13F Ideas Quarterly - May 2014 - valuewalk.com · 13F Ideas Quarterly - May 2014 ! This latest edition (beta) of the 13F Ideas Report contains complete reporting for over 100 funds.

13F Ideas Quarterly - May 2014

This latest edition (beta) of the 13F Ideas Report contains complete reporting for over 100 funds. This is our largest issue to date and includes aggregate reporting for the quarter ended March 31. We view 13Fs as one idea generation source, with the most valuable ones sharing characteristics of concentrated portfolios and low turnover. The 13F filings are properly viewed as a snapshot in time from 45 days ago, but for the purpose of following funds with longer holding periods, this time delay proves to be only a small detriment to the knowledgeable user. The keys to utilizing 13Fs are to identify the funds worth following, as well as having the information in an easily digestable format. This comprehensive and timely report aims to help users on both fronts. This report works well when read on an Ipad or other tablet; you can quickly get a comprehensive review of all this quarter’s filings in one sitting. Any feedback is welcome at [email protected] You can subscribe to receive future notifications about this report here: http://tinyletter.com/13F-Ideas/ Follow us on twitter @chensj for the latest updates.

Aggregate Reporting Section

New positions initiated by most number of funds# Issue Symbol Cusip Total Funds1 Endo Intl Plc ENDP G30401106 11 Ratan,Jana,Corvex,Glenview,Lone Pine,Blue

Ridge,Hoplite,Miura,Healthcor,TigerEye,Weitz

2 Vodafone Group Plc New VOD 92857W308 8 Greenlight,Fairholme,Perry,Paulson,Southeastern,Chou,Eton Park,Highfields

3 Ebay Inc EBAY 278642103 7 Icahn,Jana,Glenview,Highfields,Kynikos,TigerConsumer,Weitz

4 Verizon Communications Inc VZ 92343V104 7 Berkshire,ThirdPt,Paulson,Chou,Oldfield,Luxor,Revelation

5 American Rlty Cap Pptys Inc ARCP 02917T104 6 Moab,Luxor,Eton Park,Akanthos,EJF,Arbiter

6 Ctrip Com Intl Ltd CTRP 22943F100 5 Lone Pine,Maverick,Coatue,Brookside,Cascabel

7 Actavis Plc ACT G0083B108 5 Ratan,Cooperman,Oskie,Paulson,Lone Pine

8 Hertz Global Holdings Inc HTZ 42805T105 5 Jana,Tiger Global,Glenview,Luxor,EJF

9 Platform Specialty Prods Cor PAH 72766Q105 5 Pershing Sq,Corvex,Cooperman,Blue Ridge,T2

10 Nokia Corp NOK 654902204 4 Greenlight,Perry,Brookside,Jabre

11 Liberty Global Plc LBTYK G5480U120 4 Berkshire,Blue Ridge,Maverick,Coatue

12 Nxp Semiconductors Nv NXPI N6596X109 4 Duquesne,Viking,Senator,Valinor

13 Avis Budget Group CAR 053774105 4 Tiger Global,Glenview,York,Hawkeye

14 Time Warner Cable Inc TWC 88732J207 4 Third Pt,Cooperman,Senator,Locust

15 Allegion Pub Ltd Co ALLE G0176J109 4 Glenview,12 West,Blue Ridge,Valinor

Positions closed by most number of funds# Issue Symbol Cusip Total Funds1 Vodafone Group Plc New VOD 92857W209 10 Greenlight,Paulson,Southeastern,Chou,Eton

Park,Highfields,York,Eminence,Senator,Hoplite

2 Endo Health Solutions Inc ENDP 29264F205 8 Ratan,Jana,Corvex,Duquesne,Lone Pine,BlueRidge,Hoplite,Weitz

3 General Mtrs Co GM 37045V100 8 Greenlight,Third Pt,Cooperman,Oskie,Elliot,EtonPark,Senator,LongOar

4 Time Warner Cable Inc TWC 88732J207 6 Ratan,Perry,Maverick,Coatue,York,TigerEye

5 Cole Real Estate Invts Inc COLE 19329V105 6 Marcato,Third Pt,Moab,Luxor,Eton Park,Touradji

6 Life Technologies Corp LIFE 53217V109 6 Paulson,Glenview,Sandell,Highfields,Touradji,Jabre

7 Viropharma Inc VPHM 928241108 6 Fairfax,Paulson,Palo Alto,M.Price,Touradji,Jabre

8 News Corp New NWSA 65249B109 5 Atlantic,Eton Park,Blue Ridge,Coatue,Silver Pt

9 Hess Corp HES 42809H107 5 Perry,Sandell,York,Argonaut,Arbiter

10 Gilead Sciences Inc GILD 375558103 5 Third Pt,Duquesne,Blue Ridge,Brookside,LongOar

11 Jpmorgan Chase & Co JPM 46625H100 5 Kerrisdale,Boyar,Highfields,EJF,Cascabel

12 Hca Holdings Inc HCA 40412C101 5 Blue Ridge,Highfields,Viking,Healthcor,Deerfield

13 Tim Hortons Inc THI 88706M103 5 York,Senator,Locust,Valinor,Tiger Consumer

14 Perrigo Co PRGO 714290103 4 Orbimed,Eton Park,Senator,Jabre

15 Jos A Bank Clothiers Inc JOSB 480838101 4 Luxor,York,Eminence,Tiger Consumer

Most Widely Held Positions# Issue Symbol Cusip Total Funds1 Citigroup Inc C 172967424 22 Third

Pt,Fairholme,Cooperman,Fairfax,Oskie,Chou,Appaloosa,Glenview,TPG-Axon,Oldfield,Eton Park,Boyar,BlueRidge,Highfields,T2,Kynikos,Senator,Silver Pt,PLCapital,SecondCurve,EJF,Arbiter

2 American Intl Group Inc AIG 026874784 19 Abrams,ThirdPt,Jana,Fairholme,Cooperman,Perry,Moab,Appaloosa,Glenview,BlueRidge,Highfields,Viking,Pennant,T2,Eminence,Valinor,Silver Pt,Argonaut,Lane Five

3 Actavis Plc ACT G0083B108 17 ThirdPt,Ratan,Jana,Corvex,Cooperman,Oskie,Paulson,Chou,Orbimed,Eton Park,Lone Pine,BlueRidge,Viking,York,Senator,Hoplite,Healthcor

4 Liberty Global Plc LBTYK G5480U120 16 Berkshire,Greenlight,Third Pt,Tiger Global,Lone Pine,BlueRidge,Maverick,Coatue,York,Valinor,Miura,TigerConsumer,Touradji,White Elm,TigerEye,Weitz

Most Widely Held Positions# Issue Symbol Cusip Total Funds5 Hertz Global Holdings Inc HTZ 42805T105 15 Third Pt,Jana,Oskie,Perry,Tiger

Global,Glenview,Luxor,Sandell,T2,York,Brookside,Valinor,Tiger Veda,EJF,LongOar

6 Ebay Inc EBAY 278642103 14 Icahn,Jana,Cooperman,Perry,Glenview,EtonPark,Highfields,Eminence,Kynikos,Tiger Consumer,LaneFive,Cascabel,Jabre,Weitz

7 Valeant Pharmaceuticals Inte VRX 91911K102 14 ValueAct,Third Pt,Ratan,Jana,Paulson,Orbimed,LonePine,Maverick,Viking,York,Hoplite,SQAdvisors,TigerEye,Weitz

8 Microsoft Corp MSFT 594918104 14 Abrams,ValueAct,Duquesne,Glenview,Oldfield,Boyar,LonePine,Highfields,Locust,Grandmaster,Intrepid,Arbiter,Jabre,Weitz

9 Dollar Gen Corp New DG 256677105 13 Third Pt,Corvex,Cooperman,Paulson,TigerGlobal,Glenview,LonePine,Pennant,Brookside,Eminence,Senator,Grandmaster,Tiger Consumer

10 Apple Inc AAPL 037833100 13 Greenlight,Icahn,Appaloosa,Robotti,BlueRidge,Coatue,Kynikos,Locust,Valinor,Argonaut,Intrepid,Lane Five,Weitz

11 Time Warner Cable Inc TWC 88732J207 13 ThirdPt,Corvex,Cooperman,Paulson,Glenview,Highfields,Senator,Locust,Valinor,Makaira,Touradji,Cascabel,Jabre

12 Cheniere Energy Inc LNG 16411R208 12 Baupost,Third Pt,Eton Park,BlueRidge,Pennant,York,Senator,Valinor,Argonaut,EJF,LongOar,TigerEye

13 American Airls Group Inc AAL 02376R102 12 ThirdPt,Oskie,Paulson,Appaloosa,T2,York,Locust,Valinor,SilverPt,Argonaut,Tiger Veda,LongOar

14 Berkshire Hathaway Inc Del BRKB 084670702 12 Fairholme,Fairfax,Southeastern,Centaur,Robotti,T2,Locust,Arlington,Intrepid,SQ Advisors,Cannell,Weitz

15 General Mtrs Co GM 37045V100 12 Berkshire,Jana,Corvex,Paulson,Appaloosa,Glenview,Oldfield,Mt.Kellett,Sandell,York,Locust,Silver Pt

Position size increased by most number of funds# Issue Symbol Cusip Total Funds1 Liberty Global Plc LBTYK G5480U120 8 Greenlight,Third Pt,Lone Pine,York,Miura,Tiger

Consumer,White Elm,TigerEye

2 Actavis Plc ACT G0083B108 8 Third Pt,Jana,Corvex,Chou,Eton Park,BlueRidge,York,Healthcor

3 Cheniere Energy Inc LNG 16411R208 7 Third Pt,Eton Park,BlueRidge,York,Argonaut,EJF,LongOar

4 Citigroup Inc C 172967424 7 Cooperman,Oskie,Glenview,Highfields,Senator,EJF,Arbiter

5 Hca Holdings Inc HCA 40412C101 7 Corvex,Cooperman,Appaloosa,Glenview,TPG-Axon,Orbimed,Brookside

6 Charter Communications Inc D CHTR 16117M305 6 Oskie,Tiger Global,Glenview,Eminence,Miura,White Elm

7 Dollar Gen Corp New DG 256677105 6 Corvex,Glenview,Brookside,Eminence,Senator,Grandmaster

8 American Airls Group Inc AAL 02376R102 6 Oskie,Paulson,Appaloosa,T2,Locust,Argonaut

9 Sunedison Inc SUNE 86732Y109 5 Greenlight,Cooperman,Altai,York,EJF

10 Walgreen Co WAG 931422109 5 Jana,Eton Park,Viking,York,Hoplite

11 Valeant Pharmaceuticals Inte VRX 91911K102 5 ValueAct,Ratan,Lone Pine,Maverick,Viking

12 Bank Of America Corporation BACWSA 060505146 5 Fairholme,Paulson,Chou,Mt.Kellett,Jabre

13 Berkshire Hathaway Inc. BRKB 084670702 5 Fairfax,Centaur,Locust,SQ Advisors,Weitz

14 Microsoft Corp MSFT 594918104 5 ValueAct,Oldfield,Lone Pine,Locust,Grandmaster

15 Google Inc GOOG 38259P508 5 Third Pt,Duquesne,Appaloosa,Valinor,Jabre

Position size decreased by most number of funds# Issue Symbol Cusip Total Funds1 General Mtrs Co GM 37045V100 10 Berkshire,Jana,Corvex,Glenview,Oldfield,Mt.Kellett,Sande

ll,York,Locust,Silver Pt

2 Liberty Global Plc LBTYA G5480U104 9 Greenlight,Lone Pine,BlueRidge,Maverick,Coatue,York,Tiger Consumer,WhiteElm,TigerEye

3 Mastercard Inc MA 57636Q104 6 Berkshire,Tiger Global,Lone Pine,Grandmaster,WhiteElm,Lane Five

4 Priceline Com Inc PCLN 741503403 5 Lone Pine,Coatue,Miura,White Elm,TigerEye

Position size decreased by most number of funds# Issue Symbol Cusip Total Funds5 American Intl Group Inc AIG 026874784 5 Third Pt,Appaloosa,Pennant,T2,Argonaut

6 General Mtrs Co GMWSB 37045V126 5 Jana,Appaloosa,Mt.Kellett,York,Silver Pt

7 Family Dlr Stores Inc. FDO 307000109 5 Trian,Corvex,Paulson,Eton Park,Highfields

8 Twenty First Centy Fox Inc FOXA 90130A101 5 Childrens,Lone Pine,Coatue,Locust,Miura

9 Metlife Inc MET 59156R108 4 Appaloosa,Highfields,Viking,Senator

10 Baidu Inc BIDU 056752108 4 Third Pt,Appaloosa,Coatue,Cascabel

11 Dish Network Cor DISH 25470M109 4 Cooperman,Highfields,LongOar,TigerEye

12 Spdr S&p 500 Etf Trust SPY 78462F103 4 Relational,Luxor,Argonaut,Jabre

13 Sothebys BID 835898107 4 Marcato,Third Pt,Eton Park,York

14 Xoma Corp. XOMA 98419J107 4 Baker Bros,Palo Alto,Orbimed,Deerfield

15 Actavis Plc ACT G0083B108 4 Orbimed,Viking,Senator,Hoplite

Individual Fund Reporting Section

# Fund Name Page1 Berkshire Hathaway 12 Greenlight Capital 33 Abrams Capital Management 44 Baupost Group 55 Marcato Capital Management 66 Relational Investors 77 Trian Fund Management 88 ValueAct Holdings 99 Atlantic Investment Management 1010 Pershing Square Capital Management 1111 Third Point 1212 Starboard Value 1413 Ratan Capital Management 1514 Carl Icahn 1615 Jana Partners 1716 Childrens Investment Fund Management 1917 Corvex Management 2018 Fairholme Capital Management 2219 Leon Cooperman 2420 Kerrisdale Advisers 2621 Fairfax Financial Holdings 2822 Oskie Capital Management 3023 Perry Corp 3124 Paulson And Co 3225 Southeastern Asset Management 3426 Becker Drapkin Management 3527 Tiger Global Management 3628 Chou Associates Management 3829 Moab Capital Partners 3930 Altai Capital Management 4031 Elliot Management Corp 4132 Duquesne Family Office 4333 Bulldog Investors 4434 Appaloosa Management 4535 Baker Bros. Advisors 4736 Red Mountain Capital Partners 5037 Mittleman Brothers 5138 Glenview Capital Management 5239 Palo Alto Investors 5440 TPG-Axon Management 5541 Aegis Financial Corp 5642 Centaur Capital Partners 5843 Oldfield Partners 5944 RA Capital Management 6045 Baker Street Capital Management 6146 Luxor Capital Group 6247 Mount Kellett Capital Management 6348 Orbimed Advisors 6449 Sandell Asset Management Corp 6750 Eton Park Capital Management 6851 Michael F. Price 7052 Robert Robotti 7253 Blue Harbour Group 7454 12 West Capital Management 7555 Boyar Asset Management 76

# Fund Name Page56 Lone Pine Capital 7857 Blue Ridge Capital 8058 Maverick Capital 8259 Highfields Capital Management 8460 Viking Global Investors 8661 Pennant Capital Management 8862 Coatue Management 9063 T2 Partners Management 9164 York Capital Management Global Advisors 9265 Brookside Capital Management 9566 Eminence Capital 9767 Kynikos Associates 9968 Senator Investment Group 10069 Blum Capital Partners 10270 Hoplite Capital Management 10371 Bocage Capital 10472 Deccan Value Investors 10573 Locust Wood Capital Advisers 10674 Osmium Partners 10875 Revelation Capital Management 10976 Arlington Value Capital 11077 Towle and Co 11178 Grandmaster Capital Management 11279 Valinor Management 11380 Makaira Partners 11581 Hawkeye Capital Management 11682 Silver Point 11783 Miura Global Management 11884 Argonaut Capital Management 11985 Tiger Veda Management 12086 Tiger Consumer Management 12187 Intrepid Capital Management 12288 Touradji Capital Management 12489 Healthcor Management 12690 Deerfield Management 12891 White Elm Capital 13192 Shah Capital Management 13293 Joseph Stilwell 13394 SQ Advisors 13595 Cannell Capital 13696 Lane Five Capital Management 13897 Akanthos Capital Management 13998 PL Capital Advisers 14099 Second Curve Capital 142100 Forest Hill Capital 143101 EJF Capital 145102 Arbiter Partners 148103 Cascabel Management LP 151104 Long Oar Global Investors 152105 Tiger Eye Capital 153106 Kahn Brothers 155107 Jabre Capital Partners 156108 Weitz Investment Management 159

Sold Positions:

None

New Positions:

VZ, LBTYK

Top Increases:

LEE, LBTYA, USG

Top Decreases:

PSX, STRZA, GM

Berkshire Hathaway Total Value: $105,772,705,000 Positions: 45# Issue Symbol Value (X1000) Title of Class Percent

Of TotalPercentChange

1 Wells Fargo & Co New WFC 23,052,408 Com 21.79 +9.62 Coca Cola Co KO 15,464,001 Com 14.62 -6.43 American Express Co AXP 13,649,511 Com 12.90 -.84 International Business Machs IBM 13,157,670 Com 12.44 +3.05 Wal Mart Stores Inc WMT 4,436,946 Com 4.19 +13.96 Procter & Gamble Co PG 4,255,122 Com 4.02 -1.07 Exxon Mobil Corp XOM 4,017,544 Com 3.80 -3.58 Us Bancorp Del USB 3,429,944 Com New 3.24 +7.09 Directv DTV 2,637,614 Com 2.49 +4.610 Davita Healthcare Partners I DVA 2,590,216 Com 2.45 +12.111 Goldman Sachs Group Inc GS 2,069,676 Com 1.96 -7.612 Moodys Corp MCO 1,956,807 Com 1.85 +1.113 Graham Hldgs Co GHC 1,215,915 Com 1.15 +6.114 U S G Corp USG 1,141,607 Com New 1.08 +15.315 General Mtrs Co GM 1,032,600 Com 0.98 -36.816 Bank Of New York Mellon Corp BK 869,997 Com 0.82 +1.017 Chicago Bridge & Iron Co N V CBI 832,348 N Y Registry Sh 0.79 +4.818 Conocophillips COP 779,475 Com 0.74 -.419 Phillips 66 PSX 750,664 Com 0.71 -64.220 Liberty Media Corp Delaware LMCA 692,869 Cl A 0.66 -10.621 National Oilwell Varco Inc NOV 691,486 Com 0.65 -2.122 M & T Bk Corp MTB 652,842 Com 0.62 +4.223 Viacom Inc New VIAB 646,535 Cl B 0.61 -2.724 Verisign Inc VRSN 629,974 Com 0.60 -3.925 Verizon Communications Inc VZ 524,352 Com 0.50 New26 Precision Castparts Corp PCP 499,792 Com 0.47 -6.127 Costco Whsl Corp New COST 483,950 Com 0.46 -6.228 Suncor Energy Inc New SU 454,480 Com 0.43 -.329 Wabco Hldgs Inc WBC 430,297 Com 0.41 +13.030 Deere & Co DE 361,272 Com 0.34 -.631 Visa Inc V 335,761 Com Cl A 0.32 -3.132 Torchmark Corp TMK 333,359 Com 0.32 +.733 Liberty Global Plc LBTYA 305,634 Shs Cl A 0.29 +16.534 Mastercard Inc MA 302,535 Cl A 0.29 -10.635 Liberty Global Plc LBTYK 299,095 Shs Cl C 0.28 New36 General Electric Co GE 274,059 Com 0.26 -7.637 Sanofi SNY 204,199 Sponsored Adr 0.19 -2.538 Verisk Analytics Inc VRSK 93,744 Cl A 0.09 -8.839 Media Gen Inc MEG 85,351 Cl A 0.08 -18.740 Starz STRZA 61,963 Librty Cap Com A 0.06 -53.341 Johnson & Johnson JNJ 32,131 Com 0.03 +7.242 Mondelez Intl Inc MDLZ 19,970 Cl A 0.02 -2.143 Kraft Foods Group Inc KRFT 10,809 Com 0.01 +4.144 United Parcel Service Inc UPS 5,784 Cl B 0.01 -7.345 Lee Enterprises Inc LEE 397 Com 0.00 +28.9

1 twitter @chensj

Fund Background:

Two portfolio managers hired by Warren Buffett now manage significant portions of the portfolio. Todd Combs ran a $400 million

Connecticut hedge fund before being hired by Berkshire in 2011. Ted Weschler oversaw a $2 billion firm before joining Berkshire

in 2012. Weschler had previously bid more than $5 million in charitable auctions to have private lunches with Mr. Buffett.

2 twitter @chensj

Sold Positions:

LM, WPX, VOD, DST, NCR, GM, DLPH

New Positions:

CONN, AGNC, NOV, LRCX, Lorillard Inc, TLMR, VOD, NOK, HTS, HAWK

Top Increases:

SUNE, BIOF, EMC

Top Decreases:

AHL, LBTYA, RAD

Fund Background:

Greenlight Capital was founded by David Einhorn in 1996. Greenlight is most notable for its short selling of Lehman stock prior to

Lehman Brothers' collapse in 2008.

Greenlight Capital Total Value: $6,679,088,000 Positions: 41# Issue Symbol Value (X1000) Title of Class Percent


1 Apple Inc AAPL 1,115,992 Com 16.71 -17.02 Micron Technology Inc MU 1,041,142 Com 15.59 +.43 Marvell Technology Group Ltd MRVL 621,012 Ord 9.30 -2.54 Cigna Corporation CI 352,605 Com 5.28 -4.35 Oil Sts Intl Inc OIS 271,150 Com 4.06 -3.16 Aetna Inc New AET 241,436 Com 3.61 -18.07 Sunedison Inc SUNE 223,255 Com 3.34 +1210.38 Market Vectors Etf Tr GDX 204,232 Gold Miner Etf 3.06 +9.99 Anadarko Pete Corp APC 189,015 Com 2.83 +30.210 Computer Sciences Corp CSC 188,542 Com 2.82 -5.111 E M C Corp Mass EMC 161,719 Com 2.42 +122.312 Ing U S Inc VOYA 146,581 Com 2.19 -2.313 Conns Inc CONN 128,206 Com 1.92 New14 Babcock & Wilcox Co New BWC 127,145 Com 1.90 -6.915 Liberty Global Plc LBTYK 126,571 Shs Cl C 1.90 +61.216 American Capital Agency Corp AGNC 112,571 Com 1.69 New17 Einstein Noah Rest Group Inc BAGL 110,833 Com 1.66 +13.518 Mcdermott Intl Inc MDR 109,835 Com 1.64 +52.919 Amdocs Ltd DOX 106,963 Shs 1.60 +12.720 Take-two Interactive Softwar TTWO 105,264 Com 1.58 +45.621 Iac Interactivecorp IACI 97,797 Com Par $.001 1.46 -25.322 National Oilwell Varco Inc NOV 95,391 Com 1.43 New23 Tempur Sealy Intl Inc TPX 91,205 Com 1.37 -6.124 Spirit Aerosystems Hldgs Inc SPR 91,121 Com Cl A 1.36 -.325 Urs Corp New URS 90,068 Com 1.35 +31.826 Bp Plc BP 71,188 Sponsored Adr 1.07 +49.427 Lam Research Corp LRCX 67,381 Com 1.01 New28 Lorillard Inc 64,940 Com 0.97 New29 Liberty Global Plc LBTYA 51,871 Shs Cl A 0.78 -53.330 Chicos Fas Inc CHS 42,298 Com 0.63 +20.131 Intrexon Corp XON 36,254 Com 0.54 -28.932 Rite Aid Corp RAD 34,555 Com 0.52 -43.733 Talmer Bancorp Inc TLMR 31,747 Com 0.48 New34 Vodafone Group Plc New VOD 27,586 Spnsr Adr No Par 0.41 New35 Nokia Corp NOK 25,690 Sponsored Adr 0.38 New36 Penn Natl Gaming Inc PENN 24,640 Com 0.37 +71.937 Fifth Street Finance Corp FSC 18,907 Com 0.28 +2.338 Biofuel Energy Corp BIOF 10,423 Com New 0.16 +327.039 Aspen Insurance Holdings Ltd AHL 9,157 Shs 0.14 -89.940 Hatteras Finl Corp HTS 7,576 Com 0.11 New41 Blackhawk Network Hldgs Inc HAWK 5,225 Cl A 0.08 New

3 twitter @chensj

Sold Positions:

GCVRZ, EGL

New Positions:

MSFT, BKS

Top Increases:

JCP, RBSPRR, RBSPRP

Top Decreases:

WAIR, SLM, CST

Fund Background:

David Abrams founded Abrams Capital Management in 1999 and has achieved an annualized return of 20 percent. He previously

worked with Seth Klarman at Baupost Group for ten years. Abrams has a degree in history from the University of Pennsylvania.

Abrams Capital Management Total Value: $1,263,672,000 Positions: 13# Issue Symbol Value (X1000) Title of Class Percent


1 Western Un Co WU 284,050 Com 22.48 -5.22 American Intl Group Inc AIG 237,299 Com New 18.78 -2.03 Slm Corp SLM 200,748 Com 15.89 -24.94 Microsoft Corp MSFT 140,186 Com 11.09 New5 Wells Fargo & Co New WFC 137,780 Com 10.90 +9.66 Cst Brands Inc CST 93,720 Com 7.42 -14.97 Global Eagle Entmt Inc ENT 47,340 Com 3.75 +6.18 Barnes & Noble Inc BKS 44,208 Com 3.50 New9 Wesco Aircraft Hldgs Inc WAIR 31,037 Com 2.46 -75.410 Clear Channel Outdoor Hldgs CCO 30,558 Cl A 2.42 -10.211 Penney J C Inc JCP 12,930 Com 1.02 +41.312 Royal Bk Scotland Group Plc RBSPRR 2,542 Adr Pref Shs R 0.20 +10.513 Royal Bk Scotland Group Plc RBSPRP 1,274 Adr Pfd Ser P 0.10 +9.7

4 twitter @chensj

Sold Positions:

FNF, ROVI, ENZN

New Positions:

LNG, KERX, RFMD, TQNT

Top Increases:

PBF, KIN, NG

Top Decreases:

BP, AVEO, NCQ

Fund Background:

Seth Klarman worked for Max Heine and Michael Price of Mutual Shares before founding Baupost. He is the author of Margin of

Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor, a value investing classic.

Baupost Group Total Value: $4,137,086,000 Positions: 20# Issue Symbol Value (X1000) Title of Class Percent


1 Micron Technology Inc MU 1,222,168 Com 29.54 +8.82 Viasat Inc VSAT 786,773 Com 19.02 +12.83 Theravance Inc THRX 640,637 Com 15.49 -10.84 Cheniere Energy Inc LNG 313,281 Com New 7.57 New5 Idenix Pharmaceuticals Inc IDIX 302,844 Com 7.32 +37.26 Bp Plc BP 152,304 Sponsored Adr 3.68 -44.77 Pbf Energy Inc PBF 139,748 Cl A 3.38 +124.78 Keryx Biopharmaceuticals Inc KERX 107,537 Com 2.60 New9 Novagold Res Inc NG 78,295 Com New 1.89 +42.110 Chipmos Tech Bermuda Ltd IMOS 72,428 Shs 1.75 +14.711 Citigroup Inc CWSA 66,926 *w Exp 01/04/201 1.62 -1.212 Rf Microdevices Inc RFMD 51,890 Com 1.25 New13 Trinquint Semiconductor Inc TQNT 51,217 Com 1.24 New14 Kindred Biosciences Inc KIN 51,214 Com 1.24 +58.115 Syneron Medical Ltd ELOS 49,800 Ord Shs 1.20 +1.216 Alliance One Intl Inc AOI 18,640 Com 0.45 -4.317 American Intl Group Inc AIGWS 13,418 *w Exp 01/19/202 0.32 +.918 Novacopper Inc NCQ 6,757 Com 0.16 -11.219 Aveo Pharmaceuticals Inc AVEO 5,725 Com 0.14 -18.320 Alon Usa Partners Lp ALDW 5,484 Ut Ltdpart Int 0.13 +.0

5 twitter @chensj

Sold Positions:

DDC, COLE

New Positions:

GT, SIG

Top Increases:

ARCP, NCR, LEA

Top Decreases:

CONE, URI, MTN

Fund Background:

Mick McGuire is the Founder and Managing Member of Marcato Capital Management. Marcato manages a select number of

passive and activist investments across all industries with a primary focus on opportunities in middle-market public equities.

McGuire previously worked for Pershing Square Capital Management. McGuire holds an MBA from Harvard Business School and

a Bachelor's degree in Economics from Princeton University.

Marcato Capital Management Total Value: $2,439,727,000 Positions: 13# Issue Symbol Value (X1000) Title of Class Percent


1 Lear Corp LEA 536,061 Com New 21.97 +17.12 Ncr Corp New NCR 376,483 Com 15.43 +36.83 American Rlty Cap Pptys Inc ARCP 294,245 Com 12.06 +159.94 Goodyear Tire & Rubr Co GT 232,981 Com 9.55 New5 Macquarie Infrastr Co Llc MIC 209,344 Membership Int 8.58 +7.36 Sothebys BID 198,718 Com 8.15 -18.17 United Rentals Inc URI 158,490 Com 6.50 -53.88 Gencorp Inc GY 105,321 Com 4.32 +1.49 Vail Resorts Inc MTN 99,519 Com 4.08 -48.110 Brookfield Residential Pptys BRP 79,028 Com 3.24 -13.311 Commonwealth Reit CWH 76,407 Com Sh Ben Int 3.13 +12.812 Signet Jewelers Limited SIG 53,692 Shs 2.20 New13 Cyrusone Inc CONE 19,436 Com 0.80 -56.3

6 twitter @chensj

Sold Positions:

ITW, RPM

New Positions:

BEAV, CLH, GRA, FAF

Top Increases:

IR, PMCS, HPQ

Top Decreases:

SPY, SPW, BG

Fund Background:

Ralph Whitworth has a background in the energy industry and was on the staff of the Senate Judiciary Committee before staking

his own firm in 1996. Whitworth started Relational as a fund that would buy big stakes of underperforming companies and then

press for changes that would improve their performance. Whitworth holds a law degree from Georgetown University.

Relational Investors Total Value: $5,702,456,000 Positions: 17# Issue Symbol Value (X1000) Title of Class Percent


1 Hewlett-packard Company HPQ 899,487 Com 15.77 +7.72 Spx Corporation SPW 616,005 Com 10.80 -12.13 Mondelez International, Inc. MDLZ 554,641 Com 9.73 -3.84 The Timken Company TKR 485,319 Com 8.51 +6.75 Hologic, Inc. HOLX 477,304 Com 8.37 +7.06 Ingersoll-rand Public Limited Company IR 455,743 Com 7.99 +36.77 Bunge Limited BG 454,643 Com 7.97 -4.68 B/e Aerospace, Inc. BEAV 316,792 Com 5.56 New9 Esterline Technologies Corporation ESL 263,129 Com 4.61 +4.510 Hess Corporation HES 262,356 Com 4.60 -1.611 Spdr S&p 500 Etf Trust SPY 197,515 Com 3.46 -47.712 Pmc-sierra, Inc. PMCS 173,565 Com 3.04 +18.413 Spdr S&p Midcap 400 Etf Trust MDY 171,784 Com 3.01 +5.214 Clean Harbors, Inc. CLH 163,006 Com 2.86 New15 W. R. Grace & Co. GRA 90,220 Com 1.58 New16 First American Financial Corporation FAF 70,810 Com 1.24 New17 Guaranty Bancorp GBNK 50,137 Com 0.88 +1.4

7 twitter @chensj

Sold Positions:

None

New Positions:

None

Top Increases:

LM, DD, LAZ

Top Decreases:

GNC, WEN, ALLE

Fund Background:

Trian Fund Management is a multi-billion dollar alternative investment management firm. It was founded in November 2005 by

Nelson Peltz, Peter May and Ed Garden.

Trian Fund Management Total Value: $5,767,603,000 Positions: 11# Issue Symbol Value (X1000) Title of Class Percent


1 Mondelez Intl Inc. MDLZ 1,442,048 Cl A 25.00 -1.52 Pepsico Inc. PEP 1,037,199 Com 17.98 +1.33 Ingersoll-rand Plc IR 685,739 Shs 11.89 -7.14 Legg Mason Inc. LM 631,954 Com 10.96 +12.85 Wendys Co. WEN 590,978 Com 10.25 -18.36 Family Dlr Stores Inc. FDO 485,334 Com 8.41 -10.77 Du Pont E I De Nemours & Co. DD 412,086 Com 7.14 +9.88 Lazard Ltd LAZ 311,102 Shs A 5.39 +2.49 Allegion Pub Ltd Co ALLE 154,261 Ord Shs 2.67 -12.610 Gnc Hldgs Inc. GNC 15,814 Com Cl A 0.27 -24.811 Tiffany & Co. New TIF 1,088 Com 0.02 -7.2

8 twitter @chensj

Sold Positions:

None

New Positions:

SYMC, EXPD

Top Increases:

DRC, MSFT, VRX

Top Decreases:

MCRS, MSI, WSH

Fund Background:

ValueAct Capital was started in June 2000. It uses an investment strategy that combines intensive due diligence, a concentrated

number of investments, and active, constructive involvement in the value creation at those investments. Today, with offices in San

Francisco and Boston, ValueAct Capital manages more than $14 billion.

ValueAct Holdings Total Value: $13,243,944,000 Positions: 14# Issue Symbol Value (X1000) Title of Class Percent


1 Microsoft Corp MSFT 2,921,994 Com 22.06 +16.82 Valeant Pharmaceuticals Inte VRX 2,494,735 Com 18.84 +12.33 Motorola Solutions, Inc MSI 1,858,471 Com New 14.03 -4.84 Adobe Systems Inc ADBE 1,663,887 Com 12.56 +9.85 Rockwell Collins Inc COL 1,044,609 Com 7.89 +7.86 Cbre Group Inc CBG 882,225 Cl A 6.66 +4.37 Willis Group Holdings Plc WSH 812,989 Shs 6.14 -.48 Allison Transmission Holding ALSN 539,675 Com 4.07 +8.49 Msci Inc MSCI 349,887 Com 2.64 +7.410 Dresser-rand Group Inc DRC 292,541 Com 2.21 +645.311 Symantec Corp SYMC 151,597 Com 1.14 New12 Micros Systems Inc MCRS 120,286 Com 0.91 -68.713 Expeditors Intl Wash Inc EXPD 86,659 Com 0.65 New14 Kar Auction Services Inc KAR 24,390 Com 0.18 +2.7

9 twitter @chensj

Sold Positions:

NCR, CW, AGCO, AXLL, CTB, ASH, NWSA

New Positions:

HSC, BGC, AXL

Top Increases:

TGI, CYT, HAR

Top Decreases:

GT

Fund Background:

Atlantic Investment Management is a $2.1 billion fundamental, value-oriented equity investment firm founded by Alexander J.

Roepers in 1988, which concentrates on its highest conviction ideas and uses constructive shareholder activism to achieve

superior capital appreciation. Atlantic manages concentrated long-only and long/short equity portfolios. Its global research team

performs hands-on due diligence and focuses on a carefully defined universe of mid-cap industrial products and consumer and

business services companies.

Atlantic Investment Management Total Value: $1,490,911,000 Positions: 12# Issue Symbol Value (X1000) Title of Class Percent


1 Baker Hughes Inc BHI 293,578 Com 19.69 +11.52 Harman Intl Inds Inc HAR 276,393 Com 18.54 +32.43 Owens Ill Inc OI 273,139 Com New 18.32 +14.34 Oil Sts Intl Inc OIS 243,995 Com 16.37 +25.05 Cameron International Corp CAM 172,566 Com 11.57 +9.16 Triumph Group Inc New TGI 140,784 Com 9.44 +803.97 Goodyear Tire & Rubr Co GT 20,835 Com 1.40 -5.08 Cytec Inds Inc CYT 18,045 Com 1.21 +49.09 Harsco Corp HSC 14,450 Com 0.97 New10 General Cable Corp Del New BGC 14,323 Com 0.96 New11 Taminco Corp TAM 12,339 Com 0.83 +11.012 American Axle And Mfg Hldgs In AXL 10,464 Com 0.70 New

10 twitter @chensj

Sold Positions:

GGP, PG

New Positions:

PAH, AIV, AGN, HME

Top Increases:

HHC, BKW, APD

Top Decreases:

BEAM, CP

Fund Background:

Pershing Square Capital Management is an activist fund run by William Ackman. In 2004, Ackman started the fund with personal

funds and funding from business partner Leucadia National.

Pershing Square Capital Management Total Value: $8,378,836,000 Positions: 9# Issue Symbol Value (X1000) Title of Class Percent


1 Canadian Pac Ry Ltd CP 2,581,362 Com 30.81 -.62 Air Prods & Chems Inc APD 2,446,162 Com 29.19 +6.53 Burger King Worldwide Inc BKW 1,019,198 Com 12.16 +16.14 Beam Inc BEAM 971,990 Com 11.60 -31.45 Platform Specialty Prods Cor PAH 635,000 Com 7.58 New6 Howard Hughes Corp HHC 509,192 Com 6.08 +18.87 Apartment Invt & Mgmt Co AIV 113,307 Cl A 1.35 New8 Allergan Inc AGN 74,141 Com 0.88 New9 Home Properties Inc HME 28,484 Com 0.34 New

11 twitter @chensj

Sold Positions:

CYT, AAPL, ATVI, NRF, FNF, BEAV, NXPI, BBRY, LBTYA, CQH, MPC, COLE, GM, NLSN, ABT, YHOO, GILD

New Positions:

XLI, CF, VZ, ROP, CTXS, BUD, AVGO, HRB, MAS, AAL, C, SIG, YPF, ST, ASH, NCR, TWC, MDLZ, TSU, OCN, VRX

Top Increases:

ACT, BIOF, LBTYK

Top Decreases:

BIDU, AIG, DG

Third Point Total Value: $6,807,965,000 Positions: 45# Issue Symbol Value (X1000) Title of Class Percent


1 Actavis Plc ACT 514,625 Shs 7.56 +20321.62 Dow Chem Co DOW 351,063 Com 5.16 +2.03 American Intl Group Inc AIG 350,070 Com New 5.14 -45.14 T-mobile Us Inc TMUS 313,785 Com 4.61 +22.35 Sothebys BID 289,608 Com 4.25 -14.36 Intl Paper Co IP 275,280 Com 4.04 -19.87 Fedex Corp FDX 265,120 Com 3.89 -26.28 Select Sector Spdr Tr XLI 261,650 Sbi Int-inds 3.84 New9 Cf Inds Hldgs Inc CF 251,909 Com 3.70 New10 Google Inc GOOG 234,047 Cl A 3.44 +30.511 Liberty Global Plc LBTYK 219,834 Shs Cl C 3.23 +189.712 Williams Cos Inc Del WMB 202,900 Com 2.98 +23.813 Verizon Communications Inc VZ 166,495 Com 2.45 New14 Dollar Gen Corp New DG 166,440 Com 2.44 -35.115 Cheniere Energy Inc LNG 166,050 Com New 2.44 +20.316 Constellation Brands Inc STZ 165,692 Cl A 2.43 +17.717 Hertz Global Holdings Inc HTZ 159,840 Com 2.35 -6.918 Roper Inds Inc New ROP 153,536 Com 2.26 New19 Cabot Oil & Gas Corp COG 152,460 Com 2.24 +31.120 Citrix Sys Inc CTXS 146,472 Com 2.15 New21 Anadarko Pete Corp APC 144,092 Com 2.12 -13.722 Anheuser Busch Inbev Sa/nv BUD 142,155 Sponsored Adr 2.09 New23 Coca Cola Enterprises Inc Ne CCE 138,504 Com 2.03 +1.224 Crown Holdings Inc CCK 134,220 Com 1.97 +.425 Avago Technologies Ltd AVGO 128,820 Shs 1.89 New26 Block H & R Inc HRB 105,665 Com 1.55 New27 Masco Corp MAS 105,498 Com 1.55 New28 American Airls Group Inc AAL 98,820 Com 1.45 New29 Citigroup Inc C 95,200 Com New 1.40 New30 Eqt Corp EQT 87,273 Com 1.28 -7.431 Signet Jewelers Limited SIG 84,688 Shs 1.24 New32 Ypf Sociedad Anonima YPF 82,574 Spon Adr Cl D 1.21 New33 Sensata Technologies Hldg Bv ST 78,884 Shs 1.16 New34 Intrexon Corp XON 78,870 Com 1.16 +34.635 Ashland Inc New ASH 74,610 Com 1.10 New36 Ncr Corp New NCR 54,825 Com 0.81 New37 Enphase Energy Inc ENPH 54,825 Com 0.81 +16.138 Baidu Inc BIDU 53,294 Spon Adr Rep A 0.78 -50.139 Time Warner Cable Inc TWC 52,128 Com 0.77 New40 Mondelez Intl Inc MDLZ 51,825 Cl A 0.76 New41 Tim Participacoes S A TSU 41,536 Sponsored Adr 0.61 New42 Ocwen Finl Corp OCN 39,180 Com New 0.58 New43 Nokia Corp NOK 33,030 Sponsored Adr 0.49 -9.544 Valeant Pharmaceuticals Intl VRX 32,958 Com 0.48 New45 Biofuel Energy Corp BIOF 7,615 Com New 0.11 +326.8

12 twitter @chensj

Fund Background:

Third Point LLC is an SEC-registered investment adviser based in New York. The firm was founded in 1995 by Daniel S. Loeb, who

serves as Chief Executive Officer. Third Point focuses on event-driven, value-oriented investing.

13 twitter @chensj

Sold Positions:

ELX, NVDA

New Positions:

AAN, LXU, RLD, RFMD

Top Increases:

UPIP, TSRA, QTM

Top Decreases:

RGS, PLCM, TQNT

Fund Background:

Starboard invests in deeply undervalued small cap companies and engages with management teams to identify and execute on

opportunities to unlock value for shareholders. Prior to the spinoff from Ramius, Starboard's investment team founded and

managed the Ramius small cap value and opportunity investment platform.

Starboard Value Total Value: $1,827,687,000 Positions: 23# Issue Symbol Value (X1000) Title of Class Percent


1 Darden Restaurants Inc DRI 368,010 Com 20.14 -6.62 Ishares IWM 317,260 Russell 2000 Etf 17.36 -3.83 Office Depot Inc ODP 191,318 Com 10.47 -16.84 Tessera Technologies Inc TSRA 112,243 Com 6.14 +21.25 Wausau Paper Corp WPP 95,475 Com 5.22 +.46 Calgon Carbon Corp CCC 79,134 Com 4.33 -19.47 Integrated Device Technology IDTI 73,380 Com 4.01 -37.58 Aarons Inc AAN 69,552 Com Par $0.50 3.81 New9 Babcock & Wilcox Co New BWC 66,400 Com 3.63 -19.110 Triquint Semiconductor Inc TQNT 59,739 Com 3.27 -43.611 Curtiss Wright Corp CW 59,410 Com 3.25 -17.712 Compuware Corp CPWR 51,450 Com 2.82 -42.613 Regis Corp Minn 50,541 Note 5.000% 7/1 2.77 -3.614 Lsb Inds Inc LXU 41,723 Com 2.28 New15 Quantum Corp 31,467 Note 4.500% 11/1 1.72 +.616 Quantum Corp QTM 31,348 Com Dssg 1.72 +1.717 Polycom Inc PLCM 30,870 Com 1.69 -58.718 Reald Inc RLD 25,133 Com 1.38 New19 Rf Microdevices Inc RFMD 22,093 Com 1.21 New20 Unwired Planet Inc New UPIP 20,516 Com 1.12 +62.421 Dsp Group Inc DSPG 14,170 Com 0.78 -23.222 Entropic Communications Inc ENTR 12,066 Com 0.66 -2.223 Regis Corp Minn RGS 4,392 Com 0.24 -68.8

14 twitter @chensj

Sold Positions:

AGN, HLF, DVD, MHGC, TWC, ENDP, LBTYA, SYMC

New Positions:

ACT, ENDP, FMC

Top Increases:

POST, HTH, VRX

Top Decreases:

VMEM, CHTR, EVHC

Fund Background:

Tiger Ratan is a corporate change fund. It is the best-performing fund in Julian Robertson's Tiger Accelerator portfolio; it rose 47

percent in 2013 and gained 66.9 percent since inception. Tiger Ratan Capital has not suffered a loss since its May 2009 inception,

gaining 26.3 percent in 2012 and 6.2 percent in 2011. Fund manager Nehal Chopra previously worked at Ramius Capital Group

and Balyasny Asset Management.

Ratan Capital Management Total Value: $409,864,000 Positions: 15# Issue Symbol Value (X1000) Title of Class Percent


1 Post Hldgs Inc POST 74,515 Com 18.18 +84.42 Valeant Pharmaceuticals Intl VRX 74,127 Com 18.09 +33.23 Actavis Plc ACT 62,063 Shs 15.14 New4 Endo Intl Plc ENDP 42,307 Shs 10.32 New5 Circor Intl Inc CIR 41,228 Com 10.06 -15.46 Forest Labs Inc FRX 37,753 Com 9.21 -1.67 Aercap Holdings Nv AER 17,211 Shs 4.20 +3.28 Hilltop Holdings Inc HTH 14,200 Com 3.46 +65.59 Charter Communications Inc D CHTR 12,978 Cl A New 3.17 -41.510 Quiksilver Inc ZQK 11,453 Com 2.79 -20.011 Envision Healthcare Holdings In EVHC 9,939 Com 2.42 -25.812 Av Homes Inc AVHI 9,215 Com 2.25 -8.113 Retail Opportunity Invts Cor ROICW 1,636 *w Exp 10/23/201 0.40 -1.714 Violin Memory Inc VMEM 910 Com 0.22 -54.015 F M C Corp FMC 329 Com New 0.08 New

15 twitter @chensj

Sold Positions:

None

New Positions:

EBAY

Top Increases:

FRX, ARII, AAPL

Top Decreases:

HLF, NFLX, RIG

Fund Background:

Icahn Enterprises L.P. a master limited partnership, is a diversified holding company engaged in nine primary business segments:

Investment, Automotive, Energy, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion. Carl Icahn has

battled corporate boards for decades, and in the past year has been active at Netflix, Chesapeake Energy, Dell, and Herbalife.

Carl Icahn Total Value: $32,927,778,000 Positions: 19# Issue Symbol Value (X1000) Title of Class Percent


1 Icahn Enterprises Lp IEP 10,566,566 Depositary Unit 32.09 -5.22 Apple Inc AAPL 4,045,551 Com 12.29 +52.43 Cvr Energy Inc CVI 3,008,146 Com 9.14 -2.74 Forest Labs Inc FRX 2,829,183 Com 8.59 +53.75 Federal Mogul Corp FDML 2,266,005 Com 6.88 -4.96 Chesapeake Energy Corp CHK 1,702,449 Com 5.17 -5.67 Ebay Inc EBAY 1,535,839 Com 4.66 New8 Nuance Communications Inc NUAN 1,043,672 Com 3.17 +13.09 Herbalife Ltd HLF 973,590 Com Usd Shs 2.96 -27.110 Transocean Ltd RIG 887,896 Reg Shs 2.70 -16.311 American Railcar Inds Inc ARII 831,345 Com 2.52 +53.112 Netflix Inc NFLX 790,166 Com 2.40 -19.513 Talisman Energy Inc TLM 759,080 Com 2.31 -14.314 Hologic Inc HOLX 734,330 Com 2.23 -3.815 Navistar Intl Corp NAV 450,801 New Com 1.37 -11.316 Mentor Graphics Corp MENT 354,969 Com 1.08 -8.517 Cvr Refng Lp CVRR 139,680 Comunit Rep Lt 0.42 +2.918 Enzon Pharmaceuticals Inc ENZN 6,082 Com 0.02 -11.219 Voltari Corp VLTC 2,428 Com New 0.01 +4.4

16 twitter @chensj

Sold Positions:

ADSK, SWY, SHLD, MDLZ, CCK, MTW, ALLE, HAL, OC, KMI, APC, GOGO, OPK, HUN, CHTR, AXL, EW, ENDP, FXI

New Positions:

AER, LUK, EBAY, ENDP, CSTM, LINTA, TEVA, SPY, LYB, SUNE, GPOR, KN, AMAT, STZ, NFX, GLD, Ep Energy Corp - CL A,

HDS, VRX, SC, HTZ, NADL, ACAS

Jana Partners Total Value: $8,502,653,000 Positions: 49# Issue Symbol Value (X1000) Title of Class Percent


1 Walgreen Co WAG 801,969 Com 9.43 +90.02 Oil Sts Intl Inc OIS 603,519 Com 7.10 -3.13 Ashland Inc New ASH 596,606 Com 7.02 -8.14 Equinix Inc EQIX 592,843 Com New 6.97 +11.05 Cameron International Corp CAM 480,953 Com 5.66 +28.46 Qep Res Inc QEP 471,286 Com 5.54 +11.77 Aercap Holdings Nv AER 415,850 Shs 4.89 New8 American Intl Group Inc AIG 322,645 Com New 3.79 +12577.69 Groupon Inc GRPN 319,707 Com Cl A 3.76 -12.410 Urs Corp New URS 317,449 Com 3.73 -16.611 Liberty Media Corp Delaware LMCA 293,580 Cl A 3.45 +277.912 Sirius Xm Hldgs Inc SIRI 231,264 Com 2.72 +32.513 Juniper Networks Inc JNPR 225,417 Com 2.65 -25.614 Liberty Interactive Corp LVNTA 217,101 Lbt Vent Com A 2.55 -8.715 Leucadia Natl Corp LUK 216,652 Com 2.55 New16 Ebay Inc EBAY 212,690 Com 2.50 New17 Mallinckrodt Pub Ltd Co MNK 207,204 Shs 2.44 +19.718 Actavis Plc ACT 185,654 Shs 2.18 +122.419 Endo Intl Plc ENDP 175,965 Shs 2.07 New20 Supervalu Inc SVU 169,220 Com 1.99 +35.921 Constellium Nv CSTM 155,628 Cl A 1.83 New22 Golar Lng Ltd Bermuda GLNG 134,542 Shs 1.58 +65.923 Outerwall Inc OUTR 124,848 Com 1.47 -50.124 Liberty Interactive Corp LINTA 110,654 Int Com Ser A 1.30 New25 Teva Pharmaceutical Inds Ltd TEVA 107,431 Adr 1.26 New26 Spdr S&p 500 Etf Tr SPY 93,505 Tr Unit 1.10 New27 Lyondellbasell Industries LYB 88,940 Shs A 1.05 New28 Teekay Corporation TK 76,396 Com 0.90 -26.129 Sunedison Inc SUNE 73,512 Com 0.86 New30 Gulfport Energy Corp GPOR 71,180 Com New 0.84 New31 Knowles Corp KN 67,108 Com 0.79 New32 Applied Matls Inc AMAT 65,282 Com 0.77 New33 Constellation Brands Inc STZ 63,728 Cl A 0.75 New34 Newfield Expl Co NFX 55,807 Com 0.66 New35 Kinder Morgan Inc Del KMIWS 47,074 *w Exp 05/25/201 0.55 -25.536 Spdr Gold Trust GLD 29,641 Gold Shs 0.35 New37 Ep Energy Corp 19,570 Cl A 0.23 New38 Hd Supply Hldgs Inc HDS 18,138 Com 0.21 New39 Valeant Pharmaceuticals Intl VRX 8,635 Com 0.10 New40 Energy Transfer Equity L P ETE 7,773 Com Ut Ltd Ptn 0.09 +37.841 Ishares EWH 5,817 Msci Hong Kg Etf 0.07 -4.042 General Mtrs Co GMWSA 4,131 *w Exp 07/10/201 0.05 -20.243 Santander Consumer Usa Hdg I SC 3,612 Com 0.04 New44 Hertz Global Holdings Inc HTZ 3,330 Com 0.04 New45 General Mtrs Co GMWSB 2,896 *w Exp 07/10/201 0.03 -24.746 North Atlantic Drilling Ltd NADL 2,652 Com 0.03 New47 Visteon Corp VC 1,946 Com New 0.02 -99.148 American Cap Ltd ACAS 1,060 Com 0.01 New49 General Mtrs Co GM 243 Com 0.00 -99.9

17 twitter @chensj

Top Increases:

AIG, LMCA, ACT

Top Decreases:

GM, VC, OUTR

Fund Background:

Founded in 2001, JANA Partners LLC is a value-oriented investment advisor specializing in event-driven investing.

18 twitter @chensj

Sold Positions:

DIS

New Positions:

CME

Top Increases:

AMBC, MHFI, MCO

Top Decreases:

FOXA

Fund Background:

The Children’s Investment Fund Management (UK) is a Londonbased hedge fund founded by Chris Hohn in 2003 which manages

The Children’s Investment Master Fund. TCI makes longterm investments in companies globally. The management company is

authorized and regulated in the United Kingdom by the Financial Services Authority.

Childrens Investment Fund Management Total Value: $1,162,222,000 Positions: 5# Issue Symbol Value (X1000) Title of Class Percent


1 Moodys Corp MCO 770,959 Com 66.33 +1.12 Twenty First Centy Fox Inc FOXA 188,720 Cl A 16.24 -78.73 Mcgraw Hill Finl Inc MHFI 136,079 Com 11.71 +1.34 Ambac Finl Group Inc AMBC 61,619 Com New 5.30 +26.35 Cme Group Inc CME 4,845 Com 0.42 New

19 twitter @chensj

Sold Positions:

KBR, HLF, NRF, LIN, ADT, STWD, CRR, CYH, POT, XLU, NXST, MHFI, S, ENDP, VRX, HTZ

New Positions:

XOP, VIAB, DHR, TWX, IACI, EMN, NCR, PEP, MYL, MON, BUD, MSG, PAH, ZLC, ENDP, WAG, TEVA, KR

Top Increases:

Corvex Management Total Value: $7,126,897,000 Positions: 49# Issue Symbol Value (X1000) Title of Class Percent


1 Williams Cos Inc Del WMB 1,691,495 Com 23.73 +181.12 Signet Jewelers Limited SIG 581,238 Shs 8.16 +755.53 Fidelity National Financial FNF 574,898 Cl A 8.07 -3.14 Thermo Fisher Scientific Inc TMO 353,481 Com 4.96 -15.65 Crown Castle Intl Corp CCI 259,395 Com 3.64 +29.76 Dollar Gen Corp New DG 241,890 Com 3.39 +90.07 Tw Telecom Inc TWTC 239,470 Com 3.36 +2.68 Hca Holdings Inc HCA 215,863 Com 3.03 +10.09 Level 3 Communications Inc LVLT 212,882 Com New 2.99 -19.010 Cbs Corp New CBS 198,118 Cl B 2.78 -19.611 Spdr Series Trust XOP 179,575 S&p Oilgas Exp 2.52 New12 American Tower Corp New AMT 171,927 Com 2.41 +7.713 Lamar Advertising Co LAMR 154,009 Cl A 2.16 +74.114 Actavis Plc ACT 151,632 Shs 2.13 +351.815 Commonwealth Reit CWH 149,259 Com Sh Ben Int 2.09 +12.816 Viacom Inc New VIAB 147,883 Cl B 2.07 New17 Anadarko Pete Corp APC 135,750 Com 1.90 +1082.918 Danaher Corp Del DHR 126,173 Com 1.77 New19 Allergan Inc AGN 111,814 Com 1.57 +137.120 Time Warner Inc TWX 105,835 Com New 1.49 New21 Nationstar Mtg Hldgs Inc NSM 86,294 Com 1.21 +128.922 Iac Interactivecorp IACI 70,326 Com Par $.001 0.99 New23 Eastman Chem Co EMN 68,855 Com 0.97 New24 Evertec Inc EVTC 65,460 Com 0.92 +.225 Ncr Corp New NCR 64,686 Com 0.91 New26 Sba Communications Corp SBAC 63,672 Com 0.89 +18.127 Pepsico Inc PEP 62,425 Com 0.88 New28 Mylan Inc MYL 61,501 Com 0.86 New29 Eqt Corp EQT 54,690 Com 0.77 -20.330 General Mtrs Co GM 51,630 Com 0.72 -75.931 Monsanto Co New MON 51,167 Com 0.72 New32 Anheuser Busch Inbev Sa/nv BUD 47,512 Sponsored Adr 0.67 New33 Madison Square Garden Co MSG 45,697 Cl A 0.64 New34 Istar Finl Inc STAR 43,297 Com 0.61 -26.735 Platform Specialty Prods Cor PAH 38,970 Com 0.55 New36 Family Dlr Stores Inc FDO 33,976 Com 0.48 -70.637 Zale Corp New ZLC 32,904 Com 0.46 New38 Endo Intl Plc ENDP 32,441 Shs 0.46 New39 Walgreen Co WAG 29,449 Com 0.41 New40 Teva Pharmaceutical Inds Ltd TEVA 26,420 Adr 0.37 New41 Centerpoint Energy Inc CNP 23,514 Com 0.33 +44.942 Kroger Co KR 21,825 Com 0.31 New43 Phillips 66 PSX 15,412 Com 0.22 -81.644 Time Warner Cable Inc TWC 13,718 Com 0.19 +1.245 Lifepoint Hospitals Inc LPNT 8,442 Com 0.12 -56.846 Vivus Inc VVUS 5,421 Com 0.08 -34.647 Crown Castle Intl Corp CCIPRA 3,539 Cnv Pfd Stk Sr A 0.05 +1.048 Ariad Pharmaceuticals Inc ARIA 806 Com 0.01 -83.749 Cf Inds Hldgs Inc CF 261 Com 0.00 -98.9

20 twitter @chensj

APC, SIG, ACT

Top Decreases:

CF, ARIA, PSX

Fund Background:

Keith Meister has been Managing Partner of Corvex Management LP since December 2010. Meister previously was with Icahn

Enterprises,serving as Vice Chairman of the Board of Icahn Enterprises G.P. Inc.

21 twitter @chensj

Sold Positions:

GNW

New Positions:

GNW, VOD, T

Top Increases:

FMCKP, BACWSA, FMCCS

Fairholme Capital Management Total Value: $9,897,654,000 Positions: 47# Issue Symbol Value (X1000) Title of Class Percent


1 American Intl Group Inc AIG 3,784,838 Com New 38.24 -7.02 Bank Of America Corporation BAC 1,701,811 Com 17.19 +9.63 Sears Hldgs Corp SHLD 1,170,231 Com 11.82 +11.94 Federal National Mortgage Association FNMAS 618,758 Pfd 6.25 +19.85 American Intl Group Inc AIGWS 500,682 *w Exp 01/19/202 5.06 +2.06 St Joe Co JOE 478,309 Com 4.83 +.27 Leucadia Natl Corp LUK 448,968 Com 4.54 -11.88 Federal Home Loan Mortgage Corp FMCKJ 438,921 Pfd 4.43 +22.69 Federal National Mortgage Association 118,555 Pfd 1.20 +31.710 Bank Of America Corporation BACWS

A86,469 *w Exp 01/16/201 0.87 +34.9

11 Federal National Mortgage Association FNMA 74,735 Pfd 0.76 -4.512 Federal Home Loan Mortgage Corp FMCC 66,317 Com 0.67 +18.013 Federal Home Loan Mortgage Corp FMCKM 52,193 Pfd 0.53 +28.014 Federal Home Loan Mortgage Corp FMCKI 39,024 Pfd 0.39 +31.015 Berkshire Hathaway Inc Del BRKB 36,107 Cl B New 0.36 -57.116 Federal National Mortgage Association FNMAH 30,883 Pfd 0.31 +23.717 Federal Home Loan Mortgage Corp FMCCM 28,717 Pfd 0.29 +25.018 Wells Fargo & Co New WFCWS 25,102 *w 10/28/201 0.25 +17.819 Federal Home Loan Mortgage Corp FMCCH 23,550 Pfd 0.24 +31.220 Federal Home Loan Mortgage Corp FMCCI 23,079 Pfd 0.23 +24.121 Genworth Finl Inc GNW 18,998 Com Cl A 0.19 New22 Jpmorgan Chase & Co JPMWS 15,217 *w Exp 10/28/201 0.15 +4.223 Hartford Finl Svcs Group Inc HIGWS 14,767 *w Exp 06/26/201 0.15 -3.224 Federal National Mortgage Association FNMAI 14,078 Pfd 0.14 +27.325 Federal National Mortgage Association FNMAJ 14,025 Pfd 0.14 +19.026 Chesapeake Energy Corp CHK 13,740 Com 0.14 -45.427 Federal Home Loan Mortgage Corp FMCCL 9,237 Pfd 0.09 +26.328 Lincoln Natl Corp Ind LNCWS 8,545 *w Exp 07/10/201 0.09 -1.829 Wells Fargo & Co New WFC 7,441 Com 0.08 +9.630 Federal National Mortgage Association FNMAO 4,600 Pfd 0.05 +23.131 Federal Home Loan Mortgage Corp FMCKO 4,428 Pfd 0.04 +24.332 Federal Home Loan Mortgage Corp FMCKN 4,143 Pfd 0.04 +32.133 Federal Home Loan Mortgage Corp FMCKK 3,477 Pfd 0.04 +23.234 Federal Home Loan Mortgage Corp 2,797 Pfd 0.03 +31.935 Citigroup Inc C 2,597 Com New 0.03 -8.736 Vodafone Group Plc New VOD 2,429 Spnsr Ad No Par 0.02 New37 At&t Inc T 2,402 Com 0.02 New38 Lincoln Natl Corp Ind LNC 2,250 Com 0.02 -1.839 Hartford Finl Svcs Group Inc HIG 1,834 Com 0.02 -2.740 Federal Home Loan Mortgage Corp FMCCS 1,065 Pfd 0.01 +32.541 Federal Home Loan Mortgage Corp FMCCP 785 Pfd 0.01 +32.242 Berkshire Hathaway Inc Del BRKA 562 Cl A 0.01 -47.343 Federal Home Loan Mortgage Corp FMCKL 423 Pfd 0.00 +27.044 Federal Home Loan Mortgage Corp FMCCK 169 Pfd 0.00 +28.045 Federal Home Loan Mortgage Corp FMCCT 166 Pfd 0.00 +30.746 Federal Home Loan Mortgage Corp FMCKP 151 Pfd 0.00 +41.147 Federal National Mortgage Association FNMAG 79 Pfd 0.00 +27.4

22 twitter @chensj

Top Decreases:

BRKB, BRKA, CHK

Fund Background:

Bruce Berkowitz founded Fairholme Capital Management in 1997 and was formerly a senior portfolio manager at Lehman Brothers

Holdings and a managing director of Smith Barney. Berkowitz was named 2009 Domestic-Stock Fund Manager of the Year and

Domestic-Stock Fund Manager of the Decade by Morningstar.

23 twitter @chensj

Leon Cooperman Total Value: $7,543,454,000 Positions: 79# Issue Symbol Value (X1000) Title of Class Percent


1 Sprint Corp S 397,334 Com Ser 1 5.27 -8.92 Sandridge Energy Inc SD 293,193 Com 3.89 +19.23 American International Group AIG 286,712 Com New 3.80 -3.94 Sirius Xm Holdings Inc SIRI 275,252 Com 3.65 +.55 Slm Corp SLM 259,025 Com 3.43 -7.06 Citigroup Inc C 255,136 Com New 3.38 +24.87 Halliburton Co HAL 208,741 Com 2.77 +16.18 Chimera Investment Corp CIM 202,490 Com 2.68 +5.19 Motorola Solutions Inc MSI 201,027 Com New 2.66 -9.810 Dish Network Cor DISH 194,001 Cl A 2.57 -14.711 Atlas Energy Lp ATLS 165,951 Com Units Lp 2.20 +5.012 Ebay Inc EBAY 160,533 Com 2.13 +242.113 Qualcomm Inc QCOM 158,791 Com 2.11 -18.414 Kkr Financial Holdings Llc KFN 157,461 Com 2.09 -14.215 Eastman Chemical Co EMN 156,204 Com 2.07 -6.516 Harbinger Group Inc HRG 150,971 Com 2.00 +96.017 Lyondellbasell Indu LYB 150,827 Shs - A - 2.00 -1.018 Sunedison Inc SUNE 140,721 Com 1.87 +33.119 Hca Holdings Inc HCA 136,684 Com 1.81 +13.120 Caesars Entertainment Corp CZR 135,873 Com 1.80 +19.421 E*trade Financial Corp ETFC 135,404 Com New 1.79 +.922 Altisource Portfolio Sol ASPS 130,157 Reg Shs 1.73 -11.323 Mckesson Corp MCK 125,538 Com 1.66 +12.224 Capital One Financial Corp COF 125,011 Com 1.66 +1.425 Gaming And Leisure Propertie GLPI 117,117 Com 1.55 +3.826 Realogy Holdings Corp RLGY 115,588 Com 1.53 +25.127 Boston Scientific Corp BSX 115,367 Com 1.53 +12.528 Unitedhealth Group Inc UNH 111,698 Com 1.48 +9.729 Atlas Resource Partners Lp ARP 109,259 Com Unt Ltd Pr 1.45 +2.230 Kinder Morgan Inc KMI 108,892 Com 1.44 -16.531 Atlas Pipeline Partners Lp APL 107,809 Unt Lp Int 1.43 -7.632 Denbury Resources Inc DNR 103,651 Com New 1.37 +33.733 Thermo Fisher Scientific Inc TMO 101,939 Com 1.35 +11.034 Jpmorgan Chase & Co JPM 101,568 Com 1.35 +2402.335 Freeport-mcmoran Copper FCX 98,747 Com 1.31 -9.836 Transocean Ltd RIG 98,494 Reg Shs 1.31 -30.937 Xl Group Plc XL 97,130 Shs 1.29 -5.038 Cameron International Corp CAM 93,291 Com 1.24 +10.039 Dollar General Corp DG 92,657 Com 1.23 New40 Intercontinentalexchange Gro ICE 85,101 Com 1.13 -11.641 Adt Corp/the ADT 80,483 Com 1.07 New42 New Residential Investment NRZ 73,525 Com 0.97 +41.943 Time Warner Cable TWC 73,254 Com 0.97 New44 Linn Energy Llc-units LINE 71,313 Unit Ltd Liab 0.95 -9.345 Wpx Energy Inc WPX 68,782 Com 0.91 +51.446 Pvh Corp PVH 67,264 Com 0.89 +3.747 Pennymac Mortgage Investment PMT 59,862 Com 0.79 +4.148 New Media Investment Group NEWM 58,658 Com 0.78 New49 Kar Auction Services Inc KAR 57,616 Com 0.76 +66.350 Assured Guaranty Ltd AGO 57,044 Com 0.76 +26.551 Newcastle Investment Corp NCT 56,612 Com 0.75 -17.652 Weyerhaeuser Co WY 56,187 Com 0.74 -25.753 Pennymac Financial Service PFSI 54,772 Cl A 0.73 +13.154 Actavis Plc ACT 54,364 Shs 0.72 New55 Loral Space & Communications LORL 54,240 Com 0.72 -11.356 United Continental Holdings UAL 52,940 Com 0.70 +18.8

24 twitter @chensj

Sold Positions:

TMUS, EWW, GM, GCI, XTEX, LEN, MET, WMB, KKR

New Positions:

DG, ADT, TWC, NEWM, ACT, SPWR, APC, NOV, OCN, PAH, ENLK

Top Increases:

JPM, EBAY, HRG

Top Decreases:

CACQ, CMCSK, SVU

Fund Background:

Leon Cooperman is the Chairman and CEO of Omega Advisors, which manages over $6 billion in assets. Cooperman spent 25

years with Goldman Sachs and retired in 1991 as General Parnter and CEO of Goldman Sachs Asset Management.

Leon Cooperman Total Value: $7,543,454,000 Positions: 79# Issue Symbol Value (X1000) Title of Class Percent


57 Sunpower Corp SPWR 45,058 Com 0.60 New58 Energy Xxi Bermuda EXXI 33,007 Usd Unrs Shs 0.44 -29.159 Lin Media Llc LIN 28,393 Cl A Com 0.38 +64.860 Cobalt International Energy CIE 25,470 Com 0.34 +92.861 Comcast Corp CMCSK 24,507 Cl A Spl 0.32 -58.862 Anadarko Petroleum Corp APC 19,524 Com 0.26 New63 Supervalu Inc SVU 17,794 Com 0.24 -33.464 National Oilwell Varco Inc NOV 14,266 Com 0.19 New65 Thl Credit Inc TCRD 12,878 Com 0.17 -16.366 Express Scripts Holding Co ESRX 10,610 Com 0.14 -12.767 Center Bancorp Inc CNBC 10,355 Com 0.14 +1.368 Ellington Financial Llc EFC 8,874 Com 0.12 +5.169 Ocwen Financial Corp OCN 8,710 Com New 0.12 New70 Resource Capital Corp RSO 5,570 Com 0.07 -6.171 Platform Specialty Products PAH 5,080 Com New 0.07 New72 Caesars Acquisition Co CACQ 4,303 Cl A 0.06 -89.173 Ag Mortgage Investment Trust MITT 3,502 Com 0.05 +12.074 Resource America Inc REXI 3,414 Cl A 0.05 -22.075 Apollo Investment Corp AINV 1,247 Com 0.02 -1.976 Two Harbors Investment Corp TWO 1,025 Com 0.01 +10.577 Teekay Lng Partners Lp TGP 827 Prtnrsp Units 0.01 -3.278 Enlink Midstream Partners Lp ENLK 703 Com Unit Rep Ltd 0.01 New79 Silver Bay Realty Trust Corp SBY 76 Com 0.00 -2.6

25 twitter @chensj

Sold Positions:

ETFC, TWGP, GRMN, AGO, IBKR, COO, JPM, SYNC, BKEP, UNP, SVVC, GLPI, AES, PRA, BRKB, LNN, DLLR, CALL, EXXI,

MUSA, STNR, WMT, BRKA

New Positions:

NUS, BGCP, VSAT, VMEM, CPS, AH, SGM, SNMX, SLRC, ZIPR

Top Increases:

HRG, JGW, RVP

Top Decreases:

IBM, RT, CHS

Fund Background:

Kerrisdale Advisers Total Value: $203,440,000 Positions: 42# Issue Symbol Value (X1000) Title of Class Percent


1 Amerco UHAL 30,196 Com 14.84 +4.52 Jones Lang Lasalle Inc JLL 19,219 Com 9.45 +24.73 Herbalife Ltd HLF 16,664 Com Usd Shs 8.19 +121.04 Ing U S Inc VOYA 14,401 Com 7.08 +38.45 Jgwpt Hldgs Inc JGW 12,665 Cl A 6.23 +223.66 Iac Interactivecorp IACI 11,357 Com Par $.001 5.58 +164.97 Foot Locker Inc FL 10,748 Com 5.28 +11.48 Morgans Hotel Group Co MHGC 8,864 Com 4.36 -14.39 Nu Skin Enterprises Inc NUS 7,768 Cl A 3.82 New10 Bgc Partners Inc BGCP 7,381 Cl A 3.63 New11 Chicos Fas Inc CHS 6,982 Com 3.43 -39.512 Everest Re Group Ltd RE 6,150 Com 3.02 -36.613 Harbinger Group Inc HRG 5,951 Com 2.93 +294.414 Chubb Corp CB 5,434 Com 2.67 -35.915 Metlife Inc MET 4,898 Com 2.41 -.816 Stewart Information Svcs Cor STC 4,677 Com 2.30 +110.517 Travelcenters Of America Llc TA 3,881 Com 1.91 +17.918 Viasat Inc VSAT 3,310 Com 1.63 New19 Ishares TUR 2,322 Msci Turkey Etf 1.14 +35.620 Violin Memory Inc VMEM 2,251 Com 1.11 New21 International Business Machs IBM 2,149 Com 1.06 -66.222 Blyth Inc BTH 1,412 Com New 0.69 +7.523 Cooper Std Hldgs Inc CPS 1,378 Com 0.68 New24 Accretive Health Inc AH 1,354 Com 0.67 New25 Ruby Tuesday Inc RT 1,260 Com 0.62 -53.026 Oci Res Lp OCIR 1,126 Com Unit Ltd 0.55 +5.827 Geeknet Inc GKNT 1,065 Com New 0.52 +96.528 Premier Exibitions Inc PRXI 1,064 Com 0.52 +14.429 Retractable Technologies Inc RVP 1,030 Com 0.51 +214.030 Adcare Health Systems Inc ADK 1,014 Com New 0.50 -3.231 Wi-lan Inc WILN 1,012 Com 0.50 -10.432 Stonegate Mtg Corp SGM 729 Com 0.36 New33 Stock Bldg Supply Hldgs Inc STCK 672 Com 0.33 +12.834 Senomyx Inc SNMX 632 Com 0.31 New35 Revett Mng Co RVM 502 Com New 0.25 -32.736 Skilled Healthcare Group Inc SKH 490 Cl A 0.24 +10.437 Smartpros Ltd SPRO 394 Com 0.19 -16.738 Solar Cap Ltd SLRC 272 Com 0.13 New39 First South Bancorp Inc Va FSBK 212 Com 0.10 +10.440 Ziprealty Inc ZIPR 209 Com 0.10 New41 Asure Software Inc ASUR 197 Com 0.10 +18.042 Radiant Logistics Inc RLGT 148 Com 0.07 +18.4

26 twitter @chensj

Kerrisdale Capital is a private investment manager that focuses on value and special situations investments. They manage

investment partnerships and separately managed accounts.

27 twitter @chensj

Sold Positions:

EVAC, VPHM, HPQ

New Positions:

SPLP, APF, HNR

Top Increases:

XCO, BP, DXM

Top Decreases:

OSTK, CTB, C

Fund Background:

Fairfax Financial is a financial holding company based in Toronto, Ontario, which is engaged in property, casualty, and life

Fairfax Financial Holdings Total Value: $1,425,206,000 Positions: 42# Issue Symbol Value (X1000) Title of Class Percent


1 Resolute Forest Products RFP 582,623 Com 40.88 +25.32 Blackberry Limited BBRY 376,595 Com 26.42 -2.43 Sandridge Energy Inc SD 199,324 Com 13.99 +1.34 Exco Resources Inc XCO 98,151 Com 6.89 +71.05 Overstock.com Inc OSTK 62,738 Com 4.40 -36.06 Baldwin & Lyons Inc BWINB 25,498 Cl B 1.79 -3.27 Intel Corp 13,534 Sdcv 2.950%12/1 0.95 +5.18 Bce Inc. BCE 11,573 Com New 0.81 -.49 Kennedy-wilson KW 9,004 Com 0.63 +1.210 Johnson & Johnson JNJ 8,320 Com 0.58 +7.211 Pfizer Inc PFE 7,548 Com 0.53 +4.912 Cresud S A C I F Y A CRESY 6,695 Sponsored Adr 0.47 -8.013 Wells Fargo & Co. New WFC 3,447 Com 0.24 +9.614 Berkshire Hathaway Inc. BRKB 3,061 Cl B New 0.21 +22.415 Dex Media Inc New DXM 1,461 Com 0.10 +35.416 Usg Corp USG 1,400 Com New 0.10 +15.217 Us Bancorp Del USB 1,286 Com New 0.09 +6.118 New York Times Co NYT 1,198 Cl A 0.08 +7.819 Berkshire Hathaway Inc. BRKA 1,124 Cl A 0.08 +5.420 Citigroup Inc C 952 Com New 0.07 -8.621 Ultra Petroleum Corp UPL 874 Com 0.06 +24.322 K12 Inc LRN 750 Com 0.05 +4.223 Old Republic Intl Corporation ORI 738 Com 0.05 -5.024 Merck & Co. Inc. MRK 681 Com 0.05 +13.325 New York Community Bancorp Inc NYCB 642 Com 0.05 -4.726 Patterson Uti Energy Inc PTEN 538 Com 0.04 +11.927 Bp Plc BP 529 Sponsored Adr 0.04 +55.628 Steel Partners Holdings SPLP 509 Ltd Prtrship U 0.04 New29 Hologic Inc HOLX 430 Com 0.03 -3.830 Mbia Inc MBI 419 Com 0.03 +17.031 Morgan Stanley APF 413 Com 0.03 New32 Cooper Tire & Rubber Co. CTB 398 Com 0.03 -26.433 Harvest Natural Resources Inc HNR 375 Com 0.03 New34 Slm Corp SLM 367 Com 0.03 -6.935 New Oriental Ed & Tech Grp Inc EDU 326 Spon Adr 0.02 -6.936 Sterling Bancorp/de STL 317 Com 0.02 -5.137 Newmarket Corp NEU 293 Com 0.02 +16.738 Nam Tai Electrs Inc NTE 250 Com Par $0.02 0.02 +.039 General Dynamics Corp GD 240 Com 0.02 +14.340 Intl Business Machs Corp IBM 231 Com 0.02 +2.741 Csx Corp CSX 220 Com 0.02 +.542 Penn West Pete Ltd New PWE 133 Com 0.01 +.0

28 twitter @chensj

insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through

several subsidiaries, including Odyssey Re, Northbridge Financial, Crum & Forster and Zenith Insurance Company.

29 twitter @chensj

Sold Positions:

ETFC, VC, INXN, AMTD, GM, SXC, LEA

New Positions:

APD, NCR, NRF, ACT, ABG, FRX

Top Increases:

AAL, CWH, HRB

Top Decreases:

HTZ, DAL, JPM

Fund Background:

David Markowitz is a founder of Oskie Capital Management where he also serves as portfolio manager. In 2009 he was a member

of the Auto Team at the U.S. Department of the Treasury, where he focused on the restructuring of General Motors in connection

with the Presidential Task Force on the Auto Industry. Prior to his work at the Department of the Treasury, Mr. Markowitz was a

founder and Senior Analyst at SLS Capital, an asset manager with in excess of $1 billion in capital under management. Mr.

Markowitz is a director of RoadOne Intermodal Logistics. Mr. Markowitz has a bachelor's degree from the University of Michigan.

Oskie Capital Management Total Value: $347,828,000 Positions: 26# Issue Symbol Value (X1000) Title of Class Percent


1 Air Prods & Chems Inc APD 44,775 Com 12.87 New2 Block H & R Inc HRB 39,026 Com 11.22 +64.73 Ncr Corp New NCR 29,240 Com 8.41 New4 Citigroup Inc C 26,180 Com New 7.53 +45.55 American Airls Group Inc AAL 25,620 Com 7.37 +153.76 Commonwealth Reit CWH 24,393 Com Sh Ben Int 7.01 +112.17 United Contl Hldgs Inc UAL 15,621 Com 4.49 +37.68 Delta Air Lines Inc Del DAL 12,994 Com New 3.74 -24.99 Express Scripts Hldg Co ESRX 10,328 Com 2.97 -2.710 Meadwestvaco Corp MWV 10,086 Com 2.90 +46.211 Weyerhaeuser Co WY 9,698 Com 2.79 +12.312 Viacom Inc New VIAB 9,675 Cl B 2.78 +11.513 Northstar Rlty Fin Corp NRF 9,413 Com 2.71 New14 Mcgraw Hill Finl Inc MHFI 8,798 Com 2.53 +20.615 Transdigm Group Inc TDG 7,968 Com 2.29 +49.916 Bank Of America Corporation BAC 6,966 Com 2.00 +14.917 Actavis Plc ACT 6,572 Shs 1.89 New18 Asbury Automotive Group Inc ABG 6,380 Com 1.83 New19 Computer Sciences Corp CSC 6,371 Com 1.83 +22.820 Forest Labs Inc FRX 6,090 Com 1.75 New21 Jpmorgan Chase & Co JPM 6,071 Com 1.75 -24.822 Amerco UHAL 5,872 Com 1.69 -7.923 Charter Communications Inc D CHTR 5,762 Cl A New 1.66 +27.824 Fiesta Restaurant Group Inc FRGI 5,571 Com 1.60 +4.925 Hertz Global Holdings Inc HTZ 5,328 Com 1.53 -28.426 Barrick Gold Corp ABX 3,031 Com 0.87 -7.1

30 twitter @chensj

Sold Positions:

HSH, NOA, AAL, TWC, HES, LEAP, EVV, EXXI, CHK, QQQ, JFR, BIT, FDX

New Positions:

EFA, NOK, CTXS, RKT, VOD

Top Increases:

HLF, EBAY, STNG

Top Decreases:

EEM, LAMR, NRG

Fund Background:

Richard Perry's first major investment was Florists' Transworld Delivery (FTD), which Perry Capital acquired in 1994 for $130

million. Among his actions was installing Meg Whitman as the C.E.O. In 2004, he sold his stake in the company for $450 million. In

2005, he was among the investors providing a loan of $512 million for Malcolm Glazer to purchase British football team Manchester

United. Perry Capital currently owns a controlling interest in Barneys New York.

Perry Corp Total Value: $3,574,617,000 Positions: 19# Issue Symbol Value (X1000) Title of Class Percent


1 Ishares EFA 586,979 Msci Eafe Etf 16.42 New2 American Intl Group Inc AIG 585,117 Com New 16.37 +2.33 Ishares IWM 570,066 Russell 2000 Etf 15.95 -17.74 Herbalife Ltd HLF 274,896 Com Usd Shs 7.69 +116381.

45 Nrg Energy Inc NRG 264,274 Com New 7.39 -19.26 Ebay Inc EBAY 213,889 Com 5.98 +231.87 Ishares EEM 143,535 Msci Emg Mkt Etf 4.02 -61.08 Lamar Advertising Co LAMR 143,432 Cl A 4.01 -36.29 Commonwealth Reit CWH 135,918 Com Sh Ben Int 3.80 -2.810 Hertz Global Holdings Inc HTZ 130,536 Com 3.65 +8.611 Nokia Corp NOK 96,652 Sponsored Adr 2.70 New12 Citrix Sys Inc CTXS 95,638 Com 2.68 New13 Rock-tenn Co RKT 93,088 Cl A 2.60 New14 Ypf Sociedad Anonima YPF 56,088 Spon Adr Cl D 1.57 -14.915 Universal Amern Corp New UAM 54,460 Com 1.52 -3.116 Nmi Hldgs Inc NMIH 54,053 Cl A 1.51 -7.917 Johnson & Johnson JNJ 33,622 Com 0.94 +7.318 Scorpio Tankers Inc STNG 32,546 Shs 0.91 +96.219 Vodafone Group Plc New VOD 9,828 Spnsr Adr No Par 0.27 New

31 twitter @chensj

Paulson And Co Total Value: $20,430,306,000 Positions: 80# Issue Symbol Value (X1000) Title of Class Percent


1 Extended Stay Amer Inc STAY 1,268,553 Unit 99/99/9999b 6.21 -13.32 Spdr Gold Trust GLD 1,265,130 Gold Shs 6.19 +6.43 Vodafone Group Plc New VOD 1,049,832 Spons Adr No Par 5.14 New4 Time Warner Cable Inc TWC 819,937 Com 4.01 +1.25 Grifols S A GRFS 818,352 Sponsored Adr 4.01 +14.36 Whiting Pete Corp New WLL 655,541 Com 3.21 +2.47 Houghton Mifflin Harcourt Co HMHC 628,452 Com 3.08 +19.98 Mgm Resorts International MGM 613,262 Com 3.00 -9.49 Aetna Inc New AET 598,973 Com 2.93 +9.210 Mylan Inc MYL 592,342 Com 2.90 +12.411 Sprint Corp Com S 589,200 Com Ser 1 2.88 -14.612 Thermo Fisher Scientific Inc TMO 547,693 Com 2.68 +4.713 T-mobile Us Inc TMUS 535,020 Com 2.62 -18.214 Realogy Hldgs Corp RLGY 521,400 Com 2.55 -12.215 Cobalt Intl Energy Inc CIE 499,326 Com 2.44 +132.216 Anglogold Ashanti Ltd AU 476,278 Sponsored Adr 2.33 +29.417 American Airls Group Inc AAL 445,154 Com 2.18 +107.418 Verizon Communications Inc VZ 415,891 Com 2.04 New19 Oasis Pete Inc New OAS 412,814 Com 2.02 +18.620 Equinix Inc EQIX 385,761 Com New 1.89 +4.121 Shire Plc SHPG 375,759 Sponsored Adr 1.84 +5.122 Family Dlr Stores Inc FDO 375,325 Com 1.84 -40.823 Mallinckrodt Pub Ltd Co MNK 357,429 Shs 1.75 +21.324 Freeport-mcmoran Copper & Go FCX 334,784 Com 1.64 -42.825 Cablevision Sys Corp CVC 324,225 Cl A Ny Cablvs 1.59 -13.926 Kodiak Oil & Gas Corp KOG 315,476 Com 1.54 +8.227 Cbs Corp New CBS 276,654 Cl B 1.35 New28 Popular Inc BPOP 274,120 Com 1.34 +7.929 Caesars Entmt Corp CZR 260,437 Com 1.27 -1.430 Cno Finl Group Inc CNO 225,518 Com 1.10 +2.331 Bank Of America Corporation BACWS

A222,582 * W Exp

01/16/20191.09 +27.0

32 Mgic Invt Corp Wis 211,031 Note 2.000%4/01/20

1.03 +1.9

33 Hartford Finl Svcs Group Inc HIG 210,335 Com 1.03 -2.734 Pioneer Nat Res Co PXD 205,611 Com 1.01 -19.335 Hca Holdings Inc HCA 178,637 Com 0.87 +10.036 Caesars Acquisition Co CACQ 174,929 Cl A 0.86 +17.737 Radian Group Inc RDN 171,139 Com 0.84 +6.438 Genworth Finl Inc GNW 159,570 Com Cl A 0.78 +14.239 Compuware Corp CPWR 149,625 Com 0.73 -6.340 Hess Corp HES 145,040 Com 0.71 -62.441 Mgic Invt Corp Wis MTG 141,108 Com 0.69 +.942 General Mtrs Co GM 138,035 Com 0.68 +81.043 Valeant Pharmaceuticals Intl VRX 131,830 Com 0.65 New44 Novagold Res Inc NG 129,274 Com New 0.63 +42.045 Radian Group Inc 129,127 Note 2.250%

3/01/20190.63 +4.2

46 Capital One Finl Corp COFWS 128,407 *w Exp 11/14/2018 0.63 -.347 Dollar Gen Corp New DG 110,960 Com 0.54 New48 Auxilium Pharmaceuticals Inc AUXL 108,720 Com 0.53 New49 Delphi Automotive Plc DLPH 108,576 Shs 0.53 +12.950 Arthrocare Corp ARTC 96,380 Com 0.47 New51 Enzymotec Ltd ENZY 94,052 Shs 0.46 +100.952 Lyon William Homes WLH 91,739 Cl A New 0.45 +35.953 Hartford Finl Svcs Group Inc HIGWS 87,789 W Exp 6/26/2019 0.43 -3.254 Digital Rlty Tr Inc DLR 87,758 Com 0.43 -23.0

32 twitter @chensj

Sold Positions:

SNTS, VOD, QCOR, RHP, VPHM, MKTG, IDCC, GMWSA, MTB, FNF, IOC, ACAS, GMWSB, LIFE, GENT, AMCX

New Positions:

VOD, VZ, CBS, VRX, DG, AUXL, ARTC, ACT, VNDA

Top Increases:

CIE, AAL, ENZY

Top Decreases:

CTB, HES, FCX

Fund Background:

Founded by John Paulson in 1994, Paulson & Co. is an alternative investment manager specializing in event driven investing.

Paulson And Co Total Value: $20,430,306,000 Positions: 80# Issue Symbol Value (X1000) Title of Class Percent


55 Rock-tenn Co RKT 84,456 Cl A 0.41 +.556 Brixmor Ppty Group Inc BRX 63,871 Com 0.31 +4.757 Actavis Plc ACT 61,755 Shs 0.30 New58 Randgold Res Ltd GOLD 50,303 Adr 0.25 +19.459 Cobalt Intl Energy Inc 47,094 Note

2.625%12/01/20190.23 +6.5

60 Whitewave Foods Co WWAV 45,735 Com Cl A 0.22 +24.661 Felcor Lodging Tr Inc FCH 45,200 Com 0.22 +10.862 Post Hldgs Inc POST 45,044 Com 0.22 -25.963 Howard Hughes Corp HHC 44,954 Com 0.22 +18.864 Agnico Eagle Mines Ltd AEM 30,663 Com 0.15 +14.965 Starwood Ppty Tr Inc Note 4.550% 3/0

Added28,531 Note 4.550%

3/01/20180.14 +3.3

66 Redwood Tr Inc 26,625 Note 4.625%4/01/2018

0.13 +2.6

67 Colony Finl Inc 26,453 Note 5.000%4/15/2023

0.13 +3.3

68 Gold Fields Ltd New GFI 24,095 Sponsored Adr 0.12 +15.369 Vanda Pharmaceuticals Inc VNDA 22,628 Com 0.11 New70 Dex Media Inc New DXM 20,526 Com 0.10 +35.771 Strategic Hotels & Resorts I BEE 16,712 Com 0.08 +7.872 Iamgold Corp IAG 13,601 Com 0.07 +5.773 Sibanye Gold Ltd SBGL 13,598 Sponsored Adr 0.07 +73.274 Kamada Ltd KMDA 10,849 Shs 0.05 -2.775 Bank Of America Corporation BACWS

B10,750 * W Exp

10/28/20180.05 +18.2

76 Novacopper Inc NCQ 7,982 Com 0.04 -11.277 International Tower Hill Min THM 6,775 Com 0.03 +94.878 Allied Nevada Gold Corp ANV 6,474 Com 0.03 +21.479 Sunstone Hotel Invs Inc SHO 3,384 Com New 0.02 +2.580 Cooper Tire & Rubr Co CTB 1,356 Com 0.01 -97.2

33 twitter @chensj

Sold Positions:

DTV, LM, VOD, MLM, VMC, WEN

New Positions:

VOD

Top Increases:

RYN, NWSA, TXI

Top Decreases:

CNHI, FDX, MTN

Fund Background:

Mason Hawkins founded Southeastern in 1975 and currently serves as the firm’s Chairman and CEO. Southeastern focuses on

investing with a margin of safety through the purchase of companies that are trading at 60% or less of the investment team's

intrinsic value estimates.

Southeastern Asset Management Total Value: $18,401,761,000 Positions: 28# Issue Symbol Value (X1000) Title of Class Percent


1 Level 3 Communications Inc. LVLT 1,911,566 Com 10.39 +18.92 Chesapeake Energy Corporation CHK 1,751,353 Com 9.52 -6.03 Fedex Corporation FDX 1,734,793 Com 9.43 -9.54 Loews Corporation L 1,621,872 Com 8.81 -3.95 Bank Of New York Mellon Corpor BK 1,290,467 Com 7.01 -6.26 Mondelez International Inc MDLZ 1,177,631 Com 6.40 -5.07 Murphy Oil Corporation MUR 943,367 Com 5.13 -3.08 Consol Energy Inc. CNX 920,945 Com 5.00 +6.79 Aon Plc AON 848,472 Com 4.61 -2.210 The Travelers Companies Inc. TRV 828,417 Com 4.50 -4.911 Texas Industries Inc. TXI 722,351 Com 3.93 +30.312 Everest Re Group Ltd. RE 684,856 Com 3.72 +5.713 Berkshire Hathaway Inc. Class BRKB 541,557 Com 2.94 +7.714 Royal Philips Adr PHG 534,156 Com 2.90 -4.715 Abbott Laboratories ABT 529,410 Com 2.88 +2.716 News Corporation - Class B NWS 477,240 Com 2.59 +5.917 Graham Holdings Company GHC 377,921 Com 2.05 +4.918 Tw Telecom Inc. TWTC 338,696 Com 1.84 +1.019 News Corporation - Class A NWSA 297,432 Com 1.62 +115.320 Scripps Networks Interactive SNI 205,537 Com 1.12 +7.021 Empire State Realty Trust Inc. ESRT 187,602 Com 1.02 -1.222 Vail Resorts Inc. MTN 178,213 Com 0.97 -7.423 Cnh Industrial Nv CNHI 112,492 Com 0.61 -17.824 Dineequity Inc DIN 102,662 Com 0.56 -6.625 Vodafone Group Plc Adr VOD 39,377 Com 0.21 New26 Vornado Realty Trust VNO 22,738 Com 0.12 +10.327 Rayonier Inc. RYN 19,325 Com 0.11 +396.028 Berkshire Hathaway Inc. Class BRKA 1,311 Com 0.01 +5.3

34 twitter @chensj

Sold Positions:

PXLW, XRTX

New Positions:

RJET, XOXO, GSTZZZZ, VGR, TDS, URRE, PRSS

Top Increases:

GTS, PRGX, CSCD

Top Decreases:

PACR, TUES, SPDC

Fund Background:

Matthew Drapkin and Steven R. Becker's Becker Drapkin Management was founded in 2004 and focuses on small-cap value

situations. It has had success on working its way onto the boards of smaller companies, including Tuesday Morning Corp in 2012.

Becker Drapkin Management Total Value: $159,206,000 Positions: 19# Issue Symbol Value (X1000) Title of Class Percent


1 Comverse Inc CNSI 46,666 Com 29.31 -10.92 Emcore Corp EMKR 16,145 Com New 10.14 -1.43 Prgx Global Inc PRGX 12,700 Com New 7.98 +251.84 Cascade Microtech Inc CSCD 12,649 Com 7.95 +40.35 Intevac Inc IVAC 10,499 Com 6.59 +30.66 Tuesday Morning Corp TUES 7,460 Com New 4.69 -71.77 Republic Awys Hldgs Inc RJET 6,858 Com 4.31 New8 Speed Comm Inc SPDC 6,657 Com 4.18 -45.19 Xo Group Inc XOXO 5,888 Com 3.70 New10 Pacer Intl Inc Tenn PACR 5,795 Com 3.64 -76.811 Gastar Expl Inc New GSTZZZ

Z4,541 Com 2.85 New

12 Audience Inc ADNC 4,359 Com 2.74 -27.513 Vector Group Ltd VGR 4,200 Com 2.64 New14 Telephone & Data Sys Inc TDS 3,932 Com New 2.47 New15 Triple-s Mgmt Corp GTS 3,385 Cl B 2.13 +1644.816 Response Genetics Inc RGDX 2,407 Com 1.51 -2.617 Uranium Res Inc URRE 2,208 Com

Par$0.001new1.39 New

18 Cafepress Inc PRSS 1,680 Com 1.06 New19 West Marine Inc WMAR 1,177 Com 0.74 -21.9

35 twitter @chensj

Tiger Global Management Total Value: $7,364,766,000 Positions: 55# Issue Symbol Value (X1000) Title of Class Percent


1 Priceline Com Inc PCLN 810,843 Com New 11.01 -1.52 Twenty First Centy Fox Inc FOXA 615,826 Cl A 8.36 -5.83 Carter Inc CRI 503,563 Com 6.84 +24.14 Transdigm Group Inc TDG 485,774 Com 6.60 +15.05 Dollar Gen Corp New DG 437,940 Com 5.95 -8.06 Liberty Global Plc LBTYK 363,825 Shs Cl C 4.94 -7.07 Fidelity Natl Information Sv FIS 335,779 Com 4.56 -.68 Vipshop Hldgs Ltd VIPS 334,251 Sponsored Adr 4.54 +173.69 Coca Cola Enterprises Inc Ne CCE 320,084 Com 4.35 -7.510 Colfax Corp CFX 262,133 Com 3.56 +14.811 Mastercard Inc MA 256,968 Cl A 3.49 -12.112 Fleetcor Technologies Inc FLT 220,877 Com 3.00 -7.913 Charter Communications Inc D CHTR 200,231 Cl A New 2.72 +330.014 Makemytrip Limited Mauritius MMYT 194,566 Shs 2.64 +40.615 Burger King Worldwide Inc BKW 191,160 Com 2.60 +16.116 Avis Budget Group CAR 189,823 Com 2.58 New17 Comcast Corp New CMCSA 182,337 Cl A 2.48 -3.818 Zillow Inc Z 144,067 Cl A 1.96 New19 Restoration Hardware Hldgs I RH 142,613 Com 1.94 +16.620 Motorola Solutions Inc MSI 123,565 Com New 1.68 -38.721 Liberty Media Corp Delaware LMCA 118,311 Cl A 1.61 -11.622 Gap Inc Del GPS 110,766 Com 1.50 +41.423 Myriad Genetics Inc MYGN 80,207 Com 1.09 +218.024 3-d Sys Corp Del DDD 76,114 Com New 1.03 +5.325 Visa Inc V 61,408 Com Cl A 0.83 -3.226 Trulia Inc TRLA 56,865 Com 0.77 New27 58 Com Inc WUBA 52,550 Spon Adr Rep A 0.71 +356.928 Uti Worldwide Inc UTIW 51,933 Ord 0.71 New29 Resmed Inc RMD 44,690 Com 0.61 -5.130 Iac Interactivecorp IACI 41,335 Com Par $.001 0.56 +156.231 Solarcity Corp SCTY 31,310 Com 0.43 +10.232 Kate Spade & Co KATE 30,970 Com 0.42 New33 Qiwi Plc QIWI 29,453 Spon Adr Rep B 0.40 -38.134 Sodastream International Ltd SODA 26,460 Usd Shs 0.36 +33.335 Zynga Inc ZNGA 24,252 Cl A 0.33 -32.036 Markwest Energy Partners L P MWE 23,842 Unit Ltd Partn 0.32 New37 Exone Co XONE 23,827 Com 0.32 -40.738 Twitter Inc TWTR 23,335 Com 0.32 -26.739 Vera Bradley Inc VRA 21,346 Com 0.29 +12.340 Bio-reference Labs Inc BRLI 19,930 Com $.01 New 0.27 +8.441 Hertz Global Holdings Inc HTZ 19,314 Com 0.26 New42 Cadence Design System Inc CDNS 17,327 Com 0.24 New43 Fireeye Inc FEYE 12,314 Com 0.17 +41.244 Himax Technologies Inc HIMX 11,520 Sponsored Adr 0.16 New45 Autohome Inc ATHM 11,172 Sp Adr Rp Cl A 0.15 -28.346 Nimble Storage Inc NMBL 9,473 Com 0.13 -16.447 Qunar Cayman Is Ltd QUNR 4,589 Spns Adr Cl B 0.06 +15.348 Burlington Stores Inc BURL 2,952 Com 0.04 -7.849 Delia's Inc New DLIA 2,856 Com 0.04 -4.550 Castlight Health Inc CSLT 2,440 Cl B 0.03 New51 Veeva Sys Inc VEEV 2,003 Cl A Com 0.03 -16.852 Criteo S A CRTO 1,622 Spons Ads 0.02 +18.653 Potbelly Corp PBPB 894 Com 0.01 -26.454 Vince Hldg Corp VNCE 659 Com 0.01 -14.155 Zulily Inc ZU 502 Cl A 0.01 +21.3

36 twitter @chensj

Sold Positions:

GRA, NFLX, YHOO, TRIP, GRPN, ALSN, YNDX, RCL, TTS, SFUN, BITA, AMZN, SSYS, QIHU, XRS, LVNTA

New Positions:

CAR, Z, TRLA, UTIW, KATE, MWE, HTZ, CDNS, HIMX, CSLT

Top Increases:

WUBA, CHTR, MYGN

Top Decreases:

XONE, MSI, QIWI

Fund Background:

Tiger Global is a fundamentally-oriented, global investment firm. The Firm deploys capital in two businesses - private equity

partnerships and public equity funds. Tiger Global's private equity partnerships have ten-year horizons and invest in growth

companies in the global Internet and technology sectors. The Firm's public equity funds focus on long-term trends in the

technology, telecom, media, retail and consumer sectors. Tiger Global was founded in 2001 and is based in New York.

37 twitter @chensj

Sold Positions:

Level 3 Communications Inc - NOTE 6.500%10/0, VOD

New Positions:

VOD, VZ

Top Increases:

BACWSA, RYAAY, ACT

Top Decreases:

OSTK, NOK, C

Fund Background:

Francis Chou was a 25-year-old telephone repairman in Canada when he pooled 51,000 Canadian dollars from himself and six co-

workers to start an investment club. Thirty plus years later,Mr. Chou manages more than US$650 million for investors at his firm,

Chou Associates Management Inc., and runs the best-performing bond fund in North America.

Chou Associates Management Total Value: $361,656,000 Positions: 23# Issue Symbol Value (X1000) Title of Class Percent


1 Resolute Fst Prods Inc RFP 82,716 Com 22.87 +22.12 Berkshire Hathaway Inc Del BRKA 56,205 Cl A 15.54 +5.33 Sears Hldgs Corp SHLD 38,376 Com 10.61 -2.64 Nokia Corp NOK 36,700 Sponsored Adr 10.15 -9.55 Jpmorgan Chase & Co JPMWS 22,752 W Exp 10/28/201 6.29 +4.26 Sanofi SNY 21,435 Sponsored Adr 5.93 -2.57 Citigroup Inc C 19,516 Com New 5.40 -8.78 Wells Fargo & Co New WFCWS 18,593 W Exp 10/28/201 5.14 +17.89 Mbia Inc MBI 15,120 Com 4.18 +17.210 Goldman Sachs Group Inc GS 12,289 Com 3.40 -7.611 Overstock Com Inc Del OSTK 11,471 Com 3.17 -36.012 Actavis Plc ACT 7,287 Shs New 2.01 +22.513 Bank Of America Corporation BACWS

A6,879 W Exp 01/16/201 1.90 +27.1

14 Blackberry Ltd BBRY 4,284 Com 1.18 +2.515 Chunghwa Telecom Co Ltd CHT 4,052 Spon Adr New11 1.12 -.916 Ryanair Hldgs Plc RYAAY 1,000 Sponsored Adr 0.28 +25.317 Astrazeneca Plc AZN 840 Sponsored Adr 0.23 +9.718 China Yuchai Intl Ltd CYD 541 Com 0.15 +1.519 Glaxosmithkline Plc GSK 484 Sponsored Adr 0.13 +1.320 Bp Plc BP 481 Sponsored Adr 0.13 -1.021 Utstarcom Holdings Corp UTSI 309 Shs New 0.09 -1.922 Vodafone Group Plc New VOD 201 Spons Adr No Par 0.06 New23 Verizon Communications Inc VZ 125 Com 0.03 New

38 twitter @chensj

Sold Positions:

CSV, Gain Cap Hldgs Inc - NOTE 4.125% 12/01/18, FLWS, FUN, COLE, NPO, TUC

New Positions:

ARCP, IWM, OSIS, CLNY, SWAY, CSBK, CKEC, ATSG, ACRE, HRTX, AMBC

Top Increases:

ULTR, CIT, TAXI

Top Decreases:

GCAP, STWD, SUSP

Fund Background:

Moab Capital Partners is an event driven fund managed by Michael Rothenberg and David Sackler. Both founders previously

worked at Perry Capital.

Moab Capital Partners Total Value: $228,311,000 Positions: 32# Issue Symbol Value (X1000) Title of Class Percent


1 Macquarie Infrastr Co Llc MIC 34,617 Membership Int 15.16 +75.42 American Rlty Cap Pptys Inc ARCP 23,822 Com 10.43 New3 Advanced Emissions Soluts In ADES 17,780 Com 7.79 +32.04 Medallion Finl Corp TAXI 15,817 Com 6.93 +108.75 Ishares IWM 15,124 Russell 2000 Etf 6.62 New6 Cit Group Inc CIT 11,742 Com New 5.14 +132.57 Starwood Ppty Tr Inc STWD 10,746 Com 4.71 -48.88 Taro Pharmaceutical Inds Ltd TARO 10,371 Shs 4.54 +26.19 Susser Pete Partners Lp SUSP 9,913 Com U Rep Lp 4.34 -28.010 Great Lakes Dredge & Dock Co GLDD 8,608 Com 3.77 -26.611 Quality Distr Inc Fla QLTY 6,688 Com 2.93 +8.812 Osi Systems Inc OSIS 6,685 Com 2.93 New13 Colony Finl Inc CLNY 6,468 Com 2.83 New14 Suncoke Energy Partners Lp SXCP 6,016 Comunit Rep Lt 2.64 +20.015 Lehigh Gas Partners Lp LGP 5,920 Ut Ltd Ptn Int 2.59 -24.816 Nacco Inds Inc NC 4,871 Cl A 2.13 +24.017 Lennar Corp LENB 4,200 Cl B 1.84 -14.718 Starwood Waypoint Residentl SWAY 4,071 Com Shs 1.78 New19 Suncoke Energy Inc SXC 3,338 Com 1.46 -3.620 Peoples Fed Bancshares Inc PEOP 2,928 Com 1.28 +15.821 Clifton Svgs Bancorp Inc CSBK 2,918 Com 1.28 New22 Mgic Invt Corp Wis MTG 2,875 Com 1.26 +.923 Ultrapetrol Bahamas Ltd ULTR 2,720 Com 1.19 +135.324 Carmike Cinemas Inc CKEC 1,998 Com 0.88 New25 Air Transport Services Grp I ATSG 1,870 Com 0.82 New26 American Intl Group Inc AIG 1,750 Com New 0.77 +7.127 Ares Coml Real Estate Corp ACRE 1,574 Com 0.69 New28 Heron Therapeutics Inc HRTX 775 Com 0.34 New29 Ambac Finl Group Inc AMBC 732 Com New 0.32 New30 Straight Path Communicatns I STRP 645 Cl B 0.28 -14.231 Gain Cap Hldgs Inc GCAP 547 Com 0.24 -54.332 Verastem Inc VSTM 178 Com 0.08 -5.3

39 twitter @chensj

Sold Positions:

IL

New Positions:

IWM, LULU, SPY, GRMN

Top Increases:

VOCS, SUNE, RLD

Top Decreases:

ELX

Fund Background:

Altai Capital is an activist fund founded in 2009 and headquarted in New York City.

Altai Capital Management Total Value: $846,365,000 Positions: 9# Issue Symbol Value (X1000) Title of Class Percent


1 Sunedison Inc SUNE 347,247 Com 41.03 +44.42 Ishares IWM 116,340 Russell 2000 Etf 13.75 New3 Lululemon Athletica Inc LULU 113,331 Com 13.39 New4 Spdr S&p 500 Etf Tr SPY 112,206 Tr Unit 13.26 New5 Reald Inc RLD 50,385 Com 5.95 +30.26 Wausau Paper Corp WPP 37,142 Com 4.39 +24.07 Vocus Inc VOCS 32,792 Com 3.87 +94.48 Emulex Corp ELX 25,870 Com New 3.06 -24.39 Garmin Ltd GRMN 11,052 Shs 1.31 New

40 twitter @chensj

Sold Positions:

United States Stl Corp New - NOTE 4.000% 5/1, LNCWS, GMWSA, XLK, Mylan Inc - NOTE 3.750% 9/1, NTAP, AMJ, VTUS, APC,

Alcoa Inc - NOTE 5.25% 3/1, GM, GMWSB, TWX, MITL

New Positions:

GME, XOP, BYD, SM, HOS, CLR, FTI, NEM, Sandisk Corp - NOTE 1.500% 8/1, Microchip Technology Inc - SDCV 2.125%12/1,

Ciena Corp - COM NEW, Sunpower Corp - DBCV 4.500% 3/1, RYAAY, PNK, Adtran Inc, Colony Finl Inc - NOTE 3.875% 1/1,

Elliot Management Corp Total Value: $5,050,984,000 Positions: 47# Issue Symbol Value (X1000) Title of Class Percent


1 Hess Corp HES 1,433,824 Com 28.39 +1.12 Juniper Networks Inc JNPR 957,386 Com 18.95 +1535.93 Ishares Tr IWM 424,641 Russell 2000 8.41 +38.94 Twenty First Centy Fox Inc FOX 360,800 Cl B 7.14 -8.55 Riverbed Technology Inc RVBD 290,061 Com 5.74 +9.06 Powershares Qqq Trust QQQ 233,789 Unit Ser 1 4.63 +153.17 Compuware Corp CPWR 220,500 Com 4.37 +5.48 Companhia De Saneamento Basi SBS 136,556 Sponsored Adr 2.70 +149.29 Select Sector Spdr Tr XLE 121,122 Sbi Int-energy 2.40 -8.810 Gamestop Corp New GME 82,200 Cl A 1.63 New11 National Bk Hldgs Corp NBHC 72,462 Cl A 1.43 -6.212 Spdr Series Trust XOP 71,831 S&p Oilgas Exp 1.42 New13 Boyd Gaming Corp BYD 71,016 Com 1.41 New14 Market Vectors Etf Tr SMH 68,415 Semiconductor 1.35 -34.915 Select Sector Spdr Tr XLI 60,859 Sbi Int-inds 1.20 +482.316 Select Sector Spdr Tr XLF 45,685 Sbi Int-finl 0.90 +18.717 Emulex Corp ELX 45,632 Com New 0.90 -15.218 Spdr Series Trust XRT 42,125 S&p Retail Etf 0.83 -4.419 Sm Energy Co SM 33,863 Com 0.67 New20 Hornbeck Offshore Svcs Inc N HOS 29,267 Com 0.58 New21 Continental Resources Inc CLR 28,694 Com 0.57 New22 Fmc Technologies Inc FTI 26,145 Com 0.52 New23 Equinix Inc 20,226 Note 3.000% 10/1 0.40 +2.524 Delphi Automotive Plc DLPH 18,408 Shs 0.36 -93.725 Oneok Inc New OKE 15,494 Com 0.31 -7.526 Hartford Finl Svcs Group Inc HIGWS 13,330 *w Exp 06/26/201 0.26 -3.227 News Corp New NWS 13,100 Cl B 0.26 -6.228 Newmont Mining Corp NEM 12,329 Com 0.24 New29 Sandisk Corp 12,323 Note 1.500% 8/1 0.24 New30 Microchip Technology Inc 9,278 Sdcv 2.125%12/1 0.18 New31 Ciena Corp 9,096 Com New 0.18 New32 Williams Cos Inc Del WMB 9,005 Com 0.18 +2.133 Sunpower Corp 7,576 Dbcv 4.500% 3/1 0.15 New34 Coronado Biosciences CNDO 7,388 Com 0.15 -24.435 Ryanair Hldgs Plc RYAAY 7,256 Sponsored Adr 0.14 New36 Pinnacle Entmt Inc PNK 7,111 Com 0.14 New37 Adtran Inc 6,103 Com 0.12 New38 Colony Finl Inc 5,143 Note 3.875% 1/1 0.10 New39 Meritor Inc MTOR 4,948 Note 7.875% 3/0 0.10 +847.940 Liberty Global Plc 4,885 Shs Cl A 0.10 New41 Meritor Inc 2,664 Note 7.875% 3/0 0.05 New42 Zions Bancorporation ZIONW 2,373 *w Exp 5/22/202 0.05 +5.743 One Gas Inc OGS 2,349 Com 0.05 New44 Cormedix Inc CRMD 1,961 Com 0.04 +102.445 Solazyme Inc 1,150 Note 6.000% 2/0 0.02 New46 Dynegy Inc New Del DYN 608 Com 0.01 +15.847 Cormedix Inc CRMDW

S7 *w Exp 03/24/201 0.00 New

41 twitter @chensj

Liberty Global Plc - SHS CL A, Meritor Inc - NOTE 7.875% 3/0, OGS, Solazyme Inc - NOTE 6.000% 2/0, CRMDWS

Top Increases:

JNPR, MTOR, XLI

Top Decreases:

DLPH, SMH, CNDO

Fund Background:

Elliot Management is a $24 billion fund run by Paul Singer.

42 twitter @chensj

Sold Positions:

XLY, SLB, XLI, AMGN, CCI, CBS, XLK, TW, CBST, DISH, SPWR, HAL, DAL, JBLU, MPC, BHI, AMZN, BA, SBAC, BMY, PXD,

ENDP, DXJ, VLO, MLNX, JNJ, FDX, WEN, SPY, BIIB, LNG, GILD

New Positions:

WAG, MSFT, CCJ, MON, SNDK, ST, NXPI, EWA, XLB, ECH, EPHE

Top Increases:

ADBE, AA, TEVA

Top Decreases:

XLF, EQT, ILMN

Fund Background:

For three decades until 2010, Stanley Druckenmiller ran Duquesne Capital. He now manages his own assets, estimated to be $2.9

billion.

Duquesne Family Office Total Value: $886,224,000 Positions: 21# Issue Symbol Value (X1000) Title of Class Percent


1 Google Inc. GOOG 289,338 Cl A 32.65 +10.72 Walgreen Co WAG 81,877 Com 9.24 New3 Microsoft Corp MSFT 70,675 Com 7.97 New4 Teva Pharm Ind's Ltd TEVA 65,574 Adr 7.40 +31.85 Alcoa Inc. AA 64,350 Com 7.26 +51.36 Adobe Systems Inc ADBE 64,208 Com 7.25 +218.47 Workday Inc. WDAY 39,962 Cl A 4.51 -4.98 Illumina Inc. ILMN 37,656 Com 4.25 -32.89 Cameco Corp CCJ 32,706 Com 3.69 New10 Astrazeneca Plc AZN 23,389 Sponsored Adr 2.64 +9.311 Monsanto Co MON 20,194 Com 2.28 New12 Eqt Corp EQT 17,057 Com 1.92 -33.313 Hlth Care Select Sctr Spdr XLV 11,306 Sbi Healthcare 1.28 +8.314 Sandisk Corp SNDK 10,620 Com 1.20 New15 Sensata Technologies Hldng Nv ST 10,579 Shs 1.19 New16 Nxp Semiconductors Nv NXPI 10,551 Com 1.19 New17 Ish Msci Australia Idx Fd EWA 10,270 Msci Aust Etf 1.16 New18 Fin'l Select Sector Spdr Fnd XLF 9,999 Sbi Int-finl 1.13 -34.619 Mat'ls Select Sctr Spdr Tst XLB 9,882 Sbi Materials 1.12 New20 Ish Msci Chile Cap Inv Mkt Idx Fd ECH 3,052 Msci Ch Cap Etf 0.34 New21 Ish Msci Phillipines Inv Mkt Idx Fd EPHE 2,979 Msci Philips Etf 0.34 New

43 twitter @chensj

Sold Positions:

GYRO

New Positions:

None

Top Increases:

IMF, SVVC, CSP

Top Decreases:

ETJ, IFT, ZTR

Fund Background:

Phil Goldstein is a activist investor. He was a civil engineer for the City of New York and had a profitable hobby - buying closed

ends funds at discounts and agitating for change. He started his hedge fund in 1992 at the age of 48, and in the 20 years since

has compounded at more than 12.5% annually.

Bulldog Investors Total Value: $234,341,000 Positions: 18# Issue Symbol Value (X1000) Title of Class Percent


1 Eaton Vance Risk-managed Div ETJ 37,893 Com 16.17 -22.52 Firsthand Technology Value SVVC 28,922 Com 12.34 +24.13 Swiss Helvetia Fund SWZ 21,474 Com 9.16 -8.24 Zweig Total Return Fd ZTR 21,129 Com 9.02 -9.45 Western Asset Infl Mgmt Fd Inc IMF 20,744 Com 8.85 +39.06 Mvc Capital Inc MVC 17,470 Com 7.45 -4.47 Amer Strat Inc Ptf Iii CSP 15,832 Com 6.76 +8.48 Imperial Holdings Inc IFT 13,206 Com 5.64 -16.09 Hf2 Financial Management Inc HTWO 12,183 Com 5.20 +.810 Aquasition Corp AQU 9,037 Com 3.86 +.411 Quartet Merger Corp QTETU 7,098 Com 3.03 +.612 Amer Strat Inc Port Ii BSP 6,121 Com 2.61 +7.813 Collabrium Japan Acquisition JACQ 5,986 Shs 2.55 +.814 Global Defense & Natl Sec Sys GDEF 5,565 Com 2.37 +.715 Helios Strategic Inc Fd HSA 5,338 Com 2.28 +2.216 Cis Aquisition Ltd CISAA 4,241 Com 1.81 +.917 Infinity Cross Border Acquis INXB 1,097 Com 0.47 +.818 Equus Total Return Inc EQS 1,005 Com 0.43 -3.6

44 twitter @chensj

Appaloosa Management Total Value: $9,058,349,000 Positions: 56# Issue Symbol Value (X1000) Title of Class Percent


1 Spdr S&p 500 Etf Tr SPY 2,022,765 Tr Unit 22.33 -3.92 Powershares Qqq Trust QQQ 1,253,839 Unit Ser 1 13.84 +63.83 Google Inc GOOG 492,902 Cl A 5.44 +85.84 Citigroup Inc C 479,577 Com New 5.29 -4.95 American Airls Group Inc AAL 314,839 Com 3.48 +77.56 Halliburton Co HAL 295,900 Com 3.27 +487.47 Goodyear Tire & Rubr Co GT 294,775 Com 3.25 +1.78 Hca Holdings Inc HCA 279,661 Com 3.09 +14.99 General Mtrs Co GM 271,371 Com 3.00 +33.710 Priceline Com Inc PCLN 218,383 Com New 2.41 New11 United Contl Hldgs Inc UAL 207,462 Com 2.29 -9.312 Delta Air Lines Inc Del DAL 206,850 Com New 2.28 +33.613 Huntsman Corp HUN 178,641 Com 1.97 -5.014 Whirlpool Corp WHR 151,978 Com 1.68 +117.215 Apple Inc AAPL 134,388 Com 1.48 +11.216 Owens Corning New OC 131,514 Com 1.45 +7.217 Ford Mtr Co Del F 113,674 Com Par $0.01 1.25 +1.118 Disney Walt Co DIS 110,216 Com Disney 1.22 +427.519 Chicago Bridge & Iron Co N V CBI 107,030 N Y Registry Sh 1.18 +3.720 Eastman Chem Co EMN 99,176 Com 1.09 +104.421 Mgm Resorts International MGM 93,064 Com 1.03 -38.422 Qualcomm Inc QCOM 77,955 Com 0.86 -5.723 Cbs Corp New CBS 77,882 Cl B 0.86 +149.924 Celanese Corp Del CE 75,286 Com Ser A 0.83 +.425 Jpmorgan Chase & Co JPM 72,403 Com 0.80 +3.826 Du Pont E I De Nemours & Co DD 71,391 Com 0.79 +249.327 Masco Corp MAS 70,556 Com 0.78 +5.728 Kbr Inc KBR 68,034 Com 0.75 -16.329 Prudential Finl Inc PRU 63,972 Com 0.71 -50.730 Axiall Corp AXLL 63,710 Com 0.70 -20.231 American Intl Group Inc AIG 61,255 Com New 0.68 -52.532 Triumph Group Inc New TGI 60,116 Com 0.66 +1017.033 Metlife Inc MET 58,801 Com 0.65 -54.834 Schlumberger Ltd SLB 58,344 Com 0.64 +92.235 Terex Corp New TEX 56,091 Com 0.62 -34.836 Broadcom Corp BRCM 53,306 Cl A 0.59 +4.637 Expedia Inc Del EXPE 50,448 Com New 0.56 New38 Trinity Inds Inc TRN 50,121 Com 0.55 -23.639 Asml Holding N V ASML 49,040 N Y Registry Shs 0.54 +221.140 Ingredion Inc INGR 48,942 Com 0.54 +13.741 Delphi Automotive Plc DLPH 48,405 Shs 0.53 +12.942 Comcast Corp New CMCSA 45,162 Cl A 0.50 +122.343 Hess Corp HES 34,128 Com 0.38 -.144 Hartford Finl Svcs Group Inc HIGWS 34,004 *w Exp 06/26/201 0.38 -3.245 Valmont Inds Inc VMI 33,569 Com 0.37 +337.146 Baidu Inc BIDU 31,343 Spon Adr Rep A 0.35 -14.347 Ingersoll-rand Plc IR 29,117 Shs 0.32 +188.048 Berry Plastics Group Inc BERY 28,991 Com 0.32 -2.749 Facebook Inc FB 28,825 Cl A 0.32 New50 Mueller Wtr Prods Inc MWA 28,799 Com Ser A 0.32 -22.151 Hd Supply Hldgs Inc HDS 26,402 Com 0.29 +437.152 Omnicom Group Inc OMC 25,707 Com 0.28 +45.453 Ply Gem Hldgs Inc PGEM 5,342 Com 0.06 -13.954 Beazer Homes Usa Inc BZH 5,086 Com New 0.06 -82.555 General Mtrs Co GMWSA 4,592 *w Exp 07/10/201 0.05 -20.356 General Mtrs Co GMWSB 3,219 *w Exp 07/10/201 0.04 -24.7

45 twitter @chensj

Sold Positions:

FLR, BYD, HIG, Du Pont E I De Nemours & Co - CALL, IPG, CIM, VZ, FWLT, CCL, FCX, EMC, CYT, PNR, CYH, Spdr S&p 500

Etf Tr - CALL, Omnicom Group Inc - CALL, RIG

New Positions:

PCLN, EXPE, FB

Top Increases:

TGI, HAL, HDS

Top Decreases:

BZH, MET, AIG

Fund Background:

David Tepper started Appaloosa in 1993 with Jack Walton with $57 million in assets. He has generated gross annualized returns of

36 percent in the 20 years since.

46 twitter @chensj

Baker Bros. Advisors Total Value: $7,867,925,000 Positions: 108# Issue Symbol Value (X1000) Title of Class Percent


1 Seattle Genetics, Inc. SGEN 944,887 Com 12.01 +14.22 Synageva Biopharma Corp. GEVA 883,480 Com 11.23 +32.93 Pharmacyclics Inc. PCYC 875,711 Com 11.13 -5.14 Incyte Corp. INCY 793,999 Com 10.09 +5.95 Acadia Pharmaceuticals Inc. ACAD 498,313 Com 6.33 -.16 Salix 2.75% 5/15/15 491,957 Conv Bonds 6.25 +13.97 Genomic Health Inc. GHDX 359,650 Com 4.57 -10.08 Incyte Genomics Notes 1.25%

11/15/2020 144a350,417 Conv Bonds 4.45 +5.2

9 Incyte Genomics Notes 0.375%11/15/2018 144a

326,745 Conv Bonds 4.15 +5.4

10 Incyte Genomics Notes 4.75%10/1/2015 144a

245,887 Conv Bonds 3.13 New

11 Intermune Inc. ITMN 144,752 Com 1.84 +6449.912 Auxilium 1.5% 7/15/2018 128,796 Conv Bonds 1.64 +33.713 Biomarin Pharmaceuticals BMRN 128,455 Com 1.63 -5.914 Xoma Corp. XOMA 120,130 Com 1.53 -22.515 Intermune Inc Notes 2.5% 12/15/17 107,856 Conv Bonds 1.37 +92.116 Intercept Pharmaceuticals, Inc. ICPT 84,550 Com 1.07 +241.317 Biomarin Pharmaceuticals Notes

1.875% 4/23/201777,127 Conv Bonds 0.98 -2.8

18 Halozyme Therapeutics Inc. HALO 72,366 Com 0.92 -23.319 Vanda Pharmaceuticals, Inc. VNDA 72,243 Com 0.92 +21.520 Gilead 1.625% 5/1/16 66,903 Conv Bonds 0.85 -5.721 Biocryst Pharmaceuticals Inc. BCRX 62,073 Com 0.79 +21.922 Anacor Pharmaceuticals ANAC 61,937 Com 0.79 +47.623 Medivation 2.625% 4/1/17 56,288 Conv Bonds 0.72 -2.624 Repros Therapeutics RPRX 49,293 Com 0.63 -3.125 Questcor Pharmaceuticals, Inc. QCOR 46,603 Com 0.59 +10.326 Mirati Therapeutics Inc. MRTX 45,388 Com 0.58 +14.727 Derma Sciences DSCI 44,851 Com 0.57 +62.028 Cerus CERS 40,585 Com 0.52 -25.629 Gilead Sciences Inc. GILD 39,406 Com 0.50 -5.630 Acorda Therapeutics, Inc. ACOR 37,910 Com 0.48 New31 Chelsea Therapeutics CHTP 37,317 Com 0.47 +45.232 Clovis Oncology CLVS 36,712 Com 0.47 +14.833 Intermune Inc Notes 5% 3/1/15 30,590 Conv Bonds 0.39 +56.734 Heron Therapeutics, Inc. HRTX 30,153 Com 0.38 New35 Salix 1.5% 3/15/19 25,289 Conv Bonds 0.32 +13.136 Aegerion Pharmaceuticals AEGR 23,702 Com 0.30 -33.237 Dyax Corp. DYAX 22,735 Com 0.29 +48.938 Avanir Pharmaceuticals AVNR 21,250 Com Class A 0.27 +16.539 Xenoport XNPT 20,856 Com 0.27 +250.840 Progenics Pharmaceuticals, Inc. PGNX 18,200 Com 0.23 -18.741 Aquinox Pharmaceuticals, Inc. AQXP 15,427 Com 0.20 New42 Tg Therapeutics TGTX 14,911 Com 0.19 +73.843 Biomarin Pharmaceuticals Notes 0.75%

10/15/201813,699 Conv Bonds 0.17 +3.3

44 Kythera Biopharmaceuticals KYTH 12,375 Com 0.16 +5.845 Arrowhead Research Corp. ARWR 12,020 Com 0.15 -64.146 Insmed Inc. INSM 10,549 Com 0.13 -22.147 Tekmire Pharmaceuticals Corp. 10,405 Com 0.13 +161.148 Sangamo Biosceiences, Inc. SGMO 9,452 Com 0.12 +60.449 Synergy Pharmaceuticals SGYP 9,336 Com 0.12 -36.450 Omeros Corp. OMER 9,098 Com 0.12 +32.551 Prothena Corp. Plc PRTA 8,817 Shs 0.11 -1.352 Threshold Pharma THLD 8,693 Com 0.11 +.5

47 twitter @chensj



53 Qlt Inc. QLTI 8,539 Com 0.11 -.254 Discovery Laboratories Inc. DSCO 7,852 Com 0.10 -6.255 Agios Pharmaceuticals AGIO 7,826 Com 0.10 +58.856 Galectin Therapeutics Inc. GALT 7,655 Com 0.10 +841.657 Infinity Pharmaceuticals Inc. INFI 7,420 Com 0.09 New58 Neurocrine Biosciences, Inc. NBIX 7,211 Com 0.09 New59 Stemline Therapeutics Inc. STML 6,895 Com 0.09 -47.960 Ambit Biosciences Corp. AMBI 6,821 Com 0.09 -5.461 Biota Pharmaceuticals BOTA 6,763 Com 0.09 +42.862 Array Biopharma Inc. ARRY 6,739 Com 0.09 -10.363 Zogenix, Inc. ZGNX 6,687 Com 0.08 -29.364 Idera Pharmaceuticals Inc. IDRA 6,581 Com 0.08 -55.265 Xencor XNCR 6,362 Com 0.08 +26.666 Aerie Pharmaceuticals AERI 6,343 Com 0.08 +17.767 Novavax Inc. NVAX 5,542 Com 0.07 -15.968 Ironwood Pharmaceuticals IRWD 5,497 Com 0.07 -13.369 Regado RGDO 5,008 Com 0.06 New70 Ligand Pharmaceuticals LGND 4,937 Class B 0.06 New71 Ultragenyx Pharmaceuticals RARE 4,889 Com 0.06 New72 Epizyme Inc. EPZM 4,873 Com 0.06 +6.573 Osiris Therapeutics Inc. OSIR 4,747 Com 0.06 -21.374 Ignyta RXDX 4,739 Com 0.06 New75 Portola Pharmaceuticals, Inc. PTLA 4,729 Com 0.06 -18.276 Cytrx Corp. CYTR 4,712 Com 0.06 New77 Bluebird Bio Inc. BLUE 4,508 Com 0.06 +87.878 Celsus Therapeutics CLTX 4,374 Com 0.06 New79 Retrophin Inc. RTRX 4,194 Com 0.05 New80 Isis Pharmaceuticals, Inc. ISIS 4,161 Com 0.05 -57.781 Biodelivery Sciences Intl. Inc. BDSI 3,553 Com 0.05 -28.782 Furiex Pharmaceuticals, Inc. FURX 3,507 Com 0.04 New83 Enanta Pharmaceuticals ENTA 3,237 Com 0.04 +8.884 Macrogenics, Inc. MGNX 2,676 Com 0.03 -2.485 La Jolla Pharmaceuticals, Inc. LJPC 2,394 Com 0.03 New86 Synta Pharmaceuticals SNTA 2,155 Com 0.03 -17.787 Mast Therapeutics, Inc. MSTX 2,040 Com 0.03 New88 Rigel Pharmaceuticals RIGL 1,870 Com 0.02 +31.289 Orasure Technologies Inc. OSUR 1,870 Com 0.02 +22.190 Karyopharm Therapeutics KPTI 1,825 Com 0.02 +29.891 Auxilium Pharmaceuticals, Inc. AUXL 1,591 Com 0.02 New92 Achaogen Inc. AKAO 1,546 Com 0.02 New93 Achillion ACHN 1,442 Com 0.02 -4.594 Ophthotech Corp. OPHT 1,314 Com 0.02 -60.695 Catalyst Pharmaceuticals, Inc. CPRX 1,288 Com 0.02 New96 Ziopharm Oncology Inc. ZIOP 1,120 Com 0.01 +1.597 Receptos Inc. RCPT 1,002 Com 0.01 -65.498 Amicus Therapeutics FOLD 997 Com 0.01 -17.699 Acceleron Pharma Inc. XLRN 992 Com 0.01 -16.5100 Tesaro Inc. TSRO 920 Com 0.01 +4.3101 Geron Corp. GERN 837 Com 0.01 -56.1102 Alnylam Pharmaceuticals, Inc. ALNY 779 Com 0.01 New103 Ventrus Biosciences, Inc. VTUS 535 Com 0.01 -88.5104 Uniquere B.v. QURE 477 Com 0.01 New105 Five Prime Therapeutics Inc. FPRX 390 Com 0.00 +17.1106 Salix Pharmaceuticals SLXP 375 Com 0.00 +15.0107 Chemocentryx Inc. CCXI 332 Com 0.00 +14.5

48 twitter @chensj

Sold Positions:

PBYI, UTHR, GWPH, MDVN, FMI, Incyte Genomics Notes 4.75% 10/1/2015 144a - CONV BONDS, Ligand Pharmaceuticals Inc. -

CLASS B, Infinity Pharmaceuticals Inc.

New Positions:

Incyte Genomics Notes 4.75% 10/1/2015 144a - CONV BONDS, ACOR, HRTX, AQXP, INFI, NBIX, RGDO, LGND, RARE, RXDX,

CYTR, CLTX, RTRX, FURX, LJPC, MSTX, AUXL, AKAO, CPRX, ALNY, QURE

Top Increases:

ITMN, GALT, XNPT

Top Decreases:

VTUS, RCPT, ARWR

Fund Background:

Baker Bros is a closely watched health care fund with $7 billion under management.



108 Cyclacel Pharmaceuticals Pfd. Conv. Ex6%

CYCCP 113 Pfd Conv Ex 0.00 -41.5

49 twitter @chensj

Sold Positions:

NGS, ANDE, RDNT, STRI, QLTY, GCA

New Positions:

TFM, PLKI, GDOT

Top Increases:

HCOM, DXLG

Top Decreases:

NATR, MRLN, BBRG

Fund Background:

Red Mountain invests in small cap public companies with a private equity approach, and partners with their management teams

and boards to increase their market values.

Red Mountain Capital Partners Total Value: $314,952,000 Positions: 10# Issue Symbol Value (X1000) Title of Class Percent


1 Air Transport Services Grp I ATSG 87,547 Com 27.80 -3.02 Encore Cap Group Inc ECPG 60,874 Com 19.33 -9.13 Destination Xl Group Inc DXLG 42,426 Com 13.47 +33.54 Natures Sunshine Products In NATR 33,566 Com 10.66 -20.45 Marlin Business Svcs Corp MRLN 26,462 Com 8.40 -17.46 Bravo Brio Restaurant Group BBRG 26,009 Com 8.26 -13.37 Fresh Mkt Inc TFM 16,195 Com 5.14 New8 Hawaiian Telcom Holdco Inc HCOM 14,332 Com 4.55 +371.49 Popeyes La Kitchen Inc PLKI 4,267 Com 1.35 New10 Green Dot Corp GDOT 3,274 Cl A 1.04 New

50 twitter @chensj

Sold Positions:

PVA, UIS

New Positions:

None

Top Increases:

KB, REV, LF

Top Decreases:

GSIG, CKEC, BXMT

Fund Background:

Mittleman Brothers is a value-oriented investment advisory firm, managing concentrated, global equity portfolios for high net worth

and institutional investors. Mittleman Brothers invests its clients’ capital in a portfolio of 10 to 20 businesses that the firm believes to

be proven franchises with durable economic advantages.

Mittleman Brothers Total Value: $172,329,000 Positions: 8# Issue Symbol Value (X1000) Title of Class Percent


1 Revlon Inccl A Com New REV 48,492 Com 28.14 +15.52 Harbinger Group Inccom HRG 38,335 Com 22.25 +1.03 Carmike Cinemas Inccom CKEC 33,134 Com 19.23 -17.34 Kb Finl Group Incsponsored Adr

Repstg1 Com Shisin#us48241a1051KB 16,674 Adr 9.68 +38.6

5 Kt Corp Spon Adr KT 16,364 Adr 9.50 +5.66 Blackstone Mtg Trinc Com Cl A BXMT 8,647 Com 5.02 -1.97 Leapfrog Enterprisesinc Cl A LF 7,776 Com 4.51 +14.18 Gsi Group Inc Cdanew Com

Newisin#ca36191c2058GSIG 2,907 Com 1.69 -29.4

51 twitter @chensj

Glenview Capital Management Total Value: $15,265,492,000 Positions: 65# Issue Symbol Value (X1000) Title of Class Percent


1 Thermo Fisher Scientific Inc TMO 1,149,602 Com 7.53 +21.02 Monsanto Co New MON 872,212 Com 5.71 +50.53 Hca Holdings Inc HCA 674,190 Com 4.42 +10.04 Crown Castle Intl Corp CCI 622,614 Com 4.08 +8.45 Tenet Healthcare Corp THC 591,327 Com New 3.87 +1.66 Humana Inc HUM 578,500 Com 3.79 +67.87 Flextronics Intl Ltd FLEX 556,072 Ord 3.64 +18.98 American Intl Group Inc AIG 492,758 Com New 3.23 +12.09 Community Health Sys Inc New CYH 473,714 Com 3.10 +27.310 Pvh Corp PVH 442,086 Com 2.90 +25.611 Mckesson Corp MCK 425,278 Com 2.79 -13.612 Wellpoint Inc WLP 421,291 Com 2.76 New13 Aetna Inc New AET 402,305 Com 2.64 +223.114 Time Warner Cable Inc TWC 383,454 Com 2.51 -6.415 Walgreen Co WAG 375,772 Com 2.46 +9.916 Dollar Gen Corp New DG 361,958 Com 2.37 +103.617 Hertz Global Holdings Inc HTZ 353,339 Com 2.31 New18 Computer Sciences Corp CSC 319,557 Com 2.09 +6.919 Ebay Inc EBAY 297,958 Com 1.95 New20 T-mobile Us Inc TMUS 279,055 Com 1.83 +67.221 Fossil Group Inc FOSL 270,872 Com 1.77 +172.022 Citigroup Inc C 246,634 Com New 1.62 +29.923 Lifepoint Hospitals Inc LPNT 233,509 Com 1.53 -3.524 Applied Matls Inc AMAT 225,363 Com 1.48 New25 Cbs Corp New CBS 191,503 Cl B 1.25 -32.526 Phillips 66 PSX 187,447 Com 1.23 -.127 Fidelity Natl Information Sv FIS 184,979 Com 1.21 -30.828 Babcock & Wilcox Co New BWC 183,284 Com 1.20 -3.029 Cigna Corporation CI 172,485 Com 1.13 -26.830 General Mtrs Co GM 170,127 Com 1.11 -34.431 Aon Plc AON 164,889 Shs Cl A 1.08 -19.332 The Adt Corporation ADT 162,530 Com 1.06 -21.133 American Tower Corp New AMT 145,951 Com 0.96 +2.634 Electronic Arts Inc EA 139,715 Com 0.92 -23.535 Unitedhealth Group Inc UNH 138,779 Com 0.91 New36 Advance Auto Parts Inc AAP 135,773 Com 0.89 -47.137 Endo Intl Plc ENDP 134,842 Shs 0.88 New38 Fidelity National Financial FNF 126,548 Cl A 0.83 -4.739 Carter Inc CRI 120,655 Com 0.79 +59.540 Meritor Inc MTOR 119,289 Com 0.78 +17.441 Pentair Ltd PNR 114,415 Shs 0.75 -62.242 Quest Diagnostics Inc DGX 113,019 Com 0.74 New43 Sprint Corp S 112,199 Com Ser 1 0.73 New44 Family Dlr Stores Inc FDO 110,706 Com 0.73 New45 Laboratory Corp Amer Hldgs LH 105,396 Com New 0.69 New46 Avis Budget Group CAR 104,975 Com 0.69 New47 Evertec Inc EVTC 104,096 Com 0.68 -4.448 Global Pmts Inc GPN 103,129 Com 0.68 +18.149 Microsoft Corp MSFT 101,982 Com 0.67 -48.250 Nxp Semiconductors N V NXPI 82,512 Com 0.54 -16.751 Penney J C Inc JCP 80,774 Com 0.53 -28.652 Phh Corp PHH 72,509 Com New 0.47 +6.153 Charter Communications Inc D CHTR 71,706 Cl A New 0.47 +50.954 Capital One Finl Corp COF 69,814 Com 0.46 +8.655 Canadian Pac Ry Ltd CP 53,447 Com 0.35 -40.956 Cemex Sab De Cv CX 52,763 Spon Adr New 0.35 New

52 twitter @chensj

Sold Positions:

UPIP, JBL, CIM, RTN, CPN, MMM, LAMR, XRX, HMA, NRG, LMT, NOC, RVBD, LIFE, PAY, RLGY

New Positions:

WLP, HTZ, EBAY, AMAT, UNH, ENDP, DGX, S, FDO, LH, CAR, CX, DRC, ALLE, WOOF, SEAS, CYHHZ

Top Increases:

AET, FOSL, DG

Top Decreases:

URS, CMCSA, PNR

Fund Background:

Larry Robbins founded Glenview in 2001. He was previously with Omega Advisors.

Glenview Capital Management Total Value: $15,265,492,000 Positions: 65# Issue Symbol Value (X1000) Title of Class Percent


57 Dresser-rand Group Inc DRC 52,026 Com 0.34 New58 Allegion Pub Ltd Co ALLE 50,219 Ord Shs 0.33 New59 Vca Antech Inc WOOF 49,565 Com 0.32 New60 Seaworld Entmt Inc SEAS 44,734 Com 0.29 New61 Comcast Corp New CMCSA 34,291 Cl A 0.22 -75.662 Urs Corp New URS 23,530 Com 0.15 -84.563 Scorpio Tankers Inc STNG 22,460 Shs 0.15 -15.464 Citigroup Inc CWSA 5,496 *w Exp 01/04/201 0.04 -1.265 Community Health Sys Inc New CYHHZ 1,513 Right 01/27/2016 0.01 New

53 twitter @chensj

Sold Positions:

CELG, VPHM, Align Technology, Inc.

New Positions:

CLDN, OREX, RVNC, GERN

Top Increases:

ITMN, ALIM, CYTK

Top Decreases:

AMAG, MNTA, XOMA

Fund Background:

Palo Alto Investors was formed in 1989 and has $1 billion under management. It focuses on the health care sector and mainly

invests in micro cap and small cap US equities.

Palo Alto Investors Total Value: $1,208,816,000 Positions: 35# Issue Symbol Value (X1000) Title of Class Percent


1 Intermune Inc ITMN 147,893 Com 12.23 +162.92 Auxilium Pharmaceuticals Inc AUXL 131,606 Com 10.89 +30.03 Cyberonics Inc CYBX 111,701 Com 9.24 -12.54 United Therapeutics Corp Del UTHR 103,530 Com 8.56 -16.45 Cubist Pharmaceuticals Inc CBST 100,158 Com 8.29 +8.86 Questcor Pharmaceuticals Inc QCOR 62,949 Com 5.21 +19.97 Abiomed Inc ABMD 57,348 Com 4.74 -20.28 Vanda Pharmaceuticals Inc VNDA 52,251 Com 4.32 +30.09 Biomarin Pharmaceutical Inc BMRN 50,863 Com 4.21 -2.410 Staar Surgical Co STAA 48,761 Com Par $0.01 4.03 -6.311 Kythera Biopharmaceuticals I KYTH 35,993 Com 2.98 +7.012 Anacor Pharmaceuticals Inc ANAC 31,457 Com 2.60 +16.913 Amag Pharmaceuticals Inc AMAG 31,241 Com 2.58 -26.914 Alimera Sciences Inc ALIM 28,680 Com 2.37 +67.915 Ariad Pharmaceuticals Inc ARIA 27,877 Com 2.31 +18.816 Sequenom Inc SQNM 23,982 Com New 1.98 +9.117 Prothena Corp Plc PRTA 20,416 Shs 1.69 +43.318 Rigel Pharmaceuticals Inc RIGL 20,057 Com New 1.66 +34.919 Celladon Corp CLDN 17,779 Com 1.47 New20 Momenta Pharmaceuticals Inc MNTA 15,319 Com 1.27 -25.121 Nps Pharmaceuticals Inc NPSP 13,026 Com 1.08 -2.322 Clovis Oncology Inc CLVS 12,947 Com 1.07 +14.923 Qlt Inc QLTI 11,348 Com 0.94 -.824 Exact Sciences Corp EXAS 11,020 Com 0.91 +19.425 Orexigen Therapeutics Inc OREX 10,849 Com 0.90 New26 Amicus Therapeutics Inc FOLD 8,221 Com 0.68 -12.727 Insmed Inc INSM 6,030 Com Par $.01 0.50 +21.428 Spectrum Pharmaceuticals Inc SPPI 3,154 Com 0.26 -11.429 Revance Therapeutics Inc RVNC 2,888 Com 0.24 New30 Cytokinetics Inc CYTK 2,348 Com New 0.19 +55.231 Aveo Pharmaceuticals Inc AVEO 2,137 Com 0.18 -18.332 Hyperion Therapeutics Inc HPTX 1,618 Com 0.13 +27.633 Xoma Corp Del XOMA 1,334 Com 0.11 -22.634 Geron Corp GERN 1,060 Com 0.09 New35 Sophiris Bio Inc SPHS 975 Com New 0.08 -10.1

54 twitter @chensj

Sold Positions:

OUTR, EXPE, SRC, HTZ, WYN

New Positions:

TWX, VNTV, CAB, C, SPN

Top Increases:

GNC, KAR, FMC

Top Decreases:

A, HAL, DDS

Fund Background:

Mr. Dinakar Singh is a Managing Partner and Chief Executive Officer at TPG-Axon Capital Management and its Co-Founder since

2005. He is the Founder and Chairman of the Spinal Muscular Atrophy Foundation. Mr. Singh served as a Co-Head of Principal

Strategies Department at Goldman Sachs until early 2004. He became a Partner at Goldman Sachs in 1998. Prior to this, Mr.

Singh spent four years in Hong Kong, establishing the proprietary investing effort in Asia.

TPG-Axon Management Total Value: $2,083,962,000 Positions: 18# Issue Symbol Value (X1000) Title of Class Percent


1 Sandridge Energy Inc SD 222,366 Com 10.67 +1.22 Macys Inc M 183,759 Com 8.82 +8.83 Gnc Hldgs Inc GNC 177,054 Com Cl A 8.50 +141.44 Equinix Inc EQIX 160,523 Com New 7.70 +4.25 Huntsman Corp HUN 159,856 Com 7.67 +6.96 Halliburton Co HAL 154,738 Com 7.43 -74.77 Community Health Sys Inc New CYH 142,011 Com 6.81 +15.78 Kar Auction Svcs Inc KAR 130,959 Com 6.28 +59.39 Time Warner Inc TWX 123,330 Com New 5.92 New10 Vantiv Inc VNTV 109,860 Cl A 5.27 New11 F M C Corp FMC 106,893 Com New 5.13 +19.512 Cabelas Inc CAB 101,864 Com 4.89 New13 Spirit Aerosystems Hldgs Inc SPR 98,072 Com Cl A 4.71 +18.714 Citigroup Inc C 90,715 Com New 4.35 New15 Dillards Inc DDS 79,400 Cl A 3.81 -24.916 Agilent Technologies Inc A 20,179 Com 0.97 -78.317 Hca Holdings Inc HCA 11,845 Com 0.57 +10.018 Superior Energy Svcs Inc SPN 10,538 Com 0.51 New

55 twitter @chensj

Aegis Financial Corp Total Value: $323,469,000 Positions: 66# Issue Symbol Value (X1000) Title of Class Percent


1 Wpx Energy Inc. WPX 20,136 Com 6.23 -11.52 Alliance One International Inc. AOI 15,332 Com 4.74 +6.83 Tecumseh Products Company - Class A TECUA 13,009 Cl A 4.02 +6.74 Photronics Inc. PLAB 12,858 Com 3.98 -5.55 Resolute Forest Products Inc. RFP 12,193 Com 3.77 +25.46 Air Castle Ltd. AYR 12,153 Com 3.76 -14.67 Mcdermott International Inc. MDR 11,088 Com 3.43 -14.68 Coeur D Alene Mines Corp. CDE 9,931 Com New 3.07 -14.49 Patterson-uti Energy Inc. PTEN 9,641 Com 2.98 -23.710 Magnum Hunter Resources MHR 9,134 Com 2.82 -35.311 Delta Apparel Inc. DLA 9,045 Com 2.80 -5.012 Nevsun Resources Ltd. NSU 8,719 Com 2.70 +1.513 Epl Oil & Gas Inc. EPL 8,642 Com 2.67 +48.914 Ingram Micro Inc. IM 8,581 Cl A 2.65 +4.415 Stone Energy Corporation SGY 8,440 Com 2.61 +21.316 Ruby Tuesday RT 7,995 Com 2.47 -6.117 Universal Stainless & Alloy Products Inc. USAP 7,795 Com 2.41 -6.318 Cal Dive International Inc. DVR 7,782 Com 2.41 -15.419 Sanmina-sci Corp SANM 7,177 Com 2.22 +4.520 Mercer International Inc. MERC 7,031 Com 2.17 -15.821 Comstock Resources Inc. CRK 6,901 Com New 2.13 New22 Peabody Energy Corp. BTU 6,487 Com 2.01 -16.323 Commonwealth Reit CWH 6,446 Com Sh Ben Int 1.99 +12.824 Auric Gold Inc. AUQ 6,148 Com 1.90 +18.825 Aspen Insurance Holdings Ltd. AHL 5,392 Shs 1.67 -3.926 Olympic Steel Inc. ZEUS 5,193 Com 1.61 -1.027 Tecumseh Products Company - Class B TECUB 5,097 Cl B 1.58 -3.428 White Mountains Insurance Group WTM 4,901 Com 1.52 -6.829 Hardinge Inc. HDNG 4,842 Com 1.50 -.530 Brt Realty Trust BRT 4,508 Sh Ben Int New 1.39 +.931 Jetblue Airways JBLU 4,450 Com 1.38 +1.832 Superior Industries International Inc. SUP 4,240 Com 1.31 -.733 American International Group Inc.

WarrantAIGWS 3,801 *w Exp 01/19/202 1.18 +.9

34 Bassett Furniture Industries BSET 3,652 Com 1.13 -18.435 California First National Bank Corp. CFNB 3,442 Com 1.06 +1.736 Alco Stores Inc. ALCS 3,364 Com 1.04 +8.137 Sypris Solutions Inc. SYPR 3,274 Com 1.01 -9.538 Tower Group Inc.5.000% Due 09-15-14 2,835 Note 5.000% 09-

15-140.88 +11.6

39 Mitcham Industies, Inc. MIND 2,697 Com 0.83 -21.340 Lake Shore Gold Corp. LSG 2,551 Com 0.79 +42.041 Citi Trends Inc. CTRN 2,545 Com 0.79 -12.742 Frequency Electronics, Inc. FEIM 2,449 Com 0.76 -7.443 Avino Silver & Gold Mines ASM 2,398 Com 0.74 New44 Lubys. Inc. LUB 1,943 Com 0.60 -20.345 Hercules Offshore, Inc. HERO 1,874 Com 0.58 New46 Startek, Inc. SRT 1,787 Com 0.55 -59.147 Globus Maritime GLBS 1,464 Com 0.45 +9.948 Zaza Energy Corp. ZAZA 1,278 Com 0.40 -21.349 Natuzzi S.p.a. NTZ 1,250 Adr 0.39 +21.250 Baltic Trading Limited BALT 1,191 Com 0.37 -2.051 Mcewen Mining Inc. MUX 1,093 Com 0.34 +20.952 U.s. Global Investors GROW 978 Cl A 0.30 +26.453 Versar Inc. VSR 946 Com 0.29 -17.254 Integrated Electrical Services, Inc. IESC 899 Com 0.28 +15.355 Emerson Radio Corp. MSN 782 Com New 0.24 New

56 twitter @chensj

Sold Positions:

CNTY, THM, SWS, SFY, ZINC

New Positions:

CRK, ASM, HERO, MSN

Top Increases:

EPL, LSG, GROW

Top Decreases:

SPTN, TBAC, SRT

Fund Background:

Aegis Financial Corporation serves as the investment advisor to the Aegis Value Fund and Aegis High Yield Fund, and offers

institutional and private client wealth management services through separately managed accounts.

Aegis Financial Corp Total Value: $323,469,000 Positions: 66# Issue Symbol Value (X1000) Title of Class Percent


56 Frisch's Restaurants, Inc. FRS 618 Com 0.19 -7.657 Endeavour International END 551 Com New 0.17 -38.158 Pmc Commercial Trust PCC 499 Sh Ben Int 0.15 -46.659 Ballantyne Strong Inc. BTN 405 Com 0.13 +1.260 Ultra Petrol Bahamas ULTR 388 Com 0.12 -17.161 Ltx-credence Corporation LTXC 371 Com New 0.11 +11.462 Spartan Stores Inc. SPTN 262 Com 0.08 -93.063 Bowl America Inc. - Class A BWLA 251 Com 0.08 +8.264 First Federal Northern Michigan

Bancorp.FFNM 178 Com 0.06 -7.3

65 Brandywine Realty Trust BDN 150 Sh Ben Int New 0.05 +2.066 Tandy Brands Accessories Inc. TBAC 16 Com 0.00 -73.8

57 twitter @chensj

Sold Positions:

RST, AIG, BCOR, ACN, INGR, LNN, ARO, RHP, MIL

New Positions:

KLIC, VOXX, TGT, IGT, VGR, VVI, SNMX, MNDO

Top Increases:

IDT, BRKB, JPMWS

Top Decreases:

TWI, MIND, IDCC

Fund Background:

Zeke Ashton is the founder and managing partner of Centaur Capital Partners. Founded in 2002, Centaur Capital Partners

specializes in value-oriented investment strategies. Prior to launching Centaur Capital, Mr. Ashton served as an investment analyst

and featured writer for The Motley Fool.

Centaur Capital Partners Total Value: $61,966,000 Positions: 26# Issue Symbol Value (X1000) Title of Class Percent


1 E M C Corp Mass EMC 6,578 Com 10.62 -29.32 Alleghany Corp Del Y 5,703 Com 9.20 +42.63 Kulicke & Soffa Inds Inc KLIC 4,414 Com 7.12 New4 Dillards Inc DDS 3,927 Cl A 6.34 -20.05 Voxx Intl Corp VOXX 3,605 Cl A 5.82 New6 Coach Inc COH 3,476 Com 5.61 -22.67 Tetra Tech Inc New TTEK 3,441 Com 5.55 -41.48 Bravo Brio Restaurant Group BBRG 3,386 Com 5.46 -13.39 Target Corp TGT 3,237 Com 5.22 New10 Berkshire Hathaway Inc Del BRKB 3,124 Cl B New 5.04 +163.411 Cott Corp Que COT 2,964 Com 4.78 -31.312 Jpmorgan Chase & Co JPMWS 2,929 *w Exp 10/28/201 4.73 +80.013 Interdigital Inc IDCC 1,987 Com 3.21 -50.114 Ishares Silver Trust SLV 1,904 Ishares 3.07 -7.515 International Game Technolog IGT 1,547 Com 2.50 New16 Quantum Corp QTM 1,464 Com Dssg 2.36 -9.617 Idt Corp IDT 1,416 Cl B New 2.29 +216.818 Harvard Bioscience Inc HBIO 1,351 Com 2.18 +10.619 Fifth Street Finance Corp FSC 1,041 Com 1.68 -25.020 Aware Inc Mass AWRE 899 Com 1.45 -45.521 Titan Intl Inc Ill TWI 866 Com 1.40 -80.422 Vector Group Ltd VGR 862 Com 1.39 New23 Viad Corp VVI 805 Com New 1.30 New24 Senomyx Inc SNMX 480 Com 0.77 New25 Mind C T I Ltd MNDO 420 Ord 0.68 New26 Mitcham Inds Inc MIND 139 Com 0.22 -60.7

58 twitter @chensj

Sold Positions:

None

New Positions:

VZ, CAT

Top Increases:

JNJ, PFE, LUKOY

Top Decreases:

LXK, TLK, TX

Fund Background:

Oldfield Partners began operations in 2005, and has over $6 billion under management.

Oldfield Partners Total Value: $2,091,469,000 Positions: 24# Issue Symbol Value (X1000) Title of Class Percent


1 Hewlett-packard Co HPQ 313,348 Stk 14.98 +13.02 Lukoil LUKOY 308,718 Adr 14.76 +51.63 Microsoft Corp MSFT 264,199 Stk 12.63 +15.94 Citigroup Inc C 249,206 Stk 11.92 -4.05 Barrick Gold Corp ABX 207,335 Stk 9.91 +28.46 Chesapeake Energy Corp CHK 187,482 Stk 8.96 -1.47 General Motors Co GM 167,040 Stk 7.99 -10.08 Embraer Sa ERJ 62,682 Adr 3.00 +8.19 Petroleo Brasileiro Sa PBRA 52,592 Adr 2.51 +22.210 Sk Telecom Co Ltd SKM 50,680 Adr 2.42 +12.511 Telekomunikasi Indonesia TLK 49,648 Adr 2.37 -25.312 Infosys Ltd INFY 48,632 Adr 2.33 -11.413 Ternium Sa TX 47,780 Adr 2.28 -13.714 Turkcell Iletisim Hizmetleri As TKC 46,180 Adr 2.21 +30.015 Cia De Minas Buenaventura BVN 29,569 Adr 1.41 +47.316 Pfizer Inc PFE 2,192 Stk 0.10 +73.717 Johnson & Johnson JNJ 1,788 Stk 0.09 +77.718 Verizon Communications Inc VZ 1,059 Stk 0.05 New19 Newfield Expl. Corp. NFX 635 Stk 0.03 +27.320 Lexmark International Inc LXK 273 Stk 0.01 -28.921 Guess? Inc GES 252 Stk 0.01 -11.022 Staples Inc SPLS 87 Stk 0.00 -10.323 Caterpillar Inc CAT 50 Stk 0.00 New24 Teva Pharmaceutical Ind Ltd TEVA 42 Adr 0.00 +16.7

59 twitter @chensj

Sold Positions:

RMTI, CNDO, NLNK, ENZ, CHTP

New Positions:

GILD, DRNA, ENTA, RPRX, NBIX, ITMN, FLXN, ALIM, PRAN

Top Increases:

DYAX, PSDV, ARWR

Top Decreases:

OCRX, DSCI, NVAX

Fund Background:

RA Capital Management is an investment advisor based in Boston specializing in the life-sciences and drug development sectors.

RA Capital Management Total Value: $1,394,409,000 Positions: 31# Issue Symbol Value (X1000) Title of Class Percent


1 Sangamo Biosciences Inc SGMO 202,895 Com 14.55 +77.52 Gilead Sciences Inc GILD 170,064 Com 12.20 New3 Acadia Pharmaceuticals Inc ACAD 133,816 Com 9.60 -16.64 Achillion Pharmaceuticals In ACHN 86,744 Com 6.22 -.95 Dyax Corp DYAX 71,270 Com 5.11 +346.26 Dicerna Pharmaceuticals Inc DRNA 68,607 Com 4.92 New7 Therapeuticsmd Inc TXMD 62,081 Com 4.45 +2.28 Ophthotech Corp OPHT 61,998 Com 4.45 +19.79 Enanta Pharmaceuticals Inc ENTA 61,628 Com 4.42 New10 Prothena Corp Plc PRTA 59,569 Shs 4.27 +36.911 Arrowhead Resh Corp ARWR 48,306 Com New 3.46 +117.312 Biocryst Pharmaceuticals BCRX 45,996 Com 3.30 +39.213 Novavax Inc NVAX 45,020 Com 3.23 -18.714 Dynavax Technologies Corp DVAX 32,331 Com 2.32 -7.815 Sunesis Pharmaceuticals Inc SNSS 32,186 Com New 2.31 +39.516 Xencor Inc XNCR 31,964 Com 2.29 +28.317 Ptc Therapeutics Inc PTCT 25,663 Com 1.84 +101.018 Repros Therapeutics Inc RPRX 25,529 Com New 1.83 New19 Tesaro Inc TSRO 20,636 Com 1.48 +4.420 Neurocrine Biosciences Inc NBIX 18,822 Com 1.35 New21 Derma Sciences Inc DSCI 16,979 Com Par $.01 1.22 -21.322 Mirati Therapeutics Inc MRTX 12,525 Com 0.90 +14.723 Bluebird Bio Inc BLUE 10,629 Com 0.76 +8.424 Psivida Corp PSDV 10,478 Com 0.75 +122.225 Intermune Inc ITMN 10,068 Com 0.72 New26 Flexion Therapeutics Inc FLXN 7,403 Com 0.53 New27 Ocera Therapeutics Inc OCRX 5,568 Com 0.40 -35.228 Macrogenics Inc MGNX 5,549 Com 0.40 +1.529 Alimera Sciences Inc ALIM 5,260 Com 0.38 New30 Mei Pharma Inc MEIP 4,545 Com New 0.33 +38.931 Prana Biotechnology Ltd PRAN 280 Sponsored Adr 0.02 New

60 twitter @chensj

Sold Positions:

XRTX

New Positions:

WAC, OUTR, CSH

Top Increases:

USAK, HOLL

Top Decreases:

SHLD

Fund Background:

Baker Street Capital Management is a value-focused investment firm based in Los Angeles.

Baker Street Capital Management Total Value: $529,985,000 Positions: 6# Issue Symbol Value (X1000) Title of Class Percent


1 Sears Hldgs Corp SHLD 429,840 Com 81.10 -42.62 Walter Invt Mgmt Corp WAC 43,446 Com 8.20 New3 Usa Truck Inc USAK 20,593 Com 3.89 +9.94 Outerwall Inc OUTR 17,110 Com 3.23 New5 Cash Amer Intl Inc CSH 14,015 Com 2.64 New6 Hollywood Media Corp HOLL 4,981 Com 0.94 +3.6

61 twitter @chensj

Sold Positions:

JOSB, ETFC, TMUS, NDZ, STWD, IACI, IYR, COLE, STAY, MW, American Rlty Cap Pptys Inc - NOTE 3.750%12/1

New Positions:

FOXA, VZ, HTZ, CONN, OCN, NXST, BJRI, IWM, ARCP, AMC, ACG, IVV, BIDU, NGHC, FOX, CLI

Top Increases:

RMD, AAMC, LAMR

Top Decreases:

JRN, NRF, AMCX

Fund Background:

Christian Leone heads up the low-profile, opportunistic, event-oriented credit firm, Luxor Capital Group. Before launching Luxor,

Leone worked as part of a credit team managed by Silver Point's Mule and O'Shea, as well as Redwood's Kolatch and Larry

Buchalter, president of Luxor.

Luxor Capital Group Total Value: $5,077,757,000 Positions: 38# Issue Symbol Value (X1000) Title of Class Percent


1 Spdr S&p 500 Etf Tr SPY 1,235,401 Tr Unit 24.33 -54.52 Ing U S Inc VOYA 453,168 Com 8.92 +53.53 Madison Square Garden Co MSG 314,828 Cl A 6.20 +9.54 Altisource Asset Mgmt Corp AAMC 249,673 Com 4.92 +108.75 Altisource Portfolio Solns S ASPS 243,754 Reg Shs 4.80 +25.06 Twenty First Centy Fox Inc FOXA 234,603 Cl A 4.62 New7 Lamar Advertising Co LAMR 210,193 Cl A 4.14 +65.68 Verizon Communications Inc VZ 204,968 Com 4.04 New9 Lyon William Homes WLH 173,799 Cl A New 3.42 -8.710 Hertz Global Holdings Inc HTZ 148,010 Com 2.91 New11 Conns Inc CONN 135,955 Com 2.68 New12 Seaworld Entmt Inc SEAS 129,234 Com 2.55 +34.613 At&t Inc T 113,978 Com 2.24 -60.214 Ocwen Finl Corp OCN 113,514 Com New 2.24 New15 Resmed Inc RMD 111,670 Com 2.20 +116.616 Nexstar Broadcasting Group I NXST 109,664 Cl A 2.16 New17 Bjs Restaurants Inc BJRI 104,774 Com 2.06 New18 Spectrum Brands Hldgs Inc SPB 94,585 Com 1.86 -37.619 Ishares IWM 85,840 Russell 2000 Etf 1.69 New20 American Rlty Cap Pptys Inc ARCP 81,803 Com 1.61 New21 Amc Networks Inc AMCX 81,373 Cl A 1.60 -62.922 Hemisphere Media Group Inc HMTV 64,564 Cl A 1.27 +14.623 Northstar Rlty Fin Corp NRF 63,817 Com 1.26 -75.724 Myriad Genetics Inc MYGN 62,067 Com 1.22 -10.325 Amc Entmt Hldgs Inc AMC 48,339 Cl A Com 0.95 New26 Alliancebernstein Income Fun ACG 46,400 Com 0.91 New27 Ishares IVV 46,273 Core S&p500 Etf 0.91 New28 Baidu Inc BIDU 43,330 Spon Adr Rep A 0.85 New29 National Gen Hldgs Corp NGHC 26,734 Com 0.53 New30 Twenty First Centy Fox Inc FOX 15,249 Cl B 0.30 New31 Harbinger Group Inc HRG 7,950 Com 0.16 +3.232 Mack Cali Rlty Corp CLI 6,292 Com 0.12 New33 Gramercy Ppty Tr Inc GPT 5,160 Com 0.10 -8.334 Cliffs Nat Res Inc CLF 5,115 Com 0.10 -21.935 Tower Group Intl Ltd TWGP 2,810 Com 0.06 -20.136 Journal Communications Inc JRN 1,757 Cl A 0.03 -86.637 Desarrolladora Homex S A De HXM 763 Sponsored Adr 0.02 +20.538 Chegg Inc CHGG 350 Com 0.01 -17.8

62 twitter @chensj

Sold Positions:

None

New Positions:

MDR

Top Increases:

WPX, BACWSA, KWK

Top Decreases:

GMWSB, GMWSA, GM

Fund Background:

Mount Kellett Capital Management was founded by two former Goldman Sachs executives. It focuses on global distressed, special

situations, and opportunistic investing.

Mount Kellett Capital Management Total Value: $943,721,000 Positions: 11# Issue Symbol Value (X1000) Title of Class Percent


1 Masonite Intl Corp New DOOR 244,347 Com 25.89 -5.82 Sandridge Energy Inc SD 154,880 Com 16.41 +1.23 Energy Xxi Bermuda Ltd EXXI 139,609 Usd Unrs Shs 14.79 -12.94 Cf Inds Hldgs Inc CF 102,953 Com 10.91 +11.85 General Mtrs Co GM 80,433 Com 8.52 -15.86 Wpx Energy Inc WPX 57,369 Com 6.08 +119.97 General Mtrs Co GMWSA 45,762 *w Exp 07/10/201 4.85 -20.38 Mcdermott Intl Inc MDR 35,167 Com 3.73 New9 General Mtrs Co GMWSB 32,074 *w Exp 07/10/201 3.40 -24.710 Quicksilver Resources Inc KWK 28,150 Com 2.98 +25.311 Bank Of America Corporation BACWS

A22,977 *w Exp 01/16/201 2.43 +27.0

63 twitter @chensj

Orbimed Advisors Total Value: $8,131,588,000 Positions: 126# Issue Symbol Value (X1000) Title of Class Percent


1 Intercept Pharmaceuticals In ICPT 572,164 Com 7.04 +383.02 Gilead Sciences Inc GILD 381,922 Com 4.70 +1.93 Bristol Myers Squibb Co BMY 348,917 Com 4.29 +9.14 Biogen Idec Inc BIIB 324,436 Com 3.99 +6.05 Allergan Inc AGN 306,527 Com 3.77 +256.06 Relypsa Inc RLYP 296,358 Com 3.64 +19.27 Amgen Inc AMGN 285,643 Com 3.51 -.58 Abbvie Inc ABBV 259,251 Com 3.19 +22.49 Hca Holdings Inc HCA 221,288 Com 2.72 +23.410 Illumina Inc ILMN 202,252 Com 2.49 +7.811 Mylan Inc MYL 200,472 Com 2.47 +9.612 Intermune Inc ITMN 199,213 Com 2.45 +75.713 Celgene Corp CELG 191,447 Com 2.35 -35.514 Medivation Inc MDVN 175,350 Com 2.16 -12.015 Perrigo Co Plc PRGO 171,178 Shs 2.11 New16 Agilent Technologies Inc A 170,142 Com 2.09 -1.417 Thermo Fisher Scientific Inc TMO 167,518 Com 2.06 -1.918 Incyte Corp INCY 167,196 Com 2.06 -20.219 Regeneron Pharmaceuticals REGN 161,851 Com 1.99 -20.420 Express Scripts Hldg Co ESRX 157,464 Com 1.94 +74.221 Intuitive Surgical Inc ISRG 147,296 Com New 1.81 +414.822 Merck & Co Inc New MRK 144,593 Com 1.78 +13.423 Impax Laboratories Inc IPXL 141,231 Com 1.74 +32.624 Pfizer Inc PFE 117,591 Com 1.45 +8.125 Mckesson Corp MCK 102,234 Com 1.26 +78.426 Actavis Plc ACT 101,896 Shs 1.25 -14.927 Biomarin Pharmaceutical Inc BMRN 101,838 Com 1.25 +2.428 Insulet Corp PODD 91,687 Com 1.13 -14.429 Carefusion Corp CFN 90,978 Com 1.12 +5.230 Neurocrine Biosciences Inc NBIX 87,761 Com 1.08 +257.131 Shire Plc SHPG 87,187 Sponsored Adr 1.07 -14.832 Health Net Inc HNT 87,066 Com 1.07 +87.933 Molina Healthcare Inc MOH 84,623 Com 1.04 +18.034 Fluidigm Corp Del FLDM 75,187 Com 0.92 +35.835 St Jude Med Inc STJ 74,976 Com 0.92 +45.236 Spdr S&p 500 Etf Tr SPY 74,804 Tr Unit 0.92 +20117.337 Prothena Corp Plc PRTA 72,368 Shs 0.89 +127.038 Zimmer Hldgs Inc ZMH 67,738 Com 0.83 -13.039 Acceleron Pharma Inc XLRN 64,439 Com 0.79 -23.240 Arrowhead Resh Corp ARWR 64,202 Com New 0.79 +177.941 Johnson & Johnson JNJ 58,643 Com 0.72 +2.342 Infinity Pharmaceuticals Inc INFI 56,322 Com 0.69 -14.943 Stryker Corp SYK 51,057 Com 0.63 -5.244 Affymetrix Inc AFFX 47,721 Com 0.59 -18.245 Orasure Technologies Inc OSUR 42,815 Com 0.53 +36.546 Celldex Therapeutics Inc New CLDX 41,482 Com 0.51 +30.747 Alexion Pharmaceuticals Inc ALXN 40,619 Com 0.50 +31.248 Lilly Eli & Co LLY 31,961 Com 0.39 New49 Tornier N V TRNX 31,302 Shs 0.38 New50 Array Biopharma Inc ARRY 29,596 Com 0.36 +10.951 Xenoport Inc XNPT 28,673 Com 0.35 +8.652 Exact Sciences Corp EXAS 28,241 Com 0.35 -52.653 Nxstage Medical Inc NXTM 26,920 Com 0.33 +.554 Tesaro Inc TSRO 24,993 Com 0.31 New55 Incyte Corp 24,975 Note 4.750%10/0 0.31 -12.256 Portola Pharmaceuticals Inc PTLA 24,804 Com 0.31 +.6

64 twitter @chensj



57 Mirati Therapeutics Inc MRTX 24,302 Com 0.30 +14.758 Durata Therapeutics Inc DRTX 24,046 Com 0.30 +5.359 Ishares IBB 23,640 Nasdq Biotec Etf 0.29 New60 Cerus Corp CERS 22,742 Com 0.28 +4.561 Ptc Therapeutics Inc PTCT 21,699 Com 0.27 New62 Mei Pharma Inc MEIP 21,420 Com New 0.26 +34.463 Five Prime Therapeutics Inc FPRX 21,142 Com 0.26 New64 Medtronic Inc MDT 19,877 Com 0.24 +7.265 Fluidigm Corp Del 19,395 Note 2.750% 2/0 0.24 New66 Cardinal Health Inc CAH 18,685 Com 0.23 +21.467 Aegerion Pharmaceuticals Inc AEGR 18,472 Com 0.23 New68 Vertex Pharmaceuticals Inc VRTX 18,182 Com 0.22 -4.069 Valeant Pharmaceuticals Intl VRX 17,533 Com 0.22 -4.970 Ironwood Pharmaceuticals Inc IRWD 17,027 Com Cl A 0.21 New71 Agenus Inc AGEN 16,009 Com New 0.20 New72 Jazz Pharmaceuticals Plc JAZZ 15,948 Shs Usd 0.20 +9.673 Volcano Corporation 14,887 Note 1.750%12/0 0.18 New74 Macrogenics Inc MGNX 13,689 Com 0.17 +1.575 Ambit Biosciences Corp AMBI 13,596 Com 0.17 -5.476 Inovio Pharmaceuticals Inc INO 13,277 Com 0.16 New77 Astrazeneca Plc AZN 12,976 Sponsored Adr 0.16 New78 Xoma Corp Del XOMA 12,697 Com 0.16 -33.379 Nuvasive Inc NUVA 12,138 Com 0.15 New80 Alimera Sciences Inc ALIM 11,835 Com 0.15 New81 Sinovac Biotech Ltd SVA 11,790 Shs 0.14 +17.682 Pernix Therapeutics Hldgs In PTX 11,762 Com 0.14 +101.183 Arqule Inc ARQL 11,689 Com 0.14 -4.684 Merge Healthcare Inc MRGE 11,294 Com 0.14 +5.285 Antares Pharma Inc ATRS 11,249 Com 0.14 -45.286 Inspiremd Inc NSPR 10,355 Com New 0.13 +24.087 Exelixis Inc EXEL 10,224 Com 0.13 -82.288 Davita Healthcare Partners I DVA 9,846 Com 0.12 +8.789 Xencor Inc XNCR 9,404 Com 0.12 +46.490 Synageva Biopharma Corp GEVA 9,218 Com 0.11 +9.691 Redhill Biopharma Ltd RDHL 8,899 Sponsored Ads 0.11 New92 Forest Labs Inc FRX 8,673 Com 0.11 -50.093 Questcor Pharmaceuticals Inc QCOR 8,441 Com 0.10 -6.094 Unitedhealth Group Inc UNH 8,363 Com 0.10 -86.095 Sunesis Pharmaceuticals Inc SNSS 7,932 Com New 0.10 New96 Vanda Pharmaceuticals Inc VNDA 7,514 Com 0.09 -38.897 Vocera Communications Inc VCRA 7,308 Com 0.09 +4.698 Fate Therapeutics Inc FATE 6,749 Com 0.08 +53.199 Abbott Labs ABT 6,701 Com 0.08 -42.7100 Cubist Pharmaceuticals Inc CBST 6,584 Com 0.08 +6.2101 Bluebird Bio Inc BLUE 6,572 Com 0.08 New102 Covance Inc CVD 6,546 Com 0.08 +26.0103 Zoetis Inc ZTS 6,396 Cl A 0.08 -29.9104 Raptor Pharmaceutical Corp RPTP 6,000 Com 0.07 New105 Gw Pharmaceuticals Plc GWPH 5,670 Ads 0.07 -57.4106 Curis Inc CRIS 5,499 Com 0.07 +.0107 Supernus Pharmaceuticals Inc SUPN 5,185 Com 0.06 +18.6108 Uroplasty Inc UPI 4,950 Com New 0.06 +25.6109 Mimedx Group Inc MDXG 4,876 Com 0.06 -20.3110 Aetna Inc New AET 4,723 Com 0.06 -94.1111 Catalyst Pharm Partners Inc CPRX 4,283 Com 0.05 +15.9112 Bacterin Intl Hldgs Inc BONE 3,994 Com 0.05 +145.5

65 twitter @chensj

Sold Positions:

TECH, ACAD, CHDX, UTHR, TEVA, HSP, QGEN, PRGO, BAX, WLP, Orexigen Therapeutics Inc - NOTE 2.750%12/0, OPHT

New Positions:

PRGO, LLY, TRNX, TSRO, IBB, PTCT, FPRX, Fluidigm Corp Del - NOTE 2.750% 2/0, AEGR, IRWD, AGEN, Volcano Corporation

- NOTE 1.750%12/0, INO, AZN, NUVA, ALIM, RDHL, SNSS, BLUE, RPTP, DSCI, BSX, ANGO, HZNP, MNKD, ZGNX

Top Increases:

SPY, ISRG, ICPT

Top Decreases:

AET, UNH, EXEL

Fund Background:

Orbimed is a healthcare-dedicated investment firm, with approximately $5 billion in assets under management.



113 Derma Sciences Inc DSCI 3,804 Com Par $.01 0.05 New114 Boston Scientific Corp BSX 3,673 Com 0.05 New115 Angiodynamics Inc ANGO 3,150 Com 0.04 New116 Anthera Pharmaceuticals Inc ANTH 3,125 Com New 0.04 +9.1117 Horizon Pharma Inc HZNP 2,964 Com 0.04 New118 Biolinerx Ltd BLRX 2,531 Sponsored Adr 0.03 -20.6119 Qlt Inc QLTI 1,668 Com 0.02 -33.5120 Mannkind Corp MNKD 1,608 Com 0.02 New121 Biodel Inc BIOD 1,092 Com New 0.01 -12.5122 Endologix Inc 964 Note 2.250%12/1 0.01 -5.1123 Zogenix Inc ZGNX 875 Com 0.01 New124 Amarin Corp Plc AMRN 724 Spons Adr New 0.01 -38.7125 Biomarin Pharmaceutical Inc 553 Note 1.500%10/1 0.01 +2.8126 Biomarin Pharmaceutical Inc 546 Note 0.750%10/1 0.01 +1.7

66 twitter @chensj

Sold Positions:

URI, AAL, HES, LIFE, LAMR, LPS, PSX

New Positions:

SPY, BEAM, HOLX, MW, AAN, FNF, AHP, SHLD, ACCL

Top Increases:

QEP, MTOR, IRM

Top Decreases:

ARCP, MYE, TKR

Fund Background:

Thomas Sandell founded Sandell Asset Management in 1998 after spending the previous eight years at Bear Stearns, where he

was hired to establish and run a proprietary international arbitrage business and ultimately co-headed the department.

Sandell Asset Management Corp Total Value: $615,280,000 Positions: 29# Issue Symbol Value (X1000) Title of Class Percent


1 Compuware Corp CPWR 74,163 Com 12.05 +37.32 Bob Evans Farms Inc BOBE 72,025 Com 11.71 +23.23 Spdr S&p 500 Etf Tr SPY 66,875 Tr Unit 10.87 New4 Visteon Corp VC 38,043 Com New 6.18 +8.05 Beam Inc BEAM 34,722 Com 5.64 New6 Equinix Inc EQIX 33,773 Com New 5.49 +4.27 Meritor Inc MTOR 31,867 Com 5.18 +118.68 Oil Sts Intl Inc OIS 25,082 Com 4.08 +30.89 Hertz Global Holdings Inc HTZ 23,375 Com 3.80 -6.910 Hologic Inc HOLX 21,107 Com 3.43 New11 General Mtrs Co GM 20,462 Com 3.33 -15.812 Qep Res Inc QEP 19,306 Com 3.14 +195.013 Berry Plastics Group Inc BERY 18,959 Com 3.08 -22.214 Mens Wearhouse Inc MW 18,519 Com 3.01 New15 Aarons Inc AAN 15,188 Com Par $0.50 2.47 New16 Fidelity National Financial FNF 14,387 Cl A 2.34 New17 Timken Co TKR 14,058 Com 2.28 -34.218 Ashford Hospitality Prime In AHP 12,909 Com 2.10 New19 Iron Mtn Inc IRM 11,685 Com 1.90 +48.820 Hudson City Bancorp HCBK 10,171 Com 1.65 +4.221 Sears Hldgs Corp SHLD 9,325 Com 1.52 New22 Accelrys Inc ACCL 8,706 Com 1.41 New23 Myers Inds Inc MYE 8,459 Com 1.37 -49.524 Ashland Inc New ASH 7,888 Com 1.28 +2.525 Schlumberger Ltd SLB 2,702 Com 0.44 +8.226 Halliburton Co HAL 949 Com 0.15 +16.027 National Oilwell Varco Inc NOV 401 Com 0.07 -2.028 American Rlty Cap Pptys Inc ARCP 158 Com 0.03 -97.529 Coeur Mng Inc CDEWS 16 *w Exp 04/16/201 0.00 +14.3

67 twitter @chensj

Sold Positions:

GME, TRI, FOXA, ATVI, PACD, MNK, INTC, VOD, CQH, SPLS, AAP, COLE, GM, BEAM, PRGO, ROC, NWSA, SPY, AZO

New Positions:

SNDK, ARCP, QQQ, SDRL, BPY, NUS, AMAP, TSLA, VOD, SIRI, SNI, LO, TLM, RAI, C, DISH, EPI, CWH, CLF

Top Increases:

CMCSA, WMB, VXX

Top Decreases:

FDO, APD, CMCSK

Fund Background:

Eric Mindich was the youngest partner ever to make partner at Goldman Sachs in 1994 at the age of 27.He launched Eton Park in

Eton Park Capital Management Total Value: $5,880,229,000 Positions: 42# Issue Symbol Value (X1000) Title of Class Percent


1 Comcast Corp New CMCSA 697,170 Cl A 11.86 +570.82 Ebay Inc EBAY 537,761 Com 9.15 -34.43 Barclays Bk Plc VXX 537,413 Ipath S&p500 Vix 9.14 +106.24 Marathon Pete Corp MPC 471,798 Com 8.02 -15.05 Cheniere Energy Inc LNG 389,111 Com New 6.62 +67.76 Williams Cos Inc Del WMB 264,101 Com 4.49 +531.17 Cbs Corp New CBS 246,706 Cl B 4.20 +3.28 Spirit Aerosystems Hldgs Inc SPR 218,473 Com Cl A 3.72 -14.59 Equinix Inc EQIX 203,324 Com New 3.46 +57.810 Constellation Brands Inc STZ 190,418 Cl A 3.24 +20.711 Liberty Interactive Corp LVNTA 173,244 Lbt Vent Com A 2.95 +6.312 Sandisk Corp SNDK 173,097 Com 2.94 New13 Teekay Corporation TK 169,370 Com 2.88 +17.114 Moodys Corp MCO 158,640 Com 2.70 +1.115 American Rlty Cap Pptys Inc ARCP 104,656 Com 1.78 New16 Mead Johnson Nutrition Co MJN 104,515 Com 1.78 +12.817 Actavis Plc ACT 102,925 Shs 1.75 +22.518 Comcast Corp New CMCSK 88,743 Cl A Spl 1.51 -45.919 Allegion Pub Ltd Co ALLE 88,689 Ord Shs 1.51 +5.620 Powershares Qqq Trust QQQ 87,680 Unit Ser 1 1.49 New21 Bre Properties Inc BRE 76,837 Cl A 1.31 -9.522 Seadrill Limited SDRL 73,836 Shs 1.26 New23 Sothebys BID 69,349 Com 1.18 -40.924 Walgreen Co WAG 66,030 Com 1.12 +15.025 Brookfield Ppty Partners L P BPY 61,810 Unit Ltd Partn 1.05 New26 Family Dlr Stores Inc FDO 58,010 Com 0.99 -73.627 Air Prods & Chems Inc APD 57,857 Com 0.98 -56.428 Nu Skin Enterprises Inc NUS 55,683 Cl A 0.95 New29 Autonavi Hldgs Ltd AMAP 50,100 Sponsored Adr 0.85 New30 Tesla Mtrs Inc TSLA 41,690 Com 0.71 New31 Vodafone Group Plc New VOD 36,623 Spnsr Adr No Par 0.62 New32 Sirius Xm Hldgs Inc SIRI 35,984 Com 0.61 New33 Scripps Networks Interact In SNI 30,364 Cl A Com 0.52 New34 Lorillard Inc LO 27,407 Com 0.47 New35 Talisman Energy Inc TLM 24,950 Com 0.42 New36 Reynolds American Inc RAI 24,039 Com 0.41 New37 Citigroup Inc C 23,800 Com New 0.40 New38 Dish Network Corp DISH 19,845 Cl A 0.34 New39 Wisdomtree Tr EPI 18,960 India Erngs Fd 0.32 New40 Commonwealth Reit CWH 9,450 Com Sh Ben Int 0.16 New41 Cliffs Nat Res Inc CLF 8,184 Com 0.14 New42 Citigroup Inc CWSB 1,587 *w Exp 10/28/201 0.03 -25.7

68 twitter @chensj

2004 and raised a record $3.5 billion despite insisting on a stringent lockup.

69 twitter @chensj

Michael F. Price Total Value: $821,159,000 Positions: 92# Issue Symbol Value (X1000) Title of Class Percent


1 Hess Corporation HES 66,304 Com 8.07 +14.52 Intel Corp. INTC 47,756 Com 5.82 -.53 Columbia Banking System, Inc. COLB 37,929 Com 4.62 +91.64 Alleghany Corp. Y 30,350 Com 3.70 +1.95 Boston Scientific Corp. BSX 27,040 Com 3.29 +12.56 Du Pont E I De Nemours & Co DD 25,834 Com 3.15 +24.37 Fxcm Inc FXCM 24,826 Com Cl A 3.02 -17.28 Dolby Laboratories Inc. DLB 24,800 Com 3.02 +53.19 Cit Group Inc. CIT 22,304 Com New 2.72 +19.710 Kaiser Aluminum Corp. KALU 21,712 Com Par $0.01 2.64 +1.711 Symetra Financial Corp. SYA 21,505 Com 2.62 -7.412 Teva Pharmaceutical Inds Ltd. TEVA 20,523 Adr 2.50 +28.013 Becton, Dickinson & Co. BDX 20,489 Com 2.50 -7.314 Oneok Inc. OKE 17,775 Com 2.16 -4.715 Tejon Ranch Co. TRC 17,592 Com 2.14 -8.016 Hospira Inc. HSP 17,300 Com 2.11 +4.817 Forest City Enterprises Inc. FCEA 17,095 Cl A 2.08 +.018 Ruths Hospitality Group Inc. RUTH 16,977 Com 2.07 -14.919 Gulfmark Offshore, Inc. GLF 14,516 Cl A New 1.77 -10.720 Franklin Financial Corp Va FRNK 13,962 Com 1.70 -1.121 Gencorp Inc. GY 13,955 Com 1.70 +1.422 First Security Group Inc. 12,646 Com New 1.54 -9.623 Omniamerican Bancorp Inc OABC 12,598 Com 1.53 +6.624 Cache, Inc. CACH 12,458 Com New 1.52 -39.425 Qep Resources Inc. QEP 11,776 Com 1.43 New26 Pfizer Inc. PFE 11,149 Com 1.36 +4.927 Harris Corp Del HRS 10,811 Com 1.32 -52.328 Barnes & Noble Inc. BKS 10,450 Com 1.27 +2.829 Vornado Realty Trust VNO 9,856 Sh Ben Int 1.20 +11.030 Resolute Forest Products Inc. RFP 9,710 Com 1.18 +25.431 Heritage Oaks Bancorp HEOP 9,426 Com 1.15 +7.732 Aegerion Pharmaceuticals, Inc. AEGR 9,236 Com 1.12 New33 Northfield Bancorp Inc 9,002 Com 1.10 -2.634 Allscripts Healthcare Solutn MDRX 8,609 Com 1.05 +16.635 Castle A M & Co. CAS 8,337 Com 1.02 -.536 Waterstone Financial Inc. Md WSBF 8,312 Com 1.01 New37 National Presto Industries, Inc. NPK 7,648 Com 0.93 -3.138 Blount International, Inc. BLT 7,387 Com 0.90 -11.239 Farmer Bros Co. FARM 7,251 Com 0.88 -15.340 News Corp NWSA 6,888 Cl A 0.84 -4.441 Yadkin Valley Financial Corp YAVY 6,333 Com 0.77 +4.142 Getty Realty Corp. GTY 5,961 Com 0.73 +52.443 Heritage Commerce Corp. HTBK 5,221 Com 0.64 -2.244 Ftd Companies, Inc. FTD 4,772 Com 0.58 +95.345 Popular, Inc. BPOP 4,763 Com New 0.58 New46 Hometrust Bancshares, Inc. HTBI 4,734 Com 0.58 -1.347 The Bancorp Bank 4,703 Com 0.57 -16.648 Demand Media, Inc. DMD 4,416 Com 0.54 +22.549 Hardinge, Inc. HDNG 4,248 Com 0.52 -.550 Big 5 Sporting Goods Corp. BGFV 3,772 Com 0.46 -8.351 General Motors Co. GMWSB 3,482 W Exp 7/10/2019 0.42 +201.252 Johnson & Johnson JNJ 3,438 Com 0.42 +7.253 Northeast Bancorp NBN 3,153 Com New 0.38 +14.754 Cape Bancorp Inc. CBNJ 2,851 Com 0.35 +8.355 Universal Stainless & Alloy Inc. USAP 2,800 Com 0.34 -6.456 Alco Stores Inc. ALCS 2,705 Com 0.33 +8.1

70 twitter @chensj

Sold Positions:

PENX, VPHM, AXLL, CLW, MVC, GFLB, GYRO

New Positions:

QEP, AEGR, WSBF, BPOP, ASH, L, SYMC, TWI, CPE, BCC

Top Increases:

LINTA, SIFI, GMWSB

Top Decreases:

HRS, SBCF, CACH

Fund Background:

Michael F. Price has managed money since 1974 when he joined Mutual Series under Max Heine. Price became partner in 1982

and took over Mutual Series after Heine's passing in 1988. He amassed a market-beating track record, significantly growing the

firm and selling it to Franklin Templeton in 1996. Price now manages a family office.

Michael F. Price Total Value: $821,159,000 Positions: 92# Issue Symbol Value (X1000) Title of Class Percent


57 Boeing Co. BA 2,510 Com 0.31 -8.158 Ashland Inc New ASH 2,487 Com 0.30 New59 Liberty Interactive Corp LINTA 2,382 Int Com Ser A 0.29 +224.560 American River Bankshares AMRB 2,354 Com 0.29 -2.361 Clifton Savings Bancorp, Inc. CSBK 2,317 Com 0.28 -8.562 Penny Jc Inc. JCP 2,282 Com 0.28 -31.663 Donegal Group Inc. DGICA 2,187 Com Cl A 0.27 -8.364 Loews Corporation L 2,167 Com 0.26 New65 Si Financial Group Inc Md SIFI 2,012 Com 0.25 +220.466 Seacoast Banking Corp Of Florida SBCF 1,959 Com New 0.24 -42.567 Symantec Corp SYMC 1,697 Com 0.21 New68 Gamco Investors Inc. GBL 1,693 Com 0.21 -12.369 Sanofi GCVRZ 1,635 Right 12/31/2020 0.20 -9.370 Titan International, Inc Ill. TWI 1,538 Com 0.19 New71 Sandridge Energy, Inc. SD 1,535 Com 0.19 +1.172 Wright Medical Group Inc. WMGI 1,529 Com 0.19 -1.473 Quanex Building Products NX 1,497 Com 0.18 +.274 United Financial Bancorp, Inc. UBNK 1,477 Com 0.18 -2.675 Crocs, Inc. CROX 1,404 Com 0.17 -2.076 Orient Express Hotels Ltd OEH 1,369 Com Cl A 0.17 -4.677 General Electric Co. GE 1,295 Com 0.16 -7.678 Prudential Bancorp Inc. Pa PBIP 1,292 Com 0.16 +33.279 Brt Realty Trust BRT 1,200 Sh Ben Int New 0.15 +.880 Exxon Mobil Corp. XOM 1,172 Com 0.14 -3.581 Royal Dutch Shell Plc RDSA 1,094 Spon Adr A 0.13 +2.482 Bank Of America Corporation BAC 860 Com 0.10 +10.483 Callon Pete Co Del CPE 837 Com 0.10 New84 Plains All American Pipeline PAA 792 Unit Ltd Partn 0.10 +8.085 Enzon Pharmaceuticals Inc. ENZN 771 Com 0.09 -11.286 Charter Financial Corporation Md CHFN 494 Com 0.06 +.487 Boise Cascade Corp. Del BCC 394 Com 0.05 New88 Kemper Corp. Del KMPR 392 Com 0.05 -4.289 Old Republic Intl Corp. ORI 346 Com 0.04 -4.990 Hugoton Rty Tr Tex HGT 282 Unit Ben Int 0.03 +7.291 Tejon Ranch Co. TRCWS 280 W Exp 8/31/2016 0.03 -33.692 Novagold Resources Inc. NG 181 Com New 0.02 -28.7

71 twitter @chensj

Robert Robotti Total Value: $262,004,000 Positions: 61# Issue Symbol Value (X1000) Title of Class Percent


1 Panhandle Oil And Gas Inc PHX 30,589 Cl A 11.68 +29.22 Builders Firstsource Inc BLDR 29,536 Com 11.27 +11.73 Leucadia Natl Corp LUK 17,359 Com 6.63 -.94 Lsb Inds Inc LXU 15,801 Com 6.03 +10.35 Cavco Inds Inc Del CVCO 15,383 Com 5.87 +13.96 Omnova Solutions Inc OMN 14,525 Com 5.54 +13.97 Atwood Oceanics Inc ATW 13,602 Com 5.19 -4.78 Canadian Nat Res Ltd CNQ 11,017 Com 4.20 +12.89 Helmerich & Payne Inc HP 8,966 Com 3.42 +24.410 Skechers U S A Inc SKX 7,887 Cl A 3.01 +8.111 Advanced Energy Inds AEIS 7,817 Com 2.98 -25.012 Lincoln Elec Hldgs Inc LECO 7,234 Com 2.76 +.913 Cal Maine Foods Inc CALM 6,741 Com New 2.57 +3.714 U M H Properties Inc UMH 6,676 Com 2.55 +5.015 Seacor Holdings Inc CKH 5,963 Com 2.28 -2.416 Gibraltar Inds Inc ROCK 5,731 Com 2.19 -10.117 Amrep Corp New AXR 4,436 Com 1.69 -10.618 Seneca Foods Corp New SENEA 4,034 Cl A 1.54 -2.619 Graftech Intl Ltd GTI 3,998 Com 1.53 -1.920 Vistaprint N V VPRT 3,599 Shs 1.37 -16.821 Pico Hldgs Inc PICO 3,437 Com New 1.31 +12.522 Joy Global Inc JOY 3,217 Com 1.23 -.323 Cpi Aerostructures Inc CVU 2,806 Com New 1.07 -13.824 Drew Inds Inc DW 2,774 Com New 1.06 +4.125 Stealthgas Inc GASS 2,369 Shs 0.90 +16.226 Starr Bulk Carriers Corp SBLK 2,238 Shs New 0.85 -18.827 Pricesmart Inc PSMT 2,221 Com 0.85 -16.328 Coty Inc COTY 1,723 Com Cl A 0.66 New29 Era Group Inc ERA 1,622 Com 0.62 -7.730 Coast Distr Sys CRV 1,582 Com 0.60 +15.131 Mobile Mini Inc MINI 1,339 Com 0.51 +.432 Westlake Shem Corp WLK 1,324 Com 0.51 +8.433 Wpx Energy Inc WPX 1,280 Com 0.49 -15.034 Cgg CGG 1,210 Spons Adr 0.46 -8.635 Bpz Resources Inc BPZ 1,196 Com 0.46 +53.536 Berkshire Hathaway Inc Del BRKB 1,092 Cl B New 0.42 +5.337 Global Power Equipment Grp Inc GLPW 1,038 Com Par $0.01 0.40 +.938 Stock Bldg Supply Hldgs Inc STCK 709 Com 0.27 +23.739 Phi Inc PHII 632 Com Vtg 0.24 +4.840 Ifm Invts Ltd CTC 609 Ads Cl A New 0.23 -21.941 Skyline Corp SKY 600 Com 0.23 +20.242 Hallador Energy Company HNRG 569 Com 0.22 +12.943 Baldwin & Lyons Inc BWINA 564 Cl A 0.22 -.744 National Westn Life Ins Co NWLI 517 Cl A 0.20 +9.345 Timken Co TKR 474 Com 0.18 +6.846 Apple Inc AAPL 440 Com 0.17 -4.347 Talisman Energy Inc TLM 403 Com 0.15 -17.948 Tal Intl Group Inc TAL 368 Com 0.14 -25.249 Steel Partners Hldgs L P SPLP 339 Ltd Prtrship U 0.13 -2.350 Bluelinx Hldgs Inc BXC 307 Com 0.12 -33.551 Devon Energy Corp New DVN 305 Com 0.12 +8.252 Radnet Inc RDNT 300 Com 0.11 +70.553 Pioneer Nat Res Co PXD 262 Com 0.10 +1.654 Ruby Tuesday Inc RT 239 Com 0.09 New55 Merck & Co Inc New MRK 227 Com 0.09 +13.556 American Eagle Outfitters Ne AEO 216 Com 0.08 New

72 twitter @chensj

Sold Positions:

TRQRT, LMNR, EJ

New Positions:

COTY, RT, AEO

Top Increases:

RDNT, BPZ, PHX

Top Decreases:

BXC, TAL, AEIS

Fund Background:

Robert Robotti is the President of Robotti & Company. Prior to forming Robotti & Company in 1983, he was a VP of Gabelli &

Company.

Robert Robotti Total Value: $262,004,000 Positions: 61# Issue Symbol Value (X1000) Title of Class Percent


57 Tgc Inds Inc TGE 192 Com New 0.07 -18.358 Turquoise Hill Res Ltd TRQ 167 Com 0.06 +26.559 Intergrated Electrical Svc 124 Com 0.05 +14.860 Spartan Mtrs Inc SPAR 59 Com 0.02 -22.461 Manhattan Bridge Capital Inc LOAN 20 Com 0.01 +17.6

73 twitter @chensj

Sold Positions:

DHX, VCLK, HTSI, URS

New Positions:

CNVR, RDC, URBN, CLS, ISBC, TDS

Top Increases:

INXN, BWC, IWM

Top Decreases:

BRCD, CHS

Fund Background:

Blue Harbour is an activist fund that manages $1.7 billion. It was founded by Cliff Robbins in 2004. Robbins worked at KKR & Co

and decided to then try what he describes as a private-equity approach to investing: Buy in and then help management make

changes.

Blue Harbour Group Total Value: $1,849,299,000 Positions: 21# Issue Symbol Value (X1000) Title of Class Percent


1 Akamai Technologies Inc AKAM 213,846 Com 11.56 +23.42 Caci Intl Inc CACI 182,095 Cl A 9.85 +.83 Progressive Waste Solutions BIN 181,541 Com 9.82 +4.44 Babcock & Wilcox Co New BWC 173,066 Com 9.36 +360.95 Globe Specialty Metals Inc GSM 150,322 Com 8.13 +20.06 Chicos Fas Inc CHS 147,612 Com 7.98 -14.97 Nabors Industries Ltd NBR 146,561 Shs 7.93 +45.18 Allscripts Healthcare Solutn MDRX 142,057 Com 7.68 +16.69 Devry Ed Group Inc DV 110,188 Com 5.96 +19.410 Conversant Inc CNVR 80,957 Com 4.38 New11 Ishares IWM 61,369 Russell 2000 Etf 3.32 +134.512 Interxion Holding N.v INXN 59,901 Shs 3.24 +2091.813 Dominion Diamond Corp DDC 43,602 Com 2.36 +31.714 Rowan Companies Plc RDC 28,323 Shs Cl A 1.53 New15 Entegris Inc ENTG 27,529 Com 1.49 +1.816 Urban Outfitters Inc URBN 27,242 Com 1.47 New17 Brocade Communications Sys I BRCD 23,676 Com New 1.28 -81.618 Celestica Inc CLS 17,211 Sub Vtg Shs 0.93 New19 Investors Bancorp Inc ISBC 14,067 Com 0.76 New20 Employers Holdings Inc EIG 10,179 Com 0.55 +61.021 Telephone & Data Sys Inc TDS 7,955 Com New 0.43 New

74 twitter @chensj

Sold Positions:

None

New Positions:

ALLE, ESEA, GGS

Top Increases:

LBY, DSX, SHEN

Top Decreases:

UTIW, BLT, CWST

Fund Background:

Joel Ramin started 12 West Capital in 2011 after leaving Bridger Capital, where he was an analyst. He previously also worked at

Blackstone Group in the private equity division.

12 West Capital Management Total Value: $625,697,000 Positions: 17# Issue Symbol Value (X1000) Title of Class Percent


1 Fleetcor Technologies Inc FLT 185,747 Com 29.69 -1.82 Masonite Intl Corp New DOOR 86,424 Com 13.81 -5.13 Uti Worldwide Inc UTIW 53,296 Ord 8.52 -39.74 Ascent Cap Group Inc ASCMA 42,850 Com Ser A 6.85 -11.75 Blount Intl Inc New BLT 41,588 Com 6.65 -17.86 Shenandoah Telecommunication SHEN 34,949 Com 5.59 +18.47 Allegion Pub Ltd Co ALLE 33,128 Ord Shs 5.29 New8 Castle A M & Co CAS 31,326 Com 5.01 -5.79 Aegean Marine Petroleum Netw ANW 25,722 Shs 4.11 -10.910 Libbey Inc LBY 21,945 Com 3.51 +43.211 Casella Waste Sys Inc CWST 18,881 Cl A 3.02 -11.912 Diana Shipping Inc DSX 17,454 Com 2.79 +28.113 Euroseas Ltd ESEA 13,961 Com New 2.23 New14 Idenix Pharmaceuticals Inc IDIX 10,746 Com 1.72 +.815 Ari Network Svcs Inc ARIS 4,586 Com New 0.73 -2.816 Response Genetics Inc RGDX 2,913 Com 0.47 +2.617 Global Geophysical Svcs Inc GGS 180 Com 0.03 New

75 twitter @chensj

Boyar Asset Management Total Value: $122,683,000 Positions: 68# Issue Symbol Value (X1000) Title of Class Percent


1 Pfizer Inc PFE 5,604 Cs 4.57 +2.62 Microsoft Corp MSFT 4,915 Cs 4.01 +7.33 Travelers Companies Inc TRV 4,778 Cs 3.89 New4 Home Depot Inc HD 4,683 Cs 3.82 -5.05 Jpmorgan Chase & Co JPM 4,667 Cs 3.80 New6 Ameriprise Financial Inc AMP 4,379 Cs 3.57 New7 Time Warner Inc TWX 3,690 Cs 3.01 -7.18 Madison Square Garden Inc MSG 3,319 Cl A 2.71 New9 Comcast Corp CMCSK 3,270 Cl A Spl 2.67 New10 Bank Of New York Mellon Corp BK 3,121 Cs 2.54 +.911 Bank Of America Corporation BAC 3,092 Cs 2.52 +12.112 Mondelez Intl Inc MDLZ 3,092 Cl A 2.52 -2.113 Disney Walt Co Disney DIS 3,066 Com Disney 2.50 +4.814 Bristol-myers Squibb Co BMY 3,042 Cs 2.48 -4.515 Wendys Co WEN 2,838 Cs 2.31 New16 Meredith Corp MDP 2,802 Cs 2.28 -13.417 Hanesbrands Inc HBI 2,789 Cs 2.27 +7.918 United Parcel Service Inc UPS 2,720 Cl A 2.22 -9.019 Clorox Co CLX 2,706 Cs 2.21 -5.420 Energizer Holdings Inc ENR 2,645 Cs 2.16 New21 Kohls Corp KSS 2,617 Cs 2.13 -.522 Johnson & Johnson JNJ 2,589 Cs 2.11 +7.223 Molson Coors Brewing Co TAP 2,518 Cl B 2.05 New24 Bed Bath & Beyond Inc BBBY 2,317 Cs 1.89 New25 General Electric Co GE 2,288 Cs 1.86 -8.726 Staples Inc SPLS 2,200 Cs 1.79 +18.427 Scotts Miracle-gro Co SMG 2,197 Cl A 1.79 +.828 Intel Corp INTC 2,142 Cs 1.75 -.629 Marriott Intl Inc MAR 1,862 Cl A 1.52 +13.230 Kraft Foods Group Inc KRFT 1,844 Cs 1.50 New31 Sysco Corp SYY 1,752 Cs 1.43 +3.432 Citigroup Inc C 1,678 Cs 1.37 -8.733 Campbell Soup Co CPB 1,576 Cs 1.28 +3.834 Ishares Tr S&p 500 Index IVV 1,485 Etf 1.21 +40.535 Cisco Systems Inc CSCO 1,481 Cs 1.21 New36 Western Union Co WU 1,472 Cs 1.20 -.537 Carnival Corp CCL 1,421 Cs 1.16 -7.538 Interval Leisure Group Inc IILG 1,246 Cs 1.02 New39 Yahoo Inc YHOO 1,232 Cs 1.00 -12.840 Ishares Tr S&p Mid Cap 400 IJH 1,154 Etf 0.94 +45.541 Ishares Tr S&p Small Cap 600 IJR 1,152 Etf 0.94 +43.642 Cvs Caremark Corporation CVS 935 Cs 0.76 +4.643 Weight Watchers Intl Inc WTW 928 Cs 0.76 -37.844 Amc Networks Inc AMCX 891 Cl A 0.73 New45 Mgm Resorts International MGM 855 Cs 0.70 +9.946 Ishares Tr S&p Euro Plus IEV 855 Etf 0.70 +48.247 Cablevision Systems Corp CVC 844 Cl A 0.69 New48 International Speedway Corp ISCA 696 Cl A 0.57 +.049 American Express Co AXP 692 Cs 0.56 -3.250 Verizon Communications Inc VZ 618 Cs 0.50 New51 Laboratory Corp America Holdin LH 616 Cs 0.50 New52 Diebold Inc DBD 615 Cs 0.50 +11.453 Waste Management Inc WM 605 Cs 0.49 New54 Nasdaq Omx Group Inc NDAQ 544 Cs 0.44 -17.855 Broadridge Financial Solutions BR 532 Cs 0.43 New56 Reis Inc REIS 507 Cs 0.41 New

76 twitter @chensj

Sold Positions:

CMCSK, TRV, VGGL, LH, CVC, CSCO, TAP, VZ, KRFT, BR, REIS, MSG, ENR, JPM, WEN, WM, IILG, MO, TPHS, AMP, AMCX,

DVN

New Positions:

TRV, JPM, AMP, MSG, CMCSK, WEN, ENR, TAP, BBBY, KRFT, CSCO, IILG, AMCX, CVC, VZ, LH, WM, BR, REIS, DVN, LINTA,

MO, LM, SCHW, Whistler Blackcomb Holdings In - CS, TPHS, VGGL

Top Increases:

IEV, IJH, IJR

Top Decreases:

WTW, XOXO, NDAQ

Fund Background:

In 1975, Mark Boyar began publishing independent equity research on intrinsically undervalued companies. This led in 1983 to the

establishment of Boyar Asset Management.

Boyar Asset Management Total Value: $122,683,000 Positions: 68# Issue Symbol Value (X1000) Title of Class Percent


57 Kimberly Clark Corp KMB 452 Cs 0.37 +5.658 Devon Energy Corp DVN 300 Cs 0.24 New59 Liberty Interactive Corporatio LINTA 255 Cs 0.21 New60 International Business Machine IBM 239 Cs 0.19 -3.661 Altria Group Inc MO 222 Cs 0.18 New62 Legg Mason Inc LM 216 Cs 0.18 New63 Schwab Charles Corp SCHW 205 Cs 0.17 New64 Callaway Golf Co ELY 203 Cs 0.17 +38.165 Whistler Blackcomb Holdings In 151 Cs 0.12 New66 Xo Group Inc XOXO 133 Cs 0.11 -31.867 Trinity Pl Holdings Inc TPHS 121 Cs 0.10 New68 Viggle Inc VGGL 12 Cs 0.01 New

77 twitter @chensj

Sold Positions:

CME, TW, UNG, CHTR, KMIWS, AXP, LOW, SEMG, MJN, VRSN, LMCA, ENDP, DLTR

New Positions:

ACT, LPLA, ADBE, EQIX, JAZZ, ENDP, WYNN, IBN, TIF, AN, CTRP, YNDX

Top Increases:

Lone Pine Capital Total Value: $23,001,722,000 Positions: 49# Issue Symbol Value (X1000) Title of Class Percent


1 Cognizant Technology Solutio CTSH 1,453,351 Cl A 6.32 +34.02 Microsoft Corp MSFT 1,233,213 Com 5.36 +21.53 Baidu Inc BIDU 1,189,736 Spon Adr Rep A 5.17 +24.04 Valeant Pharmaceuticals Intl VRX 1,162,306 Com 5.05 +27.65 Liberty Global Plc LBTYK 865,525 Shs Cl C 3.76 +98.06 Michael Kors Hldgs Ltd KORS 843,527 Shs 3.67 +70.07 Mcgraw Hill Finl Inc MHFI 839,203 Com 3.65 +97.98 Sba Communications Corp SBAC 813,532 Com 3.54 +66.09 Gap Inc Del GPS 798,163 Com 3.47 -.710 Intercontinentalexchange Gro ICE 668,414 Com 2.91 +31.511 Crown Castle Intl Corp CCI 668,058 Com 2.90 -12.212 Monsanto Co New MON 656,195 Com 2.85 -3.413 Qualcomm Inc QCOM 650,826 Com 2.83 -30.514 Twenty First Centy Fox Inc FOXA 639,615 Cl A 2.78 -10.915 Fleetcor Technologies Inc FLT 626,437 Com 2.72 +22.716 Dollar Gen Corp New DG 573,697 Com 2.49 -49.717 Realogy Hldgs Corp RLGY 560,514 Com 2.44 -8.818 Mastercard Inc MA 544,923 Cl A 2.37 -31.419 Ulta Salon Cosmetcs & Frag I ULTA 506,942 Com 2.20 +9.220 Actavis Plc ACT 489,575 Shs 2.13 New21 Lpl Finl Hldgs Inc LPLA 447,555 Com 1.95 New22 Adobe Sys Inc ADBE 433,906 Com 1.89 New23 Barclays Bk Plc VXX 421,079 Ipath S&p500 Vix 1.83 -.924 Equinix Inc EQIX 416,758 Com New 1.81 New25 Wyndham Worldwide Corp WYN 357,269 Com 1.55 -22.826 Priceline Com Inc PCLN 345,734 Com New 1.50 -66.427 Jazz Pharmaceuticals Plc JAZZ 325,133 Shs Usd 1.41 New28 Soufun Hldgs Ltd SFUN 302,857 Adr 1.32 +8067.729 B/e Aerospace Inc BEAV 295,489 Com 1.28 -23.230 Liberty Global Plc LBTYA 290,468 Shs Cl A 1.26 -26.831 Endo Intl Plc ENDP 286,868 Shs 1.25 New32 Solarwinds Inc SWI 277,794 Com 1.21 +9.633 Oceaneering Intl Inc OII 273,779 Com 1.19 +11.034 Workday Inc WDAY 273,015 Cl A 1.19 +6.435 Wynn Resorts Ltd WYNN 263,221 Com 1.14 New36 Davita Healthcare Partners I DVA 251,698 Com 1.09 -53.137 Icici Bk Ltd IBN 251,031 Adr 1.09 New38 Dsw Inc DSW 249,343 Cl A 1.08 -15.039 Lumber Liquidators Hldgs Inc LL 245,741 Com 1.07 +382.640 Tiffany & Co New TIF 228,043 Com 0.99 New41 Autonation Inc AN 212,481 Com 0.92 New42 Transdigm Group Inc TDG 191,482 Com 0.83 -57.043 Asml Holding N V ASML 126,617 N Y Registry Shs 0.55 +12.444 Facebook Inc FB 120,480 Cl A 0.52 -26.545 Sears Hldgs Corp SHLD 100,013 Com 0.43 -10.346 Coach Inc COH 77,948 Com 0.34 -78.647 Seaworld Entmt Inc SEAS 63,910 Com 0.28 -27.448 Ctrip Com Intl Ltd CTRP 58,432 American Dep Shs 0.25 New49 Yandex N V YNDX 29,826 Shs Class A 0.13 New

78 twitter @chensj

SFUN, LL, LBTYK

Top Decreases:

COH, PCLN, TDG

Fund Background:

Steve Mandel is the founder of Lone Pine Capital, a global long/short and long-only equity money manager which he started in

1997. Prior to founding Lone Pine, Mr. Mandel was managing director and consumer analyst at Tiger Management Corporation

(1990-1997), mass-market retailing analyst at Goldman Sachs (1984-1990) and consultant at Mars and Company (1982-1984).

79 twitter @chensj

Sold Positions:

HCA, CLF, TWX, GILD, WYN, FOXA, CBS, TSLA, HDB, ENDP, DLTR, NWSA

New Positions:

Blue Ridge Capital Total Value: $9,043,144,000 Positions: 51# Issue Symbol Value (X1000) Title of Class Percent


1 Endo Intl Plc ENDP 595,649 Shs 6.59 New2 Colfax Corp CFX 383,042 Com 4.24 +12.03 Priceline Com Inc PCLN 358,759 Com New 3.97 +2.54 Actavis Plc ACT 357,150 Shs 3.95 +62.35 American Intl Group Inc AIG 356,471 Com New 3.94 -4.76 Thermo Fisher Scientific Inc TMO 351,702 Com 3.89 -7.87 Charter Communications Inc D CHTR 348,656 Cl A New 3.86 -10.18 Monsanto Co New MON 346,999 Com 3.84 -2.49 Avis Budget Group CAR 323,855 Com 3.58 +20.510 Citigroup Inc C 305,830 Com New 3.38 -8.711 Grace W R & Co Del New GRA 297,510 Com 3.29 +.312 Sensata Technologies Hldg Bv ST 280,784 Shs 3.10 +10.013 Amazon Com Inc AMZN 272,456 Com 3.01 -14.614 Google Inc GOOG 255,223 Cl A 2.82 -17.515 Marathon Pete Corp MPC 242,842 Com 2.69 -5.116 Gap Inc Del GPS 237,956 Com 2.63 +2.517 Allegion Pub Ltd Co ALLE 230,591 Ord Shs 2.55 New18 Walgreen Co WAG 226,813 Com 2.51 New19 Cheniere Energy Inc LNG 221,954 Com New 2.45 +28.420 E Trade Financial Corp ETFC 215,071 Com New 2.38 +17.221 Coach Inc COH 215,028 Com 2.38 +58.322 Sandisk Corp SNDK 205,411 Com 2.27 +15.123 Ihs Inc IHS 204,120 Cl A 2.26 +1.524 Apple Inc AAPL 171,757 Com 1.90 -4.325 Sally Beauty Hldgs Inc SBH 170,428 Com 1.88 -9.426 Platform Specialty Prods Cor PAH 152,400 Com 1.69 New27 Hollyfrontier Corp HFC 146,309 Com 1.62 -4.228 American Homes 4 Rent AMH 145,377 Cl A 1.61 +3.129 Ulta Salon Cosmetcs & Frag I ULTA 143,363 Com 1.59 +1.030 Biomarin Pharmaceutical Inc BMRN 140,513 Com 1.55 -3.031 Mgic Invt Corp Wis MTG 126,953 Com 1.40 +.932 Sirius Xm Hldgs Inc SIRI 120,880 Com 1.34 -8.333 Workday Inc WDAY 117,305 Cl A 1.30 +9.934 Liberty Global Plc LBTYA 107,328 Shs Cl A 1.19 -71.035 Liberty Global Plc LBTYK 105,032 Shs Cl C 1.16 New36 Pbf Energy Inc PBF 81,528 Cl A 0.90 -18.037 Barrick Gold Corp ABX 80,592 Com 0.89 +1.138 Grupo Financiero Santander-m BSMX 77,120 Spon Adr Shs B 0.85 -9.939 Post Hldgs Inc POST 66,420 Com 0.73 +45.040 Twitter Inc TWTR 46,670 Com 0.52 -26.741 Linkedin Corp LNKD 46,235 Com Cl A 0.51 -14.742 Myriad Genetics Inc MYGN 34,190 Com 0.38 New43 Macrogenics Inc MGNX 25,047 Com 0.28 +1.544 American Intl Group Inc AIGWS 23,506 *w Exp 01/19/202 0.26 +.945 Nu Skin Enterprises Inc NUS 22,784 Cl A 0.25 New46 Jpmorgan Chase & Co JPMWS 18,847 *w Exp 10/28/201 0.21 +4.247 Molycorp Inc Del MCP 13,435 Com 0.15 -16.648 Blackberry Ltd BBRY 9,474 Com 0.10 -45.749 Zulily Inc ZU 6,776 Cl A 0.07 -79.650 Castlight Health Inc CSLT 5,305 Cl B 0.06 New51 Coupons Com Inc COUP 3,698 Com 0.04 New

80 twitter @chensj

ENDP, ALLE, WAG, PAH, LBTYK, MYGN, NUS, CSLT, COUP

Top Increases:

ACT, COH, POST

Top Decreases:

ZU, LBTYA, BBRY

Fund Background:

Blue Ridge Capital was founded by John Griffin in 1996 in New York City. Mr. Griffin is one of the more prominent Tiger Cubs.

Prior to working at Tiger Management, Mr. Griffin earned his undergraduate degree from the University of Virginia and an MBA

from Stanford Graduate School of Business. He launched his investment career as an analyst at Morgan Stanley in the Merchant

Banking group.

81 twitter @chensj

Sold Positions:

ESNT, RBSPRL, ADSK, TWC, FIS, NVR, CQH, FB, ASML, PNRA, RBSPRM, CHTR, HUM, YHOO, EBAY, DG, C, TMH, PCLN,

CBS, FNF, COMM, ISRG, MET, RBSPRN, ULTA, CI, FFIV, CAM, ZTS

Maverick Capital Total Value: $7,149,348,000 Positions: 50# Issue Symbol Value (X1000) Title of Class Percent


1 Ralph Lauren Corp RL 324,262 Cl A 4.54 +75.12 Valeant Pharmaceuticals Intl VRX 319,263 Com 4.47 +66.43 Transdigm Group Inc TDG 311,221 Com 4.35 +8.54 Liberty Global Plc LBTYK 308,409 Shs Cl C 4.31 New5 Palo Alto Networks Inc PANW 293,428 Com 4.10 +14.56 Home Depot Inc HD 282,685 Com 3.95 -5.07 Crown Castle Intl Corp CCI 278,256 Com 3.89 +185.78 Solarwinds Inc SWI 274,879 Com 3.84 -.29 Hca Holdings Inc HCA 256,018 Com 3.58 +5.410 Capital One Finl Corp COF 251,176 Com 3.51 +14.411 Baidu Inc BIDU 242,191 Spon Adr Rep A 3.39 +95.812 Adobe Sys Inc ADBE 236,220 Com 3.30 +26.913 Calpine Corp CPN 234,715 Com New 3.28 +27.714 Catamaran Corp CTRX 226,660 Com 3.17 +19.115 Citrix Sys Inc CTXS 226,522 Com 3.17 -26.316 Ashland Inc New ASH 220,724 Com 3.09 New17 Fortinet Inc FTNT 193,780 Com 2.71 -6.718 Avago Technologies Ltd AVGO 180,388 Shs 2.52 +44.619 Monsanto Co New MON 169,768 Com 2.37 +228.420 Radian Group Inc RDN 168,435 Com 2.36 +35.721 Qualcomm Inc QCOM 153,453 Com 2.15 -36.922 Qlik Technologies Inc QLIK 143,823 Com 2.01 -37.923 Mgic Invt Corp Wis MTG 140,580 Com 1.97 +61.524 Yandex N V YNDX 132,759 Shs Class A 1.86 -5.625 National Oilwell Varco Inc NOV 132,718 Com 1.86 -37.626 Twenty First Centy Fox Inc FOXA 129,308 Cl A 1.81 New27 Cubist Pharmaceuticals Inc CBST 127,268 Com 1.78 New28 Ctrip Com Intl Ltd CTRP 122,356 American Dep Shs 1.71 New29 Ambev Sa ABEV 117,615 Sponsored Adr 1.65 +11.430 Santander Consumer Usa Hdg I SC 110,840 Com 1.55 New31 Aercap Holdings Nv AER 104,955 Shs 1.47 New32 Columbia Ppty Tr Inc CXP 103,204 Com New 1.44 New33 Textron Inc TXT 100,316 Com 1.40 New34 Community Health Sys Inc New CYH 98,126 Com 1.37 -55.035 Allscripts Healthcare Solutn MDRX 94,753 Com 1.33 New36 Fomento Economico Mexicano S FMX 80,564 Spon Adr Units 1.13 -27.337 Anheuser Busch Inbev Sa/nv BUD 39,059 Sponsored Adr 0.55 -64.338 Liberty Global Plc LBTYA 37,412 Shs Cl A 0.52 -72.939 Pacific Biosciences Calif In PACB 34,560 Com 0.48 +2.340 Carmax Inc KMX 34,531 Com 0.48 New41 Novartis A G NVS 29,891 Sponsored Adr 0.42 +39.142 Soufun Hldgs Ltd SFUN 28,400 Adr 0.40 New43 Radian Group Inc 22,252 Note 3.000%11/1 0.31 New44 Castlight Health Inc CSLT 8,684 Cl B 0.12 New45 Burger King Worldwide Inc BKW 8,292 Com 0.12 New46 Fleetcor Technologies Inc FLT 7,245 Com 0.10 New47 Capital One Finl Corp COFWS 5,299 *w Exp 11/14/201 0.07 -.248 Royal Bk Scotland Group Plc RBSPRS 1,106 Sp Adr Pref S 0.02 +7.449 Royal Bk Scotland Group Plc RBSPR

Q754 Adr Pref Shs Q 0.01 +9.0

50 Royal Bk Scotland Group Plc RBSPRP 225 Adr Pfd Ser P 0.00 -62.9

82 twitter @chensj

New Positions:

LBTYK, ASH, FOXA, CBST, CTRP, SC, AER, CXP, TXT, MDRX, KMX, SFUN, Radian Group Inc - NOTE 3.000%11/1, CSLT,

BKW, FLT

Top Increases:

MON, CCI, BIDU

Top Decreases:

LBTYA, BUD, RBSPRP

Fund Background:

Lee Ainslie founded Maverick Capital in 1993 with $38 million in seed capital from Texas entrepreneur Sam Wyly. Ainslie

previously workedat Tiger Management. He graduated from the University of Virginia and received his MBA from the University of

North Carolina.

83 twitter @chensj

Highfields Capital Management Total Value: $11,935,045,000 Positions: 71# Issue Symbol Value (X1000) Title of Class Percent


1 Canadian Nat Res Ltd CNQ 818,995 Com 6.86 -8.92 Franklin Res Inc BEN 771,163 Com 6.46 +7.93 Intercontinentalexchange Gro ICE 692,044 Com 5.80 +34.04 Mcgraw Hill Finl Inc MHFI 663,730 Com 5.56 -23.95 Directv DTV 597,478 Com 5.01 +10.66 Monsanto Co New MON 463,158 Com 3.88 New7 Spdr S&p 500 Etf Tr SPY 448,327 Tr Unit 3.76 +511.68 Time Warner Cable Inc TWC 350,995 Com 2.94 +1.29 Air Prods & Chems Inc APD 337,193 Com 2.83 +64.610 Microsoft Corp MSFT 325,778 Com 2.73 -46.611 American Intl Group Inc AIG 322,565 Com New 2.70 +15.912 Teva Pharmaceutical Inds Ltd TEVA 317,040 Adr 2.66 New13 Iron Mtn Inc IRM 315,084 Com 2.64 +17.614 Ebay Inc EBAY 276,200 Com 2.31 New15 Ashland Inc New ASH 268,038 Com 2.25 +6.616 Applied Matls Inc AMAT 259,060 Com 2.17 +20.617 Bp Plc BP 244,253 Sponsored Adr 2.05 -6.718 Anadarko Pete Corp APC 227,137 Com 1.90 -21.619 Fidelity National Financial FNF 226,368 Cl A 1.90 -3.120 Royal Dutch Shell Plc RDSA 219,748 Spons Adr A 1.84 +29.721 Qualcomm Inc QCOM 207,008 Com 1.73 +6.222 Broadcom Corp BRCM 200,075 Cl A 1.68 +6.223 Exxon Mobil Corp XOM 199,804 Com 1.67 New24 Allergan Inc AGN 188,012 Com 1.58 +33.125 Mondelez Intl Inc MDLZ 179,126 Cl A 1.50 -38.426 Metlife Inc MET 173,822 Com 1.46 -18.327 Barclays Bk Plc VXX 168,600 Ipath S&p500 Vix 1.41 New28 Nordstrom Inc JWN 164,961 Com 1.38 +1.129 Tw Telecom Inc TWTC 150,879 Com 1.26 +2.630 Citigroup Inc C 146,632 Com New 1.23 +1003.531 Tesla Mtrs Inc TSLA 144,789 Com 1.21 +140.732 Barrick Gold Corp ABX 130,425 Com 1.09 -66.833 Dollar Tree Inc DLTR 127,876 Com 1.07 +.534 Tim Hortons Inc THI 126,903 Com 1.06 -5.135 Ypf Sociedad Anonima YPF 125,826 Spon Adr Cl D 1.05 -48.236 Liberty Interactive Corp LVNTA 124,778 Lbt Vent Com A 1.05 +6.337 Ishares IWO 114,290 Rus 2000 Grw Etf 0.96 +.438 Vodafone Group Plc New VOD 104,477 Spnsr Adr No Par 0.88 New39 Dish Network Corp DISH 93,315 Cl A 0.78 -35.640 Slm Corp SLM 91,491 Com 0.77 -52.741 Fossil Group Inc FOSL 87,458 Com 0.73 +191.742 News Corp New NWSA 75,657 Cl A 0.63 -4.443 Compuware Corp CPWR 73,354 Com 0.61 -6.344 Family Dlr Stores Inc FDO 56,156 Com 0.47 -31.045 Sandridge Energy Inc SD 49,120 Com 0.41 +1.246 Ocwen Finl Corp OCN 40,943 Com New 0.34 New47 Spdr Series Trust KBE 38,057 S&p Bk Etf 0.32 +2.648 Seaworld Entmt Inc SEAS 35,414 Com 0.30 +5.149 Vanguard Intl Equity Index F VWO 34,087 Ftse Emr Mkt Etf 0.29 -1.450 Wendys Co WEN 32,308 Com 0.27 +4.651 Penney J C Inc JCP 28,015 Com 0.23 -5.852 Liberty Interactive Corp LINTA 26,734 Int Com Ser A 0.22 +23.853 Ralph Lauren Corp RL 25,105 Cl A 0.21 New54 Unitedhealth Group Inc UNH 24,593 Com 0.21 +8.955 Market Vectors Etf Tr RSX 23,443 Russia Etf 0.20 New56 Cerner Corp CERN 19,315 Com 0.16 +3.5

84 twitter @chensj

Sold Positions:

BERY, TRQRT, HCA, UPS, WYNN, VOD, CSE, HTH, GDXJ, JPM, CWH, BNCL, TRQ, ABT, HBOS, FCX, COF, WYN, CF, FOXA,

HMA, ODP, VRSN, VC, GD, LIFE, BPO, CCE, FDX

New Positions:

MON, TEVA, EBAY, XOM, VXX, VOD, OCN, RL, RSX, ENB, AN, SU, MWV, GG, CYHHZ

Top Increases:

C, SPY, FOSL

Top Decreases:

MU, ABX, ARMK

Fund Background:

Jonathon Jacobson founded Highfields in 1998. He previously spent eight years as a senior equity portfolio manager at Harvard

Management Co. He has also held positions at Lehman Brothers and Merrill Lynch Capital Markets. Jacobson received an MBA

from Harvard Business School.

Highfields Capital Management Total Value: $11,935,045,000 Positions: 71# Issue Symbol Value (X1000) Title of Class Percent


57 Enbridge Inc ENB 18,955 Com 0.16 New58 Aramark Hldgs Corp ARMK 15,939 Com 0.13 -62.059 Hyatt Hotels Corp H 15,401 Com Cl A 0.13 -55.860 Mgm Resorts International 14,581 Note 4.250% 4/1 0.12 +5.961 Beam Inc BEAM 13,411 Com 0.11 +22.462 Grupo Televisa Sa TV 12,151 Spon Adr Rep Ord 0.10 +46.063 Pennymac Mtg Invt Tr PMT 11,950 Com 0.10 +4.164 Pacwest Bancorp Del PACW 11,389 Com 0.10 -8.265 Autonation Inc AN 11,178 Com 0.09 New66 Suncor Energy Inc New SU 10,669 Com 0.09 New67 Meadwestvaco Corp MWV 7,716 Com 0.06 New68 Micron Technology Inc MU 6,625 Com 0.06 -74.769 Goldcorp Inc New GG 4,896 Com 0.04 New70 Northeast Bancorp NBN 2,970 Com New 0.02 -2.371 Community Health Sys Inc New CYHHZ 12 Right 01/27/2016 0.00 New

85 twitter @chensj

Viking Global Investors Total Value: $23,839,370,000 Positions: 60# Issue Symbol Value (X1000) Title of Class Percent


1 Walgreen Co WAG 1,591,709 Com 6.68 +138.82 Time Warner Inc TWX 1,414,365 Com New 5.93 +51.13 Illumina Inc ILMN 1,318,056 Com 5.53 +602.34 Valeant Pharmaceuticals Intl VRX 1,225,511 Com 5.14 +25.35 Twenty First Centy Fox Inc FOXA 1,212,745 Cl A 5.09 +14.66 Thermo Fisher Scientific Inc TMO 1,162,557 Com 4.88 +.67 Lyondellbasell Industries N LYB 1,143,680 Shs - A - 4.80 +78.78 Lowes Cos Inc LOW 885,705 Com 3.72 +.59 Capital One Finl Corp COF 841,076 Com 3.53 -13.110 Baidu Inc BIDU 645,466 Spon Adr Rep A 2.71 +140.011 Valero Energy Corp New VLO 644,202 Com 2.70 -19.812 Michael Kors Hldgs Ltd KORS 622,012 Shs 2.61 -8.213 Canadian Pac Ry Ltd CP 605,187 Com 2.54 -1.314 Constellation Brands Inc STZ 595,991 Cl A 2.50 +54.315 Visa Inc V 592,676 Com Cl A 2.49 +3.916 Mastercard Inc MA 577,642 Cl A 2.42 +7.717 Facebook Inc FB 531,408 Cl A 2.23 -46.918 Mondelez Intl Inc MDLZ 529,053 Cl A 2.22 +190.119 Block H & R Inc HRB 514,858 Com 2.16 +.920 Micron Technology Inc MU 488,996 Com 2.05 -20.221 Cameron International Corp CAM 482,499 Com 2.02 +118.422 Monsanto Co New MON 352,406 Com 1.48 -12.723 Mohawk Inds Inc MHK 341,703 Com 1.43 +252.524 American Intl Group Inc AIG 316,231 Com New 1.33 +620.325 Regeneron Pharmaceuticals REGN 315,835 Com 1.32 New26 Concho Res Inc CXO 312,071 Com 1.31 +62.127 Pioneer Nat Res Co PXD 306,448 Com 1.29 New28 Workday Inc WDAY 285,586 Cl A 1.20 New29 Autodesk Inc ADSK 281,882 Com 1.18 New30 Alexion Pharmaceuticals Inc ALXN 279,411 Com 1.17 -26.931 Triumph Group Inc New TGI 239,669 Com 1.01 -11.632 Universal Hlth Svcs Inc UHS 226,497 Cl B 0.95 -7.433 Actavis Plc ACT 224,694 Shs 0.94 -54.434 Verizon Communications Inc VZ 210,290 Com 0.88 +220.835 Crown Castle Intl Corp CCI 189,669 Com 0.80 +18.136 Kansas City Southern KSU 187,548 Com New 0.79 New37 Adobe Sys Inc ADBE 162,597 Com 0.68 -12.738 Salix Pharmaceuticals Inc SLXP 160,778 Com 0.67 New39 Bank Of America Corporation BAC 151,148 Com 0.63 -71.840 Intercept Pharmaceuticals In ICPT 150,027 Com 0.63 New41 Us Bancorp Del USB 148,681 Com New 0.62 New42 Davita Healthcare Partners I DVA 131,993 Com 0.55 +32.643 St Jude Med Inc STJ 124,355 Com 0.52 +35.044 Zynga Inc ZNGA 122,346 Cl A 0.51 New45 Priceline Com Inc PCLN 120,762 Com New 0.51 New46 Biogen Idec Inc BIIB 118,953 Com 0.50 New47 Yahoo Inc YHOO 108,206 Com 0.45 New48 Acadia Pharmaceuticals Inc ACAD 87,549 Com 0.37 +33.249 Mylan Inc MYL 86,727 Com 0.36 New50 Ing U S Inc VOYA 66,508 Com 0.28 New51 Shire Plc SHPG 59,388 Sponsored Adr 0.25 -65.652 Northstar Rlty Fin Corp NRF 58,339 Com 0.24 New53 Nxp Semiconductors N V NXPI 52,529 Com 0.22 New54 Metlife Inc MET 45,751 Com 0.19 -79.955 Cme Group Inc CME 41,325 Com 0.17 New56 State Str Corp STT 40,088 Com 0.17 New

86 twitter @chensj

Sold Positions:

MCK, HCA, CBST, WYNN, YOKU, AGN, TSO, NUS, HUM, AEGR, SWN, CTSH, DHR, EL, C, SINA, NOK, CX, DFS, DIS, MHFI,

MPEL, STAY, EMN, ORLY, SIRI

New Positions:

REGN, PXD, WDAY, ADSK, KSU, SLXP, ICPT, USB, ZNGA, PCLN, BIIB, YHOO, MYL, VOYA, NRF, NXPI, CME, STT, HP, QIHU,

CTXS

Top Increases:

AIG, ILMN, MHK

Top Decreases:

MET, BAC, SHPG

Fund Background:

Andreas Halvorsen co-founded Viking Global in 1999. Prior to this, he was a Senior Managing Director and Director of Equities at

Tiger Management Corp. Mr. Halvorsen was an Investment Banker in the corporate finance and merger departments at Morgan

Stanley. Prior to moving to the United States, he graduated from the Norwegian Naval Academy and served as a Platoon

Commander on the Norwegian Seal team. Mr. Halvorsen received his M.B.A. from the Stanford Graduate School of Business in

1990 and graduated from Williams College in 1986.

Viking Global Investors Total Value: $23,839,370,000 Positions: 60# Issue Symbol Value (X1000) Title of Class Percent


57 Helmerich & Payne Inc HP 32,171 Com 0.13 New58 Qihoo 360 Technology Co Ltd QIHU 32,055 Ads 0.13 New59 Blackberry Ltd BBRY 31,421 Com 0.13 -42.060 Citrix Sys Inc CTXS 10,339 Com 0.04 New

87 twitter @chensj

Sold Positions:

CAR, ARX, FWLT, DGX, BIOS

New Positions:

SIG, CQH

Top Increases:

CTXS, AMGN, MDR

Top Decreases:

TEVA, TRIP, DG

Pennant Capital Management Total Value: $5,878,159,000 Positions: 45# Issue Symbol Value (X1000) Title of Class Percent


1 Transdigm Group Inc TDG 421,165 Com 7.16 +15.02 Priceline Com Inc PCLN 347,840 Com New 5.92 +1.83 Nvr Inc NVR 281,935 Com 4.80 +11.84 Wabco Hldgs Inc WBC 272,764 Com 4.64 +.55 Constellation Brands Inc STZ 271,018 Cl A 4.61 +20.76 Davita Healthcare Partners I DVA 250,469 Com 4.26 +8.67 Carter Inc CRI 247,269 Com 4.21 +18.88 Huntington Ingalls Inds Inc HII 236,436 Com 4.02 -10.69 Marathon Pete Corp MPC 219,619 Com 3.74 +40.010 Terex Corp New TEX 211,137 Com 3.59 -7.711 Workday Inc WDAY 204,518 Cl A 3.48 +28.712 Team Health Holdings Inc TMH 200,594 Com 3.41 +11.313 Cheniere Energy Inc LNG 196,541 Com New 3.34 +1.314 Ocwen Finl Corp OCN 169,519 Com New 2.88 -2.815 Bright Horizons Fam Sol In D BFAM 167,422 Com 2.85 +50.416 Sensata Technologies Hldg Bv ST 162,797 Shs 2.77 +1.617 Cognizant Technology Solutio CTSH 161,151 Cl A 2.74 -17.818 Signet Jewelers Limited SIG 157,603 Shs 2.68 New19 Owens Corning New OC 146,653 Com 2.49 +13.720 American Intl Group Inc AIG 135,683 Com New 2.31 -15.221 Ascena Retail Group Inc ASNA 134,468 Com 2.29 -18.322 Wesco Intl Inc WCC 133,993 Com 2.28 -30.023 Mrc Global Inc MRC 132,945 Com 2.26 -30.424 Sally Beauty Hldgs Inc SBH 128,786 Com 2.19 -9.425 Range Res Corp RRC 123,876 Com 2.11 -8.926 Tripadvisor Inc TRIP 111,739 Com 1.90 -46.127 Dollar Gen Corp New DG 89,885 Com 1.53 -45.128 Epam Sys Inc EPAM 73,766 Com 1.25 -11.329 Mattress Firm Hldg Corp MFRM 69,581 Com 1.18 +27.830 Taylor Morrison Home Corp TMHC 58,995 Cl A 1.00 +25.231 Gaming & Leisure Pptys Inc GLPI 50,192 Com 0.85 -14.232 Middleby Corp MIDD 48,693 Com 0.83 -4.533 Universal Stainless & Alloy USAP 38,600 Com 0.66 -6.334 Canadian Nat Res Ltd CNQ 35,684 Com 0.61 +21.535 Forum Energy Technologies In FET 34,105 Com 0.58 +1.836 Fluor Corp New FLR 32,258 Com 0.55 +13.337 Broadcom Corp BRCM 24,861 Cl A 0.42 +35.338 Devon Energy Corp New DVN 23,426 Com 0.40 -15.739 Amgen Inc AMGN 18,501 Com 0.31 +131.740 Cheniere Energy Ptnrs Lp Hld CQH 16,801 Com Rep Llc In 0.29 New41 Citrix Sys Inc CTXS 12,350 Com 0.21 +191.442 Petroleo Brasileiro Sa Petro PBRA 8,322 Sp Adr Non Vtg 0.14 -25.943 Mcdermott Intl Inc MDR 8,055 Com 0.14 +71.744 Vivus Inc VVUS 3,505 Com 0.06 -32.445 Teva Pharmaceutical Inds Ltd TEVA 2,642 Adr 0.04 -49.3

88 twitter @chensj

Fund Background:

Alan Fournier founded Pennant Capital in 2001. Prior to this, Mr. Fournier was a Partner at Appaloosa Management where he was

responsible for global equity investments. He was also a Portfolio Manager at Hagler, Mastrovita and Hewitt and Pzena Investment

Management. He started his investment career at Sanford C. Bernstein in 1988 and became a partner in 1990. Fournier holds an

Honors degree in Engineering from Wentworth Institute of Technology.

89 twitter @chensj

Sold Positions:

GPS, CCI, TWC, BBRY, VRSN, LOGI, PLCM, GMCR, TSLA, RRD, BBY, LB, LVLT, MLNX, YNDX, NWSA, RAX

New Positions:

MU, AVGO, GMCR, CTRP, LBTYK, YY, ADBE, KATE

Top Increases:

YELP, JOY, YOKU

Top Decreases:

QNST, SVU, NIHD

Fund Background:

Philippe Laffont left Tiger Management in 1999 to form Coatue Management. The fund focuses particularly on technology stocks.

Coatue Management Total Value: $5,655,106,000 Positions: 39# Issue Symbol Value (X1000) Title of Class Percent


1 Netflix Inc NFLX 543,611 Com 9.61 +38.42 Baidu Inc BIDU 434,543 Spon Adr Rep A 7.68 -13.03 Cbs Corp New CBS 417,673 Cl B 7.39 -51.34 Facebook Inc FB 380,524 Cl A 6.73 -17.45 Time Warner Inc TWX 306,848 Com New 5.43 -56.66 Micron Technology Inc MU 281,870 Com 4.98 New7 Linkedin Corp LNKD 274,021 Com Cl A 4.85 +19.08 American Tower Corp New AMT 222,640 Com 3.94 -40.39 Hain Celestial Group Inc HAIN 200,162 Com 3.54 +.510 Avago Technologies Ltd AVGO 196,998 Shs 3.48 New11 Keurig Green Mtn Inc GMCR 192,621 Com 3.41 New12 Ctrip Com Intl Ltd CTRP 182,284 American Dep Shs 3.22 New13 Priceline Com Inc PCLN 179,649 Com New 3.18 -51.614 Charter Communications Inc D CHTR 170,067 Cl A New 3.01 -51.615 Liberty Global Plc LBTYK 168,252 Shs Cl C 2.98 New16 Twenty First Centy Fox Inc FOXA 160,983 Cl A 2.85 -53.717 Whole Foods Mkt Inc WFM 151,237 Com 2.67 -43.318 Youku Tudou Inc YOKU 149,864 Sponsored Adr 2.65 +126.119 Pandora Media Inc P 132,152 Com 2.34 -13.020 Google Inc GOOG 122,909 Cl A 2.17 -73.021 Apple Inc AAPL 121,942 Com 2.16 -85.622 Yy Inc YY 114,340 Ads Repcom Cla 2.02 New23 Liberty Global Plc LBTYA 106,458 Shs Cl A 1.88 -75.424 Amazon Com Inc AMZN 97,006 Com 1.72 -83.225 Adobe Sys Inc ADBE 87,537 Com 1.55 New26 Yelp Inc YELP 76,164 Cl A 1.35 +964.927 Tripadvisor Inc TRIP 70,438 Com 1.25 -79.128 Sirius Xm Hldgs Inc SIRI 35,978 Com 0.64 -74.629 Joy Global Inc JOY 23,200 Com 0.41 +475.730 Nutri Sys Inc New NTRI 9,568 Com 0.17 +98.631 Nuance Communications Inc NUAN 7,984 Com 0.14 -71.532 Supervalu Inc SVU 7,191 Com 0.13 -86.833 Kate Spade & Co KATE 6,707 Com 0.12 New34 Atmel Corp ATML 5,551 Com 0.10 -76.235 Fusion-io Inc FIO 5,365 Com 0.09 -20.236 Molycorp Inc Del MCP 5,229 Com 0.09 +98.537 Workday Inc WDAY 4,380 Cl A 0.08 -49.538 Nii Hldgs Inc NIHD 855 Cl B New 0.02 -86.139 Quinstreet Inc QNST 302 Com 0.01 -93.4

90 twitter @chensj

Sold Positions:

DECK, PRIS, IRDM

New Positions:

PAH, SODA, IOC, UAL, PLUG, BLDP

Top Increases:

CALL, AAL, DAL

Top Decreases:

AIG, NFLX, PRISB

Fund Background:

Whitney Tilson is the founder and Managing Partner of Kase Capital Management, which manages three value-oriented hedge

funds. Tilson is the co-founder of the Value Investor Insight investment newsletter and the Value Investing Congress investnent

conference.

T2 Partners Management Total Value: $63,809,000 Positions: 22# Issue Symbol Value (X1000) Title of Class Percent


1 Howard Hughes Corp HHC 8,308 Com 13.02 +14.12 Berkshire Hathaway Inc. Class B BRKB 4,778 Cl B New 7.49 -17.43 Boeing Company BA 4,609 Com 7.22 -10.04 Platform Specialty Prods Corp. PAH 4,332 Com 6.79 New5 Avis Budget Corp CAR 3,784 Com 5.93 +15.76 Air Products & Chemicals Inc. APD 3,719 Com 5.83 +2.47 American Intl Group, Inc. Cmn AIG 3,685 Com New 5.78 -34.58 Hertz Global Holdings Inc. HTZ 3,451 Com 5.41 -10.59 Magicjack Vocaltec Ltd. CALL 3,449 Shs 5.41 +75.510 Sodastream International Ltd. SODA 3,219 Usd Shs 5.04 New11 Delta Air Lines Inc. DAL 2,938 Com 4.60 +42.612 Micron Technology Inc. MU 2,676 Com 4.19 +23.013 Goldman Sachs Group Inc GS 2,640 Com 4.14 -11.214 Citigroup Inc C 2,543 Com New 3.99 -12.315 Promotora De Informaciones S PRISB 2,490 Adr Cl B Conv 3.90 -22.616 Spark Networks Inc. LOV 2,308 Com 3.62 -3.417 Netflix Inc. NFLX 1,776 Com 2.78 -26.218 Interoil Corp. IOC 1,146 Com 1.80 New19 American Airlines Group Inc. AAL 988 Com New 1.55 +44.920 United Contl Hldgs Inc. UAL 714 Com 1.12 New21 Plug Power Inc. PLUG 131 Com New 0.21 New22 Ballard Power Systems Inc. BLDP 125 Com 0.20 New

91 twitter @chensj

York Capital Management Global Advisors Total Value: $8,298,398,000 Positions: 97# Issue Symbol Value (X1000) Title of Class Percent


1 Ishares IWM 835,519 Russell 2000 Etf 10.07 New2 Mgic Invt Corp Wis 422,289 Note 2.000% 4/0 5.09 +2.73 T-mobile Us Inc TMUS 380,271 Com 4.58 +54.24 General Mtrs Co GM 344,266 Com 4.15 -11.75 Hertz Global Holdings Inc HTZ 316,152 Com 3.81 -8.46 Grace W R & Co Del New GRA 296,734 Com 3.58 -16.27 Air Prods & Chems Inc APD 294,738 Com 3.55 +19.88 Nxp Semiconductors N V NXPI 234,382 Com 2.82 +20.99 Dish Network Corp DISH 226,075 Cl A 2.72 +30.510 Petrologistics Lp PDH 216,738 Unit Ltd Pth Int 2.61 +12.411 Actavis Plc ACT 197,831 Shs 2.38 +139.912 Pfizer Inc PFE 178,805 Com 2.15 New13 Cheniere Energy Inc LNG 178,055 Com New 2.15 +39.614 Cbre Group Inc CBG 166,699 Cl A 2.01 -13.015 American Airls Group Inc AAL 165,301 Com 1.99 -23.316 Mylan Inc MYL 150,023 Com 1.81 +69.017 Mens Wearhouse Inc MW 148,185 Com 1.79 +229.418 Tim Participacoes S A TSU 136,795 Sponsored Adr 1.65 New19 Hd Supply Hldgs Inc HDS 134,863 Com 1.63 -5.120 Northstar Rlty Fin Corp NRF 134,688 Com 1.62 +14.021 Iac Interactivecorp IACI 126,242 Com Par $.001 1.52 New22 Time Warner Inc TWX 123,399 Com New 1.49 +42.523 Hubbell Inc HUBB 121,477 Cl B 1.46 New24 Anheuser Busch Inbev Sa/nv BUD 120,070 Sponsored Adr 1.45 New25 Sothebys BID 112,706 Com 1.36 -30.426 Yrc Worldwide Inc 111,352 Note 10.000% 3/3 1.34 +4.427 Manitowoc Inc MTW 103,212 Com 1.24 +23.828 Scorpio Tankers Inc STNG 101,547 Shs 1.22 -17.329 Teva Pharmaceutical Inds Ltd TEVA 98,899 Adr 1.19 New30 Adobe Sys Inc ADBE 97,415 Com 1.17 -18.431 Towers Watson & Co TW 94,734 Cl A 1.14 New32 Elbit Imaging Ltd EMITF 89,781 Ord Shs 1.08 New33 Armstrong World Inds Inc New AWI 81,879 Com 0.99 +77.134 Tyco International Ltd TYC 77,236 Shs 0.93 -3.535 Martin Marietta Matls Inc MLM 77,010 Com 0.93 New36 Liberty Interactive Corp LVNTA 73,003 Lbt Vent Com A 0.88 +55.637 Digitalglobe Inc DGI 72,199 Com New 0.87 -17.538 Constellium Nv CSTM 67,222 Cl A 0.81 New39 Cheniere Energy Ptnrs Lp Hld CQH 64,014 Com Rep Llc In 0.77 -.940 Brookdale Sr Living Inc BKD 61,720 Com 0.74 -55.541 Visteon Corp VC 61,646 Com New 0.74 +5.342 Reynolds American Inc RAI 60,097 Com 0.72 New43 Norwegian Cruise Line Hldgs NCLH 59,364 Shs 0.72 +26.844 Shutterfly Inc SFLY 53,347 Com 0.64 New45 Liberty Global Plc LBTYK 53,204 Shs Cl C 0.64 +82.746 Sirius Xm Hldgs Inc SIRI 53,141 Com 0.64 +44.647 Valeant Pharmaceuticals Intl VRX 52,112 Com 0.63 New48 Compuware Corp CPWR 51,076 Com 0.62 +4.049 Comcast Corp New CMCSA 49,283 Cl A 0.59 +848.350 Sunedison Inc SUNE 47,100 Com 0.57 +44.451 Himax Technologies Inc HIMX 39,220 Sponsored Adr 0.47 New52 Royal Caribbean Cruises Ltd RCL 38,122 Com 0.46 +13.153 Ambac Finl Group Inc AMBC 37,236 Com New 0.45 +506.454 Altisource Residential Corp RESI 33,457 Cl B 0.40 New55 Costamare Inc CMRE 32,250 Shs 0.39 +17.756 Walgreen Co WAG 31,926 Com 0.38 +248.5

92 twitter @chensj

Sold Positions:

TRQRT, TWC, HES, Comcast Corp New - CL A, CIT, UAL, VOD, FWLT, CWH, IDTI, ETN, HSH, JOSB, XLE, MDLZ, CCK, DAL,

BEAM, MHK, THI

New Positions:

IWM, PFE, TSU, IACI, HUBB, BUD, TEVA, TW, EMITF, MLM, CSTM, RAI, SFLY, VRX, HIMX, RESI, BERY, BKW, TNP, AAMC,

TQNT, CAR, YONG, CODE, AALCP, KMIWS, GAME, GA, MPWR, NOR, VRS

Top Increases:

CMCSA, AMBC, TWTC

Top Decreases:

S, KFN, CHMT

Fund Background:

York Capital Management Global Advisors Total Value: $8,298,398,000 Positions: 97# Issue Symbol Value (X1000) Title of Class Percent


57 Berry Plastics Group Inc BERY 31,475 Com 0.38 New58 Realogy Hldgs Corp RLGY 31,416 Com 0.38 -5.959 Tw Telecom Inc TWTC 31,150 Com 0.38 +484.260 Gilat Satellite Networks Ltd GILT 29,717 Shs New 0.36 -21.761 Burger King Worldwide Inc BKW 26,647 Com 0.32 New62 Liberty Global Plc LBTYA 24,336 Shs Cl A 0.29 -48.963 Sony Corp SNE 23,900 Adr New 0.29 -10.664 Commercial Veh Group Inc CVGI 23,204 Com 0.28 +22.565 Tsakos Energy Navigation Ltd TNP 22,627 Shs 0.27 New66 Radian Group Inc RDN 22,342 Com 0.27 +104.167 Chemtura Corp CHMT 20,067 Com New 0.24 -88.668 Altisource Asset Mgmt Corp AAMC 18,806 Com 0.23 New69 Stealthgas Inc GASS 17,055 Shs 0.21 +11.670 Triquint Semiconductor Inc TQNT 13,772 Com 0.17 New71 Turquoise Hill Res Ltd TRQ 13,232 Com 0.16 +115.472 Avis Budget Group CAR 13,149 Com 0.16 New73 Yongye Intl Inc YONG 12,816 Com 0.15 New74 Radware Ltd RDWR 12,706 Ord 0.15 -14.275 Crown Castle Intl Corp CCI 11,941 Com 0.14 -83.576 Macquarie Infrastr Co Llc MIC 11,454 Membership Int 0.14 +5.277 American Tower Corp New AMT 10,564 Com 0.13 -60.478 Spansion Inc CODE 9,201 Com Cl A New 0.11 New79 American Airls Group Inc AALCP 7,862 Pfd A Mand Cv 0.09 New80 Avago Technologies Ltd AVGO 7,791 Shs 0.09 -12.081 Teekay Corporation TK 7,188 Com 0.09 +14.382 Sba Communications Corp SBAC 7,173 Com 0.09 -75.083 Atmel Corp ATML 7,106 Com 0.09 +29.684 Kinder Morgan Inc Del KMIWS 6,095 *w Exp 05/25/201 0.07 New85 Kkr Finl Hldgs Llc KFN 5,866 Com 0.07 -92.886 Shanda Games Ltd GAME 4,836 Sp Adr Reptg A 0.06 New87 Caesars Entmt Corp CZR 4,393 Com 0.05 -65.188 Giant Interactive Group Inc GA 4,066 Adr 0.05 New89 Sprint Corp S 3,702 Com Ser 1 0.04 -97.690 Accuride Corp New ACW 3,322 Com New 0.04 +18.791 Saexploration Hldgs Inc SAEX 2,413 Com 0.03 +213.492 Monolithic Pwr Sys Inc MPWR 2,326 Com 0.03 New93 Noranda Alum Hldg Corp NOR 2,055 Com 0.02 New94 General Mtrs Co GMWSA 1,615 *w Exp 07/10/201 0.02 -70.195 Verso Paper Corp VRS 1,194 Com 0.01 New96 General Mtrs Co GMWSB 1,132 *w Exp 07/10/201 0.01 -71.897 Lyondellbasell Industries N LYB 579 Shs - A - 0.01 +10.7

93 twitter @chensj

James Dinan founded York Capital Management in 1991. Dinan was a General Partner of Kellner Capital from 1985 to 1991 and

was responsible for investing in risk arbitrage and special situation investments. He received an M.B.A. from Harvard Business

School and a B.S. in Economics from the Wharton School, University of Pennsylvania.

94 twitter @chensj

Sold Positions:

STZ, INFI, NMBL, NRF, CYNI, Autodesk Inc, SFUN, PTLA, PBYI, S, KORS, KMIWS, GILD

New Positions:

APD, RTN, CTRP, SLM, AMZN, AET, DRNA, ESRX, NOK, RNG, SBH, FRAN, YNDX, CNCE, ARWR, CYTK, TRVN, ATEN

Brookside Capital Management Total Value: $3,755,539,000 Positions: 50# Issue Symbol Value (X1000) Title of Class Percent


1 Monsanto Co New MON 284,840 Com 7.58 +7.02 Broadcom Corp BRCM 263,574 Cl A 7.02 +4.53 Dollar Gen Corp New DG 193,959 Com 5.16 +73.04 Vmware Inc VMW 182,728 Cl A Com 4.87 +13.25 Air Prods & Chems Inc APD 180,310 Com 4.80 New6 Advance Auto Parts Inc AAP 142,528 Com 3.80 +38.77 Ulta Salon Cosmetcs & Frag I ULTA 131,414 Com 3.50 -13.48 Delphi Automotive Plc DLPH 124,177 Com 3.31 +44.89 New Oriental Ed & Tech Grp I EDU 116,989 Spon Adr 3.12 -38.310 Youku Tudou Inc YOKU 113,583 Sponsored Adr 3.02 -7.511 Precision Castparts Corp PCP 104,281 Com 2.78 -53.012 Mead Johnson Nutrition Co MJN 104,257 Com 2.78 -.713 Sensata Technologies Hldg Bv ST 103,478 Shs 2.76 +10.014 Raytheon Co RTN 101,197 Com New 2.69 New15 Medivation Inc MDVN 91,250 Com 2.43 +.116 Ctrip Com Intl Ltd CTRP 88,870 American Dep Shs 2.37 New17 Hertz Global Holdings Inc HTZ 86,208 Com 2.30 +70.018 Grupo Televisa Sa TV 80,322 Spon Adr Rep Ord 2.14 +235.219 Slm Corp SLM 78,507 Com 2.09 New20 Amazon Com Inc AMZN 76,355 Com 2.03 New21 Tripadvisor Inc TRIP 74,920 Com 1.99 -21.922 Ptc Therapeutics Inc PTCT 74,813 Com 1.99 +82.423 Seaworld Entmt Inc SEAS 71,095 Com 1.89 +46.624 Hca Holdings Inc HCA 67,201 Com 1.79 +10.025 Xylem Inc XYL 63,435 Com 1.69 -18.426 Quintiles Transnatio Hldgs I Q 61,120 Com 1.63 -10.527 Idenix Pharmaceuticals Inc IDIX 54,296 Com 1.45 -30.828 Pandora Media Inc P 53,217 Com 1.42 -37.729 Aetna Inc Com AET 51,115 Com 1.36 New30 Mcgraw Hill Finl Inc MHFI 50,701 Com 1.35 -46.531 Palo Alto Networks Inc PANW 47,142 Com 1.26 -46.132 Amc Networks Inc AMCX 46,344 Cl A 1.23 -37.033 Home Inns & Hotels Mgmt Inc HMIN 44,586 Spon Adr 1.19 -16.434 Dicerna Pharmaceuticals Inc DRNA 42,754 Com 1.14 New35 Express Scripts Hldg Co ESRX 41,262 Com 1.10 New36 Nokia Corp NOK 41,003 Sponsored Adr 1.09 New37 Ruckus Wireless Inc RKUS 27,110 Com 0.72 -14.438 Ringcentral Inc RNG 26,877 Cl A 0.72 New39 Wix Com Ltd WIX 25,909 Shs 0.69 -18.640 Sally Beauty Hldgs Inc SBH 24,800 Com 0.66 New41 Francescas Hldgs Corp FRAN 22,934 Com 0.61 New42 Yandex N V YNDX 16,771 Shs Class A 0.45 New43 Concert Pharmaceuticals Inc CNCE 15,438 Com 0.41 New44 Dynavax Technologies Corp DVAX 12,924 Com 0.34 -17.645 Arrowhead Resh Corp ARWR 11,781 Com New 0.31 New46 Telefonica Brasil Sa VIV 11,074 Sponsored Adr 0.29 -20.147 Agios Pharmaceuticals Inc AGIO 8,139 Com 0.22 -34.948 Cytokinetics Inc CYTK 6,529 Com New 0.17 New49 Trevena Inc TRVN 6,288 Com 0.17 New50 A10 Networks Inc ATEN 5,135 Com 0.14 New

95 twitter @chensj

Top Increases:

TV, PTCT, DG

Top Decreases:

PCP, MHFI, PANW

Fund Background:

Founded in 1996, Brookside Capital is a leading global long/short hedge fund and is part of Bain Capital.

96 twitter @chensj

Eminence Capital Total Value: $6,175,671,000 Positions: 63# Issue Symbol Value (X1000) Title of Class Percent


1 National Oilwell Varco Inc NOV 567,646 Com 9.19 +115.82 Autodesk Inc ADSK 254,786 Com 4.13 -10.63 Mens Wearhouse Inc MW 229,393 Com 3.71 -4.14 Fossil Group Inc FOSL 215,801 Com 3.49 +18.55 Qualcomm Inc QCOM 211,312 Com 3.42 -13.56 Ebay Inc EBAY 210,874 Com 3.41 +.67 Genpact Limited G 175,453 Shs 2.84 -6.58 Kar Auction Svcs Inc KAR 162,033 Com 2.62 +37.59 Vca Antech Inc WOOF 157,206 Com 2.55 +2.510 Allscripts Healthcare Solutn MDRX 150,719 Com 2.44 +14.911 Cadence Design System Inc CDNS 132,957 Com 2.15 New12 American Intl Group Inc AIG 126,216 Com New 2.04 +.613 Asbury Automotive Group Inc ABG 118,729 Com 1.92 +21.214 Group 1 Automotive Inc GPI 118,375 Com 1.92 +11.215 Humana Inc HUM 116,515 Com 1.89 +5.016 Fiserv Inc FISV 113,197 Com 1.83 -13.917 Sirona Dental Systems Inc SIRO 107,272 Com 1.74 +11.318 Mcgraw Hill Finl Inc MHFI 103,414 Com 1.67 +1070.219 Microstrategy Inc MSTR 101,255 Cl A New 1.64 -7.620 Fedex Corp FDX 100,854 Com 1.63 -33.621 Valmont Inds Inc VMI 100,779 Com 1.63 +20.422 Lennar Corp LEN 98,388 Cl A 1.59 +.423 Mcdonalds Corp MCD 97,540 Com 1.58 New24 Dollar Gen Corp New DG 92,370 Com 1.50 +33.425 Restoration Hardware Hldgs I RH 92,196 Com 1.49 New26 Interxion Holding N.v INXN 85,981 Shs 1.39 +13.427 Franklin Res Inc BEN 83,357 Com 1.35 +.428 Charter Communications Inc D CHTR 78,954 Cl A New 1.28 +10.929 Pvh Corp PVH 78,815 Com 1.28 +454.230 Sonic Automotive Inc SAH 76,338 Cl A 1.24 +9.631 Ralph Lauren Corp RL 74,876 Cl A 1.21 New32 Autonation Inc AN 73,992 Com 1.20 +12.333 United Technologies Corp UTX 72,612 Com 1.18 -15.534 Fortinet Inc FTNT 72,465 Com 1.17 +10.835 Copart Inc CPRT 71,470 Com 1.16 -1.036 Cognizant Technology Solutio CTSH 71,199 Cl A 1.15 -29.237 Allergan Inc AGN 71,175 Com 1.15 -10.538 Fidelity Natl Information Sv FIS 71,123 Com 1.15 -.739 Equinix Inc EQIX 70,856 Com New 1.15 -47.540 Tibco Software Inc TIBX 70,010 Com 1.13 New41 Fidelity National Financial FNF 69,346 Cl A 1.12 -11.642 B/e Aerospace Inc BEAV 69,344 Com 1.12 -.543 Equifax Inc EFX 68,539 Com 1.11 -1.844 Illinois Tool Wks Inc ITW 68,064 Com 1.10 -3.545 Google Inc GOOG 67,928 Cl A 1.10 -10.446 Zebra Technologies Corp ZBRA 67,884 Cl A 1.10 -30.947 Carefusion Corp CFN 67,718 Com 1.10 +.848 Carnival Corp CCL 64,071 Paired Ctf 1.04 -14.249 Gap Inc Del GPS 61,584 Com 1.00 New50 Cme Group Inc CME 61,472 Com 1.00 -5.951 Zynga Inc ZNGA 60,390 Cl A 0.98 +28.852 Hillshire Brands Co HSH 50,349 Com 0.82 +11.153 Sprint Corp S 47,235 Com Ser 1 0.76 +21.154 Agilent Technologies Inc A 47,085 Com 0.76 New55 Urban Outfitters Inc URBN 46,550 Com 0.75 New56 Solarwinds Inc SWI 43,571 Com 0.71 +12.4

97 twitter @chensj

Sold Positions:

ARO, VOD, OC, ARMK, SCHW, JOSB, AAP, FDO, MNST

New Positions:

CDNS, MCD, RH, RL, TIBX, GPS, A, URBN, DRQ, SIG, ZLTQ, GLPI, AWI

Top Increases:

MHFI, PVH, TMUS

Top Decreases:

EQIX, FDX, ZBRA

Fund Background:

Ricky Sandler founded Eminence Capital in December of 1998 in New York City. Since inception it has achieved close to a 13%

net annual compounded return. Sandler's father worked for Goldman Sachs and operates his own hedge fund. Sandler

graduated from the University of Virginia and worked as a research analyst for Mark Asset Management. He founded Fusion

Partners in 1994, starting with $28 million and closed it in 1998 with $350 million.

Eminence Capital Total Value: $6,175,671,000 Positions: 63# Issue Symbol Value (X1000) Title of Class Percent


57 Laboratory Corp Amer Hldgs LH 42,122 Com New 0.68 -25.758 Dril-quip Inc DRQ 27,532 Com 0.45 New59 T-mobile Us Inc TMUS 19,785 Com 0.32 +172.360 Signet Jewelers Limited SIG 16,091 Shs 0.26 New61 Zeltiq Aesthetics Inc ZLTQ 14,570 Com 0.24 New62 Gaming & Leisure Pptys Inc GLPI 8,386 Com 0.14 New63 Armstrong World Inds Inc New AWI 7,552 Com 0.12 New

98 twitter @chensj

Sold Positions:

None

New Positions:

EBAY, CLD

Top Increases:

NBL, TTM, SNDK

Top Decreases:

FXI, EEM, C

Fund Background:

Jim Chanos started Kynikos Associates in 1985. It is the largest exclusive short selling investment firm. Chanos began his career

as an analyst with Paine Webber,Gilford Securites and Deutsche Bank.

Kynikos Associates Total Value: $307,883,000 Positions: 25# Issue Symbol Value (X1000) Title of Class Percent


1 Sandisk Corp SNDK 20,071 Com 6.52 +14.32 Eog Res Inc EOG 18,481 Com 6.00 +11.23 Vanguard Intl Equity Index F VGK 17,032 Ftse Europe Etf 5.53 -11.84 Noble Energy Inc NBL 16,115 Com 5.23 +16.75 Apple Inc AAPL 14,280 Com 4.64 -6.26 Spdr S&p Midcap 400 Etf Tr MDY 14,177 Utser1 S&pdcrp 4.60 -16.17 Morgan Stanley MS 13,765 Com New 4.47 -4.68 Citigroup Inc C 13,758 Com New 4.47 -27.99 Starbucks Corp SBUX 13,241 Com 4.30 -8.610 Spdr S&p 500 Etf Tr SPY 13,033 Tr Unit 4.23 -6.711 Mastercard Inc MA 12,433 Cl A 4.04 +1.412 Ishares IWM 12,339 Russell 2000 Etf 4.01 -21.613 Cognizant Technology Solutio CTSH 12,148 Cl A 3.95 -2.614 Electronic Arts Inc EA 11,025 Com 3.58 -10.815 Visa Inc V 10,937 Com Cl A 3.55 -18.716 Tata Mtrs Ltd TTM 10,524 Sponsored Adr 3.42 +16.517 Arch Coal Inc ACI 10,083 Com 3.27 -9.318 Workday Inc WDAY 10,077 Cl A 3.27 -8.519 Ishares EEM 10,070 Msci Emg Mkt Etf 3.27 -29.220 Ebay Inc EBAY 10,049 Com 3.26 New21 Huntington Ingalls Inds Inc HII 9,943 Com 3.23 -20.322 Schwab Charles Corp New SCHW 9,927 Com 3.22 -22.023 Cloud Peak Energy Inc CLD 8,920 Com 2.90 New24 Fireeye Inc FEYE 8,854 Com 2.88 +10.325 Ishares FXI 6,601 China Lg-cap Etf 2.14 -52.2

99 twitter @chensj

Senator Investment Group Total Value: $8,402,401,000 Positions: 56# Issue Symbol Value (X1000) Title of Class Percent


1 Intercontinentalexchange Gro ICE 346,202 Com 4.12 +119.92 Comcast Corp New CMCSA 300,240 Cl A 3.57 -11.13 Danaher Corp Del DHR 300,000 Com 3.57 +3.64 Air Prods & Chems Inc APD 297,600 Com 3.54 +6.55 Anheuser Busch Inbev Sa/nv BUD 289,575 Sponsored Adr 3.45 +20.96 Dollar Gen Corp New DG 277,400 Com 3.30 +84.07 Time Warner Cable Inc TWC 274,360 Com 3.27 New8 Williams Cos Inc Del WMB 263,770 Com 3.14 +36.89 Citigroup Inc C 261,800 Com New 3.12 +234.910 Actavis Plc ACT 257,312 Shs 3.06 -44.211 Tyco International Ltd TYC 245,920 Shs 2.93 +41.012 Delphi Automotive Plc DLPH 217,394 Shs 2.59 -6.113 Lowes Cos Inc LOW 211,492 Com 2.52 +326.814 Huntsman Corp HUN 195,360 Com 2.33 +22.215 Eqt Corp EQT 193,940 Com 2.31 New16 Hca Holdings Inc HCA 191,625 Com 2.28 New17 Metlife Inc MET 184,800 Com 2.20 -31.218 Jarden Corp JAH 179,490 Com 2.14 -19.819 Brookdale Sr Living Inc BKD 179,278 Com 2.13 New20 Centerpoint Energy Inc CNP 177,675 Com 2.11 New21 Grace W R & Co Del New GRA 173,548 Com 2.07 +30.022 American Tower Corp New AMT 163,740 Com 1.95 +57.823 Liberty Media Corp Delaware LMCA 163,412 Cl A 1.94 +11.724 Macquarie Infrastr Co Llc MIC 157,492 Membership Int 1.87 -19.125 Realogy Hldgs Corp RLGY 156,420 Com 1.86 -21.026 Pvh Corp PVH 149,724 Com 1.78 +.127 United Contl Hldgs Inc UAL 149,510 Com 1.78 +9.828 Twenty First Centy Fox Inc FOXA 143,865 Cl A 1.71 New29 Mckesson Corp MCK 141,256 Com 1.68 +59.130 Block H & R Inc HRB 140,384 Com 1.67 New31 Delta Air Lines Inc Del DAL 138,600 Com New 1.65 -8.332 Cheniere Energy Inc LNG 130,072 Com New 1.55 -13.833 Mondelez Intl Inc MDLZ 127,835 Cl A 1.52 +11.434 Starwood Ppty Tr Inc STWD 117,950 Com 1.40 -29.035 Halliburton Co HAL 117,780 Com 1.40 +3.136 Nxp Semiconductors N V NXPI 117,620 Com 1.40 New37 Perrigo Co Plc PRGO 108,262 Shs 1.29 New38 Agilent Technologies Inc A 106,248 Com 1.26 -69.039 Boeing Co BA 100,392 Com 1.19 -11.840 Charter Communications Inc D CHTR 92,400 Cl A New 1.10 -27.141 Gulfport Energy Corp GPOR 88,975 Com New 1.06 -29.542 Ulta Salon Cosmetcs & Frag I ULTA 82,824 Com 0.99 New43 Triumph Group Inc New TGI 82,340 Com 0.98 -43.044 Hubbell Inc HUBB 82,111 Cl B 0.98 New45 Baidu Inc BIDU 79,942 Spon Adr Rep A 0.95 New46 Trade Str Residential Inc TSRE 70,616 Com New 0.84 New47 Cadence Design System Inc CDNS 66,045 Com 0.79 New48 Taminco Corp TAM 63,030 Com 0.75 +4.049 Armstrong World Inds Inc New AWI 58,575 Com 0.70 New50 Dresser-rand Group Inc DRC 58,410 Com 0.70 New51 Ingersoll-rand Plc IR 51,516 Shs 0.61 -24.052 Bruker Corp BRKR 45,580 Com 0.54 +130.653 Phh Corp 10,104 Note 6.000% 6/1 0.12 -2.554 Diamond Resorts Intl Inc DRII 9,323 Com 0.11 -82.055 Essex Rent Corp ESSX 5,913 Com 0.07 -9.556 Healthcare Tr Amer Inc HTA 5,353 Cl A 0.06 New

100 twitter @chensj

Sold Positions:

SFXE, WAG, MSFT, CPRT, CVS, VOD, OC, PHH, ARCP, GOOG, GM, VLO, IP, SHPG, STZ, BIO, VAL, BAH, PAGP, PRGO,

ATNY, HTZ, THI

New Positions:

TWC, EQT, HCA, BKD, CNP, FOXA, HRB, NXPI, PRGO, ULTA, HUBB, BIDU, TSRE, CDNS, AWI, DRC, HTA

Top Increases:

LOW, C, BRKR

Top Decreases:

DRII, A, ACT

Fund Background:

Senator is an event driven fund that seeks to profit from events such as restructurings, mergers, and share sales. The Senator

Global Opportunity fund has returned 20 percent annually since inception. Senator has over $6 billion under management. In

Feburary 2014, Blackstone bought a minority stake in Senator.

101 twitter @chensj

Sold Positions:

None

New Positions:

None

Top Increases:

CECO, CBG

Top Decreases:

AVID, SEIC, ESI

Fund Background:

At 23, Richard Blum went to work at the San Francisco brokerage firm Sutro & Co., where he became a partner before age 30.

While still at Sutro, Blum proved that he had an eye for fixer-upper properties when he led a partnership that acquired the struggling

Ringling Bros. and Barnum & Bailey Circus for $8 million -- then sold it to Mattel Inc. four years later for $40 million. Blum struck

out on his own in 1975, forming what is now called Blum Capital Partners. Blum is married to Senator Dianne Feinstein.

Blum Capital Partners Total Value: $622,700,000 Positions: 6# Issue Symbol Value (X1000) Title of Class Percent


1 Cbre Group, Inc. CBG 412,661 Com 66.27 +4.32 Itt Educational Services Inc. ESI 59,709 Com 9.59 -22.63 Career Education Corp. CECO 49,236 Com 7.91 +30.94 Avid Technology Inc. AVID 43,473 Com 6.98 -25.25 Moneygram International Inc. MGI 34,302 Com 5.51 -15.16 Sei Investments Company SEIC 23,319 Com 3.74 -24.9

102 twitter @chensj

Sold Positions:

ARG, HLF, LPX, CCK, SCTY, VOD, EQIX, BUD, TMO, CRI, RLGY, ENDP, KORS, YNDX, DG

New Positions:

SUNE, CTXS, ENDP, NRF, GMCR, MU, CX, SWI, P, JCP, FRX

Top Increases:

WAG, BIDU, DSW

Top Decreases:

AWI, MNST, VRX

Fund Background:

Former Tiger Management analyst John Lykouretzos started Hoplite in 2003. He previously worked for Viking Global from 1999 to

2003, serving as an industrials analyst and financial services analyst and portfolio manager.

Hoplite Capital Management Total Value: $3,624,992,000 Positions: 35# Issue Symbol Value (X1000) Title of Class Percent


1 Sunedison Inc SUNE 301,637 Com 8.32 New2 Actavis Plc ACT 181,886 Shs 5.02 -25.73 Block H & R Inc HRB 171,330 Com 4.73 -12.94 Lowes Cos Inc LOW 149,580 Com 4.13 -16.75 Mohawk Inds Inc MHK 144,459 Com 3.99 +6.56 Citrix Sys Inc CTXS 141,725 Com 3.91 New7 Walgreen Co WAG 141,400 Com 3.90 +141.98 Zynga Inc ZNGA 139,734 Cl A 3.85 +75.99 Kar Auction Svcs Inc KAR 138,489 Com 3.82 +2.710 Pitney Bowes Inc PBI 122,503 Com 3.38 +31.211 Baidu Inc BIDU 120,476 Spon Adr Rep A 3.32 +87.812 Endo Intl Plc ENDP 118,632 Shs 3.27 New13 Dsw Inc DSW 117,371 Cl A 3.24 +83.414 Northstar Rlty Fin Corp NRF 116,633 Com 3.22 New15 Valeant Pharmaceuticals Intl VRX 115,035 Com 3.17 -29.516 Keurig Green Mtn Inc GMCR 106,161 Com 2.93 New17 Jazz Pharmaceuticals Plc JAZZ 104,434 Shs Usd 2.88 -23.918 Micron Technology Inc MU 101,712 Com 2.81 New19 Cemex Sab De Cv CX 97,468 Spon Adr New 2.69 New20 Autodesk Inc ADSK 94,427 Com 2.60 +20.021 Dollar Tree Inc DLTR 92,690 Com 2.56 +6.422 Lauder Estee Cos Inc EL 87,681 Cl A 2.42 -15.223 Solarwinds Inc SWI 87,633 Com 2.42 New24 Seaworld Entmt Inc SEAS 84,891 Com 2.34 +5.125 Adobe Sys Inc ADBE 79,724 Com 2.20 -17.926 Eagle Materials Inc EXP 76,362 Com 2.11 -2.627 Pandora Media Inc P 64,377 Com 1.78 New28 Penney J C Inc JCP 63,050 Com 1.74 New29 Monster Beverage Corp MNST 59,033 Com 1.63 -62.930 Forest Labs Inc FRX 55,937 Com 1.54 New31 Fortinet Inc FTNT 52,949 Com 1.46 -13.632 Interxion Holding N.v INXN 47,513 Shs 1.31 +1.633 Danaher Corp Del DHR 46,484 Com 1.28 -2.834 Armstrong World Inds Inc New AWI 1,203 Com 0.03 -98.335 Berkshire Hathaway Inc Del BRKA 375 Cl A 0.01 +5.3

103 twitter @chensj

Sold Positions:

EMN

New Positions:

FXI, EEM, ECA, CHK, FCX, CLD, OXY, NVGS

Top Increases:

TSO, SBGL, COG

Top Decreases:

CF, GPK, MPC

Fund Background:

Bocage Capital was founded by Kurt Billick in 2010 and is based in San Francisco. Billick is a former employee of Bruce Covner's

Caxton Associates.

Bocage Capital Total Value: $259,574,000 Positions: 18# Issue Symbol Value (X1000) Title of Class Percent


1 Ishares FXI 21,468 China Lg-cap Etf 8.27 New2 Ishares EEM 20,495 Msci Emg Mkt Etf 7.90 New3 Cf Inds Hldgs Inc CF 19,794 Com 7.63 -36.44 Marathon Pete Corp MPC 19,744 Com 7.61 -23.75 Tesoro Corp TSO 18,898 Com 7.28 +127.26 Sibanye Gold Ltd SBGL 18,767 Sponsored Adr 7.23 +86.97 Cabot Oil & Gas Corp COG 18,678 Com 7.20 +70.08 Encana Corp ECA 18,601 Com 7.17 New9 Rock-tenn Co RKT 17,996 Cl A 6.93 +41.710 Chesapeake Energy Corp CHK 17,165 Com 6.61 New11 Freeport-mcmoran Copper & Go FCX 15,980 Com 6.16 New12 Nrg Energy Inc NRG 13,609 Com New 5.24 +60.613 Lyondellbasell Industries N LYB 12,827 Shs - A - 4.94 -21.714 Cloud Peak Energy Inc CLD 8,458 Com 3.26 New15 Gran Tierra Energy Inc GTE 6,701 Com 2.58 -23.316 Occidental Pete Corp Del OXY 3,823 Com 1.47 New17 Navigator Holdings Ltd NVGS 3,419 Shs 1.32 New18 Graphic Packaging Hldg Co GPK 3,151 Com 1.21 -29.4

104 twitter @chensj

Sold Positions:

None

New Positions:

None

Top Increases:

CCE, FOXA, V

Top Decreases:

ONE, EGL

Fund Background:

Vinit Bodas was a co-founder of Deccan Value Advisors, which closed in 2009. Bodas founded Deccan Value Investors in 2010

and is known for having a concentrated portfolio.

Deccan Value Investors Total Value: $343,963,000 Positions: 7# Issue Symbol Value (X1000) Title of Class Percent


1 Twenty First Centy Fox Inc FOXA 73,624 Cl A 21.40 +10.42 Coca Cola Enterprises Inc Ne CCE 49,713 Com 14.45 +22.93 Tyco International Ltd TYC 49,205 Shs 14.31 +9.54 Cst Brands Inc CST 47,857 Com 13.91 +4.15 Engility Hldgs Inc EGL 47,796 Com 13.90 -6.36 Visa Inc V 47,101 Com Cl A 13.69 +10.17 Higher One Hldgs Inc ONE 28,667 Com 8.33 -18.9

105 twitter @chensj

Sold Positions:

GLPI, STRZA, AIG, AAMC, PENN, STWD, KMI, RESI, TWX, CNX, LYB, THI

New Positions:

CHTR, PEP, SWAY, TWC, MCD, BAX, FOX, CHH

Top Increases:

WYN, MCK, AAL

Top Decreases:

KMIWS, OAK, GM

Fund Background:

Locust Wood Capital Advisers Total Value: $614,936,000 Positions: 43# Issue Symbol Value (X1000) Title of Class Percent


1 Northstar Rlty Fin Corp NRF 38,926 Com 6.33 +137.22 Hess Corp HES 37,839 Com 6.15 +23.53 Liberty Interactive Corp LINTA 34,388 Int Com Ser A 5.59 -3.24 Wyndham Worldwide Corp WYN 27,667 Com 4.50 +1062.55 Jpmorgan Chase & Co JPM 25,251 Com 4.11 -1.46 Thermo Fisher Scientific Inc TMO 24,552 Com 3.99 -6.57 Microsoft Corp MSFT 23,896 Com 3.89 +26.48 Macquarie Infrastr Co Llc MIC 23,811 Membership Int 3.87 +24.49 Howard Hughes Corp HHC 23,753 Com 3.86 -31.610 Charter Communications Inc D CHTR 22,386 Cl A New 3.64 New11 Davita Healthcare Partners I DVA 21,026 Com 3.42 +34.712 Apple Inc AAPL 20,137 Com 3.27 -35.813 American Intl Group Inc AIGWS 19,547 *w Exp 01/19/202 3.18 +26.214 Pepsico Inc PEP 19,271 Com 3.13 New15 Eastman Chem Co EMN 19,005 Com 3.09 -15.316 Berkshire Hathaway Inc Del BRKB 18,079 Cl B New 2.94 +27.217 Comcast Corp New CMCSA 16,903 Cl A 2.75 -48.618 Morgan Stanley MS 16,512 Com New 2.69 -22.519 American Airls Group Inc AAL 15,705 Com 2.55 +253.020 Berkshire Hathaway Inc Del BRKA 15,550 Cl A 2.53 +5.321 Agilent Technologies Inc A 15,287 Com 2.49 +60.022 Mckesson Corp MCK 15,130 Com 2.46 +333.823 Starwood Waypoint Residentl SWAY 14,309 Com Shs 2.33 New24 Allison Transmission Hldgs I ALSN 13,968 Com 2.27 +64.925 Grace W R & Co Del New GRA 13,543 Com 2.20 -.726 General Mtrs Co GM 11,094 Com 1.80 -50.827 Time Warner Cable Inc TWC 7,339 Com 1.19 New28 Twenty First Centy Fox Inc FOXA 6,370 Cl A 1.04 -39.829 Mcdonalds Corp MCD 6,295 Com 1.02 New30 Yahoo Inc YHOO 5,760 Com 0.94 -24.031 Liberty Media Corp Delaware LMCA 5,638 Cl A 0.92 -45.232 Kapstone Paper & Packaging C KS 5,443 Com 0.89 +3.933 Johnson & Johnson JNJ 5,276 Com 0.86 -28.834 Baxter Intl Inc BAX 4,724 Com 0.77 New35 Kkr & Co L P Del KKR 4,689 Com Units 0.76 -21.636 Twenty First Centy Fox Inc FOX 4,119 Cl B 0.67 New37 Travelers Companies Inc TRV 3,645 Com 0.59 -25.938 Star Gas Partners L P SGU 3,169 Unit Ltd Partnr 0.52 +9.139 Exxon Mobil Corp XOM 1,892 Com 0.31 -3.640 Wells Fargo & Co New WFCWS 1,019 *w Exp 10/28/201 0.17 +17.141 Choice Hotels Intl Inc CHH 920 Com 0.15 New42 Kinder Morgan Inc Del KMIWS 657 *w Exp 05/25/201 0.11 -74.443 Oaktree Cap Group Llc OAK 446 Unit 99/99/9999 0.07 -67.8

106 twitter @chensj

Stephen John Errico founded Locust Wood Capital Advisers. Prior to this, he was an Advisor at Morgan Stanley on an asset base

of several hundred million. Errico has also worked as an Advisor at Lehman, Paine Webber. He is a graduate from Colgate

University.

107 twitter @chensj

Sold Positions:

HPOL, DRCO, TZOO, AFH

New Positions:

TZOO, CRAI, EGAN

Top Increases:

DVCR, AVHI, VITC

Top Decreases:

PTNT, MSO, ZIPR

Fund Background:

John Lewis founded Osmium Partners in 2002. His career in investing began as an Analyst at the Heartland Funds, a multi-billion

dollar mutual fund family specializing in fundamental value investing in small cap companies. During his years at Heartland, Lewis

covered nine different market sectors. Lewis holds a B.A. from the University of Maryland and an M.B.A. from the University of San

Francisco.

Osmium Partners Total Value: $155,491,000 Positions: 20# Issue Symbol Value (X1000) Title of Class Percent


1 Rosetta Stone Inc RST 24,841 Com 15.98 +5.12 Vitacost.com Inc VITC 19,547 Com 12.57 +22.63 Spark Networks Inc LOV 17,655 Com 11.35 -20.94 Tucows Inc-class A TCX 13,636 Com New 8.77 -7.65 Travelzoo Inc TZOO 11,690 Com New 7.52 New6 Eplus Inc PLUS 11,474 Com 7.38 -20.17 Franklin Covey Co FC 11,128 Com 7.16 -25.98 Av Homes Inc AVHI 9,983 Com 6.42 +78.89 Ziprealty Inc ZIPR 9,687 Com 6.23 -41.410 Intersections Inc INTX 8,894 Com 5.72 -2.511 Exa Corp EXA 5,787 Com 3.72 -11.912 Amrep Corp AXR 4,175 Com 2.69 -10.413 Image Sensing Systems Inc ISNS 1,512 Com 0.97 -36.514 Martha Stewart Living-a MSO 1,388 Cl A 0.89 -66.815 Diversicare Healthcare Servi DVCR 1,164 Com 0.75 +263.816 Onvia Inc ONVI 1,110 Com New 0.71 -34.317 Cra International Inc CRAI 946 Com 0.61 New18 Hooper Holmes Inc HH 863 Com 0.56 +11.419 Internet Patents Corp PTNT 8 Com 0.01 -99.820 Egain Corp EGAN 4 Com New 0.00 New

108 twitter @chensj

Sold Positions:

TSM, CEF, WYNN, IPWR

New Positions:

UNXL, VZ, RIO, NRX

Top Increases:

None

Top Decreases:

MBT, UMC, BBL

Fund Background:

Chris Kuchanny is the CEO of Revelation. Revelation is a global event-driven fund.

Revelation Capital Management Total Value: $13,079,000 Positions: 8# Issue Symbol Value (X1000) Title of Class Percent


1 United Microelectronics Corp UMC 3,425 Spon Adr New 26.19 -53.72 Uni Pixel Inc UNXL 3,164 Com New 24.19 New3 Verizon Communications Inc VZ 1,665 Com 12.73 New4 Bhp Billiton Plc BBL 1,623 Sponsored Adr 12.41 -53.25 Rio Tinto Plc RIO 1,016 Sponsored Adr 7.77 New6 Nephrogenex Inc NRX 792 Com 6.06 New7 Mobile Telesystems Ojsc MBT 760 Sponsored Adr 5.81 -78.18 Imprimis Pharmaceuticals Inc IMMY 634 Com New 4.85 -6.2

109 twitter @chensj

Sold Positions:

XPO, INWK, RBA

New Positions:

Y, CPRT

Top Increases:

CHRW, IBM, DFZ

Top Decreases:

DSWL, BAC, VPRT

Fund Background:

Allan Mecham is the founder of Arlington Value Capital. He was profiled in Smart Money as the "400% Man".

http://www.marketwatch.com/story/the-400-man-1328818316857#printMode

Arlington Value Capital Total Value: $389,109,000 Positions: 11# Issue Symbol Value (X1000) Title of Class Percent


1 Berkshire Hathaway Inc Cl B BRKB 125,085 Cl B New 32.15 +8.22 Vistaprint Nv VPRT 60,134 Shs 15.45 -.63 Bank Of America Corp BAC 58,667 Com 15.08 -2.74 C.h. Robinson Worldwide Inc CHRW 45,812 Com New 11.77 +85.95 Alleghany Corp Y 29,909 Com 7.69 New6 Intl Business Machines Corp IBM 28,979 Com 7.45 +20.27 Berkshire Hathaway Inc Cl A BRKA 25,667 Cl A 6.60 +3.18 Copart Inc CPRT 6,585 Com 1.69 New9 Barry (r.g.) DFZ 4,034 Com 1.04 +18.210 Leucadia National Corp LUK 4,028 Com 1.04 +16.011 Deswell Industries Inc DSWL 209 Com 0.05 -7.5

110 twitter @chensj

Sold Positions:

PTEN, JNY

New Positions:

JNY

Top Increases:

REGI, SVU, HA

Top Decreases:

ABFS, PBF, DVR

Fund Background:

Towle & Co. is a deep-value fund started by J. Ellwood (Woody) Towle in 1981. Profile: http://www.towleco.com/about-

overview.html

Towle and Co Total Value: $527,790,000 Positions: 34# Issue Symbol Value (X1000) Title of Class Percent


1 Hawaiian Holdings Inc HA 29,654 Com 5.62 +44.62 Goodyear Tire & Rubber Co GT 27,021 Com 5.12 +8.43 Atlas Air Worldwide Holdings I AAWW 25,765 Com 4.88 +22.24 Valero Energy Corp VLO 23,800 Com 4.51 +5.15 Unisys Corporation UIS 22,773 Com 4.31 -10.16 Meritor Inc MTOR 22,591 Com 4.28 -9.57 Tesoro Corporation TSO 20,134 Com 3.81 -14.48 Flextronics International Ltd FLEX 18,921 Com 3.58 +18.39 General Cable Corporation BGC 18,458 Com 3.50 +2.410 Ingram Micro Inc IM 18,231 Com 3.45 +25.711 Aegean Marine Petroleum Inc ANW 18,095 Com 3.43 -13.012 Chiquita Brands Intl Inc CQB 17,729 Com 3.36 +5.813 Peabody Energy Corporation BTU 17,415 Com 3.30 -1.814 Sanmina Corporation SANM 17,094 Com 3.24 +4.015 Cloud Peak Energy Inc CLD 16,938 Com 3.21 +17.116 Swift Energy Co SFY 16,717 Com 3.17 +20.117 Cna Financial Corp CNA 16,343 Com 3.10 -1.318 Phh Corporation PHH 16,311 Com 3.09 -14.719 Arkansas Best Corp ABFS 16,297 Com 3.09 -27.120 Titan Machinery Inc TITN 15,968 Com 3.03 -11.821 Air Transport Services Group I ATSG 15,027 Com 2.85 -3.222 Argo Group Intl Holdings Ltd AGII 13,779 Com 2.61 -1.723 Pbf Energy Inc PBF 13,649 Com 2.59 -18.024 Commercial Vehicle Group Inc CVGI 12,196 Com 2.31 +25.225 The Hanover Insurance Group In THG 11,656 Com 2.21 +2.726 Navistar Intl Corp NAV 11,351 Com 2.15 -11.127 Renewable Energy Group Inc REGI 9,847 Com 1.87 +175.128 Jones Group Inc JNY 9,666 Com 1.83 New29 Cal Dive International Inc DVR 9,648 Com 1.83 -15.330 Supervalu Inc SVU 9,502 Com 1.80 +92.231 Steel Dynamics Inc STLD 7,448 Com 1.41 -9.132 Star Bulk Carriers Corp SBLK 4,322 Com 0.82 +5.433 Ameriserv Financial Inc ASRV 2,623 Com 0.50 +24.534 Virco Mfg Corp VIRC 821 Com 0.16 -4.9

111 twitter @chensj

Sold Positions:

MSI, USB, VVUS, GHC

New Positions:

DISCA, Cbs Outdoor Americas Inc. Cmn - Common Stock, V

Top Increases:

MSFT, DG, WSH

Top Decreases:

MA, CAB, KKD

Fund Background:

Patrick Wolff runs Grandmaster Capital, which is based in SF and manges over $230 million. Wolff is a two time US Chess

champion. Barrons profile: http://online.barrons.com/news/articles/SB50001424053111904148504579409064275126346

Grandmaster Capital Management Total Value: $230,947,000 Positions: 19# Issue Symbol Value (X1000) Title of Class Percent


1 Wells Fargo & Co (new) Cmn WFC 22,542 Common Stock 9.76 +8.72 Microsoft Corporation Cmn MSFT 21,020 Common Stock 9.10 +118.33 American Express Co. Cmn AXP 20,410 Common Stock 8.84 -7.34 The Howard Hughes Corp Cmn HHC 20,176 Common Stock 8.74 -3.25 N V R Inc Cmn NVR 16,528 Common Stock 7.16 +18.36 Cbs Corporation Cmn Class B CBS 16,489 Common Stock 7.14 -1.07 Marriott International, Inc. Cmn Class A MAR 16,137 Common Stock 6.99 +2.98 Twenty-first Century Fox, Inc. Cmn

Class AFOXA 14,435 Common Stock 6.25 +2.2

9 Dollar General Corporation Cmn DG 12,512 Common Stock 5.42 +52.510 Intuit Inc Cmn INTU 11,973 Common Stock 5.18 +1.111 Discovery Communications, Inc. Cmn

Series ADISCA 11,626 Common Stock 5.03 New

12 Kraft Foods Group, Inc. Cmn KRFT 11,314 Common Stock 4.90 +3.313 Sirius Xm Holdings Inc Cmn SIRI 10,402 Common Stock 4.50 +7.714 Willis Group Holdings Plc Cmn WSH 9,929 Common Stock 4.30 +36.915 Cabela's Incorporated Cmn Class A CAB 5,096 Common Stock 2.21 -47.116 Cbs Outdoor Americas Inc. Cmn 3,655 Common Stock 1.58 New17 Visa Inc. Cmn Class A V 3,203 Common Stock 1.39 New18 Mastercard Incorporated Cmn Class A MA 3,133 Common Stock 1.36 -49.619 Krispy Kreme Doughnuts Inc Cmn KKD 367 Common Stock 0.16 -8.9

112 twitter @chensj

Sold Positions:

NFG, NE, MS, GDP, QCOM, BID, WU, LEA, THI

New Positions:

ALLE, JCI, NXPI, MU, AAL, AMZN, LNN, GOGO, AMBA

Top Increases:

TWC, MR, BERY

Valinor Management Total Value: $3,258,887,000 Positions: 47# Issue Symbol Value (X1000) Title of Class Percent


1 Fleetcor Technologies Inc FLT 210,025 Com 6.44 +20.02 Popular Inc BPOP 152,493 Com New 4.68 -6.63 Cheniere Energy Inc LNG 147,294 Com New 4.52 +.24 Hertz Global Holdings Inc HTZ 138,040 Com 4.24 -21.75 Autodesk Inc ADSK 128,001 Com 3.93 +8.46 Pentair Ltd PNR 121,500 Shs 3.73 -14.07 Owens Corning New OC 118,848 Com 3.65 -15.58 Check Point Software Tech Lt CHKP 114,649 Ord 3.52 +17.29 Allegion Pub Ltd Co ALLE 110,344 Ord Shs 3.39 New10 Liberty Global Plc LBTYK 107,617 Shs Cl C 3.30 -2.111 Johnson Ctls Inc JCI 107,340 Com 3.29 New12 Nxp Semiconductors N V NXPI 104,621 Com 3.21 New13 Wyndham Worldwide Corp WYN 100,866 Com 3.10 -11.614 Realogy Hldgs Corp RLGY 93,615 Com 2.87 +9.015 Apple Inc AAPL 92,555 Com 2.84 +13.616 Charter Communications Inc D CHTR 88,355 Cl A New 2.71 +7.317 Micron Technology Inc MU 86,898 Com 2.67 New18 Ericsson ERIC 74,014 Adr B Sek 10 2.27 -12.919 American Airls Group Inc AAL 70,839 Com 2.17 New20 Istar Finl Inc STAR 70,662 Com 2.17 -6.221 China Mobile Limited CHL 70,023 Sponsored Adr 2.15 -9.222 Thermo Fisher Scientific Inc TMO 67,390 Com 2.07 +10.223 Berry Plastics Group Inc BERY 66,455 Com 2.04 +262.324 Kar Auction Svcs Inc KAR 64,407 Com 1.98 +3.425 Google Inc GOOG 64,156 Cl A 1.97 +78.526 Signet Jewelers Limited SIG 62,329 Shs 1.91 -5.327 Madison Square Garden Co MSG 62,207 Cl A 1.91 -9.628 Delphi Automotive Plc DLPH 61,929 Shs 1.90 -34.929 American Intl Group Inc AIG 59,768 Com New 1.83 +.930 Cott Corp Que COT 59,642 Com 1.83 +5.131 Chemtura Corp CHMT 58,858 Com New 1.81 +41.032 Amazon Com Inc AMZN 55,496 Com 1.70 New33 Mens Wearhouse Inc MW 54,538 Com 1.67 -16.334 Time Warner Cable Inc TWC 38,686 Com 1.19 +2755.135 Deluxe Corp DLX 38,644 Com 1.19 +.536 Mondelez Intl Inc MDLZ 29,812 Cl A 0.91 -18.937 Canadian Pac Ry Ltd CP 17,776 Com 0.55 -18.738 Lindsay Corp LNN 15,725 Com 0.48 New39 Ipg Photonics Corp IPGP 14,366 Com 0.44 -8.440 Sturm Ruger & Co Inc RGR 12,106 Com 0.37 +122.741 Mindray Medical Intl Ltd MR 9,385 Spon Adr 0.29 +1014.642 Gogo Inc GOGO 9,096 Com 0.28 New43 Gamestop Corp New GME 8,881 Cl A 0.27 -77.044 Bio-reference Labs Inc BRLI 7,397 Com $.01 New 0.23 -10.245 Delia's Inc New DLIA 5,520 Com 0.17 -4.546 Ambarella Inc AMBA 3,339 Shs 0.10 New47 Hillshire Brands Co HSH 2,380 Com 0.07 -90.7

113 twitter @chensj

Top Decreases:

HSH, GME, DLPH

Fund Background:

David Gallo is the Founder at Valinor Management. Prior to this, he was a Partner and Senior Analyst at Bridger Capital, where he

was responsible for long and short public equity investments and private equity and debt investments. From 2000 to 2002, Mr.

Gallo was a Vice President at Francisco Partners Management.

114 twitter @chensj

Sold Positions:

None

New Positions:

VMI

Top Increases:

VRSN, CDW, CVA

Top Decreases:

CPLA, IRM, CXW

Fund Background:

Thomas Bancroft is the managing partner at Makaira Partners. He was previously a Portfolio Manager at GEICO, a division of

Berkshire Hathaway. His investment style is described as being similar to Lou Simpson, who he worked with for 13 years at

GEICO.

Makaira Partners Total Value: $558,033,000 Positions: 10# Issue Symbol Value (X1000) Title of Class Percent


1 Wesco Aircraft Hldg Inc WAIR 97,895 Com 17.54 +.42 Cdw Corp CDW 90,963 Com 16.30 +17.53 Liberty Interactive Corp LINTA 83,959 Int Com Ser A 15.05 -1.64 Covanta Holding Corp CVA 60,747 Com 10.89 +2.05 Verisign Inc VRSN 59,778 Com 10.71 +23.66 Iron Mtn Inc IRM 55,541 Com 9.95 -9.27 Corrections Corp CXW 40,673 Com New 7.29 -2.38 Capella Education Co CPLA 29,987 Com 5.37 -33.99 Time Warner Cable Inc TWC 23,606 Com 4.23 +1.210 Valmont Industries Inc VMI 14,884 Com 2.67 New

115 twitter @chensj

Sold Positions:

JACQU, HMTV, SSI

New Positions:

AYR, CAR, GPK, JACQW

Top Increases:

APC, WNC, SXC

Top Decreases:

CLUB, MU, KS

Fund Background:

Richard Rubin is the Managing Member at Hawkeye Capital Management. He founded the firm in 1999. Previously, Mr. Rubin

served as a Principal at MHR Advisors LLC from January 1997 to July 1998. He has been a Director of Arch Wireless and a

Director of Signature Group Holdings. He graduated with a degree in Economics and a B.A. in Accounting in 1986 from Brooklyn

College.

Hawkeye Capital Management Total Value: $356,912,000 Positions: 13# Issue Symbol Value (X1000) Title of Class Percent


1 Kapstone Paper & Packaging C KS 62,287 Com 17.45 -5.72 Bp Plc BP 55,796 Sponsored Adr 15.63 -1.03 Cf Inds Hldgs Inc CF 48,218 Com 13.51 +11.84 Micron Technology Inc MU 44,362 Com 12.43 -19.35 Suncoke Energy Inc SXC 41,288 Com 11.57 +16.26 Aircastle Ltd AYR 29,135 Com 8.16 New7 Anadarko Pete Corp APC 21,191 Com 5.94 +50.98 Avis Budget Group CAR 17,859 Com 5.00 New9 Wabash Natl Corp WNC 17,734 Com 4.97 +24.010 Graphic Packaging Hldg Co GPK 8,497 Com 2.38 New11 Semgroup Corp SEMG 6,027 Cl A 1.69 +.712 Town Sports Intl Hldgs Inc CLUB 4,410 Com 1.24 -42.513 Collabrium Japan Acquisitn C JACQW 108 *w Exp 99/99/999 0.03 New

116 twitter @chensj

Sold Positions:

SSI, VC, Spdr S&p 500 Etf Tr - CALL, AMBCW, VG, DLPH, CM, SXC, NWSA

New Positions:

NPO, AAL, NTK, LEE, AALCP, SFM, NEWM

Top Increases:

MIG, DAL, Genco Shipping & Trading Ltd - NOTE 5.000% 8/1

Top Decreases:

IWM, GMWSB, DOOR

Fund Background:

Silver Point Capital is a registered investment adviser focused on credit and special situations investments. The firm is based in

Greenwich, CT and was founded in 2002 by Edward A. Mulé and Robert J. O'Shea.

Silver Point Total Value: $1,153,019,000 Positions: 30# Issue Symbol Value (X1000) Title of Class Percent


1 American Intl Group Inc AIG 360,118 Com New 31.23 -3.92 Cooper Std Hldgs Inc CPS 333,125 Com 28.89 +43.93 E Trade Financial Corp ETFC 58,701 Com New 5.09 -3.64 Houghton Mifflin Harcourt Co HMHC 58,352 Com 5.06 +19.95 Masonite Intl Corp New DOOR 40,299 Com 3.50 -18.06 General Mtrs Co GM 31,357 Com 2.72 -15.87 Enpro Inds Inc NPO 29,431 Com 2.55 New8 American Airls Group Inc AAL 28,773 Com 2.50 New9 American Intl Group Inc AIGWS 22,634 *w Exp 01/19/202 1.96 +1.010 Standard Register Co SR 16,519 Com 1.43 +17.311 Delta Air Lines Inc Del DAL 15,593 Com New 1.35 +62.212 Citigroup Inc C 15,018 Com New 1.30 -8.713 Nortek Inc NTK 14,416 Com New 1.25 New14 Jpmorgan Chase & Co JPMWS 12,896 *w Exp 10/28/201 1.12 +4.815 Jpmorgan Chase & Co JPM 12,142 Com 1.05 +3.816 Bank Of America Corporation BAC 11,610 Com 1.01 +35.617 Lee Enterprises Inc LEE 11,004 Com 0.95 New18 Meadowbrook Ins Group Inc MIG 10,607 Com 0.92 +100.519 American Airls Group Inc AALCP 9,746 Pfd A Mand Cv 0.85 New20 Capital One Finl Corp COFWS 8,845 *w Exp 11/14/201 0.77 -.221 Gray Television Inc GTN 7,570 Com 0.66 -3.122 General Mtrs Co GMWSB 7,421 *w Exp 07/10/201 0.64 -24.523 Sprouts Fmrs Mkt Inc SFM 7,206 Com 0.62 New24 Dana Hldg Corp DAN 6,612 Com 0.57 +19.225 Ishares IWM 5,817 Russell 2000 Etf 0.50 -56.126 Dex Media Inc New DXM 5,318 Com 0.46 +35.727 Genco Shipping & Trading Ltd 4,676 Note 5.000% 8/1 0.41 +60.028 Wci Cmntys Inc WCIC 4,167 Com Par $0.01 0.36 +3.529 New Media Invt Group Inc NEWM 2,972 Com 0.26 New30 Blackrock Debt Strat Fd Inc DSU 74 Com 0.01 +2.8

117 twitter @chensj

Sold Positions:

KAR, HIMX, MA, FNP, SIRI

New Positions:

KATE, LNKD, NFLX, TMUS, SFUN, WDAY, NOW, ENDP, SPLK, INCY, THRX, ALKS

Top Increases:

LBTYK, LBTYA, CHTR

Top Decreases:

QIHU, PCLN, LVNTA

Fund Background:

Miura Global Management was founded by Pasco Alfaro and Richard Tumure in 2004. Alfaro previously worked at Tiger

Management.

Miura Global Management Total Value: $1,049,428,000 Positions: 31# Issue Symbol Value (X1000) Title of Class Percent


1 Kate Spade & Co KATE 148,360 Com 14.14 New2 Restoration Hardware Hldgs I RH 126,884 Com 12.09 +16.93 Vipshop Hldgs Ltd VIPS 67,932 Sponsored Adr 6.47 -18.04 Fleetcor Technologies Inc FLT 67,334 Com 6.42 -6.65 Charter Communications Inc D CHTR 61,600 Cl A New 5.87 +23.46 Liberty Global Plc LBTYK 55,569 Shs Cl C 5.30 +33.17 Twenty First Centy Fox Inc FOXA 54,509 Cl A 5.19 -22.58 Linkedin Corp LNKD 48,084 Com Cl A 4.58 New9 Liberty Global Plc LBTYA 47,216 Shs Cl A 4.50 +26.310 Liberty Media Corp Delaware LMCA 40,919 Cl A 3.90 -3.511 Liberty Interactive Corp LVNTA 39,099 Lbt Vent Com A 3.73 -25.812 Facebook Inc FB 32,228 Cl A 3.07 -9.313 Netflix Inc NFLX 29,923 Com 2.85 New14 Solarcity Corp SCTY 29,745 Com 2.83 +10.215 Priceline Com Inc PCLN 28,009 Com New 2.67 -26.316 Qihoo 360 Technology Co Ltd QIHU 20,912 Ads 1.99 -31.117 T-mobile Us Inc TMUS 20,644 Com 1.97 New18 Soufun Hldgs Ltd SFUN 20,526 Adr 1.96 New19 Six Flags Entmt Corp New SIX 19,674 Com 1.87 -2.820 Workday Inc WDAY 17,372 Cl A 1.66 New21 Servicenow Inc NOW 14,980 Com 1.43 New22 Endo Intl Plc ENDP 12,357 Shs 1.18 New23 Splunk Inc SPLK 10,724 Com 1.02 New24 Shire Plc SHPG 8,021 Sponsored Adr 0.76 +18.325 Incyte Corp INCY 6,958 Com 0.66 New26 Theravance Inc THRX 5,569 Com 0.53 New27 Alkermes Plc ALKS 5,291 Shs 0.50 New28 Frontier Communications Corp FTR 4,701 Com 0.45 +22.729 Quad / Graphics Inc QUAD 1,806 Com Cl A 0.17 -13.930 Radioshack Corp RSH 1,590 Com 0.15 -18.531 Outerwall Inc OUTR 892 Com 0.08 +7.9

118 twitter @chensj

Sold Positions:

PM, C, JCP, MO, FOXA, HES, MS, TWTR

New Positions:

GILD, TDG, MA, GME

Top Increases:

MPEL, AAL, LNG

Top Decreases:

AIG, SPY, EOX

Fund Background:

David Gerstenhaber is the hedge fund manager for Argonaut Capital. Gerstenhaber was one of the earliest Tiger Cubs.

Gerstenhaber is an economist and follows a global macro investing approach.

Argonaut Capital Management Total Value: $147,605,000 Positions: 18# Issue Symbol Value (X1000) Title of Class Percent


1 Spdr S&p 500 Etf Tr SPY 126,998 Tr Unit 86.04 -28.02 Delta Air Lines Inc Del DAL 2,495 Com New 1.69 +26.13 Melco Crown Entmt Ltd MPEL 1,933 Adr 1.31 +64.24 Blackstone Group L P BX 1,762 Com Unit Ltd 1.19 +5.55 Apple Inc AAPL 1,633 Com 1.11 -4.36 American Airls Group Inc AAL 1,464 Com 0.99 +45.07 United Rentals Inc URI 1,424 Com 0.96 +21.78 Cheniere Energy Inc LNG 1,219 Com New 0.83 +28.79 Google Inc GOOG 1,115 Cl A 0.76 -.510 Priceline Com Inc PCLN 1,073 Com New 0.73 +2.611 Gilead Sciences Inc GILD 992 Com 0.67 New12 Magnum Hunter Res Corp Del MHR 962 Com 0.65 +16.313 Jpmorgan Chase & Co JPM 935 Com 0.63 +3.814 Transdigm Group Inc TDG 926 Com 0.63 New15 Mastercard Inc MA 896 Cl A 0.61 New16 Emerald Oil Inc EOX 709 Com New 0.48 -12.117 American Intl Group Inc AIG 658 Com New 0.45 -34.618 Gamestop Corp New GME 411 Cl A 0.28 New

119 twitter @chensj

Sold Positions:

GRA, MEG, KAR, VIPS

New Positions:

NXST

Top Increases:

SSP, VC, DDD

Top Decreases:

GNC, Evryware Global Inc, AXL

Fund Background:

Manish Chopra founded Tiger Veda in 2006. He previously worked for Tiger Management.

Tiger Veda Management Total Value: $293,017,000 Positions: 18# Issue Symbol Value (X1000) Title of Class Percent


1 Visteon Corp VC 47,533 Com New 16.22 +64.12 Royal Caribbean Cruises Ltd RCL 28,688 Com 9.79 +6.53 Air Lease Corp AL 28,040 Cl A 9.57 +20.04 Avis Budget Group CAR 26,965 Com 9.20 +13.75 American Airls Group Inc AAL 19,032 Com 6.50 -.06 Macquire Infrstrctr Co Llc MIC 18,207 Membership Int 6.21 -12.87 Hertz Global Holdings Inc HTZ 17,419 Com 5.94 -6.98 3-d Sys Corp Del DDD 15,562 Com New 5.31 +49.19 Gencorp Inc GY 15,259 Com 5.21 -22.110 Aercap Holdings Nv AER 13,895 Shs 4.74 -32.511 Diana Shipping Inc DSX 13,799 Com 4.71 -9.812 Scripps E W Co Ohio SSP 11,405 Cl A New 3.89 +133.413 U S Silica Hldgs Inc SLCA 11,069 Com 3.78 +11.914 Cliffs Nat Res Inc CLF 8,603 Com 2.94 -21.915 American Axle & Mfg Hldgs In AXL 8,514 Com 2.91 -36.416 Gnc Hldgs Inc GNC 5,186 Com Cl A 1.77 -71.317 Nexstar Broadcasting Group I NXST 2,120 Cl A 0.72 New18 Evryware Global Inc 1,721 Com 0.59 -44.9

120 twitter @chensj

Sold Positions:

HLF, DTV, P, JOSB, DRI, ZUMZ, RH, GMCR, FL, ZNGA, FOSL, LULU, LAMR, THI

New Positions:

EBAY, LNKD, AMZN, KMX, GMCR, HD, WFM, DLTR

Top Increases:

JCP, LBTYK, TSLA

Top Decreases:

LBTYA, CTRX, ARO

Fund Background:

Tiger Consumer Management is a New York-based hedge fund founded by Patrick McCormack. McCormack was a former

manager at Tiger Management.

Tiger Consumer Management Total Value: $2,181,342,000 Positions: 28# Issue Symbol Value (X1000) Title of Class Percent


1 Ralph Lauren Corp RL 114,898 Cl A 5.27 +32.92 Ebay Inc EBAY 101,613 Com 4.66 New3 Linkedin Corp LNKD 96,514 Com Cl A 4.42 New4 News Corp New NWSA 90,382 Cl A 4.14 -6.95 Facebook Inc FB 89,462 Cl A 4.10 +18.26 T-mobile Us Inc TMUS 89,309 Com 4.09 -20.37 Priceline Com Inc PCLN 89,279 Com New 4.09 +32.98 Amazon Com Inc AMZN 88,593 Com 4.06 New9 Michael Kors Hldgs Ltd KORS 88,590 Shs 4.06 +16.810 Ulta Salon Cosmetcs & Frag I ULTA 88,249 Com 4.05 -17.411 Liberty Global Plc LBTYK 87,941 Shs Cl C 4.03 +67.412 Starwood Hotels&resorts Wrld HOT 87,679 Com 4.02 -15.513 Mens Wearhouse Inc MW 86,602 Com 3.97 +13.114 Deckers Outdoor Corp DECK 86,087 Com 3.95 +12.515 Tesla Mtrs Inc TSLA 83,995 Com 3.85 +61.816 Urban Outfitters Inc URBN 82,708 Com 3.79 +10.617 Catamaran Corp CTRX 80,638 Com 3.70 -40.918 Carmax Inc KMX 79,414 Com 3.64 New19 Fortune Brands Home & Sec In FBHS 79,128 Com 3.63 +3.820 Penney J C Inc JCP 77,986 Com 3.58 +165.821 Keurig Green Mtn Inc GMCR 76,923 Com 3.53 New22 Home Depot Inc HD 68,067 Com 3.12 New23 Whole Foods Mkt Inc WFM 67,134 Com 3.08 New24 Dollar Tree Inc DLTR 66,546 Com 3.05 New25 Dollar Gen Corp New DG 45,201 Com 2.07 -29.726 Aeropostale ARO 35,255 Com 1.62 -39.827 Liberty Global Plc LBTYA 32,538 Shs Cl A 1.49 -63.528 Arcos Dorados Holdings Inc ARCO 20,614 Shs Class -a - 0.95 -16.8

121 twitter @chensj

Sold Positions:

WWE, SFY, CROX, GENC, MANT

New Positions:

ISRG, MAT, SPLS, OAK, AAPL, DGX, ENR, NEM, BWINB, HWKN

Top Increases:

CSCO, NTRS, COH

Top Decreases:

GPN, CSGS, TRK

Fund Background:

Intrepid Capital Management Total Value: $471,227,000 Positions: 43# Issue Symbol Value (X1000) Title of Class Percent


1 Newfield Expl Co Com NFX 40,696 Cs 8.64 +13.82 Amdocs Ltd Shs DOX 37,883 Cs 8.04 +11.13 Bio Rad Labs Inc Cl A BIO 36,852 Cs 7.82 +1.34 Aarons Inc Com Par $0.50 AAN 32,580 Cs 6.91 +22.05 Ingram Micro Inc Cl A IM 27,490 Cs 5.83 -10.06 Fti Consulting Inc Com FCN 21,926 Cs 4.65 -29.97 Big Lots Inc Com BIG 21,413 Cs 4.54 -9.88 Bank New York Mellon Corp Com BK 18,551 Cs 3.94 +2.89 Tetra Tech Inc New Com TTEK 17,536 Cs 3.72 +5.810 Berkshire Hathaway Inc Del Cl BRKB 16,351 Cs 3.47 +5.411 Royal Gold Inc Com RGLD 15,479 Cs 3.28 +34.112 Aspen Insurance Holdings Ltd S AHL 14,996 Cs 3.18 -3.913 Coach Inc Com COH 13,520 Cs 2.87 +52.214 Western Un Co Com WU 13,309 Cs 2.82 +2.115 Telephone & Data Sys Inc Com N TDS 11,967 Cs 2.54 +1.716 Intuitive Surgical Inc Com New ISRG 11,587 Cs 2.46 New17 Mattel Inc Com MAT 11,094 Cs 2.35 New18 Staples Inc Com SPLS 10,877 Cs 2.31 New19 Barrett Bill Corp Com BBG 10,388 Cs 2.20 -4.720 American Eagle Outfitters New AEO 9,023 Cs 1.91 -7.721 Cisco Sys Inc Com CSCO 8,812 Cs 1.87 +827.622 Microsoft Corp Com MSFT 8,193 Cs 1.74 +9.623 Tech Data Corp Com TECD 7,847 Cs 1.67 -29.024 Global Pmts Inc Com GPN 7,759 Cs 1.65 -66.525 Oaktree Cap Group Llc Unit Cl OAK 7,396 Cs 1.57 New26 Csg Sys Intl Inc Com CSGS 6,527 Cs 1.39 -64.327 Check Point Software Tech Ltd CHKP 5,737 Cs 1.22 -26.028 Aurico Gold Inc Com AUQ 4,648 Cs 0.99 +18.929 Pan American Silver Corp Com PAAS 4,620 Cs 0.98 +10.030 Speedway Motorsports Inc Com TRK 2,935 Cs 0.62 -64.231 Apple Inc Com AAPL 2,038 Cs 0.43 New32 Warren Res Inc Com WRES 1,613 Cs 0.34 -47.633 Laboratory Corp Amer Hldgs Com LH 1,450 Cs 0.31 +22.934 Quest Diagnostics Inc Com DGX 1,351 Cs 0.29 New35 Northern Tr Corp Com NTRS 1,280 Cs 0.27 +160.236 Energizer Hldgs Inc Com ENR 1,004 Cs 0.21 New37 Newmont Mining Corp Com NEM 955 Cs 0.20 New38 Northern Oil & Gas Inc Nev Com NOG 885 Cs 0.19 +45.139 Patriot Transn Hldg Inc Com PATR 883 Cs 0.19 -13.240 Baldwin & Lyons Inc Cl B BWINB 625 Cs 0.13 New41 Pep Boys Manny Moe & Jack Com PBY 420 Cs 0.09 +4.742 Hawkins Inc Com HWKN 381 Cs 0.08 New43 Rayonier Inc Com RYN 350 Cs 0.07 +9.0

122 twitter @chensj

Steve Shapiro runs Intrepid Capital. He was previously with Tiger Management.

123 twitter @chensj

Sold Positions:

Blue Note Mining Inc - Common Stock, Coastal Energy Co(tse) - Common Stock, EQU, SNTS, CMCSK, Syms Corp (pnk)(del) -

Common Stock, SCUEF, LEAP, BRD, PTIX, EVAC, Lexington Resources Inc - Common Stock, VPHM, CAFI, TSPT, HPOL,

MKTG, TBET, BRE, VRNG, LPS, ASIA, LNCO, VCBI, MCBI, FLOW, CCIX, SYNM, CPWR, WMGIZ, Gerber Scientific Inc Escrow -

Common Stock, EORIF, HMA, YONG, CGX, PLDLF, Katanga Mining Ltd - Common Stock, QLTI, VTNC, HTSI, MTLQU, UTSI,

PACT, GA, CBSTZ, RDA, ISS, ICH, Admiral Bay Resources Inc - Common Stock, CRTX, COLE, LIFE, Gobimin Inc - Common

Stock, Anaren Inc - Common Stock, MHGC, GENT, S, STEL, BPO, ATX, PVR, CSSV, PNG, Constellation Copper Corp -

Common Stock

New Positions:

Beam Inc (nys), FRX, PACR, FWLT, SUPX, TSH, JOSB, ATMI, TXI, FOX, JFBI, KFN, G, ACO, AMAP, LCAV, Augusta Resource

Corp(ase), ACCL, TWGP, SWS, SIRI, Time Warner Cable-a C @ 140.0 Apr 14 - CALL

Top Increases:

TWC, NICK, LSI

Top Decreases:

LBTYK, ABX, STSA

Touradji Capital Management Total Value: $13,657,000 Positions: 35# Issue Symbol Value (X1000) Title of Class Percent


1 Barrick Gold Stk ABX 2,066 Com 15.13 -40.22 Beam Inc (nys) 1,416 Com 10.37 New3 Forest Laboratories Inc FRX 738 Com 5.40 New4 Hudson City Bancorp Inc HCBK 737 Com 5.40 +4.25 Time Warner Cable Inc TWC 617 Com 4.52 +82.06 Pacer International Inc ( (acq) PACR 515 Com 3.77 New7 Capitalsource Inc (acq) CSE 511 Com 3.74 +18.68 Sterling Finl Corp/spokane(nas) STSA 500 Com 3.66 -2.29 Foster Wheeler Ag (nsm) FWLT 454 Com 3.32 New10 Lsi Corp LSI 443 Com 3.24 +33.811 Supertex Inc (acq) SUPX 412 Com 3.02 New12 Teche Holding Co TSH 395 Com 2.89 New13 Jos A Bank Clothiers Inc JOSB 386 Com 2.83 New14 Nicholas Financial Inc NICK 346 New 2.53 +37.315 Atmi Inc ATMI 340 Com 2.49 New16 Texas Industries Inc TXI 314 Com 2.30 New17 Twenty-first Century Fox - B FOX 311 L B 2.28 New18 Jones Group Inc/the (acq) JNY 292 Com 2.14 +15.019 Jefferson Bancshares Inc/tn JFBI 272 Com 1.99 New20 Hi-tech Pharmacal Co Inc HITK 260 Com 1.90 +.021 Tower Financial Corp TOFC 248 Com 1.82 -.422 Kkr Financial Holdings Llc KFN 237 Com 1.74 New23 Genpact Ltd (nys) G 235 Shs 1.72 New24 Amcol International Corp ACO 229 Com 1.68 New25 Liberty Global Plc-series C LBTYK 204 L C 1.49 -67.726 Autonavi Holding Ltd-adr(nsm) AMAP 200 Adr 1.46 New27 Lca-vision Inc (nsm) LCAV 188 Com 1.38 New28 Augusta Resource Corp(ase) 185 Com 1.35 New29 Accelrys Inc ACCL 125 Com 0.92 New30 Tower Group International Lt TWGP 108 Com 0.79 New31 Trunkbow International Holdi-nms TBOW 104 Com 0.76 +31.632 Sws Group Inc SWS 97 Com 0.71 New33 Nts Inc (ase) NTS 86 Com 0.63 +26.534 Sirius Xm Holdings Inc SIRI 80 Com 0.59 New35 Time Warner Cable-a C @ 140.0 Apr

146 Call 0.04 New

124 twitter @chensj

Fund Background:

Touradji Capital Management was founded by Paul Touradji in 2005 after his previous venture, Catequil Asset Management, was

closed amid a legal dispute. Touradji previously worked for Tiger Management.

125 twitter @chensj

Healthcor Management Total Value: $1,662,534,000 Positions: 55# Issue Symbol Value (X1000) Title of Class Percent


1 Allscripts Healthcare Solutn MDRX 151,452 Com 9.11 -2.02 Merck & Co Inc New MRK 107,864 Com 6.49 +1788.73 Mylan Inc MYL 100,102 Com 6.02 +125.04 Wright Med Group Inc WMGI 96,317 Com 5.79 +2.85 Ehealth Inc EHTH 82,550 Com 4.97 +4.56 Salix Pharmaceuticals Inc SLXP 67,347 Com 4.05 +87.27 Medivation Inc MDVN 64,370 Com 3.87 New8 Mallinckrodt Pub Ltd Co MNK 63,410 Shs 3.81 New9 Mckesson Corp MCK 61,800 Com 3.72 -36.210 Gilead Sciences Inc GILD 60,974 Com 3.67 +363.911 Cubist Pharmaceuticals Inc CBST 53,034 Com 3.19 -45.012 Intuitive Surgical Inc ISRG 52,559 Com New 3.16 +171.213 Endo Intl Plc ENDP 52,181 Shs 3.14 New14 Webmd Health Corp WBMD 51,750 Com 3.11 +13.915 Tesaro Inc TSRO 41,272 Com 2.48 New16 Carefusion Corp CFN 40,220 Com 2.42 New17 Agilent Technologies Inc A 39,144 Com 2.35 +9.518 Nuvasive Inc NUVA 38,410 Com 2.31 +53.319 Clovis Oncology Inc CLVS 32,903 Com 1.98 +453.920 Myriad Genetics Inc MYGN 29,229 Com 1.76 +114.321 Catamaran Corp CTRX 27,975 Com 1.68 New22 Nuance Communications Inc NUAN 24,897 Com 1.50 New23 Incyte Corp INCY 24,084 Com 1.45 New24 Seattle Genetics Inc SGEN 22,780 Com 1.37 New25 Icon Plc ICLR 20,656 Shs 1.24 New26 Acadia Pharmaceuticals Inc ACAD 17,031 Com 1.02 New27 Brookdale Sr Living Inc BKD 16,755 Com 1.01 New28 Albany Molecular Resh Inc AMRI 16,731 Com 1.01 New29 Pharmacyclics Inc PCYC 15,033 Com 0.90 New30 Aegerion Pharmaceuticals Inc AEGR 14,999 Com 0.90 -75.131 Regulus Therapeutics Inc RGLS 14,207 Com 0.85 +9.932 Centene Corp Del CNC 14,006 Com 0.84 New33 Alnylam Pharmaceuticals Inc ALNY 13,428 Com 0.81 New34 Actavis Plc ACT 12,495 Shs 0.75 +176.535 Infinity Pharmaceuticals Inc INFI 12,485 Com 0.75 New36 Pfizer Inc PFE 9,636 Com 0.58 New37 Dynavax Technologies Corp DVAX 8,667 Com 0.52 -77.938 Oxygen Biotherapeutics Inc OXBT 8,325 Com Par $0.0001 0.50 New39 Five Prime Therapeutics Inc FPRX 8,197 Com 0.49 -59.340 Exelixis Inc EXEL 7,965 Com 0.48 -58.141 Arrowhead Resh Corp ARWR 7,389 Com New 0.44 New42 Biota Pharmaceutials Inc BOTA 7,027 Com 0.42 New43 Express Scripts Hldg Co ESRX 6,908 Com 0.42 New44 Becton Dickinson & Co BDX 6,299 Com 0.38 New45 Allergan Inc AGN 6,019 Com 0.36 -93.446 Sangamo Biosciences Inc SGMO 5,424 Com 0.33 New47 Novavax Inc NVAX 5,057 Com 0.30 -78.548 Sunesis Pharmaceuticals Inc SNSS 4,561 Com New 0.27 New49 Abbott Labs ABT 3,812 Com 0.23 -91.150 Derma Sciences Inc DSCI 3,804 Com Par $.01 0.23 New51 Cardiovascular Sys Inc Del CSII 2,639 Com 0.16 +53.952 Alexion Pharmaceuticals Inc ALXN 2,632 Com 0.16 -95.653 Syneron Medical Ltd ELOS 1,513 Ord Shs 0.09 New54 Rockwell Med Inc RMTI 1,396 Com 0.08 New55 Galmed Pharmaceuticals Ltd GLMD 814 Shs 0.05 New

126 twitter @chensj

Sold Positions:

SHPG, RLYP, HMA, HCA, MJN, IDRA, THRX, MON, ZMH, ACOR, TMO, THC, CYNO, TEVA, BEAM, WWAV, MOH, ARTC, BIIB,

EL

New Positions:

MDVN, MNK, ENDP, TSRO, CFN, CTRX, NUAN, INCY, SGEN, ICLR, ACAD, BKD, AMRI, PCYC, CNC, ALNY, INFI, PFE, OXBT,

ARWR, BOTA, ESRX, BDX, SGMO, SNSS, DSCI, ELOS, RMTI, GLMD

Top Increases:

MRK, CLVS, GILD

Top Decreases:

ALXN, AGN, ABT

Fund Background:

HealthCor Management was founded in 2005 by Arthur Cohen and Joseph Healey, who previously worked at SAC Capital. The

majority of its assets are invested in the healthcare sector.

127 twitter @chensj

Deerfield Management Total Value: $2,449,410,000 Positions: 119# Issue Symbol Value (X1000) Title of Class Percent


1 Humana Inc HUM 144,282 Com 5.89 +101.22 Dendreon Corp 133,789 Note 2.875% 1/1 5.46 +15.03 Questcor Pharmaceuticals Inc QCOR 116,216 Com 4.74 +6.44 Intermune Inc ITMN 86,485 Com 3.53 New5 Auxilium Pharmaceuticals Inc AUXL 76,558 Com 3.13 -10.26 Flamel Technologies Sa FLML 70,464 Sponsored Adr 2.88 +102.07 Laboratory Corp Amer Hldgs LH 69,699 Com 2.85 New8 Dicerna Pharmaceuticals Inc DRNA 68,607 Com 2.80 New9 Auspex Pharmaceuticals Inc ASPX 61,181 Com 2.50 New10 Volcano Corporation 59,767 Note 1.750%12/0 2.44 +.011 Array Biopharma Inc ARRY 57,367 Com 2.34 +1.912 Infinity Pharmaceuticals Inc INFI 52,839 Com 2.16 -8.513 Abbvie Inc ABBV 52,685 Com 2.15 New14 Intermune Inc 51,373 Note 2.500% 9/1 2.10 +38.215 Nxstage Medical Inc NXTM 48,427 Com 1.98 -13.116 Integra Lifesciences Hldgs C 43,698 Note 1.625%12/1 1.78 -1.817 Allergan Inc AGN 39,170 Com 1.60 +132.018 Insmed Inc INSM 38,387 Com Par $.01 1.57 +114.619 Hologic Inc 38,347 Debt 2.000% 3/0 1.57 +.020 Amag Pharmaceuticals Inc 34,986 Note 2.500% 2/1 1.43 New21 Dyax Corp DYAX 34,003 Com 1.39 +34.422 Biodelivery Sciences Intl In BDSI 33,648 Com 1.37 +224.423 Antares Pharma Inc ATRS 33,210 Com 1.36 -26.824 Tornier N V TRNX 32,977 Shs 1.35 +16.225 Universal Amern Corp New UAM 32,529 Com 1.33 -3.126 Accuray Inc 30,767 Note 3.750% 8/0 1.26 +29.727 Air Methods Corp AIRM 29,522 Com Par $.06 1.21 +36.828 Pacific Biosciences Calif In PACB 28,923 Com 1.18 +27.129 Mckesson Corp MCK 28,781 Com 1.18 New30 Medtronic Inc MDT 28,555 Com 1.17 New31 Merck & Co Inc New MRK 27,091 Com 1.11 -25.332 Array Biopharma Inc 26,665 Note 3.000% 6/0 1.09 +11.233 Synageva Biopharma Corp GEVA 26,358 Com 1.08 New34 Quest Diagnostics Inc DGX 25,502 Com 1.04 New35 Davita Healthcare Partners I DVA 23,961 Com 0.98 -22.036 Keryx Biopharmaceuticals Inc KERX 23,909 Com 0.98 +24.537 Xenoport Inc XNPT 22,669 Com 0.93 +6.038 Alnylam Pharmaceuticals Inc ALNY 20,276 Com 0.83 New39 Portola Pharmaceuticals Inc PTLA 19,939 Com 0.81 -6.240 Horizon Pharma Inc HZNP 19,821 Com 0.81 -43.941 Intermune Inc 19,618 Note 2.500%12/1 0.80 +90.742 Prosensa Hldg N V RNA 18,080 Shs Usd 0.74 +24.143 Orthofix Intl N V OFIX 17,832 Com 0.73 New44 Zogenix Inc ZGNX 17,567 Com 0.72 +98.745 Molina Healthcare Inc MOH 16,954 Com 0.69 -24.446 Ovascience Inc OVAS 14,953 Com 0.61 +170.247 Aratana Therapeutics Inc PETX 14,642 Com 0.60 New48 Zoetis Inc ZTS 14,470 Cl A 0.59 New49 Dendreon Corp 14,308 Note 4.750% 6/1 0.58 +.950 Ehealth Inc EHTH 13,767 Com 0.56 New51 Mei Pharma Inc MEIP 12,962 Com New 0.53 +29.052 Genocea Biosciences Inc GNCA 12,005 Com 0.49 New53 Aerie Pharmaceuticals Inc AERI 11,976 Com 0.49 +122.354 Endologix Inc 11,930 Note 2.250%12/1 0.49 New55 Ani Pharmaceuticals Inc ANIP 11,649 Com 0.48 New56 Foundation Medicine Inc FMI 11,100 Com 0.45 +34.7

128 twitter @chensj



57 Immunomedics Inc IMMU 11,068 Com 0.45 New58 Amag Pharmaceuticals Inc AMAG 10,351 Com 0.42 New59 Alimera Sciences Inc ALIM 10,346 Com 0.42 New60 Spectrum Pharmaceuticals Inc SPPI 9,921 Com 0.41 -52.561 Biocryst Pharmaceuticals BCRX 9,606 Com 0.39 +45.562 Accuray Inc 9,546 Note 3.500% 2/0 0.39 New63 Zeltiq Aesthetics Inc ZLTQ 9,482 Com 0.39 New64 Integra Lifesciences Hldgs C IART 9,480 Com New 0.39 -27.065 Bluebird Bio Inc BLUE 9,425 Com 0.38 +6.166 Endologix Inc ELGX 8,796 Com 0.36 New67 Concert Pharmaceuticals Inc CNCE 8,307 Com 0.34 New68 Ptc Therapeutics Inc PTCT 8,300 Com 0.34 -10.369 Vanda Pharmaceuticals Inc VNDA 8,153 Com 0.33 +4.170 Nanostring Technologies Inc NSTG 8,076 Com 0.33 -25.071 Capital Sr Living Corp CSU 8,007 Com 0.33 -76.572 Discovery Laboratories Inc N DSCO 7,868 Com New 0.32 -4.473 Centene Corp Del CNC 7,768 Com 0.32 -57.974 Arena Pharmaceuticals Inc ARNA 7,664 Com 0.31 +7.775 Kalobios Pharmaceuticals Inc KBIO 7,552 Com 0.31 New76 Sequenom Inc 7,466 Note 5.000%10/0 0.30 -48.577 Cas Med Sys Inc CASM 6,944 Com Par $0.004 0.28 +27.678 Amedisys Inc AMED 6,537 Com 0.27 New79 Alere Inc 6,278 Note 3.000% 5/1 0.26 -2.580 Baxter Intl Inc BAX 6,254 Com 0.26 -12.381 Alphatec Holdings Inc ATEC 5,974 Com 0.24 -25.482 Inogen Inc INGN 5,899 Com 0.24 New83 Streamline Health Solutions STRM 5,735 Com 0.23 +152.884 Anthera Pharmaceuticals Inc ANTH 5,668 Com New 0.23 +9.185 Vertex Pharmaceuticals Inc VRTX 5,552 Com 0.23 New86 Uniqure Nv QURE 5,453 Shs 0.22 New87 Xoma Corp Del XOMA 5,210 Com 0.21 -79.788 Cancer Genetics Inc CGIX 4,799 Com 0.20 -1.789 Liposcience Inc LPDX 4,410 Com 0.18 -24.990 Nanosphere Inc NSPH 4,300 Com 0.18 -60.491 Mannkind Corp MNKD 4,020 Com 0.16 New92 Rigel Pharmaceuticals Inc RIGL 3,986 Com New 0.16 +83.293 Derma Sciences Inc DSCI 3,804 Com Par $.01 0.16 New94 Revance Therapeutics Inc RVNC 3,676 Com 0.15 New95 Eagle Pharmaceuticals Inc EGRX 3,629 Com 0.15 New96 Biogen Idec Inc BIIB 3,594 Com 0.15 New97 Auxilium Pharmaceuticals Inc 3,278 Note 1.500% 7/1 0.13 +18.398 Exelixis Inc EXEL 3,186 Com 0.13 New99 Intra Cellular Therapies Inc ITCI 3,117 Com 0.13 New100 Oxygen Biotherapeutics Inc OXBT 3,053 Com Par $0.0001 0.12 New101 Sunesis Pharmaceuticals Inc SNSS 3,012 Com New 0.12 +154.2102 Targacept Inc TRGT 2,931 Com 0.12 +14.4103 Ocera Therapeutics Inc OCRX 2,755 Com 0.11 +.5104 Illumina Inc ILMN 2,631 Com 0.11 New105 Tonix Pharmaceuticals Hldg C TNXP 2,545 Com New 0.10 New106 Palatin Technologies Inc PTN 2,460 Com Par $ .01 0.10 +67.6107 Therapeuticsmd Inc TXMD 2,373 Com 0.10 New108 Merge Healthcare Inc MRGE 2,341 Com 0.10 New109 Regeneron Pharmaceuticals REGN 1,441 Com 0.06 New110 Agilent Technologies Inc A 1,398 Com 0.06 New111 Neurocrine Biosciences Inc NBIX 1,256 Com 0.05 New112 Furiex Pharmaceuticals Inc FURX 1,161 Com 0.05 New

129 twitter @chensj

Sold Positions:

Accuray Inc - NOTE 3.500% 2/0, CBST, BEAT, KIN, TEVA, BONE, MSTX, Albany Molecular Resh Inc - NOTE 2.250%11/1,

OREX, SEM, ECYT, PRTA, HMSY, DEPO, CEMP, IMRS, GERN, GMED, AMGN, HCA, AET, BIND, Brookdale Sr Living Inc -

NOTE 2.750% 6/1, BIOS, ARTC, ARWR, LCAV, Exelixis Inc - NOTE 4.250% 8/1, SSH, Nuvasive Inc - NOTE 2.750% 7/0, MNTA

New Positions:

ITMN, LH, DRNA, ASPX, ABBV, Amag Pharmaceuticals Inc - NOTE 2.500% 2/1, MCK, MDT, GEVA, DGX, ALNY, OFIX, PETX,

ZTS, EHTH, GNCA, Endologix Inc - NOTE 2.250%12/1, ANIP, IMMU, AMAG, ALIM, Accuray Inc - NOTE 3.500% 2/0, ZLTQ,

ELGX, CNCE, KBIO, AMED, INGN, VRTX, QURE, MNKD, DSCI, RVNC, EGRX, BIIB, EXEL, ITCI, OXBT, ILMN, TNXP, TXMD,

MRGE, REGN, A, NBIX, FURX, HOLX, MDVN, AQXP, ELOS, ACHN

Top Increases:

BDSI, OVAS, SNSS

Top Decreases:

MYL, NVDQ, XOMA

Fund Background:

Deerfield invests in the healthcare market, including biotechnology, pharmaceuticals, medical devices, healthcare services,and

animal health.



113 Hologic Inc HOLX 914 Com 0.04 New114 Mylan Inc MYL 855 Com 0.03 -96.3115 Medivation Inc MDVN 805 Com 0.03 New116 Aquinox Pharmaceuticals Inc AQXP 794 Com 0.03 New117 Syneron Medical Ltd ELOS 430 Ord Shs 0.02 New118 Achillion Pharmaceuticals In ACHN 305 Com 0.01 New119 Novadaq Technologies Inc NVDQ 223 Com 0.01 -88.7

130 twitter @chensj

Sold Positions:

SAP, VRSN, ASML, SIRI

New Positions:

DISCK, AFSI, AWAY, P, HSNI

Top Increases:

ZNGA, CRM, CCI

Top Decreases:

LBTYA, V, GLNG

Fund Background:

Matt Iorio is the founder of White Elm. Previously, Iorio spent six years at Lone Pine Capital. Iorio graduated from the University of

Virginia in 1993 received his MBA from Dartmouth's Tuck School of Business.

White Elm Capital Total Value: $1,155,972,000 Positions: 28# Issue Symbol Value (X1000) Title of Class Percent


1 Ocwen Finl Corp OCN 110,808 Com New 9.59 +24.52 Altisource Portfolio Solns S ASPS 80,699 Reg Shs 6.98 +23.73 Charter Communications Inc D CHTR 76,512 Cl A New 6.62 +18.34 Crown Castle Intl Corp CCI 70,733 Com 6.12 +28.25 Altisource Asset Mgmt Corp AAMC 69,372 Com 6.00 +4.56 Sba Communications Corp SBAC 63,533 Com 5.50 -8.67 Facebook Inc FB 55,477 Cl A 4.80 +1.58 Liberty Global Plc LBTYK 54,372 Shs Cl C 4.70 +20.49 Liberty Interactive Corp LINTA 52,037 Int Com Ser A 4.50 +6.310 Carter Inc CRI 51,097 Com 4.42 -8.111 Transdigm Group Inc TDG 50,040 Com 4.33 -16.012 Zynga Inc ZNGA 48,483 Cl A 4.19 +152.513 Salesforce Com Inc CRM 39,506 Com 3.42 +114.914 Guidewire Software Inc GWRE 37,878 Com 3.28 -.015 Discovery Communicatns New DISCK 37,836 Com Ser C 3.27 New16 Dollar Tree Inc DLTR 28,153 Com 2.44 +3.917 Golar Lng Ltd Bermuda GLNG 25,476 Shs 2.20 -31.518 Mastercard Inc MA 24,249 Cl A 2.10 -10.619 Amtrust Finl Svcs Inc AFSI 22,956 Com 1.99 New20 Homeaway Inc AWAY 21,558 Com 1.86 New21 Pandora Media Inc P 21,509 Com 1.86 New22 Priceline Com Inc PCLN 21,454 Com New 1.86 -19.123 Visa Inc V 20,723 Com Cl A 1.79 -39.124 Dominos Pizza Inc DPZ 20,310 Com 1.76 +10.525 Applied Micro Circuits Corp AMCC 14,649 Com New 1.27 -9.926 Hsn Inc HSNI 14,645 Com 1.27 New27 Liberty Global Plc LBTYA 11,015 Shs Cl A 0.95 -45.928 First Cash Finl Svcs Inc FCFS 10,892 Com 0.94 -18.4

131 twitter @chensj

Sold Positions:

JCP, Arch Coal Inc., Arcelormittal Ny - ADR, Aegon Nv

New Positions:

PBR, MT

Top Increases:

Anglogold Ashanti Ltd - ADR, COCO, CDE

Top Decreases:

YGE, CSIQ, MCPPRA

Fund Background:

Shah Capital Management is a RIA based in Raleigh

Shah Capital Management Total Value: $124,718,000 Positions: 14# Issue Symbol Value (X1000) Title of Class Percent


1 China Yuchai Intl Ltd CYD 49,551 Com 39.73 +3.12 Utstarcom Inc 20,260 Com 16.24 +.03 Chiquita Brands Intl Inc CQB 15,382 Com 12.33 +6.54 Corinthian Colleges Inc COCO 8,244 Com 6.61 +41.85 Canadiansolar Inc CSIQ 7,154 Com 5.74 -48.26 Trina Solar Ltd-spon Adr 6,602 Adr 5.29 -1.67 China Xiniya Fashion Ltd XNY 5,195 Adr 4.17 -6.28 Molycorp Inc MCPPR

A3,335 Com 2.67 -16.4

9 Coeur Mining Inc CDE 2,890 Com 2.32 +38.710 Petroleo Brasileiro Sa PBR 1,643 Ads 1.32 New11 Arcelormittal Ny MT 1,432 Adr 1.15 New12 Yingli Green Energy Holding YGE 1,352 Com 1.08 -64.613 Anglogold Ashanti Ltd 1,036 Adr 0.83 +48.014 Renesola Ltd SOL 642 Adr 0.51 +19.8

132 twitter @chensj

Sold Positions:

CSBK, PEBK, ALLB, SMPL, WSBF

New Positions:

WSBF, CWAY

Joseph Stilwell Total Value: $160,852,000 Positions: 50# Issue Symbol Value (X1000) Title of Class Percent


1 First Finl Northwest Inc FFNW 13,480 Common 8.38 -1.82 Kingsway Finl Svcs Inc KFS 12,240 Common 7.61 +4.43 Provident Finl Hldgs Inc PROV 10,331 Common 6.42 +3.74 Northeast Cmnty Bancorp Inc NECB 8,736 Common 5.43 -2.75 Hopfed Bancorp Inc HFBC 8,165 Common 5.08 +1.86 Asb Bancorp Inc Nc ASBB 7,861 Common 4.89 +2.97 Malvern Bancorp Inc MLVF 6,609 Common 4.11 -6.98 If Bancorp Inc IROQ 6,441 Common 4.00 +1.99 United Cmnty Bancorp Ind UCBA 5,443 Common 3.38 +3.110 Naugatuck Vy Finl Corp Md NVSL 5,119 Common 3.18 +5.611 Tf Finl Corp THRD 4,998 Common 3.11 +5.812 Anchor Bancorp Wa ANCB 4,720 Common 2.93 +2.113 Wolverine Bancorp Inc WBKC 4,675 Common 2.91 +1.414 Hamilton Bancorp Inc Md HBK 4,663 Common 2.90 -1.415 Poage Bankshares Inc PBSK 4,593 Common 2.86 +1.216 Waterstone Finl Inc Md WSBF 4,241 Common 2.64 New17 Sound Finl Bancorp Inc SFBC 4,146 Common 2.58 -1.118 Fedfirst Finl Corp New FFCO 4,054 Common 2.52 -6.519 Colonial Finl Svcs Inc COBK 3,978 Common 2.47 -16.820 Jacksonville Bancorp Inc Md JXSB 3,138 Common 1.95 +6.821 Wayne Svgs Bancshares Inc Ne WAYN 3,068 Common 1.91 +5.022 Polonia Bancorp Inc Md PBCP 3,027 Common 1.88 -1.723 Sp Bancorp Inc SPBC 2,944 Common 1.83 +1.124 Westbury Bancorp Inc WBB 2,299 Common 1.43 +7.925 Georgetown Bancorp Inc Md GTWN 2,072 Common 1.29 -7.026 Fs Bancorp Inc FSBW 1,962 Common 1.22 -4.727 Hometrust Bancshares Inc HTBI 1,894 Common 1.18 -1.328 Oconee Fed Finl Corp OFED 1,876 Common 1.17 -1.429 Franklin Finl Corp Va FRNK 1,565 Common 0.97 +.930 Wellesley Bancorp Inc WEBK 1,433 Common 0.89 -2.331 Kingstone Cos Inc KINS 1,385 Common 0.86 -36.532 Home Fed Bancorp Inc HFBL 1,382 Common 0.86 +10.333 Citizens Cmnty Bancorp Inc Md CZWI 1,336 Common 0.83 +8.434 Jefferson Bancshares Inc Ten JFBI 1,201 Common 0.75 -59.235 Prudential Bancorp Inc New PBIP 1,075 Common 0.67 -50.436 Lake Shore Bancorp Inc LSBK 916 Common 0.57 +6.437 Cheviot Finl Corp New CHEV 826 Common 0.51 +.238 First Svgs Finl Group Inc FSFG 470 Common 0.29 +2.839 Msb Financial Corporation MSBF 441 Common 0.27 -.940 Essa Bancorp Inc ESSA 380 Common 0.24 -6.241 Psb Hldgs Inc PSBH 371 Common 0.23 +12.442 Wvs Finl Corp WVFC 352 Common 0.22 -5.643 Hampden Bancorp Inc HBNK 315 Common 0.20 -3.744 Oneida Finl Corp Md ONFC 307 Common 0.19 -3.245 Coastway Bancorp Inc CWAY 206 Common 0.13 New46 Laporte Bancorp Inc Md LPSB 52 Common 0.03 -3.747 Magyar Bancorp Inc MGYR 35 Common 0.02 +6.148 Principal Finl Group Inc PFG 25 Common 0.02 -7.449 Metlife Inc MET 3 Common 0.00 +.050 Shore Bancshares Inc SHBI 3 Common 0.00 +.0

133 twitter @chensj

Top Increases:

PSBH, HFBL, CZWI

Top Decreases:

JFBI, PBIP, KINS

Fund Background:

Joseph Stilwell is an activist investor noted for investments in banks.

134 twitter @chensj

Sold Positions:

None

New Positions:

None

Top Increases:

BRKA, BRKB, WFC

Top Decreases:

MCO, SCHW

Fund Background:

Lou Simpson is a noted value investor who was a portfolio manager for 31 years at Berkshire Hathaway subsidiary GEICO. He

stepped down in 2011 and started SQ Advisors. He was profiled in Bloomberg in 2011: http://www.bloomberg.com/news/2011-

01-21/buffett-stock-picker-simpson-opens-florida-firm-after-retiring-from-geico.html

SQ Advisors Total Value: $2,297,982,000 Positions: 13# Issue Symbol Value (X1000) Title of Class Percent


1 Wells Fargo & Co New WFC 269,164 Com 11.71 +23.52 Oracle Corp ORCL 263,718 Com 11.48 +17.13 Berkshire Hathaway Inc Del BRKB 258,406 Cl B New 11.24 +24.24 United Parcel Service Inc UPS 249,985 Cl B 10.88 +.05 Valeant Pharmaceuticals Intl VRX 212,826 Com 9.26 +9.36 Us Bancorp Del USB 192,349 Com New 8.37 +22.37 Schwab Charles Corp New SCHW 165,847 Com 7.22 -15.28 Crown Holdings Inc CCK 159,074 Com 6.92 +16.09 Brookfield Asset Mgmt Inc BAM 146,749 Cl A Ltd Vt Sh 6.39 +20.410 Te Connectivity Ltd TEL 128,117 Reg Shs 5.58 +8.311 Directv DTV 125,750 Com 5.47 +9.412 Moodys Corp MCO 119,815 Com 5.21 -24.013 Berkshire Hathaway Inc Del BRKA 6,182 Cl A 0.27 +65.5

135 twitter @chensj

Cannell Capital Total Value: $280,128,000 Positions: 69# Issue Symbol Value (X1000) Title of Class Percent


1 Gtt Communications Inc GTT 32,164 Com 11.48 New2 Build A Bear Workshop BBW 13,787 Com 4.92 +49.13 Global Eagle Entmt Inc ENT 12,871 Com 4.59 +18.64 North Amern Energy Partners NOA 11,908 Com 4.25 +31.35 Cavco Inds Inc Del CVCO 11,683 Com 4.17 +18.46 Valuevision Media Inc VVTV 11,327 Cl A 4.04 -26.47 Ziprealty Inc ZIPR 10,425 Com 3.72 +31.18 New York & Co Inc NWY 8,247 Com 2.94 +15.29 Telecommunication Sys Inc TSYS 7,885 Cl A 2.81 +7.910 Thestreet Inc TST 7,789 Com 2.78 +22.111 Intralinks Hldgs Inc IL 7,706 Com 2.75 -30.812 Covanta Holding Corp Cmn CVA 7,091 Com 2.53 +24.613 Points Intl Ltd PCOM 6,788 Com New 2.42 +1164.114 Sandridge Energy Inc SD 6,530 Com 2.33 +20.215 Lemaitre Vascular Inc LMAT 6,511 Com 2.32 +16.016 Hooper Holmes Inc HH 6,330 Com 2.26 +11.817 United Online Inc UNTD 6,319 Com New 2.26 New18 Skilled Healthcare Group Inc SKH 6,178 Cl A 2.21 +219.119 Uranerz Energy Corp URZ 5,924 Com 2.11 +35.920 Vitesse Semiconductor Corp VTSS 5,900 Com New 2.11 +14.721 Blount Intl Inc New BLT 5,750 Com 2.05 +8.822 Callon Pete Co Del CPE 5,137 Com 1.83 New23 Spark Networks Inc LOV 4,913 Com 1.75 +11.824 Pmfg Inc PMFG 4,835 Com 1.73 -4.525 Resolute Energy Corp REN 4,708 Com 1.68 -9.326 Biotelemetry Inc BEAT 4,564 Com 1.63 +168.527 Destination Xl Group Inc DXLG 4,549 Com 1.62 +26.728 Berkshire Hathaway Inc Del BRKA 3,934 Cl A 1.40 +5.329 Prgx Global Inc PRGX 3,903 Com New 1.39 -36.030 Speed Comm Inc SPDC 3,637 Com 1.30 -41.431 Acorn Energy Inc ACFN 3,499 Com 1.25 -16.732 Digirad Corp DRAD 2,735 Com 0.98 New33 Av Homes Inc AVHI 2,687 Com 0.96 -28.434 Envivio Inc ENVI 2,651 Com 0.95 -7.635 Sears Hometown & Outlet Stor SHOS 2,573 Com 0.92 New36 Demand Media Inc DMD 2,414 Com 0.86 New37 Limoneira Co LMNR 2,406 Com 0.86 -14.738 Pulse Electronics Corp PULS 2,306 Com New 0.82 New39 Blackberry Ltd BBRY 2,102 Com 0.75 New40 Global Ship Lease Inc New GSL 1,703 Shs A 0.61 -22.441 Berkshire Hathaway Inc Del BRKB 1,453 Cl B 0.52 +5.442 Crown Media Hldgs Inc CRWN 1,238 Cl A 0.44 New43 Solazyme Inc SZYM 1,155 Com 0.41 New44 W P Carey Inc WPC 919 Com 0.33 -2.145 Hf2 Finl Mgmt Inc HTWO 675 Cl A 0.24 +32.446 Sws Group Inc SWS 659 Com 0.24 New47 Forestar Group Inc FOR 627 Com 0.22 +10.648 Bsb Bancorp Inc Md BLMT 606 Com 0.22 +13.949 Fedfirst Finl Corp New FFCO 601 Com 0.21 +2.650 Selectica Inc SLTC 588 Com New 0.21 New51 Oaktree Cap Group Llc OAK 562 Unit Cl A 0.20 -1.152 Maxlinear Inc MXL 562 Cl A 0.20 -28.153 Oppenheimer Hldgs Inc OPY 540 Cl A Non Vtg 0.19 -16.054 Brookfield Infrast Partners BIP 519 Lp Int Unit 0.19 +.655 Hospitality Pptys Tr HPT 515 Com Sh Ben Int 0.18 +6.256 Westfield Financial Inc New WFD 450 Com 0.16 -.2

136 twitter @chensj

Sold Positions:

USCR, TROX, IEP, MOCO, GTT, ADNC, AFCE, IDSY, MVC, Pulse Electronics Corp - NOTE 7.000%12/1

New Positions:

GTT, UNTD, CPE, DRAD, SHOS, DMD, PULS, BBRY, CRWN, SZYM, SWS, SLTC, ZIONZ, GKNT

Top Increases:

PCOM, SKH, BEAT

Top Decreases:

GMO, CRMB, USAC

Fund Background:

J. Carlo Cannell started Cannell Capital in 1992 with $600,000 as a sole partnership. Starting in 2004, he has returned $488

million back to investors over a period of several years. Cannell is a graduate of Princeton and is a third generation investment

manager.

Cannell Capital Total Value: $280,128,000 Positions: 69# Issue Symbol Value (X1000) Title of Class Percent


57 Oneida Finl Corp Md ONFC 444 Com 0.16 -3.358 Eagle Bancorp Mont Inc EBMT 401 Com 0.14 +2.059 Usa Compression Partners Lp USAC 391 Comunit Ltdpar 0.14 -50.860 Retractable Technologies Inc RVP 378 Com 0.13 +23.161 Jacksonville Bancorp Inc Md JXSB 373 Com 0.13 +9.762 Essa Bancorp Inc ESSA 352 Com 0.13 -5.963 San Juan Basin Rty Tr SJT 350 Unit Ben Int 0.12 +5.464 Crumbs Bake Shop Inc CRMB 305 Com 0.11 -57.865 Zions Bancorporation ZIONZ 282 *w Exp 11/14/201 0.10 New66 Two Hbrs Invt Corp TWO 267 Com 0.10 +10.867 Geeknet Inc GKNT 230 Com New 0.08 New68 General Moly Inc GMO 173 Com 0.06 -91.069 Ship Finance International L SFL 144 Shs A 0.05 +9.9

137 twitter @chensj

Sold Positions:

None

New Positions:

None

Top Increases:

RLD, BBBY, NAUH

Top Decreases:

BODY, COCO, APEI

Fund Background:

Lisa Rapuano is the Founder of Lane Five Capital Management. Rapuano was Co-Chief Investment Officer of Matador Capital

Management Corp. Ms. Rapuano spent over ten years at Legg Mason Capital Management. She served as the Director of

Research and Manager of Legg Mason Special Investment Trust.

Lane Five Capital Management Total Value: $79,003,000 Positions: 22# Issue Symbol Value (X1000) Title of Class Percent


1 Markel Corp MKL 7,188 Common 9.10 +1.52 Intralinks Holdings, Inc. IL 6,687 Common 8.46 -17.13 Reald Inc. RLD 6,007 Common 7.60 +177.74 Quicksilver Inc. ZQK 5,255 Common 6.65 -16.15 Atlas Financial Holdings Inc. AFH 4,720 Common 5.97 -10.66 Ambassadors Group Inc. EPAX 4,518 Common 5.72 -18.37 American International Group AIG 4,492 Common 5.69 -2.38 Bed, Bath & Beyond Inc. BBBY 4,342 Common 5.50 +61.79 Directv 4,126 Common 5.22 +9.610 Viacom Inc. - Class B VIAB 3,652 Common 4.62 -3.011 National American University Holdings NAUH 3,255 Common 4.12 +21.012 Ebay Inc. EBAY 3,234 Common 4.09 +.613 Apple Computer Inc. AAPL 3,221 Common 4.08 -4.314 Carpetright Plc 2,607 Foreign 3.30 +17.815 News Corp / New Class A NWSA 2,555 Common 3.23 -5.516 Corinthian Colleges Inc. COCO 2,523 Common 3.19 -23.017 American Public Education, Inc. APEI 2,228 Common 2.82 -19.718 Mastercard Inc. MA 2,218 Common 2.81 -12.419 Capitol Fed Financing Inc. CFFN 1,853 Common 2.35 +2.720 Learning Tree International Inc. LTRE 1,572 Common 1.99 +3.521 Berkshire Hills Bancorp Inc BHLB 1,427 Common 1.81 -7.022 Body Central Corp BODY 1,323 Common 1.67 -55.1

138 twitter @chensj

Sold Positions:

TWO, GMWSB, VTA, VVUS, TCPC, Solarfun Power Holdings Co L - NOTE 3.500% 1/1

New Positions:

CBST, ARCP

Top Increases:

PCI, NQU, DSL

Top Decreases:

APP, GLD, GCVRZ

Fund Background:

Michael Kao founded Akanthos Capital in 2002 after running the relative value/event-driven business at Canyon Partners from

1997 to 2002. Akanthos specializes in a capital structure long/short strategy with an event-bias.

Akanthos Capital Management Total Value: $26,888,000 Positions: 19# Issue Symbol Value (X1000) Title of Class Percent


1 Cubist Pharmaceuticals Inc CBST 3,694 Com 13.74 New2 Sandridge Energy Inc SD 3,684 Com 13.70 +21.43 Career Education Corp CECO 3,282 Com 12.21 +4.74 Radioshack Corp RSH 2,319 Com 8.62 -.95 Volcano Corporation VOLC 1,801 Com 6.70 +20.36 Doubleline Income Solutions DSL 1,591 Com 5.92 +50.87 Lam Research Corp LRCX 1,590 Com 5.91 +34.08 Pimco Dynamic Cr Income Fd PCI 1,130 Com Shs 4.20 +101.19 Str Hldgs Inc STRI 1,034 Com 3.85 +1.310 Nuveen Quality Income Mun Fd NQU 997 Com 3.71 +62.611 American Apparel Inc APP 939 Com 3.49 -28.512 Blackrock Munihldngs Cali Ql MUC 849 Com 3.16 +28.413 Nuveen Ca Div Adv Muni Fd 3 NZH 794 Com Sh Ben Int 2.95 +7.014 Blackrock Corpor Hi Yld Fd V HYT 751 Com 2.79 +.815 American Rlty Cap Pptys Inc ARCP 701 Com 2.61 New16 Putnam Managed Mun Incom Tr PMM 696 Com 2.59 +4.817 Eaton Vance Calif Mun Bd Fd EVM 543 Com 2.02 +6.318 Spdr Gold Trust GLD 338 Gold Shs 1.26 -25.719 Sanofi GCVRZ 155 Right 12/31/2020 0.58 -8.8

139 twitter @chensj

Sold Positions:

PL Capital Advisers Total Value: $196,299,000 Positions: 53# Issue Symbol Value (X1000) Title of Class Percent


1 Enterprise Financial Services Corp EFSC 19,200 Common 9.78 -1.42 Metro Bancorp Inc METR 18,043 Common 9.19 +34.43 Bankfinancial Corp BFIN 14,028 Common 7.15 +12.34 Horizon Bancorp/in HBNC 11,959 Common 6.09 +1.55 First Merchants Corp FRME 11,762 Common 5.99 -14.86 Intervest Bancshares Corp IBCA 11,667 Common 5.94 +.27 Mutualfirst Financial Inc MFSF 11,212 Common 5.71 +10.98 Orrstown Financial Services Inc ORRF 7,558 Common 3.85 +.89 Hf Financial Corp HFFC 7,429 Common 3.78 +3.210 Malvern Federal Bancorp Inc MLVF 6,526 Common 3.32 -6.911 Alliance Bancorp Inc Of Pennsylvania ALLB 5,826 Common 2.97 -11.812 Old Point Financial Corp OPOF 4,551 Common 2.32 +31.613 Citigroup Inc C 4,525 Common 2.31 -8.714 Magyar Bancorp Inc MGYR 4,431 Common 2.26 +9.915 Charter Financial Corp/ga CHFN 4,086 Common 2.08 +.416 Ameriana Bancorp ASBI 4,023 Common 2.05 +2.517 Fox Chase Bancorp Inc FXCB 3,500 Common 1.78 -31.718 Capital One Financial Corp COFWS 3,493 *w Exp 11/14/201 1.78 -.219 Hopfed Bancorp Inc HFBC 3,401 Common 1.73 +2.520 Jpmorgan Chase & Co JPM 3,370 Common 1.72 -5.221 Msb Financial Corp MSBF 3,365 Common 1.71 +.222 Polonia Bancorp PBCP 2,754 Common 1.40 -20.823 Investors Bancorp Inc ISBC 2,605 Common 1.33 +8.024 Westbury Bancorp Inc WBB 2,270 Common 1.16 New25 Jpmorgan Chase & Co JPMWS 2,232 *w Exp 10/28/201 1.14 +4.226 First Business Financial Services Inc FBIZ 1,840 Common 0.94 +25.327 Pnc Financial Services Group Inc PNCWS 1,500 *w Exp 12/31/201 0.76 +33.028 Eagle Bancorp Montana Inc EBMT 1,338 Common 0.68 -2.229 Standard Financial Corp STND 1,256 Common 0.64 -.230 Prudential Bancorp Inc. PBIP 1,243 Common 0.63 -1.331 Community Financial Corp/md TCFC 1,105 Common 0.56 +2.632 Northeast Community Bancorp Inc NECB 1,090 Common 0.56 -2.833 Bank Of America Corp BAC 1,084 Common 0.55 -7.234 Codorus Valley Bancorp Inc CVLY 952 Common 0.48 +1.235 Tf Financial Corp THRD 943 Common 0.48 +6.036 Naugatuck Valley Financial Corp NVSL 935 Common 0.48 +1.537 Sussex Bancorp SBBX 893 Common 0.45 +10.938 Bcb Bancorp Inc BCBP 842 Common 0.43 +133.939 Mid Penn Bancorp Inc MPB 835 Common 0.43 +3.340 Capital One Financial Corp COF 796 Common 0.41 -28.441 Fnb Corp/pa FNB 691 Common 0.35 New42 Bsb Bancorp Inc/ma BLMT 591 Common 0.30 -62.243 First Niagara Financial Group Inc FNFG 561 Common 0.29 -33.044 Beneficial Mutual Bancorp Inc BNCL 528 Common 0.27 +20.845 Colonial Financial Services Inc COBK 497 Common 0.25 -30.046 Wells Fargo & Co WFC 482 Common 0.25 -33.647 Cheviot Financial Corp CHEV 464 Common 0.24 +90.948 Poage Bankshares Inc PBSK 435 Common 0.22 +1.449 Oneida Financial Corp ONFC 386 Common 0.20 -6.350 Anworth Mortgage Asset Corp ANH 345 Common 0.18 -68.351 Proshares Ultrashort 20+ Year Treasury TBT 338 Pshs Ultsh 20yrs 0.17 -14.652 Coastway Bancorp Inc. CWAY 303 Common 0.15 New53 Wintrust Financial Corp WTFCW 210 *w Exp 12/19/201 0.11 New

140 twitter @chensj

HBAN, LSBI, OLBK, BCSB, NFBK, BRKL, KEY, PNC, CMAWS

New Positions:

WBB, FNB, CWAY, WTFCW

Top Increases:

BCBP, CHEV, METR

Top Decreases:

ANH, BLMT, WFC

Fund Background:

John Palmer is the principal and co-founder of Naperville-based PL Capital. PL Capital specializes in investing in small and

midsized banks and then agitating for changes like management overhauls or sales.

141 twitter @chensj

Sold Positions:

GNW, SBCF, PRAA, SNBC, EVER, EVTC, CCBG, FMD

New Positions:

SBCF, FMD, JPMWS, MTH

Top Increases:

CASH, FAC, RESI

Top Decreases:

SIVB, TREE, NEWS

Fund Background:

Tom Brown is a noted analyst of financial services stocks. He formed Second Curve in 2000. He was previously with Smith

Barney and DLJ.

Second Curve Capital Total Value: $430,198,000 Positions: 25# Issue Symbol Value (X1000) Title of Class Percent


1 Newstar Financial Inc NEWS 68,482 Com 15.92 -22.02 Bank Of America Corporation BACWS

A55,384 *w Exp 01/16/201 12.87 -3.4

3 Bancorp Inc Del TBBK 47,685 Com 11.08 -3.64 Lyon William Homes WLH 36,252 Com 8.43 +27.85 Ocwen Finl Corp OCN 29,213 Com 6.79 -.96 Regional Mgmt Corp RM 26,780 Com 6.23 -16.97 Tree Com Inc TREE 22,532 Com 5.24 -26.88 Ofg Bancorp OFG 20,766 Com 4.83 +4.89 Citigroup Inc C 15,292 Com 3.55 +6.210 Seacoast Bkg Corp Fla SBCF 15,275 Com 3.55 New11 Beazer Homes Usa Inc BZH 14,214 Com 3.30 +30.812 Meta Finl Group Inc CASH 14,177 Com 3.30 +134.413 First Bancorp P R FBP 9,493 Com 2.21 -2.014 Springleaf Hldgs Inc LEAF 8,048 Com 1.87 +6.115 Consumer Portfolio Svcs Inc CPSS 7,343 Com 1.71 -3.416 First Marblehead Corp FMD 6,784 Com 1.58 New17 Altisource Residential Corp RESI 6,501 Com 1.51 +47.918 Zions Bancorporation ZIONW 5,160 *w Exp 05/22/202 1.20 +4.519 First Acceptance Corp FAC 5,065 Com 1.18 +62.020 Svb Finl Group SIVB 4,507 Com 1.05 -28.421 First Sec Group Inc FSGI 3,650 Com 0.85 -9.622 Jpmorgan Chase & Co JPMWS 3,535 *w Exp 10/28/201 0.82 New23 First Utd Corp FUNC 2,136 Com 0.50 +1.924 Meritage Homes Corp MTH 1,256 Com 0.29 New25 Bank Of America Corporation BACWS

B668 *w Exp 10/28/201 0.16 +17.0

142 twitter @chensj

Forest Hill Capital Total Value: $1,000,085,000 Positions: 61# Issue Symbol Value (X1000) Title of Class Percent


1 Pnc Finl Svcs Group Inc PNC 50,151 Com 5.01 New2 Regions Finl Corp New RF 45,514 Com 4.55 -1.43 Sandy Spring Bancorp Inc SASR 44,797 Com 4.48 -6.04 Umb Finl Corp UMBF 43,505 Com 4.35 +.75 Columbia Bkg Sys Inc COLB 42,807 Com 4.28 +3.76 Iberiabank Corp IBKC 42,624 Com 4.26 +1.07 Comerica Inc CMA 41,617 Com 4.16 +2.68 Banner Corp BANR 41,519 Com New 4.15 +8.49 First Finl Hldgs Inc New SCBT 40,511 Com 4.05 -20.510 Eagle Bancorp Inc Md EGBN 37,360 Com 3.74 +14.511 Hancock Hldg Co HBHC 36,583 Com 3.66 +.412 Bankunited Inc BKU 34,038 Com 3.40 -14.813 Bancorpsouth Inc BXS 33,621 Com 3.36 -17.214 Sterling Finl Corp Wash STSA 31,455 Com New 3.15 -2.215 National Bk Hldgs Corp NBHC 30,721 Cl A 3.07 +1157.016 Suntrust Bks Inc STI 29,197 Com 2.92 -32.717 Union First Mkt Banksh Cp UBSH 28,526 Com 2.85 New18 Old Natl Bancorp Ind ONB 26,376 Com 2.64 -36.419 Cardinal Finl Corp CFNL 25,830 Com 2.58 -29.020 Home Bancshares Inc HOMB 24,921 Com 2.49 +3.821 Centerstate Banks Inc CSFL 24,832 Com 2.48 +7.622 Glacier Bancorp Inc New GBCI 24,661 Com 2.47 -2.423 Washington Bkg Co Oak Hbr Wa WBCO 23,918 Com 2.39 -9.124 Bancfirst Corp BANF 17,428 Com 1.74 +.625 Heritage Finl Corp Wash HFWA 16,942 Com 1.69 -11.826 State Bk Finl Corp STBZ 16,539 Com 1.65 +15.827 1st United Bancorp Inc Fla FUBC 16,413 Com 1.64 -6.128 First Conn Bancorp Inc Md FBNK 16,049 Com 1.60 -5.929 Fidelity Southern Corp New LION 13,420 Com 1.34 +4.630 Tristate Cap Hldgs Inc TSC 13,008 Com 1.30 +51.231 First Sec Group Inc FSGI 9,170 Com New 0.92 -9.632 Pinnacle Finl Partners Inc PNFP 8,582 Com 0.86 -19.833 Midsouth Bancorp Inc MSL 7,871 Com 0.79 -5.834 Name 6,030 Com 0.60 New35 Knowles Corp KN 5,709 Com 0.57 New36 Suncor Energy Inc New SU 5,308 Com 0.53 +1.137 Macquarie Infrastr Co Llc MIC 4,810 Membership Int 0.48 +7.838 Tronox Ltd TROX 3,920 Shs Cl A 0.39 +3.039 Susser Pete Partners Lp SUSP 3,556 Com U Rep Lp 0.36 +6.240 Pinnacle Foods Inc Del PF 3,298 Com 0.33 -10.841 Denbury Res Inc DNR 3,222 Com New 0.32 +292.042 Libbey Inc LBY 2,747 Com 0.27 +64.543 Johnson & Johnson JNJ 2,048 Com 0.20 +7.244 Procter & Gamble Co PG 1,899 Com 0.19 -1.045 Team Inc TISI 1,680 Com 0.17 +1.246 Callaway Golf Co ELY 1,635 Com 0.16 New47 Waste Mgmt Inc Del WM 1,600 Com 0.16 -6.248 Infinity Ppty & Cas Corp IPCC 1,561 Com 0.16 New49 Shoe Carnival Inc SCVL 1,555 Com 0.16 New50 United Parcel Service Inc UPS 1,372 Cl B 0.14 -7.451 General Mls Inc GIS 1,339 Com 0.13 +3.852 Plum Creek Timber Co Inc PCL 1,095 Com 0.11 -9.653 Powershares Etf Trust PID 1,003 Intl Div Achv 0.10 -1.054 Ishares DVY 917 Select Divid Etf 0.09 +2.855 United Cmnty Bancorp Ind UCBA 842 Com 0.08 +5.656 Ishares EFA 604 Msci Eafe Etf 0.06 +.0

143 twitter @chensj

Sold Positions:

RRMS, MDR, STEL

New Positions:

PNC, UBSH, Name, KN, ELY, IPCC, SCVL, CKSW

Top Increases:

NBHC, DNR, LBY

Top Decreases:

GY, ONB, NTG

Fund Background:

Forest Hill Capital is a financial investment advisory firm headquartered in Little Rock.

Forest Hill Capital Total Value: $1,000,085,000 Positions: 61# Issue Symbol Value (X1000) Title of Class Percent


57 Clicksoftware Technologies L CKSW 603 Ord 0.06 New58 Gencorp Inc GY 450 Com 0.04 -83.259 Fidelity National Financial FNF 342 Cl A 0.03 -3.160 Vanguard World Fds VGT 220 Inf Tech Etf 0.02 +2.361 Tortoise Mlp Fd Inc NTG 214 Com 0.02 -34.8

144 twitter @chensj

EJF Capital Total Value: $1,672,177,000 Positions: 132# Issue Symbol Value (X1000) Title of Class Percent


1 American Homes 4 Rent AMH 205,654 Cl A 12.30 +8.42 Colony Finl Inc CLNY 191,154 Com 11.43 +119.53 Starwood Ppty Tr Inc STWD 122,571 Com 7.33 +2.04 Phh Corp PHH 108,163 Com New 6.47 -10.55 Encore Cap Group Inc ECPG 84,872 Com 5.08 +173.76 American Cap Ltd ACAS 56,358 Com 3.37 +323.97 Home Ln Servicing Solutions HLSS 55,735 Ord Shs 3.33 New8 First Bancorp P R FBP 54,672 Com New 3.27 -12.19 Arbor Rlty Tr Inc ABR 28,913 Com 1.73 -1.710 Resource Cap Corp RSO 27,638 Com 1.65 -48.611 Royal Bk Scotland Group Plc RBSPR

Q25,741 Adr Pref Shs Q 1.54 +11.2

12 Regional Mgmt Corp RM 25,035 Com 1.50 -13.213 Silver Bay Rlty Tr Corp SBY 23,280 Com 1.39 -55.014 Tfs Finl Corp TFSL 18,992 Com 1.14 +2.615 Colony Finl Inc 18,602 Note 3.875% 1/1 1.11 New16 Citigroup Inc C 17,850 Com New 1.07 +14.217 Bank New York Mellon Corp BK 17,645 Com 1.06 New18 Cit Group Inc CIT 17,157 Com New 1.03 +64.619 Royal Bk Scotland Group Plc RBSPRR 16,344 Adr Pref Shs R 0.98 +13.220 Synovus Finl Corp SNV 15,629 Com 0.93 +1.021 Investors Bancorp Inc ISBC 15,359 Com 0.92 +9.522 Central Pac Finl Corp CPF 15,267 Com New 0.91 -51.023 Beneficial Mutual Bancorp In BNCL 15,257 Com 0.91 +20.824 Air Lease Corp AL 14,916 Cl A 0.89 New25 Consumer Portfolio Svcs Inc CPSS 14,628 Com 0.87 -27.226 Meridian Interstat Bancorp I EBSB 14,259 Com 0.85 +13.227 Kearny Finl Corp KRNY 13,582 Com 0.81 +27.128 Royal Bk Scotland Group Plc RBSPRN 13,517 Adr Pref Ser N 0.81 +10.429 Genworth Finl Inc GNW 13,298 Com Cl A 0.80 New30 Independent Bank Corp Mich IBCP 13,281 Com New 0.79 +8.231 Hometrust Bancshares Inc HTBI 13,253 Com 0.79 -1.332 Connectone Bancorp Inc CNOB 11,901 Com 0.71 +23.533 Charter Finl Corp Md CHFN 11,665 Com 0.70 +.434 Royal Bk Scotland Group Plc RBSPRP 11,492 Adr Pfd Ser P 0.69 +14.835 Rockville Finl Inc New RCKB 10,872 Com 0.65 +6.436 Apollo Global Mgmt Llc APO 10,653 Cl A Shs 0.64 +22.437 Banner Corp BANR 10,458 Com New 0.63 +31.038 Radian Group Inc RDN 10,145 Com 0.61 -15.539 Suffolk Bancorp SUBK 9,995 Com 0.60 +7.240 Sunedison Inc SUNE 9,994 Com 0.60 +1551.941 Barclays Plc BCS 9,495 Adr 0.57 New42 Carlyle Group L P CG 9,488 Com Uts Ltd Ptn 0.57 New43 United Cmnty Finl Corp Ohio UCFC 9,466 Com 0.57 +9.844 Morgan Stanley MS 9,351 Com New 0.56 -25.545 Vantagesouth Bancshares Inc VSB 8,837 Com 0.53 +32.546 Fidelity Southern Corp New LION 8,754 Com 0.52 -15.647 Si Finl Group Inc Md SIFI 8,719 Com 0.52 +1.448 Clifton Svgs Bancorp Inc CSBK 8,161 Com 0.49 -6.549 Heritage Finl Group Inc HBOS 7,474 Com 0.45 +2.150 Waterstone Finl Inc Md WSBF 7,041 Com 0.42 New51 National Gen Hldgs Corp NGHC 7,000 Com 0.42 New52 Bankunited Inc BKU 6,954 Com 0.42 -29.653 Territorial Bancorp Inc TBNK 6,929 Com 0.41 -11.054 First Sec Group Inc FSGI 6,880 Com New 0.41 -31.955 Omniamerican Bancorp Inc OABC 6,837 Com 0.41 +6.6

145 twitter @chensj



56 Preferred Apt Cmntys Inc APTS 6,711 Com 0.40 +.257 Cape Bancorp Inc CBNJ 6,600 Com 0.39 -11.558 Southern First Bancshares In SFST 6,588 Com 0.39 New59 First Ctzns Banc Corp FCZAP 6,585 6.50% Pfd Ser B 0.39 New60 Prudential Bancorp Inc New PBIP 5,964 Com 0.36 +20.261 Seacoast Bkg Corp Fla SBCF 5,500 Com New 0.33 -9.862 Kinder Morgan Inc Del KMIWS 5,198 *w Exp 05/25/201 0.31 New63 Cabot Oil & Gas Corp COG 4,743 Com 0.28 New64 Community Finl Corp Md TCFC 4,715 Com 0.28 +1.465 Community Bankers Tr Corp ESXB 4,261 Com 0.25 +6.966 Yy Inc YY 4,215 Ads Repcom Cla 0.25 +125.467 Standard Pac Corp New SPF 4,155 Com 0.25 New68 Hertz Global Holdings Inc HTZ 3,996 Com 0.24 New69 Lennar Corp LEN 3,962 Cl A 0.24 New70 First Marblehead Corp FMD 3,754 Com New 0.22 -26.371 Sws Group Inc SWS 3,740 Com 0.22 New72 Newbridge Bancorp NBBC 3,655 Cl A No Par 0.22 -3.873 Eastern Va Bankshares Inc EVBS 3,237 Com 0.19 -7.974 Talmer Bancorp Inc TLMR 3,072 Com 0.18 New75 Qihoo 360 Technology Co Ltd QIHU 2,987 Ads 0.18 +263.876 Vipshop Hldgs Ltd VIPS 2,986 Sponsored Adr 0.18 New77 Guaranty Fed Bancshares Inc GFED 2,961 Com 0.18 New78 Sky-mobi Ltd MOBI 2,728 Sponsored Ads 0.16 New79 58 Com Inc WUBA 2,706 Spon Adr Rep A 0.16 +41.280 Northstar Realty Fin Corp NRF 2,639 Com 0.16 -50.181 Peapack-gladstone Finl Corp PGC 2,588 Com 0.15 +15.282 Yahoo Inc YHOO 2,502 Com 0.15 -11.283 Slm Corp SLM 2,448 Com 0.15 -76.784 Perfect World Co Ltd PWRD 2,285 Spon Adr Rep B 0.14 +16.385 Hamilton Bancorp Inc Md HBK 2,202 Com 0.13 -1.386 Soufun Hldgs Ltd SFUN 2,053 Adr 0.12 -16.987 Cvr Refng Lp CVRR 1,979 Comunit Rep Lt 0.12 +9.388 Northern Tier Energy Lp NTI 1,929 Com Un Repr Part 0.12 +12.089 Intervest Bancshares Corp IBCA 1,788 Com 0.11 +117.390 First Bancshares Inc Ms FBMS 1,768 Com 0.11 +3.491 Rentech Inc RTK 1,681 Com 0.10 +15.192 Las Vegas Sands Corp LVS 1,616 Com 0.10 +2.593 Baidu Inc BIDU 1,523 Spon Adr Rep A 0.09 New94 Timberland Bancorp Inc TSBK 1,499 Com 0.09 +10.995 Yongye Intl Inc YONG 1,472 Com 0.09 +6.496 Cheniere Energy Inc LNG 1,456 Com New 0.09 +28.497 Ellington Financial Llc EFC 1,429 Com 0.09 -28.198 Suncoke Energy Partners L P SXCP 1,337 Comunit Rep Lt 0.08 -1.399 Sound Finl Bancorp Inc SFBC 1,298 Com 0.08 +2.4100 Peoples Bancorp N C Inc PEBK 1,250 Com 0.07 New101 Murphy Usa Inc MUSA 1,218 Com 0.07 -2.3102 Cheniere Energy Partners Lp CQP 1,200 Com Unit 0.07 +4.7103 Lennar Corp LENB 1,159 Cl B 0.07 +12.7104 Hollysys Automation Technolo HOLI 1,077 Shs 0.06 New105 Orrstown Finl Svcs Inc ORRF 997 Com 0.06 +5.2106 Felcor Lodging Tr Inc FCHPRA 994 Pfd Cv A $1.95 0.06 -34.9107 Isoftstone Hldgs Ltd ISS 984 Sponsored Ads 0.06 -1.1108 Central Fed Corp CFBK 930 Com New 0.06 +16.4109 Sonus Networks Inc SONS 910 Com 0.05 New110 Ford Mtr Co Del F 858 Com Par $0.01 0.05 New111 Loral Space & Communicatns I LORL 849 Com 0.05 -12.7

146 twitter @chensj

Sold Positions:

ARPI, NCT, CROX, BPOP, SPG, VLO, SWN, CYD, NUE, FITB, MDR, WNRL, ARI, STI, WPX, PACT, GA, YDKN, WBAI, PXD,

RJET, SPN, EJ, NOV, OXY, VRTB, ATHM, ADC, JPM, BALT, Starwood Ppty Tr Inc - NOTE 4.000% 1/1, MCBI, FENG, TWO, RF,

AIG, WPT, HFC, XLE, BAC, KMI, MBI, ITUB, NFBK, MET, GTAT, LEAF, IMH, ARCX, KEY, EDU, DF, FSLR

New Positions:

HLSS, Colony Finl Inc - NOTE 3.875% 1/1, BK, AL, GNW, BCS, CG, WSBF, NGHC, SFST, FCZAP, KMIWS, COG, SPF, HTZ,

LEN, SWS, TLMR, VIPS, GFED, MOBI, BIDU, PEBK, HOLI, SONS, F, YOKU, OIS, CHSP, MWE, BONA, HELE, EDD, ARCP,

EXAS, ESS, SPLK, TMHC

Top Increases:

SUNE, AHT, ACAS

Top Decreases:

ARCC, VLP, SLM

Fund Background:

EJF Capital was founded in 2005 and has more than $4 billion under management. Emmanuel Freidman was one founder of

Freidman Billings Ramsey, a broker-dealer and asset manager. Friedman partnered with the former head of Friedman Billings'

alternative-investment and wealth-management divisions, Neal Wilson, to start EJF.



112 Youku Tudou Inc YOKU 822 Sponsored Adr 0.05 New113 Oil Sts Intl Inc OIS 789 Com 0.05 New114 Summit Hotel Pptys INN 742 Com 0.04 -14.1115 Chesapeake Lodging Tr CHSP 720 Sh Ben Int 0.04 New116 Ashford Hospitality Tr Inc AHT 676 Com Shs 0.04 +482.8117 Markwest Energy Partners L P MWE 653 Unit Ltd Partn 0.04 New118 First Cmnty Corp S C FCCO 638 Com 0.04 +22.7119 Bona Film Group Ltd BONA 627 Sponsored Ads 0.04 New120 Ares Cap Corp ARCC 617 Com 0.04 -82.6121 Noah Hldgs Ltd NOAH 613 Sponsored Ads 0.04 -19.9122 Helen Of Troy Corp Ltd HELE 519 Com 0.03 New123 Morgan Stanley Em Mkts Dm De EDD 499 Com 0.03 New124 American Rlty Cap Pptys Inc ARCP 435 Com 0.03 New125 Exact Sciences Corp EXAS 425 Com 0.03 New126 Essex Ppty Tr Inc ESS 340 Com 0.02 New127 Splunk Inc SPLK 286 Com 0.02 New128 Valero Energy Partners Lp VLP 207 Com Unt Rep Lp 0.01 -80.0129 Le Gaga Hldgs Ltd GAGA 183 Sponsored Adr 0.01 +13.0130 Taylor Morrison Home Corp TMHC 176 Cl A 0.01 New131 Vestin Realty Mortgage I Inc VRTA 85 Com 0.01 -11.5132 Fieldpoint Petroleum Corp FPPWS 5 *w Exp 03/23/201 0.00 +66.7

147 twitter @chensj

Arbiter Partners Total Value: $893,711,000 Positions: 103# Issue Symbol Value (X1000) Title of Class Percent


1 Tesla Motors Inc TSLA 72,958 Com 8.16 New2 Devon Energy Corp DVN 59,453 Com 6.65 +9.43 Express Scripts Holding Co ESRX 52,938 Com 5.92 -6.04 Equinix Inc EQIX 52,180 Com 5.84 +40.55 Greif Inc GEFB 49,628 Com 5.55 +38.06 Citigroup Inc C 43,173 Com 4.83 +65.77 Capital Senior Living Corp CSU 41,977 Com 4.70 +11.68 Exxon Mobil Corp XOM 36,044 Com 4.03 -1.99 Assured Guaranty Ltd AGO 35,771 Com 4.00 +17.010 Xerox Corp XRX 35,602 Com 3.98 -3.911 Netflix Inc NFLX 34,781 Com 3.89 New12 Hartford Financial Services Gr HIG 34,543 Com 3.87 +51.513 Liberty Interactive Corp LINTA 22,770 Com 2.55 +30.514 Forest City Enterprises B FCEA 18,416 Com 2.06 +8.515 Ambac Financial Group Inc AMBC 17,161 Com 1.92 -9.316 Proshares Short Vix Short-term SVXY 16,868 Com 1.89 +27.017 Capital One Financial Corp COF 15,043 Com 1.68 +7.318 Texas Pacific Land Trust TPL 14,840 Com 1.66 +111.919 Cowen Group Inc COWN 14,511 Com 1.62 +23.020 National Western Life Insuranc NWLI 14,322 Com 1.60 +18.321 Athenahealth Inc ATHN 13,268 Com 1.48 New22 Apache Corp APA 11,614 Com 1.30 -3.523 Groupon Inc GRPN 10,462 Com 1.17 -33.424 Dow Chemical Co/the DOW 9,718 Com 1.09 New25 Mtr Gaming Group Inc MNTG 8,712 Com 0.97 +.026 Anadarko Petroleum Corp APC 8,476 Com 0.95 +6.927 American Realty Capital Proper ARCP 8,450 Com 0.95 New28 Symantec Corp SYMC 7,988 Com 0.89 New29 General Electric Co GE 7,768 Com 0.87 New30 Ishares Iboxx $ High Yield Cor HYG 7,193 Com 0.80 New31 Micron Technology Inc MU 7,098 Com 0.79 +8.832 Loral Space & Communications I LORL 6,762 Com 0.76 +913.833 Newmont Mining Corp NEM 6,474 Com 0.72 -23.334 Lennar Corp B LENB 6,263 Com 0.70 -2.635 Western Union Co/the WU 5,726 Com 0.64 +32.836 Ingersoll-rand Plc IR 5,724 Com 0.64 New37 Salesforce.com Inc CRM 5,709 Com 0.64 New38 Sears Holdings Corp SHLD 5,031 Com 0.56 New39 Clear Channel Outdoor Holdings CCO 5,017 Com 0.56 -5.040 Wpx Energy Inc WPX 4,688 Com 0.52 +.441 Amkor Technology Inc AMKR 4,443 Com 0.50 +45.642 Powershares Buyback Achievers PKW 4,352 Com 0.49 New43 Intelsat Sa I 3,714 Com 0.42 New44 Sealed Air Corp SEE 3,637 Com 0.41 -21.445 Goldman Sachs Group Inc/the GS 3,441 Com 0.39 -11.846 Atlantic Coast Financial Corp ACFC 3,368 Com 0.38 +3.747 Intervest Bancshares Corp IBCA 2,716 Com 0.30 +4.248 Lake Shore Bancorp Inc LSBK 2,378 Com 0.27 +1.749 Herbalife Ltd HLF 2,004 Com 0.22 New50 Oppenheimer Holdings Inc OPY 1,952 Com 0.22 +13.251 Powersecure International Inc POWR 1,678 Com 0.19 +65.252 Stonegate Mortgage Corp SGM 1,651 Com 0.18 -10.153 Charter Financial Corp/md CHFN 1,623 Com 0.18 +.454 Wright Medical Group Inc WMGIZ 1,523 Com 0.17 +257.555 Leapfrog Enterprises Inc LF 1,500 Com 0.17 +88.956 Public Storage PSA 1,062 Com 0.12 New

148 twitter @chensj

Sold Positions:

ADT, HES, FOE, DBLE, IRM, WDC, Ut/100 Ingersoll-rand Plc Ut/33 Allegion, CLF, CTB, IBM, MVG, STX, Ut/25 Ipath S&p 500 Vix

Short- Term Futur, NFBK, LVLT, WSBF

New Positions:

TSLA, NFLX, ATHN, DOW, ARCP, SYMC, GE, HYG, IR, CRM, SHLD, PKW, I, HLF, PSA, VXX, SENEA, IMO, SENEB, GLRE,

Escalera Resources Co, ACPW

Arbiter Partners Total Value: $893,711,000 Positions: 103# Issue Symbol Value (X1000) Title of Class Percent


57 Liberty Ventures LVNTA 932 Com 0.10 -50.658 Rosetta Resources Inc ROSE 838 Com 0.09 -3.159 Apollo Global Management Llc APO 795 Com 0.09 +.660 Oconee Federal Financial Corp OFED 732 Com 0.08 +105.061 Emeritus Corp ESC 698 Com 0.08 -23.562 Blackstone Group Lp BX 665 Com 0.07 +5.663 Tivo Inc TIVO 662 Com 0.07 +.964 Independent Bank Corp/mi IBCP 662 Com 0.07 +8.265 Limoneira Co LMNR 628 Com 0.07 -13.066 Ambac Financial Group-cw23 AMBCW 596 Wts 0.07 +36.767 Microsoft Corp MSFT 574 Com 0.06 -41.068 Asb Bancorp Inc ASBB 573 Com 0.06 +4.269 Ipath S&p 500 Vix Short-term F VXX 561 Com 0.06 New70 Kentucky First Federal Bancorp KFFB 500 Com 0.06 +18.571 Psb Holdings Inc/ct PSBH 483 Com 0.05 +19.072 Hopfed Bancorp Inc HFBC 462 Com 0.05 +13.573 Salem Communications Corp SALM 461 Com 0.05 +15.074 Trimtabs Float Shrink Etf TTFS 447 Com 0.05 -49.875 Aercap Holdings Nv AER 422 Com 0.05 +9.976 Straight Path Communications I STRP 412 Com 0.05 -10.277 Peoples Bancorp Of North Carol PEBK 402 Com 0.04 +9.878 United Bancshares Inc/oh UBOH 372 Com 0.04 +9.779 Amrep Corp AXR 360 Com 0.04 -9.580 Forest City Enterprises Inc FCEB 329 Com 0.04 +13.481 Eastern Virginia Bankshares In EVBS 311 Com 0.03 -7.782 Wolverine Bancorp Inc WBKC 301 Com 0.03 +6.083 Seneca Foods A SENEA 291 Com 0.03 New84 Imperial Oil Ltd IMO 279 Com 0.03 New85 Spark Networks Inc LOV 275 Com 0.03 -.486 Mdc Partners Inc MDCA 245 Com 0.03 -10.687 Seneca Foods Corp SENEB 241 Com 0.03 New88 Greenlight Capital Re Ltd GLRE 230 Com 0.03 New89 Armour Residential Reit Inc ARR 206 Com 0.02 -48.690 Ameriana Bancorp ASBI 206 Com 0.02 +2.591 Luxfer Holdings Plc LXFR 196 Com 0.02 -6.292 Premier Financial Bancorp Inc PFBI 177 Com 0.02 +1.793 Apollo Commercial Real Estate ARI 166 Com 0.02 +1.894 Laporte Bancorp Inc LPSB 162 Com 0.02 -3.095 Us Global Investors Inc GROW 132 Com 0.01 +26.996 Dex Media Inc DXM 112 Com 0.01 +34.997 Annaly Capital Management Inc NLY 110 Com 0.01 -55.898 Royce Focus Trust Inc FUND 94 Com 0.01 +4.499 Eldorado Gold Corp EGO 85 Com 0.01 -2.3100 Escalera Resources Co 57 Com 0.01 New101 Active Power Inc ACPW 56 Com 0.01 New102 Cosi Inc COSI 28 Com 0.00 -30.0103 Zaza Energy Corp ZAZA 26 Com 0.00 -21.2

149 twitter @chensj

Top Increases:

LORL, WMGIZ, TPL

Top Decreases:

NLY, LVNTA, TTFS

Fund Background:

Paul Isaac started Arbiter Partners in 2001 and has achieved a 22 percent net annualized return. Isaac was exposed to investing

at a young age; he is the nephew of Walter Schloss and his father is a successful investor who had Max Heine as a frequent dinner

guest.

150 twitter @chensj

Sold Positions:

RDC, WUBA, YY, ASCMA, ATHM, QCOR, VNCE, GOOG, JPM, TBT, VIPS, ULTA, XRT, LNKD, FXI

New Positions:

EEM, BITA, RH, ATML, CXO, CXP, CTRP, KMIWS, EJ

Top Increases:

TWX, DIS, XLK

Top Decreases:

BIDU, MS, TWC

Fund Background:

Cascabel was started in 2008 by Tiger Management veteran Scott Sinclair and former Avenue Capital Management portfolio

manager Laurence Chang. Tiger founder Julian Robertson provided seed capital for the firm.

Cascabel Management LP Total Value: $147,887,000 Positions: 23# Issue Symbol Value (X1000) Title of Class Percent


1 Ishares EEM 20,505 Msci Emg Mkt Etf 13.87 New2 Soufun Hldgs Ltd SFUN 18,473 Adr 12.49 -32.13 Youku Tudou Inc YOKU 14,721 Sponsored Adr 9.95 -37.74 Time Warner Inc TWX 13,066 Com New 8.84 +56.25 Select Sector Spdr Tr XLK 10,905 Technology 7.37 +1.76 Giant Interactive Group Inc GA 5,785 Adr 3.91 -48.57 Quiksilver Inc ZQK 5,535 Com 3.74 -24.48 Time Warner Cable Inc TWC 5,487 Com 3.71 -55.09 Bitauto Hldgs Ltd BITA 5,376 Sponsored Ads 3.64 New10 Ambev Sa ABEV 5,187 Sponsored Adr 3.51 +.811 Restoration Hardware Hldgs I RH 5,151 Com 3.48 New12 Mercadolibre Inc MELI 4,756 Com 3.22 -52.013 Masonite Intl Corp New DOOR 4,522 Com 3.06 -5.814 Atmel Corp ATML 4,356 Com 2.95 New15 Disney Walt Co DIS 4,004 Com Disney 2.71 +4.816 Ebay Inc EBAY 3,867 Com 2.61 -29.517 Concho Res Inc CXO 3,675 Com 2.49 New18 Columbia Ppty Tr Inc CXP 3,270 Com New 2.21 New19 Morgan Stanley MS 3,117 Com New 2.11 -66.920 Ctrip Com Intl Ltd CTRP 2,017 American Dep Shs 1.36 New21 Baidu Inc BIDU 1,523 Spon Adr Rep A 1.03 -82.922 Kinder Morgan Inc Del KMIWS 1,320 *w Exp 05/25/201 0.89 New23 E House China Hldgs Ltd EJ 1,269 Adr 0.86 New

151 twitter @chensj

Sold Positions:

RESI, GM, RDC, LAD, S, MEOH, EJ, GILD, APC

New Positions:

POST, HAL, CX, CF, SLCA, AAL, PSX, Emerge Energy Svcs Lp - COM REP PARTN

Top Increases:

DOW, SUSS, LNG

Top Decreases:

URI, DISH, MON

Fund Background:

Long Oar Global Partners was launched in 2009 by James Davidson and specializes in industrials and cyclicals. It was seeded by

Tiger Management.

Long Oar Global Investors Total Value: $105,156,000 Positions: 17# Issue Symbol Value (X1000) Title of Class Percent


1 Hertz Global Holdings Inc HTZ 10,470 Com 9.96 +28.42 Cheniere Energy Inc LNG 9,742 Com New 9.26 +29.83 Dow Chem Co DOW 7,823 Com 7.44 +72.74 Post Hldgs Inc POST 7,011 Com 6.67 New5 Halliburton Co HAL 6,831 Com 6.50 New6 Dish Network Corp DISH 6,607 Cl A 6.28 -22.07 Cemex Sab De Cv CX 6,378 Spon Adr New 6.07 New8 Navistar Intl Corp New NAV 6,158 Com 5.86 +7.69 Susser Hldgs Corp SUSS 6,122 Com 5.82 +35.510 Cf Inds Hldgs Inc CF 5,995 Com 5.70 New11 U S Silica Hldgs Inc SLCA 5,994 Com 5.70 New12 United Rentals Inc URI 5,981 Com 5.69 -26.913 Monsanto Co New MON 5,461 Com 5.19 -21.914 Taminco Corp TAM 4,391 Com 4.18 -14.815 American Airls Group Inc AAL 4,136 Com 3.93 New16 Phillips 66 PSX 3,853 Com 3.66 New17 Emerge Energy Svcs Lp 2,203 Com Rep Partn 2.09 New

152 twitter @chensj

Sold Positions:

OCN, SSP, CCI, ASPS, QPACU, TWC, SIX, AR, MPC, NXST, V, Autozone Inc, TWTR, TTI, WNRL, FRX, American Intl Group Inc

- COM NEW, HLT, DK, LMCA, Athlon Energy Inc, OKE, PXD, MA, STAY

New Positions:

ACT, ENDP, WMB, HAL, LNG, AZO, LADR, SEE, WSO, ADBE, ALSN, HRB, SEMG, CSTM, QPACW

Top Increases:

FANG, GRA, ESL

Top Decreases:

LINTA, CIR, CMCSA

Fund Background:

Tiger Eye was launched in 2009 by Benjamin Gambill. It focuses on natural resources, financials, and industrials. It was seeded

Tiger Eye Capital Total Value: $674,069,000 Positions: 41# Issue Symbol Value (X1000) Title of Class Percent


1 Altisource Ass AAMC 126,556 Com 18.77 -2.32 Eqt Corp EQT 40,569 Com 6.02 +48.93 Northstar Rlty NRF 39,198 Com 5.82 +19.24 Valeant Pharma VRX 33,419 Com 4.96 +1.75 Liberty Intera LVNTA 33,273 Com 4.94 +5.96 Grace W R & Co GRA 28,671 Com 4.25 +378.57 Actavis Plc Cmn ACT 27,144 Com 4.03 New8 Fleetcor Techn FLT 25,805 Com 3.83 +24.29 Liberty Global LBTYK 23,893 Com 3.54 +65.010 Canadian Pac R CP 20,173 Com 2.99 -27.111 Endo Intl Plc ENDP 20,011 Com 2.97 New12 Cbs Corp New CBS 18,623 Com 2.76 -40.913 Esterline Tech ESL 18,421 Com 2.73 +268.714 Time Warner In TWX 17,522 Com 2.60 -36.215 Williams Cos I WMB 15,063 Com 2.23 New16 Transdigm Grou TDG 14,594 Com 2.17 -17.817 Halliburton Co HAL 14,063 Com 2.09 New18 Cheniere Energ LNG 13,339 Com 1.98 New19 Comcast Corp N CMCSA 12,949 Com 1.92 -63.820 Autozone Inc AZO 12,729 Com 1.89 New21 Google Inc GOOG 12,371 Com 1.84 +7.222 Altisource Res RESI 9,883 Com 1.47 +70.023 Dish Network C DISH 9,288 Com 1.38 -43.824 Ladder Cap Cor LADR 7,935 Com 1.18 New25 Priceline Com PCLN 7,895 Com 1.17 -61.726 Diamondback En FANG 7,680 Com 1.14 +702.527 Howard Hughes HHC 7,575 Com 1.12 -13.728 Sealed Air Cor SEE 6,837 Com 1.01 New29 Watsco Inc WSO 6,734 Com 1.00 New30 Circor Intl In CIR 6,724 Com 1.00 -65.431 Liberty Global LBTYA 6,211 Com 0.92 -44.932 Liberty Intera LINTA 5,947 Com 0.88 -83.833 Cabot Oil & Ga COG 4,861 Com 0.72 -60.334 Quiksilver Inc ZQK 4,681 Com 0.69 -43.835 Adobe Sys Inc ADBE 3,875 Com 0.57 New36 Allison Transm ALSN 3,446 Com 0.51 New37 Block H & R In HRB 3,144 Com 0.47 New38 Tjx Cos Inc Ne TJX 1,570 Com 0.23 -4.839 Semgroup Corp SEMG 657 Com 0.10 New40 Constellium Nv CSTM 440 Com 0.07 New41 Quinpario Acqu QPACW 300 Wts 0.04 New

153 twitter @chensj

by Tiger Management.

154 twitter @chensj

Sold Positions:

None

New Positions:

None

Top Increases:

Phi Inc Non-voting, BBRY, Merck

Top Decreases:

Astec Indus, FNFG, Slm Corp

Fund Background:

Irving Kahn founded Kahn Brothers in 1978. Profile from 2011

Kahn Brothers Total Value: $698,354,596,000 Positions: 42# Issue Symbol Value (X1000) Title of Class Percent


1 Ny Times Cl A NYT 81,644,613 Com 11.66 +20.72 Pfizer PFE 67,863,753 Com 9.69 +16.63 Merck 64,060,112 Com 9.14 +111.54 New York Community NYCB 60,721,477 Com 8.67 +10.25 Citigroup 58,684,802 Com 8.38 +4.86 Old Republic ORI 44,762,824 Com 6.39 +5.37 Patterson Energy PTEN 41,772,995 Com 5.96 +17.28 Bp Plc 41,359,026 Com 5.90 +63.49 Mbia MBI 35,551,934 Com 5.08 +39.410 Hologic HOLX 33,475,049 Com 4.78 +11.011 Seaboard Corp SEB 30,180,754 Com 4.31 +20.212 Voxx International VOXX 28,499,462 Com 4.07 +1.613 Slm Corp 22,747,672 Com 3.25 -11.614 Nam Tai Elect NTE 22,240,066 Com 3.17 +13.415 Sterling Bancorp STL 16,918,323 Com 2.42 +11.716 Idt Corp Cl B 11,157,052 Com 1.59 +28.517 Trinity Place Holdings TPHS 7,497,269 Com 1.07 +9.118 Genie Electric 6,581,277 Com 0.94 +35.519 Blackberry BBRY 3,636,000 Com 0.52 +144.020 Novartis Adr NVS 2,386,341 Com 0.34 +8.521 Straight Path Comm STRP 2,150,758 Com 0.31 +7.622 Exxon Mobile XOM 1,778,948 Com 0.25 -2.023 Bristol Myers Squibb BMY 1,540,318 Com 0.22 +4.824 Landmark Savings Bank 1,413,269 Com 0.20 +104.425 First Niagara Financial FNFG 1,381,487 Com 0.20 -12.926 Phi Inc Non-voting 1,251,107 Com 0.18 +343.527 Comcast Cl A CMCSA 1,225,687 Com 0.17 -3.128 Monsanto 1,012,331 Com 0.14 -2.429 Bank Of America 980,761 Com 0.14 +10.530 Chevrontexaco CVX 807,161 Com 0.12 -8.831 Ctm Media Cl A 799,488 Com 0.11 +60.432 Ibm IBM 631,945 Com 0.09 +2.633 Usg Inc USG 621,680 Com 0.09 +9.534 American Tel & Tel 603,675 Com 0.09 +5.435 Astec Indus 526,920 Com 0.08 -31.836 Newmarket Group NEU 390,780 Com 0.06 +16.937 General Electric GE 388,350 Com 0.06 -7.638 Questar Corp STR 379,291 Com 0.05 +3.439 Keycorp New KEY 264,423 Com 0.04 -10.440 Astoria Financial 244,407 Com 0.03 -.141 Flushing Financial FFIC 213,207 Com 0.03 -7.442 Volvo VOLVY 158,560 Com 0.02 +20.6

155 twitter @chensj

Jabre Capital Partners Total Value: $1,045,911,000 Positions: 101# Issue Symbol Value (X1000) Title of Class Percent


1 Transocean Ltd RIG 69,191 Reg Shs 6.62 -41.72 Potash Corp Sask Inc POT 39,118 Com 3.74 New3 Market Vectors Etf Tr RSX 35,985 Russia Etf 3.44 New4 Cobalt Intl Energy Inc CIE 23,809 Com 2.28 New5 Google Inc GOOG 23,404 Cl A 2.24 +60.76 Michael Kors Hldgs Ltd KORS 23,318 Shs 2.23 New7 Yandex N V YNDX 23,125 Shs Class A 2.21 New8 Anadarko Pete Corp APC 22,090 Com 2.11 -19.29 Ebay Inc EBAY 20,436 Com 1.95 +344.510 Sina Corp SINA 19,956 Ord 1.91 +258.911 Intuitive Surgical Inc ISRG 19,710 Com New 1.88 +4175.512 Vipshop Hldgs Ltd VIPS 19,284 Sponsored Adr 1.84 New13 Wynn Resorts Ltd WYNN 18,810 Com 1.80 -61.314 General Electric Co GE 18,710 Com 1.79 +107.215 Spdr S&p 500 Etf Tr SPY 18,701 Tr Unit 1.79 -49.416 Amazon Com Inc AMZN 17,910 Com 1.71 New17 Teleflex Inc 17,905 Note 3.875% 8/0 1.71 +12.318 Cemex Sab De Cv CX 17,191 Spon Adr New 1.64 -40.819 Jos A Bank Clothiers Inc JOSB 17,074 Com 1.63 +289.220 Biomarin Pharmaceutical Inc BMRN 16,929 Com 1.62 New21 Ishares EEM 16,404 Msci Emg Mkt Etf 1.57 New22 International Game Technolog IGT 16,310 Com 1.56 New23 Yandex N V 15,802 Debt 1.125%12/1 1.51 +90.424 Micron Technology Inc 15,499 Note 1.625% 2/1 1.48 New25 Wells Fargo & Co New WFCWS 15,304 *w Exp 10/28/201 1.46 -18.326 Mgm Resorts International 15,078 Note 4.250% 4/1 1.44 -4.027 Time Warner Cable Inc TWC 14,747 Com 1.41 +144.628 Omnicare Inc 14,404 Note 3.500% 2/1 1.38 -18.829 Tesla Mtrs Inc 14,404 Note 1.500% 6/0 1.38 +30.030 Tesla Mtrs Inc 13,655 Note 1.250% 3/0 1.31 New31 Cubist Pharmaceuticals Inc 12,896 Note 2.500%11/0 1.23 +6.032 Suntrust Bks Inc STIWSB 12,600 *w Exp 11/14/201 1.20 +9.433 Marvell Technology Group Ltd MRVL 12,591 Ord 1.20 +59.434 Sina Corp 12,516 Debt 1.000%12/0 1.20 +29.435 Xilinx Inc 12,242 Note 2.625% 6/1 1.17 +17.436 Stanley Black & Decker Inc SWH 11,855 Unit 99/99/9999 1.13 +44.037 Salix Pharmaceuticals Inc 11,848 Note 1.500% 3/1 1.13 +12.538 Take-two Interactive Softwar 11,789 Note 1.000% 7/0 1.13 +14.839 Mgm Resorts International MGM 11,300 Com 1.08 New40 Microsoft Corp MSFT 11,236 Com 1.07 New41 Youku Tudou Inc YOKU 10,419 Sponsored Adr 1.00 New42 Jpmorgan Chase & Co JPM 10,286 Com 0.98 +51.143 Rovi Corp ROVI 10,251 Com 0.98 New44 Abercrombie & Fitch Co ANF 10,194 Cl A 0.97 +69.645 Vipshop Hldgs Ltd 10,174 Note 1.500% 3/1 0.97 New46 Terex Corp New 9,621 Note 4.000% 6/0 0.92 +4.747 Bank Of America Corporation BACWS

A8,965 *w Exp 01/16/201 0.86 +27.0

48 Biomarin Pharmaceutical Inc 8,837 Note 1.500%10/1 0.84 +25.649 Caci Intl Inc 8,422 Note 2.125% 5/0 0.81 +2.650 Seacor Holdings Inc 8,408 Note 2.500%12/1 0.80 -2.451 Freeport-mcmoran Copper & Go FCX 8,268 Com 0.79 New52 Lam Research Corp 8,124 Note 0.500% 5/1 0.78 +2.253 Lorillard Inc LO 7,955 Com 0.76 New54 Ciena Corp CIEN 7,851 Com New 0.75 New55 Ishares EWW 7,354 Msci Mex Cap Etf 0.70 -49.7

156 twitter @chensj

Sold Positions:

ST, TMUS, UPS, VPHM, Web Com Group Inc - NOTE 1.000% 8/1, GOGO, CCL, NQ, NEM, DXJ, DLPH, ASIA, RL, XLF, IPGP,

HCP, C, JCP, DB, TGT, MS, Gt Advanced Technologies Inc - NOTE 3.000%12/1, KO, WBAI, BRCM, SWK, EW, MNST, PRGO,

AMD, WFM, BIDU, CLF, MBT, CTXS, TROW, DE, ALTR, Stone Energy Corp - NOTE 1.750% 3/0, FB, AGN, BTU, PG, ITB, LLY,

FE, GRPN, SNE, AIG, AAPL, IBB, BAC, Orexigen Therapeutics Inc - NOTE 2.750%12/0, IVZ, LIFE, EXPE

New Positions:

Jabre Capital Partners Total Value: $1,045,911,000 Positions: 101# Issue Symbol Value (X1000) Title of Class Percent


56 International Game Technolog 7,175 Note 3.250% 5/0 0.69 -5.157 Webster Finl Corp Conn WBSWS 7,164 *w Exp 11/21/201 0.68 -3.358 Petroleo Brasileiro Sa Petro PBR 6,575 Sponsored Adr 0.63 New59 Jarden Corp 6,260 Note 1.875% 9/1 0.60 -2.660 Electronic Arts Inc 5,822 Note 0.750% 7/1 0.56 +8.861 Bre Properties Inc BRE 5,650 Cl A 0.54 +14.762 Tcf Finl Corp TCBWS 5,366 *w Exp 11/14/201 0.51 -2.763 Carlyle Group L P CG 5,316 Com Uts Ltd Ptn 0.51 New64 Fortinet Inc FTNT 4,975 Com 0.48 -30.765 Ishares EWY 4,921 Msci Sth Kor Etf 0.47 -71.366 Teradata Corp Del TDC 4,919 Com 0.47 -82.367 Amcol Intl Corp ACO 4,741 Com 0.45 New68 Ishares EWZ 4,504 Msci Brz Cap Etf 0.43 New69 Wright Med Group Inc 4,068 Note 2.000% 8/1 0.39 +.870 Linear Technology Corp 3,987 Note 3.000% 5/0 0.38 +5.271 Zions Bancorporation ZIONW 3,870 *w Exp 05/22/202 0.37 +2.572 Biomarin Pharmaceutical Inc 3,838 Note 0.750%10/1 0.37 -44.773 Autonavi Hldgs Ltd AMAP 3,808 Sponsored Adr 0.36 New74 Hudson City Bancorp HCBK 3,717 Com 0.36 +4.375 Starbucks Corp SBUX 3,669 Com 0.35 New76 Comcast Corp New CMCSA 3,503 Cl A 0.33 New77 Shutterfly Inc SFLY 3,414 Com 0.33 New78 Bank Of America Corporation BACWS

B3,298 *w Exp 10/28/201 0.32 +18.2

79 Boston Private Finl Hldgs In BPFHW 3,198 *w Exp 11/21/201 0.31 +17.280 Suntrust Bks Inc STIWSA 3,029 *w Exp 12/31/201 0.29 +10.181 General Mtrs Co GMWSC 2,820 *w Exp 12/31/201 0.27 -53.482 Cemex Sab De Cv 2,766 Note 4.875% 3/1 0.26 -53.983 Wellpoint Inc 2,721 Note 2.750%10/1 0.26 -.184 Giant Interactive Group Inc GA 2,695 Adr 0.26 +17.485 Mellanox Technologies Ltd MLNX 2,602 Shs 0.25 New86 Nike Inc NKE 2,585 Cl B 0.25 New87 Celldex Therapeutics Inc New CLDX 2,120 Com 0.20 New88 Lululemon Athletica Inc LULU 2,104 Com 0.20 New89 Volcano Corporation 1,987 Note 1.750%12/0 0.19 +.390 Cbs Corp New CBS 1,854 Cl B 0.18 New91 Tesla Mtrs Inc 1,849 Note 0.250% 3/0 0.18 New92 Rda Microelectronics Inc RDA 1,838 Sponsored Adr 0.18 +.393 Zoetis Inc ZTS 1,736 Cl A 0.17 New94 Washington Fed Inc WAFDW 1,730 *w Exp 11/14/201 0.17 -11.195 Vivus Inc VVUS 1,591 Com 0.15 -11.596 Ncr Corp New NCR 1,462 Com 0.14 New97 Martin Marietta Matls Inc MLM 1,284 Com 0.12 New98 Ypf Sociedad Anonima YPF 1,246 Spon Adr Cl D 0.12 New99 Citigroup Inc CWSB 786 *w Exp 10/28/201 0.08 -20.2100 Nokia Corp NOK 734 Sponsored Adr 0.07 New101 Herbalife Ltd HLF 349 Com Usd Shs 0.03 New

157 twitter @chensj

POT, RSX, CIE, KORS, YNDX, VIPS, AMZN, BMRN, EEM, IGT, Micron Technology Inc - NOTE 1.625% 2/1, Tesla Mtrs Inc -

NOTE 1.250% 3/0, MGM, MSFT, YOKU, ROVI, Vipshop Hldgs Ltd - NOTE 1.500% 3/1, FCX, LO, CIEN, PBR, CG, ACO, EWZ,

AMAP, SBUX, CMCSA, SFLY, MLNX, NKE, CLDX, LULU, CBS, Tesla Mtrs Inc - NOTE 0.250% 3/0, ZTS, NCR, MLM, YPF, NOK,

HLF

Top Increases:

ISRG, EBAY, JOSB

Top Decreases:

TDC, EWY, WYNN

Fund Background:

Phillippe Jabre has been a convertible bonds specialist for over 30 years. While at GLG Partners from 1997 to 2006, he managed

five funds with combined assets of $7 billion.

158 twitter @chensj

Weitz Investment Management Total Value: $3,131,394,000 Positions: 63# Issue Symbol Value (X1000) Title of Class Percent


1 Valeant Pharmaceuticals Intl VRX 210,604 Com 6.73 -3.02 Liberty Global Plc LBTYK 159,524 Shs Cl C 5.09 +9.83 Directv DTV 155,294 Com 4.96 +10.54 Berkshire Hathaway Inc Del BRKB 153,594 Cl B New 4.90 +15.85 Liberty Interactive Corp LINTA 146,098 Int Com Ser A 4.67 +1.16 Liberty Media Corp Delaware LMCA 143,153 Cl A 4.57 +68.67 Wells Fargo & Co New WFC 122,115 Com 3.90 +8.38 Redwood Tr Inc RWT 120,028 Com 3.83 +1.29 Transdigm Group Inc TDG 111,533 Com 3.56 +17.010 Texas Instrs Inc TXN 106,903 Com 3.41 +1.011 Martin Marietta Matls Inc MLM 102,238 Com 3.26 +16.412 Laboratory Corp Amer Hldgs LH 97,991 Com New 3.13 +18.813 Iconix Brand Group Inc ICON 94,798 Com 3.03 -7.314 Express Scripts Hldg Co ESRX 90,927 Com 2.90 +9.315 Apache Corp APA 89,092 Com 2.85 -3.416 The Adt Corporation ADT 87,221 Com 2.79 +474.717 Oracle Corp ORCL 82,444 Com 2.63 +23.018 Microsoft Corp MSFT 74,142 Com 2.37 +7.819 Flir Sys Inc FLIR 73,173 Com 2.34 -6.520 Range Res Corp RRC 64,603 Com 2.06 -12.121 Interval Leisure Group Inc IILG 64,315 Com 2.05 -17.122 Google Inc GOOG 63,393 Cl A 2.02 -22.523 Aon Plc AON 60,236 Shs Cl A 1.92 -21.824 Live Nation Entertainment In LYV 59,237 Com 1.89 +4.825 Target Corp TGT 49,390 Com 1.58 -4.426 Endo Intl Plc ENDP 34,388 Shs 1.10 New27 Brown & Brown Inc BRO 32,048 Com 1.02 +93.828 Avon Prods Inc AVP 30,656 Com 0.98 +143.929 Liberty Interactive Corp LVNTA 30,628 Lbt Vent Com A 0.98 -22.630 Fidelity Natl Information Sv FIS 30,000 Com 0.96 -1.931 Disney Walt Co DIS 28,949 Com Disney 0.92 +4.832 Xo Group Inc XOXO 28,462 Com 0.91 -27.833 National Cinemedia Inc NCMI 27,681 Com 0.88 -22.234 Caci Intl Inc CACI 23,203 Cl A 0.74 +.835 Cumulus Media Inc CMLS 22,803 Cl A 0.73 -10.636 United Parcel Service Inc UPS 22,802 Cl B 0.73 -7.337 World Fuel Svcs Corp INT 22,050 Com 0.70 +2.238 Accenture Plc Ireland ACN 18,367 Shs Class A 0.59 -1.339 Redwood Tr Inc 18,190 Note 4.625% 4/1 0.58 +2.640 Omnicom Group Inc OMC 17,729 Com 0.57 -2.441 Praxair Inc PX 16,463 Com 0.53 +.742 Diageo P L C DEO 16,402 Spon Adr New 0.52 -2.443 Proshares Tr TBF 15,792 Shrt 20+yr Tre 0.50 -4.044 Pioneer Nat Res Co PXD 13,543 Com 0.43 New45 Berkshire Hathaway Inc Del BRKA 12,927 Cl A 0.41 +5.346 Ebay Inc EBAY 11,109 Com 0.35 New47 Fti Consulting Inc FCN 10,630 Com 0.34 -13.948 Cna Finl Corp CNA 9,826 Com 0.31 -.449 Sapient Corp SAPE 9,383 Com 0.30 -1.750 Aci Worldwide Inc ACIW 8,938 Com 0.29 -8.951 Liquidity Services Inc LQDT 8,857 Com 0.28 +15.052 Willis Group Holdings Public WSH 5,516 Shs 0.18 +23.153 Ascent Cap Group Inc ASCMA 5,289 Com Ser A 0.17 +3.054 Wesco Aircraft Hldgs Inc WAIR 5,045 Com 0.16 New55 Intelligent Sys Corp New INS 3,814 Com 0.12 +3.756 Prestige Brands Hldgs Inc PBH 3,406 Com 0.11 -36.6

159 twitter @chensj

Sold Positions:

CVS, SWN, CMP, ENDP

New Positions:

ENDP, PXD, EBAY, WAIR, ALSN

Top Increases:

ADT, AVP, BRO

Top Decreases:

HPQ, OUTR, PBH

Fund Background:

n/a

Weitz Investment Management Total Value: $3,131,394,000 Positions: 63# Issue Symbol Value (X1000) Title of Class Percent


57 Anheuser Busch Inbev Sa/nv BUD 1,369 Sponsored Adr 0.04 -1.158 Itt Educational Services Inc ESI 688 Com 0.02 +18.059 Us Bancorp Del USB 643 Com New 0.02 +6.160 Outerwall Inc OUTR 453 Com 0.01 -69.161 Allison Transmission Hldgs I ALSN 449 Com 0.01 New62 Apple Inc AAPL 429 Com 0.01 -4.563 Hewlett Packard Co HPQ 421 Com 0.01 -98.6

160 twitter @chensj

13F Ideas Quarterly - May 2014 - valuewalk.com · 13F Ideas Quarterly - May 2014 ! This latest edition (beta) of the 13F Ideas Report contains complete reporting for over 100 funds.

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