Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores, Inc.	1,903,981	$92.55M	4.8%	$36.76	+23.1%	COM	778296103
MD	MEDNAX, Inc.	1,128,364	$83.62M	4.3%	$49.20	+46.3%	COM	58502B106
MKL	Markel Corporation	104,415	$83.6M	4.3%	$523.59	+48.5%	COM	570535104
BRO	Brown & Brown, Inc.	2,091,637	$68.73M	3.5%	$13.97	+6.1%	COM	115236101
IEX	IDEX Corporation	863,672	$67.87M	3.5%	$45.08	+49.8%	COM	45167R104
—	Brookfield Asset Management In	1,912,710	$66.81M	3.4%	$35.66	—	COM	112585104
CDW	CDW Corporation	1,890,246	$64.8M	3.3%	$23.06	+43.2%	COM	12514G108
SYK	Stryker Corporation	640,763	$61.24M	3.2%	$56.92	+47.2%	COM	863667101
EOG	EOG Resources, Inc.	624,665	$54.69M	2.8%	$61.02	+11.2%	COM	26875P101
WTM	White Mountains Insurance Grou	81,747	$53.54M	2.8%	$583.58	+13.7%	COM	G9618E107
KMX	CarMax, Inc.	745,968	$49.39M	2.5%	$45.40	+57.0%	COM	143130102
ITW	Illinois Tool Works Inc.	512,667	$47.06M	2.4%	$49.85	+48.4%	COM	452308109
AZO	AutoZone, Inc.	69,594	$46.41M	2.4%	$433.47	+57.9%	COM	053332102
—	Xilinx, Inc.	1,005,325	$44.4M	2.3%	$40.60	—	COM	983919101
DCI	Donaldson Company, Inc.	1,189,322	$42.58M	2.2%	$29.63	+3.0%	COM	257651109
BRK/A	Berkshire Hathaway Inc. A	206	$42.2M	2.2%	$165023.42	+30.0%	COM	084670108
BEN	Franklin Resources, Inc.	832,826	$40.83M	2.1%	$29.26	+7.0%	COM	354613101
YUM	YUM! Brands, Inc.	450,435	$40.58M	2.1%	$38.97	+33.4%	COM	988498101
WAT	Waters Corporation	316,048	$40.57M	2.1%	$95.76	+35.5%	COM	941848103
—	South State Corporation	497,960	$37.84M	1.9%	$61.00	—	COM	840441109
—	Starwood Hotels & Resorts Worl	425,558	$34.51M	1.8%	$70.71	—	COM	85590a401
MTB	M&T Bank Corporation	275,323	$34.4M	1.8%	$77.03	+18.6%	COM	55261F104
—	Forward Air Corporation	645,083	$33.71M	1.7%	$38.28	—	COM	349853101
—	Knight Transportation, Inc.	1,208,724	$32.32M	1.7%	$16.82	—	COM	499064103
—	Bank of the Ozarks, Inc.	700,838	$32.06M	1.7%	$38.87	—	COM	063904106
MCHP	Microchip Technology Incorpora	666,560	$31.61M	1.6%	$14.52	+35.0%	COM	595017104
MGRC	McGrath RentCorp	1,025,825	$31.22M	1.6%	$32.13	-0.0%	COM	580589109
—	FLIR Systems, Inc.	1,002,389	$30.89M	1.6%	$27.51	—	COM	302445101
—	Interpublic Group of Companies	1,583,975	$30.52M	1.6%	$9.16	+53.3%	COM	460690100
MHK	Mohawk Industries, Inc.	142,564	$27.21M	1.4%	$112.71	+64.1%	COM	608190104
—	Patterson Companies, Inc.	541,000	$26.32M	1.4%	$37.60	—	COM	703395103
GGG	Graco Inc.	366,433	$26.03M	1.3%	$17.22	+21.3%	COM	384109104
L	Loews Corporation	600,735	$23.13M	1.2%	$42.00	-7.9%	COM	540424108
—	Aqua America, Inc.	887,196	$21.73M	1.1%	$29.99	—	COM	03836W103
—	Pinnacle Financial Partners, I	373,829	$20.32M	1.0%	$25.71	—	COM	72346Q104
BRK/B	Berkshire Hathaway Inc. B	140,553	$19.13M	1.0%	$110.92	+28.6%	COM	084670702
—	Fossil Group, Inc.	241,100	$16.72M	0.9%	$69.36	—	COM	34988v106
—	T Rowe Price Group, Inc.	214,885	$16.7M	0.9%	$82.62	—	COM	74144t108
—	Biglari Holdings Inc.	40,284	$16.67M	0.9%	$397.72	—	COM	08986r101
DLR	Digital Realty Trust, Inc.	229,760	$15.32M	0.8%	$36.33	+23.2%	COM	253868103
AJG	Arthur J. Gallagher & Co.	313,850	$14.85M	0.8%	$33.76	+17.5%	COM	363576109
FLO	Flowers Foods, Inc.	654,800	$13.85M	0.7%	$13.21	+12.8%	COM	343498101
—	Forest City Enterprises, Inc.	603,700	$13.34M	0.7%	$19.08	—	COM	345550107
—	US Ecology, Inc.	272,779	$13.29M	0.7%	$33.56	—	COM	91732j102
WLY	John Wiley & Sons, Inc.	225,350	$12.25M	0.6%	$27.09	+55.5%	COM	968223206
—	Fabrinet	522,556	$9.787M	0.5%	$15.80	—	COM	g3323l100
—	Keysight Technologies Inc.	300,001	$9.357M	0.5%	$31.19	—	COM	49338l103
MAT	Mattel, Inc.	364,137	$9.355M	0.5%	$40.92	-35.7%	COM	577081102
ACIW	ACI Worldwide, Inc.	361,926	$8.893M	0.5%	$18.73	+25.5%	COM	004498101
RSG	Republic Services, Inc.	200,176	$7.841M	0.4%	$33.30	0.0%	COM	760759100
—	HCC Insurance Holdings, Inc.	94,066	$7.228M	0.4%	$76.84	—	COM	404132102
—	Macquarie Infrastructure Compa	84,641	$6.994M	0.4%	$82.63	—	COM	55608b105
EPM	Evolution Petroleum Corporatio	1,053,646	$6.944M	0.4%	$4.64	-21.7%	COM	30049A107
—	OneBeacon Insurance Group, Ltd	468,066	$6.792M	0.3%	$14.50	—	COM	G67742109
—	Mistras Group, Inc.	348,850	$6.621M	0.3%	$20.63	—	COM	60649t107
—	Questar Corporation	310,091	$6.484M	0.3%	$23.81	—	COM	748356102
—	First NBC Bank Holding Company	177,975	$6.407M	0.3%	$28.49	—	COM	32115d106
—	DSW Inc.	189,422	$6.321M	0.3%	$28.75	—	COM	23334l102
—	Infinity Property and Casualty	76,885	$5.831M	0.3%	$66.55	—	COM	45665q103
—	FRP Holdings, Inc.	179,102	$5.808M	0.3%	$38.99	—	COM	30292l107
—	Hallmark Financial Services, I	492,772	$5.608M	0.3%	$8.63	—	COM	40624q203
—	Echo Global Logistics, Inc.	169,800	$5.546M	0.3%	$19.56	—	COM	27875t101
—	Houston Wire & Cable Company	557,412	$5.53M	0.3%	$11.40	—	COM	44244K109
BANX	StoneCastle Financial Corp.	294,651	$5.097M	0.3%	$8.05	-16.8%	COM	861780104
—	National Commerce Corporation	189,597	$4.892M	0.3%	$25.80	—	COM	63546l102
—	Landauer, Inc.	136,256	$4.856M	0.3%	$38.97	—	COM	51476K103
CNXN	PC Connection, Inc.	193,075	$4.777M	0.2%	$18.69	+20.0%	COM	69318J100
—	Meridian Bioscience, Inc.	244,900	$4.565M	0.2%	$18.24	—	COM	589584101
—	Hudson Valley Holding Corp.	158,000	$4.457M	0.2%	$18.62	—	COM	444172100
—	Tupperware Brands Corporation	68,250	$4.405M	0.2%	$76.31	—	COM	899896104
—	Southwestern Energy Company	178,000	$4.046M	0.2%	$36.53	—	COM	845467109
—	Ferro Corporation	238,551	$4.003M	0.2%	$16.78	—	COM	315405100
WHG	Westwood Holdings Group, Inc.	64,996	$3.872M	0.2%	$44.72	+32.3%	COM	961765104
—	Consolidated-Tomoka Land Co.	65,665	$3.785M	0.2%	$48.73	—	COM	210226106
—	Diamond Hill Investment Group,	18,842	$3.762M	0.2%	$149.78	—	COM	25264r207
—	National Instruments	122,000	$3.594M	0.2%	$27.94	—	COM	636518102
—	Winthrop Realty Trust	233,732	$3.541M	0.2%	$11.85	—	COM	976391300
—	Stonegate Bank	114,600	$3.4M	0.2%	$30.06	—	COM	861811107
JBTM	JBT Corporation	86,000	$3.233M	0.2%	$19.54	+80.2%	COM	477839104
—	Altera Corporation	61,000	$3.123M	0.2%	$32.87	—	COM	021441100
—	Destination Maternity Corporat	267,300	$3.117M	0.2%	$23.14	—	COM	25065d100
HOMB	Home BancShares, Inc.	83,353	$3.047M	0.2%	$10.79	+60.2%	COM	436893200
—	Allergan PLC	8,415	$2.554M	0.1%	$303.51	—	COM	g0177j108
—	AMERISAFE, Inc.	48,100	$2.264M	0.1%	$32.38	—	COM	03071h100
MKC	McCormick & Company	27,250	$2.206M	0.1%	$28.19	+12.8%	COM	579780206
—	American Eagle Outfitters, Inc	117,697	$2.027M	0.1%	$11.56	—	COM	02553e106
XOM	Exxon Mobil Corporation	19,099	$1.589M	0.1%	$53.91	+0.7%	COM	30231G102
—	Sigma-Aldrich Corporation	11,000	$1.533M	0.1%	$80.42	—	COM	826552101
—	Patriot Transportation Holding	57,789	$1.424M	0.1%	$24.97	—	COM	70338w105
IBM	International Business Machine	7,633	$1.242M	0.1%	$113.87	-9.6%	COM	459200101
UNP	Union Pacific Corp	5,754	$549K	0.0%	$66.04	+24.1%	COM	907818108
—	Newlink Genetics Corp	12,321	$545K	0.0%	$19.72	—	COM	651511107
NBTB	NBT Bancorp Inc	19,746	$517K	0.0%	$23.29	+7.9%	COM	628778102
—	General Electric Company	17,292	$459K	0.0%	$25.02	—	COM	369604103
—	Airgas, Inc.	4,000	$423K	0.0%	$105.75	—	COM	009363102
CNMD	Conmed Corp	7,087	$413K	0.0%	$27.74	+72.4%	COM	207410101
—	Clarcor Inc	6,424	$400K	0.0%	$52.15	—	COM	179895107
—	Glenville Bank Hldg Co	4,006	$357K	0.0%	$83.35	—	COM	37908p109
CVX	Chevron Corporation	3,663	$353K	0.0%	$71.11	-6.6%	COM	166764100
USB	US Bancorp	7,331	$318K	0.0%	$22.41	+33.4%	COM	902973304
PFE	Pfizer Incorporated	9,364	$314K	0.0%	$16.54	+25.6%	COM	717081103
AMGN	Amgen Incorporated	1,914	$294K	0.0%	$76.98	+52.7%	COM	031162100
AAPL	Apple Inc	2,072	$260K	0.0%	$27.05	+5.5%	COM	037833100
—	A T & T Inc New	7,185	$255K	0.0%	$35.37	—	COM	00206r102
PG	Procter & Gamble	3,079	$241K	0.0%	$58.87	+1.9%	COM	742718109
SJM	Smuckers, Jm	1,853	$201K	0.0%	$79.42	+6.1%	COM	832696405
—	Trustco Bank Corp	20,533	$144K	0.0%	$5.45	—	COM	898349105