Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores, Inc.	1,477,189	$94.98M	4.6%	$36.76	+52.4%	COM	778296103
CDW	CDW Corporation	2,007,101	$91.78M	4.4%	$23.90	+64.2%	COM	12514G108
IEX	IDEX Corporation	859,736	$80.44M	3.9%	$45.08	+78.3%	COM	45167R104
MKL	Markel Corporation	85,962	$79.84M	3.8%	$523.59	+78.2%	COM	570535104
—	Brookfield Asset Management In	1,980,439	$69.67M	3.3%	$35.64	—	COM	112585104
EOG	EOG Resources, Inc.	696,645	$67.37M	3.2%	$60.44	+7.8%	COM	26875P101
BRO	Brown & Brown, Inc.	1,766,762	$66.63M	3.2%	$13.97	+22.2%	COM	115236101
SYK	Stryker Corporation	532,056	$61.94M	3.0%	$56.92	+84.3%	COM	863667101
ITW	Illinois Tool Works Inc.	513,897	$61.59M	3.0%	$50.04	+85.6%	COM	452308109
MCHP	Microchip Technology Incorpora	901,115	$55.99M	2.7%	$15.59	+56.6%	COM	595017104
WTM	White Mountains Insurance Grou	64,165	$53.26M	2.6%	$583.58	+41.2%	COM	G9618E107
AZO	AutoZone, Inc.	68,985	$53M	2.5%	$433.47	+79.6%	COM	053332102
MD	MEDNAX, Inc.	799,460	$52.96M	2.5%	$49.41	+38.4%	COM	58502B106
DCI	Donaldson Company, Inc.	1,278,092	$47.71M	2.3%	$29.31	+7.0%	COM	257651109
KMX	CarMax, Inc.	878,978	$46.89M	2.2%	$45.81	+23.7%	COM	143130102
BRK/A	Berkshire Hathaway Inc. A	206	$44.54M	2.1%	$165023.42	+32.9%	COM	084670108
WAT	Waters Corporation	280,436	$44.45M	2.1%	$95.76	+61.6%	COM	941848103
—	Xilinx, Inc.	789,629	$42.91M	2.1%	$40.60	—	COM	983919101
MTB	M&T Bank Corporation	364,087	$42.27M	2.0%	$80.20	+10.7%	COM	55261F104
BEN	Franklin Resources, Inc.	1,136,419	$40.42M	1.9%	$27.92	-21.0%	COM	354613101
—	South State Corporation	530,710	$39.82M	1.9%	$61.35	—	COM	840441109
—	Interpublic Group of Companies	1,770,425	$39.57M	1.9%	$9.94	+61.3%	COM	460690100
—	FLIR Systems, Inc.	1,138,485	$35.77M	1.7%	$27.96	—	COM	302445101
—	Patterson Companies, Inc.	757,175	$34.78M	1.7%	$40.18	—	COM	703395103
—	T Rowe Price Group, Inc.	491,250	$32.67M	1.6%	$75.55	—	COM	74144t108
GGG	Graco Inc.	417,584	$30.9M	1.5%	$17.71	+25.0%	COM	384109104
—	DSW Inc.	1,397,157	$28.61M	1.4%	$24.68	—	COM	23334l102
MHK	Mohawk Industries, Inc.	142,284	$28.5M	1.4%	$112.71	+82.4%	COM	608190104
—	Forward Air Corporation	642,018	$27.77M	1.3%	$38.28	—	COM	349853101
AJG	Arthur J. Gallagher & Co.	538,697	$27.4M	1.3%	$36.04	+17.7%	COM	363576109
—	Keysight Technologies Inc.	860,390	$27.27M	1.3%	$29.82	—	COM	49338l103
—	Bank of the Ozarks, Inc.	691,378	$26.55M	1.3%	$38.87	—	COM	063904106
MAR	Marriott Intl Inc New Cl A	392,392	$26.42M	1.3%	$64.65	0.0%	COM	571903202
—	US Ecology, Inc.	576,354	$25.84M	1.2%	$36.00	—	COM	91732j102
L	Loews Corporation	602,795	$24.8M	1.2%	$41.82	-5.9%	COM	540424108
FLO	Flowers Foods, Inc.	1,591,685	$24.07M	1.2%	$12.84	-10.9%	COM	343498101
YUM	YUM! Brands, Inc.	246,950	$22.43M	1.1%	$38.97	+38.2%	COM	988498101
BRK/B	Berkshire Hathaway Inc. B	142,972	$20.66M	1.0%	$110.92	+31.9%	COM	084670702
—	Aqua America, Inc.	651,323	$19.85M	1.0%	$29.99	—	COM	03836W103
—	Pinnacle Financial Partners, I	358,686	$19.4M	0.9%	$25.71	—	COM	72346Q104
—	Forest City Realty Trust, Inc.	683,700	$15.81M	0.8%	$21.09	—	COM	345605109
—	Macquarie Infrastructure Compa	185,126	$15.41M	0.7%	$76.95	—	COM	55608b105
—	Biglari Holdings Inc.	28,495	$12.42M	0.6%	$397.07	—	COM	08986r101
DLR	Digital Realty Trust, Inc.	111,230	$10.8M	0.5%	$36.73	+99.6%	COM	253868103
—	Penske Automotive Group Inc.	221,450	$10.67M	0.5%	$36.38	—	COM	70959w103
APD	Air Prod & Chemicals Inc	70,730	$10.63M	0.5%	$106.30	+3.4%	COM	009158106
SCSC	Scansource, Inc.	283,675	$10.35M	0.5%	$35.29	+10.4%	COM	806037107
MAT	Mattel, Inc.	330,187	$9.998M	0.5%	$39.68	-17.6%	COM	577081102
—	Ingersoll-Rand, PLC	142,574	$9.686M	0.5%	$60.83	—	COM	g47791101
RHI	Robert Half Intl. Inc.	252,801	$9.571M	0.5%	$38.11	0.0%	COM	770323103
LSTR	Landstar System, Inc.	133,671	$9.1M	0.4%	$64.61	—	COM	515098101
—	Thermon Group Holdings, Inc.	453,440	$8.955M	0.4%	$17.97	—	COM	88362t103
FELE	Franklin Electric Co., Inc.	206,945	$8.425M	0.4%	$26.92	+27.6%	COM	353514102
—	PC Connection, Inc.	318,750	$8.421M	0.4%	$26.42	—	COM	69318j100
—	National Commerce Corporation	305,088	$8.256M	0.4%	$25.28	—	COM	63546l102
LNN	Lindsay Corp.	111,190	$8.226M	0.4%	$63.32	-0.0%	COM	535555106
—	Consolidated-Tomoka Land Co.	159,084	$8.144M	0.4%	$48.45	—	COM	210226106
—	Mistras Group, Inc.	346,100	$8.123M	0.4%	$18.97	—	COM	60649t107
—	Echo Global Logistics, Inc.	343,175	$7.914M	0.4%	$19.88	—	COM	27875t101
—	Stonegate Bank	212,275	$7.164M	0.3%	$30.79	—	COM	861811107
RSG	Republic Services, Inc.	141,706	$7.149M	0.3%	$33.36	+31.4%	COM	760759100
CHH	Choice Hotels International, I	158,595	$7.149M	0.3%	$44.18	-0.5%	COM	169905106
—	Diamond Hill Investment Group,	37,666	$6.96M	0.3%	$167.73	—	COM	25264r207
—	Multi-Color Corp	103,759	$6.848M	0.3%	$53.84	—	COM	625383104
MDU	MDU Resources Group, Inc.	263,403	$6.701M	0.3%	$4.96	+39.4%	COM	552690109
—	Hallmark Financial Services, I	648,762	$6.676M	0.3%	$9.31	—	COM	40624q203
—	FRP Holdings, Inc.	214,237	$6.656M	0.3%	$37.73	—	COM	30292l107
WHG	Westwood Holdings Group, Inc.	120,621	$6.406M	0.3%	$48.83	+7.2%	COM	961765104
—	Infinity Property and Casualty	76,885	$6.353M	0.3%	$66.55	—	COM	45665q103
SYBT	Stock Yards Bancorp, Inc.	190,812	$6.289M	0.3%	$26.28	+15.8%	COM	861025104
EPM	Evolution Petroleum Corporatio	870,290	$5.465M	0.3%	$4.64	-31.4%	COM	30049A107
—	Ferro Corporation	379,658	$5.243M	0.3%	$12.97	—	COM	315405100
—	Retail Opportunity Investments	229,025	$5.029M	0.2%	$18.34	—	COM	76131n101
BANX	StoneCastle Financial Corp.	265,525	$4.957M	0.2%	$8.05	-1.5%	COM	861780104
—	Ashford Hospitality Prime REIT	335,670	$4.733M	0.2%	$13.60	—	COM	044102101
—	Knight Transportation, Inc.	161,720	$4.64M	0.2%	$16.82	—	COM	499064103
—	Tupperware Brands Corporation	68,650	$4.488M	0.2%	$76.31	—	COM	899896104
HOMB	Home BancShares, Inc.	182,546	$3.799M	0.2%	$16.29	+31.9%	COM	436893200
—	Spdr S&P 500 ETF Trust	16,557	$3.581M	0.2%	$216.28	—	ETF	78462f103
—	National Instruments	122,000	$3.465M	0.2%	$27.94	—	COM	636518102
—	Allergan PLC	8,415	$1.938M	0.1%	$303.51	—	COM	g0177j108
OMC	Omnicom Group	21,000	$1.785M	0.1%	$59.65	+1.5%	COM	681919106
XOM	Exxon Mobil Corporation	17,566	$1.533M	0.1%	$53.91	+8.6%	COM	30231G102
IBM	International Business Machine	7,314	$1.162M	0.1%	$113.75	-10.5%	COM	459200101
—	First NBC Bank Holding Company	114,634	$1.082M	0.1%	$26.88	—	COM	32115d106
NBTB	NBT Bancorp Inc	15,356	$505K	0.0%	$23.29	+32.9%	COM	628778102
—	General Electric Company	16,295	$483K	0.0%	$25.03	—	COM	369604103
—	Clarcor Inc	6,424	$418K	0.0%	$52.15	—	COM	179895107
—	Glenville Bank Hldg Co	4,006	$381K	0.0%	$83.35	—	COM	37908p109
DBEF	Deutsche X-trackers MSCI EAFE	14,351	$379K	0.0%	$26.41	—	ETF	233051200
USB	US Bancorp	7,781	$334K	0.0%	$22.80	+31.4%	COM	902973304
UNP	Union Pacific Corp	3,354	$327K	0.0%	$66.04	+15.0%	COM	907818108
AMGN	Amgen Incorporated	1,914	$319K	0.0%	$76.98	+65.9%	COM	031162100
PFE	Pfizer Incorporated	9,164	$310K	0.0%	$16.54	+34.6%	COM	717081103
—	A T & T Inc New	7,083	$288K	0.0%	$35.30	—	COM	00206r102
CNMD	Conmed Corp	7,087	$284K	0.0%	$27.74	+38.8%	COM	207410101
PG	Procter & Gamble	2,880	$258K	0.0%	$58.80	+14.8%	COM	742718109
SJM	Smuckers, Jm	1,528	$207K	0.0%	$79.42	+38.4%	COM	832696405
PEG	Pub Svc Ent Group Inc	4,901	$205K	0.0%	$30.16	+5.6%	COM	744573106
—	Newlink Genetics Corp	12,321	$185K	0.0%	$19.72	—	COM	651511107