Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MKL | New | Markel Corp | $7,999,000 | – | 12,200 | – | 15.30% | – |
| IL | New | Intralinks Holdings, Inc. | $5,921,000 | – | 665,995 | – | 11.32% | – |
| EPAX | New | Ambassadors Group Inc. | $5,481,000 | – | 1,189,000 | – | 10.48% | – |
| AFHIF | New | Atlas Financial Holdings Inc. | $5,433,000 | – | 358,381 | – | 10.39% | – |
| AIG | New | American International Group | $3,278,000 | – | 60,050 | – | 6.27% | – |
| FC | New | Franklin Covey Co | $3,037,000 | – | 150,866 | – | 5.81% | – |
| NAUH | New | National American University Holdings | $2,627,000 | – | 853,073 | – | 5.02% | – |
| AAPL | New | Apple Computer Inc. | $2,602,000 | – | 28,000 | – | 4.98% | – |
| NWSA | New | News Corp / New Class A | $2,386,000 | – | 133,000 | – | 4.56% | – |
| MA | New | Mastercard Inc. | $2,225,000 | – | 30,290 | – | 4.26% | – |
| APEI | New | American Public Education, Inc. | $2,193,000 | – | 63,799 | – | 4.20% | – |
| New | Carpetright PLCforeign | $2,102,000 | – | 245,800 | – | 4.02% | – | |
| CFFN | New | Capitol Fed Financing Inc. | $1,813,000 | – | 149,055 | – | 3.47% | – |
| ZQKSQ | New | Quicksilver Inc. | $1,392,000 | – | 388,949 | – | 2.66% | – |
| BHLB | New | Berkshire Hills Bancorp Inc | $1,306,000 | – | 56,243 | – | 2.50% | – |
| BODY | New | Body Central Corp | $1,248,000 | – | 1,407,700 | – | 2.39% | – |
| LTRE | New | Learning Tree International Inc. | $1,238,000 | – | 483,778 | – | 2.37% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BHLB | Exit | Berkshire Hills Bancorp Inc | $0 | – | -56,243 | – | -2.00% | – |
| BODY | Exit | Body Central Corp | $0 | – | -298,100 | – | -2.58% | – |
| CFFN | Exit | Capitol Fed Financing Inc. | $0 | – | -149,055 | – | -2.62% | – |
| EBAY | Exit | Ebay Inc. | $0 | – | -33,600 | – | -2.66% | – |
| LTRE | Exit | Learning Tree International Inc. | $0 | – | -483,778 | – | -2.69% | – |
| NWSA | Exit | News Corp / New Class A | $0 | – | -125,000 | – | -2.84% | – |
| MA | Exit | Mastercard Inc. | $0 | – | -3,029 | – | -2.89% | – |
| TYPE | Exit | Monotype Imaging Holdings Inc | $0 | – | -76,108 | – | -3.09% | – |
| Exit | Carpetright PLCforeign | $0 | – | -225,000 | – | -3.35% | – | |
| APEI | Exit | American Public Education, Inc. | $0 | – | -63,799 | – | -3.42% | – |
| DV | Exit | DeVry Inc. | $0 | – | -80,215 | – | -3.47% | – |
| BBBY | Exit | Bed, Bath & Beyond Inc. | $0 | – | -33,450 | – | -3.67% | – |
| DTV | Exit | DirecTV | $0 | – | -54,485 | – | -4.61% | – |
| VIAB | Exit | Viacom Inc. - Class B | $0 | – | -43,123 | – | -5.11% | – |
| COCOQ | Exit | Corinthian Colleges Inc. | $0 | – | -1,641,454 | – | -5.12% | – |
| AFHIF | Exit | Atlas Financial Holdings Inc. | $0 | – | -358,681 | – | -5.20% | – |
| AIG | Exit | American International Group | $0 | – | -83,550 | – | -5.76% | – |
| EPAX | Exit | Ambassadors Group Inc. | $0 | – | -1,189,000 | – | -5.81% | – |
| ZQKSQ | Exit | Quicksilver Inc. | $0 | – | -713,949 | – | -7.11% | – |
| IL | Exit | Intralinks Holdings, Inc. | $0 | – | -665,995 | – | -8.30% | – |
| ACTV | Exit | Active Network Inc. | $0 | – | -432,003 | – | -8.76% | – |
| MKL | Exit | Markel Corp | $0 | – | -12,200 | – | -8.95% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MKL | Buy | Markel Corp | $6,317,000 | +8.2% | 12,200 | +10.1% | 8.95% | +6.5% |
| ACTV | Sell | Active Network Inc. | $6,182,000 | +9.3% | 432,003 | -42.2% | 8.76% | +7.6% |
| IL | Sell | Intralinks Holdings, Inc. | $5,861,000 | +11.2% | 665,995 | -8.3% | 8.30% | +9.5% |
| ZQKSQ | Buy | Quicksilver Inc. | $5,019,000 | +17.4% | 713,949 | +7.5% | 7.11% | +15.5% |
| AIG | Sell | American International Group | $4,063,000 | -4.9% | 83,550 | -12.6% | 5.76% | -6.4% |
| AFHIF | Buy | Atlas Financial Holdings Inc. | $3,673,000 | +75.7% | 358,681 | +53.5% | 5.20% | +72.9% |
| DV | Sell | DeVry Inc. | $2,451,000 | -31.4% | 80,215 | -30.4% | 3.47% | -32.5% |
| APEI | Sell | American Public Education, Inc. | $2,412,000 | -14.9% | 63,799 | -16.4% | 3.42% | -16.2% |
| Buy | Carpetright PLCforeign | $2,362,000 | +112.4% | 225,000 | +80.0% | 3.35% | +109.1% | |
| TYPE | Sell | Monotype Imaging Holdings Inc | $2,181,000 | -15.1% | 76,108 | -24.7% | 3.09% | -16.4% |
| NWSA | New | News Corp / New Class A | $2,008,000 | – | 125,000 | – | 2.84% | – |
| BODY | New | Body Central Corp | $1,818,000 | – | 298,100 | – | 2.58% | – |
| Exit | Curtiss-Wright Corp | $0 | – | -20,000 | – | -1.07% | – | |
| LULU | Exit | Lululemon Athletica Inc. | $0 | – | -12,000 | – | -1.13% | – |
| TIVO | Exit | TIVO Inc. | $0 | – | -149,942 | – | -2.38% | – |
| SBAC | Exit | SBA Communications Corp Cl A | $0 | – | -51,588 | – | -5.50% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MKL | New | Markel Corp | $5,839,000 | – | 11,080 | – | 8.40% | – |
| ACTV | New | Active Network Inc. | $5,655,000 | – | 747,003 | – | 8.14% | – |
| IL | New | Intralinks Holdings, Inc. | $5,271,000 | – | 725,995 | – | 7.59% | – |
| ZQKSQ | New | Quicksilver Inc. | $4,276,000 | – | 663,949 | – | 6.15% | – |
| AIG | New | American International Group | $4,271,000 | – | 95,550 | – | 6.15% | – |
| EPAX | New | Ambassadors Group Inc. | $4,223,000 | – | 1,189,000 | – | 6.08% | – |
| SBAC | New | SBA Communications Corp Cl A | $3,824,000 | – | 51,588 | – | 5.50% | – |
| COCOQ | New | Corinthian Colleges Inc. | $3,677,000 | – | 1,641,454 | – | 5.29% | – |
| DV | New | DeVry Inc. | $3,574,000 | – | 115,215 | – | 5.14% | – |
| DTV | New | DirecTV | $3,358,000 | – | 54,485 | – | 4.83% | – |
| VIAB | New | Viacom Inc. - Class B | $2,934,000 | – | 43,123 | – | 4.22% | – |
| APEI | New | American Public Education, Inc. | $2,835,000 | – | 76,299 | – | 4.08% | – |
| TYPE | New | Monotype Imaging Holdings Inc | $2,569,000 | – | 101,108 | – | 3.70% | – |
| BBBY | New | Bed, Bath & Beyond Inc. | $2,373,000 | – | 33,450 | – | 3.42% | – |
| AFHIF | New | Atlas Financial Holdings Inc. | $2,091,000 | – | 233,681 | – | 3.01% | – |
| CFFN | New | Capitol Fed Financing Inc. | $1,810,000 | – | 149,055 | – | 2.60% | – |
| MA | New | Mastercard Inc. | $1,740,000 | – | 3,029 | – | 2.50% | – |
| EBAY | New | Ebay Inc. | $1,738,000 | – | 33,600 | – | 2.50% | – |
| TIVO | New | TIVO Inc. | $1,657,000 | – | 149,942 | – | 2.38% | – |
| LTRE | New | Learning Tree International Inc. | $1,567,000 | – | 483,778 | – | 2.26% | – |
| BHLB | New | Berkshire Hills Bancorp Inc | $1,561,000 | – | 56,243 | – | 2.25% | – |
| New | Carpetright PLCforeign | $1,112,000 | – | 125,000 | – | 1.60% | – | |
| LULU | New | Lululemon Athletica Inc. | $786,000 | – | 12,000 | – | 1.13% | – |
| New | Curtiss-Wright Corp | $741,000 | – | 20,000 | – | 1.07% | – |