13f tracker 9-30-13
DESCRIPTION
13fsTRANSCRIPT
13F Tracker
9/30/2013 6/30/2013
12 West Capital Management AUM Profiled: $ 700 Manager: Joel Ramin
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 FleetCor Technologies, Inc. FLT 25.4% 11.4% 35.5% 4 5.4% 10,092 11,156 12.0x 21.3x 8.6x 33.7x Manages and processes commercial fuel cards
2 Tripadvisor, Inc. TRIP 12.4% 15.4% 24.6% 12 7.3% 12,436 12,677 12.2x 31.8x 15.0x 50.3x Provides on line travel arrangement services
3 UTi Worldwide Inc. UTIW 10.9% 3.4% (8.3)% 48 1.0% 1,637 1,888 0.4x 18.4x 2.1x Provides supply chain services and solutions
4 Masonite International Corp. DOOR 10.6% 3.2% (5.9)% 21 0.6% 1,448 1,792 1.0x 17.4x 1.8x Manufactures and wholesales wood doors
5 Ascent Capital Group, Inc. Class A ASCMA 6.5% 3.9% 3.3% 6 0.8% 1,184 2,529 6.0x 9.3x 2.2x Operates as a holding company which through its subsidiary provides alarm monitoring services
6 Macquarie Infrastructure Company LLC MIC 6.3% 0.9% 0.2% 19 1.1% 2,888 3,754 3.6x 46.6x 3.1x 594.9x Private Equity Fund
7 Blount International, Inc. BLT 6.0% 17.4% 2.5% 91 3.5% 702 1,117 1.1x 8.1x 4.4x 17.1x Manufactures and markets equipment, replacement, and component parts for agriculture
8 A. M. Castle & Co. CAS 4.7% (13.9)% 2.2% 45 (0.3)% 324 540 0.5x 20.1x 1.0x Distributes metal and plastic products
9 Aegean Marine Petroleum Network Inc. ANW 3.7% (14.5)% 28.1% 67 1.0% 479 1,070 0.2x 15.7x 0.9x 23.6x Supplies and markets refined marine fuel and lubricants
10 Casella Waste Systems, Inc. Class A CWST 3.0% 2.3% 33.4% 10 2.0% 235 734 1.5x 7.5x 20.1x Provides solid waste collection and waste management services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Masonite International Corp. DOOR 10.6% 3.2% (5.9)% 21 0.6% 1,448 1,792 1.0x 17.4x 1.8x Manufactures and wholesales wood doors
2 Shenandoah Telecommunications Company SHEN 2.7% (3.7)% 44.5% 52 2.9% 557 728 2.5x 6.0x 2.4x 20.6x Provides local and long distance wired and wireless telecommunication services
3 Idenix Pharmaceuticals, Inc. IDIX 1.3% 4.0% 43.8% 24 (16.3)% 723 573 416.1x 5.5x Designs and develops vaccines for viral infections
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Tripadvisor, Inc. TRIP 1.6% 15.4% 24.6% 12 7.3% 12,436 12,677 12.2x 31.8x 15.0x 50.3x Provides on line travel arrangement services
2 Diana Shipping Inc. DSX 0.1% (5.6)% 20.2% 50 (0.1)% 944 1,016 6.1x 15.8x 0.7x Provides shipping transportation services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Tripadvisor, Inc. TRIP (8.9)% 15.4% 24.6% 12 7.3% 12,436 12,677 12.2x 31.8x 15.0x 50.3x Provides on line travel arrangement services
2 Libbey Inc. LBY (0.3)% (4.9)% (0.8)% 5 3.5% 480 895 1.1x 7.2x 9.0x 25.2x Designs, manufactures, and markets glass tableware
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 NetSpend Holdings, Inc. NTSP 15.0% 10 10.0% 1,222 3.5x 14.9x 36.1x Operates as a holding company
2 SHFL entertainment, Inc. SHFL 2.9% 1.0% 29.7% 26 4.0% 1,300 4.5x 15.3x 4.3x 36.1x Manufactures, supplies automatic card shuffling and proprietary table games systems for casinos
3 Derma Sciences, Inc. DSCI 1.8% (4.7)% (7.3)% 11 (7.4)% 204 178 2.4x 2.5x Manufactures and markets skin care and wound care products
4 Craft Brew Alliance BREW 0.5% 23.2% 63.1% 2 2.7% 314 323 1.5x 22.3x 2.8x 154.5x Manufactures brews beer
Abrams Bison Investments AUM Profiled: $ 1,354 Manager: Gavin Abrams
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 General Dynamics Corporation GD 19.2% 4.2% 11.7% 40 5.5% 32,128 32,064 1.0x 7.5x 2.5x Designs, builds, overhauls and repairs aircraft and submarines
2 Signet Jewelers Limited SIG 18.0% 6.8% 6.3% 37 0.3% 6,136 6,100 1.4x 11.9x 2.6x 16.7x Owns and operates jewelry stores.
3 General Dynamics Corporation GD 12.9% 4.2% 11.7% 40 5.5% 32,128 32,064 1.0x 7.5x 2.5x Designs, builds, overhauls and repairs aircraft and submarines
4 Foster Wheeler AG FWLT 12.8% 21.1% 21.3% 51 7.5% 3,129 2,825 0.7x 7.9x 4.4x 18.8x Provides engineering services, construction services, and also builds boilers and other related structures
5 Pioneer Natural Resources Company PXD 12.0% (5.7)% 30.4% 4 2.9% 24,698 27,036 8.7x 28.0x 3.3x 46.9x Operates as an oil and gas exploration and production company
6 Aon plc AON 9.4% 10.0% 15.7% 2 24,644 29,502 2.3x 3.3x 22.4x Provides insurance brokerage, risk management and human capital consulting services
7 The Bank of New York Mellon Corporation BK 7.5% 11.4% 7.6% 40 38,636 (80,721) (5.5)x 1.1x 16.5x Operates as a bank holding company
8 RenaissanceRe Holdings Ltd. RNR 4.7% 4.0% 4.3% 40 4,182 4,397 3.3x 1.3x 9.1x Provides property catastrophe reinsurance and insurance services
9 Pfizer Inc. PFE 1.9% 10.8% 2.6% 18 3.7% 206,292 215,151 3.7x 8.2x 2.7x 9.8x Manufactures vaccines and injectable biologic medicines
10 Dell Inc. DELL 1.6% 0.8% 3.2% 77 2.3% 19,432 0.3x 4.9x 2.3x 18.0x Designs, develops, manufactures and distributes computer systems
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Pioneer Natural Resources Company PXD 3.1% (5.7)% 30.4% 4 2.9% 24,698 27,036 8.7x 28.0x 3.3x 46.9x Operates as an oil and gas exploration and production company
2 Signet Jewelers Limited SIG 1.7% 6.8% 6.3% 37 0.3% 6,136 6,100 1.4x 11.9x 2.6x 16.7x Owns and operates jewelry stores.
3 Aon plc AON 1.0% 10.0% 15.7% 2 24,644 29,502 2.3x 3.3x 22.4x Provides insurance brokerage, risk management and human capital consulting services
4 Foster Wheeler AG FWLT 0.2% 21.1% 21.3% 51 7.5% 3,129 2,825 0.7x 7.9x 4.4x 18.8x Provides engineering services, construction services, and also builds boilers and other related structures
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 General Dynamics Corporation GD (8.2)% 4.2% 11.7% 40 5.5% 32,128 32,064 1.0x 7.5x 2.5x Designs, builds, overhauls and repairs aircraft and submarines
2 Dell Inc. DELL (2.9)% 0.8% 3.2% 77 2.3% 19,432 0.3x 4.9x 2.3x 18.0x Designs, develops, manufactures and distributes computer systems
3 The Bank of New York Mellon Corporation BK (2.1)% 11.4% 7.6% 40 38,636 (80,721) (5.5)x 1.1x 16.5x Operates as a bank holding company
4 General Dynamics Corporation GD (1.9)% 4.2% 11.7% 40 5.5% 32,128 32,064 1.0x 7.5x 2.5x Designs, builds, overhauls and repairs aircraft and submarines
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Aegis Financial AUM Profiled: $ 328 Manager: Scott Barbee
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 WPX Energy, Inc. Class A WPX 5.7% (1.6)% 1.7% 18 (1.7)% 3,805 5,582 1.9x 7.6x 0.7x Engages in the exploration and production of petroleum and gas reserves
2 Alliance One International, Inc. AOI 4.0% 6.5% (23.4)% 59 2.8% 272 1,636 0.7x 10.1x 1.0x Engages in purchasing, processing, packing, storing and shipping tobacco to manufacturers of cigarettes and other consumer tobacco products
3 Aircastle Limited AYR 3.9% 5.5% 8.9% 27 1.7% 1,483 4,344 6.3x 7.0x 0.9x 60.0x Owns and leases commercial aircraft
4 Coeur Mining, Inc. CDE 3.9% (13.7)% (9.4)% 93 (0.6)% 1,046 1,145 1.7x 5.7x 0.5x Engages in the development and exploration of silver and gold mining properties
5 Magnum Hunter Resources Corporation MHR 3.6% 17.0% 69.0% 43 (3.4)% 1,234 2,477 8.2x 35.3x 6.7x Engages in the acquisition, development and production of crude oil, natural gas and natural gas liquids
6 Tecumseh Products Company Class A TECUA 3.5% (2.8)% (18.1)% 29 0.1% 161 177 0.2x 25.2x 0.8x Manufactures and sells hermetic compressors for air conditioning and refrigeration
7 Patterson-UTI Energy, Inc. PTEN 3.3% 10.4% 10.5% 63 3.7% 3,405 3,924 1.3x 3.9x 1.2x 13.7x Provides onshore contract drilling and pressure pumping services
8 Photronics, Inc. PLAB 3.1% 7.7% (2.7)% 32 1.4% 518 558 1.2x 4.8x 0.9x 29.7x Manufactures and distributes photomasks used in making semiconductors
9 Aspen Insurance Holdings Limited AHL 2.9% 12.1% (2.2)% 41 2,669 291 (0.0)x 0.8x 12.7x Provides insurance and reinsurance services
10 Delta Apparel, Inc. DLA 2.8% 4.1% 17.4% 39 0.2% 136 241 0.6x 1.0x 22.2x Designs and manufactures branded activewear apparel, headwear and private label programs
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Universal Stainless & Alloy Products, Inc. USAP 2.3% 6.8% 9.2% 35 (0.7)% 240 334 1.7x 19.7x 1.2x Manufactures and markets semi-finished and finished specialty steel products
2 Peabody Energy Corporation BTU 2.1% 6.1% 17.8% 90 1.0% 4,941 10,386 1.4x 8.0x 1.1x Mines and markets low-sulfur coal
3 Tower Group International Ltd. TWGP 1.9% (42.6)% (65.9)% 67 231 527 0.8x 0.2x Operates as a holding company with the interest in insurance services
4 McDermott International, Inc. MDR 1.8% 6.3% (9.2)% 92 (2.5)% 1,869 1,724 0.5x 51.6x 1.1x Provides engineering, construction and project management services to the oil and gas industry
5 JetBlue Airways Corporation JBLU 1.0% 31.3% 6.0% 69 3.1% 2,470 4,896 0.8x 6.9x 1.2x 17.9x Provides passenger air transportation services
6 Tower Group, Inc. 5.0% 15-SEP-2014 0.8% 8.6% (19.8)%
7 U.S. Global Investors, Inc. Class A GROW 0.3% (14.3)% 35.5% 96 38 19 1.4x 1.0x Provides mutual fund management services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 WPX Energy, Inc. Class A WPX 0.8% (1.6)% 1.7% 18 (1.7)% 3,805 5,582 1.9x 7.6x 0.7x Engages in the exploration and production of petroleum and gas reserves
2 Mercer International Inc. MERC 0.7% 39.4% 8.7% 43 1.4% 552 1,333 1.1x 9.8x 1.5x Manufactures and sells pulp
3 Tecumseh Products Company Class A TECUA 0.6% (2.8)% (18.1)% 29 0.1% 161 177 0.2x 25.2x 0.8x Manufactures and sells hermetic compressors for air conditioning and refrigeration
4 Alliance One International, Inc. AOI 0.4% 6.5% (23.4)% 59 2.8% 272 1,636 0.7x 10.1x 1.0x Engages in purchasing, processing, packing, storing and shipping tobacco to manufacturers of cigarettes and other consumer tobacco products
5 Mitcham Industries, Inc. MIND 0.4% 10.4% (8.9)% 54 (1.2)% 217 194 2.0x 4.9x 1.2x 28.7x Leases and sells geophysical and other equipment
6 Resolute Forest Products Inc. RFP 0.4% 22.5% 0.4% 30 1.2% 1,530 1,877 0.4x 4.3x 0.6x Produces and recycles paper, pulp and lumber
7 AuRico Gold Inc. AUQ 0.4% (5.2)% (12.8)% 93 0.5% 891 977 4.3x 20.4x 0.5x Explores gold and silver
8 Coeur Mining, Inc. CDE 0.3% (13.7)% (9.4)% 93 (0.6)% 1,046 1,145 1.7x 5.7x 0.5x Engages in the development and exploration of silver and gold mining properties
9 Sypris Solutions, Inc. SYPR 0.2% (11.5)% (2.8)% 63 (1.4)% 56 57 0.2x 5.6x 1.1x Designs and manufactures aerospace and defense electronics, truck components and assemblies
10 Nevsun Resources Ltd. NSU 0.2% 2.2% 7.5% 76 1.4% 646 520 2.0x 3.7x 1.0x 16.7x Explores gold and base metal products
11 Patterson-UTI Energy, Inc. PTEN 0.1% 10.4% 10.5% 63 3.7% 3,405 3,924 1.3x 3.9x 1.2x 13.7x Provides onshore contract drilling and pressure pumping services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Rubicon Technology, Inc. RBCN (1.5)% (17.6)% 51.9% 54 (4.3)% 226 189 4.7x 1.1x Manufactures semiconductor related devices
2 Century Casinos, Inc. CNTY (1.2)% (12.2)% 65.3% 39 1.2% 121 114 1.4x 10.2x 1.0x 19.7x Owns and operates hotels, restaurants and casinos
3 EPL Oil & Gas, Inc. EPL (0.8)% (22.1)% 26.4% 29 4.3% 1,128 1,734 3.0x 4.3x 1.8x 12.1x Explores and produces oil and natural gas
4 Bassett Furniture Industries, Inc. BSET (0.6)% (6.5)% 4.2% 27 0.5% 165 131 0.4x 7.7x 1.0x 7.5x Manufactures, retails, and imports home furnishings
5 Alliance One International, Inc. 5.5% 15-JUL-2014 (0.5)% 1.1% (2.0)%
6 Sanmina-SCI Corporation SANM (0.4)% (13.3)% 21.9% 27 2.9% 1,278 1,557 0.3x 1.2x 19.1x Provides integrated electronics manufacturing services
7 Core-Mark Holding Company, Inc. CORE (0.3)% 9.6% 4.6% 7 4.5% 839 868 0.1x 8.8x 2.0x 21.3x Distributes packaged consumer products
8 California First National Bancorp CFNB (0.2)% (7.1)% 3.5% 28 1.5% 166 60 2.8x 0.9x 23.4x Operates as holding company
9 Aspen Insurance Holdings Limited AHL (0.1)% 12.1% (2.2)% 41 2,669 291 (0.0)x 0.8x 12.7x Provides insurance and reinsurance services
10 White Mountains Insurance Group, Ltd. WTM (0.1)% 6.4% (1.3)% 33 3,729 3,786 1.6x 1.0x 13.1x Provides property and casualty insurance services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American Pacific Corporation APFC 2.5% (25.5)% 93.2% 6 9.1% 324 328 1.1x 5.0x 3.8x 8.3x Manufacturers and supplies fine chemicals, specialty chemicals and propulsion products
2 American Greetings Corporation Class A AM 1.2% 74 6.0% 817 0.4x 4.2x 8.1x Designs and publishes greeting cards
3 Unifi, Inc. UFI 0.3% 18.0% 13.0% 2 2.5% 527 644 0.8x 11.0x 1.8x 20.5x Produces and processes multi-filament polyester and nylon textured yarns
Akre Capital Management AUM Profiled: $ 2,343 Manager: Charles Akre
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 MasterCard Incorporated Class A MA 11.4% 12.4% 17.1% 5 91,020 92,505 11.9x 26.6x Provides credit card services
2 Moody's Corporation MCO 10.4% 6.3% 15.4% 44 13.3% 16,074 16,736 5.3x 12.1x 57.1x 20.9x Provides credit rating, research and risk analysis covering debt instruments services
3 Colfax Corporation CFX 9.4% 4.1% 8.4% 36 3.0% 5,990 7,891 1.9x 14.5x 2.6x 42.5x Manufactures fluid handling and industrial positioning products
4 American Tower Corporation AMT 8.9% 5.5% 1.3% 37 2.3% 30,865 39,684 11.9x 19.5x 8.7x 50.4x Owns and operates wireless and broadcast communication sites
5 Markel Corporation MKL 7.7% 8.1% (1.7)% 58 7,816 5,411 1.3x 1.2x 22.9x Provides property and casualty insurance services
6 Dollar Tree, Inc. DLTR 5.9% (2.9)% 12.4% 6 10.8% 11,547 12,947 1.7x 11.6x 12.0x 21.4x Owns and operates discount variety stores
7 Ross Stores, Inc. ROST 4.8% 2.6% 12.3% 6 13.7% 16,184 15,755 1.6x 10.4x 8.4x 19.8x Operates discount clothing chains & sells closeout merchandise
8 O'Reilly Automotive, Inc. ORLY 4.5% (2.4)% 13.3% 4 8.9% 13,369 14,760 2.3x 12.0x 6.6x 22.1x Specialty retailer and supplier of auto parts, tools, supplies, and accessories
9 DIRECTV DTV 4.3% 12.0% (3.0)% 49 9.3% 36,750 54,485 1.6x 6.4x 11.5x Provides digital television entertainment services
10 Visa Inc. Class A V 4.1% 7.3% 4.6% 3 159,755 126,934 10.0x 4.9x 25.2x Provides credit card services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Equinix, Inc. EQIX 1.0% (13.1)% (0.6)% 53 2.0% 7,885 11,947 6.3x 14.6x 3.2x 115.0x Operates networked data centers
2 The Williams Companies, Inc. WMB 0.0% (3.2)% 12.0% 12 2.2% 24,043 38,176 5.5x 16.8x 4.9x 41.4x Explores, produces, transports, sells and processes natural gas and petroleum products
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American Tower Corporation AMT 2.9% 5.5% 1.3% 37 2.3% 30,865 39,684 11.9x 19.5x 8.7x 50.4x Owns and operates wireless and broadcast communication sites
2 Markel Corporation MKL 2.3% 8.1% (1.7)% 58 7,816 5,411 1.3x 1.2x 22.9x Provides property and casualty insurance services
3 MarkWest Energy Partners, L.P. MWE 0.5% (6.0)% 8.0% 11 0.2% 10,218 13,297 8.8x 24.1x 3.1x 150.5x Processes, transports, and stores natural gas
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 DIRECTV DTV (4.0)% 12.0% (3.0)% 49 9.3% 36,750 54,485 1.6x 6.4x 11.5x Provides digital television entertainment services
2 The Hartford Financial Services Group, Inc. HIG (2.3)% 14.9% 0.6% 42 15,983 (6,129) (0.3)x 0.8x Provides insurance and wealth management services
3 Ross Stores, Inc. ROST (0.3)% 2.6% 12.3% 6 13.7% 16,184 15,755 1.6x 10.4x 8.4x 19.8x Operates discount clothing chains & sells closeout merchandise
4 NuStar Energy L.P. NS (0.1)% 27.7% (12.1)% 51 1.4% 3,989 6,449 1.5x 12.7x 1.7x 66.3x Operates crude oil terminals and storage facilities
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sears Holdings Corporation SHLD 0.6% 1.2% 41.4% 20 (7.2)% 6,408 10,435 0.3x 3.4x Operates as a holding company with interests in retail operations
2 America Movil SAB de CV Sponsored ADR Class LAMX 0.5% 14.9% (8.9)% 74 5.0% 53,252 119,474 1.8x 5.4x 5.1x 12.8x Provides wireless telecommunications services
3 Bank of America Corporation BAC 0.5% 14.0% 7.3% 58 167,778 366,434 3.5x 0.8x 21.2x Bank holding company
Ancient Art, LP AUM Profiled: $ 386 Manager: Quincy Lee
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Interactive Brokers Group, Inc. Class A IBKR 14.0% 33.1% 17.5% 58 1,248 (5,418) (5.1)x 1.9x 21.8x Operates as a investment holding company with interests in security brokerage services
2 Prestige Brands Holdings, Inc. PBH 7.6% 15.1% 3.4% 5 3.6% 1,775 2,763 4.0x 11.5x 3.3x 18.4x Markets over-the-counter drugs, household cleaning and personal care products
3 American International Group, Inc. AIG 6.8% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
4 Alere Inc. ALR 6.4% 7.0% 24.8% 51 0.7% 2,678 6,781 2.2x 10.1x 1.8x Develops and distributes consumer and professional medical diagnostic products and software
5 Liberty Global Plc Class A LBTYA 6.1% 7.2% 8.0% 19 1.2% 34,015 75,158 5.6x 12.7x 2.8x Provides cable television and internet services
6 Teekay Corporation TK 5.0% 3.4% 5.2% 2 0.6% 3,125 11,104 5.9x 16.5x 2.6x Provides crude oil and petroleum product transportation services
7 GenCorp Inc. GY 4.9% 12.4% (1.4)% 24 3.6% 1,097 2,002 1.5x 20.4x 7.5x Develops, manufactures, and markets solid and liquid rocket propulsion systems and defense products
8 Google Inc. Class A GOOG 4.7% 20.4% (0.5)% 64 4.3% 352,288 306,441 4.3x 14.0x 4.2x 25.3x Operates an Internet portal and search index website
9 Post Holdings, Inc. POST 4.5% 24.0% (7.5)% 36 1.2% 1,637 2,486 2.2x 11.3x 1.1x 139.2x Manufactures markets and distributes branded ready-to-eat cereals
10 Charter Communications, Inc. Class A CHTR 4.4% (1.5)% 8.8% 4 1.6% 13,821 27,925 3.6x 10.3x 226.6x Provides cable television and internet services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Liberty Global Plc Class A LBTYA 6.1% 7.2% 8.0% 19 1.2% 34,015 75,158 5.6x 12.7x 2.8x Provides cable television and internet services
2 GenCorp Inc. GY 4.9% 12.4% (1.4)% 24 3.6% 1,097 2,002 1.5x 20.4x 7.5x Develops, manufactures, and markets solid and liquid rocket propulsion systems and defense products
3 Sesa Sterlite Ltd Sponsored ADR SSLT 0.8% 2.5% 15.8% 6.1% 11,285 5.3x Provides mining services
4 Market Vectors Junior Gold Miners ETF GDXJ 0.7% (25.7)% 11.2% 1,033 Exchange Traded Fund
5 Liberty Global Plc Class C LBTYK 0.3% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Micron Technology, Inc. MU 3.1% 21.8% 21.9% 7 2.0% 22,373 27,448 2.1x 8.6x 2.4x 12.3x Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
2 Post Holdings, Inc. POST 2.9% 24.0% (7.5)% 36 1.2% 1,637 2,486 2.2x 11.3x 1.1x 139.2x Manufactures markets and distributes branded ready-to-eat cereals
3 Express Scripts Holding Company ESRX 1.0% 8.5% 0.1% 83 2.7% 54,013 67,548 0.6x 9.5x 2.3x 27.6x Provides pharmacy benefit management services
4 Interactive Brokers Group, Inc. Class A IBKR 0.9% 33.1% 17.5% 58 1,248 (5,418) (5.1)x 1.9x 21.8x Operates as a investment holding company with interests in security brokerage services
5 Alaska Air Group, Inc. ALK 0.6% 22.9% 20.4% 4 10.7% 5,350 4,887 0.8x 4.5x 3.0x 9.4x Provides air transportation services
6 Quality Distribution, Inc. QLTY 0.2% 34.1% 4.5% 21 2.9% 334 722 0.7x 8.2x Provides bulk transportation services
7 DFC Global Corp. DLLR 0.1% (12.6)% (20.4)% 98 373 1,223 1.2x 0.8x Provides financial services serving under-banked consumers
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Teekay Corporation TK (4.4)% 3.4% 5.2% 2 0.6% 3,125 11,104 5.9x 16.5x 2.6x Provides crude oil and petroleum product transportation services
2 Charter Communications, Inc. Class A CHTR (2.1)% (1.5)% 8.8% 4 1.6% 13,821 27,925 3.6x 10.3x 226.6x Provides cable television and internet services
3 Google Inc. Class A GOOG (1.6)% 20.4% (0.5)% 64 4.3% 352,288 306,441 4.3x 14.0x 4.2x 25.3x Operates an Internet portal and search index website
4 General Motors Company GM (1.1)% 8.7% 8.0% 8 3.7% 54,323 76,885 0.5x 13.4x 1.9x 15.5x Develops, manufactures and markets cars, trucks and parts
5 Apple Inc. AAPL (0.9)% 15.6% 20.2% 83 7.8% 495,963 477,554 2.4x 7.4x 4.0x 12.2x Designs, develops, and manufactures microprocessor based personal computers
6 American International Group, Inc. AIG (0.4)% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
7 Prestige Brands Holdings, Inc. PBH (0.3)% 15.1% 3.4% 5 3.6% 1,775 2,763 4.0x 11.5x 3.3x 18.4x Markets over-the-counter drugs, household cleaning and personal care products
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Credit Acceptance Corporation CACC 3.2% 14.3% 5.5% 22 2,948 4,264 5.8x 4.2x 10.9x Provides auto loan products and services
2 E*TRADE Financial Corporation ETFC 3.1% 9.7% 30.3% 31 5,198 10,265 4.9x 1.1x Provides online stock brokerage and investing services
3 Taro Pharmaceutical Industries Ltd. TARO 1.3% 25.9% 36.0% 3 13.1% 4,283 3,607 3.8x 6.7x 4.1x 11.6x Develops, manufactures and markets pharmaceutical products
4 National Oilwell Varco, Inc. NOV 1.2% 4.6% 13.4% 60 3.7% 34,972 36,069 1.6x 8.5x 1.6x 14.3x Manufactures and distributes oil and gas field machinery and equipment
5 Market Vectors Junior Gold Miners ETF GDXJ 0.7% (25.7)% 11.2% 1,033 Exchange Traded Fund
6 American Public Education, Inc. APEI 0.7% 20.5% 1.7% 87 9.8% 804 670 1.6x 6.1x 4.0x 14.7x Provides online post-secondary education
7 HEICO Corporation HEI 0.3% 2.6% 34.5% 3 5.9% 2,952 4,198 3.6x 16.3x 5.1x 25.2x Designs, manufactures and markets aerospace products and services
8 Twenty-First Century Fox, Inc. Class A FOXA 0.2% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
Baker Street Capital Management AUM Profiled: $ 580 Manager: Vadim Perelman
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sears Holdings Corporation SHLD 71.8% 1.2% 41.4% 20 (7.2)% 6,408 10,435 0.3x 3.4x Operates as a holding company with interests in retail operations
2 Sears Holdings Corporation SHLD 15.4% 1.2% 41.4% 20 (7.2)% 6,408 10,435 0.3x 3.4x Operates as a holding company with interests in retail operations
3 Xyratex Ltd XRTX 11.9% (8.0)% 10.6% 65 1.4% 282 206 0.2x 12.0x 0.9x Provides online data storage and network services
4 Hollywood Media Corp. HOLL 1.0% (9.6)% 24.6% 48 (5.6)% 34 9 25.5x 1.1x 3.0x Engages in the business of advertising, book development license fees and royalties
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sears Holdings Corporation SHLD 56.4% 1.2% 41.4% 20 (7.2)% 6,408 10,435 0.3x 3.4x Operates as a holding company with interests in retail operations
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sears Hometown & Outlet Stores, Inc. SHOS 2.8% (4.0)% (27.4)% 69 2.6% 707 717 0.4x 12.6x 1.2x 23.9x Sells home appliances, hardware, tools and lawn and garden equipment
Bares Capital Management AUM Profiled: $ 1,073 Manager: Brian Bares
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Actuant Corporation Class A ATU 8.4% (0.5)% 17.8% 23 3.7% 2,822 3,303 2.4x 12.4x 2.6x 87.1x Manufactures and markets industrial hydraulic and electrical tools and engineered motion control systems
2 The Corporate Executive Board Company CEB 8.0% (0.2)% 14.9% 32 5.2% 2,436 2,900 3.6x 15.0x 20.7x 93.1x Provides authoritative data, tools, best practices research and peer insights to enterprises
3 Colfax Corporation CFX 7.4% 4.1% 8.4% 36 3.0% 5,990 7,891 1.9x 14.5x 2.6x 42.5x Manufactures fluid handling and industrial positioning products
4 The Middleby Corporation MIDD 6.6% 5.6% 22.8% 19 6.2% 4,214 4,642 3.3x 16.0x 5.4x 27.7x Manufactures and sells commercial food service and food service equipment
5 American Public Education, Inc. APEI 6.3% 20.5% 1.7% 87 9.8% 804 670 1.6x 6.1x 4.0x 14.7x Provides online post-secondary education
6 XPO Logistics, Inc. XPO 6.1% 7.8% 19.8% 29 (4.0)% 713 655 1.1x 1.7x Provides logistics and other transportation services
7 Masimo Corporation MASI 5.9% 7.4% 25.7% 68 6.6% 1,617 1,552 2.7x 14.3x 5.2x 24.0x Develops, licenses and markets medical signal processing technologies
8 INTL FCStone Inc. INTL 5.8% (0.1)% 17.2% 91 393 (1,451) (3.1)x 1.2x 13.0x Provides security brokerage and advisory services
9 Winmark Corporation WINA 5.7% 14.7% 13.6% 12 28.0% 434 436 6.9x 12.8x 13.1x 25.2x Franchises retail brands that buy, sell, trade and consign used and new merchandise
10 Post Holdings, Inc. POST 5.7% 24.0% (7.5)% 36 1.2% 1,637 2,486 2.2x 11.3x 1.1x 139.2x Manufactures markets and distributes branded ready-to-eat cereals
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 America's Car-Mart, Inc. CRMT 2.5% (9.3)% 4.3% 39 369 491 1.8x 14.5x Retails, sells and finances used vehicles
2 Walgreen Co. WAG 0.0% 9.9% 21.7% 39 3.8% 55,944 59,708 0.7x 9.7x 2.9x 18.8x Operates a chain of drug stores and pharmacies
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Post Holdings, Inc. POST 3.3% 24.0% (7.5)% 36 1.2% 1,637 2,486 2.2x 11.3x 1.1x 139.2x Manufactures markets and distributes branded ready-to-eat cereals
2 XPO Logistics, Inc. XPO 2.3% 7.8% 19.8% 29 (4.0)% 713 655 1.1x 1.7x Provides logistics and other transportation services
3 RealD Inc. RLD 1.3% 21.6% (49.6)% 88 (1.4)% 422 449 1.9x 12.8x 2.8x Develops 3D visualization and stereoscopic technologies
4 Reis, Inc. REIS 0.5% 10.9% (12.6)% 7 1.7% 195 195 5.1x 19.7x 2.6x 21.8x Provides commercial real estate performance information and analysis
5 Cherokee Inc. CHKE 0.1% 10.6% 1.8% 75 15.0% 121 133 4.3x 8.7x 7.2x 16.5x Markets and manages various brands in various consumer product categories
6 Vanguard FTSE Emerging Markets ETF VWO 0.1% 1.4% 3.5% 56,186 Exchange Traded Fund
7 Capital Southwest Corporation CSWC 0.1% (2.7)% (0.7)% 62 508 439 45.1x 0.7x 4.3x Private Equity Fund
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Interactive Intelligence Group, Inc. ININ (4.9)% (0.3)% 23.0% 19 2.4% 1,268 1,257 4.2x 55.1x 7.5x 158.7x Develops communications and interaction management software
2 American Public Education, Inc. APEI (3.2)% 20.5% 1.7% 87 9.8% 804 670 1.6x 6.1x 4.0x 14.7x Provides online post-secondary education
3 Masimo Corporation MASI (1.6)% 7.4% 25.7% 68 6.6% 1,617 1,552 2.7x 14.3x 5.2x 24.0x Develops, licenses and markets medical signal processing technologies
4 Morningstar, Inc. MORN (1.2)% 4.3% 2.2% 41 5.9% 3,798 3,503 4.9x 15.7x 5.0x 31.0x Provides financial data and investment advice through the Internet
5 Colfax Corporation CFX (0.4)% 4.1% 8.4% 36 3.0% 5,990 7,891 1.9x 14.5x 2.6x 42.5x Manufactures fluid handling and industrial positioning products
6 Hallmark Financial Services, Inc. HALL (0.2)% 6.0% (3.0)% 87 181 16 0.0x 0.8x 26.1x Engages in the sale of property and casualty insurance products
7 INTL FCStone Inc. INTL (0.2)% (0.1)% 17.2% 91 393 (1,451) (3.1)x 1.2x 13.0x Provides security brokerage and advisory services
8 The Middleby Corporation MIDD (0.2)% 5.6% 22.8% 19 6.2% 4,214 4,642 3.3x 16.0x 5.4x 27.7x Manufactures and sells commercial food service and food service equipment
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Abaxis, Inc. ABAX 0.7% (15.1)% (11.4)% 49 3.1% 796 722 4.6x 25.5x 4.3x 50.1x Develops, manufactures and markets portable blood analysis systems
2 National Research Corporation Class B NRCIB 0.1% 13.0% (14.5)% 5 7.7% 816 823 12.1x 11.3x Provides market research services for the healthcare industry
3 Interval Leisure Group, Inc. IILG 0.1% 16.0% 18.6% 7 5.8% 1,571 1,670 3.0x 9.4x 4.8x 17.4x Provides vacation membership services
Baupost Group AUM Profiled: $ 3,499 Manager: Seth Klarman
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Micron Technology, Inc. MU 32.0% 21.8% 21.9% 7 2.0% 22,373 27,448 2.1x 8.6x 2.4x 12.3x Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
2 Theravance, Inc. THRX 21.6% (7.4)% 6.1% 37 (9.4)% 4,186 3,830 466.0x 12.7x Operates as a biopharmaceutical company
3 ViaSat, Inc. VSAT 20.0% (7.0)% (10.9)% 14 (0.0)% 2,689 3,345 2.8x 21.3x 2.9x Produces digital satellite communications, other wireless networking and signal processing equipment and products
4 BP p.l.c. Sponsored ADR BP 6.7% 11.0% 0.7% 89 2.5% 144,999 168,896 0.4x 5.0x 1.1x 5.7x Explores, produces, refines, and distributes petroleum, natural gas and related products
5 Idenix Pharmaceuticals, Inc. IDIX 4.4% 4.0% 43.8% 24 (16.3)% 723 573 416.1x 5.5x Designs and develops vaccines for viral infections
6 Rovi Corporation ROVI 3.4% (2.7)% (16.1)% 78 0.6% 1,896 2,528 4.3x 13.2x 1.3x Provides managing services for digital content
7 Oracle Corporation ORCL 2.3% 5.8% 8.0% 84 4.7% 159,876 149,413 3.6x 7.7x 3.7x 13.7x Designs, develops, markets, and supports a diversified line of business software products
8 Citigroup Inc Warrants 2011-4.1.19 on Shs C.WA 2.0% (6.4)% (4.8)% 30 151,539 Provides commercial banking services
9 Chipmos Technologies (Bermuda) Ltd. IMOS 1.7% 14.4% (7.1)% 29 3.7% 692 701 0.9x 1.5x 11.0x Manufactures semiconductors and provides IC testing services
10 NovaGold Resources Inc. NG 1.4% (4.7)% 10.0% 82 (0.9)% 700 583 1.4x Engages in the exploration and development of mineral properties
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 PBF Energy, Inc. Class A PBF 0.6% 30.2% (13.3)% 52 (3.0)% 1,157 2,846 0.1x 4.5x 1.8x Operates as petroleum refiners and suppliers
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Micron Technology, Inc. MU 11.2% 21.8% 21.9% 7 2.0% 22,373 27,448 2.1x 8.6x 2.4x 12.3x Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
2 Theravance, Inc. THRX 2.3% (7.4)% 6.1% 37 (9.4)% 4,186 3,830 466.0x 12.7x Operates as a biopharmaceutical company
3 Idenix Pharmaceuticals, Inc. IDIX 0.4% 4.0% 43.8% 24 (16.3)% 723 573 416.1x 5.5x Designs and develops vaccines for viral infections
4 Chipmos Technologies (Bermuda) Ltd. IMOS 0.3% 14.4% (7.1)% 29 3.7% 692 701 0.9x 1.5x 11.0x Manufactures semiconductors and provides IC testing services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 BP p.l.c. Sponsored ADR BP (15.6)% 11.0% 0.7% 89 2.5% 144,999 168,896 0.4x 5.0x 1.1x 5.7x Explores, produces, refines, and distributes petroleum, natural gas and related products
2 Central Pacific Financial Corp. CPF (0.4)% 9.9% (1.7)% 43 819 865 4.2x 1.3x 4.3x Bank holding company
3 Ituran Location & Control Ltd. ITRN (0.3)% 7.5% 9.4% 4 12.1% 416 379 2.1x 6.6x 4.5x 16.0x Provides location-based services, consisting of stolen vehicle recovery, tracking services
4 Alliance One International, Inc. AOI (0.1)% 6.5% (23.4)% 59 2.8% 272 1,636 0.7x 10.1x 1.0x Engages in purchasing, processing, packing, storing and shipping tobacco to manufacturers of cigarettes and other consumer tobacco products
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American International Group, Inc. AIG 11.2% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
2 2.0%
3 Yamana Gold Inc. AUY 0.8% (17.6)% 9.4% 93 1.2% 6,452 7,359 4.3x 8.7x 0.8x 24.8x Engages in acquisition, exploration and development of gold properties
BHR Capital AUM Profiled: $ 1,051 Manager: Michael Thompson
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Six Flags Entertainment Corporation SIX 13.7% 8.8% (3.9)% 20 13.7% 3,499 5,279 4.5x 12.5x 8.6x 14.3x Owns and operates theme and water amusement parks
2 American Realty Capital Properties, Inc. Class AARCP 8.0% 9.8% (20.1)% 42 0.2% 2,483 4,067 25.4x 1.9x Provides real estate investment services
3 Golar LNG Limited GLNG 6.4% (5.0)% 18.1% 84 (0.5)% 2,882 3,348 19.6x 37.9x 1.5x 2.4x Engages in transportation, regasification and liquefaction and trading of liquefied natural gas
4 Hornbeck Offshore Services, Inc. HOS 5.8% (13.0)% 7.4% 35 1.5% 1,802 2,346 4.9x 12.2x 1.4x 21.0x Provides marine transportation and logistics services
5 CBS Corporation Class B CBS 5.5% 6.4% 12.9% 3 5.1% 35,231 42,363 2.7x 10.9x 3.6x Operates as a mass media company
6 Roper Industries, Inc. ROP 5.4% (2.3)% 7.0% 9 3.7% 12,895 15,170 4.8x 15.0x 3.2x 25.8x Provides engineered products and solutions for global niche markets
7 Liberty Global Plc Class C LBTYK 5.0% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
8 American Homes 4 Rent Class A AMH 4.8% 1.9% 51 3,053 2,995 38.1x 1.1x Focuses on acquiring, renovating, leasing and operating residential homes
9 Scorpio Tankers Inc. STNG 4.3% 15.5% 8.7% 14 0.1% 2,160 1,214 5.5x 32.1x 1.5x Provides seaborne transportation of crude oil and other petroleum products
10 PBF Energy, Inc. Class A PBF 4.0% 30.2% (13.3)% 52 (3.0)% 1,157 2,846 0.1x 4.5x 1.8x Operates as petroleum refiners and suppliers
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American Homes 4 Rent Class A AMH 4.8% 1.9% 51 3,053 2,995 38.1x 1.1x Focuses on acquiring, renovating, leasing and operating residential homes
2 Valero Energy Corporation VLO 2.8% 37.1% (1.8)% 50 2.1% 25,268 30,295 0.2x 4.0x 1.4x 7.7x Engages in manufacturing and marketing of transportation fuels, other petrochemical products and power
3 Spectrum Brands Holdings, Inc. SPB 2.2% 5.2% 15.8% 20 3,613 6,821 1.6x 3.9x Engages in the business of consumer products
4 Twenty-First Century Fox, Inc. Class A FOXA 1.6% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
5 InterXion Holding NV INXN 0.8% 0.3% (14.9)% 44 2.8% 1,535 1,930 4.7x 11.5x 3.0x 458.6x Provides collocation, data centers and managed services
6 Meadowbrook Insurance Group, Inc. MIG 0.8% 13.4% (19.1)% 85 368 472 0.5x 0.9x Develops and manages alternative risk management programs
7 Harbinger Group Inc. HRG 0.3% 13.4% 37.5% 21 1,694 6,221 1.7x Operates as a holding company with interest in insurance and annuity products
8 Intelsat S.A. I 0.3% (10.6)% 20.0% 80 2,261 17,523 6.8x 8.8x Provides satellite communications services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American Realty Capital Properties, Inc. Class AARCP 3.4% 9.8% (20.1)% 42 0.2% 2,483 4,067 25.4x 1.9x Provides real estate investment services
2 Altisource Residential Corp. Class B RESI 0.9% 24.0% 37.7% 23 1,142 980 1.7x 35.4x Engages in the acquisition and ownership of single family rental assets
3 Golar LNG Limited GLNG 0.9% (5.0)% 18.1% 84 (0.5)% 2,882 3,348 19.6x 37.9x 1.5x 2.4x Engages in transportation, regasification and liquefaction and trading of liquefied natural gas
4 Scorpio Tankers Inc. STNG 0.6% 15.5% 8.7% 14 0.1% 2,160 1,214 5.5x 32.1x 1.5x Provides seaborne transportation of crude oil and other petroleum products
5 Penn National Gaming, Inc. PENN 0.5% 13.0% 4.6% 71 2.1% 1,094 3,595 2.6x 10.7x 0.5x 52.2x Owns and operates racetracks and casino hotels
6 Liberty Global Plc Class C LBTYK 0.4% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
7 Hornbeck Offshore Services, Inc. HOS 0.3% (13.0)% 7.4% 35 1.5% 1,802 2,346 4.9x 12.2x 1.4x 21.0x Provides marine transportation and logistics services
8 Roper Industries, Inc. ROP 0.3% (2.3)% 7.0% 9 3.7% 12,895 15,170 4.8x 15.0x 3.2x 25.8x Provides engineered products and solutions for global niche markets
9 CBS Corporation Class B CBS 0.3% 6.4% 12.9% 3 5.1% 35,231 42,363 2.7x 10.9x 3.6x Operates as a mass media company
10 Navios Maritime Acquisition Corporation NNA 0.2% 4.3% 8.6% 47 0.9% 417 1,438 7.6x 12.8x 1.0x Provides marine transportation services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Pinnacle Entertainment, Inc. PNK (3.6)% (0.7)% 27.4% 2 1.9% 1,473 5,773 4.6x 22.3x 7.6x Owns and operates casinos and casino hotels
2 Express Scripts Holding Company ESRX (1.8)% 8.5% 0.1% 83 2.7% 54,013 67,548 0.6x 9.5x 2.3x 27.6x Provides pharmacy benefit management services
3 Six Flags Entertainment Corporation SIX (1.1)% 8.8% (3.9)% 20 13.7% 3,499 5,279 4.5x 12.5x 8.6x 14.3x Owns and operates theme and water amusement parks
4 MBIA Inc. MBI (0.7)% 25.0% (23.1)% 73 2,468 9,395 7.9x 0.8x 2.7x Provides financial guarantees as well as investment management products and services
5 Customers Bancorp, Inc. CUBI (0.7)% 10.6% (0.9)% 41 440 433 2.7x 1.1x 10.8x Operates as a bank holding company with interest in financial products and services
6 QEP Resources, Inc. QEP (0.4)% 16.7% (0.3)% 77 1.8% 5,794 9,061 2.8x 6.3x 1.7x 26.4x Explores oil and natural gas resources
7 New Residential Investment Corp. NRZ (0.1)% (10.1)% (1.8)% 96 1,506 2,842 12.5x 14.2x 1.2x Operates as a real estate investment trust
8 NorthStar Realty Finance Corp. NRF (0.1)% 4.4% 2.0% 24 2,323 5,948 8.2x 1.8x Engages in acquiring, financing, operating and securitizing real estate investments
9 Tower Group International Ltd. TWGP (0.1)% (42.6)% (65.9)% 67 231 527 0.8x 0.2x Operates as a holding company with the interest in insurance services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Nationstar Mortgage Holdings Inc. NSM 1.8% (30.2)% 50.2% 26 3,556 17,118 8.6x 3.4x 15.2x Provides residential mortgage loans through its subsidiary
2 tw telecom inc. Class A TWTC 1.8% (5.6)% 6.1% 22 2.1% 4,106 5,290 3.6x 10.7x 5.7x 124.4x Provides networking solutions & Internet access services
3 First Citizens BancShares, Inc. Class A FCNCA 1.0% 9.4% 7.1% 50 2,163 1,355 1.1x 1.1x 12.3x Bank holding company
4 W.P. Carey Inc. WPC 0.9% (3.2)% (2.2)% 19 1.1% 4,274 6,698 12.8x 23.7x 2.2x 50.0x Provides corporate real estate financing solutions
5 Ashford Hospitality Trust, Inc. AHT 0.6% (0.9)% 7.8% 51 661 2,898 3.4x 0.8x Operates as a real estate investment trust engaged in investing in the hospitality industry
6 CYS Investments, Inc. CYS 0.2% (3.9)% (11.7)% 100 1,303 13,314 41.8x 0.8x Invests in real estate and mortgage-backed securities
Blue Harbour Group AUM Profiled: $ 1,336 Manager: Clifton Robbins
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Akamai Technologies, Inc. AKAM 12.4% (14.7)% 21.5% 57 4.2% 7,895 7,458 5.8x 15.1x 3.1x 33.4x Engages in the business of providing content delivery and cloud infrastructure services
2 Progressive Waste Solutions Ltd. BIN 12.3% 0.2% 19.6% 31 2.0% 2,970 4,554 2.3x 8.6x 2.3x 32.2x Provides waste management collection and disposal services
3 CACI International Inc Class A CACI 11.8% 4.1% 8.9% 59 3.4% 1,685 2,305 0.6x 6.8x 1.4x 11.1x Provides professional services and information technology solutions
4 Brocade Communications Systems, Inc. BRCD 11.4% 6.8% 39.8% 52 3.8% 3,829 3,776 1.5x 6.3x 1.7x 17.4x Provides data center networking solutions
5 Chico's FAS, Inc. CHS 11.2% 11.5% (2.3)% 42 5.1% 2,950 2,634 0.9x 6.4x 2.9x 29.2x Operates women's clothing and accessory retail stores
6 Allscripts Healthcare Solutions, Inc. MDRX 8.1% 1.0% 14.9% 74 (1.0)% 2,675 3,159 2.3x 22.8x 2.0x Provides software for healthcare providers
7 Globe Specialty Metals, Inc. GSM 7.4% 14.7% 41.8% 24 1.7% 1,331 1,358 1.6x 12.6x 2.9x Produces silicon metal and silicon-based specialty alloys
8 Nabors Industries Ltd. NBR 7.1% 3.4% 4.9% 76 1.6% 4,900 8,534 1.4x 5.1x 0.8x 267.7x Provides contract drilling and services
9 DeVry Education Group Inc. DV 5.5% 16.4% (1.5)% 85 1.5% 2,250 1,982 0.9x 5.0x 1.6x 29.4x Provides educational services
10 Harris Teeter Supermarkets Inc HTSI 2.2% 0.4% 5.0% 10 3.8% 2,444 2,438 0.5x 5.3x 2.3x 22.5x Operates grocery stores
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Entegris, Inc. ENTG 1.8% 6.2% 8.3% 24 3.1% 1,496 1,146 1.6x 8.8x 2.0x 21.7x Manufactures and supplies critical materials for the semiconductor, data storage, and pharmaceutical industries
2 Dominion Diamond Corporation DDC 1.6% 10.7% (13.7)% 84 0.4% 1,148 1,079 2.0x 7.8x 0.9x 235.5x Operates retail diamond stores
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 DeVry Education Group Inc. DV 3.4% 16.4% (1.5)% 85 1.5% 2,250 1,982 0.9x 5.0x 1.6x 29.4x Provides educational services
2 Chico's FAS, Inc. CHS 1.2% 11.5% (2.3)% 42 5.1% 2,950 2,634 0.9x 6.4x 2.9x 29.2x Operates women's clothing and accessory retail stores
3 Nabors Industries Ltd. NBR 0.8% 3.4% 4.9% 76 1.6% 4,900 8,534 1.4x 5.1x 0.8x 267.7x Provides contract drilling and services
4 Akamai Technologies, Inc. AKAM 0.4% (14.7)% 21.5% 57 4.2% 7,895 7,458 5.8x 15.1x 3.1x 33.4x Engages in the business of providing content delivery and cloud infrastructure services
5 Progressive Waste Solutions Ltd. BIN 0.2% 0.2% 19.6% 31 2.0% 2,970 4,554 2.3x 8.6x 2.3x 32.2x Provides waste management collection and disposal services
6 Globe Specialty Metals, Inc. GSM 0.1% 14.7% 41.8% 24 1.7% 1,331 1,358 1.6x 12.6x 2.9x Produces silicon metal and silicon-based specialty alloys
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Jack in the Box Inc. JACK (4.5)% 16.0% 1.8% 8 3.8% 1,977 2,470 1.4x 9.1x 4.2x 34.9x Operates and franchises fast-food restaurants
2 Employers Holdings, Inc. EIG (2.9)% 7.4% 21.6% 32 990 885 1.2x 1.8x 6.9x Provides workers' compensation insurance services
3 Brocade Communications Systems, Inc. BRCD (1.9)% 6.8% 39.8% 52 3.8% 3,829 3,776 1.5x 6.3x 1.7x 17.4x Provides data center networking solutions
4 Ingram Micro Inc. Class A IM (1.4)% 1.6% 21.4% 41 2.8% 3,612 4,018 0.1x 6.1x 0.9x 11.8x Distributes technology products and provides logistics and procurement services
5 Sapient Corporation SAPE (1.1)% (2.2)% 19.4% 32 7.1% 2,133 1,892 1.5x 12.0x 3.8x 28.9x Provides consultancy and interactive marketing services
6 Harris Teeter Supermarkets Inc HTSI (0.2)% 0.4% 5.0% 10 3.8% 2,444 2,438 0.5x 5.3x 2.3x 22.5x Operates grocery stores
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Verint Systems Inc. VRNT 4.7% 1.1% 4.5% 58 2.8% 1,997 2,305 2.6x 13.2x 3.7x 51.9x Provides analytic software solutions for communications interception, digital video security and surveillance, and enterprise business intelligence
2 Weight Watchers International, Inc. WTW 2.3% (13.5)% (18.8)% 95 15.8% 1,823 4,040 2.5x 8.1x 9.2x Provides weight management services
3 iShares Russell 2000 ETF IWM 1.7% 5.4% 9.9% 2.3x Exchange Traded Fund
4 Power-One, Inc. PWER 1.1% 84 0.1% 520 0.3x 2.2x 18.0x Designs and manufactures power supplies for electronic equipment manufacturers
Boyar Asset Management AUM Profiled: $ 104 Manager: Mark Boyar
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Pfizer Inc. PFE 5.0% 10.8% 2.6% 18 3.7% 206,292 215,151 3.7x 8.2x 2.7x 9.8x Manufactures vaccines and injectable biologic medicines
2 The Travelers Companies, Inc. TRV 4.6% 5.0% 6.1% 26 32,402 33,860 1.3x 1.3x 10.8x Provides commercial, personal property and casualty insurance products
3 The Home Depot, Inc. HD 4.4% 5.2% (2.1)% 4 7.8% 112,334 124,190 1.5x 11.3x 7.9x 20.8x Retails and rents an assortment of building materials and home improvement products
4 Microsoft Corporation MSFT 3.9% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
5 JPMorgan Chase & Co. JPM 3.8% 10.2% (2.1)% 42 214,199 154,054 1.3x 1.1x 11.7x Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
6 Time Warner Inc. TWX 3.6% (0.3)% 13.8% 6 3.6% 59,359 79,192 2.7x 10.2x 2.0x 16.3x Provides cable network, filmed entertainment and publishing services
7 Ameriprise Financial, Inc. AMP 3.6% 18.8% 12.6% 2 21,055 24,487 1.9x 2.5x 13.4x Provides financial planning, brokerage, asset management and insurance services to individuals, businesses and institutions
8 The Wendy's Company WEN 3.5% 1.3% 45.5% 23 1.7% 3,364 4,328 1.7x 11.6x 1.7x 83.2x Operates as fast food restaurants
9 The Madison Square Garden Company Class AMSG 3.1% (3.8)% (2.0)% 18 4,294 4,070 2.8x 31.1x Operates as an integration of sports, entertainment and media business comprised of dynamic and powerful assets and brands
10 Meredith Corporation MDP 2.9% 10.6% (0.2)% 31 3.5% 2,355 2,747 1.7x 9.6x 2.7x 17.5x Publishes magazines and books and also operates television stations
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 iShares Core S&P 500 ETF IVV 0.5% 7.5% 5.0% 2.6x Exchange Traded Fund
2 iShares Core S&P Small-Cap ETF IJR 0.4% 7.0% 10.5% 2.3x Exchange Traded Fund
3 iShares Core S&P Mid-Cap ETF IJH 0.4% 5.0% 7.5% 2.4x Exchange Traded Fund
4 iShares Europe ETF IEV 0.3% 4.2% 13.9% 1.8x Exchange Traded Fund
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Weight Watchers International, Inc. WTW 0.4% (13.5)% (18.8)% 95 15.8% 1,823 4,040 2.5x 8.1x 9.2x Provides weight management services
2 Microsoft Corporation MSFT 0.1% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
3 Intel Corporation INTC 0.1% 3.4% (5.4)% 87 5.8% 117,813 115,231 2.1x 5.5x 2.1x 12.4x Designs, manufactures and sells computer components and related products
4 The Scotts Miracle-Gro Company Class A SMG 0.1% 6.5% 13.9% 35 (0.7)% 3,632 4,276 1.4x 9.9x 5.1x 21.5x Manufactures and supplies consumer lawn and garden products
5 Carnival Corporation CCL 0.1% 10.5% (4.8)% 66 3.4% 27,998 37,071 2.4x 11.7x 1.2x 25.4x Operates luxury cruises ships
6 Molson Coors Brewing Company Class B TAP 0.1% 4.8% 4.7% 38 1.6% 9,662 13,214 3.0x 15.5x 1.2x 18.7x Produces and sells beer
7 Comcast Corporation Class A CMCSK 0.1% 9.9% 9.3% 22 3.8% 124,651 168,739 2.5x 18.1x Provides entertainment, information and communications products and services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Hanesbrands Inc. HBI (1.0)% 12.7% 21.2% 27 6.8% 6,950 8,449 1.7x 11.1x 6.0x 16.8x Designs, manufactures, sources and sells men's and women's basic apparel
2 Yahoo! Inc. YHOO (0.4)% 11.6% 32.0% 21 37,545 40,381 3.0x 28.6x Operates as a digital media company that delivers personalized digital content and experiences across devices
3 Cablevision Systems Corporation Class A CVC (0.4)% (0.2)% 0.1% 90 4.4% 4,496 13,094 2.1x 8.7x 8.5x Owns and operates cable television systems
4 Time Warner Inc. TWX (0.1)% (0.3)% 13.8% 6 3.6% 59,359 79,192 2.7x 10.2x 2.0x 16.3x Provides cable network, filmed entertainment and publishing services
5 JPMorgan Chase & Co. JPM (0.1)% 10.2% (2.1)% 42 214,199 154,054 1.3x 1.1x 11.7x Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Dell Inc. DELL 0.5% 0.8% 3.2% 77 2.3% 19,432 0.3x 4.9x 2.3x 18.0x Designs, develops, manufactures and distributes computer systems
Brave Warrior Advisors (fka Chieftan) AUM Profiled: $ 2,229 Manager: Glenn Greenberg
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Valeant Pharmaceuticals International, Inc. VRX 30.8% 5.2% 21.2% 4 2.2% 36,654 53,548 11.0x 22.0x 7.4x Manufactures and markets pharmaceutical products
2 Oracle Corporation ORCL 10.5% 5.8% 8.0% 84 4.7% 159,876 149,413 3.6x 7.7x 3.7x 13.7x Designs, develops, markets, and supports a diversified line of business software products
3 Halliburton Company HAL 10.2% 8.0% 15.4% 47 5.5% 44,116 52,712 1.7x 8.5x 3.4x 22.1x Provides products and services to the energy industry for exploring, developing, and producing oil and natural gas
4 Vistaprint NV VPRT 9.8% (0.0)% 14.6% 43 1.8% 1,872 2,151 1.8x 18.2x 9.0x 59.6x Provides coordinated portfolios of customized marketing products and services to small businesses worldwide
5 Express Scripts Holding Company ESRX 9.4% 8.5% 0.1% 83 2.7% 54,013 67,548 0.6x 9.5x 2.3x 27.6x Provides pharmacy benefit management services
6 The Charles Schwab Corporation SCHW 8.7% 17.5% (0.4)% 53 32,011 4,070 (0.1)x 3.5x 30.2x Provides securities brokerage and other financial services
7 Primerica, Inc. PRI 6.1% 6.0% 7.7% 7 2,344 2,408 1.8x 2.0x 14.2x Provides insurance and financial planning services
8 Microsoft Corporation MSFT 5.9% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
9 Comcast Corporation Class A CMCSK 5.3% 9.9% 9.3% 22 3.8% 124,651 168,739 2.5x 18.1x Provides entertainment, information and communications products and services
10 Motorola Solutions, Inc. MSI 1.8% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Microsoft Corporation MSFT 5.9% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
2 Motorola Solutions, Inc. MSI 1.8% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Oracle Corporation ORCL 1.4% 5.8% 8.0% 84 4.7% 159,876 149,413 3.6x 7.7x 3.7x 13.7x Designs, develops, markets, and supports a diversified line of business software products
2 Halliburton Company HAL 0.7% 8.0% 15.4% 47 5.5% 44,116 52,712 1.7x 8.5x 3.4x 22.1x Provides products and services to the energy industry for exploring, developing, and producing oil and natural gas
3 Primerica, Inc. PRI 0.1% 6.0% 7.7% 7 2,344 2,408 1.8x 2.0x 14.2x Provides insurance and financial planning services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Vistaprint NV VPRT (4.8)% (0.0)% 14.6% 43 1.8% 1,872 2,151 1.8x 18.2x 9.0x 59.6x Provides coordinated portfolios of customized marketing products and services to small businesses worldwide
2 Express Scripts Holding Company ESRX (2.3)% 8.5% 0.1% 83 2.7% 54,013 67,548 0.6x 9.5x 2.3x 27.6x Provides pharmacy benefit management services
3 Higher One Holdings, Inc. ONE (0.6)% 25.8% (34.1)% 92 454 564 2.3x 7.0x 20.7x Provides online banking and financial disbursement services to the higher education industry
4 Valeant Pharmaceuticals International, Inc. VRX (0.4)% 5.2% 21.2% 4 2.2% 36,654 53,548 11.0x 22.0x 7.4x Manufactures and markets pharmaceutical products
5 The Charles Schwab Corporation SCHW (0.1)% 17.5% (0.4)% 53 32,011 4,070 (0.1)x 3.5x 30.2x Provides securities brokerage and other financial services
6 Comcast Corporation Class A CMCSK (0.1)% 9.9% 9.3% 22 3.8% 124,651 168,739 2.5x 18.1x Provides entertainment, information and communications products and services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Fiserv, Inc. FISV 4.5% 9.8% 15.6% 4 4.2% 14,316 18,251 3.6x 11.2x 4.1x 23.0x Provides data processing services and software system development for the financial services sector
2 Google Inc. Class A GOOG 3.1% 20.4% (0.5)% 64 4.3% 352,288 306,441 4.3x 14.0x 4.2x 25.3x Operates an Internet portal and search index website
Centaur Capital Partners AUM Profiled: $ 116 Manager: Zeke Ashton
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 First American Financial Corporation FAF 8.4% 9.5% 10.5% 19 2,818 2,317 0.4x 1.2x 11.7x Provides insurance and financial services
2 Apple Inc. AAPL 6.9% 15.6% 20.2% 83 7.8% 495,963 477,554 2.4x 7.4x 4.0x 12.2x Designs, develops, and manufactures microprocessor based personal computers
3 Coach, Inc. COH 6.0% 3.7% (4.5)% 78 14.8% 15,857 15,233 2.9x 8.4x 6.7x 15.0x Manufactures women's handbags, belts and retails custom made clothing
4 Tetra Tech, Inc. TTEK 5.6% 8.1% 10.1% 74 3.4% 1,805 1,890 0.7x 13.6x 1.8x Provides environmental engineering, technical and consulting services
5 EMC Corporation EMC 5.5% (7.2)% 8.2% 71 3.6% 48,812 49,345 2.4x 9.2x 2.2x 20.6x Develops and provides information and infrastructure technology and solutions
6 Ryman Hospitality Properties, Inc. RHP 4.2% 21.7% (11.5)% 14 1.1% 2,121 3,628 3.3x 14.8x 2.9x 33.1x Specializes in group-oriented, destination hotel assets in urban and resort markets
7 Abercrombie & Fitch Co. Class A ANF 3.9% (3.8)% (21.8)% 85 (0.0)% 2,599 2,565 0.7x 1.5x 22.8x Operates apparel and personal care stores
8 Blucora, Inc. BCOR 3.8% 23.9% 23.9% 4 1.1% 1,172 1,167 1.9x 10.0x 2.4x 34.8x Engaged in online service business
9 Rosetta Stone Inc. RST 3.6% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
10 Cott Corporation COT 3.5% 8.8% (1.5)% 52 2.2% 789 1,284 0.6x 6.2x 1.3x 24.6x Manufactures and sells carbonated beverages
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Tetra Tech, Inc. TTEK 5.6% 8.1% 10.1% 74 3.4% 1,805 1,890 0.7x 13.6x 1.8x Provides environmental engineering, technical and consulting services
2 Ryman Hospitality Properties, Inc. RHP 4.2% 21.7% (11.5)% 14 1.1% 2,121 3,628 3.3x 14.8x 2.9x 33.1x Specializes in group-oriented, destination hotel assets in urban and resort markets
3 Abercrombie & Fitch Co. Class A ANF 3.9% (3.8)% (21.8)% 85 (0.0)% 2,599 2,565 0.7x 1.5x 22.8x Operates apparel and personal care stores
4 Dillard's, Inc. Class A DDS 3.4% 16.1% (4.5)% 7 3.3% 4,163 4,919 0.7x 5.7x 2.1x 10.6x Operates a chain of department stores
5 Ingredion Incorporated INGR 2.9% 4.9% 0.8% 25 3.2% 5,324 6,627 0.9x 7.8x 2.2x 12.9x Manufactures and sells starch and sweetener ingredients
6 InterDigital, Inc. IDCC 2.7% (11.7)% (16.4)% 85 (1.4)% 1,359 821 4.4x 37.4x 2.5x 39.7x Designs, develops and provides advanced wireless technologies
7 Quantum Corporation QTM 1.6% (12.3)% 0.7% 73 (3.9)% 300 427 0.8x 27.1x Designs and manufactures computer storage devices
8 Miller Industries, Inc. MLR 1.2% 5.1% 10.4% 45 2.6% 201 161 0.4x 8.8x 1.3x 22.3x Manufactures vehicle towing and recovery equipment
9 JPMorgan Chase & Co Warrants 2009-28.10.18 On ShsJPM.WS 0.9% 9.7% 7.4% 30 8,685 Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
10 Aware, Inc. AWRE 0.7% 8.1% 5.0% 33 0.7% 133 58 2.3x 9.4x 1.6x 17.6x Operates as a supplier of innovative signal processing and digital communications technology for imaging and telecommunications applications
11 Mitcham Industries, Inc. MIND 0.7% 10.4% (8.9)% 54 (1.2)% 217 194 2.0x 4.9x 1.2x 28.7x Leases and sells geophysical and other equipment
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Coach, Inc. COH 3.0% 3.7% (4.5)% 78 14.8% 15,857 15,233 2.9x 8.4x 6.7x 15.0x Manufactures women's handbags, belts and retails custom made clothing
2 EMC Corporation EMC 3.0% (7.2)% 8.2% 71 3.6% 48,812 49,345 2.4x 9.2x 2.2x 20.6x Develops and provides information and infrastructure technology and solutions
3 First American Financial Corporation FAF 1.8% 9.5% 10.5% 19 2,818 2,317 0.4x 1.2x 11.7x Provides insurance and financial services
4 Peregrine Semiconductor Corporation PSMI 1.5% (0.2)% (17.8)% 81 3.5% 289 280 1.3x 18.7x 2.3x 44.4x Designs and manufactures integrated circuits
5 Body Central Corp. BODY 1.5% (35.4)% (54.2)% 99 (17.1)% 66 45 0.3x 0.8x Operates speciality retail stores
6 Rosetta Stone Inc. RST 1.5% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
7 Cott Corporation COT 1.4% 8.8% (1.5)% 52 2.2% 789 1,284 0.6x 6.2x 1.3x 24.6x Manufactures and sells carbonated beverages
8 Bravo Brio Restaurant Group, Inc. BBRG 1.3% 5.3% (15.3)% 80 2.5% 310 338 0.8x 7.9x 2.9x 21.0x Owns and operates restaurants
9 MFC Industrial Ltd. MIL 0.4% (9.5)% 4.1% 66 0.5% 475 531 0.9x 0.6x Provides global commodity supply chain solutions
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American International Group, Inc. AIG (4.2)% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
2 American International Group, Inc. AIG (3.4)% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
3 Skullcandy, Inc. SKUL (1.2)% (4.0)% 13.5% 73 1.1% 165 132 0.6x 5.9x 1.2x 34.4x Develops and distributes headphones and other audio accessories
4 Acxiom Corporation ACXM (1.0)% 15.7% 25.2% 7 3.2% 2,468 2,525 2.0x 10.5x 3.8x 42.4x Provides digital marketing, data processing and other IT services
5 WPX Energy, Inc. Class A WPX (0.8)% (1.6)% 1.7% 18 (1.7)% 3,805 5,582 1.9x 7.6x 0.7x Engages in the exploration and production of petroleum and gas reserves
6 MagnaChip Semiconductor Corporation MX (0.7)% (7.2)% 17.8% 21 6.4% 698 814 1.0x 5.6x 2.1x 4.6x Designs, develops and manufactures mixed-signal and digital multimedia semiconductors
7 Blucora, Inc. BCOR (0.6)% 23.9% 23.9% 4 1.1% 1,172 1,167 1.9x 10.0x 2.4x 34.8x Engaged in online service business
8 World Acceptance Corporation WRLD (0.5)% (1.4)% 3.4% 27 1,018 1,535 2.6x 2.9x 10.9x Provides consumer financing services
9 Apple Inc. AAPL (0.1)% 15.6% 20.2% 83 7.8% 495,963 477,554 2.4x 7.4x 4.0x 12.2x Designs, develops, and manufactures microprocessor based personal computers
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Kohl's Corporation KSS 2.8% 6.7% 2.5% 70 3.4% 11,989 16,249 0.9x 6.2x 2.0x 13.6x Owns and operates departmant stores
2 Brookfield Asset Management Inc. Class A BAM 2.4% 3.2% 3.8% 64 23,683 94,525 4.6x 1.4x 13.2x Owns, manages and operates real estate, financial and power generation related businesses
3 TETRA Technologies, Inc. TTI 1.7% (1.4)% 22.1% 44 1.7% 975 1,333 1.5x 14.5x 1.7x 159.4x Manufactures and distributes chemical products to the oil and gas industry
4 Astex Pharmaceuticals, Inc. ASTX 1.7% 106.6% 40 (3.1)% 666 3.2x Researches and develops oncology drugs
5 XPO Logistics, Inc. 4.5% 01-OCT-2017 1.0% 6.6% 17.5%
Central Square Management AUM Profiled: $ 154 Manager: Kelly Cardwell
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Avid Technology, Inc. AVID 6.6% 47.3% 2.0% 79 (1.3)% 344 272 0.5x 21.9x 1.0x Provides digital media content-creation products and solutions for film, video, audio and broadcast professionals
2 Wells Fargo & Company WFC 5.1% 6.9% 0.1% 34 232,723 259,207 2.7x 1.5x 10.9x Provides banking and financial services
3 Corning Incorporated GLW 5.0% 16.9% 2.5% 75 1.8% 24,689 22,401 2.3x 7.1x 1.1x 11.9x Manufactures specialty glass and ceramics
4 Microsoft Corporation MSFT 4.8% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
5 Tandy Leather Factory, Inc. TLF 3.7% 6.7% 1.2% 30 86 81 2.0x 11.4x Sells leather, leather crafts and related supplies
6 Nova Measuring Instruments Ltd NVMI 3.5% (0.1)% (2.0)% 43 1.8% 241 144 1.4x 12.0x 1.9x 24.6x Develops, produces and markets metrology systems for process control that are integrated into process equipment tools
7 Cowen Group, Inc. Class A COWN 2.8% 19.2% 19.0% 42 483 682 2.0x 0.9x Operates as an investment holding company with interest in providing investment and financial services
8 Walter Energy, Inc. WLT 2.7% 2.9% 34.9% 91 (1.8)% 903 3,392 1.8x 35.1x 1.1x Mines for coal
9 Whiting Petroleum Corporation WLL 2.3% (0.2)% 29.9% 41 4.0% 7,087 9,025 3.5x 5.3x 1.8x 14.0x Engages in the acquisition, development and production of oil and natural gas
10 Nexstar Broadcasting Group, Inc. Class A NXST 2.2% 8.3% 25.5% 38 3.5% 1,465 2,505 5.0x 14.0x 129.0x 8.4x Provides television broadcasting services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Era Group, Inc. ERA 2.2% 19.2% 3.9% 25 1.5% 654 874 2.6x 10.1x 1.5x 32.4x Provides helicopter transport and related services
2 Health Management Associates, Inc. Class A HMA 2.0% 2.3% (18.6)% 42 0.8% 3,409 7,367 1.2x 9.7x 3.5x Owns and operates general acute care hospitals and psychiatric hospitals
3 Community Health Systems, Inc. CYH 1.5% (0.1)% (11.5)% 55 2.2% 3,937 13,751 1.1x 7.4x 1.3x 21.7x Operates general acute care hospitals
4 Berkshire Hathaway Inc. Class A BRK.A 1.0% 1.5% 1.1% 40 284,290 426,432,600 1.4x 14.7x Provides insurance and investment services
5 Belo Corp. Class A BLC 1.0% 0.0% (1.8)% 16 4.1% 1,426 2,122 3.0x 8.7x 4.2x 15.4x Engaged in the business of television broadcasting
6 Interoil Corporation IOC 0.7% 22.7% 2.6% 19 1.2% 4,271 4,509 2.8x 49.4x 6.2x Explores for oil and gas resources
7 Berkshire Hathaway Inc. Class B BRK.B 0.7% 1.6% 1.4% 40 284,380 304,169 1.7x 1.4x 14.7x Provides insurance and investment services
8 BlackBerry Limited BBRY 0.7% (19.3)% (24.0)% 97 (15.3)% 3,365 1,018 0.3x 247.0x 0.4x Develops hardware and software solutions for mobile communications
9 CUI Global, Inc. CUI 0.6% 10.7% 4.0% 73 1.0% 131 98 1.6x 61.9x 1.8x Acquires, develops and commercializes new, innovative electronic technologies
10 Mindspeed Technologies, Inc. MSPD 0.5% 65.1% (6.2)% 27 (1.5)% 218 236 1.0x 11.6x 4.1x Manufactures semiconductor solutions for network infrastructure applications
11 Aeroflex Holding Corp. ARX 0.2% (4.7)% (10.8)% 70 0.1% 570 1,094 1.8x 9.2x 2.3x Operates as a holding company with interests in businesses which design, develops, manufactures and markets test, measurement and microelectronic products
12 Freeport-McMoRan Copper & Gold Inc. FCX 0.1% 3.6% 19.8% 66 5.5% 35,567 59,464 3.0x 8.1x 1.7x 12.1x Operates as copper, gold and molybdenum mining company
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Wells Fargo & Company WFC 3.8% 6.9% 0.1% 34 232,723 259,207 2.7x 1.5x 10.9x Provides banking and financial services
2 Microsoft Corporation MSFT 3.6% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
3 NetSuite Inc. N 2.6% (11.0)% 17.7% 7 (4.1)% 7,176 6,941 20.3x 34.5x Engages in the provision of cloud-based business management application suites
4 Acuity Brands, Inc. AYI 2.2% 11.2% 21.8% 9 6.2% 4,394 4,365 1.7x 12.7x 4.4x 29.0x Manufactures lighting devices
5 Walter Energy, Inc. WLT 1.5% 2.9% 34.9% 91 (1.8)% 903 3,392 1.8x 35.1x 1.1x Mines for coal
6 3D Systems Corporation DDD 1.0% 42.4% 23.0% 5 4.0% 7,903 7,554 11.3x 44.9x 8.8x 118.2x Provides 3-D printing, prototyping and manufacturing computer-aided design systems and services
7 Avid Technology, Inc. AVID 0.7% 47.3% 2.0% 79 (1.3)% 344 272 0.5x 21.9x 1.0x Provides digital media content-creation products and solutions for film, video, audio and broadcast professionals
8 Corning Incorporated GLW 0.6% 16.9% 2.5% 75 1.8% 24,689 22,401 2.3x 7.1x 1.1x 11.9x Manufactures specialty glass and ceramics
9 Overstock.com, Inc. OSTK 0.2% (8.8)% 5.2% 36 8.0% 643 575 0.5x 17.1x 13.3x 30.3x Provides on-line commerce site
10 Tandy Leather Factory, Inc. TLF 0.1% 6.7% 1.2% 30 86 81 2.0x 11.4x Sells leather, leather crafts and related supplies
11 Whiting Petroleum Corporation WLL 0.1% (0.2)% 29.9% 41 4.0% 7,087 9,025 3.5x 5.3x 1.8x 14.0x Engages in the acquisition, development and production of oil and natural gas
12 Planar Systems, Inc. PLNR 0.1% 39.1% 9.5% 30 1.5% 55 41 0.2x 1.3x Provides specialty display solutions
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Tesla Motors, Inc. TSLA (1.9)% (35.8)% 80.1% 56 (3.6)% 15,080 15,012 13.8x 27.0x Designs and manufactures electric sports cars
2 Staples, Inc. SPLS (1.4)% 5.7% (7.7)% 78 5.4% 10,119 10,731 0.5x 6.0x 1.7x 21.6x Operates as office superstores and smaller stores
3 Cowen Group, Inc. Class A COWN (1.1)% 19.2% 19.0% 42 483 682 2.0x 0.9x Operates as an investment holding company with interest in providing investment and financial services
4 PLX Technology, Inc. PLXT (0.9)% 9.3% 26.5% 18 4.1% 301 296 2.6x 20.1x 5.4x 62.6x Designs, develops, manufactures, and sells semiconductor devices
5 Nexstar Broadcasting Group, Inc. Class A NXST (0.8)% 8.3% 25.5% 38 3.5% 1,465 2,505 5.0x 14.0x 129.0x 8.4x Provides television broadcasting services
6 Nova Measuring Instruments Ltd NVMI (0.6)% (0.1)% (2.0)% 43 1.8% 241 144 1.4x 12.0x 1.9x 24.6x Develops, produces and markets metrology systems for process control that are integrated into process equipment tools
7 Schlumberger NV SLB (0.4)% (0.9)% 23.3% 67 4.8% 115,365 122,896 2.8x 8.5x 3.0x 18.3x Provides oilfield services such as distributing oil and gas information technologies and providing consulting services
8 Innovative Solutions and Support, Inc. ISSC (0.3)% (9.2)% 24.4% 29 0.6% 121 106 3.0x 33.6x 3.4x 22.9x Manufactures and supplies avionics equipment civil, military, business and commercial markets
9 Harvard Bioscience, Inc. HBIO (0.3)% 10.7% 11.9% 62 (0.8)% 137 121 1.4x 39.9x 1.3x 751.4x Manufactures, develops and markets apparatus and scientific instruments
10 Sodastream International Ltd SODA (0.3)% (9.5)% (14.2)% 36 5.9% 1,170 1,196 2.5x 19.7x 3.9x 30.4x Manufactures and distributes home beverage carbonation systems and related products
11 Royal Dutch Shell Plc Sponsored ADR Class B SC.1 (0.2)% 0.9% 3.9% 69 9.8% 86,159 112,594 0.8x 5.3x 1.2x 10.2x Provides oil refining and distribution services
12 GSI Technology, Inc. GSIT (0.1)% (6.3)% 11.2% 22 0.2% 183 116 2.0x 45.4x 1.3x 130.7x Designs and markets static random access memory integrated circuits
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Global Payments Inc. GPN 7.3% 22.7% 10.3% 52 5.3% 4,568 5,469 1.8x 8.3x 4.3x 15.7x Provides electronic transaction processing, electronic fund transfer and other merchant services
2 Belo Corp. Class A BLC 2.9% 0.0% (1.8)% 16 4.1% 1,426 2,122 3.0x 8.7x 4.2x 15.4x Engaged in the business of television broadcasting
3 Berkshire Hathaway Inc. Class A BRK.A 1.5% 1.5% 1.1% 40 284,290 426,432,600 1.4x 14.7x Provides insurance and investment services
4 Berkshire Hathaway Inc. Class B BRK.B 1.0% 1.6% 1.4% 40 284,380 304,169 1.7x 1.4x 14.7x Provides insurance and investment services
5 Aeroflex Holding Corp. ARX 0.7% (4.7)% (10.8)% 70 0.1% 570 1,094 1.8x 9.2x 2.3x Operates as a holding company with interests in businesses which design, develops, manufactures and markets test, measurement and microelectronic products
6 Occidental Petroleum Corporation OXY 0.4% 1.3% 4.8% 60 5.1% 76,382 80,316 3.2x 5.6x 1.8x 16.4x Explores, develops, produces, and markets crude oil and natural gas
7 Peabody Energy Corporation BTU 0.2% 6.1% 17.8% 90 1.0% 4,941 10,386 1.4x 8.0x 1.1x Mines and markets low-sulfur coal
Century Management AUM Profiled: $ 1,232 Manager: Arnold Van Den Berg and Jim Brillaint
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Jacobs Engineering Group Inc. JEC 5.2% 2.2% 5.5% 53 3.9% 7,833 7,068 0.6x 9.0x 1.9x 17.9x Provides technical, professional, and construction services
2 Cisco Systems, Inc. CSCO 4.8% (10.0)% (3.7)% 83 4.1% 112,760 82,556 1.9x 6.4x 1.9x 12.2x Designs, develops and manufactures networking solutions, including routers, LAN and ATM switches, dial-up access servers, and network management software
3 Newmont Mining Corporation NEM 4.6% (15.2)% (6.2)% 100 2.1% 11,750 19,599 2.5x 36.4x 1.0x Explores and mines for gold and silver
4 Berkshire Hathaway Inc. Class B BRK.B 4.3% 1.6% 1.4% 40 284,380 304,169 1.7x 1.4x 14.7x Provides insurance and investment services
5 Corning Incorporated GLW 4.2% 16.9% 2.5% 75 1.8% 24,689 22,401 2.3x 7.1x 1.1x 11.9x Manufactures specialty glass and ceramics
6 Layne Christensen Company LAYN 3.9% (19.3)% 2.3% 65 (1.8)% 320 412 0.5x 47.6x 1.0x Provides water well, oil drilling, construction, and maintenance services
7 Wells Fargo & Company WFC 3.7% 6.9% 0.1% 34 232,723 259,207 2.7x 1.5x 10.9x Provides banking and financial services
8 Microsoft Corporation MSFT 3.2% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
9 Walter Investment Management Corp. WAC 3.0% (5.0)% 16.9% 28 1,388 14,263 9.5x 1.2x 7.3x Operates as mortgage servicer, asset manager and portfolio owner, which specializes in subprime, non-conforming and other credit-challenged mortgage assets
10 Emerson Electric Co. EMR 3.0% 3.2% 18.6% 14 8.3% 47,702 50,387 2.0x 10.0x 4.5x 23.4x Manufactures and develops process controls systems, valves and analytical instruments
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Fidelity National Financial, Inc. Class A FNF 1.7% 8.5% 11.7% 27 7,209 6,658 0.7x 1.5x 12.7x Provides insurance, mortgage and claims management services
2 POSCO Sponsored ADR PKX 1.2% 7.0% 13.2% 78 1.6% 25,121 45,628 0.7x 0.6x 14.9x Manufactures and distributes steel products
3 Great Lakes Dredge & Dock Corporation GLDD 0.6% 16.8% (5.0)% 29 0.6% 516 777 0.9x 13.9x 2.0x Provides dredging and dock contracting services
4 UCP, Inc. Class A UCP 0.4% 1.6% 48 117 185 2.0x 137.5x 1.3x Operates as a homebuilder and land developer
5 Rubicon Technology, Inc. RBCN 0.1% (17.6)% 51.9% 54 (4.3)% 226 189 4.7x 1.1x Manufactures semiconductor related devices
6 Harvard Bioscience, Inc. HBIO 0.1% 10.7% 11.9% 62 (0.8)% 137 121 1.4x 39.9x 1.3x 751.4x Manufactures, develops and markets apparatus and scientific instruments
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Comstock Mining Inc. LODE 0.4% (3.9)% 9.1% 66 (15.3)% 118 115 5.4x 5.4x Provides exploration and mineing services of gold, silver and other metals
2 Era Group, Inc. ERA 0.2% 19.2% 3.9% 25 1.5% 654 874 2.6x 10.1x 1.5x 32.4x Provides helicopter transport and related services
3 Layne Christensen Company LAYN 0.1% (19.3)% 2.3% 65 (1.8)% 320 412 0.5x 47.6x 1.0x Provides water well, oil drilling, construction, and maintenance services
4 Alcoa Inc. AA 0.1% 17.6% 3.8% 73 1.5% 10,215 20,639 0.8x 7.4x 0.9x 32.5x Produces aluminum, fabricated aluminumand other alloys
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Applied Materials, Inc. AMAT (3.3)% (2.4)% 17.5% 26 3.0% 20,601 20,845 2.9x 17.6x 3.0x 84.3x Manufactures and markets equipment and software for the semiconductor industries
2 Encore Wire Corporation WIRE (0.6)% 20.6% 15.7% 15 4.9% 984 971 0.7x 10.6x 2.2x 20.0x Manufactures copper electrical building wire and cable
3 Jacobs Engineering Group Inc. JEC (0.1)% 2.2% 5.5% 53 3.9% 7,833 7,068 0.6x 9.0x 1.9x 17.9x Provides technical, professional, and construction services
4 Cisco Systems, Inc. CSCO (0.1)% (10.0)% (3.7)% 83 4.1% 112,760 82,556 1.9x 6.4x 1.9x 12.2x Designs, develops and manufactures networking solutions, including routers, LAN and ATM switches, dial-up access servers, and network management software
5 II-VI Incorporated IIVI (0.1)% (13.1)% 15.6% 89 2.3% 1,021 1,060 2.1x 10.7x 1.6x 25.1x Produces crystalline compounds and manufactures optical components
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Apogee Enterprises, Inc. APOG 0.6% 16.7% 23.5% 7 2.6% 995 957 1.0x 12.8x 2.9x 35.8x Installs, fabricates and distributes window systems and curtainwall
2 Benchmark Electronics, Inc. BHE 0.4% (0.2)% 13.9% 38 1.8% 1,234 831 0.3x 7.0x 1.1x 20.3x Provides contract manufacturing and design services to original equipment manufacturers
Cove Street Capital AUM Profiled: $ 492 Manager: Jeff Bronchick
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 SPX Corporation SPW 5.9% 9.8% 17.6% 29 2.3% 4,215 5,395 1.0x 11.6x 2.0x Manufactures and distributes industrial components
2 Approach Resources Inc. AREX 5.7% (22.6)% 7.0% 49 1.3% 794 1,018 7.9x 12.9x 1.2x 146.0x Engages in the exploration, development, production and acquisition of oil and gas properties
3 Graham Holdings Co. GHC 4.4% 6.3% 26.4% 37 2.6% 4,797 4,249 1.1x 6.5x 1.8x 132.7x Provides secondary education and professional training services, broadcasts television and cable, and provides on-line news publishing services
4 Forestar Group Inc. FOR 4.0% (9.8)% 7.3% 67 674 986 3.5x 1.2x 29.1x Provides real estate development services
5 White Mountains Insurance Group, Ltd. WTM 3.9% 6.4% (1.3)% 33 3,729 3,786 1.6x 1.0x 13.1x Provides property and casualty insurance services
6 NeuStar, Inc. Class A NSR 2.8% (0.4)% 1.6% 40 6.6% 3,172 3,493 4.0x 8.9x 5.0x 20.3x Provides communications clearinghouse services
7 CoreLogic, Inc. CLGX 2.6% 30.0% 16.7% 11 3,295 4,046 2.0x 2.9x 18.1x Provides property, financial and consumer information analysis and services
8 Graftech International Ltd GTI 2.5% 31.1% 16.1% 74 0.5% 1,496 2,052 1.4x 9.5x 1.1x 40.2x Manufacturers graphite electrodes, refractory products, advanced graphite materials and natural graphite products
9 American International Group, Inc. AIG 2.4% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
10 Capital One Financial Corporation COF 2.3% 4.9% 9.4% 48 41,570 68,355 2.7x 1.0x 9.9x Operates as a holding company which provides financial products and services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 AZZ incorporated AZZ 1.6% 15.4% 8.6% 12 4.4% 1,232 1,650 2.1x 9.6x 3.4x 16.1x Manufactures specialty equipment and components for power generation, power transmission, and distribution markets
2 Emerald Oil, Inc. EOX 1.5% 0.3% 4.8% 45 (0.1)% 471 224 5.2x 1.5x Operates as an independent oil and natural gas exploration company
3 Apco Oil and Gas International Inc. APAGF 0.7% 9.4% 23.7% 90 2.3% 459 420 2.6x 6.1x 1.5x 17.8x Explores and produces oil and natural gas
4 Winthrop Realty Trust FUR 0.3% 1.3% (7.3)% 64 411 748 7.0x 1.1x 39.1x Operates as a real estate investment trust
5 Greif Class A GEF 0.3% 13.2% (6.9)% 48 3.9% 2,639 3,980 0.9x 8.3x 2.2x 19.8x Provides industrial packaging products and services
6 Chimera Investment Corporation CIM 0.3% (2.0)% 1.3% 95 3,062 6,533 10.0x 0.9x 271.0x Operates as a real estate investment trust
7 Annaly Capital Management, Inc. NLY 0.2% (13.6)% (7.9)% 60 9,484 81,765 24.1x 0.8x 3.4x REIT
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Forestar Group Inc. FOR 2.9% (9.8)% 7.3% 67 674 986 3.5x 1.2x 29.1x Provides real estate development services
2 Graham Holdings Co. GHC 2.6% 6.3% 26.4% 37 2.6% 4,797 4,249 1.1x 6.5x 1.8x 132.7x Provides secondary education and professional training services, broadcasts television and cable, and provides on-line news publishing services
3 Approach Resources Inc. AREX 2.5% (22.6)% 7.0% 49 1.3% 794 1,018 7.9x 12.9x 1.2x 146.0x Engages in the exploration, development, production and acquisition of oil and gas properties
4 SPX Corporation SPW 2.1% 9.8% 17.6% 29 2.3% 4,215 5,395 1.0x 11.6x 2.0x Manufactures and distributes industrial components
5 White Mountains Insurance Group, Ltd. WTM 1.7% 6.4% (1.3)% 33 3,729 3,786 1.6x 1.0x 13.1x Provides property and casualty insurance services
6 Heritage-Crystal Clean, Inc. HCCI 1.7% (0.6)% 23.2% 65 1.5% 329 324 1.2x 25.7x 2.1x 166.4x Provides cleaning and containerized waste services
7 Global Cash Access Holdings, Inc. GCA 1.2% 20.6% 24.8% 60 616 591 0.8x 2.9x 23.0x Provides cash access and related marketing services to gaming industry
8 Avid Technology, Inc. AVID 1.1% 47.3% 2.0% 79 (1.3)% 344 272 0.5x 21.9x 1.0x Provides digital media content-creation products and solutions for film, video, audio and broadcast professionals
9 NeuStar, Inc. Class A NSR 1.0% (0.4)% 1.6% 40 6.6% 3,172 3,493 4.0x 8.9x 5.0x 20.3x Provides communications clearinghouse services
10 Remy International, Inc. REMY 1.0% 9.9% 9.0% 30 3.0% 712 919 0.8x 6.6x 1.5x 16.3x Manufactures and provides alternators, starters and hybrid motors
11 Fair Isaac Corporation FICO 1.0% 5.3% 20.6% 7 5.1% 2,012 2,491 3.2x 12.0x 3.8x 22.2x Provides enterprise decision management solutions
12 Cherokee Inc. CHKE 0.9% 10.6% 1.8% 75 15.0% 121 133 4.3x 8.7x 7.2x 16.5x Markets and manages various brands in various consumer product categories
13 Orient-Express Hotels Ltd. Class A OEH 0.9% 15.3% 6.7% 39 2.5% 1,547 2,068 3.2x 17.3x 1.7x Owns and operates luxury deluxe hotels, restaurants, tourist trains and river cruises businesses
14 Graftech International Ltd GTI 0.9% 31.1% 16.1% 74 0.5% 1,496 2,052 1.4x 9.5x 1.1x 40.2x Manufacturers graphite electrodes, refractory products, advanced graphite materials and natural graphite products
15 Teleflex Incorporated TFX 0.9% 18.4% 6.2% 18 2.6% 4,008 4,877 2.5x 11.8x 2.2x 24.2x Designs mechanical, electrical and hydraulic controls for the automotive, marine, industrial, medical and aerospace markets
16 Live Nation Entertainment, Inc. LYV 0.9% (1.1)% 19.7% 5 3.6% 3,572 4,438 0.7x 11.3x 2.4x Provides live entertainment events promotion and production services
17 CoreLogic, Inc. CLGX 0.9% 30.0% 16.7% 11 3,295 4,046 2.0x 2.9x 18.1x Provides property, financial and consumer information analysis and services
18 Hallmark Financial Services, Inc. HALL 0.9% 6.0% (3.0)% 87 181 16 0.0x 0.8x 26.1x Engages in the sale of property and casualty insurance products
19 HSN, Inc. HSNI 0.9% 6.3% (0.2)% 15 8.4% 3,014 3,235 0.9x 9.6x 6.3x 17.2x Offers innovative, differentiated retail experiences
20 GSI Group Inc. GSIG 0.9% 12.9% 18.7% 18 2.5% 366 396 1.1x 8.8x 1.6x 19.1x Develops and supplies laser based manufacturing systems, instrumentation, and components
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 State Street Corporation STT (0.3)% 10.9% 0.8% 47 32,507 7,711 0.4x 1.6x 15.0x Provides financial products and services to institutional investors
2 Chesapeake Energy Corporation CHK (0.2)% 3.5% 27.0% 76 1.2% 17,811 34,798 2.1x 6.6x 1.4x 19.8x Explores, develops, and produces oil and natural gas properties
3 Star Gas Partners, L.P. SGU (0.2)% 11.0% 0.6% 54 (2.0)% 317 404 0.2x 4.3x 1.1x 9.0x Distributes and sells propane, heating oils and related supplies and equipment
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 The Western Union Company WU 2.3% (10.6)% 9.1% 83 9,217 11,502 2.3x 8.8x 12.3x Provides money transfer services
2 Hewlett-Packard Company HPQ 1.6% 30.2% (15.4)% 77 4.6% 52,504 65,091 0.5x 4.6x 2.1x 9.3x Develops imaging and printing systems, computing systems and information technology solutions
3 Outerwall Inc. OUTR 0.9% 36.0% (14.7)% 77 4.9% 1,885 2,368 0.8x 4.4x 3.2x 8.2x Owns and operates a nationwide network of supermarket-based machines that offer coin counting and other electronic services
4 First Financial Bancorp. FFBC 0.8% 6.3% 1.8% 41 930 1,432 4.1x 1.3x 14.4x Operates as a bank holding company
5 Ruby Tuesday, Inc. RT 0.7% (9.5)% (18.7)% 79 (2.4)% 417 646 0.6x 9.9x 0.8x Operates and owns restaurants
6 W.P. Carey Inc. WPC 0.1% (3.2)% (2.2)% 19 1.1% 4,274 6,698 12.8x 23.7x 2.2x 50.0x Provides corporate real estate financing solutions
7 Macquarie Infrastructure Company LLC MIC 0.1% 0.9% 0.2% 19 1.1% 2,888 3,754 3.6x 46.6x 3.1x 594.9x Private Equity Fund
D3/Nierenberg Investment Management AUM Profiled: $ 127 Manager: David Nierenberg
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Electro Scientific Industries, Inc. ESIO 29.4% (15.5)% 8.6% 46 0.4% 297 174 1.2x 1.2x Manufactures laser systems, test and termination equipment, laser drilling systems and machine vision systems
2 Rosetta Stone Inc. RST 21.7% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
3 C&J Energy Services, Inc. CJES 15.9% 18.9% 3.7% 59 3.0% 1,302 1,423 1.1x 5.4x 1.9x 12.2x Provides coiled tubing and pressure pumping services
4 Move, Inc. MOVE 12.2% (11.6)% 32.3% 20 0.6% 604 590 3.0x 42.9x 5.8x 333.9x Provides online information about real estate business
5 RadiSys Corporation RSYS 11.5% (32.1)% (33.3)% 94 (6.0)% 63 65 0.4x 48.1x 0.6x Designs and manufactures embedded computer products
6 Tecumseh Products Company Class A TECUA 7.9% (2.8)% (18.1)% 29 0.1% 161 177 0.2x 25.2x 0.8x Manufactures and sells hermetic compressors for air conditioning and refrigeration
7 Natus Medical Incorporated BABY 1.3% 56.2% 3.9% 62 3.5% 686 686 1.3x 7.8x 2.4x 23.2x Provides healthcare products
8 Tecumseh Products Company Class B TECUB 0.2% (4.0)% (21.4)% 51 0.1% 154 171 0.7x Manufactures and sells hermetic compressors for air conditioning and refrigeration
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Tecumseh Products Company Class A TECUA 7.9% (2.8)% (18.1)% 29 0.1% 161 177 0.2x 25.2x 0.8x Manufactures and sells hermetic compressors for air conditioning and refrigeration
2 Natus Medical Incorporated BABY 1.3% 56.2% 3.9% 62 3.5% 686 686 1.3x 7.8x 2.4x 23.2x Provides healthcare products
3 Tecumseh Products Company Class B TECUB 0.2% (4.0)% (21.4)% 51 0.1% 154 171 0.7x Manufactures and sells hermetic compressors for air conditioning and refrigeration
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Move, Inc. MOVE (23.6)% (11.6)% 32.3% 20 0.6% 604 590 3.0x 42.9x 5.8x 333.9x Provides online information about real estate business
2 Rosetta Stone Inc. RST (1.5)% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Dalal Street AUM Profiled: $ 460 Manager: Mhnish Pabrai
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 General Motors Co Warrants 2011-10.7.19 on ShsGM.WB 24.0% 15.4% 13.8% 1 47,232 Develops, manufactures and markets cars, trucks and parts
2 Bank of America Corporation BAC 22.5% 14.0% 7.3% 58 167,778 366,434 3.5x 0.8x 21.2x Bank holding company
3 Chesapeake Energy Corporation CHK 18.4% 3.5% 27.0% 76 1.2% 17,811 34,798 2.1x 6.6x 1.4x 19.8x Explores, develops, and produces oil and natural gas properties
4 Citigroup Inc. C 16.5% 8.5% 1.1% 44 159,597 309,422 3.2x 0.8x 12.2x Provides commercial banking services
5 Horsehead Holding Corp. ZINC 13.7% 15.1% (2.7)% 25 (0.8)% 723 870 1.8x 37.2x 1.7x Produces specialty zinc and zinc-based products
6 The Goldman Sachs Group, Inc. GS 4.9% 7.3% 4.6% 50 76,922 325,949 7.8x 1.1x 9.6x Provides investment banking, securities and asset management services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Deccan Value Investors AUM Profiled: $ 327 Manager: Vinit Bodas
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Twenty-First Century Fox, Inc. Class A FOXA 18.5% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
2 Visa Inc. Class A V 14.6% 7.3% 4.6% 3 159,755 126,934 10.0x 4.9x 25.2x Provides credit card services
3 Engility Holdings, Inc. EGL 14.1% 0.3% 11.6% 19 4.7% 548 785 0.5x 5.8x 1.3x 7.0x Provides defense-related system engineering training and support.
4 Tyco International Ltd. TYC 11.1% 7.8% 6.2% 12 5.0% 17,542 18,592 1.6x 10.9x 3.4x 30.9x Manufactures electronic security systems and provides various security services
5 CST Brands, Inc. CST 10.9% 10.3% (3.3)% 53 2,486 3,104 0.3x 7.2x 4.2x Sells motor fuel and convenience merchandise items
6 Coca-Cola Enterprises, Inc. CCE 10.7% 4.8% 14.4% 10 5.2% 10,939 14,760 1.8x 10.8x 5.0x 17.8x Manufactures and distributes non-alcoholic beverages
7 #N/A #N/A 10.7% #VALUE! #N/A
8 Higher One Holdings, Inc. ONE 9.5% 25.8% (34.1)% 92 454 564 2.3x 7.0x 20.7x Provides online banking and financial disbursement services to the higher education industry
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Twenty-First Century Fox, Inc. Class A FOXA 18.5% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Visa Inc. Class A V 4.5% 7.3% 4.6% 3 159,755 126,934 10.0x 4.9x 25.2x Provides credit card services
2 2.4%
3 CST Brands, Inc. CST 1.8% 10.3% (3.3)% 53 2,486 3,104 0.3x 7.2x 4.2x Sells motor fuel and convenience merchandise items
4 Engility Holdings, Inc. EGL 1.3% 0.3% 11.6% 19 4.7% 548 785 0.5x 5.8x 1.3x 7.0x Provides defense-related system engineering training and support.
5 Tyco International Ltd. TYC 1.2% 7.8% 6.2% 12 5.0% 17,542 18,592 1.6x 10.9x 3.4x 30.9x Manufactures electronic security systems and provides various security services
6 Higher One Holdings, Inc. ONE 0.4% 25.8% (34.1)% 92 454 564 2.3x 7.0x 20.7x Provides online banking and financial disbursement services to the higher education industry
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Coca-Cola Enterprises, Inc. CCE (1.8)% 4.8% 14.4% 10 5.2% 10,939 14,760 1.8x 10.8x 5.0x 17.8x Manufactures and distributes non-alcoholic beverages
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 13.7%
Donald Smith & Co AUM Profiled: $ 4,728 Manager: Don Smith
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Micron Technology, Inc. MU 8.3% 21.8% 21.9% 7 2.0% 22,373 27,448 2.1x 8.6x 2.4x 12.3x Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
2 WPX Energy, Inc. Class A WPX 5.5% (1.6)% 1.7% 18 (1.7)% 3,805 5,582 1.9x 7.6x 0.7x Engages in the exploration and production of petroleum and gas reserves
3 Ingram Micro Inc. Class A IM 4.7% 1.6% 21.4% 41 2.8% 3,612 4,018 0.1x 6.1x 0.9x 11.8x Distributes technology products and provides logistics and procurement services
4 Southwest Airlines Co. LUV 4.5% 27.8% 13.0% 49 4.1% 12,966 12,779 0.6x 5.1x 1.8x 16.7x Provides scheduled air transportation services
5 AerCap Holdings NV AER 4.2% 10.3% 11.5% 13 1.7% 2,439 8,109 8.1x 9.4x 1.0x 9.4x Provides leasing and financing services to the aircraft industry
6 Air France-KLM SA Sponsored ADR AFLYY 4.1% 4.1% 11.2% 52 0.5% 3,070 11,429 0.3x 5.6x 0.7x Provides passenger and cargo air transportation services
7 JetBlue Airways Corporation JBLU 4.1% 31.3% 6.0% 69 3.1% 2,470 4,896 0.8x 6.9x 1.2x 17.9x Provides passenger air transportation services
8 Yamana Gold Inc. AUY 4.0% (17.6)% 9.4% 93 1.2% 6,452 7,359 4.3x 8.7x 0.8x 24.8x Engages in acquisition, exploration and development of gold properties
9 American National Insurance Company ANAT 3.2% 20.2% (1.4)% 25 3,170 1,609 0.4x 0.8x 9.9x Provides insurance and financial services
10 Granite Real Estate Investment Trust Stapled Units Cons of 1 Shs of Granite Real Estate Inc + 1 TU Granite REITGRP.U 2.9% (7.0)% 3.2% 30 1,556 1,838 10.3x 1.0x 10.4x Real Estate Investment Trust/REIT
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Ardmore Shipping Corp. ASC 0.5% 0.6% 220 265 8.3x 32.0x Provides seaborne transportation of petroleum products and chemicals
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 WPX Energy, Inc. Class A WPX 1.6% (1.6)% 1.7% 18 (1.7)% 3,805 5,582 1.9x 7.6x 0.7x Engages in the exploration and production of petroleum and gas reserves
2 Yamana Gold Inc. AUY 0.8% (17.6)% 9.4% 93 1.2% 6,452 7,359 4.3x 8.7x 0.8x 24.8x Engages in acquisition, exploration and development of gold properties
3 Air France-KLM SA Sponsored ADR AFLYY 0.8% 4.1% 11.2% 52 0.5% 3,070 11,429 0.3x 5.6x 0.7x Provides passenger and cargo air transportation services
4 AuRico Gold Inc. AUQ 0.3% (5.2)% (12.8)% 93 0.5% 891 977 4.3x 20.4x 0.5x Explores gold and silver
5 Tech Data Corporation TECD 0.2% 3.6% 6.0% 32 4.1% 1,953 1,871 0.1x 1.1x 9.3x Distributes information technology products
6 US Airways Group, Inc. LCC 0.1% 21.5% 15.5% 42 7.1% 4,538 7,192 0.4x 4.1x 3.0x 6.6x Provides air transportation services for passengers and cargo through its subsidiaries
7 Valero Energy Corporation VLO 0.1% 37.1% (1.8)% 50 2.1% 25,268 30,295 0.2x 4.0x 1.4x 7.7x Engages in manufacturing and marketing of transportation fuels, other petrochemical products and power
8 Advantage Oil & Gas Ltd. AAV 0.1% 5.0% (2.8)% 66 0.6% 677 1,133 4.3x 9.1x 0.6x Explores for oil and gas
9 Primero Mining Corp. PPP 0.1% (9.7)% 21.4% 59 2.4% 569 476 2.7x 6.4x 0.8x 17.2x Explores for gold and silver
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Ingram Micro Inc. Class A IM (2.0)% 1.6% 21.4% 41 2.8% 3,612 4,018 0.1x 6.1x 0.9x 11.8x Distributes technology products and provides logistics and procurement services
2 Micron Technology, Inc. MU (1.7)% 21.8% 21.9% 7 2.0% 22,373 27,448 2.1x 8.6x 2.4x 12.3x Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
3 Aircastle Limited AYR (0.9)% 5.5% 8.9% 27 1.7% 1,483 4,344 6.3x 7.0x 0.9x 60.0x Owns and leases commercial aircraft
4 Platinum Underwriters Holdings, Ltd. PTP (0.8)% 4.2% 4.4% 49 1,738 379 0.5x 1.0x 6.4x Operates as a holding company, which through its subsidiaries provides reinsurance services
5 USEC Inc. USU (0.7)% (10.0)% 43.5% 66 (11.1)% 47 558 0.4x Supplies enriched uranium for commercial nuclear power plants
6 Celestica Inc. CLS (0.7)% (8.5)% 16.7% 23 2.7% 1,839 1,334 0.3x 7.1x 1.3x 19.7x Provides electronics manufacturing services
7 CNA Financial Corporation CNA (0.7)% 7.9% 17.0% 20 11,112 9,513 0.9x 0.9x 14.5x Provides property, casualty, and health insurance products and services
8 Bridgepoint Education, Inc. BPI (0.3)% 1.1% 48.1% 72 988 628 1.8x 15.7x Provides postsecondary education services
9 NRG Energy, Inc. NRG (0.3)% (1.8)% 2.4% 49 2.4% 8,675 24,010 2.3x 12.3x 0.9x 15.2x Owns and operates power generation facilities
10 Dana Holding Corporation DAN (0.2)% (13.5)% 18.6% 13 4.2% 2,901 3,807 0.6x 6.2x 3.5x Supplies driveline, sealing, and thermal-management technologies
11 Sanmina-SCI Corporation SANM (0.2)% (13.3)% 21.9% 27 2.9% 1,278 1,557 0.3x 1.2x 19.1x Provides integrated electronics manufacturing services
12 PNM Resources, Inc. PNM (0.1)% 2.3% 2.0% 21 3.4% 1,845 3,778 2.7x 8.3x 1.1x 18.0x Generates and distributes electricity and natural gas
13 American National Insurance Company ANAT (0.1)% 20.2% (1.4)% 25 3,170 1,609 0.4x 0.8x 9.9x Provides insurance and financial services
14 Resolute Forest Products Inc. RFP (0.1)% 22.5% 0.4% 30 1.2% 1,530 1,877 0.4x 4.3x 0.6x Produces and recycles paper, pulp and lumber
15 Coeur Mining, Inc. CDE (0.1)% (13.7)% (9.4)% 93 (0.6)% 1,046 1,145 1.7x 5.7x 0.5x Engages in the development and exploration of silver and gold mining properties
16 Southwest Airlines Co. LUV (0.1)% 27.8% 13.0% 49 4.1% 12,966 12,779 0.6x 5.1x 1.8x 16.7x Provides scheduled air transportation services
17 Haverty Furniture Companies, Inc. HVT (0.1)% 16.6% 6.6% 2 5.3% 644 592 0.7x 7.3x 2.3x 21.3x Owns and operates furniture retail stores
18 Everest RE Group, Ltd. RE (0.1)% 6.6% 13.4% 36 7,424 5,558 0.9x 1.1x 7.7x Provides property and casualty reinsurance services
19 AerCap Holdings NV AER (0.1)% 10.3% 11.5% 13 1.7% 2,439 8,109 8.1x 9.4x 1.0x 9.4x Provides leasing and financing services to the aircraft industry
20 American International Group, Inc. AIG (0.1)% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 StanCorp Financial Group, Inc. SFG 0.3% 17.6% 11.4% 37 2,847 2,559 0.7x 1.3x 12.1x Operates as a holding company with interest in the insurance and asset management businesses
2 0.1%
3 Steel Excel Inc. SXCL 0.1% (4.0)% 1.2% 40 (0.1)% 355 133 1.3x 3.8x 0.8x 17.3x Operates as a capital pool company
First Wilshire Capital Management AUM Profiled: $ 619 Manager: Scott Hood
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American Water Works Company, Inc. AWK 5.2% 1.6% 0.1% 9 3.2% 7,467 13,154 4.5x 10.0x 1.6x 20.2x Provides water and wastewater utility services
2 The Federal Agricultural Mortgage Corporation Class CAGM 4.9% 2.5% 15.6% 22 371 9,601 32.0x 1.2x 5.4x Provides a secondary market for agricultural real estate and rural housing mortgage loans
3 RentACenter, Inc. RCII 4.8% (12.5)% 1.5% 49 2.7% 1,785 2,577 0.9x 2.8x 1.3x 13.2x Provides consumer goods on rental purchase arrangements
4 Tupperware Brands Corporation TUP 4.3% 5.2% 11.2% 2 6.7% 4,603 5,547 2.0x 11.4x 17.0x 18.2x Manufactures and sells consumer products
5 Nature's Sunshine Products, Inc. NATR 4.2% (3.0)% 16.3% 10 5.7% 295 238 0.7x 7.5x 2.9x 15.2x Manufactures and distributes nutritional and personal care products
6 Innospec Inc. IOSP 3.4% 3.2% 16.1% 7 4.7% 1,134 1,192 1.5x 10.4x 3.0x 18.2x Develops and manufactures inorganic and organic fuel additives
7 Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADRSBS 3.4% 2.2% (4.3)% 58 6,958 6,375 1.6x 1.2x 9.1x Plans, executes and operates water, sewage and industrial wastewater systems
8 Owens-Illinois, Inc. OI 3.3% 11.7% 8.0% 30 4.3% 5,532 9,177 1.2x 7.9x 4.6x 29.6x Manufactures and distributes glass and plastic packaging products
9 Mobile Mini, Inc. MINI 2.7% 15.5% 2.7% 16 1.9% 1,821 2,374 5.3x 14.4x 2.2x 69.9x Provides portable storage solutions
10 Wilshire Bancorp, Inc. WIBC 2.6% 27.9% 23.4% 17 740 776 4.1x 2.0x 11.8x Operates as a bank holding company
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Tetra Tech, Inc. TTEK 0.8% 8.1% 10.1% 74 3.4% 1,805 1,890 0.7x 13.6x 1.8x Provides environmental engineering, technical and consulting services
2 Windstream Holdings, Inc. WIN 0.8% 1.0% 3.6% 87 2.2% 4,784 13,520 2.2x 6.1x 5.1x 41.8x Provides telecommunications and IT infrastructure services
3 TOR Minerals International, Inc. TORM 0.2% (9.0)% 5.9% 31 0.6% 32 44 1.1x 13.2x 0.8x 105.9x Manufactures and markets mineral products
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 PRGX Global, Inc. PRGX 0.3% 5.0% 14.0% 64 6.1% 192 157 0.7x 6.5x 1.9x 24.1x Provides information and professional services
2 Essex Rental Corp. ESSX 0.2% (18.5)% (21.1)% 84 (0.2)% 69 280 3.1x 16.3x 1.0x Provides cranes for sale or rent
3 LSB Industries, Inc. LXU 0.2% (5.8)% 10.3% 43 2.7% 709 1,077 1.6x 21.5x 1.9x 27.6x Manufactures and sells air conditioning and chemical components
4 The China Fund Inc CHN 0.2% 6.8% 8.7% 87 364 0.9x Closed-End Investment Fund/Investment Trust
5 Aberdeen Greater China Fund Inc GCH 0.1% 2.3% 3.9% 283 Closed-End Investment Fund/Investment Trust
6 Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADRSBS 0.1% 2.2% (4.3)% 58 6,958 6,375 1.6x 1.2x 9.1x Plans, executes and operates water, sewage and industrial wastewater systems
7 MCG Capital Corporation MCGC 0.1% (7.7)% (3.3)% 26 331 368 7.5x 0.9x 13.6x Private Equity Fund
8 Bank of Commerce Holdings BOCH 0.1% 2.8% 13.9% 50 88 149 3.4x 1.0x 12.5x Bank holding company
9 MFRI, Inc. MFRI 0.1% 11.8% 0.4% 29 4.2% 90 125 0.5x 10.8x 1.3x 231.1x Engages in manufacturing and selling of piping systems, filtration and industrial process cooling products
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Carriage Services Inc. CSV (2.3)% (5.1)% 14.5% 30 1.9% 336 573 2.8x 11.6x 2.2x 19.7x Provides funeral and cemetery services
2 IMAX Corporation IMAX (0.6)% (0.9)% 21.6% 35 1.0% 2,023 2,050 7.9x 35.9x 7.1x 70.3x Designs, manufactures, and leases projection and sound systems for large screen theaters
3 ePlus inc. PLUS (0.1)% 3.9% (13.7)% 6 5.4% 439 420 0.4x 5.6x 1.7x 12.6x Provides information technology products and services, flexible leasing solutions and enterprise supply management
4 DeVry Education Group Inc. DV (0.1)% 16.4% (1.5)% 85 1.5% 2,250 1,982 0.9x 5.0x 1.6x 29.4x Provides educational services
5 Discover Financial Services DFS (0.1)% 4.6% 6.1% 4 25,220 38,099 4.0x 2.5x 10.5x Operates as a bank holding company
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Windstream Holdings, Inc. WIN 0.8% 1.0% 3.6% 87 2.2% 4,784 13,520 2.2x 6.1x 5.1x 41.8x Provides telecommunications and IT infrastructure services
2 John B. Sanfilippo & Son, Inc. JBSS 0.6% 10.3% 15.0% 10 4.2% 279 352 0.4x 5.7x 1.3x 12.4x Processes and markets nuts and snack products
3 NV5 Holdings Inc Units Cons of 1 Sh & 1 Wt 18NVEEU 0.5% 4.8% 37 Operates as a holding company with interests in providing professional and technical consulting and certification services
4 Frontier Communications Corporation Class BFTR 0.2% 10.5% 3.2% 81 2.0% 4,619 12,068 2.4x 5.3x 1.2x 56.2x Provides long distance, wireless, teleconferencing, cable television and basic telephone services
5 Overhill Farms, Inc. OFI 0.1% 97 1.7% 84 0.3x 10.4x 35.8x Manufactures and sells frozen food products
6 Zoetis, Inc. Class A ZTS 0.1% 0.1% 0.7% 84 6.0% 15,575 18,872 4.2x 16.1x 18.5x 39.9x Develops animal vaccines and prescriptions medicines
7 Yongye International, Inc. YONG 0.1% 1.8% 15.7% 75 14.3% 319 407 0.6x 1.8x 0.5x 2.1x Manufactures agricultural chemicals
8 Bank of America Corporation BAC 0.1% 14.0% 7.3% 58 167,778 366,434 3.5x 0.8x 21.2x Bank holding company
Gates Capital Management AUM Profiled: $ 2,517 Manager: Jeff Gates
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Nortek, Inc. NTK 7.8% 5.2% 6.6% 18 3.1% 1,111 2,187 0.9x 9.8x 11.0x Manufactures and distributes building ventilation products for residential and commercial applications
2 DaVita HealthCare Partners Inc. DVA 6.8% 4.0% (5.8)% 62 4.4% 12,590 20,974 1.8x 9.0x 2.9x 21.0x Provides integrated dialysis services for patients suffering from chronic kidney failure
3 McGraw Hill Financial, Inc. MHFI 6.7% 13.2% 23.3% 2 16.6% 20,115 20,779 3.8x 10.6x 21.2x 46.0x Provides credity reporting, investment research and analytics services
4 Rockwood Holdings, Inc. ROC 6.7% 7.5% 4.5% 24 1.4% 5,264 5,988 3.0x 12.3x 2.2x 295.6x Operates as holding company with interest in manufacturing chemical products
5 International Game Technology IGT 6.6% (8.5)% 13.3% 74 4.4% 4,313 5,971 2.7x 7.9x 3.5x 18.6x Designs, manufactures and markets electronic gaming equipment, software and network systems
6 W. R. Grace & Co. GRA 5.5% 11.8% 4.0% 51 20.3% 7,513 6,003 1.7x 8.6x 12.5x 74.7x Manufactures and markets packaging materials, specialty chemicals and building materials
7 Tronox Ltd. TROX 5.5% (12.8)% 21.4% 63 (0.3)% 2,420 3,575 2.0x 13.7x 1.0x Engages in exploration of titanium ore and titanium dioxide
8 Snap-on Incorporated SNA 5.1% 5.8% 11.3% 2 5.1% 6,121 7,024 2.1x 10.2x 3.1x 19.8x Develops, manufactures and markets tools, equipment, diagnostics, repair information and systems solutions
9 Flotek Industries, Inc. FTK 4.3% (10.6)% 28.2% 26 6.2% 1,054 1,210 3.9x 19.9x 4.5x 25.3x Manufactures and markets oilfield products and downhole technologies
10 Starz Inc Class A STRZA 4.2% (1.1)% 27.3% 25 2.5% 3,252 4,314 2.4x 10.2x 33.3x Engages in the media, communications and entertainment industries
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Headwaters Incorporated HW 1.9% 6.9% 1.7% 20 5.1% 703 1,093 1.5x 9.7x 8.3x 99.9x Provides products and services in the light and heavy building materials sectors
2 CF Industries Holdings, Inc. CF 1.2% 2.9% 22.9% 33 4.9% 12,437 13,535 2.3x 4.6x 2.4x 8.0x Manufactures and distributes nitrogenous fertilizers
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 DaVita HealthCare Partners Inc. DVA 3.9% 4.0% (5.8)% 62 4.4% 12,590 20,974 1.8x 9.0x 2.9x 21.0x Provides integrated dialysis services for patients suffering from chronic kidney failure
2 Albemarle Corporation ALB 2.1% 9.5% 1.0% 10 5.1% 5,608 6,427 2.3x 11.7x 3.8x 16.7x Manufactures and markets specialty polymers, chemicals and related products
3 Scripps Networks Interactive, Inc. Class A SNI 1.9% (5.3)% 17.0% 13 7.3% 10,803 12,193 5.2x 11.7x 5.5x 16.7x Operates cable television networks
4 Rockwood Holdings, Inc. ROC 1.3% 7.5% 4.5% 24 1.4% 5,264 5,988 3.0x 12.3x 2.2x 295.6x Operates as holding company with interest in manufacturing chemical products
5 Quanex Building Products Corporation NX 1.1% (8.1)% 11.8% 59 2.5% 642 633 0.7x 16.3x 1.6x Manaufactures engineered materials, components and systems
6 Nortek, Inc. NTK 0.9% 5.2% 6.6% 18 3.1% 1,111 2,187 0.9x 9.8x 11.0x Manufactures and distributes building ventilation products for residential and commercial applications
7 News Corporation Class A NWSA 0.7% 9.9% 5.3% 28 10,216 7,678 0.8x 0.8x Provides publishing services
8 Mueller Industries, Inc. MLI 0.6% 8.5% 10.4% 14 3.9% 1,708 1,657 0.7x 9.3x 2.6x 9.1x Manufactures and sells copper tube and fittings
9 Tronox Ltd. TROX 0.4% (12.8)% 21.4% 63 (0.3)% 2,420 3,575 2.0x 13.7x 1.0x Engages in exploration of titanium ore and titanium dioxide
10 Coach, Inc. COH 0.3% 3.7% (4.5)% 78 14.8% 15,857 15,233 2.9x 8.4x 6.7x 15.0x Manufactures women's handbags, belts and retails custom made clothing
11 McGraw Hill Financial, Inc. MHFI 0.3% 13.2% 23.3% 2 16.6% 20,115 20,779 3.8x 10.6x 21.2x 46.0x Provides credity reporting, investment research and analytics services
12 Starz Inc Class A STRZA 0.1% (1.1)% 27.3% 25 2.5% 3,252 4,314 2.4x 10.2x 33.3x Engages in the media, communications and entertainment industries
13 Mercer International Inc. MERC 0.1% 39.4% 8.7% 43 1.4% 552 1,333 1.1x 9.8x 1.5x Manufactures and sells pulp
14 MGM Resorts International MGM 0.1% (5.9)% 38.3% 54 1.3% 9,424 24,640 2.6x 13.6x 2.2x Provides amusement and recreation services
15 Richardson Electronics, Ltd. RELL 0.1% (3.1)% (3.2)% 60 0.1% 155 30 0.2x 45.6x 0.9x 74.1x Provides engineered solutions and distributes electronic products
16 Interval Leisure Group, Inc. IILG 0.1% 16.0% 18.6% 7 5.8% 1,571 1,670 3.0x 9.4x 4.8x 17.4x Provides vacation membership services
17 International Game Technology IGT 0.1% (8.5)% 13.3% 74 4.4% 4,313 5,971 2.7x 7.9x 3.5x 18.6x Designs, manufactures and markets electronic gaming equipment, software and network systems
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Darling International Inc. DAR (0.7)% (3.5)% 13.4% 45 3.7% 2,414 2,661 1.6x 9.2x 2.1x 21.3x Recycles and process meat by-products
2 MGM Resorts International 4.25% 15-APR-2015 (0.2)% (4.7)% 13.7%
3 Barnes Group Inc. B (0.2)% 3.6% 16.4% 21 2.0% 1,909 2,083 1.8x 10.0x 1.9x 24.3x Provides logistic services and manufactures precision components
4 Darling International Inc. DAR (0.1)% (3.5)% 13.4% 45 3.7% 2,414 2,661 1.6x 9.2x 2.1x 21.3x Recycles and process meat by-products
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Xylem Inc. XYL 7.2% 21.4% 3.7% 45 4.0% 6,283 7,115 1.6x 10.4x 3.1x 22.3x Provides water technology services
2 Ashland Inc. ASH 1.8% (0.4)% 10.8% 4 9.0% 7,128 10,417 1.3x 5.0x 1.8x 10.9x Manufactures and distributes industrial chemicals, resins and petrochemicals
3 Berry Plastics Group, Inc. BERY 1.2% 8.6% (9.5)% 33 2.5% 2,501 6,535 1.3x 8.4x 43.6x Manufactures and markets plastic packaging products
Glenhill Advisors AUM Profiled: $ 1,015 Manager: Glenn Krevlin
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Motorola Solutions, Inc. MSI 5.3% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
2 W. R. Grace & Co. GRA 4.1% 11.8% 4.0% 51 20.3% 7,513 6,003 1.7x 8.6x 12.5x 74.7x Manufactures and markets packaging materials, specialty chemicals and building materials
3 Starwood Property Trust, Inc. STWD 4.0% 15.0% (3.2)% 55 5,383 6,665 12.7x 1.3x 13.5x Provides real estate investment services
4 Covanta Holding Corporation CVA 4.0% (17.9)% 6.8% 58 2,292 4,438 3.0x 2.5x 61.1x Operates as a holding company with interests in waste-to-energy conversion and insurance businesses
5 Autodesk, Inc. ADSK 3.9% 10.3% 21.3% 35 2.9% 10,202 9,117 3.4x 16.8x 4.9x 36.9x Designs and develops multimedia software products
6 Chico's FAS, Inc. CHS 3.6% 11.5% (2.3)% 42 5.1% 2,950 2,634 0.9x 6.4x 2.9x 29.2x Operates women's clothing and accessory retail stores
7 The Pep Boys--Manny, Moe & Jack PBY 3.2% 7.6% 7.7% 40 2.2% 713 858 0.4x 7.7x 1.3x Provides automotive tires, parts, accessories and services
8 Lionbridge Technologies, Inc. LIOX 2.7% 61.0% 27.2% 34 9.0% 378 359 0.5x 8.0x 5.1x 26.4x Provides a suite of globalization solutions
9 NICE Systems Ltd. Sponsored ADR NICE 2.2% (4.9)% 12.1% 61 1.5% 2,391 2,189 2.5x 2.0x 26.4x Provides solutions that capture, manage and analyze unstructured multimedia content and transactional data
10 MicroStrategy Incorporated Class A MSTR 2.2% 20.9% 19.3% 78 1,417 1,179 4.9x 65.1x Provides e-business software and services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Motorola Solutions, Inc. MSI 3.6% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
2 Chico's FAS, Inc. CHS 1.5% 11.5% (2.3)% 42 5.1% 2,950 2,634 0.9x 6.4x 2.9x 29.2x Operates women's clothing and accessory retail stores
3 The Pep Boys--Manny, Moe & Jack PBY 1.1% 7.6% 7.7% 40 2.2% 713 858 0.4x 7.7x 1.3x Provides automotive tires, parts, accessories and services
4 Lionbridge Technologies, Inc. LIOX 0.5% 61.0% 27.2% 34 9.0% 378 359 0.5x 8.0x 5.1x 26.4x Provides a suite of globalization solutions
5 NICE Systems Ltd. Sponsored ADR NICE 0.5% (4.9)% 12.1% 61 1.5% 2,391 2,189 2.5x 2.0x 26.4x Provides solutions that capture, manage and analyze unstructured multimedia content and transactional data
6 MicroStrategy Incorporated Class A MSTR 0.5% 20.9% 19.3% 78 1,417 1,179 4.9x 65.1x Provides e-business software and services
7 Polycom, Inc. PLCM 0.5% (2.7)% 3.7% 86 0.3% 1,812 1,186 0.9x 11.1x 1.3x Provides solutions for video, voice, data and web communication
8 Sinclair Broadcast Group, Inc. Class A SBGI 0.4% (0.3)% 14.1% 4 3.2% 3,336 5,604 4.4x 12.1x 8.2x 22.5x Provides programming services to television and radio stations
9 Red Hat, Inc. RHT 0.4% 0.1% (3.5)% 58 3.9% 8,751 7,977 6.2x 30.9x 6.1x 61.6x Provides open software source solutions
10 Air Products and Chemicals, Inc. APD 0.4% 1.1% 16.4% 17 3.3% 22,577 29,380 2.9x 12.1x 3.2x 22.4x Manufactures hydrogen, helium, and other industrial gases and chemicals
11 Dick's Sporting Goods, Inc. DKS 0.4% 6.1% 6.6% 17 4.4% 7,125 7,193 1.1x 9.9x 4.1x 20.4x Retails sporting goods equipment, apparel and footwear
12 Office Depot, Inc. ODP 0.4% 10.8% 24.8% 53 (0.5)% 1,545 1,481 0.1x 5.6x 2.0x 82.3x Distributes and sells office supplies
13 Apple Inc. AAPL 0.4% 15.6% 20.2% 83 7.8% 495,963 477,554 2.4x 7.4x 4.0x 12.2x Designs, develops, and manufactures microprocessor based personal computers
14 Northeast Utilitites NU 0.3% (0.7)% (1.8)% 34 2.1% 12,906 22,445 3.1x 10.7x 1.4x 16.2x Generates and distributes electricity
15 Johnson & Johnson JNJ 0.3% 8.8% 1.0% 25 5.9% 266,005 261,519 3.4x 10.6x 3.8x 19.3x Operates as an investment holding company with interests in health care products
16 The Clorox Company CLX 0.3% 13.2% (1.7)% 16 8.5% 11,936 14,369 2.3x 11.1x 147.4x 18.9x Manufactures and distributes detergent and cleaning products
17 Exxon Mobil Corporation XOM 0.3% 8.7% (4.8)% 68 5.6% 408,543 432,797 1.0x 6.7x 2.4x 11.2x Explores, develops and distributes crude oil and natural gas
18 Lionbridge Technologies, Inc. LIOX 0.3% 61.0% 27.2% 34 9.0% 378 359 0.5x 8.0x 5.1x 26.4x Provides a suite of globalization solutions
19 Martin Marietta Materials, Inc. MLM 0.3% (0.3)% (0.3)% 52 4.1% 4,525 5,641 2.7x 15.4x 3.1x 43.1x Operates quarries which produce aggregates and magnesia-based chemicals and refractory products
20 Linear Technology Corporation LLTC 0.3% 7.1% 7.7% 45 8.9% 9,943 9,404 6.8x 13.9x 9.4x 23.0x Designs, manufactures & markets integrated circuits
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 W. R. Grace & Co. GRA 3.9% 11.8% 4.0% 51 20.3% 7,513 6,003 1.7x 8.6x 12.5x 74.7x Manufactures and markets packaging materials, specialty chemicals and building materials
2 Autodesk, Inc. ADSK 3.6% 10.3% 21.3% 35 2.9% 10,202 9,117 3.4x 16.8x 4.9x 36.9x Designs and develops multimedia software products
3 Starwood Property Trust, Inc. STWD 3.5% 15.0% (3.2)% 55 5,383 6,665 12.7x 1.3x 13.5x Provides real estate investment services
4 Covanta Holding Corporation CVA 3.2% (17.9)% 6.8% 58 2,292 4,438 3.0x 2.5x 61.1x Operates as a holding company with interests in waste-to-energy conversion and insurance businesses
5 Constellation Brands, Inc. Class A STZ 1.9% 23.2% 10.1% 9 3.8% 13,390 21,099 5.0x 20.0x 3.0x 6.7x Produces and distributes alcoholic beverages
6 Fortinet, Inc. FTNT 1.9% (17.3)% 15.8% 90 3.3% 2,740 2,314 4.9x 30.4x 4.6x 63.3x Provides threat management and network security solutions
7 Family Dollar Stores, Inc. FDO 1.7% (3.7)% 15.6% 29 7.6% 7,979 8,350 0.8x 9.3x 5.0x 18.6x Operates general merchandise retail discount stores
8 Verint Systems Inc. VRNT 1.6% 1.1% 4.5% 58 2.8% 1,997 2,305 2.6x 13.2x 3.7x 51.9x Provides analytic software solutions for communications interception, digital video security and surveillance, and enterprise business intelligence
9 Meritor, Inc. MTOR 1.6% (1.0)% 11.5% 23 24.6% 758 1,722 0.4x 7.7x Manufactures and supplies automobile integrated systems, tandem-drive axles modules and components
10 Jack in the Box Inc. JACK 1.4% 16.0% 1.8% 8 3.8% 1,977 2,470 1.4x 9.1x 4.2x 34.9x Operates and franchises fast-food restaurants
11 Harvest Natural Resources, Inc. HNR 1.3% (29.0)% 72.6% 91 (2.6)% 150 339 0.4x 29.1x Acquires, develops and produces oil and natural gas properties
12 Monsanto Company MON 1.0% 8.5% 5.6% 32 (2.0)% 59,572 58,573 3.4x 12.0x 4.8x 21.4x Wholesales and supplies agricultural products to farmers
13 Orient-Express Hotels Ltd. Class A OEH 1.0% 15.3% 6.7% 39 2.5% 1,547 2,068 3.2x 17.3x 1.7x Owns and operates luxury deluxe hotels, restaurants, tourist trains and river cruises businesses
14 Viacom Inc. Class B VIAB 0.9% (3.3)% 22.9% 6 7.4% 36,044 48,238 3.6x 11.9x 7.0x 17.2x Owns and operates cable networks and media businesses
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Fifth & Pacific Companies, Inc. FNP (0.3)% 30.2% 12.5% 1 2.4% 4,015 4,528 2.2x 42.4x Designs and markets a range of apparel and accessories
2 Sealed Air Corporation SEE (0.2)% 17.0% 13.5% 16 3.1% 6,231 10,635 1.2x 9.6x 4.4x Manufactures protective packaging products
3 Covanta Holding Corporation CVA (0.2)% (17.9)% 6.8% 58 2,292 4,438 3.0x 2.5x 61.1x Operates as a holding company with interests in waste-to-energy conversion and insurance businesses
4 Family Dollar Stores, Inc. FDO (0.2)% (3.7)% 15.6% 29 7.6% 7,979 8,350 0.8x 9.3x 5.0x 18.6x Operates general merchandise retail discount stores
5 Viacom Inc. Class B VIAB (0.1)% (3.3)% 22.9% 6 7.4% 36,044 48,238 3.6x 11.9x 7.0x 17.2x Owns and operates cable networks and media businesses
6 Meritor, Inc. MTOR (0.1)% (1.0)% 11.5% 23 24.6% 758 1,722 0.4x 7.7x Manufactures and supplies automobile integrated systems, tandem-drive axles modules and components
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Motorola Solutions, Inc. MSI 4.4% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
2 The Boeing Company BA 3.8% 14.2% 14.7% 38 9.4% 100,815 96,983 1.0x 10.1x 11.3x 20.8x Develops and manufactures jetliners, aircraft and related products
3 NICE Systems Ltd. Sponsored ADR NICE 3.7% (4.9)% 12.1% 61 1.5% 2,391 2,189 2.5x 2.0x 26.4x Provides solutions that capture, manage and analyze unstructured multimedia content and transactional data
4 The Men's Wearhouse, Inc. MW 3.3% 51.4% (10.0)% 19 2,464 2,487 3.6x 17.1x Operates as a retailer of men's suits
5 The Pep Boys--Manny, Moe & Jack PBY 3.2% 7.6% 7.7% 40 2.2% 713 858 0.4x 7.7x 1.3x Provides automotive tires, parts, accessories and services
6 Lionbridge Technologies, Inc. LIOX 2.5% 61.0% 27.2% 34 9.0% 378 359 0.5x 8.0x 5.1x 26.4x Provides a suite of globalization solutions
7 LKQ Corporation LKQ 2.3% 4.2% 23.8% 6 3.9% 9,984 11,323 2.3x 18.6x 4.4x 32.5x Provides recycled OEM automotive replacement parts and related services
8 The Hain Celestial Group, Inc. HAIN 2.1% 6.4% 18.6% 4 2.6% 3,916 4,603 2.4x 17.7x 3.1x 29.0x Manufactures and distributes organic snack food and personal care products
9 QUALCOMM Incorporated QCOM 1.7% 9.1% 10.2% 86 5.2% 124,072 112,689 4.1x 11.5x 3.4x 17.2x Provides wireless communication systems
10 Liberty Global Plc Class C LBTYK 1.3% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
11 MicroStrategy Incorporated Class A MSTR 1.3% 20.9% 19.3% 78 1,417 1,179 4.9x 65.1x Provides e-business software and services
12 Rock-Tenn Company Class A RKT 1.2% (6.5)% 1.4% 55 4.2% 6,822 9,764 1.1x 7.2x 1.6x 10.2x Manufactures containerboard, recycled paperboard, bleached paperboard, packaging products and merchandising displays
13 Twenty-First Century Fox, Inc. Class A FOXA 1.0% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
14 CACI International Inc Class A CACI 0.7% 4.1% 8.9% 59 3.4% 1,685 2,305 0.6x 6.8x 1.4x 11.1x Provides professional services and information technology solutions
15 Sapient Corporation SAPE 0.7% (2.2)% 19.4% 32 7.1% 2,133 1,892 1.5x 12.0x 3.8x 28.9x Provides consultancy and interactive marketing services
16 Vitamin Shoppe, Inc. VSI 0.5% 21.6% (2.4)% 65 1,617 1,521 3.2x 20.4x Retails and markets vitamins, minerals, herbs
17 Lionbridge Technologies, Inc. LIOX 0.3% 61.0% 27.2% 34 9.0% 378 359 0.5x 8.0x 5.1x 26.4x Provides a suite of globalization solutions
18 Motorola Solutions, Inc. MSI 0.3% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
19 The Boeing Company BA 0.3% 14.2% 14.7% 38 9.4% 100,815 96,983 1.0x 10.1x 11.3x 20.8x Develops and manufactures jetliners, aircraft and related products
20 The Pep Boys--Manny, Moe & Jack PBY 0.3% 7.6% 7.7% 40 2.2% 713 858 0.4x 7.7x 1.3x Provides automotive tires, parts, accessories and services
GoodHaven Capital Management AUM Profiled: $ 422 Manager: Larry Pitkowsky and Keith Trauner
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Hewlett-Packard Company HPQ 12.4% 30.2% (15.4)% 77 4.6% 52,504 65,091 0.5x 4.6x 2.1x 9.3x Develops imaging and printing systems, computing systems and information technology solutions
2 Spectrum Brands Holdings, Inc. SPB 10.4% 5.2% 15.8% 20 3,613 6,821 1.6x 3.9x Engages in the business of consumer products
3 Walter Investment Management Corp. WAC 8.4% (5.0)% 16.9% 28 1,388 14,263 9.5x 1.2x 7.3x Operates as mortgage servicer, asset manager and portfolio owner, which specializes in subprime, non-conforming and other credit-challenged mortgage assets
4 Leucadia National Corporation LUK 7.5% 4.3% 3.9% 84 10,357 16,776 1.6x 1.0x 8.9x Operates as a holding company
5 Microsoft Corporation MSFT 7.2% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
6 Barrick Gold Corporation ABX 6.9% (16.5)% 18.3% 94 2.5% 15,558 31,094 2.5x 1.1x Mines and explores for gold, copper and nickel
7 Google Inc. Class A GOOG 4.7% 20.4% (0.5)% 64 4.3% 352,288 306,441 4.3x 14.0x 4.2x 25.3x Operates an Internet portal and search index website
8 Berkshire Hathaway Inc. Class B BRK.B 4.7% 1.6% 1.4% 40 284,380 304,169 1.7x 1.4x 14.7x Provides insurance and investment services
9 White Mountains Insurance Group, Ltd. WTM 4.6% 6.4% (1.3)% 33 3,729 3,786 1.6x 1.0x 13.1x Provides property and casualty insurance services
10 Staples, Inc. SPLS 4.1% 5.7% (7.7)% 78 5.4% 10,119 10,731 0.5x 6.0x 1.7x 21.6x Operates as office superstores and smaller stores
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Devon Energy Corporation DVN 2.5% 4.8% 11.3% 78 2.4% 24,579 30,146 2.8x 11.0x 1.2x Engages in the exploration, development and production of oil and natural gas properties
2 Sprint Corp. S 1.3% 31.9% 5 (0.4)% 32,244 50,215 1.2x 8.6x 0.0x Provides wireless and wired telecommunications services
3 Goldcorp Inc. GG 1.3% (17.9)% 5.2% 98 17,344 19,264 5.4x 0.8x Explores for and mines gold and other minerals
4 Harbinger Group Inc. HRG 0.9% 13.4% 37.5% 21 1,694 6,221 1.7x Operates as a holding company with interest in insurance and annuity products
5 BlackBerry Limited BBRY 0.6% (19.3)% (24.0)% 97 (15.3)% 3,365 1,018 0.3x 247.0x 0.4x Develops hardware and software solutions for mobile communications
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 WPX Energy, Inc. Class A WPX 1.2% (1.6)% 1.7% 18 (1.7)% 3,805 5,582 1.9x 7.6x 0.7x Engages in the exploration and production of petroleum and gas reserves
2 White Mountains Insurance Group, Ltd. WTM 0.9% 6.4% (1.3)% 33 3,729 3,786 1.6x 1.0x 13.1x Provides property and casualty insurance services
3 Alleghany Corporation Y 0.7% (3.1)% 6.9% 66 6,653 6,530 1.4x 1.0x 21.4x Provides property and casualty reinsurance and insurance and financial services
4 Walter Investment Management Corp. WAC 0.4% (5.0)% 16.9% 28 1,388 14,263 9.5x 1.2x 7.3x Operates as mortgage servicer, asset manager and portfolio owner, which specializes in subprime, non-conforming and other credit-challenged mortgage assets
5 Microsoft Corporation MSFT 0.4% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
6 Hewlett-Packard Company HPQ 0.3% 30.2% (15.4)% 77 4.6% 52,504 65,091 0.5x 4.6x 2.1x 9.3x Develops imaging and printing systems, computing systems and information technology solutions
7 Barrick Gold Corporation ABX 0.2% (16.5)% 18.3% 94 2.5% 15,558 31,094 2.5x 1.1x Mines and explores for gold, copper and nickel
8 PowerShares DB 3x Inverse Japanese Govt Bond Futures ETNJGBD 0.2% (1.5)% (6.3)% Exchange Traded Fund
9 PowerShares DB Inverse Japanese Govt Bond Futures ETNJGBS 0.1% (0.6)% (2.2)% Exchange Traded Fund
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Spectrum Brands Holdings, Inc. SPB (0.6)% 5.2% 15.8% 20 3,613 6,821 1.6x 3.9x Engages in the business of consumer products
2 EXCO Resources, Inc. XCO (0.2)% (23.3)% (11.8)% 48 0.8% 1,125 3,178 5.8x 3,316.5x 4.1x Explores and produces oil and natural gas
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sprint Nextel Corporation S.3 6.1% 4 1.2% 24,361 Provides wireless & wireline voice and data transmission services
2 Dell Inc. DELL 0.5% 0.8% 3.2% 77 2.3% 19,432 0.3x 4.9x 2.3x 18.0x Designs, develops, manufactures and distributes computer systems
3 Era Group, Inc. ERA 0.2% 19.2% 3.9% 25 1.5% 654 874 2.6x 10.1x 1.5x 32.4x Provides helicopter transport and related services
Hodges Capital Management AUM Profiled: $ 1,158 Manager: Craig and Don Hodges
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Texas Pacific Land Trust TPL 3.5% 17.9% 0.2% 19 76.5% 862 842 18.3x 20.2x 49.3x 30.7x Engages in managing and selling land
2 Trinity Industries, Inc. TRN 2.8% 14.4% 18.0% 32 4.0% 4,077 6,572 1.5x 6.7x 1.8x 11.0x Manufactures and sells railcars, barges, wind towers, highway products, containers and steel components
3 Matador Resources Company MTDR 2.5% 32.6% 36.3% 29 4.1% 1,421 1,398 4.5x 9.1x 2.6x 128.3x Explores, develops, produces, and acquires oil and natural gas resources
4 The Boeing Company BA 1.8% 14.2% 14.7% 38 9.4% 100,815 96,983 1.0x 10.1x 11.3x 20.8x Develops and manufactures jetliners, aircraft and related products
5 Delta Air Lines, Inc. DAL 1.6% 22.9% 26.1% 6 13.5% 24,811 32,679 0.8x 5.5x 181.1x 9.8x Provides scheduled air transportation for passengers, freight, and mail services
6 US Airways Group, Inc. LCC 1.6% 21.5% 15.5% 42 7.1% 4,538 7,192 0.4x 4.1x 3.0x 6.6x Provides air transportation services for passengers and cargo through its subsidiaries
7 Luby's, Inc. LUB 1.5% 21.2% (15.0)% 40 0.3% 246 270 0.6x 9.5x 1.4x 58.2x Provides hotel services
8 United States Steel Corporation X 1.5% 27.1% 17.5% 56 0.8% 3,784 7,029 0.4x 8.5x 2.1x Manufactures and supplies integrated steel products
9 Eagle Materials Inc. EXP 1.4% 6.3% 9.5% 11 5.5% 3,851 4,290 5.1x 20.8x 5.0x 37.5x Manufactures and distributes cement, gypsum wallboard, recycled paperboard and concrete
10 Shoe Carnival, Inc. SCVL 1.3% 1.7% 12.5% 5 5.7% 563 510 0.5x 7.3x 1.8x 17.2x Operates as a footwear retailer
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Eagle Materials Inc. EXP 1.4% 6.3% 9.5% 11 5.5% 3,851 4,290 5.1x 20.8x 5.0x 37.5x Manufactures and distributes cement, gypsum wallboard, recycled paperboard and concrete
2 Pacira Pharmaceuticals, Inc. PCRX 1.0% 15.9% 65.8% 5 (10.0)% 1,856 1,874 25.9x 38.0x Develops and manufactures injectable therapeutic products
3 Pilgrim's Pride Corporation PPC 0.9% (2.1)% 12.3% 9 8.9% 4,256 4,846 0.6x 7.3x 3.1x 10.4x Produces, processes, and markets chicken & chicken products
4 Facebook, Inc. Class A FB 0.8% (6.3)% 101.9% 13 5.1% 115,524 110,215 17.2x 37.5x 8.8x 117.6x Develops technologies to provide information through social networks
5 AFC Enterprises, Inc. AFCE 0.7% (3.9)% 21.3% 45 15.1% 1,000 1,064 5.4x 16.7x 18.7x 29.0x Develops, operates and franchises quick-service restaurants
6 Costa Inc. Class A ATX 0.7% 14.1% 12.2% 3 0.2% 287 222 1.5x 11.1x 3.4x Manufactures sports sunglasses
7 EPL Oil & Gas, Inc. EPL 0.6% (22.1)% 26.4% 29 4.3% 1,128 1,734 3.0x 4.3x 1.8x 12.1x Explores and produces oil and natural gas
8 Comstock Resources, Inc. CRK 0.6% 6.9% 1.1% 88 (0.3)% 811 1,448 3.3x 6.2x 0.8x 94.9x Engages in the acquisition, development, production and exploration of oil and natural gas properties
9 Susser Holdings Corporation SUSS 0.6% 21.1% 11.0% 2 3.6% 1,375 1,938 0.3x 9.9x 3.4x 62.3x Operates as an investment holding company with interest in convenience stores and motor fuel
10 Polaris Industries Inc. PII 0.4% 2.9% 36.0% 9 19.8% 9,212 9,186 2.5x 15.0x 9.9x 25.7x Manufactures and markets snowmobiles, all-terrain vehicles, motorcycles and off-road utility vehicles
11 Commercial Metals Company CMC 0.4% 14.9% 14.8% 44 2.1% 2,278 3,300 0.4x 8.2x 1.8x 22.9x Manufactures and distributes steel reinforcing products
12 Jazz Pharmaceuticals Plc JAZZ 0.3% 28.0% 33.8% 26 6.8% 6,848 7,207 6.9x 13.4x 5.7x 15.6x Operates as a specialty biopharmaceutical company, which focuses on the identification, development and commercialization of pharmaceutical products
13 Nexstar Broadcasting Group, Inc. Class A NXST 0.2% 8.3% 25.5% 38 3.5% 1,465 2,505 5.0x 14.0x 129.0x 8.4x Provides television broadcasting services
14 Athlon Energy, Inc. ATHL 0.2% (1.4)% 59 2,649 3,022 12.0x 15.9x 4.4x Explores for oil and gas
15 WhiteWave Foods Co. Class A WWAV 0.1% 7.0% 22.9% 11 3.2% 3,702 4,379 1.7x 15.5x 4.0x 30.7x Operates as a food and beverage company
16 Zep Inc. ZEP 0.1% 15.6% 2.7% 55 3.6% 429 631 0.8x 8.7x 2.3x 20.7x Manufactures and distributes cleaning and maintenance chemical solutions for commercial, industrial, institutional, and consumer end-markets
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Freeport-McMoRan Copper & Gold Inc. FCX 1.0% 3.6% 19.8% 66 5.5% 35,567 59,464 3.0x 8.1x 1.7x 12.1x Operates as copper, gold and molybdenum mining company
2 Trinity Industries, Inc. TRN 1.0% 14.4% 18.0% 32 4.0% 4,077 6,572 1.5x 6.7x 1.8x 11.0x Manufactures and sells railcars, barges, wind towers, highway products, containers and steel components
3 Del Frisco's Restaurant Group, Inc. DFRG 0.7% 3.7% (5.9)% 24 1.8% 498 491 1.9x 12.2x 2.6x 29.9x Develops, owns and operates two upscale steakhouse chains
4 Medical Properties Trust, Inc. MPW 0.5% 6.6% (15.0)% 27 2,096 3,098 12.7x 1.5x 18.4x Operates a real estate investment trust
5 Cliffs Natural Resources Inc. CLF 0.5% 19.3% 26.2% 79 2.9% 3,745 9,515 1.5x 6.7x 0.7x Mines for iron ore
6 Micron Technology, Inc. MU 0.5% 21.8% 21.9% 7 2.0% 22,373 27,448 2.1x 8.6x 2.4x 12.3x Manufactures and distributes advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
7 Encore Wire Corporation WIRE 0.5% 20.6% 15.7% 15 4.9% 984 971 0.7x 10.6x 2.2x 20.0x Manufactures copper electrical building wire and cable
8 Diodes Incorporated DIOD 0.4% (17.7)% (5.7)% 79 2.6% 941 993 1.5x 9.9x 1.3x 48.0x Manufactures and sells semiconductor devices
9 Diana Shipping Inc. DSX 0.4% (5.6)% 20.2% 50 (0.1)% 944 1,016 6.1x 15.8x 0.7x Provides shipping transportation services
10 The New York Times Company Class A NYT 0.4% 11.3% 13.7% 28 1.5% 2,095 2,018 1.1x 6.7x 3.1x 16.5x Operates as a global, multimedia news and information company, which engages in publishing newspapers, digital businesses, investments in paper mills and other investments
11 Michael Kors Holdings Ltd KORS 0.3% 9.7% 20.2% 47 20.4% 16,601 16,155 5.6x 17.4x 12.0x 29.8x Designs and distributes sportswear, accessories, footwear and apparel
12 Spirit Airlines, Inc. SAVE 0.3% 32.0% 8.0% 10 15.3% 3,285 2,762 1.3x 7.1x 4.4x 16.2x Provides air transportation services
13 Matador Resources Company MTDR 0.3% 32.6% 36.3% 29 4.1% 1,421 1,398 4.5x 9.1x 2.6x 128.3x Explores, develops, produces, and acquires oil and natural gas resources
14 Halliburton Company HAL 0.3% 8.0% 15.4% 47 5.5% 44,116 52,712 1.7x 8.5x 3.4x 22.1x Provides products and services to the energy industry for exploring, developing, and producing oil and natural gas
15 Texas Pacific Land Trust TPL 0.3% 17.9% 0.2% 19 76.5% 862 842 18.3x 20.2x 49.3x 30.7x Engages in managing and selling land
16 Texas Capital Bancshares, Inc. TCBI 0.3% 20.7% 3.5% 29 2,269 2,943 5.3x 2.5x 16.3x Bank holding company
17 Hercules Offshore, Inc. HERO 0.3% (14.8)% 4.6% 38 2.3% 1,002 1,872 2.5x 7.6x 1.1x 30.7x Provides shallow-water drilling and marine services
18 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADRTSM 0.2% 2.6% (7.4)% 68 6.7% 90,231 90,620 4.4x 7.2x 3.3x 14.1x Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
19 America's Car-Mart, Inc. CRMT 0.2% (9.3)% 4.3% 39 369 491 1.8x 14.5x Retails, sells and finances used vehicles
20 John Bean Technologies Corporation JBT 0.2% 16.4% 18.4% 21 4.9% 839 933 0.9x 9.4x 7.1x 19.3x Designs and manufactures food processing and ground support equipment for the aviation industry
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Union Pacific Corporation UNP (1.2)% 5.3% 0.7% 4 6.6% 75,317 84,000 3.7x 8.9x 3.6x 17.2x Provides railroad and freight transportation services
2 Legg Mason, Inc. LM (0.7)% 19.2% 7.8% 44 4,808 4,937 1.5x 1.0x Provides securities brokerage, trading and investment services
3 Pandora Media, Inc. P (0.7)% 12.4% 36.6% 63 (0.5)% 5,488 4,769 7.1x 11.3x Provides online music and other related programs
4 Linn Co. LLC LNCO (0.5)% 5.4% (21.7)% 98 (0.1)% 1,070 1,069 0.9x 12.2x Operates as a development stage company
5 On Assignment, Inc. ASGN (0.3)% 1.6% 23.5% 11 3.8% 1,805 2,144 1.3x 13.8x 3.0x 35.5x Provides in-demand, skilled professionals in the growing life sciences, healthcare, and technology sectors
6 The Walt Disney Company DIS (0.3)% 10.0% 2.1% 4 3.8% 124,609 141,363 2.9x 11.1x 2.8x 19.3x Owns and operates amusement parks, hotels, television stations and radio broadcasting stations
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Crocs, Inc. CROX 2.0% (0.3)% (17.6)% 82 3.1% 1,242 887 0.7x 5.6x 1.7x 16.2x Designs, manufactures and retails footwear for men, women and children
2 Kansas City Southern KSU 1.2% 11.4% 3.2% 4 4.1% 13,427 15,443 6.1x 15.1x 4.1x 36.7x Operates as a transportation holding company
3 Costa Inc. Class A ATX 1.1% 14.1% 12.2% 3 0.2% 287 222 1.5x 11.1x 3.4x Manufactures sports sunglasses
4 Briggs & Stratton Corporation BGG 1.0% (0.2)% 1.6% 45 (2.5)% 953 1,054 0.6x 8.5x 1.5x Designs and manufactures air cooled gasoline engines
5 Approach Resources Inc. AREX 0.9% (22.6)% 7.0% 49 1.3% 794 1,018 7.9x 12.9x 1.2x 146.0x Engages in the exploration, development, production and acquisition of oil and gas properties
6 Hibbett Sports, Inc. HIBB 0.9% 15.2% 1.0% 15 10.6% 1,680 1,623 1.7x 11.2x 6.1x 21.1x Owns and operates sports stores
7 Avis Budget Group, Inc. CAR 0.7% 28.7% 0.3% 19 4,009 15,742 1.9x 5.0x Rents cars and trucks
8 Celadon Group, Inc. CGI 0.6% 12.2% 2.3% 26 2.0% 500 807 1.2x 7.7x 2.1x 17.0x Provides transportation and logistics servicess
9 Piper Jaffray Companies PJC 0.5% 9.9% 8.5% 32 599 1,767 3.3x 0.8x 18.7x Provides broker and investment banking services
10 The Middleby Corporation MIDD 0.4% 5.6% 22.8% 19 6.2% 4,214 4,642 3.3x 16.0x 5.4x 27.7x Manufactures and sells commercial food service and food service equipment
11 Cinemark Holdings, Inc. CNK 0.3% 2.9% 13.7% 4 4.6% 3,768 5,306 2.0x 8.9x 3.4x 22.8x Owns and operates movie theaters
12 Cirrus Logic, Inc. CRUS 0.1% (12.4)% 30.5% 64 9.0% 1,260 1,045 1.4x 5.2x 2.1x 10.5x Develops high-precision, analog and mixed-signal integrated circuits for audio and energy markets
13 Sturm, Ruger & Company, Inc. RGR 0.1% 21.1% 30.4% 7 27.6% 1,466 1,458 1.8x 6.5x 9.6x 12.1x Manufactures firearms
Knightsbridge Asset Management AUM Profiled: $ 398 Manager: Alan Beimfohr
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sears Holdings Corporation SHLD 6.8% 1.2% 41.4% 20 (7.2)% 6,408 10,435 0.3x 3.4x Operates as a holding company with interests in retail operations
2 American International Group, Inc. AIG 6.3% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
3 Old Republic International Corporation ORI 6.1% 9.9% 19.7% 25 4,402 3,143 0.5x 1.2x 13.3x Provides risk management and reinsurance services
4 Chesapeake Energy Corporation CHK 5.5% 3.5% 27.0% 76 1.2% 17,811 34,798 2.1x 6.6x 1.4x 19.8x Explores, develops, and produces oil and natural gas properties
5 Bank of America Corporation BAC 5.3% 14.0% 7.3% 58 167,778 366,434 3.5x 0.8x 21.2x Bank holding company
6 Sealed Air Corporation SEE 5.3% 17.0% 13.5% 16 3.1% 6,231 10,635 1.2x 9.6x 4.4x Manufactures protective packaging products
7 General Electric Company GE 5.1% 11.6% 3.0% 41 1.1% 269,729 576,519 3.9x 15.3x 2.2x 17.2x Develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity; manufactures aircraft engines and medical equipment
8 Motorola Solutions, Inc. MSI 5.1% 10.6% 2.9% 4 6.5% 16,987 17,055 1.8x 10.1x 6.3x 15.1x Develops communication and electronic solutions
9 Exelis Inc. XLS 5.0% 12.9% 13.9% 12 7.1% 3,339 3,702 0.7x 5.0x 2.5x 10.5x Provides command, control, communications, computers, intelligence, surveillance and reconnaissance related products and systems
10 Pengrowth Energy Corporation PGH 4.5% 5.9% 20.1% 78 0.4% 3,246 4,256 3.2x 6.0x 0.9x Develops, produces, acquires and explores oil and natural gas reserves
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Sears Holdings Corporation SHLD 6.8% 1.2% 41.4% 20 (7.2)% 6,408 10,435 0.3x 3.4x Operates as a holding company with interests in retail operations
2 Old Republic International Corporation ORI 6.1% 9.9% 19.7% 25 4,402 3,143 0.5x 1.2x 13.3x Provides risk management and reinsurance services
3 Ebix, Inc. EBIX 4.4% 37.5% 7.3% 91 4.0% 519 550 2.0x 4.8x 1.3x 6.1x Provides software and Internet solutions to the property and casualty insurance industry
4 Leidos Holdings, Inc. LDOS 3.8% 7.4% 19.1% 50 3.0% 4,188 4,429 0.6x 7.8x 1.8x 12.8x Provides scientific, engineering, systems integration and technical services and solutions
5 Science Applications International Corp. SAIC 1.6% 9.1% 1,804 1,704 2.9x Provides computer systems intergration, technical engineering, and IT services
6 KCG Holdings, Inc. Class A KCG 0.1% 36.1% (17.4)% 1,447 4,574 1.0x Provides financial services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Getty Realty Corp. GTY 0.1% (7.5)% (5.9)% 82 600 763 7.9x 1.4x 23.3x Operates as a real estate investment trust
2 Newmont Mining Corporation NEM 0.1% (15.2)% (6.2)% 100 2.1% 11,750 19,599 2.5x 36.4x 1.0x Explores and mines for gold and silver
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 H&R Block, Inc. HRB (1.9)% 6.6% (3.9)% 12 (8.2)% 7,786 7,462 2.8x 9.7x 8.1x 20.4x Provides tax, mortgage and financial services
2 Sealed Air Corporation SEE (1.1)% 17.0% 13.5% 16 3.1% 6,231 10,635 1.2x 9.6x 4.4x Manufactures protective packaging products
3 Marriott Vacations Worldwide Corporation VAC (1.0)% 18.4% 1.8% 19 2.7% 1,846 2,341 1.2x 9.4x 1.5x 24.4x Owns and operates tourist resorts & clubs
4 First American Financial Corporation FAF (0.9)% 9.5% 10.5% 19 2,818 2,317 0.4x 1.2x 11.7x Provides insurance and financial services
5 Post Holdings, Inc. POST (0.9)% 24.0% (7.5)% 36 1.2% 1,637 2,486 2.2x 11.3x 1.1x 139.2x Manufactures markets and distributes branded ready-to-eat cereals
6 Cousins Properties Incorporated CUZ (0.9)% 3.5% 1.9% 46 1,924 2,465 9.1x 1.5x 29.3x Operates as a real estate investment trust company
7 The Howard Hughes Corporation HHC (0.8)% 2.4% 0.2% 12 0.3% 4,553 5,406 11.9x 45.2x 2.1x Develops master planned communities and provides other strategic real estate development opportunities across the United States
8 The New York Times Company Class A NYT (0.8)% 11.3% 13.7% 28 1.5% 2,095 2,018 1.1x 6.7x 3.1x 16.5x Operates as a global, multimedia news and information company, which engages in publishing newspapers, digital businesses, investments in paper mills and other investments
9 Exelis Inc. XLS (0.8)% 12.9% 13.9% 12 7.1% 3,339 3,702 0.7x 5.0x 2.5x 10.5x Provides command, control, communications, computers, intelligence, surveillance and reconnaissance related products and systems
10 Gannett Co., Inc. GCI (0.7)% (0.7)% 9.5% 18 4.4% 6,095 7,552 1.4x 7.0x 2.4x 15.7x Provides media and marketing solutions
11 The Babcock & Wilcox Company BWC (0.7)% (4.3)% 12.3% 27 6.8% 3,577 3,285 1.0x 10.5x 3.5x 15.0x Designs, engineers, constructs and services boilers and other power generating equipment
12 The Wendy's Company WEN (0.6)% 1.3% 45.5% 23 1.7% 3,364 4,328 1.7x 11.6x 1.7x 83.2x Operates as fast food restaurants
13 General Electric Company GE (0.6)% 11.6% 3.0% 41 1.1% 269,729 576,519 3.9x 15.3x 2.2x 17.2x Develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity; manufactures aircraft engines and medical equipment
14 MGIC Investment Corporation MTG (0.6)% 9.9% 19.9% 13 2,702 2,690 2.1x 3.8x Provides private mortgage insurance services
15 Popular, Inc. BPOP (0.6)% 6.0% (13.6)% 71 2,876 5,696 2.6x 0.7x 5.2x Operates as a financial holding company, which provides banking and financial services
16 Quality Systems, Inc. QSII (0.5)% 2.4% 16.1% 87 5.8% 1,338 1,251 2.7x 11.9x 4.2x 37.5x Develops computerized information processing systems
17 MBIA Inc. MBI (0.5)% 25.0% (23.1)% 73 2,468 9,395 7.9x 0.8x 2.7x Provides financial guarantees as well as investment management products and services
18 Silver Bay Realty Trust Corp. SBY (0.4)% 0.8% (5.4)% 94 (1.0)% 621 687 19.1x 0.9x Operates as a real estate investment trust
19 Layne Christensen Company LAYN (0.4)% (19.3)% 2.3% 65 (1.8)% 320 412 0.5x 47.6x 1.0x Provides water well, oil drilling, construction, and maintenance services
20 Pengrowth Energy Corporation PGH (0.4)% 5.9% 20.1% 78 0.4% 3,246 4,256 3.2x 6.0x 0.9x Develops, produces, acquires and explores oil and natural gas reserves
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Leidos Holdings, Inc. LDOS 5.5% 7.4% 19.1% 50 3.0% 4,188 4,429 0.6x 7.8x 1.8x 12.8x Provides scientific, engineering, systems integration and technical services and solutions
2 Freeport-McMoRan Copper & Gold Inc. FCX 3.0% 3.6% 19.8% 66 5.5% 35,567 59,464 3.0x 8.1x 1.7x 12.1x Operates as copper, gold and molybdenum mining company
3 Chemtura Corporation CHMT 1.1% 15.5% 13.3% 11 1.6% 2,618 3,129 1.3x 12.2x 2.6x 188.3x Produces and markets plastic additives and chemicals
Kingstown Capital Management AUM Profiled: $ 746 Manager: Guy Shanon and Mike Blitzer
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Vodafone Group Plc Sponsored ADR VOD 10.4% 5.1% 22.4% 19 1.7% 179,171 220,501 3.3x 11.7x 1.3x Provides mobile telecommunication services
2 News Corporation Class A NWSA 9.5% 9.9% 5.3% 28 10,216 7,678 0.8x 0.8x Provides publishing services
3 General Motors Company GM 7.2% 8.7% 8.0% 8 3.7% 54,323 76,885 0.5x 13.4x 1.9x 15.5x Develops, manufactures and markets cars, trucks and parts
4 Vodafone Group Plc Sponsored ADR VOD 6.9% 5.1% 22.4% 19 1.7% 179,171 220,501 3.3x 11.7x 1.3x Provides mobile telecommunication services
5 The Babcock & Wilcox Company BWC 6.3% (4.3)% 12.3% 27 6.8% 3,577 3,285 1.0x 10.5x 3.5x 15.0x Designs, engineers, constructs and services boilers and other power generating equipment
6 SunCoke Energy, Inc. SXC 5.9% 31.8% 21.3% 15 2.2% 1,559 2,222 1.1x 8.4x 2.9x 28.8x Operates metallurgical coke making plants
7 PHH Corporation PHH 5.6% (0.9)% 16.5% 27 1,345 5,774 1.8x 0.8x 10.9x Provides fleet management and mortgage services
8 E*TRADE Financial Corporation ETFC 5.2% 9.7% 30.3% 31 5,198 10,265 4.9x 1.1x Provides online stock brokerage and investing services
9 SunCoke Energy, Inc. SXC 4.9% 31.8% 21.3% 15 2.2% 1,559 2,222 1.1x 8.4x 2.9x 28.8x Operates metallurgical coke making plants
10 Spirit AeroSystems Holdings, Inc. Class A SPR 4.9% 34.0% 12.8% 36 2.3% 4,697 5,390 0.7x 15.7x 2.4x 135.1x Designs and manufactures aerostructures
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 News Corporation Class A NWSA 9.5% 9.9% 5.3% 28 10,216 7,678 0.8x 0.8x Provides publishing services
2 American Homes 4 Rent Class A AMH 2.9% 1.9% 51 3,053 2,995 38.1x 1.1x Focuses on acquiring, renovating, leasing and operating residential homes
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Ryman Hospitality Properties, Inc. RHP 2.8% 21.7% (11.5)% 14 1.1% 2,121 3,628 3.3x 14.8x 2.9x 33.1x Specializes in group-oriented, destination hotel assets in urban and resort markets
2 Vodafone Group Plc Sponsored ADR VOD 1.9% 5.1% 22.4% 19 1.7% 179,171 220,501 3.3x 11.7x 1.3x Provides mobile telecommunication services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Lender Processing Services, Inc. LPS (4.0)% 5.4% 2.8% 40 2,994 3,879 2.0x 4.6x 25.7x Provides mortgage and consumer loan processing services
2 General Dynamics Corporation GD (2.9)% 4.2% 11.7% 40 5.5% 32,128 32,064 1.0x 7.5x 2.5x Designs, builds, overhauls and repairs aircraft and submarines
3 E*TRADE Financial Corporation ETFC (1.9)% 9.7% 30.3% 31 5,198 10,265 4.9x 1.1x Provides online stock brokerage and investing services
4 Blyth, Inc. BTH (0.2)% (10.3)% (0.9)% 18 (6.9)% 199 313 0.4x 6.6x 5.5x Designs, manufactures, markets and distributes scented candles and household convenience products.
5 PHH Corporation PHH (0.2)% (0.9)% 16.5% 27 1,345 5,774 1.8x 0.8x 10.9x Provides fleet management and mortgage services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Forest City Enterprises, Inc. Class A FCE.A 5.9% 2.1% 5.8% 47 3,866 10,338 8.5x 2.3x Provides real estate services
2 Assisted Living Concepts, Inc. Class A ALC 2.5% 73 (1.4)% 450 2.0x 13.9x Provides home care facilities
3 Nordion Inc. NDZ 1.2% (4.6)% 16.6% 89 4.6% 510 270 0.8x 3.1x 1.3x Provides contact drug discovery and development research services
4 Old Republic International Corporation ORI 0.8% 9.9% 19.7% 25 4,402 3,143 0.5x 1.2x 13.3x Provides risk management and reinsurance services
Litespeed Management AUM Profiled: $ 586 Manager: Jamie Zimmerman
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 SandRidge Energy, Inc. SD 13.7% (5.6)% 23.1% 74 2.4% 2,714 6,320 2.3x 6.1x 1.5x Explores and produces oil and natural gas
2 Onyx Pharmaceuticals, Inc. ONXX 11.1% 43.6% 18 (4.0)% 8,545 11.2x Operates as a biopharmaceutical company, which engages in developing innovative therapies that target the molecular mechanisms that cause cancer
3 Freeport-McMoRan Copper & Gold Inc. FCX 10.9% 3.6% 19.8% 66 5.5% 35,567 59,464 3.0x 8.1x 1.7x 12.1x Operates as copper, gold and molybdenum mining company
4 Theravance, Inc. THRX 10.6% (7.4)% 6.1% 37 (9.4)% 4,186 3,830 466.0x 12.7x Operates as a biopharmaceutical company
5 Tronox Ltd. TROX 9.8% (12.8)% 21.4% 63 (0.3)% 2,420 3,575 2.0x 13.7x 1.0x Engages in exploration of titanium ore and titanium dioxide
6 McGraw Hill Financial, Inc. MHFI 9.6% 13.2% 23.3% 2 16.6% 20,115 20,779 3.8x 10.6x 21.2x 46.0x Provides credity reporting, investment research and analytics services
7 Apache Corporation APA 9.0% 7.1% 1.6% 87 2.2% 36,410 46,245 2.6x 4.0x 1.1x 12.9x Explores, develops and produces natural gas, crude oil and natural gas liquids
8 DISH Network Corporation Class A DISH 5.0% 19.6% 5.9% 58 3.3% 24,587 28,639 1.7x 8.7x 35.2x 28.3x Provides satellite delivered digital television services
9 Macquarie Global Infrastructure Total Return Fund IncMGU 4.4% 1.0% 6.0% 303 Closed-End Investment Fund/Investment Trust
10 National Bank Holdings Corporation Class A NBHC 4.3% 1.5% 4.3% 13 948 766 3.3x 1.0x 114.1x Operates as a bank holding company
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Onyx Pharmaceuticals, Inc. ONXX 11.1% 43.6% 18 (4.0)% 8,545 11.2x Operates as a biopharmaceutical company, which engages in developing innovative therapies that target the molecular mechanisms that cause cancer
2 DISH Network Corporation Class A DISH 5.0% 19.6% 5.9% 58 3.3% 24,587 28,639 1.7x 8.7x 35.2x 28.3x Provides satellite delivered digital television services
3 Macquarie Global Infrastructure Total Return Fund IncMGU 4.4% 1.0% 6.0% 303 Closed-End Investment Fund/Investment Trust
4 Dynegy Inc Warrants 2012-2.10.17 on Shs DYN.WS 1.1% (2.2)% (27.0)% 56 837 Produces and sells electric energy, capacity and ancillary systems
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Apache Corporation APA 2.8% 7.1% 1.6% 87 2.2% 36,410 46,245 2.6x 4.0x 1.1x 12.9x Explores, develops and produces natural gas, crude oil and natural gas liquids
2 SandRidge Energy, Inc. SD 0.8% (5.6)% 23.1% 74 2.4% 2,714 6,320 2.3x 6.1x 1.5x Explores and produces oil and natural gas
3 ICU Medical, Inc. ICUI 0.3% (2.5)% (5.7)% 33 3.8% 976 754 2.4x 10.2x 2.3x 26.1x Develops, manufactures, and sells medical technologies
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 T-Mobile US, Inc. TMUS (7.9)% 2.0% 4.7% 38 19,251 37,739 1.6x Provides wireless voice, messaging and data services
2 McGraw Hill Financial, Inc. MHFI (3.5)% 13.2% 23.3% 2 16.6% 20,115 20,779 3.8x 10.6x 21.2x 46.0x Provides credity reporting, investment research and analytics services
3 Anadarko Petroleum Corporation APC (2.9)% (4.8)% 8.2% 26 1.8% 44,495 55,965 4.1x 7.7x 2.0x 26.6x Produces and explores for oil and gas
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Diamond Foods, Inc. DMND 8.3% 2.8% 13.5% 25 1.5% 541 1,115 1.2x 15.2x 3.2x Sells walnuts, pecans, almonds and other culinary nuts
2 Macquarie Infrastructure Company LLC MIC 4.7% 0.9% 0.2% 19 1.1% 2,888 3,754 3.6x 46.6x 3.1x 594.9x Private Equity Fund
3 Gray Television, Inc. GTN 2.4% 54.8% 9.0% 13 1.7% 705 1,495 3.4x 9.2x 4.4x 43.6x Provides television broadcasting, wireless messaging, paging services and newspaper publishing services
Makaira Partners AUM Profiled: $ 471 Manager: Tom Bancroft
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Wesco Aircraft Holdings, Inc WAIR 19.6% (1.9)% 12.7% 10 3.5% 1,934 2,489 2.8x 12.8x 2.3x 19.2x Operates as a holding company
2 Liberty Interactive Corporation Class A LINTA 14.5% 20.3% 2.0% 25 1.9% 15,736 19,291 1.6x 9.3x 2.2x 9.0x Operates and owns interests in video and on-line commerce companies
3 CDW Corp. CDWC 11.9% 14 3.9% 17,692 23.6x Corporate accounted for 66% of 2006 revenues Public Sector, 32% and Berbee, 2%
4 Covanta Holding Corporation CVA 11.0% (17.9)% 6.8% 58 2,292 4,438 3.0x 2.5x 61.1x Operates as a holding company with interests in waste-to-energy conversion and insurance businesses
5 Iron Mountain Incorporated IRM 10.4% 3.7% 1.5% 26 3.3% 5,358 9,220 3.0x 9.9x 5.1x 67.4x Provides electronic records and information management services for warehousing
6 Corrections Corporation of America CXW 8.7% (3.3)% 2.0% 16 2.6% 3,867 5,021 3.0x 12.8x 2.6x 12.1x Develops and manages prisons and other correctional facilities
7 VeriSign, Inc. VRSN 8.7% 12.3% 13.9% 1 17.2% 7,835 8,301 7.7x 12.5x 22.6x Provides internet infrastructure services
8 Capella Education Company CPLA 8.2% 11.3% 35.8% 65 6.3% 780 641 1.3x 6.6x 4.4x 21.0x Provides online postsecondary education services
9 Time Warner Cable Inc. TWC 4.1% 22.6% (0.8)% 11 3.5% 38,565 63,448 2.5x 7.1x 5.8x 17.2x Provides video, high-speed data and voice services
10 Liberty Interactive Corporation Ventures Series ALVNTA 2.9% 36.5% 3.7% 38 0.3% 4,254 9,952 11.4x 32.4x 9.1x Operates and owns interests in video and on-line commerce companies
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 CDW Corp. CDWC 3.4% 14 3.9% 17,692 23.6x Corporate accounted for 66% of 2006 revenues Public Sector, 32% and Berbee, 2%
2 Corrections Corporation of America CXW 2.6% (3.3)% 2.0% 16 2.6% 3,867 5,021 3.0x 12.8x 2.6x 12.1x Develops and manages prisons and other correctional facilities
3 Wesco Aircraft Holdings, Inc WAIR 2.2% (1.9)% 12.7% 10 3.5% 1,934 2,489 2.8x 12.8x 2.3x 19.2x Operates as a holding company
4 Iron Mountain Incorporated IRM 0.8% 3.7% 1.5% 26 3.3% 5,358 9,220 3.0x 9.9x 5.1x 67.4x Provides electronic records and information management services for warehousing
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Time Warner Cable Inc. TWC (4.7)% 22.6% (0.8)% 11 3.5% 38,565 63,448 2.5x 7.1x 5.8x 17.2x Provides video, high-speed data and voice services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 The Western Union Company WU 10.7% (10.6)% 9.1% 83 9,217 11,502 2.3x 8.8x 12.3x Provides money transfer services
North Run Capital AUM Profiled: $ 768 Manager: Tom Ellis and Todd Hammer
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Health Net, Inc. HNT 11.5% (2.4)% (0.4)% 53 2,457 723 0.1x 1.5x 16.1x Provides various health insurance services and other hospital and medical service plans
2 Aetna Inc. AET 8.1% 6.9% 0.8% 42 25,159 30,021 0.6x 1.8x 13.1x Operates as a health care benefits providing company
3 Allegheny Technologies Incorporated ATI 7.9% 7.6% 16.0% 70 (0.4)% 3,545 5,030 1.1x 17.8x 1.4x Manufactures steel and specialty metals
4 Brookdale Senior Living Inc. BKD 7.7% 10.4% (0.5)% 37 1.1% 3,601 6,125 2.0x 14.2x 3.6x Owns and operates senior living communities
5 Hospira, Inc. HSP 7.4% 2.2% 2.4% 71 2.2% 6,650 7,885 1.9x 11.8x 2.3x Provides injectable drugs and infusion technologies
6 General Motors Company GM 6.9% 8.7% 8.0% 8 3.7% 54,323 76,885 0.5x 13.4x 1.9x 15.5x Develops, manufactures and markets cars, trucks and parts
7 Boston Scientific Corporation BSX 6.9% (0.9)% 26.6% 25 2.1% 15,529 19,266 2.7x 12.0x 2.4x Develops, manufactures and markets medical devices
8 Liberty Interactive Corporation Class A LINTA 6.5% 20.3% 2.0% 25 1.9% 15,736 19,291 1.6x 9.3x 2.2x 9.0x Operates and owns interests in video and on-line commerce companies
9 Acacia Research Corporation ACTG 6.4% (36.2)% 3.2% 90 (4.8)% 735 437 4.6x 33.8x 1.2x Develops, acquires, licenses and enforces patented technologies through its subsidiaries
10 Triple-S Management Corporation Class B GTS 3.9% 10.6% (14.3)% 92 559 529 0.2x 0.7x 7.0x Provides insurances services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 The Mosaic Company MOS 3.4% 10.3% (20.1)% 88 1.9% 20,220 17,981 1.7x 1.5x Produces and markets phosphate and potash
2 RadioShack Corporation RSH 0.8% (16.7)% 7.9% 87 (10.0)% 284 436 0.1x 0.7x Sells consumer electronic products
3 Global Eagle Entertainment, Inc. ENT 0.2% 64.0% (7.2)% 77 (1.3)% 883 767 2.4x 182.3x 4.3x Operates as a holding company that provides in-flight entertainment services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Brookdale Senior Living Inc. BKD 3.8% 10.4% (0.5)% 37 1.1% 3,601 6,125 2.0x 14.2x 3.6x Owns and operates senior living communities
2 Health Net, Inc. HNT 2.7% (2.4)% (0.4)% 53 2,457 723 0.1x 1.5x 16.1x Provides various health insurance services and other hospital and medical service plans
3 Acacia Research Corporation ACTG 2.6% (36.2)% 3.2% 90 (4.8)% 735 437 4.6x 33.8x 1.2x Develops, acquires, licenses and enforces patented technologies through its subsidiaries
4 Nordion Inc. NDZ 0.7% (4.6)% 16.6% 89 4.6% 510 270 0.8x 3.1x 1.3x Provides contact drug discovery and development research services
5 pSivida Corp. PSDV 0.1% (28.2)% 6.2% 8 (24.5)% 80 58 41.2x 5.6x Develops miniaturized and injectable drug delivery systems
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 General Motors Company GM (2.2)% 8.7% 8.0% 8 3.7% 54,323 76,885 0.5x 13.4x 1.9x 15.5x Develops, manufactures and markets cars, trucks and parts
2 Hospira, Inc. HSP (2.0)% 2.2% 2.4% 71 2.2% 6,650 7,885 1.9x 11.8x 2.3x Provides injectable drugs and infusion technologies
3 Accretive Health, Inc. AH (1.0)% (9.2)% (15.6)% 90 2.7% 805 639 1.0x 23.0x 3.2x 68.0x Provides healthcare services
4 Christopher & Banks Corporation CBK (0.9)% (14.8)% 7.0% 46 (0.0)% 224 180 0.5x 13.0x 2.9x Owns and operates women's specialty retail stores
5 Boston Scientific Corporation BSX (0.8)% (0.9)% 26.6% 25 2.1% 15,529 19,266 2.7x 12.0x 2.4x Develops, manufactures and markets medical devices
6 Allegheny Technologies Incorporated ATI (0.4)% 7.6% 16.0% 70 (0.4)% 3,545 5,030 1.1x 17.8x 1.4x Manufactures steel and specialty metals
7 New York & Company, Inc. NWY (0.4)% (10.9)% (9.0)% 29 (2.2)% 328 261 0.3x 8.1x 3.1x 62.9x Manufactures and retails women's apparels and accessories
8 Body Central Corp. BODY (0.3)% (35.4)% (54.2)% 99 (17.1)% 66 45 0.3x 0.8x Operates speciality retail stores
9 Triple-S Management Corporation Class B GTS (0.3)% 10.6% (14.3)% 92 559 529 0.2x 0.7x 7.0x Provides insurances services
10 Sanofi SA Contingent Value Rights 2011-31.12.20GCVRZ (0.2)% (70.3)% 6.3% 12,445
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Adobe Systems Incorporated ADBE 4.9% 9.3% 14.0% 39 1.3% 28,374 27,534 5.2x 22.5x 4.2x 52.0x Develops software solutions for web and print publishing
2 Huntsman Corporation HUN 3.6% 12.4% 24.5% 25 4.2% 5,588 9,226 0.8x 8.1x 3.1x 114.5x Manufactures chemicals for the plastics, automotive, and construction industries
3 Xerox Corporation XRX 1.4% 12.1% 13.5% 56 2.1% 14,207 21,912 0.9x 6.4x 1.2x 11.2x Provides business process and document management services
4 Lear Corporation LEA 0.9% 16.1% 18.4% 6 5.7% 6,707 7,074 0.4x 5.6x 2.4x 5.5x Manufactures interior systems and components for automobiles
5 Acxiom Corporation ACXM 0.9% 15.7% 25.2% 7 3.2% 2,468 2,525 2.0x 10.5x 3.8x 42.4x Provides digital marketing, data processing and other IT services
6 Allscripts Healthcare Solutions, Inc. MDRX 0.6% 1.0% 14.9% 74 (1.0)% 2,675 3,159 2.3x 22.8x 2.0x Provides software for healthcare providers
7 Global Power Equipment Group Inc. GLPW 0.5% (4.2)% 24.8% 43 1.3% 328 335 0.7x 12.5x 1.2x 22.5x Manufactures equipment and boiler systems for power plants and industrial uses
8 Tecumseh Products Company Class A TECUA 0.0% (2.8)% (18.1)% 29 0.1% 161 177 0.2x 25.2x 0.8x Manufactures and sells hermetic compressors for air conditioning and refrigeration
Osmium Partners AUM Profiled: $ 182 Manager: John Lewis
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Spark Networks, Inc. LOV 15.3% (32.2)% (1.5)% 26 (12.7)% 135 115 2.6x 7.4x Operates personals websites
2 Franklin Covey Co. FC 9.7% 9.4% 33.4% 7 7.0% 321 340 1.4x 9.9x 3.0x 18.9x Provides training and consulting solutions
3 Rosetta Stone Inc. RST 9.1% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
4 ZipRealty, Inc. ZIPR 8.8% 10.1% 74.8% 2 126 121 1.4x 8.5x Provides residential real estate brokerage services to buyers and sellers
5 Vitacost.com, Inc. VITC 8.1% (34.1)% 0.6% 52 (5.6)% 188 169 0.7x 3.2x Operates as online retailer and direct marketer of health and wellness products
6 ePlus inc. PLUS 6.0% 3.9% (13.7)% 6 5.4% 439 420 0.4x 5.6x 1.7x 12.6x Provides information technology products and services, flexible leasing solutions and enterprise supply management
7 Tucows Inc. TCX 5.3% 33.5% 28.5% 13 11.9% 139 141 0.8x 13.8x 5.3x 29.5x Distributes electronic business services and applications on the Internet
8 Intersections Inc. INTX 4.5% (13.7)% 0.0% 62 (0.0)% 137 118 0.4x 5.4x 1.4x 42.8x Provides consumer and corporate identity risk management services
9 Exa Corporation EXA 4.5% (11.4)% 50.4% 30 (0.5)% 183 154 2.4x 54.3x 5.4x Develops, markets and supports simulation software for the fluids engineering marketplace
10 Harris Interactive Inc. HPOL 3.5% 0.0% 10.5% 24 20.2% 117 101 0.6x 6.9x 6.5x 18.2x Provides on-line market research and polling services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Dynamics Research Corporation DRCO 0.6% (5.9)% 36.4% 52 2.3% 75 157 0.6x 6.4x 0.8x 18.1x Provides technology management services and solutions for government programs
2 American Science and Engineering, Inc. ASEI 0.3% 17.0% 7.7% 65 3.3% 551 389 1.7x 10.3x 2.8x 29.6x Develops, manufactures, markets, and provides research and engineering services
3 Hooper Holmes, Inc. HH 0.2% 14.8% 30.6% 29 38 36 0.4x 2.5x Provides medical and paramedical examinations for the health insurance industry
4 0.1%
5 TechTarget, Inc. TTGT 0.1% 21.9% 11.4% 58 (0.1)% 235 198 1.7x 25.9x 1.2x Provides online content & brand advertising services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Intersections Inc. INTX 3.0% (13.7)% 0.0% 62 (0.0)% 137 118 0.4x 5.4x 1.4x 42.8x Provides consumer and corporate identity risk management services
2 Tucows Inc. TCX 2.2% 33.5% 28.5% 13 11.9% 139 141 0.8x 13.8x 5.3x 29.5x Distributes electronic business services and applications on the Internet
3 A V Homes Inc AVHI 2.2% 11.1% (1.5)% 14 (0.6)% 427 252 1.8x 1.5x Does master home builders, community developers and the development arm of a national company primarily engaged in real estate operations
4 ePlus inc. PLUS 1.6% 3.9% (13.7)% 6 5.4% 439 420 0.4x 5.6x 1.7x 12.6x Provides information technology products and services, flexible leasing solutions and enterprise supply management
5 Rosetta Stone Inc. RST 1.4% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
6 Vitacost.com, Inc. VITC 0.9% (34.1)% 0.6% 52 (5.6)% 188 169 0.7x 3.2x Operates as online retailer and direct marketer of health and wellness products
7 ZipRealty, Inc. ZIPR 0.9% 10.1% 74.8% 2 126 121 1.4x 8.5x Provides residential real estate brokerage services to buyers and sellers
8 AMREP Corporation AXR 0.7% (18.3)% (6.1)% 61 51 52 0.8x 0.6x Develops real estate, constructs single-family homes, and distributes magazines
9 Travelzoo Inc. TZOO 0.6% (21.2)% (2.7)% 63 9.6% 321 243 2.1x 12.2x 0.4x Operates as an internet media company
10 Exa Corporation EXA 0.3% (11.4)% 50.4% 30 (0.5)% 183 154 2.4x 54.3x 5.4x Develops, markets and supports simulation software for the fluids engineering marketplace
11 Autobytel Inc. ABTL 0.3% 76.7% 50.3% 4 3.9% 113 126 0.9x 18.3x 4.0x 29.9x Provides marketing services for automobiles
12 Franklin Covey Co. FC 0.2% 9.4% 33.4% 7 7.0% 321 340 1.4x 9.9x 3.0x 18.9x Provides training and consulting solutions
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Spark Networks, Inc. LOV (14.6)% (32.2)% (1.5)% 26 (12.7)% 135 115 2.6x 7.4x Operates personals websites
2 eGain Corporation EGAN (8.7)% (25.9)% 56.9% 7 (16.2)% 283 271 5.8x 90.7x 58.3x 301.8x Provides cloud-based and on-site customer interaction software
3 eGain Corporation EGAN (8.4)% (25.9)% 56.9% 7 (16.2)% 283 271 5.8x 90.7x 58.3x 301.8x Provides cloud-based and on-site customer interaction software
4 ZipRealty, Inc. ZIPR (7.9)% 10.1% 74.8% 2 126 121 1.4x 8.5x Provides residential real estate brokerage services to buyers and sellers
5 Franklin Covey Co. FC (7.8)% 9.4% 33.4% 7 7.0% 321 340 1.4x 9.9x 3.0x 18.9x Provides training and consulting solutions
6 Vitacost.com, Inc. VITC (6.0)% (34.1)% 0.6% 52 (5.6)% 188 169 0.7x 3.2x Operates as online retailer and direct marketer of health and wellness products
7 Rosetta Stone Inc. RST (6.0)% (27.5)% 10.1% 52 (5.3)% 257 144 0.9x 1.9x Provides language learning software solutions
8 ePlus inc. PLUS (4.3)% 3.9% (13.7)% 6 5.4% 439 420 0.4x 5.6x 1.7x 12.6x Provides information technology products and services, flexible leasing solutions and enterprise supply management
9 Harris Interactive Inc. HPOL (3.4)% 0.0% 10.5% 24 20.2% 117 101 0.6x 6.9x 6.5x 18.2x Provides on-line market research and polling services
10 Reis, Inc. REIS (2.6)% 10.9% (12.6)% 7 1.7% 195 195 5.1x 19.7x 2.6x 21.8x Provides commercial real estate performance information and analysis
11 AMREP Corporation AXR (2.6)% (18.3)% (6.1)% 61 51 52 0.8x 0.6x Develops real estate, constructs single-family homes, and distributes magazines
12 Travelzoo Inc. TZOO (2.5)% (21.2)% (2.7)% 63 9.6% 321 243 2.1x 12.2x 0.4x Operates as an internet media company
13 Reis, Inc. REIS (1.9)% 10.9% (12.6)% 7 1.7% 195 195 5.1x 19.7x 2.6x 21.8x Provides commercial real estate performance information and analysis
14 Internet Patents Corporation PTNT (1.7)% (2.2)% (11.4)% 94 (1.8)% 24 (8) 0.8x Engages in Licenses e-commerce and online insurance distribution patents
15 Intersections Inc. INTX (1.4)% (13.7)% 0.0% 62 (0.0)% 137 118 0.4x 5.4x 1.4x 42.8x Provides consumer and corporate identity risk management services
16 Ambassadors Group, Inc. EPAX (0.3)% 31.6% (2.8)% 86 8.1% 77 36 0.3x 7.7x 1.3x Organizes educational travel programs for students, athletes and professionals
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Envivio, Inc. ENVI 0.3% (8.3)% 55.4% 21 (5.3)% 80 25 0.8x 1.6x Provides VOIP solutions
P2 Capital Partners AUM Profiled: $ 684 Manager: Claus Moller
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 UTi Worldwide Inc. UTIW 24.9% 3.4% (8.3)% 48 1.0% 1,637 1,888 0.4x 18.4x 2.1x Provides supply chain services and solutions
2 Blount International, Inc. BLT 13.1% 17.4% 2.5% 91 3.5% 702 1,117 1.1x 8.1x 4.4x 17.1x Manufactures and markets equipment, replacement, and component parts for agriculture
3 ACI Worldwide, Inc. ACIW 13.0% 17.8% 16.3% 15 4.2% 2,518 3,132 3.4x 13.1x 5.1x 34.0x Installs software products and services for financial institutions
4 MedAssets, Inc., MDAS 10.7% (16.4)% 43.3% 35 1.7% 1,300 2,108 3.5x 11.3x 2.7x 363.1x Provides technology based products and services
5 Forrester Research, Inc. FORR 8.1% 3.2% 0.1% 19 1.7% 749 626 2.0x 15.5x 3.6x 54.8x Provides analysis and insight into technology areas such as computing and software
6 Macquarie Infrastructure Company LLC MIC 7.6% 0.9% 0.2% 19 1.1% 2,888 3,754 3.6x 46.6x 3.1x 594.9x Private Equity Fund
7 PTC Inc. PMTC 7.4% 14.5% 16.0% 15 5.9% 3,893 3,967 2.7x 12.9x 23.9x Develops and provides software based product management and development solutions
8 Mueller Water Products, Inc. Class A MWA 5.3% 6.6% 15.6% 5 3.7% 1,347 1,901 1.6x 11.2x 5.2x 35.1x Manufactures and distributes water infrastructure, flow control and piping component system products for use in water distribution networks and water treatment facilities
9 Bally Technologies, Inc. BYI 3.9% 3.3% 27.7% 8 8.6% 2,902 3,385 3.3x 9.8x 17.4x 19.7x Designs, manufactures, operates, and distributes technology-based gaming devices
10 Epiq Systems, Inc. EPIQ 3.4% 22.3% (2.1)% 85 1.6% 586 863 1.7x 9.3x 1.7x 33.0x Provides integrated technology solutions for the legal profession
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Blount International, Inc. BLT 6.9% 17.4% 2.5% 91 3.5% 702 1,117 1.1x 8.1x 4.4x 17.1x Manufactures and markets equipment, replacement, and component parts for agriculture
2 Macquarie Infrastructure Company LLC MIC 4.5% 0.9% 0.2% 19 1.1% 2,888 3,754 3.6x 46.6x 3.1x 594.9x Private Equity Fund
3 ACI Worldwide, Inc. ACIW 3.0% 17.8% 16.3% 15 4.2% 2,518 3,132 3.4x 13.1x 5.1x 34.0x Installs software products and services for financial institutions
4 PTC Inc. PMTC 3.0% 14.5% 16.0% 15 5.9% 3,893 3,967 2.7x 12.9x 23.9x Develops and provides software based product management and development solutions
5 Epiq Systems, Inc. EPIQ 0.3% 22.3% (2.1)% 85 1.6% 586 863 1.7x 9.3x 1.7x 33.0x Provides integrated technology solutions for the legal profession
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Bally Technologies, Inc. BYI (8.5)% 3.3% 27.7% 8 8.6% 2,902 3,385 3.3x 9.8x 17.4x 19.7x Designs, manufactures, operates, and distributes technology-based gaming devices
2 CBIZ, Inc. CBZ (0.2)% 16.7% 10.9% 89 1.6% 411 566 0.7x 6.7x 1.2x 11.3x Provides financial and employee benefits services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 VCA Antech, Inc. WOOF 7.6% 9.0% 5.3% 64 3.8% 2,657 3,189 1.7x 9.1x 2.0x 46.5x Provides veterinary medical and ancillary pet care services
Raging Capital Management AUM Profiled: $ 581 Manager: William Martin
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Facebook, Inc. Class A FB 6.9% (6.3)% 101.9% 13 5.1% 115,524 110,215 17.2x 37.5x 8.8x 117.6x Develops technologies to provide information through social networks
2 Vitesse Semiconductor Corporation VTSS 5.4% (4.6)% 15.6% 35 (7.8)% 167 101 0.8x 8.3x Designs, develops and markets integrated circuits
3 EQT Corporation EQT 5.1% (4.6)% 11.8% 24 2.7% 12,752 15,734 7.9x 12.1x 3.3x 41.7x Supplies, transmits and distributes natural gas
4 Vonage Holdings Corp. VG 4.4% 1.9% 11.0% 33 2.6% 673 661 0.8x 6.4x 2.1x 18.5x Provides communication services connecting people through broadband devices worldwide
5 Blucora, Inc. BCOR 4.0% 23.9% 23.9% 4 1.1% 1,172 1,167 1.9x 10.0x 2.4x 34.8x Engaged in online service business
6 American Capital, Ltd. ACAS 3.0% 11.3% 8.5% 58 4,325 4,483 7.4x 0.8x 8.9x Private Equity Fund
7 Taro Pharmaceutical Industries Ltd. TARO 2.7% 25.9% 36.0% 3 13.1% 4,283 3,607 3.8x 6.7x 4.1x 11.6x Develops, manufactures and markets pharmaceutical products
8 Alcatel-Lucent SA Sponsored ADR ALU 2.5% 27.8% 94.0% 17 1.3% 11,071 12,521 0.5x 7.8x 5.9x Provides communications solutions to telecommunications companies, Internet service providers and voice, data and video providers
9 Safeway Inc. SWY 2.5% 8.1% 35.2% 45 1.0% 8,537 13,470 0.3x 7.3x 2.6x 14.5x Operates a chain of supermarkets
10 A. M. Castle & Co. CAS 2.4% (13.9)% 2.2% 45 (0.3)% 324 540 0.5x 20.1x 1.0x Distributes metal and plastic products
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American Capital, Ltd. ACAS 3.0% 11.3% 8.5% 58 4,325 4,483 7.4x 0.8x 8.9x Private Equity Fund
2 Alcatel-Lucent SA Sponsored ADR ALU 2.5% 27.8% 94.0% 17 1.3% 11,071 12,521 0.5x 7.8x 5.9x Provides communications solutions to telecommunications companies, Internet service providers and voice, data and video providers
3 Safeway Inc. SWY 2.5% 8.1% 35.2% 45 1.0% 8,537 13,470 0.3x 7.3x 2.6x 14.5x Operates a chain of supermarkets
4 Range Resources Corporation RRC 2.2% 1.2% (1.8)% 36 1.3% 12,549 15,459 8.8x 16.7x 5.2x 88.3x Explores, acquires and develops oil and gas properties
5 OpenTable, Inc. OPEN 1.9% 15.2% 9.4% 62 5.7% 1,875 1,835 8.7x 26.4x 8.9x 54.2x Provides reservation, table and guest management software for restaurants
6 Symmetricom, Inc. SYMM 1.6% 48.9% 7.3% 47 (0.3)% 302 213 0.6x 13.3x 1.5x Develops and manufactures advanced network synchronization systems
7 The Standard Register Company SR 1.2% (38.0)% 259.7% 11 (1.4)% 59 304 0.5x 9.5x Provides document, label, e-business, consulting and print supply chain services
8 Doral Financial Corporation DRL 1.1% (7.6)% 14.9% 78 117 2,148 4.6x 0.3x Bank holding company
9 YRC Worldwide Inc. YRCW 1.0% (43.2)% (41.3)% 50 0.9% 104 1,196 0.3x 5.5x Provides transportation, freight forwarding and logistics management services
10 Abercrombie & Fitch Co. Class A ANF 0.6% (3.8)% (21.8)% 85 (0.0)% 2,599 2,565 0.7x 1.5x 22.8x Operates apparel and personal care stores
11 Gulfport Energy Corporation GPOR 0.4% (8.1)% 36.6% 27 1.1% 4,590 4,814 20.8x 30.1x 2.8x 31.7x Explores for oil and natural gas
12 Bel Fuse Inc. Class B BELFB 0.3% 30.2% 29.7% 65 3.4% 259 211 0.5x 6.9x 1.2x 30.6x Manufactures products used in telecommunications, data transmission and consumer electronics
13 Ezchip Semiconductor Ltd EZCH 0.1% (2.0)% (8.7)% 79 2.1% 695 513 8.0x 28.4x 2.3x 35.2x Develops high performance network processors
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 EQT Corporation EQT 1.7% (4.6)% 11.8% 24 2.7% 12,752 15,734 7.9x 12.1x 3.3x 41.7x Supplies, transmits and distributes natural gas
2 GSI Technology, Inc. GSIT 1.0% (6.3)% 11.2% 22 0.2% 183 116 2.0x 45.4x 1.3x 130.7x Designs and markets static random access memory integrated circuits
3 Vonage Holdings Corp. VG 0.4% 1.9% 11.0% 33 2.6% 673 661 0.8x 6.4x 2.1x 18.5x Provides communication services connecting people through broadband devices worldwide
4 PLX Technology, Inc. PLXT 0.4% 9.3% 26.5% 18 4.1% 301 296 2.6x 20.1x 5.4x 62.6x Designs, develops, manufactures, and sells semiconductor devices
5 Resource America, Inc. Class A REXI 0.4% 15.6% (5.5)% 42 190 2,174 1.3x Operates as asset management company
6 Blucora, Inc. BCOR 0.1% 23.9% 23.9% 4 1.1% 1,172 1,167 1.9x 10.0x 2.4x 34.8x Engaged in online service business
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Facebook, Inc. Class A FB (8.9)% (6.3)% 101.9% 13 5.1% 115,524 110,215 17.2x 37.5x 8.8x 117.6x Develops technologies to provide information through social networks
2 Facebook, Inc. Class A FB (5.8)% (6.3)% 101.9% 13 5.1% 115,524 110,215 17.2x 37.5x 8.8x 117.6x Develops technologies to provide information through social networks
3 Facebook, Inc. Class A FB (4.8)% (6.3)% 101.9% 13 5.1% 115,524 110,215 17.2x 37.5x 8.8x 117.6x Develops technologies to provide information through social networks
4 Taro Pharmaceutical Industries Ltd. TARO (3.0)% 25.9% 36.0% 3 13.1% 4,283 3,607 3.8x 6.7x 4.1x 11.6x Develops, manufactures and markets pharmaceutical products
5 Derma Sciences, Inc. DSCI (1.2)% (4.7)% (7.3)% 11 (7.4)% 204 178 2.4x 2.5x Manufactures and markets skin care and wound care products
6 Saratoga Investment Corp. SAR (1.1)% (17.2)% 6.0% 49 2.4% 73 133 7.1x 11.1x 0.7x 7.7x Private Equity Fund
7 Saratoga Investment Corp. SAR (1.0)% (17.2)% 6.0% 49 2.4% 73 133 7.1x 11.1x 0.7x 7.7x Private Equity Fund
8 A. M. Castle & Co. CAS (0.9)% (13.9)% 2.2% 45 (0.3)% 324 540 0.5x 20.1x 1.0x Distributes metal and plastic products
9 Shiloh Industries, Inc. SHLO (0.8)% 61.8% 25.5% 7 4.7% 361 445 0.5x 6.3x 3.0x 11.7x Manufactures and markets steel blanks, stampings & processed steel
10 Cutera, Inc. CUTR (0.6)% 3.9% 1.1% 39 137 45 1.5x Engages in designing, developing, manufacturing, marketing and servicing of laser and other energy based aesthetics systems
11 Compugen Ltd. CGEN (0.4)% 0.1% 89.0% 32 (19.3)% 394 354 185.4x 14.6x Discovers and researches drug and diagnostics
12 Sigma Designs, Inc. SIGM (0.4)% (0.5)% 10.5% 63 (0.4)% 192 117 0.5x 1.2x Provides connected media platforms for use in home entertainment and control
13 Contango Oil & Gas Company MCF (0.3)% 29.8% 8.9% 74 3.6% 908 587 3.2x 5.5x 1.7x 14.9x Explores for and acquires oil and gas properties
14 Pacific Biosciences of California, Inc. PACB (0.0)% (21.7)% 118.2% 16 (17.3)% 286 172 10.1x 3.4x Develops single molecule real time DNA sequencing platform
15 TheStreet, Inc. TST 0.0% 4.8% 12.4% 81 (1.4)% 74 25 0.4x 1.0x Provides on line business and investment content services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Acxiom Corporation ACXM 5.2% 15.7% 25.2% 7 3.2% 2,468 2,525 2.0x 10.5x 3.8x 42.4x Provides digital marketing, data processing and other IT services
2 Motorcar Parts of America, Inc. MPAA 3.3% 37.3% 38.2% 21 4.1% 253 332 0.8x 17.5x 2.5x 6.3x Remanufactures alternators and starters for passenger vehicles
3 Extreme Networks, Inc. EXTR 3.3% 31.4% 51.7% 4 2.1% 648 446 1.0x 15.7x 3.4x Provides network infrastructure equipment and services
4 Mercury Systems, Inc. MRCY 2.8% 6.9% 8.4% 55 (1.2)% 356 287 1.2x 60.7x 1.0x Designs, manufactures, and markets real-time digital signal processing computer systems
5 ATMI, Inc. ATMI 2.4% 13.2% 12.1% 36 2.2% 956 852 1.8x 9.7x 1.8x 22.1x Provides materials and materials packaging for manufacturing semiconductors and flat panel displays
6 Altisource Residential Corp. Class B RESI 1.3% 24.0% 37.7% 23 1,142 980 1.7x 35.4x Engages in the acquisition and ownership of single family rental assets
7 J. C. Penney Company, Inc. JCP 0.8% 13.7% (48.4)% 65 (5.2)% 3,049 6,494 0.5x 1.0x Retails mens and womens clothing
8 Intermolecular, Inc. IMI 0.7% 0.7% (24.2)% 94 (1.8)% 256 201 2.9x 32.8x 2.9x Develops proprietary technology for the semiconductor and clean-energy industries
9 Cenveo, Inc. CVO 0.7% 15.3% 38.5% 59 3.2% 218 1,472 0.8x 9.0x Manufactures envelopes and packaging products; provides commercial printing services
10 Crimson Exploration Inc. CXPO 0.6% 6.7% 17 1.6% 369 3.0x 4.6x Engages in exploration and development of oil and gas properties
11 The First Marblehead Corporation FMD 0.6% (2.3)% (30.5)% 79 904 (142) (2.9)x 0.5x Operates an education finance company that specializes in program engineering and asset securitization.
12 A V Homes Inc AVHI 0.6% 11.1% (1.5)% 14 (0.6)% 427 252 1.8x 1.5x Does master home builders, community developers and the development arm of a national company primarily engaged in real estate operations
13 Red Lion Hotels Corporation RLH 0.1% 6.3% (13.7)% 87 1.7% 110 158 1.1x 14.2x 0.7x Owns and operates hotels and provides hospitality services
Richmond Hill Investments AUM Profiled: $ 160 Manager: John Liu
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Global Indemnity Plc GBLI 22.3% 5.4% 8.1% 20 676 496 1.6x 0.8x 19.9x Operates as a holding company with interest in insurance and reinsurance businesses
2 American International Group, Inc. AIG 17.4% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
3 Pacific Drilling S.A. PACD 13.8% 4.5% 13.3% 34 1.4% 2,513 4,674 6.2x 12.8x 1.1x 138.5x Provides ultra-deepwater drilling services to the oil and natural gas exploration and production industry
4 Visteon Corporation VC 9.5% 4.2% 19.8% 16 2.7% 3,945 4,690 0.6x 7.8x 2.9x 18.0x Designs, engineers and manufactures automotive vehicles and supplies automotive parts
5 SLM Corporation SLM 9.3% 6.3% 8.9% 38 11,544 156,245 23.5x 2.3x 7.7x Provides financing and loan services to the education market
6 GenCorp Inc. GY 8.9% 12.4% (1.4)% 24 3.6% 1,097 2,002 1.5x 20.4x 7.5x Develops, manufactures, and markets solid and liquid rocket propulsion systems and defense products
7 Oaktree Capital Group, LLC Class A OAK 7.4% 4.7% (0.4)% 52 11.4% 8,278 41,654 19.6x 37.7x 19.1x 8.5x Provides financial services
8 CIT Group Inc. CIT 6.4% 3.8% 4.6% 11 10,134 36,067 9.5x 1.1x 12.7x Provides consumer and business financing, leasing and advisory services
9 American International Group Inc Warrants 2011-19.1.21 on ShsAIG.WS 2.6% 8.2% 3.9% 89 14,212 Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
10 Constellation Energy Partners LLC Class B CEP 2.0% 0.9% 13.8% 40 1.0% 65 77 1.6x 16.4x 0.6x Acquires and develops oil and natural gas properties
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American International Group, Inc. AIG 17.4% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
2 SLM Corporation SLM 9.3% 6.3% 8.9% 38 11,544 156,245 23.5x 2.3x 7.7x Provides financing and loan services to the education market
3 American International Group Inc Warrants 2011-19.1.21 on ShsAIG.WS 2.6% 8.2% 3.9% 89 14,212 Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 CIT Group Inc. CIT (6.6)% 3.8% 4.6% 11 10,134 36,067 9.5x 1.1x 12.7x Provides consumer and business financing, leasing and advisory services
2 Oaktree Capital Group, LLC Class A OAK (4.8)% 4.7% (0.4)% 52 11.4% 8,278 41,654 19.6x 37.7x 19.1x 8.5x Provides financial services
3 Visteon Corporation VC (0.2)% 4.2% 19.8% 16 2.7% 3,945 4,690 0.6x 7.8x 2.9x 18.0x Designs, engineers and manufactures automotive vehicles and supplies automotive parts
4 Constellation Energy Partners LLC Class B CEP (0.1)% 0.9% 13.8% 40 1.0% 65 77 1.6x 16.4x 0.6x Acquires and develops oil and natural gas properties
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 American International Group Inc Warrants 2011-19.1.21 on ShsAIG.WS 14.9% 8.2% 3.9% 89 14,212 Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
2 American International Group, Inc. AIG 2.3% 2.2% 8.8% 71 73,389 56,009 0.9x 0.7x 23.1x Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
Sagard Capital Partners AUM Profiled: $ 302 Manager: Dan Friedberg
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 GP Strategies Corporation GPX 30.5% 11.7% 10.1% 2 5.8% 559 569 1.2x 11.5x 3.0x 22.4x Operates as an investment holding company with interest in training, consulting and engineering services
2 ICF International, Inc. ICFI 18.0% (2.7)% 12.4% 42 3.2% 685 753 0.8x 8.7x 1.5x 17.3x Provides technology and policy consulting and implementation services
3 InnerWorkings, Inc. INWK 11.7% (34.0)% (9.5)% 86 1.1% 332 411 0.7x 22.6x 1.4x 30.7x Provides print management and promotional solutions
4 Altra Holdings, Inc. AIMC 8.7% 9.4% (1.7)% 28 4.1% 795 915 1.2x 8.1x 3.0x 26.2x Manufactures power transmission and motion control products
5 Gibraltar Industries, Inc. ROCK 7.2% 23.7% (2.1)% 29 2.7% 541 679 0.7x 7.7x 1.2x Manufactures expanded metal products, cold-rolled strip steel, coated steel products, and nonferrous metals powder products
6 Multi-Color Corporation LABL 5.7% 9.4% 11.8% 27 2.9% 607 1,024 1.5x 8.7x 2.1x 17.9x Provides label solutions for home and personal care, food and beverage and branded consumer products
7 Gentherm Inc. THRM 5.6% 25.0% 2.8% 70 5.4% 828 885 1.1x 9.1x 3.9x 26.5x Manufactures, develops, designs and markets automotive parts
8 Hudson Global, Inc. HSON 5.0% 8.0% 30.6% 68 (4.5)% 116 81 0.1x 1.4x Provides executive search, specialty staffing, and related consulting services
9 KMG Chemicals, Inc. KMG 2.8% (18.3)% 4.2% 42 2.3% 209 279 1.3x 11.8x 1.8x 27.9x Manufactures and distributes specialty chemicals
10 Checkpoint Systems, Inc. CKP 2.4% (15.9)% 17.7% 35 3.0% 579 585 1.0x 11.5x 1.6x Manufactures and distributes integrated electronic security systems
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Coastal Contacts Inc. COA 1.8% 5.4% 22.1% 24 (14.8)% 215 196 0.6x 6.2x Retails and distributes online vision care products
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Gentherm Inc. THRM 0.1% 25.0% 2.8% 70 5.4% 828 885 1.1x 9.1x 3.9x 26.5x Manufactures, develops, designs and markets automotive parts
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Zygo Corporation ZIGO (1.1)% (5.7)% 0.9% 46 2.2% 282 208 1.5x 12.9x 1.5x 53.3x Designs, manufactures and distributes optical systems and components for metrology
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Sheffield Asset Management AUM Profiled: $ 529 Manager: Craig Albert
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Time Warner Cable Inc. TWC 13.2% 22.6% (0.8)% 11 3.5% 38,565 63,448 2.5x 7.1x 5.8x 17.2x Provides video, high-speed data and voice services
2 Rock-Tenn Company Class A RKT 9.0% (6.5)% 1.4% 55 4.2% 6,822 9,764 1.1x 7.2x 1.6x 10.2x Manufactures containerboard, recycled paperboard, bleached paperboard, packaging products and merchandising displays
3 Charter Communications, Inc. Class A CHTR 8.3% (1.5)% 8.8% 4 1.6% 13,821 27,925 3.6x 10.3x 226.6x Provides cable television and internet services
4 Dollar General Corporation DG 7.2% (0.3)% 12.0% 16 5.3% 18,216 21,030 1.2x 10.1x 3.5x 18.5x Operates retail stores
5 Domtar Corporation UFS 6.5% 7.5% 19.4% 46 1.8% 2,717 3,724 0.7x 5.4x 1.0x 62.5x Manufactures and markets paper products
6 NRG Energy, Inc. NRG 6.3% (1.8)% 2.4% 49 2.4% 8,675 24,010 2.3x 12.3x 0.9x 15.2x Owns and operates power generation facilities
7 Brocade Communications Systems, Inc. BRCD 6.2% 6.8% 39.8% 52 3.8% 3,829 3,776 1.5x 6.3x 1.7x 17.4x Provides data center networking solutions
8 Web.com Group, Inc. WWWW 5.8% (11.8)% 26.4% 11 0.5% 1,440 1,989 4.6x 26.0x 8.8x Provides online marketing services for small businesses
9 Family Dollar Stores, Inc. FDO 5.5% (3.7)% 15.6% 29 7.6% 7,979 8,350 0.8x 9.3x 5.0x 18.6x Operates general merchandise retail discount stores
10 Nielsen Holdings N.V. NLSN 4.7% 17.3% 8.5% 9 2.2% 16,150 22,538 3.6x 13.3x 2.9x 41.6x Provides global information and media services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Nielsen Holdings N.V. NLSN 4.7% 17.3% 8.5% 9 2.2% 16,150 22,538 3.6x 13.3x 2.9x 41.6x Provides global information and media services
2 News Corporation Class A NWSA 4.1% 9.9% 5.3% 28 10,216 7,678 0.8x 0.8x Provides publishing services
3 MRC Global Inc. MRC 3.0% 17.9% (3.0)% 42 3.2% 3,215 4,247 0.7x 8.7x 2.4x 22.5x Operates as a holding company with interests in providing industrial equipment
4 Dolby Laboratories, Inc. Class A DLB 2.4% 4.5% 3.2% 80 3.6% 3,672 3,140 3.3x 9.8x 2.5x 18.8x Develops audio systems for the music and film industries
5 Bridgepoint Education, Inc. BPI 1.9% 1.1% 48.1% 72 988 628 1.8x 15.7x Provides postsecondary education services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Time Warner Cable Inc. TWC 4.2% 22.6% (0.8)% 11 3.5% 38,565 63,448 2.5x 7.1x 5.8x 17.2x Provides video, high-speed data and voice services
2 Domtar Corporation UFS 3.2% 7.5% 19.4% 46 1.8% 2,717 3,724 0.7x 5.4x 1.0x 62.5x Manufactures and markets paper products
3 Brocade Communications Systems, Inc. BRCD 2.0% 6.8% 39.8% 52 3.8% 3,829 3,776 1.5x 6.3x 1.7x 17.4x Provides data center networking solutions
4 PVH Corp. PVH 1.8% 11.2% (5.1)% 11 2.0% 10,768 14,397 2.0x 14.7x 2.7x 46.4x Designs and manufactures men's, women's, and children's apparel and footwear
5 Dollar General Corporation DG 1.4% (0.3)% 12.0% 16 5.3% 18,216 21,030 1.2x 10.1x 3.5x 18.5x Operates retail stores
6 Web.com Group, Inc. WWWW 0.9% (11.8)% 26.4% 11 0.5% 1,440 1,989 4.6x 26.0x 8.8x Provides online marketing services for small businesses
7 Golar LNG Limited GLNG 0.8% (5.0)% 18.1% 84 (0.5)% 2,882 3,348 19.6x 37.9x 1.5x 2.4x Engages in transportation, regasification and liquefaction and trading of liquefied natural gas
8 Rock-Tenn Company Class A RKT 0.2% (6.5)% 1.4% 55 4.2% 6,822 9,764 1.1x 7.2x 1.6x 10.2x Manufactures containerboard, recycled paperboard, bleached paperboard, packaging products and merchandising displays
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Select Comfort Corporation SCSS (2.9)% (14.6)% (2.8)% 69 14.7% 1,149 1,021 1.3x 9.5x 5.1x 20.8x Manufactures air and specialty mattresses
2 NRG Energy, Inc. NRG (2.2)% (1.8)% 2.4% 49 2.4% 8,675 24,010 2.3x 12.3x 0.9x 15.2x Owns and operates power generation facilities
3 Family Dollar Stores, Inc. FDO (1.7)% (3.7)% 15.6% 29 7.6% 7,979 8,350 0.8x 9.3x 5.0x 18.6x Operates general merchandise retail discount stores
4 Tronox Ltd. TROX (1.7)% (12.8)% 21.4% 63 (0.3)% 2,420 3,575 2.0x 13.7x 1.0x Engages in exploration of titanium ore and titanium dioxide
5 Charter Communications, Inc. Class A CHTR (1.0)% (1.5)% 8.8% 4 1.6% 13,821 27,925 3.6x 10.3x 226.6x Provides cable television and internet services
6 Aeropostale, Inc. ARO (0.2)% 3.7% (31.9)% 93 (11.1)% 765 665 0.5x 24.2x 2.1x Retails casual apparel and accessories
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Moody's Corporation MCO 4.2% 6.3% 15.4% 44 13.3% 16,074 16,736 5.3x 12.1x 57.1x 20.9x Provides credit rating, research and risk analysis covering debt instruments services
2 The Whitewave Foods Company Class B WWAV.B 3.9% 32.8% 20 3.2% 4,171 31.0x Operates as a food and beverage company
3 Staples, Inc. SPLS 3.8% 5.7% (7.7)% 78 5.4% 10,119 10,731 0.5x 6.0x 1.7x 21.6x Operates as office superstores and smaller stores
4 Health Net, Inc. HNT 3.4% (2.4)% (0.4)% 53 2,457 723 0.1x 1.5x 16.1x Provides various health insurance services and other hospital and medical service plans
5 Devon Energy Corporation DVN 2.6% 4.8% 11.3% 78 2.4% 24,579 30,146 2.8x 11.0x 1.2x Engages in the exploration, development and production of oil and natural gas properties
SPO Advisory AUM Profiled: $ 6,834 Manager: John Scully
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Liberty Global Plc Class C LBTYK 14.1% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
2 The Charles Schwab Corporation SCHW 13.7% 17.5% (0.4)% 53 32,011 4,070 (0.1)x 3.5x 30.2x Provides securities brokerage and other financial services
3 Pioneer Natural Resources Company PXD 11.9% (5.7)% 30.4% 4 2.9% 24,698 27,036 8.7x 28.0x 3.3x 46.9x Operates as an oil and gas exploration and production company
4 Charter Communications, Inc. Class A CHTR 11.7% (1.5)% 8.8% 4 1.6% 13,821 27,925 3.6x 10.3x 226.6x Provides cable television and internet services
5 Equinix, Inc. EQIX 9.1% (13.1)% (0.6)% 53 2.0% 7,885 11,947 6.3x 14.6x 3.2x 115.0x Operates networked data centers
6 Crown Castle International Corp. CCI 8.7% 2.7% 0.9% 35 1.8% 24,650 32,267 10.9x 18.8x 7.4x 228.2x Owns, operates and leases towers and other infrastructure for wireless communications
7 Calpine Corporation CPN 8.3% (2.3)% (8.5)% 17 4.0% 8,260 18,198 3.0x 13.6x 2.2x 40.5x Develops, constructs and operates power generation facilities
8 Visa Inc. Class A V 6.7% 7.3% 4.6% 3 159,755 126,934 10.0x 4.9x 25.2x Provides credit card services
9 Lamar Advertising Company Class A LAMR 3.2% 5.2% 8.4% 28 2.3% 4,681 6,655 5.2x 12.2x 5.0x 112.0x Provides outdoor advertising, marketing and other promotional services
10 Progressive Waste Solutions Ltd. BIN 2.8% 0.2% 19.6% 31 2.0% 2,970 4,554 2.3x 8.6x 2.3x 32.2x Provides waste management collection and disposal services
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Equinix, Inc. EQIX 2.5% (13.1)% (0.6)% 53 2.0% 7,885 11,947 6.3x 14.6x 3.2x 115.0x Operates networked data centers
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Liberty Global Plc Class C LBTYK (16.2)% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
2 The Charles Schwab Corporation SCHW (13.7)% 17.5% (0.4)% 53 32,011 4,070 (0.1)x 3.5x 30.2x Provides securities brokerage and other financial services
3 Pioneer Natural Resources Company PXD (12.6)% (5.7)% 30.4% 4 2.9% 24,698 27,036 8.7x 28.0x 3.3x 46.9x Operates as an oil and gas exploration and production company
4 Charter Communications, Inc. Class A CHTR (11.1)% (1.5)% 8.8% 4 1.6% 13,821 27,925 3.6x 10.3x 226.6x Provides cable television and internet services
5 Calpine Corporation CPN (10.8)% (2.3)% (8.5)% 17 4.0% 8,260 18,198 3.0x 13.6x 2.2x 40.5x Develops, constructs and operates power generation facilities
6 Visa Inc. Class A V (9.5)% 7.3% 4.6% 3 159,755 126,934 10.0x 4.9x 25.2x Provides credit card services
7 Crown Castle International Corp. CCI (8.3)% 2.7% 0.9% 35 1.8% 24,650 32,267 10.9x 18.8x 7.4x 228.2x Owns, operates and leases towers and other infrastructure for wireless communications
8 Equinix, Inc. EQIX (6.1)% (13.1)% (0.6)% 53 2.0% 7,885 11,947 6.3x 14.6x 3.2x 115.0x Operates networked data centers
9 Lamar Advertising Company Class A LAMR (5.3)% 5.2% 8.4% 28 2.3% 4,681 6,655 5.2x 12.2x 5.0x 112.0x Provides outdoor advertising, marketing and other promotional services
10 Visa Inc. Class A V (3.2)% 7.3% 4.6% 3 159,755 126,934 10.0x 4.9x 25.2x Provides credit card services
11 Calpine Corporation CPN (2.8)% (2.3)% (8.5)% 17 4.0% 8,260 18,198 3.0x 13.6x 2.2x 40.5x Develops, constructs and operates power generation facilities
12 Progressive Waste Solutions Ltd. BIN (2.7)% 0.2% 19.6% 31 2.0% 2,970 4,554 2.3x 8.6x 2.3x 32.2x Provides waste management collection and disposal services
13 Liberty Global Plc Class C LBTYK (2.5)% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
14 Martin Marietta Materials, Inc. MLM (2.4)% (0.3)% (0.3)% 52 4.1% 4,525 5,641 2.7x 15.4x 3.1x 43.1x Operates quarries which produce aggregates and magnesia-based chemicals and refractory products
15 Lamar Advertising Company Class A LAMR (2.3)% 5.2% 8.4% 28 2.3% 4,681 6,655 5.2x 12.2x 5.0x 112.0x Provides outdoor advertising, marketing and other promotional services
16 Resolute Energy Corporation REN (1.9)% 5.3% 4.8% 83 1.8% 676 1,329 4.0x 8.4x 1.0x 418.0x Explores for oil and gas
17 Pioneer Natural Resources Company PXD (1.3)% (5.7)% 30.4% 4 2.9% 24,698 27,036 8.7x 28.0x 3.3x 46.9x Operates as an oil and gas exploration and production company
18 Quicksilver Resources Inc. KWK (0.6)% 50.8% 17.3% 37 3.5% 527 2,251 3.1x Engages in acquisition, exploration, development and production of natural gas and oil reserves
19 The Charles Schwab Corporation SCHW (0.5)% 17.5% (0.4)% 53 32,011 4,070 (0.1)x 3.5x 30.2x Provides securities brokerage and other financial services
20 PetroQuest Energy, Inc. PQ (0.4)% 1.0% 1.3% 35 3.3% 261 662 3.9x 9.1x 2.6x Explores and develops oil and gas properties
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Advent Software, Inc. ADVS 3.6% 8.1% (9.4)% 9 6.4% 1,751 2,159 5.4x 25.6x 66.1x Offers software and services that automate work flows and data across investment management organizations
2 Advent Software, Inc. ADVS 0.3% 8.1% (9.4)% 9 6.4% 1,751 2,159 5.4x 25.6x 66.1x Offers software and services that automate work flows and data across investment management organizations
Tinicum Inc AUM Profiled: $ 148 Manager: Eric Ruttenberg
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Forum Energy Technologies, Inc. FET 48.6% (0.5)% (11.2)% 39 3.7% 2,490 3,050 2.1x 12.0x 1.9x 21.3x Manufactures and supplies oilfield equipment
2 Breeze-Eastern Corporation BZC 21.8% (2.7)% 11.0% 58 (0.7)% 92 88 1.2x 11.3x 2.0x 23.2x Designs and manufactures engineered defense and aerospace products
3 Veeco Instruments Inc. VECO 14.5% (14.6)% 5.1% 49 (1.1)% 1,247 664 2.4x 1.6x Manufactures instruments and equipment for nanoscale applications in the global semiconductor, data storage, telecommunications/wireless, and scientific research markets
4 Vishay Precision Group, Inc. VPG 5.3% 9.6% (3.9)% 50 0.8% 219 182 0.7x 6.8x 1.1x 22.0x Designs, manufactures and markets foil technology products
5 Accuride Corporation ACW 3.9% (34.2)% 1.6% 37 (0.2)% 161 473 0.8x 15.0x 5.6x Manufactures motor vehicle parts and accessories
6 Universal Stainless & Alloy Products, Inc. USAP 2.3% 6.8% 9.2% 35 (0.7)% 240 334 1.7x 19.7x 1.2x Manufactures and markets semi-finished and finished specialty steel products
7 LMI Aerospace, Inc. LMIA 0.9% (10.4)% (28.7)% 72 2.0% 154 447 1.2x 9.6x 0.7x 17.8x Manufactures aerospace close tolerance aluminum and specialty alloy components
8 GSI Group Inc. GSIG 0.8% 12.9% 18.7% 18 2.5% 366 396 1.1x 8.8x 1.6x 19.1x Develops and supplies laser based manufacturing systems, instrumentation, and components
9 Edwards Group Ltd. ADR EVAC 0.7% 2.9% 15.9% 43 6.2% 1,144 1,491 1.4x 6.9x 2.3x 15.1x Operates as a holding company with interest in manufacturing exhaust management equipment and vacuum products
10 Material Sciences Corporation MASC 0.5% 10.6% (6.8)% 28 1.5% 107 69 0.6x 5.9x 1.1x 17.3x Designs, manufactures and marketing of material-based solutions for acoustical & coated applications
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 IPG Photonics Corporation IPGP 0.4% 26.8% (7.2)% 49 23.0% 3,694 3,359 4.1x 10.2x 4.2x 19.1x Designs, develops and manufactures fiber lasers and amplifiers for semiconductors
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Universal Stainless & Alloy Products, Inc. USAP 0.5% 6.8% 9.2% 35 (0.7)% 240 334 1.7x 19.7x 1.2x Manufactures and markets semi-finished and finished specialty steel products
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Accuride Corporation ACW (5.2)% (34.2)% 1.6% 37 (0.2)% 161 473 0.8x 15.0x 5.6x Manufactures motor vehicle parts and accessories
2 Material Sciences Corporation MASC (0.2)% 10.6% (6.8)% 28 1.5% 107 69 0.6x 5.9x 1.1x 17.3x Designs, manufactures and marketing of material-based solutions for acoustical & coated applications
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Simpson Manufacturing Co., Inc. SSD 5.6% 8.6% 10.7% 26 3.9% 1,718 1,502 2.0x 13.2x 2.1x 32.2x Designs, engineers, and makes structural connectors, anchors and other construction products
2 Haynes International, Inc. HAYN 0.6% 17.6% (5.5)% 55 656 585 1.8x 26.0x Manufactures nickel and cobalt based alloys
3 Twin Disc, incorporated TWIN 0.1% 6.4% 10.3% 32 3.0% 313 314 1.0x 11.7x 2.2x 77.9x Designs, manufactures and sells marine and heavy duty off-highway power transmission equipment
4 Limoneira Company LMNR 0.1% (1.1)% 23.9% 90 7.0% 338 389 4.1x 35.9x 3.7x 54.7x Grows and markets fruits and nuts
5 KEMET Corporation KEM 0.1% 43.1% 1.7% 49 0.4% 270 615 0.7x 14.0x 1.1x Engages in the manufacture of various capacitors
Weitz Investment Management AUM Profiled: $ 2,657 Manager: Wally Weitz
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Valeant Pharmaceuticals International, Inc. VRX 8.0% 5.2% 21.2% 4 2.2% 36,654 53,548 11.0x 22.0x 7.4x Manufactures and markets pharmaceutical products
2 Aon plc AON 5.4% 10.0% 15.7% 2 24,644 29,502 2.3x 3.3x 22.4x Provides insurance brokerage, risk management and human capital consulting services
3 Berkshire Hathaway Inc. Class B BRK.B 4.8% 1.6% 1.4% 40 284,380 304,169 1.7x 1.4x 14.7x Provides insurance and investment services
4 DIRECTV DTV 4.5% 12.0% (3.0)% 49 9.3% 36,750 54,485 1.6x 6.4x 11.5x Provides digital television entertainment services
5 Redwood Trust, Inc. RWT 4.4% (6.2)% 15.8% 36 1,522 4,590 21.1x 1.3x 9.2x Invests in residential real estate loans
6 Liberty Global Plc Class C LBTYK 4.3% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
7 Texas Instruments Incorporated TXN 4.1% 6.3% 15.6% 12 5.2% 46,858 49,130 3.8x 12.7x 4.2x 23.8x Designs, manufactures and sells integrated circuit semiconductors and calculators
8 Wells Fargo & Company WFC 4.0% 6.9% 0.1% 34 232,723 259,207 2.7x 1.5x 10.9x Provides banking and financial services
9 Liberty Interactive Corporation Class A LINTA 3.5% 20.3% 2.0% 25 1.9% 15,736 19,291 1.6x 9.3x 2.2x 9.0x Operates and owns interests in video and on-line commerce companies
10 Apache Corporation APA 3.4% 7.1% 1.6% 87 2.2% 36,410 46,245 2.6x 4.0x 1.1x 12.9x Explores, develops and produces natural gas, crude oil and natural gas liquids
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Outerwall Inc. OUTR 1.1% 36.0% (14.7)% 77 4.9% 1,885 2,368 0.8x 4.4x 3.2x 8.2x Owns and operates a nationwide network of supermarket-based machines that offer coin counting and other electronic services
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 TransDigm Group Incorporated TDG 1.1% 11.7% (11.5)% 6 4.3% 8,142 13,978 6.8x 15.3x 57.3x Designs, produces and supplies engineered aircraft component products
2 Range Resources Corporation RRC 0.5% 1.2% (1.8)% 36 1.3% 12,549 15,459 8.8x 16.7x 5.2x 88.3x Explores, acquires and develops oil and gas properties
3 Apache Corporation APA 0.4% 7.1% 1.6% 87 2.2% 36,410 46,245 2.6x 4.0x 1.1x 12.9x Explores, develops and produces natural gas, crude oil and natural gas liquids
4 Redwood Trust, Inc. RWT 0.4% (6.2)% 15.8% 36 1,522 4,590 21.1x 1.3x 9.2x Invests in residential real estate loans
5 World Fuel Services Corporation INT 0.4% 5.3% (6.7)% 80 3.3% 2,860 2,973 0.1x 9.5x 1.7x 13.8x Sells and markets marine, aviation and land fuel products
6 FTI Consulting, Inc. FCN 0.3% 22.0% 14.9% 77 3.2% 1,854 2,372 1.3x 7.6x 1.8x Provides business advisory services
7 ACI Worldwide, Inc. ACIW 0.3% 17.8% 16.3% 15 4.2% 2,518 3,132 3.4x 13.1x 5.1x 34.0x Installs software products and services for financial institutions
8 Laboratory Corporation of America Holdings LH 0.3% 1.0% (1.0)% 70 4.7% 8,749 11,609 2.0x 9.1x 3.4x 16.3x Provides medical testing services
9 Liberty Interactive Corporation Class A LINTA 0.2% 20.3% 2.0% 25 1.9% 15,736 19,291 1.6x 9.3x 2.2x 9.0x Operates and owns interests in video and on-line commerce companies
10 Proshares Short 20+ Year Treasury TBF 0.2% 1.7% 2.1% 1,080 Exchange Traded Fund
11 Martin Marietta Materials, Inc. MLM 0.2% (0.3)% (0.3)% 52 4.1% 4,525 5,641 2.7x 15.4x 3.1x 43.1x Operates quarries which produce aggregates and magnesia-based chemicals and refractory products
12 Liberty Interactive Corporation Ventures Series ALVNTA 0.1% 36.5% 3.7% 38 0.3% 4,254 9,952 11.4x 32.4x 9.1x Operates and owns interests in video and on-line commerce companies
13 Liberty Global Plc Class C LBTYK 0.1% 7.3% 11.1% 19 1.2% 32,364 73,514 2.7x Provides cable television and internet services
14 Google Inc. Class A GOOG 0.1% 20.4% (0.5)% 64 4.3% 352,288 306,441 4.3x 14.0x 4.2x 25.3x Operates an Internet portal and search index website
15 Brown & Brown, Inc. BRO 0.1% (1.4)% (0.4)% 45 4.2% 4,601 4,568 3.5x 10.2x 2.3x 22.1x Provides insurance brokerage services and casualty insurance underwriting services
16 Berkshire Hathaway Inc. Class B BRK.B 0.1% 1.6% 1.4% 40 284,380 304,169 1.7x 1.4x 14.7x Provides insurance and investment services
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Omnicare, Inc. OCR (1.3)% 3.2% 16.3% 16 2.7% 5,899 7,301 1.1x 10.6x 1.8x 63.1x Provides professional pharmacy and related consulting services
2 DIRECTV DTV (0.6)% 12.0% (3.0)% 49 9.3% 36,750 54,485 1.6x 6.4x 11.5x Provides digital television entertainment services
3 Aon plc AON (0.4)% 10.0% 15.7% 2 24,644 29,502 2.3x 3.3x 22.4x Provides insurance brokerage, risk management and human capital consulting services
4 Omnicom Group Inc OMC (0.2)% 13.5% 0.9% 26 5.4% 18,783 21,890 1.4x 9.2x 6.1x 17.1x Provides marketing, communications and advertising related services
5 Valeant Pharmaceuticals International, Inc. VRX (0.2)% 5.2% 21.2% 4 2.2% 36,654 53,548 11.0x 22.0x 7.4x Manufactures and markets pharmaceutical products
6 FLIR Systems, Inc. FLIR (0.2)% (6.5)% 16.4% 76 3.3% 4,158 4,132 3.0x 12.2x 2.6x 20.4x Engages in the designing, manufacturing and marketing of thermal imaging infrared cameras
7 Texas Instruments Incorporated TXN (0.2)% 6.3% 15.6% 12 5.2% 46,858 49,130 3.8x 12.7x 4.2x 23.8x Designs, manufactures and sells integrated circuit semiconductors and calculators
8 Live Nation Entertainment, Inc. LYV (0.1)% (1.1)% 19.7% 5 3.6% 3,572 4,438 0.7x 11.3x 2.4x Provides live entertainment events promotion and production services
9 Prestige Brands Holdings, Inc. PBH (0.1)% 15.1% 3.4% 5 3.6% 1,775 2,763 4.0x 11.5x 3.3x 18.4x Markets over-the-counter drugs, household cleaning and personal care products
10 Sapient Corporation SAPE (0.1)% (2.2)% 19.4% 32 7.1% 2,133 1,892 1.5x 12.0x 3.8x 28.9x Provides consultancy and interactive marketing services
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Outerwall Inc. OUTR 1.4% 36.0% (14.7)% 77 4.9% 1,885 2,368 0.8x 4.4x 3.2x 8.2x Owns and operates a nationwide network of supermarket-based machines that offer coin counting and other electronic services
2 SandRidge Energy, Inc. SD 0.3% (5.6)% 23.1% 74 2.4% 2,714 6,320 2.3x 6.1x 1.5x Explores and produces oil and natural gas
3 The Mosaic Company MOS 0.3% 10.3% (20.1)% 88 1.9% 20,220 17,981 1.7x 1.5x Produces and markets phosphate and potash
Wynnefield Capital AUM Profiled: $ 265 Manager: Nelson Obus and Josh Landes
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Federal Signal Corporation FSS 12.1% 18.9% 47.1% 5 5.1% 958 1,074 1.1x 12.1x 3.3x 5.9x Designs and manufactures products and solutions of safety and security systems
2 Nature's Sunshine Products, Inc. NATR 10.8% (3.0)% 16.3% 10 5.7% 295 238 0.7x 7.5x 2.9x 15.2x Manufactures and distributes nutritional and personal care products
3 Core-Mark Holding Company, Inc. CORE 10.0% 9.6% 4.6% 7 4.5% 839 868 0.1x 8.8x 2.0x 21.3x Distributes packaged consumer products
4 Breeze-Eastern Corporation BZC 7.8% (2.7)% 11.0% 58 (0.7)% 92 88 1.2x 11.3x 2.0x 23.2x Designs and manufactures engineered defense and aerospace products
5 Landec Corporation LNDC 7.2% (4.3)% (7.6)% 43 0.9% 309 348 0.9x 14.3x 1.7x 15.7x Designs, develops, manufactures and sells polymer products for food and agricultural products, medical devices and licensed partner applications
6 Handy & Harman Ltd. HNH 5.6% 2.7% 33.5% 15 6.7% 327 481 0.7x 6.8x 4.0x 16.7x Manufactures hot-rolled steel sheets
7 Nuverra Environmental Solutions, Inc. NES 5.4% (23.6)% (21.0)% 96 (0.6)% 4,549 960 1.8x 12.2x 0.7x Engaged in the removal, treatment, recycling, transportation and disposal of restricted solids, fluids and hydrocarbons for E&P customers
8 MAM Software Group, Inc. MAMS 4.8% 23.5% (15.5)% 46 5.6% 72 59 1.7x 9.3x 4.5x 16.7x Provides software products and services to the automotive industry
9 Kratos Defense & Security Solutions, Inc. KTOS 4.7% (22.5)% 27.8% 21 0.6% 366 956 1.1x 11.3x 1.2x Provides mission critical products, services and solutions for United States national security priorities
10 Westmoreland Coal Company WLB 3.6% 15.3% 17.4% 54 4.0% 222 507 0.7x 5.1x Operates as an energy company
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Gilman Ciocia, Inc. GTAX 1.0% 87.5% 46 3.3% 13 0.2x 7.6x 16.6x Provides accounting and investment services
2 Arrhythmia Research Technology, Inc. HRT 0.0% 28.5% 1.9% 37 9 12 1.4x Develops medical software
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Nuverra Environmental Solutions, Inc. NES 2.8% (23.6)% (21.0)% 96 (0.6)% 4,549 960 1.8x 12.2x 0.7x Engaged in the removal, treatment, recycling, transportation and disposal of restricted solids, fluids and hydrocarbons for E&P customers
2 Westmoreland Coal Company WLB 1.2% 15.3% 17.4% 54 4.0% 222 507 0.7x 5.1x Operates as an energy company
3 ARI Network Services, Inc. ARIS 0.4% 2.5% 13.8% 18 4.6% 43 42 1.3x 8.7x 2.7x Provides marketing and e-commerce software and solutions
4 MusclePharm Corporation MSLP 0.3% (20.3)% (6.0)% 69 (174.7)% 73 51 0.9x 3.2x Develops and manufactures a full line of nutritional supplements
5 Primo Water Corporation PRMW 0.1% 29.8% 30.8% 31 (0.4)% 74 92 0.8x 10.9x 2.1x Manufactures and markets purified bottled water
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Core-Mark Holding Company, Inc. CORE (3.6)% 9.6% 4.6% 7 4.5% 839 868 0.1x 8.8x 2.0x 21.3x Distributes packaged consumer products
2 Kratos Defense & Security Solutions, Inc. KTOS (2.2)% (22.5)% 27.8% 21 0.6% 366 956 1.1x 11.3x 1.2x Provides mission critical products, services and solutions for United States national security priorities
3 Chiquita Brands International, Inc. CQB (1.0)% (19.8)% 15.9% 25 0.1% 472 1,024 0.4x 10.1x 1.2x Produces and distributes fresh fruit and vegetables
4 Kindred Healthcare, Inc. KND (0.8)% 28.8% 2.3% 35 1.0% 937 2,190 0.4x 5.3x 0.8x Provides healthcare services
5 Landec Corporation LNDC (0.7)% (4.3)% (7.6)% 43 0.9% 309 348 0.9x 14.3x 1.7x 15.7x Designs, develops, manufactures and sells polymer products for food and agricultural products, medical devices and licensed partner applications
6 Handy & Harman Ltd. HNH (0.1)% 2.7% 33.5% 15 6.7% 327 481 0.7x 6.8x 4.0x 16.7x Manufactures hot-rolled steel sheets
7 Learning Tree International, Inc. LTRE (0.1)% (25.7)% 21.3% 82 (4.4)% 39 12 0.1x 210.0x 2.3x Provides educational services in management and information technology
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 MVC Capital, Inc. MVC 2.9% 9.5% 3.7% 79 323 340 11.5x 0.8x 10.0x Private Equity Fund
2 Pilgrim's Pride Corporation PPC 1.9% (2.1)% 12.3% 9 8.9% 4,256 4,846 0.6x 7.3x 3.1x 10.4x Produces, processes, and markets chicken & chicken products
3 Hercules Offshore, Inc. HERO 1.0% (14.8)% 4.6% 38 2.3% 1,002 1,872 2.5x 7.6x 1.1x 30.7x Provides shallow-water drilling and marine services
4 U.S. Concrete, Inc. USCR 0.6% 12.6% 22.2% 8 7.2% 317 375 0.6x 9.1x 3.6x Produces ready-mixed concrete and related products
5 Perceptron, Inc. PRCP 0.3% (7.2)% 35.4% 16 (1.5)% 88 59 1.0x 1.5x 18.6x Develops, produces and sells non-contact measurement and inspection solutions
6 Huttig Building Products, Inc. HBPI 0.2% 11.0% 4.2% 10 4.4% 66 122 0.2x 13.6x 2.9x 85.7x Distributes building materials and wood products
7 BuildABear Workshop, Inc. BBW 0.1% 28.5% 15.0% 29 (0.8)% 156 134 0.3x 6.0x 2.0x Provides clothing, shoes and accessories for stuffed animals
Yacktman Asset Management AUM Profiled: $ 22,420 Manager: Don and Stephen Yacktman
Top 10 Holdings Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Twenty-First Century Fox, Inc. Class A FOXA 10.6% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
2 PepsiCo, Inc. PEP 9.9% 5.3% (2.8)% 59 5.5% 128,362 150,634 2.2x 11.4x 5.7x 18.6x Provides a diversified line of soft drinks and snack foods
3 The Procter & Gamble Company PG 8.5% 10.3% (1.8)% 29 4.3% 226,537 271,300 2.9x 13.1x 3.4x 19.1x Provides branded consumer packaged goods
4 The Coca-Cola Company KO 6.7% 5.8% (5.6)% 52 4.2% 176,990 196,361 3.9x 14.3x 5.5x 19.9x Manufactures, wholesales and retails nonalcoholic beverages
5 Microsoft Corporation MSFT 5.3% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
6 Cisco Systems, Inc. CSCO 5.3% (10.0)% (3.7)% 83 4.1% 112,760 82,556 1.9x 6.4x 1.9x 12.2x Designs, develops and manufactures networking solutions, including routers, LAN and ATM switches, dial-up access servers, and network management software
7 C. R. Bard, Inc. BCR 5.1% 20.4% 6.0% 17 5.8% 10,803 11,799 3.3x 11.3x 7.2x 67.0x Manufactures medical, surgical, diagnostic, and patient care devices to hospitals
8 Sysco Corporation SYY 4.7% 5.7% (6.8)% 78 5.9% 19,564 22,667 0.5x 9.8x 3.8x 19.2x Distributes a wide range of food and food-related products
9 Johnson & Johnson JNJ 3.7% 8.8% 1.0% 25 5.9% 266,005 261,519 3.4x 10.6x 3.8x 19.3x Operates as an investment holding company with interests in health care products
10 Stryker Corporation SYK 3.6% 9.9% 4.5% 52 4.5% 28,101 25,981 2.6x 9.8x 3.2x 29.0x Manufactures and markets reconstructive, medical and surgical, and neurotechnology and spine products
New Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 Twenty-First Century Fox, Inc. Class A FOXA 10.6% 0.1% 16.5% 7 3.3% 76,509 91,884 3.5x 15.1x 4.5x 12.8x Engages in television broadcasting and movie production
2 BlackBerry Limited BBRY 0.2% (19.3)% (24.0)% 97 (15.3)% 3,365 1,018 0.3x 247.0x 0.4x Develops hardware and software solutions for mobile communications
3 Twenty-First Century Fox, Inc. Class B FOX 0.1% (1.3)% 15.3% 7 3.3% 75,254 90,614 4.4x 12.8x Engages in television broadcasting and movie production
Increased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 The Coca-Cola Company KO 2.0% 5.8% (5.6)% 52 4.2% 176,990 196,361 3.9x 14.3x 5.5x 19.9x Manufactures, wholesales and retails nonalcoholic beverages
2 PepsiCo, Inc. PEP 1.8% 5.3% (2.8)% 59 5.5% 128,362 150,634 2.2x 11.4x 5.7x 18.6x Provides a diversified line of soft drinks and snack foods
3 Exxon Mobil Corporation XOM 0.6% 8.7% (4.8)% 68 5.6% 408,543 432,797 1.0x 6.7x 2.4x 11.2x Explores, develops and distributes crude oil and natural gas
4 Oracle Corporation ORCL 0.6% 5.8% 8.0% 84 4.7% 159,876 149,413 3.6x 7.7x 3.7x 13.7x Designs, develops, markets, and supports a diversified line of business software products
5 Dell Inc. DELL 0.4% 0.8% 3.2% 77 2.3% 19,432 0.3x 4.9x 2.3x 18.0x Designs, develops, manufactures and distributes computer systems
6 C.H. Robinson Worldwide, Inc. CHRW 0.1% (1.9)% 5.8% 59 11.3% 8,868 9,904 0.8x 13.2x 9.0x 16.5x Provides multimodal transportation services and logistics solutions
7 Sysco Corporation SYY 0.1% 5.7% (6.8)% 78 5.9% 19,564 22,667 0.5x 9.8x 3.8x 19.2x Distributes a wide range of food and food-related products
Decreased Positions Price change
Name Ticker as % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 News Corporation Class A NWSA (4.3)% 9.9% 5.3% 28 10,216 7,678 0.8x 0.8x Provides publishing services
2 Hewlett-Packard Company HPQ (0.3)% 30.2% (15.4)% 77 4.6% 52,504 65,091 0.5x 4.6x 2.1x 9.3x Develops imaging and printing systems, computing systems and information technology solutions
3 Cisco Systems, Inc. CSCO (0.3)% (10.0)% (3.7)% 83 4.1% 112,760 82,556 1.9x 6.4x 1.9x 12.2x Designs, develops and manufactures networking solutions, including routers, LAN and ATM switches, dial-up access servers, and network management software
4 Viacom Inc. Class B VIAB (0.2)% (3.3)% 22.9% 6 7.4% 36,044 48,238 3.6x 11.9x 7.0x 17.2x Owns and operates cable networks and media businesses
5 The Bancorp, Inc. TBBK (0.1)% (1.1)% 18.0% 24 660 (25) (0.1)x 1.9x 28.1x Operates as a bank holding company which through its subsidiaries provides banking services
6 The Procter & Gamble Company PG (0.1)% 10.3% (1.8)% 29 4.3% 226,537 271,300 2.9x 13.1x 3.4x 19.1x Provides branded consumer packaged goods
7 ConocoPhillips COP (0.1)% 4.4% 14.9% 3 3.7% 88,905 111,228 1.9x 5.3x 1.7x 10.6x Explores, produces, refines, and wholesales oil and natural gas
8 Microsoft Corporation MSFT (0.1)% 15.5% (3.7)% 70 7.1% 320,979 259,547 2.7x 6.6x 3.9x 12.4x Develops, manufactures and distributes software products
9 Johnson & Johnson JNJ (0.1)% 8.8% 1.0% 25 5.9% 266,005 261,519 3.4x 10.6x 3.8x 19.3x Operates as an investment holding company with interests in health care products
10 C. R. Bard, Inc. BCR (0.1)% 20.4% 6.0% 17 5.8% 10,803 11,799 3.3x 11.3x 7.2x 67.0x Manufactures medical, surgical, diagnostic, and patient care devices to hospitals
Closed Positions Price change
Name Ticker % Port to today q/q HMA ROIC Mkt Cap EV EV/Sales EV/EBITDA P/B P/E Business Description
1 BlackBerry Limited BBRY 0.3% (19.3)% (24.0)% 97 (15.3)% 3,365 1,018 0.3x 247.0x 0.4x Develops hardware and software solutions for mobile communications
2 Twenty-First Century Fox, Inc. Class B FOX 0.1% (1.3)% 15.3% 7 3.3% 75,254 90,614 4.4x 12.8x Engages in television broadcasting and movie production