M.D. Sass, Inc. Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
VOO	Buy	VANGUARD INDEX FDS	$54,198,187	+17.2%	138,014	+21.5%	7.29%	+18.8%
	New	LIBERTY MEDIA CORP DEL	$43,436,183	–	697,210	–	5.84%	–
APG	Sell	API GROUP CORP	$40,837,650	-9.7%	1,574,919	-5.1%	5.49%	-8.5%
CRL	Buy	CHARLES RIV LABS INTL INC	$36,149,295	-2.0%	184,454	+5.1%	4.86%	-0.7%
OWL	Sell	BLUE OWL CAPITAL INC	$35,411,958	+9.5%	2,732,404	-1.6%	4.76%	+11.0%
CHE	Buy	CHEMED CORP NEW	$34,957,621	+10.8%	67,265	+15.4%	4.70%	+12.3%
	New	TKO GROUP HOLDINGS INCcl a	$34,663,990	–	412,372	–	4.66%	–
FLEX	Buy	FLEX LTDord	$31,824,907	+31.2%	1,179,574	+34.4%	4.28%	+32.9%
CACI	Sell	CACI INTL INCcl a	$31,777,250	-33.9%	101,224	-28.2%	4.27%	-33.0%
WAB	Buy	WABTEC	$31,032,647	+116.1%	292,017	+123.0%	4.17%	+119.1%
WMG	New	WARNER MUSIC GROUP CORP	$30,901,556	–	984,126	–	4.15%	–
ON	Buy	ON SEMICONDUCTOR CORP	$29,488,480	+44.3%	317,251	+46.8%	3.96%	+46.3%
ABC	Sell	CENCORA INC	$29,360,126	-23.1%	163,139	-17.8%	3.95%	-22.1%
CLH	Buy	CLEAN HARBORS INC	$29,248,670	+29.0%	174,765	+26.8%	3.93%	+30.8%
WD	Sell	WALKER & DUNLOP INC	$23,725,471	-15.1%	319,578	-9.6%	3.19%	-14.0%
DHR	New	DANAHER CORPORATION	$22,041,452	–	88,841	–	2.96%	–
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$20,100,110	-2.3%	47,020	+1.3%	2.70%	-1.0%
CBRE	Sell	CBRE GROUP INCcl a	$17,100,363	-27.2%	231,524	-20.4%	2.30%	-26.2%
RTX	Buy	RTX CORPORATION	$16,582,032	-2.5%	230,402	+32.7%	2.23%	-1.2%
PANW	New	PALO ALTO NETWORKS INC	$13,004,621	–	55,471	–	1.75%	–
SCHW	Sell	SCHWAB CHARLES CORP	$11,144,151	-50.0%	202,990	-48.3%	1.50%	-49.3%
HYG	Sell	ISHARES TRiboxx hi yd etf	$7,888,040	-21.0%	107,000	-19.5%	1.06%	-19.9%
AMZN	Buy	AMAZON COM INC	$4,965,943	+7.4%	39,065	+10.2%	0.67%	+9.0%
ACWX	Buy	ISHARES TRmsci acwi ex us	$2,026,131	+15.0%	43,100	+20.4%	0.27%	+16.2%
BIL	Sell	SPDR SER TRbloomberg 1-3 mo	$861,731	-43.7%	9,385	-43.7%	0.12%	-42.9%
NVDA	New	NVIDIA CORPORATION	$717,734	–	1,650	–	0.10%	–
WMS	Sell	ADVANCED DRAIN SYS INC DEL	$635,854	-96.5%	5,586	-96.5%	0.08%	-96.5%
RIG	New	TRANSOCEAN LTD	$246,300	–	30,000	–	0.03%	–
CPRT	Exit	COPART INC	$0	–	-122,221	–	-1.48%	–
CTVA	Exit	CORTEVA INC	$0	–	-220,468	–	-1.68%	–
WWE	Exit	WORLD WRESTLING ENTMT INCcl a	$0	–	-272,173	–	-3.92%	–
AVTR	Exit	AVANTOR INC	$0	–	-1,780,762	–	-4.85%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-540,195	–	-5.39%	–

Q2 2023

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRiboxx inv cp etf	$89,865,530	–	831,011	–	11.92%	–
CACI	New	CACI INTL INCcl a	$48,042,080	–	140,952	–	6.37%	–
VOO	New	VANGUARD INDEX FDS	$46,254,336	–	113,569	–	6.14%	–
APG	New	API GROUP CORP	$45,229,656	–	1,659,195	–	6.00%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$40,665,880	–	540,195	–	5.39%	–
ABC	New	AMERISOURCEBERGEN CORP	$38,193,506	–	198,480	–	5.07%	–
CRL	New	CHARLES RIV LABS INTL INC	$36,890,255	–	175,459	–	4.89%	–
AVTR	New	AVANTOR INC	$36,576,851	–	1,780,762	–	4.85%	–
OWL	New	BLUE OWL CAPITAL INC	$32,345,156	–	2,776,408	–	4.29%	–
CHE	New	CHEMED CORP NEW	$31,560,944	–	58,266	–	4.19%	–
WWE	New	WORLD WRESTLING ENTMT INCcl a	$29,522,605	–	272,173	–	3.92%	–
WD	New	WALKER & DUNLOP INC	$27,954,677	–	353,454	–	3.71%	–
FLEX	New	FLEX LTDord	$24,263,470	–	877,839	–	3.22%	–
CBRE	New	CBRE GROUP INCcl a	$23,485,399	–	290,985	–	3.12%	–
CLH	New	CLEAN HARBORS INC	$22,668,320	–	137,860	–	3.01%	–
SCHW	New	SCHWAB CHARLES CORP	$22,275,127	–	392,998	–	2.95%	–
SPY	New	SPDR S&P 500 ETF TRput	$22,164,000	–	50,000	–	2.94%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$20,577,058	–	46,420	–	2.73%	–
ON	New	ON SEMICONDUCTOR CORP	$20,435,522	–	216,066	–	2.71%	–
WMS	New	ADVANCED DRAIN SYS INC DEL	$18,354,762	–	161,318	–	2.43%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$17,013,693	–	173,680	–	2.26%	–
WAB	New	WABTEC	$14,359,093	–	130,930	–	1.90%	–
CTVA	New	CORTEVA INC	$12,632,816	–	220,468	–	1.68%	–
CPRT	New	COPART INC	$11,147,777	–	122,221	–	1.48%	–
HYG	New	ISHARES TRiboxx hi yd etf	$9,984,310	–	133,000	–	1.32%	–
AMZN	New	AMAZON COM INC	$4,623,217	–	35,465	–	0.61%	–
MSFT	New	MICROSOFT CORP	$2,848,617	–	8,365	–	0.38%	–
ACWX	New	ISHARES TRmsci acwi ex us	$1,762,076	–	35,800	–	0.23%	–
BIL	New	SPDR SER TRbloomberg 1-3 mo	$1,531,833	–	16,683	–	0.20%	–
OPCH	New	OPTION CARE HEALTH INC	$744,443	–	22,913	–	0.10%	–

Q4 2022

			Value		Shares		↓ Weighting
OPCH	Exit	OPTION CARE HEALTH INC	$0	–	-9,591	–	-0.06%	–
SJB	Exit	PROSHARES TRshrt hgh yield	$0	–	-43,713	–	-0.16%	–
SSSS	Exit	SURO CAPITAL CORP	$0	–	-244,348	–	-0.17%	–
TZA	Exit	DIREXION SHS ETF TRdaily sm cp bear	$0	–	-24,226	–	-0.20%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-31,800	–	-0.23%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-7,262	–	-0.48%	–
	Exit	PROSHARES TRultrapro sht qqq	$0	–	-54,980	–	-0.62%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-94,267	–	-1.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-27,500	–	-1.17%	–
AMZN	Exit	AMAZON COM INC	$0	–	-57,930	–	-1.20%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-56,485	–	-2.23%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-112,566	–	-2.79%	–
WWE	Exit	WORLD WRESTLING ENTMT INCcl a	$0	–	-220,991	–	-2.84%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-193,290	–	-3.05%	–
MTCH	Exit	MATCH GROUP INC NEW	$0	–	-351,786	–	-3.08%	–
CTVA	Exit	CORTEVA INC	$0	–	-354,813	–	-3.72%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-309,131	–	-3.80%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-71,350	–	-4.30%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-425,416	–	-4.56%	–
OWL	Exit	BLUE OWL CAPITAL INC	$0	–	-2,701,211	–	-4.57%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-196,659	–	-4.71%	–
CHE	Exit	CHEMED CORP NEW	$0	–	-58,842	–	-4.71%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-138,414	–	-4.99%	–
MTZ	Exit	MASTEC INC	$0	–	-433,402	–	-5.05%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-448,861	–	-5.13%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-302,467	–	-5.30%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-373,566	–	-5.61%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-379,794	–	-5.64%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-372,905	–	-5.72%	–
APG	Exit	API GROUP CORP	$0	–	-2,477,187	–	-6.03%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-141,245	–	-6.76%	–

Q3 2022

			Value		Shares		↓ Weighting
CACI	Buy	CACI INTL INCcl a	$36,873,000	+27.4%	141,245	+37.5%	6.76%	+23.6%
APG	Buy	API GROUP CORP	$32,872,000	-6.1%	2,477,187	+5.9%	6.03%	-8.9%
WD	Buy	WALKER & DUNLOP INC	$31,224,000	-0.9%	372,905	+14.0%	5.72%	-3.8%
CCK	Buy	CROWN HLDGS INC	$30,774,000	-5.7%	379,794	+7.2%	5.64%	-8.5%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$30,580,000	-4.0%	373,566	+12.7%	5.61%	-6.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$28,931,000	-15.7%	302,467	+1819.6%	5.30%	-18.2%
ON	Sell	ON SEMICONDUCTOR CORP	$27,977,000	-18.2%	448,861	-34.0%	5.13%	-20.7%
MTZ	Buy	MASTEC INC	$27,521,000	+3.6%	433,402	+16.9%	5.05%	+0.5%
CRL	New	CHARLES RIV LABS INTL INC	$27,240,000	–	138,414	–	4.99%	–
CHE	Buy	CHEMED CORP NEW	$25,688,000	-1.5%	58,842	+5.9%	4.71%	-4.4%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$25,674,000	-5.8%	196,659	+4.0%	4.71%	-8.6%
OWL	Buy	BLUE OWL CAPITAL INC	$24,932,000	+18.8%	2,701,211	+29.1%	4.57%	+15.3%
FWONK	Buy	LIBERTY MEDIA CORP DEL	$24,887,000	-5.1%	425,416	+3.0%	4.56%	-7.9%
VOO	New	VANGUARD INDEX FDS	$23,424,000	–	71,350	–	4.30%	–
EWBC	Sell	EAST WEST BANCORP INC	$20,755,000	-29.8%	309,131	-32.2%	3.80%	-31.9%
CTVA	Sell	CORTEVA INC	$20,278,000	-21.2%	354,813	-25.3%	3.72%	-23.5%
MTCH	New	MATCH GROUP INC NEW	$16,798,000	–	351,786	–	3.08%	–
PYPL	New	PAYPAL HLDGS INC	$16,636,000	–	193,290	–	3.05%	–
WWE	New	WORLD WRESTLING ENTMT INCcl a	$15,507,000	–	220,991	–	2.84%	–
ABC	Buy	AMERISOURCEBERGEN CORP	$15,234,000	-4.3%	112,566	+0.1%	2.79%	-7.1%
ROK	Sell	ROCKWELL AUTOMATION INC	$12,150,000	-4.1%	56,485	-11.2%	2.23%	-6.9%
AMZN	Sell	AMAZON COM INC	$6,546,000	+5.1%	57,930	-1.2%	1.20%	+2.0%
MSFT	Sell	MICROSOFT CORP	$6,405,000	-14.2%	27,500	-5.4%	1.17%	-16.8%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$6,025,000	-66.4%	94,267	-71.1%	1.10%	-67.4%
	New	PROSHARES TRultrapro sht qqq	$3,371,000	–	54,980	–	0.62%	–
TZA	Buy	DIREXION SHS ETF TRdaily sm cp bear	$1,115,000	+140.8%	24,226	+144.0%	0.20%	+134.5%
SSSS	Buy	SURO CAPITAL CORP	$946,000	-34.1%	244,348	+8.9%	0.17%	-36.2%
OPCH	Sell	OPTION CARE HEALTH INC	$302,000	-27.8%	9,591	-36.2%	0.06%	-30.4%
SPXS	Exit	DIREXION SHS ETF TRdly s&p500 br 3x	$0	–	-33,225	–	-0.17%	–
BC	Exit	BRUNSWICK CORP	$0	–	-159,601	–	-1.97%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-141,336	–	-3.35%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-77,059	–	-4.10%	–

Q2 2022

			Value		Shares		↓ Weighting
APG	New	API GROUP CORP	$35,021,000	–	2,339,469	–	6.62%	–
GOOGL	New	ALPHABET INCcap stk cl a	$34,339,000	–	15,757	–	6.49%	–
ON	New	ON SEMICONDUCTOR CORP	$34,221,000	–	680,193	–	6.47%	–
CCK	New	CROWN HLDGS INC	$32,644,000	–	354,168	–	6.17%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$31,848,000	–	331,375	–	6.02%	–
WD	New	WALKER & DUNLOP INC	$31,506,000	–	327,036	–	5.95%	–
EWBC	New	EAST WEST BANCORP INC	$29,563,000	–	456,224	–	5.59%	–
CACI	New	CACI INTL INCcl a	$28,948,000	–	102,735	–	5.47%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$27,263,000	–	189,060	–	5.15%	–
MTZ	New	MASTEC INC	$26,570,000	–	370,773	–	5.02%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$26,225,000	–	413,190	–	4.96%	–
CHE	New	CHEMED CORP NEW	$26,069,000	–	55,538	–	4.93%	–
CTVA	New	CORTEVA INC	$25,732,000	–	475,301	–	4.86%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$21,714,000	–	77,059	–	4.10%	–
OWL	New	BLUE OWL CAPITAL INC	$20,981,000	–	2,091,789	–	3.96%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$17,925,000	–	325,853	–	3.39%	–
PWR	New	QUANTA SVCS INC	$17,715,000	–	141,336	–	3.35%	–
ABC	New	AMERISOURCEBERGEN CORP	$15,915,000	–	112,491	–	3.01%	–
ROK	New	ROCKWELL AUTOMATION INC	$12,672,000	–	63,581	–	2.39%	–
BC	New	BRUNSWICK CORP	$10,435,000	–	159,601	–	1.97%	–
MSFT	New	MICROSOFT CORP	$7,466,000	–	29,070	–	1.41%	–
AMZN	New	AMAZON COM INC	$6,227,000	–	58,630	–	1.18%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,740,000	–	7,262	–	0.52%	–
SSSS	New	SURO CAPITAL CORP	$1,436,000	–	224,348	–	0.27%	–
ACWX	New	ISHARES TRmsci acwi ex us	$1,431,000	–	31,800	–	0.27%	–
SPXS	New	DIREXION SHS ETF TRdly s&p500 br 3x	$886,000	–	33,225	–	0.17%	–
SJB	New	PROSHARES TRshrt hgh yield	$864,000	–	43,713	–	0.16%	–
TZA	New	DIREXION SHS ETF TRdaily sm cp bear	$463,000	–	9,929	–	0.09%	–
OPCH	New	OPTION CARE HEALTH INC	$418,000	–	15,026	–	0.08%	–

Q4 2021

			Value		Shares		↓ Weighting
OPCH	Exit	OPTION CARE HEALTH INC	$0	–	-29,716	–	-0.12%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-28,200	–	-0.27%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-6,241	–	-0.36%	–
BC	Exit	BRUNSWICK CORP	$0	–	-23,119	–	-0.38%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-5,472	–	-0.40%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-42,300	–	-0.40%	–
SSSS	Exit	SURO CAPITAL CORP	$0	–	-198,705	–	-0.44%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-28,020	–	-1.34%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,419	–	-1.35%	–
GTES	Exit	GATES INDUSTRIAL CORPRATIN P	$0	–	-823,086	–	-2.28%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-298,498	–	-2.36%	–
APG	Exit	API GROUP CORP	$0	–	-765,850	–	-2.65%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-131,349	–	-2.67%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-315,655	–	-2.76%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-113,352	–	-2.86%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-6,772	–	-3.08%	–
GL	Exit	GLOBE LIFE INC	$0	–	-216,835	–	-3.28%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-289,178	–	-3.58%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-87,599	–	-3.82%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-203,130	–	-3.93%	–
LKQ	Exit	LKQ CORP	$0	–	-471,184	–	-4.03%	–
SONY	Exit	SONY GROUP CORPORATIONsponsored adr	$0	–	-220,918	–	-4.16%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-141,000	–	-4.26%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-97,610	–	-4.35%	–
QRVO	Exit	QORVO INC	$0	–	-158,067	–	-4.50%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,026,416	–	-4.86%	–
NRG	Exit	NRG ENERGY INC	$0	–	-724,084	–	-5.03%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-391,123	–	-5.16%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-1,198,013	–	-5.95%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-417,474	–	-6.10%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-319,308	–	-6.16%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-414,968	–	-7.11%	–

Q3 2021

			Value		Shares		↓ Weighting
CCK	Buy	CROWN HLDGS INC	$41,820,000	+15.4%	414,968	+17.0%	7.11%	+18.7%
WD	Buy	WALKER & DUNLOP INC	$36,242,000	+72.3%	319,308	+58.5%	6.16%	+77.4%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$35,886,000	-12.3%	417,474	-12.9%	6.10%	-9.7%
AXTA	Buy	AXALTA COATING SYS LTD	$34,970,000	-0.9%	1,198,013	+3.6%	5.95%	+2.0%
EWBC	Buy	EAST WEST BANCORP INC	$30,327,000	+12.2%	391,123	+3.7%	5.16%	+15.5%
NRG	Sell	NRG ENERGY INC	$29,564,000	-8.0%	724,084	-9.2%	5.03%	-5.3%
BHC	Buy	BAUSCH HEALTH COS INC	$28,586,000	+16.8%	1,026,416	+23.0%	4.86%	+20.2%
QRVO	Sell	QORVO INC	$26,427,000	-18.5%	158,067	-4.6%	4.50%	-16.1%
CACI	Buy	CACI INTL INCcl a	$25,584,000	+7.8%	97,610	+4.9%	4.35%	+10.9%
MHK	Buy	MOHAWK INDS INC	$25,014,000	+11.0%	141,000	+20.2%	4.26%	+14.2%
SONY	Sell	SONY GROUP CORPORATIONsponsored adr	$24,429,000	-19.5%	220,918	-29.2%	4.16%	-17.1%
LKQ	Buy	LKQ CORP	$23,710,000	+11.9%	471,184	+9.4%	4.03%	+15.1%
PWR	New	QUANTA SVCS INC	$23,120,000	–	203,130	–	3.93%	–
APD	Buy	AIR PRODS & CHEMS INC	$22,435,000	+36.6%	87,599	+53.5%	3.82%	+40.6%
SCHW	Sell	SCHWAB CHARLES CORP	$21,064,000	-10.6%	289,178	-10.6%	3.58%	-8.0%
GL	Buy	GLOBE LIFE INC	$19,304,000	-5.5%	216,835	+1.1%	3.28%	-2.8%
GOOGL	Sell	ALPHABET INCcap stk cl a	$18,105,000	-19.1%	6,772	-26.1%	3.08%	-16.8%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$16,781,000	-41.7%	113,352	-10.7%	2.86%	-40.0%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$16,228,000	-25.8%	315,655	-30.4%	2.76%	-23.6%
ABC	Sell	AMERISOURCEBERGEN CORP	$15,689,000	-6.6%	131,349	-10.4%	2.67%	-3.8%
APG	New	API GROUP CORP	$15,585,000	–	765,850	–	2.65%	–
TAP	Buy	MOLSON COORS BEVERAGE COcl b	$13,844,000	-6.9%	298,498	+7.7%	2.36%	-4.2%
GTES	New	GATES INDUSTRIAL CORPRATIN P	$13,391,000	–	823,086	–	2.28%	–
AMZN	Buy	AMAZON COM INC	$7,947,000	+22.5%	2,419	+28.3%	1.35%	+26.1%
SSSS	Sell	SURO CAPITAL CORP	$2,565,000	-7.6%	198,705	-3.4%	0.44%	-5.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,348,000	-5.8%	5,472	-6.0%	0.40%	-3.2%
BC	Sell	BRUNSWICK CORP	$2,203,000	-89.1%	23,119	-88.6%	0.38%	-88.8%
FB	Sell	FACEBOOK INCcl a	$2,118,000	-33.3%	6,241	-31.7%	0.36%	-31.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$1,577,000	-46.3%	28,200	-45.2%	0.27%	-44.7%
OPCH	Sell	OPTION CARE HEALTH INC	$721,000	-45.6%	29,716	-51.0%	0.12%	-43.8%
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-14,513	–	-0.01%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-1,280	–	-0.04%	–
WEX	Exit	WEX INC	$0	–	-2,525	–	-0.08%	–
TBT	Exit	PROSHARES TR	$0	–	-26,210	–	-0.08%	–
TGT	Exit	TARGET CORP	$0	–	-56,120	–	-2.24%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-162,652	–	-4.67%	–

Q2 2021

			Value		Shares		↓ Weighting
RTX	New	RAYTHEON TECHNOLOGIES CORP	$40,903,000	–	479,471	–	6.76%	–
CCK	New	CROWN HLDGS INC	$36,245,000	–	354,614	–	5.99%	–
AXTA	New	AXALTA COATING SYS LTD	$35,275,000	–	1,156,928	–	5.83%	–
QRVO	New	QORVO INC	$32,412,000	–	165,667	–	5.36%	–
NRG	New	NRG ENERGY INC	$32,138,000	–	797,466	–	5.31%	–
SONY	New	SONY GROUP CORPORATIONsponsored adr	$30,336,000	–	312,037	–	5.01%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$28,802,000	–	127,005	–	4.76%	–
LBRDK	New	LIBERTY BROADBAND CORP	$28,246,000	–	162,652	–	4.67%	–
EWBC	New	EAST WEST BANCORP INC	$27,028,000	–	377,011	–	4.47%	–
BHC	New	BAUSCH HEALTH COS INC	$24,474,000	–	834,718	–	4.04%	–
CACI	New	CACI INTL INCcl a	$23,740,000	–	93,051	–	3.92%	–
SCHW	New	SCHWAB CHARLES CORP	$23,552,000	–	323,464	–	3.89%	–
MHK	New	MOHAWK INDS INC	$22,542,000	–	117,288	–	3.73%	–
GOOGL	New	ALPHABET INCcap stk cl a	$22,389,000	–	9,169	–	3.70%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$21,877,000	–	453,803	–	3.62%	–
LKQ	New	LKQ CORP	$21,198,000	–	430,672	–	3.50%	–
WD	New	WALKER & DUNLOP INC	$21,031,000	–	201,483	–	3.48%	–
GL	New	GLOBE LIFE INC	$20,433,000	–	214,515	–	3.38%	–
BC	New	BRUNSWICK CORP	$20,253,000	–	203,297	–	3.35%	–
ABC	New	AMERISOURCEBERGEN CORP	$16,790,000	–	146,647	–	2.78%	–
APD	New	AIR PRODS & CHEMS INC	$16,420,000	–	57,076	–	2.71%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$14,878,000	–	277,113	–	2.46%	–
TGT	New	TARGET CORP	$13,567,000	–	56,120	–	2.24%	–
MSFT	New	MICROSOFT CORP	$7,591,000	–	28,020	–	1.26%	–
AMZN	New	AMAZON COM INC	$6,485,000	–	1,885	–	1.07%	–
FB	New	FACEBOOK INCcl a	$3,176,000	–	9,135	–	0.52%	–
CMCSA	New	COMCAST CORP NEWcl a	$2,935,000	–	51,465	–	0.48%	–
SSSS	New	SURO CAPITAL CORP	$2,775,000	–	205,675	–	0.46%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,492,000	–	5,822	–	0.41%	–
ACWX	New	ISHARES TRmsci acwi ex us	$2,433,000	–	42,300	–	0.40%	–
OPCH	New	OPTION CARE HEALTH INC	$1,326,000	–	60,653	–	0.22%	–
TBT	New	PROSHARES TR	$494,000	–	26,210	–	0.08%	–
WEX	New	WEX INC	$490,000	–	2,525	–	0.08%	–
LBRDA	New	LIBERTY BROADBAND CORP	$215,000	–	1,280	–	0.04%	–
TPHS	New	TRINITY PL HLDGS INC	$31,000	–	14,513	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-59,513	–	-0.02%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-44,597	–	-0.19%	–
OPCH	Exit	OPTION CARE HEALTH INC	$0	–	-68,378	–	-0.23%	–
SSSS	Exit	SURO CAPITAL CORP	$0	–	-86,631	–	-0.23%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-6,242	–	-0.52%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-46,500	–	-0.53%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-142,985	–	-1.39%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-30,840	–	-1.61%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,328	–	-1.82%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-73,298	–	-2.27%	–
PFGC	Exit	PERFORMANCE FOOD GROUP CO	$0	–	-302,125	–	-2.59%	–
TGT	Exit	TARGET CORP	$0	–	-74,035	–	-2.89%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-261,311	–	-3.00%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-57,417	–	-3.22%	–
GL	Exit	GLOBE LIFE INC	$0	–	-163,071	–	-3.23%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-284,239	–	-3.24%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-520,162	–	-3.44%	–
QRVO	Exit	QORVO INC	$0	–	-109,402	–	-3.50%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-365,779	–	-3.66%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-409,050	–	-3.68%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-57,980	–	-3.77%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-10,690	–	-3.88%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,009,992	–	-3.89%	–
LKQ	Exit	LKQ CORP	$0	–	-581,542	–	-4.00%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-169,933	–	-4.11%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-764,664	–	-4.20%	–
NRG	Exit	NRG ENERGY INC	$0	–	-556,143	–	-4.24%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-72,325	–	-4.32%	–
BC	Exit	BRUNSWICK CORP	$0	–	-305,917	–	-4.47%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-517,645	–	-4.65%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-214,063	–	-5.14%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-302,818	–	-5.77%	–
SONY	Exit	SONY CORPsponsored adr	$0	–	-331,325	–	-6.31%	–

Q3 2020

			Value		Shares		↓ Weighting
SONY	Sell	SONY CORPsponsored adr	$25,430,000	+7.4%	331,325	-3.3%	6.31%	+0.3%
CCK	Sell	CROWN HLDGS INC	$23,275,000	+12.9%	302,818	-4.4%	5.77%	+5.5%
ABC	Buy	AMERISOURCEBERGEN CORP	$20,747,000	+17.5%	214,063	+22.2%	5.14%	+9.8%
SCHW	Buy	SCHWAB CHARLES CORP	$18,755,000	+17.4%	517,645	+9.3%	4.65%	+9.7%
BC	New	BRUNSWICK CORP	$18,022,000	–	305,917	–	4.47%	–
SIVB	Buy	SVB FINANCIAL GROUP	$17,402,000	+102.5%	72,325	+81.4%	4.32%	+89.3%
NRG	Sell	NRG ENERGY INC	$17,096,000	-6.0%	556,143	-0.5%	4.24%	-12.2%
AXTA	Buy	AXALTA COATING SYS LTD	$16,953,000	+0.5%	764,664	+2.2%	4.20%	-6.1%
MHK	Buy	MOHAWK INDS INC	$16,583,000	+21.3%	169,933	+26.4%	4.11%	+13.3%
LKQ	Buy	LKQ CORP	$16,126,000	+7.9%	581,542	+1.9%	4.00%	+0.8%
BHC	Buy	BAUSCH HEALTH COS INC	$15,695,000	-6.0%	1,009,992	+10.6%	3.89%	-12.2%
GOOGL	Buy	ALPHABET INCcap stk cl a	$15,667,000	+19.1%	10,690	+15.3%	3.88%	+11.3%
FB	Sell	FACEBOOK INCcl a	$15,185,000	-6.9%	57,980	-19.3%	3.77%	-13.0%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$14,836,000	+2.4%	409,050	-10.5%	3.68%	-4.3%
GRA	Buy	GRACE W R & CO DEL NEW	$14,738,000	-4.0%	365,779	+21.1%	3.66%	-10.3%
QRVO	Sell	QORVO INC	$14,114,000	+12.4%	109,402	-3.7%	3.50%	+5.0%
EQC	New	EQUITY COMWLTH	$13,851,000	–	520,162	–	3.44%	–
PRGO	Buy	PERRIGO CO PLC	$13,049,000	-10.2%	284,239	+8.1%	3.24%	-16.0%
GL	New	GLOBE LIFE INC	$13,029,000	–	163,071	–	3.23%	–
CRL	Sell	CHARLES RIV LABS INTL INC	$13,002,000	+3.9%	57,417	-20.0%	3.22%	-2.9%
CMCSA	Sell	COMCAST CORP NEWcl a	$12,088,000	-20.1%	261,311	-32.7%	3.00%	-25.3%
TGT	Sell	TARGET CORP	$11,654,000	-19.0%	74,035	-38.3%	2.89%	-24.3%
PFGC	New	PERFORMANCE FOOD GROUP CO	$10,460,000	–	302,125	–	2.59%	–
NXPI	Sell	NXP SEMICONDUCTORS N V	$9,148,000	-20.8%	73,298	-27.7%	2.27%	-26.0%
AMZN	Sell	AMAZON COM INC	$7,330,000	-17.3%	2,328	-27.5%	1.82%	-22.7%
MSFT	Sell	MICROSOFT CORP	$6,487,000	-12.5%	30,840	-15.4%	1.61%	-18.2%
GDX	Buy	VANECK VECTORS ETF TRgold miners etf	$5,599,000	+41.2%	142,985	+32.3%	1.39%	+31.9%
ACWX	Sell	ISHARES TRmsci acwi ex us	$2,139,000	-2.8%	46,500	-8.6%	0.53%	-9.2%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,090,000	-6.2%	6,242	-13.7%	0.52%	-12.4%
OPCH	Buy	OPTION CARE HEALTH INC	$914,000	+396.7%	68,378	+416.1%	0.23%	+363.3%
VRT	New	VERTIV HOLDINGS CO	$772,000	–	44,597	–	0.19%	–
TPHS	Sell	TRINITY PL HLDGS INC	$84,000	-35.9%	59,513	-37.1%	0.02%	-40.0%
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-197,671	–	-1.47%	–
KMX	Exit	CARMAX INC	$0	–	-90,442	–	-2.15%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-103,272	–	-2.17%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-95,156	–	-2.88%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-214,654	–	-3.07%	–

Q2 2020

			Value		Shares		↓ Weighting
SONY	New	SONY CORPsponsored adr	$23,688,000	–	342,665	–	6.28%	–
CCK	New	CROWN HLDGS INC	$20,624,000	–	316,661	–	5.47%	–
NRG	New	NRG ENERGY INC	$18,195,000	–	558,797	–	4.83%	–
ABC	New	AMERISOURCEBERGEN CORP	$17,656,000	–	175,210	–	4.68%	–
AXTA	New	AXALTA COATING SYS LTD	$16,873,000	–	748,214	–	4.48%	–
BHC	New	BAUSCH HEALTH COS INC	$16,701,000	–	913,090	–	4.43%	–
FB	New	FACEBOOK INCcl a	$16,315,000	–	71,849	–	4.33%	–
SCHW	New	SCHWAB CHARLES CORP	$15,981,000	–	473,646	–	4.24%	–
GRA	New	GRACE W R & CO DEL NEW	$15,352,000	–	302,139	–	4.07%	–
CMCSA	New	COMCAST CORP NEWcl a	$15,135,000	–	388,269	–	4.02%	–
LKQ	New	LKQ CORP	$14,951,000	–	570,652	–	3.97%	–
PRGO	New	PERRIGO CO PLC	$14,527,000	–	262,849	–	3.85%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$14,487,000	–	456,857	–	3.84%	–
TGT	New	TARGET CORP	$14,388,000	–	119,973	–	3.82%	–
MHK	New	MOHAWK INDS INC	$13,676,000	–	134,394	–	3.63%	–
GOOGL	New	ALPHABET INCcap stk cl a	$13,149,000	–	9,272	–	3.49%	–
QRVO	New	QORVO INC	$12,560,000	–	113,636	–	3.33%	–
CRL	New	CHARLES RIV LABS INTL INC	$12,508,000	–	71,745	–	3.32%	–
WUBA	New	58 COM INCspon adr rep a	$11,579,000	–	214,654	–	3.07%	–
NXPI	New	NXP SEMICONDUCTORS N V	$11,556,000	–	101,335	–	3.07%	–
DGX	New	QUEST DIAGNOSTICS INC	$10,844,000	–	95,156	–	2.88%	–
AMZN	New	AMAZON COM INC	$8,864,000	–	3,213	–	2.35%	–
SIVB	New	SVB FINANCIAL GROUP	$8,594,000	–	39,872	–	2.28%	–
NTRS	New	NORTHERN TR CORP	$8,194,000	–	103,272	–	2.17%	–
KMX	New	CARMAX INC	$8,099,000	–	90,442	–	2.15%	–
MSFT	New	MICROSOFT CORP	$7,416,000	–	36,440	–	1.97%	–
DAL	New	DELTA AIR LINES INC DEL	$5,544,000	–	197,671	–	1.47%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$3,964,000	–	108,070	–	1.05%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,229,000	–	7,229	–	0.59%	–
ACWX	New	ISHARES TRmsci acwi ex us	$2,201,000	–	50,900	–	0.58%	–
SSSS	New	SURO CAPITAL CORP	$734,000	–	86,631	–	0.20%	–
OPCH	New	OPTION CARE HEALTH INC	$184,000	–	13,250	–	0.05%	–
TPHS	New	TRINITY PL HLDGS INC	$131,000	–	94,654	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
LENB	Exit	LENNAR CORPcl b	$0	–	-6,960	–	-0.07%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-121,456	–	-0.12%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-6,500	–	-0.16%	–
TIGO	Exit	MILLICOM INTL CELLULAR SA	$0	–	-16,500	–	-0.19%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-5,400	–	-0.19%	–
CWEN	Exit	CLEARWAY ENERGY INCcl c	$0	–	-47,300	–	-0.20%	–
RTN	Exit	RAYTHEON CO	$0	–	-4,400	–	-0.20%	–
EQM	Exit	EQM MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-31,500	–	-0.24%	–
CB	Exit	CHUBB LIMITED	$0	–	-6,400	–	-0.24%	–
SSSS	Exit	SUTTER ROCK CAP CORP	$0	–	-166,642	–	-0.24%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-9,600	–	-0.24%	–
PFE	Exit	PFIZER INC	$0	–	-30,800	–	-0.26%	–
BLL	Exit	BALL CORP	$0	–	-15,500	–	-0.27%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-5,100	–	-0.27%	–
VICI	Exit	VICI PPTYS INC	$0	–	-52,900	–	-0.28%	–
APO	Exit	APOLLO GLOBAL MGMT INC	$0	–	-32,000	–	-0.29%	–
DIS	Exit	DISNEY WALT CO	$0	–	-9,600	–	-0.30%	–
MET	Exit	METLIFE INC	$0	–	-26,800	–	-0.30%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-34,900	–	-0.38%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-5,479	–	-0.38%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-24,610	–	-0.78%	–
RUN	Exit	SUNRUN INC	$0	–	-239,409	–	-0.94%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-28,780	–	-1.02%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-15,000	–	-1.05%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-87,825	–	-1.16%	–
AMZN	Exit	AMAZON COM INC	$0	–	-3,710	–	-1.52%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-54,515	–	-1.79%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-6,295	–	-1.81%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-191,333	–	-1.97%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWAR	$0	–	-76,574	–	-2.27%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-247,050	–	-2.42%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-212,951	–	-2.48%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-55,720	–	-2.75%	–
QRVO	Exit	QORVO INC	$0	–	-160,107	–	-2.80%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-133,027	–	-2.93%	–
TGT	Exit	TARGET CORP	$0	–	-117,935	–	-2.98%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-237,822	–	-3.07%	–
LKQ	Exit	LKQ CORP	$0	–	-417,607	–	-3.10%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-106,016	–	-3.10%	–
SONY	Exit	SONY CORPsponsored adr	$0	–	-224,056	–	-3.13%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-100,394	–	-3.14%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-127,563	–	-3.29%	–
KMX	Exit	CARMAX INC	$0	–	-160,131	–	-3.33%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-301,906	–	-3.34%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-651,683	–	-3.36%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-408,418	–	-3.42%	–
ACM	Exit	AECOM	$0	–	-395,945	–	-3.51%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-154,057	–	-3.89%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-426,877	–	-4.54%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-407,471	–	-4.98%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-323,174	–	-5.04%	–
SABR	Exit	SABRE CORP	$0	–	-968,738	–	-5.12%	–
NRG	Exit	NRG ENERGY INC	$0	–	-548,669	–	-5.13%	–

Q3 2019

			Value		Shares		↓ Weighting
NRG	Buy	NRG ENERGY INC	$21,728,000	+19.1%	548,669	+5.6%	5.13%	+21.5%
SABR	Sell	SABRE CORP	$21,699,000	-0.9%	968,738	-1.8%	5.12%	+1.0%
CCK	Sell	CROWN HOLDINGS INC	$21,349,000	-2.7%	323,174	-10.0%	5.04%	-0.8%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$21,095,000	-11.1%	407,471	-7.9%	4.98%	-9.3%
CMCSA	Buy	COMCAST CORP NEWcl a	$19,243,000	+11.9%	426,877	+5.0%	4.54%	+14.1%
DGX	New	QUEST DIAGNOSTICS INC	$16,489,000	–	154,057	–	3.89%	–
ACM	Buy	AECOM	$14,872,000	+7.8%	395,945	+8.7%	3.51%	+10.0%
GIL	Sell	GILDAN ACTIVEWEAR INC	$14,499,000	-17.8%	408,418	-10.4%	3.42%	-16.2%
BHC	Buy	BAUSCH HEALTH COS INC	$14,239,000	-4.2%	651,683	+10.5%	3.36%	-2.3%
WBS	Sell	WEBSTER FINL CORP CONN	$14,150,000	-10.0%	301,906	-8.3%	3.34%	-8.2%
KMX	Buy	CARMAX INC	$14,091,000	+15.3%	160,131	+13.8%	3.33%	+17.6%
NXPI	New	NXP SEMICONDUCTORS N V	$13,921,000	–	127,563	–	3.29%	–
CRL	Buy	CHARLES RIV LABS INTL INC	$13,289,000	+101.9%	100,394	+116.5%	3.14%	+106.0%
SONY	New	SONY CORPsponsored adr	$13,248,000	–	224,056	–	3.13%	–
MHK	Sell	MOHAWK INDS INC	$13,154,000	-17.0%	106,016	-1.3%	3.10%	-15.3%
LKQ	Sell	LKQ CORP	$13,134,000	-19.0%	417,607	-31.5%	3.10%	-17.4%
FBHS	Sell	FORTUNE BRANDS HOME & SEC IN	$13,009,000	-18.4%	237,822	-14.8%	3.07%	-16.8%
TGT	Buy	TARGET CORP	$12,608,000	+25.0%	117,935	+1.3%	2.98%	+27.5%
NTRS	Sell	NORTHERN TR CORP	$12,414,000	-0.1%	133,027	-3.7%	2.93%	+1.8%
QRVO	Sell	QORVO INC	$11,871,000	-11.4%	160,107	-20.4%	2.80%	-9.6%
SIVB	Buy	SVB FINL GROUP	$11,643,000	-5.1%	55,720	+2.0%	2.75%	-3.2%
WUBA	Buy	58 COM INCspon adr rep a	$10,501,000	-8.7%	212,951	+15.1%	2.48%	-6.8%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$10,275,000	-0.4%	247,050	-10.4%	2.42%	+1.6%
TTWO	Sell	TAKE-TWO INTERACTIVE SOFTWAR	$9,598,000	-34.9%	76,574	-41.1%	2.27%	-33.6%
CCL	Buy	CARNIVAL CORPunit 99/99/9999	$8,363,000	+1.0%	191,333	+7.6%	1.97%	+3.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$7,687,000	+18.9%	6,295	+5.4%	1.81%	+21.3%
MSFT	Sell	MICROSOFT CORP	$7,580,000	+0.7%	54,515	-3.0%	1.79%	+2.6%
AMZN	Buy	AMAZON COM INC	$6,440,000	+23.4%	3,710	+34.7%	1.52%	+25.9%
LEN	Sell	LENNAR CORPcl a	$4,906,000	+9.2%	87,825	-5.3%	1.16%	+11.3%
SPY	Sell	SPDR S&P 500 ETF TRput	$4,452,000	-43.7%	15,000	-44.4%	1.05%	-42.6%
RUN	Sell	SUNRUN INC	$3,999,000	-20.7%	239,409	-10.9%	0.94%	-19.0%
AYI	Sell	ACUITY BRANDS INC	$3,317,000	-7.9%	24,610	-5.7%	0.78%	-6.0%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$1,626,000	+7.8%	5,479	+6.4%	0.38%	+10.0%
ACWX	Buy	ISHARES TRmsci acwi ex us	$1,607,000	+20.6%	34,900	+22.5%	0.38%	+22.7%
MET	Sell	METLIFE INC	$1,264,000	-36.5%	26,800	-33.2%	0.30%	-35.4%
DIS	Sell	DISNEY WALT CO	$1,251,000	-39.5%	9,600	-35.1%	0.30%	-38.3%
APO	New	APOLLO GLOBAL MGMT INC	$1,210,000	–	32,000	–	0.29%	–
VICI	Sell	VICI PPTYS INC	$1,198,000	-13.6%	52,900	-15.9%	0.28%	-11.8%
APD	Sell	AIR PRODS & CHEMS INC	$1,131,000	-87.9%	5,100	-87.7%	0.27%	-87.7%
BLL	Sell	BALL CORP	$1,129,000	-11.4%	15,500	-14.8%	0.27%	-9.8%
PFE	Sell	PFIZER INC	$1,107,000	-33.1%	30,800	-19.4%	0.26%	-31.9%
SSSS	New	SUTTER ROCK CAP CORP	$1,040,000	–	166,642	–	0.24%	–
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$1,040,000	-25.4%	9,600	-16.5%	0.24%	-24.1%
CB	Sell	CHUBB LIMITED	$1,033,000	-10.1%	6,400	-17.9%	0.24%	-8.3%
EQM	Sell	EQM MIDSTREAM PARTNERS LPunit ltd partn	$1,030,000	-40.1%	31,500	-18.2%	0.24%	-38.9%
CWEN	Sell	CLEARWAY ENERGY INCcl c	$863,000	-16.5%	47,300	-22.8%	0.20%	-14.6%
RTN	Sell	RAYTHEON CO	$863,000	-49.9%	4,400	-55.6%	0.20%	-48.9%
VMC	Sell	VULCAN MATLS CO	$817,000	-92.5%	5,400	-93.2%	0.19%	-92.3%
TIGO	Sell	MILLICOM INTL CELLULAR SA	$803,000	-42.9%	16,500	-34.4%	0.19%	-41.5%
PKG	Sell	PACKAGING CORP AMER	$690,000	-37.6%	6,500	-44.0%	0.16%	-36.3%
TPHS	Buy	TRINITY PL HLDGS INC	$486,000	+21.8%	121,456	+20.3%	0.12%	+25.0%
LENB	Buy	LENNAR CORPcl b	$309,000	+312.0%	6,960	+255.1%	0.07%	+329.4%
AAWW	Exit	ATLAS AIR WORLDWIDE HLDGS IN	$0	–	-7,940	–	-0.08%	–
GSVC	Exit	GSV CAP CORP	$0	–	-166,642	–	-0.25%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-38,300	–	-0.30%	–
TER	Exit	TERADYNE INC	$0	–	-35,000	–	-0.39%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-18,400	–	-0.46%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-235,886	–	-3.36%	–

Q2 2019

			Value		Shares		↓ Weighting
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$23,717,000	–	442,237	–	5.49%	–
CCK	New	CROWN HOLDINGS INC	$21,947,000	–	359,202	–	5.08%	–
SABR	New	SABRE CORP	$21,907,000	–	986,793	–	5.07%	–
NRG	New	NRG ENERGY INC	$18,244,000	–	519,484	–	4.22%	–
GIL	New	GILDAN ACTIVEWEAR INC	$17,636,000	–	455,933	–	4.08%	–
CMCSA	New	COMCAST CORP NEWcl a	$17,195,000	–	406,676	–	3.98%	–
LKQ	New	LKQ CORP	$16,220,000	–	609,504	–	3.75%	–
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$15,949,000	–	279,175	–	3.69%	–
MHK	New	MOHAWK INDS INC	$15,847,000	–	107,462	–	3.67%	–
WBS	New	WEBSTER FINL CORP CONN	$15,729,000	–	329,271	–	3.64%	–
BHC	New	BAUSCH HEALTH COS INC	$14,869,000	–	589,581	–	3.44%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWAR	$14,753,000	–	129,944	–	3.42%	–
GLIBA	New	GCI LIBERTY INC	$14,497,000	–	235,886	–	3.36%	–
ACM	New	AECOM	$13,791,000	–	364,342	–	3.19%	–
QRVO	New	QORVO INC	$13,394,000	–	201,074	–	3.10%	–
NTRS	New	NORTHERN TR CORP	$12,429,000	–	138,102	–	2.88%	–
SIVB	New	SVB FINL GROUP	$12,265,000	–	54,613	–	2.84%	–
KMX	New	CARMAX INC	$12,217,000	–	140,700	–	2.83%	–
WUBA	New	58 COM INCspon adr rep a	$11,499,000	–	184,948	–	2.66%	–
VMC	New	VULCAN MATLS CO	$10,842,000	–	78,961	–	2.51%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$10,312,000	–	275,671	–	2.39%	–
TGT	New	TARGET CORP	$10,087,000	–	116,468	–	2.34%	–
APD	New	AIR PRODS & CHEMS INC	$9,362,000	–	41,359	–	2.17%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$8,279,000	–	177,858	–	1.92%	–
SPY	New	SPDR S&P 500 ETF TRput	$7,911,000	–	27,000	–	1.83%	–
MSFT	New	MICROSOFT CORP	$7,530,000	–	56,215	–	1.74%	–
CRL	New	CHARLES RIV LABS INTL INC	$6,582,000	–	46,380	–	1.52%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,464,000	–	5,970	–	1.50%	–
AMZN	New	AMAZON COM INC	$5,217,000	–	2,755	–	1.21%	–
RUN	New	SUNRUN INC	$5,040,000	–	268,655	–	1.17%	–
IQV	New	IQVIA HLDGS INC	$4,631,000	–	28,780	–	1.07%	–
LEN	New	LENNAR CORPcl a	$4,494,000	–	92,725	–	1.04%	–
AYI	New	ACUITY BRANDS INC	$3,601,000	–	26,110	–	0.83%	–
DIS	New	DISNEY WALT CO	$2,067,000	–	14,800	–	0.48%	–
MET	New	METLIFE INC	$1,991,000	–	40,100	–	0.46%	–
DLTR	New	DOLLAR TREE INC	$1,976,000	–	18,400	–	0.46%	–
RTN	New	RAYTHEON CO	$1,722,000	–	9,900	–	0.40%	–
EQM	New	EQM MIDSTREAM PARTNERS LPunit ltd partn	$1,720,000	–	38,500	–	0.40%	–
TER	New	TERADYNE INC	$1,677,000	–	35,000	–	0.39%	–
PFE	New	PFIZER INC	$1,655,000	–	38,200	–	0.38%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,509,000	–	5,149	–	0.35%	–
TIGO	New	MILLICOM INTL CELLULAR SA	$1,406,000	–	25,170	–	0.32%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$1,394,000	–	11,500	–	0.32%	–
VICI	New	VICI PPTYS INC	$1,386,000	–	62,900	–	0.32%	–
ACWX	New	ISHARES TRmsci acwi ex us	$1,333,000	–	28,500	–	0.31%	–
APO	New	APOLLO GLOBAL MGMT LLC	$1,314,000	–	38,300	–	0.30%	–
BLL	New	BALL CORP	$1,274,000	–	18,200	–	0.30%	–
CB	New	CHUBB LIMITED	$1,149,000	–	7,800	–	0.27%	–
PKG	New	PACKAGING CORP AMER	$1,106,000	–	11,603	–	0.26%	–
GSVC	New	GSV CAP CORP	$1,067,000	–	166,642	–	0.25%	–
CWEN	New	CLEARWAY ENERGY INCcl c	$1,033,000	–	61,300	–	0.24%	–
TPHS	New	TRINITY PL HLDGS INC	$399,000	–	101,000	–	0.09%	–
AAWW	New	ATLAS AIR WORLDWIDE HLDGS IN	$354,000	–	7,940	–	0.08%	–
LENB	New	LENNAR CORPcl b	$75,000	–	1,960	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
GSVC	Exit	GSV CAP CORP	$0	–	-100,000	–	-0.09%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-11,100	–	-0.15%	–
TER	Exit	TERADYNE INC	$0	–	-34,400	–	-0.17%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-28,500	–	-0.18%	–
WYND	Exit	WYNDHAM DESTINATIONS INC	$0	–	-33,500	–	-0.19%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-183,500	–	-0.20%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-19,400	–	-0.20%	–
MAT	Exit	MATTEL INC	$0	–	-100,000	–	-0.21%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HLDGS IN	$0	–	-25,000	–	-0.21%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-69,800	–	-0.24%	–
PFE	Exit	PFIZER INC	$0	–	-43,100	–	-0.25%	–
EQT	Exit	EQT CORP	$0	–	-44,435	–	-0.26%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-37,300	–	-0.26%	–
CWEN	Exit	CLEARWAY ENERGY INCcl c	$0	–	-108,800	–	-0.28%	–
CB	Exit	CHUBB LIMITED	$0	–	-16,600	–	-0.29%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-73,700	–	-0.34%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-55,400	–	-0.34%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-2,700	–	-0.43%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-105,100	–	-0.64%	–
AVGO	Exit	BROADCOM INC	$0	–	-27,900	–	-0.91%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-27,444	–	-1.05%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-154,450	–	-2.65%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-380,076	–	-2.67%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-283,770	–	-2.76%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-395,330	–	-2.76%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-415,025	–	-2.79%	–
ACM	Exit	AECOM	$0	–	-649,371	–	-2.80%	–
QRVO	Exit	QORVO INC	$0	–	-294,071	–	-2.98%	–
VICI	Exit	VICI PPTYS INC	$0	–	-1,048,591	–	-2.99%	–
MET	Exit	METLIFE INC	$0	–	-490,154	–	-3.02%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-617,585	–	-3.03%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-367,056	–	-3.11%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-225,849	–	-3.27%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-421,343	–	-3.28%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-193,835	–	-3.32%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-496,654	–	-3.43%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-570,953	–	-3.52%	–
LKQ	Exit	LKQ CORP	$0	–	-902,384	–	-3.77%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-953,648	–	-3.83%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-834,049	–	-3.90%	–
ARRS	Exit	ARRIS INTL INC	$0	–	-1,190,276	–	-4.08%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-3,199,144	–	-4.33%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-721,222	–	-4.33%	–
SABR	Exit	SABRE CORP	$0	–	-1,264,898	–	-4.35%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-640,438	–	-4.85%	–
NRG	Exit	NRG ENERGY INC	$0	–	-1,117,100	–	-5.51%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-151,400	–	-5.81%	–

Q3 2018

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$44,015,000	-20.0%	151,400	-25.3%	5.81%	-16.1%
NRG	Sell	NRG ENERGY INC	$41,780,000	+11.8%	1,117,100	-8.3%	5.51%	+17.1%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$36,781,000	+5.5%	640,438	-13.2%	4.85%	+10.5%
SABR	Buy	SABRE CORP	$32,988,000	+8.8%	1,264,898	+2.8%	4.35%	+14.0%
PHG	Sell	KONINKLIJKE PHILIPS N Vny reg sh new	$32,823,000	-13.7%	721,222	-19.9%	4.33%	-9.6%
CZR	Buy	CAESARS ENTMT CORP	$32,792,000	-1.1%	3,199,144	+3.3%	4.33%	+3.7%
ARRS	Sell	ARRIS INTL INC	$30,936,000	-11.2%	1,190,276	-16.5%	4.08%	-7.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$29,535,000	-3.7%	834,049	-10.8%	3.90%	+0.9%
GIL	New	GILDAN ACTIVEWEAR INC	$29,019,000	–	953,648	–	3.83%	–
LKQ	Buy	LKQ CORP	$28,578,000	+14.5%	902,384	+15.3%	3.77%	+20.0%
LEN	Sell	LENNAR CORPcl a	$26,657,000	-14.4%	570,953	-3.7%	3.52%	-10.3%
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$26,006,000	–	496,654	–	3.43%	–
IQV	Sell	IQVIA HLDGS INC	$25,149,000	-1.7%	193,835	-24.4%	3.32%	+3.0%
WBS	Buy	WEBSTER FINL CORP CONN	$24,842,000	+77.8%	421,343	+92.1%	3.28%	+86.3%
PKG	Buy	PACKAGING CORP AMER	$24,773,000	+20.9%	225,849	+23.2%	3.27%	+26.7%
DWDP	Buy	DOWDUPONT INC	$23,606,000	-0.1%	367,056	+2.4%	3.11%	+4.7%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$22,968,000	-19.2%	617,585	-19.3%	3.03%	-15.3%
MET	Buy	METLIFE INC	$22,900,000	+9.0%	490,154	+1.7%	3.02%	+14.2%
VICI	Sell	VICI PPTYS INC	$22,670,000	-12.5%	1,048,591	-16.4%	2.99%	-8.3%
QRVO	Sell	QORVO INC	$22,612,000	-10.4%	294,071	-6.6%	2.98%	-6.1%
ACM	Buy	AECOM	$21,208,000	+8.4%	649,371	+9.6%	2.80%	+13.6%
GLIBA	Sell	GCI LIBERTY INC	$21,166,000	-10.2%	415,025	-20.7%	2.79%	-6.0%
TPX	Sell	TEMPUR SEALY INTL INC	$20,913,000	-11.2%	395,330	-19.4%	2.76%	-7.0%
WUBA	Buy	58 COM INCspon adr rep a	$20,885,000	+40.1%	283,770	+32.0%	2.76%	+46.8%
AIG	Sell	AMERICAN INTL GROUP INC	$20,235,000	-26.3%	380,076	-26.6%	2.67%	-22.7%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$20,069,000	+16.9%	154,450	-6.8%	2.65%	+22.5%
AVGO	Sell	BROADCOM INC	$6,884,000	-75.8%	27,900	-76.2%	0.91%	-74.6%
SATS	Sell	ECHOSTAR CORPcl a	$4,873,000	+2.1%	105,100	-2.2%	0.64%	+7.0%
MIC	Sell	MACQUARIE INFRASTRUCTURE COR	$2,555,000	-88.8%	55,400	-89.8%	0.34%	-88.3%
APO	Sell	APOLLO GLOBAL MGMT LLC	$2,546,000	-1.9%	73,700	-9.5%	0.34%	+2.8%
CB	Sell	CHUBB LIMITED	$2,218,000	-87.8%	16,600	-88.4%	0.29%	-87.2%
CWEN	New	CLEARWAY ENERGY INCcl c	$2,094,000	–	108,800	–	0.28%	–
EQM	Sell	EQT MIDSTREAM PARTNERS LPunit ltd partn	$1,968,000	-7.4%	37,300	-9.5%	0.26%	-3.0%
EQT	Sell	EQT CORP	$1,966,000	-89.1%	44,435	-86.4%	0.26%	-88.6%
PFE	Sell	PFIZER INC	$1,900,000	-17.0%	43,100	-31.7%	0.25%	-12.8%
BHC	New	BAUSCH HEALTH COS INC	$1,792,000	–	69,800	–	0.24%	–
MAT	New	MATTEL INC	$1,570,000	–	100,000	–	0.21%	–
DFS	Sell	DISCOVER FINL SVCS	$1,483,000	-44.8%	19,400	-49.2%	0.20%	-42.2%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$1,479,000	-17.3%	183,500	-17.6%	0.20%	-13.3%
WYND	Sell	WYNDHAM DESTINATIONS INC	$1,453,000	-11.5%	33,500	-9.7%	0.19%	-7.2%
TER	Buy	TERADYNE INC	$1,272,000	+0.3%	34,400	+3.3%	0.17%	+5.0%
NTRS	New	NORTHERN TR CORP	$1,134,000	–	11,100	–	0.15%	–
GSVC	New	GSV CAP CORP	$691,000	–	100,000	–	0.09%	–
SMTA	Exit	SPIRIT MTA REIT	$0	–	-19,250	–	-0.02%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-28,600	–	-0.18%	–
NYLD	Exit	NRG YIELD INCcl c	$0	–	-123,300	–	-0.27%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-39,865	–	-1.17%	–

Q2 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$54,987,000	–	202,700	–	6.92%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$38,048,000	–	900,065	–	4.79%	–
NRG	New	NRG ENERGY INC	$37,385,000	–	1,217,800	–	4.71%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$34,875,000	–	738,105	–	4.39%	–
ARRS	New	ARRIS INTL INC	$34,838,000	–	1,425,070	–	4.39%	–
CZR	New	CAESARS ENTMT CORP	$33,148,000	–	3,097,750	–	4.17%	–
LEN	New	LENNAR CORPcl a	$31,126,000	–	592,823	–	3.92%	–
CMCSA	New	COMCAST CORP NEWcl a	$30,677,000	–	935,000	–	3.86%	–
SABR	New	SABRE CORP	$30,325,000	–	1,230,775	–	3.82%	–
AVGO	New	BROADCOM INC	$28,444,000	–	117,235	–	3.58%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$28,422,000	–	765,450	–	3.58%	–
AIG	New	AMERICAN INTL GROUP INC	$27,451,000	–	517,781	–	3.46%	–
VICI	New	VICI PPTYS INC	$25,901,000	–	1,255,003	–	3.26%	–
IQV	New	IQVIA HLDGS INC	$25,577,000	–	256,245	–	3.22%	–
QRVO	New	QORVO INC	$25,238,000	–	314,825	–	3.18%	–
LKQ	New	LKQ CORP	$24,959,000	–	782,500	–	3.14%	–
DWDP	New	DOWDUPONT INC	$23,619,000	–	358,290	–	2.97%	–
GLIBA	New	GCI LIBERTY INC	$23,580,000	–	523,035	–	2.97%	–
TPX	New	TEMPUR SEALY INTL INC	$23,561,000	–	490,413	–	2.97%	–
MIC	New	MACQUARIE INFRASTRUCTURE COR	$22,902,000	–	542,635	–	2.88%	–
MET	New	METLIFE INC	$21,016,000	–	482,040	–	2.65%	–
PKG	New	PACKAGING CORP AMER	$20,497,000	–	183,355	–	2.58%	–
ACM	New	AECOM	$19,570,000	–	592,450	–	2.46%	–
CB	New	CHUBB LIMITED	$18,197,000	–	143,252	–	2.29%	–
EQT	New	EQT CORP	$18,094,000	–	327,875	–	2.28%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$17,171,000	–	165,735	–	2.16%	–
WUBA	New	58 COM INCspon adr rep a	$14,906,000	–	214,925	–	1.88%	–
WBS	New	WEBSTER FINL CORP CONN	$13,972,000	–	219,365	–	1.76%	–
ULTA	New	ULTA BEAUTY INC	$9,310,000	–	39,865	–	1.17%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$7,445,000	–	27,444	–	0.94%	–
SATS	New	ECHOSTAR CORPcl a	$4,773,000	–	107,500	–	0.60%	–
GOOGL	New	ALPHABET INCcap stk cl a	$3,048,000	–	2,700	–	0.38%	–
DFS	New	DISCOVER FINL SVCS	$2,689,000	–	38,200	–	0.34%	–
APO	New	APOLLO GLOBAL MGMT LLC	$2,594,000	–	81,400	–	0.33%	–
PFE	New	PFIZER INC	$2,289,000	–	63,100	–	0.29%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$2,125,000	–	41,200	–	0.27%	–
NYLD	New	NRG YIELD INCcl c	$2,120,000	–	123,300	–	0.27%	–
AAWW	New	ATLAS AIR WORLDWIDE HLDGS IN	$1,792,000	–	25,000	–	0.23%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$1,788,000	–	222,600	–	0.22%	–
WYND	New	WYNDHAM DESTINATIONS INC	$1,642,000	–	37,100	–	0.21%	–
DAL	New	DELTA AIR LINES INC DEL	$1,417,000	–	28,600	–	0.18%	–
ACWX	New	ISHARES TRmsci acwi ex us	$1,347,000	–	28,500	–	0.17%	–
TER	New	TERADYNE INC	$1,268,000	–	33,300	–	0.16%	–
SMTA	New	SPIRIT MTA REIT	$199,000	–	19,250	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-24,100	–	-0.12%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-5,970	–	-0.13%	–
CCEP	Exit	COCA COLA EUROPEAN PARTNERS	$0	–	-37,700	–	-0.13%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-24,400	–	-0.15%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-27,400	–	-0.18%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-92,800	–	-0.22%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-112,800	–	-0.22%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-38,800	–	-0.24%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-43,600	–	-0.26%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-29,000	–	-0.29%	–
PFE	Exit	PFIZER INC	$0	–	-98,800	–	-0.30%	–
NRG	Exit	NRG ENERGY INC	$0	–	-141,000	–	-0.30%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-125,400	–	-0.32%	–
NYLD	Exit	NRG YIELD INCcl c	$0	–	-197,300	–	-0.32%	–
GNCMA	Exit	GENERAL COMMUNICATION INCcl a	$0	–	-173,000	–	-0.59%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-190,000	–	-0.67%	–
JELD	Exit	JELD-WEN HLDG INC	$0	–	-242,304	–	-0.72%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-57,461	–	-0.90%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-223,500	–	-1.07%	–
LKQ	Exit	LKQ CORP	$0	–	-365,895	–	-1.10%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-169,935	–	-1.16%	–
SNA	Exit	SNAP ON INC	$0	–	-116,050	–	-1.45%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-282,977	–	-1.48%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-448,115	–	-1.55%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-1,270,685	–	-1.58%	–
QRVO	Exit	QORVO INC	$0	–	-270,125	–	-1.60%	–
STT	Exit	STATE STR CORP	$0	–	-220,300	–	-1.76%	–
CB	Exit	CHUBB LIMITED	$0	–	-148,539	–	-1.77%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-336,725	–	-1.82%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-280,430	–	-1.90%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-428,495	–	-1.94%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-717,344	–	-1.98%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-341,815	–	-1.98%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-594,010	–	-2.07%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-707,123	–	-2.19%	–
MET	Exit	METLIFE INC	$0	–	-540,061	–	-2.35%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-346,515	–	-2.35%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-502,880	–	-2.42%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-904,540	–	-2.52%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-1,032,300	–	-2.68%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-608,310	–	-2.69%	–
ARRS	Exit	ARRIS INTL INC	$0	–	-1,159,314	–	-2.77%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-873,460	–	-2.82%	–
TER	Exit	TERADYNE INC	$0	–	-994,850	–	-3.11%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-598,201	–	-3.23%	–
EQT	Exit	EQT CORP	$0	–	-623,325	–	-3.41%	–
AGN	Exit	ALLERGAN PLC	$0	–	-213,087	–	-3.66%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-924,297	–	-3.73%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-898,763	–	-3.85%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-308,022	–	-3.95%	–
CELG	Exit	CELGENE CORP	$0	–	-384,389	–	-4.70%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-727,500	–	-15.31%	–

Q3 2017

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$182,771,000	+447.7%	727,500	+427.2%	15.31%	+601.6%
CELG	Sell	CELGENE CORP	$56,047,000	-33.0%	384,389	-40.3%	4.70%	-14.2%
SHPG	Sell	SHIRE PLCsponsored adr	$47,169,000	-37.8%	308,022	-32.8%	3.95%	-20.3%
AER	Sell	AERCAP HOLDINGS NV	$45,937,000	-33.8%	898,763	-39.8%	3.85%	-15.1%
DAL	Sell	DELTA AIR LINES INC DEL	$44,572,000	-35.4%	924,297	-28.0%	3.73%	-17.2%
AGN	Sell	ALLERGAN PLC	$43,670,000	-43.0%	213,087	-32.4%	3.66%	-27.0%
EQT	Sell	EQT CORP	$40,663,000	-28.8%	623,325	-36.1%	3.41%	-8.8%
DFS	Sell	DISCOVER FINL SVCS	$38,574,000	-44.1%	598,201	-46.1%	3.23%	-28.4%
TER	New	TERADYNE INC	$37,099,000	–	994,850	–	3.11%	–
CMCSA	New	COMCAST CORP NEWcl a	$33,616,000	–	873,460	–	2.82%	–
ARRS	Sell	ARRIS INTL INC	$33,027,000	-46.2%	1,159,314	-47.1%	2.77%	-31.0%
LEN	Sell	LENNAR CORPcl a	$32,120,000	-38.9%	608,310	-38.3%	2.69%	-21.8%
SYF	Sell	SYNCHRONY FINL	$32,055,000	-38.4%	1,032,300	-40.9%	2.68%	-21.1%
COMM	Sell	COMMSCOPE HLDG CO INC	$30,039,000	-32.9%	904,540	-23.1%	2.52%	-14.0%
LVNTA	New	LIBERTY INTERACTIVE CORP	$28,940,000	–	502,880	–	2.42%	–
GILD	Sell	GILEAD SCIENCES INC	$28,072,000	-37.6%	346,515	-45.5%	2.35%	-20.1%
MET	Sell	METLIFE INC	$28,053,000	-44.7%	540,061	-41.5%	2.35%	-29.1%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$26,090,000	-54.5%	707,123	-53.6%	2.19%	-41.7%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$24,742,000	+114.5%	594,010	+100.5%	2.07%	+174.9%
DWDP	New	DOWDUPONT INC	$23,663,000	–	341,815	–	1.98%	–
RLGY	Sell	REALOGY HLDGS CORP	$23,638,000	-54.4%	717,344	-55.1%	1.98%	-41.6%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$23,160,000	-16.6%	428,495	-16.2%	1.94%	+6.9%
DG	Sell	DOLLAR GEN CORP NEW	$22,723,000	-23.6%	280,430	-32.0%	1.90%	-2.2%
TPX	Sell	TEMPUR SEALY INTL INC	$21,728,000	-38.0%	336,725	-48.7%	1.82%	-20.6%
CB	Sell	CHUBB LIMITED	$21,173,000	-55.5%	148,539	-54.6%	1.77%	-42.9%
STT	Sell	STATE STR CORP	$21,051,000	-49.2%	220,300	-52.3%	1.76%	-34.9%
QRVO	New	QORVO INC	$19,094,000	–	270,125	–	1.60%	–
CVA	Sell	COVANTA HLDG CORP	$18,872,000	-29.7%	1,270,685	-37.5%	1.58%	-9.9%
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$18,459,000	–	448,115	–	1.55%	–
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$17,624,000	+2.8%	282,977	-1.3%	1.48%	+31.7%
SNA	New	SNAP ON INC	$17,285,000	–	116,050	–	1.45%	–
CVS	Sell	CVS HEALTH CORP	$13,814,000	-49.4%	169,935	-49.9%	1.16%	-35.1%
LKQ	Sell	LKQ CORP	$13,167,000	-62.5%	365,895	-65.7%	1.10%	-52.0%
SATS	Buy	ECHOSTAR CORPcl a	$12,791,000	+12.4%	223,500	+19.2%	1.07%	+44.0%
SIVB	Sell	SVB FINL GROUP	$10,753,000	-70.7%	57,461	-72.4%	0.90%	-62.4%
JELD	New	JELD-WEN HLDG INC	$8,610,000	–	242,304	–	0.72%	–
GNCMA	New	GENERAL COMMUNICATION INCcl a	$7,057,000	–	173,000	–	0.59%	–
APO	Buy	APOLLO GLOBAL MGMT LLC	$3,775,000	+44.2%	125,400	+26.7%	0.32%	+84.8%
NRG	Sell	NRG ENERGY INC	$3,607,000	+28.8%	141,000	-13.3%	0.30%	+65.0%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$3,438,000	-89.6%	29,000	-90.4%	0.29%	-86.7%
LILA	Sell	LIBERTY GLOBAL PLC	$2,680,000	-59.0%	112,800	-62.4%	0.22%	-47.5%
JNPR	Buy	JUNIPER NETWORKS INC	$2,582,000	+53.4%	92,800	+53.6%	0.22%	+96.4%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$2,116,000	-1.7%	27,400	-0.4%	0.18%	+25.5%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,770,000	-96.4%	24,400	-96.7%	0.15%	-95.4%
SIX	New	SIX FLAGS ENTMT CORP NEW	$1,469,000	–	24,100	–	0.12%	–
FDX	Exit	FEDEX CORP	$0	–	-7,000	–	-0.10%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-72,400	–	-0.12%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-33,300	–	-0.13%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-56,800	–	-0.17%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-304,800	–	-0.43%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-240,060	–	-0.52%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-340,848	–	-1.27%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-551,800	–	-1.64%	–
DOW	Exit	DOW CHEM CO	$0	–	-683,190	–	-2.82%	–

Q2 2017

			Value		Shares		↓ Weighting
CELG	New	CELGENE CORP	$83,673,000	–	644,279	–	5.47%	–
AGN	New	ALLERGAN PLC	$76,636,000	–	315,265	–	5.01%	–
SHPG	New	SHIRE PLCsponsored adr	$75,792,000	–	458,552	–	4.96%	–
AER	New	AERCAP HOLDINGS NV	$69,358,000	–	1,493,778	–	4.54%	–
DFS	New	DISCOVER FINL SVCS	$69,055,000	–	1,110,406	–	4.52%	–
DAL	New	DELTA AIR LINES INC DEL	$68,978,000	–	1,283,587	–	4.51%	–
ARRS	New	ARRIS INTL INC	$61,376,000	–	2,190,454	–	4.01%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$57,362,000	–	1,522,896	–	3.75%	–
EQT	New	EQT CORP	$57,119,000	–	974,956	–	3.73%	–
LEN	New	LENNAR CORPcl a	$52,605,000	–	986,485	–	3.44%	–
SYF	New	SYNCHRONY FINL	$52,074,000	–	1,746,525	–	3.40%	–
RLGY	New	REALOGY HLDGS CORP	$51,831,000	–	1,597,324	–	3.39%	–
MET	New	METLIFE INC	$50,714,000	–	923,056	–	3.32%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$49,644,000	–	747,623	–	3.25%	–
CB	New	CHUBB LIMITED	$47,548,000	–	327,079	–	3.11%	–
GILD	New	GILEAD SCIENCES INC	$45,004,000	–	635,820	–	2.94%	–
COMM	New	COMMSCOPE HLDG CO INC	$44,751,000	–	1,176,835	–	2.93%	–
DOW	New	DOW CHEM CO	$43,085,000	–	683,190	–	2.82%	–
STT	New	STATE STR CORP	$41,399,000	–	461,400	–	2.71%	–
SIVB	New	SVB FINL GROUP	$36,657,000	–	208,526	–	2.40%	–
LKQ	New	LKQ CORP	$35,139,000	–	1,066,455	–	2.30%	–
TPX	New	TEMPUR SEALY INTL INC	$35,072,000	–	656,948	–	2.29%	–
SPY	New	SPDR S&P 500 ETF TRput	$33,368,000	–	138,000	–	2.18%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$33,017,000	–	302,294	–	2.16%	–
DG	New	DOLLAR GEN CORP NEW	$29,746,000	–	412,595	–	1.94%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$27,765,000	–	511,420	–	1.82%	–
CVS	New	CVS HEALTH CORP	$27,294,000	–	339,256	–	1.78%	–
CVA	New	COVANTA HLDG CORP	$26,840,000	–	2,032,976	–	1.76%	–
APC	New	ANADARKO PETE CORP	$25,017,000	–	551,800	–	1.64%	–
BERY	New	BERRY GLOBAL GROUP INC	$19,436,000	–	340,848	–	1.27%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$17,142,000	–	286,656	–	1.12%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$11,534,000	–	296,195	–	0.75%	–
SATS	New	ECHOSTAR CORPcl a	$11,381,000	–	187,500	–	0.74%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$7,923,000	–	190,000	–	0.52%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$7,899,000	–	240,060	–	0.52%	–
LILAK	New	LIBERTY GLOBAL PLC	$6,526,000	–	304,800	–	0.43%	–
LILA	New	LIBERTY GLOBAL PLC	$6,538,000	–	300,294	–	0.43%	–
NYLD	New	NRG YIELD INCcl c	$3,472,000	–	197,300	–	0.23%	–
MIC	New	MACQUARIE INFRASTRUCTURE COR	$3,417,000	–	43,600	–	0.22%	–
PFE	New	PFIZER INC	$3,318,000	–	98,800	–	0.22%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$2,896,000	–	38,800	–	0.19%	–
NRG	New	NRG ENERGY INC	$2,800,000	–	162,600	–	0.18%	–
APO	New	APOLLO GLOBAL MGMT LLC	$2,618,000	–	99,000	–	0.17%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$2,546,000	–	56,800	–	0.17%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$2,153,000	–	27,500	–	0.14%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$1,994,000	–	33,300	–	0.13%	–
UNIT	New	UNITI GROUP INC	$1,820,000	–	72,400	–	0.12%	–
JNPR	New	JUNIPER NETWORKS INC	$1,683,000	–	60,400	–	0.11%	–
FDX	New	FEDEX CORP	$1,522,000	–	7,000	–	0.10%	–
CCEP	New	COCA COLA EUROPEAN PARTNERS	$1,534,000	–	37,700	–	0.10%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,443,000	–	5,970	–	0.09%	–

Q4 2016

			Value		Shares		↓ Weighting
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-3,020	–	-0.04%	–
MCK	Exit	MCKESSON CORP	$0	–	-4,000	–	-0.04%	–
RTN	Exit	RAYTHEON CO	$0	–	-6,500	–	-0.05%	–
CCEP	Exit	COCA COLA EUROPEAN PARTNERS	$0	–	-32,000	–	-0.07%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-91,400	–	-0.13%	–
TER	Exit	TERADYNE INC	$0	–	-106,675	–	-0.13%	–
M	Exit	MACYS INC	$0	–	-63,500	–	-0.13%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-24,100	–	-0.14%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-54,600	–	-0.14%	–
KR	Exit	KROGER CO	$0	–	-88,800	–	-0.15%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-29,875	–	-0.16%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-40,500	–	-0.16%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-38,300	–	-0.17%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-174,500	–	-0.18%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-38,000	–	-0.18%	–
NYLD	Exit	NRG YIELD INCcl c	$0	–	-193,800	–	-0.19%	–
PFE	Exit	PFIZER INC	$0	–	-98,600	–	-0.19%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-63,500	–	-0.19%	–
NRG	Exit	NRG ENERGY INC	$0	–	-335,300	–	-0.21%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-48,700	–	-0.22%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-144,400	–	-0.23%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-150,804	–	-0.24%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-65,100	–	-0.28%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-217,775	–	-0.86%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-332,471	–	-1.67%	–
LDOS	Exit	LEIDOS HLDGS INC	$0	–	-985,089	–	-2.41%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-758,909	–	-2.43%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-565,414	–	-2.47%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-288,813	–	-2.64%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-1,117,900	–	-2.67%	–
MET	Exit	METLIFE INC	$0	–	-1,068,800	–	-2.68%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-1,559,670	–	-2.82%	–
CB	Exit	CHUBB LIMITED	$0	–	-399,428	–	-2.83%	–
MYL	Exit	MYLAN N V	$0	–	-1,417,630	–	-3.05%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-2,214,962	–	-3.23%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-1,082,855	–	-3.35%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-2,767,924	–	-3.56%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-1,438,051	–	-3.56%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-843,734	–	-3.57%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-579,916	–	-3.62%	–
EQT	Exit	EQT CORP	$0	–	-902,246	–	-3.70%	–
ARRS	Exit	ARRIS INTL INC	$0	–	-2,362,274	–	-3.78%	–
CELG	Exit	CELGENE CORP	$0	–	-659,309	–	-3.89%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-1,804,464	–	-3.92%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,935,687	–	-4.30%	–
AGN	Exit	ALLERGAN PLC	$0	–	-334,444	–	-4.35%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-1,385,291	–	-4.42%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-420,930	–	-4.61%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-2,552,179	–	-4.82%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-2,855,600	–	-4.86%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-516,400	–	-6.31%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$111,698,000	-43.7%	516,400	-45.5%	6.31%	-35.0%
COMM	Buy	COMMSCOPE HLDG CO INC	$85,981,000	-1.9%	2,855,600	+1.1%	4.86%	+13.2%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$85,370,000	-9.8%	2,552,179	-7.0%	4.82%	+4.1%
SHPG	Sell	SHIRE PLCsponsored adr	$81,609,000	-11.5%	420,930	-16.0%	4.61%	+2.2%
DFS	Sell	DISCOVER FINL SVCS	$78,340,000	-2.4%	1,385,291	-7.6%	4.42%	+12.6%
AGN	Sell	ALLERGAN PLC	$77,026,000	-5.9%	334,444	-5.6%	4.35%	+8.6%
DAL	Sell	DELTA AIR LINES INC DEL	$76,186,000	+0.8%	1,935,687	-6.7%	4.30%	+16.3%
AER	Sell	AERCAP HOLDINGS NV	$69,448,000	+3.2%	1,804,464	-9.9%	3.92%	+19.1%
CELG	Buy	CELGENE CORP	$68,914,000	+32.0%	659,309	+24.5%	3.89%	+52.3%
ARRS	Sell	ARRIS INTL INC	$66,923,000	+17.9%	2,362,274	-12.8%	3.78%	+36.1%
EQT	Buy	EQT CORP	$65,521,000	+55.3%	902,246	+65.6%	3.70%	+79.3%
SIVB	Buy	SVB FINL GROUP	$64,112,000	+56.8%	579,916	+35.0%	3.62%	+81.0%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$63,239,000	+6.6%	843,734	-4.5%	3.57%	+23.1%
BERY	Sell	BERRY PLASTICS GROUP INC	$63,058,000	-25.2%	1,438,051	-33.7%	3.56%	-13.7%
HPE	Sell	HEWLETT PACKARD ENTERPRISE C	$62,974,000	+12.9%	2,767,924	-9.4%	3.56%	+30.3%
DISH	Sell	DISH NETWORK CORPcl a	$59,318,000	-1.4%	1,082,855	-5.6%	3.35%	+13.9%
RLGY	Buy	REALOGY HLDGS CORP	$57,273,000	+3.4%	2,214,962	+16.0%	3.23%	+19.3%
MYL	Sell	MYLAN N V	$54,038,000	-21.3%	1,417,630	-10.7%	3.05%	-9.2%
CB	Sell	CHUBB LIMITED	$50,187,000	-37.7%	399,428	-35.2%	2.83%	-28.1%
HDS	Sell	HD SUPPLY HLDGS INC	$49,882,000	-14.5%	1,559,670	-6.9%	2.82%	-1.3%
MET	Sell	METLIFE INC	$47,493,000	+2.3%	1,068,800	-8.3%	2.68%	+18.1%
LEN	Buy	LENNAR CORPcl a	$47,334,000	+56.7%	1,117,900	+70.6%	2.67%	+81.0%
WHR	Sell	WHIRLPOOL CORP	$46,833,000	-17.3%	288,813	-15.0%	2.64%	-4.5%
EXP	Buy	EAGLE MATERIALS INC	$43,708,000	+6.6%	565,414	+6.4%	2.47%	+23.1%
TPX	Sell	TEMPUR SEALY INTL INC	$43,062,000	-17.1%	758,909	-19.2%	2.43%	-4.3%
LDOS	New	LEIDOS HLDGS INC	$42,638,000	–	985,089	–	2.41%	–
CVS	Buy	CVS HEALTH CORP	$29,594,000	+842.5%	332,471	+913.6%	1.67%	+985.1%
DG	Sell	DOLLAR GEN CORP NEW	$15,234,000	-74.0%	217,775	-65.1%	0.86%	-70.0%
EQM	Buy	EQT MIDSTREAM PARTNERS LPunit ltd partn	$4,960,000	-1.8%	65,100	+3.5%	0.28%	+13.4%
LILA	New	LIBERTY GLOBAL PLC	$4,161,000	–	150,804	–	0.24%	–
LILAK	New	LIBERTY GLOBAL PLC	$4,050,000	–	144,400	–	0.23%	–
GILD	Sell	GILEAD SCIENCES INC	$3,854,000	-12.3%	48,700	-7.6%	0.22%	+1.4%
NRG	Sell	NRG ENERGY INC	$3,759,000	-42.7%	335,300	-23.4%	0.21%	-34.0%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$3,403,000	+3.9%	63,500	+12.4%	0.19%	+20.0%
PFE	Sell	PFIZER INC	$3,340,000	-50.5%	98,600	-48.5%	0.19%	-42.7%
NYLD	Sell	NRG YIELD INCcl c	$3,287,000	-28.7%	193,800	-34.5%	0.19%	-17.7%
MIC	Sell	MACQUARIE INFRASTRUCTURE COR	$3,162,000	-35.3%	38,000	-42.4%	0.18%	-25.1%
APO	Sell	APOLLO GLOBAL MGMT LLC	$3,133,000	-45.1%	174,500	-53.7%	0.18%	-36.6%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$3,087,000	-38.5%	38,300	-36.5%	0.17%	-29.3%
COF	Sell	CAPITAL ONE FINL CORP	$2,909,000	-35.5%	40,500	-43.0%	0.16%	-25.8%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$2,816,000	-47.0%	29,875	-43.0%	0.16%	-38.8%
KR	New	KROGER CO	$2,636,000	–	88,800	–	0.15%	–
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDadr	$2,513,000	-48.4%	54,600	-43.7%	0.14%	-40.3%
RL	Sell	RALPH LAUREN CORPcl a	$2,438,000	-44.6%	24,100	-50.9%	0.14%	-35.8%
M	New	MACYS INC	$2,353,000	–	63,500	–	0.13%	–
TER	Sell	TERADYNE INC	$2,302,000	-51.8%	106,675	-56.0%	0.13%	-44.4%
CFG	Sell	CITIZENS FINL GROUP INC	$2,258,000	-28.6%	91,400	-42.3%	0.13%	-17.4%
CCEP	New	COCA COLA EUROPEAN PARTNERS	$1,277,000	–	32,000	–	0.07%	–
RTN	Sell	RAYTHEON CO	$885,000	-74.8%	6,500	-74.8%	0.05%	-70.9%
MCK	Sell	MCKESSON CORP	$667,000	-99.2%	4,000	-99.1%	0.04%	-99.1%
AZPN	Exit	ASPEN TECHNOLOGY INC	$0	–	-13,625	–	-0.03%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-65,200	–	-0.14%	–
TWX	Exit	TIME WARNER INC	$0	–	-43,600	–	-0.16%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-82,200	–	-0.17%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-138,800	–	-0.19%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-565,830	–	-0.46%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-356,898	–	-1.24%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-589,619	–	-2.72%	–

Q2 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$198,406,000	–	946,900	–	9.71%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$94,625,000	–	2,744,188	–	4.63%	–
SHPG	New	SHIRE PLCsponsored adr	$92,206,000	–	500,915	–	4.51%	–
COMM	New	COMMSCOPE HLDG CO INC	$87,651,000	–	2,824,650	–	4.29%	–
BERY	New	BERRY PLASTICS GROUP INC	$84,332,000	–	2,170,619	–	4.12%	–
MCK	New	MCKESSON CORP	$81,980,000	–	439,203	–	4.01%	–
AGN	New	ALLERGAN PLC	$81,846,000	–	354,179	–	4.00%	–
CB	New	CHUBB LIMITED	$80,591,000	–	616,603	–	3.94%	–
DFS	New	DISCOVER FINL SVCS	$80,301,000	–	1,498,466	–	3.93%	–
DAL	New	DELTA AIR LINES INC DEL	$75,590,000	–	2,074,807	–	3.70%	–
MYL	New	MYLAN N V	$68,662,000	–	1,587,935	–	3.36%	–
AER	New	AERCAP HOLDINGS NV	$67,308,000	–	2,003,739	–	3.29%	–
DISH	New	DISH NETWORK CORPcl a	$60,131,000	–	1,147,530	–	2.94%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$59,312,000	–	883,334	–	2.90%	–
DG	New	DOLLAR GEN CORP NEW	$58,674,000	–	624,168	–	2.87%	–
HDS	New	HD SUPPLY HLDGS INC	$58,340,000	–	1,675,395	–	2.85%	–
ARRS	New	ARRIS INTL INC	$56,750,000	–	2,707,694	–	2.78%	–
WHR	New	WHIRLPOOL CORP	$56,609,000	–	339,729	–	2.77%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$55,797,000	–	3,054,050	–	2.73%	–
DLTR	New	DOLLAR TREE INC	$55,566,000	–	589,619	–	2.72%	–
RLGY	New	REALOGY HLDGS CORP	$55,395,000	–	1,909,162	–	2.71%	–
CELG	New	CELGENE CORP	$52,227,000	–	529,519	–	2.56%	–
TPX	New	TEMPUR SEALY INTL INC	$51,947,000	–	939,074	–	2.54%	–
MET	New	METLIFE INC	$46,405,000	–	1,165,050	–	2.27%	–
EQT	New	EQT CORP	$42,185,000	–	544,921	–	2.06%	–
EXP	New	EAGLE MATERIALS INC	$40,983,000	–	531,184	–	2.00%	–
SIVB	New	SVB FINL GROUP	$40,875,000	–	429,526	–	2.00%	–
LEN	New	LENNAR CORPcl a	$30,198,000	–	655,090	–	1.48%	–
PRU	New	PRUDENTIAL FINL INC	$25,456,000	–	356,898	–	1.24%	–
CVA	New	COVANTA HLDG CORP	$9,310,000	–	565,830	–	0.46%	–
PFE	New	PFIZER INC	$6,746,000	–	191,600	–	0.33%	–
NRG	New	NRG ENERGY INC	$6,564,000	–	437,900	–	0.32%	–
APO	New	APOLLO GLOBAL MGMT LLC	$5,707,000	–	376,700	–	0.28%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$5,313,000	–	52,375	–	0.26%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$5,051,000	–	62,900	–	0.25%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,021,000	–	60,300	–	0.25%	–
MIC	New	MACQUARIE INFRASTRUCTURE COR	$4,888,000	–	66,000	–	0.24%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$4,872,000	–	97,000	–	0.24%	–
TER	New	TERADYNE INC	$4,777,000	–	242,675	–	0.23%	–
NYLD	New	NRG YIELD INCcl c	$4,612,000	–	295,800	–	0.23%	–
COF	New	CAPITAL ONE FINL CORP	$4,508,000	–	71,000	–	0.22%	–
RL	New	RALPH LAUREN CORPcl a	$4,400,000	–	49,100	–	0.22%	–
GILD	New	GILEAD SCIENCES INC	$4,395,000	–	52,700	–	0.22%	–
AMC	New	AMC ENTMT HLDGS INC	$3,832,000	–	138,800	–	0.19%	–
RTN	New	RAYTHEON CO	$3,510,000	–	25,820	–	0.17%	–
KAR	New	KAR AUCTION SVCS INC	$3,431,000	–	82,200	–	0.17%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$3,274,000	–	56,500	–	0.16%	–
TWX	New	TIME WARNER INC	$3,206,000	–	43,600	–	0.16%	–
CFG	New	CITIZENS FINL GROUP INC	$3,163,000	–	158,300	–	0.16%	–
CVS	New	CVS HEALTH CORP	$3,140,000	–	32,801	–	0.15%	–
HOG	New	HARLEY DAVIDSON INC	$2,953,000	–	65,200	–	0.14%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$633,000	–	3,020	–	0.03%	–
AZPN	New	ASPEN TECHNOLOGY INC	$548,000	–	13,625	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
AZPN	Exit	ASPEN TECHNOLOGY INC	$0	–	-13,625	–	-0.03%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-3,585	–	-0.04%	–
ABY	Exit	ABENGOA YIELD PLC	$0	–	-123,231	–	-0.11%	–
RTN	Exit	RAYTHEON CO	$0	–	-25,820	–	-0.16%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-70,209	–	-0.18%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-51,409	–	-0.19%	–
LAZ	Exit	LAZARD LTD	$0	–	-80,011	–	-0.19%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-178,161	–	-0.20%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-67,405	–	-0.20%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-56,407	–	-0.21%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-160,800	–	-0.21%	–
BXLT	Exit	BAXALTA INC	$0	–	-123,500	–	-0.21%	–
TWX	Exit	TIME WARNER INC	$0	–	-57,910	–	-0.22%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-88,511	–	-0.22%	–
IP	Exit	INTL PAPER CO	$0	–	-107,625	–	-0.22%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-163,727	–	-0.23%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-54,191	–	-0.24%	–
PFE	Exit	PFIZER INC	$0	–	-137,063	–	-0.24%	–
TER	Exit	TERADYNE INC	$0	–	-249,249	–	-0.25%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-59,307	–	-0.25%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-88,006	–	-0.25%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-111,513	–	-0.26%	–
AAPL	Exit	APPLE INC	$0	–	-42,486	–	-0.26%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-57,408	–	-0.26%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-40,401	–	-0.26%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-135,500	–	-0.26%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-51,205	–	-0.27%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-88,516	–	-0.28%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-198,308	–	-0.28%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-70,221	–	-0.28%	–
ADT	Exit	THE ADT CORPORATION	$0	–	-172,372	–	-0.28%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-109,700	–	-0.29%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-54,205	–	-0.29%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-137,235	–	-0.35%	–
KLXI	Exit	KLX INC	$0	–	-212,424	–	-0.42%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-847,818	–	-0.80%	–
MEG	Exit	MEDIA GEN INC NEW	$0	–	-1,182,604	–	-0.91%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-649,168	–	-1.08%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-559,910	–	-1.49%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-1,398,570	–	-1.87%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-504,620	–	-1.99%	–
MET	Exit	METLIFE INC	$0	–	-843,556	–	-2.19%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-1,486,885	–	-2.35%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,464,363	–	-2.40%	–
ARRS	Exit	ARRIS GROUP INC NEW	$0	–	-1,804,829	–	-2.58%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-777,994	–	-2.86%	–
WRK	Exit	WESTROCK CO	$0	–	-1,111,459	–	-3.15%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-789,336	–	-3.32%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-1,601,832	–	-3.32%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,355,681	–	-3.35%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-893,233	–	-3.37%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-2,050,365	–	-3.39%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-5,055,105	–	-3.44%	–
MYL	Exit	MYLAN N V	$0	–	-1,636,790	–	-3.63%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-328,333	–	-3.72%	–
ARMK	Exit	ARAMARK	$0	–	-2,321,139	–	-3.79%	–
AGN	Exit	ALLERGAN PLC	$0	–	-255,974	–	-3.84%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,829,599	–	-3.92%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-1,371,307	–	-3.93%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-486,242	–	-3.95%	–
MCK	Exit	MCKESSON CORP	$0	–	-388,589	–	-3.96%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-2,007,304	–	-4.23%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-2,600,069	–	-4.31%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-830,000	–	-8.77%	–

Q3 2015

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$159,052,000	-32.2%	830,000	-27.1%	8.77%	-24.9%
BERY	New	BERRY PLASTICS GROUP INC	$78,185,000	–	2,600,069	–	4.31%	–
AER	Buy	AERCAP HOLDINGS NV	$76,755,000	-11.0%	2,007,304	+6.6%	4.23%	-1.4%
MCK	Buy	MCKESSON CORP	$71,907,000	+7.5%	388,589	+30.6%	3.96%	+19.1%
WHR	Buy	WHIRLPOOL CORP	$71,606,000	-5.5%	486,242	+11.0%	3.95%	+4.6%
DFS	Buy	DISCOVER FINL SVCS	$71,289,000	-9.5%	1,371,307	+0.3%	3.93%	+0.2%
AAL	Sell	AMERICAN AIRLS GROUP INC	$71,039,000	-4.1%	1,829,599	-1.3%	3.92%	+6.2%
AGN	Sell	ALLERGAN PLC	$69,575,000	-21.0%	255,974	-11.9%	3.84%	-12.6%
ARMK	Sell	ARAMARK	$68,798,000	-11.9%	2,321,139	-7.9%	3.79%	-2.4%
SHPG	Buy	SHIRE PLCsponsored adr	$67,385,000	-7.5%	328,333	+8.8%	3.72%	+2.4%
MYL	Buy	MYLAN N V	$65,893,000	+38.5%	1,636,790	+133.5%	3.63%	+53.4%
NRF	Sell	NORTHSTAR RLTY FIN CORP	$62,431,000	-24.0%	5,055,105	-2.1%	3.44%	-15.8%
COMM	Sell	COMMSCOPE HLDG CO INC	$61,576,000	-15.0%	2,050,365	-13.7%	3.39%	-5.9%
EXP	Sell	EAGLE MATERIALS INC	$61,120,000	-20.3%	893,233	-11.1%	3.37%	-11.7%
DAL	Sell	DELTA AIR LINES INC DEL	$60,834,000	-16.2%	1,355,681	-23.3%	3.35%	-7.2%
RLGY	Sell	REALOGY HLDGS CORP	$60,276,000	-27.3%	1,601,832	-9.8%	3.32%	-19.5%
PRU	Buy	PRUDENTIAL FINL INC	$60,155,000	-12.9%	789,336	+0.1%	3.32%	-3.5%
WRK	New	WESTROCK CO	$57,179,000	–	1,111,459	–	3.15%	–
DLTR	Buy	DOLLAR TREE INC	$51,864,000	-0.4%	777,994	+18.0%	2.86%	+10.3%
ARRS	Buy	ARRIS GROUP INC NEW	$46,872,000	+19.3%	1,804,829	+40.6%	2.58%	+32.1%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$43,486,000	-20.9%	1,464,363	-2.3%	2.40%	-12.4%
HDS	Buy	HD SUPPLY HLDGS INC	$42,554,000	-18.1%	1,486,885	+0.7%	2.35%	-9.3%
MET	Buy	METLIFE INC	$39,779,000	-15.4%	843,556	+0.4%	2.19%	-6.4%
TPX	New	TEMPUR SEALY INTL INC	$36,049,000	–	504,620	–	1.99%	–
PWR	New	QUANTA SVCS INC	$33,860,000	–	1,398,570	–	1.87%	–
LEN	New	LENNAR CORPcl a	$26,955,000	–	559,910	–	1.49%	–
NBL	Buy	NOBLE ENERGY INC	$19,597,000	-28.7%	649,168	+0.9%	1.08%	-21.0%
MEG	Sell	MEDIA GEN INC NEW	$16,542,000	-78.4%	1,182,604	-74.4%	0.91%	-76.0%
APO	Buy	APOLLO GLOBAL MGMT LLC	$14,565,000	-22.4%	847,818	+0.0%	0.80%	-14.1%
KLXI	Buy	KLX INC	$7,592,000	-17.3%	212,424	+2.1%	0.42%	-8.3%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$6,282,000	+21.2%	137,235	+18.7%	0.35%	+34.1%
GILD	Sell	GILEAD SCIENCES INC	$5,323,000	-16.4%	54,205	-0.4%	0.29%	-7.6%
SNY	Sell	SANOFIsponsored adr	$5,206,000	-6.5%	109,700	-2.4%	0.29%	+3.6%
ADT	Buy	THE ADT CORPORATION	$5,155,000	-10.9%	172,372	+0.0%	0.28%	-1.4%
COF	Buy	CAPITAL ONE FINL CORP	$5,092,000	-2.3%	70,221	+18.6%	0.28%	+8.5%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$5,022,000	-9.3%	198,308	+0.0%	0.28%	+0.4%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDadr	$4,998,000	-4.8%	88,516	-0.3%	0.28%	+5.7%
CVS	Buy	CVS HEALTH CORP	$4,939,000	-1.7%	51,205	+6.9%	0.27%	+8.8%
KAR	New	KAR AUCTION SVCS INC	$4,812,000	–	135,500	–	0.26%	–
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$4,770,000	+11.4%	57,408	+13.2%	0.26%	+23.5%
RL	Sell	RALPH LAUREN CORPcl a	$4,774,000	-12.7%	40,401	-2.2%	0.26%	-3.3%
AAPL	Sell	APPLE INC	$4,685,000	-12.3%	42,486	-0.2%	0.26%	-3.0%
MDLZ	Sell	MONDELEZ INTL INCcl a	$4,670,000	-25.9%	111,513	-27.2%	0.26%	-18.2%
LAMR	Sell	LAMAR ADVERTISING CO NEWcl a	$4,593,000	-9.4%	88,006	-0.2%	0.25%	+0.4%
WSM	Buy	WILLIAMS SONOMA INC	$4,528,000	+11.0%	59,307	+19.6%	0.25%	+23.2%
TER	Buy	TERADYNE INC	$4,488,000	+16.8%	249,249	+25.1%	0.25%	+29.3%
PFE	Buy	PFIZER INC	$4,305,000	+21.4%	137,063	+29.6%	0.24%	+33.9%
CCI	Buy	CROWN CASTLE INTL CORP NEW	$4,274,000	-1.8%	54,191	+0.0%	0.24%	+8.8%
AMC	Buy	AMC ENTMT HLDGS INC	$4,123,000	+0.9%	163,727	+23.0%	0.23%	+11.8%
IP	Sell	INTL PAPER CO	$4,067,000	-21.0%	107,625	-0.5%	0.22%	-12.5%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$4,053,000	+2.8%	88,511	-6.6%	0.22%	+13.8%
TWX	Buy	TIME WARNER INC	$3,982,000	+1.9%	57,910	+29.5%	0.22%	+12.8%
BXLT	Sell	BAXALTA INC	$3,891,000	-86.0%	123,500	-85.8%	0.21%	-84.6%
CFG	New	CITIZENS FINL GROUP INC	$3,836,000	–	160,800	–	0.21%	–
MDT	Buy	MEDTRONIC PLC	$3,775,000	-9.7%	56,407	+0.0%	0.21%	0.0%
OUT	Buy	OUTFRONT MEDIA INC	$3,705,000	+4.7%	178,161	+27.0%	0.20%	+15.9%
HOG	New	HARLEY DAVIDSON INC	$3,699,000	–	67,405	–	0.20%	–
LAZ	Sell	LAZARD LTD	$3,465,000	-23.3%	80,011	-0.4%	0.19%	-15.1%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$3,401,000	-14.9%	51,409	+0.0%	0.19%	-6.0%
NXST	Sell	NEXSTAR BROADCASTING GROUP Icl a	$3,324,000	-24.9%	70,209	-11.1%	0.18%	-16.8%
ABY	New	ABENGOA YIELD PLC	$2,039,000	–	123,231	–	0.11%	–
GOGO	Exit	GOGO INCput	$0	–	-40,000	–	-0.04%	–
EXH	Exit	EXTERRAN HLDGS INC	$0	–	-90,107	–	-0.15%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-116,028	–	-0.33%	–
4107PS	Exit	MEADWESTVACO CORP	$0	–	-500,964	–	-1.18%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-2,110,024	–	-1.98%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-716,218	–	-2.15%	–

Q2 2015

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$234,527,000	–	1,139,300	–	11.68%	–
AGN	New	ALLERGAN PLC	$88,125,000	–	290,418	–	4.39%	–
AER	New	AERCAP HOLDINGS NV	$86,221,000	–	1,883,074	–	4.29%	–
RLGY	New	REALOGY HLDGS CORP	$82,959,000	–	1,775,607	–	4.13%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$82,137,000	–	5,165,975	–	4.09%	–
DFS	New	DISCOVER FINL SVCS	$78,798,000	–	1,367,436	–	3.92%	–
ARMK	New	ARAMARK	$78,060,000	–	2,520,468	–	3.89%	–
EXP	New	EAGLE MATERIALS INC	$76,675,000	–	1,004,513	–	3.82%	–
MEG	New	MEDIA GEN INC NEW	$76,440,000	–	4,627,230	–	3.81%	–
WHR	New	WHIRLPOOL CORP	$75,802,000	–	438,051	–	3.77%	–
AAL	New	AMERICAN AIRLS GROUP INC	$74,055,000	–	1,854,364	–	3.69%	–
SHPG	New	SHIRE PLCsponsored adr	$72,873,000	–	301,769	–	3.63%	–
DAL	New	DELTA AIR LINES INC DEL	$72,607,000	–	1,767,537	–	3.62%	–
COMM	New	COMMSCOPE HLDG CO INC	$72,475,000	–	2,375,550	–	3.61%	–
PRU	New	PRUDENTIAL FINL INC	$69,037,000	–	788,790	–	3.44%	–
MCK	New	MCKESSON CORP	$66,864,000	–	297,452	–	3.33%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$54,959,000	–	1,499,282	–	2.74%	–
DLTR	New	DOLLAR TREE INC	$52,083,000	–	659,259	–	2.59%	–
HDS	New	HD SUPPLY HLDGS INC	$51,965,000	–	1,477,085	–	2.59%	–
MYL	New	MYLAN N V	$47,564,000	–	700,835	–	2.37%	–
MET	New	METLIFE INC	$47,033,000	–	840,014	–	2.34%	–
9207PS	New	ROCK-TENN COcl a	$43,122,000	–	716,218	–	2.15%	–
MU	New	MICRON TECHNOLOGY INC	$39,753,000	–	2,110,024	–	1.98%	–
ARRS	New	ARRIS GROUP INC NEW	$39,289,000	–	1,284,049	–	1.96%	–
BXLT	New	BAXALTA INC	$27,850,000	–	871,911	–	1.39%	–
NBL	New	NOBLE ENERGY INC	$27,467,000	–	643,388	–	1.37%	–
4107PS	New	MEADWESTVACO CORP	$23,637,000	–	500,964	–	1.18%	–
APO	New	APOLLO GLOBAL MGMT LLC	$18,777,000	–	847,738	–	0.94%	–
KLXI	New	KLX INC	$9,179,000	–	208,000	–	0.46%	–
WMB	New	WILLIAMS COS INC DEL	$6,659,000	–	116,028	–	0.33%	–
GILD	New	GILEAD SCIENCES INC	$6,369,000	–	54,402	–	0.32%	–
MDLZ	New	MONDELEZ INTL INCcl a	$6,300,000	–	153,106	–	0.31%	–
ADT	New	THE ADT CORPORATION	$5,784,000	–	172,358	–	0.29%	–
SNY	New	SANOFIsponsored adr	$5,566,000	–	112,400	–	0.28%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$5,534,000	–	198,293	–	0.28%	–
RL	New	RALPH LAUREN CORPcl a	$5,466,000	–	41,301	–	0.27%	–
AAPL	New	APPLE INC	$5,342,000	–	42,584	–	0.27%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$5,248,000	–	88,811	–	0.26%	–
COF	New	CAPITAL ONE FINL CORP	$5,210,000	–	59,218	–	0.26%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$5,185,000	–	115,618	–	0.26%	–
IP	New	INTL PAPER CO	$5,145,000	–	108,112	–	0.26%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$5,068,000	–	88,193	–	0.25%	–
CVS	New	CVS HEALTH CORP	$5,024,000	–	47,903	–	0.25%	–
LAZ	New	LAZARD LTD	$4,517,000	–	80,307	–	0.22%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$4,424,000	–	79,006	–	0.22%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$4,351,000	–	54,184	–	0.22%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$4,282,000	–	50,705	–	0.21%	–
MDT	New	MEDTRONIC PLC	$4,179,000	–	56,403	–	0.21%	–
AMC	New	AMC ENTMT HLDGS INC	$4,085,000	–	133,112	–	0.20%	–
WSM	New	WILLIAMS SONOMA INC	$4,081,000	–	49,605	–	0.20%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$3,998,000	–	51,403	–	0.20%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$3,941,000	–	94,806	–	0.20%	–
TWX	New	TIME WARNER INC	$3,908,000	–	44,706	–	0.20%	–
TER	New	TERADYNE INC	$3,843,000	–	199,240	–	0.19%	–
PFE	New	PFIZER INC	$3,546,000	–	105,762	–	0.18%	–
OUT	New	OUTFRONT MEDIA INC	$3,540,000	–	140,237	–	0.18%	–
EXH	New	EXTERRAN HLDGS INC	$2,943,000	–	90,107	–	0.15%	–
RTN	New	RAYTHEON CO	$2,470,000	–	25,820	–	0.12%	–
GOGO	New	GOGO INCput	$857,000	–	40,000	–	0.04%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$738,000	–	3,585	–	0.04%	–
AZPN	New	ASPEN TECHNOLOGY INC	$621,000	–	13,625	–	0.03%	–

Q4 2014

			Value		Shares		↓ Weighting
AZPN	Exit	ASPEN TECHNOLOGY INC	$0	–	-16,625	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,050	–	-0.05%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-44,300	–	-0.09%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-18,800	–	-0.10%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-35,624	–	-0.11%	–
PFE	Exit	PFIZER INC	$0	–	-67,700	–	-0.12%	–
ROC	Exit	ROCKWOOD HLDGS INC	$0	–	-28,300	–	-0.13%	–
MDT	Exit	MEDTRONIC INC	$0	–	-36,500	–	-0.13%	–
IP	Exit	INTL PAPER CO	$0	–	-47,400	–	-0.13%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-113,736	–	-0.15%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-29,616	–	-0.16%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-44,304	–	-0.17%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-81,521	–	-0.18%	–
AAPL	Exit	APPLE INC	$0	–	-30,799	–	-0.18%	–
RTN	Exit	RAYTHEON CO	$0	–	-30,820	–	-0.18%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-57,900	–	-0.19%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-60,908	–	-0.19%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-382,380	–	-0.19%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-49,004	–	-0.23%	–
ADT	Exit	THE ADT CORPORATION	$0	–	-119,027	–	-0.24%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-49,200	–	-0.28%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-202,736	–	-0.28%	–
TBX	Exit	PROSHARES TRsht 7-10 yr tr	$0	–	-183,908	–	-0.34%	–
J106OPTLDIV	Exit	CBS OUTDOOR AMERS INC	$0	–	-236,041	–	-0.41%	–
LIN	Exit	LIN MEDIA LLC	$0	–	-406,700	–	-0.52%	–
IWM	Exit	ISHARES TRput	$0	–	-230,100	–	-1.46%	–
FMC	Exit	F M C CORP	$0	–	-456,290	–	-1.52%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-293,027	–	-1.73%	–
MET	Exit	METLIFE INC	$0	–	-580,817	–	-1.81%	–
WAG	Exit	WALGREEN CO	$0	–	-539,910	–	-1.86%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-1,249,464	–	-1.90%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-321,130	–	-1.90%	–
EBAY	Exit	EBAY INC	$0	–	-594,470	–	-1.96%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,448,594	–	-1.97%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-422,473	–	-2.00%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,188,806	–	-2.14%	–
EXH	Exit	EXTERRAN HLDGS INC	$0	–	-873,360	–	-2.25%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-723,890	–	-2.33%	–
MON	Exit	MONSANTO CO NEW	$0	–	-378,455	–	-2.48%	–
MCK	Exit	MCKESSON CORP	$0	–	-227,094	–	-2.57%	–
MEG	Exit	MEDIA GEN INC	$0	–	-3,538,365	–	-2.70%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-1,359,555	–	-2.71%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-683,795	–	-2.72%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-683,545	–	-2.72%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-711,011	–	-2.74%	–
B108PS	Exit	ACTAVIS PLC	$0	–	-215,400	–	-3.02%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-320,440	–	-3.07%	–
HAL	Exit	HALLIBURTON CO	$0	–	-823,680	–	-3.09%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-1,382,795	–	-3.12%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-938,513	–	-3.16%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-1,116,466	–	-3.20%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-711,767	–	-3.64%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,020,000	–	-3.95%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,924,294	–	-4.04%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-1,741,202	–	-4.14%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-2,010,845	–	-4.15%	–
MYL	Exit	MYLAN INC	$0	–	-1,639,124	–	-4.33%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-2,034,815	–	-4.40%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-4,330,955	–	-4.45%	–

Q3 2014

			Value		Shares		↓ Weighting
NRF	New	NORTHSTAR RLTY FIN CORP	$76,528,000	–	4,330,955	–	4.45%	–
RLGY	Buy	REALOGY HLDGS CORP	$75,695,000	+3.0%	2,034,815	+4.4%	4.40%	+0.9%
MYL	Buy	MYLAN INC	$74,564,000	+32.5%	1,639,124	+50.1%	4.33%	+29.7%
AAL	Sell	AMERICAN AIRLS GROUP INC	$71,345,000	-21.9%	2,010,845	-5.4%	4.15%	-23.5%
AER	Buy	AERCAP HOLDINGS NV	$71,215,000	-9.2%	1,741,202	+1.7%	4.14%	-11.1%
DAL	Buy	DELTA AIR LINES INC DEL	$69,563,000	+0.3%	1,924,294	+7.4%	4.04%	-1.8%
SPY	Buy	SPDR S&P 500 ETF TRput	$67,972,000	+131.5%	1,020,000	+580.0%	3.95%	+126.7%
PRU	Buy	PRUDENTIAL FINL INC	$62,593,000	+3.7%	711,767	+4.7%	3.64%	+1.6%
LAMR	New	LAMAR ADVERTISING COcl a	$54,986,000	–	1,116,466	–	3.20%	–
CBI	Buy	CHICAGO BRIDGE & IRON CO N V	$54,293,000	-14.6%	938,513	+0.7%	3.16%	-16.4%
LEN	New	LENNAR CORPcl a	$53,694,000	–	1,382,795	–	3.12%	–
HAL	Buy	HALLIBURTON CO	$53,135,000	+20.6%	823,680	+32.7%	3.09%	+18.1%
RL	Sell	RALPH LAUREN CORPcl a	$52,786,000	+1.2%	320,440	-1.3%	3.07%	-0.9%
B108PS	Sell	ACTAVIS PLC	$51,972,000	-30.1%	215,400	-35.4%	3.02%	-31.5%
CAM	Sell	CAMERON INTERNATIONAL CORP	$47,197,000	-30.8%	711,011	-29.5%	2.74%	-32.3%
NXPI	New	NXP SEMICONDUCTORS N V	$46,775,000	–	683,545	–	2.72%	–
NBL	New	NOBLE ENERGY INC	$46,744,000	–	683,795	–	2.72%	–
MU	Buy	MICRON TECHNOLOGY INC	$46,578,000	+69.0%	1,359,555	+62.5%	2.71%	+65.5%
MEG	Buy	MEDIA GEN INC	$46,388,000	-30.0%	3,538,365	+9.7%	2.70%	-31.4%
MCK	Sell	MCKESSON CORP	$44,208,000	-44.5%	227,094	-46.9%	2.57%	-45.6%
MON	Sell	MONSANTO CO NEW	$42,580,000	-10.7%	378,455	-1.0%	2.48%	-12.5%
WMB	Sell	WILLIAMS COS INC DEL	$40,067,000	-38.5%	723,890	-35.3%	2.33%	-39.8%
EXH	New	EXTERRAN HLDGS INC	$38,699,000	–	873,360	–	2.25%	–
GLPI	Buy	GAMING & LEISURE PPTYS INC	$36,734,000	+20.2%	1,188,806	+32.2%	2.14%	+17.8%
COF	Sell	CAPITAL ONE FINL CORP	$34,482,000	-12.9%	422,473	-11.9%	2.00%	-14.7%
CFG	New	CITIZENS FINL GROUP INC	$33,926,000	–	1,448,594	–	1.97%	–
EBAY	Sell	EBAY INC	$33,665,000	-48.9%	594,470	-54.9%	1.96%	-50.0%
SLB	Sell	SCHLUMBERGER LTD	$32,655,000	-57.1%	321,130	-50.2%	1.90%	-58.0%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$32,598,000	-61.5%	1,249,464	-48.8%	1.90%	-62.3%
WAG	New	WALGREEN CO	$32,000,000	–	539,910	–	1.86%	–
MET	Sell	METLIFE INC	$31,201,000	-40.4%	580,817	-38.4%	1.81%	-41.7%
EXP	Sell	EAGLE MATERIALS INC	$29,839,000	-34.2%	293,027	-39.1%	1.73%	-35.6%
FMC	Sell	F M C CORP	$26,095,000	-20.4%	456,290	-0.9%	1.52%	-22.0%
IWM	New	ISHARES TRput	$25,162,000	–	230,100	–	1.46%	–
LIN	Buy	LIN MEDIA LLC	$9,029,000	+23.1%	406,700	+51.1%	0.52%	+20.7%
J106OPTLDIV	New	CBS OUTDOOR AMERS INC	$7,068,000	–	236,041	–	0.41%	–
TBX	Buy	PROSHARES TRsht 7-10 yr tr	$5,802,000	+15.4%	183,908	+16.4%	0.34%	+13.1%
APO	Buy	APOLLO GLOBAL MGMT LLC	$4,833,000	+602.5%	202,736	+716.6%	0.28%	+585.4%
WDC	Sell	WESTERN DIGITAL CORP	$4,788,000	-3.2%	49,200	-8.2%	0.28%	-5.4%
ADT	Buy	THE ADT CORPORATION	$4,220,000	+458.2%	119,027	+450.6%	0.24%	+444.4%
CVS	Buy	CVS HEALTH CORP	$3,900,000	+393.0%	49,004	+366.7%	0.23%	+383.0%
SNY	Buy	SANOFIsponsored adr	$3,267,000	+408.1%	57,900	+378.5%	0.19%	+400.0%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDadr	$3,274,000	+383.6%	60,908	+371.4%	0.19%	+375.0%
AAPL	Buy	APPLE INC	$3,103,000	+375.9%	30,799	+338.9%	0.18%	+361.5%
HIG	Buy	HARTFORD FINL SVCS GROUP INC	$3,037,000	+376.0%	81,521	+357.6%	0.18%	+365.8%
WSM	Buy	WILLIAMS SONOMA INC	$2,949,000	+341.5%	44,304	+375.7%	0.17%	+327.5%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$2,847,000	+452.8%	29,616	+490.8%	0.16%	+432.3%
AMC	Buy	AMC ENTMT HLDGS INC	$2,614,000	+362.7%	113,736	+400.6%	0.15%	+347.1%
IP	Buy	INTL PAPER CO	$2,263,000	+266.8%	47,400	+287.4%	0.13%	+256.8%
MDT	New	MEDTRONIC INC	$2,261,000	–	36,500	–	0.13%	–
ROC	New	ROCKWOOD HLDGS INC	$2,163,000	–	28,300	–	0.13%	–
PFE	Buy	PFIZER INC	$2,002,000	+298.8%	67,700	+299.9%	0.12%	+286.7%
CBS	Sell	CBS CORP NEWcl b	$1,906,000	-97.5%	35,624	-97.0%	0.11%	-97.5%
MDLZ	Buy	MONDELEZ INTL INCcl a	$1,518,000	+203.0%	44,300	+232.7%	0.09%	+193.3%
V107SC	Exit	WELLPOINT INC	$0	–	-2,600	–	-0.02%	–
FL	Exit	FOOT LOCKER INC	$0	–	-11,328	–	-0.03%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-11,812	–	-0.04%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-39,500	–	-0.07%	–
HLSSF	Exit	HOME LN SERVICING SOLUTIONS	$0	–	-193,558	–	-0.26%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-1,057,400	–	-2.33%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-226,025	–	-3.16%	–

Q2 2014

			Value		Shares		↓ Weighting
AAL	New	AMERICAN AIRLS GROUP INC	$91,293,000	–	2,125,090	–	5.42%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$84,756,000	–	2,439,019	–	5.03%	–
MCK	New	MCKESSON CORP	$79,607,000	–	427,513	–	4.72%	–
AER	New	AERCAP HOLDINGS NV	$78,438,000	–	1,712,612	–	4.66%	–
SLB	New	SCHLUMBERGER LTD	$76,098,000	–	645,172	–	4.52%	–
CBS	New	CBS CORP NEWcl b	$74,803,000	–	1,203,775	–	4.44%	–
B108PS	New	ACTAVIS PLC	$74,323,000	–	333,210	–	4.41%	–
RLGY	New	REALOGY HLDGS CORP	$73,471,000	–	1,948,325	–	4.36%	–
DAL	New	DELTA AIR LINES INC DEL	$69,376,000	–	1,791,745	–	4.12%	–
CAM	New	CAMERON INTERNATIONAL CORP	$68,243,000	–	1,007,876	–	4.05%	–
MEG	New	MEDIA GEN INCcl a	$66,222,000	–	3,225,598	–	3.93%	–
EBAY	New	EBAY INC	$65,939,000	–	1,317,205	–	3.91%	–
WMB	New	WILLIAMS COS INC DEL	$65,174,000	–	1,119,636	–	3.87%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$63,577,000	–	932,223	–	3.77%	–
PRU	New	PRUDENTIAL FINL INC	$60,344,000	–	679,772	–	3.58%	–
MYL	New	MYLAN INC	$56,290,000	–	1,091,724	–	3.34%	–
SHPG	New	SHIRE PLCsponsored adr	$53,227,000	–	226,025	–	3.16%	–
MET	New	METLIFE INC	$52,382,000	–	942,788	–	3.11%	–
RL	New	RALPH LAUREN CORPcl a	$52,168,000	–	324,650	–	3.10%	–
MON	New	MONSANTO CO NEW	$47,671,000	–	382,160	–	2.83%	–
EXP	New	EAGLE MATERIALS INC	$45,358,000	–	481,095	–	2.69%	–
HAL	New	HALLIBURTON CO	$44,077,000	–	620,725	–	2.62%	–
COF	New	CAPITAL ONE FINL CORP	$39,600,000	–	479,415	–	2.35%	–
OCN	New	OCWEN FINL CORP	$39,230,000	–	1,057,400	–	2.33%	–
FMC	New	F M C CORP	$32,776,000	–	460,405	–	1.94%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$30,552,000	–	899,365	–	1.81%	–
SPY	New	SPDR S&P 500 ETF TRput	$29,358,000	–	150,000	–	1.74%	–
MU	New	MICRON TECHNOLOGY INC	$27,562,000	–	836,475	–	1.64%	–
LIN	New	LIN MEDIA LLC	$7,336,000	–	269,200	–	0.44%	–
TBX	New	PROSHARES TRsht 7-10 yr tr	$5,026,000	–	158,000	–	0.30%	–
WDC	New	WESTERN DIGITAL CORP	$4,947,000	–	53,600	–	0.29%	–
HLSSF	New	HOME LN SERVICING SOLUTIONS	$4,400,000	–	193,558	–	0.26%	–
NMIH	New	NMI HLDGS INCcl a	$4,015,000	–	382,380	–	0.24%	–
RTN	New	RAYTHEON CO	$2,843,000	–	30,820	–	0.17%	–
XOM	New	EXXON MOBIL CORP	$1,893,000	–	18,800	–	0.11%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$1,138,000	–	39,500	–	0.07%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$793,000	–	4,050	–	0.05%	–
CVS	New	CVS CAREMARK CORPORATION	$791,000	–	10,501	–	0.05%	–
AZPN	New	ASPEN TECHNOLOGY INC	$771,000	–	16,625	–	0.05%	–
ADT	New	THE ADT CORPORATION	$756,000	–	21,616	–	0.04%	–
APO	New	APOLLO GLOBAL MGMT LLC	$688,000	–	24,827	–	0.04%	–
WSM	New	WILLIAMS SONOMA INC	$668,000	–	9,313	–	0.04%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$677,000	–	12,920	–	0.04%	–
AAPL	New	APPLE INC	$652,000	–	7,017	–	0.04%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$638,000	–	17,813	–	0.04%	–
SNY	New	SANOFIsponsored adr	$643,000	–	12,100	–	0.04%	–
IP	New	INTL PAPER CO	$617,000	–	12,236	–	0.04%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$609,000	–	11,812	–	0.04%	–
AMC	New	AMC ENTMT HLDGS INC	$565,000	–	22,718	–	0.03%	–
FL	New	FOOT LOCKER INC	$574,000	–	11,328	–	0.03%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$515,000	–	5,013	–	0.03%	–
PFE	New	PFIZER INC	$502,000	–	16,929	–	0.03%	–
MDLZ	New	MONDELEZ INTL INCcl a	$501,000	–	13,317	–	0.03%	–
V107SC	New	WELLPOINT INC	$280,000	–	2,600	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	ASPEN TECHNOLOGY INC	$0	–	-24,625	–	-0.07%	–
TBX	Exit	PROSHARES SHORT 7 10 TREASURYshrt 7010 yr tr	$0	–	-32,600	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-13,800	–	-0.09%	–
MTG	Exit	MGIC INVESTMENT CORP	$0	–	-170,000	–	-0.10%	–
RTN	Exit	RAYTHEON COMPANY	$0	–	-31,120	–	-0.19%	–
CLDT	Exit	CHATHAM LODGING TRUST	$0	–	-137,349	–	-0.19%	–
WWAV	Exit	WHITEWAVE FOODS CO CL-A	$0	–	-132,831	–	-0.21%	–
TBF	Exit	PROSHARES SHORT 20+ YEAR TREASURYshrt 20+yr tre	$0	–	-103,500	–	-0.26%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP INCcl a	$0	–	-169,800	–	-0.60%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-625,419	–	-1.55%	–
TEVA	Exit	TEVA PHARMACEUTICAL-SP ADRadr	$0	–	-609,917	–	-1.82%	–
EMC	Exit	EMC CORP/MASSACHUSETTS	$0	–	-961,360	–	-1.94%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-269,944	–	-1.99%	–
FLS	Exit	FLOWSERVE CORP	$0	–	-430,798	–	-2.12%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-741,015	–	-2.12%	–
PENN	Exit	PENN NATIONAL GAMING INC	$0	–	-635,700	–	-2.78%	–
FL	Exit	FOOT LOCKER INC	$0	–	-1,038,419	–	-2.78%	–
TW	Exit	TOWERS WATSON & CO	$0	–	-332,300	–	-2.80%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-688,550	–	-2.81%	–
SLM	Exit	SLM CORP	$0	–	-1,448,524	–	-2.84%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-559,263	–	-2.99%	–
MET	Exit	METLIFE INC	$0	–	-826,634	–	-3.06%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-665,551	–	-3.06%	–
IP	Exit	INTERNATIONAL PAPER CO	$0	–	-873,814	–	-3.09%	–
COF	Exit	CAPITAL ONE FINANCIAL CORP	$0	–	-573,909	–	-3.11%	–
CVS	Exit	CVS CAREMARK CORP	$0	–	-728,636	–	-3.26%	–
RGA	Exit	REINSURANCE GROUP OF AMERICA	$0	–	-622,847	–	-3.29%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC COM	$0	–	-1,921,615	–	-3.36%	–
ADT	Exit	ADT CORP/THE	$0	–	-1,048,186	–	-3.36%	–
MCK	Exit	MCKESSON CORP	$0	–	-344,213	–	-3.48%	–
PRU	Exit	PRUDENTIAL FINANCIAL INC	$0	–	-569,143	–	-3.50%	–
SHPG	Exit	SHIRE PLC	$0	–	-377,685	–	-3.57%	–
SNY	Exit	SANOFI-AVENTIS ADRsponsored adr	$0	–	-919,995	–	-3.67%	–
FMC	Exit	FMC CORP	$0	–	-658,265	–	-3.72%	–
LCC	Exit	US AIRWAYS GROUP INC	$0	–	-2,527,865	–	-3.78%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-543,715	–	-3.79%	–
EBAY	Exit	EBAY INC	$0	–	-952,355	–	-4.19%	–
MYL	Exit	MYLAN LABORATORIES INC	$0	–	-1,578,634	–	-4.75%	–
ACT	Exit	ACTAVIS INC	$0	–	-420,090	–	-4.77%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-1,825,413	–	-4.83%	–

Q3 2013

			Value		Shares		↓ Weighting
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$61,188,000	–	1,825,413	–	4.83%	–
ACT	Sell	ACTAVIS INC	$60,493,000	+12.7%	420,090	-1.2%	4.77%	+8.3%
MYL	Sell	MYLAN LABORATORIES INC	$60,257,000	+20.1%	1,578,634	-2.4%	4.75%	+15.3%
EBAY	Sell	EBAY INC	$53,132,000	+6.6%	952,355	-1.1%	4.19%	+2.4%
SLB	Buy	SCHLUMBERGER LTD	$48,043,000	+48.5%	543,715	+20.4%	3.79%	+42.6%
LCC	Buy	US AIRWAYS GROUP INC	$47,929,000	+31.7%	2,527,865	+14.0%	3.78%	+26.4%
FMC	Sell	FMC CORP	$47,211,000	+17.4%	658,265	-0.1%	3.72%	+12.7%
SNY	Sell	SANOFI-AVENTIS ADRsponsored adr	$46,579,000	-4.3%	919,995	-2.6%	3.67%	-8.1%
SHPG	Sell	SHIRE PLC	$45,281,000	-2.6%	377,685	-22.7%	3.57%	-6.4%
PRU	Sell	PRUDENTIAL FINANCIAL INC	$44,381,000	+5.9%	569,143	-0.8%	3.50%	+1.8%
MCK	Buy	MCKESSON CORP	$44,163,000	+14.8%	344,213	+2.5%	3.48%	+10.3%
ADT	Buy	ADT CORP/THE	$42,619,000	+21.3%	1,048,186	+18.9%	3.36%	+16.6%
HTZ	Buy	HERTZ GLOBAL HOLDINGS INC COM	$42,583,000	+7.6%	1,921,615	+20.4%	3.36%	+3.4%
RGA	Buy	REINSURANCE GROUP OF AMERICA	$41,724,000	-0.4%	622,847	+2.7%	3.29%	-4.4%
CVS	Buy	CVS CAREMARK CORP	$41,350,000	+27.8%	728,636	+28.8%	3.26%	+22.8%
COF	Sell	CAPITAL ONE FINANCIAL CORP	$39,451,000	+7.4%	573,909	-1.8%	3.11%	+3.2%
IP	Buy	INTERNATIONAL PAPER CO	$39,147,000	+1.7%	873,814	+0.5%	3.09%	-2.4%
CAM	Buy	CAMERON INTERNATIONAL CORP	$38,848,000	-2.3%	665,551	+2.4%	3.06%	-6.2%
MET	Sell	METLIFE INC	$38,811,000	-3.0%	826,634	-5.4%	3.06%	-6.8%
CBI	Sell	CHICAGO BRIDGE & IRON CO NV	$37,901,000	+2.1%	559,263	-10.1%	2.99%	-1.9%
SLM	Sell	SLM CORP	$36,069,000	+6.3%	1,448,524	-2.4%	2.84%	+2.1%
JPM	New	JPMORGAN CHASE & CO	$35,591,000	–	688,550	–	2.81%	–
TW	Sell	TOWERS WATSON & CO	$35,543,000	+7.7%	332,300	-17.5%	2.80%	+3.5%
FL	Sell	FOOT LOCKER INC	$35,244,000	-4.3%	1,038,419	-0.9%	2.78%	-8.1%
PENN	Sell	PENN NATIONAL GAMING INC	$35,193,000	-5.7%	635,700	-9.9%	2.78%	-9.4%
WMB	Sell	WILLIAMS COS INC	$26,943,000	+11.5%	741,015	-0.5%	2.12%	+7.1%
FLS	Sell	FLOWSERVE CORP	$26,877,000	+13.4%	430,798	-1.9%	2.12%	+8.9%
OXY	Sell	OCCIDENTAL PETROLEUM CORP	$25,251,000	+3.8%	269,944	-1.0%	1.99%	-0.3%
EMC	Sell	EMC CORP/MASSACHUSETTS	$24,572,000	-41.6%	961,360	-46.0%	1.94%	-43.9%
TEVA	Buy	TEVA PHARMACEUTICAL-SP ADRadr	$23,043,000	+1454.9%	609,917	+1513.5%	1.82%	+1390.2%
MDLZ	Buy	MONDELEZ INTERNATIONAL INC	$19,651,000	+10.7%	625,419	+0.5%	1.55%	+6.3%
NXST	New	NEXSTAR BROADCASTING GROUP INCcl a	$7,557,000	–	169,800	–	0.60%	–
CLDT	Sell	CHATHAM LODGING TRUST	$2,453,000	-35.0%	137,349	-37.5%	0.19%	-37.7%
RTN	Sell	RAYTHEON COMPANY	$2,398,000	-11.2%	31,120	-23.8%	0.19%	-14.9%
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-16,800	–	-0.06%	–
4107PS	Exit	MEADWESTVACO CORP	$0	–	-30,700	–	-0.09%	–
TAP	Exit	MOLSON COORS BREWING CO -B	$0	–	-22,900	–	-0.09%	–
WAG	Exit	WALGREEN CO	$0	–	-26,600	–	-0.10%	–
VIAB	Exit	VIACOM INC-CLASS B	$0	–	-17,500	–	-0.10%	–
V107SC	Exit	WELLPOINT INC	$0	–	-14,900	–	-0.10%	–
	Exit	BAXTER INTERNATIONAL INC	$0	–	-18,500	–	-0.10%	–
PFE	Exit	PFIZER INC	$0	–	-50,700	–	-0.12%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-26,300	–	-0.12%	–
DF	Exit	DEAN FOODS CO	$0	–	-568,000	–	-0.47%	–
LB	Exit	L BRANDS INC	$0	–	-416,600	–	-1.68%	–
QCOM	Exit	QUALCOMM INC	$0	–	-365,843	–	-1.84%	–
	Exit	APPLE INC	$0	–	-62,529	–	-2.03%	–
LNCOQ	Exit	LINN CO LLC	$0	–	-797,765	–	-2.44%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-442,752	–	-2.81%	–

Q2 2013

			Value		Shares		↓ Weighting
ACT	New	ACTAVIS INC	$53,661,000	–	425,140	–	4.41%	–
MYL	New	MYLAN LABORATORIES INC	$50,175,000	–	1,616,984	–	4.12%	–
EBAY	New	EBAY INC	$49,820,000	–	963,255	–	4.09%	–
SNY	New	SANOFI-AVENTIS ADRsponsored adr	$48,661,000	–	944,695	–	4.00%	–
SHPG	New	SHIRE PLC	$46,470,000	–	488,585	–	3.82%	–
EMC	New	EMC CORP/MASSACHUSETTS	$42,053,000	–	1,780,410	–	3.45%	–
RGA	New	REINSURANCE GROUP OF AMERICA	$41,901,000	–	606,297	–	3.44%	–
PRU	New	PRUDENTIAL FINANCIAL INC	$41,889,000	–	573,589	–	3.44%	–
FMC	New	FMC CORP	$40,224,000	–	658,765	–	3.30%	–
MET	New	METLIFE INC	$40,007,000	–	874,277	–	3.29%	–
CAM	New	CAMERON INTERNATIONAL CORP	$39,764,000	–	650,151	–	3.27%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC COM	$39,568,000	–	1,595,465	–	3.25%	–
IP	New	INTERNATIONAL PAPER CO	$38,510,000	–	869,105	–	3.16%	–
MCK	New	MCKESSON CORP	$38,456,000	–	335,863	–	3.16%	–
PENN	New	PENN NATIONAL GAMING INC	$37,308,000	–	705,800	–	3.06%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$37,127,000	–	622,313	–	3.05%	–
FL	New	FOOT LOCKER INC	$36,823,000	–	1,048,210	–	3.02%	–
COF	New	CAPITAL ONE FINANCIAL CORP	$36,719,000	–	584,605	–	3.02%	–
LCC	New	US AIRWAYS GROUP INC	$36,403,000	–	2,216,965	–	2.99%	–
ADT	New	ADT CORP/THE	$35,121,000	–	881,336	–	2.88%	–
SWK	New	STANLEY BLACK & DECKER INC	$34,225,000	–	442,752	–	2.81%	–
SLM	New	SLM CORP	$33,924,000	–	1,484,010	–	2.79%	–
TW	New	TOWERS WATSON & CO	$32,989,000	–	402,600	–	2.71%	–
CVS	New	CVS CAREMARK CORP	$32,346,000	–	565,686	–	2.66%	–
SLB	New	SCHLUMBERGER LTD	$32,352,000	–	451,465	–	2.66%	–
LNCOQ	New	LINN CO LLC	$29,732,000	–	797,765	–	2.44%	–
	New	APPLE INC	$24,767,000	–	62,529	–	2.03%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$24,319,000	–	272,544	–	2.00%	–
WMB	New	WILLIAMS COS INC	$24,171,000	–	744,415	–	1.98%	–
FLS	New	FLOWSERVE CORP	$23,708,000	–	438,948	–	1.95%	–
QCOM	New	QUALCOMM INC	$22,346,000	–	365,843	–	1.84%	–
LB	New	L BRANDS INC	$20,518,000	–	416,600	–	1.68%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$17,754,000	–	622,315	–	1.46%	–
DF	New	DEAN FOODS CO	$5,691,000	–	568,000	–	0.47%	–
CLDT	New	CHATHAM LODGING TRUST	$3,776,000	–	219,778	–	0.31%	–
TBF	New	PROSHARES SHORT 20+ YEAR TREASURYshrt 20+yr tre	$3,248,000	–	103,500	–	0.27%	–
RTN	New	RAYTHEON COMPANY	$2,699,000	–	40,820	–	0.22%	–
WWAV	New	WHITEWAVE FOODS CO CL-A	$2,159,000	–	132,831	–	0.18%	–
TEVA	New	TEVA PHARMACEUTICAL-SP ADRadr	$1,482,000	–	37,800	–	0.12%	–
KRFT	New	KRAFT FOODS GROUP INC	$1,469,000	–	26,300	–	0.12%	–
PFE	New	PFIZER INC	$1,420,000	–	50,700	–	0.12%	–
	New	BAXTER INTERNATIONAL INC	$1,281,000	–	18,500	–	0.10%	–
XOM	New	EXXON MOBIL CORP	$1,247,000	–	13,800	–	0.10%	–
V107SC	New	WELLPOINT INC	$1,219,000	–	14,900	–	0.10%	–
VIAB	New	VIACOM INC-CLASS B	$1,191,000	–	17,500	–	0.10%	–
WAG	New	WALGREEN CO	$1,176,000	–	26,600	–	0.10%	–
TAP	New	MOLSON COORS BREWING CO -B	$1,096,000	–	22,900	–	0.09%	–
TBX	New	PROSHARES SHORT 7 10 TREASURYshrt 7-10 yr tr	$1,090,000	–	32,600	–	0.09%	–
4107PS	New	MEADWESTVACO CORP	$1,047,000	–	30,700	–	0.09%	–
MTG	New	MGIC INVESTMENT CORP	$1,032,000	–	170,000	–	0.08%	–
TEL	New	TE CONNECTIVITY LTD	$765,000	–	16,800	–	0.06%	–
	New	ASPEN TECHNOLOGY INC	$709,000	–	24,625	–	0.06%	–

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Export M.D. Sass, Inc.'s holdings