Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| New | No Securities0 | $0 | – | 0 | – | 0.00% | – | |
| Exit | No Securities0 | $0 | – | 0 | – | 0.00% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| No Securities0 | $0 | – | 0 | – | 0.00% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| New | No Securities0 | $0 | – | 0 | – | 0.00% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NSPH | Exit | NANOSPHERE INC | $0 | – | -114,200 | – | -0.06% | – |
| PFE | Exit | PFIZER INC | $0 | – | -7,229 | – | -0.18% | – |
| GE | Exit | GENERAL ELECTRIC CO | $0 | – | -8,577 | – | -0.19% | – |
| MSFT | Exit | MICROSOFT CORP | $0 | – | -5,097 | – | -0.20% | – |
| EEI | Exit | ECOLOGY & ENVIRONMENT INCcl a | $0 | – | -24,445 | – | -0.20% | – |
| GVP | Exit | GSE SYS INC | $0 | – | -167,457 | – | -0.22% | – |
| LLY | Exit | LILLY ELI & CO | $0 | – | -4,394 | – | -0.24% | – |
| XOM | Exit | EXXON MOBIL CORP | $0 | – | -3,492 | – | -0.28% | – |
| CVX | Exit | CHEVRON CORP NEW | $0 | – | -3,114 | – | -0.31% | – |
| JNJ | Exit | JOHNSON & JOHNSON | $0 | – | -4,840 | – | -0.44% | – |
| UNP | Exit | UNION PAC CORP | $0 | – | -4,772 | – | -0.44% | – |
| MRK | Exit | MERCK & CO INC NEW | $0 | – | -10,350 | – | -0.52% | – |
| PCP | Exit | PRECISION CASTPARTS CORP | $0 | – | -3,000 | – | -0.60% | – |
| IBM | Exit | INTERNATIONAL BUSINESS MACHS | $0 | – | -4,026 | – | -0.64% | – |
| SDS | Exit | PROSHARES TR | $0 | – | -33,222 | – | -0.69% | – |
| RAND | Exit | RAND CAP CORP | $0 | – | -287,064 | – | -0.75% | – |
| PG | Exit | PROCTER & GAMBLE CO | $0 | – | -10,649 | – | -0.75% | – |
| AEPI | Exit | AEP INDS INC | $0 | – | -24,096 | – | -0.77% | – |
| MTB | Exit | M & T BK CORP | $0 | – | -8,211 | – | -0.85% | – |
| USLM | Exit | UNITED STATES LIME & MINERAL | $0 | – | -20,928 | – | -1.03% | – |
| GHM | Exit | GRAHAM CORP | $0 | – | -44,159 | – | -1.07% | – |
| CELG | Exit | CELGENE CORP | $0 | – | -18,780 | – | -1.50% | – |
| TRNS | Exit | TRANSCAT INC | $0 | – | -1,579,996 | – | -12.20% | – |
| EML | Exit | EASTERN CO | $0 | – | -999,413 | – | -13.46% | – |
| GLPW | Exit | GLOBAL POWER EQUIPMENT GRP I | $0 | – | -1,089,710 | – | -13.70% | – |
| PMFG | Exit | PMFG INC | $0 | – | -4,451,552 | – | -18.78% | – |
| APAGF | Exit | APCO OIL & GAS INTERNATIONAL | $0 | – | -2,753,338 | – | -29.94% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| APAGF | Sell | APCO OIL & GAS INTERNATIONAL | $35,491,000 | -12.4% | 2,753,338 | -2.0% | 29.94% | +5.8% |
| PMFG | Sell | PMFG INC | $22,258,000 | -10.1% | 4,451,552 | -5.2% | 18.78% | +8.7% |
| GLPW | Sell | GLOBAL POWER EQUIPMENT GRP I | $16,237,000 | -14.6% | 1,089,710 | -7.4% | 13.70% | +3.2% |
| EML | Sell | EASTERN CO | $15,951,000 | -1.9% | 999,413 | -5.1% | 13.46% | +18.6% |
| TRNS | Sell | TRANSCAT INC | $14,457,000 | -20.3% | 1,579,996 | -10.7% | 12.20% | -3.7% |
| GHM | Sell | GRAHAM CORP | $1,270,000 | -84.8% | 44,159 | -81.6% | 1.07% | -81.6% |
| USLM | Sell | UNITED STATES LIME & MINERAL | $1,217,000 | -10.6% | 20,928 | -0.4% | 1.03% | +8.0% |
| MTB | Sell | M & T BK CORP | $1,012,000 | -2.2% | 8,211 | -1.6% | 0.85% | +18.3% |
| AEPI | New | AEP INDS INC | $913,000 | – | 24,096 | – | 0.77% | – |
| PG | Sell | PROCTER & GAMBLE CO | $892,000 | +4.6% | 10,649 | -1.9% | 0.75% | +26.6% |
| RAND | Sell | RAND CAP CORP | $887,000 | -65.7% | 287,064 | -65.3% | 0.75% | -58.5% |
| SDS | Sell | PROSHARES TR | $820,000 | -29.4% | 33,222 | -27.2% | 0.69% | -14.6% |
| IBM | Sell | INTERNATIONAL BUSINESS MACHS | $764,000 | -0.3% | 4,026 | -4.7% | 0.64% | +20.6% |
| PCP | Sell | PRECISION CASTPARTS CORP | $711,000 | -69.8% | 3,000 | -67.8% | 0.60% | -63.5% |
| CVX | Sell | CHEVRON CORP NEW | $372,000 | -27.5% | 3,114 | -20.8% | 0.31% | -12.3% |
| XOM | Sell | EXXON MOBIL CORP | $328,000 | -22.3% | 3,492 | -16.6% | 0.28% | -6.1% |
| GVP | Sell | GSE SYS INC | $261,000 | -15.0% | 167,457 | -9.5% | 0.22% | +2.8% |
| EEI | Sell | ECOLOGY & ENVIRONMENT INCcl a | $236,000 | -50.0% | 24,445 | -46.1% | 0.20% | -39.5% |
| GE | Sell | GENERAL ELECTRIC CO | $220,000 | -12.4% | 8,577 | -10.2% | 0.19% | +6.3% |
| BGCP | Exit | BGC PARTNERS INCcl a | $0 | – | -10,000 | – | -0.05% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| APAGF | New | APCO OIL & GAS INTERNATIONAL | $40,536,000 | – | 2,809,142 | – | 28.29% | – |
| PMFG | New | PMFG INC | $24,759,000 | – | 4,698,122 | – | 17.28% | – |
| GLPW | New | GLOBAL POWER EQUIPMENT GRP I | $19,010,000 | – | 1,176,341 | – | 13.27% | – |
| TRNS | New | TRANSCAT INC | $18,145,000 | – | 1,768,507 | – | 12.66% | – |
| EML | New | EASTERN CO | $16,252,000 | – | 1,052,568 | – | 11.34% | – |
| GHM | New | GRAHAM CORP | $8,335,000 | – | 239,455 | – | 5.82% | – |
| RAND | New | RAND CAP CORP | $2,584,000 | – | 828,251 | – | 1.80% | – |
| PCP | New | PRECISION CASTPARTS CORP | $2,353,000 | – | 9,322 | – | 1.64% | – |
| CELG | New | CELGENE CORP | $1,613,000 | – | 18,780 | – | 1.13% | – |
| USLM | New | UNITED STATES LIME & MINERAL | $1,362,000 | – | 21,015 | – | 0.95% | – |
| SDS | New | PROSHARES TR | $1,161,000 | – | 45,647 | – | 0.81% | – |
| MTB | New | M & T BK CORP | $1,035,000 | – | 8,342 | – | 0.72% | – |
| PG | New | PROCTER & GAMBLE CO | $853,000 | – | 10,859 | – | 0.60% | – |
| IBM | New | INTERNATIONAL BUSINESS MACHS | $766,000 | – | 4,226 | – | 0.54% | – |
| MRK | New | MERCK & CO INC NEW | $599,000 | – | 10,350 | – | 0.42% | – |
| CVX | New | CHEVRON CORP NEW | $513,000 | – | 3,930 | – | 0.36% | – |
| JNJ | New | JOHNSON & JOHNSON | $506,000 | – | 4,840 | – | 0.35% | – |
| UNP | New | UNION PAC CORP | $476,000 | – | 4,772 | – | 0.33% | – |
| EEI | New | ECOLOGY & ENVIRONMENT INCcl a | $472,000 | – | 45,377 | – | 0.33% | – |
| XOM | New | EXXON MOBIL CORP | $422,000 | – | 4,187 | – | 0.30% | – |
| GVP | New | GSE SYS INC | $307,000 | – | 184,957 | – | 0.21% | – |
| LLY | New | LILLY ELI & CO | $273,000 | – | 4,394 | – | 0.19% | – |
| GE | New | GENERAL ELECTRIC CO | $251,000 | – | 9,547 | – | 0.18% | – |
| PFE | New | PFIZER INC | $215,000 | – | 7,229 | – | 0.15% | – |
| MSFT | New | MICROSOFT CORP | $213,000 | – | 5,097 | – | 0.15% | – |
| NSPH | New | NANOSPHERE INC | $180,000 | – | 114,200 | – | 0.13% | – |
| BGCP | New | BGC PARTNERS INCcl a | $74,000 | – | 10,000 | – | 0.05% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BGCP | Exit | BGC PARTNERS INCcl a | $0 | – | -10,000 | – | -0.03% | – |
| NSPH | Exit | NANOSPHERE INC | $0 | – | -57,950 | – | -0.07% | – |
| PPG | Exit | PPG INDS INC | $0 | – | -1,240 | – | -0.12% | – |
| PFE | Exit | PFIZER INC | $0 | – | -7,669 | – | -0.13% | – |
| LLY | Exit | LILLY ELI & CO | $0 | – | -4,394 | – | -0.13% | – |
| MSFT | Exit | MICROSOFT CORP | $0 | – | -7,522 | – | -0.14% | – |
| GE | Exit | GENERAL ELECTRIC CO | $0 | – | -13,565 | – | -0.19% | – |
| UNP | Exit | UNION PAC CORP | $0 | – | -2,386 | – | -0.22% | – |
| GVP | Exit | GSE SYS INC | $0 | – | -264,452 | – | -0.24% | – |
| JNJ | Exit | JOHNSON & JOHNSON | $0 | – | -4,840 | – | -0.24% | – |
| MRK | Exit | MERCK & CO INC NEW | $0 | – | -10,350 | – | -0.29% | – |
| CVX | Exit | CHEVRON CORP NEW | $0 | – | -4,745 | – | -0.33% | – |
| EEI | Exit | ECOLOGY & ENVIRONMENT INCcl a | $0 | – | -54,980 | – | -0.37% | – |
| IBM | Exit | INTERNATIONAL BUSINESS MACHS | $0 | – | -4,426 | – | -0.48% | – |
| PG | Exit | PROCTER & GAMBLE CO | $0 | – | -10,859 | – | -0.48% | – |
| MTB | Exit | M & T BK CORP | $0 | – | -8,342 | – | -0.54% | – |
| XOM | Exit | EXXON MOBIL CORP | $0 | – | -11,144 | – | -0.56% | – |
| CELG | Exit | CELGENE CORP | $0 | – | -9,665 | – | -0.86% | – |
| SDS | Exit | PROSHARES TR | $0 | – | -57,805 | – | -1.23% | – |
| PCP | Exit | PRECISION CASTPARTS CORP | $0 | – | -9,322 | – | -1.23% | – |
| RAND | Exit | RAND CAP CORP | $0 | – | -954,179 | – | -1.63% | – |
| USLM | Exit | UNITED STATES LIME & MINERAL | $0 | – | -84,224 | – | -2.86% | – |
| GHM | Exit | GRAHAM CORP | $0 | – | -293,163 | – | -6.14% | – |
| TRNS | Exit | TRANSCAT INC | $0 | – | -2,076,150 | – | -9.44% | – |
| EML | Exit | EASTERN CO | $0 | – | -1,216,527 | – | -11.40% | – |
| GLPW | Exit | GLOBAL POWER EQUIPMENT GRP I | $0 | – | -1,412,736 | – | -16.47% | – |
| APAGF | Exit | APCO OIL & GAS INTERNATIONAL | $0 | – | -2,639,952 | – | -21.82% | – |
| PMFG | Exit | PMFG INC | $0 | – | -5,222,521 | – | -22.37% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| PMFG | Buy | PMFG INC | $38,594,000 | +7.6% | 5,222,521 | +0.8% | 22.37% | +12.0% |
| APAGF | Buy | APCO OIL & GAS INTERNATIONAL | $37,646,000 | +24.0% | 2,639,952 | +0.3% | 21.82% | +29.1% |
| GLPW | Sell | GLOBAL POWER EQUIPMENT GRP I | $28,410,000 | +20.4% | 1,412,736 | -3.5% | 16.47% | +25.2% |
| EML | Sell | EASTERN CO | $19,671,000 | -1.4% | 1,216,527 | -2.4% | 11.40% | +2.6% |
| TRNS | Sell | TRANSCAT INC | $16,277,000 | +12.9% | 2,076,150 | -2.1% | 9.44% | +17.5% |
| GHM | Sell | GRAHAM CORP | $10,592,000 | +7.6% | 293,163 | -10.6% | 6.14% | +11.9% |
| USLM | Sell | UNITED STATES LIME & MINERAL | $4,936,000 | -46.1% | 84,224 | -51.9% | 2.86% | -43.9% |
| RAND | Sell | RAND CAP CORP | $2,815,000 | -2.4% | 954,179 | -3.8% | 1.63% | +1.6% |
| PCP | Sell | PRECISION CASTPARTS CORP | $2,118,000 | -11.9% | 9,322 | -12.4% | 1.23% | -8.4% |
| SDS | Buy | PROSHARES TR | $2,115,000 | +9.2% | 57,805 | +22.0% | 1.23% | +13.7% |
| PG | Sell | PROCTER & GAMBLE CO | $821,000 | -3.8% | 10,859 | -2.0% | 0.48% | +0.2% |
| GVP | Sell | GSE SYS INC | $415,000 | +2.0% | 264,452 | -1.8% | 0.24% | +6.2% |
| UNP | New | UNION PAC CORP | $371,000 | – | 2,386 | – | 0.22% | – |
| GE | Sell | GENERAL ELECTRIC CO | $324,000 | -9.5% | 13,565 | -12.0% | 0.19% | -5.5% |
| PPG | New | PPG INDS INC | $207,000 | – | 1,240 | – | 0.12% | – |
| UTL | Exit | UNITIL CORP | $0 | – | -7,250 | – | -0.12% | – |
| CHG | Exit | CH ENERGY GROUP INC | $0 | – | -5,158 | – | -0.19% | – |
| GCOM | Exit | GLOBECOMM SYSTEMS INC | $0 | – | -742,857 | – | -5.23% | – |
| ATRO | Exit | ASTRONICS CORP | $0 | – | -261,553 | – | -5.95% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| PMFG | New | PMFG INC | $35,860,000 | – | 5,182,093 | – | 19.97% | – |
| APAGF | New | APCO OIL & GAS INTERNATIONAL | $30,348,000 | – | 2,632,078 | – | 16.90% | – |
| GLPW | New | GLOBAL POWER EQUIPMENT GRP I | $23,606,000 | – | 1,464,391 | – | 13.15% | – |
| EML | New | EASTERN CO | $19,950,000 | – | 1,246,879 | – | 11.11% | – |
| TRNS | New | TRANSCAT INC | $14,422,000 | – | 2,120,936 | – | 8.03% | – |
| ATRO | New | ASTRONICS CORP | $10,690,000 | – | 261,553 | – | 5.95% | – |
| GHM | New | GRAHAM CORP | $9,847,000 | – | 327,896 | – | 5.48% | – |
| GCOM | New | GLOBECOMM SYSTEMS INC | $9,390,000 | – | 742,857 | – | 5.23% | – |
| USLM | New | UNITED STATES LIME & MINERAL | $9,150,000 | – | 175,129 | – | 5.10% | – |
| RAND | New | RAND CAP CORP | $2,885,000 | – | 991,364 | – | 1.61% | – |
| PCP | New | PRECISION CASTPARTS CORP | $2,405,000 | – | 10,642 | – | 1.34% | – |
| SDS | New | PROSHARES TR | $1,936,000 | – | 47,391 | – | 1.08% | – |
| CELG | New | CELGENE CORP | $1,131,000 | – | 9,665 | – | 0.63% | – |
| XOM | New | EXXON MOBIL CORP | $1,007,000 | – | 11,144 | – | 0.56% | – |
| MTB | New | M & T BK CORP | $932,000 | – | 8,342 | – | 0.52% | – |
| PG | New | PROCTER & GAMBLE CO | $853,000 | – | 11,084 | – | 0.48% | – |
| IBM | New | INTERNATIONAL BUSINESS MACHS | $846,000 | – | 4,426 | – | 0.47% | – |
| EEI | New | ECOLOGY & ENVIRONMENT INCcl a | $577,000 | – | 54,980 | – | 0.32% | – |
| CVX | New | CHEVRON CORP NEW | $562,000 | – | 4,745 | – | 0.31% | – |
| MRK | New | MERCK & CO INC NEW | $481,000 | – | 10,350 | – | 0.27% | – |
| JNJ | New | JOHNSON & JOHNSON | $416,000 | – | 4,840 | – | 0.23% | – |
| GVP | New | GSE SYS INC | $407,000 | – | 269,298 | – | 0.23% | – |
| GE | New | GENERAL ELECTRIC CO | $358,000 | – | 15,422 | – | 0.20% | – |
| CHG | New | CH ENERGY GROUP INC | $335,000 | – | 5,158 | – | 0.19% | – |
| MSFT | New | MICROSOFT CORP | $260,000 | – | 7,522 | – | 0.14% | – |
| PFE | New | PFIZER INC | $215,000 | – | 7,669 | – | 0.12% | – |
| LLY | New | LILLY ELI & CO | $216,000 | – | 4,394 | – | 0.12% | – |
| UTL | New | UNITIL CORP | $209,000 | – | 7,250 | – | 0.12% | – |
| NSPH | New | NANOSPHERE INC | $178,000 | – | 57,950 | – | 0.10% | – |
| BGCP | New | BGC PARTNERS INCcl a | $59,000 | – | 10,000 | – | 0.03% | – |