KIRR MARBACH & CO LLC /IN/ Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
EME	Sell	EMCOR GROUP INC	$22,969,960	+13.6%	109,178	-0.3%	6.52%	+16.7%
AZO	Buy	AUTOZONE INC	$20,497,720	+2.1%	8,070	+0.2%	5.81%	+5.0%
AVGO	Sell	BROADCOM INC	$18,338,376	-6.8%	22,079	-2.7%	5.20%	-4.2%
CIGI	Buy	COLLIERS INTL GROUP INC	$13,999,464	-2.4%	146,976	+0.7%	3.97%	+0.3%
AON	Buy	AON PLC	$13,907,417	-5.9%	42,895	+0.2%	3.94%	-3.3%
MPC	Sell	MARATHON PETE CORP	$13,710,042	+26.4%	90,591	-2.6%	3.89%	+29.9%
BSCN	Sell	INVESCO EXCH TRD SLF IDX FD	$13,349,085	-0.7%	628,784	-1.0%	3.79%	+2.1%
	Buy	CANADIAN PACIFIC KANSAS CITY	$13,125,240	-7.5%	176,058	+0.4%	3.72%	-4.9%
RSG	Buy	REPUBLIC SVCS INC	$12,902,741	-6.0%	90,391	+1.0%	3.66%	-3.4%
MTZ	Buy	MASTEC INC	$12,545,307	-38.7%	174,313	+0.4%	3.56%	-37.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$12,256,610	+9.6%	93,662	+0.3%	3.48%	+12.7%
MKL	Buy	MARKEL GROUP INC	$11,999,322	+7.2%	8,149	+0.7%	3.40%	+10.2%
BSCO	Buy	INVESCO EXCH TRD SLF IDX FD	$11,742,669	+2.5%	568,102	+2.0%	3.33%	+5.3%
BSCP	Buy	INVESCO EXCH TRD SLF IDX FD	$11,578,796	+2.7%	575,773	+2.8%	3.28%	+5.6%
DLTR	Buy	DOLLAR TREE INC	$11,511,610	-23.5%	108,141	+3.1%	3.26%	-21.4%
VST	Sell	VISTRA CORP	$10,522,142	+26.3%	317,123	-0.1%	2.98%	+29.8%
VC	Buy	VISTEON CORP	$9,774,666	-3.1%	70,795	+0.7%	2.77%	-0.4%
VOYA	Buy	VOYA FINANCIAL INC	$8,692,989	-6.6%	130,820	+0.7%	2.46%	-4.0%
IOSP	Buy	INNOSPEC INC	$8,216,778	+2.3%	80,399	+0.6%	2.33%	+5.1%
SSNC	Buy	SS&C TECHNOLOGIES HLDGS INC	$8,115,329	-12.4%	154,460	+1.0%	2.30%	-10.0%
BSCQ	Buy	INVESCO EXCH TRD SLF IDX FD	$7,211,205	+26.3%	383,881	+27.4%	2.04%	+29.8%
BCO	Buy	BRINKS CO	$6,955,716	+7.8%	95,756	+0.7%	1.97%	+10.8%
PXD	Buy	PIONEER NAT RES CO	$6,900,273	+74.5%	30,060	+57.5%	1.96%	+79.4%
	Buy	GXO LOGISTICS INCORPORATED	$5,778,433	-6.1%	98,524	+0.6%	1.64%	-3.4%
	Buy	BROOKFIELD CORPcl a ltd vt sh	$5,645,611	+30.6%	180,544	+40.6%	1.60%	+34.2%
COG	Buy	COTERRA ENERGY INC	$5,630,323	+7.1%	208,145	+0.2%	1.60%	+10.1%
LRN	Buy	STRIDE INC	$5,007,832	+21.4%	111,211	+0.3%	1.42%	+24.8%
ALIT	Buy	ALIGHT INC	$4,865,775	-23.0%	686,287	+0.4%	1.38%	-20.8%
APG	Buy	API GROUP CORP	$4,816,109	-4.3%	185,735	+0.6%	1.37%	-1.7%
EBAY	Sell	EBAY INC.	$4,717,630	-3.7%	107,000	-2.4%	1.34%	-1.0%
	Buy	RXO INC	$3,782,537	-12.7%	191,715	+0.3%	1.07%	-10.2%
SHYF	Buy	SHYFT GROUP INC	$3,459,388	-31.6%	231,088	+0.8%	0.98%	-29.7%
	New	LIBERTY MEDIA CORP DEL	$3,344,426	–	131,360	–	0.95%	–
LLY	Buy	ELI LILLY & CO	$3,105,452	+16.3%	5,782	+1.5%	0.88%	+19.5%
BSCR	Sell	INVESCO EXCH TRD SLF IDX FD	$3,000,973	-6.2%	160,180	-4.8%	0.85%	-3.6%
DIS	Buy	DISNEY WALT CO	$2,735,357	-9.1%	33,749	+0.1%	0.78%	-6.5%
INMD	Buy	INMODE LTD	$2,722,729	-18.0%	89,387	+0.5%	0.77%	-15.8%
ICUI	Buy	ICU MED INC	$2,587,040	-32.8%	21,738	+0.6%	0.73%	-30.9%
ATEX	Sell	ANTERIX INC	$1,994,513	-1.1%	63,560	-0.1%	0.57%	+1.8%
ET	New	ENERGY TRANSFER L P	$1,829,905	–	130,428	–	0.52%	–
	Sell	BROOKFIELD ASSET MANAGMT LTD	$1,107,589	+1.9%	33,221	-0.3%	0.31%	+4.7%
	New	LIBERTY MEDIA CORP DEL	$1,091,625	–	34,007	–	0.31%	–
	New	LIBERTY MEDIA CORP DEL	$1,058,364	–	41,586	–	0.30%	–
BSCS	Sell	INVESCO EXCH TRD SLF IDX FDinvsco blsh 28	$759,418	-2.0%	39,216	-0.1%	0.22%	+0.5%
TY	Buy	TRI CONTL CORP	$395,713	+3.6%	14,882	+6.8%	0.11%	+6.7%
AVNW	New	AVIAT NETWORKS INC	$393,120	–	12,600	–	0.11%	–
	New	LIBERTY MEDIA CORP DEL	$340,363	–	10,663	–	0.10%	–
CMI	Buy	CUMMINS INC	$269,965	-6.7%	1,182	+0.2%	0.08%	-3.8%
AAPL	New	APPLE INC	$264,800	–	1,547	–	0.08%	–
IMXI	New	INTERNATIONAL MNY EXPRESS IN	$264,447	–	15,620	–	0.08%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-43,246	–	-0.39%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-135,919	–	-1.23%	–
DBX	Exit	DROPBOX INCcl a	$0	–	-244,736	–	-1.80%	–

Q2 2023

			Value		Shares		↓ Weighting
MTZ	New	MASTEC INC	$20,476,525	–	173,574	–	5.65%	–
EME	New	EMCOR GROUP INC	$20,226,943	–	109,465	–	5.58%	–
AZO	New	AUTOZONE INC	$20,071,548	–	8,050	–	5.54%	–
AVGO	New	BROADCOM INC	$19,682,855	–	22,691	–	5.43%	–
DLTR	New	DOLLAR TREE INC	$15,057,168	–	104,928	–	4.16%	–
AON	New	AON PLC	$14,784,226	–	42,828	–	4.08%	–
CIGI	New	COLLIERS INTL GROUP INC	$14,345,591	–	146,008	–	3.96%	–
	New	CANADIAN PACIFIC KANSAS CITY	$14,183,070	–	175,288	–	3.91%	–
RSG	New	REPUBLIC SVCS INC	$13,730,936	–	89,524	–	3.79%	–
BSCN	New	INVESCO EXCH TRD SLF IDX FD	$13,440,601	–	634,889	–	3.71%	–
BSCO	New	INVESCO EXCH TRD SLF IDX FD	$11,461,790	–	557,209	–	3.16%	–
BSCP	New	INVESCO EXCH TRD SLF IDX FD	$11,276,404	–	560,179	–	3.11%	–
MKL	New	MARKEL GROUP INC	$11,195,459	–	8,094	–	3.09%	–
GOOGL	New	ALPHABET INCcap stk cl a	$11,179,741	–	93,398	–	3.08%	–
MPC	New	MARATHON PETE CORP	$10,848,581	–	93,041	–	2.99%	–
VC	New	VISTEON CORP	$10,091,475	–	70,270	–	2.78%	–
VOYA	New	VOYA FINANCIAL INC	$9,311,616	–	129,851	–	2.57%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$9,265,498	–	152,896	–	2.56%	–
VST	New	VISTRA CORP	$8,333,693	–	317,474	–	2.30%	–
IOSP	New	INNOSPEC INC	$8,030,882	–	79,957	–	2.22%	–
DBX	New	DROPBOX INCcl a	$6,527,110	–	244,736	–	1.80%	–
BCO	New	BRINKS CO	$6,452,533	–	95,128	–	1.78%	–
ALIT	New	ALIGHT INC	$6,315,855	–	683,534	–	1.74%	–
	New	GXO LOGISTICS INCORPORATED	$6,150,707	–	97,910	–	1.70%	–
BSCQ	New	INVESCO EXCH TRD SLF IDX FD	$5,710,024	–	301,400	–	1.58%	–
COG	New	COTERRA ENERGY INC	$5,256,101	–	207,751	–	1.45%	–
SHYF	New	SHYFT GROUP INC	$5,055,733	–	229,181	–	1.40%	–
APG	New	API GROUP CORP	$5,034,732	–	184,693	–	1.39%	–
EBAY	New	EBAY INC.	$4,898,337	–	109,607	–	1.35%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$4,448,629	–	135,919	–	1.23%	–
	New	RXO INC	$4,331,376	–	191,062	–	1.20%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$4,322,107	–	128,443	–	1.19%	–
LRN	New	STRIDE INC	$4,126,164	–	110,829	–	1.14%	–
PXD	New	PIONEER NAT RES CO	$3,954,652	–	19,088	–	1.09%	–
ICUI	New	ICU MED INC	$3,848,726	–	21,599	–	1.06%	–
INMD	New	INMODE LTD	$3,321,984	–	88,942	–	0.92%	–
BSCR	New	INVESCO EXCH TRD SLF IDX FD	$3,200,280	–	168,210	–	0.88%	–
DIS	New	DISNEY WALT CO	$3,009,540	–	33,709	–	0.83%	–
LLY	New	LILLY ELI & CO	$2,670,373	–	5,694	–	0.74%	–
ATEX	New	ANTERIX INC	$2,016,150	–	63,621	–	0.56%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$1,418,902	–	43,246	–	0.39%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$1,086,906	–	33,310	–	0.30%	–
BSCS	New	INVESCO EXCH TRD SLF IDX FDinvsco blsh 28	$775,308	–	39,266	–	0.21%	–
TY	New	TRI CONTL CORP	$382,016	–	13,932	–	0.10%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$290,302	–	1,940	–	0.08%	–
CMI	New	CUMMINS INC	$289,276	–	1,180	–	0.08%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$277,065	–	750	–	0.08%	–
HD	New	HOME DEPOT INC	$262,181	–	844	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
CMI	Exit	CUMMINS INC	$0	–	-1,065	–	-0.07%	–
HD	Exit	HOME DEPOT INC	$0	–	-844	–	-0.08%	–
TY	Exit	TRI CONTL CORP	$0	–	-13,932	–	-0.12%	–
RMNI	Exit	RIMINI STR INC DEL	$0	–	-80,600	–	-0.13%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-24,176	–	-0.47%	–
BSCS	Exit	INVESCO EXCH TRD SLF IDX FDinvsco blsh 28	$0	–	-84,809	–	-0.55%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-45,523	–	-0.59%	–
LLY	Exit	LILLY ELI & CO	$0	–	-6,053	–	-0.66%	–
ATEX	Exit	ANTERIX INC	$0	–	-63,687	–	-0.77%	–
APG	Exit	API GROUP CORP	$0	–	-185,882	–	-0.84%	–
ICUI	Exit	ICU MED INC	$0	–	-21,811	–	-1.11%	–
	Exit	GXO LOGISTICS INCORPORATED	$0	–	-97,916	–	-1.16%	–
BCO	Exit	BRINKS CO	$0	–	-75,848	–	-1.25%	–
F	Exit	FORD MTR CO DEL	$0	–	-334,926	–	-1.27%	–
EBAY	Exit	EBAY INC.	$0	–	-110,088	–	-1.37%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-97,594	–	-1.47%	–
SHYF	Exit	SHYFT GROUP INC	$0	–	-222,665	–	-1.54%	–
LRN	Exit	STRIDE INC	$0	–	-110,433	–	-1.57%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-135,529	–	-1.73%	–
DBX	Exit	DROPBOX INCcl a	$0	–	-250,515	–	-1.76%	–
COG	Exit	COTERRA ENERGY INC	$0	–	-201,645	–	-1.79%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-129,016	–	-1.79%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-52,928	–	-1.88%	–
BSCM	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-278,212	–	-2.00%	–
BSCR	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-317,183	–	-2.00%	–
BSCQ	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-317,218	–	-2.00%	–
HZNP	Exit	HORIZON THERAPEUTICS PUB L	$0	–	-95,883	–	-2.01%	–
BSCP	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-303,533	–	-2.05%	–
BSCO	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-303,110	–	-2.10%	–
BSCN	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-304,217	–	-2.15%	–
VST	Exit	VISTRA CORP	$0	–	-323,451	–	-2.30%	–
IOSP	Exit	INNOSPEC INC	$0	–	-81,295	–	-2.36%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-150,125	–	-2.43%	–
VC	Exit	VISTEON CORP	$0	–	-70,814	–	-2.55%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-131,617	–	-2.70%	–
MKL	Exit	MARKEL CORP	$0	–	-8,009	–	-2.94%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-94,035	–	-3.17%	–
AVGO	Exit	BROADCOM INC	$0	–	-22,742	–	-3.42%	–
MTZ	Exit	MASTEC INC	$0	–	-178,078	–	-3.83%	–
AON	Exit	AON PLC	$0	–	-43,075	–	-3.91%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-175,525	–	-3.98%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-89,556	–	-4.14%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-128,732	–	-4.18%	–
EME	Exit	EMCOR GROUP INC	$0	–	-112,171	–	-4.39%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-147,428	–	-4.58%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-105,056	–	-4.85%	–
AZO	Exit	AUTOZONE INC	$0	–	-8,214	–	-5.96%	–

Q3 2022

			Value		Shares		↓ Weighting
AZO	Sell	AUTOZONE INC	$17,594,000	-0.6%	8,214	-0.3%	5.96%	+7.4%
DLTR	Sell	DOLLAR TREE INC	$14,298,000	-12.8%	105,056	-0.2%	4.85%	-5.8%
CIGI	Sell	COLLIERS INTL GROUP INC	$13,513,000	-16.6%	147,428	-0.2%	4.58%	-9.9%
EME	Sell	EMCOR GROUP INC	$12,954,000	+12.0%	112,171	-0.1%	4.39%	+21.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$12,313,000	-12.2%	128,732	+1899.9%	4.18%	-5.1%
RSG	Sell	REPUBLIC SVCS INC	$12,201,000	+3.8%	89,556	-0.1%	4.14%	+12.2%
CP	Sell	CANADIAN PAC RY LTD	$11,735,000	-4.6%	175,525	-0.2%	3.98%	+3.1%
AON	Sell	AON PLC	$11,539,000	-0.9%	43,075	-0.2%	3.91%	+7.1%
MTZ	Sell	MASTEC INC	$11,308,000	-11.5%	178,078	-0.1%	3.83%	-4.4%
AVGO	Sell	BROADCOM INC	$10,098,000	-8.7%	22,742	-0.1%	3.42%	-1.3%
MPC	Sell	MARATHON PETE CORP	$9,340,000	+20.6%	94,035	-0.2%	3.17%	+30.3%
MKL	Sell	MARKEL CORP	$8,684,000	-16.4%	8,009	-0.2%	2.94%	-9.6%
VOYA	Sell	VOYA FINANCIAL INC	$7,963,000	+1.4%	131,617	-0.2%	2.70%	+9.6%
VC	Sell	VISTEON CORP	$7,511,000	+2.2%	70,814	-0.2%	2.55%	+10.5%
SSNC	Sell	SS&C TECHNOLOGIES HLDGS INC	$7,168,000	-17.9%	150,125	-0.1%	2.43%	-11.3%
IOSP	Buy	INNOSPEC INC	$6,965,000	-10.4%	81,295	+0.2%	2.36%	-3.2%
VST	Sell	VISTRA CORP	$6,792,000	-8.3%	323,451	-0.2%	2.30%	-0.9%
BSCN	Buy	INVESCO EXCH TRD SLF IDX FD	$6,349,000	+9.0%	304,217	+9.4%	2.15%	+17.8%
BSCO	Buy	INVESCO EXCH TRD SLF IDX FD	$6,180,000	+7.9%	303,110	+9.7%	2.10%	+16.6%
BSCP	Buy	INVESCO EXCH TRD SLF IDX FD	$6,054,000	+7.3%	303,533	+9.9%	2.05%	+15.9%
HZNP	Sell	HORIZON THERAPEUTICS PUB L	$5,934,000	-22.7%	95,883	-0.4%	2.01%	-16.5%
BSCQ	Buy	INVESCO EXCH TRD SLF IDX FD	$5,913,000	+6.6%	317,218	+10.2%	2.00%	+15.2%
BSCR	Buy	INVESCO EXCH TRD SLF IDX FD	$5,903,000	+6.3%	317,183	+10.6%	2.00%	+14.9%
BSCM	Sell	INVESCO EXCH TRD SLF IDX FD	$5,893,000	-0.9%	278,212	-0.9%	2.00%	+7.1%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$5,546,000	-0.8%	52,928	-0.3%	1.88%	+7.2%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$5,275,000	-5.4%	129,016	+2.8%	1.79%	+2.2%
COG	New	COTERRA ENERGY INC	$5,267,000	–	201,645	–	1.79%	–
DBX	Sell	DROPBOX INCcl a	$5,191,000	-1.4%	250,515	-0.1%	1.76%	+6.5%
LSXMK	Sell	LIBERTY MEDIA CORP DEL	$5,111,000	+4.5%	135,529	-0.1%	1.73%	+12.9%
LRN	Sell	STRIDE INC	$4,641,000	+2.8%	110,433	-0.2%	1.57%	+11.2%
SHYF	Sell	SHYFT GROUP INC	$4,549,000	+9.7%	222,665	-0.1%	1.54%	+18.6%
XPO	Sell	XPO LOGISTICS INC	$4,345,000	-7.7%	97,594	-0.2%	1.47%	-0.3%
EBAY	Sell	EBAY INC.	$4,052,000	-11.8%	110,088	-0.1%	1.37%	-4.6%
F	Sell	FORD MTR CO DEL	$3,751,000	+0.3%	334,926	-0.3%	1.27%	+8.4%
BCO	Sell	BRINKS CO	$3,674,000	-38.0%	75,848	-22.3%	1.25%	-33.0%
	Sell	GXO LOGISTICS INCORPORATED	$3,433,000	-19.1%	97,916	-0.1%	1.16%	-12.5%
ICUI	Sell	ICU MED INC	$3,285,000	-8.5%	21,811	-0.1%	1.11%	-1.1%
APG	Buy	API GROUP CORP	$2,467,000	-9.0%	185,882	+2.6%	0.84%	-1.8%
ATEX	Sell	ANTERIX INC	$2,275,000	-13.1%	63,687	-0.1%	0.77%	-6.1%
LSXMA	Sell	LIBERTY MEDIA CORP DEL	$1,733,000	+5.3%	45,523	-0.3%	0.59%	+14.0%
BSCS	Sell	INVESCO EXCH TRD SLF IDX FDinvsco blsh 28	$1,622,000	-4.3%	84,809	-0.1%	0.55%	+3.4%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,389,000	-86.1%	24,176	-83.7%	0.47%	-85.0%
CMI	Buy	CUMMINS INC	$217,000	+5.3%	1,065	+0.1%	0.07%	+13.8%
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-75,455	–	-1.70%	–

Q2 2022

			Value		Shares		↓ Weighting
AZO	New	AUTOZONE INC	$17,707,000	–	8,239	–	5.56%	–
DLTR	New	DOLLAR TREE INC	$16,403,000	–	105,246	–	5.15%	–
CIGI	New	COLLIERS INTL GROUP INC	$16,210,000	–	147,673	–	5.09%	–
GOOGL	New	ALPHABET INCcap stk cl a	$14,028,000	–	6,437	–	4.40%	–
MTZ	New	MASTEC INC	$12,777,000	–	178,299	–	4.01%	–
CP	New	CANADIAN PAC RY LTD	$12,300,000	–	175,956	–	3.86%	–
RSG	New	REPUBLIC SVCS INC	$11,753,000	–	89,677	–	3.69%	–
AON	New	AON PLC	$11,638,000	–	43,154	–	3.65%	–
EME	New	EMCOR GROUP INC	$11,565,000	–	112,323	–	3.63%	–
AVGO	New	BROADCOM INC	$11,061,000	–	22,769	–	3.47%	–
MKL	New	MARKEL CORP	$10,384,000	–	8,029	–	3.26%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$10,023,000	–	148,510	–	3.14%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$8,731,000	–	150,349	–	2.74%	–
VOYA	New	VOYA FINANCIAL INC	$7,853,000	–	131,920	–	2.46%	–
IOSP	New	INNOSPEC INC	$7,774,000	–	81,153	–	2.44%	–
MPC	New	MARATHON PETE CORP	$7,744,000	–	94,203	–	2.43%	–
HZNP	New	HORIZON THERAPEUTICS PUB L	$7,677,000	–	96,249	–	2.41%	–
VST	New	VISTRA CORP	$7,409,000	–	324,229	–	2.32%	–
VC	New	VISTEON CORP	$7,349,000	–	70,949	–	2.31%	–
BSCM	New	INVESCO EXCH TRD SLF IDX FD	$5,947,000	–	280,637	–	1.87%	–
BCO	New	BRINKS CO	$5,928,000	–	97,647	–	1.86%	–
BSCN	New	INVESCO EXCH TRD SLF IDX FD	$5,825,000	–	278,038	–	1.83%	–
BSCO	New	INVESCO EXCH TRD SLF IDX FD	$5,728,000	–	276,201	–	1.80%	–
BSCP	New	INVESCO EXCH TRD SLF IDX FD	$5,644,000	–	276,107	–	1.77%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$5,588,000	–	53,066	–	1.75%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$5,579,000	–	125,455	–	1.75%	–
BSCR	New	INVESCO EXCH TRD SLF IDX FD	$5,554,000	–	286,743	–	1.74%	–
BSCQ	New	INVESCO EXCH TRD SLF IDX FD	$5,547,000	–	287,837	–	1.74%	–
SYNH	New	SYNEOS HEALTH INCcl a	$5,409,000	–	75,455	–	1.70%	–
DBX	New	DROPBOX INCcl a	$5,265,000	–	250,833	–	1.65%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$4,892,000	–	135,708	–	1.54%	–
XPO	New	XPO LOGISTICS INC	$4,708,000	–	97,756	–	1.48%	–
EBAY	New	EBAY INC.	$4,594,000	–	110,247	–	1.44%	–
LRN	New	STRIDE INC	$4,515,000	–	110,699	–	1.42%	–
	New	GXO LOGISTICS INCORPORATED	$4,242,000	–	98,045	–	1.33%	–
SHYF	New	SHYFT GROUP INC	$4,145,000	–	222,959	–	1.30%	–
F	New	FORD MTR CO DEL	$3,739,000	–	335,957	–	1.17%	–
ICUI	New	ICU MED INC	$3,590,000	–	21,841	–	1.13%	–
APG	New	API GROUP CORP	$2,712,000	–	181,155	–	0.85%	–
ATEX	New	ANTERIX INC	$2,618,000	–	63,739	–	0.82%	–
LLY	New	LILLY ELI & CO	$1,963,000	–	6,053	–	0.62%	–
BSCS	New	INVESCO EXCH TRD SLF IDX FDinvsco blsh 28	$1,695,000	–	84,930	–	0.53%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$1,645,000	–	45,648	–	0.52%	–
RMNI	New	RIMINI STR INC DEL	$484,000	–	80,600	–	0.15%	–
TY	New	TRI CONTL CORP	$365,000	–	13,932	–	0.12%	–
HD	New	HOME DEPOT INC	$231,000	–	844	–	0.07%	–
CMI	New	CUMMINS INC	$206,000	–	1,064	–	0.06%	–

Q4 2021

			Value		Shares		↓ Weighting
PURE	Exit	PURE BIOSCIENCE INC	$0	–	-13,830	–	-0.00%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-142,395	–	-0.01%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-11,250	–	-0.02%	–
LMB	Exit	LIMBACH HOLDINGS INC	$0	–	-10,000	–	-0.02%	–
QIPT	Exit	QUIPT HOME MEDICAL CORP	$0	–	-28,500	–	-0.05%	–
USB	Exit	U S BANCORP DEL NEW	$0	–	-3,686	–	-0.06%	–
BA	Exit	BOEING CO	$0	–	-1,037	–	-0.07%	–
UPLD	Exit	UPLAND SOFTWARE INC	$0	–	-6,900	–	-0.07%	–
NKE	Exit	NIKE INC CL B	$0	–	-1,648	–	-0.07%	–
CMI	Exit	CUMMINS ENGINE INC	$0	–	-1,142	–	-0.08%	–
HD	Exit	HOME DEPOT	$0	–	-844	–	-0.08%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-17,137	–	-0.10%	–
PNR	Exit	PENTAIR PLC	$0	–	-5,972	–	-0.13%	–
SPG	Exit	SIMON PPTY GROUP	$0	–	-3,810	–	-0.14%	–
CMTL	Exit	COMTECH TELECOM CORP	$0	–	-22,700	–	-0.17%	–
BOOT	Exit	BOOT BARN HOLDINGS INC	$0	–	-7,800	–	-0.20%	–
RMNI	Exit	RIMINI STREET INC	$0	–	-74,600	–	-0.21%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.22%	–
CLPT	Exit	CLEARPOINT NEURO INC	$0	–	-49,200	–	-0.26%	–
PRFT	Exit	PERFICIENT INC	$0	–	-8,100	–	-0.27%	–
TOITF	Exit	TOPICUS.COM	$0	–	-9,969	–	-0.31%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-6,053	–	-0.41%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-49,339	–	-0.68%	–
ATEX	Exit	ANTERIX INC	$0	–	-56,095	–	-1.00%	–
APG	Exit	API GROUP CORP	$0	–	-177,719	–	-1.06%	–
LRN	Exit	STRIDE INC	$0	–	-106,255	–	-1.12%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-21,956	–	-1.50%	–
ACA	Exit	ARCOSA INC	$0	–	-103,691	–	-1.52%	–
VST	Exit	VISTRA CORP	$0	–	-337,641	–	-1.69%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-93,898	–	-1.70%	–
BCO	Exit	THE BRINK'S COMPANY	$0	–	-98,339	–	-1.82%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-136,993	–	-1.90%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-30,639	–	-1.98%	–
VC	Exit	VISTEON CORP	$0	–	-71,956	–	-1.99%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-83,680	–	-2.06%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-63,336	–	-2.16%	–
DBX	Exit	DROPBOX INC	$0	–	-254,934	–	-2.18%	–
EBAY	Exit	EBAY INC	$0	–	-110,132	–	-2.25%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-133,595	–	-2.27%	–
	Exit	GXO LOGISTICS INC	$0	–	-99,264	–	-2.28%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-99,179	–	-2.31%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-56,064	–	-2.40%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-136,180	–	-2.45%	–
SHYF	Exit	THE SHYFT GROUP INC	$0	–	-223,214	–	-2.48%	–
	Exit	CONSTELLATION SOFTWARE INC	$0	–	-5,445	–	-2.62%	–
MKL	Exit	MARKEL CORP	$0	–	-8,098	–	-2.84%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-107,890	–	-3.02%	–
HZNP	Exit	HORIZON THERAPEUTICS PLC	$0	–	-94,733	–	-3.04%	–
SSNC	Exit	SS C TECHNOLOGIES HOLDINGS	$0	–	-151,442	–	-3.08%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-90,716	–	-3.19%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-148,950	–	-3.24%	–
AVGO	Exit	BROADCOM INC	$0	–	-22,843	–	-3.24%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-182,016	–	-3.47%	–
AON	Exit	AON PLC	$0	–	-44,725	–	-3.74%	–
EME	Exit	EMCOR GROUP INC	$0	–	-116,644	–	-3.94%	–
MTZ	Exit	MASTEC INC	$0	–	-184,683	–	-4.67%	–
AZO	Exit	AUTOZONE INC	$0	–	-10,290	–	-5.12%	–
GOOGL	Exit	ALPHABET INC	$0	–	-6,707	–	-5.25%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-153,565	–	-5.74%	–

Q3 2021

			Value		Shares		↓ Weighting
CIGI	Sell	COLLIERS INTERNATIONAL GROUP	$19,612,000	+10.0%	153,565	-3.5%	5.74%	+13.4%
GOOGL	Sell	ALPHABET INC	$17,931,000	+6.4%	6,707	-2.8%	5.25%	+9.7%
AZO	Sell	AUTOZONE INC	$17,472,000	+10.3%	10,290	-3.1%	5.12%	+13.6%
MTZ	Sell	MASTEC INC	$15,934,000	-21.4%	184,683	-3.4%	4.67%	-19.0%
EME	Sell	EMCOR GROUP INC	$13,458,000	-10.4%	116,644	-4.4%	3.94%	-7.7%
AON	Sell	AON PLC	$12,781,000	+16.7%	44,725	-2.5%	3.74%	+20.2%
CP	Sell	CANADIAN PAC RY LTD	$11,844,000	-17.5%	182,016	-2.5%	3.47%	-15.0%
AVGO	Sell	BROADCOM INC	$11,077,000	-1.4%	22,843	-3.1%	3.24%	+1.6%
CTSH	Sell	COGNIZANT TECH SOLUTION	$11,054,000	+4.5%	148,950	-2.5%	3.24%	+7.6%
RSG	Sell	REPUBLIC SERVICES INC	$10,891,000	+6.3%	90,716	-2.6%	3.19%	+9.5%
SSNC	Sell	SS C TECHNOLOGIES HOLDINGS	$10,510,000	-5.8%	151,442	-2.2%	3.08%	-3.0%
HZNP	Buy	HORIZON THERAPEUTICS PLC	$10,377,000	+19.7%	94,733	+2.3%	3.04%	+23.4%
DLTR	Sell	DOLLAR TREE, INC.	$10,327,000	-6.1%	107,890	-2.4%	3.02%	-3.3%
MKL	Sell	MARKEL CORP	$9,678,000	-1.9%	8,098	-2.6%	2.84%	+1.1%
	Sell	CONSTELLATION SOFTWARE INC	$8,945,000	+8.1%	5,445	-0.2%	2.62%	+11.4%
SHYF	Sell	THE SHYFT GROUP INC	$8,484,000	-0.8%	223,214	-2.3%	2.48%	+2.2%
VOYA	Sell	VOYA FINANCIAL INC	$8,360,000	-3.9%	136,180	-3.7%	2.45%	-0.9%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$8,206,000	-11.4%	56,064	-2.7%	2.40%	-8.7%
XPO	Sell	XPO LOGISTICS INC	$7,893,000	-44.7%	99,179	-2.8%	2.31%	-43.0%
	New	GXO LOGISTICS INC	$7,786,000	–	99,264	–	2.28%	–
XRAY	Sell	DENTSPLY SIRONA INC	$7,755,000	-11.0%	133,595	-3.0%	2.27%	-8.2%
EBAY	Sell	EBAY INC	$7,673,000	-3.5%	110,132	-2.8%	2.25%	-0.6%
DBX	Sell	DROPBOX INC	$7,449,000	-6.6%	254,934	-3.1%	2.18%	-3.7%
INFO	Sell	IHS MARKIT LTD	$7,386,000	-0.8%	63,336	-4.2%	2.16%	+2.2%
IOSP	Sell	INNOSPEC, INC	$7,048,000	-10.6%	83,680	-3.9%	2.06%	-7.9%
VC	Sell	VISTEON CORP	$6,792,000	-24.3%	71,956	-3.1%	1.99%	-22.0%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$6,748,000	-0.9%	30,639	-2.7%	1.98%	+2.2%
LSXMK	Sell	LIBERTY SIRIUS GROUP-C	$6,503,000	-0.3%	136,993	-2.5%	1.90%	+2.8%
BCO	Sell	THE BRINK'S COMPANY	$6,225,000	-20.1%	98,339	-3.0%	1.82%	-17.7%
MPC	Sell	MARATHON PETROLEUM CORP	$5,804,000	-2.3%	93,898	-4.5%	1.70%	+0.7%
VST	Sell	VISTRA CORP	$5,774,000	-11.7%	337,641	-4.2%	1.69%	-9.0%
ACA	Sell	ARCOSA INC	$5,202,000	-17.2%	103,691	-3.1%	1.52%	-14.7%
ICUI	Sell	ICU MEDICAL INC	$5,124,000	+10.0%	21,956	-3.0%	1.50%	+13.3%
LRN	Buy	STRIDE INC	$3,819,000	+493.9%	106,255	+431.3%	1.12%	+511.5%
APG	Sell	API GROUP CORP	$3,617,000	-5.4%	177,719	-2.9%	1.06%	-2.5%
ATEX	New	ANTERIX INC	$3,405,000	–	56,095	–	1.00%	–
LSXMA	Sell	LIBERTY SIRIUSXM GROUP	$2,327,000	-5.6%	49,339	-6.8%	0.68%	-2.7%
LLY	Sell	ELI LILLY COMPANY	$1,399,000	-7.2%	6,053	-7.8%	0.41%	-4.2%
TOITF	Sell	TOPICUS.COM	$1,055,000	+44.9%	9,969	-0.1%	0.31%	+49.3%
CLPT	Buy	CLEARPOINT NEURO INC	$873,000	+1.2%	49,200	+8.8%	0.26%	+4.5%
PNR	Sell	PENTAIR PLC	$434,000	-13.7%	5,972	-19.8%	0.13%	-11.2%
CMI	Buy	CUMMINS ENGINE INC	$256,000	-7.9%	1,142	+0.1%	0.08%	-5.1%
WYY	Sell	WIDEPOINT CORP	$59,000	-50.4%	11,250	-31.6%	0.02%	-50.0%
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$40,000	–	142,395	–	0.01%	–
VIAO	Exit	VIA OPTRONICS	$0	–	-11,000	–	-0.04%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-142,395	–	-0.04%	–
SRCL	Exit	STERICYCLE INC	$0	–	-124,173	–	-2.53%	–

Q2 2021

			Value		Shares		↓ Weighting
MTZ	New	MASTEC INC	$20,279,000	–	191,131	–	5.76%	–
CIGI	New	COLLIERS INTERNATIONAL GROUP	$17,825,000	–	159,179	–	5.07%	–
GOOGL	New	ALPHABET INC	$16,851,000	–	6,901	–	4.79%	–
AZO	New	AUTOZONE INC	$15,846,000	–	10,619	–	4.50%	–
EME	New	EMCOR GROUP INC	$15,027,000	–	121,980	–	4.27%	–
CP	New	CANADIAN PAC RY LTD	$14,355,000	–	186,642	–	4.08%	–
XPO	New	XPO LOGISTICS INC	$14,277,000	–	102,060	–	4.06%	–
AVGO	New	BROADCOM INC	$11,236,000	–	23,563	–	3.19%	–
SSNC	New	SS C TECHNOLOGIES HOLDINGS	$11,161,000	–	154,883	–	3.17%	–
DLTR	New	DOLLAR TREE, INC.	$11,001,000	–	110,563	–	3.13%	–
AON	New	AON PLC	$10,955,000	–	45,884	–	3.11%	–
CTSH	New	COGNIZANT TECH SOLUTION	$10,582,000	–	152,786	–	3.01%	–
RSG	New	REPUBLIC SERVICES INC	$10,243,000	–	93,110	–	2.91%	–
MKL	New	MARKEL CORP	$9,862,000	–	8,310	–	2.80%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$9,262,000	–	57,593	–	2.63%	–
VC	New	VISTEON CORP	$8,976,000	–	74,221	–	2.55%	–
SRCL	New	STERICYCLE INC	$8,885,000	–	124,173	–	2.53%	–
XRAY	New	DENTSPLY SIRONA INC	$8,709,000	–	137,674	–	2.48%	–
VOYA	New	VOYA FINANCIAL INC	$8,697,000	–	141,417	–	2.47%	–
HZNP	New	HORIZON THERAPEUTICS PLC	$8,669,000	–	92,577	–	2.46%	–
SHYF	New	THE SHYFT GROUP INC	$8,550,000	–	228,560	–	2.43%	–
	New	CONSTELLATION SOFTWARE INC	$8,274,000	–	5,455	–	2.35%	–
DBX	New	DROPBOX INC	$7,973,000	–	263,062	–	2.27%	–
EBAY	New	EBAY INC	$7,954,000	–	113,295	–	2.26%	–
IOSP	New	INNOSPEC, INC	$7,886,000	–	87,035	–	2.24%	–
BCO	New	THE BRINK'S COMPANY	$7,789,000	–	101,365	–	2.21%	–
INFO	New	IHS MARKIT LTD	$7,448,000	–	66,113	–	2.12%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$6,808,000	–	31,495	–	1.94%	–
VST	New	VISTRA CORP	$6,537,000	–	352,385	–	1.86%	–
LSXMK	New	LIBERTY SIRIUS GROUP-C	$6,521,000	–	140,576	–	1.85%	–
ACA	New	ARCOSA INC	$6,284,000	–	106,975	–	1.79%	–
MPC	New	MARATHON PETROLEUM CORP	$5,941,000	–	98,327	–	1.69%	–
ICUI	New	ICU MEDICAL INC	$4,660,000	–	22,645	–	1.32%	–
APG	New	API GROUP CORP	$3,822,000	–	182,970	–	1.09%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$2,465,000	–	52,911	–	0.70%	–
LLY	New	ELI LILLY COMPANY	$1,507,000	–	6,566	–	0.43%	–
CLPT	New	CLEARPOINT NEURO INC	$863,000	–	45,200	–	0.24%	–
TOITF	New	TOPICUS.COM	$728,000	–	9,979	–	0.21%	–
BOOT	New	BOOT BARN HOLDINGS INC	$656,000	–	7,800	–	0.19%	–
PRFT	New	PERFICIENT INC	$651,000	–	8,100	–	0.18%	–
LRN	New	STRIDE INC	$643,000	–	20,000	–	0.18%	–
CMTL	New	COMTECH TELECOM CORP	$548,000	–	22,700	–	0.16%	–
LMRXF	New	LARAMIDE RESOURCES	$524,000	–	1,271,500	–	0.15%	–
PNR	New	PENTAIR PLC	$503,000	–	7,447	–	0.14%	–
SPG	New	SIMON PPTY GROUP	$497,000	–	3,810	–	0.14%	–
RMNI	New	RIMINI STREET INC	$460,000	–	74,600	–	0.13%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$363,000	–	17,137	–	0.10%	–
UPLD	New	UPLAND SOFTWARE INC	$284,000	–	6,900	–	0.08%	–
CMI	New	CUMMINS ENGINE INC	$278,000	–	1,141	–	0.08%	–
HD	New	HOME DEPOT	$269,000	–	844	–	0.08%	–
NKE	New	NIKE INC CL B	$255,000	–	1,648	–	0.07%	–
BA	New	BOEING CO	$248,000	–	1,037	–	0.07%	–
USB	New	U S BANCORP DEL NEW	$210,000	–	3,686	–	0.06%	–
QIPT	New	QUIPT HOME MEDICAL CORP	$179,000	–	28,500	–	0.05%	–
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$142,000	–	142,395	–	0.04%	–
VIAO	New	VIA OPTRONICS	$123,000	–	11,000	–	0.04%	–
WYY	New	WIDEPOINT CORP	$119,000	–	16,450	–	0.03%	–
LMB	New	LIMBACH HOLDINGS INC	$93,000	–	10,000	–	0.03%	–
PURE	New	PURE BIOSCIENCE INC	$6,000	–	13,830	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
	Exit	BEWHERE HOLDINGS INC	$0	–	-20,000	–	-0.00%	–
PURE	Exit	PURE BIOSCIENCE INC	$0	–	-13,830	–	-0.01%	–
	Exit	PROTECH HOME MEDICAL CORP	$0	–	-55,000	–	-0.02%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-167,000	–	-0.03%	–
	Exit	FOREVER INC SERIES 1 CONVERpreferred stock	$0	–	-360,000	–	-0.04%	–
LEAF	Exit	LEAF GROUP LTD	$0	–	-36,983	–	-0.07%	–
NKE	Exit	NIKE INC CL B	$0	–	-1,648	–	-0.08%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-17,137	–	-0.08%	–
BOOT	Exit	BOOT BARN HOLDINGS INC	$0	–	-7,800	–	-0.08%	–
CLPT	Exit	CLEARPOINT NEURO INC	$0	–	-42,200	–	-0.09%	–
HD	Exit	HOME DEPOT	$0	–	-877	–	-0.09%	–
SPG	Exit	SIMON PPTY GROUP	$0	–	-3,810	–	-0.09%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.09%	–
CMI	Exit	CUMMINS ENGINE INC	$0	–	-1,220	–	-0.10%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-75,000	–	-0.10%	–
UPLD	Exit	UPLAND SOFTWARE INC	$0	–	-7,100	–	-0.10%	–
PRFT	Exit	PERFICIENT INC	$0	–	-8,100	–	-0.13%	–
PNR	Exit	PENTAIR PLC	$0	–	-7,822	–	-0.13%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-6,616	–	-0.36%	–
BEAT	Exit	BIOTELEMETRY, INC	$0	–	-38,198	–	-0.65%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-60,655	–	-0.75%	–
HRTG	Exit	HERITAGE INSURANCE HOLDINGS	$0	–	-200,014	–	-0.75%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-116,974	–	-1.28%	–
BCO	Exit	THE BRINK'S COMPANY	$0	–	-85,196	–	-1.30%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-22,539	–	-1.53%	–
SHYF	Exit	THE SHYFT GROUP INC	$0	–	-231,427	–	-1.62%	–
IAA	Exit	IAA INC	$0	–	-87,522	–	-1.70%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-143,706	–	-1.77%	–
KAR	Exit	KAR AUCTION SERVICES	$0	–	-333,463	–	-1.79%	–
STAY	Exit	EXTENDED STAY AMERICA INC	$0	–	-403,896	–	-1.80%	–
ACA	Exit	ARCOSA INC	$0	–	-111,002	–	-1.82%	–
DBX	Exit	DROPBOX INC	$0	–	-272,735	–	-1.95%	–
VC	Exit	VISTEON CORP	$0	–	-76,600	–	-1.97%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-31,900	–	-2.02%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-69,850	–	-2.04%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-95,102	–	-2.24%	–
	Exit	CONSTELLATION SOFTWARE INC	$0	–	-5,505	–	-2.28%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-140,578	–	-2.29%	–
VST	Exit	VISTRA CORP	$0	–	-380,594	–	-2.67%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-154,028	–	-2.74%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-58,567	–	-2.96%	–
SRCL	Exit	STERICYCLE INC	$0	–	-126,896	–	-2.98%	–
MKL	Exit	MARKEL CORP	$0	–	-8,479	–	-3.07%	–
AVGO	Exit	BROADCOM INC	$0	–	-23,713	–	-3.21%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-103,465	–	-3.26%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-94,400	–	-3.28%	–
EME	Exit	EMCOR GROUP INC	$0	–	-131,076	–	-3.30%	–
EBAY	Exit	EBAY INC	$0	–	-171,061	–	-3.31%	–
MTZ	Exit	MASTEC INC	$0	–	-220,807	–	-3.46%	–
SSNC	Exit	SS C TECHNOLOGIES HOLDINGS	$0	–	-159,068	–	-3.58%	–
AON	Exit	AON PLC	$0	–	-46,880	–	-3.60%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-113,359	–	-3.85%	–
GOOGL	Exit	ALPHABET INC	$0	–	-7,067	–	-3.85%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-156,651	–	-4.04%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-169,947	–	-4.22%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-39,983	–	-4.53%	–
AZO	Exit	AUTOZONE INC	$0	–	-11,135	–	-4.88%	–

Q3 2020

			Value		Shares		↓ Weighting
AZO	Sell	AUTOZONE INC	$13,113,000	-4.2%	11,135	-8.2%	4.88%	-0.1%
CP	Sell	CANADIAN PAC RY LTD	$12,172,000	+6.0%	39,983	-11.1%	4.53%	+10.6%
CIGI	Sell	COLLIERS INTERNATIONAL GROUP	$11,334,000	+9.5%	169,947	-5.9%	4.22%	+14.2%
CTSH	Sell	COGNIZANT TECH SOLUTION	$10,875,000	+15.0%	156,651	-5.8%	4.04%	+20.0%
GOOGL	Sell	ALPHABET INC	$10,357,000	-0.5%	7,067	-3.7%	3.85%	+3.8%
DLTR	Sell	DOLLAR TREE, INC.	$10,354,000	-7.2%	113,359	-5.9%	3.85%	-3.2%
AON	Sell	AON PLC	$9,671,000	+0.9%	46,880	-5.8%	3.60%	+5.2%
SSNC	Sell	SS C TECHNOLOGIES HOLDINGS	$9,627,000	+0.8%	159,068	-5.9%	3.58%	+5.1%
MTZ	Sell	MASTEC INC	$9,318,000	-12.1%	220,807	-6.6%	3.46%	-8.3%
EBAY	Sell	EBAY INC	$8,912,000	-6.3%	171,061	-5.7%	3.31%	-2.3%
EME	Sell	EMCOR GROUP INC	$8,875,000	-8.8%	131,076	-10.9%	3.30%	-4.8%
RSG	Sell	REPUBLIC SERVICES INC	$8,812,000	+8.7%	94,400	-4.5%	3.28%	+13.4%
XPO	Sell	XPO LOGISTICS INC	$8,759,000	+1.1%	103,465	-7.7%	3.26%	+5.5%
AVGO	Sell	BROADCOM INC	$8,639,000	+8.9%	23,713	-5.7%	3.21%	+13.6%
MKL	Sell	MARKEL CORP	$8,256,000	-0.5%	8,479	-5.6%	3.07%	+3.8%
SRCL	Sell	STERICYCLE INC	$8,002,000	+5.9%	126,896	-6.0%	2.98%	+10.5%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$7,973,000	+7.5%	58,567	-5.8%	2.96%	+12.1%
VOYA	Sell	VOYA FINANCIAL INC	$7,383,000	-3.5%	154,028	-6.0%	2.74%	+0.7%
VST	Sell	VISTRA CORP	$7,178,000	-4.8%	380,594	-6.0%	2.67%	-0.7%
XRAY	Sell	DENTSPLY SIRONA INC	$6,147,000	-4.1%	140,578	-3.3%	2.29%	+0.1%
	Sell	CONSTELLATION SOFTWARE INC	$6,121,000	-15.3%	5,505	-13.8%	2.28%	-11.7%
IOSP	Sell	INNOSPEC, INC	$6,022,000	-23.2%	95,102	-6.3%	2.24%	-19.9%
INFO	Buy	IHS MARKIT LTD	$5,484,000	+25.1%	69,850	+20.3%	2.04%	+30.5%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$5,418,000	-7.8%	31,900	-7.9%	2.02%	-3.8%
VC	Sell	VISTEON CORP	$5,302,000	-6.5%	76,600	-7.5%	1.97%	-2.5%
DBX	New	DROPBOX INC	$5,253,000	–	272,735	–	1.95%	–
ACA	Sell	ARCOSA INC	$4,894,000	-4.2%	111,002	-8.3%	1.82%	-0.1%
STAY	Sell	EXTENDED STAY AMERICA INC	$4,827,000	-6.4%	403,896	-12.4%	1.80%	-2.3%
KAR	Sell	KAR AUCTION SERVICES	$4,802,000	-3.8%	333,463	-8.1%	1.79%	+0.3%
LSXMK	Sell	LIBERTY SIRIUS GROUP-C	$4,754,000	-9.5%	143,706	-5.7%	1.77%	-5.6%
IAA	Sell	IAA INC	$4,557,000	+27.9%	87,522	-5.3%	1.70%	+33.5%
SHYF	Sell	THE SHYFT GROUP INC	$4,369,000	+5.7%	231,427	-5.7%	1.62%	+10.3%
ICUI	Sell	ICU MEDICAL INC	$4,119,000	-6.2%	22,539	-5.4%	1.53%	-2.2%
BCO	Sell	THE BRINK'S COMPANY	$3,501,000	-16.7%	85,196	-7.7%	1.30%	-13.1%
MPC	Sell	MARATHON PETROLEUM CORP	$3,432,000	-33.4%	116,974	-15.2%	1.28%	-30.6%
HRTG	Sell	HERITAGE INSURANCE HOLDINGS	$2,024,000	-23.7%	200,014	-1.3%	0.75%	-20.4%
LSXMA	Sell	LIBERTY SIRIUSXM GROUP	$2,012,000	-24.2%	60,655	-21.2%	0.75%	-21.0%
BEAT	Sell	BIOTELEMETRY, INC	$1,741,000	-2.9%	38,198	-3.7%	0.65%	+1.3%
LLY	Sell	ELI LILLY COMPANY	$979,000	-10.5%	6,616	-0.8%	0.36%	-6.7%
UPLD	Buy	UPLAND SOFTWARE INC	$268,000	+11.7%	7,100	+2.9%	0.10%	+16.3%
CMI	Sell	CUMMINS ENGINE INC	$258,000	+18.9%	1,220	-2.7%	0.10%	+24.7%
BOOT	New	BOOT BARN HOLDINGS INC	$219,000	–	7,800	–	0.08%	–
NKE	New	NIKE INC CL B	$207,000	–	1,648	–	0.08%	–
	New	PROTECH HOME MEDICAL CORP	$54,000	–	55,000	–	0.02%	–
POLA	Exit	POLAR POWER, INC	$0	–	-29,000	–	-0.05%	–
FFBC	Exit	FIRST FINL BANCORP OHIO	$0	–	-10,774	–	-0.05%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-111,223	–	-0.70%	–
NCR	Exit	NCR CORP	$0	–	-221,024	–	-1.36%	–
WEX	Exit	WEX INC	$0	–	-33,024	–	-1.94%	–

Q2 2020

			Value		Shares		↓ Weighting
AZO	New	AUTOZONE INC	$13,691,000	–	12,136	–	4.88%	–
CP	New	CANADIAN PAC RY LTD	$11,482,000	–	44,968	–	4.09%	–
DLTR	New	DOLLAR TREE, INC.	$11,162,000	–	120,436	–	3.98%	–
MTZ	New	MASTEC INC	$10,602,000	–	236,286	–	3.78%	–
GOOGL	New	ALPHABET INC	$10,408,000	–	7,340	–	3.71%	–
CIGI	New	COLLIERS INTERNATIONAL GROUP	$10,355,000	–	180,684	–	3.69%	–
EME	New	EMCOR GROUP INC	$9,728,000	–	147,079	–	3.47%	–
AON	New	AON PLC	$9,587,000	–	49,778	–	3.42%	–
SSNC	New	SS C TECHNOLOGIES HOLDINGS	$9,551,000	–	169,104	–	3.40%	–
EBAY	New	EBAY INC	$9,512,000	–	181,350	–	3.39%	–
CTSH	New	COGNIZANT TECH SOLUTION	$9,454,000	–	166,381	–	3.37%	–
XPO	New	XPO LOGISTICS INC	$8,662,000	–	112,129	–	3.09%	–
MKL	New	MARKEL CORP	$8,295,000	–	8,985	–	2.96%	–
RSG	New	REPUBLIC SERVICES INC	$8,110,000	–	98,842	–	2.89%	–
AVGO	New	BROADCOM INC	$7,934,000	–	25,140	–	2.83%	–
IOSP	New	INNOSPEC, INC	$7,838,000	–	101,465	–	2.79%	–
VOYA	New	VOYA FINANCIAL INC	$7,647,000	–	163,913	–	2.73%	–
SRCL	New	STERICYCLE INC	$7,557,000	–	134,992	–	2.69%	–
VST	New	VISTRA ENERGY CORP	$7,541,000	–	405,008	–	2.69%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$7,420,000	–	62,163	–	2.64%	–
	New	CONSTELLATION SOFTWARE INC	$7,228,000	–	6,389	–	2.58%	–
XRAY	New	DENTSPLY SIRONA INC	$6,408,000	–	145,435	–	2.28%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$5,874,000	–	34,618	–	2.09%	–
VC	New	VISTEON CORP	$5,671,000	–	82,795	–	2.02%	–
WEX	New	WEX INC	$5,449,000	–	33,024	–	1.94%	–
LSXMK	New	LIBERTY SIRIUS GROUP-C	$5,251,000	–	152,438	–	1.87%	–
STAY	New	EXTENDED STAY AMERICA INC	$5,157,000	–	460,846	–	1.84%	–
MPC	New	MARATHON PETROLEUM CORP	$5,156,000	–	137,930	–	1.84%	–
ACA	New	ARCOSA INC	$5,109,000	–	121,071	–	1.82%	–
KAR	New	KAR AUCTION SERVICES	$4,994,000	–	362,944	–	1.78%	–
ICUI	New	ICU MEDICAL INC	$4,393,000	–	23,835	–	1.57%	–
INFO	New	IHS MARKIT LTD	$4,385,000	–	58,085	–	1.56%	–
BCO	New	THE BRINK'S COMPANY	$4,201,000	–	92,310	–	1.50%	–
SHYF	New	THE SHYFT GROUP INC	$4,132,000	–	245,383	–	1.47%	–
NCR	New	NCR CORP	$3,828,000	–	221,024	–	1.36%	–
IAA	New	IAA INC	$3,564,000	–	92,404	–	1.27%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$2,656,000	–	76,946	–	0.95%	–
HRTG	New	HERITAGE INSURANCE HOLDINGS	$2,654,000	–	202,728	–	0.95%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$1,965,000	–	111,223	–	0.70%	–
BEAT	New	BIOTELEMETRY, INC	$1,793,000	–	39,675	–	0.64%	–
LLY	New	ELI LILLY COMPANY	$1,094,000	–	6,666	–	0.39%	–
PNR	New	PENTAIR PLC	$297,000	–	7,822	–	0.11%	–
PRFT	New	PERFICIENT INC	$290,000	–	8,100	–	0.10%	–
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$263,000	–	75,000	–	0.09%	–
SPG	New	SIMON PPTY GROUP	$261,000	–	3,810	–	0.09%	–
UPLD	New	UPLAND SOFTWARE INC	$240,000	–	6,900	–	0.09%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$224,000	–	17,137	–	0.08%	–
HD	New	HOME DEPOT	$220,000	–	877	–	0.08%	–
CMI	New	CUMMINS ENGINE INC	$217,000	–	1,254	–	0.08%	–
LMRXF	New	LARAMIDE RESOURCES	$201,000	–	1,271,500	–	0.07%	–
FFBC	New	FIRST FINL BANCORP OHIO	$150,000	–	10,774	–	0.05%	–
CLPT	New	CLEARPOINT NEURO INC	$150,000	–	42,200	–	0.05%	–
POLA	New	POLAR POWER, INC	$144,000	–	29,000	–	0.05%	–
LEAF	New	LEAF GROUP LTD	$136,000	–	36,983	–	0.05%	–
WYY	New	WIDEPOINT CORP	$116,000	–	167,000	–	0.04%	–
	New	FOREVER INC SERIES 1 CONVERpreferred stock	$99,000	–	360,000	–	0.04%	–
PURE	New	PURE BIOSCIENCE INC	$25,000	–	13,830	–	0.01%	–
	New	BEWHERE HOLDINGS INC	$2,000	–	20,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
WYY	Exit	WIDEPOINT CORP	$0	–	-172,500	–	-0.01%	–
POLA	Exit	POLAR POWER, INC	$0	–	-24,600	–	-0.02%	–
	Exit	FOREVER INC SERIES 1 CONVERpreferred stock	$0	–	-360,000	–	-0.02%	–
LEAF	Exit	LEAF GROUP LTD	$0	–	-36,483	–	-0.04%	–
HD	Exit	HOME DEPOT	$0	–	-877	–	-0.05%	–
USB	Exit	U S BANCORP DEL NEW	$0	–	-3,686	–	-0.05%	–
MRIC	Exit	MRI INTERVENTIONS INC	$0	–	-43,200	–	-0.05%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.06%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-75,000	–	-0.06%	–
PNR	Exit	PENTAIR PLC	$0	–	-7,822	–	-0.07%	–
FFBC	Exit	FIRST FINL BANCORP OHIO	$0	–	-23,774	–	-0.14%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.15%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-7,093	–	-0.19%	–
	Exit	KINAXIS INC	$0	–	-20,000	–	-0.31%	–
KLXE	Exit	KLX ENERGY SERVICES HOLDING	$0	–	-174,086	–	-0.36%	–
PLAY	Exit	DAVE BUSTER'S ENTERTAINMENT	$0	–	-77,828	–	-0.73%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-22,552	–	-0.87%	–
HRTG	Exit	HERITAGE INSURANCE HOLDINGS	$0	–	-247,027	–	-0.89%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-93,118	–	-0.93%	–
SPAR	Exit	SPARTAN MOTORS INC	$0	–	-304,857	–	-1.01%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-254,995	–	-1.04%	–
DXC	Exit	DXC TECHNOLOGY COMPANY	$0	–	-159,564	–	-1.13%	–
ACA	Exit	ARCOSA INC	$0	–	-148,579	–	-1.22%	–
NOK	Exit	NOKIA CORP SPON ADR	$0	–	-1,206,872	–	-1.47%	–
YELP	Exit	YELP, INC	$0	–	-180,905	–	-1.52%	–
IAA	Exit	IAA INC	$0	–	-158,525	–	-1.59%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-71,100	–	-1.78%	–
SSNC	Exit	SS C TECHNOLOGIES HOLDINGS	$0	–	-145,946	–	-1.81%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-185,833	–	-1.88%	–
KAR	Exit	KAR AUCTION SERVICES	$0	–	-330,798	–	-1.96%	–
AVGO	Exit	BROADCOM INC	$0	–	-29,925	–	-1.99%	–
STAY	Exit	EXTENDED STAY AMERICA INC	$0	–	-568,837	–	-2.01%	–
VC	Exit	VISTEON CORP	$0	–	-101,965	–	-2.03%	–
NCR	Exit	NCR CORP	$0	–	-272,917	–	-2.08%	–
SRCL	Exit	STERICYCLE INC	$0	–	-170,045	–	-2.09%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-267,485	–	-2.20%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-561,742	–	-2.21%	–
BCO	Exit	THE BRINK'S COMPANY	$0	–	-110,908	–	-2.22%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-74,334	–	-2.30%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-183,699	–	-2.36%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-137,835	–	-2.38%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-75,887	–	-2.51%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-172,243	–	-2.52%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-213,620	–	-2.87%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-133,640	–	-2.88%	–
AON	Exit	AON PLC	$0	–	-62,870	–	-2.93%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-206,131	–	-2.99%	–
MKL	Exit	MARKEL CORP	$0	–	-11,018	–	-3.14%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-59,295	–	-3.18%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-504,829	–	-3.25%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-174,698	–	-3.75%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-288,520	–	-3.78%	–
EME	Exit	EMCOR GROUP INC	$0	–	-185,167	–	-3.84%	–
AZO	Exit	AUTOZONE INC	$0	–	-15,404	–	-4.03%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-228,074	–	-4.12%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-150,730	–	-4.15%	–
MTZ	Exit	MASTEC INC	$0	–	-304,939	–	-4.77%	–

Q3 2019

			Value		Shares		↓ Weighting
MTZ	Sell	MASTEC INC	$19,800,000	+21.6%	304,939	-3.5%	4.77%	+19.7%
DLTR	Buy	DOLLAR TREE, INC.	$17,207,000	+7.3%	150,730	+1.0%	4.15%	+5.6%
CIGI	Sell	COLLIERS INTERNATIONAL GROUP	$17,117,000	+3.7%	228,074	-1.0%	4.12%	+2.1%
AZO	Sell	AUTOZONE INC	$16,707,000	-2.4%	15,404	-1.0%	4.03%	-3.9%
EME	Sell	EMCOR GROUP INC	$15,947,000	-3.0%	185,167	-0.8%	3.84%	-4.6%
VOYA	Sell	VOYA FINANCIAL INC	$15,707,000	-1.8%	288,520	-0.3%	3.78%	-3.4%
IOSP	Buy	INNOSPEC, INC	$15,573,000	-1.8%	174,698	+0.5%	3.75%	-3.4%
VST	Buy	VISTRA ENERGY CORP	$13,494,000	+18.3%	504,829	+0.2%	3.25%	+16.4%
CP	Buy	CANADIAN PAC RY LTD	$13,191,000	-4.7%	59,295	+0.7%	3.18%	-6.3%
MKL	Buy	MARKEL CORP	$13,022,000	+10.2%	11,018	+1.6%	3.14%	+8.4%
CTSH	Buy	COGNIZANT TECH SOLUTION	$12,423,000	-4.2%	206,131	+0.8%	2.99%	-5.7%
AON	Sell	AON PLC	$12,170,000	-27.9%	62,870	-28.1%	2.93%	-29.1%
LYB	Buy	LYONDELLBASELL INDU	$11,957,000	+4.7%	133,640	+0.8%	2.88%	+3.0%
AIG	Buy	AMERICAN INTL GROUP	$11,899,000	+7.3%	213,620	+2.6%	2.87%	+5.6%
MPC	Buy	MARATHON PETROLEUM CORP	$10,464,000	+17.5%	172,243	+8.1%	2.52%	+15.7%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$10,417,000	+17.4%	75,887	+0.7%	2.51%	+15.5%
XPO	Buy	XPO LOGISTICS INC	$9,865,000	+26.2%	137,835	+2.0%	2.38%	+24.2%
XRAY	Buy	DENTSPLY SIRONA INC	$9,793,000	-8.5%	183,699	+0.2%	2.36%	-9.9%
ADS	Buy	ALLIANCE DATA SYSTEMS	$9,524,000	-7.2%	74,334	+1.5%	2.30%	-8.7%
BCO	Buy	THE BRINK'S COMPANY	$9,200,000	+3.5%	110,908	+1.3%	2.22%	+1.8%
NUAN	Buy	NUANCE COMMUNICATIONS INC	$9,162,000	+3.6%	561,742	+1.4%	2.21%	+1.9%
SYF	Buy	SYNCHRONY FINANCIAL	$9,119,000	-0.6%	267,485	+1.1%	2.20%	-2.2%
SRCL	Sell	STERICYCLE INC	$8,660,000	+6.5%	170,045	-0.2%	2.09%	+4.7%
NCR	Buy	NCR CORP	$8,613,000	+2.8%	272,917	+1.3%	2.08%	+1.2%
VC	Buy	VISTEON CORP	$8,416,000	+42.0%	101,965	+0.8%	2.03%	+39.7%
STAY	Buy	EXTENDED STAY AMERICA INC	$8,328,000	-12.7%	568,837	+0.7%	2.01%	-14.1%
AVGO	Buy	BROADCOM INC	$8,261,000	-2.6%	29,925	+1.5%	1.99%	-4.2%
KAR	Buy	KAR AUCTION SERVICES	$8,121,000	+107.1%	330,798	+110.9%	1.96%	+103.9%
LSXMK	Buy	LIBERTY SIRIUS GROUP-C	$7,798,000	+10.9%	185,833	+0.4%	1.88%	+9.1%
SSNC	Buy	SS C TECHNOLOGIES HOLDINGS	$7,526,000	-9.9%	145,946	+0.6%	1.81%	-11.3%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE	$7,367,000	+8.2%	71,100	+0.7%	1.78%	+6.5%
IAA	Buy	IAA INC	$6,615,000	+8.8%	158,525	+1.1%	1.59%	+7.0%
YELP	New	YELP, INC	$6,286,000	–	180,905	–	1.52%	–
NOK	Sell	NOKIA CORP SPON ADR	$6,107,000	+0.7%	1,206,872	-0.3%	1.47%	-0.9%
ACA	Buy	ARCOSA INC	$5,083,000	-8.8%	148,579	+0.3%	1.22%	-10.3%
DXC	Buy	DXC TECHNOLOGY COMPANY	$4,707,000	-35.2%	159,564	+21.1%	1.13%	-36.3%
MPAA	Buy	MOTORCAR PARTS OF AMERICA	$4,309,000	-20.7%	254,995	+0.4%	1.04%	-22.1%
SPAR	Buy	SPARTAN MOTORS INC	$4,183,000	+25.9%	304,857	+0.5%	1.01%	+23.8%
LSXMA	Buy	LIBERTY SIRIUSXM GROUP	$3,871,000	+27.2%	93,118	+15.7%	0.93%	+25.2%
HRTG	Buy	HERITAGE INSURANCE HOLDINGS	$3,693,000	-2.7%	247,027	+0.3%	0.89%	-4.3%
ICUI	New	ICU MEDICAL INC	$3,599,000	–	22,552	–	0.87%	–
PLAY	Sell	DAVE BUSTER'S ENTERTAINMENT	$3,031,000	-53.0%	77,828	-51.2%	0.73%	-53.8%
KLXE	Buy	KLX ENERGY SERVICES HOLDING	$1,505,000	-53.0%	174,086	+11.2%	0.36%	-53.7%
MRIC	Buy	MRI INTERVENTIONS INC	$219,000	+62.2%	43,200	+2.4%	0.05%	+60.6%
USB	New	U S BANCORP DEL NEW	$204,000	–	3,686	–	0.05%	–
HD	Sell	HOME DEPOT	$203,000	-16.1%	877	-24.8%	0.05%	-16.9%
POLA	Buy	POLAR POWER, INC	$77,000	-21.4%	24,600	+4.2%	0.02%	-20.8%
CMI	Exit	CUMMINS ENGINE INC	$0	–	-1,211	–	-0.05%	–
DLX	Exit	DELUXE CORP	$0	–	-56,850	–	-0.57%	–
AGN	Exit	ALLERGAN PLC	$0	–	-41,114	–	-1.69%	–

Q2 2019

			Value		Shares		↓ Weighting
AZO	New	AUTOZONE INC	$17,111,000	–	15,563	–	4.19%	–
AON	New	AON PLC	$16,878,000	–	87,462	–	4.13%	–
CIGI	New	COLLIERS INTERNATIONAL GROUP	$16,499,000	–	230,363	–	4.04%	–
EME	New	EMCOR GROUP INC	$16,445,000	–	186,663	–	4.03%	–
MTZ	New	MASTEC INC	$16,281,000	–	315,947	–	3.99%	–
DLTR	New	DOLLAR TREE, INC.	$16,033,000	–	149,296	–	3.93%	–
VOYA	New	VOYA FINANCIAL INC	$15,995,000	–	289,246	–	3.92%	–
IOSP	New	INNOSPEC, INC	$15,860,000	–	173,832	–	3.88%	–
CP	New	CANADIAN PAC RY LTD	$13,845,000	–	58,855	–	3.39%	–
CTSH	New	COGNIZANT TECH SOLUTION	$12,965,000	–	204,529	–	3.18%	–
MKL	New	MARKEL CORP	$11,815,000	–	10,843	–	2.89%	–
LYB	New	LYONDELLBASELL INDU	$11,418,000	–	132,571	–	2.80%	–
VST	New	VISTRA ENERGY CORP	$11,405,000	–	503,763	–	2.79%	–
AIG	New	AMERICAN INTL GROUP	$11,092,000	–	208,186	–	2.72%	–
XRAY	New	DENTSPLY SIRONA INC	$10,697,000	–	183,298	–	2.62%	–
ADS	New	ALLIANCE DATA SYSTEMS	$10,260,000	–	73,218	–	2.51%	–
STAY	New	EXTENDED STAY AMERICA INC	$9,542,000	–	564,977	–	2.34%	–
SYF	New	SYNCHRONY FINANCIAL	$9,174,000	–	264,621	–	2.25%	–
MPC	New	MARATHON PETROLEUM CORP	$8,902,000	–	159,313	–	2.18%	–
BCO	New	THE BRINK'S COMPANY	$8,891,000	–	109,526	–	2.18%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$8,875,000	–	75,376	–	2.17%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$8,845,000	–	553,836	–	2.17%	–
AVGO	New	BROADCOM INC	$8,485,000	–	29,477	–	2.08%	–
NCR	New	NCR CORP	$8,379,000	–	269,428	–	2.05%	–
SSNC	New	SS C TECHNOLOGIES HOLDINGS	$8,355,000	–	145,019	–	2.05%	–
SRCL	New	STERICYCLE INC	$8,135,000	–	170,358	–	1.99%	–
XPO	New	XPO LOGISTICS INC	$7,814,000	–	135,175	–	1.91%	–
DXC	New	DXC TECHNOLOGY COMPANY	$7,265,000	–	131,726	–	1.78%	–
LSXMK	New	LIBERTY SIRIUS GROUP-C	$7,032,000	–	185,145	–	1.72%	–
AGN	New	ALLERGAN PLC	$6,884,000	–	41,114	–	1.69%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$6,807,000	–	70,607	–	1.67%	–
PLAY	New	DAVE BUSTER'S ENTERTAINMENT	$6,455,000	–	159,499	–	1.58%	–
IAA	New	IAA INC	$6,082,000	–	156,844	–	1.49%	–
NOK	New	NOKIA CORP SPON ADR	$6,063,000	–	1,210,223	–	1.48%	–
VC	New	VISTEON CORP	$5,928,000	–	101,193	–	1.45%	–
ACA	New	ARCOSA INC	$5,576,000	–	148,178	–	1.37%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$5,437,000	–	253,955	–	1.33%	–
KAR	New	KAR AUCTION SERVICES	$3,921,000	–	156,844	–	0.96%	–
HRTG	New	HERITAGE INSURANCE HOLDINGS	$3,795,000	–	246,298	–	0.93%	–
SPAR	New	SPARTAN MOTORS INC	$3,323,000	–	303,194	–	0.81%	–
KLXE	New	KLX ENERGY SERVICES HOLDING	$3,199,000	–	156,589	–	0.78%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$3,043,000	–	80,481	–	0.74%	–
DLX	New	DELUXE CORP	$2,312,000	–	56,850	–	0.57%	–
	New	KINAXIS INC	$1,243,000	–	20,000	–	0.30%	–
LLY	New	ELI LILLY COMPANY	$786,000	–	7,093	–	0.19%	–
FFBC	New	FIRST FINL BANCORP OHIO	$576,000	–	23,774	–	0.14%	–
PRFT	New	PERFICIENT INC	$556,000	–	16,200	–	0.14%	–
LMRXF	New	LARAMIDE RESOURCES	$322,000	–	1,271,500	–	0.08%	–
PNR	New	PENTAIR PLC	$291,000	–	7,822	–	0.07%	–
LEAF	New	LEAF GROUP LTD	$270,000	–	36,483	–	0.07%	–
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$263,000	–	75,000	–	0.06%	–
HD	New	HOME DEPOT	$242,000	–	1,166	–	0.06%	–
CMI	New	CUMMINS ENGINE INC	$208,000	–	1,211	–	0.05%	–
MRIC	New	MRI INTERVENTIONS INC	$135,000	–	42,200	–	0.03%	–
	New	FOREVER INC SERIES 1 CONVERpreferred stock	$99,000	–	360,000	–	0.02%	–
POLA	New	POLAR POWER, INC	$98,000	–	23,600	–	0.02%	–
WYY	New	WIDEPOINT CORP	$72,000	–	172,500	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	REVERSE CORP	$0	–	-100,000	–	-0.00%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-164,500	–	-0.02%	–
MRIC	Exit	MRI INTERVENTIONS INC	$0	–	-42,200	–	-0.02%	–
POLA	Exit	POLAR POWER, INC	$0	–	-19,000	–	-0.02%	–
	Exit	FOREVER INC SERIES 1 CONVERpreferred stock	$0	–	-360,000	–	-0.02%	–
FSNNQ	Exit	FUSION CONNECT INC.	$0	–	-56,824	–	-0.03%	–
RVI	Exit	RETAIL VALUE INC	$0	–	-6,625	–	-0.05%	–
VMD	Exit	VIEMED HEALTHCARE INC	$0	–	-42,000	–	-0.05%	–
HD	Exit	HOME DEPOT	$0	–	-1,166	–	-0.05%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-9,537	–	-0.06%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-75,000	–	-0.06%	–
LEAF	Exit	LEAF GROUP LTD	$0	–	-36,483	–	-0.08%	–
PNR	Exit	PENTAIR PLC	$0	–	-9,537	–	-0.09%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.10%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.10%	–
FFBC	Exit	FIRST FINL BANCORP OHIO	$0	–	-16,432	–	-0.11%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-7,033	–	-0.17%	–
	Exit	KINAXIS INC	$0	–	-20,000	–	-0.33%	–
SPAR	Exit	SPARTAN MOTORS INC	$0	–	-227,537	–	-0.74%	–
VREX	Exit	VAREX IMAGING CORP	$0	–	-122,476	–	-0.78%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-83,114	–	-0.80%	–
HRTG	Exit	HERITAGE INSURANCE HOLDINGS	$0	–	-252,380	–	-0.83%	–
LXFT	Exit	LUXOFT HOLDING INC	$0	–	-127,806	–	-1.34%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-261,693	–	-1.36%	–
DLX	Exit	DELUXE CORP	$0	–	-118,314	–	-1.49%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-86,469	–	-1.53%	–
NCR	Exit	NCR CORP	$0	–	-277,270	–	-1.74%	–
MYL	Exit	MYLAN NV	$0	–	-215,544	–	-1.75%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-73,044	–	-1.81%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-188,943	–	-1.82%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-269,875	–	-1.86%	–
AGN	Exit	ALLERGAN PLC	$0	–	-46,418	–	-1.96%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-538,416	–	-2.06%	–
VC	Exit	VISTEON CORP	$0	–	-104,568	–	-2.15%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-77,008	–	-2.24%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-486,891	–	-2.29%	–
DXC	Exit	DXC TECHNOLOGY COMPANY	$0	–	-111,610	–	-2.31%	–
PLAY	Exit	DAVE BUSTER'S ENTERTAINMENT	$0	–	-163,754	–	-2.40%	–
ARRS	Exit	ARRIS INTERNATIONAL PLC	$0	–	-419,742	–	-2.42%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-210,496	–	-2.48%	–
CIT	Exit	CIT GROUP INC	$0	–	-217,765	–	-2.49%	–
STAY	Exit	EXTENDED STAY AMERICA INC	$0	–	-580,322	–	-2.60%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-103,864	–	-2.71%	–
AZO	Exit	AUTOZONE INC	$0	–	-16,021	–	-2.75%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-152,809	–	-2.76%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-510,855	–	-2.82%	–
MKL	Exit	MARKEL CORP	$0	–	-11,082	–	-2.92%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-179,390	–	-3.05%	–
AON	Exit	AON PLC	$0	–	-90,519	–	-3.08%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-135,814	–	-3.08%	–
EME	Exit	EMCOR GROUP INC	$0	–	-192,359	–	-3.20%	–
MTZ	Exit	MASTEC INC	$0	–	-328,207	–	-3.24%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-298,038	–	-3.28%	–
CNDT	Exit	CONDUENT INC	$0	–	-660,491	–	-3.29%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-136,461	–	-3.45%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-209,955	–	-3.59%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-74,649	–	-3.90%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-236,087	–	-4.05%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-89,742	–	-4.21%	–

Q3 2018

			Value		Shares		↓ Weighting
CP	Sell	CANADIAN PAC RY LTD	$19,020,000	+14.8%	89,742	-0.9%	4.21%	+17.2%
CIGI	Sell	COLLIERS INTERNATIONAL GROUP	$18,309,000	+1.1%	236,087	-1.3%	4.05%	+3.2%
ADS	Sell	ALLIANCE DATA SYSTEMS	$17,629,000	+0.9%	74,649	-0.4%	3.90%	+3.0%
CTSH	Sell	COGNIZANT TECH SOLUTION	$16,198,000	-2.5%	209,955	-0.1%	3.59%	-0.4%
XPO	Buy	XPO LOGISTICS INC	$15,580,000	+16.8%	136,461	+2.5%	3.45%	+19.3%
CNDT	Sell	CONDUENT INC	$14,874,000	+22.2%	660,491	-1.4%	3.29%	+24.7%
VOYA	Sell	VOYA FINANCIAL INC	$14,804,000	+4.4%	298,038	-1.2%	3.28%	+6.6%
MTZ	Sell	MASTEC INC	$14,654,000	-13.5%	328,207	-1.7%	3.24%	-11.7%
EME	Sell	EMCOR GROUP INC	$14,448,000	-3.5%	192,359	-2.2%	3.20%	-1.6%
AON	Sell	AON PLC	$13,920,000	+11.2%	90,519	-0.8%	3.08%	+13.5%
LYB	Sell	LYONDELLBASELL INDU	$13,922,000	-7.1%	135,814	-0.4%	3.08%	-5.1%
IOSP	Sell	INNOSPEC, INC	$13,768,000	-1.2%	179,390	-1.4%	3.05%	+0.9%
MKL	Sell	MARKEL CORP	$13,171,000	+5.9%	11,082	-3.4%	2.92%	+8.0%
VST	Sell	VISTRA ENERGY CORP	$12,710,000	+5.0%	510,855	-0.1%	2.82%	+7.2%
DLTR	Sell	DOLLAR TREE, INC.	$12,462,000	-5.2%	152,809	-1.1%	2.76%	-3.2%
AZO	Sell	AUTOZONE INC	$12,427,000	+14.3%	16,021	-1.1%	2.75%	+16.7%
WBC	Sell	WABCO HOLDINGS INC	$12,250,000	+0.2%	103,864	-0.6%	2.71%	+2.3%
STAY	Sell	EXTENDED STAY AMERICA INC	$11,740,000	-8.8%	580,322	-2.6%	2.60%	-6.9%
CIT	Sell	CIT GROUP INC	$11,239,000	+1.5%	217,765	-0.9%	2.49%	+3.5%
AIG	Sell	AMERICAN INTL GROUP	$11,207,000	-0.3%	210,496	-0.7%	2.48%	+1.8%
ARRS	Sell	ARRIS INTERNATIONAL PLC	$10,909,000	+4.7%	419,742	-1.5%	2.42%	+6.9%
PLAY	Buy	DAVE BUSTER'S ENTERTAINMENT	$10,844,000	+44.9%	163,754	+4.1%	2.40%	+47.8%
DXC	Buy	DXC TECHNOLOGY COMPANY	$10,438,000	+20.3%	111,610	+3.7%	2.31%	+22.7%
LUMN	Buy	CENTURYLINK INC	$10,322,000	+16.5%	486,891	+2.4%	2.29%	+18.9%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$10,124,000	+17.3%	77,008	-0.6%	2.24%	+19.8%
VC	Sell	VISTEON CORP	$9,714,000	-28.6%	104,568	-0.6%	2.15%	-27.1%
NUAN	Buy	NUANCE COMMUNICATIONS INC	$9,325,000	+36.5%	538,416	+9.4%	2.06%	+39.2%
AGN	Buy	ALLERGAN PLC	$8,842,000	+16.8%	46,418	+2.2%	1.96%	+19.2%
SYF	Sell	SYNCHRONY FINANCIAL	$8,388,000	-7.8%	269,875	-1.0%	1.86%	-5.9%
LSXMK	Sell	LIBERTY SIRIUS GROUP-C	$8,210,000	-5.7%	188,943	-1.6%	1.82%	-3.8%
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$8,163,000	–	73,044	–	1.81%	–
MYL	Buy	MYLAN NV	$7,889,000	+11.5%	215,544	+10.1%	1.75%	+13.8%
NCR	Sell	NCR CORP	$7,877,000	-5.6%	277,270	-0.4%	1.74%	-3.7%
MPC	Sell	MARATHON PETROLEUM CORP	$6,915,000	+10.3%	86,469	-3.2%	1.53%	+12.6%
DLX	Sell	DELUXE CORP	$6,737,000	-16.0%	118,314	-2.3%	1.49%	-14.2%
MPAA	Sell	MOTORCAR PARTS OF AMERICA	$6,137,000	+24.4%	261,693	-0.8%	1.36%	+26.9%
LXFT	Buy	LUXOFT HOLDING INC	$6,052,000	+38.0%	127,806	+7.4%	1.34%	+40.9%
HRTG	Buy	HERITAGE INSURANCE HOLDINGS	$3,740,000	+435.1%	252,380	+501.8%	0.83%	+444.7%
LSXMA	Sell	LIBERTY SIRIUSXM GROUP	$3,610,000	-4.1%	83,114	-0.5%	0.80%	-2.1%
VREX	Buy	VAREX IMAGING CORP	$3,510,000	+695.9%	122,476	+929.2%	0.78%	+709.4%
SPAR	Buy	SPARTAN MOTORS INC	$3,356,000	+640.8%	227,537	+659.1%	0.74%	+658.2%
RVI	New	RETAIL VALUE INC	$217,000	–	6,625	–	0.05%	–
VMD	Sell	VIEMED HEALTHCARE INC	$218,000	+36.2%	42,000	-7.7%	0.05%	+37.1%
FSNNQ	Sell	FUSION CONNECT INC.	$146,000	-37.9%	56,824	-4.8%	0.03%	-37.3%
MRIC	Buy	MRI INTERVENTIONS INC	$84,000	-2.3%	42,200	+5.5%	0.02%	0.0%
WNDM	Exit	WOUND MANAGEMENT TECHNOLOGIES	$0	–	-30,000	–	0.00%	–
ORGN	Exit	ORIGEN FINANCIAL INC	$0	–	-138,000	–	-0.00%	–
ROX	Exit	CASTLE BRANDS INC	$0	–	-11,000	–	-0.00%	–
	Exit	VERTU MOTORS PLC ORD F	$0	–	-49,000	–	-0.01%	–
XPLR	Exit	XPLORE TECHNOLOGIES CORP.	$0	–	-52,525	–	-0.04%	–
TIVO	Exit	TIVO CORPORATION	$0	–	-16,260	–	-0.05%	–
USCR	Exit	US CONCRETE, INC	$0	–	-4,608	–	-0.05%	–
FG	Exit	FGL HOLDINGS	$0	–	-29,655	–	-0.05%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDING	$0	–	-50,815	–	-0.06%	–
SD	Exit	SANDRIDGE ENERGY	$0	–	-14,960	–	-0.06%	–
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-21,535	–	-0.07%	–
ATKR	Exit	ATKORE INTERNATIONAL GROUP	$0	–	-17,240	–	-0.08%	–
DSKE	Exit	DASEKE INC	$0	–	-36,215	–	-0.08%	–
OMN	Exit	OMNOVA SOLUTIONS INC	$0	–	-35,615	–	-0.08%	–
VVI	Exit	VIAD CORP	$0	–	-6,780	–	-0.08%	–
RILY	Exit	B. RILEY FINANCIAL, INC	$0	–	-17,430	–	-0.08%	–
TACO	Exit	DEL TACO RESTAURANTS	$0	–	-27,645	–	-0.08%	–
NLS	Exit	NAUTILUS, INC	$0	–	-26,680	–	-0.09%	–
SVU	Exit	SUPERVALU, INC	$0	–	-22,290	–	-0.10%	–
MOD	Exit	MODINE MANUFACTURING COMPANY	$0	–	-27,740	–	-0.11%	–
PGTI	Exit	PGT, INC	$0	–	-27,265	–	-0.12%	–
ESIO	Exit	ELECTRO SCIENTIFIC INDUSTRIES	$0	–	-36,380	–	-0.12%	–
LIND	Exit	LINDBLAD EXPEDITIONS INC	$0	–	-45,650	–	-0.13%	–
CVEO	Exit	CIVEO CORP	$0	–	-167,310	–	-0.16%	–
XPER	Exit	XPERI CORPORATION	$0	–	-243,314	–	-0.85%	–
ILG	Exit	ILG INC	$0	–	-446,842	–	-3.20%	–
KLXI	Exit	KLX INC	$0	–	-234,072	–	-3.65%	–

Q2 2018

			Value		Shares		↓ Weighting
CIGI	New	COLLIERS INTERNATIONAL GROUP	$18,101,000	–	239,112	–	3.93%	–
ADS	New	ALLIANCE DATA SYSTEMS	$17,478,000	–	74,950	–	3.79%	–
MTZ	New	MASTEC INC	$16,949,000	–	333,972	–	3.68%	–
KLXI	New	KLX INC	$16,830,000	–	234,072	–	3.65%	–
CTSH	New	COGNIZANT TECH SOLUTION	$16,608,000	–	210,260	–	3.60%	–
CP	New	CANADIAN PAC RY LTD	$16,571,000	–	90,543	–	3.60%	–
EME	New	EMCOR GROUP INC	$14,977,000	–	196,599	–	3.25%	–
LYB	New	LYONDELLBASELL INDU	$14,979,000	–	136,361	–	3.25%	–
ILG	New	ILG INC	$14,759,000	–	446,842	–	3.20%	–
VOYA	New	VOYA FINANCIAL INC	$14,176,000	–	301,618	–	3.08%	–
IOSP	New	INNOSPEC, INC	$13,934,000	–	182,020	–	3.02%	–
VC	New	VISTEON CORP	$13,601,000	–	105,240	–	2.95%	–
XPO	New	XPO LOGISTICS INC	$13,335,000	–	133,106	–	2.89%	–
DLTR	New	DOLLAR TREE, INC.	$13,139,000	–	154,571	–	2.85%	–
STAY	New	EXTENDED STAY AMERICA INC	$12,873,000	–	595,697	–	2.79%	–
AON	New	AON PLC	$12,517,000	–	91,249	–	2.72%	–
MKL	New	MARKEL CORP	$12,442,000	–	11,474	–	2.70%	–
WBC	New	WABCO HOLDINGS INC	$12,227,000	–	104,486	–	2.65%	–
CNDT	New	CONDUENT INC	$12,173,000	–	669,946	–	2.64%	–
VST	New	VISTRA ENERGY CORP	$12,102,000	–	511,515	–	2.63%	–
AIG	New	AMERICAN INTL GROUP	$11,238,000	–	211,956	–	2.44%	–
CIT	New	CIT GROUP INC	$11,078,000	–	219,765	–	2.40%	–
AZO	New	AUTOZONE INC	$10,870,000	–	16,202	–	2.36%	–
ARRS	New	ARRIS INTERNATIONAL PLC	$10,417,000	–	426,127	–	2.26%	–
SYF	New	SYNCHRONY FINANCIAL	$9,095,000	–	272,470	–	1.97%	–
LUMN	New	CENTURYLINK INC	$8,862,000	–	475,451	–	1.92%	–
LSXMK	New	LIBERTY SIRIUS GROUP-C	$8,707,000	–	191,962	–	1.89%	–
DXC	New	DXC TECHNOLOGY COMPANY	$8,678,000	–	107,655	–	1.88%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$8,630,000	–	77,443	–	1.87%	–
NCR	New	NCR CORP	$8,346,000	–	278,400	–	1.81%	–
DLX	New	DELUXE CORP	$8,016,000	–	121,076	–	1.74%	–
AGN	New	ALLERGAN PLC	$7,570,000	–	45,404	–	1.64%	–
PLAY	New	DAVE BUSTER'S ENTERTAINMENT	$7,486,000	–	157,269	–	1.62%	–
MYL	New	MYLAN NV	$7,074,000	–	195,739	–	1.54%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$6,834,000	–	492,221	–	1.48%	–
MPC	New	MARATHON PETROLEUM CORP	$6,270,000	–	89,371	–	1.36%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$4,934,000	–	263,703	–	1.07%	–
LXFT	New	LUXOFT HOLDING INC	$4,385,000	–	118,989	–	0.95%	–
XPER	New	XPERI CORPORATION	$3,917,000	–	243,314	–	0.85%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$3,763,000	–	83,538	–	0.82%	–
	New	KINAXIS INC	$1,351,000	–	20,000	–	0.29%	–
CVEO	New	CIVEO CORP	$729,000	–	167,310	–	0.16%	–
HRTG	New	HERITAGE INSURANCE HOLDINGS	$699,000	–	41,935	–	0.15%	–
LIND	New	LINDBLAD EXPEDITIONS INC	$605,000	–	45,650	–	0.13%	–
LLY	New	ELI LILLY COMPANY	$600,000	–	7,033	–	0.13%	–
ESIO	New	ELECTRO SCIENTIFIC INDUSTRIES	$574,000	–	36,380	–	0.12%	–
PGTI	New	PGT, INC	$568,000	–	27,265	–	0.12%	–
MOD	New	MODINE MANUFACTURING COMPANY	$506,000	–	27,740	–	0.11%	–
FFBC	New	FIRST FINL BANCORP OHIO	$504,000	–	16,432	–	0.11%	–
SVU	New	SUPERVALU, INC	$457,000	–	22,290	–	0.10%	–
SPAR	New	SPARTAN MOTORS INC	$453,000	–	29,974	–	0.10%	–
VREX	New	VAREX IMAGING CORP	$441,000	–	11,900	–	0.10%	–
PRFT	New	PERFICIENT INC	$427,000	–	16,200	–	0.09%	–
NLS	New	NAUTILUS, INC	$419,000	–	26,680	–	0.09%	–
PNR	New	PENTAIR PLC	$401,000	–	9,537	–	0.09%	–
LEAF	New	LEAF GROUP LTD	$396,000	–	36,483	–	0.09%	–
RILY	New	B. RILEY FINANCIAL, INC	$393,000	–	17,430	–	0.08%	–
TACO	New	DEL TACO RESTAURANTS	$392,000	–	27,645	–	0.08%	–
OMN	New	OMNOVA SOLUTIONS INC	$370,000	–	35,615	–	0.08%	–
VVI	New	VIAD CORP	$368,000	–	6,780	–	0.08%	–
ATKR	New	ATKORE INTERNATIONAL GROUP	$358,000	–	17,240	–	0.08%	–
DSKE	New	DASEKE INC	$360,000	–	36,215	–	0.08%	–
AFI	New	ARMSTRONG FLOORING INC	$302,000	–	21,535	–	0.07%	–
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$263,000	–	75,000	–	0.06%	–
SD	New	SANDRIDGE ENERGY	$265,000	–	14,960	–	0.06%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDING	$260,000	–	50,815	–	0.06%	–
LMRXF	New	LARAMIDE RESOURCES	$259,000	–	1,271,500	–	0.06%	–
FG	New	FGL HOLDINGS	$249,000	–	29,655	–	0.05%	–
USCR	New	US CONCRETE, INC	$242,000	–	4,608	–	0.05%	–
NVT	New	NVENT ELECTRIC PLC	$239,000	–	9,537	–	0.05%	–
FSNNQ	New	FUSION CONNECT INC.	$235,000	–	59,658	–	0.05%	–
HD	New	HOME DEPOT	$227,000	–	1,166	–	0.05%	–
TIVO	New	TIVO CORPORATION	$219,000	–	16,260	–	0.05%	–
XPLR	New	XPLORE TECHNOLOGIES CORP.	$202,000	–	52,525	–	0.04%	–
VMD	New	VIEMED HEALTHCARE INC	$160,000	–	45,500	–	0.04%	–
POLA	New	POLAR POWER, INC	$116,000	–	19,000	–	0.02%	–
	New	FOREVER INC SERIES 1 CONVERpreferred stock	$99,000	–	360,000	–	0.02%	–
WYY	New	WIDEPOINT CORP	$90,000	–	164,500	–	0.02%	–
MRIC	New	MRI INTERVENTIONS INC	$86,000	–	40,000	–	0.02%	–
	New	VERTU MOTORS PLC ORD F	$31,000	–	49,000	–	0.01%	–
ROX	New	CASTLE BRANDS INC	$13,000	–	11,000	–	0.00%	–
ORGN	New	ORIGEN FINANCIAL INC	$11,000	–	138,000	–	0.00%	–
	New	REVERSE CORP	$10,000	–	100,000	–	0.00%	–
WNDM	New	WOUND MANAGEMENT TECHNOLOGIES	$2,000	–	30,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
	Exit	REVERSE CORP	$0	–	-100,000	–	-0.00%	–
MZEIQ	Exit	MEDIZONE INTL INC	$0	–	-170,000	–	-0.00%	–
ORGN	Exit	ORIGEN FINANCIAL INC	$0	–	-138,000	–	-0.00%	–
BDVB	Exit	BAGGER DAVES BURGER	$0	–	-123,000	–	-0.00%	–
UWN	Exit	NEVADA GOLD CASINOS INC	$0	–	-14,060	–	-0.01%	–
	Exit	VERTU MOTORS PLC ORD F	$0	–	-49,000	–	-0.01%	–
SAUC	Exit	DIVERSIFIED RESTAURANT	$0	–	-27,045	–	-0.01%	–
CTG	Exit	COMPUTER TASK GROUP INC	$0	–	-12,915	–	-0.02%	–
MRIC	Exit	MRI INTERVENTIONS INC	$0	–	-40,000	–	-0.02%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-164,500	–	-0.02%	–
XPLR	Exit	XPLORE TECHNOLOGIES CORP.	$0	–	-50,000	–	-0.04%	–
ENT	Exit	GLOBAL EAGLE ENTERTAINMENT	$0	–	-56,200	–	-0.04%	–
LEAF	Exit	LEAF GROUP LTD	$0	–	-36,483	–	-0.06%	–
CMI	Exit	CUMMINS ENGINE INC	$0	–	-1,519	–	-0.06%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-75,000	–	-0.06%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDING	$0	–	-58,850	–	-0.06%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.06%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.07%	–
SD	Exit	SANDRIDGE ENERGY	$0	–	-17,055	–	-0.08%	–
RILY	Exit	B. RILEY FINANCIAL, INC	$0	–	-20,070	–	-0.08%	–
CFCO	Exit	CF CORPORATION	$0	–	-34,150	–	-0.08%	–
VRTU	Exit	VIRTUSA CORPORATION	$0	–	-10,210	–	-0.08%	–
ATKR	Exit	ATKORE INTERNATIONAL GROUP	$0	–	-19,855	–	-0.08%	–
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-24,690	–	-0.08%	–
ETM	Exit	ENTERCOM COMMUNICATIONS CORP	$0	–	-34,215	–	-0.09%	–
USCR	Exit	US CONCRETE, INC	$0	–	-5,363	–	-0.09%	–
NLS	Exit	NAUTILUS, INC	$0	–	-25,365	–	-0.09%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-2,395	–	-0.10%	–
PGTI	Exit	PGT, INC	$0	–	-30,960	–	-0.10%	–
OSIS	Exit	OSI SYSTEMS, INC.	$0	–	-5,340	–	-0.11%	–
TACO	Exit	DEL TACO RESTAURANTS	$0	–	-32,080	–	-0.11%	–
NEWS	Exit	NEWSTAR FINANCIAL, INC.	$0	–	-41,960	–	-0.11%	–
DSKE	Exit	DASEKE INC	$0	–	-41,935	–	-0.12%	–
LIND	Exit	LINDBLAD EXPEDITIONS INC	$0	–	-51,740	–	-0.12%	–
SPAR	Exit	SPARTAN MOTORS INC	$0	–	-50,435	–	-0.12%	–
EXAC	Exit	EXACTECH INC	$0	–	-16,985	–	-0.12%	–
MOD	Exit	MODINE MANUFACTURING COMPANY	$0	–	-31,965	–	-0.13%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-7,183	–	-0.13%	–
HRTG	Exit	HERITAGE INSURANCE HOLDINGS	$0	–	-48,420	–	-0.14%	–
PNR	Exit	PENTAIR PLC	$0	–	-9,537	–	-0.14%	–
TIVO	Exit	TIVO CORPORATION	$0	–	-47,225	–	-0.20%	–
ESIO	Exit	ELECTRO SCIENTIFIC INDUSTRIES	$0	–	-70,750	–	-0.22%	–
VREX	Exit	VAREX IMAGING CORP	$0	–	-30,610	–	-0.23%	–
	Exit	KINAXIS INC	$0	–	-20,000	–	-0.26%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-88,490	–	-0.81%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-93,824	–	-1.15%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-188,886	–	-1.22%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-201,992	–	-1.85%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-286,957	–	-1.95%	–
DLX	Exit	DELUXE CORP	$0	–	-127,300	–	-2.03%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-498,665	–	-2.06%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-81,673	–	-2.09%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-143,923	–	-2.13%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-534,622	–	-2.18%	–
AGN	Exit	ALLERGAN PLC	$0	–	-49,198	–	-2.20%	–
XPER	Exit	XPERI CORPORATION	$0	–	-411,131	–	-2.27%	–
AZO	Exit	AUTOZONE INC	$0	–	-17,600	–	-2.29%	–
CNDT	Exit	CONDUENT INC	$0	–	-706,337	–	-2.42%	–
NCR	Exit	NCR CORP	$0	–	-295,564	–	-2.42%	–
GNTX	Exit	GENTEX CORP	$0	–	-562,362	–	-2.44%	–
CIT	Exit	CIT GROUP INC	$0	–	-231,293	–	-2.48%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-194,701	–	-2.62%	–
STAY	Exit	EXTENDED STAY AMERICA INC	$0	–	-618,757	–	-2.71%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-255,681	–	-2.78%	–
ARRS	Exit	ARRIS INTERNATIONAL PLC	$0	–	-454,838	–	-2.83%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-325,188	–	-2.84%	–
MKL	Exit	MARKEL CORP	$0	–	-12,288	–	-2.87%	–
KLXI	Exit	KLX INC	$0	–	-251,401	–	-2.91%	–
VC	Exit	VISTEON CORP	$0	–	-111,159	–	-3.01%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-225,909	–	-3.03%	–
AON	Exit	AON PLC	$0	–	-96,500	–	-3.08%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-165,369	–	-3.14%	–
EME	Exit	EMCOR GROUP INC	$0	–	-212,660	–	-3.23%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-96,957	–	-3.56%	–
ILG	Exit	ILG INC	$0	–	-616,278	–	-3.60%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-111,366	–	-3.60%	–
MTZ	Exit	MASTEC INC	$0	–	-360,919	–	-3.66%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-79,968	–	-3.87%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-191,697	–	-4.15%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-299,115	–	-4.74%	–

Q3 2017

			Value		Shares		↓ Weighting
CTSH	Sell	COGNIZANT TECH SOLUTION	$21,698,000	+9.1%	299,115	-0.1%	4.74%	+7.1%
LYB	Sell	LYONDELLBASELL INDU	$18,988,000	+17.2%	191,697	-0.1%	4.15%	+15.0%
ADS	Buy	ALLIANCE DATA SYSTEMS	$17,717,000	-12.8%	79,968	+1.1%	3.87%	-14.4%
MTZ	Sell	MASTEC INC	$16,747,000	+2.7%	360,919	-0.1%	3.66%	+0.8%
WBC	Sell	WABCO HOLDINGS INC	$16,482,000	+15.9%	111,366	-0.2%	3.60%	+13.7%
ILG	Sell	ILG INC	$16,473,000	-2.8%	616,278	-0.1%	3.60%	-4.6%
CP	Buy	CANADIAN PAC RY LTD	$16,292,000	+4.7%	96,957	+0.2%	3.56%	+2.7%
EME	Buy	EMCOR GROUP INC	$14,754,000	+6.3%	212,660	+0.2%	3.23%	+4.3%
DLTR	Buy	DOLLAR TREE, INC.	$14,357,000	+25.3%	165,369	+0.9%	3.14%	+22.9%
AON	Buy	AON PLC	$14,099,000	+10.9%	96,500	+0.9%	3.08%	+8.8%
AIG	Buy	AMERICAN INTL GROUP	$13,869,000	-1.5%	225,909	+0.3%	3.03%	-3.4%
VC	Buy	VISTEON CORP	$13,758,000	+22.3%	111,159	+0.8%	3.01%	+19.9%
KLXI	Sell	KLX INC	$13,307,000	+5.5%	251,401	-0.3%	2.91%	+3.5%
MKL	Buy	MARKEL CORP	$13,123,000	+12.3%	12,288	+2.6%	2.87%	+10.1%
VOYA	Buy	VOYA FINANCIAL INC	$12,972,000	+8.3%	325,188	+0.1%	2.84%	+6.2%
ARRS	Sell	ARRIS INTERNATIONAL PLC	$12,958,000	+1.1%	454,838	-0.6%	2.83%	-0.8%
CIGI	Buy	COLLIERS INTERNATIONAL GROUP	$12,707,000	-10.9%	255,681	+1.2%	2.78%	-12.6%
STAY	Buy	EXTENDED STAY AMERICA INC	$12,375,000	+3.6%	618,757	+0.3%	2.71%	+1.6%
IOSP	Buy	INNOSPEC, INC	$12,003,000	-5.6%	194,701	+0.4%	2.62%	-7.4%
CIT	Buy	CIT GROUP INC	$11,345,000	+13.7%	231,293	+12.9%	2.48%	+11.5%
GNTX	Buy	GENTEX CORP	$11,135,000	+5.0%	562,362	+0.6%	2.44%	+3.0%
NCR	Buy	NCR CORP	$11,090,000	+12.2%	295,564	+22.1%	2.42%	+10.1%
CNDT	Buy	CONDUENT INC	$11,068,000	+24.1%	706,337	+26.2%	2.42%	+21.7%
AZO	Buy	AUTOZONE INC	$10,474,000	+5.2%	17,600	+0.8%	2.29%	+3.2%
XPER	Buy	XPERI CORPORATION	$10,402,000	-14.4%	411,131	+0.8%	2.27%	-16.1%
AGN	Buy	ALLERGAN PLC	$10,083,000	-14.2%	49,198	+1.8%	2.20%	-15.8%
VST	Buy	VISTRA ENERGY CORP	$9,992,000	+13.2%	534,622	+1.7%	2.18%	+11.0%
XPO	Buy	XPO LOGISTICS INC	$9,755,000	+1124.0%	143,923	+1066.8%	2.13%	+1098.3%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$9,563,000	-8.5%	81,673	+0.3%	2.09%	-10.2%
LUMN	New	CENTURYLINK INC	$9,425,000	–	498,665	–	2.06%	–
DLX	Sell	DELUXE CORP	$9,288,000	+4.8%	127,300	-0.6%	2.03%	+2.8%
SYF	Buy	SYNCHRONY FINANCIAL	$8,910,000	+5.1%	286,957	+0.9%	1.95%	+3.1%
LSXMK	Buy	LIBERTY SIRIUS GROUP-C	$8,457,000	+2.3%	201,992	+1.9%	1.85%	+0.4%
MPAA	Buy	MOTORCAR PARTS OF AMERICA	$5,565,000	+5.7%	188,886	+1.3%	1.22%	+3.7%
MPC	Buy	MARATHON PETROLEUM CORP	$5,262,000	+13.1%	93,824	+5.5%	1.15%	+10.9%
LSXMA	Buy	LIBERTY SIRIUSXM GROUP	$3,708,000	+3.3%	88,490	+3.5%	0.81%	+1.4%
VREX	Buy	VAREX IMAGING CORP	$1,036,000	+126.7%	30,610	+126.6%	0.23%	+122.5%
ESIO	Buy	ELECTRO SCIENTIFIC INDUSTRIES	$985,000	+70.1%	70,750	+0.7%	0.22%	+66.7%
TIVO	Buy	TIVO CORPORATION	$937,000	+168.5%	47,225	+152.2%	0.20%	+162.8%
HRTG	Buy	HERITAGE INSURANCE HOLDINGS	$640,000	+119.2%	48,420	+116.2%	0.14%	+115.4%
MOD	Buy	MODINE MANUFACTURING COMPANY	$615,000	+16.3%	31,965	+0.1%	0.13%	+13.6%
LLY	Sell	ELI LILLY COMPANY	$614,000	-1.8%	7,183	-5.5%	0.13%	-3.6%
SPAR	New	SPARTAN MOTORS INC	$557,000	–	50,435	–	0.12%	–
EXAC	Buy	EXACTECH INC	$560,000	+11.6%	16,985	+0.7%	0.12%	+8.9%
LIND	Buy	LINDBLAD EXPEDITIONS INC	$554,000	+2.8%	51,740	+0.8%	0.12%	+0.8%
TACO	Buy	DEL TACO RESTAURANTS	$492,000	+12.3%	32,080	+0.6%	0.11%	+10.2%
NEWS	Buy	NEWSTAR FINANCIAL, INC.	$493,000	+12.8%	41,960	+0.7%	0.11%	+11.3%
OSIS	Buy	OSI SYSTEMS, INC.	$488,000	+22.6%	5,340	+0.8%	0.11%	+20.2%
PGTI	Buy	PGT, INC	$463,000	+17.5%	30,960	+0.7%	0.10%	+14.8%
ICUI	Buy	ICU MEDICAL INC	$445,000	+8.3%	2,395	+0.6%	0.10%	+5.4%
NLS	Buy	NAUTILUS, INC	$429,000	-11.2%	25,365	+0.6%	0.09%	-13.0%
USCR	Buy	US CONCRETE, INC	$409,000	+13.9%	5,363	+17.4%	0.09%	+11.2%
ETM	New	ENTERCOM COMMUNICATIONS CORP	$392,000	–	34,215	–	0.09%	–
ATKR	Buy	ATKORE INTERNATIONAL GROUP	$387,000	-13.4%	19,855	+0.3%	0.08%	-15.0%
AFI	Buy	ARMSTRONG FLOORING INC	$389,000	-11.6%	24,690	+0.8%	0.08%	-13.3%
VRTU	Sell	VIRTUSA CORPORATION	$386,000	-24.6%	10,210	-41.4%	0.08%	-26.3%
CFCO	New	CF CORPORATION	$382,000	–	34,150	–	0.08%	–
RILY	New	B. RILEY FINANCIAL, INC	$342,000	–	20,070	–	0.08%	–
SD	Buy	SANDRIDGE ENERGY	$343,000	+17.5%	17,055	+0.6%	0.08%	+15.4%
CMI	New	CUMMINS ENGINE INC	$255,000	–	1,519	–	0.06%	–
ENT	Buy	GLOBAL EAGLE ENTERTAINMENT	$192,000	-3.5%	56,200	+0.7%	0.04%	-4.5%
MRIC	New	MRI INTERVENTIONS INC	$96,000	–	40,000	–	0.02%	–
CTG	Buy	COMPUTER TASK GROUP INC	$69,000	+3.0%	12,915	+8.4%	0.02%	0.0%
UWN	Sell	NEVADA GOLD CASINOS INC	$33,000	-31.2%	14,060	-33.7%	0.01%	-36.4%
BDVB	Sell	BAGGER DAVES BURGER	$19,000	-47.2%	123,000	-19.0%	0.00%	-50.0%
ORGN	New	ORIGEN FINANCIAL INC	$11,000	–	138,000	–	0.00%	–
MZEIQ	New	MEDIZONE INTL INC	$11,000	–	170,000	–	0.00%	–
CBRIQ	Exit	CIBER, INC	$0	–	-39,120	–	-0.00%	–
RAD	Exit	RITE AID	$0	–	-10,000	–	-0.01%	–
KEGX	Exit	KEY ENERGY SERVICES INC	$0	–	-10,280	–	-0.04%	–
CECE	Exit	CECO ENVIRONMENTAL CORP	$0	–	-25,680	–	-0.05%	–
ATNI	Exit	ATN INTERNATIONAL INC	$0	–	-5,405	–	-0.08%	–
HAE	Exit	HAEMONETICS CORP	$0	–	-11,300	–	-0.10%	–
LBRDA	Exit	LIBERTY BROADBAND CL A	$0	–	-20,790	–	-0.40%	–
LBRDK	Exit	LIBERTY BROADBAND CL C	$0	–	-65,233	–	-1.26%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-52,618	–	-1.37%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-101,967	–	-1.45%	–
OA	Exit	ORBITAL ATK, INC.	$0	–	-113,084	–	-2.48%	–

Q2 2017

			Value		Shares		↓ Weighting
ADS	New	ALLIANCE DATA SYSTEMS	$20,311,000	–	79,125	–	4.53%	–
CTSH	New	COGNIZANT TECH SOLUTION	$19,880,000	–	299,398	–	4.43%	–
ILG	New	ILG INC	$16,950,000	–	616,601	–	3.78%	–
MTZ	New	MASTEC INC	$16,304,000	–	361,109	–	3.63%	–
LYB	New	LYONDELLBASELL INDU	$16,197,000	–	191,931	–	3.61%	–
CP	New	CANADIAN PAC RY LTD	$15,555,000	–	96,727	–	3.47%	–
CIGI	New	COLLIERS INTERNATIONAL GROUP	$14,268,000	–	252,758	–	3.18%	–
WBC	New	WABCO HOLDINGS INC	$14,223,000	–	111,547	–	3.17%	–
AIG	New	AMERICAN INTL GROUP	$14,087,000	–	225,325	–	3.14%	–
EME	New	EMCOR GROUP INC	$13,882,000	–	212,325	–	3.09%	–
ARRS	New	ARRIS INTERNATIONAL PLC	$12,817,000	–	457,429	–	2.86%	–
AON	New	AON PLC	$12,710,000	–	95,599	–	2.83%	–
IOSP	New	INNOSPEC, INC	$12,712,000	–	193,926	–	2.83%	–
KLXI	New	KLX INC	$12,612,000	–	252,244	–	2.81%	–
XPER	New	XPERI CORPORATION	$12,157,000	–	407,961	–	2.71%	–
VOYA	New	VOYA FINANCIAL INC	$11,979,000	–	324,731	–	2.67%	–
STAY	New	EXTENDED STAY AMERICA INC	$11,949,000	–	617,195	–	2.66%	–
AGN	New	ALLERGAN PLC	$11,749,000	–	48,333	–	2.62%	–
MKL	New	MARKEL CORP	$11,690,000	–	11,979	–	2.60%	–
DLTR	New	DOLLAR TREE, INC.	$11,458,000	–	163,870	–	2.55%	–
VC	New	VISTEON CORP	$11,252,000	–	110,244	–	2.51%	–
OA	New	ORBITAL ATK, INC.	$11,123,000	–	113,084	–	2.48%	–
GNTX	New	GENTEX CORP	$10,601,000	–	558,821	–	2.36%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$10,451,000	–	81,395	–	2.33%	–
CIT	New	CIT GROUP INC	$9,979,000	–	204,908	–	2.22%	–
AZO	New	AUTOZONE INC	$9,956,000	–	17,452	–	2.22%	–
NCR	New	NCR CORP	$9,886,000	–	242,070	–	2.20%	–
CNDT	New	CONDUENT INC	$8,922,000	–	559,749	–	1.99%	–
DLX	New	DELUXE CORP	$8,864,000	–	128,050	–	1.98%	–
VST	New	VISTRA ENERGY CORP	$8,829,000	–	525,835	–	1.97%	–
SYF	New	SYNCHRONY FINANCIAL	$8,478,000	–	284,296	–	1.89%	–
LSXMK	New	LIBERTY SIRIUS GROUP-C	$8,266,000	–	198,226	–	1.84%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$6,510,000	–	101,967	–	1.45%	–
AAP	New	ADVANCE AUTO PARTS INC	$6,135,000	–	52,618	–	1.37%	–
LBRDK	New	LIBERTY BROADBAND CL C	$5,659,000	–	65,233	–	1.26%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$5,267,000	–	186,519	–	1.17%	–
MPC	New	MARATHON PETROLEUM CORP	$4,652,000	–	88,897	–	1.04%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$3,588,000	–	85,466	–	0.80%	–
LBRDA	New	LIBERTY BROADBAND CL A	$1,784,000	–	20,790	–	0.40%	–
	New	KINAXIS INC	$1,247,000	–	20,000	–	0.28%	–
XPO	New	XPO LOGISTICS INC	$797,000	–	12,335	–	0.18%	–
PNR	New	PENTAIR PLC	$635,000	–	9,537	–	0.14%	–
LLY	New	ELI LILLY COMPANY	$625,000	–	7,600	–	0.14%	–
ESIO	New	ELECTRO SCIENTIFIC INDUSTRIES	$579,000	–	70,250	–	0.13%	–
LIND	New	LINDBLAD EXPEDITIONS INC	$539,000	–	51,340	–	0.12%	–
MOD	New	MODINE MANUFACTURING COMPANY	$529,000	–	31,940	–	0.12%	–
VRTU	New	VIRTUSA CORPORATION	$512,000	–	17,410	–	0.11%	–
EXAC	New	EXACTECH INC	$502,000	–	16,860	–	0.11%	–
NLS	New	NAUTILUS, INC	$483,000	–	25,215	–	0.11%	–
DSKE	New	DASEKE INC	$467,000	–	41,935	–	0.10%	–
VREX	New	VAREX IMAGING CORP	$457,000	–	13,510	–	0.10%	–
ATKR	New	ATKORE INTERNATIONAL GROUP	$447,000	–	19,805	–	0.10%	–
HAE	New	HAEMONETICS CORP	$446,000	–	11,300	–	0.10%	–
AFI	New	ARMSTRONG FLOORING INC	$440,000	–	24,490	–	0.10%	–
TACO	New	DEL TACO RESTAURANTS	$438,000	–	31,880	–	0.10%	–
NEWS	New	NEWSTAR FINANCIAL, INC.	$437,000	–	41,660	–	0.10%	–
ICUI	New	ICU MEDICAL INC	$411,000	–	2,380	–	0.09%	–
OSIS	New	OSI SYSTEMS, INC.	$398,000	–	5,300	–	0.09%	–
PGTI	New	PGT, INC	$394,000	–	30,760	–	0.09%	–
ATNI	New	ATN INTERNATIONAL INC	$370,000	–	5,405	–	0.08%	–
USCR	New	US CONCRETE, INC	$359,000	–	4,568	–	0.08%	–
TIVO	New	TIVO CORPORATION	$349,000	–	18,725	–	0.08%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDING	$318,000	–	58,850	–	0.07%	–
LMRXF	New	LARAMIDE RESOURCES	$312,000	–	1,271,500	–	0.07%	–
PRFT	New	PERFICIENT INC	$302,000	–	16,200	–	0.07%	–
HRTG	New	HERITAGE INSURANCE HOLDINGS	$292,000	–	22,395	–	0.06%	–
SD	New	SANDRIDGE ENERGY	$292,000	–	16,955	–	0.06%	–
LEAF	New	LEAF GROUP LTD	$285,000	–	36,483	–	0.06%	–
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$263,000	–	75,000	–	0.06%	–
CECE	New	CECO ENVIRONMENTAL CORP	$236,000	–	25,680	–	0.05%	–
ENT	New	GLOBAL EAGLE ENTERTAINMENT	$199,000	–	55,800	–	0.04%	–
KEGX	New	KEY ENERGY SERVICES INC	$198,000	–	10,280	–	0.04%	–
XPLR	New	XPLORE TECHNOLOGIES CORP.	$98,000	–	50,000	–	0.02%	–
WYY	New	WIDEPOINT CORP	$76,000	–	164,500	–	0.02%	–
SAUC	New	DIVERSIFIED RESTAURANT	$70,000	–	27,045	–	0.02%	–
CTG	New	COMPUTER TASK GROUP INC	$67,000	–	11,915	–	0.02%	–
UWN	New	NEVADA GOLD CASINOS INC	$48,000	–	21,193	–	0.01%	–
BDVB	New	BAGGER DAVES BURGER	$36,000	–	151,900	–	0.01%	–
RAD	New	RITE AID	$30,000	–	10,000	–	0.01%	–
	New	VERTU MOTORS PLC ORD F	$29,000	–	49,000	–	0.01%	–
	New	REVERSE CORP	$10,000	–	100,000	–	0.00%	–
CBRIQ	New	CIBER, INC	$3,000	–	39,120	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
AGNUQ	Exit	AG E HOLDINGS,INC.	$0	–	-70,700	–	-0.00%	–
PCO	Exit	PENDRELL CORP	$0	–	-55,236	–	-0.01%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-164,500	–	-0.01%	–
RAD	Exit	RITE AID	$0	–	-10,000	–	-0.02%	–
ELGX	Exit	ENDOLOGIX INC	$0	–	-11,500	–	-0.03%	–
CECE	Exit	CECO ENVIRONMENTAL CORP	$0	–	-17,050	–	-0.04%	–
DMD	Exit	DEMAND MEDIA INC	$0	–	-36,483	–	-0.04%	–
HRTG	Exit	HERITAGE INSURANCE HOLDINGS	$0	–	-14,780	–	-0.04%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.04%	–
PGTI	Exit	PGT, INC	$0	–	-20,120	–	-0.04%	–
OSIS	Exit	OSI SYSTEMS, INC.	$0	–	-3,535	–	-0.05%	–
ATNI	Exit	ATN INTERNATIONAL INC	$0	–	-3,550	–	-0.05%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-75,000	–	-0.05%	–
ESIO	Exit	ELECTRO SCIENTIFIC INDUSTRIES	$0	–	-46,200	–	-0.05%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDING	$0	–	-25,460	–	-0.05%	–
GRBK	Exit	GREEN BRICK PARTNERS	$0	–	-32,410	–	-0.05%	–
TACO	Exit	DEL TACO RESTAURANTS	$0	–	-23,015	–	-0.05%	–
HAE	Exit	HAEMONETICS CORP	$0	–	-7,530	–	-0.05%	–
EXAC	Exit	EXACTECH INC	$0	–	-11,205	–	-0.06%	–
LIND	Exit	LINDBLAD EXPEDITIONS INC	$0	–	-33,345	–	-0.06%	–
ENT	Exit	GLOBAL EAGLE ENTERTAINMENT	$0	–	-36,965	–	-0.06%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.06%	–
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-17,515	–	-0.07%	–
IIVI	Exit	II-VI INC	$0	–	-15,735	–	-0.08%	–
HMTV	Exit	HEMISPHERE MEDIA GROUP	$0	–	-30,720	–	-0.08%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-11,210	–	-0.08%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-7,600	–	-0.12%	–
PNR	Exit	PENTAIR PLC	$0	–	-14,637	–	-0.19%	–
	Exit	KINAXIS INC	$0	–	-20,000	–	-0.20%	–
NLS	Exit	NAUTILUS, INC	$0	–	-68,645	–	-0.31%	–
LBRDA	Exit	LIBERTY BROADBAND CL A	$0	–	-23,941	–	-0.33%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-21,305	–	-0.54%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-97,144	–	-0.66%	–
CSRA	Exit	CSRA INC	$0	–	-157,054	–	-0.84%	–
LBRDK	Exit	LIBERTY BROADBAND CL C	$0	–	-75,465	–	-1.07%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-205,321	–	-1.18%	–
NSR	Exit	NEUSTAR INC	$0	–	-244,861	–	-1.30%	–
TRCO	Exit	TRIBUNE MEDIA COMPANY	$0	–	-198,225	–	-1.44%	–
STAY	Exit	EXTENDED STAY AMERICA INC	$0	–	-512,575	–	-1.45%	–
BW	Exit	BABCOCK WILCOX ENTERPRISES	$0	–	-443,073	–	-1.45%	–
NTCT	Exit	NETSCOUT SYSTEMS INC	$0	–	-251,730	–	-1.46%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-232,534	–	-1.54%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-127,620	–	-1.79%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-62,159	–	-1.84%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-336,274	–	-1.87%	–
VC	Exit	VISTEON CORP	$0	–	-137,071	–	-1.95%	–
OA	Exit	ORBITAL ATK, INC.	$0	–	-132,895	–	-2.02%	–
KLXI	Exit	KLX INC	$0	–	-299,922	–	-2.10%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-383,212	–	-2.20%	–
GNTX	Exit	GENTEX CORP	$0	–	-646,976	–	-2.26%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-316,532	–	-2.30%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-280,798	–	-2.35%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-95,115	–	-2.46%	–
IILG	Exit	INTERVAL LEISURE GROUP	$0	–	-724,979	–	-2.48%	–
AON	Exit	AON PLC	$0	–	-110,985	–	-2.48%	–
MTZ	Exit	MASTEC INC	$0	–	-434,376	–	-2.57%	–
MKL	Exit	MARKEL CORP	$0	–	-13,969	–	-2.58%	–
BWXT	Exit	BWX TECHNOLOGIES,INC	$0	–	-342,953	–	-2.62%	–
AGN	Exit	ALLERGAN PLC	$0	–	-57,972	–	-2.66%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-228,838	–	-2.77%	–
EME	Exit	EMCOR GROUP INC	$0	–	-250,184	–	-2.97%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-194,880	–	-3.06%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-136,377	–	-3.08%	–
ARRS	Exit	ARRIS INTERNATIONAL PLC	$0	–	-551,076	–	-3.10%	–
ALR	Exit	ALERE, INC	$0	–	-361,299	–	-3.11%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-266,828	–	-3.15%	–
AZO	Exit	AUTOZONE INC	$0	–	-20,846	–	-3.18%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-358,036	–	-3.40%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-114,264	–	-3.47%	–
NCR	Exit	NCR CORP	$0	–	-563,328	–	-3.61%	–
TSRA	Exit	TESSERA TECHNOLOGIES INC	$0	–	-473,634	–	-3.62%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-228,335	–	-3.66%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-93,377	–	-3.98%	–

Q3 2016

			Value		Shares		↓ Weighting
ADS	Sell	ALLIANCE DATA SYSTEMS	$20,032,000	+8.6%	93,377	-0.8%	3.98%	+0.8%
LYB	Sell	LYONDELLBASELL INDU	$18,418,000	+7.2%	228,335	-1.1%	3.66%	-0.5%
TSRA	Sell	TESSERA TECHNOLOGIES INC	$18,206,000	+24.9%	473,634	-0.5%	3.62%	+15.9%
NCR	Sell	NCR CORP	$18,134,000	+14.8%	563,328	-1.0%	3.61%	+6.5%
CP	Sell	CANADIAN PAC RY LTD	$17,448,000	+17.4%	114,264	-1.0%	3.47%	+9.0%
CTSH	Sell	COGNIZANT TECH SOLUTION	$17,082,000	-17.5%	358,036	-1.0%	3.40%	-23.4%
AZO	Sell	AUTOZONE INC	$16,017,000	-4.4%	20,846	-1.2%	3.18%	-11.3%
AIG	Sell	AMERICAN INTL GROUP	$15,834,000	+11.1%	266,828	-1.0%	3.15%	+3.1%
ALR	Sell	ALERE, INC	$15,623,000	+2.9%	361,299	-0.8%	3.11%	-4.5%
ARRS	Sell	ARRIS INTERNATIONAL PLC	$15,612,000	+33.5%	551,076	-1.2%	3.10%	+23.9%
WBC	Sell	WABCO HOLDINGS INC	$15,483,000	+22.8%	136,377	-1.0%	3.08%	+13.9%
DLTR	Sell	DOLLAR TREE, INC.	$15,382,000	-17.1%	194,880	-1.0%	3.06%	-23.0%
EME	Sell	EMCOR GROUP INC	$14,916,000	+19.7%	250,184	-1.1%	2.97%	+11.1%
IOSP	Sell	INNOSPEC, INC	$13,916,000	+30.9%	228,838	-1.0%	2.77%	+21.6%
AGN	Sell	ALLERGAN PLC	$13,352,000	-1.0%	57,972	-0.6%	2.66%	-8.1%
BWXT	Sell	BWX TECHNOLOGIES,INC	$13,159,000	+6.3%	342,953	-0.9%	2.62%	-1.4%
MKL	Sell	MARKEL CORP	$12,974,000	-3.4%	13,969	-0.9%	2.58%	-10.4%
MTZ	Sell	MASTEC INC	$12,918,000	+31.9%	434,376	-1.0%	2.57%	+22.4%
AON	Buy	AON PLC	$12,485,000	+3.2%	110,985	+0.2%	2.48%	-4.2%
IILG	Sell	INTERVAL LEISURE GROUP	$12,448,000	+7.0%	724,979	-0.9%	2.48%	-0.7%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$12,367,000	+7.3%	95,115	-0.7%	2.46%	-0.4%
CIGI	Sell	COLLIERS INTERNATIONAL GROUP	$11,813,000	+22.3%	280,798	-0.8%	2.35%	+13.5%
AAL	Buy	AMERICAN AIRLINES GROUP INC	$11,588,000	+29.7%	316,532	+0.3%	2.30%	+20.4%
GNTX	Buy	GENTEX CORP	$11,361,000	+14.3%	646,976	+0.6%	2.26%	+6.1%
VOYA	Sell	VOYA FINANCIAL INC	$11,044,000	+15.2%	383,212	-1.0%	2.20%	+6.9%
KLXI	Buy	KLX INC	$10,557,000	+46.6%	299,922	+29.2%	2.10%	+36.1%
OA	New	ORBITAL ATK, INC.	$10,131,000	–	132,895	–	2.02%	–
VC	Buy	VISTEON CORP	$9,823,000	+10.3%	137,071	+1.3%	1.95%	+2.4%
SYF	Sell	SYNCHRONY FINANCIAL	$9,416,000	+9.7%	336,274	-1.0%	1.87%	+1.8%
AAP	Sell	ADVANCE AUTO PARTS INC	$9,269,000	-8.1%	62,159	-0.4%	1.84%	-14.8%
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$9,001,000	–	127,620	–	1.79%	–
LSXMK	Sell	LIBERTY SIRIUS GROUP-C	$7,769,000	+7.3%	232,534	-0.9%	1.54%	-0.5%
NTCT	Buy	NETSCOUT SYSTEMS INC	$7,363,000	+114.7%	251,730	+63.3%	1.46%	+99.2%
BW	Buy	BABCOCK WILCOX ENTERPRISES	$7,311,000	+26.2%	443,073	+12.3%	1.45%	+17.1%
STAY	New	EXTENDED STAY AMERICA INC	$7,279,000	–	512,575	–	1.45%	–
TRCO	Buy	TRIBUNE MEDIA COMPANY	$7,239,000	-6.3%	198,225	+0.5%	1.44%	-13.0%
NSR	Sell	NEUSTAR INC	$6,511,000	+12.1%	244,861	-0.9%	1.30%	+4.0%
MPAA	Sell	MOTORCAR PARTS OF AMERICA	$5,909,000	+5.0%	205,321	-0.8%	1.18%	-2.6%
LBRDK	Sell	LIBERTY BROADBAND CL C	$5,394,000	+18.1%	75,465	-0.9%	1.07%	+9.6%
CSRA	Sell	CSRA INC	$4,225,000	+13.9%	157,054	-0.8%	0.84%	+5.7%
LSXMA	Sell	LIBERTY SIRIUSXM GROUP	$3,301,000	+7.8%	97,144	-0.5%	0.66%	0.0%
ICUI	Sell	ICU MEDICAL INC	$2,693,000	+10.8%	21,305	-1.2%	0.54%	+2.9%
LBRDA	Sell	LIBERTY BROADBAND CL A	$1,680,000	+17.6%	23,941	-0.5%	0.33%	+9.2%
NLS	Sell	NAUTILUS, INC	$1,560,000	+7.7%	68,645	-15.5%	0.31%	-0.3%
XPO	Buy	XPO LOGISTICS INC	$411,000	+43.7%	11,210	+2.7%	0.08%	+34.4%
HMTV	Buy	HEMISPHERE MEDIA GROUP	$392,000	+10.7%	30,720	+2.3%	0.08%	+2.6%
IIVI	Buy	II-VI INC	$383,000	+33.9%	15,735	+3.0%	0.08%	+24.6%
AFI	Buy	ARMSTRONG FLOORING INC	$331,000	+14.5%	17,515	+2.6%	0.07%	+6.5%
ENT	Buy	GLOBAL EAGLE ENTERTAINMENT	$307,000	+28.5%	36,965	+2.5%	0.06%	+19.6%
EXAC	Buy	EXACTECH INC	$303,000	+4.1%	11,205	+2.8%	0.06%	-3.2%
LIND	Buy	LINDBLAD EXPEDITIONS INC	$300,000	-4.2%	33,345	+2.7%	0.06%	-10.4%
TACO	Buy	DEL TACO RESTAURANTS	$274,000	+89.0%	23,015	+44.3%	0.05%	+74.2%
HAE	Buy	HAEMONETICS CORP	$273,000	+30.0%	7,530	+3.7%	0.05%	+20.0%
GRBK	Buy	GREEN BRICK PARTNERS	$268,000	+17.0%	32,410	+3.0%	0.05%	+8.2%
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDING	$268,000	–	25,460	–	0.05%	–
ESIO	Buy	ELECTRO SCIENTIFIC INDUSTRIES	$261,000	-0.8%	46,200	+2.7%	0.05%	-7.1%
ATNI	Buy	ATN INTERNATIONAL INC	$231,000	-13.2%	3,550	+3.6%	0.05%	-19.3%
OSIS	New	OSI SYSTEMS, INC.	$231,000	–	3,535	–	0.05%	–
PGTI	Buy	PGT, INC	$215,000	+7.0%	20,120	+3.2%	0.04%	0.0%
HRTG	Buy	HERITAGE INSURANCE HOLDINGS	$213,000	+23.8%	14,780	+3.0%	0.04%	+13.5%
DMD	New	DEMAND MEDIA INC	$208,000	–	36,483	–	0.04%	–
CECE	Sell	CECO ENVIRONMENTAL CORP	$192,000	+12.9%	17,050	-12.3%	0.04%	+5.6%
PCO	New	PENDRELL CORP	$38,000	–	55,236	–	0.01%	–
AGNUQ	New	AG E HOLDINGS,INC.	$20,000	–	70,700	–	0.00%	–
ITG	Exit	INVESTMENT TECHNOLOGY GROUP	$0	–	-14,185	–	-0.05%	–
ROCK	Exit	GIBRALTAR INDUSTRIES INC	$0	–	-10,945	–	-0.07%	–
SSRG	Exit	SYMMETRY SURGICAL INC	$0	–	-50,115	–	-0.14%	–
BID	Exit	SOTHEBY'S	$0	–	-321,639	–	-1.89%	–
CST	Exit	CST BRANDS	$0	–	-266,894	–	-2.46%	–
OTEX	Exit	OPEN TEXT CORPORATION	$0	–	-250,287	–	-3.17%	–

Q2 2016

			Value		Shares		↓ Weighting
CTSH	New	COGNIZANT TECH SOLUTION	$20,699,000	–	361,613	–	4.44%	–
DLTR	New	DOLLAR TREE, INC.	$18,550,000	–	196,839	–	3.98%	–
ADS	New	ALLIANCE DATA SYSTEMS	$18,448,000	–	94,160	–	3.95%	–
LYB	New	LYONDELLBASELL INDU	$17,178,000	–	230,823	–	3.68%	–
AZO	New	AUTOZONE INC	$16,748,000	–	21,097	–	3.59%	–
NCR	New	NCR CORP	$15,798,000	–	568,896	–	3.38%	–
ALR	New	ALERE, INC	$15,179,000	–	364,185	–	3.25%	–
CP	New	CANADIAN PAC RY LTD	$14,860,000	–	115,383	–	3.18%	–
OTEX	New	OPEN TEXT CORPORATION	$14,807,000	–	250,287	–	3.17%	–
TSRA	New	TESSERA TECHNOLOGIES INC	$14,579,000	–	475,828	–	3.12%	–
AIG	New	AMERICAN INTL GROUP	$14,256,000	–	269,533	–	3.06%	–
AGN	New	ALLERGAN PLC	$13,484,000	–	58,351	–	2.89%	–
MKL	New	MARKEL CORP	$13,428,000	–	14,093	–	2.88%	–
WBC	New	WABCO HOLDINGS INC	$12,613,000	–	137,738	–	2.70%	–
EME	New	EMCOR GROUP INC	$12,458,000	–	252,904	–	2.67%	–
BWXT	New	BWX TECHNOLOGIES,INC	$12,381,000	–	346,118	–	2.65%	–
AON	New	AON PLC	$12,095,000	–	110,729	–	2.59%	–
ARRS	New	ARRIS INTERNATIONAL PLC	$11,695,000	–	557,978	–	2.51%	–
IILG	New	INTERVAL LEISURE GROUP	$11,632,000	–	731,601	–	2.49%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$11,531,000	–	95,786	–	2.47%	–
CST	New	CST BRANDS	$11,498,000	–	266,894	–	2.46%	–
IOSP	New	INNOSPEC, INC	$10,627,000	–	231,074	–	2.28%	–
AAP	New	ADVANCE AUTO PARTS INC	$10,089,000	–	62,423	–	2.16%	–
GNTX	New	GENTEX CORP	$9,938,000	–	643,224	–	2.13%	–
MTZ	New	MASTEC INC	$9,797,000	–	438,913	–	2.10%	–
CIGI	New	COLLIERS INTERNATIONAL GROUP	$9,659,000	–	282,920	–	2.07%	–
VOYA	New	VOYA FINANCIAL INC	$9,584,000	–	387,095	–	2.05%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$8,936,000	–	315,647	–	1.92%	–
VC	New	VISTEON CORP	$8,908,000	–	135,353	–	1.91%	–
BID	New	SOTHEBY'S	$8,813,000	–	321,639	–	1.89%	–
SYF	New	SYNCHRONY FINANCIAL	$8,586,000	–	339,625	–	1.84%	–
TRCO	New	TRIBUNE MEDIA COMPANY	$7,725,000	–	197,178	–	1.66%	–
LSXMK	New	LIBERTY SIRIUS GROUP-C	$7,241,000	–	234,556	–	1.55%	–
KLXI	New	KLX INC	$7,199,000	–	232,214	–	1.54%	–
NSR	New	NEUSTAR INC	$5,808,000	–	247,055	–	1.24%	–
BW	New	BABCOCK WILCOX ENTERPRISES	$5,794,000	–	394,389	–	1.24%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$5,626,000	–	206,981	–	1.21%	–
LBRDK	New	LIBERTY BROADBAND CL C	$4,567,000	–	76,115	–	0.98%	–
CSRA	New	CSRA INC	$3,708,000	–	158,250	–	0.80%	–
NTCT	New	NETSCOUT SYSTEMS INC	$3,429,000	–	154,113	–	0.74%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$3,062,000	–	97,636	–	0.66%	–
ICUI	New	ICU MEDICAL INC	$2,431,000	–	21,560	–	0.52%	–
NLS	New	NAUTILUS, INC	$1,449,000	–	81,235	–	0.31%	–
LBRDA	New	LIBERTY BROADBAND CL A	$1,429,000	–	24,059	–	0.31%	–
PNR	New	PENTAIR PLC	$853,000	–	14,637	–	0.18%	–
	New	KINAXIS INC	$780,000	–	20,000	–	0.17%	–
SSRG	New	SYMMETRY SURGICAL INC	$658,000	–	50,115	–	0.14%	–
LLY	New	ELI LILLY COMPANY	$599,000	–	7,600	–	0.13%	–
HMTV	New	HEMISPHERE MEDIA GROUP	$354,000	–	30,020	–	0.08%	–
ROCK	New	GIBRALTAR INDUSTRIES INC	$346,000	–	10,945	–	0.07%	–
PRFT	New	PERFICIENT INC	$329,000	–	16,200	–	0.07%	–
LIND	New	LINDBLAD EXPEDITIONS INC	$313,000	–	32,465	–	0.07%	–
EXAC	New	EXACTECH INC	$291,000	–	10,895	–	0.06%	–
AFI	New	ARMSTRONG FLOORING INC	$289,000	–	17,065	–	0.06%	–
XPO	New	XPO LOGISTICS INC	$286,000	–	10,910	–	0.06%	–
IIVI	New	II-VI INC	$286,000	–	15,270	–	0.06%	–
ATNI	New	ATN INTERNATIONAL INC	$266,000	–	3,425	–	0.06%	–
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$263,000	–	75,000	–	0.06%	–
ESIO	New	ELECTRO SCIENTIFIC INDUSTRIES	$263,000	–	44,980	–	0.06%	–
ITG	New	INVESTMENT TECHNOLOGY GROUP	$237,000	–	14,185	–	0.05%	–
ENT	New	GLOBAL EAGLE ENTERTAINMENT	$239,000	–	36,065	–	0.05%	–
LMRXF	New	LARAMIDE RESOURCES	$233,000	–	1,271,500	–	0.05%	–
GRBK	New	GREEN BRICK PARTNERS	$229,000	–	31,460	–	0.05%	–
HAE	New	HAEMONETICS CORP	$210,000	–	7,260	–	0.04%	–
PGTI	New	PGT, INC	$201,000	–	19,495	–	0.04%	–
HRTG	New	HERITAGE INSURANCE HOLDINGS	$172,000	–	14,355	–	0.04%	–
CECE	New	CECO ENVIRONMENTAL CORP	$170,000	–	19,435	–	0.04%	–
ELGX	New	ENDOLOGIX INC	$143,000	–	11,500	–	0.03%	–
TACO	New	DEL TACO RESTAURANTS	$145,000	–	15,950	–	0.03%	–
WYY	New	WIDEPOINT CORP	$97,000	–	164,500	–	0.02%	–
RAD	New	RITE AID	$75,000	–	10,000	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
RAD	Exit	RITE AID	$0	–	-10,000	–	-0.01%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-12,200	–	-0.02%	–
INAP	Exit	INTERNAP CORP	$0	–	-14,185	–	-0.02%	–
ENT	Exit	GLOBAL EAGLE ENTERTAINMENT	$0	–	-10,295	–	-0.02%	–
LIND	Exit	LINDBLAD EXPEDITIONS INC	$0	–	-13,225	–	-0.03%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-164,500	–	-0.03%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.03%	–
HMTV	Exit	HEMISPHERE MEDIA GROUP	$0	–	-13,100	–	-0.04%	–
THO	Exit	THOR INDUSTRIES	$0	–	-4,000	–	-0.04%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-2,205	–	-0.05%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.05%	–
	Exit	FOREVER, INC SERIES B-1 (VC)preferred stock	$0	–	-75,000	–	-0.05%	–
SSRG	Exit	SYMMETRY SURGICAL INC	$0	–	-50,783	–	-0.09%	–
	Exit	KINAXIS INC	$0	–	-20,000	–	-0.12%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-7,775	–	-0.13%	–
PNR	Exit	PENTAIR PLC	$0	–	-15,684	–	-0.16%	–
NLS	Exit	NAUTILUS, INC	$0	–	-65,465	–	-0.20%	–
LBRDA	Exit	LIBERTY BROADBAND CL A	$0	–	-29,447	–	-0.31%	–
BW	Exit	BABCOCK WILCOX ENTERPRISES	$0	–	-178,509	–	-0.61%	–
LBRDK	Exit	LIBERTY BROADBAND CL C	$0	–	-78,938	–	-0.82%	–
LMCA	Exit	LIBERTY MEDIA CORP SERIES A	$0	–	-118,935	–	-0.86%	–
EBAY	Exit	EBAY INC	$0	–	-225,358	–	-1.12%	–
YHOO	Exit	YAHOO! INC	$0	–	-223,169	–	-1.31%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-211,965	–	-1.35%	–
NSR	Exit	NEUSTAR INC	$0	–	-245,105	–	-1.36%	–
TRCO	Exit	TRIBUNE MEDIA COMPANY	$0	–	-191,586	–	-1.39%	–
MTZ	Exit	MASTEC INC	$0	–	-455,941	–	-1.47%	–
KLXI	Exit	KLX INC	$0	–	-234,048	–	-1.70%	–
LMCK	Exit	LIBERTY MEDIA CORP SERIES C	$0	–	-244,175	–	-1.71%	–
NWSA	Exit	NEWS CORP	$0	–	-683,276	–	-1.75%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-49,331	–	-1.80%	–
BWXT	Exit	BWX TECHNOLOGIES,INC	$0	–	-357,180	–	-1.92%	–
AON	Exit	AON PLC	$0	–	-114,184	–	-2.06%	–
GNTX	Exit	GENTEX CORP	$0	–	-657,504	–	-2.07%	–
OTEX	Exit	OPEN TEXT CORPORATION	$0	–	-232,363	–	-2.11%	–
CIGI	Exit	COLLIERS INTERNATIONAL GROUP	$0	–	-285,436	–	-2.36%	–
EME	Exit	EMCOR GROUP INC	$0	–	-266,841	–	-2.40%	–
ENS	Exit	ENERSYS	$0	–	-223,164	–	-2.43%	–
MKL	Exit	MARKEL CORP	$0	–	-14,987	–	-2.44%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-325,637	–	-2.57%	–
VC	Exit	VISTEON CORP	$0	–	-126,678	–	-2.61%	–
NCR	Exit	NCR CORP	$0	–	-596,585	–	-2.76%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-204,529	–	-2.77%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-317,946	–	-3.01%	–
ARRS	Exit	ARRIS GROUP INC NEW	$0	–	-591,141	–	-3.12%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-402,061	–	-3.17%	–
AGN	Exit	ALLERGAN PLC	$0	–	-57,662	–	-3.19%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-276,051	–	-3.19%	–
TSRA	Exit	TESSERA TECHNOLOGIES INC	$0	–	-491,971	–	-3.24%	–
AZO	Exit	AUTOZONE INC	$0	–	-23,403	–	-3.44%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-120,025	–	-3.50%	–
ALR	Exit	ALERE, INC	$0	–	-393,208	–	-3.85%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-240,086	–	-4.07%	–
PRAA	Exit	PRA GROUP INC	$0	–	-390,836	–	-4.21%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-379,951	–	-4.84%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-227,276	–	-4.84%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-97,986	–	-5.16%	–

Q3 2015

			Value		Shares		↓ Weighting
ADS	Sell	ALLIANCE DATA SYSTEMS	$25,376,000	-11.5%	97,986	-0.3%	5.16%	+2.8%
WBC	Sell	WABCO HOLDINGS INC	$23,825,000	-15.8%	227,276	-0.6%	4.84%	-2.1%
CTSH	Sell	COGNIZANT TECH SOLUTION	$23,789,000	+1.4%	379,951	-1.1%	4.84%	+17.8%
PRAA	Sell	PRA GROUP INC	$20,683,000	-15.2%	390,836	-0.2%	4.21%	-1.5%
LYB	Sell	LYONDELLBASELL INDU	$20,014,000	-20.0%	240,086	-0.6%	4.07%	-7.0%
ALR	Sell	ALERE, INC	$18,933,000	-9.1%	393,208	-0.4%	3.85%	+5.7%
CP	Sell	CANADIAN PAC RY LTD	$17,232,000	-10.9%	120,025	-0.6%	3.50%	+3.5%
AZO	Sell	AUTOZONE INC	$16,940,000	+7.9%	23,403	-0.6%	3.44%	+25.4%
TSRA	Sell	TESSERA TECHNOLOGIES INC	$15,945,000	-15.2%	491,971	-0.6%	3.24%	-1.4%
AIG	Sell	AMERICAN INTL GROUP	$15,685,000	-8.2%	276,051	-0.1%	3.19%	+6.7%
AGN	Buy	ALLERGAN PLC	$15,673,000	-10.1%	57,662	+0.4%	3.19%	+4.5%
VOYA	Sell	VOYA FINANCIAL INC	$15,588,000	-16.9%	402,061	-0.4%	3.17%	-3.5%
ARRS	Sell	ARRIS GROUP INC NEW	$15,352,000	-16.4%	591,141	-1.5%	3.12%	-2.8%
IOSP	Buy	INNOSPEC, INC	$14,788,000	+3.3%	317,946	+0.0%	3.01%	+20.0%
DLTR	Sell	DOLLAR TREE, INC.	$13,634,000	-16.3%	204,529	-0.9%	2.77%	-2.8%
NCR	Sell	NCR CORP	$13,572,000	-24.8%	596,585	-0.5%	2.76%	-12.6%
VC	Buy	VISTEON CORP	$12,825,000	-3.1%	126,678	+0.4%	2.61%	+12.6%
AAL	Sell	AMERICAN AIRLINES GROUP INC	$12,644,000	-2.9%	325,637	-0.2%	2.57%	+12.8%
MKL	Sell	MARKEL CORP	$12,017,000	-1.7%	14,987	-1.8%	2.44%	+14.3%
ENS	Sell	ENERSYS	$11,957,000	-24.6%	223,164	-1.0%	2.43%	-12.3%
EME	Sell	EMCOR GROUP INC	$11,808,000	-8.4%	266,841	-1.1%	2.40%	+6.5%
CIGI	Buy	COLLIERS INTERNATIONAL GROUP	$11,586,000	+28.5%	285,436	+21.9%	2.36%	+49.4%
OTEX	Sell	OPEN TEXT CORPORATION	$10,398,000	-10.5%	232,363	-18.9%	2.11%	+4.0%
GNTX	New	GENTEX CORP	$10,191,000	–	657,504	–	2.07%	–
AON	Buy	AON PLC	$10,118,000	-10.2%	114,184	+1.0%	2.06%	+4.4%
BWXT	New	BWX TECHNOLOGIES,INC	$9,415,000	–	357,180	–	1.92%	–
TWC	Sell	TIME WARNER CABLE INC	$8,849,000	+0.5%	49,331	-0.2%	1.80%	+16.8%
NWSA	Sell	NEWS CORP	$8,623,000	-13.7%	683,276	-0.2%	1.75%	+0.4%
LMCK	Buy	LIBERTY MEDIA CORP SERIES C	$8,414,000	-3.9%	244,175	+0.1%	1.71%	+11.7%
KLXI	Buy	KLX INC	$8,365,000	-18.6%	234,048	+0.5%	1.70%	-5.4%
MTZ	Sell	MASTEC INC	$7,218,000	-21.0%	455,941	-0.9%	1.47%	-8.2%
TRCO	Sell	TRIBUNE MEDIA COMPANY	$6,820,000	-33.4%	191,586	-0.1%	1.39%	-22.6%
NSR	Sell	NEUSTAR INC	$6,669,000	-6.9%	245,105	-0.0%	1.36%	+8.2%
MPAA	Buy	MOTORCAR PARTS OF AMERICA	$6,643,000	+4.5%	211,965	+0.4%	1.35%	+21.5%
YHOO	Sell	YAHOO! INC	$6,452,000	-26.5%	223,169	-0.2%	1.31%	-14.6%
EBAY	Buy	EBAY INC	$5,508,000	-59.3%	225,358	+0.2%	1.12%	-52.8%
LMCA	Sell	LIBERTY MEDIA CORP SERIES A	$4,248,000	-4.1%	118,935	-3.2%	0.86%	+11.5%
LBRDK	Buy	LIBERTY BROADBAND CL C	$4,039,000	+0.1%	78,938	+0.1%	0.82%	+16.3%
BW	New	BABCOCK WILCOX ENTERPRISES	$2,999,000	–	178,509	–	0.61%	–
LBRDA	Sell	LIBERTY BROADBAND CL A	$1,515,000	-2.4%	29,447	-3.4%	0.31%	+13.2%
NLS	Sell	NAUTILUS, INC	$982,000	-31.1%	65,465	-1.2%	0.20%	-20.0%
PNR	New	PENTAIR PLC	$801,000	–	15,684	–	0.16%	–
SSRG	Buy	SYMMETRY SURGICAL INC	$452,000	+2.7%	50,783	+0.7%	0.09%	+19.5%
	New	FOREVER, INC SERIES B-1 (VC)preferred stock	$263,000	–	75,000	–	0.05%	–
WYY	Buy	WIDEPOINT CORP	$145,000	-37.8%	164,500	+17.9%	0.03%	-29.3%
LIND	New	LINDBLAD EXPEDITIONS INC	$129,000	–	13,225	–	0.03%	–
WPP	New	WAUSAU PAPER CORP	$78,000	–	12,200	–	0.02%	–
	Exit	PUBLIC SERVICE PROPERTIES	$0	–	-12,564	–	-0.00%	–
JASN	Exit	JASON INDUSTRIES INC	$0	–	-11,995	–	-0.01%	–
PLSDF	Exit	PULSE SEISMIC INC	$0	–	-51,500	–	-0.02%	–
JOF	Exit	JAPAN SMALLER CAP FUND	$0	–	-13,175	–	-0.02%	–
	Exit	FOREVER,INC SERIES B-1preferred stock	$0	–	-75,000	–	-0.05%	–
PNR	Exit	PENTAIR INC	$0	–	-15,684	–	-0.19%	–
TYC	Exit	TYCO INTERNATIONAL LTD	$0	–	-141,666	–	-0.95%	–
ORCL	Exit	ORACLE CORP	$0	–	-251,533	–	-1.77%	–
ASCMA	Exit	ASCENT CAPITAL GROUP INC.	$0	–	-253,535	–	-1.90%	–
F102PS	Exit	BABCOCK WILCOX CO	$0	–	-356,808	–	-2.05%	–

Q2 2015

			Value		Shares		↓ Weighting
ADS	New	ALLIANCE DATA SYSTEMS	$28,684,000	–	98,252	–	5.02%	–
WBC	New	WABCO HOLDINGS INC	$28,295,000	–	228,705	–	4.95%	–
LYB	New	LYONDELLBASELL INDU	$25,015,000	–	241,648	–	4.38%	–
PRAA	New	PRA GROUP INC	$24,400,000	–	391,598	–	4.27%	–
CTSH	New	COGNIZANT TECH SOLUTION	$23,468,000	–	384,154	–	4.11%	–
ALR	New	ALERE, INC	$20,829,000	–	394,858	–	3.64%	–
CP	New	CANADIAN PAC RY LTD	$19,339,000	–	120,698	–	3.38%	–
TSRA	New	TESSERA TECHNOLOGIES INC	$18,797,000	–	494,921	–	3.29%	–
VOYA	New	VOYA FINANCIAL INC	$18,768,000	–	403,871	–	3.28%	–
ARRS	New	ARRIS GROUP INC NEW	$18,365,000	–	600,150	–	3.21%	–
NCR	New	NCR CORP	$18,053,000	–	599,758	–	3.16%	–
AGN	New	ALLERGAN PLC	$17,426,000	–	57,425	–	3.05%	–
AIG	New	AMERICAN INTL GROUP	$17,085,000	–	276,374	–	2.99%	–
DLTR	New	DOLLAR TREE, INC.	$16,297,000	–	206,312	–	2.85%	–
ENS	New	ENERSYS	$15,851,000	–	225,509	–	2.77%	–
AZO	New	AUTOZONE INC	$15,703,000	–	23,547	–	2.75%	–
IOSP	New	INNOSPEC, INC	$14,315,000	–	317,818	–	2.50%	–
EBAY	New	EBAY INC	$13,549,000	–	224,916	–	2.37%	–
VC	New	VISTEON CORP	$13,241,000	–	126,128	–	2.32%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$13,027,000	–	326,217	–	2.28%	–
EME	New	EMCOR GROUP INC	$12,885,000	–	269,737	–	2.25%	–
MKL	New	MARKEL CORP	$12,226,000	–	15,269	–	2.14%	–
F102PS	New	BABCOCK WILCOX CO	$11,703,000	–	356,808	–	2.05%	–
OTEX	New	OPEN TEXT CORPORATION	$11,619,000	–	286,671	–	2.03%	–
AON	New	AON PLC	$11,271,000	–	113,072	–	1.97%	–
ASCMA	New	ASCENT CAPITAL GROUP INC.	$10,836,000	–	253,535	–	1.90%	–
KLXI	New	KLX INC	$10,281,000	–	232,971	–	1.80%	–
TRCO	New	TRIBUNE COMPANY	$10,241,000	–	191,818	–	1.79%	–
ORCL	New	ORACLE CORP	$10,137,000	–	251,533	–	1.77%	–
NWSA	New	NEWS CORP	$9,987,000	–	684,509	–	1.75%	–
MTZ	New	MASTEC INC	$9,140,000	–	459,997	–	1.60%	–
CIGI	New	COLLIERS INTERNATIONAL GROUP	$9,013,000	–	234,215	–	1.58%	–
TWC	New	TIME WARNER CABLE INC	$8,803,000	–	49,406	–	1.54%	–
YHOO	New	YAHOO! INC	$8,784,000	–	223,567	–	1.54%	–
LMCK	New	LIBERTY MEDIA CORP SERIES C	$8,757,000	–	243,921	–	1.53%	–
NSR	New	NEUSTAR INC	$7,163,000	–	245,223	–	1.25%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$6,355,000	–	211,200	–	1.11%	–
TYC	New	TYCO INTERNATIONAL LTD	$5,451,000	–	141,666	–	0.95%	–
LMCA	New	LIBERTY MEDIA CORP SERIES A	$4,429,000	–	122,905	–	0.78%	–
LBRDK	New	LIBERTY BROADBAND CL C	$4,034,000	–	78,842	–	0.71%	–
LBRDA	New	LIBERTY BROADBAND CL A	$1,553,000	–	30,473	–	0.27%	–
NLS	New	NAUTILUS, INC	$1,426,000	–	66,280	–	0.25%	–
PNR	New	PENTAIR INC	$1,068,000	–	15,684	–	0.19%	–
LLY	New	ELI LILLY COMPANY	$649,000	–	7,775	–	0.11%	–
	New	KINAXIS INC	$454,000	–	20,000	–	0.08%	–
SSRG	New	SYMMETRY SURGICAL INC	$440,000	–	50,433	–	0.08%	–
PRFT	New	PERFICIENT INC	$312,000	–	16,200	–	0.06%	–
	New	FOREVER,INC SERIES B-1preferred stock	$263,000	–	75,000	–	0.05%	–
LMRXF	New	LARAMIDE RESOURCES	$233,000	–	1,271,500	–	0.04%	–
WYY	New	WIDEPOINT CORP	$233,000	–	139,500	–	0.04%	–
THO	New	THOR INDUSTRIES	$225,000	–	4,000	–	0.04%	–
ICUI	New	ICU MEDICAL INC	$211,000	–	2,205	–	0.04%	–
HMTV	New	HEMISPHERE MEDIA GROUP	$156,000	–	13,100	–	0.03%	–
JOF	New	JAPAN SMALLER CAP FUND	$142,000	–	13,175	–	0.02%	–
INAP	New	INTERNAP CORP	$131,000	–	14,185	–	0.02%	–
ENT	New	GLOBAL EAGLE ENTERTAINMENT	$134,000	–	10,295	–	0.02%	–
PLSDF	New	PULSE SEISMIC INC	$103,000	–	51,500	–	0.02%	–
RAD	New	RITE AID	$84,000	–	10,000	–	0.02%	–
JASN	New	JASON INDUSTRIES INC	$82,000	–	11,995	–	0.01%	–
	New	PUBLIC SERVICE PROPERTIES	$4,000	–	12,564	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
PURE	Exit	PURE BIOSCIENCE INC	$0	–	-12,505	–	-0.00%	–
	Exit	PUBLIC SERVICE PROPERTIES	$0	–	-37,900	–	-0.00%	–
SARA	Exit	SARATOGA RESOURCES	$0	–	-33,300	–	-0.01%	–
RAD	Exit	RITE AID	$0	–	-10,000	–	-0.01%	–
QTETR	Exit	QUARTER MERGER CORP - RIGHTS	$0	–	-77,000	–	-0.01%	–
MLNK	Exit	MODUSLINK GLOBAL SOLUTIONS	$0	–	-21,635	–	-0.01%	–
JASN	Exit	JASON INDUSTRIES INC	$0	–	-11,845	–	-0.02%	–
ENT	Exit	GLOBAL EAGLE ENTERTAINMENT	$0	–	-10,850	–	-0.02%	–
JOF	Exit	JAPAN SMALLER CAP FUND	$0	–	-13,175	–	-0.02%	–
PLSDF	Exit	PULSE SEISMIC INC	$0	–	-51,500	–	-0.02%	–
HMTV	Exit	HEMISPHERE MEDIA GROUP	$0	–	-13,850	–	-0.03%	–
THO	Exit	THOR INDUSTRIES	$0	–	-4,000	–	-0.04%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-7,950	–	-0.04%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-139,500	–	-0.04%	–
NWPX	Exit	NORTHWEST PIPE CO	$0	–	-7,000	–	-0.04%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.05%	–
	Exit	KINAXIS INC	$0	–	-20,000	–	-0.06%	–
CKSW	Exit	CLICKSOFTWARE TECHNOLOGIES	$0	–	-50,560	–	-0.08%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-7,775	–	-0.10%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-1,271,500	–	-0.10%	–
NLS	Exit	NAUTILUS, INC	$0	–	-66,850	–	-0.15%	–
TPUB	Exit	TRIBUNE PUBLISHING COMPANY	$0	–	-43,316	–	-0.16%	–
PNR	Exit	PENTAIR INC	$0	–	-15,684	–	-0.20%	–
NSR	Exit	NEUSTAR INC	$0	–	-128,816	–	-0.60%	–
LMCA	Exit	LIBERTY CAPITAL	$0	–	-124,044	–	-1.10%	–
TYC	Exit	TYCO INTERNATIONAL LTD	$0	–	-143,103	–	-1.20%	–
NWSA	Exit	NEWS CORP	$0	–	-558,487	–	-1.72%	–
KN	Exit	KNOWLES CORP	$0	–	-356,180	–	-1.77%	–
ORCL	Exit	ORACLE CORP	$0	–	-251,489	–	-1.81%	–
MKL	Exit	MARKEL CORP	$0	–	-15,155	–	-1.81%	–
EBAY	Exit	EBAY INC	$0	–	-180,485	–	-1.92%	–
TAM	Exit	TAMINCO CORP	$0	–	-403,579	–	-1.98%	–
EME	Exit	EMCOR GROUP INC	$0	–	-271,853	–	-2.04%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-316,652	–	-2.14%	–
TRCO	Exit	TRIBUNE COMPANY	$0	–	-174,174	–	-2.15%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-325,123	–	-2.17%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-207,251	–	-2.18%	–
LMCK	Exit	LIBERTY MEDIA CORP SERIES C	$0	–	-248,065	–	-2.19%	–
AZO	Exit	AUTOZONE INC	$0	–	-23,728	–	-2.27%	–
FNFV	Exit	FNFV GROUP	$0	–	-903,845	–	-2.34%	–
TSRA	Exit	TESSERA TECHNOLOGIES INC	$0	–	-494,530	–	-2.47%	–
ENS	Exit	ENERSYS	$0	–	-227,340	–	-2.50%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-94,611	–	-2.55%	–
MTZ	Exit	MASTEC INC	$0	–	-445,587	–	-2.56%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-276,466	–	-2.81%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-383,283	–	-2.82%	–
ALR	Exit	ALERE, INC	$0	–	-396,519	–	-2.89%	–
ASCMA	Exit	ASCENT CAPITAL GROUP INC.	$0	–	-257,327	–	-2.91%	–
OTEX	Exit	OPEN TEXT CORPORATION	$0	–	-288,336	–	-3.00%	–
ARRS	Exit	ARRIS GROUP INC NEW	$0	–	-605,797	–	-3.23%	–
NEU	Exit	NEWMARKET CORPORATION	$0	–	-45,472	–	-3.26%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-389,067	–	-3.27%	–
ROSE	Exit	ROSETTA RESOURCES INC	$0	–	-401,023	–	-3.36%	–
YHOO	Exit	YAHOO! INC	$0	–	-470,818	–	-3.61%	–
NCR	Exit	NCR CORP	$0	–	-595,096	–	-3.74%	–
PRAA	Exit	PORTFOLIO RECOVERY	$0	–	-389,835	–	-3.83%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-229,301	–	-3.92%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-121,816	–	-4.75%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-105,283	–	-4.91%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-244,098	–	-4.98%	–

Q3 2014

			Value		Shares		↓ Weighting
LYB	Sell	LYONDELLBASELL INDU	$26,524,000	+10.3%	244,098	-0.9%	4.98%	+15.8%
ADS	Sell	ALLIANCE DATA SYSTEMS	$26,139,000	-12.2%	105,283	-0.6%	4.91%	-7.9%
CP	Sell	CANADIAN PAC RY LTD	$25,273,000	+14.0%	121,816	-0.4%	4.75%	+19.7%
WBC	Sell	WABCO HOLDINGS INC	$20,855,000	-15.3%	229,301	-0.6%	3.92%	-11.1%
PRAA	Sell	PORTFOLIO RECOVERY	$20,361,000	-12.3%	389,835	-0.1%	3.83%	-8.0%
NCR	Buy	NCR CORP	$19,882,000	-4.6%	595,096	+0.2%	3.74%	+0.2%
YHOO	Sell	YAHOO! INC	$19,186,000	+15.8%	470,818	-0.2%	3.61%	+21.6%
ROSE	Sell	ROSETTA RESOURCES INC	$17,870,000	-19.1%	401,023	-0.5%	3.36%	-15.1%
CTSH	Sell	COGNIZANT TECH SOLUTION	$17,419,000	-8.7%	389,067	-0.2%	3.27%	-4.1%
NEU	Sell	NEWMARKET CORPORATION	$17,326,000	-2.8%	45,472	-0.0%	3.26%	+2.0%
ARRS	Buy	ARRIS GROUP INC NEW	$17,177,000	-12.5%	605,797	+0.4%	3.23%	-8.1%
OTEX	Sell	OPEN TEXT CORPORATION	$15,980,000	+15.5%	288,336	-0.1%	3.00%	+21.2%
ASCMA	Buy	ASCENT CAPITAL GROUP INC.	$15,491,000	-8.6%	257,327	+0.3%	2.91%	-4.1%
ALR	Buy	ALERE, INC	$15,377,000	+3.9%	396,519	+0.2%	2.89%	+9.0%
VOYA	Buy	VOYA FINANCIAL INC	$14,986,000	+7.7%	383,283	+0.1%	2.82%	+13.1%
AIG	Buy	AMERICAN INTL GROUP	$14,935,000	-0.8%	276,466	+0.2%	2.81%	+4.1%
MTZ	Buy	MASTEC INC	$13,644,000	-0.6%	445,587	+0.0%	2.56%	+4.3%
TWC	Buy	TIME WARNER CABLE INC	$13,576,000	-2.3%	94,611	+0.2%	2.55%	+2.5%
ENS	Sell	ENERSYS	$13,331,000	-14.9%	227,340	-0.2%	2.50%	-10.7%
TSRA	Buy	TESSERA TECHNOLOGIES INC	$13,145,000	+20.5%	494,530	+0.1%	2.47%	+26.5%
FNFV	New	FNFV GROUP	$12,437,000	–	903,845	–	2.34%	–
AZO	Sell	AUTOZONE INC	$12,093,000	-5.3%	23,728	-0.4%	2.27%	-0.6%
LMCK	New	LIBERTY MEDIA CORP SERIES C	$11,657,000	–	248,065	–	2.19%	–
DLTR	Sell	DOLLAR TREE, INC.	$11,621,000	+2.9%	207,251	-0.0%	2.18%	+8.1%
AAL	Buy	AMERICAN AIRLINES GROUP INC	$11,535,000	-17.0%	325,123	+0.5%	2.17%	-12.9%
TRCO	Buy	TRIBUNE COMPANY	$11,461,000	-22.3%	174,174	+0.5%	2.15%	-18.4%
IOSP	Buy	INNOSPEC, INC	$11,368,000	-16.5%	316,652	+0.4%	2.14%	-12.3%
EME	Sell	EMCOR GROUP INC	$10,863,000	-10.4%	271,853	-0.2%	2.04%	-5.9%
TAM	Buy	TAMINCO CORP	$10,533,000	+12.4%	403,579	+0.2%	1.98%	+18.1%
EBAY	Buy	EBAY INC	$10,221,000	+13.3%	180,485	+0.1%	1.92%	+18.9%
MKL	Sell	MARKEL CORP	$9,641,000	-3.2%	15,155	-0.2%	1.81%	+1.7%
ORCL	Buy	ORACLE CORP	$9,627,000	-5.5%	251,489	+0.0%	1.81%	-0.9%
KN	Buy	KNOWLES CORP	$9,439,000	+11.1%	356,180	+28.8%	1.77%	+16.6%
NWSA	Buy	NEWS CORP	$9,131,000	-8.2%	558,487	+0.7%	1.72%	-3.6%
TYC	Buy	TYCO INTERNATIONAL LTD	$6,378,000	-1.8%	143,103	+0.5%	1.20%	+3.1%
LMCA	Buy	LIBERTY CAPITAL	$5,852,000	-65.4%	124,044	+0.2%	1.10%	-63.7%
NSR	Buy	NEUSTAR INC	$3,199,000	-4.0%	128,816	+0.6%	0.60%	+0.7%
PNR	Sell	PENTAIR INC	$1,068,000	-13.0%	15,684	-4.6%	0.20%	-8.6%
TPUB	New	TRIBUNE PUBLISHING COMPANY	$874,000	–	43,316	–	0.16%	–
	New	KINAXIS INC	$310,000	–	20,000	–	0.06%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$216,000	–	7,950	–	0.04%	–
JASN	New	JASON INDUSTRIES INC	$123,000	–	11,845	–	0.02%	–
QTETR	New	QUARTER MERGER CORP - RIGHTS	$65,000	–	77,000	–	0.01%	–
LACO	Exit	LAKES ENTERTAINMENT INC	$0	–	-10,188	–	-0.01%	–
QPACU	Exit	QUINPARIO ACQUISITION CORP	$0	–	-11,845	–	-0.02%	–
ATNI	Exit	ATLANTIC TELE-NETWORK INC	$0	–	-4,555	–	-0.05%	–
PIR	Exit	PIER 1 IMPORTS INC	$0	–	-592,674	–	-1.64%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-143,385	–	-2.32%	–

Q2 2014

			Value		Shares		↓ Weighting
ADS	New	ALLIANCE DATA SYSTEMS	$29,785,000	–	105,902	–	5.33%	–
WBC	New	WABCO HOLDINGS INC	$24,629,000	–	230,570	–	4.41%	–
LYB	New	LYONDELLBASELL INDU	$24,052,000	–	246,313	–	4.31%	–
PRAA	New	PORTFOLIO RECOVERY	$23,221,000	–	390,070	–	4.16%	–
CP	New	CANADIAN PAC RY LTD	$22,164,000	–	122,361	–	3.97%	–
ROSE	New	ROSETTA RESOURCES INC	$22,100,000	–	402,926	–	3.96%	–
NCR	New	NCR CORP	$20,834,000	–	593,744	–	3.73%	–
ARRS	New	ARRIS GROUP INC NEW	$19,623,000	–	603,215	–	3.51%	–
CTSH	New	COGNIZANT TECH SOLUTION	$19,069,000	–	389,875	–	3.41%	–
NEU	New	NEWMARKET CORPORATION	$17,831,000	–	45,474	–	3.19%	–
ASCMA	New	ASCENT CAPITAL GROUP INC.	$16,943,000	–	256,673	–	3.03%	–
LMCA	New	LIBERTY CAPITAL	$16,927,000	–	123,841	–	3.03%	–
YHOO	New	YAHOO! INC	$16,568,000	–	471,608	–	2.97%	–
ENS	New	ENERSYS	$15,669,000	–	227,781	–	2.80%	–
AIG	New	AMERICAN INTL GROUP	$15,056,000	–	275,851	–	2.70%	–
ALR	New	ALERE, INC	$14,806,000	–	395,670	–	2.65%	–
TRCO	New	TRIBUNE COMPANY	$14,744,000	–	173,359	–	2.64%	–
VOYA	New	VOYA FINANCIAL INC	$13,910,000	–	382,768	–	2.49%	–
TWC	New	TIME WARNER CABLE INC	$13,902,000	–	94,376	–	2.49%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$13,901,000	–	323,589	–	2.49%	–
OTEX	New	OPEN TEXT CORPORATION	$13,840,000	–	288,694	–	2.48%	–
MTZ	New	MASTEC INC	$13,727,000	–	445,392	–	2.46%	–
IOSP	New	INNOSPEC, INC	$13,609,000	–	315,235	–	2.44%	–
F113PS	New	COVIDIEN PLC	$12,930,000	–	143,385	–	2.32%	–
AZO	New	AUTOZONE INC	$12,774,000	–	23,822	–	2.29%	–
EME	New	EMCOR GROUP INC	$12,124,000	–	272,271	–	2.17%	–
DLTR	New	DOLLAR TREE, INC.	$11,290,000	–	207,310	–	2.02%	–
TSRA	New	TESSERA TECHNOLOGIES INC	$10,907,000	–	493,960	–	1.95%	–
ORCL	New	ORACLE CORP	$10,192,000	–	251,475	–	1.82%	–
MKL	New	MARKEL CORP	$9,955,000	–	15,184	–	1.78%	–
NWSA	New	NEWS CORP	$9,950,000	–	554,652	–	1.78%	–
TAM	New	TAMINCO CORP	$9,368,000	–	402,759	–	1.68%	–
PIR	New	PIER 1 IMPORTS INC	$9,133,000	–	592,674	–	1.64%	–
EBAY	New	EBAY INC	$9,025,000	–	180,280	–	1.62%	–
KN	New	KNOWLES CORP	$8,499,000	–	276,496	–	1.52%	–
TYC	New	TYCO INTERNATIONAL LTD	$6,494,000	–	142,423	–	1.16%	–
NSR	New	NEUSTAR INC	$3,332,000	–	128,045	–	0.60%	–
PNR	New	PENTAIR INC	$1,227,000	–	16,434	–	0.22%	–
NLS	New	NAUTILUS, INC	$741,000	–	66,850	–	0.13%	–
LLY	New	ELI LILLY COMPANY	$483,000	–	7,775	–	0.09%	–
LMRXF	New	LARAMIDE RESOURCES	$443,000	–	1,271,500	–	0.08%	–
CKSW	New	CLICKSOFTWARE TECHNOLOGIES	$408,000	–	50,560	–	0.07%	–
PRFT	New	PERFICIENT INC	$315,000	–	16,200	–	0.06%	–
NWPX	New	NORTHWEST PIPE CO	$282,000	–	7,000	–	0.05%	–
ATNI	New	ATLANTIC TELE-NETWORK INC	$264,000	–	4,555	–	0.05%	–
WYY	New	WIDEPOINT CORP	$246,000	–	139,500	–	0.04%	–
THO	New	THOR INDUSTRIES	$227,000	–	4,000	–	0.04%	–
HMTV	New	HEMISPHERE MEDIA GROUP	$174,000	–	13,850	–	0.03%	–
PLSDF	New	PULSE SEISMIC INC	$153,000	–	51,500	–	0.03%	–
ENT	New	GLOBAL EAGLE ENTERTAINMENT	$135,000	–	10,850	–	0.02%	–
QPACU	New	QUINPARIO ACQUISITION CORP	$133,000	–	11,845	–	0.02%	–
JOF	New	JAPAN SMALLER CAP FUND	$125,000	–	13,175	–	0.02%	–
MLNK	New	MODUSLINK GLOBAL SOLUTIONS	$81,000	–	21,635	–	0.02%	–
RAD	New	RITE AID	$72,000	–	10,000	–	0.01%	–
SARA	New	SARATOGA RESOURCES	$59,000	–	33,300	–	0.01%	–
LACO	New	LAKES ENTERTAINMENT INC	$48,000	–	10,188	–	0.01%	–
	New	PUBLIC SERVICE PROPERTIES	$17,000	–	37,900	–	0.00%	–
PURE	New	PURE BIOSCIENCE INC	$13,000	–	12,505	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
FACO	Exit	FIRST ACCEPTANCE CORP	$0	–	-12,000	–	-0.00%	–
PGNT	Exit	PARAGON TECHNOLOGIES INC	$0	–	-12,000	–	-0.01%	–
SARA	Exit	SARATOGA RESOURCES	$0	–	-33,300	–	-0.02%	–
SLTM	Exit	SOLTA MEDICAL, INC	$0	–	-38,500	–	-0.02%	–
JOF	Exit	JAPAN SMALLER CAP FUND	$0	–	-13,175	–	-0.02%	–
NLS	Exit	NAUTILUS, INC	$0	–	-16,320	–	-0.02%	–
WYY	Exit	WIDEPOINT CORP	$0	–	-139,500	–	-0.02%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-12,755	–	-0.02%	–
ENT	Exit	GLOBAL EAGLE ENTERTAINMENT	$0	–	-14,235	–	-0.03%	–
QPACU	Exit	QUINPARIO ACQUISITION CORP	$0	–	-15,650	–	-0.03%	–
PLSDF	Exit	PULSE SEISMIC INC	$0	–	-51,500	–	-0.04%	–
HMTV	Exit	HEMISPHERE MEDIA GROUP	$0	–	-18,175	–	-0.04%	–
THO	Exit	THOR INDUSTRIES	$0	–	-4,000	–	-0.04%	–
CKSW	Exit	CLICKSOFTWARE TECHNOLOGIES	$0	–	-38,500	–	-0.05%	–
PRFT	Exit	PERFICIENT INC	$0	–	-16,200	–	-0.06%	–
KO	Exit	COCA COLA	$0	–	-7,916	–	-0.06%	–
LZB	Exit	LA-Z-BOY	$0	–	-14,000	–	-0.06%	–
LLY	Exit	ELI LILLY COMPANY	$0	–	-8,875	–	-0.09%	–
LMRXF	Exit	LARAMIDE RESOURCES	$0	–	-956,500	–	-0.10%	–
PNR	Exit	PENTAIR INC	$0	–	-16,434	–	-0.21%	–
ADT	Exit	ADT CORP	$0	–	-79,701	–	-0.63%	–
TYC	Exit	TYCO INTERNATIONAL LTD	$0	–	-137,052	–	-0.94%	–
NSR	Exit	NEUSTAR INC	$0	–	-112,497	–	-1.09%	–
DDC	Exit	DOMINION DIAMOND CORPORATION	$0	–	-536,695	–	-1.28%	–
TWI	Exit	TITAN INTL INC	$0	–	-493,882	–	-1.41%	–
NWSA	Exit	NEWS CORP	$0	–	-489,630	–	-1.53%	–
ORCL	Exit	ORACLE CORP	$0	–	-237,846	–	-1.54%	–
MKL	Exit	MARKEL CORP	$0	–	-15,565	–	-1.57%	–
ESV	Exit	ENSCO PLC	$0	–	-152,597	–	-1.60%	–
ALR	Exit	ALERE, INC	$0	–	-282,865	–	-1.69%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-145,413	–	-1.73%	–
TSRA	Exit	TESSERA TECHNOLOGIES INC	$0	–	-474,723	–	-1.79%	–
PIR	Exit	PIER 1 IMPORTS INC	$0	–	-476,582	–	-1.82%	–
ARRS	Exit	ARRIS GROUP INC NEW	$0	–	-572,556	–	-1.90%	–
EBAY	Exit	EBAY INC	$0	–	-179,618	–	-1.96%	–
COH	Exit	COACH INC	$0	–	-186,619	–	-1.98%	–
VOYA	Exit	ING US INC	$0	–	-348,465	–	-1.99%	–
KBR	Exit	KBR INC	$0	–	-314,111	–	-2.00%	–
AZO	Exit	AUTOZONE INC	$0	–	-24,647	–	-2.03%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-93,972	–	-2.05%	–
TRCO	Exit	TRIBUNE COMPANY	$0	–	-167,757	–	-2.06%	–
EPL	Exit	EPL OIL GAS INC	$0	–	-289,804	–	-2.10%	–
OTEX	Exit	OPEN TEXT CORPORATION	$0	–	-144,917	–	-2.11%	–
DLTR	Exit	DOLLAR TREE, INC.	$0	–	-208,190	–	-2.32%	–
EME	Exit	EMCOR GROUP INC	$0	–	-312,349	–	-2.38%	–
NEU	Exit	NEWMARKET CORPORATION	$0	–	-44,536	–	-2.50%	–
AIG	Exit	AMERICAN INTL GROUP	$0	–	-264,339	–	-2.51%	–
MTZ	Exit	MASTEC INC	$0	–	-444,584	–	-2.63%	–
ENS	Exit	ENERSYS	$0	–	-232,109	–	-2.74%	–
IOSP	Exit	INNOSPEC, INC	$0	–	-304,351	–	-2.77%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-123,053	–	-2.96%	–
YHOO	Exit	YAHOO! INC	$0	–	-461,813	–	-2.99%	–
CTSH	Exit	COGNIZANT TECH SOLUTION	$0	–	-202,155	–	-3.24%	–
LYB	Exit	LYONDELLBASELL INDU	$0	–	-247,651	–	-3.54%	–
LMCA	Exit	LIBERTY CAPITAL	$0	–	-125,248	–	-3.60%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-235,393	–	-3.87%	–
ASCMA	Exit	ASCENT CAPITAL GROUP INC.	$0	–	-262,899	–	-4.14%	–
ROSE	Exit	ROSETTA RESOURCES INC	$0	–	-405,208	–	-4.31%	–
PRAA	Exit	PORTFOLIO RECOVERY	$0	–	-385,565	–	-4.51%	–
NCR	Exit	NCR CORP	$0	–	-596,867	–	-4.61%	–
ADS	Exit	ALLIANCE DATA SYSTEMS	$0	–	-113,157	–	-4.67%	–

Q3 2013

			Value		Shares		↓ Weighting
ADS	Sell	ALLIANCE DATA SYSTEMS	$23,929,000	+15.9%	113,157	-0.8%	4.67%	+6.1%
NCR	Buy	NCR CORP	$23,642,000	+20.1%	596,867	+0.1%	4.61%	+9.9%
PRAA	Buy	PORTFOLIO RECOVERY	$23,107,000	+5.6%	385,565	+170.6%	4.51%	-3.4%
ROSE	Buy	ROSETTA RESOURCES INC	$22,072,000	+28.7%	405,208	+0.4%	4.31%	+17.7%
ASCMA	Sell	ASCENT CAPITAL GROUP INC.	$21,195,000	+3.1%	262,899	-0.2%	4.14%	-5.7%
WBC	Sell	WABCO HOLDINGS INC	$19,834,000	+12.7%	235,393	-0.1%	3.87%	+3.1%
LMCA	Buy	LIBERTY CAPITAL	$18,430,000	+17.1%	125,248	+0.9%	3.60%	+7.2%
LYB	Buy	LYONDELLBASELL INDU	$18,135,000	+10.6%	247,651	+0.1%	3.54%	+1.2%
CTSH	Sell	COGNIZANT TECH SOLUTION	$16,601,000	+30.2%	202,155	-0.7%	3.24%	+19.1%
YHOO	Buy	YAHOO! INC	$15,318,000	+32.0%	461,813	+0.0%	2.99%	+20.8%
CP	Buy	CANADIAN PAC RY LTD	$15,172,000	+1.8%	123,053	+0.2%	2.96%	-6.9%
IOSP	Buy	INNOSPEC, INC	$14,201,000	+18.2%	304,351	+1.8%	2.77%	+8.2%
ENS	Buy	ENERSYS	$14,073,000	+23.8%	232,109	+0.1%	2.74%	+13.2%
MTZ	Sell	MASTEC INC	$13,471,000	-7.9%	444,584	-0.0%	2.63%	-15.7%
AIG	Buy	AMERICAN INTL GROUP	$12,855,000	+9.3%	264,339	+0.4%	2.51%	0.0%
NEU	Buy	NEWMARKET CORPORATION	$12,822,000	+10.8%	44,536	+1.0%	2.50%	+1.4%
EME	Sell	EMCOR GROUP INC	$12,222,000	-4.1%	312,349	-0.4%	2.38%	-12.3%
DLTR	Sell	DOLLAR TREE, INC.	$11,900,000	+11.5%	208,190	-0.8%	2.32%	+2.1%
OTEX	Buy	OPEN TEXT CORPORATION	$10,818,000	+9.4%	144,917	+0.3%	2.11%	+0.0%
EPL	Buy	EPL OIL GAS INC	$10,755,000	+27.8%	289,804	+1.1%	2.10%	+16.9%
TRCO	Buy	TRIBUNE COMPANY	$10,584,000	+12.0%	167,757	+1.0%	2.06%	+2.4%
TWC	Buy	TIME WARNER CABLE INC	$10,487,000	-0.6%	93,972	+0.2%	2.05%	-9.1%
AZO	Sell	AUTOZONE INC	$10,419,000	-1.3%	24,647	-1.1%	2.03%	-9.7%
KBR	Buy	KBR INC	$10,253,000	+1.3%	314,111	+0.9%	2.00%	-7.3%
VOYA	Buy	ING US INC	$10,179,000	+9.0%	348,465	+1.0%	1.99%	-0.3%
COH	Sell	COACH INC	$10,176,000	-25.0%	186,619	-21.4%	1.98%	-31.3%
EBAY	Buy	EBAY INC	$10,022,000	+8.3%	179,618	+0.4%	1.96%	-0.9%
ARRS	Buy	ARRIS GROUP INC NEW	$9,762,000	+39.5%	572,556	+17.4%	1.90%	+27.6%
PIR	Buy	PIER 1 IMPORTS INC	$9,303,000	-16.7%	476,582	+0.2%	1.82%	-23.8%
TSRA	Buy	TESSERA TECHNOLOGIES INC	$9,181,000	+21.0%	474,723	+30.1%	1.79%	+10.8%
F113PS	Buy	COVIDIEN PLC	$8,861,000	-2.5%	145,413	+0.5%	1.73%	-10.7%
ALR	New	ALERE, INC	$8,647,000	–	282,865	–	1.69%	–
ESV	Buy	ENSCO PLC	$8,202,000	-7.4%	152,597	+0.1%	1.60%	-15.3%
MKL	Buy	MARKEL CORP	$8,059,000	-1.0%	15,565	+0.7%	1.57%	-9.4%
ORCL	Buy	ORACLE CORP	$7,889,000	+8.5%	237,846	+0.5%	1.54%	-0.7%
NWSA	New	NEWS CORP	$7,863,000	–	489,630	–	1.53%	–
TWI	Sell	TITAN INTL INC	$7,230,000	-13.5%	493,882	-0.3%	1.41%	-20.8%
DDC	Buy	DOMINION DIAMOND CORPORATION	$6,542,000	-12.8%	536,695	+1.1%	1.28%	-20.2%
NSR	Buy	NEUSTAR INC	$5,566,000	+2.8%	112,497	+1.1%	1.09%	-6.0%
TYC	Sell	TYCO INTERNATIONAL LTD	$4,794,000	-17.0%	137,052	-21.8%	0.94%	-24.1%
ADT	Sell	ADT CORP	$3,241,000	-7.5%	79,701	-9.4%	0.63%	-15.4%
LMRXF	Buy	LARAMIDE RESOURCES	$497,000	-6.0%	956,500	+4.1%	0.10%	-14.2%
KO	Sell	COCA COLA	$300,000	-10.4%	7,916	-5.2%	0.06%	-16.9%
THO	New	THOR INDUSTRIES	$232,000	–	4,000	–	0.04%	–
HMTV	Buy	HEMISPHERE MEDIA GROUP	$214,000	-5.7%	18,175	+9.7%	0.04%	-12.5%
QPACU	New	QUINPARIO ACQUISITION CORP	$161,000	–	15,650	–	0.03%	–
ENT	New	GLOBAL EAGLE ENTERTAINMENT	$133,000	–	14,235	–	0.03%	–
WPP	Buy	WAUSAU PAPER CORP	$122,000	+10.9%	12,755	+10.9%	0.02%	+4.3%
NLS	New	NAUTILUS, INC	$118,000	–	16,320	–	0.02%	–
SLTM	New	SOLTA MEDICAL, INC	$80,000	–	38,500	–	0.02%	–
CST	Exit	CST BRANDS	$0	–	-83,980	–	-0.55%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-232,996	–	-1.72%	–

Q2 2013

			Value		Shares		↓ Weighting
PRAA	New	PORTFOLIO RECOVERY	$21,889,000	–	142,476	–	4.67%	–
ADS	New	ALLIANCE DATA SYSTEMS	$20,644,000	–	114,037	–	4.40%	–
ASCMA	New	ASCENT CAPITAL GROUP INC.	$20,559,000	–	263,346	–	4.38%	–
NCR	New	NCR CORP	$19,678,000	–	596,485	–	4.20%	–
WBC	New	WABCO HOLDINGS INC	$17,599,000	–	235,626	–	3.75%	–
ROSE	New	ROSETTA RESOURCES INC	$17,154,000	–	403,433	–	3.66%	–
LYB	New	LYONDELLBASELL INDU	$16,401,000	–	247,526	–	3.50%	–
LMCA	New	LIBERTY CAPITAL	$15,738,000	–	124,155	–	3.36%	–
CP	New	CANADIAN PAC RY LTD	$14,907,000	–	122,815	–	3.18%	–
MTZ	New	MASTEC INC	$14,629,000	–	444,643	–	3.12%	–
COH	New	COACH INC	$13,560,000	–	237,512	–	2.89%	–
CTSH	New	COGNIZANT TECH SOLUTION	$12,752,000	–	203,579	–	2.72%	–
EME	New	EMCOR GROUP INC	$12,745,000	–	313,521	–	2.72%	–
IOSP	New	INNOSPEC, INC	$12,014,000	–	299,001	–	2.56%	–
AIG	New	AMERICAN INTL GROUP	$11,766,000	–	263,224	–	2.51%	–
YHOO	New	YAHOO! INC	$11,603,000	–	461,719	–	2.47%	–
NEU	New	NEWMARKET CORPORATION	$11,573,000	–	44,077	–	2.47%	–
ENS	New	ENERSYS	$11,368,000	–	231,814	–	2.42%	–
PIR	New	PIER 1 IMPORTS INC	$11,168,000	–	475,452	–	2.38%	–
DLTR	New	DOLLAR TREE, INC.	$10,668,000	–	209,838	–	2.27%	–
AZO	New	AUTOZONE INC	$10,561,000	–	24,926	–	2.25%	–
TWC	New	TIME WARNER CABLE INC	$10,552,000	–	93,812	–	2.25%	–
KBR	New	KBR INC	$10,120,000	–	311,380	–	2.16%	–
OTEX	New	OPEN TEXT CORPORATION	$9,891,000	–	144,464	–	2.11%	–
TRCO	New	TRIBUNE COMPANY	$9,454,000	–	166,157	–	2.02%	–
VOYA	New	ING US INC	$9,338,000	–	345,070	–	1.99%	–
EBAY	New	EBAY INC	$9,254,000	–	178,928	–	1.97%	–
F113PS	New	COVIDIEN PLC	$9,088,000	–	144,618	–	1.94%	–
ESV	New	ENSCO PLC	$8,857,000	–	152,388	–	1.89%	–
EPL	New	EPL OIL GAS INC	$8,413,000	–	286,551	–	1.79%	–
TWI	New	TITAN INTL INC	$8,355,000	–	495,235	–	1.78%	–
MKL	New	MARKEL CORP	$8,141,000	–	15,450	–	1.74%	–
MSFT	New	MICROSOFT CORP	$8,049,000	–	232,996	–	1.72%	–
TSRA	New	TESSERA TECHNOLOGIES INC	$7,587,000	–	364,773	–	1.62%	–
DDC	New	DOMINION DIAMOND CORPORATION	$7,499,000	–	530,690	–	1.60%	–
ORCL	New	ORACLE CORP	$7,269,000	–	236,706	–	1.55%	–
ARRS	New	ARRIS GROUP INC NEW	$6,998,000	–	487,631	–	1.49%	–
TYC	New	TYCO INTERNATIONAL LTD	$5,777,000	–	175,316	–	1.23%	–
NSR	New	NEUSTAR INC	$5,417,000	–	111,282	–	1.16%	–
ADT	New	ADT CORP	$3,505,000	–	87,955	–	0.75%	–
CST	New	CST BRANDS	$2,587,000	–	83,980	–	0.55%	–
PNR	New	PENTAIR INC	$948,000	–	16,434	–	0.20%	–
LMRXF	New	LARAMIDE RESOURCES	$529,000	–	918,500	–	0.11%	–
LLY	New	ELI LILLY COMPANY	$436,000	–	8,875	–	0.09%	–
KO	New	COCA COLA	$335,000	–	8,346	–	0.07%	–
CKSW	New	CLICKSOFTWARE TECHNOLOGIES	$321,000	–	38,500	–	0.07%	–
LZB	New	LA-Z-BOY	$284,000	–	14,000	–	0.06%	–
HMTV	New	HEMISPHERE MEDIA GROUP	$227,000	–	16,575	–	0.05%	–
PRFT	New	PERFICIENT INC	$216,000	–	16,200	–	0.05%	–
PLSDF	New	PULSE SEISMIC INC	$199,000	–	51,500	–	0.04%	–
WYY	New	WIDEPOINT CORP	$114,000	–	139,500	–	0.02%	–
JOF	New	JAPAN SMALLER CAP FUND	$113,000	–	13,175	–	0.02%	–
WPP	New	WAUSAU PAPER CORP	$110,000	–	11,505	–	0.02%	–
SARA	New	SARATOGA RESOURCES	$51,000	–	33,300	–	0.01%	–
PGNT	New	PARAGON TECHNOLOGIES INC	$31,000	–	12,000	–	0.01%	–
FACO	New	FIRST ACCEPTANCE CORP	$20,000	–	12,000	–	0.00%	–

Compare quarters

Export KIRR MARBACH & CO LLC /IN/'s holdings