LAKEWOOD CAPITAL MANAGEMENT, LP Activity Q4 2007-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CI	Sell	THE CIGNA GROUP	$90,214,177	-3.3%	315,357	-5.1%	8.21%	+1.7%
C	Buy	CITIGROUP INC	$79,660,584	-4.4%	1,936,800	+7.0%	7.25%	+0.5%
DELL	Sell	DELL TECHNOLOGIES INCcl c	$77,967,791	-19.6%	1,131,608	-36.8%	7.09%	-15.4%
BC	Sell	BRUNSWICK CORP	$69,477,893	-13.7%	879,467	-5.3%	6.32%	-9.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$58,975,985	-9.4%	450,680	-17.1%	5.36%	-4.7%
FAF	Sell	FIRST AMERN FINL CORP	$53,191,210	-10.4%	941,604	-9.6%	4.84%	-5.8%
	Sell	APOLLO GLOBAL MGMT INC	$46,154,323	-6.4%	514,197	-19.9%	4.20%	-1.6%
NSP	Buy	INSPERITY INC	$40,998,149	-12.3%	420,063	+6.9%	3.73%	-7.8%
ABG	Sell	ASBURY AUTOMOTIVE GROUP INC	$38,865,495	-14.4%	168,929	-10.6%	3.54%	-10.0%
KKR	Sell	KKR & CO INC	$38,198,160	+5.4%	620,100	-4.2%	3.48%	+10.8%
WRK	Buy	WESTROCK CO	$37,500,930	+56.8%	1,047,512	+27.4%	3.41%	+64.9%
AXTA	Buy	AXALTA COATING SYS LTD	$28,282,579	-16.4%	1,051,397	+1.9%	2.57%	-12.1%
ANTM	Buy	ELEVANCE HEALTH INC	$26,996,040	+1.3%	62,000	+3.3%	2.46%	+6.5%
VGIT	Buy	VANGUARD SCOTTSDALE FDSinter term treas	$23,717,250	+6.1%	415,000	+8.9%	2.16%	+11.6%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$23,235,364	-20.9%	16,836	-26.4%	2.11%	-16.8%
ALLY	Sell	ALLY FINL INC	$17,283,544	-2.7%	647,809	-1.5%	1.57%	+2.3%
FB	Sell	META PLATFORMS INCcl a	$14,171,713	-53.5%	47,206	-55.6%	1.29%	-51.1%
GIL	Buy	GILDAN ACTIVEWEAR INC	$12,390,280	+12.3%	442,352	+29.2%	1.13%	+18.0%
COF	Buy	CAPITAL ONE FINL CORP	$11,354,850	-8.1%	117,000	+3.5%	1.03%	-3.4%
DEO	New	DIAGEO PLCspon adr new	$10,077,109	–	67,550	–	0.92%	–
GDRX	Buy	GOODRX HLDGS INC	$8,192,129	+56.8%	1,455,085	+53.7%	0.74%	+64.8%
APP	Sell	APPLOVIN CORP	$3,196,800	-70.9%	80,000	-81.3%	0.29%	-69.4%
BAND	New	BANDWIDTH INC	$2,981,107	–	264,517	–	0.27%	–
TBLA	New	TABOOLA.COM LTD	$2,546,346	–	671,859	–	0.23%	–
SKX	Sell	SKECHERS U S A INCcl a	$1,889,470	-70.7%	38,600	-68.5%	0.17%	-69.2%
	New	CS DISCO INC	$1,802,229	–	271,420	–	0.16%	–
BAND	New	BANDWIDTH INCcall	$901,600	–	80,000	–	0.08%	–
	Exit	SITIO ROYALTIES CORP	$0	–	-70,088	–	-0.16%	–

Q2 2023

			Value		Shares		↓ Weighting
DELL	New	DELL TECHNOLOGIES INCcl c	$96,943,909	–	1,791,608	–	8.39%	–
CI	New	THE CIGNA GROUP	$93,259,374	–	332,357	–	8.07%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$83,811,781	–	324,726	–	7.25%	–
C	New	CITIGROUP INC	$83,323,192	–	1,809,800	–	7.21%	–
BC	New	BRUNSWICK CORP	$80,494,365	–	929,067	–	6.96%	–
GOOGL	New	ALPHABET INCcap stk cl a	$65,078,496	–	543,680	–	5.63%	–
CMCSA	New	COMCAST CORP NEWcl a	$59,863,079	–	1,440,748	–	5.18%	–
FAF	New	FIRST AMERN FINL CORP	$59,392,260	–	1,041,604	–	5.14%	–
	New	APOLLO GLOBAL MGMT INC	$49,327,152	–	642,197	–	4.27%	–
NSP	New	INSPERITY INC	$46,758,774	–	393,063	–	4.04%	–
ABG	New	ASBURY AUTOMOTIVE GROUP INC	$45,422,310	–	188,929	–	3.93%	–
KKR	New	KKR & CO INC	$36,237,600	–	647,100	–	3.14%	–
AXTA	New	AXALTA COATING SYS LTD	$33,840,136	–	1,031,397	–	2.93%	–
FB	New	META PLATFORMS INCcl a	$30,478,998	–	106,206	–	2.64%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$29,373,037	–	22,886	–	2.54%	–
ANTM	New	ELEVANCE HEALTH INC	$26,657,400	–	60,000	–	2.31%	–
WRK	New	WESTROCK CO	$23,910,424	–	822,512	–	2.07%	–
FDX	New	FEDEX CORP	$22,707,640	–	91,600	–	1.96%	–
VGIT	New	VANGUARD SCOTTSDALE FDSinter term treas	$22,349,460	–	381,000	–	1.93%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$19,615,422	–	235,338	–	1.70%	–
CRL	New	CHARLES RIV LABS INTL INC	$18,447,335	–	87,740	–	1.60%	–
ALLY	New	ALLY FINL INC	$17,767,421	–	657,809	–	1.54%	–
GPN	New	GLOBAL PMTS INC	$17,684,340	–	179,500	–	1.53%	–
GDDY	New	GODADDY INCcl a	$16,623,790	–	221,267	–	1.44%	–
COF	New	CAPITAL ONE FINL CORP	$12,358,810	–	113,000	–	1.07%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$11,604,513	–	169,236	–	1.00%	–
LBTYK	New	LIBERTY GLOBAL PLC	$11,447,310	–	644,193	–	0.99%	–
GIL	New	GILDAN ACTIVEWEAR INC	$11,037,428	–	342,352	–	0.96%	–
APP	New	APPLOVIN CORP	$10,986,710	–	427,000	–	0.95%	–
SKX	New	SKECHERS U S A INCcl a	$6,456,116	–	122,600	–	0.56%	–
GDRX	New	GOODRX HLDGS INC	$5,225,663	–	946,678	–	0.45%	–
LBTYA	New	LIBERTY GLOBAL PLC	$4,574,674	–	271,333	–	0.40%	–
	New	SITIO ROYALTIES CORP	$1,841,212	–	70,088	–	0.16%	–
	New	ZEVIA PBCcl a	$930,490	–	215,891	–	0.08%	–

Q4 2022

			Value		Shares		↓ Weighting
ANGI	Exit	ANGI INC	$0	–	-350,000	–	-0.09%	–
MNRL	Exit	BRIGHAM MINERALS INC	$0	–	-43,303	–	-0.09%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-35,000	–	-0.10%	–
	Exit	ZEVIA PBCcl a	$0	–	-277,873	–	-0.10%	–
DBI	Exit	DESIGNER BRANDS INCcl a	$0	–	-82,600	–	-0.11%	–
OXM	Exit	OXFORD INDS INC	$0	–	-16,750	–	-0.13%	–
POSH	Exit	POSHMARK INC	$0	–	-140,000	–	-0.18%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-271,333	–	-0.36%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-192,352	–	-0.46%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-113,000	–	-0.88%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-644,193	–	-0.90%	–
KWEB	Exit	KRANESHARES TRcall	$0	–	-540,500	–	-1.12%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-219,236	–	-1.13%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-221,267	–	-1.32%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-150,500	–	-1.37%	–
FDX	Exit	FEDEX CORP	$0	–	-121,800	–	-1.52%	–
KKR	Exit	KKR & CO INC	$0	–	-443,700	–	-1.61%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-24,236	–	-1.63%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-105,740	–	-1.75%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-518,200	–	-2.06%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-1,019,600	–	-2.72%	–
	Exit	APOLLO GLOBAL MGMT INC	$0	–	-775,368	–	-3.04%	–
NSP	Exit	INSPERITY INC	$0	–	-403,063	–	-3.46%	–
WRK	Exit	WESTROCK CO	$0	–	-1,372,050	–	-3.57%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,527,809	–	-3.58%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,515,748	–	-3.74%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-1,932,356	–	-3.79%	–
ABG	Exit	ASBURY AUTOMOTIVE GROUP INC	$0	–	-311,929	–	-3.97%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-331,726	–	-3.99%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-1,114,604	–	-4.32%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-403,853	–	-4.61%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-2,711,200	–	-4.81%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-696,980	–	-5.61%	–
CWK	Exit	CUSHMAN WAKEFIELD PLC	$0	–	-5,847,947	–	-5.64%	–
C	Exit	CITIGROUP INC	$0	–	-1,722,500	–	-6.04%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-2,200,608	–	-6.33%	–
CI	Exit	CIGNA CORP NEW	$0	–	-282,557	–	-6.60%	–
BC	Exit	BRUNSWICK CORP	$0	–	-1,324,764	–	-7.30%	–

Q3 2022

			Value		Shares		↓ Weighting
BC	Sell	BRUNSWICK CORP	$86,706,000	-7.6%	1,324,764	-7.7%	7.30%	+25.6%
CI	Sell	CIGNA CORP NEW	$78,401,000	-32.2%	282,557	-35.6%	6.60%	-7.8%
DELL	Buy	DELL TECHNOLOGIES INCcl c	$75,195,000	-25.3%	2,200,608	+1.0%	6.33%	+1.5%
C	Buy	CITIGROUP INC	$71,777,000	-5.4%	1,722,500	+4.4%	6.04%	+28.5%
CWK	Buy	CUSHMAN WAKEFIELD PLC	$66,959,000	-24.5%	5,847,947	+0.4%	5.64%	+2.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$66,666,000	-25.8%	696,980	+1589.7%	5.61%	+0.8%
AXTA	Sell	AXALTA COATING SYS LTD	$57,098,000	-8.1%	2,711,200	-3.6%	4.81%	+24.8%
FB	Sell	META PLATFORMS INCcl a	$54,795,000	-29.8%	403,853	-16.6%	4.61%	-4.7%
FAF	Sell	FIRST AMERN FINL CORP	$51,383,000	-17.7%	1,114,604	-5.5%	4.32%	+11.9%
GPI	Buy	GROUP 1 AUTOMOTIVE INC	$47,394,000	-15.1%	331,726	+0.9%	3.99%	+15.4%
ABG	Buy	ASBURY AUTOMOTIVE GROUP INC	$47,132,000	-6.3%	311,929	+5.1%	3.97%	+27.4%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$45,063,000	-5.5%	1,932,356	-5.4%	3.79%	+28.4%
CMCSA	Buy	COMCAST CORP NEWcl a	$44,457,000	+3.5%	1,515,748	+38.4%	3.74%	+40.6%
ALLY	Buy	ALLY FINL INC	$42,519,000	-15.2%	1,527,809	+2.1%	3.58%	+15.3%
WRK	Sell	WESTROCK CO	$42,383,000	-22.8%	1,372,050	-0.4%	3.57%	+5.0%
NSP	Sell	INSPERITY INC	$41,149,000	-9.0%	403,063	-11.0%	3.46%	+23.7%
	Sell	APOLLO GLOBAL MGMT INC	$36,055,000	-5.9%	775,368	-1.9%	3.04%	+27.9%
SKX	Buy	SKECHERS U S A INCcl a	$32,342,000	-9.1%	1,019,600	+2.0%	2.72%	+23.6%
SYNH	Sell	SYNEOS HEALTH INCcl a	$24,433,000	-36.7%	518,200	-3.7%	2.06%	-13.9%
CRL	Sell	CHARLES RIV LABS INTL INC	$20,810,000	-32.8%	105,740	-26.9%	1.75%	-8.7%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$19,327,000	-50.9%	24,236	-59.7%	1.63%	-33.2%
GPN	Sell	GLOBAL PMTS INC	$16,262,000	-54.5%	150,500	-53.4%	1.37%	-38.1%
GDDY	Sell	GODADDY INCcl a	$15,683,000	-35.4%	221,267	-36.6%	1.32%	-12.2%
KWEB	Sell	KRANESHARES TRcall	$13,318,000	-47.5%	540,500	-30.3%	1.12%	-28.7%
GIL	New	GILDAN ACTIVEWEAR INC	$5,438,000	–	192,352	–	0.46%	–
POSH	Sell	POSHMARK INC	$2,194,000	+8.5%	140,000	-30.0%	0.18%	+48.0%
NKLA	Exit	NIKOLA CORPput	$0	–	-72,000	–	-0.02%	–
	Exit	HYZON MOTORS INCput	$0	–	-240,000	–	-0.04%	–
AAPL	Exit	APPLE INCput	$0	–	-10,000	–	-0.08%	–
RVLV	Exit	REVOLVE GROUP INCcl a	$0	–	-70,000	–	-0.11%	–
V	Exit	VISA INC	$0	–	-79,700	–	-0.97%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-209,400	–	-1.74%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-72,876	–	-2.12%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-1,030,000	–	-2.86%	–

Q2 2022

			Value		Shares		↓ Weighting
CI	New	CIGNA CORP NEW	$115,569,000	–	438,557	–	7.16%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$100,720,000	–	2,179,608	–	6.24%	–
BC	New	BRUNSWICK CORP	$93,805,000	–	1,434,764	–	5.81%	–
GOOGL	New	ALPHABET INCcap stk cl a	$89,892,000	–	41,249	–	5.57%	–
CWK	New	CUSHMAN WAKEFIELD PLC	$88,728,000	–	5,822,028	–	5.50%	–
FB	New	META PLATFORMS INCcl a	$78,102,000	–	484,353	–	4.84%	–
C	New	CITIGROUP INC	$75,906,000	–	1,650,500	–	4.70%	–
FAF	New	FIRST AMERN FINL CORP	$62,425,000	–	1,179,604	–	3.87%	–
AXTA	New	AXALTA COATING SYS LTD	$62,156,000	–	2,811,200	–	3.85%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$55,818,000	–	328,726	–	3.46%	–
WRK	New	WESTROCK CO	$54,878,000	–	1,377,450	–	3.40%	–
ABG	New	ASBURY AUTOMOTIVE GROUP INC	$50,282,000	–	296,929	–	3.11%	–
ALLY	New	ALLY FINL INC	$50,125,000	–	1,495,809	–	3.10%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$47,709,000	–	2,042,356	–	2.96%	–
WDC	New	WESTERN DIGITAL CORP.	$46,175,000	–	1,030,000	–	2.86%	–
NSP	New	INSPERITY INC	$45,229,000	–	453,063	–	2.80%	–
CMCSA	New	COMCAST CORP NEWcl a	$42,962,000	–	1,094,848	–	2.66%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$39,335,000	–	60,165	–	2.44%	–
SYNH	New	SYNEOS HEALTH INCcl a	$38,578,000	–	538,200	–	2.39%	–
	New	APOLLO GLOBAL MGMT INC	$38,317,000	–	790,368	–	2.37%	–
GPN	New	GLOBAL PMTS INC	$35,737,000	–	323,000	–	2.21%	–
SKX	New	SKECHERS U S A INCcl a	$35,566,000	–	999,600	–	2.20%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$34,145,000	–	72,876	–	2.12%	–
CRL	New	CHARLES RIV LABS INTL INC	$30,970,000	–	144,740	–	1.92%	–
TMUS	New	T-MOBILE US INC	$28,173,000	–	209,400	–	1.74%	–
FDX	New	FEDEX CORP	$27,613,000	–	121,800	–	1.71%	–
KWEB	New	KRANESHARES TRcall	$25,389,000	–	775,000	–	1.57%	–
GDDY	New	GODADDY INCcl a	$24,281,000	–	349,067	–	1.50%	–
KKR	New	KKR & CO INC	$20,539,000	–	443,700	–	1.27%	–
V	New	VISA INC	$15,692,000	–	79,700	–	0.97%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$14,408,000	–	219,236	–	0.89%	–
LBTYK	New	LIBERTY GLOBAL PLC	$14,230,000	–	644,193	–	0.88%	–
COF	New	CAPITAL ONE FINL CORP	$11,773,000	–	113,000	–	0.73%	–
LBTYA	New	LIBERTY GLOBAL PLC	$5,712,000	–	271,333	–	0.35%	–
POSH	New	POSHMARK INC	$2,022,000	–	200,000	–	0.12%	–
RVLV	New	REVOLVE GROUP INCcl a	$1,814,000	–	70,000	–	0.11%	–
ANGI	New	ANGI INC	$1,603,000	–	350,000	–	0.10%	–
OXM	New	OXFORD INDS INC	$1,486,000	–	16,750	–	0.09%	–
AAPL	New	APPLE INCput	$1,367,000	–	10,000	–	0.08%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$1,341,000	–	35,000	–	0.08%	–
DBI	New	DESIGNER BRANDS INCcl a	$1,079,000	–	82,600	–	0.07%	–
MNRL	New	BRIGHAM MINERALS INC	$1,067,000	–	43,303	–	0.07%	–
	New	ZEVIA PBCcl a	$781,000	–	277,873	–	0.05%	–
	New	HYZON MOTORS INCput	$706,000	–	240,000	–	0.04%	–
NKLA	New	NIKOLA CORPput	$343,000	–	72,000	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
ASND	Exit	ASCENDIS PHARMA A/Ssponsored adr	$0	–	-18,100	–	-0.13%	–
OXM	Exit	OXFORD INDS INC	$0	–	-33,000	–	-0.13%	–
ANGI	Exit	ANGI INC	$0	–	-247,376	–	-0.13%	–
	Exit	ZEVIA PBCcl a	$0	–	-309,477	–	-0.16%	–
TDUP	Exit	THREDUP INCcl a	$0	–	-204,000	–	-0.20%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-18,279	–	-0.20%	–
DBI	Exit	DESIGNER BRANDS INCcl a	$0	–	-323,500	–	-0.20%	–
MNRL	Exit	BRIGHAM MINERALS INC	$0	–	-272,103	–	-0.23%	–
UA	Exit	UNDER ARMOUR INCcl c	$0	–	-329,000	–	-0.25%	–
ATIP	Exit	ATI PHYSICAL THERAPY INC	$0	–	-1,637,511	–	-0.27%	–
KFY	Exit	KORN FERRY	$0	–	-95,000	–	-0.30%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-306,333	–	-0.40%	–
CIT	Exit	CIT GROUP INC	$0	–	-198,083	–	-0.45%	–
GPS	Exit	GAP INC	$0	–	-460,000	–	-0.46%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-55,168	–	-0.47%	–
MCD	Exit	MCDONALDS CORP	$0	–	-48,024	–	-0.51%	–
SHAK	Exit	SHAKE SHACK INCcl a	$0	–	-197,200	–	-0.68%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-395,600	–	-0.73%	–
CDW	Exit	CDW CORP	$0	–	-98,000	–	-0.78%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-118,000	–	-0.84%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-757,356	–	-0.86%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-513,000	–	-0.89%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-719,193	–	-0.93%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-776,617	–	-0.95%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-302,236	–	-1.03%	–
	Exit	JACKSON FINANCIAL INC	$0	–	-935,000	–	-1.07%	–
GTS	Exit	TRIPLE-S MGMT CORP	$0	–	-716,336	–	-1.12%	–
ADNT	Exit	ADIENT PLC	$0	–	-713,697	–	-1.30%	–
ANTM	Exit	ANTHEM INC	$0	–	-80,939	–	-1.33%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-1,520,000	–	-1.39%	–
ABG	Exit	ASBURY AUTOMOTIVE GROUP INC	$0	–	-167,729	–	-1.45%	–
WLTW	Exit	WILLIS TOWERS WATSON PLC LTD	$0	–	-167,600	–	-1.72%	–
SAIC	Exit	SCIENCE APPLICATIONS INTL CO	$0	–	-457,600	–	-1.72%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-569,067	–	-1.75%	–
AMZN	Exit	AMAZON COM INC	$0	–	-12,900	–	-1.86%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-523,000	–	-2.01%	–
AEL	Exit	AMERICAN EQTY INVT LIFE HLD	$0	–	-1,590,950	–	-2.07%	–
WRK	Exit	WESTROCK CO	$0	–	-962,450	–	-2.11%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-388,000	–	-2.18%	–
NSP	Exit	INSPERITY INC	$0	–	-470,363	–	-2.29%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,045,809	–	-2.35%	–
BC	Exit	BRUNSWICK CORP	$0	–	-576,764	–	-2.42%	–
MIME	Exit	MIMECAST LTD	$0	–	-869,879	–	-2.44%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,028,698	–	-2.53%	–
ATH	Exit	ATHENE HOLDING LTDcl a	$0	–	-916,085	–	-2.78%	–
CWK	Exit	CUSHMAN WAKEFIELD PLC	$0	–	-3,653,846	–	-2.99%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-363,226	–	-3.00%	–
C	Exit	CITIGROUP INC	$0	–	-990,500	–	-3.06%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-2,861,200	–	-3.68%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-1,359,604	–	-4.01%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-643,368	–	-4.19%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-51,434	–	-6.05%	–
CI	Exit	CIGNA CORP NEW	$0	–	-715,557	–	-6.30%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-491,553	–	-7.34%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-2,029,608	–	-9.29%	–

Q3 2021

			Value		Shares		↓ Weighting
DELL	Buy	DELL TECHNOLOGIES INCcl c	$211,160,000	+20.8%	2,029,608	+15.7%	9.29%	+28.7%
FB	Sell	FACEBOOK INCcl a	$166,828,000	-11.4%	491,553	-9.2%	7.34%	-5.6%
CI	Buy	CIGNA CORP NEW	$143,226,000	+9.7%	715,557	+30.0%	6.30%	+16.9%
GOOGL	Sell	ALPHABET INCcap stk cl a	$137,510,000	-0.0%	51,434	-8.7%	6.05%	+6.5%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$95,251,000	-27.4%	643,368	+11.2%	4.19%	-22.6%
FAF	Buy	FIRST AMERN FINL CORP	$91,161,000	+10.5%	1,359,604	+2.8%	4.01%	+17.8%
AXTA	Sell	AXALTA COATING SYS LTD	$83,518,000	-4.6%	2,861,200	-0.3%	3.68%	+1.7%
C	Sell	CITIGROUP INC	$69,513,000	-7.3%	990,500	-6.5%	3.06%	-1.2%
GPI	Buy	GROUP 1 AUTOMOTIVE INC	$68,243,000	+34.1%	363,226	+10.3%	3.00%	+42.9%
CWK	Buy	CUSHMAN WAKEFIELD PLC	$67,998,000	+33.4%	3,653,846	+25.2%	2.99%	+42.1%
ATH	Sell	ATHENE HOLDING LTDcl a	$63,091,000	-34.2%	916,085	-35.5%	2.78%	-29.9%
CMCSA	Buy	COMCAST CORP NEWcl a	$57,535,000	+9.2%	1,028,698	+11.4%	2.53%	+16.4%
MIME	Sell	MIMECAST LTD	$55,324,000	-42.0%	869,879	-51.6%	2.44%	-38.2%
BC	Buy	BRUNSWICK CORP	$54,948,000	-0.2%	576,764	+4.3%	2.42%	+6.3%
ALLY	Sell	ALLY FINL INC	$53,389,000	-11.3%	1,045,809	-13.4%	2.35%	-5.5%
NSP	Sell	INSPERITY INC	$52,088,000	-9.8%	470,363	-26.4%	2.29%	-3.9%
TMUS	Buy	T-MOBILE US INC	$49,571,000	+4.4%	388,000	+18.3%	2.18%	+11.2%
AEL	Sell	AMERICAN EQTY INVT LIFE HLD	$47,044,000	-11.9%	1,590,950	-3.7%	2.07%	-6.1%
SYNH	Sell	SYNEOS HEALTH INCcl a	$45,752,000	-7.0%	523,000	-4.9%	2.01%	-0.9%
GDDY	Buy	GODADDY INCcl a	$39,664,000	-16.9%	569,067	+3.6%	1.75%	-11.5%
SAIC	Buy	SCIENCE APPLICATIONS INTL CO	$39,152,000	+35.4%	457,600	+38.8%	1.72%	+44.3%
WLTW	New	WILLIS TOWERS WATSON PLC LTD	$38,960,000	–	167,600	–	1.72%	–
ABG	Buy	ASBURY AUTOMOTIVE GROUP INC	$32,999,000	+26.1%	167,729	+9.8%	1.45%	+34.3%
ATUS	New	ALTICE USA INCcl a	$31,494,000	–	1,520,000	–	1.39%	–
ANTM	Sell	ANTHEM INC	$30,174,000	-30.0%	80,939	-28.3%	1.33%	-25.4%
ADNT	Sell	ADIENT PLC	$29,583,000	-11.0%	713,697	-3.0%	1.30%	-5.2%
	New	JACKSON FINANCIAL INC	$24,310,000	–	935,000	–	1.07%	–
BHC	Sell	BAUSCH HEALTH COS INC	$21,629,000	-9.7%	776,617	-4.9%	0.95%	-3.7%
LBTYK	Sell	LIBERTY GLOBAL PLC	$21,187,000	+3.3%	719,193	-5.1%	0.93%	+10.0%
VIAC	Sell	VIACOMCBS INCcl b	$20,269,000	-17.0%	513,000	-5.0%	0.89%	-11.5%
TMHC	New	TAYLOR MORRISON HOME CORP	$19,525,000	–	757,356	–	0.86%	–
COF	Sell	CAPITAL ONE FINL CORP	$19,112,000	-17.6%	118,000	-21.3%	0.84%	-12.2%
CDW	Sell	CDW CORP	$17,838,000	-41.0%	98,000	-43.4%	0.78%	-37.1%
SKX	Buy	SKECHERS U S A INCcl a	$16,663,000	+35.7%	395,600	+60.5%	0.73%	+44.6%
MCD	Sell	MCDONALDS CORP	$11,579,000	-29.4%	48,024	-32.4%	0.51%	-24.8%
DEO	Sell	DIAGEO PLCspon adr new	$10,647,000	-47.7%	55,168	-48.0%	0.47%	-44.2%
GPS	New	GAP INC	$10,442,000	–	460,000	–	0.46%	–
CIT	Sell	CIT GROUP INC	$10,290,000	-33.1%	198,083	-33.5%	0.45%	-28.7%
LBTYA	Sell	LIBERTY GLOBAL PLC	$9,129,000	+3.6%	306,333	-5.5%	0.40%	+10.4%
KFY	Sell	KORN FERRY	$6,874,000	-59.2%	95,000	-59.1%	0.30%	-56.4%
MNRL	Sell	BRIGHAM MINERALS INC	$5,213,000	-11.4%	272,103	-1.6%	0.23%	-5.8%
DBI	New	DESIGNER BRANDS INCcl a	$4,506,000	–	323,500	–	0.20%	–
HCA	Sell	HCA HEALTHCARE INC	$4,437,000	-83.7%	18,279	-86.2%	0.20%	-82.7%
	New	ZEVIA PBCcl a	$3,562,000	–	309,477	–	0.16%	–
ANGI	Sell	ANGI INC	$3,053,000	-26.5%	247,376	-19.5%	0.13%	-22.1%
OXM	New	OXFORD INDS INC	$2,976,000	–	33,000	–	0.13%	–
ASND	Sell	ASCENDIS PHARMA A/Ssponsored adr	$2,885,000	-71.7%	18,100	-76.6%	0.13%	-69.8%
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-28,000	–	-0.08%	–
AGC	Exit	ALTIMETER GROWTH CORPcl a	$0	–	-200,600	–	-0.10%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-16,800	–	-0.11%	–
MMAT	Exit	META MATERIALS INC	$0	–	-430,399	–	-0.13%	–
UPWK	Exit	UPWORK INC	$0	–	-78,000	–	-0.19%	–
CLOV	Exit	CLOVER HEALTH INVESTMENTS CO	$0	–	-439,900	–	-0.24%	–
MMAT	Exit	META MATERIALS INCput	$0	–	-950,000	–	-0.29%	–
DRI	Exit	DARDEN RESTAURANTS INC	$0	–	-78,800	–	-0.48%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-43,356	–	-0.65%	–
AMC	Exit	AMC ENTMT HLDGS INCput	$0	–	-400,000	–	-0.94%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-124,000	–	-1.90%	–

Q2 2021

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$188,303,000	–	541,553	–	7.78%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$174,862,000	–	1,754,408	–	7.22%	–
GOOGL	New	ALPHABET INCcap stk cl a	$137,556,000	–	56,334	–	5.68%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$131,162,000	–	578,368	–	5.42%	–
CI	New	CIGNA CORP NEW	$130,521,000	–	550,557	–	5.39%	–
ATH	New	ATHENE HOLDING LTDcl a	$95,856,000	–	1,420,085	–	3.96%	–
MIME	New	MIMECAST LTD	$95,416,000	–	1,798,600	–	3.94%	–
AXTA	New	AXALTA COATING SYS LTD	$87,543,000	–	2,871,200	–	3.62%	–
FAF	New	FIRST AMERN FINL CORP	$82,464,000	–	1,322,593	–	3.41%	–
C	New	CITIGROUP INC	$74,960,000	–	1,059,500	–	3.10%	–
ALLY	New	ALLY FINL INC	$60,197,000	–	1,207,809	–	2.49%	–
NSP	New	INSPERITY INC	$57,725,000	–	638,763	–	2.38%	–
BC	New	BRUNSWICK CORP	$55,066,000	–	552,764	–	2.27%	–
AEL	New	AMERICAN EQTY INVT LIFE HLD	$53,371,000	–	1,651,337	–	2.20%	–
CMCSA	New	COMCAST CORP NEWcl a	$52,669,000	–	923,698	–	2.18%	–
WRK	New	WESTROCK CO	$51,222,000	–	962,450	–	2.12%	–
CWK	New	CUSHMAN WAKEFIELD PLC	$50,992,000	–	2,918,846	–	2.11%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$50,875,000	–	329,437	–	2.10%	–
SYNH	New	SYNEOS HEALTH INCcl a	$49,220,000	–	550,000	–	2.03%	–
GDDY	New	GODADDY INCcl a	$47,747,000	–	549,067	–	1.97%	–
TMUS	New	T-MOBILE US INC	$47,504,000	–	328,000	–	1.96%	–
CRL	New	CHARLES RIV LABS INTL INC	$45,870,000	–	124,000	–	1.90%	–
AMZN	New	AMAZON COM INC	$44,378,000	–	12,900	–	1.83%	–
ANTM	New	ANTHEM INC	$43,120,000	–	112,939	–	1.78%	–
ADNT	New	ADIENT PLC	$33,254,000	–	735,697	–	1.37%	–
CDW	New	CDW CORP	$30,214,000	–	173,000	–	1.25%	–
SAIC	New	SCIENCE APPLICATIONS INTL CO	$28,916,000	–	329,600	–	1.19%	–
HCA	New	HCA HEALTHCARE INC	$27,285,000	–	131,979	–	1.13%	–
ABG	New	ASBURY AUTOMOTIVE GROUP INC	$26,173,000	–	152,729	–	1.08%	–
VIAC	New	VIACOMCBS INCcl b	$24,408,000	–	540,000	–	1.01%	–
BHC	New	BAUSCH HEALTH COS INC	$23,943,000	–	816,617	–	0.99%	–
COF	New	CAPITAL ONE FINL CORP	$23,204,000	–	150,000	–	0.96%	–
AMC	New	AMC ENTMT HLDGS INCput	$22,672,000	–	400,000	–	0.94%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$21,849,000	–	302,236	–	0.90%	–
SHAK	New	SHAKE SHACK INCcl a	$21,104,000	–	197,200	–	0.87%	–
LBTYK	New	LIBERTY GLOBAL PLC	$20,502,000	–	758,193	–	0.85%	–
DEO	New	DIAGEO PLCspon adr new	$20,351,000	–	106,168	–	0.84%	–
KFY	New	KORN FERRY	$16,832,000	–	232,000	–	0.70%	–
MCD	New	MCDONALDS CORP	$16,406,000	–	71,024	–	0.68%	–
GTS	New	TRIPLE-S MGMT CORP	$15,953,000	–	716,336	–	0.66%	–
MA	New	MASTERCARD INCORPORATEDcl a	$15,829,000	–	43,356	–	0.65%	–
ATIP	New	ATI PHYSICAL THERAPY INC	$15,622,000	–	1,637,511	–	0.64%	–
CIT	New	CIT GROUP INC	$15,378,000	–	298,083	–	0.64%	–
SKX	New	SKECHERS U S A INCcl a	$12,283,000	–	246,500	–	0.51%	–
DRI	New	DARDEN RESTAURANTS INC	$11,504,000	–	78,800	–	0.48%	–
ASND	New	ASCENDIS PHARMA A/Ssponsored adr	$10,189,000	–	77,450	–	0.42%	–
LBTYA	New	LIBERTY GLOBAL PLC	$8,809,000	–	324,333	–	0.36%	–
MMAT	New	META MATERIALS INCput	$7,116,000	–	950,000	–	0.29%	–
UA	New	UNDER ARMOUR INCcl c	$6,110,000	–	329,000	–	0.25%	–
TDUP	New	THREDUP INCcl a	$5,932,000	–	204,000	–	0.24%	–
MNRL	New	BRIGHAM MINERALS INC	$5,887,000	–	276,503	–	0.24%	–
CLOV	New	CLOVER HEALTH INVESTMENTS CO	$5,859,000	–	439,900	–	0.24%	–
UPWK	New	UPWORK INC	$4,547,000	–	78,000	–	0.19%	–
ANGI	New	ANGI INC	$4,156,000	–	307,376	–	0.17%	–
MMAT	New	META MATERIALS INC	$3,224,000	–	430,399	–	0.13%	–
EXPE	New	EXPEDIA GROUP INC	$2,750,000	–	16,800	–	0.11%	–
AGC	New	ALTIMETER GROWTH CORPcl a	$2,347,000	–	200,600	–	0.10%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$1,959,000	–	28,000	–	0.08%	–

Q4 2020

			Value		Shares		↓ Weighting
ANGI	Exit	ANGI HOMESERVICES INC	$0	–	-100,000	–	-0.05%	–
CROX	Exit	CROCS INC	$0	–	-37,000	–	-0.08%	–
MIK	Exit	MICHAELS COS INC	$0	–	-211,041	–	-0.10%	–
VVV	Exit	VALVOLINE INC	$0	–	-122,512	–	-0.11%	–
SAIC	Exit	SCIENCE APPLICATIONS INTL CO	$0	–	-35,000	–	-0.13%	–
UPWK	Exit	UPWORK INC	$0	–	-212,000	–	-0.18%	–
PD	Exit	PAGERDUTY INC	$0	–	-137,100	–	-0.18%	–
LOW	Exit	LOWES COS INC	$0	–	-22,500	–	-0.18%	–
GLD	Exit	SPDR GOLD TR	$0	–	-22,000	–	-0.19%	–
ETSY	Exit	ETSY INC	$0	–	-36,000	–	-0.21%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-199,382	–	-0.29%	–
ACGL	Exit	ARCH CAP GROUP LTDord	$0	–	-211,300	–	-0.30%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-165,000	–	-0.35%	–
AXS	Exit	AXIS CAP HLDGS LTD	$0	–	-170,386	–	-0.36%	–
CIT	Exit	CIT GROUP INCcall	$0	–	-446,500	–	-0.38%	–
C	Exit	CITIGROUP INCcall	$0	–	-200,000	–	-0.42%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-1,207,990	–	-0.57%	–
CB	Exit	CHUBB LIMITED	$0	–	-129,200	–	-0.72%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-739,333	–	-0.75%	–
ASND	Exit	ASCENDIS PHARMA A/Ssponsored adr	$0	–	-115,450	–	-0.86%	–
WFC	Exit	WELLS FARGO CO NEWcall	$0	–	-840,500	–	-0.95%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-661,500	–	-0.96%	–
ADNT	Exit	ADIENT PLC	$0	–	-1,218,697	–	-1.02%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-154,168	–	-1.02%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-425,236	–	-1.04%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-188,700	–	-1.04%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,412,817	–	-1.06%	–
CIT	Exit	CIT GROUP INC	$0	–	-1,255,083	–	-1.07%	–
KFY	Exit	KORN FERRY	$0	–	-835,000	–	-1.17%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,318,193	–	-1.31%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-1,528,669	–	-1.32%	–
AGNC	Exit	AGNC INVT CORP	$0	–	-1,988,000	–	-1.33%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-220,409	–	-1.35%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-144,500	–	-1.40%	–
APO	Exit	APOLLO GLOBAL MGMT INC	$0	–	-705,271	–	-1.52%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-255,466	–	-1.76%	–
MCD	Exit	MCDONALDS CORP	$0	–	-166,924	–	-1.77%	–
CWK	Exit	CUSHMAN WAKEFIELD PLC	$0	–	-3,578,846	–	-1.82%	–
ABG	Exit	ASBURY AUTOMOTIVE GROUP INC	$0	–	-426,829	–	-2.01%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-600,000	–	-2.08%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-198,000	–	-2.16%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-149,356	–	-2.44%	–
WRK	Exit	WESTROCK CO	$0	–	-1,532,350	–	-2.57%	–
NSP	Exit	INSPERITY INC	$0	–	-918,763	–	-2.90%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-205,368	–	-2.91%	–
BC	Exit	BRUNSWICK CORP	$0	–	-1,025,849	–	-2.92%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-1,467,549	–	-2.92%	–
C	Exit	CITIGROUP INC	$0	–	-1,421,500	–	-2.96%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-492,979	–	-2.97%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-1,296,593	–	-3.18%	–
ATH	Exit	ATHENE HOLDING LTDcl a	$0	–	-2,142,185	–	-3.52%	–
ANTM	Exit	ANTHEM INC	$0	–	-280,439	–	-3.63%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-56,084	–	-3.97%	–
ALLY	Exit	ALLY FINL INC	$0	–	-3,459,809	–	-4.18%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-366,553	–	-4.63%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,563,698	–	-5.72%	–
CI	Exit	CIGNA CORP NEW	$0	–	-734,557	–	-6.00%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-2,144,008	–	-7.00%	–

Q3 2020

			Value		Shares		↓ Weighting
DELL	Sell	DELL TECHNOLOGIES INCcl c	$145,128,000	+21.0%	2,144,008	-1.8%	7.00%	+35.9%
CI	Sell	CIGNA CORP NEW	$124,441,000	-23.2%	734,557	-15.0%	6.00%	-13.8%
CMCSA	Sell	COMCAST CORP NEWcl a	$118,597,000	-18.9%	2,563,698	-31.7%	5.72%	-9.0%
FB	Sell	FACEBOOK INCcl a	$96,000,000	-14.5%	366,553	-25.9%	4.63%	-4.0%
ALLY	Sell	ALLY FINL INC	$86,737,000	-4.4%	3,459,809	-24.4%	4.18%	+7.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$82,197,000	-17.3%	56,084	-20.0%	3.97%	-7.1%
ANTM	Buy	ANTHEM INC	$75,323,000	+15.6%	280,439	+13.2%	3.63%	+29.8%
ATH	Sell	ATHENE HOLDING LTDcl a	$73,006,000	-10.3%	2,142,185	-17.9%	3.52%	+0.7%
FAF	Sell	FIRST AMERN FINL CORP	$66,010,000	+4.4%	1,296,593	-1.5%	3.18%	+17.3%
HCA	Sell	HCA HEALTHCARE INC	$61,465,000	-17.5%	492,979	-35.8%	2.97%	-7.3%
C	Buy	CITIGROUP INC	$61,281,000	+9.9%	1,421,500	+30.2%	2.96%	+23.4%
HDS	Sell	HD SUPPLY HLDGS INC	$60,522,000	+14.3%	1,467,549	-3.9%	2.92%	+28.4%
BC	Sell	BRUNSWICK CORP	$60,433,000	-38.7%	1,025,849	-33.4%	2.92%	-31.2%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$60,374,000	+7.9%	205,368	-20.8%	2.91%	+21.2%
NSP	Sell	INSPERITY INC	$60,170,000	-14.6%	918,763	-15.6%	2.90%	-4.1%
WRK	Sell	WESTROCK CO	$53,234,000	-23.5%	1,532,350	-37.8%	2.57%	-14.1%
MA	Sell	MASTERCARD INCORPORATEDcl a	$50,508,000	-18.8%	149,356	-29.0%	2.44%	-8.8%
CRL	Sell	CHARLES RIV LABS INTL INC	$44,837,000	+14.3%	198,000	-12.0%	2.16%	+28.3%
COF	Buy	CAPITAL ONE FINL CORP	$43,116,000	+24.1%	600,000	+8.1%	2.08%	+39.3%
ABG	Buy	ASBURY AUTOMOTIVE GROUP INC	$41,594,000	+629.1%	426,829	+478.6%	2.01%	+719.2%
CWK	Sell	CUSHMAN WAKEFIELD PLC	$37,614,000	-34.2%	3,578,846	-22.0%	1.82%	-26.1%
MCD	Sell	MCDONALDS CORP	$36,638,000	-0.7%	166,924	-16.5%	1.77%	+11.5%
LBRDK	New	LIBERTY BROADBAND CORP	$36,498,000	–	255,466	–	1.76%	–
APO	Buy	APOLLO GLOBAL MGMT INC	$31,561,000	-2.0%	705,271	+9.3%	1.52%	+10.0%
GS	Sell	GOLDMAN SACHS GROUP INC	$29,040,000	-35.1%	144,500	-36.2%	1.40%	-27.1%
BIDU	Sell	BAIDU INCspon adr rep a	$27,902,000	-61.3%	220,409	-63.4%	1.35%	-56.6%
AGNC	Sell	AGNC INVT CORP	$27,653,000	-4.2%	1,988,000	-11.2%	1.33%	+7.6%
GTS	Sell	TRIPLE-S MGMT CORPcl b	$27,317,000	-23.7%	1,528,669	-18.8%	1.32%	-14.4%
LBTYK	Sell	LIBERTY GLOBAL PLC	$27,069,000	-11.3%	1,318,193	-7.1%	1.31%	-0.4%
KFY	Sell	KORN FERRY	$24,215,000	-13.4%	835,000	-8.2%	1.17%	-2.8%
CIT	Sell	CIT GROUP INC	$22,228,000	-40.3%	1,255,083	-30.2%	1.07%	-33.0%
BHC	Buy	BAUSCH HEALTH COS INC	$21,955,000	-13.5%	1,412,817	+1.8%	1.06%	-2.9%
TMUS	New	T-MOBILE US INC	$21,580,000	–	188,700	–	1.04%	–
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$21,474,000	-0.3%	425,236	-15.8%	1.04%	+12.0%
DEO	Sell	DIAGEO PLCspon adr new	$21,223,000	-14.3%	154,168	-16.3%	1.02%	-3.7%
ADNT	Sell	ADIENT PLC	$21,120,000	-8.7%	1,218,697	-13.5%	1.02%	+2.5%
SKX	Buy	SKECHERS U S A INCcl a	$19,991,000	+28.3%	661,500	+33.2%	0.96%	+44.2%
ASND	Sell	ASCENDIS PHARMA A/Ssponsored adr	$17,816,000	-7.7%	115,450	-11.5%	0.86%	+3.7%
LBTYA	Sell	LIBERTY GLOBAL PLC	$15,533,000	-10.5%	739,333	-6.9%	0.75%	+0.4%
CB	Sell	CHUBB LIMITED	$15,003,000	-43.4%	129,200	-38.2%	0.72%	-36.4%
AXS	Sell	AXIS CAP HLDGS LTD	$7,504,000	-70.4%	170,386	-72.8%	0.36%	-66.8%
CDK	Sell	CDK GLOBAL INC	$7,192,000	-19.2%	165,000	-23.3%	0.35%	-9.4%
CWH	New	CAMPING WORLD HLDGS INCcl a	$5,932,000	–	199,382	–	0.29%	–
ETSY	Sell	ETSY INC	$4,379,000	-23.9%	36,000	-33.6%	0.21%	-14.6%
GLD	New	SPDR GOLD TR	$3,897,000	–	22,000	–	0.19%	–
LOW	New	LOWES COS INC	$3,732,000	–	22,500	–	0.18%	–
PD	Sell	PAGERDUTY INC	$3,717,000	-27.9%	137,100	-23.8%	0.18%	-19.0%
UPWK	New	UPWORK INC	$3,697,000	–	212,000	–	0.18%	–
SAIC	New	SCIENCE APPLICATIONS INTL CO	$2,745,000	–	35,000	–	0.13%	–
VVV	New	VALVOLINE INC	$2,333,000	–	122,512	–	0.11%	–
MIK	New	MICHAELS COS INC	$2,038,000	–	211,041	–	0.10%	–
CROX	Sell	CROCS INC	$1,581,000	-67.7%	37,000	-72.2%	0.08%	-63.8%
ANGI	Sell	ANGI HOMESERVICES INC	$1,110,000	-79.0%	100,000	-77.1%	0.05%	-76.3%
SHAK	Exit	SHAKE SHACK INCcl a	$0	–	-62,500	–	-0.14%	–
NKLA	Exit	NIKOLA CORP	$0	–	-85,000	–	-0.25%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-616,100	–	-0.55%	–
YNDX	Exit	YANDEX N V	$0	–	-1,029,349	–	-2.21%	–

Q2 2020

			Value		Shares		↓ Weighting
CI	New	CIGNA CORP NEW	$162,122,000	–	863,957	–	6.97%	–
CMCSA	New	COMCAST CORP NEWcl a	$146,319,000	–	3,753,698	–	6.29%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$119,918,000	–	2,182,715	–	5.15%	–
FB	New	FACEBOOK INCcl a	$112,298,000	–	494,553	–	4.82%	–
GOOGL	New	ALPHABET INCcap stk cl a	$99,383,000	–	70,084	–	4.27%	–
BC	New	BRUNSWICK CORP	$98,630,000	–	1,540,849	–	4.24%	–
ALLY	New	ALLY FINL INC	$90,718,000	–	4,574,809	–	3.90%	–
ATH	New	ATHENE HLDG LTDcl a	$81,422,000	–	2,610,532	–	3.50%	–
HCA	New	HCA HEALTHCARE INC	$74,501,000	–	767,579	–	3.20%	–
BIDU	New	BAIDU INCspon adr rep a	$72,103,000	–	601,409	–	3.10%	–
NSP	New	INSPERITY INC	$70,476,000	–	1,088,763	–	3.03%	–
WRK	New	WESTROCK CO	$69,589,000	–	2,462,450	–	2.99%	–
ANTM	New	ANTHEM INC	$65,150,000	–	247,739	–	2.80%	–
FAF	New	FIRST AMERN FINL CORP	$63,223,000	–	1,316,593	–	2.72%	–
MA	New	MASTERCARD INCORPORATEDcl a	$62,202,000	–	210,356	–	2.67%	–
CWK	New	CUSHMAN WAKEFIELD PLC	$57,177,000	–	4,588,846	–	2.46%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$55,946,000	–	259,368	–	2.40%	–
C	New	CITIGROUP INC	$55,776,000	–	1,091,500	–	2.40%	–
HDS	New	HD SUPPLY HLDGS INC	$52,930,000	–	1,527,549	–	2.27%	–
YNDX	New	YANDEX N V	$51,488,000	–	1,029,349	–	2.21%	–
GS	New	GOLDMAN SACHS GROUP INC	$44,761,000	–	226,500	–	1.92%	–
CRL	New	CHARLES RIV LABS INTL INC	$39,229,000	–	225,000	–	1.69%	–
CIT	New	CIT GROUP INC	$37,254,000	–	1,797,083	–	1.60%	–
MCD	New	MCDONALDS CORP	$36,880,000	–	199,924	–	1.58%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$35,821,000	–	1,883,319	–	1.54%	–
COF	New	CAPITAL ONE FINL CORP	$34,737,000	–	555,000	–	1.49%	–
APO	New	APOLLO GLOBAL MGMT INC	$32,212,000	–	645,271	–	1.38%	–
LBTYK	New	LIBERTY GLOBAL PLC	$30,505,000	–	1,418,193	–	1.31%	–
AGNC	New	AGNC INVT CORP	$28,870,000	–	2,238,000	–	1.24%	–
KFY	New	KORN FERRY	$27,964,000	–	910,000	–	1.20%	–
CB	New	CHUBB LIMITED	$26,489,000	–	209,200	–	1.14%	–
BHC	New	BAUSCH HEALTH COS INC	$25,383,000	–	1,387,817	–	1.09%	–
AXS	New	AXIS CAPITAL HOLDINGS LTD	$25,366,000	–	625,386	–	1.09%	–
DEO	New	DIAGEO P L Cspon adr new	$24,750,000	–	184,168	–	1.06%	–
ADNT	New	ADIENT PLC	$23,131,000	–	1,408,697	–	0.99%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$21,533,000	–	505,236	–	0.92%	–
WFC	New	WELLS FARGO CO NEWcall	$21,517,000	–	840,500	–	0.92%	–
ASND	New	ASCENDIS PHARMA A Ssponsored adr	$19,294,000	–	130,450	–	0.83%	–
LBTYA	New	LIBERTY GLOBAL PLC	$17,364,000	–	794,333	–	0.75%	–
SKX	New	SKECHERS U S A INCcl a	$15,580,000	–	496,500	–	0.67%	–
UE	New	URBAN EDGE PPTYS	$14,339,000	–	1,207,990	–	0.62%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$12,753,000	–	616,100	–	0.55%	–
C	New	CITIGROUP INCcall	$10,220,000	–	200,000	–	0.44%	–
CIT	New	CIT GROUP INCcall	$9,256,000	–	446,500	–	0.40%	–
CDK	New	CDK GLOBAL INC	$8,905,000	–	215,000	–	0.38%	–
ACGL	New	ARCH CAP GROUP LTDord	$6,054,000	–	211,300	–	0.26%	–
ETSY	New	ETSY INC	$5,758,000	–	54,200	–	0.25%	–
NKLA	New	NIKOLA CORP	$5,740,000	–	85,000	–	0.25%	–
ABG	New	ASBURY AUTOMOTIVE GROUP INC	$5,705,000	–	73,774	–	0.24%	–
ANGI	New	ANGI HOMESERVICES INC	$5,297,000	–	436,000	–	0.23%	–
PD	New	PAGERDUTY INC	$5,152,000	–	180,000	–	0.22%	–
CROX	New	CROCS INC	$4,897,000	–	133,000	–	0.21%	–
SHAK	New	SHAKE SHACK INCcl a	$3,311,000	–	62,500	–	0.14%	–

Q4 2019

			Value		Shares		↓ Weighting
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-657,000	–	-0.36%	–
STT	Exit	STATE STR CORP	$0	–	-255,596	–	-0.52%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-99,558	–	-0.56%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-866,100	–	-0.61%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-701,837	–	-0.63%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-140,831	–	-0.67%	–
POLY	Exit	PLANTRONICS INC NEW	$0	–	-559,887	–	-0.71%	–
ADNT	Exit	ADIENT PLC	$0	–	-988,565	–	-0.78%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-1,798,438	–	-0.82%	–
MAS	Exit	MASCO CORP	$0	–	-625,556	–	-0.89%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-1,410,051	–	-0.92%	–
ASND	Exit	ASCENDIS PHARMA A Ssponsored adr	$0	–	-310,450	–	-1.02%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-1,117,485	–	-1.09%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-314,609	–	-1.10%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-274,488	–	-1.28%	–
FDX	Exit	FEDEX CORP	$0	–	-305,200	–	-1.52%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-1,166,000	–	-2.06%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-1,244,946	–	-2.10%	–
YNDX	Exit	YANDEX N V	$0	–	-1,761,349	–	-2.10%	–
CWK	Exit	CUSHMAN WAKEFIELD PLC	$0	–	-3,450,235	–	-2.18%	–
WRK	Exit	WESTROCK CO	$0	–	-2,161,859	–	-2.69%	–
ATH	Exit	ATHENE HLDG LTDcl a	$0	–	-2,026,149	–	-2.91%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-1,939,602	–	-3.18%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-1,341,000	–	-4.16%	–
CIT	Exit	CIT GROUP INC	$0	–	-2,957,217	–	-4.57%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-759,262	–	-4.61%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-2,742,600	–	-4.85%	–
BC	Exit	BRUNSWICK CORP	$0	–	-3,353,059	–	-5.96%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-877,000	–	-6.20%	–
ALLY	Exit	ALLY FINL INC	$0	–	-5,579,809	–	-6.31%	–
CI	Exit	CIGNA CORP NEW	$0	–	-1,299,767	–	-6.73%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-5,021,498	–	-7.72%	–
C	Exit	CITIGROUP INC	$0	–	-3,846,500	–	-9.07%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-218,579	–	-9.11%	–

Q3 2019

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$266,916,000	-4.3%	218,579	-15.1%	9.11%	+7.1%
C	Sell	CITIGROUP INC	$265,716,000	-6.0%	3,846,500	-4.7%	9.07%	+5.2%
CMCSA	Sell	COMCAST CORP NEWcl a	$226,369,000	-7.0%	5,021,498	-12.8%	7.72%	+4.1%
CI	Sell	CIGNA CORP NEW	$197,292,000	-6.7%	1,299,767	-3.1%	6.73%	+4.5%
ALLY	Sell	ALLY FINL INC	$185,026,000	-28.5%	5,579,809	-33.2%	6.31%	-20.0%
GS	Sell	GOLDMAN SACHS GROUP INC	$181,741,000	-1.4%	877,000	-2.7%	6.20%	+10.4%
BC	Sell	BRUNSWICK CORP	$174,761,000	-6.7%	3,353,059	-17.8%	5.96%	+4.5%
DELL	Buy	DELL TECHNOLOGIES INCcl c	$142,231,000	+34.0%	2,742,600	+31.3%	4.85%	+50.1%
FB	Buy	FACEBOOK INCcl a	$135,209,000	-2.7%	759,262	+5.4%	4.61%	+8.9%
CIT	Buy	CIT GROUP INC	$133,992,000	+8.0%	2,957,217	+25.2%	4.57%	+20.9%
COF	Buy	CAPITAL ONE FINL CORP	$122,004,000	+55.3%	1,341,000	+54.8%	4.16%	+73.8%
CDK	Sell	CDK GLOBAL INC	$93,275,000	-26.4%	1,939,602	-24.4%	3.18%	-17.6%
ATH	New	ATHENE HLDG LTDcl a	$85,220,000	–	2,026,149	–	2.91%	–
WRK	Sell	WESTROCK CO	$78,800,000	-12.2%	2,161,859	-12.1%	2.69%	-1.6%
CWK	Buy	CUSHMAN WAKEFIELD PLC	$63,933,000	+10.4%	3,450,235	+6.6%	2.18%	+23.6%
YNDX	Buy	YANDEX N V	$61,665,000	+4.3%	1,761,349	+13.2%	2.10%	+16.7%
WUBA	Buy	58 COM INCspon adr rep a	$61,388,000	-18.1%	1,244,946	+3.3%	2.10%	-8.3%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$60,329,000	+3.0%	1,166,000	+10.9%	2.06%	+15.3%
FDX	Sell	FEDEX CORP	$44,428,000	-29.8%	305,200	-20.8%	1.52%	-21.4%
UTX	Sell	UNITED TECHNOLOGIES CORP	$37,473,000	-10.9%	274,488	-15.0%	1.28%	-0.2%
BIDU	Sell	BAIDU INCspon adr rep a	$32,329,000	-73.6%	314,609	-69.9%	1.10%	-70.5%
ATUS	Sell	ALTICE USA INCcl a	$32,049,000	-31.4%	1,117,485	-41.7%	1.09%	-23.1%
ASND	Sell	ASCENDIS PHARMA A Ssponsored adr	$29,903,000	-66.2%	310,450	-59.6%	1.02%	-62.2%
ON	Buy	ON SEMICONDUCTOR CORP	$27,087,000	+0.4%	1,410,051	+5.6%	0.92%	+12.4%
GTS	Buy	TRIPLE-S MGMT CORPcl b	$24,099,000	+47.8%	1,798,438	+163.1%	0.82%	+65.4%
ADNT	Sell	ADIENT PLC	$22,697,000	-55.7%	988,565	-53.2%	0.78%	-50.4%
POLY	Sell	PLANTRONICS INC NEW	$20,895,000	-34.1%	559,887	-34.6%	0.71%	-26.3%
BMCH	Sell	BMC STK HLDGS INC	$18,374,000	-15.2%	701,837	-31.3%	0.63%	-5.0%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$17,820,000	-13.1%	866,100	-28.8%	0.61%	-2.7%
DEO	New	DIAGEO P L Cspon adr new	$16,280,000	–	99,558	–	0.56%	–
STT	Sell	STATE STR CORP	$15,129,000	-67.7%	255,596	-69.4%	0.52%	-63.9%
SLV	New	ISHARES SILVER TRUSTishares	$10,459,000	–	657,000	–	0.36%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-80,000	–	-0.11%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-125,000	–	-0.15%	–
BYND	Exit	BEYOND MEAT INC	$0	–	-47,300	–	-0.23%	–
SEDG	Exit	SOLAREDGE TECHNOLOGIES INC	$0	–	-164,300	–	-0.31%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-170,169	–	-0.62%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,074,365	–	-1.55%	–

Q2 2019

			Value		Shares		↓ Weighting
C	New	CITIGROUP INC	$282,676,000	–	4,036,500	–	8.62%	–
GOOGL	New	ALPHABET INCcap stk cl a	$278,907,000	–	257,579	–	8.50%	–
ALLY	New	ALLY FINL INC	$258,916,000	–	8,354,809	–	7.89%	–
CMCSA	New	COMCAST CORP NEWcl a	$243,385,000	–	5,756,498	–	7.42%	–
CI	New	CIGNA CORP NEW	$211,395,000	–	1,341,767	–	6.44%	–
BC	New	BRUNSWICK CORP	$187,231,000	–	4,080,006	–	5.71%	–
GS	New	GOLDMAN SACHS GROUP INC	$184,345,000	–	901,000	–	5.62%	–
FB	New	FACEBOOK INCcl a	$139,011,000	–	720,262	–	4.24%	–
CDK	New	CDK GLOBAL INC	$126,800,000	–	2,564,717	–	3.86%	–
CIT	New	CIT GROUP INC	$124,111,000	–	2,362,217	–	3.78%	–
BIDU	New	BAIDU INCspon adr rep a	$122,595,000	–	1,044,609	–	3.74%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$106,106,000	–	2,088,700	–	3.23%	–
WRK	New	WESTROCK CO	$89,700,000	–	2,459,559	–	2.73%	–
ASND	New	ASCENDIS PHARMA A Ssponsored adr	$88,457,000	–	768,193	–	2.70%	–
COF	New	CAPITAL ONE FINL CORP	$78,581,000	–	866,000	–	2.40%	–
WUBA	New	58 COM INCspon adr rep a	$74,911,000	–	1,204,946	–	2.28%	–
FDX	New	FEDEX CORP	$63,246,000	–	385,200	–	1.93%	–
YNDX	New	YANDEX N V	$59,141,000	–	1,556,349	–	1.80%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$58,583,000	–	1,051,000	–	1.79%	–
CWK	New	CUSHMAN WAKEFIELD PLC	$57,891,000	–	3,237,750	–	1.76%	–
ADNT	New	ADIENT PLC	$51,220,000	–	2,110,408	–	1.56%	–
WFC	New	WELLS FARGO CO NEW	$50,839,000	–	1,074,365	–	1.55%	–
STT	New	STATE STR CORP	$46,867,000	–	836,013	–	1.43%	–
ATUS	New	ALTICE USA INCcl a	$46,691,000	–	1,917,485	–	1.42%	–
UTX	New	UNITED TECHNOLOGIES CORP	$42,047,000	–	322,938	–	1.28%	–
POLY	New	PLANTRONICS INC NEW	$31,706,000	–	855,992	–	0.97%	–
ON	New	ON SEMICONDUCTOR CORP	$26,981,000	–	1,335,051	–	0.82%	–
MAS	New	MASCO CORP	$24,547,000	–	625,556	–	0.75%	–
BMCH	New	BMC STK HLDGS INC	$21,663,000	–	1,021,837	–	0.66%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$20,503,000	–	1,216,100	–	0.62%	–
LAD	New	LITHIA MTRS INCcl a	$20,213,000	–	170,169	–	0.62%	–
GLD	New	SPDR GOLD TRUST	$18,759,000	–	140,831	–	0.57%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$16,301,000	–	683,472	–	0.50%	–
SEDG	New	SOLAREDGE TECHNOLOGIES INC	$10,262,000	–	164,300	–	0.31%	–
BYND	New	BEYOND MEAT INC	$7,600,000	–	47,300	–	0.23%	–
DISH	New	DISH NETWORK CORPcl a	$4,801,000	–	125,000	–	0.15%	–
WB	New	WEIBO CORPsponsored adr	$3,484,000	–	80,000	–	0.11%	–

Q4 2018

			Value		Shares		↓ Weighting
RLJPRA	Exit	RLJ LODGING TRcum conv pfd a	$0	–	-12,600	–	-0.01%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-30,000	–	-0.06%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-32,810	–	-0.12%	–
TSLA	Exit	TESLA INCput	$0	–	-27,000	–	-0.24%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-455,051	–	-0.28%	–
MDXG	Exit	MIMEDX GROUP INC	$0	–	-1,851,109	–	-0.38%	–
YY	Exit	YY INC	$0	–	-184,270	–	-0.46%	–
CI	Exit	CIGNA CORPORATION	$0	–	-111,562	–	-0.77%	–
CLS	Exit	CELESTICA INC	$0	–	-3,007,667	–	-1.08%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-1,782,700	–	-1.10%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-459,169	–	-1.24%	–
YNDX	Exit	YANDEX N V	$0	–	-1,224,776	–	-1.33%	–
CWK	Exit	CUSHMAN WAKEFIELD PLC	$0	–	-2,384,350	–	-1.34%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-3,026,100	–	-1.47%	–
VER	Exit	VEREIT INC	$0	–	-6,415,230	–	-1.54%	–
ASND	Exit	ASCENDIS PHARMA A Ssponsored adr	$0	–	-786,493	–	-1.84%	–
CIT	Exit	CIT GROUP INC	$0	–	-1,194,870	–	-2.04%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-3,423,785	–	-2.05%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-683,640	–	-2.15%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-962,946	–	-2.34%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-1,067,085	–	-2.64%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-1,359,717	–	-2.81%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-620,840	–	-2.87%	–
BC	Exit	BRUNSWICK CORP	$0	–	-1,426,257	–	-3.16%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-691,093	–	-3.18%	–
FDX	Exit	FEDEX CORP	$0	–	-465,200	–	-3.70%	–
ADNT	Exit	ADIENT PLC	$0	–	-2,874,990	–	-3.73%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-511,298	–	-3.76%	–
WRK	Exit	WESTROCK CO	$0	–	-3,993,372	–	-7.05%	–
ALLY	Exit	ALLY FINL INC	$0	–	-9,034,853	–	-7.90%	–
C	Exit	CITIGROUP INC	$0	–	-3,466,500	–	-8.22%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-221,156	–	-8.82%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-7,551,298	–	-8.83%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,525,459	–	-11.52%	–

Q3 2018

			Value		Shares		↓ Weighting
BIDU	Buy	BAIDU INCspon adr rep a	$348,842,000	+5.1%	1,525,459	+11.6%	11.52%	+5.1%
CMCSA	Buy	COMCAST CORP NEWcl a	$267,391,000	+11.6%	7,551,298	+3.4%	8.83%	+11.6%
GOOGL	Sell	ALPHABET INCcap stk cl a	$266,953,000	-9.1%	221,156	-15.0%	8.82%	-9.1%
C	Sell	CITIGROUP INC	$248,687,000	+3.8%	3,466,500	-3.2%	8.22%	+3.8%
ALLY	Sell	ALLY FINL INC	$238,972,000	-7.0%	9,034,853	-7.7%	7.90%	-7.0%
WRK	Buy	WESTROCK CO	$213,406,000	+3.3%	3,993,372	+10.3%	7.05%	+3.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$113,820,000	-24.8%	511,298	-33.6%	3.76%	-24.8%
ADNT	Sell	ADIENT PLC	$113,016,000	-29.0%	2,874,990	-11.1%	3.73%	-29.0%
FDX	Buy	FEDEX CORP	$112,016,000	+14.7%	465,200	+8.1%	3.70%	+14.7%
HCA	Sell	HCA HEALTHCARE INC	$96,145,000	-54.6%	691,093	-66.5%	3.18%	-54.6%
UTX	New	UNITED TECHNOLOGIES CORP	$86,800,000	–	620,840	–	2.87%	–
CDK	Buy	CDK GLOBAL INC	$85,064,000	+15.2%	1,359,717	+19.8%	2.81%	+15.3%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$79,914,000	-7.5%	1,067,085	-9.2%	2.64%	-7.5%
WUBA	New	58 COM INCspon adr rep a	$70,873,000	–	962,946	–	2.34%	–
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$64,953,000	+19.8%	683,640	-2.7%	2.15%	+19.8%
CIT	Sell	CIT GROUP INC	$61,667,000	-13.2%	1,194,870	-15.2%	2.04%	-13.2%
ASND	Buy	ASCENDIS PHARMA A Ssponsored adr	$55,731,000	+86.0%	786,493	+74.6%	1.84%	+86.0%
VER	Sell	VEREIT INC	$46,575,000	-26.9%	6,415,230	-25.1%	1.54%	-26.9%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$44,423,000	-7.8%	3,026,100	+14.9%	1.47%	-7.7%
CWK	New	CUSHMAN WAKEFIELD PLC	$40,510,000	–	2,384,350	–	1.34%	–
YNDX	New	YANDEX N V	$40,283,000	–	1,224,776	–	1.33%	–
LAD	Buy	LITHIA MTRS INCcl a	$37,496,000	+127.6%	459,169	+163.6%	1.24%	+127.8%
CLS	Sell	CELESTICA INC	$32,573,000	-13.5%	3,007,667	-5.2%	1.08%	-13.5%
CI	New	CIGNA CORPORATION	$23,233,000	–	111,562	–	0.77%	–
YY	New	YY INC	$13,806,000	–	184,270	–	0.46%	–
MDXG	Buy	MIMEDX GROUP INC	$11,440,000	+110.3%	1,851,109	+117.5%	0.38%	+110.0%
TSLA	Sell	TESLA INCput	$7,149,000	-75.5%	27,000	-68.2%	0.24%	-75.5%
WH	New	WYNDHAM HOTELS & RESORTS INC	$1,667,000	–	30,000	–	0.06%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-25,000	–	-0.04%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-7,000	–	-0.04%	–
GSKY	Exit	GREENSKY INCcl a	$0	–	-60,000	–	-0.04%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-55,000	–	-0.05%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-135,000	–	-0.06%	–
PRSP	Exit	PERSPECTA INC	$0	–	-255,000	–	-0.17%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-606,000	–	-0.30%	–
ORCL	Exit	ORACLE CORP	$0	–	-211,000	–	-0.31%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-127,000	–	-0.82%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-2,861,807	–	-2.16%	–

Q2 2018

			Value		Shares		↓ Weighting
BIDU	New	BAIDU INCspon adr rep a	$332,050,000	–	1,366,459	–	10.97%	–
GOOGL	New	ALPHABET INCcap stk cl a	$293,628,000	–	260,034	–	9.70%	–
ALLY	New	ALLY FINL INC	$257,048,000	–	9,784,853	–	8.49%	–
C	New	CITIGROUP INC	$239,674,000	–	3,581,500	–	7.92%	–
CMCSA	New	COMCAST CORP NEWcl a	$239,556,000	–	7,301,298	–	7.91%	–
HCA	New	HCA HEALTHCARE INC	$211,772,000	–	2,064,054	–	7.00%	–
WRK	New	WESTROCK CO	$206,491,000	–	3,621,372	–	6.82%	–
ADNT	New	ADIENT PLC	$159,129,000	–	3,234,990	–	5.26%	–
MA	New	MASTERCARD INCORPORATEDcl a	$151,379,000	–	770,298	–	5.00%	–
FDX	New	FEDEX CORP	$97,681,000	–	430,200	–	3.23%	–
BC	New	BRUNSWICK CORP	$91,965,000	–	1,426,257	–	3.04%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$86,428,000	–	1,175,085	–	2.86%	–
CDK	New	CDK GLOBAL INC	$73,813,000	–	1,134,717	–	2.44%	–
CIT	New	CIT GROUP INC	$71,072,000	–	1,409,870	–	2.35%	–
RLGY	New	REALOGY HLDGS CORP	$65,249,000	–	2,861,807	–	2.16%	–
VER	New	VEREIT INC	$63,725,000	–	8,565,230	–	2.10%	–
ATUS	New	ALTICE USA INCcl a	$58,410,000	–	3,423,785	–	1.93%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$54,227,000	–	702,333	–	1.79%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$48,161,000	–	2,633,200	–	1.59%	–
CLS	New	CELESTICA INC	$37,665,000	–	3,173,167	–	1.24%	–
BMCH	New	BMC STK HLDGS INC	$37,169,000	–	1,782,700	–	1.23%	–
ASND	New	ASCENDIS PHARMA A Ssponsored adr	$29,969,000	–	450,526	–	0.99%	–
TSLA	New	TESLA INCput	$29,151,000	–	85,000	–	0.96%	–
FB	New	FACEBOOK INCcl a	$24,679,000	–	127,000	–	0.82%	–
LAD	New	LITHIA MTRS INCcl a	$16,471,000	–	174,169	–	0.54%	–
ON	New	ON SEMICONDUCTOR CORP	$10,118,000	–	455,051	–	0.33%	–
ORCL	New	ORACLE CORP	$9,297,000	–	211,000	–	0.31%	–
SLV	New	ISHARES SILVER TRUSTishares	$9,181,000	–	606,000	–	0.30%	–
MDXG	New	MIMEDX GROUP INC	$5,439,000	–	851,109	–	0.18%	–
PRSP	New	PERSPECTA INC	$5,240,000	–	255,000	–	0.17%	–
GLD	New	SPDR GOLD TRUST	$3,893,000	–	32,810	–	0.13%	–
BILI	New	BILIBILI INCspons ads rep z	$1,889,000	–	135,000	–	0.06%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$1,526,000	–	55,000	–	0.05%	–
GSKY	New	GREENSKY INCcl a	$1,269,000	–	60,000	–	0.04%	–
LRCX	New	LAM RESEARCH CORP	$1,210,000	–	7,000	–	0.04%	–
AMAT	New	APPLIED MATLS INC	$1,155,000	–	25,000	–	0.04%	–
RLJPRA	New	RLJ LODGING TRcum conv pfd a	$331,000	–	12,600	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
WMIH	Exit	WMIH CORP	$0	–	-2,769,100	–	-0.10%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-32,810	–	-0.14%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-59,225	–	-0.16%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-303,988	–	-0.24%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-527,000	–	-0.30%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-597,896	–	-0.48%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-796,498	–	-0.68%	–
ABG	Exit	ASBURY AUTOMOTIVE GROUP INC	$0	–	-369,301	–	-0.82%	–
VER	Exit	VEREIT INC	$0	–	-3,955,230	–	-1.18%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-1,137,578	–	-1.23%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-349,169	–	-1.52%	–
CMCSA	Exit	COMCAST CORP NEWcall	$0	–	-1,140,000	–	-1.58%	–
CDW	Exit	CDW CORP	$0	–	-737,077	–	-1.76%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-1,324,361	–	-1.81%	–
AGNPRA	Exit	ALLERGAN PLCpfd conv ser a	$0	–	-90,150	–	-2.40%	–
FDX	Exit	FEDEX CORP	$0	–	-297,500	–	-2.42%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-4,795,051	–	-3.20%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-2,991,807	–	-3.56%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-1,674,717	–	-3.82%	–
WRK	Exit	WESTROCK CO	$0	–	-2,021,372	–	-4.14%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-1,737,085	–	-4.31%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-919,298	–	-4.69%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,758,798	–	-5.22%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-2,077,054	–	-5.97%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-178,534	–	-6.28%	–
C	Exit	CITIGROUP INC	$0	–	-2,476,500	–	-6.51%	–
CIT	Exit	CIT GROUP INC	$0	–	-4,291,974	–	-7.60%	–
ALLY	Exit	ALLY FINL INC	$0	–	-8,752,470	–	-7.67%	–
ADNT	Exit	ADIENT PLC	$0	–	-3,329,900	–	-10.10%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,129,459	–	-10.10%	–

Q3 2017

			Value		Shares		↓ Weighting
BIDU	Sell	BAIDU INCspon adr rep a	$279,756,000	+26.6%	1,129,459	-8.6%	10.10%	+16.0%
ADNT	Sell	ADIENT PLC	$279,678,000	+24.8%	3,329,900	-2.8%	10.10%	+14.4%
ALLY	Buy	ALLY FINL INC	$212,335,000	+26.0%	8,752,470	+8.5%	7.67%	+15.4%
CIT	Buy	CIT GROUP INC	$210,521,000	+16.9%	4,291,974	+16.1%	7.60%	+7.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$173,842,000	+12.8%	178,534	+7.7%	6.28%	+3.3%
HCA	Buy	HCA HEALTHCARE INC	$165,313,000	+0.6%	2,077,054	+10.2%	5.97%	-7.8%
CMCSA	Buy	COMCAST CORP NEWcl a	$144,639,000	+21.8%	3,758,798	+23.2%	5.22%	+11.6%
MA	Sell	MASTERCARD INCORPORATEDcl a	$129,805,000	-10.7%	919,298	-23.2%	4.69%	-18.2%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$119,338,000	+3.6%	1,737,085	-0.6%	4.31%	-5.1%
WRK	Buy	WESTROCK CO	$114,672,000	+19.7%	2,021,372	+19.5%	4.14%	+9.6%
RLGY	Buy	REALOGY HLDGS CORP	$98,580,000	+2.6%	2,991,807	+1.0%	3.56%	-6.0%
ON	New	ON SEMICONDUCTOR CORP	$88,565,000	–	4,795,051	–	3.20%	–
CBRE	Sell	CBRE GROUP INCcl a	$50,167,000	-23.4%	1,324,361	-26.4%	1.81%	-29.8%
CDW	Sell	CDW CORP	$48,647,000	-28.8%	737,077	-32.6%	1.76%	-34.8%
LAD	Sell	LITHIA MTRS INCcl a	$42,009,000	-25.0%	349,169	-41.2%	1.52%	-31.3%
CJ	Buy	C&J ENERGY SVCS INC NEW	$34,093,000	+53.0%	1,137,578	+75.0%	1.23%	+40.2%
VER	Buy	VEREIT INC	$32,789,000	+20.2%	3,955,230	+18.1%	1.18%	+10.1%
GTS	Sell	TRIPLE-S MGMT CORPcl b	$18,861,000	+6.9%	796,498	-23.7%	0.68%	-2.2%
OEC	Sell	ORION ENGINEERED CARBONS S A	$13,423,000	-40.4%	597,896	-47.0%	0.48%	-45.3%
SLV	Buy	ISHARES SILVER TRUSTishares	$8,295,000	+8.4%	527,000	+8.2%	0.30%	-0.7%
ARD	Buy	ARDAGH GROUP S Acl a	$6,508,000	+45.6%	303,988	+53.8%	0.24%	+33.5%
GPI	Sell	GROUP 1 AUTOMOTIVE INC	$4,291,000	-24.1%	59,225	-33.6%	0.16%	-30.5%
GLD	Sell	SPDR GOLD TRUST	$3,989,000	-22.7%	32,810	-24.9%	0.14%	-29.1%
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-27,400	–	-0.09%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-81,500	–	-0.10%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-10,744	–	-0.14%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-276,660	–	-0.39%	–
	Exit	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$0	–	-47,000,000	–	-2.02%	–

Q2 2017

			Value		Shares		↓ Weighting
ADNT	New	ADIENT PLC	$224,031,000	–	3,426,600	–	8.83%	–
BIDU	New	BAIDU INCspon adr rep a	$220,974,000	–	1,235,459	–	8.71%	–
CIT	New	CIT GROUP INC	$180,043,000	–	3,696,974	–	7.10%	–
ALLY	New	ALLY FINL INC	$168,547,000	–	8,064,470	–	6.64%	–
C	New	CITIGROUP INC	$165,628,000	–	2,476,500	–	6.53%	–
HCA	New	HCA HEALTHCARE INC	$164,290,000	–	1,884,054	–	6.48%	–
GOOGL	New	ALPHABET INCcap stk cl a	$154,162,000	–	165,823	–	6.08%	–
MA	New	MASTERCARD INCORPORATEDcl a	$145,375,000	–	1,196,997	–	5.73%	–
CMCSA	New	COMCAST CORP NEWcl a	$118,745,000	–	3,050,998	–	4.68%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$115,168,000	–	1,747,085	–	4.54%	–
CDK	New	CDK GLOBAL INC	$103,933,000	–	1,674,717	–	4.10%	–
RLGY	New	REALOGY HLDGS CORP	$96,111,000	–	2,961,807	–	3.79%	–
WRK	New	WESTROCK CO	$95,833,000	–	1,691,372	–	3.78%	–
AGNPRA	New	ALLERGAN PLCpfd conv ser a	$78,197,000	–	90,150	–	3.08%	–
CDW	New	CDW CORP	$68,371,000	–	1,093,411	–	2.70%	–
CBRE	New	CBRE GROUP INCcl a	$65,497,000	–	1,799,361	–	2.58%	–
FDX	New	FEDEX CORP	$64,656,000	–	297,500	–	2.55%	–
LAD	New	LITHIA MTRS INCcl a	$55,989,000	–	594,169	–	2.21%	–
	New	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$51,202,000	–	47,000,000	–	2.02%	–
CMCSA	New	COMCAST CORP NEWcall	$44,369,000	–	1,140,000	–	1.75%	–
VER	New	VEREIT INC	$27,269,000	–	3,350,000	–	1.08%	–
OEC	New	ORION ENGINEERED CARBONS S A	$22,509,000	–	1,128,280	–	0.89%	–
CJ	New	C&J ENERGY SVCS INC NEW	$22,276,000	–	650,000	–	0.88%	–
ABG	New	ASBURY AUTOMOTIVE GROUP INC	$20,884,000	–	369,301	–	0.82%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$17,641,000	–	1,043,233	–	0.70%	–
CFG	New	CITIZENS FINL GROUP INC	$9,871,000	–	276,660	–	0.39%	–
SLV	New	ISHARES SILVER TRUSTishares	$7,651,000	–	487,000	–	0.30%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$5,650,000	–	89,225	–	0.22%	–
GLD	New	SPDR GOLD TRUST	$5,159,000	–	43,710	–	0.20%	–
ARD	New	ARDAGH GROUP S Acl a	$4,469,000	–	197,661	–	0.18%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$3,619,000	–	10,744	–	0.14%	–
WMIH	New	WMIH CORP	$3,461,000	–	2,769,100	–	0.14%	–
SYF	New	SYNCHRONY FINL	$2,430,000	–	81,500	–	0.10%	–
COF	New	CAPITAL ONE FINL CORP	$2,264,000	–	27,400	–	0.09%	–

Q4 2016

			Value		Shares		↓ Weighting
IM	Exit	INGRAM MICRO INCcl a	$0	–	-150,687	–	-0.12%	–
CLNYPRC	Exit	COLONY CAP INCconv pfd-c	$0	–	-241,073	–	-0.14%	–
WMIH	Exit	WMIH CORP	$0	–	-2,769,100	–	-0.15%	–
VEDL	Exit	VEDANTA LTDsponsored adr	$0	–	-806,982	–	-0.19%	–
FDX	Exit	FEDEX CORPcall	$0	–	-50,600	–	-0.20%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-391,000	–	-0.22%	–
FXE	Exit	CURRENCYSHARES EURO TR	$0	–	-90,383	–	-0.22%	–
SCTY	Exit	SOLARCITY CORPput	$0	–	-600,000	–	-0.26%	–
SLV	Exit	ISHARES SILVER TRUSTcall	$0	–	-774,000	–	-0.32%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-763,705	–	-0.38%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-1,290,884	–	-0.49%	–
KLXI	Exit	KLX INC	$0	–	-635,332	–	-0.51%	–
AGNPRA	Exit	ALLERGAN PLCpfd conv ser a	$0	–	-32,800	–	-0.61%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-436,425	–	-0.63%	–
TSE	Exit	TRINSEO S A	$0	–	-519,506	–	-0.66%	–
KFY	Exit	KORN FERRY INTL	$0	–	-1,408,402	–	-0.67%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-1,772,779	–	-0.75%	–
CDW	Exit	CDW CORP	$0	–	-778,411	–	-0.80%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-312,600	–	-0.89%	–
	Exit	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$0	–	-43,000,000	–	-0.97%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-623,800	–	-1.01%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-3,488,750	–	-1.02%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-1,751,807	–	-1.02%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-62,323	–	-1.13%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-337,400	–	-1.23%	–
AGN	Exit	ALLERGAN PLC	$0	–	-255,400	–	-1.33%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,000,640	–	-1.34%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-645,356	–	-1.39%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-1,164,717	–	-1.51%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-2,426,361	–	-1.54%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-3,002,200	–	-1.68%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,922,106	–	-1.71%	–
FDX	Exit	FEDEX CORP	$0	–	-443,500	–	-1.75%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-297,644	–	-1.82%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-308,417	–	-1.88%	–
WRK	Exit	WESTROCK CO	$0	–	-2,277,372	–	-2.50%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-744,459	–	-3.06%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,298,249	–	-3.45%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-2,159,097	–	-3.69%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,617,927	–	-3.72%	–
C	Exit	CITIGROUP INC	$0	–	-3,626,500	–	-3.87%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-10,050,000	–	-49.16%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRcall	$2,173,815,000	–	10,050,000	–	49.16%	–
C	Sell	CITIGROUP INC	$171,280,000	+6.0%	3,626,500	-4.9%	3.87%	-50.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$164,656,000	+13.8%	1,617,927	-1.5%	3.72%	-46.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$152,466,000	-11.2%	2,298,249	-12.7%	3.45%	-58.4%
BIDU	Sell	BAIDU INCspon adr rep a	$135,544,000	-11.9%	744,459	-20.1%	3.06%	-58.7%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$83,075,000	-5.2%	308,417	-9.9%	1.88%	-55.6%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$80,355,000	-5.5%	297,644	-20.0%	1.82%	-55.7%
FDX	Sell	FEDEX CORP	$77,471,000	-45.4%	443,500	-52.6%	1.75%	-74.4%
ORCL	Sell	ORACLE CORP	$75,500,000	-10.5%	1,922,106	-6.8%	1.71%	-58.1%
CFG	Sell	CITIZENS FINL GROUP INC	$74,184,000	-43.1%	3,002,200	-54.0%	1.68%	-73.4%
CBRE	New	CBRE GROUP INCcl a	$67,890,000	–	2,426,361	–	1.54%	–
CDK	Sell	CDK GLOBAL INC	$66,808,000	-2.9%	1,164,717	-6.0%	1.51%	-54.5%
LAD	New	LITHIA MTRS INCcl a	$61,644,000	–	645,356	–	1.39%	–
AIG	Sell	AMERICAN INTL GROUP INC	$59,378,000	-13.3%	1,000,640	-22.8%	1.34%	-59.4%
AGN	New	ALLERGAN PLC	$58,821,000	–	255,400	–	1.33%	–
GS	Sell	GOLDMAN SACHS GROUP INC	$54,412,000	-13.3%	337,400	-20.1%	1.23%	-59.4%
GOOGL	New	ALPHABET INCcap stk cl a	$50,111,000	–	62,323	–	1.13%	–
RLGY	New	REALOGY HLDGS CORP	$45,302,000	–	1,751,807	–	1.02%	–
COF	Sell	CAPITAL ONE FINL CORP	$44,808,000	-3.9%	623,800	-15.0%	1.01%	-55.0%
	New	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$42,703,000	–	43,000,000	–	0.97%	–
CDW	Buy	CDW CORP	$35,597,000	+406.9%	778,411	+344.3%	0.80%	+137.5%
KFY	New	KORN FERRY INTL	$29,576,000	–	1,408,402	–	0.67%	–
TSE	Sell	TRINSEO S A	$29,383,000	-14.4%	519,506	-35.0%	0.66%	-59.9%
GPI	Sell	GROUP 1 AUTOMOTIVE INC	$27,879,000	+27.3%	436,425	-1.6%	0.63%	-40.4%
AGNPRA	Sell	ALLERGAN PLCpfd conv ser a	$26,945,000	-39.9%	32,800	-39.0%	0.61%	-71.9%
ACAS	Sell	AMERICAN CAP LTD	$21,829,000	-64.2%	1,290,884	-66.5%	0.49%	-83.2%
GTS	Buy	TRIPLE-S MGMT CORPcl b	$16,748,000	+51.5%	763,705	+68.8%	0.38%	-29.0%
SLV	New	ISHARES SILVER TRUSTcall	$14,087,000	–	774,000	–	0.32%	–
SCTY	Buy	SOLARCITY CORPput	$11,736,000	-9.6%	600,000	+10.6%	0.26%	-57.7%
VRX	New	VALEANT PHARMACEUTICALS INTL	$9,599,000	–	391,000	–	0.22%	–
VEDL	Sell	VEDANTA LTDsponsored adr	$8,368,000	-0.9%	806,982	-24.8%	0.19%	-53.7%
IM	Sell	INGRAM MICRO INCcl a	$5,373,000	-58.9%	150,687	-59.9%	0.12%	-80.7%
AHTPRECL	Exit	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$0	–	-47,135	–	-0.06%	–
CI	Exit	CIGNA CORPORATION	$0	–	-314,159	–	-1.94%	–

Q2 2016

			Value		Shares		↓ Weighting
CMCSA	New	COMCAST CORP NEWcl a	$171,662,000	–	2,633,249	–	8.29%	–
HCA	New	HCA HOLDINGS INC	$166,272,000	–	2,159,097	–	8.03%	–
C	New	CITIGROUP INC	$161,569,000	–	3,811,500	–	7.80%	–
BIDU	New	BAIDU INCspon adr rep a	$153,863,000	–	931,659	–	7.43%	–
MA	New	MASTERCARD INCcl a	$144,676,000	–	1,642,927	–	6.99%	–
FDX	New	FEDEX CORP	$141,990,000	–	935,500	–	6.86%	–
CFG	New	CITIZENS FINL GROUP INC	$130,413,000	–	6,527,200	–	6.30%	–
WRK	New	WESTROCK CO	$88,521,000	–	2,277,372	–	4.27%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$87,645,000	–	342,417	–	4.23%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$85,044,000	–	371,955	–	4.11%	–
ORCL	New	ORACLE CORP	$84,402,000	–	2,062,106	–	4.08%	–
CDK	New	CDK GLOBAL INC	$68,792,000	–	1,239,717	–	3.32%	–
AIG	New	AMERICAN INTL GROUP INC	$68,526,000	–	1,295,640	–	3.31%	–
GS	New	GOLDMAN SACHS GROUP INC	$62,760,000	–	422,400	–	3.03%	–
ACAS	New	AMERICAN CAP LTD	$61,039,000	–	3,855,884	–	2.95%	–
COF	New	CAPITAL ONE FINL CORP	$46,604,000	–	733,800	–	2.25%	–
AGNPRA	New	ALLERGAN PLCpfd conv ser a	$44,847,000	–	53,800	–	2.16%	–
CI	New	CIGNA CORPORATION	$40,209,000	–	314,159	–	1.94%	–
GLD	New	SPDR GOLD TRUSTcall	$39,535,000	–	312,600	–	1.91%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$35,620,000	–	3,488,750	–	1.72%	–
TSE	New	TRINSEO S A	$34,323,000	–	799,506	–	1.66%	–
OEC	New	ORION ENGINEERED CARBONS S A	$28,169,000	–	1,772,779	–	1.36%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$21,897,000	–	443,625	–	1.06%	–
KLXI	New	KLX INC	$19,695,000	–	635,332	–	0.95%	–
IM	New	INGRAM MICRO INCcl a	$13,066,000	–	375,687	–	0.63%	–
SCTY	New	SOLARCITY CORPput	$12,977,000	–	542,300	–	0.63%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$11,054,000	–	452,458	–	0.53%	–
FXE	New	CURRENCYSHARES EURO TR	$9,777,000	–	90,383	–	0.47%	–
VEDL	New	VEDANTA LTDsponsored adr	$8,440,000	–	1,072,482	–	0.41%	–
FDX	New	FEDEX CORPcall	$7,680,000	–	50,600	–	0.37%	–
CDW	New	CDW CORP	$7,022,000	–	175,211	–	0.34%	–
WMIH	New	WMIH CORP	$6,147,000	–	2,769,100	–	0.30%	–
CLNYPRC	New	COLONY CAP INCconv pfd-c	$5,639,000	–	241,073	–	0.27%	–
AHTPRECL	New	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$1,211,000	–	47,135	–	0.06%	–

Q4 2015

			Value		Shares		↓ Weighting
INTEQ	Exit	INTELSAT S A	$0	–	-171,231	–	-0.04%	–
AHTPRECL	Exit	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$0	–	-47,135	–	-0.05%	–
ACAS	Exit	AMERICAN CAP LTDcall	$0	–	-175,000	–	-0.08%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-45,000	–	-0.12%	–
VEDL	Exit	VEDANTA LTDsponsored adr	$0	–	-770,884	–	-0.15%	–
YELP	Exit	YELP INCcl a	$0	–	-200,000	–	-0.16%	–
CLNYPRC	Exit	COLONY CAP INCconv pfd-c	$0	–	-209,000	–	-0.17%	–
TSO	Exit	TESORO CORPcall	$0	–	-50,000	–	-0.18%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-17,500	–	-0.20%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-88,117	–	-0.22%	–
WMIH	Exit	WMIH CORP	$0	–	-2,769,100	–	-0.27%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-568,738	–	-0.28%	–
FXE	Exit	CURRENCYSHARES EURO TR	$0	–	-90,383	–	-0.38%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-255,000	–	-0.46%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-789,609	–	-0.53%	–
NPO	Exit	ENPRO INDS INC	$0	–	-409,858	–	-0.61%	–
TWC	Exit	TIME WARNER CABLE INCcall	$0	–	-100,000	–	-0.68%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTLput	$0	–	-122,200	–	-0.82%	–
KLXI	Exit	KLX INC	$0	–	-635,332	–	-0.86%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-273,625	–	-0.88%	–
GS	Exit	GOLDMAN SACHS GROUP INCcall	$0	–	-145,800	–	-0.96%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-1,772,779	–	-0.97%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-727,886	–	-1.07%	–
BLL	Exit	BALL CORP	$0	–	-468,187	–	-1.10%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-2,310,000	–	-1.10%	–
TSE	Exit	TRINSEO S A	$0	–	-1,645,490	–	-1.57%	–
C	Exit	CITIGROUP INCcall	$0	–	-840,000	–	-1.58%	–
FDX	Exit	FEDEX CORPcall	$0	–	-290,600	–	-1.58%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-739,446	–	-1.65%	–
AXP	Exit	AMERICAN EXPRESS COcall	$0	–	-651,600	–	-1.83%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-3,488,750	–	-1.90%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-1,056,377	–	-1.93%	–
AGN	Exit	ALLERGAN PLC	$0	–	-211,392	–	-2.17%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-2,235,000	–	-2.18%	–
UNP	Exit	UNION PAC CORP	$0	–	-657,900	–	-2.20%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,663,237	–	-2.27%	–
CDW	Exit	CDW CORP	$0	–	-1,595,211	–	-2.47%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,280,640	–	-2.75%	–
TSO	Exit	TESORO CORP	$0	–	-759,300	–	-2.79%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-343,267	–	-3.05%	–
WRK	Exit	WESTROCK CO	$0	–	-1,713,472	–	-3.34%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-4,040,200	–	-3.65%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-8,762,784	–	-4.03%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-1,419,330	–	-4.15%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,193,249	–	-4.72%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-1,477,812	–	-5.04%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,052,159	–	-5.47%	–
C	Exit	CITIGROUP INC	$0	–	-3,017,500	–	-5.66%	–
FDX	Exit	FEDEX CORP	$0	–	-1,050,000	–	-5.72%	–
IM	Exit	INGRAM MICRO INCcl a	$0	–	-6,051,687	–	-6.24%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-1,136,866	–	-7.72%	–

Q3 2015

			Value		Shares		↓ Weighting
IM	Sell	INGRAM MICRO INCcl a	$164,848,000	-3.4%	6,051,687	-11.3%	6.24%	-11.6%
FDX	Buy	FEDEX CORP	$151,179,000	+76.7%	1,050,000	+109.1%	5.72%	+61.7%
C	Buy	CITIGROUP INC	$149,698,000	+4.8%	3,017,500	+16.6%	5.66%	-4.1%
BIDU	New	BAIDU INCspon adr rep a	$144,577,000	–	1,052,159	–	5.47%	–
MA	Buy	MASTERCARD INCcl a	$133,180,000	+38.6%	1,477,812	+43.8%	5.04%	+26.9%
CMCSA	Buy	COMCAST CORP NEWcl a	$124,752,000	+19.5%	2,193,249	+26.4%	4.72%	+9.4%
HCA	Buy	HCA HOLDINGS INC	$109,799,000	+9.6%	1,419,330	+28.5%	4.15%	+0.3%
CFG	Buy	CITIZENS FINL GROUP INC	$96,399,000	+26.7%	4,040,200	+45.1%	3.65%	+16.0%
WRK	New	WESTROCK CO	$88,141,000	–	1,713,472	–	3.34%	–
ICE	Buy	INTERCONTINENTAL EXCHANGE IN	$80,664,000	+28.7%	343,267	+22.5%	3.05%	+17.8%
TSO	Sell	TESORO CORP	$73,834,000	-25.8%	759,300	-35.6%	2.79%	-32.1%
AIG	Buy	AMERICAN INTL GROUP INC	$72,766,000	-7.0%	1,280,640	+1.2%	2.75%	-14.9%
CDW	Sell	CDW CORP	$65,180,000	-26.3%	1,595,211	-38.2%	2.47%	-32.5%
UNP	Buy	UNION PAC CORP	$58,165,000	+62.2%	657,900	+74.9%	2.20%	+48.4%
AGN	Buy	ALLERGAN PLC	$57,458,000	+73.5%	211,392	+93.7%	2.17%	+58.8%
SPR	Buy	SPIRIT AEROSYSTEMS HLDGS INC	$51,065,000	-10.6%	1,056,377	+1.9%	1.93%	-18.2%
AXP	New	AMERICAN EXPRESS COcall	$48,303,000	–	651,600	–	1.83%	–
FDX	New	FEDEX CORPcall	$41,841,000	–	290,600	–	1.58%	–
C	New	CITIGROUP INCcall	$41,672,000	–	840,000	–	1.58%	–
TSE	Buy	TRINSEO S A	$41,549,000	-5.8%	1,645,490	+0.1%	1.57%	-13.8%
BLL	Buy	BALL CORP	$29,121,000	-9.4%	468,187	+2.2%	1.10%	-17.1%
GS	New	GOLDMAN SACHS GROUP INCcall	$25,334,000	–	145,800	–	0.96%	–
GPI	Buy	GROUP 1 AUTOMOTIVE INC	$23,299,000	-2.7%	273,625	+3.8%	0.88%	-11.0%
VRX	New	VALEANT PHARMACEUTICALS INTLput	$21,798,000	–	122,200	–	0.82%	–
GTS	Buy	TRIPLE-S MGMT CORPcl b	$14,063,000	-30.1%	789,609	+0.8%	0.53%	-36.0%
WMIH	New	WMIH CORP	$7,200,000	–	2,769,100	–	0.27%	–
WMT	Sell	WAL-MART STORES INC	$5,714,000	-46.9%	88,117	-42.0%	0.22%	-51.5%
IBB	New	ISHARES TRnasdq biotec etf	$5,308,000	–	17,500	–	0.20%	–
TSO	New	TESORO CORPcall	$4,862,000	–	50,000	–	0.18%	–
CLNYPRC	New	COLONY CAP INCconv pfd-c	$4,569,000	–	209,000	–	0.17%	–
YELP	New	YELP INCcl a	$4,332,000	–	200,000	–	0.16%	–
VEDL	New	VEDANTA LTDsponsored adr	$3,993,000	–	770,884	–	0.15%	–
WDAY	New	WORKDAY INCcl a	$3,099,000	–	45,000	–	0.12%	–
ACAS	New	AMERICAN CAP LTDcall	$2,128,000	–	175,000	–	0.08%	–
INTEQ	Sell	INTELSAT S A	$1,101,000	-94.1%	171,231	-90.9%	0.04%	-94.5%
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-675,000	–	-0.07%	–
MRVL	Exit	MARVELL TECHNOLOGY GROUP LTDord	$0	–	-125,000	–	-0.07%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-115,000	–	-0.09%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-75,000	–	-0.09%	–
SNDK	Exit	SANDISK CORP	$0	–	-60,000	–	-0.14%	–
BRLI	Exit	BIO-REFERENCE LABS INC	$0	–	-138,310	–	-0.24%	–
VXZ	Exit	BARCLAYS BK PLCipath s&p mt etn	$0	–	-940,000	–	-0.43%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-184,400	–	-0.70%	–
F102PS	Exit	BABCOCK & WILCOX CO NEW	$0	–	-622,829	–	-0.84%	–
NCR	Exit	NCR CORP NEW	$0	–	-1,007,298	–	-1.25%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,608,647	–	-2.22%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-3,002,384	–	-2.34%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-1,255,000	–	-3.12%	–

Q2 2015

			Value		Shares		↓ Weighting
TWC	New	TIME WARNER CABLE INC	$202,555,000	–	1,136,866	–	8.37%	–
IM	New	INGRAM MICRO INCcl a	$170,721,000	–	6,820,637	–	7.06%	–
C	New	CITIGROUP INC	$142,906,000	–	2,587,000	–	5.91%	–
ACAS	New	AMERICAN CAP LTD	$118,736,000	–	8,762,784	–	4.91%	–
CMCSA	New	COMCAST CORP NEWcl a	$104,358,000	–	1,735,249	–	4.31%	–
HCA	New	HCA HOLDINGS INC	$100,185,000	–	1,104,330	–	4.14%	–
TSO	New	TESORO CORP	$99,545,000	–	1,179,300	–	4.12%	–
MA	New	MASTERCARD INCcl a	$96,080,000	–	1,027,812	–	3.97%	–
CDW	New	CDW CORP	$88,450,000	–	2,580,211	–	3.66%	–
FDX	New	FEDEX CORP	$85,558,000	–	502,100	–	3.54%	–
AIG	New	AMERICAN INTL GROUP INC	$78,242,000	–	1,265,640	–	3.23%	–
CFG	New	CITIZENS FINL GROUP INC	$76,064,000	–	2,785,200	–	3.14%	–
9207PS	New	ROCK-TENN COcl a	$75,551,000	–	1,255,000	–	3.12%	–
ORCL	New	ORACLE CORP	$67,028,000	–	1,663,237	–	2.77%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$64,507,000	–	3,488,750	–	2.67%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$62,671,000	–	280,267	–	2.59%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$60,834,000	–	739,446	–	2.52%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$57,115,000	–	1,036,377	–	2.36%	–
MU	New	MICRON TECHNOLOGY INC	$56,565,000	–	3,002,384	–	2.34%	–
GM	New	GENERAL MTRS CO	$53,616,000	–	1,608,647	–	2.22%	–
JBLU	New	JETBLUE AIRWAYS CORP	$46,399,000	–	2,235,000	–	1.92%	–
TSE	New	TRINSEO S A	$44,123,000	–	1,643,940	–	1.82%	–
UNP	New	UNION PAC CORP	$35,869,000	–	376,100	–	1.48%	–
NWSA	New	NEWS CORP NEWcl a	$33,703,000	–	2,310,000	–	1.39%	–
AGN	New	ALLERGAN PLC	$33,118,000	–	109,133	–	1.37%	–
OEC	New	ORION ENGINEERED CARBONS S A	$32,726,000	–	1,772,779	–	1.35%	–
BLL	New	BALL CORP	$32,142,000	–	458,187	–	1.33%	–
NCR	New	NCR CORP NEW	$30,320,000	–	1,007,298	–	1.25%	–
AAL	New	AMERICAN AIRLS GROUP INC	$29,068,000	–	727,886	–	1.20%	–
KLXI	New	KLX INC	$28,037,000	–	635,332	–	1.16%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$23,945,000	–	263,625	–	0.99%	–
NPO	New	ENPRO INDS INC	$23,452,000	–	409,858	–	0.97%	–
F102PS	New	BABCOCK & WILCOX CO NEW	$20,429,000	–	622,829	–	0.84%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$20,110,000	–	783,709	–	0.83%	–
INTEQ	New	INTELSAT S A	$18,619,000	–	1,876,866	–	0.77%	–
TWC	New	TIME WARNER CABLE INCcall	$17,817,000	–	100,000	–	0.74%	–
KSU	New	KANSAS CITY SOUTHERN	$16,817,000	–	184,400	–	0.70%	–
CDK	New	CDK GLOBAL INC	$13,765,000	–	255,000	–	0.57%	–
WMT	New	WAL-MART STORES INC	$10,769,000	–	151,820	–	0.44%	–
VXZ	New	BARCLAYS BK PLCipath s&p mt etn	$10,509,000	–	940,000	–	0.43%	–
FXE	New	CURRENCYSHARES EURO TR	$9,893,000	–	90,383	–	0.41%	–
NWS	New	NEWS CORP NEWcl b	$8,099,000	–	568,738	–	0.34%	–
BRLI	New	BIO-REFERENCE LABS INC	$5,705,000	–	138,310	–	0.24%	–
SNDK	New	SANDISK CORP	$3,493,000	–	60,000	–	0.14%	–
HPQ	New	HEWLETT PACKARD CO	$2,251,000	–	75,000	–	0.09%	–
AMAT	New	APPLIED MATLS INC	$2,210,000	–	115,000	–	0.09%	–
MRVL	New	MARVELL TECHNOLOGY GROUP LTDord	$1,648,000	–	125,000	–	0.07%	–
AMD	New	ADVANCED MICRO DEVICES INC	$1,620,000	–	675,000	–	0.07%	–
AHTPRECL	New	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$1,241,000	–	47,135	–	0.05%	–

Q4 2014

			Value		Shares		↓ Weighting
LOCO	Exit	EL POLLO LOCO HLDGS INCput	$0	–	-21,500	–	-0.05%	–
AHTPRECL	Exit	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$0	–	-47,135	–	-0.08%	–
TRLA	Exit	TRULIA INC	$0	–	-87,000	–	-0.27%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-108,058	–	-0.33%	–
SIR	Exit	SELECT INCOME REIT	$0	–	-238,149	–	-0.36%	–
MU	Exit	MICRON TECHNOLOGY INCcall	$0	–	-300,000	–	-0.65%	–
FXE	Exit	CURRENCYSHARES EURO TR	$0	–	-90,383	–	-0.71%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-1,255,650	–	-0.93%	–
SINA	Exit	SINA CORPord	$0	–	-376,375	–	-0.98%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-215,570	–	-1.00%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-444,253	–	-1.52%	–
ACAS	Exit	AMERICAN CAP LTDcall	$0	–	-1,800,000	–	-1.62%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-1,464,462	–	-1.64%	–
VXZ	Exit	BARCLAYS BK PLCipath s&p mt etn	$0	–	-2,060,000	–	-1.72%	–
TSE	Exit	TRINSEO S A	$0	–	-1,958,120	–	-1.96%	–
RCAPQ	Exit	RCS CAP CORP	$0	–	-1,431,620	–	-2.05%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-1,808,750	–	-2.12%	–
SAH	Exit	SONIC AUTOMOTIVE INCcl a	$0	–	-1,444,925	–	-2.25%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-650,110	–	-2.28%	–
TSO	Exit	TESORO CORP	$0	–	-695,000	–	-2.69%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-2,595,000	–	-2.69%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-2,328,421	–	-2.94%	–
INTEQ	Exit	INTELSAT S A	$0	–	-2,769,022	–	-3.01%	–
FDX	Exit	FEDEX CORP	$0	–	-298,764	–	-3.06%	–
NPO	Exit	ENPRO INDS INC	$0	–	-860,433	–	-3.30%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-2,225,200	–	-3.31%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-1,436,377	–	-3.47%	–
TSO	Exit	TESORO CORPcall	$0	–	-1,063,000	–	-4.11%	–
GM	Exit	GENERAL MTRS CO	$0	–	-2,088,647	–	-4.23%	–
CDW	Exit	CDW CORP	$0	–	-2,285,211	–	-4.50%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-5,642,600	–	-5.07%	–
ORCL	Exit	ORACLE CORP	$0	–	-2,107,437	–	-5.12%	–
NCR	Exit	NCR CORP NEW	$0	–	-3,184,298	–	-6.75%	–
C	Exit	CITIGROUP INC	$0	–	-2,134,000	–	-7.02%	–
IM	Exit	INGRAM MICRO INCcl a	$0	–	-4,870,031	–	-7.98%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-3,781,484	–	-8.22%	–

Q3 2014

			Value		Shares		↓ Weighting
MU	Buy	MICRON TECHNOLOGY INC	$129,554,000	+11.7%	3,781,484	+7.5%	8.22%	-11.9%
IM	Buy	INGRAM MICRO INCcl a	$125,696,000	+2.4%	4,870,031	+15.9%	7.98%	-19.3%
C	New	CITIGROUP INC	$110,584,000	–	2,134,000	–	7.02%	–
NCR	Buy	NCR CORP NEW	$106,387,000	+1.2%	3,184,298	+6.3%	6.75%	-20.2%
ORCL	Sell	ORACLE CORP	$80,673,000	-14.5%	2,107,437	-9.5%	5.12%	-32.6%
ACAS	Buy	AMERICAN CAP LTD	$79,899,000	+100.0%	5,642,600	+116.0%	5.07%	+57.7%
CDW	Buy	CDW CORP	$70,956,000	+32.1%	2,285,211	+35.6%	4.50%	+4.1%
GM	Buy	GENERAL MTRS CO	$66,711,000	-4.0%	2,088,647	+9.1%	4.23%	-24.3%
TSO	New	TESORO CORPcall	$64,822,000	–	1,063,000	–	4.11%	–
SPR	Sell	SPIRIT AEROSYSTEMS HLDGS INC	$54,669,000	-12.9%	1,436,377	-22.9%	3.47%	-31.3%
CFG	New	CITIZENS FINL GROUP INC	$52,114,000	–	2,225,200	–	3.31%	–
FDX	Sell	FEDEX CORP	$48,235,000	-5.9%	298,764	-11.8%	3.06%	-25.8%
INTEQ	Buy	INTELSAT S A	$47,461,000	+1.1%	2,769,022	+11.1%	3.01%	-20.3%
GTS	Buy	TRIPLE-S MGMT CORPcl b	$46,336,000	+21.2%	2,328,421	+9.2%	2.94%	-4.4%
TSO	New	TESORO CORP	$42,381,000	–	695,000	–	2.69%	–
DOOR	Sell	MASONITE INTL CORP NEW	$36,003,000	-17.3%	650,110	-16.0%	2.28%	-34.8%
SAH	Sell	SONIC AUTOMOTIVE INCcl a	$35,415,000	-21.2%	1,444,925	-14.2%	2.25%	-37.9%
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$33,317,000	–	1,808,750	–	2.12%	–
RCAPQ	New	RCS CAP CORP	$32,240,000	–	1,431,620	–	2.05%	–
TSE	Buy	TRINSEO S A	$30,801,000	+45.2%	1,958,120	+92.0%	1.96%	+14.5%
VXZ	New	BARCLAYS BK PLCipath s&p mt etn	$27,027,000	–	2,060,000	–	1.72%	–
OEC	New	ORION ENGINEERED CARBONS S A	$25,804,000	–	1,464,462	–	1.64%	–
ACAS	New	AMERICAN CAP LTDcall	$25,488,000	–	1,800,000	–	1.62%	–
AIG	Sell	AMERICAN INTL GROUP INC	$23,999,000	-60.9%	444,253	-60.5%	1.52%	-69.2%
GPI	Sell	GROUP 1 AUTOMOTIVE INC	$15,674,000	-17.6%	215,570	-4.4%	1.00%	-35.0%
SINA	New	SINA CORPord	$15,484,000	–	376,375	–	0.98%	–
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$14,691,000	-48.5%	1,255,650	-38.0%	0.93%	-59.4%
MU	New	MICRON TECHNOLOGY INCcall	$10,278,000	–	300,000	–	0.65%	–
9207PS	Buy	ROCK-TENN COcl a	$5,141,000	-24.0%	108,058	+68.8%	0.33%	-40.1%
TRLA	New	TRULIA INC	$4,254,000	–	87,000	–	0.27%	–
LOCO	New	EL POLLO LOCO HLDGS INCput	$772,000	–	21,500	–	0.05%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-74,563	–	-0.44%	–
	Exit	ENPRO INDS INCdbcv 3.938%10/1	$0	–	-3,190,000	–	-0.56%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-650,085	–	-1.32%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-376,842	–	-1.37%	–
CI	Exit	CIGNA CORPORATION	$0	–	-215,105	–	-1.59%	–
QCOM	Exit	QUALCOMM INC	$0	–	-261,200	–	-1.66%	–

Q2 2014

			Value		Shares		↓ Weighting
IM	New	INGRAM MICRO INCcl a	$122,782,000	–	4,203,431	–	9.88%	–
MU	New	MICRON TECHNOLOGY INC	$115,942,000	–	3,518,737	–	9.33%	–
NCR	New	NCR CORP NEW	$105,140,000	–	2,996,298	–	8.46%	–
ORCL	New	ORACLE CORP	$94,331,000	–	2,327,437	–	7.59%	–
GM	New	GENERAL MTRS CO	$69,465,000	–	1,913,647	–	5.59%	–
NPO	New	ENPRO INDS INC	$62,949,000	–	860,433	–	5.07%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$62,762,000	–	1,862,377	–	5.05%	–
AIG	New	AMERICAN INTL GROUP INC	$61,416,000	–	1,125,253	–	4.94%	–
CDW	New	CDW CORP	$53,725,000	–	1,685,211	–	4.32%	–
FDX	New	FEDEX CORP	$51,282,000	–	338,764	–	4.13%	–
INTEQ	New	INTELSAT S A	$46,950,000	–	2,492,022	–	3.78%	–
NWSA	New	NEWS CORP NEWcl a	$46,554,000	–	2,595,000	–	3.75%	–
SAH	New	SONIC AUTOMOTIVE INCcl a	$44,954,000	–	1,684,925	–	3.62%	–
DOOR	New	MASONITE INTL CORP NEW	$43,523,000	–	773,610	–	3.50%	–
ACAS	New	AMERICAN CAP LTD	$39,947,000	–	2,612,600	–	3.22%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$38,230,000	–	2,132,158	–	3.08%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$28,538,000	–	2,023,947	–	2.30%	–
TSE	New	TRINSEO S A	$21,211,000	–	1,019,756	–	1.71%	–
QCOM	New	QUALCOMM INC	$20,687,000	–	261,200	–	1.66%	–
CI	New	CIGNA CORPORATION	$19,783,000	–	215,105	–	1.59%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$19,018,000	–	225,570	–	1.53%	–
RIG	New	TRANSOCEAN LTD	$16,969,000	–	376,842	–	1.37%	–
PNK	New	PINNACLE ENTMT INC	$16,369,000	–	650,085	–	1.32%	–
FXE	New	CURRENCYSHARES EURO TR	$12,213,000	–	90,383	–	0.98%	–
SIR	New	SELECT INCOME REIT	$7,059,000	–	238,149	–	0.57%	–
	New	ENPRO INDS INCdbcv 3.938%10/1	$6,997,000	–	3,190,000	–	0.56%	–
9207PS	New	ROCK-TENN COcl a	$6,761,000	–	64,029	–	0.54%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$5,420,000	–	74,563	–	0.44%	–
AHTPRECL	New	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$1,299,000	–	47,135	–	0.10%	–

Q4 2013

			Value		Shares		↓ Weighting
AHTPRECL	Exit	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$0	–	-47,135	–	-0.10%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-618,500	–	-0.10%	–
OPK	Exit	OPKO HEALTH INC	$0	–	-302,065	–	-0.22%	–
DAN	Exit	DANA HLDG CORP	$0	–	-137,830	–	-0.26%	–
CSGS	Exit	CSG SYS INTL INC	$0	–	-153,651	–	-0.31%	–
SIR	Exit	SELECT INCOME REIT	$0	–	-178,249	–	-0.37%	–
	Exit	ENPRO INDS INCdbcv 3.938%10/1	$0	–	-3,190,000	–	-0.48%	–
LIFE	Exit	LIFE TECHNOLOGIES CORP	$0	–	-80,134	–	-0.49%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-393,000	–	-0.51%	–
LCC	Exit	U S AIRWAYS GROUP INCcall	$0	–	-388,300	–	-0.60%	–
AAPL	Exit	APPLE INC	$0	–	-15,450	–	-0.60%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-44,428	–	-0.76%	–
TWTC	Exit	TW TELECOM INC	$0	–	-340,000	–	-0.82%	–
HRB	Exit	BLOCK H & R INC	$0	–	-395,200	–	-0.86%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-143,000	–	-0.86%	–
HUM	Exit	HUMANA INC	$0	–	-116,158	–	-0.88%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-111,529	–	-0.92%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-176,245	–	-0.97%	–
FXE	Exit	CURRENCYSHARES EURO TR	$0	–	-90,383	–	-0.98%	–
SAH	Exit	SONIC AUTOMOTIVE INCcl a	$0	–	-546,098	–	-1.06%	–
NDAQ	Exit	NASDAQ OMX GROUP INC	$0	–	-421,096	–	-1.10%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-190,009	–	-1.15%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-2,009,429	–	-1.50%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-530,427	–	-1.56%	–
AET	Exit	AETNA INC NEW	$0	–	-300,974	–	-1.56%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-399,919	–	-1.59%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-2,730,804	–	-1.65%	–
GTS	Exit	TRIPLE-S MGMT CORPcl b	$0	–	-1,153,781	–	-1.72%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-322,731	–	-1.80%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,203,853	–	-1.83%	–
KFN	Exit	KKR FINL HLDGS LLC	$0	–	-2,355,043	–	-1.98%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-389,232	–	-2.00%	–
F102PS	Exit	BABCOCK & WILCOX CO NEW	$0	–	-772,355	–	-2.12%	–
INTEQ	Exit	INTELSAT S A	$0	–	-1,263,706	–	-2.46%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-2,035,000	–	-2.65%	–
CDW	Exit	CDW CORP	$0	–	-1,460,206	–	-2.71%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-984,529	–	-2.81%	–
CI	Exit	CIGNA CORPORATION	$0	–	-468,655	–	-2.92%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,062,647	–	-3.10%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-936,444	–	-3.38%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-1,960,657	–	-3.43%	–
NPO	Exit	ENPRO INDS INC	$0	–	-802,927	–	-3.92%	–
QCOM	Exit	QUALCOMM INC	$0	–	-738,000	–	-4.03%	–
FDX	Exit	FEDEX CORP	$0	–	-579,764	–	-5.37%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,456,594	–	-5.75%	–
IM	Exit	INGRAM MICRO INCcl a	$0	–	-3,686,223	–	-6.90%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-3,616,511	–	-7.12%	–
ORCL	Exit	ORACLE CORP	$0	–	-3,611,437	–	-9.73%	–

Q3 2013

			Value		Shares		↓ Weighting
ORCL	Sell	ORACLE CORP	$119,791,000	-3.2%	3,611,437	-10.4%	9.73%	+15.2%
SPR	Buy	SPIRIT AEROSYSTEMS HLDGS INC	$87,664,000	+35.2%	3,616,511	+19.8%	7.12%	+61.0%
IM	Sell	INGRAM MICRO INCcl a	$84,967,000	-18.2%	3,686,223	-32.6%	6.90%	-2.5%
AIG	Sell	AMERICAN INTL GROUP INC	$70,834,000	-3.9%	1,456,594	-11.7%	5.75%	+14.4%
FDX	Sell	FEDEX CORP	$66,157,000	+14.0%	579,764	-1.5%	5.37%	+35.7%
QCOM	Sell	QUALCOMM INC	$49,682,000	-3.0%	738,000	-11.9%	4.03%	+15.6%
NPO	Sell	ENPRO INDS INC	$48,344,000	+0.1%	802,927	-15.6%	3.92%	+19.2%
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$42,213,000	+110.7%	1,960,657	+78.8%	3.43%	+151.0%
RIG	Buy	TRANSOCEAN LTD	$41,672,000	-5.5%	936,444	+1.8%	3.38%	+12.6%
CI	Sell	CIGNA CORPORATION	$36,021,000	-25.7%	468,655	-29.9%	2.92%	-11.5%
VOD	Sell	VODAFONE GROUP PLC NEWspons adr new	$34,636,000	+14.1%	984,529	-6.7%	2.81%	+35.9%
CDW	New	CDW CORP	$33,337,000	–	1,460,206	–	2.71%	–
NWSA	New	NEWS CORP NEWcl a	$32,682,000	–	2,035,000	–	2.65%	–
INTEQ	Buy	INTELSAT S A	$30,329,000	+62.1%	1,263,706	+35.0%	2.46%	+93.0%
F102PS	Sell	BABCOCK & WILCOX CO NEW	$26,044,000	-18.7%	772,355	-27.6%	2.12%	-3.2%
KFN	Buy	KKR FINL HLDGS LLC	$24,328,000	-1.2%	2,355,043	+0.9%	1.98%	+17.6%
AGO	Buy	ASSURED GUARANTY LTD	$22,572,000	-10.5%	1,203,853	+5.2%	1.83%	+6.5%
COF	Sell	CAPITAL ONE FINL CORP	$22,185,000	-50.8%	322,731	-55.1%	1.80%	-41.4%
GTS	Buy	TRIPLE-S MGMT CORPcl b	$21,218,000	-12.9%	1,153,781	+1.7%	1.72%	+3.8%
MDR	New	MCDERMOTT INTL INC	$20,290,000	–	2,730,804	–	1.65%	–
DOOR	New	MASONITE INTL CORP NEW	$19,568,000	–	399,919	–	1.59%	–
AET	Sell	AETNA INC NEW	$19,268,000	-64.3%	300,974	-64.6%	1.56%	-57.5%
AHL	Sell	ASPEN INSURANCE HOLDINGS LTD	$19,249,000	-10.6%	530,427	-8.6%	1.56%	+6.5%
SRC	New	SPIRIT RLTY CAP INC NEW	$18,447,000	–	2,009,429	–	1.50%	–
NDAQ	Sell	NASDAQ OMX GROUP INC	$13,521,000	-43.2%	421,096	-42.0%	1.10%	-32.3%
SAH	New	SONIC AUTOMOTIVE INCcl a	$12,997,000	–	546,098	–	1.06%	–
LORL	Sell	LORAL SPACE & COMMUNICATNS I	$11,937,000	+12.2%	176,245	-0.6%	0.97%	+33.5%
9207PS	Sell	ROCK-TENN COcl a	$11,295,000	-30.9%	111,529	-31.8%	0.92%	-17.7%
HUM	Sell	HUMANA INC	$10,841,000	-34.5%	116,158	-40.8%	0.88%	-22.1%
WMT	Sell	WAL-MART STORES INC	$10,576,000	-15.5%	143,000	-14.9%	0.86%	+0.7%
HRB	New	BLOCK H & R INC	$10,536,000	–	395,200	–	0.86%	–
CF	Sell	CF INDS HLDGS INC	$9,367,000	-24.9%	44,428	-38.9%	0.76%	-10.5%
LCC	Sell	U S AIRWAYS GROUP INCcall	$7,362,000	-82.1%	388,300	-84.5%	0.60%	-78.7%
NBR	Sell	NABORS INDUSTRIES LTD	$6,312,000	-71.2%	393,000	-72.6%	0.51%	-65.7%
	New	ENPRO INDS INCdbcv 3.938%10/1	$5,872,000	–	3,190,000	–	0.48%	–
SIR	Sell	SELECT INCOME REIT	$4,599,000	-89.4%	178,249	-88.5%	0.37%	-87.4%
CSGS	Sell	CSG SYS INTL INC	$3,849,000	-64.0%	153,651	-68.7%	0.31%	-57.1%
DAN	Sell	DANA HLDG CORP	$3,148,000	-76.5%	137,830	-80.1%	0.26%	-71.9%
OPK	New	OPKO HEALTH INC	$2,661,000	–	302,065	–	0.22%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-750	–	-0.04%	–
CSTM	Exit	CONSTELLIUM HOLDCO B Vcl a	$0	–	-102,565	–	-0.11%	–
XL	Exit	XL GROUP PLC	$0	–	-71,515	–	-0.15%	–
IAG	Exit	IAMGOLD CORP	$0	–	-867,874	–	-0.26%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-31,300	–	-0.32%	–
	Exit	ENPRO INDS INCdbcv 3.938%10/1	$0	–	-3,190,000	–	-0.34%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-422,389	–	-0.38%	–
VXZ	Exit	BARCLAYS BK PLCipath s&p mt etn	$0	–	-244,138	–	-0.38%	–
STT	Exit	STATE STR CORP	$0	–	-91,616	–	-0.41%	–
AVIV	Exit	AVIV REIT INC MD	$0	–	-447,137	–	-0.77%	–
BHE	Exit	BENCHMARK ELECTRS INC	$0	–	-563,423	–	-0.77%	–
PRI	Exit	PRIMERICA INC	$0	–	-398,630	–	-1.02%	–
KSS	Exit	KOHLS CORP	$0	–	-378,152	–	-1.30%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-670,000	–	-1.78%	–
SRC	Exit	SPIRIT RLTY CAP INC	$0	–	-2,416,393	–	-2.92%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,807,074	–	-4.26%	–

Q2 2013

			Value		Shares		↓ Weighting
ORCL	New	ORACLE CORP	$123,800,000	–	4,031,271	–	8.44%	–
IM	New	INGRAM MICRO INCcl a	$103,818,000	–	5,466,985	–	7.08%	–
AIG	New	AMERICAN INTL GROUP INC	$73,737,000	–	1,649,594	–	5.03%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$64,838,000	–	3,018,511	–	4.42%	–
MSFT	New	MICROSOFT CORP	$62,425,000	–	1,807,074	–	4.26%	–
FDX	New	FEDEX CORP	$58,040,000	–	588,764	–	3.96%	–
AET	New	AETNA INC NEW	$54,019,000	–	850,165	–	3.68%	–
QCOM	New	QUALCOMM INC	$51,193,000	–	838,000	–	3.49%	–
CI	New	CIGNA CORPORATION	$48,448,000	–	668,343	–	3.30%	–
NPO	New	ENPRO INDS INC	$48,288,000	–	951,308	–	3.29%	–
COF	New	CAPITAL ONE FINL CORP	$45,104,000	–	718,100	–	3.08%	–
RIG	New	TRANSOCEAN LTD	$44,087,000	–	919,444	–	3.01%	–
SIR	New	SELECT INCOME REIT	$43,448,000	–	1,549,504	–	2.96%	–
SRC	New	SPIRIT RLTY CAP INC	$42,818,000	–	2,416,393	–	2.92%	–
LCC	New	U S AIRWAYS GROUP INCcall	$41,185,000	–	2,508,200	–	2.81%	–
GM	New	GENERAL MTRS CO	$35,397,000	–	1,062,647	–	2.41%	–
F102PS	New	BABCOCK & WILCOX CO NEW	$32,049,000	–	1,067,222	–	2.18%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$30,343,000	–	1,055,575	–	2.07%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$26,137,000	–	670,000	–	1.78%	–
AGO	New	ASSURED GUARANTY LTD	$25,233,000	–	1,143,853	–	1.72%	–
KFN	New	KKR FINL HLDGS LLC	$24,635,000	–	2,335,043	–	1.68%	–
GTS	New	TRIPLE-S MGMT CORPcl b	$24,349,000	–	1,134,085	–	1.66%	–
WDC	New	WESTERN DIGITAL CORP	$24,167,000	–	389,232	–	1.65%	–
NDAQ	New	NASDAQ OMX GROUP INC	$23,809,000	–	726,096	–	1.62%	–
NBR	New	NABORS INDUSTRIES LTD	$21,939,000	–	1,433,000	–	1.50%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$21,528,000	–	580,427	–	1.47%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$20,031,000	–	1,096,372	–	1.37%	–
KSS	New	KOHLS CORP	$19,100,000	–	378,152	–	1.30%	–
INTEQ	New	INTELSAT S A	$18,715,000	–	935,743	–	1.28%	–
HUM	New	HUMANA INC	$16,552,000	–	196,158	–	1.13%	–
9207PS	New	ROCK-TENN COcl a	$16,344,000	–	163,632	–	1.11%	–
PRI	New	PRIMERICA INC	$14,925,000	–	398,630	–	1.02%	–
DAN	New	DANA HLDG CORP	$13,371,000	–	694,252	–	0.91%	–
VAR	New	VARIAN MED SYS INC	$12,816,000	–	190,009	–	0.87%	–
WMT	New	WAL-MART STORES INC	$12,514,000	–	168,000	–	0.85%	–
CF	New	CF INDS HLDGS INC	$12,471,000	–	72,716	–	0.85%	–
FXE	New	CURRENCYSHARES EURO TR	$11,653,000	–	90,383	–	0.80%	–
BHE	New	BENCHMARK ELECTRS INC	$11,325,000	–	563,423	–	0.77%	–
AVIV	New	AVIV REIT INC MD	$11,308,000	–	447,137	–	0.77%	–
CSGS	New	CSG SYS INTL INC	$10,693,000	–	491,048	–	0.73%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$10,640,000	–	177,387	–	0.73%	–
TWTC	New	TW TELECOM INC	$9,568,000	–	340,000	–	0.65%	–
AAPL	New	APPLE INC	$6,126,000	–	15,450	–	0.42%	–
STT	New	STATE STR CORP	$5,974,000	–	91,616	–	0.41%	–
LIFE	New	LIFE TECHNOLOGIES CORP	$5,930,000	–	80,134	–	0.40%	–
VXZ	New	BARCLAYS BK PLCipath s&p mt etn	$5,630,000	–	244,138	–	0.38%	–
RFP	New	RESOLUTE FST PRODS INC	$5,563,000	–	422,389	–	0.38%	–
	New	ENPRO INDS INCdbcv 3.938%10/1	$5,042,000	–	3,190,000	–	0.34%	–
GS	New	GOLDMAN SACHS GROUP INC	$4,734,000	–	31,300	–	0.32%	–
IAG	New	IAMGOLD CORP	$3,758,000	–	867,874	–	0.26%	–
XL	New	XL GROUP PLC	$2,168,000	–	71,515	–	0.15%	–
CSTM	New	CONSTELLIUM HOLDCO B Vcl a	$1,656,000	–	102,565	–	0.11%	–
AHTPRECL	New	ASHFORD HOSPITALITY TR INC9% cum pfd ser e	$1,264,000	–	47,135	–	0.09%	–
GCVRZ	New	SANOFIright 12/31/2020	$1,175,000	–	618,500	–	0.08%	–
GOOGL	New	GOOGLE INCcl a	$660,000	–	750	–	0.04%	–

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