Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CDW	CDW Corporation	2,014,656	$105M	4.7%	$23.90	+83.1%	COM	12514G108
ROST	Ross Stores, Inc.	1,469,280	$96.39M	4.3%	$36.76	+62.6%	COM	778296103
BRO	Brown & Brown, Inc.	1,758,049	$78.87M	3.5%	$13.97	+34.8%	COM	115236101
MKL	Markel Corporation	86,123	$77.9M	3.5%	$523.59	+70.3%	COM	570535104
IEX	IDEX Corporation	856,736	$77.16M	3.5%	$45.08	+79.4%	COM	45167R104
EOG	EOG Resources, Inc.	698,162	$70.58M	3.2%	$60.44	+19.7%	COM	26875P101
—	Brookfield Asset Management In	1,993,035	$65.79M	2.9%	$35.64	—	COM	112585104
SYK	Stryker Corporation	537,091	$64.35M	2.9%	$56.92	+82.6%	COM	863667101
ITW	Illinois Tool Works Inc.	483,267	$59.18M	2.7%	$50.04	+94.1%	COM	452308109
MCHP	Microchip Technology Incorpora	909,425	$58.34M	2.6%	$15.59	+70.3%	COM	595017104
MTB	M&T Bank Corporation	363,347	$56.84M	2.5%	$80.20	+29.7%	COM	55261F104
KMX	CarMax, Inc.	878,652	$56.58M	2.5%	$45.81	+22.5%	COM	143130102
—	Interpublic Group of Companies	2,385,505	$55.84M	2.5%	$11.56	+40.4%	COM	460690100
AZO	AutoZone, Inc.	68,650	$54.22M	2.4%	$433.47	+77.5%	COM	053332102
MD	MEDNAX, Inc.	800,810	$53.38M	2.4%	$49.41	+31.7%	COM	58502B106
DCI	Donaldson Company, Inc.	1,215,655	$51.16M	2.3%	$29.31	+16.9%	COM	257651109
BRK/A	Berkshire Hathaway Inc. A	206	$50.29M	2.3%	$165023.42	+39.9%	COM	084670108
—	Xilinx, Inc.	780,979	$47.15M	2.1%	$40.60	—	COM	983919101
—	South State Corporation	539,397	$47.14M	2.1%	$61.77	—	COM	840441109
WTM	White Mountains Insurance Grou	55,692	$46.56M	2.1%	$583.58	+43.6%	COM	G9618E107
BEN	Franklin Resources, Inc.	1,141,182	$45.17M	2.0%	$27.92	-15.9%	COM	354613101
—	FLIR Systems, Inc.	1,133,848	$41.03M	1.8%	$27.96	—	COM	302445101
—	Patterson Companies, Inc.	989,765	$40.61M	1.8%	$40.38	—	COM	703395103
—	T Rowe Price Group, Inc.	503,625	$37.9M	1.7%	$75.54	—	COM	74144t108
WAT	Waters Corporation	279,874	$37.61M	1.7%	$95.76	+49.0%	COM	941848103
FLO	Flowers Foods, Inc.	1,723,610	$34.42M	1.5%	$12.73	-9.8%	COM	343498101
GGG	Graco Inc.	412,244	$34.25M	1.5%	$17.71	+31.9%	COM	384109104
—	Bank of the Ozarks, Inc.	625,003	$32.87M	1.5%	$38.87	—	COM	063904106
MAR	Marriott Intl Inc New Cl A	390,317	$32.27M	1.4%	$64.65	+7.3%	COM	571903202
—	DSW Inc.	1,394,442	$31.58M	1.4%	$24.68	—	COM	23334l102
—	Keysight Technologies Inc.	863,415	$31.57M	1.4%	$29.82	—	COM	49338l103
—	Forward Air Corporation	634,153	$30.05M	1.3%	$38.28	—	COM	349853101
—	Forest City Realty Trust, Inc.	1,377,224	$28.7M	1.3%	$20.96	—	COM	345605109
AJG	Arthur J. Gallagher & Co.	549,872	$28.57M	1.3%	$36.20	+20.3%	COM	363576109
MHK	Mohawk Industries, Inc.	142,009	$28.36M	1.3%	$112.71	+74.2%	COM	608190104
L	Loews Corporation	599,495	$28.07M	1.3%	$41.82	+0.7%	COM	540424108
—	Pinnacle Financial Partners, I	334,861	$23.21M	1.0%	$25.71	—	COM	72346Q104
BRK/B	Berkshire Hathaway Inc. B	141,985	$23.14M	1.0%	$110.92	+38.8%	COM	084670702
—	US Ecology, Inc.	399,397	$19.63M	0.9%	$36.00	—	COM	91732j102
—	Aqua America, Inc.	643,017	$19.32M	0.9%	$29.99	—	COM	03836W103
YUM	YUM! Brands, Inc.	246,950	$15.64M	0.7%	$38.97	+36.8%	COM	988498101
—	Macquarie Infrastructure Compa	190,626	$15.57M	0.7%	$77.09	—	COM	55608b105
RHI	Robert Half Intl. Inc.	266,475	$13M	0.6%	$38.35	+11.7%	COM	770323103
—	Ingersoll-Rand, PLC	152,274	$11.43M	0.5%	$61.74	—	COM	g47791101
SCSC	Scansource, Inc.	277,950	$11.21M	0.5%	$35.29	+5.4%	COM	806037107
—	Penske Automotive Group Inc.	216,250	$11.21M	0.5%	$36.38	—	COM	70959w103
DLR	Digital Realty Trust, Inc.	113,680	$11.17M	0.5%	$37.40	+80.8%	COM	253868103
APD	Air Prod & Chemicals Inc	73,655	$10.59M	0.5%	$106.51	+4.8%	COM	009158106
—	National Commerce Corporation	261,088	$9.699M	0.4%	$25.28	—	COM	63546l102
—	Thermon Group Holdings, Inc.	495,065	$9.451M	0.4%	$18.06	—	COM	88362t103
MAT	Mattel, Inc.	327,712	$9.028M	0.4%	$39.68	-23.4%	COM	577081102
—	Mistras Group, Inc.	347,125	$8.914M	0.4%	$18.97	—	COM	60649t107
—	Stonegate Bank	212,725	$8.877M	0.4%	$30.79	—	COM	861811107
—	PC Connection, Inc.	314,175	$8.825M	0.4%	$26.42	—	COM	69318j100
CHH	Choice Hotels International, I	156,360	$8.764M	0.4%	$44.18	+4.4%	COM	169905106
—	Echo Global Logistics, Inc.	334,950	$8.39M	0.4%	$19.88	—	COM	27875t101
EPM	Evolution Petroleum Corporatio	834,140	$8.341M	0.4%	$4.64	+1.3%	COM	30049A107
—	Consolidated-Tomoka Land Co.	155,224	$8.292M	0.4%	$48.45	—	COM	210226106
LNN	Lindsay Corp.	109,815	$8.193M	0.4%	$63.32	+12.2%	COM	535555106
—	Multi-Color Corp	103,984	$8.069M	0.4%	$53.84	—	COM	625383104
RSG	Republic Services, Inc.	139,331	$7.949M	0.4%	$33.36	+38.4%	COM	760759100
—	Diamond Hill Investment Group,	37,777	$7.948M	0.4%	$167.73	—	COM	25264r207
MDU	MDU Resources Group, Inc.	260,028	$7.481M	0.3%	$4.96	+59.1%	COM	552690109
—	Hallmark Financial Services, I	636,972	$7.408M	0.3%	$9.31	—	COM	40624q203
WHG	Westwood Holdings Group, Inc.	120,921	$7.254M	0.3%	$48.83	+15.9%	COM	961765104
—	FRP Holdings, Inc.	173,537	$6.542M	0.3%	$37.73	—	COM	30292l107
EXLS	Exlservice Holdings Inc.	129,100	$6.512M	0.3%	$9.56	0.0%	COM	302081104
—	Infinity Property and Casualty	74,035	$6.508M	0.3%	$66.55	—	COM	45665q103
FELE	Franklin Electric Co., Inc.	165,920	$6.454M	0.3%	$26.92	+32.5%	COM	353514102
—	Biglari Holdings Inc.	12,925	$6.116M	0.3%	$397.07	—	COM	08986r101
SYBT	Stock Yards Bancorp, Inc.	106,537	$5.002M	0.2%	$26.28	+49.5%	COM	861025104
LSTR	Landstar System, Inc.	58,207	$4.965M	0.2%	$64.61	—	COM	515098101
—	Retail Opportunity Investments	229,900	$4.858M	0.2%	$18.34	—	COM	76131n101
—	Versum Materials Inc.	172,665	$4.847M	0.2%	$28.07	—	COM	92532w103
HOMB	Home BancShares, Inc.	173,671	$4.823M	0.2%	$16.29	+48.9%	COM	436893200
BANX	StoneCastle Financial Corp.	246,424	$4.606M	0.2%	$8.05	-0.7%	COM	861780104
—	Ashford Hospitality Prime REIT	335,670	$4.582M	0.2%	$13.60	—	COM	044102101
—	National Instruments	122,000	$3.76M	0.2%	$27.94	—	COM	636518102
—	Spdr S&P 500 ETF Trust	16,587	$3.708M	0.2%	$216.28	—	ETF	78462f103
—	Tupperware Brands Corporation	68,650	$3.612M	0.2%	$76.31	—	COM	899896104
OMC	Omnicom Group	21,000	$1.787M	0.1%	$59.65	+2.2%	COM	681919106
—	Allergan PLC	8,415	$1.767M	0.1%	$303.51	—	COM	g0177j108
XOM	Exxon Mobil Corporation	17,566	$1.586M	0.1%	$53.91	+7.9%	COM	30231G102
IBM	International Business Machine	7,314	$1.214M	0.1%	$113.75	-9.4%	COM	459200101
NBTB	NBT Bancorp Inc	24,856	$1.041M	0.0%	$28.60	+30.0%	COM	628778102
—	Clarcor Inc	6,424	$530K	0.0%	$52.15	—	COM	179895107
—	General Electric Company	16,295	$515K	0.0%	$25.03	—	COM	369604103
USB	US Bancorp	7,781	$400K	0.0%	$22.80	+48.1%	COM	902973304
UNP	Union Pacific Corp	3,354	$348K	0.0%	$66.04	+21.6%	COM	907818108
CNMD	Conmed Corp	7,087	$313K	0.0%	$27.74	+39.6%	COM	207410101
—	Glenville Bank Hldg Co	4,006	$312K	0.0%	$83.35	—	COM	37908p109
—	A T & T Inc New	7,083	$301K	0.0%	$35.30	—	COM	00206r102
PFE	Pfizer Incorporated	9,164	$298K	0.0%	$16.54	+24.0%	COM	717081103
PG	Procter & Gamble	2,880	$242K	0.0%	$58.80	+13.6%	COM	742718109
PEG	Pub Svc Ent Group Inc	4,901	$215K	0.0%	$30.16	+0.9%	COM	744573106
ADP	Auto Data Processing	2,020	$208K	0.0%	$76.76	0.0%	COM	053015103
—	Newlink Genetics Corp	12,321	$127K	0.0%	$19.72	—	COM	651511107