KESTREL INVESTMENT MANAGEMENT CORP Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CRC	Sell	California Resources Corp	$9,314	+11.6%	166,300	-9.8%	5.89%	+27.7%
ROCK	Sell	Gibraltar Industries Inc	$7,477	-0.4%	110,750	-7.2%	4.73%	+14.0%
TPH	Sell	Tri Pointe Homes Inc	$7,317	-25.1%	267,550	-10.0%	4.63%	-14.3%
THC	Sell	Tenet Healthcare Corp	$7,129	-27.2%	108,200	-10.1%	4.51%	-16.7%
ATGE	Sell	Adtalem Global Educ Inc	$7,010	+12.2%	163,600	-10.1%	4.43%	+28.4%
DTM	Sell	DT Midstream Inc	$6,672	-3.4%	126,075	-9.5%	4.22%	+10.6%
VSTO	Sell	Vista Outdoor Inc	$6,414	+7.4%	193,650	-10.2%	4.06%	+22.9%
RDN	Sell	Radian Group Inc	$5,974	-10.7%	237,900	-10.1%	3.78%	+2.2%
CNX	Sell	CNX Resources Corp	$5,718	+14.4%	253,250	-10.2%	3.62%	+30.9%
BHF	Sell	Brighthouse Financial Inc	$5,555	-3.8%	113,500	-7.0%	3.51%	+10.0%
	New	PHINIA Inc	$5,425	–	202,500	–	3.43%	–
VCTR	Sell	Victory Capital Hldgs Inc	$5,284	-1.9%	158,500	-7.2%	3.34%	+12.3%
ODP	Sell	The ODP Corp	$5,261	-11.2%	114,000	-9.9%	3.33%	+1.6%
CCRN	New	Cross Country Healthcare Inc	$5,171	–	208,600	–	3.27%	–
IART	New	Integra LifeSciences Hldgs Cor	$4,676	–	122,450	–	2.96%	–
AVID	Sell	Avid Technology Inc	$4,540	-7.3%	168,950	-12.0%	2.87%	+6.1%
AX	Sell	Axos Financial Inc	$4,526	-13.5%	119,550	-9.9%	2.86%	-1.0%
CNO	Sell	CNO Financial Group Inc	$4,420	-8.7%	186,250	-8.9%	2.80%	+4.4%
PRFT	Sell	Perficient Inc	$4,021	-35.7%	69,500	-7.3%	2.54%	-26.4%
	Sell	Vitesse Energy Inc	$3,691	-8.2%	161,250	-10.2%	2.33%	+5.0%
MDRX	Sell	Veradigm Inc	$3,468	-3.3%	263,900	-7.3%	2.19%	+10.6%
BANR	Sell	Banner Corp	$3,439	-10.0%	81,150	-7.3%	2.18%	+2.9%
	Sell	Adeia Inc	$3,403	-9.7%	318,613	-6.9%	2.15%	+3.3%
LPRO	Sell	Open Lending Corp	$3,372	-35.4%	460,700	-7.2%	2.13%	-26.1%
DIN	Sell	Dine Brands Global Inc	$3,167	-23.6%	64,050	-10.4%	2.00%	-12.6%
KSS	Sell	Kohl's Corp	$3,064	-18.1%	146,200	-10.0%	1.94%	-6.3%
KOP	Sell	Koppers Holdings Inc	$2,964	+4.6%	74,950	-9.9%	1.87%	+19.6%
SAIC	Sell	Science App Intl Corp	$2,918	-11.9%	27,650	-6.1%	1.84%	+0.8%
SMP	Sell	Standard Motor Prod Inc	$2,663	-19.5%	79,200	-10.2%	1.68%	-7.9%
SP	Sell	SP Plus Corp	$2,502	-14.3%	69,300	-7.1%	1.58%	-1.9%
SBSI	Sell	Southside Bancshares Inc	$2,491	+1.4%	86,800	-7.6%	1.58%	+16.1%
	Sell	HireRight Hldgs Corp	$1,852	-24.2%	194,750	-9.8%	1.17%	-13.3%
AVD	New	American Vanguard Corp	$1,578	–	144,400	–	1.00%	–
BSIG	Sell	BrightSphere Inv Group Inc	$1,475	-16.7%	76,081	-10.0%	0.93%	-4.7%
DSKE	Sell	Daseke Inc	$1,332	-33.0%	259,650	-6.9%	0.84%	-23.4%
	Sell	Consensus Cloud Solns Inc	$1,136	-24.9%	45,100	-7.6%	0.72%	-14.1%
	Sell	Xperi Inc	$864	-32.4%	87,621	-9.8%	0.55%	-22.7%
RLGT	Sell	Radiant Logistics Inc	$842	-23.8%	149,099	-9.3%	0.53%	-12.9%
MATW	Exit	Matthews International Corp	$0	–	-74,550	–	-1.76%	–
THG	Exit	The Hanover Insur Grp Inc	$0	–	-34,350	–	-2.15%	–
UNVR	Exit	Univar Solutions Inc	$0	–	-202,300	–	-4.01%	–
TRTN	Exit	Triton International LTD	$0	–	-106,500	–	-4.90%	–

Q2 2023

			Value		Shares		↓ Weighting
THC	New	Tenet Healthcare Corp	$9,798	–	120,400	–	5.42%	–
TPH	New	Tri Pointe Homes Inc	$9,768	–	297,250	–	5.40%	–
TRTN	New	Triton International LTD	$8,867	–	106,500	–	4.90%	–
CRC	New	California Resources Corp	$8,347	–	184,300	–	4.61%	–
ROCK	New	Gibraltar Industries Inc	$7,510	–	119,350	–	4.15%	–
UNVR	New	Univar Solutions Inc	$7,250	–	202,300	–	4.01%	–
DTM	New	DT Midstream Inc	$6,904	–	139,275	–	3.82%	–
RDN	New	Radian Group Inc	$6,687	–	264,500	–	3.70%	–
PRFT	New	Perficient Inc	$6,250	–	75,000	–	3.45%	–
ATGE	New	Adtalem Global Educ Inc	$6,246	–	181,900	–	3.45%	–
VSTO	New	Vista Outdoor Inc	$5,970	–	215,750	–	3.30%	–
ODP	New	The ODP Corp	$5,923	–	126,500	–	3.27%	–
BHF	New	Brighthouse Financial Inc	$5,777	–	122,000	–	3.19%	–
VCTR	New	Victory Capital Hldgs Inc	$5,387	–	170,800	–	2.98%	–
AX	New	Axos Financial Inc	$5,232	–	132,650	–	2.89%	–
LPRO	New	Open Lending Corp	$5,218	–	496,500	–	2.88%	–
CNX	New	CNX Resources Corp	$4,998	–	282,050	–	2.76%	–
AVID	New	Avid Technology Inc	$4,895	–	191,950	–	2.70%	–
CNO	New	CNO Financial Group Inc	$4,842	–	204,550	–	2.68%	–
DIN	New	Dine Brands Global Inc	$4,146	–	71,450	–	2.29%	–
	New	Vitesse Energy Inc	$4,022	–	179,550	–	2.22%	–
THG	New	The Hanover Insur Grp Inc	$3,883	–	34,350	–	2.15%	–
BANR	New	Banner Corp	$3,823	–	87,550	–	2.11%	–
	New	Adeia Inc	$3,769	–	342,367	–	2.08%	–
KSS	New	Kohl's Corp	$3,743	–	162,400	–	2.07%	–
MDRX	New	Veradigm Inc	$3,587	–	284,700	–	1.98%	–
SAIC	New	Science App Intl Corp	$3,313	–	29,450	–	1.83%	–
SMP	New	Standard Motor Prod Inc	$3,309	–	88,200	–	1.83%	–
MATW	New	Matthews International Corp	$3,177	–	74,550	–	1.76%	–
SP	New	SP Plus Corp	$2,918	–	74,600	–	1.61%	–
KOP	New	Koppers Holdings Inc	$2,835	–	83,150	–	1.57%	–
SBSI	New	Southside Bancshares Inc	$2,456	–	93,900	–	1.36%	–
	New	HireRight Hldgs Corp	$2,442	–	215,950	–	1.35%	–
DSKE	New	Daseke Inc	$1,989	–	278,950	–	1.10%	–
BSIG	New	BrightSphere Inv Group Inc	$1,771	–	84,528	–	0.98%	–
	New	Consensus Cloud Solns Inc	$1,513	–	48,800	–	0.84%	–
	New	Xperi Inc	$1,278	–	97,162	–	0.71%	–
RLGT	New	Radiant Logistics Inc	$1,105	–	164,399	–	0.61%	–

Q4 2022

			Value		Shares		↓ Weighting
RLGT	Exit	Radiant Logistics Inc	$0	–	-183,299	–	-0.66%	–
BV	Exit	BrightView Holdings Inc	$0	–	-133,400	–	-0.67%	–
CURV	Exit	Torrid Holdings Inc	$0	–	-322,300	–	-0.85%	–
BSIG	Exit	BrightSphere Inv Group Inc	$0	–	-93,728	–	-0.88%	–
KE	Exit	Kimball Electronics Inc	$0	–	-86,050	–	-0.94%	–
	Exit	ZimVie Inc	$0	–	-154,650	–	-0.97%	–
MATW	Exit	Matthews International Corp	$0	–	-84,850	–	-1.20%	–
KOP	Exit	Koppers Holdings Inc	$0	–	-94,450	–	-1.24%	–
KFRC	Exit	Kforce Inc	$0	–	-41,950	–	-1.56%	–
	Exit	Consensus Cloud Solns Inc	$0	–	-54,600	–	-1.64%	–
SAIC	Exit	Science App Intl Corp	$0	–	-29,550	–	-1.66%	–
DAN	Exit	Dana Inc	$0	–	-274,500	–	-1.99%	–
SMP	Exit	Standard Motor Prod Inc	$0	–	-98,300	–	-2.02%	–
BCOR	Exit	Blucora Inc	$0	–	-190,650	–	-2.34%	–
	Exit	Xperi Holding Corp	$0	–	-268,917	–	-2.41%	–
CNO	Exit	CNO Financial Group Inc	$0	–	-224,950	–	-2.56%	–
AXS	Exit	AXIS Capital Hldgs LTD	$0	–	-84,800	–	-2.64%	–
HRB	Exit	H&R Block Inc	$0	–	-103,900	–	-2.80%	–
KSS	Exit	Kohl's Corp	$0	–	-176,900	–	-2.82%	–
CNX	Exit	CNX Resources Corp	$0	–	-306,750	–	-3.02%	–
THG	Exit	The Hanover Insur Grp Inc	$0	–	-37,550	–	-3.05%	–
MDRX	Exit	Allscripts Healthcr Solns Inc	$0	–	-318,100	–	-3.07%	–
TPH	Exit	Tri Pointe Homes Inc	$0	–	-322,950	–	-3.09%	–
AVID	Exit	Avid Technology Inc	$0	–	-210,250	–	-3.10%	–
DIN	Exit	Dine Brands Global Inc	$0	–	-78,250	–	-3.15%	–
UNVR	Exit	Univar Solutions Inc	$0	–	-221,100	–	-3.19%	–
ODP	Exit	The ODP Corp	$0	–	-144,400	–	-3.22%	–
TTMI	Exit	TTM Technologies Inc	$0	–	-386,400	–	-3.23%	–
ROCK	Exit	Gibraltar Industries Inc	$0	–	-132,950	–	-3.45%	–
RDN	Exit	Radian Group Inc	$0	–	-286,800	–	-3.50%	–
VSTO	Exit	Vista Outdoor Inc	$0	–	-233,050	–	-3.59%	–
SFM	Exit	Sprouts Farmers Market Inc	$0	–	-208,200	–	-3.66%	–
BANR	Exit	Banner Corp	$0	–	-98,250	–	-3.68%	–
BHF	Exit	Brighthouse Financial Inc	$0	–	-137,100	–	-3.77%	–
TRTN	Exit	Triton International LTD	$0	–	-115,800	–	-4.02%	–
ATGE	Exit	Adtalem Global Educ Inc	$0	–	-197,800	–	-4.57%	–
CRC	Exit	California Resources Corp	$0	–	-199,200	–	-4.85%	–
DTM	Exit	DT Midstream Inc	$0	–	-150,375	–	-4.94%	–

Q3 2022

			Value		Shares		↓ Weighting
DTM	Sell	DT Midstream Inc	$7,803,000	-0.2%	150,375	-5.8%	4.94%	+10.1%
CRC	Sell	California Resources Corp	$7,655,000	-5.3%	199,200	-5.1%	4.85%	+4.5%
ATGE	Sell	Adtalem Global Educ Inc	$7,210,000	-4.5%	197,800	-5.7%	4.57%	+5.4%
TRTN	Sell	Triton International LTD	$6,338,000	-1.9%	115,800	-5.6%	4.02%	+8.2%
BHF	Sell	Brighthouse Financial Inc	$5,953,000	+2.9%	137,100	-2.8%	3.77%	+13.5%
BANR	Sell	Banner Corp	$5,805,000	+1.9%	98,250	-3.1%	3.68%	+12.4%
SFM	Sell	Sprouts Farmers Market Inc	$5,778,000	+6.6%	208,200	-2.7%	3.66%	+17.7%
VSTO	Sell	Vista Outdoor Inc	$5,668,000	-18.0%	233,050	-6.0%	3.59%	-9.5%
RDN	Sell	Radian Group Inc	$5,532,000	-7.5%	286,800	-5.7%	3.50%	+2.1%
ROCK	New	Gibraltar Industries Inc	$5,442,000	–	132,950	–	3.45%	–
TTMI	Sell	TTM Technologies Inc	$5,093,000	+2.5%	386,400	-2.8%	3.23%	+13.1%
ODP	Sell	The ODP Corp	$5,076,000	+13.1%	144,400	-2.7%	3.22%	+24.8%
UNVR	Sell	Univar Solutions Inc	$5,028,000	-13.8%	221,100	-5.7%	3.19%	-4.9%
DIN	Sell	Dine Brands Global Inc	$4,974,000	-5.1%	78,250	-2.9%	3.15%	+4.7%
AVID	Sell	Avid Technology Inc	$4,890,000	-13.1%	210,250	-3.0%	3.10%	-4.1%
TPH	Buy	Tri Pointe Homes Inc	$4,880,000	+9.6%	322,950	+22.4%	3.09%	+21.0%
MDRX	Sell	Allscripts Healthcr Solns Inc	$4,845,000	-0.1%	318,100	-2.8%	3.07%	+10.2%
THG	Sell	The Hanover Insur Grp Inc	$4,812,000	-17.8%	37,550	-6.2%	3.05%	-9.3%
CNX	Sell	CNX Resources Corp	$4,764,000	-11.0%	306,750	-5.7%	3.02%	-1.8%
KSS	New	Kohl's Corp	$4,449,000	–	176,900	–	2.82%	–
HRB	Sell	H&R Block Inc	$4,420,000	-47.5%	103,900	-56.4%	2.80%	-42.1%
AXS	Sell	AXIS Capital Hldgs LTD	$4,168,000	-19.0%	84,800	-5.9%	2.64%	-10.6%
CNO	Sell	CNO Financial Group Inc	$4,042,000	-7.0%	224,950	-6.4%	2.56%	+2.6%
	New	Xperi Holding Corp	$3,802,000	–	268,917	–	2.41%	–
BCOR	Sell	Blucora Inc	$3,687,000	+2.0%	190,650	-2.7%	2.34%	+12.5%
SMP	New	Standard Motor Prod Inc	$3,195,000	–	98,300	–	2.02%	–
DAN	Sell	Dana Inc	$3,138,000	-23.3%	274,500	-5.6%	1.99%	-15.4%
SAIC	New	Science App Intl Corp	$2,613,000	–	29,550	–	1.66%	–
	Sell	Consensus Cloud Solns Inc	$2,583,000	+5.2%	54,600	-2.8%	1.64%	+16.1%
KFRC	Sell	Kforce Inc	$2,460,000	-7.5%	41,950	-3.2%	1.56%	+2.1%
KOP	Sell	Koppers Holdings Inc	$1,963,000	-10.9%	94,450	-2.9%	1.24%	-1.7%
MATW	Sell	Matthews International Corp	$1,901,000	-24.0%	84,850	-2.8%	1.20%	-16.1%
	Sell	ZimVie Inc	$1,526,000	-40.1%	154,650	-2.8%	0.97%	-33.9%
KE	Sell	Kimball Electronics Inc	$1,476,000	-17.0%	86,050	-2.7%	0.94%	-8.4%
BSIG	Sell	BrightSphere Inv Group Inc	$1,397,000	-19.5%	93,728	-2.7%	0.88%	-11.1%
CURV	Sell	Torrid Holdings Inc	$1,344,000	-6.1%	322,300	-2.7%	0.85%	+3.6%
RLGT	Sell	Radiant Logistics Inc	$1,043,000	-25.6%	183,299	-3.0%	0.66%	-17.9%
CIVB	Exit	Civista Bancshares Inc	$0	–	-53,000	–	-0.65%	–
AZZ	Exit	AZZ Inc	$0	–	-32,000	–	-0.75%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-273,600	–	-2.06%	–
XPER	Exit	Xperi Holding Corp	$0	–	-276,617	–	-2.29%	–
PLUS	Exit	ePlus Inc	$0	–	-98,400	–	-3.00%	–
SPB	Exit	Spectrum Brands Hldgs Inc	$0	–	-80,350	–	-3.78%	–

Q2 2022

			Value		Shares		↓ Weighting
HRB	New	H&R Block Inc	$8,426,000	–	238,550	–	4.84%	–
CRC	New	California Resources Corp	$8,081,000	–	209,900	–	4.64%	–
DTM	New	DT Midstream Inc	$7,822,000	–	159,575	–	4.49%	–
ATGE	New	Adtalem Global Educ Inc	$7,547,000	–	209,800	–	4.33%	–
VSTO	New	Vista Outdoor Inc	$6,915,000	–	247,850	–	3.97%	–
SPB	New	Spectrum Brands Hldgs Inc	$6,590,000	–	80,350	–	3.78%	–
TRTN	New	Triton International LTD	$6,460,000	–	122,700	–	3.71%	–
RDN	New	Radian Group Inc	$5,978,000	–	304,200	–	3.43%	–
THG	New	The Hanover Insur Grp Inc	$5,857,000	–	40,050	–	3.36%	–
UNVR	New	Univar Solutions Inc	$5,832,000	–	234,500	–	3.35%	–
BHF	New	Brighthouse Financial Inc	$5,784,000	–	141,000	–	3.32%	–
BANR	New	Banner Corp	$5,697,000	–	101,350	–	3.27%	–
AVID	New	Avid Technology Inc	$5,627,000	–	216,850	–	3.23%	–
SFM	New	Sprouts Farmers Market Inc	$5,418,000	–	214,000	–	3.11%	–
CNX	New	CNX Resources Corp	$5,355,000	–	325,350	–	3.08%	–
DIN	New	Dine Brands Global Inc	$5,242,000	–	80,550	–	3.01%	–
PLUS	New	ePlus Inc	$5,227,000	–	98,400	–	3.00%	–
AXS	New	AXIS Capital Hldgs LTD	$5,144,000	–	90,100	–	2.95%	–
TTMI	New	TTM Technologies Inc	$4,968,000	–	397,400	–	2.85%	–
MDRX	New	Allscripts Healthcr Solns Inc	$4,852,000	–	327,200	–	2.79%	–
ODP	New	The ODP Corp	$4,488,000	–	148,400	–	2.58%	–
TPH	New	Tri Pointe Homes Inc	$4,451,000	–	263,850	–	2.56%	–
CNO	New	CNO Financial Group Inc	$4,346,000	–	240,250	–	2.50%	–
DAN	New	Dana Inc	$4,092,000	–	290,800	–	2.35%	–
XPER	New	Xperi Holding Corp	$3,992,000	–	276,617	–	2.29%	–
BCOR	New	Blucora Inc	$3,615,000	–	195,850	–	2.08%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$3,587,000	–	273,600	–	2.06%	–
KFRC	New	Kforce Inc	$2,659,000	–	43,350	–	1.53%	–
	New	ZimVie Inc	$2,546,000	–	159,050	–	1.46%	–
MATW	New	Matthews International Corp	$2,501,000	–	87,250	–	1.44%	–
	New	Consensus Cloud Solns Inc	$2,455,000	–	56,200	–	1.41%	–
KOP	New	Koppers Holdings Inc	$2,202,000	–	97,250	–	1.26%	–
KE	New	Kimball Electronics Inc	$1,778,000	–	88,450	–	1.02%	–
BSIG	New	BrightSphere Inv Group Inc	$1,735,000	–	96,328	–	1.00%	–
BV	New	BrightView Holdings Inc	$1,601,000	–	133,400	–	0.92%	–
CURV	New	Torrid Holdings Inc	$1,432,000	–	331,400	–	0.82%	–
RLGT	New	Radiant Logistics Inc	$1,402,000	–	188,899	–	0.80%	–
AZZ	New	AZZ Inc	$1,306,000	–	32,000	–	0.75%	–
CIVB	New	Civista Bancshares Inc	$1,127,000	–	53,000	–	0.65%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	NewStar Financial Inc CVR	$0	–	-237,100	–	0.00%	–
VWTR	Exit	Vidler Water Resources Inc	$0	–	-92,450	–	-0.50%	–
MRLN	Exit	Marlin Business Services	$0	–	-54,200	–	-0.57%	–
RLGT	Exit	Radiant Logistics Inc	$0	–	-196,099	–	-0.60%	–
CIVB	Exit	Civista Bancshares Inc	$0	–	-65,300	–	-0.72%	–
PEBO	Exit	Peoples Bancorp Inc	$0	–	-67,150	–	-1.01%	–
KE	Exit	Kimball Electronics Inc	$0	–	-95,750	–	-1.17%	–
MATW	Exit	Matthews International Corp	$0	–	-94,650	–	-1.56%	–
KFRC	Exit	Kforce Inc	$0	–	-55,350	–	-1.57%	–
BCOR	Exit	Blucora Inc	$0	–	-211,850	–	-1.57%	–
KOP	Exit	Koppers Holdings Inc	$0	–	-106,150	–	-1.58%	–
BIG	Exit	Big Lots Inc	$0	–	-85,650	–	-1.77%	–
VRS	Exit	Verso Corp	$0	–	-203,950	–	-2.01%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-297,500	–	-2.14%	–
AXS	Exit	AXIS Capital Hldgs LTD	$0	–	-99,100	–	-2.17%	–
CNX	Exit	CNX Resources Corp	$0	–	-363,050	–	-2.18%	–
MDRX	Exit	Allscripts Healthcr Solns Inc	$0	–	-358,900	–	-2.28%	–
ECHO	Exit	Echo Global Logistics Inc	$0	–	-107,150	–	-2.43%	–
AZZ	Exit	AZZ Inc	$0	–	-97,250	–	-2.46%	–
SFM	Exit	Sprouts Farmers Market Inc	$0	–	-234,900	–	-2.59%	–
TTMI	Exit	TTM Technologies Inc	$0	–	-437,400	–	-2.62%	–
PLUS	Exit	ePlus Inc	$0	–	-54,200	–	-2.65%	–
PRG	Exit	PROG Holdings Inc	$0	–	-134,275	–	-2.68%	–
XPER	Exit	Xperi Holding Corp	$0	–	-300,430	–	-2.69%	–
BSIG	Exit	BrightSphere Inv Group Inc	$0	–	-217,450	–	-2.70%	–
THG	Exit	The Hanover Insur Grp Inc	$0	–	-44,350	–	-2.74%	–
UNVR	Exit	Univar Solutions Inc	$0	–	-256,300	–	-2.90%	–
BANR	Exit	Banner Corp	$0	–	-110,950	–	-2.91%	–
CNO	Exit	CNO Financial Group Inc	$0	–	-260,350	–	-2.92%	–
ODP	Exit	The ODP Corp	$0	–	-159,000	–	-3.04%	–
HRB	Exit	H&R Block Inc	$0	–	-259,050	–	-3.08%	–
AVID	Exit	Avid Technology Inc	$0	–	-235,950	–	-3.25%	–
BHF	Exit	Brighthouse Financial Inc	$0	–	-154,300	–	-3.32%	–
TRTN	Exit	Triton International LTD	$0	–	-134,200	–	-3.32%	–
MGLN	Exit	Magellan Health Inc	$0	–	-77,700	–	-3.50%	–
AVYA	Exit	Avaya Holdings Corp	$0	–	-377,350	–	-3.55%	–
PBH	Exit	Prestige Consumer Healthcare I	$0	–	-137,150	–	-3.66%	–
DTM	Exit	DT Midstream Inc	$0	–	-171,875	–	-3.78%	–
SPB	Exit	Spectrum Brands Hldgs Inc	$0	–	-87,550	–	-3.98%	–
CRC	Exit	California Resources Corp	$0	–	-231,700	–	-4.52%	–
VSTO	Exit	Vista Outdoor Inc	$0	–	-276,350	–	-5.30%	–

Q3 2021

			Value		Shares		↓ Weighting
VSTO	Sell	Vista Outdoor Inc	$11,140,000	-25.6%	276,350	-14.6%	5.30%	-9.9%
CRC	New	California Resources Corp	$9,500,000	–	231,700	–	4.52%	–
SPB	Sell	Spectrum Brands Hldgs Inc	$8,376,000	-3.7%	87,550	-14.4%	3.98%	+16.7%
DTM	Buy	DT Midstream Inc	$7,948,000	+328.2%	171,875	+258.1%	3.78%	+418.7%
PBH	Sell	Prestige Consumer Healthcare I	$7,695,000	-7.3%	137,150	-13.9%	3.66%	+12.4%
AVYA	Sell	Avaya Holdings Corp	$7,468,000	-36.9%	377,350	-14.2%	3.55%	-23.5%
MGLN	Sell	Magellan Health Inc	$7,347,000	-13.6%	77,700	-14.0%	3.50%	+4.6%
TRTN	Sell	Triton International LTD	$6,984,000	-14.5%	134,200	-14.0%	3.32%	+3.6%
BHF	Sell	Brighthouse Financial Inc	$6,979,000	-14.5%	154,300	-13.9%	3.32%	+3.6%
AVID	Sell	Avid Technology Inc	$6,824,000	-36.4%	235,950	-13.9%	3.25%	-23.0%
HRB	Sell	H&R Block Inc	$6,476,000	-8.8%	259,050	-14.3%	3.08%	+10.5%
ODP	Sell	The ODP Corp	$6,385,000	-28.0%	159,000	-13.9%	3.04%	-12.8%
CNO	Sell	CNO Financial Group Inc	$6,129,000	-14.3%	260,350	-14.0%	2.92%	+3.9%
BANR	Sell	Banner Corp	$6,126,000	-12.5%	110,950	-14.1%	2.91%	+6.0%
UNVR	Sell	Univar Solutions Inc	$6,105,000	-15.9%	256,300	-13.9%	2.90%	+1.9%
THG	Sell	The Hanover Insur Grp Inc	$5,749,000	-17.8%	44,350	-14.0%	2.74%	-0.4%
BSIG	Sell	BrightSphere Inv Group Inc	$5,682,000	-3.2%	217,450	-13.2%	2.70%	+17.3%
XPER	Sell	Xperi Holding Corp	$5,660,000	-27.1%	300,430	-13.9%	2.69%	-11.6%
PRG	Sell	PROG Holdings Inc	$5,641,000	-26.5%	134,275	-15.7%	2.68%	-10.9%
PLUS	Sell	ePlus Inc	$5,561,000	+0.9%	54,200	-14.8%	2.65%	+22.2%
TTMI	Sell	TTM Technologies Inc	$5,498,000	-24.2%	437,400	-13.8%	2.62%	-8.1%
SFM	Sell	Sprouts Farmers Market Inc	$5,443,000	-21.1%	234,900	-15.4%	2.59%	-4.5%
AZZ	Sell	AZZ Inc	$5,174,000	-11.8%	97,250	-14.1%	2.46%	+6.9%
ECHO	Sell	Echo Global Logistics Inc	$5,112,000	+32.6%	107,150	-14.6%	2.43%	+60.6%
MDRX	Sell	Allscripts Healthcr Solns Inc	$4,798,000	-37.8%	358,900	-13.9%	2.28%	-24.7%
CNX	Sell	CNX Resources Corp	$4,582,000	-19.6%	363,050	-13.0%	2.18%	-2.6%
AXS	Sell	AXIS Capital Hldgs LTD	$4,563,000	-19.4%	99,100	-14.2%	2.17%	-2.3%
GLDD	Sell	Great Lakes Dredge & Dock Corp	$4,489,000	-13.5%	297,500	-16.2%	2.14%	+4.9%
BIG	Sell	Big Lots Inc	$3,714,000	-43.5%	85,650	-14.0%	1.77%	-31.5%
KOP	New	Koppers Holdings Inc	$3,318,000	–	106,150	–	1.58%	–
BCOR	Sell	Blucora Inc	$3,303,000	-23.5%	211,850	-15.0%	1.57%	-7.3%
KFRC	Sell	Kforce Inc	$3,301,000	-18.4%	55,350	-13.9%	1.57%	-1.1%
MATW	Sell	Matthews International Corp	$3,283,000	-16.8%	94,650	-13.8%	1.56%	+0.8%
KE	Sell	Kimball Electronics Inc	$2,467,000	-1.4%	95,750	-16.8%	1.17%	+19.4%
PEBO	Sell	Peoples Bancorp Inc	$2,123,000	-8.1%	67,150	-13.9%	1.01%	+11.4%
RLGT	Sell	Radiant Logistics Inc	$1,253,000	-20.6%	196,099	-13.9%	0.60%	-3.9%
MRLN	Sell	Marlin Business Services	$1,205,000	-16.8%	54,200	-14.8%	0.57%	+0.7%
VWTR	Sell	Vidler Water Resources Inc	$1,052,000	-26.1%	92,450	-13.6%	0.50%	-10.6%
NTCT	Exit	NetScout Systems Inc	$0	–	-146,750	–	-1.64%	–
INT	Exit	World Fuel Services Corp	$0	–	-201,550	–	-2.51%	–
BGS	Exit	B&G Foods Inc	$0	–	-316,000	–	-4.07%	–

Q2 2021

			Value		Shares		↓ Weighting
VSTO	New	Vista Outdoor Inc	$14,983,000	–	323,750	–	5.88%	–
AVYA	New	Avaya Holdings Corp	$11,827,000	–	439,650	–	4.64%	–
AVID	New	Avid Technology Inc	$10,733,000	–	274,150	–	4.21%	–
BGS	New	B&G Foods Inc	$10,365,000	–	316,000	–	4.07%	–
ODP	New	The ODP Corp	$8,867,000	–	184,700	–	3.48%	–
SPB	New	Spectrum Brands Hldgs Inc	$8,695,000	–	102,250	–	3.41%	–
MGLN	New	Magellan Health Inc	$8,506,000	–	90,300	–	3.34%	–
PBH	New	Prestige Consumer Healthcare I	$8,297,000	–	159,250	–	3.26%	–
TRTN	New	Triton International LTD	$8,165,000	–	156,000	–	3.21%	–
BHF	New	Brighthouse Financial Inc	$8,161,000	–	179,200	–	3.20%	–
XPER	New	Xperi Holding Corp	$7,762,000	–	349,030	–	3.05%	–
MDRX	New	Allscripts Healthcr Solns Inc	$7,719,000	–	417,000	–	3.03%	–
PRG	New	PROG Holdings Inc	$7,671,000	–	159,375	–	3.01%	–
UNVR	New	Univar Solutions Inc	$7,258,000	–	297,700	–	2.85%	–
TTMI	New	TTM Technologies Inc	$7,254,000	–	507,300	–	2.85%	–
CNO	New	CNO Financial Group Inc	$7,149,000	–	302,650	–	2.81%	–
HRB	New	H&R Block Inc	$7,099,000	–	302,350	–	2.79%	–
BANR	New	Banner Corp	$7,001,000	–	129,150	–	2.75%	–
THG	New	The Hanover Insur Grp Inc	$6,992,000	–	51,550	–	2.74%	–
SFM	New	Sprouts Farmers Market Inc	$6,901,000	–	277,700	–	2.71%	–
BIG	New	Big Lots Inc	$6,571,000	–	99,550	–	2.58%	–
INT	New	World Fuel Services Corp	$6,395,000	–	201,550	–	2.51%	–
BSIG	New	BrightSphere Inv Group Inc	$5,868,000	–	250,450	–	2.30%	–
AZZ	New	AZZ Inc	$5,864,000	–	113,250	–	2.30%	–
CNX	New	CNX Resources Corp	$5,702,000	–	417,450	–	2.24%	–
AXS	New	AXIS Capital Hldgs LTD	$5,661,000	–	115,500	–	2.22%	–
PLUS	New	ePlus Inc	$5,513,000	–	63,600	–	2.16%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$5,189,000	–	355,200	–	2.04%	–
BCOR	New	Blucora Inc	$4,315,000	–	249,250	–	1.69%	–
NTCT	New	NetScout Systems Inc	$4,188,000	–	146,750	–	1.64%	–
KFRC	New	Kforce Inc	$4,043,000	–	64,250	–	1.59%	–
MATW	New	Matthews International Corp	$3,947,000	–	109,750	–	1.55%	–
ECHO	New	Echo Global Logistics Inc	$3,856,000	–	125,450	–	1.51%	–
VRS	New	Verso Corp	$3,610,000	–	203,950	–	1.42%	–
KE	New	Kimball Electronics Inc	$2,503,000	–	115,150	–	0.98%	–
PEBO	New	Peoples Bancorp Inc	$2,309,000	–	77,950	–	0.91%	–
DTM	New	DT Midstream Inc	$1,856,000	–	48,000	–	0.73%	–
RLGT	New	Radiant Logistics Inc	$1,578,000	–	227,699	–	0.62%	–
MRLN	New	Marlin Business Services	$1,448,000	–	63,600	–	0.57%	–
CIVB	New	Civista Bancshares Inc	$1,443,000	–	65,300	–	0.57%	–
VWTR	New	Vidler Water Resources Inc	$1,424,000	–	107,050	–	0.56%	–
	New	NewStar Financial Inc CVR	$0	–	237,100	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
	Exit	NewStar Financial Inc CVR	$0	–	-237,100	–	0.00%	–
INBK	Exit	First Internet Bancorp	$0	–	-13,500	–	-0.12%	–
MRLN	Exit	Marlin Business Services	$0	–	-68,300	–	-0.28%	–
PICO	Exit	PICO Holdings Inc	$0	–	-114,650	–	-0.59%	–
RLGT	Exit	Radiant Logistics Inc	$0	–	-245,899	–	-0.73%	–
KE	Exit	Kimball Electronics Inc	$0	–	-120,650	–	-0.81%	–
PEBO	Exit	Peoples Bancorp Inc	$0	–	-83,750	–	-0.92%	–
VRS	Exit	Verso Corp	$0	–	-219,050	–	-1.00%	–
MATW	Exit	Matthews International Corp	$0	–	-78,950	–	-1.02%	–
TSC	Exit	TriState Capital Holdings	$0	–	-141,900	–	-1.09%	–
AVD	Exit	American Vanguard Corp	$0	–	-165,350	–	-1.26%	–
KFRC	Exit	Kforce Inc	$0	–	-69,150	–	-1.29%	–
GVA	Exit	Granite Construction Inc	$0	–	-128,300	–	-1.30%	–
AVID	Exit	Avid Technology Inc	$0	–	-294,750	–	-1.46%	–
BSIG	Exit	BrightSphere Inv Group Inc	$0	–	-199,525	–	-1.49%	–
PDLI	Exit	PDL BioPharma Inc	$0	–	-820,500	–	-1.49%	–
BPFH	Exit	Boston Private Finl Hldgs Inc	$0	–	-496,050	–	-1.58%	–
NTCT	Exit	NetScout Systems Inc	$0	–	-157,350	–	-1.98%	–
CMO	Exit	Capstead Mortgage Corp	$0	–	-614,900	–	-2.00%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-373,000	–	-2.05%	–
LTC	Exit	LTC Properties Inc	$0	–	-115,950	–	-2.34%	–
CNX	Exit	CNX Resources Corp	$0	–	-444,850	–	-2.43%	–
XPER	Exit	Xperi Holding Corp	$0	–	-377,030	–	-2.50%	–
INT	Exit	World Fuel Services Corp	$0	–	-216,550	–	-2.65%	–
BIG	Exit	Big Lots Inc	$0	–	-105,950	–	-2.73%	–
PRSP	Exit	Perspecta Inc	$0	–	-245,850	–	-2.76%	–
PLUS	Exit	ePlus Inc	$0	–	-67,950	–	-2.88%	–
CNO	Exit	CNO Financial Group Inc	$0	–	-325,350	–	-3.02%	–
UNVR	Exit	Univar Solutions Inc	$0	–	-318,900	–	-3.11%	–
AXS	Exit	AXIS Capital Hldgs LTD	$0	–	-123,800	–	-3.15%	–
JELD	Exit	JELD-WEN Holding Inc	$0	–	-247,250	–	-3.23%	–
SPB	Exit	Spectrum Brands Hldgs Inc	$0	–	-109,850	–	-3.63%	–
PBH	Exit	Prestige Consumer Healthcare I	$0	–	-174,150	–	-3.67%	–
TRTN	Exit	Triton International LTD	$0	–	-164,000	–	-3.86%	–
PCH	Exit	PotlatchDeltic Corp	$0	–	-164,800	–	-4.01%	–
VSTO	Exit	Vista Outdoor Inc	$0	–	-346,150	–	-4.04%	–
AVYA	Exit	Avaya Holdings Corp	$0	–	-470,450	–	-4.13%	–
MGLN	Exit	Magellan Health Inc	$0	–	-97,600	–	-4.27%	–
VRTU	Exit	Virtusa Corp	$0	–	-155,800	–	-4.43%	–
GNRC	Exit	Generac Holdings Inc	$0	–	-41,575	–	-4.65%	–
EXP	Exit	Eagle Materials Inc	$0	–	-93,325	–	-4.66%	–
BGS	Exit	B&G Foods Inc	$0	–	-337,500	–	-5.42%	–

Q3 2020

			Value		Shares		↓ Weighting
BGS	Buy	B&G Foods Inc	$9,372,000	+20.7%	337,500	+6.0%	5.42%	+9.8%
EXP	Buy	Eagle Materials Inc	$8,056,000	+31.8%	93,325	+7.2%	4.66%	+19.9%
GNRC	Sell	Generac Holdings Inc	$8,051,000	-48.0%	41,575	-67.3%	4.65%	-52.8%
VRTU	Buy	Virtusa Corp	$7,659,000	+61.3%	155,800	+6.6%	4.43%	+46.7%
MGLN	Buy	Magellan Health Inc	$7,396,000	+11.3%	97,600	+7.1%	4.27%	+1.2%
AVYA	Buy	Avaya Holdings Corp	$7,151,000	+30.6%	470,450	+6.2%	4.13%	+18.8%
VSTO	Buy	Vista Outdoor Inc	$6,985,000	+48.4%	346,150	+6.3%	4.04%	+35.0%
PCH	Buy	PotlatchDeltic Corp	$6,938,000	+17.5%	164,800	+6.1%	4.01%	+6.8%
TRTN	New	Triton International LTD	$6,670,000	–	164,000	–	3.86%	–
PBH	Buy	Prestige Consumer Healthcare I	$6,343,000	+4.3%	174,150	+7.6%	3.67%	-5.1%
SPB	Buy	Spectrum Brands Hldgs Inc	$6,279,000	+32.4%	109,850	+6.3%	3.63%	+20.4%
JELD	Buy	JELD-WEN Holding Inc	$5,588,000	+48.9%	247,250	+6.1%	3.23%	+35.4%
AXS	New	AXIS Capital Hldgs LTD	$5,452,000	–	123,800	–	3.15%	–
UNVR	Buy	Univar Solutions Inc	$5,383,000	+6.5%	318,900	+6.4%	3.11%	-3.2%
CNO	Buy	CNO Financial Group Inc	$5,219,000	+9.4%	325,350	+6.2%	3.02%	-0.5%
PLUS	Buy	ePlus Inc	$4,974,000	+10.4%	67,950	+6.6%	2.88%	+0.4%
PRSP	Buy	Perspecta Inc	$4,782,000	-10.9%	245,850	+6.4%	2.76%	-19.0%
BIG	Buy	Big Lots Inc	$4,725,000	+13.7%	105,950	+7.1%	2.73%	+3.4%
INT	Buy	World Fuel Services Corp	$4,589,000	-13.2%	216,550	+5.6%	2.65%	-21.0%
XPER	Buy	Xperi Holding Corp	$4,332,000	+7.0%	377,030	+37.5%	2.50%	-2.7%
CNX	Buy	CNX Resources Corp	$4,199,000	+17.5%	444,850	+7.6%	2.43%	+6.8%
LTC	Buy	LTC Properties Inc	$4,042,000	-0.1%	115,950	+7.9%	2.34%	-9.2%
GLDD	New	Great Lakes Dredge & Dock Corp	$3,547,000	–	373,000	–	2.05%	–
CMO	Buy	Capstead Mortgage Corp	$3,456,000	+8.9%	614,900	+6.4%	2.00%	-0.9%
NTCT	Buy	NetScout Systems Inc	$3,435,000	-10.0%	157,350	+5.4%	1.98%	-18.2%
BPFH	Buy	Boston Private Finl Hldgs Inc	$2,738,000	-13.7%	496,050	+7.6%	1.58%	-21.5%
PDLI	Buy	PDL BioPharma Inc	$2,585,000	+15.1%	820,500	+6.4%	1.49%	+4.7%
BSIG	New	BrightSphere Inv Group Inc	$2,574,000	–	199,525	–	1.49%	–
AVID	Buy	Avid Technology Inc	$2,523,000	+25.3%	294,750	+6.4%	1.46%	+13.9%
GVA	Buy	Granite Construction Inc	$2,259,000	-4.4%	128,300	+3.9%	1.30%	-13.1%
KFRC	Buy	Kforce Inc	$2,225,000	+16.7%	69,150	+6.1%	1.29%	+6.2%
AVD	Buy	American Vanguard Corp	$2,173,000	+3.5%	165,350	+8.4%	1.26%	-5.8%
TSC	Buy	TriState Capital Holdings	$1,879,000	-9.0%	141,900	+8.0%	1.09%	-17.2%
MATW	New	Matthews International Corp	$1,765,000	–	78,950	–	1.02%	–
VRS	Buy	Verso Corp	$1,728,000	-30.8%	219,050	+4.9%	1.00%	-37.1%
PEBO	New	Peoples Bancorp Inc	$1,599,000	–	83,750	–	0.92%	–
KE	Buy	Kimball Electronics Inc	$1,395,000	-8.5%	120,650	+7.2%	0.81%	-16.8%
RLGT	Buy	Radiant Logistics Inc	$1,264,000	+38.3%	245,899	+5.7%	0.73%	+25.6%
PICO	Buy	PICO Holdings Inc	$1,027,000	+22.0%	114,650	+14.8%	0.59%	+11.0%
MRLN	Sell	Marlin Business Services	$482,000	-16.9%	68,300	-0.4%	0.28%	-24.4%
	Sell	NewStar Financial Inc CVR	$0	–	237,100	-1.5%	0.00%	–
SKT	Exit	Tanger Factory Outlet Cntrs	$0	–	-199,750	–	-0.90%	–
ENVA	Exit	Enova International Inc	$0	–	-159,400	–	-1.51%	–
IWM	Exit	iShares Russell 2000	$0	–	-83,000	–	-7.55%	–

Q2 2020

			Value		Shares		↓ Weighting
GNRC	New	Generac Holdings Inc	$15,497,000	–	127,100	–	9.85%	–
IWM	New	iShares Russell 2000	$11,884,000	–	83,000	–	7.55%	–
BGS	New	B&G Foods Inc	$7,763,000	–	318,400	–	4.93%	–
MGLN	New	Magellan Health Inc	$6,648,000	–	91,100	–	4.22%	–
EXP	New	Eagle Materials Inc	$6,111,000	–	87,025	–	3.88%	–
PBH	New	Prestige Consumer Healthcare I	$6,079,000	–	161,850	–	3.86%	–
PCH	New	PotlatchDeltic Corp	$5,906,000	–	155,300	–	3.75%	–
AVYA	New	Avaya Holdings Corp	$5,476,000	–	443,050	–	3.48%	–
PRSP	New	Perspecta Inc	$5,367,000	–	231,050	–	3.41%	–
INT	New	World Fuel Services Corp	$5,285,000	–	205,150	–	3.36%	–
UNVR	New	Univar Solutions Inc	$5,055,000	–	299,800	–	3.21%	–
CNO	New	CNO Financial Group Inc	$4,770,000	–	306,350	–	3.03%	–
VRTU	New	Virtusa Corp	$4,747,000	–	146,200	–	3.02%	–
SPB	New	Spectrum Brands Hldgs Inc	$4,744,000	–	103,350	–	3.02%	–
VSTO	New	Vista Outdoor Inc	$4,707,000	–	325,750	–	2.99%	–
PLUS	New	ePlus Inc	$4,506,000	–	63,750	–	2.86%	–
BIG	New	Big Lots Inc	$4,156,000	–	98,950	–	2.64%	–
XPER	New	Xperi Holding Corp	$4,048,000	–	274,231	–	2.57%	–
LTC	New	LTC Properties Inc	$4,048,000	–	107,450	–	2.57%	–
NTCT	New	NetScout Systems Inc	$3,817,000	–	149,350	–	2.43%	–
JELD	New	JELD-WEN Holding Inc	$3,753,000	–	232,950	–	2.38%	–
CNX	New	CNX Resources Corp	$3,575,000	–	413,350	–	2.27%	–
CMO	New	Capstead Mortgage Corp	$3,173,000	–	577,900	–	2.02%	–
BPFH	New	Boston Private Finl Hldgs Inc	$3,171,000	–	460,950	–	2.02%	–
VRS	New	Verso Corp	$2,497,000	–	208,750	–	1.59%	–
ENVA	New	Enova International Inc	$2,370,000	–	159,400	–	1.51%	–
GVA	New	Granite Construction Inc	$2,364,000	–	123,500	–	1.50%	–
PDLI	New	PDL BioPharma Inc	$2,245,000	–	771,500	–	1.43%	–
AVD	New	American Vanguard Corp	$2,099,000	–	152,550	–	1.33%	–
TSC	New	TriState Capital Holdings	$2,064,000	–	131,400	–	1.31%	–
AVID	New	Avid Technology Inc	$2,014,000	–	277,050	–	1.28%	–
KFRC	New	Kforce Inc	$1,906,000	–	65,150	–	1.21%	–
KE	New	Kimball Electronics Inc	$1,524,000	–	112,550	–	0.97%	–
SKT	New	Tanger Factory Outlet Cntrs	$1,424,000	–	199,750	–	0.90%	–
RLGT	New	Radiant Logistics Inc	$914,000	–	232,599	–	0.58%	–
PICO	New	PICO Holdings Inc	$842,000	–	99,850	–	0.54%	–
MRLN	New	Marlin Business Services	$580,000	–	68,600	–	0.37%	–
INBK	New	First Internet Bancorp	$224,000	–	13,500	–	0.14%	–
	New	NewStar Financial Inc CVR	$0	–	240,800	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
	Exit	NewStar Financial Inc CVR	$0	–	-260,325	–	0.00%	–
PICO	Exit	PICO Holdings Inc	$0	–	-128,300	–	-0.64%	–
RLGT	Exit	Radiant Logistics Inc	$0	–	-291,499	–	-0.75%	–
GPORQ	Exit	Gulfport Energy Corp	$0	–	-650,400	–	-0.88%	–
KE	Exit	Kimball Electronics Inc	$0	–	-137,950	–	-1.00%	–
FFIC	Exit	Flushing Financial Inc	$0	–	-106,825	–	-1.07%	–
MRLN	Exit	Marlin Business Services	$0	–	-87,675	–	-1.10%	–
GCAP	Exit	GAIN Capital Hldgs Inc	$0	–	-430,450	–	-1.13%	–
DFIN	Exit	Donnelley Financial Soln	$0	–	-188,975	–	-1.16%	–
CAMP	Exit	CalAmp Corp	$0	–	-220,800	–	-1.26%	–
CTRN	Exit	Citi Trends Inc	$0	–	-156,575	–	-1.42%	–
AVD	Exit	American Vanguard Corp	$0	–	-186,025	–	-1.45%	–
BIG	Exit	Big Lots Inc	$0	–	-120,700	–	-1.47%	–
RVRA	Exit	Riviera Resources Inc	$0	–	-233,132	–	-1.55%	–
ADES	Exit	Advanced Emissions Soln	$0	–	-219,000	–	-1.62%	–
MIK	Exit	Michaels Companies Inc	$0	–	-332,275	–	-1.62%	–
TSC	Exit	TriState Capital Holdings	$0	–	-161,550	–	-1.69%	–
CNX	Exit	CNX Resources Corp	$0	–	-505,075	–	-1.82%	–
TIVO	Exit	TiVo Corp	$0	–	-493,350	–	-1.87%	–
SKT	Exit	Tanger Factory Outlet Cntrs	$0	–	-243,750	–	-1.88%	–
HAFC	Exit	Hanmi Financial Corp	$0	–	-208,975	–	-1.95%	–
OI	Exit	Owens-Illinois Inc	$0	–	-383,525	–	-1.96%	–
NTCT	Exit	NetScout Systems Inc	$0	–	-182,025	–	-2.08%	–
OLN	Exit	Olin Corp	$0	–	-225,075	–	-2.09%	–
CAR	Exit	Avis Budget Group Inc	$0	–	-152,875	–	-2.15%	–
SASR	Exit	Sandy Spring Bancorp Inc	$0	–	-141,725	–	-2.37%	–
GVA	Exit	Granite Construction Inc	$0	–	-150,900	–	-2.41%	–
BZH	Exit	Beazer Homes USA Inc	$0	–	-332,375	–	-2.46%	–
JELD	Exit	JELD-WEN Holding Inc	$0	–	-284,425	–	-2.73%	–
WCC	Exit	WESCO International Inc	$0	–	-116,375	–	-2.76%	–
MYGN	Exit	Myriad Genetics Inc	$0	–	-229,925	–	-3.27%	–
BLMN	Exit	Bloomin Brands Inc	$0	–	-351,225	–	-3.30%	–
SPB	Exit	Spectrum Brands Hldgs Inc	$0	–	-126,800	–	-3.32%	–
PBH	Exit	Prestige Consumer Healthcare I	$0	–	-196,350	–	-3.38%	–
MGLN	Exit	Magellan Health Inc	$0	–	-111,425	–	-3.44%	–
PRSP	Exit	Perspecta Inc	$0	–	-281,425	–	-3.65%	–
PDM	Exit	Piedmont Office Rlty Trst Inc	$0	–	-361,600	–	-3.75%	–
LTXB	Exit	LegacyTexas Finl Group Inc	$0	–	-176,950	–	-3.83%	–
PCH	Exit	PotlatchDeltic Corp	$0	–	-190,300	–	-3.88%	–
TGNA	Exit	TEGNA Inc	$0	–	-517,725	–	-4.00%	–
THS	Exit	TreeHouse Foods Inc	$0	–	-170,950	–	-4.71%	–
INT	Exit	World Fuel Services Corp	$0	–	-251,350	–	-4.99%	–
GNRC	Exit	Generac Holdings Inc	$0	–	-157,925	–	-6.15%	–

Q3 2019

			Value		Shares		↓ Weighting
GNRC	Sell	Generac Holdings Inc	$12,372,000	+12.4%	157,925	-0.4%	6.15%	+18.2%
INT	Sell	World Fuel Services Corp	$10,039,000	+10.6%	251,350	-0.4%	4.99%	+16.2%
THS	Sell	TreeHouse Foods Inc	$9,479,000	+2.0%	170,950	-0.4%	4.71%	+7.2%
TGNA	Sell	TEGNA Inc	$8,040,000	+2.1%	517,725	-0.4%	4.00%	+7.2%
PCH	Sell	PotlatchDeltic Corp	$7,818,000	+4.5%	190,300	-0.8%	3.88%	+9.8%
LTXB	Sell	LegacyTexas Finl Group Inc	$7,703,000	+6.1%	176,950	-0.8%	3.83%	+11.5%
PDM	Sell	Piedmont Office Rlty Trst Inc	$7,550,000	+4.3%	361,600	-0.4%	3.75%	+9.6%
PRSP	Sell	Perspecta Inc	$7,351,000	+11.1%	281,425	-0.4%	3.65%	+16.8%
MGLN	Sell	Magellan Health Inc	$6,919,000	-17.1%	111,425	-0.8%	3.44%	-12.8%
PBH	Sell	Prestige Consumer Healthcare I	$6,811,000	+9.0%	196,350	-0.4%	3.38%	+14.6%
SPB	New	Spectrum Brands Hldgs Inc	$6,685,000	–	126,800	–	3.32%	–
BLMN	Sell	Bloomin Brands Inc	$6,645,000	-0.8%	351,225	-0.8%	3.30%	+4.3%
MYGN	Sell	Myriad Genetics Inc	$6,583,000	+2.2%	229,925	-0.8%	3.27%	+7.4%
WCC	Sell	WESCO International Inc	$5,559,000	-6.5%	116,375	-0.9%	2.76%	-1.7%
JELD	Sell	JELD-WEN Holding Inc	$5,487,000	-9.5%	284,425	-0.4%	2.73%	-4.9%
BZH	New	Beazer Homes USA Inc	$4,952,000	–	332,375	–	2.46%	–
GVA	Sell	Granite Construction Inc	$4,848,000	-33.9%	150,900	-0.8%	2.41%	-30.5%
SASR	Sell	Sandy Spring Bancorp Inc	$4,778,000	-4.2%	141,725	-0.8%	2.37%	+0.7%
CAR	Sell	Avis Budget Group Inc	$4,320,000	-20.3%	152,875	-0.8%	2.15%	-16.2%
OLN	New	Olin Corp	$4,213,000	–	225,075	–	2.09%	–
NTCT	Sell	NetScout Systems Inc	$4,197,000	-9.9%	182,025	-0.8%	2.08%	-5.4%
OI	Sell	Owens-Illinois Inc	$3,939,000	-40.8%	383,525	-0.4%	1.96%	-37.8%
HAFC	Sell	Hanmi Financial Corp	$3,925,000	-16.4%	208,975	-0.9%	1.95%	-12.1%
SKT	Sell	Tanger Factory Outlet Cntrs	$3,773,000	-4.9%	243,750	-0.4%	1.88%	-0.1%
TIVO	Sell	TiVo Corp	$3,757,000	+2.5%	493,350	-0.8%	1.87%	+7.7%
CNX	Sell	CNX Resources Corp	$3,667,000	-1.1%	505,075	-0.5%	1.82%	+3.9%
TSC	Sell	TriState Capital Holdings	$3,399,000	-1.8%	161,550	-0.4%	1.69%	+3.2%
MIK	Sell	Michaels Companies Inc	$3,253,000	+12.1%	332,275	-0.4%	1.62%	+17.7%
ADES	Sell	Advanced Emissions Soln	$3,251,000	+16.7%	219,000	-0.6%	1.62%	+22.6%
RVRA	Sell	Riviera Resources Inc	$3,115,000	+0.3%	233,132	-4.7%	1.55%	+5.4%
BIG	Sell	Big Lots Inc	$2,957,000	-14.7%	120,700	-0.4%	1.47%	-10.4%
AVD	Sell	American Vanguard Corp	$2,921,000	+1.0%	186,025	-0.8%	1.45%	+6.1%
CTRN	Sell	Citi Trends Inc	$2,865,000	+24.1%	156,575	-0.8%	1.42%	+30.5%
CAMP	Sell	CalAmp Corp	$2,544,000	-1.7%	220,800	-0.4%	1.26%	+3.3%
DFIN	Sell	Donnelley Financial Soln	$2,328,000	-8.4%	188,975	-0.8%	1.16%	-3.7%
GCAP	Sell	GAIN Capital Hldgs Inc	$2,273,000	+26.8%	430,450	-0.9%	1.13%	+33.1%
MRLN	Sell	Marlin Business Services	$2,209,000	+0.7%	87,675	-0.4%	1.10%	+5.9%
FFIC	Sell	Flushing Financial Inc	$2,158,000	-9.8%	106,825	-0.9%	1.07%	-5.2%
KE	Sell	Kimball Electronics Inc	$2,002,000	-10.9%	137,950	-0.4%	1.00%	-6.4%
GPORQ	Sell	Gulfport Energy Corp	$1,763,000	-45.3%	650,400	-0.9%	0.88%	-42.5%
RLGT	Sell	Radiant Logistics Inc	$1,507,000	-16.1%	291,499	-0.4%	0.75%	-11.9%
PICO	Sell	PICO Holdings Inc	$1,295,000	-13.8%	128,300	-0.8%	0.64%	-9.4%
	Sell	NewStar Financial Inc CVR	$0	–	260,325	-0.3%	0.00%	–
FNHC	Exit	FedNat Holding Co	$0	–	-116,425	–	-0.78%	–
WNC	Exit	Wabash National Corp	$0	–	-272,800	–	-2.10%	–
PCMI	Exit	PCM Inc	$0	–	-161,025	–	-2.67%	–
PDCO	Exit	Patterson Companies Inc	$0	–	-344,850	–	-3.73%	–

Q2 2019

			Value		Shares		↓ Weighting
GNRC	New	Generac Holdings Inc	$11,003,000	–	158,525	–	5.20%	–
THS	New	TreeHouse Foods Inc	$9,289,000	–	171,700	–	4.39%	–
INT	New	World Fuel Services Corp	$9,078,000	–	252,450	–	4.29%	–
MGLN	New	Magellan Health Inc	$8,342,000	–	112,375	–	3.94%	–
PDCO	New	Patterson Companies Inc	$7,897,000	–	344,850	–	3.73%	–
TGNA	New	TEGNA Inc	$7,878,000	–	520,025	–	3.72%	–
PCH	New	PotlatchDeltic Corp	$7,480,000	–	191,900	–	3.54%	–
GVA	New	Granite Construction Inc	$7,331,000	–	152,150	–	3.47%	–
LTXB	New	LegacyTexas Finl Group Inc	$7,263,000	–	178,400	–	3.43%	–
PDM	New	Piedmont Office Rlty Trst Inc	$7,237,000	–	363,100	–	3.42%	–
BLMN	New	Bloomin Brands Inc	$6,698,000	–	354,225	–	3.17%	–
OI	New	Owens-Illinois Inc	$6,651,000	–	385,125	–	3.14%	–
PRSP	New	Perspecta Inc	$6,615,000	–	282,575	–	3.13%	–
MYGN	New	Myriad Genetics Inc	$6,441,000	–	231,875	–	3.04%	–
PBH	New	Prestige Consumer Healthcare I	$6,246,000	–	197,150	–	2.95%	–
JELD	New	JELD-WEN Holding Inc	$6,064,000	–	285,625	–	2.87%	–
WCC	New	WESCO International Inc	$5,945,000	–	117,375	–	2.81%	–
PCMI	New	PCM Inc	$5,642,000	–	161,025	–	2.67%	–
CAR	New	Avis Budget Group Inc	$5,419,000	–	154,125	–	2.56%	–
SASR	New	Sandy Spring Bancorp Inc	$4,985,000	–	142,925	–	2.36%	–
HAFC	New	Hanmi Financial Corp	$4,694,000	–	210,775	–	2.22%	–
NTCT	New	NetScout Systems Inc	$4,660,000	–	183,525	–	2.20%	–
WNC	New	Wabash National Corp	$4,438,000	–	272,800	–	2.10%	–
SKT	New	Tanger Factory Outlet Cntrs	$3,967,000	–	244,750	–	1.88%	–
CNX	New	CNX Resources Corp	$3,709,000	–	507,375	–	1.75%	–
TIVO	New	TiVo Corp	$3,666,000	–	497,450	–	1.73%	–
BIG	New	Big Lots Inc	$3,468,000	–	121,200	–	1.64%	–
TSC	New	TriState Capital Holdings	$3,462,000	–	162,250	–	1.64%	–
GPORQ	New	Gulfport Energy Corp	$3,221,000	–	656,000	–	1.52%	–
RVRA	New	Riviera Resources Inc	$3,107,000	–	244,666	–	1.47%	–
MIK	New	Michaels Companies Inc	$2,903,000	–	333,675	–	1.37%	–
AVD	New	American Vanguard Corp	$2,891,000	–	187,575	–	1.37%	–
ADES	New	Advanced Emissions Soln	$2,785,000	–	220,300	–	1.32%	–
CAMP	New	CalAmp Corp	$2,589,000	–	221,700	–	1.22%	–
DFIN	New	Donnelley Financial Soln	$2,542,000	–	190,575	–	1.20%	–
FFIC	New	Flushing Financial Inc	$2,393,000	–	107,775	–	1.13%	–
CTRN	New	Citi Trends Inc	$2,308,000	–	157,875	–	1.09%	–
KE	New	Kimball Electronics Inc	$2,248,000	–	138,450	–	1.06%	–
MRLN	New	Marlin Business Services	$2,194,000	–	88,025	–	1.04%	–
RLGT	New	Radiant Logistics Inc	$1,797,000	–	292,699	–	0.85%	–
GCAP	New	GAIN Capital Hldgs Inc	$1,793,000	–	434,150	–	0.85%	–
FNHC	New	FedNat Holding Co	$1,661,000	–	116,425	–	0.78%	–
PICO	New	PICO Holdings Inc	$1,502,000	–	129,300	–	0.71%	–
	New	NewStar Financial Inc CVR	$0	–	261,225	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	NewStar Financial Inc CVR	$0	–	-265,225	–	0.00%	–
PICO	Exit	PICO Holdings Inc	$0	–	-133,600	–	-0.68%	–
RLGT	Exit	Radiant Logistics Inc	$0	–	-311,299	–	-0.75%	–
GTX	Exit	Garrett Motion Inc	$0	–	-112,700	–	-0.84%	–
MRLN	Exit	Marlin Business Services	$0	–	-92,425	–	-1.08%	–
ADES	Exit	Advanced Emissions Soln	$0	–	-234,300	–	-1.14%	–
KE	Exit	Kimball Electronics Inc	$0	–	-146,250	–	-1.16%	–
GCAP	Exit	GAIN Capital Hldgs Inc	$0	–	-457,350	–	-1.20%	–
SMTA	Exit	Spirit MTA REIT	$0	–	-265,745	–	-1.24%	–
PCMI	Exit	PCM Inc	$0	–	-170,525	–	-1.35%	–
FNHC	Exit	FedNat Holding Co	$0	–	-144,725	–	-1.50%	–
STAR	Exit	iStar Inc	$0	–	-330,750	–	-1.50%	–
DFIN	Exit	Donnelley Financial Soln	$0	–	-207,975	–	-1.51%	–
PDLI	Exit	PDL BioPharma Inc	$0	–	-1,465,000	–	-1.56%	–
MITL	Exit	Mitel Networks Corp	$0	–	-363,050	–	-1.62%	–
ROAN	Exit	Roan Resources Inc	$0	–	-256,985	–	-1.86%	–
KFRC	Exit	Kforce Inc	$0	–	-127,850	–	-1.95%	–
TSC	Exit	TriState Capital Holdings	$0	–	-175,150	–	-1.96%	–
CTRN	Exit	Citi Trends Inc	$0	–	-168,475	–	-1.96%	–
NTCT	Exit	NetScout Systems Inc	$0	–	-195,425	–	-2.00%	–
CAR	Exit	Avis Budget Group Inc	$0	–	-164,225	–	-2.14%	–
WNC	Exit	Wabash National Corp	$0	–	-290,000	–	-2.14%	–
PBH	Exit	Prestige Consumer Healthcare I	$0	–	-144,150	–	-2.21%	–
RVRA	Exit	Riviera Resources Inc	$0	–	-256,985	–	-2.23%	–
BIG	Exit	Big Lots Inc	$0	–	-132,100	–	-2.24%	–
CAMP	Exit	CalAmp Corp	$0	–	-234,400	–	-2.28%	–
MIK	Exit	Michaels Companies Inc	$0	–	-359,475	–	-2.36%	–
SKT	Exit	Tanger Factory Outlet Cntrs	$0	–	-259,750	–	-2.41%	–
TIVO	Exit	TiVo Corp	$0	–	-530,850	–	-2.68%	–
TGNA	Exit	TEGNA Inc	$0	–	-555,025	–	-2.69%	–
RLGY	Exit	Realogy Holdings Corp	$0	–	-335,925	–	-2.81%	–
WD	Exit	Walker & Dunlop Inc	$0	–	-132,325	–	-2.84%	–
PDM	Exit	Piedmont Office Rlty Trst Inc	$0	–	-384,000	–	-2.95%	–
GPORQ	Exit	Gulfport Energy Corp	$0	–	-705,200	–	-2.98%	–
REVG	Exit	REV Group Inc	$0	–	-468,025	–	-2.98%	–
JELD	Exit	JELD-WEN Holding Inc	$0	–	-300,925	–	-3.01%	–
INT	Exit	World Fuel Services Corp	$0	–	-270,350	–	-3.03%	–
BLMN	Exit	Bloomin Brands Inc	$0	–	-383,425	–	-3.08%	–
CNX	Exit	CNX Resources Corp	$0	–	-553,875	–	-3.21%	–
SRC	Exit	Spirit Realty Capital Inc	$0	–	-1,027,500	–	-3.36%	–
THS	Exit	TreeHouse Foods Inc	$0	–	-183,400	–	-3.56%	–
PDCO	Exit	Patterson Companies Inc	$0	–	-367,550	–	-3.64%	–
GNRC	Exit	Generac Holdings Inc	$0	–	-164,725	–	-3.77%	–
AMN	Exit	AMN Healthcare Svcs Inc	$0	–	-183,275	–	-4.06%	–
ENSG	Exit	The Ensign Group	$0	–	-291,100	–	-4.48%	–

Q3 2018

			Value		Shares		↓ Weighting
ENSG	Sell	The Ensign Group	$11,039,000	-2.8%	291,100	-8.2%	4.48%	+7.9%
AMN	Sell	AMN Healthcare Svcs Inc	$10,025,000	-12.5%	183,275	-6.3%	4.06%	-3.0%
GNRC	Sell	Generac Holdings Inc	$9,292,000	-0.4%	164,725	-8.7%	3.77%	+10.5%
PDCO	Sell	Patterson Companies Inc	$8,987,000	-0.2%	367,550	-7.5%	3.64%	+10.7%
THS	Sell	TreeHouse Foods Inc	$8,776,000	-15.7%	183,400	-7.5%	3.56%	-6.5%
SRC	Sell	Spirit Realty Capital Inc	$8,282,000	-1.7%	1,027,500	-2.1%	3.36%	+9.1%
CNX	Sell	CNX Resources Corp	$7,926,000	-25.0%	553,875	-6.8%	3.21%	-16.8%
BLMN	Sell	Bloomin Brands Inc	$7,588,000	-9.5%	383,425	-8.1%	3.08%	+0.4%
INT	Sell	World Fuel Services Corp	$7,483,000	+24.3%	270,350	-8.3%	3.03%	+37.9%
JELD	New	JELD-WEN Holding Inc	$7,421,000	–	300,925	–	3.01%	–
REVG	Sell	REV Group Inc	$7,348,000	-12.0%	468,025	-4.7%	2.98%	-2.4%
GPORQ	Sell	Gulfport Energy Corp	$7,341,000	-22.4%	705,200	-6.3%	2.98%	-13.9%
PDM	New	Piedmont Office Rlty Trst Inc	$7,269,000	–	384,000	–	2.95%	–
WD	Sell	Walker & Dunlop Inc	$6,997,000	-22.2%	132,325	-18.1%	2.84%	-13.7%
RLGY	Sell	Realogy Holdings Corp	$6,933,000	-15.1%	335,925	-6.2%	2.81%	-5.8%
TGNA	Sell	TEGNA Inc	$6,638,000	+0.6%	555,025	-8.7%	2.69%	+11.6%
TIVO	Sell	TiVo Corp	$6,609,000	-12.9%	530,850	-6.0%	2.68%	-3.4%
SKT	Sell	Tanger Factory Outlet Cntrs	$5,943,000	-9.9%	259,750	-7.5%	2.41%	-0.0%
MIK	Sell	Michaels Companies Inc	$5,834,000	-21.3%	359,475	-7.1%	2.36%	-12.7%
CAMP	Sell	CalAmp Corp	$5,616,000	-7.1%	234,400	-9.1%	2.28%	+3.1%
BIG	Sell	Big Lots Inc	$5,520,000	-6.2%	132,100	-6.2%	2.24%	+4.0%
RVRA	New	Riviera Resources Inc	$5,512,000	–	256,985	–	2.23%	–
PBH	New	Prestige Consumer Healthcare I	$5,462,000	–	144,150	–	2.21%	–
WNC	Sell	Wabash National Corp	$5,287,000	-9.6%	290,000	-7.5%	2.14%	+0.2%
CAR	Sell	Avis Budget Group Inc	$5,278,000	-9.5%	164,225	-8.5%	2.14%	+0.4%
NTCT	Sell	NetScout Systems Inc	$4,934,000	-21.5%	195,425	-7.6%	2.00%	-12.9%
CTRN	Sell	Citi Trends Inc	$4,847,000	-3.0%	168,475	-7.5%	1.96%	+7.6%
TSC	Sell	TriState Capital Holdings	$4,834,000	-4.0%	175,150	-9.2%	1.96%	+6.5%
KFRC	Sell	Kforce Inc	$4,807,000	-9.9%	127,850	-17.8%	1.95%	0.0%
ROAN	New	Roan Resources Inc	$4,587,000	–	256,985	–	1.86%	–
MITL	Sell	Mitel Networks Corp	$4,001,000	-44.0%	363,050	-44.3%	1.62%	-37.9%
PDLI	Sell	PDL BioPharma Inc	$3,853,000	+3.9%	1,465,000	-7.6%	1.56%	+15.2%
DFIN	Sell	Donnelley Financial Soln	$3,727,000	-3.2%	207,975	-6.2%	1.51%	+7.4%
STAR	Sell	iStar Inc	$3,694,000	-6.0%	330,750	-9.2%	1.50%	+4.2%
FNHC	Sell	FedNat Holding Co	$3,688,000	+2.4%	144,725	-7.3%	1.50%	+13.6%
PCMI	Sell	PCM Inc	$3,334,000	+19.1%	170,525	-7.7%	1.35%	+32.1%
SMTA	Buy	Spirit MTA REIT	$3,061,000	+183.2%	265,745	+153.3%	1.24%	+214.2%
GCAP	Sell	GAIN Capital Hldgs Inc	$2,973,000	-21.5%	457,350	-8.8%	1.20%	-12.9%
KE	Sell	Kimball Electronics Inc	$2,874,000	-2.8%	146,250	-9.5%	1.16%	+7.9%
ADES	Sell	Advanced Emissions Soln	$2,802,000	-4.5%	234,300	-9.3%	1.14%	+6.0%
MRLN	Sell	Marlin Business Services	$2,666,000	-9.4%	92,425	-6.3%	1.08%	+0.5%
GTX	New	Garrett Motion Inc	$2,085,000	–	112,700	–	0.84%	–
RLGT	Buy	Radiant Logistics Inc	$1,840,000	+139.9%	311,299	+58.7%	0.75%	+166.4%
PICO	Sell	PICO Holdings Inc	$1,677,000	-1.1%	133,600	-8.2%	0.68%	+9.7%
SBH	Exit	Sally Beauty Hldgs Inc	$0	–	-451,950	–	-2.65%	–
CEIX	Exit	CONSOL Energy Inc	$0	–	-249,553	–	-3.50%	–
LNGG	Exit	Linn Energy Inc	$0	–	-257,885	–	-3.64%	–
SPXC	Exit	SPX Corp	$0	–	-350,375	–	-4.49%	–

Q2 2018

			Value		Shares		↓ Weighting
SPXC	New	SPX Corp	$12,281,000	–	350,375	–	4.49%	–
AMN	New	AMN Healthcare Svcs Inc	$11,461,000	–	195,575	–	4.19%	–
ENSG	New	The Ensign Group	$11,355,000	–	317,000	–	4.15%	–
CNX	New	CNX Resources Corp	$10,570,000	–	594,475	–	3.86%	–
THS	New	TreeHouse Foods Inc	$10,413,000	–	198,300	–	3.80%	–
LNGG	New	Linn Energy Inc	$9,967,000	–	257,885	–	3.64%	–
CEIX	New	CONSOL Energy Inc	$9,570,000	–	249,553	–	3.50%	–
GPORQ	New	Gulfport Energy Corp	$9,464,000	–	752,900	–	3.46%	–
GNRC	New	Generac Holdings Inc	$9,333,000	–	180,425	–	3.41%	–
PDCO	New	Patterson Companies Inc	$9,006,000	–	397,250	–	3.29%	–
WD	New	Walker & Dunlop Inc	$8,994,000	–	161,625	–	3.29%	–
SRC	New	Spirit Realty Capital Inc	$8,425,000	–	1,049,200	–	3.08%	–
BLMN	New	Bloomin Brands Inc	$8,384,000	–	417,125	–	3.06%	–
REVG	New	REV Group Inc	$8,351,000	–	490,925	–	3.05%	–
RLGY	New	Realogy Holdings Corp	$8,163,000	–	358,025	–	2.98%	–
TIVO	New	TiVo Corp	$7,592,000	–	564,450	–	2.77%	–
MIK	New	Michaels Companies Inc	$7,416,000	–	386,875	–	2.71%	–
SBH	New	Sally Beauty Hldgs Inc	$7,245,000	–	451,950	–	2.65%	–
MITL	New	Mitel Networks Corp	$7,150,000	–	651,750	–	2.61%	–
TGNA	New	TEGNA Inc	$6,598,000	–	608,125	–	2.41%	–
SKT	New	Tanger Factory Outlet Cntrs	$6,595,000	–	280,750	–	2.41%	–
NTCT	New	NetScout Systems Inc	$6,282,000	–	211,525	–	2.30%	–
CAMP	New	CalAmp Corp	$6,043,000	–	257,900	–	2.21%	–
INT	New	World Fuel Services Corp	$6,018,000	–	294,850	–	2.20%	–
BIG	New	Big Lots Inc	$5,887,000	–	140,900	–	2.15%	–
WNC	New	Wabash National Corp	$5,850,000	–	313,500	–	2.14%	–
CAR	New	Avis Budget Group Inc	$5,835,000	–	179,525	–	2.13%	–
KFRC	New	Kforce Inc	$5,335,000	–	155,550	–	1.95%	–
TSC	New	TriState Capital Holdings	$5,036,000	–	192,950	–	1.84%	–
CTRN	New	Citi Trends Inc	$4,999,000	–	182,175	–	1.83%	–
STAR	New	iStar Inc	$3,929,000	–	364,150	–	1.44%	–
DFIN	New	Donnelley Financial Soln	$3,850,000	–	221,675	–	1.41%	–
GCAP	New	GAIN Capital Hldgs Inc	$3,787,000	–	501,650	–	1.38%	–
PDLI	New	PDL BioPharma Inc	$3,710,000	–	1,585,500	–	1.36%	–
FNHC	New	FedNat Holding Co	$3,602,000	–	156,125	–	1.32%	–
KE	New	Kimball Electronics Inc	$2,956,000	–	161,550	–	1.08%	–
MRLN	New	Marlin Business Services	$2,944,000	–	98,625	–	1.08%	–
ADES	New	Advanced Emissions Soln	$2,935,000	–	258,400	–	1.07%	–
PCMI	New	PCM Inc	$2,799,000	–	184,725	–	1.02%	–
PICO	New	PICO Holdings Inc	$1,696,000	–	145,600	–	0.62%	–
SMTA	New	Spirit MTA REIT	$1,081,000	–	104,920	–	0.40%	–
RLGT	New	Radiant Logistics Inc	$767,000	–	196,100	–	0.28%	–
	New	NewStar Financial Inc CVR	$0	–	265,225	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
PCMI	Exit	PCM Inc	$0	–	-15,000	–	-0.07%	–
ZIXI	Exit	Zix Corp	$0	–	-458,650	–	-0.79%	–
CRAI	Exit	CRA International Inc	$0	–	-60,200	–	-0.87%	–
FNHC	Exit	Federated Natl Hldg Co	$0	–	-172,825	–	-0.95%	–
ADES	Exit	Advanced Emissions Soln	$0	–	-284,700	–	-1.10%	–
MRLN	Exit	Marlin Business Services	$0	–	-109,025	–	-1.11%	–
NEWS	Exit	NewStar Financial Inc	$0	–	-277,825	–	-1.15%	–
KFRC	Exit	Kforce Inc	$0	–	-170,350	–	-1.22%	–
GCAP	Exit	GAIN Capital Hldgs Inc	$0	–	-556,350	–	-1.26%	–
KE	Exit	Kimball Electronics Inc	$0	–	-180,900	–	-1.38%	–
CTRN	Exit	Citi Trends Inc	$0	–	-200,475	–	-1.41%	–
STAR	Exit	iStar Inc	$0	–	-398,450	–	-1.66%	–
TSC	Exit	TriState Capital Holdings	$0	–	-213,750	–	-1.73%	–
CLW	Exit	Clearwater Paper	$0	–	-101,000	–	-1.76%	–
DFIN	Exit	Donnelley Financial Soln	$0	–	-245,675	–	-1.87%	–
LNGG	Exit	Linn Energy Inc	$0	–	-151,725	–	-1.94%	–
PCH	Exit	Potlatch Corp	$0	–	-112,975	–	-2.04%	–
PDLI	Exit	PDL BioPharma Inc	$0	–	-1,735,500	–	-2.08%	–
MITL	Exit	Mitel Networks Corp	$0	–	-716,250	–	-2.12%	–
XHR	Exit	Xenia Hotels and Resorts	$0	–	-304,200	–	-2.26%	–
CAMP	Exit	CalAmp Corp	$0	–	-285,700	–	-2.35%	–
MRTN	Exit	Marten Transport Ltd	$0	–	-333,696	–	-2.42%	–
PRSC	Exit	Providence Service Corp	$0	–	-130,800	–	-2.50%	–
SBRA	Exit	Sabra Health Care REIT	$0	–	-332,541	–	-2.58%	–
CAR	Exit	Avis Budget Group Inc	$0	–	-196,125	–	-2.64%	–
VRNT	Exit	Verint Systems Inc	$0	–	-178,400	–	-2.64%	–
NTCT	Exit	NetScout Systems Inc	$0	–	-231,525	–	-2.65%	–
SKT	Exit	Tanger Factory Outlet Cntrs	$0	–	-311,050	–	-2.69%	–
ENSG	Exit	The Ensign Group	$0	–	-348,700	–	-2.79%	–
WNC	Exit	Wabash National Corp	$0	–	-347,000	–	-2.80%	–
PNK	Exit	Pinnacle Entertainment Inc	$0	–	-375,900	–	-2.83%	–
BLMN	Exit	Bloomin Brands Inc	$0	–	-456,025	–	-2.84%	–
MDXG	Exit	MiMedx Group Inc	$0	–	-681,000	–	-2.86%	–
BIG	Exit	Big Lots Inc	$0	–	-156,300	–	-2.96%	–
HMSY	Exit	HMS Holdings Corp	$0	–	-448,900	–	-3.15%	–
MIK	Exit	Michaels Companies Inc	$0	–	-425,275	–	-3.23%	–
GNRC	Exit	Generac Holdings Inc	$0	–	-200,775	–	-3.26%	–
WD	Exit	Walker & Dunlop Inc	$0	–	-177,825	–	-3.29%	–
AMN	Exit	AMN Healthcare Svcs Inc	$0	–	-216,575	–	-3.50%	–
FULT	Exit	Fulton Financial Corp	$0	–	-529,900	–	-3.51%	–
BWXT	Exit	BWX Technologies Inc	$0	–	-193,375	–	-3.83%	–
SPXC	Exit	SPX Corp	$0	–	-385,225	–	-4.00%	–
ASIX	Exit	AdvanSix Inc	$0	–	-417,325	–	-5.87%	–

Q3 2017

			Value		Shares		↓ Weighting
ASIX	Sell	AdvanSix Inc	$16,589,000	+27.1%	417,325	-0.1%	5.87%	+21.5%
SPXC	Sell	SPX Corp	$11,303,000	+15.3%	385,225	-1.1%	4.00%	+10.3%
BWXT	Sell	BWX Technologies Inc	$10,833,000	+13.6%	193,375	-1.1%	3.83%	+8.6%
FULT	Sell	Fulton Financial Corp	$9,936,000	-2.4%	529,900	-1.1%	3.51%	-6.7%
AMN	New	AMN Healthcare Svcs Inc	$9,897,000	–	216,575	–	3.50%	–
WD	Sell	Walker & Dunlop Inc	$9,306,000	+6.0%	177,825	-1.1%	3.29%	+1.4%
GNRC	Sell	Generac Holdings Inc	$9,222,000	+25.6%	200,775	-1.2%	3.26%	+20.1%
MIK	New	Michaels Companies Inc	$9,131,000	–	425,275	–	3.23%	–
HMSY	Sell	HMS Holdings Corp	$8,915,000	+6.1%	448,900	-1.1%	3.15%	+1.4%
BIG	Buy	Big Lots Inc	$8,373,000	+109.6%	156,300	+89.0%	2.96%	+100.5%
MDXG	Sell	MiMedx Group Inc	$8,090,000	-20.8%	681,000	-0.1%	2.86%	-24.3%
BLMN	New	Bloomin Brands Inc	$8,026,000	–	456,025	–	2.84%	–
PNK	Sell	Pinnacle Entertainment Inc	$8,010,000	+6.7%	375,900	-1.1%	2.83%	+2.0%
WNC	Sell	Wabash National Corp	$7,919,000	+2.7%	347,000	-1.1%	2.80%	-1.8%
ENSG	Sell	The Ensign Group	$7,877,000	+2.6%	348,700	-1.1%	2.79%	-1.9%
SKT	New	Tanger Factory Outlet Cntrs	$7,596,000	–	311,050	–	2.69%	–
NTCT	Sell	NetScout Systems Inc	$7,490,000	-7.0%	231,525	-1.1%	2.65%	-11.1%
VRNT	Sell	Verint Systems Inc	$7,466,000	+1.7%	178,400	-1.1%	2.64%	-2.8%
CAR	Sell	Avis Budget Group Inc	$7,465,000	+38.1%	196,125	-1.1%	2.64%	+32.0%
SBRA	New	Sabra Health Care REIT	$7,296,000	–	332,541	–	2.58%	–
PRSC	Sell	Providence Service Corp	$7,074,000	+5.6%	130,800	-1.1%	2.50%	+1.0%
MRTN	Buy	Marten Transport Ltd	$6,857,000	+22.8%	333,696	+63.7%	2.42%	+17.4%
CAMP	Sell	CalAmp Corp	$6,643,000	+14.0%	285,700	-0.3%	2.35%	+9.0%
XHR	Sell	Xenia Hotels and Resorts	$6,403,000	+7.5%	304,200	-1.1%	2.26%	+2.8%
MITL	Sell	Mitel Networks Corp	$6,009,000	+13.0%	716,250	-1.0%	2.12%	+8.0%
PDLI	Sell	PDL BioPharma Inc	$5,883,000	+37.0%	1,735,500	-0.2%	2.08%	+31.0%
PCH	Sell	Potlatch Corp	$5,762,000	+11.1%	112,975	-0.4%	2.04%	+6.3%
LNGG	New	Linn Energy Inc	$5,485,000	–	151,725	–	1.94%	–
DFIN	Sell	Donnelley Financial Soln	$5,297,000	-7.3%	245,675	-1.2%	1.87%	-11.4%
CLW	Sell	Clearwater Paper	$4,974,000	+3.8%	101,000	-1.5%	1.76%	-0.8%
TSC	Sell	TriState Capital Holdings	$4,895,000	-9.4%	213,750	-0.3%	1.73%	-13.4%
STAR	Sell	iStar Inc	$4,702,000	-3.0%	398,450	-1.1%	1.66%	-7.3%
CTRN	New	Citi Trends Inc	$3,983,000	–	200,475	–	1.41%	–
KE	Sell	Kimball Electronics Inc	$3,916,000	+18.7%	180,900	-1.0%	1.38%	+13.4%
GCAP	Sell	GAIN Capital Hldgs Inc	$3,555,000	+1.1%	556,350	-1.5%	1.26%	-3.4%
KFRC	Sell	Kforce Inc	$3,441,000	+1.4%	170,350	-1.6%	1.22%	-3.1%
NEWS	Sell	NewStar Financial Inc	$3,262,000	+10.6%	277,825	-1.1%	1.15%	+5.8%
MRLN	New	Marlin Business Services	$3,134,000	–	109,025	–	1.11%	–
ADES	New	Advanced Emissions Soln	$3,123,000	–	284,700	–	1.10%	–
FNHC	Sell	Federated Natl Hldg Co	$2,698,000	-2.6%	172,825	-0.2%	0.95%	-6.9%
ZIXI	Sell	Zix Corp	$2,243,000	-15.0%	458,650	-1.1%	0.79%	-18.8%
PCMI	New	PCM Inc	$210,000	–	15,000	–	0.07%	–
BW	Exit	Babcock & Wilcox Enterprises	$0	–	-343,375	–	-1.49%	–
FFIC	Exit	Flushing Financial	$0	–	-155,300	–	-1.62%	–
RLJ	Exit	RLJ Lodging Trust	$0	–	-291,500	–	-2.14%	–
CMO	Exit	Capstead Mortgage Corp	$0	–	-591,750	–	-2.28%	–
NSR	Exit	NeuStar Inc	$0	–	-231,225	–	-2.85%	–
CCP	Exit	Care Capital Properties	$0	–	-299,875	–	-2.96%	–
VSTO	Exit	Vista Outdoor Inc	$0	–	-358,450	–	-2.98%	–
SCSS	Exit	Select Comfort Corp	$0	–	-256,150	–	-3.36%	–
SMTC	Exit	Semtech Corp	$0	–	-327,525	–	-4.33%	–

Q2 2017

			Value		Shares		↓ Weighting
ASIX	New	AdvanSix Inc	$13,053,000	–	417,825	–	4.83%	–
SMTC	New	Semtech Corp	$11,709,000	–	327,525	–	4.33%	–
MDXG	New	MiMedx Group Inc	$10,210,000	–	682,000	–	3.78%	–
FULT	New	Fulton Financial Corp	$10,182,000	–	535,900	–	3.77%	–
SPXC	New	SPX Corp	$9,800,000	–	389,525	–	3.62%	–
BWXT	New	BWX Technologies Inc	$9,534,000	–	195,575	–	3.53%	–
SCSS	New	Select Comfort Corp	$9,091,000	–	256,150	–	3.36%	–
WD	New	Walker & Dunlop Inc	$8,776,000	–	179,725	–	3.25%	–
HMSY	New	HMS Holdings Corp	$8,401,000	–	454,100	–	3.11%	–
VSTO	New	Vista Outdoor Inc	$8,069,000	–	358,450	–	2.98%	–
NTCT	New	NetScout Systems Inc	$8,054,000	–	234,125	–	2.98%	–
CCP	New	Care Capital Properties	$8,007,000	–	299,875	–	2.96%	–
NSR	New	NeuStar Inc	$7,711,000	–	231,225	–	2.85%	–
WNC	New	Wabash National Corp	$7,708,000	–	350,700	–	2.85%	–
ENSG	New	The Ensign Group	$7,678,000	–	352,700	–	2.84%	–
PNK	New	Pinnacle Entertainment Inc	$7,507,000	–	379,900	–	2.78%	–
GNRC	New	Generac Holdings Inc	$7,341,000	–	203,175	–	2.72%	–
VRNT	New	Verint Systems Inc	$7,342,000	–	180,400	–	2.72%	–
PRSC	New	Providence Service Corp	$6,696,000	–	132,300	–	2.48%	–
CMO	New	Capstead Mortgage Corp	$6,172,000	–	591,750	–	2.28%	–
XHR	New	Xenia Hotels and Resorts	$5,956,000	–	307,500	–	2.20%	–
CAMP	New	CalAmp Corp	$5,825,000	–	286,500	–	2.16%	–
RLJ	New	RLJ Lodging Trust	$5,792,000	–	291,500	–	2.14%	–
DFIN	New	Donnelley Financial Soln	$5,712,000	–	248,775	–	2.11%	–
MRTN	New	Marten Transport Ltd	$5,584,000	–	203,800	–	2.07%	–
CAR	New	Avis Budget Group Inc	$5,406,000	–	198,225	–	2.00%	–
TSC	New	TriState Capital Holdings	$5,404,000	–	214,450	–	2.00%	–
MITL	New	Mitel Networks Corp	$5,320,000	–	723,850	–	1.97%	–
PCH	New	Potlatch Corp	$5,186,000	–	113,475	–	1.92%	–
STAR	New	iStar Inc	$4,849,000	–	402,750	–	1.79%	–
CLW	New	Clearwater Paper	$4,792,000	–	102,500	–	1.77%	–
FFIC	New	Flushing Financial	$4,378,000	–	155,300	–	1.62%	–
PDLI	New	PDL BioPharma Inc	$4,293,000	–	1,738,200	–	1.59%	–
BW	New	Babcock & Wilcox Enterprises	$4,038,000	–	343,375	–	1.49%	–
BIG	New	Big Lots Inc	$3,994,000	–	82,700	–	1.48%	–
GCAP	New	GAIN Capital Hldgs Inc	$3,518,000	–	564,650	–	1.30%	–
KFRC	New	Kforce Inc	$3,394,000	–	173,150	–	1.26%	–
KE	New	Kimball Electronics Inc	$3,300,000	–	182,800	–	1.22%	–
NEWS	New	NewStar Financial Inc	$2,950,000	–	280,925	–	1.09%	–
FNHC	New	Federated Natl Hldg Co	$2,770,000	–	173,125	–	1.02%	–
ZIXI	New	Zix Corp	$2,639,000	–	463,750	–	0.98%	–
CRAI	New	CRA International Inc	$2,186,000	–	60,200	–	0.81%	–

Q4 2016

			Value		Shares		↓ Weighting
CRAI	Exit	CRA International Inc	$0	–	-60,500	–	-0.68%	–
MRLN	Exit	Marlin Business Services	$0	–	-90,550	–	-0.74%	–
ZIXI	Exit	Zix Corp	$0	–	-512,050	–	-0.89%	–
QHCCQ	Exit	Quorum Health Corp	$0	–	-396,725	–	-1.05%	–
KE	Exit	Kimball Electronics Inc	$0	–	-202,100	–	-1.18%	–
DTLK	Exit	Datalink Corp	$0	–	-317,700	–	-1.42%	–
SALE	Exit	RetailMeNot Inc	$0	–	-376,425	–	-1.57%	–
TSC	Exit	TriState Capital Holdings	$0	–	-237,450	–	-1.62%	–
KFRC	Exit	Kforce Inc	$0	–	-191,150	–	-1.66%	–
PRGS	Exit	Progress Software Corp	$0	–	-144,800	–	-1.67%	–
FFIC	Exit	Flushing Financial	$0	–	-176,400	–	-1.77%	–
TIME	Exit	Time Inc	$0	–	-294,450	–	-1.80%	–
CAMP	Exit	CalAmp Corp	$0	–	-311,300	–	-1.84%	–
HZN	Exit	Horizon Global Corp	$0	–	-234,075	–	-1.97%	–
MRTN	Exit	Marten Transport Ltd	$0	–	-225,200	–	-2.00%	–
IPHS	Exit	Innophos Holdings Inc	$0	–	-123,000	–	-2.03%	–
NCI	Exit	Navigant Consulting Inc	$0	–	-239,150	–	-2.04%	–
PCH	Exit	Potlatch Corp	$0	–	-124,775	–	-2.05%	–
WD	Exit	Walker & Dunlop Inc	$0	–	-196,425	–	-2.10%	–
PNK	Exit	Pinnacle Entertainment Inc	$0	–	-415,100	–	-2.17%	–
XHR	Exit	Xenia Hotels and Resorts	$0	–	-344,400	–	-2.21%	–
AIRM	Exit	Air Methods Corp	$0	–	-167,500	–	-2.23%	–
WNC	Exit	Wabash National Corp	$0	–	-393,500	–	-2.37%	–
SCSS	Exit	Select Comfort Corp	$0	–	-280,350	–	-2.56%	–
CMO	Exit	Capstead Mortgage Corp	$0	–	-652,350	–	-2.60%	–
BW	Exit	Babcock & Wilcox Enterprises	$0	–	-380,175	–	-2.65%	–
VRTV	Exit	Veritiv Corp	$0	–	-125,950	–	-2.67%	–
RLJ	Exit	RLJ Lodging Trust	$0	–	-322,400	–	-2.87%	–
NSR	Exit	NeuStar Inc	$0	–	-256,625	–	-2.89%	–
CLW	Exit	Clearwater Paper	$0	–	-112,800	–	-3.08%	–
LXP	Exit	Lexington Realty Trust	$0	–	-718,875	–	-3.13%	–
VRNT	Exit	Verint Systems Inc	$0	–	-198,500	–	-3.16%	–
NTCT	Exit	NetScout Systems Inc	$0	–	-257,725	–	-3.19%	–
GNRC	Exit	Generac Holdings Inc	$0	–	-223,675	–	-3.43%	–
BWXT	Exit	BWX Technologies Inc	$0	–	-215,475	–	-3.50%	–
FULT	Exit	Fulton Financial Corp	$0	–	-587,600	–	-3.61%	–
SPXC	Exit	SPX Corp	$0	–	-426,425	–	-3.63%	–
CY	Exit	Cypress Semiconductor	$0	–	-744,450	–	-3.83%	–
SMTC	Exit	Semtech Corp	$0	–	-361,225	–	-4.24%	–
HMSY	Exit	HMS Holdings Corp	$0	–	-504,900	–	-4.73%	–
OGS	Exit	ONE Gas Inc	$0	–	-197,250	–	-5.16%	–

Q3 2016

			Value		Shares		↓ Weighting
OGS	Sell	ONE Gas Inc	$12,198,000	-15.4%	197,250	-8.9%	5.16%	-13.5%
HMSY	Sell	HMS Holdings Corp	$11,194,000	+14.6%	504,900	-9.0%	4.73%	+17.2%
SMTC	Sell	Semtech Corp	$10,017,000	+5.9%	361,225	-8.9%	4.24%	+8.3%
CY	Sell	Cypress Semiconductor	$9,053,000	+3.6%	744,450	-10.1%	3.83%	+6.0%
SPXC	Sell	SPX Corp	$8,588,000	+23.5%	426,425	-8.9%	3.63%	+26.3%
FULT	Sell	Fulton Financial Corp	$8,532,000	-2.2%	587,600	-9.1%	3.61%	+0.0%
BWXT	Sell	BWX Technologies Inc	$8,268,000	-2.3%	215,475	-9.0%	3.50%	-0.1%
GNRC	Sell	Generac Holdings Inc	$8,119,000	-5.5%	223,675	-9.0%	3.43%	-3.4%
NTCT	New	NetScout Systems Inc	$7,538,000	–	257,725	–	3.19%	–
VRNT	Sell	Verint Systems Inc	$7,470,000	+3.3%	198,500	-9.1%	3.16%	+5.6%
LXP	Sell	Lexington Realty Trust	$7,404,000	-7.3%	718,875	-9.0%	3.13%	-5.1%
CLW	Sell	Clearwater Paper	$7,295,000	-10.1%	112,800	-9.1%	3.08%	-8.0%
NSR	Sell	NeuStar Inc	$6,824,000	+2.8%	256,625	-9.1%	2.89%	+5.2%
RLJ	Sell	RLJ Lodging Trust	$6,780,000	-10.6%	322,400	-8.8%	2.87%	-8.6%
VRTV	Sell	Veritiv Corp	$6,319,000	+21.5%	125,950	-9.0%	2.67%	+24.3%
BW	Sell	Babcock & Wilcox Enterprises	$6,273,000	+2.6%	380,175	-8.6%	2.65%	+4.9%
CMO	Sell	Capstead Mortgage Corp	$6,152,000	-11.4%	652,350	-8.9%	2.60%	-9.5%
SCSS	New	Select Comfort Corp	$6,056,000	–	280,350	–	2.56%	–
WNC	Sell	Wabash National Corp	$5,603,000	+2.3%	393,500	-8.7%	2.37%	+4.6%
AIRM	Sell	Air Methods Corp	$5,275,000	-19.9%	167,500	-8.8%	2.23%	-18.0%
XHR	Sell	Xenia Hotels and Resorts	$5,228,000	-17.4%	344,400	-8.6%	2.21%	-15.5%
PNK	New	Pinnacle Entertainment Inc	$5,122,000	–	415,100	–	2.17%	–
WD	Sell	Walker & Dunlop Inc	$4,962,000	+1.0%	196,425	-8.9%	2.10%	+3.2%
PCH	New	Potlatch Corp	$4,852,000	–	124,775	–	2.05%	–
NCI	Sell	Navigant Consulting Inc	$4,836,000	+13.8%	239,150	-9.1%	2.04%	+16.4%
IPHS	Sell	Innophos Holdings Inc	$4,801,000	-15.7%	123,000	-8.9%	2.03%	-13.8%
MRTN	Sell	Marten Transport Ltd	$4,729,000	-3.5%	225,200	-9.0%	2.00%	-1.3%
HZN	Sell	Horizon Global Corp	$4,665,000	+60.3%	234,075	-8.7%	1.97%	+63.9%
CAMP	New	CalAmp Corp	$4,343,000	–	311,300	–	1.84%	–
TIME	Sell	Time Inc	$4,264,000	-20.0%	294,450	-9.1%	1.80%	-18.2%
FFIC	Sell	Flushing Financial	$4,184,000	+8.8%	176,400	-8.8%	1.77%	+11.3%
PRGS	Sell	Progress Software Corp	$3,939,000	-9.3%	144,800	-8.5%	1.67%	-7.2%
KFRC	Sell	Kforce Inc	$3,917,000	+10.2%	191,150	-9.1%	1.66%	+12.7%
TSC	Sell	TriState Capital Holdings	$3,835,000	+7.6%	237,450	-8.5%	1.62%	+10.0%
SALE	Sell	RetailMeNot Inc	$3,723,000	+16.7%	376,425	-9.1%	1.57%	+19.2%
DTLK	Sell	Datalink Corp	$3,371,000	+29.1%	317,700	-8.8%	1.42%	+31.9%
KE	Sell	Kimball Electronics Inc	$2,801,000	+0.9%	202,100	-9.3%	1.18%	+3.2%
QHCCQ	New	Quorum Health Corp	$2,487,000	–	396,725	–	1.05%	–
ZIXI	Sell	Zix Corp	$2,099,000	-1.4%	512,050	-9.8%	0.89%	+0.9%
MRLN	Sell	Marlin Business Services	$1,755,000	+7.6%	90,550	-9.5%	0.74%	+10.1%
CRAI	Sell	CRA International Inc	$1,609,000	-3.4%	60,500	-8.3%	0.68%	-1.2%
UNTD	Exit	United Online Inc	$0	–	-190,750	–	-0.87%	–
PRAA	Exit	PRA Group Inc	$0	–	-143,300	–	-1.43%	–
DK	Exit	Delek US Holdings Inc	$0	–	-339,400	–	-1.85%	–
OUTR	Exit	Outerwall Inc	$0	–	-117,850	–	-2.05%	–
KRA	Exit	Kraton Performance Polymers	$0	–	-256,100	–	-2.96%	–
EAT	Exit	Brinker International	$0	–	-286,750	–	-5.40%	–

Q2 2016

			Value		Shares		↓ Weighting
OGS	New	ONE Gas Inc	$14,420,000	–	216,550	–	5.96%	–
EAT	New	Brinker International	$13,056,000	–	286,750	–	5.40%	–
HMSY	New	HMS Holdings Corp	$9,770,000	–	554,800	–	4.04%	–
SMTC	New	Semtech Corp	$9,463,000	–	396,625	–	3.91%	–
CY	New	Cypress Semiconductor	$8,735,000	–	827,950	–	3.61%	–
FULT	New	Fulton Financial Corp	$8,724,000	–	646,200	–	3.61%	–
GNRC	New	Generac Holdings Inc	$8,592,000	–	245,775	–	3.55%	–
BWXT	New	BWX Technologies Inc	$8,466,000	–	236,675	–	3.50%	–
CLW	New	Clearwater Paper	$8,112,000	–	124,100	–	3.35%	–
LXP	New	Lexington Realty Trust	$7,984,000	–	789,675	–	3.30%	–
RLJ	New	RLJ Lodging Trust	$7,587,000	–	353,700	–	3.14%	–
VRNT	New	Verint Systems Inc	$7,232,000	–	218,300	–	2.99%	–
KRA	New	Kraton Performance Polymers	$7,153,000	–	256,100	–	2.96%	–
SPXC	New	SPX Corp	$6,955,000	–	468,325	–	2.88%	–
CMO	New	Capstead Mortgage Corp	$6,947,000	–	716,150	–	2.87%	–
NSR	New	NeuStar Inc	$6,635,000	–	282,225	–	2.74%	–
AIRM	New	Air Methods Corp	$6,582,000	–	183,700	–	2.72%	–
XHR	New	Xenia Hotels and Resorts	$6,326,000	–	377,000	–	2.62%	–
BW	New	Babcock & Wilcox Enterprises	$6,113,000	–	416,125	–	2.53%	–
IPHS	New	Innophos Holdings Inc	$5,698,000	–	135,000	–	2.36%	–
WNC	New	Wabash National Corp	$5,475,000	–	431,100	–	2.26%	–
TIME	New	Time Inc	$5,332,000	–	323,950	–	2.20%	–
VRTV	New	Veritiv Corp	$5,199,000	–	138,350	–	2.15%	–
OUTR	New	Outerwall Inc	$4,950,000	–	117,850	–	2.05%	–
WD	New	Walker & Dunlop Inc	$4,914,000	–	215,725	–	2.03%	–
MRTN	New	Marten Transport Ltd	$4,902,000	–	247,600	–	2.03%	–
DK	New	Delek US Holdings Inc	$4,483,000	–	339,400	–	1.85%	–
PRGS	New	Progress Software Corp	$4,344,000	–	158,200	–	1.80%	–
NCI	New	Navigant Consulting Inc	$4,248,000	–	263,050	–	1.76%	–
FFIC	New	Flushing Financial	$3,845,000	–	193,400	–	1.59%	–
TSC	New	TriState Capital Holdings	$3,565,000	–	259,650	–	1.47%	–
KFRC	New	Kforce Inc	$3,553,000	–	210,350	–	1.47%	–
PRAA	New	PRA Group Inc	$3,459,000	–	143,300	–	1.43%	–
SALE	New	RetailMeNot Inc	$3,191,000	–	413,925	–	1.32%	–
HZN	New	Horizon Global Corp	$2,911,000	–	256,475	–	1.20%	–
KE	New	Kimball Electronics Inc	$2,775,000	–	222,900	–	1.15%	–
DTLK	New	Datalink Corp	$2,612,000	–	348,200	–	1.08%	–
ZIXI	New	Zix Corp	$2,129,000	–	567,850	–	0.88%	–
UNTD	New	United Online Inc	$2,098,000	–	190,750	–	0.87%	–
CRAI	New	CRA International Inc	$1,665,000	–	66,000	–	0.69%	–
MRLN	New	Marlin Business Services	$1,631,000	–	100,050	–	0.67%	–

Q4 2015

			Value		Shares		↓ Weighting
UFPT	Exit	UFP Technologies Inc	$0	–	-12,600	–	-0.10%	–
CRMT	Exit	America's Car-Mart Inc	$0	–	-52,635	–	-0.61%	–
BBOX	Exit	Black Box Corp	$0	–	-133,550	–	-0.69%	–
CTRL	Exit	Control4 Corp	$0	–	-257,925	–	-0.73%	–
UNTD	Exit	United Online Inc	$0	–	-250,000	–	-0.87%	–
ACTG	Exit	Acacia Research Corp	$0	–	-291,700	–	-0.92%	–
MRLN	Exit	Marlin Business Svcs	$0	–	-177,500	–	-0.95%	–
PIR	Exit	Pier 1 Imports Inc	$0	–	-447,000	–	-1.08%	–
ZIXI	Exit	Zix Corp	$0	–	-745,900	–	-1.09%	–
KE	Exit	Kimball Electronics Inc	$0	–	-284,550	–	-1.18%	–
TSC	Exit	TriState Capital Holdings	$0	–	-329,200	–	-1.43%	–
SALE	Exit	RetailMeNot Inc	$0	–	-548,775	–	-1.58%	–
LRN	Exit	K12 Inc	$0	–	-390,700	–	-1.69%	–
CTRE	Exit	CareTrust REIT	$0	–	-433,085	–	-1.71%	–
FFIC	Exit	Flushing Financial	$0	–	-252,500	–	-1.76%	–
LXP	Exit	Lexington Realty Trust	$0	–	-666,850	–	-1.88%	–
KN	Exit	Knowles Corp	$0	–	-317,400	–	-2.04%	–
KRA	Exit	Kraton Perf Polymers	$0	–	-333,650	–	-2.08%	–
WNC	Exit	Wabash National Corp	$0	–	-564,500	–	-2.08%	–
HAE	Exit	Haemonetics Corp	$0	–	-198,150	–	-2.23%	–
VRTV	Exit	Veritiv Corp	$0	–	-180,800	–	-2.35%	–
IPHS	Exit	Innophos Holdings Inc	$0	–	-177,750	–	-2.46%	–
MTRN	Exit	Materion Corp	$0	–	-236,150	–	-2.47%	–
KFRC	Exit	Kforce Inc	$0	–	-278,000	–	-2.55%	–
CLW	Exit	Clearwater Paper	$0	–	-163,050	–	-2.68%	–
MTRX	Exit	Matrix Service Co	$0	–	-353,125	–	-2.76%	–
ROVI	Exit	Rovi Corp	$0	–	-765,425	–	-2.80%	–
TIME	Exit	Time Inc	$0	–	-430,200	–	-2.86%	–
BWXT	Exit	BWX Technologies Inc	$0	–	-312,775	–	-2.87%	–
XHR	Exit	Xenia Hotels and Resorts	$0	–	-481,200	–	-2.93%	–
BW	Exit	Babcock & Wilcox Enterprises	$0	–	-526,625	–	-3.08%	–
OUTR	Exit	Outerwall Inc	$0	–	-155,950	–	-3.09%	–
CST	Exit	CST Brands Inc	$0	–	-291,400	–	-3.42%	–
PRAA	Exit	PRA Group Inc	$0	–	-189,000	–	-3.49%	–
NSR	Exit	NeuStar Inc	$0	–	-371,525	–	-3.52%	–
FULT	Exit	Fulton Financial Corp	$0	–	-850,550	–	-3.59%	–
MDAS	Exit	MedAssets Inc	$0	–	-526,050	–	-3.68%	–
EXLS	Exit	ExlService Holdings Inc	$0	–	-323,350	–	-4.16%	–
OGS	Exit	ONE Gas Inc	$0	–	-291,450	–	-4.60%	–
EAT	Exit	Brinker International	$0	–	-378,600	–	-6.95%	–
HCC	Exit	HCC Insurance Holdings	$0	–	-258,350	–	-6.98%	–

Q3 2015

			Value		Shares		↓ Weighting
HCC	Sell	HCC Insurance Holdings	$20,014,000	-0.5%	258,350	-1.3%	6.98%	+12.3%
EAT	Sell	Brinker International	$19,941,000	-9.9%	378,600	-1.3%	6.95%	+1.7%
OGS	Sell	ONE Gas Inc	$13,211,000	+5.2%	291,450	-1.3%	4.60%	+18.7%
EXLS	Sell	ExlService Holdings Inc	$11,941,000	+5.5%	323,350	-1.2%	4.16%	+19.0%
MDAS	Sell	MedAssets Inc	$10,553,000	-10.2%	526,050	-1.2%	3.68%	+1.4%
FULT	Sell	Fulton Financial Corp	$10,292,000	-8.5%	850,550	-1.3%	3.59%	+3.2%
NSR	Sell	NeuStar Inc	$10,109,000	-7.9%	371,525	-1.2%	3.52%	+3.9%
PRAA	Sell	PRA Group Inc	$10,002,000	-15.9%	189,000	-1.0%	3.49%	-5.1%
CST	Sell	CST Brands Inc	$9,809,000	-15.0%	291,400	-1.3%	3.42%	-4.0%
OUTR	Sell	Outerwall Inc	$8,878,000	-26.2%	155,950	-1.3%	3.09%	-16.7%
BW	New	Babcock & Wilcox Enterprises	$8,847,000	–	526,625	–	3.08%	–
XHR	Sell	Xenia Hotels and Resorts	$8,402,000	-20.7%	481,200	-1.3%	2.93%	-10.5%
BWXT	New	BWX Technologies Inc	$8,245,000	–	312,775	–	2.87%	–
TIME	Sell	Time Inc	$8,195,000	-18.3%	430,200	-1.3%	2.86%	-7.8%
ROVI	Buy	Rovi Corp	$8,029,000	-1.6%	765,425	+49.6%	2.80%	+11.0%
MTRX	New	Matrix Service Co	$7,935,000	–	353,125	–	2.76%	–
CLW	Sell	Clearwater Paper	$7,702,000	-18.6%	163,050	-1.3%	2.68%	-8.2%
KFRC	Sell	Kforce Inc	$7,306,000	+13.6%	278,000	-1.1%	2.55%	+28.2%
MTRN	Sell	Materion Corp	$7,089,000	-15.6%	236,150	-0.9%	2.47%	-4.8%
IPHS	Sell	Innophos Holdings Inc	$7,046,000	-25.7%	177,750	-1.3%	2.46%	-16.1%
VRTV	Sell	Veritiv Corp	$6,733,000	+0.9%	180,800	-1.3%	2.35%	+13.8%
HAE	Sell	Haemonetics Corp	$6,404,000	-22.8%	198,150	-1.2%	2.23%	-12.9%
WNC	New	Wabash National Corp	$5,978,000	–	564,500	–	2.08%	–
KRA	Sell	Kraton Perf Polymers	$5,972,000	-26.0%	333,650	-1.3%	2.08%	-16.5%
KN	Sell	Knowles Corp	$5,850,000	+0.8%	317,400	-1.0%	2.04%	+13.7%
LXP	New	Lexington Realty Trust	$5,401,000	–	666,850	–	1.88%	–
FFIC	Sell	Flushing Financial	$5,055,000	-5.5%	252,500	-0.8%	1.76%	+6.7%
CTRE	Sell	CareTrust REIT	$4,916,000	-11.6%	433,085	-1.3%	1.71%	-0.2%
LRN	Sell	K12 Inc	$4,860,000	-2.9%	390,700	-1.3%	1.69%	+9.6%
SALE	Sell	RetailMeNot Inc	$4,522,000	-54.2%	548,775	-1.0%	1.58%	-48.3%
TSC	Sell	TriState Capital Holdings	$4,105,000	-4.8%	329,200	-1.3%	1.43%	+7.4%
KE	Sell	Kimball Electronics Inc	$3,395,000	-19.3%	284,550	-1.4%	1.18%	-8.9%
ZIXI	Sell	Zix Corp	$3,140,000	-19.7%	745,900	-1.3%	1.09%	-9.4%
PIR	Sell	Pier 1 Imports Inc	$3,084,000	-46.1%	447,000	-1.3%	1.08%	-39.2%
MRLN	Sell	Marlin Business Svcs	$2,732,000	-10.0%	177,500	-1.3%	0.95%	+1.6%
ACTG	Sell	Acacia Research Corp	$2,649,000	+2.0%	291,700	-1.4%	0.92%	+15.1%
UNTD	Sell	United Online Inc	$2,500,000	-37.1%	250,000	-1.4%	0.87%	-29.0%
CTRL	Buy	Control4 Corp	$2,105,000	+21.4%	257,925	+32.2%	0.73%	+37.2%
BBOX	Sell	Black Box Corp	$1,969,000	-27.3%	133,550	-1.4%	0.69%	-17.9%
CRMT	Sell	America's Car-Mart Inc	$1,742,000	-33.5%	52,635	-0.9%	0.61%	-25.0%
UFPT	New	UFP Technologies Inc	$288,000	–	12,600	–	0.10%	–
MGI	Exit	MoneyGram Intl	$0	–	-52,900	–	-0.15%	–
TPUB	Exit	Tribune Publishing Co	$0	–	-264,000	–	-1.27%	–
RYAM	Exit	Rayonier Advanced Matl	$0	–	-265,675	–	-1.33%	–
RJETQ	Exit	Republic Airways Hldg	$0	–	-700,775	–	-1.99%	–
F102PS	Exit	Babcock & Wilcox Co	$0	–	-315,100	–	-3.19%	–
MATX	Exit	Matson, Inc	$0	–	-250,975	–	-3.26%	–

Q2 2015

			Value		Shares		↓ Weighting
EAT	New	Brinker International	$22,120,000	–	383,700	–	6.83%	–
HCC	New	HCC Insurance Holdings	$20,119,000	–	261,825	–	6.21%	–
OGS	New	ONE Gas Inc	$12,562,000	–	295,150	–	3.88%	–
OUTR	New	Outerwall Inc	$12,027,000	–	158,025	–	3.71%	–
PRAA	New	PRA Group Inc	$11,893,000	–	190,875	–	3.67%	–
MDAS	New	MedAssets Inc	$11,751,000	–	532,675	–	3.63%	–
CST	New	CST Brands Inc	$11,535,000	–	295,325	–	3.56%	–
EXLS	New	ExlService Holdings Inc	$11,321,000	–	327,400	–	3.50%	–
FULT	New	Fulton Financial Corp	$11,253,000	–	861,650	–	3.48%	–
NSR	New	NeuStar Inc	$10,982,000	–	375,975	–	3.39%	–
XHR	New	Xenia Hotels and Resorts	$10,596,000	–	487,375	–	3.27%	–
MATX	New	Matson, Inc	$10,551,000	–	250,975	–	3.26%	–
F102PS	New	Babcock & Wilcox Co	$10,335,000	–	315,100	–	3.19%	–
TIME	New	Time Inc	$10,031,000	–	435,925	–	3.10%	–
SALE	New	RetailMeNot Inc	$9,880,000	–	554,125	–	3.05%	–
IPHS	New	Innophos Holdings Inc	$9,477,000	–	180,025	–	2.93%	–
CLW	New	Clearwater Paper	$9,467,000	–	165,225	–	2.92%	–
MTRN	New	Materion Corp	$8,403,000	–	238,375	–	2.60%	–
HAE	New	Haemonetics Corp	$8,299,000	–	200,650	–	2.56%	–
ROVI	New	Rovi Corp	$8,159,000	–	511,525	–	2.52%	–
KRA	New	Kraton Perf Polymers	$8,073,000	–	338,075	–	2.49%	–
VRTV	New	Veritiv Corp	$6,676,000	–	183,100	–	2.06%	–
RJETQ	New	Republic Airways Hldg	$6,433,000	–	700,775	–	1.99%	–
KFRC	New	Kforce Inc	$6,430,000	–	281,175	–	1.99%	–
KN	New	Knowles Corp	$5,806,000	–	320,750	–	1.79%	–
PIR	New	Pier 1 Imports Inc	$5,723,000	–	453,100	–	1.77%	–
CTRE	New	CareTrust REIT	$5,560,000	–	438,845	–	1.72%	–
FFIC	New	Flushing Financial	$5,348,000	–	254,550	–	1.65%	–
LRN	New	K12 Inc	$5,006,000	–	395,750	–	1.55%	–
RYAM	New	Rayonier Advanced Matl	$4,320,000	–	265,675	–	1.33%	–
TSC	New	TriState Captial Holdings	$4,312,000	–	333,500	–	1.33%	–
KE	New	Kimball Electronics Inc	$4,208,000	–	288,450	–	1.30%	–
TPUB	New	Tribune Publishing Co	$4,103,000	–	264,000	–	1.27%	–
UNTD	New	United Online Inc	$3,972,000	–	253,500	–	1.23%	–
ZIXI	New	Zix Corp	$3,909,000	–	756,000	–	1.21%	–
MRLN	New	Marlin Business Svcs	$3,035,000	–	179,775	–	0.94%	–
BBOX	New	Black Box Corp	$2,708,000	–	135,400	–	0.84%	–
CRMT	New	America's Car-Mart Inc	$2,621,000	–	53,135	–	0.81%	–
ACTG	New	Acacia Research Corp	$2,596,000	–	295,975	–	0.80%	–
CTRL	New	Control4 Corp	$1,734,000	–	195,050	–	0.54%	–
MGI	New	MoneyGram Intl	$486,000	–	52,900	–	0.15%	–

Q4 2014

			Value		Shares		↓ Weighting
NTLS	Exit	NTELOS Holdings	$0	–	-224,825	–	-0.34%	–
WRLD	Exit	World Acceptance	$0	–	-42,000	–	-0.40%	–
TIME	Exit	Time Inc	$0	–	-128,000	–	-0.42%	–
CVEO	Exit	Civeo Corp	$0	–	-281,700	–	-0.46%	–
BBRG	Exit	Bravo Brio Restaurant Grp	$0	–	-275,625	–	-0.51%	–
ZIXI	Exit	Zix Corp	$0	–	-1,053,100	–	-0.51%	–
LMOS	Exit	Lumos Networks	$0	–	-229,875	–	-0.53%	–
UNTD	Exit	United Online Inc	$0	–	-354,550	–	-0.55%	–
UVSP	Exit	Univest Corp of PA	$0	–	-241,850	–	-0.64%	–
CNSI	Exit	Comverse Inc	$0	–	-269,475	–	-0.85%	–
PMC	Exit	PharMerica Corp	$0	–	-253,850	–	-0.88%	–
BBOX	Exit	Black Box Corp	$0	–	-275,400	–	-0.91%	–
QLTY	Exit	Quality Distribution	$0	–	-503,700	–	-0.91%	–
CTRE	Exit	CareTrust REIT	$0	–	-522,800	–	-1.06%	–
F102PS	Exit	Babcock & Wilcox Co	$0	–	-286,000	–	-1.12%	–
CRMT	Exit	America's Car-Mart Inc	$0	–	-205,700	–	-1.15%	–
DNRCQ	Exit	Denbury Resources Inc	$0	–	-555,000	–	-1.18%	–
WPG	Exit	Washington Prime Group	$0	–	-490,000	–	-1.21%	–
TDC	Exit	Teradata Corp	$0	–	-220,000	–	-1.30%	–
SLM	Exit	SLM Corp	$0	–	-1,100,000	–	-1.33%	–
FFIC	Exit	Flushing Financial	$0	–	-518,400	–	-1.34%	–
ACTG	Exit	Acacia Research Corp	$0	–	-611,675	–	-1.34%	–
JBL	Exit	Jabil Circuit Inc	$0	–	-495,000	–	-1.41%	–
RJETQ	Exit	Republic Airways Hldg	$0	–	-915,225	–	-1.44%	–
AVT	Exit	Avnet Inc	$0	–	-245,000	–	-1.44%	–
NAVI	Exit	Navient Corp	$0	–	-580,000	–	-1.45%	–
MWW	Exit	Monster Worldwide Inc	$0	–	-1,955,350	–	-1.52%	–
TPUB	Exit	Tribune Publishing Co	$0	–	-537,300	–	-1.53%	–
PIR	Exit	Pier 1 Imports Inc	$0	–	-927,000	–	-1.56%	–
MGI	Exit	MoneyGram Intl	$0	–	-914,250	–	-1.62%	–
6107SC	Exit	URS Corp	$0	–	-200,000	–	-1.63%	–
SWM	Exit	Schweitzer-Mauduit Intl	$0	–	-298,550	–	-1.74%	–
ENSG	Exit	The Ensign Group	$0	–	-360,325	–	-1.77%	–
MATX	Exit	Matson, Inc	$0	–	-515,725	–	-1.83%	–
LRN	Exit	K12 Inc	$0	–	-817,100	–	-1.84%	–
AAWW	Exit	Atlas Air Worldwide Hldgs	$0	–	-411,725	–	-1.92%	–
EGY	Exit	VAALCO Energy	$0	–	-1,611,350	–	-1.94%	–
EGL	Exit	Engility Holdings	$0	–	-453,041	–	-2.00%	–
RYAM	Exit	Rayonier Advanced Matl	$0	–	-431,575	–	-2.01%	–
HAE	Exit	Haemonetics Corp	$0	–	-418,550	–	-2.07%	–
GLFMQ	Exit	GulfMark Offshore Inc	$0	–	-477,825	–	-2.12%	–
MTRN	Exit	Materion Corp	$0	–	-492,475	–	-2.14%	–
EXLS	Exit	ExlService Holdings Inc	$0	–	-677,700	–	-2.34%	–
KN	Exit	Knowles Corp	$0	–	-663,350	–	-2.49%	–
VRTV	Exit	Veritiv Corp	$0	–	-372,650	–	-2.64%	–
FULT	Exit	Fulton Financial Corp	$0	–	-1,749,650	–	-2.74%	–
OUTR	Exit	Outerwall Inc	$0	–	-346,175	–	-2.75%	–
CLW	Exit	Clearwater Paper	$0	–	-342,075	–	-2.91%	–
OGS	Exit	ONE Gas Inc	$0	–	-602,800	–	-2.92%	–
ROVI	Exit	Rovi Corp	$0	–	-1,055,675	–	-2.95%	–
CST	Exit	CST Brands Inc	$0	–	-613,275	–	-3.12%	–
MYGN	Exit	Myriad Genetics	$0	–	-653,825	–	-3.57%	–
RVBD	Exit	Riverbed Technology Inc	$0	–	-1,385,600	–	-3.64%	–
HCC	Exit	HCC Insurance Holdings	$0	–	-546,375	–	-3.73%	–
BYI	Exit	Bally Technologies Inc	$0	–	-400,575	–	-4.57%	–
EAT	Exit	Brinker International	$0	–	-792,150	–	-5.69%	–

Q3 2014

			Value		Shares		↓ Weighting
EAT	Sell	Brinker International	$40,233,000	+0.9%	792,150	-3.4%	5.69%	+14.6%
BYI	Sell	Bally Technologies Inc	$32,326,000	+18.7%	400,575	-3.3%	4.57%	+35.0%
HCC	Sell	HCC Insurance Holdings	$26,384,000	-3.6%	546,375	-2.3%	3.73%	+9.5%
RVBD	Sell	Riverbed Technology Inc	$25,696,000	-13.2%	1,385,600	-3.4%	3.64%	-1.3%
MYGN	Sell	Myriad Genetics	$25,218,000	-4.3%	653,825	-3.4%	3.57%	+8.8%
CST	Sell	CST Brands Inc	$22,047,000	+0.7%	613,275	-3.3%	3.12%	+14.5%
ROVI	Sell	Rovi Corp	$20,844,000	-20.3%	1,055,675	-3.3%	2.95%	-9.4%
OGS	Sell	ONE Gas Inc	$20,646,000	-11.0%	602,800	-1.9%	2.92%	+1.1%
CLW	Sell	Clearwater Paper	$20,562,000	-5.7%	342,075	-3.2%	2.91%	+7.1%
OUTR	Sell	Outerwall Inc	$19,420,000	-8.7%	346,175	-3.4%	2.75%	+3.7%
FULT	New	Fulton Financial Corp	$19,386,000	–	1,749,650	–	2.74%	–
VRTV	New	Veritiv Corp	$18,655,000	–	372,650	–	2.64%	–
KN	Sell	Knowles Corp	$17,579,000	-16.7%	663,350	-3.4%	2.49%	-5.3%
EXLS	Sell	ExlService Holdings Inc	$16,543,000	-18.4%	677,700	-1.6%	2.34%	-7.3%
MTRN	Sell	Materion Corp	$15,104,000	-18.3%	492,475	-1.4%	2.14%	-7.1%
GLFMQ	Sell	GulfMark Offshore Inc	$14,980,000	-33.0%	477,825	-3.4%	2.12%	-23.8%
HAE	Sell	Haemonetics Corp	$14,616,000	-4.3%	418,550	-3.3%	2.07%	+8.7%
RYAM	New	Rayonier Advanced Matl	$14,203,000	–	431,575	–	2.01%	–
EGL	Sell	Engility Holdings	$14,121,000	-21.3%	453,041	-3.4%	2.00%	-10.5%
EGY	Sell	VAALCO Energy	$13,696,000	+13.6%	1,611,350	-3.4%	1.94%	+29.1%
AAWW	Sell	Atlas Air Worldwide Hldgs	$13,595,000	-13.5%	411,725	-3.4%	1.92%	-1.7%
LRN	Sell	K12 Inc	$13,041,000	-35.9%	817,100	-3.4%	1.84%	-27.2%
MATX	Sell	Matson, Inc	$12,909,000	-9.9%	515,725	-3.4%	1.83%	+2.4%
ENSG	Sell	The Ensign Group	$12,539,000	+8.2%	360,325	-3.4%	1.77%	+22.9%
SWM	Sell	Schweitzer-Mauduit Intl	$12,333,000	-8.5%	298,550	-3.3%	1.74%	+3.9%
MGI	New	MoneyGram Intl	$11,465,000	–	914,250	–	1.62%	–
PIR	Sell	Pier 1 Imports Inc	$11,022,000	-25.4%	927,000	-3.3%	1.56%	-15.2%
TPUB	New	Tribune Publishing Co	$10,843,000	–	537,300	–	1.53%	–
MWW	Sell	Monster Worldwide Inc	$10,754,000	-18.3%	1,955,350	-2.8%	1.52%	-7.1%
RJETQ	New	Republic Airways Hldg	$10,168,000	–	915,225	–	1.44%	–
FFIC	Sell	Flushing Financial	$9,471,000	-11.2%	518,400	-0.1%	1.34%	+0.9%
ACTG	Sell	Acacia Research Corp	$9,469,000	-16.1%	611,675	-3.7%	1.34%	-4.6%
SLM	New	SLM Corp	$9,416,000	–	1,100,000	–	1.33%	–
CRMT	Sell	America's Car-Mart Inc	$8,144,000	-3.0%	205,700	-3.2%	1.15%	+10.1%
CTRE	Buy	CareTrust REIT	$7,476,000	-20.3%	522,800	+10.3%	1.06%	-9.4%
QLTY	Sell	Quality Distribution	$6,437,000	-18.3%	503,700	-5.1%	0.91%	-7.1%
BBOX	Sell	Black Box Corp	$6,422,000	-3.8%	275,400	-3.3%	0.91%	+9.4%
PMC	Sell	PharMerica Corp	$6,202,000	-66.3%	253,850	-60.5%	0.88%	-61.7%
CNSI	Sell	Comverse Inc	$6,017,000	-19.2%	269,475	-3.5%	0.85%	-8.3%
UVSP	Sell	Univest Corp of PA	$4,535,000	-13.7%	241,850	-4.7%	0.64%	-1.8%
UNTD	Sell	United Online Inc	$3,882,000	+0.1%	354,550	-4.9%	0.55%	+13.7%
LMOS	Sell	Lumos Networks	$3,735,000	+8.6%	229,875	-3.3%	0.53%	+23.4%
ZIXI	Sell	Zix Corp	$3,602,000	-4.9%	1,053,100	-4.9%	0.51%	+8.1%
BBRG	Sell	Bravo Brio Restaurant Grp	$3,575,000	-21.1%	275,625	-5.0%	0.51%	-10.3%
CVEO	Sell	Civeo Corp	$3,271,000	-85.7%	281,700	-69.2%	0.46%	-83.8%
TIME	New	Time Inc	$2,999,000	–	128,000	–	0.42%	–
WRLD	Sell	World Acceptance	$2,835,000	-89.2%	42,000	-87.9%	0.40%	-87.8%
NTLS	Sell	NTELOS Holdings	$2,392,000	-18.4%	224,825	-4.5%	0.34%	-7.4%
CPIX	Exit	Cumberland Pharmaceut	$0	–	-137,500	–	-0.08%	–
EXXIQ	Exit	Energy XXI Bermuda LTD	$0	–	-369,353	–	-1.09%	–
ALB	Exit	Albemarle Corp	$0	–	-126,000	–	-1.12%	–
FRAN	Exit	Francesca's Holdings	$0	–	-812,150	–	-1.49%	–
SKYW	Exit	SkyWest Inc	$0	–	-999,400	–	-1.52%	–
RCII	Exit	Rent-A-Center	$0	–	-510,625	–	-1.82%	–
CACI	Exit	CACI International	$0	–	-271,825	–	-2.38%	–

Q2 2014

			Value		Shares		↓ Weighting
EAT	New	Brinker International	$39,886,000	–	819,850	–	4.97%	–
RVBD	New	Riverbed Technology Inc	$29,590,000	–	1,434,300	–	3.68%	–
HCC	New	HCC Insurance Holdings	$27,376,000	–	559,375	–	3.41%	–
BYI	New	Bally Technologies Inc	$27,223,000	–	414,225	–	3.39%	–
MYGN	New	Myriad Genetics	$26,338,000	–	676,725	–	3.28%	–
WRLD	New	World Acceptance	$26,297,000	–	346,200	–	3.27%	–
ROVI	New	Rovi Corp	$26,149,000	–	1,091,375	–	3.26%	–
OGS	New	ONE Gas Inc	$23,205,000	–	614,700	–	2.89%	–
CVEO	New	Civeo Corp	$22,901,000	–	914,950	–	2.85%	–
GLFMQ	New	GulfMark Offshore Inc	$22,347,000	–	494,625	–	2.78%	–
CST	New	CST Brands Inc	$21,889,000	–	634,475	–	2.72%	–
CLW	New	Clearwater Paper	$21,813,000	–	353,425	–	2.72%	–
OUTR	New	Outerwall Inc	$21,278,000	–	358,525	–	2.65%	–
KN	New	Knowles Corp	$21,101,000	–	686,450	–	2.63%	–
LRN	New	K12 Inc	$20,350,000	–	845,450	–	2.53%	–
EXLS	New	ExlService Holdings Inc	$20,275,000	–	688,450	–	2.52%	–
CACI	New	CACI International	$19,085,000	–	271,825	–	2.38%	–
MTRN	New	Materion Corp	$18,481,000	–	499,625	–	2.30%	–
PMC	New	PharMerica Corp	$18,386,000	–	643,075	–	2.29%	–
EGL	New	Engility Holdings	$17,940,000	–	468,891	–	2.23%	–
AAWW	New	Atlas Air Worldwide Hldgs	$15,710,000	–	426,325	–	1.96%	–
HAE	New	Haemonetics Corp	$15,278,000	–	433,050	–	1.90%	–
PIR	New	Pier 1 Imports Inc	$14,772,000	–	958,600	–	1.84%	–
RCII	New	Rent-A-Center	$14,645,000	–	510,625	–	1.82%	–
MATX	New	Matson, Inc	$14,332,000	–	533,975	–	1.78%	–
SWM	New	Schweitzer-Mauduit Intl	$13,484,000	–	308,850	–	1.68%	–
MWW	New	Monster Worldwide Inc	$13,161,000	–	2,012,450	–	1.64%	–
SKYW	New	SkyWest Inc	$12,213,000	–	999,400	–	1.52%	–
EGY	New	VAALCO Energy	$12,059,000	–	1,667,950	–	1.50%	–
FRAN	New	Francesca's Holdings	$11,971,000	–	812,150	–	1.49%	–
ENSG	New	The Ensign Group	$11,589,000	–	372,875	–	1.44%	–
ACTG	New	Acacia Research Corp	$11,280,000	–	635,475	–	1.40%	–
AVT	New	Avnet Inc	$10,856,000	–	245,000	–	1.35%	–
FFIC	New	Flushing Financial	$10,664,000	–	518,950	–	1.33%	–
JBL	New	Jabil Circuit Inc	$10,346,000	–	495,000	–	1.29%	–
NAVI	New	Navient Corp	$10,272,000	–	580,000	–	1.28%	–
DNRCQ	New	Denbury Resources Inc	$10,245,000	–	555,000	–	1.28%	–
CTRE	New	CareTrust REIT	$9,381,000	–	473,800	–	1.17%	–
F102PS	New	Babcock & Wilcox Co	$9,284,000	–	286,000	–	1.16%	–
WPG	New	Washington Prime Group	$9,183,000	–	490,000	–	1.14%	–
6107SC	New	URS Corp	$9,170,000	–	200,000	–	1.14%	–
ALB	New	Albemarle Corp	$9,009,000	–	126,000	–	1.12%	–
TDC	New	Teradata Corp	$8,844,000	–	220,000	–	1.10%	–
EXXIQ	New	Energy XXI Bermuda LTD	$8,728,000	–	369,353	–	1.09%	–
CRMT	New	America's Car-Mart Inc	$8,400,000	–	212,400	–	1.05%	–
QLTY	New	Quality Distribution	$7,883,000	–	530,500	–	0.98%	–
CNSI	New	Comverse Inc	$7,451,000	–	279,275	–	0.93%	–
BBOX	New	Black Box Corp	$6,678,000	–	284,900	–	0.83%	–
UVSP	New	Univest Corp of PA	$5,256,000	–	253,900	–	0.65%	–
BBRG	New	Bravo Brio Restaurant Grp	$4,531,000	–	290,275	–	0.56%	–
UNTD	New	United Online Inc	$3,878,000	–	372,900	–	0.48%	–
ZIXI	New	Zix Corp	$3,788,000	–	1,107,700	–	0.47%	–
LMOS	New	Lumos Networks	$3,440,000	–	237,725	–	0.43%	–
NTLS	New	NTELOS Holdings	$2,932,000	–	235,325	–	0.36%	–
CPIX	New	Cumberland Pharmaceut	$619,000	–	137,500	–	0.08%	–

Q4 2013

			Value		Shares		↓ Weighting
HHS	Exit	Harte-Hanks Inc	$0	–	-27,000	–	-0.02%	–
IWN	Exit	iShares Russell 2000 Value	$0	–	-6,500	–	-0.06%	–
NAVG	Exit	Navigators Group	$0	–	-30,500	–	-0.18%	–
CPIX	Exit	Cumberland Pharmaceut	$0	–	-601,339	–	-0.28%	–
SYMM	Exit	Symmetricom Inc	$0	–	-748,850	–	-0.37%	–
BBRG	Exit	Bravo Brio Restaurant Grp	$0	–	-320,950	–	-0.50%	–
VASC	Exit	Vascular Solutions	$0	–	-312,200	–	-0.54%	–
QLTY	Exit	Quality Distribution	$0	–	-587,750	–	-0.56%	–
NTLS	Exit	NTELOS Holdings	$0	–	-297,725	–	-0.58%	–
LMOS	Exit	Lumos Networks	$0	–	-306,625	–	-0.68%	–
OPLK	Exit	Oplink Communications	$0	–	-421,350	–	-0.82%	–
PMC	Exit	PharMerica Corp	$0	–	-809,150	–	-1.10%	–
EGY	Exit	VAALCO Energy	$0	–	-1,940,550	–	-1.11%	–
BBOX	Exit	Black Box Corp	$0	–	-358,650	–	-1.13%	–
MWW	Exit	Monster Worldwide Inc	$0	–	-2,498,550	–	-1.14%	–
CNSI	Exit	Comverse Inc	$0	–	-355,950	–	-1.17%	–
RT	Exit	Ruby Tuesday Inc	$0	–	-1,558,700	–	-1.20%	–
CRMT	Exit	America's Car-Mart Inc	$0	–	-266,550	–	-1.24%	–
LLL	Exit	L-3 Communications	$0	–	-130,000	–	-1.26%	–
MATW	Exit	Matthews International	$0	–	-327,850	–	-1.28%	–
ALB	Exit	Albemarle Corp	$0	–	-200,000	–	-1.29%	–
OC	Exit	Owens Corning	$0	–	-350,000	–	-1.37%	–
CFN	Exit	CareFusion Corp	$0	–	-365,000	–	-1.38%	–
EW	Exit	Edwards Lifesciences	$0	–	-195,000	–	-1.40%	–
JBT	Exit	John Bean Technologies	$0	–	-610,460	–	-1.56%	–
F102PS	Exit	Babcock & Wilcox Co	$0	–	-455,000	–	-1.58%	–
OUTR	Exit	Outerwall Inc	$0	–	-321,300	–	-1.65%	–
AVT	Exit	Avnet Inc	$0	–	-390,000	–	-1.67%	–
MATX	Exit	Matson, Inc	$0	–	-667,500	–	-1.80%	–
CVD	Exit	Covance Inc	$0	–	-210,000	–	-1.87%	–
ACTG	Exit	Acacia Research Corp	$0	–	-791,400	–	-1.88%	–
SKYW	Exit	SkyWest Inc	$0	–	-1,259,300	–	-1.88%	–
EGL	Exit	Engility Holdings	$0	–	-585,516	–	-1.91%	–
MYGN	Exit	Myriad Genetics	$0	–	-854,475	–	-2.06%	–
HAE	Exit	Haemonetics Corp	$0	–	-549,200	–	-2.25%	–
HMN	Exit	Horace Mann Educatrs	$0	–	-771,850	–	-2.25%	–
CACI	Exit	CACI International	$0	–	-344,750	–	-2.45%	–
CST	Exit	CST Brands Inc	$0	–	-803,500	–	-2.46%	–
RCII	Exit	Rent-A-Center	$0	–	-643,050	–	-2.52%	–
AAWW	Exit	Atlas Air Worldwide Hldgs	$0	–	-536,900	–	-2.54%	–
SWM	Exit	Schweitzer-Mauduit Intl	$0	–	-413,900	–	-2.58%	–
VCI	Exit	Valassis Commun	$0	–	-896,150	–	-2.66%	–
MGLN	Exit	Magellan Health Svcs	$0	–	-479,300	–	-2.95%	–
HCC	Exit	HCC Insurance Holdings	$0	–	-708,900	–	-3.19%	–
EPL	Exit	EPL Oil & Gas, Inc	$0	–	-836,950	–	-3.19%	–
BRSWQ	Exit	Bristow Group	$0	–	-432,600	–	-3.24%	–
GLFMQ	Exit	GulfMark Offshore Inc	$0	–	-620,300	–	-3.24%	–
DV	Exit	DeVry, Inc	$0	–	-1,090,700	–	-3.43%	–
HII	Exit	Huntington Ingalls Ind	$0	–	-518,650	–	-3.59%	–
BYI	Exit	Bally Technologies Inc	$0	–	-517,350	–	-3.83%	–
WRLD	Exit	World Acceptance	$0	–	-441,500	–	-4.08%	–
EAT	Exit	Brinker International	$0	–	-1,042,400	–	-4.34%	–
FMC	Exit	FMC Corp	$0	–	-908,500	–	-6.70%	–

Q3 2013

			Value		Shares		↓ Weighting
FMC	Sell	FMC Corp	$65,158,000	+16.4%	908,500	-0.9%	6.70%	+7.9%
EAT	Sell	Brinker International	$42,248,000	+1.4%	1,042,400	-1.4%	4.34%	-6.0%
WRLD	Sell	World Acceptance	$39,700,000	+1.0%	441,500	-2.4%	4.08%	-6.4%
BYI	Sell	Bally Technologies Inc	$37,280,000	+26.5%	517,350	-1.0%	3.83%	+17.3%
HII	Sell	Huntington Ingalls Ind	$34,957,000	+17.3%	518,650	-1.7%	3.59%	+8.7%
DV	Sell	DeVry, Inc	$33,332,000	-4.2%	1,090,700	-2.8%	3.43%	-11.2%
GLFMQ	Sell	GulfMark Offshore Inc	$31,567,000	+11.0%	620,300	-1.7%	3.24%	+2.9%
BRSWQ	Sell	Bristow Group	$31,476,000	+9.3%	432,600	-1.9%	3.24%	+1.4%
EPL	Sell	EPL Oil & Gas, Inc	$31,059,000	+24.2%	836,950	-1.7%	3.19%	+15.2%
HCC	Sell	HCC Insurance Holdings	$31,064,000	-0.1%	708,900	-1.7%	3.19%	-7.3%
MGLN	Sell	Magellan Health Svcs	$28,739,000	+4.8%	479,300	-2.0%	2.95%	-2.9%
VCI	New	Valassis Commun	$25,881,000	–	896,150	–	2.66%	–
SWM	Sell	Schweitzer-Mauduit Intl	$25,053,000	+18.4%	413,900	-2.5%	2.58%	+9.8%
AAWW	Buy	Atlas Air Worldwide Hldgs	$24,714,000	+9.4%	536,900	+4.0%	2.54%	+1.5%
RCII	New	Rent-A-Center	$24,507,000	–	643,050	–	2.52%	–
CST	Sell	CST Brands Inc	$23,944,000	-4.3%	803,500	-1.0%	2.46%	-11.2%
CACI	Sell	CACI International	$23,826,000	+6.9%	344,750	-1.8%	2.45%	-0.9%
HAE	Sell	Haemonetics Corp	$21,902,000	-5.3%	549,200	-1.8%	2.25%	-12.2%
HMN	Sell	Horace Mann Educatrs	$21,905,000	+14.4%	771,850	-1.7%	2.25%	+6.1%
MYGN	New	Myriad Genetics	$20,080,000	–	854,475	–	2.06%	–
EGL	Sell	Engility Holdings	$18,578,000	+9.7%	585,516	-1.8%	1.91%	+1.7%
SKYW	Sell	SkyWest Inc	$18,285,000	+5.2%	1,259,300	-1.9%	1.88%	-2.4%
ACTG	Sell	Acacia Research Corp	$18,250,000	+1.4%	791,400	-1.7%	1.88%	-6.0%
MATX	Sell	Matson, Inc	$17,509,000	+3.3%	667,500	-1.6%	1.80%	-4.3%
OUTR	New	Outerwall Inc	$16,075,000	–	321,300	–	1.65%	–
JBT	Sell	John Bean Technologies	$15,188,000	+16.4%	610,460	-1.7%	1.56%	+8.0%
EW	New	Edwards Lifesciences	$13,578,000	–	195,000	–	1.40%	–
OC	Buy	Owens Corning	$13,293,000	+11.5%	350,000	+14.8%	1.37%	+3.4%
MATW	Sell	Matthews International	$12,485,000	-0.7%	327,850	-1.7%	1.28%	-8.0%
CRMT	Sell	America's Car-Mart Inc	$12,024,000	+2.6%	266,550	-1.7%	1.24%	-4.8%
RT	Sell	Ruby Tuesday Inc	$11,690,000	-20.3%	1,558,700	-1.9%	1.20%	-26.1%
CNSI	Buy	Comverse Inc	$11,373,000	+198.3%	355,950	+177.0%	1.17%	+177.0%
MWW	Sell	Monster Worldwide Inc	$11,044,000	-11.5%	2,498,550	-1.7%	1.14%	-17.9%
BBOX	Sell	Black Box Corp	$10,989,000	+18.2%	358,650	-2.3%	1.13%	+9.6%
EGY	New	VAALCO Energy	$10,828,000	–	1,940,550	–	1.11%	–
PMC	Sell	PharMerica Corp	$10,737,000	-8.0%	809,150	-3.9%	1.10%	-14.7%
OPLK	Sell	Oplink Communications	$7,930,000	-41.6%	421,350	-46.1%	0.82%	-45.8%
LMOS	Sell	Lumos Networks	$6,645,000	+24.2%	306,625	-2.0%	0.68%	+15.2%
NTLS	Sell	NTELOS Holdings	$5,597,000	+13.0%	297,725	-1.1%	0.58%	+4.7%
QLTY	Sell	Quality Distribution	$5,431,000	+1.5%	587,750	-2.9%	0.56%	-5.9%
VASC	Sell	Vascular Solutions	$5,245,000	+10.2%	312,200	-3.5%	0.54%	+2.3%
BBRG	Sell	Bravo Brio Restaurant Grp	$4,846,000	-17.8%	320,950	-2.9%	0.50%	-23.7%
SYMM	Sell	Symmetricom Inc	$3,609,000	+4.0%	748,850	-3.1%	0.37%	-3.4%
CPIX	Sell	Cumberland Pharmaceut	$2,724,000	-15.2%	601,339	-4.4%	0.28%	-21.3%
NAVG	Sell	Navigators Group	$1,762,000	-84.9%	30,500	-85.1%	0.18%	-86.0%
IWN	New	iShares Russell 2000 Value	$596,000	–	6,500	–	0.06%	–
HHS	Sell	Harte-Hanks Inc	$238,000	-98.1%	27,000	-98.1%	0.02%	-98.2%
VHI	Exit	Valhi Inc	$0	–	-94,400	–	-0.14%	–
BAS	Exit	Basic Energy Services	$0	–	-1,077,800	–	-1.44%	–
UNM	Exit	Unum Group	$0	–	-565,000	–	-1.84%	–
ASCA	Exit	Ameristar Casinos	$0	–	-660,200	–	-1.92%	–
STR	Exit	Questar Corp	$0	–	-1,177,450	–	-3.11%	–

Q2 2013

			Value		Shares		↓ Weighting
FMC	New	FMC Corp	$55,968,000	–	916,600	–	6.20%	–
EAT	New	Brinker International	$41,666,000	–	1,056,700	–	4.62%	–
WRLD	New	World Acceptance	$39,314,000	–	452,200	–	4.36%	–
DV	New	DeVry, Inc	$34,792,000	–	1,121,600	–	3.86%	–
HCC	New	HCC Insurance Holdings	$31,087,000	–	721,100	–	3.44%	–
HII	New	Huntington Ingalls Ind	$29,813,000	–	527,850	–	3.30%	–
BYI	New	Bally Technologies Inc	$29,482,000	–	522,550	–	3.27%	–
BRSWQ	New	Bristow Group	$28,793,000	–	440,800	–	3.19%	–
GLFMQ	New	GulfMark Offshore Inc	$28,447,000	–	630,900	–	3.15%	–
STR	New	Questar Corp	$28,082,000	–	1,177,450	–	3.11%	–
MGLN	New	Magellan Health Svcs	$27,429,000	–	489,100	–	3.04%	–
CST	New	CST Brands Inc	$25,012,000	–	811,800	–	2.77%	–
EPL	New	EPL Oil & Gas, Inc	$25,002,000	–	851,550	–	2.77%	–
HAE	New	Haemonetics Corp	$23,127,000	–	559,300	–	2.56%	–
AAWW	New	Atlas Air Worldwide Hldgs	$22,589,000	–	516,200	–	2.50%	–
CACI	New	CACI International	$22,288,000	–	351,050	–	2.47%	–
SWM	New	Schweitzer-Mauduit Intl	$21,164,000	–	424,300	–	2.34%	–
HMN	New	Horace Mann Educatrs	$19,144,000	–	785,250	–	2.12%	–
ACTG	New	Acacia Research Corp	$18,001,000	–	805,400	–	2.00%	–
SKYW	New	SkyWest Inc	$17,376,000	–	1,283,300	–	1.93%	–
ASCA	New	Ameristar Casinos	$17,357,000	–	660,200	–	1.92%	–
MATX	New	Matson, Inc	$16,953,000	–	678,100	–	1.88%	–
EGL	New	Engility Holdings	$16,939,000	–	596,016	–	1.88%	–
UNM	New	Unum Group	$16,594,000	–	565,000	–	1.84%	–
CVD	New	Covance Inc	$15,989,000	–	210,000	–	1.77%	–
RT	New	Ruby Tuesday Inc	$14,668,000	–	1,589,200	–	1.63%	–
F102PS	New	Babcock & Wilcox Co	$13,664,000	–	455,000	–	1.51%	–
OPLK	New	Oplink Communications	$13,582,000	–	781,910	–	1.50%	–
CFN	New	CareFusion Corp	$13,450,000	–	365,000	–	1.49%	–
AVT	New	Avnet Inc	$13,104,000	–	390,000	–	1.45%	–
JBT	New	John Bean Technologies	$13,051,000	–	621,160	–	1.45%	–
BAS	New	Basic Energy Services	$13,031,000	–	1,077,800	–	1.44%	–
MATW	New	Matthews International	$12,579,000	–	333,650	–	1.39%	–
MWW	New	Monster Worldwide Inc	$12,480,000	–	2,541,750	–	1.38%	–
ALB	New	Albemarle Corp	$12,458,000	–	200,000	–	1.38%	–
HHS	New	Harte-Hanks Inc	$12,371,000	–	1,438,450	–	1.37%	–
OC	New	Owens Corning	$11,919,000	–	305,000	–	1.32%	–
CRMT	New	America's Car-Mart Inc	$11,720,000	–	271,050	–	1.30%	–
PMC	New	PharMerica Corp	$11,668,000	–	841,850	–	1.29%	–
NAVG	New	Navigators Group	$11,648,000	–	204,200	–	1.29%	–
LLL	New	L-3 Communications	$11,146,000	–	130,000	–	1.24%	–
BBOX	New	Black Box Corp	$9,294,000	–	367,050	–	1.03%	–
BBRG	New	Bravo Brio Restaurant Grp	$5,892,000	–	330,650	–	0.65%	–
LMOS	New	Lumos Networks	$5,349,000	–	312,825	–	0.59%	–
QLTY	New	Quality Distribution	$5,349,000	–	605,050	–	0.59%	–
NTLS	New	NTELOS Holdings	$4,955,000	–	301,025	–	0.55%	–
VASC	New	Vascular Solutions	$4,759,000	–	323,500	–	0.53%	–
CNSI	New	Comverse Inc	$3,812,000	–	128,500	–	0.42%	–
SYMM	New	Symmetricom Inc	$3,469,000	–	772,550	–	0.38%	–
CPIX	New	Cumberland Pharmaceut	$3,214,000	–	628,939	–	0.36%	–
VHI	New	Valhi Inc	$1,297,000	–	94,400	–	0.14%	–

Compare quarters

Export KESTREL INVESTMENT MANAGEMENT CORP's holdings