SPEECE THORSON CAPITAL GROUP INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LEG	Sell	LEGGETT & PLATT INC	$20,406	-14.3%	803,077	-0.1%	4.50%	-7.6%
WTM	Sell	WHITE MOUNT INS GRP LTD	$19,317	+7.6%	12,915	-0.1%	4.26%	+15.9%
MTB	Sell	M & T BANK CORP	$18,591	+2.1%	147,026	-0.1%	4.10%	+10.0%
STE	Sell	STERIS PLC SHS USD	$17,182	-13.3%	78,305	-11.1%	3.79%	-6.7%
GNTX	Sell	GENTEX CORP	$16,732	+11.1%	514,209	-0.1%	3.69%	+19.7%
ORLY	Sell	O REILLY AUTOMOTIVE INC	$16,517	-5.0%	18,173	-0.1%	3.64%	+2.3%
RPM	Buy	RPM INTL INC	$16,486	+22.1%	173,883	+15.5%	3.64%	+31.5%
ZBH	Sell	ZIMMER HLDGS INC	$15,605	-23.0%	139,058	-0.1%	3.44%	-17.1%
ARW	Sell	ARROW ELECTRS INC	$14,424	-13.0%	115,173	-0.5%	3.18%	-6.3%
DOOR	Sell	MASONITE INTL CORP NEW	$14,076	-9.1%	150,999	-0.1%	3.10%	-2.1%
DVA	Sell	DAVITA HEALTHCARE PARTNERS	$14,054	-6.1%	148,673	-0.2%	3.10%	+1.1%
DVN	Buy	DEVON ENERGY CORP NEW	$13,751	+15.2%	288,271	+16.7%	3.03%	+24.1%
NTRS	Sell	NORTHERN TRUST CORP	$13,246	-6.4%	190,641	-0.1%	2.92%	+0.8%
LH	Sell	LABORATORY CORP AMER HLDGS	$12,853	-17.3%	63,929	-0.7%	2.83%	-10.9%
WAB	Sell	WABTEC CORP	$12,809	-3.2%	120,529	-0.1%	2.82%	+4.2%
HSIC	Buy	SCHEIN HENRY INC	$12,740	+42.9%	171,581	+56.1%	2.81%	+53.9%
WRB	Sell	BERKLEY W R CORP	$12,440	+6.4%	195,944	-0.2%	2.74%	+14.6%
MWA	Sell	MUELLER WTR PRODS INC	$12,395	-22.0%	977,537	-0.1%	2.73%	-15.9%
SON	Sell	SONOCO PRODUCTS	$12,230	-8.0%	225,030	-0.1%	2.70%	-0.9%
FMC	Buy	FMC CORP	$12,200	-5.9%	182,175	+46.5%	2.69%	+1.3%
MHK	Sell	MOHAWK INDS INC	$11,015	-16.9%	128,361	-0.1%	2.43%	-10.5%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$10,930	-8.8%	126,904	-0.1%	2.41%	-1.8%
MCY	Buy	MERCURY GEN CORP NEW	$10,756	+12.0%	383,735	+21.0%	2.37%	+20.7%
TSCO	Sell	TRACTOR SUPPLY CO	$10,674	-8.3%	52,570	-0.1%	2.35%	-1.2%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$10,636	+28.5%	80,385	+62.6%	2.34%	+38.3%
IEX	Sell	IDEX CORP	$10,228	-3.5%	49,166	-0.1%	2.26%	+4.0%
ATR	Sell	APTARGROUP INC	$10,104	+7.5%	80,806	-0.4%	2.23%	+15.9%
BRO	Sell	BROWN & BROWN INC	$9,648	-27.3%	138,141	-28.4%	2.13%	-21.7%
SJM	Sell	SMUCKER J M CO	$8,863	-16.8%	72,107	-0.1%	1.95%	-10.4%
CABO	Buy	CABLE ONE INC	$8,543	+94.6%	13,876	+107.8%	1.88%	+109.7%
WERN	Sell	WERNER ENTERPRISES INC	$8,268	-11.9%	212,275	-0.1%	1.82%	-5.2%
CASY	Sell	CASEYS GEN STORES INC	$8,171	-38.3%	30,094	-44.6%	1.80%	-33.5%
CBSH	Sell	COMMERCE BANCSHARES INC	$8,133	-1.6%	169,508	-0.1%	1.79%	+6.0%
WSM	Sell	WILLIAMS SONOMA INC	$8,120	-18.6%	52,254	-34.5%	1.79%	-12.3%
ETN	Sell	EATON CORP PLC SHS	$7,743	-30.6%	36,305	-34.6%	1.71%	-25.2%
HXL	Sell	HEXCEL CORP NEW	$6,821	-14.5%	104,713	-0.2%	1.50%	-7.8%
TFX	Buy	TELEFLEX INCORPORATED	$5,535	+20.7%	28,181	+48.8%	1.22%	+30.1%
NSIT	Sell	INSIGHT ENTERPRISES INC	$985	-90.1%	6,770	-90.0%	0.22%	-89.3%

Q2 2023

			Value		Shares		↓ Weighting
LEG	New	LEGGETT & PLATT INC	$23,800	–	803,525	–	4.87%	–
ZBH	New	ZIMMER HLDGS INC	$20,269	–	139,211	–	4.15%	–
STE	New	STERIS PLC SHS USD	$19,825	–	88,119	–	4.06%	–
MTB	New	M & T BANK CORP	$18,215	–	147,180	–	3.73%	–
WTM	New	WHITE MOUNT INS GRP LTD	$17,959	–	12,930	–	3.68%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$17,381	–	18,194	–	3.56%	–
ARW	New	ARROW ELECTRS INC	$16,587	–	115,809	–	3.40%	–
MWA	New	MUELLER WTR PRODS INC	$15,882	–	978,584	–	3.25%	–
LH	New	LABORATORY CORP AMER HLDGS	$15,541	–	64,399	–	3.18%	–
DOOR	New	MASONITE INTL CORP NEW	$15,485	–	151,166	–	3.17%	–
GNTX	New	GENTEX CORP	$15,063	–	514,787	–	3.08%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$14,964	–	148,941	–	3.06%	–
NTRS	New	NORTHERN TRUST CORP	$14,150	–	190,850	–	2.90%	–
RPM	New	RPM INTL INC	$13,507	–	150,524	–	2.76%	–
SON	New	SONOCO PRODUCTS	$13,296	–	225,279	–	2.72%	–
BRO	New	BROWN & BROWN INC	$13,279	–	192,890	–	2.72%	–
MHK	New	MOHAWK INDS INC	$13,256	–	128,502	–	2.71%	–
CASY	New	CASEYS GEN STORES INC	$13,236	–	54,274	–	2.71%	–
WAB	New	WABTEC CORP	$13,233	–	120,663	–	2.71%	–
FMC	New	FMC CORP	$12,971	–	124,317	–	2.66%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$11,987	–	127,045	–	2.45%	–
DVN	New	DEVON ENERGY CORP NEW	$11,941	–	247,023	–	2.44%	–
WRB	New	BERKLEY W R CORP	$11,690	–	196,266	–	2.39%	–
TSCO	New	TRACTOR SUPPLY CO	$11,636	–	52,629	–	2.38%	–
ETN	New	EATON CORP PLC SHS	$11,155	–	55,470	–	2.28%	–
SJM	New	SMUCKER J M CO	$10,659	–	72,183	–	2.18%	–
IEX	New	IDEX CORP	$10,596	–	49,222	–	2.17%	–
WSM	New	WILLIAMS SONOMA INC	$9,978	–	79,733	–	2.04%	–
NSIT	New	INSIGHT ENTERPRISES INC	$9,902	–	67,664	–	2.03%	–
MCY	New	MERCURY GEN CORP NEW	$9,600	–	317,161	–	1.96%	–
ATR	New	APTARGROUP INC	$9,396	–	81,097	–	1.92%	–
WERN	New	WERNER ENTERPRISES INC	$9,388	–	212,504	–	1.92%	–
HSIC	New	SCHEIN HENRY INC	$8,914	–	109,914	–	1.82%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$8,279	–	49,441	–	1.70%	–
CBSH	New	COMMERCE BANCSHARES INC	$8,264	–	169,696	–	1.69%	–
HXL	New	HEXCEL CORP NEW	$7,975	–	104,911	–	1.63%	–
TFX	New	TELEFLEX INCORPORATED	$4,585	–	18,942	–	0.94%	–
CABO	New	CABLE ONE INC COM	$4,389	–	6,679	–	0.90%	–
PGR	New	PROGRESSIVE CORP OHIO	$332	–	2,510	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-2,710	–	-0.07%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-76,779	–	-1.06%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-75,823	–	-1.12%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-94,772	–	-1.42%	–
ATR	Exit	APTARGROUP INC	$0	–	-68,308	–	-1.48%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-109,904	–	-1.66%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-266,745	–	-1.73%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-50,558	–	-1.82%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-154,066	–	-1.82%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-68,155	–	-2.07%	–
STE	Exit	STERIS PLC SHS USD	$0	–	-55,189	–	-2.09%	–
NSIT	Exit	INSIGHT ENTERPRISES INC	$0	–	-114,127	–	-2.15%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-81,505	–	-2.19%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-265,267	–	-2.28%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-54,056	–	-2.29%	–
IEX	Exit	IDEX CORP	$0	–	-50,310	–	-2.29%	–
WAB	Exit	WABTEC CORP	$0	–	-126,849	–	-2.35%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-121,011	–	-2.36%	–
GNTX	Exit	GENTEX CORP	$0	–	-436,381	–	-2.37%	–
RPM	Exit	RPM INTL INC	$0	–	-127,319	–	-2.42%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-112,598	–	-2.47%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-55,626	–	-2.57%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-58,115	–	-2.72%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-131,328	–	-2.73%	–
SJM	Exit	SMUCKER J M CO	$0	–	-88,901	–	-2.79%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-174,278	–	-2.83%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-152,129	–	-2.87%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-137,903	–	-2.90%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-230,376	–	-2.98%	–
TRMB	Exit	TRIMBLE INC	$0	–	-242,468	–	-3.00%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-234,458	–	-3.22%	–
FMC	Exit	FMC CORP	$0	–	-142,852	–	-3.44%	–
MWA	Exit	MUELLER WTR PRODS INC	$0	–	-1,476,533	–	-3.46%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC	$0	–	-24,601	–	-3.95%	–
MTB	Exit	M & T BANK CORP	$0	–	-112,545	–	-4.53%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-16,143	–	-4.80%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-216,045	–	-5.15%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-863,084	–	-6.54%	–

Q3 2022

			Value		Shares		↓ Weighting
LEG	Buy	LEGGETT & PLATT INC	$28,672,000	+3.1%	863,084	+7.3%	6.54%	-0.3%
ZBH	Buy	ZIMMER HLDGS INC	$22,588,000	+12.0%	216,045	+12.6%	5.15%	+8.4%
WTM	Buy	WHITE MOUNT INS GRP LTD	$21,035,000	+8.0%	16,143	+3.3%	4.80%	+4.5%
MTB	Sell	M & T BANK CORP	$19,844,000	-18.3%	112,545	-26.2%	4.53%	-21.0%
ORLY	Buy	O REILLY AUTOMOTIVE INC	$17,303,000	+15.0%	24,601	+3.3%	3.95%	+11.3%
MWA	Buy	MUELLER WTR PRODS INC	$15,164,000	-9.6%	1,476,533	+3.3%	3.46%	-12.5%
FMC	Buy	FMC CORP	$15,099,000	+25.9%	142,852	+27.5%	3.44%	+21.8%
DVN	Buy	DEVON ENERGY CORP NEW	$14,098,000	+71.0%	234,458	+56.7%	3.22%	+65.5%
TRMB	Buy	TRIMBLE INC	$13,159,000	+25.1%	242,468	+34.2%	3.00%	+21.0%
SON	Buy	SONOCO PRODUCTS	$13,069,000	+2.6%	230,376	+3.2%	2.98%	-0.7%
ARW	Buy	ARROW ELECTRS INC	$12,713,000	-15.1%	137,903	+3.3%	2.90%	-17.8%
DVA	Buy	DAVITA HEALTHCARE PARTNERS	$12,592,000	+6.9%	152,129	+3.2%	2.87%	+3.5%
DOOR	Buy	MASONITE INTL CORP NEW	$12,424,000	-4.2%	174,278	+3.3%	2.83%	-7.3%
SJM	Buy	SMUCKER J M CO	$12,216,000	+10.8%	88,901	+3.2%	2.79%	+7.2%
MHK	Buy	MOHAWK INDS INC	$11,976,000	-11.1%	131,328	+21.0%	2.73%	-14.0%
LH	Buy	LABORATORY CORP AMER HLDGS	$11,903,000	-9.8%	58,115	+3.2%	2.72%	-12.7%
CASY	Buy	CASEYS GEN STORES INC	$11,265,000	+12.6%	55,626	+2.9%	2.57%	+9.0%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$10,844,000	-1.9%	112,598	+3.3%	2.47%	-5.0%
RPM	Buy	RPM INTL INC	$10,607,000	+41.1%	127,319	+33.4%	2.42%	+36.6%
GNTX	Buy	GENTEX CORP	$10,403,000	+64.8%	436,381	+93.4%	2.37%	+59.5%
NTRS	Buy	NORTHERN TRUST CORP	$10,354,000	-8.5%	121,011	+3.2%	2.36%	-11.4%
WAB	Buy	WABTEC CORP	$10,319,000	+2.3%	126,849	+3.2%	2.35%	-1.0%
IEX	Buy	IDEX CORP	$10,054,000	+13.6%	50,310	+3.3%	2.29%	+10.0%
TSCO	Buy	TRACTOR SUPPLY CO	$10,048,000	-1.0%	54,056	+3.3%	2.29%	-4.2%
WERN	Buy	WERNER ENTERPRISES INC	$9,974,000	+0.8%	265,267	+3.3%	2.28%	-2.5%
WSM	Sell	WILLIAMS SONOMA INC	$9,605,000	-25.8%	81,505	-30.2%	2.19%	-28.2%
NSIT	Buy	INSIGHT ENTERPRISES INC	$9,405,000	-1.4%	114,127	+3.3%	2.15%	-4.5%
STE	Buy	STERIS PLC SHS USD	$9,177,000	+45.1%	55,189	+79.9%	2.09%	+40.4%
ETN	Buy	EATON CORP PLC SHS	$9,089,000	+9.4%	68,155	+3.3%	2.07%	+5.8%
HXL	Buy	HEXCEL CORP NEW	$7,968,000	+1.8%	154,066	+3.0%	1.82%	-1.4%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$7,956,000	+17.9%	50,558	+3.3%	1.82%	+14.2%
MCY	New	MERCURY GEN CORP NEW	$7,581,000	–	266,745	–	1.73%	–
CBSH	Buy	COMMERCE BANCSHARES INC	$7,271,000	+4.0%	109,904	+3.2%	1.66%	+0.7%
ATR	Buy	APTARGROUP INC	$6,491,000	-4.9%	68,308	+3.3%	1.48%	-8.0%
HSIC	Buy	SCHEIN HENRY INC	$6,233,000	-11.8%	94,772	+3.0%	1.42%	-14.6%
WRB	Buy	BERKLEY W R CORP	$4,897,000	-2.7%	75,823	+2.8%	1.12%	-5.9%
BRO	Buy	BROWN & BROWN INC	$4,644,000	+7.1%	76,779	+3.3%	1.06%	+3.6%
PGR	Sell	PROGRESSIVE CORP OHIO	$315,000	-93.4%	2,710	-93.4%	0.07%	-93.6%
EOG	Exit	EOG RES INC	$0	–	-71,308	–	-1.86%	–

Q2 2022

			Value		Shares		↓ Weighting
LEG	New	LEGGETT & PLATT INC	$27,817,000	–	804,418	–	6.56%	–
MTB	New	M & T BANK CORP	$24,293,000	–	152,413	–	5.73%	–
ZBH	New	ZIMMER HLDGS INC	$20,164,000	–	191,929	–	4.75%	–
WTM	New	WHITE MOUNT INS GRP LTD	$19,475,000	–	15,628	–	4.59%	–
MWA	New	MUELLER WTR PRODS INC	$16,770,000	–	1,429,675	–	3.95%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$15,040,000	–	23,807	–	3.55%	–
ARW	New	ARROW ELECTRS INC	$14,968,000	–	133,533	–	3.53%	–
MHK	New	MOHAWK INDS INC	$13,467,000	–	108,528	–	3.18%	–
LH	New	LABORATORY CORP AMER HLDGS	$13,194,000	–	56,300	–	3.11%	–
DOOR	New	MASONITE INTL CORP NEW	$12,963,000	–	168,718	–	3.06%	–
WSM	New	WILLIAMS SONOMA INC	$12,951,000	–	116,726	–	3.05%	–
SON	New	SONOCO PRODUCTS	$12,734,000	–	223,252	–	3.00%	–
FMC	New	FMC CORP	$11,994,000	–	112,084	–	2.83%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$11,781,000	–	147,342	–	2.78%	–
NTRS	New	NORTHERN TRUST CORP	$11,315,000	–	117,282	–	2.67%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$11,050,000	–	109,003	–	2.60%	–
SJM	New	SMUCKER J M CO	$11,024,000	–	86,122	–	2.60%	–
TRMB	New	TRIMBLE INC	$10,519,000	–	180,653	–	2.48%	–
TSCO	New	TRACTOR SUPPLY CO	$10,147,000	–	52,346	–	2.39%	–
WAB	New	WABTEC CORP	$10,084,000	–	122,861	–	2.38%	–
CASY	New	CASEYS GEN STORES INC	$10,001,000	–	54,064	–	2.36%	–
WERN	New	WERNER ENTERPRISES INC	$9,896,000	–	256,778	–	2.33%	–
NSIT	New	INSIGHT ENTERPRISES INC	$9,536,000	–	110,522	–	2.25%	–
IEX	New	IDEX CORP	$8,850,000	–	48,725	–	2.09%	–
ETN	New	EATON CORP PLC SHS	$8,309,000	–	65,948	–	1.96%	–
DVN	New	DEVON ENERGY CORP NEW	$8,243,000	–	149,576	–	1.94%	–
EOG	New	EOG RES INC	$7,875,000	–	71,308	–	1.86%	–
HXL	New	HEXCEL CORP NEW	$7,824,000	–	149,573	–	1.84%	–
RPM	New	RPM INTL INC	$7,516,000	–	95,477	–	1.77%	–
HSIC	New	SCHEIN HENRY INC	$7,063,000	–	92,036	–	1.66%	–
CBSH	New	COMMERCE BANCSHARES INC	$6,992,000	–	106,502	–	1.65%	–
ATR	New	APTARGROUP INC	$6,826,000	–	66,136	–	1.61%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$6,746,000	–	48,934	–	1.59%	–
STE	New	STERIS PLC SHS USD	$6,325,000	–	30,682	–	1.49%	–
GNTX	New	GENTEX CORP	$6,311,000	–	225,652	–	1.49%	–
WRB	New	BERKLEY W R CORP	$5,035,000	–	73,756	–	1.19%	–
PGR	New	PROGRESSIVE CORP OHIO	$4,763,000	–	40,968	–	1.12%	–
BRO	New	BROWN & BROWN INC	$4,337,000	–	74,336	–	1.02%	–

Q4 2021

			Value		Shares		↓ Weighting
XEC	Exit	CIMAREX ENERGY CO	$0	–	-12,805	–	0.00%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-30,500	–	0.00%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-13,638	–	0.00%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-11,673	–	-0.09%	–
MSA	Exit	MSA SAFETY INC	$0	–	-3,579	–	-0.11%	–
AVT	Exit	AVNET INC	$0	–	-21,115	–	-0.16%	–
CLX	Exit	CLOROX CO DEL	$0	–	-5,849	–	-0.20%	–
VMI	Exit	VALMONT INDS INC	$0	–	-4,353	–	-0.21%	–
IBP	Exit	INSTALLED BLDG PRODS INC COM	$0	–	-36,915	–	-0.83%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-59,214	–	-0.94%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-105,054	–	-0.97%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-20,093	–	-1.01%	–
IEX	Exit	IDEX CORP	$0	–	-25,332	–	-1.10%	–
ATR	Exit	APTARGROUP INC	$0	–	-46,531	–	-1.16%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-77,224	–	-1.18%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-104,841	–	-1.30%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-152,193	–	-1.31%	–
TRMB	Exit	TRIMBLE INC	$0	–	-81,179	–	-1.40%	–
STE	Exit	STERIS PLC SHS USD	$0	–	-35,142	–	-1.50%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-113,457	–	-1.66%	–
EOG	Exit	EOG RES INC	$0	–	-106,238	–	-1.79%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-271,100	–	-2.02%	–
RPM	Exit	RPM INTL INC	$0	–	-124,865	–	-2.03%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-107,598	–	-2.04%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-55,512	–	-2.06%	–
NSIT	Exit	INSIGHT ENTERPRISES INC	$0	–	-110,038	–	-2.08%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-67,902	–	-2.12%	–
WAB	Exit	WABTEC CORP	$0	–	-127,992	–	-2.31%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-58,833	–	-2.32%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-17,989	–	-2.35%	–
HRC	Exit	HILL ROM HLDGS INC	$0	–	-78,493	–	-2.47%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-89,039	–	-2.73%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-68,094	–	-2.89%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-158,884	–	-2.90%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-79,451	–	-2.95%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-247,240	–	-3.08%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-53,512	–	-3.15%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-153,542	–	-3.41%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-156,394	–	-3.53%	–
FMC	Exit	FMC CORP	$0	–	-189,751	–	-3.64%	–
SJM	Exit	SMUCKER J M CO	$0	–	-146,835	–	-3.69%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-393,455	–	-3.70%	–
MWA	Exit	MUELLER WTR PRODS INC	$0	–	-1,165,618	–	-3.72%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC	$0	–	-29,189	–	-3.74%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-166,416	–	-3.91%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-17,879	–	-4.00%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-167,433	–	-4.08%	–
MTB	Exit	M & T BANK CORP	$0	–	-196,731	–	-6.15%	–

Q3 2021

			Value		Shares		↓ Weighting
MTB	Buy	M & T BANK CORP	$29,380,000	+32.6%	196,731	+29.0%	6.15%	+33.0%
DVA	Sell	DAVITA HEALTHCARE PARTNERS	$19,466,000	-3.6%	167,433	-0.1%	4.08%	-3.3%
WTM	Buy	WHITE MOUNT INS GRP LTD	$19,124,000	+5.4%	17,879	+13.1%	4.00%	+5.7%
ARW	Sell	ARROW ELECTRS INC	$18,687,000	-1.4%	166,416	-0.1%	3.91%	-1.1%
ORLY	Sell	O REILLY AUTOMOTIVE INC	$17,836,000	-3.6%	29,189	-10.7%	3.74%	-3.3%
MWA	Sell	MUELLER WTR PRODS INC	$17,741,000	+5.5%	1,165,618	-0.1%	3.72%	+5.8%
LEG	Sell	LEGGETT & PLATT INC	$17,643,000	-13.5%	393,455	-0.1%	3.70%	-13.3%
SJM	Sell	SMUCKER J M CO	$17,625,000	-7.4%	146,835	-0.1%	3.69%	-7.2%
FMC	Buy	FMC CORP	$17,374,000	+6.0%	189,751	+25.2%	3.64%	+6.3%
NTRS	Sell	NORTHERN TRUST CORP	$16,861,000	-6.8%	156,394	-0.1%	3.53%	-6.6%
DOOR	Buy	MASONITE INTL CORP NEW	$16,295,000	+9.6%	153,542	+15.4%	3.41%	+9.8%
LH	Sell	LABORATORY CORP AMER HLDGS	$15,060,000	-18.7%	53,512	-20.3%	3.15%	-18.5%
SON	Sell	SONOCO PRODUCTS	$14,731,000	-11.0%	247,240	-0.1%	3.08%	-10.8%
MHK	Sell	MOHAWK INDS INC	$14,095,000	-7.7%	79,451	-0.1%	2.95%	-7.5%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$13,823,000	+31.8%	158,884	+42.0%	2.90%	+32.2%
TSCO	Sell	TRACTOR SUPPLY CO	$13,797,000	-5.9%	68,094	-13.6%	2.89%	-5.7%
ZBH	Sell	ZIMMER HLDGS INC	$13,032,000	-9.0%	89,039	-0.1%	2.73%	-8.8%
HRC	Sell	HILL ROM HLDGS INC	$11,774,000	+32.0%	78,493	-0.1%	2.47%	+32.4%
Y	Buy	ALLEGHANY CORP DEL	$11,232,000	+14.4%	17,989	+22.2%	2.35%	+14.7%
CASY	Sell	CASEYS GEN STORES INC	$11,087,000	-3.2%	58,833	-0.1%	2.32%	-3.0%
WAB	Sell	WABTEC CORP	$11,034,000	+4.7%	127,992	-0.1%	2.31%	+5.0%
ETN	Sell	EATON CORP PLC SHS	$10,138,000	-15.4%	67,902	-16.0%	2.12%	-15.1%
NSIT	Sell	INSIGHT ENTERPRISES INC	$9,912,000	-10.0%	110,038	-0.1%	2.08%	-9.7%
WSM	Sell	WILLIAMS SONOMA INC	$9,844,000	+11.0%	55,512	-0.1%	2.06%	+11.3%
PGR	Sell	PROGRESSIVE CORP OHIO	$9,726,000	-8.0%	107,598	-0.1%	2.04%	-7.7%
RPM	Buy	RPM INTL INC	$9,696,000	+60.0%	124,865	+82.7%	2.03%	+60.4%
DVN	Sell	DEVON ENERGY CORP NEW	$9,627,000	+21.6%	271,100	-0.1%	2.02%	+21.9%
EOG	Buy	EOG RES INC	$8,528,000	+52.1%	106,238	+58.1%	1.79%	+52.5%
CBSH	Sell	COMMERCE BANCSHARES INC	$7,906,000	-6.6%	113,457	-0.1%	1.66%	-6.3%
STE	Sell	STERIS PLC SHS USD	$7,179,000	-1.2%	35,142	-0.2%	1.50%	-0.9%
TRMB	Sell	TRIMBLE INC	$6,677,000	+0.5%	81,179	-0.1%	1.40%	+0.7%
HRL	Sell	HORMEL FOODS CORP	$6,240,000	-14.3%	152,193	-0.2%	1.31%	-14.1%
HXL	Sell	HEXCEL CORP NEW	$6,227,000	-5.0%	104,841	-0.2%	1.30%	-4.8%
WRB	Sell	BERKLEY W R CORP	$5,651,000	-1.7%	77,224	-0.1%	1.18%	-1.5%
ATR	Sell	APTARGROUP INC	$5,553,000	-15.7%	46,531	-0.5%	1.16%	-15.4%
IEX	Sell	IDEX CORP	$5,242,000	-6.0%	25,332	-0.1%	1.10%	-5.8%
NSC	Sell	NORFOLK SOUTHN CORP	$4,807,000	-9.9%	20,093	-0.1%	1.01%	-9.7%
WERN	Sell	WERNER ENTERPRISES INC	$4,651,000	-0.6%	105,054	-0.1%	0.97%	-0.3%
HSIC	Sell	SCHEIN HENRY INC	$4,510,000	+2.6%	59,214	-0.1%	0.94%	+2.9%
IBP	New	INSTALLED BLDG PRODS INC COM	$3,955,000	–	36,915	–	0.83%	–
CLX	Sell	CLOROX CO DEL	$969,000	-84.8%	5,849	-83.5%	0.20%	-84.8%
VAR	New	VARIAN MED SYS INC	$0	–	13,638	–	0.00%	–
NOV	New	NATIONAL OILWELL VARCO INC	$0	–	30,500	–	0.00%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-3,500	–	-0.05%	–
NOV	Exit	NOV INC COM	$0	–	-230,337	–	-0.74%	–

Q2 2021

			Value		Shares		↓ Weighting
MTB	New	M & T BANK CORP	$22,154,000	–	152,462	–	4.63%	–
LEG	New	LEGGETT & PLATT INC	$20,395,000	–	393,652	–	4.26%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$20,188,000	–	167,630	–	4.22%	–
SJM	New	SMUCKER J M CO	$19,036,000	–	146,916	–	3.98%	–
ARW	New	ARROW ELECTRS INC	$18,954,000	–	166,514	–	3.96%	–
LH	New	LABORATORY CORP AMER HLDGS	$18,529,000	–	67,172	–	3.87%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$18,502,000	–	32,677	–	3.86%	–
WTM	New	WHITE MOUNT INS GRP LTD	$18,145,000	–	15,805	–	3.79%	–
NTRS	New	NORTHERN TRUST CORP	$18,093,000	–	156,487	–	3.78%	–
MWA	New	MUELLER WTR PRODS INC	$16,818,000	–	1,166,307	–	3.51%	–
SON	New	SONOCO PRODUCTS	$16,550,000	–	247,386	–	3.46%	–
FMC	New	FMC CORP	$16,393,000	–	151,502	–	3.42%	–
MHK	New	MOHAWK INDS INC	$15,279,000	–	79,498	–	3.19%	–
DOOR	New	MASONITE INTL CORP NEW	$14,874,000	–	133,054	–	3.11%	–
TSCO	New	TRACTOR SUPPLY CO	$14,667,000	–	78,832	–	3.06%	–
ZBH	New	ZIMMER HLDGS INC	$14,328,000	–	89,094	–	2.99%	–
ETN	New	EATON CORP PLC SHS	$11,979,000	–	80,840	–	2.50%	–
CASY	New	CASEYS GEN STORES INC	$11,458,000	–	58,867	–	2.39%	–
NSIT	New	INSIGHT ENTERPRISES INC	$11,012,000	–	110,111	–	2.30%	–
PGR	New	PROGRESSIVE CORP OHIO	$10,573,000	–	107,661	–	2.21%	–
WAB	New	WABTEC CORP	$10,540,000	–	128,073	–	2.20%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$10,484,000	–	111,925	–	2.19%	–
Y	New	ALLEGHANY CORP DEL	$9,821,000	–	14,723	–	2.05%	–
HRC	New	HILL ROM HLDGS INC	$8,922,000	–	78,546	–	1.86%	–
WSM	New	WILLIAMS SONOMA INC	$8,867,000	–	55,542	–	1.85%	–
CBSH	New	COMMERCE BANCSHARES INC	$8,464,000	–	113,514	–	1.77%	–
DVN	New	DEVON ENERGY CORP NEW	$7,918,000	–	271,270	–	1.65%	–
HRL	New	HORMEL FOODS CORP	$7,280,000	–	152,456	–	1.52%	–
STE	New	STERIS PLC SHS USD	$7,264,000	–	35,212	–	1.52%	–
TRMB	New	TRIMBLE INC	$6,647,000	–	81,233	–	1.39%	–
ATR	New	APTARGROUP INC	$6,585,000	–	46,758	–	1.38%	–
HXL	New	HEXCEL CORP NEW	$6,557,000	–	105,081	–	1.37%	–
CLX	New	CLOROX CO DEL	$6,396,000	–	35,551	–	1.34%	–
RPM	New	RPM INTL INC	$6,060,000	–	68,334	–	1.27%	–
WRB	New	BERKLEY W R CORP	$5,751,000	–	77,269	–	1.20%	–
EOG	New	EOG RES INC	$5,607,000	–	67,192	–	1.17%	–
IEX	New	IDEX CORP	$5,577,000	–	25,345	–	1.16%	–
NSC	New	NORFOLK SOUTHN CORP	$5,336,000	–	20,105	–	1.12%	–
WERN	New	WERNER ENTERPRISES INC	$4,679,000	–	105,110	–	0.98%	–
HSIC	New	SCHEIN HENRY INC	$4,396,000	–	59,254	–	0.92%	–
NOV	New	NOV INC COM	$3,529,000	–	230,337	–	0.74%	–
VMI	New	VALMONT INDS INC	$1,028,000	–	4,353	–	0.22%	–
XEC	New	CIMAREX ENERGY CO	$928,000	–	12,805	–	0.19%	–
AVT	New	AVNET INC	$846,000	–	21,115	–	0.18%	–
MSA	New	MSA SAFETY INC	$593,000	–	3,579	–	0.12%	–
MLHR	New	MILLER HERMAN INC	$550,000	–	11,673	–	0.12%	–
MCY	New	MERCURY GEN CORP NEW	$227,000	–	3,500	–	0.05%	–

Q4 2020

			Value		Shares		↓ Weighting
XEC	Exit	CIMAREX ENERGY CO	$0	–	-12,805	–	-0.08%	–
MSA	Exit	MSA SAFETY INC	$0	–	-3,579	–	-0.13%	–
VMI	Exit	VALMONT INDS INC	$0	–	-4,353	–	-0.14%	–
AVT	Exit	AVNET INC	$0	–	-21,115	–	-0.14%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-5,097	–	-0.16%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-267,965	–	-0.64%	–
EOG	Exit	EOG RES INC	$0	–	-69,296	–	-0.66%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-99,429	–	-0.88%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-356,283	–	-0.89%	–
RPM	Exit	RPM INTL INC	$0	–	-46,802	–	-1.03%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-80,836	–	-1.05%	–
TRMB	Exit	TRIMBLE INC	$0	–	-83,695	–	-1.08%	–
STE	Exit	STERIS PLC SHS USD	$0	–	-24,114	–	-1.12%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-20,645	–	-1.17%	–
WAB	Exit	WABTEC CORP	$0	–	-72,222	–	-1.18%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-107,637	–	-1.20%	–
IEX	Exit	IDEX CORP	$0	–	-25,993	–	-1.26%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-160,014	–	-1.28%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-79,245	–	-1.28%	–
NSIT	Exit	INSIGHT ENTERPRISES INC	$0	–	-90,526	–	-1.36%	–
ATR	Exit	APTARGROUP INC	$0	–	-47,997	–	-1.44%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-110,950	–	-1.65%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-70,111	–	-1.68%	–
CLX	Exit	CLOROX CO DEL	$0	–	-36,423	–	-2.03%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-15,122	–	-2.08%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-94,875	–	-2.56%	–
FMC	Exit	FMC CORP	$0	–	-95,022	–	-2.66%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-110,475	–	-2.77%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-60,394	–	-2.84%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-139,523	–	-2.88%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-82,824	–	-2.99%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-81,068	–	-3.08%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-114,844	–	-3.11%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-15,140	–	-3.12%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC	$0	–	-28,905	–	-3.53%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-136,476	–	-3.56%	–
MTB	Exit	M & T BANK CORP	$0	–	-147,354	–	-3.59%	–
SJM	Exit	SMUCKER J M CO	$0	–	-120,055	–	-3.67%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-162,765	–	-3.69%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-285,876	–	-3.87%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-79,184	–	-3.95%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-191,168	–	-3.98%	–
MWA	Exit	MUELLER WTR PRODS INC	$0	–	-1,544,812	–	-4.25%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-183,204	–	-4.73%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-104,392	–	-4.75%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-440,625	–	-4.80%	–

Q3 2020

			Value		Shares		↓ Weighting
LEG	Sell	LEGGETT & PLATT INC	$18,141,000	-2.0%	440,625	-16.4%	4.80%	-10.0%
VAR	Buy	VARIAN MED SYS INC	$17,955,000	+41.1%	104,392	+0.5%	4.75%	+29.6%
MHK	Buy	MOHAWK INDS INC	$17,879,000	+49.9%	183,204	+56.3%	4.73%	+37.7%
MWA	Sell	MUELLER WTR PRODS INC	$16,051,000	-13.7%	1,544,812	-21.7%	4.25%	-20.8%
ARW	Buy	ARROW ELECTRS INC	$15,037,000	+21.4%	191,168	+6.0%	3.98%	+11.5%
LH	Buy	LABORATORY CORP AMER HLDGS	$14,908,000	+13.9%	79,184	+0.5%	3.95%	+4.6%
SON	Buy	SONOCO PRODUCTS	$14,600,000	-1.8%	285,876	+0.5%	3.87%	-9.8%
DVA	Buy	DAVITA HEALTHCARE PARTNERS	$13,941,000	+8.8%	162,765	+0.5%	3.69%	-0.1%
SJM	Buy	SMUCKER J M CO	$13,869,000	+20.0%	120,055	+9.9%	3.67%	+10.2%
MTB	Buy	M & T BANK CORP	$13,570,000	+0.1%	147,354	+13.0%	3.59%	-8.1%
DOOR	Sell	MASONITE INTL CORP NEW	$13,429,000	+14.4%	136,476	-9.6%	3.56%	+5.1%
ORLY	Sell	O REILLY AUTOMOTIVE INC	$13,328,000	-1.4%	28,905	-9.8%	3.53%	-9.4%
WTM	Buy	WHITE MOUNT INS GRP LTD	$11,794,000	+8.8%	15,140	+24.1%	3.12%	-0.0%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$11,736,000	+6.4%	114,844	-17.7%	3.11%	-2.3%
TSCO	Buy	TRACTOR SUPPLY CO	$11,620,000	+9.4%	81,068	+0.5%	3.08%	+0.5%
ZBH	Buy	ZIMMER HLDGS INC	$11,276,000	+14.7%	82,824	+0.5%	2.99%	+5.3%
NTRS	Buy	NORTHERN TRUST CORP	$10,879,000	-1.2%	139,523	+0.5%	2.88%	-9.3%
CASY	Buy	CASEYS GEN STORES INC	$10,729,000	+19.4%	60,394	+0.5%	2.84%	+9.7%
PGR	Buy	PROGRESSIVE CORP OHIO	$10,459,000	+18.8%	110,475	+0.5%	2.77%	+9.1%
FMC	Buy	FMC CORP	$10,064,000	+6.9%	95,022	+0.5%	2.66%	-1.8%
ETN	Buy	EATON CORP PLC SHS	$9,680,000	+17.2%	94,875	+0.5%	2.56%	+7.6%
Y	Buy	ALLEGHANY CORP DEL	$7,870,000	+7.0%	15,122	+0.6%	2.08%	-1.7%
CLX	Buy	CLOROX CO DEL	$7,655,000	-3.7%	36,423	+0.5%	2.03%	-11.6%
WSM	Buy	WILLIAMS SONOMA INC	$6,341,000	+10.8%	70,111	+0.5%	1.68%	+1.8%
CBSH	Buy	COMMERCE BANCSHARES INC	$6,245,000	-4.9%	110,950	+0.5%	1.65%	-12.6%
ATR	Buy	APTARGROUP INC	$5,433,000	+1.6%	47,997	+0.5%	1.44%	-6.7%
NSIT	Buy	INSIGHT ENTERPRISES INC	$5,122,000	+15.6%	90,526	+0.6%	1.36%	+6.2%
WRB	Buy	BERKLEY W R CORP	$4,846,000	+7.3%	79,245	+0.5%	1.28%	-1.5%
MLHR	Sell	MILLER HERMAN INC	$4,826,000	+7.5%	160,014	-15.8%	1.28%	-1.2%
IEX	Buy	IDEX CORP	$4,741,000	+15.9%	25,993	+0.5%	1.26%	+6.4%
WERN	Buy	WERNER ENTERPRISES INC	$4,520,000	-3.1%	107,637	+0.5%	1.20%	-10.9%
WAB	Buy	WABTEC CORP	$4,469,000	+32.6%	72,222	+23.4%	1.18%	+21.8%
NSC	Buy	NORFOLK SOUTHN CORP	$4,418,000	+22.5%	20,645	+0.5%	1.17%	+12.5%
STE	Buy	STERIS PLC SHS USD	$4,249,000	+15.3%	24,114	+0.4%	1.12%	+5.9%
TRMB	Buy	TRIMBLE INC	$4,076,000	+13.4%	83,695	+0.6%	1.08%	+4.2%
HRL	Buy	HORMEL FOODS CORP	$3,952,000	+1.8%	80,836	+0.5%	1.05%	-6.5%
RPM	Buy	RPM INTL INC	$3,877,000	+11.0%	46,802	+0.6%	1.03%	+2.0%
DVN	Buy	DEVON ENERGY CORP NEW	$3,370,000	+4.8%	356,283	+25.6%	0.89%	-3.8%
HXL	Buy	HEXCEL CORP NEW	$3,336,000	-25.5%	99,429	+0.5%	0.88%	-31.6%
EOG	Buy	EOG RES INC	$2,490,000	-2.5%	69,296	+37.4%	0.66%	-10.5%
NOV	Sell	NATIONAL OILWELL VARCO INC	$2,428,000	-26.3%	267,965	-0.4%	0.64%	-32.3%

Q2 2020

			Value		Shares		↓ Weighting
MWA	New	MUELLER WTR PRODS INC	$18,604,000	–	1,972,884	–	5.36%	–
LEG	New	LEGGETT & PLATT INC	$18,519,000	–	526,865	–	5.34%	–
SON	New	SONOCO PRODUCTS	$14,872,000	–	284,407	–	4.29%	–
MTB	New	M & T BANK CORP	$13,556,000	–	130,384	–	3.91%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$13,512,000	–	32,044	–	3.90%	–
LH	New	LABORATORY CORP AMER HLDGS	$13,089,000	–	78,799	–	3.77%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$12,818,000	–	161,968	–	3.70%	–
VAR	New	VARIAN MED SYS INC	$12,723,000	–	103,845	–	3.67%	–
ARW	New	ARROW ELECTRS INC	$12,390,000	–	180,379	–	3.57%	–
MHK	New	MOHAWK INDS INC	$11,928,000	–	117,215	–	3.44%	–
DOOR	New	MASONITE INTL CORP NEW	$11,741,000	–	150,945	–	3.38%	–
SJM	New	SMUCKER J M CO	$11,561,000	–	109,262	–	3.33%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$11,031,000	–	139,525	–	3.18%	–
NTRS	New	NORTHERN TRUST CORP	$11,016,000	–	138,840	–	3.18%	–
WTM	New	WHITE MOUNT INS GRP LTD	$10,836,000	–	12,203	–	3.12%	–
TSCO	New	TRACTOR SUPPLY CO	$10,626,000	–	80,627	–	3.06%	–
ZBH	New	ZIMMER HLDGS INC	$9,834,000	–	82,388	–	2.84%	–
FMC	New	FMC CORP	$9,416,000	–	94,522	–	2.71%	–
CASY	New	CASEYS GEN STORES INC	$8,985,000	–	60,090	–	2.59%	–
PGR	New	PROGRESSIVE CORP OHIO	$8,807,000	–	109,932	–	2.54%	–
ETN	New	EATON CORP PLC SHS	$8,261,000	–	94,438	–	2.38%	–
CLX	New	CLOROX CO DEL	$7,952,000	–	36,249	–	2.29%	–
Y	New	ALLEGHANY CORP DEL	$7,356,000	–	15,038	–	2.12%	–
CBSH	New	COMMERCE BANCSHARES INC	$6,566,000	–	110,417	–	1.89%	–
WSM	New	WILLIAMS SONOMA INC	$5,722,000	–	69,772	–	1.65%	–
ATR	New	APTARGROUP INC	$5,348,000	–	47,758	–	1.54%	–
WERN	New	WERNER ENTERPRISES INC	$4,664,000	–	107,139	–	1.34%	–
WRB	New	BERKLEY W R CORP	$4,518,000	–	78,866	–	1.30%	–
MLHR	New	MILLER HERMAN INC	$4,488,000	–	190,081	–	1.29%	–
HXL	New	HEXCEL CORP NEW	$4,475,000	–	98,970	–	1.29%	–
NSIT	New	INSIGHT ENTERPRISES INC	$4,429,000	–	90,016	–	1.28%	–
IEX	New	IDEX CORP	$4,089,000	–	25,871	–	1.18%	–
HRL	New	HORMEL FOODS CORP	$3,883,000	–	80,435	–	1.12%	–
STE	New	STERIS PLC SHS USD	$3,684,000	–	24,010	–	1.06%	–
NSC	New	NORFOLK SOUTHN CORP	$3,607,000	–	20,544	–	1.04%	–
TRMB	New	TRIMBLE INC	$3,594,000	–	83,216	–	1.04%	–
RPM	New	RPM INTL INC	$3,492,000	–	46,528	–	1.01%	–
WAB	New	WABTEC CORP	$3,370,000	–	58,544	–	0.97%	–
NOV	New	NATIONAL OILWELL VARCO INC	$3,296,000	–	269,032	–	0.95%	–
DVN	New	DEVON ENERGY CORP NEW	$3,217,000	–	283,703	–	0.93%	–
EOG	New	EOG RES INC	$2,554,000	–	50,421	–	0.74%	–
TIF	New	TIFFANY & CO NEW	$622,000	–	5,097	–	0.18%	–
AVT	New	AVNET INC	$589,000	–	21,115	–	0.17%	–
VMI	New	VALMONT INDS INC	$495,000	–	4,353	–	0.14%	–
MSA	New	MSA SAFETY INC	$410,000	–	3,579	–	0.12%	–
XEC	New	CIMAREX ENERGY CO	$352,000	–	12,805	–	0.10%	–

Q4 2019

			Value		Shares		↓ Weighting
HRL	Exit	HORMEL FOODS CORP	$0	–	-83,332	–	-0.97%	–
MSA	Exit	MSA SAFETY INC	$0	–	-34,404	–	-1.00%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-21,281	–	-1.02%	–
WAB	Exit	WABTEC CORP	$0	–	-53,969	–	-1.04%	–
IEX	Exit	IDEX CORP	$0	–	-26,761	–	-1.17%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-105,635	–	-1.30%	–
VMI	Exit	VALMONT INDS INC	$0	–	-42,097	–	-1.56%	–
ATR	Exit	APTARGROUP INC	$0	–	-49,476	–	-1.57%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-81,608	–	-1.58%	–
FMC	Exit	FMC CORP	$0	–	-68,870	–	-1.61%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-108,931	–	-1.77%	–
STE	Exit	STERIS PLC SHS USD	$0	–	-46,295	–	-1.79%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-101,523	–	-1.84%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-145,931	–	-1.87%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-199,394	–	-1.88%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-348,118	–	-1.97%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-315,943	–	-2.03%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-98,810	–	-2.04%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-50,425	–	-2.17%	–
CLX	Exit	CLOROX CO DEL	$0	–	-55,817	–	-2.27%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-93,366	–	-2.31%	–
AVT	Exit	AVNET INC	$0	–	-197,340	–	-2.35%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-67,034	–	-2.46%	–
SJM	Exit	SMUCKER J M CO	$0	–	-88,909	–	-2.61%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-88,125	–	-2.92%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-92,858	–	-2.96%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-190,809	–	-2.96%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-14,288	–	-3.05%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC	$0	–	-29,463	–	-3.14%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-144,588	–	-3.28%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-227,195	–	-3.46%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-143,482	–	-3.58%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-12,630	–	-3.64%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-81,646	–	-3.67%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-186,872	–	-3.72%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-239,502	–	-3.73%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-181,034	–	-4.02%	–
MTB	Exit	M & T BANK CORP	$0	–	-96,112	–	-4.06%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-405,908	–	-4.44%	–
MWA	Exit	MUELLER WTR PRODS INC	$0	–	-1,728,638	–	-5.19%	–

Q3 2019

			Value		Shares		↓ Weighting
MWA	Sell	MUELLER WTR PRODS INC	$19,430,000	+12.7%	1,728,638	-1.5%	5.19%	+13.1%
LEG	Buy	LEGGETT & PLATT INC	$16,618,000	+16.8%	405,908	+9.5%	4.44%	+17.2%
MTB	Sell	M & T BANK CORP	$15,183,000	-9.3%	96,112	-2.4%	4.06%	-9.0%
ETN	Sell	EATON CORP PLC SHS	$15,053,000	-2.4%	181,034	-2.3%	4.02%	-2.1%
SON	Buy	SONOCO PRODUCTS	$13,941,000	+3.5%	239,502	+16.1%	3.73%	+3.8%
ARW	Sell	ARROW ELECTRS INC	$13,937,000	+2.4%	186,872	-2.2%	3.72%	+2.8%
LH	Sell	LABORATORY CORP AMER HLDGS	$13,717,000	-5.1%	81,646	-2.4%	3.67%	-4.8%
WTM	Sell	WHITE MOUNT INS GRP LTD	$13,640,000	+3.4%	12,630	-2.2%	3.64%	+3.8%
NTRS	Sell	NORTHERN TRUST CORP	$13,390,000	+1.5%	143,482	-2.1%	3.58%	+1.8%
DVA	Sell	DAVITA HEALTHCARE PARTNERS	$12,966,000	-20.7%	227,195	-21.8%	3.46%	-20.4%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$12,258,000	+14.2%	144,588	+13.7%	3.28%	+14.7%
ORLY	Sell	O REILLY AUTOMOTIVE INC	$11,741,000	+5.3%	29,463	-2.4%	3.14%	+5.7%
Y	Sell	ALLEGHANY CORP DEL	$11,398,000	-3.2%	14,288	-17.3%	3.05%	-2.8%
DOOR	Buy	MASONITE INTL CORP NEW	$11,067,000	+33.6%	190,809	+21.4%	2.96%	+34.1%
VAR	Buy	VARIAN MED SYS INC	$11,058,000	+3.0%	92,858	+17.7%	2.96%	+3.3%
MHK	Buy	MOHAWK INDS INC	$10,934,000	+23.3%	88,125	+46.5%	2.92%	+23.7%
SJM	Sell	SMUCKER J M CO	$9,782,000	-6.7%	88,909	-2.4%	2.61%	-6.4%
ZBH	Sell	ZIMMER HLDGS INC	$9,202,000	-4.7%	67,034	-18.2%	2.46%	-4.3%
AVT	Sell	AVNET INC	$8,779,000	-4.0%	197,340	-2.3%	2.35%	-3.7%
TIF	Buy	TIFFANY & CO NEW	$8,648,000	+29.7%	93,366	+31.2%	2.31%	+30.2%
CLX	Sell	CLOROX CO DEL	$8,477,000	-3.2%	55,817	-2.4%	2.27%	-2.8%
CASY	Sell	CASEYS GEN STORES INC	$8,126,000	+0.9%	50,425	-2.4%	2.17%	+1.3%
PGR	Sell	PROGRESSIVE CORP OHIO	$7,633,000	-5.6%	98,810	-2.3%	2.04%	-5.2%
DVN	Buy	DEVON ENERGY CORP NEW	$7,602,000	+8.9%	315,943	+29.1%	2.03%	+9.4%
NOV	Buy	NATIONAL OILWELL VARCO INC	$7,380,000	+19.2%	348,118	+25.0%	1.97%	+19.6%
WERN	Sell	WERNER ENTERPRISES INC	$7,039,000	+10.9%	199,394	-2.4%	1.88%	+11.3%
XEC	Buy	CIMAREX ENERGY CO	$6,996,000	+2.8%	145,931	+27.2%	1.87%	+3.2%
WSM	Sell	WILLIAMS SONOMA INC	$6,902,000	-18.1%	101,523	-21.7%	1.84%	-17.7%
STE	Sell	STERIS PLC SHS USD	$6,689,000	-39.8%	46,295	-38.0%	1.79%	-39.6%
CBSH	Sell	COMMERCE BANCSHARES INC	$6,607,000	-0.9%	108,931	-2.5%	1.77%	-0.5%
FMC	Buy	FMC CORP	$6,039,000	+49.5%	68,870	+41.4%	1.61%	+50.0%
WRB	Sell	BERKLEY W R CORP	$5,895,000	+6.8%	81,608	-2.5%	1.58%	+7.2%
ATR	Sell	APTARGROUP INC	$5,860,000	-7.1%	49,476	-2.4%	1.57%	-6.7%
VMI	Sell	VALMONT INDS INC	$5,828,000	+6.6%	42,097	-2.4%	1.56%	+7.0%
MLHR	Sell	MILLER HERMAN INC	$4,869,000	-49.0%	105,635	-50.5%	1.30%	-48.8%
IEX	Sell	IDEX CORP	$4,386,000	-7.1%	26,761	-2.5%	1.17%	-6.8%
WAB	Sell	WABTEC CORP	$3,878,000	-27.3%	53,969	-27.4%	1.04%	-27.0%
NSC	Sell	NORFOLK SOUTHN CORP	$3,823,000	-12.1%	21,281	-2.5%	1.02%	-11.7%
MSA	Sell	MSA SAFETY INC	$3,754,000	+1.1%	34,404	-2.4%	1.00%	+1.4%
HRL	Sell	HORMEL FOODS CORP	$3,644,000	+5.3%	83,332	-2.4%	0.97%	+5.6%
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-14,320	–	-0.01%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-3,500	–	-0.06%	–

Q2 2019

			Value		Shares		↓ Weighting
MWA	New	MUELLER WTR PRODS INC	$17,240,000	–	1,755,554	–	4.59%	–
MTB	New	M & T BANK CORP	$16,745,000	–	98,461	–	4.46%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$16,345,000	–	290,518	–	4.35%	–
ETN	New	EATON CORP PLC SHS	$15,429,000	–	185,267	–	4.11%	–
LH	New	LABORATORY CORP AMER HLDGS	$14,459,000	–	83,626	–	3.85%	–
LEG	New	LEGGETT & PLATT INC	$14,229,000	–	370,845	–	3.79%	–
ARW	New	ARROW ELECTRS INC	$13,615,000	–	191,037	–	3.62%	–
SON	New	SONOCO PRODUCTS	$13,476,000	–	206,248	–	3.59%	–
NTRS	New	NORTHERN TRUST CORP	$13,196,000	–	146,623	–	3.51%	–
WTM	New	WHITE MOUNT INS GRP LTD	$13,189,000	–	12,912	–	3.51%	–
Y	New	ALLEGHANY CORP DEL	$11,771,000	–	17,283	–	3.13%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$11,149,000	–	30,188	–	2.97%	–
STE	New	STERIS PLC SHS USD	$11,118,000	–	74,680	–	2.96%	–
VAR	New	VARIAN MED SYS INC	$10,741,000	–	78,906	–	2.86%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$10,731,000	–	127,217	–	2.86%	–
SJM	New	SMUCKER J M CO	$10,489,000	–	91,060	–	2.79%	–
ZBH	New	ZIMMER HLDGS INC	$9,653,000	–	81,986	–	2.57%	–
MLHR	New	MILLER HERMAN INC	$9,543,000	–	213,491	–	2.54%	–
AVT	New	AVNET INC	$9,145,000	–	202,021	–	2.44%	–
MHK	New	MOHAWK INDS INC	$8,870,000	–	60,148	–	2.36%	–
CLX	New	CLOROX CO DEL	$8,754,000	–	57,173	–	2.33%	–
WSM	New	WILLIAMS SONOMA INC	$8,424,000	–	129,602	–	2.24%	–
DOOR	New	MASONITE INTL CORP NEW	$8,281,000	–	157,189	–	2.20%	–
PGR	New	PROGRESSIVE CORP OHIO	$8,086,000	–	101,158	–	2.15%	–
CASY	New	CASEYS GEN STORES INC	$8,057,000	–	51,651	–	2.14%	–
DVN	New	DEVON ENERGY CORP NEW	$6,979,000	–	244,705	–	1.86%	–
XEC	New	CIMAREX ENERGY CO	$6,805,000	–	114,703	–	1.81%	–
TIF	New	TIFFANY & CO NEW	$6,666,000	–	71,188	–	1.78%	–
CBSH	New	COMMERCE BANCSHARES INC	$6,664,000	–	111,692	–	1.77%	–
WERN	New	WERNER ENTERPRISES INC	$6,346,000	–	204,195	–	1.69%	–
ATR	New	APTARGROUP INC	$6,306,000	–	50,716	–	1.68%	–
NOV	New	NATIONAL OILWELL VARCO INC	$6,193,000	–	278,591	–	1.65%	–
WRB	New	BERKLEY W R CORP	$5,518,000	–	83,702	–	1.47%	–
VMI	New	VALMONT INDS INC	$5,468,000	–	43,116	–	1.46%	–
WAB	New	WABTEC CORP	$5,334,000	–	74,327	–	1.42%	–
IEX	New	IDEX CORP	$4,723,000	–	27,437	–	1.26%	–
NSC	New	NORFOLK SOUTHN CORP	$4,349,000	–	21,820	–	1.16%	–
FMC	New	FMC CORP	$4,039,000	–	48,696	–	1.08%	–
MSA	New	MSA SAFETY INC	$3,714,000	–	35,243	–	0.99%	–
HRL	New	HORMEL FOODS CORP	$3,461,000	–	85,371	–	0.92%	–
MCY	New	MERCURY GEN CORP NEW	$219,000	–	3,500	–	0.06%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$27,000	–	14,320	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
PX	Exit	PRAXAIR INC	$0	–	-1,464	–	-0.06%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-63,004	–	-0.96%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-32,459	–	-0.97%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-45,614	–	-0.98%	–
IEX	Exit	IDEX CORP	$0	–	-32,541	–	-1.14%	–
WAB	Exit	WABTEC CORP	$0	–	-54,537	–	-1.33%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-32,197	–	-1.35%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-123,829	–	-1.44%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-67,335	–	-1.53%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-964,576	–	-1.57%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-185,432	–	-1.70%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-123,230	–	-1.89%	–
MSA	Exit	MSA SAFETY INC	$0	–	-78,581	–	-1.94%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-126,052	–	-2.08%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-117,185	–	-2.17%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-244,373	–	-2.18%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-73,380	–	-2.24%	–
VMI	Exit	VALMONT INDS INC	$0	–	-71,025	–	-2.28%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-155,729	–	-2.32%	–
MWA	Exit	MUELLER WTR PRODS INC	$0	–	-879,281	–	-2.35%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-90,716	–	-2.36%	–
AVT	Exit	AVNET INC	$0	–	-227,550	–	-2.36%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-290,228	–	-2.38%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-101,218	–	-2.40%	–
ATR	Exit	APTARGROUP INC	$0	–	-96,526	–	-2.41%	–
DRQ	Exit	DRIL-QUIP IN	$0	–	-202,587	–	-2.46%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-274,246	–	-2.54%	–
SJM	Exit	SMUCKER J M CO	$0	–	-109,315	–	-2.60%	–
STE	Exit	STERIS PLC SHARES	$0	–	-101,086	–	-2.68%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-66,975	–	-2.70%	–
CLX	Exit	CLOROX CO DEL	$0	–	-86,080	–	-3.00%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-20,091	–	-3.04%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-179,888	–	-3.08%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-103,068	–	-3.09%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-14,453	–	-3.14%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-320,117	–	-3.20%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-268,991	–	-3.46%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC	$0	–	-44,828	–	-3.61%	–
MTB	Exit	M & T BANK CORP	$0	–	-101,492	–	-3.88%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-417,739	–	-4.25%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-256,658	–	-4.27%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-228,695	–	-4.60%	–

Q3 2018

			Value		Shares		↓ Weighting
ETN	Sell	EATON CORP PLC SHS	$19,835,000	+1.2%	228,695	-12.8%	4.60%	+11.4%
DVA	Sell	DAVITA HEALTHCARE PARTNERS	$18,384,000	-11.6%	256,658	-14.3%	4.27%	-2.7%
LEG	Sell	LEGGETT & PLATT INC	$18,293,000	-14.1%	417,739	-12.4%	4.25%	-5.4%
MTB	Sell	M & T BANK CORP	$16,699,000	-5.5%	101,492	-2.2%	3.88%	+4.1%
ORLY	Sell	O REILLY AUTOMOTIVE INC	$15,570,000	+11.1%	44,828	-12.5%	3.61%	+22.3%
SON	Sell	SONOCO PRODUCTS	$14,929,000	-9.3%	268,991	-14.2%	3.46%	-0.1%
NOV	Sell	NATIONAL OILWELL VARCO INC	$13,791,000	-22.4%	320,117	-21.8%	3.20%	-14.5%
WTM	Sell	WHITE MOUNT INS GRP LTD	$13,526,000	-12.5%	14,453	-15.3%	3.14%	-3.7%
CASY	Sell	CASEYS GEN STORES INC	$13,307,000	-10.1%	103,068	-26.9%	3.09%	-1.0%
ARW	Sell	ARROW ELECTRS INC	$13,261,000	-14.9%	179,888	-13.1%	3.08%	-6.2%
Y	Sell	ALLEGHANY CORP DEL	$13,110,000	-4.6%	20,091	-15.9%	3.04%	+5.1%
CLX	Sell	CLOROX CO DEL	$12,947,000	-11.6%	86,080	-20.5%	3.00%	-2.6%
LH	Sell	LABORATORY CORP AMER HLDGS	$11,632,000	-17.0%	66,975	-14.2%	2.70%	-8.6%
STE	Sell	STERIS PLC SHARES	$11,564,000	-6.5%	101,086	-14.1%	2.68%	+3.0%
SJM	Buy	SMUCKER J M CO	$11,217,000	-3.7%	109,315	+0.8%	2.60%	+6.0%
DVN	Sell	DEVON ENERGY CORP NEW	$10,953,000	-37.6%	274,246	-31.3%	2.54%	-31.2%
DRQ	Sell	DRIL-QUIP IN	$10,585,000	-32.1%	202,587	-33.2%	2.46%	-25.2%
ATR	Sell	APTARGROUP INC	$10,400,000	-1.1%	96,526	-14.3%	2.41%	+8.9%
NTRS	Sell	NORTHERN TRUST CORP	$10,337,000	-16.6%	101,218	-16.0%	2.40%	-8.2%
WERN	Sell	WERNER ENTERPRISES INC	$10,260,000	-10.7%	290,228	-5.1%	2.38%	-1.7%
AVT	Buy	AVNET INC	$10,187,000	+14.5%	227,550	+9.7%	2.36%	+26.1%
VAR	Buy	VARIAN MED SYS INC	$10,154,000	+43.1%	90,716	+45.3%	2.36%	+57.6%
MWA	Buy	MUELLER WTR PRODS INC	$10,121,000	+20.4%	879,281	+22.6%	2.35%	+32.6%
DOOR	Buy	MASONITE INTL CORP NEW	$9,982,000	+113.7%	155,729	+139.6%	2.32%	+135.5%
VMI	Sell	VALMONT INDS INC	$9,837,000	-19.4%	71,025	-12.2%	2.28%	-11.2%
ZBH	Sell	ZIMMER HLDGS INC	$9,647,000	+6.1%	73,380	-10.1%	2.24%	+16.8%
MLHR	Sell	MILLER HERMAN INC	$9,384,000	-22.6%	244,373	-31.7%	2.18%	-14.8%
WRB	Sell	BERKLEY W R CORP	$9,367,000	-4.9%	117,185	-13.9%	2.17%	+4.7%
PGR	Sell	PROGRESSIVE CORP OHIO	$8,955,000	+3.3%	126,052	-14.0%	2.08%	+13.8%
MSA	Sell	MSA SAFETY INC	$8,364,000	-1.8%	78,581	-11.1%	1.94%	+8.1%
CBSH	Sell	COMMERCE BANCSHARES INC	$8,136,000	-12.3%	123,230	-14.0%	1.89%	-3.4%
HRL	Sell	HORMEL FOODS CORP	$7,306,000	-9.3%	185,432	-14.3%	1.70%	-0.1%
NEBLQ	Sell	NOBLE CORP PLC SHS USD	$6,781,000	-2.6%	964,576	-12.3%	1.57%	+7.2%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$6,593,000	-0.2%	67,335	-14.7%	1.53%	+9.9%
MCY	Sell	MERCURY GEN CORP NEW	$6,211,000	-24.5%	123,829	-31.4%	1.44%	-16.8%
NSC	Sell	NORFOLK SOUTHN CORP	$5,812,000	-26.0%	32,197	-38.2%	1.35%	-18.5%
WAB	Sell	WABTEC CORP	$5,720,000	-47.0%	54,537	-50.2%	1.33%	-41.6%
IEX	Sell	IDEX CORP	$4,903,000	-7.7%	32,541	-16.4%	1.14%	+1.7%
XEC	New	CIMAREX ENERGY CO	$4,239,000	–	45,614	–	0.98%	–
TIF	Sell	TIFFANY & CO NEW	$4,186,000	-29.1%	32,459	-27.7%	0.97%	-21.9%
WSM	Sell	WILLIAMS SONOMA INC	$4,141,000	-50.7%	63,004	-53.9%	0.96%	-45.7%

Q2 2018

			Value		Shares		↓ Weighting
LEG	New	LEGGETT & PLATT INC	$21,292,000	–	476,976	–	4.49%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$20,804,000	–	299,598	–	4.38%	–
ETN	New	EATON CORP PLC SHS	$19,609,000	–	262,368	–	4.13%	–
NOV	New	NATIONAL OILWELL VARCO INC	$17,773,000	–	409,519	–	3.74%	–
MTB	New	M & T BANK CORP	$17,662,000	–	103,804	–	3.72%	–
DVN	New	DEVON ENERGY CORP NEW	$17,539,000	–	398,983	–	3.70%	–
SON	New	SONOCO PRODUCTS	$16,453,000	–	313,388	–	3.47%	–
DRQ	New	DRIL-QUIP IN	$15,590,000	–	303,313	–	3.28%	–
ARW	New	ARROW ELECTRS INC	$15,576,000	–	206,908	–	3.28%	–
WTM	New	WHITE MOUNT INS GRP LTD	$15,467,000	–	17,060	–	3.26%	–
CASY	New	CASEYS GEN STORES INC	$14,807,000	–	140,910	–	3.12%	–
CLX	New	CLOROX CO DEL	$14,644,000	–	108,276	–	3.09%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$14,016,000	–	51,233	–	2.95%	–
LH	New	LABORATORY CORP AMER HLDGS	$14,015,000	–	78,067	–	2.95%	–
Y	New	ALLEGHANY CORP DEL	$13,739,000	–	23,895	–	2.90%	–
NTRS	New	NORTHERN TRUST CORP	$12,394,000	–	120,456	–	2.61%	–
STE	New	STERIS PLC SHARES	$12,362,000	–	117,719	–	2.60%	–
VMI	New	VALMONT INDS INC	$12,200,000	–	80,927	–	2.57%	–
MLHR	New	MILLER HERMAN INC	$12,125,000	–	357,659	–	2.56%	–
SJM	New	SMUCKER J M CO	$11,652,000	–	108,410	–	2.46%	–
WERN	New	WERNER ENTERPRISES INC	$11,489,000	–	305,961	–	2.42%	–
WAB	New	WABTEC CORP	$10,796,000	–	109,516	–	2.28%	–
ATR	New	APTARGROUP INC	$10,515,000	–	112,601	–	2.22%	–
WRB	New	BERKLEY W R CORP	$9,853,000	–	136,069	–	2.08%	–
CBSH	New	COMMERCE BANCSHARES INC	$9,276,000	–	143,349	–	1.96%	–
ZBH	New	ZIMMER HLDGS INC	$9,096,000	–	81,625	–	1.92%	–
AVT	New	AVNET INC	$8,897,000	–	207,437	–	1.88%	–
PGR	New	PROGRESSIVE CORP OHIO	$8,665,000	–	146,497	–	1.83%	–
MSA	New	MSA SAFETY INC	$8,518,000	–	88,413	–	1.80%	–
MWA	New	MUELLER WTR PRODS INC	$8,403,000	–	717,004	–	1.77%	–
WSM	New	WILLIAMS SONOMA INC	$8,395,000	–	136,766	–	1.77%	–
MCY	New	MERCURY GEN CORP NEW	$8,224,000	–	180,515	–	1.73%	–
HRL	New	HORMEL FOODS CORP	$8,056,000	–	216,489	–	1.70%	–
NSC	New	NORFOLK SOUTHN CORP	$7,855,000	–	52,064	–	1.66%	–
VAR	New	VARIAN MED SYS INC	$7,098,000	–	62,414	–	1.50%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$6,964,000	–	1,100,159	–	1.47%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$6,606,000	–	78,960	–	1.39%	–
TIF	New	TIFFANY & CO NEW	$5,908,000	–	44,891	–	1.24%	–
IEX	New	IDEX CORP	$5,311,000	–	38,917	–	1.12%	–
DOOR	New	MASONITE INTL CORP NEW	$4,670,000	–	64,993	–	0.98%	–
PX	New	PRAXAIR INC	$232,000	–	1,464	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
PX	Exit	PRAXAIR INC	$0	–	-1,464	–	-0.04%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC	$0	–	-23,500	–	-1.05%	–
MSA	Exit	MSA SAFETY INC	$0	–	-71,177	–	-1.18%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-52,857	–	-1.29%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-121,280	–	-1.43%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-1,656,899	–	-1.59%	–
WAB	Exit	WABTEC CORP	$0	–	-102,645	–	-1.62%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-160,668	–	-1.62%	–
IEX	Exit	IDEX CORP	$0	–	-64,899	–	-1.64%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-150,323	–	-1.81%	–
CLX	Exit	CLOROX CO DEL	$0	–	-66,693	–	-1.83%	–
AVT	Exit	AVNET INC	$0	–	-230,081	–	-1.88%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-74,906	–	-2.06%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-149,339	–	-2.08%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-100,954	–	-2.10%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-111,147	–	-2.12%	–
ATR	Exit	APTARGROUP INC	$0	–	-123,769	–	-2.22%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-142,001	–	-2.25%	–
VMI	Exit	VALMONT INDS INC	$0	–	-72,628	–	-2.39%	–
STE	Exit	STERIS PLC SHARES	$0	–	-130,350	–	-2.40%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-337,371	–	-2.58%	–
MAT	Exit	MATTEL INC	$0	–	-817,010	–	-2.63%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-86,432	–	-2.72%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-283,956	–	-2.95%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-156,020	–	-2.99%	–
DRQ	Exit	DRIL-QUIP IN	$0	–	-337,490	–	-3.10%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-446,816	–	-3.34%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-199,756	–	-3.34%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-446,871	–	-3.40%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-30,074	–	-3.47%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-345,010	–	-3.62%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-20,475	–	-3.65%	–
SJM	Exit	SMUCKER J M CO	$0	–	-170,573	–	-3.73%	–
MTB	Exit	M & T BANK CORP	$0	–	-114,892	–	-3.85%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-243,975	–	-3.90%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-531,727	–	-3.96%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-321,182	–	-3.97%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-179,286	–	-4.08%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-413,628	–	-4.11%	–

Q3 2017

			Value		Shares		↓ Weighting
LEG	Buy	LEGGETT & PLATT INC	$19,742,000	+4.2%	413,628	+14.7%	4.11%	+4.0%
CASY	Buy	CASEYS GEN STORES INC	$19,623,000	+9.7%	179,286	+7.3%	4.08%	+9.4%
DVA	Buy	DAVITA HEALTHCARE PARTNERS	$19,075,000	+5.0%	321,182	+14.5%	3.97%	+4.8%
NOV	Buy	NATIONAL OILWELL VARCO INC	$18,999,000	+9.8%	531,727	+1.2%	3.96%	+9.6%
ETN	Buy	EATON CORP PLC SHS	$18,735,000	+5.9%	243,975	+7.4%	3.90%	+5.7%
MTB	Buy	M & T BANK CORP	$18,502,000	+0.5%	114,892	+1.1%	3.85%	+0.3%
SJM	Buy	SMUCKER J M CO	$17,898,000	+6.5%	170,573	+20.1%	3.73%	+6.3%
WTM	Buy	WHITE MOUNT INS GRP LTD	$17,547,000	+18.4%	20,475	+20.0%	3.65%	+18.2%
SON	Buy	SONOCO PRODUCTS	$17,406,000	+17.7%	345,010	+20.0%	3.62%	+17.5%
Y	Buy	ALLEGHANY CORP DEL	$16,661,000	-5.8%	30,074	+1.1%	3.47%	-6.0%
WERN	Sell	WERNER ENTERPRISES INC	$16,333,000	-4.8%	446,871	-23.5%	3.40%	-5.0%
ARW	Buy	ARROW ELECTRS INC	$16,062,000	+3.7%	199,756	+1.1%	3.34%	+3.5%
MLHR	Buy	MILLER HERMAN INC	$16,041,000	+45.1%	446,816	+22.8%	3.34%	+44.8%
DRQ	Buy	DRIL-QUIP IN	$14,900,000	-8.5%	337,490	+1.2%	3.10%	-8.7%
NTRS	Sell	NORTHERN TRUST CORP	$14,343,000	-25.8%	156,020	-21.5%	2.99%	-25.9%
WSM	Buy	WILLIAMS SONOMA INC	$14,158,000	+9.6%	283,956	+6.6%	2.95%	+9.4%
LH	Sell	LABORATORY CORP AMER HLDGS	$13,049,000	-16.5%	86,432	-14.7%	2.72%	-16.6%
MAT	Buy	MATTEL INC	$12,647,000	-17.0%	817,010	+15.4%	2.63%	-17.2%
DVN	Buy	DEVON ENERGY CORP NEW	$12,385,000	+47.4%	337,371	+28.4%	2.58%	+47.1%
STE	Sell	STERIS PLC SHARES	$11,523,000	-9.6%	130,350	-16.7%	2.40%	-9.8%
VMI	Buy	VALMONT INDS INC	$11,482,000	+23.4%	72,628	+16.7%	2.39%	+23.1%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$10,806,000	+12.1%	142,001	+1.2%	2.25%	+11.9%
ATR	Sell	APTARGROUP INC	$10,683,000	-17.9%	123,769	-17.4%	2.22%	-18.1%
TIF	Buy	TIFFANY & CO NEW	$10,201,000	-1.2%	111,147	+1.1%	2.12%	-1.3%
VAR	Sell	VARIAN MED SYS INC	$10,101,000	-20.5%	100,954	-18.0%	2.10%	-20.6%
WRB	Buy	BERKLEY W R CORP	$9,967,000	-2.5%	149,339	+1.1%	2.08%	-2.7%
NSC	Sell	NORFOLK SOUTHN CORP	$9,906,000	-12.5%	74,906	-19.5%	2.06%	-12.7%
AVT	Buy	AVNET INC	$9,042,000	+2.2%	230,081	+1.2%	1.88%	+2.0%
CLX	Buy	CLOROX CO DEL	$8,797,000	+0.1%	66,693	+1.1%	1.83%	-0.1%
CBSH	Buy	COMMERCE BANCSHARES INC	$8,684,000	+2.7%	150,323	+1.1%	1.81%	+2.6%
IEX	Buy	IDEX CORP	$7,883,000	+8.6%	64,899	+1.0%	1.64%	+8.4%
PGR	Sell	PROGRESSIVE CORP OHIO	$7,780,000	-45.2%	160,668	-50.1%	1.62%	-45.3%
WAB	New	WABTEC CORP	$7,775,000	–	102,645	–	1.62%	–
NEBLQ	Buy	NOBLE CORP PLC SHS USD	$7,622,000	+28.6%	1,656,899	+1.2%	1.59%	+28.3%
MCY	Buy	MERCURY GEN CORP NEW	$6,875,000	+6.1%	121,280	+1.1%	1.43%	+5.9%
ZBH	Sell	ZIMMER HLDGS INC	$6,189,000	-33.2%	52,857	-26.8%	1.29%	-33.4%
MSA	New	MSA SAFETY INC	$5,659,000	–	71,177	–	1.18%	–
ORLY	New	O REILLY AUTOMOTIVE INC	$5,061,000	–	23,500	–	1.05%	–
PX	New	PRAXAIR INC	$205,000	–	1,464	–	0.04%	–
GWW	Exit	GRAINGER, W W INC	$0	–	-36,141	–	-1.36%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-342,513	–	-2.17%	–

Q2 2017

			Value		Shares		↓ Weighting
NTRS	New	NORTHERN TRUST CORP	$19,320,000	–	198,741	–	4.03%	–
LEG	New	LEGGETT & PLATT INC	$18,940,000	–	360,562	–	3.95%	–
MTB	New	M & T BANK CORP	$18,403,000	–	113,632	–	3.84%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$18,166,000	–	280,515	–	3.79%	–
CASY	New	CASEYS GEN STORES INC	$17,896,000	–	167,081	–	3.73%	–
Y	New	ALLEGHANY CORP DEL	$17,690,000	–	29,742	–	3.69%	–
ETN	New	EATON CORP PLC SHS	$17,687,000	–	227,252	–	3.69%	–
NOV	New	NATIONAL OILWELL VARCO INC	$17,309,000	–	525,467	–	3.61%	–
WERN	New	WERNER ENTERPRISES INC	$17,153,000	–	584,422	–	3.58%	–
SJM	New	SMUCKER J M CO	$16,802,000	–	141,994	–	3.50%	–
DRQ	New	DRIL-QUIP IN	$16,280,000	–	333,597	–	3.40%	–
LH	New	LABORATORY CORP AMER HLDGS	$15,624,000	–	101,362	–	3.26%	–
ARW	New	ARROW ELECTRS INC	$15,493,000	–	197,563	–	3.23%	–
MAT	New	MATTEL INC	$15,246,000	–	708,115	–	3.18%	–
WTM	New	WHITE MOUNT INS GRP LTD	$14,821,000	–	17,062	–	3.09%	–
SON	New	SONOCO PRODUCTS	$14,783,000	–	287,503	–	3.08%	–
PGR	New	PROGRESSIVE CORP OHIO	$14,197,000	–	322,001	–	2.96%	–
ATR	New	APTARGROUP INC	$13,016,000	–	149,851	–	2.72%	–
WSM	New	WILLIAMS SONOMA INC	$12,916,000	–	266,308	–	2.69%	–
STE	New	STERIS PLC SHARES	$12,747,000	–	156,399	–	2.66%	–
VAR	New	VARIAN MED SYS INC	$12,698,000	–	123,055	–	2.65%	–
NSC	New	NORFOLK SOUTHN CORP	$11,324,000	–	93,045	–	2.36%	–
MLHR	New	MILLER HERMAN INC	$11,057,000	–	363,729	–	2.31%	–
BBBY	New	BED BATH & BEYOND INC	$10,412,000	–	342,513	–	2.17%	–
TIF	New	TIFFANY & CO NEW	$10,322,000	–	109,960	–	2.15%	–
WRB	New	BERKLEY W R CORP	$10,222,000	–	147,775	–	2.13%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$9,637,000	–	140,316	–	2.01%	–
VMI	New	VALMONT INDS INC	$9,307,000	–	62,214	–	1.94%	–
ZBH	New	ZIMMER HLDGS INC	$9,269,000	–	72,191	–	1.93%	–
AVT	New	AVNET INC	$8,844,000	–	227,464	–	1.84%	–
CLX	New	CLOROX CO DEL	$8,790,000	–	65,968	–	1.83%	–
CBSH	New	COMMERCE BANCSHARES INC	$8,452,000	–	148,716	–	1.76%	–
DVN	New	DEVON ENERGY CORP NEW	$8,400,000	–	262,757	–	1.75%	–
IEX	New	IDEX CORP	$7,259,000	–	64,231	–	1.51%	–
GWW	New	GRAINGER, W W INC	$6,525,000	–	36,141	–	1.36%	–
MCY	New	MERCURY GEN CORP NEW	$6,479,000	–	119,976	–	1.35%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$5,928,000	–	1,637,700	–	1.24%	–

Q4 2016

			Value		Shares		↓ Weighting
TDW	Exit	TIDEWATER INC	$0	–	-12,843	–	-0.01%	–
MTSC	Exit	MTS SYS CORP	$0	–	-5,019	–	-0.05%	–
CTAS	Exit	CINTAS CORP	$0	–	-5,570	–	-0.14%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-112,627	–	-1.07%	–
CLX	Exit	CLOROX CO DEL	$0	–	-41,419	–	-1.11%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-101,362	–	-1.19%	–
STE	Exit	STERIS PLC SHARES	$0	–	-77,696	–	-1.22%	–
	Exit	ABM INDS INC	$0	–	-157,857	–	-1.34%	–
IEX	Exit	IDEX CORP	$0	–	-68,336	–	-1.37%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-127,263	–	-1.40%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-92,464	–	-1.40%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-146,968	–	-1.45%	–
MAT	Exit	MATTEL INC	$0	–	-265,750	–	-1.73%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-65,762	–	-1.84%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-304,151	–	-1.87%	–
GWW	Exit	GRAINGER, W W INC	$0	–	-38,717	–	-1.87%	–
MGEE	Exit	MGE ENERGY INC	$0	–	-156,796	–	-1.90%	–
VMI	Exit	VALMONT INDS INC	$0	–	-67,425	–	-1.95%	–
	Exit	BERKLEY W R CORP	$0	–	-158,238	–	-1.96%	–
	Exit	BARD C R INC	$0	–	-42,006	–	-2.02%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-99,243	–	-2.07%	–
	Exit	AVNET INC	$0	–	-244,513	–	-2.16%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-1,588,755	–	-2.16%	–
SJM	Exit	SMUCKER J M CO	$0	–	-75,153	–	-2.19%	–
	Exit	APTARGROUP INC	$0	–	-160,616	–	-2.67%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-399,766	–	-2.70%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-286,057	–	-2.80%	–
	Exit	ARROW ELECTRS INC	$0	–	-211,953	–	-2.91%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-137,649	–	-2.94%	–
	Exit	BED BATH & BEYOND INC	$0	–	-318,873	–	-2.95%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-114,409	–	-2.95%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-282,328	–	-2.98%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-101,381	–	-2.99%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-611,811	–	-3.06%	–
DRQ	Exit	DRIL-QUIP IN	$0	–	-257,514	–	-3.08%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-199,752	–	-3.11%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-410,444	–	-3.24%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-18,493	–	-3.29%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS	$0	–	-251,474	–	-3.56%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-321,802	–	-3.65%	–
	Exit	ALLEGHANY CORP DEL	$0	–	-32,393	–	-3.65%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-261,879	–	-3.82%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-278,214	–	-3.92%	–
MTB	Exit	M & T BANK CORP	$0	–	-171,903	–	-4.28%	–

Q3 2016

			Value		Shares		↓ Weighting
MTB	Buy	M & T BANK CORP	$19,958,000	+7.2%	171,903	+9.2%	4.28%	+6.1%
ETN	Buy	EATON CORP PLC SHS	$18,281,000	+24.6%	278,214	+13.2%	3.92%	+23.2%
NTRS	Buy	NORTHERN TRUST CORP	$17,805,000	+12.5%	261,879	+9.7%	3.82%	+11.3%
	Sell	ALLEGHANY CORP DEL	$17,007,000	-14.3%	32,393	-10.3%	3.65%	-15.2%
SON	Sell	SONOCO PRODUCTS	$17,001,000	-14.3%	321,802	-19.4%	3.65%	-15.2%
DVA	Buy	DAVITA HEALTHCARE PARTNERS	$16,615,000	+18.7%	251,474	+38.9%	3.56%	+17.3%
WTM	Buy	WHITE MOUNT INS GRP LTD	$15,349,000	-0.5%	18,493	+0.9%	3.29%	-1.6%
NOV	Buy	NATIONAL OILWELL VARCO INC	$15,080,000	+53.4%	410,444	+40.5%	3.24%	+51.8%
TIF	Sell	TIFFANY & CO NEW	$14,508,000	+17.4%	199,752	-2.0%	3.11%	+16.1%
DRQ	Buy	DRIL-QUIP IN	$14,354,000	+17.5%	257,514	+23.2%	3.08%	+16.2%
WERN	Buy	WERNER ENTERPRISES INC	$14,237,000	+2.3%	611,811	+1.0%	3.06%	+1.2%
LH	Sell	LABORATORY CORP AMER HLDGS	$13,938,000	-12.3%	101,381	-16.9%	2.99%	-13.3%
CBSH	Buy	COMMERCE BANCSHARES INC	$13,907,000	+3.8%	282,328	+1.0%	2.98%	+2.7%
	Buy	BED BATH & BEYOND INC	$13,747,000	+7.7%	318,873	+7.9%	2.95%	+6.5%
CASY	Sell	CASEYS GEN STORES INC	$13,746,000	-18.4%	114,409	-10.6%	2.95%	-19.2%
VAR	Sell	VARIAN MED SYS INC	$13,700,000	-7.2%	137,649	-23.3%	2.94%	-8.2%
	Buy	ARROW ELECTRS INC	$13,559,000	+4.3%	211,953	+1.0%	2.91%	+3.2%
LEG	Buy	LEGGETT & PLATT INC	$13,038,000	-8.6%	286,057	+2.5%	2.80%	-9.6%
PGR	Buy	PROGRESSIVE CORP OHIO	$12,593,000	-5.1%	399,766	+0.9%	2.70%	-6.1%
	Buy	APTARGROUP INC	$12,433,000	-1.2%	160,616	+1.0%	2.67%	-2.3%
SJM	Buy	SMUCKER J M CO	$10,186,000	-10.3%	75,153	+0.8%	2.19%	-11.3%
NEBLQ	Buy	NOBLE CORP PLC SHS USD	$10,073,000	-22.3%	1,588,755	+1.0%	2.16%	-23.1%
	Buy	AVNET INC	$10,040,000	+2.4%	244,513	+1.0%	2.16%	+1.3%
NSC	Sell	NORFOLK SOUTHN CORP	$9,633,000	-10.5%	99,243	-21.5%	2.07%	-11.5%
	Sell	BARD C R INC	$9,421,000	-16.4%	42,006	-12.4%	2.02%	-17.3%
	Buy	BERKLEY W R CORP	$9,140,000	-2.7%	158,238	+0.9%	1.96%	-3.8%
VMI	Buy	VALMONT INDS INC	$9,073,000	+0.4%	67,425	+0.9%	1.95%	-0.7%
MGEE	Buy	MGE ENERGY INC	$8,861,000	+1.0%	156,796	+1.0%	1.90%	-0.1%
GWW	Buy	GRAINGER, W W INC	$8,705,000	-0.1%	38,717	+0.9%	1.87%	-1.2%
MLHR	Buy	MILLER HERMAN INC	$8,699,000	+15.3%	304,151	+20.5%	1.87%	+14.1%
ZBH	Sell	ZIMMER HLDGS INC	$8,550,000	-7.7%	65,762	-14.6%	1.84%	-8.7%
MAT	Buy	MATTEL INC	$8,047,000	-2.4%	265,750	+0.9%	1.73%	-3.4%
PDCO	Buy	PATTERSON COMPANIES INC	$6,752,000	+39.0%	146,968	+44.9%	1.45%	+37.5%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$6,515,000	+13.1%	92,464	+19.2%	1.40%	+11.8%
WSM	New	WILLIAMS SONOMA INC	$6,501,000	–	127,263	–	1.40%	–
IEX	Buy	IDEX CORP	$6,394,000	+15.0%	68,336	+0.9%	1.37%	+13.8%
	Buy	ABM INDS INC	$6,267,000	+9.8%	157,857	+0.9%	1.34%	+8.6%
STE	Buy	STERIS PLC SHARES	$5,680,000	+7.3%	77,696	+0.9%	1.22%	+6.2%
MCY	Buy	MERCURY GEN CORP NEW	$5,560,000	+4.0%	101,362	+0.8%	1.19%	+2.9%
CLX	Buy	CLOROX CO DEL	$5,185,000	-8.7%	41,419	+0.9%	1.11%	-9.7%
DVN	Sell	DEVON ENERGY CORP NEW	$4,968,000	-18.9%	112,627	-33.4%	1.07%	-19.8%
CTAS	Sell	CINTAS CORP	$627,000	-88.6%	5,570	-90.1%	0.14%	-88.7%
PX	Exit	PRAXAIR INC	$0	–	-3,114	–	-0.08%	–

Q2 2016

			Value		Shares		↓ Weighting
	New	ALLEGHANY CORP DEL	$19,841,000	–	36,103	–	4.30%	–
SON	New	SONOCO PRODUCTS	$19,828,000	–	399,282	–	4.30%	–
MTB	New	M & T BANK CORP	$18,612,000	–	157,425	–	4.04%	–
CASY	New	CASEYS GEN STORES INC	$16,838,000	–	128,038	–	3.65%	–
LH	New	LABORATORY CORP AMER HLDGS	$15,893,000	–	122,002	–	3.45%	–
NTRS	New	NORTHERN TRUST CORP	$15,821,000	–	238,777	–	3.43%	–
WTM	New	WHITE MOUNT INS GRP LTD	$15,430,000	–	18,325	–	3.35%	–
VAR	New	VARIAN MED SYS INC	$14,761,000	–	179,513	–	3.20%	–
ETN	New	EATON CORP PLC SHS	$14,675,000	–	245,682	–	3.18%	–
LEG	New	LEGGETT & PLATT INC	$14,259,000	–	278,985	–	3.09%	–
DVA	New	DAVITA HEALTHCARE PARTNERS	$14,003,000	–	181,101	–	3.04%	–
WERN	New	WERNER ENTERPRISES INC	$13,914,000	–	605,741	–	3.02%	–
CBSH	New	COMMERCE BANCSHARES INC	$13,394,000	–	279,621	–	2.91%	–
PGR	New	PROGRESSIVE CORP OHIO	$13,270,000	–	396,118	–	2.88%	–
	New	ARROW ELECTRS INC	$12,996,000	–	209,954	–	2.82%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$12,963,000	–	1,573,228	–	2.81%	–
	New	BED BATH & BEYOND INC	$12,767,000	–	295,404	–	2.77%	–
	New	APTARGROUP INC	$12,588,000	–	159,086	–	2.73%	–
TIF	New	TIFFANY & CO NEW	$12,360,000	–	203,830	–	2.68%	–
DRQ	New	DRIL-QUIP IN	$12,217,000	–	209,087	–	2.65%	–
SJM	New	SMUCKER J M CO	$11,358,000	–	74,524	–	2.46%	–
	New	BARD C R INC	$11,274,000	–	47,940	–	2.45%	–
NSC	New	NORFOLK SOUTHN CORP	$10,767,000	–	126,476	–	2.34%	–
NOV	New	NATIONAL OILWELL VARCO INC	$9,828,000	–	292,078	–	2.13%	–
	New	AVNET INC	$9,808,000	–	242,105	–	2.13%	–
	New	BERKLEY W R CORP	$9,393,000	–	156,759	–	2.04%	–
ZBH	New	ZIMMER HLDGS INC	$9,265,000	–	76,964	–	2.01%	–
VMI	New	VALMONT INDS INC	$9,037,000	–	66,805	–	1.96%	–
MGEE	New	MGE ENERGY INC	$8,774,000	–	155,249	–	1.90%	–
GWW	New	GRAINGER, W W INC	$8,717,000	–	38,357	–	1.89%	–
MAT	New	MATTEL INC	$8,243,000	–	263,428	–	1.79%	–
MLHR	New	MILLER HERMAN INC	$7,547,000	–	252,497	–	1.64%	–
DVN	New	DEVON ENERGY CORP NEW	$6,126,000	–	169,005	–	1.33%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$5,759,000	–	77,567	–	1.25%	–
	New	ABM INDS INC	$5,708,000	–	156,463	–	1.24%	–
CLX	New	CLOROX CO DEL	$5,680,000	–	41,042	–	1.23%	–
IEX	New	IDEX CORP	$5,559,000	–	67,714	–	1.21%	–
CTAS	New	CINTAS CORP	$5,503,000	–	56,082	–	1.19%	–
MCY	New	MERCURY GEN CORP NEW	$5,344,000	–	100,526	–	1.16%	–
STE	New	STERIS PLC SHARES	$5,293,000	–	76,989	–	1.15%	–
PDCO	New	PATTERSON COMPANIES INC	$4,859,000	–	101,460	–	1.05%	–
PX	New	PRAXAIR INC	$350,000	–	3,114	–	0.08%	–
MTSC	New	MTS SYS CORP	$220,000	–	5,019	–	0.05%	–
TDW	New	TIDEWATER INC	$57,000	–	12,843	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
PX	Exit	PRAXAIR INC	$0	–	-3,114	–	-0.08%	–
TDW	Exit	TIDEWATER INC	$0	–	-198,102	–	-0.65%	–
MGEE	Exit	MGE ENERGY INC	$0	–	-74,362	–	-0.76%	–
MLHR	Exit	MILLER HERMAN INC COM	$0	–	-144,600	–	-1.04%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-98,176	–	-1.06%	–
CTAS	Exit	CINTAS CORP	$0	–	-54,219	–	-1.16%	–
IEX	Exit	IDEX CORP	$0	–	-65,415	–	-1.16%	–
MTSC	Exit	MTS SYS CORP	$0	–	-79,461	–	-1.19%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-92,557	–	-1.56%	–
DRQ	Exit	DRIL-QUIP IN	$0	–	-111,381	–	-1.61%	–
STE	Exit	STERIS CORP	$0	–	-103,241	–	-1.67%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-133,164	–	-1.67%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-74,288	–	-1.74%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-303,953	–	-1.90%	–
VMI	Exit	VALMONT INDS INC	$0	–	-80,651	–	-1.90%	–
GWW	Exit	GRAINGER, W W INC	$0	–	-37,090	–	-1.98%	–
CLX	Exit	CLOROX CO DEL	$0	–	-71,125	–	-2.04%	–
	Exit	BERKLEY W R CORP	$0	–	-151,621	–	-2.05%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS ICO	$0	–	-114,648	–	-2.06%	–
	Exit	ABM INDS INC	$0	–	-307,014	–	-2.09%	–
	Exit	ARROW ELECTRS INC	$0	–	-163,886	–	-2.25%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-221,393	–	-2.27%	–
	Exit	AVNET INC	$0	–	-233,661	–	-2.48%	–
	Exit	APTARGROUP INC	$0	–	-153,678	–	-2.52%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-202,244	–	-2.58%	–
MAT	Exit	MATTEL INC COM	$0	–	-505,713	–	-2.65%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-992,875	–	-2.70%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-151,429	–	-2.78%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-167,979	–	-2.85%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-257,271	–	-2.92%	–
	Exit	BARD C R INC	$0	–	-68,049	–	-3.15%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-117,867	–	-3.18%	–
	Exit	BED BATH & BEYOND INC	$0	–	-228,817	–	-3.25%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-179,655	–	-3.41%	–
SJM	Exit	SMUCKER J M CO	$0	–	-130,705	–	-3.71%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-144,998	–	-3.71%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-396,509	–	-3.72%	–
PNY	Exit	PIEDMONT NAT'L GAS CO INC.	$0	–	-380,283	–	-3.79%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-501,028	–	-3.82%	–
MTB	Exit	M & T BANK CORP	$0	–	-129,884	–	-3.94%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-23,058	–	-4.29%	–
	Exit	ALLEGHANY CORP DEL	$0	–	-40,047	–	-4.66%	–

Q3 2015

			Value		Shares		↓ Weighting
	New	ALLEGHANY CORP DEL	$18,746,000	–	40,047	–	4.66%	–
WTM	Sell	WHITE MOUNT INS GRP LTD	$17,231,000	-11.0%	23,058	-22.0%	4.29%	-8.0%
MTB	Sell	M & T BANK CORP	$15,839,000	-2.7%	129,884	-0.3%	3.94%	+0.7%
PGR	Sell	PROGRESSIVE CORP OHIO	$15,351,000	-3.7%	501,028	-12.5%	3.82%	-0.3%
PNY	Sell	PIEDMONT NAT'L GAS CO INC.	$15,238,000	+13.1%	380,283	-0.3%	3.79%	+17.0%
SON	Sell	SONOCO PRODUCTS	$14,964,000	-12.0%	396,509	-0.1%	3.72%	-9.0%
CASY	Sell	CASEYS GEN STORES INC	$14,923,000	-5.6%	144,998	-12.2%	3.71%	-2.4%
SJM	Sell	SMUCKER J M CO	$14,912,000	+4.9%	130,705	-0.3%	3.71%	+8.5%
NSC	Sell	NORFOLK SOUTHN CORP	$13,726,000	-12.6%	179,655	-0.1%	3.41%	-9.6%
	New	BED BATH & BEYOND INC	$13,047,000	–	228,817	–	3.25%	–
LH	Sell	LABORATORY CORP AMER HLDGS	$12,785,000	-10.8%	117,867	-0.3%	3.18%	-7.7%
	New	BARD C R INC	$12,678,000	–	68,049	–	3.15%	–
CBSH	Sell	COMMERCE BANCSHARES INC	$11,721,000	-2.9%	257,271	-0.3%	2.92%	+0.5%
NTRS	Sell	NORTHERN TRUST CORP	$11,449,000	-11.1%	167,979	-0.3%	2.85%	-8.0%
VAR	Sell	VARIAN MED SYS INC	$11,172,000	-12.8%	151,429	-0.3%	2.78%	-9.8%
NEBLQ	Buy	NOBLE CORP PLC SHS USD	$10,832,000	-17.3%	992,875	+16.6%	2.70%	-14.4%
MAT	Buy	MATTEL INC COM	$10,650,000	+32.1%	505,713	+61.1%	2.65%	+36.6%
ETN	Sell	EATON CORP PLC SHS	$10,375,000	-24.2%	202,244	-0.3%	2.58%	-21.6%
	New	APTARGROUP INC	$10,137,000	–	153,678	–	2.52%	–
	New	AVNET INC	$9,973,000	–	233,661	–	2.48%	–
LEG	Sell	LEGGETT & PLATT INC	$9,132,000	-29.4%	221,393	-16.7%	2.27%	-26.9%
	New	ARROW ELECTRS INC	$9,060,000	–	163,886	–	2.25%	–
	New	ABM INDS INC	$8,385,000	–	307,014	–	2.09%	–
DVA	Buy	DAVITA HEALTHCARE PARTNERS ICO	$8,292,000	+67.8%	114,648	+84.3%	2.06%	+73.5%
	New	BERKLEY W R CORP	$8,244,000	–	151,621	–	2.05%	–
CLX	Sell	CLOROX CO DEL	$8,217,000	-9.5%	71,125	-18.5%	2.04%	-6.4%
GWW	Sell	GRAINGER, W W INC	$7,975,000	-9.4%	37,090	-0.3%	1.98%	-6.3%
VMI	Sell	VALMONT INDS INC	$7,653,000	-20.4%	80,651	-0.3%	1.90%	-17.6%
WERN	Sell	WERNER ENTERPRISES INC	$7,629,000	-4.7%	303,953	-0.3%	1.90%	-1.4%
ZBH	Buy	ZIMMER HLDGS INC	$6,978,000	+23.1%	74,288	+43.1%	1.74%	+27.4%
MCY	Sell	MERCURY GEN CORP NEW	$6,726,000	-9.5%	133,164	-0.3%	1.67%	-6.4%
STE	Sell	STERIS CORP	$6,708,000	+0.5%	103,241	-0.3%	1.67%	+4.1%
DRQ	New	DRIL-QUIP IN	$6,485,000	–	111,381	–	1.61%	–
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$6,274,000	+8.3%	92,557	-0.3%	1.56%	+12.1%
MTSC	Sell	MTS SYS CORP	$4,776,000	-13.1%	79,461	-0.3%	1.19%	-10.1%
IEX	Sell	IDEX CORP	$4,664,000	-9.5%	65,415	-0.3%	1.16%	-6.4%
CTAS	Sell	CINTAS CORP	$4,649,000	+1.1%	54,219	-0.3%	1.16%	+4.5%
PDCO	Sell	PATTERSON COMPANIES INC	$4,246,000	-11.4%	98,176	-0.3%	1.06%	-8.3%
MLHR	New	MILLER HERMAN INC COM	$4,170,000	–	144,600	–	1.04%	–
MGEE	New	MGE ENERGY INC	$3,063,000	–	74,362	–	0.76%	–
TDW	Buy	TIDEWATER INC	$2,603,000	-37.6%	198,102	+7.9%	0.65%	-35.4%
ATO	Exit	ATMOS ENERGY CORP	$0	–	-86,894	–	-1.07%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-152,061	–	-1.90%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-164,376	–	-2.21%	–
AVT	Exit	AVNET INC	$0	–	-234,381	–	-2.32%	–
ATR	Exit	APTARGROUP INC	$0	–	-154,138	–	-2.36%	–
ABM	Exit	ABM INDS INC	$0	–	-307,934	–	-2.43%	–
BCR	Exit	BARD C R INC	$0	–	-77,815	–	-3.19%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-208,660	–	-3.46%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-40,167	–	-4.53%	–

Q2 2015

			Value		Shares		↓ Weighting
WTM	New	WHITE MOUNT INS GRP LTD	$19,369,000	–	29,574	–	4.66%	–
Y	New	ALLEGHANY CORP DEL	$18,829,000	–	40,167	–	4.53%	–
SON	New	SONOCO PRODUCTS	$17,006,000	–	396,779	–	4.09%	–
MTB	New	M & T BANK CORP	$16,275,000	–	130,274	–	3.91%	–
PGR	New	PROGRESSIVE CORP OHIO	$15,933,000	–	572,513	–	3.83%	–
CASY	New	CASEYS GEN STORES INC	$15,814,000	–	165,174	–	3.80%	–
NSC	New	NORFOLK SOUTHN CORP	$15,705,000	–	179,770	–	3.78%	–
BBBY	New	BED BATH & BEYOND INC	$14,393,000	–	208,660	–	3.46%	–
LH	New	LABORATORY CORP AMER HLDGS	$14,330,000	–	118,217	–	3.45%	–
SJM	New	SMUCKER J M CO	$14,211,000	–	131,085	–	3.42%	–
ETN	New	EATON CORP PLC SHS	$13,689,000	–	202,834	–	3.29%	–
PNY	New	PIEDMONT NAT'L GAS CO INC.	$13,468,000	–	381,413	–	3.24%	–
BCR	New	BARD C R INC	$13,283,000	–	77,815	–	3.19%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$13,100,000	–	851,228	–	3.15%	–
LEG	New	LEGGETT & PLATT INC	$12,932,000	–	265,643	–	3.11%	–
NTRS	New	NORTHERN TRUST CORP	$12,881,000	–	168,469	–	3.10%	–
VAR	New	VARIAN MED SYS INC	$12,807,000	–	151,869	–	3.08%	–
CBSH	New	COMMERCE BANCSHARES INC	$12,069,000	–	258,041	–	2.90%	–
ABM	New	ABM INDS INC	$10,122,000	–	307,934	–	2.43%	–
ATR	New	APTARGROUP INC	$9,829,000	–	154,138	–	2.36%	–
AVT	New	AVNET INC	$9,635,000	–	234,381	–	2.32%	–
VMI	New	VALMONT INDS INC	$9,616,000	–	80,891	–	2.31%	–
ARW	New	ARROW ELECTRS INC	$9,172,000	–	164,376	–	2.21%	–
CLX	New	CLOROX CO DEL	$9,078,000	–	87,273	–	2.18%	–
GWW	New	GRAINGER, W W INC	$8,803,000	–	37,200	–	2.12%	–
MAT	New	MATTEL INC COM	$8,065,000	–	313,920	–	1.94%	–
WERN	New	WERNER ENTERPRISES INC	$8,003,000	–	304,883	–	1.92%	–
WRB	New	BERKLEY W R CORP	$7,897,000	–	152,061	–	1.90%	–
MCY	New	MERCURY GEN CORP NEW	$7,432,000	–	133,554	–	1.79%	–
STE	New	STERIS CORP	$6,672,000	–	103,541	–	1.60%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$5,792,000	–	92,837	–	1.39%	–
ZBH	New	ZIMMER HLDGS INC	$5,669,000	–	51,898	–	1.36%	–
MTSC	New	MTS SYS CORP	$5,495,000	–	79,691	–	1.32%	–
IEX	New	IDEX CORP	$5,154,000	–	65,595	–	1.24%	–
DVA	New	DAVITA HEALTHCARE PARTNERS ICO	$4,943,000	–	62,200	–	1.19%	–
PDCO	New	PATTERSON COMPANIES INC	$4,790,000	–	98,456	–	1.15%	–
CTAS	New	CINTAS CORP	$4,599,000	–	54,369	–	1.11%	–
ATO	New	ATMOS ENERGY CORP	$4,456,000	–	86,894	–	1.07%	–
TDW	New	TIDEWATER INC	$4,173,000	–	183,608	–	1.00%	–
PX	New	PRAXAIR INC	$372,000	–	3,114	–	0.09%	–

Q4 2014

			Value		Shares		↓ Weighting
PX	Exit	PRAXAIR INC	$0	–	-4,464	–	-0.15%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-168,124	–	-1.00%	–
	Exit	ATMOS ENERGY CORP	$0	–	-87,864	–	-1.07%	–
GWW	Exit	GRAINGER, W W INC	$0	–	-16,900	–	-1.09%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-66,257	–	-1.12%	–
IEX	Exit	IDEX CORP	$0	–	-67,295	–	-1.24%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-52,328	–	-1.34%	–
MTSC	Exit	MTS SYS CORP	$0	–	-80,349	–	-1.40%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-134,124	–	-1.67%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-149,285	–	-1.70%	–
	Exit	APTARGROUP INC	$0	–	-121,368	–	-1.88%	–
	Exit	BERKLEY W R CORP	$0	–	-155,591	–	-1.90%	–
CTAS	Exit	CINTAS CORP	$0	–	-108,339	–	-1.95%	–
	Exit	ARROW ELECTRS INC	$0	–	-138,936	–	-1.96%	–
	Exit	ABM INDS INC	$0	–	-310,234	–	-2.04%	–
	Exit	BARD C R INC	$0	–	-57,101	–	-2.08%	–
CLX	Exit	CLOROX CO DEL	$0	–	-87,963	–	-2.16%	–
	Exit	AVNET INC	$0	–	-204,281	–	-2.17%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-368,653	–	-2.37%	–
TDW	Exit	TIDEWATER INC	$0	–	-243,438	–	-2.43%	–
STE	Exit	STERIS CORP	$0	–	-176,311	–	-2.43%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-164,894	–	-2.67%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-136,620	–	-2.80%	–
VMI	Exit	VALMONT INDS INC	$0	–	-81,501	–	-2.81%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-272,036	–	-2.88%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-169,679	–	-2.95%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-501,393	–	-3.24%	–
	Exit	BED BATH & BEYOND INC	$0	–	-210,320	–	-3.54%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-136,837	–	-3.56%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-655,798	–	-3.72%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-371,263	–	-3.73%	–
PNY	Exit	PIEDMONT NAT'L GAS CO INC.	$0	–	-435,591	–	-3.73%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-420,933	–	-3.76%	–
MTB	Exit	M & T BANK CORP	$0	–	-121,947	–	-3.84%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-135,173	–	-3.86%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-227,136	–	-4.16%	–
SJM	Exit	SMUCKER J M CO	$0	–	-169,513	–	-4.29%	–
	Exit	ALLEGHANY CORP DEL	$0	–	-40,477	–	-4.32%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-30,856	–	-4.97%	–

Q3 2014

			Value		Shares		↓ Weighting
WTM	Buy	WHITE MOUNT INS GRP LTD	$19,441,000	+7.5%	30,856	+3.8%	4.97%	+7.9%
	Buy	ALLEGHANY CORP DEL	$16,925,000	+13.3%	40,477	+18.8%	4.32%	+13.8%
SJM	Buy	SMUCKER J M CO	$16,780,000	+12.0%	169,513	+20.5%	4.29%	+12.4%
CASY	Buy	CASEYS GEN STORES INC	$16,286,000	+17.4%	227,136	+15.1%	4.16%	+17.9%
NSC	Sell	NORFOLK SOUTHN CORP	$15,085,000	+0.3%	135,173	-7.4%	3.86%	+0.7%
MTB	Buy	M & T BANK CORP	$15,035,000	+21.1%	121,947	+21.9%	3.84%	+21.6%
LEG	Buy	LEGGETT & PLATT INC	$14,699,000	+6.0%	420,933	+4.1%	3.76%	+6.4%
PNY	Sell	PIEDMONT NAT'L GAS CO INC.	$14,605,000	-17.9%	435,591	-8.4%	3.73%	-17.6%
SON	Buy	SONOCO PRODUCTS	$14,587,000	-6.9%	371,263	+4.0%	3.73%	-6.6%
NEBLQ	Buy	NOBLE CORP PLC SHS USD	$14,572,000	-8.4%	655,798	+38.4%	3.72%	-8.0%
LH	Sell	LABORATORY CORP AMER HLDGS	$13,923,000	-3.7%	136,837	-3.1%	3.56%	-3.4%
	Buy	BED BATH & BEYOND INC	$13,845,000	+41.1%	210,320	+23.0%	3.54%	+41.7%
PGR	Buy	PROGRESSIVE CORP OHIO	$12,675,000	+28.6%	501,393	+29.0%	3.24%	+29.1%
NTRS	Buy	NORTHERN TRUST CORP	$11,543,000	+10.1%	169,679	+4.0%	2.95%	+10.6%
PDCO	Buy	PATTERSON COMPANIES INC	$11,270,000	+33.6%	272,036	+27.4%	2.88%	+34.1%
VMI	Buy	VALMONT INDS INC	$10,997,000	-7.6%	81,501	+4.0%	2.81%	-7.3%
VAR	Buy	VARIAN MED SYS INC	$10,946,000	+0.1%	136,620	+3.8%	2.80%	+0.4%
ETN	Buy	EATON CORP PLC SHS	$10,449,000	+6.5%	164,894	+29.7%	2.67%	+6.8%
STE	Sell	STERIS CORP	$9,514,000	-7.0%	176,311	-7.8%	2.43%	-6.6%
TDW	Buy	TIDEWATER INC	$9,501,000	-27.5%	243,438	+4.3%	2.43%	-27.2%
WERN	Buy	WERNER ENTERPRISES INC	$9,290,000	-0.1%	368,653	+5.1%	2.37%	+0.3%
	Buy	AVNET INC	$8,478,000	+29.5%	204,281	+38.3%	2.17%	+30.1%
CLX	Buy	CLOROX CO DEL	$8,448,000	+9.5%	87,963	+4.2%	2.16%	+9.9%
	Sell	BARD C R INC	$8,149,000	-25.2%	57,101	-25.0%	2.08%	-24.9%
	Buy	ABM INDS INC	$7,970,000	-0.0%	310,234	+5.0%	2.04%	+0.4%
	Sell	ARROW ELECTRS INC	$7,690,000	-22.7%	138,936	-15.7%	1.96%	-22.5%
CTAS	Sell	CINTAS CORP	$7,648,000	-28.5%	108,339	-35.7%	1.95%	-28.3%
	Buy	BERKLEY W R CORP	$7,437,000	+6.8%	155,591	+3.4%	1.90%	+7.2%
	Buy	APTARGROUP INC	$7,367,000	+26.3%	121,368	+39.4%	1.88%	+26.8%
CBSH	Buy	COMMERCE BANCSHARES INC	$6,665,000	-0.2%	149,285	+4.0%	1.70%	+0.2%
MCY	Buy	MERCURY GEN CORP NEW	$6,547,000	+8.3%	134,124	+4.4%	1.67%	+8.8%
MTSC	Buy	MTS SYS CORP	$5,485,000	+4.7%	80,349	+3.9%	1.40%	+5.1%
ZBH	Buy	ZIMMER HLDGS INC	$5,262,000	+1.6%	52,328	+4.9%	1.34%	+2.0%
IEX	Sell	IDEX CORP	$4,870,000	-34.2%	67,295	-26.6%	1.24%	-33.9%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$4,394,000	-43.7%	66,257	-45.8%	1.12%	-43.5%
GWW	New	GRAINGER, W W INC	$4,253,000	–	16,900	–	1.09%	–
	Buy	ATMOS ENERGY CORP	$4,191,000	-6.1%	87,864	+5.1%	1.07%	-5.7%
UPLMQ	Sell	ULTRA PETROLEUM CORP	$3,911,000	-49.9%	168,124	-36.0%	1.00%	-49.7%
HRL	Exit	HORMEL FOODS CORP	$0	–	-84,420	–	-1.06%	–

Q2 2014

			Value		Shares		↓ Weighting
WTM	New	WHITE MOUNT INS GRP LTD	$18,083,000	–	29,721	–	4.60%	–
PNY	New	PIEDMONT NAT'L GAS CO INC.	$17,786,000	–	475,431	–	4.53%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$15,900,000	–	473,778	–	4.05%	–
SON	New	SONOCO PRODUCTS	$15,676,000	–	356,833	–	3.99%	–
NSC	New	NORFOLK SOUTHN CORP	$15,044,000	–	146,013	–	3.83%	–
SJM	New	SMUCKER J M CO	$14,986,000	–	140,623	–	3.82%	–
	New	ALLEGHANY CORP DEL	$14,933,000	–	34,084	–	3.80%	–
LH	New	LABORATORY CORP AMER HLDGS	$14,465,000	–	141,257	–	3.68%	–
CASY	New	CASEYS GEN STORES INC	$13,868,000	–	197,303	–	3.53%	–
LEG	New	LEGGETT & PLATT INC	$13,862,000	–	404,373	–	3.53%	–
TDW	New	TIDEWATER INC	$13,101,000	–	233,330	–	3.34%	–
MTB	New	M & T BANK CORP	$12,412,000	–	100,057	–	3.16%	–
VMI	New	VALMONT INDS INC	$11,904,000	–	78,341	–	3.03%	–
VAR	New	VARIAN MED SYS INC	$10,939,000	–	131,568	–	2.78%	–
	New	BARD C R INC	$10,895,000	–	76,182	–	2.77%	–
CTAS	New	CINTAS CORP	$10,700,000	–	168,399	–	2.72%	–
NTRS	New	NORTHERN TRUST CORP	$10,480,000	–	163,209	–	2.67%	–
STE	New	STERIS CORP	$10,228,000	–	191,251	–	2.60%	–
	New	ARROW ELECTRS INC	$9,953,000	–	164,756	–	2.53%	–
PGR	New	PROGRESSIVE CORP OHIO	$9,854,000	–	388,563	–	2.51%	–
ETN	New	EATON CORP PLC SHS	$9,815,000	–	127,164	–	2.50%	–
	New	BED BATH & BEYOND INC	$9,809,000	–	170,940	–	2.50%	–
WERN	New	WERNER ENTERPRISES INC	$9,296,000	–	350,643	–	2.37%	–
PDCO	New	PATTERSON COMPANIES INC	$8,437,000	–	213,546	–	2.15%	–
	New	ABM INDS INC	$7,971,000	–	295,444	–	2.03%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$7,804,000	–	262,854	–	1.99%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$7,802,000	–	122,307	–	1.99%	–
CLX	New	CLOROX CO DEL	$7,716,000	–	84,423	–	1.96%	–
IEX	New	IDEX CORP	$7,402,000	–	91,675	–	1.88%	–
	New	BERKLEY W R CORP	$6,966,000	–	150,411	–	1.77%	–
CBSH	New	COMMERCE BANCSHARES INC	$6,676,000	–	143,566	–	1.70%	–
	New	AVNET INC	$6,546,000	–	147,721	–	1.67%	–
MCY	New	MERCURY GEN CORP NEW	$6,043,000	–	128,464	–	1.54%	–
	New	APTARGROUP INC	$5,834,000	–	87,058	–	1.48%	–
MTSC	New	MTS SYS CORP	$5,240,000	–	77,339	–	1.33%	–
ZBH	New	ZIMMER HLDGS INC	$5,179,000	–	49,868	–	1.32%	–
	New	ATMOS ENERGY CORP	$4,463,000	–	83,574	–	1.14%	–
HRL	New	HORMEL FOODS CORP	$4,166,000	–	84,420	–	1.06%	–
PX	New	PRAXAIR INC	$593,000	–	4,464	–	0.15%	–

Q4 2013

			Value		Shares		↓ Weighting
PX	Exit	PRAXAIR INC	$0	–	-4,564	–	-0.15%	–
FSTO	Exit	FOREST OIL CORP	$0	–	-569,519	–	-0.96%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-36,650	–	-0.98%	–
	Exit	BED BATH & BEYOND INC	$0	–	-54,320	–	-1.16%	–
ABM	Exit	ABM INDS INC	$0	–	-158,645	–	-1.17%	–
	Exit	AVNET INC	$0	–	-105,310	–	-1.22%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-110,090	–	-1.28%	–
	Exit	APTARGROUP INC	$0	–	-89,755	–	-1.49%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-92,210	–	-1.52%	–
MTB	Exit	M & T BANK CORP	$0	–	-49,560	–	-1.53%	–
MCY	Exit	MERCURY GEN CORP NEW	$0	–	-124,068	–	-1.66%	–
	Exit	BERKLEY W R CORP	$0	–	-154,164	–	-1.83%	–
	Exit	ATMOS ENERGY CORP	$0	–	-162,020	–	-1.91%	–
STE	Exit	STERIS CORP	$0	–	-164,410	–	-1.95%	–
CLX	Exit	CLOROX CO DEL	$0	–	-86,750	–	-1.96%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-274,671	–	-2.07%	–
MTSC	Exit	MTS SYS CORP	$0	–	-119,238	–	-2.12%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-97,570	–	-2.22%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-183,916	–	-2.23%	–
WERN	Exit	WERNER ENTERPRISES INC	$0	–	-359,380	–	-2.32%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-279,855	–	-2.33%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-220,535	–	-2.45%	–
VMI	Exit	VALMONT INDS INC	$0	–	-64,430	–	-2.48%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-168,347	–	-2.53%	–
SJM	Exit	SMUCKER J M CO	$0	–	-89,610	–	-2.60%	–
	Exit	ALLEGHANY CORP DEL	$0	–	-23,318	–	-2.64%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-150,040	–	-2.86%	–
IEX	Exit	IDEX CORP	$0	–	-163,165	–	-2.94%	–
PNY	Exit	PIEDMONT NAT'L GAS CO INC.	$0	–	-327,600	–	-2.98%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-527,410	–	-3.00%	–
TDW	Exit	TIDEWATER INC	$0	–	-194,635	–	-3.20%	–
	Exit	ARROW ELECTRS INC	$0	–	-244,556	–	-3.28%	–
	Exit	BARD C R INC	$0	–	-103,807	–	-3.31%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-167,625	–	-3.46%	–
CTAS	Exit	CINTAS CORP	$0	–	-259,860	–	-3.68%	–
NE	Exit	NOBLE CORPORATION BAAR	$0	–	-364,940	–	-3.81%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-139,970	–	-3.84%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-191,980	–	-3.90%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-189,358	–	-4.05%	–
SON	Exit	SONOCO PRODUCTS	$0	–	-413,330	–	-4.45%	–
WTM	Exit	WHITE MOUNT INS GRP LTD	$0	–	-28,590	–	-4.49%	–

Q3 2013

			Value		Shares		↓ Weighting
WTM	Buy	WHITE MOUNT INS GRP LTD	$16,228,000	+9.5%	28,590	+10.9%	4.49%	+3.8%
SON	Sell	SONOCO PRODUCTS	$16,095,000	+0.0%	413,330	-11.2%	4.45%	-5.2%
NSC	Sell	NORFOLK SOUTHN CORP	$14,647,000	+4.9%	189,358	-1.4%	4.05%	-0.5%
CASY	Sell	CASEYS GEN STORES INC	$14,089,000	+3.6%	191,980	-15.1%	3.90%	-1.8%
LH	Sell	LABORATORY CORP AMER HLDGS	$13,877,000	-2.3%	139,970	-1.4%	3.84%	-7.4%
NE	Sell	NOBLE CORPORATION BAAR	$13,784,000	-0.9%	364,940	-1.4%	3.81%	-6.0%
CTAS	Sell	CINTAS CORP	$13,305,000	+10.9%	259,860	-1.3%	3.68%	+5.1%
VAR	Buy	VARIAN MED SYS INC	$12,527,000	+29.0%	167,625	+16.4%	3.46%	+22.3%
	Sell	BARD C R INC	$11,959,000	-8.7%	103,807	-13.9%	3.31%	-13.5%
	Sell	ARROW ELECTRS INC	$11,868,000	+20.1%	244,556	-1.4%	3.28%	+13.8%
TDW	Sell	TIDEWATER INC	$11,554,000	+2.8%	194,635	-1.4%	3.20%	-2.6%
UPLMQ	Buy	ULTRA PETROLEUM CORP	$10,849,000	+52.2%	527,410	+46.6%	3.00%	+44.2%
PNY	Buy	PIEDMONT NAT'L GAS CO INC.	$10,771,000	+19.2%	327,600	+22.3%	2.98%	+13.0%
IEX	Sell	IDEX CORP	$10,647,000	+19.6%	163,165	-1.4%	2.94%	+13.4%
ETN	Sell	EATON CORP PLC SHS	$10,329,000	-14.1%	150,040	-17.9%	2.86%	-18.6%
	Sell	ALLEGHANY CORP DEL	$9,552,000	+5.4%	23,318	-1.4%	2.64%	-0.1%
SJM	Sell	SMUCKER J M CO	$9,413,000	+0.5%	89,610	-1.3%	2.60%	-4.8%
NTRS	Sell	NORTHERN TRUST CORP	$9,155,000	-7.3%	168,347	-1.3%	2.53%	-12.1%
VMI	Buy	VALMONT INDS INC	$8,950,000	+158.4%	64,430	+166.2%	2.48%	+145.0%
PDCO	Sell	PATTERSON COMPANIES INC	$8,862,000	+5.4%	220,535	-1.3%	2.45%	-0.0%
LEG	Sell	LEGGETT & PLATT INC	$8,438,000	-4.4%	279,855	-1.4%	2.33%	-9.4%
WERN	Buy	WERNER ENTERPRISES INC	$8,384,000	+21.0%	359,380	+25.4%	2.32%	+14.7%
CBSH	Sell	COMMERCE BANCSHARES INC	$8,057,000	-0.8%	183,916	-1.4%	2.23%	-6.0%
ZBH	Sell	ZIMMER HLDGS INC	$8,014,000	+8.0%	97,570	-1.5%	2.22%	+2.4%
MTSC	Sell	MTS SYS CORP	$7,673,000	+12.3%	119,238	-1.2%	2.12%	+6.5%
PGR	Sell	PROGRESSIVE CORP OHIO	$7,479,000	+5.7%	274,671	-1.3%	2.07%	+0.2%
CLX	Sell	CLOROX CO DEL	$7,089,000	-3.1%	86,750	-1.4%	1.96%	-8.1%
STE	Buy	STERIS CORP	$7,063,000	+40.0%	164,410	+39.7%	1.95%	+32.7%
	Sell	ATMOS ENERGY CORP	$6,900,000	+2.3%	162,020	-1.4%	1.91%	-3.1%
	Sell	BERKLEY W R CORP	$6,607,000	+3.6%	154,164	-1.3%	1.83%	-1.8%
MCY	Sell	MERCURY GEN CORP NEW	$5,994,000	+8.4%	124,068	-1.3%	1.66%	+2.8%
MTB	Sell	M & T BANK CORP	$5,547,000	-1.3%	49,560	-1.4%	1.53%	-6.4%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$5,495,000	+4.4%	92,210	-1.3%	1.52%	-1.0%
	Sell	APTARGROUP INC	$5,397,000	+7.5%	89,755	-1.3%	1.49%	+1.9%
HRL	Sell	HORMEL FOODS CORP	$4,637,000	+7.7%	110,090	-1.4%	1.28%	+2.1%
	Sell	AVNET INC	$4,392,000	-14.5%	105,310	-31.1%	1.22%	-18.9%
ABM	New	ABM INDS INC	$4,223,000	–	158,645	–	1.17%	–
	Sell	BED BATH & BEYOND INC	$4,202,000	+7.4%	54,320	-1.5%	1.16%	+1.8%
XEC	Sell	CIMAREX ENERGY CO	$3,533,000	-33.0%	36,650	-54.9%	0.98%	-36.5%
FSTO	Sell	FOREST OIL CORP	$3,474,000	+47.1%	569,519	-1.4%	0.96%	+39.5%
	Exit	ABM INDS INC	$0	–	-160,905	–	-1.15%	–
DBD	Exit	DIEBOLD INC	$0	–	-161,005	–	-1.58%	–

Q2 2013

			Value		Shares		↓ Weighting
SON	New	SONOCO PRODUCTS	$16,090,000	–	465,440	–	4.69%	–
WTM	New	WHITE MOUNT INS GRP LTD	$14,825,000	–	25,785	–	4.32%	–
LH	New	LABORATORY CORP AMER HLDGS	$14,203,000	–	141,890	–	4.14%	–
NSC	New	NORFOLK SOUTHN CORP	$13,957,000	–	192,108	–	4.07%	–
NE	New	NOBLE CORPORATION BAAR	$13,904,000	–	369,990	–	4.06%	–
CASY	New	CASEYS GEN STORES INC	$13,600,000	–	226,060	–	3.97%	–
	New	BARD C R INC	$13,100,000	–	120,537	–	3.82%	–
ETN	New	EATON CORP PLC SHS	$12,022,000	–	182,680	–	3.51%	–
CTAS	New	CINTAS CORP	$11,993,000	–	263,350	–	3.50%	–
TDW	New	TIDEWATER INC	$11,244,000	–	197,365	–	3.28%	–
	New	ARROW ELECTRS INC	$9,882,000	–	247,986	–	2.88%	–
NTRS	New	NORTHERN TRUST CORP	$9,878,000	–	170,607	–	2.88%	–
VAR	New	VARIAN MED SYS INC	$9,712,000	–	143,985	–	2.83%	–
SJM	New	SMUCKER J M CO	$9,368,000	–	90,820	–	2.73%	–
	New	ALLEGHANY CORP DEL	$9,064,000	–	23,648	–	2.64%	–
PNY	New	PIEDMONT NAT'L GAS CO INC.	$9,036,000	–	267,800	–	2.64%	–
IEX	New	IDEX CORP	$8,901,000	–	165,415	–	2.60%	–
LEG	New	LEGGETT & PLATT INC	$8,822,000	–	283,759	–	2.57%	–
PDCO	New	PATTERSON COMPANIES INC	$8,404,000	–	223,505	–	2.45%	–
CBSH	New	COMMERCE BANCSHARES INC	$8,121,000	–	186,486	–	2.37%	–
ZBH	New	ZIMMER HLDGS INC	$7,421,000	–	99,030	–	2.16%	–
CLX	New	CLOROX CO DEL	$7,313,000	–	87,960	–	2.13%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$7,129,000	–	359,670	–	2.08%	–
PGR	New	PROGRESSIVE CORP OHIO	$7,075,000	–	278,341	–	2.06%	–
WERN	New	WERNER ENTERPRISES INC	$6,928,000	–	286,630	–	2.02%	–
MTSC	New	MTS SYS CORP	$6,833,000	–	120,728	–	1.99%	–
	New	ATMOS ENERGY CORP	$6,748,000	–	164,340	–	1.97%	–
	New	BERKLEY W R CORP	$6,380,000	–	156,144	–	1.86%	–
MTB	New	M & T BANK CORP	$5,619,000	–	50,280	–	1.64%	–
MCY	New	MERCURY GEN CORP NEW	$5,528,000	–	125,748	–	1.61%	–
DBD	New	DIEBOLD INC	$5,424,000	–	161,005	–	1.58%	–
XEC	New	CIMAREX ENERGY CO	$5,277,000	–	81,190	–	1.54%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$5,263,000	–	93,460	–	1.54%	–
	New	AVNET INC	$5,138,000	–	152,920	–	1.50%	–
STE	New	STERIS CORP	$5,045,000	–	117,660	–	1.47%	–
	New	APTARGROUP INC	$5,022,000	–	90,965	–	1.46%	–
HRL	New	HORMEL FOODS CORP	$4,306,000	–	111,610	–	1.26%	–
	New	ABM INDS INC	$3,944,000	–	160,905	–	1.15%	–
	New	BED BATH & BEYOND INC	$3,911,000	–	55,130	–	1.14%	–
VMI	New	VALMONT INDS INC	$3,463,000	–	24,200	–	1.01%	–
FSTO	New	FOREST OIL CORP	$2,362,000	–	577,569	–	0.69%	–
PX	New	PRAXAIR INC	$526,000	–	4,564	–	0.15%	–

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