Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores, Inc.	1,481,115	$85.76M	4.3%	$36.76	+37.0%	COM	778296103
CDW	CDW Corporation	1,877,272	$77.91M	3.9%	$23.06	+50.5%	COM	12514G108
MKL	Markel Corporation	86,093	$76.76M	3.9%	$523.59	+64.2%	COM	570535104
IEX	IDEX Corporation	860,976	$71.36M	3.6%	$45.08	+46.9%	COM	45167R104
—	Brookfield Asset Management In	1,960,714	$68.21M	3.5%	$35.64	—	COM	112585104
BRO	Brown & Brown, Inc.	1,855,007	$66.41M	3.4%	$13.97	+5.3%	COM	115236101
SYK	Stryker Corporation	573,236	$61.5M	3.1%	$56.92	+54.9%	COM	863667101
WTM	White Mountains Insurance Grou	69,499	$55.78M	2.8%	$583.58	+28.2%	COM	G9618E107
AZO	AutoZone, Inc.	69,064	$55.02M	2.8%	$433.47	+74.5%	COM	053332102
ITW	Illinois Tool Works Inc.	515,612	$52.82M	2.7%	$50.04	+46.4%	COM	452308109
MD	MEDNAX, Inc.	795,585	$51.41M	2.6%	$49.41	+34.3%	COM	58502B106
EOG	EOG Resources, Inc.	694,115	$50.38M	2.5%	$60.44	-15.5%	COM	26875P101
BRK/A	Berkshire Hathaway Inc. A	206	$43.97M	2.2%	$165023.42	+20.9%	COM	084670108
KMX	CarMax, Inc.	848,528	$43.36M	2.2%	$45.62	+3.5%	COM	143130102
BEN	Franklin Resources, Inc.	1,099,974	$42.95M	2.2%	$28.07	-22.2%	COM	354613101
MCHP	Microchip Technology Incorpora	864,340	$41.66M	2.1%	$15.42	+19.5%	COM	595017104
WAT	Waters Corporation	315,114	$41.57M	2.1%	$95.76	+30.3%	COM	941848103
—	Starwood Hotels & Resorts Worl	494,980	$41.3M	2.1%	$70.17	—	COM	85590a401
DCI	Donaldson Company, Inc.	1,280,617	$40.86M	2.1%	$29.31	-14.6%	COM	257651109
—	Xilinx, Inc.	843,504	$40.01M	2.0%	$40.60	—	COM	983919101
MTB	M&T Bank Corporation	344,377	$38.23M	1.9%	$79.74	+2.8%	COM	55261F104
—	FLIR Systems, Inc.	1,106,110	$36.45M	1.8%	$27.88	—	COM	302445101
—	Interpublic Group of Companies	1,571,915	$36.08M	1.8%	$9.16	+62.5%	COM	460690100
GGG	Graco Inc.	417,639	$35.06M	1.8%	$17.71	+23.6%	COM	384109104
—	South State Corporation	504,360	$32.4M	1.6%	$61.05	—	COM	840441109
—	Patterson Companies, Inc.	694,640	$32.32M	1.6%	$39.55	—	COM	703395103
—	Forward Air Corporation	642,383	$29.11M	1.5%	$38.28	—	COM	349853101
—	T Rowe Price Group, Inc.	395,315	$29.04M	1.5%	$76.97	—	COM	74144t108
—	Bank of the Ozarks, Inc.	691,378	$29.02M	1.5%	$38.87	—	COM	063904106
—	DSW Inc.	1,046,882	$28.94M	1.5%	$25.85	—	COM	23334l102
—	Aqua America, Inc.	871,969	$27.75M	1.4%	$29.99	—	COM	03836W103
MHK	Mohawk Industries, Inc.	142,484	$27.2M	1.4%	$112.71	+54.4%	COM	608190104
—	US Ecology, Inc.	581,154	$25.66M	1.3%	$35.83	—	COM	91732j102
L	Loews Corporation	612,895	$23.45M	1.2%	$41.82	-16.0%	COM	540424108
FLO	Flowers Foods, Inc.	1,173,875	$21.67M	1.1%	$13.06	-1.5%	COM	343498101
YUM	YUM! Brands, Inc.	250,546	$20.51M	1.0%	$38.97	+12.4%	COM	988498101
BRK/B	Berkshire Hathaway Inc. B	141,736	$20.11M	1.0%	$110.92	+19.5%	COM	084670702
—	Keysight Technologies Inc.	687,190	$19.06M	1.0%	$29.47	—	COM	49338l103
—	Pinnacle Financial Partners, I	364,686	$17.89M	0.9%	$25.71	—	COM	72346Q104
DLR	Digital Realty Trust, Inc.	196,565	$17.39M	0.9%	$36.73	+56.1%	COM	253868103
AJG	Arthur J. Gallagher & Co.	334,462	$14.88M	0.8%	$33.95	-0.6%	COM	363576109
—	Forest City Realty Trust, Inc.	683,700	$14.42M	0.7%	$21.09	—	COM	345605109
—	Fabrinet	370,256	$11.98M	0.6%	$15.85	—	COM	g3323l100
—	Macquarie Infrastructure Compa	175,986	$11.87M	0.6%	$77.09	—	COM	55608b105
—	Biglari Holdings Inc.	31,832	$11.83M	0.6%	$397.07	—	COM	08986r101
—	Airgas, Inc.	80,415	$11.39M	0.6%	$105.36	—	COM	009363102
MAT	Mattel, Inc.	334,962	$11.26M	0.6%	$39.68	-23.4%	COM	577081102
WLY	John Wiley & Sons, Inc.	217,000	$10.61M	0.5%	$27.09	+19.2%	COM	968223206
SCSC	Scansource, Inc.	253,450	$10.23M	0.5%	$34.88	0.0%	COM	806037107
RSG	Republic Services, Inc.	210,826	$10.05M	0.5%	$33.36	+15.0%	COM	760759100
—	Questar Corporation	402,541	$9.983M	0.5%	$22.74	—	COM	748356102
—	Echo Global Logistics, Inc.	342,825	$9.311M	0.5%	$19.88	—	COM	27875t101
—	Mistras Group, Inc.	370,750	$9.183M	0.5%	$18.97	—	COM	60649t107
—	Ferro Corporation	763,942	$9.068M	0.5%	$12.97	—	COM	315405100
LSTR	Landstar System, Inc.	133,496	$8.625M	0.4%	$64.61	—	COM	515098101
CNXN	PC Connection, Inc.	307,900	$7.947M	0.4%	$18.99	+8.8%	COM	69318J100
—	FRP Holdings, Inc.	215,037	$7.655M	0.4%	$37.73	—	COM	30292l107
MGRC	McGrath RentCorp	304,875	$7.646M	0.4%	$31.99	-23.2%	COM	580589109
—	National Commerce Corporation	304,697	$7.194M	0.4%	$25.28	—	COM	63546l102
WHG	Westwood Holdings Group, Inc.	119,396	$7.003M	0.4%	$48.83	+3.2%	COM	961765104
—	Hallmark Financial Services, I	578,226	$6.65M	0.3%	$9.05	—	COM	40624q203
FELE	Franklin Electric Co., Inc.	206,720	$6.65M	0.3%	$26.92	-5.0%	COM	353514102
—	OneBeacon Insurance Group, Ltd	519,104	$6.608M	0.3%	$14.39	—	COM	G67742109
—	Thermon Group Holdings, Inc.	368,875	$6.477M	0.3%	$17.56	—	COM	88362t103
—	Infinity Property and Casualty	76,885	$6.189M	0.3%	$66.55	—	COM	45665q103
—	Ingersoll-Rand, PLC	96,333	$5.974M	0.3%	$58.55	—	COM	g47791101
—	Stonegate Bank	188,400	$5.644M	0.3%	$30.61	—	COM	861811107
—	Multi-Color Corp	98,580	$5.259M	0.3%	$53.35	—	COM	625383104
—	Consolidated-Tomoka Land Co.	113,274	$5.226M	0.3%	$48.84	—	COM	210226106
MDU	MDU Resources Group, Inc.	266,478	$5.186M	0.3%	$4.96	+1.1%	COM	552690109
BANX	StoneCastle Financial Corp.	273,600	$4.736M	0.2%	$8.05	-19.4%	COM	861780104
—	Retail Opportunity Investments	228,625	$4.6M	0.2%	$18.34	—	COM	76131n101
—	First NBC Bank Holding Company	223,330	$4.598M	0.2%	$26.88	—	COM	32115d106
—	Knight Transportation, Inc.	163,970	$4.288M	0.2%	$16.82	—	COM	499064103
EPM	Evolution Petroleum Corporatio	870,925	$4.233M	0.2%	$4.64	-47.1%	COM	30049A107
—	Diamond Hill Investment Group,	23,271	$4.127M	0.2%	$155.04	—	COM	25264r207
—	Tupperware Brands Corporation	69,234	$4.014M	0.2%	$76.31	—	COM	899896104
—	Ashford Hospitality Prime REIT	335,792	$3.919M	0.2%	$13.60	—	COM	044102101
HOMB	Home BancShares, Inc.	91,223	$3.736M	0.2%	$11.61	+69.2%	COM	436893200
—	National Instruments	122,000	$3.673M	0.2%	$27.94	—	COM	636518102
SYBT	Stock Yards Bancorp, Inc.	86,450	$3.331M	0.2%	$25.01	0.0%	COM	861025104
—	Allergan PLC	8,415	$2.255M	0.1%	$303.51	—	COM	g0177j108
—	American Eagle Outfitters, Inc	116,797	$1.947M	0.1%	$11.56	—	COM	02553e106
LNN	Lindsay Corp.	26,835	$1.922M	0.1%	$63.56	0.0%	COM	535555106
XOM	Exxon Mobil Corporation	17,566	$1.468M	0.1%	$53.91	-3.6%	COM	30231G102
IBM	International Business Machine	7,240	$1.096M	0.1%	$113.87	-26.2%	COM	459200101
—	General Electric Company	16,895	$537K	0.0%	$25.03	—	COM	369604103
UNP	Union Pacific Corp	5,754	$458K	0.0%	$66.04	-6.2%	COM	907818108
NBTB	NBT Bancorp Inc	15,356	$414K	0.0%	$23.29	+11.6%	COM	628778102
—	Clarcor Inc	6,424	$371K	0.0%	$52.15	—	COM	179895107
—	Glenville Bank Hldg Co	4,006	$332K	0.0%	$83.35	—	COM	37908p109
USB	US Bancorp	7,331	$298K	0.0%	$22.41	+24.0%	COM	902973304
CNMD	Conmed Corp	7,087	$297K	0.0%	$27.74	+27.1%	COM	207410101
—	A T & T Inc New	7,383	$289K	0.0%	$35.30	—	COM	00206r102
AMGN	Amgen Incorporated	1,914	$287K	0.0%	$76.98	+43.9%	COM	031162100
PFE	Pfizer Incorporated	9,164	$272K	0.0%	$16.54	+13.0%	COM	717081103
PG	Procter & Gamble	2,880	$237K	0.0%	$58.80	+4.8%	COM	742718109
PEG	Pub Svc Ent Group Inc	4,901	$231K	0.0%	$30.16	0.0%	COM	744573106
SJM	Smuckers, Jm	1,753	$228K	0.0%	$79.42	+17.7%	COM	832696405
—	Newlink Genetics Corp	12,321	$224K	0.0%	$19.72	—	COM	651511107