Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	QUINTILES IMS HOLDINGS INC	487,900	$37.1M	6.3%	$71.65	—	COM	74876Y101
—	ORBITAL ATK INC	374,709	$32.87M	5.6%	$76.70	—	COM	68557N103
—	AON PLC	294,673	$32.87M	5.6%	$67.64	—	SHS CL A	G0408V102
VOYA	VOYA FINL INC	746,889	$29.29M	5.0%	$31.98	-1.1%	COM	929089100
—	IAC INTERACTIVECORP	436,420	$28.28M	4.8%	$63.93	—	COM	44919P508
RHP	RYMAN HOSPITALITY PPTYS INC	422,466	$26.62M	4.5%	$41.21	—	COM	78377T107
—	SINCLAIR BROADCAST GROUP INC	700,723	$23.37M	4.0%	$30.10	—	CL A	829226109
OPLN	KAR AUCTION SVCS INC	526,779	$22.45M	3.8%	$8.72	+83.1%	COM	48238T109
—	HD SUPPLY HLDGS INC	527,768	$22.43M	3.8%	$25.32	—	COM	40416M105
AXTA	AXALTA COATING SYS LTD	721,352	$19.62M	3.3%	$31.78	-17.2%	COM	G0750C108
ALLY	ALLY FINL INC	1,021,920	$19.44M	3.3%	$13.39	+10.6%	COM	02005N100
—	NORTHSTAR ASSET MGMT GROUP I	1,223,676	$18.26M	3.1%	$12.13	—	COM	66705Y104
—	LIBERTY INTERACTIVE CORP	800,367	$15.99M	2.7%	$25.91	—	QVC GP COM SER A	53071M104
ARMK	ARAMARK	447,042	$15.97M	2.7%	$20.12	+16.0%	COM	03852U106
—	VWR CORP	590,955	$14.79M	2.5%	$26.29	—	COM	91843L103
CLW	CLEARWATER PAPER CORP	201,847	$13.43M	2.3%	$48.03	+28.8%	COM	18538R103
GSM	FERROGLOBE PLC	1,145,258	$12.4M	2.1%	$8.77	+12.9%	SHS	G33856108
OLN	OLIN CORP	475,196	$12.17M	2.1%	$17.13	+7.5%	COM PAR $1	680665205
—	VISTA OUTDOOR INC	329,479	$12.16M	2.1%	$36.90	—	COM	928377100
SPY	SPDR S&P 500 ETF TR	50,048	$11.19M	1.9%	$175.46	—	TR UNIT	78462F103
VISN	COMMSCOPE HLDG CO INC	295,715	$11M	1.9%	$22.55	+51.1%	COM	20337X109
IBP	INSTALLED BLDG PRODS INC	261,171	$10.79M	1.8%	$17.59	+99.6%	COM	45780R101
NOMD	NOMAD HLDGS LTD	900,030	$8.613M	1.5%	$10.92	0.0%	USD ORD SHS	G6564A105
—	NORTHSTAR RLTY FIN CORP	554,627	$8.403M	1.4%	$12.33	—	COM	66704R803
GTN	GRAY TELEVISION INC	738,134	$8.009M	1.4%	$9.81	0.0%	COM	389375106
PNR	PENTAIR PLC	134,880	$7.563M	1.3%	$41.34	-18.3%	SHS	G7S00T104
C	CITIGROUP INC	122,159	$6.666M	1.1%	$37.92	+7.1%	COM NEW	172967424
BWXT	BWX TECHNOLOGIES INC	167,345	$6.644M	1.1%	$22.66	+54.0%	COM	05605H100
—	SIX FLAGS ENTMT CORP NEW	107,126	$6.423M	1.1%	$35.86	—	COM	83001A102
WTW	WILLIS TOWERS WATSON PUB LTD	46,706	$5.711M	1.0%	$100.49	+9.1%	SHS	G96629103
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,224	$5.252M	0.9%	$119.72	+28.6%	CL B NEW	084670702
—	WALGREENS BOOTS ALLIANCE INC	57,836	$4.787M	0.8%	$77.88	—	COM	931427108
—	LIBERTY GLOBAL PLC	155,706	$4.624M	0.8%	$42.10	—	SHS CL C	G5480U120
—	TESORO CORP	44,538	$3.895M	0.7%	$86.03	—	COM	881609101
—	NATIONAL GEN HLDGS CORP	150,115	$3.751M	0.6%	$14.00	—	COM	636220303
MSGS	MADISON SQUARE GARDEN CO NEW	21,103	$3.619M	0.6%	$114.87	+5.7%	CL A	55825T103
—	DISCOVER FINL SVCS	48,017	$3.462M	0.6%	$49.82	—	COM	254709108
—	CALPINE CORP	298,190	$3.408M	0.6%	$18.47	—	COM NEW	131347304
XLE	SELECT SECTOR SPDR TR	42,558	$3.205M	0.5%	$33.82	—	SBI INT-ENERGY	81369Y506
—	FIAT CHRYSLER AUTOMOBILES N	229,370	$2.73M	0.5%	$12.65	—	SHS	N31738102
—	FIESTA RESTAURANT GROUP INC	91,404	$2.728M	0.5%	$29.85	—	COM	31660B101
—	COLONY CAP INC	133,081	$2.695M	0.5%	$18.21	—	CL A	19624R106
—	ENDURANCE SPECIALTY HLDGS LT	28,172	$2.603M	0.4%	$61.60	—	SHS	G30397106
LBTYAUSD	LIBERTY GLOBAL PLC	83,960	$2.568M	0.4%	$51.67	—	SHS CL A	G5480U104
IWO	ISHARES TR	15,408	$2.372M	0.4%	$153.95	—	RUS 2000 GRW ETF	464287648
CVS	CVS HEALTH CORP	27,629	$2.18M	0.4%	$53.81	+13.4%	COM	126650100
—	LIBERTY INTERACTIVE CORP	57,808	$2.131M	0.4%	$37.88	—	LBT VENT COM A	53071M880
NWSA	NEWS CORP NEW	180,642	$2.07M	0.4%	$13.67	-18.6%	CL A	65249B109
STT	STATE STR CORP	24,008	$1.866M	0.3%	$47.79	+20.4%	COM	857477103
—	CONSOL ENERGY INC	97,167	$1.771M	0.3%	$7.90	—	COM	20854P109
—	AMTRUST FINL SVCS INC	64,514	$1.766M	0.3%	$33.57	—	COM	032359309
—	SIRIUS XM HLDGS INC	387,598	$1.725M	0.3%	$3.74	—	COM	82968B103
MET	METLIFE INC	28,960	$1.561M	0.3%	$30.29	+11.3%	COM	59156R108
TSEM	TOWER SEMICONDUCTOR LTD	79,551	$1.514M	0.3%	$14.99	+15.0%	SHS NEW	M87915274
—	LIBERTY EXPEDIA HOLDINGS	37,893	$1.503M	0.3%	$39.66	—	SER A COM	53046P109
EGRX	EAGLE PHARMACEUTICALS INC	18,175	$1.442M	0.2%	$55.40	+31.1%	COM	269796108
XLF	SELECT SECTOR SPDR TR	60,402	$1.404M	0.2%	$22.50	—	SBI INT-FINL	81369Y605
IWM	ISHARES TR	9,389	$1.266M	0.2%	$110.63	—	RUSSELL 2000 ETF	464287655
GLD	SPDR GOLD TRUST	10,926	$1.198M	0.2%	$119.47	—	GOLD SHS	78463V107
FTV	FORTIVE CORP	17,355	$931K	0.2%	$30.87	+3.2%	COM	34959J108
SATS	ECHOSTAR CORP	16,503	$848K	0.1%	$34.02	+16.7%	CL A	278768106
PSX	PHILLIPS 66	9,337	$807K	0.1%	$53.70	+9.2%	COM	718546104
—	LIBERTY MEDIA CORP DELAWARE	20,168	$696K	0.1%	$31.37	—	COM A SIRIUSXM	531229409
—	FOREST CITY RLTY TR INC	31,007	$646K	0.1%	$21.09	—	COM CL A	345605109
ECPG	ENCORE CAP GROUP INC	22,463	$644K	0.1%	$23.07	+6.1%	COM	292554102
OFS	OFS CAP CORP	41,380	$569K	0.1%	$12.74	+4.6%	COM	67103B100
—	ENZO BIOCHEM INC	81,446	$565K	0.1%	$2.31	—	COM	294100102
—	KRATON CORPORATION	19,485	$555K	0.1%	$28.48	—	COM	50077C106
L	LOEWS CORP	9,587	$449K	0.1%	$41.40	+1.7%	COM	540424108
—	EQUITY COMWLTH	13,466	$407K	0.1%	$25.89	—	COM SH BEN INT	294628102
XHR	XENIA HOTELS & RESORTS INC	20,372	$396K	0.1%	$20.12	—	COM	984017103
—	LIBERTY GLOBAL PLC	18,636	$395K	0.1%	$32.49	—	LILAC SHS CL C	G5480U153
—	ABRAXAS PETE CORP	150,000	$386K	0.1%	$2.57	—	COM	003830106
GM	GENERAL MTRS CO	8,860	$309K	0.1%	$24.81	+13.5%	COM	37045V100
—	COMMERCEHUB INC	19,692	$296K	0.1%	$15.88	—	COM SER C	20084V306
MAR	MARRIOTT INTL INC NEW	3,466	$287K	0.0%	$47.43	+46.3%	CL A	571903202
XLRE	SELECT SECTOR SPDR TR	8,402	$258K	0.0%	$32.73	—	RL EST SEL SEC	81369Y860
—	LIBERTY GLOBAL PLC	10,704	$235K	0.0%	$32.24	—	LILAC SHS CL A	G5480U138
COF	CAPITAL ONE FINL CORP	2,613	$228K	0.0%	$54.32	+26.6%	COM	14040H105
LYB	LYONDELLBASELL INDUSTRIES N	2,367	$203K	0.0%	$34.82	+41.9%	SHS - A -	N53745100
—	MDC PARTNERS INC	25,000	$164K	0.0%	$6.56	—	CL A SUB VTG	552697104