Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores, Inc.	1,478,594	$83.82M	4.1%	$36.76	+37.3%	COM	778296103
MKL	Markel Corporation	86,012	$81.95M	4.0%	$523.59	+77.9%	COM	570535104
CDW	CDW Corporation	1,997,476	$80.06M	4.0%	$23.90	+54.9%	COM	12514G108
IEX	IDEX Corporation	859,926	$70.6M	3.5%	$45.08	+63.7%	COM	45167R104
BRO	Brown & Brown, Inc.	1,801,562	$67.5M	3.3%	$13.97	+16.9%	COM	115236101
—	Brookfield Asset Management In	1,969,364	$65.13M	3.2%	$35.64	—	COM	112585104
SYK	Stryker Corporation	537,426	$64.4M	3.2%	$56.92	+76.3%	COM	863667101
WTM	White Mountains Insurance Grou	69,447	$58.47M	2.9%	$583.58	+39.8%	COM	G9618E107
EOG	EOG Resources, Inc.	694,640	$57.95M	2.9%	$60.44	-1.8%	COM	26875P101
MD	MEDNAX, Inc.	796,835	$57.72M	2.9%	$49.41	+39.1%	COM	58502B106
AZO	AutoZone, Inc.	69,010	$54.78M	2.7%	$433.47	+77.7%	COM	053332102
ITW	Illinois Tool Works Inc.	514,622	$53.6M	2.6%	$50.04	+66.4%	COM	452308109
MCHP	Microchip Technology Incorpora	893,265	$45.34M	2.2%	$15.59	+33.1%	COM	595017104
BRK/A	Berkshire Hathaway Inc. A	206	$44.7M	2.2%	$165023.42	+30.0%	COM	084670108
WAT	Waters Corporation	314,964	$44.3M	2.2%	$95.76	+41.3%	COM	941848103
DCI	Donaldson Company, Inc.	1,278,742	$43.94M	2.2%	$29.31	-2.5%	COM	257651109
KMX	CarMax, Inc.	878,028	$43.05M	2.1%	$45.81	+12.1%	COM	143130102
MTB	M&T Bank Corporation	358,557	$42.39M	2.1%	$80.07	+10.1%	COM	55261F104
—	Xilinx, Inc.	841,154	$38.8M	1.9%	$40.60	—	COM	983919101
BEN	Franklin Resources, Inc.	1,131,474	$37.76M	1.9%	$27.92	-19.3%	COM	354613101
—	Starwood Hotels & Resorts Worl	492,280	$36.4M	1.8%	$70.17	—	COM	85590a401
—	Interpublic Group of Companies	1,568,490	$36.23M	1.8%	$9.16	+77.9%	COM	460690100
—	South State Corporation	526,635	$35.84M	1.8%	$61.35	—	COM	840441109
—	Patterson Companies, Inc.	731,190	$35.02M	1.7%	$39.97	—	COM	703395103
—	FLIR Systems, Inc.	1,112,910	$34.45M	1.7%	$27.88	—	COM	302445101
GGG	Graco Inc.	417,234	$32.96M	1.6%	$17.71	+33.7%	COM	384109104
—	T Rowe Price Group, Inc.	442,675	$32.3M	1.6%	$76.54	—	COM	74144t108
—	Aqua America, Inc.	868,045	$30.95M	1.5%	$29.99	—	COM	03836W103
—	DSW Inc.	1,395,032	$29.55M	1.5%	$24.68	—	COM	23334l102
—	Forward Air Corporation	642,933	$28.63M	1.4%	$38.28	—	COM	349853101
MHK	Mohawk Industries, Inc.	142,284	$27M	1.3%	$112.71	+72.7%	COM	608190104
FLO	Flowers Foods, Inc.	1,426,840	$26.75M	1.3%	$13.00	-2.1%	COM	343498101
—	US Ecology, Inc.	565,454	$25.98M	1.3%	$35.83	—	COM	91732j102
—	Bank of the Ozarks, Inc.	691,378	$25.94M	1.3%	$38.87	—	COM	063904106
AJG	Arthur J. Gallagher & Co.	534,772	$25.45M	1.3%	$36.04	+9.7%	COM	363576109
L	Loews Corporation	608,645	$25.01M	1.2%	$41.82	-9.3%	COM	540424108
DLR	Digital Realty Trust, Inc.	195,315	$21.29M	1.1%	$36.73	+84.7%	COM	253868103
—	Keysight Technologies Inc.	719,140	$20.92M	1.0%	$29.45	—	COM	49338l103
BRK/B	Berkshire Hathaway Inc. B	142,213	$20.59M	1.0%	$110.92	+28.9%	COM	084670702
YUM	YUM! Brands, Inc.	247,680	$20.54M	1.0%	$38.97	+26.9%	COM	988498101
—	Pinnacle Financial Partners, I	359,486	$17.56M	0.9%	$25.71	—	COM	72346Q104
—	Forest City Realty Trust, Inc.	683,700	$15.25M	0.8%	$21.09	—	COM	345605109
—	Macquarie Infrastructure Compa	184,151	$13.64M	0.7%	$76.95	—	COM	55608b105
—	Biglari Holdings Inc.	28,625	$11.55M	0.6%	$397.07	—	COM	08986r101
RSG	Republic Services, Inc.	208,226	$10.68M	0.5%	$33.36	+22.3%	COM	760759100
MAT	Mattel, Inc.	332,637	$10.41M	0.5%	$39.68	-20.1%	COM	577081102
—	Questar Corporation	398,291	$10.11M	0.5%	$22.74	—	COM	748356102
SCSC	Scansource, Inc.	255,050	$9.465M	0.5%	$34.88	+12.6%	COM	806037107
LSTR	Landstar System, Inc.	133,496	$9.166M	0.5%	$64.61	—	COM	515098101
—	Ferro Corporation	668,473	$8.944M	0.4%	$12.97	—	COM	315405100
—	Mistras Group, Inc.	345,750	$8.253M	0.4%	$18.97	—	COM	60649t107
—	Ingersoll-Rand, PLC	121,808	$7.757M	0.4%	$59.62	—	COM	g47791101
—	Echo Global Logistics, Inc.	342,825	$7.686M	0.4%	$19.88	—	COM	27875t101
—	Consolidated-Tomoka Land Co.	158,459	$7.522M	0.4%	$48.45	—	COM	210226106
—	Hallmark Financial Services, I	643,882	$7.463M	0.4%	$9.31	—	COM	40624q203
—	FRP Holdings, Inc.	215,037	$7.419M	0.4%	$37.73	—	COM	30292l107
CNXN	PC Connection, Inc.	308,400	$7.34M	0.4%	$18.99	+13.8%	COM	69318J100
CHH	Choice Hotels International, I	153,233	$7.297M	0.4%	$44.18	0.0%	COM	169905106
APD	Air Prod & Chemicals Inc	51,060	$7.253M	0.4%	$104.91	0.0%	COM	009158106
LNN	Lindsay Corp.	106,465	$7.225M	0.4%	$63.33	-0.1%	COM	535555106
—	National Commerce Corporation	305,088	$7.115M	0.4%	$25.28	—	COM	63546l102
—	Thermon Group Holdings, Inc.	368,875	$7.086M	0.4%	$17.56	—	COM	88362t103
—	Diamond Hill Investment Group,	37,041	$6.979M	0.3%	$167.45	—	COM	25264r207
—	Stonegate Bank	211,900	$6.838M	0.3%	$30.79	—	COM	861811107
FELE	Franklin Electric Co., Inc.	206,720	$6.832M	0.3%	$26.92	+9.6%	COM	353514102
—	Multi-Color Corp	103,609	$6.569M	0.3%	$53.84	—	COM	625383104
MDU	MDU Resources Group, Inc.	264,707	$6.353M	0.3%	$4.96	+23.4%	COM	552690109
—	Infinity Property and Casualty	76,885	$6.202M	0.3%	$66.55	—	COM	45665q103
WHG	Westwood Holdings Group, Inc.	119,671	$6.199M	0.3%	$48.83	+16.9%	COM	961765104
SYBT	Stock Yards Bancorp, Inc.	184,837	$5.218M	0.3%	$26.15	+3.8%	COM	861025104
—	Retail Opportunity Investments	228,625	$4.954M	0.2%	$18.34	—	COM	76131n101
BANX	StoneCastle Financial Corp.	269,775	$4.948M	0.2%	$8.05	-9.9%	COM	861780104
—	Penske Automotive Group Inc.	156,275	$4.916M	0.2%	$31.46	—	COM	70959w103
EPM	Evolution Petroleum Corporatio	870,290	$4.76M	0.2%	$4.64	-35.9%	COM	30049A107
—	Ashford Hospitality Prime REIT	335,792	$4.748M	0.2%	$13.60	—	COM	044102101
—	Knight Transportation, Inc.	161,720	$4.299M	0.2%	$16.82	—	COM	499064103
WLY	John Wiley & Sons, Inc.	77,000	$4.018M	0.2%	$27.09	+38.6%	COM	968223206
—	Tupperware Brands Corporation	68,650	$3.864M	0.2%	$76.31	—	COM	899896104
—	First NBC Bank Holding Company	224,265	$3.765M	0.2%	$26.88	—	COM	32115d106
HOMB	Home BancShares, Inc.	182,646	$3.615M	0.2%	$16.29	+28.7%	COM	436893200
—	National Instruments	122,000	$3.343M	0.2%	$27.94	—	COM	636518102
—	Allergan PLC	8,415	$1.945M	0.1%	$303.51	—	COM	g0177j108
OMC	Omnicom Group	21,000	$1.711M	0.1%	$59.65	0.0%	COM	681919106
XOM	Exxon Mobil Corporation	17,566	$1.647M	0.1%	$53.91	+7.3%	COM	30231G102
IBM	International Business Machine	7,240	$1.099M	0.1%	$113.87	-16.5%	COM	459200101
—	General Electric Company	16,295	$513K	0.0%	$25.03	—	COM	369604103
UNP	Union Pacific Corp	5,754	$502K	0.0%	$66.04	+3.3%	COM	907818108
NBTB	NBT Bancorp Inc	15,356	$440K	0.0%	$23.29	+20.7%	COM	628778102
—	Clarcor Inc	6,424	$391K	0.0%	$52.15	—	COM	179895107
CNMD	Conmed Corp	7,087	$338K	0.0%	$27.74	+37.7%	COM	207410101
—	Glenville Bank Hldg Co	4,006	$332K	0.0%	$83.35	—	COM	37908p109
PFE	Pfizer Incorporated	9,164	$323K	0.0%	$16.54	+27.3%	COM	717081103
—	A T & T Inc New	7,383	$319K	0.0%	$35.30	—	COM	00206r102
USB	US Bancorp	7,781	$314K	0.0%	$22.80	+27.9%	COM	902973304
AMGN	Amgen Incorporated	1,914	$291K	0.0%	$76.98	+51.6%	COM	031162100
SJM	Smuckers, Jm	1,753	$267K	0.0%	$79.42	+24.8%	COM	832696405
PG	Procter & Gamble	2,880	$244K	0.0%	$58.80	+7.7%	COM	742718109
PEG	Pub Svc Ent Group Inc	4,901	$228K	0.0%	$30.16	+7.8%	COM	744573106
VZ	Verizon Communications	3,618	$202K	0.0%	$31.47	0.0%	COM	92343V104
—	Newlink Genetics Corp	12,321	$139K	0.0%	$19.72	—	COM	651511107