Broad Run Investment Management Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AON	Sell	AON PLC	$70,423,178	-11.0%	217,208	-5.2%	9.31%	-0.5%
MKL	Sell	MARKEL CORP	$68,077,630	-5.0%	46,233	-10.7%	9.00%	+6.2%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$59,983,021	-10.0%	1,918,229	-3.1%	7.93%	+0.5%
ECPG	Sell	ENCORE CAP GROUP INC	$58,876,379	-3.1%	1,232,755	-1.4%	7.78%	+8.2%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$58,846,867	-8.4%	64,748	-3.7%	7.78%	+2.3%
KMX	Sell	CARMAX INC	$57,324,755	-20.0%	810,473	-5.3%	7.58%	-10.6%
AMT	Sell	AMERICAN TOWER CORP NEW	$54,932,385	-16.4%	334,037	-1.4%	7.26%	-6.6%
CCOI	Buy	COGENT COMMUNICATIONS HLDGS	$41,456,349	+48.7%	669,731	+61.6%	5.48%	+66.1%
CDW	Sell	CDW CORP	$39,623,243	+1.4%	196,388	-7.8%	5.24%	+13.3%
AMWD	Sell	AMERICAN WOODMARK CORPORATIO	$38,996,614	-7.7%	515,760	-6.8%	5.15%	+3.1%
AMAT	Sell	APPLIED MATLS INC	$37,245,819	-6.3%	269,020	-2.2%	4.92%	+4.7%
RH	Sell	RH	$29,097,312	-36.2%	110,067	-20.5%	3.84%	-28.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$24,001,447	-0.8%	182,036	-9.0%	3.17%	+10.8%
NVR	Sell	NVR INC	$20,901,367	-10.7%	3,505	-4.9%	2.76%	-0.2%
SHEN	Sell	SHENANDOAH TELECOMMUNICATION	$20,888,111	+5.0%	1,013,494	-1.0%	2.76%	+17.2%
SSNC	Sell	SS&C TECHNOLOGIES HLDGS INC	$18,230,487	-57.4%	346,983	-50.9%	2.41%	-52.4%
	Sell	BROOKFIELD ASSET MANAGMT LTD	$16,418,483	+0.8%	492,456	-1.4%	2.17%	+12.6%
ASTS	Sell	AST SPACEMOBILE INC	$8,614,782	-19.7%	2,267,048	-0.7%	1.14%	-10.4%
DIS	Sell	DISNEY WALT CO	$7,280,843	-16.2%	89,832	-7.7%	0.96%	-6.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$1,219,484	-11.6%	9,319	-19.2%	0.16%	-1.2%
	Buy	BROOKFIELD REINS LTDcl a exch lt vtg	$544,620	+2.3%	17,306	+10.1%	0.07%	+14.3%

Q2 2023

			Value		Shares		↓ Weighting
AON	New	AON PLC	$79,087,736	–	229,107	–	9.36%	–
MKL	New	MARKEL CORP	$71,623,827	–	51,782	–	8.47%	–
KMX	New	CARMAX INC	$71,620,249	–	855,678	–	8.47%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$66,643,758	–	1,980,498	–	7.88%	–
AMT	New	AMERICAN TOWER CORP NEW	$65,689,999	–	338,713	–	7.77%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$64,232,461	–	67,238	–	7.60%	–
ECPG	New	ENCORE CAP GROUP INC	$60,769,895	–	1,249,895	–	7.19%	–
RH	New	RH	$45,630,088	–	138,445	–	5.40%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$42,821,414	–	706,624	–	5.07%	–
AMWD	New	AMERICAN WOODMARK CORPORATIO	$42,247,502	–	553,195	–	5.00%	–
AMAT	New	APPLIED MATLS INC	$39,748,066	–	274,997	–	4.70%	–
CDW	New	CDW CORP	$39,072,839	–	212,931	–	4.62%	–
CCOI	New	COGENT COMMUNICATIONS HLDGS	$27,880,468	–	414,333	–	3.30%	–
GOOG	New	ALPHABET INCcap stk cl c	$24,197,871	–	200,032	–	2.86%	–
NVR	New	NVR INC	$23,395,684	–	3,684	–	2.77%	–
SHEN	New	SHENANDOAH TELECOMMUNICATION	$19,898,282	–	1,024,101	–	2.35%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$16,292,224	–	499,302	–	1.93%	–
ASTS	New	AST SPACEMOBILE INC	$10,733,757	–	2,283,778	–	1.27%	–
DIS	New	DISNEY WALT CO	$8,692,703	–	97,365	–	1.03%	–
TDG	New	TRANSDIGM GROUP INC	$7,933,970	–	8,873	–	0.94%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$5,760,723	–	39,579	–	0.68%	–
DHR	New	DANAHER CORPORATION	$4,993,200	–	20,805	–	0.59%	–
WMG	New	WARNER MUSIC GROUP CORP	$4,320,530	–	165,601	–	0.51%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,380,141	–	11,530	–	0.16%	–
	New	BROOKFIELD REINS LTDcl a exch lt vtg	$532,313	–	15,721	–	0.06%	–

Q4 2022

			Value		Shares		↓ Weighting
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-15,721	–	-0.07%	–
DS	Exit	DRIVE SHACK INC	$0	–	-1,106,911	–	-0.08%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-11,691	–	-0.12%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-785,984	–	-0.38%	–
ASTS	Exit	AST SPACEMOBILE INC	$0	–	-1,638,107	–	-1.30%	–
DIS	Exit	DISNEY WALT CO	$0	–	-136,938	–	-1.42%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-207,357	–	-1.66%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATION	$0	–	-971,579	–	-1.81%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-280,637	–	-2.52%	–
NVR	Exit	NVR INC	$0	–	-6,229	–	-2.72%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-285,271	–	-3.00%	–
RH	Exit	RH	$0	–	-138,276	–	-3.73%	–
AMWD	Exit	AMERICAN WOODMARK CORPORATIO	$0	–	-833,330	–	-4.00%	–
CDW	Exit	CDW CORP	$0	–	-244,737	–	-4.18%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-948,290	–	-4.96%	–
KMX	Exit	CARMAX INC	$0	–	-1,028,915	–	-7.44%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-105,772	–	-8.15%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-1,755,795	–	-8.75%	–
MKL	Exit	MARKEL CORP	$0	–	-87,399	–	-10.38%	–
AON	Exit	AON PLC	$0	–	-365,474	–	-10.72%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-460,017	–	-10.82%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-2,632,140	–	-11.79%	–

Q3 2022

			Value		Shares		↓ Weighting
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$107,628,000	-14.7%	2,632,140	-7.2%	11.79%	+2.6%
AMT	Sell	AMERICAN TOWER CORP NEW	$98,766,000	-23.2%	460,017	-8.6%	10.82%	-7.6%
AON	Sell	AON PLC	$97,900,000	-5.1%	365,474	-4.5%	10.72%	+14.1%
MKL	Sell	MARKEL CORP	$94,760,000	-20.4%	87,399	-5.0%	10.38%	-4.2%
ECPG	Sell	ENCORE CAP GROUP INC	$79,854,000	-28.3%	1,755,795	-9.0%	8.75%	-13.8%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$74,395,000	-8.5%	105,772	-17.8%	8.15%	+10.1%
KMX	Sell	CARMAX INC	$67,929,000	-29.6%	1,028,915	-3.5%	7.44%	-15.3%
SSNC	Sell	SS&C TECHNOLOGIES HLDGS INC	$45,281,000	-20.2%	948,290	-2.9%	4.96%	-4.0%
CDW	Sell	CDW CORP	$38,199,000	-4.6%	244,737	-3.7%	4.18%	+14.8%
AMWD	Sell	AMERICAN WOODMARK CORPORATIO	$36,550,000	-4.9%	833,330	-2.4%	4.00%	+14.4%
RH	Sell	RH	$34,026,000	+12.0%	138,276	-3.4%	3.73%	+34.7%
GOOG	Buy	ALPHABET INCcap stk cl c	$27,429,000	-23.4%	285,271	+1643.6%	3.00%	-7.8%
NVR	Sell	NVR INC	$24,836,000	-4.5%	6,229	-4.1%	2.72%	+14.9%
AMAT	Sell	APPLIED MATLS INC	$22,993,000	-13.7%	280,637	-4.2%	2.52%	+3.8%
SHEN	Buy	SHENANDOAH TELECOMMUNICATION	$16,536,000	+11.5%	971,579	+45.5%	1.81%	+34.1%
ALGT	Sell	ALLEGIANT TRAVEL CO	$15,133,000	-37.6%	207,357	-3.2%	1.66%	-24.9%
DIS	Sell	DISNEY WALT CO	$12,917,000	-12.4%	136,938	-12.4%	1.42%	+5.4%
ASTS	Sell	AST SPACEMOBILE INC	$11,827,000	+11.1%	1,638,107	-3.4%	1.30%	+33.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$1,118,000	-15.4%	11,691	+1829.2%	0.12%	+1.7%
DS	Sell	DRIVE SHACK INC	$686,000	-59.1%	1,106,911	-9.5%	0.08%	-51.0%
ITOT	Exit	ISHARES TRcore s&p ttl stk	$0	–	-3,518	–	-0.03%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-29,650	–	-0.44%	–

Q2 2022

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$128,601,000	–	503,152	–	11.71%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$126,146,000	–	2,836,649	–	11.49%	–
MKL	New	MARKEL CORP	$119,001,000	–	92,017	–	10.84%	–
ECPG	New	ENCORE CAP GROUP INC	$111,417,000	–	1,928,633	–	10.15%	–
AON	New	AON PLC	$103,170,000	–	382,564	–	9.40%	–
KMX	New	CARMAX INC	$96,490,000	–	1,066,426	–	8.79%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$81,296,000	–	128,682	–	7.40%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$56,733,000	–	976,973	–	5.17%	–
CDW	New	CDW CORP	$40,039,000	–	254,116	–	3.65%	–
AMWD	New	AMERICAN WOODMARK CORPORATIO	$38,434,000	–	853,895	–	3.50%	–
GOOG	New	ALPHABET INCcap stk cl c	$35,789,000	–	16,361	–	3.26%	–
RH	New	RH	$30,388,000	–	143,164	–	2.77%	–
AMAT	New	APPLIED MATLS INC	$26,638,000	–	292,792	–	2.43%	–
NVR	New	NVR INC	$25,999,000	–	6,493	–	2.37%	–
ALGT	New	ALLEGIANT TRAVEL CO	$24,236,000	–	214,309	–	2.21%	–
SHEN	New	SHENANDOAH TELECOMMUNICATION	$14,824,000	–	667,726	–	1.35%	–
DIS	New	DISNEY WALT CO	$14,750,000	–	156,253	–	1.34%	–
ASTS	New	AST SPACEMOBILE INC	$10,644,000	–	1,694,976	–	0.97%	–
FB	New	META PLATFORMS INCcl a	$4,781,000	–	29,650	–	0.44%	–
MG	New	MISTRAS GROUP INC	$4,669,000	–	785,984	–	0.42%	–
DS	New	DRIVE SHACK INC	$1,676,000	–	1,223,443	–	0.15%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,321,000	–	606	–	0.12%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$701,000	–	15,721	–	0.06%	–
ITOT	New	ISHARES TRcore s&p ttl stk	$295,000	–	3,518	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-21,524	–	-0.08%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-687	–	-0.12%	–
DS	Exit	DRIVE SHACK INC	$0	–	-1,658,637	–	-0.30%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-785,984	–	-0.51%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-36,496	–	-0.79%	–
ASTS	Exit	AST SPACEMOBILE INC	$0	–	-1,797,527	–	-1.25%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-166,149	–	-1.37%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,096,825	–	-1.56%	–
DIS	Exit	DISNEY WALT CO	$0	–	-186,760	–	-2.02%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-568,087	–	-2.16%	–
CDW	Exit	CDW CORP	$0	–	-216,660	–	-2.53%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-226,479	–	-2.84%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-20,302	–	-3.47%	–
AMWD	Exit	AMERICAN WOODMARK CORPORATIO	$0	–	-891,832	–	-3.73%	–
NVR	Exit	NVR INC	$0	–	-14,907	–	-4.58%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-1,035,288	–	-4.60%	–
RH	Exit	RH	$0	–	-132,685	–	-5.67%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-176,232	–	-6.90%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-2,555,334	–	-8.06%	–
MKL	Exit	MARKEL CORP	$0	–	-111,127	–	-8.51%	–
AON	Exit	AON PLC	$0	–	-501,885	–	-9.19%	–
KMX	Exit	CARMAX INC	$0	–	-1,135,468	–	-9.31%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-573,895	–	-9.76%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-3,128,280	–	-10.72%	–

Q3 2021

			Value		Shares		↓ Weighting
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$167,394,000	-1.2%	3,128,280	-5.8%	10.72%	+1.2%
AMT	Sell	AMERICAN TOWER CORP NEW	$152,317,000	-6.2%	573,895	-4.6%	9.76%	-4.0%
KMX	Sell	CARMAX INC	$145,294,000	-1.4%	1,135,468	-0.4%	9.31%	+1.0%
AON	Sell	AON PLC	$143,424,000	+13.0%	501,885	-5.6%	9.19%	+15.6%
MKL	Sell	MARKEL CORP	$132,811,000	+0.4%	111,127	-0.4%	8.51%	+2.7%
ECPG	Sell	ENCORE CAP GROUP INC	$125,901,000	+3.7%	2,555,334	-0.3%	8.06%	+6.1%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$107,688,000	+1.2%	176,232	-6.2%	6.90%	+3.6%
RH	Sell	RH	$88,489,000	-2.1%	132,685	-0.3%	5.67%	+0.2%
SSNC	Sell	SS&C TECHNOLOGIES HLDGS INC	$71,849,000	-4.1%	1,035,288	-0.4%	4.60%	-1.8%
NVR	Sell	NVR INC	$71,465,000	-3.9%	14,907	-0.3%	4.58%	-1.6%
AMWD	Sell	AMERICAN WOODMARK CORPORATIO	$58,299,000	-20.2%	891,832	-0.3%	3.73%	-18.4%
GOOG	Sell	ALPHABET INCcap stk cl c	$54,111,000	+1.1%	20,302	-4.9%	3.47%	+3.5%
ALGT	Sell	ALLEGIANT TRAVEL CO	$44,272,000	+0.3%	226,479	-0.4%	2.84%	+2.7%
CDW	Sell	CDW CORP	$39,436,000	+4.0%	216,660	-0.2%	2.53%	+6.4%
HXL	Sell	HEXCEL CORP NEW	$33,739,000	-45.1%	568,087	-42.3%	2.16%	-43.8%
DIS	Sell	DISNEY WALT CO	$31,594,000	-5.3%	186,760	-1.6%	2.02%	-3.1%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$24,382,000	-6.6%	1,096,825	-4.4%	1.56%	-4.4%
AMAT	New	APPLIED MATLS INC	$21,388,000	–	166,149	–	1.37%	–
ASTS	Sell	AST SPACEMOBILE INC	$19,449,000	-16.8%	1,797,527	-0.4%	1.25%	-14.8%
FB	Sell	FACEBOOK INCcl a	$12,386,000	-4.8%	36,496	-2.5%	0.79%	-2.6%
DS	Buy	DRIVE SHACK INC	$4,661,000	-14.4%	1,658,637	+0.8%	0.30%	-12.3%
BAMR	Sell	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$1,196,000	+2.8%	21,524	-3.8%	0.08%	+5.5%
FAST	Exit	FASTENAL CO	$0	–	-197,907	–	-0.64%	–

Q2 2021

			Value		Shares		↓ Weighting
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$169,380,000	–	3,322,482	–	10.60%	–
AMT	New	AMERICAN TOWER CORP NEW	$162,435,000	–	601,300	–	10.16%	–
KMX	New	CARMAX INC	$147,287,000	–	1,140,434	–	9.22%	–
MKL	New	MARKEL CORP	$132,340,000	–	111,518	–	8.28%	–
AON	New	AON PLC	$126,938,000	–	531,655	–	7.94%	–
ECPG	New	ENCORE CAP GROUP INC	$121,416,000	–	2,562,057	–	7.60%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$106,387,000	–	187,893	–	6.66%	–
RH	New	RH	$90,387,000	–	133,118	–	5.66%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$74,912,000	–	1,039,578	–	4.69%	–
NVR	New	NVR INC	$74,341,000	–	14,948	–	4.65%	–
AMWD	New	AMERICAN WOODMARK CORPORATIO	$73,099,000	–	894,829	–	4.57%	–
HXL	New	HEXCEL CORP NEW	$61,457,000	–	984,887	–	3.85%	–
GOOG	New	ALPHABET INCcap stk cl c	$53,525,000	–	21,356	–	3.35%	–
ALGT	New	ALLEGIANT TRAVEL CO	$44,125,000	–	227,448	–	2.76%	–
CDW	New	CDW CORP	$37,926,000	–	217,154	–	2.37%	–
DIS	New	DISNEY WALT CO	$33,360,000	–	189,792	–	2.09%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$26,109,000	–	1,147,129	–	1.63%	–
ASTS	New	AST SPACEMOBILE INC	$23,363,000	–	1,805,464	–	1.46%	–
FB	New	FACEBOOK INCcl a	$13,014,000	–	37,429	–	0.81%	–
FAST	New	FASTENAL CO	$10,291,000	–	197,907	–	0.64%	–
MG	New	MISTRAS GROUP INC	$7,726,000	–	785,984	–	0.48%	–
DS	New	DRIVE SHACK INC	$5,445,000	–	1,645,049	–	0.34%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,678,000	–	687	–	0.10%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$1,163,000	–	22,366	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-688	–	-0.07%	–
DS	Exit	DRIVE SHACK INC	$0	–	-1,722,918	–	-0.13%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-971,558	–	-0.25%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,174,190	–	-0.55%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-42,905	–	-0.74%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-130,502	–	-1.03%	–
FAST	Exit	FASTENAL CO	$0	–	-386,710	–	-1.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-212,884	–	-1.75%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-26,755	–	-2.60%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-1,378,573	–	-3.06%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-1,437,693	–	-3.44%	–
RH	Exit	RH	$0	–	-136,913	–	-3.46%	–
NVR	Exit	NVR INC	$0	–	-18,578	–	-5.02%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-1,277,870	–	-5.11%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-1,343,045	–	-6.97%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-3,216,634	–	-8.21%	–
MKL	Exit	MARKEL CORP	$0	–	-134,096	–	-8.63%	–
AON	Exit	AON PLC	$0	–	-643,048	–	-8.77%	–
KMX	Exit	CARMAX INC	$0	–	-1,452,150	–	-8.82%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-4,351,727	–	-9.51%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-633,051	–	-10.12%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-347,977	–	-10.61%	–

Q3 2020

			Value		Shares		↓ Weighting
ORLY	Sell	OREILLY AUTOMOTIVE INC	$160,445,000	-0.2%	347,977	-8.8%	10.61%	+0.9%
AMT	Sell	AMERICAN TOWER CORP NEW	$153,027,000	-6.9%	633,051	-0.4%	10.12%	-5.9%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$143,868,000	+0.2%	4,351,727	-0.3%	9.51%	+1.3%
KMX	Sell	CARMAX INC	$133,467,000	-10.0%	1,452,150	-12.3%	8.82%	-9.0%
AON	Sell	AON PLC	$132,661,000	+4.9%	643,048	-2.0%	8.77%	+6.1%
MKL	Sell	MARKEL CORP	$130,569,000	-1.4%	134,096	-6.5%	8.63%	-0.3%
ECPG	Sell	ENCORE CAP GROUP INC	$124,130,000	+3.2%	3,216,634	-8.6%	8.21%	+4.3%
AMWD	Sell	AMERICAN WOODMARK CORP	$105,483,000	-6.6%	1,343,045	-10.0%	6.97%	-5.6%
SSNC	Sell	SS&C TECHNOLOGIES HLDGS INC	$77,337,000	-1.2%	1,277,870	-7.8%	5.11%	-0.1%
NVR	Sell	NVR INC	$75,856,000	+1.3%	18,578	-19.1%	5.02%	+2.4%
RH	Sell	RH	$52,386,000	+53.4%	136,913	-0.2%	3.46%	+55.0%
SCHW	Sell	SCHWAB CHARLES CORP	$52,088,000	+7.1%	1,437,693	-0.3%	3.44%	+8.3%
HXL	Sell	HEXCEL CORP NEW	$46,251,000	-28.8%	1,378,573	-4.1%	3.06%	-28.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$39,319,000	+2.8%	26,755	-1.1%	2.60%	+3.9%
DIS	Sell	DISNEY WALT CO	$26,415,000	+9.7%	212,884	-1.4%	1.75%	+10.9%
FAST	Sell	FASTENAL CO	$17,437,000	+4.9%	386,710	-0.3%	1.15%	+6.1%
ALGT	New	ALLEGIANT TRAVEL CO	$15,634,000	–	130,502	–	1.03%	–
FB	Sell	FACEBOOK INCcl a	$11,237,000	+13.6%	42,905	-1.5%	0.74%	+14.8%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$8,278,000	-16.9%	1,174,190	-0.3%	0.55%	-16.0%
DS	Sell	DRIVE SHACK INC	$1,930,000	-41.5%	1,722,918	-3.4%	0.13%	-40.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$1,008,000	+0.3%	688	-3.0%	0.07%	+1.5%
AME	Exit	AMETEK INC NEW	$0	–	-136,344	–	-0.80%	–

Q2 2020

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$164,352,000	–	635,693	–	10.75%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$160,846,000	–	381,450	–	10.52%	–
KMX	New	CARMAX INC	$148,263,000	–	1,655,648	–	9.69%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$143,605,000	–	4,364,895	–	9.39%	–
MKL	New	MARKEL CORP	$132,467,000	–	143,491	–	8.66%	–
AON	New	AON PLC	$126,417,000	–	656,370	–	8.27%	–
ECPG	New	ENCORE CAP GROUP INC	$120,336,000	–	3,520,648	–	7.87%	–
AMWD	New	AMERICAN WOODMARK CORP	$112,932,000	–	1,492,823	–	7.38%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$78,308,000	–	1,386,467	–	5.12%	–
NVR	New	NVR INC	$74,880,000	–	22,978	–	4.90%	–
HXL	New	HEXCEL CORP NEW	$64,998,000	–	1,437,375	–	4.25%	–
SCHW	New	SCHWAB CHARLES CORP	$48,649,000	–	1,441,868	–	3.18%	–
GOOG	New	ALPHABET INCcap stk cl c	$38,261,000	–	27,066	–	2.50%	–
RH	New	RH	$34,161,000	–	137,246	–	2.23%	–
DIS	New	DISNEY WALT CO	$24,071,000	–	215,861	–	1.57%	–
FAST	New	FASTENAL CO	$16,623,000	–	388,033	–	1.09%	–
AME	New	AMETEK INC NEW	$12,185,000	–	136,344	–	0.80%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$9,962,000	–	1,177,576	–	0.65%	–
FB	New	FACEBOOK INCcl a	$9,892,000	–	43,564	–	0.65%	–
MG	New	MISTRAS GROUP INC	$3,838,000	–	971,558	–	0.25%	–
DS	New	DRIVE SHACK INC	$3,301,000	–	1,784,224	–	0.22%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,005,000	–	709	–	0.07%	–

Q4 2019

			Value		Shares		↓ Weighting
GOOGL	Exit	ALPHABET INCcl a	$0	–	-842	–	-0.04%	–
AZO	Exit	AUTOZONE INC	$0	–	-6,522	–	-0.30%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-46,799	–	-0.48%	–
DS	Exit	DRIVE SHACK INC	$0	–	-3,117,620	–	-0.57%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-1,749,004	–	-0.66%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-971,558	–	-0.68%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-110,942	–	-0.84%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-423,411	–	-0.93%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,205,116	–	-1.30%	–
DIS	Exit	DISNEY WALT CO	$0	–	-314,958	–	-1.76%	–
AME	Exit	AMETEK INC NEW	$0	–	-511,027	–	-2.01%	–
GOOG	Exit	ALPHABET INCcl c	$0	–	-46,356	–	-2.42%	–
NVR	Exit	NVR INC	$0	–	-34,273	–	-5.45%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-3,891,975	–	-5.54%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-1,652,853	–	-5.80%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-3,548,170	–	-6.34%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-1,791,766	–	-6.81%	–
AON	Exit	AON PLCcl a	$0	–	-997,052	–	-8.25%	–
MKL	Exit	MARKEL CORP	$0	–	-177,901	–	-8.99%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-4,410,961	–	-10.01%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC NEW	$0	–	-588,083	–	-10.02%	–
KMX	Exit	CARMAX INC	$0	–	-2,724,760	–	-10.25%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,113,246	–	-10.52%	–

Q3 2019

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORP NEW	$246,172,000	+2.8%	1,113,246	-4.9%	10.52%	+1.2%
KMX	Sell	CARMAX INC	$239,779,000	-4.2%	2,724,760	-5.5%	10.25%	-5.7%
ORLY	Sell	O'REILLY AUTOMOTIVE INC NEW	$234,357,000	+7.9%	588,083	-0.0%	10.02%	+6.1%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a	$234,178,000	+4.1%	4,410,961	-6.3%	10.01%	+2.4%
MKL	Sell	MARKEL CORP	$210,261,000	+2.8%	177,901	-5.2%	8.99%	+1.2%
AON	Sell	AON PLCcl a	$192,999,000	-1.7%	997,052	-2.0%	8.25%	-3.2%
AMWD	Buy	AMERICAN WOODMARK CORP	$159,306,000	+5.6%	1,791,766	+0.5%	6.81%	+3.9%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$148,420,000	+4.6%	3,548,170	+0.5%	6.34%	+2.9%
HXL	Sell	HEXCEL CORP NEW	$135,749,000	-3.2%	1,652,853	-4.7%	5.80%	-4.7%
ECPG	Buy	ENCORE CAP GROUP INC	$129,700,000	-1.1%	3,891,975	+0.5%	5.54%	-2.7%
NVR	Sell	NVR INC	$127,405,000	-5.8%	34,273	-14.6%	5.45%	-7.3%
GOOG	Buy	ALPHABET INCcl c	$56,508,000	+14.5%	46,356	+1.5%	2.42%	+12.7%
AME	Sell	AMETEK INC NEW	$46,922,000	-3.4%	511,027	-4.4%	2.01%	-4.9%
DIS	Buy	DISNEY WALT CO	$41,045,000	-3.6%	314,958	+3.3%	1.76%	-5.1%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$30,357,000	+0.5%	1,205,116	-0.5%	1.30%	-1.1%
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$21,835,000	–	423,411	–	0.93%	–
FB	Buy	FACEBOOK INCcl a	$19,757,000	-3.5%	110,942	+4.6%	0.84%	-5.1%
CWH	Sell	CAMPING WORLD HLDGS INCcl a	$15,566,000	-49.3%	1,749,004	-29.2%	0.66%	-50.1%
DS	Sell	DRIVE SHACK INC	$13,437,000	-8.8%	3,117,620	-0.7%	0.57%	-10.3%
SBAC	Sell	SBA COMMUNICATIONS CORP	$11,286,000	+1.6%	46,799	-5.3%	0.48%	0.0%

Q2 2019

			Value		Shares		↓ Weighting
KMX	New	CARMAX INC	$250,293,000	–	2,882,566	–	10.87%	–
AMT	New	AMERICAN TOWER CORP NEW	$239,355,000	–	1,170,728	–	10.40%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$225,001,000	–	4,709,104	–	9.78%	–
ORLY	New	O'REILLY AUTOMOTIVE INC NEW	$217,279,000	–	588,321	–	9.44%	–
MKL	New	MARKEL CORP	$204,548,000	–	187,728	–	8.89%	–
AON	New	AON PLCcl a	$196,239,000	–	1,016,887	–	8.52%	–
AMWD	New	AMERICAN WOODMARK CORP	$150,831,000	–	1,782,450	–	6.55%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$141,926,000	–	3,531,364	–	6.17%	–
HXL	New	HEXCEL CORP NEW	$140,206,000	–	1,733,505	–	6.09%	–
NVR	New	NVR INC	$135,258,000	–	40,133	–	5.88%	–
ECPG	New	ENCORE CAP GROUP INC	$131,116,000	–	3,871,150	–	5.70%	–
GOOG	New	ALPHABET INCcl c	$49,348,000	–	45,654	–	2.14%	–
AME	New	AMETEK INC NEW	$48,579,000	–	534,773	–	2.11%	–
DIS	New	DISNEY WALT CO	$42,564,000	–	304,811	–	1.85%	–
CWH	New	CAMPING WORLD HLDGS INCcl a	$30,696,000	–	2,471,506	–	1.33%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$30,201,000	–	1,211,417	–	1.31%	–
FB	New	FACEBOOK INCcl a	$20,477,000	–	106,101	–	0.89%	–
DS	New	DRIVE SHACK INC	$14,731,000	–	3,140,889	–	0.64%	–
MG	New	MISTRAS GROUP INC	$13,961,000	–	971,558	–	0.61%	–
SBAC	New	SBA COMMUNICATIONS CORP	$11,106,000	–	49,395	–	0.48%	–
AZO	New	AUTOZONE INC	$7,171,000	–	6,522	–	0.31%	–
GOOGL	New	ALPHABET INCcl a	$912,000	–	842	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
GOOGL	Exit	ALPHABET INCcl a	$0	–	-885	–	-0.04%	–
AZO	Exit	AUTOZONE INC	$0	–	-6,049	–	-0.17%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-63,720	–	-0.38%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INCcl a	$0	–	-234,813	–	-0.40%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-82,804	–	-0.51%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-412,397	–	-0.70%	–
DS	Exit	DRIVE SHACK INC	$0	–	-3,269,807	–	-0.72%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-979,716	–	-0.79%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,220,376	–	-1.31%	–
AME	Exit	AMETEK INC NEW	$0	–	-580,494	–	-1.71%	–
GOOG	Exit	ALPHABET INCcl c	$0	–	-42,385	–	-1.88%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-2,471,506	–	-1.96%	–
NVR	Exit	NVR INC	$0	–	-53,594	–	-4.92%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-3,815,213	–	-5.08%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-1,837,768	–	-5.36%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-3,015,791	–	-7.51%	–
AON	Exit	AON PLCcl a	$0	–	-1,435,681	–	-8.20%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-4,693,312	–	-8.57%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-5,572,776	–	-9.22%	–
MKL	Exit	MARKEL CORP	$0	–	-215,914	–	-9.53%	–
KMX	Exit	CARMAX INC	$0	–	-3,547,271	–	-9.84%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC NEW	$0	–	-816,109	–	-10.53%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,976,825	–	-10.67%	–

Q3 2018

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORP NEW	$287,233,000	-11.7%	1,976,825	-12.4%	10.67%	-3.6%
ORLY	Sell	O'REILLY AUTOMOTIVE INC NEW	$283,451,000	+9.0%	816,109	-14.1%	10.53%	+19.0%
KMX	Buy	CARMAX INC	$264,875,000	+4.6%	3,547,271	+2.1%	9.84%	+14.2%
MKL	Sell	MARKEL CORP	$256,612,000	-4.5%	215,914	-12.8%	9.53%	+4.3%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a	$248,156,000	+11.2%	5,572,776	+1.3%	9.22%	+21.4%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$230,676,000	-3.4%	4,693,312	+0.5%	8.57%	+5.5%
AON	Sell	AON PLCcl a	$220,779,000	+9.9%	1,435,681	-2.0%	8.20%	+20.0%
HXL	Buy	HEXCEL CORP NEW	$202,209,000	+1.5%	3,015,791	+0.5%	7.51%	+10.9%
AMWD	Buy	AMERICAN WOODMARK CORP	$144,173,000	-7.3%	1,837,768	+8.2%	5.36%	+1.2%
ECPG	Buy	ENCORE CAP GROUP INC	$136,775,000	+25.9%	3,815,213	+28.6%	5.08%	+37.5%
NVR	Buy	NVR INC	$132,420,000	+12.3%	53,594	+35.1%	4.92%	+22.6%
CWH	New	CAMPING WORLD HLDGS INCcl a	$52,693,000	–	2,471,506	–	1.96%	–
GOOG	Sell	ALPHABET INCcl c	$50,585,000	-69.5%	42,385	-71.5%	1.88%	-66.7%
AME	Buy	AMETEK INC NEW	$45,929,000	+10.8%	580,494	+1.1%	1.71%	+21.0%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$35,208,000	-3.5%	1,220,376	-0.2%	1.31%	+5.4%
MG	Sell	MISTRAS GROUP INC	$21,230,000	-13.3%	979,716	-24.5%	0.79%	-5.4%
DS	Sell	DRIVE SHACK INC	$19,488,000	-23.0%	3,269,807	-0.3%	0.72%	-15.9%
FOX	Sell	TWENTY-FIRST CENTURY FOX INCcl b	$18,896,000	-7.3%	412,397	-0.4%	0.70%	+1.2%
FB	Sell	FACEBOOK INCcl a	$13,618,000	-80.2%	82,804	-76.6%	0.51%	-78.4%
FOXA	Sell	TWENTY-FIRST CENTURY FOX INCcl a	$10,879,000	-93.5%	234,813	-93.0%	0.40%	-92.9%
SBAC	Buy	SBA COMMUNICATIONS CORP	$10,235,000	+21.5%	63,720	+24.9%	0.38%	+32.4%
AZO	Buy	AUTOZONE INC	$4,692,000	+16.8%	6,049	+1.1%	0.17%	+27.0%
GOOGL	Sell	ALPHABET INCcl a	$1,068,000	-95.7%	885	-96.0%	0.04%	-95.3%

Q2 2018

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$325,203,000	–	2,255,688	–	11.07%	–
MKL	New	MARKEL CORP	$268,630,000	–	247,734	–	9.14%	–
ORLY	New	O'REILLY AUTOMOTIVE INC NEW	$260,014,000	–	950,449	–	8.85%	–
KMX	New	CARMAX INC	$253,132,000	–	3,473,752	–	8.61%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$238,750,000	–	4,672,203	–	8.12%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$223,095,000	–	5,503,091	–	7.59%	–
AON	New	AON PLCcl a	$200,858,000	–	1,464,302	–	6.84%	–
HXL	New	HEXCEL CORP NEW	$199,136,000	–	2,999,934	–	6.78%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INCcl a	$167,749,000	–	3,375,906	–	5.71%	–
GOOG	New	ALPHABET INCcl c	$165,912,000	–	148,713	–	5.65%	–
AMWD	New	AMERICAN WOODMARK CORP	$155,532,000	–	1,698,875	–	5.29%	–
NVR	New	NVR INC	$117,866,000	–	39,681	–	4.01%	–
ECPG	New	ENCORE CAP GROUP INC	$108,598,000	–	2,967,153	–	3.70%	–
FB	New	FACEBOOK INCcl a	$68,897,000	–	354,556	–	2.34%	–
AME	New	AMETEK INC NEW	$41,439,000	–	574,268	–	1.41%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$36,484,000	–	1,222,258	–	1.24%	–
DS	New	DRIVE SHACK INC	$25,310,000	–	3,278,488	–	0.86%	–
GOOGL	New	ALPHABET INCcl a	$24,816,000	–	21,977	–	0.84%	–
MG	New	MISTRAS GROUP INC	$24,499,000	–	1,297,594	–	0.83%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$20,391,000	–	413,865	–	0.69%	–
SBAC	New	SBA COMMUNICATIONS CORP	$8,424,000	–	51,015	–	0.29%	–
AZO	New	AUTOZONE INC	$4,016,000	–	5,986	–	0.14%	–

Q4 2017

			Value		Shares		↓ Weighting
AZO	Exit	AUTOZONE INC	$0	–	-6,216	–	-0.12%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-48,474	–	-0.23%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-360,428	–	-0.31%	–
DS	Exit	DRIVE SHACK INC	$0	–	-2,891,311	–	-0.35%	–
DHIL	Exit	DIAMOND HILL INV GROUP NEW	$0	–	-94,729	–	-0.67%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,197,772	–	-0.94%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-1,574,899	–	-1.08%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,228,527	–	-1.18%	–
AME	Exit	AMETEK INC NEW	$0	–	-570,245	–	-1.26%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-1,408,781	–	-1.60%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-678,226	–	-1.86%	–
GOOGL	Exit	ALPHABET INCcl a	$0	–	-69,941	–	-2.28%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INCcl a	$0	–	-4,081,451	–	-3.60%	–
NVR	Exit	NVR INC	$0	–	-37,928	–	-3.62%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-2,895,876	–	-4.29%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES INC	$0	–	-3,627,013	–	-4.48%	–
GOOG	Exit	ALPHABET INCcl c	$0	–	-144,893	–	-4.65%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-1,448,666	–	-4.67%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-2,977,646	–	-5.72%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-4,632,031	–	-6.78%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC NEW	$0	–	-973,260	–	-7.02%	–
AON	Exit	AON PLCcl a	$0	–	-1,446,663	–	-7.08%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-5,331,983	–	-7.37%	–
KMX	Exit	CARMAX INC	$0	–	-3,371,233	–	-8.56%	–
MKL	Exit	MARKEL CORP	$0	–	-256,912	–	-9.18%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-2,422,381	–	-11.08%	–

Q3 2017

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORP NEW	$331,091,000	+2.8%	2,422,381	-0.4%	11.08%	-1.7%
MKL	Sell	MARKEL CORP	$274,377,000	+9.4%	256,912	-0.0%	9.18%	+4.5%
KMX	Sell	CARMAX INC	$255,573,000	+20.0%	3,371,233	-0.2%	8.56%	+14.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a	$220,211,000	+5.3%	5,331,983	-0.0%	7.37%	+0.6%
AON	Sell	AON PLCcl a	$211,357,000	+9.8%	1,446,663	-0.0%	7.08%	+5.0%
ORLY	Sell	O'REILLY AUTOMOTIVE INC NEW	$209,611,000	-2.0%	973,260	-0.5%	7.02%	-6.3%
SCHW	Sell	SCHWAB CHARLES CORP NEW	$202,605,000	+1.7%	4,632,031	-0.1%	6.78%	-2.8%
HXL	Sell	HEXCEL CORP NEW	$170,976,000	+8.7%	2,977,646	-0.1%	5.72%	+3.8%
AMWD	Buy	AMERICAN WOODMARK CORP	$139,434,000	+3.5%	1,448,666	+2.8%	4.67%	-1.1%
GOOG	Sell	ALPHABET INCcl c	$138,969,000	+5.5%	144,893	-0.0%	4.65%	+0.8%
GLPI	Sell	GAMING AND LEISURE PROPERTIES INC	$133,801,000	-2.3%	3,627,013	-0.2%	4.48%	-6.6%
ECPG	Sell	ENCORE CAP GROUP INC	$128,287,000	+9.7%	2,895,876	-0.6%	4.29%	+4.9%
NVR	Sell	NVR INC	$108,284,000	+18.4%	37,928	-0.0%	3.62%	+13.2%
FOXA	Buy	TWENTY-FIRST CENTURY FOX INCcl a	$107,669,000	-6.6%	4,081,451	+0.3%	3.60%	-10.7%
HSIC	Buy	SCHEIN HENRY INC	$55,608,000	-10.2%	678,226	+100.4%	1.86%	-14.2%
INT	Sell	WORLD FUEL SVCS CORP	$47,772,000	-30.8%	1,408,781	-21.6%	1.60%	-33.9%
AME	Buy	AMETEK INC NEW	$37,659,000	+9.4%	570,245	+0.3%	1.26%	+4.6%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$35,320,000	+14.3%	1,228,527	-0.0%	1.18%	+9.1%
MG	Sell	MISTRAS GROUP INC	$32,285,000	-6.8%	1,574,899	-0.1%	1.08%	-11.0%
DS	Sell	DRIVE SHACK INC	$10,438,000	+14.3%	2,891,311	-0.3%	0.35%	+9.1%
FOX	Sell	TWENTY-FIRST CENTURY FOX INCcl b	$9,295,000	-11.6%	360,428	-4.4%	0.31%	-15.5%
SBAC	Sell	SBA COMMUNICATIONS CORP	$6,983,000	+1.1%	48,474	-5.4%	0.23%	-3.3%
AZO	Buy	AUTOZONE INC	$3,699,000	+11.7%	6,216	+7.0%	0.12%	+6.9%

Q2 2017

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$321,969,000	–	2,433,261	–	11.28%	–
MKL	New	MARKEL CORP	$250,813,000	–	257,017	–	8.78%	–
ORLY	New	O'REILLY AUTOMOTIVE INC NEW	$213,870,000	–	977,735	–	7.49%	–
KMX	New	CARMAX INC	$212,969,000	–	3,377,241	–	7.46%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$209,104,000	–	5,332,922	–	7.32%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$199,247,000	–	4,637,976	–	6.98%	–
AON	New	AON PLCcl a	$192,409,000	–	1,447,226	–	6.74%	–
HXL	New	HEXCEL CORP NEW	$157,338,000	–	2,980,460	–	5.51%	–
GLPI	New	GAMING AND LEISURE PROPERTIES INC	$136,939,000	–	3,635,214	–	4.80%	–
AMWD	New	AMERICAN WOODMARK CORP	$134,689,000	–	1,409,621	–	4.72%	–
GOOG	New	ALPHABET INCcl c	$131,727,000	–	144,957	–	4.61%	–
ECPG	New	ENCORE CAP GROUP INC	$116,919,000	–	2,912,052	–	4.10%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INCcl a	$115,280,000	–	4,067,756	–	4.04%	–
NVR	New	NVR INC	$91,459,000	–	37,940	–	3.20%	–
INT	New	WORLD FUEL SVCS CORP	$69,066,000	–	1,796,263	–	2.42%	–
GOOGL	New	ALPHABET INCcl a	$65,023,000	–	69,941	–	2.28%	–
HSIC	New	SCHEIN HENRY INC	$61,951,000	–	338,494	–	2.17%	–
MG	New	MISTRAS GROUP INC	$34,652,000	–	1,577,235	–	1.21%	–
AME	New	AMETEK INC NEW	$34,429,000	–	568,417	–	1.21%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$30,912,000	–	1,229,086	–	1.08%	–
PENN	New	PENN NATL GAMING INC	$25,632,000	–	1,197,772	–	0.90%	–
DHIL	New	DIAMOND HILL INV GROUP NEW	$18,889,000	–	94,729	–	0.66%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$10,512,000	–	377,190	–	0.37%	–
DS	New	DRIVE SHACK INC	$9,135,000	–	2,900,050	–	0.32%	–
SBAC	New	SBA COMMUNICATIONS CORP	$6,910,000	–	51,220	–	0.24%	–
AZO	New	AUTOZONE INC	$3,313,000	–	5,807	–	0.12%	–

Q4 2016

			Value		Shares		↓ Weighting
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-114,749	–	-0.13%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,197,772	–	-0.74%	–
AME	Exit	AMETEK INC NEW	$0	–	-483,904	–	-1.05%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,239,385	–	-1.09%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-1,198,400	–	-1.28%	–
DHIL	Exit	DIAMOND HILL INV GROUP NEW	$0	–	-162,099	–	-1.36%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-294,143	–	-2.18%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-2,471,655	–	-2.52%	–
GOOGL	Exit	ALPHABET INCcl a	$0	–	-70,184	–	-2.56%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-1,638,317	–	-3.44%	–
GOOG	Exit	ALPHABET INCcl c	$0	–	-118,184	–	-4.17%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INCcl a	$0	–	-3,880,671	–	-4.27%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-1,266,129	–	-4.63%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES INC	$0	–	-3,268,630	–	-4.97%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-2,697,799	–	-5.43%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-4,231,943	–	-6.07%	–
AON	Exit	AON PLCcl a	$0	–	-1,259,869	–	-6.44%	–
KMX	Exit	CARMAX INC	$0	–	-3,101,650	–	-7.52%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-4,758,102	–	-7.60%	–
MKL	Exit	MARKEL CORP	$0	–	-228,221	–	-9.63%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC NEW	$0	–	-886,707	–	-11.28%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-2,260,382	–	-11.64%	–

Q3 2016

			Value		Shares		↓ Weighting
AMT	Buy	AMERICAN TOWER CORP NEW	$256,169,000	+0.8%	2,260,382	+1.1%	11.64%	-4.9%
ORLY	Buy	O'REILLY AUTOMOTIVE INC NEW	$248,375,000	+4.4%	886,707	+1.1%	11.28%	-1.5%
MKL	Buy	MARKEL CORP	$211,965,000	-1.4%	228,221	+1.2%	9.63%	-7.0%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a	$167,390,000	+7.4%	4,758,102	+1.0%	7.60%	+1.3%
KMX	Buy	CARMAX INC	$165,473,000	+9.8%	3,101,650	+1.0%	7.52%	+3.7%
AON	Buy	AON PLCcl a	$141,723,000	+4.4%	1,259,869	+1.4%	6.44%	-1.5%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$133,602,000	+26.0%	4,231,943	+1.0%	6.07%	+18.9%
HXL	Buy	HEXCEL CORP NEW	$119,512,000	+7.3%	2,697,799	+0.8%	5.43%	+1.2%
GLPI	Buy	GAMING AND LEISURE PROPERTIES INC	$109,336,000	-2.1%	3,268,630	+1.0%	4.97%	-7.6%
AMWD	Buy	AMERICAN WOODMARK CORP	$102,012,000	+22.5%	1,266,129	+1.0%	4.63%	+15.6%
FOXA	Buy	TWENTY-FIRST CENTURY FOX INCcl a	$93,990,000	+17.3%	3,880,671	+31.0%	4.27%	+10.7%
GOOG	Buy	ALPHABET INCcl c	$91,863,000	+14.7%	118,184	+2.1%	4.17%	+8.2%
INT	Buy	WORLD FUEL SVCS CORP	$75,789,000	-1.4%	1,638,317	+1.2%	3.44%	-7.0%
GOOGL	Sell	ALPHABET INCcl a	$56,432,000	+14.2%	70,184	-0.1%	2.56%	+7.7%
ECPG	Buy	ENCORE CAP GROUP INC	$55,563,000	-2.7%	2,471,655	+1.9%	2.52%	-8.2%
HSIC	Buy	SCHEIN HENRY INC	$47,939,000	-6.8%	294,143	+1.1%	2.18%	-12.1%
DHIL	Buy	DIAMOND HILL INV GROUP NEW	$29,954,000	-0.8%	162,099	+1.1%	1.36%	-6.4%
MG	Buy	MISTRAS GROUP INC	$28,126,000	+0.6%	1,198,400	+2.3%	1.28%	-5.1%
MRLN	Buy	MARLIN BUSINESS SVCS CORP	$24,019,000	+22.8%	1,239,385	+3.3%	1.09%	+15.8%
AME	Buy	AMETEK INC NEW	$23,121,000	+4.4%	483,904	+1.1%	1.05%	-1.5%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$2,839,000	+30.2%	114,749	+43.4%	0.13%	+22.9%
BBU	Exit	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$0	–	-93,779	–	-0.09%	–

Q2 2016

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$254,044,000	–	2,236,104	–	12.23%	–
ORLY	New	O'REILLY AUTOMOTIVE INC NEW	$237,882,000	–	877,468	–	11.45%	–
MKL	New	MARKEL CORP	$214,926,000	–	225,578	–	10.35%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$155,856,000	–	4,712,897	–	7.50%	–
KMX	New	CARMAX INC	$150,639,000	–	3,072,385	–	7.25%	–
AON	New	AON PLCcl a	$135,756,000	–	1,242,847	–	6.54%	–
GLPI	New	GAMING AND LEISURE PROPERTIES INC	$111,640,000	–	3,237,825	–	5.38%	–
HXL	New	HEXCEL CORP NEW	$111,407,000	–	2,675,473	–	5.36%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$106,028,000	–	4,189,183	–	5.10%	–
AMWD	New	AMERICAN WOODMARK CORP	$83,253,000	–	1,254,187	–	4.01%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INCcl a	$80,127,000	–	2,962,179	–	3.86%	–
GOOG	New	ALPHABET INCcl c	$80,106,000	–	115,743	–	3.86%	–
INT	New	WORLD FUEL SVCS CORP	$76,894,000	–	1,619,159	–	3.70%	–
ECPG	New	ENCORE CAP GROUP INC	$57,100,000	–	2,426,682	–	2.75%	–
HSIC	New	SCHEIN HENRY INC	$51,458,000	–	291,054	–	2.48%	–
GOOGL	New	ALPHABET INCcl a	$49,408,000	–	70,229	–	2.38%	–
DHIL	New	DIAMOND HILL INV GROUP NEW	$30,199,000	–	160,275	–	1.45%	–
MG	New	MISTRAS GROUP INC	$27,964,000	–	1,171,493	–	1.35%	–
AME	New	AMETEK INC NEW	$22,136,000	–	478,824	–	1.07%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$19,566,000	–	1,200,357	–	0.94%	–
PENN	New	PENN NATL GAMING INC	$16,709,000	–	1,197,772	–	0.80%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$2,180,000	–	80,007	–	0.10%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$1,790,000	–	93,779	–	0.09%	–

Q4 2015

			Value		Shares		↓ Weighting
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-58,791	–	-0.09%	–
MG	Exit	MISTRAS GROUP INC	$0	–	-922,152	–	-0.67%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDS I	$0	–	-869,200	–	-0.91%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,154,502	–	-1.01%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,197,772	–	-1.14%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-227,355	–	-1.71%	–
DHIL	Exit	DIAMOND HILL INV GROUP NEW	$0	–	-164,972	–	-1.74%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-70,327	–	-2.55%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-1,379,495	–	-2.80%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-1,274,562	–	-3.24%	–
	Exit	AMERICAN WOODMARK CORP	$0	–	-949,406	–	-3.50%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-113,461	–	-3.92%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-1,448,552	–	-4.08%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INCcl a	$0	–	-2,717,378	–	-4.16%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES INC	$0	–	-2,602,775	–	-4.39%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-2,335,286	–	-4.90%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-3,132,415	–	-5.08%	–
AON	Exit	AON PLCcl a	$0	–	-1,071,981	–	-5.39%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-4,292,213	–	-7.66%	–
KMX	Exit	CARMAX INC	$0	–	-2,390,853	–	-8.05%	–
MKL	Exit	MARKEL CORP	$0	–	-223,203	–	-10.16%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-2,094,214	–	-10.46%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC NEW	$0	–	-873,261	–	-12.39%	–

Q3 2015

			Value		Shares		↓ Weighting
ORLY	Sell	O'REILLY AUTOMOTIVE INC NEW	$218,315,000	+10.6%	873,261	-0.0%	12.39%	+5.5%
AMT	Buy	AMERICAN TOWER CORP NEW	$184,249,000	+11.4%	2,094,214	+18.1%	10.46%	+6.3%
MKL	Buy	MARKEL CORP	$178,978,000	+8.4%	223,203	+8.2%	10.16%	+3.4%
KMX	Buy	CARMAX INC	$141,825,000	-1.2%	2,390,853	+10.3%	8.05%	-5.7%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a	$134,947,000	+19.7%	4,292,213	+33.0%	7.66%	+14.2%
AON	Buy	AON PLCcl a	$94,988,000	+5.9%	1,071,981	+19.1%	5.39%	+1.0%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$89,462,000	-4.5%	3,132,415	+9.2%	5.08%	-8.9%
ECPG	Buy	ENCORE CAP GROUP INC	$86,406,000	-4.2%	2,335,286	+10.6%	4.90%	-8.6%
GLPI	Buy	GAMING AND LEISURE PROPERTIES INC	$77,302,000	-8.3%	2,602,775	+13.2%	4.39%	-12.5%
FOXA	Sell	TWENTY-FIRST CENTURY FOX INCcl a	$73,315,000	-17.1%	2,717,378	-0.1%	4.16%	-21.0%
DKS	Buy	DICKS SPORTING GOODS INC	$71,863,000	+6.8%	1,448,552	+11.5%	4.08%	+1.9%
GOOG	Buy	GOOGLE INCcl c	$69,032,000	+34.5%	113,461	+15.0%	3.92%	+28.2%
	New	AMERICAN WOODMARK CORP	$61,588,000	–	949,406	–	3.50%	–
HXL	Buy	HEXCEL CORP NEW	$57,177,000	+72.7%	1,274,562	+91.5%	3.24%	+64.7%
INT	Sell	WORLD FUEL SVCS CORP	$49,386,000	-25.4%	1,379,495	-0.0%	2.80%	-28.8%
GOOGL	Sell	GOOGLE INCcl a	$44,895,000	+18.1%	70,327	-0.1%	2.55%	+12.7%
DHIL	Sell	DIAMOND HILL INV GROUP NEW	$30,691,000	-6.9%	164,972	-0.1%	1.74%	-11.2%
HSIC	Buy	SCHEIN HENRY INC	$30,175,000	-0.8%	227,355	+6.3%	1.71%	-5.3%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$17,768,000	-8.9%	1,154,502	-0.1%	1.01%	-13.2%
RRTS	Sell	ROADRUNNER TRNSN SVCS HLDS I	$15,993,000	-31.4%	869,200	-3.9%	0.91%	-34.6%
MG	Sell	MISTRAS GROUP INC	$11,850,000	-32.3%	922,152	-0.1%	0.67%	-35.4%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$1,591,000	-15.5%	58,791	+0.6%	0.09%	-19.6%
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-851,483	–	-2.78%	–

Q2 2015

			Value		Shares		↓ Weighting
ORLY	New	O'REILLY AUTOMOTIVE INC NEW	$197,396,000	–	873,512	–	11.74%	–
AMT	New	AMERICAN TOWER CORP NEW	$165,383,000	–	1,772,786	–	9.84%	–
MKL	New	MARKEL CORP	$165,132,000	–	206,240	–	9.82%	–
KMX	New	CARMAX INC	$143,521,000	–	2,167,657	–	8.54%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$112,737,000	–	3,227,507	–	6.71%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$93,684,000	–	2,869,355	–	5.57%	–
ECPG	New	ENCORE CAP GROUP INC	$90,228,000	–	2,111,093	–	5.37%	–
AON	New	AON PLCcl a	$89,684,000	–	899,715	–	5.34%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INCcl a	$88,484,000	–	2,718,831	–	5.26%	–
GLPI	New	GAMING AND LEISURE PROPERTIES INC	$84,293,000	–	2,299,311	–	5.02%	–
DKS	New	DICKS SPORTING GOODS INC	$67,274,000	–	1,299,477	–	4.00%	–
INT	New	WORLD FUEL SVCS CORP	$66,173,000	–	1,380,038	–	3.94%	–
GOOG	New	GOOGLE INCcl c	$51,343,000	–	98,639	–	3.06%	–
AMWD	New	AMERICAN WOODMARK CORP	$46,704,000	–	851,483	–	2.78%	–
GOOGL	New	GOOGLE INCcl a	$38,001,000	–	70,367	–	2.26%	–
HXL	New	HEXCEL CORP NEW	$33,112,000	–	665,708	–	1.97%	–
DHIL	New	DIAMOND HILL INV GROUP NEW	$32,963,000	–	165,098	–	1.96%	–
HSIC	New	SCHEIN HENRY INC	$30,408,000	–	213,958	–	1.81%	–
RRTS	New	ROADRUNNER TRNSN SVCS HLDS I	$23,328,000	–	904,200	–	1.39%	–
PENN	New	PENN NATL GAMING INC	$21,979,000	–	1,197,772	–	1.31%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$19,510,000	–	1,155,790	–	1.16%	–
MG	New	MISTRAS GROUP INC	$17,514,000	–	922,784	–	1.04%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$1,882,000	–	58,414	–	0.11%	–

Q4 2014

			Value		Shares		↓ Weighting
MRLN	Exit	Marlin Business Services Corp.	$0	–	-641,580	–	-0.90%	–
PENN	Exit	Penn Natl Gaming Inc	$0	–	-1,197,772	–	-1.03%	–
MG	Exit	Mistras Group, Inc.	$0	–	-660,903	–	-1.03%	–
SSD	Exit	Simpson Manufacturing Co Inc	$0	–	-590,832	–	-1.32%	–
DHIL	Exit	Diamond Hill Investment Group,	$0	–	-159,499	–	-1.50%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-253,442	–	-1.52%	–
RRTS	Exit	Roadrunner Transportation Syst	$0	–	-933,163	–	-1.63%	–
HSIC	Exit	Henry Schein, Inc.	$0	–	-184,928	–	-1.65%	–
	Exit	American Woodmark Corp.	$0	–	-833,266	–	-2.35%	–
GOOG	Exit	Google Inc. Class C	$0	–	-70,669	–	-3.12%	–
GOOGL	Exit	Google Inc. Class Acla	$0	–	-70,374	–	-3.17%	–
INT	Exit	World Fuel Services Corp.	$0	–	-1,202,553	–	-3.68%	–
DKS	Exit	Dick's Sporting Goods, Inc.	$0	–	-1,195,939	–	-4.02%	–
GLPI	Exit	Gaming and Leisure Properties,	$0	–	-2,092,353	–	-4.95%	–
BAM	Exit	Brookfield Asset Management In	$0	–	-1,456,966	–	-5.02%	–
SCHW	Exit	The Charles Schwab Corp.	$0	–	-2,411,866	–	-5.43%	–
ECPG	Exit	Encore Capital Group, Inc.	$0	–	-1,682,591	–	-5.71%	–
AON	Exit	Aon plccla	$0	–	-874,479	–	-5.87%	–
FOXA	Exit	Twenty-First Century Fox, Inc.cla	$0	–	-2,714,236	–	-7.13%	–
KMX	Exit	CarMax, Inc.	$0	–	-2,150,478	–	-7.65%	–
MKL	Exit	Markel Corp.	$0	–	-203,121	–	-9.90%	–
ORLY	Exit	O'Reilly Automotive, Inc.	$0	–	-917,672	–	-10.57%	–
AMT	Exit	American Tower Corp.	$0	–	-1,515,360	–	-10.86%	–

Q3 2014

			Value		Shares		↓ Weighting
AMT	Buy	American Tower Corp.	$141,883,000	+4.1%	1,515,360	+0.1%	10.86%	+11.0%
ORLY	Buy	O'Reilly Automotive, Inc.	$137,981,000	-0.1%	917,672	+0.1%	10.57%	+6.5%
MKL	Buy	Markel Corp.	$129,215,000	-2.9%	203,121	+0.1%	9.90%	+3.5%
KMX	Buy	CarMax, Inc.	$99,890,000	-10.6%	2,150,478	+0.1%	7.65%	-4.7%
FOXA	Buy	Twenty-First Century Fox, Inc.cla	$93,072,000	+25.4%	2,714,236	+28.6%	7.13%	+33.7%
AON	Buy	Aon plccla	$76,665,000	-2.6%	874,479	+0.1%	5.87%	+3.9%
ECPG	Buy	Encore Capital Group, Inc.	$74,556,000	+8.5%	1,682,591	+11.2%	5.71%	+15.7%
SCHW	Buy	The Charles Schwab Corp.	$70,884,000	+9.3%	2,411,866	+0.1%	5.43%	+16.5%
BAM	Buy	Brookfield Asset Management In	$65,504,000	+214.0%	1,456,966	+207.5%	5.02%	+234.8%
GLPI	Buy	Gaming and Leisure Properties,	$64,653,000	-8.9%	2,092,353	+0.2%	4.95%	-2.9%
DKS	Buy	Dick's Sporting Goods, Inc.	$52,478,000	-5.3%	1,195,939	+0.4%	4.02%	+0.9%
INT	Buy	World Fuel Services Corp.	$48,006,000	-18.7%	1,202,553	+0.3%	3.68%	-13.3%
GOOGL	Buy	Google Inc. Class Acla	$41,409,000	+0.7%	70,374	+0.0%	3.17%	+7.3%
GOOG	Buy	Google Inc. Class C	$40,802,000	+0.5%	70,669	+0.2%	3.12%	+7.1%
	New	American Woodmark Corp.	$30,714,000	–	833,266	–	2.35%	–
HSIC	Buy	Henry Schein, Inc.	$21,538,000	-1.7%	184,928	+0.1%	1.65%	+4.8%
RRTS	Buy	Roadrunner Transportation Syst	$21,267,000	-18.7%	933,163	+0.2%	1.63%	-13.4%
TROW	Sell	T Rowe Price Group Inc	$19,869,000	-55.4%	253,442	-52.0%	1.52%	-52.5%
DHIL	Buy	Diamond Hill Investment Group,	$19,626,000	+20.8%	159,499	+25.4%	1.50%	+28.8%
SSD	Sell	Simpson Manufacturing Co Inc	$17,223,000	-21.7%	590,832	-2.3%	1.32%	-16.5%
MG	Buy	Mistras Group, Inc.	$13,483,000	+1252.4%	660,903	+1524.2%	1.03%	+1333.3%
MRLN	Buy	Marlin Business Services Corp.	$11,754,000	+23.7%	641,580	+22.8%	0.90%	+31.8%
AMWD	Exit	American Woodmark Corp.	$0	–	-831,415	–	-1.90%	–
MCRS	Exit	Micros Sys Inc.	$0	–	-548,811	–	-2.68%	–
BYI	Exit	Bally Technologies, Inc.	$0	–	-1,198,543	–	-5.66%	–

Q2 2014

			Value		Shares		↓ Weighting
ORLY	New	O'Reilly Automotive, Inc.	$138,076,000	–	916,836	–	9.92%	–
AMT	New	American Tower Corp.	$136,241,000	–	1,514,135	–	9.79%	–
MKL	New	Markel Corp.	$133,056,000	–	202,941	–	9.56%	–
KMX	New	CarMax, Inc.	$111,698,000	–	2,147,638	–	8.02%	–
BYI	New	Bally Technologies, Inc.	$78,769,000	–	1,198,543	–	5.66%	–
AON	New	Aon plccla	$78,686,000	–	873,411	–	5.65%	–
FOXA	New	Twenty-First Century Fox, Inc.	$74,205,000	–	2,111,098	–	5.33%	–
GLPI	New	Gaming and Leisure Properties,	$70,968,000	–	2,089,119	–	5.10%	–
ECPG	New	Encore Capital Group, Inc.	$68,695,000	–	1,512,447	–	4.94%	–
SCHW	New	The Charles Schwab Corp.	$64,880,000	–	2,409,204	–	4.66%	–
INT	New	World Fuel Services Corp.	$59,021,000	–	1,198,882	–	4.24%	–
DKS	New	Dick's Sporting Goods, Inc.	$55,436,000	–	1,190,632	–	3.98%	–
TROW	New	T. Rowe Price Group, Inc.	$44,562,000	–	527,920	–	3.20%	–
GOOGL	New	Google Inc. Class Acla	$41,138,000	–	70,360	–	2.96%	–
GOOG	New	Google Inc. Class C	$40,585,000	–	70,548	–	2.92%	–
MCRS	New	Micros Sys Inc.	$37,264,000	–	548,811	–	2.68%	–
AMWD	New	American Woodmark Corp.	$26,497,000	–	831,415	–	1.90%	–
RRTS	New	Roadrunner Transportation Syst	$26,169,000	–	931,286	–	1.88%	–
SSD	New	Simpson Manufacturing Co Inc.cla	$21,995,000	–	604,936	–	1.58%	–
HSIC	New	Henry Schein, Inc.	$21,916,000	–	184,677	–	1.57%	–
BAM	New	Brookfield Asset Management Incla	$20,858,000	–	473,828	–	1.50%	–
DHIL	New	Diamond Hill Investment Group,	$16,244,000	–	127,182	–	1.17%	–
PENN	New	Penn Natl Gaming Inc.	$14,541,000	–	1,197,772	–	1.04%	–
MRLN	New	Marlin Business Services Corp.	$9,503,000	–	522,417	–	0.68%	–
MG	New	Mistras Group, Inc.	$997,000	–	40,691	–	0.07%	–

Q4 2013

			Value		Shares		↓ Weighting
UTIW	Exit	UTI WORLDWIDE INCord	$0	–	-504,708	–	-0.70%	–
NWSA	Exit	NEWS CORPcla	$0	–	-475,488	–	-0.70%	–
DHIL	Exit	DIAMOND HILL INV GROUP NEW	$0	–	-84,695	–	-0.83%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-498,336	–	-1.14%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-181,380	–	-1.73%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-685,687	–	-2.18%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-334,904	–	-2.21%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDS I	$0	–	-911,291	–	-2.36%	–
SSD	Exit	SIMPSON MANUFACTURING CO INC	$0	–	-856,595	–	-2.56%	–
MCRS	Exit	MICROS SYS INC	$0	–	-763,165	–	-3.50%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-765,067	–	-3.75%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-1,126,363	–	-3.86%	–
SCHW	Exit	SCWAB CHARLES CORP NEW	$0	–	-2,034,891	–	-3.95%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-1,006,770	–	-4.24%	–
GOOGL	Exit	GOOGLE INCcla	$0	–	-64,750	–	-5.21%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INCcla	$0	–	-1,721,486	–	-5.30%	–
AON	Exit	AON PLCcla	$0	–	-857,387	–	-5.86%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,404,713	–	-7.14%	–
BYI	Exit	BALLY TECHNOLOGIES INC	$0	–	-1,177,840	–	-7.79%	–
KMX	Exit	CARMAX INC	$0	–	-1,854,177	–	-8.25%	–
MKL	Exit	MARKEL CORP	$0	–	-185,409	–	-8.81%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,297,431	–	-8.83%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC NEW	$0	–	-776,098	–	-9.09%	–

Q3 2013

			Value		Shares		↓ Weighting
ORLY	Buy	O'REILLY AUTOMOTIVE INC NEW	$99,022,000	+19.9%	776,098	+5.8%	9.09%	-0.2%
AMT	Buy	AMERICAN TOWER CORP NEW	$96,179,000	+26.5%	1,297,431	+24.9%	8.83%	+5.3%
MKL	Buy	MARKEL CORP	$95,999,000	+32.7%	185,409	+35.1%	8.81%	+10.5%
KMX	Buy	CARMAX INC	$89,872,000	+5.3%	1,854,177	+0.3%	8.25%	-12.3%
BYI	Buy	BALLY TECHNOLOGIES INC	$84,875,000	+28.1%	1,177,840	+0.3%	7.79%	+6.6%
PENN	Buy	PENN NATL GAMING INC	$77,765,000	+5.0%	1,404,713	+0.3%	7.14%	-12.6%
AON	Buy	AON PLCcla	$63,824,000	+30.8%	857,387	+13.0%	5.86%	+8.8%
FOXA	New	TWENTY-FIRST CENTURY FOX INCcla	$57,670,000	–	1,721,486	–	5.30%	–
GOOGL	Buy	GOOGLE INCcla	$56,715,000	+11.5%	64,750	+12.1%	5.21%	-7.2%
ECPG	Buy	ENCORE CAP GROUP INC	$46,170,000	+64.4%	1,006,770	+18.7%	4.24%	+36.8%
SCHW	Buy	SCWAB CHARLES CORP NEW	$43,018,000	-0.0%	2,034,891	+0.4%	3.95%	-16.8%
INT	Buy	WORLD FUEL SVCS CORP	$42,025,000	+21.8%	1,126,363	+30.5%	3.86%	+1.4%
DKS	Buy	DICKS SPORTING GOODS INC	$40,839,000	+126.8%	765,067	+112.7%	3.75%	+88.8%
MCRS	Buy	MICROS SYS INC	$38,112,000	+50.7%	763,165	+30.2%	3.50%	+25.4%
SSD	Buy	SIMPSON MANUFACTURING CO INC	$27,899,000	+11.1%	856,595	+0.3%	2.56%	-7.5%
RRTS	Buy	ROADRUNNER TRNSN SVCS HLDS I	$25,735,000	+1.8%	911,291	+0.3%	2.36%	-15.3%
TROW	Buy	PRICE T ROWE GROUP INC	$24,090,000	+162.0%	334,904	+166.7%	2.21%	+118.1%
AMWD	Buy	AMERICAN WOODMARK CORP	$23,759,000	+0.2%	685,687	+0.3%	2.18%	-16.6%
HSIC	Buy	SCHEIN HENRY INC	$18,809,000	+8.6%	181,380	+0.3%	1.73%	-9.5%
MRLN	Buy	MARLIN BUSINESS SVCS CORP	$12,438,000	+19.4%	498,336	+9.0%	1.14%	-0.6%
DHIL	Buy	DIAMOND HILL INV GROUP NEW	$9,058,000	+25.5%	84,695	+0.4%	0.83%	+4.5%
NWSA	New	NEWS CORPcla	$7,636,000	–	475,488	–	0.70%	–
UTIW	Buy	UTI WORLDWIDE INCord	$7,626,000	-7.8%	504,708	+0.5%	0.70%	-23.3%
LAMR	Exit	LAMAR ADVERTISING COcla	$0	–	-303,292	–	-1.45%	–
NWSA	Exit	NEWS CORPcla	$0	–	-1,894,619	–	-6.81%	–

Q2 2013

			Value		Shares		↓ Weighting
KMX	New	CARMAX INC	$85,329,000	–	1,848,546	–	9.41%	–
ORLY	New	O'REILLY AUTOMOTIVE INC NEW	$82,592,000	–	733,366	–	9.11%	–
AMT	New	AMERICAN TOWER CORP NEW	$76,013,000	–	1,038,864	–	8.38%	–
PENN	New	PENN NATL GAMING INC	$74,096,000	–	1,400,146	–	8.17%	–
MKL	New	MARKEL CORP	$72,337,000	–	137,274	–	7.98%	–
BYI	New	BALLY TECHNOLOGIES INC	$66,263,000	–	1,174,456	–	7.31%	–
NWSA	New	NEWS CORPcla	$61,727,000	–	1,894,619	–	6.81%	–
GOOGL	New	GOOGLE INCcla	$50,849,000	–	57,759	–	5.61%	–
AON	New	AON PLCcla	$48,813,000	–	758,557	–	5.38%	–
SCHW	New	SCWAB CHARLES CORP NEW	$43,026,000	–	2,026,643	–	4.75%	–
INT	New	WORLD FUEL SVCS CORP	$34,509,000	–	863,160	–	3.81%	–
ECPG	New	ENCORE CAP GROUP INC	$28,090,000	–	848,396	–	3.10%	–
MCRS	New	MICROS SYS INC	$25,296,000	–	586,223	–	2.79%	–
RRTS	New	ROADRUNNER TRNSN SVCS HLDS I	$25,288,000	–	908,319	–	2.79%	–
SSD	New	SIMPSON MANUFACTURING CO INC	$25,121,000	–	853,881	–	2.77%	–
AMWD	New	AMERICAN WOODMARK CORP	$23,711,000	–	683,300	–	2.62%	–
DKS	New	DICKS SPORTING GOODS INC	$18,007,000	–	359,718	–	1.99%	–
HSIC	New	SCHEIN HENRY INC	$17,312,000	–	180,820	–	1.91%	–
LAMR	New	LAMAR ADVERTISING COcla	$13,160,000	–	303,292	–	1.45%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$10,414,000	–	457,153	–	1.15%	–
TROW	New	PRICE T ROWE GROUP INC	$9,193,000	–	125,581	–	1.01%	–
UTIW	New	UTI WORLDWIDE INCord	$8,275,000	–	502,419	–	0.91%	–
DHIL	New	DIAMOND HILL INV GROUP NEW	$7,220,000	–	84,356	–	0.80%	–

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