Burgundy Asset Management Ltd. Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$325,466,000	-9.2%	2,487,132	-17.0%	3.99%	-5.3%
MSFT	Sell	MICROSOFT CORP	$308,902,000	-10.2%	978,312	-3.1%	3.79%	-6.3%
ALSN	Sell	ALLISON TRANSMISSION HLDGS I	$271,952,000	-4.9%	4,604,675	-9.1%	3.34%	-0.8%
SSNC	Buy	SS&C TECHNOLOGIES HLDGS INC	$242,464,000	-13.2%	4,614,844	+0.1%	2.98%	-9.5%
PRI	Sell	PRIMERICA INC	$235,489,000	-7.2%	1,213,799	-5.5%	2.89%	-3.2%
AJG	Sell	GALLAGHER ARTHUR J & CO	$234,567,000	-6.9%	1,029,120	-10.3%	2.88%	-2.9%
WLTW	Buy	WILLIS TOWERS WATSON PLC LTD	$221,024,000	+18.6%	1,057,735	+33.7%	2.71%	+23.7%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$214,447,000	-5.5%	1,949,162	-2.9%	2.63%	-1.4%
CARR	Sell	CARRIER GLOBAL CORPORATION	$213,471,000	-10.3%	3,867,226	-19.2%	2.62%	-6.4%
NWSA	Sell	NEWS CORP NEWcl a	$186,447,000	-3.6%	9,294,483	-6.3%	2.29%	+0.5%
EA	Sell	ELECTRONIC ARTS INC	$181,440,000	-9.8%	1,506,978	-2.9%	2.23%	-5.9%
HLI	Buy	HOULIHAN LOKEY INCcl a	$178,680,000	+11.5%	1,668,037	+2.3%	2.19%	+16.3%
DLTR	Buy	DOLLAR TREE INC	$176,531,000	-19.6%	1,658,343	+8.4%	2.17%	-16.1%
ROST	Sell	ROSS STORES INC	$170,965,000	-2.3%	1,513,631	-3.0%	2.10%	+1.9%
MDLZ	Buy	MONDELEZ INTL INCcl a	$168,660,000	+45.3%	2,430,258	+52.7%	2.07%	+51.5%
JNJ	Sell	JOHNSON & JOHNSON	$164,916,000	-16.2%	1,058,849	-11.0%	2.02%	-12.6%
ABC	Sell	CENCORA INC	$164,175,000	-9.4%	912,236	-3.1%	2.02%	-5.4%
PG	Sell	PROCTER AND GAMBLE CO	$145,755,000	-23.4%	999,277	-20.3%	1.79%	-20.0%
MA	Sell	MASTERCARD INCORPORATEDcl a	$144,367,000	-2.5%	364,647	-3.2%	1.77%	+1.7%
EME	Buy	EMCOR GROUP INC	$137,734,000	+15.3%	654,661	+1.2%	1.69%	+20.2%
KAR	Buy	OPENLANE INC	$126,145,000	+0.2%	8,454,728	+2.2%	1.55%	+4.5%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$125,223,000	-4.3%	3,716,922	+0.7%	1.54%	-0.1%
GNTX	Buy	GENTEX CORP	$125,062,000	+14.0%	3,843,342	+2.5%	1.54%	+18.9%
HSIC	Sell	HENRY SCHEIN INC	$123,002,000	-10.1%	1,656,587	-1.8%	1.51%	-6.3%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$121,688,000	-28.7%	728,408	-28.9%	1.49%	-25.6%
AMZN	Sell	AMAZON COM INC	$120,220,000	-5.3%	945,721	-2.9%	1.48%	-1.2%
KMT	Buy	KENNAMETAL INC	$116,420,000	-11.1%	4,679,250	+1.4%	1.43%	-7.2%
LOPE	Buy	GRAND CANYON ED INC	$115,070,000	+16.4%	984,511	+2.8%	1.41%	+21.4%
CBZ	Buy	CBIZ INC	$105,844,000	+5.4%	2,039,382	+8.2%	1.30%	+10.0%
EBAY	Sell	EBAY INC.	$103,292,000	-4.2%	2,342,744	-2.9%	1.27%	-0.1%
	Buy	QUIDELORTHO CORP	$98,606,000	+49.0%	1,350,032	+69.1%	1.21%	+55.5%
CABO	Buy	CABLE ONE INC	$95,484,000	+16.9%	155,097	+24.8%	1.17%	+22.1%
TFC	Sell	TRUIST FINL CORP	$94,146,000	-22.7%	3,290,652	-18.0%	1.16%	-19.3%
CME	Sell	CME GROUP INC	$92,477,000	+4.8%	461,876	-3.0%	1.14%	+9.3%
SGMS	Sell	LIGHT & WONDER INC	$89,286,000	+2.0%	1,251,730	-1.7%	1.10%	+6.4%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$85,610,000	+3.1%	1,231,088	+1.6%	1.05%	+7.6%
QSR	Buy	RESTAURANT BRANDS INTL INC	$85,242,000	-13.8%	1,274,145	+0.0%	1.05%	-10.1%
SSD	Buy	SIMPSON MFG INC	$85,057,000	+9.8%	567,768	+1.5%	1.04%	+14.6%
STRA	Buy	STRATEGIC ED INC	$83,841,000	+11.9%	1,114,167	+0.9%	1.03%	+16.8%
AWI	Buy	ARMSTRONG WORLD INDS INC NEW	$79,505,000	+1.4%	1,104,238	+3.4%	0.98%	+5.9%
ORCL	Sell	ORACLE CORP	$77,147,000	-13.6%	728,349	-2.8%	0.95%	-9.8%
SNX	Buy	TD SYNNEX CORPORATION	$74,532,000	+12.1%	746,365	+5.6%	0.92%	+17.0%
	Buy	KENVUE INC	$74,457,000	+311.3%	3,707,994	+441.1%	0.91%	+329.1%
RCI	Buy	ROGERS COMMUNICATIONS INCcl b	$73,497,000	-12.8%	1,905,406	+3.2%	0.90%	-9.0%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$70,737,000	-7.1%	2,251,856	-0.4%	0.87%	-3.1%
STN	Sell	STANTEC INC	$70,131,000	-3.0%	1,075,863	-2.8%	0.86%	+1.2%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE	$69,063,000	+2.5%	686,302	+25.0%	0.85%	+6.9%
GIB	Sell	CGI INCcl a sub vtg	$66,959,000	-9.0%	676,183	-3.0%	0.82%	-5.1%
	Buy	HILLMAN SOLUTIONS CORP	$63,513,000	-6.9%	7,698,558	+1.7%	0.78%	-2.9%
EFX	Sell	EQUIFAX INC	$60,277,000	-24.5%	329,058	-3.0%	0.74%	-21.2%
BNS	Sell	BANK NOVA SCOTIA HALIFAX	$57,847,000	-12.3%	1,284,625	-2.5%	0.71%	-8.4%
GGG	Buy	GRACO INC	$57,596,000	-14.2%	790,284	+1.7%	0.71%	-10.4%
	Sell	BROOKFIELD ASSET MANAGMT LTD	$57,431,000	+2.1%	1,715,563	-0.4%	0.70%	+6.5%
AZO	Sell	AUTOZONE INC	$55,382,000	-1.0%	21,804	-2.8%	0.68%	+3.3%
CNI	Sell	CANADIAN NATL RY CO	$54,057,000	-11.6%	496,872	-1.5%	0.66%	-7.8%
TD	Sell	TORONTO DOMINION BK ONT	$51,497,000	-3.8%	850,826	-1.4%	0.63%	+0.3%
GMED	Buy	GLOBUS MED INCcl a	$51,327,000	+233.9%	1,033,770	+300.4%	0.63%	+248.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$50,842,000	-3.2%	145,139	-5.8%	0.62%	+1.0%
EQC	Buy	EQUITY COMWLTH	$50,833,000	-8.2%	2,767,178	+1.2%	0.62%	-4.1%
RY	Buy	ROYAL BK CDA	$49,737,000	-4.6%	566,498	+3.8%	0.61%	-0.5%
NWS	Sell	NEWS CORP NEWcl b	$48,845,000	+2.2%	2,340,421	-3.5%	0.60%	+6.6%
CIGI	Sell	COLLIERS INTL GROUP INC	$43,736,000	-3.9%	457,136	-1.4%	0.54%	+0.4%
MAIN	Buy	MAIN STR CAP CORP	$41,464,000	+3.6%	1,020,535	+2.1%	0.51%	+8.1%
TSLX	Buy	SIXTH STREET SPECIALTY LENDI	$40,771,000	+10.6%	1,994,679	+1.2%	0.50%	+15.2%
SKY	Buy	SKYLINE CHAMPION CORPORATION	$38,258,000	+2.9%	600,406	+5.7%	0.47%	+7.6%
JEF	Buy	JEFFERIES FINL GROUP INC	$36,726,000	+12.0%	1,002,626	+1.4%	0.45%	+16.8%
MKTX	Buy	MARKETAXESS HLDGS INC	$36,380,000	+61.0%	170,285	+97.0%	0.45%	+67.7%
EEFT	New	EURONET WORLDWIDE INC	$35,309,000	–	444,808	–	0.43%	–
GNRC	Buy	GENERAC HLDGS INC	$34,864,000	-12.7%	319,970	+19.5%	0.43%	-8.9%
BFAM	Buy	BRIGHT HORIZONS FAM SOL IN D	$32,426,000	-11.1%	398,058	+0.8%	0.40%	-7.2%
NYT	Buy	NEW YORK TIMES COcl a	$31,181,000	+22.5%	756,812	+17.1%	0.38%	+28.1%
CPRT	Buy	COPART INC	$30,909,000	-6.9%	717,310	+97.2%	0.38%	-2.8%
GOGO	New	GOGO INC	$23,850,000	–	1,999,131	–	0.29%	–
FHI	Buy	FEDERATED HERMES INCcl b	$22,282,000	-3.5%	657,858	+2.1%	0.27%	+0.4%
LH	Sell	LABORATORY CORP AMER HLDGS	$21,805,000	-18.0%	108,454	-1.6%	0.27%	-14.4%
	Buy	BRIDGE INVT GROUP HLDGS INC	$21,651,000	-17.7%	2,353,336	+1.6%	0.27%	-13.9%
MGNI	New	MAGNITE INC	$17,759,000	–	2,355,258	–	0.22%	–
MCD	Sell	MCDONALDS CORP	$14,639,000	-15.5%	55,569	-4.3%	0.18%	-11.8%
TRP	Sell	TC ENERGY CORP	$12,157,000	-25.1%	351,864	-12.3%	0.15%	-22.0%
ENRFF	Sell	ENERFLEX LTD	$10,287,000	-30.5%	1,783,016	-18.0%	0.13%	-27.6%
FAF	Buy	FIRST AMERN FINL CORP	$9,011,000	+1.0%	159,513	+2.0%	0.11%	+5.7%
ENB	Buy	ENBRIDGE INC	$7,361,000	-0.3%	220,913	+11.3%	0.09%	+3.4%
	Buy	ATOUR LIFESTYLE HLDGS LTDsponsored ads	$7,099,000	+41.6%	376,603	+22.0%	0.09%	+47.5%
	Sell	ATS CORPORATION	$3,275,000	-29.6%	76,482	-24.3%	0.04%	-27.3%
CNQ	Sell	CANADIAN NAT RES LTD	$1,687,000	+9.4%	25,960	-5.3%	0.02%	+16.7%
TU	Buy	TELUS CORPORATION	$1,191,000	-5.2%	72,597	+12.5%	0.02%	0.0%
BIPC	Buy	BROOKFIELD INFRASTRUCTURE CO	$700,000	-8.4%	19,714	+17.7%	0.01%	0.0%
CDW	Sell	CDW CORP	$366,000	-45.5%	1,813	-50.4%	0.00%	-50.0%
YUMC	Sell	YUM CHINA HLDGS INC	$277,000	-19.9%	4,968	-19.0%	0.00%	-25.0%
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-5,206	–	-0.00%	–
EXP	Exit	EAGLE MATLS INC	$0	–	-2,034	–	-0.00%	–
WHLRD	Exit	WHEELER REAL ESTATE INVT TRpfd cnv ser d	$0	–	-40,600	–	-0.01%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-130,880	–	-0.05%	–
CHGG	Exit	CHEGG INC	$0	–	-1,766,151	–	-0.18%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-76,434	–	-0.26%	–
NUVA	Exit	NUVASIVE INC	$0	–	-797,231	–	-0.39%	–
PINC	Exit	PREMIER INCcl a	$0	–	-3,372,075	–	-1.10%	–

Q2 2023

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$358,502,000	–	2,995,000	–	4.22%	–
MSFT	New	MICROSOFT CORP	$343,920,000	–	1,009,925	–	4.04%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$286,085,000	–	5,067,037	–	3.36%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$279,450,000	–	4,611,384	–	3.29%	–
PRI	New	PRIMERICA INC	$253,880,000	–	1,283,778	–	2.99%	–
AJG	New	GALLAGHER ARTHUR J & CO	$251,955,000	–	1,147,494	–	2.96%	–
CARR	New	CARRIER GLOBAL CORPORATION	$237,972,000	–	4,787,213	–	2.80%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$226,955,000	–	2,007,034	–	2.67%	–
DLTR	New	DOLLAR TREE INC	$219,591,000	–	1,530,253	–	2.58%	–
EA	New	ELECTRONIC ARTS INC	$201,254,000	–	1,551,686	–	2.37%	–
JNJ	New	JOHNSON & JOHNSON	$196,867,000	–	1,189,385	–	2.32%	–
NWSA	New	NEWS CORP NEWcl a	$193,503,000	–	9,923,253	–	2.28%	–
PG	New	PROCTER AND GAMBLE CO	$190,204,000	–	1,253,486	–	2.24%	–
WLTW	New	WILLIS TOWERS WATSON PLC LTD	$186,374,000	–	791,398	–	2.19%	–
ABC	New	AMERISOURCEBERGEN CORP	$181,109,000	–	941,168	–	2.13%	–
ROST	New	ROSS STORES INC	$174,997,000	–	1,560,663	–	2.06%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$170,628,000	–	1,023,996	–	2.01%	–
HLI	New	HOULIHAN LOKEY INCcl a	$160,293,000	–	1,630,486	–	1.88%	–
MA	New	MASTERCARD INCORPORATEDcl a	$148,093,000	–	376,539	–	1.74%	–
HSIC	New	HENRY SCHEIN INC	$136,837,000	–	1,687,259	–	1.61%	–
KMT	New	KENNAMETAL INC	$130,959,000	–	4,612,861	–	1.54%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$130,807,000	–	3,689,892	–	1.54%	–
AMZN	New	AMAZON COM INC	$126,915,000	–	973,575	–	1.49%	–
KAR	New	OPENLANE INC	$125,907,000	–	8,272,487	–	1.48%	–
TFC	New	TRUIST FINL CORP	$121,733,000	–	4,010,971	–	1.43%	–
EME	New	EMCOR GROUP INC	$119,499,000	–	646,708	–	1.41%	–
MDLZ	New	MONDELEZ INTL INCcl a	$116,092,000	–	1,591,607	–	1.37%	–
GNTX	New	GENTEX CORP	$109,732,000	–	3,750,238	–	1.29%	–
EBAY	New	EBAY INC.	$107,852,000	–	2,413,327	–	1.27%	–
CBZ	New	CBIZ INC	$100,427,000	–	1,884,884	–	1.18%	–
LOPE	New	GRAND CANYON ED INC	$98,861,000	–	957,864	–	1.16%	–
QSR	New	RESTAURANT BRANDS INTL INC	$98,841,000	–	1,274,116	–	1.16%	–
PINC	New	PREMIER INCcl a	$93,272,000	–	3,372,075	–	1.10%	–
ORCL	New	ORACLE CORP	$89,271,000	–	749,610	–	1.05%	–
CME	New	CME GROUP INC	$88,211,000	–	476,068	–	1.04%	–
SGMS	New	LIGHT & WONDER INC	$87,538,000	–	1,273,095	–	1.03%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$85,439,000	–	165	–	1.00%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$84,244,000	–	1,845,436	–	0.99%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$83,074,000	–	1,211,516	–	0.98%	–
CABO	New	CABLE ONE INC	$81,653,000	–	124,266	–	0.96%	–
EFX	New	EQUIFAX INC	$79,822,000	–	339,233	–	0.94%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$78,415,000	–	1,067,450	–	0.92%	–
SSD	New	SIMPSON MFG INC	$77,467,000	–	559,331	–	0.91%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$76,168,000	–	2,261,128	–	0.90%	–
STRA	New	STRATEGIC ED INC	$74,898,000	–	1,104,043	–	0.88%	–
GIB	New	CGI INCcl a sub vtg	$73,585,000	–	697,394	–	0.87%	–
STN	New	STANTEC INC	$72,337,000	–	1,107,340	–	0.85%	–
	New	HILLMAN SOLUTIONS CORP	$68,217,000	–	7,571,253	–	0.80%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$67,381,000	–	549,066	–	0.79%	–
GGG	New	GRACO INC	$67,106,000	–	777,141	–	0.79%	–
SNX	New	TD SYNNEX CORPORATION	$66,459,000	–	707,011	–	0.78%	–
	New	QUIDELORTHO CORP	$66,164,000	–	798,508	–	0.78%	–
BNS	New	BANK NOVA SCOTIA HALIFAX	$65,931,000	–	1,317,017	–	0.78%	–
CNI	New	CANADIAN NATL RY CO	$61,150,000	–	504,693	–	0.72%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$56,267,000	–	1,722,862	–	0.66%	–
AZO	New	AUTOZONE INC	$55,931,000	–	22,432	–	0.66%	–
EQC	New	EQUITY COMWLTH	$55,376,000	–	2,733,280	–	0.65%	–
TD	New	TORONTO DOMINION BK ONT	$53,538,000	–	863,274	–	0.63%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$52,524,000	–	154,029	–	0.62%	–
RY	New	ROYAL BK CDA	$52,157,000	–	545,806	–	0.61%	–
NWS	New	NEWS CORP NEWcl b	$47,808,000	–	2,424,353	–	0.56%	–
CIGI	New	COLLIERS INTL GROUP INC	$45,520,000	–	463,600	–	0.54%	–
MAIN	New	MAIN STR CAP CORP	$40,008,000	–	999,450	–	0.47%	–
GNRC	New	GENERAC HLDGS INC	$39,930,000	–	267,756	–	0.47%	–
SKY	New	SKYLINE CHAMPION CORPORATION	$37,171,000	–	567,926	–	0.44%	–
TSLX	New	SIXTH STREET SPECIALTY LENDI	$36,856,000	–	1,971,948	–	0.43%	–
BFAM	New	BRIGHT HORIZONS FAM SOL IN D	$36,492,000	–	394,721	–	0.43%	–
NUVA	New	NUVASIVE INC	$33,157,000	–	797,231	–	0.39%	–
CPRT	New	COPART INC	$33,184,000	–	363,820	–	0.39%	–
JEF	New	JEFFERIES FINL GROUP INC	$32,796,000	–	988,715	–	0.39%	–
LH	New	LABORATORY CORP AMER HLDGS	$26,601,000	–	110,225	–	0.31%	–
	New	BRIDGE INVT GROUP HLDGS INC	$26,300,000	–	2,317,143	–	0.31%	–
NYT	New	NEW YORK TIMES COcl a	$25,444,000	–	646,106	–	0.30%	–
FHI	New	FEDERATED HERMES INCcl b	$23,101,000	–	644,369	–	0.27%	–
MKTX	New	MARKETAXESS HLDGS INC	$22,592,000	–	86,421	–	0.27%	–
FB	New	META PLATFORMS INCcl a	$21,935,000	–	76,434	–	0.26%	–
	New	KENVUE INC	$18,104,000	–	685,232	–	0.21%	–
MCD	New	MCDONALDS CORP	$17,327,000	–	58,063	–	0.20%	–
TRP	New	TC ENERGY CORP	$16,221,000	–	401,139	–	0.19%	–
CHGG	New	CHEGG INC	$15,683,000	–	1,766,151	–	0.18%	–
GMED	New	GLOBUS MED INCcl a	$15,371,000	–	258,155	–	0.18%	–
ENRFF	New	ENERFLEX LTD	$14,807,000	–	2,173,369	–	0.17%	–
BMO	New	BANK MONTREAL QUE	$13,554,000	–	150,000	–	0.16%	–
FAF	New	FIRST AMERN FINL CORP	$8,920,000	–	156,439	–	0.10%	–
ENB	New	ENBRIDGE INC	$7,381,000	–	198,474	–	0.09%	–
BA	New	BOEING CO	$7,391,000	–	35,000	–	0.09%	–
MTB	New	M & T BK CORP	$5,569,000	–	45,000	–	0.07%	–
	New	ATOUR LIFESTYLE HOLDINGS LTDsponsored ads	$5,014,000	–	308,748	–	0.06%	–
	New	ATS CORPORATION	$4,651,000	–	101,041	–	0.06%	–
NTR	New	NUTRIEN LTD	$4,430,000	–	75,000	–	0.05%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$3,875,000	–	130,880	–	0.05%	–
SU	New	SUNCOR ENERGY INC NEW	$2,631,000	–	89,634	–	0.03%	–
MMM	New	3M CO	$2,002,000	–	20,000	–	0.02%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,552,000	–	18,626	–	0.02%	–
CNQ	New	CANADIAN NAT RES LTD	$1,542,000	–	27,404	–	0.02%	–
SELF	New	GLOBAL SELF STORAGE INC	$1,299,000	–	257,237	–	0.02%	–
TU	New	TELUS CORPORATION	$1,256,000	–	64,510	–	0.02%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$809,000	–	8,257	–	0.01%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE CO	$764,000	–	16,754	–	0.01%	–
CDW	New	CDW CORP	$671,000	–	3,654	–	0.01%	–
WHLRD	New	WHEELER REAL ESTATE INVT TRpfd cnv ser d	$508,000	–	40,600	–	0.01%	–
LSTR	New	LANDSTAR SYS INC	$475,000	–	2,466	–	0.01%	–
CW	New	CURTISS WRIGHT CORP	$420,000	–	2,287	–	0.01%	–
YUMC	New	YUM CHINA HLDGS INC	$346,000	–	6,132	–	0.00%	–
EXP	New	EAGLE MATLS INC	$379,000	–	2,034	–	0.00%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$214,000	–	5,206	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
IART	Exit	INTEGRA LIFESCIE	$0	–	-5,206	–	-0.00%	–
CW	Exit	CURTISS-WRIGHT	$0	–	-2,287	–	-0.00%	–
LSTR	Exit	LANDSTAR SYSTEM INC	$0	–	-2,466	–	-0.01%	–
INVH	Exit	INVITATION HOMES	$0	–	-11,642	–	-0.01%	–
AIN	Exit	ALBANY INTL CORP	$0	–	-4,863	–	-0.01%	–
BAMR	Exit	BROOKFIELD ASSET MGT REINSU	$0	–	-12,648	–	-0.01%	–
YUMC	Exit	YUM CHINA HOLDIN	$0	–	-11,037	–	-0.01%	–
WHLRD	Exit	WHEELER REIT INC 8.75 SR D PFD	$0	–	-40,600	–	-0.01%	–
NWS	Exit	NEWS CORP-CL B	$0	–	-32,295	–	-0.01%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS INC	$0	–	-9,548	–	-0.01%	–
CDW	Exit	CDW CORP/DE	$0	–	-3,654	–	-0.01%	–
RTX	Exit	RAYTHEON TECHNOL	$0	–	-8,257	–	-0.01%	–
MNDO	Exit	MIND CTI LTD	$0	–	-353,661	–	-0.01%	–
BIPC	Exit	BROOKFIELD INF-A	$0	–	-17,518	–	-0.01%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-7,809	–	-0.01%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-7,709	–	-0.01%	–
CRAI	Exit	CRA INTERNATIONA	$0	–	-9,133	–	-0.01%	–
TU	Exit	TELUS CORP	$0	–	-44,235	–	-0.01%	–
SELF	Exit	GLOBAL SELF STOR	$0	–	-143,530	–	-0.01%	–
GBL	Exit	GAMCO INVESTO-A	$0	–	-52,385	–	-0.01%	–
NYT	Exit	NEW YORK TIMES CO-A	$0	–	-41,082	–	-0.02%	–
LFUS	Exit	LITTELFUSE INC COMMON	$0	–	-6,095	–	-0.02%	–
CNQ	Exit	CDN NAT RES	$0	–	-29,910	–	-0.02%	–
SLQT	Exit	SELECTQUOTE INC	$0	–	-3,842,882	–	-0.04%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-107,824	–	-0.04%	–
ZTO	Exit	ZTO EXPRESS -ADR	$0	–	-143,288	–	-0.05%	–
BA	Exit	BOEING CO	$0	–	-35,000	–	-0.06%	–
MTB	Exit	M&T BK CORP	$0	–	-30,000	–	-0.07%	–
NTR	Exit	NUTRIEN LTD	$0	–	-75,000	–	-0.09%	–
EFA	Exit	iSHARES MSCI EAFE ETF	$0	–	-126,796	–	-0.10%	–
ARGO	Exit	ARGO GROUP INTL	$0	–	-415,536	–	-0.11%	–
BMO	Exit	BANK OF MONTREAL	$0	–	-150,000	–	-0.18%	–
MCD	Exit	MCDONALDS CORP	$0	–	-58,063	–	-0.19%	–
OLLI	Exit	OLLIE'S BARGAIN OUTLET HOLDI	$0	–	-264,959	–	-0.19%	–
TSLX	Exit	SIXTH STREET SPECIALTY LENDI	$0	–	-1,048,678	–	-0.24%	–
KOF	Exit	COCA-COLA FEMSA SAB S-ADR	$0	–	-295,506	–	-0.24%	–
BFAM	Exit	BRIGHT HORIZONS FAMILY SOLU	$0	–	-305,619	–	-0.25%	–
EQC	Exit	EQUITY COMMONWEALTH	$0	–	-894,488	–	-0.30%	–
CABO	Exit	CABLE ONE INC	$0	–	-27,071	–	-0.32%	–
LH	Exit	LAB CORP OF AMER HLDG	$0	–	-115,539	–	-0.33%	–
ENB	Exit	ENBRIDGE INC	$0	–	-708,567	–	-0.37%	–
MKTX	Exit	MARKETAXESS HLDG INC	$0	–	-127,490	–	-0.40%	–
CIGI	Exit	COLLIERS INTERNA	$0	–	-310,730	–	-0.40%	–
SKY	Exit	SKYLINE CHAMPION CORP	$0	–	-539,012	–	-0.40%	–
SJR	Exit	SHAW COM CL B NON-VTG	$0	–	-1,313,407	–	-0.44%	–
CPRT	Exit	COPART INC	$0	–	-301,295	–	-0.45%	–
	Exit	BRIDGE INVESTMENT GRP HDS-A	$0	–	-2,267,156	–	-0.46%	–
TRP	Exit	TC Energy Corp	$0	–	-936,573	–	-0.53%	–
IAA	Exit	IAA INC	$0	–	-1,260,566	–	-0.56%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-1,271,509	–	-0.60%	–
SSD	Exit	SIMPSON MFG	$0	–	-546,934	–	-0.60%	–
BNS	Exit	BANK OF NOVA SCOTIA	$0	–	-914,048	–	-0.61%	–
GNRC	Exit	GENERAC HOLDINGS	$0	–	-245,680	–	-0.61%	–
GGG	Exit	GRACO INC	$0	–	-755,352	–	-0.63%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-179,236	–	-0.67%	–
TD	Exit	TORONTO-DOMINION BANK	$0	–	-829,612	–	-0.71%	–
SGMS	Exit	LIGHT & WONDER INC	$0	–	-1,211,603	–	-0.72%	–
	Exit	QUIDELORTHO CORP	$0	–	-725,990	–	-0.72%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-607,535	–	-0.76%	–
STN	Exit	STANTEC INC	$0	–	-1,249,509	–	-0.76%	–
	Exit	HILLMAN SOLUTION	$0	–	-7,399,822	–	-0.78%	–
SNX	Exit	TD SYNNEX CORPORATION	$0	–	-700,591	–	-0.79%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP IN	$0	–	-2,015,354	–	-0.83%	–
GIB	Exit	CGI INC	$0	–	-796,413	–	-0.84%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIE	$0	–	-769,084	–	-0.85%	–
CNI	Exit	CDN NATL RAILWAY CO	$0	–	-581,994	–	-0.88%	–
NOW	Exit	SERVICENOW INC	$0	–	-167,726	–	-0.88%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWI	$0	–	-521,136	–	-0.88%	–
BAM	Exit	BROOKFIELD ASSET MGMT INC C	$0	–	-1,592,835	–	-0.91%	–
STRA	Exit	STRATEGIC EDUCATION INC	$0	–	-1,078,315	–	-0.92%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,096,234	–	-0.93%	–
BRKA	Exit	BERKSHIRE HATHAWAY CL A	$0	–	-168	–	-0.95%	–
WH	Exit	WYNDHAM HOTELS & RESORTS I	$0	–	-1,142,925	–	-0.98%	–
LOPE	Exit	GRAND CANYON EDU	$0	–	-935,085	–	-1.07%	–
FHI	Exit	FEDERATED HERMES INC	$0	–	-2,323,926	–	-1.07%	–
CBZ	Exit	CBIZ INC	$0	–	-1,803,991	–	-1.08%	–
EME	Exit	EMCOR GROUP INC	$0	–	-670,840	–	-1.08%	–
AZO	Exit	AUTOZONE INC	$0	–	-38,389	–	-1.15%	–
GNTX	Exit	GENTEX CORP	$0	–	-3,663,457	–	-1.22%	–
KAR	Exit	KAR AUCTION SERV INC	$0	–	-8,071,548	–	-1.26%	–
KMT	Exit	KENNAMETAL INC	$0	–	-4,525,417	–	-1.30%	–
QSR	Exit	RESTAURANT BRAND INTERN	$0	–	-1,849,726	–	-1.37%	–
RCI	Exit	ROGERS COMMUNI-B	$0	–	-2,608,181	–	-1.40%	–
ROST	Exit	ROSS STORES INC	$0	–	-1,211,204	–	-1.42%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-926,011	–	-1.46%	–
PINC	Exit	PREMIER INC CL A	$0	–	-3,240,938	–	-1.53%	–
EBAY	Exit	EBAY INC	$0	–	-3,063,634	–	-1.57%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-1,735,205	–	-1.59%	–
HLI	Exit	HOULIHAN LOKEY INC	$0	–	-1,583,863	–	-1.66%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-892,875	–	-1.68%	–
PAG	Exit	PENSKE AUTO GRP INC	$0	–	-1,278,495	–	-1.76%	–
MA	Exit	MASTERCARD INC CLASS Acl a	$0	–	-455,348	–	-1.80%	–
AMH	Exit	AMERICAN HOMES 4 RENT REIT	$0	–	-4,289,558	–	-1.96%	–
FB	Exit	META PLATFORMS INC	$0	–	-1,044,270	–	-1.98%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-871,584	–	-1.98%	–
WLTW	Exit	WILLIS TOWERS WA	$0	–	-709,684	–	-1.99%	–
PRI	Exit	PRIMERICA INC	$0	–	-1,252,463	–	-2.16%	–
EFX	Exit	EQUIFAX INC	$0	–	-949,513	–	-2.27%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,349,592	–	-2.38%	–
TFC	Exit	TRUIST FINANCIAL CORP	$0	–	-3,998,955	–	-2.43%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-1,512,832	–	-2.44%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-5,064,273	–	-2.51%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE I	$0	–	-2,132,030	–	-2.69%	–
NWSA	Exit	NEWS CORP-CL A	$0	–	-12,903,449	–	-2.72%	–
ALSN	Exit	ALLISON TRANSMISSION HLDG IN	$0	–	-5,844,442	–	-2.75%	–
AJG	Exit	ARTHUR J GALLAGHER & CO	$0	–	-1,191,579	–	-2.84%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-1,507,129	–	-2.86%	–
SSNC	Exit	SS&C TECH HLDG INC	$0	–	-4,440,484	–	-2.96%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-3,239,315	–	-4.32%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,371,383	–	-4.45%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$319,395,000	-13.0%	1,371,383	-4.1%	4.45%	-3.4%
GOOGL	Buy	ALPHABET INC-A	$309,840,000	-14.5%	3,239,315	+1847.7%	4.32%	-5.0%
SSNC	Buy	SS&C TECH HLDG INC	$212,033,000	-13.2%	4,440,484	+5.6%	2.96%	-3.6%
DLTR	Sell	DOLLAR TREE INC	$205,120,000	-19.4%	1,507,129	-7.7%	2.86%	-10.5%
AJG	Sell	ARTHUR J GALLAGHER & CO	$204,022,000	-5.7%	1,191,579	-10.2%	2.84%	+4.7%
ALSN	Sell	ALLISON TRANSMISSION HLDG IN	$197,308,000	-14.1%	5,844,442	-2.2%	2.75%	-4.6%
NWSA	Sell	NEWS CORP-CL A	$194,971,000	-4.2%	12,903,449	-1.2%	2.72%	+6.5%
ICE	Sell	INTERCONTINENTAL EXCHANGE I	$192,629,000	-5.7%	2,132,030	-1.8%	2.69%	+4.8%
CARR	Sell	CARRIER GLOBAL CORP	$180,086,000	-2.2%	5,064,273	-1.9%	2.51%	+8.7%
EA	Sell	ELECTRONIC ARTS INC	$175,050,000	-6.7%	1,512,832	-1.9%	2.44%	+3.7%
TFC	Sell	TRUIST FINANCIAL CORP	$174,115,000	-10.0%	3,998,955	-1.9%	2.43%	0.0%
PG	Sell	PROCTER & GAMBLE CO	$170,386,000	-14.2%	1,349,592	-2.3%	2.38%	-4.7%
EFX	Sell	EQUIFAX INC	$162,775,000	-8.0%	949,513	-1.9%	2.27%	+2.3%
PRI	Sell	PRIMERICA INC	$154,617,000	+0.4%	1,252,463	-2.6%	2.16%	+11.6%
WLTW	Sell	WILLIS TOWERS WA	$142,604,000	-0.1%	709,684	-1.9%	1.99%	+10.9%
JNJ	Sell	JOHNSON & JOHNSON	$142,382,000	-10.0%	871,584	-2.2%	1.98%	0.0%
FB	Sell	META PLATFORMS INC	$141,687,000	-17.5%	1,044,270	-2.0%	1.98%	-8.4%
AMH	Sell	AMERICAN HOMES 4 RENT REIT	$140,740,000	-9.9%	4,289,558	-2.6%	1.96%	+0.1%
MA	Sell	MASTERCARD INC CLASS Acl a	$129,474,000	-11.6%	455,348	-2.0%	1.80%	-1.8%
PAG	Sell	PENSKE AUTO GRP INC	$125,842,000	-15.2%	1,278,495	-9.8%	1.76%	-5.8%
ABC	Buy	AMERISOURCEBERGEN CORP	$120,833,000	+16.3%	892,875	+21.6%	1.68%	+29.2%
HLI	Sell	HOULIHAN LOKEY INC	$119,392,000	-6.9%	1,583,863	-2.6%	1.66%	+3.4%
HSIC	Buy	HENRY SCHEIN INC	$114,124,000	-10.3%	1,735,205	+4.6%	1.59%	-0.4%
EBAY	Sell	EBAY INC	$112,772,000	-13.4%	3,063,634	-2.0%	1.57%	-3.9%
PINC	Sell	PREMIER INC CL A	$109,997,000	-8.7%	3,240,938	-4.0%	1.53%	+1.5%
AMZN	Sell	AMAZON.COM INC	$104,639,000	+4.0%	926,011	-2.2%	1.46%	+15.6%
ROST	Sell	ROSS STORES INC	$102,068,000	+17.8%	1,211,204	-1.8%	1.42%	+30.9%
RCI	Buy	ROGERS COMMUNI-B	$100,479,000	+18.3%	2,608,181	+47.0%	1.40%	+31.4%
QSR	Sell	RESTAURANT BRAND INTERN	$98,406,000	-0.0%	1,849,726	-5.8%	1.37%	+11.1%
KMT	Sell	KENNAMETAL INC	$93,133,000	-13.4%	4,525,417	-2.3%	1.30%	-3.8%
KAR	Sell	KAR AUCTION SERV INC	$90,159,000	-26.2%	8,071,548	-2.5%	1.26%	-18.1%
GNTX	Sell	GENTEX CORP	$87,337,000	-17.0%	3,663,457	-2.6%	1.22%	-7.8%
AZO	Sell	AUTOZONE INC	$82,227,000	-8.0%	38,389	-7.7%	1.15%	+2.1%
EME	Sell	EMCOR GROUP INC	$77,469,000	+9.4%	670,840	-2.5%	1.08%	+21.5%
CBZ	Sell	CBIZ INC	$77,175,000	-2.2%	1,803,991	-8.6%	1.08%	+8.7%
FHI	Sell	FEDERATED HERMES INC	$76,968,000	+1.4%	2,323,926	-2.7%	1.07%	+12.6%
LOPE	Sell	GRAND CANYON EDU	$76,911,000	-15.0%	935,085	-2.7%	1.07%	-5.6%
WH	Buy	WYNDHAM HOTELS & RESORTS I	$70,118,000	-0.9%	1,142,925	+6.2%	0.98%	+10.1%
ORCL	Buy	ORACLE CORP	$66,947,000	+12.1%	1,096,234	+28.3%	0.93%	+24.6%
STRA	Sell	STRATEGIC EDUCATION INC	$66,219,000	-15.4%	1,078,315	-2.8%	0.92%	-6.1%
BAM	Sell	BROOKFIELD ASSET MGMT INC C	$65,169,000	-12.8%	1,592,835	-5.3%	0.91%	-3.1%
VAC	Sell	MARRIOTT VACATIONS WORLDWI	$63,506,000	+2.2%	521,136	-2.6%	0.88%	+13.5%
NOW	Sell	SERVICENOW INC	$63,335,000	-22.7%	167,726	-2.7%	0.88%	-14.2%
CNI	Sell	CDN NATL RAILWAY CO	$62,860,000	-9.8%	581,994	-6.2%	0.88%	+0.1%
AWI	Sell	ARMSTRONG WORLD INDUSTRIE	$60,935,000	+3.0%	769,084	-2.6%	0.85%	+14.4%
GIB	Sell	CGI INC	$59,962,000	-18.8%	796,413	-14.1%	0.84%	-9.7%
JEF	Sell	JEFFERIES FINANCIAL GROUP IN	$59,453,000	-42.2%	2,015,354	-45.9%	0.83%	-35.8%
SNX	Sell	TD SYNNEX CORPORATION	$56,881,000	-14.0%	700,591	-3.5%	0.79%	-4.5%
	Sell	HILLMAN SOLUTION	$55,795,000	-15.1%	7,399,822	-2.7%	0.78%	-5.7%
STN	Sell	STANTEC INC	$54,804,000	-5.2%	1,249,509	-5.4%	0.76%	+5.2%
RY	Sell	ROYAL BANK OF CANADA	$54,706,000	-10.7%	607,535	-4.1%	0.76%	-0.8%
	Buy	QUIDELORTHO CORP	$51,894,000	+7.8%	725,990	+46.5%	0.72%	+19.9%
SGMS	Buy	LIGHT & WONDER INC	$51,954,000	-5.2%	1,211,603	+3.9%	0.72%	+5.2%
TD	Sell	TORONTO-DOMINION BANK	$50,887,000	-10.1%	829,612	-4.0%	0.71%	0.0%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$47,860,000	-12.9%	179,236	-10.9%	0.67%	-3.2%
GGG	Sell	GRACO INC	$45,283,000	-1.6%	755,352	-2.5%	0.63%	+9.4%
GNRC	Sell	GENERAC HOLDINGS	$43,765,000	-17.6%	245,680	-2.6%	0.61%	-8.4%
BNS	Sell	BANK OF NOVA SCOTIA	$43,479,000	-24.8%	914,048	-6.5%	0.61%	-16.4%
SSD	Buy	SIMPSON MFG	$42,880,000	-7.0%	546,934	+19.3%	0.60%	+3.3%
MAIN	Sell	MAIN STREET CAPITAL CORP	$42,774,000	-35.9%	1,271,509	-26.5%	0.60%	-28.8%
IAA	Buy	IAA INC	$40,149,000	+53.2%	1,260,566	+57.6%	0.56%	+70.2%
TRP	Sell	TC Energy Corp	$37,729,000	-25.9%	936,573	-4.9%	0.53%	-17.7%
	Sell	BRIDGE INVESTMENT GRP HDS-A	$32,874,000	-8.9%	2,267,156	-8.6%	0.46%	+1.1%
CPRT	Sell	COPART INC	$32,058,000	-6.8%	301,295	-4.9%	0.45%	+3.5%
SJR	Sell	SHAW COM CL B NON-VTG	$31,941,000	-49.9%	1,313,407	-39.4%	0.44%	-44.4%
CIGI	Sell	COLLIERS INTERNA	$28,479,000	-19.5%	310,730	-3.9%	0.40%	-10.6%
SKY	Sell	SKYLINE CHAMPION CORP	$28,498,000	+8.6%	539,012	-2.6%	0.40%	+20.7%
MKTX	Buy	MARKETAXESS HLDG INC	$28,365,000	+27.4%	127,490	+46.6%	0.40%	+41.6%
ENB	Sell	ENBRIDGE INC	$26,276,000	-16.9%	708,567	-5.5%	0.37%	-7.8%
LH	Sell	LAB CORP OF AMER HLDG	$23,664,000	-16.9%	115,539	-5.0%	0.33%	-7.8%
CABO	Buy	CABLE ONE INC	$23,093,000	-7.5%	27,071	+39.8%	0.32%	+2.9%
EQC	Sell	EQUITY COMMONWEALTH	$21,790,000	-13.7%	894,488	-2.5%	0.30%	-4.1%
BFAM	New	BRIGHT HORIZONS FAMILY SOLU	$17,619,000	–	305,619	–	0.25%	–
KOF	Sell	COCA-COLA FEMSA SAB S-ADR	$17,255,000	+1.6%	295,506	-3.8%	0.24%	+13.1%
TSLX	New	SIXTH STREET SPECIALTY LENDI	$17,135,000	–	1,048,678	–	0.24%	–
OLLI	Buy	OLLIE'S BARGAIN OUTLET HOLDI	$13,672,000	+126.1%	264,959	+157.4%	0.19%	+151.3%
MCD	Sell	MCDONALDS CORP	$13,397,000	-8.9%	58,063	-2.5%	0.19%	+1.1%
ARGO	Sell	ARGO GROUP INTL	$8,003,000	-49.5%	415,536	-3.4%	0.11%	-43.7%
EFA	New	iSHARES MSCI EAFE ETF	$7,102,000	–	126,796	–	0.10%	–
ZTO	Sell	ZTO EXPRESS -ADR	$3,443,000	-18.7%	143,288	-7.1%	0.05%	-9.4%
SU	Sell	SUNCOR ENERGY INC	$3,037,000	-19.9%	107,824	-0.3%	0.04%	-12.5%
SLQT	Sell	SELECTQUOTE INC	$2,805,000	-71.3%	3,842,882	-2.6%	0.04%	-68.3%
CNQ	Buy	CDN NAT RES	$1,392,000	+17.3%	29,910	+35.2%	0.02%	+26.7%
LFUS	New	LITTELFUSE INC COMMON	$1,211,000	–	6,095	–	0.02%	–
NYT	New	NEW YORK TIMES CO-A	$1,181,000	–	41,082	–	0.02%	–
GBL	Sell	GAMCO INVESTO-A	$893,000	-52.9%	52,385	-42.2%	0.01%	-50.0%
SELF	Sell	GLOBAL SELF STOR	$841,000	-16.7%	143,530	-20.0%	0.01%	-7.7%
TU	Buy	TELUS CORP	$878,000	+8.8%	44,235	+21.9%	0.01%	+20.0%
JPM	Sell	JP MORGAN CHASE & CO	$816,000	-25.8%	7,809	-20.0%	0.01%	-21.4%
CRAI	Sell	CRA INTERNATIONA	$810,000	-58.5%	9,133	-58.2%	0.01%	-54.2%
MNDO	Sell	MIND CTI LTD	$739,000	-32.2%	353,661	-22.5%	0.01%	-28.6%
RTX	Sell	RAYTHEON TECHNOL	$676,000	-98.5%	8,257	-98.2%	0.01%	-98.4%
RBA	Sell	RITCHIE BROS AUCTIONEERS INC	$597,000	-51.9%	9,548	-50.0%	0.01%	-50.0%
BAMR	Sell	BROOKFIELD ASSET MGT REINSU	$518,000	-12.9%	12,648	-5.4%	0.01%	0.0%
NWS	Buy	NEWS CORP-CL B	$498,000	+2.3%	32,295	+5.4%	0.01%	+16.7%
YUMC	Sell	YUM CHINA HOLDIN	$522,000	-15.5%	11,037	-13.4%	0.01%	-12.5%
LSTR	New	LANDSTAR SYSTEM INC	$356,000	–	2,466	–	0.01%	–
	Exit	AKUMIN INC	$0	–	-347,095	–	-0.00%	–
VVV	Exit	VALVOLINE INC	$0	–	-13,770	–	-0.01%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-3,721	–	-0.01%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-27,466	–	-0.01%	–
MMM	Exit	3M CO	$0	–	-8,200	–	-0.01%	–
	Exit	ALGOMA STL GROUP INC	$0	–	-124,480	–	-0.01%	–
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-859,643	–	-0.47%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$367,246,000	–	1,429,920	–	4.61%	–
GOOGL	New	ALPHABET INCcap stk cl a	$362,444,000	–	166,315	–	4.55%	–
DLTR	New	DOLLAR TREE INC	$254,452,000	–	1,632,671	–	3.19%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$244,231,000	–	4,205,804	–	3.06%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$229,671,000	–	5,973,239	–	2.88%	–
AJG	New	GALLAGHER ARTHUR J & CO	$216,386,000	–	1,327,195	–	2.72%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$204,251,000	–	2,171,956	–	2.56%	–
NWSA	New	NEWS CORP NEWcl a	$203,413,000	–	13,056,016	–	2.55%	–
PG	New	PROCTER AND GAMBLE CO	$198,572,000	–	1,380,983	–	2.49%	–
TFC	New	TRUIST FINL CORP	$193,410,000	–	4,077,794	–	2.43%	–
EA	New	ELECTRONIC ARTS INC	$187,625,000	–	1,542,332	–	2.36%	–
CARR	New	CARRIER GLOBAL CORPORATION	$184,089,000	–	5,162,352	–	2.31%	–
EFX	New	EQUIFAX INC	$176,913,000	–	967,899	–	2.22%	–
FB	New	META PLATFORMS INCcl a	$171,827,000	–	1,065,595	–	2.16%	–
JNJ	New	JOHNSON & JOHNSON	$158,175,000	–	891,079	–	1.98%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$156,149,000	–	4,406,024	–	1.96%	–
PRI	New	PRIMERICA INC	$153,937,000	–	1,286,132	–	1.93%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$148,452,000	–	1,418,013	–	1.86%	–
MA	New	MASTERCARD INCORPORATEDcl a	$146,542,000	–	464,506	–	1.84%	–
WLTW	New	WILLIS TOWERS WATSON PLC LTD	$142,813,000	–	723,506	–	1.79%	–
EBAY	New	EBAY INC.	$130,283,000	–	3,126,545	–	1.64%	–
HLI	New	HOULIHAN LOKEY INCcl a	$128,304,000	–	1,625,544	–	1.61%	–
HSIC	New	HENRY SCHEIN INC	$127,265,000	–	1,658,393	–	1.60%	–
KAR	New	KAR AUCTION SVCS INC	$122,224,000	–	8,275,138	–	1.53%	–
PINC	New	PREMIER INCcl a	$120,418,000	–	3,374,933	–	1.51%	–
KMT	New	KENNAMETAL INC	$107,605,000	–	4,632,157	–	1.35%	–
GNTX	New	GENTEX CORP	$105,221,000	–	3,761,908	–	1.32%	–
ABC	New	AMERISOURCEBERGEN CORP	$103,919,000	–	734,513	–	1.30%	–
JEF	New	JEFFERIES FINL GROUP INC	$102,847,000	–	3,723,641	–	1.29%	–
AMZN	New	AMAZON COM INC	$100,580,000	–	946,994	–	1.26%	–
QSR	New	RESTAURANT BRANDS INTL INC	$98,408,000	–	1,963,875	–	1.24%	–
LOPE	New	GRAND CANYON ED INC	$90,486,000	–	960,675	–	1.14%	–
AZO	New	AUTOZONE INC	$89,401,000	–	41,599	–	1.12%	–
ROST	New	ROSS STORES INC	$86,641,000	–	1,233,678	–	1.09%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$84,938,000	–	1,774,486	–	1.07%	–
NOW	New	SERVICENOW INC	$81,949,000	–	172,335	–	1.03%	–
CBZ	New	CBIZ INC	$78,881,000	–	1,973,995	–	0.99%	–
STRA	New	STRATEGIC ED INC	$78,311,000	–	1,109,531	–	0.98%	–
FHI	New	FEDERATED HERMES INCcl b	$75,909,000	–	2,387,839	–	0.95%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$74,743,000	–	1,682,043	–	0.94%	–
GIB	New	CGI INCcl a sub vtg	$73,805,000	–	927,491	–	0.93%	–
EME	New	EMCOR GROUP INC	$70,826,000	–	687,903	–	0.89%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$70,737,000	–	1,076,341	–	0.89%	–
CNI	New	CANADIAN NATL RY CO	$69,718,000	–	620,471	–	0.88%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$68,704,000	–	168	–	0.86%	–
MAIN	New	MAIN STR CAP CORP	$66,683,000	–	1,730,667	–	0.84%	–
SNX	New	TD SYNNEX CORPORATION	$66,110,000	–	725,689	–	0.83%	–
	New	HILLMAN SOLUTIONS CORP	$65,702,000	–	7,604,368	–	0.82%	–
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$63,787,000	–	2,167,022	–	0.80%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$62,159,000	–	534,931	–	0.78%	–
RY	New	ROYAL BK CDA	$61,278,000	–	633,525	–	0.77%	–
ORCL	New	ORACLE CORP	$59,695,000	–	854,377	–	0.75%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$59,186,000	–	789,573	–	0.74%	–
STN	New	STANTEC INC	$57,828,000	–	1,321,465	–	0.73%	–
BNS	New	BANK NOVA SCOTIA B C	$57,801,000	–	977,711	–	0.72%	–
TD	New	TORONTO DOMINION BK ONT	$56,587,000	–	863,848	–	0.71%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$54,929,000	–	201,192	–	0.69%	–
SGMS	New	LIGHT & WONDER INC	$54,781,000	–	1,165,801	–	0.69%	–
GNRC	New	GENERAC HLDGS INC	$53,098,000	–	252,150	–	0.67%	–
TRP	New	TC ENERGY CORP	$50,941,000	–	984,427	–	0.64%	–
	New	QUIDELORTHO CORP	$48,145,000	–	495,421	–	0.60%	–
SSD	New	SIMPSON MFG INC	$46,121,000	–	458,410	–	0.58%	–
GGG	New	GRACO INC	$46,006,000	–	774,379	–	0.58%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$44,043,000	–	458,255	–	0.55%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$37,747,000	–	859,643	–	0.47%	–
	New	BRIDGE INVT GROUP HLDGS INC	$36,078,000	–	2,481,309	–	0.45%	–
CIGI	New	COLLIERS INTL GROUP INC	$35,391,000	–	323,371	–	0.44%	–
CPRT	New	COPART INC	$34,413,000	–	316,700	–	0.43%	–
ENB	New	ENBRIDGE INC	$31,617,000	–	749,466	–	0.40%	–
LH	New	LABORATORY CORP AMER HLDGS	$28,488,000	–	121,558	–	0.36%	–
IAA	New	IAA INC	$26,213,000	–	799,897	–	0.33%	–
SKY	New	SKYLINE CHAMPION CORPORATION	$26,242,000	–	553,390	–	0.33%	–
EQC	New	EQUITY COMWLTH	$25,255,000	–	917,359	–	0.32%	–
CABO	New	CABLE ONE INC	$24,970,000	–	19,367	–	0.31%	–
MKTX	New	MARKETAXESS HLDGS INC	$22,259,000	–	86,944	–	0.28%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$16,989,000	–	307,319	–	0.21%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$15,851,000	–	430,034	–	0.20%	–
MCD	New	MCDONALDS CORP	$14,705,000	–	59,563	–	0.18%	–
BMO	New	BANK MONTREAL QUE	$14,409,000	–	150,000	–	0.18%	–
SLQT	New	SELECTQUOTE INC	$9,788,000	–	3,946,618	–	0.12%	–
OLLI	New	OLLIES BARGAIN OUTLET HLDGS	$6,046,000	–	102,918	–	0.08%	–
NTR	New	NUTRIEN LTD	$5,966,000	–	75,000	–	0.08%	–
BA	New	BOEING CO	$4,785,000	–	35,000	–	0.06%	–
MTB	New	M & T BK CORP	$4,782,000	–	30,000	–	0.06%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$4,235,000	–	154,271	–	0.05%	–
SU	New	SUNCOR ENERGY INC NEW	$3,792,000	–	108,191	–	0.05%	–
CRAI	New	CRA INTL INC	$1,951,000	–	21,842	–	0.02%	–
GBL	New	GAMCO INVS INC	$1,894,000	–	90,618	–	0.02%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$1,242,000	–	19,096	–	0.02%	–
CNQ	New	CANADIAN NAT RES LTD	$1,187,000	–	22,116	–	0.02%	–
MNDO	New	MIND C T I LTDord	$1,090,000	–	456,254	–	0.01%	–
	New	ALGOMA STL GROUP INC	$1,111,000	–	124,480	–	0.01%	–
JPM	New	JPMORGAN CHASE & CO	$1,099,000	–	9,761	–	0.01%	–
MMM	New	3M CO	$1,061,000	–	8,200	–	0.01%	–
SELF	New	GLOBAL SELF STORAGE INC	$1,010,000	–	179,412	–	0.01%	–
TU	New	TELUS CORPORATION	$807,000	–	36,275	–	0.01%	–
TRI	New	THOMSON REUTERS CORP.	$803,000	–	7,709	–	0.01%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE CO	$743,000	–	17,518	–	0.01%	–
YUMC	New	YUM CHINA HLDGS INC	$618,000	–	12,748	–	0.01%	–
BEN	New	FRANKLIN RESOURCES INC	$640,000	–	27,466	–	0.01%	–
CDW	New	CDW CORP	$576,000	–	3,654	–	0.01%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$595,000	–	13,373	–	0.01%	–
WHLRD	New	WHEELER REAL ESTATE INVT TRpfd cnv ser d	$538,000	–	40,600	–	0.01%	–
NWS	New	NEWS CORP NEWcl b	$487,000	–	30,626	–	0.01%	–
VVV	New	VALVOLINE INC	$397,000	–	13,770	–	0.01%	–
INVH	New	INVITATION HOMES INC	$414,000	–	11,642	–	0.01%	–
EXPD	New	EXPEDITORS INTL WASH INC	$363,000	–	3,721	–	0.01%	–
AIN	New	ALBANY INTL CORPcl a	$383,000	–	4,863	–	0.01%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$281,000	–	5,206	–	0.00%	–
CW	New	CURTISS WRIGHT CORP	$302,000	–	2,287	–	0.00%	–
	New	AKUMIN INC	$208,000	–	347,095	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
LW	Exit	LAMB WESTON HLDGS INC	$0	–	-4,017	–	-0.00%	–
CW	Exit	CURTISS WRIGHT CORP	$0	–	-2,287	–	-0.00%	–
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-5,206	–	-0.00%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-3,721	–	-0.00%	–
VVV	Exit	VALVOLINE INC	$0	–	-13,770	–	-0.00%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-4,863	–	-0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-15,973	–	-0.00%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-11,642	–	-0.00%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-22,329	–	-0.01%	–
IT	Exit	GARTNER INC	$0	–	-1,565	–	-0.01%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-17,896	–	-0.01%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-5,868	–	-0.01%	–
TU	Exit	TELUS CORPORATION	$0	–	-34,338	–	-0.01%	–
CDW	Exit	CDW CORP	$0	–	-3,654	–	-0.01%	–
BIPC	Exit	BROOKFIELD INFRASTRUCTURE CO	$0	–	-12,982	–	-0.01%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-27,466	–	-0.01%	–
	Exit	AKUMIN INC	$0	–	-347,095	–	-0.01%	–
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-179,412	–	-0.01%	–
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-17,866	–	-0.01%	–
MMM	Exit	3M CO	$0	–	-8,200	–	-0.01%	–
MNDO	Exit	MIND C T I LTDord	$0	–	-456,254	–	-0.01%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-24,308	–	-0.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-9,761	–	-0.02%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-48,755	–	-0.02%	–
CRAI	Exit	CRA INTL INC	$0	–	-21,842	–	-0.02%	–
GBL	Exit	GAMCO INVS INC	$0	–	-90,618	–	-0.02%	–
BA	Exit	BOEING CO	$0	–	-15,000	–	-0.03%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-163,464	–	-0.03%	–
MTB	Exit	M & T BK CORP	$0	–	-25,000	–	-0.04%	–
	Exit	GENERAL ELECTRIC CO	$0	–	-50,000	–	-0.05%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-60,000	–	-0.05%	–
RMAX	Exit	RE MAX HLDGS INCcl a	$0	–	-294,320	–	-0.09%	–
MCD	Exit	MCDONALDS CORP	$0	–	-44,563	–	-0.10%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-629,500	–	-0.11%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-199,795	–	-0.12%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-130,000	–	-0.13%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-530,348	–	-0.16%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-331,051	–	-0.17%	–
MKTX	Exit	MARKETAXESS HLDGS INC	$0	–	-70,328	–	-0.29%	–
MDP	Exit	MEREDITH CORP	$0	–	-539,253	–	-0.29%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-543,181	–	-0.30%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-128,725	–	-0.36%	–
SSD	Exit	SIMPSON MFG INC	$0	–	-371,012	–	-0.39%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-420,266	–	-0.39%	–
	Exit	BRIDGE INVT GROUP HLDGS INC	$0	–	-2,457,750	–	-0.43%	–
CPRT	Exit	COPART INC	$0	–	-335,903	–	-0.46%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-310,613	–	-0.48%	–
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-1,090,040	–	-0.50%	–
QDEL	Exit	QUIDEL CORP	$0	–	-361,098	–	-0.50%	–
GGG	Exit	GRACO INC	$0	–	-748,865	–	-0.51%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-2,188,568	–	-0.56%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-449,683	–	-0.56%	–
CBZ	Exit	CBIZ INC	$0	–	-1,868,079	–	-0.59%	–
	Exit	HILLMAN SOLUTIONS CORP	$0	–	-5,083,086	–	-0.59%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-1,309,704	–	-0.60%	–
NTR	Exit	NUTRIEN LTD	$0	–	-946,126	–	-0.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-236,858	–	-0.63%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-3,996,616	–	-0.64%	–
MAIN	Exit	MAIN STR CAP CORP	$0	–	-1,657,192	–	-0.67%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-913,552	–	-0.69%	–
STRA	Exit	STRATEGIC ED INC	$0	–	-1,018,722	–	-0.70%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-674,413	–	-0.71%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-181	–	-0.73%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-2,329,223	–	-0.74%	–
EME	Exit	EMCOR GROUP INC	$0	–	-668,161	–	-0.76%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-1,446,806	–	-0.79%	–
LOPE	Exit	GRAND CANYON ED INC	$0	–	-923,092	–	-0.80%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-1,362,783	–	-0.82%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-1,278,192	–	-0.83%	–
TRP	Exit	TC ENERGY CORP	$0	–	-1,796,132	–	-0.85%	–
RY	Exit	ROYAL BK CDA	$0	–	-901,535	–	-0.88%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-3,119,451	–	-0.89%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-263,345	–	-0.90%	–
ENB	Exit	ENBRIDGE INC	$0	–	-2,320,902	–	-0.91%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-226,989	–	-0.91%	–
KMT	Exit	KENNAMETAL INC	$0	–	-2,809,642	–	-0.94%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-835,916	–	-0.95%	–
STN	Exit	STANTEC INC	$0	–	-2,155,596	–	-0.99%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-1,225,863	–	-1.02%	–
SNX	Exit	SYNNEX CORP	$0	–	-1,039,504	–	-1.06%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,333,147	–	-1.14%	–
GNTX	Exit	GENTEX CORP	$0	–	-3,687,155	–	-1.19%	–
NOW	Exit	SERVICENOW INC	$0	–	-196,877	–	-1.20%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-3,416,232	–	-1.24%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-2,105,008	–	-1.26%	–
WLTW	Exit	WILLIS TOWERS WATSON PLC LTD	$0	–	-558,174	–	-1.27%	–
PINC	Exit	PREMIER INCcl a	$0	–	-3,436,965	–	-1.30%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-2,703,682	–	-1.42%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-10,852,734	–	-1.43%	–
HLI	Exit	HOULIHAN LOKEY INCcl a	$0	–	-1,615,859	–	-1.46%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-1,070,733	–	-1.49%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-4,276,610	–	-1.60%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-1,723,539	–	-1.70%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-2,286,177	–	-1.71%	–
PRI	Exit	PRIMERICA INC	$0	–	-1,251,609	–	-1.88%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-1,327,721	–	-1.93%	–
EFX	Exit	EQUIFAX INC	$0	–	-833,196	–	-2.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,391,776	–	-2.20%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-6,443,539	–	-2.23%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-2,389,848	–	-2.24%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-4,045,718	–	-2.32%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-1,711,220	–	-2.34%	–
AZO	Exit	AUTOZONE INC	$0	–	-145,117	–	-2.42%	–
EBAY	Exit	EBAY INC.	$0	–	-3,594,287	–	-2.45%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-2,183,575	–	-2.46%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-2,120,157	–	-2.48%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-3,103,075	–	-2.61%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-5,207,997	–	-2.64%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-4,011,878	–	-2.73%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-11,934,014	–	-2.75%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,146,740	–	-3.81%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,642,652	–	-4.54%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-188,813	–	-4.95%	–

Q3 2021

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$504,795,000	+6.6%	188,813	-2.6%	4.95%	+7.1%
MSFT	Sell	MICROSOFT CORP	$463,096,000	+0.8%	1,642,652	-3.2%	4.54%	+1.2%
FB	Sell	FACEBOOK INCcl a	$389,192,000	-4.9%	1,146,740	-2.6%	3.81%	-4.6%
NWSA	Buy	NEWS CORP NEWcl a	$280,807,000	+11.5%	11,934,014	+22.1%	2.75%	+12.0%
SSNC	Buy	SS&C TECHNOLOGIES HLDGS INC	$278,424,000	-3.2%	4,011,878	+0.5%	2.73%	-2.9%
CARR	Sell	CARRIER GLOBAL CORPORATION	$269,566,000	-7.9%	5,207,997	-13.6%	2.64%	-7.6%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$266,740,000	-4.8%	3,103,075	-5.5%	2.61%	-4.4%
ABC	Sell	AMERISOURCEBERGEN CORP	$253,253,000	+0.7%	2,120,157	-3.5%	2.48%	+1.1%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$250,718,000	-6.9%	2,183,575	-3.7%	2.46%	-6.5%
EBAY	Sell	EBAY INC.	$250,414,000	-4.2%	3,594,287	-3.4%	2.45%	-3.8%
AZO	Sell	AUTOZONE INC	$246,407,000	-19.3%	145,117	-29.1%	2.42%	-19.0%
PG	Sell	PROCTER AND GAMBLE CO	$239,229,000	-0.1%	1,711,220	-3.6%	2.34%	+0.3%
TFC	Sell	TRUIST FINL CORP	$237,281,000	+2.2%	4,045,718	-3.3%	2.32%	+2.6%
DLTR	Sell	DOLLAR TREE INC	$228,756,000	-7.2%	2,389,848	-3.5%	2.24%	-6.8%
ALSN	Sell	ALLISON TRANSMISSION HLDGS I	$227,586,000	-14.4%	6,443,539	-3.7%	2.23%	-14.1%
JNJ	Sell	JOHNSON & JOHNSON	$224,772,000	-11.6%	1,391,776	-9.8%	2.20%	-11.2%
EFX	Sell	EQUIFAX INC	$211,149,000	+1.9%	833,196	-3.7%	2.07%	+2.2%
AJG	Buy	GALLAGHER ARTHUR J & CO	$197,366,000	+8.7%	1,327,721	+2.5%	1.93%	+9.1%
PRI	Buy	PRIMERICA INC	$192,285,000	+3.1%	1,251,609	+2.7%	1.88%	+3.4%
HSIC	Sell	HENRY SCHEIN INC	$174,115,000	-0.8%	2,286,177	-3.4%	1.71%	-0.4%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$173,388,000	-5.2%	1,723,539	-28.8%	1.70%	-4.8%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$163,024,000	+1.3%	4,276,610	+3.2%	1.60%	+1.7%
EA	Buy	ELECTRONIC ARTS INC	$152,312,000	+172.1%	1,070,733	+175.2%	1.49%	+173.4%
HLI	Buy	HOULIHAN LOKEY INCcl a	$148,821,000	+14.9%	1,615,859	+2.0%	1.46%	+15.3%
HMHC	Buy	HOUGHTON MIFFLIN HARCOURT CO	$145,752,000	+25.2%	10,852,734	+2.9%	1.43%	+25.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$144,898,000	+0.0%	2,703,682	-4.8%	1.42%	+0.4%
PINC	Buy	PREMIER INCcl a	$133,217,000	+15.1%	3,436,965	+3.3%	1.30%	+15.5%
WLTW	Buy	WILLIS TOWERS WATSON PLC LTD	$129,753,000	+59.3%	558,174	+57.6%	1.27%	+60.0%
QSR	Buy	RESTAURANT BRANDS INTL INC	$128,987,000	-4.0%	2,105,008	+1.0%	1.26%	-3.7%
JEF	Sell	JEFFERIES FINL GROUP INC	$126,845,000	-21.9%	3,416,232	-28.1%	1.24%	-21.6%
NOW	Sell	SERVICENOW INC	$122,511,000	+9.2%	196,877	-3.6%	1.20%	+9.7%
GNTX	Buy	GENTEX CORP	$121,602,000	+2.2%	3,687,155	+2.6%	1.19%	+2.7%
ORCL	Sell	ORACLE CORP	$116,157,000	-27.2%	1,333,147	-35.0%	1.14%	-27.0%
SNX	Buy	SYNNEX CORP	$108,212,000	-11.1%	1,039,504	+3.9%	1.06%	-10.8%
GIB	Buy	CGI INCcl a sub vtg	$104,146,000	+2.1%	1,225,863	+9.0%	1.02%	+2.5%
STN	Sell	STANTEC INC	$101,278,000	-1.8%	2,155,596	-6.7%	0.99%	-1.5%
CNI	Sell	CANADIAN NATL RY CO	$96,885,000	+3.7%	835,916	-5.6%	0.95%	+4.1%
KMT	Buy	KENNAMETAL INC	$96,174,000	-0.5%	2,809,642	+4.4%	0.94%	-0.2%
GNRC	Buy	GENERAC HLDGS INC	$92,764,000	+1.2%	226,989	+2.8%	0.91%	+1.6%
ENB	Sell	ENBRIDGE INC	$92,477,000	-5.8%	2,320,902	-5.3%	0.91%	-5.4%
MA	New	MASTERCARD INCORPORATEDcl a	$91,560,000	–	263,345	–	0.90%	–
SJR	Sell	SHAW COMMUNICATIONS INCcl b conv	$90,697,000	-5.2%	3,119,451	-5.5%	0.89%	-4.8%
RY	Sell	ROYAL BK CDA	$89,719,000	-7.2%	901,535	-5.6%	0.88%	-6.9%
TRP	Sell	TC ENERGY CORP	$86,459,000	-7.8%	1,796,132	-5.2%	0.85%	-7.5%
TD	Sell	TORONTO DOMINION BK ONT	$84,631,000	-8.8%	1,278,192	-3.4%	0.83%	-8.5%
BNS	Sell	BANK NOVA SCOTIA B C	$83,893,000	-9.0%	1,362,783	-3.9%	0.82%	-8.7%
LOPE	Buy	GRAND CANYON ED INC	$81,195,000	+0.5%	923,092	+2.8%	0.80%	+0.9%
BRO	Sell	BROWN & BROWN INC	$80,225,000	+3.4%	1,446,806	-0.9%	0.79%	+3.8%
EME	Buy	EMCOR GROUP INC	$77,092,000	-4.0%	668,161	+2.5%	0.76%	-3.7%
FHI	Buy	FEDERATED HERMES INCcl b	$75,700,000	-1.2%	2,329,223	+3.1%	0.74%	-0.8%
NTRS	Sell	NORTHERN TR CORP	$72,708,000	-10.1%	674,413	-3.6%	0.71%	-9.7%
STRA	Buy	STRATEGIC ED INC	$71,820,000	-4.2%	1,018,722	+3.4%	0.70%	-3.8%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$70,517,000	+11.3%	913,552	+4.2%	0.69%	+11.6%
MAIN	Buy	MAIN STR CAP CORP	$68,111,000	+0.5%	1,657,192	+0.4%	0.67%	+0.8%
KAR	Buy	KAR AUCTION SVCS INC	$65,505,000	+36.2%	3,996,616	+45.8%	0.64%	+36.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$64,648,000	-7.1%	236,858	-5.4%	0.63%	-6.8%
NTR	Sell	NUTRIEN LTD	$61,419,000	-24.0%	946,126	-29.0%	0.60%	-23.7%
RCI	Sell	ROGERS COMMUNICATIONS INCcl b	$61,173,000	-17.2%	1,309,704	-5.8%	0.60%	-16.9%
	New	HILLMAN SOLUTIONS CORP	$60,641,000	–	5,083,086	–	0.59%	–
CBZ	Sell	CBIZ INC	$60,414,000	-2.2%	1,868,079	-0.9%	0.59%	-1.8%
CIGI	Sell	COLLIERS INTL GROUP INC	$57,570,000	+7.8%	449,683	-5.7%	0.56%	+8.3%
EQC	Buy	EQUITY COMWLTH	$56,859,000	+8.3%	2,188,568	+9.2%	0.56%	+8.6%
GGG	Buy	GRACO INC	$52,398,000	-5.9%	748,865	+1.8%	0.51%	-5.7%
QDEL	Buy	QUIDEL CORP	$50,969,000	+15.9%	361,098	+5.2%	0.50%	+16.3%
FUN	Buy	CEDAR FAIR L Pdepositry unit	$50,556,000	+7.6%	1,090,040	+4.0%	0.50%	+7.8%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE	$48,869,000	+9.5%	310,613	+10.8%	0.48%	+9.9%
CPRT	Buy	COPART INC	$46,596,000	+22.2%	335,903	+16.1%	0.46%	+22.8%
	New	BRIDGE INVT GROUP HLDGS INC	$43,428,000	–	2,457,750	–	0.43%	–
AWI	Buy	ARMSTRONG WORLD INDS INC NEW	$40,123,000	-5.8%	420,266	+5.8%	0.39%	-5.5%
SSD	Buy	SIMPSON MFG INC	$39,687,000	-0.6%	371,012	+2.7%	0.39%	-0.3%
LH	Buy	LABORATORY CORP AMER HLDGS	$36,228,000	+18.7%	128,725	+16.3%	0.36%	+19.1%
KOF	Sell	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$30,565,000	-8.4%	543,181	-13.8%	0.30%	-8.0%
MDP	Sell	MEREDITH CORP	$30,036,000	-26.7%	539,253	-42.8%	0.29%	-26.5%
MKTX	Buy	MARKETAXESS HLDGS INC	$29,586,000	-6.9%	70,328	+2.5%	0.29%	-6.5%
ARGO	Buy	ARGO GROUP INTL HLDGS LTD	$17,287,000	+6.4%	331,051	+5.6%	0.17%	+6.3%
ZTO	Buy	ZTO EXPRESS CAYMAN INCsponsored ads a	$16,260,000	+1.9%	530,348	+0.9%	0.16%	+1.9%
YUMC	Buy	YUM CHINA HLDGS INC	$11,813,000	+11.2%	199,795	+22.7%	0.12%	+11.5%
PCOM	Buy	POINTS INTL LTD	$10,772,000	+12.7%	629,500	+14.2%	0.11%	+14.0%
RMAX	Sell	RE MAX HLDGS INCcl a	$9,171,000	-79.9%	294,320	-78.4%	0.09%	-79.7%
	Sell	GENERAL ELECTRIC CO	$5,152,000	-4.3%	50,000	-87.5%	0.05%	-5.7%
SU	Sell	SUNCOR ENERGY INC NEW	$3,390,000	-17.5%	163,464	-4.7%	0.03%	-17.5%
CNQ	Buy	CANADIAN NAT RES LTD	$1,783,000	+1.7%	48,755	+0.9%	0.02%	0.0%
BAMR	Sell	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$990,000	-5.4%	17,866	-9.7%	0.01%	0.0%
BIPC	Buy	BROOKFIELD INFRASTRUCTURE CO	$778,000	+9.1%	12,982	+37.3%	0.01%	+14.3%
TRI	Sell	THOMSON REUTERS CORP.	$649,000	-2.4%	5,868	-12.3%	0.01%	0.0%
NWS	New	NEWS CORP NEWcl b	$519,000	–	22,329	–	0.01%	–
DEO	Exit	DIAGEO PLC S-ADRspon adr new	$0	–	-4,736	–	-0.01%	–
YMM	Exit	FULL TRUCK ALLIANCE CO LTDsponsored ads	$0	–	-72,043	–	-0.01%	–
ARKO	Exit	ARKO CORP	$0	–	-275,933	–	-0.02%	–
CP	Exit	CDN PACIFIC RR LTD	$0	–	-124,543	–	-0.09%	–
LCY	Exit	LANDCADIA HOLDINGS III INC-A	$0	–	-936,626	–	-0.11%	–
SABR	Exit	SABRE CORP	$0	–	-7,957,416	–	-0.97%	–

Q2 2021

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INC-Acap stk cl a	$473,334,000	–	193,847	–	4.62%	–
MSFT	New	MICROSOFT CORP	$459,488,000	–	1,696,155	–	4.49%	–
FB	New	FACEBOOK INC-Acl a	$409,367,000	–	1,177,322	–	4.00%	–
AZO	New	AUTOZONE INC	$305,328,000	–	204,613	–	2.98%	–
CARR	New	CARRIER GLOBAL CORP	$292,845,000	–	6,025,617	–	2.86%	–
SSNC	New	SS&C TECH HLDG INC	$287,695,000	–	3,992,432	–	2.81%	–
RTX	New	RAYTHEON TECHNOL	$280,173,000	–	3,284,175	–	2.74%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$269,229,000	–	2,268,147	–	2.63%	–
ALSN	New	ALLISON TRANSMISSION HLDG INC	$265,842,000	–	6,689,537	–	2.60%	–
EBAY	New	EBAY INC	$261,345,000	–	3,722,335	–	2.55%	–
JNJ	New	JOHNSON & JOHNSON	$254,153,000	–	1,542,753	–	2.48%	–
NWSA	New	NEWS CORP-CL Acl a	$251,782,000	–	9,770,369	–	2.46%	–
ABC	New	AMERISOURCEBERGEN CORP	$251,486,000	–	2,196,578	–	2.46%	–
DLTR	New	DOLLAR TREE INC	$246,403,000	–	2,476,413	–	2.41%	–
PG	New	PROCTER & GAMBLE CO	$239,475,000	–	1,774,810	–	2.34%	–
TFC	New	TRUIST FINANCIAL CORP	$232,104,000	–	4,182,048	–	2.27%	–
EFX	New	EQUIFAX INC	$207,313,000	–	865,573	–	2.02%	–
PRI	New	PRIMERICA INC	$186,588,000	–	1,218,414	–	1.82%	–
PAG	New	PENSKE AUTO GRP INC	$182,859,000	–	2,422,297	–	1.78%	–
AJG	New	ARTHUR J GALLAGHER & CO	$181,504,000	–	1,295,718	–	1.77%	–
HSIC	New	HENRY SCHEIN INC	$175,494,000	–	2,365,471	–	1.71%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC.	$162,498,000	–	4,751,393	–	1.59%	–
AMH	New	AMERICAN HOMES 4 RENT REITcl a	$160,917,000	–	4,142,016	–	1.57%	–
ORCL	New	ORACLE CORP	$159,603,000	–	2,050,396	–	1.56%	–
BAM	New	BROOKFIELD ASSET MGMT INC CL Acl a ltd vt sh	$144,834,000	–	2,838,525	–	1.41%	–
QSR	New	RESTAURANT BRAND INTERN	$134,338,000	–	2,084,617	–	1.31%	–
HLI	New	HOULIHAN LOKEY INCcl a	$129,527,000	–	1,583,648	–	1.26%	–
SNX	New	SYNNEX CORP	$121,762,000	–	1,000,014	–	1.19%	–
GNTX	New	GENTEX CORP	$118,936,000	–	3,594,327	–	1.16%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$116,408,000	–	10,544,196	–	1.14%	–
PINC	New	PREMIER INC CL Acl a	$115,789,000	–	3,328,219	–	1.13%	–
NOW	New	SERVICENOW INC	$112,207,000	–	204,179	–	1.10%	–
STN	New	STANTEC INC	$103,143,000	–	2,311,263	–	1.01%	–
GIB	New	CGI INCcl a sub vtg	$102,004,000	–	1,124,874	–	1.00%	–
SABR	New	SABRE CORP	$99,309,000	–	7,957,416	–	0.97%	–
ENB	New	ENBRIDGE INC	$98,175,000	–	2,451,699	–	0.96%	–
KMT	New	KENNAMETAL INC	$96,654,000	–	2,690,825	–	0.94%	–
RY	New	ROYAL BANK OF CANADA	$96,728,000	–	954,578	–	0.94%	–
SJR	New	SHAW COM CL B NON-VTGcl b conv	$95,654,000	–	3,301,425	–	0.93%	–
TRP	New	TC Energy Corp	$93,777,000	–	1,894,806	–	0.92%	–
CNI	New	CDN NATL RAILWAY CO	$93,454,000	–	885,598	–	0.91%	–
TD	New	TORONTO-DOMINION BANK	$92,774,000	–	1,323,637	–	0.91%	–
BNS	New	BANK OF NOVA SCOTIA	$92,196,000	–	1,417,362	–	0.90%	–
GNRC	New	GENERAC HOLDINGS	$91,639,000	–	220,737	–	0.90%	–
WLTW	New	WILLIS TOWERS WA	$81,467,000	–	354,173	–	0.80%	–
NTRS	New	NORTHERN TRUST CORP	$80,900,000	–	699,705	–	0.79%	–
NTR	New	NUTRIEN LTD	$80,777,000	–	1,332,909	–	0.79%	–
LOPE	New	GRAND CANYON EDU	$80,766,000	–	897,699	–	0.79%	–
EME	New	EMCOR GROUP INC	$80,340,000	–	652,166	–	0.78%	–
BRO	New	BROWN & BROWN INC	$77,588,000	–	1,460,068	–	0.76%	–
FHI	New	FEDERATED HERMES INCcl b	$76,606,000	–	2,259,106	–	0.75%	–
BRKA	New	BERKSHIRE HATHAWAY CL Acl a	$75,767,000	–	181	–	0.74%	–
STRA	New	STRATEGIC EDUCATION INC	$74,965,000	–	985,602	–	0.73%	–
RCI	New	ROGERS COMMUNI-Bcl b	$73,895,000	–	1,389,767	–	0.72%	–
BRKB	New	BERKSHIRE HATHAWAY CL Bcl b new	$69,601,000	–	250,434	–	0.68%	–
MAIN	New	MAIN STREET CAPITAL CORP	$67,792,000	–	1,649,831	–	0.66%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$63,368,000	–	876,583	–	0.62%	–
CBZ	New	CBIZ INC	$61,781,000	–	1,885,284	–	0.60%	–
EA	New	ELECTRONIC ARTS INC	$55,968,000	–	389,124	–	0.55%	–
GGG	New	GRACO INC	$55,679,000	–	735,526	–	0.54%	–
CIGI	New	COLLIERS INTERNA	$53,386,000	–	476,634	–	0.52%	–
EQC	New	EQUITY	$52,505,000	–	2,004,020	–	0.51%	–
KAR	New	KAR AUCTION SERV INC	$48,097,000	–	2,740,568	–	0.47%	–
FUN	New	CEDAR FAIR LPdepositry unit	$46,985,000	–	1,048,077	–	0.46%	–
RMAX	New	RE/MAX HOLDINGS INCcl a	$45,518,000	–	1,365,685	–	0.44%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$44,642,000	–	280,238	–	0.44%	–
QDEL	New	QUIDEL CORP	$43,981,000	–	343,282	–	0.43%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES	$42,613,000	–	397,285	–	0.42%	–
MDP	New	MEREDITH CORP	$40,985,000	–	943,492	–	0.40%	–
SSD	New	SIMPSON MFG	$39,907,000	–	361,344	–	0.39%	–
CPRT	New	COPART INC	$38,131,000	–	289,247	–	0.37%	–
KOF	New	COCA-COLA FEMSA SAB S-ADRsponsord adr rep	$33,359,000	–	630,247	–	0.33%	–
MKTX	New	MARKETAXESS HLDG INC	$31,793,000	–	68,580	–	0.31%	–
LH	New	LAB CORP OF AMER HLDG	$30,532,000	–	110,683	–	0.30%	–
ARGO	New	ARGO GROUP INTL	$16,245,000	–	313,427	–	0.16%	–
ZTO	New	ZTO EXPRESS -ADRsponsored ads a	$15,958,000	–	525,808	–	0.16%	–
BMO	New	BANK OF MONTREAL	$13,327,000	–	130,000	–	0.13%	–
LCY	New	LANDCADIA HOLDINGS III INC-A	$11,614,000	–	936,626	–	0.11%	–
YUMC	New	YUM CHINA HO	$10,623,000	–	162,767	–	0.10%	–
MCD	New	MCDONALDS CORP	$10,294,000	–	44,563	–	0.10%	–
CP	New	CDN PACIFIC RR LTD	$9,578,000	–	124,543	–	0.09%	–
PCOM	New	POINTS INTERNATI	$9,561,000	–	551,165	–	0.09%	–
	New	GEN ELEC CO	$5,384,000	–	400,000	–	0.05%	–
HYG	New	iSHARES iBOXX HI-YLD BOND ETFiboxx hi yd etf	$5,282,000	–	60,000	–	0.05%	–
SU	New	SUNCOR ENERGY INC	$4,107,000	–	171,457	–	0.04%	–
BA	New	BOEING CO	$3,593,000	–	15,000	–	0.04%	–
MTB	New	M&T BK CORP	$3,633,000	–	25,000	–	0.04%	–
ARKO	New	ARKO CORP	$2,536,000	–	275,933	–	0.02%	–
GBL	New	GAMCO INVESTO-A	$2,275,000	–	90,618	–	0.02%	–
CRAI	New	CRA INTERNATIONA	$1,870,000	–	21,842	–	0.02%	–
CNQ	New	CDN NAT RES	$1,754,000	–	48,315	–	0.02%	–
MMM	New	3M CO	$1,629,000	–	8,200	–	0.02%	–
JPM	New	JP MORGAN CHASE & CO	$1,518,000	–	9,761	–	0.02%	–
MNDO	New	MIND CTI LTDord	$1,428,000	–	456,254	–	0.01%	–
YMM	New	FULL TRUCK ALLIANCE CO LTDsponsored ads	$1,468,000	–	72,043	–	0.01%	–
RBA	New	RITCHIE BROS AUCTIONEERS INC	$1,441,000	–	24,308	–	0.01%	–
	New	AKUMIN INC	$1,093,000	–	347,095	–	0.01%	–
BAMR	New	BROOKFIELD ASSET MANAGEMEN-Acl a exch lt vtg	$1,046,000	–	19,783	–	0.01%	–
DEO	New	DIAGEO PLC S-ADRspon adr new	$908,000	–	4,736	–	0.01%	–
SELF	New	GLOBAL SELF STOR	$935,000	–	179,412	–	0.01%	–
BEN	New	FRANKLIN RESOURCES INC	$879,000	–	27,466	–	0.01%	–
TU	New	TELUS CORP	$770,000	–	34,338	–	0.01%	–
BIPC	New	BROOKFIELD INF-A	$713,000	–	9,456	–	0.01%	–
CDW	New	CDW CORP/DE	$638,000	–	3,654	–	0.01%	–
TRI	New	THOMSON REUTERS CORP	$665,000	–	6,689	–	0.01%	–
IMO	New	IMPERIAL OIL LTD	$546,000	–	17,896	–	0.01%	–
HP	New	HELMERICH & PAYN	$521,000	–	15,973	–	0.01%	–
EXPD	New	EXPEDITORS INTL OF WASHINGTON	$471,000	–	3,721	–	0.01%	–
IT	New	GARTNER INC	$379,000	–	1,565	–	0.00%	–
AIN	New	ALBANY INTL CORPcl a	$434,000	–	4,863	–	0.00%	–
INVH	New	INVITATION HOMES	$434,000	–	11,642	–	0.00%	–
VVV	New	VALVOLINE INC	$447,000	–	13,770	–	0.00%	–
LW	New	LAMB WESTON	$324,000	–	4,017	–	0.00%	–
IART	New	INTEGRA LIFESCIE	$355,000	–	5,206	–	0.00%	–
CW	New	CURTISS-WRIGHT	$272,000	–	2,287	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
TU	Exit	TELUS CORP	$0	–	-10,101	–	-0.00%	–
STAY	Exit	EXTENDED STAY AMunit 99/99/9999b	$0	–	-15,445	–	-0.00%	–
LW	Exit	LAMB WESTON	$0	–	-4,017	–	-0.00%	–
VVV	Exit	VALVOLINE INC	$0	–	-13,770	–	-0.00%	–
AIN	Exit	ALBANY INTL CORPcl a	$0	–	-4,863	–	-0.00%	–
HP	Exit	HELMERICH & PAYN	$0	–	-15,973	–	-0.00%	–
BPY	Exit	BROOKFIELD PROPERTY PTNRS L.P.unit ltd partn	$0	–	-23,494	–	-0.00%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-21,586	–	-0.00%	–
IART	Exit	INTEGRA LIFESCIE	$0	–	-5,206	–	-0.00%	–
INVH	Exit	INVITATION HOMES	$0	–	-11,642	–	-0.00%	–
EXPD	Exit	EXPEDITORS INTL OF WASHINGTON	$0	–	-3,721	–	-0.00%	–
UFCS	Exit	UNITED FIRE GROUP	$0	–	-20,827	–	-0.01%	–
CDW	Exit	CDW CORP/DE	$0	–	-3,654	–	-0.01%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-27,466	–	-0.01%	–
CNQ	Exit	CDN NAT RES	$0	–	-31,700	–	-0.01%	–
DEO	Exit	DIAGEO PLC S-ADRspon adr new	$0	–	-4,736	–	-0.01%	–
SELF	Exit	GLOBAL SELF STOR	$0	–	-163,030	–	-0.01%	–
MTB	Exit	M&T BK CORP	$0	–	-10,000	–	-0.01%	–
MNDO	Exit	MIND CTI LTDord	$0	–	-399,355	–	-0.01%	–
GBL	Exit	GAMCO INVESTO-A	$0	–	-90,618	–	-0.01%	–
MMM	Exit	3M CO	$0	–	-8,200	–	-0.02%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-121,284	–	-0.02%	–
BA	Exit	BOEING CO	$0	–	-10,000	–	-0.02%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS INC	$0	–	-29,691	–	-0.02%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-19,522	–	-0.02%	–
RCI	Exit	ROGERS COMMUNI-Bcl b	$0	–	-56,405	–	-0.02%	–
GE	Exit	GEN ELEC CO	$0	–	-400,000	–	-0.03%	–
HYG	Exit	iSHARES iBOXX HI-YLD BOND ETFiboxx hi yd etf	$0	–	-60,000	–	-0.06%	–
AXTA	Exit	AXALTA COATING S	$0	–	-291,029	–	-0.07%	–
BMO	Exit	BANK OF MONTREAL	$0	–	-130,000	–	-0.09%	–
	Exit	AKUMIN INC	$0	–	-2,397,433	–	-0.09%	–
ARGO	Exit	ARGO GROUP INTL	$0	–	-274,558	–	-0.11%	–
EFT	Exit	Eaton Vance Floating-Rate Inco	$0	–	-874,823	–	-0.12%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-7,360,174	–	-0.14%	–
ZTO	Exit	ZTO EXPRESS -ADRsponsored ads a	$0	–	-438,993	–	-0.15%	–
LH	Exit	LAB CORP OF AMER HLDG	$0	–	-108,126	–	-0.23%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES	$0	–	-321,845	–	-0.25%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-1,089,675	–	-0.27%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-268,516	–	-0.28%	–
CP	Exit	CDN PACIFIC RR LTD	$0	–	-81,357	–	-0.28%	–
MCD	Exit	MCDONALDS CORP	$0	–	-116,345	–	-0.29%	–
KAR	Exit	KAR AUCTION SERV INC	$0	–	-1,945,270	–	-0.32%	–
KOF	Exit	COCA-COLA FEMSA SAB S-ADRsponsord adr rep	$0	–	-693,772	–	-0.32%	–
CPRT	Exit	COPART INC	$0	–	-282,611	–	-0.34%	–
MKTX	Exit	MARKETAXESS HLDG INC	$0	–	-64,987	–	-0.36%	–
SJR	Exit	SHAW COM CL B NON-VTGcl b conv	$0	–	-1,785,120	–	-0.37%	–
SSD	Exit	SIMPSON MFG	$0	–	-350,192	–	-0.39%	–
EQC	Exit	EQUITY	$0	–	-1,286,431	–	-0.39%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-825,019	–	-0.48%	–
CBZ	Exit	CBIZ INC	$0	–	-1,824,746	–	-0.48%	–
GGG	Exit	GRACO INC	$0	–	-713,059	–	-0.50%	–
CIGI	Exit	COLLIERS INTERNA	$0	–	-684,377	–	-0.52%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-1,596,963	–	-0.54%	–
BAH	Exit	BOOZ ALLEN HAMILTON HLDG CORPcl a	$0	–	-591,584	–	-0.56%	–
FUN	Exit	CEDAR FAIR LPdepositry unit	$0	–	-2,067,136	–	-0.66%	–
RMAX	Exit	RE/MAX HOLDINGS INCcl a	$0	–	-1,804,029	–	-0.67%	–
NTR	Exit	NUTRIEN LTD	$0	–	-1,599,399	–	-0.71%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-1,413,295	–	-0.73%	–
LOPE	Exit	GRAND CANYON EDU	$0	–	-809,679	–	-0.74%	–
KMT	Exit	KENNAMETAL INC	$0	–	-2,364,383	–	-0.78%	–
WDR	Exit	WADDELL & REED-Acl a	$0	–	-4,661,443	–	-0.79%	–
BNS	Exit	BANK OF NOVA SCOTIA	$0	–	-1,693,681	–	-0.80%	–
TD	Exit	TORONTO-DOMINION BANK	$0	–	-1,681,683	–	-0.89%	–
STRA	Exit	STRATEGIC EDUCATION INC	$0	–	-862,892	–	-0.90%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-1,210,187	–	-0.94%	–
RY	Exit	ROYAL BANK OF CA	$0	–	-1,170,878	–	-0.94%	–
SABR	Exit	SABRE CORP	$0	–	-12,757,175	–	-0.95%	–
STN	Exit	STANTEC INC	$0	–	-2,768,269	–	-0.96%	–
TRP	Exit	TC Energy Corp	$0	–	-2,089,577	–	-1.00%	–
ENB	Exit	ENBRIDGE INC	$0	–	-3,037,628	–	-1.01%	–
HLI	Exit	HOULIHAN LOKEY INCcl a	$0	–	-1,535,423	–	-1.03%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL Bcl b new	$0	–	-442,553	–	-1.08%	–
PEP	Exit	PEPSICO INC	$0	–	-686,119	–	-1.08%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC.	$0	–	-5,543,495	–	-1.14%	–
BRKA	Exit	BERKSHIRE HATHAWAY CL Acl a	$0	–	-323	–	-1.18%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-1,039,564	–	-1.19%	–
PINC	Exit	PREMIER INC CL Acl a	$0	–	-3,205,584	–	-1.20%	–
PAG	Exit	PENSKE AUTO GRP INC	$0	–	-2,291,167	–	-1.25%	–
AMH	Exit	AMERICAN HOMES 4 RENT REITcl a	$0	–	-4,010,651	–	-1.30%	–
BAM	Exit	BROOKFIELD ASSET MGMT INC CL Acl a ltd vt sh	$0	–	-3,515,619	–	-1.32%	–
GNTX	Exit	GENTEX CORP	$0	–	-4,599,444	–	-1.35%	–
LHX	Exit	L3HARRIS TECHNOL	$0	–	-722,048	–	-1.40%	–
CNI	Exit	CDN NATL RAILWAY CO	$0	–	-1,158,968	–	-1.41%	–
BKNG	Exit	BOOKING HOLDINGS	$0	–	-73,738	–	-1.44%	–
QSR	Exit	RESTAURANT BRAND INTERN	$0	–	-2,288,239	–	-1.50%	–
PRI	Exit	PRIMERICA INC	$0	–	-1,160,932	–	-1.50%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-2,308,327	–	-1.55%	–
NWSA	Exit	NEWS CORP-CL Acl a	$0	–	-10,092,735	–	-1.61%	–
AJG	Exit	ARTHUR J GALLAGHER & CO	$0	–	-1,378,327	–	-1.66%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-1,965,064	–	-1.75%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-4,587,125	–	-1.88%	–
GNRC	Exit	GENERAC HOLDINGS	$0	–	-869,546	–	-1.92%	–
RTX	Exit	RAYTHEON TECHNOL	$0	–	-2,965,335	–	-1.95%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,263,470	–	-2.00%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-2,302,904	–	-2.40%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-2,245,415	–	-2.48%	–
ALSN	Exit	ALLISON TRANSMISSION HLDG INC	$0	–	-6,329,071	–	-2.54%	–
AZO	Exit	AUTOZONE INC	$0	–	-201,658	–	-2.71%	–
TFC	Exit	TRUIST FINANCIAL CORP	$0	–	-6,997,114	–	-3.04%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-9,063,205	–	-3.16%	–
SSNC	Exit	SS&C TECH HLDG INC	$0	–	-4,909,036	–	-3.39%	–
ORCL	Exit	ORACLE CORP	$0	–	-5,336,440	–	-3.63%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,860,490	–	-4.46%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,974,365	–	-5.05%	–
FB	Exit	FACEBOOK INC-Acl a	$0	–	-1,750,067	–	-5.23%	–
GOOGL	Exit	ALPHABET INC-Acap stk cl a	$0	–	-330,532	–	-5.53%	–

Q3 2020

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INC-Acap stk cl a	$484,428,000	+3.0%	330,532	-0.3%	5.53%	+0.4%
FB	Sell	FACEBOOK INC-Acl a	$458,343,000	+11.4%	1,750,067	-3.4%	5.23%	+8.6%
JNJ	Sell	JOHNSON & JOHNSON	$442,823,000	+5.1%	2,974,365	-0.7%	5.05%	+2.4%
MSFT	Sell	MICROSOFT CORP	$391,317,000	-8.2%	1,860,490	-11.2%	4.46%	-10.6%
ORCL	Buy	ORACLE CORP	$318,585,000	+8.2%	5,336,440	+0.2%	3.63%	+5.5%
SSNC	Sell	SS&C TECH HLDG INC	$297,095,000	+4.9%	4,909,036	-2.1%	3.39%	+2.2%
CARR	Sell	CARRIER GLOBAL CORP	$276,790,000	+32.0%	9,063,205	-4.0%	3.16%	+28.6%
TFC	Sell	TRUIST FINANCIAL CORP	$266,240,000	-1.9%	6,997,114	-3.1%	3.04%	-4.4%
AZO	Buy	AUTOZONE INC	$237,481,000	+10.2%	201,658	+5.6%	2.71%	+7.4%
ALSN	Sell	ALLISON TRANSMISSION HLDG INC	$222,404,000	-8.5%	6,329,071	-4.3%	2.54%	-10.9%
ABC	Sell	AMERISOURCEBERGEN CORP	$217,626,000	-8.1%	2,245,415	-4.4%	2.48%	-10.4%
DLTR	Buy	DOLLAR TREE INC	$210,347,000	+48.7%	2,302,904	+50.9%	2.40%	+44.9%
PG	Sell	PROCTER & GAMBLE CO	$175,610,000	+11.0%	1,263,470	-4.5%	2.00%	+8.2%
RTX	Sell	RAYTHEON TECHNOL	$170,625,000	-9.7%	2,965,335	-3.3%	1.95%	-11.9%
GNRC	Sell	GENERAC HOLDINGS	$168,379,000	+7.2%	869,546	-32.5%	1.92%	+4.5%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$164,770,000	-18.0%	4,587,125	-3.2%	1.88%	-20.0%
NTRS	Sell	NORTHERN TRUST CORP	$153,216,000	-6.1%	1,965,064	-4.4%	1.75%	-8.5%
AJG	Buy	ARTHUR J GALLAGHER & CO	$145,524,000	+16.5%	1,378,327	+7.6%	1.66%	+13.5%
NWSA	Sell	NEWS CORP-CL Acl a	$141,500,000	+12.6%	10,092,735	-4.8%	1.61%	+9.6%
HSIC	Sell	HENRY SCHEIN INC	$135,683,000	-3.6%	2,308,327	-4.3%	1.55%	-6.1%
PRI	Buy	PRIMERICA INC	$131,348,000	+0.1%	1,160,932	+3.2%	1.50%	-2.5%
QSR	Sell	RESTAURANT BRAND INTERN	$131,197,000	-0.5%	2,288,239	-5.9%	1.50%	-3.0%
BKNG	Sell	BOOKING HOLDINGS	$126,142,000	+2.8%	73,738	-4.3%	1.44%	+0.2%
CNI	Sell	CDN NATL RAILWAY CO	$123,212,000	+13.9%	1,158,968	-5.6%	1.41%	+11.1%
LHX	Sell	L3HARRIS TECHNOL	$122,633,000	-4.3%	722,048	-4.4%	1.40%	-6.8%
GNTX	Buy	GENTEX CORP	$118,436,000	+4.4%	4,599,444	+4.5%	1.35%	+1.7%
BAM	Sell	BROOKFIELD ASSET MGMT INC CL Acl a ltd vt sh	$116,124,000	-2.4%	3,515,619	-3.1%	1.32%	-4.8%
AMH	Buy	AMERICAN HOMES 4 RENT REITcl a	$114,223,000	+13.3%	4,010,651	+7.0%	1.30%	+10.4%
PAG	Buy	PENSKE AUTO GRP INC	$109,197,000	+26.5%	2,291,167	+2.7%	1.25%	+23.2%
PINC	Buy	PREMIER INC CL Acl a	$105,239,000	+9.2%	3,205,584	+14.0%	1.20%	+6.5%
ICE	Buy	INTERCONTINENTAL EXCHANGE INC	$104,008,000	+21.3%	1,039,564	+11.0%	1.19%	+18.2%
BRKA	Sell	BERKSHIRE HATHAWAY CL Acl a	$103,360,000	+18.3%	323	-1.2%	1.18%	+15.2%
JEF	Buy	JEFFERIES FINANCIAL GROUP INC.	$99,783,000	+24.0%	5,543,495	+7.2%	1.14%	+20.8%
PEP	Sell	PEPSICO INC	$95,096,000	0.0%	686,119	-4.6%	1.08%	-2.5%
BRKB	Sell	BERKSHIRE HATHAWAY CL Bcl b new	$94,237,000	+14.7%	442,553	-3.9%	1.08%	+11.7%
HLI	Buy	HOULIHAN LOKEY INCcl a	$90,667,000	+16.4%	1,535,423	+9.7%	1.03%	+13.4%
ENB	Sell	ENBRIDGE INC	$88,585,000	-6.5%	3,037,628	-2.9%	1.01%	-8.8%
TRP	Sell	TC Energy Corp	$87,568,000	-7.0%	2,089,577	-5.5%	1.00%	-9.3%
STN	Sell	STANTEC INC	$83,905,000	-6.0%	2,768,269	-4.6%	0.96%	-8.4%
SABR	Sell	SABRE CORP	$83,049,000	-21.9%	12,757,175	-3.3%	0.95%	-23.9%
RY	Sell	ROYAL BANK OF CA	$82,064,000	+0.3%	1,170,878	-3.3%	0.94%	-2.3%
GIB	Sell	CGI INCcl a sub vtg	$81,998,000	+4.3%	1,210,187	-3.4%	0.94%	+1.5%
STRA	Buy	STRATEGIC EDUCATION INC	$78,929,000	-15.3%	862,892	+42.3%	0.90%	-17.4%
TD	Sell	TORONTO-DOMINION BANK	$77,724,000	+0.9%	1,681,683	-2.9%	0.89%	-1.7%
BNS	Sell	BANK OF NOVA SCOTIA	$70,241,000	-0.8%	1,693,681	-1.4%	0.80%	-3.4%
WDR	Buy	WADDELL & REED-Acl a	$69,222,000	+1.4%	4,661,443	+5.9%	0.79%	-1.1%
KMT	Buy	KENNAMETAL INC	$68,425,000	+19.5%	2,364,383	+18.5%	0.78%	+16.4%
LOPE	Buy	GRAND CANYON EDU	$64,726,000	-10.7%	809,679	+1.1%	0.74%	-13.1%
BRO	Buy	BROWN & BROWN INC	$63,980,000	+24.6%	1,413,295	+12.2%	0.73%	+21.5%
NTR	Sell	NUTRIEN LTD	$62,602,000	+18.7%	1,599,399	-2.9%	0.71%	+15.5%
RMAX	Buy	RE/MAX HOLDINGS INCcl a	$59,046,000	+9.8%	1,804,029	+5.5%	0.67%	+7.2%
FUN	Buy	CEDAR FAIR LPdepositry unit	$58,025,000	+11.4%	2,067,136	+9.1%	0.66%	+8.5%
BAH	Buy	BOOZ ALLEN HAMILTON HLDG CORPcl a	$49,090,000	+11.3%	591,584	+4.4%	0.56%	+8.5%
MAIN	Buy	MAIN STREET CAPITAL CORP	$47,222,000	+2.0%	1,596,963	+7.4%	0.54%	-0.6%
CIGI	Buy	COLLIERS INTERNA	$45,493,000	+47.1%	684,377	+26.5%	0.52%	+43.4%
GGG	Buy	GRACO INC	$43,746,000	+37.0%	713,059	+7.1%	0.50%	+33.4%
CBZ	Buy	CBIZ INC	$41,732,000	+1.2%	1,824,746	+6.1%	0.48%	-1.4%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$41,663,000	+80.6%	825,019	+52.5%	0.48%	+75.9%
EQC	Sell	EQUITY	$34,258,000	-22.5%	1,286,431	-6.3%	0.39%	-24.5%
SSD	Buy	SIMPSON MFG	$34,025,000	+22.4%	350,192	+6.2%	0.39%	+19.0%
SJR	Sell	SHAW COM CL B NON-VTGcl b conv	$32,520,000	+7.8%	1,785,120	-3.9%	0.37%	+5.1%
MKTX	Buy	MARKETAXESS HLDG INC	$31,297,000	+8.8%	64,987	+13.2%	0.36%	+5.9%
CPRT	Buy	COPART INC	$29,719,000	+36.9%	282,611	+8.4%	0.34%	+33.5%
KOF	Sell	COCA-COLA FEMSA SAB S-ADRsponsord adr rep	$28,250,000	-20.7%	693,772	-14.6%	0.32%	-22.8%
KAR	Buy	KAR AUCTION SERV INC	$28,012,000	+17.0%	1,945,270	+11.8%	0.32%	+14.3%
MCD	Sell	MCDONALDS CORP	$25,537,000	-15.0%	116,345	-28.6%	0.29%	-17.3%
CP	Sell	CDN PACIFIC RR LTD	$24,705,000	-3.5%	81,357	-19.5%	0.28%	-6.0%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE	$24,384,000	+45.2%	268,516	+31.5%	0.28%	+41.1%
FHI	Buy	FEDERATED HERMES INCcl b	$23,439,000	-1.1%	1,089,675	+9.0%	0.27%	-3.6%
AWI	Buy	ARMSTRONG WORLD INDUSTRIES	$22,146,000	+3.7%	321,845	+17.5%	0.25%	+1.2%
LH	Buy	LAB CORP OF AMER HLDG	$20,357,000	+21.8%	108,126	+7.4%	0.23%	+18.4%
ZTO	Sell	ZTO EXPRESS -ADRsponsored ads a	$13,135,000	-47.3%	438,993	-35.3%	0.15%	-48.6%
HMHC	Buy	HOUGHTON MIFFLIN HARCOURT CO	$12,733,000	-4.4%	7,360,174	+0.0%	0.14%	-7.1%
ARGO	Sell	ARGO GROUP INTL	$9,453,000	-8.5%	274,558	-7.4%	0.11%	-10.7%
	New	AKUMIN INC	$7,792,000	–	2,397,433	–	0.09%	–
AXTA	Buy	AXALTA COATING S	$6,452,000	+7.0%	291,029	+8.9%	0.07%	+4.2%
RCI	Buy	ROGERS COMMUNI-Bcl b	$2,234,000	+95.3%	56,405	+97.3%	0.02%	+92.3%
RBA	Sell	RITCHIE BROS AUCTIONEERS INC	$1,759,000	+44.4%	29,691	-0.4%	0.02%	+42.9%
IMO	Sell	IMPERIAL OIL LTD	$1,449,000	-27.7%	121,284	-3.0%	0.02%	-26.1%
MNDO	Buy	MIND CTI LTDord	$927,000	+272.3%	399,355	+237.1%	0.01%	+266.7%
SELF	New	GLOBAL SELF STOR	$654,000	–	163,030	–	0.01%	–
CNQ	Buy	CDN NAT RES	$507,000	+15.2%	31,700	+24.5%	0.01%	+20.0%
UFCS	Sell	UNITED FIRE GROUP	$423,000	-89.0%	20,827	-85.0%	0.01%	-88.9%
HP	New	HELMERICH & PAYN	$234,000	–	15,973	–	0.00%	–
SU	New	SUNCOR ENERGY INC	$263,000	–	21,586	–	0.00%	–
BPY	Sell	BROOKFIELD PROPERTY PTNRS L.P.unit ltd partn	$282,000	-44.8%	23,494	-54.6%	0.00%	-50.0%
TU	Sell	TELUS CORP	$177,000	-38.5%	10,101	-41.3%	0.00%	-33.3%
WYND	Exit	WYNDHAM DESTINAT	$0	–	-411,130	–	-0.14%	–
QRTEA	Exit	QURATE RETAIL IN	$0	–	-5,675,906	–	-0.63%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-1,553,881	–	-1.03%	–

Q2 2020

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INC-Acap stk cl a	$470,156,000	–	331,551	–	5.50%	–
MSFT	New	MICROSOFT CORP	$426,327,000	–	2,094,870	–	4.99%	–
JNJ	New	JOHNSON & JOHNSON	$421,349,000	–	2,996,156	–	4.93%	–
FB	New	FACEBOOK INC-Acl a	$411,268,000	–	1,811,196	–	4.82%	–
ORCL	New	ORACLE CORP	$294,382,000	–	5,326,256	–	3.45%	–
SSNC	New	SS&C TECH HLDG INC	$283,251,000	–	5,015,063	–	3.32%	–
TFC	New	TRUIST FINANCIAL CORP	$271,267,000	–	7,224,145	–	3.18%	–
ALSN	New	ALLISON TRANSMISSION HLDG INC	$243,117,000	–	6,610,036	–	2.85%	–
ABC	New	AMERISOURCEBERGEN CORP	$236,740,000	–	2,349,307	–	2.77%	–
AZO	New	AUTOZONE INC	$215,443,000	–	190,975	–	2.52%	–
CARR	New	CARRIER GLOBAL CORP	$209,679,000	–	9,436,491	–	2.46%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$200,853,000	–	4,738,208	–	2.35%	–
RTX	New	RAYTHEON TECHNOL	$188,871,000	–	3,065,090	–	2.21%	–
NTRS	New	NORTHERN TRUST CORP	$163,141,000	–	2,056,231	–	1.91%	–
PG	New	PROCTER & GAMBLE CO	$158,137,000	–	1,322,545	–	1.85%	–
GNRC	New	GENERAC HOLDINGS	$157,087,000	–	1,288,338	–	1.84%	–
DLTR	New	DOLLAR TREE INC	$141,481,000	–	1,526,551	–	1.66%	–
HSIC	New	HENRY SCHEIN INC	$140,796,000	–	2,411,295	–	1.65%	–
QSR	New	RESTAURANT BRAND INTERN	$131,857,000	–	2,431,941	–	1.54%	–
PRI	New	PRIMERICA INC	$131,212,000	–	1,125,320	–	1.54%	–
LHX	New	L3HARRIS TECHNOL	$128,182,000	–	755,476	–	1.50%	–
NWSA	New	NEWS CORP-CL Acl a	$125,704,000	–	10,598,948	–	1.47%	–
AJG	New	ARTHUR J GALLAGHER & CO	$124,902,000	–	1,281,174	–	1.46%	–
BKNG	New	BOOKING HOLDINGS	$122,660,000	–	77,031	–	1.44%	–
BAM	New	BROOKFIELD ASSET MGMT INC CL Acl a ltd vt sh	$118,940,000	–	3,627,843	–	1.39%	–
GNTX	New	GENTEX CORP	$113,438,000	–	4,401,925	–	1.33%	–
CNI	New	CDN NATL RAILWAY CO	$108,151,000	–	1,227,117	–	1.27%	–
SABR	New	SABRE CORP	$106,287,000	–	13,186,997	–	1.24%	–
AMH	New	AMERICAN HOMES 4 RENT REITcl a	$100,797,000	–	3,747,108	–	1.18%	–
PINC	New	PREMIER INC CL Acl a	$96,394,000	–	2,811,959	–	1.13%	–
PEP	New	PEPSICO INC	$95,096,000	–	719,005	–	1.11%	–
ENB	New	ENBRIDGE INC	$94,716,000	–	3,126,912	–	1.11%	–
TRP	New	TC Energy Corp	$94,125,000	–	2,211,631	–	1.10%	–
STRA	New	STRATEGIC EDUCATION INC	$93,144,000	–	606,212	–	1.09%	–
STN	New	STANTEC INC	$89,225,000	–	2,901,357	–	1.04%	–
OTIS	New	OTIS WORLDWIDE CORP	$88,354,000	–	1,553,881	–	1.03%	–
BRKA	New	BERKSHIRE HATHAWAY CL Acl a	$87,407,000	–	327	–	1.02%	–
PAG	New	PENSKE AUTO GRP INC	$86,329,000	–	2,230,138	–	1.01%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$85,772,000	–	936,380	–	1.00%	–
BRKB	New	BERKSHIRE HATHAWAY CL Bcl b new	$82,187,000	–	460,408	–	0.96%	–
RY	New	ROYAL BANK OF CA	$81,858,000	–	1,211,126	–	0.96%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC.	$80,443,000	–	5,173,186	–	0.94%	–
GIB	New	CGI INCcl a sub vtg	$78,633,000	–	1,252,905	–	0.92%	–
HLI	New	HOULIHAN LOKEY INCcl a	$77,863,000	–	1,399,399	–	0.91%	–
TD	New	TORONTO-DOMINION BANK	$77,029,000	–	1,732,562	–	0.90%	–
LOPE	New	GRAND CANYON EDU	$72,505,000	–	800,900	–	0.85%	–
BNS	New	BANK OF NOVA SCOTIA	$70,819,000	–	1,717,917	–	0.83%	–
WDR	New	WADDELL & REED-Acl a	$68,247,000	–	4,400,216	–	0.80%	–
KMT	New	KENNAMETAL INC	$57,277,000	–	1,995,017	–	0.67%	–
QRTEA	New	QURATE RETAIL IN	$53,921,000	–	5,675,906	–	0.63%	–
RMAX	New	RE/MAX HOLDINGS INCcl a	$53,753,000	–	1,710,231	–	0.63%	–
NTR	New	NUTRIEN LTD	$52,746,000	–	1,647,912	–	0.62%	–
FUN	New	CEDAR FAIR LPdepositry unit	$52,104,000	–	1,894,675	–	0.61%	–
BRO	New	BROWN & BROWN INC	$51,363,000	–	1,260,130	–	0.60%	–
MAIN	New	MAIN STREET CAPITAL CORP	$46,303,000	–	1,487,403	–	0.54%	–
EQC	New	EQUITY	$44,214,000	–	1,373,107	–	0.52%	–
BAH	New	BOOZ ALLEN HAMILTON HLDG CORP	$44,090,000	–	566,780	–	0.52%	–
CBZ	New	CBIZ INC	$41,239,000	–	1,720,439	–	0.48%	–
KOF	New	COCA-COLA FEMSA SAB S-ADRsponsord adr rep	$35,614,000	–	812,183	–	0.42%	–
GGG	New	GRACO INC	$31,937,000	–	665,494	–	0.37%	–
CIGI	New	COLLIERS INTERNA	$30,919,000	–	540,914	–	0.36%	–
SJR	New	SHAW COM CL B NON-VTGcl b conv	$30,177,000	–	1,857,539	–	0.35%	–
MCD	New	MCDONALDS CORP	$30,043,000	–	162,861	–	0.35%	–
MKTX	New	MARKETAXESS HLDG INC	$28,755,000	–	57,404	–	0.34%	–
SSD	New	SIMPSON MFG	$27,809,000	–	329,652	–	0.33%	–
CP	New	CDN PACIFIC RR LTD	$25,611,000	–	101,075	–	0.30%	–
ZTO	New	ZTO EXPRESS -ADRsponsored ads a	$24,924,000	–	678,941	–	0.29%	–
KAR	New	KAR AUCTION SERV INC	$23,943,000	–	1,740,015	–	0.28%	–
FHI	New	FEDERATED HERMES INCcl b	$23,694,000	–	999,758	–	0.28%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$23,063,000	–	541,142	–	0.27%	–
CPRT	New	COPART INC	$21,710,000	–	260,716	–	0.25%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES	$21,352,000	–	273,879	–	0.25%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$16,789,000	–	204,217	–	0.20%	–
LH	New	LAB CORP OF AMER HLDG	$16,718,000	–	100,646	–	0.20%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$13,319,000	–	7,358,725	–	0.16%	–
WYND	New	WYNDHAM DESTINAT	$11,586,000	–	411,130	–	0.14%	–
ARGO	New	ARGO GROUP INTL	$10,327,000	–	296,487	–	0.12%	–
EFT	New	Eaton Vance Floating-Rate Inco	$9,973,000	–	874,823	–	0.12%	–
BMO	New	BANK OF MONTREAL	$6,893,000	–	130,000	–	0.08%	–
AXTA	New	AXALTA COATING S	$6,029,000	–	267,341	–	0.07%	–
HYG	New	iSHARES iBOXX HI-YLD BOND ETFiboxx hi yd etf	$4,897,000	–	60,000	–	0.06%	–
UFCS	New	UNITED FIRE GROUP	$3,841,000	–	138,597	–	0.04%	–
GE	New	GEN ELEC CO	$2,732,000	–	400,000	–	0.03%	–
IMO	New	IMPERIAL OIL LTD	$2,003,000	–	124,986	–	0.02%	–
BA	New	BOEING CO	$1,833,000	–	10,000	–	0.02%	–
JPM	New	JP MORGAN CHASE & CO	$1,836,000	–	19,522	–	0.02%	–
MMM	New	3M CO	$1,279,000	–	8,200	–	0.02%	–
RBA	New	RITCHIE BROS AUCTIONEERS INC	$1,218,000	–	29,811	–	0.01%	–
GBL	New	GAMCO INVESTO-A	$1,206,000	–	90,618	–	0.01%	–
RCI	New	ROGERS COMMUNI-Bcl b	$1,144,000	–	28,584	–	0.01%	–
MTB	New	M&T BK CORP	$1,040,000	–	10,000	–	0.01%	–
DEO	New	DIAGEO PLC S-ADRspon adr new	$636,000	–	4,736	–	0.01%	–
BEN	New	FRANKLIN RESOURCES INC	$576,000	–	27,466	–	0.01%	–
BPY	New	BROOKFIELD PROPEunit ltd partn	$511,000	–	51,727	–	0.01%	–
CDW	New	CDW CORP/DE	$425,000	–	3,654	–	0.01%	–
CNQ	New	CDN NAT RES	$440,000	–	25,462	–	0.01%	–
INVH	New	INVITATION HOMES	$321,000	–	11,642	–	0.00%	–
MNDO	New	MIND CTI LTDord	$249,000	–	118,469	–	0.00%	–
EXPD	New	EXPEDITORS INTL OF WASHINGTON	$283,000	–	3,721	–	0.00%	–
TU	New	TELUS CORP	$288,000	–	17,213	–	0.00%	–
AIN	New	ALBANY INTL CORPcl a	$286,000	–	4,863	–	0.00%	–
VVV	New	VALVOLINE INC	$266,000	–	13,770	–	0.00%	–
LW	New	LAMB WESTON	$257,000	–	4,017	–	0.00%	–
IART	New	INTEGRA LIFESCIE	$245,000	–	5,206	–	0.00%	–
STAY	New	EXTENDED STAY AMunit 99/99/9999b	$173,000	–	15,445	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
VVV	Exit	Valvoline Inc.	$0	–	-10,438	–	-0.00%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-3,737	–	-0.00%	–
FAF	Exit	First American Financial Corp.	$0	–	-5,375	–	-0.00%	–
EXPD	Exit	Expeditors International of Washington, Inc.	$0	–	-3,596	–	-0.00%	–
CDW	Exit	CDW Corp.	$0	–	-3,531	–	-0.00%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-15,200	–	-0.00%	–
KHC	Exit	The Kraft Heinz Co.	$0	–	-25,000	–	-0.01%	–
BEN	Exit	Franklin Resources, Inc.	$0	–	-27,466	–	-0.01%	–
DEO	Exit	Diageo PLCspon adr new	$0	–	-4,736	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-30,048	–	-0.01%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-29,691	–	-0.01%	–
MMM	Exit	3M Co.	$0	–	-8,200	–	-0.01%	–
PM	Exit	Philip Morris International Inc.	$0	–	-20,048	–	-0.02%	–
GBL	Exit	Camco Investors Inc.	$0	–	-92,619	–	-0.02%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-19,522	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-400,000	–	-0.04%	–
ADSK	Exit	Autodesk Inc.	$0	–	-27,989	–	-0.04%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-189,805	–	-0.06%	–
SPB	Exit	Spectrum Brands Holdings Inc.	$0	–	-117,664	–	-0.06%	–
IJR	Exit	ISHARES CORE S&P SMALL-CAP ETFcore s&p scp etf	$0	–	-80,293	–	-0.06%	–
UFCS	Exit	United Fire Group Inc.	$0	–	-141,875	–	-0.07%	–
EFX	Exit	Equifax Inc.	$0	–	-48,272	–	-0.07%	–
BMO	Exit	Bank of Montreal	$0	–	-105,000	–	-0.08%	–
LOPE	Exit	Grand Canyon Education Inc.	$0	–	-83,773	–	-0.08%	–
IMO	Exit	Imperial Oil Ltd.	$0	–	-323,700	–	-0.08%	–
WH	Exit	Wyndham Hotels & Resorts Inc.	$0	–	-198,105	–	-0.10%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-777,790	–	-0.10%	–
MSM	Exit	MSC Industrial Direct Co Inc.cl a	$0	–	-145,716	–	-0.11%	–
ARGO	Exit	Argo Group International Holdings Ltd.	$0	–	-156,075	–	-0.11%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-86,726	–	-0.15%	–
PINC	Exit	Premier Inc.cl a	$0	–	-521,893	–	-0.15%	–
VAC	Exit	Marriott Vacations Worldwide Corp.	$0	–	-162,093	–	-0.17%	–
CPRT	Exit	Copart Inc.	$0	–	-215,577	–	-0.17%	–
EEX	Exit	Emerald Expositions Events Inc.	$0	–	-1,870,291	–	-0.18%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-57,532	–	-0.19%	–
WYND	Exit	Wyndham Destiinations Inc.	$0	–	-416,333	–	-0.19%	–
QRTEA	Exit	Qurate Retail Inc.	$0	–	-2,272,886	–	-0.23%	–
EQC	Exit	Equity Commonwealth	$0	–	-730,876	–	-0.25%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.sponsord adr rep	$0	–	-417,892	–	-0.25%	–
SBH	Exit	Sally Beauty Holdings Inc.	$0	–	-1,855,002	–	-0.28%	–
GGG	Exit	Graco Inc.	$0	–	-677,961	–	-0.31%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-29,986	–	-0.32%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,028,867	–	-0.33%	–
TCPC	Exit	BlackRock TCP Capital Corp.	$0	–	-2,475,017	–	-0.34%	–
HMHC	Exit	Houghton Mifflin Harcourt Co.	$0	–	-7,401,174	–	-0.39%	–
BAH	Exit	Booz Allen Hamilton Holding Corp.cl a	$0	–	-571,219	–	-0.40%	–
HLI	Exit	Houlihan Lokey, Inc.cl a	$0	–	-943,149	–	-0.42%	–
STAY	Exit	Extended Stay America Inc.unit 99/99/9999b	$0	–	-2,967,695	–	-0.43%	–
INVH	Exit	Invitation Homes Inc	$0	–	-1,499,236	–	-0.44%	–
IT	Exit	Gartner Inc	$0	–	-313,401	–	-0.45%	–
SSD	Exit	Simpson Manufacturing Co Inc.	$0	–	-674,501	–	-0.47%	–
KMT	Exit	Kennametal Inc.	$0	–	-1,687,808	–	-0.52%	–
TECD	Exit	Tech Data Corp.	$0	–	-499,579	–	-0.52%	–
WDR	Exit	Waddell & Reed Financial, Inc.cl a	$0	–	-3,034,519	–	-0.52%	–
RMAX	Exit	RE/MAX Holdings Inc.cl a	$0	–	-1,662,755	–	-0.53%	–
FUN	Exit	Cedar Fair L.P.depositry unit	$0	–	-990,145	–	-0.58%	–
CBZ	Exit	CBIZ Inc.	$0	–	-2,525,053	–	-0.59%	–
MAIN	Exit	Main Street Capital Corp.	$0	–	-1,520,214	–	-0.66%	–
STRA	Exit	Strategic Education Inc.	$0	–	-510,074	–	-0.69%	–
UNP	Exit	Union Pacific Corp.	$0	–	-467,718	–	-0.76%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b new	$0	–	-374,927	–	-0.78%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-2,371,842	–	-0.85%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-4,699,567	–	-0.86%	–
QSR	Exit	Restaurant Brands International Inc.	$0	–	-1,223,932	–	-0.87%	–
AMH	Exit	American Homes 4 Rent Real Estate Investment Trustcl a	$0	–	-3,894,577	–	-1.01%	–
BPY	Exit	Brookfield Property Partners L.P.unit ltd partn	$0	–	-5,081,035	–	-1.03%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-331	–	-1.03%	–
BKNG	Exit	Booking Holdings Inc.	$0	–	-53,347	–	-1.05%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-2,219,117	–	-1.05%	–
SJR	Exit	Shaw Communication Inc.cl b conv	$0	–	-5,367,225	–	-1.05%	–
TXN	Exit	Texas Instruments Incorporated	$0	–	-831,724	–	-1.07%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,208,008	–	-1.08%	–
GNRC	Exit	Generac Holdings Inc.	$0	–	-1,446,735	–	-1.13%	–
STN	Exit	Stantec Inc.	$0	–	-5,226,994	–	-1.16%	–
MCD	Exit	McDonald's Corp.	$0	–	-578,450	–	-1.24%	–
PRI	Exit	Primerica Inc.	$0	–	-1,079,322	–	-1.37%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-2,441,474	–	-1.39%	–
NWSA	Exit	News Corpcl a	$0	–	-10,245,149	–	-1.42%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-2,531,836	–	-1.48%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-2,813,045	–	-1.49%	–
LHX	Exit	L3 Harris Technologies Inc.	$0	–	-721,452	–	-1.50%	–
RY	Exit	Royal Bank of Canada	$0	–	-1,879,315	–	-1.52%	–
AZO	Exit	AutoZone, Inc.	$0	–	-143,937	–	-1.56%	–
NTR	Exit	Nutrien Ltd.	$0	–	-3,230,457	–	-1.61%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-1,872,008	–	-1.68%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-728,542	–	-1.84%	–
ENB	Exit	Enbridge Inc.	$0	–	-5,329,259	–	-1.87%	–
AAPL	Exit	Apple Inc	$0	–	-845,669	–	-1.89%	–
ABC	Exit	AmerisourceBergen Corp	$0	–	-2,413,774	–	-1.98%	–
GNTX	Exit	Gentex Corp.	$0	–	-7,538,396	–	-2.07%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-4,326,825	–	-2.23%	–
FB	Exit	Facebook Inc.cl a	$0	–	-1,255,036	–	-2.23%	–
TRP	Exit	TC Energy Corp.	$0	–	-4,322,507	–	-2.24%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-2,646,340	–	-2.47%	–
ORCL	Exit	Oracle Corp.	$0	–	-4,885,499	–	-2.69%	–
ALSN	Exit	Allison Transmission Holdings Inc.	$0	–	-5,894,568	–	-2.77%	–
PEP	Exit	PepsiCo Inc.	$0	–	-2,263,340	–	-3.10%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,620,134	–	-3.39%	–
GOOGL	Exit	Alphabet Inc.cap stk cl a	$0	–	-306,824	–	-3.74%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-7,290,365	–	-4.03%	–
SABR	Exit	Sabre Corp.	$0	–	-18,919,044	–	-4.23%	–
MSFT	Exit	Microsoft Corp.	$0	–	-3,181,113	–	-4.42%	–
BBT	Exit	BB&T Corp.	$0	–	-8,726,811	–	-4.65%	–
UTX	Exit	United Technologies Corp.	$0	–	-3,496,495	–	-4.77%	–

Q3 2019

			Value		Shares		↓ Weighting
UTX	Sell	United Technologies Corp.	$477,341,000	+4.1%	3,496,495	-0.7%	4.77%	+4.2%
BBT	Sell	BB&T Corp.	$465,750,000	+8.1%	8,726,811	-0.5%	4.65%	+8.2%
MSFT	Sell	Microsoft Corp.	$442,270,000	+2.9%	3,181,113	-0.9%	4.42%	+2.9%
SABR	Sell	Sabre Corp.	$423,692,000	+0.5%	18,919,044	-0.4%	4.23%	+0.5%
WBA	Sell	Walgreens Boots Alliance, Inc.	$403,230,000	+0.7%	7,290,365	-0.4%	4.03%	+0.8%
GOOGL	Sell	Alphabet Inc.cap stk cl a	$374,675,000	+12.4%	306,824	-0.3%	3.74%	+12.5%
JNJ	Buy	Johnson & Johnson	$338,993,000	-0.3%	2,620,134	+7.3%	3.39%	-0.3%
PEP	Sell	PepsiCo Inc.	$310,304,000	+4.1%	2,263,340	-0.4%	3.10%	+4.2%
ALSN	Sell	Allison Transmission Holdings Inc.	$277,339,000	+0.9%	5,894,568	-0.6%	2.77%	+0.9%
ORCL	Sell	Oracle Corp.	$268,849,000	-3.7%	4,885,499	-0.3%	2.69%	-3.6%
NTRS	Sell	Northern Trust Corp.	$246,956,000	+3.2%	2,646,340	-0.5%	2.47%	+3.2%
TRP	Sell	TC Energy Corp.	$223,911,000	+2.1%	4,322,507	-2.2%	2.24%	+2.2%
FB	Sell	Facebook Inc.cl a	$223,497,000	-7.9%	1,255,036	-0.2%	2.23%	-7.9%
SSNC	Buy	SS&C Technologies Holdings Inc.	$223,134,000	+79.9%	4,326,825	+100.9%	2.23%	+80.0%
GNTX	Sell	Gentex Corp.	$207,570,000	-12.7%	7,538,396	-22.0%	2.07%	-12.6%
ABC	Sell	AmerisourceBergen Corp	$198,726,000	-3.8%	2,413,774	-0.4%	1.98%	-3.8%
AAPL	Sell	Apple Inc	$189,404,000	-23.5%	845,669	-32.4%	1.89%	-23.5%
ENB	Sell	Enbridge Inc.	$187,127,000	-4.8%	5,329,259	-2.0%	1.87%	-4.8%
BDX	Sell	Becton, Dickinson & Co.	$184,292,000	-0.2%	728,542	-0.5%	1.84%	-0.1%
CNI	Sell	Canadian National Railway Co.	$168,161,000	-6.9%	1,872,008	-4.0%	1.68%	-6.8%
NTR	Sell	Nutrien Ltd.	$160,999,000	-9.3%	3,230,457	-2.6%	1.61%	-9.3%
AZO	Sell	AutoZone, Inc.	$156,117,000	-1.7%	143,937	-0.3%	1.56%	-1.6%
RY	Sell	Royal Bank of Canada	$152,512,000	-1.9%	1,879,315	-3.8%	1.52%	-1.7%
LHX	New	L3 Harris Technologies Inc.	$150,524,000	–	721,452	–	1.50%	–
BAM	Sell	Brookfield Asset Management Inc.cl a ltd vt sh	$149,437,000	+5.4%	2,813,045	-5.1%	1.49%	+5.4%
TD	Sell	Toronto-Dominion Bank	$147,690,000	-3.7%	2,531,836	-3.5%	1.48%	-3.7%
NWSA	Sell	News Corpcl a	$142,612,000	+2.5%	10,245,149	-0.6%	1.42%	+2.6%
BNS	Sell	Bank of Nova Scotia	$138,731,000	+2.6%	2,441,474	-2.9%	1.39%	+2.7%
PRI	Buy	Primerica Inc.	$137,322,000	+6.6%	1,079,322	+0.5%	1.37%	+6.7%
MCD	Sell	McDonald's Corp.	$124,199,000	+3.0%	578,450	-0.4%	1.24%	+3.1%
STN	New	Stantec Inc.	$115,726,000	–	5,226,994	–	1.16%	–
GNRC	Buy	Generac Holdings Inc.	$113,337,000	+14.5%	1,446,735	+1.5%	1.13%	+14.6%
AJG	Buy	Arthur J. Gallagher & Co.	$108,201,000	+3.6%	1,208,008	+1.3%	1.08%	+3.6%
TXN	Sell	Texas Instruments Incorporated	$107,492,000	-40.8%	831,724	-47.4%	1.07%	-40.8%
SJR	Sell	Shaw Communication Inc.cl b conv	$105,497,000	-8.3%	5,367,225	-4.8%	1.05%	-8.3%
PAG	Buy	Penske Auto Group Inc.	$104,920,000	+2.0%	2,219,117	+2.1%	1.05%	+2.0%
BKNG	Sell	Booking Holdings Inc.	$104,699,000	+4.2%	53,347	-0.5%	1.05%	+4.2%
BPY	Sell	Brookfield Property Partners L.P.unit ltd partn	$103,171,000	+1.0%	5,081,035	-5.9%	1.03%	+1.1%
AMH	Buy	American Homes 4 Rent Real Estate Investment Trustcl a	$100,831,000	+8.2%	3,894,577	+1.6%	1.01%	+8.3%
QSR	Sell	Restaurant Brands International Inc.	$87,061,000	-55.1%	1,223,932	-56.0%	0.87%	-55.0%
JEF	Buy	Jefferies Financial Group Inc.	$86,472,000	+7.6%	4,699,567	+12.4%	0.86%	+7.6%
BRO	Buy	Brown & Brown Inc.	$85,529,000	+9.0%	2,371,842	+1.2%	0.85%	+8.9%
BRKB	Buy	Berkshire Hathaway Inc.cl b new	$77,992,000	+7.5%	374,927	+10.1%	0.78%	+7.4%
UNP	Sell	Union Pacific Corp.	$75,761,000	-5.0%	467,718	-0.9%	0.76%	-5.0%
STRA	Buy	Strategic Education Inc.	$69,309,000	-19.0%	510,074	+6.1%	0.69%	-19.0%
MAIN	Buy	Main Street Capital Corp.	$65,688,000	+10.7%	1,520,214	+5.3%	0.66%	+10.6%
CBZ	Sell	CBIZ Inc.	$59,339,000	-7.7%	2,525,053	-23.1%	0.59%	-7.6%
FUN	Buy	Cedar Fair L.P.depositry unit	$57,785,000	+30.7%	990,145	+6.8%	0.58%	+30.8%
RMAX	Buy	RE/MAX Holdings Inc.cl a	$53,474,000	+9.0%	1,662,755	+4.3%	0.53%	+9.0%
WDR	Buy	Waddell & Reed Financial, Inc.cl a	$52,133,000	+123.8%	3,034,519	+117.2%	0.52%	+123.6%
TECD	Buy	Tech Data Corp.	$52,076,000	+1.2%	499,579	+1.6%	0.52%	+1.2%
KMT	Buy	Kennametal Inc.	$51,883,000	-8.8%	1,687,808	+9.8%	0.52%	-8.8%
SSD	Buy	Simpson Manufacturing Co Inc.	$46,790,000	+23.3%	674,501	+18.1%	0.47%	+23.2%
IT	Buy	Gartner Inc	$44,813,000	-10.4%	313,401	+0.9%	0.45%	-10.2%
INVH	Buy	Invitation Homes Inc	$44,392,000	+12.7%	1,499,236	+1.7%	0.44%	+12.7%
STAY	Buy	Extended Stay America Inc.unit 99/99/9999b	$43,447,000	-5.7%	2,967,695	+8.7%	0.43%	-5.7%
HLI	Buy	Houlihan Lokey, Inc.cl a	$42,536,000	+2.1%	943,149	+0.8%	0.42%	+2.2%
BAH	Sell	Booz Allen Hamilton Holding Corp.cl a	$40,568,000	-43.4%	571,219	-47.2%	0.40%	-43.4%
HMHC	Buy	Houghton Mifflin Harcourt Co.	$39,448,000	+1.4%	7,401,174	+9.6%	0.39%	+1.5%
TCPC	Buy	BlackRock TCP Capital Corp.	$33,549,000	-4.1%	2,475,017	+0.8%	0.34%	-4.0%
FHI	Sell	Federated Investors Inc.cl b	$33,346,000	-39.4%	1,028,867	-39.3%	0.33%	-39.5%
WTM	Buy	White Mountains Insurance Group Ltd.	$32,385,000	+7.3%	29,986	+1.5%	0.32%	+7.6%
GGG	Buy	Graco Inc.	$31,213,000	+2.3%	677,961	+11.5%	0.31%	+2.3%
SBH	Buy	Sally Beauty Holdings Inc.	$27,621,000	+23.9%	1,855,002	+11.0%	0.28%	+23.8%
KOF	Sell	Coca-Cola Femsa S.A.B. de C.V.sponsord adr rep	$25,333,000	-14.3%	417,892	-12.2%	0.25%	-14.2%
EQC	New	Equity Commonwealth	$25,033,000	–	730,876	–	0.25%	–
QRTEA	Buy	Qurate Retail Inc.	$23,445,000	-7.7%	2,272,886	+10.9%	0.23%	-7.5%
WYND	Buy	Wyndham Destiinations Inc.	$19,160,000	+23.9%	416,333	+18.2%	0.19%	+24.0%
MKTX	Sell	MarketAxess Holdings Inc.	$18,842,000	-47.6%	57,532	-48.5%	0.19%	-47.6%
EEX	Buy	Emerald Expositions Events Inc.	$18,198,000	+0.6%	1,870,291	+15.2%	0.18%	+0.6%
CPRT	Buy	Copart Inc.	$17,317,000	+13.1%	215,577	+5.2%	0.17%	+13.1%
VAC	Buy	Marriott Vacations Worldwide Corp.	$16,794,000	+31.2%	162,093	+22.0%	0.17%	+31.2%
PINC	Buy	Premier Inc.cl a	$15,093,000	-22.6%	521,893	+4.7%	0.15%	-22.6%
LH	Buy	Laboratory Corporation of America Holdings	$14,570,000	+2.3%	86,726	+5.3%	0.15%	+2.8%
ARGO	Buy	Argo Group International Holdings Ltd.	$10,963,000	-0.0%	156,075	+5.4%	0.11%	0.0%
MSM	Buy	MSC Industrial Direct Co Inc.cl a	$10,569,000	+17.5%	145,716	+20.3%	0.11%	+17.8%
WH	Buy	Wyndham Hotels & Resorts Inc.	$10,250,000	-2.2%	198,105	+5.4%	0.10%	-2.9%
IMO	Sell	Imperial Oil Ltd.	$8,433,000	-23.4%	323,700	-18.6%	0.08%	-23.6%
LOPE	Buy	Grand Canyon Education Inc.	$8,227,000	-13.6%	83,773	+2.9%	0.08%	-13.7%
EFX	Sell	Equifax Inc.	$6,790,000	+3.8%	48,272	-0.2%	0.07%	+4.6%
UFCS	Buy	United Fire Group Inc.	$6,665,000	-1.5%	141,875	+1.6%	0.07%	-1.5%
IJR	New	ISHARES CORE S&P SMALL-CAP ETFcore s&p scp etf	$6,250,000	–	80,293	–	0.06%	–
SPB	New	Spectrum Brands Holdings Inc.	$6,203,000	–	117,664	–	0.06%	–
AXTA	Sell	Axalta Coating Systems Ltd.	$5,723,000	-46.6%	189,805	-47.3%	0.06%	-46.7%
ADSK	New	Autodesk Inc.	$4,134,000	–	27,989	–	0.04%	–
FAF	Buy	First American Financial Corp.	$317,000	+15.7%	5,375	+5.4%	0.00%	0.0%
MRK	Sell	Merck & Co., Inc.	$315,000	-4.5%	3,737	-5.1%	0.00%	0.0%
CIGI	Exit	Colliers International Group Inc	$0	–	-49,569	–	-0.04%	–
CNNE	Exit	Cannae Holdings Inc.	$0	–	-182,600	–	-0.05%	–
AFI	Exit	Armstrong Flooring Inc.	$0	–	-655,565	–	-0.06%	–
OAK	Exit	Oaktree Capital Group LLCunit cl a	$0	–	-575,339	–	-0.28%	–
HRS	Exit	Harris Corp.	$0	–	-933,758	–	-1.76%	–

Q2 2019

			Value		Shares		↓ Weighting
UTX	New	United Technologies Corp.	$458,383,000	–	3,520,610	–	4.58%	–
BBT	New	BB&T Corp.	$430,764,000	–	8,767,838	–	4.30%	–
MSFT	New	Microsoft Corp.	$429,941,000	–	3,209,471	–	4.29%	–
SABR	New	Sabre Corp.	$421,646,000	–	18,993,085	–	4.21%	–
WBA	New	Walgreens Boots Alliance, Inc.	$400,354,000	–	7,323,098	–	4.00%	–
JNJ	New	Johnson & Johnson	$340,020,000	–	2,441,270	–	3.40%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$333,348,000	–	307,857	–	3.33%	–
PEP	New	PepsiCo Inc.	$297,994,000	–	2,272,511	–	2.98%	–
ORCL	New	Oracle Corp.	$279,120,000	–	4,899,412	–	2.79%	–
ALSN	New	Allison Transmission Holdings Inc.	$274,944,000	–	5,931,903	–	2.74%	–
AAPL	New	Apple Inc	$247,647,000	–	1,251,246	–	2.47%	–
FB	New	Facebook Inc.cl a	$242,796,000	–	1,258,011	–	2.42%	–
NTRS	New	Northern Trust Corp.	$239,348,000	–	2,659,424	–	2.39%	–
GNTX	New	Gentex Corp.	$237,735,000	–	9,660,112	–	2.37%	–
TRP	New	TC Energy Corp.	$219,202,000	–	4,418,793	–	2.19%	–
ABC	New	AmerisourceBergen Corp	$206,644,000	–	2,423,696	–	2.06%	–
ENB	New	Enbridge Inc.	$196,595,000	–	5,439,380	–	1.96%	–
QSR	New	Restaurant Brands International Inc.	$193,722,000	–	2,783,820	–	1.93%	–
BDX	New	Becton, Dickinson & Co.	$184,602,000	–	732,519	–	1.84%	–
TXN	New	Texas Instruments Incorporated	$181,596,000	–	1,582,402	–	1.81%	–
CNI	New	Canadian National Railway Co.	$180,630,000	–	1,950,408	–	1.80%	–
NTR	New	Nutrien Ltd.	$177,579,000	–	3,317,584	–	1.77%	–
HRS	New	Harris Corp.	$176,602,000	–	933,758	–	1.76%	–
AZO	New	AutoZone, Inc.	$158,759,000	–	144,396	–	1.58%	–
RY	New	Royal Bank of Canada	$155,392,000	–	1,954,072	–	1.55%	–
TD	New	Toronto-Dominion Bank	$153,369,000	–	2,623,016	–	1.53%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$141,835,000	–	2,962,781	–	1.42%	–
NWSA	New	News Corpcl a	$139,106,000	–	10,311,802	–	1.39%	–
BNS	New	Bank of Nova Scotia	$135,175,000	–	2,514,966	–	1.35%	–
PRI	New	Primerica Inc.	$128,829,000	–	1,074,026	–	1.29%	–
SSNC	New	SS&C Technologies Holdings Inc.	$124,046,000	–	2,153,205	–	1.24%	–
MCD	New	McDonald's Corp.	$120,627,000	–	580,889	–	1.20%	–
SJR	New	Shaw Communication Inc.cl b conv	$115,075,000	–	5,636,155	–	1.15%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$105,374,000	–	331	–	1.05%	–
AJG	New	Arthur J. Gallagher & Co.	$104,446,000	–	1,192,447	–	1.04%	–
PAG	New	Penske Auto Group Inc.	$102,853,000	–	2,174,489	–	1.03%	–
BPY	New	Brookfield Property Partners L.P.unit ltd partn	$102,123,000	–	5,402,108	–	1.02%	–
BKNG	New	Booking Holdings Inc.	$100,518,000	–	53,618	–	1.00%	–
GNRC	New	Generac Holdings Inc.	$98,979,000	–	1,426,005	–	0.99%	–
AMH	New	American Homes 4 Rent Real Estate Investment Trustcl a	$93,202,000	–	3,833,916	–	0.93%	–
STRA	New	Strategic Education Inc.	$85,541,000	–	480,567	–	0.85%	–
JEF	New	Jefferies Financial Group Inc.	$80,382,000	–	4,180,042	–	0.80%	–
UNP	New	Union Pacific Corp.	$79,789,000	–	471,816	–	0.80%	–
BRO	New	Brown & Brown Inc.	$78,490,000	–	2,342,986	–	0.78%	–
BRKB	New	Berkshire Hathaway Inc.cl b new	$72,583,000	–	340,492	–	0.72%	–
BAH	New	Booz Allen Hamilton Holding Corp.cl a	$71,650,000	–	1,082,165	–	0.72%	–
CBZ	New	CBIZ Inc.	$64,285,000	–	3,281,510	–	0.64%	–
MAIN	New	Main Street Capital Corp.	$59,362,000	–	1,443,632	–	0.59%	–
KMT	New	Kennametal Inc.	$56,875,000	–	1,537,570	–	0.57%	–
FHI	New	Federated Investors Inc.cl b	$55,062,000	–	1,694,206	–	0.55%	–
TECD	New	Tech Data Corp.	$51,443,000	–	491,803	–	0.51%	–
IT	New	Gartner Inc	$49,995,000	–	310,646	–	0.50%	–
RMAX	New	RE/MAX Holdings Inc.cl a	$49,059,000	–	1,594,880	–	0.49%	–
STAY	New	Extended Stay America Inc.unit 99/99/9999b	$46,097,000	–	2,729,236	–	0.46%	–
FUN	New	Cedar Fair L.P.depositry unit	$44,205,000	–	926,931	–	0.44%	–
HLI	New	Houlihan Lokey, Inc.cl a	$41,673,000	–	935,849	–	0.42%	–
INVH	New	Invitation Homes Inc	$39,387,000	–	1,473,498	–	0.39%	–
HMHC	New	Houghton Mifflin Harcourt Co.	$38,887,000	–	6,751,272	–	0.39%	–
SSD	New	Simpson Manufacturing Co Inc.	$37,942,000	–	570,905	–	0.38%	–
MKTX	New	MarketAxess Holdings Inc.	$35,937,000	–	111,806	–	0.36%	–
TCPC	New	BlackRock TCP Capital Corp.	$34,995,000	–	2,455,767	–	0.35%	–
GGG	New	Graco Inc.	$30,504,000	–	607,882	–	0.30%	–
WTM	New	White Mountains Insurance Group Ltd.	$30,175,000	–	29,541	–	0.30%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.sponsord adr rep	$29,567,000	–	475,816	–	0.30%	–
OAK	New	Oaktree Capital Group LLCunit cl a	$28,502,000	–	575,339	–	0.28%	–
QRTEA	New	Qurate Retail Inc.	$25,391,000	–	2,049,352	–	0.25%	–
WDR	New	Waddell & Reed Financial, Inc.cl a	$23,292,000	–	1,397,213	–	0.23%	–
SBH	New	Sally Beauty Holdings Inc.	$22,297,000	–	1,671,458	–	0.22%	–
PINC	New	Premier Inc.cl a	$19,499,000	–	498,565	–	0.20%	–
EEX	New	Emerald Expositions Events Inc.	$18,097,000	–	1,623,027	–	0.18%	–
WYND	New	Wyndham Destiinations Inc.	$15,459,000	–	352,142	–	0.15%	–
CPRT	New	Copart Inc.	$15,313,000	–	204,887	–	0.15%	–
LH	New	Laboratory Corporation of America Holdings	$14,241,000	–	82,363	–	0.14%	–
VAC	New	Marriott Vacations Worldwide Corp.	$12,805,000	–	132,833	–	0.13%	–
IMO	New	Imperial Oil Ltd.	$11,015,000	–	397,557	–	0.11%	–
ARGO	New	Argo Group International Holdings Ltd.	$10,968,000	–	148,116	–	0.11%	–
AXTA	New	Axalta Coating Systems Ltd.	$10,726,000	–	360,279	–	0.11%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$10,485,000	–	777,790	–	0.10%	–
WH	New	Wyndham Hotels & Resorts Inc.	$10,481,000	–	188,029	–	0.10%	–
LOPE	New	Grand Canyon Education Inc.	$9,524,000	–	81,386	–	0.10%	–
MSM	New	MSC Industrial Direct Co Inc.cl a	$8,998,000	–	121,171	–	0.09%	–
BMO	New	Bank of Montreal	$7,937,000	–	105,000	–	0.08%	–
UFCS	New	United Fire Group Inc.	$6,767,000	–	139,647	–	0.07%	–
EFX	New	Equifax Inc.	$6,541,000	–	48,369	–	0.06%	–
AFI	New	Armstrong Flooring Inc.	$6,457,000	–	655,565	–	0.06%	–
CNNE	New	Cannae Holdings Inc.	$5,292,000	–	182,600	–	0.05%	–
GE	New	General Electric Co.	$4,200,000	–	400,000	–	0.04%	–
CIGI	New	Colliers International Group Inc	$3,546,000	–	49,569	–	0.04%	–
JPM	New	JP Morgan Chase & Co.	$2,183,000	–	19,522	–	0.02%	–
GBL	New	Camco Investors Inc.	$1,776,000	–	92,619	–	0.02%	–
PM	New	Philip Morris International Inc.	$1,574,000	–	20,048	–	0.02%	–
MO	New	Altria Group Inc.	$1,423,000	–	30,048	–	0.01%	–
MMM	New	3M Co.	$1,421,000	–	8,200	–	0.01%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$986,000	–	29,691	–	0.01%	–
BEN	New	Franklin Resources, Inc.	$956,000	–	27,466	–	0.01%	–
KHC	New	The Kraft Heinz Co.	$776,000	–	25,000	–	0.01%	–
DEO	New	Diageo PLCspon adr new	$816,000	–	4,736	–	0.01%	–
CDW	New	CDW Corp.	$392,000	–	3,531	–	0.00%	–
CNQ	New	Canadian Natural Resources Ltd.	$410,000	–	15,200	–	0.00%	–
MRK	New	Merck & Co., Inc.	$330,000	–	3,937	–	0.00%	–
EXPD	New	Expeditors International of Washington, Inc.	$273,000	–	3,596	–	0.00%	–
FAF	New	First American Financial Corp.	$274,000	–	5,102	–	0.00%	–
VVV	New	Valvoline Inc.	$204,000	–	10,438	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
EXPD	Exit	Expeditors International of Washington, Inc.	$0	–	-3,262	–	-0.00%	–
CDW	Exit	CDW Corp.	$0	–	-3,145	–	-0.00%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-4,706	–	-0.00%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-15,200	–	-0.01%	–
DEO	Exit	Diageo PLCspon adr new	$0	–	-4,736	–	-0.01%	–
BEN	Exit	Franklin Resources, Inc.	$0	–	-27,466	–	-0.01%	–
KHC	Exit	The Kraft Heinz Co.	$0	–	-25,000	–	-0.01%	–
MMM	Exit	3M Co.	$0	–	-8,200	–	-0.02%	–
MO	Exit	Altria Group Inc.	$0	–	-30,048	–	-0.02%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-19,522	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-200,000	–	-0.02%	–
CNNE	Exit	Cannae Holdings Inc.	$0	–	-182,600	–	-0.04%	–
BMO	Exit	Bank of Montreal	$0	–	-80,000	–	-0.06%	–
WH	Exit	Wyndham Hotels & Resorts Inc.	$0	–	-124,957	–	-0.06%	–
ABG	Exit	Asbury Automotive Group Inc.	$0	–	-110,838	–	-0.07%	–
UFCS	Exit	United Fire Group Inc.	$0	–	-152,706	–	-0.07%	–
ARGO	Exit	Argo Group International Holdings Ltd.	$0	–	-133,373	–	-0.08%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-325,400	–	-0.09%	–
IMO	Exit	Imperial Oil Ltd.	$0	–	-302,923	–	-0.09%	–
EEX	Exit	Emerald Expositions Events Inc.	$0	–	-601,777	–	-0.09%	–
MSM	Exit	MSC Industrial Direct Co Inc.cl a	$0	–	-116,416	–	-0.10%	–
CLS	Exit	Celestica Inc	$0	–	-1,009,517	–	-0.10%	–
CPRT	Exit	Copart Inc.	$0	–	-212,291	–	-0.10%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-777,790	–	-0.11%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-70,114	–	-0.11%	–
AFI	Exit	Armstrong Flooring Inc.	$0	–	-744,654	–	-0.12%	–
NWSA	Exit	News Corpcl a	$0	–	-1,106,842	–	-0.14%	–
J	Exit	Jacobs Engineering Group Inc.	$0	–	-211,141	–	-0.15%	–
CPSI	Exit	Computer Programs and Systems Inc.	$0	–	-603,403	–	-0.15%	–
OAK	Exit	Oaktree Capital Group LLCunit cl a	$0	–	-424,279	–	-0.16%	–
PINC	Exit	Premier Inc.cl a	$0	–	-458,447	–	-0.20%	–
WDR	Exit	Waddell & Reed Financial, Inc.cl a	$0	–	-988,673	–	-0.20%	–
TPX	Exit	Tempur Sealy Intly Inc.	$0	–	-408,287	–	-0.20%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b new	$0	–	-120,042	–	-0.24%	–
GGG	Exit	Graco Inc.	$0	–	-670,106	–	-0.29%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-35,889	–	-0.31%	–
EXPE	Exit	Expedia Inc.	$0	–	-261,298	–	-0.32%	–
INVH	Exit	Invitation Homes Inc	$0	–	-1,607,745	–	-0.34%	–
PPG	Exit	PPG Industries Inc.	$0	–	-336,992	–	-0.34%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.spon adr rep l	$0	–	-628,006	–	-0.36%	–
TCPC	Exit	BlackRock TCP Capital Corp.	$0	–	-2,834,892	–	-0.38%	–
HMHC	Exit	Houghton Mifflin Harcourt Co.	$0	–	-5,914,826	–	-0.38%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,725,520	–	-0.39%	–
DIN	Exit	Dine Brands Global Inc.	$0	–	-548,152	–	-0.41%	–
KMT	Exit	Kennametal Inc.	$0	–	-1,055,036	–	-0.43%	–
CIGI	Exit	Colliers International Group Inc	$0	–	-617,243	–	-0.44%	–
HLI	Exit	Houlihan Lokey, Inc.cl a	$0	–	-1,061,070	–	-0.44%	–
DECK	Exit	Deckers Outdoor Corp.	$0	–	-446,128	–	-0.49%	–
STAY	Exit	Extended Stay America Inc.unit 99/99/9999b	$0	–	-3,001,277	–	-0.56%	–
RMAX	Exit	RE/MAX Holdings Inc.cl a	$0	–	-1,386,247	–	-0.57%	–
IT	Exit	Gartner Inc	$0	–	-394,906	–	-0.58%	–
MAIN	Exit	Main Street Capital Corp.	$0	–	-1,658,092	–	-0.59%	–
BAH	Exit	Booz Allen Hamilton Holding Corp.cl a	$0	–	-1,292,047	–	-0.60%	–
STRA	Exit	Strategic Education Inc.	$0	–	-486,559	–	-0.62%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-3,313,219	–	-0.68%	–
SBH	Exit	Sally Beauty Holdings Inc.	$0	–	-4,023,645	–	-0.69%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-419,893	–	-0.70%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-2,612,660	–	-0.72%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-29,157,564	–	-0.75%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-2,352,246	–	-0.79%	–
GNRC	Exit	Generac Holdings Inc.	$0	–	-1,561,839	–	-0.82%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-1,916,088	–	-0.84%	–
AMH	Exit	American Homes 4 Rent Real Estate Investment Trustcl a	$0	–	-4,322,885	–	-0.88%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,325,488	–	-0.92%	–
BPY	Exit	Brookfield Property Partners L.P.unit ltd partn	$0	–	-4,826,184	–	-0.94%	–
CBZ	Exit	CBIZ Inc.	$0	–	-4,264,647	–	-0.94%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-334	–	-0.99%	–
GOOGL	Exit	Alphabet Inc.cap stk cl a	$0	–	-99,468	–	-1.12%	–
QSR	Exit	Restaurant Brands International Inc.	$0	–	-2,064,469	–	-1.13%	–
SJR	Exit	Shaw Communication Inc.cl b conv	$0	–	-6,396,511	–	-1.16%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-2,947,646	–	-1.22%	–
TXN	Exit	Texas Instruments Incorporated	$0	–	-1,265,871	–	-1.26%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-2,569,340	–	-1.36%	–
HRS	Exit	Harris Corp.	$0	–	-883,442	–	-1.39%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-2,727,218	–	-1.51%	–
PRI	Exit	Primerica Inc.	$0	–	-1,374,490	–	-1.54%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,178,959	–	-1.62%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-2,935,253	–	-1.65%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-736,768	–	-1.79%	–
TRP	Exit	Transcanada Corp.	$0	–	-4,922,817	–	-1.85%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-2,251,598	–	-1.87%	–
NTR	Exit	Nutrien Ltd.	$0	–	-3,753,021	–	-2.01%	–
GNTX	Exit	Gentex Corp.	$0	–	-10,228,518	–	-2.04%	–
ENB	Exit	Enbridge Inc.	$0	–	-6,992,623	–	-2.09%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,352,516	–	-2.10%	–
PM	Exit	Philip Morris International Inc.	$0	–	-2,775,801	–	-2.10%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-2,245,477	–	-2.13%	–
UNP	Exit	Union Pacific Corp.	$0	–	-1,469,041	–	-2.22%	–
ABC	Exit	AmerisourceBergen Corp	$0	–	-2,721,230	–	-2.33%	–
AAPL	Exit	Apple Inc	$0	–	-1,118,216	–	-2.35%	–
PEP	Exit	PepsiCo Inc.	$0	–	-2,343,237	–	-2.44%	–
ALSN	Exit	Allison Transmission Holdings Inc.	$0	–	-5,344,433	–	-2.58%	–
MSFT	Exit	Microsoft Corp.	$0	–	-3,171,698	–	-3.37%	–
ORCL	Exit	Oracle Corp.	$0	–	-7,370,350	–	-3.53%	–
BBT	Exit	BB&T Corp.	$0	–	-8,400,730	–	-3.79%	–
JNJ	Exit	Johnson & Johnson	$0	–	-3,171,039	–	-4.07%	–
SABR	Exit	Sabre Corp.	$0	–	-18,142,317	–	-4.40%	–
UTX	Exit	United Technologies Corp.	$0	–	-3,385,594	–	-4.40%	–
AZO	Exit	AutoZone, Inc.	$0	–	-616,050	–	-4.44%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-7,081,495	–	-4.80%	–

Q3 2018

			Value		Shares		↓ Weighting
WBA	Sell	Walgreens Boots Alliance, Inc.	$516,241,000	+20.1%	7,081,495	-1.1%	4.80%	+15.4%
AZO	Buy	AutoZone, Inc.	$477,870,000	+15.8%	616,050	+0.1%	4.44%	+11.2%
UTX	Sell	United Technologies Corp.	$473,340,000	+10.2%	3,385,594	-1.5%	4.40%	+5.8%
SABR	Sell	Sabre Corp.	$473,152,000	+5.0%	18,142,317	-0.8%	4.40%	+0.8%
JNJ	Sell	Johnson & Johnson	$438,142,000	+12.4%	3,171,039	-1.3%	4.07%	+8.0%
BBT	Sell	BB&T Corp.	$407,771,000	-3.8%	8,400,730	-0.0%	3.79%	-7.6%
ORCL	Buy	Oracle Corp.	$380,015,000	+18.5%	7,370,350	+1.3%	3.53%	+13.9%
MSFT	Sell	Microsoft Corp.	$362,747,000	-7.8%	3,171,698	-20.5%	3.37%	-11.5%
ALSN	Sell	Allison Transmission Holdings Inc.	$277,964,000	+25.6%	5,344,433	-2.2%	2.58%	+20.6%
PEP	Sell	PepsiCo Inc.	$261,974,000	+1.7%	2,343,237	-0.9%	2.44%	-2.3%
AAPL	Sell	Apple Inc	$252,426,000	+20.1%	1,118,216	-1.5%	2.35%	+15.3%
ABC	Sell	AmerisourceBergen Corp	$250,952,000	+7.3%	2,721,230	-0.8%	2.33%	+3.0%
UNP	Sell	Union Pacific Corp.	$239,204,000	+13.1%	1,469,041	-1.6%	2.22%	+8.6%
NTRS	Sell	Northern Trust Corp.	$229,331,000	-2.7%	2,245,477	-2.0%	2.13%	-6.6%
PM	Sell	Philip Morris International Inc.	$226,339,000	-0.2%	2,775,801	-1.2%	2.10%	-4.2%
MCD	Sell	McDonald's Corp.	$226,262,000	+4.9%	1,352,516	-1.8%	2.10%	+0.7%
ENB	Sell	Enbridge Inc.	$225,147,000	-10.9%	6,992,623	-1.2%	2.09%	-14.4%
GNTX	Sell	Gentex Corp.	$219,504,000	-11.3%	10,228,518	-4.9%	2.04%	-14.8%
NTR	Sell	Nutrien Ltd.	$216,223,000	+3.5%	3,753,021	-2.5%	2.01%	-0.6%
CNI	Sell	Canadian National Railway Co.	$201,592,000	+6.9%	2,251,598	-2.5%	1.87%	+2.7%
TRP	Buy	Transcanada Corp.	$198,738,000	+43.2%	4,922,817	+53.2%	1.85%	+37.5%
BDX	Sell	Becton, Dickinson & Co.	$192,296,000	+4.3%	736,768	-4.2%	1.79%	+0.2%
TD	Sell	Toronto-Dominion Bank	$177,975,000	+3.3%	2,935,253	-1.6%	1.65%	-0.8%
RY	Sell	Royal Bank of Canada	$174,283,000	+5.1%	2,178,959	-1.2%	1.62%	+0.9%
PRI	Sell	Primerica Inc.	$165,695,000	+11.9%	1,374,490	-7.6%	1.54%	+7.5%
BNS	Sell	Bank of Nova Scotia	$162,201,000	+4.2%	2,727,218	-1.0%	1.51%	0.0%
HRS	Sell	Harris Corp.	$149,487,000	+14.3%	883,442	-2.4%	1.39%	+9.7%
SSNC	Sell	SS&C Technologies Holdings Inc.	$146,016,000	+3.5%	2,569,340	-5.5%	1.36%	-0.7%
TXN	Sell	Texas Instruments Incorporated	$135,815,000	-4.8%	1,265,871	-2.1%	1.26%	-8.6%
BAM	Sell	Brookfield Asset Management Inc.cl a ltd vt sh	$130,908,000	+8.4%	2,947,646	-1.2%	1.22%	+4.1%
SJR	Sell	Shaw Communication Inc.cl b conv	$124,373,000	-5.6%	6,396,511	-1.3%	1.16%	-9.3%
QSR	Buy	Restaurant Brands International Inc.	$121,970,000	+20.8%	2,064,469	+23.2%	1.13%	+16.1%
GOOGL	Sell	Alphabet Inc.cap stk cl a	$120,066,000	+6.7%	99,468	-0.2%	1.12%	+2.5%
BRKA	Sell	Berkshire Hathaway Inc.cl a	$106,880,000	+11.1%	334	-2.1%	0.99%	+6.7%
CBZ	Sell	CBIZ Inc.	$101,072,000	-5.8%	4,264,647	-8.5%	0.94%	-9.5%
BPY	Sell	Brookfield Property Partners L.P.unit ltd partn	$100,699,000	+8.1%	4,826,184	-1.8%	0.94%	+3.8%
AJG	Sell	Arthur J. Gallagher & Co.	$98,669,000	+7.1%	1,325,488	-6.1%	0.92%	+2.8%
AMH	Sell	American Homes 4 Rent Real Estate Investment Trustcl a	$94,628,000	-5.5%	4,322,885	-4.2%	0.88%	-9.3%
PAG	Sell	Penske Auto Group Inc.	$90,803,000	-5.3%	1,916,088	-6.4%	0.84%	-9.1%
GNRC	Sell	Generac Holdings Inc.	$88,103,000	+3.0%	1,561,839	-5.5%	0.82%	-1.1%
RBA	Sell	Ritchie Bros. Auctioneers Inc.	$84,987,000	-9.6%	2,352,246	-14.6%	0.79%	-13.2%
AAVVF	Sell	Advantage Oil & Gas Ltd.	$81,087,000	-11.9%	29,157,564	-1.1%	0.75%	-15.3%
BRO	Sell	Brown & Brown Inc.	$77,256,000	+0.0%	2,612,660	-6.2%	0.72%	-3.9%
MKTX	Sell	MarketAxess Holdings Inc.	$74,947,000	-14.9%	419,893	-5.7%	0.70%	-18.2%
SBH	Sell	Sally Beauty Holdings Inc.	$73,995,000	+8.2%	4,023,645	-5.7%	0.69%	+3.9%
JEF	Sell	Jefferies Financial Group Inc.	$72,758,000	-8.6%	3,313,219	-5.3%	0.68%	-12.2%
STRA	New	Strategic Education Inc.	$66,673,000	–	486,559	–	0.62%	–
BAH	Sell	Booz Allen Hamilton Holding Corp.cl a	$64,124,000	+6.5%	1,292,047	-6.1%	0.60%	+2.2%
MAIN	Sell	Main Street Capital Corp.	$63,837,000	-5.1%	1,658,092	-6.2%	0.59%	-8.9%
IT	Sell	Gartner Inc	$62,593,000	+11.2%	394,906	-6.8%	0.58%	+6.8%
RMAX	Sell	RE/MAX Holdings Inc.cl a	$61,480,000	-19.6%	1,386,247	-4.9%	0.57%	-22.8%
STAY	Sell	Extended Stay America Inc.unit 99/99/9999b	$60,716,000	-11.5%	3,001,277	-5.5%	0.56%	-15.1%
DECK	Sell	Deckers Outdoor Corp.	$52,902,000	-1.6%	446,128	-6.3%	0.49%	-5.4%
CIGI	Sell	Colliers International Group Inc	$47,706,000	-50.2%	617,243	-51.1%	0.44%	-52.3%
HLI	Sell	Houlihan Lokey, Inc.cl a	$47,674,000	-17.4%	1,061,070	-5.8%	0.44%	-20.6%
KMT	New	Kennametal Inc.	$45,957,000	–	1,055,036	–	0.43%	–
DIN	Sell	Dine Brands Global Inc.	$44,570,000	-9.3%	548,152	-16.5%	0.41%	-12.8%
FHI	Sell	Federated Investors Inc.cl b	$41,620,000	-2.6%	1,725,520	-5.9%	0.39%	-6.5%
HMHC	Sell	Houghton Mifflin Harcourt Co.	$41,404,000	-13.0%	5,914,826	-4.9%	0.38%	-16.3%
TCPC	New	BlackRock TCP Capital Corp.	$40,341,000	–	2,834,892	–	0.38%	–
KOF	Buy	Coca-Cola Femsa S.A.B. de C.V.spon adr rep l	$38,459,000	+21.0%	628,006	+11.5%	0.36%	+15.9%
PPG	Buy	PPG Industries Inc.	$36,776,000	+6.9%	336,992	+1.7%	0.34%	+2.7%
INVH	Sell	Invitation Homes Inc	$36,833,000	-5.8%	1,607,745	-5.2%	0.34%	-9.5%
EXPE	Sell	Expedia Inc.	$34,094,000	+1.2%	261,298	-6.7%	0.32%	-2.8%
WTM	Sell	White Mountains Insurance Group Ltd.	$33,587,000	-2.1%	35,889	-5.2%	0.31%	-6.0%
GGG	Sell	Graco Inc.	$31,053,000	-4.0%	670,106	-6.3%	0.29%	-7.7%
BRKB	Buy	Berkshire Hathaway Inc.cl b new	$25,702,000	+61.5%	120,042	+40.8%	0.24%	+55.2%
TPX	Sell	Tempur Sealy Intly Inc.	$21,598,000	+2.7%	408,287	-6.8%	0.20%	-1.5%
PINC	Sell	Premier Inc.cl a	$20,988,000	+24.4%	458,447	-1.2%	0.20%	+19.6%
WDR	Sell	Waddell & Reed Financial, Inc.cl a	$20,940,000	+10.8%	988,673	-6.0%	0.20%	+6.6%
OAK	Sell	Oaktree Capital Group LLCunit cl a	$17,565,000	+1.8%	424,279	-0.0%	0.16%	-2.4%
CPSI	Sell	Computer Programs and Systems Inc.	$16,201,000	-23.5%	603,403	-6.2%	0.15%	-26.3%
J	Sell	Jacobs Engineering Group Inc.	$16,152,000	-27.9%	211,141	-40.1%	0.15%	-30.9%
NWSA	New	News Corpcl a	$14,599,000	–	1,106,842	–	0.14%	–
AFI	Sell	Armstrong Flooring Inc.	$13,478,000	+20.9%	744,654	-6.2%	0.12%	+15.7%
LH	Sell	Laboratory Corporation of America Holdings	$12,177,000	-4.2%	70,114	-0.9%	0.11%	-8.1%
CPRT	Sell	Copart Inc.	$10,939,000	-11.0%	212,291	-2.3%	0.10%	-14.3%
MSM	New	MSC Industrial Direct Co Inc.cl a	$10,257,000	–	116,416	–	0.10%	–
EEX	New	Emerald Expositions Events Inc.	$9,917,000	–	601,777	–	0.09%	–
IMO	Sell	Imperial Oil Ltd.	$9,782,000	-5.7%	302,923	-3.1%	0.09%	-9.0%
AXTA	Buy	Axalta Coating Systems Ltd.	$9,489,000	-3.3%	325,400	+0.6%	0.09%	-7.4%
ARGO	Sell	Argo Group International Holdings Ltd.	$8,409,000	+7.5%	133,373	-0.8%	0.08%	+2.6%
UFCS	Sell	United Fire Group Inc.	$7,753,000	-12.8%	152,706	-6.3%	0.07%	-16.3%
ABG	Sell	Asbury Automotive Group Inc.	$7,620,000	-84.7%	110,838	-84.7%	0.07%	-85.2%
WH	New	Wyndham Hotels & Resorts Inc.	$6,944,000	–	124,957	–	0.06%	–
BMO	Buy	Bank of Montreal	$6,584,000	+113.3%	80,000	+100.0%	0.06%	+103.3%
GE	New	General Electric Co.	$2,258,000	–	200,000	–	0.02%	–
CDW	New	CDW Corp.	$280,000	–	3,145	–	0.00%	–
EXPD	Sell	Expeditors International of Washington, Inc.	$240,000	-96.2%	3,262	-96.2%	0.00%	-96.7%
CVE	Exit	Cenovus Energy Inc.	$0	–	-72,040	–	-0.01%	–
APAM	Exit	Artisan Partners Asset Management Inc.cl a	$0	–	-28,900	–	-0.01%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-27,871	–	-0.01%	–
TEL	Exit	TE Connectivity Ltd.	$0	–	-15,439	–	-0.01%	–
HTH	Exit	Hilltop Holdings Inc.	$0	–	-447,390	–	-0.10%	–
TCPC	Exit	TCP Capital Corp.	$0	–	-3,025,283	–	-0.42%	–
STRA	Exit	Strayer Education Inc.	$0	–	-514,215	–	-0.56%	–
KMB	Exit	Kimberly Clark Corp.	$0	–	-554,878	–	-0.57%	–

Q2 2018

			Value		Shares		↓ Weighting
SABR	New	Sabre Corp.	$450,802,000	–	18,295,526	–	4.36%	–
WBA	New	Walgreens Boots Alliance, Inc.	$429,792,000	–	7,161,408	–	4.16%	–
UTX	New	United Technologies Corp.	$429,530,000	–	3,435,412	–	4.16%	–
BBT	New	BB&T Corp.	$423,757,000	–	8,401,213	–	4.10%	–
AZO	New	AutoZone, Inc.	$412,757,000	–	615,202	–	3.99%	–
MSFT	New	Microsoft Corp.	$393,578,000	–	3,991,262	–	3.81%	–
JNJ	New	Johnson & Johnson	$389,739,000	–	3,211,960	–	3.77%	–
ORCL	New	Oracle Corp.	$320,555,000	–	7,275,429	–	3.10%	–
PEP	New	PepsiCo Inc.	$257,504,000	–	2,365,244	–	2.49%	–
ENB	New	Enbridge Inc.	$252,673,000	–	7,079,107	–	2.44%	–
GNTX	New	Gentex Corp.	$247,502,000	–	10,751,615	–	2.40%	–
NTRS	New	Northern Trust Corp.	$235,747,000	–	2,291,257	–	2.28%	–
ABC	New	AmerisourceBergen Corp	$233,858,000	–	2,742,554	–	2.26%	–
PM	New	Philip Morris International Inc.	$226,898,000	–	2,810,235	–	2.20%	–
ALSN	New	Allison Transmission Holdings Inc.	$221,286,000	–	5,465,192	–	2.14%	–
MCD	New	McDonald's Corp.	$215,792,000	–	1,377,191	–	2.09%	–
UNP	New	Union Pacific Corp.	$211,481,000	–	1,492,667	–	2.05%	–
AAPL	New	Apple Inc	$210,217,000	–	1,135,634	–	2.03%	–
NTR	New	Nutrien Ltd.	$208,977,000	–	3,847,586	–	2.02%	–
CNI	New	Canadian National Railway Co.	$188,577,000	–	2,309,280	–	1.82%	–
BDX	New	Becton, Dickinson & Co.	$184,280,000	–	769,245	–	1.78%	–
TD	New	Toronto-Dominion Bank	$172,294,000	–	2,981,676	–	1.67%	–
RY	New	Royal Bank of Canada	$165,868,000	–	2,206,424	–	1.60%	–
BNS	New	Bank of Nova Scotia	$155,715,000	–	2,754,487	–	1.51%	–
PRI	New	Primerica Inc.	$148,081,000	–	1,486,755	–	1.43%	–
TXN	New	Texas Instruments Incorporated	$142,588,000	–	1,293,312	–	1.38%	–
SSNC	New	SS&C Technologies Holdings Inc.	$141,124,000	–	2,719,144	–	1.37%	–
TRP	New	Transcanada Corp.	$138,762,000	–	3,212,402	–	1.34%	–
SJR	New	Shaw Communication Inc.cl b conv	$131,775,000	–	6,479,474	–	1.28%	–
HRS	New	Harris Corp.	$130,801,000	–	904,947	–	1.27%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$120,793,000	–	2,982,552	–	1.17%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$112,557,000	–	99,679	–	1.09%	–
CBZ	New	CBIZ Inc.	$107,249,000	–	4,663,007	–	1.04%	–
QSR	New	Restaurant Brands International Inc.	$100,942,000	–	1,676,163	–	0.98%	–
AMH	New	American Homes 4 Rent Real Estate Investment Trustcl a	$100,121,000	–	4,514,020	–	0.97%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$96,176,000	–	341	–	0.93%	–
CIGI	New	Colliers International Group Inc	$95,851,000	–	1,261,903	–	0.93%	–
PAG	New	Penske Auto Group Inc.	$95,905,000	–	2,047,072	–	0.93%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$94,010,000	–	2,755,280	–	0.91%	–
BPY	New	Brookfield Property Partners L.P.unit ltd partn	$93,188,000	–	4,914,273	–	0.90%	–
AJG	New	Arthur J. Gallagher & Co.	$92,126,000	–	1,411,247	–	0.89%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$92,015,000	–	29,480,455	–	0.89%	–
MKTX	New	MarketAxess Holdings Inc.	$88,069,000	–	445,108	–	0.85%	–
GNRC	New	Generac Holdings Inc.	$85,510,000	–	1,653,012	–	0.83%	–
JEF	New	Jefferies Financial Group Inc.	$79,578,000	–	3,499,488	–	0.77%	–
BRO	New	Brown & Brown Inc.	$77,234,000	–	2,785,203	–	0.75%	–
RMAX	New	RE/MAX Holdings Inc.cl a	$76,475,000	–	1,458,057	–	0.74%	–
STAY	New	Extended Stay America Inc.unit 99/99/9999b	$68,622,000	–	3,175,456	–	0.66%	–
SBH	New	Sally Beauty Holdings Inc.	$68,370,000	–	4,265,157	–	0.66%	–
MAIN	New	Main Street Capital Corp.	$67,276,000	–	1,767,621	–	0.65%	–
BAH	New	Booz Allen Hamilton Holding Corp.cl a	$60,193,000	–	1,376,476	–	0.58%	–
KMB	New	Kimberly Clark Corp.	$58,451,000	–	554,878	–	0.57%	–
STRA	New	Strayer Education Inc.	$58,111,000	–	514,215	–	0.56%	–
HLI	New	Houlihan Lokey, Inc.cl a	$57,683,000	–	1,126,190	–	0.56%	–
IT	New	Gartner Inc	$56,301,000	–	423,637	–	0.54%	–
DECK	New	Deckers Outdoor Corp.	$53,741,000	–	476,045	–	0.52%	–
ABG	New	Asbury Automotive Group Inc.	$49,721,000	–	725,321	–	0.48%	–
DIN	New	Dine Brands Global Inc.	$49,123,000	–	656,718	–	0.48%	–
HMHC	New	Houghton Mifflin Harcourt Co.	$47,580,000	–	6,219,598	–	0.46%	–
TCPC	New	TCP Capital Corp.	$43,715,000	–	3,025,283	–	0.42%	–
FHI	New	Federated Investors Inc.cl b	$42,747,000	–	1,833,049	–	0.41%	–
INVH	New	Invitation Homes Inc	$39,088,000	–	1,695,062	–	0.38%	–
PPG	New	PPG Industries Inc.	$34,387,000	–	331,506	–	0.33%	–
WTM	New	White Mountains Insurance Group Ltd.	$34,305,000	–	37,839	–	0.33%	–
EXPE	New	Expedia Inc.	$33,674,000	–	280,169	–	0.33%	–
GGG	New	Graco Inc.	$32,348,000	–	715,351	–	0.31%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.spon adr rep l	$31,796,000	–	563,458	–	0.31%	–
J	New	Jacobs Engineering Group Inc.	$22,396,000	–	352,753	–	0.22%	–
CPSI	New	Computer Programs and Systems Inc.	$21,173,000	–	643,560	–	0.20%	–
TPX	New	Tempur Sealy Intly Inc.	$21,039,000	–	437,861	–	0.20%	–
WDR	New	Waddell & Reed Financial, Inc.cl a	$18,905,000	–	1,052,043	–	0.18%	–
OAK	New	Oaktree Capital Group LLCunit cl a	$17,247,000	–	424,291	–	0.17%	–
PINC	New	Premier Inc.cl a	$16,873,000	–	463,792	–	0.16%	–
BRKB	New	Berkshire Hathaway Inc.cl b new	$15,913,000	–	85,255	–	0.15%	–
LH	New	Laboratory Corporation of America Holdings	$12,707,000	–	70,777	–	0.12%	–
CPRT	New	Copart Inc.	$12,286,000	–	217,215	–	0.12%	–
CLS	New	Celestica Inc	$11,983,000	–	1,009,517	–	0.12%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$11,278,000	–	777,790	–	0.11%	–
AFI	New	Armstrong Flooring Inc.	$11,145,000	–	793,805	–	0.11%	–
IMO	New	Imperial Oil Ltd.	$10,374,000	–	312,582	–	0.10%	–
HTH	New	Hilltop Holdings Inc.	$9,874,000	–	447,390	–	0.10%	–
AXTA	New	Axalta Coating Systems Ltd.	$9,808,000	–	323,581	–	0.10%	–
UFCS	New	United Fire Group Inc.	$8,888,000	–	163,050	–	0.09%	–
ARGO	New	Argo Group International Holdings Ltd.	$7,821,000	–	134,503	–	0.08%	–
EXPD	New	Expeditors International of Washington, Inc.	$6,256,000	–	85,580	–	0.06%	–
CNNE	New	Cannae Holdings Inc.	$3,387,000	–	182,600	–	0.03%	–
BMO	New	Bank of Montreal	$3,087,000	–	40,000	–	0.03%	–
JPM	New	JP Morgan Chase & Co.	$2,034,000	–	19,522	–	0.02%	–
MO	New	Altria Group Inc.	$1,706,000	–	30,048	–	0.02%	–
MMM	New	3M Co.	$1,613,000	–	8,200	–	0.02%	–
KHC	New	The Kraft Heinz Co.	$1,571,000	–	25,000	–	0.02%	–
TEL	New	TE Connectivity Ltd.	$1,390,000	–	15,439	–	0.01%	–
CSCO	New	Cisco Systems Inc.	$1,199,000	–	27,871	–	0.01%	–
BEN	New	Franklin Resources, Inc.	$880,000	–	27,466	–	0.01%	–
APAM	New	Artisan Partners Asset Management Inc.cl a	$871,000	–	28,900	–	0.01%	–
CVE	New	Cenovus Energy Inc.	$747,000	–	72,040	–	0.01%	–
DEO	New	Diageo PLCspon adr new	$682,000	–	4,736	–	0.01%	–
CNQ	New	Canadian Natural Resources Ltd.	$548,000	–	15,200	–	0.01%	–
MRK	New	Merck & Co., Inc.	$286,000	–	4,706	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
HLNE	Exit	Hamilton Lane Inc.	$0	–	-8,534	–	-0.00%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-4,839	–	-0.00%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-15,200	–	-0.01%	–
DEO	Exit	Diageo PLCadr	$0	–	-4,736	–	-0.01%	–
KHC	Exit	The Kraft Heinz Co.	$0	–	-15,000	–	-0.01%	–
SHOP	Exit	Shopify Inc.cl a	$0	–	-10,000	–	-0.01%	–
BEN	Exit	Franklin Resources, Inc.	$0	–	-27,466	–	-0.01%	–
TEL	Exit	TE Connectivity Ltd.	$0	–	-16,076	–	-0.01%	–
IWM	Exit	iShares Russell 2000 Index (ETF)russell 2000 etf	$0	–	-11,788	–	-0.02%	–
MS	Exit	Morgan Stanley	$0	–	-36,047	–	-0.02%	–
MMM	Exit	3M Co.	$0	–	-8,200	–	-0.02%	–
MO	Exit	Altria Group Inc.	$0	–	-30,048	–	-0.02%	–
BMO	Exit	Bank of Montreal	$0	–	-30,000	–	-0.02%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-27,346	–	-0.02%	–
EXPD	Exit	Expeditors International of Washington, Inc.	$0	–	-69,683	–	-0.04%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-216,550	–	-0.06%	–
VREX	Exit	Varex Imaging Corp	$0	–	-229,611	–	-0.07%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-9,185	–	-0.07%	–
OPY	Exit	Oppenheimer Holdings Inc.cl a	$0	–	-455,059	–	-0.08%	–
ARGO	Exit	Argo Group International Holdings Ltd.	$0	–	-142,870	–	-0.08%	–
PINC	Exit	Premier Inc.cl a	$0	–	-328,984	–	-0.10%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b	$0	–	-61,826	–	-0.11%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-777,790	–	-0.11%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-76,792	–	-0.11%	–
TRU	Exit	Transunion	$0	–	-248,738	–	-0.11%	–
AFI	Exit	Armstrong Flooring Inc.	$0	–	-839,041	–	-0.12%	–
CPRT	Exit	Copart Inc.	$0	–	-438,406	–	-0.14%	–
PNNT	Exit	Pennantpark Investment Corp.	$0	–	-2,064,380	–	-0.15%	–
J	Exit	Jacobs Engineering Group Inc.	$0	–	-321,101	–	-0.18%	–
WDR	Exit	Waddell & Reed Financial, Inc.cl a	$0	–	-938,382	–	-0.18%	–
SNI	Exit	Scripps Networks Interactive, Inc.cl a	$0	–	-220,526	–	-0.18%	–
OAK	Exit	Oaktree Capital Group LLC	$0	–	-416,310	–	-0.18%	–
HTH	Exit	Hilltop Holdings Inc.	$0	–	-892,011	–	-0.22%	–
IMO	Exit	Imperial Oil Ltd.	$0	–	-738,972	–	-0.22%	–
SFR	Exit	Starwood Waypoint Homes	$0	–	-674,617	–	-0.23%	–
STRA	Exit	Strayer Education Inc.	$0	–	-342,996	–	-0.28%	–
CPSI	Exit	Computer Programs and Systems Inc.	$0	–	-1,018,371	–	-0.28%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.adr	$0	–	-401,028	–	-0.29%	–
PPG	Exit	PPG Industries Inc.	$0	–	-299,333	–	-0.31%	–
DIN	Exit	DineEquity, Inc.	$0	–	-780,912	–	-0.32%	–
EXPE	Exit	Expedia Inc.	$0	–	-292,996	–	-0.40%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,440,273	–	-0.40%	–
HLI	Exit	Houlihan Lokey, Inc.	$0	–	-1,180,467	–	-0.44%	–
IT	Exit	Gartner Inc	$0	–	-388,651	–	-0.46%	–
APAM	Exit	Artisan Partners Asset Management Inc.cl a	$0	–	-1,506,346	–	-0.46%	–
HMHC	Exit	Houghton Mifflin Harcourt Co.	$0	–	-4,106,547	–	-0.47%	–
TCPC	Exit	TCP Capital Corp.	$0	–	-3,017,401	–	-0.47%	–
ABG	Exit	Asbury Automotive Group Inc.	$0	–	-823,473	–	-0.48%	–
STAY	Exit	Extended Stay America Inc.unit	$0	–	-2,519,786	–	-0.48%	–
DECK	Exit	Deckers Outdoor Corp.	$0	–	-752,543	–	-0.49%	–
AN	Exit	Autonation Inc.	$0	–	-1,114,028	–	-0.50%	–
BAH	Exit	Booz Allen Hamilton Holding Corp.	$0	–	-1,438,548	–	-0.51%	–
KMB	Exit	Kimberly Clark Corp.	$0	–	-471,621	–	-0.52%	–
TPX	Exit	Tempur Sealy Intly Inc.	$0	–	-931,364	–	-0.57%	–
SBH	Exit	Sally Beauty Holdings Inc.	$0	–	-3,110,584	–	-0.58%	–
GGG	Exit	Graco Inc.	$0	–	-539,482	–	-0.63%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-1,453,654	–	-0.66%	–
MAIN	Exit	Main Street Capital Corp.	$0	–	-1,828,173	–	-0.69%	–
LUK	Exit	Leucadia National Corp.	$0	–	-2,954,554	–	-0.70%	–
CBZ	Exit	CBIZ Inc.	$0	–	-4,790,981	–	-0.74%	–
GNRC	Exit	Generac Holdings Inc.	$0	–	-1,727,058	–	-0.75%	–
AMH	Exit	American Homes 4 Rent Real Estate Investment Trust	$0	–	-3,827,936	–	-0.78%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-463,012	–	-0.81%	–
EFX	Exit	Equifax Inc.	$0	–	-829,493	–	-0.83%	–
RMAX	Exit	RE/MAX Holdings Inc.	$0	–	-1,386,428	–	-0.83%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-327	–	-0.85%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,466,510	–	-0.85%	–
CIGI	Exit	Colliers International Group Inc	$0	–	-1,851,870	–	-0.87%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-2,134,504	–	-0.96%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-2,652,366	–	-1.00%	–
TXN	Exit	Texas Instruments Incorporated	$0	–	-1,342,495	–	-1.14%	–
SU	Exit	Suncor Energy Inc.	$0	–	-3,536,322	–	-1.17%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-20,167,614	–	-1.19%	–
PRI	Exit	Primerica Inc.	$0	–	-1,681,212	–	-1.29%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-4,515,424	–	-1.35%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-796,035	–	-1.47%	–
AAPL	Exit	Apple Inc.	$0	–	-1,062,892	–	-1.55%	–
HRS	Exit	Harris Corp.	$0	–	-1,289,316	–	-1.60%	–
ALSN	Exit	Allison Transmission Holdings Inc.	$0	–	-5,114,840	–	-1.81%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,507,555	–	-1.83%	–
SABR	Exit	Sabre Corp.	$0	–	-10,806,431	–	-1.85%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-3,505,604	–	-1.86%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-3,078,243	–	-1.87%	–
ENB	Exit	Enbridge Inc.	$0	–	-5,108,094	–	-2.01%	–
POT	Exit	Potash Corporation of Saskatchewan Inc.	$0	–	-11,202,901	–	-2.04%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-2,386,800	–	-2.07%	–
GNTX	Exit	Gentex Corp.	$0	–	-11,177,265	–	-2.09%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,414,684	–	-2.09%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-2,698,948	–	-2.11%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-2,743,838	–	-2.15%	–
BAM	Exit	Brookfield Asset Management Inc.cl a	$0	–	-6,063,747	–	-2.36%	–
PEP	Exit	PepsiCo Inc.	$0	–	-2,255,520	–	-2.37%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-7,943,918	–	-2.52%	–
ORCL	Exit	Oracle Corp.	$0	–	-6,105,017	–	-2.79%	–
PM	Exit	Philip Morris International Inc.	$0	–	-2,704,651	–	-2.83%	–
MSFT	Exit	Microsoft Corp.	$0	–	-4,205,524	–	-2.96%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-32,270,841	–	-3.05%	–
AZO	Exit	AutoZone, Inc.	$0	–	-592,020	–	-3.33%	–
BBT	Exit	BB&T Corp.	$0	–	-8,382,444	–	-3.71%	–
UTX	Exit	United Technologies Corp.	$0	–	-3,455,766	–	-3.79%	–
JNJ	Exit	Johnson & Johnson	$0	–	-3,195,878	–	-3.92%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-5,475,196	–	-3.99%	–
UNP	Exit	Union Pacific Corp.	$0	–	-3,910,420	–	-4.28%	–

Q3 2017

			Value		Shares		↓ Weighting
UNP	Buy	Union Pacific Corp.	$453,491,000	+6.8%	3,910,420	+0.3%	4.28%	+6.4%
WBA	Buy	Walgreens Boots Alliance, Inc.	$422,795,000	-0.8%	5,475,196	+0.6%	3.99%	-1.2%
JNJ	Buy	Johnson & Johnson	$415,496,000	-1.4%	3,195,878	+0.4%	3.92%	-1.8%
UTX	Buy	United Technologies Corp.	$401,145,000	-4.6%	3,455,766	+0.3%	3.79%	-5.1%
BBT	Buy	BB&T Corp.	$393,472,000	+3.7%	8,382,444	+0.3%	3.71%	+3.2%
AZO	Buy	AutoZone, Inc.	$352,317,000	+4.7%	592,020	+0.3%	3.33%	+4.2%
CVE	Buy	Cenovus Energy Inc.	$323,483,000	+73.6%	32,270,841	+27.6%	3.05%	+72.9%
MSFT	Buy	Microsoft Corp.	$313,269,000	+8.7%	4,205,524	+0.6%	2.96%	+8.2%
PM	Sell	Philip Morris International Inc.	$300,243,000	-17.9%	2,704,651	-13.1%	2.83%	-18.2%
ORCL	Buy	Oracle Corp.	$295,178,000	-3.3%	6,105,017	+0.3%	2.79%	-3.7%
CSCO	Buy	Cisco Systems Inc.	$267,154,000	+7.7%	7,943,918	+0.3%	2.52%	+7.3%
PEP	Buy	PepsiCo Inc.	$251,333,000	-3.2%	2,255,520	+0.4%	2.37%	-3.6%
BAM	Sell	Brookfield Asset Management Inc.cl a	$250,323,000	-3.0%	6,063,747	-7.9%	2.36%	-3.5%
CNI	Sell	Canadian National Railway Co.	$227,289,000	-3.6%	2,743,838	-5.6%	2.15%	-4.0%
ABC	Buy	AmerisourceBergen Corp.	$223,338,000	-10.8%	2,698,948	+1.9%	2.11%	-11.2%
MCD	Buy	McDonald's Corp.	$221,653,000	+2.8%	1,414,684	+0.5%	2.09%	+2.3%
GNTX	Sell	Gentex Corp.	$221,310,000	+4.3%	11,177,265	-0.1%	2.09%	+3.8%
NTRS	Buy	Northern Trust Corp.	$219,419,000	-4.9%	2,386,800	+0.6%	2.07%	-5.3%
POT	Sell	Potash Corporation of Saskatchewan Inc.	$215,619,000	+10.4%	11,202,901	-6.5%	2.04%	+9.9%
ENB	Buy	Enbridge Inc.	$213,328,000	+19.0%	5,108,094	+13.5%	2.01%	+18.5%
BNS	Sell	Bank of Nova Scotia	$197,816,000	-0.1%	3,078,243	-6.6%	1.87%	-0.6%
TD	Sell	Toronto-Dominion Bank	$197,330,000	+6.3%	3,505,604	-4.9%	1.86%	+5.9%
SABR	Buy	Sabre Corp.	$195,596,000	-4.9%	10,806,431	+14.3%	1.85%	-5.4%
RY	Sell	Royal Bank of Canada	$193,973,000	-0.2%	2,507,555	-6.4%	1.83%	-0.7%
ALSN	Buy	Allison Transmission Holdings Inc.	$191,960,000	+6.7%	5,114,840	+6.6%	1.81%	+6.2%
HRS	Buy	Harris Corp.	$169,777,000	+20.9%	1,289,316	+0.1%	1.60%	+20.3%
AAPL	Buy	Apple Inc.	$163,813,000	+7.3%	1,062,892	+0.3%	1.55%	+6.8%
BDX	Buy	Becton, Dickinson & Co.	$155,983,000	+1.7%	796,035	+1.3%	1.47%	+1.2%
RBA	Sell	Ritchie Bros. Auctioneers Inc.	$142,778,000	+4.8%	4,515,424	-4.7%	1.35%	+4.4%
PRI	Buy	Primerica Inc.	$137,103,000	+10.5%	1,681,212	+2.7%	1.29%	+10.0%
AAVVF	Sell	Advantage Oil & Gas Ltd.	$126,370,000	-11.5%	20,167,614	-4.6%	1.19%	-11.9%
SU	Sell	Suncor Energy Inc.	$123,913,000	+2.7%	3,536,322	-14.4%	1.17%	+2.3%
TXN	New	Texas Instruments Incorporated	$120,341,000	–	1,342,495	–	1.14%	–
SSNC	Buy	SS&C Technologies Holdings Inc.	$106,492,000	+7.3%	2,652,366	+2.6%	1.00%	+6.8%
PAG	Buy	Penske Auto Group Inc.	$101,538,000	+11.3%	2,134,504	+2.7%	0.96%	+10.8%
CIGI	Sell	Colliers International Group Inc	$91,851,000	-16.6%	1,851,870	-5.0%	0.87%	-17.0%
AJG	Buy	Arthur J. Gallagher & Co.	$90,264,000	+10.7%	1,466,510	+3.0%	0.85%	+10.2%
BRKA	Buy	Berkshire Hathaway Inc.cl a	$89,840,000	+8.2%	327	+0.3%	0.85%	+7.8%
RMAX	Sell	RE/MAX Holdings Inc.	$88,107,000	+13.1%	1,386,428	-0.2%	0.83%	+12.7%
EFX	Sell	Equifax Inc.	$87,918,000	-62.0%	829,493	-50.7%	0.83%	-62.2%
MKTX	Buy	MarketAxess Holdings Inc.	$85,430,000	-4.4%	463,012	+4.2%	0.81%	-4.8%
AMH	Sell	American Homes 4 Rent Real Estate Investment Trust	$83,104,000	-7.6%	3,827,936	-3.9%	0.78%	-8.1%
GNRC	Buy	Generac Holdings Inc.	$79,324,000	+31.7%	1,727,058	+3.6%	0.75%	+31.2%
CBZ	Sell	CBIZ Inc.	$77,853,000	+5.0%	4,790,981	-3.1%	0.74%	+4.6%
LUK	Buy	Leucadia National Corp.	$74,602,000	-1.6%	2,954,554	+1.9%	0.70%	-2.1%
MAIN	Buy	Main Street Capital Corp.	$72,670,000	+10.4%	1,828,173	+6.8%	0.69%	+9.9%
BRO	Buy	Brown & Brown Inc.	$70,052,000	+16.7%	1,453,654	+4.3%	0.66%	+16.2%
GGG	Buy	Graco Inc.	$66,729,000	+15.7%	539,482	+2.3%	0.63%	+15.2%
SBH	Buy	Sally Beauty Holdings Inc.	$60,905,000	+17.6%	3,110,584	+21.6%	0.58%	+17.1%
TPX	Sell	Tempur Sealy Intly Inc.	$60,092,000	+6.6%	931,364	-11.8%	0.57%	+6.2%
KMB	Buy	Kimberly Clark Corp.	$55,500,000	-8.5%	471,621	+0.4%	0.52%	-8.9%
BAH	Sell	Booz Allen Hamilton Holding Corp.	$53,787,000	-23.2%	1,438,548	-33.2%	0.51%	-23.5%
AN	Sell	Autonation Inc.	$52,872,000	-59.9%	1,114,028	-64.4%	0.50%	-60.1%
DECK	Sell	Deckers Outdoor Corp.	$51,481,000	-2.1%	752,543	-2.3%	0.49%	-2.4%
STAY	Buy	Extended Stay America Inc.unit	$50,396,000	+110.5%	2,519,786	+103.7%	0.48%	+109.7%
ABG	Sell	Asbury Automotive Group Inc.	$50,314,000	-11.1%	823,473	-17.7%	0.48%	-11.4%
TCPC	Sell	TCP Capital Corp.	$49,757,000	-6.2%	3,017,401	-3.8%	0.47%	-6.6%
HMHC	Buy	Houghton Mifflin Harcourt Co.	$49,484,000	+135.9%	4,106,547	+140.8%	0.47%	+134.7%
APAM	Sell	Artisan Partners Asset Management Inc.cl a	$49,107,000	+3.5%	1,506,346	-2.5%	0.46%	+3.1%
IT	Buy	Gartner Inc	$48,352,000	+17.9%	388,651	+17.0%	0.46%	+17.2%
HLI	Sell	Houlihan Lokey, Inc.	$46,192,000	+7.8%	1,180,467	-3.9%	0.44%	+7.4%
FHI	Sell	Federated Investors Inc.cl b	$42,776,000	+3.9%	1,440,273	-1.2%	0.40%	+3.3%
EXPE	Buy	Expedia Inc.	$42,174,000	+0.4%	292,996	+3.9%	0.40%	0.0%
DIN	Sell	DineEquity, Inc.	$33,564,000	-2.8%	780,912	-0.4%	0.32%	-3.4%
PPG	Sell	PPG Industries Inc.	$32,526,000	-1.2%	299,333	-0.0%	0.31%	-1.6%
KOF	Buy	Coca-Cola Femsa S.A.B. de C.V.adr	$30,931,000	-7.8%	401,028	+1.3%	0.29%	-8.2%
CPSI	Sell	Computer Programs and Systems Inc.	$30,093,000	-15.0%	1,018,371	-5.7%	0.28%	-15.5%
STRA	Buy	Strayer Education Inc.	$29,933,000	-3.0%	342,996	+3.6%	0.28%	-3.4%
SFR	New	Starwood Waypoint Homes	$24,536,000	–	674,617	–	0.23%	–
IMO	Sell	Imperial Oil Ltd.	$23,602,000	+8.8%	738,972	-0.8%	0.22%	+8.3%
HTH	Sell	Hilltop Holdings Inc.	$23,192,000	-46.7%	892,011	-46.3%	0.22%	-46.8%
OAK	Buy	Oaktree Capital Group LLC	$19,587,000	+77.6%	416,310	+75.9%	0.18%	+76.2%
SNI	Sell	Scripps Networks Interactive, Inc.cl a	$18,941,000	-25.7%	220,526	-40.9%	0.18%	-26.0%
WDR	Buy	Waddell & Reed Financial, Inc.cl a	$18,833,000	+19.8%	938,382	+12.7%	0.18%	+19.5%
J	Buy	Jacobs Engineering Group Inc.	$18,711,000	+10.8%	321,101	+3.4%	0.18%	+10.6%
PNNT	Sell	Pennantpark Investment Corp.	$15,503,000	-18.8%	2,064,380	-20.1%	0.15%	-19.3%
CPRT	Buy	Copart Inc.	$15,068,000	+19.3%	438,406	+10.3%	0.14%	+18.3%
AFI	Sell	Armstrong Flooring Inc.	$13,215,000	-14.6%	839,041	-2.5%	0.12%	-15.0%
TRU	Sell	Transunion	$11,755,000	+9.1%	248,738	-0.0%	0.11%	+8.8%
LH	Buy	Laboratory Corporation of America Holdings	$11,593,000	+1.3%	76,792	+3.5%	0.11%	+0.9%
BRKB	Sell	Berkshire Hathaway Inc.cl b	$11,334,000	+7.2%	61,826	-1.0%	0.11%	+7.0%
PINC	Buy	Premier Inc.cl a	$10,715,000	-6.0%	328,984	+3.9%	0.10%	-6.5%
ARGO	Buy	Argo Group International Holdings Ltd.	$8,787,000	+8.5%	142,870	+7.0%	0.08%	+7.8%
WTM	Buy	White Mountains Insurance Group Ltd.	$7,872,000	+4.6%	9,185	+6.0%	0.07%	+4.2%
VREX	Buy	Varex Imaging Corp	$7,770,000	+0.5%	229,611	+0.4%	0.07%	0.0%
AXTA	Buy	Axalta Coating Systems Ltd.	$6,263,000	-4.3%	216,550	+6.0%	0.06%	-4.8%
EXPD	Buy	Expeditors International of Washington, Inc.	$4,171,000	+7.5%	69,683	+1.5%	0.04%	+5.4%
IWM	New	iShares Russell 2000 Index (ETF)russell 2000 etf	$1,747,000	–	11,788	–	0.02%	–
TEL	Sell	TE Connectivity Ltd.	$1,335,000	+5.5%	16,076	-0.0%	0.01%	+8.3%
HLNE	New	Hamilton Lane Inc.	$229,000	–	8,534	–	0.00%	–
SERV	Exit	Servicemaster	$0	–	-162,902	–	-0.06%	–
SFR	Exit	Colony Starwood Homes	$0	–	-681,289	–	-0.22%	–
BIP	Exit	Brookfield Infrastructure Partnerslp int unit	$0	–	-806,993	–	-0.31%	–
COL	Exit	Rockwell Collins Inc.	$0	–	-479,768	–	-0.48%	–
BWXT	Exit	BWX Technologies Inc.	$0	–	-1,200,631	–	-0.56%	–

Q2 2017

			Value		Shares		↓ Weighting
WBA	New	Walgreens Boots Alliance, Inc.	$426,109,000	–	5,441,307	–	4.04%	–
UNP	New	Union Pacific Corp.	$424,488,000	–	3,897,599	–	4.02%	–
JNJ	New	Johnson & Johnson	$421,294,000	–	3,184,621	–	4.00%	–
UTX	New	United Technologies Corp.	$420,653,000	–	3,444,873	–	3.99%	–
BBT	New	BB&T Corp.	$379,414,000	–	8,355,306	–	3.60%	–
PM	New	Philip Morris International Inc.	$365,516,000	–	3,112,098	–	3.47%	–
AZO	New	AutoZone, Inc.	$336,647,000	–	590,132	–	3.19%	–
ORCL	New	Oracle Corp.	$305,196,000	–	6,086,871	–	2.89%	–
MSFT	New	Microsoft Corp.	$288,271,000	–	4,182,079	–	2.73%	–
PEP	New	PepsiCo Inc.	$259,548,000	–	2,247,364	–	2.46%	–
BAM	New	Brookfield Asset Management Inc.cl a	$258,177,000	–	6,583,562	–	2.45%	–
ABC	New	AmerisourceBergen Corp.	$250,422,000	–	2,649,123	–	2.37%	–
CSCO	New	Cisco Systems Inc.	$247,961,000	–	7,922,082	–	2.35%	–
CNI	New	Canadian National Railway Co.	$235,787,000	–	2,908,028	–	2.24%	–
EFX	New	Equifax Inc.	$231,339,000	–	1,683,442	–	2.19%	–
NTRS	New	Northern Trust Corp.	$230,733,000	–	2,373,551	–	2.19%	–
MCD	New	McDonald's Corp.	$215,624,000	–	1,407,837	–	2.04%	–
GNTX	New	Gentex Corp.	$212,195,000	–	11,185,801	–	2.01%	–
SABR	New	Sabre Corp.	$205,775,000	–	9,452,247	–	1.95%	–
BNS	New	Bank of Nova Scotia	$198,079,000	–	3,295,068	–	1.88%	–
POT	New	Potash Corporation of Saskatchewan Inc.	$195,226,000	–	11,978,521	–	1.85%	–
RY	New	Royal Bank of Canada	$194,420,000	–	2,679,482	–	1.84%	–
CVE	New	Cenovus Energy Inc.	$186,301,000	–	25,289,102	–	1.77%	–
TD	New	Toronto-Dominion Bank	$185,599,000	–	3,685,591	–	1.76%	–
ALSN	New	Allison Transmission Holdings Inc.	$179,899,000	–	4,796,019	–	1.71%	–
ENB	New	Enbridge Inc.	$179,227,000	–	4,502,208	–	1.70%	–
BDX	New	Becton, Dickinson & Co.	$153,313,000	–	785,775	–	1.45%	–
AAPL	New	Apple Inc.	$152,670,000	–	1,060,062	–	1.45%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$142,845,000	–	21,136,962	–	1.35%	–
HRS	New	Harris Corp.	$140,483,000	–	1,287,891	–	1.33%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$136,200,000	–	4,739,032	–	1.29%	–
AN	New	Autonation Inc.	$131,935,000	–	3,129,389	–	1.25%	–
PRI	New	Primerica Inc.	$124,052,000	–	1,637,654	–	1.18%	–
SU	New	Suncor Energy Inc.	$120,681,000	–	4,133,230	–	1.14%	–
CIGI	New	Colliers International Group Inc	$110,102,000	–	1,949,260	–	1.04%	–
SSNC	New	SS&C Technologies Holdings Inc.	$99,261,000	–	2,584,256	–	0.94%	–
PAG	New	Penske Auto Group Inc.	$91,257,000	–	2,078,264	–	0.86%	–
AMH	New	American Homes 4 Rent Real Estate Investment Trust	$89,932,000	–	3,984,599	–	0.85%	–
MKTX	New	MarketAxess Holdings Inc.	$89,340,000	–	444,255	–	0.85%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$83,032,000	–	326	–	0.79%	–
AJG	New	Arthur J. Gallagher & Co.	$81,542,000	–	1,424,317	–	0.77%	–
RMAX	New	RE/MAX Holdings Inc.	$77,881,000	–	1,389,486	–	0.74%	–
LUK	New	Leucadia National Corp.	$75,838,000	–	2,898,990	–	0.72%	–
CBZ	New	CBIZ Inc.	$74,171,000	–	4,944,700	–	0.70%	–
BAH	New	Booz Allen Hamilton Holding Corp.	$70,067,000	–	2,153,255	–	0.66%	–
MAIN	New	Main Street Capital Corp.	$65,847,000	–	1,712,098	–	0.62%	–
KMB	New	Kimberly Clark Corp.	$60,626,000	–	469,572	–	0.58%	–
GNRC	New	Generac Holdings Inc.	$60,241,000	–	1,667,350	–	0.57%	–
BRO	New	Brown & Brown Inc.	$60,048,000	–	1,394,195	–	0.57%	–
BWXT	New	BWX Technologies Inc.	$58,531,000	–	1,200,631	–	0.56%	–
GGG	New	Graco Inc.	$57,655,000	–	527,586	–	0.55%	–
ABG	New	Asbury Automotive Group Inc.	$56,566,000	–	1,000,279	–	0.54%	–
TPX	New	Tempur Sealy Intly Inc.	$56,354,000	–	1,055,523	–	0.53%	–
TCPC	New	TCP Capital Corp.	$53,026,000	–	3,137,605	–	0.50%	–
DECK	New	Deckers Outdoor Corp.	$52,560,000	–	770,004	–	0.50%	–
SBH	New	Sally Beauty Holdings Inc.	$51,787,000	–	2,557,381	–	0.49%	–
COL	New	Rockwell Collins Inc.	$50,414,000	–	479,768	–	0.48%	–
APAM	New	Artisan Partners Asset Management Inc.cl a	$47,437,000	–	1,545,180	–	0.45%	–
HTH	New	Hilltop Holdings Inc.	$43,500,000	–	1,659,690	–	0.41%	–
HLI	New	Houlihan Lokey, Inc.	$42,864,000	–	1,228,183	–	0.41%	–
EXPE	New	Expedia Inc.	$42,014,000	–	282,067	–	0.40%	–
FHI	New	Federated Investors Inc.cl b	$41,187,000	–	1,457,936	–	0.39%	–
IT	New	Gartner Inc	$41,023,000	–	332,144	–	0.39%	–
CPSI	New	Computer Programs and Systems Inc.	$35,411,000	–	1,079,606	–	0.34%	–
DIN	New	DineEquity, Inc.	$34,547,000	–	784,263	–	0.33%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.adr	$33,533,000	–	396,042	–	0.32%	–
BIP	New	Brookfield Infrastructure Partnerslp int unit	$32,983,000	–	806,993	–	0.31%	–
PPG	New	PPG Industries Inc.	$32,926,000	–	299,436	–	0.31%	–
STRA	New	Strayer Education Inc.	$30,856,000	–	330,997	–	0.29%	–
SNI	New	Scripps Networks Interactive, Inc.cl a	$25,488,000	–	373,118	–	0.24%	–
STAY	New	Extended Stay America Inc.unit	$23,943,000	–	1,236,716	–	0.23%	–
SFR	New	Colony Starwood Homes	$23,375,000	–	681,289	–	0.22%	–
IMO	New	Imperial Oil Ltd.	$21,692,000	–	744,713	–	0.21%	–
HMHC	New	Houghton Mifflin Harcourt Co.	$20,974,000	–	1,705,185	–	0.20%	–
PNNT	New	Pennantpark Investment Corp.	$19,089,000	–	2,583,042	–	0.18%	–
J	New	Jacobs Engineering Group Inc.	$16,893,000	–	310,589	–	0.16%	–
WDR	New	Waddell & Reed Financial, Inc.cl a	$15,716,000	–	832,418	–	0.15%	–
AFI	New	Armstrong Flooring Inc.	$15,471,000	–	860,939	–	0.15%	–
CPRT	New	Copart Inc.	$12,633,000	–	397,389	–	0.12%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$11,776,000	–	777,790	–	0.11%	–
LH	New	Laboratory Corporation of America Holdings	$11,440,000	–	74,216	–	0.11%	–
PINC	New	Premier Inc.cl a	$11,398,000	–	316,600	–	0.11%	–
OAK	New	Oaktree Capital Group LLC	$11,029,000	–	236,683	–	0.10%	–
TRU	New	Transunion	$10,775,000	–	248,796	–	0.10%	–
BRKB	New	Berkshire Hathaway Inc.cl b	$10,575,000	–	62,440	–	0.10%	–
ARGO	New	Argo Group International Holdings Ltd.	$8,095,000	–	133,579	–	0.08%	–
VREX	New	Varex Imaging Corp	$7,732,000	–	228,772	–	0.07%	–
WTM	New	White Mountains Insurance Group Ltd.	$7,528,000	–	8,666	–	0.07%	–
OPY	New	Oppenheimer Holdings Inc.cl a	$7,463,000	–	455,059	–	0.07%	–
AXTA	New	Axalta Coating Systems Ltd.	$6,544,000	–	204,231	–	0.06%	–
SERV	New	Servicemaster	$6,384,000	–	162,902	–	0.06%	–
EXPD	New	Expeditors International of Washington, Inc.	$3,879,000	–	68,685	–	0.04%	–
JPM	New	JP Morgan Chase & Co.	$2,499,000	–	27,346	–	0.02%	–
MO	New	Altria Group Inc.	$2,238,000	–	30,048	–	0.02%	–
BMO	New	Bank of Montreal	$2,201,000	–	30,000	–	0.02%	–
MMM	New	3M Co.	$1,707,000	–	8,200	–	0.02%	–
MS	New	Morgan Stanley	$1,606,000	–	36,047	–	0.02%	–
TEL	New	TE Connectivity Ltd.	$1,265,000	–	16,084	–	0.01%	–
BEN	New	Franklin Resources, Inc.	$1,230,000	–	27,466	–	0.01%	–
KHC	New	The Kraft Heinz Co.	$1,285,000	–	15,000	–	0.01%	–
SHOP	New	Shopify Inc.cl a	$869,000	–	10,000	–	0.01%	–
DEO	New	Diageo PLCadr	$568,000	–	4,736	–	0.01%	–
CNQ	New	Canadian Natural Resources Ltd.	$438,000	–	15,200	–	0.00%	–
MRK	New	Merck & Co., Inc.	$310,000	–	4,839	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
ICL	Exit	Israel Chemicals Ltd.	$0	–	-5,684	–	0.00%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-5,047	–	-0.00%	–
DEO	Exit	Diageo PLCadr	$0	–	-4,736	–	-0.01%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-17,446	–	-0.01%	–
RCI	Exit	Rogers Communications Inc.cl b	$0	–	-21,013	–	-0.01%	–
BEN	Exit	Franklin Resources, Inc.	$0	–	-27,466	–	-0.01%	–
MS	Exit	Morgan Stanley	$0	–	-36,047	–	-0.01%	–
HOSSQ	Exit	Hornbeck Offshore Services, Inc.	$0	–	-219,349	–	-0.01%	–
KHC	Exit	The Kraft Heinz Co.	$0	–	-15,000	–	-0.01%	–
MMM	Exit	3M Co.	$0	–	-8,200	–	-0.01%	–
GE	Exit	General Electric Co.	$0	–	-50,000	–	-0.02%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-27,346	–	-0.02%	–
MO	Exit	Altria Group Inc.	$0	–	-30,048	–	-0.02%	–
BMO	Exit	Bank of Montreal	$0	–	-30,000	–	-0.02%	–
CMLS	Exit	Cumulus Media Inc.	$0	–	-8,336,602	–	-0.03%	–
BBU	Exit	Brookfiled Business Partners	$0	–	-102,831	–	-0.03%	–
EXPD	Exit	Expeditors International of Washington, Inc.	$0	–	-59,199	–	-0.03%	–
OAK	Exit	Oaktree Capital Group LLC	$0	–	-86,508	–	-0.04%	–
MCO	Exit	Moody's Corp.	$0	–	-34,742	–	-0.04%	–
DV	Exit	DeVry Education Group Inc.	$0	–	-171,600	–	-0.04%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-156,361	–	-0.04%	–
TTEC	Exit	TeleTech Holdings Inc.	$0	–	-171,702	–	-0.05%	–
OPY	Exit	Oppenheimer Holdings Inc.cl a	$0	–	-365,626	–	-0.05%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-41,563	–	-0.06%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-7,523	–	-0.06%	–
ARGO	Exit	Argo Group International Holdings Ltd.	$0	–	-113,916	–	-0.06%	–
PINC	Exit	Premier Inc.cl a	$0	–	-253,746	–	-0.08%	–
HYG	Exit	iSHARES iBOXX HI-YLD BOND ETF	$0	–	-93,988	–	-0.08%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b	$0	–	-59,082	–	-0.08%	–
CPRT	Exit	Copart Inc.	$0	–	-166,912	–	-0.09%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-777,790	–	-0.11%	–
PNNT	Exit	Pennantpark Investment Corp.	$0	–	-1,807,545	–	-0.14%	–
HMHC	Exit	Houghton Mifflin Harcourt Co.	$0	–	-1,071,107	–	-0.14%	–
KED	Exit	Kayne Anderson Energy Development Co.	$0	–	-784,964	–	-0.15%	–
STRA	Exit	Strayer Education Inc.	$0	–	-372,945	–	-0.17%	–
AFI	Exit	Armstrong Flooring Inc.	$0	–	-973,416	–	-0.18%	–
WDR	Exit	Waddell & Reed Financial, Inc.cl a	$0	–	-1,009,716	–	-0.18%	–
SFR	Exit	Colony Starwood Homes	$0	–	-665,995	–	-0.19%	–
IMO	Exit	Imperial Oil Ltd.	$0	–	-707,576	–	-0.22%	–
J	Exit	Jacobs Engineering Group Inc.	$0	–	-470,181	–	-0.24%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.adr	$0	–	-362,708	–	-0.27%	–
BIP	Exit	Brookfield Infrastructure Partners LP	$0	–	-792,435	–	-0.27%	–
SNI	Exit	Scripps Networks Interactive, Inc.cl a	$0	–	-435,100	–	-0.27%	–
CPSI	Exit	Computer Programs and Systems Inc.	$0	–	-1,145,142	–	-0.30%	–
HLI	Exit	Houlihan Lokey, Inc.	$0	–	-1,359,553	–	-0.34%	–
EXPE	Exit	Expedia Inc.	$0	–	-301,552	–	-0.35%	–
TFX	Exit	Teleflex Inc.	$0	–	-223,983	–	-0.37%	–
HTH	Exit	Hilltop Holdings Inc.	$0	–	-1,731,949	–	-0.38%	–
GGG	Exit	Graco Inc.	$0	–	-550,174	–	-0.40%	–
APAM	Exit	Artisan Partners Asset Management Inc.cl a	$0	–	-1,640,660	–	-0.44%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,630,624	–	-0.48%	–
DECK	Exit	Deckers Outdoor Corp.	$0	–	-816,426	–	-0.48%	–
TCPC	Exit	TCP Capital Corp.	$0	–	-3,120,997	–	-0.51%	–
DIN	Exit	DineEquity, Inc.	$0	–	-651,260	–	-0.51%	–
TECD	Exit	Tech Data Corp.	$0	–	-620,951	–	-0.52%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-1,468,075	–	-0.55%	–
CEB	Exit	CEB Inc.	$0	–	-1,106,362	–	-0.60%	–
CBZ	Exit	CBIZ Inc.	$0	–	-5,424,724	–	-0.60%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-281	–	-0.60%	–
ABG	Exit	Asbury Automotive Group Inc.	$0	–	-1,131,071	–	-0.62%	–
GNRC	Exit	Generac Holdings Inc.	$0	–	-1,802,318	–	-0.65%	–
RMAX	Exit	RE/MAX Holdings Inc.	$0	–	-1,518,486	–	-0.66%	–
MAIN	Exit	Main Street Capital Corp.	$0	–	-2,039,413	–	-0.69%	–
BAH	Exit	Booz Allen Hamilton Holding Corp.	$0	–	-2,240,830	–	-0.70%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,493,089	–	-0.75%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-507,638	–	-0.83%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-2,615,607	–	-0.83%	–
AMH	Exit	American Homes 4 Rent Real Estate Investment Trust	$0	–	-4,245,965	–	-0.91%	–
PRI	Exit	Primerica Inc.	$0	–	-1,753,358	–	-0.92%	–
BWXT	Exit	BWX Technologies Inc.	$0	–	-2,711,701	–	-1.03%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-2,659,952	–	-1.27%	–
LUK	Exit	Leucadia National Corp.	$0	–	-7,181,057	–	-1.35%	–
ALSN	Exit	Allison Transmission Holdings Inc.	$0	–	-4,799,496	–	-1.36%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,231,330	–	-1.41%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-801,178	–	-1.43%	–
ENB	Exit	Enbridge Inc.	$0	–	-3,284,295	–	-1.43%	–
COL	Exit	Rockwell Collins Inc.	$0	–	-1,766,107	–	-1.48%	–
KO	Exit	The Coca-Cola Company	$0	–	-3,522,476	–	-1.48%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-22,053,472	–	-1.53%	–
AN	Exit	Autonation Inc.	$0	–	-3,245,956	–	-1.57%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-2,452,904	–	-1.65%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-3,880,614	–	-1.71%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,848,594	–	-1.75%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-5,033,804	–	-1.75%	–
BAM	Exit	Brookfield Asset Management Inc.cl a	$0	–	-5,178,621	–	-1.80%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-3,484,736	–	-1.83%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-3,021,755	–	-1.96%	–
GNTX	Exit	Gentex Corp.	$0	–	-11,343,651	–	-1.97%	–
HRS	Exit	Harris Corp.	$0	–	-2,182,235	–	-1.98%	–
POT	Exit	Potash Corporation of Saskatchewan Inc.	$0	–	-12,411,718	–	-2.00%	–
AZO	Exit	AutoZone, Inc.	$0	–	-267,171	–	-2.03%	–
SU	Exit	Suncor Energy Inc.	$0	–	-7,460,020	–	-2.05%	–
SABR	Exit	Sabre Corp.	$0	–	-7,437,639	–	-2.08%	–
AAPL	Exit	Apple Inc.	$0	–	-1,858,586	–	-2.08%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-2,657,949	–	-2.13%	–
EFX	Exit	Equifax Inc.	$0	–	-1,718,691	–	-2.29%	–
ORCL	Exit	Oracle Corp.	$0	–	-6,099,500	–	-2.37%	–
MSFT	Exit	Microsoft Corp.	$0	–	-4,244,200	–	-2.42%	–
PEP	Exit	PepsiCo Inc.	$0	–	-2,247,923	–	-2.42%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-8,038,527	–	-2.52%	–
BBT	Exit	BB&T Corp.	$0	–	-8,506,669	–	-3.18%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-22,922,428	–	-3.26%	–
PM	Exit	Philip Morris International Inc.	$0	–	-3,480,141	–	-3.35%	–
UTX	Exit	United Technologies Corp.	$0	–	-3,478,696	–	-3.50%	–
JNJ	Exit	Johnson & Johnson	$0	–	-3,274,483	–	-3.83%	–
UNP	Exit	Union Pacific Corp.	$0	–	-4,118,472	–	-3.98%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-5,320,242	–	-4.25%	–

Q3 2016

			Value		Shares		↓ Weighting
WBA	Buy	Walgreens Boots Alliance, Inc.	$428,918,000	-2.7%	5,320,242	+0.5%	4.25%	-3.4%
UNP	Buy	Union Pacific Corp.	$401,675,000	+14.1%	4,118,472	+2.0%	3.98%	+13.2%
JNJ	Buy	Johnson & Johnson	$386,815,000	-1.2%	3,274,483	+1.4%	3.83%	-2.0%
UTX	Buy	United Technologies Corp.	$353,436,000	+1.1%	3,478,696	+2.1%	3.50%	+0.3%
PM	Buy	Philip Morris International Inc.	$338,339,000	-4.1%	3,480,141	+0.3%	3.35%	-4.9%
CVE	Sell	Cenovus Energy Inc.	$329,061,000	+1.9%	22,922,428	-2.5%	3.26%	+1.1%
BBT	Sell	BB&T Corp.	$320,872,000	+5.9%	8,506,669	-0.1%	3.18%	+5.0%
CSCO	Buy	Cisco Systems Inc.	$254,982,000	+11.4%	8,038,527	+0.8%	2.52%	+10.6%
PEP	Buy	PepsiCo Inc.	$244,507,000	+4.2%	2,247,923	+1.5%	2.42%	+3.3%
MSFT	Buy	Microsoft Corp.	$244,466,000	+14.6%	4,244,200	+1.8%	2.42%	+13.8%
ORCL	Buy	Oracle Corp.	$239,588,000	-3.3%	6,099,500	+0.7%	2.37%	-4.1%
EFX	Buy	Equifax Inc.	$231,301,000	+5.7%	1,718,691	+0.9%	2.29%	+4.9%
ABC	Buy	AmerisourceBergen Corp.	$214,709,000	+3.6%	2,657,949	+1.7%	2.13%	+2.8%
AAPL	Buy	Apple Inc.	$210,113,000	+18.7%	1,858,586	+0.4%	2.08%	+17.8%
SABR	Buy	Sabre Corp.	$209,593,000	+33.5%	7,437,639	+26.9%	2.08%	+32.4%
SU	Sell	Suncor Energy Inc.	$207,131,000	+0.4%	7,460,020	-0.4%	2.05%	-0.4%
AZO	Buy	AutoZone, Inc.	$205,278,000	+0.9%	267,171	+4.2%	2.03%	+0.1%
POT	Buy	Potash Corporation of Saskatchewan Inc.	$202,021,000	+1.3%	12,411,718	+0.5%	2.00%	+0.6%
HRS	Sell	Harris Corp.	$199,915,000	+9.7%	2,182,235	-0.1%	1.98%	+8.9%
GNTX	Buy	Gentex Corp.	$199,195,000	+14.8%	11,343,651	+1.0%	1.97%	+13.9%
CNI	Sell	Canadian National Railway Co.	$197,565,000	+11.5%	3,021,755	-0.0%	1.96%	+10.6%
BNS	Sell	Bank of Nova Scotia	$184,691,000	+8.5%	3,484,736	-0.3%	1.83%	+7.7%
BAM	Buy	Brookfield Asset Management Inc.cl a	$182,122,000	+7.4%	5,178,621	+0.3%	1.80%	+6.5%
RBA	Sell	Ritchie Bros. Auctioneers Inc.	$176,528,000	-15.4%	5,033,804	-18.5%	1.75%	-16.0%
RY	Buy	Royal Bank of Canada	$176,471,000	+5.7%	2,848,594	+0.1%	1.75%	+4.9%
TD	Buy	Toronto-Dominion Bank	$172,301,000	+4.7%	3,880,614	+0.5%	1.71%	+3.8%
NTRS	Buy	Northern Trust Corp.	$166,773,000	+3.5%	2,452,904	+0.9%	1.65%	+2.7%
AN	Buy	Autonation Inc.	$158,111,000	+5.3%	3,245,956	+1.6%	1.57%	+4.5%
AAVVF	Sell	Advantage Oil & Gas Ltd.	$154,679,000	+23.1%	22,053,472	-2.6%	1.53%	+22.2%
KO	Buy	The Coca-Cola Company	$149,071,000	-5.9%	3,522,476	+0.8%	1.48%	-6.6%
COL	Buy	Rockwell Collins Inc.	$148,953,000	+435.4%	1,766,107	+440.5%	1.48%	+430.6%
ENB	Buy	Enbridge Inc.	$144,372,000	+4.7%	3,284,295	+0.3%	1.43%	+3.9%
BDX	Buy	Becton, Dickinson & Co.	$143,996,000	+6.9%	801,178	+0.8%	1.43%	+6.0%
MCD	Buy	McDonald's Corp.	$142,046,000	+0.4%	1,231,330	+4.8%	1.41%	-0.4%
ALSN	Buy	Allison Transmission Holdings Inc.	$137,650,000	+3.7%	4,799,496	+2.1%	1.36%	+2.9%
LUK	Sell	Leucadia National Corp.	$136,727,000	+4.5%	7,181,057	-4.9%	1.35%	+3.7%
PAG	Buy	Penske Auto Group Inc.	$128,156,000	+57.4%	2,659,952	+2.8%	1.27%	+56.1%
BWXT	Sell	BWX Technologies Inc.	$104,048,000	-27.4%	2,711,701	-32.3%	1.03%	-28.0%
PRI	Buy	Primerica Inc.	$92,981,000	-6.4%	1,753,358	+1.1%	0.92%	-7.1%
AMH	Buy	American Homes 4 Rent Real Estate Investment Trust	$91,883,000	+6.3%	4,245,965	+0.6%	0.91%	+5.4%
SSNC	Buy	SS&C Technologies Holdings Inc.	$84,092,000	+15.5%	2,615,607	+0.9%	0.83%	+14.6%
MKTX	Sell	MarketAxess Holdings Inc.	$84,060,000	+5.2%	507,638	-7.6%	0.83%	+4.4%
AJG	Buy	Arthur J. Gallagher & Co.	$75,953,000	+7.6%	1,493,089	+0.7%	0.75%	+6.7%
BAH	Buy	Booz Allen Hamilton Holding Corp.	$70,833,000	+7.6%	2,240,830	+0.9%	0.70%	+6.7%
MAIN	Sell	Main Street Capital Corp.	$70,013,000	-2.0%	2,039,413	-6.2%	0.69%	-2.8%
RMAX	Buy	RE/MAX Holdings Inc.	$66,479,000	+9.7%	1,518,486	+0.9%	0.66%	+8.8%
GNRC	Buy	Generac Holdings Inc.	$65,424,000	+4.6%	1,802,318	+0.7%	0.65%	+3.8%
ABG	Buy	Asbury Automotive Group Inc.	$62,967,000	+5.8%	1,131,071	+0.2%	0.62%	+4.9%
BRKA	Buy	Berkshire Hathaway Inc.cl a	$60,758,000	+2.6%	281	+2.9%	0.60%	+1.9%
CBZ	Buy	CBIZ Inc.	$60,703,000	+7.7%	5,424,724	+0.2%	0.60%	+6.9%
CEB	Buy	CEB Inc.	$60,264,000	-10.8%	1,106,362	+1.0%	0.60%	-11.4%
BRO	Buy	Brown & Brown Inc.	$55,361,000	+1.2%	1,468,075	+0.5%	0.55%	+0.4%
TECD	Sell	Tech Data Corp.	$52,601,000	-0.8%	620,951	-15.9%	0.52%	-1.5%
DIN	Buy	DineEquity, Inc.	$51,573,000	+8.9%	651,260	+16.6%	0.51%	+8.0%
TCPC	New	TCP Capital Corp.	$51,122,000	–	3,120,997	–	0.51%	–
DECK	Buy	Deckers Outdoor Corp.	$48,618,000	+3.8%	816,426	+0.3%	0.48%	+3.0%
FHI	Buy	Federated Investors Inc.cl b	$48,315,000	+3.8%	1,630,624	+0.9%	0.48%	+3.0%
APAM	Buy	Artisan Partners Asset Management Inc.cl a	$44,626,000	-1.5%	1,640,660	+0.3%	0.44%	-2.2%
GGG	Buy	Graco Inc.	$40,713,000	-5.6%	550,174	+0.8%	0.40%	-6.3%
HTH	Buy	Hilltop Holdings Inc.	$38,900,000	+7.2%	1,731,949	+0.2%	0.38%	+6.4%
TFX	Buy	Teleflex Inc.	$37,640,000	-5.0%	223,983	+0.3%	0.37%	-5.6%
EXPE	Buy	Expedia Inc.	$35,197,000	+10.1%	301,552	+0.3%	0.35%	+9.4%
HLI	Buy	Houlihan Lokey, Inc.	$34,057,000	+12.0%	1,359,553	+0.0%	0.34%	+11.2%
CPSI	Buy	Computer Programs and Systems Inc.	$29,842,000	-34.5%	1,145,142	+0.3%	0.30%	-35.2%
SNI	Buy	Scripps Networks Interactive, Inc.cl a	$27,624,000	+3.8%	435,100	+1.9%	0.27%	+3.4%
BIP	Buy	Brookfield Infrastructure Partners LP	$27,464,000	+15.9%	792,435	+50.3%	0.27%	+15.3%
KOF	Buy	Coca-Cola Femsa S.A.B. de C.V.adr	$27,203,000	-5.1%	362,708	+5.0%	0.27%	-5.9%
J	Sell	Jacobs Engineering Group Inc.	$24,318,000	-1.5%	470,181	-5.2%	0.24%	-2.0%
IMO	Buy	Imperial Oil Ltd.	$22,138,000	+2.7%	707,576	+3.1%	0.22%	+1.9%
SFR	Buy	Colony Starwood Homes	$19,114,000	-4.7%	665,995	+1.1%	0.19%	-5.5%
AFI	Buy	Armstrong Flooring Inc.	$18,378,000	+11.6%	973,416	+0.2%	0.18%	+11.0%
WDR	Buy	Waddell & Reed Financial, Inc.cl a	$18,336,000	+6.9%	1,009,716	+1.4%	0.18%	+6.4%
STRA	Buy	Strayer Education Inc.	$17,409,000	-4.9%	372,945	+0.1%	0.17%	-6.0%
KED	Buy	Kayne Anderson Energy Development Co.	$14,930,000	-1.9%	784,964	+0.1%	0.15%	-2.6%
HMHC	Buy	Houghton Mifflin Harcourt Co.	$14,364,000	-13.1%	1,071,107	+1.2%	0.14%	-13.9%
PNNT	Buy	Pennantpark Investment Corp.	$13,593,000	+176.8%	1,807,545	+151.4%	0.14%	+175.5%
CPRT	Buy	Copart Inc.	$8,940,000	+13.6%	166,912	+4.0%	0.09%	+12.7%
BRKB	Buy	Berkshire Hathaway Inc.cl b	$8,536,000	+7.7%	59,082	+8.0%	0.08%	+7.6%
PINC	Buy	Premier Inc.cl a	$8,206,000	+5.0%	253,746	+6.1%	0.08%	+3.8%
ARGO	Buy	Argo Group International Holdings Ltd.	$6,427,000	+15.7%	113,916	+6.4%	0.06%	+16.4%
WTM	Buy	White Mountains Insurance Group Ltd.	$6,244,000	+5.0%	7,523	+6.5%	0.06%	+5.1%
LH	Buy	Laboratory Corporation of America Holdings	$5,714,000	+12.1%	41,563	+6.2%	0.06%	+11.8%
OPY	Buy	Oppenheimer Holdings Inc.cl a	$5,225,000	+60.0%	365,626	+73.1%	0.05%	+57.6%
TTEC	Sell	TeleTech Holdings Inc.	$4,978,000	-39.9%	171,702	-43.8%	0.05%	-41.0%
AXTA	Buy	Axalta Coating Systems Ltd.	$4,420,000	+13.1%	156,361	+6.2%	0.04%	+12.8%
DV	Sell	DeVry Education Group Inc.	$3,957,000	-90.6%	171,600	-92.7%	0.04%	-90.7%
MCO	Buy	Moody's Corp.	$3,762,000	+22.4%	34,742	+5.9%	0.04%	+19.4%
OAK	New	Oaktree Capital Group LLC	$3,668,000	–	86,508	–	0.04%	–
EXPD	Buy	Expeditors International of Washington, Inc.	$3,050,000	+11.6%	59,199	+6.2%	0.03%	+11.1%
BBU	Sell	Brookfiled Business Partners	$2,705,000	+38.9%	102,831	-0.5%	0.03%	+42.1%
HOSSQ	Buy	Hornbeck Offshore Services, Inc.	$1,206,000	-29.9%	219,349	+6.3%	0.01%	-29.4%
RCI	Sell	Rogers Communications Inc.cl b	$892,000	+4.2%	21,013	-1.3%	0.01%	0.0%
CNQ	Sell	Canadian Natural Resources Ltd.	$558,000	+1.5%	17,446	-2.8%	0.01%	+20.0%
MRK	Sell	Merck & Co., Inc.	$315,000	-23.5%	5,047	-29.5%	0.00%	-25.0%
ICL	New	Israel Chemicals Ltd.	$22,000	–	5,684	–	0.00%	–
MKC	Exit	McCormick & Co., Inc.	$0	–	-58,649	–	-0.06%	–
NUTR	Exit	Nutraceutical International Corp.	$0	–	-529,311	–	-0.12%	–
ARCC	Exit	Ares Capital Corp.	$0	–	-2,329,924	–	-0.33%	–
BW	Exit	Babcock & Wilcox Enterprises, Inc.	$0	–	-3,287,289	–	-0.48%	–
SNX	Exit	Synnex Corp.	$0	–	-774,617	–	-0.73%	–
HUM	Exit	Humana Inc.	$0	–	-475,491	–	-0.85%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-2,742,405	–	-2.07%	–

Q2 2016

			Value		Shares		↓ Weighting
WBA	New	Walgreens Boots Alliance, Inc.	$440,671,000	–	5,292,069	–	4.40%	–
JNJ	New	Johnson & Johnson	$391,659,000	–	3,228,847	–	3.91%	–
PM	New	Philip Morris International Inc.	$352,845,000	–	3,468,790	–	3.52%	–
UNP	New	Union Pacific Corp.	$352,138,000	–	4,035,967	–	3.51%	–
UTX	New	United Technologies Corp.	$349,499,000	–	3,408,085	–	3.49%	–
CVE	New	Cenovus Energy Inc.	$322,915,000	–	23,507,499	–	3.22%	–
BBT	New	BB&T Corp.	$303,125,000	–	8,512,356	–	3.02%	–
ORCL	New	Oracle Corp.	$247,836,000	–	6,055,113	–	2.47%	–
PEP	New	PepsiCo Inc.	$234,740,000	–	2,215,787	–	2.34%	–
CSCO	New	Cisco Systems Inc.	$228,819,000	–	7,975,560	–	2.28%	–
EFX	New	Equifax Inc.	$218,741,000	–	1,703,589	–	2.18%	–
MSFT	New	Microsoft Corp.	$213,257,000	–	4,167,616	–	2.13%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$208,615,000	–	6,175,689	–	2.08%	–
ABC	New	AmerisourceBergen Corp.	$207,347,000	–	2,614,053	–	2.07%	–
OXY	New	Occidental Petroleum Corp.	$207,216,000	–	2,742,405	–	2.07%	–
SU	New	Suncor Energy Inc.	$206,305,000	–	7,488,313	–	2.06%	–
AZO	New	AutoZone, Inc.	$203,484,000	–	256,329	–	2.03%	–
POT	New	Potash Corporation of Saskatchewan Inc.	$199,343,000	–	12,348,824	–	1.99%	–
HRS	New	Harris Corp.	$182,210,000	–	2,183,728	–	1.82%	–
CNI	New	Canadian National Railway Co.	$177,229,000	–	3,022,114	–	1.77%	–
AAPL	New	Apple Inc.	$176,990,000	–	1,851,364	–	1.77%	–
GNTX	New	Gentex Corp.	$173,532,000	–	11,231,866	–	1.73%	–
BNS	New	Bank of Nova Scotia	$170,168,000	–	3,496,631	–	1.70%	–
BAM	New	Brookfield Asset Management Inc.cl a	$169,637,000	–	5,163,326	–	1.69%	–
RY	New	Royal Bank of Canada	$166,919,000	–	2,844,442	–	1.67%	–
TD	New	Toronto-Dominion Bank	$164,638,000	–	3,860,428	–	1.64%	–
NTRS	New	Northern Trust Corp.	$161,103,000	–	2,431,383	–	1.61%	–
KO	New	The Coca-Cola Company	$158,388,000	–	3,494,102	–	1.58%	–
SABR	New	Sabre Corp.	$157,022,000	–	5,861,224	–	1.57%	–
AN	New	Autonation Inc.	$150,110,000	–	3,195,184	–	1.50%	–
BWXT	New	BWX Technologies Inc.	$143,295,000	–	4,006,001	–	1.43%	–
MCD	New	McDonald's Corp.	$141,420,000	–	1,175,173	–	1.41%	–
ENB	New	Enbridge Inc.	$137,826,000	–	3,276,045	–	1.38%	–
BDX	New	Becton, Dickinson & Co.	$134,743,000	–	794,525	–	1.34%	–
ALSN	New	Allison Transmission Holdings Inc.	$132,700,000	–	4,700,673	–	1.32%	–
LUK	New	Leucadia National Corp.	$130,869,000	–	7,551,612	–	1.31%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$125,670,000	–	22,643,139	–	1.25%	–
PRI	New	Primerica Inc.	$99,303,000	–	1,734,853	–	0.99%	–
AMH	New	American Homes 4 Rent Real Estate Investment Trust	$86,460,000	–	4,221,665	–	0.86%	–
HUM	New	Humana Inc.	$85,531,000	–	475,491	–	0.85%	–
PAG	New	Penske Auto Group Inc.	$81,424,000	–	2,588,167	–	0.81%	–
MKTX	New	MarketAxess Holdings Inc.	$79,893,000	–	549,470	–	0.80%	–
SNX	New	Synnex Corp.	$73,449,000	–	774,617	–	0.73%	–
SSNC	New	SS&C Technologies Holdings Inc.	$72,817,000	–	2,593,198	–	0.73%	–
MAIN	New	Main Street Capital Corp.	$71,412,000	–	2,173,892	–	0.71%	–
AJG	New	Arthur J. Gallagher & Co.	$70,612,000	–	1,483,440	–	0.70%	–
CEB	New	CEB Inc.	$67,561,000	–	1,095,345	–	0.67%	–
BAH	New	Booz Allen Hamilton Holding Corp.	$65,831,000	–	2,221,022	–	0.66%	–
GNRC	New	Generac Holdings Inc.	$62,563,000	–	1,789,572	–	0.62%	–
RMAX	New	RE/MAX Holdings Inc.	$60,580,000	–	1,504,709	–	0.60%	–
ABG	New	Asbury Automotive Group Inc.	$59,525,000	–	1,128,645	–	0.59%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$59,234,000	–	273	–	0.59%	–
CBZ	New	CBIZ Inc.	$56,340,000	–	5,412,122	–	0.56%	–
BRO	New	Brown & Brown Inc.	$54,722,000	–	1,460,429	–	0.55%	–
TECD	New	Tech Data Corp.	$53,026,000	–	738,013	–	0.53%	–
BW	New	Babcock & Wilcox Enterprises, Inc.	$48,290,000	–	3,287,289	–	0.48%	–
DIN	New	DineEquity, Inc.	$47,366,000	–	558,696	–	0.47%	–
DECK	New	Deckers Outdoor Corp.	$46,840,000	–	814,332	–	0.47%	–
FHI	New	Federated Investors Inc.cl b	$46,531,000	–	1,616,777	–	0.46%	–
CPSI	New	Computer Programs and Systems Inc.	$45,594,000	–	1,142,144	–	0.46%	–
APAM	New	Artisan Partners Asset Management Inc.cl a	$45,296,000	–	1,636,415	–	0.45%	–
GGG	New	Graco Inc.	$43,113,000	–	545,799	–	0.43%	–
DV	New	DeVry Education Group Inc.	$42,018,000	–	2,355,255	–	0.42%	–
TFX	New	Teleflex Inc.	$39,608,000	–	223,382	–	0.40%	–
HTH	New	Hilltop Holdings Inc.	$36,288,000	–	1,728,823	–	0.36%	–
ARCC	New	Ares Capital Corp.	$33,085,000	–	2,329,924	–	0.33%	–
EXPE	New	Expedia Inc.	$31,969,000	–	300,741	–	0.32%	–
HLI	New	Houlihan Lokey, Inc.	$30,408,000	–	1,359,300	–	0.30%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.adr	$28,658,000	–	345,449	–	0.29%	–
COL	New	Rockwell Collins Inc.	$27,820,000	–	326,755	–	0.28%	–
SNI	New	Scripps Networks Interactive, Inc.cl a	$26,601,000	–	427,185	–	0.26%	–
J	New	Jacobs Engineering Group Inc.	$24,694,000	–	495,767	–	0.25%	–
BIP	New	Brookfield Infrastructure Partners LP	$23,691,000	–	527,291	–	0.24%	–
IMO	New	Imperial Oil Ltd.	$21,563,000	–	686,176	–	0.22%	–
SFR	New	Colony Starwood Homes	$20,048,000	–	659,028	–	0.20%	–
STRA	New	Strayer Education Inc.	$18,306,000	–	372,606	–	0.18%	–
WDR	New	Waddell & Reed Financial, Inc.cl a	$17,145,000	–	995,621	–	0.17%	–
HMHC	New	Houghton Mifflin Harcourt Co.	$16,535,000	–	1,057,905	–	0.16%	–
AFI	New	Armstrong Flooring Inc.	$16,471,000	–	971,737	–	0.16%	–
KED	New	Kayne Anderson Energy Development Co.	$15,218,000	–	784,053	–	0.15%	–
NUTR	New	Nutraceutical International Corp.	$12,254,000	–	529,311	–	0.12%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$10,446,000	–	777,790	–	0.10%	–
TTEC	New	TeleTech Holdings Inc.	$8,286,000	–	305,429	–	0.08%	–
CPRT	New	Copart Inc.	$7,869,000	–	160,566	–	0.08%	–
BRKB	New	Berkshire Hathaway Inc.cl b	$7,923,000	–	54,722	–	0.08%	–
HYG	New	iSHARES iBOXX HI-YLD BOND ETF	$7,960,000	–	93,988	–	0.08%	–
PINC	New	Premier Inc.cl a	$7,817,000	–	239,065	–	0.08%	–
MKC	New	McCormick & Co., Inc.	$6,256,000	–	58,649	–	0.06%	–
WTM	New	White Mountains Insurance Group Ltd.	$5,947,000	–	7,063	–	0.06%	–
ARGO	New	Argo Group International Holdings Ltd.	$5,555,000	–	107,038	–	0.06%	–
LH	New	Laboratory Corporation of America Holdings	$5,098,000	–	39,135	–	0.05%	–
PNNT	New	Pennantpark Investment Corp.	$4,911,000	–	719,026	–	0.05%	–
AXTA	New	Axalta Coating Systems Ltd.	$3,907,000	–	147,270	–	0.04%	–
OPY	New	Oppenheimer Holdings Inc.cl a	$3,265,000	–	211,218	–	0.03%	–
MCO	New	Moody's Corp.	$3,073,000	–	32,795	–	0.03%	–
EXPD	New	Expeditors International of Washington, Inc.	$2,734,000	–	55,752	–	0.03%	–
CMLS	New	Cumulus Media Inc.	$2,584,000	–	8,336,602	–	0.03%	–
MO	New	Altria Group Inc.	$2,072,000	–	30,048	–	0.02%	–
BBU	New	Brookfiled Business Partners	$1,948,000	–	103,391	–	0.02%	–
BMO	New	Bank of Montreal	$1,903,000	–	30,000	–	0.02%	–
JPM	New	JP Morgan Chase & Co.	$1,699,000	–	27,346	–	0.02%	–
HOSSQ	New	Hornbeck Offshore Services, Inc.	$1,721,000	–	206,297	–	0.02%	–
GE	New	General Electric Co.	$1,574,000	–	50,000	–	0.02%	–
MMM	New	3M Co.	$1,436,000	–	8,200	–	0.01%	–
KHC	New	The Kraft Heinz Co.	$1,327,000	–	15,000	–	0.01%	–
MS	New	Morgan Stanley	$937,000	–	36,047	–	0.01%	–
RCI	New	Rogers Communications Inc.cl b	$856,000	–	21,293	–	0.01%	–
BEN	New	Franklin Resources, Inc.	$917,000	–	27,466	–	0.01%	–
CNQ	New	Canadian Natural Resources Ltd.	$550,000	–	17,946	–	0.01%	–
DEO	New	Diageo PLCadr	$535,000	–	4,736	–	0.01%	–
MRK	New	Merck & Co., Inc.	$412,000	–	7,159	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
ROIAK	Exit	Radio One Inc.cl d	$0	–	-30,929	–	-0.00%	–
ENB	Exit	Enbridge Inc.	$0	–	-10,421	–	-0.00%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-7,524	–	-0.00%	–
DEO	Exit	Diageo PLCsponsored adr	$0	–	-4,736	–	-0.01%	–
BAM	Exit	Brookfield Asset Management Inc.cl a	$0	–	-29,250	–	-0.01%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-27,466	–	-0.01%	–
BMO	Exit	Bank of Montreal	$0	–	-20,000	–	-0.01%	–
KHC	Exit	Kraft Heinz Co	$0	–	-15,000	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-20,048	–	-0.01%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-19,281	–	-0.01%	–
MS	Exit	Morgan Stanley	$0	–	-36,047	–	-0.01%	–
GE	Exit	General Electric Co.	$0	–	-50,000	–	-0.01%	–
MMM	Exit	3M Co.	$0	–	-10,000	–	-0.02%	–
EXPD	Exit	Expeditors International of Washington, Inc.	$0	–	-57,958	–	-0.03%	–
HOSSQ	Exit	Hornbeck Offshore Services, Inc.	$0	–	-214,737	–	-0.03%	–
FSAM	Exit	Fifth Street Asset Management, Inc.	$0	–	-421,886	–	-0.04%	–
MCO	Exit	Moody's Corp.	$0	–	-33,918	–	-0.04%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-40,981	–	-0.05%	–
MKC	Exit	McCormick & Co. Inc.	$0	–	-61,737	–	-0.06%	–
SNI	Exit	Scripps Networks Interactive Inc.cl a	$0	–	-104,954	–	-0.06%	–
CPRT	Exit	Copart Inc.	$0	–	-167,171	–	-0.06%	–
ETM	Exit	Entercom Communications Corp.cl a	$0	–	-561,861	–	-0.06%	–
ARGO	Exit	Argo Group International Holdings Ltd.	$0	–	-102,070	–	-0.06%	–
CMLS	Exit	Cumulus Media Inc.cl a	$0	–	-8,422,199	–	-0.07%	–
TROX	Exit	Tronox Ltd.cl a	$0	–	-1,370,515	–	-0.07%	–
ACAS	Exit	American Capital, Ltd.	$0	–	-553,620	–	-0.08%	–
PINC	Exit	Premier Inc.cl a	$0	–	-208,514	–	-0.08%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b	$0	–	-56,345	–	-0.08%	–
TTEC	Exit	TeleTech Holdings Inc.	$0	–	-317,956	–	-0.10%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-12,139	–	-0.10%	–
IMO	Exit	Imperial Oil Ltd.	$0	–	-312,016	–	-0.11%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-777,790	–	-0.12%	–
WDR	Exit	Waddell & Reed Financial Inc.	$0	–	-355,132	–	-0.14%	–
J	Exit	Jacobs Engineering Group Inc.	$0	–	-503,958	–	-0.21%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$0	–	-277,531	–	-0.22%	–
STRA	Exit	Strayer Education Inc.	$0	–	-349,898	–	-0.22%	–
KED	Exit	Kayne Anderson Energy Development Co.	$0	–	-974,071	–	-0.23%	–
HMHC	Exit	Houghton Mifflin Harcourt Co.	$0	–	-1,030,710	–	-0.23%	–
SABR	Exit	Sabre Corp.	$0	–	-794,249	–	-0.24%	–
HLI	Exit	Houlihan Lokey Inc.	$0	–	-1,009,985	–	-0.25%	–
NUTR	Exit	Nutraceutical International Corp.	$0	–	-935,989	–	-0.25%	–
BIP	Exit	Brookfield Infrastructure Partners LP	$0	–	-608,896	–	-0.25%	–
TFX	Exit	Teleflex Inc.	$0	–	-241,189	–	-0.33%	–
MSCI	Exit	MSCI Inc.	$0	–	-545,856	–	-0.36%	–
EXPE	Exit	Expedia Inc.	$0	–	-325,900	–	-0.43%	–
GGG	Exit	Graco Inc.	$0	–	-586,800	–	-0.44%	–
MSG	Exit	Madison Square Gardens	$0	–	-579,071	–	-0.47%	–
HTH	Exit	Hilltop Holdings Inc.	$0	–	-2,354,668	–	-0.52%	–
CPSI	Exit	Computer Programs and Systems Inc.	$0	–	-1,119,304	–	-0.53%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,737,292	–	-0.56%	–
CBZ	Exit	CBIZ Inc.	$0	–	-5,146,727	–	-0.56%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-1,679,231	–	-0.58%	–
GNRC	Exit	Generac Holdings Inc.	$0	–	-1,736,379	–	-0.58%	–
TECD	Exit	Tech Data Corp.	$0	–	-764,522	–	-0.58%	–
ARCC	Exit	Ares Capital Corp.	$0	–	-3,663,553	–	-0.59%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-274	–	-0.60%	–
RMAX	Exit	RE/MAX Holdings Inc.	$0	–	-1,655,762	–	-0.66%	–
DV	Exit	DeVry Education Group Inc.	$0	–	-2,219,750	–	-0.67%	–
BAH	Exit	Booz Allen Hamilton Holding Corp.	$0	–	-2,385,569	–	-0.70%	–
MAIN	Exit	Main Street Capital Corp.	$0	–	-2,384,817	–	-0.71%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,594,277	–	-0.74%	–
CEB	Exit	CEB Inc.	$0	–	-969,480	–	-0.74%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-12,943,208	–	-0.76%	–
BW	Exit	Babcock & Wilcox Enterprises, Inc.	$0	–	-4,250,890	–	-0.80%	–
SNX	Exit	Synnex Corp.	$0	–	-851,077	–	-0.81%	–
AMH	Exit	American Homes 4 Rent Real Estate Investment Trust	$0	–	-4,576,106	–	-0.82%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-855,140	–	-0.89%	–
PRI	Exit	Primerica Inc.	$0	–	-1,837,713	–	-0.92%	–
SJR	Exit	Shaw Communications Inc.cl b	$0	–	-4,704,885	–	-1.02%	–
RCI	Exit	Rogers Communications Inc.cl b	$0	–	-2,731,323	–	-1.05%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-1,388,945	–	-1.09%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-2,101,421	–	-1.14%	–
ALSN	Exit	Allison Transmission Holdings Inc.	$0	–	-3,911,968	–	-1.17%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-1,623,816	–	-1.24%	–
HCC	Exit	HCC Insurance Holdings Inc.	$0	–	-1,434,507	–	-1.24%	–
HRS	Exit	Harris Corp.	$0	–	-1,588,159	–	-1.30%	–
KO	Exit	The Coca-Cola Company	$0	–	-3,001,850	–	-1.34%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-919,409	–	-1.36%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-6,219,893	–	-1.36%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-1,450,244	–	-1.54%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-3,544,670	–	-1.59%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-8,013,869	–	-1.74%	–
LUK	Exit	Leucadia National Corp.	$0	–	-7,735,597	–	-1.75%	–
GNTX	Exit	Gentex Corp.	$0	–	-10,407,661	–	-1.80%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,655,613	–	-1.82%	–
BWXT	Exit	BWX Technologies Inc.	$0	–	-6,203,009	–	-1.82%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-3,714,157	–	-1.83%	–
MSFT	Exit	Microsoft Corp.	$0	–	-3,824,769	–	-1.89%	–
HUM	Exit	Humana Inc.	$0	–	-957,481	–	-1.91%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-3,053,610	–	-1.94%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-4,470,895	–	-1.97%	–
RY	Exit	Royal Bank of Canada	$0	–	-3,219,832	–	-1.99%	–
AZO	Exit	AutoZone, Inc.	$0	–	-245,881	–	-1.99%	–
AAPL	Exit	Apple Inc.	$0	–	-1,691,965	–	-2.08%	–
POT	Exit	Potash Corporation of Saskatchewan Inc.	$0	–	-10,066,897	–	-2.31%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-8,260,269	–	-2.40%	–
PEP	Exit	PepsiCo Inc.	$0	–	-2,357,606	–	-2.47%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-3,581,575	–	-2.62%	–
ORCL	Exit	Oracle Corp.	$0	–	-6,741,835	–	-2.70%	–
EFX	Exit	Equifax Inc.	$0	–	-2,764,253	–	-3.00%	–
UTX	Exit	United Technologies Corp.	$0	–	-3,040,752	–	-3.01%	–
BBT	Exit	BB&T Corp.	$0	–	-8,065,580	–	-3.19%	–
PM	Exit	Philip Morris International Inc.	$0	–	-3,685,051	–	-3.26%	–
JNJ	Exit	Johnson & Johnson	$0	–	-3,213,623	–	-3.35%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-20,418,294	–	-3.44%	–
UNP	Exit	Union Pacific Corp.	$0	–	-3,605,669	–	-3.54%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-4,081,818	–	-3.77%	–

Q3 2015

			Value		Shares		↓ Weighting
WBA	Buy	Walgreens Boots Alliance Inc.	$337,371,000	+0.3%	4,081,818	+2.4%	3.77%	+2.8%
UNP	Buy	Union Pacific Corp.	$316,939,000	+6.9%	3,605,669	+16.0%	3.54%	+9.6%
CVE	Buy	Cenovus Energy Inc.	$308,014,000	+12.3%	20,418,294	+18.8%	3.44%	+15.1%
JNJ	Buy	Johnson & Johnson	$299,705,000	-0.4%	3,213,623	+4.1%	3.35%	+2.1%
PM	Buy	Philip Morris International Inc.	$291,602,000	+3.8%	3,685,051	+5.2%	3.26%	+6.5%
BBT	Buy	BB&T Corp.	$286,006,000	-8.1%	8,065,580	+4.4%	3.19%	-5.7%
UTX	Buy	United Technologies Corp.	$269,652,000	-5.1%	3,040,752	+18.9%	3.01%	-2.7%
EFX	Sell	Equifax Inc.	$268,630,000	-14.7%	2,764,253	-14.8%	3.00%	-12.6%
ORCL	Buy	Oracle Corp.	$242,081,000	-5.0%	6,741,835	+6.7%	2.70%	-2.6%
OXY	Buy	Occidental Petroleum Corp.	$235,121,000	-4.3%	3,581,575	+13.2%	2.62%	-1.8%
PEP	Buy	PepsiCo Inc.	$221,402,000	+7.1%	2,357,606	+6.6%	2.47%	+9.8%
CSCO	Buy	Cisco Systems Inc.	$215,342,000	-3.0%	8,260,269	+2.1%	2.40%	-0.5%
POT	Buy	Potash Corporation of Saskatchewan Inc.	$206,908,000	-16.4%	10,066,897	+26.0%	2.31%	-14.3%
AAPL	Sell	Apple Inc.	$186,530,000	-16.9%	1,691,965	-5.5%	2.08%	-14.8%
AZO	Buy	AutoZone, Inc.	$178,002,000	+27.9%	245,881	+17.6%	1.99%	+31.2%
RY	Buy	Royal Bank of Canada	$178,027,000	-8.1%	3,219,832	+1.7%	1.99%	-5.7%
TD	Buy	Toronto-Dominion Bank	$176,212,000	-5.5%	4,470,895	+1.8%	1.97%	-3.1%
CNI	Buy	Canadian National Railway Co.	$173,390,000	+0.5%	3,053,610	+2.1%	1.94%	+3.1%
HUM	Sell	Humana Inc.	$171,389,000	-8.6%	957,481	-2.4%	1.91%	-6.3%
MSFT	Buy	Microsoft Corp.	$169,284,000	+1.8%	3,824,769	+1.5%	1.89%	+4.4%
BNS	Buy	Bank of Nova Scotia	$163,725,000	-12.8%	3,714,157	+2.1%	1.83%	-10.6%
BWXT	Buy	BWX Technologies Inc.	$163,511,000	-16.6%	6,203,009	+3.8%	1.82%	-14.5%
MCD	Buy	McDonald's Corp.	$163,128,000	+7.3%	1,655,613	+3.5%	1.82%	+10.0%
GNTX	Buy	Gentex Corp.	$161,319,000	+1.2%	10,407,661	+7.2%	1.80%	+3.7%
LUK	Buy	Leucadia National Corp.	$156,723,000	-12.9%	7,735,597	+4.4%	1.75%	-10.7%
CNQ	Buy	Canadian Natural Resources Ltd.	$156,065,000	-17.0%	8,013,869	+15.7%	1.74%	-14.9%
TRI	Sell	Thomson Reuters Corp.	$142,469,000	-9.0%	3,544,670	-13.8%	1.59%	-6.7%
ABC	Buy	AmerisourceBergen Corp.	$137,759,000	-7.6%	1,450,244	+3.4%	1.54%	-5.2%
RBA	Buy	Ritchie Bros. Auctioneers Inc.	$122,057,000	-29.2%	6,219,893	+1.5%	1.36%	-27.3%
BDX	Buy	Becton, Dickinson & Co.	$121,969,000	-3.0%	919,409	+3.5%	1.36%	-0.5%
KO	New	The Coca-Cola Company	$120,434,000	–	3,001,850	–	1.34%	–
HRS	Buy	Harris Corp.	$116,174,000	+97.1%	1,588,159	+107.3%	1.30%	+102.0%
HCC	Buy	HCC Insurance Holdings Inc.	$111,131,000	+1.2%	1,434,507	+0.4%	1.24%	+3.8%
NTRS	Sell	Northern Trust Corp.	$110,679,000	-31.3%	1,623,816	-22.9%	1.24%	-29.6%
ALSN	Buy	Allison Transmission Holdings Inc.	$104,410,000	-7.5%	3,911,968	+1.4%	1.17%	-5.1%
PAG	Sell	Penske Auto Group Inc.	$101,793,000	-8.2%	2,101,421	-1.3%	1.14%	-6.0%
SSNC	Sell	SS&C Technologies Holdings Inc.	$97,282,000	+2.9%	1,388,945	-8.2%	1.09%	+5.5%
RCI	Buy	Rogers Communications Inc.cl b	$94,102,000	-2.7%	2,731,323	+0.2%	1.05%	-0.3%
SJR	Buy	Shaw Communications Inc.cl b	$91,096,000	-10.2%	4,704,885	+1.0%	1.02%	-8.0%
PRI	Sell	Primerica Inc.	$82,826,000	-2.1%	1,837,713	-0.7%	0.92%	+0.4%
MKTX	Sell	MarketAxess Holdings Inc.	$79,425,000	-28.0%	855,140	-28.1%	0.89%	-26.2%
AMH	Buy	American Homes 4 Rent Real Estate Investment Trust	$73,584,000	+1.8%	4,576,106	+1.5%	0.82%	+4.3%
SNX	Sell	Synnex Corp.	$72,393,000	+6.5%	851,077	-8.3%	0.81%	+9.2%
BW	New	Babcock & Wilcox Enterprises, Inc.	$71,415,000	–	4,250,890	–	0.80%	–
AAVVF	Buy	Advantage Oil & Gas Ltd.	$67,597,000	+6.2%	12,943,208	+28.6%	0.76%	+8.9%
CEB	Buy	CEB Inc.	$66,254,000	-15.5%	969,480	+7.6%	0.74%	-13.3%
AJG	Buy	Arthur J. Gallagher & Co.	$65,812,000	-6.9%	1,594,277	+6.7%	0.74%	-4.5%
MAIN	Buy	Main Street Capital Corp.	$63,579,000	+25.8%	2,384,817	+50.6%	0.71%	+29.1%
BAH	Buy	Booz Allen Hamilton Holding Corp.	$62,526,000	+17.1%	2,385,569	+12.8%	0.70%	+20.1%
DV	Buy	DeVry Education Group Inc.	$60,399,000	-6.7%	2,219,750	+2.8%	0.67%	-4.4%
RMAX	Buy	RE/MAX Holdings Inc.	$59,574,000	+13.0%	1,655,762	+11.5%	0.66%	+15.9%
BRKA	Buy	Berkshire Hathaway Inc.cl a	$53,496,000	-4.3%	274	+0.4%	0.60%	-2.0%
ARCC	Sell	Ares Capital Corp.	$53,048,000	-15.0%	3,663,553	-3.3%	0.59%	-12.8%
TECD	Sell	Tech Data Corp.	$52,370,000	+10.2%	764,522	-7.4%	0.58%	+13.2%
GNRC	Buy	Generac Holdings Inc.	$52,248,000	-1.9%	1,736,379	+29.6%	0.58%	+0.5%
BRO	Buy	Brown & Brown Inc.	$52,006,000	-4.2%	1,679,231	+1.7%	0.58%	-1.7%
CBZ	Buy	CBIZ Inc.	$50,541,000	+11.1%	5,146,727	+9.0%	0.56%	+13.9%
FHI	Buy	Federated Investors Inc.cl b	$50,208,000	-4.7%	1,737,292	+10.4%	0.56%	-2.4%
CPSI	Buy	Computer Programs and Systems Inc.	$47,156,000	+6.4%	1,119,304	+34.9%	0.53%	+9.1%
HTH	Buy	Hilltop Holdings Inc.	$46,646,000	-15.6%	2,354,668	+2.7%	0.52%	-13.3%
MSG	Sell	Madison Square Gardens	$41,774,000	-27.9%	579,071	-16.6%	0.47%	-26.1%
GGG	Buy	Graco Inc.	$39,333,000	+5.8%	586,800	+12.1%	0.44%	+8.4%
EXPE	Sell	Expedia Inc.	$38,352,000	+5.3%	325,900	-2.2%	0.43%	+7.8%
MSCI	Sell	MSCI Inc.	$32,457,000	-55.8%	545,856	-54.2%	0.36%	-54.7%
TFX	Sell	Teleflex Inc.	$29,958,000	-9.0%	241,189	-0.8%	0.33%	-6.7%
BIP	Buy	Brookfield Infrastructure Partners LP	$22,434,000	+12.1%	608,896	+35.6%	0.25%	+14.7%
NUTR	Sell	Nutraceutical International Corp.	$22,099,000	-10.9%	935,989	-6.6%	0.25%	-8.5%
HLI	New	Houlihan Lokey Inc.	$22,018,000	–	1,009,985	–	0.25%	–
SABR	New	Sabre Corp.	$21,588,000	–	794,249	–	0.24%	–
HMHC	Buy	Houghton Mifflin Harcourt Co.	$20,934,000	-19.4%	1,030,710	+0.1%	0.23%	-17.3%
KED	Buy	Kayne Anderson Energy Development Co.	$20,835,000	-0.1%	974,071	+11.3%	0.23%	+2.6%
STRA	Buy	Strayer Education Inc.	$19,234,000	+43.8%	349,898	+12.7%	0.22%	+47.3%
KOF	Buy	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$19,255,000	-1.3%	277,531	+13.0%	0.22%	+1.4%
J	Sell	Jacobs Engineering Group Inc.	$18,863,000	-73.8%	503,958	-71.6%	0.21%	-73.1%
WDR	Buy	Waddell & Reed Financial Inc.	$12,348,000	-5.9%	355,132	+28.0%	0.14%	-3.5%
IMO	New	Imperial Oil Ltd.	$9,885,000	–	312,016	–	0.11%	–
WTM	Buy	White Mountains Insurance Group Ltd.	$9,071,000	+16.1%	12,139	+1.8%	0.10%	+18.8%
TTEC	Buy	TeleTech Holdings Inc.	$8,518,000	+1.0%	317,956	+2.1%	0.10%	+3.3%
BRKB	Buy	Berkshire Hathaway Inc.cl b	$7,347,000	-3.3%	56,345	+1.0%	0.08%	-1.2%
PINC	Buy	Premier Inc.cl a	$7,167,000	-8.7%	208,514	+2.1%	0.08%	-7.0%
ACAS	Buy	American Capital, Ltd.	$6,732,000	+19.3%	553,620	+33.0%	0.08%	+23.0%
TROX	Buy	Tronox Ltd.cl a	$5,989,000	-66.8%	1,370,515	+11.0%	0.07%	-66.0%
CMLS	Sell	Cumulus Media Inc.cl a	$5,928,000	-65.9%	8,422,199	-1.7%	0.07%	-65.1%
ARGO	Buy	Argo Group International Holdings Ltd.	$5,776,000	+3.4%	102,070	+1.8%	0.06%	+4.9%
CPRT	Buy	Copart Inc.	$5,500,000	-5.6%	167,171	+1.8%	0.06%	-3.2%
SNI	New	Scripps Networks Interactive Inc.cl a	$5,163,000	–	104,954	–	0.06%	–
MKC	Buy	McCormick & Co. Inc.	$5,074,000	+1.6%	61,737	+0.1%	0.06%	+5.6%
LH	Buy	Laboratory Corporation of America Holdings	$4,445,000	-8.6%	40,981	+2.1%	0.05%	-5.7%
MCO	Buy	Moody's Corp.	$3,331,000	-7.5%	33,918	+1.6%	0.04%	-5.1%
HOSSQ	Buy	Hornbeck Offshore Services, Inc.	$2,905,000	-32.5%	214,737	+2.4%	0.03%	-31.9%
EXPD	Buy	Expeditors International of Washington, Inc.	$2,727,000	+3.8%	57,958	+1.7%	0.03%	+3.4%
KHC	New	Kraft Heinz Co	$1,059,000	–	15,000	–	0.01%	–
BEN	New	Franklin Resources Inc.	$1,023,000	–	27,466	–	0.01%	–
MRK	Sell	Merck & Co. Inc.	$372,000	-27.5%	7,524	-16.5%	0.00%	-33.3%
USCR	Exit	U.S. Concrete Inc.	$0	–	-18,161	–	-0.01%	–
KRFT	Exit	Kraft Foods Group Inc.	$0	–	-15,000	–	-0.01%	–

Q2 2015

			Value		Shares		↓ Weighting
WBA	New	Walgreens Boots Alliance, Inc.	$336,410,000	–	3,986,536	–	3.66%	–
EFX	New	Equifax Inc.	$315,046,000	–	3,244,890	–	3.43%	–
BBT	New	BB&T Corp.	$311,106,000	–	7,722,026	–	3.39%	–
JNJ	New	Johnson & Johnson	$300,970,000	–	3,086,228	–	3.28%	–
UNP	New	Union Pacific Corp.	$296,541,000	–	3,107,890	–	3.23%	–
UTX	New	United Technologies Corp.	$283,997,000	–	2,556,563	–	3.09%	–
PM	New	Philip Morris International Inc.	$280,809,000	–	3,503,154	–	3.06%	–
CVE	New	Cenovus Energy Inc.	$274,332,000	–	17,192,163	–	2.99%	–
ORCL	New	Oracle Corp.	$254,876,000	–	6,319,375	–	2.78%	–
POT	New	Potash Corporation of Saskatchewan Inc.	$247,446,000	–	7,990,571	–	2.69%	–
OXY	New	Occidental Petroleum Corp.	$245,659,000	–	3,163,805	–	2.67%	–
AAPL	New	Apple Inc.	$224,473,000	–	1,790,357	–	2.44%	–
CSCO	New	Cisco Systems Inc.	$222,053,000	–	8,087,358	–	2.42%	–
PEP	New	PepsiCo Inc.	$206,745,000	–	2,212,637	–	2.25%	–
BWXT	New	BWX Technologies Inc.	$195,988,000	–	5,975,234	–	2.13%	–
RY	New	Royal Bank of Canada	$193,674,000	–	3,167,199	–	2.11%	–
CNQ	New	Canadian Natural Resources Ltd.	$187,999,000	–	6,926,914	–	2.05%	–
BNS	New	Bank of Nova Scotia	$187,762,000	–	3,637,763	–	2.04%	–
HUM	New	Humana Inc.	$187,583,000	–	980,674	–	2.04%	–
TD	New	Toronto-Dominion Bank	$186,414,000	–	4,389,946	–	2.03%	–
LUK	New	Leucadia National Corp.	$179,901,000	–	7,409,425	–	1.96%	–
CNI	New	Canadian National Railway Co.	$172,478,000	–	2,989,681	–	1.88%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$172,302,000	–	6,125,043	–	1.88%	–
MSFT	New	Microsoft Corp.	$166,297,000	–	3,766,640	–	1.81%	–
NTRS	New	Northern Trust Corp.	$161,123,000	–	2,107,291	–	1.75%	–
GNTX	New	Gentex Corp.	$159,453,000	–	9,710,899	–	1.74%	–
TRI	New	Thomson Reuters Corp.	$156,488,000	–	4,109,821	–	1.70%	–
MCD	New	McDonald's Corp.	$152,017,000	–	1,599,003	–	1.66%	–
ABC	New	AmerisourceBergen Corp.	$149,101,000	–	1,402,113	–	1.62%	–
AZO	New	AutoZone, Inc.	$139,171,000	–	209,086	–	1.52%	–
BDX	New	Becton, Dickinson & Co.	$125,792,000	–	888,048	–	1.37%	–
ALSN	New	Allison Transmission Holdings Inc.	$112,852,000	–	3,856,855	–	1.23%	–
PAG	New	Penske Auto Group Inc.	$110,944,000	–	2,129,033	–	1.21%	–
MKTX	New	MarketAxess Holdings Inc.	$110,380,000	–	1,189,827	–	1.20%	–
HCC	New	HCC Insurance Holdings Inc.	$109,802,000	–	1,428,970	–	1.20%	–
SJR	New	Shaw Communications Inc.cl b	$101,486,000	–	4,660,397	–	1.10%	–
RCI	New	Rogers Communications Inc.cl b	$96,719,000	–	2,727,047	–	1.05%	–
SSNC	New	SS&C Technologies Holdings Inc.	$94,545,000	–	1,512,727	–	1.03%	–
PRI	New	Primerica Inc.	$84,571,000	–	1,850,968	–	0.92%	–
CEB	New	CEB Inc.	$78,416,000	–	900,714	–	0.85%	–
MSCI	New	MSCI Inc.	$73,434,000	–	1,193,075	–	0.80%	–
AMH	New	American Homes 4 Rent Real Estate Investment Trustcl a	$72,292,000	–	4,506,976	–	0.79%	–
J	New	Jacobs Engineering Group Inc.	$72,059,000	–	1,773,971	–	0.78%	–
AJG	New	Arthur J. Gallagher & Co.	$70,697,000	–	1,494,658	–	0.77%	–
SNX	New	Synnex Corp.	$67,959,000	–	928,531	–	0.74%	–
DV	New	DeVry Education Group Inc.	$64,739,000	–	2,159,394	–	0.70%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$63,647,000	–	10,063,178	–	0.69%	–
ARCC	New	Ares Capital Corp.	$62,379,000	–	3,789,745	–	0.68%	–
HRS	New	Harris Corp.	$58,934,000	–	766,274	–	0.64%	–
MSG	New	Madison Square Garden Co.	$57,965,000	–	694,271	–	0.63%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$55,924,000	–	273	–	0.61%	–
HTH	New	Hilltop Holdings Inc.	$55,245,000	–	2,293,295	–	0.60%	–
BRO	New	Brown & Brown Inc.	$54,281,000	–	1,651,887	–	0.59%	–
BAH	New	Booz Allen Hamilton Holding Corp.	$53,383,000	–	2,115,005	–	0.58%	–
GNRC	New	Generac Holdings Inc.	$53,254,000	–	1,339,718	–	0.58%	–
RMAX	New	RE/MAX Holdings Inc.cl a	$52,713,000	–	1,484,451	–	0.57%	–
FHI	New	Federated Investors Inc.cl b	$52,702,000	–	1,573,673	–	0.57%	–
MAIN	New	Main Street Capital Corp.	$50,540,000	–	1,583,826	–	0.55%	–
TECD	New	Tech Data Corp.	$47,510,000	–	825,395	–	0.52%	–
CBZ	New	CBIZ Inc.	$45,501,000	–	4,720,008	–	0.50%	–
CPSI	New	Computer Programs and Systems Inc.	$44,313,000	–	829,518	–	0.48%	–
GGG	New	Graco Inc.	$37,193,000	–	523,621	–	0.40%	–
EXPE	New	Expedia Inc.	$36,437,000	–	333,215	–	0.40%	–
TFX	New	Teleflex Inc.	$32,924,000	–	243,069	–	0.36%	–
HMHC	New	Houghton Mifflin Harcourt Co.	$25,959,000	–	1,030,116	–	0.28%	–
NUTR	New	Nutraceutical International Corp.	$24,797,000	–	1,002,313	–	0.27%	–
KED	New	Kayne Anderson Energy Development Co.	$20,857,000	–	874,890	–	0.23%	–
BIP	New	Brookfield Infrastructure Partners LP	$20,011,000	–	449,149	–	0.22%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$19,511,000	–	245,573	–	0.21%	–
TROX	New	Tronox Ltd.cl a	$18,062,000	–	1,234,566	–	0.20%	–
CMLS	New	Cumulus Media Inc.cl a	$17,386,000	–	8,564,729	–	0.19%	–
STRA	New	Strayer Education Inc.	$13,380,000	–	310,442	–	0.15%	–
WDR	New	Waddell & Reed Financial, Inc.	$13,122,000	–	277,364	–	0.14%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$10,718,000	–	777,790	–	0.12%	–
TTEC	New	TeleTech Holdings Inc.	$8,434,000	–	311,441	–	0.09%	–
PINC	New	Premier Inc.cl a	$7,854,000	–	204,215	–	0.09%	–
WTM	New	White Mountains Insurance Group Ltd.	$7,813,000	–	11,930	–	0.08%	–
BRKB	New	Berkshire Hathaway Inc.cl b	$7,595,000	–	55,798	–	0.08%	–
ETM	New	Entercom Communications Corp.cl a	$6,416,000	–	561,861	–	0.07%	–
CPRT	New	Copart Inc.	$5,825,000	–	164,189	–	0.06%	–
ACAS	New	American Capital, Ltd.	$5,642,000	–	416,357	–	0.06%	–
ARGO	New	Argo Group International Holdings Ltd.	$5,584,000	–	100,253	–	0.06%	–
MKC	New	McCormick & Co., Inc.	$4,992,000	–	61,668	–	0.05%	–
LH	New	Laboratory Corporation of America Holdings	$4,864,000	–	40,122	–	0.05%	–
HOSSQ	New	Hornbeck Offshore Services, Inc.	$4,306,000	–	209,754	–	0.05%	–
FSAM	New	Fifth Street Asset Management, Inc.	$4,337,000	–	421,886	–	0.05%	–
MCO	New	Moody's Corp.	$3,603,000	–	33,372	–	0.04%	–
EXPD	New	Expeditors International of Washington, Inc.	$2,626,000	–	56,962	–	0.03%	–
MMM	New	3M Co.	$1,543,000	–	10,000	–	0.02%	–
MS	New	Morgan Stanley	$1,398,000	–	36,047	–	0.02%	–
JPM	New	JP Morgan Chase & Co.	$1,306,000	–	19,281	–	0.01%	–
GE	New	General Electric Co.	$1,328,000	–	50,000	–	0.01%	–
KRFT	New	Kraft Foods Group Inc.	$1,277,000	–	15,000	–	0.01%	–
BMO	New	Bank of Montreal	$1,185,000	–	20,000	–	0.01%	–
MO	New	Altria Group Inc.	$981,000	–	20,048	–	0.01%	–
BAM	New	Brookfield Asset Management Inc.cl a	$1,022,000	–	29,250	–	0.01%	–
USCR	New	U.S. Concrete Inc.	$688,000	–	18,161	–	0.01%	–
DEO	New	Diageo PLCsponsored adr	$550,000	–	4,736	–	0.01%	–
MRK	New	Merck & Co., Inc.	$513,000	–	9,015	–	0.01%	–
ENB	New	Enbridge Inc.	$487,000	–	10,421	–	0.01%	–
ROIAK	New	Radio One Inc.cl d	$98,000	–	30,929	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
TLM	Exit	Talisman Energy Inc.	$0	–	-22,200	–	-0.00%	–
ECA	Exit	EnCana Corp.	$0	–	-8,000	–	-0.00%	–
MTB	Exit	M&T Bank Corp.	$0	–	-1,831	–	-0.00%	–
LOJN	Exit	LoJack Corp.	$0	–	-101,544	–	-0.01%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-15,000	–	-0.01%	–
USCR	Exit	U.S. Concrete Inc.	$0	–	-18,161	–	-0.01%	–
ENB	Exit	Enbridge Inc.	$0	–	-10,421	–	-0.01%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-9,589	–	-0.01%	–
DEO	Exit	Diageo PLCsponsored adr	$0	–	-4,736	–	-0.01%	–
PFE	Exit	Pfizer Inc.	$0	–	-24,654	–	-0.01%	–
KRFT	Exit	Kraft Foods Group Inc.	$0	–	-15,000	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-20,048	–	-0.01%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-15,000	–	-0.01%	–
MS	Exit	Morgan Stanley	$0	–	-36,047	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-50,000	–	-0.02%	–
MMM	Exit	3M Co.	$0	–	-10,000	–	-0.02%	–
ACAS	Exit	American Capital, Ltd.	$0	–	-136,770	–	-0.02%	–
EXPD	Exit	Expeditors International of Washington, Inc.	$0	–	-50,649	–	-0.02%	–
DNB	Exit	Dun & Bradstreet Corp.	$0	–	-19,632	–	-0.03%	–
MCD	Exit	McDonald's Corp.	$0	–	-27,657	–	-0.03%	–
MCO	Exit	Moody's Corp.	$0	–	-30,363	–	-0.03%	–
MKC	Exit	McCormick & Co., Inc.	$0	–	-61,512	–	-0.05%	–
ARGO	Exit	Argo Group International Holdings Ltd.	$0	–	-82,147	–	-0.05%	–
TTEC	Exit	TeleTech Holdings Inc.	$0	–	-173,881	–	-0.05%	–
CPRT	Exit	Copart Inc.	$0	–	-148,149	–	-0.06%	–
ETM	Exit	Entercom Communications Corp.cl a	$0	–	-639,415	–	-0.06%	–
J	Exit	Jacobs Engineering Group Inc.	$0	–	-111,972	–	-0.07%	–
PINC	Exit	Premier Inc.cl a	$0	–	-171,051	–	-0.07%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-10,760	–	-0.08%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-71,232	–	-0.09%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b	$0	–	-53,359	–	-0.09%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$0	–	-75,116	–	-0.09%	–
FSRV	Exit	FirstService Corp.sub vtg sh	$0	–	-170,200	–	-0.11%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-677,790	–	-0.12%	–
CRRTQ	Exit	CARBO Ceramics Inc.	$0	–	-214,449	–	-0.15%	–
BIP	Exit	Brookfield Infrastructure Partners LP	$0	–	-445,498	–	-0.20%	–
GOOG	Exit	Google Inc.cl c	$0	–	-29,849	–	-0.21%	–
NUTR	Exit	Nutraceutical International Corp.	$0	–	-1,002,911	–	-0.25%	–
STRA	Exit	Strayer Education Inc.	$0	–	-440,754	–	-0.32%	–
CMLS	Exit	Cumulus Media Inc.cl a	$0	–	-6,545,795	–	-0.32%	–
TROX	Exit	Tronox Ltd.cl a	$0	–	-1,203,260	–	-0.38%	–
KED	Exit	Kayne Anderson Energy Development Co.	$0	–	-864,485	–	-0.38%	–
GNRC	Exit	Generac Holdings Inc.	$0	–	-814,834	–	-0.40%	–
CBZ	Exit	CBIZ Inc.	$0	–	-4,674,652	–	-0.44%	–
GGG	Exit	Graco Inc.	$0	–	-514,709	–	-0.45%	–
RMAX	Exit	RE/MAX Holdings Inc.	$0	–	-1,441,993	–	-0.51%	–
MSG	Exit	Madison Square Garden Co.	$0	–	-682,630	–	-0.54%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,544,954	–	-0.54%	–
TECD	Exit	Tech Data Corp.	$0	–	-811,409	–	-0.57%	–
BAH	Exit	Booz Allen Hamilton Holding Corp.	$0	–	-2,072,114	–	-0.58%	–
TFX	Exit	Teleflex Inc.	$0	–	-481,178	–	-0.61%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-1,619,948	–	-0.62%	–
CEB	Exit	Corporate Executive Board Co.	$0	–	-884,384	–	-0.64%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-274	–	-0.68%	–
GOOGL	Exit	Google Inc.cl a	$0	–	-97,174	–	-0.69%	–
EXPE	Exit	Expedia Inc.	$0	–	-676,534	–	-0.71%	–
ARCC	Exit	Ares Capital Corp.	$0	–	-3,781,486	–	-0.73%	–
SNX	Exit	Synnex Corp.	$0	–	-978,194	–	-0.76%	–
AMH	Exit	American Homes 4 Rent Real Estate Investment Trust	$0	–	-3,789,250	–	-0.77%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-1,503,111	–	-0.79%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,474,704	–	-0.80%	–
HCC	Exit	HCC Insurance Holdings Inc.	$0	–	-1,412,719	–	-0.82%	–
MSCI	Exit	MSCI Inc.	$0	–	-1,595,805	–	-0.90%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-2,093,873	–	-1.02%	–
HTH	Exit	Hilltop Holdings Inc.	$0	–	-4,416,295	–	-1.06%	–
PRI	Exit	Primerica Inc.	$0	–	-1,851,050	–	-1.07%	–
DV	Exit	DeVry Education Group Inc.	$0	–	-2,093,095	–	-1.08%	–
RCI	Exit	Rogers Communications Inc.cl b	$0	–	-2,481,156	–	-1.11%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-1,519,186	–	-1.13%	–
PG	Exit	Procter & Gamble Co.	$0	–	-1,142,821	–	-1.15%	–
BAX	Exit	Baxter International Inc.	$0	–	-1,357,489	–	-1.17%	–
EMR	Exit	Emerson Electric Co.	$0	–	-1,581,467	–	-1.19%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-1,374,204	–	-1.23%	–
HUM	Exit	Humana Inc.	$0	–	-825,885	–	-1.29%	–
MSFT	Exit	Microsoft Corp.	$0	–	-2,326,834	–	-1.29%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-1,000,603	–	-1.37%	–
F102PS	Exit	The Babcock & Wilcox Co.	$0	–	-4,621,429	–	-1.54%	–
GNTX	Exit	Gentex Corp.	$0	–	-4,800,575	–	-1.54%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-2,021,071	–	-1.65%	–
LO	Exit	Lorillard Inc.	$0	–	-2,385,915	–	-1.72%	–
LUK	Exit	Leucadia National Corp.	$0	–	-6,028,885	–	-1.72%	–
SJR	Exit	Shaw Communications Inc.cl b	$0	–	-6,684,203	–	-1.97%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-2,161,386	–	-2.00%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-8,103,513	–	-2.18%	–
PEP	Exit	PepsiCo Inc.	$0	–	-2,033,150	–	-2.27%	–
AAPL	Exit	Apple Inc.	$0	–	-1,896,919	–	-2.29%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-7,979,807	–	-2.40%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-7,559,596	–	-2.44%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-2,866,795	–	-2.44%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-4,209,286	–	-2.49%	–
WAG	Exit	Walgreen Co.	$0	–	-3,543,873	–	-2.52%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-3,424,868	–	-2.54%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-5,816,706	–	-2.54%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-5,565,031	–	-2.59%	–
RY	Exit	Royal Bank of Canada	$0	–	-3,067,389	–	-2.63%	–
UTX	Exit	United Technologies Corp.	$0	–	-2,086,044	–	-2.64%	–
EFX	Exit	Equifax Inc.	$0	–	-2,992,009	–	-2.68%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-2,318,789	–	-2.69%	–
ORCL	Exit	Oracle Corp.	$0	–	-5,868,996	–	-2.70%	–
BBT	Exit	BB&T Corp.	$0	–	-6,658,428	–	-2.98%	–
UNP	Exit	Union Pacific Corp.	$0	–	-2,303,304	–	-3.00%	–
PM	Exit	Philip Morris International Inc.	$0	–	-3,072,525	–	-3.07%	–
POT	Exit	Potash Corporation of Saskatchewan Inc.	$0	–	-7,750,375	–	-3.22%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,625,836	–	-3.36%	–

Q3 2014

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$279,829,000	-3.8%	2,625,836	-5.5%	3.36%	-2.3%
POT	Buy	Potash Corporation of Saskatchewan Inc.	$268,370,000	-6.6%	7,750,375	+2.6%	3.22%	-5.2%
PM	Buy	Philip Morris International Inc.	$255,592,000	+3.6%	3,072,525	+5.2%	3.07%	+5.3%
UNP	Buy	Union Pacific Corp.	$249,817,000	+11.9%	2,303,304	+2.8%	3.00%	+13.6%
BBT	Buy	BB&T Corp.	$248,001,000	-0.9%	6,658,428	+4.7%	2.98%	+0.6%
ORCL	Buy	Oracle Corp.	$224,945,000	-0.6%	5,868,996	+5.1%	2.70%	+0.9%
OXY	Buy	Occidental Petroleum Corp.	$223,802,000	-3.0%	2,318,789	+3.0%	2.69%	-1.4%
EFX	Buy	Equifax Inc.	$223,623,000	+4.7%	2,992,009	+1.6%	2.68%	+6.3%
UTX	Buy	United Technologies Corp.	$219,966,000	+10.5%	2,086,044	+21.3%	2.64%	+12.2%
RY	Buy	Royal Bank of Canada	$219,247,000	+0.8%	3,067,389	+0.8%	2.63%	+2.3%
CNQ	Buy	Canadian Natural Resources Ltd.	$216,202,000	-15.0%	5,565,031	+0.5%	2.59%	-13.7%
TRI	Buy	Thomson Reuters Corp.	$211,904,000	+0.9%	5,816,706	+0.8%	2.54%	+2.4%
BNS	Buy	Bank of Nova Scotia	$211,832,000	-6.4%	3,424,868	+0.9%	2.54%	-5.0%
WAG	Buy	Walgreen Co.	$210,404,000	+123.6%	3,543,873	+179.2%	2.52%	+127.1%
TD	Buy	Toronto-Dominion Bank	$207,731,000	-3.5%	4,209,286	+0.7%	2.49%	-2.0%
CNI	Sell	Canadian National Railway Co.	$203,527,000	+8.4%	2,866,795	-0.7%	2.44%	+10.1%
CVE	Buy	Cenovus Energy Inc.	$203,376,000	-16.3%	7,559,596	+0.8%	2.44%	-15.0%
CSCO	Buy	Cisco Systems Inc.	$200,379,000	+4.3%	7,979,807	+3.0%	2.40%	+6.0%
AAPL	Sell	Apple Inc.	$191,079,000	-2.0%	1,896,919	-9.9%	2.29%	-0.5%
PEP	Buy	PepsiCo Inc.	$189,306,000	+7.7%	2,033,150	+3.2%	2.27%	+9.4%
RBA	Sell	Ritchie Bros. Auctioneers Inc.	$181,438,000	-10.5%	8,103,513	-1.5%	2.18%	-9.1%
ABC	Buy	AmerisourceBergen Corp.	$167,075,000	+12.1%	2,161,386	+5.4%	2.00%	+13.9%
SJR	Sell	Shaw Communications Inc.cl b	$163,831,000	-4.5%	6,684,203	-0.1%	1.97%	-3.0%
LUK	Buy	Leucadia National Corp.	$143,729,000	-5.0%	6,028,885	+4.5%	1.72%	-3.5%
LO	Buy	Lorillard Inc.	$142,940,000	+3.0%	2,385,915	+4.8%	1.72%	+4.6%
NTRS	Buy	Northern Trust Corp.	$137,493,000	+11.1%	2,021,071	+4.9%	1.65%	+12.9%
GNTX	Buy	Gentex Corp.	$128,511,000	-0.9%	4,800,575	+7.6%	1.54%	+0.6%
F102PS	Buy	The Babcock & Wilcox Co.	$127,967,000	+86.2%	4,621,429	+118.2%	1.54%	+89.2%
BDX	Buy	Becton, Dickinson & Co.	$113,879,000	+1.3%	1,000,603	+5.3%	1.37%	+2.9%
MSFT	Sell	Microsoft Corp.	$107,872,000	-10.6%	2,326,834	-19.6%	1.29%	-9.3%
HUM	Sell	Humana Inc.	$107,605,000	+1.3%	825,885	-0.7%	1.29%	+2.8%
QCOM	Sell	Qualcomm Inc.	$102,749,000	-18.4%	1,374,204	-13.5%	1.23%	-17.1%
EMR	Buy	Emerson Electric Co.	$98,968,000	-1.4%	1,581,467	+4.6%	1.19%	+0.2%
BAX	Sell	Baxter International Inc.	$97,427,000	-31.4%	1,357,489	-30.8%	1.17%	-30.4%
PG	Buy	Procter & Gamble Co.	$95,700,000	+12.0%	1,142,821	+5.1%	1.15%	+13.7%
MKTX	Sell	MarketAxess Holdings Inc.	$93,977,000	+12.2%	1,519,186	-2.0%	1.13%	+13.9%
RCI	Buy	Rogers Communications Inc.cl b	$92,871,000	-6.5%	2,481,156	+0.6%	1.11%	-5.0%
DV	Sell	DeVry Education Group Inc.	$89,605,000	-1.7%	2,093,095	-2.8%	1.08%	-0.3%
PRI	Sell	Primerica Inc.	$89,258,000	-1.6%	1,851,050	-2.4%	1.07%	-0.1%
HTH	Sell	Hilltop Holdings Inc.	$88,547,000	-9.0%	4,416,295	-3.5%	1.06%	-7.6%
PAG	Sell	Penske Auto Group Inc.	$84,990,000	-19.8%	2,093,873	-2.2%	1.02%	-18.5%
MSCI	Sell	MSCI Inc.	$75,035,000	-2.7%	1,595,805	-5.1%	0.90%	-1.2%
HCC	Sell	HCC Insurance Holdings Inc.	$68,220,000	-4.7%	1,412,719	-3.5%	0.82%	-3.2%
AJG	Sell	Arthur J. Gallagher & Co.	$66,893,000	-5.4%	1,474,704	-2.8%	0.80%	-3.9%
SSNC	Buy	SS&C Technologies Holdings Inc.	$65,972,000	-0.4%	1,503,111	+0.3%	0.79%	+1.1%
AMH	Sell	American Homes 4 Rent Real Estate Investment Trust	$64,000,000	-7.0%	3,789,250	-2.2%	0.77%	-5.5%
SNX	Sell	Synnex Corp.	$63,221,000	-16.1%	978,194	-5.4%	0.76%	-14.7%
ARCC	Sell	Ares Capital Corp.	$61,109,000	-11.4%	3,781,486	-2.1%	0.73%	-10.1%
EXPE	Sell	Expedia Inc.	$59,278,000	+8.4%	676,534	-2.6%	0.71%	+10.1%
GOOGL	Buy	Google Inc.cl a	$57,178,000	+8.9%	97,174	+8.2%	0.69%	+10.6%
BRKA	Buy	Berkshire Hathaway Inc.cl a	$56,691,000	+9.8%	274	+0.7%	0.68%	+11.5%
CEB	Sell	Corporate Executive Board Co.	$53,125,000	-14.3%	884,384	-2.7%	0.64%	-13.0%
BRO	Sell	Brown & Brown Inc.	$52,081,000	+2.3%	1,619,948	-2.3%	0.62%	+3.8%
TFX	Sell	Teleflex Inc.	$50,543,000	-11.5%	481,178	-11.1%	0.61%	-10.1%
BAH	Sell	Booz Allen Hamilton Holding Corp.	$48,487,000	+7.2%	2,072,114	-2.7%	0.58%	+9.0%
TECD	Sell	Tech Data Corp.	$47,760,000	-8.8%	811,409	-3.1%	0.57%	-7.4%
FHI	Sell	Federated Investors Inc.cl b	$45,360,000	-7.6%	1,544,954	-2.6%	0.54%	-6.2%
MSG	Sell	Madison Square Garden Co.	$45,135,000	+3.2%	682,630	-2.6%	0.54%	+4.8%
RMAX	Sell	RE/MAX Holdings Inc.	$42,870,000	-0.1%	1,441,993	-0.5%	0.51%	+1.4%
GGG	Sell	Graco Inc.	$37,563,000	-8.9%	514,709	-2.5%	0.45%	-7.4%
CBZ	Sell	CBIZ Inc.	$36,790,000	-16.1%	4,674,652	-3.8%	0.44%	-14.9%
GNRC	Buy	Generac Holdings Inc.	$33,033,000	+41.9%	814,834	+70.7%	0.40%	+44.0%
KED	Sell	Kayne Anderson Energy Development Co.	$31,580,000	+2.9%	864,485	-3.5%	0.38%	+4.4%
TROX	Sell	Tronox Ltd.cl a	$31,345,000	-7.3%	1,203,260	-4.2%	0.38%	-5.8%
CMLS	New	Cumulus Media Inc.cl a	$26,380,000	–	6,545,795	–	0.32%	–
STRA	Sell	Strayer Education Inc.	$26,392,000	+11.5%	440,754	-2.2%	0.32%	+13.2%
NUTR	Sell	Nutraceutical International Corp.	$20,971,000	-14.8%	1,002,911	-2.8%	0.25%	-13.4%
GOOG	Sell	Google Inc.cl c	$17,234,000	-5.4%	29,849	-5.7%	0.21%	-3.7%
BIP	Sell	Brookfield Infrastructure Partners LP	$16,946,000	-14.5%	445,498	-6.2%	0.20%	-13.2%
CRRTQ	Sell	CARBO Ceramics Inc.	$12,702,000	-63.0%	214,449	-3.7%	0.15%	-62.5%
KOF	Buy	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$7,566,000	+6.0%	75,116	+19.5%	0.09%	+8.3%
BRKB	Buy	Berkshire Hathaway Inc.cl b	$7,371,000	+13.2%	53,359	+3.8%	0.09%	+14.3%
LH	Buy	Laboratory Corporation of America Holdings	$7,248,000	+7.6%	71,232	+8.3%	0.09%	+8.8%
WTM	Buy	White Mountains Insurance Group Ltd.	$6,780,000	+15.7%	10,760	+11.7%	0.08%	+17.4%
PINC	New	Premier Inc.cl a	$5,621,000	–	171,051	–	0.07%	–
J	Buy	Jacobs Engineering Group Inc.	$5,466,000	+30.0%	111,972	+42.0%	0.07%	+32.0%
ETM	Buy	Entercom Communications Corp.cl a	$5,135,000	-22.8%	639,415	+3.1%	0.06%	-21.5%
CPRT	Buy	Copart Inc.	$4,639,000	-4.0%	148,149	+10.2%	0.06%	-1.8%
TTEC	Buy	TeleTech Holdings Inc.	$4,274,000	-7.1%	173,881	+9.6%	0.05%	-5.6%
ARGO	New	Argo Group International Holdings Ltd.	$4,133,000	–	82,147	–	0.05%	–
MCO	Buy	Moody's Corp.	$2,869,000	+13.7%	30,363	+5.5%	0.03%	+13.3%
DNB	Buy	Dun & Bradstreet Corp.	$2,306,000	+15.5%	19,632	+8.4%	0.03%	+16.7%
EXPD	Buy	Expeditors International of Washington, Inc.	$2,055,000	-0.3%	50,649	+8.5%	0.02%	+4.2%
ACAS	New	American Capital, Ltd.	$1,937,000	–	136,770	–	0.02%	–
MS	Buy	Morgan Stanley	$1,246,000	+30.3%	36,047	+21.9%	0.02%	+36.4%
PFE	Buy	Pfizer Inc.	$729,000	+6.4%	24,654	+6.9%	0.01%	+12.5%
ECA	Sell	EnCana Corp.	$170,000	-95.6%	8,000	-95.1%	0.00%	-95.7%
CLS	Exit	Celestica Inc.sub vtg sh	$0	–	-11,500	–	-0.00%	–
GG	Exit	Goldcorp Inc.	$0	–	-8,900	–	-0.00%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-2,900	–	-0.00%	–
GIB	Exit	CGI Group Inc.cl a	$0	–	-9,600	–	-0.00%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-2,500	–	-0.01%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-20,300	–	-0.01%	–
MGA	Exit	Magna International Inc.	$0	–	-4,600	–	-0.01%	–
VRX	Exit	Valeant Pharmaceuticals International, Inc.	$0	–	-3,900	–	-0.01%	–
BMO	Exit	Bank of Montreal	$0	–	-6,700	–	-0.01%	–
SU	Exit	Suncor Energy Inc.	$0	–	-16,092	–	-0.01%	–
GSK	Exit	GlaxoSmithKline PLCsponsored adr	$0	–	-13,878	–	-0.01%	–
SLH	Exit	Solera Holdings Inc.	$0	–	-53,119	–	-0.04%	–
THI	Exit	Tim Hortons Inc.	$0	–	-65,589	–	-0.04%	–
	Exit	Argo Group International Holdings Ltd.	$0	–	-75,630	–	-0.05%	–
SPY	Exit	SPDR S&P 500 ETF Trusttr unit	$0	–	-24,000	–	-0.06%	–
HRS	Exit	Harris Corp.	$0	–	-126,172	–	-0.11%	–
FXCM	Exit	FXCM Inc.cl a	$0	–	-2,929,547	–	-0.52%	–
MCRS	Exit	MICROS Systems Inc.	$0	–	-939,694	–	-0.75%	–

Q2 2014

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$290,930,000	–	2,778,278	–	3.44%	–
POT	New	Potash Corporation of Saskatchewan Inc.	$287,323,000	–	7,554,849	–	3.40%	–
CNQ	New	Canadian Natural Resources Ltd.	$254,393,000	–	5,536,195	–	3.01%	–
BBT	New	BB&T Corp.	$250,363,000	–	6,358,881	–	2.96%	–
PM	New	Philip Morris International Inc.	$246,624,000	–	2,919,974	–	2.91%	–
CVE	New	Cenovus Energy Inc.	$243,057,000	–	7,497,657	–	2.87%	–
OXY	New	Occidental Petroleum Corp.	$230,613,000	–	2,250,515	–	2.72%	–
BNS	New	Bank of Nova Scotia	$226,338,000	–	3,394,782	–	2.68%	–
ORCL	New	Oracle Corp.	$226,400,000	–	5,585,557	–	2.68%	–
UNP	New	Union Pacific Corp.	$223,324,000	–	2,240,072	–	2.64%	–
RY	New	Royal Bank of Canada	$217,608,000	–	3,043,914	–	2.57%	–
TD	New	Toronto-Dominion Bank	$215,195,000	–	4,180,134	–	2.54%	–
EFX	New	Equifax Inc.	$213,545,000	–	2,943,825	–	2.52%	–
TRI	New	Thomson Reuters Corp.	$210,107,000	–	5,770,538	–	2.48%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$202,807,000	–	8,227,475	–	2.40%	–
UTX	New	United Technologies Corp.	$199,112,000	–	1,719,910	–	2.35%	–
AAPL	New	Apple Inc.	$194,993,000	–	2,105,416	–	2.30%	–
CSCO	New	Cisco Systems Inc.	$192,032,000	–	7,748,785	–	2.27%	–
CNI	New	Canadian National Railway Co.	$187,688,000	–	2,885,655	–	2.22%	–
PEP	New	PepsiCo Inc.	$175,705,000	–	1,971,053	–	2.08%	–
SJR	New	Shaw Communications Inc.cl b	$171,494,000	–	6,688,061	–	2.03%	–
LUK	New	Leucadia National Corp.	$151,336,000	–	5,771,768	–	1.79%	–
ABC	New	AmerisourceBergen Corp.	$149,043,000	–	2,051,241	–	1.76%	–
BAX	New	Baxter International Inc.	$142,109,000	–	1,961,457	–	1.68%	–
LO	New	Lorillard Inc.	$138,784,000	–	2,276,261	–	1.64%	–
GNTX	New	Gentex Corp.	$129,736,000	–	4,459,816	–	1.53%	–
QCOM	New	Qualcomm Inc.	$125,876,000	–	1,589,340	–	1.49%	–
NTRS	New	Northern Trust Corp.	$123,728,000	–	1,926,928	–	1.46%	–
MSFT	New	Microsoft Corp.	$120,654,000	–	2,893,372	–	1.43%	–
BDX	New	Becton, Dickinson & Co.	$112,446,000	–	950,518	–	1.33%	–
HUM	New	Humana Inc.	$106,276,000	–	832,102	–	1.26%	–
PAG	New	Penske Auto Group Inc.	$105,940,000	–	2,140,197	–	1.25%	–
EMR	New	Emerson Electric Co.	$100,376,000	–	1,512,591	–	1.19%	–
RCI	New	Rogers Communications Inc.cl b	$99,302,000	–	2,467,531	–	1.17%	–
HTH	New	Hilltop Holdings Inc.	$97,311,000	–	4,577,184	–	1.15%	–
WAG	New	Walgreen Co.	$94,086,000	–	1,269,199	–	1.11%	–
DV	New	DeVry Education Group Inc.	$91,186,000	–	2,153,666	–	1.08%	–
PRI	New	Primerica Inc.	$90,754,000	–	1,896,640	–	1.07%	–
PG	New	Procter & Gamble Co.	$85,473,000	–	1,087,575	–	1.01%	–
MKTX	New	MarketAxess Holdings Inc.	$83,770,000	–	1,549,581	–	0.99%	–
MSCI	New	MSCI Inc.	$77,095,000	–	1,681,468	–	0.91%	–
SNX	New	Synnex Corp.	$75,353,000	–	1,034,352	–	0.89%	–
HCC	New	HCC Insurance Holdings Inc.	$71,620,000	–	1,463,431	–	0.85%	–
AJG	New	Arthur J. Gallagher & Co.	$70,735,000	–	1,517,922	–	0.84%	–
ARCC	New	Ares Capital Corp.	$68,961,000	–	3,861,184	–	0.82%	–
AMH	New	American Homes 4 Rent Real Estate Investment Trust	$68,807,000	–	3,874,248	–	0.81%	–
F102PS	New	The Babcock & Wilcox Co.	$68,735,000	–	2,117,540	–	0.81%	–
SSNC	New	SS&C Technologies Holdings Inc.	$66,251,000	–	1,498,210	–	0.78%	–
MCRS	New	MICROS Systems Inc.	$63,805,000	–	939,694	–	0.75%	–
CEB	New	Corporate Executive Board Co.	$61,986,000	–	908,617	–	0.73%	–
TFX	New	Teleflex Inc.	$57,143,000	–	541,126	–	0.68%	–
EXPE	New	Expedia Inc.	$54,689,000	–	694,381	–	0.65%	–
GOOGL	New	Google Inc.cl a	$52,498,000	–	89,791	–	0.62%	–
TECD	New	Tech Data Corp.	$52,371,000	–	837,674	–	0.62%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$51,653,000	–	272	–	0.61%	–
BRO	New	Brown & Brown Inc.	$50,915,000	–	1,657,928	–	0.60%	–
FHI	New	Federated Investors Inc.cl b	$49,068,000	–	1,586,948	–	0.58%	–
BAH	New	Booz Allen Hamilton Holding Corp.	$45,216,000	–	2,128,824	–	0.53%	–
CBZ	New	CBIZ Inc.	$43,858,000	–	4,856,948	–	0.52%	–
FXCM	New	FXCM Inc.cl a	$43,826,000	–	2,929,547	–	0.52%	–
MSG	New	Madison Square Garden Co.	$43,751,000	–	700,579	–	0.52%	–
RMAX	New	RE/MAX Holdings Inc.	$42,901,000	–	1,449,859	–	0.51%	–
GGG	New	Graco Inc.	$41,234,000	–	528,101	–	0.49%	–
CRRTQ	New	CARBO Ceramics Inc.	$34,313,000	–	222,638	–	0.40%	–
TROX	New	Tronox Ltd.cl a	$33,799,000	–	1,256,456	–	0.40%	–
KED	New	Kayne Anderson Energy Development Co.	$30,682,000	–	896,092	–	0.36%	–
NUTR	New	Nutraceutical International Corp.	$24,618,000	–	1,031,765	–	0.29%	–
STRA	New	Strayer Education Inc.	$23,662,000	–	450,617	–	0.28%	–
GNRC	New	Generac Holdings Inc.	$23,271,000	–	477,456	–	0.28%	–
BIP	New	Brookfield Infrastructure Partners LP	$19,815,000	–	474,798	–	0.23%	–
GOOG	New	Google Inc.cl c	$18,213,000	–	31,660	–	0.22%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$10,228,000	–	677,790	–	0.12%	–
HRS	New	Harris Corp.	$9,558,000	–	126,172	–	0.11%	–
FSRV	New	FirstService Corp.sub vtg sh	$8,626,000	–	170,200	–	0.10%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$7,140,000	–	62,841	–	0.08%	–
LH	New	Laboratory Corporation of America Holdings	$6,734,000	–	65,764	–	0.08%	–
ETM	New	Entercom Communications Corp.cl a	$6,655,000	–	620,241	–	0.08%	–
BRKB	New	Berkshire Hathaway Inc.cl b	$6,509,000	–	51,428	–	0.08%	–
WTM	New	White Mountains Insurance Group Ltd.	$5,862,000	–	9,635	–	0.07%	–
CPRT	New	Copart Inc.	$4,833,000	–	134,395	–	0.06%	–
SPY	New	SPDR S&P 500 ETF Trusttr unit	$4,697,000	–	24,000	–	0.06%	–
TTEC	New	TeleTech Holdings Inc.	$4,601,000	–	158,701	–	0.05%	–
MKC	New	McCormick & Co., Inc.	$4,404,000	–	61,512	–	0.05%	–
J	New	Jacobs Engineering Group Inc.	$4,203,000	–	78,876	–	0.05%	–
	New	Argo Group International Holdings Ltd.	$3,865,000	–	75,630	–	0.05%	–
ECA	New	EnCana Corp.	$3,884,000	–	163,954	–	0.05%	–
SLH	New	Solera Holdings Inc.	$3,567,000	–	53,119	–	0.04%	–
THI	New	Tim Hortons Inc.	$3,588,000	–	65,589	–	0.04%	–
MCD	New	McDonald's Corp.	$2,786,000	–	27,657	–	0.03%	–
MCO	New	Moody's Corp.	$2,524,000	–	28,790	–	0.03%	–
DNB	New	Dun & Bradstreet Corp.	$1,996,000	–	18,114	–	0.02%	–
EXPD	New	Expeditors International of Washington, Inc.	$2,061,000	–	46,682	–	0.02%	–
MMM	New	3M Co.	$1,432,000	–	10,000	–	0.02%	–
GE	New	General Electric Co.	$1,314,000	–	50,000	–	0.02%	–
WMT	New	Wal-Mart Stores Inc.	$1,126,000	–	15,000	–	0.01%	–
MS	New	Morgan Stanley	$956,000	–	29,571	–	0.01%	–
KRFT	New	Kraft Foods Group Inc.	$899,000	–	15,000	–	0.01%	–
MO	New	Altria Group Inc.	$841,000	–	20,048	–	0.01%	–
GSK	New	GlaxoSmithKline PLCsponsored adr	$742,000	–	13,878	–	0.01%	–
PFE	New	Pfizer Inc.	$685,000	–	23,070	–	0.01%	–
SU	New	Suncor Energy Inc.	$686,000	–	16,092	–	0.01%	–
MRK	New	Merck & Co., Inc.	$555,000	–	9,589	–	0.01%	–
DEO	New	Diageo PLCsponsored adr	$603,000	–	4,736	–	0.01%	–
LOJN	New	LoJack Corp.	$551,000	–	101,544	–	0.01%	–
MDLZ	New	Mondelez International Inc.	$564,000	–	15,000	–	0.01%	–
MGA	New	Magna International Inc.	$495,000	–	4,600	–	0.01%	–
ENB	New	Enbridge Inc.	$494,000	–	10,421	–	0.01%	–
BMO	New	Bank of Montreal	$493,000	–	6,700	–	0.01%	–
VRX	New	Valeant Pharmaceuticals International, Inc.	$493,000	–	3,900	–	0.01%	–
USCR	New	U.S. Concrete Inc.	$449,000	–	18,161	–	0.01%	–
MFC	New	Manulife Financial Corp.	$404,000	–	20,300	–	0.01%	–
CP	New	Canadian Pacific Railway Ltd.	$453,000	–	2,500	–	0.01%	–
GIB	New	CGI Group Inc.cl a	$340,000	–	9,600	–	0.00%	–
CM	New	Canadian Imperial Bank of Commerce	$264,000	–	2,900	–	0.00%	–
MTB	New	M&T Bank Corp.	$227,000	–	1,831	–	0.00%	–
GG	New	Goldcorp Inc.	$248,000	–	8,900	–	0.00%	–
TLM	New	Talisman Energy Inc.	$235,000	–	22,200	–	0.00%	–
CLS	New	Celestica Inc.sub vtg sh	$145,000	–	11,500	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
MUX	Exit	McEwen Mining Inc.	$0	–	-11,000	–	0.00%	–
GOLD	Exit	Barrick Gold Corp.	$0	–	-11,700	–	-0.00%	–
TLM	Exit	Talisman Energy Inc.	$0	–	-16,100	–	-0.00%	–
MTB	Exit	M&T Bank Corp.	$0	–	-2,049	–	-0.00%	–
TAX	Exit	JTH Holding Inc.cl a	$0	–	-15,586	–	-0.01%	–
USCR	Exit	U.S. Concrete Inc.	$0	–	-18,161	–	-0.01%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-15,000	–	-0.01%	–
GSK	Exit	GlaxoSmithKline PLCsponsored adr	$0	–	-8,867	–	-0.01%	–
ENB	Exit	Enbridge Inc.	$0	–	-10,421	–	-0.01%	–
ECA	Exit	EnCana Corp.	$0	–	-24,354	–	-0.01%	–
MS	Exit	Morgan Stanley	$0	–	-19,694	–	-0.01%	–
DEO	Exit	Diageo PLCsponsored adr	$0	–	-4,736	–	-0.01%	–
NVS	Exit	Novartis AGsponsored adr	$0	–	-8,060	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-20,048	–	-0.01%	–
PFE	Exit	Pfizer Inc.	$0	–	-23,400	–	-0.01%	–
LOJN	Exit	LoJack Corp.	$0	–	-227,708	–	-0.01%	–
KRFT	Exit	Kraft Foods Group Inc.	$0	–	-15,000	–	-0.01%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-17,490	–	-0.01%	–
C	Exit	Citigroup Inc.	$0	–	-20,000	–	-0.02%	–
BMO	Exit	Bank of Montreal	$0	–	-15,000	–	-0.02%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-15,000	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-50,000	–	-0.02%	–
MMM	Exit	3M Co.	$0	–	-10,000	–	-0.02%	–
MCD	Exit	McDonald's Corp.	$0	–	-27,841	–	-0.04%	–
LH	Exit	Laboratory Corporation of America Holdings	$0	–	-28,310	–	-0.04%	–
	Exit	Dun & Bradstreet Corp.	$0	–	-26,877	–	-0.04%	–
MCO	Exit	Moody's Corp.	$0	–	-42,101	–	-0.05%	–
MKC	Exit	McCormick & Co., Inc.	$0	–	-55,258	–	-0.06%	–
TTEC	Exit	TeleTech Holdings Inc.	$0	–	-151,793	–	-0.06%	–
KOF	Exit	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$0	–	-35,183	–	-0.07%	–
	Exit	Argo Group International Holdings Ltd.	$0	–	-122,393	–	-0.08%	–
ETM	Exit	Entercom Communications Corp.cl a	$0	–	-620,241	–	-0.08%	–
BRKB	Exit	Berkshire Hathaway Inc.cl b	$0	–	-48,266	–	-0.09%	–
FSRV	Exit	FirstService Corp.sub vtg sh	$0	–	-174,400	–	-0.11%	–
EFT	Exit	Eaton Vance Variable Rate Income Trust	$0	–	-526,490	–	-0.13%	–
J	Exit	Jacobs Engineering Group Inc.	$0	–	-241,973	–	-0.22%	–
COA	Exit	Coastal Contacts Inc.	$0	–	-2,426,003	–	-0.24%	–
BIP	Exit	Brookfield Infrastructure Partners LP	$0	–	-490,838	–	-0.29%	–
GAIN	Exit	Gladstone Investment Corp.	$0	–	-2,652,322	–	-0.29%	–
STRA	Exit	Strayer Education Inc.	$0	–	-459,171	–	-0.30%	–
SSNC	Exit	SS&C Technologies Holdings Inc.	$0	–	-635,707	–	-0.38%	–
NUTR	Exit	Nutraceutical International Corp.	$0	–	-1,073,893	–	-0.40%	–
KED	Exit	Kayne Anderson Energy Development Co.	$0	–	-929,530	–	-0.42%	–
MSM	Exit	MSC Industrial Direct Co., Inc.	$0	–	-384,408	–	-0.49%	–
TROX	Exit	Tronox Ltd.cl a	$0	–	-1,310,777	–	-0.50%	–
SLH	Exit	Solera Holdings Inc.	$0	–	-617,319	–	-0.51%	–
WW	Exit	Weight Watchers International Inc.	$0	–	-898,108	–	-0.53%	–
CBZ	Exit	CBIZ Inc.	$0	–	-5,036,410	–	-0.59%	–
EXPE	Exit	Expedia Inc.	$0	–	-771,701	–	-0.63%	–
GGG	Exit	Graco Inc.	$0	–	-544,177	–	-0.63%	–
MSG	Exit	Madison Square Garden Co.	$0	–	-726,450	–	-0.66%	–
FHI	Exit	Federated Investors Inc.cl b	$0	–	-1,634,935	–	-0.70%	–
TECD	Exit	Tech Data Corp.	$0	–	-910,148	–	-0.71%	–
TFX	Exit	Teleflex Inc.	$0	–	-560,391	–	-0.72%	–
HCC	Exit	HCC Insurance Holdings Inc.	$0	–	-1,058,487	–	-0.73%	–
VCI	Exit	Valassis Communications Inc.	$0	–	-1,605,359	–	-0.73%	–
BRKA	Exit	Berkshire Hathaway Inc.cl a	$0	–	-277	–	-0.74%	–
MCRS	Exit	MICROS Systems Inc.	$0	–	-976,493	–	-0.76%	–
BRO	Exit	Brown & Brown Inc.	$0	–	-1,733,049	–	-0.87%	–
WAG	Exit	Walgreen Co.	$0	–	-1,056,449	–	-0.89%	–
CRRTQ	Exit	CARBO Ceramics Inc.	$0	–	-592,965	–	-0.92%	–
GOOGL	Exit	Google Inc.cl a	$0	–	-74,886	–	-1.03%	–
PG	Exit	Procter & Gamble Co.	$0	–	-868,769	–	-1.03%	–
SNX	Exit	Synnex Corp.	$0	–	-1,071,463	–	-1.03%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-1,558,874	–	-1.07%	–
CEB	Exit	Corporate Executive Board Co.	$0	–	-939,884	–	-1.07%	–
ARCC	Exit	Ares Capital Corp.	$0	–	-4,021,023	–	-1.09%	–
MSCI	Exit	MSCI Inc.	$0	–	-1,741,831	–	-1.10%	–
DV	Exit	DeVry Inc.	$0	–	-2,349,084	–	-1.12%	–
BAX	Exit	Baxter International Inc.	$0	–	-1,130,772	–	-1.16%	–
MSFT	Exit	Microsoft Corp.	$0	–	-2,269,853	–	-1.18%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-790,134	–	-1.24%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-1,459,725	–	-1.24%	–
FXCM	Exit	FXCM Inc.cl a	$0	–	-4,065,028	–	-1.26%	–
GNTX	Exit	Gentex Corp.	$0	–	-3,158,313	–	-1.27%	–
PRI	Exit	Primerica Inc.	$0	–	-2,021,462	–	-1.28%	–
EMR	Exit	Emerson Electric Co.	$0	–	-1,261,702	–	-1.28%	–
LO	Exit	Lorillard Inc.	$0	–	-1,852,406	–	-1.30%	–
PEP	Exit	PepsiCo Inc.	$0	–	-1,065,053	–	-1.33%	–
IMO	Exit	Imperial Oil Ltd.	$0	–	-1,941,952	–	-1.34%	–
HTH	Exit	Hilltop Holdings Inc.	$0	–	-4,736,991	–	-1.37%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-1,333,205	–	-1.41%	–
RCI	Exit	Rogers Communications Inc.cl b	$0	–	-2,146,253	–	-1.45%	–
PAG	Exit	Penske Auto Group Inc.	$0	–	-2,216,080	–	-1.48%	–
UNP	Exit	Union Pacific Corp.	$0	–	-613,873	–	-1.49%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-1,633,306	–	-1.56%	–
HUM	Exit	Humana Inc.	$0	–	-1,102,824	–	-1.61%	–
BBT	Exit	BB&T Corp.	$0	–	-3,074,691	–	-1.63%	–
UTX	Exit	United Technologies Corp.	$0	–	-974,565	–	-1.65%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-4,543,180	–	-1.67%	–
ORCL	Exit	Oracle Corp.	$0	–	-3,277,299	–	-1.70%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-1,206,225	–	-1.77%	–
LUK	Exit	Leucadia National Corp.	$0	–	-4,512,289	–	-1.93%	–
PM	Exit	Philip Morris International Inc.	$0	–	-1,438,680	–	-1.95%	–
WU	Exit	Western Union Co.	$0	–	-6,707,633	–	-1.96%	–
AAPL	Exit	Apple Inc.	$0	–	-274,902	–	-2.05%	–
MKTX	Exit	MarketAxess Holdings Inc.	$0	–	-2,232,285	–	-2.10%	–
CNI	Exit	Canadian National Railway Co.	$0	–	-1,348,674	–	-2.14%	–
SJR	Exit	Shaw Communications Inc.cl b	$0	–	-6,008,988	–	-2.19%	–
JNJ	Exit	Johnson & Johnson Inc.	$0	–	-1,632,752	–	-2.22%	–
EFX	Exit	Equifax Inc.	$0	–	-2,678,608	–	-2.51%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-1,953,125	–	-2.76%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-3,142,682	–	-2.82%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,812,990	–	-2.82%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-5,944,477	–	-2.93%	–
RBA	Exit	Ritchie Bros. Auctioneers Inc.	$0	–	-9,679,152	–	-3.06%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-6,550,703	–	-3.06%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-5,649,228	–	-3.10%	–
POT	Exit	Potash Corporation of Saskatchewan Inc.	$0	–	-6,695,305	–	-3.28%	–

Q3 2013

			Value		Shares		↓ Weighting
POT	Buy	Potash Corporation of Saskatchewan Inc.	$209,315,000	+15056.8%	6,695,305	+18395.3%	3.28%	+13566.7%
TRI	Buy	Thomson Reuters Corp.	$197,503,000	+8.5%	5,649,228	+1.2%	3.10%	-0.3%
CVE	Buy	Cenovus Energy Inc.	$195,448,000	+6.9%	6,550,703	+2.2%	3.06%	-1.7%
RBA	Buy	Ritchie Bros. Auctioneers Inc.	$195,325,000	+10.4%	9,679,152	+5.2%	3.06%	+1.6%
CNQ	Buy	Canadian Natural Resources Ltd.	$186,765,000	+13.6%	5,944,477	+1.9%	2.93%	+4.5%
RY	Buy	Royal Bank of Canada	$180,199,000	+11.2%	2,812,990	+1.1%	2.82%	+2.2%
BNS	Buy	Bank of Nova Scotia	$179,967,000	+9.3%	3,142,682	+2.0%	2.82%	+0.5%
TD	Buy	Toronto-Dominion Bank	$175,808,000	+13.2%	1,953,125	+1.0%	2.76%	+4.1%
EFX	Sell	Equifax Inc.	$160,315,000	+0.2%	2,678,608	-1.4%	2.51%	-7.9%
JNJ	Buy	Johnson & Johnson Inc.	$141,543,000	+3.5%	1,632,752	+2.5%	2.22%	-4.8%
SJR	Sell	Shaw Communications Inc.cl b	$139,509,000	-3.9%	6,008,988	-0.6%	2.19%	-11.6%
CNI	Buy	Canadian National Railway Co.	$136,623,000	+5.2%	1,348,674	+1.1%	2.14%	-3.3%
MKTX	Buy	MarketAxess Holdings Inc.	$134,026,000	+28.7%	2,232,285	+0.2%	2.10%	+18.3%
AAPL	Buy	Apple Inc.	$131,060,000	+23.7%	274,902	+2.7%	2.05%	+13.7%
WU	Buy	Western Union Co.	$125,164,000	+12.5%	6,707,633	+3.1%	1.96%	+3.4%
PM	Buy	Philip Morris International Inc.	$124,575,000	+45.8%	1,438,680	+45.8%	1.95%	+34.1%
LUK	Buy	Leucadia National Corp.	$122,915,000	+46.1%	4,512,289	+40.6%	1.93%	+34.3%
OXY	Buy	Occidental Petroleum Corp.	$112,830,000	+8.1%	1,206,225	+3.1%	1.77%	-0.6%
ORCL	Buy	Oracle Corp.	$108,708,000	+11.2%	3,277,299	+3.0%	1.70%	+2.3%
CSCO	Buy	Cisco Systems Inc.	$106,401,000	-1.0%	4,543,180	+2.7%	1.67%	-9.0%
UTX	Buy	United Technologies Corp.	$105,078,000	+18.2%	974,565	+1.9%	1.65%	+8.7%
BBT	Buy	BB&T Corp.	$103,771,000	+2.1%	3,074,691	+2.5%	1.63%	-6.1%
HUM	Buy	Humana Inc.	$102,927,000	+14.1%	1,102,824	+3.1%	1.61%	+4.9%
ABC	Buy	AmerisourceBergen Corp.	$99,795,000	+12.9%	1,633,306	+3.2%	1.56%	+3.9%
UNP	Buy	Union Pacific Corp.	$95,359,000	+4.6%	613,873	+3.9%	1.49%	-3.9%
PAG	Buy	Penske Auto Group Inc.	$94,693,000	+40.7%	2,216,080	+0.6%	1.48%	+29.4%
RCI	Buy	Rogers Communications Inc.cl b	$92,263,000	+22.0%	2,146,253	+11.2%	1.45%	+12.2%
QCOM	Buy	Qualcomm Inc.	$89,805,000	+13.9%	1,333,205	+3.3%	1.41%	+4.7%
HTH	Buy	Hilltop Holdings Inc.	$87,634,000	+13.1%	4,736,991	+0.2%	1.37%	+3.9%
IMO	Sell	Imperial Oil Ltd.	$85,252,000	+14.3%	1,941,952	-0.6%	1.34%	+5.1%
PEP	Buy	PepsiCo Inc.	$84,672,000	+0.5%	1,065,053	+3.4%	1.33%	-7.6%
LO	Buy	Lorillard Inc.	$82,951,000	+4.8%	1,852,406	+2.3%	1.30%	-3.6%
EMR	Buy	Emerson Electric Co.	$81,632,000	+20.7%	1,261,702	+1.7%	1.28%	+10.9%
PRI	Buy	Primerica Inc.	$81,546,000	+8.3%	2,021,462	+0.6%	1.28%	-0.4%
GNTX	Buy	Gentex Corp.	$80,821,000	+27.6%	3,158,313	+15.0%	1.27%	+17.4%
FXCM	Buy	FXCM Inc.cl a	$80,284,000	+20.9%	4,065,028	+0.4%	1.26%	+11.1%
NTRS	Buy	Northern Trust Corp.	$79,394,000	-3.0%	1,459,725	+3.2%	1.24%	-10.8%
BDX	Buy	Becton, Dickinson & Co.	$79,029,000	+4.5%	790,134	+3.2%	1.24%	-4.0%
MSFT	Buy	Microsoft Corp.	$75,609,000	-0.1%	2,269,853	+3.5%	1.18%	-8.1%
BAX	Buy	Baxter International Inc.	$74,280,000	-2.4%	1,130,772	+3.0%	1.16%	-10.2%
DV	Buy	DeVry Inc.	$71,788,000	-1.0%	2,349,084	+0.5%	1.12%	-8.9%
MSCI	Buy	MSCI Inc.	$70,126,000	+21.7%	1,741,831	+0.5%	1.10%	+11.9%
ARCC	Buy	Ares Capital Corp.	$69,523,000	+1.0%	4,021,023	+0.5%	1.09%	-7.2%
CEB	Buy	Corporate Executive Board Co.	$68,254,000	+15.3%	939,884	+0.4%	1.07%	+6.2%
AJG	Buy	Arthur J. Gallagher & Co.	$68,045,000	+0.3%	1,558,874	+0.4%	1.07%	-7.8%
SNX	Buy	Synnex Corp.	$65,841,000	+46.0%	1,071,463	+0.5%	1.03%	+34.4%
PG	Buy	Procter & Gamble Co.	$65,670,000	+1.3%	868,769	+3.2%	1.03%	-6.9%
GOOGL	Buy	Google Inc.cl a	$65,593,000	+2.8%	74,886	+3.3%	1.03%	-5.5%
CRRTQ	Buy	CARBO Ceramics Inc.	$58,769,000	+47.8%	592,965	+0.5%	0.92%	+35.8%
WAG	Buy	Walgreen Co.	$56,837,000	+25.7%	1,056,449	+3.3%	0.89%	+15.6%
BRO	Buy	Brown & Brown Inc.	$55,631,000	+0.1%	1,733,049	+0.5%	0.87%	-7.9%
MCRS	Buy	MICROS Systems Inc.	$48,766,000	+17.4%	976,493	+1.5%	0.76%	+7.9%
BRKA	Buy	Berkshire Hathaway Inc.cl a	$47,204,000	+4.9%	277	+3.7%	0.74%	-3.5%
VCI	Sell	Valassis Communications Inc.	$46,363,000	-19.0%	1,605,359	-31.0%	0.73%	-25.4%
HCC	Buy	HCC Insurance Holdings Inc.	$46,383,000	+1.9%	1,058,487	+0.2%	0.73%	-6.3%
TFX	Buy	Teleflex Inc.	$46,109,000	+6.7%	560,391	+0.5%	0.72%	-1.8%
TECD	Sell	Tech Data Corp.	$45,425,000	+2.4%	910,148	-3.4%	0.71%	-5.8%
FHI	Buy	Federated Investors Inc.cl b	$44,405,000	-0.4%	1,634,935	+0.5%	0.70%	-8.4%
MSG	Buy	Madison Square Garden Co.	$42,185,000	-1.5%	726,450	+0.5%	0.66%	-9.5%
GGG	Buy	Graco Inc.	$40,302,000	+17.7%	544,177	+0.5%	0.63%	+8.4%
EXPE	Buy	Expedia Inc.	$39,966,000	-11.3%	771,701	+3.0%	0.63%	-18.5%
CBZ	Buy	CBIZ Inc.	$37,471,000	+455.0%	5,036,410	+400.6%	0.59%	+410.4%
WW	Sell	Weight Watchers International Inc.	$33,562,000	-20.4%	898,108	-2.0%	0.53%	-26.7%
SLH	Buy	Solera Holdings Inc.	$32,638,000	-4.5%	617,319	+0.5%	0.51%	-12.2%
TROX	Buy	Tronox Ltd.cl a	$32,075,000	+22.4%	1,310,777	+0.8%	0.50%	+12.5%
MSM	Buy	MSC Industrial Direct Co., Inc.	$31,272,000	+5.4%	384,408	+0.4%	0.49%	-3.0%
KED	Buy	Kayne Anderson Energy Development Co.	$26,510,000	+11.2%	929,530	+0.1%	0.42%	+2.2%
NUTR	Buy	Nutraceutical International Corp.	$25,494,000	+16.4%	1,073,893	+0.2%	0.40%	+7.2%
SSNC	Buy	SS&C Technologies Holdings Inc.	$24,220,000	+16.4%	635,707	+0.5%	0.38%	+7.0%
STRA	Buy	Strayer Education Inc.	$19,065,000	-14.8%	459,171	+0.2%	0.30%	-21.5%
GAIN	Buy	Gladstone Investment Corp.	$18,699,000	-3.9%	2,652,322	+0.2%	0.29%	-11.5%
BIP	Buy	Brookfield Infrastructure Partners LP	$18,666,000	+4.3%	490,838	+0.1%	0.29%	-3.9%
COA	New	Coastal Contacts Inc.	$15,305,000	–	2,426,003	–	0.24%	–
J	Sell	Jacobs Engineering Group Inc.	$14,078,000	-69.8%	241,973	-71.4%	0.22%	-72.2%
FSRV	Sell	FirstService Corp.sub vtg sh	$6,764,000	+16.6%	174,400	-5.7%	0.11%	+7.1%
BRKB	Buy	Berkshire Hathaway Inc.cl b	$5,479,000	+10.7%	48,266	+9.1%	0.09%	+2.4%
ETM	Buy	Entercom Communications Corp.cl a	$5,446,000	-6.6%	620,241	+0.5%	0.08%	-14.1%
	Buy	Argo Group International Holdings Ltd.	$5,248,000	+4.4%	122,393	+3.2%	0.08%	-4.7%
TTEC	Buy	TeleTech Holdings Inc.	$3,808,000	+10.6%	151,793	+3.3%	0.06%	+1.7%
MKC	Buy	McCormick & Co., Inc.	$3,575,000	-2.8%	55,258	+5.7%	0.06%	-11.1%
MCO	Sell	Moody's Corp.	$2,961,000	-26.0%	42,101	-35.9%	0.05%	-32.4%
	Buy	Dun & Bradstreet Corp.	$2,791,000	+10.9%	26,877	+4.1%	0.04%	+2.3%
LH	Buy	Laboratory Corporation of America Holdings	$2,807,000	+2.9%	28,310	+3.9%	0.04%	-4.3%
MCD	Buy	McDonald's Corp.	$2,679,000	+19.7%	27,841	+23.2%	0.04%	+10.5%
WMT	Buy	Wal-Mart Stores Inc.	$1,109,000	+48.9%	15,000	+50.0%	0.02%	+30.8%
C	Sell	Citigroup Inc.	$970,000	-19.1%	20,000	-20.0%	0.02%	-25.0%
MRK	Sell	Merck & Co., Inc.	$833,000	-35.0%	17,490	-36.6%	0.01%	-40.9%
KRFT	Buy	Kraft Foods Group Inc.	$787,000	+182.1%	15,000	+200.0%	0.01%	+140.0%
PFE	Buy	Pfizer Inc.	$672,000	+2.9%	23,400	+0.3%	0.01%	0.0%
ECA	Sell	EnCana Corp.	$421,000	-74.1%	24,354	-74.7%	0.01%	-75.0%
MTB	Sell	M&T Bank Corp.	$229,000	-4.6%	2,049	-4.6%	0.00%	0.0%
TLM	Buy	Talisman Energy Inc.	$185,000	+40.2%	16,100	+38.8%	0.00%	+50.0%
GOLD	Sell	Barrick Gold Corp.	$218,000	-62.3%	11,700	-68.0%	0.00%	-70.0%
HD	Exit	Home Depot Inc.	$0	–	-5,000	–	-0.01%	–
TV	Exit	Grupo Televisa S.A.sponsored adr	$0	–	-157,664	–	-0.07%	–
NGPC	Exit	NGP Capital Resources Co.	$0	–	-651,147	–	-0.07%	–
CFN	Exit	CareFusion Corp.	$0	–	-532,665	–	-0.33%	–
ARB	Exit	Arbitron Inc.	$0	–	-429,475	–	-0.34%	–
V	Exit	Visa Inc.	$0	–	-405,464	–	-1.26%	–
THI	Exit	Tim Hortons Inc.	$0	–	-2,599,965	–	-2.40%	–

Q2 2013

			Value		Shares		↓ Weighting
CVE	New	Cenovus Energy Inc.	$182,810,000	–	6,409,000	–	3.12%	–
TRI	New	Thomson Reuters Corp.	$182,094,000	–	5,580,328	–	3.10%	–
RBA	New	Ritchie Bros. Auctioneers Inc.	$176,900,000	–	9,203,974	–	3.01%	–
BNS	New	Bank of Nova Scotia	$164,621,000	–	3,079,671	–	2.80%	–
CNQ	New	Canadian Natural Resources Ltd.	$164,460,000	–	5,833,732	–	2.80%	–
RY	New	Royal Bank of Canada	$162,094,000	–	2,782,004	–	2.76%	–
EFX	New	Equifax Inc.	$160,014,000	–	2,715,329	–	2.73%	–
TD	New	Toronto-Dominion Bank	$155,287,000	–	1,933,493	–	2.65%	–
SJR	New	Shaw Communications Inc.cl b	$145,109,000	–	6,046,649	–	2.47%	–
THI	New	Tim Hortons Inc.	$140,610,000	–	2,599,965	–	2.40%	–
JNJ	New	Johnson & Johnson Inc.	$136,738,000	–	1,592,574	–	2.33%	–
CNI	New	Canadian National Railway Co.	$129,893,000	–	1,334,126	–	2.21%	–
WU	New	Western Union Co.	$111,269,000	–	6,503,133	–	1.90%	–
CSCO	New	Cisco Systems Inc.	$107,502,000	–	4,422,138	–	1.83%	–
AAPL	New	Apple Inc.	$105,973,000	–	267,555	–	1.81%	–
OXY	New	Occidental Petroleum Corp.	$104,408,000	–	1,170,100	–	1.78%	–
MKTX	New	MarketAxess Holdings Inc.	$104,154,000	–	2,227,884	–	1.78%	–
BBT	New	BB&T Corp.	$101,663,000	–	3,000,687	–	1.73%	–
ORCL	New	Oracle Corp.	$97,746,000	–	3,181,839	–	1.67%	–
UNP	New	Union Pacific Corp.	$91,170,000	–	590,937	–	1.55%	–
HUM	New	Humana Inc.	$90,232,000	–	1,069,352	–	1.54%	–
UTX	New	United Technologies Corp.	$88,923,000	–	956,776	–	1.52%	–
ABC	New	AmerisourceBergen Corp.	$88,372,000	–	1,582,870	–	1.51%	–
PM	New	Philip Morris International Inc.	$85,464,000	–	986,660	–	1.46%	–
PEP	New	PepsiCo Inc.	$84,265,000	–	1,030,261	–	1.44%	–
LUK	New	Leucadia National Corp.	$84,147,000	–	3,209,250	–	1.43%	–
NTRS	New	Northern Trust Corp.	$81,891,000	–	1,414,348	–	1.40%	–
LO	New	Lorillard Inc.	$79,119,000	–	1,811,341	–	1.35%	–
QCOM	New	Qualcomm Inc.	$78,853,000	–	1,290,979	–	1.34%	–
HTH	New	Hilltop Holdings Inc.	$77,517,000	–	4,726,627	–	1.32%	–
BAX	New	Baxter International Inc.	$76,071,000	–	1,098,175	–	1.30%	–
MSFT	New	Microsoft Corp.	$75,707,000	–	2,192,495	–	1.29%	–
RCI	New	Rogers Communications Inc.cl b	$75,620,000	–	1,930,416	–	1.29%	–
BDX	New	Becton, Dickinson and Co.	$75,659,000	–	765,551	–	1.29%	–
PRI	New	Primerica Inc.	$75,265,000	–	2,010,286	–	1.28%	–
IMO	New	Imperial Oil Ltd.	$74,581,000	–	1,953,683	–	1.27%	–
V	New	Visa Inc.	$74,099,000	–	405,464	–	1.26%	–
DV	New	DeVry Inc.	$72,497,000	–	2,337,105	–	1.24%	–
ARCC	New	Ares Capital Corp.	$68,813,000	–	4,000,734	–	1.17%	–
AJG	New	Arthur J. Gallagher & Co.	$67,850,000	–	1,552,983	–	1.16%	–
EMR	New	Emerson Electric Co.	$67,637,000	–	1,240,138	–	1.15%	–
PAG	New	Penske Auto Group Inc.	$67,303,000	–	2,203,756	–	1.15%	–
FXCM	New	FXCM Inc.cl a	$66,413,000	–	4,047,118	–	1.13%	–
PG	New	Procter & Gamble Co.	$64,833,000	–	842,096	–	1.10%	–
GOOGL	New	Google Inc.cl a	$63,822,000	–	72,494	–	1.09%	–
GNTX	New	Gentex Corp.	$63,328,000	–	2,747,423	–	1.08%	–
CEB	New	Corporate Executive Board Co.	$59,177,000	–	936,048	–	1.01%	–
MSCI	New	MSCI Inc.	$57,641,000	–	1,732,514	–	0.98%	–
VCI	New	Valassis Communications Inc.	$57,236,000	–	2,327,620	–	0.98%	–
BRO	New	Brown & Brown Inc.	$55,571,000	–	1,723,651	–	0.95%	–
J	New	Jacobs Engineering Group Inc.	$46,590,000	–	845,096	–	0.79%	–
HCC	New	HCC Insurance Holdings Inc.	$45,533,000	–	1,056,199	–	0.78%	–
WAG	New	Walgreen Co.	$45,217,000	–	1,023,004	–	0.77%	–
SNX	New	Synnex Corp.	$45,095,000	–	1,066,574	–	0.77%	–
EXPE	New	Expedia Inc.	$45,050,000	–	748,955	–	0.77%	–
BRKA	New	Berkshire Hathaway Inc.cl a	$45,016,000	–	267	–	0.77%	–
FHI	New	Federated Investors Inc.cl b	$44,588,000	–	1,626,690	–	0.76%	–
TECD	New	Tech Data Corp.	$44,351,000	–	941,834	–	0.76%	–
TFX	New	Teleflex Inc.	$43,204,000	–	557,546	–	0.74%	–
MSG	New	Madison Square Garden Co.	$42,813,000	–	722,580	–	0.73%	–
WW	New	Weight Watchers International Inc.	$42,140,000	–	916,079	–	0.72%	–
MCRS	New	MICROS Systems Inc.	$41,525,000	–	962,333	–	0.71%	–
CRRTQ	New	CARBO Ceramics Inc.	$39,775,000	–	589,878	–	0.68%	–
GGG	New	Graco Inc.	$34,229,000	–	541,505	–	0.58%	–
SLH	New	Solera Holdings Inc.	$34,182,000	–	614,230	–	0.58%	–
MSM	New	MSC Industrial Direct Co., Inc.	$29,659,000	–	382,892	–	0.50%	–
TROX	New	Tronox Ltd.cl a	$26,212,000	–	1,300,867	–	0.45%	–
KED	New	Kayne Anderson Energy Development Co.	$23,846,000	–	928,582	–	0.41%	–
STRA	New	Strayer Education Inc.	$22,375,000	–	458,224	–	0.38%	–
NUTR	New	Nutraceutical International Corp.	$21,907,000	–	1,071,761	–	0.37%	–
SSNC	New	SS&C Technologies Holdings Inc.	$20,808,000	–	632,466	–	0.36%	–
ARB	New	Arbitron Inc.	$19,949,000	–	429,475	–	0.34%	–
CFN	New	CareFusion Corp.	$19,629,000	–	532,665	–	0.33%	–
GAIN	New	Gladstone Investment Corp.	$19,449,000	–	2,646,169	–	0.33%	–
BIP	New	Brookfield Infrastructure Partners LP	$17,893,000	–	490,338	–	0.30%	–
EFT	New	Eaton Vance Variable Rate Income Trust	$8,724,000	–	526,490	–	0.15%	–
CBZ	New	CBIZ Inc.	$6,751,000	–	1,006,152	–	0.12%	–
ETM	New	Entercom Communications Corp.cl a	$5,828,000	–	617,377	–	0.10%	–
FSRV	New	FirstService Corp.sub vtg sh	$5,801,000	–	185,000	–	0.10%	–
	New	Argo Group International Holdings Ltd.	$5,027,000	–	118,594	–	0.09%	–
BRKB	New	Berkshire Hathaway Inc.cl b	$4,950,000	–	44,231	–	0.08%	–
KOF	New	Coca-Cola Femsa S.A.B. de C.V.sponsored adr	$4,936,000	–	35,183	–	0.08%	–
MCO	New	Moody's Corp.	$4,004,000	–	65,720	–	0.07%	–
NGPC	New	NGP Capital Resources Co.	$3,992,000	–	651,147	–	0.07%	–
TV	New	Grupo Televisa S.A.sponsored adr	$3,916,000	–	157,664	–	0.07%	–
MKC	New	McCormick & Co., Inc.	$3,679,000	–	52,294	–	0.06%	–
TTEC	New	TeleTech Holdings Inc.	$3,444,000	–	146,976	–	0.06%	–
LH	New	Laboratory Corporation of America Holdings	$2,728,000	–	27,256	–	0.05%	–
	New	Dun & Bradstreet Corp.	$2,517,000	–	25,830	–	0.04%	–
MCD	New	McDonald's Corp.	$2,238,000	–	22,607	–	0.04%	–
ECA	New	EnCana Corp.	$1,625,000	–	96,077	–	0.03%	–
POT	New	Potash Corporation of Saskatchewan Inc.	$1,381,000	–	36,200	–	0.02%	–
MRK	New	Merck & Co., Inc.	$1,282,000	–	27,594	–	0.02%	–
GE	New	General Electric Co.	$1,160,000	–	50,000	–	0.02%	–
C	New	Citigroup Inc.	$1,199,000	–	25,000	–	0.02%	–
MMM	New	3M Co.	$1,094,000	–	10,000	–	0.02%	–
BMO	New	Bank of Montreal	$870,000	–	15,000	–	0.02%	–
WMT	New	Wal-Mart Stores Inc.	$745,000	–	10,000	–	0.01%	–
LOJN	New	LoJack Corp.	$717,000	–	227,708	–	0.01%	–
MO	New	Altria Group Inc.	$701,000	–	20,048	–	0.01%	–
PFE	New	Pfizer Inc.	$653,000	–	23,329	–	0.01%	–
NVS	New	Novartis AGsponsored adr	$570,000	–	8,060	–	0.01%	–
GOLD	New	Barrick Gold Corp.	$578,000	–	36,600	–	0.01%	–
DEO	New	Diageo PLCsponsored adr	$544,000	–	4,736	–	0.01%	–
MS	New	Morgan Stanley	$481,000	–	19,694	–	0.01%	–
GSK	New	GlaxoSmithKline PLCsponsored adr	$443,000	–	8,867	–	0.01%	–
MDLZ	New	Mondelez International Inc.	$428,000	–	15,000	–	0.01%	–
HD	New	Home Depot Inc.	$387,000	–	5,000	–	0.01%	–
ENB	New	Enbridge Inc.	$438,000	–	10,421	–	0.01%	–
KRFT	New	Kraft Foods Group Inc.	$279,000	–	5,000	–	0.01%	–
USCR	New	U.S. Concrete Inc.	$298,000	–	18,161	–	0.01%	–
TAX	New	JTH Holding Inc.cl a	$253,000	–	15,586	–	0.00%	–
MTB	New	M&T Bank Corp.	$240,000	–	2,148	–	0.00%	–
TLM	New	Talisman Energy Inc.	$132,000	–	11,600	–	0.00%	–
MUX	New	McEwen Mining Inc.	$18,000	–	11,000	–	0.00%	–

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Export Burgundy Asset Management Ltd.'s holdings