Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	IAC INTERACTIVECORP	117,278	$24.64M	7.6%	$63.93	—	COM	44919P508
IQV	IQVIA HLDGS INC	148,591	$21.38M	6.6%	$101.80	+30.9%	COM	46266C105
—	AON PLC	117,454	$20.05M	6.2%	$67.64	—	SHS CL A	G0408V102
—	SPX CORP	575,410	$20.02M	6.1%	$27.50	—	COM	784635104
VOYA	VOYA FINL INC	345,774	$17.27M	5.3%	$31.98	+33.4%	COM	929089100
—	WILLSCOT CORP	1,268,071	$14.06M	4.3%	$13.08	—	COM	971375126
CHDN	CHURCHILL DOWNS INC	147,622	$13.32M	4.1%	$43.36	+0.5%	COM	171484108
—	HD SUPPLY HLDGS INC	304,650	$13.21M	4.1%	$25.70	—	COM	40416M105
HGV	HILTON GRAND VACATIONS INC	421,987	$13.02M	4.0%	$39.78	-23.0%	COM	43283X105
BALL	BALL CORP	213,707	$12.37M	3.8%	$35.61	+38.5%	COM	058498106
LAUR	LAUREATE EDUCATION INC	774,548	$11.6M	3.6%	$15.15	0.0%	CL A	518613203
RHP	RYMAN HOSPITALITY PPTYS INC	131,432	$10.93M	3.4%	$72.54	—	COM	78377T107
—	IHS MARKIT LTD	194,167	$10.56M	3.2%	$42.24	—	SHS	G47567105
—	KRATON CORPORATION	315,242	$10.14M	3.1%	$32.30	—	COM	50077C106
SPY	SPDR S&P 500 ETF TR	34,820	$9.888M	3.0%	$193.64	—	TR UNIT	78462F103
—	EXTENDED STAY AMER INC	454,614	$8.16M	2.5%	$17.85	—	UNIT 99/99/9999B	30224P200
—	CAESARS ENTMT CORP	894,868	$7.776M	2.4%	$6.79	—	NOTE 5.000%10/0	127686AA1
—	PERSPECTA INC	360,901	$7.316M	2.2%	$20.53	—	COM	715347100
—	PLAYA HOTELS & RESORTS NV	721,554	$5.505M	1.7%	$10.67	—	SHS	N70544106
ATKR	ATKORE INTL GROUP INC	244,133	$5.256M	1.6%	$21.83	-1.3%	COM	047649108
MSFT	MICROSOFT CORP	43,308	$5.108M	1.6%	$100.30	+2.0%	COM	594918104
GOOGL	ALPHABET INC	4,249	$5.001M	1.5%	$54.00	+3.8%	CAP STK CL A	02079K305
BRK/B	BERKSHIRE HATHAWAY INC DEL	20,350	$4.088M	1.3%	$165.82	+21.7%	CL B NEW	084670702
FLEX	FLEX LTD	402,597	$4.026M	1.2%	$12.56	-43.0%	ORD	Y2573F102
—	ALTABA INC	52,047	$3.858M	1.2%	$72.33	—	COM	021346101
—	TRONOX LTD	267,606	$3.519M	1.1%	$20.28	—	SHS CL A	Q9235V101
AXTA	AXALTA COATING SYS LTD	123,910	$3.124M	1.0%	$31.78	-19.0%	COM	G0750C108
NMRK	NEWMARK GROUP INC	360,029	$3.003M	0.9%	$8.48	+1.0%	CL A	65158N102
ALLY	ALLY FINL INC	100,901	$2.774M	0.9%	$13.39	+56.8%	COM	02005N100
ARMK	ARAMARK	93,835	$2.773M	0.9%	$20.12	+2.0%	COM	03852U106
—	LIVENT CORP	203,899	$2.504M	0.8%	$12.28	—	COM	53814L108
C	CITIGROUP INC	39,105	$2.433M	0.7%	$37.92	+28.6%	COM NEW	172967424
—	FIAT CHRYSLER AUTOMOBILES N	153,495	$2.279M	0.7%	$18.89	—	SHS	N31738102
—	ATHENE HLDG LTD	49,909	$2.036M	0.6%	$40.12	—	CL A	G0684D107
MSGS	MADISON SQUARE GARDEN CO NEW	6,798	$1.993M	0.6%	$114.87	+76.9%	CL A	55825T103
ECPG	ENCORE CAP GROUP INC	56,374	$1.535M	0.5%	$27.84	+7.2%	COM	292554102
HUN	HUNTSMAN CORP	55,260	$1.243M	0.4%	$30.63	-26.5%	COM	447011107
AAPL	APPLE INC	6,527	$1.24M	0.4%	$46.01	-12.1%	COM	037833100
META	FACEBOOK INC	6,410	$1.068M	0.3%	$143.86	+9.8%	CL A	30303M102
CC	CHEMOURS CO	26,491	$984K	0.3%	$27.31	0.0%	COM	163851108
—	DISCOVER FINL SVCS	13,428	$956K	0.3%	$49.82	—	COM	254709108
—	CHINA MOBILE LIMITED	18,693	$953K	0.3%	$50.98	—	SPONSORED ADR	16941M109
AER	AERCAP HOLDINGS NV	18,808	$875K	0.3%	$44.45	0.0%	SHS	N00985106
—	TIVO CORP	88,619	$826K	0.3%	$12.45	—	COM	88870P106
DELL	DELL TECHNOLOGIES INC	13,625	$800K	0.2%	$24.16	0.0%	CL C	24703L202
—	HOWARD HUGHES CORP	7,045	$775K	0.2%	$97.60	—	COM	44267D107
NOMD	NOMAD FOODS LTD	37,403	$765K	0.2%	$10.97	+75.3%	USD ORD SHS	G6564A105
GLD	SPDR GOLD TRUST	5,527	$674K	0.2%	$119.47	—	GOLD SHS	78463V107
—	BRIGHTSPHERE INVESTMNT GRP P	44,875	$609K	0.2%	$15.76	—	SHS	G1644T109
OPLN	KAR AUCTION SVCS INC	10,955	$566K	0.2%	$8.72	+116.3%	COM	48238T109
—	INTREPID POTASH INC	148,114	$561K	0.2%	$2.26	—	COM	46121Y102
TOL	TOLL BROTHERS INC	15,132	$548K	0.2%	$32.12	+11.9%	COM	889478103
STT	STATE STR CORP	8,074	$535K	0.2%	$47.79	+15.9%	COM	857477103
CUBI	CUSTOMERS BANCORP INC	27,628	$506K	0.2%	$19.94	0.0%	COM	23204G100
MFIN	MEDALLION FINL CORP	69,828	$482K	0.1%	$2.66	+83.5%	COM	583928106
—	SPIRIT RLTY CAP INC NEW	11,355	$458K	0.1%	$40.33	—	COM NEW	84860W300
MU	MICRON TECHNOLOGY INC	10,803	$446K	0.1%	$38.01	-0.8%	COM	595112103
—	MARATHON OIL CORP	6,441	$385K	0.1%	$59.05	—	COM	565849106
—	AXA EQUITABLE HLDGS INC	18,922	$381K	0.1%	$20.14	—	COM	054561105
—	LIBERTY MEDIA CORP DELAWARE	9,571	$365K	0.1%	$31.37	—	COM A SIRIUSXM	531229409
SRI	STONERIDGE INC	11,355	$328K	0.1%	$27.34	0.0%	COM	86183P102
SATS	ECHOSTAR CORP	8,526	$311K	0.1%	$35.22	-10.5%	CL A	278768106
SRG	SERITAGE GROWTH PPTYS	5,970	$267K	0.1%	$41.35	0.0%	CL A	81752R100
—	ROAN RES INC	41,568	$254K	0.1%	$8.37	—	CL A COM	769755109
GSL	GLOBAL SHIP LEASE INC NEW	42,748	$248K	0.1%	$6.28	0.0%	COM CL A	Y27183600
GPRE	GREEN PLAINS INC	14,194	$237K	0.1%	$15.00	0.0%	COM	393222104
JEF	JEFFERIES FINL GROUP INC	11,355	$213K	0.1%	$14.27	0.0%	COM	47233W109
BH	BIGLARI HLDGS INC	1,467	$207K	0.1%	$131.48	0.0%	COM STK CL B	08986R309
CNX	CNX RESOURCES CORPORATION	18,694	$201K	0.1%	$11.28	0.0%	COM	12653C108
—	FREDS INC	13,845	$34,000	0.0%	$2.28	—	CL A	356108100