEWcl b	$10,290,000	-43.1%	257,893	-20.9%	1.07%	-34.9%
BWXT	New	BWX TECHNOLOGIES INC	$10,068,000	–	381,929	–	1.05%	–
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$10,006,000	+0.5%	218,575	-1.6%	1.04%	+15.1%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$9,468,000	+4.1%	113,935	+5.7%	0.99%	+19.2%
HUN	Sell	HUNTSMAN CORP	$8,626,000	-62.0%	890,244	-13.5%	0.90%	-56.5%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$8,610,000	+4.4%	66,029	+8.9%	0.90%	+19.6%
IPHS	Sell	INNOPHOS HOLDINGS INC	$8,446,000	-49.2%	213,071	-32.6%	0.88%	-41.8%
C	Buy	CITIGROUP INC	$7,757,000	-2.3%	156,368	+8.8%	0.81%	+11.9%
NGHC	Sell	NATIONAL GEN HLDGS CORP	$6,663,000	-14.0%	345,428	-7.1%	0.70%	-1.4%
LBTYA	Sell	LIBERTY GLOBAL PLC	$5,717,000	-37.9%	133,145	-21.8%	0.60%	-29.0%
TSO	Buy	TESORO CORP	$5,354,000	+333.9%	55,063	+276.6%	0.56%	+398.2%
NSM	New	NATIONSTAR MTG HLDGS INC	$5,346,000	–	385,458	–	0.56%	–
STT	Buy	STATE STR CORP	$5,261,000	-5.0%	78,279	+8.9%	0.55%	+8.9%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$5,220,000	+1.6%	129,367	-1.1%	0.54%	+16.2%
DFS	Buy	DISCOVER FINL SVCS	$5,141,000	-1.7%	98,888	+9.0%	0.54%	+12.6%
CVS	Buy	CVS HEALTH CORP	$4,799,000	+3.0%	49,742	+12.0%	0.50%	+17.9%
DRII	Buy	DIAMOND RESORTS INTL INC	$3,900,000	-13.0%	166,729	+17.3%	0.41%	-0.2%
IWM	New	ISHARES TRrussell 2000 etf	$3,723,000	–	34,096	–	0.39%	–
EQC	Buy	EQUITY COMWLTH	$3,523,000	+22.9%	129,340	+15.9%	0.37%	+40.6%
ENH	New	ENDURANCE SPECIALTY HLDGS LT	$3,246,000	–	53,183	–	0.34%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$3,160,000	–	51,639	–	0.33%	–
ALSN	Sell	ALLISON TRANSMISSION HLDGS I	$3,008,000	-40.6%	112,698	-34.9%	0.31%	-31.9%
WLBAQ	Sell	WESTMORELAND COAL CO	$2,827,000	-34.4%	200,626	-3.3%	0.30%	-24.7%
AFSI	Buy	AMTRUST FINL SVCS INC	$2,818,000	+4.7%	44,743	+8.9%	0.29%	+20.0%
BW	New	BABCOCK & WILCOX ENTERPRIS I	$2,634,000	–	156,780	–	0.28%	–
RLGY	Sell	REALOGY HLDGS CORP	$2,530,000	-39.7%	67,226	-25.2%	0.26%	-30.9%
VZ	New	VERIZON COMMUNICATIONS INC	$2,365,000	–	54,354	–	0.25%	–
EXPE	New	EXPEDIA INC DEL	$1,994,000	–	16,945	–	0.21%	–
MAR	Buy	MARRIOTT INTL INC NEWcl a	$1,948,000	+2.1%	28,557	+11.4%	0.20%	+16.7%
MET	Buy	METLIFE INC	$1,886,000	-7.4%	40,001	+10.0%	0.20%	+6.5%
ALLY	New	ALLY FINL INC	$1,859,000	–	91,220	–	0.19%	–
VLO	New	VALERO ENERGY CORP NEW	$1,850,000	–	30,784	–	0.19%	–
PSX	Buy	PHILLIPS 66	$1,666,000	+2.1%	21,681	+7.1%	0.17%	+17.6%
STRP	Sell	STRAIGHT PATH COMMUNICATNS Icl b	$1,592,000	-2.5%	39,388	-20.9%	0.17%	+11.4%
GLD	Sell	SPDR GOLD TRUST	$1,583,000	-6.8%	14,815	-2.0%	0.16%	+6.5%
SIRI	New	SIRIUS XM HLDGS INC	$1,543,000	–	412,598	–	0.16%	–
CF	Sell	CF INDS HLDGS INC	$1,504,000	-42.5%	33,495	-17.6%	0.16%	-34.0%
COF	Buy	CAPITAL ONE FINL CORP	$1,443,000	-7.2%	19,901	+12.6%	0.15%	+5.6%
SKX	New	SKETCHERS U S A INCcl a	$1,409,000	–	10,508	–	0.15%	–
TK	New	TEEKAY CORPORATION	$1,367,000	–	46,105	–	0.14%	–
CLH	Sell	CLEAN HARBORS INC	$1,317,000	-57.7%	29,945	-48.3%	0.14%	-51.6%
EMN	New	EASTMAN CHEM CO	$1,143,000	–	17,655	–	0.12%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$1,142,000	–	31,968	–	0.12%	–
XHR	Buy	XENIA HOTELS & RESORTS INC	$1,067,000	+14.2%	61,136	+42.3%	0.11%	+30.6%
HON	Buy	HONEYWELL INTL INC	$1,022,000	-0.6%	10,797	+7.1%	0.11%	+13.8%
SPG	New	SIMON PPTY GROUP INC NEW	$963,000	–	5,242	–	0.10%	–
TWX	Sell	TIME WARNER INC	$943,000	-74.4%	13,719	-67.5%	0.10%	-70.8%
OFS	Sell	OFS CAP CORP	$862,000	-19.0%	84,155	-5.1%	0.09%	-7.2%
TRIP	New	TRIPADVISOR INC	$790,000	–	12,532	–	0.08%	–
OXY	Buy	OCCIDENTAL PETE CORP DEL	$707,000	-12.7%	10,689	+2.7%	0.07%	0.0%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$688,000	-68.0%	8,255	-60.2%	0.07%	-63.3%
L	Sell	LOEWS CORP	$581,000	-43.8%	16,071	-40.1%	0.06%	-35.1%
AER	Buy	AERCAP HOLDINGS NV	$578,000	+27.3%	15,109	+52.6%	0.06%	+46.3%
SUNEQ	Buy	SUNEDISON INC	$467,000	-68.8%	65,025	+30.1%	0.05%	-64.0%
RJETQ	Sell	REPUBLIC AWYS HLDGS INC	$444,000	-99.0%	76,870	-98.3%	0.05%	-98.8%
ENZ	Sell	ENZO BIOCHEM INC	$372,000	+3.3%	117,195	-1.5%	0.04%	+18.2%
JASN	Sell	JASON INDS INC	$338,000	-64.7%	77,269	-45.1%	0.04%	-59.8%
XHB	New	SPDR SERIES TRUSTs&p homebuild	$287,000	–	8,384	–	0.03%	–
AA	New	ALCOA INC	$175,000	–	18,164	–	0.02%	–
HOSSQ	Sell	HORNBECK OFFSHORE SVCS INC N	$160,000	-84.0%	11,833	-75.7%	0.02%	-81.3%
VHI	Exit	VALHI INC NEW	$0	–	-31,135	–	-0.02%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-22,229	–	-0.02%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-9,313	–	-0.03%	–
OI	Exit	OWENS ILL INC	$0	–	-13,187	–	-0.03%	–
SIGM	Exit	SIGMA DESIGNS INC	$0	–	-38,922	–	-0.04%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-14,555	–	-0.08%	–
BLL	Exit	BALL CORP	$0	–	-50,036	–	-0.32%	–
DGI	Exit	DIGITALGLOBE INC	$0	–	-165,894	–	-0.42%	–
F102PS	Exit	BABCOCK & WILCOX CO NEW	$0	–	-309,136	–	-0.92%	–

Q2 2015

			Value		Shares		↓ Weighting
OA	New	ORBITAL ATK INC	$59,951,000	–	817,218	–	5.46%	–
VOYA	New	VOYA FINL INC	$59,666,000	–	1,283,971	–	5.43%	–
IAC	New	IAC INTERACTIVECORP	$57,657,000	–	723,785	–	5.25%	–
KAR	New	KAR AUCTION SVCS INC	$54,292,000	–	1,451,658	–	4.94%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$53,443,000	–	1,006,272	–	4.86%	–
COMM	New	COMMSCOPE HLDG CO INC	$47,135,000	–	1,544,907	–	4.29%	–
CHMT	New	CHEMTURA CORP	$44,188,000	–	1,560,873	–	4.02%	–
AON	New	AON PLC	$43,817,000	–	439,579	–	3.99%	–
RJETQ	New	REPUBLIC AWYS HLDGS INC	$42,652,000	–	4,646,241	–	3.88%	–
GSM	New	GLOBE SPECIALTY METALS INC	$42,613,000	–	2,407,486	–	3.88%	–
HDS	New	HD SUPPLY HLDGS INC	$41,133,000	–	1,169,212	–	3.74%	–
AXTA	New	AXALTA COATING SYS LTD	$37,200,000	–	1,124,551	–	3.39%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$36,305,000	–	1,300,793	–	3.30%	–
NWSA	New	NEWS CORP NEWcl a	$33,520,000	–	2,297,450	–	3.05%	–
IMS	New	IMS HEALTH HLDGS INC	$28,958,000	–	944,785	–	2.64%	–
CLW	New	CLEARWATER PAPER CORP	$27,869,000	–	486,365	–	2.54%	–
KND	New	KINDRED HEALTHCARE INC	$23,025,000	–	1,134,811	–	2.10%	–
HUN	New	HUNTSMAN CORP	$22,718,000	–	1,029,354	–	2.07%	–
CPN	New	CALPINE CORP	$22,722,000	–	1,263,046	–	2.07%	–
IBP	New	INSTALLED BLDG PRODS INC	$22,522,000	–	920,003	–	2.05%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$20,293,000	–	731,273	–	1.85%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$20,044,000	–	210,235	–	1.82%	–
CBS	New	CBS CORP NEWcl b	$18,099,000	–	326,104	–	1.65%	–
RSE	New	ROUSE PPTYS INC	$17,785,000	–	1,087,742	–	1.62%	–
PNR	New	PENTAIR PLC	$17,532,000	–	255,014	–	1.60%	–
IPHS	New	INNOPHOS HOLDINGS INC	$16,641,000	–	316,125	–	1.52%	–
LBTYK	New	LIBERTY GLOBAL PLC	$14,613,000	–	288,624	–	1.33%	–
OLN	New	OLIN CORP	$12,695,000	–	471,068	–	1.16%	–
F102PS	New	BABCOCK & WILCOX CO NEW	$10,140,000	–	309,136	–	0.92%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$9,959,000	–	222,060	–	0.91%	–
LBTYA	New	LIBERTY GLOBAL PLC	$9,212,000	–	170,369	–	0.84%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$9,099,000	–	107,757	–	0.83%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$8,732,000	–	42,418	–	0.80%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,251,000	–	60,618	–	0.75%	–
C	New	CITIGROUP INC	$7,942,000	–	143,771	–	0.72%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$7,748,000	–	371,965	–	0.70%	–
STT	New	STATE STR CORP	$5,536,000	–	71,894	–	0.50%	–
DFS	New	DISCOVER FINL SVCS	$5,228,000	–	90,724	–	0.48%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$5,137,000	–	130,823	–	0.47%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$5,068,000	–	173,220	–	0.46%	–
CVS	New	CVS HEALTH CORP	$4,659,000	–	44,418	–	0.42%	–
DGI	New	DIGITALGLOBE INC	$4,610,000	–	165,894	–	0.42%	–
DRII	New	DIAMOND RESORTS INTL INC	$4,485,000	–	142,151	–	0.41%	–
WLBAQ	New	WESTMORELAND COAL CO	$4,310,000	–	207,425	–	0.39%	–
RLGY	New	REALOGY HLDGS CORP	$4,196,000	–	89,821	–	0.38%	–
TWX	New	TIME WARNER INC	$3,686,000	–	42,166	–	0.34%	–
BLL	New	BALL CORP	$3,510,000	–	50,036	–	0.32%	–
CLH	New	CLEAN HARBORS INC	$3,113,000	–	57,931	–	0.28%	–
EQC	New	EQUITY COMWLTH	$2,866,000	–	111,637	–	0.26%	–
AFSI	New	AMTRUST FINL SVCS INC	$2,692,000	–	41,091	–	0.24%	–
CF	New	CF INDS HLDGS INC	$2,614,000	–	40,666	–	0.24%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$2,148,000	–	20,754	–	0.20%	–
MET	New	METLIFE INC	$2,037,000	–	36,375	–	0.18%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$1,907,000	–	25,636	–	0.17%	–
GLD	New	SPDR GOLD TRUST	$1,698,000	–	15,114	–	0.16%	–
STRP	New	STRAIGHT PATH COMMUNICATNS Icl b	$1,632,000	–	49,769	–	0.15%	–
PSX	New	PHILLIPS 66	$1,631,000	–	20,246	–	0.15%	–
COF	New	CAPITAL ONE FINL CORP	$1,555,000	–	17,675	–	0.14%	–
SUNEQ	New	SUNEDISON INC	$1,495,000	–	49,971	–	0.14%	–
VWR	New	VWR CORP	$1,334,000	–	49,888	–	0.12%	–
TSO	New	TESORO CORP	$1,234,000	–	14,621	–	0.11%	–
OFS	New	OFS CAP CORP	$1,064,000	–	88,649	–	0.10%	–
L	New	LOEWS CORP	$1,033,000	–	26,833	–	0.09%	–
HON	New	HONEYWELL INTL INC	$1,028,000	–	10,085	–	0.09%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$1,001,000	–	48,747	–	0.09%	–
JASN	New	JASON INDS INC	$958,000	–	140,634	–	0.09%	–
XHR	New	XENIA HOTELS & RESORTS INC	$934,000	–	42,971	–	0.08%	–
WMB	New	WILLIAMS COS INC DEL	$835,000	–	14,555	–	0.08%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$810,000	–	10,410	–	0.07%	–
SIGM	New	SIGMA DESIGNS INC	$464,000	–	38,922	–	0.04%	–
AER	New	AERCAP HOLDINGS NV	$454,000	–	9,904	–	0.04%	–
ENZ	New	ENZO BIOCHEM INC	$360,000	–	118,949	–	0.03%	–
OI	New	OWENS ILL INC	$303,000	–	13,187	–	0.03%	–
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$300,000	–	9,313	–	0.03%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$261,000	–	22,229	–	0.02%	–
VHI	New	VALHI INC NEW	$176,000	–	31,135	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
GOL	Exit	GOL LINHAS AEREAS INTLG S Asp adr rep pfd	$0	–	-76,336	–	-0.02%	–
TMST	Exit	TIMKENSTEEL CORP	$0	–	-12,000	–	-0.03%	–
MHLD	Exit	MAIDEN HOLDINGS LTD	$0	–	-68,042	–	-0.04%	–
TWI	Exit	TITAN INTL INC ILL	$0	–	-66,176	–	-0.04%	–
FLWS	Exit	1 800 FLOWERS COMcl a	$0	–	-125,230	–	-0.05%	–
VHI	Exit	VALHI INC NEW	$0	–	-143,254	–	-0.05%	–
TKR	Exit	TIMKEN CO	$0	–	-24,000	–	-0.05%	–
OI	Exit	OWENS ILL INC	$0	–	-39,596	–	-0.05%	–
EMKR	Exit	EMCORE CORP	$0	–	-190,474	–	-0.06%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-33,866	–	-0.06%	–
IRM	Exit	IRON MTN INC	$0	–	-38,012	–	-0.06%	–
MCBK	Exit	MADISON CNTY FINL INC	$0	–	-19,048	–	-0.06%	–
EJ	Exit	E HOUSE CHINA HLDGS LTDadr	$0	–	-137,362	–	-0.07%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-97,458	–	-0.07%	–
WBMD	Exit	WEBMD HEALTH CORP	$0	–	-34,000	–	-0.07%	–
RESI	Exit	ALTISOURCE RESIDENTIAL CORPcl b	$0	–	-60,778	–	-0.08%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-10,272	–	-0.09%	–
PERI	Exit	PERION NETWORK LTD	$0	–	-355,952	–	-0.10%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-45,130	–	-0.10%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-112,110	–	-0.11%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-3,138	–	-0.11%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-27,916	–	-0.12%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-24,754	–	-0.12%	–
FTDCQ	Exit	FTD COS INC	$0	–	-70,804	–	-0.12%	–
OFS	Exit	OFS CAP CORP	$0	–	-214,670	–	-0.13%	–
GRMN	Exit	GARMIN LTD	$0	–	-51,602	–	-0.14%	–
IDT	Exit	IDT CORPcl b new	$0	–	-175,230	–	-0.14%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-820,076	–	-0.15%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-35,310	–	-0.15%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-33,120	–	-0.15%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-43,072	–	-0.16%	–
MET	Exit	METLIFE INC	$0	–	-62,276	–	-0.17%	–
AFSI	Exit	AMTRUST FINL SVCS INC	$0	–	-86,008	–	-0.18%	–
KRA	Exit	KRATON PERFORMANCE POLYMERS	$0	–	-195,628	–	-0.18%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-76,186	–	-0.19%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-81,126	–	-0.19%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-57,526	–	-0.20%	–
TIME	Exit	TIME INC NEW	$0	–	-163,330	–	-0.20%	–
ERA	Exit	ERA GROUP INC	$0	–	-176,496	–	-0.20%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-34,960	–	-0.21%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-49,102	–	-0.21%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-175,280	–	-0.24%	–
ATSG	Exit	AIR TRANSPORT SERVICES GRP I	$0	–	-641,822	–	-0.24%	–
L	Exit	LOEWS CORP	$0	–	-117,600	–	-0.25%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-258,396	–	-0.26%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-97,624	–	-0.26%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-108,708	–	-0.28%	–
DRII	Exit	DIAMOND RESORTS INTL INC	$0	–	-251,192	–	-0.29%	–
STRP	Exit	STRAIGHT PATH COMMUNICATNS Icl b	$0	–	-391,558	–	-0.32%	–
MYL	Exit	MYLAN INC	$0	–	-137,128	–	-0.32%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-1,218,208	–	-0.32%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-253,610	–	-0.34%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-176,274	–	-0.34%	–
URI	Exit	UNITED RENTALS INC	$0	–	-60,306	–	-0.34%	–
TSO	Exit	TESORO CORP	$0	–	-114,736	–	-0.36%	–
TWX	Exit	TIME WARNER INC	$0	–	-95,878	–	-0.37%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-136,804	–	-0.38%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-99,522	–	-0.41%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-226,288	–	-0.43%	–
JASN	Exit	JASON INDS INC	$0	–	-899,178	–	-0.48%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-34,776	–	-0.50%	–
STT	Exit	STATE STR CORP	$0	–	-136,964	–	-0.52%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-159,680	–	-0.53%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-51,166,119	–	-0.57%	–
WAG	Exit	WALGREEN CO	$0	–	-193,320	–	-0.59%	–
C	Exit	CITIGROUP INC	$0	–	-238,334	–	-0.64%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-326,864	–	-0.72%	–
WLBAQ	Exit	WESTMORELAND COAL CO	$0	–	-374,708	–	-0.72%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-499,674	–	-0.73%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-107,598	–	-0.76%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-471,614	–	-0.84%	–
MGI	Exit	MONEYGRAM INTL INC	$0	–	-1,400,016	–	-0.90%	–
CPN	Exit	CALPINE CORP	$0	–	-894,658	–	-1.00%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-569,906	–	-1.20%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-1,398,998	–	-1.22%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-469,322	–	-1.29%	–
GSM	Exit	GLOBE SPECIALTY METALS INC	$0	–	-1,451,582	–	-1.36%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-161,694	–	-1.64%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-2,374,988	–	-1.72%	–
PNR	Exit	PENTAIR PLC	$0	–	-513,092	–	-1.73%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-960,338	–	-1.97%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-715,582	–	-2.03%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-433,714	–	-2.48%	–
RSE	Exit	ROUSE PPTYS INC	$0	–	-3,141,360	–	-2.62%	–
DGI	Exit	DIGITALGLOBE INC	$0	–	-1,813,894	–	-2.66%	–
CHMT	Exit	CHEMTURA CORP	$0	–	-2,250,976	–	-2.70%	–
NTUS	Exit	NATUS MEDICAL INC DEL	$0	–	-2,057,752	–	-2.79%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-2,291,572	–	-3.22%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-2,727,940	–	-3.61%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-1,252,632	–	-3.88%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-4,666,664	–	-3.93%	–
AON	Exit	AON PLC	$0	–	-880,680	–	-3.97%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-3,423,322	–	-4.21%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-1,259,912	–	-4.27%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-1,775,108	–	-4.32%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-7,380,218	–	-4.58%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-3,510,446	–	-5.17%	–
RJETQ	Exit	REPUBLIC AWYS HLDGS INC	$0	–	-9,878,976	–	-5.65%	–
VOYA	Exit	VOYA FINL INC	$0	–	-2,907,428	–	-5.85%	–

Q3 2014

			Value		Shares		↓ Weighting
VOYA	Buy	VOYA FINL INC	$113,680,000	+101.1%	2,907,428	+86.9%	5.85%	+14.3%
RJETQ	Buy	REPUBLIC AWYS HLDGS INC	$109,756,000	+110.1%	9,878,976	+105.0%	5.65%	+19.4%
KAR	Buy	KAR AUCTION SVCS INC	$100,504,000	+74.7%	3,510,446	+94.5%	5.17%	-0.7%
T104PS	Buy	AMERICAN RLTY CAP PPTYS INC	$89,006,000	+87.2%	7,380,218	+94.5%	4.58%	+6.4%
RHP	Buy	RYMAN HOSPITALITY PPTYS INC	$83,962,000	+90.9%	1,775,108	+94.3%	4.32%	+8.5%
IAC	Buy	IAC INTERACTIVECORP	$83,028,000	+123.2%	1,259,912	+134.5%	4.27%	+26.9%
COMM	Buy	COMMSCOPE HLDG CO INC	$81,852,000	+76.4%	3,423,322	+70.7%	4.21%	+0.3%
AON	Buy	AON PLC	$77,210,000	+89.0%	880,680	+94.2%	3.97%	+7.4%
NWSA	Buy	NEWS CORP NEWcl a	$76,300,000	+77.4%	4,666,664	+94.6%	3.93%	+0.8%
CLW	Buy	CLEARWATER PAPER CORP	$75,296,000	+53.7%	1,252,632	+57.8%	3.88%	-12.6%
QRTEA	Buy	LIBERTY INTERACTIVE CORP	$70,054,000	+70.2%	2,727,940	+94.6%	3.61%	-3.2%
HDS	Buy	HD SUPPLY HLDGS INC	$62,468,000	+90.8%	2,291,572	+98.7%	3.22%	+8.4%
NTUS	Buy	NATUS MEDICAL INC DEL	$54,186,000	+99.2%	2,057,752	+90.2%	2.79%	+13.2%
CHMT	Buy	CHEMTURA CORP	$52,516,000	+159.9%	2,250,976	+191.1%	2.70%	+47.7%
DGI	Buy	DIGITALGLOBE INC	$51,696,000	+253.2%	1,813,894	+244.6%	2.66%	+100.7%
RSE	Buy	ROUSE PPTYS INC	$50,796,000	+68.9%	3,141,360	+78.7%	2.62%	-4.0%
ESL	Buy	ESTERLINE TECHNOLOGIES CORP	$48,260,000	+87.4%	433,714	+93.9%	2.48%	+6.5%
IPHS	Buy	INNOPHOS HOLDINGS INC	$39,422,000	+85.6%	715,582	+94.0%	2.03%	+5.5%
IDCC	Buy	INTERDIGITAL INC	$38,240,000	+33.3%	960,338	+60.0%	1.97%	-24.3%
PNR	Buy	PENTAIR PLC	$33,602,000	+76.3%	513,092	+94.1%	1.73%	+0.2%
IBP	Buy	INSTALLED BLDG PRODS INC	$33,368,000	+123.3%	2,374,988	+94.7%	1.72%	+26.8%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$31,856,000	+91.1%	161,694	+89.9%	1.64%	+8.6%
GSM	Buy	GLOBE SPECIALTY METALS INC	$26,404,000	+69.9%	1,451,582	+94.1%	1.36%	-3.5%
CBS	Buy	CBS CORP NEWcl b	$25,108,000	+51.6%	469,322	+76.1%	1.29%	-13.9%
NGHC	Buy	NATIONAL GEN HLDGS CORP	$23,630,000	+68.8%	1,398,998	+73.9%	1.22%	-4.1%
LBTYK	Buy	LIBERTY GLOBAL PLC	$23,374,000	+365.3%	569,906	+380.1%	1.20%	+164.4%
CPN	New	CALPINE CORP	$19,414,000	–	894,658	–	1.00%	–
MGI	Buy	MONEYGRAM INTL INC	$17,556,000	+82.4%	1,400,016	+114.3%	0.90%	+3.7%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$16,218,000	+49.3%	471,614	+84.7%	0.84%	-15.1%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$14,864,000	+107.4%	107,598	+90.0%	0.76%	+17.9%
ALSN	Buy	ALLISON TRANSMISSION HLDGS I	$14,236,000	+62.1%	499,674	+76.9%	0.73%	-7.9%
WLBAQ	Buy	WESTMORELAND COAL CO	$14,018,000	+97.1%	374,708	+91.1%	0.72%	+12.1%
LBTYA	Buy	LIBERTY GLOBAL PLC	$13,904,000	+86.5%	326,864	+93.8%	0.72%	+6.1%
C	New	CITIGROUP INC	$12,350,000	–	238,334	–	0.64%	–
WAG	New	WALGREEN CO	$11,458,000	–	193,320	–	0.59%	–
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$11,108,000	+115.3%	51,166,119	+96750.5%	0.57%	+22.5%
DFS	Buy	DISCOVER FINL SVCS	$10,282,000	+96.7%	159,680	+89.4%	0.53%	+11.8%
STT	Buy	STATE STR CORP	$10,082,000	+81.9%	136,964	+66.2%	0.52%	+3.4%
CF	Buy	CF INDS HLDGS INC	$9,710,000	+121.5%	34,776	+90.8%	0.50%	+25.9%
JASN	New	JASON INDS INC	$9,306,000	–	899,178	–	0.48%	–
RLGY	Buy	REALOGY HLDGS CORP	$8,418,000	+75.6%	226,288	+78.1%	0.43%	-0.2%
CVS	Buy	CVS HEALTH CORP	$7,920,000	+99.9%	99,522	+89.4%	0.41%	+13.6%
SKX	Buy	SKECHERS U S A INCcl a	$7,294,000	+133.3%	136,804	+100.0%	0.38%	+32.5%
TWX	New	TIME WARNER INC	$7,210,000	–	95,878	–	0.37%	–
TSO	Buy	TESORO CORP	$6,996,000	+158.3%	114,736	+148.6%	0.36%	+46.9%
SPR	Buy	SPIRIT AEROSYSTEMS HLDGS INC	$6,708,000	+118.9%	176,274	+93.8%	0.34%	+24.1%
URI	Buy	UNITED RENTALS INC	$6,700,000	+100.7%	60,306	+89.2%	0.34%	+14.2%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$6,616,000	+87.4%	253,610	+149.6%	0.34%	+6.6%
ENZ	Buy	ENZO BIOCHEM INC	$6,274,000	+77.0%	1,218,208	+80.4%	0.32%	+0.6%
MYL	Sell	MYLAN INC	$6,238,000	-21.8%	137,128	-11.3%	0.32%	-55.5%
STRP	Buy	STRAIGHT PATH COMMUNICATNS Icl b	$6,168,000	+180.6%	391,558	+81.7%	0.32%	+59.3%
DRII	New	DIAMOND RESORTS INTL INC	$5,718,000	–	251,192	–	0.29%	–
VZ	Buy	VERIZON COMMUNICATIONS INC	$5,434,000	+104.3%	108,708	+100.0%	0.28%	+16.2%
MYCC	Buy	CLUBCORP HLDGS INC	$5,124,000	+104.7%	258,396	+91.4%	0.26%	+16.3%
PFG	Buy	PRINCIPAL FINL GROUP INC	$5,122,000	+98.6%	97,624	+91.1%	0.26%	+12.8%
L	Buy	LOEWS CORP	$4,900,000	+79.2%	117,600	+89.2%	0.25%	+1.6%
ATSG	Buy	AIR TRANSPORT SERVICES GRP I	$4,672,000	+40.0%	641,822	+61.0%	0.24%	-20.5%
HUN	Buy	HUNTSMAN CORP	$4,556,000	+75.0%	175,280	+89.2%	0.24%	-0.4%
MPC	Buy	MARATHON PETE CORP	$4,158,000	+105.6%	49,102	+89.6%	0.21%	+16.9%
GLD	Buy	SPDR GOLD TRUST	$4,062,000	+71.7%	34,960	+89.2%	0.21%	-2.3%
ERA	Buy	ERA GROUP INC	$3,838,000	+61.9%	176,496	+113.5%	0.20%	-7.9%
GLNG	New	GOLAR LNG LTD BERMUDA	$3,820,000	–	57,526	–	0.20%	–
TIME	New	TIME INC NEW	$3,826,000	–	163,330	–	0.20%	–
VLO	Buy	VALERO ENERGY CORP NEW	$3,754,000	+84.7%	81,126	+100.0%	0.19%	+4.9%
9207PS	New	ROCK-TENN COcl a	$3,624,000	–	76,186	–	0.19%	–
KRA	Buy	KRATON PERFORMANCE POLYMERS	$3,484,000	+150.6%	195,628	+215.1%	0.18%	+42.1%
AFSI	Buy	AMTRUST FINL SVCS INC	$3,424,000	+82.1%	86,008	+91.3%	0.18%	+3.5%
MET	Buy	METLIFE INC	$3,346,000	+83.0%	62,276	+89.3%	0.17%	+3.6%
MAR	Buy	MARRIOTT INTL INC NEWcl a	$3,010,000	+106.9%	43,072	+89.8%	0.16%	+17.4%
EXPE	Buy	EXPEDIA INC DEL	$2,902,000	+122.5%	33,120	+100.0%	0.15%	+26.3%
SIRI	Buy	SIRIUS XM HLDGS INC	$2,862,000	+93.5%	820,076	+91.8%	0.15%	+9.7%
EMN	Buy	EASTMAN CHEM CO	$2,856,000	+85.2%	35,310	+100.0%	0.15%	+5.0%
IDT	Buy	IDT CORPcl b new	$2,814,000	+26.0%	175,230	+36.7%	0.14%	-28.2%
GRMN	Buy	GARMIN LTD	$2,682,000	+70.7%	51,602	+100.0%	0.14%	-2.8%
OFS	Buy	OFS CAP CORP	$2,592,000	+76.7%	214,670	+90.2%	0.13%	0.0%
FTDCQ	Sell	FTD COS INC	$2,416,000	-62.5%	70,804	-65.1%	0.12%	-78.8%
COF	Buy	CAPITAL ONE FINL CORP	$2,278,000	+87.5%	27,916	+89.8%	0.12%	+6.4%
TRIP	Buy	TRIPADVISOR INC	$2,264,000	+68.3%	24,754	+100.0%	0.12%	-4.1%
GHC	New	GRAHAM HLDGS CO	$2,196,000	–	3,138	–	0.11%	–
SEAS	Sell	SEAWORLD ENTMT INC	$2,156,000	-94.0%	112,110	-91.2%	0.11%	-96.6%
ECPG	Buy	ENCORE CAP GROUP INC	$2,000,000	+30.4%	45,130	+33.6%	0.10%	-25.9%
PERI	Sell	PERION NETWORK LTD	$1,980,000	-59.9%	355,952	-27.1%	0.10%	-77.2%
SPG	Buy	SIMON PPTY GROUP INC NEW	$1,688,000	+97.7%	10,272	+100.0%	0.09%	+13.0%
RESI	Sell	ALTISOURCE RESIDENTIAL CORPcl b	$1,458,000	-9.7%	60,778	-2.0%	0.08%	-48.6%
WBMD	Buy	WEBMD HEALTH CORP	$1,422,000	+73.2%	34,000	+100.0%	0.07%	-1.4%
ACAS	New	AMERICAN CAP LTD	$1,380,000	–	97,458	–	0.07%	–
EJ	Buy	E HOUSE CHINA HLDGS LTDadr	$1,308,000	+34.7%	137,362	+22.4%	0.07%	-23.9%
MCBK	New	MADISON CNTY FINL INC	$1,260,000	–	19,048	–	0.06%	–
IRM	Buy	IRON MTN INC	$1,242,000	+16.7%	38,012	+26.7%	0.06%	-33.3%
MU	Sell	MICRON TECHNOLOGY INC	$1,160,000	-63.7%	33,866	-65.1%	0.06%	-79.2%
EMKR	New	EMCORE CORP	$1,084,000	–	190,474	–	0.06%	–
OI	Sell	OWENS ILL INC	$1,032,000	-35.1%	39,596	-13.7%	0.05%	-63.2%
TKR	New	TIMKEN CO	$1,018,000	–	24,000	–	0.05%	–
VHI	New	VALHI INC NEW	$936,000	–	143,254	–	0.05%	–
FLWS	New	1 800 FLOWERS COMcl a	$900,000	–	125,230	–	0.05%	–
TWI	Sell	TITAN INTL INC ILL	$782,000	-83.3%	66,176	-76.2%	0.04%	-90.6%
MHLD	Buy	MAIDEN HOLDINGS LTD	$754,000	+79.1%	68,042	+95.3%	0.04%	+2.6%
TMST	New	TIMKENSTEEL CORP	$558,000	–	12,000	–	0.03%	–
GOL	Buy	GOL LINHAS AEREAS INTLG S Asp adr rep pfd	$368,000	+34.3%	76,336	+52.7%	0.02%	-24.0%
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-34,187	–	-0.08%	–
A309PS	Exit	DIRECTV	$0	–	-13,143	–	-0.10%	–
CONE	Exit	CYRUSONE INC	$0	–	-73,308	–	-0.16%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-95,431	–	-0.23%	–
CIT	Exit	CIT GROUP INC	$0	–	-105,037	–	-0.45%	–
QPAC	Exit	QUINPARIO ACQUISITION CORP	$0	–	-550,000	–	-0.52%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-86,199	–	-0.53%	–
MNKKQ	Exit	MALLINCKRODT PUB LTD CO	$0	–	-112,416	–	-0.82%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-1,329,925	–	-1.30%	–
NDZ	Exit	NORDION INC	$0	–	-1,745,538	–	-1.99%	–

Q2 2014

			Value		Shares		↓ Weighting
KAR	New	KAR AUCTION SVCS INC	$57,520,000	–	1,804,830	–	5.21%	–
VOYA	New	VOYA FINL INC	$56,543,000	–	1,555,946	–	5.12%	–
RJETQ	New	REPUBLIC AWYS HLDGS INC	$52,229,000	–	4,818,132	–	4.73%	–
CLW	New	CLEARWATER PAPER CORP	$48,986,000	–	793,678	–	4.44%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$47,553,000	–	3,795,105	–	4.31%	–
COMM	New	COMMSCOPE HLDG CO INC	$46,396,000	–	2,005,885	–	4.20%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$43,981,000	–	913,410	–	3.98%	–
NWSA	New	NEWS CORP NEWcl a	$43,020,000	–	2,398,014	–	3.90%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$41,150,000	–	1,401,581	–	3.73%	–
AON	New	AON PLC	$40,848,000	–	453,414	–	3.70%	–
IAC	New	IAC INTERACTIVECORP	$37,199,000	–	537,327	–	3.37%	–
SEAS	New	SEAWORLD ENTMT INC	$36,203,000	–	1,277,918	–	3.28%	–
HDS	New	HD SUPPLY HLDGS INC	$32,742,000	–	1,153,310	–	2.97%	–
RSE	New	ROUSE PPTYS INC	$30,082,000	–	1,758,168	–	2.72%	–
IDCC	New	INTERDIGITAL INC	$28,690,000	–	600,216	–	2.60%	–
NTUS	New	NATUS MEDICAL INC DEL	$27,205,000	–	1,082,149	–	2.46%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$25,749,000	–	223,669	–	2.33%	–
NDZ	New	NORDION INC	$21,924,000	–	1,745,538	–	1.99%	–
IPHS	New	INNOPHOS HOLDINGS INC	$21,238,000	–	368,906	–	1.92%	–
CHMT	New	CHEMTURA CORP	$20,203,000	–	773,173	–	1.83%	–
PNR	New	PENTAIR PLC	$19,061,000	–	264,301	–	1.73%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$16,668,000	–	85,163	–	1.51%	–
CBS	New	CBS CORP NEWcl b	$16,560,000	–	266,488	–	1.50%	–
GSM	New	GLOBE SPECIALTY METALS INC	$15,544,000	–	748,026	–	1.41%	–
IBP	New	INSTALLED BLDG PRODS INC	$14,945,000	–	1,220,000	–	1.35%	–
DGI	New	DIGITALGLOBE INC	$14,635,000	–	526,447	–	1.33%	–
WPP	New	WAUSAU PAPER CORP	$14,390,000	–	1,329,925	–	1.30%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$14,002,000	–	804,700	–	1.27%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$10,862,000	–	255,285	–	0.98%	–
MGI	New	MONEYGRAM INTL INC	$9,623,000	–	653,276	–	0.87%	–
MNKKQ	New	MALLINCKRODT PUB LTD CO	$8,996,000	–	112,416	–	0.82%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$8,783,000	–	282,402	–	0.80%	–
MYL	New	MYLAN INC	$7,972,000	–	154,618	–	0.72%	–
LBTYA	New	LIBERTY GLOBAL PLC	$7,457,000	–	168,641	–	0.68%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$7,168,000	–	56,641	–	0.65%	–
WLBAQ	New	WESTMORELAND COAL CO	$7,113,000	–	196,067	–	0.64%	–
FTDCQ	New	FTD COS INC	$6,445,000	–	202,732	–	0.58%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$5,879,000	–	86,199	–	0.53%	–
QPAC	New	QUINPARIO ACQUISITION CORP	$5,770,000	–	550,000	–	0.52%	–
STT	New	STATE STR CORP	$5,542,000	–	82,396	–	0.50%	–
DFS	New	DISCOVER FINL SVCS	$5,227,000	–	84,330	–	0.47%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$5,159,000	–	52,830	–	0.47%	–
LBTYK	New	LIBERTY GLOBAL PLC	$5,023,000	–	118,709	–	0.46%	–
CIT	New	CIT GROUP INC	$4,947,000	–	105,037	–	0.45%	–
PERI	New	PERION NETWORK LTD	$4,933,000	–	488,402	–	0.45%	–
RLGY	New	REALOGY HLDGS CORP	$4,793,000	–	127,090	–	0.43%	–
TWI	New	TITAN INTL INC ILL	$4,683,000	–	278,413	–	0.42%	–
CF	New	CF INDS HLDGS INC	$4,383,000	–	18,224	–	0.40%	–
CVS	New	CVS CAREMARK CORPORATION	$3,961,000	–	52,559	–	0.36%	–
ENZ	New	ENZO BIOCHEM INC	$3,544,000	–	675,141	–	0.32%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$3,531,000	–	101,621	–	0.32%	–
URI	New	UNITED RENTALS INC	$3,338,000	–	31,870	–	0.30%	–
ATSG	New	AIR TRANSPORT SERVICES GRP I	$3,336,000	–	398,563	–	0.30%	–
MU	New	MICRON TECHNOLOGY INC	$3,196,000	–	96,992	–	0.29%	–
SKX	New	SKECHERS U S A INCcl a	$3,126,000	–	68,402	–	0.28%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$3,065,000	–	90,961	–	0.28%	–
L	New	LOEWS CORP	$2,735,000	–	62,152	–	0.25%	–
TSO	New	TESORO CORP	$2,708,000	–	46,149	–	0.24%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,660,000	–	54,354	–	0.24%	–
HUN	New	HUNTSMAN CORP	$2,603,000	–	92,635	–	0.24%	–
PFG	New	PRINCIPAL FINL GROUP INC	$2,579,000	–	51,092	–	0.23%	–
MYCC	New	CLUBCORP HLDGS INC	$2,503,000	–	135,000	–	0.23%	–
TDS	New	TELEPHONE & DATA SYS INC	$2,492,000	–	95,431	–	0.23%	–
ERA	New	ERA GROUP INC	$2,371,000	–	82,664	–	0.22%	–
GLD	New	SPDR GOLD TRUST	$2,366,000	–	18,476	–	0.21%	–
IDT	New	IDT CORPcl b new	$2,233,000	–	128,213	–	0.20%	–
STRP	New	STRAIGHT PATH COMMUNICATNS Icl b	$2,198,000	–	215,475	–	0.20%	–
VLO	New	VALERO ENERGY CORP NEW	$2,032,000	–	40,563	–	0.18%	–
MPC	New	MARATHON PETE CORP	$2,022,000	–	25,899	–	0.18%	–
AFSI	New	AMTRUST FINL SVCS INC	$1,880,000	–	44,970	–	0.17%	–
MET	New	METLIFE INC	$1,828,000	–	32,894	–	0.17%	–
CONE	New	CYRUSONE INC	$1,825,000	–	73,308	–	0.16%	–
RESI	New	ALTISOURCE RESIDENTIAL CORPcl b	$1,615,000	–	62,025	–	0.15%	–
OI	New	OWENS ILL INC	$1,589,000	–	45,864	–	0.14%	–
GRMN	New	GARMIN LTD	$1,571,000	–	25,801	–	0.14%	–
EMN	New	EASTMAN CHEM CO	$1,542,000	–	17,655	–	0.14%	–
ECPG	New	ENCORE CAP GROUP INC	$1,534,000	–	33,781	–	0.14%	–
SIRI	New	SIRIUS XM HLDGS INC	$1,479,000	–	427,538	–	0.13%	–
OFS	New	OFS CAP CORP	$1,467,000	–	112,876	–	0.13%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$1,455,000	–	22,695	–	0.13%	–
KRA	New	KRATON PERFORMANCE POLYMERS	$1,390,000	–	62,093	–	0.13%	–
TRIP	New	TRIPADVISOR INC	$1,345,000	–	12,377	–	0.12%	–
EXPE	New	EXPEDIA INC DEL	$1,304,000	–	16,560	–	0.12%	–
COF	New	CAPITAL ONE FINL CORP	$1,215,000	–	14,710	–	0.11%	–
A309PS	New	DIRECTV	$1,117,000	–	13,143	–	0.10%	–
IRM	New	IRON MTN INC	$1,064,000	–	30,000	–	0.10%	–
EJ	New	E HOUSE CHINA HLDGS LTDadr	$971,000	–	112,200	–	0.09%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$896,000	–	34,187	–	0.08%	–
SPG	New	SIMON PPTY GROUP INC NEW	$854,000	–	5,136	–	0.08%	–
WBMD	New	WEBMD HEALTH CORP	$821,000	–	17,000	–	0.07%	–
MHLD	New	MAIDEN HOLDINGS LTD	$421,000	–	34,831	–	0.04%	–
GOL	New	GOL LINHAS AEREAS INTLG S Asp adr rep pfd	$274,000	–	50,000	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
NRF	Exit	NORTHSTAR REALTY FINANCE CORP	$0	–	-20,000	–	-0.02%	–
LEI	Exit	LUCAS ENERGY INC.	$0	–	-150,000	–	-0.02%	–
RLD	Exit	REALD INC	$0	–	-29,789	–	-0.03%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-13,984	–	-0.03%	–
FRO	Exit	FRONTLINE LTD.	$0	–	-100,000	–	-0.04%	–
LACO	Exit	LAKES ENTERTAINMENT INC	$0	–	-76,183	–	-0.04%	–
ORI	Exit	OLD REPUBLIC INTL CORP	$0	–	-23,542	–	-0.05%	–
SKBI	Exit	SKYSTAR BIO-PHARMACEUTICAL CO	$0	–	-61,258	–	-0.05%	–
TWGP	Exit	TOWER GROUP INTERNATIONAL LTD	$0	–	-57,085	–	-0.05%	–
MS	Exit	MORGAN STANLEY	$0	–	-15,000	–	-0.05%	–
HDS	Exit	HD SUPPLY HOLDINGS INC.	$0	–	-25,000	–	-0.07%	–
TKR	Exit	TIMKEN CO	$0	–	-10,360	–	-0.08%	–
TSO	Exit	TESORO CORP	$0	–	-15,287	–	-0.09%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-20,453	–	-0.09%	–
SFD	Exit	SMITHFIELD FOODS INC	$0	–	-20,746	–	-0.09%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-19,540	–	-0.09%	–
COCOQ	Exit	CORINTHIAN COLLEGES	$0	–	-327,691	–	-0.09%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-5,101	–	-0.10%	–
CSH	Exit	CASH AMERICA INTL INC	$0	–	-18,869	–	-0.11%	–
WPC	Exit	W P CAREY INC	$0	–	-13,943	–	-0.12%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-25,368	–	-0.12%	–
MEOH	Exit	METHANEX CORP.	$0	–	-19,825	–	-0.13%	–
F102PS	Exit	BABCOCK AND WILCOX CO.	$0	–	-30,220	–	-0.13%	–
XRM	Exit	XERIUM TECHNOLOGIES INC	$0	–	-88,240	–	-0.13%	–
STRP	Exit	STRAIGHT PATH COMMUNICATIONScl b	$0	–	-201,923	–	-0.14%	–
TRIB	Exit	TRINITY BIOTECH PLCspons adr new	$0	–	-51,970	–	-0.15%	–
GRMN	Exit	GARMIN LTD	$0	–	-25,801	–	-0.15%	–
C	Exit	CITIGROUP INC	$0	–	-24,896	–	-0.16%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-50,132	–	-0.16%	–
AAPL	Exit	APPLE INC	$0	–	-2,653	–	-0.16%	–
LIN	Exit	LIN MEDIA LLC	$0	–	-66,330	–	-0.18%	–
COF	Exit	CAPITAL ONE FINANCIAL CORP	$0	–	-19,599	–	-0.18%	–
OI	Exit	OWENS ILL INC	$0	–	-45,040	–	-0.18%	–
EMN	Exit	EASTMAN CHEMICAL CO	$0	–	-17,655	–	-0.18%	–
MAR	Exit	MARRIOTT INTERNATIONAL INC.cl a	$0	–	-32,577	–	-0.18%	–
CSC	Exit	COMPUTER SCIENCES CORP	$0	–	-26,793	–	-0.18%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-28,152	–	-0.19%	–
TTI	Exit	TETRA TECHNOLOGIES INC	$0	–	-119,374	–	-0.20%	–
ECPG	Exit	ENCORE CAPITAL GROUP	$0	–	-33,564	–	-0.20%	–
JCI	Exit	JOHNSON CONTROLS INC.	$0	–	-37,192	–	-0.20%	–
ENZ	Exit	ENZO BIOCHEMICALS	$0	–	-623,220	–	-0.20%	–
SIRI	Exit	SIRIUS XM RADIO	$0	–	-410,038	–	-0.21%	–
A309PS	Exit	DIRECTTV	$0	–	-30,155	–	-0.24%	–
TIVO	Exit	TIVO INC	$0	–	-145,753	–	-0.24%	–
WLBAQ	Exit	WESTMORELAND COAL CO	$0	–	-143,021	–	-0.25%	–
SKX	Exit	SKECHERS USA INCcl a	$0	–	-60,854	–	-0.25%	–
GOOGL	Exit	GOOGLE INC.cl a	$0	–	-2,299	–	-0.26%	–
MET	Exit	METLIFE INC	$0	–	-42,934	–	-0.26%	–
OFS	Exit	OFS CAPITAL CORP	$0	–	-164,300	–	-0.27%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-40,863	–	-0.28%	–
GM	Exit	GENERAL MOTORS	$0	–	-62,083	–	-0.29%	–
EPM	Exit	EVOLUTION PETROLEUM	$0	–	-206,558	–	-0.30%	–
ERA	Exit	ERA GROUP	$0	–	-91,512	–	-0.32%	–
CONE	Exit	CYRUSONE INC	$0	–	-133,795	–	-0.33%	–
TDS	Exit	TELEPHONE & DATA SYSTEMS INC	$0	–	-86,501	–	-0.33%	–
AFSI	Exit	AMTRUST FINANCIAL SERVICES	$0	–	-67,526	–	-0.34%	–
IDT	Exit	IDT CORPcl b new	$0	–	-148,407	–	-0.34%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-123,706	–	-0.35%	–
ROVI	Exit	ROVI CORP	$0	–	-145,308	–	-0.36%	–
ATSG	Exit	AIR TRANSPORT SERVICES GROUP	$0	–	-418,524	–	-0.41%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-93,676	–	-0.43%	–
WPX	Exit	WPX ENERGY	$0	–	-170,915	–	-0.43%	–
L	Exit	LOEWS CORP	$0	–	-70,665	–	-0.43%	–
RDC	Exit	ROWAN COS PLC	$0	–	-90,443	–	-0.43%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-71,576	–	-0.44%	–
URI	Exit	UNITED RENTALS INC	$0	–	-60,180	–	-0.46%	–
VOD	Exit	VODAFONE GROUP PLCspons adr new	$0	–	-108,200	–	-0.50%	–
CIT	Exit	CIT GROUP - INC	$0	–	-83,615	–	-0.53%	–
DFS	Exit	DISCOVER FINANCIAL SERVICES	$0	–	-86,914	–	-0.57%	–
SUNEQ	Exit	SUNEDISON INC.	$0	–	-557,729	–	-0.58%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-602,747	–	-0.58%	–
OFIX	Exit	ORTHOFIX INTERNATIONAL NV	$0	–	-219,683	–	-0.60%	–
PERI	Exit	PERION NETWORK LTD.	$0	–	-350,422	–	-0.60%	–
CVS	Exit	CVS CAREMARK CORP	$0	–	-81,723	–	-0.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INCcl b new	$0	–	-44,452	–	-0.66%	–
MPC	Exit	MARATHON PETROLEUM - CORP	$0	–	-85,306	–	-0.72%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-44,176	–	-0.74%	–
MYL	Exit	MYLAN INC.	$0	–	-150,801	–	-0.75%	–
STT	Exit	STATE STREET CORP	$0	–	-97,774	–	-0.84%	–
SXC	Exit	SUNCOKE ENERGY - INC	$0	–	-411,805	–	-0.91%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES	$0	–	-96,516	–	-0.92%	–
6107SC	Exit	URS CORPequity	$0	–	-154,876	–	-1.08%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-119,323	–	-1.23%	–
TWI	Exit	TITAN INTERNATIONAL INC	$0	–	-738,300	–	-1.41%	–
MHLD	Exit	MAIDEN HOLDINGS LTD	$0	–	-970,947	–	-1.50%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORP	$0	–	-352,017	–	-1.55%	–
GSM	Exit	GLOBE SPECIALTY METALS INC	$0	–	-900,139	–	-1.81%	–
DGI	Exit	DIGITALGLOBE INC	$0	–	-446,810	–	-1.84%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-640,000	–	-1.96%	–
ALR	Exit	ALERE INCORP	$0	–	-497,389	–	-1.98%	–
NTUS	Exit	NATUS MEDICAL INC.	$0	–	-1,110,478	–	-2.05%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP INC	$0	–	-325,720	–	-2.06%	–
NDZ	Exit	NORDION INC	$0	–	-1,865,754	–	-2.10%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-102,717	–	-2.25%	–
PNR	Exit	PENTAIR -LTD	$0	–	-285,131	–	-2.41%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-450,142	–	-3.10%	–
VOYA	Exit	ING U S INC.	$0	–	-1,011,769	–	-3.85%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-860,661	–	-3.87%	–
AON	Exit	AON PLC	$0	–	-430,417	–	-4.18%	–
T104PS	Exit	AMERICAN REALTY CAPITAL	$0	–	-2,644,126	–	-4.21%	–
NWSA	Exit	NEWS CORPcl a	$0	–	-2,183,609	–	-4.57%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-810,464	–	-5.05%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N.V.	$0	–	-588,383	–	-5.20%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-3,290,876	–	-5.57%	–
KAR	Exit	KAR AUCTION SERVICES INC	$0	–	-1,624,101	–	-5.97%	–
RJETQ	Exit	REPUBLIC AIRWAYS HOLDINGS IN	$0	–	-3,882,824	–	-6.02%	–

Q3 2013

			Value		Shares		↓ Weighting
RJETQ	Sell	REPUBLIC AIRWAYS HOLDINGS IN	$46,186,000	-7.7%	3,882,824	-12.1%	6.02%	-5.8%
KAR	Sell	KAR AUCTION SERVICES INC	$45,816,000	+8.2%	1,624,101	-12.3%	5.97%	+10.4%
WPP	Buy	WAUSAU PAPER CORP	$42,748,000	+18.9%	3,290,876	+4.3%	5.57%	+21.3%
CBI	Sell	CHICAGO BRIDGE & IRON CO N.V.	$39,875,000	+4.2%	588,383	-8.2%	5.20%	+6.3%
CLW	Buy	CLEARWATER PAPER CORP	$38,716,000	+2.7%	810,464	+1.2%	5.05%	+4.8%
NWSA	New	NEWS CORPcl a	$35,069,000	–	2,183,609	–	4.57%	–
T104PS	Buy	AMERICAN REALTY CAPITAL	$32,258,000	+14.8%	2,644,126	+43.5%	4.21%	+17.1%
AON	Sell	AON PLC	$32,040,000	+13.9%	430,417	-1.6%	4.18%	+16.2%
RHP	Buy	RYMAN HOSPITALITY PPTYS INC	$29,701,000	-5.7%	860,661	+6.6%	3.87%	-3.8%
VOYA	Buy	ING U S INC.	$29,554,000	+10.6%	1,011,769	+2.4%	3.85%	+12.8%
IPHS	Sell	INNOPHOS HOLDINGS INC	$23,758,000	+2.7%	450,142	-8.2%	3.10%	+4.8%
PNR	Sell	PENTAIR -LTD	$18,516,000	+9.6%	285,131	-2.6%	2.41%	+11.8%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$17,257,000	+5.1%	102,717	+0.3%	2.25%	+7.2%
NDZ	Buy	NORDION INC	$16,101,000	+132.0%	1,865,754	+98.9%	2.10%	+136.6%
AIG	Buy	AMERICAN INTERNATIONAL GROUP INC	$15,840,000	+9.6%	325,720	+0.8%	2.06%	+11.8%
NTUS	Buy	NATUS MEDICAL INC.	$15,747,000	+6.8%	1,110,478	+2.8%	2.05%	+8.9%
ALR	New	ALERE INCORP	$15,205,000	–	497,389	–	1.98%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$15,021,000	–	640,000	–	1.96%	–
DGI	Sell	DIGITALGLOBE INC	$14,128,000	-47.0%	446,810	-48.1%	1.84%	-46.0%
GSM	Sell	GLOBE SPECIALTY METALS INC	$13,871,000	+12.9%	900,139	-20.3%	1.81%	+15.2%
SIX	Sell	SIX FLAGS ENTERTAINMENT CORP	$11,895,000	-29.9%	352,017	-27.1%	1.55%	-28.5%
MHLD	Sell	MAIDEN HOLDINGS LTD	$11,467,000	-0.2%	970,947	-5.2%	1.50%	+1.8%
TWI	Sell	TITAN INTERNATIONAL INC	$10,809,000	-31.3%	738,300	-20.9%	1.41%	-30.0%
LBTYA	New	LIBERTY GLOBAL PLC	$9,468,000	–	119,323	–	1.23%	–
6107SC	Buy	URS CORPequity	$8,325,000	+160.5%	154,876	+128.8%	1.08%	+165.3%
LYB	Sell	LYONDELLBASELL INDUSTRIES	$7,068,000	-42.9%	96,516	-48.3%	0.92%	-41.7%
SXC	Sell	SUNCOKE ENERGY - INC	$7,001,000	-19.8%	411,805	-33.9%	0.91%	-18.2%
STT	Sell	STATE STREET CORP	$6,429,000	-3.7%	97,774	-4.5%	0.84%	-1.9%
MYL	Buy	MYLAN INC.	$5,756,000	+641.8%	150,801	+503.2%	0.75%	+657.6%
GLD	Buy	SPDR GOLD TRUST	$5,662,000	+8.0%	44,176	+0.3%	0.74%	+10.1%
MPC	Sell	MARATHON PETROLEUM - CORP	$5,487,000	-18.5%	85,306	-10.0%	0.72%	-17.0%
BRKB	Sell	BERKSHIRE HATHAWAY INCcl b new	$5,046,000	-8.6%	44,452	-9.9%	0.66%	-6.8%
CVS	Buy	CVS CAREMARK CORP	$4,638,000	-0.4%	81,723	+0.3%	0.60%	+1.7%
PERI	New	PERION NETWORK LTD.	$4,612,000	–	350,422	–	0.60%	–
OFIX	Sell	ORTHOFIX INTERNATIONAL NV	$4,563,000	-66.0%	219,683	-55.9%	0.60%	-65.3%
MDR	New	MCDERMOTT INTL INC	$4,478,000	–	602,747	–	0.58%	–
SUNEQ	Sell	SUNEDISON INC.	$4,445,000	-27.6%	557,729	-25.7%	0.58%	-26.0%
DFS	Buy	DISCOVER FINANCIAL SERVICES	$4,393,000	+6.5%	86,914	+0.3%	0.57%	+8.7%
CIT	Buy	CIT GROUP - INC	$4,078,000	+19.3%	83,615	+14.1%	0.53%	+21.7%
VOD	Sell	VODAFONE GROUP PLCspons adr new	$3,806,000	+0.5%	108,200	-17.9%	0.50%	+2.5%
URI	Sell	UNITED RENTALS INC	$3,508,000	-43.3%	60,180	-51.5%	0.46%	-42.2%
VZ	Buy	VERIZON COMMUNICATIONS INC	$3,341,000	+564.2%	71,576	+615.8%	0.44%	+581.2%
RDC	New	ROWAN COS PLC	$3,321,000	–	90,443	–	0.43%	–
L	Sell	LOEWS CORP	$3,303,000	-7.5%	70,665	-12.1%	0.43%	-5.5%
WPX	Sell	WPX ENERGY	$3,292,000	-9.0%	170,915	-10.5%	0.43%	-7.1%
MRO	Sell	MARATHON OIL CORP	$3,267,000	-22.7%	93,676	-23.4%	0.43%	-21.1%
ATSG	Buy	AIR TRANSPORT SERVICES GROUP	$3,135,000	+19.4%	418,524	+5.4%	0.41%	+21.7%
ROVI	Sell	ROVI CORP	$2,786,000	-69.6%	145,308	-63.8%	0.36%	-69.1%
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$2,663,000	+17.1%	123,706	-0.6%	0.35%	+19.2%
AFSI	Buy	AMTRUST FINANCIAL SERVICES	$2,634,000	+12.0%	67,526	+2.6%	0.34%	+14.0%
IDT	Sell	IDT CORPcl b new	$2,634,000	-54.5%	148,407	-52.1%	0.34%	-53.6%
TDS	Buy	TELEPHONE & DATA SYSTEMS INC	$2,556,000	+34.7%	86,501	+12.3%	0.33%	+37.0%
CONE	Buy	CYRUSONE INC	$2,542,000	-8.4%	133,795	+0.0%	0.33%	-6.8%
ERA	Buy	ERA GROUP	$2,487,000	+18.9%	91,512	+14.4%	0.32%	+21.3%
EPM	Buy	EVOLUTION PETROLEUM	$2,326,000	+6.4%	206,558	+3.1%	0.30%	+8.2%
GM	New	GENERAL MOTORS	$2,233,000	–	62,083	–	0.29%	–
JPM	Sell	JPMORGAN CHASE & CO	$2,112,000	-2.2%	40,863	-0.1%	0.28%	-0.4%
OFS	Sell	OFS CAPITAL CORP	$2,080,000	-1.4%	164,300	-7.3%	0.27%	+0.4%
MET	Sell	METLIFE INC	$2,016,000	+1.7%	42,934	-0.9%	0.26%	+4.0%
GOOGL	Sell	GOOGLE INC.cl a	$2,014,000	-1.4%	2,299	-0.9%	0.26%	+0.8%
SKX	New	SKECHERS USA INCcl a	$1,893,000	–	60,854	–	0.25%	–
WLBAQ	Sell	WESTMORELAND COAL CO	$1,885,000	-17.1%	143,021	-29.3%	0.25%	-15.5%
TIVO	New	TIVO INC	$1,813,000	–	145,753	–	0.24%	–
A309PS	New	DIRECTTV	$1,803,000	–	30,155	–	0.24%	–
ENZ	Buy	ENZO BIOCHEMICALS	$1,571,000	+38.5%	623,220	+14.3%	0.20%	+41.4%
JCI	New	JOHNSON CONTROLS INC.	$1,543,000	–	37,192	–	0.20%	–
ECPG	Sell	ENCORE CAPITAL GROUP	$1,536,000	-32.9%	33,564	-51.4%	0.20%	-31.5%
TTI	Sell	TETRA TECHNOLOGIES INC	$1,496,000	+12.0%	119,374	-8.3%	0.20%	+14.0%
BEN	Buy	FRANKLIN RESOURCES INC	$1,423,000	-44.1%	28,152	+50.4%	0.19%	-42.8%
CSC	New	COMPUTER SCIENCES CORP	$1,386,000	–	26,793	–	0.18%	–
MAR	Sell	MARRIOTT INTERNATIONAL INC.cl a	$1,370,000	+3.2%	32,577	-0.9%	0.18%	+5.3%
EMN	Buy	EASTMAN CHEMICAL CO	$1,375,000	+96.4%	17,655	+76.6%	0.18%	+101.1%
OI	Sell	OWENS ILL INC	$1,352,000	+7.0%	45,040	-0.9%	0.18%	+9.3%
COF	Sell	CAPITAL ONE FINANCIAL CORP	$1,347,000	+8.5%	19,599	-0.9%	0.18%	+10.7%
LIN	New	LIN MEDIA LLC	$1,346,000	–	66,330	–	0.18%	–
AAPL	Sell	APPLE INC	$1,265,000	-56.6%	2,653	-63.9%	0.16%	-55.8%
SYMC	Buy	SYMANTEC CORP	$1,241,000	+11.1%	50,132	+0.9%	0.16%	+13.3%
C	Sell	CITIGROUP INC	$1,208,000	+0.2%	24,896	-0.9%	0.16%	+1.9%
GRMN	New	GARMIN LTD	$1,166,000	–	25,801	–	0.15%	–
TRIB	Sell	TRINITY BIOTECH PLCspons adr new	$1,131,000	-50.6%	51,970	-61.8%	0.15%	-49.8%
STRP	New	STRAIGHT PATH COMMUNICATIONScl b	$1,062,000	–	201,923	–	0.14%	–
F102PS	Sell	BABCOCK AND WILCOX CO.	$1,019,000	-38.5%	30,220	-45.3%	0.13%	-37.3%
XRM	Sell	XERIUM TECHNOLOGIES INC	$1,023,000	-39.9%	88,240	-47.2%	0.13%	-39.0%
MEOH	Sell	METHANEX CORP.	$1,016,000	-5.1%	19,825	-20.7%	0.13%	-3.6%
WMB	Sell	WILLIAMS COS INC	$922,000	-30.0%	25,368	-37.5%	0.12%	-28.6%
WPC	Sell	W P CAREY INC	$902,000	-67.0%	13,943	-66.3%	0.12%	-66.3%
CSH	Sell	CASH AMERICA INTL INC	$854,000	-84.5%	18,869	-84.4%	0.11%	-84.2%
SPG	Buy	SIMON PROPERTY GROUP INC	$756,000	-4.3%	5,101	+2.0%	0.10%	-2.0%
COCOQ	Sell	CORINTHIAN COLLEGES	$721,000	-2.4%	327,691	-0.7%	0.09%	0.0%
SWN	Sell	SOUTHWESTERN ENERGY CO	$711,000	-38.8%	19,540	-38.6%	0.09%	-37.6%
SFD	Buy	SMITHFIELD FOODS INC	$705,000	+4.4%	20,746	+0.7%	0.09%	+7.0%
VLO	Buy	VALERO ENERGY CORP	$698,000	-0.7%	20,453	+1.1%	0.09%	+1.1%
TSO	Buy	TESORO CORP	$672,000	-15.4%	15,287	+0.8%	0.09%	-12.9%
TKR	Sell	TIMKEN CO	$626,000	-44.4%	10,360	-48.2%	0.08%	-43.1%
HDS	New	HD SUPPLY HOLDINGS INC.	$549,000	–	25,000	–	0.07%	–
MS	New	MORGAN STANLEY	$404,000	–	15,000	–	0.05%	–
TWGP	Sell	TOWER GROUP INTERNATIONAL LTD	$400,000	-88.7%	57,085	-66.9%	0.05%	-88.5%
ORI	Sell	OLD REPUBLIC INTL CORP	$363,000	-97.9%	23,542	-98.2%	0.05%	-97.8%
SKBI	Sell	SKYSTAR BIO-PHARMACEUTICAL CO	$358,000	+16.2%	61,258	-74.6%	0.05%	+20.5%
LACO	Sell	LAKES ENTERTAINMENT INC	$315,000	-49.9%	76,183	-57.3%	0.04%	-48.8%
FRO	Buy	FRONTLINE LTD.	$265,000	+273.2%	100,000	+150.0%	0.04%	+288.9%
GOLD	Sell	BARRICK GOLD CORP	$260,000	-13.6%	13,984	-26.8%	0.03%	-10.5%
RLD	Sell	REALD INC	$209,000	-88.4%	29,789	-77.0%	0.03%	-88.3%
NRF	Sell	NORTHSTAR REALTY FINANCE CORP	$186,000	-70.8%	20,000	-71.4%	0.02%	-70.4%
LEI	New	LUCAS ENERGY INC.	$186,000	–	150,000	–	0.02%	–
CBRX	Exit	COLUMBIA LABS INC	$0	–	-191,635	–	-0.02%	–
FURX	Exit	FURIEX PHARMACEUTICALS INC	$0	–	-5,586	–	-0.02%	–
IMMR	Exit	IMMERSION CORP	$0	–	-25,000	–	-0.04%	–
SLM	Exit	SLM CORP	$0	–	-21,622	–	-0.06%	–
CASH	Exit	META FINL GROUP INC	$0	–	-20,902	–	-0.07%	–
CROX	Exit	CROCS INC	$0	–	-50,000	–	-0.10%	–
LAZ	Exit	LAZARD LTD	$0	–	-45,924	–	-0.19%	–
GNE	Exit	GENIE ENERGY LTDcl b	$0	–	-214,866	–	-0.25%	–
VC	Exit	VISTEON CORP	$0	–	-42,886	–	-0.35%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-233,092	–	-1.33%	–
NWSA	Exit	NEWS CORPcl a	$0	–	-1,574,000	–	-3.07%	–
ACTG	Exit	ACACIA RESH CORP	$0	–	-1,569,078	–	-4.48%	–

Q2 2013

			Value		Shares		↓ Weighting
RJETQ	New	REPUBLIC AWYS HLDGS INC	$50,026,000	–	4,415,393	–	6.40%	–
KAR	New	KAR AUCTION SVCS INC	$42,335,000	–	1,851,098	–	5.41%	–
CBI	New	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$38,259,000	–	641,277	–	4.89%	–
CLW	New	CLEARWATER PAPER CORP	$37,680,000	–	800,689	–	4.82%	–
WPP	New	WAUSAU PAPER CORP	$35,953,000	–	3,153,792	–	4.60%	–
ACTG	New	ACACIA RESH CORP	$35,069,000	–	1,569,078	–	4.48%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$31,495,000	–	807,346	–	4.03%	–
AON	New	AON PLC	$28,133,000	–	437,194	–	3.60%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$28,111,000	–	1,842,156	–	3.59%	–
VOYA	New	ING U S INC	$26,727,000	–	987,679	–	3.42%	–
DGI	New	DIGITALGLOBE INC	$26,673,000	–	860,150	–	3.41%	–
NWSA	New	NEWS CORPcl a	$24,004,000	–	1,574,000	–	3.07%	–
IPHS	New	INNOPHOS HOLDINGS INC	$23,135,000	–	490,458	–	2.96%	–
ORI	New	OLD REP INTL CORP	$17,089,000	–	1,327,835	–	2.18%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$16,974,000	–	482,752	–	2.17%	–
PNR	New	PENTAIR LTD	$16,894,000	–	292,842	–	2.16%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$16,421,000	–	102,364	–	2.10%	–
TWI	New	TITAN INTL INC ILL	$15,740,000	–	933,039	–	2.01%	–
NTUS	New	NATUS MEDICAL INC DEL	$14,745,000	–	1,080,212	–	1.88%	–
AIG	New	AMERICAN INTL GROUP INC	$14,451,000	–	323,294	–	1.85%	–
OFIX	New	ORTHOFIX INTL N V	$13,401,000	–	498,191	–	1.71%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$12,380,000	–	186,846	–	1.58%	–
GSM	New	GLOBE SPECIALTY METALS INC	$12,281,000	–	1,129,820	–	1.57%	–
MHLD	New	MAIDEN HOLDINGS LTD	$11,488,000	–	1,023,885	–	1.47%	–
IDCC	New	INTERDIGITAL INC	$10,408,000	–	233,092	–	1.33%	–
ROVI	New	ROVI CORP	$9,176,000	–	401,736	–	1.17%	–
SXC	New	SUNCOKE ENERGY INC	$8,730,000	–	622,654	–	1.12%	–
NDZ	New	NORDION INC	$6,940,000	–	937,805	–	0.89%	–
MPC	New	MARATHON PETE CORP	$6,732,000	–	94,743	–	0.86%	–
STT	New	STATE STR CORP	$6,679,000	–	102,421	–	0.85%	–
URI	New	UNITED RENTALS INC	$6,191,000	–	124,047	–	0.79%	–
SUNEQ	New	SUNEDISON INC	$6,136,000	–	751,094	–	0.78%	–
IDT	New	IDT CORPcl b new	$5,792,000	–	309,925	–	0.74%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,521,000	–	49,330	–	0.71%	–
CSH	New	CASH AMER INTL INC	$5,507,000	–	121,133	–	0.70%	–
GLD	New	SPDR GOLD TRUST	$5,244,000	–	44,025	–	0.67%	–
CVS	New	CVS CAREMARK CORPORATION	$4,657,000	–	81,441	–	0.60%	–
MRO	New	MARATHON OIL CORP	$4,227,000	–	122,227	–	0.54%	–
DFS	New	DISCOVER FINL SVCS	$4,126,000	–	86,615	–	0.53%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$3,787,000	–	131,759	–	0.48%	–
WPX	New	WPX ENERGY INC	$3,616,000	–	190,902	–	0.46%	–
L	New	LOEWS CORP	$3,569,000	–	80,388	–	0.46%	–
TWGP	New	TOWER GROUP INTL LTD	$3,540,000	–	172,587	–	0.45%	–
CIT	New	CIT GROUP INC	$3,418,000	–	73,298	–	0.44%	–
6107SC	New	URS CORP NEW	$3,196,000	–	67,678	–	0.41%	–
AAPL	New	APPLE INC	$2,916,000	–	7,353	–	0.37%	–
CONE	New	CYRUSONE INC	$2,775,000	–	133,794	–	0.36%	–
WPC	New	W P CAREY INC	$2,736,000	–	41,355	–	0.35%	–
VC	New	VISTEON CORP	$2,707,000	–	42,886	–	0.35%	–
ATSG	New	AIR TRANSPORT SERVICES GRP I	$2,625,000	–	397,157	–	0.34%	–
BEN	New	FRANKLIN RES INC	$2,546,000	–	18,719	–	0.32%	–
AFSI	New	AMTRUST FINANCIAL SERVICES I	$2,351,000	–	65,846	–	0.30%	–
TRIB	New	TRINITY BIOTECH PLCspon adr new	$2,290,000	–	135,918	–	0.29%	–
ECPG	New	ENCORE CAP GROUP INC	$2,288,000	–	69,100	–	0.29%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$2,274,000	–	124,487	–	0.29%	–
WLBAQ	New	WESTMORELAND COAL CO	$2,273,000	–	202,402	–	0.29%	–
EPM	New	EVOLUTION PETROLEUM CORP	$2,187,000	–	200,433	–	0.28%	–
JPM	New	JPMORGAN CHASE & CO	$2,160,000	–	40,914	–	0.28%	–
OFS	New	OFS CAP CORP	$2,109,000	–	177,199	–	0.27%	–
ERA	New	ERA GROUP INC	$2,092,000	–	80,000	–	0.27%	–
GOOGL	New	GOOGLE INCcl a	$2,042,000	–	2,319	–	0.26%	–
MET	New	METLIFE INC	$1,982,000	–	43,310	–	0.25%	–
GNE	New	GENIE ENERGY LTDcl b	$1,966,000	–	214,866	–	0.25%	–
TDS	New	TELEPHONE & DATA SYS INC	$1,898,000	–	77,000	–	0.24%	–
RLD	New	REALD INC	$1,798,000	–	129,364	–	0.23%	–
XRM	New	XERIUM TECHNOLOGIES INC	$1,702,000	–	167,190	–	0.22%	–
F102PS	New	BABCOCK & WILCOX CO NEW	$1,658,000	–	55,206	–	0.21%	–
LAZ	New	LAZARD LTD	$1,476,000	–	45,924	–	0.19%	–
SIRI	New	SIRIUS XM RADIO INC	$1,374,000	–	410,038	–	0.18%	–
TTI	New	TETRA TECHNOLOGIES INC DEL	$1,336,000	–	130,178	–	0.17%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$1,327,000	–	32,863	–	0.17%	–
WMB	New	WILLIAMS COS INC DEL	$1,318,000	–	40,591	–	0.17%	–
OI	New	OWENS ILL INC	$1,263,000	–	45,436	–	0.16%	–
COF	New	CAPITAL ONE FINL CORP	$1,242,000	–	19,771	–	0.16%	–
C	New	CITIGROUP INC	$1,205,000	–	25,115	–	0.15%	–
SWN	New	SOUTHWESTERN ENERGY CO	$1,162,000	–	31,817	–	0.15%	–
ENZ	New	ENZO BIOCHEM INC	$1,134,000	–	545,077	–	0.14%	–
TKR	New	TIMKEN CO	$1,126,000	–	20,000	–	0.14%	–
SYMC	New	SYMANTEC CORP	$1,117,000	–	49,692	–	0.14%	–
MEOH	New	METHANEX CORP	$1,071,000	–	25,000	–	0.14%	–
CROX	New	CROCS INC	$825,000	–	50,000	–	0.10%	–
TSO	New	TESORO CORP	$794,000	–	15,169	–	0.10%	–
SPG	New	SIMON PPTY GROUP INC NEW	$790,000	–	5,000	–	0.10%	–
MYL	New	MYLAN INC	$776,000	–	25,000	–	0.10%	–
COCOQ	New	CORINTHIAN COLLEGES INC	$739,000	–	330,000	–	0.09%	–
VLO	New	VALERO ENERGY CORP NEW	$703,000	–	20,227	–	0.09%	–
EMN	New	EASTMAN CHEM CO	$700,000	–	10,000	–	0.09%	–
SFD	New	SMITHFIELD FOODS INC	$675,000	–	20,599	–	0.09%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$637,000	–	70,000	–	0.08%	–
LACO	New	LAKES ENTMNT INC	$629,000	–	178,584	–	0.08%	–
CASH	New	META FINL GROUP INC	$549,000	–	20,902	–	0.07%	–
VZ	New	VERIZON COMMUNICATIONS INC	$503,000	–	10,000	–	0.06%	–
SLM	New	SLM CORP	$494,000	–	21,622	–	0.06%	–
IMMR	New	IMMERSION CORP	$331,000	–	25,000	–	0.04%	–
SKBI	New	SKYSTAR BIO-PHARMA CO	$308,000	–	240,794	–	0.04%	–
GOLD	New	BARRICK GOLD CORP	$301,000	–	19,107	–	0.04%	–
FURX	New	FURIEX PHARMACEUTICALS INC	$190,000	–	5,586	–	0.02%	–
CBRX	New	COLUMBIA LABS INC	$124,000	–	191,635	–	0.02%	–
FRO	New	FRONTLINE LTD	$71,000	–	40,000	–	0.01%	–

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