SCHWERIN BOYLE CAPITAL MANAGEMENT INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$128,927,565	-16.6%	368,049	-18.8%	15.14%	+3.9%
FB	Sell	META PLATFORMS	$52,430,175	-18.9%	174,645	-22.4%	6.16%	+1.0%
AXP	Sell	AMER EXPRESS	$38,994,387	-34.6%	261,374	-23.6%	4.58%	-18.5%
ACN	Sell	ACCENTURE PLC	$38,695,860	-29.0%	126,000	-28.6%	4.54%	-11.6%
WFC	Sell	WELLS FARGO	$38,379,144	-22.4%	939,284	-19.0%	4.51%	-3.4%
GOOG	Sell	ALPHABET, INC	$38,065,754	-17.3%	288,705	-24.1%	4.47%	+3.0%
KMX	Sell	CARMAX INC	$32,879,194	-27.0%	464,855	-13.6%	3.86%	-9.1%
XOM	Sell	EXXON MOBIL	$32,423,861	-13.1%	275,760	-20.7%	3.81%	+8.2%
AAPL	Sell	APPLE INC	$32,341,569	-15.5%	188,900	-4.2%	3.80%	+5.2%
MA	Sell	MASTERCARD INC	$28,418,816	-27.0%	71,781	-27.5%	3.34%	-9.2%
IT	Sell	GARTNER INC	$28,066,065	-32.0%	81,680	-30.7%	3.30%	-15.4%
JPM	Sell	JP MORGAN CHASE	$22,683,738	-18.6%	156,418	-18.4%	2.66%	+1.3%
AGCO	Sell	AGCO CORP	$20,981,689	-34.5%	177,390	-27.2%	2.46%	-18.4%
SLB	Sell	SLB	$19,866,308	-9.0%	340,760	-23.3%	2.33%	+13.3%
	Sell	SPX TECH. INC.	$19,616,586	-34.2%	240,990	-31.3%	2.30%	-18.0%
PFE	Sell	PFIZER INC	$18,980,703	-31.9%	572,225	-24.7%	2.23%	-15.3%
AYI	New	ACUITY BRANDS	$17,321,379	–	101,705	–	2.03%	–
L	Sell	LOEWS CORP	$16,117,776	-19.6%	254,585	-24.6%	1.89%	+0.1%
VZ	Buy	VERIZON COMM	$16,087,514	+36.5%	496,375	+56.6%	1.89%	+70.0%
MCK	Sell	MCKESSON CORP	$15,358,902	-10.9%	35,320	-12.4%	1.80%	+11.0%
PSX	Sell	PHILLIPS 66	$13,166,397	+1.6%	109,583	-19.4%	1.55%	+26.5%
SHYF	Buy	SHYFT GROUP	$8,722,375	+79.3%	582,657	+164.2%	1.02%	+123.1%
ALLE	Sell	ALLEGION PLC	$8,025,380	-35.1%	77,019	-25.2%	0.94%	-19.2%
MSFT	Sell	MICROSOFT	$7,486,432	-57.2%	23,710	-53.9%	0.88%	-46.8%
	Sell	LIBERTY MED FORM 1	$6,779,673	-17.7%	108,823	-0.5%	0.80%	+2.4%
ABC	Sell	CENCORA INC	$6,213,464	-32.1%	34,525	-27.4%	0.73%	-15.5%
PYPL	Sell	PAYPAL HOLDINGS	$4,979,272	-37.8%	85,174	-29.0%	0.58%	-22.5%
SCHW	Sell	CHARLES SCHWAB	$4,407,097	-34.2%	80,275	-32.0%	0.52%	-18.1%
SM	New	SM ENERGY CO	$3,766,750	–	95,000	–	0.44%	–
LPI	New	VITAL ENERGY INC	$3,657,720	–	66,000	–	0.43%	–
	Buy	LIBERTY SIRIUS-A	$3,648,894	+5.5%	143,375	+36.0%	0.43%	+31.3%
ANSS	Sell	ANSYS INC	$3,533,406	-57.2%	11,875	-52.5%	0.42%	-46.7%
CPE	New	CALLON PETROL'M	$3,325,200	–	85,000	–	0.39%	–
DIS	Sell	WALT DISNEY CO.	$3,276,446	-10.3%	40,425	-1.2%	0.38%	+11.9%
	New	LIBERTY LIVE A	$1,143,949	–	35,838	–	0.13%	–
WAB	Sell	WABTEC CORP	$407,545	-16.3%	3,835	-13.6%	0.05%	+4.3%
BMY	Sell	BRISTOL MYERS	$316,956	-13.5%	5,461	-4.7%	0.04%	+5.7%
LBRDK	New	LIBERTY BROADBAND	$216,885	–	2,375	–	0.02%	–
DNOW	Sell	NOW INC	$207,131	-25.1%	17,450	-34.6%	0.02%	-7.7%
BAC	Exit	BANK OF AMERICA	$0	–	-1,358,021	–	-3.68%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$154,532,334	–	453,174	–	14.58%	–
FB	New	META PLATFORMS	$64,619,287	–	225,170	–	6.10%	–
AXP	New	AMER EXPRESS	$59,589,639	–	342,076	–	5.62%	–
ACN	New	ACCENTURE PLC	$54,487,513	–	176,575	–	5.14%	–
WFC	New	WELLS FARGO	$49,472,906	–	1,159,159	–	4.67%	–
GOOG	New	ALPHABET, INC	$46,017,593	–	380,405	–	4.34%	–
KMX	New	CARMAX INC	$45,026,833	–	537,955	–	4.25%	–
IT	New	GARTNER INC	$41,297,345	–	117,888	–	3.90%	–
BAC	New	BANK OF AMERICA	$38,961,622	–	1,358,021	–	3.68%	–
MA	New	MASTERCARD INC	$38,929,227	–	98,981	–	3.67%	–
AAPL	New	APPLE INC	$38,261,552	–	197,255	–	3.61%	–
XOM	New	EXXON MOBIL	$37,299,941	–	347,785	–	3.52%	–
AGCO	New	AGCO CORP	$32,012,598	–	243,590	–	3.02%	–
	New	SPX TECH. INC.	$29,793,881	–	350,640	–	2.81%	–
PFE	New	PFIZER INC	$27,875,883	–	759,975	–	2.63%	–
JPM	New	JP MORGAN CHASE	$27,865,286	–	191,593	–	2.63%	–
SLB	New	SLB	$21,820,823	–	444,235	–	2.06%	–
L	New	LOEWS CORP	$20,045,797	–	337,585	–	1.89%	–
MSFT	New	MICROSOFT	$17,507,161	–	51,410	–	1.65%	–
MCK	New	MCKESSON CORP	$17,229,139	–	40,320	–	1.62%	–
SCHF	New	SCHWAB INTL EQUITY ETF	$14,482,812	–	406,250	–	1.37%	–
VWO	New	VANGUARD FTSE EMERGING MARKET	$13,841,370	–	340,250	–	1.30%	–
GNTX	New	GENTEX CORP	$13,254,780	–	453,000	–	1.25%	–
PSX	New	PHILLIPS 66	$12,960,330	–	135,881	–	1.22%	–
ALLE	New	ALLEGION PLC	$12,359,660	–	102,980	–	1.17%	–
CMCSA	New	COMCAST CORP-A	$11,800,200	–	284,000	–	1.11%	–
VZ	New	VERIZON COMMUNICATIONS	$11,784,581	–	316,875	–	1.11%	–
CTSH	New	COGNIZANT TECH	$11,660,640	–	178,625	–	1.10%	–
VLO	New	VALERO ENERGY	$11,249,070	–	95,900	–	1.06%	–
MO	New	ALTRIA GROUP INC	$10,551,502	–	232,925	–	1.00%	–
EVTC	New	EVERTEC, INC	$9,347,454	–	253,800	–	0.88%	–
ABC	New	AMERISOURCEBERGEN	$9,145,236	–	47,525	–	0.86%	–
ANSS	New	ANSYS INC	$8,248,493	–	24,975	–	0.78%	–
	New	LIBERTY MED FORM 1	$8,233,599	–	109,373	–	0.78%	–
PYPL	New	PAYPAL HOLDINGS	$8,005,865	–	119,974	–	0.76%	–
SCHW	New	CHARLES SCHWAB	$6,695,325	–	118,125	–	0.63%	–
SHYF	New	SHYFT GROUP	$4,865,487	–	220,557	–	0.46%	–
TPL	New	TEXAS PAC LAND	$4,607,750	–	3,500	–	0.44%	–
DIS	New	WALT DISNEY CO.	$3,651,552	–	40,900	–	0.34%	–
BUD	New	ANHEUSER BUSCH ADR	$3,524,581	–	62,140	–	0.33%	–
	New	LIBERTY SIRIUS-A	$3,459,814	–	105,450	–	0.33%	–
BRKA	New	BERKSHIRE HATH A	$1,035,620	–	2	–	0.10%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$862,930	–	7,124	–	0.08%	–
ORCL	New	ORACLE CORP	$848,397	–	7,124	–	0.08%	–
WAB	New	WABTEC CORP	$487,044	–	4,441	–	0.05%	–
BMY	New	BRISTOL MYERS	$366,370	–	5,729	–	0.04%	–
DNOW	New	NOW INC	$276,591	–	26,698	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
DNOW	Exit	NOW INC	$0	–	-30,518	–	-0.03%	–
WAB	Exit	WABTEC CORP	$0	–	-5,081	–	-0.04%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,124	–	-0.05%	–
BMY	Exit	BRISTOL MYERS	$0	–	-8,475	–	-0.07%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.07%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.09%	–
BUD	Exit	ANHEUSER BUSCH ADR	$0	–	-87,540	–	-0.43%	–
DIS	Exit	WALT DISNEY CO.	$0	–	-46,225	–	-0.48%	–
SHYF	Exit	SHYFT GROUP	$0	–	-220,557	–	-0.49%	–
	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.53%	–
ANSS	Exit	ANSYS INC	$0	–	-24,975	–	-0.60%	–
ATCO	Exit	ATLAS CORP	$0	–	-408,574	–	-0.62%	–
TPL	Exit	TEXAS PAC LAND	$0	–	-3,700	–	-0.72%	–
FWONK	Exit	LIBERTY MED FORM 1	$0	–	-115,048	–	-0.73%	–
C	Exit	CITIGROUP	$0	–	-167,635	–	-0.76%	–
GNTX	Exit	GENTEX CORP	$0	–	-324,000	–	-0.84%	–
EVTC	Exit	EVERTEC, INC	$0	–	-253,800	–	-0.87%	–
SCHW	Exit	CHARLES SCHWAB	$0	–	-127,075	–	-0.99%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-232,925	–	-1.02%	–
ALLE	Exit	ALLEGION PLC	$0	–	-107,756	–	-1.05%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-75,975	–	-1.12%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-181,475	–	-1.14%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-130,724	–	-1.22%	–
PSX	Exit	PHILLIPS 66	$0	–	-145,101	–	-1.28%	–
MSFT	Exit	MICROSOFT	$0	–	-60,210	–	-1.53%	–
LSXMA	Exit	LIBERTY SIRIUS-A	$0	–	-387,030	–	-1.60%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-189,875	–	-1.65%	–
MCK	Exit	MCKESSON CORP	$0	–	-46,000	–	-1.70%	–
FB	Exit	META PLATFORMS	$0	–	-121,500	–	-1.80%	–
SLB	Exit	SCHLUMBERGER	$0	–	-465,085	–	-1.82%	–
USB	Exit	US BANCORP	$0	–	-421,113	–	-1.85%	–
VLO	Exit	VALERO ENERGY	$0	–	-162,000	–	-1.88%	–
L	Exit	LOEWS CORP	$0	–	-366,760	–	-1.99%	–
	Exit	SPX TECH. INC.	$0	–	-375,740	–	-2.26%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-217,476	–	-2.47%	–
AGCO	Exit	AGCO CORP	$0	–	-272,571	–	-2.85%	–
KMX	Exit	CARMAX INC	$0	–	-403,205	–	-2.90%	–
MA	Exit	MASTERCARD INC	$0	–	-110,119	–	-3.41%	–
AAPL	Exit	APPLE INC	$0	–	-236,915	–	-3.56%	–
XOM	Exit	EXXON MOBIL	$0	–	-387,310	–	-3.68%	–
IT	Exit	GARTNER INC	$0	–	-136,262	–	-4.10%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,511,924	–	-4.97%	–
ACN	Exit	ACCENTURE PLC	$0	–	-195,225	–	-5.47%	–
AXP	Exit	AMER EXPRESS	$0	–	-375,879	–	-5.52%	–
WFC	Exit	WELLS FARGO	$0	–	-1,340,371	–	-5.87%	–
GOOG	Exit	ALPHABET, INC	$0	–	-727,160	–	-7.61%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-490,225	–	-14.25%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$130,900,000	-2.5%	490,225	-0.3%	14.25%	+4.1%
GOOG	Buy	ALPHABET, INC	$69,916,000	-12.2%	727,160	+1896.7%	7.61%	-6.4%
WFC	Sell	WELLS FARGO	$53,910,000	+2.5%	1,340,371	-0.2%	5.87%	+9.4%
AXP	Sell	AMER EXPRESS	$50,710,000	-2.7%	375,879	-0.0%	5.52%	+3.8%
ACN	Sell	ACCENTURE PLC	$50,231,000	-7.7%	195,225	-0.4%	5.47%	-1.5%
BAC	Buy	BANK OF AMERICA	$45,660,000	-2.8%	1,511,924	+0.2%	4.97%	+3.7%
IT	Sell	GARTNER INC	$37,702,000	-12.2%	136,262	-23.3%	4.10%	-6.4%
XOM	Buy	EXXON MOBIL	$33,816,000	+2.9%	387,310	+0.9%	3.68%	+9.7%
AAPL	Buy	APPLE INC	$32,742,000	+1.4%	236,915	+0.3%	3.56%	+8.1%
MA	Sell	MASTERCARD INC	$31,311,000	-10.0%	110,119	-0.1%	3.41%	-4.0%
KMX	Sell	CARMAX INC	$26,620,000	-27.3%	403,205	-0.4%	2.90%	-22.5%
AGCO	Sell	AGCO CORP	$26,213,000	-3.0%	272,571	-0.4%	2.85%	+3.5%
JPM	Sell	JP MORGAN CHASE	$22,726,000	-7.4%	217,476	-0.3%	2.47%	-1.3%
	New	SPX TECH. INC.	$20,748,000	–	375,740	–	2.26%	–
USB	Buy	US BANCORP	$16,979,000	-12.3%	421,113	+0.1%	1.85%	-6.4%
SLB	Buy	SCHLUMBERGER	$16,697,000	+0.6%	465,085	+0.2%	1.82%	+7.3%
FB	Sell	META PLATFORMS	$16,485,000	-18.3%	121,500	-2.9%	1.80%	-12.8%
BABA	Sell	ALIBABA GROUP HOLDING-SP ADR	$15,188,000	-29.9%	189,875	-0.3%	1.65%	-25.2%
LSXMA	Buy	LIBERTY SIRIUS-A	$14,734,000	+8.3%	387,030	+2.5%	1.60%	+15.5%
MSFT	Sell	MICROSOFT	$14,023,000	-10.4%	60,210	-1.1%	1.53%	-4.4%
PSX	Sell	PHILLIPS 66	$11,713,000	-2.1%	145,101	-0.5%	1.28%	+4.4%
PYPL	Sell	PAYPAL HOLDINGS	$11,251,000	+23.0%	130,724	-0.2%	1.22%	+31.2%
ALLE	Sell	ALLEGION PLC	$9,664,000	-8.7%	107,756	-0.3%	1.05%	-2.6%
SCHW	Sell	CHARLES SCHWAB	$9,133,000	+13.4%	127,075	-0.4%	0.99%	+20.9%
FWONK	Sell	LIBERTY MED FORM 1	$6,730,000	-9.1%	115,048	-1.4%	0.73%	-3.0%
ATCO	Sell	ATLAS CORP	$5,679,000	-9.2%	408,574	-30.1%	0.62%	-3.3%
DIS	Sell	WALT DISNEY CO.	$4,360,000	-30.3%	46,225	-30.2%	0.48%	-25.5%
WAB	Sell	WABTEC CORP	$413,000	-1.2%	5,081	-0.2%	0.04%	+4.7%
DNOW	Sell	NOW INC	$307,000	+2.3%	30,518	-0.4%	0.03%	+6.5%
LBRDK	Exit	LIBERTY BROADBAND	$0	–	-2,375	–	-0.03%	–
SPXC	Exit	SPX CORP.	$0	–	-377,215	–	-2.03%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$134,190,000	–	491,503	–	13.70%	–
GOOG	New	ALPHABET, INC	$79,663,000	–	36,418	–	8.13%	–
ACN	New	ACCENTURE PLC	$54,399,000	–	195,925	–	5.55%	–
WFC	New	WELLS FARGO	$52,585,000	–	1,342,471	–	5.37%	–
AXP	New	AMER EXPRESS	$52,125,000	–	376,029	–	5.32%	–
BAC	New	BANK OF AMERICA	$46,958,000	–	1,508,438	–	4.79%	–
IT	New	GARTNER INC	$42,950,000	–	177,603	–	4.38%	–
KMX	New	CARMAX INC	$36,622,000	–	404,755	–	3.74%	–
MA	New	MASTERCARD INC	$34,788,000	–	110,269	–	3.55%	–
XOM	New	EXXON MOBIL	$32,872,000	–	383,835	–	3.36%	–
AAPL	New	APPLE INC	$32,302,000	–	236,265	–	3.30%	–
AGCO	New	AGCO CORP	$27,016,000	–	273,721	–	2.76%	–
JPM	New	JP MORGAN CHASE	$24,552,000	–	218,026	–	2.51%	–
L	New	LOEWS CORP	$21,734,000	–	366,760	–	2.22%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$21,653,000	–	190,475	–	2.21%	–
FB	New	META PLATFORMS	$20,167,000	–	125,065	–	2.06%	–
SPXC	New	SPX CORP.	$19,932,000	–	377,215	–	2.03%	–
USB	New	US BANCORP	$19,352,000	–	420,513	–	1.98%	–
VLO	New	VALERO ENERGY	$17,217,000	–	162,000	–	1.76%	–
SLB	New	SCHLUMBERGER	$16,603,000	–	464,285	–	1.70%	–
MSFT	New	MICROSOFT	$15,644,000	–	60,910	–	1.60%	–
MCK	New	MCKESSON CORP	$15,006,000	–	46,000	–	1.53%	–
LSXMA	New	LIBERTY SIRIUS-A	$13,606,000	–	377,530	–	1.39%	–
CTSH	New	COGNIZANT TECH	$12,248,000	–	181,475	–	1.25%	–
PSX	New	PHILLIPS 66	$11,962,000	–	145,901	–	1.22%	–
ABC	New	AMERISOURCEBERGEN	$10,749,000	–	75,975	–	1.10%	–
ALLE	New	ALLEGION PLC	$10,582,000	–	108,089	–	1.08%	–
MO	New	ALTRIA GROUP INC	$9,729,000	–	232,925	–	0.99%	–
EVTC	New	EVERTEC, INC	$9,360,000	–	253,800	–	0.96%	–
PYPL	New	PAYPAL HOLDINGS	$9,147,000	–	130,974	–	0.93%	–
GNTX	New	GENTEX CORP	$9,062,000	–	324,000	–	0.92%	–
SCHW	New	CHARLES SCHWAB	$8,057,000	–	127,525	–	0.82%	–
C	New	CITIGROUP	$7,710,000	–	167,635	–	0.79%	–
FWONK	New	LIBERTY MED FORM 1	$7,407,000	–	116,698	–	0.76%	–
ATCO	New	ATLAS CORP	$6,257,000	–	584,250	–	0.64%	–
DIS	New	WALT DISNEY CO.	$6,252,000	–	66,225	–	0.64%	–
ANSS	New	ANSYS INC	$5,976,000	–	24,975	–	0.61%	–
TPL	New	TEXAS PAC LAND	$5,506,000	–	3,700	–	0.56%	–
	New	MEDTRONIC PLC	$5,385,000	–	60,000	–	0.55%	–
BUD	New	ANHEUSER BUSCH ADR	$4,723,000	–	87,540	–	0.48%	–
SHYF	New	SHYFT GROUP	$4,100,000	–	220,557	–	0.42%	–
BRKA	New	BERKSHIRE HATH A	$818,000	–	2	–	0.08%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$694,000	–	7,124	–	0.07%	–
BMY	New	BRISTOL MYERS	$653,000	–	8,475	–	0.07%	–
ORCL	New	ORACLE CORP	$498,000	–	7,124	–	0.05%	–
WAB	New	WABTEC CORP	$418,000	–	5,093	–	0.04%	–
DNOW	New	NOW INC	$300,000	–	30,655	–	0.03%	–
LBRDK	New	LIBERTY BROADBAND	$275,000	–	2,375	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
DNOW	Exit	NOW INC	$0	–	-31,067	–	-0.02%	–
WAB	Exit	WABTEC CORP	$0	–	-5,321	–	-0.04%	–
BMY	Exit	BRISTOL MYERS	$0	–	-8,675	–	-0.04%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,124	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.07%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.07%	–
LBRDK	Exit	LIBERTY BROADBAND	$0	–	-13,125	–	-0.19%	–
BUD	Exit	ANHEUSER BUSCH ADR	$0	–	-68,075	–	-0.32%	–
TPL	Exit	TEXAS PAC LAND	$0	–	-3,700	–	-0.38%	–
FWONK	Exit	LIBERTY MED FORM 1	$0	–	-118,898	–	-0.51%	–
	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.63%	–
ATCO	Exit	ATLAS CORP	$0	–	-527,125	–	-0.67%	–
SHYF	Exit	SHYFT GROUP	$0	–	-220,557	–	-0.70%	–
ANSS	Exit	ANSYS INC	$0	–	-25,175	–	-0.72%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-75,975	–	-0.76%	–
MCK	Exit	MCKESSON CORP	$0	–	-46,000	–	-0.77%	–
SCHW	Exit	CHARLES SCHWAB	$0	–	-128,275	–	-0.79%	–
PSX	Exit	PHILLIPS 66	$0	–	-150,013	–	-0.88%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-233,125	–	-0.89%	–
GNTX	Exit	GENTEX CORP	$0	–	-324,000	–	-0.90%	–
C	Exit	CITIGROUP	$0	–	-161,989	–	-0.96%	–
DIS	Exit	WALT DISNEY CO.	$0	–	-67,275	–	-0.96%	–
VLO	Exit	VALERO ENERGY	$0	–	-162,000	–	-0.96%	–
EVTC	Exit	EVERTEC, INC	$0	–	-253,800	–	-0.98%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-181,975	–	-1.14%	–
SLB	Exit	SCHLUMBERGER	$0	–	-463,885	–	-1.16%	–
ALLE	Exit	ALLEGION PLC	$0	–	-109,388	–	-1.22%	–
LSXMA	Exit	LIBERTY SIRIUS-A	$0	–	-373,680	–	-1.48%	–
MSFT	Exit	MICROSOFT	$0	–	-64,395	–	-1.53%	–
L	Exit	LOEWS CORP	$0	–	-374,910	–	-1.70%	–
SPXC	Exit	SPX CORP.	$0	–	-384,765	–	-1.73%	–
XOM	Exit	EXXON MOBIL	$0	–	-394,860	–	-1.95%	–
USB	Exit	US BANCORP	$0	–	-418,113	–	-2.09%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-190,425	–	-2.37%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-128,074	–	-2.80%	–
AGCO	Exit	AGCO CORP	$0	–	-288,796	–	-2.98%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-222,535	–	-3.06%	–
AAPL	Exit	APPLE INC	$0	–	-264,170	–	-3.14%	–
FB	Exit	FACEBOOK INC-A	$0	–	-113,250	–	-3.23%	–
MA	Exit	MASTERCARD INC	$0	–	-120,159	–	-3.52%	–
KMX	Exit	CARMAX INC	$0	–	-377,955	–	-4.07%	–
IT	Exit	GARTNER INC	$0	–	-197,274	–	-5.04%	–
AXP	Exit	AMER EXPRESS	$0	–	-381,079	–	-5.37%	–
ACN	Exit	ACCENTURE PLC	$0	–	-211,686	–	-5.70%	–
WFC	Exit	WELLS FARGO	$0	–	-1,478,993	–	-5.78%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,631,393	–	-5.83%	–
GOOG	Exit	ALPHABET, INC	$0	–	-37,009	–	-8.30%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-501,494	–	-11.52%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATH B	$136,878,000	-1.7%	501,494	+0.0%	11.52%	+0.2%
GOOG	Sell	ALPHABET, INC	$98,640,000	+5.7%	37,009	-0.6%	8.30%	+7.8%
BAC	Sell	BANK OF AMERICA	$69,253,000	+2.2%	1,631,393	-0.8%	5.83%	+4.2%
WFC	Buy	WELLS FARGO	$68,640,000	+2.5%	1,478,993	+0.1%	5.78%	+4.6%
ACN	Sell	ACCENTURE PLC	$67,723,000	+5.6%	211,686	-2.7%	5.70%	+7.7%
AXP	Sell	AMER EXPRESS	$63,842,000	-4.1%	381,079	-5.4%	5.37%	-2.1%
IT	Sell	GARTNER INC	$59,948,000	+17.8%	197,274	-6.1%	5.04%	+20.2%
KMX	Sell	CARMAX INC	$48,363,000	-1.0%	377,955	-0.1%	4.07%	+1.0%
MA	Sell	MASTERCARD INC	$41,777,000	-4.9%	120,159	-0.1%	3.52%	-3.0%
FB	Sell	FACEBOOK INC-A	$38,436,000	-2.4%	113,250	-0.0%	3.23%	-0.5%
JPM	Sell	JP MORGAN CHASE	$36,427,000	+5.2%	222,535	-0.1%	3.06%	+7.3%
PYPL	Sell	PAYPAL HOLDINGS	$33,326,000	-10.8%	128,074	-0.1%	2.80%	-9.0%
BABA	Sell	ALIBABA GROUP HOLDING-SP ADR	$28,192,000	-51.5%	190,425	-25.6%	2.37%	-50.5%
USB	Sell	US BANCORP	$24,853,000	+4.0%	418,113	-0.3%	2.09%	+6.1%
SPXC	Sell	SPX CORP.	$20,566,000	-12.7%	384,765	-0.3%	1.73%	-11.0%
L	Sell	LOEWS CORP	$20,219,000	-1.4%	374,910	-0.1%	1.70%	+0.5%
SLB	Sell	SCHLUMBERGER	$13,750,000	-7.6%	463,885	-0.3%	1.16%	-5.8%
DIS	Sell	WALT DISNEY CO.	$11,381,000	-4.0%	67,275	-0.3%	0.96%	-2.0%
MO	Buy	ALTRIA GROUP INC	$10,612,000	-4.0%	233,125	+0.6%	0.89%	-2.1%
ABC	Buy	AMERISOURCEBERGEN	$9,075,000	+9.1%	75,975	+4.5%	0.76%	+11.4%
	New	MEDTRONIC PLC	$7,521,000	–	60,000	–	0.63%	–
FWONK	New	LIBERTY MED FORM 1	$6,113,000	–	118,898	–	0.51%	–
	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.61%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$139,306,000	–	501,244	–	11.49%	–
GOOG	New	ALPHABET, INC	$93,358,000	–	37,249	–	7.70%	–
BAC	New	BANK OF AMERICA	$67,790,000	–	1,644,193	–	5.59%	–
WFC	New	WELLS FARGO	$66,947,000	–	1,478,193	–	5.52%	–
AXP	New	AMER EXPRESS	$66,548,000	–	402,759	–	5.49%	–
ACN	New	ACCENTURE PLC	$64,145,000	–	217,596	–	5.29%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$58,073,000	–	256,075	–	4.79%	–
IT	New	GARTNER INC	$50,869,000	–	210,027	–	4.20%	–
KMX	New	CARMAX INC	$48,871,000	–	378,405	–	4.03%	–
MA	New	MASTERCARD INC	$43,909,000	–	120,269	–	3.62%	–
FB	New	FACEBOOK INC-A	$39,396,000	–	113,300	–	3.25%	–
AGCO	New	AGCO CORP	$37,653,000	–	288,796	–	3.11%	–
PYPL	New	PAYPAL HOLDINGS	$37,375,000	–	128,224	–	3.08%	–
AAPL	New	APPLE INC	$36,181,000	–	264,170	–	2.98%	–
JPM	New	JP MORGAN CHASE	$34,633,000	–	222,660	–	2.86%	–
XOM	New	EXXON MOBIL	$24,908,000	–	394,860	–	2.06%	–
USB	New	US BANCORP	$23,888,000	–	419,313	–	1.97%	–
SPXC	New	SPX CORP.	$23,563,000	–	385,765	–	1.94%	–
L	New	LOEWS CORP	$20,513,000	–	375,360	–	1.69%	–
MSFT	New	MICROSOFT	$17,445,000	–	64,395	–	1.44%	–
LSXMA	New	LIBERTY SIRIUS-A	$17,406,000	–	373,680	–	1.44%	–
ALLE	New	ALLEGION PLC	$15,238,000	–	109,388	–	1.26%	–
SLB	New	SCHLUMBERGER	$14,887,000	–	465,085	–	1.23%	–
PSX	New	PHILLIPS 66	$12,874,000	–	150,013	–	1.06%	–
VLO	New	VALERO ENERGY	$12,649,000	–	162,000	–	1.04%	–
CTSH	New	COGNIZANT TECH	$12,604,000	–	181,975	–	1.04%	–
DIS	New	WALT DISNEY CO.	$11,860,000	–	67,475	–	0.98%	–
C	New	CITIGROUP	$11,461,000	–	161,989	–	0.94%	–
EVTC	New	EVERTEC, INC	$11,078,000	–	253,800	–	0.91%	–
MO	New	ALTRIA GROUP INC	$11,051,000	–	231,775	–	0.91%	–
GNTX	New	GENTEX CORP	$10,721,000	–	324,000	–	0.88%	–
SCHW	New	CHARLES SCHWAB	$9,340,000	–	128,275	–	0.77%	–
MCK	New	MCKESSON CORP	$8,797,000	–	46,000	–	0.73%	–
ANSS	New	ANSYS INC	$8,737,000	–	25,175	–	0.72%	–
ABC	New	AMERISOURCEBERGEN	$8,321,000	–	72,675	–	0.69%	–
SHYF	New	SHYFT GROUP	$8,251,000	–	220,557	–	0.68%	–
ATCO	New	ATLAS CORP	$7,512,000	–	527,125	–	0.62%	–
	New	MEDTRONIC PLC	$7,448,000	–	60,000	–	0.61%	–
TPL	New	TEXAS PAC LAND	$5,919,000	–	3,700	–	0.49%	–
BUD	New	ANHEUSER BUSCH ADR	$4,902,000	–	68,075	–	0.40%	–
LBRDK	New	LIBERTY BROADBAND	$2,279,000	–	13,125	–	0.19%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$902,000	–	7,124	–	0.07%	–
BRKA	New	BERKSHIRE HATH A	$837,000	–	2	–	0.07%	–
BMY	New	BRISTOL MYERS	$580,000	–	8,675	–	0.05%	–
ORCL	New	ORACLE CORP	$555,000	–	7,124	–	0.05%	–
WAB	New	WABTEC CORP	$438,000	–	5,321	–	0.04%	–
DNOW	New	NOW INC	$295,000	–	31,067	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
DNOW	Exit	NOW INC	$0	–	-31,867	–	-0.02%	–
WAB	Exit	WABTEC CORP	$0	–	-5,435	–	-0.04%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,124	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.07%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.07%	–
	Exit	BANK OF IRELAND	$0	–	-1,495,668	–	-0.32%	–
GS	Exit	GOLDMAN SACHS	$0	–	-17,393	–	-0.40%	–
	Exit	AIB GROUP PLC	$0	–	-3,664,477	–	-0.43%	–
SCHW	Exit	CHARLES SCHWAB	$0	–	-133,675	–	-0.56%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.72%	–
	Exit	SWEDBANK AB-A	$0	–	-425,000	–	-0.77%	–
SHYF	Exit	SHYFT GROUP	$0	–	-356,828	–	-0.77%	–
MCK	Exit	MCKESSON CORP	$0	–	-46,000	–	-0.79%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-72,675	–	-0.81%	–
C	Exit	CITIGROUP	$0	–	-168,839	–	-0.84%	–
SLB	Exit	SCHLUMBERGER	$0	–	-484,235	–	-0.86%	–
PSX	Exit	PHILLIPS 66	$0	–	-149,228	–	-0.89%	–
ANSS	Exit	ANSYS INC	$0	–	-25,625	–	-0.96%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-226,000	–	-1.00%	–
DE	Exit	DEERE & COMPANY	$0	–	-48,000	–	-1.22%	–
ALLE	Exit	ALLEGION PLC	$0	–	-112,519	–	-1.28%	–
GNTX	Exit	GENTEX CORP	$0	–	-479,000	–	-1.42%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-181,975	–	-1.45%	–
L	Exit	LOEWS CORP	$0	–	-396,805	–	-1.58%	–
MSFT	Exit	MICROSOFT	$0	–	-65,890	–	-1.59%	–
XOM	Exit	EXXON MOBIL	$0	–	-406,735	–	-1.60%	–
EVTC	Exit	EVERTEC, INC	$0	–	-405,800	–	-1.62%	–
USB	Exit	US BANCORP	$0	–	-426,413	–	-1.76%	–
DIS	Exit	WALT DISNEY CO.	$0	–	-129,075	–	-1.84%	–
SPXC	Exit	SPX CORP.	$0	–	-398,690	–	-2.12%	–
FB	Exit	FACEBOOK INC-A	$0	–	-83,395	–	-2.51%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-229,755	–	-2.54%	–
AGCO	Exit	AGCO CORP	$0	–	-308,224	–	-2.63%	–
IT	Exit	GARTNER INC	$0	–	-218,343	–	-3.13%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-152,724	–	-3.45%	–
WFC	Exit	WELLS FARGO	$0	–	-1,296,778	–	-3.50%	–
KMX	Exit	CARMAX INC	$0	–	-390,405	–	-4.12%	–
GM	Exit	GENERAL MOTORS	$0	–	-1,264,220	–	-4.29%	–
AXP	Exit	AMER EXPRESS	$0	–	-417,280	–	-4.80%	–
MA	Exit	MASTERCARD INC	$0	–	-125,689	–	-4.88%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,841,537	–	-5.09%	–
ACN	Exit	ACCENTURE PLC	$0	–	-225,034	–	-5.84%	–
AAPL	Exit	APPLE INC	$0	–	-467,000	–	-6.21%	–
GOOG	Exit	ALPHABET, INC	$0	–	-39,274	–	-6.62%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-513,789	–	-12.56%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$109,406,000	+17.7%	513,789	-1.4%	12.56%	+7.4%
GOOG	Sell	ALPHABET, INC	$57,717,000	+2.4%	39,274	-1.5%	6.62%	-6.5%
AAPL	Buy	APPLE INC	$54,083,000	+25.4%	467,000	+295.1%	6.21%	+14.5%
ACN	Sell	ACCENTURE PLC	$50,855,000	+3.0%	225,034	-2.1%	5.84%	-5.9%
BAC	Sell	BANK OF AMERICA	$44,363,000	+0.2%	1,841,537	-1.2%	5.09%	-8.5%
MA	Sell	MASTERCARD INC	$42,504,000	+12.5%	125,689	-1.6%	4.88%	+2.7%
AXP	Sell	AMER EXPRESS	$41,832,000	+3.6%	417,280	-1.6%	4.80%	-5.5%
GM	Buy	GENERAL MOTORS	$37,408,000	+39.5%	1,264,220	+19.2%	4.29%	+27.3%
KMX	Sell	CARMAX INC	$35,882,000	+0.5%	390,405	-2.1%	4.12%	-8.2%
WFC	Sell	WELLS FARGO	$30,487,000	-9.4%	1,296,778	-1.3%	3.50%	-17.3%
PYPL	Sell	PAYPAL HOLDINGS	$30,091,000	+12.3%	152,724	-0.7%	3.45%	+2.6%
IT	Sell	GARTNER INC	$27,282,000	+1.3%	218,343	-1.7%	3.13%	-7.6%
AGCO	Sell	AGCO CORP	$22,892,000	+32.8%	308,224	-0.8%	2.63%	+21.2%
JPM	Sell	JP MORGAN CHASE	$22,119,000	+0.7%	229,755	-1.6%	2.54%	-8.0%
FB	Sell	FACEBOOK INC-A	$21,841,000	+14.8%	83,395	-0.4%	2.51%	+4.9%
SPXC	Sell	SPX CORP.	$18,491,000	+12.3%	398,690	-0.3%	2.12%	+2.5%
DIS	New	WALT DISNEY CO.	$16,016,000	–	129,075	–	1.84%	–
USB	Sell	US BANCORP	$15,287,000	-2.9%	426,413	-0.3%	1.76%	-11.3%
XOM	Buy	EXXON MOBIL	$13,963,000	-19.7%	406,735	+4.6%	1.60%	-26.7%
MSFT	Sell	MICROSOFT	$13,859,000	+1.6%	65,890	-1.7%	1.59%	-7.2%
L	Sell	LOEWS CORP	$13,789,000	-1.5%	396,805	-2.8%	1.58%	-10.0%
CTSH	Buy	COGNIZANT TECH	$12,633,000	+22.6%	181,975	+0.3%	1.45%	+11.9%
ALLE	Sell	ALLEGION PLC	$11,129,000	-4.7%	112,519	-1.5%	1.28%	-13.1%
DE	Sell	DEERE & COMPANY	$10,638,000	+40.3%	48,000	-0.5%	1.22%	+28.1%
MO	New	ALTRIA GROUP INC	$8,733,000	–	226,000	–	1.00%	–
ANSS	Sell	ANSYS INC	$8,385,000	+11.3%	25,625	-0.8%	0.96%	+1.6%
PSX	Sell	PHILLIPS 66	$7,736,000	-29.6%	149,228	-2.3%	0.89%	-35.7%
SLB	Buy	SCHLUMBERGER	$7,535,000	+10.2%	484,235	+30.2%	0.86%	+0.6%
C	Sell	CITIGROUP	$7,279,000	-16.0%	168,839	-0.4%	0.84%	-23.4%
ABC	Buy	AMERISOURCEBERGEN	$7,044,000	-3.3%	72,675	+0.6%	0.81%	-11.7%
	Sell	SWEDBANK AB-A	$6,678,000	-38.7%	425,000	-50.0%	0.77%	-44.0%
SCHW	Sell	CHARLES SCHWAB	$4,843,000	+3.2%	133,675	-3.9%	0.56%	-5.8%
GS	Sell	GOLDMAN SACHS	$3,495,000	+0.2%	17,393	-1.4%	0.40%	-8.4%
WAB	Sell	WABTEC CORP	$336,000	+5.3%	5,435	-2.0%	0.04%	-2.5%
DNOW	Sell	NOW INC	$145,000	-48.4%	31,867	-2.0%	0.02%	-51.4%
CMI	Exit	CUMMINS INC	$0	–	-22,000	–	-0.48%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$92,977,000	–	520,850	–	11.69%	–
GOOG	New	ALPHABET, INC	$56,352,000	–	39,864	–	7.08%	–
ACN	New	ACCENTURE PLC	$49,366,000	–	229,909	–	6.21%	–
BAC	New	BANK OF AMERICA	$44,262,000	–	1,863,669	–	5.56%	–
AAPL	New	APPLE INC	$43,119,000	–	118,200	–	5.42%	–
AXP	New	AMER EXPRESS	$40,391,000	–	424,270	–	5.08%	–
MA	New	MASTERCARD INC	$37,787,000	–	127,789	–	4.75%	–
KMX	New	CARMAX INC	$35,697,000	–	398,630	–	4.49%	–
WFC	New	WELLS FARGO	$33,637,000	–	1,313,927	–	4.23%	–
IT	New	GARTNER INC	$26,942,000	–	222,057	–	3.39%	–
GM	New	GENERAL MOTORS	$26,822,000	–	1,060,170	–	3.37%	–
PYPL	New	PAYPAL HOLDINGS	$26,789,000	–	153,759	–	3.37%	–
JPM	New	JP MORGAN CHASE	$21,959,000	–	233,455	–	2.76%	–
FB	New	FACEBOOK INC-A	$19,019,000	–	83,760	–	2.39%	–
XOM	New	EXXON MOBIL	$17,385,000	–	388,760	–	2.19%	–
AGCO	New	AGCO CORP	$17,236,000	–	310,774	–	2.17%	–
SPXC	New	SPX CORP.	$16,464,000	–	400,090	–	2.07%	–
USB	New	US BANCORP	$15,741,000	–	427,513	–	1.98%	–
L	New	LOEWS CORP	$13,995,000	–	408,130	–	1.76%	–
MSFT	New	MICROSOFT	$13,643,000	–	67,040	–	1.72%	–
GNTX	New	GENTEX CORP	$12,344,000	–	479,000	–	1.55%	–
ALLE	New	ALLEGION PLC	$11,682,000	–	114,285	–	1.47%	–
EVTC	New	EVERTEC, INC	$11,403,000	–	405,800	–	1.43%	–
PSX	New	PHILLIPS 66	$10,985,000	–	152,778	–	1.38%	–
	New	SWEDBANK AB-A	$10,888,000	–	850,000	–	1.37%	–
CTSH	New	COGNIZANT TECH	$10,306,000	–	181,375	–	1.30%	–
C	New	CITIGROUP	$8,666,000	–	169,589	–	1.09%	–
DE	New	DEERE & COMPANY	$7,582,000	–	48,250	–	0.95%	–
ANSS	New	ANSYS INC	$7,534,000	–	25,825	–	0.95%	–
ABC	New	AMERISOURCEBERGEN	$7,281,000	–	72,250	–	0.92%	–
MCK	New	MCKESSON CORP	$7,057,000	–	46,000	–	0.89%	–
SLB	New	SCHLUMBERGER	$6,839,000	–	371,885	–	0.86%	–
SHYF	New	SHYFT GROUP	$6,009,000	–	356,828	–	0.76%	–
MDT	New	MEDTRONIC PLC	$5,502,000	–	60,000	–	0.69%	–
SCHW	New	CHARLES SCHWAB	$4,692,000	–	139,075	–	0.59%	–
	New	AIB GROUP PLC	$4,610,000	–	3,664,477	–	0.58%	–
CMI	New	CUMMINS INC	$3,812,000	–	22,000	–	0.48%	–
GS	New	GOLDMAN SACHS	$3,487,000	–	17,643	–	0.44%	–
	New	BANK OF IRELAND	$3,066,000	–	1,495,668	–	0.38%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$542,000	–	7,124	–	0.07%	–
BRKA	New	BERKSHIRE HATH A	$535,000	–	2	–	0.07%	–
ORCL	New	ORACLE CORP	$394,000	–	7,124	–	0.05%	–
WAB	New	WABTEC CORP	$319,000	–	5,545	–	0.04%	–
DNOW	New	NOW INC	$281,000	–	32,517	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
DIS	Exit	THE WALT DISNEY COMPANY	$0	–	-1,730	–	-0.02%	–
WAB	Exit	WABTEC CORP	$0	–	-5,735	–	-0.04%	–
DNOW	Exit	NOW INC	$0	–	-38,226	–	-0.04%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.06%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.06%	–
ZVO	Exit	ZOVIO INC	$0	–	-613,810	–	-0.12%	–
GPX	Exit	GP STRATEGIES	$0	–	-236,452	–	-0.31%	–
GS	Exit	GOLDMAN SACHS	$0	–	-17,950	–	-0.38%	–
FRG	Exit	FRANCHISE GROUP	$0	–	-336,592	–	-0.41%	–
JBGS	Exit	JBG SMITH PROPER	$0	–	-120,000	–	-0.48%	–
SPAR	Exit	SPARTAN MOTORS	$0	–	-356,828	–	-0.50%	–
SCHW	Exit	CHARLES SCHWAB	$0	–	-140,875	–	-0.61%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-72,250	–	-0.61%	–
MCK	Exit	MCKESSON CORP	$0	–	-46,000	–	-0.65%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.67%	–
MSBI	Exit	MIDLAND STATES	$0	–	-252,200	–	-0.68%	–
DE	Exit	DEERE & COMPANY	$0	–	-48,475	–	-0.84%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-267,475	–	-0.94%	–
PHM	Exit	PULTEGROUP, INC.	$0	–	-260,000	–	-0.98%	–
MSFT	Exit	MICROSOFT	$0	–	-68,450	–	-0.98%	–
EBAY	Exit	EBAY INC	$0	–	-249,000	–	-1.00%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-1,092,346	–	-1.01%	–
THO	Exit	THOR INDUSTRIES	$0	–	-174,150	–	-1.02%	–
	Exit	AIB GROUP PLC	$0	–	-3,664,477	–	-1.12%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-181,000	–	-1.12%	–
FL	Exit	FOOT LOCKER INC.	$0	–	-270,000	–	-1.20%	–
C	Exit	CITIGROUP	$0	–	-175,764	–	-1.25%	–
ALLE	Exit	ALLEGION PLC	$0	–	-118,828	–	-1.27%	–
ORCL	Exit	ORACLE CORP	$0	–	-229,124	–	-1.30%	–
EVTC	Exit	EVERTEC, INC	$0	–	-405,800	–	-1.31%	–
CMI	Exit	CUMMINS INC	$0	–	-78,400	–	-1.32%	–
IR	Exit	INGERSOLL-RAND	$0	–	-104,155	–	-1.32%	–
GNTX	Exit	GENTEX CORP	$0	–	-479,000	–	-1.36%	–
ANSS	Exit	ANSYS INC	$0	–	-65,900	–	-1.50%	–
PSX	Exit	PHILLIPS 66	$0	–	-156,444	–	-1.65%	–
SPXC	Exit	SPX CORP.	$0	–	-430,190	–	-1.78%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-167,384	–	-1.79%	–
USB	Exit	US BANCORP	$0	–	-387,363	–	-2.21%	–
L	Exit	LOEWS CORP	$0	–	-422,980	–	-2.24%	–
AGCO	Exit	AGCO CORP	$0	–	-318,874	–	-2.49%	–
XOM	Exit	EXXON MOBIL	$0	–	-373,510	–	-2.72%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-240,035	–	-2.91%	–
AAPL	Exit	APPLE INC	$0	–	-143,295	–	-3.31%	–
IT	Exit	GARTNER INC	$0	–	-239,803	–	-3.54%	–
MA	Exit	MASTERCARD INC	$0	–	-134,864	–	-3.78%	–
KMX	Exit	CARMAX INC	$0	–	-418,575	–	-3.80%	–
GM	Exit	GENERAL MOTORS	$0	–	-1,087,162	–	-4.20%	–
ACN	Exit	ACCENTURE PLC	$0	–	-243,460	–	-4.83%	–
GOOG	Exit	ALPHABET, INC	$0	–	-40,865	–	-5.14%	–
AXP	Exit	AMER EXPRESS	$0	–	-442,810	–	-5.40%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,940,360	–	-5.84%	–
WFC	Exit	WELLS FARGO	$0	–	-1,336,569	–	-6.95%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-415,940	–	-8.92%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$86,524,000	-3.5%	415,940	-1.1%	8.92%	-4.8%
WFC	Buy	WELLS FARGO	$67,417,000	+8.7%	1,336,569	+2.0%	6.95%	+7.3%
BAC	Buy	BANK OF AMERICA	$56,600,000	+1.9%	1,940,360	+1.3%	5.84%	+0.6%
AXP	Sell	AMER EXPRESS	$52,376,000	-6.2%	442,810	-2.2%	5.40%	-7.5%
GOOG	Sell	ALPHABET, INC	$49,814,000	+12.7%	40,865	-0.0%	5.14%	+11.3%
ACN	Sell	ACCENTURE PLC	$46,830,000	+3.0%	243,460	-1.0%	4.83%	+1.7%
GM	Sell	GENERAL MOTORS	$40,747,000	-3.6%	1,087,162	-0.9%	4.20%	-4.9%
KMX	Sell	CARMAX INC	$36,835,000	+0.8%	418,575	-0.5%	3.80%	-0.4%
MA	Sell	MASTERCARD INC	$36,625,000	+2.1%	134,864	-0.6%	3.78%	+0.8%
IT	Sell	GARTNER INC	$34,289,000	-11.7%	239,803	-0.7%	3.54%	-12.9%
AAPL	Sell	APPLE INC	$32,094,000	+13.1%	143,295	-0.1%	3.31%	+11.6%
JPM	Sell	JP MORGAN CHASE	$28,250,000	+4.5%	240,035	-0.7%	2.91%	+3.2%
XOM	Buy	EXXON MOBIL	$26,374,000	-7.7%	373,510	+0.1%	2.72%	-8.9%
AGCO	Sell	AGCO CORP	$24,139,000	-2.9%	318,874	-0.5%	2.49%	-4.2%
L	Sell	LOEWS CORP	$21,775,000	-6.5%	422,980	-0.7%	2.24%	-7.7%
USB	Sell	US BANCORP	$21,437,000	+5.4%	387,363	-0.2%	2.21%	+4.0%
PYPL	Sell	PAYPAL HOLDINGS	$17,339,000	-11.5%	167,384	-2.2%	1.79%	-12.7%
SPXC	Sell	SPX CORP.	$17,212,000	+20.5%	430,190	-0.5%	1.78%	+19.0%
PSX	Sell	PHILLIPS 66	$16,020,000	+8.6%	156,444	-0.8%	1.65%	+7.2%
ANSS	Sell	ANSYS INC	$14,588,000	+7.9%	65,900	-0.2%	1.50%	+6.5%
IR	Sell	INGERSOLL-RAND	$12,833,000	-3.2%	104,155	-0.5%	1.32%	-4.5%
ALLE	Sell	ALLEGION PLC	$12,317,000	-6.9%	118,828	-0.7%	1.27%	-8.0%
C	Sell	CITIGROUP	$12,142,000	-1.8%	175,764	-0.5%	1.25%	-3.1%
FL	Buy	FOOT LOCKER INC.	$11,653,000	+98.6%	270,000	+92.9%	1.20%	+95.9%
	New	AIB GROUP PLC	$10,883,000	–	3,664,477	–	1.12%	–
GE	Buy	GENERAL ELECTRIC	$9,766,000	-14.7%	1,092,346	+0.2%	1.01%	-15.8%
SLB	Sell	SCHLUMBERGER LTD	$9,140,000	-14.5%	267,475	-0.6%	0.94%	-15.7%
DE	Sell	DEERE & COMPANY	$8,177,000	+0.5%	48,475	-1.3%	0.84%	-0.8%
SCHW	New	CHARLES SCHWAB	$5,893,000	–	140,875	–	0.61%	–
FRG	New	FRANCHISE GROUP	$4,009,000	–	336,592	–	0.41%	–
WAB	Sell	WABTEC CORP	$412,000	-0.7%	5,735	-0.7%	0.04%	-2.3%
HBCP	Exit	HOME BANCORP	$0	–	-23,751	–	-0.10%	–
FLR	Exit	FLUOR CORP	$0	–	-56,000	–	-0.20%	–
TAXA	Exit	LIBERTY TAX INC.	$0	–	-296,440	–	-0.30%	–
SRG	Exit	SERITAGE GROWT-A	$0	–	-232,704	–	-1.04%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$89,677,000	–	420,685	–	9.37%	–
WFC	New	WELLS FARGO	$61,993,000	–	1,310,073	–	6.48%	–
AXP	New	AMER EXPRESS	$55,867,000	–	452,585	–	5.84%	–
BAC	New	BANK OF AMERICA	$55,554,000	–	1,915,660	–	5.80%	–
ACN	New	ACCENTURE PLC	$45,446,000	–	245,960	–	4.75%	–
GOOG	New	ALPHABET, INC	$44,182,000	–	40,875	–	4.62%	–
GM	New	GENERAL MOTORS	$42,274,000	–	1,097,162	–	4.42%	–
IT	New	GARTNER INC	$38,851,000	–	241,403	–	4.06%	–
KMX	New	CARMAX INC	$36,527,000	–	420,675	–	3.82%	–
MA	New	MASTERCARD INC	$35,874,000	–	135,614	–	3.75%	–
XOM	New	EXXON MOBIL	$28,588,000	–	373,060	–	2.99%	–
AAPL	New	APPLE INC	$28,376,000	–	143,370	–	2.96%	–
JPM	New	JP MORGAN CHASE	$27,028,000	–	241,755	–	2.82%	–
AGCO	New	AGCO CORP	$24,863,000	–	320,524	–	2.60%	–
L	New	LOEWS CORP	$23,288,000	–	425,980	–	2.43%	–
USB	New	US BANCORP	$20,345,000	–	388,263	–	2.12%	–
PYPL	New	PAYPAL HOLDINGS	$19,599,000	–	171,234	–	2.05%	–
PSX	New	PHILLIPS 66	$14,755,000	–	157,744	–	1.54%	–
SPXC	New	SPX CORP.	$14,279,000	–	432,440	–	1.49%	–
ANSS	New	ANSYS INC	$13,518,000	–	66,000	–	1.41%	–
CMI	New	CUMMINS INC	$13,433,000	–	78,400	–	1.40%	–
EVTC	New	EVERTEC, INC	$13,270,000	–	405,800	–	1.39%	–
IR	New	INGERSOLL-RAND	$13,263,000	–	104,705	–	1.38%	–
ALLE	New	ALLEGION PLC	$13,225,000	–	119,628	–	1.38%	–
ORCL	New	ORACLE CORP	$13,053,000	–	229,124	–	1.36%	–
C	New	CITIGROUP	$12,365,000	–	176,564	–	1.29%	–
GNTX	New	GENTEX CORP	$11,788,000	–	479,000	–	1.23%	–
CTSH	New	COGNIZANT TECH	$11,474,000	–	181,000	–	1.20%	–
GE	New	GENERAL ELECTRIC	$11,448,000	–	1,090,246	–	1.20%	–
SLB	New	SCHLUMBERGER LTD	$10,691,000	–	269,025	–	1.12%	–
THO	New	THOR INDUSTRIES	$10,179,000	–	174,150	–	1.06%	–
SRG	New	SERITAGE GROWT-A	$9,997,000	–	232,704	–	1.04%	–
EBAY	New	EBAY INC	$9,835,000	–	249,000	–	1.03%	–
MSFT	New	MICROSOFT	$9,170,000	–	68,450	–	0.96%	–
PHM	New	PULTEGROUP, INC.	$8,221,000	–	260,000	–	0.86%	–
DE	New	DEERE & COMPANY	$8,136,000	–	49,100	–	0.85%	–
MSBI	New	MIDLAND STATES	$6,739,000	–	252,200	–	0.70%	–
MCK	New	MCKESSON CORP	$6,182,000	–	46,000	–	0.65%	–
ABC	New	AMERISOURCEBERGEN	$6,160,000	–	72,250	–	0.64%	–
FL	New	FOOT LOCKER INC.	$5,869,000	–	140,000	–	0.61%	–
MDT	New	MEDTRONIC PLC	$5,843,000	–	60,000	–	0.61%	–
JBGS	New	JBG SMITH PROPER	$4,721,000	–	120,000	–	0.49%	–
SPAR	New	SPARTAN MOTORS	$3,911,000	–	356,828	–	0.41%	–
GS	New	GOLDMAN SACHS	$3,673,000	–	17,950	–	0.38%	–
GPX	New	GP STRATEGIES	$3,566,000	–	236,452	–	0.37%	–
TAXA	New	LIBERTY TAX INC.	$2,846,000	–	296,440	–	0.30%	–
ZVO	New	ZOVIO INC	$2,197,000	–	613,810	–	0.23%	–
FLR	New	FLUOR CORP	$1,887,000	–	56,000	–	0.20%	–
HBCP	New	HOME BANCORP	$914,000	–	23,751	–	0.10%	–
BRKA	New	BERKSHIRE HATH A	$637,000	–	2	–	0.07%	–
DNOW	New	NOW INC	$564,000	–	38,226	–	0.06%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$540,000	–	7,124	–	0.06%	–
WAB	New	WABTEC CORP	$415,000	–	5,777	–	0.04%	–
DIS	New	THE WALT DISNEY COMPANY	$242,000	–	1,730	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
FOXA	Exit	TWENTY-FIRST CENT FOX	$0	–	-4,630	–	-0.02%	–
RLGY	Exit	REALOGY HOLDINGS	$0	–	-18,575	–	-0.04%	–
PHH	Exit	PHH CORP	$0	–	-44,275	–	-0.05%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.06%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.07%	–
DNOW	Exit	NOW INC	$0	–	-40,307	–	-0.07%	–
HBCP	Exit	HOME BANCORP	$0	–	-23,751	–	-0.11%	–
ESRT	Exit	EMPIRE STATE RTY	$0	–	-140,000	–	-0.25%	–
LPT	Exit	LIBERTY PROPERTY	$0	–	-58,260	–	-0.26%	–
EBAY	Exit	EBAY INC	$0	–	-84,000	–	-0.30%	–
BPI	Exit	BRIDGEPOINT EDUC	$0	–	-372,481	–	-0.40%	–
GPX	Exit	GP STRATEGIES	$0	–	-233,706	–	-0.42%	–
GS	Exit	GOLDMAN SACHS	$0	–	-18,225	–	-0.43%	–
TAXA	Exit	LIBERTY TAX INC.	$0	–	-356,440	–	-0.44%	–
PHM	Exit	PULTEGROUP, INC.	$0	–	-200,000	–	-0.53%	–
BHLB	Exit	BERKSHIRE HILLS	$0	–	-122,400	–	-0.53%	–
WSBF	Exit	WATERSTONE FNCL	$0	–	-318,353	–	-0.58%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-60,000	–	-0.59%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.63%	–
UBNK	Exit	UNITED FINL BANC	$0	–	-378,985	–	-0.68%	–
THO	Exit	THOR INDUSTRIES	$0	–	-78,150	–	-0.70%	–
MCK	Exit	MCKESSON CORP	$0	–	-51,000	–	-0.72%	–
FL	Exit	FOOT LOCKER INC.	$0	–	-140,000	–	-0.76%	–
SPAR	Exit	SPARTAN MOTORS	$0	–	-505,580	–	-0.79%	–
DE	Exit	DEERE & COMPANY	$0	–	-50,750	–	-0.81%	–
MSBI	Exit	MIDLAND STATES	$0	–	-252,200	–	-0.86%	–
CMI	Exit	CUMMINS INC	$0	–	-56,400	–	-0.88%	–
FLR	Exit	FLUOR CORP	$0	–	-156,000	–	-0.96%	–
SIG	Exit	SIGNET JEWELERS	$0	–	-147,522	–	-1.03%	–
EVTC	Exit	EVERTEC, INC	$0	–	-405,800	–	-1.04%	–
GNTX	Exit	GENTEX CORP	$0	–	-479,000	–	-1.09%	–
ALLE	Exit	ALLEGION PLC	$0	–	-121,527	–	-1.17%	–
ORCL	Exit	ORACLE CORP	$0	–	-229,124	–	-1.26%	–
MSFT	Exit	MICROSOFT	$0	–	-106,550	–	-1.29%	–
ANSS	Exit	ANSYS INC	$0	–	-66,400	–	-1.32%	–
C	Exit	CITIGROUP	$0	–	-177,089	–	-1.35%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-1,131,596	–	-1.36%	–
JEF	Exit	JEFFERIES FINCL	$0	–	-610,950	–	-1.42%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-185,400	–	-1.52%	–
SPXC	Exit	SPX CORP.	$0	–	-444,125	–	-1.57%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-173,185	–	-1.62%	–
XOM	Exit	EXXON MOBIL	$0	–	-202,975	–	-1.83%	–
PSX	Exit	PHILLIPS 66	$0	–	-167,244	–	-2.00%	–
SRG	Exit	SERITAGE GROWT-A	$0	–	-398,309	–	-2.01%	–
AGCO	Exit	AGCO CORP	$0	–	-324,424	–	-2.10%	–
USB	Exit	US BANCORP	$0	–	-395,833	–	-2.22%	–
L	Exit	LOEWS CORP	$0	–	-431,425	–	-2.30%	–
HRB	Exit	H&R BLOCK	$0	–	-855,100	–	-2.34%	–
KO	Exit	COCA COLA	$0	–	-481,920	–	-2.36%	–
MDRIQ	Exit	MCDERMOTT INT'L	$0	–	-1,401,107	–	-2.74%	–
IBM	Exit	INTL BUS MACHINES	$0	–	-180,670	–	-2.90%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-245,745	–	-2.94%	–
MA	Exit	MASTERCARD INC	$0	–	-137,380	–	-3.25%	–
WFC	Exit	WELLS FARGO	$0	–	-683,478	–	-3.82%	–
GM	Exit	GENERAL MOTORS	$0	–	-1,111,962	–	-3.98%	–
IR	Exit	INGERSOLL-RAND	$0	–	-371,613	–	-4.04%	–
IT	Exit	GARTNER INC	$0	–	-252,851	–	-4.26%	–
ACN	Exit	ACCENTURE PLC	$0	–	-251,445	–	-4.54%	–
AXP	Exit	AMER EXPRESS	$0	–	-460,960	–	-5.21%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,682,539	–	-5.26%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-437,139	–	-9.94%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$93,596,000	+13.3%	437,139	-1.2%	9.94%	+9.8%
BAC	Buy	BANK OF AMERICA	$49,568,000	+6.9%	1,682,539	+2.3%	5.26%	+3.6%
AXP	Sell	AMER EXPRESS	$49,088,000	+7.4%	460,960	-1.2%	5.21%	+4.1%
ACN	Sell	ACCENTURE PLC	$42,796,000	+2.9%	251,445	-1.1%	4.54%	-0.3%
IT	Sell	GARTNER INC	$40,077,000	+18.1%	252,851	-0.9%	4.26%	+14.5%
IR	Sell	INGERSOLL-RAND	$38,016,000	+13.6%	371,613	-0.4%	4.04%	+10.1%
GM	Sell	GENERAL MOTORS	$37,440,000	-14.5%	1,111,962	-0.0%	3.98%	-17.2%
WFC	Sell	WELLS FARGO	$35,924,000	-5.4%	683,478	-0.2%	3.82%	-8.3%
MA	Sell	MASTERCARD INC	$30,582,000	-47.4%	137,380	-53.5%	3.25%	-49.0%
JPM	Sell	JP MORGAN CHASE	$27,730,000	+6.6%	245,745	-1.6%	2.94%	+3.3%
IBM	Sell	INTL BUS MACHINES	$27,319,000	+7.0%	180,670	-1.1%	2.90%	+3.7%
MDRIQ	Sell	MCDERMOTT INT'L	$25,822,000	-7.5%	1,401,107	-1.4%	2.74%	-10.4%
KO	Sell	COCA COLA	$22,260,000	+4.1%	481,920	-1.1%	2.36%	+0.9%
HRB	Sell	H&R BLOCK	$22,019,000	+12.3%	855,100	-0.6%	2.34%	+8.9%
L	Buy	LOEWS CORP	$21,670,000	+544.0%	431,425	+519.0%	2.30%	+523.6%
USB	Sell	US BANCORP	$20,904,000	+5.3%	395,833	-0.3%	2.22%	+2.1%
AGCO	Sell	AGCO CORP	$19,722,000	-4.2%	324,424	-4.3%	2.10%	-7.1%
SRG	Sell	SERITAGE GROWT-A	$18,916,000	-12.3%	398,309	-21.7%	2.01%	-15.1%
PSX	Sell	PHILLIPS 66	$18,852,000	+0.4%	167,244	-0.0%	2.00%	-2.7%
XOM	New	EXXON MOBIL	$17,257,000	–	202,975	–	1.83%	–
PYPL	Sell	PAYPAL HOLDINGS	$15,213,000	+4.7%	173,185	-0.7%	1.62%	+1.5%
SPXC	Sell	SPX CORP.	$14,794,000	-6.2%	444,125	-1.3%	1.57%	-9.1%
CTSH	Sell	COGNIZANT TECH	$14,304,000	-2.6%	185,400	-0.3%	1.52%	-5.7%
JEF	Sell	JEFFERIES FINCL	$13,416,000	-7.0%	610,950	-3.7%	1.42%	-9.8%
GE	Buy	GENERAL ELECTRIC	$12,776,000	+1.7%	1,131,596	+22.5%	1.36%	-1.5%
C	Sell	CITIGROUP	$12,704,000	+5.8%	177,089	-1.3%	1.35%	+2.5%
SIG	Sell	SIGNET JEWELERS	$9,726,000	-8.9%	147,522	-23.0%	1.03%	-11.7%
SPAR	Buy	SPARTAN MOTORS	$7,457,000	+461.1%	505,580	+474.5%	0.79%	+442.5%
LPT	New	LIBERTY PROPERTY	$2,461,000	–	58,260	–	0.26%	–
ESRT	Sell	EMPIRE STATE RTY	$2,325,000	-54.7%	140,000	-53.3%	0.25%	-56.0%
DNOW	Sell	NOW INC	$667,000	+23.1%	40,307	-0.9%	0.07%	+20.3%
BACWSA	Exit	BK OF AM CW19wt	$0	–	-460,966	–	-0.82%	–
SYNT	Exit	SYNTEL INC	$0	–	-257,015	–	-0.90%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$82,619,000	–	442,639	–	9.05%	–
MA	New	MASTERCARD INC	$58,093,000	–	295,611	–	6.37%	–
BAC	New	BANK OF AMERICA	$46,351,000	–	1,644,220	–	5.08%	–
AXP	New	AMER EXPRESS	$45,713,000	–	466,460	–	5.01%	–
GM	New	GENERAL MOTORS	$43,811,000	–	1,111,967	–	4.80%	–
ACN	New	ACCENTURE PLC	$41,584,000	–	254,195	–	4.56%	–
WFC	New	WELLS FARGO	$37,964,000	–	684,778	–	4.16%	–
IT	New	GARTNER INC	$33,923,000	–	255,252	–	3.72%	–
IR	New	INGERSOLL-RAND	$33,470,000	–	373,013	–	3.67%	–
MDRIQ	New	MCDERMOTT INT'L	$27,914,000	–	1,420,567	–	3.06%	–
JPM	New	JP MORGAN CHASE	$26,013,000	–	249,645	–	2.85%	–
IBM	New	INTL BUS MACHINES	$25,533,000	–	182,770	–	2.80%	–
SRG	New	SERITAGE GROWT-A	$21,580,000	–	508,609	–	2.36%	–
KO	New	COCA COLA	$21,378,000	–	487,425	–	2.34%	–
AGCO	New	AGCO CORP	$20,579,000	–	338,924	–	2.26%	–
USB	New	US BANCORP	$19,850,000	–	396,833	–	2.18%	–
HRB	New	H&R BLOCK	$19,599,000	–	860,350	–	2.15%	–
PSX	New	PHILLIPS 66	$18,784,000	–	167,254	–	2.06%	–
SPXC	New	SPX CORP.	$15,777,000	–	450,125	–	1.73%	–
CTSH	New	COGNIZANT TECH	$14,692,000	–	186,000	–	1.61%	–
PYPL	New	PAYPAL HOLDINGS	$14,529,000	–	174,485	–	1.59%	–
JEF	New	JEFFERIES FINCL	$14,419,000	–	634,100	–	1.58%	–
GE	New	GENERAL ELECTRIC	$12,568,000	–	923,412	–	1.38%	–
C	New	CITIGROUP	$12,005,000	–	179,389	–	1.32%	–
ANSS	New	ANSYS INC	$11,566,000	–	66,400	–	1.27%	–
GNTX	New	GENTEX CORP	$11,027,000	–	479,000	–	1.21%	–
SIG	New	SIGNET JEWELERS	$10,677,000	–	191,522	–	1.17%	–
MSFT	New	MICROSOFT	$10,507,000	–	106,550	–	1.15%	–
ORCL	New	ORACLE CORP	$10,095,000	–	229,124	–	1.11%	–
ALLE	New	ALLEGION PLC	$9,401,000	–	121,527	–	1.03%	–
EVTC	New	EVERTEC, INC	$8,867,000	–	405,800	–	0.97%	–
MSBI	New	MIDLAND STATES	$8,640,000	–	252,200	–	0.95%	–
SYNT	New	SYNTEL INC	$8,248,000	–	257,015	–	0.90%	–
THO	New	THOR INDUSTRIES	$7,611,000	–	78,150	–	0.83%	–
FLR	New	FLUOR CORP	$7,610,000	–	156,000	–	0.83%	–
BACWSA	New	BK OF AM CW19wt	$7,523,000	–	460,966	–	0.82%	–
CMI	New	CUMMINS INC	$7,501,000	–	56,400	–	0.82%	–
FL	New	FOOT LOCKER INC.	$7,371,000	–	140,000	–	0.81%	–
DE	New	DEERE & COMPANY	$7,095,000	–	50,750	–	0.78%	–
MCK	New	MCKESSON CORP	$6,803,000	–	51,000	–	0.75%	–
UBNK	New	UNITED FINL BANC	$6,640,000	–	378,985	–	0.73%	–
PHM	New	PULTEGROUP, INC.	$5,750,000	–	200,000	–	0.63%	–
WSBF	New	WATERSTONE FNCL	$5,428,000	–	318,353	–	0.60%	–
MDT	New	MEDTRONIC PLC	$5,137,000	–	60,000	–	0.56%	–
ESRT	New	EMPIRE STATE RTY	$5,130,000	–	300,000	–	0.56%	–
ABC	New	AMERISOURCEBERGEN	$5,116,000	–	60,000	–	0.56%	–
BHLB	New	BERKSHIRE HILLS	$4,969,000	–	122,400	–	0.54%	–
GPX	New	GP STRATEGIES	$4,113,000	–	233,706	–	0.45%	–
GS	New	GOLDMAN SACHS	$4,020,000	–	18,225	–	0.44%	–
L	New	LOEWS CORP	$3,365,000	–	69,700	–	0.37%	–
EBAY	New	EBAY INC	$3,046,000	–	84,000	–	0.33%	–
TAXA	New	LIBERTY TAX INC.	$2,878,000	–	356,440	–	0.32%	–
BPI	New	BRIDGEPOINT EDUC	$2,432,000	–	372,481	–	0.27%	–
SPAR	New	SPARTAN MOTORS	$1,329,000	–	88,000	–	0.15%	–
HBCP	New	HOME BANCORP	$1,106,000	–	23,751	–	0.12%	–
BRKA	New	BERKSHIRE HATH A	$564,000	–	2	–	0.06%	–
DNOW	New	NOW INC	$542,000	–	40,657	–	0.06%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$521,000	–	7,124	–	0.06%	–
PHH	New	PHH CORP	$481,000	–	44,275	–	0.05%	–
RLGY	New	REALOGY HOLDINGS	$424,000	–	18,575	–	0.05%	–
FOXA	New	TWENTY-FIRST CENTURY FOX	$230,000	–	4,630	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
PKX	Exit	POSCO	$0	–	-3,250	–	-0.02%	–
RLGY	Exit	REALOGY HOLDINGS	$0	–	-7,550	–	-0.03%	–
APA	Exit	APACHE	$0	–	-5,650	–	-0.03%	–
RTN	Exit	RAYTHEON	$0	–	-2,100	–	-0.04%	–
JPMWS	Exit	WTA JPMORGANwt	$0	–	-7,500	–	-0.05%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.06%	–
DNOW	Exit	NOW INC	$0	–	-40,659	–	-0.06%	–
PHH	Exit	PHH CORP	$0	–	-44,825	–	-0.07%	–
BHF	Exit	BRIGHTHOUSE FNCL	$0	–	-10,909	–	-0.08%	–
CSX	Exit	CSX CORPORATION	$0	–	-13,400	–	-0.08%	–
L	Exit	LOEWS CORP	$0	–	-15,700	–	-0.08%	–
HBCP	Exit	HOME BANCORP	$0	–	-23,751	–	-0.11%	–
RPAI	Exit	RETAIL PROPERTIES	$0	–	-192,000	–	-0.28%	–
DCT	Exit	DCT INDUSTRIAL	$0	–	-45,000	–	-0.29%	–
UBNK	Exit	UNITED FINL BANC	$0	–	-150,885	–	-0.31%	–
EBAY	Exit	EBAY INC	$0	–	-84,000	–	-0.36%	–
GS	Exit	GOLDMAN SACHS	$0	–	-18,475	–	-0.49%	–
TAXA	Exit	LIBERTY TAX INC.	$0	–	-311,880	–	-0.51%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.53%	–
BHLB	Exit	BERKSHIRE HILLS	$0	–	-122,400	–	-0.53%	–
SYNT	Exit	SYNTEL INC	$0	–	-257,015	–	-0.57%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-62,400	–	-0.58%	–
WSBF	Exit	WATERSTONE FNCL	$0	–	-268,353	–	-0.59%	–
PHM	Exit	PULTEGROUP, INC.	$0	–	-200,000	–	-0.62%	–
MET	Exit	METLIFE INC	$0	–	-120,000	–	-0.70%	–
DE	Exit	DEERE & COMPANY	$0	–	-50,750	–	-0.72%	–
FLR	Exit	FLUOR CORP	$0	–	-156,000	–	-0.74%	–
MSBI	Exit	MIDLAND STATES	$0	–	-217,200	–	-0.78%	–
GPX	Exit	GP STRATEGIES	$0	–	-233,706	–	-0.81%	–
NOV	Exit	NATL OILWELL VAR	$0	–	-206,650	–	-0.83%	–
FL	Exit	FOOT LOCKER INC.	$0	–	-210,000	–	-0.83%	–
MCK	Exit	MCKESSON CORP	$0	–	-51,000	–	-0.88%	–
MSFT	Exit	MICROSOFT	$0	–	-107,520	–	-0.90%	–
ANSS	Exit	ANSYS INC	$0	–	-66,600	–	-0.92%	–
CMI	Exit	CUMMINS INC	$0	–	-56,400	–	-1.07%	–
THO	Exit	THOR INDUSTRIES	$0	–	-82,000	–	-1.16%	–
ALLE	Exit	ALLEGION PLC	$0	–	-123,295	–	-1.20%	–
GNTX	Exit	GENTEX CORP	$0	–	-559,000	–	-1.25%	–
ORCL	Exit	ORACLE CORP	$0	–	-229,124	–	-1.25%	–
BACWSA	Exit	BK OF AM CW19wt	$0	–	-915,082	–	-1.36%	–
C	Exit	CITIGROUP	$0	–	-182,789	–	-1.50%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-186,000	–	-1.52%	–
PSX	Exit	PHILLIPS 66	$0	–	-168,847	–	-1.74%	–
SRG	Exit	SERITAGE GROWT-A	$0	–	-343,884	–	-1.78%	–
LUK	Exit	LEUCADIA NATL	$0	–	-638,100	–	-1.82%	–
USB	Exit	US BANCORP	$0	–	-358,883	–	-2.17%	–
IBM	Exit	INTL BUS MACHINES	$0	–	-146,075	–	-2.39%	–
OFLX	Exit	OMEGA FLEX	$0	–	-296,140	–	-2.40%	–
KO	Exit	COCA COLA	$0	–	-487,450	–	-2.47%	–
HRB	Exit	H&R BLOCK	$0	–	-863,650	–	-2.58%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-366,594	–	-2.64%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-248,120	–	-2.67%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-991,637	–	-2.70%	–
CBI	Exit	CHICAGO BRIDGE IRON	$0	–	-1,734,650	–	-3.28%	–
AGCO	Exit	AGCO CORP	$0	–	-414,124	–	-3.44%	–
IT	Exit	GARTNER INC	$0	–	-257,582	–	-3.61%	–
IR	Exit	INGERSOLL-RAND	$0	–	-377,413	–	-3.79%	–
ACN	Exit	ACCENTURE PLC	$0	–	-258,755	–	-3.94%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,412,217	–	-4.03%	–
WFC	Exit	WELLS FARGO	$0	–	-687,568	–	-4.27%	–
GM	Exit	GENERAL MOTORS	$0	–	-981,117	–	-4.46%	–
AXP	Exit	AMER EXPRESS	$0	–	-475,210	–	-4.84%	–
MA	Exit	MASTERCARD INC	$0	–	-309,196	–	-4.92%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-443,624	–	-9.16%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$81,325,000	+6.6%	443,624	-1.6%	9.16%	+2.2%
MA	Sell	MASTERCARD INC	$43,658,000	+14.0%	309,196	-1.9%	4.92%	+9.4%
AXP	Sell	AMER EXPRESS	$42,987,000	+6.1%	475,210	-1.2%	4.84%	+1.8%
GM	Sell	GENERAL MOTORS	$39,618,000	+14.0%	981,117	-1.4%	4.46%	+9.3%
WFC	Sell	WELLS FARGO	$37,919,000	-4.1%	687,568	-3.7%	4.27%	-8.0%
BAC	Buy	BANK OF AMERICA	$35,786,000	+8.2%	1,412,217	+3.6%	4.03%	+3.8%
ACN	Sell	ACCENTURE PLC	$34,950,000	+8.0%	258,755	-1.1%	3.94%	+3.6%
IR	Sell	INGERSOLL-RAND	$33,654,000	-2.5%	377,413	-0.1%	3.79%	-6.5%
IT	Sell	GARTNER INC	$32,046,000	+0.2%	257,582	-0.5%	3.61%	-3.9%
AGCO	Sell	AGCO CORP	$30,550,000	-2.2%	414,124	-10.6%	3.44%	-6.1%
CBI	Buy	CHICAGO BRIDGE IRON	$29,142,000	+158.3%	1,734,650	+203.3%	3.28%	+147.8%
GE	Sell	GENERAL ELECTRIC	$23,978,000	-11.4%	991,637	-1.0%	2.70%	-15.0%
JPM	Sell	JP MORGAN CHASE	$23,698,000	+1.9%	248,120	-2.5%	2.67%	-2.3%
PYPL	Sell	PAYPAL HOLDINGS	$23,473,000	+18.2%	366,594	-0.9%	2.64%	+13.4%
HRB	Sell	H&R BLOCK	$22,869,000	-16.6%	863,650	-2.6%	2.58%	-20.0%
KO	Sell	COCA COLA	$21,940,000	-1.8%	487,450	-2.2%	2.47%	-5.8%
OFLX	Sell	OMEGA FLEX	$21,275,000	+2.7%	296,140	-7.9%	2.40%	-1.5%
IBM	Sell	INTL BUS MACHINES	$21,193,000	-7.1%	146,075	-1.5%	2.39%	-10.9%
LUK	Sell	LEUCADIA NATL	$16,112,000	-5.0%	638,100	-1.5%	1.82%	-8.8%
PSX	Sell	PHILLIPS 66	$15,468,000	+8.7%	168,847	-1.9%	1.74%	+4.3%
C	Sell	CITIGROUP	$13,296,000	+5.9%	182,789	-2.6%	1.50%	+1.6%
BACWSA	Sell	BK OF AM CW19wt	$12,116,000	-17.2%	915,082	-24.7%	1.36%	-20.5%
CMI	Sell	CUMMINS INC	$9,477,000	-25.5%	56,400	-28.1%	1.07%	-28.5%
FL	Buy	FOOT LOCKER INC.	$7,396,000	+7.2%	210,000	+50.0%	0.83%	+2.8%
NOV	Sell	NATL OILWELL VAR	$7,384,000	+6.3%	206,650	-2.0%	0.83%	+2.0%
MSBI	Buy	MIDLAND STATES	$6,881,000	+37.4%	217,200	+45.4%	0.78%	+31.8%
PHM	New	PULTEGROUP, INC.	$5,466,000	–	200,000	–	0.62%	–
UBNK	Buy	UNITED FINL BANC	$2,760,000	+37.8%	150,885	+25.7%	0.31%	+32.3%
RPAI	Buy	RETAIL PROPERTIES	$2,521,000	+85.5%	192,000	+72.5%	0.28%	+77.5%
BHF	New	BRIGHTHOUSE FNCL	$663,000	–	10,909	–	0.08%	–
PHH	Sell	PHH CORP	$624,000	-0.5%	44,825	-1.6%	0.07%	-5.4%
DNOW	Sell	NOW INC	$562,000	-16.2%	40,659	-2.6%	0.06%	-20.3%
JPMWS	Sell	WTA JPMORGANwt	$405,000	-96.0%	7,500	-96.3%	0.05%	-96.2%
JCI	Exit	JCI CONTROLS INTL PLC	$0	–	-4,930	–	-0.02%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$76,322,000	–	450,624	–	8.96%	–
AXP	New	AMER EXPRESS	$40,512,000	–	480,910	–	4.76%	–
WFC	New	WELLS FARGO	$39,558,000	–	713,918	–	4.65%	–
MA	New	MASTERCARD INC	$38,281,000	–	315,196	–	4.50%	–
GM	New	GENERAL MOTORS	$34,758,000	–	995,067	–	4.08%	–
IR	New	INGERSOLL-RAND	$34,519,000	–	377,713	–	4.06%	–
BAC	New	BANK OF AMERICA	$33,067,000	–	1,363,020	–	3.88%	–
ACN	New	ACCENTURE PLC	$32,355,000	–	261,605	–	3.80%	–
IT	New	GARTNER INC	$31,981,000	–	258,934	–	3.76%	–
AGCO	New	AGCO CORP	$31,230,000	–	463,424	–	3.67%	–
HRB	New	H&R BLOCK	$27,420,000	–	887,100	–	3.22%	–
GE	New	GENERAL ELECTRIC	$27,053,000	–	1,001,587	–	3.18%	–
JPM	New	JP MORGAN CHASE	$23,263,000	–	254,520	–	2.73%	–
IBM	New	INTL BUS MACHINES	$22,813,000	–	148,300	–	2.68%	–
KO	New	COCA COLA	$22,347,000	–	498,250	–	2.62%	–
OFLX	New	OMEGA FLEX	$20,717,000	–	321,690	–	2.43%	–
PYPL	New	PAYPAL HOLDINGS	$19,863,000	–	370,094	–	2.33%	–
USB	New	US BANCORP	$18,633,000	–	358,883	–	2.19%	–
LUK	New	LEUCADIA NATL	$16,954,000	–	648,100	–	1.99%	–
BACWSA	New	BK OF AM CW19wt	$14,630,000	–	1,215,082	–	1.72%	–
SRG	New	SERITAGE GROWT-A	$14,426,000	–	343,884	–	1.69%	–
PSX	New	PHILLIPS 66	$14,227,000	–	172,047	–	1.67%	–
CMI	New	CUMMINS INC	$12,718,000	–	78,400	–	1.49%	–
C	New	CITIGROUP	$12,553,000	–	187,689	–	1.47%	–
CTSH	New	COGNIZANT TECH	$12,350,000	–	186,000	–	1.45%	–
ORCL	New	ORACLE CORP	$11,488,000	–	229,124	–	1.35%	–
CBI	New	CHICAGO BRIDGE IRON	$11,284,000	–	571,925	–	1.32%	–
GNTX	New	GENTEX CORP	$10,604,000	–	559,000	–	1.25%	–
JPMWS	New	WTA JPMORGANwt	$10,186,000	–	202,553	–	1.20%	–
ALLE	New	ALLEGION PLC	$10,002,000	–	123,295	–	1.18%	–
THO	New	THOR INDUSTRIES	$8,571,000	–	82,000	–	1.01%	–
MCK	New	MCKESSON CORP	$8,392,000	–	51,000	–	0.99%	–
ANSS	New	ANSYS INC	$8,104,000	–	66,600	–	0.95%	–
MSFT	New	MICROSOFT	$7,411,000	–	107,520	–	0.87%	–
FLR	New	FLUOR CORP	$7,142,000	–	156,000	–	0.84%	–
NOV	New	NATL OILWELL VAR	$6,949,000	–	210,950	–	0.82%	–
FL	New	FOOT LOCKER INC.	$6,899,000	–	140,000	–	0.81%	–
MET	New	METLIFE INC	$6,593,000	–	120,000	–	0.77%	–
DE	New	DEERE & COMPANY	$6,272,000	–	50,750	–	0.74%	–
GPX	New	GP STRATEGIES	$6,170,000	–	233,706	–	0.72%	–
ABC	New	AMERISOURCEBERGEN	$5,899,000	–	62,400	–	0.69%	–
MDT	New	MEDTRONIC PLC	$5,325,000	–	60,000	–	0.62%	–
WSBF	New	WATERSTONE FNCL	$5,058,000	–	268,353	–	0.59%	–
MSBI	New	MIDLAND STATES	$5,008,000	–	149,400	–	0.59%	–
SYNT	New	SYNTEL INC	$4,359,000	–	257,015	–	0.51%	–
BHLB	New	BERKSHIRE HILLS	$4,302,000	–	122,400	–	0.50%	–
GS	New	GOLDMAN SACHS	$4,100,000	–	18,475	–	0.48%	–
TAXA	New	LIBERTY TAX INC.	$4,039,000	–	311,880	–	0.47%	–
EBAY	New	EBAY INC	$2,933,000	–	84,000	–	0.34%	–
DCT	New	DCT INDUSTRIAL	$2,405,000	–	45,000	–	0.28%	–
UBNK	New	UNITED FINL BANC	$2,003,000	–	120,000	–	0.24%	–
RPAI	New	RETAIL PROPERTIES	$1,359,000	–	111,300	–	0.16%	–
HBCP	New	HOME BANCORP	$1,010,000	–	23,751	–	0.12%	–
L	New	LOEWS CORP	$735,000	–	15,700	–	0.09%	–
CSX	New	CSX CORPORATION	$731,000	–	13,400	–	0.09%	–
DNOW	New	NOW INC	$671,000	–	41,734	–	0.08%	–
PHH	New	PHH CORP	$627,000	–	45,540	–	0.07%	–
BRKA	New	BERKSHIRE HATH A	$509,000	–	2	–	0.06%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$402,000	–	7,124	–	0.05%	–
RTN	New	RAYTHEON	$339,000	–	2,100	–	0.04%	–
APA	New	APACHE	$271,000	–	5,650	–	0.03%	–
RLGY	New	REALOGY HOLDINGS	$245,000	–	7,550	–	0.03%	–
JCI	New	JCI CONTROLS INTL PLC	$214,000	–	4,930	–	0.02%	–
PKX	New	POSCO	$203,000	–	3,250	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
TDC	Exit	TERADATA CORP	$0	–	-7,650	–	-0.03%	–
RTN	Exit	RAYTHEON	$0	–	-2,100	–	-0.04%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-3,414	–	-0.04%	–
APA	Exit	APACHE	$0	–	-5,650	–	-0.05%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.05%	–
MPX	Exit	MARINE PRODUCTS	$0	–	-44,717	–	-0.06%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.06%	–
L	Exit	LOEWS CORP	$0	–	-15,700	–	-0.09%	–
PHH	Exit	PHH CORP	$0	–	-45,665	–	-0.09%	–
JCI	Exit	JCI CONTROLS INTL PLC	$0	–	-17,983	–	-0.12%	–
DNOW	Exit	NOW INC	$0	–	-41,971	–	-0.12%	–
SLG	Exit	SL GREEN REALTY	$0	–	-15,700	–	-0.24%	–
RPAI	Exit	RETAIL PROPERTIES	$0	–	-111,300	–	-0.26%	–
EQR	Exit	EQUITY RESIDENTL	$0	–	-29,100	–	-0.26%	–
GGP	Exit	GENL GROWTH PR	$0	–	-68,580	–	-0.26%	–
SRC	Exit	SPIRIT REALTY	$0	–	-166,000	–	-0.31%	–
EGP	Exit	EASTGROUP PROP	$0	–	-30,500	–	-0.31%	–
BHBK	Exit	BLUE HILLS BANC	$0	–	-176,000	–	-0.37%	–
EBAY	Exit	EBAY INC	$0	–	-84,000	–	-0.38%	–
MSBI	Exit	MIDLAND STATES	$0	–	-110,400	–	-0.39%	–
GS	Exit	GOLDMAN SACHS	$0	–	-18,875	–	-0.42%	–
MCK	Exit	MCKESSON CORP	$0	–	-25,000	–	-0.58%	–
DE	Exit	DEERE & COMPANY	$0	–	-50,750	–	-0.60%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-62,400	–	-0.70%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.72%	–
MET	Exit	METLIFE INC	$0	–	-120,000	–	-0.74%	–
ECHO	Exit	ECHO GLOBAL LGST	$0	–	-240,000	–	-0.77%	–
GPX	Exit	GP STRATEGIES	$0	–	-229,463	–	-0.78%	–
TAXA	Exit	LIBERTY TAX INC.	$0	–	-466,484	–	-0.83%	–
ANSS	Exit	ANSYS INC	$0	–	-69,200	–	-0.89%	–
BACWSA	Exit	BK OF AM CW19wt	$0	–	-1,402,458	–	-0.90%	–
CMI	Exit	CUMMINS INC	$0	–	-53,400	–	-0.95%	–
THO	Exit	THOR INDUSTRIES	$0	–	-82,000	–	-0.96%	–
FLR	Exit	FLUOR CORP	$0	–	-156,000	–	-1.11%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-177,450	–	-1.17%	–
ALLE	Exit	ALLEGION PLC	$0	–	-124,078	–	-1.19%	–
CSX	Exit	CSX CORPORATION	$0	–	-294,000	–	-1.24%	–
ORCL	Exit	ORACLE CORP	$0	–	-229,124	–	-1.25%	–
C	Exit	CITIGROUP	$0	–	-195,239	–	-1.28%	–
GNTX	Exit	GENTEX CORP	$0	–	-559,000	–	-1.36%	–
SRG	Exit	SERITAGE GROWT-A	$0	–	-199,004	–	-1.40%	–
JPMWS	Exit	WTA JPMORGANwt	$0	–	-458,053	–	-1.56%	–
LUK	Exit	LEUCADIA NATL	$0	–	-651,900	–	-1.72%	–
OFLX	Exit	OMEGA FLEX	$0	–	-328,290	–	-1.76%	–
NOV	Exit	NATL OILWELL VAR	$0	–	-365,875	–	-1.86%	–
PKX	Exit	POSCO	$0	–	-266,475	–	-1.89%	–
PSX	Exit	PHILLIPS 66	$0	–	-170,072	–	-1.90%	–
MSFT	Exit	MICROSOFT	$0	–	-251,720	–	-2.01%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-371,244	–	-2.11%	–
USB	Exit	US BANCORP	$0	–	-363,150	–	-2.16%	–
CEB	Exit	CEB, INC.	$0	–	-287,845	–	-2.17%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-256,620	–	-2.37%	–
IT	Exit	GARTNER INC	$0	–	-196,575	–	-2.41%	–
HRB	Exit	H&R BLOCK	$0	–	-890,800	–	-2.86%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,378,036	–	-2.99%	–
AGCO	Exit	AGCO CORP	$0	–	-472,374	–	-3.23%	–
IBM	Exit	INTL BUS MACHINES	$0	–	-149,220	–	-3.29%	–
GM	Exit	GENERAL MOTORS	$0	–	-790,567	–	-3.48%	–
IR	Exit	INGERSOLL-RAND	$0	–	-383,863	–	-3.62%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-981,047	–	-4.03%	–
AXP	Exit	AMER EXPRESS	$0	–	-482,335	–	-4.28%	–
WFC	Exit	WELLS FARGO	$0	–	-713,461	–	-4.38%	–
MA	Exit	MASTERCARD INC	$0	–	-320,396	–	-4.52%	–
ACN	Exit	ACCENTURE PLC	$0	–	-419,194	–	-7.10%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-446,088	–	-8.94%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$64,446,000	-0.5%	446,088	-0.2%	8.94%	-3.8%
ACN	Sell	ACCENTURE PLC	$51,213,000	+6.6%	419,194	-1.2%	7.10%	+3.0%
MA	Buy	MASTERCARD INC	$32,607,000	+16.8%	320,396	+1.1%	4.52%	+12.9%
WFC	Sell	WELLS FARGO	$31,592,000	-6.7%	713,461	-0.3%	4.38%	-9.8%
AXP	Sell	AMER EXPRESS	$30,889,000	+5.2%	482,335	-0.2%	4.28%	+1.7%
GE	Sell	GENERAL ELECTRIC	$29,059,000	-6.1%	981,047	-0.2%	4.03%	-9.2%
IR	Sell	INGERSOLL-RAND	$26,080,000	+6.5%	383,863	-0.2%	3.62%	+3.0%
GM	Sell	GENERAL MOTORS	$25,116,000	+12.0%	790,567	-0.2%	3.48%	+8.2%
IBM	Sell	INTL BUS MACHINES	$23,704,000	+4.3%	149,220	-0.3%	3.29%	+0.9%
AGCO	Sell	AGCO CORP	$23,297,000	+4.5%	472,374	-0.2%	3.23%	+1.0%
BAC	Sell	BANK OF AMERICA	$21,566,000	+17.2%	1,378,036	-0.6%	2.99%	+13.3%
HRB	Sell	H&R BLOCK	$20,622,000	+0.6%	890,800	-0.1%	2.86%	-2.8%
IT	Sell	GARTNER INC	$17,387,000	-9.3%	196,575	-0.2%	2.41%	-12.4%
JPM	Sell	JP MORGAN CHASE	$17,088,000	+6.5%	256,620	-0.7%	2.37%	+2.9%
CEB	Sell	CEB, INC.	$15,679,000	-11.8%	287,845	-0.1%	2.17%	-14.7%
USB	Sell	US BANCORP	$15,576,000	+6.2%	363,150	-0.2%	2.16%	+2.7%
PYPL	Sell	PAYPAL HOLDINGS	$15,210,000	+12.1%	371,244	-0.1%	2.11%	+8.4%
MSFT	Sell	MICROSOFT	$14,499,000	+12.0%	251,720	-0.5%	2.01%	+8.2%
PSX	Buy	PHILLIPS 66	$13,699,000	+45.9%	170,072	+43.7%	1.90%	+41.1%
PKX	Sell	POSCO	$13,612,000	+10.5%	266,475	-3.7%	1.89%	+6.8%
NOV	Sell	NATL OILWELL VAR	$13,442,000	+8.5%	365,875	-0.6%	1.86%	+5.0%
LUK	Buy	LEUCADIA NATL	$12,412,000	+10.2%	651,900	+0.3%	1.72%	+6.5%
SRG	Buy	SERITAGE GROWT-A	$10,086,000	+67.0%	199,004	+64.2%	1.40%	+61.4%
C	Sell	CITIGROUP	$9,221,000	+11.0%	195,239	-0.4%	1.28%	+7.4%
CSX	Sell	CSX CORPORATION	$8,967,000	+8.9%	294,000	-6.9%	1.24%	+5.2%
CTSH	Sell	COGNIZANT TECH	$8,466,000	-17.8%	177,450	-1.4%	1.17%	-20.5%
THO	Sell	THOR INDUSTRIES	$6,945,000	-24.5%	82,000	-42.3%	0.96%	-27.0%
GPX	Buy	GP STRATEGIES	$5,649,000	+21.1%	229,463	+6.7%	0.78%	+17.0%
MCK	Buy	MCKESSON CORP	$4,169,000	+31.4%	25,000	+47.1%	0.58%	+27.0%
GS	Sell	GOLDMAN SACHS	$3,044,000	+7.0%	18,875	-1.4%	0.42%	+3.4%
MSBI	New	MIDLAND STATES	$2,798,000	–	110,400	–	0.39%	–
EBAY	Sell	EBAY INC	$2,764,000	+37.3%	84,000	-2.3%	0.38%	+32.5%
SRC	New	SPIRIT REALTY	$2,213,000	–	166,000	–	0.31%	–
EQR	Sell	EQUITY RESIDENTL	$1,872,000	-37.7%	29,100	-33.3%	0.26%	-39.7%
RPAI	New	RETAIL PROPERTIES	$1,870,000	–	111,300	–	0.26%	–
SLG	New	SL GREEN REALTY	$1,697,000	–	15,700	–	0.24%	–
DNOW	Sell	NOW INC	$899,000	+17.8%	41,971	-0.3%	0.12%	+14.7%
JCI	New	JCI CONTROLS INTL PLC	$837,000	–	17,983	–	0.12%	–
L	Sell	LOEWS CORP	$646,000	-3.6%	15,700	-3.7%	0.09%	-6.2%
MPX	Sell	MARINE PRODUCTS	$401,000	-46.9%	44,717	-49.9%	0.06%	-48.1%
APA	Sell	APACHE	$361,000	+9.1%	5,650	-5.0%	0.05%	+6.4%
PRGO	Sell	PERRIGO CO PLC	$315,000	-4.0%	3,414	-5.5%	0.04%	-6.4%
TDC	Sell	TERADATA CORP	$237,000	+14.5%	7,650	-7.3%	0.03%	+10.0%
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO.	$0	–	-4,986	–	-0.05%	–
JCI	Exit	JOHNSON CONTROLS	$0	–	-22,575	–	-0.14%	–
STOR	Exit	STORE CAPITAL	$0	–	-69,800	–	-0.30%	–
PPS	Exit	POST PROPERTIES	$0	–	-34,500	–	-0.30%	–
DNB	Exit	DUN &BRADSTREET	$0	–	-32,053	–	-0.56%	–
VAR	Exit	VARIAN MEDICAL	$0	–	-54,000	–	-0.64%	–
LLTC	Exit	LINEAR TECH	$0	–	-105,756	–	-0.71%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$64,745,000	–	447,168	–	9.29%	–
ACN	New	ACCENTURE PLC	$48,046,000	–	424,094	–	6.89%	–
WFC	New	WELLS FARGO	$33,859,000	–	715,381	–	4.86%	–
GE	New	GENERAL ELECTRIC	$30,953,000	–	983,247	–	4.44%	–
AXP	New	AMER EXPRESS	$29,364,000	–	483,285	–	4.21%	–
MA	New	MASTERCARD INC	$27,919,000	–	317,046	–	4.00%	–
IR	New	INGERSOLL-RAND	$24,486,000	–	384,513	–	3.51%	–
IBM	New	INTL BUS MACHINES	$22,721,000	–	149,695	–	3.26%	–
GM	New	GENERAL MOTORS	$22,427,000	–	792,467	–	3.22%	–
AGCO	New	AGCO CORP	$22,301,000	–	473,174	–	3.20%	–
HRB	New	H&R BLOCK	$20,503,000	–	891,450	–	2.94%	–
IT	New	GARTNER INC	$19,178,000	–	196,875	–	2.75%	–
BAC	New	BANK OF AMERICA	$18,397,000	–	1,386,347	–	2.64%	–
CEB	New	CEB, INC.	$17,776,000	–	288,195	–	2.55%	–
JPM	New	JP MORGAN CHASE	$16,052,000	–	258,320	–	2.30%	–
USB	New	US BANCORP	$14,672,000	–	363,800	–	2.10%	–
PYPL	New	PAYPAL HOLDINGS	$13,571,000	–	371,694	–	1.95%	–
MSFT	New	MICROSOFT	$12,947,000	–	253,020	–	1.86%	–
OFLX	New	OMEGA FLEX	$12,488,000	–	328,290	–	1.79%	–
NOV	New	NATL OILWELL VAR	$12,385,000	–	368,050	–	1.78%	–
PKX	New	POSCO	$12,319,000	–	276,825	–	1.77%	–
LUK	New	LEUCADIA NATL	$11,267,000	–	650,123	–	1.62%	–
CTSH	New	COGNIZANT TECH	$10,297,000	–	179,900	–	1.48%	–
PSX	New	PHILLIPS 66	$9,388,000	–	118,331	–	1.35%	–
ORCL	New	ORACLE CORP	$9,378,000	–	229,124	–	1.34%	–
JPMWS	New	WTA JPMORGANwt	$9,276,000	–	458,053	–	1.33%	–
THO	New	THOR INDUSTRIES	$9,193,000	–	142,000	–	1.32%	–
GNTX	New	GENTEX CORP	$8,637,000	–	559,000	–	1.24%	–
ALLE	New	ALLEGION PLC	$8,615,000	–	124,078	–	1.24%	–
C	New	CITIGROUP	$8,307,000	–	195,964	–	1.19%	–
CSX	New	CSX CORPORATION	$8,237,000	–	315,850	–	1.18%	–
FLR	New	FLUOR CORP	$7,688,000	–	156,000	–	1.10%	–
ANSS	New	ANSYS INC	$6,280,000	–	69,200	–	0.90%	–
TAXA	New	LIBERTY TAX INC.	$6,214,000	–	466,484	–	0.89%	–
SRG	New	SERITAGE GROWT-A	$6,041,000	–	121,204	–	0.87%	–
CMI	New	CUMMINS INC	$6,004,000	–	53,400	–	0.86%	–
ECHO	New	ECHO GLOBAL LGST	$5,381,000	–	240,000	–	0.77%	–
MDT	New	MEDTRONIC PLC	$5,206,000	–	60,000	–	0.75%	–
ABC	New	AMERISOURCEBERGEN	$4,950,000	–	62,400	–	0.71%	–
LLTC	New	LINEAR TECH	$4,921,000	–	105,756	–	0.71%	–
BACWSA	New	BK OF AM CW19wt	$4,881,000	–	1,402,458	–	0.70%	–
MET	New	METLIFE INC	$4,780,000	–	120,000	–	0.69%	–
GPX	New	GP STRATEGIES	$4,664,000	–	215,037	–	0.67%	–
VAR	New	VARIAN MEDICAL	$4,440,000	–	54,000	–	0.64%	–
DE	New	DEERE & COMPANY	$4,113,000	–	50,750	–	0.59%	–
DNB	New	DUN &BRADSTREET	$3,905,000	–	32,053	–	0.56%	–
MCK	New	MCKESSON CORP	$3,173,000	–	17,000	–	0.46%	–
EQR	New	EQUITY RESIDENTL	$3,003,000	–	43,600	–	0.43%	–
GS	New	GOLDMAN SACHS	$2,845,000	–	19,150	–	0.41%	–
BHBK	New	BLUE HILLS BANC	$2,598,000	–	176,000	–	0.37%	–
PPS	New	POST PROPERTIES	$2,106,000	–	34,500	–	0.30%	–
EGP	New	EASTGROUP PROP	$2,102,000	–	30,500	–	0.30%	–
STOR	New	STORE CAPITAL	$2,056,000	–	69,800	–	0.30%	–
GGP	New	GENL GROWTH PR	$2,045,000	–	68,580	–	0.29%	–
EBAY	New	EBAY INC	$2,013,000	–	86,000	–	0.29%	–
JCI	New	JOHNSON CONTROLS	$999,000	–	22,575	–	0.14%	–
DNOW	New	NOW INC	$763,000	–	42,077	–	0.11%	–
MPX	New	MARINE PRODUCTS	$755,000	–	89,274	–	0.11%	–
L	New	LOEWS CORP	$670,000	–	16,300	–	0.10%	–
PHH	New	PHH CORP	$608,000	–	45,665	–	0.09%	–
BRKA	New	BERKSHIRE HATH A	$434,000	–	2	–	0.06%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO.	$378,000	–	4,986	–	0.05%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$349,000	–	7,124	–	0.05%	–
APA	New	APACHE	$331,000	–	5,950	–	0.05%	–
PRGO	New	PERRIGO CO PLC	$328,000	–	3,614	–	0.05%	–
RTN	New	RAYTHEON	$285,000	–	2,100	–	0.04%	–
TDC	New	TERADATA CORP	$207,000	–	8,250	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
APA	Exit	APACHE	$0	–	-6,250	–	-0.04%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX	$0	–	-9,261	–	-0.04%	–
AIG	Exit	AMER INTL GROUP	$0	–	-4,986	–	-0.04%	–
RTN	Exit	RAYTHEON	$0	–	-2,750	–	-0.04%	–
EXPD	Exit	EXPEDITERS INTERNATIONAL WASH	$0	–	-7,124	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.06%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO.	$0	–	-4,986	–	-0.06%	–
L	Exit	LOEWS CORP	$0	–	-13,600	–	-0.07%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-3,614	–	-0.08%	–
PHH	Exit	PHH CORP	$0	–	-47,585	–	-0.10%	–
DNOW	Exit	NOW INC	$0	–	-47,720	–	-0.10%	–
JCI	Exit	JOHNSON CONTROLS	$0	–	-28,075	–	-0.17%	–
MPX	Exit	MARINE PRODUCTS	$0	–	-172,500	–	-0.17%	–
APC	Exit	ANADARKO PETROL	$0	–	-22,500	–	-0.20%	–
RPAI	Exit	RETAIL PROP OF AM	$0	–	-102,250	–	-0.21%	–
SKT	Exit	TANGER FACT OUT	$0	–	-46,200	–	-0.22%	–
BXP	Exit	BOSTON PROPRT	$0	–	-13,800	–	-0.24%	–
PPS	Exit	POST PROPERTIES	$0	–	-32,100	–	-0.27%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-9,600	–	-0.29%	–
EQR	Exit	EQUITY RESIDENTL	$0	–	-29,100	–	-0.31%	–
BHBK	Exit	BLUE HILLS BANC	$0	–	-176,000	–	-0.35%	–
MCK	Exit	MCKESSON CORP	$0	–	-17,000	–	-0.45%	–
TDC	Exit	TERADATA CORP	$0	–	-116,550	–	-0.48%	–
CHRW	Exit	CH ROBINSON	$0	–	-50,000	–	-0.49%	–
GS	Exit	GOLDMAN SACHS	$0	–	-19,750	–	-0.49%	–
TAXA	Exit	LIBERTY TAX INC.	$0	–	-154,595	–	-0.52%	–
GPX	Exit	GP STRATEGIES	$0	–	-157,900	–	-0.52%	–
VAR	Exit	VARIAN MEDICAL	$0	–	-54,000	–	-0.57%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-60,000	–	-0.58%	–
LLTC	Exit	LINEAR TECH	$0	–	-105,756	–	-0.61%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-47,400	–	-0.65%	–
ECHO	Exit	ECHO GLOBAL LGST	$0	–	-240,000	–	-0.68%	–
DNB	Exit	DUN &BRADSTREET	$0	–	-45,300	–	-0.68%	–
CMI	Exit	CUMMINS INC	$0	–	-53,400	–	-0.83%	–
ANSS	Exit	ANSYS INC	$0	–	-71,750	–	-0.91%	–
LUK	Exit	LEUCADIA NATL	$0	–	-321,673	–	-0.94%	–
FLR	Exit	FLUOR CORP	$0	–	-156,000	–	-0.95%	–
HRB	Exit	H&R BLOCK	$0	–	-193,178	–	-1.00%	–
THO	Exit	THOR INDUSTRIES	$0	–	-142,000	–	-1.06%	–
ALLE	Exit	ALLEGION PLC	$0	–	-127,927	–	-1.06%	–
MET	Exit	METLIFE INC	$0	–	-165,000	–	-1.12%	–
BACWSA	Exit	BK OF AM CW19wt	$0	–	-1,402,458	–	-1.15%	–
ORCL	Exit	ORACLE CORP	$0	–	-229,124	–	-1.19%	–
GNTX	Exit	GENTEX CORP	$0	–	-559,000	–	-1.24%	–
CSX	Exit	CSX CORPORATION	$0	–	-325,000	–	-1.26%	–
JPMWS	Exit	WTA JPMORGANwt	$0	–	-458,053	–	-1.31%	–
PSX	Exit	PHILLIPS 66	$0	–	-122,056	–	-1.35%	–
PKX	Exit	POSCO	$0	–	-286,400	–	-1.44%	–
KO	Exit	COCA COLA	$0	–	-250,400	–	-1.44%	–
C	Exit	CITIGROUP	$0	–	-225,864	–	-1.61%	–
EBAY	Exit	EBAY INC	$0	–	-460,944	–	-1.62%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-182,050	–	-1.64%	–
OFLX	Exit	OMEGA FLEX	$0	–	-348,290	–	-1.67%	–
PYPL	Exit	PAYPAL HOLDINGS	$0	–	-382,944	–	-1.71%	–
NOV	Exit	NATL OILWELL VAR	$0	–	-370,875	–	-2.00%	–
MSFT	Exit	MICROSOFT	$0	–	-333,170	–	-2.12%	–
USB	Exit	US BANCORP	$0	–	-377,500	–	-2.22%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-264,420	–	-2.31%	–
IT	Exit	GARTNER INC	$0	–	-205,170	–	-2.47%	–
CEB	Exit	CEB, INC.	$0	–	-290,700	–	-2.85%	–
IR	Exit	INGERSOLL-RAND	$0	–	-396,963	–	-2.89%	–
IBM	Exit	INTL BUS MACHINES	$0	–	-148,190	–	-3.08%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,413,975	–	-3.16%	–
GM	Exit	GENERAL MOTORS	$0	–	-804,717	–	-3.47%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-1,017,663	–	-3.68%	–
AGCO	Exit	AGCO CORP	$0	–	-556,849	–	-3.73%	–
MA	Exit	MASTERCARD INC	$0	–	-329,696	–	-4.26%	–
AXP	Exit	AMER EXPRESS	$0	–	-491,160	–	-5.23%	–
WFC	Exit	WELLS FARGO	$0	–	-727,999	–	-5.37%	–
ACN	Exit	ACCENTURE PLC	$0	–	-454,344	–	-6.41%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-452,633	–	-8.47%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATH B	$59,023,000	-3.6%	452,633	+0.6%	8.47%	+5.4%
ACN	Sell	ACCENTURE PLC	$44,644,000	+0.8%	454,344	-0.7%	6.41%	+10.3%
WFC	Sell	WELLS FARGO	$37,383,000	-8.9%	727,999	-0.2%	5.37%	-0.3%
AXP	Buy	AMER EXPRESS	$36,410,000	-1.7%	491,160	+3.1%	5.23%	+7.5%
MA	Sell	MASTERCARD INC	$29,712,000	-3.9%	329,696	-0.3%	4.26%	+5.1%
AGCO	Sell	AGCO CORP	$25,966,000	-18.6%	556,849	-0.9%	3.73%	-10.9%
BAC	Buy	BANK OF AMERICA	$22,030,000	-8.2%	1,413,975	+0.3%	3.16%	+0.4%
IBM	Sell	INTL BUS MACHINES	$21,483,000	-10.9%	148,190	-0.1%	3.08%	-2.6%
IR	Buy	INGERSOLL-RAND	$20,154,000	-23.2%	396,963	+2.0%	2.89%	-16.0%
NOV	Sell	NATL OILWELL VAR	$13,963,000	-28.2%	370,875	-7.9%	2.00%	-21.5%
PYPL	New	PAYPAL HOLDINGS	$11,887,000	–	382,944	–	1.71%	–
OFLX	Sell	OMEGA FLEX	$11,633,000	-11.5%	348,290	-0.3%	1.67%	-3.2%
CTSH	Sell	COGNIZANT TECH	$11,398,000	-2.8%	182,050	-5.2%	1.64%	+6.2%
EBAY	Sell	EBAY INC	$11,265,000	-60.2%	460,944	-1.8%	1.62%	-56.4%
PKX	Buy	POSCO	$10,030,000	-28.1%	286,400	+0.8%	1.44%	-21.3%
CSX	Buy	CSX CORPORATION	$8,742,000	+18.0%	325,000	+43.2%	1.26%	+29.1%
HRB	Buy	H&R BLOCK	$6,993,000	+267.3%	193,178	+200.9%	1.00%	+301.6%
FLR	New	FLUOR CORP	$6,607,000	–	156,000	–	0.95%	–
LUK	Sell	LEUCADIA NATL	$6,517,000	-16.7%	321,673	-0.2%	0.94%	-8.9%
ANSS	Sell	ANSYS INC	$6,324,000	-7.3%	71,750	-4.0%	0.91%	+1.5%
ECHO	Sell	ECHO GLOBAL LGST	$4,704,000	-44.6%	240,000	-7.7%	0.68%	-39.4%
TAXA	New	LIBERTY TAX INC.	$3,601,000	–	154,595	–	0.52%	–
GPX	Buy	GP STRATEGIES	$3,603,000	+0.4%	157,900	+46.3%	0.52%	+9.8%
GS	Sell	GOLDMAN SACHS	$3,432,000	-21.7%	19,750	-6.0%	0.49%	-14.3%
TDC	Sell	TERADATA CORP	$3,375,000	-48.3%	116,550	-33.9%	0.48%	-43.5%
PSA	New	PUBLIC STORAGE	$2,032,000	–	9,600	–	0.29%	–
JCI	Sell	JOHNSON CONTROLS	$1,161,000	-26.9%	28,075	-12.5%	0.17%	-20.1%
PHH	Sell	PHH CORP	$672,000	-46.2%	47,585	-0.8%	0.10%	-41.5%
L	Buy	LOEWS CORP	$492,000	-1.8%	13,600	+4.6%	0.07%	+7.6%
DE	Exit	DEERE & COMPANY	$0	–	-2,500	–	-0.03%	–
TCO	Exit	TAUBMAN CENTERS	$0	–	-12,600	–	-0.12%	–
CIE	Exit	COBALT INTL	$0	–	-130,000	–	-0.17%	–
CB	Exit	CHUBB CORP	$0	–	-20,100	–	-0.25%	–
MANT	Exit	MANTECH INTL	$0	–	-105,700	–	-0.40%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$61,236,000	–	449,898	–	8.04%	–
ACN	New	ACCENTURE PLC	$44,291,000	–	457,644	–	5.81%	–
WFC	New	WELLS FARGO	$41,027,000	–	729,499	–	5.38%	–
AXP	New	AMER EXPRESS	$37,032,000	–	476,477	–	4.86%	–
AGCO	New	AGCO CORP	$31,893,000	–	561,699	–	4.18%	–
MA	New	MASTERCARD INC	$30,913,000	–	330,696	–	4.06%	–
EBAY	New	EBAY INC	$28,273,000	–	469,344	–	3.71%	–
GE	New	GENERAL ELECTRIC	$27,039,000	–	1,017,663	–	3.55%	–
GM	New	GENERAL MOTORS	$26,821,000	–	804,717	–	3.52%	–
IR	New	INGERSOLL-RAND	$26,234,000	–	389,113	–	3.44%	–
CEB	New	CEB, INC.	$25,308,000	–	290,700	–	3.32%	–
IBM	New	INTL BUS MACHINES	$24,121,000	–	148,290	–	3.16%	–
BAC	New	BANK OF AMERICA	$24,003,000	–	1,410,275	–	3.15%	–
NOV	New	NATL OILWELL VAR	$19,451,000	–	402,875	–	2.55%	–
JPM	New	JP MORGAN CHASE	$17,917,000	–	264,420	–	2.35%	–
IT	New	GARTNER INC	$17,599,000	–	205,170	–	2.31%	–
USB	New	US BANCORP	$16,383,000	–	377,500	–	2.15%	–
MSFT	New	MICROSOFT	$14,709,000	–	333,170	–	1.93%	–
PKX	New	POSCO	$13,942,000	–	284,000	–	1.83%	–
OFLX	New	OMEGA FLEX	$13,150,000	–	349,190	–	1.73%	–
C	New	CITIGROUP	$12,477,000	–	225,864	–	1.64%	–
CTSH	New	COGNIZANT TECH	$11,732,000	–	192,050	–	1.54%	–
JPMWS	New	WTA JPMORGANwt	$11,337,000	–	458,053	–	1.49%	–
PSX	New	PHILLIPS 66	$9,833,000	–	122,056	–	1.29%	–
KO	New	COCA COLA	$9,823,000	–	250,400	–	1.29%	–
ORCL	New	ORACLE CORP	$9,234,000	–	229,124	–	1.21%	–
MET	New	METLIFE INC	$9,238,000	–	165,000	–	1.21%	–
GNTX	New	GENTEX CORP	$9,179,000	–	559,000	–	1.20%	–
BACWSA	New	BK OF AM CW19wt	$8,653,000	–	1,402,458	–	1.14%	–
ECHO	New	ECHO GLOBAL LGST	$8,492,000	–	260,000	–	1.11%	–
THO	New	THOR INDUSTRIES	$7,992,000	–	142,000	–	1.05%	–
LUK	New	LEUCADIA NATL	$7,822,000	–	322,173	–	1.03%	–
ALLE	New	ALLEGION PLC	$7,694,000	–	127,927	–	1.01%	–
CSX	New	CSX CORPORATION	$7,410,000	–	226,961	–	0.97%	–
CMI	New	CUMMINS INC	$7,006,000	–	53,400	–	0.92%	–
ANSS	New	ANSYS INC	$6,820,000	–	74,750	–	0.90%	–
TDC	New	TERADATA CORP	$6,525,000	–	176,350	–	0.86%	–
DNB	New	DUN &BRADSTREET	$5,527,000	–	45,300	–	0.72%	–
ABC	New	AMERISOURCEBERGEN	$5,041,000	–	47,400	–	0.66%	–
LLTC	New	LINEAR TECH	$4,678,000	–	105,756	–	0.61%	–
VAR	New	VARIAN MEDICAL	$4,554,000	–	54,000	–	0.60%	–
MDT	New	MEDTRONIC PLC	$4,446,000	–	60,000	–	0.58%	–
GS	New	GOLDMAN SACHS	$4,385,000	–	21,000	–	0.58%	–
MCK	New	MCKESSON CORP	$3,822,000	–	17,000	–	0.50%	–
GPX	New	GP STRATEGIES	$3,587,000	–	107,900	–	0.47%	–
CHRW	New	CH ROBINSON	$3,119,000	–	50,000	–	0.41%	–
MANT	New	MANTECH INTL	$3,065,000	–	105,700	–	0.40%	–
BHBK	New	BLUE HILLS BANC	$2,464,000	–	176,000	–	0.32%	–
EQR	New	EQUITY RESIDENTL	$2,042,000	–	29,100	–	0.27%	–
CB	New	CHUBB CORP	$1,912,000	–	20,100	–	0.25%	–
HRB	New	H&R BLOCK	$1,904,000	–	64,200	–	0.25%	–
APC	New	ANADARKO PETROL	$1,756,000	–	22,500	–	0.23%	–
PPS	New	POST PROPERTIES	$1,745,000	–	32,100	–	0.23%	–
BXP	New	BOSTON PROPRT	$1,670,000	–	13,800	–	0.22%	–
JCI	New	JOHNSON CONTROLS	$1,589,000	–	32,075	–	0.21%	–
SKT	New	TANGER FACT OUT	$1,465,000	–	46,200	–	0.19%	–
RPAI	New	RETAIL PROP OF AM	$1,424,000	–	102,250	–	0.19%	–
CIE	New	COBALT INTL	$1,262,000	–	130,000	–	0.17%	–
PHH	New	PHH CORP	$1,248,000	–	47,950	–	0.16%	–
MPX	New	MARINE PRODUCTS	$1,076,000	–	172,500	–	0.14%	–
DNOW	New	NOW INC	$950,000	–	47,720	–	0.12%	–
TCO	New	TAUBMAN CENTERS	$876,000	–	12,600	–	0.12%	–
PRGO	New	PERRIGO CO PLC	$668,000	–	3,614	–	0.09%	–
L	New	LOEWS CORP	$501,000	–	13,000	–	0.07%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO.	$443,000	–	4,986	–	0.06%	–
BRKA	New	BERKSHIRE HATH A	$410,000	–	2	–	0.05%	–
APA	New	APACHE	$360,000	–	6,250	–	0.05%	–
EXPD	New	EXPEDITERS INTERNATIONAL WASH	$328,000	–	7,124	–	0.04%	–
AIG	New	AMER INTL GROUP	$308,000	–	4,986	–	0.04%	–
FOXA	New	TWENTY-FIRST CENTURY FOX	$301,000	–	9,261	–	0.04%	–
RTN	New	RAYTHEON	$263,000	–	2,750	–	0.04%	–
DE	New	DEERE & COMPANY	$243,000	–	2,500	–	0.03%	–

Q4 2014

			Value		Shares		↓ Weighting
DE	Exit	DEERE & COMPANY	$0	–	-2,500	–	-0.03%	–
RTN	Exit	RAYTHEON	$0	–	-2,750	–	-0.04%	–
APA	Exit	APACHE	$0	–	-3,500	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.06%	–
EQR	Exit	EQUITY RESIDENTL	$0	–	-14,200	–	-0.12%	–
PHH	Exit	PHH CORP	$0	–	-48,885	–	-0.15%	–
MPX	Exit	MARINE PRODUCTS	$0	–	-179,400	–	-0.20%	–
DNOW	Exit	NOW INC	$0	–	-48,357	–	-0.20%	–
JCI	Exit	JOHNSON CONTROLS	$0	–	-33,725	–	-0.21%	–
MORN	Exit	MORNINGSTAR	$0	–	-23,000	–	-0.22%	–
CIE	Exit	COBALT INTL	$0	–	-130,000	–	-0.25%	–
FRT	Exit	FEDERAL REALTY	$0	–	-15,700	–	-0.26%	–
GPORQ	Exit	GULFPORT ENERGY	$0	–	-35,000	–	-0.26%	–
HCN	Exit	HEALTH CARE REIT	$0	–	-30,000	–	-0.26%	–
HRB	Exit	H&R BLOCK	$0	–	-69,300	–	-0.30%	–
APC	Exit	ANADARKO PETROL	$0	–	-22,500	–	-0.32%	–
BXP	Exit	BOSTON PROPRT	$0	–	-20,300	–	-0.33%	–
MANT	Exit	MANTECH INTL	$0	–	-105,700	–	-0.40%	–
CB	Exit	CHUBB CORP	$0	–	-34,400	–	-0.44%	–
CA	Exit	CA INC	$0	–	-130,000	–	-0.51%	–
MDT	Exit	MEDTRONIC INC	$0	–	-60,000	–	-0.52%	–
GPX	Exit	GP STRATEGIES	$0	–	-137,900	–	-0.55%	–
GS	Exit	GOLDMAN SACHS	$0	–	-23,225	–	-0.60%	–
DNB	Exit	DUN &BRADSTREET	$0	–	-36,850	–	-0.60%	–
LLTC	Exit	LINEAR TECH	$0	–	-105,756	–	-0.66%	–
THO	Exit	THOR INDUSTRIES	$0	–	-101,200	–	-0.73%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-73,900	–	-0.80%	–
LUK	Exit	LEUCADIA NATL	$0	–	-241,200	–	-0.80%	–
VAR	Exit	VARIAN MEDICAL	$0	–	-75,000	–	-0.84%	–
MCK	Exit	MCKESSON CORP	$0	–	-32,400	–	-0.88%	–
ORCL	Exit	ORACLE CORP	$0	–	-168,000	–	-0.90%	–
CHRW	Exit	CH ROBINSON	$0	–	-97,700	–	-0.90%	–
ALLE	Exit	ALLEGION PLC	$0	–	-136,423	–	-0.91%	–
MET	Exit	METLIFE INC	$0	–	-132,500	–	-0.99%	–
OFLX	Exit	OMEGA FLEX	$0	–	-366,660	–	-1.00%	–
GNTX	Exit	GENTEX CORP	$0	–	-272,000	–	-1.02%	–
ANSS	Exit	ANSYS INC	$0	–	-104,700	–	-1.11%	–
TDC	Exit	TERADATA CORP	$0	–	-191,150	–	-1.12%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-200,750	–	-1.26%	–
PSX	Exit	PHILLIPS 66	$0	–	-124,521	–	-1.41%	–
CSX	Exit	CSX CORPORATION	$0	–	-319,450	–	-1.43%	–
C	Exit	CITIGROUP	$0	–	-210,540	–	-1.52%	–
KO	Exit	COCA COLA	$0	–	-259,730	–	-1.55%	–
PDCO	Exit	PATTERSON COS	$0	–	-329,395	–	-1.90%	–
IBM	Exit	INTL BUS MACHINES	$0	–	-72,550	–	-1.92%	–
MSFT	Exit	MICROSOFT	$0	–	-315,800	–	-2.04%	–
IT	Exit	GARTNER INC	$0	–	-208,730	–	-2.14%	–
USB	Exit	US BANCORP	$0	–	-395,550	–	-2.31%	–
CEB	Exit	CORP EXECUTIVE	$0	–	-298,800	–	-2.50%	–
AGCO	Exit	AGCO CORP	$0	–	-475,775	–	-3.02%	–
PKX	Exit	POSCO	$0	–	-295,500	–	-3.13%	–
IR	Exit	INGERSOLL-RAND	$0	–	-411,980	–	-3.24%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-388,875	–	-3.27%	–
NOV	Exit	NATL OILWELL VAR	$0	–	-323,400	–	-3.44%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,453,973	–	-3.46%	–
MA	Exit	MASTERCARD INC	$0	–	-340,600	–	-3.51%	–
GM	Exit	GENERAL MOTORS	$0	–	-817,729	–	-3.65%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-1,038,465	–	-3.71%	–
EBAY	Exit	EBAY INC	$0	–	-507,784	–	-4.01%	–
ACN	Exit	ACCENTURE LTD	$0	–	-476,629	–	-5.41%	–
WFC	Exit	WELLS FARGO	$0	–	-773,272	–	-5.60%	–
AXP	Exit	AMER EXPRESS	$0	–	-498,494	–	-6.09%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-464,679	–	-8.96%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATH B	$64,191,000	+9.5%	464,679	+0.3%	8.96%	+5.9%
AXP	Buy	AMER EXPRESS	$43,638,000	-7.7%	498,494	+0.1%	6.09%	-10.7%
WFC	Buy	WELLS FARGO	$40,110,000	-1.1%	773,272	+0.2%	5.60%	-4.3%
ACN	Sell	ACCENTURE LTD	$38,759,000	-0.0%	476,629	-0.6%	5.41%	-3.3%
EBAY	Buy	EBAY INC	$28,756,000	+17.1%	507,784	+3.5%	4.01%	+13.3%
GE	Sell	GENERAL ELECTRIC	$26,605,000	-2.9%	1,038,465	-0.4%	3.71%	-6.0%
GM	Sell	GENERAL MOTORS	$26,118,000	-12.3%	817,729	-0.3%	3.65%	-15.1%
MA	Sell	MASTERCARD INC	$25,177,000	+0.3%	340,600	-0.3%	3.51%	-3.0%
BAC	Sell	BANK OF AMERICA	$24,790,000	+9.2%	1,453,973	-1.6%	3.46%	+5.6%
JPM	Buy	JP MORGAN CHASE	$23,426,000	+4.8%	388,875	+0.2%	3.27%	+1.4%
IR	Sell	INGERSOLL-RAND	$23,219,000	-10.2%	411,980	-0.4%	3.24%	-13.1%
PKX	Buy	POSCO	$22,428,000	+2.0%	295,500	+0.1%	3.13%	-1.3%
AGCO	Buy	AGCO CORP	$21,629,000	-7.4%	475,775	+14.5%	3.02%	-10.4%
CEB	Buy	CORP EXECUTIVE	$17,949,000	+281.0%	298,800	+332.7%	2.50%	+268.4%
IT	Buy	GARTNER INC	$15,335,000	+5.2%	208,730	+1.0%	2.14%	+1.8%
MSFT	Buy	MICROSOFT	$14,640,000	+11.5%	315,800	+0.3%	2.04%	+7.9%
IBM	Buy	INTL BUS MACHINES	$13,772,000	+5.1%	72,550	+0.3%	1.92%	+1.6%
PDCO	Buy	PATTERSON COS	$13,647,000	+5.0%	329,395	+0.1%	1.90%	+1.6%
KO	Buy	COCA COLA	$11,080,000	+0.8%	259,730	+0.1%	1.55%	-2.5%
C	Sell	CITIGROUP	$10,910,000	+9.8%	210,540	-0.2%	1.52%	+6.2%
CSX	Sell	CSX CORPORATION	$10,242,000	-2.6%	319,450	-6.4%	1.43%	-5.8%
PSX	Sell	PHILLIPS 66	$10,125,000	+0.7%	124,521	-0.4%	1.41%	-2.6%
CTSH	Buy	COGNIZANT TECH	$8,988,000	+39.4%	200,750	+52.3%	1.26%	+34.9%
GNTX	New	GENTEX CORP	$7,281,000	–	272,000	–	1.02%	–
ALLE	Sell	ALLEGION PLC	$6,499,000	-16.3%	136,423	-0.5%	0.91%	-19.1%
LUK	New	LEUCADIA NATL	$5,750,000	–	241,200	–	0.80%	–
GS	Sell	GOLDMAN SACHS	$4,263,000	+8.0%	23,225	-1.5%	0.60%	+4.6%
CIE	Buy	COBALT INTL	$1,768,000	-3.7%	130,000	+30.0%	0.25%	-6.8%
JCI	Sell	JOHNSON CONTROLS	$1,484,000	-21.9%	33,725	-11.4%	0.21%	-24.5%
DNOW	Sell	NOW INC	$1,471,000	-19.2%	48,357	-3.8%	0.20%	-22.1%
MPX	Sell	MARINE PRODUCTS	$1,415,000	-17.1%	179,400	-12.7%	0.20%	-19.5%
DUCK	Exit	ALCO STORES	$0	–	-160,000	–	-0.18%	–
ACM	Exit	AECOM TECH	$0	–	-100,000	–	-0.46%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$58,639,000	–	463,329	–	8.46%	–
AXP	New	AMER EXPRESS	$47,256,000	–	498,114	–	6.82%	–
WFC	New	WELLS FARGO	$40,564,000	–	771,772	–	5.85%	–
ACN	New	ACCENTURE LTD	$38,762,000	–	479,489	–	5.59%	–
GM	New	GENERAL MOTORS	$29,772,000	–	820,179	–	4.30%	–
GE	New	GENERAL ELECTRIC	$27,395,000	–	1,042,425	–	3.95%	–
NOV	New	NATL OILWELL VAR	$26,632,000	–	323,400	–	3.84%	–
IR	New	INGERSOLL-RAND	$25,859,000	–	413,680	–	3.73%	–
MA	New	MASTERCARD INC	$25,105,000	–	341,700	–	3.62%	–
EBAY	New	EBAY INC	$24,564,000	–	490,684	–	3.54%	–
AGCO	New	AGCO CORP	$23,352,000	–	415,375	–	3.37%	–
BAC	New	BANK OF AMERICA	$22,704,000	–	1,477,144	–	3.28%	–
JPM	New	JP MORGAN CHASE	$22,361,000	–	388,075	–	3.23%	–
PKX	New	POSCO	$21,982,000	–	295,300	–	3.17%	–
USB	New	US BANCORP	$17,135,000	–	395,550	–	2.47%	–
IT	New	GARTNER INC	$14,579,000	–	206,730	–	2.10%	–
MSFT	New	MICROSOFT	$13,127,000	–	314,800	–	1.89%	–
IBM	New	INTL BUS MACHINES	$13,106,000	–	72,300	–	1.89%	–
PDCO	New	PATTERSON COS	$12,997,000	–	328,945	–	1.88%	–
KO	New	COCA COLA	$10,994,000	–	259,530	–	1.59%	–
CSX	New	CSX CORPORATION	$10,519,000	–	341,400	–	1.52%	–
PSX	New	PHILLIPS 66	$10,052,000	–	124,976	–	1.45%	–
C	New	CITIGROUP	$9,940,000	–	211,050	–	1.43%	–
ANSS	New	ANSYS INC	$7,938,000	–	104,700	–	1.14%	–
ALLE	New	ALLEGION PLC	$7,768,000	–	137,056	–	1.12%	–
TDC	New	TERADATA CORP	$7,684,000	–	191,150	–	1.11%	–
MET	New	METLIFE INC	$7,362,000	–	132,500	–	1.06%	–
OFLX	New	OMEGA FLEX	$7,194,000	–	366,660	–	1.04%	–
ORCL	New	ORACLE CORP	$6,809,000	–	168,000	–	0.98%	–
CTSH	New	COGNIZANT TECH	$6,446,000	–	131,800	–	0.93%	–
VAR	New	VARIAN MEDICAL	$6,235,000	–	75,000	–	0.90%	–
CHRW	New	CH ROBINSON	$6,232,000	–	97,700	–	0.90%	–
MCK	New	MCKESSON CORP	$6,033,000	–	32,400	–	0.87%	–
THO	New	THOR INDUSTRIES	$5,755,000	–	101,200	–	0.83%	–
ABC	New	AMERISOURCEBERGEN	$5,370,000	–	73,900	–	0.78%	–
LLTC	New	LINEAR TECH	$4,978,000	–	105,756	–	0.72%	–
CEB	New	CORP EXECUTIVE	$4,711,000	–	69,050	–	0.68%	–
DNB	New	DUN &BRADSTREET	$4,061,000	–	36,850	–	0.59%	–
GS	New	GOLDMAN SACHS	$3,947,000	–	23,575	–	0.57%	–
MDT	New	MEDTRONIC INC	$3,826,000	–	60,000	–	0.55%	–
CA	New	CA INC	$3,736,000	–	130,000	–	0.54%	–
GPX	New	GP STRATEGIES	$3,569,000	–	137,900	–	0.52%	–
ACM	New	AECOM TECH	$3,220,000	–	100,000	–	0.46%	–
CB	New	CHUBB CORP	$3,171,000	–	34,400	–	0.46%	–
MANT	New	MANTECH INTL	$3,120,000	–	105,700	–	0.45%	–
APC	New	ANADARKO PETROL	$2,463,000	–	22,500	–	0.36%	–
BXP	New	BOSTON PROPRT	$2,399,000	–	20,300	–	0.35%	–
HRB	New	H&R BLOCK	$2,323,000	–	69,300	–	0.34%	–
GPORQ	New	GULFPORT ENERGY	$2,198,000	–	35,000	–	0.32%	–
FRT	New	FEDERAL REALTY	$1,898,000	–	15,700	–	0.27%	–
JCI	New	JOHNSON CONTROLS	$1,901,000	–	38,075	–	0.27%	–
HCN	New	HEALTH CARE REIT	$1,880,000	–	30,000	–	0.27%	–
CIE	New	COBALT INTL	$1,835,000	–	100,000	–	0.26%	–
DNOW	New	NOW INC	$1,820,000	–	50,257	–	0.26%	–
MPX	New	MARINE PRODUCTS	$1,706,000	–	205,500	–	0.25%	–
MORN	New	MORNINGSTAR	$1,652,000	–	23,000	–	0.24%	–
DUCK	New	ALCO STORES	$1,216,000	–	160,000	–	0.18%	–
PHH	New	PHH CORP	$1,123,000	–	48,885	–	0.16%	–
EQR	New	EQUITY RESIDENTL	$895,000	–	14,200	–	0.13%	–
BRKA	New	BERKSHIRE HATH A	$380,000	–	2	–	0.06%	–
APA	New	APACHE	$352,000	–	3,500	–	0.05%	–
RTN	New	RAYTHEON	$254,000	–	2,750	–	0.04%	–
DE	New	DEERE & COMPANY	$226,000	–	2,500	–	0.03%	–

Q4 2013

			Value		Shares		↓ Weighting
BRKA	Exit	BERKSHIRE HATH A	$0	–	-2	–	-0.05%	–
EQR	Exit	EQUITY RESIDENTL	$0	–	-14,200	–	-0.12%	–
PHH	Exit	PHH CORP	$0	–	-49,230	–	-0.18%	–
NFX	Exit	NEWFIELD EXPL	$0	–	-50,510	–	-0.21%	–
TCO	Exit	TAUBMAN CENTERS	$0	–	-22,000	–	-0.22%	–
WLL	Exit	WHITING PETROL	$0	–	-30,000	–	-0.27%	–
MORN	Exit	MORNINGSTAR	$0	–	-23,000	–	-0.28%	–
HCN	Exit	HEALTH CARE REIT	$0	–	-30,000	–	-0.28%	–
SM	Exit	SM ENERGY	$0	–	-25,000	–	-0.29%	–
HRB	Exit	H&R BLOCK	$0	–	-73,700	–	-0.30%	–
CACI	Exit	CACI INTL	$0	–	-29,000	–	-0.30%	–
DNRCQ	Exit	DENBURY RESRCES	$0	–	-110,000	–	-0.31%	–
DUCK	Exit	ALCO STORES	$0	–	-146,700	–	-0.31%	–
APC	Exit	ANADARKO PETROL	$0	–	-22,500	–	-0.32%	–
JCI	Exit	JOHNSON CONTROLS	$0	–	-50,725	–	-0.32%	–
FWLT	Exit	FOSTER WHEELER	$0	–	-80,000	–	-0.32%	–
MPX	Exit	MARINE PRODUCTS	$0	–	-238,447	–	-0.33%	–
BXP	Exit	BOSTON PROPRT	$0	–	-20,300	–	-0.33%	–
MANT	Exit	MANTECH INTL	$0	–	-80,000	–	-0.35%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-15,502	–	-0.40%	–
ACM	Exit	AECOM TECH	$0	–	-100,000	–	-0.47%	–
MDT	Exit	MEDTRONIC INC	$0	–	-60,000	–	-0.48%	–
CA	Exit	CA INC	$0	–	-130,000	–	-0.58%	–
GS	Exit	GOLDMAN SACHS	$0	–	-24,725	–	-0.59%	–
PCAR	Exit	PACCAR INC	$0	–	-72,300	–	-0.61%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-66,000	–	-0.61%	–
SYK	Exit	STRYKER CORP	$0	–	-61,100	–	-0.63%	–
MCK	Exit	MCKESSON CORP	$0	–	-32,400	–	-0.63%	–
LLTC	Exit	LINEAR TECH	$0	–	-105,756	–	-0.64%	–
GPX	Exit	GP STRATEGIES	$0	–	-168,684	–	-0.67%	–
CB	Exit	CHUBB CORP	$0	–	-50,000	–	-0.68%	–
NOV	Exit	NATL OILWELL VAR	$0	–	-68,600	–	-0.81%	–
ORCL	Exit	ORACLE CORP	$0	–	-168,000	–	-0.85%	–
VAR	Exit	VARIAN MEDICAL	$0	–	-75,000	–	-0.85%	–
FLR	Exit	FLUOR CORP	$0	–	-79,000	–	-0.85%	–
CHRW	Exit	CH ROBINSON	$0	–	-97,700	–	-0.88%	–
THO	Exit	THOR INDUSTRIES	$0	–	-101,200	–	-0.89%	–
TDC	Exit	TERADATA CORP	$0	–	-112,000	–	-0.94%	–
MET	Exit	METLIFE INC	$0	–	-132,500	–	-0.94%	–
CTSH	Exit	COGNIZANT TECH	$0	–	-82,300	–	-1.02%	–
OFLX	Exit	OMEGA FLEX	$0	–	-368,360	–	-1.06%	–
PSX	Exit	PHILLIPS 66	$0	–	-126,851	–	-1.11%	–
CSX	Exit	CSX CORPORATION	$0	–	-342,400	–	-1.34%	–
ANSS	Exit	ANSYS INC	$0	–	-104,700	–	-1.38%	–
KO	Exit	COCA COLA	$0	–	-263,130	–	-1.51%	–
MSFT	Exit	MICROSOFT	$0	–	-314,800	–	-1.59%	–
IBM	Exit	INTL BUS MACHINES	$0	–	-65,790	–	-1.85%	–
IT	Exit	GARTNER INC	$0	–	-208,020	–	-1.89%	–
PDCO	Exit	PATTERSON COS	$0	–	-317,995	–	-1.94%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-271,675	–	-2.13%	–
USB	Exit	US BANCORP	$0	–	-396,000	–	-2.20%	–
HAL	Exit	HALLIBURTON CO	$0	–	-365,900	–	-2.67%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-261,951	–	-2.76%	–
RTN	Exit	RAYTHEON	$0	–	-243,575	–	-2.85%	–
DNB	Exit	DUN & BRADSTREET	$0	–	-198,005	–	-3.12%	–
PKX	Exit	POSCO	$0	–	-282,700	–	-3.16%	–
BAC	Exit	BANK OF AMERICA	$0	–	-1,521,129	–	-3.18%	–
MA	Exit	MASTERCARD INC	$0	–	-34,313	–	-3.50%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-1,075,053	–	-3.90%	–
IR	Exit	INGERSOLL-RAND	$0	–	-413,071	–	-4.07%	–
EBAY	Exit	EBAY INC	$0	–	-492,384	–	-4.17%	–
GM	Exit	GENERAL MOTORS	$0	–	-812,879	–	-4.44%	–
WFC	Exit	WELLS FARGO	$0	–	-772,852	–	-4.85%	–
ACN	Exit	ACCENTURE LTD	$0	–	-481,359	–	-5.38%	–
AXP	Exit	AMER EXPRESS	$0	–	-519,824	–	-5.96%	–
BRKB	Exit	BERKSHIRE HATH B	$0	–	-456,865	–	-7.87%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATH B	$51,859,000	-28.9%	456,865	-29.9%	7.87%	-32.9%
AXP	Sell	AMER EXPRESS	$39,257,000	+0.8%	519,824	-0.3%	5.96%	-4.8%
ACN	Buy	ACCENTURE LTD	$35,447,000	+2.4%	481,359	+0.1%	5.38%	-3.3%
WFC	Sell	WELLS FARGO	$31,934,000	+0.0%	772,852	-0.1%	4.85%	-5.5%
GM	Sell	GENERAL MOTORS	$29,239,000	+7.9%	812,879	-0.1%	4.44%	+1.9%
IR	Sell	INGERSOLL-RAND	$26,825,000	+16.7%	413,071	-0.3%	4.07%	+10.1%
GE	Buy	GENERAL ELECTRIC	$25,683,000	+3.3%	1,075,053	+0.3%	3.90%	-2.5%
MA	Sell	MASTERCARD INC	$23,085,000	+16.6%	34,313	-0.4%	3.50%	+10.2%
BAC	Buy	BANK OF AMERICA	$20,992,000	+7.6%	1,521,129	+0.3%	3.18%	+1.6%
PKX	New	POSCO	$20,818,000	–	282,700	–	3.16%	–
DNB	Sell	DUN & BRADSTREET	$20,563,000	+5.0%	198,005	-1.5%	3.12%	-0.9%
COP	Sell	CONOCOPHILLIPS	$18,208,000	+14.5%	261,951	-0.3%	2.76%	+8.1%
HAL	Sell	HALLIBURTON CO	$17,618,000	+13.3%	365,900	-1.9%	2.67%	+7.0%
USB	Sell	US BANCORP	$14,486,000	+0.9%	396,000	-0.3%	2.20%	-4.7%
JPM	Buy	JP MORGAN CHASE	$14,043,000	+7.1%	271,675	+9.4%	2.13%	+1.2%
PDCO	Sell	PATTERSON COS	$12,779,000	+6.4%	317,995	-0.4%	1.94%	+0.5%
IT	Sell	GARTNER INC	$12,481,000	+4.8%	208,020	-0.5%	1.89%	-1.0%
IBM	New	INTL BUS MACHINES	$12,183,000	–	65,790	–	1.85%	–
KO	Buy	COCA COLA	$9,967,000	-5.1%	263,130	+0.5%	1.51%	-10.4%
ANSS	Sell	ANSYS INC	$9,059,000	+8.0%	104,700	-8.7%	1.38%	+2.1%
CSX	Buy	CSX CORPORATION	$8,813,000	+316.5%	342,400	+275.2%	1.34%	+293.2%
PSX	Sell	PHILLIPS 66	$7,335,000	-2.2%	126,851	-0.3%	1.11%	-7.6%
OFLX	Sell	OMEGA FLEX	$6,958,000	+26.4%	368,360	-0.5%	1.06%	+19.3%
THO	Sell	THOR INDUSTRIES	$5,874,000	-13.3%	101,200	-26.5%	0.89%	-18.1%
FLR	Sell	FLUOR CORP	$5,606,000	-1.2%	79,000	-17.5%	0.85%	-6.7%
ORCL	New	ORACLE CORP	$5,573,000	–	168,000	–	0.85%	–
NOV	New	NATL OILWELL VAR	$5,358,000	–	68,600	–	0.81%	–
SPY	New	SPDR S&P 500 ETF	$2,604,000	–	15,502	–	0.40%	–
MPX	Sell	MARINE PRODUCTS	$2,165,000	-6.7%	238,447	-17.6%	0.33%	-11.8%
JCI	Sell	JOHNSON CONTROLS	$2,105,000	+12.2%	50,725	-3.2%	0.32%	+6.0%
DUCK	Sell	ALCO STORES	$2,048,000	+14.1%	146,700	-9.3%	0.31%	+8.0%
SM	Sell	SM ENERGY	$1,930,000	-42.8%	25,000	-55.6%	0.29%	-46.0%
PSB	Exit	PS BUSINESS PARKS	$0	–	-8,200	–	-0.10%	–
DRC	Exit	DRESSER-RAND GRP	$0	–	-54,000	–	-0.52%	–
JNJ	Exit	JOHNSON & JOHNSN	$0	–	-264,618	–	-3.65%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATH B	$72,966,000	–	651,944	–	11.72%	–
AXP	New	AMER EXPRESS	$38,963,000	–	521,174	–	6.26%	–
ACN	New	ACCENTURE LTD	$34,613,000	–	481,009	–	5.56%	–
WFC	New	WELLS FARGO	$31,927,000	–	773,624	–	5.13%	–
GM	New	GENERAL MOTORS	$27,102,000	–	813,629	–	4.36%	–
EBAY	New	EBAY INC	$25,466,000	–	492,384	–	4.09%	–
GE	New	GENERAL ELECTRIC	$24,863,000	–	1,072,153	–	4.00%	–
IR	New	INGERSOLL-RAND	$22,995,000	–	414,171	–	3.70%	–
JNJ	New	JOHNSON & JOHNSN	$22,720,000	–	264,618	–	3.65%	–
MA	New	MASTERCARD INC	$19,792,000	–	34,450	–	3.18%	–
DNB	New	DUN & BRADSTREET	$19,583,000	–	200,955	–	3.15%	–
BAC	New	BANK OF AMERICA	$19,505,000	–	1,516,709	–	3.13%	–
RTN	New	RAYTHEON	$16,105,000	–	243,575	–	2.59%	–
COP	New	CONOCOPHILLIPS	$15,899,000	–	262,801	–	2.56%	–
HAL	New	HALLIBURTON CO	$15,555,000	–	372,850	–	2.50%	–
USB	New	US BANCORP	$14,361,000	–	397,250	–	2.31%	–
JPM	New	JP MORGAN CHASE	$13,106,000	–	248,275	–	2.11%	–
PDCO	New	PATTERSON COS	$12,005,000	–	319,295	–	1.93%	–
IT	New	GARTNER INC	$11,909,000	–	208,970	–	1.91%	–
MSFT	New	MICROSOFT	$10,875,000	–	314,800	–	1.75%	–
KO	New	COCA COLA	$10,506,000	–	261,930	–	1.69%	–
ANSS	New	ANSYS INC	$8,385,000	–	114,700	–	1.35%	–
PSX	New	PHILLIPS 66	$7,498,000	–	127,276	–	1.20%	–
THO	New	THOR INDUSTRIES	$6,774,000	–	137,730	–	1.09%	–
MET	New	METLIFE INC	$6,063,000	–	132,500	–	0.97%	–
FLR	New	FLUOR CORP	$5,676,000	–	95,700	–	0.91%	–
TDC	New	TERADATA CORP	$5,626,000	–	112,000	–	0.90%	–
OFLX	New	OMEGA FLEX	$5,505,000	–	370,175	–	0.88%	–
CHRW	New	CH ROBINSON	$5,501,000	–	97,700	–	0.88%	–
CTSH	New	COGNIZANT TECH	$5,155,000	–	82,300	–	0.83%	–
VAR	New	VARIAN MEDICAL	$5,059,000	–	75,000	–	0.81%	–
CB	New	CHUBB CORP	$4,232,000	–	50,000	–	0.68%	–
GPX	New	GP STRATEGIES	$4,018,000	–	168,684	–	0.65%	–
SYK	New	STRYKER CORP	$3,952,000	–	61,100	–	0.64%	–
LLTC	New	LINEAR TECH	$3,896,000	–	105,756	–	0.63%	–
PCAR	New	PACCAR INC	$3,880,000	–	72,300	–	0.62%	–
GS	New	GOLDMAN SACHS	$3,740,000	–	24,725	–	0.60%	–
CA	New	CA INC	$3,721,000	–	130,000	–	0.60%	–
MCK	New	MCKESSON CORP	$3,710,000	–	32,400	–	0.60%	–
ABC	New	AMERISOURCEBERGEN	$3,685,000	–	66,000	–	0.59%	–
SM	New	SM ENERGY	$3,377,000	–	56,300	–	0.54%	–
DRC	New	DRESSER-RAND GRP	$3,239,000	–	54,000	–	0.52%	–
ACM	New	AECOM TECH	$3,179,000	–	100,000	–	0.51%	–
MDT	New	MEDTRONIC INC	$3,088,000	–	60,000	–	0.50%	–
MPX	New	MARINE PRODUCTS	$2,320,000	–	289,300	–	0.37%	–
BXP	New	BOSTON PROPRT	$2,141,000	–	20,300	–	0.34%	–
CSX	New	CSX CORPORATION	$2,116,000	–	91,250	–	0.34%	–
MANT	New	MANTECH INTL	$2,090,000	–	80,000	–	0.34%	–
HRB	New	H&R BLOCK	$2,045,000	–	73,700	–	0.33%	–
HCN	New	HEALTH CARE REIT	$2,011,000	–	30,000	–	0.32%	–
APC	New	ANADARKO PETROL	$1,933,000	–	22,500	–	0.31%	–
DNRCQ	New	DENBURY RESRCES	$1,905,000	–	110,000	–	0.31%	–
JCI	New	JOHNSON CONTROLS	$1,876,000	–	52,425	–	0.30%	–
CACI	New	CACI INTL	$1,841,000	–	29,000	–	0.30%	–
DUCK	New	ALCO STORES	$1,795,000	–	161,700	–	0.29%	–
MORN	New	MORNINGSTAR	$1,784,000	–	23,000	–	0.29%	–
FWLT	New	FOSTER WHEELER	$1,737,000	–	80,000	–	0.28%	–
TCO	New	TAUBMAN CENTERS	$1,653,000	–	22,000	–	0.27%	–
WLL	New	WHITING PETROL	$1,383,000	–	30,000	–	0.22%	–
NFX	New	NEWFIELD EXPL	$1,207,000	–	50,510	–	0.19%	–
PHH	New	PHH CORP	$1,003,000	–	49,230	–	0.16%	–
EQR	New	EQUITY RESIDENTL	$824,000	–	14,200	–	0.13%	–
PSB	New	PS BUSINESS PARKS	$592,000	–	8,200	–	0.10%	–
BRKA	New	BERKSHIRE HATH A	$337,000	–	2	–	0.05%	–

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