SASCO CAPITAL INC / CT/ Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
ARMK	Buy	ARAMARK	$30,837,543	-18.0%	888,690	+1.8%	3.98%	-10.8%
MDU	Buy	MDU RESOURCES GROUP	$30,320,433	+40.6%	1,548,541	+50.4%	3.91%	+53.0%
ENR	Sell	ENERGIZER HOLDINGS	$30,021,800	-5.0%	937,010	-0.4%	3.87%	+3.4%
XRAY	Buy	DENTSPLY SIRONA, INC.	$28,668,780	+13.0%	839,250	+32.4%	3.70%	+22.9%
PPL	Buy	PPL CORP	$27,930,616	-2.9%	1,185,510	+9.0%	3.60%	+5.6%
SWX	Buy	SOUTHWEST GAS HOLDINGS	$27,722,149	-4.6%	458,900	+0.5%	3.58%	+3.8%
NWL	Buy	NEWELL BRANDS, INC	$27,010,771	+23.0%	2,991,226	+18.5%	3.48%	+33.8%
PDCO	Sell	PATTERSON COS INC.	$26,709,315	-17.0%	901,124	-6.8%	3.44%	-9.7%
USFD	Buy	US FOODS HOLDING CORP	$24,993,532	+58.5%	629,560	+75.6%	3.22%	+72.4%
CHK	Buy	CHESAPEAKE ENERGY CORP	$24,826,479	+183.7%	287,910	+175.3%	3.20%	+208.5%
HAIN	Buy	HAIN CELESTIAL GROUP INC	$23,678,433	+29.0%	2,283,359	+55.6%	3.05%	+40.3%
CLVT	Buy	CLARIVATE PLC.	$23,298,999	+83.5%	3,472,280	+160.6%	3.00%	+99.7%
THS	Buy	TREEHOUSE FOODS INC	$22,937,679	+6.4%	526,335	+23.1%	2.96%	+15.8%
DD	Sell	DUPONT DE NEMOURS INC	$20,986,792	-25.4%	281,362	-28.5%	2.71%	-18.8%
	Sell	ESAB CORPORATION	$20,912,218	-14.3%	297,810	-18.8%	2.70%	-6.8%
IFF	Buy	INTL FLAVORS & FRAGRANCES	$20,907,057	-5.8%	306,690	+10.0%	2.70%	+2.5%
PNR	Sell	PENTAIR PLC	$20,203,295	-20.6%	312,020	-20.8%	2.61%	-13.6%
ATI	Sell	ATI INC	$19,486,418	-20.2%	473,546	-14.2%	2.51%	-13.2%
AQN	New	ALGONQUIN POWER & UTILITIES	$18,156,403	–	3,066,960	–	2.34%	–
SYY	Buy	SYSCO CORPORATION	$17,662,431	+10.3%	267,410	+23.9%	2.28%	+20.0%
BERY	New	BERRY GLOBAL GROUP	$17,518,054	–	282,960	–	2.26%	–
CHRW	New	C.H. ROBINSON WORLDWIDE INC	$16,790,182	–	194,940	–	2.17%	–
SWK	Sell	STANLEY BLACK AND DECKER INC.	$15,513,284	-19.1%	185,610	-9.3%	2.00%	-12.0%
IGT	New	INTERNATIONAL GAME TECHNOLOGY	$12,676,792	–	418,100	–	1.64%	–
	Buy	VITESSE ENERGY, INC.	$1,345,932	+151.5%	58,800	+146.1%	0.17%	+176.2%
MD	Buy	PEDIATRIX MEDICAL GROUP INC	$1,329,593	-4.1%	104,610	+7.2%	0.17%	+4.3%
HSC	Buy	ENVIRI CORPORATION	$1,167,763	-21.5%	161,740	+7.3%	0.15%	-14.2%
	Sell	SYLVAMO CORP	$890,664	-11.5%	20,270	-18.5%	0.12%	-3.4%
HHC	Sell	HOWARD HUGHES HOLDINGS	$827,068	-94.4%	11,157	-94.1%	0.11%	-93.9%
EHC	Sell	ENCOMPASS HEALTH CORP	$804,711	-42.3%	11,982	-41.8%	0.10%	-37.0%
MRCY	New	MERCURY SYSTEMS INC.	$340,672	–	9,185	–	0.04%	–
	Sell	ENOVIS CORP	$22,674	-58.9%	430	-50.0%	0.00%	-57.1%
UFI	New	UNIFI, INC	$21,371	–	3,010	–	0.00%	–
VSEC	New	VSE CORPORATION	$10,592	–	210	–	0.00%	–
CAL	Exit	CALERES INC	$0	–	-36,442	–	-0.10%	–
OKE	Exit	ONEOK INC	$0	–	-212,519	–	-1.56%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-764,595	–	-2.25%	–
NVT	Exit	nVENT ELECTRIC	$0	–	-399,472	–	-2.45%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-550,301	–	-3.23%	–
SUM	Exit	SUMMIT MATERIALS, INC - CL A	$0	–	-805,457	–	-3.62%	–

Q2 2023

			Value		Shares		↓ Weighting
ARMK	New	ARAMARK	$37,596,426	–	873,320	–	4.46%	–
PDCO	New	PATTERSON COS INC.	$32,164,881	–	967,074	–	3.81%	–
PRGO	New	PERRIGO COMPANY PLC	$32,092,663	–	945,292	–	3.80%	–
ENR	New	ENERGIZER HOLDINGS	$31,590,721	–	940,760	–	3.75%	–
SUM	New	SUMMIT MATERIALS, INC - CL A	$30,486,547	–	805,457	–	3.62%	–
CAG	New	CONAGRA BRANDS, INC.	$30,295,667	–	898,448	–	3.59%	–
SWX	New	SOUTHWEST GAS HOLDINGS	$29,061,954	–	456,590	–	3.45%	–
PPL	New	PPL CORP	$28,779,219	–	1,087,650	–	3.41%	–
LKQ	New	LKQ CORP	$28,191,026	–	483,800	–	3.34%	–
DD	New	DUPONT DE NEMOURS INC	$28,128,214	–	393,732	–	3.34%	–
HWM	New	HOWMET AEROSPACE INC	$27,272,918	–	550,301	–	3.23%	–
FE	New	FIRSTENERGY	$27,017,945	–	694,906	–	3.20%	–
PNR	New	PENTAIR PLC	$25,436,896	–	393,760	–	3.02%	–
XRAY	New	DENTSPLY SIRONA, INC.	$25,365,076	–	633,810	–	3.01%	–
ATI	New	ATI INC	$24,413,456	–	551,966	–	2.90%	–
	New	ESAB CORPORATION	$24,410,199	–	366,850	–	2.89%	–
JCI	New	JOHNSON CONTROLS INTL	$23,041,200	–	338,145	–	2.73%	–
IFF	New	INTL FLAVORS & FRAGRANCES	$22,192,876	–	278,840	–	2.63%	–
NWL	New	NEWELL BRANDS, INC	$21,958,591	–	2,523,976	–	2.60%	–
MDU	New	MDU RESOURCES GROUP	$21,562,358	–	1,029,721	–	2.56%	–
THS	New	TREEHOUSE FOODS INC	$21,549,289	–	427,735	–	2.56%	–
O	New	REALTY INCOME CORP	$20,845,245	–	348,641	–	2.47%	–
SRCL	New	STERICYCLE INC	$20,808,510	–	448,073	–	2.47%	–
NVT	New	nVENT ELECTRIC	$20,640,718	–	399,472	–	2.45%	–
SWK	New	STANLEY BLACK AND DECKER INC.	$19,184,311	–	204,720	–	2.28%	–
VRT	New	VERTIV HOLDINGS CO	$18,939,018	–	764,595	–	2.25%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$18,355,785	–	1,467,289	–	2.18%	–
GPC	New	GENUINE PARTS CO	$16,575,402	–	97,946	–	1.96%	–
DVN	New	DEVON ENERGY	$16,480,460	–	340,928	–	1.95%	–
SYY	New	SYSCO CORPORATION	$16,016,070	–	215,850	–	1.90%	–
USFD	New	US FOODS HOLDING CORP	$15,770,480	–	358,420	–	1.87%	–
HHC	New	HOWARD HUGHES CORP	$14,852,744	–	188,200	–	1.76%	–
OKE	New	ONEOK INC	$13,116,673	–	212,519	–	1.56%	–
CLVT	New	CLARIVATE PLC.	$12,696,152	–	1,332,230	–	1.50%	–
	New	KNIFE RIVER CORP	$11,198,118	–	257,428	–	1.33%	–
JBT	New	JOHN BEAN TECHNOLOGIES	$10,923,065	–	90,050	–	1.30%	–
CHK	New	CHESAPEAKE ENERGY CORP	$8,751,254	–	104,580	–	1.04%	–
HSC	New	ENVIRI CORPORATION	$1,488,297	–	150,790	–	0.18%	–
EHC	New	ENCOMPASS HEALTH CORP	$1,394,284	–	20,592	–	0.16%	–
MD	New	PEDIATRIX MEDICAL GROUP INC	$1,386,470	–	97,570	–	0.16%	–
PRMW	New	PRIMO WATER CORP	$1,365,681	–	108,906	–	0.16%	–
SPTN	New	SPARTANNASH CO	$1,308,056	–	58,110	–	0.16%	–
	New	ENHABIT INC	$1,235,848	–	107,465	–	0.15%	–
DTM	New	DT MIDSTREAM, INC.	$1,071,208	–	21,610	–	0.13%	–
	New	SYLVAMO CORP	$1,005,992	–	24,870	–	0.12%	–
B	New	BARNES GROUP INC	$962,354	–	22,810	–	0.11%	–
NFG	New	NATIONAL FUEL GAS	$949,081	–	18,479	–	0.11%	–
CAL	New	CALERES INC	$872,057	–	36,442	–	0.10%	–
	New	ORION OFFICE REIT, INC.	$725,672	–	109,784	–	0.09%	–
KAMN	New	KAMAN CORP	$673,941	–	27,700	–	0.08%	–
TGI	New	TRIUMPH GROUP	$539,617	–	43,623	–	0.06%	–
	New	VITESSE ENERGY, INC.	$535,136	–	23,890	–	0.06%	–
	New	ENOVIS CORP	$55,143	–	860	–	0.01%	–
CNX	New	CNX RESOURCES	$23,036	–	1,300	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
CNX	Exit	CNX RESOURCES	$0	–	-1,300	–	-0.00%	–
	Exit	ENOVIS CORP	$0	–	-910	–	-0.01%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-44,313	–	-0.06%	–
HSC	Exit	HARSCO CORP	$0	–	-175,770	–	-0.10%	–
AIN	Exit	ALBANY INTERNATIONAL CORP	$0	–	-9,250	–	-0.11%	–
PVAC	Exit	RANGER OIL CORP	$0	–	-23,420	–	-0.11%	–
KAMN	Exit	KAMAN CORP	$0	–	-28,440	–	-0.12%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-12,979	–	-0.12%	–
	Exit	ORION OFFICE REIT, INC.	$0	–	-93,864	–	-0.12%	–
DTM	Exit	DT MIDSTREAM, INC.	$0	–	-16,140	–	-0.12%	–
	Exit	ENHABIT INC	$0	–	-71,295	–	-0.15%	–
CAL	Exit	CALERES INC	$0	–	-44,042	–	-0.16%	–
SPTN	Exit	SPARTANNASH CO	$0	–	-37,070	–	-0.16%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-25,112	–	-0.17%	–
	Exit	SYLVAMO CORP	$0	–	-34,140	–	-0.17%	–
MD	Exit	PEDIATRIX MEDICAL GROUP INC	$0	–	-82,870	–	-0.20%	–
PRMW	Exit	PRIMO WATER CORP	$0	–	-112,696	–	-0.21%	–
ACHC	Exit	ACADIA HEALTHCARE COMP	$0	–	-48,150	–	-0.56%	–
NLSN	Exit	NIELSEN HOLDINGS	$0	–	-244,239	–	-1.01%	–
HBI	Exit	HANESBRANDS INC	$0	–	-1,298,700	–	-1.34%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-190,760	–	-1.57%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-196,470	–	-2.07%	–
TAP	Exit	MOLSON COORS BEVERAGE CO - B	$0	–	-308,440	–	-2.20%	–
SWK	Exit	STANLEY BLACK AND DECKER INC.	$0	–	-203,100	–	-2.27%	–
SRCL	Exit	STERICYCLE INC	$0	–	-377,213	–	-2.36%	–
	Exit	ESAB CORPORATION	$0	–	-492,184	–	-2.44%	–
DVN	Exit	DEVON ENERGY	$0	–	-290,238	–	-2.60%	–
OKE	Exit	ONEOK INC	$0	–	-351,139	–	-2.68%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-2,075,834	–	-3.00%	–
O	Exit	REALTY INCOME CORP	$0	–	-352,771	–	-3.06%	–
NVT	Exit	nVENT ELECTRIC	$0	–	-668,812	–	-3.15%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-1,253,759	–	-3.15%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-149,416	–	-3.32%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-721,521	–	-3.32%	–
FE	Exit	FIRSTENERGY	$0	–	-605,316	–	-3.33%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-458,945	–	-3.36%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-452,996	–	-3.40%	–
LKQ	Exit	LKQ CORP	$0	–	-489,530	–	-3.43%	–
ATI	Exit	ATI INC	$0	–	-872,876	–	-3.46%	–
PPL	Exit	PPL CORP	$0	–	-929,440	–	-3.51%	–
NWL	Exit	NEWELL BRANDS, INC	$0	–	-1,732,207	–	-3.58%	–
ENR	Exit	ENERGIZER HOLDINGS	$0	–	-957,090	–	-3.58%	–
GPK	Exit	GRAPHIC PACKAGING CO	$0	–	-1,245,313	–	-3.66%	–
PDCO	Exit	PATTERSON COS INC.	$0	–	-1,032,564	–	-3.69%	–
ARMK	Exit	ARAMARK	$0	–	-844,950	–	-3.92%	–
SUM	Exit	SUMMIT MATERIALS, INC - CL A	$0	–	-1,190,220	–	-4.24%	–
THS	Exit	TREEHOUSE FOODS INC	$0	–	-722,695	–	-4.56%	–
CAG	Exit	CONAGRA BRANDS, INC.	$0	–	-1,027,348	–	-4.99%	–
PRGO	Exit	PERRIGO COMPANY PLC	$0	–	-960,965	–	-5.10%	–

Q3 2022

			Value		Shares		↓ Weighting
PRGO	Sell	PERRIGO COMPANY PLC	$34,268,000	-12.3%	960,965	-0.2%	5.10%	-4.7%
THS	Sell	TREEHOUSE FOODS INC	$30,657,000	-7.6%	722,695	-8.9%	4.56%	+0.4%
ARMK	Buy	ARAMARK	$26,362,000	+65.2%	844,950	+62.1%	3.92%	+79.5%
PDCO	Buy	PATTERSON COS INC.	$24,802,000	-16.1%	1,032,564	+5.8%	3.69%	-8.8%
GPK	Sell	GRAPHIC PACKAGING CO	$24,582,000	-4.6%	1,245,313	-0.9%	3.66%	+3.7%
ENR	Buy	ENERGIZER HOLDINGS	$24,061,000	-1.9%	957,090	+10.6%	3.58%	+6.6%
NWL	Buy	NEWELL BRANDS, INC	$24,060,000	-12.8%	1,732,207	+19.5%	3.58%	-5.3%
ATI	Sell	ATI INC	$23,227,000	+5.0%	872,876	-10.4%	3.46%	+14.1%
GPC	Sell	GENUINE PARTS CO	$22,311,000	-8.5%	149,416	-18.5%	3.32%	-0.6%
HAIN	Buy	HAIN CELESTIAL GROUP INC	$21,163,000	-21.2%	1,253,759	+10.8%	3.15%	-14.4%
	Buy	ESAB CORPORATION	$16,419,000	-11.7%	492,184	+15.8%	2.44%	-4.1%
SWK	Buy	STANLEY BLACK AND DECKER INC.	$15,275,000	+3.7%	203,100	+44.6%	2.27%	+12.7%
SYY	Buy	SYSCO CORPORATION	$13,892,000	-7.0%	196,470	+11.4%	2.07%	+1.0%
ACHC	Sell	ACADIA HEALTHCARE COMP	$3,764,000	-69.6%	48,150	-73.7%	0.56%	-66.9%
SPTN	Buy	SPARTANNASH CO	$1,076,000	+7.6%	37,070	+11.9%	0.16%	+16.8%
	New	ENHABIT INC	$1,001,000	–	71,295	–	0.15%	–
DTM	Sell	DT MIDSTREAM, INC.	$838,000	+5.5%	16,140	-0.4%	0.12%	+14.7%
	Buy	ORION OFFICE REIT, INC.	$821,000	-6.3%	93,864	+17.5%	0.12%	+1.7%
NFG	Sell	NATIONAL FUEL GAS	$799,000	-19.0%	12,979	-13.1%	0.12%	-11.9%
PVAC	Sell	RANGER OIL CORP	$737,000	-4.4%	23,420	-0.2%	0.11%	+3.8%
AIN	New	ALBANY INTERNATIONAL CORP	$729,000	–	9,250	–	0.11%	–
	Sell	ENOVIS CORP	$42,000	-98.3%	910	-98.0%	0.01%	-98.2%
JELD	Exit	JELD-WEN HOLDING INC	$0	–	-1,088,720	–	-2.18%	–

Q2 2022

			Value		Shares		↓ Weighting
PRGO	New	PERRIGO COMPANY PLC	$39,079,000	–	963,255	–	5.35%	–
CAG	New	CONAGRA BRANDS, INC.	$35,176,000	–	1,027,348	–	4.82%	–
THS	New	TREEHOUSE FOODS INC	$33,180,000	–	793,390	–	4.54%	–
PDCO	New	PATTERSON COS INC.	$29,558,000	–	975,504	–	4.05%	–
SUM	New	SUMMIT MATERIALS, INC - CL A	$27,720,000	–	1,190,220	–	3.80%	–
NWL	New	NEWELL BRANDS, INC	$27,600,000	–	1,449,597	–	3.78%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$26,868,000	–	1,131,769	–	3.68%	–
GPK	New	GRAPHIC PACKAGING CO	$25,773,000	–	1,257,203	–	3.53%	–
PPL	New	PPL CORP	$25,216,000	–	929,440	–	3.45%	–
DD	New	DUPONT DE NEMOURS INC	$25,178,000	–	452,996	–	3.45%	–
ENR	New	ENERGIZER HOLDINGS	$24,527,000	–	865,160	–	3.36%	–
GPC	New	GENUINE PARTS CO	$24,390,000	–	183,386	–	3.34%	–
O	New	REALTY INCOME CORP	$24,080,000	–	352,771	–	3.30%	–
LKQ	New	LKQ CORP	$24,031,000	–	489,530	–	3.29%	–
FE	New	FIRSTENERGY	$23,238,000	–	605,316	–	3.18%	–
HWM	New	HOWMET AEROSPACE INC	$22,692,000	–	721,521	–	3.11%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$22,112,000	–	973,666	–	3.03%	–
JCI	New	JOHNSON CONTROLS INTL	$21,974,000	–	458,945	–	3.01%	–
NVT	New	nVENT ELECTRIC	$20,954,000	–	668,812	–	2.87%	–
OKE	New	ONEOK INC	$19,488,000	–	351,139	–	2.67%	–
	New	ESAB CORPORATION	$18,599,000	–	425,114	–	2.55%	–
VRT	New	VERTIV HOLDINGS CO	$17,063,000	–	2,075,834	–	2.34%	–
TAP	New	MOLSON COORS BEVERAGE CO - B	$16,813,000	–	308,440	–	2.30%	–
SRCL	New	STERICYCLE INC	$16,541,000	–	377,213	–	2.26%	–
DVN	New	DEVON ENERGY	$15,995,000	–	290,238	–	2.19%	–
ARMK	New	ARAMARK	$15,962,000	–	521,110	–	2.19%	–
JELD	New	JELD-WEN HOLDING INC	$15,884,000	–	1,088,720	–	2.18%	–
SYY	New	SYSCO CORPORATION	$14,943,000	–	176,400	–	2.05%	–
SWK	New	STANLEY BLACK AND DECKER INC.	$14,731,000	–	140,480	–	2.02%	–
HBI	New	HANESBRANDS INC	$13,364,000	–	1,298,700	–	1.83%	–
HHC	New	HOWARD HUGHES CORP	$12,981,000	–	190,760	–	1.78%	–
ACHC	New	ACADIA HEALTHCARE COMP	$12,364,000	–	182,824	–	1.69%	–
NLSN	New	NIELSEN HOLDINGS	$5,671,000	–	244,239	–	0.78%	–
	New	ENOVIS CORP	$2,469,000	–	44,894	–	0.34%	–
MD	New	MEDNAX INC.	$1,741,000	–	82,870	–	0.24%	–
PRMW	New	PRIMO WATER CORP	$1,508,000	–	112,696	–	0.21%	–
EHC	New	ENCOMPASS HEALTH CORP	$1,408,000	–	25,112	–	0.19%	–
HSC	New	HARSCO CORP	$1,250,000	–	175,770	–	0.17%	–
CAL	New	CALERES INC	$1,156,000	–	44,042	–	0.16%	–
	New	SYLVAMO CORP	$1,116,000	–	34,140	–	0.15%	–
SPTN	New	SPARTANNASH CO	$1,000,000	–	33,130	–	0.14%	–
NFG	New	NATIONAL FUEL GAS	$987,000	–	14,939	–	0.14%	–
KAMN	New	KAMAN CORP	$889,000	–	28,440	–	0.12%	–
	New	ORION OFFICE REIT, INC.	$876,000	–	79,914	–	0.12%	–
DTM	New	DT MIDSTREAM, INC.	$794,000	–	16,200	–	0.11%	–
PVAC	New	RANGER OIL CORP	$771,000	–	23,470	–	0.11%	–
TGI	New	TRIUMPH GROUP	$589,000	–	44,313	–	0.08%	–
CNX	New	CNX RESOURCES	$21,000	–	1,300	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
FLOW	Exit	SPX FLOW INC	$0	–	-250	–	-0.00%	–
CNX	Exit	CNX Resources	$0	–	-2,470	–	-0.00%	–
MGY	Exit	MAGNOLIA OIL & GAS CORP	$0	–	-2,150	–	-0.01%	–
MD	Exit	MEDNAX INC.	$0	–	-9,320	–	-0.03%	–
CVA	Exit	COVANTA HOLDINGS CORP	$0	–	-47,690	–	-0.12%	–
RGS	Exit	REGIS CORP	$0	–	-288,165	–	-0.12%	–
PRMW	Exit	PRIMO WATER CORP	$0	–	-72,656	–	-0.14%	–
KAMN	Exit	KAMAN CORP	$0	–	-37,800	–	-0.16%	–
CAL	Exit	CALERES INC	$0	–	-65,852	–	-0.18%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-80,153	–	-0.18%	–
HSC	Exit	HARSCO CORP	$0	–	-89,800	–	-0.19%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-21,922	–	-0.20%	–
SPTN	Exit	SPARTANNASH CO	$0	–	-78,350	–	-0.21%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-32,759	–	-0.21%	–
TAP	Exit	MOLSON COORS BEVERAGE CO - B	$0	–	-181,090	–	-1.02%	–
DOW	Exit	DOW INC	$0	–	-199,920	–	-1.40%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-264,527	–	-1.81%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-189,450	–	-2.03%	–
HBI	Exit	HANESBRANDS INC	$0	–	-1,010,850	–	-2.12%	–
SUM	Exit	SUMMIT MATERIALS, INC - CL A	$0	–	-574,590	–	-2.24%	–
KR	Exit	KROGER CO	$0	–	-464,174	–	-2.29%	–
FE	Exit	FIRSTENERGY	$0	–	-547,286	–	-2.38%	–
SRCL	Exit	STERICYCLE INC	$0	–	-288,233	–	-2.39%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-289,672	–	-2.41%	–
ACHC	Exit	ACADIA HEALTHCARE COMP	$0	–	-321,804	–	-2.50%	–
LKQ	Exit	LKQ CORP	$0	–	-421,261	–	-2.59%	–
JELD	Exit	JELD-WEN HOLDING INC	$0	–	-906,140	–	-2.77%	–
BBBY	Exit	BED BATH & BEYOND INC.	$0	–	-1,395,128	–	-2.94%	–
CFX	Exit	COLFAX CORP	$0	–	-529,223	–	-2.96%	–
DVN	Exit	DEVON ENERGY	$0	–	-685,231	–	-2.97%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-317,200	–	-3.04%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-1,502,626	–	-3.05%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-373,956	–	-3.10%	–
OKE	Exit	ONEOK INC	$0	–	-464,083	–	-3.28%	–
NLSN	Exit	NIELSEN HOLDINGS	$0	–	-1,404,729	–	-3.29%	–
D	Exit	DOMINION ENERGY, INC	$0	–	-379,176	–	-3.38%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-649,339	–	-3.39%	–
GPK	Exit	GRAPHIC PACKAGING CO	$0	–	-1,568,413	–	-3.64%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-1,004,191	–	-3.82%	–
NVT	Exit	nVENT ELECTRIC	$0	–	-1,011,772	–	-3.99%	–
NWL	Exit	NEWELL BRANDS, INC	$0	–	-1,581,507	–	-4.27%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-293,076	–	-4.34%	–
PDCO	Exit	PATTERSON COS INC.	$0	–	-1,179,114	–	-4.34%	–
VER	Exit	VEREIT INC	$0	–	-811,573	–	-4.48%	–
CAG	Exit	CONAGRA BRANDS, INC.	$0	–	-1,109,468	–	-4.59%	–
PRGO	Exit	PERRIGO COMPANY PLC	$0	–	-933,875	–	-5.40%	–

Q3 2021

			Value		Shares		↓ Weighting
PRGO	Buy	PERRIGO COMPANY PLC	$44,200,000	+7.2%	933,875	+3.8%	5.40%	+10.9%
CAG	Buy	CONAGRA BRANDS, INC.	$37,578,000	+13.9%	1,109,468	+22.4%	4.59%	+17.9%
VER	Sell	VEREIT INC	$36,707,000	-2.6%	811,573	-1.1%	4.48%	+0.8%
PDCO	Buy	PATTERSON COS INC.	$35,538,000	+3.2%	1,179,114	+4.0%	4.34%	+6.8%
GPC	Sell	GENUINE PARTS CO	$35,530,000	-5.2%	293,076	-1.1%	4.34%	-1.9%
NWL	Buy	NEWELL BRANDS, INC	$35,015,000	-12.7%	1,581,507	+8.3%	4.27%	-9.6%
NVT	Sell	nVENT ELECTRIC	$32,711,000	-13.2%	1,011,772	-16.2%	3.99%	-10.2%
HWM	Sell	HOWMET AEROSPACE INC	$31,331,000	-10.5%	1,004,191	-1.1%	3.82%	-7.4%
GPK	Sell	GRAPHIC PACKAGING CO	$29,863,000	+3.8%	1,568,413	-1.1%	3.64%	+7.5%
HAIN	Buy	HAIN CELESTIAL GROUP INC	$27,779,000	+26.0%	649,339	+18.2%	3.39%	+30.5%
D	Sell	DOMINION ENERGY, INC	$27,687,000	-1.9%	379,176	-1.1%	3.38%	+1.6%
NLSN	Buy	NIELSEN HOLDINGS	$26,957,000	-17.2%	1,404,729	+6.5%	3.29%	-14.3%
OKE	Sell	ONEOK INC	$26,912,000	-19.9%	464,083	-23.1%	3.28%	-17.0%
DD	Buy	DUPONT DE NEMOURS INC	$25,425,000	-6.0%	373,956	+7.0%	3.10%	-2.7%
ATI	Buy	ALLEGHENY TECHNOLOGIES	$24,989,000	-15.7%	1,502,626	+5.7%	3.05%	-12.7%
SYY	Buy	SYSCO CORPORATION	$24,900,000	+120.6%	317,200	+118.5%	3.04%	+128.3%
DVN	Sell	DEVON ENERGY	$24,333,000	-5.0%	685,231	-21.9%	2.97%	-1.7%
CFX	Sell	COLFAX CORP	$24,291,000	-0.9%	529,223	-1.1%	2.96%	+2.6%
BBBY	Buy	BED BATH & BEYOND INC.	$24,101,000	+8.3%	1,395,128	+108.7%	2.94%	+12.1%
JELD	Buy	JELD-WEN HOLDING INC	$22,681,000	+6.3%	906,140	+11.5%	2.77%	+10.1%
LKQ	Sell	LKQ CORP	$21,198,000	+1.1%	421,261	-1.1%	2.59%	+4.7%
ACHC	Sell	ACADIA HEALTHCARE COMP	$20,525,000	-1.1%	321,804	-2.7%	2.50%	+2.4%
JCI	Sell	JOHNSON CONTROLS INTL	$19,721,000	-10.3%	289,672	-9.6%	2.41%	-7.1%
SRCL	Buy	STERICYCLE INC	$19,591,000	+3.1%	288,233	+8.5%	2.39%	+6.6%
FE	Sell	FIRSTENERGY	$19,494,000	-5.4%	547,286	-1.1%	2.38%	-2.1%
KR	Sell	KROGER CO	$18,767,000	-20.9%	464,174	-25.0%	2.29%	-18.1%
SUM	Buy	SUMMIT MATERIALS, INC - CL A	$18,370,000	+82.9%	574,590	+99.4%	2.24%	+89.4%
HBI	Sell	HANESBRANDS INC	$17,346,000	-9.1%	1,010,850	-1.1%	2.12%	-5.9%
HHC	Sell	HOWARD HUGHES CORP	$16,636,000	-10.9%	189,450	-1.1%	2.03%	-7.7%
IP	Sell	INTERNATIONAL PAPER	$14,792,000	-9.8%	264,527	-1.1%	1.81%	-6.7%
DOW	Sell	DOW INC	$11,507,000	-10.1%	199,920	-1.1%	1.40%	-6.9%
TAP	Sell	MOLSON COORS BEVERAGE CO - B	$8,399,000	-14.6%	181,090	-1.1%	1.02%	-11.6%
SPTN	Buy	SPARTANNASH CO	$1,716,000	+31.1%	78,350	+15.6%	0.21%	+35.7%
EHC	Buy	ENCOMPASS HEALTH CORP	$1,645,000	+32.9%	21,922	+38.1%	0.20%	+37.7%
CAL	Sell	CALERES INC	$1,463,000	-27.5%	65,852	-11.0%	0.18%	-24.8%
KAMN	Buy	KAMAN CORP	$1,348,000	+70.6%	37,800	+141.2%	0.16%	+77.4%
RGS	Buy	REGIS CORP	$1,003,000	-21.9%	288,165	+110.0%	0.12%	-19.2%
CVA	Sell	COVANTA HOLDINGS CORP	$960,000	-41.9%	47,690	-49.2%	0.12%	-40.0%
CNX	Buy	CNX Resources	$31,000	+47.6%	2,470	+57.3%	0.00%	+100.0%
FLOW	Sell	SPX FLOW INC	$18,000	-10.0%	250	-16.7%	0.00%	0.0%
TRN	Exit	TRINITY IND	$0	–	-30,278	–	-0.10%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-143,933	–	-1.74%	–

Q2 2021

			Value		Shares		↓ Weighting
PRGO	New	PERRIGO COMPANY PLC	$41,246,000	–	899,585	–	4.86%	–
NWL	New	NEWELL BRANDS, INC	$40,104,000	–	1,459,927	–	4.73%	–
NVT	New	nVENT ELECTRIC	$37,697,000	–	1,206,702	–	4.45%	–
VER	New	VEREIT INC	$37,684,000	–	820,473	–	4.44%	–
GPC	New	GENUINE PARTS CO	$37,495,000	–	296,476	–	4.42%	–
HWM	New	HOWMET AEROSPACE INC	$35,015,000	–	1,015,811	–	4.13%	–
PDCO	New	PATTERSON COS INC.	$34,443,000	–	1,133,374	–	4.06%	–
OKE	New	ONEOK INC	$33,578,000	–	603,483	–	3.96%	–
CAG	New	CONAGRA BRANDS, INC.	$32,982,000	–	906,598	–	3.89%	–
NLSN	New	NIELSEN HOLDINGS	$32,552,000	–	1,319,509	–	3.84%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$29,639,000	–	1,421,526	–	3.50%	–
GPK	New	GRAPHIC PACKAGING CO	$28,759,000	–	1,585,413	–	3.39%	–
D	New	DOMINION ENERGY, INC	$28,220,000	–	383,576	–	3.33%	–
DD	New	DUPONT DE NEMOURS INC	$27,048,000	–	349,416	–	3.19%	–
DVN	New	DEVON ENERGY	$25,617,000	–	877,581	–	3.02%	–
CFX	New	COLFAX CORP	$24,511,000	–	535,053	–	2.89%	–
KR	New	KROGER CO	$23,720,000	–	619,154	–	2.80%	–
BBBY	New	BED BATH & BEYOND INC.	$22,259,000	–	668,634	–	2.62%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$22,039,000	–	549,339	–	2.60%	–
JCI	New	JOHNSON CONTROLS INTL	$21,980,000	–	320,272	–	2.59%	–
JELD	New	JELD-WEN HOLDING INC	$21,335,000	–	812,449	–	2.52%	–
LKQ	New	LKQ CORP	$20,961,000	–	425,871	–	2.47%	–
ACHC	New	ACADIA HEALTHCARE COMP	$20,751,000	–	330,694	–	2.45%	–
FE	New	FIRSTENERGY	$20,601,000	–	553,636	–	2.43%	–
HBI	New	HANESBRANDS INC	$19,074,000	–	1,021,630	–	2.25%	–
SRCL	New	STERICYCLE INC	$19,008,000	–	265,665	–	2.24%	–
HHC	New	HOWARD HUGHES CORP	$18,661,000	–	191,470	–	2.20%	–
IP	New	INTERNATIONAL PAPER	$16,406,000	–	267,597	–	1.94%	–
CCK	New	CROWN HOLDINGS INC	$14,711,000	–	143,933	–	1.74%	–
DOW	New	DOW INC	$12,797,000	–	202,230	–	1.51%	–
SYY	New	SYSCO CORPORATION	$11,288,000	–	145,180	–	1.33%	–
SUM	New	SUMMIT MATERIALS, INC - CL A	$10,041,000	–	288,130	–	1.18%	–
TAP	New	MOLSON COORS BEVERAGE CO - B	$9,830,000	–	183,080	–	1.16%	–
CAL	New	CALERES INC	$2,018,000	–	73,962	–	0.24%	–
HSC	New	HARSCO CORP	$1,834,000	–	89,800	–	0.22%	–
NFG	New	NATIONAL FUEL GAS	$1,712,000	–	32,759	–	0.20%	–
TGI	New	TRIUMPH GROUP	$1,663,000	–	80,153	–	0.20%	–
CVA	New	COVANTA HOLDINGS CORP	$1,653,000	–	93,880	–	0.20%	–
SPTN	New	SPARTANNASH CO	$1,309,000	–	67,780	–	0.15%	–
RGS	New	REGIS CORP	$1,284,000	–	137,200	–	0.15%	–
EHC	New	ENCOMPASS HEALTH CORP	$1,238,000	–	15,872	–	0.15%	–
PRMW	New	PRIMO WATER CORP	$1,216,000	–	72,656	–	0.14%	–
TRN	New	TRINITY IND	$814,000	–	30,278	–	0.10%	–
KAMN	New	KAMAN CORP	$790,000	–	15,670	–	0.09%	–
MD	New	MEDNAX INC.	$281,000	–	9,320	–	0.03%	–
MGY	New	MAGNOLIA OIL & GAS CORP	$34,000	–	2,150	–	0.00%	–
CNX	New	CNX Resources	$21,000	–	1,570	–	0.00%	–
FLOW	New	SPX FLOW INC	$20,000	–	300	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
ITT	Exit	ITT INC	$0	–	-130	–	-0.00%	–
MGY	Exit	MAGNOLIA OIL & GAS CORP	$0	–	-1,720	–	-0.00%	–
CNX	Exit	CNX Resources	$0	–	-1,570	–	-0.00%	–
FLOW	Exit	SPX FLOW INC	$0	–	-370	–	-0.00%	–
JELD	Exit	JELD-WEN HOLDING INC	$0	–	-18,009	–	-0.07%	–
WTTR	Exit	SELECT ENERGY SRVC	$0	–	-107,012	–	-0.07%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-74,693	–	-0.08%	–
TRN	Exit	TRINITY IND	$0	–	-30,808	–	-0.10%	–
PRMW	Exit	PRIMO WATER CORP	$0	–	-53,136	–	-0.13%	–
CAL	Exit	CALERES INC	$0	–	-100,362	–	-0.16%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-18,242	–	-0.20%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-30,529	–	-0.21%	–
MAC	Exit	MACERICH COMPANY	$0	–	-843,699	–	-0.98%	–
DVN	Exit	DEVON ENERGY	$0	–	-898,931	–	-1.46%	–
LKQ	Exit	LKQ CORP	$0	–	-348,411	–	-1.66%	–
ACHC	Exit	ACADIA HEALTHCARE COMP	$0	–	-343,274	–	-1.74%	–
DOW	Exit	DOW INC	$0	–	-233,700	–	-1.89%	–
OC	Exit	OWENS CORNING	$0	–	-177,391	–	-2.10%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-172,443	–	-2.28%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-1,520,646	–	-2.28%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-241,800	–	-2.40%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-344,187	–	-2.40%	–
SRCL	Exit	STERICYCLE INC	$0	–	-227,462	–	-2.47%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-359,265	–	-2.52%	–
OKE	Exit	ONEOK INC	$0	–	-619,803	–	-2.77%	–
TGT	Exit	TARGET CORP	$0	–	-102,706	–	-2.78%	–
FE	Exit	FIRSTENERGY	$0	–	-570,176	–	-2.82%	–
HBI	Exit	HANESBRANDS IND	$0	–	-1,044,270	–	-2.83%	–
CFX	Exit	COLFAX CORP	$0	–	-528,373	–	-2.85%	–
NLSN	Exit	NIELSEN HOLDINGS	$0	–	-1,259,609	–	-3.07%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-1,071,238	–	-3.08%	–
D	Exit	DOMINION ENERGY, INC	$0	–	-233,866	–	-3.17%	–
NVT	Exit	nVENT ELECTRIC	$0	–	-1,055,682	–	-3.21%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-462,609	–	-3.28%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-359,882	–	-3.43%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-600,539	–	-3.54%	–
KR	Exit	KROGER CO	$0	–	-637,674	–	-3.72%	–
GPK	Exit	GRAPHIC PACKAGING CO	$0	–	-1,582,753	–	-3.83%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-236,806	–	-3.88%	–
CAG	Exit	CONAGRA BRANDS, INC.	$0	–	-639,268	–	-3.92%	–
NWL	Exit	NEWELL BRANDS, INC	$0	–	-1,485,027	–	-4.38%	–
PRGO	Exit	PERRIGO COMPANY PLC	$0	–	-565,215	–	-4.46%	–
PDCO	Exit	PATTERSON COS INC.	$0	–	-1,101,534	–	-4.56%	–
STAY	Exit	EXTENDED STAY AMERICA	$0	–	-2,234,385	–	-4.59%	–
VER	Exit	VEREIT INC	$0	–	-4,108,076	–	-4.59%	–

Q3 2020

			Value		Shares		↓ Weighting
VER	Sell	VEREIT INC	$26,702,000	-11.4%	4,108,076	-12.4%	4.59%	-3.1%
STAY	Sell	EXTENDED STAY AMERICA	$26,701,000	-5.9%	2,234,385	-11.8%	4.59%	+3.0%
PDCO	Sell	PATTERSON COS INC.	$26,552,000	-14.7%	1,101,534	-22.2%	4.56%	-6.7%
PRGO	Buy	PERRIGO COMPANY PLC	$25,949,000	-16.8%	565,215	+0.2%	4.46%	-8.9%
NWL	Sell	NEWELL BRANDS, INC	$25,483,000	-18.8%	1,485,027	-24.8%	4.38%	-11.1%
CAG	Sell	CONAGRA BRANDS, INC.	$22,828,000	-22.4%	639,268	-23.5%	3.92%	-15.0%
GPC	Sell	GENUINE PARTS CO	$22,537,000	-15.7%	236,806	-23.0%	3.88%	-7.8%
GPK	Sell	GRAPHIC PACKAGING CO	$22,301,000	-7.6%	1,582,753	-8.2%	3.83%	+1.1%
KR	Sell	KROGER CO	$21,624,000	-18.9%	637,674	-19.0%	3.72%	-11.2%
HAIN	Sell	HAIN CELESTIAL GROUP INC	$20,598,000	-3.2%	600,539	-11.1%	3.54%	+5.9%
DD	Sell	DUPONT DE NEMOURS INC	$19,966,000	-22.7%	359,882	-26.0%	3.43%	-15.5%
HDS	Sell	HD SUPPLY HOLDINGS	$19,078,000	-3.0%	462,609	-18.5%	3.28%	+6.1%
NVT	Buy	nVENT ELECTRIC	$18,675,000	-2.0%	1,055,682	+3.7%	3.21%	+7.2%
D	Sell	DOMINION ENERGY, INC	$18,459,000	-5.0%	233,866	-2.3%	3.17%	+3.9%
HWM	Sell	HOWMET AEROSPACE INC	$17,911,000	-6.2%	1,071,238	-11.1%	3.08%	+2.6%
NLSN	Buy	NIELSEN HOLDINGS	$17,861,000	+30.4%	1,259,609	+36.6%	3.07%	+42.6%
CFX	Sell	COLFAX CORP	$16,570,000	-9.3%	528,373	-19.3%	2.85%	-0.8%
HBI	Sell	HANESBRANDS IND	$16,447,000	+23.1%	1,044,270	-11.8%	2.83%	+34.7%
FE	Buy	FIRSTENERGY	$16,370,000	-23.8%	570,176	+3.0%	2.82%	-16.6%
TGT	Sell	TARGET CORP	$16,168,000	-3.0%	102,706	-26.1%	2.78%	+6.2%
OKE	Sell	ONEOK INC	$16,102,000	-23.4%	619,803	-2.1%	2.77%	-16.2%
JCI	Sell	JOHNSON CONTROLS INTL	$14,676,000	+4.9%	359,265	-12.3%	2.52%	+14.8%
SRCL	Sell	STERICYCLE INC	$14,344,000	-12.9%	227,462	-22.7%	2.47%	-4.7%
IP	Sell	INTERNATIONAL PAPER	$13,953,000	+0.9%	344,187	-12.4%	2.40%	+10.3%
HHC	Buy	HOWARD HUGHES CORP	$13,928,000	+40.3%	241,800	+26.5%	2.40%	+53.5%
ATI	Buy	ALLEGHENY TECHNOLOGIES	$13,260,000	-11.7%	1,520,646	+3.2%	2.28%	-3.4%
CCK	Sell	CROWN HOLDINGS INC	$13,254,000	-29.8%	172,443	-40.5%	2.28%	-23.2%
OC	Sell	OWENS CORNING	$12,206,000	-19.1%	177,391	-34.4%	2.10%	-11.5%
DOW	Sell	DOW INC	$10,996,000	+1.1%	233,700	-12.4%	1.89%	+10.7%
ACHC	Buy	ACADIA HEALTHCARE COMP	$10,120,000	+52.3%	343,274	+29.8%	1.74%	+66.7%
LKQ	Buy	LKQ CORP	$9,661,000	+42.1%	348,411	+34.3%	1.66%	+55.5%
DVN	Buy	DEVON ENERGY	$8,504,000	+11.5%	898,931	+33.7%	1.46%	+22.0%
MAC	Sell	MACERICH COMPANY	$5,729,000	-32.4%	843,699	-10.6%	0.98%	-26.0%
NFG	Buy	NATIONAL FUEL GAS	$1,239,000	+28.1%	30,529	+32.3%	0.21%	+40.1%
EHC	Buy	ENCOMPASS HEALTH CORP	$1,185,000	+39.4%	18,242	+32.9%	0.20%	+52.2%
CAL	Buy	CALERES INC	$959,000	+62.3%	100,362	+41.5%	0.16%	+77.4%
PRMW	Buy	PRIMO WATER CORP	$755,000	+225.4%	53,136	+214.8%	0.13%	+261.1%
TRN	Buy	TRINITY IND	$601,000	+21.7%	30,808	+32.8%	0.10%	+32.1%
TGI	Buy	TRIUMPH GROUP	$486,000	-3.8%	74,693	+33.3%	0.08%	+6.3%
WTTR	Buy	SELECT ENERGY SRVC	$411,000	+4.3%	107,012	+33.2%	0.07%	+14.5%
JELD	Buy	JELD-WEN HOLDING INC	$407,000	+86.7%	18,009	+32.9%	0.07%	+105.9%
FLOW	Sell	SPX FLOW INC	$16,000	0.0%	370	-11.9%	0.00%	0.0%
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-4,038	–	-0.06%	–

Q2 2020

			Value		Shares		↓ Weighting
NWL	New	NEWELL BRANDS, INC	$31,380,000	–	1,976,044	–	4.93%	–
PRGO	New	PERRIGO COMPANY PLC	$31,173,000	–	564,009	–	4.90%	–
PDCO	New	PATTERSON COS INC.	$31,145,000	–	1,415,672	–	4.89%	–
VER	New	VEREIT INC	$30,149,000	–	4,688,758	–	4.74%	–
CAG	New	CONAGRA BRANDS, INC.	$29,400,000	–	835,928	–	4.62%	–
STAY	New	EXTENDED STAY AMERICA	$28,363,000	–	2,534,695	–	4.46%	–
GPC	New	GENUINE PARTS CO	$26,749,000	–	307,600	–	4.20%	–
KR	New	KROGER CO	$26,655,000	–	787,434	–	4.19%	–
DD	New	DUPONT DE NEMOURS INC	$25,839,000	–	486,344	–	4.06%	–
GPK	New	GRAPHIC PACKAGING CO	$24,129,000	–	1,724,713	–	3.79%	–
FE	New	FIRSTENERGY	$21,471,000	–	553,661	–	3.37%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$21,280,000	–	675,340	–	3.34%	–
OKE	New	ONEOK INC	$21,033,000	–	633,140	–	3.30%	–
HDS	New	HD SUPPLY HOLDINGS	$19,665,000	–	567,528	–	3.09%	–
D	New	DOMINION ENERGY, INC	$19,435,000	–	239,411	–	3.05%	–
HWM	New	HOWMET AEROSPACE INC	$19,100,000	–	1,205,052	–	3.00%	–
NVT	New	nVENT ELECTRIC	$19,065,000	–	1,017,889	–	3.00%	–
CCK	New	CROWN HOLDINGS INC	$18,886,000	–	289,968	–	2.97%	–
CFX	New	COLFAX CORP	$18,276,000	–	655,058	–	2.87%	–
TGT	New	TARGET CORP	$16,662,000	–	138,928	–	2.62%	–
SRCL	New	STERICYCLE INC	$16,470,000	–	294,221	–	2.59%	–
OC	New	OWENS CORNING	$15,085,000	–	270,531	–	2.37%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$15,015,000	–	1,473,523	–	2.36%	–
JCI	New	JOHNSON CONTROLS INTL	$13,988,000	–	409,737	–	2.20%	–
IP	New	INTERNATIONAL PAPER	$13,834,000	–	392,904	–	2.17%	–
NLSN	New	NIELSEN HOLDINGS	$13,699,000	–	921,840	–	2.15%	–
HBI	New	HANESBRANDS IND	$13,363,000	–	1,183,591	–	2.10%	–
DOW	New	DOW INC	$10,872,000	–	266,725	–	1.71%	–
HHC	New	HOWARD HUGHES CORP	$9,928,000	–	191,110	–	1.56%	–
MAC	New	MACERICH COMPANY	$8,470,000	–	944,210	–	1.33%	–
DVN	New	DEVON ENERGY	$7,626,000	–	672,459	–	1.20%	–
LKQ	New	LKQ CORP	$6,799,000	–	259,520	–	1.07%	–
ACHC	New	ACADIA HEALTHCARE COMP	$6,644,000	–	264,490	–	1.04%	–
NFG	New	NATIONAL FUEL GAS	$967,000	–	23,070	–	0.15%	–
EHC	New	ENCOMPASS HEALTH CORP	$850,000	–	13,723	–	0.13%	–
CAL	New	CALERES INC	$591,000	–	70,916	–	0.09%	–
TGI	New	TRIUMPH GROUP	$505,000	–	56,024	–	0.08%	–
TRN	New	TRINITY IND	$494,000	–	23,191	–	0.08%	–
PKG	New	PACKAGING CORP OF AMERICA	$403,000	–	4,038	–	0.06%	–
WTTR	New	SELECT ENERGY SRVC	$394,000	–	80,351	–	0.06%	–
PRMW	New	PRIMO WATER CORP	$232,000	–	16,880	–	0.04%	–
JELD	New	JELD-WEN HOLDING INC	$218,000	–	13,550	–	0.03%	–
FLOW	New	SPX FLOW INC	$16,000	–	420	–	0.00%	–
MGY	New	MAGNOLIA OIL & GAS CORP	$10,000	–	1,720	–	0.00%	–
CNX	New	CNX Resources	$14,000	–	1,570	–	0.00%	–
ITT	New	ITT INC	$8,000	–	130	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
CEIX	Exit	CONSOL ENERGY INC	$0	–	-11,178	–	-0.02%	–
CNX	Exit	CNX Resources	$0	–	-27,960	–	-0.02%	–
MGY	Exit	MAGNOLIA OIL & GAS CORP	$0	–	-30,220	–	-0.04%	–
TRN	Exit	TRINITY IND	$0	–	-17,870	–	-0.04%	–
WTTR	Exit	SELECT ENERGY SRVC	$0	–	-57,060	–	-0.05%	–
ITT	Exit	ITT INC	$0	–	-9,032	–	-0.06%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-5,480	–	-0.06%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-25,640	–	-0.06%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-14,529	–	-0.07%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-11,968	–	-0.08%	–
CAL	Exit	CALERES INC	$0	–	-32,557	–	-0.08%	–
FLOW	Exit	SPX FLOW INC	$0	–	-94,236	–	-0.40%	–
OI	Exit	OWENS ILLINOIS	$0	–	-1,508,686	–	-1.69%	–
RTN	Exit	RAYTHEON	$0	–	-98,859	–	-2.11%	–
CFX	Exit	COLFAX CORP	$0	–	-704,080	–	-2.23%	–
DVN	Exit	DEVON ENERGY	$0	–	-866,638	–	-2.27%	–
DOW	Exit	DOW INC	$0	–	-440,071	–	-2.28%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-298,070	–	-2.32%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-792,326	–	-2.39%	–
FMC	Exit	FMC CORP	$0	–	-264,988	–	-2.53%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-608,888	–	-2.60%	–
TGT	Exit	TARGET CORP	$0	–	-230,998	–	-2.69%	–
FE	Exit	FIRSTENERGY	$0	–	-540,591	–	-2.84%	–
GPK	Exit	GRAPHIC PACKAGING CO	$0	–	-1,859,666	–	-2.99%	–
NVT	Exit	nVENT ELECTRIC	$0	–	-1,246,960	–	-2.99%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-426,942	–	-3.07%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-646,298	–	-3.09%	–
MAC	Exit	MACERICH COMPANY	$0	–	-898,608	–	-3.09%	–
D	Exit	DOMINION ENERGY, INC	$0	–	-355,611	–	-3.14%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-703,244	–	-3.20%	–
HBI	Exit	HANESBRANDS IND	$0	–	-1,937,134	–	-3.23%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-303,380	–	-3.29%	–
PDCO	Exit	PATTERSON COS INC.	$0	–	-1,717,230	–	-3.33%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-1,582,102	–	-3.49%	–
SRCL	Exit	STERICYCLE INC	$0	–	-641,898	–	-3.56%	–
L100PS	Exit	ARCONIC INC	$0	–	-1,271,596	–	-3.60%	–
VER	Exit	VEREIT INC	$0	–	-3,567,327	–	-3.80%	–
OC	Exit	OWENS CORNING	$0	–	-594,079	–	-4.09%	–
NWL	Exit	NEWELL BRANDS, INC	$0	–	-2,050,291	–	-4.18%	–
CAG	Exit	CONAGRA BRANDS, INC.	$0	–	-1,311,418	–	-4.38%	–
OKE	Exit	ONEOK INC	$0	–	-546,985	–	-4.39%	–
PRGO	Exit	PERRIGO COMPANY PLC	$0	–	-803,294	–	-4.89%	–
KR	Exit	KROGER CO	$0	–	-1,863,064	–	-5.23%	–

Q3 2019

			Value		Shares		↓ Weighting
KR	Sell	KROGER CO	$48,030,000	+7.6%	1,863,064	-9.4%	5.23%	+23.6%
PRGO	Sell	PERRIGO COMPANY PLC	$44,896,000	+4.1%	803,294	-11.3%	4.89%	+19.6%
OKE	Sell	ONEOK INC	$40,307,000	-9.1%	546,985	-15.2%	4.39%	+4.4%
CAG	Sell	CONAGRA BRANDS, INC.	$40,234,000	-1.6%	1,311,418	-14.9%	4.38%	+13.0%
NWL	Sell	NEWELL BRANDS, INC	$38,381,000	+3.4%	2,050,291	-14.8%	4.18%	+18.8%
OC	Sell	OWENS CORNING	$37,546,000	-15.1%	594,079	-21.8%	4.09%	-2.5%
VER	Sell	VEREIT INC	$34,888,000	-8.1%	3,567,327	-15.3%	3.80%	+5.6%
L100PS	Sell	ARCONIC INC	$33,061,000	-22.7%	1,271,596	-23.2%	3.60%	-11.2%
SRCL	Sell	STERICYCLE INC	$32,692,000	-5.1%	641,898	-11.1%	3.56%	+9.0%
ATI	Buy	ALLEGHENY TECHNOLOGIES	$32,038,000	-15.2%	1,582,102	+5.5%	3.49%	-2.5%
PDCO	Buy	PATTERSON COS INC.	$30,601,000	+10.1%	1,717,230	+41.4%	3.33%	+26.4%
GPC	Buy	GENUINE PARTS CO	$30,214,000	+776.0%	303,380	+811.1%	3.29%	+906.4%
HBI	Sell	HANESBRANDS IND	$29,677,000	-17.0%	1,937,134	-6.7%	3.23%	-4.6%
IP	Sell	INTERNATIONAL PAPER	$29,410,000	-18.0%	703,244	-15.1%	3.20%	-5.8%
D	Sell	DOMINION ENERGY, INC	$28,819,000	-10.9%	355,611	-15.0%	3.14%	+2.3%
MAC	Buy	MACERICH COMPANY	$28,387,000	+1.4%	898,608	+7.5%	3.09%	+16.5%
JCI	Sell	JOHNSON CONTROLS INTL	$28,366,000	-28.9%	646,298	-33.1%	3.09%	-18.3%
CCK	Sell	CROWN HOLDINGS INC	$28,204,000	-33.6%	426,942	-38.6%	3.07%	-23.8%
NVT	Buy	nVENT ELECTRIC	$27,483,000	-4.5%	1,246,960	+7.5%	2.99%	+9.8%
GPK	Sell	GRAPHIC PACKAGING CO	$27,430,000	-17.3%	1,859,666	-21.6%	2.99%	-5.0%
FE	Sell	FIRSTENERGY	$26,073,000	-5.6%	540,591	-16.2%	2.84%	+8.5%
TGT	Sell	TARGET CORP	$24,696,000	-35.5%	230,998	-47.7%	2.69%	-25.9%
HDS	Sell	HD SUPPLY HOLDINGS	$23,853,000	-17.2%	608,888	-14.9%	2.60%	-4.9%
FMC	Sell	FMC CORP	$23,234,000	-25.9%	264,988	-29.9%	2.53%	-14.8%
WY	Sell	WEYERHAEUSER CO	$21,947,000	-11.0%	792,326	-15.4%	2.39%	+2.2%
DD	Sell	DUPONT DE NEMOURS INC	$21,255,000	-19.3%	298,070	-15.0%	2.32%	-7.3%
DOW	Sell	DOW INC	$20,969,000	-7.5%	440,071	-4.3%	2.28%	+6.2%
DVN	Sell	DEVON ENERGY	$20,851,000	-23.5%	866,638	-9.3%	2.27%	-12.1%
CFX	Buy	COLFAX CORP	$20,461,000	+73.8%	704,080	+67.6%	2.23%	+99.7%
RTN	Sell	RAYTHEON	$19,395,000	-26.7%	98,859	-35.1%	2.11%	-15.8%
OI	Sell	OWENS ILLINOIS	$15,494,000	-49.5%	1,508,686	-15.0%	1.69%	-41.9%
FLOW	Buy	SPX FLOW INC	$3,719,000	+681.3%	94,236	+729.5%	0.40%	+800.0%
CAL	Buy	CALERES INC	$762,000	+102.1%	32,557	+72.2%	0.08%	+130.6%
EHC	Buy	ENCOMPASS HEALTH CORP	$757,000	+6.5%	11,968	+6.7%	0.08%	+22.4%
NFG	Buy	NATIONAL FUEL GAS	$682,000	+16.2%	14,529	+30.7%	0.07%	+32.1%
TGI	Buy	TRIUMPH GROUP	$587,000	+6.0%	25,640	+6.0%	0.06%	+20.8%
PKG	Sell	PACKAGING CORP OF AMERICA	$581,000	-14.1%	5,480	-22.7%	0.06%	-1.6%
ITT	Sell	ITT INC	$553,000	-16.0%	9,032	-10.1%	0.06%	-3.2%
WTTR	Buy	SELECT ENERGY SRVC	$494,000	+2.7%	57,060	+37.8%	0.05%	+17.4%
TRN	Sell	TRINITY IND	$352,000	-23.6%	17,870	-19.6%	0.04%	-13.6%
MGY	Buy	MAGNOLIA OIL & GAS CORP	$335,000	-1.2%	30,220	+3.3%	0.04%	+12.5%
CNX	Buy	CNX Resources	$203,000	+6.8%	27,960	+7.7%	0.02%	+22.2%
CEIX	Buy	CONSOL ENERGY INC	$175,000	+29.6%	11,178	+120.6%	0.02%	+46.2%
ACA	Exit	ARCOSA INC	$0	–	-740	–	-0.00%	–
DNOW	Exit	NOW INC	$0	–	-27,970	–	-0.04%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-5,222	–	-0.05%	–
BLL	Exit	BALL CORP	$0	–	-7,444	–	-0.05%	–
NI	Exit	NISOURCE INC	$0	–	-20,128	–	-0.06%	–
CTVA	Exit	CORTEVA INC	$0	–	-293,746	–	-0.82%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-319,016	–	-2.62%	–

Q2 2019

			Value		Shares		↓ Weighting
KR	New	KROGER CO	$44,655,000	–	2,056,884	–	4.23%	–
OKE	New	ONEOK INC	$44,361,000	–	644,685	–	4.21%	–
OC	New	OWENS CORNING	$44,232,000	–	760,007	–	4.19%	–
PRGO	New	PERRIGO COMPANY PLC	$43,125,000	–	905,608	–	4.09%	–
L100PS	New	ARCONIC INC	$42,754,000	–	1,655,833	–	4.05%	–
CCK	New	CROWN HOLDINGS INC	$42,502,000	–	695,607	–	4.03%	–
CAG	New	CONAGRA BRANDS, INC.	$40,892,000	–	1,541,933	–	3.88%	–
JCI	New	JOHNSON CONTROLS INTL	$39,905,000	–	965,977	–	3.78%	–
TGT	New	TARGET CORP	$38,288,000	–	442,077	–	3.63%	–
VER	New	VEREIT INC	$37,948,000	–	4,211,767	–	3.60%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$37,774,000	–	1,498,972	–	3.58%	–
NWL	New	NEWELL BRANDS, INC	$37,106,000	–	2,406,348	–	3.52%	–
IP	New	INTERNATIONAL PAPER	$35,887,000	–	828,407	–	3.40%	–
HBI	New	HANESBRANDS IND	$35,744,000	–	2,075,705	–	3.39%	–
SRCL	New	STERICYCLE INC	$34,462,000	–	721,708	–	3.27%	–
GPK	New	GRAPHIC PACKAGING CO	$33,174,000	–	2,372,986	–	3.14%	–
D	New	DOMINION ENERGY, INC	$32,346,000	–	418,337	–	3.07%	–
FMC	New	FMC CORP	$31,336,000	–	377,768	–	2.97%	–
OI	New	OWENS ILLINOIS	$30,653,000	–	1,774,907	–	2.91%	–
HDS	New	HD SUPPLY HOLDINGS	$28,812,000	–	715,302	–	2.73%	–
NVT	New	nVENT ELECTRIC	$28,769,000	–	1,160,500	–	2.73%	–
MAC	New	MACERICH COMPANY	$27,999,000	–	836,046	–	2.65%	–
PDCO	New	PATTERSON COS INC.	$27,803,000	–	1,214,100	–	2.64%	–
RSG	New	REPUBLIC SERVICES INC	$27,640,000	–	319,016	–	2.62%	–
FE	New	FIRSTENERGY	$27,613,000	–	645,021	–	2.62%	–
DVN	New	DEVON ENERGY	$27,256,000	–	955,692	–	2.58%	–
RTN	New	RAYTHEON	$26,467,000	–	152,215	–	2.51%	–
DD	New	DUPONT DE NEMOURS INC	$26,331,000	–	350,746	–	2.50%	–
WY	New	WEYERHAEUSER CO	$24,671,000	–	936,642	–	2.34%	–
DOW	New	DOW INC	$22,679,000	–	459,917	–	2.15%	–
CFX	New	COLFAX CORP	$11,774,000	–	420,040	–	1.12%	–
CTVA	New	CORTEVA INC	$8,686,000	–	293,746	–	0.82%	–
GPC	New	GENUINE PARTS CO	$3,449,000	–	33,300	–	0.33%	–
EHC	New	ENCOMPASS HEALTH CORP	$711,000	–	11,218	–	0.07%	–
PKG	New	PACKAGING CORP OF AMERICA	$676,000	–	7,090	–	0.06%	–
ITT	New	ITT INC	$658,000	–	10,052	–	0.06%	–
NFG	New	NATIONAL FUEL GAS	$587,000	–	11,119	–	0.06%	–
NI	New	NISOURCE INC	$580,000	–	20,128	–	0.06%	–
TGI	New	TRIUMPH GROUP	$554,000	–	24,180	–	0.05%	–
BLL	New	BALL CORP	$521,000	–	7,444	–	0.05%	–
WCN	New	WASTE CONNECTIONS INC	$499,000	–	5,222	–	0.05%	–
WTTR	New	SELECT ENERGY SRVC	$481,000	–	41,400	–	0.05%	–
FLOW	New	SPX FLOW INC	$476,000	–	11,360	–	0.04%	–
TRN	New	TRINITY IND	$461,000	–	22,240	–	0.04%	–
DNOW	New	NOW INC	$413,000	–	27,970	–	0.04%	–
CAL	New	CALERES INC	$377,000	–	18,907	–	0.04%	–
MGY	New	MAGNOLIA OIL & GAS CORP	$339,000	–	29,250	–	0.03%	–
CNX	New	CNX Resources	$190,000	–	25,950	–	0.02%	–
CEIX	New	CONSOL ENERGY INC	$135,000	–	5,068	–	0.01%	–
ACA	New	ARCOSA INC	$28,000	–	740	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
FLOW	Exit	SPX FLOW INC	$0	–	-550	–	-0.00%	–
TRN	Exit	TRINITY IND	$0	–	-1,517	–	-0.00%	–
CEIX	Exit	CONSOL ENERGY INC	$0	–	-3,585	–	-0.01%	–
CNX	Exit	CNX Resources	$0	–	-28,690	–	-0.02%	–
WTTR	Exit	SELECT ENERGY SRVC	$0	–	-37,320	–	-0.02%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-4,965	–	-0.03%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-21,880	–	-0.03%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-89,931	–	-0.03%	–
DNOW	Exit	NOW INC	$0	–	-34,450	–	-0.03%	–
MLM	Exit	MARTIN MARIETTA	$0	–	-3,742	–	-0.04%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-14,044	–	-0.04%	–
CAL	Exit	CALERES INC	$0	–	-23,843	–	-0.05%	–
NI	Exit	NISOURCE INC	$0	–	-36,458	–	-0.05%	–
ITT	Exit	ITT INC	$0	–	-15,277	–	-0.05%	–
HRS	Exit	HARRIS CORPORATION	$0	–	-5,550	–	-0.05%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-9,480	–	-0.06%	–
MGY	Exit	MAGNOLIA OIL & GAS CORP	$0	–	-68,830	–	-0.06%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-15,577	–	-0.07%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-18,573	–	-0.08%	–
IWS	Exit	RUSSELL MIDCAP VALUE ETF	$0	–	-42,270	–	-0.21%	–
EVHC	Exit	ENVISION HEALTHCARE CORP	$0	–	-322,210	–	-0.82%	–
USG	Exit	USG CORP	$0	–	-382,171	–	-0.92%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,001,892	–	-1.80%	–
TJX	Exit	TJX COMPANIES	$0	–	-289,598	–	-1.81%	–
BIG	Exit	BIG LOTS INC	$0	–	-778,924	–	-1.82%	–
ADRNY	Exit	AHOLD DELHAIZE NV-ADR	$0	–	-1,489,345	–	-1.90%	–
MAC	Exit	MACERICH COMPANY	$0	–	-642,470	–	-1.98%	–
FE	Exit	FIRSTENERGY	$0	–	-1,034,520	–	-2.14%	–
OC	Exit	OWENS CORNING	$0	–	-786,977	–	-2.38%	–
KR	Exit	KROGER CO	$0	–	-1,469,880	–	-2.39%	–
NWL	Exit	NEWELL BRANDS, INC	$0	–	-2,123,840	–	-2.40%	–
VER	Exit	VEREIT INC	$0	–	-6,169,120	–	-2.50%	–
FMC	Exit	FMC CORP	$0	–	-543,036	–	-2.64%	–
DVN	Exit	DEVON ENERGY	$0	–	-1,189,507	–	-2.65%	–
OI	Exit	OWENS ILLINOIS	$0	–	-2,902,112	–	-3.04%	–
L100PS	Exit	ARCONIC INC	$0	–	-2,623,436	–	-3.22%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-1,214,527	–	-3.33%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-867,347	–	-3.52%	–
HBI	Exit	HANESBRANDS IND	$0	–	-3,427,338	–	-3.52%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-1,491,235	–	-3.56%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-2,213,106	–	-3.65%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,390,887	–	-3.72%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-836,625	–	-3.84%	–
TGT	Exit	TARGET CORP	$0	–	-779,987	–	-3.84%	–
PRGO	Exit	PERRIGO COMPANY PLC	$0	–	-999,635	–	-3.95%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-2,097,450	–	-4.10%	–
BLL	Exit	BALL CORP	$0	–	-1,670,368	–	-4.10%	–
CAG	Exit	CONAGRA BRANDS, INC.	$0	–	-2,203,423	–	-4.18%	–
RTN	Exit	RAYTHEON	$0	–	-372,692	–	-4.30%	–
D	Exit	DOMINION ENERGY, INC	$0	–	-1,243,037	–	-4.87%	–
OKE	Exit	ONEOK INC	$0	–	-1,329,445	–	-5.03%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-1,433,623	–	-5.14%	–

Q3 2018

			Value		Shares		↓ Weighting
DWDP	Sell	DOWDUPONT INC	$92,196,000	-27.2%	1,433,623	-25.4%	5.14%	+1.9%
OKE	Sell	ONEOK INC	$90,123,000	-33.5%	1,329,445	-31.5%	5.03%	-7.0%
D	Sell	DOMINION ENERGY, INC	$87,361,000	-26.9%	1,243,037	-29.1%	4.87%	+2.2%
RTN	Sell	RAYTHEON	$77,021,000	-24.1%	372,692	-29.1%	4.30%	+6.2%
CAG	Sell	CONAGRA BRANDS, INC.	$74,850,000	-32.6%	2,203,423	-29.1%	4.18%	-5.7%
BLL	Sell	BALL CORP	$73,479,000	-18.0%	1,670,368	-33.7%	4.10%	+14.8%
JCI	Sell	JOHNSON CONTROLS INTL	$73,411,000	-26.2%	2,097,450	-29.4%	4.10%	+3.3%
PRGO	Sell	PERRIGO COMPANY PLC	$70,774,000	-29.1%	999,635	-27.0%	3.95%	-0.8%
TGT	Sell	TARGET CORP	$68,803,000	-30.6%	779,987	-40.1%	3.84%	-3.0%
OXY	Sell	OCCIDENTAL PETROLEUM	$68,745,000	-30.2%	836,625	-28.9%	3.84%	-2.4%
CCK	Sell	CROWN HOLDINGS INC	$66,763,000	-23.1%	1,390,887	-28.3%	3.72%	+7.6%
ATI	Sell	ALLEGHENY TECHNOLOGIES	$65,397,000	-15.8%	2,213,106	-28.5%	3.65%	+17.8%
HDS	Sell	HD SUPPLY HOLDINGS	$63,810,000	-41.6%	1,491,235	-41.4%	3.56%	-18.2%
HBI	Sell	HANESBRANDS IND	$63,166,000	-40.5%	3,427,338	-28.9%	3.52%	-16.7%
RSG	Sell	REPUBLIC SERVICES INC	$63,021,000	-38.2%	867,347	-41.8%	3.52%	-13.5%
IP	Sell	INTERNATIONAL PAPER	$59,694,000	-23.4%	1,214,527	-18.9%	3.33%	+7.1%
L100PS	Buy	ARCONIC INC	$57,742,000	+30.4%	2,623,436	+0.8%	3.22%	+82.5%
OI	Sell	OWENS ILLINOIS	$54,531,000	-19.5%	2,902,112	-28.0%	3.04%	+12.7%
DVN	Sell	DEVON ENERGY	$47,509,000	-34.5%	1,189,507	-27.9%	2.65%	-8.3%
FMC	Sell	FMC CORP	$47,342,000	-31.3%	543,036	-29.7%	2.64%	-3.9%
VER	Sell	VEREIT INC	$44,788,000	-15.4%	6,169,120	-13.3%	2.50%	+18.4%
NWL	Sell	NEWELL BRANDS, INC	$43,114,000	-32.2%	2,123,840	-13.9%	2.40%	-5.2%
KR	Sell	KROGER CO	$42,788,000	-26.9%	1,469,880	-28.5%	2.39%	+2.3%
OC	Sell	OWENS CORNING	$42,709,000	-30.2%	786,977	-18.6%	2.38%	-2.4%
FE	New	FIRSTENERGY	$38,453,000	–	1,034,520	–	2.14%	–
MAC	Sell	MACERICH COMPANY	$35,522,000	-31.2%	642,470	-29.2%	1.98%	-3.7%
ADRNY	Sell	AHOLD DELHAIZE NV-ADR	$34,032,000	-37.5%	1,489,345	-34.7%	1.90%	-12.6%
BIG	Sell	BIG LOTS INC	$32,551,000	-41.5%	778,924	-41.5%	1.82%	-18.1%
TJX	Sell	TJX COMPANIES	$32,441,000	-48.0%	289,598	-55.8%	1.81%	-27.3%
WY	Sell	WEYERHAEUSER CO	$32,331,000	-37.5%	1,001,892	-29.3%	1.80%	-12.5%
USG	Sell	USG CORP	$16,552,000	-61.7%	382,171	-61.9%	0.92%	-46.5%
EVHC	Sell	ENVISION HEALTHCARE CORP	$14,735,000	-48.2%	322,210	-50.2%	0.82%	-27.5%
MGY	New	MAGNOLIA OIL & GAS CORP	$1,033,000	–	68,830	–	0.06%	–
FLOW	Sell	SPX FLOW INC	$29,000	-99.8%	550	-99.8%	0.00%	-99.7%
GGP	Exit	GGP INC	$0	–	-2,490	–	-0.00%	–
KMI	Exit	KINDER MORGAN	$0	–	-2,529	–	-0.00%	–

Q2 2018

			Value		Shares		↓ Weighting
OKE	New	ONEOK INC	$135,531,000	–	1,940,871	–	5.40%	–
DWDP	New	DOWDUPONT INC	$126,606,000	–	1,920,595	–	5.05%	–
D	New	DOMINION ENERGY, INC	$119,557,000	–	1,753,544	–	4.77%	–
CAG	New	CONAGRA BRANDS, INC.	$111,001,000	–	3,106,673	–	4.43%	–
HDS	New	HD SUPPLY HOLDINGS	$109,187,000	–	2,545,738	–	4.35%	–
HBI	New	HANESBRANDS IND	$106,084,000	–	4,817,643	–	4.23%	–
RSG	New	REPUBLIC SERVICES INC	$101,928,000	–	1,491,044	–	4.06%	–
RTN	New	RAYTHEON	$101,478,000	–	525,301	–	4.05%	–
PRGO	New	PERRIGO COMPANY PLC	$99,775,000	–	1,368,472	–	3.98%	–
JCI	New	JOHNSON CONTROLS INTL	$99,418,000	–	2,972,136	–	3.96%	–
TGT	New	TARGET CORP	$99,201,000	–	1,303,223	–	3.96%	–
OXY	New	OCCIDENTAL PETROLEUM	$98,526,000	–	1,177,415	–	3.93%	–
BLL	New	BALL CORP	$89,598,000	–	2,520,328	–	3.57%	–
CCK	New	CROWN HOLDINGS INC	$86,794,000	–	1,939,097	–	3.46%	–
IP	New	INTERNATIONAL PAPER	$77,946,000	–	1,496,661	–	3.11%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$77,699,000	–	3,093,096	–	3.10%	–
DVN	New	DEVON ENERGY	$72,504,000	–	1,649,327	–	2.89%	–
FMC	New	FMC CORP	$68,889,000	–	772,216	–	2.75%	–
OI	New	OWENS ILLINOIS	$67,710,000	–	4,027,962	–	2.70%	–
NWL	New	NEWELL BRANDS, INC	$63,606,000	–	2,466,320	–	2.54%	–
TJX	New	TJX COMPANIES	$62,397,000	–	655,568	–	2.49%	–
OC	New	OWENS CORNING	$61,231,000	–	966,251	–	2.44%	–
KR	New	KROGER CO	$58,526,000	–	2,057,170	–	2.33%	–
BIG	New	BIG LOTS INC	$55,628,000	–	1,331,446	–	2.22%	–
ADRNY	New	AHOLD DELHAIZE NV-ADR	$54,440,000	–	2,280,704	–	2.17%	–
VER	New	VEREIT INC	$52,932,000	–	7,114,455	–	2.11%	–
WY	New	WEYERHAEUSER CO	$51,691,000	–	1,417,738	–	2.06%	–
MAC	New	MACERICH COMPANY	$51,604,000	–	908,040	–	2.06%	–
L100PS	New	ARCONIC INC	$44,265,000	–	2,602,308	–	1.76%	–
USG	New	USG CORP	$43,238,000	–	1,002,734	–	1.72%	–
EVHC	New	ENVISION HEALTHCARE CORP	$28,448,000	–	646,400	–	1.13%	–
FLOW	New	SPX FLOW INC	$15,194,000	–	347,141	–	0.61%	–
IWS	New	RUSSELL MIDCAP VALUE ETF	$3,740,000	–	42,270	–	0.15%	–
EHC	New	ENCOMPASS HEALTH CORP	$1,258,000	–	18,573	–	0.05%	–
WCN	New	WASTE CONNECTIONS INC	$1,173,000	–	15,577	–	0.05%	–
PKG	New	PACKAGING CORP OF AMERICA	$1,060,000	–	9,480	–	0.04%	–
NI	New	NISOURCE INC	$958,000	–	36,458	–	0.04%	–
MLM	New	MARTIN MARIETTA	$836,000	–	3,742	–	0.03%	–
CAL	New	CALERES INC	$820,000	–	23,843	–	0.03%	–
ITT	New	ITT INC	$799,000	–	15,277	–	0.03%	–
HRS	New	HARRIS CORPORATION	$802,000	–	5,550	–	0.03%	–
NFG	New	NATIONAL FUEL GAS	$744,000	–	14,044	–	0.03%	–
NBR	New	NABORS INDUSTRIES	$576,000	–	89,931	–	0.02%	–
WTTR	New	SELECT ENERGY SRVC	$542,000	–	37,320	–	0.02%	–
CNX	New	CNX Resources	$510,000	–	28,690	–	0.02%	–
ALB	New	ALBEMARLE CORP	$468,000	–	4,965	–	0.02%	–
DNOW	New	NOW INC	$459,000	–	34,450	–	0.02%	–
TGI	New	TRIUMPH GROUP	$429,000	–	21,880	–	0.02%	–
CEIX	New	CONSOL ENERGY INC	$137,000	–	3,585	–	0.01%	–
GGP	New	GGP INC	$51,000	–	2,490	–	0.00%	–
KMI	New	KINDER MORGAN	$45,000	–	2,529	–	0.00%	–
TRN	New	TRINITY IND	$52,000	–	1,517	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
TRN	Exit	TRINITY IND	$0	–	-1,517	–	-0.00%	–
KMI	Exit	KINDER MORGAN	$0	–	-3,172	–	-0.00%	–
DNOW	Exit	NOW INC	$0	–	-34,450	–	-0.02%	–
CNX	Exit	CONSOL ENERGY	$0	–	-28,690	–	-0.02%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-21,880	–	-0.02%	–
ITT	Exit	ITT INC	$0	–	-15,277	–	-0.02%	–
CAL	Exit	CALERES INC	$0	–	-23,843	–	-0.03%	–
HRS	Exit	HARRIS CORPORATION	$0	–	-5,550	–	-0.03%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-89,931	–	-0.03%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-13,794	–	-0.03%	–
MLM	Exit	MARTIN MARIETTA	$0	–	-3,742	–	-0.03%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-18,573	–	-0.03%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-6,525	–	-0.03%	–
NI	Exit	NISOURCE INC	$0	–	-36,458	–	-0.03%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-15,577	–	-0.04%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-9,480	–	-0.04%	–
FLOW	Exit	SPX FLOW INC	$0	–	-247,754	–	-0.34%	–
MAT	Exit	MATTEL INC	$0	–	-1,953,627	–	-1.08%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-672,953	–	-1.52%	–
GGP	Exit	GGP INC	$0	–	-2,072,520	–	-1.54%	–
MAC	Exit	MACERICH COMPANY	$0	–	-787,350	–	-1.55%	–
HBI	Exit	HANESBRANDS IND	$0	–	-2,453,855	–	-2.17%	–
BIG	Exit	BIG LOTS INC	$0	–	-1,129,692	–	-2.17%	–
L100PS	Exit	ARCONIC INC	$0	–	-2,496,525	–	-2.23%	–
DVN	Exit	DEVON ENERGY	$0	–	-1,784,840	–	-2.35%	–
OC	Exit	OWENS CORNING	$0	–	-958,683	–	-2.66%	–
ADRNY	Exit	AHOLD DELHAIZE NV-ADR	$0	–	-4,053,100	–	-2.71%	–
USG	Exit	USG CORP	$0	–	-2,368,379	–	-2.77%	–
LW	Exit	LAMB WESTON	$0	–	-1,688,790	–	-2.84%	–
TJX	Exit	TJX COMPANIES	$0	–	-1,197,270	–	-3.16%	–
FMC	Exit	FMC CORP	$0	–	-994,723	–	-3.18%	–
PRGO	Exit	PERRIGO COMPANY PLC	$0	–	-1,055,222	–	-3.20%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-3,761,409	–	-3.22%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-2,642,586	–	-3.22%	–
TGT	Exit	TARGET CORP	$0	–	-1,524,663	–	-3.22%	–
SEE	Exit	SEALED AIR CORP	$0	–	-2,120,691	–	-3.25%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-1,595,799	–	-3.25%	–
BLL	Exit	BALL CORP	$0	–	-2,309,064	–	-3.42%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-2,653,368	–	-3.43%	–
CAG	Exit	CONAGRA BRANDS, INC.	$0	–	-3,068,343	–	-3.71%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-1,622,568	–	-3.73%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-2,635,807	–	-3.80%	–
OI	Exit	OWENS ILLINOIS	$0	–	-4,341,079	–	-3.91%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,834,641	–	-3.93%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-1,600,151	–	-3.97%	–
D	Exit	DOMINION ENERGY, INC	$0	–	-1,485,094	–	-4.09%	–
OKE	Exit	ONEOK INC	$0	–	-2,221,387	–	-4.41%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-1,919,543	–	-4.54%	–
RTN	Exit	RAYTHEON	$0	–	-751,804	–	-5.03%	–

Q3 2017

			Value		Shares		↓ Weighting
RTN	Sell	RAYTHEON	$140,272,000	-15.8%	751,804	-27.2%	5.03%	+6.8%
RSG	Sell	REPUBLIC SERVICES INC	$126,805,000	-23.8%	1,919,543	-26.5%	4.54%	-3.3%
OKE	Sell	ONEOK INC	$123,087,000	-22.0%	2,221,387	-26.6%	4.41%	-1.0%
D	Sell	DOMINION ENERGY, INC	$114,248,000	-26.7%	1,485,094	-27.0%	4.09%	-6.9%
DWDP	New	DOWDUPONT INC	$110,779,000	–	1,600,151	–	3.97%	–
CCK	Sell	CROWN HOLDINGS INC	$109,565,000	-26.8%	1,834,641	-26.9%	3.93%	-7.1%
OI	Sell	OWENS ILLINOIS	$109,222,000	-25.2%	4,341,079	-28.9%	3.91%	-5.1%
JCI	Sell	JOHNSON CONTROLS INTL	$106,196,000	-23.5%	2,635,807	-17.7%	3.80%	-3.0%
OXY	Sell	OCCIDENTAL PETROLEUM	$104,185,000	-22.0%	1,622,568	-27.3%	3.73%	-1.1%
CAG	Sell	CONAGRA BRANDS, INC.	$103,526,000	-30.2%	3,068,343	-26.0%	3.71%	-11.4%
HDS	Sell	HD SUPPLY HOLDINGS	$95,707,000	-13.9%	2,653,368	-26.9%	3.43%	+9.2%
BLL	Sell	BALL CORP	$95,365,000	-28.4%	2,309,064	-26.8%	3.42%	-9.1%
IP	Sell	INTERNATIONAL PAPER	$90,673,000	-27.0%	1,595,799	-27.3%	3.25%	-7.4%
SEE	Sell	SEALED AIR CORP	$90,596,000	-29.6%	2,120,691	-26.3%	3.25%	-10.7%
TGT	Sell	TARGET CORP	$89,970,000	-16.8%	1,524,663	-26.2%	3.22%	+5.7%
WY	Sell	WEYERHAEUSER CO	$89,927,000	-25.9%	2,642,586	-27.1%	3.22%	-6.0%
ATI	Sell	ALLEGHENY TECHNOLOGIES	$89,898,000	-3.3%	3,761,409	-31.2%	3.22%	+22.8%
PRGO	Sell	PERRIGO COMPANY PLC	$89,324,000	-17.6%	1,055,222	-26.5%	3.20%	+4.6%
FMC	Sell	FMC CORP	$88,838,000	-24.0%	994,723	-37.9%	3.18%	-3.6%
TJX	Sell	TJX COMPANIES	$88,274,000	-25.0%	1,197,270	-26.5%	3.16%	-4.8%
LW	Sell	LAMB WESTON	$79,187,000	-23.3%	1,688,790	-28.0%	2.84%	-2.7%
USG	Sell	USG CORP	$77,327,000	-17.9%	2,368,379	-27.0%	2.77%	+4.2%
ADRNY	Sell	AHOLD DELHAIZE NV-ADR	$75,672,000	-27.7%	4,053,100	-25.9%	2.71%	-8.2%
OC	Sell	OWENS CORNING	$74,154,000	-24.8%	958,683	-34.9%	2.66%	-4.6%
DVN	Sell	DEVON ENERGY	$65,521,000	-17.3%	1,784,840	-28.0%	2.35%	+4.9%
L100PS	Sell	ARCONIC INC	$62,114,000	-19.6%	2,496,525	-26.8%	2.23%	+2.1%
BIG	Sell	BIG LOTS INC	$60,518,000	-18.8%	1,129,692	-26.8%	2.17%	+3.1%
HBI	Sell	HANESBRANDS IND	$60,463,000	+4.3%	2,453,855	-1.9%	2.17%	+32.4%
MAC	New	MACERICH COMPANY	$43,280,000	–	787,350	–	1.55%	–
GGP	Buy	GGP INC	$43,046,000	+13.2%	2,072,520	+28.4%	1.54%	+43.7%
EMR	Sell	EMERSON ELECTRIC	$42,288,000	-43.6%	672,953	-46.5%	1.52%	-28.5%
MAT	Sell	MATTEL INC	$30,242,000	-46.5%	1,953,627	-25.5%	1.08%	-32.0%
PKG	Sell	PACKAGING CORP OF AMERICA	$1,087,000	-3.8%	9,480	-6.5%	0.04%	+21.9%
WCN	Sell	WASTE CONNECTIONS INC	$1,090,000	+7.5%	15,577	-1.0%	0.04%	+34.5%
ALB	Sell	ALBEMARLE CORP	$889,000	+9.3%	6,525	-15.3%	0.03%	+39.1%
HLS	Sell	HEALTHSOUTH CORP	$861,000	-14.8%	18,573	-11.0%	0.03%	+6.9%
NFG	Sell	NATIONAL FUEL GAS	$781,000	-15.5%	13,794	-16.7%	0.03%	+7.7%
NBR	Buy	NABORS INDUSTRIES	$726,000	+16.9%	89,931	+17.8%	0.03%	+44.4%
CAL	Buy	CALERES INC	$728,000	+10.5%	23,843	+0.5%	0.03%	+36.8%
ITT	Buy	ITT INC	$676,000	+10.5%	15,277	+0.3%	0.02%	+41.2%
TGI	Buy	TRIUMPH GROUP	$651,000	+8.0%	21,880	+14.7%	0.02%	+35.3%
TRN	Sell	TRINITY IND	$48,000	+11.6%	1,517	-0.1%	0.00%	+100.0%
AA	Exit	ALCOA	$0	–	-7,888	–	-0.01%	–
M	Exit	MACY`S INC	$0	–	-11,140	–	-0.01%	–
HRI	Exit	HERC HOLDINGS INC	$0	–	-156,408	–	-0.17%	–
DOW	Exit	DOW CHEMICAL CO	$0	–	-2,062,842	–	-3.67%	–

Q2 2017

			Value		Shares		↓ Weighting
RTN	New	RAYTHEON	$166,669,000	–	1,032,135	–	4.71%	–
RSG	New	REPUBLIC SERVICES INC	$166,402,000	–	2,611,045	–	4.70%	–
OKE	New	ONEOK INC	$157,761,000	–	3,024,545	–	4.45%	–
D	New	DOMINION ENERGY, INC	$155,798,000	–	2,033,121	–	4.40%	–
CCK	New	CROWN HOLDINGS INC	$149,631,000	–	2,508,065	–	4.22%	–
CAG	New	CONAGRA BRANDS, INC.	$148,343,000	–	4,148,288	–	4.19%	–
OI	New	OWENS ILLINOIS	$146,012,000	–	6,104,143	–	4.12%	–
JCI	New	JOHNSON CONTROLS INTL	$138,865,000	–	3,202,601	–	3.92%	–
OXY	New	OCCIDENTAL PETROLEUM	$133,617,000	–	2,231,793	–	3.77%	–
BLL	New	BALL CORP	$133,126,000	–	3,153,908	–	3.76%	–
DOW	New	DOW CHEMICAL CO	$130,104,000	–	2,062,842	–	3.67%	–
SEE	New	SEALED AIR CORP	$128,771,000	–	2,876,927	–	3.64%	–
IP	New	INTERNATIONAL PAPER	$124,217,000	–	2,194,254	–	3.51%	–
WY	New	WEYERHAEUSER CO	$121,436,000	–	3,624,936	–	3.43%	–
TJX	New	TJX COMPANIES	$117,632,000	–	1,629,938	–	3.32%	–
FMC	New	FMC CORP	$116,959,000	–	1,601,079	–	3.30%	–
HDS	New	HD SUPPLY HOLDINGS	$111,178,000	–	3,629,718	–	3.14%	–
PRGO	New	PERRIGO COMPANY PLC	$108,429,000	–	1,435,762	–	3.06%	–
TGT	New	TARGET CORP	$108,073,000	–	2,066,793	–	3.05%	–
ADRNY	New	AHOLD DELHAIZE NV-ADR	$104,640,000	–	5,467,101	–	2.95%	–
LW	New	LAMB WESTON	$103,259,000	–	2,344,649	–	2.92%	–
OC	New	OWENS CORNING	$98,608,000	–	1,473,532	–	2.78%	–
USG	New	USG CORP	$94,175,000	–	3,245,173	–	2.66%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$92,949,000	–	5,464,354	–	2.62%	–
DVN	New	DEVON ENERGY	$79,256,000	–	2,479,082	–	2.24%	–
L100PS	New	ARCONIC INC	$77,261,000	–	3,411,081	–	2.18%	–
EMR	New	EMERSON ELECTRIC	$75,012,000	–	1,258,153	–	2.12%	–
BIG	New	BIG LOTS INC	$74,493,000	–	1,542,300	–	2.10%	–
HBI	New	HANESBRANDS IND	$57,945,000	–	2,501,950	–	1.64%	–
MAT	New	MATTEL INC	$56,489,000	–	2,623,742	–	1.60%	–
GGP	New	GGP INC	$38,017,000	–	1,613,600	–	1.07%	–
FLOW	New	SPX FLOW INC	$9,137,000	–	247,754	–	0.26%	–
HRI	New	HERC HOLDINGS INC	$6,150,000	–	156,408	–	0.17%	–
PKG	New	PACKAGING CORP OF AMERICA	$1,130,000	–	10,141	–	0.03%	–
HLS	New	HEALTHSOUTH CORP	$1,010,000	–	20,863	–	0.03%	–
WCN	New	WASTE CONNECTIONS INC	$1,014,000	–	15,738	–	0.03%	–
NI	New	NISOURCE INC	$925,000	–	36,458	–	0.03%	–
NFG	New	NATIONAL FUEL GAS	$924,000	–	16,554	–	0.03%	–
MLM	New	MARTIN MARIETTA	$833,000	–	3,742	–	0.02%	–
ALB	New	ALBEMARLE CORP	$813,000	–	7,706	–	0.02%	–
CAL	New	CALERES INC	$659,000	–	23,734	–	0.02%	–
NBR	New	NABORS INDUSTRIES	$621,000	–	76,331	–	0.02%	–
TGI	New	TRIUMPH GROUP	$603,000	–	19,070	–	0.02%	–
ITT	New	ITT INC	$612,000	–	15,238	–	0.02%	–
HRS	New	HARRIS CORPORATION	$605,000	–	5,550	–	0.02%	–
DNOW	New	NOW INC	$554,000	–	34,450	–	0.02%	–
CNX	New	CONSOL ENERGY	$429,000	–	28,690	–	0.01%	–
AA	New	ALCOA	$258,000	–	7,888	–	0.01%	–
M	New	MACY`S INC	$259,000	–	11,140	–	0.01%	–
KMI	New	KINDER MORGAN	$61,000	–	3,172	–	0.00%	–
TRN	New	TRINITY IND	$43,000	–	1,518	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
TRN	Exit	TRINITY IND	$0	–	-1,518	–	-0.00%	–
KMI	Exit	KINDER MORGAN	$0	–	-3,172	–	-0.00%	–
TGI	Exit	TRIUMPH GROUP	$0	–	-19,070	–	-0.01%	–
JCPNQ	Exit	PENNEY J.C.	$0	–	-57,630	–	-0.01%	–
HRS	Exit	HARRIS CORPORATION	$0	–	-5,920	–	-0.01%	–
ITT	Exit	ITT INC	$0	–	-20,278	–	-0.02%	–
CAL	Exit	CALERES INC	$0	–	-28,344	–	-0.02%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-9,016	–	-0.02%	–
HAL	Exit	HALLIBURTON COMP	$0	–	-18,136	–	-0.02%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-70,031	–	-0.02%	–
DNOW	Exit	NOW INC	$0	–	-39,520	–	-0.02%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-16,934	–	-0.02%	–
MLM	Exit	MARTIN MARIETTA	$0	–	-5,022	–	-0.02%	–
VAL	Exit	VALSPAR CORP	$0	–	-8,763	–	-0.02%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-23,783	–	-0.02%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-13,362	–	-0.02%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-12,751	–	-0.03%	–
NI	Exit	NISOURCE INC	$0	–	-46,078	–	-0.03%	–
HRI	Exit	HERC HOLDINGS INC	$0	–	-623,478	–	-0.53%	–
FLOW	Exit	SPX FLOW INC	$0	–	-708,973	–	-0.55%	–
MAT	Exit	MATTEL INC	$0	–	-1,436,272	–	-1.09%	–
SEE	Exit	SEALED AIR CORP	$0	–	-1,647,687	–	-1.89%	–
M	Exit	MACY`S INC	$0	–	-2,463,020	–	-2.28%	–
BIG	Exit	BIG LOTS INC	$0	–	-1,978,001	–	-2.36%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-5,291,549	–	-2.39%	–
USG	Exit	USG CORP	$0	–	-3,959,212	–	-2.56%	–
HTZGQ	Exit	HERTZ GLOBAL HOLDINGS	$0	–	-2,590,635	–	-2.60%	–
AA	Exit	ALCOA INC	$0	–	-11,322,767	–	-2.87%	–
OC	Exit	OWENS CORNING	$0	–	-2,160,920	–	-2.89%	–
JCI	Exit	JOHNSON CONTROLS INTL	$0	–	-2,486,831	–	-2.90%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-2,158,383	–	-2.94%	–
FMC	Exit	FMC CORP	$0	–	-2,446,714	–	-2.96%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-2,569,044	–	-3.08%	–
DOW	Exit	DOW CHEMICAL CO	$0	–	-2,415,440	–	-3.13%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-1,742,383	–	-3.18%	–
OI	Exit	OWENS ILLINOIS	$0	–	-7,193,432	–	-3.31%	–
ADRNY	Exit	AHOLD DELHAIZE NV-ADR	$0	–	-6,087,519	–	-3.45%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-4,546,992	–	-3.64%	–
BLL	Exit	BALL CORP	$0	–	-1,846,417	–	-3.79%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-4,741,279	–	-3.79%	–
DVN	Exit	DEVON ENERGY	$0	–	-3,508,877	–	-3.87%	–
TJX	Exit	TJX COMPANIES	$0	–	-2,074,929	–	-3.88%	–
TGT	Exit	TARGET CORP	$0	–	-2,447,428	–	-4.21%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-2,958,772	–	-4.23%	–
OKE	Exit	ONEOK INC	$0	–	-3,534,565	–	-4.54%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-3,906,946	–	-4.93%	–
RTN	Exit	RAYTHEON	$0	–	-1,472,569	–	-5.02%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-2,714,582	–	-5.04%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-4,883,271	–	-5.76%	–

Q3 2016

			Value		Shares		↓ Weighting
CAG	Buy	CONAGRA FOODS INC	$230,051,000	+18.5%	4,883,271	+20.3%	5.76%	+18.7%
D	Sell	DOMINION RESOURCES INC	$201,612,000	-5.3%	2,714,582	-0.6%	5.04%	-5.1%
RTN	Sell	RAYTHEON	$200,460,000	-1.0%	1,472,569	-1.1%	5.02%	-0.8%
RSG	Sell	REPUBLIC SERVICES INC	$197,105,000	-2.8%	3,906,946	-1.1%	4.93%	-2.6%
OKE	Sell	ONEOK INC	$181,642,000	-5.7%	3,534,565	-12.9%	4.54%	-5.5%
CCK	Sell	CROWN HOLDINGS INC	$168,916,000	+11.4%	2,958,772	-1.1%	4.23%	+11.6%
TGT	Buy	TARGET CORP	$168,090,000	-1.1%	2,447,428	+0.6%	4.21%	-0.9%
TJX	Sell	TJX COMPANIES	$155,163,000	-4.4%	2,074,929	-1.3%	3.88%	-4.3%
DVN	Sell	DEVON ENERGY	$154,777,000	+12.2%	3,508,877	-7.8%	3.87%	+12.4%
WY	Sell	WEYERHAEUSER CO	$151,437,000	+5.8%	4,741,279	-1.4%	3.79%	+6.0%
BLL	Buy	BALL CORP	$151,314,000	+24.9%	1,846,417	+10.2%	3.79%	+25.1%
HDS	Buy	HD SUPPLY HOLDINGS	$145,413,000	-5.8%	4,546,992	+2.6%	3.64%	-5.6%
ADRNY	New	AHOLD DELHAIZE NV-ADR	$137,882,000	–	6,087,519	–	3.45%	–
OI	Buy	OWENS ILLINOIS	$132,287,000	+2.8%	7,193,432	+0.6%	3.31%	+2.9%
OXY	Sell	OCCIDENTAL PETROLEUM	$127,054,000	-3.9%	1,742,383	-0.4%	3.18%	-3.8%
DOW	Sell	DOW CHEMICAL CO	$125,193,000	+2.6%	2,415,440	-1.6%	3.13%	+2.8%
IP	Sell	INTERNATIONAL PAPER	$123,262,000	-9.5%	2,569,044	-20.1%	3.08%	-9.4%
FMC	Sell	FMC CORP	$118,275,000	+3.5%	2,446,714	-0.8%	2.96%	+3.7%
EMR	Sell	EMERSON ELECTRIC	$117,654,000	+3.3%	2,158,383	-1.1%	2.94%	+3.5%
JCI	New	JOHNSON CONTROLS INTL	$115,712,000	–	2,486,831	–	2.90%	–
OC	Sell	OWENS CORNING	$115,371,000	-13.1%	2,160,920	-16.1%	2.89%	-13.0%
AA	Buy	ALCOA INC	$114,812,000	+9.9%	11,322,767	+0.5%	2.87%	+10.1%
HTZGQ	New	HERTZ GLOBAL HOLDINGS	$104,040,000	–	2,590,635	–	2.60%	–
USG	Sell	USG CORP	$102,346,000	-4.8%	3,959,212	-0.7%	2.56%	-4.6%
ATI	Sell	ALLEGHENY TECHNOLOGIES	$95,618,000	+40.1%	5,291,549	-1.1%	2.39%	+40.4%
BIG	Sell	BIG LOTS INC	$94,450,000	-14.8%	1,978,001	-10.5%	2.36%	-14.6%
M	Buy	MACY`S INC	$91,255,000	+10.9%	2,463,020	+0.6%	2.28%	+11.0%
SEE	Sell	SEALED AIR CORP	$75,497,000	-0.7%	1,647,687	-0.3%	1.89%	-0.5%
MAT	Buy	MATTEL INC	$43,490,000	-3.2%	1,436,272	+0.0%	1.09%	-3.0%
FLOW	Sell	SPX FLOW INC	$21,921,000	-35.3%	708,973	-45.5%	0.55%	-35.2%
HRI	New	HERC HOLDINGS INC	$21,011,000	–	623,478	–	0.53%	–
NBR	Sell	NABORS INDUSTRIES	$852,000	-98.4%	70,031	-98.7%	0.02%	-98.4%
JCPNQ	Sell	PENNEY J.C.	$531,000	-30.8%	57,630	-33.3%	0.01%	-31.6%
STR	Exit	QUESTAR CORP	$0	–	-36,989	–	-0.02%	–
TYC	Exit	TYCO INTERNATIOANL	$0	–	-48,730	–	-0.05%	–
JCI	Exit	JOHNSON CONTROLS	$0	–	-2,416,600	–	-2.67%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-11,752,689	–	-3.25%	–
AHONY	Exit	AHOLD NV-ADR	$0	–	-6,498,470	–	-3.59%	–

Q2 2016

			Value		Shares		↓ Weighting
D	New	DOMINION RESOURCES INC	$212,840,000	–	2,731,172	–	5.32%	–
RSG	New	REPUBLIC SERVICES INC	$202,758,000	–	3,951,626	–	5.07%	–
RTN	New	RAYTHEON	$202,472,000	–	1,489,309	–	5.06%	–
CAG	New	CONAGRA FOODS INC	$194,066,000	–	4,059,121	–	4.85%	–
OKE	New	ONEOK INC	$192,595,000	–	4,058,905	–	4.81%	–
TGT	New	TARGET CORP	$169,891,000	–	2,433,278	–	4.24%	–
TJX	New	TJX COMPANIES	$162,344,000	–	2,102,079	–	4.06%	–
HDS	New	HD SUPPLY HOLDINGS	$154,343,000	–	4,432,572	–	3.86%	–
CCK	New	CROWN HOLDINGS INC	$151,647,000	–	2,992,832	–	3.79%	–
AHONY	New	AHOLD NV-ADR	$143,747,000	–	6,498,470	–	3.59%	–
WY	New	WEYERHAEUSER CO	$143,145,000	–	4,808,349	–	3.58%	–
DVN	New	DEVON ENERGY	$137,991,000	–	3,806,628	–	3.45%	–
IP	New	INTERNATIONAL PAPER	$136,194,000	–	3,213,628	–	3.40%	–
OC	New	OWENS CORNING	$132,751,000	–	2,576,690	–	3.32%	–
OXY	New	OCCIDENTAL PETROLEUM	$132,237,000	–	1,750,103	–	3.30%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$130,102,000	–	11,752,689	–	3.25%	–
OI	New	OWENS ILLINOIS	$128,725,000	–	7,147,412	–	3.22%	–
DOW	New	DOW CHEMICAL CO	$122,001,000	–	2,454,270	–	3.05%	–
BLL	New	BALL CORP	$121,116,000	–	1,675,417	–	3.03%	–
FMC	New	FMC CORP	$114,245,000	–	2,466,964	–	2.85%	–
EMR	New	EMERSON ELECTRIC	$113,890,000	–	2,183,473	–	2.84%	–
BIG	New	BIG LOTS INC	$110,807,000	–	2,211,261	–	2.77%	–
USG	New	USG CORP	$107,452,000	–	3,985,602	–	2.68%	–
JCI	New	JOHNSON CONTROLS	$106,959,000	–	2,416,600	–	2.67%	–
AA	New	ALCOA INC	$104,434,000	–	11,265,747	–	2.61%	–
M	New	MACY`S INC	$82,299,000	–	2,448,670	–	2.06%	–
SEE	New	SEALED AIR CORP	$76,006,000	–	1,653,377	–	1.90%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$68,250,000	–	5,352,929	–	1.70%	–
NBR	New	NABORS INDUSTRIES	$53,074,000	–	5,280,955	–	1.33%	–
MAT	New	MATTEL INC	$44,919,000	–	1,435,562	–	1.12%	–
FLOW	New	SPX FLOW INC	$33,900,000	–	1,300,365	–	0.85%	–
TYC	New	TYCO INTERNATIOANL	$2,076,000	–	48,730	–	0.05%	–
NI	New	NISOURCE INC	$1,222,000	–	46,078	–	0.03%	–
NFG	New	NATIONAL FUEL GAS	$963,000	–	16,934	–	0.02%	–
MLM	New	MARTIN MARIETTA	$964,000	–	5,022	–	0.02%	–
VAL	New	VALSPAR CORP	$947,000	–	8,763	–	0.02%	–
WCN	New	WASTE CONNECTIONS INC	$963,000	–	13,362	–	0.02%	–
HLS	New	HEALTHSOUTH CORP	$923,000	–	23,783	–	0.02%	–
STR	New	QUESTAR CORP	$938,000	–	36,989	–	0.02%	–
PKG	New	PACKAGING CORP OF AMERICA	$853,000	–	12,751	–	0.02%	–
HAL	New	HALLIBURTON COMP	$821,000	–	18,136	–	0.02%	–
JCPNQ	New	PENNEY J.C.	$767,000	–	86,390	–	0.02%	–
ALB	New	ALBEMARLE CORP	$715,000	–	9,016	–	0.02%	–
DNOW	New	NOW INC	$717,000	–	39,520	–	0.02%	–
TGI	New	TRIUMPH GROUP	$677,000	–	19,070	–	0.02%	–
CAL	New	CALERES INC	$686,000	–	28,344	–	0.02%	–
ITT	New	ITT INC	$648,000	–	20,278	–	0.02%	–
HRS	New	HARRIS CORPORATION	$494,000	–	5,920	–	0.01%	–
TRN	New	TRINITY IND	$28,000	–	1,518	–	0.00%	–
KMI	New	KINDER MORGAN	$59,000	–	3,172	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
VEC	Exit	VECTRUS, INC.	$0	–	-1,518	–	-0.00%	–
SXC	Exit	SUNCOKE ENERGY INC	$0	–	-7,340	–	-0.00%	–
CNW	Exit	CON-WAY INC	$0	–	-4,840	–	-0.01%	–
CNL	Exit	CLECO CORP	$0	–	-6,700	–	-0.01%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-6,600	–	-0.01%	–
TDY	Exit	TELEDYNE TECHNOLOGIES	$0	–	-4,550	–	-0.01%	–
TRN	Exit	TRINITY IND	$0	–	-18,800	–	-0.01%	–
HRS	Exit	HARRIS CORPORATION	$0	–	-7,813	–	-0.01%	–
TAST	Exit	CARROLS RESTAURANT GROUP	$0	–	-49,550	–	-0.01%	–
KMI	Exit	KINDER MORGAN	$0	–	-24,575	–	-0.02%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-15,581	–	-0.02%	–
CPGX	Exit	COLUMBIA PIPELINE GROUP	$0	–	-42,010	–	-0.02%	–
VAL	Exit	VALSPAR CORP	$0	–	-16,045	–	-0.02%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-30,988	–	-0.03%	–
ITT	Exit	ITT CORP	$0	–	-38,497	–	-0.03%	–
NI	Exit	NISOURCE INC	$0	–	-75,338	–	-0.03%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-29,009	–	-0.03%	–
STR	Exit	QUESTAR CORP	$0	–	-77,373	–	-0.03%	–
CAL	Exit	CALERES INC	$0	–	-52,437	–	-0.04%	–
MLM	Exit	MARTIN MARIETTA	$0	–	-12,346	–	-0.04%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-39,958	–	-0.04%	–
SPXC	Exit	SPX CORP	$0	–	-2,193,564	–	-0.57%	–
FLOW	Exit	SPX FLOW INC	$0	–	-2,193,564	–	-1.64%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-5,987,169	–	-1.84%	–
FMC	Exit	FMC CORP	$0	–	-2,691,820	–	-1.98%	–
FCX	Exit	FREEPORT-McMORAN	$0	–	-9,581,440	–	-2.01%	–
MAT	Exit	MATTEL INC	$0	–	-4,455,630	–	-2.03%	–
BLL	Exit	BALL CORP	$0	–	-1,610,323	–	-2.17%	–
SEE	Exit	SEALED AIR CORP	$0	–	-2,151,332	–	-2.19%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-10,996,027	–	-2.25%	–
AA	Exit	ALCOA INC	$0	–	-14,058,488	–	-2.94%	–
BIG	Exit	BIG LOTS INC	$0	–	-2,845,815	–	-2.96%	–
DVN	Exit	DEVON ENERGY	$0	–	-3,829,982	–	-3.08%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-3,953,648	–	-3.24%	–
USG	Exit	USG CORP	$0	–	-5,731,048	–	-3.31%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-5,427,917	–	-3.37%	–
AHONY	Exit	AHOLD NV-ADR	$0	–	-8,201,597	–	-3.46%	–
OKE	Exit	ONEOK INC	$0	–	-4,994,165	–	-3.48%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-2,432,961	–	-3.49%	–
OI	Exit	OWENS ILLINOIS	$0	–	-8,079,200	–	-3.63%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-10,229,460	–	-3.71%	–
DOW	Exit	DOW CHEMICAL CO	$0	–	-4,281,352	–	-3.93%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,041,117	–	-4.01%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-7,106,099	–	-4.21%	–
OC	Exit	OWENS CORNING	$0	–	-4,811,144	–	-4.37%	–
TGT	Exit	TARGET CORP	$0	–	-2,662,206	–	-4.54%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-5,214,802	–	-4.66%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-5,358,100	–	-4.70%	–
TJX	Exit	TJX COMPANIES	$0	–	-3,183,301	–	-4.93%	–
RTN	Exit	RAYTHEON	$0	–	-2,211,478	–	-5.24%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-3,726,855	–	-5.68%	–

Q3 2015

			Value		Shares		↓ Weighting
D	Sell	DOMINION RESOURCES INC	$262,296,000	+2.4%	3,726,855	-2.7%	5.68%	+21.6%
RTN	Sell	RAYTHEON	$241,626,000	+9.9%	2,211,478	-3.8%	5.24%	+30.4%
TJX	Sell	TJX COMPANIES	$227,351,000	+3.6%	3,183,301	-4.0%	4.93%	+23.0%
CAG	Sell	CONAGRA FOODS INC	$217,057,000	-10.5%	5,358,100	-3.4%	4.70%	+6.3%
RSG	Sell	REPUBLIC SERVICES INC	$214,850,000	+0.9%	5,214,802	-4.1%	4.66%	+19.8%
TGT	Sell	TARGET CORP	$209,409,000	-6.4%	2,662,206	-2.9%	4.54%	+11.0%
OC	Sell	OWENS CORNING	$201,635,000	-11.0%	4,811,144	-12.4%	4.37%	+5.7%
WY	Sell	WEYERHAEUSER CO	$194,281,000	-16.3%	7,106,099	-3.6%	4.21%	-0.7%
CCK	Sell	CROWN HOLDINGS INC	$184,881,000	-30.5%	4,041,117	-19.6%	4.01%	-17.5%
DOW	Sell	DOW CHEMICAL CO	$181,529,000	-19.7%	4,281,352	-3.1%	3.93%	-4.7%
HTZ	Buy	HERTZ GLOBAL HOLDINGS INC	$171,139,000	+35.7%	10,229,460	+47.0%	3.71%	+61.1%
OI	Buy	OWENS ILLINOIS	$167,401,000	-8.9%	8,079,200	+0.8%	3.63%	+8.1%
OXY	Buy	OCCIDENTAL PETROLEUM	$160,940,000	-10.2%	2,432,961	+5.6%	3.49%	+6.6%
OKE	Sell	ONEOK INC	$160,812,000	-20.4%	4,994,165	-2.4%	3.48%	-5.5%
AHONY	Sell	AHOLD NV-ADR	$159,849,000	-2.3%	8,201,597	-5.5%	3.46%	+15.9%
HDS	Sell	HD SUPPLY HOLDINGS	$155,347,000	-20.7%	5,427,917	-2.5%	3.37%	-5.9%
USG	Sell	USG CORP	$152,560,000	-8.1%	5,731,048	-4.0%	3.31%	+9.1%
IP	Sell	INTERNATIONAL PAPER	$149,408,000	-22.8%	3,953,648	-2.8%	3.24%	-8.4%
DVN	Buy	DEVON ENERGY	$142,054,000	-23.5%	3,829,982	+22.7%	3.08%	-9.2%
BIG	Buy	BIG LOTS INC	$136,371,000	+14.5%	2,845,815	+7.5%	2.96%	+35.9%
AA	Buy	ALCOA INC	$135,805,000	-8.0%	14,058,488	+6.2%	2.94%	+9.2%
NBR	Sell	NABORS INDUSTRIES	$103,912,000	-36.1%	10,996,027	-2.4%	2.25%	-24.1%
SEE	Sell	SEALED AIR CORP	$100,854,000	-11.7%	2,151,332	-3.2%	2.19%	+4.9%
BLL	Sell	BALL CORP	$100,162,000	-14.0%	1,610,323	-3.0%	2.17%	+2.1%
MAT	Sell	MATTEL INC	$93,836,000	-19.9%	4,455,630	-2.2%	2.03%	-4.9%
FCX	Buy	FREEPORT-McMORAN	$92,844,000	-33.1%	9,581,440	+28.6%	2.01%	-20.6%
FMC	Sell	FMC CORP	$91,280,000	-35.8%	2,691,820	-0.6%	1.98%	-23.8%
ATI	Buy	ALLEGHENY TECHNOLOGIES	$84,898,000	-37.2%	5,987,169	+33.7%	1.84%	-25.5%
FLOW	New	SPX FLOW INC	$75,524,000	–	2,193,564	–	1.64%	–
SPXC	Sell	SPX CORP	$26,147,000	-84.0%	2,193,564	-2.9%	0.57%	-81.0%
WCN	Buy	WASTE CONNECTIONS INC	$1,941,000	+19.2%	39,958	+15.7%	0.04%	+40.0%
MLM	Buy	MARTIN MARIETTA	$1,876,000	+22.3%	12,346	+13.9%	0.04%	+46.4%
CAL	Buy	CALERES INC	$1,601,000	+10.6%	52,437	+15.1%	0.04%	+34.6%
STR	Buy	QUESTAR CORP	$1,502,000	+6.9%	77,373	+15.2%	0.03%	+26.9%
NFG	Buy	NATIONAL FUEL GAS	$1,450,000	-2.6%	29,009	+14.8%	0.03%	+14.8%
NI	Buy	NISOURCE INC	$1,398,000	+9.2%	75,338	+168.3%	0.03%	+30.4%
ITT	Buy	ITT CORP	$1,287,000	-6.8%	38,497	+16.6%	0.03%	+12.0%
HLS	Buy	HEALTHSOUTH CORP	$1,189,000	-4.7%	30,988	+14.4%	0.03%	+13.0%
VAL	Buy	VALSPAR CORP	$1,153,000	+1.1%	16,045	+15.2%	0.02%	+19.0%
CPGX	New	COLUMBIA PIPELINE GROUP	$768,000	–	42,010	–	0.02%	–
KMI	Sell	KINDER MORGAN	$680,000	-54.4%	24,575	-36.8%	0.02%	-44.4%
ALB	Buy	ALBEMARLE CORP	$687,000	-4.8%	15,581	+19.3%	0.02%	+15.4%
HRS	Buy	HARRIS CORPORATION	$572,000	+9.2%	7,813	+14.6%	0.01%	+20.0%
CNW	Sell	CON-WAY INC	$230,000	-99.7%	4,840	-99.8%	0.01%	-99.7%
SE	Exit	SPECTRA ENERGY	$0	–	-14,850	–	-0.01%	–
IWS	Exit	RUSSELL MIDCAP VALUE ETF	$0	–	-61,470	–	-0.08%	–
CNX	Exit	CONSOL ENERGY	$0	–	-4,379,370	–	-1.74%	–

Q2 2015

			Value		Shares		↓ Weighting
CCK	New	CROWN HOLDINGS INC	$265,833,000	–	5,024,246	–	4.85%	–
D	New	DOMINION RESOURCES INC	$256,088,000	–	3,829,643	–	4.68%	–
CAG	New	CONAGRA FOODS INC	$242,474,000	–	5,546,062	–	4.43%	–
WY	New	WEYERHAEUSER CO	$232,153,000	–	7,369,950	–	4.24%	–
OC	New	OWENS CORNING	$226,441,000	–	5,489,479	–	4.13%	–
DOW	New	DOW CHEMICAL CO	$226,171,000	–	4,420,001	–	4.13%	–
TGT	New	TARGET CORP	$223,837,000	–	2,742,094	–	4.09%	–
RTN	New	RAYTHEON	$219,943,000	–	2,298,738	–	4.02%	–
TJX	New	TJX COMPANIES	$219,507,000	–	3,317,326	–	4.01%	–
RSG	New	REPUBLIC SERVICES INC	$212,960,000	–	5,436,802	–	3.89%	–
OKE	New	ONEOK INC	$201,997,000	–	5,116,437	–	3.69%	–
HDS	New	HD SUPPLY HOLDINGS	$195,935,000	–	5,569,498	–	3.58%	–
IP	New	INTERNATIONAL PAPER	$193,571,000	–	4,067,481	–	3.53%	–
DVN	New	DEVON ENERGY	$185,632,000	–	3,120,396	–	3.39%	–
OI	New	OWENS ILLINOIS	$183,803,000	–	8,012,315	–	3.36%	–
OXY	New	OCCIDENTAL PETROLEUM	$179,147,000	–	2,303,548	–	3.27%	–
USG	New	USG CORP	$165,919,000	–	5,970,469	–	3.03%	–
AHONY	New	AHOLD NV-ADR	$163,689,000	–	8,674,577	–	2.99%	–
SPXC	New	SPX CORP	$163,468,000	–	2,258,156	–	2.98%	–
NBR	New	NABORS INDUSTRIES	$162,595,000	–	11,267,855	–	2.97%	–
AA	New	ALCOA INC	$147,545,000	–	13,232,770	–	2.69%	–
FMC	New	FMC CORP	$142,273,000	–	2,707,377	–	2.60%	–
FCX	New	FREEPORT-McMORAN	$138,723,000	–	7,450,206	–	2.53%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$135,264,000	–	4,478,934	–	2.47%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$126,077,000	–	6,957,880	–	2.30%	–
BIG	New	BIG LOTS INC	$119,137,000	–	2,648,073	–	2.18%	–
MAT	New	MATTEL INC	$117,094,000	–	4,557,950	–	2.14%	–
BLL	New	BALL CORP	$116,446,000	–	1,659,955	–	2.13%	–
SEE	New	SEALED AIR CORP	$114,165,000	–	2,221,965	–	2.08%	–
CNX	New	CONSOL ENERGY	$95,208,000	–	4,379,370	–	1.74%	–
CNW	New	CON-WAY INC	$81,622,000	–	2,127,239	–	1.49%	–
IWS	New	RUSSELL MIDCAP VALUE ETF	$4,534,000	–	61,470	–	0.08%	–
WCN	New	WASTE CONNECTIONS INC	$1,628,000	–	34,549	–	0.03%	–
MLM	New	MARTIN MARIETTA	$1,534,000	–	10,842	–	0.03%	–
NFG	New	NATIONAL FUEL GAS	$1,489,000	–	25,276	–	0.03%	–
KMI	New	KINDER MORGAN	$1,492,000	–	38,875	–	0.03%	–
STR	New	QUESTAR CORP	$1,405,000	–	67,174	–	0.03%	–
CAL	New	CALERES INC	$1,448,000	–	45,569	–	0.03%	–
ITT	New	ITT CORP	$1,381,000	–	33,004	–	0.02%	–
NI	New	NISOURCE INC	$1,280,000	–	28,080	–	0.02%	–
HLS	New	HEALTHSOUTH CORP	$1,248,000	–	27,087	–	0.02%	–
VAL	New	VALSPAR CORP	$1,140,000	–	13,928	–	0.02%	–
ALB	New	ALBEMARLE CORP	$722,000	–	13,063	–	0.01%	–
HRS	New	HARRIS CORPORATION	$524,000	–	6,818	–	0.01%	–
SE	New	SPECTRA ENERGY	$484,000	–	14,850	–	0.01%	–
TDY	New	TELEDYNE TECHNOLOGIES	$480,000	–	4,550	–	0.01%	–
TRN	New	TRINITY IND	$497,000	–	18,800	–	0.01%	–
TAST	New	CARROLS RESTAURANT GROUP	$515,000	–	49,550	–	0.01%	–
PKG	New	PACKAGING CORP OF AMERICA	$412,000	–	6,600	–	0.01%	–
CNL	New	CLECO CORP	$361,000	–	6,700	–	0.01%	–
SXC	New	SUNCOKE ENERGY INC	$95,000	–	7,340	–	0.00%	–
VEC	New	VECTRUS, INC.	$38,000	–	1,518	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
VEC	Exit	VECTRUS, INC.	$0	–	-4,597	–	-0.00%	–
WMB	Exit	WILLIAMS COMPANIES INC	$0	–	-1,950	–	-0.00%	–
CNL	Exit	CLECO CORP	$0	–	-6,700	–	-0.01%	–
TAST	Exit	CARROLS RESTAURANT GROUP	$0	–	-49,550	–	-0.01%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-6,600	–	-0.01%	–
TDY	Exit	TELEDYNE TECHNOLOGIES	$0	–	-4,550	–	-0.01%	–
SE	Exit	SPECTRA ENERGY	$0	–	-14,850	–	-0.01%	–
2108SC	Exit	EL PASO PIPELIN PTNRS	$0	–	-17,450	–	-0.01%	–
TRN	Exit	TRINITY IND	$0	–	-18,800	–	-0.01%	–
SXC	Exit	SUNCOKE ENERGY INC	$0	–	-39,500	–	-0.01%	–
VAL	Exit	VALSPAR CORP	$0	–	-14,140	–	-0.02%	–
XLS	Exit	EXELIS INC	$0	–	-82,750	–	-0.02%	–
6100PS	Exit	BROWN SHOE COMPANY	$0	–	-50,400	–	-0.02%	–
MLM	Exit	MARTIN MARIETTA	$0	–	-10,948	–	-0.02%	–
ITT	Exit	ITT CORP	$0	–	-35,915	–	-0.03%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-44,760	–	-0.03%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC	$0	–	-48,250	–	-0.03%	–
ROC	Exit	ROCKWOOD HOLDINGS	$0	–	-26,810	–	-0.03%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-47,805	–	-0.04%	–
STR	Exit	QUESTAR CORP	$0	–	-179,290	–	-0.06%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-65,680	–	-0.08%	–
HDS	Exit	HD SUPPLY HOLDINGS	$0	–	-2,050,000	–	-0.91%	–
KMI	Exit	KINDER MORGAN	$0	–	-2,493,259	–	-1.56%	–
CNW	Exit	CON-WAY INC	$0	–	-2,302,064	–	-1.78%	–
SPXC	Exit	SPX CORP	$0	–	-1,307,149	–	-2.00%	–
XYL	Exit	XYLEM INC	$0	–	-3,596,008	–	-2.08%	–
FMC	Exit	FMC CORP	$0	–	-2,317,763	–	-2.16%	–
BLL	Exit	BALL CORP	$0	–	-2,098,380	–	-2.17%	–
SEE	Exit	SEALED AIR CORP	$0	–	-4,095,690	–	-2.33%	–
AHONY	Exit	AHOLD NV-ADR	$0	–	-8,934,305	–	-2.36%	–
FCX	Exit	FREEPORT-McMORAN	$0	–	-4,441,420	–	-2.37%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-3,991,379	–	-2.42%	–
BIG	Exit	BIG LOTS INC	$0	–	-3,645,325	–	-2.56%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-6,363,660	–	-2.63%	–
USG	Exit	USG CORP	$0	–	-5,871,364	–	-2.64%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-5,201,290	–	-2.80%	–
CNX	Exit	CONSOL ENERGY	$0	–	-4,661,456	–	-2.88%	–
OC	Exit	OWENS CORNING	$0	–	-5,587,887	–	-2.90%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-1,888,130	–	-2.96%	–
DVN	Exit	DEVON ENERGY	$0	–	-2,795,475	–	-3.11%	–
TJX	Exit	TJX COMPANIES	$0	–	-3,266,886	–	-3.16%	–
AA	Exit	ALCOA INC	$0	–	-12,175,255	–	-3.20%	–
OI	Exit	OWENS ILLINOIS	$0	–	-7,540,247	–	-3.21%	–
TGT	Exit	TARGET CORP	$0	–	-3,170,966	–	-3.24%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-5,947,033	–	-3.79%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-10,295,872	–	-3.82%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-7,465,988	–	-3.88%	–
DOW	Exit	DOW CHEMICAL CO	$0	–	-4,690,166	–	-4.02%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-5,551,478	–	-4.03%	–
RTN	Exit	RAYTHEON	$0	–	-2,439,484	–	-4.05%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-5,296,576	–	-4.13%	–
SWY	Exit	SAFEWAY INC.	$0	–	-7,436,063	–	-4.16%	–
OKE	Exit	ONEOK INC	$0	–	-4,769,628	–	-5.10%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-4,540,862	–	-5.12%	–

Q3 2014

			Value		Shares		↓ Weighting
D	Sell	DOMINION RESOURCES INC	$313,728,000	-7.9%	4,540,862	-4.7%	5.12%	-0.9%
OKE	Sell	ONEOK INC	$312,649,000	-6.7%	4,769,628	-3.1%	5.10%	+0.4%
SWY	Sell	SAFEWAY INC.	$255,057,000	-21.2%	7,436,063	-21.1%	4.16%	-15.2%
IP	Sell	INTERNATIONAL PAPER	$252,859,000	-11.5%	5,296,576	-6.5%	4.13%	-4.8%
RTN	Sell	RAYTHEON	$247,900,000	+5.8%	2,439,484	-3.9%	4.05%	+13.9%
CCK	Sell	CROWN HOLDINGS INC	$247,152,000	-12.9%	5,551,478	-2.6%	4.03%	-6.2%
DOW	Sell	DOW CHEMICAL CO	$245,952,000	-15.6%	4,690,166	-17.2%	4.02%	-9.1%
WY	Sell	WEYERHAEUSER CO	$237,866,000	-5.8%	7,465,988	-2.1%	3.88%	+1.4%
NBR	Sell	NABORS INDUSTRIES	$234,334,000	-23.6%	10,295,872	-1.4%	3.82%	-17.8%
RSG	Sell	REPUBLIC SERVICES INC	$232,053,000	-10.6%	5,947,033	-13.0%	3.79%	-3.8%
TGT	New	TARGET CORP	$198,756,000	–	3,170,966	–	3.24%	–
OI	Sell	OWENS ILLINOIS	$196,423,000	-29.9%	7,540,247	-6.8%	3.21%	-24.5%
AA	Sell	ALCOA INC	$195,900,000	-21.6%	12,175,255	-27.5%	3.20%	-15.6%
TJX	Sell	TJX COMPANIES	$193,302,000	+10.3%	3,266,886	-1.0%	3.16%	+18.7%
DVN	Sell	DEVON ENERGY	$190,595,000	-20.8%	2,795,475	-7.7%	3.11%	-14.7%
OXY	Buy	OCCIDENTAL PETROLEUM	$181,544,000	+1.4%	1,888,130	+8.2%	2.96%	+9.1%
OC	Buy	OWENS CORNING	$177,415,000	-5.2%	5,587,887	+15.5%	2.90%	+2.1%
CNX	Sell	CONSOL ENERGY	$176,483,000	-19.1%	4,661,456	-1.6%	2.88%	-12.9%
CAG	Buy	CONAGRA FOODS INC	$171,851,000	+22.2%	5,201,290	+9.8%	2.80%	+31.5%
USG	Buy	USG CORP	$161,404,000	-2.4%	5,871,364	+7.0%	2.64%	+5.1%
RDC	Buy	ROWAN COMPANIES PLC	$161,064,000	-4.4%	6,363,660	+20.6%	2.63%	+2.9%
BIG	Sell	BIG LOTS INC	$156,931,000	-11.4%	3,645,325	-5.9%	2.56%	-4.6%
ATI	Sell	ALLEGHENY TECHNOLOGIES	$148,080,000	-18.0%	3,991,379	-0.3%	2.42%	-11.8%
FCX	New	FREEPORT-McMORAN	$145,012,000	–	4,441,420	–	2.37%	–
AHONY	Buy	AHOLD NV-ADR	$144,468,000	+2.4%	8,934,305	+19.0%	2.36%	+10.2%
SEE	Sell	SEALED AIR CORP	$142,858,000	-12.7%	4,095,690	-14.5%	2.33%	-6.1%
BLL	Sell	BALL CORP	$132,765,000	-23.4%	2,098,380	-24.2%	2.17%	-17.6%
FMC	Buy	FMC CORP	$132,553,000	-17.4%	2,317,763	+2.9%	2.16%	-11.1%
XYL	Sell	XYLEM INC	$127,622,000	-33.6%	3,596,008	-26.9%	2.08%	-28.6%
SPXC	Buy	SPX CORP	$122,781,000	+7.0%	1,307,149	+23.2%	2.00%	+15.2%
CNW	Sell	CON-WAY INC	$109,348,000	-9.1%	2,302,064	-3.6%	1.78%	-2.2%
KMI	Sell	KINDER MORGAN	$95,592,000	-27.7%	2,493,259	-31.6%	1.56%	-22.2%
HDS	New	HD SUPPLY HOLDINGS	$55,883,000	–	2,050,000	–	0.91%	–
NFG	Buy	NATIONAL FUEL GAS	$4,597,000	-7.3%	65,680	+3.7%	0.08%	0.0%
STR	Buy	QUESTAR CORP	$3,996,000	+0.5%	179,290	+11.9%	0.06%	+8.3%
MLM	New	MARTIN MARIETTA	$1,412,000	–	10,948	–	0.02%	–
WMB	Sell	WILLIAMS COMPANIES INC	$108,000	-91.5%	1,950	-91.0%	0.00%	-89.5%
VEC	New	VECTRUS, INC.	$90,000	–	4,597	–	0.00%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-25,000	–	-0.01%	–
TXI	Exit	TEXAS INDUSTRIES	$0	–	-15,640	–	-0.02%	–
OGS	Exit	ONE GAS INC.	$0	–	-854,522	–	-0.49%	–
AVP	Exit	AVON PRODUCTS INC	$0	–	-3,919,170	–	-0.87%	–

Q2 2014

			Value		Shares		↓ Weighting
D	New	DOMINION RESOURCES INC	$340,674,000	–	4,763,342	–	5.17%	–
OKE	New	ONEOK INC	$335,134,000	–	4,922,648	–	5.08%	–
SWY	New	SAFEWAY INC.	$323,610,000	–	9,423,699	–	4.91%	–
NBR	New	NABORS INDUSTRIES	$306,738,000	–	10,443,937	–	4.65%	–
DOW	New	DOW CHEMICAL CO	$291,414,000	–	5,662,926	–	4.42%	–
IP	New	INTERNATIONAL PAPER	$285,847,000	–	5,663,706	–	4.34%	–
CCK	New	CROWN HOLDINGS INC	$283,668,000	–	5,700,718	–	4.30%	–
OI	New	OWENS ILLINOIS	$280,124,000	–	8,086,707	–	4.25%	–
RSG	New	REPUBLIC SERVICES INC	$259,546,000	–	6,835,560	–	3.94%	–
WY	New	WEYERHAEUSER CO	$252,403,000	–	7,627,773	–	3.83%	–
AA	New	ALCOA INC	$249,888,000	–	16,782,265	–	3.79%	–
DVN	New	DEVON ENERGY	$240,561,000	–	3,029,735	–	3.65%	–
RTN	New	RAYTHEON	$234,295,000	–	2,539,785	–	3.55%	–
CNX	New	CONSOL ENERGY	$218,155,000	–	4,735,296	–	3.31%	–
XYL	New	XYLEM INC	$192,255,000	–	4,919,518	–	2.92%	–
OC	New	OWENS CORNING	$187,079,000	–	4,836,587	–	2.84%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$180,607,000	–	4,004,589	–	2.74%	–
OXY	New	OCCIDENTAL PETROLEUM	$179,041,000	–	1,744,530	–	2.72%	–
BIG	New	BIG LOTS INC	$177,128,000	–	3,875,885	–	2.69%	–
TJX	New	TJX COMPANIES	$175,315,000	–	3,298,496	–	2.66%	–
BLL	New	BALL CORP	$173,413,000	–	2,766,640	–	2.63%	–
RDC	New	ROWAN COMPANIES PLC	$168,497,000	–	5,277,080	–	2.56%	–
USG	New	USG CORP	$165,407,000	–	5,489,764	–	2.51%	–
SEE	New	SEALED AIR CORP	$163,721,000	–	4,791,380	–	2.48%	–
FMC	New	FMC CORP	$160,412,000	–	2,253,293	–	2.43%	–
AHONY	New	AHOLD NV-ADR	$141,019,000	–	7,508,987	–	2.14%	–
CAG	New	ConAgra Foods Inc.	$140,624,000	–	4,738,000	–	2.13%	–
KMI	New	KINDER MORGAN	$132,251,000	–	3,647,303	–	2.01%	–
CNW	New	CON-WAY INC	$120,359,000	–	2,387,594	–	1.82%	–
SPXC	New	SPX CORP	$114,767,000	–	1,060,598	–	1.74%	–
AVP	New	AVON PRODUCTS INC	$57,259,000	–	3,919,170	–	0.87%	–
OGS	New	ONE GAS INC.	$32,258,000	–	854,522	–	0.49%	–
NFG	New	NATIONAL FUEL GAS	$4,959,000	–	63,330	–	0.08%	–
STR	New	QUESTAR CORP	$3,975,000	–	160,290	–	0.06%	–
WCN	New	WASTE CONNECTIONS INC	$2,321,000	–	47,805	–	0.04%	–
ROC	New	ROCKWOOD HOLDINGS	$2,037,000	–	26,810	–	0.03%	–
FBHS	New	FORTUNE BRANDS HOME & SEC	$1,927,000	–	48,250	–	0.03%	–
ITT	New	ITT CORP	$1,728,000	–	35,915	–	0.03%	–
HLS	New	HEALTHSOUTH CORP	$1,606,000	–	44,760	–	0.02%	–
6100PS	New	BROWN SHOE COMPANY	$1,442,000	–	50,400	–	0.02%	–
TXI	New	TEXAS INDUSTRIES	$1,445,000	–	15,640	–	0.02%	–
XLS	New	EXELIS INC	$1,405,000	–	82,750	–	0.02%	–
WMB	New	WILLIAMS COMPANIES INC	$1,266,000	–	21,750	–	0.02%	–
VAL	New	VALSPAR CORP	$1,077,000	–	14,140	–	0.02%	–
SXC	New	SUNCOKE ENERGY INC	$849,000	–	39,500	–	0.01%	–
TRN	New	TRINITY IND	$822,000	–	18,800	–	0.01%	–
SE	New	SPECTRA ENERGY	$631,000	–	14,850	–	0.01%	–
PBI	New	PITNEY BOWES INC	$691,000	–	25,000	–	0.01%	–
2108SC	New	EL PASO PIPELIN PTNRS	$632,000	–	17,450	–	0.01%	–
PKG	New	PACKAGING CORP OF AMERICA	$472,000	–	6,600	–	0.01%	–
TDY	New	TELEDYNE TECHNOLOGIES	$442,000	–	4,550	–	0.01%	–
CNL	New	CLECO CORP	$395,000	–	6,700	–	0.01%	–
TAST	New	CARROLS RESTAURANT GROUP	$353,000	–	49,550	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
WM	Exit	WASTE MANAGEMENT	$0	–	-3,700	–	-0.00%	–
TAST	Exit	CARROLS RESTAURANT GROUP	$0	–	-49,550	–	-0.01%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-6,600	–	-0.01%	–
TDY	Exit	TELEDYNE TECHNOLOGIES	$0	–	-4,550	–	-0.01%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-25,000	–	-0.01%	–
TRN	Exit	TRINITY IND	$0	–	-9,400	–	-0.01%	–
SE	Exit	SPECTRA ENERGY	$0	–	-14,850	–	-0.01%	–
SXC	Exit	SUNCOKE ENERGY INC	$0	–	-41,140	–	-0.01%	–
2108SC	Exit	EL PASO PIPELIN PTNRS	$0	–	-17,450	–	-0.01%	–
CNL	Exit	CLECO CORP	$0	–	-16,600	–	-0.01%	–
VAL	Exit	VALSPAR CORP	$0	–	-14,640	–	-0.02%	–
STR	Exit	QUESTAR CORP	$0	–	-49,170	–	-0.02%	–
TXI	Exit	TEXAS INDUSTRIES	$0	–	-16,170	–	-0.02%	–
6100PS	Exit	BROWN SHOE COMPANY	$0	–	-52,140	–	-0.02%	–
ITT	Exit	ITT CORP	$0	–	-37,095	–	-0.02%	–
XLS	Exit	EXELIS INC	$0	–	-85,580	–	-0.02%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-46,490	–	-0.03%	–
NFG	Exit	NATIONAL FUEL GAS	$0	–	-27,820	–	-0.04%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-49,695	–	-0.04%	–
ROC	Exit	ROCKWOOD HOLDINGS	$0	–	-52,050	–	-0.06%	–
MAS	Exit	MASCO CORP	$0	–	-2,470,365	–	-0.96%	–
AVP	Exit	AVON PRODUCTS INC	$0	–	-3,955,900	–	-1.49%	–
WMB	Exit	WILLIAMS COMPANIES INC	$0	–	-2,348,670	–	-1.56%	–
SPXC	Exit	SPX CORP	$0	–	-1,078,108	–	-1.67%	–
CNW	Exit	CON-WAY INC	$0	–	-2,443,604	–	-1.93%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC	$0	–	-2,575,084	–	-1.96%	–
USG	Exit	USG CORP	$0	–	-4,182,615	–	-2.19%	–
BLL	Exit	BALL CORP	$0	–	-2,748,900	–	-2.26%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES	$0	–	-4,078,010	–	-2.28%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-4,360,865	–	-2.29%	–
KMI	Exit	KINDER MORGAN	$0	–	-3,713,820	–	-2.42%	–
SEE	Exit	SEALED AIR CORP	$0	–	-4,909,250	–	-2.44%	–
CNX	Exit	CONSOL ENERGY	$0	–	-4,155,026	–	-2.56%	–
OC	Exit	OWENS CORNING	$0	–	-3,683,197	–	-2.56%	–
AHONY	Exit	AHOLD NV-ADR	$0	–	-8,138,811	–	-2.58%	–
AA	Exit	ALCOA INC	$0	–	-17,480,900	–	-2.60%	–
FMC	Exit	FMC CORP	$0	–	-2,013,743	–	-2.64%	–
XYL	Exit	XYLEM INC	$0	–	-5,708,438	–	-2.92%	–
BIG	Exit	BIG LOTS INC	$0	–	-4,464,275	–	-3.03%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-4,863,950	–	-3.27%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-4,016,962	–	-3.30%	–
DVN	Exit	DEVON ENERGY	$0	–	-3,120,035	–	-3.30%	–
BEAM	Exit	BEAM INC	$0	–	-2,807,579	–	-3.32%	–
TJX	Exit	TJX COMPANIES	$0	–	-3,342,201	–	-3.45%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,541,843	–	-3.52%	–
DOW	Exit	DOW CHEMICAL CO	$0	–	-5,509,201	–	-3.87%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-13,423,117	–	-3.95%	–
OI	Exit	OWENS ILLINOIS	$0	–	-7,571,722	–	-4.16%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-6,884,922	–	-4.20%	–
OKE	Exit	ONEOK INC	$0	–	-4,423,375	–	-4.32%	–
RTN	Exit	RAYTHEON	$0	–	-3,166,610	–	-4.47%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-4,870,297	–	-5.57%	–
SWY	Exit	SAFEWAY INC.	$0	–	-11,210,263	–	-6.57%	–

Q3 2013

			Value		Shares		↓ Weighting
SWY	Sell	SAFEWAY INC.	$358,616,000	+34.3%	11,210,263	-0.7%	6.57%	+20.6%
D	Buy	DOMINION RESOURCES INC	$304,296,000	+16.0%	4,870,297	+5.5%	5.57%	+4.2%
RTN	Sell	RAYTHEON	$244,051,000	+7.2%	3,166,610	-8.1%	4.47%	-3.7%
OKE	Buy	ONEOK INC	$235,854,000	+29.7%	4,423,375	+0.5%	4.32%	+16.5%
RSG	Sell	REPUBLIC SERVICES INC	$229,681,000	-4.4%	6,884,922	-2.7%	4.20%	-14.1%
OI	Sell	OWENS ILLINOIS	$227,303,000	+1.3%	7,571,722	-6.2%	4.16%	-9.0%
NBR	Buy	NABORS INDUSTRIES	$215,575,000	+10.2%	13,423,117	+5.0%	3.95%	-1.0%
DOW	Sell	DOW CHEMICAL CO	$211,553,000	+11.9%	5,509,201	-6.2%	3.87%	+0.5%
CCK	Sell	CROWN HOLDINGS INC	$192,029,000	-10.9%	4,541,843	-13.3%	3.52%	-19.9%
TJX	Sell	TJX COMPANIES	$188,467,000	+9.7%	3,342,201	-2.6%	3.45%	-1.5%
BEAM	New	BEAM INC	$181,510,000	–	2,807,579	–	3.32%	–
DVN	Buy	DEVON ENERGY	$180,213,000	+13.2%	3,120,035	+1.7%	3.30%	+1.7%
IP	Sell	INTERNATIONAL PAPER	$179,960,000	-11.8%	4,016,962	-12.7%	3.30%	-20.8%
RDC	Buy	ROWAN COMPANIES PLC	$178,604,000	+9.1%	4,863,950	+1.2%	3.27%	-2.0%
BIG	New	BIG LOTS INC	$165,580,000	–	4,464,275	–	3.03%	–
XYL	Sell	XYLEM INC	$159,437,000	+0.6%	5,708,438	-3.0%	2.92%	-9.6%
FMC	Sell	FMC CORP	$144,426,000	+15.5%	2,013,743	-1.7%	2.64%	+3.8%
AA	New	ALCOA INC	$141,945,000	–	17,480,900	–	2.60%	–
AHONY	Sell	AHOLD NV-ADR	$140,639,000	+14.8%	8,138,811	-1.1%	2.58%	+3.1%
OC	Buy	OWENS CORNING	$139,888,000	+46.5%	3,683,197	+50.7%	2.56%	+31.6%
CNX	Buy	CONSOL ENERGY	$139,817,000	+25.2%	4,155,026	+0.9%	2.56%	+12.5%
SEE	Sell	SEALED AIR CORP	$133,483,000	-19.4%	4,909,250	-29.0%	2.44%	-27.6%
KMI	Buy	KINDER MORGAN	$132,101,000	+3.9%	3,713,820	+11.5%	2.42%	-6.6%
WY	Buy	WEYERHAEUSER CO	$124,852,000	+36.8%	4,360,865	+36.1%	2.29%	+22.8%
ATI	Buy	ALLEGHENY TECHNOLOGIES	$124,461,000	+130.2%	4,078,010	+98.5%	2.28%	+106.8%
BLL	New	BALL CORP	$123,371,000	–	2,748,900	–	2.26%	–
USG	Buy	USG CORP	$119,539,000	+47.0%	4,182,615	+18.6%	2.19%	+32.1%
FBHS	Sell	FORTUNE BRANDS HOME & SEC	$107,201,000	-10.9%	2,575,084	-17.1%	1.96%	-19.9%
CNW	Sell	CON-WAY INC	$105,295,000	+9.5%	2,443,604	-1.0%	1.93%	-1.6%
SPXC	New	SPX CORP	$91,251,000	–	1,078,108	–	1.67%	–
WMB	Sell	WILLIAMS COMPANIES INC	$85,398,000	-40.7%	2,348,670	-47.1%	1.56%	-46.7%
AVP	New	AVON PRODUCTS INC	$81,492,000	–	3,955,900	–	1.49%	–
MAS	Sell	MASCO CORP	$52,569,000	-51.8%	2,470,365	-55.8%	0.96%	-56.6%
ROC	Sell	ROCKWOOD HOLDINGS	$3,482,000	-1.8%	52,050	-6.0%	0.06%	-11.1%
WCN	Sell	WASTE CONNECTIONS INC	$2,257,000	-0.6%	49,695	-10.0%	0.04%	-10.9%
NFG	Sell	NATIONAL FUEL GAS	$1,913,000	+0.7%	27,820	-15.1%	0.04%	-10.3%
HLS	Sell	HEALTHSOUTH CORP	$1,603,000	+8.1%	46,490	-9.7%	0.03%	-3.3%
XLS	Sell	EXELIS INC	$1,344,000	+3.9%	85,580	-8.7%	0.02%	-3.8%
ITT	Sell	ITT CORP	$1,334,000	+11.9%	37,095	-8.5%	0.02%	0.0%
6100PS	Sell	BROWN SHOE COMPANY	$1,224,000	-3.4%	52,140	-11.4%	0.02%	-15.4%
TXI	Sell	TEXAS INDUSTRIES	$1,072,000	-6.9%	16,170	-8.5%	0.02%	-13.0%
STR	Sell	QUESTAR CORP	$1,106,000	-14.4%	49,170	-9.2%	0.02%	-23.1%
VAL	Sell	VALSPAR CORP	$929,000	-10.8%	14,640	-9.0%	0.02%	-19.0%
SXC	Sell	SUNCOKE ENERGY INC	$699,000	+8.7%	41,140	-10.3%	0.01%	0.0%
PKG	Sell	PACKAGING CORP OF AMERICA	$377,000	-98.3%	6,600	-98.5%	0.01%	-98.5%
	Exit	AVON PRODUCTS INC	$0	–	-2,898,900	–	-1.24%	–
	Exit	BIG LOTS INC	$0	–	-4,593,775	–	-2.95%	–
	Exit	BALL CORP	$0	–	-4,122,182	–	-3.49%	–
	Exit	BEAM INC	$0	–	-2,880,799	–	-3.71%	–

Q2 2013

			Value		Shares		↓ Weighting
SWY	New	SAFEWAY INC.	$267,050,000	–	11,286,963	–	5.44%	–
D	New	DOMINION RESOURCES INC	$262,375,000	–	4,617,657	–	5.35%	–
RSG	New	REPUBLIC SERVICES INC	$240,170,000	–	7,076,312	–	4.90%	–
RTN	New	RAYTHEON	$227,764,000	–	3,444,710	–	4.64%	–
OI	New	OWENS ILLINOIS	$224,408,000	–	8,075,122	–	4.57%	–
CCK	New	CROWN HOLDINGS INC	$215,445,000	–	5,238,153	–	4.39%	–
IP	New	INTERNATIONAL PAPER	$203,987,000	–	4,603,632	–	4.16%	–
NBR	New	NABORS INDUSTRIES	$195,660,000	–	12,779,857	–	3.99%	–
DOW	New	DOW CHEMICAL CO	$189,046,000	–	5,876,481	–	3.85%	–
	New	BEAM INC	$181,807,000	–	2,880,799	–	3.71%	–
OKE	New	ONEOK INC	$181,836,000	–	4,401,745	–	3.71%	–
TJX	New	TJX COMPANIES	$171,860,000	–	3,433,071	–	3.50%	–
	New	BALL CORP	$171,235,000	–	4,122,182	–	3.49%	–
SEE	New	SEALED AIR CORP	$165,627,000	–	6,915,530	–	3.38%	–
RDC	New	ROWAN COMPANIES PLC	$163,747,000	–	4,806,200	–	3.34%	–
DVN	New	DEVON ENERGY	$159,164,000	–	3,067,935	–	3.24%	–
XYL	New	XYLEM INC	$158,478,000	–	5,882,628	–	3.23%	–
	New	BIG LOTS INC	$144,842,000	–	4,593,775	–	2.95%	–
WMB	New	WILLIAMS COMPANIES INC	$144,035,000	–	4,435,930	–	2.94%	–
KMI	New	KINDER MORGAN	$127,087,000	–	3,331,245	–	2.59%	–
FMC	New	FMC CORP	$125,028,000	–	2,047,623	–	2.55%	–
AHONY	New	AHOLD NV-ADR	$122,525,000	–	8,228,651	–	2.50%	–
FBHS	New	FORTUNE BRANDS HOME & SEC	$120,286,000	–	3,104,964	–	2.45%	–
CNX	New	CONSOL ENERGY	$111,636,000	–	4,119,426	–	2.28%	–
MAS	New	MASCO CORP	$108,955,000	–	5,590,315	–	2.22%	–
CNW	New	CON-WAY INC	$96,154,000	–	2,468,014	–	1.96%	–
OC	New	OWENS CORNING	$95,488,000	–	2,443,397	–	1.95%	–
WY	New	WEYERHAEUSER CO	$91,297,000	–	3,204,525	–	1.86%	–
USG	New	USG CORP	$81,303,000	–	3,527,255	–	1.66%	–
	New	AVON PRODUCTS INC	$60,964,000	–	2,898,900	–	1.24%	–
ATI	New	ALLEGHENY TECHNOLOGIES	$54,057,000	–	2,054,620	–	1.10%	–
PKG	New	PACKAGING CORP OF AMERICA	$22,217,000	–	453,778	–	0.45%	–
ROC	New	ROCKWOOD HOLDINGS	$3,547,000	–	55,400	–	0.07%	–
WCN	New	WASTE CONNECTIONS INC	$2,271,000	–	55,195	–	0.05%	–
NFG	New	NATIONAL FUEL GAS	$1,899,000	–	32,770	–	0.04%	–
HLS	New	HEALTHSOUTH CORP	$1,483,000	–	51,490	–	0.03%	–
6100PS	New	BROWN SHOE COMPANY	$1,267,000	–	58,840	–	0.03%	–
STR	New	QUESTAR CORP	$1,292,000	–	54,170	–	0.03%	–
XLS	New	EXELIS INC	$1,293,000	–	93,730	–	0.03%	–
ITT	New	ITT CORP	$1,192,000	–	40,545	–	0.02%	–
TXI	New	TEXAS INDUSTRIES	$1,151,000	–	17,670	–	0.02%	–
VAL	New	VALSPAR CORP	$1,041,000	–	16,090	–	0.02%	–
CNL	New	CLECO CORP	$771,000	–	16,600	–	0.02%	–
2108SC	New	EL PASO PIPELIN PTNRS	$762,000	–	17,450	–	0.02%	–
SXC	New	SUNCOKE ENERGY INC	$643,000	–	45,840	–	0.01%	–
SE	New	SPECTRA ENERGY	$512,000	–	14,850	–	0.01%	–
PBI	New	PITNEY BOWES INC	$367,000	–	25,000	–	0.01%	–
TDY	New	TELEDYNE TECHNOLOGIES	$352,000	–	4,550	–	0.01%	–
TRN	New	TRINITY IND	$361,000	–	9,400	–	0.01%	–
TAST	New	CARROLS RESTAURANT GROUP	$320,000	–	49,550	–	0.01%	–
WM	New	WASTE MANAGEMENT	$149,000	–	3,700	–	0.00%	–

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