Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores Inc.	956,175	$101M	5.2%	$28.33	+57.0%	COM	778296103
MKL	Markel Corp	111,543	$85.77M	4.4%	$523.59	+38.1%	COM	570535104
MD	Mednax Inc.	1,165,705	$84.53M	4.4%	$49.20	+41.3%	COM	58502B106
BRO	Brown & Brown Inc.	2,070,412	$68.55M	3.5%	$13.97	+4.4%	COM	115236101
—	Brookfield Asset Management	1,275,512	$68.38M	3.5%	$36.02	—	COM	112585104
CDW	CDW Corp.	1,813,346	$67.53M	3.5%	$22.64	+42.1%	COM	12514G108
IEX	Idex Corporation	864,851	$65.58M	3.4%	$45.08	+45.0%	COM	45167R104
SYK	Stryker Corp	643,022	$59.32M	3.1%	$56.92	+44.0%	COM	863667101
WTM	White Mtns Insurance	85,267	$58.37M	3.0%	$583.58	+13.0%	COM	G9618E107
EOG	EOG Resources Inc.	617,115	$56.58M	2.9%	$60.93	+8.7%	COM	26875P101
KMX	Carmax	746,818	$51.54M	2.7%	$45.40	+43.6%	COM	143130102
ITW	Illinois Tool Works	513,102	$49.84M	2.6%	$49.85	+49.5%	COM	452308109
AZO	Autozone Inc	69,768	$47.59M	2.4%	$433.47	+44.9%	COM	053332102
WAT	Waters Corp.	374,550	$46.56M	2.4%	$95.76	+24.6%	COM	941848103
BRK/A	Berkshire Hathaway A	206	$44.8M	2.3%	$165023.42	+33.9%	COM	084670108
—	Xilinx Inc	1,005,940	$42.55M	2.2%	$40.60	—	COM	983919101
DCI	Donaldson Co., Inc.	1,125,047	$42.43M	2.2%	$29.58	+5.7%	COM	257651109
BEN	Franklin Resources	817,931	$41.98M	2.2%	$29.22	+10.5%	COM	354613101
—	Knight Transportation Inc.	1,211,059	$39.06M	2.0%	$16.82	—	COM	499064103
YUM	Yum Brands	451,413	$35.53M	1.8%	$38.97	+14.3%	COM	988498101
—	Starwood Hotels Resorts	425,158	$35.5M	1.8%	$70.71	—	COM	85590a401
—	Interpublic Group of Companies	1,597,775	$35.34M	1.8%	$9.16	+55.9%	COM	460690100
—	Forward Air	645,791	$35.07M	1.8%	$38.28	—	COM	349853101
—	South State Corporation	498,660	$34.1M	1.8%	$61.00	—	COM	840441109
MGRC	McGrath Rentcorp	1,026,246	$33.77M	1.7%	$32.13	-0.3%	COM	580589109
MCHP	Microchip Technology Inc.	666,560	$32.59M	1.7%	$14.52	+33.2%	COM	595017104
—	FLIR Systems, Inc.	1,003,439	$31.39M	1.6%	$27.51	—	COM	302445101
MTB	M & T Bank Corp	226,450	$28.76M	1.5%	$73.94	+20.8%	COM	55261F104
L	Loews Corp	701,306	$28.63M	1.5%	$42.00	-8.5%	COM	540424108
—	Bed Bath and Beyond	347,223	$26.66M	1.4%	$70.95	—	COM	075896100
MHK	Mohawk Industries	143,214	$26.6M	1.4%	$112.71	+53.5%	COM	608190104
—	Patterson Companies Inc.	541,000	$26.39M	1.4%	$37.60	—	COM	703395103
—	Bank of the Ozarks, Inc.	703,438	$25.98M	1.3%	$38.87	—	COM	063904106
GGG	Graco	343,308	$24.77M	1.3%	$16.98	+26.6%	COM	384109104
—	Aqua America Inc	888,471	$23.41M	1.2%	$29.99	—	COM	03836W103
BRK/B	Berkshire Hathaway B	136,668	$19.72M	1.0%	$110.02	+33.7%	COM	084670702
—	Biglari Holdings Inc.	41,614	$17.23M	0.9%	$397.72	—	COM	08986r101
—	T Rowe Price Group, Inc.	211,010	$17.09M	0.9%	$82.71	—	COM	74144t108
—	Pinnacle Financial Partners	379,604	$16.88M	0.9%	$25.71	—	COM	72346Q104
—	Forest City Enterprises Class	603,700	$15.41M	0.8%	$19.08	—	COM	345550107
DLR	Digital Realty Trust Inc.	230,010	$15.17M	0.8%	$36.33	+26.9%	COM	253868103
FLO	Flowers Foods	652,425	$14.84M	0.8%	$13.21	+3.8%	COM	343498101
AJG	Arthur J Gallagher & Co.	303,090	$14.17M	0.7%	$33.55	+13.8%	COM	363576109
WLY	John Wiley & Sons	225,350	$13.78M	0.7%	$27.09	+63.8%	COM	968223206
—	US Ecology, Inc.	251,544	$12.57M	0.6%	$32.28	—	COM	91732j102
MAT	Mattel Inc.	469,562	$10.73M	0.6%	$40.92	-35.2%	COM	577081102
—	Fabrinet	522,556	$9.923M	0.5%	$15.80	—	COM	g3323l100
ACIW	ACI Worldwide, Inc.	365,526	$7.917M	0.4%	$18.73	+6.1%	COM	004498101
—	Questar Corp	310,841	$7.417M	0.4%	$23.81	—	COM	748356102
—	DSW, Inc.	190,272	$7.017M	0.4%	$28.75	—	COM	23334l102
EPM	Evolution Petroleum Corporatio	1,151,696	$6.853M	0.4%	$4.64	-23.6%	COM	30049A107
—	FRP Holdings, Inc.	173,377	$6.311M	0.3%	$39.21	—	COM	30292l107
—	Infinity Property & Casualty C	76,885	$6.308M	0.3%	$66.55	—	COM	45665q103
—	First NBC Bank Holding Company	177,975	$5.87M	0.3%	$28.49	—	COM	32115d106
—	Mistras Group, Inc.	291,975	$5.623M	0.3%	$20.95	—	COM	60649t107
CNXN	PC Connection, Inc.	193,075	$5.037M	0.3%	$18.69	+16.8%	COM	69318J100
—	Hallmark Financial Services, I	468,125	$4.962M	0.3%	$8.48	—	COM	40624q203
—	Landauer Inc	136,256	$4.788M	0.2%	$38.97	—	COM	51476K103
—	Houston Wire & Cable Company	490,262	$4.77M	0.2%	$11.60	—	COM	44244K109
—	Hudson Valley Holding Corp	186,000	$4.754M	0.2%	$18.62	—	COM	444172100
BANX	Stonecastle Financial Corp.	262,851	$4.722M	0.2%	$8.21	-7.1%	COM	861780104
—	Tupperware Brands Corp.	67,900	$4.686M	0.2%	$76.31	—	COM	899896104
—	Echo Global Logistics, Inc.	169,800	$4.629M	0.2%	$19.56	—	COM	27875t101
—	Destination Maternity	276,400	$4.163M	0.2%	$23.14	—	COM	25065d100
—	Southwestern Energy Co	178,000	$4.128M	0.2%	$36.53	—	COM	845467109
—	National Instruments	122,000	$3.909M	0.2%	$27.94	—	COM	636518102
WHG	Westwood Holdings Group, Inc.	64,596	$3.895M	0.2%	$44.72	+35.9%	COM	961765104
—	Consolidated Tomoka Land Co.	64,315	$3.837M	0.2%	$48.55	—	COM	210226106
—	Winthrop Realty Trust	233,732	$3.815M	0.2%	$11.85	—	COM	976391300
—	OneBeacon	212,866	$3.238M	0.2%	$14.48	—	COM	G67742109
JBTM	John Bean Technologies Corpora	87,000	$3.108M	0.2%	$19.54	+61.0%	COM	477839104
—	Meridian Bioscience	160,800	$3.068M	0.2%	$18.03	—	COM	589584101
—	Diamond Hill Investment Group,	18,842	$3.015M	0.2%	$149.78	—	COM	25264r207
HOMB	Home Bancshares, Inc.	79,978	$2.71M	0.1%	$10.52	+50.5%	COM	436893200
—	Altera Corp	61,000	$2.618M	0.1%	$32.87	—	COM	021441100
—	Stonegate Bank	85,700	$2.587M	0.1%	$30.19	—	COM	861811107
—	Actavis, PLC	8,415	$2.504M	0.1%	$167.98	—	COM	g0083b108
—	Amerisafe, Inc.	48,100	$2.225M	0.1%	$32.38	—	COM	03071h100
—	American Eagle Outfitters	129,147	$2.206M	0.1%	$11.56	—	COM	02553e106
WU	Western Union	101,936	$2.121M	0.1%	$17.11	—	COM	959802109
MKC	McCormick & Co.	27,250	$2.101M	0.1%	$28.19	+7.0%	COM	579780206
XOM	Exxon Mobil Corporation	20,185	$1.716M	0.1%	$53.91	+3.1%	COM	30231G102
—	Sigma Aldrich Corp.	11,000	$1.521M	0.1%	$80.42	—	COM	826552101
—	Patriot Transportation Holding	57,789	$1.443M	0.1%	$24.97	—	COM	70338w105
IBM	International Business Machine	7,595	$1.219M	0.1%	$113.87	-15.3%	COM	459200101
—	Newlink Genetics Corp	12,321	$674K	0.0%	$19.72	—	COM	651511107
UNP	Union Pacific Corp	5,754	$623K	0.0%	$66.04	+39.1%	COM	907818108
NBTB	NBT Bancorp Inc	22,145	$555K	0.0%	$23.29	+4.5%	COM	628778102
—	General Electric Company	22,292	$553K	0.0%	$25.02	—	COM	369604103
—	Clarcor Inc	6,424	$424K	0.0%	$52.15	—	COM	179895107
CVX	Chevron Corporation	3,663	$385K	0.0%	$71.11	-5.9%	COM	166764100
CNMD	Conmed Corp	7,087	$358K	0.0%	$27.74	+56.1%	COM	207410101
—	Glenville Bank Hldg Co	4,006	$349K	0.0%	$83.35	—	COM	37908p109
PFE	Pfizer Incorporated	9,364	$326K	0.0%	$16.54	+21.6%	COM	717081103
USB	US Bancorp	7,331	$320K	0.0%	$22.41	+32.9%	COM	902973304
AMGN	Amgen Incorporated	1,914	$306K	0.0%	$76.98	+49.4%	COM	031162100
PG	Procter & Gamble	3,079	$252K	0.0%	$58.87	+8.0%	COM	742718109
—	A T & T Inc New	7,185	$235K	0.0%	$35.37	—	COM	00206r102
AAPL	Apple Inc	1,825	$227K	0.0%	$26.84	0.0%	COM	037833100
SJM	Smuckers, Jm	1,853	$214K	0.0%	$79.42	0.0%	COM	832696405
PEG	Pub Svc Ent Group Inc	4,901	$205K	0.0%	$27.23	+4.7%	COM	744573106
KEY	Keycorp New	11,181	$158K	0.0%	$8.87	+0.9%	COM	493267108
—	Trustco Bank Corp	20,533	$141K	0.0%	$5.45	—	COM	898349105