13F Tracker 9-30-13

13F Tracker
9/30/2013
12 West Capital Management
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
FleetCor Technologies, Inc.

Tripadvisor, Inc.
UTi Worldwide Inc.
Masonite International Corp.
Ascent Capital Group, Inc. Class A
Macquarie Infrastructure Company LLC
Blount International, Inc.
A. M. Castle & Co.
Aegean Marine Petroleum Network Inc.
Casella Waste Systems, Inc. Class A
New Positions
Name
6/30/2013
AUM Profiled:
Ticker
FLT
TRIP
UTIW
DOOR
ASCMA
MIC
BLT
CAS
ANW
CWST
Ticker
1 Masonite International Corp.

DOOR
2 Shenandoah Telecommunications Company SHEN
3 Idenix Pharmaceuticals, Inc.
IDIX
Increased Positions
Name
1 Tripadvisor, Inc.
2 Diana Shipping Inc.
Decreased Positions
Name
1 Tripadvisor, Inc.
2 Libbey Inc.
Closed Positions
Name
1
2
3
4
NetSpend Holdings, Inc.

SHFL entertainment, Inc.
Derma Sciences, Inc.
Craft Brew Alliance
Abrams Bison Investments

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
General Dynamics Corporation

Signet Jewelers Limited
Foster Wheeler AG
Pioneer Natural Resources Company
Aon plc
The Bank of New York Mellon Corporation
RenaissanceRe Holdings Ltd.
Pfizer Inc.
Dell Inc.
New Positions
Name
Ticker
TRIP
DSX
Ticker
% Port
25.4%
12.4%
10.9%
10.6%
6.5%
6.3%
6.0%
4.7%
3.7%
3.0%
% Port
10.6%
2.7%
1.3%
as % Port
1.6%
0.1%
as % Port
TRIP
LBY
(8.9)%
(0.3)%
Ticker
% Port
NTSP
SHFL
DSCI
BREW
15.0%
2.9%
1.8%
0.5%
Price change
to today
q/q
11.4%
15.4%
3.4%
3.2%
3.9%
0.9%
17.4%
(13.9)%
(14.5)%
2.3%
35.5%
24.6%
(8.3)%
(5.9)%
3.3%
0.2%
2.5%
2.2%
28.1%
33.4%
Price change
to today
q/q
3.2%
(3.7)%
4.0%
(5.9)%
44.5%
43.8%
Price change
to today
q/q
15.4%
(5.6)%
24.6%
20.2%
Price change
to today
q/q
15.4%
(4.9)%
24.6%
(0.8)%
Price change
to today
q/q
1.0%
(4.7)%
23.2%
29.7%
(7.3)%
63.1%
HMA
4
12
48
21
6
19
91
45
67
10
HMA
21
52
24
HMA
12
50
HMA
12
5
HMA
10
26
11
2
ROIC
5.4%
7.3%
1.0%
0.6%
0.8%
1.1%
3.5%
(0.3)%
1.0%
2.0%
ROIC
0.6%
2.9%
(16.3)%
ROIC
7.3%
(0.1)%
ROIC
7.3%
3.5%
ROIC
10.0%
4.0%
(7.4)%
2.7%
Mkt Cap
10,092
12,436
1,637
1,448
1,184
2,888
702
324
479
235
Mkt Cap
1,448
557
723
Mkt Cap
12,436
944
Mkt Cap
12,436
480
Mkt Cap
204
314
EV
11,156
12,677
1,888
1,792
2,529
3,754
1,117
540
1,070
734
EV
1,792
728
573
EV
12,677
1,016
EV
12,677
895
EV
1,222
1,300
178
323
EV/Sales EV/EBITDA
12.0x
12.2x
0.4x
1.0x
6.0x
3.6x
1.1x
0.5x
0.2x
1.5x
21.3x
31.8x
18.4x
17.4x
9.3x
46.6x
8.1x
20.1x
15.7x
7.5x
EV/Sales EV/EBITDA
1.0x
2.5x
416.1x
17.4x
6.0x
EV/Sales EV/EBITDA
12.2x
6.1x
31.8x
15.8x
EV/Sales EV/EBITDA
12.2x
1.1x
31.8x
7.2x
EV/Sales EV/EBITDA
3.5x
4.5x
2.4x
1.5x
14.9x
15.3x
22.3x
P/B
8.6x
15.0x
2.1x
1.8x
2.2x
3.1x
4.4x
1.0x
0.9x
20.1x
P/B
1.8x
2.4x
5.5x
P/B
15.0x
0.7x
P/B
15.0x
9.0x
P/B
4.3x
2.5x
2.8x
AUM Profiled:
Ticker
GD
SIG
GD
FWLT
PXD
AON
BK
RNR
PFE
DELL
Ticker
% Port
19.2%
18.0%
12.9%
12.8%
12.0%
9.4%
7.5%
4.7%
1.9%
1.6%
% Port
Price change
to today
q/q
4.2%
6.8%
4.2%
21.1%
(5.7)%
10.0%
11.4%
4.0%
10.8%
0.8%
11.7%
6.3%
11.7%
21.3%
30.4%
15.7%
7.6%
4.3%
2.6%
3.2%
Price change
to today
q/q
HMA
40
37
40
51
4
2
40
40
18
77
HMA
ROIC
5.5%
0.3%
5.5%
7.5%
2.9%
3.7%
2.3%
ROIC
Mkt Cap
EV
32,128
6,136
32,128
3,129
24,698
24,644
38,636
4,182
206,292
32,064
6,100
32,064
2,825
27,036
29,502
(80,721)
4,397
215,151
19,432
Mkt Cap
EV
EV/Sales EV/EBITDA
1.0x
1.4x
1.0x
0.7x
8.7x
2.3x
(5.5)x
3.3x
3.7x
0.3x
7.5x
11.9x
7.5x
7.9x
28.0x
8.2x
4.9x
EV/Sales EV/EBITDA
P/B
2.5x
2.6x
2.5x
4.4x
3.3x
3.3x
1.1x
1.3x
2.7x
2.3x
P/B
$ 700
P/E
33.7x
50.3x
594.9x
17.1x
23.6x
P/E
20.6x
P/E
50.3x
P/E
50.3x
25.2x
P/E
36.1x
36.1x
154.5x
Manager: Joel Ramin

Business Description
Manages and processes commercial fuel cards
Provides on line travel arrangement services
Provides supply chain services and solutions
Manufactures and wholesales wood doors
Operates as a holding company which through its subsidiary provides alarm monitoring services
Private Equity Fund
Manufactures and markets equipment, replacement, and component parts for agriculture
Distributes metal and plastic products
Supplies and markets refined marine fuel and lubricants
Provides solid waste collection and waste management services
Manufactures and wholesales wood doors
Provides local and long distance wired and wireless telecommunication services
Designs and develops vaccines for viral infections
Provides shipping transportation services
Designs, manufactures, and markets glass tableware
Operates as a holding company
Manufactures, supplies automatic card shuffling and proprietary table games systems for casinos
Manufactures and markets skin care and wound care products
Manufactures brews beer
$ 1,354
P/E
16.7x
18.8x
46.9x
22.4x
16.5x
9.1x
9.8x
18.0x
P/E
Manager: Gavin Abrams

Designs, builds, overhauls and repairs aircraft and submarines
Owns and operates jewelry stores.
Provides engineering services, construction services, and also builds boilers and other related structures
Operates as an oil and gas exploration and production company
Provides insurance brokerage, risk management and human capital consulting services
Operates as a bank holding company
Provides property catastrophe reinsurance and insurance services
Manufactures vaccines and injectable biologic medicines
Designs, develops, manufactures and distributes computer systems
Increased Positions
Name
1
2
3
4

Signet Jewelers Limited
Aon plc
Foster Wheeler AG
Decreased Positions
Name
1
2
3
4

Dell Inc.
The Bank of New York Mellon Corporation
Closed Positions
Name
Aegis Financial
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
WPX Energy, Inc. Class A

Alliance One International, Inc.
Aircastle Limited
Coeur Mining, Inc.
Magnum Hunter Resources Corporation
Tecumseh Products Company Class A
Patterson-UTI Energy, Inc.
Photronics, Inc.
Aspen Insurance Holdings Limited
Delta Apparel, Inc.
New Positions
Name
1
2
3
4
5
6
7
Universal Stainless & Alloy Products, Inc.

Peabody Energy Corporation
Tower Group International Ltd.
McDermott International, Inc.
JetBlue Airways Corporation
Tower Group, Inc. 5.0% 15-SEP-2014
U.S. Global Investors, Inc. Class A
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11

Mercer International Inc.
Mitcham Industries, Inc.
Resolute Forest Products Inc.
AuRico Gold Inc.
Coeur Mining, Inc.
Sypris Solutions, Inc.
Nevsun Resources Ltd.
Patterson-UTI Energy, Inc.
Decreased Positions
Name
Ticker
as % Port
PXD
SIG
AON
FWLT
3.1%
1.7%
1.0%
0.2%
Ticker
as % Port
GD
DELL
BK
GD
(8.2)%
(2.9)%
(2.1)%
(1.9)%
Ticker
% Port
Price change
to today
q/q
(5.7)%
6.8%
10.0%
21.1%
30.4%
6.3%
15.7%
21.3%
Price change
to today
q/q
4.2%
0.8%
11.4%
4.2%
11.7%
3.2%
7.6%
11.7%
Price change
to today
q/q
HMA
4
37
2
51
HMA
40
77
40
40
HMA
ROIC
2.9%
0.3%
7.5%
ROIC
5.5%
2.3%
5.5%
ROIC
Mkt Cap
24,698
6,136
24,644
3,129
Mkt Cap
32,128
38,636
32,128
Mkt Cap
EV
EV/Sales EV/EBITDA
27,036
6,100
29,502
2,825
EV
8.7x
1.4x
2.3x
0.7x
28.0x
11.9x
7.9x
EV/Sales EV/EBITDA
32,064
19,432
(80,721)
32,064
EV
1.0x
0.3x
(5.5)x
1.0x
7.5x
4.9x
7.5x
EV/Sales EV/EBITDA
P/B
3.3x
2.6x
3.3x
4.4x
P/B
2.5x
2.3x
1.1x
2.5x
P/B
AUM Profiled:
Ticker
WPX
AOI
AYR
CDE
MHR
TECUA
PTEN
PLAB
AHL
DLA
Ticker
USAP
BTU
TWGP
MDR
JBLU
% Port
5.7%
4.0%
3.9%
3.9%
3.6%
3.5%
3.3%
3.1%
2.9%
2.8%
% Port
GROW
2.3%
2.1%
1.9%
1.8%
1.0%
0.8%
0.3%
Ticker
as % Port
WPX
MERC
TECUA
AOI
MIND
RFP
AUQ
CDE
SYPR
NSU
PTEN
0.8%
0.7%
0.6%
0.4%
0.4%
0.4%
0.4%
0.3%
0.2%
0.2%
0.1%
Ticker
as % Port
Price change
to today
q/q
(1.6)%
6.5%
5.5%
(13.7)%
17.0%
(2.8)%
10.4%
7.7%
12.1%
4.1%
1.7%
(23.4)%
8.9%
(9.4)%
69.0%
(18.1)%
10.5%
(2.7)%
(2.2)%
17.4%
Price change
to today
q/q
6.8%
6.1%
(42.6)%
6.3%
31.3%
8.6%
(14.3)%
9.2%
17.8%
(65.9)%
(9.2)%
6.0%
(19.8)%
35.5%
Price change
to today
q/q
(1.6)%
39.4%
(2.8)%
6.5%
10.4%
22.5%
(5.2)%
(13.7)%
(11.5)%
2.2%
10.4%
1.7%
8.7%
(18.1)%
(23.4)%
(8.9)%
0.4%
(12.8)%
(9.4)%
(2.8)%
7.5%
10.5%
Price change
to today
q/q
HMA
18
59
27
93
43
29
63
32
41
39
HMA
35
90
67
92
69
ROIC
(1.7)%
2.8%
1.7%
(0.6)%
(3.4)%
0.1%
3.7%
1.4%
0.2%
ROIC
(0.7)%
1.0%
(2.5)%
3.1%
96
HMA
18
43
29
59
54
30
93
93
63
76
63
HMA
ROIC
(1.7)%
1.4%
0.1%
2.8%
(1.2)%
1.2%
0.5%
(0.6)%
(1.4)%
1.4%
3.7%
ROIC
Mkt Cap
3,805
272
1,483
1,046
1,234
161
3,405
518
2,669
136
Mkt Cap
EV
EV/Sales EV/EBITDA
5,582
1,636
4,344
1,145
2,477
177
3,924
558
291
241
EV
1.9x
0.7x
6.3x
1.7x
8.2x
0.2x
1.3x
1.2x
(0.0)x
0.6x
EV/Sales EV/EBITDA
240
4,941
231
1,869
2,470
334
10,386
527
1,724
4,896
1.7x
1.4x
0.8x
0.5x
0.8x
38
19
1.4x
Mkt Cap
3,805
552
161
272
217
1,530
891
1,046
56
646
3,405
Mkt Cap
EV
5,582
1,333
177
1,636
194
1,877
977
1,145
57
520
3,924
EV
7.6x
10.1x
7.0x
5.7x
35.3x
25.2x
3.9x
4.8x
19.7x
8.0x
51.6x
6.9x
0.7x
1.0x
0.9x
0.5x
6.7x
0.8x
1.2x
0.9x
0.8x
1.0x
P/B
1.2x
1.1x
0.2x
1.1x
1.2x
46.9x
16.7x
22.4x
18.8x
P/E
18.0x
16.5x
P/E
7.6x
9.8x
25.2x
10.1x
4.9x
4.3x
20.4x
5.7x
5.6x
3.7x
3.9x
EV/Sales EV/EBITDA
P/B
0.7x
1.5x
0.8x
1.0x
1.2x
0.6x
0.5x
0.5x
1.1x
1.0x
1.2x
P/B
Owns and operates jewelry stores.
Provides engineering services, construction services, and also builds boilers and other related structures
$ 328
P/E
60.0x
13.7x
29.7x
12.7x
22.2x
P/E
17.9x
1.0x
EV/Sales EV/EBITDA
1.9x
1.1x
0.2x
0.7x
2.0x
0.4x
4.3x
1.7x
0.2x
2.0x
1.3x
P/B
P/E
Manager: Scott Barbee

Engages in the exploration and production of petroleum and gas reserves

Engages in purchasing, processing, packing, storing and shipping tobacco to manufacturers of cigarettes and o
Owns and leases commercial aircraft
Engages in the development and exploration of silver and gold mining properties
Engages in the acquisition, development and production of crude oil, natural gas and natural gas liquids
Manufactures and sells hermetic compressors for air conditioning and refrigeration
Provides onshore contract drilling and pressure pumping services
Manufactures and distributes photomasks used in making semiconductors
Provides insurance and reinsurance services
Designs and manufactures branded activewear apparel, headwear and private label programs
Manufactures and markets semi-finished and finished specialty steel products
Mines and markets low-sulfur coal
Operates as a holding company with the interest in insurance services
Provides engineering, construction and project management services to the oil and gas industry
Provides passenger air transportation services
Provides mutual fund management services
P/E
28.7x
16.7x
13.7x
P/E

Manufactures and sells pulp
Leases and sells geophysical and other equipment
Produces and recycles paper, pulp and lumber
Explores gold and silver
Designs and manufactures aerospace and defense electronics, truck components and assemblies
Explores gold and base metal products
Provides onshore contract drilling and pressure pumping services
1
2
3
4
5
6
7
8
9
10
Rubicon Technology, Inc.

RBCN
Century Casinos, Inc.
CNTY
EPL Oil & Gas, Inc.
EPL
Bassett Furniture Industries, Inc.
BSET
Alliance One International, Inc. 5.5% 15-JUL-2014
Sanmina-SCI Corporation
SANM
Core-Mark Holding Company, Inc.
CORE
California First National Bancorp
CFNB
Aspen Insurance Holdings Limited
AHL
White Mountains Insurance Group, Ltd.
WTM
Closed Positions
Name
1 American Pacific Corporation
2 American Greetings Corporation Class A
3 Unifi, Inc.
Akre Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
MasterCard Incorporated Class A

Moody's Corporation
Colfax Corporation
American Tower Corporation
Markel Corporation
Dollar Tree, Inc.
Ross Stores, Inc.
O'Reilly Automotive, Inc.
DIRECTV
Visa Inc. Class A
New Positions
Name
1 Equinix, Inc.
2 The Williams Companies, Inc.
Increased Positions
Name
1 American Tower Corporation
2 Markel Corporation
3 MarkWest Energy Partners, L.P.
Decreased Positions
Name
1
2
3
4
DIRECTV
The Hartford Financial Services Group, Inc.
Ross Stores, Inc.
NuStar Energy L.P.
Closed Positions
Name
Ticker
APFC
AM
UFI
% Port
2.5%
1.2%
0.3%
(17.6)%
(12.2)%
(22.1)%
(6.5)%
1.1%
(13.3)%
9.6%
(7.1)%
12.1%
6.4%
51.9%
65.3%
26.4%
4.2%
(2.0)%
21.9%
4.6%
3.5%
(2.2)%
(1.3)%
Price change
to today
q/q
(25.5)%
93.2%
18.0%
13.0%
54
39
29
27
(4.3)%
1.2%
4.3%
0.5%
226
121
1,128
165
189
114
1,734
131
4.7x
1.4x
3.0x
0.4x
27
7
28
41
33
2.9%
4.5%
1.5%
1,278
839
166
2,669
3,729
1,557
868
60
291
3,786
0.3x
0.1x
2.8x
(0.0)x
1.6x
HMA
6
74
2
ROIC
9.1%
6.0%
2.5%
Mkt Cap
324
527
EV
328
817
644
10.2x
4.3x
7.7x
8.8x
EV/Sales EV/EBITDA
1.1x
0.4x
0.8x
5.0x
4.2x
11.0x
1.1x
1.0x
1.8x
1.0x
19.7x
12.1x
7.5x
Manufactures semiconductor related devices

Owns and operates hotels, restaurants and casinos
Explores and produces oil and natural gas
Manufactures, retails, and imports home furnishings
1.2x
2.0x
0.9x
0.8x
1.0x
19.1x
21.3x
23.4x
12.7x
13.1x
Provides integrated electronics manufacturing services

Distributes packaged consumer products
Operates as holding company
Provides insurance and reinsurance services
Provides property and casualty insurance services
P/B
3.8x
1.8x
AUM Profiled:
Ticker
MA
MCO
CFX
AMT
MKL
DLTR
ROST
ORLY
DTV
V
Ticker
% Port
11.4%
10.4%
9.4%
8.9%
7.7%
5.9%
4.8%
4.5%
4.3%
4.1%
% Port
EQIX
WMB
1.0%
0.0%
Ticker
as % Port
AMT
MKL
MWE
2.9%
2.3%
0.5%
Ticker
as % Port
DTV
HIG
ROST
NS
(4.0)%
(2.3)%
(0.3)%
(0.1)%
Ticker
% Port
1 Sears Holdings Corporation

SHLD
2 America Movil SAB de CV Sponsored ADR Class
AMX
L
3 Bank of America Corporation
BAC
Ancient Art, LP
(1.5)%
(1.2)%
(0.8)%
(0.6)%
(0.5)%
(0.4)%
(0.3)%
(0.2)%
(0.1)%
(0.1)%
0.6%
0.5%
0.5%
Price change
to today
q/q
12.4%
6.3%
4.1%
5.5%
8.1%
(2.9)%
2.6%
(2.4)%
12.0%
7.3%
17.1%
15.4%
8.4%
1.3%
(1.7)%
12.4%
12.3%
13.3%
(3.0)%
4.6%
Price change
to today
q/q
(13.1)%
(3.2)%
(0.6)%
12.0%
Price change
to today
q/q
5.5%
8.1%
(6.0)%
1.3%
(1.7)%
8.0%
Price change
to today
q/q
12.0%
14.9%
2.6%
27.7%
(3.0)%
0.6%
12.3%
(12.1)%
Price change
to today
q/q
1.2%
14.9%
14.0%
41.4%
(8.9)%
7.3%
HMA
5
44
36
37
58
6
6
4
49
3
HMA
53
12
HMA
37
58
11
HMA
49
42
6
51
HMA
20
74
58
ROIC
13.3%
3.0%
2.3%
10.8%
13.7%
8.9%
9.3%
ROIC
2.0%
2.2%
ROIC
2.3%
0.2%
ROIC
9.3%
13.7%
1.4%
ROIC
(7.2)%
5.0%
Mkt Cap
EV
91,020
16,074
5,990
30,865
7,816
11,547
16,184
13,369
36,750
159,755
92,505
16,736
7,891
39,684
5,411
12,947
15,755
14,760
54,485
126,934
Mkt Cap
7,885
24,043
Mkt Cap
30,865
7,816
10,218
Mkt Cap
36,750
15,983
16,184
3,989
EV
11,947
38,176
EV
39,684
5,411
13,297
EV
54,485
(6,129)
15,755
6,449
Mkt Cap
EV
6,408
53,252
167,778
10,435
119,474
366,434
EV/Sales EV/EBITDA
5.3x
1.9x
11.9x
1.3x
1.7x
1.6x
2.3x
1.6x
10.0x
12.1x
14.5x
19.5x
11.6x
10.4x
12.0x
6.4x
14.6x
16.8x
EV/Sales EV/EBITDA
11.9x
1.3x
8.8x
19.5x
24.1x
EV/Sales EV/EBITDA
1.6x
(0.3)x
1.6x
1.5x
P/B
3.2x
4.9x
P/B
8.7x
1.2x
3.1x
P/B
6.4x
10.4x
12.7x
EV/Sales EV/EBITDA
0.3x
1.8x
3.5x
11.9x
57.1x
2.6x
8.7x
1.2x
12.0x
8.4x
6.6x
4.9x
EV/Sales EV/EBITDA
6.3x
5.5x
P/B
P/E
8.3x
8.1x
20.5x
P/B
P/E
26.6x
20.9x
42.5x
50.4x
22.9x
21.4x
19.8x
22.1x
11.5x
25.2x
Manager: Charles Akre

Provides credit card services
Provides credit rating, research and risk analysis covering debt instruments services
Manufactures fluid handling and industrial positioning products
Owns and operates wireless and broadcast communication sites
Owns and operates discount variety stores
Operates discount clothing chains & sells closeout merchandise
Specialty retailer and supplier of auto parts, tools, supplies, and accessories
Provides digital television entertainment services
P/E
115.0x
41.4x
Operates networked data centers

Explores, produces, transports, sells and processes natural gas and petroleum products
P/E
50.4x
22.9x
150.5x
Owns and operates wireless and broadcast communication sites

Processes, transports, and stores natural gas
P/E
19.8x
66.3x
P/E
3.4x
5.1x
0.8x
12.8x
21.2x
AUM Profiled:
$ 386
5.4x
Manufacturers and supplies fine chemicals, specialty chemicals and propulsion products
Designs and publishes greeting cards
Produces and processes multi-filament polyester and nylon textured yarns
$ 2,343
11.5x
0.8x
8.4x
1.7x

Provides insurance and wealth management services
Operates discount clothing chains & sells closeout merchandise
Operates crude oil terminals and storage facilities
Operates as a holding company with interests in retail operations
Provides wireless telecommunications services
Bank holding company
Manager: Quincy Lee
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Interactive Brokers Group, Inc. Class A

Prestige Brands Holdings, Inc.
American International Group, Inc.
Alere Inc.
Liberty Global Plc Class A
Teekay Corporation
GenCorp Inc.
Google Inc. Class A
Post Holdings, Inc.
Charter Communications, Inc. Class A
New Positions
Name
1
2
3
4
5
Liberty Global Plc Class A

GenCorp Inc.
Sesa Sterlite Ltd Sponsored ADR
Market Vectors Junior Gold Miners ETF
Liberty Global Plc Class C
Increased Positions
Name
1
2
3
4
5
6
7
Micron Technology, Inc.

Post Holdings, Inc.
Express Scripts Holding Company
Interactive Brokers Group, Inc. Class A
Alaska Air Group, Inc.
Quality Distribution, Inc.
DFC Global Corp.
Decreased Positions
Name
1
2
3
4
5
6
7
Teekay Corporation
Google Inc. Class A
General Motors Company
Apple Inc.
Closed Positions
Name
1
2
3
4
5
6
7
8
Credit Acceptance Corporation

E*TRADE Financial Corporation
Taro Pharmaceutical Industries Ltd.
National Oilwell Varco, Inc.
Market Vectors Junior Gold Miners ETF
American Public Education, Inc.
HEICO Corporation
Twenty-First Century Fox, Inc. Class A
Baker Street Capital Management

Top 10 Holdings
Name
Ticker
IBKR
PBH
AIG
ALR
LBTYA
TK
GY
GOOG
POST
CHTR
Ticker
% Port
14.0%
7.6%
6.8%
6.4%
6.1%
5.0%
4.9%
4.7%
4.5%
4.4%
% Port
LBTYA
GY
SSLT
GDXJ
LBTYK
6.1%
4.9%
0.8%
0.7%
0.3%
Ticker
as % Port
MU
POST
ESRX
IBKR
ALK
QLTY
DLLR
3.1%
2.9%
1.0%
0.9%
0.6%
0.2%
0.1%
Ticker
as % Port
TK
CHTR
GOOG
GM
AAPL
AIG
PBH
(4.4)%
(2.1)%
(1.6)%
(1.1)%
(0.9)%
(0.4)%
(0.3)%
Ticker
% Port
CACC
ETFC
TARO
NOV
GDXJ
APEI
HEI
FOXA
3.2%
3.1%
1.3%
1.2%
0.7%
0.7%
0.3%
0.2%
Ticker
SHLD
SHLD
% Port
71.8%
15.4%
Price change
to today
q/q
33.1%
15.1%
2.2%
7.0%
7.2%
3.4%
12.4%
20.4%
24.0%
(1.5)%
17.5%
3.4%
8.8%
24.8%
8.0%
5.2%
(1.4)%
(0.5)%
(7.5)%
8.8%
Price change
to today
q/q
7.2%
12.4%
2.5%
(25.7)%
7.3%
8.0%
(1.4)%
15.8%
11.2%
11.1%
Price change
to today
q/q
21.8%
24.0%
8.5%
33.1%
22.9%
34.1%
(12.6)%
21.9%
(7.5)%
0.1%
17.5%
20.4%
4.5%
(20.4)%
Price change
to today
q/q
3.4%
(1.5)%
20.4%
8.7%
15.6%
2.2%
15.1%
5.2%
8.8%
(0.5)%
8.0%
20.2%
8.8%
3.4%
Price change
to today
q/q
14.3%
9.7%
25.9%
4.6%
(25.7)%
20.5%
2.6%
0.1%
5.5%
30.3%
36.0%
13.4%
11.2%
1.7%
34.5%
16.5%
Price change
to today
q/q
1.2%
1.2%
41.4%
41.4%
HMA
58
5
71
51
19
2
24
64
36
4
HMA
ROIC
3.6%
0.7%
1.2%
0.6%
3.6%
4.3%
1.2%
1.6%
ROIC
19
24
1.2%
3.6%
6.1%
19
1.2%
HMA
7
36
83
58
4
21
98
HMA
2
4
64
8
83
71
5
HMA
ROIC
2.0%
1.2%
2.7%
10.7%
2.9%
ROIC
0.6%
1.6%
4.3%
3.7%
7.8%
3.6%
ROIC
22
31
3
60
13.1%
3.7%
87
3
7
9.8%
5.9%
3.3%
HMA
20
20
ROIC
(7.2)%
(7.2)%
Mkt Cap
EV
1,248
1,775
73,389
2,678
34,015
3,125
1,097
352,288
1,637
13,821
(5,418)
2,763
56,009
6,781
75,158
11,104
2,002
306,441
2,486
27,925
Mkt Cap
34,015
1,097
1,033
32,364
Mkt Cap
22,373
1,637
54,013
1,248
5,350
334
373
EV
75,158
2,002
11,285
EV
27,448
2,486
67,548
(5,418)
4,887
722
1,223
EV
3,125
13,821
352,288
54,323
495,963
73,389
1,775
11,104
27,925
306,441
76,885
477,554
56,009
2,763
Mkt Cap
EV
Mkt Cap
6,408
6,408
(5.1)x
4.0x
0.9x
2.2x
5.6x
5.9x
1.5x
4.3x
2.2x
3.6x
11.5x
10.1x
12.7x
16.5x
20.4x
14.0x
11.3x
10.3x
EV/Sales EV/EBITDA
5.6x
1.5x
12.7x
20.4x
73,514
Mkt Cap
2,948
5,198
4,283
34,972
1,033
804
2,952
76,509
EV/Sales EV/EBITDA
EV/Sales EV/EBITDA
2.1x
2.2x
0.6x
(5.1)x
0.8x
0.7x
1.2x
8.6x
11.3x
9.5x
4.5x
8.2x
4.2x
1.1x
226.6x
P/B
P/E
21.8x
18.4x
23.1x
7.5x
25.3x
139.2x
P/E
2.8x
7.5x
5.3x
5.9x
3.6x
4.3x
0.5x
2.4x
0.9x
4.0x
16.5x
10.3x
14.0x
13.4x
7.4x
11.5x
EV/Sales EV/EBITDA
670
4,198
91,884
1.6x
3.6x
3.5x
2.4x
1.1x
2.3x
1.9x
3.0x
P/B
2.6x
226.6x
4.2x
1.9x
4.0x
0.7x
3.3x
P/B
Provides cable television and internet services
Develops, manufactures, and markets solid and liquid rocket propulsion systems and defense products
Provides mining services
Exchange Traded Fund
Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS
Manufactures markets and distributes branded ready-to-eat cereals
Provides pharmacy benefit management services
Operates as a investment holding company with interests in security brokerage services
Provides air transportation services
Provides bulk transportation services
Provides financial services serving under-banked consumers
P/E
25.3x
15.5x
12.2x
23.1x
18.4x
P/E
6.7x
8.5x
6.1x
16.3x
15.1x
4.0x
5.1x
4.5x
14.7x
25.2x
12.8x
AUM Profiled:
$ 580
3.4x
3.4x
Operates as a investment holding company with interests in security brokerage services

Markets over-the-counter drugs, household cleaning and personal care products
Operates as a global insurance company, which provides property casualty insurance, life insurance, retireme
Develops and distributes consumer and professional medical diagnostic products and software
Provides crude oil and petroleum product transportation services
Operates an Internet portal and search index website
12.3x
139.2x
27.6x
21.8x
9.4x
10.9x
P/B
P/E
4.2x
1.1x
4.1x
1.6x
EV/Sales EV/EBITDA
0.3x
0.3x
P/B
0.8x
EV/Sales EV/EBITDA
5.8x
4.9x
3.8x
1.6x
EV
1.9x
3.3x
0.7x
1.8x
2.8x
2.6x
2.7x
4,264
10,265
3,607
36,069
10,435
10,435
P/B
11.6x
14.3x
P/E
Provides crude oil and petroleum product transportation services

Develops, manufactures and markets cars, trucks and parts
Designs, develops, and manufactures microprocessor based personal computers
Provides auto loan products and services
Provides online stock brokerage and investing services
Develops, manufactures and markets pharmaceutical products
Manufactures and distributes oil and gas field machinery and equipment
Provides online post-secondary education
Designs, manufactures and markets aerospace products and services
Engages in television broadcasting and movie production
Manager: Vadim Perelman

3 Xyratex Ltd
4 Hollywood Media Corp.
New Positions
Name
Increased Positions
Name
XRTX
HOLL
Ticker
Ticker
SHLD
11.9%
1.0%
(8.0)%
(9.6)%
10.6%
24.6%
65
48
1.4%
(5.6)%
282
34
% Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
56.4%
1.2%
41.4%
20
(7.2)%
6,408
206
9
0.2x
25.5x
12.0x
0.9x
1.1x
3.0x
Provides online data storage and network services

Engages in the business of advertising, book development license fees and royalties
EV
EV/Sales EV/EBITDA
P/B
P/E
EV
EV/Sales EV/EBITDA
P/B
P/E
10,435
0.3x
3.4x
Decreased Positions
Name
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Closed Positions
Name
Ticker
% Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
SHOS
2.8%
1 Sears Hometown & Outlet Stores, Inc.
Bares Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Actuant Corporation Class A

The Corporate Executive Board Company
Colfax Corporation
The Middleby Corporation
XPO Logistics, Inc.
Masimo Corporation
INTL FCStone Inc.
Winmark Corporation
Post Holdings, Inc.
New Positions
Name
1 America's Car-Mart, Inc.
2 Walgreen Co.
Increased Positions
Name
1
2
3
4
5
6
7
Post Holdings, Inc.

XPO Logistics, Inc.
RealD Inc.
Reis, Inc.
Cherokee Inc.
Vanguard FTSE Emerging Markets ETF
Capital Southwest Corporation
Decreased Positions
Name
1
2
3
4
5
6
7
8
Interactive Intelligence Group, Inc.

Masimo Corporation
Morningstar, Inc.
Colfax Corporation
Hallmark Financial Services, Inc.
INTL FCStone Inc.
(4.0)%
(27.4)%
69
2.6%
707
717
0.4x
12.6x
1.2x
AUM Profiled:
Ticker
ATU
CEB
CFX
MIDD
APEI
XPO
MASI
INTL
WINA
POST
Ticker
% Port
8.4%
8.0%
7.4%
6.6%
6.3%
6.1%
5.9%
5.8%
5.7%
5.7%
% Port
CRMT
WAG
2.5%
0.0%
Ticker
as % Port
POST
XPO
RLD
REIS
CHKE
VWO
CSWC
3.3%
2.3%
1.3%
0.5%
0.1%
0.1%
0.1%
Ticker
as % Port
ININ
APEI
MASI
MORN
CFX
HALL
INTL
MIDD
(4.9)%
(3.2)%
(1.6)%
(1.2)%
(0.4)%
(0.2)%
(0.2)%
(0.2)%
Price change
to today
q/q
(0.5)%
(0.2)%
4.1%
5.6%
20.5%
7.8%
7.4%
(0.1)%
14.7%
24.0%
17.8%
14.9%
8.4%
22.8%
1.7%
19.8%
25.7%
17.2%
13.6%
(7.5)%
Price change
to today
q/q
(9.3)%
9.9%
4.3%
21.7%
Price change
to today
q/q
24.0%
7.8%
21.6%
10.9%
10.6%
1.4%
(2.7)%
(7.5)%
19.8%
(49.6)%
(12.6)%
1.8%
3.5%
(0.7)%
Price change
to today
q/q
(0.3)%
20.5%
7.4%
4.3%
4.1%
6.0%
(0.1)%
5.6%
23.0%
1.7%
25.7%
2.2%
8.4%
(3.0)%
17.2%
22.8%
HMA
23
32
36
19
87
29
68
91
12
36
HMA
39
39
HMA
36
29
88
7
75
ROIC
3.7%
5.2%
3.0%
6.2%
9.8%
(4.0)%
6.6%
28.0%
1.2%
ROIC
3.8%
ROIC
1.2%
(4.0)%
(1.4)%
1.7%
15.0%
62
HMA
19
87
68
41
36
87
91
19
ROIC
2.4%
9.8%
6.6%
5.9%
3.0%
6.2%
Mkt Cap
2,822
2,436
5,990
4,214
804
713
1,617
393
434
1,637
Mkt Cap
369
55,944
Mkt Cap
1,637
713
422
195
121
56,186
508
Mkt Cap
1,268
804
1,617
3,798
5,990
181
393
4,214
EV
3,303
2,900
7,891
4,642
670
655
1,552
(1,451)
436
2,486
EV
491
59,708
EV
EV/Sales EV/EBITDA
2.4x
3.6x
1.9x
3.3x
1.6x
1.1x
2.7x
(3.1)x
6.9x
2.2x
0.7x
12.8x
11.3x
9.7x
EV/Sales EV/EBITDA
2.2x
1.1x
1.9x
5.1x
4.3x
439
45.1x
1,257
670
1,552
3,503
7,891
16
(1,451)
4,642
14.3x
EV/Sales EV/EBITDA
2,486
655
449
195
133
EV
12.4x
15.0x
14.5x
16.0x
6.1x
11.3x
12.8x
19.7x
8.7x
EV/Sales EV/EBITDA
4.2x
1.6x
2.7x
4.9x
1.9x
0.0x
(3.1)x
3.3x
55.1x
6.1x
14.3x
15.7x
14.5x
16.0x
P/B
2.6x
20.7x
2.6x
5.4x
4.0x
1.7x
5.2x
1.2x
13.1x
1.1x
P/B
1.8x
2.9x
P/B
23.9x
Sells home appliances, hardware, tools and lawn and garden equipment
$ 1,073
P/E
87.1x
93.1x
42.5x
27.7x
14.7x
Manager: Brian Bares

24.0x
13.0x
25.2x
139.2x
Manufactures and markets industrial hydraulic and electrical tools and engineered motion control systems
Provides authoritative data, tools, best practices research and peer insights to enterprises
Manufactures and sells commercial food service and food service equipment
Provides logistics and other transportation services
Develops, licenses and markets medical signal processing technologies
Provides security brokerage and advisory services
Franchises retail brands that buy, sell, trade and consign used and new merchandise
P/E
14.5x
18.8x
Retails, sells and finances used vehicles

Operates a chain of drug stores and pharmacies
P/E
1.1x
1.7x
2.8x
2.6x
7.2x
139.2x
0.7x
4.3x

Provides logistics and other transportation services
Develops 3D visualization and stereoscopic technologies
Provides commercial real estate performance information and analysis
Markets and manages various brands in various consumer product categories
Private Equity Fund
P/B
7.5x
4.0x
5.2x
5.0x
2.6x
0.8x
1.2x
5.4x
21.8x
16.5x
P/E
158.7x
14.7x
24.0x
31.0x
42.5x
26.1x
13.0x
27.7x
Develops communications and interaction management software

Develops, licenses and markets medical signal processing technologies
Provides financial data and investment advice through the Internet
Engages in the sale of property and casualty insurance products
Provides security brokerage and advisory services
Closed Positions
Name
1 Abaxis, Inc.
2 National Research Corporation Class B
3 Interval Leisure Group, Inc.
Baupost Group
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10

Theravance, Inc.
ViaSat, Inc.
BP p.l.c. Sponsored ADR
Idenix Pharmaceuticals, Inc.
Rovi Corporation
Oracle Corporation
Citigroup Inc Warrants 2011-4.1.19 on Shs
Chipmos Technologies (Bermuda) Ltd.
NovaGold Resources Inc.
New Positions
Name
1 PBF Energy, Inc. Class A
Increased Positions
Name
1
2
3
4

Theravance, Inc.
Idenix Pharmaceuticals, Inc.
Chipmos Technologies (Bermuda) Ltd.
Decreased Positions
Name
1
2
3
4
BP p.l.c. Sponsored ADR

Central Pacific Financial Corp.
Ituran Location & Control Ltd.
Closed Positions
Name
1 American International Group, Inc.
2
3 Yamana Gold Inc.
BHR Capital
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
Ticker
% Port
ABAX
NRCIB
IILG
0.7%
0.1%
0.1%
Price change
to today
q/q
(15.1)%
13.0%
16.0%
(11.4)%
(14.5)%
18.6%
HMA
49
5
7
ROIC
3.1%
7.7%
5.8%
Mkt Cap
796
816
1,571
EV
722
823
1,670
EV/Sales EV/EBITDA
4.6x
25.5x
3.0x
9.4x
P/B
4.3x
12.1x
4.8x
AUM Profiled:
Ticker
MU
THRX
VSAT
BP
IDIX
ROVI
ORCL
C.WA
IMOS
NG
Ticker
PBF
% Port
32.0%
21.6%
20.0%
6.7%
4.4%
3.4%
2.3%
2.0%
1.7%
1.4%
% Port
0.6%
Ticker
as % Port
MU
THRX
IDIX
IMOS
11.2%
2.3%
0.4%
0.3%
Ticker
as % Port
BP
CPF
ITRN
AOI
(15.6)%
(0.4)%
(0.3)%
(0.1)%
Ticker
% Port
AIG
11.2%
2.0%
0.8%
AUY
Price change
to today
q/q
21.8%
(7.4)%
(7.0)%
11.0%
4.0%
(2.7)%
5.8%
(6.4)%
14.4%
(4.7)%
21.9%
6.1%
(10.9)%
0.7%
43.8%
(16.1)%
8.0%
(4.8)%
(7.1)%
10.0%
Price change
to today
q/q
30.2%
(13.3)%
Price change
to today
q/q
21.8%
(7.4)%
4.0%
14.4%
21.9%
6.1%
43.8%
(7.1)%
Price change
to today
q/q
11.0%
9.9%
7.5%
6.5%
0.7%
(1.7)%
9.4%
(23.4)%
Price change
to today
q/q
HMA
7
37
14
89
24
78
84
30
29
82
HMA
52
HMA
7
37
24
29
HMA
89
43
4
59
HMA
2.2%
8.8%
71
(17.6)%
9.4%
93
ROIC
Mkt Cap
EV
2.0%
(9.4)%
(0.0)%
2.5%
(16.3)%
0.6%
4.7%
22,373
4,186
2,689
144,999
723
1,896
159,876
3.7%
(0.9)%
692
700
27,448
3,830
3,345
168,896
573
2,528
149,413
151,539
701
583
ROIC
(3.0)%
ROIC
2.0%
(9.4)%
(16.3)%
3.7%
ROIC
2.5%
12.1%
2.8%
ROIC
1.2%
Mkt Cap
1,157
Mkt Cap
22,373
4,186
723
692
EV
2,846
EV
27,448
3,830
573
701
Mkt Cap
EV
144,999
819
416
272
168,896
865
379
1,636
Mkt Cap
EV
EV/Sales EV/EBITDA
2.1x
466.0x
2.8x
0.4x
416.1x
4.3x
3.6x
8.6x
21.3x
5.0x
13.2x
7.7x
0.9x
EV/Sales EV/EBITDA
0.1x
4.5x
EV/Sales EV/EBITDA
2.1x
466.0x
416.1x
0.9x
8.6x
EV/Sales EV/EBITDA
0.4x
4.2x
2.1x
0.7x
5.0x
6.6x
10.1x
EV/Sales EV/EBITDA
73,389
56,009
0.9x
6,452
7,359
4.3x
8.7x
P/B
Ticker
Six Flags Entertainment Corporation

SIX
American Realty Capital Properties, Inc. Class ARCP
Golar LNG Limited
GLNG
Hornbeck Offshore Services, Inc.
HOS
CBS Corporation Class B
CBS
Roper Industries, Inc.
ROP
LBTYK
American Homes 4 Rent Class A
AMH
Scorpio Tankers Inc.
STNG
% Port
13.7%
8.0%
6.4%
5.8%
5.5%
5.4%
5.0%
4.8%
4.3%
8.8%
9.8%
(5.0)%
(13.0)%
6.4%
(2.3)%
7.3%
1.9%
15.5%
(3.9)%
(20.1)%
18.1%
7.4%
12.9%
7.0%
11.1%
8.7%
HMA
20
42
84
35
3
9
19
51
14
ROIC
13.7%
0.2%
(0.5)%
1.5%
5.1%
3.7%
1.2%
0.1%
Mkt Cap
3,499
2,483
2,882
1,802
35,231
12,895
32,364
3,053
2,160
EV
5,279
4,067
3,348
2,346
42,363
15,170
73,514
2,995
1,214
EV/Sales EV/EBITDA
4.5x
25.4x
19.6x
4.9x
2.7x
4.8x
38.1x
5.5x
12.5x
37.9x
12.2x
10.9x
15.0x
32.1x
50.1x
11.3x
17.4x
P/E
12.3x
1.5x
1.4x
11.0x
P/B
5.7x
13.7x
P/E
1.8x
P/B
2.4x
12.7x
5.5x
1.5x
P/B
1.1x
1.3x
4.5x
1.0x
P/B
Develops, manufactures and markets portable blood analysis systems
Provides market research services for the healthcare industry
Provides vacation membership services
$ 3,499
2.4x
12.7x
2.9x
1.1x
5.5x
1.3x
3.7x
Manager: Seth Klarman

Operates as a biopharmaceutical company
Produces digital satellite communications, other wireless networking and signal processing equipment and pr
Explores, produces, refines, and distributes petroleum, natural gas and related products
Provides managing services for digital content
Designs, develops, markets, and supports a diversified line of business software products
Provides commercial banking services
Manufactures semiconductors and provides IC testing services
Engages in the exploration and development of mineral properties
Operates as petroleum refiners and suppliers
P/E
12.3x
11.0x
P/E
5.7x
4.3x
16.0x
P/E
Manufactures semiconductors and provides IC testing services
Explores, produces, refines, and distributes petroleum, natural gas and related products
Provides location-based services, consisting of stolen vehicle recovery, tracking services
0.7x
23.1x
0.8x
24.8x
Engages in acquisition, exploration and development of gold properties
AUM Profiled:
Price change
to today
q/q
P/E
P/B
8.6x
1.9x
1.5x
1.4x
3.6x
3.2x
2.7x
1.1x
1.5x
$ 1,051
P/E
14.3x
2.4x
21.0x
25.8x
Manager: Michael Thompson

Owns and operates theme and water amusement parks
Provides real estate investment services
Engages in transportation, regasification and liquefaction and trading of liquefied natural gas
Provides marine transportation and logistics services
Operates as a mass media company
Provides engineered products and solutions for global niche markets
Focuses on acquiring, renovating, leasing and operating residential homes
Provides seaborne transportation of crude oil and other petroleum products
10 PBF Energy, Inc. Class A

New Positions
Name
1
2
3
4
5
6
7
8
American Homes 4 Rent Class A

Valero Energy Corporation
Spectrum Brands Holdings, Inc.
InterXion Holding NV
Meadowbrook Insurance Group, Inc.
Harbinger Group Inc.
Intelsat S.A.
Ticker
as % Port
American Realty Capital Properties, Inc. Class ARCP

Altisource Residential Corp. Class B
RESI
Golar LNG Limited
GLNG
Scorpio Tankers Inc.
STNG
Penn National Gaming, Inc.
PENN
LBTYK
Hornbeck Offshore Services, Inc.
HOS
Roper Industries, Inc.
ROP
CBS Corporation Class B
CBS
Navios Maritime Acquisition Corporation
NNA
3.4%
0.9%
0.9%
0.6%
0.5%
0.4%
0.3%
0.3%
0.3%
0.2%
Pinnacle Entertainment, Inc.

Six Flags Entertainment Corporation
MBIA Inc.
Customers Bancorp, Inc.
QEP Resources, Inc.
New Residential Investment Corp.
NorthStar Realty Finance Corp.
Tower Group International Ltd.
Closed Positions
Name
1
2
3
4
5
6
Nationstar Mortgage Holdings Inc.

tw telecom inc. Class A
First Citizens BancShares, Inc. Class A
W.P. Carey Inc.
Ashford Hospitality Trust, Inc.
CYS Investments, Inc.
Blue Harbour Group

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
% Port
4.8%
2.8%
2.2%
1.6%
0.8%
0.8%
0.3%
0.3%
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
Ticker
4.0%
AMH
VLO
SPB
FOXA
INXN
MIG
HRG
I
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
PBF
Akamai Technologies, Inc.

Progressive Waste Solutions Ltd.
CACI International Inc Class A
Brocade Communications Systems, Inc.
Chico's FAS, Inc.
Allscripts Healthcare Solutions, Inc.
Globe Specialty Metals, Inc.
Nabors Industries Ltd.
Ticker
as % Port
PNK
ESRX
SIX
MBI
CUBI
QEP
NRZ
NRF
TWGP
(3.6)%
(1.8)%
(1.1)%
(0.7)%
(0.7)%
(0.4)%
(0.1)%
(0.1)%
(0.1)%
Ticker
% Port
NSM
TWTC
FCNCA
WPC
AHT
CYS
1.8%
1.8%
1.0%
0.9%
0.6%
0.2%
30.2%
(13.3)%
Price change
to today
q/q
1.9%
37.1%
5.2%
0.1%
0.3%
13.4%
13.4%
(10.6)%
(1.8)%
15.8%
16.5%
(14.9)%
(19.1)%
37.5%
20.0%
Price change
to today
q/q
9.8%
24.0%
(5.0)%
15.5%
13.0%
7.3%
(13.0)%
(2.3)%
6.4%
4.3%
(20.1)%
37.7%
18.1%
8.7%
4.6%
11.1%
7.4%
7.0%
12.9%
8.6%
Price change
to today
q/q
(0.7)%
8.5%
8.8%
25.0%
10.6%
16.7%
(10.1)%
4.4%
(42.6)%
27.4%
0.1%
(3.9)%
(23.1)%
(0.9)%
(0.3)%
(1.8)%
2.0%
(65.9)%
Price change
to today
q/q
(30.2)%
(5.6)%
9.4%
(3.2)%
(0.9)%
(3.9)%
50.2%
6.1%
7.1%
(2.2)%
7.8%
(11.7)%
52
HMA
51
50
20
7
44
85
21
80
HMA
42
23
84
14
71
19
35
9
3
47
HMA
2
83
20
73
41
77
96
24
67
HMA
26
22
50
19
51
100
(3.0)%
ROIC
2.1%
3.3%
2.8%
ROIC
0.2%
(0.5)%
0.1%
2.1%
1.2%
1.5%
3.7%
5.1%
0.9%
ROIC
1.9%
2.7%
13.7%
1.8%
ROIC
2.1%
1.1%
1,157
Mkt Cap
3,053
25,268
3,613
76,509
1,535
368
1,694
2,261
Mkt Cap
2,483
1,142
2,882
2,160
1,094
32,364
1,802
12,895
35,231
417
Mkt Cap
1,473
54,013
3,499
2,468
440
5,794
1,506
2,323
231
Mkt Cap
3,556
4,106
2,163
4,274
661
1,303
2,846
EV
2,995
30,295
6,821
91,884
1,930
472
6,221
17,523
EV
4,067
980
3,348
1,214
3,595
73,514
2,346
15,170
42,363
1,438
EV
5,773
67,548
5,279
9,395
433
9,061
2,842
5,948
527
EV
17,118
5,290
1,355
6,698
2,898
13,314
0.1x
4.5x
EV/Sales EV/EBITDA
38.1x
0.2x
1.6x
3.5x
4.7x
0.5x
6.8x
4.0x
15.1x
11.5x
25.4x
19.6x
5.5x
2.6x
37.9x
32.1x
10.7x
4.9x
4.8x
2.7x
7.6x
12.2x
15.0x
10.9x
12.8x
EV/Sales EV/EBITDA
22.3x
9.5x
12.5x
6.3x
14.2x
EV/Sales EV/EBITDA
8.6x
3.6x
1.1x
12.8x
3.4x
41.8x
P/B
1.1x
1.4x
3.9x
4.5x
3.0x
0.9x
1.7x
10.7x
23.7x
P/B
1.9x
1.7x
1.5x
1.5x
0.5x
2.7x
1.4x
3.2x
3.6x
1.0x
P/B
7.6x
2.3x
8.6x
0.8x
1.1x
1.7x
1.2x
1.8x
0.2x
P/B
3.4x
5.7x
1.1x
2.2x
0.8x
0.8x
AUM Profiled:
Ticker
AKAM
BIN
CACI
BRCD
CHS
MDRX
GSM
NBR
% Port
12.4%
12.3%
11.8%
11.4%
11.2%
8.1%
7.4%
7.1%
Price change
to today
q/q
(14.7)%
0.2%
4.1%
6.8%
11.5%
1.0%
14.7%
3.4%
21.5%
19.6%
8.9%
39.8%
(2.3)%
14.9%
41.8%
4.9%
HMA
57
31
59
52
42
74
24
76
ROIC
4.2%
2.0%
3.4%
3.8%
5.1%
(1.0)%
1.7%
1.6%
Mkt Cap
7,895
2,970
1,685
3,829
2,950
2,675
1,331
4,900
EV
7,458
4,554
2,305
3,776
2,634
3,159
1,358
8,534
EV/Sales EV/EBITDA
5.8x
2.3x
0.6x
1.5x
0.9x
2.3x
1.6x
1.4x
Operates as petroleum refiners and suppliers
P/E
15.1x
8.6x
6.8x
6.3x
6.4x
22.8x
12.6x
5.1x
P/B
3.1x
2.3x
1.4x
1.7x
2.9x
2.0x
2.9x
0.8x
12.8x
458.6x

Engages in manufacturing and marketing of transportation fuels, other petrochemical products and power
Engages in the business of consumer products
Provides collocation, data centers and managed services
Develops and manages alternative risk management programs
Operates as a holding company with interest in insurance and annuity products
Provides satellite communications services
P/E
7.7x
8.8x
EV/Sales EV/EBITDA
4.6x
0.6x
4.5x
7.9x
2.7x
2.8x
12.5x
8.2x
0.8x
1.8x
35.4x
2.4x
52.2x
21.0x
25.8x
P/E
27.6x
14.3x
2.7x
10.8x
26.4x

Engages in the acquisition and ownership of single family rental assets
Provides seaborne transportation of crude oil and other petroleum products
Owns and operates racetracks and casino hotels
Provides marine transportation and logistics services
Provides engineered products and solutions for global niche markets
Operates as a mass media company
Provides marine transportation services
Owns and operates casinos and casino hotels
Owns and operates theme and water amusement parks
Provides financial guarantees as well as investment management products and services
Operates as a bank holding company with interest in financial products and services
Explores oil and natural gas resources
Operates as a real estate investment trust
Engages in acquiring, financing, operating and securitizing real estate investments
Operates as a holding company with the interest in insurance services
P/E
15.2x
124.4x
12.3x
50.0x
Provides residential mortgage loans through its subsidiary

Provides networking solutions & Internet access services
Provides corporate real estate financing solutions
Operates as a real estate investment trust engaged in investing in the hospitality industry
Invests in real estate and mortgage-backed securities
$ 1,336
P/E
33.4x
32.2x
11.1x
17.4x
29.2x
267.7x
Manager: Clifton Robbins

Engages in the business of providing content delivery and cloud infrastructure services
Provides waste management collection and disposal services
Provides professional services and information technology solutions
Provides data center networking solutions
Operates women's clothing and accessory retail stores
Provides software for healthcare providers
Produces silicon metal and silicon-based specialty alloys
Provides contract drilling and services
9 DeVry Education Group Inc.

10 Harris Teeter Supermarkets Inc
New Positions
Name
1 Entegris, Inc.
2 Dominion Diamond Corporation
Increased Positions
Name
1
2
3
4
5
6
DeVry Education Group Inc.

Chico's FAS, Inc.
Nabors Industries Ltd.
Akamai Technologies, Inc.
Globe Specialty Metals, Inc.
Decreased Positions
Name
1
2
3
4
5
6
Jack in the Box Inc.

Employers Holdings, Inc.
Ingram Micro Inc. Class A
Sapient Corporation
Harris Teeter Supermarkets Inc
Closed Positions
Name
1
2
3
4
Verint Systems Inc.

Weight Watchers International, Inc.
iShares Russell 2000 ETF
Power-One, Inc.
Boyar Asset Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Ticker
iShares Core S&P 500 ETF

iShares Core S&P Small-Cap ETF
iShares Core S&P Mid-Cap ETF
iShares Europe ETF
Increased Positions
Name
1 Weight Watchers International, Inc.
5.5%
2.2%
% Port
ENTG
DDC
1.8%
1.6%
Ticker
as % Port
DV
CHS
NBR
AKAM
BIN
GSM
3.4%
1.2%
0.8%
0.4%
0.2%
0.1%
Ticker
as % Port
JACK
EIG
BRCD
IM
SAPE
HTSI
(4.5)%
(2.9)%
(1.9)%
(1.4)%
(1.1)%
(0.2)%
Ticker
% Port
VRNT
WTW
IWM
PWER
4.7%
2.3%
1.7%
1.1%
16.4%
0.4%
(1.5)%
5.0%
Price change
to today
q/q
6.2%
10.7%
8.3%
(13.7)%
Price change
to today
q/q
16.4%
11.5%
3.4%
(14.7)%
0.2%
14.7%
(1.5)%
(2.3)%
4.9%
21.5%
19.6%
41.8%
Price change
to today
q/q
16.0%
7.4%
6.8%
1.6%
(2.2)%
0.4%
1.8%
21.6%
39.8%
21.4%
19.4%
5.0%
Price change
to today
q/q
1.1%
(13.5)%
5.4%
4.5%
(18.8)%
9.9%
85
10
HMA
24
84
HMA
85
42
76
57
31
24
HMA
8
32
52
41
32
10
HMA
1.5%
3.8%
ROIC
3.1%
0.4%
ROIC
1.5%
5.1%
1.6%
4.2%
2.0%
1.7%
ROIC
3.8%
3.8%
2.8%
7.1%
3.8%
ROIC
58
95
2.8%
15.8%
84
0.1%
2,250
2,444
Mkt Cap
1,496
1,148
Mkt Cap
2,250
2,950
4,900
7,895
2,970
1,331
Mkt Cap
1,977
990
3,829
3,612
2,133
2,444
Mkt Cap
1,997
1,823
1,982
2,438
EV
1,146
1,079
EV
1,982
2,634
8,534
7,458
4,554
1,358
EV
2,470
885
3,776
4,018
1,892
2,438
EV
0.9x
0.5x
5.0x
5.3x
EV/Sales EV/EBITDA
1.6x
2.0x
8.8x
7.8x
EV/Sales EV/EBITDA
0.9x
0.9x
1.4x
5.8x
2.3x
1.6x
5.0x
6.4x
5.1x
15.1x
8.6x
12.6x
EV/Sales EV/EBITDA
1.4x
1.2x
1.5x
0.1x
1.5x
0.5x
9.1x
6.3x
6.1x
12.0x
5.3x
EV/Sales EV/EBITDA
2,305
4,040
2.6x
2.5x
13.2x
8.1x
520
0.3x
2.2x
1.6x
2.3x
P/B
2.0x
0.9x
P/B
1.6x
2.9x
0.8x
3.1x
2.3x
2.9x
P/B
4.2x
1.8x
1.7x
0.9x
3.8x
2.3x
P/B
3.7x
Ticker
Ticker
IVV
IJR
IJH
IEV
% Port
5.0%
4.6%
4.4%
3.9%
3.8%
3.6%
3.6%
3.5%
3.1%
2.9%
% Port
0.5%
0.4%
0.4%
0.3%
Ticker
as % Port
WTW
0.4%
Price change
to today
q/q
10.8%
5.0%
5.2%
15.5%
10.2%
(0.3)%
18.8%
1.3%
(3.8)%
10.6%
2.6%
6.1%
(2.1)%
(3.7)%
(2.1)%
13.8%
12.6%
45.5%
(2.0)%
(0.2)%
Price change
to today
q/q
7.5%
7.0%
5.0%
4.2%
(13.5)%
HMA
18
26
4
70
42
6
2
23
18
31
HMA
ROIC
3.7%
7.8%
7.1%
3.6%
1.7%
3.5%
ROIC
Mkt Cap
EV
206,292
32,402
112,334
320,979
214,199
59,359
21,055
3,364
4,294
2,355
215,151
33,860
124,190
259,547
154,054
79,192
24,487
4,328
4,070
2,747
Mkt Cap
EV
EV/Sales EV/EBITDA
3.7x
1.3x
1.5x
2.7x
1.3x
2.7x
1.9x
1.7x
1.7x
8.2x
11.3x
6.6x
10.2x
11.6x
9.6x
EV/Sales EV/EBITDA
5.0%
10.5%
7.5%
13.9%
Price change
to today
q/q
(18.8)%
29.4x
22.5x
21.7x
235.5x
Manufactures and supplies critical materials for the semiconductor, data storage, and pharmaceutical industr
Operates retail diamond stores
P/E
29.4x
29.2x
267.7x
33.4x
32.2x
Provides educational services

Provides contract drilling and services
Engages in the business of providing content delivery and cloud infrastructure services
Produces silicon metal and silicon-based specialty alloys
P/E
34.9x
6.9x
17.4x
11.8x
28.9x
22.5x
P/E
51.9x
9.2x
18.0x
P/B
2.7x
1.3x
7.9x
3.9x
1.1x
2.0x
2.5x
1.7x
2.8x
2.7x
P/B
95
ROIC
15.8%
Mkt Cap
1,823
EV
4,040
EV/Sales EV/EBITDA
2.5x
8.1x
P/B
Operates and franchises fast-food restaurants

Provides workers' compensation insurance services
Distributes technology products and provides logistics and procurement services
Provides consultancy and interactive marketing services
Operates grocery stores
Provides analytic software solutions for communications interception, digital video security and surveillance,
Provides weight management services
Designs and manufactures power supplies for electronic equipment manufacturers
$ 104
P/E
9.8x
10.8x
20.8x
12.4x
11.7x
16.3x
13.4x
83.2x
31.1x
17.5x
P/E
2.6x
2.3x
2.4x
1.8x
HMA

Operates grocery stores
P/E
2.3x
AUM Profiled:
Pfizer Inc.
PFE
The Travelers Companies, Inc.
TRV
The Home Depot, Inc.
HD
Microsoft Corporation
MSFT
JPMorgan Chase & Co.
JPM
Time Warner Inc.
TWX
Ameriprise Financial, Inc.
AMP
The Wendy's Company
WEN
The Madison Square Garden Company Class AMSG
Meredith Corporation
MDP
New Positions
Name
1
2
3
4
DV
HTSI
Manager: Mark Boyar

Manufactures vaccines and injectable biologic medicines

Provides commercial, personal property and casualty insurance products
Retails and rents an assortment of building materials and home improvement products
Develops, manufactures and distributes software products
Provides investment banking, financial services for consumers, small business and commercial banking, financ
Provides cable network, filmed entertainment and publishing services
Provides financial planning, brokerage, asset management and insurance services to individuals, businesses an
Operates as fast food restaurants
Operates as an integration of sports, entertainment and media business comprised of dynamic and powerful a
Publishes magazines and books and also operates television stations
P/E
9.2x
Provides weight management services
2
3
4
5
6
7
Intel Corporation
The Scotts Miracle-Gro Company Class A
Carnival Corporation
Molson Coors Brewing Company Class B
Comcast Corporation Class A
Decreased Positions
Name
MSFT
INTC
SMG
CCL
TAP
CMCSK
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
Ticker
as % Port
HBI
YHOO
CVC
TWX
JPM
(1.0)%
(0.4)%
(0.4)%
(0.1)%
(0.1)%
Closed Positions
Name
Ticker
% Port
1 Dell Inc.
DELL
1
2
3
4
5
Hanesbrands Inc.
Yahoo! Inc.
Cablevision Systems Corporation Class A
Time Warner Inc.
JPMorgan Chase & Co.
Brave Warrior Advisors (fka Chieftan)

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Valeant Pharmaceuticals International, Inc.

Oracle Corporation
Halliburton Company
Vistaprint NV
The Charles Schwab Corporation
Primerica, Inc.
Motorola Solutions, Inc.
New Positions
Name
1 Microsoft Corporation
2 Motorola Solutions, Inc.
Increased Positions
Name
1 Oracle Corporation
2 Halliburton Company
3 Primerica, Inc.
Decreased Positions
Name
1
2
3
4
5
6
Vistaprint NV
Higher One Holdings, Inc.
Closed Positions
Name
1 Fiserv, Inc.
2 Google Inc. Class A
0.5%
15.5%
3.4%
6.5%
10.5%
4.8%
9.9%
(3.7)%
(5.4)%
13.9%
(4.8)%
4.7%
9.3%
Price change
to today
q/q
12.7%
11.6%
(0.2)%
(0.3)%
10.2%
21.2%
32.0%
0.1%
13.8%
(2.1)%
Price change
to today
q/q
0.8%
3.2%
70
87
35
66
38
22
HMA
27
21
90
6
42
HMA
77
7.1%
5.8%
(0.7)%
3.4%
1.6%
3.8%
ROIC
6.8%
4.4%
3.6%
ROIC
320,979
117,813
3,632
27,998
9,662
124,651
259,547
115,231
4,276
37,071
13,214
168,739
Mkt Cap
EV
6,950
37,545
4,496
59,359
214,199
8,449
40,381
13,094
79,192
154,054
Mkt Cap
2.3%
EV
19,432
2.7x
2.1x
1.4x
2.4x
3.0x
6.6x
5.5x
9.9x
11.7x
15.5x
EV/Sales EV/EBITDA
1.7x
11.1x
2.1x
2.7x
1.3x
8.7x
10.2x
EV/Sales EV/EBITDA
0.3x
4.9x
3.9x
2.1x
5.1x
1.2x
1.2x
2.5x
P/B
6.0x
3.0x
2.0x
1.1x
P/B
2.3x
AUM Profiled:
Ticker
VRX
ORCL
HAL
VPRT
ESRX
SCHW
PRI
MSFT
CMCSK
MSI
Ticker
% Port
30.8%
10.5%
10.2%
9.8%
9.4%
8.7%
6.1%
5.9%
5.3%
1.8%
% Port
MSFT
MSI
5.9%
1.8%
Ticker
as % Port
ORCL
HAL
PRI
1.4%
0.7%
0.1%
Ticker
as % Port
VPRT
ESRX
ONE
VRX
SCHW
CMCSK
(4.8)%
(2.3)%
(0.6)%
(0.4)%
(0.1)%
(0.1)%
Ticker
% Port
FISV
GOOG
4.5%
3.1%
Price change
to today
q/q
5.2%
5.8%
8.0%
(0.0)%
8.5%
17.5%
6.0%
15.5%
9.9%
10.6%
21.2%
8.0%
15.4%
14.6%
0.1%
(0.4)%
7.7%
(3.7)%
9.3%
2.9%
Price change
to today
q/q
15.5%
10.6%
(3.7)%
2.9%
Price change
to today
q/q
5.8%
8.0%
6.0%
8.0%
15.4%
7.7%
Price change
to today
q/q
(0.0)%
8.5%
25.8%
5.2%
17.5%
9.9%
14.6%
0.1%
(34.1)%
21.2%
(0.4)%
9.3%
Price change
to today
q/q
9.8%
20.4%
15.6%
(0.5)%
HMA
4
84
47
43
83
53
7
70
22
4
HMA
70
4
HMA
84
47
7
HMA
43
83
92
4
53
22
HMA
4
64
ROIC
2.2%
4.7%
5.5%
1.8%
2.7%
7.1%
3.8%
6.5%
ROIC
7.1%
6.5%
ROIC
4.7%
5.5%
ROIC
1.8%
2.7%
2.2%
3.8%
ROIC
4.2%
4.3%
Mkt Cap
EV
36,654
159,876
44,116
1,872
54,013
32,011
2,344
320,979
124,651
16,987
53,548
149,413
52,712
2,151
67,548
4,070
2,408
259,547
168,739
17,055
Mkt Cap
EV
320,979
16,987
259,547
17,055
Mkt Cap
EV
159,876
44,116
2,344
149,413
52,712
2,408
Mkt Cap
EV
1,872
54,013
454
36,654
32,011
124,651
2,151
67,548
564
53,548
4,070
168,739
Mkt Cap
EV
14,316
352,288
18,251
306,441
EV/Sales EV/EBITDA
11.0x
3.6x
1.7x
1.8x
0.6x
(0.1)x
1.8x
2.7x
22.0x
7.7x
8.5x
18.2x
9.5x
1.8x
10.1x
6.6x
EV/Sales EV/EBITDA
2.7x
1.8x
6.6x
10.1x
EV/Sales EV/EBITDA
3.6x
1.7x
1.8x
7.7x
8.5x
EV/Sales EV/EBITDA
1.8x
0.6x
2.3x
11.0x
(0.1)x
18.2x
9.5x
22.0x
EV/Sales EV/EBITDA
3.6x
4.3x
11.2x
14.0x
P/B
7.4x
3.7x
3.4x
9.0x
2.3x
3.5x
2.0x
3.9x
2.5x
6.3x
P/B
3.9x
6.3x
P/B
3.7x
3.4x
2.0x
P/B
9.0x
2.3x
7.0x
7.4x
3.5x
2.5x
P/B
4.1x
4.2x
12.4x
12.4x
21.5x
25.4x
18.7x
18.1x
P/E
16.8x
28.6x
8.5x
16.3x
11.7x
P/E
18.0x

Designs, manufactures and sells computer components and related products
Manufactures and supplies consumer lawn and garden products
Operates luxury cruises ships
Produces and sells beer
Provides entertainment, information and communications products and services
Designs, manufactures, sources and sells men's and women's basic apparel
Operates as a digital media company that delivers personalized digital content and experiences across devices
Owns and operates cable television systems
Provides cable network, filmed entertainment and publishing services
$ 2,229
P/E
13.7x
22.1x
59.6x
27.6x
30.2x
14.2x
12.4x
18.1x
15.1x
P/E
12.4x
15.1x
P/E
13.7x
22.1x
14.2x
P/E
59.6x
27.6x
20.7x
30.2x
18.1x
P/E
23.0x
25.3x
Manager: Glenn Greenberg

Manufactures and markets pharmaceutical products

Provides products and services to the energy industry for exploring, developing, and producing oil and natura
Provides coordinated portfolios of customized marketing products and services to small businesses worldwide
Provides securities brokerage and other financial services
Provides insurance and financial planning services
Develops communication and electronic solutions
Provides insurance and financial planning services
Provides coordinated portfolios of customized marketing products and services to small businesses worldwide
Provides online banking and financial disbursement services to the higher education industry
Provides data processing services and software system development for the financial services sector
Centaur Capital Partners

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
First American Financial Corporation

Apple Inc.
Coach, Inc.
Tetra Tech, Inc.
EMC Corporation
Ryman Hospitality Properties, Inc.
Abercrombie & Fitch Co. Class A
Blucora, Inc.
Rosetta Stone Inc.
Cott Corporation
New Positions
Name
1
2
3
4
5
6
7
8
9
10
11
Coach, Inc.
EMC Corporation
Peregrine Semiconductor Corporation
Body Central Corp.
Rosetta Stone Inc.
Cott Corporation
Bravo Brio Restaurant Group, Inc.
MFC Industrial Ltd.
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
Ticker
FAF
AAPL
COH
TTEK
EMC
RHP
ANF
BCOR
RST
COT
Ticker
Tetra Tech, Inc.

TTEK
Ryman Hospitality Properties, Inc.
RHP
ANF
Dillard's, Inc. Class A
DDS
Ingredion Incorporated
INGR
InterDigital, Inc.
IDCC
Quantum Corporation
QTM
Miller Industries, Inc.
MLR
JPMorgan Chase & Co Warrants 2009-28.10.18
JPM.WS
On Shs
Aware, Inc.
AWRE
Mitcham Industries, Inc.
MIND
Increased Positions
Name
1
2
3
4
5
6
7
8
9
AUM Profiled:

Skullcandy, Inc.
Acxiom Corporation
MagnaChip Semiconductor Corporation
Blucora, Inc.
World Acceptance Corporation
Apple Inc.
Closed Positions
Name
1 Kohl's Corporation
2 Brookfield Asset Management Inc. Class A
3 TETRA Technologies, Inc.
% Port
8.4%
6.9%
6.0%
5.6%
5.5%
4.2%
3.9%
3.8%
3.6%
3.5%
% Port
5.6%
4.2%
3.9%
3.4%
2.9%
2.7%
1.6%
1.2%
0.9%
0.7%
0.7%
Ticker
as % Port
COH
EMC
FAF
PSMI
BODY
RST
COT
BBRG
MIL
3.0%
3.0%
1.8%
1.5%
1.5%
1.5%
1.4%
1.3%
0.4%
Ticker
as % Port
AIG
AIG
SKUL
ACXM
WPX
MX
BCOR
WRLD
AAPL
(4.2)%
(3.4)%
(1.2)%
(1.0)%
(0.8)%
(0.7)%
(0.6)%
(0.5)%
(0.1)%
Ticker
% Port
KSS
BAM
TTI
2.8%
2.4%
1.7%
Price change
to today
q/q
9.5%
15.6%
3.7%
8.1%
(7.2)%
21.7%
(3.8)%
23.9%
(27.5)%
8.8%
10.5%
20.2%
(4.5)%
10.1%
8.2%
(11.5)%
(21.8)%
23.9%
10.1%
(1.5)%
Price change
to today
q/q
8.1%
21.7%
(3.8)%
16.1%
4.9%
(11.7)%
(12.3)%
5.1%
9.7%
8.1%
10.4%
10.1%
(11.5)%
(21.8)%
(4.5)%
0.8%
(16.4)%
0.7%
10.4%
7.4%
5.0%
(8.9)%
Price change
to today
q/q
3.7%
(7.2)%
9.5%
(0.2)%
(35.4)%
(27.5)%
8.8%
5.3%
(9.5)%
(4.5)%
8.2%
10.5%
(17.8)%
(54.2)%
10.1%
(1.5)%
(15.3)%
4.1%
Price change
to today
q/q
2.2%
2.2%
(4.0)%
15.7%
(1.6)%
(7.2)%
23.9%
(1.4)%
15.6%
8.8%
8.8%
13.5%
25.2%
1.7%
17.8%
23.9%
3.4%
20.2%
Price change
to today
q/q
6.7%
3.2%
(1.4)%
2.5%
3.8%
22.1%
HMA
19
83
78
74
71
14
85
4
52
52
HMA
74
14
85
7
25
85
73
45
30
33
54
HMA
78
71
19
81
99
52
52
80
66
HMA
71
71
73
7
18
21
4
27
83
HMA
70
64
44
ROIC
7.8%
14.8%
3.4%
3.6%
1.1%
(0.0)%
1.1%
(5.3)%
2.2%
ROIC
Mkt Cap
EV
2,818
495,963
15,857
1,805
48,812
2,121
2,599
1,172
257
789
2,317
477,554
15,233
1,890
49,345
3,628
2,565
1,167
144
1,284
Mkt Cap
EV
3.4%
1.1%
(0.0)%
3.3%
3.2%
(1.4)%
(3.9)%
2.6%
1,805
2,121
2,599
4,163
5,324
1,359
300
201
0.7%
(1.2)%
133
217
ROIC
14.8%
3.6%
3.5%
(17.1)%
(5.3)%
2.2%
2.5%
0.5%
ROIC
1.1%
3.2%
(1.7)%
6.4%
1.1%
7.8%
ROIC
3.4%
1.7%
Mkt Cap
15,857
48,812
2,818
289
66
257
789
310
475
1,890
3,628
2,565
4,919
6,627
821
427
161
8,685
58
194
EV
15,233
49,345
2,317
280
45
144
1,284
338
531
Mkt Cap
EV
73,389
73,389
165
2,468
3,805
698
1,172
1,018
495,963
56,009
56,009
132
2,525
5,582
814
1,167
1,535
477,554
Mkt Cap
11,989
23,683
975
EV
16,249
94,525
1,333
EV/Sales EV/EBITDA
0.4x
2.4x
2.9x
0.7x
2.4x
3.3x
0.7x
1.9x
0.9x
0.6x
7.4x
8.4x
13.6x
9.2x
14.8x
10.0x
6.2x
EV/Sales EV/EBITDA
0.7x
3.3x
0.7x
0.7x
0.9x
4.4x
0.8x
0.4x
13.6x
14.8x
2.3x
2.0x
9.4x
4.9x
5.7x
7.8x
37.4x
27.1x
8.8x
EV/Sales EV/EBITDA
2.9x
2.4x
0.4x
1.3x
0.3x
0.9x
0.6x
0.8x
0.9x
8.4x
9.2x
18.7x
6.2x
7.9x
EV/Sales EV/EBITDA
0.9x
0.9x
0.6x
2.0x
1.9x
1.0x
1.9x
2.6x
2.4x
5.9x
10.5x
7.6x
5.6x
10.0x
7.4x
EV/Sales EV/EBITDA
0.9x
4.6x
1.5x
6.2x
14.5x
P/B
1.2x
4.0x
6.7x
1.8x
2.2x
2.9x
1.5x
2.4x
1.9x
1.3x
P/B
$ 116
P/E
11.7x
12.2x
15.0x
20.6x
33.1x
22.8x
34.8x
24.6x
P/E
1.8x
2.9x
1.5x
2.1x
2.2x
2.5x
33.1x
22.8x
10.6x
12.9x
39.7x
1.3x
22.3x
1.6x
1.2x
17.6x
28.7x
P/B
6.7x
2.2x
1.2x
2.3x
0.8x
1.9x
1.3x
2.9x
0.6x
P/B
0.7x
0.7x
1.2x
3.8x
0.7x
2.1x
2.4x
2.9x
4.0x
P/B
2.0x
1.4x
1.7x
P/E
15.0x
20.6x
11.7x
44.4x
24.6x
21.0x
P/E
23.1x
23.1x
34.4x
42.4x
4.6x
34.8x
10.9x
12.2x
Manager: Zeke Ashton

Provides insurance and financial services
Manufactures women's handbags, belts and retails custom made clothing
Provides environmental engineering, technical and consulting services
Develops and provides information and infrastructure technology and solutions
Specializes in group-oriented, destination hotel assets in urban and resort markets
Operates apparel and personal care stores
Engaged in online service business
Provides language learning software solutions
Manufactures and sells carbonated beverages

Operates a chain of department stores
Manufactures and sells starch and sweetener ingredients
Designs, develops and provides advanced wireless technologies
Designs and manufactures computer storage devices
Manufactures vehicle towing and recovery equipment
Operates as a supplier of innovative signal processing and digital communications technology for imaging and
Leases and sells geophysical and other equipment
Develops and provides information and infrastructure technology and solutions
Designs and manufactures integrated circuits
Operates speciality retail stores
Manufactures and sells carbonated beverages
Owns and operates restaurants
Provides global commodity supply chain solutions
Develops and distributes headphones and other audio accessories
Provides digital marketing, data processing and other IT services
Designs, develops and manufactures mixed-signal and digital multimedia semiconductors
Provides consumer financing services
P/E
13.6x
13.2x
159.4x
Owns and operates departmant stores

Owns, manages and operates real estate, financial and power generation related businesses
Manufactures and distributes chemical products to the oil and gas industry
4 Astex Pharmaceuticals, Inc.

5 XPO Logistics, Inc. 4.5% 01-OCT-2017
Central Square Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Avid Technology, Inc.

Wells Fargo & Company
Corning Incorporated
Tandy Leather Factory, Inc.
Nova Measuring Instruments Ltd
Cowen Group, Inc. Class A
Walter Energy, Inc.
Whiting Petroleum Corporation
Nexstar Broadcasting Group, Inc. Class A
New Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
Era Group, Inc.

Health Management Associates, Inc. Class A
Community Health Systems, Inc.
Berkshire Hathaway Inc. Class A
Belo Corp. Class A
Interoil Corporation
Berkshire Hathaway Inc. Class B
BlackBerry Limited
CUI Global, Inc.
Mindspeed Technologies, Inc.
Aeroflex Holding Corp.
Freeport-McMoRan Copper & Gold Inc.
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12

NetSuite Inc.
Acuity Brands, Inc.
Walter Energy, Inc.
3D Systems Corporation
Overstock.com, Inc.
Tandy Leather Factory, Inc.
Whiting Petroleum Corporation
Planar Systems, Inc.
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
Tesla Motors, Inc.

Staples, Inc.
Cowen Group, Inc. Class A
PLX Technology, Inc.
Nova Measuring Instruments Ltd
Schlumberger NV
Innovative Solutions and Support, Inc.
Harvard Bioscience, Inc.
ASTX
1.7%
1.0%
6.6%
106.6%
17.5%
40
(3.1)%
666
3.2x
Researches and develops oncology drugs
AUM Profiled:
Ticker
AVID
WFC
GLW
MSFT
TLF
NVMI
COWN
WLT
WLL
NXST
Ticker
% Port
6.6%
5.1%
5.0%
4.8%
3.7%
3.5%
2.8%
2.7%
2.3%
2.2%
% Port
ERA
HMA
CYH
BRK.A
BLC
IOC
BRK.B
BBRY
CUI
MSPD
ARX
FCX
2.2%
2.0%
1.5%
1.0%
1.0%
0.7%
0.7%
0.7%
0.6%
0.5%
0.2%
0.1%
Ticker
as % Port
WFC
MSFT
N
AYI
WLT
DDD
AVID
GLW
OSTK
TLF
WLL
PLNR
3.8%
3.6%
2.6%
2.2%
1.5%
1.0%
0.7%
0.6%
0.2%
0.1%
0.1%
0.1%
Ticker
as % Port
TSLA
SPLS
COWN
PLXT
NXST
NVMI
SLB
ISSC
HBIO
(1.9)%
(1.4)%
(1.1)%
(0.9)%
(0.8)%
(0.6)%
(0.4)%
(0.3)%
(0.3)%
Price change
to today
q/q
47.3%
6.9%
16.9%
15.5%
6.7%
(0.1)%
19.2%
2.9%
(0.2)%
8.3%
2.0%
0.1%
2.5%
(3.7)%
1.2%
(2.0)%
19.0%
34.9%
29.9%
25.5%
Price change
to today
q/q
19.2%
2.3%
(0.1)%
1.5%
0.0%
22.7%
1.6%
(19.3)%
10.7%
65.1%
(4.7)%
3.6%
3.9%
(18.6)%
(11.5)%
1.1%
(1.8)%
2.6%
1.4%
(24.0)%
4.0%
(6.2)%
(10.8)%
19.8%
Price change
to today
q/q
6.9%
15.5%
(11.0)%
11.2%
2.9%
42.4%
47.3%
16.9%
(8.8)%
6.7%
(0.2)%
39.1%
0.1%
(3.7)%
17.7%
21.8%
34.9%
23.0%
2.0%
2.5%
5.2%
1.2%
29.9%
9.5%
Price change
to today
q/q
(35.8)%
5.7%
19.2%
9.3%
8.3%
(0.1)%
(0.9)%
(9.2)%
10.7%
80.1%
(7.7)%
19.0%
26.5%
25.5%
(2.0)%
23.3%
24.4%
11.9%
HMA
79
34
75
70
30
43
42
91
41
38
HMA
25
42
55
40
16
19
40
97
73
27
70
66
HMA
34
70
7
9
91
5
79
75
36
30
41
30
HMA
56
78
42
18
38
43
67
29
62
ROIC
(1.3)%
1.8%
7.1%
1.8%
(1.8)%
4.0%
3.5%
ROIC
1.5%
0.8%
2.2%
Mkt Cap
EV
344
232,723
24,689
320,979
86
241
483
903
7,087
1,465
272
259,207
22,401
259,547
81
144
682
3,392
9,025
2,505
Mkt Cap
EV
(15.3)%
1.0%
(1.5)%
0.1%
5.5%
654
3,409
3,937
284,290
1,426
4,271
284,380
3,365
131
218
570
35,567
ROIC
Mkt Cap
EV
232,723
320,979
7,176
4,394
903
7,903
344
24,689
643
86
7,087
55
259,207
259,547
6,941
4,365
3,392
7,554
272
22,401
575
81
9,025
41
4.1%
1.2%
7.1%
(4.1)%
6.2%
(1.8)%
4.0%
(1.3)%
1.8%
8.0%
4.0%
1.5%
ROIC
(3.6)%
5.4%
4.1%
3.5%
1.8%
4.8%
0.6%
(0.8)%
874
7,367
13,751
EV/Sales EV/EBITDA
0.5x
2.7x
2.3x
2.7x
21.9x
1.4x
2.0x
1.8x
3.5x
5.0x
12.0x
7.1x
6.6x
35.1x
5.3x
14.0x
EV/Sales EV/EBITDA
2.6x
1.2x
1.1x
10.1x
9.7x
7.4x
3.0x
2.8x
1.7x
0.3x
1.6x
1.0x
1.8x
3.0x
8.7x
49.4x
426,432,600
2,122
4,509
304,169
1,018
98
236
1,094
59,464
Mkt Cap
EV
15,080
10,119
483
301
1,465
241
115,365
121
137
15,012
10,731
682
296
2,505
144
122,896
106
121
247.0x
61.9x
11.6x
9.2x
8.1x
EV/Sales EV/EBITDA
2.7x
2.7x
20.3x
1.7x
1.8x
11.3x
0.5x
2.3x
0.5x
3.5x
0.2x
6.6x
12.7x
35.1x
44.9x
21.9x
7.1x
17.1x
5.3x
EV/Sales EV/EBITDA
13.8x
0.5x
2.0x
2.6x
5.0x
1.4x
2.8x
3.0x
1.4x
6.0x
20.1x
14.0x
12.0x
8.5x
33.6x
39.9x
P/B
1.0x
1.5x
1.1x
3.9x
2.0x
1.9x
0.9x
1.1x
1.8x
129.0x
P/B
1.5x
3.5x
1.3x
1.4x
4.2x
6.2x
1.4x
0.4x
1.8x
4.1x
2.3x
1.7x
P/B
1.5x
3.9x
34.5x
4.4x
1.1x
8.8x
1.0x
1.1x
13.3x
2.0x
1.8x
1.3x
P/B
27.0x
1.7x
0.9x
5.4x
129.0x
1.9x
3.0x
3.4x
1.3x
$ 154
P/E
10.9x
11.9x
12.4x
11.4x
24.6x
14.0x
8.4x
P/E
32.4x
21.7x
14.7x
15.4x
14.7x
12.1x
P/E
10.9x
12.4x
29.0x
118.2x
11.9x
30.3x
11.4x
14.0x
P/E
21.6x
62.6x
8.4x
24.6x
18.3x
22.9x
751.4x
Manager: Kelly Cardwell

Provides digital media content-creation products and solutions for film, video, audio and broadcast profession
Provides banking and financial services
Manufactures specialty glass and ceramics
Sells leather, leather crafts and related supplies
Develops, produces and markets metrology systems for process control that are integrated into process equip
Operates as an investment holding company with interest in providing investment and financial services
Mines for coal
Engages in the acquisition, development and production of oil and natural gas
Provides television broadcasting services
Provides helicopter transport and related services

Owns and operates general acute care hospitals and psychiatric hospitals
Operates general acute care hospitals
Provides insurance and investment services
Engaged in the business of television broadcasting
Explores for oil and gas resources
Develops hardware and software solutions for mobile communications
Acquires, develops and commercializes new, innovative electronic technologies
Manufactures semiconductor solutions for network infrastructure applications
Operates as a holding company with interests in businesses which design, develops, manufactures and marke
Operates as copper, gold and molybdenum mining company

Engages in the provision of cloud-based business management application suites
Manufactures lighting devices
Mines for coal
Provides 3-D printing, prototyping and manufacturing computer-aided design systems and services
Provides on-line commerce site
Sells leather, leather crafts and related supplies
Engages in the acquisition, development and production of oil and natural gas
Provides specialty display solutions
Designs and manufactures electric sports cars

Operates as office superstores and smaller stores
Operates as an investment holding company with interest in providing investment and financial services
Designs, develops, manufactures, and sells semiconductor devices
Develops, produces and markets metrology systems for process control that are integrated into process equip
Provides oilfield services such as distributing oil and gas information technologies and providing consulting se
Manufactures and supplies avionics equipment civil, military, business and commercial markets
Manufactures, develops and markets apparatus and scientific instruments
10 Sodastream International Ltd

SODA
11 Royal Dutch Shell Plc Sponsored ADR Class B SC.1
12 GSI Technology, Inc.
GSIT
Closed Positions
Name
1
2
3
4
5
6
7
Global Payments Inc.

Belo Corp. Class A
Berkshire Hathaway Inc. Class A
Aeroflex Holding Corp.
Occidental Petroleum Corporation
Peabody Energy Corporation
Century Management
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Jacobs Engineering Group Inc.

Cisco Systems, Inc.
Newmont Mining Corporation
Layne Christensen Company
Walter Investment Management Corp.
Emerson Electric Co.
New Positions
Name
1
2
3
4
5
6
Fidelity National Financial, Inc. Class A

POSCO Sponsored ADR
Great Lakes Dredge & Dock Corporation
UCP, Inc. Class A
Rubicon Technology, Inc.
Harvard Bioscience, Inc.
Increased Positions
Name
1
2
3
4
Comstock Mining Inc.

Era Group, Inc.
Alcoa Inc.
Decreased Positions
Name
1
2
3
4
5
Applied Materials, Inc.

Encore Wire Corporation
Jacobs Engineering Group Inc.
Cisco Systems, Inc.
II-VI Incorporated
Closed Positions
Name
1 Apogee Enterprises, Inc.
2 Benchmark Electronics, Inc.
(0.3)%
(0.2)%
(0.1)%
Ticker
% Port
GPN
BLC
BRK.A
BRK.B
ARX
OXY
BTU
7.3%
2.9%
1.5%
1.0%
0.7%
0.4%
0.2%
(9.5)%
0.9%
(6.3)%
(14.2)%
3.9%
11.2%
Price change
to today
q/q
22.7%
0.0%
1.5%
1.6%
(4.7)%
1.3%
6.1%
10.3%
(1.8)%
1.1%
1.4%
(10.8)%
4.8%
17.8%
36
69
22
HMA
52
16
40
40
70
60
90
5.9%
9.8%
0.2%
ROIC
5.3%
4.1%
0.1%
5.1%
1.0%
1,170
86,159
183
1,196
112,594
116
Mkt Cap
EV
4,568
1,426
284,290
284,380
570
76,382
4,941
5,469
2,122
2.5x
0.8x
2.0x
19.7x
5.3x
45.4x
EV/Sales EV/EBITDA
1.8x
3.0x
8.3x
8.7x
1.7x
1.8x
3.2x
1.4x
9.2x
5.6x
8.0x
426,432,600
304,169
1,094
80,316
10,386
3.9x
1.2x
1.3x
P/B
4.3x
4.2x
1.4x
1.4x
2.3x
1.8x
1.1x
AUM Profiled:
Ticker
JEC
CSCO
NEM
BRK.B
GLW
LAYN
WFC
MSFT
WAC
EMR
Ticker
% Port
5.2%
4.8%
4.6%
4.3%
4.2%
3.9%
3.7%
3.2%
3.0%
3.0%
% Port
FNF
PKX
GLDD
UCP
RBCN
HBIO
1.7%
1.2%
0.6%
0.4%
0.1%
0.1%
Ticker
as % Port
LODE
ERA
LAYN
AA
0.4%
0.2%
0.1%
0.1%
Ticker
as % Port
AMAT
WIRE
JEC
CSCO
IIVI
(3.3)%
(0.6)%
(0.1)%
(0.1)%
(0.1)%
Ticker
% Port
APOG
BHE
0.6%
0.4%
Price change
to today
q/q
2.2%
(10.0)%
(15.2)%
1.6%
16.9%
(19.3)%
6.9%
15.5%
(5.0)%
3.2%
5.5%
(3.7)%
(6.2)%
1.4%
2.5%
2.3%
0.1%
(3.7)%
16.9%
18.6%
Price change
to today
q/q
8.5%
7.0%
16.8%
1.6%
(17.6)%
10.7%
11.7%
13.2%
(5.0)%
51.9%
11.9%
Price change
to today
q/q
(3.9)%
19.2%
(19.3)%
17.6%
9.1%
3.9%
2.3%
3.8%
Price change
to today
q/q
(2.4)%
20.6%
2.2%
(10.0)%
(13.1)%
17.5%
15.7%
5.5%
(3.7)%
15.6%
Price change
to today
q/q
16.7%
(0.2)%
23.5%
13.9%
HMA
53
83
100
40
75
65
34
70
28
14
HMA
27
78
29
48
54
62
HMA
66
25
65
73
HMA
26
15
53
83
89
HMA
7
38
ROIC
3.9%
4.1%
2.1%
1.8%
(1.8)%
7.1%
8.3%
ROIC
1.6%
0.6%
(4.3)%
(0.8)%
ROIC
(15.3)%
1.5%
(1.8)%
1.5%
ROIC
3.0%
4.9%
3.9%
4.1%
2.3%
ROIC
2.6%
1.8%
Mkt Cap
EV
7,833
112,760
11,750
284,380
24,689
320
232,723
320,979
1,388
47,702
7,068
82,556
19,599
304,169
22,401
412
259,207
259,547
14,263
50,387
Mkt Cap
EV
7,209
25,121
516
117
226
137
Mkt Cap
118
654
320
10,215
Mkt Cap
20,601
984
7,833
112,760
1,021
Mkt Cap
995
1,234
6,658
45,628
777
185
189
121
EV
115
874
412
20,639
EV
20,845
971
7,068
82,556
1,060
EV
957
831
EV/Sales EV/EBITDA
0.6x
1.9x
2.5x
1.7x
2.3x
0.5x
2.7x
2.7x
9.5x
2.0x
9.0x
6.4x
36.4x
7.1x
47.6x
6.6x
10.0x
EV/Sales EV/EBITDA
0.7x
0.7x
0.9x
2.0x
4.7x
1.4x
13.9x
137.5x
39.9x
EV/Sales EV/EBITDA
5.4x
2.6x
0.5x
0.8x
10.1x
47.6x
7.4x
EV/Sales EV/EBITDA
2.9x
0.7x
0.6x
1.9x
2.1x
17.6x
10.6x
9.0x
6.4x
10.7x
EV/Sales EV/EBITDA
1.0x
0.3x
12.8x
7.0x
P/B
1.9x
1.9x
1.0x
1.4x
1.1x
1.0x
1.5x
3.9x
1.2x
4.5x
P/B
1.5x
0.6x
2.0x
1.3x
1.1x
1.3x
P/B
5.4x
1.5x
1.0x
0.9x
P/B
3.0x
2.2x
1.9x
1.9x
1.6x
P/B
2.9x
1.1x
30.4x
10.2x
130.7x
Manufactures and distributes home beverage carbonation systems and related products
Provides oil refining and distribution services
Designs and markets static random access memory integrated circuits
P/E
15.7x
15.4x
14.7x
14.7x
16.4x
Provides electronic transaction processing, electronic fund transfer and other merchant services
Engaged in the business of television broadcasting
Operates as a holding company with interests in businesses which design, develops, manufactures and marke
Explores, develops, produces, and markets crude oil and natural gas
Mines and markets low-sulfur coal
$ 1,232
P/E
17.9x
12.2x
14.7x
11.9x
10.9x
12.4x
7.3x
23.4x
P/E
12.7x
14.9x
Manager: Arnold Van Den Berg and Jim Brillaint

Provides technical, professional, and construction services

Designs, develops and manufactures networking solutions, including routers, LAN and ATM switches, dial-up a
Explores and mines for gold and silver
Provides water well, oil drilling, construction, and maintenance services
Operates as mortgage servicer, asset manager and portfolio owner, which specializes in subprime, non-confor
Manufactures and develops process controls systems, valves and analytical instruments
751.4x
Provides insurance, mortgage and claims management services

Manufactures and distributes steel products
Provides dredging and dock contracting services
Operates as a homebuilder and land developer
Manufactures semiconductor related devices
Manufactures, develops and markets apparatus and scientific instruments
P/E
32.4x
32.5x
P/E
84.3x
20.0x
17.9x
12.2x
25.1x
P/E
35.8x
20.3x
Provides exploration and mineing services of gold, silver and other metals
Produces aluminum, fabricated aluminumand other alloys
Manufactures and markets equipment and software for the semiconductor industries
Manufactures copper electrical building wire and cable
Provides technical, professional, and construction services
Produces crystalline compounds and manufactures optical components
Installs, fabricates and distributes window systems and curtainwall
Provides contract manufacturing and design services to original equipment manufacturers
Cove Street Capital

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
SPX Corporation
Approach Resources Inc.
Graham Holdings Co.
Forestar Group Inc.
NeuStar, Inc. Class A
CoreLogic, Inc.
Graftech International Ltd
Capital One Financial Corporation
New Positions
Name
1
2
3
4
5
6
7
AZZ incorporated
Emerald Oil, Inc.
Apco Oil and Gas International Inc.
Winthrop Realty Trust
Greif Class A
Chimera Investment Corporation
Annaly Capital Management, Inc.
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Forestar Group Inc.

Graham Holdings Co.
SPX Corporation
Heritage-Crystal Clean, Inc.
Global Cash Access Holdings, Inc.
NeuStar, Inc. Class A
Remy International, Inc.
Fair Isaac Corporation
Cherokee Inc.
Orient-Express Hotels Ltd. Class A
Graftech International Ltd
Teleflex Incorporated
Live Nation Entertainment, Inc.
CoreLogic, Inc.
Hallmark Financial Services, Inc.
HSN, Inc.
GSI Group Inc.
Decreased Positions
Name
1 State Street Corporation
2 Chesapeake Energy Corporation
3 Star Gas Partners, L.P.
Closed Positions
Name
1 The Western Union Company
2 Hewlett-Packard Company
3 Outerwall Inc.
AUM Profiled:
Ticker
SPW
AREX
GHC
FOR
WTM
NSR
CLGX
GTI
AIG
COF
Ticker
AZZ
EOX
APAGF
FUR
GEF
CIM
NLY
% Port
5.9%
5.7%
4.4%
4.0%
3.9%
2.8%
2.6%
2.5%
2.4%
2.3%
% Port
1.6%
1.5%
0.7%
0.3%
0.3%
0.3%
0.2%
Ticker
as % Port
FOR
GHC
AREX
SPW
WTM
HCCI
GCA
AVID
NSR
REMY
FICO
CHKE
OEH
GTI
TFX
LYV
CLGX
HALL
HSNI
GSIG
2.9%
2.6%
2.5%
2.1%
1.7%
1.7%
1.2%
1.1%
1.0%
1.0%
1.0%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
Ticker
as % Port
STT
CHK
SGU
(0.3)%
(0.2)%
(0.2)%
Ticker
% Port
WU
HPQ
OUTR
2.3%
1.6%
0.9%
Price change
to today
q/q
9.8%
(22.6)%
6.3%
(9.8)%
6.4%
(0.4)%
30.0%
31.1%
2.2%
4.9%
17.6%
7.0%
26.4%
7.3%
(1.3)%
1.6%
16.7%
16.1%
8.8%
9.4%
Price change
to today
q/q
15.4%
0.3%
9.4%
1.3%
13.2%
(2.0)%
(13.6)%
8.6%
4.8%
23.7%
(7.3)%
(6.9)%
1.3%
(7.9)%
Price change
to today
q/q
(9.8)%
6.3%
(22.6)%
9.8%
6.4%
(0.6)%
20.6%
47.3%
(0.4)%
9.9%
5.3%
10.6%
15.3%
31.1%
18.4%
(1.1)%
30.0%
6.0%
6.3%
12.9%
7.3%
26.4%
7.0%
17.6%
(1.3)%
23.2%
24.8%
2.0%
1.6%
9.0%
20.6%
1.8%
6.7%
16.1%
6.2%
19.7%
16.7%
(3.0)%
(0.2)%
18.7%
Price change
to today
q/q
10.9%
3.5%
11.0%
0.8%
27.0%
0.6%
Price change
to today
q/q
(10.6)%
30.2%
36.0%
9.1%
(15.4)%
(14.7)%
HMA
29
49
37
67
33
40
11
74
71
48
HMA
12
45
90
64
48
95
60
HMA
67
37
49
29
33
65
60
79
40
30
7
75
39
74
18
5
11
87
15
18
HMA
47
76
54
HMA
83
77
77
ROIC
2.3%
1.3%
2.6%
6.6%
0.5%
ROIC
4.4%
(0.1)%
2.3%
3.9%
ROIC
2.6%
1.3%
2.3%
1.5%
(1.3)%
6.6%
3.0%
5.1%
15.0%
2.5%
0.5%
2.6%
3.6%
8.4%
2.5%
ROIC
1.2%
(2.0)%
ROIC
4.6%
4.9%
Mkt Cap
4,215
794
4,797
674
3,729
3,172
3,295
1,496
73,389
41,570
Mkt Cap
1,232
471
459
411
2,639
3,062
9,484
Mkt Cap
674
4,797
794
4,215
3,729
329
616
344
3,172
712
2,012
121
1,547
1,496
4,008
3,572
3,295
181
3,014
366
Mkt Cap
32,507
17,811
317
Mkt Cap
9,217
52,504
1,885
EV
5,395
1,018
4,249
986
3,786
3,493
4,046
2,052
56,009
68,355
EV
1,650
224
420
748
3,980
6,533
81,765
EV
986
4,249
1,018
5,395
3,786
324
591
272
3,493
919
2,491
133
2,068
2,052
4,877
4,438
4,046
16
3,235
396
EV
7,711
34,798
404
EV
11,502
65,091
2,368
EV/Sales EV/EBITDA
1.0x
7.9x
1.1x
3.5x
1.6x
4.0x
2.0x
1.4x
0.9x
2.7x
11.6x
12.9x
6.5x
8.9x
9.5x
EV/Sales EV/EBITDA
2.1x
5.2x
2.6x
7.0x
0.9x
10.0x
24.1x
9.6x
6.1x
8.3x
EV/Sales EV/EBITDA
3.5x
1.1x
7.9x
1.0x
1.6x
1.2x
0.8x
0.5x
4.0x
0.8x
3.2x
4.3x
3.2x
1.4x
2.5x
0.7x
2.0x
0.0x
0.9x
1.1x
6.5x
12.9x
11.6x
25.7x
21.9x
8.9x
6.6x
12.0x
8.7x
17.3x
9.5x
11.8x
11.3x
9.6x
8.8x
EV/Sales EV/EBITDA
0.4x
2.1x
0.2x
6.6x
4.3x
EV/Sales EV/EBITDA
2.3x
0.5x
0.8x
4.6x
4.4x
P/B
2.0x
1.2x
1.8x
1.2x
1.0x
5.0x
2.9x
1.1x
0.7x
1.0x
P/B
3.4x
1.5x
1.5x
1.1x
2.2x
0.9x
0.8x
P/B
1.2x
1.8x
1.2x
2.0x
1.0x
2.1x
2.9x
1.0x
5.0x
1.5x
3.8x
7.2x
1.7x
1.1x
2.2x
2.4x
2.9x
0.8x
6.3x
1.6x
P/B
1.6x
1.4x
1.1x
P/B
8.8x
2.1x
3.2x
$ 492
Manager: Jeff Bronchick
P/E
146.0x
132.7x
29.1x
13.1x
20.3x
18.1x
40.2x
23.1x
9.9x
Manufactures and distributes industrial components

Engages in the exploration, development, production and acquisition of oil and gas properties
Provides secondary education and professional training services, broadcasts television and cable, and provide
Provides real estate development services
Provides communications clearinghouse services
Provides property, financial and consumer information analysis and services
Manufacturers graphite electrodes, refractory products, advanced graphite materials and natural graphite pro
Operates as a holding company which provides financial products and services
P/E
16.1x
17.8x
39.1x
19.8x
271.0x
3.4x
Manufactures specialty equipment and components for power generation, power transmission, and distributi
Operates as an independent oil and natural gas exploration company
Provides industrial packaging products and services
REIT
P/E
29.1x
132.7x
146.0x
Provides real estate development services

Provides secondary education and professional training services, broadcasts television and cable, and provide
Manufactures and distributes industrial components
Provides cleaning and containerized waste services
Provides cash access and related marketing services to gaming industry
Provides communications clearinghouse services
Manufactures and provides alternators, starters and hybrid motors
Provides enterprise decision management solutions
Markets and manages various brands in various consumer product categories
Owns and operates luxury deluxe hotels, restaurants, tourist trains and river cruises businesses
Manufacturers graphite electrodes, refractory products, advanced graphite materials and natural graphite pro
Designs mechanical, electrical and hydraulic controls for the automotive, marine, industrial, medical and aero
Provides live entertainment events promotion and production services
Provides property, financial and consumer information analysis and services
Engages in the sale of property and casualty insurance products
Offers innovative, differentiated retail experiences
Develops and supplies laser based manufacturing systems, instrumentation, and components
13.1x
166.4x
23.0x
20.3x
16.3x
22.2x
16.5x
40.2x
24.2x
18.1x
26.1x
17.2x
19.1x
P/E
15.0x
19.8x
9.0x
P/E
12.3x
9.3x
8.2x
Provides financial products and services to institutional investors
Explores, develops, and produces oil and natural gas properties
Distributes and sells propane, heating oils and related supplies and equipment
Provides money transfer services

Develops imaging and printing systems, computing systems and information technology solutions
Owns and operates a nationwide network of supermarket-based machines that offer coin counting and other
4
5
6
7
First Financial Bancorp.

Ruby Tuesday, Inc.
W.P. Carey Inc.
D3/Nierenberg Investment Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
Electro Scientific Industries, Inc.

Rosetta Stone Inc.
C&J Energy Services, Inc.
Move, Inc.
RadiSys Corporation
Natus Medical Incorporated
Tecumseh Products Company Class B
New Positions
Name
1 Tecumseh Products Company Class A
2 Natus Medical Incorporated
3 Tecumseh Products Company Class B
FFBC
RT
WPC
MIC
Ticker
ESIO
RST
CJES
MOVE
RSYS
TECUA
BABY
TECUB
Ticker
0.8%
0.7%
0.1%
0.1%
% Port
29.4%
21.7%
15.9%
12.2%
11.5%
7.9%
1.3%
0.2%
% Port
6.3%
(9.5)%
(3.2)%
0.9%
1.8%
(18.7)%
(2.2)%
0.2%
Price change
to today
q/q
(15.5)%
(27.5)%
18.9%
(11.6)%
(32.1)%
(2.8)%
56.2%
(4.0)%
8.6%
10.1%
3.7%
32.3%
(33.3)%
(18.1)%
3.9%
(21.4)%
Price change
to today
q/q
46
52
59
20
94
29
62
51
HMA
0.4%
(5.3)%
3.0%
0.6%
(6.0)%
0.1%
3.5%
0.1%
ROIC
297
257
1,302
604
63
161
686
154
Mkt Cap
174
144
1,423
590
65
177
686
171
EV
50.0x
594.9x
AUM Profiled:
$ 127
EV/Sales EV/EBITDA
1.2x
0.9x
1.1x
3.0x
0.4x
0.2x
1.3x
5.4x
42.9x
48.1x
25.2x
7.8x
EV/Sales EV/EBITDA
P/B
12.2x
333.9x
23.2x
P/E
Manufactures laser systems, test and termination equipment, laser drilling systems and machine vision system
Provides coiled tubing and pressure pumping services
Provides online information about real estate business
Designs and manufactures embedded computer products
Provides healthcare products
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Decreased Positions
Name
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
MOVE
RST
(23.6)%
(1.5)%
333.9x
Provides online information about real estate business

Ticker
% Port
P/E
Closed Positions
Name
Dalal Street
Top 10 Holdings
Name
1
2
3
4
5
6
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
5.8x
1.9x
P/B
AUM Profiled:
Ticker
General Motors Co Warrants 2011-10.7.19 onGM.WB

Shs
Bank of America Corporation
BAC
Chesapeake Energy Corporation
CHK
Citigroup Inc.
C
Horsehead Holding Corp.
ZINC
The Goldman Sachs Group, Inc.
GS
New Positions
Name
Price change
to today
q/q
42.9x
0.8x
2.4x
0.7x
P/E
Manager: David Nierenberg
ROIC
3.0x
0.9x
25.2x
7.8x
1.2x
1.9x
1.9x
5.8x
0.6x
0.8x
2.4x
0.7x

Operates and owns restaurants
Provides corporate real estate financing solutions
Private Equity Fund
HMA
590
144
0.2x
1.3x
P/B
14.4x
Price change
to today
q/q
604
257
177
686
171
1.3x
0.8x
2.2x
3.1x
9.9x
23.7x
46.6x
as % Port
0.6%
(5.3)%
161
686
154
EV
4.1x
0.6x
12.8x
3.6x
Ticker
20
52
0.1%
3.5%
0.1%
Mkt Cap
1,432
646
6,698
3,754
Increased Positions
Name
32.3%
10.1%
29
62
51
ROIC
930
417
4,274
2,888
7.9%
1.3%
0.2%
(11.6)%
(27.5)%
(18.1)%
3.9%
(21.4)%
HMA
(2.4)%
1.1%
1.1%
TECUA
BABY
TECUB
1 Move, Inc.
2 Rosetta Stone Inc.
(2.8)%
56.2%
(4.0)%
41
79
19
19
Ticker
% Port
24.0%
22.5%
18.4%
16.5%
13.7%
4.9%
Price change
to today
q/q
15.4%
14.0%
3.5%
8.5%
15.1%
7.3%
13.8%
7.3%
27.0%
1.1%
(2.7)%
4.6%
HMA
1
58
76
44
25
50
ROIC
1.2%
(0.8)%
Mkt Cap
EV
167,778
17,811
159,597
723
76,922
47,232
366,434
34,798
309,422
870
325,949
EV/Sales EV/EBITDA
3.5x
2.1x
3.2x
1.8x
7.8x
6.6x
37.2x
P/B
0.8x
1.4x
0.8x
1.7x
1.1x
23.2x
Provides healthcare products
$ 460
P/E
21.2x
19.8x
12.2x
9.6x
Manager: Mhnish Pabrai

Provides commercial banking services
Produces specialty zinc and zinc-based products
Provides investment banking, securities and asset management services
% Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Increased Positions
Name
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Decreased Positions
Name
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Closed Positions
Name
Ticker
% Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Deccan Value Investors

Top 10 Holdings
Name
1
2
3
4
5
6
7
8

Visa Inc. Class A
Engility Holdings, Inc.
Tyco International Ltd.
CST Brands, Inc.
Coca-Cola Enterprises, Inc.
#N/A
New Positions
Name
1 Twenty-First Century Fox, Inc. Class A
Increased Positions
Name
1
2
3
4
5
6
AUM Profiled:
Ticker
FOXA
V
EGL
TYC
CST
CCE
#N/A
ONE
Ticker
Ticker
as % Port
CST Brands, Inc.

Engility Holdings, Inc.
Tyco International Ltd.
CST
EGL
TYC
ONE
Closed Positions
Name
Ticker
4.5%
2.4%
1.8%
1.3%
1.2%
0.4%
as % Port
CCE
(1.8)%
Ticker
% Port
HMA
ROIC
0.1%
7.3%
0.3%
7.8%
10.3%
4.8%
16.5%
4.6%
11.6%
6.2%
(3.3)%
14.4%
7
3
19
12
53
10
25.8%
(34.1)%
92
Price change
to today
q/q
0.1%
HMA
16.5%
Price change
to today
q/q
HMA
3
10.3%
0.3%
7.8%
25.8%
(3.3)%
11.6%
6.2%
(34.1)%
53
19
12
92
14.4%
Price change
to today
q/q
5.2%
3.3%
ROIC
4.6%
4.8%
4.7%
5.0%
ROIC
7
7.3%
Price change
to today
q/q
3.3%
HMA
10
HMA
4.7%
5.0%
ROIC
5.2%
ROIC
Mkt Cap
EV
76,509
159,755
548
17,542
2,486
10,939
#VALUE!
454
91,884
126,934
785
18,592
3,104
14,760
3.5x
10.0x
0.5x
1.6x
0.3x
1.8x
564
2.3x
Mkt Cap
76,509
EV
91,884
EV/Sales EV/EBITDA
3.5x
EV
159,755
126,934
10.0x
2,486
548
17,542
454
3,104
785
18,592
564
0.3x
0.5x
1.6x
2.3x
10,939
Mkt Cap
EV
14,760
EV
5.8x
10.9x
7.2x
10.8x
EV/Sales EV/EBITDA
Mkt Cap
Mkt Cap
15.1x
15.1x
EV/Sales EV/EBITDA
7.2x
5.8x
10.9x
EV/Sales EV/EBITDA
1.8x
10.8x
EV/Sales EV/EBITDA
P/B
$ 327
P/E
4.5x
4.9x
1.3x
3.4x
4.2x
5.0x
12.8x
25.2x
7.0x
30.9x
7.0x
20.7x
P/B
4.5x
P/B
17.8x
P/E
12.8x
P/E
Manager: Vinit Bodas

Provides defense-related system engineering training and support.
Manufactures electronic security systems and provides various security services
Sells motor fuel and convenience merchandise items
Manufactures and distributes non-alcoholic beverages
#N/A
4.9x
25.2x
4.2x
1.3x
3.4x
7.0x
7.0x
30.9x
20.7x
Sells motor fuel and convenience merchandise items

Provides defense-related system engineering training and support.
Manufactures electronic security systems and provides various security services
P/B
5.0x
P/B
P/E
17.8x
P/E
Manufactures and distributes non-alcoholic beverages
13.7%
Donald Smith & Co

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
% Port
18.5%
1 Coca-Cola Enterprises, Inc.
18.5%
14.6%
14.1%
11.1%
10.9%
10.7%
10.7%
9.5%
FOXA
Visa Inc. Class A
Decreased Positions
Name
% Port
Price change
to today
q/q
AUM Profiled:
Ticker
% Port
Price change
to today
q/q
HMA
ROIC

MU
8.3%
21.8%
21.9%
7
2.0%
WPX
5.5%
(1.6)%
1.7%
18
(1.7)%
IM
4.7%
1.6%
21.4%
41
2.8%
Southwest Airlines Co.
LUV
4.5%
27.8%
13.0%
49
4.1%
AerCap Holdings NV
AER
4.2%
10.3%
11.5%
13
1.7%
Air France-KLM SA Sponsored ADR
AFLYY
4.1%
4.1%
11.2%
52
0.5%
JetBlue Airways Corporation
JBLU
4.1%
31.3%
6.0%
69
3.1%
Yamana Gold Inc.
AUY
4.0%
(17.6)%
9.4%
93
1.2%
American National Insurance Company
ANAT
3.2%
20.2%
(1.4)%
25
Granite Real Estate Investment Trust Stapled Units
GRP.UCons of 12.9%
Shs of Granite
(7.0)%
Real Estate
3.2%
Inc + 1 TU Granite
30 REIT
New Positions
Name
1 Ardmore Shipping Corp.
Increased Positions
Name
1 WPX Energy, Inc. Class A
2 Yamana Gold Inc.
Ticker
ASC
Ticker
WPX
AUY
% Port
0.5%
as % Port
1.6%
0.8%
Price change
to today
q/q
HMA
ROIC
0.6%
22,373
3,805
3,612
12,966
2,439
3,070
2,470
6,452
3,170
1,556
Mkt Cap
220
Price change
to today
q/q
(1.6)%
(17.6)%
Mkt Cap
1.7%
9.4%
HMA
18
93
ROIC
(1.7)%
1.2%
Mkt Cap
3,805
6,452
EV
27,448
5,582
4,018
12,779
8,109
11,429
4,896
7,359
1,609
1,838
EV
265
EV
5,582
7,359
EV/Sales EV/EBITDA
2.1x
1.9x
0.1x
0.6x
8.1x
0.3x
0.8x
4.3x
0.4x
10.3x
8.6x
7.6x
6.1x
5.1x
9.4x
5.6x
6.9x
8.7x
EV/Sales EV/EBITDA
8.3x
2.4x
0.7x
0.9x
1.8x
1.0x
0.7x
1.2x
0.8x
0.8x
1.0x
P/B
P/E
12.3x
11.8x
16.7x
9.4x
17.9x
24.8x
9.9x
10.4x
P/E
32.0x
EV/Sales EV/EBITDA
1.9x
4.3x
P/B
$ 4,728
7.6x
8.7x
Manager: Don Smith

Provides scheduled air transportation services
Provides leasing and financing services to the aircraft industry
Provides passenger and cargo air transportation services
Provides passenger air transportation services
Real Estate Investment Trust/REIT
Provides seaborne transportation of petroleum products and chemicals
P/B
0.7x
0.8x
P/E
24.8x
3
4
5
6
7
8
9
Air France-KLM SA Sponsored ADR

AuRico Gold Inc.
Tech Data Corporation
US Airways Group, Inc.
Valero Energy Corporation
Advantage Oil & Gas Ltd.
Primero Mining Corp.
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Aircastle Limited
Platinum Underwriters Holdings, Ltd.
USEC Inc.
Celestica Inc.
CNA Financial Corporation
Bridgepoint Education, Inc.
NRG Energy, Inc.
Dana Holding Corporation
Sanmina-SCI Corporation
PNM Resources, Inc.
American National Insurance Company
Resolute Forest Products Inc.
Coeur Mining, Inc.
Southwest Airlines Co.
Haverty Furniture Companies, Inc.
Everest RE Group, Ltd.
AerCap Holdings NV
Closed Positions
Name
1 StanCorp Financial Group, Inc.
2
3 Steel Excel Inc.
First Wilshire Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
AFLYY
AUQ
TECD
LCC
VLO
AAV
PPP
0.8%
0.3%
0.2%
0.1%
0.1%
0.1%
0.1%
Ticker
as % Port
IM
MU
AYR
PTP
USU
CLS
CNA
BPI
NRG
DAN
SANM
PNM
ANAT
RFP
CDE
LUV
HVT
RE
AER
AIG
(2.0)%
(1.7)%
(0.9)%
(0.8)%
(0.7)%
(0.7)%
(0.7)%
(0.3)%
(0.3)%
(0.2)%
(0.2)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
Ticker
% Port
SFG
SXCL
Ticker
0.3%
0.1%
0.1%
% Port
4.1%
(5.2)%
3.6%
21.5%
37.1%
5.0%
(9.7)%
11.2%
(12.8)%
6.0%
15.5%
(1.8)%
(2.8)%
21.4%
Price change
to today
q/q
1.6%
21.8%
5.5%
4.2%
(10.0)%
(8.5)%
7.9%
1.1%
(1.8)%
(13.5)%
(13.3)%
2.3%
20.2%
22.5%
(13.7)%
27.8%
16.6%
6.6%
10.3%
2.2%
Price change
to today
q/q
1 Tetra Tech, Inc.

2 Windstream Holdings, Inc.
3 TOR Minerals International, Inc.
Increased Positions
Ticker
TTEK
WIN
TORM
% Port
0.8%
0.8%
0.2%
HMA
41
7
27
49
66
23
20
72
49
13
27
21
25
30
93
49
2
36
13
71
HMA
17.6%
11.4%
37
(4.0)%
1.2%
40
Price change
to today
q/q
American Water Works Company, Inc.

AWK
5.2%
1.6%
The Federal Agricultural Mortgage Corporation
AGM
Class C
4.9%
2.5%
RentACenter, Inc.
RCII
4.8%
(12.5)%
Tupperware Brands Corporation
TUP
4.3%
5.2%
Nature's Sunshine Products, Inc.
NATR
4.2%
(3.0)%
Innospec Inc.
IOSP
3.4%
3.2%
Companhia de Saneamento Basico do Estado SBS
de Sao Paulo SABESP
3.4% Sponsored
2.2%ADR
Owens-Illinois, Inc.
OI
3.3%
11.7%
Mobile Mini, Inc.
MINI
2.7%
15.5%
Wilshire Bancorp, Inc.
WIBC
2.6%
27.9%
New Positions
Name
21.4%
21.9%
8.9%
4.4%
43.5%
16.7%
17.0%
48.1%
2.4%
18.6%
21.9%
2.0%
(1.4)%
0.4%
(9.4)%
13.0%
6.6%
13.4%
11.5%
8.8%
52
93
32
42
50
66
59
0.1%
15.6%
1.5%
11.2%
16.3%
16.1%
(4.3)%
8.0%
2.7%
23.4%
Price change
to today
q/q
8.1%
1.0%
(9.0)%
10.1%
3.6%
5.9%
Price change
HMA
9
22
49
2
10
7
58
30
16
17
HMA
74
87
31
0.5%
0.5%
4.1%
7.1%
2.1%
0.6%
2.4%
ROIC
2.8%
2.0%
1.7%
(11.1)%
2.7%
2.4%
4.2%
2.9%
3.4%
1.2%
(0.6)%
4.1%
5.3%
1.7%
ROIC
(0.1)%
ROIC
3.2%
2.7%
6.7%
5.7%
4.7%
4.3%
1.9%
ROIC
3.4%
2.2%
0.6%
3,070
891
1,953
4,538
25,268
677
569
Mkt Cap
3,612
22,373
1,483
1,738
47
1,839
11,112
988
8,675
2,901
1,278
1,845
3,170
1,530
1,046
12,966
644
7,424
2,439
73,389
Mkt Cap
11,429
977
1,871
7,192
30,295
1,133
476
EV
4,018
27,448
4,344
379
558
1,334
9,513
628
24,010
3,807
1,557
3,778
1,609
1,877
1,145
12,779
592
5,558
8,109
56,009
EV
0.3x
4.3x
0.1x
0.4x
0.2x
4.3x
2.7x
7.1x
2.3x
0.6x
0.3x
2.7x
0.4x
0.4x
1.7x
0.6x
0.7x
0.9x
8.1x
0.9x
12.3x
6.2x
1.3x
0.9x
1.8x
0.9x
3.5x
1.2x
1.1x
0.8x
0.6x
0.5x
1.8x
2.3x
1.1x
1.0x
0.7x
19.7x
14.5x
15.7x
15.2x
EV
1,890
13,520
44
8.3x
4.3x
5.7x
5.1x
7.3x
9.4x
EV/Sales EV/EBITDA
1.3x
1,805
4,784
32
P/E
11.8x
12.3x
60.0x
6.4x
133
Mkt Cap
17.2x
0.9x
2.4x
0.9x
1.0x
355
EV
P/B
9.3x
6.6x
7.7x
6.1x
8.6x
7.0x
0.7x
13,154
9,601
2,577
5,547
238
1,192
6,375
9,177
2,374
776
0.7x
0.5x
1.1x
3.0x
1.4x
0.6x
0.8x
0.1x
2.1x
6.3x
0.5x
0.4x
0.3x
0.9x
2,559
7,467
371
1,785
4,603
295
1,134
6,958
5,532
1,821
740
4.1x
4.0x
9.1x
6.4x
EV/Sales EV/EBITDA
2,847
Mkt Cap
5.6x
20.4x
P/E

Owns and leases commercial aircraft
Operates as a holding company, which through its subsidiaries provides reinsurance services
Supplies enriched uranium for commercial nuclear power plants
Provides electronics manufacturing services
Provides property, casualty, and health insurance products and services
Provides postsecondary education services
Owns and operates power generation facilities
Supplies driveline, sealing, and thermal-management technologies
Provides integrated electronics manufacturing services
Generates and distributes electricity and natural gas
Produces and recycles paper, pulp and lumber
Provides scheduled air transportation services
Owns and operates furniture retail stores
Provides property and casualty reinsurance services
Provides leasing and financing services to the aircraft industry
12.1x
Operates as a holding company with interest in the insurance and asset management businesses
0.8x
17.3x
Operates as a capital pool company
AUM Profiled:
$ 619
3.8x
10.0x
2.8x
11.4x
7.5x
10.4x
7.9x
14.4x
EV/Sales EV/EBITDA
0.7x
2.2x
1.1x
16.7x
21.3x
7.7x
9.4x
23.1x
1.3x
EV/Sales EV/EBITDA
4.5x
32.0x
0.9x
2.0x
0.7x
1.5x
1.6x
1.2x
5.3x
4.1x
P/B
19.1x
18.0x
9.9x
Provides passenger and cargo air transportation services

Explores gold and silver
Distributes information technology products
Provides air transportation services for passengers and cargo through its subsidiaries
Engages in manufacturing and marketing of transportation fuels, other petrochemical products and power
Explores for oil and gas
Explores for gold and silver
13.6x
6.1x
13.2x
P/B
1.6x
1.2x
1.3x
17.0x
2.9x
3.0x
1.2x
4.6x
2.2x
2.0x
P/B
1.8x
5.1x
0.8x
P/E
20.2x
5.4x
13.2x
18.2x
15.2x
18.2x
9.1x
29.6x
69.9x
11.8x
Manager: Scott Hood

Provides water and wastewater utility services
Provides a secondary market for agricultural real estate and rural housing mortgage loans
Provides consumer goods on rental purchase arrangements
Manufactures and sells consumer products
Manufactures and distributes nutritional and personal care products
Develops and manufactures inorganic and organic fuel additives
Plans, executes and operates water, sewage and industrial wastewater systems
Manufactures and distributes glass and plastic packaging products
Provides portable storage solutions
P/E
41.8x
105.9x

Provides telecommunications and IT infrastructure services
Manufactures and markets mineral products
Name
1
2
3
4
5
6
7
8
9
Decreased Positions
Name
1
2
3
4
5
Carriage Services Inc.

IMAX Corporation
ePlus inc.
DeVry Education Group Inc.
Discover Financial Services
Closed Positions
Name
1
2
3
4
5
6
7
8
Nortek, Inc.
DaVita HealthCare Partners Inc.
McGraw Hill Financial, Inc.
Rockwood Holdings, Inc.
International Game Technology
W. R. Grace & Co.
Tronox Ltd.
Snap-on Incorporated
Flotek Industries, Inc.
Starz Inc Class A
New Positions
Name
1 Headwaters Incorporated
2 CF Industries Holdings, Inc.
Increased Positions
Name
1
2
3
4
5
6
as % Port
Ticker
as % Port
CSV
IMAX
PLUS
DV
DFS
(2.3)%
(0.6)%
(0.1)%
(0.1)%
(0.1)%
Ticker
% Port
Windstream Holdings, Inc.

WIN
John B. Sanfilippo & Son, Inc.
JBSS
NV5 Holdings Inc Units Cons of 1 Sh & 1 Wt 18NVEEU
Frontier Communications Corporation Class BFTR
Overhill Farms, Inc.
OFI
Zoetis, Inc. Class A
ZTS
Yongye International, Inc.
YONG
BAC
Gates Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Ticker
to today
q/q
PRGX Global, Inc.

PRGX
0.3%
5.0%
14.0%
Essex Rental Corp.
ESSX
0.2%
(18.5)%
(21.1)%
LSB Industries, Inc.
LXU
0.2%
(5.8)%
10.3%
The China Fund Inc
CHN
0.2%
6.8%
8.7%
Aberdeen Greater China Fund Inc
GCH
0.1%
2.3%
3.9%
Companhia de Saneamento Basico do Estado SBS
de Sao Paulo SABESP
0.1% Sponsored
2.2%ADR (4.3)%
MCG Capital Corporation
MCGC
0.1%
(7.7)%
(3.3)%
Bank of Commerce Holdings
BOCH
0.1%
2.8%
13.9%
MFRI, Inc.
MFRI
0.1%
11.8%
0.4%
DaVita HealthCare Partners Inc.

Albemarle Corporation
Scripps Networks Interactive, Inc. Class A
Rockwood Holdings, Inc.
Quanex Building Products Corporation
Nortek, Inc.
0.8%
0.6%
0.5%
0.2%
0.1%
0.1%
0.1%
0.1%
Price change
to today
q/q
(5.1)%
(0.9)%
3.9%
16.4%
4.6%
14.5%
21.6%
(13.7)%
(1.5)%
6.1%
Price change
to today
q/q
HMA
64
84
43
87
58
26
50
29
HMA
30
35
6
85
4
HMA
1.0%
10.3%
3.6%
15.0%
87
10
10.5%
3.2%
0.1%
1.8%
14.0%
0.7%
15.7%
7.3%
81
97
84
75
58
ROIC
6.1%
(0.2)%
2.7%
4.2%
ROIC
1.9%
1.0%
5.4%
1.5%
ROIC
2.2%
4.2%
4.8%
2.0%
1.7%
6.0%
14.3%
Mkt Cap
192
69
709
364
283
6,958
331
88
90
Mkt Cap
336
2,023
439
2,250
25,220
Mkt Cap
4,784
279
4,619
15,575
319
167,778
EV
EV/Sales EV/EBITDA
157
280
1,077
0.7x
3.1x
1.6x
6,375
368
149
125
1.6x
7.5x
3.4x
0.5x
EV
573
2,050
420
1,982
38,099
EV
13,520
352
37
12,068
84
18,872
407
366,434
6.5x
16.3x
21.5x
10.8x
EV/Sales EV/EBITDA
2.8x
7.9x
0.4x
0.9x
4.0x
11.6x
35.9x
5.6x
5.0x
EV/Sales EV/EBITDA
P/B
Ticker
NTK
DVA
MHFI
ROC
IGT
GRA
TROX
SNA
FTK
STRZA
Ticker
HW
CF
Ticker
DVA
ALB
SNI
ROC
NX
NTK
% Port
7.8%
6.8%
6.7%
6.7%
6.6%
5.5%
5.5%
5.1%
4.3%
4.2%
% Port
1.9%
1.2%
as % Port
3.9%
2.1%
1.9%
1.3%
1.1%
0.9%
5.2%
4.0%
13.2%
7.5%
(8.5)%
11.8%
(12.8)%
5.8%
(10.6)%
(1.1)%
6.6%
(5.8)%
23.3%
4.5%
13.3%
4.0%
21.4%
11.3%
28.2%
27.3%
Price change
to today
q/q
6.9%
2.9%
1.7%
22.9%
Price change
to today
q/q
4.0%
9.5%
(5.3)%
7.5%
(8.1)%
5.2%
(5.8)%
1.0%
17.0%
4.5%
11.8%
6.6%
HMA
18
62
2
24
74
51
63
2
26
25
HMA
20
33
HMA
62
10
13
24
59
18
ROIC
3.1%
4.4%
16.6%
1.4%
4.4%
20.3%
(0.3)%
5.1%
6.2%
2.5%
ROIC
5.1%
4.9%
ROIC
4.4%
5.1%
7.3%
1.4%
2.5%
3.1%
Mkt Cap
1,111
12,590
20,115
5,264
4,313
7,513
2,420
6,121
1,054
3,252
Mkt Cap
703
12,437
Mkt Cap
12,590
5,608
10,803
5,264
642
1,111
EV
2,187
20,974
20,779
5,988
5,971
6,003
3,575
7,024
1,210
4,314
1.2x
0.9x
1.0x
1.3x
9.1x
13.6x
12.5x
231.1x
Provides information and professional services

Provides cranes for sale or rent
Manufactures and sells air conditioning and chemical components
Closed-End Investment Fund/Investment Trust
Plans, executes and operates water, sewage and industrial wastewater systems
Private Equity Fund
Engages in manufacturing and selling of piping systems, filtration and industrial process cooling products
P/E
P/B
2.2x
7.1x
1.7x
1.6x
2.5x
P/B
EV
1,093
13,535
EV
20,974
6,427
12,193
5,988
633
2,187
27.6x
19.7x
70.3x
12.6x
29.4x
10.5x
P/E
2.2x
0.4x
6.1x
5.7x
5.1x
1.3x
41.8x
12.4x
2.4x
0.3x
4.2x
0.6x
3.5x
5.3x
10.4x
16.1x
1.8x
1.2x
56.2x
35.8x
39.9x
2.1x
21.2x
EV/Sales EV/EBITDA
0.9x
1.8x
3.8x
3.0x
2.7x
1.7x
2.0x
2.1x
3.9x
2.4x
9.8x
9.0x
10.6x
12.3x
7.9x
8.6x
13.7x
10.2x
19.9x
10.2x
EV/Sales EV/EBITDA
1.5x
2.3x
9.7x
4.6x
EV/Sales EV/EBITDA
1.8x
2.3x
5.2x
3.0x
0.7x
0.9x
9.0x
11.7x
11.7x
12.3x
16.3x
9.8x
24.1x
18.5x
0.5x
0.8x
AUM Profiled:
Price change
to today
q/q
P/E
1.9x
1.0x
1.9x
0.9x
P/B
11.0x
2.9x
21.2x
2.2x
3.5x
12.5x
1.0x
3.1x
4.5x
33.3x
P/B
8.3x
2.4x
P/B
2.9x
3.8x
5.5x
2.2x
1.6x
11.0x
Provides funeral and cemetery services

Designs, manufactures, and leases projection and sound systems for large screen theaters
Provides information technology products and services, flexible leasing solutions and enterprise supply manag
Provides telecommunications and IT infrastructure services

Processes and markets nuts and snack products
Operates as a holding company with interests in providing professional and technical consulting and certificat
Provides long distance, wireless, teleconferencing, cable television and basic telephone services
Manufactures and sells frozen food products
Develops animal vaccines and prescriptions medicines
Manufactures agricultural chemicals
$ 2,517
P/E
21.0x
46.0x
295.6x
18.6x
74.7x
19.8x
25.3x
P/E
99.9x
8.0x
Manager: Jeff Gates

Manufactures and distributes building ventilation products for residential and commercial applications
Provides integrated dialysis services for patients suffering from chronic kidney failure
Provides credity reporting, investment research and analytics services
Operates as holding company with interest in manufacturing chemical products
Designs, manufactures and markets electronic gaming equipment, software and network systems
Manufactures and markets packaging materials, specialty chemicals and building materials
Engages in exploration of titanium ore and titanium dioxide
Develops, manufactures and markets tools, equipment, diagnostics, repair information and systems solutions
Manufactures and markets oilfield products and downhole technologies
Engages in the media, communications and entertainment industries
Provides products and services in the light and heavy building materials sectors
Manufactures and distributes nitrogenous fertilizers
P/E
21.0x
16.7x
16.7x
295.6x
Provides integrated dialysis services for patients suffering from chronic kidney failure
Manufactures and markets specialty polymers, chemicals and related products
Operates cable television networks
Operates as holding company with interest in manufacturing chemical products
Manaufactures engineered materials, components and systems
Manufactures and distributes building ventilation products for residential and commercial applications
7
8
9
10
11
12
13
14
15
16
17
News Corporation Class A

Mueller Industries, Inc.
Tronox Ltd.
Coach, Inc.
Starz Inc Class A
Mercer International Inc.
MGM Resorts International
Richardson Electronics, Ltd.
Interval Leisure Group, Inc.
International Game Technology
Decreased Positions
Name
1
2
3
4
1 Xylem Inc.
2 Ashland Inc.
3 Berry Plastics Group, Inc.
Glenhill Advisors
Top 10 Holdings
Name
W. R. Grace & Co.
Starwood Property Trust, Inc.
Covanta Holding Corporation
Autodesk, Inc.
Chico's FAS, Inc.
The Pep Boys--Manny, Moe & Jack
Lionbridge Technologies, Inc.
NICE Systems Ltd. Sponsored ADR
MicroStrategy Incorporated Class A
New Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
0.7%
0.6%
0.4%
0.3%
0.3%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
Ticker
as % Port
Darling International Inc.

DAR
MGM Resorts International 4.25% 15-APR-2015
Barnes Group Inc.
B
Darling International Inc.
DAR
Closed Positions
Name
1
2
3
4
5
6
7
8
9
10
NWSA
MLI
TROX
COH
MHFI
STRZA
MERC
MGM
RELL
IILG
IGT

Chico's FAS, Inc.
Polycom, Inc.
Sinclair Broadcast Group, Inc. Class A
Red Hat, Inc.
Air Products and Chemicals, Inc.
Dick's Sporting Goods, Inc.
Office Depot, Inc.
Apple Inc.
Northeast Utilitites
Johnson & Johnson
The Clorox Company
Exxon Mobil Corporation
Ticker
XYL
ASH
BERY
(0.7)%
(0.2)%
(0.2)%
(0.1)%
% Port
7.2%
1.8%
1.2%
9.9%
8.5%
(12.8)%
3.7%
13.2%
(1.1)%
39.4%
(5.9)%
(3.1)%
16.0%
(8.5)%
5.3%
10.4%
21.4%
(4.5)%
23.3%
27.3%
8.7%
38.3%
(3.2)%
18.6%
13.3%
Price change
to today
q/q
(3.5)%
(4.7)%
3.6%
(3.5)%
13.4%
13.7%
16.4%
13.4%
Price change
to today
q/q
21.4%
(0.4)%
8.6%
3.7%
10.8%
(9.5)%
28
14
63
78
2
25
43
54
60
7
74
HMA
3.9%
(0.3)%
14.8%
16.6%
2.5%
1.4%
1.3%
0.1%
5.8%
4.4%
ROIC
10,216
1,708
2,420
15,857
20,115
3,252
552
9,424
155
1,571
4,313
Mkt Cap
7,678
1,657
3,575
15,233
20,779
4,314
1,333
24,640
30
1,670
5,971
EV
0.8x
0.7x
2.0x
2.9x
3.8x
2.4x
1.1x
2.6x
0.2x
3.0x
2.7x
9.3x
13.7x
8.4x
10.6x
10.2x
9.8x
13.6x
45.6x
9.4x
7.9x
EV/Sales EV/EBITDA
0.8x
2.6x
1.0x
6.7x
21.2x
33.3x
1.5x
2.2x
0.9x
4.8x
3.5x
P/B
Ticker
MSI
GRA
STWD
CVA
ADSK
CHS
PBY
LIOX
NICE
MSTR
Ticker
MSI
CHS
PBY
LIOX
NICE
MSTR
PLCM
SBGI
RHT
APD
DKS
ODP
AAPL
NU
JNJ
CLX
XOM
% Port
5.3%
4.1%
4.0%
4.0%
3.9%
3.6%
3.2%
2.7%
2.2%
2.2%
% Port
3.6%
1.5%
1.1%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
10.6%
11.8%
15.0%
(17.9)%
10.3%
11.5%
7.6%
61.0%
(4.9)%
20.9%
2.9%
4.0%
(3.2)%
6.8%
21.3%
(2.3)%
7.7%
27.2%
12.1%
19.3%
Price change
to today
q/q
10.6%
11.5%
7.6%
61.0%
(4.9)%
20.9%
(2.7)%
(0.3)%
0.1%
1.1%
6.1%
10.8%
15.6%
(0.7)%
8.8%
13.2%
8.7%
2.9%
(2.3)%
7.7%
27.2%
12.1%
19.3%
3.7%
14.1%
(3.5)%
16.4%
6.6%
24.8%
20.2%
(1.8)%
1.0%
(1.7)%
(4.8)%
15.0x
46.0x
74.1x
17.4x
18.6x
P/E
Provides publishing services

Manufactures and sells copper tube and fittings
Engages in the media, communications and entertainment industries
Manufactures and sells pulp
Provides amusement and recreation services
Provides engineered solutions and distributes electronic products
Provides vacation membership services
Designs, manufactures and markets electronic gaming equipment, software and network systems
45
3.7%
2,414
2,661
1.6x
9.2x
2.1x
21.3x
Recycles and process meat by-products
21
45
2.0%
3.7%
1,909
2,414
2,083
2,661
1.8x
1.6x
10.0x
9.2x
1.9x
2.1x
24.3x
21.3x
Provides logistic services and manufactures precision components

Recycles and process meat by-products
HMA
45
4
33
ROIC
4.0%
9.0%
2.5%
Mkt Cap
6,283
7,128
2,501
EV
7,115
10,417
6,535
EV/Sales EV/EBITDA
1.6x
1.3x
1.3x
10.4x
5.0x
8.4x
P/B
3.1x
1.8x
AUM Profiled:
Price change
to today
q/q
9.1x
HMA
4
51
55
58
35
42
40
34
61
78
HMA
4
42
40
34
61
78
86
4
58
17
17
53
83
34
25
16
68
ROIC
6.5%
20.3%
2.9%
5.1%
2.2%
9.0%
1.5%
ROIC
6.5%
5.1%
2.2%
9.0%
1.5%
0.3%
3.2%
3.9%
3.3%
4.4%
(0.5)%
7.8%
2.1%
5.9%
8.5%
5.6%
Mkt Cap
16,987
7,513
5,383
2,292
10,202
2,950
713
378
2,391
1,417
EV
17,055
6,003
6,665
4,438
9,117
2,634
858
359
2,189
1,179
Mkt Cap
EV
16,987
2,950
713
378
2,391
1,417
1,812
3,336
8,751
22,577
7,125
1,545
495,963
12,906
266,005
11,936
408,543
17,055
2,634
858
359
2,189
1,179
1,186
5,604
7,977
29,380
7,193
1,481
477,554
22,445
261,519
14,369
432,797
EV/Sales EV/EBITDA
1.8x
1.7x
12.7x
3.0x
3.4x
0.9x
0.4x
0.5x
2.5x
10.1x
8.6x
16.8x
6.4x
7.7x
8.0x
EV/Sales EV/EBITDA
1.8x
0.9x
0.4x
0.5x
2.5x
10.1x
6.4x
7.7x
8.0x
0.9x
4.4x
6.2x
2.9x
1.1x
0.1x
2.4x
3.1x
3.4x
2.3x
1.0x
11.1x
12.1x
30.9x
12.1x
9.9x
5.6x
7.4x
10.7x
10.6x
11.1x
6.7x
P/B
6.3x
12.5x
1.3x
2.5x
4.9x
2.9x
1.3x
5.1x
2.0x
4.9x
P/B
6.3x
2.9x
1.3x
5.1x
2.0x
4.9x
1.3x
8.2x
6.1x
3.2x
4.1x
2.0x
4.0x
1.4x
3.8x
147.4x
2.4x
P/E
22.3x
10.9x
43.6x
Provides water technology services
Manufactures and distributes industrial chemicals, resins and petrochemicals
Manufactures and markets plastic packaging products
$ 1,015
P/E
15.1x
74.7x
13.5x
61.1x
36.9x
29.2x
26.4x
26.4x
65.1x
P/E
15.1x
29.2x
26.4x
26.4x
65.1x
22.5x
61.6x
22.4x
20.4x
82.3x
12.2x
16.2x
19.3x
18.9x
11.2x
Manager: Glenn Krevlin


Operates as a holding company with interests in waste-to-energy conversion and insurance businesses
Designs and develops multimedia software products
Provides automotive tires, parts, accessories and services
Provides a suite of globalization solutions
Provides solutions that capture, manage and analyze unstructured multimedia content and transactional data
Provides e-business software and services

Provides solutions for video, voice, data and web communication
Provides programming services to television and radio stations
Provides open software source solutions
Manufactures hydrogen, helium, and other industrial gases and chemicals
Retails sporting goods equipment, apparel and footwear
Distributes and sells office supplies
Generates and distributes electricity
Operates as an investment holding company with interests in health care products
Manufactures and distributes detergent and cleaning products
Explores, develops and distributes crude oil and natural gas
18 Lionbridge Technologies, Inc.

19 Martin Marietta Materials, Inc.
20 Linear Technology Corporation
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
W. R. Grace & Co.

Autodesk, Inc.
Starwood Property Trust, Inc.
Constellation Brands, Inc. Class A
Fortinet, Inc.
Family Dollar Stores, Inc.
Verint Systems Inc.
Meritor, Inc.
Jack in the Box Inc.
Harvest Natural Resources, Inc.
Monsanto Company
Orient-Express Hotels Ltd. Class A
Viacom Inc. Class B
Decreased Positions
Name
1
2
3
4
5
6
Fifth & Pacific Companies, Inc.

Sealed Air Corporation
Viacom Inc. Class B
Meritor, Inc.
Closed Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

The Boeing Company
The Men's Wearhouse, Inc.
LKQ Corporation
The Hain Celestial Group, Inc.
QUALCOMM Incorporated
Rock-Tenn Company Class A
CACI International Inc Class A
Sapient Corporation
Vitamin Shoppe, Inc.
The Boeing Company
GoodHaven Capital Management

Top 10 Holdings
Name
1 Hewlett-Packard Company
2 Spectrum Brands Holdings, Inc.
LIOX
MLM
LLTC
0.3%
0.3%
0.3%
Ticker
as % Port
GRA
ADSK
STWD
CVA
STZ
FTNT
FDO
VRNT
MTOR
JACK
HNR
MON
OEH
VIAB
3.9%
3.6%
3.5%
3.2%
1.9%
1.9%
1.7%
1.6%
1.6%
1.4%
1.3%
1.0%
1.0%
0.9%
Ticker
as % Port
FNP
SEE
CVA
FDO
VIAB
MTOR
(0.3)%
(0.2)%
(0.2)%
(0.2)%
(0.1)%
(0.1)%
Ticker
% Port
MSI
BA
NICE
MW
PBY
LIOX
LKQ
HAIN
QCOM
LBTYK
MSTR
RKT
FOXA
CACI
SAPE
VSI
LIOX
MSI
BA
PBY
4.4%
3.8%
3.7%
3.3%
3.2%
2.5%
2.3%
2.1%
1.7%
1.3%
1.3%
1.2%
1.0%
0.7%
0.7%
0.5%
0.3%
0.3%
0.3%
0.3%
Ticker
HPQ
SPB
% Port
12.4%
10.4%
61.0%
(0.3)%
7.1%
27.2%
(0.3)%
7.7%
Price change
to today
q/q
11.8%
10.3%
15.0%
(17.9)%
23.2%
(17.3)%
(3.7)%
1.1%
(1.0)%
16.0%
(29.0)%
8.5%
15.3%
(3.3)%
4.0%
21.3%
(3.2)%
6.8%
10.1%
15.8%
15.6%
4.5%
11.5%
1.8%
72.6%
5.6%
6.7%
22.9%
Price change
to today
q/q
30.2%
17.0%
(17.9)%
(3.7)%
(3.3)%
(1.0)%
12.5%
13.5%
6.8%
15.6%
22.9%
11.5%
Price change
to today
q/q
10.6%
14.2%
(4.9)%
51.4%
7.6%
61.0%
4.2%
6.4%
9.1%
7.3%
20.9%
(6.5)%
0.1%
4.1%
(2.2)%
21.6%
61.0%
10.6%
14.2%
7.6%
2.9%
14.7%
12.1%
(10.0)%
7.7%
27.2%
23.8%
18.6%
10.2%
11.1%
19.3%
1.4%
16.5%
8.9%
19.4%
(2.4)%
27.2%
2.9%
14.7%
7.7%
Price change
to today
q/q
30.2%
5.2%
(15.4)%
15.8%
34
52
45
HMA
51
35
55
58
9
90
29
58
23
8
91
32
39
6
HMA
1
16
58
29
6
23
HMA
4
38
61
19
40
34
6
4
86
19
78
55
7
59
32
65
34
4
38
40
HMA
77
20
9.0%
4.1%
8.9%
ROIC
20.3%
2.9%
3.8%
3.3%
7.6%
2.8%
24.6%
3.8%
(2.6)%
(2.0)%
2.5%
7.4%
ROIC
2.4%
3.1%
7.6%
7.4%
24.6%
ROIC
6.5%
9.4%
1.5%
2.2%
9.0%
3.9%
2.6%
5.2%
1.2%
4.2%
3.3%
3.4%
7.1%
9.0%
6.5%
9.4%
2.2%
ROIC
4.6%
378
4,525
9,943
Mkt Cap
7,513
10,202
5,383
2,292
13,390
2,740
7,979
1,997
758
1,977
150
59,572
1,547
36,044
Mkt Cap
4,015
6,231
2,292
7,979
36,044
758
359
5,641
9,404
EV
6,003
9,117
6,665
4,438
21,099
2,314
8,350
2,305
1,722
2,470
339
58,573
2,068
48,238
EV
4,528
10,635
4,438
8,350
48,238
1,722
Mkt Cap
EV
16,987
100,815
2,391
2,464
713
378
9,984
3,916
124,072
32,364
1,417
6,822
76,509
1,685
2,133
1,617
378
16,987
100,815
713
17,055
96,983
2,189
2,487
858
359
11,323
4,603
112,689
73,514
1,179
9,764
91,884
2,305
1,892
1,521
359
17,055
96,983
858
Mkt Cap
52,504
3,613
EV
65,091
6,821
0.5x
2.7x
6.8x
8.0x
15.4x
13.9x
EV/Sales EV/EBITDA
1.7x
3.4x
12.7x
3.0x
5.0x
4.9x
0.8x
2.6x
0.4x
1.4x
8.6x
16.8x
3.4x
3.2x
3.6x
12.0x
17.3x
11.9x
20.0x
30.4x
9.3x
13.2x
7.7x
9.1x
EV/Sales EV/EBITDA
2.2x
1.2x
3.0x
0.8x
3.6x
0.4x
42.4x
9.6x
9.3x
11.9x
7.7x
EV/Sales EV/EBITDA
1.8x
1.0x
2.5x
10.1x
10.1x
0.4x
0.5x
2.3x
2.4x
4.1x
7.7x
8.0x
18.6x
17.7x
11.5x
1.1x
3.5x
0.6x
1.5x
7.2x
15.1x
6.8x
12.0x
0.5x
1.8x
1.0x
0.4x
8.0x
10.1x
10.1x
7.7x
P/B
26.4x
43.1x
23.0x
P/E
12.5x
4.9x
1.3x
2.5x
3.0x
4.6x
5.0x
3.7x
74.7x
36.9x
13.5x
61.1x
6.7x
63.3x
18.6x
51.9x
4.2x
0.4x
4.8x
1.7x
7.0x
34.9x
29.1x
21.4x
P/B
4.4x
2.5x
5.0x
7.0x
P/B
17.2x
P/E
61.1x
18.6x
17.2x
P/E
6.3x
11.3x
2.0x
3.6x
1.3x
5.1x
4.4x
3.1x
3.4x
2.7x
4.9x
1.6x
4.5x
1.4x
3.8x
3.2x
5.1x
6.3x
11.3x
1.3x
15.1x
20.8x
26.4x
17.1x
AUM Profiled:
$ 422
EV/Sales EV/EBITDA
0.5x
1.6x
5.1x
3.1x
9.4x
4.6x
P/B
2.1x
3.9x
26.4x
32.5x
29.0x
17.2x
65.1x
10.2x
12.8x
11.1x
28.9x
20.4x
26.4x
15.1x
20.8x
P/E
9.3x

Operates quarries which produce aggregates and magnesia-based chemicals and refractory products
Designs, manufactures & markets integrated circuits
Designs and develops multimedia software products
Produces and distributes alcoholic beverages
Provides threat management and network security solutions
Operates general merchandise retail discount stores
Provides analytic software solutions for communications interception, digital video security and surveillance,
Manufactures and supplies automobile integrated systems, tandem-drive axles modules and components
Operates and franchises fast-food restaurants
Acquires, develops and produces oil and natural gas properties
Wholesales and supplies agricultural products to farmers
Owns and operates luxury deluxe hotels, restaurants, tourist trains and river cruises businesses
Owns and operates cable networks and media businesses
Designs and markets a range of apparel and accessories
Manufactures protective packaging products
Manufactures and supplies automobile integrated systems, tandem-drive axles modules and components

Develops and manufactures jetliners, aircraft and related products
Operates as a retailer of men's suits
Provides recycled OEM automotive replacement parts and related services
Manufactures and distributes organic snack food and personal care products
Provides wireless communication systems
Manufactures containerboard, recycled paperboard, bleached paperboard, packaging products and merchand
Provides professional services and information technology solutions
Retails and markets vitamins, minerals, herbs
Manager: Larry Pitkowsky and Keith Trauner

3
4
5
6
7
8
9
10

Leucadia National Corporation
Barrick Gold Corporation
Google Inc. Class A
Staples, Inc.
New Positions
Name
1
2
3
4
5
Devon Energy Corporation

Sprint Corp.
Goldcorp Inc.
Harbinger Group Inc.
BlackBerry Limited
Increased Positions
Name
1
2
3
4
5
6
7
8
9
Ticker
DVN
S
GG
HRG
BBRY
Ticker
8.4%
7.5%
7.2%
6.9%
4.7%
4.7%
4.6%
4.1%
% Port
2.5%
1.3%
1.3%
0.9%
0.6%
as % Port

WPX
1.2%
WTM
0.9%
Alleghany Corporation
Y
0.7%
WAC
0.4%
MSFT
0.4%
Hewlett-Packard Company
HPQ
0.3%
Barrick Gold Corporation
ABX
0.2%
PowerShares DB 3x Inverse Japanese Govt Bond
JGBD
Futures ETN0.2%
PowerShares DB Inverse Japanese Govt Bond JGBS
Futures ETN 0.1%
Decreased Positions
Name
1 Spectrum Brands Holdings, Inc.
2 EXCO Resources, Inc.
Closed Positions
Name
1 Sprint Nextel Corporation
2 Dell Inc.
3 Era Group, Inc.
Hodges Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
WAC
LUK
MSFT
ABX
GOOG
BRK.B
WTM
SPLS
Texas Pacific Land Trust

Trinity Industries, Inc.
Matador Resources Company
The Boeing Company
Delta Air Lines, Inc.
US Airways Group, Inc.
Luby's, Inc.
United States Steel Corporation
Eagle Materials Inc.
Shoe Carnival, Inc.
New Positions
Name
1 Eagle Materials Inc.
Ticker
as % Port
SPB
XCO
(0.6)%
(0.2)%
Ticker
% Port
S.3
DELL
ERA
6.1%
0.5%
0.2%
(5.0)%
4.3%
15.5%
(16.5)%
20.4%
1.6%
6.4%
5.7%
16.9%
3.9%
(3.7)%
18.3%
(0.5)%
1.4%
(1.3)%
(7.7)%
Price change
to today
q/q
4.8%
31.9%
(17.9)%
13.4%
(19.3)%
11.3%
5.2%
37.5%
(24.0)%
Price change
to today
q/q
(1.6)%
6.4%
(3.1)%
(5.0)%
15.5%
30.2%
(16.5)%
(1.5)%
(0.6)%
1.7%
(1.3)%
6.9%
16.9%
(3.7)%
(15.4)%
18.3%
(6.3)%
(2.2)%
Price change
to today
q/q
5.2%
(23.3)%
15.8%
(11.8)%
Price change
to today
q/q
0.8%
19.2%
3.2%
3.9%
28
84
70
94
64
40
33
78
HMA
78
5
98
21
97
HMA
18
33
66
28
70
77
94
HMA
20
48
HMA
4
77
25
7.1%
2.5%
4.3%
5.4%
ROIC
2.4%
(0.4)%
(15.3)%
ROIC
(1.7)%
7.1%
4.6%
2.5%
ROIC
0.8%
ROIC
1.2%
2.3%
1.5%
1,388
10,357
320,979
15,558
352,288
284,380
3,729
10,119
Mkt Cap
24,579
32,244
17,344
1,694
3,365
14,263
16,776
259,547
31,094
306,441
304,169
3,786
10,731
EV
30,146
50,215
19,264
6,221
1,018
Mkt Cap
EV
3,805
3,729
6,653
1,388
320,979
52,504
15,558
5,582
3,786
6,530
14,263
259,547
65,091
31,094
Mkt Cap
EV
3,613
1,125
Mkt Cap
654
6,821
3,178
EV
24,361
19,432
874
9.5x
1.6x
2.7x
2.5x
4.3x
1.7x
1.6x
0.5x
6.6x
14.0x
6.0x
EV/Sales EV/EBITDA
2.8x
1.2x
5.4x
11.0x
8.6x
0.3x
247.0x
EV/Sales EV/EBITDA
1.9x
1.6x
1.4x
9.5x
2.7x
0.5x
2.5x
7.6x
6.6x
4.6x
EV/Sales EV/EBITDA
1.6x
5.8x
3,316.5x
EV/Sales EV/EBITDA
0.3x
2.6x
4.9x
10.1x
1.2x
1.0x
3.9x
1.1x
4.2x
1.4x
1.0x
1.7x
P/B
Ticker
TPL
TRN
MTDR
BA
DAL
LCC
LUB
X
EXP
SCVL
Ticker
EXP
% Port
3.5%
2.8%
2.5%
1.8%
1.6%
1.6%
1.5%
1.5%
1.4%
1.3%
% Port
1.4%
17.9%
14.4%
32.6%
14.2%
22.9%
21.5%
21.2%
27.1%
6.3%
1.7%
0.2%
18.0%
36.3%
14.7%
26.1%
15.5%
(15.0)%
17.5%
9.5%
12.5%
Price change
to today
q/q
6.3%
9.5%
HMA
19
32
29
38
6
42
40
56
11
5
HMA
11
ROIC
76.5%
4.0%
4.1%
9.4%
13.5%
7.1%
0.3%
0.8%
5.5%
5.7%
ROIC
5.5%
Mkt Cap
862
4,077
1,421
100,815
24,811
4,538
246
3,784
3,851
563
Mkt Cap
3,851
EV
842
6,572
1,398
96,983
32,679
7,192
270
7,029
4,290
510
EV
4,290
EV/Sales EV/EBITDA
18.3x
1.5x
4.5x
1.0x
0.8x
0.4x
0.6x
0.4x
5.1x
0.5x
20.2x
6.7x
9.1x
10.1x
5.5x
4.1x
9.5x
8.5x
20.8x
7.3x
EV/Sales EV/EBITDA
5.1x
20.8x
25.3x
14.7x
13.1x
21.6x
P/E
1.2x
0.0x
0.8x
1.7x
0.4x
P/B
0.7x
1.0x
1.0x
1.2x
3.9x
2.1x
1.1x
P/B
P/B
2.3x
1.5x
Mines and explores for gold, copper and nickel
Engages in the exploration, development and production of oil and natural gas properties
Provides wireless and wired telecommunications services
Explores for and mines gold and other minerals
Operates as a holding company with interest in insurance and annuity products
P/E
13.1x
21.4x
7.3x
12.4x
9.3x
P/E
3.9x
4.1x
AUM Profiled:
Price change
to today
q/q
7.3x
8.9x
12.4x

Provides property and casualty reinsurance and insurance and financial services
Mines and explores for gold, copper and nickel
P/E
18.0x
32.4x
Provides wireless & wireline voice and data transmission services
$ 1,158
Manager: Craig and Don Hodges
P/B
P/E
49.3x
1.8x
2.6x
11.3x
181.1x
3.0x
1.4x
2.1x
5.0x
1.8x
30.7x
11.0x
128.3x
20.8x
9.8x
6.6x
58.2x
Engages in managing and selling land

Manufactures and sells railcars, barges, wind towers, highway products, containers and steel components
Explores, develops, produces, and acquires oil and natural gas resources
Provides scheduled air transportation for passengers, freight, and mail services
Provides air transportation services for passengers and cargo through its subsidiaries
Provides hotel services
Manufactures and supplies integrated steel products
Manufactures and distributes cement, gypsum wallboard, recycled paperboard and concrete
Operates as a footwear retailer
P/B
P/E
5.0x
37.5x
17.2x
37.5x
Manufactures and distributes cement, gypsum wallboard, recycled paperboard and concrete
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Pacira Pharmaceuticals, Inc.

Pilgrim's Pride Corporation
Facebook, Inc. Class A
AFC Enterprises, Inc.
Costa Inc. Class A
EPL Oil & Gas, Inc.
Comstock Resources, Inc.
Susser Holdings Corporation
Polaris Industries Inc.
Commercial Metals Company
Jazz Pharmaceuticals Plc
Athlon Energy, Inc.
WhiteWave Foods Co. Class A
Zep Inc.
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Union Pacific Corporation

Legg Mason, Inc.
Pandora Media, Inc.
Linn Co. LLC
On Assignment, Inc.
The Walt Disney Company
Closed Positions
Name
1
2
3
4
5
6
7
8
9
Ticker
1.0%
0.9%
0.8%
0.7%
0.7%
0.6%
0.6%
0.6%
0.4%
0.4%
0.3%
0.2%
0.2%
0.1%
0.1%
as % Port

FCX
1.0%
Trinity Industries, Inc.
TRN
1.0%
Del Frisco's Restaurant Group, Inc.
DFRG
0.7%
Medical Properties Trust, Inc.
MPW
0.5%
Cliffs Natural Resources Inc.
CLF
0.5%
MU
0.5%
Encore Wire Corporation
WIRE
0.5%
Diodes Incorporated
DIOD
0.4%
Diana Shipping Inc.
DSX
0.4%
The New York Times Company Class A
NYT
0.4%
Michael Kors Holdings Ltd
KORS
0.3%
Spirit Airlines, Inc.
SAVE
0.3%
Matador Resources Company
MTDR
0.3%
Halliburton Company
HAL
0.3%
Texas Pacific Land Trust
TPL
0.3%
Texas Capital Bancshares, Inc.
TCBI
0.3%
Hercules Offshore, Inc.
HERO
0.3%
Taiwan Semiconductor Manufacturing Co., Ltd.
TSM
Sponsored ADR
0.2%
America's Car-Mart, Inc.
CRMT
0.2%
John Bean Technologies Corporation
JBT
0.2%
Decreased Positions
Name
1
2
3
4
5
6
PCRX
PPC
FB
AFCE
ATX
EPL
CRK
SUSS
PII
CMC
JAZZ
NXST
ATHL
WWAV
ZEP
Crocs, Inc.
Kansas City Southern
Costa Inc. Class A
Briggs & Stratton Corporation
Hibbett Sports, Inc.
Avis Budget Group, Inc.
Celadon Group, Inc.
Piper Jaffray Companies
Ticker
as % Port
UNP
LM
P
LNCO
ASGN
DIS
(1.2)%
(0.7)%
(0.7)%
(0.5)%
(0.3)%
(0.3)%
Ticker
% Port
CROX
KSU
ATX
BGG
AREX
HIBB
CAR
CGI
PJC
2.0%
1.2%
1.1%
1.0%
0.9%
0.9%
0.7%
0.6%
0.5%
15.9%
(2.1)%
(6.3)%
(3.9)%
14.1%
(22.1)%
6.9%
21.1%
2.9%
14.9%
28.0%
8.3%
(1.4)%
7.0%
15.6%
65.8%
12.3%
101.9%
21.3%
12.2%
26.4%
1.1%
11.0%
36.0%
14.8%
33.8%
25.5%
22.9%
2.7%
Price change
to today
q/q
3.6%
14.4%
3.7%
6.6%
19.3%
21.8%
20.6%
(17.7)%
(5.6)%
11.3%
9.7%
32.0%
32.6%
8.0%
17.9%
20.7%
(14.8)%
2.6%
(9.3)%
16.4%
19.8%
18.0%
(5.9)%
(15.0)%
26.2%
21.9%
15.7%
(5.7)%
20.2%
13.7%
20.2%
8.0%
36.3%
15.4%
0.2%
3.5%
4.6%
(7.4)%
4.3%
18.4%
Price change
to today
q/q
5.3%
19.2%
12.4%
5.4%
1.6%
10.0%
0.7%
7.8%
36.6%
(21.7)%
23.5%
2.1%
Price change
to today
q/q
(0.3)%
11.4%
14.1%
(0.2)%
(22.6)%
15.2%
28.7%
12.2%
9.9%
(17.6)%
3.2%
12.2%
1.6%
7.0%
1.0%
0.3%
2.3%
8.5%
5
9
13
45
3
29
88
2
9
44
26
38
59
11
55
HMA
66
32
24
27
79
7
15
79
50
28
47
10
29
47
19
29
38
68
39
21
HMA
4
44
63
98
11
4
HMA
82
4
3
45
49
15
19
26
32
(10.0)%
8.9%
5.1%
15.1%
0.2%
4.3%
(0.3)%
3.6%
19.8%
2.1%
6.8%
3.5%
3.2%
3.6%
ROIC
5.5%
4.0%
1.8%
2.9%
2.0%
4.9%
2.6%
(0.1)%
1.5%
20.4%
15.3%
4.1%
5.5%
76.5%
2.3%
6.7%
4.9%
ROIC
6.6%
(0.5)%
(0.1)%
3.8%
3.8%
ROIC
3.1%
4.1%
0.2%
(2.5)%
1.3%
10.6%
2.0%
1,856
4,256
115,524
1,000
287
1,128
811
1,375
9,212
2,278
6,848
1,465
2,649
3,702
429
Mkt Cap
35,567
4,077
498
2,096
3,745
22,373
984
941
944
2,095
16,601
3,285
1,421
44,116
862
2,269
1,002
90,231
369
839
1,874
4,846
110,215
1,064
222
1,734
1,448
1,938
9,186
3,300
7,207
2,505
3,022
4,379
631
EV
59,464
6,572
491
3,098
9,515
27,448
971
993
1,016
2,018
16,155
2,762
1,398
52,712
842
2,943
1,872
90,620
491
933
Mkt Cap
EV
75,317
4,808
5,488
1,070
1,805
124,609
84,000
4,937
4,769
1,069
2,144
141,363
Mkt Cap
EV
1,242
13,427
287
953
794
1,680
4,009
500
599
887
15,443
222
1,054
1,018
1,623
15,742
807
1,767
25.9x
0.6x
17.2x
5.4x
1.5x
3.0x
3.3x
0.3x
2.5x
0.4x
6.9x
5.0x
12.0x
1.7x
0.8x
7.3x
37.5x
16.7x
11.1x
4.3x
6.2x
9.9x
15.0x
8.2x
13.4x
14.0x
15.9x
15.5x
8.7x
EV/Sales EV/EBITDA
3.0x
1.5x
1.9x
12.7x
1.5x
2.1x
0.7x
1.5x
6.1x
1.1x
5.6x
1.3x
4.5x
1.7x
18.3x
5.3x
2.5x
4.4x
8.1x
6.7x
12.2x
0.9x
9.4x
6.7x
8.6x
10.6x
9.9x
15.8x
6.7x
17.4x
7.1x
9.1x
8.5x
20.2x
7.6x
7.2x
EV/Sales EV/EBITDA
3.7x
1.5x
7.1x
8.9x
1.3x
2.9x
13.8x
11.1x
EV/Sales EV/EBITDA
0.7x
6.1x
1.5x
0.6x
7.9x
1.7x
1.9x
1.2x
3.3x
5.6x
15.1x
11.1x
8.5x
12.9x
11.2x
7.7x
38.0x
3.1x
8.8x
18.7x
3.4x
1.8x
0.8x
3.4x
9.9x
1.8x
5.7x
129.0x
4.4x
4.0x
2.3x
P/B
1.7x
1.8x
2.6x
1.5x
0.7x
2.4x
2.2x
1.3x
0.7x
3.1x
12.0x
4.4x
2.6x
3.4x
49.3x
2.5x
1.1x
3.3x
1.8x
7.1x
P/B
3.6x
1.0x
11.3x
0.9x
3.0x
2.8x
P/B
1.7x
4.1x
3.4x
1.5x
1.2x
6.1x
5.0x
2.1x
0.8x
10.4x
117.6x
29.0x
12.1x
94.9x
62.3x
25.7x
22.9x
15.6x
8.4x
30.7x
20.7x
P/E
12.1x
11.0x
29.9x
18.4x
Develops and manufactures injectable therapeutic products

Produces, processes, and markets chicken & chicken products
Develops technologies to provide information through social networks
Develops, operates and franchises quick-service restaurants
Manufactures sports sunglasses
Engages in the acquisition, development, production and exploration of oil and natural gas properties
Operates as an investment holding company with interest in convenience stores and motor fuel
Manufactures and markets snowmobiles, all-terrain vehicles, motorcycles and off-road utility vehicles
Manufactures and distributes steel reinforcing products
Operates as a specialty biopharmaceutical company, which focuses on the identification, development and co
Operates as a food and beverage company
Manufactures and distributes cleaning and maintenance chemical solutions for commercial, industrial, institu
16.5x
29.8x
16.2x
128.3x
22.1x
30.7x
16.3x
30.7x
14.1x
14.5x
19.3x

Manufactures and sells railcars, barges, wind towers, highway products, containers and steel components
Develops, owns and operates two upscale steakhouse chains
Operates a real estate investment trust
Mines for iron ore
Manufactures copper electrical building wire and cable
Manufactures and sells semiconductor devices
Provides shipping transportation services
Operates as a global, multimedia news and information company, which engages in publishing newspapers, d
Designs and distributes sportswear, accessories, footwear and apparel
Provides air transportation services
Explores, develops, produces, and acquires oil and natural gas resources
Engages in managing and selling land
Provides shallow-water drilling and marine services
Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor com
Retails, sells and finances used vehicles
Designs and manufactures food processing and ground support equipment for the aviation industry
P/E
12.3x
20.0x
48.0x
17.2x
12.2x
35.5x
19.3x
P/E
16.2x
36.7x
146.0x
21.1x
17.0x
18.7x
Provides railroad and freight transportation services

Provides securities brokerage, trading and investment services
Provides online music and other related programs
Operates as a development stage company
Provides in-demand, skilled professionals in the growing life sciences, healthcare, and technology sectors
Owns and operates amusement parks, hotels, television stations and radio broadcasting stations
Designs, manufactures and retails footwear for men, women and children
Operates as a transportation holding company
Manufactures sports sunglasses
Designs and manufactures air cooled gasoline engines
Owns and operates sports stores
Rents cars and trucks
Provides transportation and logistics servicess
Provides broker and investment banking services
10
11
12
13

Cinemark Holdings, Inc.
Cirrus Logic, Inc.
Sturm, Ruger & Company, Inc.
Knightsbridge Asset Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Sears Holdings Corporation

Old Republic International Corporation
Chesapeake Energy Corporation
General Electric Company
Exelis Inc.
Pengrowth Energy Corporation
New Positions
Name
1
2
3
4
5
6
Sears Holdings Corporation

Ebix, Inc.
Leidos Holdings, Inc.
Science Applications International Corp.
KCG Holdings, Inc. Class A
Increased Positions
Name
1 Getty Realty Corp.
2 Newmont Mining Corporation
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
H&R Block, Inc.

Marriott Vacations Worldwide Corporation
Post Holdings, Inc.
Cousins Properties Incorporated
The Howard Hughes Corporation
The New York Times Company Class A
Exelis Inc.
Gannett Co., Inc.
The Babcock & Wilcox Company
The Wendy's Company
General Electric Company
MGIC Investment Corporation
Popular, Inc.
Quality Systems, Inc.
MBIA Inc.
Silver Bay Realty Trust Corp.
Pengrowth Energy Corporation
Closed Positions
Name
MIDD
CNK
CRUS
RGR
Ticker
SHLD
AIG
ORI
CHK
BAC
SEE
GE
MSI
XLS
PGH
Ticker
0.4%
0.3%
0.1%
0.1%
% Port
6.8%
6.3%
6.1%
5.5%
5.3%
5.3%
5.1%
5.1%
5.0%
4.5%
% Port
SHLD
ORI
EBIX
LDOS
SAIC
KCG
6.8%
6.1%
4.4%
3.8%
1.6%
0.1%
Ticker
as % Port
GTY
NEM
0.1%
0.1%
Ticker
as % Port
HRB
SEE
VAC
FAF
POST
CUZ
HHC
NYT
XLS
GCI
BWC
WEN
GE
MTG
BPOP
QSII
MBI
SBY
LAYN
PGH
(1.9)%
(1.1)%
(1.0)%
(0.9)%
(0.9)%
(0.9)%
(0.8)%
(0.8)%
(0.8)%
(0.7)%
(0.7)%
(0.6)%
(0.6)%
(0.6)%
(0.6)%
(0.5)%
(0.5)%
(0.4)%
(0.4)%
(0.4)%
Ticker
% Port
5.6%
2.9%
(12.4)%
21.1%
22.8%
13.7%
30.5%
30.4%
Price change
to today
q/q
1.2%
2.2%
9.9%
3.5%
14.0%
17.0%
11.6%
10.6%
12.9%
5.9%
41.4%
8.8%
19.7%
27.0%
7.3%
13.5%
3.0%
2.9%
13.9%
20.1%
Price change
to today
q/q
1.2%
9.9%
37.5%
7.4%
9.1%
36.1%
41.4%
19.7%
7.3%
19.1%
(5.9)%
(6.2)%
Price change
to today
q/q
6.6%
17.0%
18.4%
9.5%
24.0%
3.5%
2.4%
11.3%
12.9%
(0.7)%
(4.3)%
1.3%
11.6%
9.9%
6.0%
2.4%
25.0%
0.8%
(19.3)%
5.9%
HMA
20
71
25
76
58
16
41
4
12
78
HMA
20
25
91
50
6.2%
4.6%
9.0%
27.6%
ROIC
(7.2)%
1.2%
3.1%
1.1%
6.5%
7.1%
0.4%
ROIC
(7.2)%
4.0%
3.0%
(17.4)%
Price change
to today
q/q
(7.5)%
(15.2)%
19
4
64
7
(3.9)%
13.5%
1.8%
10.5%
(7.5)%
1.9%
0.2%
13.7%
13.9%
9.5%
12.3%
45.5%
3.0%
19.9%
(13.6)%
16.1%
(23.1)%
(5.4)%
2.3%
20.1%
Price change
to today
q/q
HMA
82
100
HMA
12
16
19
19
36
46
12
28
12
18
27
23
41
13
71
87
73
94
65
78
HMA
ROIC
2.1%
ROIC
(8.2)%
3.1%
2.7%
1.2%
0.3%
1.5%
7.1%
4.4%
6.8%
1.7%
1.1%
5.8%
(1.0)%
(1.8)%
0.4%
ROIC
4,214
3,768
1,260
1,466
4,642
5,306
1,045
1,458
Mkt Cap
EV
6,408
73,389
4,402
17,811
167,778
6,231
269,729
16,987
3,339
3,246
10,435
56,009
3,143
34,798
366,434
10,635
576,519
17,055
3,702
4,256
Mkt Cap
6,408
4,402
519
4,188
1,804
1,447
Mkt Cap
600
11,750
EV
10,435
3,143
550
4,429
1,704
4,574
EV
763
19,599
Mkt Cap
EV
7,786
6,231
1,846
2,818
1,637
1,924
4,553
2,095
3,339
6,095
3,577
3,364
269,729
2,702
2,876
1,338
2,468
621
320
3,246
7,462
10,635
2,341
2,317
2,486
2,465
5,406
2,018
3,702
7,552
3,285
4,328
576,519
2,690
5,696
1,251
9,395
687
412
4,256
Mkt Cap
EV
3.3x
2.0x
1.4x
1.8x
16.0x
8.9x
5.2x
6.5x
5.4x
3.4x
2.1x
9.6x
27.7x
22.8x
10.5x
12.1x
AUM Profiled:
$ 398
EV/Sales EV/EBITDA
0.3x
0.9x
0.5x
2.1x
3.5x
1.2x
3.9x
1.8x
0.7x
3.2x
6.6x
9.6x
15.3x
10.1x
5.0x
6.0x
EV/Sales EV/EBITDA
0.3x
0.5x
2.0x
0.6x
4.8x
7.8x
EV/Sales EV/EBITDA
7.9x
2.5x
36.4x
EV/Sales EV/EBITDA
2.8x
1.2x
1.2x
0.4x
2.2x
9.1x
11.9x
1.1x
0.7x
1.4x
1.0x
1.7x
3.9x
2.1x
2.6x
2.7x
7.9x
19.1x
0.5x
3.2x
9.7x
9.6x
9.4x
11.3x
45.2x
6.7x
5.0x
7.0x
10.5x
11.6x
15.3x
11.9x
47.6x
6.0x
EV/Sales EV/EBITDA
P/B
3.4x
0.7x
1.2x
1.4x
0.8x
4.4x
2.2x
6.3x
2.5x
0.9x
P/B
3.4x
1.2x
1.3x
1.8x
2.9x
1.0x
P/B
1.4x
1.0x
P/B
8.1x
4.4x
1.5x
1.2x
1.1x
1.5x
2.1x
3.1x
2.5x
2.4x
3.5x
1.7x
2.2x
3.8x
0.7x
4.2x
0.8x
0.9x
1.0x
0.9x
P/B
P/E
23.1x
13.3x
19.8x
21.2x
17.2x
15.1x
10.5x
P/E
13.3x
6.1x
12.8x
P/E
23.3x
P/E
20.4x
24.4x
11.7x
139.2x
29.3x
16.5x
10.5x
15.7x
15.0x
83.2x
17.2x
5.2x
37.5x
2.7x
P/E
Owns and operates movie theaters
Develops high-precision, analog and mixed-signal integrated circuits for audio and energy markets
Manufactures firearms
Manager: Alan Beimfohr


Provides risk management and reinsurance services
Develops and manufactures products for the generation, transmission, distribution, control and utilization of
Provides command, control, communications, computers, intelligence, surveillance and reconnaissance relate
Develops, produces, acquires and explores oil and natural gas reserves
Provides software and Internet solutions to the property and casualty insurance industry
Provides scientific, engineering, systems integration and technical services and solutions
Provides computer systems intergration, technical engineering, and IT services
Provides financial services
Explores and mines for gold and silver
Provides tax, mortgage and financial services

Owns and operates tourist resorts & clubs
Operates as a real estate investment trust company
Develops master planned communities and provides other strategic real estate development opportunities ac
Operates as a global, multimedia news and information company, which engages in publishing newspapers, d
Provides command, control, communications, computers, intelligence, surveillance and reconnaissance relate
Provides media and marketing solutions
Designs, engineers, constructs and services boilers and other power generating equipment
Operates as fast food restaurants
Develops and manufactures products for the generation, transmission, distribution, control and utilization of
Provides private mortgage insurance services
Operates as a financial holding company, which provides banking and financial services
Develops computerized information processing systems
Provides financial guarantees as well as investment management products and services
Develops, produces, acquires and explores oil and natural gas reserves
1 Leidos Holdings, Inc.

2 Freeport-McMoRan Copper & Gold Inc.
3 Chemtura Corporation
Kingstown Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Vodafone Group Plc Sponsored ADR

Vodafone Group Plc Sponsored ADR
The Babcock & Wilcox Company
SunCoke Energy, Inc.
PHH Corporation
SunCoke Energy, Inc.
Spirit AeroSystems Holdings, Inc. Class A
New Positions
Name
1 News Corporation Class A
2 American Homes 4 Rent Class A
Increased Positions
Name
1 Ryman Hospitality Properties, Inc.
2 Vodafone Group Plc Sponsored ADR
Decreased Positions
Name
1
2
3
4
5
Lender Processing Services, Inc.

Blyth, Inc.
PHH Corporation
Closed Positions
Name
1
2
3
4
Forest City Enterprises, Inc. Class A

Assisted Living Concepts, Inc. Class A
Nordion Inc.
Litespeed Management
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
LDOS
FCX
CHMT
Ticker
VOD
NWSA
GM
VOD
BWC
SXC
PHH
ETFC
SXC
SPR
Ticker
5.5%
3.0%
1.1%
% Port
10.4%
9.5%
7.2%
6.9%
6.3%
5.9%
5.6%
5.2%
4.9%
4.9%
% Port
NWSA
AMH
9.5%
2.9%
Ticker
as % Port
RHP
VOD
Ticker
2.8%
1.9%
as % Port
LPS
GD
ETFC
BTH
PHH
(4.0)%
(2.9)%
(1.9)%
(0.2)%
(0.2)%
Ticker
% Port
FCE.A
ALC
NDZ
ORI
5.9%
2.5%
1.2%
0.8%
Ticker
SandRidge Energy, Inc.

SD
Onyx Pharmaceuticals, Inc.
ONXX
FCX
Theravance, Inc.
THRX
Tronox Ltd.
TROX
MHFI
Apache Corporation
APA
DISH Network Corporation Class A
DISH
Macquarie Global Infrastructure Total Return MGU
Fund Inc
National Bank Holdings Corporation Class A NBHC
% Port
13.7%
11.1%
10.9%
10.6%
9.8%
9.6%
9.0%
5.0%
4.4%
4.3%
7.4%
3.6%
15.5%
19.1%
19.8%
13.3%
Price change
to today
q/q
5.1%
9.9%
8.7%
5.1%
(4.3)%
31.8%
(0.9)%
9.7%
31.8%
34.0%
22.4%
5.3%
8.0%
22.4%
12.3%
21.3%
16.5%
30.3%
21.3%
12.8%
Price change
to today
q/q
9.9%
1.9%
5.3%
Price change
to today
q/q
21.7%
5.1%
(11.5)%
22.4%
Price change
to today
q/q
5.4%
4.2%
9.7%
(10.3)%
(0.9)%
2.8%
11.7%
30.3%
(0.9)%
16.5%
Price change
to today
q/q
2.1%
(4.6)%
9.9%
5.8%
16.6%
19.7%
Price change
to today
q/q
(5.6)%
3.6%
(7.4)%
(12.8)%
13.2%
7.1%
19.6%
1.0%
1.5%
23.1%
43.6%
19.8%
6.1%
21.4%
23.3%
1.6%
5.9%
6.0%
4.3%
50
66
11
HMA
19
28
8
19
27
15
27
31
15
36
HMA
3.0%
5.5%
1.6%
ROIC
1.7%
3.7%
1.7%
6.8%
2.2%
2.2%
2.3%
ROIC
28
51
HMA
14
19
HMA
40
40
31
18
27
HMA
47
73
89
25
HMA
74
18
66
37
63
2
87
58
13
4,188
35,567
2,618
Mkt Cap
EV
179,171
10,216
54,323
179,171
3,577
1,559
1,345
5,198
1,559
4,697
220,501
7,678
76,885
220,501
3,285
2,222
5,774
10,265
2,222
5,390
Mkt Cap
EV
10,216
3,053
ROIC
1.1%
1.7%
ROIC
5.5%
(6.9)%
ROIC
ROIC
2.4%
(4.0)%
5.5%
(9.4)%
(0.3)%
16.6%
2.2%
3.3%
7,678
2,995
Mkt Cap
EV
2,121
179,171
3,628
220,501
Mkt Cap
EV
2,994
32,128
5,198
199
1,345
Mkt Cap
3,866
(1.4)%
4.6%
4,429
59,464
3,129
510
4,402
Mkt Cap
2,714
35,567
4,186
2,420
20,115
36,410
24,587
303
948
3,879
32,064
10,265
313
5,774
EV
10,338
450
270
3,143
EV
0.6x
3.0x
1.3x
7.8x
8.1x
12.2x
1.8x
1.7x
2.6x
12.8x
12.1x
188.3x
AUM Profiled:
$ 746
EV/Sales EV/EBITDA
3.3x
0.8x
0.5x
3.3x
1.0x
1.1x
1.8x
4.9x
1.1x
0.7x
11.7x
13.4x
11.7x
10.5x
8.4x
8.4x
15.7x
EV/Sales EV/EBITDA
0.8x
38.1x
14.8x
11.7x
EV/Sales EV/EBITDA
2.0x
1.0x
4.9x
0.4x
1.8x
7.5x
6.6x
EV/Sales EV/EBITDA
8.5x
2.0x
0.8x
0.5x
2.3x
11.2x
3.0x
466.0x
2.0x
3.8x
2.6x
1.7x
766
3.3x
P/B
P/E
P/B
2.9x
1.3x
P/B
4.6x
2.5x
1.1x
5.5x
0.8x
P/B
13.9x
3.1x
P/E
15.0x
28.8x
10.9x

P/E
33.1x
P/E
25.7x
10.9x
P/E
13.3x
AUM Profiled:
$ 586
P/E
6.1x
1.5x
8.1x
1.7x
12.7x
1.0x
21.2x
1.1x
35.2x
12.1x
1.0x
114.1x
13.7x
10.6x
4.0x
8.7x
28.8x
135.1x
15.5x
1.3x
1.2x
P/B
Manager: Guy Shanon and Mike Blitzer
Provides mobile telecommunication services

Designs, engineers, constructs and services boilers and other power generating equipment
Operates metallurgical coke making plants
Provides fleet management and mortgage services
Operates metallurgical coke making plants
Designs and manufactures aerostructures
2.3x
EV/Sales EV/EBITDA
6,320
8,545
59,464
3,830
3,575
20,779
46,245
28,639
1.3x
0.8x
1.9x
1.3x
3.5x
2.9x
0.8x
1.1x
2.9x
2.4x
0.8x
1.1x
EV/Sales EV/EBITDA
3.3x
3.3x
P/B
Provides scientific, engineering, systems integration and technical services and solutions
Produces and markets plastic additives and chemicals
46.0x
12.9x
28.3x
Provides mortgage and consumer loan processing services
Designs, manufactures, markets and distributes scented candles and household convenience products.
Provides fleet management and mortgage services
Provides real estate services
Provides home care facilities
Provides contact drug discovery and development research services
Manager: Jamie Zimmerman

Operates as a biopharmaceutical company, which engages in developing innovative therapies that target the
Explores, develops and produces natural gas, crude oil and natural gas liquids
Provides satellite delivered digital television services
New Positions
Name
1
2
3
4
Onyx Pharmaceuticals, Inc.

ONXX
DISH Network Corporation Class A
DISH
Macquarie Global Infrastructure Total Return MGU
Fund Inc
Dynegy Inc Warrants 2012-2.10.17 on Shs
DYN.WS
Increased Positions
Name
1 Apache Corporation
2 SandRidge Energy, Inc.
3 ICU Medical, Inc.
Decreased Positions
Name
1 T-Mobile US, Inc.
2 McGraw Hill Financial, Inc.
3 Anadarko Petroleum Corporation
Closed Positions
Name
1 Diamond Foods, Inc.
2 Macquarie Infrastructure Company LLC
3 Gray Television, Inc.
Makaira Partners
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Ticker
APA
SD
ICUI
Increased Positions
Name
CDW Corp.
Corrections Corporation of America
Wesco Aircraft Holdings, Inc
Iron Mountain Incorporated
Decreased Positions
Name
1 Time Warner Cable Inc.
Closed Positions
Name
% Port
11.1%
5.0%
4.4%
1.1%
as % Port
2.8%
0.8%
0.3%
Ticker
as % Port
TMUS
MHFI
APC
(7.9)%
(3.5)%
(2.9)%
Ticker
% Port
DMND
MIC
GTN
8.3%
4.7%
2.4%
Ticker
Wesco Aircraft Holdings, Inc

WAIR
Liberty Interactive Corporation Class A
LINTA
CDW Corp.
CDWC
CVA
Iron Mountain Incorporated
IRM
Corrections Corporation of America
CXW
VeriSign, Inc.
VRSN
Capella Education Company
CPLA
Time Warner Cable Inc.
TWC
Liberty Interactive Corporation Ventures Series
LVNTA
A
New Positions
Name
1
2
3
4
Ticker
% Port
19.6%
14.5%
11.9%
11.0%
10.4%
8.7%
8.7%
8.2%
4.1%
2.9%
Price change
to today
q/q
19.6%
1.0%
(2.2)%
43.6%
5.9%
6.0%
(27.0)%
Price change
to today
q/q
7.1%
(5.6)%
(2.5)%
1.6%
23.1%
(5.7)%
Price change
to today
q/q
2.0%
13.2%
(4.8)%
4.7%
23.3%
8.2%
Price change
to today
q/q
2.8%
0.9%
54.8%
13.5%
0.2%
9.0%
Price change
to today
q/q
(1.9)%
20.3%
12.7%
2.0%
(17.9)%
3.7%
(3.3)%
12.3%
11.3%
22.6%
36.5%
6.8%
1.5%
2.0%
13.9%
35.8%
(0.8)%
3.7%
HMA
18
58
ROIC
(4.0)%
3.3%
Mkt Cap
24,587
303
56
HMA
87
74
33
HMA
38
2
26
HMA
25
19
13
HMA
10
25
14
58
26
16
1
65
11
38
ROIC
2.2%
2.4%
3.8%
ROIC
16.6%
1.8%
ROIC
1.5%
1.1%
1.7%
ROIC
3.5%
1.9%
3.9%
3.3%
2.6%
17.2%
6.3%
3.5%
0.3%
Mkt Cap
36,410
2,714
976
Mkt Cap
19,251
20,115
44,495
Mkt Cap
541
2,888
705
Mkt Cap
1,934
15,736
2,292
5,358
3,867
7,835
780
38,565
4,254
Price change
to today
q/q
HMA
ROIC
Mkt Cap
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
CDWC
CXW
WAIR
IRM
3.4%
2.6%
2.2%
0.8%
Ticker
as % Port
TWC
(4.7)%
Ticker
% Port
(3.3)%
(1.9)%
3.7%
2.0%
12.7%
1.5%
Price change
to today
q/q
22.6%
(0.8)%
Price change
to today
q/q
14
16
10
26
HMA
11
HMA
8,545
28,639
EV/Sales EV/EBITDA
11.2x
1.7x
8.7x
P/B
35.2x
P/E
28.3x
837
% Port
Ticker
EV
3.9%
2.6%
3.5%
3.3%
ROIC
3.5%
ROIC
3,867
1,934
5,358
Mkt Cap
38,565
Mkt Cap
EV
46,245
6,320
754
EV
37,739
20,779
55,965
EV
1,115
3,754
1,495
EV
2,489
19,291
17,692
4,438
9,220
5,021
8,301
641
63,448
9,952
EV/Sales EV/EBITDA
2.6x
2.3x
2.4x
4.0x
6.1x
10.2x
EV/Sales EV/EBITDA
3.8x
4.1x
10.6x
7.7x
EV/Sales EV/EBITDA
1.2x
3.6x
3.4x
P/B
1.1x
1.5x
2.3x
P/B
1.6x
21.2x
2.0x
12.9x
26.1x
P/E
46.0x
26.6x
Operates as a biopharmaceutical company, which engages in developing innovative therapies that target the
Provides satellite delivered digital television services
Produces and sells electric energy, capacity and ancillary systems
Develops, manufactures, and sells medical technologies
Provides wireless voice, messaging and data services
Produces and explores for oil and gas
P/E
3.2x
3.1x
4.4x
594.9x
43.6x
Sells walnuts, pecans, almonds and other culinary nuts

Private Equity Fund
Provides television broadcasting, wireless messaging, paging services and newspaper publishing services
AUM Profiled:
$ 471
15.2x
46.6x
9.2x
EV/Sales EV/EBITDA
2.8x
1.6x
12.8x
9.3x
3.0x
3.0x
3.0x
7.7x
1.3x
2.5x
11.4x
9.9x
12.8x
12.5x
6.6x
7.1x
32.4x
P/B
P/E
P/B
2.3x
2.2x
2.5x
5.1x
2.6x
4.4x
5.8x
9.1x
P/E
19.2x
9.0x
23.6x
61.1x
67.4x
12.1x
22.6x
21.0x
17.2x
Manager: Tom Bancroft

Operates and owns interests in video and on-line commerce companies
Corporate accounted for 66% of 2006 revenues Public Sector, 32% and Berbee, 2%
Provides electronic records and information management services for warehousing
Develops and manages prisons and other correctional facilities
Provides internet infrastructure services
Provides online postsecondary education services
Provides video, high-speed data and voice services
EV
EV/Sales EV/EBITDA
P/B
P/E
EV
EV/Sales EV/EBITDA
P/B
P/E
17,692
5,021
2,489
9,220
EV
63,448
EV
3.0x
2.8x
3.0x
12.8x
12.8x
9.9x
EV/Sales EV/EBITDA
2.5x
7.1x
EV/Sales EV/EBITDA
2.6x
2.3x
5.1x
P/B
5.8x
P/B
23.6x
12.1x
19.2x
67.4x
P/E
17.2x
P/E
Corporate accounted for 66% of 2006 revenues Public Sector, 32% and Berbee, 2%
Develops and manages prisons and other correctional facilities
Provides electronic records and information management services for warehousing
1 The Western Union Company
North Run Capital

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Health Net, Inc.

Aetna Inc.
Allegheny Technologies Incorporated
Brookdale Senior Living Inc.
Hospira, Inc.
Boston Scientific Corporation
Acacia Research Corporation
Triple-S Management Corporation Class B
New Positions
Name
1 The Mosaic Company
2 RadioShack Corporation
3 Global Eagle Entertainment, Inc.
Increased Positions
Name
1
2
3
4
5
Brookdale Senior Living Inc.

Health Net, Inc.
Acacia Research Corporation
Nordion Inc.
pSivida Corp.
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10
Ticker
HNT
AET
ATI
BKD
HSP
GM
BSX
LINTA
ACTG
GTS
Ticker
MOS
RSH
ENT
Adobe Systems Incorporated

Huntsman Corporation
Xerox Corporation
Lear Corporation
Acxiom Corporation
Allscripts Healthcare Solutions, Inc.
Global Power Equipment Group Inc.
Osmium Partners
Top 10 Holdings
10.7%
% Port
11.5%
8.1%
7.9%
7.7%
7.4%
6.9%
6.9%
6.5%
6.4%
3.9%
% Port
3.4%
0.8%
0.2%
Ticker
as % Port
BKD
HNT
ACTG
NDZ
PSDV
3.8%
2.7%
2.6%
0.7%
0.1%
Ticker
as % Port

GM
Hospira, Inc.
HSP
Accretive Health, Inc.
AH
Christopher & Banks Corporation
CBK
Boston Scientific Corporation
BSX
Allegheny Technologies Incorporated
ATI
New York & Company, Inc.
NWY
Body Central Corp.
BODY
Triple-S Management Corporation Class B
GTS
Sanofi SA Contingent Value Rights 2011-31.12.20
GCVRZ
Closed Positions
Name
1
2
3
4
5
6
7
8
WU
(2.2)%
(2.0)%
(1.0)%
(0.9)%
(0.8)%
(0.4)%
(0.4)%
(0.3)%
(0.3)%
(0.2)%
Ticker
% Port
ADBE
HUN
XRX
LEA
ACXM
MDRX
GLPW
TECUA
4.9%
3.6%
1.4%
0.9%
0.9%
0.6%
0.5%
0.0%
(10.6)%
9.1%
Price change
to today
q/q
(2.4)%
6.9%
7.6%
10.4%
2.2%
8.7%
(0.9)%
20.3%
(36.2)%
10.6%
(0.4)%
0.8%
16.0%
(0.5)%
2.4%
8.0%
26.6%
2.0%
3.2%
(14.3)%
Price change
to today
q/q
10.3%
(16.7)%
64.0%
(20.1)%
7.9%
(7.2)%
Price change
to today
q/q
10.4%
(2.4)%
(36.2)%
(4.6)%
(28.2)%
(0.5)%
(0.4)%
3.2%
16.6%
6.2%
Price change
to today
q/q
8.7%
2.2%
(9.2)%
(14.8)%
(0.9)%
7.6%
(10.9)%
(35.4)%
10.6%
(70.3)%
8.0%
2.4%
(15.6)%
7.0%
26.6%
16.0%
(9.0)%
(54.2)%
(14.3)%
6.3%
Price change
to today
q/q
9.3%
12.4%
12.1%
16.1%
15.7%
1.0%
(4.2)%
(2.8)%
14.0%
24.5%
13.5%
18.4%
25.2%
14.9%
24.8%
(18.1)%
Price change
83
HMA
53
42
70
37
71
8
25
25
90
92
HMA
88
87
77
HMA
37
53
90
89
8
HMA
8
71
90
46
25
70
29
99
92
HMA
39
25
56
6
7
74
43
29
9,217
ROIC
(0.4)%
1.1%
2.2%
3.7%
2.1%
1.9%
(4.8)%
ROIC
1.9%
(10.0)%
(1.3)%
ROIC
1.1%
(4.8)%
4.6%
(24.5)%
ROIC
3.7%
2.2%
2.7%
(0.0)%
2.1%
(0.4)%
(2.2)%
(17.1)%
ROIC
1.3%
4.2%
2.1%
5.7%
3.2%
(1.0)%
1.3%
0.1%
Mkt Cap
2,457
25,159
3,545
3,601
6,650
54,323
15,529
15,736
735
559
Mkt Cap
20,220
284
883
Mkt Cap
3,601
2,457
735
510
80
Mkt Cap
54,323
6,650
805
224
15,529
3,545
328
66
559
Mkt Cap
28,374
5,588
14,207
6,707
2,468
2,675
328
161
11,502
EV
723
30,021
5,030
6,125
7,885
76,885
19,266
19,291
437
529
EV
17,981
436
767
EV
6,125
723
437
270
58
EV
76,885
7,885
639
180
19,266
5,030
261
45
529
12,445
EV
27,534
9,226
21,912
7,074
2,525
3,159
335
177
2.3x
8.8x
12.3x
AUM Profiled:
$ 768
EV/Sales EV/EBITDA
0.1x
0.6x
1.1x
2.0x
1.9x
0.5x
2.7x
1.6x
4.6x
0.2x
17.8x
14.2x
11.8x
13.4x
12.0x
9.3x
33.8x
EV/Sales EV/EBITDA
1.7x
0.1x
2.4x
182.3x
EV/Sales EV/EBITDA
2.0x
0.1x
4.6x
0.8x
41.2x
14.2x
33.8x
3.1x
EV/Sales EV/EBITDA
0.5x
1.9x
1.0x
0.5x
2.7x
1.1x
0.3x
0.3x
0.2x
13.4x
11.8x
23.0x
13.0x
12.0x
17.8x
8.1x
EV/Sales EV/EBITDA
5.2x
0.8x
0.9x
0.4x
2.0x
2.3x
0.7x
0.2x
P/B
1.5x
1.8x
1.4x
3.6x
2.3x
1.9x
2.4x
2.2x
1.2x
0.7x
P/B
P/E
16.1x
13.1x
15.5x
9.0x
7.0x
P/E
1.5x
0.7x
4.3x
P/B
3.6x
1.5x
1.2x
1.3x
5.6x
P/B
1.9x
2.3x
3.2x
2.9x
2.4x
1.4x
3.1x
0.8x
0.7x
Manager: Tom Ellis and Todd Hammer

Provides various health insurance services and other hospital and medical service plans
Operates as a health care benefits providing company
Manufactures steel and specialty metals
Owns and operates senior living communities
Provides injectable drugs and infusion technologies
Develops, manufactures and markets medical devices
Develops, acquires, licenses and enforces patented technologies through its subsidiaries
Provides insurances services
Produces and markets phosphate and potash
Sells consumer electronic products
Operates as a holding company that provides in-flight entertainment services
P/E
16.1x
P/E
15.5x
68.0x
62.9x
7.0x
Owns and operates senior living communities
Develops, acquires, licenses and enforces patented technologies through its subsidiaries
Provides contact drug discovery and development research services
Develops miniaturized and injectable drug delivery systems
Provides injectable drugs and infusion technologies
Provides healthcare services
Owns and operates women's specialty retail stores
Develops, manufactures and markets medical devices
Manufactures steel and specialty metals
Manufactures and retails women's apparels and accessories
Operates speciality retail stores
Provides insurances services
P/E
4.2x
3.1x
1.2x
2.4x
3.8x
2.0x
1.2x
0.8x
52.0x
114.5x
11.2x
5.5x
42.4x
Develops software solutions for web and print publishing

Manufactures chemicals for the plastics, automotive, and construction industries
Provides business process and document management services
Manufactures interior systems and components for automobiles
Provides software for healthcare providers
Manufactures equipment and boiler systems for power plants and industrial uses
AUM Profiled:
$ 182
22.5x
8.1x
6.4x
5.6x
10.5x
22.8x
12.5x
25.2x
P/B
Provides money transfer services
22.5x
Manager: John Lewis
Name
1
2
3
4
5
6
7
8
9
10
Spark Networks, Inc.

Franklin Covey Co.
Rosetta Stone Inc.
ZipRealty, Inc.
Vitacost.com, Inc.
ePlus inc.
Tucows Inc.
Intersections Inc.
Exa Corporation
Harris Interactive Inc.
New Positions
Name
1
2
3
4
5
DRCO
ASEI
HH
TechTarget, Inc.
TTGT
Intersections Inc.
Tucows Inc.
A V Homes Inc
ePlus inc.
Rosetta Stone Inc.
Vitacost.com, Inc.
ZipRealty, Inc.
AMREP Corporation
Travelzoo Inc.
Exa Corporation
Autobytel Inc.
Franklin Covey Co.
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Ticker
Dynamics Research Corporation

American Science and Engineering, Inc.
Hooper Holmes, Inc.
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
Ticker
LOV
FC
RST
ZIPR
VITC
PLUS
TCX
INTX
EXA
HPOL
Spark Networks, Inc.

eGain Corporation
eGain Corporation
ZipRealty, Inc.
Franklin Covey Co.
Vitacost.com, Inc.
Rosetta Stone Inc.
ePlus inc.
Harris Interactive Inc.
Reis, Inc.
AMREP Corporation
Travelzoo Inc.
Reis, Inc.
Internet Patents Corporation
Intersections Inc.
Ambassadors Group, Inc.
Closed Positions
Name
1 Envivio, Inc.
% Port
15.3%
9.7%
9.1%
8.8%
8.1%
6.0%
5.3%
4.5%
4.5%
3.5%
% Port
0.6%
0.3%
0.2%
0.1%
0.1%
Ticker
as % Port
INTX
TCX
AVHI
PLUS
RST
VITC
ZIPR
AXR
TZOO
EXA
ABTL
FC
3.0%
2.2%
2.2%
1.6%
1.4%
0.9%
0.9%
0.7%
0.6%
0.3%
0.3%
0.2%
Ticker
as % Port
LOV
EGAN
EGAN
ZIPR
FC
VITC
RST
PLUS
HPOL
REIS
AXR
TZOO
REIS
PTNT
INTX
EPAX
(14.6)%
(8.7)%
(8.4)%
(7.9)%
(7.8)%
(6.0)%
(6.0)%
(4.3)%
(3.4)%
(2.6)%
(2.6)%
(2.5)%
(1.9)%
(1.7)%
(1.4)%
(0.3)%
Ticker
% Port
ENVI
0.3%
to today
(32.2)%
9.4%
(27.5)%
10.1%
(34.1)%
3.9%
33.5%
(13.7)%
(11.4)%
0.0%
q/q
(1.5)%
33.4%
10.1%
74.8%
0.6%
(13.7)%
28.5%
0.0%
50.4%
10.5%
Price change
to today
q/q
HMA
26
7
52
2
52
6
13
62
30
24
HMA
ROIC
(12.7)%
7.0%
(5.3)%
(5.6)%
5.4%
11.9%
(0.0)%
(0.5)%
20.2%
ROIC
Mkt Cap
135
321
257
126
188
439
139
137
183
117
Mkt Cap
EV
EV/Sales EV/EBITDA
115
340
144
121
169
420
141
118
154
101
EV
2.6x
1.4x
0.9x
1.4x
0.7x
0.4x
0.8x
0.4x
2.4x
0.6x
9.9x
5.6x
13.8x
5.4x
54.3x
6.9x
EV/Sales EV/EBITDA
P/B
7.4x
3.0x
1.9x
8.5x
3.2x
1.7x
5.3x
1.4x
5.4x
6.5x
P/B
(5.9)%
17.0%
14.8%
36.4%
7.7%
30.6%
52
65
29
2.3%
3.3%
75
551
38
157
389
36
0.6x
1.7x
0.4x
6.4x
10.3x
0.8x
2.8x
2.5x
21.9%
11.4%
58
(0.1)%
235
198
1.7x
25.9x
1.2x
Price change
to today
q/q
(13.7)%
33.5%
11.1%
3.9%
(27.5)%
(34.1)%
10.1%
(18.3)%
(21.2)%
(11.4)%
76.7%
9.4%
0.0%
28.5%
(1.5)%
(13.7)%
10.1%
0.6%
74.8%
(6.1)%
(2.7)%
50.4%
50.3%
33.4%
Price change
to today
q/q
(32.2)%
(25.9)%
(25.9)%
10.1%
9.4%
(34.1)%
(27.5)%
3.9%
0.0%
10.9%
(18.3)%
(21.2)%
10.9%
(2.2)%
(13.7)%
31.6%
(1.5)%
56.9%
56.9%
74.8%
33.4%
0.6%
10.1%
(13.7)%
10.5%
(12.6)%
(6.1)%
(2.7)%
(12.6)%
(11.4)%
0.0%
(2.8)%
Price change
to today
q/q
(8.3)%
55.4%
HMA
62
13
14
6
52
52
2
61
63
30
4
7
HMA
26
7
7
2
7
52
52
6
24
7
61
63
7
94
62
86
HMA
21
ROIC
(0.0)%
11.9%
(0.6)%
5.4%
(5.3)%
(5.6)%
9.6%
(0.5)%
3.9%
7.0%
ROIC
(12.7)%
(16.2)%
(16.2)%
7.0%
(5.6)%
(5.3)%
5.4%
20.2%
1.7%
9.6%
1.7%
(1.8)%
(0.0)%
8.1%
ROIC
(5.3)%
Mkt Cap
137
139
427
439
257
188
126
51
321
183
113
321
Mkt Cap
135
283
283
126
321
188
257
439
117
195
51
321
195
24
137
77
Mkt Cap
80
EV
EV/Sales EV/EBITDA
118
141
252
420
144
169
121
52
243
154
126
340
EV
0.4x
0.8x
1.8x
0.4x
0.9x
0.7x
1.4x
0.8x
2.1x
2.4x
0.9x
1.4x
5.4x
13.8x
5.6x
12.2x
54.3x
18.3x
9.9x
EV/Sales EV/EBITDA
115
271
271
121
340
169
144
420
101
195
52
243
195
(8)
118
36
EV
2.6x
5.8x
5.8x
1.4x
1.4x
0.7x
0.9x
0.4x
0.6x
5.1x
0.8x
2.1x
5.1x
0.4x
0.3x
90.7x
90.7x
9.9x
5.6x
6.9x
19.7x
12.2x
19.7x
5.4x
7.7x
EV/Sales EV/EBITDA
25
0.8x
P/B
1.4x
5.3x
1.5x
1.7x
1.9x
3.2x
8.5x
0.6x
0.4x
5.4x
4.0x
3.0x
P/B
7.4x
58.3x
58.3x
8.5x
3.0x
3.2x
1.9x
1.7x
6.5x
2.6x
0.6x
0.4x
2.6x
0.8x
1.4x
1.3x
P/B
1.6x
P/E
18.9x
12.6x
29.5x
42.8x
18.2x
P/E
18.1x
29.6x
Operates personals websites

Provides training and consulting solutions
Provides residential real estate brokerage services to buyers and sellers
Operates as online retailer and direct marketer of health and wellness products
Distributes electronic business services and applications on the Internet
Provides consumer and corporate identity risk management services
Develops, markets and supports simulation software for the fluids engineering marketplace
Provides on-line market research and polling services
Provides technology management services and solutions for government programs
Develops, manufactures, markets, and provides research and engineering services
Provides medical and paramedical examinations for the health insurance industry
Provides online content & brand advertising services
P/E
42.8x
29.5x
12.6x
29.9x
18.9x
P/E
301.8x
301.8x
18.9x
12.6x
18.2x
21.8x
21.8x
42.8x
P/E

Distributes electronic business services and applications on the Internet
Does master home builders, community developers and the development arm of a national company primaril
Develops real estate, constructs single-family homes, and distributes magazines
Operates as an internet media company
Develops, markets and supports simulation software for the fluids engineering marketplace
Provides marketing services for automobiles
Operates personals websites

Provides cloud-based and on-site customer interaction software
Provides cloud-based and on-site customer interaction software
Provides on-line market research and polling services
Develops real estate, constructs single-family homes, and distributes magazines
Operates as an internet media company
Engages in Licenses e-commerce and online insurance distribution patents
Organizes educational travel programs for students, athletes and professionals
Provides VOIP solutions
P2 Capital Partners
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
UTi Worldwide Inc.

ACI Worldwide, Inc.
MedAssets, Inc.,
Forrester Research, Inc.
PTC Inc.
Mueller Water Products, Inc. Class A
Bally Technologies, Inc.
Epiq Systems, Inc.
New Positions
Name
Increased Positions
Name
1
2
3
4
5

ACI Worldwide, Inc.
PTC Inc.
Epiq Systems, Inc.
Decreased Positions
Name
1 Bally Technologies, Inc.
2 CBIZ, Inc.
Closed Positions
Name
1 VCA Antech, Inc.
Raging Capital Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10

Vitesse Semiconductor Corporation
EQT Corporation
Vonage Holdings Corp.
Blucora, Inc.
American Capital, Ltd.
Alcatel-Lucent SA Sponsored ADR
Safeway Inc.
A. M. Castle & Co.
New Positions
Name
1
2
3
4
5
6
7
American Capital, Ltd.

Alcatel-Lucent SA Sponsored ADR
Safeway Inc.
Range Resources Corporation
OpenTable, Inc.
Symmetricom, Inc.
The Standard Register Company
AUM Profiled:
Ticker
UTIW
BLT
ACIW
MDAS
FORR
MIC
PMTC
MWA
BYI
EPIQ
% Port
24.9%
13.1%
13.0%
10.7%
8.1%
7.6%
7.4%
5.3%
3.9%
3.4%
Price change
to today
q/q
3.4%
17.4%
17.8%
(16.4)%
3.2%
0.9%
14.5%
6.6%
3.3%
22.3%
(8.3)%
2.5%
16.3%
43.3%
0.1%
0.2%
16.0%
15.6%
27.7%
(2.1)%
HMA
48
91
15
35
19
19
15
5
8
85
ROIC
1.0%
3.5%
4.2%
1.7%
1.7%
1.1%
5.9%
3.7%
8.6%
1.6%
Mkt Cap
1,637
702
2,518
1,300
749
2,888
3,893
1,347
2,902
586
EV
1,888
1,117
3,132
2,108
626
3,754
3,967
1,901
3,385
863
EV/Sales EV/EBITDA
0.4x
1.1x
3.4x
3.5x
2.0x
3.6x
2.7x
1.6x
3.3x
1.7x
18.4x
8.1x
13.1x
11.3x
15.5x
46.6x
12.9x
11.2x
9.8x
9.3x
P/B
2.1x
4.4x
5.1x
2.7x
3.6x
3.1x
5.2x
17.4x
1.7x
$ 684
Manager: Claus Moller
P/E
17.1x
34.0x
363.1x
54.8x
594.9x
23.9x
35.1x
19.7x
33.0x
Provides supply chain services and solutions

Installs software products and services for financial institutions
Provides technology based products and services
Provides analysis and insight into technology areas such as computing and software
Private Equity Fund
Develops and provides software based product management and development solutions
Manufactures and distributes water infrastructure, flow control and piping component system products for u
Designs, manufactures, operates, and distributes technology-based gaming devices
Provides integrated technology solutions for the legal profession
% Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
EV
EV/Sales EV/EBITDA
P/B
P/E
BLT
MIC
ACIW
PMTC
EPIQ
6.9%
4.5%
3.0%
3.0%
0.3%
17.1x
594.9x
34.0x
23.9x
33.0x
Private Equity Fund
Develops and provides software based product management and development solutions
Provides integrated technology solutions for the legal profession
Ticker
as % Port
P/E
Ticker
BYI
CBZ
(8.5)%
(0.2)%
Ticker
% Port
WOOF
7.6%
Ticker
FB
VTSS
EQT
VG
BCOR
ACAS
TARO
ALU
SWY
CAS
Ticker
ACAS
ALU
SWY
RRC
OPEN
SYMM
SR
% Port
6.9%
5.4%
5.1%
4.4%
4.0%
3.0%
2.7%
2.5%
2.5%
2.4%
% Port
3.0%
2.5%
2.5%
2.2%
1.9%
1.6%
1.2%
17.4%
0.9%
17.8%
14.5%
22.3%
2.5%
0.2%
16.3%
16.0%
(2.1)%
Price change
to today
q/q
3.3%
16.7%
27.7%
10.9%
Price change
to today
q/q
9.0%
5.3%
Price change
to today
q/q
(6.3)%
(4.6)%
(4.6)%
1.9%
23.9%
11.3%
25.9%
27.8%
8.1%
(13.9)%
101.9%
15.6%
11.8%
11.0%
23.9%
8.5%
36.0%
94.0%
35.2%
2.2%
Price change
to today
q/q
11.3%
27.8%
8.1%
1.2%
15.2%
48.9%
(38.0)%
8.5%
94.0%
35.2%
(1.8)%
9.4%
7.3%
259.7%
91
19
15
15
85
HMA
8
89
HMA
64
HMA
13
35
24
33
4
58
3
17
45
45
HMA
58
17
45
36
62
47
11
3.5%
1.1%
4.2%
5.9%
1.6%
ROIC
8.6%
1.6%
ROIC
3.8%
ROIC
5.1%
(7.8)%
2.7%
2.6%
1.1%
13.1%
1.3%
1.0%
(0.3)%
ROIC
1.3%
1.0%
1.3%
5.7%
(0.3)%
(1.4)%
702
2,888
2,518
3,893
586
Mkt Cap
2,902
411
Mkt Cap
2,657
1,117
3,754
3,132
3,967
863
EV
3,385
566
EV
3,189
Mkt Cap
EV
115,524
167
12,752
673
1,172
4,325
4,283
11,071
8,537
324
110,215
101
15,734
661
1,167
4,483
3,607
12,521
13,470
540
Mkt Cap
EV
4,325
11,071
8,537
12,549
1,875
302
59
4,483
12,521
13,470
15,459
1,835
213
304
1.1x
3.6x
3.4x
2.7x
1.7x
8.1x
46.6x
13.1x
12.9x
9.3x
EV/Sales EV/EBITDA
3.3x
0.7x
9.8x
6.7x
EV/Sales EV/EBITDA
1.7x
9.1x
P/B
17.4x
1.2x
P/B
19.7x
11.3x
P/E
46.5x
AUM Profiled:
$ 581
37.5x
12.1x
6.4x
10.0x
6.7x
7.8x
7.3x
20.1x
EV/Sales EV/EBITDA
7.4x
0.5x
0.3x
8.8x
8.7x
0.6x
0.5x
1.7x
2.0x
EV/Sales EV/EBITDA
17.2x
0.8x
7.9x
0.8x
1.9x
7.4x
3.8x
0.5x
0.3x
0.5x
4.4x
3.1x
5.1x
7.8x
7.3x
16.7x
26.4x
13.3x
9.5x
P/B
8.8x
8.3x
3.3x
2.1x
2.4x
0.8x
4.1x
5.9x
2.6x
1.0x
P/B
0.8x
5.9x
2.6x
5.2x
8.9x
1.5x
Designs, manufactures, operates, and distributes technology-based gaming devices

Provides financial and employee benefits services
Provides veterinary medical and ancillary pet care services
Manager: William Martin
P/E
117.6x

Designs, develops and markets integrated circuits
Supplies, transmits and distributes natural gas
Provides communication services connecting people through broadband devices worldwide
Private Equity Fund
Provides communications solutions to telecommunications companies, Internet service providers and voice, d
Operates a chain of supermarkets
41.7x
18.5x
34.8x
8.9x
11.6x
14.5x
P/E
8.9x
14.5x
88.3x
54.2x
Private Equity Fund

Provides communications solutions to telecommunications companies, Internet service providers and voice, d
Operates a chain of supermarkets
Explores, acquires and develops oil and gas properties
Provides reservation, table and guest management software for restaurants
Develops and manufactures advanced network synchronization systems
Provides document, label, e-business, consulting and print supply chain services
8
9
10
11
12
13
Doral Financial Corporation

YRC Worldwide Inc.
Gulfport Energy Corporation
Bel Fuse Inc. Class B
Ezchip Semiconductor Ltd
Increased Positions
Name
1
2
3
4
5
6
EQT Corporation
GSI Technology, Inc.
Vonage Holdings Corp.
PLX Technology, Inc.
Resource America, Inc. Class A
Blucora, Inc.
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Derma Sciences, Inc.
Saratoga Investment Corp.
Saratoga Investment Corp.
A. M. Castle & Co.
Shiloh Industries, Inc.
Cutera, Inc.
Compugen Ltd.
Sigma Designs, Inc.
Contango Oil & Gas Company
Pacific Biosciences of California, Inc.
TheStreet, Inc.
Closed Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
Acxiom Corporation
Motorcar Parts of America, Inc.
Extreme Networks, Inc.
Mercury Systems, Inc.
ATMI, Inc.
Altisource Residential Corp. Class B
J. C. Penney Company, Inc.
Intermolecular, Inc.
Cenveo, Inc.
Crimson Exploration Inc.
The First Marblehead Corporation
A V Homes Inc
Red Lion Hotels Corporation
Richmond Hill Investments

Top 10 Holdings
Name
1
2
3
4
5
Global Indemnity Plc

Pacific Drilling S.A.
Visteon Corporation
SLM Corporation
DRL
YRCW
ANF
GPOR
BELFB
EZCH
1.1%
1.0%
0.6%
0.4%
0.3%
0.1%
Ticker
as % Port
EQT
GSIT
VG
PLXT
REXI
BCOR
1.7%
1.0%
0.4%
0.4%
0.4%
0.1%
Ticker
as % Port
FB
FB
FB
TARO
DSCI
SAR
SAR
CAS
SHLO
CUTR
CGEN
SIGM
MCF
PACB
TST
(8.9)%
(5.8)%
(4.8)%
(3.0)%
(1.2)%
(1.1)%
(1.0)%
(0.9)%
(0.8)%
(0.6)%
(0.4)%
(0.4)%
(0.3)%
(0.0)%
0.0%
Ticker
% Port
ACXM
MPAA
EXTR
MRCY
ATMI
RESI
JCP
IMI
CVO
CXPO
FMD
AVHI
RLH
5.2%
3.3%
3.3%
2.8%
2.4%
1.3%
0.8%
0.7%
0.7%
0.6%
0.6%
0.6%
0.1%
(7.6)%
(43.2)%
(3.8)%
(8.1)%
30.2%
(2.0)%
14.9%
(41.3)%
(21.8)%
36.6%
29.7%
(8.7)%
Price change
to today
q/q
(4.6)%
(6.3)%
1.9%
9.3%
15.6%
23.9%
11.8%
11.2%
11.0%
26.5%
(5.5)%
23.9%
Price change
to today
q/q
(6.3)%
(6.3)%
(6.3)%
25.9%
(4.7)%
(17.2)%
(17.2)%
(13.9)%
61.8%
3.9%
0.1%
(0.5)%
29.8%
(21.7)%
4.8%
101.9%
101.9%
101.9%
36.0%
(7.3)%
6.0%
6.0%
2.2%
25.5%
1.1%
89.0%
10.5%
8.9%
118.2%
12.4%
Price change
to today
q/q
15.7%
37.3%
31.4%
6.9%
13.2%
24.0%
13.7%
0.7%
15.3%
(2.3)%
11.1%
6.3%
25.2%
38.2%
51.7%
8.4%
12.1%
37.7%
(48.4)%
(24.2)%
38.5%
6.7%
(30.5)%
(1.5)%
(13.7)%
78
50
85
27
65
79
HMA
24
22
33
18
42
4
HMA
13
13
13
3
11
49
49
45
7
39
32
63
74
16
81
HMA
7
21
4
55
36
23
65
94
59
17
79
14
87
0.9%
(0.0)%
1.1%
3.4%
2.1%
ROIC
2.7%
0.2%
2.6%
4.1%
1.1%
ROIC
117
104
2,599
4,590
259
695
Mkt Cap
12,752
183
673
301
190
1,172
2,148
1,196
2,565
4,814
211
513
EV
15,734
116
661
296
2,174
1,167
Mkt Cap
EV
(19.3)%
(0.4)%
3.6%
(17.3)%
(1.4)%
115,524
115,524
115,524
4,283
204
73
73
324
361
137
394
192
908
286
74
110,215
110,215
110,215
3,607
178
133
133
540
445
45
354
117
587
172
25
ROIC
Mkt Cap
EV
5.1%
5.1%
5.1%
13.1%
(7.4)%
2.4%
2.4%
(0.3)%
4.7%
3.2%
4.1%
2.1%
(1.2)%
2.2%
(5.2)%
(1.8)%
3.2%
1.6%
(0.6)%
1.7%
2,468
253
648
356
956
1,142
3,049
256
218
904
427
110
2,525
332
446
287
852
980
6,494
201
1,472
369
(142)
252
158
4.6x
0.3x
0.7x
20.8x
0.5x
8.0x
0.3x
5.5x
30.1x
6.9x
28.4x
EV/Sales EV/EBITDA
7.9x
2.0x
0.8x
2.6x
12.1x
45.4x
6.4x
20.1x
1.9x
10.0x
EV/Sales EV/EBITDA
17.2x
17.2x
17.2x
3.8x
2.4x
7.1x
7.1x
0.5x
0.5x
185.4x
0.5x
3.2x
10.1x
0.4x
37.5x
37.5x
37.5x
6.7x
11.1x
11.1x
20.1x
6.3x
5.5x
EV/Sales EV/EBITDA
2.0x
0.8x
1.0x
1.2x
1.8x
0.5x
2.9x
0.8x
3.0x
(2.9)x
1.8x
1.1x
10.5x
17.5x
15.7x
60.7x
9.7x
32.8x
9.0x
4.6x
14.2x
1.5x
2.8x
1.2x
2.3x
P/B
3.3x
1.3x
2.1x
5.4x
1.3x
2.4x
P/B
8.8x
8.8x
8.8x
4.1x
2.5x
0.7x
0.7x
1.0x
3.0x
1.5x
14.6x
1.2x
1.7x
3.4x
1.0x
P/B
3.8x
2.5x
3.4x
1.0x
1.8x
1.7x
1.0x
2.9x
Ticker
GBLI
AIG
PACD
VC
SLM
% Port
22.3%
17.4%
13.8%
9.5%
9.3%
5.4%
2.2%
4.5%
4.2%
6.3%
8.1%
8.8%
13.3%
19.8%
8.9%
HMA
20
71
34
16
38
ROIC
1.4%
2.7%
Mkt Cap
676
73,389
2,513
3,945
11,544
EV
496
56,009
4,674
4,690
156,245
EV/Sales EV/EBITDA
1.6x
0.9x
6.2x
0.6x
23.5x
12.8x
7.8x
P/E
41.7x
130.7x
18.5x
62.6x
Supplies, transmits and distributes natural gas

Designs and markets static random access memory integrated circuits
Provides communication services connecting people through broadband devices worldwide
Designs, develops, manufactures, and sells semiconductor devices
Operates as asset management company
34.8x
P/E
117.6x
117.6x
117.6x
11.6x

Manufactures and markets skin care and wound care products
Private Equity Fund
Private Equity Fund
Manufactures and markets steel blanks, stampings & processed steel
Engages in designing, developing, manufacturing, marketing and servicing of laser and other energy based aes
Discovers and researches drug and diagnostics
Provides connected media platforms for use in home entertainment and control
Explores for and acquires oil and gas properties
Develops single molecule real time DNA sequencing platform
Provides on line business and investment content services
7.7x
7.7x
11.7x
14.9x
P/E
42.4x
6.3x
22.1x
35.4x
0.5x
1.5x
0.7x
AUM Profiled:
Price change
to today
q/q
22.8x
31.7x
30.6x
35.2x
P/B
0.8x
0.7x
1.1x
2.9x
2.3x

Provides transportation, freight forwarding and logistics management services
Explores for oil and natural gas
Manufactures products used in telecommunications, data transmission and consumer electronics
Develops high performance network processors

Remanufactures alternators and starters for passenger vehicles
Provides network infrastructure equipment and services
Designs, manufactures, and markets real-time digital signal processing computer systems
Provides materials and materials packaging for manufacturing semiconductors and flat panel displays
Engages in the acquisition and ownership of single family rental assets
Retails mens and womens clothing
Develops proprietary technology for the semiconductor and clean-energy industries
Manufactures envelopes and packaging products; provides commercial printing services
Engages in exploration and development of oil and gas properties
Operates an education finance company that specializes in program engineering and asset securitization.
Does master home builders, community developers and the development arm of a national company primaril
Owns and operates hotels and provides hospitality services
$ 160
Manager: John Liu
P/E
19.9x
23.1x
138.5x
18.0x
7.7x
Operates as a holding company with interest in insurance and reinsurance businesses

Provides ultra-deepwater drilling services to the oil and natural gas exploration and production industry
Designs, engineers and manufactures automotive vehicles and supplies automotive parts
Provides financing and loan services to the education market
6
7
8
9
10
GenCorp Inc.
GY
8.9%
Oaktree Capital Group, LLC Class A
OAK
7.4%
CIT Group Inc.
CIT
6.4%
American International Group Inc Warrants 2011-19.1.21
AIG.WS
on2.6%
Shs
Constellation Energy Partners LLC Class B
CEP
2.0%
New Positions
Name
Ticker
% Port

AIG
17.4%
2 SLM Corporation
SLM
9.3%
3 American International Group Inc Warrants 2011-19.1.21
AIG.WS
on2.6%
Shs
12.4%
4.7%
3.8%
8.2%
0.9%
(1.4)%
(0.4)%
4.6%
3.9%
13.8%
Price change
to today
q/q
2.2%
6.3%
8.2%
8.8%
8.9%
3.9%
24
52
11
89
40
HMA
3.6%
11.4%
1,097
8,278
10,134
1.0%
65
ROIC
71
38
89
Mkt Cap
73,389
11,544
Increased Positions
Name
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
Decreased Positions
Name
Ticker
as % Port
Price change
to today
q/q
HMA
ROIC
Mkt Cap
1
2
3
4
CIT Group Inc.

Oaktree Capital Group, LLC Class A
Visteon Corporation
Constellation Energy Partners LLC Class B
Closed Positions
Name
CIT
OAK
VC
CEP
(6.6)%
(4.8)%
(0.2)%
(0.1)%
Ticker
% Port
1 American International Group Inc Warrants 2011-19.1.21

AIG.WS
on
14.9%
Shs
AIG
2.3%
Sagard Capital Partners

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
GP Strategies Corporation
ICF International, Inc.
InnerWorkings, Inc.
Altra Holdings, Inc.
Gibraltar Industries, Inc.
Multi-Color Corporation
Gentherm Inc.
Hudson Global, Inc.
KMG Chemicals, Inc.
Checkpoint Systems, Inc.
New Positions
Name
1 Coastal Contacts Inc.
Ticker
GPX
ICFI
INWK
AIMC
ROCK
LABL
THRM
HSON
KMG
CKP
Ticker
COA
% Port
30.5%
18.0%
11.7%
8.7%
7.2%
5.7%
5.6%
5.0%
2.8%
2.4%
% Port
1.8%
Increased Positions
Name
Ticker
as % Port
1 Gentherm Inc.
THRM
0.1%
Decreased Positions
Name
Ticker
as % Port
1 Zygo Corporation
Closed Positions
Name
ZIGO
(1.1)%
Ticker
% Port
3.8%
4.7%
4.2%
0.9%
4.6%
(0.4)%
19.8%
13.8%
Price change
to today
q/q
8.2%
2.2%
3.9%
8.8%
Price change
to today
q/q
11.7%
(2.7)%
(34.0)%
9.4%
23.7%
9.4%
25.0%
8.0%
(18.3)%
(15.9)%
10.1%
12.4%
(9.5)%
(1.7)%
(2.1)%
11.8%
2.8%
30.6%
4.2%
17.7%
Price change
to today
q/q
5.4%
22.1%
Price change
to today
q/q
25.0%
2.8%
Price change
to today
q/q
(5.7)%
0.9%
Price change
to today
q/q
11
52
16
40
HMA
11.4%
2.7%
1.0%
ROIC
89
71
HMA
2
42
86
28
29
27
70
68
42
35
HMA
24
HMA
70
HMA
46
HMA
10,134
8,278
3,945
65
Mkt Cap
73,389
ROIC
5.8%
3.2%
1.1%
4.1%
2.7%
2.9%
5.4%
(4.5)%
2.3%
3.0%
ROIC
(14.8)%
ROIC
5.4%
ROIC
2.2%
ROIC
Mkt Cap
559
685
332
795
541
607
828
116
209
579
Mkt Cap
215
Mkt Cap
828
Mkt Cap
282
Mkt Cap
2,002
41,654
36,067
14,212
77
EV
56,009
156,245
14,212
1.5x
19.6x
9.5x
20.4x
37.7x
1.6x
16.4x
EV/Sales EV/EBITDA
0.9x
23.5x
19.1x
1.1x
7.5x
8.5x
12.7x
0.6x
P/B
0.7x
2.3x
P/E
23.1x
7.7x
Provides consumer and business financing, leasing and advisory services
Acquires and develops oil and natural gas properties
Provides financing and loan services to the education market
EV
EV/Sales EV/EBITDA
P/B
P/E
EV
EV/Sales EV/EBITDA
P/B
P/E
36,067
41,654
4,690
77
EV
14,212
56,009
EV
569
753
411
915
679
1,024
885
81
279
585
EV
196
EV
885
EV
208
EV
9.5x
19.6x
0.6x
1.6x
37.7x
7.8x
16.4x
EV/Sales EV/EBITDA
0.9x
AUM Profiled:
$ 302
11.5x
8.7x
22.6x
8.1x
7.7x
8.7x
9.1x
11.8x
11.5x
0.6x
P/B
3.0x
1.5x
1.4x
3.0x
1.2x
2.1x
3.9x
1.4x
1.8x
1.6x
P/B
P/E
22.4x
17.3x
30.7x
26.2x
17.9x
26.5x
27.9x
P/E
6.2x
EV/Sales EV/EBITDA
9.1x
EV/Sales EV/EBITDA
1.5x
P/E
23.1x
EV/Sales EV/EBITDA
1.1x
P/B
12.7x
8.5x
18.0x
0.7x
EV/Sales EV/EBITDA
1.2x
0.8x
0.7x
1.2x
0.7x
1.5x
1.1x
0.1x
1.3x
1.0x
1.1x
19.1x
2.9x
0.6x
12.9x
EV/Sales EV/EBITDA
P/B
3.9x
P/B
1.5x
P/B
Provides consumer and business financing, leasing and advisory services

Designs, engineers and manufactures automotive vehicles and supplies automotive parts
Acquires and develops oil and natural gas properties
Manager: Dan Friedberg

Operates as an investment holding company with interest in training, consulting and engineering services
Provides technology and policy consulting and implementation services
Provides print management and promotional solutions
Manufactures power transmission and motion control products
Manufactures expanded metal products, cold-rolled strip steel, coated steel products, and nonferrous metals
Provides label solutions for home and personal care, food and beverage and branded consumer products
Manufactures, develops, designs and markets automotive parts
Provides executive search, specialty staffing, and related consulting services
Manufactures and distributes specialty chemicals
Manufactures and distributes integrated electronic security systems
Retails and distributes online vision care products
P/E
26.5x
P/E
53.3x
P/E
Manufactures, develops, designs and markets automotive parts
Designs, manufactures and distributes optical systems and components for metrology
Sheffield Asset Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10

Dollar General Corporation
Domtar Corporation
NRG Energy, Inc.
Web.com Group, Inc.
Nielsen Holdings N.V.
New Positions
Name
1
2
3
4
5
Nielsen Holdings N.V.

MRC Global Inc.
Dolby Laboratories, Inc. Class A
Bridgepoint Education, Inc.
Increased Positions
Name
1
2
3
4
5
6
7
8

Domtar Corporation
PVH Corp.
Dollar General Corporation
Web.com Group, Inc.
Golar LNG Limited
Decreased Positions
Name
1
2
3
4
5
6
Select Comfort Corporation

NRG Energy, Inc.
Tronox Ltd.
Aeropostale, Inc.
Closed Positions
Name
1
2
3
4
5
Moody's Corporation
The Whitewave Foods Company Class B
Staples, Inc.
Health Net, Inc.
Devon Energy Corporation
SPO Advisory
Top 10 Holdings
Name
1 Liberty Global Plc Class C
2 The Charles Schwab Corporation
3 Pioneer Natural Resources Company
AUM Profiled:
Ticker
TWC
RKT
CHTR
DG
UFS
NRG
BRCD
WWWW
FDO
NLSN
Ticker
% Port
13.2%
9.0%
8.3%
7.2%
6.5%
6.3%
6.2%
5.8%
5.5%
4.7%
% Port
NLSN
NWSA
MRC
DLB
BPI
4.7%
4.1%
3.0%
2.4%
1.9%
Ticker
as % Port
TWC
UFS
BRCD
PVH
DG
WWWW
GLNG
RKT
4.2%
3.2%
2.0%
1.8%
1.4%
0.9%
0.8%
0.2%
Ticker
as % Port
SCSS
NRG
FDO
TROX
CHTR
ARO
(2.9)%
(2.2)%
(1.7)%
(1.7)%
(1.0)%
(0.2)%
Ticker
% Port
MCO
WWAV.B
SPLS
HNT
DVN
4.2%
3.9%
3.8%
3.4%
2.6%
Price change
to today
q/q
22.6%
(6.5)%
(1.5)%
(0.3)%
7.5%
(1.8)%
6.8%
(11.8)%
(3.7)%
17.3%
(0.8)%
1.4%
8.8%
12.0%
19.4%
2.4%
39.8%
26.4%
15.6%
8.5%
Price change
to today
q/q
17.3%
9.9%
17.9%
4.5%
1.1%
8.5%
5.3%
(3.0)%
3.2%
48.1%
Price change
to today
q/q
22.6%
7.5%
6.8%
11.2%
(0.3)%
(11.8)%
(5.0)%
(6.5)%
(0.8)%
19.4%
39.8%
(5.1)%
12.0%
26.4%
18.1%
1.4%
Price change
to today
q/q
(14.6)%
(1.8)%
(3.7)%
(12.8)%
(1.5)%
3.7%
(2.8)%
2.4%
15.6%
21.4%
8.8%
(31.9)%
Price change
to today
q/q
6.3%
5.7%
(2.4)%
4.8%
15.4%
32.8%
(7.7)%
(0.4)%
11.3%
HMA
11
55
4
16
46
49
52
11
29
9
HMA
9
28
42
80
72
HMA
11
46
52
11
16
11
84
55
HMA
69
49
29
63
4
93
HMA
44
20
78
53
78
ROIC
3.5%
4.2%
1.6%
5.3%
1.8%
2.4%
3.8%
0.5%
7.6%
2.2%
ROIC
2.2%
3.2%
3.6%
ROIC
3.5%
1.8%
3.8%
2.0%
5.3%
0.5%
(0.5)%
4.2%
ROIC
14.7%
2.4%
7.6%
(0.3)%
1.6%
(11.1)%
ROIC
13.3%
3.2%
5.4%
2.4%
Mkt Cap
38,565
6,822
13,821
18,216
2,717
8,675
3,829
1,440
7,979
16,150
Mkt Cap
16,150
10,216
3,215
3,672
988
Mkt Cap
38,565
2,717
3,829
10,768
18,216
1,440
2,882
6,822
Mkt Cap
1,149
8,675
7,979
2,420
13,821
765
Mkt Cap
16,074
10,119
2,457
24,579
EV
63,448
9,764
27,925
21,030
3,724
24,010
3,776
1,989
8,350
22,538
EV
22,538
7,678
4,247
3,140
628
EV
63,448
3,724
3,776
14,397
21,030
1,989
3,348
9,764
EV
1,021
24,010
8,350
3,575
27,925
665
EV
16,736
4,171
10,731
723
30,146
EV/Sales EV/EBITDA
2.5x
1.1x
3.6x
1.2x
0.7x
2.3x
1.5x
4.6x
0.8x
3.6x
7.1x
7.2x
10.3x
10.1x
5.4x
12.3x
6.3x
26.0x
9.3x
13.3x
EV/Sales EV/EBITDA
3.6x
0.8x
0.7x
3.3x
13.3x
8.7x
9.8x
EV/Sales EV/EBITDA
2.5x
0.7x
1.5x
2.0x
1.2x
4.6x
19.6x
1.1x
7.1x
5.4x
6.3x
14.7x
10.1x
26.0x
37.9x
7.2x
EV/Sales EV/EBITDA
1.3x
2.3x
0.8x
2.0x
3.6x
0.5x
9.5x
12.3x
9.3x
13.7x
10.3x
24.2x
EV/Sales EV/EBITDA
P/B
5.8x
1.6x
226.6x
3.5x
1.0x
0.9x
1.7x
8.8x
5.0x
2.9x
P/B
2.9x
0.8x
2.4x
2.5x
1.8x
P/B
5.8x
1.0x
1.7x
2.7x
3.5x
8.8x
1.5x
1.6x
P/B
5.1x
0.9x
5.0x
1.0x
226.6x
2.1x
P/B
5.3x
12.1x
57.1x
0.5x
0.1x
2.8x
6.0x
1.7x
1.5x
1.2x
11.0x
AUM Profiled:
Ticker
LBTYK
SCHW
PXD
% Port
14.1%
13.7%
11.9%
Price change
to today
q/q
7.3%
17.5%
(5.7)%
11.1%
(0.4)%
30.4%
HMA
19
53
4
ROIC
1.2%
2.9%
Mkt Cap
32,364
32,011
24,698
EV
73,514
4,070
27,036
EV/Sales EV/EBITDA
(0.1)x
8.7x
28.0x
P/B
2.7x
3.5x
3.3x
$ 529
P/E
17.2x
10.2x
18.5x
62.5x
15.2x
17.4x
18.6x
41.6x
P/E
41.6x
22.5x
18.8x
15.7x
P/E
17.2x
62.5x
17.4x
46.4x
18.5x
2.4x
10.2x
P/E
20.8x
15.2x
18.6x
P/E
20.9x
31.0x
21.6x
16.1x
Manager: Craig Albert


Operates retail stores
Manufactures and markets paper products
Provides online marketing services for small businesses
Provides global information and media services
Provides global information and media services
Operates as a holding company with interests in providing industrial equipment
Develops audio systems for the music and film industries
Provides postsecondary education services

Manufactures and markets paper products
Designs and manufactures men's, women's, and children's apparel and footwear
Operates retail stores
Provides online marketing services for small businesses
Manufactures air and specialty mattresses
Retails casual apparel and accessories
Provides credit rating, research and risk analysis covering debt instruments services
Operates as a food and beverage company
Engages in the exploration, development and production of oil and natural gas properties
$ 6,834
P/E
30.2x
46.9x
Manager: John Scully

4
5
6
7
8
9
10

Equinix, Inc.
Crown Castle International Corp.
Calpine Corporation
Visa Inc. Class A
Lamar Advertising Company Class A
New Positions
Name
CHTR
EQIX
CCI
CPN
V
LAMR
BIN
Ticker
11.7%
9.1%
8.7%
8.3%
6.7%
3.2%
2.8%
EV
Price change
to today
q/q
HMA
ROIC
Mkt Cap
as % Port
LBTYK
SCHW
PXD
CHTR
CPN
V
CCI
EQIX
LAMR
V
CPN
BIN
LBTYK
MLM
LAMR
REN
PXD
KWK
SCHW
PQ
(16.2)%
(13.7)%
(12.6)%
(11.1)%
(10.8)%
(9.5)%
(8.3)%
(6.1)%
(5.3)%
(3.2)%
(2.8)%
(2.7)%
(2.5)%
(2.4)%
(2.3)%
(1.9)%
(1.3)%
(0.6)%
(0.5)%
(0.4)%
Ticker
% Port
ADVS
ADVS
3.6%
0.3%
Forum Energy Technologies, Inc.

Breeze-Eastern Corporation
Veeco Instruments Inc.
Vishay Precision Group, Inc.
Accuride Corporation
Universal Stainless & Alloy Products, Inc.
LMI Aerospace, Inc.
GSI Group Inc.
Edwards Group Ltd. ADR
Material Sciences Corporation
EV
as % Port
Ticker
1
2
3
4
5
6
7
8
9
10
27,925
11,947
32,267
18,198
126,934
6,655
4,554
Mkt Cap
Decreased Positions
Name
Tinicum Inc
Top 10 Holdings
Name
2.3%
2.0%
13,821
7,885
24,650
8,260
159,755
4,681
2,970
ROIC
EQIX
1 Advent Software, Inc.

2 Advent Software, Inc.
1.6%
2.0%
1.8%
4.0%
HMA
1 Equinix, Inc.
Closed Positions
Name
4
53
35
17
3
28
31
Price change
to today
q/q
Ticker

Calpine Corporation
Visa Inc. Class A
Crown Castle International Corp.
Equinix, Inc.
Visa Inc. Class A
Calpine Corporation
Martin Marietta Materials, Inc.
Resolute Energy Corporation
Quicksilver Resources Inc.
PetroQuest Energy, Inc.
8.8%
(0.6)%
0.9%
(8.5)%
4.6%
8.4%
19.6%
% Port
Increased Positions
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
(1.5)%
(13.1)%
2.7%
(2.3)%
7.3%
5.2%
0.2%
2.5%
(13.1)%
(0.6)%
Price change
to today
q/q
7.3%
17.5%
(5.7)%
(1.5)%
(2.3)%
7.3%
2.7%
(13.1)%
5.2%
7.3%
(2.3)%
0.2%
7.3%
(0.3)%
5.2%
5.3%
(5.7)%
50.8%
17.5%
1.0%
11.1%
(0.4)%
30.4%
8.8%
(8.5)%
4.6%
0.9%
(0.6)%
8.4%
4.6%
(8.5)%
19.6%
11.1%
(0.3)%
8.4%
4.8%
30.4%
17.3%
(0.4)%
1.3%
Price change
to today
q/q
8.1%
8.1%
53
HMA
ROIC
19
53
4
4
17
3
35
53
28
3
17
31
19
52
28
83
4
37
53
35
HMA
(9.4)%
(9.4)%
2.0%
1.2%
2.9%
1.6%
4.0%
1.8%
2.0%
2.3%
4.0%
2.0%
1.2%
4.1%
2.3%
1.8%
2.9%
3.5%
3.3%
ROIC
9
9
6.4%
6.4%
7,885
11,947
Mkt Cap
EV
32,364
32,011
24,698
13,821
8,260
159,755
24,650
7,885
4,681
159,755
8,260
2,970
32,364
4,525
4,681
676
24,698
527
32,011
261
73,514
4,070
27,036
27,925
18,198
126,934
32,267
11,947
6,655
126,934
18,198
4,554
73,514
5,641
6,655
1,329
27,036
2,251
4,070
662
Mkt Cap
EV
1,751
1,751
2,159
2,159
3.6x
6.3x
10.9x
3.0x
10.0x
5.2x
2.3x
226.6x
3.2x
7.4x
2.2x
4.9x
5.0x
2.3x
115.0x
228.2x
40.5x
25.2x
112.0x
32.2x

Owns, operates and leases towers and other infrastructure for wireless communications
Develops, constructs and operates power generation facilities
Provides outdoor advertising, marketing and other promotional services
EV/Sales EV/EBITDA
P/B
P/E
EV/Sales EV/EBITDA
P/B
P/E
115.0x
P/E
6.3x
10.3x
14.6x
18.8x
13.6x
12.2x
8.6x
14.6x
EV/Sales EV/EBITDA
(0.1)x
8.7x
3.6x
3.0x
10.0x
10.9x
6.3x
5.2x
10.0x
3.0x
2.3x
2.7x
5.2x
4.0x
8.7x
3.1x
(0.1)x
3.9x
P/B
15.4x
12.2x
8.4x
28.0x
2.7x
3.5x
3.3x
226.6x
2.2x
4.9x
7.4x
3.2x
5.0x
4.9x
2.2x
2.3x
2.7x
3.1x
5.0x
1.0x
3.3x
9.1x
3.5x
2.6x
28.0x
10.3x
13.6x
18.8x
14.6x
12.2x
13.6x
8.6x
EV/Sales EV/EBITDA
5.4x
5.4x
3.2x
P/B
25.6x
25.6x
Ticker
FET
BZC
VECO
VPG
ACW
USAP
LMIA
GSIG
EVAC
MASC
% Port
48.6%
21.8%
14.5%
5.3%
3.9%
2.3%
0.9%
0.8%
0.7%
0.5%
(0.5)%
(2.7)%
(14.6)%
9.6%
(34.2)%
6.8%
(10.4)%
12.9%
2.9%
10.6%
(11.2)%
11.0%
5.1%
(3.9)%
1.6%
9.2%
(28.7)%
18.7%
15.9%
(6.8)%
HMA
39
58
49
50
37
35
72
18
43
28
ROIC
3.7%
(0.7)%
(1.1)%
0.8%
(0.2)%
(0.7)%
2.0%
2.5%
6.2%
1.5%
Mkt Cap
2,490
92
1,247
219
161
240
154
366
1,144
107
EV
3,050
88
664
182
473
334
447
396
1,491
69
EV/Sales EV/EBITDA
2.1x
1.2x
2.4x
0.7x
0.8x
1.7x
1.2x
1.1x
1.4x
0.6x
12.0x
11.3x
6.8x
15.0x
19.7x
9.6x
8.8x
6.9x
5.9x
40.5x
25.2x
228.2x
115.0x
112.0x
25.2x
40.5x
32.2x
43.1x
112.0x
418.0x
46.9x
30.2x
P/E
66.1x
66.1x
AUM Profiled:
Price change
to today
q/q
30.2x
46.9x
P/B
1.9x
2.0x
1.6x
1.1x
5.6x
1.2x
0.7x
1.6x
2.3x
1.1x

Owns, operates and leases towers and other infrastructure for wireless communications
Engages in acquisition, exploration, development and production of natural gas and oil reserves
Explores and develops oil and gas properties
Offers software and services that automate work flows and data across investment management organization
Offers software and services that automate work flows and data across investment management organization
$ 148
P/E
21.3x
23.2x
22.0x
17.8x
19.1x
15.1x
17.3x
Manager: Eric Ruttenberg

Manufactures and supplies oilfield equipment

Designs and manufactures engineered defense and aerospace products
Manufactures instruments and equipment for nanoscale applications in the global semiconductor, data storag
Designs, manufactures and markets foil technology products
Manufactures motor vehicle parts and accessories
Manufactures aerospace close tolerance aluminum and specialty alloy components
Develops and supplies laser based manufacturing systems, instrumentation, and components
Operates as a holding company with interest in manufacturing exhaust management equipment and vacuum
Designs, manufactures and marketing of material-based solutions for acoustical & coated applications
New Positions
Name
1 IPG Photonics Corporation
Increased Positions
Name
1 Universal Stainless & Alloy Products, Inc.
Decreased Positions
Name
1 Accuride Corporation
2 Material Sciences Corporation
Closed Positions
Name
1
2
3
4
5
Simpson Manufacturing Co., Inc.

Haynes International, Inc.
Twin Disc, incorporated
Limoneira Company
KEMET Corporation
Weitz Investment Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10

Aon plc
DIRECTV
Redwood Trust, Inc.
Texas Instruments Incorporated
Apache Corporation
New Positions
Name
Ticker
IPGP
% Port
0.4%
Ticker
as % Port
USAP
0.5%
Ticker
as % Port
ACW
MASC
(5.2)%
(0.2)%
Ticker
% Port
SSD
HAYN
TWIN
LMNR
KEM
5.6%
0.6%
0.1%
0.1%
0.1%
26.8%
(7.2)%
Price change
to today
q/q
6.8%
9.2%
Price change
to today
q/q
(34.2)%
10.6%
1.6%
(6.8)%
Price change
to today
q/q
8.6%
17.6%
6.4%
(1.1)%
43.1%
10.7%
(5.5)%
10.3%
23.9%
1.7%
HMA
49
HMA
35
HMA
37
28
HMA
26
55
32
90
49
ROIC
23.0%
ROIC
(0.7)%
ROIC
(0.2)%
1.5%
ROIC
3.9%
3.0%
7.0%
0.4%
Mkt Cap
3,694
Mkt Cap
240
Mkt Cap
161
107
Mkt Cap
1,718
656
313
338
270
EV
3,359
EV
334
EV
473
69
EV
1,502
585
314
389
615
EV/Sales EV/EBITDA
4.1x
10.2x
EV/Sales EV/EBITDA
1.7x
19.7x
EV/Sales EV/EBITDA
0.8x
0.6x
15.0x
5.9x
EV/Sales EV/EBITDA
2.0x
13.2x
1.0x
4.1x
0.7x
11.7x
35.9x
14.0x
P/B
4.2x
P/B
Ticker
VRX
AON
BRK.B
DTV
RWT
LBTYK
TXN
WFC
LINTA
APA
Ticker
% Port
8.0%
5.4%
4.8%
4.5%
4.4%
4.3%
4.1%
4.0%
3.5%
3.4%
% Port
OUTR
1.1%
Increased Positions
Name
Ticker
as % Port
TransDigm Group Incorporated

TDG
Range Resources Corporation
RRC
Apache Corporation
APA
Redwood Trust, Inc.
RWT
World Fuel Services Corporation
INT
FTI Consulting, Inc.
FCN
ACI Worldwide, Inc.
ACIW
Laboratory Corporation of America Holdings LH
LINTA
Proshares Short 20+ Year Treasury
TBF
Martin Marietta Materials, Inc.
MLM
Liberty Interactive Corporation Ventures Series
LVNTA
A
LBTYK
Google Inc. Class A
GOOG
Brown & Brown, Inc.
BRO
BRK.B
1.1%
0.5%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
Price change
to today
q/q
5.2%
10.0%
1.6%
12.0%
(6.2)%
7.3%
6.3%
6.9%
20.3%
7.1%
21.2%
15.7%
1.4%
(3.0)%
15.8%
11.1%
15.6%
0.1%
2.0%
1.6%
Price change
to today
q/q
36.0%
(14.7)%
Price change
to today
q/q
11.7%
1.2%
7.1%
(6.2)%
5.3%
22.0%
17.8%
1.0%
20.3%
1.7%
(0.3)%
36.5%
7.3%
20.4%
(1.4)%
1.6%
(11.5)%
(1.8)%
1.6%
15.8%
(6.7)%
14.9%
16.3%
(1.0)%
2.0%
2.1%
(0.3)%
3.7%
11.1%
(0.5)%
(0.4)%
1.4%
HMA
4
2
40
49
36
19
12
34
25
87
HMA
77
HMA
ROIC
2.2%
9.3%
1.2%
5.2%
1.9%
2.2%
ROIC
4.9%
ROIC
6
36
87
36
80
77
15
70
25
4.3%
1.3%
2.2%
52
38
19
64
45
40
4.1%
0.3%
1.2%
4.3%
4.2%
3.3%
3.2%
4.2%
4.7%
1.9%
Mkt Cap
EV
36,654
24,644
284,380
36,750
1,522
32,364
46,858
232,723
15,736
36,410
53,548
29,502
304,169
54,485
4,590
73,514
49,130
259,207
19,291
46,245
Mkt Cap
EV
1,885
Mkt Cap
8,142
12,549
36,410
1,522
2,860
1,854
2,518
8,749
15,736
1,080
4,525
4,254
32,364
352,288
4,601
284,380
2,368
EV
EV/Sales EV/EBITDA
11.0x
2.3x
1.7x
1.6x
21.1x
22.0x
3.8x
2.7x
1.6x
2.6x
12.7x
P/B
5.6x
1.1x
P/B
2.1x
1.8x
2.2x
3.7x
1.1x
EV/Sales EV/EBITDA
0.8x
P/B
7.4x
3.3x
1.4x
6.4x
9.3x
4.0x
4.4x
EV/Sales EV/EBITDA
13,978
15,459
46,245
4,590
2,973
2,372
3,132
11,609
19,291
6.8x
8.8x
2.6x
21.1x
0.1x
1.3x
3.4x
2.0x
1.6x
15.3x
16.7x
4.0x
5,641
9,952
73,514
306,441
4,568
304,169
2.7x
11.4x
15.4x
32.4x
4.3x
3.5x
1.7x
14.0x
10.2x
9.5x
7.6x
13.1x
9.1x
9.3x
P/E
19.1x
P/E
1.2x
AUM Profiled:
1 Outerwall Inc.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Price change
to today
q/q
1.3x
2.7x
4.2x
1.5x
2.2x
1.1x
P/B
3.2x
P/B
5.2x
1.1x
1.3x
1.7x
1.8x
5.1x
3.4x
2.2x
3.1x
9.1x
2.7x
4.2x
2.3x
1.4x
Designs, develops and manufactures fiber lasers and amplifiers for semiconductors
P/E
17.3x
P/E
32.2x
26.0x
77.9x
54.7x
Manufactures motor vehicle parts and accessories
Designs, manufactures and marketing of material-based solutions for acoustical & coated applications
Designs, engineers, and makes structural connectors, anchors and other construction products
Manufactures nickel and cobalt based alloys
Designs, manufactures and sells marine and heavy duty off-highway power transmission equipment
Grows and markets fruits and nuts
Engages in the manufacture of various capacitors
$ 2,657
P/E
22.4x
14.7x
11.5x
9.2x
23.8x
10.9x
9.0x
12.9x
P/E
8.2x
P/E
57.3x
88.3x
12.9x
9.2x
13.8x
34.0x
16.3x
9.0x
43.1x
25.3x
22.1x
14.7x
Manager: Wally Weitz

Invests in residential real estate loans
Designs, manufactures and sells integrated circuit semiconductors and calculators
Designs, produces and supplies engineered aircraft component products
Explores, acquires and develops oil and gas properties
Invests in residential real estate loans
Sells and markets marine, aviation and land fuel products
Provides business advisory services
Provides medical testing services
Provides insurance brokerage services and casualty insurance underwriting services
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10
Omnicare, Inc.
DIRECTV
Aon plc
Omnicom Group Inc
FLIR Systems, Inc.
Texas Instruments Incorporated
Live Nation Entertainment, Inc.
Sapient Corporation
Closed Positions
Name
1 Outerwall Inc.
2 SandRidge Energy, Inc.
3 The Mosaic Company
Wynnefield Capital
Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10
Federal Signal Corporation

Nature's Sunshine Products, Inc.
Breeze-Eastern Corporation
Landec Corporation
Handy & Harman Ltd.
Nuverra Environmental Solutions, Inc.
MAM Software Group, Inc.
Kratos Defense & Security Solutions, Inc.
Westmoreland Coal Company
New Positions
Name
1 Gilman Ciocia, Inc.
2 Arrhythmia Research Technology, Inc.
Increased Positions
Name
1
2
3
4
5
Nuverra Environmental Solutions, Inc.

Westmoreland Coal Company
ARI Network Services, Inc.
MusclePharm Corporation
Primo Water Corporation
Decreased Positions
Name
1
2
3
4
5
6
7

Kratos Defense & Security Solutions, Inc.
Chiquita Brands International, Inc.
Kindred Healthcare, Inc.
Landec Corporation
Handy & Harman Ltd.
Learning Tree International, Inc.
Ticker
as % Port
OCR
DTV
AON
OMC
VRX
FLIR
TXN
LYV
PBH
SAPE
(1.3)%
(0.6)%
(0.4)%
(0.2)%
(0.2)%
(0.2)%
(0.2)%
(0.1)%
(0.1)%
(0.1)%
Ticker
% Port
OUTR
SD
MOS
1.4%
0.3%
0.3%
Ticker
FSS
NATR
CORE
BZC
LNDC
HNH
NES
MAMS
KTOS
WLB
Ticker
% Port
12.1%
10.8%
10.0%
7.8%
7.2%
5.6%
5.4%
4.8%
4.7%
3.6%
% Port
GTAX
HRT
1.0%
0.0%
Ticker
as % Port
NES
WLB
ARIS
MSLP
PRMW
2.8%
1.2%
0.4%
0.3%
0.1%
Ticker
as % Port
CORE
KTOS
CQB
KND
LNDC
HNH
LTRE
(3.6)%
(2.2)%
(1.0)%
(0.8)%
(0.7)%
(0.1)%
(0.1)%
Price change
to today
q/q
3.2%
12.0%
10.0%
13.5%
5.2%
(6.5)%
6.3%
(1.1)%
15.1%
(2.2)%
16.3%
(3.0)%
15.7%
0.9%
21.2%
16.4%
15.6%
19.7%
3.4%
19.4%
Price change
to today
q/q
36.0%
(5.6)%
10.3%
(14.7)%
23.1%
(20.1)%
Price change
to today
q/q
18.9%
(3.0)%
9.6%
(2.7)%
(4.3)%
2.7%
(23.6)%
23.5%
(22.5)%
15.3%
47.1%
16.3%
4.6%
11.0%
(7.6)%
33.5%
(21.0)%
(15.5)%
27.8%
17.4%
Price change
to today
q/q
28.5%
87.5%
1.9%
Price change
to today
q/q
(23.6)%
15.3%
2.5%
(20.3)%
29.8%
(21.0)%
17.4%
13.8%
(6.0)%
30.8%
Price change
to today
q/q
9.6%
(22.5)%
(19.8)%
28.8%
(4.3)%
2.7%
(25.7)%
4.6%
27.8%
15.9%
2.3%
(7.6)%
33.5%
21.3%
HMA
16
49
2
26
4
76
12
5
5
32
HMA
77
74
88
HMA
5
10
7
58
43
15
96
46
21
54
HMA
46
37
HMA
96
54
18
69
31
HMA
7
21
25
35
43
15
82
ROIC
2.7%
9.3%
5.4%
2.2%
3.3%
5.2%
3.6%
3.6%
7.1%
ROIC
4.9%
2.4%
1.9%
ROIC
5.1%
5.7%
4.5%
(0.7)%
0.9%
6.7%
(0.6)%
5.6%
0.6%
4.0%
ROIC
Mkt Cap
5,899
36,750
24,644
18,783
36,654
4,158
46,858
3,572
1,775
2,133
Mkt Cap
1,885
2,714
20,220
Mkt Cap
958
295
839
92
309
327
4,549
72
366
222
Mkt Cap
EV
EV
EV
(0.6)%
4.0%
4.6%
(174.7)%
(0.4)%
ROIC
4.5%
0.6%
0.1%
1.0%
0.9%
6.7%
(4.4)%
Mkt Cap
4,549
222
43
73
74
Mkt Cap
839
366
472
937
309
327
39
10.6x
6.4x
9.2x
22.0x
12.2x
12.7x
11.3x
11.5x
12.0x
0.8x
2.3x
1.7x
4.4x
6.1x
EV
1.1x
0.7x
0.1x
1.2x
0.9x
0.7x
1.8x
1.7x
1.1x
0.7x
EV
960
507
42
51
92
EV
868
956
1,024
2,190
348
481
12
0.2x
1.8x
3.3x
6.1x
7.4x
2.6x
4.2x
2.4x
3.3x
3.8x
P/B
P/E
63.1x
11.5x
22.4x
17.1x
20.4x
23.8x
18.4x
28.9x
P/E
8.2x
AUM Profiled:
$ 265
12.1x
7.5x
8.8x
11.3x
14.3x
6.8x
12.2x
9.3x
11.3x
5.1x
EV/Sales EV/EBITDA
13
12
P/B
3.2x
1.5x
1.5x
EV/Sales EV/EBITDA
1,074
238
868
88
348
481
960
59
956
507
1.1x
1.6x
2.3x
1.4x
11.0x
3.0x
3.8x
0.7x
4.0x
1.5x
EV/Sales EV/EBITDA
2,368
6,320
17,981
3.3%
ROIC
EV/Sales EV/EBITDA
7,301
54,485
29,502
21,890
53,548
4,132
49,130
4,438
2,763
1,892
P/B
3.3x
2.9x
2.0x
2.0x
1.7x
4.0x
0.7x
4.5x
1.2x
P/B
7.6x
P/E
5.9x
15.2x
21.3x
23.2x
15.7x
16.7x
16.7x
P/E
16.6x
1.4x
EV/Sales EV/EBITDA
1.8x
0.7x
1.3x
0.9x
0.8x
12.2x
5.1x
8.7x
10.9x
EV/Sales EV/EBITDA
0.1x
1.1x
0.4x
0.4x
0.9x
0.7x
0.1x
8.8x
11.3x
10.1x
5.3x
14.3x
6.8x
210.0x
P/B
P/E
0.7x
2.0x
1.2x
1.2x
0.8x
1.7x
4.0x
2.3x
Provides professional pharmacy and related consulting services

Provides marketing, communications and advertising related services
Engages in the designing, manufacturing and marketing of thermal imaging infrared cameras
Designs, manufactures and sells integrated circuit semiconductors and calculators
Provides live entertainment events promotion and production services
Produces and markets phosphate and potash
Manager: Nelson Obus and Josh Landes

Designs and manufactures products and solutions of safety and security systems
Manufactures and distributes nutritional and personal care products
Designs and manufactures engineered defense and aerospace products
Designs, develops, manufactures and sells polymer products for food and agricultural products, medical devic
Manufactures hot-rolled steel sheets
Engaged in the removal, treatment, recycling, transportation and disposal of restricted solids, fluids and hydro
Provides software products and services to the automotive industry
Provides mission critical products, services and solutions for United States national security priorities
Operates as an energy company
Provides accounting and investment services
Develops medical software
Engaged in the removal, treatment, recycling, transportation and disposal of restricted solids, fluids and hydro
Operates as an energy company
Provides marketing and e-commerce software and solutions
Develops and manufactures a full line of nutritional supplements
Manufactures and markets purified bottled water
2.7x
3.2x
2.1x
P/B
P/E
21.3x
15.7x
16.7x

Provides mission critical products, services and solutions for United States national security priorities
Produces and distributes fresh fruit and vegetables
Provides healthcare services
Designs, develops, manufactures and sells polymer products for food and agricultural products, medical devic
Manufactures hot-rolled steel sheets
Provides educational services in management and information technology
Closed Positions
Name
1
2
3
4
5
6
7
MVC Capital, Inc.

Pilgrim's Pride Corporation
Hercules Offshore, Inc.
U.S. Concrete, Inc.
Perceptron, Inc.
Huttig Building Products, Inc.
BuildABear Workshop, Inc.
Yacktman Asset Management

Top 10 Holdings
Name
1
2
3
4
5
6
7
8
9
10

PepsiCo, Inc.
The Procter & Gamble Company
The Coca-Cola Company
Cisco Systems, Inc.
C. R. Bard, Inc.
Sysco Corporation
Johnson & Johnson
Stryker Corporation
New Positions
Name
1 Twenty-First Century Fox, Inc. Class A
2 BlackBerry Limited
3 Twenty-First Century Fox, Inc. Class B
Increased Positions
Name
1
2
3
4
5
6
7
The Coca-Cola Company

PepsiCo, Inc.
Exxon Mobil Corporation
Oracle Corporation
Dell Inc.
C.H. Robinson Worldwide, Inc.
Sysco Corporation
Decreased Positions
Name
1
2
3
4
5
6
7
8
9
10

Hewlett-Packard Company
Cisco Systems, Inc.
Viacom Inc. Class B
The Bancorp, Inc.
The Procter & Gamble Company
ConocoPhillips
Johnson & Johnson
C. R. Bard, Inc.
Closed Positions
Name
1 BlackBerry Limited
2 Twenty-First Century Fox, Inc. Class B
Ticker
% Port
MVC
PPC
HERO
USCR
PRCP
HBPI
BBW
2.9%
1.9%
1.0%
0.6%
0.3%
0.2%
0.1%
Price change
to today
q/q
9.5%
(2.1)%
(14.8)%
12.6%
(7.2)%
11.0%
28.5%
3.7%
12.3%
4.6%
22.2%
35.4%
4.2%
15.0%
HMA
79
9
38
8
16
10
29
ROIC
8.9%
2.3%
7.2%
(1.5)%
4.4%
(0.8)%
Mkt Cap
323
4,256
1,002
317
88
66
156
EV
340
4,846
1,872
375
59
122
134
EV/Sales EV/EBITDA
11.5x
0.6x
2.5x
0.6x
1.0x
0.2x
0.3x
7.3x
7.6x
9.1x
13.6x
6.0x
P/B
0.8x
3.1x
1.1x
3.6x
1.5x
2.9x
2.0x
P/E
10.0x
10.4x
30.7x
18.6x
85.7x
Private Equity Fund
Produces, processes, and markets chicken & chicken products
Provides shallow-water drilling and marine services
Produces ready-mixed concrete and related products
Develops, produces and sells non-contact measurement and inspection solutions
Distributes building materials and wood products
Provides clothing, shoes and accessories for stuffed animals
AUM Profiled: $ 22,420

Ticker
FOXA
PEP
PG
KO
MSFT
CSCO
BCR
SYY
JNJ
SYK
Ticker
% Port
10.6%
9.9%
8.5%
6.7%
5.3%
5.3%
5.1%
4.7%
3.7%
3.6%
% Port
FOXA
BBRY
FOX
10.6%
0.2%
0.1%
Ticker
as % Port
KO
PEP
XOM
ORCL
DELL
CHRW
SYY
2.0%
1.8%
0.6%
0.6%
0.4%
0.1%
0.1%
Ticker
as % Port
NWSA
HPQ
CSCO
VIAB
TBBK
PG
COP
MSFT
JNJ
BCR
(4.3)%
(0.3)%
(0.3)%
(0.2)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
(0.1)%
Ticker
% Port
BBRY
FOX
0.3%
0.1%
Price change
to today
q/q
0.1%
5.3%
10.3%
5.8%
15.5%
(10.0)%
20.4%
5.7%
8.8%
9.9%
16.5%
(2.8)%
(1.8)%
(5.6)%
(3.7)%
(3.7)%
6.0%
(6.8)%
1.0%
4.5%
Price change
to today
q/q
0.1%
(19.3)%
(1.3)%
16.5%
(24.0)%
15.3%
Price change
to today
q/q
5.8%
5.3%
8.7%
5.8%
0.8%
(1.9)%
5.7%
(5.6)%
(2.8)%
(4.8)%
8.0%
3.2%
5.8%
(6.8)%
Price change
to today
q/q
9.9%
30.2%
(10.0)%
(3.3)%
(1.1)%
10.3%
4.4%
15.5%
8.8%
20.4%
5.3%
(15.4)%
(3.7)%
22.9%
18.0%
(1.8)%
14.9%
(3.7)%
1.0%
6.0%
Price change
to today
q/q
(19.3)%
(1.3)%
(24.0)%
15.3%
HMA
7
59
29
52
70
83
17
78
25
52
HMA
7
97
7
HMA
52
59
68
84
77
59
78
HMA
28
77
83
6
24
29
3
70
25
17
HMA
97
7
ROIC
3.3%
5.5%
4.3%
4.2%
7.1%
4.1%
5.8%
5.9%
5.9%
4.5%
ROIC
3.3%
(15.3)%
3.3%
ROIC
4.2%
5.5%
5.6%
4.7%
2.3%
11.3%
5.9%
ROIC
4.6%
4.1%
7.4%
4.3%
3.7%
7.1%
5.9%
5.8%
ROIC
(15.3)%
3.3%
Mkt Cap
EV
76,509
128,362
226,537
176,990
320,979
112,760
10,803
19,564
266,005
28,101
91,884
150,634
271,300
196,361
259,547
82,556
11,799
22,667
261,519
25,981
Mkt Cap
76,509
3,365
75,254
EV
91,884
1,018
90,614
Mkt Cap
EV
176,990
128,362
408,543
159,876
196,361
150,634
432,797
149,413
19,432
9,904
22,667
8,868
19,564
Mkt Cap
EV
10,216
52,504
112,760
36,044
660
226,537
88,905
320,979
266,005
10,803
7,678
65,091
82,556
48,238
(25)
271,300
111,228
259,547
261,519
11,799
Mkt Cap
EV
3,365
75,254
1,018
90,614
EV/Sales EV/EBITDA
3.5x
2.2x
2.9x
3.9x
2.7x
1.9x
3.3x
0.5x
3.4x
2.6x
15.1x
11.4x
13.1x
14.3x
6.6x
6.4x
11.3x
9.8x
10.6x
9.8x
EV/Sales EV/EBITDA
3.5x
0.3x
15.1x
247.0x
EV/Sales EV/EBITDA
3.9x
2.2x
1.0x
3.6x
0.3x
0.8x
0.5x
14.3x
11.4x
6.7x
7.7x
4.9x
13.2x
9.8x
EV/Sales EV/EBITDA
0.8x
0.5x
1.9x
3.6x
(0.1)x
2.9x
1.9x
2.7x
3.4x
3.3x
4.6x
6.4x
11.9x
13.1x
5.3x
6.6x
10.6x
11.3x
EV/Sales EV/EBITDA
0.3x
247.0x
P/B
4.5x
5.7x
3.4x
5.5x
3.9x
1.9x
7.2x
3.8x
3.8x
3.2x
P/B
4.5x
0.4x
4.4x
P/B
5.5x
5.7x
2.4x
3.7x
2.3x
9.0x
3.8x
P/B
0.8x
2.1x
1.9x
7.0x
1.9x
3.4x
1.7x
3.9x
3.8x
7.2x
P/B
0.4x
4.4x
P/E
12.8x
18.6x
19.1x
19.9x
12.4x
12.2x
67.0x
19.2x
19.3x
29.0x
P/E
12.8x
12.8x
P/E
19.9x
18.6x
11.2x
13.7x
18.0x
16.5x
19.2x
P/E
9.3x
12.2x
17.2x
28.1x
19.1x
10.6x
12.4x
19.3x
67.0x
P/E
12.8x
Manager: Don and Stephen Yacktman


Provides a diversified line of soft drinks and snack foods
Provides branded consumer packaged goods
Manufactures, wholesales and retails nonalcoholic beverages
Manufactures medical, surgical, diagnostic, and patient care devices to hospitals
Distributes a wide range of food and food-related products
Manufactures and markets reconstructive, medical and surgical, and neurotechnology and spine products
Manufactures, wholesales and retails nonalcoholic beverages
Provides a diversified line of soft drinks and snack foods
Explores, develops and distributes crude oil and natural gas
Provides multimodal transportation services and logistics solutions
Distributes a wide range of food and food-related products

Operates as a bank holding company which through its subsidiaries provides banking services
Provides branded consumer packaged goods
Explores, produces, refines, and wholesales oil and natural gas
Manufactures medical, surgical, diagnostic, and patient care devices to hospitals

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