Weitz Investment Management Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GOOG	Sell	ALPHABET INCcap stk cl c	$129,634,920	+4.0%	983,200	-4.6%	7.13%	+7.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$126,791,085	-0.1%	361,950	-2.7%	6.97%	+3.1%
DHR	Buy	DANAHER CORPORATION	$81,317,256	+9.2%	327,760	+5.6%	4.47%	+12.7%
CSGP	Sell	COSTAR GROUP INC	$72,814,830	-23.4%	947,000	-11.3%	4.00%	-20.9%
FB	Sell	META PLATFORMS INCcl a	$69,431,068	-3.8%	231,275	-8.0%	3.82%	-0.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$63,311,744	+17.0%	125,080	+20.6%	3.48%	+20.7%
VMC	Sell	VULCAN MATLS CO	$61,171,656	-11.2%	302,800	-0.9%	3.36%	-8.4%
LBRDK	Sell	LIBERTY BROADBAND CORP	$60,773,460	-5.1%	665,500	-16.7%	3.34%	-2.0%
LH	Buy	LABORATORY CORP AMER HLDGS	$56,967,518	-12.0%	283,350	+5.6%	3.13%	-9.2%
KMX	Sell	CARMAX INC	$50,890,235	-19.9%	719,500	-5.3%	2.80%	-17.4%
AMZN	Sell	AMAZON COM INC	$50,212,400	-10.4%	395,000	-8.1%	2.76%	-7.6%
	New	LIBERTY MEDIA CORP DEL	$45,522,480	–	1,788,000	–	2.50%	–
MKL	Sell	MARKEL CORP	$42,981,983	-5.4%	29,190	-11.2%	2.36%	-2.4%
ADBE	Sell	ADOBE SYSTEMS INC	$29,319,250	-0.1%	57,500	-4.2%	1.61%	+3.1%
FIS	Sell	FIDELITY NATL INFORMATION SV	$27,717,905	-24.5%	501,500	-25.3%	1.52%	-22.2%
EFX	New	EQUIFAX INC	$26,744,280	–	146,000	–	1.47%	–
LBTYK	Sell	LIBERTY GLOBAL PLC	$26,661,440	+3.0%	1,436,500	-1.4%	1.47%	+6.3%
SPGI	Sell	S&P GLOBAL INC	$26,081,139	-11.9%	71,375	-3.4%	1.43%	-9.1%
MLM	Sell	MARTIN MARIETTA MATLS INC	$25,449,760	-16.6%	62,000	-6.2%	1.40%	-14.0%
HEIA	Buy	HEICO CORP NEWcl a	$23,686,026	-8.0%	183,300	+0.1%	1.30%	-5.0%
CHTR	Buy	CHARTER COMMUNICATIONS INCcl a	$22,474,802	+38.5%	51,100	+15.7%	1.24%	+42.9%
LKQ	Buy	LKQ CORP	$20,410,498	-15.0%	412,250	+0.1%	1.12%	-12.3%
MCHP	New	MICROCHIP TECHNOLOGY INC.	$20,261,780	–	259,600	–	1.11%	–
	Buy	PERIMETER SOLUTIONS SA	$16,502,900	-16.9%	3,635,000	+12.6%	0.91%	-14.2%
	New	LIBERTY MEDIA CORP DEL	$15,729,000	–	490,000	–	0.86%	–
IEX	Buy	IDEX CORP	$13,916,538	-3.2%	66,900	+0.1%	0.76%	-0.1%
LBRDA	Sell	LIBERTY BROADBAND CORP	$12,727,400	-16.0%	140,000	-26.3%	0.70%	-13.3%
INS	Buy	CORECARD CORPORATION	$10,200,000	-19.6%	510,000	+2.0%	0.56%	-17.0%
LILAK	Sell	LIBERTY LATIN AMERICA LTD	$9,967,440	-20.2%	1,221,500	-15.7%	0.55%	-17.7%
	New	REDWOOD TR INCnote 5.625% 7/1	$8,910,028	–	9,000,000	–	0.49%	–
	New	LIBERTY MEDIA CORP DEL	$7,889,500	–	310,000	–	0.43%	–
ACIW	Buy	ACI WORLDWIDE INC	$6,429,600	+19.2%	285,000	+22.4%	0.35%	+22.9%
	New	RWT HLDGS INCnote 5.750%10/0	$3,256,261	–	3,500,000	–	0.18%	–
DEO	Buy	DIAGEO PLCspon adr new	$2,610,650	+2.4%	17,500	+19.0%	0.14%	+5.9%
	New	LIBERTY MEDIA CORP DEL	$2,473,800	–	77,500	–	0.14%	–
HON	Sell	HONEYWELL INTL INC	$2,087,562	-12.5%	11,300	-1.7%	0.12%	-9.4%
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-850,000	–	-0.04%	–
	Exit	RWT HLDGS INCnote 5.750%10/0	$0	–	-3,500,000	–	-0.16%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-9,000,000	–	-0.46%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-310,000	–	-0.54%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-311,400	–	-0.99%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-1,788,000	–	-3.12%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$126,903,150	–	372,150	–	6.76%	–
GOOG	New	ALPHABET INCcap stk cl c	$124,683,779	–	1,030,700	–	6.64%	–
CSGP	New	COSTAR GROUP INC	$95,052,000	–	1,068,000	–	5.07%	–
V	New	VISA INC	$88,865,016	–	374,200	–	4.74%	–
MA	New	MASTERCARD INCORPORATEDcl a	$83,910,555	–	213,350	–	4.47%	–
DHR	New	DANAHER CORPORATION	$74,474,400	–	310,310	–	3.97%	–
FB	New	META PLATFORMS INCcl a	$72,175,470	–	251,500	–	3.85%	–
VMC	New	VULCAN MATLS CO	$68,871,920	–	305,500	–	3.67%	–
LH	New	LABORATORY CORP AMER HLDGS	$64,736,773	–	268,250	–	3.45%	–
LBRDK	New	LIBERTY BROADBAND CORP	$64,007,890	–	799,000	–	3.41%	–
KMX	New	CARMAX INC	$63,570,150	–	759,500	–	3.39%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$58,521,240	–	1,788,000	–	3.12%	–
AMZN	New	AMAZON COM INC	$56,054,800	–	430,000	–	2.99%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$54,105,475	–	103,700	–	2.88%	–
AON	New	AON PLC	$49,933,180	–	144,650	–	2.66%	–
ROP	New	ROPER TECHNOLOGIES INC	$49,185,840	–	102,300	–	2.62%	–
IT	New	GARTNER INC	$49,060,916	–	140,050	–	2.62%	–
ADI	New	ANALOG DEVICES INC	$46,793,362	–	240,200	–	2.49%	–
MKL	New	MARKEL CORP	$45,451,295	–	32,860	–	2.42%	–
FIS	New	FIDELITY NATL INFORMATION SV	$36,731,050	–	671,500	–	1.96%	–
ORCL	New	ORACLE CORP	$34,000,195	–	285,500	–	1.81%	–
ACN	New	ACCENTURE PLC IRELAND	$31,475,160	–	102,000	–	1.68%	–
TXN	New	TEXAS INSTRS INC	$30,621,582	–	170,101	–	1.63%	–
MLM	New	MARTIN MARIETTA MATLS INC	$30,517,709	–	66,100	–	1.63%	–
SPGI	New	S&P GLOBAL INC	$29,615,749	–	73,875	–	1.58%	–
ADBE	New	ADOBE SYSTEMS INC	$29,339,400	–	60,000	–	1.56%	–
CRM	New	SALESFORCE COM INC	$26,407,500	–	125,000	–	1.41%	–
LBTYK	New	LIBERTY GLOBAL PLC	$25,882,005	–	1,456,500	–	1.38%	–
HEIA	New	HEICO CORP NEWcl a	$25,743,860	–	183,100	–	1.37%	–
LKQ	New	LKQ CORP	$24,001,413	–	411,900	–	1.28%	–
	New	LINDE PLC	$22,388,450	–	58,750	–	1.19%	–
	New	PERIMETER SOLUTIONS SA	$19,852,200	–	3,228,000	–	1.06%	–
MSFT	New	MICROSOFT CORP	$19,649,158	–	57,700	–	1.05%	–
BKI	New	BLACK KNIGHT INC	$18,599,922	–	311,400	–	0.99%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$16,402,848	–	215,600	–	0.87%	–
CHTR	New	CHARTER COMMUNICATIONS INCcl a	$16,227,100	–	44,171	–	0.86%	–
LBRDA	New	LIBERTY BROADBAND CORP	$15,148,700	–	190,000	–	0.81%	–
IEX	New	IDEX CORP	$14,379,368	–	66,800	–	0.77%	–
INS	New	CORECARD CORPORATION	$12,680,000	–	500,000	–	0.68%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$12,490,380	–	1,449,000	–	0.67%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$10,171,100	–	310,000	–	0.54%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$8,629,119	–	9,000,000	–	0.46%	–
LYV	New	LIVE NATION ENTERTAINMENT INC	$5,557,710	–	61,000	–	0.30%	–
ACIW	New	ACI WORLDWIDE INC	$5,394,995	–	232,844	–	0.29%	–
JPM	New	JPMORGAN CHASE & CO	$3,417,840	–	23,500	–	0.18%	–
FTV	New	FORTIVE CORP	$3,050,616	–	40,800	–	0.16%	–
	New	RWT HLDGS INCnote 5.750%10/0	$3,062,407	–	3,500,000	–	0.16%	–
CMCSA	New	COMCAST CORP NEWcl a	$2,684,130	–	64,600	–	0.14%	–
DEO	New	DIAGEO PLCspon adr new	$2,550,156	–	14,700	–	0.14%	–
HON	New	HONEYWELL INTL INC	$2,386,250	–	11,500	–	0.13%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$848,967	–	850,000	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
QRTEA	Exit	QURATE RETAIL INC	$0	–	-300,000	–	-0.04%	–
RWT	Exit	REDWOOD TR INC	$0	–	-125,485	–	-0.04%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-64,600	–	-0.11%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-11,700	–	-0.12%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-11,944	–	-0.12%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-20,000	–	-0.12%	–
FTV	Exit	FORTIVE CORP	$0	–	-40,800	–	-0.14%	–
	Exit	RWT HLDGS INCnote 5.750%10/0	$0	–	-3,500,000	–	-0.18%	–
IR	Exit	INGERSOLL RAND INC	$0	–	-80,000	–	-0.20%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-20,500	–	-0.28%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-79,500	–	-0.30%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-335,700	–	-0.41%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-9,000,000	–	-0.48%	–
DNB	Exit	DUN & BRADSTREET HLDGS INC	$0	–	-713,383	–	-0.52%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,631,300	–	-0.59%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-10,850,000	–	-0.63%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-193,300	–	-0.70%	–
MKTX	Exit	MARKETAXESS HLDGS INC	$0	–	-56,000	–	-0.73%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-99,050	–	-0.76%	–
INS	Exit	CORECARD CORPORATION	$0	–	-630,000	–	-0.81%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-190,000	–	-0.83%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-375,000	–	-0.84%	–
IEX	Exit	IDEX CORP	$0	–	-72,100	–	-0.85%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-733,500	–	-0.91%	–
	Exit	PERIMETER SOLUTIONS SA	$0	–	-2,050,000	–	-0.97%	–
ADBE	Exit	ADOBE SYSTEMS INC	$0	–	-65,000	–	-1.05%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-125,000	–	-1.06%	–
LIN	Exit	LINDE PLC	$0	–	-74,386	–	-1.18%	–
LKQ	Exit	LKQ CORP	$0	–	-433,700	–	-1.20%	–
HEIA	Exit	HEICO CORP NEWcl a	$0	–	-183,500	–	-1.24%	–
ORCL	Exit	ORACLE CORP	$0	–	-360,500	–	-1.30%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-69,050	–	-1.31%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-73,875	–	-1.33%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-89,400	–	-1.35%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-373,000	–	-1.42%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-181,201	–	-1.65%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,921,000	–	-1.86%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-255,400	–	-2.09%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-72,960	–	-2.18%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-107,300	–	-2.27%	–
IT	Exit	GARTNER INC	$0	–	-139,890	–	-2.28%	–
AON	Exit	AON PLC	$0	–	-147,900	–	-2.33%	–
MKL	Exit	MARKEL CORP	$0	–	-39,340	–	-2.51%	–
AMZN	Exit	AMAZON COM INC	$0	–	-400,000	–	-2.66%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-675,900	–	-3.00%	–
KMX	Exit	CARMAX INC	$0	–	-795,300	–	-3.09%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-343,100	–	-3.18%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-266,050	–	-3.21%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-771,650	–	-3.26%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-771,700	–	-3.35%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-422,250	–	-3.37%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-1,667,200	–	-3.70%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-247,532	–	-3.76%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-234,050	–	-3.92%	–
V	Exit	VISA INC	$0	–	-415,600	–	-4.34%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-1,247,700	–	-5.11%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-400,450	–	-6.29%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,140,060	–	-6.45%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOG	Buy	ALPHABET INCcap stk cl c	$109,617,000	-13.6%	1,140,060	+1865.5%	6.45%	-2.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$106,928,000	-4.6%	400,450	-2.4%	6.29%	+7.4%
CSGP	Sell	COSTAR GROUP INC	$86,902,000	-1.7%	1,247,700	-14.8%	5.11%	+10.6%
V	Sell	VISA INC	$73,831,000	-13.9%	415,600	-4.6%	4.34%	-3.1%
LSXMK	Sell	LIBERTY MEDIA CORP DEL	$62,870,000	+1.6%	1,667,200	-2.9%	3.70%	+14.3%
LBRDK	Buy	LIBERTY BROADBAND CORP	$56,951,000	-30.8%	771,700	+8.4%	3.35%	-22.1%
LH	Sell	LABORATORY CORP AMER HLDGS	$54,490,000	-15.0%	266,050	-2.7%	3.21%	-4.3%
KMX	Buy	CARMAX INC	$52,506,000	-26.1%	795,300	+1.3%	3.09%	-16.8%
FIS	Buy	FIDELITY NATL INFORMATION SV	$51,078,000	-16.3%	675,900	+1.5%	3.00%	-5.8%
ROP	Buy	ROPER TECHNOLOGIES INC	$38,589,000	-4.4%	107,300	+4.9%	2.27%	+7.6%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$37,005,000	-13.1%	72,960	-6.9%	2.18%	-2.1%
LBTYK	Sell	LIBERTY GLOBAL PLC	$31,697,000	-29.2%	1,921,000	-5.2%	1.86%	-20.3%
TXN	Sell	TEXAS INSTRS INC	$28,046,000	-2.0%	181,201	-2.7%	1.65%	+10.4%
BKI	Sell	BLACK KNIGHT INC	$24,144,000	-14.7%	373,000	-13.9%	1.42%	-4.0%
SPGI	Sell	S&P GLOBAL INC	$22,558,000	-15.2%	73,875	-6.3%	1.33%	-4.5%
LIN	Sell	LINDE PLC	$20,054,000	-12.1%	74,386	-6.3%	1.18%	-1.1%
ADBE	Buy	ADOBE SYSTEMS INC	$17,888,000	-18.6%	65,000	+8.3%	1.05%	-8.4%
	Sell	PERIMETER SOLUTIONS SA	$16,421,000	-27.9%	2,050,000	-2.4%	0.97%	-18.8%
IEX	Sell	IDEX CORP	$14,409,000	+8.5%	72,100	-1.4%	0.85%	+22.2%
LSXMA	Sell	LIBERTY MEDIA CORP DEL	$14,276,000	-10.0%	375,000	-14.8%	0.84%	+1.3%
LBRDA	Sell	LIBERTY BROADBAND CORP	$14,174,000	-37.6%	190,000	-5.0%	0.83%	-29.7%
INS	Buy	CORECARD CORPORATION	$13,715,000	-7.9%	630,000	+3.3%	0.81%	+3.7%
LILAK	Sell	LIBERTY LATIN AMERICA LTD	$10,032,000	-27.2%	1,631,300	-7.8%	0.59%	-18.1%
DNB	Sell	DUN & BRADSTREET HLDGS INC	$8,839,000	-66.1%	713,383	-58.9%	0.52%	-61.9%
DLB	Sell	DOLBY LABORATORIES INC	$5,179,000	-10.6%	79,500	-1.9%	0.30%	+0.7%
IR	Sell	INGERSOLL RAND INC	$3,461,000	-36.7%	80,000	-38.5%	0.20%	-28.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$1,895,000	-90.6%	64,600	-87.4%	0.11%	-89.5%

Q2 2022

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$126,879,000	–	58,003	–	6.63%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$112,061,000	–	410,450	–	5.86%	–
CSGP	New	COSTAR GROUP INC	$88,416,000	–	1,463,600	–	4.62%	–
V	New	VISA INC	$85,765,000	–	435,600	–	4.48%	–
LBRDK	New	LIBERTY BROADBAND CORP	$82,301,000	–	711,700	–	4.30%	–
MA	New	MASTERCARD INCORPORATEDcl a	$73,838,000	–	234,050	–	3.86%	–
KMX	New	CARMAX INC	$71,054,000	–	785,300	–	3.71%	–
FB	New	META PLATFORMS INCcl a	$68,088,000	–	422,250	–	3.56%	–
LH	New	LABORATORY CORP AMER HLDGS	$64,090,000	–	273,469	–	3.35%	–
DHR	New	DANAHER CORPORATION	$62,754,000	–	247,532	–	3.28%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$61,905,000	–	1,717,200	–	3.24%	–
FIS	New	FIDELITY NATL INFORMATION SV	$61,043,000	–	665,900	–	3.19%	–
MKL	New	MARKEL CORP	$50,876,000	–	39,340	–	2.66%	–
SCHW	New	SCHWAB CHARLES CORP	$48,753,000	–	771,650	–	2.55%	–
VMC	New	VULCAN MATLS CO	$48,755,000	–	343,100	–	2.55%	–
LBTYK	New	LIBERTY GLOBAL PLC	$44,754,000	–	2,026,000	–	2.34%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$42,562,000	–	78,342	–	2.22%	–
AMZN	New	AMAZON COM INC	$42,484,000	–	400,000	–	2.22%	–
ROP	New	ROPER TECHNOLOGIES INC	$40,373,000	–	102,300	–	2.11%	–
AON	New	AON PLC	$39,886,000	–	147,900	–	2.08%	–
ADI	New	ANALOG DEVICES INC	$37,311,000	–	255,400	–	1.95%	–
IT	New	GARTNER INC	$33,830,000	–	139,890	–	1.77%	–
TXN	New	TEXAS INSTRS INC	$28,610,000	–	186,201	–	1.50%	–
BKI	New	BLACK KNIGHT INC	$28,314,000	–	433,000	–	1.48%	–
SPGI	New	S&P GLOBAL INC	$26,586,000	–	78,875	–	1.39%	–
DNB	New	DUN & BRADSTREET HLDGS INC	$26,092,000	–	1,736,000	–	1.36%	–
ORCL	New	ORACLE CORP	$25,188,000	–	360,500	–	1.32%	–
ACN	New	ACCENTURE PLC IRELAND	$24,822,000	–	89,400	–	1.30%	–
LIN	New	LINDE PLC	$22,826,000	–	79,386	–	1.19%	–
	New	PERIMETER SOLUTIONS SA	$22,764,000	–	2,100,000	–	1.19%	–
LBRDA	New	LIBERTY BROADBAND CORP	$22,710,000	–	200,000	–	1.19%	–
ADBE	New	ADOBE SYSTEMS INC	$21,964,000	–	60,000	–	1.15%	–
LKQ	New	LKQ CORP	$21,290,000	–	433,700	–	1.11%	–
MLM	New	MARTIN MARIETTA MATLS INC	$20,663,000	–	69,050	–	1.08%	–
CRM	New	SALESFORCE COM INC	$20,630,000	–	125,000	–	1.08%	–
CMCSA	New	COMCAST CORP NEWcl a	$20,193,000	–	514,600	–	1.06%	–
HEIA	New	HEICO CORP NEWcl a	$19,337,000	–	183,500	–	1.01%	–
AXTA	New	AXALTA COATING SYS LTD	$16,218,000	–	733,500	–	0.85%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$15,858,000	–	440,000	–	0.83%	–
INS	New	CORECARD CORPORATION	$14,890,000	–	610,000	–	0.78%	–
MKTX	New	MARKETAXESS HLDGS INC	$14,337,000	–	56,000	–	0.75%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$14,283,000	–	99,050	–	0.75%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$13,778,000	–	1,768,620	–	0.72%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$13,722,000	–	193,300	–	0.72%	–
IEX	New	IDEX CORP	$13,277,000	–	73,100	–	0.69%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$10,321,000	–	10,850,000	–	0.54%	–
ACIW	New	ACI WORLDWIDE INC	$8,691,000	–	335,700	–	0.45%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$8,145,000	–	9,000,000	–	0.43%	–
DLB	New	DOLBY LABORATORIES INC	$5,796,000	–	81,000	–	0.30%	–
IR	New	INGERSOLL RAND INC	$5,470,000	–	130,000	–	0.29%	–
MSFT	New	MICROSOFT CORP	$5,265,000	–	20,500	–	0.28%	–
	New	RWT HLDGS INCnote 5.750%10/0	$3,130,000	–	3,500,000	–	0.16%	–
JPM	New	JPMORGAN CHASE & CO	$2,252,000	–	20,000	–	0.12%	–
FTV	New	FORTIVE CORP	$2,219,000	–	40,800	–	0.12%	–
HON	New	HONEYWELL INTL INC	$2,076,000	–	11,944	–	0.11%	–
DEO	New	DIAGEO PLCspon adr new	$2,037,000	–	11,700	–	0.11%	–
RWT	New	REDWOOD TR INC	$967,000	–	125,485	–	0.05%	–
QRTEA	New	QURATE RETAIL INC	$861,000	–	300,000	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
BATRA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-11,000	–	-0.01%	–
RWT	Exit	REDWOOD TR INC	$0	–	-125,000	–	-0.07%	–
FTV	Exit	FORTIVE CORP	$0	–	-30,000	–	-0.09%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-11,000	–	-0.10%	–
BATRK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-105,000	–	-0.12%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-15,000	–	-0.12%	–
	Exit	RWT HLDGS INCnote 5.750%10/0	$0	–	-3,500,000	–	-0.15%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-50,000	–	-0.18%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-17,500	–	-0.21%	–
IR	Exit	INGERSOLL RAND INC	$0	–	-130,000	–	-0.27%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-295,700	–	-0.38%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-9,000,000	–	-0.39%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-10,850,000	–	-0.47%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-1,100,000	–	-0.47%	–
IEX	Exit	IDEX CORP	$0	–	-69,700	–	-0.60%	–
MKTX	Exit	MARKETAXESS HLDGS INC	$0	–	-40,800	–	-0.72%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-99,050	–	-0.80%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-420,000	–	-0.83%	–
HEIA	Exit	HEICO CORP NEWcl a	$0	–	-175,500	–	-0.87%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-733,500	–	-0.90%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-180,800	–	-0.90%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,768,620	–	-0.97%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-70,450	–	-1.01%	–
LIN	Exit	LINDE PLC	$0	–	-84,000	–	-1.03%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-630,000	–	-1.07%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-153,750	–	-1.08%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-160,000	–	-1.10%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-61,000	–	-1.14%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-68,500	–	-1.22%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-413,000	–	-1.24%	–
DNB	Exit	DUN & BRADSTREET HLDGS INC	$0	–	-1,836,000	–	-1.29%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-560,000	–	-1.31%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-98,000	–	-1.31%	–
ORCL	Exit	ORACLE CORP	$0	–	-362,500	–	-1.32%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-120,000	–	-1.36%	–
LKQ	Exit	LKQ CORP	$0	–	-662,000	–	-1.40%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-185,200	–	-1.49%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-227,500	–	-1.60%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-155,000	–	-1.98%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-83,000	–	-1.98%	–
AMZN	Exit	AMAZON COM INC	$0	–	-14,500	–	-1.99%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-412,000	–	-2.10%	–
AZO	Exit	AUTOZONE INC	$0	–	-34,275	–	-2.44%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-2,046,000	–	-2.52%	–
MKL	Exit	MARKEL CORP	$0	–	-56,200	–	-2.81%	–
KMX	Exit	CARMAX INC	$0	–	-544,700	–	-2.92%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-419,200	–	-2.97%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-939,500	–	-3.38%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-246,600	–	-3.59%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-1,832,200	–	-3.64%	–
V	Exit	VISA INC	$0	–	-427,500	–	-3.99%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-1,325,000	–	-4.04%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-286,900	–	-4.08%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-361,000	–	-4.25%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-628,000	–	-4.54%	–
AON	Exit	AON PLC	$0	–	-395,060	–	-4.73%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-505,150	–	-5.77%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-59,860	–	-6.68%	–

Q3 2021

			Value		Shares		↓ Weighting
AON	Sell	AON PLC	$112,896,000	+11.8%	395,060	-6.6%	4.73%	+11.0%
LBRDK	Buy	LIBERTY BROADBAND CORP	$108,456,000	+1.5%	628,000	+2.1%	4.54%	+0.8%
LH	Sell	LABORATORY CORP AMER HLDGS	$101,600,000	-0.5%	361,000	-2.5%	4.25%	-1.3%
V	Buy	VISA INC	$95,226,000	-2.0%	427,500	+2.9%	3.99%	-2.7%
MA	Buy	MASTERCARD INCORPORATEDcl a	$85,738,000	-2.5%	246,600	+2.4%	3.59%	-3.2%
CSGP	Buy	COSTAR GROUP INC	$80,853,000	+8.5%	939,500	+4.4%	3.38%	+7.7%
KMX	Sell	CARMAX INC	$69,700,000	-2.7%	544,700	-1.8%	2.92%	-3.4%
LBTYK	Sell	LIBERTY GLOBAL PLC	$60,275,000	+5.8%	2,046,000	-2.8%	2.52%	+5.0%
AZO	Sell	AUTOZONE INC	$58,199,000	+11.5%	34,275	-2.0%	2.44%	+10.7%
FIS	Buy	FIDELITY NATL INFORMATION SV	$50,132,000	-7.4%	412,000	+7.9%	2.10%	-8.1%
DHR	Sell	DANAHER CORPORATION	$47,188,000	+6.6%	155,000	-6.1%	1.98%	+5.8%
DNB	Buy	DUN & BRADSTREET HLDGS INC	$30,863,000	-8.4%	1,836,000	+16.5%	1.29%	-9.1%
MKTX	Buy	MARKETAXESS HLDGS INC	$17,164,000	-2.1%	40,800	+7.9%	0.72%	-2.7%
RWT	Sell	REDWOOD TR INC	$1,611,000	-75.1%	125,000	-76.6%	0.07%	-75.4%
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-5,000	–	-0.15%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-150,000	–	-0.18%	–

Q2 2021

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$150,028,000	–	59,860	–	6.33%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$140,391,000	–	505,150	–	5.92%	–
LBRDK	New	LIBERTY BROADBAND CORP	$106,801,000	–	615,000	–	4.51%	–
LH	New	LABORATORY CORP AMER HLDGS	$102,120,000	–	370,200	–	4.31%	–
AON	New	AON PLC	$100,960,000	–	422,850	–	4.26%	–
FB	New	FACEBOOK INCcl a	$99,758,000	–	286,900	–	4.21%	–
V	New	VISA INC	$97,152,000	–	415,500	–	4.10%	–
SCHW	New	SCHWAB CHARLES CORP	$96,473,000	–	1,325,000	–	4.07%	–
MA	New	MASTERCARD INCORPORATEDcl a	$87,932,000	–	240,850	–	3.71%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$84,996,000	–	1,832,200	–	3.59%	–
CSGP	New	COSTAR GROUP INC	$74,497,000	–	899,500	–	3.14%	–
VMC	New	VULCAN MATLS CO	$72,970,000	–	419,200	–	3.08%	–
KMX	New	CARMAX INC	$71,640,000	–	554,700	–	3.02%	–
MKL	New	MARKEL CORP	$66,693,000	–	56,200	–	2.81%	–
LBTYK	New	LIBERTY GLOBAL PLC	$56,946,000	–	2,106,000	–	2.40%	–
FIS	New	FIDELITY NATL INFORMATION SV	$54,118,000	–	382,000	–	2.28%	–
AZO	New	AUTOZONE INC	$52,190,000	–	34,975	–	2.20%	–
AMZN	New	AMAZON COM INC	$49,882,000	–	14,500	–	2.10%	–
DHR	New	DANAHER CORPORATION	$44,279,000	–	165,000	–	1.87%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$41,871,000	–	83,000	–	1.77%	–
ADI	New	ANALOG DEVICES INC	$39,166,000	–	227,500	–	1.65%	–
TXN	New	TEXAS INSTRS INC	$35,614,000	–	185,200	–	1.50%	–
DNB	New	DUN & BRADSTREET HLDGS INC	$33,679,000	–	1,576,000	–	1.42%	–
LKQ	New	LKQ CORP	$32,584,000	–	662,000	–	1.38%	–
BKI	New	BLACK KNIGHT INC	$32,206,000	–	413,000	–	1.36%	–
CMCSA	New	COMCAST CORP NEWcl a	$31,931,000	–	560,000	–	1.35%	–
CRM	New	SALESFORCE COM INC	$29,312,000	–	120,000	–	1.24%	–
ACN	New	ACCENTURE PLC IRELAND	$28,889,000	–	98,000	–	1.22%	–
ROP	New	ROPER TECHNOLOGIES INC	$28,682,000	–	61,000	–	1.21%	–
ORCL	New	ORACLE CORP	$28,217,000	–	362,500	–	1.19%	–
SPGI	New	S&P GLOBAL INC	$28,116,000	–	68,500	–	1.19%	–
LBRDA	New	LIBERTY BROADBAND CORP	$25,856,000	–	153,750	–	1.09%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$24,938,000	–	1,768,620	–	1.05%	–
JPM	New	JPMORGAN CHASE & CO	$24,886,000	–	160,000	–	1.05%	–
MLM	New	MARTIN MARIETTA MATLS INC	$24,785,000	–	70,450	–	1.05%	–
LIN	New	LINDE PLC	$24,284,000	–	84,000	–	1.02%	–
AXTA	New	AXALTA COATING SYS LTD	$22,364,000	–	733,500	–	0.94%	–
HEIA	New	HEICO CORP NEWcl a	$21,794,000	–	175,500	–	0.92%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$20,380,000	–	180,800	–	0.86%	–
INS	New	INTELLIGENT SYS CORP NEW	$19,820,000	–	630,000	–	0.84%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$19,564,000	–	420,000	–	0.82%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$18,539,000	–	99,050	–	0.78%	–
MKTX	New	MARKETAXESS HLDGS INC	$17,524,000	–	37,800	–	0.74%	–
IEX	New	IDEX CORP	$15,337,000	–	69,700	–	0.65%	–
QRTEA	New	QURATE RETAIL INC	$14,399,000	–	1,100,000	–	0.61%	–
ACIW	New	ACI WORLDWIDE INC	$10,982,000	–	295,700	–	0.46%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$10,904,000	–	10,850,000	–	0.46%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$9,338,000	–	9,000,000	–	0.39%	–
RWT	New	REDWOOD TR INC	$6,457,000	–	535,000	–	0.27%	–
IR	New	INGERSOLL RAND INC	$6,345,000	–	130,000	–	0.27%	–
DLB	New	DOLBY LABORATORIES INC	$4,915,000	–	50,000	–	0.21%	–
MSFT	New	MICROSOFT CORP	$4,741,000	–	17,500	–	0.20%	–
FHB	New	FIRST HAWAIIAN INC	$4,251,000	–	150,000	–	0.18%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$3,607,000	–	5,000	–	0.15%	–
	New	RWT HLDGS INCnote 5.750%10/0	$3,548,000	–	3,500,000	–	0.15%	–
BATRK	New	LIBERTY MEDIA CORP DEL	$2,916,000	–	105,000	–	0.12%	–
DEO	New	DIAGEO PLCspon adr new	$2,875,000	–	15,000	–	0.12%	–
HON	New	HONEYWELL INTL INC	$2,413,000	–	11,000	–	0.10%	–
FTV	New	FORTIVE CORP	$2,092,000	–	30,000	–	0.09%	–
BATRA	New	LIBERTY MEDIA CORP DEL	$310,000	–	11,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-95	–	0.00%	–
AAPL	Exit	APPLE INC	$0	–	-560	–	-0.00%	–
BIV	Exit	VANGUARD BD INDEX FDSintermed term	$0	–	-2,371	–	-0.01%	–
BATRA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-11,000	–	-0.01%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,648	–	-0.01%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-4,692	–	-0.02%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-16,555	–	-0.03%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-8,068	–	-0.06%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-11,000	–	-0.08%	–
FTV	Exit	FORTIVE CORP	$0	–	-25,000	–	-0.09%	–
BATRK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-105,000	–	-0.10%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-5,000	–	-0.15%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-50,000	–	-0.16%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-240,000	–	-0.16%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-17,500	–	-0.17%	–
IR	Exit	INGERSOLL RAND INC	$0	–	-190,000	–	-0.32%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-89,000	–	-0.34%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-9,000,000	–	-0.39%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-91,050	–	-0.46%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-10,850,000	–	-0.47%	–
IEX	Exit	IDEX CORP	$0	–	-69,700	–	-0.60%	–
RWT	Exit	REDWOOD TR INC	$0	–	-1,776,050	–	-0.63%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-1,910,000	–	-0.64%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-420,000	–	-0.65%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,846,395	–	-0.70%	–
HEIA	Exit	HEICO CORP NEWcl a	$0	–	-175,500	–	-0.73%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-733,500	–	-0.76%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-70,450	–	-0.78%	–
LKQ	Exit	LKQ CORP	$0	–	-612,000	–	-0.80%	–
BOX	Exit	BOX INCcl a	$0	–	-1,049,000	–	-0.85%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-133,750	–	-0.89%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-208,300	–	-1.02%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-158,000	–	-1.02%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-833,585	–	-1.02%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-103,000	–	-1.09%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-68,500	–	-1.16%	–
LIN	Exit	LINDE PLC	$0	–	-104,000	–	-1.16%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-262,000	–	-1.18%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-595,000	–	-1.29%	–
SUM	Exit	SUMMIT MATLS INCcl a	$0	–	-1,722,500	–	-1.34%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-120,000	–	-1.41%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-267,500	–	-1.46%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-890,000	–	-1.62%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-248,000	–	-1.66%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-410,000	–	-1.67%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-256,000	–	-1.77%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-190,000	–	-1.92%	–
AMZN	Exit	AMAZON COM INC	$0	–	-13,000	–	-1.92%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-95,000	–	-1.96%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-2,086,000	–	-2.01%	–
ORCL	Exit	ORACLE CORP	$0	–	-769,500	–	-2.15%	–
MKL	Exit	MARKEL CORP	$0	–	-53,250	–	-2.43%	–
KMX	Exit	CARMAX INC	$0	–	-635,000	–	-2.73%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-1,832,200	–	-2.84%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-471,200	–	-2.99%	–
AON	Exit	AON PLC	$0	–	-321,050	–	-3.10%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-253,900	–	-3.12%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-1,852,300	–	-3.14%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-79,900	–	-3.18%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-241,065	–	-3.82%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-575,000	–	-3.85%	–
V	Exit	VISA INC	$0	–	-415,800	–	-3.90%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-466,400	–	-4.11%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-64,270	–	-4.42%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-711,771	–	-7.10%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-558	–	-8.36%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$151,565,000	+7.2%	711,771	-10.1%	7.10%	+1.2%
GOOG	Sell	ALPHABET INCcap stk cl c	$94,451,000	-21.7%	64,270	-24.7%	4.42%	-26.1%
LH	Buy	LABORATORY CORP AMER HLDGS	$87,809,000	+17.2%	466,400	+3.4%	4.11%	+10.7%
V	Sell	VISA INC	$83,148,000	+0.5%	415,800	-2.9%	3.90%	-5.2%
LBRDK	Sell	LIBERTY BROADBAND CORP	$82,150,000	-10.3%	575,000	-22.2%	3.85%	-15.3%
MA	Sell	MASTERCARD INCORPORATEDcl a	$81,521,000	+3.6%	241,065	-9.4%	3.82%	-2.2%
SCHW	Buy	SCHWAB CHARLES CORP	$67,109,000	+17.9%	1,852,300	+9.8%	3.14%	+11.3%
FB	Sell	FACEBOOK INCcl a	$66,496,000	-13.2%	253,900	-24.7%	3.12%	-18.0%
AON	Buy	AON PLC	$66,233,000	+19.7%	321,050	+11.7%	3.10%	+13.0%
LSXMK	Buy	LIBERTY MEDIA CORP DEL	$60,609,000	+6.2%	1,832,200	+10.6%	2.84%	+0.2%
KMX	Sell	CARMAX INC	$58,363,000	+0.3%	635,000	-2.3%	2.73%	-5.4%
MKL	Sell	MARKEL CORP	$51,850,000	+3.1%	53,250	-2.2%	2.43%	-2.6%
ORCL	Sell	ORACLE CORP	$45,939,000	+4.0%	769,500	-3.8%	2.15%	-1.9%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$41,944,000	+5.2%	95,000	-13.6%	1.96%	-0.7%
AMZN	Sell	AMAZON COM INC	$40,933,000	-7.3%	13,000	-18.8%	1.92%	-12.5%
DHR	Sell	DANAHER CORPORATION	$40,913,000	+15.7%	190,000	-5.0%	1.92%	+9.2%
FIS	New	FIDELITY NATL INFORMATION SV	$37,686,000	–	256,000	–	1.77%	–
BKI	Sell	BLACK KNIGHT INC	$35,691,000	+11.7%	410,000	-6.9%	1.67%	+5.4%
TXN	Sell	TEXAS INSTRS INC	$35,412,000	+9.1%	248,000	-3.0%	1.66%	+2.9%
INS	Sell	INTELLIGENT SYS CORP NEW	$34,692,000	+1.9%	890,000	-10.9%	1.62%	-3.8%
CRM	Sell	SALESFORCE COM INC	$30,158,000	+15.0%	120,000	-14.3%	1.41%	+8.5%
CMCSA	Sell	COMCAST CORP NEWcl a	$27,525,000	+16.7%	595,000	-1.7%	1.29%	+10.2%
LIN	Sell	LINDE PLC	$24,766,000	+6.1%	104,000	-5.5%	1.16%	+0.2%
DEO	Buy	DIAGEO PLCspon adr new	$21,750,000	+16.4%	158,000	+13.7%	1.02%	+9.9%
GWRE	Sell	GUIDEWIRE SOFTWARE INC	$21,719,000	-13.2%	208,300	-7.8%	1.02%	-18.1%
LBRDA	Sell	LIBERTY BROADBAND CORP	$18,967,000	-13.2%	133,750	-25.2%	0.89%	-18.0%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$15,030,000	+9.4%	1,846,395	+26.9%	0.70%	+3.2%
LSXMA	Buy	LIBERTY MEDIA CORP DEL	$13,931,000	+9.1%	420,000	+13.5%	0.65%	+3.0%
QRTEA	Buy	QURATE RETAIL INC	$13,714,000	+31.2%	1,910,000	+73.6%	0.64%	+23.7%
RWT	Sell	REDWOOD TR INC	$13,356,000	-41.5%	1,776,050	-45.5%	0.63%	-44.7%
	Sell	REDWOOD TR INCnote 4.750% 8/1	$9,960,000	-17.4%	10,850,000	-18.7%	0.47%	-22.0%
FRC	New	FIRST REP BK SAN FRANCISCO C	$9,930,000	–	91,050	–	0.46%	–
	Buy	REDWOOD TR INCnote 5.625% 7/1	$8,325,000	+37.2%	9,000,000	+28.6%	0.39%	+29.6%
IR	Sell	INGERSOLL RAND INC	$6,764,000	+20.3%	190,000	-5.0%	0.32%	+13.6%
FHB	Sell	FIRST HAWAIIAN INC	$3,473,000	-32.8%	240,000	-20.0%	0.16%	-36.6%
AAPL	Buy	APPLE INC	$65,000	+27.5%	560	+300.0%	0.00%	0.0%
EQC	Exit	EQUITY COMWLTH	$0	–	-145,000	–	-0.23%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$149,153,000	–	558	–	7.40%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$141,339,000	–	791,771	–	7.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$120,581,000	–	85,300	–	5.99%	–
LBRDK	New	LIBERTY BROADBAND CORP	$91,582,000	–	738,800	–	4.55%	–
V	New	VISA INC	$82,735,000	–	428,300	–	4.11%	–
MA	New	MASTERCARD INCORPORATEDcl a	$78,675,000	–	266,065	–	3.91%	–
FB	New	FACEBOOK INCcl a	$76,568,000	–	337,200	–	3.80%	–
LH	New	LABORATORY CORP AMER HLDGS	$74,899,000	–	450,900	–	3.72%	–
KMX	New	CARMAX INC	$58,208,000	–	650,000	–	2.89%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$57,091,000	–	1,657,200	–	2.83%	–
SCHW	New	SCHWAB CHARLES CORP	$56,930,000	–	1,687,300	–	2.83%	–
CSGP	New	COSTAR GROUP INC	$56,783,000	–	79,900	–	2.82%	–
AON	New	AON PLC	$55,344,000	–	287,350	–	2.75%	–
VMC	New	VULCAN MATLS CO	$54,589,000	–	471,200	–	2.71%	–
MKL	New	MARKEL CORP	$50,267,000	–	54,450	–	2.50%	–
LBTYK	New	LIBERTY GLOBAL PLC	$44,870,000	–	2,086,000	–	2.23%	–
ORCL	New	ORACLE CORP	$44,188,000	–	799,500	–	2.19%	–
AMZN	New	AMAZON COM INC	$44,141,000	–	16,000	–	2.19%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$39,857,000	–	110,000	–	1.98%	–
DHR	New	DANAHER CORPORATION	$35,366,000	–	200,000	–	1.76%	–
INS	New	INTELLIGENT SYS CORP NEW	$34,029,000	–	998,497	–	1.69%	–
ADI	New	ANALOG DEVICES INC	$32,806,000	–	267,500	–	1.63%	–
TXN	New	TEXAS INSTRS INC	$32,466,000	–	255,700	–	1.61%	–
BKI	New	BLACK KNIGHT INC	$31,963,000	–	440,500	–	1.59%	–
SUM	New	SUMMIT MATLS INCcl a	$27,698,000	–	1,722,500	–	1.38%	–
CRM	New	SALESFORCE COM INC	$26,226,000	–	140,000	–	1.30%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$25,030,000	–	225,800	–	1.24%	–
JPM	New	JPMORGAN CHASE & CO	$24,644,000	–	262,000	–	1.22%	–
CMCSA	New	COMCAST CORP NEWcl a	$23,583,000	–	605,000	–	1.17%	–
LIN	New	LINDE PLC	$23,332,000	–	110,000	–	1.16%	–
RWT	New	REDWOOD TR INC	$22,826,000	–	3,260,850	–	1.13%	–
SPGI	New	S&P GLOBAL INC	$22,569,000	–	68,500	–	1.12%	–
ACIW	New	ACI WORLDWIDE INC	$22,498,000	–	833,585	–	1.12%	–
ACN	New	ACCENTURE PLC IRELAND	$22,116,000	–	103,000	–	1.10%	–
LBRDA	New	LIBERTY BROADBAND CORP	$21,841,000	–	178,750	–	1.08%	–
BOX	New	BOX INCcl a	$21,777,000	–	1,049,000	–	1.08%	–
DEO	New	DIAGEO P L Cspon adr new	$18,680,000	–	139,000	–	0.93%	–
AXTA	New	AXALTA COATING SYS LTD	$16,540,000	–	733,500	–	0.82%	–
LKQ	New	LKQ CORP	$16,034,000	–	612,000	–	0.80%	–
MLM	New	MARTIN MARIETTA MATLS INC	$14,553,000	–	70,450	–	0.72%	–
HEIA	New	HEICO CORP NEWcl a	$14,258,000	–	175,500	–	0.71%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$13,735,000	–	1,455,000	–	0.68%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$12,772,000	–	370,000	–	0.63%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$12,062,000	–	13,350,000	–	0.60%	–
IEX	New	IDEX CORP	$11,015,000	–	69,700	–	0.55%	–
QRTEA	New	QURATE RETAIL INC	$10,450,000	–	1,100,000	–	0.52%	–
GLIBA	New	GCI LIBERTY INC	$6,330,000	–	89,000	–	0.31%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$6,066,000	–	7,000,000	–	0.30%	–
IR	New	INGERSOLL RAND INC	$5,624,000	–	200,000	–	0.28%	–
FHB	New	FIRST HAWAIIAN INC	$5,172,000	–	300,000	–	0.26%	–
EQC	New	EQUITY COMWLTH	$4,669,000	–	145,000	–	0.23%	–
MSFT	New	MICROSOFT CORP	$3,561,000	–	17,500	–	0.18%	–
DLB	New	DOLBY LABORATORIES INC	$3,294,000	–	50,000	–	0.16%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,550,000	–	5,000	–	0.13%	–
BATRK	New	LIBERTY MEDIA CORP DEL	$2,073,000	–	105,000	–	0.10%	–
FTV	New	FORTIVE CORP	$1,692,000	–	25,000	–	0.08%	–
HON	New	HONEYWELL INTL INC	$1,590,000	–	11,000	–	0.08%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,263,000	–	8,068	–	0.06%	–
VEA	New	VANGUARD TAX-MANAGED FDSftse dev mkt etf	$642,000	–	16,555	–	0.03%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$390,000	–	4,692	–	0.02%	–
IWB	New	ISHARES TRrus 1000 etf	$283,000	–	1,648	–	0.01%	–
BIV	New	VANGUARD BD INDEX FDSintermed term	$221,000	–	2,371	–	0.01%	–
BATRA	New	LIBERTY MEDIA CORP DEL	$221,000	–	11,000	–	0.01%	–
AAPL	New	APPLE INC	$51,000	–	140	–	0.00%	–
DD	New	DUPONT DE NEMOURS INC	$5,000	–	95	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
AAPL	Exit	APPLE INC	$0	–	-140	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-180	–	-0.00%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-2,371	–	-0.01%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,648	–	-0.01%	–
BATRA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-11,000	–	-0.01%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-4,692	–	-0.02%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-16,555	–	-0.03%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-27,500	–	-0.04%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-8,068	–	-0.05%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-50,000	–	-0.08%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-17,500	–	-0.10%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-6,000	–	-0.10%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-105,000	–	-0.12%	–
MYE	Exit	MYERS INDS INC	$0	–	-211,200	–	-0.15%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-75,000	–	-0.17%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-57,500	–	-0.21%	–
GDI	Exit	GARDNER DENVER HLDGS INC	$0	–	-230,000	–	-0.26%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-7,000,000	–	-0.29%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-54,000	–	-0.30%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-250,000	–	-0.35%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-10,350,000	–	-0.42%	–
PRSP	Exit	PERSPECTA INC	$0	–	-530,000	–	-0.56%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-97,795	–	-0.57%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-28,355	–	-0.60%	–
	Exit	RWT HLDGS INCnote 5.625%11/1	$0	–	-16,000,000	–	-0.65%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-395,000	–	-0.67%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-63,530	–	-0.71%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-600,000	–	-0.72%	–
MRVL	Exit	MARVELL TECHNOLOGY GROUP LTDord	$0	–	-716,600	–	-0.73%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-102,000	–	-0.80%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-192,500	–	-0.82%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-140,000	–	-0.84%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-127,500	–	-0.85%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-704,125	–	-0.90%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-357,500	–	-0.90%	–
LKQ	Exit	LKQ CORP	$0	–	-750,900	–	-0.96%	–
MKL	Exit	MARKEL CORP	$0	–	-20,000	–	-0.96%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-813,575	–	-1.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-238,875	–	-1.02%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,498,400	–	-1.04%	–
BOX	Exit	BOX INCcl a	$0	–	-1,643,100	–	-1.10%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-605,000	–	-1.11%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-255,000	–	-1.16%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-250,000	–	-1.16%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-243,500	–	-1.16%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-200,000	–	-1.17%	–
AMZN	Exit	AMAZON COM INC	$0	–	-17,500	–	-1.23%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-2,943,848	–	-1.23%	–
LIN	Exit	LINDE PLC	$0	–	-163,000	–	-1.28%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-110,000	–	-1.30%	–
CFX	Exit	COLFAX CORP	$0	–	-1,393,250	–	-1.64%	–
AON	Exit	AON PLC	$0	–	-213,000	–	-1.68%	–
SUM	Exit	SUMMIT MATLS INCcl a	$0	–	-1,923,450	–	-1.74%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-714,900	–	-1.77%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-339,950	–	-1.78%	–
ORCL	Exit	ORACLE CORP	$0	–	-821,720	–	-1.84%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-313,710	–	-1.93%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-25,730	–	-2.05%	–
RWT	Exit	REDWOOD TR INC	$0	–	-3,400,500	–	-2.27%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-1,536,300	–	-2.61%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-1,648,250	–	-2.81%	–
KMX	Exit	CARMAX INC	$0	–	-812,550	–	-2.90%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-403,100	–	-2.92%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,677,400	–	-3.55%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,165,000	–	-3.65%	–
V	Exit	VISA INC	$0	–	-531,540	–	-3.71%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-336,840	–	-3.72%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-563,325	–	-3.84%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-98,505	–	-4.88%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-1,154,900	–	-4.91%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-803,807	–	-6.79%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-558	–	-7.07%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$167,208,000	-3.1%	803,807	-0.7%	6.79%	-0.8%
LBRDK	Sell	LIBERTY BROADBAND CORP	$120,883,000	-5.9%	1,154,900	-6.3%	4.91%	-3.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$120,078,000	+7.6%	98,505	-4.6%	4.88%	+10.1%
LH	Sell	LABORATORY CORP AMER HLDGS	$94,639,000	-10.6%	563,325	-8.0%	3.84%	-8.5%
MA	Sell	MASTERCARD INCcl a	$91,476,000	-9.9%	336,840	-12.2%	3.72%	-7.7%
V	Sell	VISA INC	$91,430,000	-9.9%	531,540	-9.1%	3.71%	-7.7%
INS	Sell	INTELLIGENT SYS CORP NEW	$89,934,000	+37.6%	2,165,000	-4.6%	3.65%	+40.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$87,485,000	-12.5%	3,677,400	-2.4%	3.55%	-10.4%
FB	Sell	FACEBOOK INCcl a	$71,784,000	-12.2%	403,100	-4.8%	2.92%	-10.1%
KMX	Sell	CARMAX INC	$71,504,000	-10.4%	812,550	-11.6%	2.90%	-8.3%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$69,161,000	+7.0%	1,648,250	-3.1%	2.81%	+9.6%
SCHW	Buy	THE CHARLES SCHWAB CORPORATI	$64,263,000	+11.9%	1,536,300	+7.5%	2.61%	+14.6%
RWT	Sell	REDWOOD TR INC	$55,802,000	-2.0%	3,400,500	-1.3%	2.27%	+0.3%
BKNG	Sell	BOOKING HLDGS INC	$50,498,000	-10.5%	25,730	-14.5%	2.05%	-8.4%
VMC	Sell	VULCAN MATLS CO	$47,446,000	+8.7%	313,710	-1.4%	1.93%	+11.2%
ORCL	Buy	ORACLE CORP	$45,219,000	+0.5%	821,720	+4.0%	1.84%	+2.9%
TXN	Sell	TEXAS INSTRS INC	$43,935,000	-3.6%	339,950	-14.4%	1.78%	-1.3%
BKI	Sell	BLACK KNIGHT INC	$43,652,000	-3.4%	714,900	-4.8%	1.77%	-1.1%
SUM	Sell	SUMMIT MATLS INCcl a	$42,701,000	-8.9%	1,923,450	-21.0%	1.74%	-6.7%
AON	Buy	AON PLC	$41,230,000	+0.4%	213,000	+0.1%	1.68%	+2.8%
CFX	Sell	COLFAX CORP	$40,488,000	-6.6%	1,393,250	-9.9%	1.64%	-4.4%
QRTEA	Buy	QURATE RETAIL INC	$30,366,000	+13.8%	2,943,848	+36.7%	1.23%	+16.5%
AMZN	Buy	AMAZON COM INC	$30,378,000	+3.5%	17,500	+12.9%	1.23%	+5.9%
DLTR	Buy	DOLLAR TREE INC	$28,540,000	+20.8%	250,000	+13.6%	1.16%	+23.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$27,273,000	-31.2%	605,000	-35.5%	1.11%	-29.6%
BOX	Buy	BOX INCcl a	$27,210,000	-4.7%	1,643,100	+1.3%	1.10%	-2.5%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$25,615,000	+2.8%	1,498,400	+3.4%	1.04%	+5.3%
GWRE	Buy	GUIDEWIRE SOFTWARE INC	$25,173,000	+30.4%	238,875	+25.5%	1.02%	+33.6%
AXTA	Sell	AXALTA COATING SYS LTD	$24,529,000	-1.4%	813,575	-2.6%	1.00%	+0.9%
LKQ	New	LKQ CORP	$23,616,000	–	750,900	–	0.96%	–
ACIW	Buy	ACI WORLDWIDE INC	$22,057,000	+221.2%	704,125	+252.1%	0.90%	+228.2%
DEO	Sell	DIAGEO P L Cspon adr new	$20,849,000	-6.9%	127,500	-1.9%	0.85%	-4.7%
CRM	New	SALESFORCE COM INC	$20,782,000	–	140,000	–	0.84%	–
ACN	Sell	ACCENTURE PLC IRELAND	$19,620,000	+3.1%	102,000	-1.0%	0.80%	+5.6%
MRVL	Sell	MARVELL TECHNOLOGY GROUP LTDord	$17,894,000	-27.6%	716,600	-30.8%	0.73%	-25.9%
DXC	Sell	DXC TECHNOLOGY CO	$17,700,000	-58.2%	600,000	-21.9%	0.72%	-57.3%
MLM	Sell	MARTIN MARIETTA MATLS INC	$17,414,000	+14.6%	63,530	-3.8%	0.71%	+17.2%
TDG	Sell	TRANSDIGM GROUP INC	$14,764,000	-63.0%	28,355	-65.6%	0.60%	-62.1%
SWK	Sell	STANLEY BLACK & DECKER INC	$14,123,000	-9.0%	97,795	-8.9%	0.57%	-6.8%
EXPE	New	EXPEDIA GROUP INC	$7,258,000	–	54,000	–	0.30%	–
EXP	Sell	EAGLE MATERIALS INC	$5,176,000	-6.2%	57,500	-3.4%	0.21%	-4.1%
MYE	Buy	MYERS INDS INC	$3,728,000	+38.2%	211,200	+50.9%	0.15%	+41.1%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$2,473,000	-3.7%	6,000	-7.7%	0.10%	-2.0%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$2,080,000	-25.9%	50,000	-33.3%	0.08%	-24.3%
IWB	Sell	ISHARES TRrus 1000 etf	$271,000	-12.3%	1,648	-13.2%	0.01%	-8.3%
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-74,200	–	-0.16%	–
LEXEA	Exit	LIBERTY EXPEDIA HLDGS INC	$0	–	-150,000	–	-0.28%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-1,500,000	–	-0.66%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$177,639,000	–	558	–	7.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$172,541,000	–	809,407	–	6.85%	–
LBRDK	New	LIBERTY BROADBAND CORP	$128,449,000	–	1,232,475	–	5.10%	–
GOOG	New	ALPHABET INCcap stk cl c	$111,609,000	–	103,255	–	4.43%	–
LH	New	LABORATORY CORP AMER HLDGS	$105,906,000	–	612,525	–	4.20%	–
MA	New	MASTERCARD INCcl a	$101,513,000	–	383,750	–	4.03%	–
V	New	VISA INC	$101,435,000	–	584,470	–	4.02%	–
LBTYK	New	LIBERTY GLOBAL PLC	$100,002,000	–	3,769,400	–	3.97%	–
FB	New	FACEBOOK INCcl a	$81,736,000	–	423,500	–	3.24%	–
KMX	New	CARMAX INC	$79,818,000	–	919,250	–	3.17%	–
INS	New	INTELLIGENT SYS CORP NEW	$65,353,000	–	2,270,000	–	2.59%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$64,613,000	–	1,701,250	–	2.56%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$57,444,000	–	1,429,300	–	2.28%	–
RWT	New	REDWOOD TR INC	$56,954,000	–	3,445,500	–	2.26%	–
BKNG	New	BOOKING HLDGS INC	$56,401,000	–	30,085	–	2.24%	–
SUM	New	SUMMIT MATLS INCcl a	$46,874,000	–	2,435,000	–	1.86%	–
TXN	New	TEXAS INSTRS INC	$45,571,000	–	397,100	–	1.81%	–
BKI	New	BLACK KNIGHT INC	$45,167,000	–	750,900	–	1.79%	–
ORCL	New	ORACLE CORP	$45,001,000	–	789,900	–	1.79%	–
VMC	New	VULCAN MATLS CO	$43,666,000	–	318,010	–	1.73%	–
CFX	New	COLFAX CORP	$43,347,000	–	1,546,450	–	1.72%	–
DXC	New	DXC TECHNOLOGY CO	$42,383,000	–	768,500	–	1.68%	–
AON	New	AON PLC	$41,047,000	–	212,700	–	1.63%	–
TDG	New	TRANSDIGM GROUP INC	$39,887,000	–	82,445	–	1.58%	–
CMCSA	New	COMCAST CORP NEWcl a	$39,635,000	–	937,450	–	1.57%	–
LIN	New	LINDE PLC	$32,730,000	–	163,000	–	1.30%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$32,305,000	–	110,000	–	1.28%	–
AMZN	New	AMAZON COM INC	$29,351,000	–	15,500	–	1.16%	–
ADI	New	ANALOG DEVICES INC	$28,782,000	–	255,000	–	1.14%	–
DHR	New	DANAHER CORPORATION	$28,584,000	–	200,000	–	1.13%	–
BOX	New	BOX INCcl a	$28,565,000	–	1,622,100	–	1.13%	–
JPM	New	JPMORGAN CHASE & CO	$27,223,000	–	243,500	–	1.08%	–
QRTEA	New	QURATE RETAIL INC	$26,689,000	–	2,154,064	–	1.06%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$24,917,000	–	1,449,500	–	0.99%	–
AXTA	New	AXALTA COATING SYS LTD	$24,875,000	–	835,575	–	0.99%	–
MRVL	New	MARVELL TECHNOLOGY GROUP LTDord	$24,713,000	–	1,035,300	–	0.98%	–
DLTR	New	DOLLAR TREE INC	$23,626,000	–	220,000	–	0.94%	–
DEO	New	DIAGEO P L Cspon adr new	$22,402,000	–	130,000	–	0.89%	–
GLIBA	New	GCI LIBERTY INC	$21,972,000	–	357,500	–	0.87%	–
MKL	New	MARKEL CORP	$21,792,000	–	20,000	–	0.86%	–
LBRDA	New	LIBERTY BROADBAND CORP	$19,797,000	–	192,500	–	0.79%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$19,303,000	–	190,400	–	0.77%	–
ACN	New	ACCENTURE PLC IRELAND	$19,031,000	–	103,000	–	0.76%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$16,650,000	–	1,500,000	–	0.66%	–
	New	RWT HLDGS INCnote 5.625%11/1	$16,137,000	–	16,000,000	–	0.64%	–
SWK	New	STANLEY BLACK & DECKER INC	$15,516,000	–	107,295	–	0.62%	–
MLM	New	MARTIN MARIETTA MATLS INC	$15,194,000	–	66,030	–	0.60%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$14,935,000	–	395,000	–	0.59%	–
PRSP	New	PERSPECTA INC	$12,407,000	–	530,000	–	0.49%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$10,143,000	–	10,350,000	–	0.40%	–
EQC	New	EQUITY COMWLTH	$8,130,000	–	250,000	–	0.32%	–
GDI	New	GARDNER DENVER HLDGS INC	$7,958,000	–	230,000	–	0.32%	–
LEXEA	New	LIBERTY EXPEDIA HLDGS INC	$7,169,000	–	150,000	–	0.28%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$6,978,000	–	7,000,000	–	0.28%	–
ACIW	New	ACI WORLDWIDE INC	$6,868,000	–	200,000	–	0.27%	–
EXP	New	EAGLE MATERIALS INC	$5,516,000	–	59,500	–	0.22%	–
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$4,285,000	–	75,000	–	0.17%	–
CMP	New	COMPASS MINERALS INTL INC	$4,077,000	–	74,200	–	0.16%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$2,937,000	–	105,000	–	0.12%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$2,806,000	–	75,000	–	0.11%	–
MYE	New	MYERS INDS INC	$2,698,000	–	140,000	–	0.11%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,569,000	–	6,500	–	0.10%	–
MSFT	New	MICROSOFT CORP	$2,344,000	–	17,500	–	0.09%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,211,000	–	8,068	–	0.05%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$986,000	–	27,500	–	0.04%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$690,000	–	16,555	–	0.03%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$378,000	–	4,692	–	0.02%	–
IWB	New	ISHARES TRrus 1000 etf	$309,000	–	1,898	–	0.01%	–
BATRA	New	LIBERTY MEDIA CORP DELAWARE	$306,000	–	11,000	–	0.01%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$205,000	–	2,371	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$53,000	–	180	–	0.00%	–
AAPL	New	APPLE INC	$28,000	–	140	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
AAPL	Exit	APPLE INC	$0	–	-140	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-180	–	-0.00%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-147	–	-0.01%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-2,371	–	-0.01%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-5,808	–	-0.01%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,898	–	-0.01%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-4,692	–	-0.02%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-16,555	–	-0.03%	–
BATRA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-31,000	–	-0.03%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-8,068	–	-0.05%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-30,000	–	-0.05%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-7,500	–	-0.06%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-12,500	–	-0.06%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-17,000	–	-0.06%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-15,000	–	-0.07%	–
MUSA	Exit	MURPHY USA INC	$0	–	-30,000	–	-0.10%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-50,000	–	-0.11%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-77,500	–	-0.11%	–
LGFA	Exit	LIONS GATE ENTMNT CORPcl a vtg	$0	–	-125,000	–	-0.12%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-150,000	–	-0.14%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-6,000,000	–	-0.24%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-245,000	–	-0.27%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-70,000	–	-0.29%	–
MKL	Exit	MARKEL CORP	$0	–	-6,000	–	-0.29%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-250,000	–	-0.33%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-4,757	–	-0.38%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-143,000	–	-0.39%	–
PRSP	Exit	PERSPECTA INC	$0	–	-385,000	–	-0.40%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-275,000	–	-0.42%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-58,668	–	-0.42%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-32,000	–	-0.42%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-375,000	–	-0.43%	–
LEXEA	Exit	LIBERTY EXPEDIA HOLDINGS	$0	–	-225,000	–	-0.43%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-30,489	–	-0.46%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-116,077	–	-0.51%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-15,000,000	–	-0.59%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-130,366	–	-0.59%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-445,000	–	-0.61%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-325,000	–	-0.61%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-370,000	–	-0.65%	–
AMZN	Exit	AMAZON COM INC	$0	–	-8,096	–	-0.66%	–
	Exit	RTW HLDGS INCnote 5.625%11/1	$0	–	-16,000,000	–	-0.66%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-98,080	–	-0.70%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-104,224	–	-0.72%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-130,000	–	-0.75%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-385,000	–	-0.80%	–
DISCK	Exit	DISCOVERY INC	$0	–	-684,100	–	-0.82%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-1,800,000	–	-0.82%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-774,950	–	-0.92%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,270,000	–	-0.98%	–
PX	Exit	PRAXAIR INC	$0	–	-171,950	–	-1.12%	–
MRVL	Exit	MARVELL TECHNOLOGY GROUP LTDord	$0	–	-1,443,500	–	-1.13%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-343,855	–	-1.14%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-115,924	–	-1.15%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-541,196	–	-1.16%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-340,000	–	-1.17%	–
SUM	Exit	SUMMIT MATLS INCcl a	$0	–	-1,602,200	–	-1.19%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,557,800	–	-1.31%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,082,098	–	-1.56%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-1,759,250	–	-1.59%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-384,270	–	-1.68%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-839,139	–	-1.68%	–
KMX	Exit	CARMAX INC	$0	–	-651,870	–	-1.98%	–
AON	Exit	AON PLC	$0	–	-320,841	–	-2.01%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-546,852	–	-2.08%	–
RWT	Exit	REDWOOD TR INC	$0	–	-3,540,400	–	-2.34%	–
CFX	Exit	COLFAX CORP	$0	–	-1,664,900	–	-2.44%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-1,435,005	–	-2.54%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-380,793	–	-2.55%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,250,213	–	-2.62%	–
AGN	Exit	ALLERGAN PLC	$0	–	-505,270	–	-3.92%	–
V	Exit	VISA INC	$0	–	-644,585	–	-3.94%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-457,478	–	-4.14%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-613,997	–	-4.34%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-95,505	–	-4.64%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-4,338,707	–	-4.97%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-1,920,627	–	-6.59%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-564	–	-7.35%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-921,538	–	-8.03%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$197,311,000	-6.4%	921,538	-18.4%	8.03%	-10.4%
LBRDK	Sell	LIBERTY BROADBAND CORP	$161,909,000	-0.8%	1,920,627	-10.9%	6.59%	-5.0%
LBTYK	Buy	LIBERTY GLOBAL PLC	$122,178,000	+10.7%	4,338,707	+4.6%	4.97%	+5.9%
GOOG	Buy	ALPHABET INCcap stk cl c	$113,982,000	+7.3%	95,505	+0.3%	4.64%	+2.7%
LH	Sell	LABORATORY CORP AMER HLDGS	$106,639,000	-3.5%	613,997	-0.2%	4.34%	-7.5%
MA	Sell	MASTERCARD INCORPORATEDcl a	$101,839,000	+4.9%	457,478	-7.4%	4.14%	+0.4%
V	Sell	VISA INC	$96,746,000	-6.0%	644,585	-17.1%	3.94%	-10.0%
AGN	Sell	ALLERGAN PLC	$96,244,000	-11.2%	505,270	-22.3%	3.92%	-15.0%
ORCL	Sell	ORACLE CORP	$64,461,000	+3.4%	1,250,213	-11.7%	2.62%	-1.0%
FB	Buy	FACEBOOK INCcl a	$62,625,000	+15.3%	380,793	+36.2%	2.55%	+10.4%
RWT	Sell	REDWOOD TR INC	$57,496,000	-6.4%	3,540,400	-5.1%	2.34%	-10.4%
DXC	Buy	DXC TECHNOLOGY CO	$51,142,000	+30.0%	546,852	+12.1%	2.08%	+24.5%
AON	Sell	AON PLC	$49,339,000	+11.4%	320,841	-0.6%	2.01%	+6.6%
KMX	Buy	CARMAX INC	$48,675,000	+12.6%	651,870	+9.9%	1.98%	+7.8%
SCHW	New	SCHWAB CHARLES CORP NEW	$41,244,000	–	839,139	–	1.68%	–
CMCSA	Buy	COMCAST CORP NEWcl a	$38,317,000	+26.8%	1,082,098	+17.5%	1.56%	+21.5%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$32,137,000	+11.1%	1,557,800	+4.4%	1.31%	+6.3%
SUM	Buy	SUMMIT MATLS INCcl a	$29,128,000	+499.8%	1,602,200	+766.1%	1.19%	+475.7%
LBRDA	Sell	LIBERTY BROADBAND CORP	$28,672,000	+8.3%	340,000	-2.9%	1.17%	+3.7%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$28,295,000	+3.9%	115,924	-11.8%	1.15%	-0.4%
MRVL	Buy	MARVELL TECHNOLOGY GROUP LTDord	$27,860,000	+712.2%	1,443,500	+802.2%	1.13%	+676.7%
PX	Sell	PRAXAIR INC	$27,638,000	-0.1%	171,950	-1.7%	1.12%	-4.3%
AXTA	Buy	AXALTA COATING SYS LTD	$22,598,000	-1.6%	774,950	+2.3%	0.92%	-5.7%
DISCK	Sell	DISCOVERY INC	$20,236,000	-36.1%	684,100	-44.9%	0.82%	-38.8%
WAIR	Sell	WESCO AIRCRAFT HLDGS INC	$20,250,000	-20.3%	1,800,000	-20.3%	0.82%	-23.7%
GLIBA	Sell	GCI LIBERTY INC	$19,635,000	-29.7%	385,000	-37.9%	0.80%	-32.7%
ACN	Sell	ACCENTURE PLC IRELAND	$17,739,000	-5.1%	104,224	-8.8%	0.72%	-9.1%
MHK	Buy	MOHAWK INDS INC	$17,198,000	+13.1%	98,080	+38.2%	0.70%	+8.2%
AMZN	Sell	AMAZON COM INC	$16,216,000	-17.9%	8,096	-30.3%	0.66%	-21.4%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$16,073,000	-9.7%	370,000	-6.3%	0.65%	-13.5%
TUP	Sell	TUPPERWARE BRANDS CORP	$14,885,000	-51.8%	445,000	-40.5%	0.61%	-53.8%
VMC	Buy	VULCAN MATLS CO	$14,497,000	+920.9%	130,366	+1085.1%	0.59%	+883.3%
DHR	Sell	DANAHER CORP DEL	$12,613,000	-46.7%	116,077	-51.6%	0.51%	-49.0%
LEXEA	Sell	LIBERTY EXPEDIA HOLDINGS	$10,584,000	-19.7%	225,000	-25.0%	0.43%	-23.0%
PRSP	Sell	PERSPECTA INC	$9,902,000	-8.9%	385,000	-27.2%	0.40%	-12.8%
EQC	Sell	EQUITY COMWLTH	$8,023,000	+0.3%	250,000	-1.6%	0.33%	-3.8%
MUSA	Sell	MURPHY USA INC	$2,564,000	-40.9%	30,000	-48.6%	0.10%	-43.5%
MLM	Buy	MARTIN MARIETTA MATLS INC	$1,365,000	-6.0%	7,500	+15.4%	0.06%	-9.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$177,000	+24.6%	147	+16.7%	0.01%	+16.7%
XOXO	Exit	XO GROUP INC	$0	–	-4,137	–	-0.01%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$210,764,000	–	1,129,192	–	8.96%	–
LBRDK	New	LIBERTY BROADBAND CORP	$163,177,000	–	2,155,002	–	6.94%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$159,071,000	–	564	–	6.76%	–
LH	New	LABORATORY CORP AMER HLDGS	$110,455,000	–	615,247	–	4.70%	–
LBTYK	New	LIBERTY GLOBAL PLC	$110,410,000	–	4,149,207	–	4.69%	–
AGN	New	ALLERGAN PLC	$108,375,000	–	650,041	–	4.61%	–
GOOG	New	ALPHABET INCcap stk cl c	$106,247,000	–	95,233	–	4.52%	–
V	New	VISA INC	$102,974,000	–	777,456	–	4.38%	–
MA	New	MASTERCARD INCORPORATEDcl a	$97,102,000	–	494,105	–	4.13%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$65,092,000	–	1,435,005	–	2.77%	–
ORCL	New	ORACLE CORP	$62,361,000	–	1,415,363	–	2.65%	–
RWT	New	REDWOOD TR INC	$61,451,000	–	3,731,100	–	2.61%	–
FB	New	FACEBOOK INCcl a	$54,311,000	–	279,493	–	2.31%	–
CFX	New	COLFAX CORP	$51,029,000	–	1,664,900	–	2.17%	–
AON	New	AON PLC	$44,284,000	–	322,841	–	1.88%	–
KMX	New	CARMAX INC	$43,223,000	–	593,150	–	1.84%	–
TXN	New	TEXAS INSTRS INC	$42,366,000	–	384,270	–	1.80%	–
DXC	New	DXC TECHNOLOGY CO	$39,326,000	–	487,852	–	1.67%	–
QRTEA	New	QURATE RETAIL INC	$37,331,000	–	1,759,250	–	1.59%	–
DISCK	New	DISCOVERY INC	$31,679,000	–	1,242,300	–	1.35%	–
TUP	New	TUPPERWARE BRANDS CORP	$30,868,000	–	748,500	–	1.31%	–
CMCSA	New	COMCAST CORP NEWcl a	$30,215,000	–	920,897	–	1.28%	–
WFC	New	WELLS FARGO CO NEW	$30,004,000	–	541,196	–	1.28%	–
DLTR	New	DOLLAR TREE INC	$29,228,000	–	343,855	–	1.24%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$28,930,000	–	1,492,800	–	1.23%	–
GLIBA	New	GCI LIBERTY INC	$27,936,000	–	619,700	–	1.19%	–
PX	New	PRAXAIR INC	$27,668,000	–	174,950	–	1.18%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$27,223,000	–	131,424	–	1.16%	–
LBRDA	New	LIBERTY BROADBAND CORP	$26,474,000	–	350,000	–	1.12%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$25,405,000	–	2,258,238	–	1.08%	–
DHR	New	DANAHER CORP DEL	$23,647,000	–	239,637	–	1.00%	–
AXTA	New	AXALTA COATING SYS LTD	$22,958,000	–	757,450	–	0.98%	–
AMZN	New	AMAZON COM INC	$19,752,000	–	11,620	–	0.84%	–
INS	New	INTELLIGENT SYS CORP NEW	$19,681,000	–	2,270,000	–	0.84%	–
DEO	New	DIAGEO P L Cspon adr new	$18,721,000	–	130,000	–	0.80%	–
ACN	New	ACCENTURE PLC IRELAND	$18,686,000	–	114,224	–	0.79%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$17,795,000	–	395,000	–	0.76%	–
	New	RTW HLDGS INCnote 5.625%11/1	$16,246,000	–	16,000,000	–	0.69%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$16,149,000	–	325,000	–	0.69%	–
MHK	New	MOHAWK INDS INC	$15,211,000	–	70,990	–	0.65%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$14,582,000	–	15,000,000	–	0.62%	–
LEXEA	New	LIBERTY EXPEDIA HOLDINGS	$13,182,000	–	300,000	–	0.56%	–
PXD	New	PIONEER NAT RES CO	$11,102,000	–	58,668	–	0.47%	–
PRSP	New	PERSPECTA INC	$10,869,000	–	528,926	–	0.46%	–
TDG	New	TRANSDIGM GROUP INC	$10,523,000	–	30,489	–	0.45%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$10,211,000	–	275,000	–	0.43%	–
BKNG	New	BOOKING HLDGS INC	$9,643,000	–	4,757	–	0.41%	–
CMP	New	COMPASS MINERALS INTL INC	$9,402,000	–	143,000	–	0.40%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$9,383,000	–	32,000	–	0.40%	–
ACIW	New	ACI WORLDWIDE INC	$9,251,000	–	375,000	–	0.39%	–
EQC	New	EQUITY COMWLTH	$8,001,000	–	254,000	–	0.34%	–
MKL	New	MARKEL CORP	$6,506,000	–	6,000	–	0.28%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$6,336,000	–	245,000	–	0.27%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$6,215,000	–	70,000	–	0.26%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$5,951,000	–	6,000,000	–	0.25%	–
SUM	New	SUMMIT MATLS INCcl a	$4,856,000	–	185,000	–	0.21%	–
MUSA	New	MURPHY USA INC	$4,339,000	–	58,400	–	0.18%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$3,519,000	–	150,000	–	0.15%	–
MRVL	New	MARVELL TECHNOLOGY GROUP LTDord	$3,430,000	–	160,000	–	0.15%	–
LGFA	New	LIONS GATE ENTMNT CORPcl a vtg	$3,103,000	–	125,000	–	0.13%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$2,737,000	–	77,500	–	0.12%	–
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$2,685,000	–	50,000	–	0.11%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,713,000	–	17,000	–	0.07%	–
MSFT	New	MICROSOFT CORP	$1,479,000	–	15,000	–	0.06%	–
MLM	New	MARTIN MARIETTA MATLS INC	$1,452,000	–	6,500	–	0.06%	–
VMC	New	VULCAN MATLS CO	$1,420,000	–	11,000	–	0.06%	–
JPM	New	JPMORGAN CHASE & CO	$1,303,000	–	12,500	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$1,230,000	–	30,000	–	0.05%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,133,000	–	8,068	–	0.05%	–
BATRA	New	LIBERTY MEDIA CORP DELAWARE	$797,000	–	31,000	–	0.03%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$710,000	–	16,555	–	0.03%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$367,000	–	4,692	–	0.02%	–
IWB	New	ISHARES TRrus 1000 etf	$288,000	–	1,898	–	0.01%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$286,000	–	5,808	–	0.01%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$192,000	–	2,371	–	0.01%	–
XOXO	New	XO GROUP INC	$132,000	–	4,137	–	0.01%	–
GOOGL	New	ALPHABET INCcap stk cl a	$142,000	–	126	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$49,000	–	180	–	0.00%	–
AAPL	New	APPLE INC	$26,000	–	140	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
OEF	Exit	ISHARES TRs&p 100 etf	$0	–	-128	–	-0.00%	–
AAPL	Exit	APPLE INC	$0	–	-140	–	-0.00%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-430	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-395	–	-0.00%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-1,430	–	-0.01%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-2,343	–	-0.01%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-190	–	-0.01%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,898	–	-0.01%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-4,659	–	-0.02%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-14,881	–	-0.02%	–
BATRA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-31,000	–	-0.03%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-19,449	–	-0.04%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-7,000	–	-0.04%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-9,014	–	-0.05%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-6,500	–	-0.06%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-25,000	–	-0.08%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-17,000	–	-0.08%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-94,000	–	-0.09%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-75,000	–	-0.09%	–
MTW	Exit	MANITOWOC INC	$0	–	-250,000	–	-0.09%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-77,500	–	-0.12%	–
CHUBK	Exit	COMMERCEHUB INC	$0	–	-188,000	–	-0.16%	–
LGFA	Exit	LIONS GATE ENTMNT CORPcl a vtg	$0	–	-125,000	–	-0.17%	–
NCMI	Exit	NATIONAL CINEMEDIA INC	$0	–	-600,000	–	-0.17%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-150,000	–	-0.20%	–
HAL	Exit	HALLIBURTON CO	$0	–	-126,980	–	-0.24%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-265,000	–	-0.25%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-245,000	–	-0.26%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-108,000	–	-0.29%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-254,000	–	-0.32%	–
MUSA	Exit	MURPHY USA INC	$0	–	-125,000	–	-0.36%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,270,000	–	-0.36%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-113,291	–	-0.38%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-500,000	–	-0.44%	–
LEXEA	Exit	LIBERTY EXPEDIA HOLDINGS	$0	–	-208,000	–	-0.45%	–
AMZN	Exit	AMAZON COM INC	$0	–	-11,660	–	-0.46%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-350,000	–	-0.55%	–
XOXO	Exit	XO GROUP INC	$0	–	-742,917	–	-0.60%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-15,000,000	–	-0.62%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-741,300	–	-0.62%	–
RRC	Exit	RANGE RES CORP	$0	–	-814,184	–	-0.66%	–
	Exit	RTW HLDGS INCnote 5.625%11/1	$0	–	-16,000,000	–	-0.68%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-395,000	–	-0.68%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-131,000	–	-0.71%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-209,870	–	-0.74%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-124,098	–	-0.75%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-157,736	–	-0.78%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-166,817	–	-0.93%	–
MON	Exit	MONSANTO CO NEW	$0	–	-192,022	–	-0.95%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-612,920	–	-0.97%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-131,725	–	-1.02%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-304,620	–	-1.09%	–
FLIR	Exit	FLIR SYS INC	$0	–	-705,115	–	-1.13%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-2,975,000	–	-1.15%	–
PX	Exit	PRAXAIR INC	$0	–	-202,652	–	-1.16%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-765,100	–	-1.18%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-350,000	–	-1.36%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-32,825,000	–	-1.37%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,536,074	–	-1.47%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-443,990	–	-1.57%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-785,000	–	-1.86%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-831,632	–	-1.89%	–
AON	Exit	AON PLC	$0	–	-321,930	–	-1.93%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-535,770	–	-1.98%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-1,900,300	–	-2.06%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,155,152	–	-2.30%	–
CFX	Exit	COLFAX CORP	$0	–	-1,417,000	–	-2.43%	–
RWT	Exit	REDWOOD TR INC	$0	–	-4,134,200	–	-2.77%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-1,733,272	–	-2.98%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-3,337,150	–	-3.24%	–
V	Exit	VISA INC	$0	–	-797,802	–	-3.45%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-95,904	–	-3.78%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-709,644	–	-4.12%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-390	–	-4.41%	–
AGN	Exit	ALLERGAN PLC	$0	–	-523,810	–	-4.42%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-761,375	–	-4.73%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-4,913,185	–	-6.61%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-2,137,701	–	-8.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,144,540	–	-8.63%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$209,817,000	+8.9%	1,144,540	+0.6%	8.63%	+3.9%
LBRDK	Sell	LIBERTY BROADBAND CORP	$203,723,000	+5.7%	2,137,701	-3.7%	8.38%	+0.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$160,661,000	+2.0%	4,913,185	-2.8%	6.61%	-2.8%
LH	Sell	LABORATORY CORP AMER HLDGS	$114,945,000	-2.4%	761,375	-0.4%	4.73%	-6.9%
AGN	Buy	ALLERGAN PLC	$107,355,000	-8.4%	523,810	+8.7%	4.42%	-12.6%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$107,149,000	+2.6%	390	-4.9%	4.41%	-2.2%
MA	Sell	MASTERCARD INCORPORATEDcl a	$100,202,000	+10.9%	709,644	-4.6%	4.12%	+5.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$91,982,000	+5.4%	95,904	-0.2%	3.78%	+0.5%
V	Sell	VISA INC	$83,961,000	+11.9%	797,802	-0.2%	3.45%	+6.8%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$78,657,000	-11.9%	3,337,150	-8.3%	3.24%	-16.0%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$72,572,000	+0.0%	1,733,272	-0.4%	2.98%	-4.6%
RWT	Sell	REDWOOD TR INC	$67,346,000	-7.6%	4,134,200	-3.4%	2.77%	-11.9%
CFX	Sell	COLFAX CORP	$59,004,000	-11.9%	1,417,000	-16.7%	2.43%	-15.9%
ORCL	Sell	ORACLE CORP	$55,852,000	-3.8%	1,155,152	-0.3%	2.30%	-8.3%
FOXA	Sell	TWENTY FIRST CENTY FOX INCcl a	$50,130,000	-7.3%	1,900,300	-0.4%	2.06%	-11.5%
TXN	Sell	TEXAS INSTRS INC	$48,026,000	+16.2%	535,770	-0.2%	1.98%	+10.9%
AON	Sell	AON PLC	$47,034,000	-3.8%	321,930	-12.4%	1.93%	-8.3%
WFC	Sell	WELLS FARGO CO NEW	$45,865,000	-0.7%	831,632	-0.2%	1.89%	-5.3%
DXC	Buy	DXC TECHNOLOGY CO	$38,130,000	+854.0%	443,990	+752.2%	1.57%	+811.6%
LILAK	Sell	LIBERTY GLOBAL PLC	$35,791,000	+8.5%	1,536,074	-0.3%	1.47%	+3.4%
ALSN	Buy	ALLISON TRANSMISSION HLDGS I	$28,714,000	+15.9%	765,100	+15.9%	1.18%	+10.6%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$27,965,000	-12.0%	2,975,000	+1.6%	1.15%	-16.1%
FLIR	Sell	FLIR SYS INC	$27,436,000	+5.8%	705,115	-5.8%	1.13%	+0.9%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$24,922,000	+8.6%	131,725	+0.1%	1.02%	+3.5%
MON	Sell	MONSANTO CO NEW	$23,008,000	-1.3%	192,022	-2.5%	0.95%	-6.0%
PXD	Buy	PIONEER NAT RES CO	$18,309,000	+2.3%	124,098	+10.6%	0.75%	-2.5%
DHR	New	DANAHER CORP DEL	$18,003,000	–	209,870	–	0.74%	–
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$16,551,000	-3.8%	395,000	-3.7%	0.68%	-8.2%
RRC	Sell	RANGE RES CORP	$15,934,000	-15.8%	814,184	-0.3%	0.66%	-19.7%
DISCK	Sell	DISCOVERY COMMUNICATNS NEW	$15,019,000	-52.2%	741,300	-40.5%	0.62%	-54.4%
	New	REDWOOD TR INCnote 4.750% 8/1	$14,981,000	–	15,000,000	–	0.62%	–
DISCA	New	DISCOVERY COMMUNICATNS NEW	$10,645,000	–	500,000	–	0.44%	–
MUSA	Sell	MURPHY USA INC	$8,625,000	-23.9%	125,000	-18.2%	0.36%	-27.4%
CMP	Buy	COMPASS MINERALS INTL INC	$7,009,000	+26.3%	108,000	+27.1%	0.29%	+20.5%
ACIW	Buy	ACI WORLDWIDE INC	$6,037,000	+83.7%	265,000	+80.4%	0.25%	+74.6%
NCMI	Sell	NATIONAL CINEMEDIA INC	$4,188,000	-19.4%	600,000	-14.3%	0.17%	-23.2%
MTW	New	MANITOWOC INC	$2,250,000	–	250,000	–	0.09%	–
AXTA	New	AXALTA COATING SYS LTD	$2,169,000	–	75,000	–	0.09%	–
MLM	New	MARTIN MARIETTA MATLS INC	$1,340,000	–	6,500	–	0.06%	–
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$1,168,000	+4.6%	9,014	+0.4%	0.05%	0.0%
VEA	Buy	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$844,000	+5.4%	19,449	+0.3%	0.04%	0.0%
BSV	Buy	VANGUARD BD INDEX FD INCshort trm bond	$372,000	+0.5%	4,659	+0.4%	0.02%	-6.2%
IWB	Sell	ISHARES TRrus 1000 etf	$265,000	-1.1%	1,898	-4.3%	0.01%	-8.3%
BIV	Buy	VANGUARD BD INDEX FD INCintermed term	$198,000	+0.5%	2,343	+0.6%	0.01%	0.0%
FOSL	Exit	FOSSIL GROUP INC	$0	–	-135,000	–	-0.06%	–

Q2 2017

			Value		Shares		↓ Weighting
LBRDK	New	LIBERTY BROADBAND CORP	$192,649,000	–	2,220,736	–	8.31%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$192,654,000	–	1,137,472	–	8.31%	–
LBTYK	New	LIBERTY GLOBAL PLC	$157,571,000	–	5,053,580	–	6.80%	–
LH	New	LABORATORY CORP AMER HLDGS	$117,777,000	–	764,090	–	5.08%	–
AGN	New	ALLERGAN PLC	$117,144,000	–	481,895	–	5.05%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$104,427,000	–	410	–	4.50%	–
MA	New	MASTERCARD INCORPORATEDcl a	$90,314,000	–	743,634	–	3.89%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$89,286,000	–	3,638,400	–	3.85%	–
GOOG	New	ALPHABET INCcap stk cl c	$87,292,000	–	96,059	–	3.76%	–
V	New	VISA INC	$75,001,000	–	799,752	–	3.23%	–
RWT	New	REDWOOD TR INC	$72,923,000	–	4,279,500	–	3.14%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$72,549,000	–	1,739,782	–	3.13%	–
CFX	New	COLFAX CORP	$66,936,000	–	1,700,190	–	2.89%	–
ORCL	New	ORACLE CORP	$58,066,000	–	1,158,077	–	2.50%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$54,061,000	–	1,907,600	–	2.33%	–
AON	New	AON PLC	$48,880,000	–	367,654	–	2.11%	–
WFC	New	WELLS FARGO CO NEW	$46,173,000	–	833,302	–	1.99%	–
TXN	New	TEXAS INSTRS INC	$41,314,000	–	537,040	–	1.78%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$41,048,000	–	785,000	–	1.77%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$33,399,000	–	32,825,000	–	1.44%	–
LILAK	New	LIBERTY GLOBAL PLC	$32,992,000	–	1,540,974	–	1.42%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$31,786,000	–	2,929,586	–	1.37%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$31,393,000	–	1,245,270	–	1.35%	–
LBRDA	New	LIBERTY BROADBAND CORP	$30,027,000	–	350,000	–	1.30%	–
PX	New	PRAXAIR INC	$26,862,000	–	202,652	–	1.16%	–
FLIR	New	FLIR SYS INC	$25,931,000	–	748,165	–	1.12%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$24,768,000	–	660,305	–	1.07%	–
CMCSA	New	COMCAST CORP NEWcl a	$23,855,000	–	612,920	–	1.03%	–
MON	New	MONSANTO CO NEW	$23,320,000	–	197,022	–	1.01%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$22,951,000	–	131,545	–	0.99%	–
DLTR	New	DOLLAR TREE INC	$21,299,000	–	304,620	–	0.92%	–
ACN	New	ACCENTURE PLC IRELAND	$20,632,000	–	166,817	–	0.89%	–
RRC	New	RANGE RES CORP	$18,918,000	–	816,484	–	0.82%	–
PXD	New	PIONEER NAT RES CO	$17,906,000	–	112,208	–	0.77%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$17,444,000	–	157,736	–	0.75%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$17,212,000	–	410,000	–	0.74%	–
	New	RTW HLDGS INCnote 5.625%11/1	$16,820,000	–	16,000,000	–	0.72%	–
DEO	New	DIAGEO P L Cspon adr new	$15,698,000	–	131,000	–	0.68%	–
XOXO	New	XO GROUP INC	$13,090,000	–	742,917	–	0.56%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$12,817,000	–	350,000	–	0.55%	–
MUSA	New	MURPHY USA INC	$11,331,000	–	152,896	–	0.49%	–
AMZN	New	AMAZON COM INC	$11,287,000	–	11,660	–	0.49%	–
LEXEA	New	LIBERTY EXPEDIA HOLDINGS	$11,236,000	–	208,000	–	0.48%	–
CVS	New	CVS HEALTH CORP	$9,115,000	–	113,291	–	0.39%	–
INS	New	INTELLIGENT SYS CORP NEW	$8,115,000	–	2,270,000	–	0.35%	–
EQC	New	EQUITY COMWLTH	$8,026,000	–	254,000	–	0.35%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$5,873,000	–	245,000	–	0.25%	–
CMP	New	COMPASS MINERALS INTL INC	$5,551,000	–	85,000	–	0.24%	–
HAL	New	HALLIBURTON CO	$5,423,000	–	126,980	–	0.23%	–
NCMI	New	NATIONAL CINEMEDIA INC	$5,194,000	–	700,000	–	0.22%	–
DXC	New	DXC TECHNOLOGY CO	$3,997,000	–	52,100	–	0.17%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$3,942,000	–	150,000	–	0.17%	–
LGFA	New	LIONS GATE ENTMNT CORPcl a vtg	$3,528,000	–	125,000	–	0.15%	–
ACIW	New	ACI WORLDWIDE INC	$3,287,000	–	146,917	–	0.14%	–
CHUBK	New	COMMERCEHUB INC	$3,279,000	–	188,000	–	0.14%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$2,715,000	–	77,500	–	0.12%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,876,000	–	17,000	–	0.08%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$1,718,000	–	25,000	–	0.07%	–
CHUBA	New	COMMERCEHUB INC	$1,637,000	–	94,000	–	0.07%	–
FOSL	New	FOSSIL GROUP INC	$1,397,000	–	135,000	–	0.06%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,117,000	–	8,975	–	0.05%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$1,018,000	–	7,000	–	0.04%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$801,000	–	19,382	–	0.04%	–
BATRA	New	LIBERTY MEDIA CORP DELAWARE	$741,000	–	31,000	–	0.03%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$415,000	–	14,881	–	0.02%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$370,000	–	4,640	–	0.02%	–
IWB	New	ISHARES TRrus 1000 etf	$268,000	–	1,983	–	0.01%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$197,000	–	2,328	–	0.01%	–
GOOGL	New	ALPHABET INCcap stk cl a	$177,000	–	190	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$96,000	–	395	–	0.00%	–
DG	New	DOLLAR GEN CORP NEW	$103,000	–	1,430	–	0.00%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$40,000	–	430	–	0.00%	–
OEF	New	ISHARES TRs&p 100 etf	$14,000	–	128	–	0.00%	–
AAPL	New	APPLE INC	$20,000	–	140	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
USB	Exit	US BANCORP DEL	$0	–	-315	–	-0.00%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-190	–	-0.01%	–
SUM	Exit	SUMMIT MATLS INCcl a	$0	–	-21,000	–	-0.02%	–
V	Exit	VISA INC	$0	–	-5,200	–	-0.02%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-7,000	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-500	–	-0.02%	–
ZOES	Exit	ZOES KITCHEN INC	$0	–	-22,140	–	-0.02%	–
BATRA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-31,000	–	-0.02%	–
ODFL	Exit	OLD DOMINION FGHT LINES INC	$0	–	-13,480	–	-0.04%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-16,000	–	-0.04%	–
AAPL	Exit	APPLE INC	$0	–	-11,934	–	-0.05%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-96,390	–	-0.06%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-15,000	–	-0.07%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-113,696	–	-0.08%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-77,500	–	-0.08%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-80,000	–	-0.11%	–
CHUBK	Exit	COMMERCEHUB INC	$0	–	-192,780	–	-0.12%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-220,700	–	-0.14%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-256,878	–	-0.24%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-256,000	–	-0.29%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,270,000	–	-0.31%	–
EOG	Exit	EOG RES INC	$0	–	-91,270	–	-0.33%	–
HAL	Exit	HALLIBURTON CO	$0	–	-202,487	–	-0.34%	–
LGF	Exit	LIONS GATE ENTMNT CORP	$0	–	-457,400	–	-0.34%	–
MCK	Exit	MCKESSON CORP	$0	–	-58,080	–	-0.36%	–
MUSA	Exit	MURPHY USA INC	$0	–	-150,000	–	-0.40%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-430,000	–	-0.55%	–
AVP	Exit	AVON PRODS INC	$0	–	-2,640,575	–	-0.56%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-132,495	–	-0.58%	–
	Exit	RTW HLDGS INCnote 5.625%11/1	$0	–	-16,000,000	–	-0.61%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-605,700	–	-0.64%	–
XOXO	Exit	XO GROUP INC	$0	–	-936,783	–	-0.68%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-239,010	–	-0.68%	–
MON	Exit	MONSANTO CO NEW	$0	–	-202,305	–	-0.78%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-318,440	–	-0.79%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-197,840	–	-0.81%	–
FOSL	Exit	FOSSIL GROUP INC	$0	–	-801,746	–	-0.84%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-186,068	–	-0.85%	–
PX	Exit	PRAXAIR INC	$0	–	-197,606	–	-0.90%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-894,112	–	-0.94%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-364,636	–	-0.96%	–
NCMI	Exit	NATIONAL CINEMEDIA INC	$0	–	-1,774,191	–	-0.98%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-203,319	–	-1.02%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-151,333	–	-1.06%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-997,727	–	-1.08%	–
FLIR	Exit	FLIR SYS INC	$0	–	-924,955	–	-1.09%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-32,825,000	–	-1.24%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-2,645,493	–	-1.34%	–
RRC	Exit	RANGE RES CORP	$0	–	-928,339	–	-1.35%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-965,400	–	-1.45%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,048,288	–	-1.55%	–
IILG	Exit	INTERVAL LEISURE GROUP INC	$0	–	-2,914,327	–	-1.88%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-748,885	–	-1.98%	–
AON	Exit	AON PLC	$0	–	-493,197	–	-2.08%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-2,174,044	–	-2.15%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,520,533	–	-2.53%	–
CFX	Exit	COLFAX CORP	$0	–	-2,202,667	–	-2.60%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-1,000,693	–	-2.65%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-260,112	–	-2.83%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-797,039	–	-3.05%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-106,209	–	-3.10%	–
RWT	Exit	REDWOOD TR INC	$0	–	-6,037,413	–	-3.21%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-4,457,390	–	-3.35%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-426	–	-3.46%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-3,946,645	–	-3.59%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-766,205	–	-3.96%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-3,416,684	–	-4.29%	–
AGN	Exit	ALLERGAN PLC	$0	–	-609,963	–	-5.28%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-2,452,674	–	-6.59%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-5,399,355	–	-6.70%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,443,797	–	-7.84%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$208,585,000	-2.4%	1,443,797	-2.2%	7.84%	-0.6%
LBTYK	Buy	LIBERTY GLOBAL PLC	$178,395,000	+16.6%	5,399,355	+1.1%	6.70%	+18.9%
LBRDK	Buy	LIBERTY BROADBAND CORP	$175,317,000	+24.8%	2,452,674	+4.8%	6.59%	+27.2%
AGN	Buy	ALLERGAN PLC	$140,481,000	+2.0%	609,963	+2.3%	5.28%	+4.0%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$114,151,000	-13.4%	3,416,684	-20.0%	4.29%	-11.7%
LH	Sell	LABORATORY CORP AMER HLDGS	$105,338,000	+0.4%	766,205	-4.9%	3.96%	+2.3%
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$95,588,000	-7.8%	3,946,645	+3.0%	3.59%	-6.0%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$92,110,000	-13.7%	426	-13.4%	3.46%	-12.1%
QRTEA	Buy	LIBERTY INTERACTIVE CORP	$89,192,000	-17.9%	4,457,390	+4.0%	3.35%	-16.4%
RWT	Sell	REDWOOD TR INC	$85,490,000	-7.9%	6,037,413	-10.2%	3.21%	-6.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$82,555,000	+10.8%	106,209	-1.3%	3.10%	+12.9%
MA	Buy	MASTERCARD INCORPORATEDcl a	$81,115,000	+26.5%	797,039	+9.5%	3.05%	+29.0%
TDG	Sell	TRANSDIGM GROUP INC	$75,204,000	-0.5%	260,112	-9.3%	2.83%	+1.4%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$70,579,000	-11.0%	1,000,693	-4.4%	2.65%	-9.3%
CFX	Sell	COLFAX CORP	$69,230,000	+14.9%	2,202,667	-3.2%	2.60%	+17.2%
WFC	Buy	WELLS FARGO & CO NEW	$67,329,000	+11.8%	1,520,533	+19.5%	2.53%	+13.9%
DISCK	Buy	DISCOVERY COMMUNICATNS NEW	$57,199,000	+200.6%	2,174,044	+172.5%	2.15%	+206.3%
AON	Sell	AON PLC	$55,480,000	-9.3%	493,197	-11.9%	2.08%	-7.5%
TXN	Sell	TEXAS INSTRS INC	$52,557,000	+0.5%	748,885	-10.3%	1.98%	+2.4%
IILG	Sell	INTERVAL LEISURE GROUP INC	$50,039,000	-18.5%	2,914,327	-24.5%	1.88%	-17.0%
ORCL	Buy	ORACLE CORP	$41,177,000	+137.5%	1,048,288	+147.5%	1.55%	+142.3%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$38,490,000	+7.7%	965,400	+0.2%	1.45%	+9.8%
RRC	Sell	RANGE RES CORP	$35,973,000	-20.3%	928,339	-11.3%	1.35%	-18.8%
WAIR	Sell	WESCO AIRCRAFT HLDGS INC	$35,529,000	-7.8%	2,645,493	-7.9%	1.34%	-6.1%
FLIR	Sell	FLIR SYS INC	$29,062,000	-1.6%	924,955	-3.0%	1.09%	+0.3%
ALSN	Sell	ALLISON TRANSMISSION HLDGS I	$28,615,000	-9.6%	997,727	-11.0%	1.08%	-7.8%
PXD	Sell	PIONEER NAT RES CO	$28,095,000	+2.5%	151,333	-16.5%	1.06%	+4.6%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$26,995,000	-7.6%	203,319	-13.5%	1.02%	-5.8%
NCMI	Sell	NATIONAL CINEMEDIA INC	$26,116,000	-26.2%	1,774,191	-22.4%	0.98%	-24.8%
LBRDA	Sell	LIBERTY BROADBAND CORP	$25,583,000	+16.8%	364,636	-1.1%	0.96%	+19.2%
LILAK	Sell	LIBERTY GLOBAL PLC	$25,080,000	-19.5%	894,112	-6.8%	0.94%	-18.0%
PX	Buy	PRAXAIR INC	$23,877,000	+9.4%	197,606	+1.8%	0.90%	+11.4%
ACN	Buy	ACCENTURE PLC IRELAND	$22,732,000	+7.9%	186,068	+0.1%	0.85%	+9.9%
FOSL	Sell	FOSSIL GROUP INC	$22,264,000	-12.5%	801,746	-10.1%	0.84%	-10.8%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$21,636,000	-4.3%	197,840	-5.7%	0.81%	-2.5%
CMCSA	Buy	COMCAST CORP NEWcl a	$21,125,000	+2.1%	318,440	+0.3%	0.79%	+4.1%
MON	Buy	MONSANTO CO NEW	$20,676,000	-1.1%	202,305	+0.1%	0.78%	+0.8%
MSI	Sell	MOTOROLA SOLUTIONS INC	$18,232,000	-60.5%	239,010	-65.9%	0.68%	-59.8%
XOXO	Sell	XO GROUP INC	$18,108,000	-6.0%	936,783	-15.2%	0.68%	-4.1%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$17,044,000	-12.5%	605,700	-41.0%	0.64%	-10.7%
DEO	Buy	DIAGEO P L Cspon adr new	$15,375,000	+2.9%	132,495	+0.1%	0.58%	+4.9%
AVP	Sell	AVON PRODS INC	$14,946,000	-23.1%	2,640,575	-48.6%	0.56%	-21.5%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$14,611,000	-22.7%	430,000	-28.7%	0.55%	-21.2%
MUSA	Sell	MURPHY USA INC	$10,704,000	-17.5%	150,000	-14.3%	0.40%	-16.1%
MCK	Buy	MCKESSON CORP	$9,685,000	-10.0%	58,080	+0.7%	0.36%	-8.3%
LGF	Buy	LIONS GATE ENTMNT CORP	$9,143,000	+36.8%	457,400	+38.5%	0.34%	+39.8%
EOG	Sell	EOG RES INC	$8,827,000	-36.7%	91,270	-45.4%	0.33%	-35.4%
EQC	Sell	EQUITY COMWLTH	$7,736,000	-54.8%	256,000	-56.5%	0.29%	-54.0%
FOX	Sell	TWENTY FIRST CENTY FOX INCcl b	$6,355,000	-36.6%	256,878	-30.1%	0.24%	-35.4%
CHUBK	New	COMMERCEHUB INC	$3,067,000	–	192,780	–	0.12%	–
BRO	Sell	BROWN & BROWN INC	$3,017,000	-46.3%	80,000	-46.7%	0.11%	-45.4%
ACIW	Buy	ACI WORLDWIDE INC	$2,203,000	+21.8%	113,696	+22.7%	0.08%	+23.9%
FWONA	Sell	LIBERTY MEDIA CORP DELAWARE	$2,220,000	-22.4%	77,500	-48.1%	0.08%	-21.0%
CHUBA	New	COMMERCEHUB INC	$1,523,000	–	96,390	–	0.06%	–
AAPL	Sell	APPLE INC	$1,349,000	-3.7%	11,934	-18.6%	0.05%	-1.9%
ODFL	Sell	OLD DOMINION FGHT LINES INC	$925,000	-0.3%	13,480	-12.3%	0.04%	+2.9%
ZOES	New	ZOES KITCHEN INC	$491,000	–	22,140	–	0.02%	–
V	New	VISA INC	$430,000	–	5,200	–	0.02%	–
USB	Buy	US BANCORP DEL	$14,000	+75.0%	315	+50.0%	0.00%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,514,280	–	-1.41%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$213,796,000	–	1,476,591	–	7.88%	–
LBTYK	New	LIBERTY GLOBAL PLC	$152,968,000	–	5,339,190	–	5.64%	–
LBRDK	New	LIBERTY BROADBAND CORP	$140,433,000	–	2,340,547	–	5.18%	–
AGN	New	ALLERGAN PLC	$137,721,000	–	595,961	–	5.08%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$131,783,000	–	4,268,970	–	4.86%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$108,687,000	–	4,284,075	–	4.01%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$106,752,000	–	492	–	3.94%	–
LH	New	LABORATORY CORP AMER HLDGS	$104,927,000	–	805,459	–	3.87%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$103,659,000	–	3,832,140	–	3.82%	–
RWT	New	REDWOOD TR INC	$92,804,000	–	6,720,062	–	3.42%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$79,345,000	–	1,046,771	–	2.93%	–
TDG	New	TRANSDIGM GROUP INC	$75,619,000	–	286,773	–	2.79%	–
GOOG	New	ALPHABET INCcap stk cl c	$74,505,000	–	107,650	–	2.75%	–
MA	New	MASTERCARD INCcl a	$64,113,000	–	728,064	–	2.36%	–
IILG	New	INTERVAL LEISURE GROUP INC	$61,410,000	–	3,862,294	–	2.26%	–
AON	New	AON PLC	$61,155,000	–	559,878	–	2.26%	–
WFC	New	WELLS FARGO & CO NEW	$60,242,000	–	1,272,799	–	2.22%	–
CFX	New	COLFAX CORP	$60,237,000	–	2,276,544	–	2.22%	–
TXN	New	TEXAS INSTRS INC	$52,278,000	–	834,438	–	1.93%	–
MSI	New	MOTOROLA SOLUTIONS INC	$46,199,000	–	700,305	–	1.70%	–
RRC	New	RANGE RES CORP	$45,132,000	–	1,046,166	–	1.66%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$38,549,000	–	2,872,486	–	1.42%	–
DISCA	New	DISCOVERY COMMUNICATNS NEW	$38,205,000	–	1,514,280	–	1.41%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$35,732,000	–	963,900	–	1.32%	–
NCMI	New	NATIONAL CINEMEDIA INC	$35,402,000	–	2,286,953	–	1.31%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$32,599,000	–	32,825,000	–	1.20%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$31,647,000	–	1,121,047	–	1.17%	–
LILAK	New	LIBERTY GLOBAL PLC	$31,172,000	–	959,426	–	1.15%	–
FLIR	New	FLIR SYS INC	$29,524,000	–	953,930	–	1.09%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$29,215,000	–	235,014	–	1.08%	–
PXD	New	PIONEER NAT RES CO	$27,397,000	–	181,188	–	1.01%	–
FOSL	New	FOSSIL GROUP INC	$25,443,000	–	891,784	–	0.94%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$22,604,000	–	209,840	–	0.83%	–
LBRDA	New	LIBERTY BROADBAND CORP	$21,894,000	–	368,588	–	0.81%	–
PX	New	PRAXAIR INC	$21,818,000	–	194,126	–	0.80%	–
ACN	New	ACCENTURE PLC IRELAND	$21,069,000	–	185,973	–	0.78%	–
MON	New	MONSANTO CO NEW	$20,908,000	–	202,190	–	0.77%	–
CMCSA	New	COMCAST CORP NEWcl a	$20,691,000	–	317,400	–	0.76%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$19,468,000	–	1,026,274	–	0.72%	–
AVP	New	AVON PRODS INC	$19,427,000	–	5,139,435	–	0.72%	–
XOXO	New	XO GROUP INC	$19,262,000	–	1,105,098	–	0.71%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$19,031,000	–	797,949	–	0.70%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$18,902,000	–	602,747	–	0.70%	–
ORCL	New	ORACLE CORP	$17,336,000	–	423,558	–	0.64%	–
EQC	New	EQUITY COMWLTH	$17,128,000	–	588,000	–	0.63%	–
	New	RTW HLDGS INCnote 5.625%11/1	$15,740,000	–	16,000,000	–	0.58%	–
DEO	New	DIAGEO P L Cspon adr new	$14,941,000	–	132,365	–	0.55%	–
EOG	New	EOG RES INC	$13,937,000	–	167,070	–	0.51%	–
MUSA	New	MURPHY USA INC	$12,978,000	–	175,000	–	0.48%	–
MCK	New	MCKESSON CORP	$10,765,000	–	57,675	–	0.40%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$10,020,000	–	367,723	–	0.37%	–
HAL	New	HALLIBURTON CO	$9,171,000	–	202,487	–	0.34%	–
INS	New	INTELLIGENT SYS CORP NEW	$8,444,000	–	2,270,000	–	0.31%	–
LGF	New	LIONS GATE ENTMNT CORP	$6,682,000	–	330,300	–	0.25%	–
BRO	New	BROWN & BROWN INC	$5,621,000	–	150,000	–	0.21%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$3,235,000	–	220,700	–	0.12%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$2,859,000	–	149,350	–	0.10%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,975,000	–	15,000	–	0.07%	–
ACIW	New	ACI WORLDWIDE INC	$1,808,000	–	92,696	–	0.07%	–
AAPL	New	APPLE INC	$1,401,000	–	14,653	–	0.05%	–
CMP	New	COMPASS MINERALS INTL INC	$1,187,000	–	16,000	–	0.04%	–
ODFL	New	OLD DOMINION FGHT LINES INC	$928,000	–	15,379	–	0.03%	–
BATRA	New	LIBERTY MEDIA CORP DELAWARE	$466,000	–	31,000	–	0.02%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$432,000	–	7,000	–	0.02%	–
SUM	New	SUMMIT MATLS INCcl a	$430,000	–	21,000	–	0.02%	–
AMZN	New	AMAZON COM INC	$358,000	–	500	–	0.01%	–
GOOGL	New	ALPHABET INCcap stk cl a	$134,000	–	190	–	0.01%	–
USB	New	US BANCORP DEL	$8,000	–	210	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-15,200	–	-0.01%	–
CPGX	Exit	COLUMBIA PIPELINE GROUP INC	$0	–	-10,000	–	-0.01%	–
POST	Exit	POST HLDGS INC	$0	–	-5,300	–	-0.01%	–
CMCSK	Exit	COMCAST CORP NEWcl a spl	$0	–	-6,500	–	-0.01%	–
MRC	Exit	MRC GLOBAL INC	$0	–	-63,110	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-30,000	–	-0.04%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-15,000	–	-0.05%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-3,880,000	–	-0.08%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,270,000	–	-0.20%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-367,000	–	-0.24%	–
MUSA	Exit	MURPHY USA INC	$0	–	-155,000	–	-0.26%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-291,980	–	-0.31%	–
HAL	Exit	HALLIBURTON CO	$0	–	-291,930	–	-0.32%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-560,500	–	-0.42%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-131,695	–	-0.44%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-668,721	–	-0.50%	–
ANGI	Exit	ANGIES LIST INC	$0	–	-3,428,562	–	-0.54%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-289,826	–	-0.59%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-404,917	–	-0.65%	–
EOG	Exit	EOG RES INC	$0	–	-286,740	–	-0.65%	–
PX	Exit	PRAXAIR INC	$0	–	-213,340	–	-0.67%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-230,400	–	-0.70%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-231,150	–	-0.71%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-229,200	–	-0.71%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-855,000	–	-0.72%	–
XOXO	Exit	XO GROUP INC	$0	–	-1,879,286	–	-0.82%	–
AVP	Exit	AVON PRODS INC	$0	–	-8,215,308	–	-0.83%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-695,725	–	-0.88%	–
FLIR	Exit	FLIR SYS INC	$0	–	-1,030,681	–	-0.89%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-48,570	–	-0.96%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-32,825,000	–	-0.98%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-1,204,728	–	-1.00%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-369,530	–	-1.03%	–
MON	Exit	MONSANTO CO NEW	$0	–	-401,800	–	-1.06%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-1,116,728	–	-1.07%	–
NCMI	Exit	NATIONAL CINEMEDIA INC	$0	–	-2,717,430	–	-1.13%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-918,556	–	-1.15%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-1,101,533	–	-1.22%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-3,446,000	–	-1.30%	–
ICON	Exit	ICONIX BRAND GROUP INC	$0	–	-3,137,002	–	-1.31%	–
ADT	Exit	THE ADT CORPORATION	$0	–	-1,428,624	–	-1.32%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-1,601,200	–	-1.34%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,022,126	–	-1.57%	–
AGN	Exit	ALLERGAN PLC	$0	–	-187,607	–	-1.58%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,421,882	–	-1.59%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-450,988	–	-1.70%	–
IILG	Exit	INTERVAL LEISURE GROUP INC	$0	–	-3,006,342	–	-1.71%	–
AON	Exit	AON PLC	$0	–	-661,513	–	-1.82%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-2,195,011	–	-1.84%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,204,763	–	-1.92%	–
FOSL	Exit	FOSSIL GROUP INC	$0	–	-1,157,741	–	-2.00%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-972,478	–	-2.09%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-1,092,813	–	-2.32%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-2,875,000	–	-2.32%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-128,562	–	-2.42%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-735,729	–	-2.47%	–
RWT	Exit	REDWOOD TR INC	$0	–	-6,077,504	–	-2.61%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-1,676,680	–	-2.66%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-1,066,089	–	-2.68%	–
RRC	Exit	RANGE RES CORP	$0	–	-2,735,346	–	-2.72%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-440,563	–	-3.14%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-520	–	-3.15%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-480,357	–	-3.16%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-630,155	–	-3.48%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-4,582,735	–	-3.73%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-4,735,123	–	-5.06%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,581,357	–	-6.39%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-5,279,304	–	-6.71%	–

Q3 2015

			Value		Shares		↓ Weighting
LBTYK	Buy	LIBERTY GLOBAL PLC	$216,557,000	-16.8%	5,279,304	+2.6%	6.71%	-8.1%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$206,209,000	+2.9%	1,581,357	+7.4%	6.39%	+13.7%
LMCK	Buy	LIBERTY MEDIA CORP DELAWARE	$163,172,000	+6.1%	4,735,123	+10.5%	5.06%	+17.2%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$120,205,000	-15.9%	4,582,735	-11.0%	3.73%	-7.1%
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$112,407,000	-29.4%	630,155	-12.1%	3.48%	-22.0%
TDG	Sell	TRANSDIGM GROUP INC	$102,033,000	-18.5%	480,357	-13.8%	3.16%	-10.0%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$101,525,000	-5.1%	520	-0.4%	3.15%	+4.9%
PCP	Buy	PRECISION CASTPARTS CORP	$101,202,000	+27.7%	440,563	+11.1%	3.14%	+41.1%
RRC	Buy	RANGE RES CORP	$87,859,000	-17.3%	2,735,346	+27.2%	2.72%	-8.6%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$86,311,000	-13.9%	1,066,089	-5.4%	2.68%	-4.9%
LBRDK	Buy	LIBERTY BROADBAND CORP	$85,796,000	+4.2%	1,676,680	+4.2%	2.66%	+15.2%
RWT	Buy	REDWOOD TR INC	$84,113,000	-6.3%	6,077,504	+6.3%	2.61%	+3.5%
LH	Buy	LABORATORY CORP AMER HLDGS	$79,805,000	-8.7%	735,729	+2.1%	2.47%	+0.9%
GOOG	Buy	GOOGLE INCcl c	$78,220,000	+20.8%	128,562	+3.3%	2.42%	+33.4%
DISCA	New	DISCOVERY COMMUNICATNS NEW	$74,836,000	–	2,875,000	–	2.32%	–
MSI	Buy	MOTOROLA SOLUTIONS INC	$74,727,000	+23.0%	1,092,813	+3.2%	2.32%	+35.9%
ENDP	Buy	ENDO INTL PLC	$67,373,000	-12.0%	972,478	+1.2%	2.09%	-2.8%
FOSL	Buy	FOSSIL GROUP INC	$64,695,000	+11.6%	1,157,741	+38.6%	2.00%	+23.3%
WFC	Sell	WELLS FARGO & CO NEW	$61,865,000	-10.9%	1,204,763	-2.4%	1.92%	-1.6%
FOX	Sell	TWENTY FIRST CENTY FOX INCcl b	$59,419,000	-25.3%	2,195,011	-11.1%	1.84%	-17.5%
AON	Buy	AON PLC	$58,617,000	-9.0%	661,513	+2.4%	1.82%	+0.6%
IILG	Buy	INTERVAL LEISURE GROUP INC	$55,196,000	-3.6%	3,006,342	+19.9%	1.71%	+6.5%
PXD	Sell	PIONEER NAT RES CO	$54,858,000	-19.1%	450,988	-7.8%	1.70%	-10.6%
ORCL	Buy	ORACLE CORP	$51,358,000	-7.1%	1,421,882	+3.6%	1.59%	+2.6%
AGN	New	ALLERGAN PLC	$50,993,000	–	187,607	–	1.58%	–
TXN	Buy	TEXAS INSTRS INC	$50,616,000	+0.1%	1,022,126	+4.2%	1.57%	+10.6%
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$43,200,000	+32.6%	1,601,200	+60.0%	1.34%	+46.5%
ADT	Buy	THE ADT CORPORATION	$42,716,000	-8.0%	1,428,624	+3.3%	1.32%	+1.6%
ICON	Buy	ICONIX BRAND GROUP INC	$42,412,000	-39.9%	3,137,002	+11.1%	1.31%	-33.6%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$42,041,000	-2.2%	3,446,000	+21.4%	1.30%	+8.0%
LMCA	Sell	LIBERTY MEDIA CORP DELAWAREcl a	$39,347,000	-1.0%	1,101,533	-0.2%	1.22%	+9.2%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$37,064,000	+2.9%	918,556	+0.2%	1.15%	+13.6%
NCMI	Buy	NATIONAL CINEMEDIA INC	$36,468,000	-7.0%	2,717,430	+10.7%	1.13%	+2.7%
BRO	Buy	BROWN & BROWN INC	$34,585,000	-4.3%	1,116,728	+1.5%	1.07%	+5.7%
MON	Buy	MONSANTO CO NEW	$34,290,000	+41.2%	401,800	+76.4%	1.06%	+56.1%
MA	Buy	MASTERCARD INCcl a	$33,302,000	+13.1%	369,530	+17.3%	1.03%	+24.8%
ALSN	Buy	ALLISON TRANSMISSION HLDGS I	$32,154,000	+21.6%	1,204,728	+33.3%	1.00%	+34.4%
GOOGL	Sell	GOOGLE INCcl a	$31,006,000	+7.0%	48,570	-9.5%	0.96%	+18.2%
FLIR	Buy	FLIR SYS INC	$28,849,000	-3.7%	1,030,681	+6.1%	0.89%	+6.4%
WSH	Buy	WILLIS GROUP HOLDINGS PUBLIC	$28,504,000	-10.1%	695,725	+3.0%	0.88%	-0.7%
AVP	Sell	AVON PRODS INC	$26,700,000	-51.9%	8,215,308	-7.3%	0.83%	-46.8%
XOXO	Buy	XO GROUP INC	$26,554,000	-13.2%	1,879,286	+0.5%	0.82%	-4.1%
EQC	Buy	EQUITY COMWLTH	$23,290,000	+7.1%	855,000	+0.9%	0.72%	+18.4%
CLB	Sell	CORE LABORATORIES N V	$22,874,000	-34.3%	229,200	-24.9%	0.71%	-27.4%
PX	Buy	PRAXAIR INC	$21,731,000	+44.6%	213,340	+69.7%	0.67%	+59.7%
EOG	New	EOG RES INC	$20,875,000	–	286,740	–	0.65%	–
LBRDA	Buy	LIBERTY BROADBAND CORP	$20,829,000	+1.3%	404,917	+0.3%	0.65%	+12.0%
OMC	Buy	OMNICOM GROUP INC	$19,100,000	-5.1%	289,826	+0.1%	0.59%	+4.8%
ANGI	Sell	ANGIES LIST INC	$17,280,000	-22.0%	3,428,562	-4.7%	0.54%	-13.8%
DISCK	Sell	DISCOVERY COMMUNICATNS NEW	$16,243,000	-84.2%	668,721	-79.8%	0.50%	-82.5%
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$13,474,000	-31.0%	560,500	-21.1%	0.42%	-23.7%
HAL	Buy	HALLIBURTON CO	$10,320,000	+86.0%	291,930	+126.7%	0.32%	+105.1%
LILAK	New	LIBERTY GLOBAL PLC	$9,997,000	–	291,980	–	0.31%	–
MUSA	New	MURPHY USA INC	$8,517,000	–	155,000	–	0.26%	–
ACIW	Sell	ACI WORLDWIDE INC	$7,751,000	-29.1%	367,000	-17.5%	0.24%	-21.8%
CMLS	Buy	CUMULUS MEDIA INCcl a	$2,731,000	-63.3%	3,880,000	+5.7%	0.08%	-59.3%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,595,000	+1.7%	15,000	+15.4%	0.05%	+11.4%
MSFT	Sell	MICROSOFT CORP	$1,328,000	-24.8%	30,000	-25.0%	0.04%	-18.0%
POST	Sell	POST HLDGS INC	$313,000	-98.5%	5,300	-98.7%	0.01%	-98.3%
CPGX	New	COLUMBIA PIPELINE GROUP INC	$183,000	–	10,000	–	0.01%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-90,550	–	-0.16%	–
PBH	Exit	PRESTIGE BRANDS HLDGS INC	$0	–	-160,000	–	-0.21%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-200,000	–	-0.27%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-630,219	–	-1.08%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-700,680	–	-2.78%	–

Q2 2015

			Value		Shares		↓ Weighting
LBTYK	New	LIBERTY GLOBAL PLC	$260,403,000	–	5,143,263	–	7.31%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$200,374,000	–	1,472,149	–	5.62%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$159,222,000	–	716,730	–	4.47%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$153,788,000	–	4,283,793	–	4.32%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$142,952,000	–	5,151,430	–	4.01%	–
TDG	New	TRANSDIGM GROUP INC	$125,191,000	–	557,220	–	3.51%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$106,932,000	–	522	–	3.00%	–
RRC	New	RANGE RES CORP	$106,196,000	–	2,150,589	–	2.98%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$102,676,000	–	3,303,594	–	2.88%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$100,282,000	–	1,127,519	–	2.81%	–
MLM	New	MARTIN MARIETTA MATLS INC	$99,153,000	–	700,680	–	2.78%	–
RWT	New	REDWOOD TR INC	$89,753,000	–	5,716,779	–	2.52%	–
LH	New	LABORATORY CORP AMER HLDGS	$87,381,000	–	720,849	–	2.45%	–
LBRDK	New	LIBERTY BROADBAND CORP	$82,305,000	–	1,608,773	–	2.31%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$79,534,000	–	2,468,453	–	2.23%	–
PCP	New	PRECISION CASTPARTS CORP	$79,253,000	–	396,524	–	2.22%	–
ENDP	New	ENDO INTL PLC	$76,554,000	–	961,135	–	2.15%	–
ICON	New	ICONIX BRAND GROUP INC	$70,526,000	–	2,824,438	–	1.98%	–
WFC	New	WELLS FARGO & CO NEW	$69,423,000	–	1,234,400	–	1.95%	–
PXD	New	PIONEER NAT RES CO	$67,803,000	–	488,883	–	1.90%	–
GOOG	New	GOOGLE INCcl c	$64,753,000	–	124,403	–	1.82%	–
AON	New	AON PLC	$64,405,000	–	646,113	–	1.81%	–
MSI	New	MOTOROLA SOLUTIONS INC	$60,737,000	–	1,059,244	–	1.70%	–
FOSL	New	FOSSIL GROUP INC	$57,949,000	–	835,483	–	1.63%	–
IILG	New	INTERVAL LEISURE GROUP INC	$57,283,000	–	2,506,936	–	1.61%	–
AVP	New	AVON PRODS INC	$55,457,000	–	8,858,890	–	1.56%	–
ORCL	New	ORACLE CORP	$55,304,000	–	1,372,317	–	1.55%	–
TXN	New	TEXAS INSTRS INC	$50,544,000	–	981,251	–	1.42%	–
ADT	New	THE ADT CORPORATION	$46,428,000	–	1,383,008	–	1.30%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$42,999,000	–	2,838,205	–	1.21%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$39,762,000	–	1,103,272	–	1.12%	–
NCMI	New	NATIONAL CINEMEDIA INC	$39,192,000	–	2,455,667	–	1.10%	–
CTRX	New	CATAMARAN CORP	$38,494,000	–	630,219	–	1.08%	–
BRO	New	BROWN & BROWN INC	$36,152,000	–	1,100,179	–	1.01%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$36,016,000	–	917,129	–	1.01%	–
CLB	New	CORE LABORATORIES N V	$34,805,000	–	305,200	–	0.98%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$32,574,000	–	1,000,880	–	0.91%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$31,693,000	–	675,747	–	0.89%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$31,635,000	–	32,825,000	–	0.89%	–
XOXO	New	XO GROUP INC	$30,588,000	–	1,870,815	–	0.86%	–
FLIR	New	FLIR SYS INC	$29,950,000	–	971,785	–	0.84%	–
MA	New	MASTERCARD INCcl a	$29,457,000	–	315,120	–	0.83%	–
GOOGL	New	GOOGLE INCcl a	$28,973,000	–	53,650	–	0.81%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$26,447,000	–	903,856	–	0.74%	–
MON	New	MONSANTO CO NEW	$24,277,000	–	227,760	–	0.68%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$22,401,000	–	231,150	–	0.63%	–
ACN	New	ACCENTURE PLC IRELAND	$22,298,000	–	230,400	–	0.63%	–
ANGI	New	ANGIES LIST INC	$22,167,000	–	3,598,562	–	0.62%	–
EQC	New	EQUITY COMWLTH	$21,742,000	–	847,000	–	0.61%	–
POST	New	POST HLDGS INC	$21,187,000	–	392,860	–	0.59%	–
LBRDA	New	LIBERTY BROADBAND CORP	$20,571,000	–	403,581	–	0.58%	–
OMC	New	OMNICOM GROUP INC	$20,127,000	–	289,636	–	0.56%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$19,532,000	–	710,500	–	0.55%	–
DEO	New	DIAGEO P L Cspon adr new	$15,282,000	–	131,695	–	0.43%	–
PX	New	PRAXAIR INC	$15,033,000	–	125,745	–	0.42%	–
ACIW	New	ACI WORLDWIDE INC	$10,934,000	–	445,000	–	0.31%	–
INT	New	WORLD FUEL SVCS CORP	$9,590,000	–	200,000	–	0.27%	–
CMLS	New	CUMULUS MEDIA INCcl a	$7,450,000	–	3,670,000	–	0.21%	–
PBH	New	PRESTIGE BRANDS HLDGS INC	$7,398,000	–	160,000	–	0.21%	–
INS	New	INTELLIGENT SYS CORP NEW	$6,742,000	–	2,270,000	–	0.19%	–
BHI	New	BAKER HUGHES INC	$5,587,000	–	90,550	–	0.16%	–
HAL	New	HALLIBURTON CO	$5,547,000	–	128,780	–	0.16%	–
MSFT	New	MICROSOFT CORP	$1,766,000	–	40,000	–	0.05%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,569,000	–	13,000	–	0.04%	–
MRC	New	MRC GLOBAL INC	$974,000	–	63,110	–	0.03%	–
CMCSK	New	COMCAST CORP NEWcl a spl	$390,000	–	6,500	–	0.01%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$148,000	–	15,200	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-6,800	–	-0.00%	–
FCN	Exit	FTI CONSULTING INC	$0	–	-9,000	–	-0.01%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-10,500	–	-0.01%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-15,000	–	-0.01%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-13,000	–	-0.04%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,270,000	–	-0.09%	–
PBH	Exit	PRESTIGE BRANDS HLDGS INC	$0	–	-160,000	–	-0.15%	–
SAPE	Exit	SAPIENT CORP	$0	–	-550,100	–	-0.23%	–
POST	Exit	POST HLDGS INC	$0	–	-243,000	–	-0.24%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-140,000	–	-0.25%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-643,000	–	-0.36%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-3,308,963	–	-0.39%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-72,330	–	-0.42%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-69	–	-0.42%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-430,000	–	-0.43%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-372,100	–	-0.44%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-131,595	–	-0.45%	–
PX	Exit	PRAXAIR INC	$0	–	-125,645	–	-0.48%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-470,000	–	-0.52%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-230,400	–	-0.55%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-700,000	–	-0.57%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-291,280	–	-0.59%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-314,400	–	-0.66%	–
ANGI	Exit	ANGIES LIST INC	$0	–	-3,673,102	–	-0.69%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-629,100	–	-0.69%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-239,150	–	-0.69%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-588,720	–	-0.72%	–
DIS	Exit	DISNEY WALT CO	$0	–	-283,050	–	-0.74%	–
FLIR	Exit	FLIR SYS INC	$0	–	-896,885	–	-0.83%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-28,825,000	–	-0.84%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-127,535	–	-0.89%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-53,650	–	-0.93%	–
XOXO	Exit	XO GROUP INC	$0	–	-2,816,429	–	-0.93%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-575,080	–	-0.95%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-1,047,446	–	-0.99%	–
EBAY	Exit	EBAY INC	$0	–	-662,990	–	-1.10%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-67,331	–	-1.14%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-2,273,340	–	-1.16%	–
NCMI	Exit	NATIONAL CINEMEDIA INC	$0	–	-2,854,615	–	-1.22%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-1,001,377	–	-1.24%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-721,950	–	-1.45%	–
AON	Exit	AON PLC	$0	–	-648,450	–	-1.67%	–
IILG	Exit	INTERVAL LEISURE GROUP INC	$0	–	-3,197,964	–	-1.79%	–
ADT	Exit	THE ADT CORPORATION	$0	–	-1,722,865	–	-1.80%	–
AVP	Exit	AVON PRODS INC	$0	–	-4,908,498	–	-1.82%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-2,754,295	–	-1.95%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,443,400	–	-1.97%	–
APA	Exit	APACHE CORP	$0	–	-721,408	–	-1.99%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-1,473,581	–	-2.04%	–
RRC	Exit	RANGE RES CORP	$0	–	-1,113,967	–	-2.22%	–
ORCL	Exit	ORACLE CORP	$0	–	-2,047,605	–	-2.31%	–
ICON	Exit	ICONIX BRAND GROUP INC	$0	–	-2,322,615	–	-2.52%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-760,263	–	-2.88%	–
RWT	Exit	REDWOOD TR INC	$0	–	-5,925,435	–	-2.89%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-988,891	–	-2.96%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-590,666	–	-3.20%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,290,955	–	-3.21%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,291,485	–	-3.50%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-1,776,907	–	-3.69%	–
A309PS	Exit	DIRECTV	$0	–	-1,624,412	–	-4.14%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-3,080,597	–	-4.26%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-5,218,030	–	-4.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,419,123	–	-5.77%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-4,958,258	–	-5.98%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,691,525	–	-6.53%	–

Q3 2014

			Value		Shares		↓ Weighting
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$221,928,000	+13.4%	1,691,525	+9.1%	6.53%	+10.5%
LBTYK	Buy	LIBERTY GLOBAL PLC	$203,363,000	+13.8%	4,958,258	+17.4%	5.98%	+10.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$196,038,000	+12.0%	1,419,123	+2.6%	5.77%	+9.1%
QRTEA	Buy	LIBERTY INTERACTIVE CORP	$148,818,000	-1.7%	5,218,030	+1.2%	4.38%	-4.3%
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$144,757,000	–	3,080,597	–	4.26%	–
A309PS	Sell	DIRECTV	$140,544,000	-1.7%	1,624,412	-3.4%	4.14%	-4.2%
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$125,503,000	+3.9%	1,776,907	+2.0%	3.69%	+1.2%
WFC	Sell	WELLS FARGO & CO NEW	$118,859,000	-3.2%	2,291,485	-1.9%	3.50%	-5.7%
TXN	Buy	TEXAS INSTRS INC	$109,256,000	+0.5%	2,290,955	+0.7%	3.21%	-2.1%
TDG	Sell	TRANSDIGM GROUP INC	$108,877,000	+8.9%	590,666	-1.2%	3.20%	+6.1%
LH	Sell	LABORATORY CORP AMER HLDGS	$100,620,000	-1.7%	988,891	-1.1%	2.96%	-4.3%
RWT	Buy	REDWOOD TR INC	$98,244,000	-13.5%	5,925,435	+1.5%	2.89%	-15.8%
MLM	Sell	MARTIN MARIETTA MATLS INC	$98,028,000	-4.0%	760,263	-1.7%	2.88%	-6.5%
ICON	Sell	ICONIX BRAND GROUP INC	$85,797,000	-16.8%	2,322,615	-3.3%	2.52%	-19.0%
ORCL	Buy	ORACLE CORP	$78,382,000	-4.3%	2,047,605	+1.3%	2.31%	-6.8%
RRC	Buy	RANGE RES CORP	$75,538,000	+11.0%	1,113,967	+42.4%	2.22%	+8.2%
LMCA	Buy	LIBERTY MEDIA CORP DELAWAREcl a	$69,524,000	-65.0%	1,473,581	+1.3%	2.04%	-65.9%
APA	Sell	APACHE CORP	$67,719,000	-34.4%	721,408	-29.7%	1.99%	-36.1%
MSFT	Sell	MICROSOFT CORP	$66,916,000	-12.5%	1,443,400	-21.3%	1.97%	-14.7%
LYV	Buy	LIVE NATION ENTERTAINMENT IN	$66,158,000	-1.8%	2,754,295	+0.9%	1.95%	-4.4%
AVP	Buy	AVON PRODS INC	$61,847,000	+43.5%	4,908,498	+66.4%	1.82%	+39.9%
ADT	Sell	THE ADT CORPORATION	$61,093,000	-10.9%	1,722,865	-12.2%	1.80%	-13.2%
IILG	Buy	INTERVAL LEISURE GROUP INC	$60,921,000	-10.2%	3,197,964	+3.4%	1.79%	-12.5%
AON	Sell	AON PLC	$56,850,000	-4.7%	648,450	-2.0%	1.67%	-7.1%
ENDP	Sell	ENDO INTL PLC	$49,338,000	-19.6%	721,950	-17.6%	1.45%	-21.7%
CTRX	Buy	CATAMARAN CORP	$42,208,000	+27.7%	1,001,377	+33.8%	1.24%	+24.4%
NCMI	Buy	NATIONAL CINEMEDIA INC	$41,420,000	-9.4%	2,854,615	+9.4%	1.22%	-11.7%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$39,556,000	+61.8%	2,273,340	+85.6%	1.16%	+57.7%
GOOG	Buy	GOOGLE INCcl c	$38,874,000	+3.2%	67,331	+2.8%	1.14%	+0.5%
EBAY	Buy	EBAY INC	$37,545,000	+14.8%	662,990	+1.5%	1.10%	+11.8%
BRO	Sell	BROWN & BROWN INC	$33,675,000	+2.2%	1,047,446	-2.4%	0.99%	-0.4%
FIS	Buy	FIDELITY NATL INFORMATION SV	$32,377,000	+4.9%	575,080	+2.0%	0.95%	+2.3%
XOXO	Sell	XO GROUP INC	$31,572,000	-8.6%	2,816,429	-0.3%	0.93%	-10.9%
PCP	New	PRECISION CASTPARTS CORP	$30,210,000	–	127,535	–	0.89%	–
	Buy	REDWOOD TR INCnote 4.625% 4/1	$28,609,000	+62.9%	28,825,000	+69.6%	0.84%	+58.9%
FLIR	Sell	FLIR SYS INC	$28,108,000	-12.0%	896,885	-2.5%	0.83%	-14.3%
DIS	Sell	DISNEY WALT CO	$25,200,000	-18.7%	283,050	-21.7%	0.74%	-20.8%
WSH	Buy	WILLIS GROUP HOLDINGS PUBLIC	$24,373,000	+350.3%	588,720	+371.0%	0.72%	+339.9%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$23,506,000	-2.2%	239,150	+2.1%	0.69%	-4.7%
DISCK	New	DISCOVERY COMMUNICATNS NEW	$23,453,000	–	629,100	–	0.69%	–
ANGI	Buy	ANGIES LIST INC	$23,398,000	+452.0%	3,673,102	+934.7%	0.69%	+437.5%
OMC	Sell	OMNICOM GROUP INC	$20,058,000	-3.3%	291,280	-0.0%	0.59%	-5.9%
TBF	Sell	PROSHARES TRshrt 20+yr tre	$19,418,000	-15.7%	700,000	-12.5%	0.57%	-18.0%
INT	Sell	WORLD FUEL SVCS CORP	$14,854,000	-39.7%	372,100	-25.6%	0.44%	-41.2%
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$14,577,000	–	430,000	–	0.43%	–
CMLS	Buy	CUMULUS MEDIA INCcl a	$13,335,000	-38.7%	3,308,963	+0.3%	0.39%	-40.3%
ACIW	Buy	ACI WORLDWIDE INC	$12,063,000	+22.8%	643,000	+265.3%	0.36%	+19.5%
ASCMA	Buy	ASCENT CAP GROUP INC	$8,428,000	+27.7%	140,000	+40.0%	0.25%	+24.6%
POST	New	POST HLDGS INC	$8,063,000	–	243,000	–	0.24%	–
SAPE	Buy	SAPIENT CORP	$7,701,000	-13.8%	550,100	+0.0%	0.23%	-15.9%
PBH	Buy	PRESTIGE BRANDS HLDGS INC	$5,179,000	+22.3%	160,000	+28.0%	0.15%	+18.8%
HPQ	Sell	HEWLETT PACKARD CO	$372,000	-7.9%	10,500	-12.5%	0.01%	-8.3%
FCN	Sell	FTI CONSULTING INC	$315,000	-57.3%	9,000	-53.8%	0.01%	-59.1%
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$69,000	–	6,800	–	0.00%	–
AAPL	Exit	APPLE INC	$0	–	-4,200	–	-0.01%	–
USB	Exit	US BANCORP DEL	$0	–	-15,000	–	-0.02%	–
TGT	Exit	TARGET CORP	$0	–	-255,093	–	-0.45%	–

Q2 2014

			Value		Shares		↓ Weighting
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$198,861,000	–	1,454,939	–	6.00%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$195,622,000	–	1,551,076	–	5.91%	–
LBTYK	New	LIBERTY GLOBAL PLC	$178,685,000	–	4,223,230	–	5.40%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$174,988,000	–	1,382,646	–	5.28%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$151,417,000	–	5,157,265	–	4.57%	–
A309PS	New	DIRECTV	$142,910,000	–	1,681,100	–	4.32%	–
WFC	New	WELLS FARGO & CO NEW	$122,753,000	–	2,335,490	–	3.71%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$120,795,000	–	1,742,324	–	3.65%	–
RWT	New	REDWOOD TR INC	$113,612,000	–	5,835,250	–	3.43%	–
TXN	New	TEXAS INSTRS INC	$108,685,000	–	2,274,220	–	3.28%	–
APA	New	APACHE CORP	$103,258,000	–	1,026,213	–	3.12%	–
ICON	New	ICONIX BRAND GROUP INC	$103,157,000	–	2,402,355	–	3.12%	–
LH	New	LABORATORY CORP AMER HLDGS	$102,381,000	–	999,816	–	3.09%	–
MLM	New	MARTIN MARIETTA MATLS INC	$102,124,000	–	773,375	–	3.08%	–
TDG	New	TRANSDIGM GROUP INC	$99,992,000	–	597,821	–	3.02%	–
ORCL	New	ORACLE CORP	$81,909,000	–	2,020,955	–	2.47%	–
MSFT	New	MICROSOFT CORP	$76,434,000	–	1,832,944	–	2.31%	–
ADT	New	THE ADT CORPORATION	$68,544,000	–	1,961,767	–	2.07%	–
RRC	New	RANGE RES CORP	$68,028,000	–	782,382	–	2.05%	–
IILG	New	INTERVAL LEISURE GROUP INC	$67,854,000	–	3,092,687	–	2.05%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$67,382,000	–	2,729,135	–	2.04%	–
ENDP	New	ENDO INTL PLC	$61,384,000	–	876,670	–	1.85%	–
AON	New	AON PLC	$59,640,000	–	662,010	–	1.80%	–
NCMI	New	NATIONAL CINEMEDIA INC	$45,701,000	–	2,610,000	–	1.38%	–
AVP	New	AVON PRODS INC	$43,085,000	–	2,949,000	–	1.30%	–
GOOG	New	GOOGLE INCcl c	$37,676,000	–	65,492	–	1.14%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$34,686,000	–	470,000	–	1.05%	–
XOXO	New	XO GROUP INC	$34,532,000	–	2,825,840	–	1.04%	–
CTRX	New	CATAMARAN CORP	$33,059,000	–	748,620	–	1.00%	–
BRO	New	BROWN & BROWN INC	$32,945,000	–	1,072,787	–	1.00%	–
EBAY	New	EBAY INC	$32,707,000	–	653,355	–	0.99%	–
FLIR	New	FLIR SYS INC	$31,940,000	–	919,670	–	0.96%	–
GOOGL	New	GOOGLE INCcl a	$31,368,000	–	53,650	–	0.95%	–
DIS	New	DISNEY WALT CO	$30,999,000	–	361,550	–	0.94%	–
FIS	New	FIDELITY NATL INFORMATION SV	$30,862,000	–	563,785	–	0.93%	–
INT	New	WORLD FUEL SVCS CORP	$24,615,000	–	500,000	–	0.74%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$24,451,000	–	1,225,000	–	0.74%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$24,038,000	–	234,150	–	0.73%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$23,040,000	–	800,000	–	0.70%	–
CACI	New	CACI INTL INCcl a	$22,074,000	–	314,400	–	0.67%	–
CMLS	New	CUMULUS MEDIA INCcl a	$21,747,000	–	3,300,000	–	0.66%	–
OMC	New	OMNICOM GROUP INC	$20,748,000	–	291,320	–	0.63%	–
ACN	New	ACCENTURE PLC IRELAND	$18,626,000	–	230,400	–	0.56%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$17,563,000	–	17,000,000	–	0.53%	–
DEO	New	DIAGEO P L Cspon adr new	$16,748,000	–	131,595	–	0.51%	–
PX	New	PRAXAIR INC	$16,691,000	–	125,645	–	0.50%	–
PXD	New	PIONEER NAT RES CO	$16,622,000	–	72,330	–	0.50%	–
TGT	New	TARGET CORP	$14,783,000	–	255,093	–	0.45%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$13,103,000	–	69	–	0.40%	–
ACIW	New	ACI WORLDWIDE INC	$9,826,000	–	176,000	–	0.30%	–
SAPE	New	SAPIENT CORP	$8,938,000	–	550,000	–	0.27%	–
ASCMA	New	ASCENT CAP GROUP INC	$6,601,000	–	100,000	–	0.20%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$5,413,000	–	125,000	–	0.16%	–
PBH	New	PRESTIGE BRANDS HLDGS INC	$4,236,000	–	125,000	–	0.13%	–
ANGI	New	ANGIES LIST INC	$4,239,000	–	355,000	–	0.13%	–
INS	New	INTELLIGENT SYS CORP NEW	$3,110,000	–	2,270,000	–	0.09%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,494,000	–	13,000	–	0.04%	–
FCN	New	FTI CONSULTING INC	$737,000	–	19,485	–	0.02%	–
USB	New	US BANCORP DEL	$650,000	–	15,000	–	0.02%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$467,000	–	15,000	–	0.01%	–
HPQ	New	HEWLETT PACKARD CO	$404,000	–	12,000	–	0.01%	–
AAPL	New	APPLE INC	$390,000	–	4,200	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
ORCL	Exit	ORACLE CORP	$0	–	-9,000	–	-0.01%	–
AVP	Exit	AVON PRODS INC	$0	–	-15,000	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-800	–	-0.01%	–
ESINQ	Exit	ITT EDUCATIONAL SERVICES INC	$0	–	-22,960	–	-0.03%	–
USB	Exit	US BANCORP DEL	$0	–	-20,000	–	-0.03%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-13,000	–	-0.05%	–
INS	Exit	INTELLIGENT SYS CORP NEW	$0	–	-2,270,000	–	-0.13%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-100,000	–	-0.16%	–
PBH	Exit	PRESTIGE BRANDS HLDGS INC	$0	–	-150,000	–	-0.17%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-60,000	–	-0.18%	–
OCR	Exit	OMNICARE INC	$0	–	-113,700	–	-0.24%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-85,000	–	-0.24%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-150,844	–	-0.31%	–
CNA	Exit	CNA FINL CORP	$0	–	-230,000	–	-0.33%	–
SAPE	Exit	SAPIENT CORP	$0	–	-671,000	–	-0.39%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-330,000	–	-0.40%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-201,860	–	-0.43%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-360,497	–	-0.44%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-69	–	-0.44%	–
PX	Exit	PRAXAIR INC	$0	–	-125,700	–	-0.57%	–
FCN	Exit	FTI CONSULTING INC	$0	–	-410,502	–	-0.58%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-126,850	–	-0.61%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-226,400	–	-0.63%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-3,300,000	–	-0.66%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-17,000,000	–	-0.68%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-490,000	–	-0.69%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-319,700	–	-0.76%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-314,400	–	-0.82%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-1,093,030	–	-0.86%	–
DIS	Exit	DISNEY WALT CO	$0	–	-361,550	–	-0.88%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-568,310	–	-0.99%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-302,400	–	-1.00%	–
OUTR	Exit	OUTERWALL INC	$0	–	-603,166	–	-1.14%	–
XOXO	Exit	XO GROUP INC	$0	–	-2,619,488	–	-1.27%	–
NCMI	Exit	NATIONAL CINEMEDIA INC	$0	–	-1,851,900	–	-1.31%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-397,000	–	-1.36%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-1,128,200	–	-1.54%	–
TGT	Exit	TARGET CORP	$0	–	-829,505	–	-2.00%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-982,255	–	-2.28%	–
RRC	Exit	RANGE RES CORP	$0	–	-801,360	–	-2.29%	–
IILG	Exit	INTERVAL LEISURE GROUP INC	$0	–	-2,601,667	–	-2.31%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,855,775	–	-2.33%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-3,464,590	–	-2.42%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-680,480	–	-2.54%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-713,670	–	-2.64%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-505,405	–	-2.64%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-83,325	–	-2.75%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-524,485	–	-2.90%	–
FLIR	Exit	FLIR SYS INC	$0	–	-2,488,605	–	-2.94%	–
ICON	Exit	ICONIX BRAND GROUP INC	$0	–	-2,679,020	–	-3.35%	–
APA	Exit	APACHE CORP	$0	–	-1,049,596	–	-3.36%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-3,996,580	–	-3.53%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,545,990	–	-3.96%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,695,950	–	-4.09%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,507,700	–	-4.28%	–
RWT	Exit	REDWOOD TR INC	$0	–	-5,960,149	–	-4.42%	–
A309PS	Exit	DIRECTV	$0	–	-1,980,620	–	-4.45%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,115,992	–	-4.77%	–
AON	Exit	AON PLC	$0	–	-1,919,920	–	-5.38%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-2,042,835	–	-8.02%	–

Q3 2013

			Value		Shares		↓ Weighting
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$213,129,000	+18.2%	2,042,835	-2.5%	8.02%	+9.9%
AON	Sell	AON PLC	$142,919,000	+7.5%	1,919,920	-7.0%	5.38%	-0.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$126,676,000	+2.6%	1,115,992	+1.2%	4.77%	-4.6%
A309PS	Sell	DIRECTV	$118,342,000	-13.7%	1,980,620	-11.0%	4.45%	-19.8%
RWT	Buy	REDWOOD TR INC	$117,355,000	+27.5%	5,960,149	+10.1%	4.42%	+18.6%
LBTYK	Buy	LIBERTY GLOBAL PLC	$113,726,000	+13.6%	1,507,700	+2.3%	4.28%	+5.6%
TXN	Sell	TEXAS INSTRS INC	$108,566,000	+10.8%	2,695,950	-4.1%	4.09%	+3.0%
WFC	Buy	WELLS FARGO & CO NEW	$105,200,000	+0.3%	2,545,990	+0.1%	3.96%	-6.8%
QRTEA	Buy	LIBERTY INTERACTIVE CORP	$93,800,000	+9.5%	3,996,580	+7.3%	3.53%	+1.8%
APA	Buy	APACHE CORP	$89,363,000	+15.7%	1,049,596	+14.0%	3.36%	+7.6%
ICON	Buy	ICONIX BRAND GROUP INC	$88,997,000	+13.0%	2,679,020	+0.1%	3.35%	+5.1%
FLIR	Sell	FLIR SYS INC	$78,142,000	+9.8%	2,488,605	-5.7%	2.94%	+2.1%
LMCA	Buy	LIBERTY MEDIA CORP DELAWAREcl a	$77,178,000	+16.1%	524,485	+0.0%	2.90%	+8.0%
GOOGL	Buy	GOOGLE INCcl a	$72,985,000	+2.7%	83,325	+3.2%	2.75%	-4.6%
TDG	Buy	TRANSDIGM GROUP INC	$70,100,000	+48.1%	505,405	+67.4%	2.64%	+37.7%
MLM	Buy	MARTIN MARIETTA MATLS INC	$70,061,000	+8.1%	713,670	+8.4%	2.64%	+0.5%
LH	Buy	LABORATORY CORP AMER HLDGS	$67,463,000	+10.0%	680,480	+11.1%	2.54%	+2.3%
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$64,268,000	+14.1%	3,464,590	-4.6%	2.42%	+6.1%
MSFT	Buy	MICROSOFT CORP	$61,816,000	-3.5%	1,855,775	+0.0%	2.33%	-10.3%
IILG	Buy	INTERVAL LEISURE GROUP INC	$61,477,000	+19.9%	2,601,667	+1.1%	2.31%	+11.5%
RRC	Buy	RANGE RES CORP	$60,815,000	+22.9%	801,360	+25.2%	2.29%	+14.3%
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$60,684,000	+0.9%	982,255	+0.8%	2.28%	-6.1%
TGT	Buy	TARGET CORP	$53,072,000	-6.7%	829,505	+0.5%	2.00%	-13.2%
SWN	Buy	SOUTHWESTERN ENERGY CO	$41,044,000	-0.2%	1,128,200	+0.2%	1.54%	-7.2%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$36,274,000	+6.2%	397,000	+0.5%	1.36%	-1.3%
NCMI	Sell	NATIONAL CINEMEDIA INC	$34,927,000	+7.7%	1,851,900	-3.6%	1.31%	+0.1%
XOXO	Buy	XO GROUP INC	$33,844,000	+15.4%	2,619,488	+0.0%	1.27%	+7.3%
OUTR	New	OUTERWALL INC	$30,152,000	–	603,166	–	1.14%	–
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$26,663,000	+15.1%	302,400	+11.0%	1.00%	+7.0%
FIS	Buy	FIDELITY NATL INFORMATION SV	$26,392,000	+8.9%	568,310	+0.4%	0.99%	+1.2%
DIS	Buy	DISNEY WALT CO	$23,316,000	+2.6%	361,550	+0.5%	0.88%	-4.7%
HPQ	Buy	HEWLETT PACKARD CO	$22,932,000	-14.9%	1,093,030	+0.5%	0.86%	-20.9%
CACI	Sell	CACI INTL INCcl a	$21,728,000	+3.6%	314,400	-4.9%	0.82%	-3.7%
OMC	Sell	OMNICOM GROUP INC	$20,282,000	-23.2%	319,700	-23.9%	0.76%	-28.6%
INT	Buy	WORLD FUEL SVCS CORP	$18,282,000	+98.8%	490,000	+113.0%	0.69%	+84.9%
ACN	Buy	ACCENTURE PLC IRELAND	$16,672,000	+2.8%	226,400	+0.5%	0.63%	-4.4%
DEO	Buy	DIAGEO P L Cspon adr new	$16,120,000	+11.1%	126,850	+0.5%	0.61%	+3.4%
FCN	Buy	FTI CONSULTING INC	$15,517,000	+156.1%	410,502	+122.9%	0.58%	+138.4%
PX	Buy	PRAXAIR INC	$15,110,000	+5.0%	125,700	+0.6%	0.57%	-2.4%
BRO	Buy	BROWN & BROWN INC	$11,572,000	+15.8%	360,497	+16.3%	0.44%	+7.4%
CVS	Buy	CVS CAREMARK CORPORATION	$11,456,000	-0.4%	201,860	+0.3%	0.43%	-7.5%
TBF	Buy	PROSHARES TRshrt 20+yr tre	$10,570,000	+124.6%	330,000	+120.0%	0.40%	+108.4%
SAPE	Sell	SAPIENT CORP	$10,447,000	-3.6%	671,000	-19.2%	0.39%	-10.5%
ACIW	Buy	ACI WORLDWIDE INC	$8,155,000	+2409.2%	150,844	+2054.9%	0.31%	+2261.5%
OCR	Sell	OMNICARE INC	$6,310,000	-82.3%	113,700	-84.8%	0.24%	-83.6%
PBH	Sell	PRESTIGE BRANDS HLDGS INC	$4,518,000	-38.0%	150,000	-40.0%	0.17%	-42.4%
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,290,000	–	13,000	–	0.05%	–
ESINQ	Sell	ITT EDUCATIONAL SERVICES INC	$712,000	-4.2%	22,960	-24.6%	0.03%	-10.0%
MOS	Exit	MOSAIC CO NEW	$0	–	-125,000	–	-0.27%	–
SDOCQ	Exit	SANDRIDGE ENERGY INC	$0	–	-1,500,000	–	-0.29%	–
CSTR	Exit	COINSTAR INC	$0	–	-602,229	–	-1.43%	–

Q2 2013

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTL	$180,357,000	–	2,095,230	–	7.30%	–
A309PS	New	DIRECTV	$137,160,000	–	2,225,900	–	5.55%	–
AON	New	AON PLC	$132,910,000	–	2,065,430	–	5.38%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$123,469,000	–	1,103,192	–	5.00%	–
WFC	New	WELLS FARGO & CO NEW	$104,917,000	–	2,542,200	–	4.25%	–
LBTYK	New	LIBERTY GLOBAL PLC	$100,097,000	–	1,474,400	–	4.05%	–
TXN	New	TEXAS INSTRS INC	$97,986,000	–	2,810,050	–	3.97%	–
RWT	New	REDWOOD TR INC	$92,011,000	–	5,412,409	–	3.72%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$85,689,000	–	3,724,000	–	3.47%	–
ICON	New	ICONIX BRAND GROUP INC	$78,742,000	–	2,677,400	–	3.19%	–
APA	New	APACHE CORP	$77,205,000	–	920,976	–	3.12%	–
FLIR	New	FLIR SYS INC	$71,189,000	–	2,639,570	–	2.88%	–
GOOGL	New	GOOGLE INCcl a	$71,099,000	–	80,760	–	2.88%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$66,460,000	–	524,300	–	2.69%	–
MLM	New	MARTIN MARIETTA MATLS INC	$64,819,000	–	658,600	–	2.62%	–
MSFT	New	MICROSOFT CORP	$64,052,000	–	1,854,955	–	2.59%	–
LH	New	LABORATORY CORP AMER HLDGS	$61,316,000	–	612,550	–	2.48%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$60,117,000	–	974,500	–	2.43%	–
TGT	New	TARGET CORP	$56,859,000	–	825,714	–	2.30%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$56,319,000	–	3,633,500	–	2.28%	–
IILG	New	INTERVAL LEISURE GROUP INC	$51,275,000	–	2,574,047	–	2.08%	–
RRC	New	RANGE RES CORP	$49,485,000	–	640,000	–	2.00%	–
TDG	New	TRANSDIGM GROUP INC	$47,345,000	–	302,000	–	1.92%	–
SWN	New	SOUTHWESTERN ENERGY CO	$41,146,000	–	1,126,360	–	1.66%	–
OCR	New	OMNICARE INC	$35,636,000	–	746,920	–	1.44%	–
CSTR	New	COINSTAR INC	$35,333,000	–	602,229	–	1.43%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$34,160,000	–	395,000	–	1.38%	–
NCMI	New	NATIONAL CINEMEDIA INC	$32,433,000	–	1,920,245	–	1.31%	–
XOXO	New	XO GROUP INC	$29,329,000	–	2,618,660	–	1.19%	–
HPQ	New	HEWLETT PACKARD CO	$26,961,000	–	1,087,130	–	1.09%	–
OMC	New	OMNICOM GROUP INC	$26,405,000	–	420,000	–	1.07%	–
FIS	New	FIDELITY NATL INFORMATION SV	$24,243,000	–	565,900	–	0.98%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$23,161,000	–	272,450	–	0.94%	–
DIS	New	DISNEY WALT CO	$22,721,000	–	359,800	–	0.92%	–
CACI	New	CACI INTL INCcl a	$20,983,000	–	330,500	–	0.85%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$16,798,000	–	17,000,000	–	0.68%	–
ACN	New	ACCENTURE PLC IRELAND	$16,213,000	–	225,300	–	0.66%	–
DEO	New	DIAGEO P L Cspon adr new	$14,507,000	–	126,200	–	0.59%	–
PX	New	PRAXAIR INC	$14,395,000	–	125,000	–	0.58%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$11,633,000	–	69	–	0.47%	–
CVS	New	CVS CAREMARK CORPORATION	$11,505,000	–	201,200	–	0.47%	–
CMLS	New	CUMULUS MEDIA INCcl a	$11,187,000	–	3,300,000	–	0.45%	–
SAPE	New	SAPIENT CORP	$10,840,000	–	830,000	–	0.44%	–
BRO	New	BROWN & BROWN INC	$9,994,000	–	310,000	–	0.40%	–
INT	New	WORLD FUEL SVCS CORP	$9,195,000	–	230,000	–	0.37%	–
CNA	New	CNA FINL CORP	$7,503,000	–	230,000	–	0.30%	–
PBH	New	PRESTIGE BRANDS HLDGS INC	$7,285,000	–	250,000	–	0.30%	–
CMP	New	COMPASS MINERALS INTL INC	$7,185,000	–	85,000	–	0.29%	–
SDOCQ	New	SANDRIDGE ENERGY INC	$7,140,000	–	1,500,000	–	0.29%	–
MOS	New	MOSAIC CO NEW	$6,726,000	–	125,000	–	0.27%	–
FCN	New	FTI CONSULTING INC	$6,058,000	–	184,202	–	0.24%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$4,707,000	–	150,000	–	0.19%	–
ASCMA	New	ASCENT CAP GROUP INC	$4,684,000	–	60,000	–	0.19%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$4,078,000	–	100,000	–	0.16%	–
INS	New	INTELLIGENT SYS CORP NEW	$2,853,000	–	2,270,000	–	0.12%	–
ESINQ	New	ITT EDUCATIONAL SERVICES INC	$743,000	–	30,450	–	0.03%	–
USB	New	US BANCORP DEL	$723,000	–	20,000	–	0.03%	–
AVP	New	AVON PRODS INC	$315,000	–	15,000	–	0.01%	–
ACIW	New	ACI WORLDWIDE INC	$325,000	–	7,000	–	0.01%	–
AAPL	New	APPLE INC	$317,000	–	800	–	0.01%	–
ORCL	New	ORACLE CORP	$276,000	–	9,000	–	0.01%	–

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