Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores, Inc.	1,895,110	$102M	5.3%	$36.76	+25.8%	COM	778296103
MKL	Markel Corporation	100,810	$89.05M	4.7%	$523.59	+66.2%	COM	570535104
CDW	CDW Corporation	1,879,147	$79M	4.1%	$23.06	+67.7%	COM	12514G108
BRO	Brown & Brown, Inc.	2,091,867	$67.15M	3.5%	$13.97	+4.5%	COM	115236101
IEX	IDEX Corporation	862,286	$66.06M	3.5%	$45.08	+49.4%	COM	45167R104
—	Brookfield Asset Management In	1,929,549	$60.84M	3.2%	$35.66	—	COM	112585104
MD	MEDNAX, Inc.	785,805	$56.31M	2.9%	$49.20	+50.3%	COM	58502B106
SYK	Stryker Corporation	574,561	$53.4M	2.8%	$56.92	+49.7%	COM	863667101
WTM	White Mountains Insurance Grou	72,544	$52.73M	2.8%	$583.58	+31.2%	COM	G9618E107
AZO	AutoZone, Inc.	69,129	$51.29M	2.7%	$433.47	+76.0%	COM	053332102
ITW	Illinois Tool Works Inc.	515,987	$47.82M	2.5%	$50.04	+42.7%	COM	452308109
EOG	EOG Resources, Inc.	669,398	$47.39M	2.5%	$60.79	-1.6%	COM	26875P101
WAT	Waters Corporation	315,164	$42.41M	2.2%	$95.76	+34.2%	COM	941848103
—	Xilinx, Inc.	898,709	$42.21M	2.2%	$40.60	—	COM	983919101
BRK/A	Berkshire Hathaway Inc. A	206	$40.75M	2.1%	$165023.42	+22.0%	COM	084670108
MTB	M&T Bank Corporation	332,537	$40.3M	2.1%	$79.66	+15.0%	COM	55261F104
KMX	CarMax, Inc.	746,043	$40.26M	2.1%	$45.40	+25.7%	COM	143130102
BEN	Franklin Resources, Inc.	997,599	$36.73M	1.9%	$28.71	-16.3%	COM	354613101
—	Interpublic Group of Companies	1,577,590	$36.73M	1.9%	$9.16	+67.9%	COM	460690100
—	South State Corporation	496,210	$35.7M	1.9%	$61.00	—	COM	840441109
DCI	Donaldson Company, Inc.	1,206,797	$34.59M	1.8%	$29.57	-15.8%	COM	257651109
—	Starwood Hotels & Resorts Worl	495,855	$34.35M	1.8%	$70.17	—	COM	85590a401
—	Bank of the Ozarks, Inc.	691,478	$34.2M	1.8%	$38.87	—	COM	063904106
YUM	YUM! Brands, Inc.	447,627	$32.7M	1.7%	$38.97	+11.1%	COM	988498101
MCHP	Microchip Technology Incorpora	665,435	$30.97M	1.6%	$14.52	+32.5%	COM	595017104
—	Knight Transportation, Inc.	1,209,399	$29.3M	1.5%	$16.82	—	COM	499064103
—	FLIR Systems, Inc.	1,033,160	$29M	1.5%	$27.52	—	COM	302445101
—	Forward Air Corporation	642,683	$27.64M	1.4%	$38.28	—	COM	349853101
GGG	Graco Inc.	380,914	$27.45M	1.4%	$17.31	+21.7%	COM	384109104
MHK	Mohawk Industries, Inc.	142,484	$26.98M	1.4%	$112.71	+70.3%	COM	608190104
—	T Rowe Price Group, Inc.	374,465	$26.77M	1.4%	$77.16	—	COM	74144t108
—	Aqua America, Inc.	877,306	$26.14M	1.4%	$29.99	—	COM	03836W103
—	Patterson Companies, Inc.	542,600	$24.53M	1.3%	$37.60	—	COM	703395103
L	Loews Corporation	617,990	$23.73M	1.2%	$41.82	-15.1%	COM	540424108
—	DSW Inc.	916,519	$21.87M	1.1%	$25.60	—	COM	23334l102
MGRC	McGrath RentCorp	864,155	$21.77M	1.1%	$31.99	-13.6%	COM	580589109
—	US Ecology, Inc.	533,904	$19.45M	1.0%	$35.10	—	COM	91732j102
—	Pinnacle Financial Partners, I	368,759	$18.94M	1.0%	$25.71	—	COM	72346Q104
BRK/B	Berkshire Hathaway Inc. B	142,236	$18.78M	1.0%	$110.92	+21.0%	COM	084670702
DLR	Digital Realty Trust, Inc.	222,210	$16.8M	0.9%	$36.73	+37.2%	COM	253868103
—	Keysight Technologies Inc.	563,166	$15.95M	0.8%	$29.85	—	COM	49338l103
AJG	Arthur J. Gallagher & Co.	333,412	$13.65M	0.7%	$33.95	+6.0%	COM	363576109
—	Forest City Enterprises, Inc.	603,700	$13.24M	0.7%	$19.08	—	COM	345550107
—	Biglari Holdings Inc.	40,239	$13.11M	0.7%	$397.07	—	COM	08986r101
—	Fabrinet	536,356	$12.78M	0.7%	$15.85	—	COM	g3323l100
FLO	Flowers Foods, Inc.	565,925	$12.16M	0.6%	$13.27	+23.6%	COM	343498101
—	Macquarie Infrastructure Compa	161,266	$11.71M	0.6%	$77.97	—	COM	55608b105
—	Airgas, Inc.	80,815	$11.18M	0.6%	$105.36	—	COM	009363102
WLY	John Wiley & Sons, Inc.	217,000	$9.772M	0.5%	$27.09	+34.3%	COM	968223206
RSG	Republic Services, Inc.	212,326	$9.34M	0.5%	$33.36	+9.8%	COM	760759100
MAT	Mattel, Inc.	337,662	$9.174M	0.5%	$39.68	-38.0%	COM	577081102
—	Mistras Group, Inc.	443,150	$8.46M	0.4%	$18.97	—	COM	60649t107
—	Questar Corporation	407,316	$7.935M	0.4%	$22.74	—	COM	748356102
—	National Commerce Corporation	301,100	$7.543M	0.4%	$25.30	—	COM	63546l102
—	FRP Holdings, Inc.	215,037	$7.298M	0.4%	$37.73	—	COM	30292l107
—	OneBeacon Insurance Group, Ltd	568,733	$7.058M	0.4%	$14.39	—	COM	G67742109
—	Echo Global Logistics, Inc.	345,650	$7.048M	0.4%	$19.88	—	COM	27875t101
CNXN	PC Connection, Inc.	302,900	$6.858M	0.4%	$18.96	+2.7%	COM	69318J100
—	Ferro Corporation	614,075	$6.829M	0.4%	$13.24	—	COM	315405100
—	First NBC Bank Holding Company	177,975	$6.654M	0.3%	$28.49	—	COM	32115d106
—	Infinity Property and Casualty	76,885	$6.322M	0.3%	$66.55	—	COM	45665q103
—	Hallmark Financial Services, I	492,772	$5.761M	0.3%	$8.63	—	COM	40624q203
—	Meridian Bioscience, Inc.	264,900	$5.436M	0.3%	$18.15	—	COM	589584101
—	Stonegate Bank	163,400	$5.369M	0.3%	$30.71	—	COM	861811107
WHG	Westwood Holdings Group, Inc.	95,496	$4.974M	0.3%	$48.44	+16.2%	COM	961765104
FELE	Franklin Electric Co., Inc.	183,721	$4.966M	0.3%	$27.08	0.0%	COM	353514102
EPM	Evolution Petroleum Corporatio	954,155	$4.589M	0.2%	$4.64	-29.4%	COM	30049A107
—	Consolidated-Tomoka Land Co.	86,280	$4.548M	0.2%	$49.68	—	COM	210226106
BANX	StoneCastle Financial Corp.	276,351	$4.505M	0.2%	$8.05	-15.3%	COM	861780104
MDU	MDU Resources Group, Inc.	236,478	$4.332M	0.2%	$4.95	+2.9%	COM	552690109
—	Tupperware Brands Corporation	69,075	$3.844M	0.2%	$76.31	—	COM	899896104
HOMB	Home BancShares, Inc.	90,848	$3.681M	0.2%	$11.61	+83.6%	COM	436893200
—	Diamond Hill Investment Group,	18,832	$3.559M	0.2%	$149.78	—	COM	25264r207
—	National Instruments	122,000	$3.5M	0.2%	$27.94	—	COM	636518102
—	Ashford Hospitality Prime REIT	228,638	$3.315M	0.2%	$14.50	—	COM	044102101
—	Retail Opportunity Investments	183,625	$3.287M	0.2%	$17.90	—	COM	76131n101
—	Landauer, Inc.	86,256	$2.84M	0.1%	$38.97	—	COM	51476K103
—	Fossil Group, Inc.	75,475	$2.759M	0.1%	$68.14	—	COM	34988v106
—	Ingersoll-Rand, PLC	49,598	$2.742M	0.1%	$55.28	—	COM	g47791101
—	Allergan PLC	8,415	$2.63M	0.1%	$303.51	—	COM	g0177j108
MKC	McCormick & Company	22,250	$1.904M	0.1%	$28.19	+23.5%	COM	579780206
—	American Eagle Outfitters, Inc	116,797	$1.81M	0.1%	$11.56	—	COM	02553e106
—	Winthrop Realty Trust	138,382	$1.795M	0.1%	$11.85	—	COM	976391300
—	Joy Global, Inc.	120,291	$1.517M	0.1%	$14.93	—	COM	481165108
XOM	Exxon Mobil Corporation	17,766	$1.385M	0.1%	$53.91	-4.7%	COM	30231G102
—	Patriot Transportation Holding	53,613	$1.206M	0.1%	$24.97	—	COM	70338w105
IBM	International Business Machine	7,240	$996K	0.1%	$113.87	-23.1%	COM	459200101
—	General Electric Company	17,793	$554K	0.0%	$25.03	—	COM	369604103
NBTB	NBT Bancorp Inc	16,151	$450K	0.0%	$23.29	+22.2%	COM	628778102
UNP	Union Pacific Corp	5,754	$450K	0.0%	$66.04	+3.4%	COM	907818108
—	Newlink Genetics Corp	12,321	$448K	0.0%	$19.72	—	COM	651511107
—	Glenville Bank Hldg Co	4,006	$330K	0.0%	$83.35	—	COM	37908p109
—	Clarcor Inc	6,424	$319K	0.0%	$52.15	—	COM	179895107
USB	US Bancorp	7,331	$313K	0.0%	$22.41	+32.0%	COM	902973304
CNMD	Conmed Corp	7,087	$312K	0.0%	$27.74	+39.8%	COM	207410101
AMGN	Amgen Incorporated	1,914	$311K	0.0%	$76.98	+51.3%	COM	031162100
PFE	Pfizer Incorporated	9,364	$302K	0.0%	$16.54	+23.2%	COM	717081103
—	A T & T Inc New	7,383	$254K	0.0%	$35.30	—	COM	00206r102
PG	Procter & Gamble	3,168	$252K	0.0%	$58.80	-1.5%	COM	742718109
CVX	Chevron Corporation	2,630	$237K	0.0%	$71.11	-17.8%	COM	166764100
AAPL	Apple Inc	2,222	$234K	0.0%	$26.96	-4.6%	COM	037833100
SJM	Smuckers, Jm	1,853	$229K	0.0%	$79.42	+10.7%	COM	832696405
—	Vanguard Health Care Index Fun	1,671	$222K	0.0%	$122.68	—	ETF	92204a504
—	Houston Wire & Cable Company	40,025	$211K	0.0%	$11.34	—	COM	44244K109
—	Trustco Bank Corp	20,533	$126K	0.0%	$5.45	—	COM	898349105