Southeastern Asset Management Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CNX	Sell	CNX Resources Corp	$211,702,493	-1.7%	9,375,664	-22.9%	7.84%	+3.2%
MAT	Sell	Mattel, Inc.	$198,207,567	+8.8%	8,997,166	-3.5%	7.34%	+14.2%
FDX	Sell	FedEx Corporation	$158,111,674	-3.4%	596,828	-9.6%	5.86%	+1.4%
	Buy	Warner Bros Discovery Inc	$132,450,016	+7.1%	12,196,134	+23.7%	4.91%	+12.5%
AMG	Sell	Affiliated Managers Group Inc.	$118,353,803	-14.3%	908,039	-1.4%	4.38%	-10.0%
IAC	Sell	IAC Inc	$116,941,837	-27.2%	2,320,735	-9.2%	4.33%	-23.5%
BIO	Buy	Bio-Rad Laboratories Inc	$116,891,261	-5.3%	326,102	+0.2%	4.33%	-0.5%
H	Sell	Hyatt Hotels Corp. - Class A	$111,934,025	-20.3%	1,055,185	-13.9%	4.15%	-16.3%
K	Buy	Kellanova	$111,004,062	+26.3%	1,865,301	+43.1%	4.11%	+32.6%
WMG	Sell	Warner Music Group Corp.	$108,396,097	+11.8%	3,452,105	-7.1%	4.02%	+17.4%
LYV	Sell	Live Nation Entertainment Inc	$105,229,450	-10.2%	1,267,214	-1.4%	3.90%	-5.7%
MGM	Sell	MGM Resorts International	$94,557,932	-22.5%	2,572,305	-7.4%	3.50%	-18.6%
PVH	Sell	PVH Corp	$92,239,385	-10.9%	1,205,586	-1.1%	3.42%	-6.5%
FIS	Buy	Fidelity National Information	$90,187,873	+21.4%	1,631,769	+20.2%	3.34%	+27.5%
	New	SharkNinja Inc	$88,323,079	–	1,905,157	–	3.27%	–
LBRDK	Sell	Liberty Broadband Corporation	$87,687,656	+13.3%	960,224	-0.6%	3.25%	+19.0%
FBHS	Buy	Fortune Brands Innovations Inc	$83,465,899	+35.7%	1,342,759	+57.1%	3.09%	+42.5%
RTX	New	RTX Corporation	$58,292,678	–	809,958	–	2.16%	–
GHC	Sell	Graham Holdings Company	$51,989,608	+1.3%	89,176	-0.7%	1.93%	+6.4%
	Buy	Westrock Coffee Company	$49,550,232	-13.4%	5,592,577	+6.2%	1.84%	-9.1%
WTM	Sell	White Mountains Insurance Grou	$49,275,507	-16.0%	32,945	-22.0%	1.82%	-11.8%
FISV	Sell	Fiserv Inc	$47,071,449	-43.9%	416,709	-37.4%	1.74%	-41.2%
SAM	Sell	Boston Beer Company Inc.	$41,413,661	+5.5%	106,317	-16.5%	1.53%	+10.8%
OSCR	Buy	Oscar Health Inc	$41,258,555	-13.5%	7,407,281	+25.1%	1.53%	-9.2%
ESRT	Sell	Empire State Realty Trust Inc.	$39,487,568	-13.8%	4,911,389	-19.7%	1.46%	-9.5%
	New	Atlanta Braves Holdings Inc Cl	$35,131,951	–	983,262	–	1.30%	–
IMKTA	Buy	Ingles Markets Incorporated -	$32,391,071	+46.1%	429,989	+60.3%	1.20%	+53.5%
DOOR	Buy	Masonite International Corpora	$30,680,194	+1.6%	329,116	+11.7%	1.14%	+6.7%
CNHI	Sell	CNH Industrial NV - U.S.	$23,393,524	-17.5%	1,933,349	-1.9%	0.87%	-13.5%
PK	New	Park Hotels & Resorts Inc.	$22,413,997	–	1,819,318	–	0.83%	–
LAZ	Sell	Lazard Ltd	$22,131,650	-60.6%	713,694	-59.4%	0.82%	-58.6%
HTHT	Sell	H World Group Limited ADR	$15,382,708	-0.4%	390,127	-2.1%	0.57%	+4.6%
MSGS	Sell	Madison Square Garden Sports C	$11,122,767	-53.1%	63,090	-50.0%	0.41%	-50.8%
	Sell	General Electric	$1,174,594	-98.9%	10,625	-98.9%	0.04%	-98.8%
PYPL	New	PayPal Holdings Inc	$896,835	–	15,341	–	0.03%	–
LBRDA	Exit	Liberty Broadband Corporation	$0	–	-2,624	–	-0.01%	–
SYNH	Exit	Syneos Health Inc	$0	–	-19,655	–	-0.03%	–
BATRK	Exit	Liberty Media Corp - Braves C	$0	–	-1,052,383	–	-1.47%	–
HAS	Exit	Hasbro Inc	$0	–	-665,106	–	-1.52%	–

Q2 2023

			Value		Shares		↓ Weighting
CNX	New	CNX Resources Corp	$215,458,312	–	12,159,047	–	7.60%	–
MAT	New	Mattel, Inc.	$182,195,787	–	9,324,247	–	6.43%	–
FDX	New	FedEx Corporation	$163,743,652	–	660,523	–	5.78%	–
IAC	New	IAC Inc	$160,527,790	–	2,556,175	–	5.66%	–
H	New	Hyatt Hotels Corp. - Class A	$140,401,291	–	1,225,356	–	4.95%	–
AMG	New	Affiliated Managers Group Inc.	$138,053,936	–	921,035	–	4.87%	–
	New	Warner Bros Discovery Inc	$123,617,903	–	9,857,887	–	4.36%	–
BIO	New	Bio-Rad Laboratories Inc	$123,410,764	–	325,519	–	4.35%	–
MGM	New	MGM Resorts International	$122,018,148	–	2,778,191	–	4.30%	–
LYV	New	Live Nation Entertainment Inc	$117,147,962	–	1,285,786	–	4.13%	–
PVH	New	PVH Corp	$103,540,448	–	1,218,553	–	3.65%	–
	New	General Electric	$102,483,458	–	932,940	–	3.62%	–
WMG	New	Warner Music Group Corp.	$96,946,423	–	3,715,846	–	3.42%	–
K	New	Kellogg Company	$87,868,841	–	1,303,692	–	3.10%	–
FISV	New	Fiserv Inc	$83,969,603	–	665,633	–	2.96%	–
LBRDK	New	Liberty Broadband Corporation	$77,383,216	–	965,962	–	2.73%	–
FIS	New	Fidelity National Information	$74,285,991	–	1,358,062	–	2.62%	–
FBHS	New	Fortune Brands Innovations Inc	$61,499,695	–	854,756	–	2.17%	–
WTM	New	White Mountains Insurance Grou	$58,635,613	–	42,217	–	2.07%	–
	New	Westrock Coffee Company	$57,228,963	–	5,264,854	–	2.02%	–
LAZ	New	Lazard Ltd	$56,208,896	–	1,756,528	–	1.98%	–
GHC	New	Graham Holdings Company	$51,334,906	–	89,828	–	1.81%	–
OSCR	New	Oscar Health Inc	$47,708,913	–	5,919,220	–	1.68%	–
ESRT	New	Empire State Realty Trust Inc.	$45,826,247	–	6,118,324	–	1.62%	–
HAS	New	Hasbro Inc	$43,078,916	–	665,106	–	1.52%	–
BATRK	New	Liberty Media Corp - Braves C	$41,695,415	–	1,052,383	–	1.47%	–
SAM	New	Boston Beer Company Inc.	$39,256,392	–	127,274	–	1.38%	–
RLGY	New	Anywhere Real Estate Inc	$38,402,385	–	5,748,860	–	1.36%	–
	New	Knife River Corporation	$33,206,681	–	763,372	–	1.17%	–
DOOR	New	Masonite International Corpora	$30,189,785	–	294,707	–	1.06%	–
CNHI	New	CNH Industrial NV - U.S.	$28,366,833	–	1,969,919	–	1.00%	–
MSGS	New	Madison Square Garden Sports C	$23,714,798	–	126,109	–	0.84%	–
IMKTA	New	Ingles Markets Incorporated -	$22,171,358	–	268,256	–	0.78%	–
DEI	New	Douglas Emmett Inc	$20,344,256	–	1,618,477	–	0.72%	–
HTHT	New	H World Group Limited ADR	$15,448,129	–	398,353	–	0.54%	–
CAH	New	Cardinal Health Inc	$1,587,357	–	16,785	–	0.06%	–
	New	GE Healthcare Holding LLC	$1,069,037	–	13,159	–	0.04%	–
MLCO	New	Melco Resorts & Entertainment	$988,106	–	80,926	–	0.04%	–
	New	RXO Inc.	$991,382	–	43,731	–	0.04%	–
XPO	New	XPO Logistics Inc	$949,251	–	16,089	–	0.03%	–
GOOG	New	Alphabet Inc. CL C	$925,783	–	7,653	–	0.03%	–
SYNH	New	Syneos Health Inc	$828,262	–	19,655	–	0.03%	–
LBRDA	New	Liberty Broadband Corporation	$209,212	–	2,624	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
CMCSA	Exit	Comcast Corporation Cl A	$0	–	-9,531	–	-0.01%	–
SYNH	Exit	Syneos Health Inc	$0	–	-10,550	–	-0.01%	–
MLCO	Exit	Melco Resorts & Entertainment	$0	–	-80,926	–	-0.01%	–
PAYA	Exit	Paya Holdings Inc	$0	–	-110,045	–	-0.02%	–
XPO	Exit	XPO Logistics Inc	$0	–	-16,089	–	-0.02%	–
LBRDA	Exit	Liberty Broadband Corporation	$0	–	-18,519	–	-0.04%	–
CAH	Exit	Cardinal Health Inc	$0	–	-21,608	–	-0.04%	–
YY	Exit	JOYY Inc. ADR	$0	–	-782,510	–	-0.51%	–
HTHT	Exit	H World Group Limited ADR	$0	–	-628,496	–	-0.53%	–
DOOR	Exit	Masonite International Corpora	$0	–	-404,111	–	-0.72%	–
SWK	Exit	Stanley Black & Decker Inc	$0	–	-462,416	–	-0.88%	–
CNHI	Exit	CNH Industrial NV - U.S.	$0	–	-3,565,895	–	-1.00%	–
VMEO	Exit	Vimeo Inc.	$0	–	-11,296,320	–	-1.14%	–
RNR	Exit	RenaissanceRe Holdings Ltd.	$0	–	-322,037	–	-1.14%	–
OSCR	Exit	Oscar Health Inc	$0	–	-11,146,872	–	-1.40%	–
WMG	Exit	Warner Music Group Corp.	$0	–	-3,368,500	–	-1.97%	–
	Exit	Westrock Coffee Company - Clas	$0	–	-8,008,000	–	-2.01%	–
DEI	Exit	Douglas Emmett Inc	$0	–	-4,551,576	–	-2.06%	–
RLGY	Exit	Anywhere Real Estate Inc	$0	–	-10,579,576	–	-2.16%	–
ESRT	Exit	Empire State Realty Trust Inc.	$0	–	-13,183,043	–	-2.18%	–
BATRK	Exit	Liberty Media Corp - Braves C	$0	–	-3,163,971	–	-2.19%	–
LBRDK	Exit	Liberty Broadband Corporation	$0	–	-1,427,450	–	-2.65%	–
PVH	Exit	PVH Corp	$0	–	-2,372,213	–	-2.68%	–
FISV	Exit	Fiserv Inc	$0	–	-1,137,924	–	-2.68%	–
MSGS	Exit	Madison Square Garden Sports C	$0	–	-817,871	–	-2.81%	–
GHC	Exit	Graham Holdings Company	$0	–	-255,418	–	-3.46%	–
GOOG	Exit	Alphabet Inc. CL C	$0	–	-1,496,129	–	-3.62%	–
WTM	Exit	White Mountains Insurance Grou	$0	–	-112,597	–	-3.69%	–
IAC	Exit	IAC Inc	$0	–	-2,745,346	–	-3.83%	–
LAZ	Exit	Lazard Ltd	$0	–	-4,933,862	–	-3.95%	–
MGM	Exit	MGM Resorts International	$0	–	-5,299,179	–	-3.97%	–
	Exit	Warner Bros Discovery Inc	$0	–	-13,739,864	–	-3.98%	–
FDX	Exit	FedEx Corporation	$0	–	-1,186,429	–	-4.44%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-1,618,112	–	-4.56%	–
	Exit	General Electric	$0	–	-3,149,654	–	-4.91%	–
H	Exit	Hyatt Hotels Corp. - Class A	$0	–	-2,662,068	–	-5.43%	–
CNX	Exit	CNX Resources Corp	$0	–	-15,175,463	–	-5.93%	–
MAT	Exit	Mattel, Inc.	$0	–	-13,910,739	–	-6.63%	–
LUMN	Exit	Lumen Technologies	$0	–	-58,627,580	–	-10.75%	–

Q3 2022

			Value		Shares		↓ Weighting
LUMN	Sell	Lumen Technologies	$426,809,000	-36.9%	58,627,580	-5.4%	10.75%	-24.6%
MAT	Sell	Mattel, Inc.	$263,469,000	-26.9%	13,910,739	-13.8%	6.63%	-12.7%
CNX	Sell	CNX Resources Corp	$235,675,000	-9.4%	15,175,463	-4.0%	5.93%	+8.1%
H	Sell	Hyatt Hotels Corp. - Class A	$215,521,000	+0.8%	2,662,068	-8.0%	5.43%	+20.3%
	Sell	General Electric	$194,995,000	-6.5%	3,149,654	-3.8%	4.91%	+11.7%
AMG	Sell	Affiliated Managers Group Inc.	$180,986,000	-11.4%	1,618,112	-7.7%	4.56%	+5.7%
FDX	Sell	FedEx Corporation	$176,150,000	-43.3%	1,186,429	-13.4%	4.44%	-32.3%
	Sell	Warner Bros Discovery Inc	$158,008,000	-21.2%	13,739,864	-8.1%	3.98%	-5.9%
MGM	Sell	MGM Resorts International	$157,492,000	-1.7%	5,299,179	-4.3%	3.97%	+17.4%
LAZ	Sell	Lazard Ltd	$157,046,000	-6.7%	4,933,862	-5.0%	3.95%	+11.4%
IAC	Sell	IAC Inc	$152,037,000	-33.0%	2,745,346	-8.2%	3.83%	-20.1%
WTM	Sell	White Mountains Insurance Grou	$146,716,000	-6.3%	112,597	-10.4%	3.69%	+11.9%
GOOG	Buy	Alphabet Inc. CL C	$143,853,000	-13.5%	1,496,129	+1868.2%	3.62%	+3.3%
GHC	Sell	Graham Holdings Company	$137,410,000	-6.3%	255,418	-1.2%	3.46%	+11.9%
FISV	Sell	Fiserv Inc	$106,476,000	+3.0%	1,137,924	-2.1%	2.68%	+23.0%
PVH	Buy	PVH Corp	$106,275,000	-12.4%	2,372,213	+11.2%	2.68%	+4.5%
LBRDK	Sell	Liberty Broadband Corporation	$105,345,000	-37.3%	1,427,450	-1.7%	2.65%	-25.1%
ESRT	Sell	Empire State Realty Trust Inc.	$86,480,000	-13.5%	13,183,043	-7.3%	2.18%	+3.3%
RLGY	Sell	Anywhere Real Estate Inc	$85,801,000	-23.2%	10,579,576	-6.9%	2.16%	-8.3%
DEI	Sell	Douglas Emmett Inc	$81,610,000	-21.4%	4,551,576	-1.9%	2.06%	-6.1%
	New	Westrock Coffee Company - Clas	$79,840,000	–	8,008,000	–	2.01%	–
WMG	New	Warner Music Group Corp.	$78,183,000	–	3,368,500	–	1.97%	–
RNR	Sell	RenaissanceRe Holdings Ltd.	$45,211,000	-59.1%	322,037	-54.4%	1.14%	-51.2%
CNHI	Buy	CNH Industrial NV - U.S.	$39,830,000	+21.6%	3,565,895	+26.2%	1.00%	+45.2%
SWK	Sell	Stanley Black & Decker Inc	$34,778,000	-30.2%	462,416	-2.6%	0.88%	-16.6%
DOOR	New	Masonite International Corpora	$28,809,000	–	404,111	–	0.72%	–
IMKTA	Exit	Ingles Markets Incorporated -	$0	–	-142,580	–	-0.26%	–

Q2 2022

			Value		Shares		↓ Weighting
LUMN	New	Lumen Technologies	$676,318,000	–	61,990,676	–	14.26%	–
MAT	New	Mattel, Inc.	$360,321,000	–	16,136,192	–	7.60%	–
FDX	New	FedEx Corporation	$310,709,000	–	1,370,512	–	6.55%	–
CNX	New	CNX Resources Corp	$260,219,000	–	15,809,177	–	5.49%	–
IAC	New	IAC/InterActiveCorp	$227,083,000	–	2,989,115	–	4.79%	–
H	New	Hyatt Hotels Corp. - Class A	$213,898,000	–	2,894,024	–	4.51%	–
	New	General Electric	$208,525,000	–	3,275,090	–	4.40%	–
AMG	New	Affiliated Managers Group Inc.	$204,381,000	–	1,752,835	–	4.31%	–
	New	Warner Bros Discovery Inc	$200,548,000	–	14,943,944	–	4.23%	–
LAZ	New	Lazard Ltd	$168,364,000	–	5,194,806	–	3.55%	–
LBRDK	New	Liberty Broadband Corporation	$167,979,000	–	1,452,605	–	3.54%	–
GOOG	New	Alphabet Inc. CL C	$166,277,000	–	76,014	–	3.51%	–
MGM	New	MGM Resorts International	$160,256,000	–	5,535,635	–	3.38%	–
WTM	New	White Mountains Insurance Grou	$156,518,000	–	125,603	–	3.30%	–
GHC	New	Graham Holdings Company	$146,607,000	–	258,639	–	3.09%	–
MSGS	New	Madison Square Garden Sports C	$123,498,000	–	817,871	–	2.60%	–
PVH	New	PVH Corp	$121,380,000	–	2,133,209	–	2.56%	–
RLGY	New	Anywhere Real Estate Inc	$111,705,000	–	11,363,713	–	2.36%	–
RNR	New	RenaissanceRe Holdings Ltd.	$110,482,000	–	706,546	–	2.33%	–
DEI	New	Douglas Emmett Inc	$103,822,000	–	4,639,076	–	2.19%	–
FISV	New	Fiserv Inc	$103,397,000	–	1,162,149	–	2.18%	–
ESRT	New	Empire State Realty Trust Inc.	$99,951,000	–	14,217,772	–	2.11%	–
BATRK	New	Liberty Media Corp - Braves C	$75,935,000	–	3,163,971	–	1.60%	–
VMEO	New	Vimeo Inc.	$68,004,000	–	11,296,320	–	1.43%	–
SWK	New	Stanley Black & Decker Inc	$49,795,000	–	474,875	–	1.05%	–
OSCR	New	Oscar Health Inc	$47,374,000	–	11,146,872	–	1.00%	–
CNHI	New	CNH Industrial NV - U.S.	$32,754,000	–	2,826,047	–	0.69%	–
HTHT	New	H World Group Limited ADR	$23,946,000	–	628,496	–	0.50%	–
YY	New	JOYY Inc. ADR	$23,366,000	–	782,510	–	0.49%	–
IMKTA	New	Ingles Markets Incorporated -	$12,369,000	–	142,580	–	0.26%	–
LBRDA	New	Liberty Broadband Corporation	$2,103,000	–	18,519	–	0.04%	–
CAH	New	Cardinal Health Inc	$1,129,000	–	21,608	–	0.02%	–
XPO	New	XPO Logistics Inc	$775,000	–	16,089	–	0.02%	–
SYNH	New	Syneos Health Inc	$756,000	–	10,550	–	0.02%	–
PAYA	New	Paya Holdings Inc	$723,000	–	110,045	–	0.02%	–
MLCO	New	Melco Resorts & Entertainment	$465,000	–	80,926	–	0.01%	–
CMCSA	New	Comcast Corporation Cl A	$374,000	–	9,531	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
CAH	Exit	Cardinal Health Inc	$0	–	-17,807	–	-0.02%	–
BATRA	Exit	Liberty Media Corp - Braves A	$0	–	-95,304	–	-0.05%	–
IMKTA	Exit	Ingles Markets Incorporated -	$0	–	-120,413	–	-0.15%	–
MLCO	Exit	Melco Resorts & Entertainment	$0	–	-1,188,746	–	-0.23%	–
KODK	Exit	Eastman Kodak Company	$0	–	-2,534,892	–	-0.33%	–
CNHI	Exit	CNH Industrial NV - U.S.	$0	–	-2,163,506	–	-0.68%	–
YY	Exit	JOYY Inc. ADR	$0	–	-839,121	–	-0.87%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-554,520	–	-1.62%	–
BATRK	Exit	Liberty Media Corp - Braves C	$0	–	-3,433,926	–	-1.72%	–
BABA	Exit	Alibaba Group Holding-SP ADR	$0	–	-661,569	–	-1.86%	–
RNR	Exit	RenaissanceRe Holdings Ltd.	$0	–	-908,953	–	-2.40%	–
CMCSA	Exit	Comcast Corporation Cl A	$0	–	-2,503,917	–	-2.66%	–
GHC	Exit	Graham Holdings Company	$0	–	-265,339	–	-2.97%	–
MSGS	Exit	Madison Square Garden Sports C	$0	–	-863,574	–	-3.05%	–
ESRT	Exit	Empire State Realty Trust Inc.	$0	–	-16,054,090	–	-3.06%	–
DEI	Exit	Douglas Emmett Inc	$0	–	-5,381,381	–	-3.23%	–
RLGY	Exit	Realogy Holdings Corporation	$0	–	-11,009,015	–	-3.66%	–
WMB	Exit	Williams Companies, Inc.	$0	–	-7,810,055	–	-3.84%	–
IAC	Exit	IAC/InterActiveCorp	$0	–	-1,669,422	–	-4.13%	–
MGM	Exit	MGM Resorts International	$0	–	-5,525,454	–	-4.52%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-1,599,761	–	-4.59%	–
FDX	Exit	FedEx Corporation	$0	–	-1,148,459	–	-4.78%	–
DISCK	Exit	Discovery Inc - C	$0	–	-10,451,012	–	-4.81%	–
	Exit	General Electric	$0	–	-2,577,776	–	-5.04%	–
LAZ	Exit	Lazard Ltd	$0	–	-5,855,119	–	-5.09%	–
H	Exit	Hyatt Hotels Corp. - Class A	$0	–	-4,094,230	–	-5.99%	–
MAT	Exit	Mattel, Inc.	$0	–	-18,349,793	–	-6.46%	–
CNX	Exit	CNX Resources Corp	$0	–	-28,164,597	–	-6.74%	–
LUMN	Exit	Lumen Technologies	$0	–	-65,690,148	–	-15.44%	–

Q3 2021

			Value		Shares		↓ Weighting
LUMN	Buy	Lumen Technologies	$813,901,000	-2.9%	65,690,148	+6.5%	15.44%	-8.3%
CNX	Sell	CNX Resources Corp	$355,437,000	-7.6%	28,164,597	-0.0%	6.74%	-12.8%
MAT	Sell	Mattel, Inc.	$340,572,000	-10.8%	18,349,793	-3.4%	6.46%	-15.8%
H	Buy	Hyatt Hotels Corp. - Class A	$315,665,000	+17.2%	4,094,230	+18.0%	5.99%	+10.6%
LAZ	Buy	Lazard Ltd	$268,164,000	+19.3%	5,855,119	+17.9%	5.09%	+12.6%
	New	General Electric	$265,588,000	–	2,577,776	–	5.04%	–
DISCK	New	Discovery Inc - C	$253,645,000	–	10,451,012	–	4.81%	–
FDX	Buy	FedEx Corporation	$251,846,000	-0.2%	1,148,459	+35.7%	4.78%	-5.8%
AMG	Buy	Affiliated Managers Group Inc.	$241,708,000	+3.7%	1,599,761	+5.9%	4.59%	-2.1%
MGM	Sell	MGM Resorts International	$238,424,000	-0.5%	5,525,454	-1.7%	4.52%	-6.1%
IAC	New	IAC/InterActiveCorp	$217,509,000	–	1,669,422	–	4.13%	–
WMB	Sell	Williams Companies, Inc.	$202,593,000	-2.3%	7,810,055	-0.0%	3.84%	-7.8%
RLGY	Buy	Realogy Holdings Corporation	$193,098,000	+21.9%	11,009,015	+26.7%	3.66%	+15.1%
DEI	Buy	Douglas Emmett Inc	$170,105,000	-5.7%	5,381,381	+0.2%	3.23%	-11.0%
ESRT	Buy	Empire State Realty Trust Inc.	$161,023,000	-1.0%	16,054,090	+18.4%	3.06%	-6.6%
MSGS	Buy	Madison Square Garden Sports C	$160,581,000	+20.6%	863,574	+11.9%	3.05%	+13.8%
GHC	Buy	Graham Holdings Company	$156,327,000	+12.9%	265,339	+21.5%	2.97%	+6.6%
CMCSA	Sell	Comcast Corporation Cl A	$140,044,000	-47.2%	2,503,917	-46.1%	2.66%	-50.1%
RNR	New	RenaissanceRe Holdings Ltd.	$126,708,000	–	908,953	–	2.40%	–
BABA	Buy	Alibaba Group Holding-SP ADR	$97,945,000	-14.4%	661,569	+31.2%	1.86%	-19.1%
BATRK	Buy	Liberty Media Corp - Braves C	$90,724,000	+27.4%	3,433,926	+33.9%	1.72%	+20.3%
BIDU	Sell	Baidu, Inc. ADR	$85,257,000	-55.4%	554,520	-40.8%	1.62%	-57.9%
YY	Buy	JOYY Inc. ADR	$46,009,000	+2.9%	839,121	+23.8%	0.87%	-2.9%
CNHI	Sell	CNH Industrial NV - U.S.	$35,936,000	-17.2%	2,163,506	-16.6%	0.68%	-21.8%
MLCO	Buy	Melco Resorts & Entertainment	$12,173,000	+1000.6%	1,188,746	+1681.6%	0.23%	+950.0%
IMKTA	New	Ingles Markets Incorporated -	$7,951,000	–	120,413	–	0.15%	–
BATRA	New	Liberty Media Corp - Braves A	$2,565,000	–	95,304	–	0.05%	–
CAH	New	Cardinal Health Inc	$881,000	–	17,807	–	0.02%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-498,778	–	-2.53%	–
GE	Exit	General Electric	$0	–	-21,668,307	–	-5.86%	–

Q2 2021

			Value		Shares		↓ Weighting
LUMN	New	Lumen Technologies	$837,927,000	–	61,657,646	–	16.85%	–
CNX	New	CNX Resources Corp	$384,754,000	–	28,166,481	–	7.74%	–
MAT	New	Mattel, Inc.	$381,715,000	–	18,990,844	–	7.68%	–
GE	New	General Electric	$291,656,000	–	21,668,307	–	5.86%	–
H	New	Hyatt Hotels Corp. - Class A	$269,337,000	–	3,469,046	–	5.42%	–
CMCSA	New	Comcast Corporation Cl A	$265,092,000	–	4,649,116	–	5.33%	–
FDX	New	FedEx Corporation	$252,401,000	–	846,047	–	5.08%	–
MGM	New	MGM Resorts International	$239,728,000	–	5,620,837	–	4.82%	–
AMG	New	Affiliated Managers Group Inc.	$233,016,000	–	1,511,033	–	4.68%	–
LAZ	New	Lazard Ltd	$224,754,000	–	4,966,928	–	4.52%	–
WMB	New	Williams Companies, Inc.	$207,428,000	–	7,812,734	–	4.17%	–
BIDU	New	Baidu, Inc. ADR	$191,150,000	–	937,470	–	3.84%	–
DEI	New	Douglas Emmett Inc	$180,477,000	–	5,368,134	–	3.63%	–
ESRT	New	Empire State Realty Trust Inc.	$162,672,000	–	13,555,997	–	3.27%	–
RLGY	New	Realogy Holdings Corporation	$158,369,000	–	8,692,040	–	3.18%	–
GHC	New	Graham Holdings Company	$138,466,000	–	218,435	–	2.78%	–
MSGS	New	Madison Square Garden Sports C	$133,155,000	–	771,602	–	2.68%	–
RE	New	Everest Re Group Ltd.	$125,697,000	–	498,778	–	2.53%	–
BABA	New	Alibaba Group Holding-SP ADR	$114,359,000	–	504,273	–	2.30%	–
BATRK	New	Liberty Media Corp - Braves C	$71,203,000	–	2,564,047	–	1.43%	–
YY	New	JOYY Inc. ADR	$44,731,000	–	678,058	–	0.90%	–
CNHI	New	CNH Industrial NV - U.S.	$43,395,000	–	2,595,375	–	0.87%	–
KODK	New	Eastman Kodak Company	$21,090,000	–	2,534,892	–	0.42%	–
MLCO	New	Melco Resorts & Entertainment	$1,106,000	–	66,723	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
FWONK	Exit	Liberty Media Corp - C	$0	–	-8,640	–	-0.01%	–
MLCO	Exit	Melco Resorts & Entertainment	$0	–	-66,723	–	-0.03%	–
WOW	Exit	WideOpenWest Inc	$0	–	-260,712	–	-0.04%	–
WOR	Exit	Worthington Industries Inc.	$0	–	-117,000	–	-0.12%	–
SUM	Exit	Summit Materials Inc. CL A	$0	–	-325,567	–	-0.14%	–
KODK	Exit	Eastman Kodak Company	$0	–	-2,534,892	–	-0.58%	–
CNHI	Exit	CNH Industrial NV - U.S.	$0	–	-3,902,943	–	-0.79%	–
TCOM	Exit	Trip.com Group Ltd	$0	–	-1,228,192	–	-0.98%	–
FWONA	Exit	Liberty Media Corp - A	$0	–	-1,397,732	–	-1.21%	–
BATRK	Exit	Liberty Media Corp - Braves C	$0	–	-2,482,772	–	-1.34%	–
PCH	Exit	PotlatchDeltic Corporation	$0	–	-1,818,560	–	-1.97%	–
UNVR	Exit	Univar Solutions Inc.	$0	–	-4,607,943	–	-2.00%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-400,518	–	-2.04%	–
RLGY	Exit	Realogy Holdings Corporation	$0	–	-8,767,257	–	-2.13%	–
ESRT	Exit	Empire State Realty Trust Inc.	$0	–	-15,258,534	–	-2.41%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-1,401,624	–	-2.47%	–
MGM	Exit	MGM Resorts International	$0	–	-4,962,956	–	-2.78%	–
GHC	Exit	Graham Holdings Company	$0	–	-279,235	–	-2.91%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-1,024,075	–	-3.34%	–
DD	Exit	DuPont de Nemours, Inc.	$0	–	-2,857,687	–	-4.08%	–
WMB	Exit	Williams Companies, Inc.	$0	–	-9,125,971	–	-4.62%	–
CMCSA	Exit	Comcast Corporation Cl A	$0	–	-4,914,857	–	-5.86%	–
LAZ	Exit	Lazard Ltd	$0	–	-7,039,583	–	-5.99%	–
H	Exit	Hyatt Hotels Corp. - Class A	$0	–	-4,368,869	–	-6.01%	–
GE	Exit	General Electric	$0	–	-37,604,179	–	-6.04%	–
FDX	Exit	FedEx Corporation	$0	–	-1,024,499	–	-6.64%	–
MAT	Exit	Mattel, Inc.	$0	–	-28,078,237	–	-8.46%	–
CNX	Exit	CNX Resources Corp	$0	–	-35,587,117	–	-8.66%	–
LUMN	Exit	CenturyLink Inc	$0	–	-62,945,997	–	-16.36%	–

Q3 2020

			Value		Shares		↓ Weighting
LUMN	Buy	CenturyLink Inc	$635,125,000	+2.3%	62,945,997	+1.7%	16.36%	+5.7%
CNX	Sell	CNX Resources Corp	$335,943,000	+5.0%	35,587,117	-3.8%	8.66%	+8.4%
MAT	Sell	Mattel, Inc.	$328,514,000	+16.5%	28,078,237	-3.7%	8.46%	+20.3%
FDX	Sell	FedEx Corporation	$257,682,000	-12.9%	1,024,499	-51.4%	6.64%	-10.0%
GE	Buy	General Electric	$234,274,000	+2.7%	37,604,179	+12.6%	6.04%	+6.1%
H	Buy	Hyatt Hotels Corp. - Class A	$233,166,000	+34.7%	4,368,869	+26.9%	6.01%	+39.1%
LAZ	Buy	Lazard Ltd	$232,658,000	+15.8%	7,039,583	+0.3%	5.99%	+19.5%
CMCSA	Sell	Comcast Corporation Cl A	$227,361,000	+13.8%	4,914,857	-4.1%	5.86%	+17.5%
WMB	Sell	Williams Companies, Inc.	$179,325,000	-2.0%	9,125,971	-5.2%	4.62%	+1.2%
DD	Sell	DuPont de Nemours, Inc.	$158,544,000	-3.3%	2,857,687	-7.4%	4.08%	-0.1%
BIDU	Sell	Baidu, Inc. ADR	$129,638,000	+2.6%	1,024,075	-2.9%	3.34%	+5.9%
GHC	Sell	Graham Holdings Company	$112,841,000	+6.7%	279,235	-9.5%	2.91%	+10.2%
MGM	New	MGM Resorts International	$107,944,000	–	4,962,956	–	2.78%	–
AMG	Buy	Affiliated Managers Group Inc.	$95,843,000	-7.3%	1,401,624	+1.0%	2.47%	-4.3%
ESRT	Buy	Empire State Realty Trust Inc.	$93,382,000	-11.1%	15,258,534	+1.7%	2.41%	-8.2%
RLGY	Sell	Realogy Holdings Corporation	$82,763,000	-4.4%	8,767,257	-24.9%	2.13%	-1.3%
RE	New	Everest Re Group Ltd.	$79,119,000	–	400,518	–	2.04%	–
PCH	Sell	PotlatchDeltic Corporation	$76,561,000	-39.9%	1,818,560	-45.7%	1.97%	-38.0%
BATRK	New	Liberty Media Corp - Braves C	$52,163,000	–	2,482,772	–	1.34%	–
FWONA	Sell	Liberty Media Corp - A	$46,838,000	-28.2%	1,397,732	-37.5%	1.21%	-25.9%
TCOM	Buy	Trip.com Group Ltd	$38,246,000	+59.5%	1,228,192	+32.7%	0.98%	+64.7%
CNHI	Sell	CNH Industrial NV - U.S.	$30,521,000	-2.3%	3,902,943	-12.2%	0.79%	+0.9%
KODK	Sell	Eastman Kodak Company	$22,358,000	+102.1%	2,534,892	-48.9%	0.58%	+108.7%
SUM	New	Summit Materials Inc. CL A	$5,385,000	–	325,567	–	0.14%	–
WOR	New	Worthington Industries Inc.	$4,771,000	–	117,000	–	0.12%	–
WOW	Sell	WideOpenWest Inc	$1,353,000	-64.1%	260,712	-63.5%	0.04%	-62.8%
FWONK	Sell	Liberty Media Corp - C	$313,000	-98.3%	8,640	-98.5%	0.01%	-98.3%
VNTR	Exit	Venator Materials PLC	$0	–	-1,460,818	–	-0.06%	–
GLIBA	Exit	GCI Liberty Inc	$0	–	-522,735	–	-0.93%	–
VSAT	Exit	ViaSat Inc.	$0	–	-2,471,659	–	-2.37%	–
GOOG	Exit	Alphabet Inc. CL C	$0	–	-86,419	–	-3.05%	–
CARR	Exit	Carrier Global Corporation	$0	–	-8,876,727	–	-4.92%	–

Q2 2020

			Value		Shares		↓ Weighting
LUMN	New	CenturyLink Inc	$620,686,000	–	61,882,887	–	15.48%	–
CNX	New	CNX Resources Corp	$319,938,000	–	36,987,101	–	7.98%	–
FDX	New	FedEx Corporation	$295,841,000	–	2,109,828	–	7.38%	–
MAT	New	Mattel, Inc.	$281,962,000	–	29,158,469	–	7.03%	–
GE	New	General Electric	$228,044,000	–	33,388,583	–	5.69%	–
LAZ	New	Lazard Ltd	$200,975,000	–	7,019,728	–	5.01%	–
CMCSA	New	Comcast Corporation Cl A	$199,774,000	–	5,125,041	–	4.98%	–
CARR	New	Carrier Global Corporation	$197,241,000	–	8,876,727	–	4.92%	–
WMB	New	Williams Companies, Inc.	$183,069,000	–	9,625,075	–	4.57%	–
H	New	Hyatt Hotels Corp. - Class A	$173,106,000	–	3,442,158	–	4.32%	–
DD	New	DuPont de Nemours, Inc.	$163,999,000	–	3,086,748	–	4.09%	–
PCH	New	PotlatchDeltic Corporation	$127,483,000	–	3,352,169	–	3.18%	–
BIDU	New	Baidu, Inc. ADR	$126,394,000	–	1,054,250	–	3.15%	–
GOOG	New	Alphabet Inc. CL C	$122,163,000	–	86,419	–	3.05%	–
GHC	New	Graham Holdings Company	$105,710,000	–	308,490	–	2.64%	–
ESRT	New	Empire State Realty Trust Inc.	$105,046,000	–	15,006,556	–	2.62%	–
AMG	New	Affiliated Managers Group Inc.	$103,423,000	–	1,387,114	–	2.58%	–
VSAT	New	ViaSat Inc.	$94,837,000	–	2,471,659	–	2.37%	–
RLGY	New	Realogy Holdings Corporation	$86,550,000	–	11,680,116	–	2.16%	–
UNVR	New	Univar Solutions Inc.	$77,690,000	–	4,607,943	–	1.94%	–
FWONA	New	Liberty Media Corp - A	$65,240,000	–	2,235,766	–	1.63%	–
GLIBA	New	GCI Liberty Inc	$37,177,000	–	522,735	–	0.93%	–
CNHI	New	CNH Industrial NV - U.S.	$31,244,000	–	4,444,372	–	0.78%	–
TCOM	New	Trip.com Group Ltd	$23,982,000	–	925,245	–	0.60%	–
FWONK	New	Liberty Media Corp - C	$18,515,000	–	583,856	–	0.46%	–
KODK	New	Eastman Kodak Company	$11,061,000	–	4,960,000	–	0.28%	–
WOW	New	WideOpenWest Inc	$3,769,000	–	715,259	–	0.09%	–
VNTR	New	Venator Materials PLC	$2,615,000	–	1,460,818	–	0.06%	–
MLCO	New	Melco Resorts & Entertainment	$1,036,000	–	66,723	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
TV	Exit	Grupo Televisa SAB - ADR	$0	–	-19,403	–	-0.00%	–
VNTR	Exit	Venator Materials PLC	$0	–	-1,150,000	–	-0.05%	–
KODK	Exit	Eastman Kodak Company	$0	–	-4,960,000	–	-0.23%	–
FWONK	Exit	Liberty Media Corp - C	$0	–	-976,096	–	-0.71%	–
CNHI	Exit	CNH Industrial NV - U.S.	$0	–	-6,695,463	–	-1.18%	–
WYNN	Exit	Wynn Resorts Limited	$0	–	-815,151	–	-1.55%	–
FWONA	Exit	Liberty Media Corp - A	$0	–	-2,343,015	–	-1.62%	–
VSAT	Exit	ViaSat Inc.	$0	–	-1,390,177	–	-1.83%	–
RLGY	Exit	Realogy Holdings Corporation	$0	–	-16,576,933	–	-1.93%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-1,117,378	–	-2.00%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-1,521,997	–	-2.21%	–
EPAC	Exit	Actuant Corporation	$0	–	-5,900,024	–	-2.26%	–
DDS	Exit	Dillard's Inc.	$0	–	-2,038,397	–	-2.35%	–
PCH	Exit	PotlatchDeltic Corporation	$0	–	-3,958,791	–	-2.84%	–
GLIBA	Exit	GCI Liberty Inc	$0	–	-3,123,400	–	-3.38%	–
GOOG	Exit	Alphabet Inc. CL C	$0	–	-182,529	–	-3.88%	–
UTX	Exit	United Technologies Corporatio	$0	–	-1,758,913	–	-4.19%	–
LAZ	Exit	Lazard Ltd	$0	–	-7,217,105	–	-4.40%	–
PK	Exit	Park Hotels & Resorts Inc.	$0	–	-10,693,786	–	-4.66%	–
SUM	Exit	Summit Materials Inc. CL A	$0	–	-12,820,469	–	-4.96%	–
CMCSA	Exit	Comcast Corporation Cl A	$0	–	-6,366,046	–	-5.00%	–
GHC	Exit	Graham Holdings Company	$0	–	-465,684	–	-5.39%	–
FDX	Exit	FedEx Corporation	$0	–	-2,540,778	–	-6.45%	–
MAT	Exit	Mattel, Inc.	$0	–	-33,934,091	–	-6.74%	–
CNX	Exit	CNX Resources Corp	$0	–	-53,682,771	–	-6.80%	–
GE	Exit	General Electric	$0	–	-47,224,918	–	-7.36%	–
LUMN	Exit	CenturyLink Inc	$0	–	-73,661,561	–	-16.03%	–

Q3 2019

			Value		Shares		↓ Weighting
LUMN	Sell	CenturyLink Inc	$919,296,000	+4.4%	73,661,561	-1.7%	16.03%	+10.9%
GE	Sell	General Electric	$422,191,000	-17.0%	47,224,918	-2.5%	7.36%	-11.7%
CNX	Sell	CNX Resources Corp	$389,737,000	-3.7%	53,682,771	-3.1%	6.80%	+2.3%
MAT	Sell	Mattel, Inc.	$386,509,000	-0.5%	33,934,091	-2.1%	6.74%	+5.8%
FDX	Sell	FedEx Corporation	$369,861,000	-13.5%	2,540,778	-2.4%	6.45%	-8.0%
GHC	Sell	Graham Holdings Company	$308,958,000	-4.0%	465,684	-0.1%	5.39%	+2.1%
CMCSA	Sell	Comcast Corporation Cl A	$286,981,000	-1.7%	6,366,046	-7.8%	5.00%	+4.5%
PK	Buy	Park Hotels & Resorts Inc.	$267,024,000	+12.2%	10,693,786	+23.8%	4.66%	+19.3%
LAZ	Buy	Lazard Ltd	$252,599,000	+1.8%	7,217,105	+0.0%	4.40%	+8.2%
UTX	Sell	United Technologies Corporatio	$240,126,000	+1.6%	1,758,913	-3.1%	4.19%	+8.0%
GOOG	Sell	Alphabet Inc. CL C	$222,503,000	+1.6%	182,529	-9.9%	3.88%	+8.0%
GLIBA	Sell	GCI Liberty Inc	$193,869,000	-4.6%	3,123,400	-5.5%	3.38%	+1.5%
PCH	Sell	PotlatchDeltic Corporation	$162,647,000	-9.9%	3,958,791	-14.5%	2.84%	-4.2%
DDS	Buy	Dillard's Inc.	$134,758,000	+46.4%	2,038,397	+37.9%	2.35%	+55.6%
AMG	Sell	Affiliated Managers Group Inc.	$126,858,000	-13.9%	1,521,997	-4.8%	2.21%	-8.5%
BIDU	Buy	Baidu, Inc. ADR	$114,821,000	-10.3%	1,117,378	+2.4%	2.00%	-4.7%
RLGY	Buy	Realogy Holdings Corporation	$110,734,000	+16.1%	16,576,933	+25.8%	1.93%	+23.4%
WYNN	Sell	Wynn Resorts Limited	$88,624,000	-16.3%	815,151	-4.5%	1.55%	-10.9%
CNHI	Sell	CNH Industrial NV - U.S.	$67,959,000	-12.1%	6,695,463	-10.9%	1.18%	-6.5%
FWONK	Sell	Liberty Media Corp - C	$40,595,000	-51.4%	976,096	-56.3%	0.71%	-48.3%
VNTR	New	Venator Materials PLC	$2,806,000	–	1,150,000	–	0.05%	–
TV	Sell	Grupo Televisa SAB - ADR	$190,000	-35.8%	19,403	-44.7%	0.00%	-40.0%
AMRQQ	Exit	Alta Mesa Resources, Inc.	$0	–	-1,197,000	–	-0.00%	–
AGN	Exit	Allergan plc	$0	–	-1,288,500	–	-3.54%	–

Q2 2019

			Value		Shares		↓ Weighting
LUMN	New	CenturyLink Inc	$880,867,000	–	74,903,650	–	14.45%	–
GE	New	General Electric	$508,552,000	–	48,433,509	–	8.34%	–
FDX	New	FedEx Corporation	$427,459,000	–	2,603,438	–	7.01%	–
CNX	New	CNX Resources Corp	$404,849,000	–	55,382,914	–	6.64%	–
MAT	New	Mattel, Inc.	$388,461,000	–	34,653,096	–	6.37%	–
GHC	New	Graham Holdings Company	$321,713,000	–	466,230	–	5.28%	–
CMCSA	New	Comcast Corporation Cl A	$291,842,000	–	6,902,604	–	4.79%	–
LAZ	New	Lazard Ltd	$248,143,000	–	7,215,589	–	4.07%	–
SUM	New	Summit Materials Inc. CL A	$246,794,000	–	12,820,469	–	4.05%	–
PK	New	Park Hotels & Resorts Inc.	$237,998,000	–	8,635,608	–	3.90%	–
UTX	New	United Technologies Corporatio	$236,290,000	–	1,814,821	–	3.88%	–
GOOG	New	Alphabet Inc. CL C	$218,948,000	–	202,559	–	3.59%	–
AGN	New	Allergan plc	$215,734,000	–	1,288,500	–	3.54%	–
GLIBA	New	GCI Liberty Inc	$203,123,000	–	3,304,960	–	3.33%	–
PCH	New	PotlatchDeltic Corporation	$180,453,000	–	4,629,363	–	2.96%	–
AMG	New	Affiliated Managers Group Inc.	$147,368,000	–	1,599,389	–	2.42%	–
EPAC	New	Actuant Corporation	$146,380,000	–	5,900,024	–	2.40%	–
BIDU	New	Baidu, Inc. ADR	$128,075,000	–	1,091,297	–	2.10%	–
VSAT	New	ViaSat Inc.	$112,354,000	–	1,390,177	–	1.84%	–
WYNN	New	Wynn Resorts Limited	$105,839,000	–	853,605	–	1.74%	–
RLGY	New	Realogy Holdings Corporation	$95,414,000	–	13,178,695	–	1.56%	–
DDS	New	Dillard's Inc.	$92,043,000	–	1,477,885	–	1.51%	–
FWONA	New	Liberty Media Corp - A	$84,020,000	–	2,343,015	–	1.38%	–
FWONK	New	Liberty Media Corp - C	$83,532,000	–	2,232,885	–	1.37%	–
CNHI	New	CNH Industrial NV - U.S.	$77,283,000	–	7,517,804	–	1.27%	–
KODK	New	Eastman Kodak Company	$11,904,000	–	4,960,000	–	0.20%	–
TV	New	Grupo Televisa SAB - ADR	$296,000	–	35,116	–	0.01%	–
AMRQQ	New	Alta Mesa Resources, Inc.	$175,000	–	1,197,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
AMRQQ	Exit	Alta Mesa Resources, Inc.	$0	–	-197,000	–	-0.01%	–
SOI	Exit	Solaris Oilfield Infrastructur	$0	–	-447,336	–	-0.10%	–
GLIBA	Exit	GCI Liberty Inc	$0	–	-176,038	–	-0.11%	–
VIPS	Exit	Vipshop Holdings Ltd-ADR	$0	–	-2,102,334	–	-0.16%	–
KODK	Exit	Eastman Kodak Company	$0	–	-4,960,000	–	-0.18%	–
LAZ	Exit	Lazard Ltd	$0	–	-936,325	–	-0.54%	–
YUMC	Exit	Yum China Holding Inc.	$0	–	-1,999,351	–	-0.84%	–
FWONA	Exit	Liberty Media Corp - A	$0	–	-2,343,015	–	-1.00%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-487,318	–	-1.34%	–
BEL	Exit	Belmond Ltd Class A	$0	–	-6,150,593	–	-1.35%	–
CNHI	Exit	CNH Industrial NV - U.S.	$0	–	-11,673,071	–	-1.68%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-1,174,806	–	-1.93%	–
EPAC	Exit	Actuant Corporation	$0	–	-5,900,024	–	-1.98%	–
SUM	Exit	Summit Materials Inc. CL A	$0	–	-9,251,255	–	-2.02%	–
FWONK	Exit	Liberty Media Corp - C	$0	–	-4,619,714	–	-2.06%	–
RLGY	Exit	Realogy Holdings Corporation	$0	–	-9,515,613	–	-2.36%	–
VSAT	Exit	ViaSat Inc.	$0	–	-4,061,758	–	-3.12%	–
UTX	Exit	United Technologies Corporatio	$0	–	-2,773,043	–	-4.65%	–
GHC	Exit	Graham Holdings Company	$0	–	-676,652	–	-4.70%	–
AGN	Exit	Allergan plc	$0	–	-2,295,059	–	-5.25%	–
GOOG	Exit	Alphabet Inc. CL C	$0	–	-386,451	–	-5.54%	–
GE	Exit	General Electric	$0	–	-43,556,130	–	-5.90%	–
CMCSA	Exit	Comcast Corporation Cl A	$0	–	-14,928,401	–	-6.34%	–
PK	Exit	Park Hotels & Resorts Inc.	$0	–	-16,532,414	–	-6.51%	–
MAT	Exit	Mattel, Inc.	$0	–	-37,048,758	–	-6.98%	–
FDX	Exit	FedEx Corporation	$0	–	-2,550,818	–	-7.37%	–
CNX	Exit	CNX Resources Corp	$0	–	-50,305,672	–	-8.64%	–
LUMN	Exit	CenturyLink Inc	$0	–	-68,134,589	–	-17.34%	–

Q3 2018

			Value		Shares		↓ Weighting
LUMN	Sell	CenturyLink Inc	$1,444,453,000	+9.3%	68,134,589	-3.9%	17.34%	+17.4%
CNX	Sell	CNX Resources Corp	$719,875,000	-19.9%	50,305,672	-0.5%	8.64%	-14.0%
FDX	Sell	FedEx Corporation	$614,211,000	+1.7%	2,550,818	-4.1%	7.37%	+9.2%
MAT	Buy	Mattel, Inc.	$581,666,000	-4.2%	37,048,758	+0.2%	6.98%	+2.9%
PK	Sell	Park Hotels & Resorts Inc.	$542,594,000	-12.2%	16,532,414	-18.0%	6.51%	-5.7%
CMCSA	Sell	Comcast Corporation Cl A	$528,615,000	-13.9%	14,928,401	-20.2%	6.34%	-7.5%
GE	Buy	General Electric	$491,749,000	+4.8%	43,556,130	+26.4%	5.90%	+12.6%
GOOG	Sell	Alphabet Inc. CL C	$461,218,000	-12.8%	386,451	-18.5%	5.54%	-6.3%
AGN	Sell	Allergan plc	$437,163,000	-12.3%	2,295,059	-23.2%	5.25%	-5.8%
GHC	Sell	Graham Holdings Company	$391,984,000	-3.9%	676,652	-2.8%	4.70%	+3.2%
UTX	Sell	United Technologies Corporatio	$387,699,000	-14.7%	2,773,043	-23.8%	4.65%	-8.4%
VSAT	Sell	ViaSat Inc.	$259,749,000	-8.6%	4,061,758	-6.1%	3.12%	-1.9%
RLGY	Buy	Realogy Holdings Corporation	$196,403,000	+12.0%	9,515,613	+23.7%	2.36%	+20.3%
FWONK	Sell	Liberty Media Corp - C	$171,807,000	-2.1%	4,619,714	-2.3%	2.06%	+5.1%
SUM	New	Summit Materials Inc. CL A	$168,188,000	–	9,251,255	–	2.02%	–
AMG	New	Affiliated Managers Group Inc.	$160,620,000	–	1,174,806	–	1.93%	–
CNHI	Sell	CNH Industrial NV - U.S.	$140,194,000	-2.6%	11,673,071	-14.6%	1.68%	+4.7%
BEL	Sell	Belmond Ltd Class A	$112,248,000	+27.0%	6,150,593	-22.4%	1.35%	+36.3%
BIDU	Buy	Baidu, Inc. ADR	$111,440,000	+14.4%	487,318	+21.5%	1.34%	+22.9%
YUMC	New	Yum China Holding Inc.	$70,197,000	–	1,999,351	–	0.84%	–
LAZ	New	Lazard Ltd	$45,066,000	–	936,325	–	0.54%	–
VIPS	Buy	Vipshop Holdings Ltd-ADR	$13,119,000	-21.2%	2,102,334	+37.1%	0.16%	-15.6%
TV	Exit	Grupo Televisa SAB - ADR	$0	–	-2,179,804	–	-0.46%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-1,566,007	–	-0.56%	–
CEIX	Exit	CONSOL Energy Inc	$0	–	-3,899,815	–	-1.67%	–
FCEA	Exit	Forest City Realty Trust Inc.	$0	–	-8,346,504	–	-2.13%	–
SONC	Exit	Sonic Corp.	$0	–	-6,436,879	–	-2.48%	–

Q2 2018

			Value		Shares		↓ Weighting
LUMN	New	CenturyLink Inc	$1,321,394,000	–	70,890,265	–	14.77%	–
CNX	New	CNX Resources Corp	$899,116,000	–	50,568,963	–	10.05%	–
PK	New	Park Hotels & Resorts Inc.	$617,702,000	–	20,166,564	–	6.90%	–
CMCSA	New	Comcast Corporation Cl A	$613,768,000	–	18,706,708	–	6.86%	–
MAT	New	Mattel, Inc.	$607,090,000	–	36,972,607	–	6.78%	–
FDX	New	FedEx Corporation	$604,171,000	–	2,660,842	–	6.75%	–
GOOG	New	Alphabet Inc. CL C	$528,700,000	–	473,894	–	5.91%	–
AGN	New	Allergan plc	$498,393,000	–	2,989,405	–	5.57%	–
GE	New	General Electric	$469,096,000	–	34,466,958	–	5.24%	–
UTX	New	United Technologies Corporatio	$454,712,000	–	3,636,823	–	5.08%	–
GHC	New	Graham Holdings Company	$408,054,000	–	696,218	–	4.56%	–
VSAT	New	ViaSat Inc.	$284,298,000	–	4,325,897	–	3.18%	–
SONC	New	Sonic Corp.	$221,557,000	–	6,436,879	–	2.48%	–
FCEA	New	Forest City Realty Trust Inc.	$190,384,000	–	8,346,504	–	2.13%	–
FWONK	New	Liberty Media Corp - C	$175,511,000	–	4,726,933	–	1.96%	–
RLGY	New	Realogy Holdings Corporation	$175,380,000	–	7,692,110	–	1.96%	–
EPAC	New	Actuant Corporation	$173,166,000	–	5,900,024	–	1.94%	–
CEIX	New	CONSOL Energy Inc	$149,558,000	–	3,899,815	–	1.67%	–
CNHI	New	CNH Industrial NV - U.S.	$143,869,000	–	13,662,791	–	1.61%	–
BIDU	New	Baidu, Inc. ADR	$97,434,000	–	400,965	–	1.09%	–
BEL	New	Belmond Ltd Class A	$88,368,000	–	7,925,405	–	0.99%	–
FWONA	New	Liberty Media Corp - A	$82,732,000	–	2,343,015	–	0.92%	–
BEN	New	Franklin Resources Inc.	$50,191,000	–	1,566,007	–	0.56%	–
TV	New	Grupo Televisa SAB - ADR	$41,308,000	–	2,179,804	–	0.46%	–
KODK	New	Eastman Kodak Company	$18,848,000	–	4,960,000	–	0.21%	–
VIPS	New	Vipshop Holdings Ltd-ADR	$16,643,000	–	1,533,876	–	0.19%	–
GLIBA	New	GCI Liberty Inc	$7,936,000	–	176,038	–	0.09%	–
SOI	New	Solaris Oilfield Infrastructur	$6,392,000	–	447,336	–	0.07%	–
AMRQQ	New	Alta Mesa Resources, Inc.	$1,342,000	–	197,000	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
INFY	Exit	Infosys Limited ADR	$0	–	-22,712	–	-0.00%	–
SOI	Exit	Solaris Oilfield Infrastructur	$0	–	-222,500	–	-0.05%	–
SMHI	Exit	SEACOR Marine Holdings Inc.	$0	–	-592,815	–	-0.11%	–
VIPS	Exit	Vipshop Holdings Ltd-ADR	$0	–	-1,312,929	–	-0.14%	–
FWONA	Exit	Liberty Media Corp - A	$0	–	-557,374	–	-0.24%	–
MLCO	Exit	Melco Resorts & Entertainment	$0	–	-867,348	–	-0.25%	–
KODK	Exit	Eastman Kodak Company	$0	–	-4,960,000	–	-0.44%	–
BEL	Exit	Belmond Ltd Class A	$0	–	-3,436,651	–	-0.56%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-2,029,185	–	-1.09%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-426,214	–	-1.27%	–
EPAC	Exit	Actuant Corporation	$0	–	-5,900,024	–	-1.82%	–
DEL	Exit	Deltic Timber Corp	$0	–	-1,827,558	–	-1.94%	–
SONC	Exit	Sonic Corp.	$0	–	-6,436,879	–	-1.97%	–
MAT	Exit	Mattel, Inc.	$0	–	-11,092,519	–	-2.06%	–
FWONK	Exit	Liberty Media Corp - C	$0	–	-4,726,933	–	-2.16%	–
CHK	Exit	Chesapeake Energy Corporation	$0	–	-42,912,004	–	-2.22%	–
CNHI	Exit	CNH Industrial NV - U.S.	$0	–	-15,498,008	–	-2.24%	–
YUMC	Exit	Yum China Holding Inc.	$0	–	-4,797,385	–	-2.31%	–
PK	Exit	Park Hotels & Resorts Inc.	$0	–	-8,419,753	–	-2.79%	–
TROW	Exit	T. Rowe Price Group Inc.	$0	–	-3,682,099	–	-4.01%	–
VSAT	Exit	ViaSat Inc.	$0	–	-5,841,756	–	-4.52%	–
GHC	Exit	Graham Holdings Company	$0	–	-742,672	–	-5.22%	–
UTX	Exit	United Technologies Corporatio	$0	–	-4,856,874	–	-6.78%	–
GOOG	Exit	Alphabet Inc. CL C	$0	–	-722,664	–	-8.33%	–
WYNN	Exit	Wynn Resorts Limited	$0	–	-5,117,262	–	-9.16%	–
CNX	Exit	CONSOL Energy Inc.	$0	–	-48,458,974	–	-9.87%	–
FDX	Exit	FedEx Corporation	$0	–	-3,917,985	–	-10.63%	–
LVLT	Exit	Level 3 Communications Inc.	$0	–	-27,783,714	–	-17.80%	–

Q3 2017

			Value		Shares		↓ Weighting
LVLT	Buy	Level 3 Communications Inc.	$1,480,594,000	-8.2%	27,783,714	+2.2%	17.80%	+0.6%
FDX	Sell	FedEx Corporation	$883,820,000	-13.7%	3,917,985	-16.9%	10.63%	-5.5%
CNX	Sell	CONSOL Energy Inc.	$820,895,000	+7.9%	48,458,974	-4.8%	9.87%	+18.2%
WYNN	Sell	Wynn Resorts Limited	$762,062,000	-15.5%	5,117,262	-23.9%	9.16%	-7.5%
GOOG	Sell	Alphabet Inc. CL C	$693,114,000	-0.6%	722,664	-5.8%	8.33%	+8.9%
UTX	Sell	United Technologies Corporatio	$563,785,000	-11.1%	4,856,874	-6.5%	6.78%	-2.7%
GHC	Sell	Graham Holdings Company	$434,538,000	-5.5%	742,672	-3.1%	5.22%	+3.6%
VSAT	Buy	ViaSat Inc.	$375,742,000	+7.8%	5,841,756	+10.9%	4.52%	+18.1%
TROW	Sell	T. Rowe Price Group Inc.	$333,782,000	+15.4%	3,682,099	-5.5%	4.01%	+26.4%
PK	Buy	Park Hotels & Resorts Inc.	$232,048,000	+110.0%	8,419,753	+105.4%	2.79%	+130.0%
YUMC	Sell	Yum China Holding Inc.	$191,752,000	-5.1%	4,797,385	-6.4%	2.31%	+4.0%
CNHI	Sell	CNH Industrial NV - U.S.	$186,131,000	-17.8%	15,498,008	-22.1%	2.24%	-9.9%
CHK	Sell	Chesapeake Energy Corporation	$184,522,000	-14.7%	42,912,004	-1.5%	2.22%	-6.6%
FWONK	Sell	Liberty Media Corp - C	$180,049,000	-4.2%	4,726,933	-7.9%	2.16%	+4.9%
MAT	New	Mattel, Inc.	$171,712,000	–	11,092,519	–	2.06%	–
BIDU	Sell	Baidu, Inc. ADR	$105,569,000	+34.5%	426,214	-2.8%	1.27%	+47.4%
BEN	Sell	Franklin Resources Inc.	$90,319,000	-15.8%	2,029,185	-15.3%	1.09%	-7.8%
BEL	Buy	Belmond Ltd Class A	$46,910,000	+226.4%	3,436,651	+218.0%	0.56%	+257.0%
MLCO	Sell	Melco Resorts & Entertainment	$20,920,000	+2.1%	867,348	-5.0%	0.25%	+12.0%
VIPS	Buy	Vipshop Holdings Ltd-ADR	$11,541,000	-14.8%	1,312,929	+2.3%	0.14%	-6.7%
SOI	New	Solaris Oilfield Infrastructur	$3,878,000	–	222,500	–	0.05%	–
DD	Exit	E.I. du Pont de Nemours and Co	$0	–	-303,260	–	-0.27%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-653,772	–	-1.83%	–
SNI	Exit	Scripps Networks Interactive	$0	–	-7,067,745	–	-5.30%	–

Q2 2017

			Value		Shares		↓ Weighting
LVLT	New	Level 3 Communications Inc.	$1,612,607,000	–	27,194,043	–	17.70%	–
FDX	New	FedEx Corporation	$1,024,498,000	–	4,714,024	–	11.25%	–
WYNN	New	Wynn Resorts Limited	$901,868,000	–	6,724,341	–	9.90%	–
CNX	New	CONSOL Energy Inc.	$760,701,000	–	50,917,034	–	8.35%	–
GOOG	New	Alphabet Inc. CL C	$697,277,000	–	767,309	–	7.66%	–
UTX	New	United Technologies Corporatio	$634,330,000	–	5,194,741	–	6.96%	–
SNI	New	Scripps Networks Interactive	$482,798,000	–	7,067,745	–	5.30%	–
GHC	New	Graham Holdings Company	$459,586,000	–	766,424	–	5.04%	–
VSAT	New	ViaSat Inc.	$348,593,000	–	5,265,756	–	3.83%	–
TROW	New	T. Rowe Price Group Inc.	$289,213,000	–	3,897,211	–	3.18%	–
CNHI	New	CNH Industrial NV	$226,393,000	–	19,893,916	–	2.48%	–
CHK	New	Chesapeake Energy Corporation	$216,414,000	–	43,543,954	–	2.38%	–
YUMC	New	Yum China Holding Inc.	$201,996,000	–	5,122,913	–	2.22%	–
FWONK	New	Liberty Media Corp - C	$188,027,000	–	5,134,549	–	2.06%	–
SONC	New	Sonic Corp.	$170,513,000	–	6,436,879	–	1.87%	–
RE	New	Everest Re Group Ltd.	$166,444,000	–	653,772	–	1.83%	–
EPAC	New	Actuant Corporation	$145,140,000	–	5,900,024	–	1.59%	–
DEL	New	Deltic Timber Corp	$136,445,000	–	1,827,558	–	1.50%	–
PK	New	Park Hotels & Resorts Inc.	$110,520,000	–	4,099,385	–	1.21%	–
BEN	New	Franklin Resources Inc.	$107,297,000	–	2,395,550	–	1.18%	–
BIDU	New	Baidu, Inc. ADR	$78,465,000	–	438,696	–	0.86%	–
KODK	New	Eastman Kodak Company	$45,136,000	–	4,960,000	–	0.50%	–
DD	New	E.I. du Pont de Nemours and Co	$24,476,000	–	303,260	–	0.27%	–
MLCO	New	Melco Resorts & Entertainment	$20,496,000	–	912,962	–	0.22%	–
FWONA	New	Liberty Media Corp - A	$19,525,000	–	557,374	–	0.21%	–
BEL	New	Belmond Ltd Class A	$14,374,000	–	1,080,741	–	0.16%	–
VIPS	New	Vipshop Holdings Ltd-ADR	$13,542,000	–	1,283,649	–	0.15%	–
SMHI	New	SEACOR Marine Holdings Inc.	$12,070,000	–	592,815	–	0.13%	–
INFY	New	Infosys Limited ADR	$341,000	–	22,712	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	Chesapeake Convertible Bond 2.conv	$0	–	-6,061,000	–	-0.06%	–
VIPS	Exit	Vipshop Holdings Ltd-ADR	$0	–	-430,082	–	-0.06%	–
KODK	Exit	Eastman Kodak Company	$0	–	-425,000	–	-0.06%	–
SNOW	Exit	Intrawest Resorts Holdings, In	$0	–	-441,590	–	-0.07%	–
FWONA	Exit	Liberty Media Group - A	$0	–	-557,374	–	-0.15%	–
CKH	Exit	SEACOR Holdings Inc.	$0	–	-887,379	–	-0.51%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-425,073	–	-0.74%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-2,520,097	–	-0.86%	–
SONC	Exit	Sonic Corp.	$0	–	-3,823,746	–	-0.96%	–
MLCO	Exit	Melco Crown Entertainment Ltd.	$0	–	-7,425,432	–	-1.15%	–
DEL	Exit	Deltic Timber Corp	$0	–	-1,827,558	–	-1.19%	–
EPAC	Exit	Actuant Corporation	$0	–	-6,411,176	–	-1.43%	–
RYN	Exit	Rayonier Inc.	$0	–	-6,755,763	–	-1.72%	–
TRCO	Exit	Tribune Media Company - A	$0	–	-5,312,183	–	-1.86%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-1,119,672	–	-2.04%	–
FWONK	Exit	Liberty Media Group - C	$0	–	-8,300,351	–	-2.24%	–
CNHI	Exit	CNH Industrial NV	$0	–	-34,395,317	–	-2.38%	–
DD	Exit	E.I. du Pont de Nemours and Co	$0	–	-4,163,781	–	-2.67%	–
RL	Exit	Ralph Lauren Corporation	$0	–	-2,802,177	–	-2.72%	–
VSAT	Exit	ViaSat Inc.	$0	–	-4,591,527	–	-3.28%	–
GHC	Exit	Graham Holdings Company	$0	–	-789,628	–	-3.64%	–
CHK	Exit	Chesapeake Energy Corporation	$0	–	-92,221,378	–	-5.54%	–
UTX	Exit	United Technologies Corporatio	$0	–	-6,605,406	–	-6.43%	–
SNI	Exit	Scripps Networks Interactive	$0	–	-10,665,625	–	-6.49%	–
GOOG	Exit	Alphabet Inc. CL C	$0	–	-1,076,000	–	-8.01%	–
CNX	Exit	CONSOL Energy Inc.	$0	–	-49,573,247	–	-9.12%	–
FDX	Exit	FedEx Corporation	$0	–	-6,608,637	–	-11.06%	–
WYNN	Exit	Wynn Resorts Limited	$0	–	-11,876,336	–	-11.08%	–
LVLT	Exit	Level 3 Communications Inc.	$0	–	-28,184,131	–	-12.52%	–

Q3 2016

			Value		Shares		↓ Weighting
LVLT	Sell	Level 3 Communications Inc.	$1,307,181,000	-10.6%	28,184,131	-0.7%	12.52%	-16.1%
WYNN	Buy	Wynn Resorts Limited	$1,156,993,000	+10.0%	11,876,336	+2.4%	11.08%	+3.3%
FDX	Buy	FedEx Corporation	$1,154,397,000	+19.4%	6,608,637	+3.8%	11.06%	+12.1%
CNX	Buy	CONSOL Energy Inc.	$951,806,000	+19.4%	49,573,247	+0.1%	9.12%	+12.1%
GOOG	Buy	Alphabet Inc. CL C	$836,364,000	+24.9%	1,076,000	+11.2%	8.01%	+17.2%
SNI	Buy	Scripps Networks Interactive	$677,161,000	+2.1%	10,665,625	+0.2%	6.49%	-4.2%
UTX	Sell	United Technologies Corporatio	$671,109,000	-1.8%	6,605,406	-0.9%	6.43%	-7.9%
CHK	Buy	Chesapeake Energy Corporation	$578,228,000	+427.8%	92,221,378	+260.3%	5.54%	+395.3%
GHC	Buy	Graham Holdings Company	$380,103,000	+9.4%	789,628	+11.3%	3.64%	+2.7%
RL	Buy	Ralph Lauren Corporation	$283,412,000	+15.6%	2,802,177	+2.4%	2.72%	+8.5%
DD	Sell	E.I. du Pont de Nemours and Co	$278,848,000	-30.2%	4,163,781	-32.5%	2.67%	-34.5%
CNHI	Buy	CNH Industrial NV	$248,334,000	+1.6%	34,395,317	+0.6%	2.38%	-4.6%
FWONK	Sell	Liberty Media Group - C	$233,572,000	+48.3%	8,300,351	-0.0%	2.24%	+39.1%
RE	Sell	Everest Re Group Ltd.	$212,705,000	-8.4%	1,119,672	-11.9%	2.04%	-14.1%
TRCO	Buy	Tribune Media Company - A	$194,001,000	+19.3%	5,312,183	+28.0%	1.86%	+12.0%
RYN	Sell	Rayonier Inc.	$179,298,000	-15.3%	6,755,763	-16.2%	1.72%	-20.5%
MLCO	Buy	Melco Crown Entertainment Ltd.	$119,624,000	+2182.5%	7,425,432	+1682.4%	1.15%	+2062.3%
SONC	New	Sonic Corp.	$100,105,000	–	3,823,746	–	0.96%	–
BEN	Sell	Franklin Resources Inc.	$89,640,000	+4.8%	2,520,097	-1.7%	0.86%	-1.6%
BIDU	Buy	Baidu, Inc. ADR	$77,478,000	+10.7%	425,073	+0.3%	0.74%	+3.9%
CKH	Buy	SEACOR Holdings Inc.	$52,790,000	+608.9%	887,379	+590.5%	0.51%	+565.8%
FWONA	Sell	Liberty Media Group - A	$15,969,000	-26.8%	557,374	-51.1%	0.15%	-31.4%
SNOW	New	Intrawest Resorts Holdings, In	$7,163,000	–	441,590	–	0.07%	–
KODK	New	Eastman Kodak Company	$6,375,000	–	425,000	–	0.06%	–
VIPS	Sell	Vipshop Holdings Ltd-ADR	$6,309,000	+22.1%	430,082	-7.1%	0.06%	+13.2%
	Sell	Chesapeake Convertible Bond 2.conv	$6,023,000	-81.8%	6,061,000	-82.9%	0.06%	-82.8%
	Exit	Chesapeake Convertible Bond 2.conv	$0	–	-42,441,000	–	-0.35%	–
	Exit	Chesapeake Convertible Bond 2.conv	$0	–	-53,072,000	–	-0.50%	–
CHMT	Exit	Chemtura Corporation	$0	–	-4,286,930	–	-1.15%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-1,073,700	–	-1.52%	–
PHG	Exit	Royal Philips ADR	$0	–	-9,054,394	–	-2.30%	–

Q2 2016

			Value		Shares		↓ Weighting
LVLT	New	Level 3 Communications Inc.	$1,461,980,000	–	28,393,466	–	14.92%	–
WYNN	New	Wynn Resorts Limited	$1,051,363,000	–	11,599,325	–	10.73%	–
FDX	New	FedEx Corporation	$966,476,000	–	6,367,613	–	9.86%	–
CNX	New	CONSOL Energy Inc.	$797,148,000	–	49,543,087	–	8.14%	–
UTX	New	United Technologies Corporatio	$683,660,000	–	6,666,605	–	6.98%	–
GOOG	New	Alphabet Inc. CL C	$669,801,000	–	967,780	–	6.84%	–
SNI	New	Scripps Networks Interactive	$663,019,000	–	10,647,485	–	6.77%	–
DD	New	E.I. du Pont de Nemours and Co	$399,518,000	–	6,165,402	–	4.08%	–
GHC	New	Graham Holdings Company	$347,321,000	–	709,484	–	3.54%	–
VSAT	New	ViaSat Inc.	$327,835,000	–	4,591,527	–	3.35%	–
RL	New	Ralph Lauren Corporation	$245,238,000	–	2,736,418	–	2.50%	–
CNHI	New	CNH Industrial NV	$244,354,000	–	34,175,404	–	2.49%	–
RE	New	Everest Re Group Ltd.	$232,234,000	–	1,271,334	–	2.37%	–
PHG	New	Royal Philips ADR	$225,817,000	–	9,054,394	–	2.30%	–
RYN	New	Rayonier Inc.	$211,584,000	–	8,063,423	–	2.16%	–
TRCO	New	Tribune Media Company - A	$162,555,000	–	4,148,921	–	1.66%	–
FWONK	New	Liberty Media Group - C	$157,536,000	–	8,304,492	–	1.61%	–
MTN	New	Vail Resorts Inc.	$148,418,000	–	1,073,700	–	1.52%	–
EPAC	New	Actuant Corporation	$144,957,000	–	6,411,176	–	1.48%	–
DEL	New	Deltic Timber Corp	$122,684,000	–	1,827,558	–	1.25%	–
CHMT	New	Chemtura Corporation	$113,089,000	–	4,286,930	–	1.15%	–
CHK	New	Chesapeake Energy Corporation	$109,563,000	–	25,598,735	–	1.12%	–
BEN	New	Franklin Resources Inc.	$85,550,000	–	2,563,673	–	0.87%	–
BIDU	New	Baidu, Inc. ADR	$69,979,000	–	423,730	–	0.71%	–
	New	Chesapeake Convertible Bond 2.conv	$49,489,000	–	53,072,000	–	0.50%	–
	New	Chesapeake Convertible Bond 2.conv	$34,589,000	–	42,441,000	–	0.35%	–
	New	Chesapeake Convertible Bond 2.conv	$33,086,000	–	35,481,000	–	0.34%	–
FWONA	New	Liberty Media Group - A	$21,806,000	–	1,139,294	–	0.22%	–
CKH	New	SEACOR Holdings Inc.	$7,447,000	–	128,510	–	0.08%	–
VIPS	New	Vipshop Holdings Ltd-ADR	$5,169,000	–	462,800	–	0.05%	–
MLCO	New	Melco Crown Entertainment Ltd.	$5,241,000	–	416,587	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
MLCO	Exit	Melco Crown Entertainment Ltd.	$0	–	-46,800	–	-0.01%	–
TPLMQ	Exit	Triangle Petroleum Corp.	$0	–	-11,241,659	–	-0.14%	–
BIDU	Exit	Baidu, Inc. ADR	$0	–	-449,200	–	-0.52%	–
ESRT	Exit	Empire State Realty Trust Inc.	$0	–	-3,788,979	–	-0.54%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-2,256,158	–	-0.71%	–
EPAC	Exit	Actuant Corporation	$0	–	-5,278,020	–	-0.82%	–
UTX	Exit	United Technologies Corporatio	$0	–	-1,104,100	–	-0.83%	–
DEL	Exit	Deltic Timber Corp	$0	–	-1,827,558	–	-0.92%	–
NOV	Exit	National Oilwell Varco Inc.	$0	–	-3,494,843	–	-1.11%	–
CHMT	Exit	Chemtura Corporation	$0	–	-4,825,900	–	-1.17%	–
TRCO	Exit	Tribune Media Company - A	$0	–	-4,085,000	–	-1.23%	–
MUR	Exit	Murphy Oil Corporation	$0	–	-6,713,293	–	-1.37%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-1,804,884	–	-1.60%	–
CNHI	Exit	CNH Industrial NV	$0	–	-34,802,209	–	-1.92%	–
RYN	Exit	Rayonier Inc.	$0	–	-11,062,221	–	-2.06%	–
PHG	Exit	Royal Philips ADR	$0	–	-11,218,840	–	-2.22%	–
DWA	Exit	DreamWorks Animation SKG Inc.	$0	–	-16,489,738	–	-2.43%	–
VSAT	Exit	ViaSat Inc.	$0	–	-4,654,902	–	-2.53%	–
DD	Exit	E.I. du Pont de Nemours and Co	$0	–	-7,810,399	–	-3.18%	–
GHC	Exit	Graham Holdings Company	$0	–	-697,292	–	-3.40%	–
CHK	Exit	Chesapeake Energy Corporation	$0	–	-57,905,526	–	-3.58%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-2,541,264	–	-3.72%	–
CNX	Exit	CONSOL Energy Inc.	$0	–	-46,394,434	–	-3.84%	–
WYNN	Exit	Wynn Resorts Limited	$0	–	-12,132,059	–	-5.44%	–
SNI	Exit	Scripps Networks Interactive	$0	–	-13,232,549	–	-5.49%	–
L	Exit	Loews Corporation	$0	–	-19,933,835	–	-6.08%	–
GOOG	Exit	Google Inc. CL C	$0	–	-1,273,676	–	-6.54%	–
AON	Exit	Aon PLC	$0	–	-9,239,438	–	-6.91%	–
MCD	Exit	McDonald's Corporation	$0	–	-8,441,032	–	-7.02%	–
FDX	Exit	FedEx Corporation	$0	–	-6,386,107	–	-7.76%	–
LVLT	Exit	Level 3 Communications Inc.	$0	–	-40,494,314	–	-14.93%	–

Q3 2015

			Value		Shares		↓ Weighting
LVLT	Sell	Level 3 Communications Inc.	$1,769,196,000	-19.8%	40,494,314	-3.3%	14.93%	+1.2%
FDX	Buy	FedEx Corporation	$919,472,000	+5.1%	6,386,107	+24.4%	7.76%	+32.7%
MCD	Sell	McDonald's Corporation	$831,695,000	-11.4%	8,441,032	-14.5%	7.02%	+11.8%
AON	Sell	Aon PLC	$818,707,000	-25.4%	9,239,438	-16.1%	6.91%	-5.9%
GOOG	Sell	Google Inc. CL C	$774,930,000	+10.1%	1,273,676	-5.8%	6.54%	+38.9%
L	Sell	Loews Corporation	$720,409,000	-36.6%	19,933,835	-32.5%	6.08%	-20.0%
SNI	Sell	Scripps Networks Interactive	$650,909,000	-24.9%	13,232,549	-0.1%	5.49%	-5.2%
WYNN	Buy	Wynn Resorts Limited	$644,455,000	-8.2%	12,132,059	+70.6%	5.44%	+15.9%
CNX	Buy	CONSOL Energy Inc.	$454,665,000	-53.3%	46,394,434	+3.7%	3.84%	-41.0%
RE	Sell	Everest Re Group Ltd.	$440,503,000	-23.7%	2,541,264	-19.9%	3.72%	-3.8%
CHK	Sell	Chesapeake Energy Corporation	$424,448,000	-37.2%	57,905,526	-4.3%	3.58%	-20.7%
GHC	Buy	Graham Holdings Company	$402,337,000	-44.7%	697,292	+3.1%	3.40%	-30.2%
DD	New	E.I. du Pont de Nemours and Co	$376,461,000	–	7,810,399	–	3.18%	–
VSAT	Buy	ViaSat Inc.	$299,264,000	+42.7%	4,654,902	+33.7%	2.53%	+80.0%
DWA	Buy	DreamWorks Animation SKG Inc.	$287,746,000	-33.7%	16,489,738	+0.2%	2.43%	-16.3%
PHG	Sell	Royal Philips ADR	$263,194,000	-20.6%	11,218,840	-13.9%	2.22%	+0.2%
RYN	Buy	Rayonier Inc.	$244,143,000	+10.7%	11,062,221	+28.2%	2.06%	+39.7%
CNHI	Sell	CNH Industrial NV	$226,910,000	-40.8%	34,802,209	-15.7%	1.92%	-25.3%
MTN	Sell	Vail Resorts Inc.	$188,935,000	-27.5%	1,804,884	-24.4%	1.60%	-8.5%
MUR	Sell	Murphy Oil Corporation	$162,461,000	-73.9%	6,713,293	-55.1%	1.37%	-67.0%
TRCO	New	Tribune Media Company - A	$145,426,000	–	4,085,000	–	1.23%	–
NOV	New	National Oilwell Varco Inc.	$131,581,000	–	3,494,843	–	1.11%	–
DEL	Buy	Deltic Timber Corp	$109,306,000	+24.0%	1,827,558	+40.2%	0.92%	+56.4%
UTX	New	United Technologies Corporatio	$98,254,000	–	1,104,100	–	0.83%	–
EPAC	New	Actuant Corporation	$97,063,000	–	5,278,020	–	0.82%	–
BEN	Sell	Franklin Resources Inc.	$84,064,000	-79.2%	2,256,158	-72.6%	0.71%	-73.7%
BIDU	New	Baidu, Inc. ADR	$61,725,000	–	449,200	–	0.52%	–
TPLMQ	Buy	Triangle Petroleum Corp.	$15,963,000	-68.8%	11,241,659	+10.1%	0.14%	-60.6%
MLCO	New	Melco Crown Entertainment Ltd.	$644,000	–	46,800	–	0.01%	–
NOG	Exit	Northern Oil and Gas Inc.	$0	–	-871,500	–	-0.04%	–
DOFSQ	Exit	Diamond Offshore Drilling Inc.	$0	–	-1,300,896	–	-0.22%	–
CRC	Exit	California Resources Corporati	$0	–	-13,542,619	–	-0.55%	–
HFC	Exit	HollyFrontier Corporation	$0	–	-3,389,700	–	-0.97%	–

Q2 2015

			Value		Shares		↓ Weighting
LVLT	New	Level 3 Communications Inc.	$2,205,883,000	–	41,881,212	–	14.76%	–
L	New	Loews Corporation	$1,136,739,000	–	29,518,033	–	7.60%	–
AON	New	Aon PLC	$1,097,313,000	–	11,008,360	–	7.34%	–
CNX	New	CONSOL Energy Inc.	$972,801,000	–	44,747,040	–	6.51%	–
MCD	New	McDonald's Corporation	$938,313,000	–	9,869,707	–	6.28%	–
FDX	New	FedEx Corporation	$874,602,000	–	5,132,638	–	5.85%	–
SNI	New	Scripps Networks Interactive	$866,280,000	–	13,251,946	–	5.80%	–
GHC	New	Graham Holdings Company	$727,402,000	–	676,622	–	4.87%	–
GOOG	New	Google Inc. CL C	$703,763,000	–	1,352,064	–	4.71%	–
WYNN	New	Wynn Resorts Limited	$701,820,000	–	7,112,805	–	4.70%	–
CHK	New	Chesapeake Energy Corporation	$675,658,000	–	60,488,573	–	4.52%	–
MUR	New	Murphy Oil Corporation	$621,472,000	–	14,950,024	–	4.16%	–
RE	New	Everest Re Group Ltd.	$577,492,000	–	3,172,859	–	3.86%	–
DWA	New	DreamWorks Animation SKG Inc.	$433,958,000	–	16,450,261	–	2.90%	–
BEN	New	Franklin Resources Inc.	$403,541,000	–	8,230,490	–	2.70%	–
CNHI	New	CNH Industrial NV	$383,056,000	–	41,277,595	–	2.56%	–
PHG	New	Royal Philips ADR	$331,578,000	–	13,023,500	–	2.22%	–
MTN	New	Vail Resorts Inc.	$260,666,000	–	2,387,058	–	1.74%	–
RYN	New	Rayonier Inc.	$220,489,000	–	8,629,721	–	1.48%	–
VSAT	New	ViaSat Inc.	$209,779,000	–	3,481,237	–	1.40%	–
HFC	New	HollyFrontier Corporation	$144,706,000	–	3,389,700	–	0.97%	–
CHMT	New	Chemtura Corporation	$136,621,000	–	4,825,900	–	0.91%	–
DEL	New	Deltic Timber Corp	$88,142,000	–	1,303,100	–	0.59%	–
CRC	New	California Resources Corporati	$81,797,000	–	13,542,619	–	0.55%	–
ESRT	New	Empire State Realty Trust Inc.	$64,640,000	–	3,788,979	–	0.43%	–
TPLMQ	New	Triangle Petroleum Corp.	$51,239,000	–	10,206,890	–	0.34%	–
DOFSQ	New	Diamond Offshore Drilling Inc.	$33,576,000	–	1,300,896	–	0.22%	–
NOG	New	Northern Oil and Gas Inc.	$5,900,000	–	871,500	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
BRKA	Exit	Berkshire Hathaway Inc. Class	$0	–	-7	–	-0.01%	–
DEL	Exit	Deltic Timber Corp	$0	–	-210,694	–	-0.07%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-2,020,049	–	-0.60%	–
DWA	Exit	DreamWorks Animation SKG Inc.	$0	–	-4,847,364	–	-0.72%	–
VSAT	Exit	ViaSat Inc.	$0	–	-3,099,559	–	-0.93%	–
ESRT	Exit	Empire State Realty Trust Inc.	$0	–	-12,415,753	–	-1.02%	–
VOD	Exit	Vodafone Group Plc ADR	$0	–	-6,156,294	–	-1.10%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-2,551,173	–	-1.21%	–
CNHI	Exit	CNH Industrial NV	$0	–	-29,049,995	–	-1.26%	–
RYN	Exit	Rayonier Inc.	$0	–	-7,726,521	–	-1.31%	–
NWSA	Exit	News Corporation - Class A	$0	–	-16,054,798	–	-1.43%	–
NWS	Exit	News Corporation - Class B	$0	–	-25,356,215	–	-2.23%	–
GHC	Exit	Graham Holdings Company	$0	–	-696,881	–	-2.66%	–
ABT	Exit	Abbott Laboratories	$0	–	-12,483,566	–	-2.83%	–
BRKB	Exit	Berkshire Hathaway Inc. Class	$0	–	-4,201,482	–	-3.17%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-3,607,658	–	-3.19%	–
PHG	Exit	Royal Philips ADR	$0	–	-18,486,808	–	-3.20%	–
TWTC	Exit	tw telecom inc.	$0	–	-14,977,510	–	-3.40%	–
BK	Exit	Bank of New York Mellon Corpor	$0	–	-16,535,281	–	-3.49%	–
SNI	Exit	Scripps Networks Interactive	$0	–	-8,460,831	–	-3.60%	–
MCD	Exit	McDonald's Corporation	$0	–	-7,252,618	–	-3.75%	–
AON	Exit	Aon PLC	$0	–	-8,550,838	–	-4.09%	–
MUR	Exit	Murphy Oil Corporation	$0	–	-14,145,136	–	-4.39%	–
CNX	Exit	CONSOL Energy Inc.	$0	–	-22,336,305	–	-4.61%	–
TRV	Exit	The Travelers Companies Inc.	$0	–	-9,037,948	–	-4.63%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-30,642,426	–	-5.73%	–
L	Exit	Loews Corporation	$0	–	-34,614,204	–	-7.87%	–
CHK	Exit	Chesapeake Energy Corporation	$0	–	-62,800,076	–	-7.88%	–
FDX	Exit	FedEx Corporation	$0	–	-9,383,238	–	-8.27%	–
LVLT	Exit	Level 3 Communications Inc.	$0	–	-45,435,959	–	-11.34%	–

Q3 2014

			Value		Shares		↓ Weighting
LVLT	Sell	Level 3 Communications Inc.	$2,077,787,000	+0.5%	45,435,959	-3.5%	11.34%	+3.1%
FDX	Sell	FedEx Corporation	$1,514,924,000	-19.4%	9,383,238	-24.4%	8.27%	-17.2%
CHK	Sell	Chesapeake Energy Corporation	$1,443,774,000	-27.8%	62,800,076	-2.3%	7.88%	-25.9%
L	Sell	Loews Corporation	$1,442,027,000	-7.2%	34,614,204	-1.9%	7.87%	-4.7%
MDLZ	Sell	Mondelez International Inc	$1,049,962,000	-11.8%	30,642,426	-3.2%	5.73%	-9.5%
TRV	Sell	The Travelers Companies Inc.	$849,025,000	-2.6%	9,037,948	-2.5%	4.63%	-0.0%
CNX	Sell	CONSOL Energy Inc.	$845,652,000	-19.2%	22,336,305	-1.7%	4.61%	-17.1%
MUR	Sell	Murphy Oil Corporation	$804,999,000	-16.4%	14,145,136	-2.3%	4.39%	-14.2%
AON	Sell	Aon PLC	$749,652,000	-9.3%	8,550,838	-6.8%	4.09%	-6.9%
MCD	New	McDonald's Corporation	$687,621,000	–	7,252,618	–	3.75%	–
SNI	Buy	Scripps Networks Interactive	$660,706,000	+192.6%	8,460,831	+204.0%	3.60%	+200.4%
BK	Sell	Bank of New York Mellon Corpor	$640,411,000	-50.5%	16,535,281	-52.1%	3.49%	-49.2%
TWTC	Sell	tw telecom inc.	$623,214,000	+1.7%	14,977,510	-1.5%	3.40%	+4.4%
PHG	Buy	Royal Philips ADR	$586,217,000	+16.7%	18,486,808	+16.9%	3.20%	+19.8%
RE	Sell	Everest Re Group Ltd.	$584,477,000	-13.1%	3,607,658	-13.9%	3.19%	-10.8%
BRKB	Sell	Berkshire Hathaway Inc. Class	$580,393,000	+6.6%	4,201,482	-2.3%	3.17%	+9.4%
ABT	Sell	Abbott Laboratories	$519,192,000	-7.3%	12,483,566	-8.8%	2.83%	-4.8%
GHC	Buy	Graham Holdings Company	$487,531,000	+12.9%	696,881	+15.9%	2.66%	+15.9%
NWS	Sell	News Corporation - Class B	$408,996,000	-9.8%	25,356,215	-2.4%	2.23%	-7.4%
NWSA	Sell	News Corporation - Class A	$262,495,000	-9.7%	16,054,798	-1.0%	1.43%	-7.4%
RYN	Buy	Rayonier Inc.	$240,603,000	+404.4%	7,726,521	+475.8%	1.31%	+416.9%
CNHI	New	CNH Industrial NV	$230,366,000	–	29,049,995	–	1.26%	–
MTN	Sell	Vail Resorts Inc.	$221,340,000	+12.2%	2,551,173	-0.2%	1.21%	+15.2%
VOD	Buy	Vodafone Group Plc ADR	$202,480,000	+466.9%	6,156,294	+475.5%	1.10%	+481.6%
VSAT	Buy	ViaSat Inc.	$170,847,000	+330.4%	3,099,559	+352.6%	0.93%	+341.7%
DWA	New	DreamWorks Animation SKG Inc.	$132,188,000	–	4,847,364	–	0.72%	–
BEN	New	Franklin Resources Inc.	$110,315,000	–	2,020,049	–	0.60%	–
DEL	New	Deltic Timber Corp	$13,130,000	–	210,694	–	0.07%	–
DIN	Exit	DineEquity Inc	$0	–	-213,000	–	-0.09%	–
TXI	Exit	Texas Industries Inc.	$0	–	-3,059,870	–	-1.50%	–

Q2 2014

			Value		Shares		↓ Weighting
LVLT	New	Level 3 Communications Inc.	$2,068,402,000	–	47,105,487	–	11.00%	–
CHK	New	Chesapeake Energy Corporation	$1,998,584,000	–	64,304,516	–	10.62%	–
FDX	New	FedEx Corporation	$1,878,964,000	–	12,412,235	–	9.99%	–
L	New	Loews Corporation	$1,553,557,000	–	35,300,094	–	8.26%	–
BK	New	Bank of New York Mellon Corpor	$1,294,789,000	–	34,546,139	–	6.88%	–
MDLZ	New	Mondelez International Inc	$1,190,897,000	–	31,664,358	–	6.33%	–
CNX	New	CONSOL Energy Inc.	$1,046,458,000	–	22,714,540	–	5.56%	–
MUR	New	Murphy Oil Corporation	$962,827,000	–	14,482,958	–	5.12%	–
TRV	New	The Travelers Companies Inc.	$871,723,000	–	9,266,741	–	4.63%	–
AON	New	Aon PLC	$826,109,000	–	9,169,828	–	4.39%	–
RE	New	Everest Re Group Ltd.	$672,552,000	–	4,190,620	–	3.58%	–
TWTC	New	tw telecom inc.	$612,766,000	–	15,201,344	–	3.26%	–
ABT	New	Abbott Laboratories	$559,835,000	–	13,687,877	–	2.98%	–
BRKB	New	Berkshire Hathaway Inc. Class	$544,478,000	–	4,302,129	–	2.89%	–
PHG	New	Royal Philips ADR	$502,317,000	–	15,816,052	–	2.67%	–
NWS	New	News Corporation - Class B	$453,414,000	–	25,983,627	–	2.41%	–
GHC	New	Graham Holdings Company	$431,851,000	–	601,372	–	2.30%	–
NWSA	New	News Corporation - Class A	$290,817,000	–	16,210,530	–	1.55%	–
TXI	New	Texas Industries Inc.	$282,610,000	–	3,059,870	–	1.50%	–
SNI	New	Scripps Networks Interactive	$225,833,000	–	2,783,249	–	1.20%	–
ESRT	New	Empire State Realty Trust Inc.	$204,860,000	–	12,415,753	–	1.09%	–
MTN	New	Vail Resorts Inc.	$197,338,000	–	2,556,858	–	1.05%	–
RYN	New	Rayonier Inc.	$47,705,000	–	1,341,900	–	0.25%	–
VSAT	New	ViaSat Inc.	$39,692,000	–	684,828	–	0.21%	–
VOD	New	Vodafone Group Plc ADR	$35,719,000	–	1,069,738	–	0.19%	–
DIN	New	DineEquity Inc	$16,932,000	–	213,000	–	0.09%	–
BRKA	New	Berkshire Hathaway Inc. Class	$1,329,000	–	7	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
BRKA	Exit	Berkshire Hathaway Inc. Class	$0	–	-7	–	-0.01%	–
VNO	Exit	Vornado Realty Trust	$0	–	-232,202	–	-0.10%	–
MOS	Exit	Mosaic Company	$0	–	-539,600	–	-0.12%	–
NWSA	Exit	News Corporation - Class A	$0	–	-1,824,200	–	-0.15%	–
DIN	Exit	DineEquity Inc	$0	–	-1,364,900	–	-0.47%	–
MLM	Exit	Martin Marietta Materials Inc.	$0	–	-1,097,407	–	-0.54%	–
VOD	Exit	Vodafone Group Plc ADR	$0	–	-3,078,107	–	-0.54%	–
LM	Exit	Legg Mason Inc.	$0	–	-3,703,721	–	-0.62%	–
WEN	Exit	Wendy's Company	$0	–	-18,878,200	–	-0.80%	–
SNI	Exit	Scripps Networks Interactive	$0	–	-2,223,049	–	-0.87%	–
CNHI	Exit	CNH Industrial NV	$0	–	-14,517,291	–	-0.90%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-3,407,758	–	-1.18%	–
VMC	Exit	Vulcan Materials Company	$0	–	-6,121,733	–	-1.58%	–
WPO	Exit	The Washington Post Company	$0	–	-543,610	–	-1.66%	–
TWTC	Exit	tw telecom inc.	$0	–	-11,406,743	–	-1.70%	–
NWS	Exit	News Corporation - Class B	$0	–	-24,036,554	–	-1.97%	–
CX	Exit	CEMEX S.A.B. de C.V. ADR	$0	–	-35,375,663	–	-1.97%	–
ABT	Exit	Abbott Laboratories	$0	–	-13,727,856	–	-2.27%	–
BRKB	Exit	Berkshire Hathaway Inc. Class	$0	–	-4,329,958	–	-2.45%	–
PHG	Exit	Royal Philips ADR	$0	–	-15,831,333	–	-2.55%	–
TXI	Exit	Texas Industries Inc.	$0	–	-8,073,457	–	-2.67%	–
RE	Exit	Everest Re Group Ltd.	$0	–	-4,007,209	–	-2.91%	–
CNX	Exit	CONSOL Energy Inc.	$0	–	-22,261,258	–	-3.74%	–
MUR	Exit	Murphy Oil Corporation	$0	–	-15,300,237	–	-4.60%	–
TRV	Exit	The Travelers Companies Inc.	$0	–	-13,243,290	–	-5.60%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-36,442,983	–	-5.71%	–
AON	Exit	Aon PLC	$0	–	-15,524,966	–	-5.76%	–
BK	Exit	Bank of New York Mellon Corpor	$0	–	-40,568,796	–	-6.11%	–
LVLT	Exit	Level 3 Communications Inc.	$0	–	-48,850,066	–	-6.50%	–
A309PS	Exit	DIRECTV	$0	–	-23,131,868	–	-6.90%	–
L	Exit	Loews Corporation	$0	–	-35,729,628	–	-8.33%	–
FDX	Exit	FedEx Corporation	$0	–	-15,500,062	–	-8.82%	–
CHK	Exit	Chesapeake Energy Corporation	$0	–	-76,707,427	–	-9.90%	–

Q3 2013

			Value		Shares		↓ Weighting
CHK	Sell	Chesapeake Energy Corporation	$1,985,188,000	+12.0%	76,707,427	-11.8%	9.90%	+13.7%
FDX	Sell	FedEx Corporation	$1,768,712,000	+10.5%	15,500,062	-4.6%	8.82%	+12.1%
L	Sell	Loews Corporation	$1,670,003,000	+2.2%	35,729,628	-2.9%	8.33%	+3.7%
A309PS	Sell	DIRECTV	$1,382,823,000	-8.1%	23,131,868	-5.3%	6.90%	-6.8%
LVLT	Buy	Level 3 Communications Inc.	$1,303,808,000	+28.3%	48,850,066	+1.3%	6.50%	+30.2%
BK	Sell	Bank of New York Mellon Corpor	$1,224,772,000	+2.6%	40,568,796	-4.7%	6.11%	+4.2%
AON	Sell	Aon PLC	$1,155,678,000	-5.0%	15,524,966	-17.9%	5.76%	-3.6%
MDLZ	Sell	Mondelez International Inc	$1,145,075,000	+4.2%	36,442,983	-5.4%	5.71%	+5.8%
TRV	Sell	The Travelers Companies Inc.	$1,122,633,000	-1.9%	13,243,290	-7.5%	5.60%	-0.4%
MUR	Sell	Murphy Oil Corporation	$922,910,000	-5.6%	15,300,237	-4.7%	4.60%	-4.2%
CNX	Sell	CONSOL Energy Inc.	$749,092,000	+14.4%	22,261,258	-7.9%	3.74%	+16.1%
RE	Sell	Everest Re Group Ltd.	$582,689,000	+4.7%	4,007,209	-7.6%	2.91%	+6.3%
TXI	Sell	Texas Industries Inc.	$535,351,000	+0.4%	8,073,457	-1.3%	2.67%	+1.9%
PHG	Sell	Royal Philips ADR	$510,561,000	-2.0%	15,831,333	-17.4%	2.55%	-0.6%
BRKB	Sell	Berkshire Hathaway Inc. Class	$491,494,000	-6.6%	4,329,958	-7.9%	2.45%	-5.2%
ABT	Sell	Abbott Laboratories	$455,628,000	-9.4%	13,727,856	-4.8%	2.27%	-8.1%
CX	Sell	CEMEX S.A.B. de C.V. ADR	$395,500,000	-9.3%	35,375,663	-14.2%	1.97%	-8.0%
NWS	New	News Corporation - Class B	$394,921,000	–	24,036,554	–	1.97%	–
TWTC	Sell	tw telecom inc.	$340,662,000	+4.2%	11,406,743	-1.8%	1.70%	+5.7%
WPO	Sell	The Washington Post Company	$332,336,000	+25.3%	543,610	-0.9%	1.66%	+27.1%
VMC	Sell	Vulcan Materials Company	$317,167,000	+7.0%	6,121,733	-0.1%	1.58%	+8.6%
CNHI	New	CNH Industrial NV	$181,466,000	–	14,517,291	–	0.90%	–
WEN	Sell	Wendy's Company	$160,087,000	-21.6%	18,878,200	-46.1%	0.80%	-20.3%
VOD	Sell	Vodafone Group Plc ADR	$108,288,000	+11.4%	3,078,107	-9.0%	0.54%	+13.0%
MLM	Sell	Martin Marietta Materials Inc.	$107,732,000	-8.2%	1,097,407	-8.0%	0.54%	-6.9%
NWSA	New	News Corporation - Class A	$29,297,000	–	1,824,200	–	0.15%	–
MOS	Sell	Mosaic Company	$23,214,000	-52.3%	539,600	-40.3%	0.12%	-51.5%
VNO	Sell	Vornado Realty Trust	$19,519,000	-30.7%	232,202	-31.7%	0.10%	-29.7%
	Exit	Level 3 Communications Inc. Coconv	$0	–	-8,000,000	–	-0.05%	–
KWKAQ	Exit	Quicksilver Resources Inc.	$0	–	-22,918,692	–	-0.19%	–
	Exit	CEMEX Convertible Bond 3.75 3/conv	$0	–	-58,000,000	–	-0.35%	–
SCI	Exit	Service Corporation Internatio	$0	–	-5,295,700	–	-0.47%	–
CNH	Exit	CNH Global N.V.	$0	–	-3,815,399	–	-0.78%	–
SKS	Exit	Saks Incorporated	$0	–	-13,180,706	–	-0.88%	–
DELL	Exit	Dell Inc.	$0	–	-71,186,328	–	-4.66%	–

Q2 2013

			Value		Shares		↓ Weighting
CHK	New	Chesapeake Energy Corporation	$1,772,606,000	–	86,977,741	–	8.71%	–
L	New	Loews Corporation	$1,634,537,000	–	36,813,889	–	8.03%	–
FDX	New	FedEx Corporation	$1,601,364,000	–	16,244,306	–	7.87%	–
A309PS	New	DIRECTV	$1,505,356,000	–	24,421,732	–	7.40%	–
AON	New	Aon PLC	$1,216,325,000	–	18,901,702	–	5.98%	–
BK	New	Bank of New York Mellon Corpor	$1,193,603,000	–	42,552,699	–	5.87%	–
TRV	New	The Travelers Companies Inc.	$1,143,883,000	–	14,312,849	–	5.62%	–
MDLZ	New	Mondelez International Inc	$1,098,942,000	–	38,518,831	–	5.40%	–
LVLT	New	Level 3 Communications Inc.	$1,016,542,000	–	48,223,036	–	5.00%	–
MUR	New	Murphy Oil Corporation	$977,908,000	–	16,060,252	–	4.81%	–
DELL	New	Dell Inc.	$948,558,000	–	71,186,328	–	4.66%	–
CNX	New	CONSOL Energy Inc.	$654,833,000	–	24,163,591	–	3.22%	–
RE	New	Everest Re Group Ltd.	$556,480,000	–	4,338,682	–	2.74%	–
TXI	New	Texas Industries Inc.	$533,071,000	–	8,183,457	–	2.62%	–
BRKB	New	Berkshire Hathaway Inc. Class	$526,259,000	–	4,702,096	–	2.59%	–
PHG	New	Royal Philips ADR	$521,226,000	–	19,169,750	–	2.56%	–
ABT	New	Abbott Laboratories	$502,910,000	–	14,418,305	–	2.47%	–
CX	New	CEMEX S.A.B. de C.V. ADR	$436,184,000	–	41,227,246	–	2.14%	–
TWTC	New	tw telecom inc.	$326,985,000	–	11,619,966	–	1.61%	–
VMC	New	Vulcan Materials Company	$296,523,000	–	6,125,233	–	1.46%	–
WPO	New	The Washington Post Company	$265,256,000	–	548,310	–	1.30%	–
MTN	New	Vail Resorts Inc.	$209,645,000	–	3,407,758	–	1.03%	–
WEN	New	Wendy's Company	$204,138,000	–	35,015,000	–	1.00%	–
SKS	New	Saks Incorporated	$179,785,000	–	13,180,706	–	0.88%	–
CNH	New	CNH Global N.V.	$158,949,000	–	3,815,399	–	0.78%	–
SNI	New	Scripps Networks Interactive	$148,411,000	–	2,223,049	–	0.73%	–
MLM	New	Martin Marietta Materials Inc.	$117,416,000	–	1,193,012	–	0.58%	–
LM	New	Legg Mason Inc.	$114,852,000	–	3,703,721	–	0.56%	–
VOD	New	Vodafone Group Plc ADR	$97,196,000	–	3,381,307	–	0.48%	–
SCI	New	Service Corporation Internatio	$95,482,000	–	5,295,700	–	0.47%	–
DIN	New	DineEquity Inc	$94,000,000	–	1,364,900	–	0.46%	–
	New	CEMEX Convertible Bond 3.75 3/conv	$71,594,000	–	58,000,000	–	0.35%	–
MOS	New	Mosaic Company	$48,661,000	–	904,313	–	0.24%	–
KWKAQ	New	Quicksilver Resources Inc.	$38,504,000	–	22,918,692	–	0.19%	–
VNO	New	Vornado Realty Trust	$28,161,000	–	339,902	–	0.14%	–
	New	Level 3 Communications Inc. Coconv	$10,898,000	–	8,000,000	–	0.05%	–
BRKA	New	Berkshire Hathaway Inc. Class	$1,180,000	–	7	–	0.01%	–

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