Third Avenue Management

Third Avenue Management · 20 closed periods in the current 5-year detail window (latest closed period: Q1 2026 → next disclosure, 50 priced positions, +9.74% return). Every disclosed long-equity position appears in the table for its period; the Valid column shows 1 (counted in the math) or 0 (excluded — hover the row for the reason). See the methodology for the exact math.

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2026-05-13 → 2026-08-12

50 of 53 priced96.93% coverage

+9.74%

Holdings from Q1 2026 disclosure · accession 0001099281-26-000005 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	921,181	$81.09	—	$91.61	$74.7M	$84.39M	+12.97%	12.49%	+162.1 bps	1
VALTOP 5	508,186	$98.95	—	$85.21	$50.29M	$43.3M	-13.89%	8.09%	-112.3 bps	1
BCCTOP 5	562,021	$66.98	—	$84.25	$37.64M	$47.35M	+25.78%	6.92%	+178.4 bps	1
HCCTOP 5	364,002	$85.08	—	$96.72	$30.97M	$35.21M	+13.68%	5.50%	+75.3 bps	1
HOGTOP 5	1,462,670	$25.60	—	$25.97	$37.44M	$37.99M	+1.45%	4.80%	+6.9 bps	1
RHI	903,905	$24.90	—	$41.55	$22.51M	$37.56M	+66.87%	3.73%	+249.2 bps	1
BN	481,495	$45.09	—	$44.69	$21.71M	$21.52M	-0.89%	3.16%	-2.8 bps	1
FPH	3,861,162	$4.83	—	$5.18	$18.65M	$20M	+7.25%	3.03%	+22.0 bps	1
CBRE	136,330	$140.65	—	$147.40	$19.17M	$20.1M	+4.80%	3.00%	+14.4 bps	1
PLD	125,945	$142.00	—	$140.73	$17.88M	$17.72M	-0.89%	2.70%	-2.4 bps	1
ROG	151,025	$143.10	—	$138.58	$21.61M	$20.93M	-3.16%	2.63%	-8.3 bps	1
UHAL-B	284,375	$45.96	—	$65.09	$13.07M	$18.51M	+41.62%	2.06%	+85.8 bps	1
LEN-B	142,843	$82.99	—	$83.42	$11.85M	$11.92M	+0.52%	1.95%	+1.0 bps	1
SUI	91,455	$124.28	—	$118.34	$11.37M	$10.82M	-4.78%	1.87%	-8.9 bps	1
PHM	95,128	$112.97	—	$129.16	$10.75M	$12.29M	+14.33%	1.82%	+26.0 bps	1
DHI	73,836	$140.73	—	$145.82	$10.39M	$10.77M	+3.62%	1.64%	+5.9 bps	1
ECPG	142,512	$79.02	—	$97.50	$11.26M	$13.89M	+23.39%	1.62%	+37.9 bps	1
JLL	32,407	$310.66	—	$362.74	$10.07M	$11.76M	+16.76%	1.60%	+26.8 bps	1
FNF	193,455	$47.47	—	$47.67	$9.18M	$9.22M	+0.42%	1.46%	+0.6 bps	1
UMBF	78,245	$126.37	—	$149.45	$9.89M	$11.69M	+18.26%	1.43%	+26.2 bps	1
MYRG	28,819	$467.97	—	$332.68	$13.49M	$9.59M	-28.91%	1.32%	-38.2 bps	1
SUPN	152,724	$51.36	—	$47.87	$7.84M	$7.31M	-6.80%	1.28%	-8.7 bps	1
BATRA	164,438	$54.40	—	$56.56	$8.95M	$9.3M	+3.97%	1.26%	+5.0 bps	1
SKY	100,757	$67.39	—	$93.88	$6.79M	$9.46M	+39.31%	1.22%	+47.8 bps	1
AMH	262,520	$31.44	—	$33.83	$8.25M	$8.88M	+7.60%	1.19%	+9.0 bps	1
UNF	28,434	$256.40	—	$290.03	$7.29M	$8.25M	+13.12%	1.16%	+15.2 bps	1
FSV	50,452	$129.13	—	$142.01	$6.51M	$7.16M	+9.97%	1.14%	+11.3 bps	1
PB	102,168	$66.29	—	$74.46	$6.77M	$7.61M	+12.32%	1.11%	+13.7 bps	1
BKD	463,664	$12.86	—	$12.98	$5.96M	$6.02M	+0.93%	1.03%	+1.0 bps	1
PBF	131,050	$40.93	—	$70.34	$5.36M	$9.22M	+71.85%	1.01%	+72.8 bps	1
AMBC	1,341,211	$5.61	—	$4.66	$7.52M	$6.25M	-16.93%	1.01%	-17.1 bps	1
LXU	381,096	$14.72	—	$9.87	$5.61M	$3.76M	-32.95%	0.92%	-30.4 bps	1
ALG	34,332	$151.63	—	$165.22	$5.21M	$5.67M	+8.96%	0.92%	+8.2 bps	1
SD	330,818	$14.88	—	$14.27	$4.92M	$4.72M	-4.10%	0.88%	-3.6 bps	1
WCC	19,243	$360.50	—	$364.60	$6.94M	$7.02M	+1.14%	0.85%	+1.0 bps	1
COLL	155,143	$34.87	—	$25.70	$5.41M	$3.99M	-26.30%	0.83%	-21.9 bps	1
CET	101,812	$53.21	—	$55.23	$5.42M	$5.62M	+3.80%	0.82%	+3.1 bps	1
ITIC	21,894	$232.00	—	$280.89	$5.08M	$6.15M	+21.07%	0.77%	+16.3 bps	1
FR	81,016	$61.86	—	$63.34	$5.01M	$5.13M	+2.39%	0.76%	+1.8 bps	1
ICFI	71,736	$59.90	—	$89.58	$4.3M	$6.43M	+49.55%	0.76%	+37.7 bps	1
OCFC	246,662	$18.18	—	$19.15	$4.48M	$4.72M	+5.34%	0.72%	+3.9 bps	1
NYCB	331,241	$13.70	—	$14.21	$4.54M	$4.71M	+3.72%	0.71%	+2.6 bps	1
WY	162,377	$23.10	—	$24.76	$3.75M	$4.02M	+7.19%	0.64%	+4.6 bps	1
SBSI	116,879	$32.04	—	$32.84	$3.74M	$3.84M	+2.50%	0.59%	+1.5 bps	1
KALU	29,881	$179.42	—	$189.49	$5.36M	$5.66M	+5.61%	0.58%	+3.3 bps	1
BXC	64,369	$48.68	—	$89.22	$3.13M	$5.74M	+83.28%	0.57%	+47.1 bps	1
QLYS	39,120	$86.50	—	$187.15	$3.38M	$7.32M	+116.36%	0.56%	+64.9 bps	1
FRPH	107,160	$21.41	—	$22.16	$2.29M	$2.37M	+3.50%	0.38%	+1.3 bps	1
COMP	187,469	$8.12	—	$12.73	$1.52M	$2.39M	+56.77%	0.22%	+12.6 bps	1
BATRK	26,104	$50.78	—	$53.00	$1.33M	$1.38M	+4.37%	0.18%	+0.8 bps	1
TPH	—	—	—	—	—	—	—	1.18%	—	0
PRA	—	—	—	—	—	—	—	1.05%	—	0
CPRX	—	—	—	—	—	—	—	0.84%	—	0
Top 5 (by entry value)(5)					$231.04M	$248.23M	+7.44%
Total(50)					$616.58M	$676.62M	+9.74%

2026-02-12 → 2026-05-13

50 of 51 priced99.29% coverage

+2.19%

Holdings from Q4 2025 disclosure · accession 0001099281-26-000003 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
HCCTOP 5	583,320	$86.09	—	$85.08	$50.22M	$49.63M	-1.17%	9.35%	-11.0 bps	1
TDWTOP 5	873,071	$67.58	—	$81.09	$59M	$70.8M	+19.99%	8.01%	+160.2 bps	1
BCCTOP 5	429,999	$88.06	—	$66.98	$37.87M	$28.8M	-23.94%	5.75%	-137.7 bps	1
VALTOP 5	584,373	$88.89	—	$98.95	$51.94M	$57.82M	+11.32%	5.35%	+60.6 bps	1
BNTOP 5	548,119	$47.67	—	$45.09	$26.13M	$24.71M	-5.41%	4.57%	-24.7 bps	1
CBRE	146,835	$136.28	—	$140.65	$20.01M	$20.65M	+3.21%	4.29%	+13.8 bps	1
FPH	4,113,917	$5.31	—	$4.83	$21.84M	$19.87M	-9.04%	4.18%	-37.8 bps	1
PLD	145,451	$136.38	—	$142.00	$19.84M	$20.65M	+4.12%	3.37%	+13.9 bps	1
ROG	199,474	$108.98	—	$143.10	$21.74M	$28.54M	+31.31%	3.32%	+103.9 bps	1
LEN-B	148,008	$111.82	—	$82.99	$16.55M	$12.28M	-25.78%	2.56%	-66.0 bps	1
DB	337,193	$36.67	—	$31.86	$12.36M	$10.74M	-13.12%	2.36%	-31.0 bps	1
UHAL-B	259,246	$44.80	—	$45.96	$11.61M	$11.91M	+2.59%	2.20%	+5.7 bps	1
SUI	96,922	$128.89	—	$124.28	$12.49M	$12.05M	-3.58%	2.18%	-7.8 bps	1
PHM	100,684	$138.89	—	$112.97	$13.98M	$11.37M	-18.66%	2.15%	-40.0 bps	1
JLL	34,351	$280.16	—	$310.66	$9.62M	$10.67M	+10.89%	2.10%	+22.9 bps	1
DHI	78,194	$164.59	—	$140.73	$12.87M	$11M	-14.50%	2.05%	-29.7 bps	1
FNF	205,320	$57.00	—	$47.47	$11.7M	$9.75M	-16.72%	2.04%	-34.1 bps	1
KALU	85,363	$140.07	—	$179.42	$11.96M	$15.32M	+28.09%	1.78%	+50.1 bps	1
SUPN	189,493	$49.85	—	$51.36	$9.45M	$9.73M	+3.03%	1.71%	+5.2 bps	1
COLL	203,401	$45.28	—	$34.87	$9.21M	$7.09M	-22.99%	1.71%	-39.4 bps	1
ECPG	171,022	$57.16	—	$79.02	$9.78M	$13.51M	+38.24%	1.69%	+64.6 bps	1
UMBF	78,245	$128.99	—	$126.37	$10.09M	$9.89M	-2.03%	1.64%	-3.3 bps	1
SKY	106,409	$92.01	—	$67.39	$9.79M	$7.17M	-26.76%	1.63%	-43.7 bps	1
AMH	278,512	$31.47	—	$31.44	$8.76M	$8.76M	-0.10%	1.62%	-0.2 bps	1
MYRG	35,554	$267.81	—	$467.97	$9.52M	$16.64M	+74.74%	1.41%	+105.5 bps	1
PRA	292,990	$24.53	—	$24.60	$7.19M	$7.21M	+0.29%	1.29%	+0.4 bps	1
PB	102,168	$74.49	—	$66.29	$7.61M	$6.77M	-11.01%	1.28%	-14.1 bps	1
BATRA	164,438	$45.77	—	$54.40	$7.53M	$8.95M	+18.86%	1.27%	+23.9 bps	1
LXU	789,447	$9.79	—	$14.72	$7.73M	$11.62M	+50.36%	1.22%	+61.4 bps	1
AMBC	782,093	$5.78	—	$5.61	$4.52M	$4.39M	-2.94%	1.11%	-3.3 bps	1
FR	104,728	$58.02	—	$61.86	$6.08M	$6.48M	+6.62%	1.09%	+7.2 bps	1
UNF	28,434	$235.05	—	$256.40	$6.68M	$7.29M	+9.08%	1.00%	+9.1 bps	1
ITIC	21,894	$267.56	—	$232.00	$5.86M	$5.08M	-13.29%	0.99%	-13.2 bps	1
CET	101,812	$51.48	—	$53.21	$5.24M	$5.42M	+3.36%	0.94%	+3.2 bps	1
WCC	20,295	$295.71	—	$360.50	$6M	$7.32M	+21.91%	0.90%	+19.8 bps	1
TPH	155,855	$36.57	—	$46.95	$5.7M	$7.32M	+28.38%	0.89%	+25.3 bps	1
SD	330,818	$16.47	—	$14.88	$5.45M	$4.92M	-9.65%	0.87%	-8.4 bps	1
ICFI	52,864	$75.60	—	$59.90	$4M	$3.17M	-20.77%	0.82%	-17.0 bps	1
RYN	188,340	$22.49	—	$20.02	$4.24M	$3.77M	-10.98%	0.74%	-8.1 bps	1
WY	171,582	$27.04	—	$23.10	$4.64M	$3.96M	-14.57%	0.74%	-10.8 bps	1
ALG	24,009	$209.20	—	$151.63	$5.02M	$3.64M	-27.52%	0.73%	-20.2 bps	1
BXC	64,339	$75.38	—	$48.68	$4.85M	$3.13M	-35.42%	0.72%	-25.4 bps	1
PBF	131,050	$33.67	—	$40.93	$4.41M	$5.36M	+21.56%	0.65%	+13.9 bps	1
SBSI	116,879	$32.98	—	$32.04	$3.85M	$3.74M	-2.85%	0.65%	-1.8 bps	1
OCFC	192,807	$19.31	—	$18.18	$3.72M	$3.51M	-5.85%	0.63%	-3.7 bps	1
FSV	18,714	$150.40	—	$129.13	$2.81M	$2.42M	-14.14%	0.53%	-7.5 bps	1
NYCB	217,305	$13.82	—	$13.70	$3M	$2.98M	-0.87%	0.50%	-0.4 bps	1
FRPH	107,429	$23.69	—	$21.41	$2.54M	$2.3M	-9.62%	0.45%	-4.3 bps	1
BATRK	26,104	$41.46	—	$50.78	$1.08M	$1.33M	+22.48%	0.19%	+4.2 bps	1
FG	12,319	$28.21	—	$28.09	$347.52K	$346.04K	-0.43%	0.07%	-0.0 bps	1
CTLP	—	—	—	—	—	—	—	0.71%	—	0
Top 5 (by entry value)(5)					$225.16M	$231.77M	+2.93%
Total(50)					$608.46M	$621.79M	+2.19%

2025-11-14 → 2026-02-12

49 of 50 priced97.97% coverage

+11.31%

Holdings from Q3 2025 disclosure · accession 0001099281-25-000017 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	874,667	$58.77	—	$67.58	$51.4M	$59.11M	+14.99%	9.00%	+134.9 bps	1
HCCTOP 5	641,916	$78.78	—	$86.09	$50.57M	$55.26M	+9.28%	7.94%	+73.7 bps	1
VALTOP 5	585,602	$57.03	—	$88.89	$33.4M	$52.05M	+55.87%	5.63%	+314.6 bps	1
BNTOP 5	378,249	$66.08	—	$71.50	$24.99M	$27.05M	+8.22%	4.82%	+39.6 bps	1
FPHTOP 5	4,113,917	$6.26	—	$5.31	$25.75M	$21.84M	-15.18%	4.73%	-71.8 bps	1
CBRE	154,672	$153.66	—	$136.28	$23.77M	$21.08M	-11.31%	4.55%	-51.4 bps	1
BCC	273,705	$69.04	—	$88.06	$18.9M	$24.1M	+27.55%	3.98%	+109.5 bps	1
LEN-B	147,843	$113.34	—	$111.82	$16.76M	$16.53M	-1.34%	3.39%	-4.5 bps	1
PLD	145,394	$122.83	—	$136.38	$17.86M	$19.83M	+11.03%	3.18%	+35.1 bps	1
ROG	199,368	$78.35	—	$108.98	$15.62M	$21.73M	+39.09%	3.06%	+119.7 bps	1
JLL	51,619	$302.57	—	$280.16	$15.62M	$14.46M	-7.41%	2.88%	-21.3 bps	1
DHI	78,078	$142.43	—	$164.59	$11.12M	$12.85M	+15.56%	2.53%	+39.3 bps	1
UHAL-B	259,225	$47.22	—	$44.80	$12.24M	$11.61M	-5.12%	2.49%	-12.8 bps	1
PHM	96,766	$118.37	—	$138.89	$11.45M	$13.44M	+17.34%	2.44%	+42.3 bps	1
SUI	96,786	$126.82	—	$128.89	$12.27M	$12.47M	+1.63%	2.33%	+3.8 bps	1
UMBF	97,518	$108.40	—	$128.99	$10.57M	$12.58M	+18.99%	2.17%	+41.1 bps	1
SUPN	189,493	$45.00	—	$49.85	$8.53M	$9.45M	+10.78%	1.71%	+18.4 bps	1
PRA	364,013	$24.00	—	$24.53	$8.74M	$8.93M	+2.21%	1.64%	+3.6 bps	1
SKY	106,409	$81.39	—	$92.01	$8.66M	$9.79M	+13.05%	1.56%	+20.3 bps	1
BATRA	164,438	$42.58	—	$45.77	$7M	$7.53M	+7.49%	1.39%	+10.4 bps	1
MYRG	35,554	$229.44	—	$267.81	$8.16M	$9.52M	+16.72%	1.35%	+22.5 bps	1
FNF	118,656	$58.26	×1.037	$57.00	$6.91M	$7.01M	+1.46%	1.34%	+2.0 bps	1
COLL	203,401	$45.98	—	$45.28	$9.35M	$9.21M	-1.52%	1.34%	-2.0 bps	1
KALU	89,535	$91.22	—	$140.07	$8.17M	$12.54M	+53.55%	1.32%	+70.5 bps	1
ECPG	171,022	$49.59	—	$57.16	$8.48M	$9.78M	+15.27%	1.30%	+19.9 bps	1
PB	102,168	$66.81	—	$74.49	$6.83M	$7.61M	+11.50%	1.28%	+14.8 bps	1
AMH	191,066	$31.99	—	$31.47	$6.11M	$6.01M	-1.63%	1.18%	-1.9 bps	1
LXU	789,447	$9.71	—	$9.79	$7.67M	$7.73M	+0.82%	1.15%	+0.9 bps	1
ITIC	21,883	$277.60	—	$267.56	$6.07M	$5.86M	-3.62%	1.10%	-4.0 bps	1
RYN	218,052	$21.79	—	$22.49	$4.75M	$4.9M	+3.21%	1.10%	+3.5 bps	1
SBSI	209,426	$28.84	—	$32.98	$6.04M	$6.91M	+14.36%	1.09%	+15.7 bps	1
FR	106,342	$55.73	—	$58.02	$5.93M	$6.17M	+4.11%	1.04%	+4.3 bps	1
TPH	155,855	$31.94	—	$36.57	$4.98M	$5.7M	+14.50%	1.00%	+14.5 bps	1
CET	101,812	$48.87	—	$51.48	$4.98M	$5.24M	+5.34%	0.98%	+5.2 bps	1
AMBC	603,391	$9.52	—	$5.78	$5.74M	$3.49M	-39.29%	0.92%	-36.2 bps	1
ICFI	47,024	$78.05	—	$75.60	$3.67M	$3.56M	-3.14%	0.83%	-2.6 bps	1
UNF	25,929	$161.20	—	$235.05	$4.18M	$6.09M	+45.81%	0.81%	+37.1 bps	1
FRPH	178,530	$24.55	—	$23.69	$4.38M	$4.23M	-3.50%	0.81%	-2.8 bps	1
WCC	20,093	$256.75	—	$295.71	$5.16M	$5.94M	+15.17%	0.80%	+12.2 bps	1
WY	161,920	$22.13	—	$27.04	$3.58M	$4.38M	+22.19%	0.76%	+16.8 bps	1
PBF	131,050	$38.99	—	$33.67	$5.11M	$4.41M	-13.64%	0.74%	-10.1 bps	1
CTLP	370,013	$10.55	—	$10.36	$3.9M	$3.83M	-1.80%	0.73%	-1.3 bps	1
SD	330,698	$14.43	—	$16.47	$4.77M	$5.45M	+14.14%	0.73%	+10.3 bps	1
SEB	1,015	$4120.22	—	$5587.66	$4.18M	$5.67M	+35.62%	0.71%	+25.1 bps	1
BXC	46,357	$55.47	—	$75.38	$2.57M	$3.49M	+35.89%	0.64%	+23.0 bps	1
OCFC	162,331	$17.93	—	$19.31	$2.91M	$3.13M	+7.70%	0.53%	+4.1 bps	1
ALG	14,869	$162.45	—	$209.20	$2.42M	$3.11M	+28.78%	0.53%	+15.2 bps	1
VC	10,298	$105.12	—	$98.30	$1.08M	$1.01M	-6.49%	0.23%	-1.5 bps	1
BATRK	26,104	$38.68	—	$41.46	$1.01M	$1.08M	+7.19%	0.20%	+1.4 bps	1
CMA	—	—	—	—	—	—	—	2.03%	—	0
Top 5 (by entry value)(5)					$186.12M	$215.32M	+15.69%
Total(49)					$534.32M	$594.77M	+11.31%

2025-08-13 → 2025-11-14

51 of 52 priced97.89% coverage

+4.25%

Holdings from Q2 2025 disclosure · accession 0001099281-25-000009 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	875,157	$56.22	—	$58.77	$49.2M	$51.43M	+4.54%	8.33%	+37.8 bps	1
DBTOP 5	1,021,558	$36.17	—	$36.93	$36.95M	$37.73M	+2.10%	6.22%	+13.1 bps	1
HCCTOP 5	641,684	$63.85	—	$78.78	$40.97M	$50.55M	+23.38%	6.06%	+141.8 bps	1
VALTOP 5	585,921	$47.30	—	$57.03	$27.71M	$33.42M	+20.57%	5.09%	+104.7 bps	1
BN	378,249	$66.23	×1.5	$44.05	$25.05M	$24.99M	-0.23%	4.82%	-1.1 bps	1
CBRETOP 5	164,710	$159.66	—	$153.66	$26.3M	$25.31M	-3.76%	4.76%	-17.9 bps	1
FPH	4,125,911	$5.57	—	$6.26	$22.98M	$25.83M	+12.39%	4.68%	+58.0 bps	1
LEN-B	148,033	$125.76	—	$113.34	$18.62M	$16.78M	-9.88%	3.21%	-31.7 bps	1
PLD	145,522	$106.19	—	$122.83	$15.45M	$17.87M	+15.67%	3.15%	+49.4 bps	1
UHAL-B	259,510	$54.02	—	$47.22	$14.02M	$12.25M	-12.59%	2.91%	-36.6 bps	1
JLL	51,690	$296.92	—	$302.57	$15.35M	$15.64M	+1.90%	2.73%	+5.2 bps	1
SUI	97,210	$128.00	—	$126.82	$12.44M	$12.33M	-0.92%	2.54%	-2.3 bps	1
UMBF	102,763	$116.68	—	$108.40	$11.99M	$11.14M	-7.10%	2.23%	-15.8 bps	1
PHM	96,931	$129.96	—	$118.37	$12.6M	$11.47M	-8.92%	2.11%	-18.8 bps	1
DHI	78,189	$165.55	—	$142.43	$12.94M	$11.14M	-13.97%	2.08%	-29.0 bps	1
MYRG	54,595	$186.63	—	$229.44	$10.19M	$12.53M	+22.94%	2.04%	+46.9 bps	1
PRA	384,640	$24.02	—	$24.00	$9.24M	$9.23M	-0.08%	1.81%	-0.2 bps	1
BATRA	164,438	$47.31	—	$42.58	$7.78M	$7M	-10.00%	1.67%	-16.7 bps	1
ITIC	35,752	$244.61	—	$277.60	$8.75M	$9.92M	+13.49%	1.56%	+21.0 bps	1
PB	102,168	$68.46	—	$66.81	$6.99M	$6.83M	-2.41%	1.48%	-3.6 bps	1
KALU	89,535	$76.81	—	$91.22	$6.88M	$8.17M	+18.76%	1.48%	+27.7 bps	1
AMH	191,066	$34.89	—	$31.99	$6.67M	$6.11M	-8.31%	1.42%	-11.8 bps	1
FNF	118,656	$61.07	—	$58.26	$7.25M	$6.91M	-4.60%	1.37%	-6.3 bps	1
ECPG	171,022	$41.70	—	$49.59	$7.13M	$8.48M	+18.92%	1.37%	+25.8 bps	1
FR	132,663	$49.02	—	$55.73	$6.5M	$7.39M	+13.69%	1.32%	+18.0 bps	1
SBSI	209,426	$30.69	—	$28.84	$6.43M	$6.04M	-6.03%	1.27%	-7.7 bps	1
LXU	789,447	$7.73	—	$9.71	$6.1M	$7.67M	+25.61%	1.27%	+32.5 bps	1
COLL	203,401	$37.86	—	$45.98	$7.7M	$9.35M	+21.45%	1.24%	+26.6 bps	1
SUPN	189,493	$42.64	—	$45.00	$8.08M	$8.53M	+5.53%	1.23%	+6.8 bps	1
RYN	258,129	$26.78	—	$21.79	$6.91M	$5.62M	-18.63%	1.18%	-22.0 bps	1
FRPH	211,440	$26.61	—	$24.55	$5.63M	$5.19M	-7.74%	1.17%	-9.1 bps	1
WY	220,849	$26.41	—	$22.13	$5.83M	$4.89M	-16.21%	1.17%	-19.0 bps	1
TPH	155,830	$35.63	—	$31.94	$5.55M	$4.98M	-10.36%	1.03%	-10.6 bps	1
CET	101,812	$49.86	—	$48.87	$5.08M	$4.98M	-1.99%	1.00%	-2.0 bps	1
UNF	23,356	$177.94	—	$161.20	$4.16M	$3.76M	-9.41%	0.91%	-8.5 bps	1
AMBC	603,391	$8.22	—	$9.52	$4.96M	$5.74M	+15.82%	0.88%	+14.0 bps	1
CTLP	370,013	$10.98	—	$10.55	$4.06M	$3.9M	-3.92%	0.84%	-3.3 bps	1
ICFI	47,024	$99.66	—	$78.05	$4.69M	$3.67M	-21.68%	0.82%	-17.8 bps	1
ORI	98,535	$38.67	—	$44.35	$3.81M	$4.37M	+14.69%	0.78%	+11.5 bps	1
SKY	59,865	$74.38	—	$81.39	$4.45M	$4.87M	+9.42%	0.77%	+7.3 bps	1
WCC	20,093	$215.42	—	$256.75	$4.33M	$5.16M	+19.19%	0.77%	+14.7 bps	1
SD	330,698	$11.05	—	$14.43	$3.65M	$4.77M	+30.59%	0.74%	+22.6 bps	1
BXC	46,357	$78.72	—	$55.47	$3.65M	$2.57M	-29.54%	0.71%	-21.0 bps	1
ALG	14,869	$232.42	—	$162.45	$3.46M	$2.42M	-30.11%	0.67%	-20.2 bps	1
SEB	1,015	$3576.02	—	$4120.22	$3.63M	$4.18M	+15.22%	0.60%	+9.1 bps	1
OCFC	162,238	$17.63	—	$17.93	$2.86M	$2.91M	+1.70%	0.59%	+1.0 bps	1
PBF	131,050	$23.08	—	$38.99	$3.02M	$5.11M	+68.93%	0.59%	+40.4 bps	1
HBB	131,461	$14.65	—	$14.19	$1.93M	$1.87M	-3.14%	0.49%	-1.5 bps	1
MRP	50,697	$32.40	—	$31.17	$1.64M	$1.58M	-3.80%	0.30%	-1.1 bps	1
BATRK	26,104	$44.58	—	$38.68	$1.16M	$1.01M	-13.23%	0.25%	-3.3 bps	1
VC	10,298	$123.44	—	$105.12	$1.27M	$1.08M	-14.84%	0.20%	-2.9 bps	1
CMA	—	—	—	—	—	—	—	2.11%	—	0
Top 5 (by entry value)(5)					$181.13M	$198.44M	+9.55%
Total(51)					$533.99M	$556.68M	+4.25%

2025-05-14 → 2025-08-13

58 of 61 priced96.21% coverage

+14.94%

Holdings from Q1 2025 disclosure · accession 0001099281-25-000006 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	809,258	$42.55	—	$56.22	$34.43M	$45.5M	+32.13%	6.86%	+220.4 bps	1
DBTOP 5	1,447,570	$27.78	—	$36.17	$40.21M	$52.36M	+30.20%	6.84%	+206.6 bps	1
HCCTOP 5	613,206	$47.36	—	$63.85	$29.04M	$39.15M	+34.82%	5.87%	+204.3 bps	1
VALTOP 5	569,839	$39.53	—	$47.30	$22.53M	$26.95M	+19.66%	4.49%	+88.2 bps	1
FPH	4,125,911	$5.41	—	$5.57	$22.32M	$22.98M	+2.96%	4.42%	+13.1 bps	1
CBRE	165,109	$129.06	—	$159.66	$21.31M	$26.36M	+23.71%	4.33%	+102.7 bps	1
BNTOP 5	378,249	$59.50	—	$66.23	$22.51M	$25.05M	+11.31%	3.98%	+45.0 bps	1
LEN-B	147,770	$104.39	—	$125.76	$15.43M	$18.58M	+20.47%	3.23%	+66.2 bps	1
UHAL-B	249,865	$58.30	—	$54.02	$14.57M	$13.5M	-7.34%	2.97%	-21.8 bps	1
PLD	129,162	$107.60	—	$106.19	$13.9M	$13.72M	-1.31%	2.90%	-3.8 bps	1
ORI	336,388	$37.34	—	$38.67	$12.56M	$13.01M	+3.56%	2.65%	+9.4 bps	1
PRA	563,988	$22.99	—	$24.02	$12.97M	$13.55M	+4.48%	2.64%	+11.8 bps	1
JLL	51,990	$236.04	—	$296.92	$12.27M	$15.44M	+25.79%	2.58%	+66.7 bps	1
SUI	90,715	$118.62	—	$128.00	$10.76M	$11.61M	+7.91%	2.34%	+18.5 bps	1
UMBF	102,796	$106.77	—	$116.68	$10.98M	$11.99M	+9.28%	2.08%	+19.3 bps	1
DHI	78,745	$122.07	—	$165.55	$9.61M	$13.04M	+35.62%	2.01%	+71.5 bps	1
ITIC	38,919	$238.98	—	$244.61	$9.3M	$9.52M	+2.36%	1.88%	+4.4 bps	1
MYRG	72,797	$164.07	—	$186.63	$11.94M	$13.59M	+13.75%	1.65%	+22.7 bps	1
FNF	118,656	$56.84	—	$61.07	$6.74M	$7.25M	+7.44%	1.55%	+11.5 bps	1
PB	102,168	$72.14	—	$68.46	$7.37M	$6.99M	-5.10%	1.46%	-7.5 bps	1
AMH	192,560	$37.43	—	$34.89	$7.21M	$6.72M	-6.79%	1.46%	-9.9 bps	1
FR	134,558	$50.40	—	$49.02	$6.78M	$6.6M	-2.74%	1.46%	-4.0 bps	1
FRPH	252,952	$26.30	—	$26.61	$6.65M	$6.73M	+1.18%	1.45%	+1.7 bps	1
BATRA	164,438	$44.32	—	$47.31	$7.29M	$7.78M	+6.75%	1.45%	+9.8 bps	1
RYN	258,499	$23.66	—	$26.78	$6.12M	$6.92M	+13.19%	1.45%	+19.1 bps	1
PHM	63,800	$102.06	—	$129.96	$6.51M	$8.29M	+27.34%	1.32%	+36.0 bps	1
WY	220,849	$26.02	—	$26.41	$5.75M	$5.83M	+1.50%	1.30%	+1.9 bps	1
BAM	132,103	$58.92	—	$62.51	$7.78M	$8.26M	+6.09%	1.28%	+7.8 bps	1
SUPN	189,493	$31.54	—	$42.64	$5.98M	$8.08M	+35.19%	1.24%	+43.8 bps	1
COLL	203,401	$29.07	—	$37.86	$5.91M	$7.7M	+30.24%	1.22%	+36.8 bps	1
SBSI	209,426	$29.72	—	$30.69	$6.22M	$6.43M	+3.26%	1.22%	+4.0 bps	1
ECPG	171,022	$40.91	—	$41.70	$7M	$7.13M	+1.93%	1.18%	+2.3 bps	1
LXU	789,447	$7.27	—	$7.73	$5.74M	$6.1M	+6.33%	1.04%	+6.6 bps	1
CET	111,210	$46.84	—	$49.86	$5.21M	$5.54M	+6.45%	1.00%	+6.5 bps	1
TPH	155,830	$31.20	—	$35.63	$4.86M	$5.55M	+14.20%	1.00%	+14.2 bps	1
HBB	249,969	$17.63	—	$14.65	$4.41M	$3.66M	-16.90%	0.97%	-16.5 bps	1
KALU	79,828	$70.97	—	$76.81	$5.67M	$6.13M	+8.23%	0.97%	+8.0 bps	1
ALG	25,546	$200.50	—	$232.42	$5.12M	$5.94M	+15.92%	0.91%	+14.5 bps	1
UNF	23,356	$181.91	—	$177.94	$4.25M	$4.16M	-2.18%	0.81%	-1.8 bps	1
ICFI	47,024	$85.49	—	$99.66	$4.02M	$4.69M	+16.57%	0.80%	+13.3 bps	1
SD	330,698	$10.52	—	$11.05	$3.48M	$3.65M	+5.04%	0.76%	+3.8 bps	1
SEB	1,319	$2513.19	—	$3576.02	$3.31M	$4.72M	+42.29%	0.71%	+30.2 bps	1
AMBC	366,461	$6.53	—	$8.22	$2.39M	$3.01M	+25.88%	0.64%	+16.6 bps	1
PBF	131,050	$22.86	—	$23.08	$3M	$3.02M	+0.96%	0.50%	+0.5 bps	1
WCC	14,822	$173.78	—	$215.42	$2.58M	$3.19M	+23.96%	0.46%	+11.1 bps	1
BXC	29,869	$70.40	—	$78.72	$2.1M	$2.35M	+11.82%	0.45%	+5.3 bps	1
MRP	80,890	$27.81	—	$32.40	$2.25M	$2.62M	+16.50%	0.43%	+7.1 bps	1
OCFC	116,643	$17.59	—	$17.63	$2.05M	$2.06M	+0.23%	0.40%	+0.1 bps	1
ELME	93,000	$15.75	—	$16.61	$1.46M	$1.54M	+5.46%	0.32%	+1.8 bps	1
CTO	63,000	$17.72	—	$16.72	$1.12M	$1.05M	-5.64%	0.24%	-1.4 bps	1
WSR	80,000	$12.33	—	$12.33	$986.4K	$986.4K	+0.00%	0.23%	+0.0 bps	1
IVT	38,000	$27.98	—	$28.16	$1.06M	$1.07M	+0.64%	0.22%	+0.1 bps	1
BATRK	26,104	$41.08	—	$44.58	$1.07M	$1.16M	+8.52%	0.21%	+1.8 bps	1
RMR	37,000	$14.69	—	$16.84	$543.53K	$623.08K	+14.64%	0.12%	+1.8 bps	1
VTMX	25,000	$27.64	—	$28.94	$691K	$723.5K	+4.70%	0.11%	+0.5 bps	1
STC	5,194	$64.91	—	$72.13	$337.14K	$374.64K	+11.12%	0.07%	+0.8 bps	1
GRBK	5,000	$61.22	—	$70.96	$306.1K	$354.8K	+15.91%	0.06%	+0.9 bps	1
UHAL	1,456	$65.35	—	$59.05	$95.15K	$85.98K	-9.64%	0.02%	-0.2 bps	1
CMA	—	—	—	—	—	—	—	3.59%	—	0
PCH	—	—	—	—	—	—	—	0.18%	—	0
EQC	—	—	—	—	—	—	—	0.02%	—	0
Top 5 (by entry value)(5)					$148.72M	$189.01M	+27.09%
Total(58)					$488.06M	$560.99M	+14.94%

2025-02-13 → 2025-05-14

55 of 59 priced95.90% coverage

-3.29%

Holdings from Q4 2024 disclosure · accession 0001099281-25-000002 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
DBTOP 5	2,186,504	$19.95	—	$27.78	$43.62M	$60.74M	+39.25%	7.29%	+286.1 bps	1
TDWTOP 5	588,179	$54.40	—	$42.55	$32M	$25.03M	-21.78%	6.23%	-135.6 bps	1
HCCTOP 5	587,445	$54.09	—	$47.36	$31.77M	$27.82M	-12.44%	6.17%	-76.7 bps	1
CBRETOP 5	174,018	$143.13	—	$129.06	$24.91M	$22.46M	-9.83%	4.42%	-43.5 bps	1
BN	391,478	$60.38	—	$59.50	$23.64M	$23.29M	-1.46%	4.35%	-6.3 bps	1
LEN-B	161,781	$126.53	—	$109.82	$20.47M	$17.77M	-13.21%	4.14%	-54.6 bps	1
VAL	426,608	$45.71	—	$39.53	$19.5M	$16.86M	-13.52%	3.65%	-49.4 bps	1
ORI	465,478	$36.51	—	$37.34	$16.99M	$17.38M	+2.27%	3.26%	+7.4 bps	1
UHAL-B	249,865	$65.49	—	$58.30	$16.36M	$14.57M	-10.98%	3.10%	-34.0 bps	1
FPHTOP 5	4,125,911	$5.99	—	$5.41	$24.71M	$22.32M	-9.68%	3.02%	-29.2 bps	1
PLD	128,943	$120.90	—	$107.60	$15.59M	$13.87M	-11.00%	2.64%	-29.0 bps	1
SUI	108,137	$126.61	—	$118.62	$13.69M	$12.83M	-6.31%	2.57%	-16.2 bps	1
JLL	51,990	$279.33	—	$236.04	$14.52M	$12.27M	-15.50%	2.55%	-39.5 bps	1
AMH	321,221	$35.83	—	$37.43	$11.51M	$12.02M	+4.47%	2.33%	+10.4 bps	1
UMBF	102,796	$112.56	—	$106.77	$11.57M	$10.98M	-5.14%	2.24%	-11.5 bps	1
DHI	78,745	$129.34	—	$122.07	$10.18M	$9.61M	-5.62%	2.13%	-12.0 bps	1
MYRG	72,797	$134.11	—	$164.07	$9.76M	$11.94M	+22.34%	2.10%	+46.8 bps	1
ITIC	39,139	$231.78	—	$238.98	$9.07M	$9.35M	+3.11%	1.79%	+5.6 bps	1
PRA	563,988	$14.58	—	$22.99	$8.22M	$12.97M	+57.68%	1.74%	+100.1 bps	1
RYN	315,800	$25.47	—	$23.66	$8.04M	$7.47M	-7.11%	1.59%	-11.3 bps	1
ECPG	171,022	$49.75	—	$40.91	$8.51M	$7M	-17.77%	1.58%	-28.1 bps	1
FR	157,130	$55.85	—	$50.40	$8.78M	$7.92M	-9.76%	1.52%	-14.9 bps	1
FRPH	252,952	$31.47	—	$26.30	$7.96M	$6.65M	-16.43%	1.50%	-24.6 bps	1
PB	102,168	$78.02	—	$72.14	$7.97M	$7.37M	-7.54%	1.49%	-11.2 bps	1
BAM	132,103	$57.57	—	$58.92	$7.61M	$7.78M	+2.35%	1.39%	+3.2 bps	1
SUPN	189,493	$39.53	—	$31.54	$7.49M	$5.98M	-20.21%	1.33%	-26.8 bps	1
BATRA	164,438	$43.91	—	$44.32	$7.22M	$7.29M	+0.93%	1.30%	+1.2 bps	1
FNF	118,656	$57.70	—	$56.84	$6.85M	$6.74M	-1.49%	1.29%	-1.9 bps	1
SBSI	209,426	$31.65	—	$29.72	$6.63M	$6.22M	-6.10%	1.29%	-7.8 bps	1
WY	220,849	$29.70	—	$26.02	$6.56M	$5.75M	-12.39%	1.20%	-14.9 bps	1
LXU	789,447	$7.81	—	$7.27	$6.17M	$5.74M	-6.91%	1.16%	-8.0 bps	1
ALG	31,880	$185.21	—	$200.50	$5.9M	$6.39M	+8.26%	1.15%	+9.5 bps	1
COLL	203,401	$30.98	—	$29.07	$6.3M	$5.91M	-6.17%	1.13%	-7.0 bps	1
SEB	2,334	$2614.97	—	$2513.19	$6.1M	$5.87M	-3.89%	1.10%	-4.3 bps	1
TPH	155,830	$35.98	—	$31.20	$5.61M	$4.86M	-13.29%	1.09%	-14.5 bps	1
KALU	79,623	$72.29	—	$70.97	$5.76M	$5.65M	-1.83%	1.08%	-2.0 bps	1
ICFI	44,188	$109.82	—	$85.49	$4.85M	$3.78M	-22.15%	1.02%	-22.6 bps	1
CET	111,210	$47.91	—	$46.84	$5.33M	$5.21M	-2.23%	0.98%	-2.2 bps	1
HBB	297,490	$16.44	—	$17.63	$4.89M	$5.24M	+7.24%	0.97%	+7.0 bps	1
UNF	23,356	$216.21	—	$181.91	$5.05M	$4.25M	-15.86%	0.77%	-12.3 bps	1
SD	330,698	$12.10	—	$10.52	$4M	$3.48M	-13.06%	0.75%	-9.8 bps	1
PBF	131,050	$23.21	—	$22.86	$3.04M	$3M	-1.51%	0.67%	-1.0 bps	1
AMBC	230,416	$11.67	—	$6.53	$2.69M	$1.5M	-44.04%	0.56%	-24.8 bps	1
WCC	14,739	$193.67	—	$173.78	$2.85M	$2.56M	-10.27%	0.52%	-5.3 bps	1
ELME	93,000	$15.49	—	$15.75	$1.44M	$1.46M	+1.68%	0.27%	+0.5 bps	1
CTO	63,000	$20.68	—	$17.72	$1.3M	$1.12M	-14.31%	0.24%	-3.4 bps	1
IVT	38,000	$30.77	—	$27.98	$1.17M	$1.06M	-9.07%	0.22%	-2.0 bps	1
WSR	80,000	$13.75	—	$12.33	$1.1M	$986.4K	-10.33%	0.22%	-2.3 bps	1
OCFC	60,859	$18.09	—	$17.59	$1.1M	$1.07M	-2.76%	0.21%	-0.6 bps	1
BATRK	26,104	$40.23	—	$41.08	$1.05M	$1.07M	+2.11%	0.19%	+0.4 bps	1
RMR	37,000	$18.30	—	$14.69	$677.1K	$543.53K	-19.73%	0.15%	-2.9 bps	1
VTMX	25,000	$26.93	—	$27.64	$673.25K	$691K	+2.64%	0.12%	+0.3 bps	1
STC	5,194	$68.47	—	$64.91	$355.63K	$337.14K	-5.20%	0.07%	-0.4 bps	1
GRBK	5,000	$60.35	—	$61.22	$301.75K	$306.1K	+1.44%	0.05%	+0.1 bps	1
UHAL	1,456	$73.81	—	$65.35	$107.47K	$95.15K	-11.46%	0.02%	-0.2 bps	1
CMA	—	—	—	—	—	—	—	3.62%	—	0
ROIC	—	—	—	—	—	—	—	0.30%	—	0
PCH	—	—	—	—	—	—	—	0.15%	—	0
EQC	—	—	—	—	—	—	—	0.02%	—	0
Top 5 (by entry value)(5)					$157.01M	$158.37M	+0.86%
Total(55)					$519.54M	$502.45M	-3.29%

2024-11-14 → 2025-02-13

55 of 59 priced94.78% coverage

-2.22%

Holdings from Q3 2024 disclosure · accession 0001099281-24-000011 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
HCCTOP 5	795,414	$66.47	—	$54.09	$52.87M	$43.02M	-18.62%	8.31%	-154.8 bps	1
DBTOP 5	2,488,930	$16.73	—	$19.95	$41.64M	$49.65M	+19.25%	7.04%	+135.5 bps	1
TDWTOP 5	481,474	$53.19	—	$54.40	$25.61M	$26.19M	+2.27%	5.65%	+12.9 bps	1
LEN-BTOP 5	161,781	$160.34	×1.052	$120.28	$25.94M	$20.47M	-21.08%	4.57%	-96.4 bps	1
BNTOP 5	454,794	$57.80	—	$60.38	$26.29M	$27.46M	+4.46%	3.95%	+17.6 bps	1
VAL	432,347	$50.61	—	$45.71	$21.88M	$19.76M	-9.68%	3.94%	-38.2 bps	1
CBRE	183,011	$132.00	—	$143.13	$24.16M	$26.19M	+8.43%	3.72%	+31.4 bps	1
UHAL-B	284,528	$62.51	—	$65.49	$17.79M	$18.63M	+4.77%	3.35%	+16.0 bps	1
LAZ	362,515	$55.76	—	$53.97	$20.21M	$19.56M	-3.21%	2.99%	-9.6 bps	1
ORI	510,054	$37.33	—	$36.51	$19.04M	$18.62M	-2.20%	2.95%	-6.5 bps	1
PLD	128,943	$114.75	—	$120.90	$14.8M	$15.59M	+5.36%	2.66%	+14.3 bps	1
DHI	78,745	$163.74	—	$129.34	$12.89M	$10.18M	-21.01%	2.46%	-51.6 bps	1
SUI	107,795	$124.09	—	$126.61	$13.38M	$13.65M	+2.03%	2.38%	+4.8 bps	1
JLL	51,990	$262.76	—	$279.33	$13.66M	$14.52M	+6.31%	2.29%	+14.5 bps	1
FPH	3,310,930	$3.71	—	$5.99	$12.28M	$19.83M	+61.46%	2.25%	+138.1 bps	1
AMH	321,221	$37.51	—	$35.83	$12.05M	$11.51M	-4.48%	2.02%	-9.0 bps	1
UMBF	110,896	$122.86	—	$112.56	$13.62M	$12.48M	-8.38%	1.91%	-16.0 bps	1
WY	308,007	$30.86	—	$29.70	$9.51M	$9.15M	-3.76%	1.71%	-6.4 bps	1
RYN	315,800	$29.72	—	$25.47	$9.39M	$8.04M	-14.30%	1.66%	-23.8 bps	1
HBB	316,634	$20.58	—	$16.44	$6.52M	$5.21M	-20.12%	1.58%	-31.7 bps	1
ITIC	39,139	$274.78	—	$231.78	$10.75M	$9.07M	-15.65%	1.47%	-23.0 bps	1
FR	157,130	$52.44	—	$55.85	$8.24M	$8.78M	+6.50%	1.44%	+9.4 bps	1
PRA	563,988	$16.81	—	$14.58	$9.48M	$8.22M	-13.27%	1.39%	-18.4 bps	1
ECPG	171,022	$48.39	—	$49.75	$8.28M	$8.51M	+2.81%	1.32%	+3.7 bps	1
FRPH	252,952	$30.69	—	$31.47	$7.76M	$7.96M	+2.54%	1.23%	+3.1 bps	1
MYRG	72,797	$150.34	—	$134.11	$10.94M	$9.76M	-10.80%	1.22%	-13.1 bps	1
ICFI	44,188	$154.99	—	$109.82	$6.85M	$4.85M	-29.14%	1.21%	-35.1 bps	1
FNF	118,656	$60.98	—	$57.70	$7.24M	$6.85M	-5.38%	1.20%	-6.5 bps	1
PB	102,168	$82.09	—	$78.02	$8.39M	$7.97M	-4.96%	1.20%	-6.0 bps	1
SEB	2,334	$2705.11	—	$2614.97	$6.31M	$6.1M	-3.33%	1.20%	-4.0 bps	1
TPH	155,830	$42.12	—	$35.98	$6.56M	$5.61M	-14.58%	1.15%	-16.8 bps	1
COLL	182,651	$30.27	—	$30.98	$5.53M	$5.66M	+2.35%	1.15%	+2.7 bps	1
SBSI	209,426	$35.68	—	$31.65	$7.47M	$6.63M	-11.29%	1.14%	-12.9 bps	1
BATRA	164,438	$42.98	—	$43.91	$7.07M	$7.22M	+2.16%	1.13%	+2.5 bps	1
LXU	789,447	$8.48	—	$7.81	$6.69M	$6.17M	-7.90%	1.04%	-8.2 bps	1
BAM	132,103	$56.07	—	$57.57	$7.41M	$7.61M	+2.68%	1.02%	+2.7 bps	1
SUPN	189,493	$36.18	—	$39.53	$6.86M	$7.49M	+9.26%	0.97%	+8.9 bps	1
KALU	79,623	$81.36	—	$72.29	$6.48M	$5.76M	-11.15%	0.94%	-10.5 bps	1
ALG	31,880	$193.01	—	$185.21	$6.15M	$5.9M	-4.04%	0.94%	-3.8 bps	1
IVT	183,176	$30.16	—	$30.77	$5.52M	$5.64M	+2.02%	0.85%	+1.7 bps	1
CET	111,210	$49.10	—	$47.91	$5.46M	$5.33M	-2.42%	0.83%	-2.0 bps	1
UNF	23,356	$196.97	—	$216.21	$4.6M	$5.05M	+9.77%	0.76%	+7.4 bps	1
SD	280,554	$11.75	—	$12.10	$3.3M	$3.39M	+2.98%	0.56%	+1.7 bps	1
PBF	85,958	$31.16	—	$23.21	$2.68M	$2M	-25.51%	0.44%	-11.1 bps	1
WCC	14,739	$207.88	—	$193.67	$3.06M	$2.85M	-6.84%	0.40%	-2.8 bps	1
ELME	93,000	$16.56	—	$15.49	$1.54M	$1.44M	-6.46%	0.27%	-1.7 bps	1
CTO	63,000	$19.50	—	$20.68	$1.23M	$1.3M	+6.05%	0.20%	+1.2 bps	1
WSR	80,000	$14.25	—	$13.75	$1.14M	$1.1M	-3.51%	0.18%	-0.6 bps	1
BATRK	26,104	$40.98	—	$40.23	$1.07M	$1.05M	-1.83%	0.17%	-0.3 bps	1
RMR	37,000	$22.52	—	$18.30	$833.24K	$677.1K	-18.74%	0.15%	-2.9 bps	1
GRBK	5,000	$69.95	—	$60.35	$349.75K	$301.75K	-13.72%	0.07%	-0.9 bps	1
STC	5,194	$72.52	—	$68.47	$376.67K	$355.63K	-5.58%	0.06%	-0.4 bps	1
VTMX	10,000	$25.18	—	$26.93	$251.8K	$269.3K	+6.95%	0.04%	+0.3 bps	1
TPHS	3,475,472	$0.03	—	$0.06	$90.36K	$218.26K	+141.54%	0.02%	+3.2 bps	1
UHAL	1,456	$70.42	—	$73.81	$102.53K	$107.47K	+4.81%	0.02%	+0.1 bps	1
CMA	—	—	—	—	—	—	—	4.66%	—	0
ROIC	—	—	—	—	—	—	—	0.23%	—	0
EQC	—	—	—	—	—	—	—	0.18%	—	0
PCH	—	—	—	—	—	—	—	0.15%	—	0
Top 5 (by entry value)(5)					$172.35M	$166.8M	-3.22%
Total(55)					$569.59M	$556.94M	-2.22%

2024-08-13 → 2024-11-14

55 of 59 priced95.32% coverage

+4.56%

Holdings from Q2 2024 disclosure · accession 0001099281-24-000008 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	509,811	$85.14	—	$53.19	$43.41M	$27.12M	-37.53%	8.33%	-312.5 bps	1
HCCTOP 5	764,402	$61.92	—	$66.47	$47.33M	$50.81M	+7.35%	8.23%	+60.5 bps	1
DBTOP 5	2,481,698	$14.67	—	$16.73	$36.41M	$41.52M	+14.04%	6.80%	+95.5 bps	1
VALTOP 5	420,158	$63.69	—	$50.61	$26.76M	$21.26M	-20.54%	5.37%	-110.3 bps	1
ORITOP 5	827,848	$33.77	—	$37.33	$27.96M	$30.9M	+10.54%	4.39%	+46.3 bps	1
LEN-B	161,781	$158.31	—	$160.34	$25.61M	$25.94M	+1.28%	3.87%	+5.0 bps	1
LAZ	550,809	$44.88	—	$55.76	$24.72M	$30.71M	+24.24%	3.61%	+87.5 bps	1
BN	484,530	$45.53	—	$57.80	$22.06M	$28.01M	+26.95%	3.45%	+93.0 bps	1
UHAL-B	284,509	$63.13	—	$62.51	$17.96M	$17.78M	-0.98%	2.93%	-2.9 bps	1
CBRE	182,801	$110.35	—	$132.00	$20.17M	$24.13M	+19.62%	2.79%	+54.8 bps	1
DHI	105,990	$175.04	—	$163.74	$18.55M	$17.35M	-6.46%	2.56%	-16.5 bps	1
PLD	128,889	$122.68	—	$114.75	$15.81M	$14.79M	-6.46%	2.48%	-16.1 bps	1
SUI	107,795	$130.29	—	$124.09	$14.04M	$13.38M	-4.76%	2.23%	-10.6 bps	1
UMBF	149,284	$94.93	—	$122.86	$14.17M	$18.34M	+29.42%	2.14%	+62.9 bps	1
AMH	320,621	$38.40	—	$37.51	$12.31M	$12.03M	-2.32%	2.04%	-4.7 bps	1
JLL	51,990	$244.55	—	$262.76	$12.71M	$13.66M	+7.45%	1.83%	+13.6 bps	1
WY	344,740	$30.33	—	$30.86	$10.46M	$10.64M	+1.75%	1.68%	+2.9 bps	1
FPH	3,310,930	$2.97	—	$3.71	$9.83M	$12.28M	+24.92%	1.66%	+41.5 bps	1
MYRG	67,757	$99.18	—	$150.34	$6.72M	$10.19M	+51.58%	1.58%	+81.4 bps	1
RYN	315,753	$29.20	—	$29.72	$9.22M	$9.38M	+1.78%	1.58%	+2.8 bps	1
FR	157,130	$53.96	—	$52.44	$8.48M	$8.24M	-2.82%	1.28%	-3.6 bps	1
SEB	2,334	$3056.55	—	$2705.11	$7.13M	$6.31M	-11.50%	1.27%	-14.6 bps	1
FRPH	253,055	$29.26	—	$30.69	$7.4M	$7.77M	+4.89%	1.24%	+6.1 bps	1
ECPG	170,678	$47.58	—	$48.39	$8.12M	$8.26M	+1.70%	1.22%	+2.1 bps	1
ITIC	39,197	$210.21	—	$274.78	$8.24M	$10.77M	+30.72%	1.21%	+37.2 bps	1
KALU	79,623	$68.76	—	$81.36	$5.47M	$6.48M	+18.32%	1.20%	+22.0 bps	1
PRA	564,069	$13.12	—	$16.81	$7.4M	$9.48M	+28.13%	1.18%	+33.3 bps	1
BATRA	164,438	$44.23	—	$42.98	$7.27M	$7.07M	-2.83%	1.17%	-3.3 bps	1
ICFI	44,257	$157.07	—	$154.99	$6.95M	$6.86M	-1.32%	1.13%	-1.5 bps	1
LXU	787,909	$7.83	—	$8.48	$6.17M	$6.68M	+8.30%	1.11%	+9.2 bps	1
PB	101,965	$70.04	—	$82.09	$7.14M	$8.37M	+17.20%	1.07%	+18.4 bps	1
COLL	182,281	$36.71	—	$30.27	$6.69M	$5.52M	-17.54%	1.01%	-17.7 bps	1
FNF	118,656	$55.67	—	$60.98	$6.61M	$7.24M	+9.54%	1.01%	+9.6 bps	1
TPH	155,997	$41.03	—	$42.12	$6.4M	$6.57M	+2.66%	1.00%	+2.6 bps	1
SBSI	209,426	$31.32	—	$35.68	$6.56M	$7.47M	+13.92%	0.99%	+13.8 bps	1
ALG	31,880	$171.57	—	$193.01	$5.47M	$6.15M	+12.50%	0.95%	+11.8 bps	1
WASH	199,119	$28.94	—	$39.05	$5.76M	$7.78M	+34.93%	0.94%	+32.7 bps	1
HBB	317,313	$26.43	—	$20.58	$8.39M	$6.53M	-22.13%	0.94%	-20.7 bps	1
SUPN	189,118	$33.65	—	$36.18	$6.36M	$6.84M	+7.52%	0.87%	+6.5 bps	1
BAM	132,103	$40.13	—	$56.07	$5.3M	$7.41M	+39.72%	0.86%	+34.2 bps	1
CET	111,210	$43.10	—	$49.10	$4.79M	$5.46M	+13.92%	0.84%	+11.7 bps	1
IVT	183,296	$27.78	—	$30.16	$5.09M	$5.53M	+8.57%	0.78%	+6.7 bps	1
UNF	23,356	$183.70	—	$196.97	$4.29M	$4.6M	+7.22%	0.69%	+5.0 bps	1
LOW	14,096	$236.19	—	$270.35	$3.33M	$3.81M	+14.46%	0.53%	+7.7 bps	1
ELME	93,000	$17.00	—	$16.56	$1.58M	$1.54M	-2.59%	0.25%	-0.7 bps	1
CTO	63,000	$19.30	—	$19.50	$1.22M	$1.23M	+1.04%	0.19%	+0.2 bps	1
WSR	80,000	$13.26	—	$14.25	$1.06M	$1.14M	+7.47%	0.18%	+1.4 bps	1
BATRK	26,292	$41.62	—	$40.98	$1.09M	$1.08M	-1.54%	0.18%	-0.3 bps	1
RMR	37,000	$23.86	—	$22.52	$882.82K	$833.24K	-5.62%	0.14%	-0.8 bps	1
WCC	4,736	$156.33	—	$207.88	$740.38K	$984.52K	+32.98%	0.13%	+4.2 bps	1
TPHS	3,475,472	$0.08	—	$0.03	$278.04K	$90.36K	-67.50%	0.07%	-4.7 bps	1
STC	5,194	$69.74	—	$72.52	$362.23K	$376.67K	+3.99%	0.06%	+0.2 bps	1
VTMX	10,000	$30.29	—	$25.18	$302.9K	$251.8K	-16.87%	0.05%	-0.9 bps	1
GRBK	5,000	$69.64	—	$69.95	$348.2K	$349.75K	+0.45%	0.05%	+0.0 bps	1
UHAL	1,456	$67.09	—	$70.42	$97.68K	$102.53K	+4.96%	0.02%	+0.1 bps	1
CMA	—	—	—	—	—	—	—	4.17%	—	0
ROIC	—	—	—	—	—	—	—	0.19%	—	0
EQC	—	—	—	—	—	—	—	0.18%	—	0
PCH	—	—	—	—	—	—	—	0.14%	—	0
Top 5 (by entry value)(5)					$181.86M	$171.61M	-5.63%
Total(55)					$579.02M	$605.4M	+4.56%

2024-05-13 → 2024-08-13

53 of 58 priced93.86% coverage

+0.24%

Holdings from Q1 2024 disclosure · accession 0001099281-24-000007 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	512,220	$103.26	—	$85.14	$52.89M	$43.61M	-17.55%	7.52%	-132.0 bps	1
HCCTOP 5	764,018	$63.81	—	$61.92	$48.75M	$47.31M	-2.96%	7.40%	-21.9 bps	1
DBTOP 5	2,486,280	$17.04	—	$14.67	$42.37M	$36.47M	-13.91%	6.25%	-86.9 bps	1
VALTOP 5	419,924	$74.03	—	$63.69	$31.09M	$26.74M	-13.97%	5.04%	-70.4 bps	1
LEN-B	167,294	$150.67	—	$158.31	$25.21M	$26.48M	+5.07%	4.12%	+20.9 bps	1
ORITOP 5	827,421	$31.12	—	$33.77	$25.75M	$27.94M	+8.52%	4.06%	+34.5 bps	1
LAZ	550,472	$38.77	—	$44.88	$21.34M	$24.71M	+15.76%	3.68%	+58.0 bps	1
BN	484,572	$44.00	—	$45.53	$21.32M	$22.06M	+3.48%	3.24%	+11.3 bps	1
DHI	122,998	$146.86	—	$175.04	$18.06M	$21.53M	+19.19%	3.23%	+62.0 bps	1
UHAL-B	294,413	$65.53	—	$63.13	$19.29M	$18.59M	-3.66%	3.13%	-11.5 bps	1
CBRE	182,200	$88.13	—	$110.35	$16.06M	$20.11M	+25.21%	2.83%	+71.3 bps	1
PLD	116,846	$107.68	—	$122.68	$12.58M	$14.33M	+13.93%	2.43%	+33.8 bps	1
WY	370,804	$31.21	—	$30.33	$11.57M	$11.25M	-2.82%	2.12%	-6.0 bps	1
UMBF	149,284	$83.77	—	$94.93	$12.51M	$14.17M	+13.32%	2.07%	+27.6 bps	1
AMH	339,508	$35.93	—	$38.40	$12.2M	$13.04M	+6.87%	1.99%	+13.7 bps	1
MYRG	67,757	$153.48	—	$99.18	$10.4M	$6.72M	-35.38%	1.91%	-67.6 bps	1
RYN	339,348	$30.05	—	$29.20	$10.2M	$9.91M	-2.83%	1.80%	-5.1 bps	1
SUI	87,178	$117.76	—	$130.29	$10.27M	$11.36M	+10.64%	1.79%	+19.0 bps	1
FPH	3,303,663	$3.09	—	$2.97	$10.21M	$9.81M	-3.88%	1.65%	-6.4 bps	1
JLL	51,990	$194.60	—	$244.55	$10.12M	$12.71M	+25.67%	1.62%	+41.5 bps	1
KALU	110,739	$100.19	—	$68.76	$11.09M	$7.61M	-31.37%	1.58%	-49.5 bps	1
FR	155,263	$47.42	—	$53.96	$7.36M	$8.38M	+13.79%	1.30%	+18.0 bps	1
PRA	613,103	$14.50	—	$13.12	$8.89M	$8.04M	-9.52%	1.26%	-12.0 bps	1
ECPG	170,678	$47.31	—	$47.58	$8.07M	$8.12M	+0.57%	1.24%	+0.7 bps	1
FRPH	126,489	$60.04	—	$58.52	$7.59M	$7.4M	-2.53%	1.24%	-3.1 bps	1
HBB	317,313	$18.11	—	$26.43	$5.75M	$8.39M	+45.94%	1.23%	+56.7 bps	1
SEB	2,334	$3371.00	—	$3056.55	$7.87M	$7.13M	-9.33%	1.20%	-11.2 bps	1
ALG	31,880	$196.57	—	$171.57	$6.27M	$5.47M	-12.72%	1.16%	-14.8 bps	1
LXU	787,909	$9.14	—	$7.83	$7.2M	$6.17M	-14.33%	1.10%	-15.8 bps	1
LOW	27,135	$232.98	—	$236.19	$6.32M	$6.41M	+1.38%	1.10%	+1.5 bps	1
BATRA	164,438	$40.82	—	$44.23	$6.71M	$7.27M	+8.35%	1.10%	+9.2 bps	1
PB	101,965	$63.43	—	$70.04	$6.47M	$7.14M	+10.42%	1.07%	+11.2 bps	1
ICFI	44,269	$147.82	—	$157.07	$6.54M	$6.95M	+6.26%	1.06%	+6.7 bps	1
ITIC	39,164	$159.95	—	$210.21	$6.26M	$8.23M	+31.42%	1.02%	+32.0 bps	1
FNF	117,953	$51.41	—	$55.67	$6.06M	$6.57M	+8.29%	1.00%	+8.3 bps	1
SBSI	209,426	$27.84	—	$31.32	$5.83M	$6.56M	+12.50%	0.98%	+12.2 bps	1
TPH	155,997	$39.59	—	$41.03	$6.18M	$6.4M	+3.64%	0.96%	+3.5 bps	1
BAM	131,670	$39.55	—	$40.13	$5.21M	$5.28M	+1.47%	0.88%	+1.3 bps	1
SUPN	159,717	$29.68	—	$33.65	$4.74M	$5.37M	+13.38%	0.87%	+11.6 bps	1
WASH	199,119	$26.78	—	$28.94	$5.33M	$5.76M	+8.07%	0.85%	+6.9 bps	1
IVT	183,296	$24.85	—	$27.78	$4.55M	$5.09M	+11.79%	0.75%	+8.9 bps	1
CET	111,210	$41.51	—	$43.10	$4.62M	$4.79M	+3.83%	0.74%	+2.8 bps	1
COLL	108,120	$32.15	—	$36.71	$3.48M	$3.97M	+14.18%	0.67%	+9.5 bps	1
UNF	19,837	$165.55	—	$183.70	$3.28M	$3.64M	+10.96%	0.55%	+6.0 bps	1
ELME	93,000	$15.75	—	$17.00	$1.46M	$1.58M	+7.94%	0.21%	+1.6 bps	1
CTO	63,000	$17.36	—	$19.30	$1.09M	$1.22M	+11.18%	0.17%	+1.9 bps	1
BATRK	26,157	$37.80	—	$41.62	$988.73K	$1.09M	+10.11%	0.16%	+1.6 bps	1
WSR	80,000	$12.47	—	$13.26	$997.6K	$1.06M	+6.34%	0.16%	+1.0 bps	1
RMR	37,000	$24.23	—	$23.86	$896.51K	$882.82K	-1.53%	0.14%	-0.2 bps	1
TPHS	4,109,472	$0.14	—	$0.08	$575.33K	$328.76K	-42.86%	0.10%	-4.2 bps	1
STC	5,194	$63.00	—	$69.74	$327.22K	$362.23K	+10.70%	0.05%	+0.6 bps	1
GRBK	5,000	$55.37	—	$69.64	$276.85K	$348.2K	+25.77%	0.05%	+1.2 bps	1
UHAL	1,456	$68.47	—	$67.09	$99.69K	$97.68K	-2.02%	0.02%	-0.0 bps	1
CMA	—	—	—	—	—	—	—	4.18%	—	0
HA	—	—	—	—	—	—	—	1.46%	—	0
ROIC	—	—	—	—	—	—	—	0.18%	—	0
EQC	—	—	—	—	—	—	—	0.17%	—	0
PCH	—	—	—	—	—	—	—	0.15%	—	0
Top 5 (by entry value)(5)					$200.85M	$182.08M	-9.34%
Total(53)					$580.59M	$582M	+0.24%

2024-02-14 → 2024-05-13

54 of 59 priced93.19% coverage

+8.90%

Holdings from Q4 2023 disclosure · accession 0001099281-24-000006 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
HCCTOP 5	967,899	$60.78	—	$63.81	$58.83M	$61.76M	+4.99%	9.69%	+48.3 bps	1
TDWTOP 5	703,631	$68.22	—	$103.26	$48M	$72.66M	+51.36%	8.33%	+427.7 bps	1
DBTOP 5	2,486,569	$12.83	—	$17.04	$31.9M	$42.37M	+32.81%	5.57%	+182.9 bps	1
VALTOP 5	420,007	$64.61	—	$74.03	$27.14M	$31.09M	+14.58%	4.73%	+68.9 bps	1
ORI	827,421	$28.76	—	$31.12	$23.8M	$25.75M	+8.21%	3.99%	+32.8 bps	1
LEN-BTOP 5	173,710	$143.48	—	$150.67	$24.92M	$26.17M	+5.01%	3.82%	+19.2 bps	1
UHAL-B	294,413	$63.68	—	$65.53	$18.75M	$19.29M	+2.91%	3.40%	+9.9 bps	1
BN	488,274	$39.65	—	$44.00	$19.36M	$21.48M	+10.97%	3.22%	+35.3 bps	1
DHI	122,998	$145.50	—	$146.86	$17.9M	$18.06M	+0.93%	3.07%	+2.9 bps	1
CBRE	182,200	$86.89	—	$88.13	$15.83M	$16.06M	+1.43%	2.78%	+4.0 bps	1
PLD	116,373	$130.50	—	$107.68	$15.19M	$12.53M	-17.49%	2.55%	-44.5 bps	1
WY	370,142	$33.03	—	$31.21	$12.23M	$11.55M	-5.51%	2.11%	-11.6 bps	1
UMBF	149,284	$79.98	—	$83.77	$11.94M	$12.51M	+4.74%	2.05%	+9.7 bps	1
AMH	338,379	$34.03	—	$35.93	$11.52M	$12.16M	+5.58%	2.00%	+11.2 bps	1
RYN	338,721	$33.11	—	$30.05	$11.22M	$10.18M	-9.24%	1.86%	-17.2 bps	1
IVT	415,675	$25.15	—	$24.85	$10.45M	$10.33M	-1.19%	1.73%	-2.1 bps	1
FPH	3,294,796	$3.18	—	$3.09	$10.48M	$10.18M	-2.83%	1.66%	-4.7 bps	1
JLL	51,990	$176.93	—	$194.60	$9.2M	$10.12M	+9.99%	1.61%	+16.1 bps	1
MYRG	67,757	$154.68	—	$153.48	$10.48M	$10.4M	-0.78%	1.61%	-1.2 bps	1
ECPG	170,678	$49.80	—	$47.31	$8.5M	$8.07M	-5.00%	1.42%	-7.1 bps	1
SEB	2,334	$3486.02	—	$3371.00	$8.14M	$7.87M	-3.30%	1.37%	-4.5 bps	1
FR	154,848	$53.82	—	$47.42	$8.33M	$7.34M	-11.89%	1.34%	-15.9 bps	1
HBB	457,577	$18.90	—	$18.11	$8.65M	$8.29M	-4.18%	1.31%	-5.5 bps	1
FRPH	126,489	$59.26	×2	$30.02	$7.5M	$7.59M	+1.32%	1.31%	+1.7 bps	1
KALU	110,739	$63.39	—	$100.19	$7.02M	$11.09M	+58.05%	1.29%	+75.1 bps	1
ICFI	57,779	$149.87	—	$147.82	$8.66M	$8.54M	-1.37%	1.27%	-1.7 bps	1
BATRA	164,438	$43.18	—	$40.82	$7.1M	$6.71M	-5.47%	1.15%	-6.3 bps	1
PB	101,965	$63.32	—	$63.43	$6.46M	$6.47M	+0.17%	1.13%	+0.2 bps	1
SUI	50,634	$126.86	—	$117.76	$6.42M	$5.96M	-7.17%	1.11%	-8.0 bps	1
ALG	31,880	$217.74	—	$196.57	$6.94M	$6.27M	-9.72%	1.10%	-10.7 bps	1
LOW	29,730	$226.93	—	$232.98	$6.75M	$6.93M	+2.67%	1.09%	+2.9 bps	1
SBSI	209,426	$29.30	—	$27.84	$6.14M	$5.83M	-4.98%	1.08%	-5.4 bps	1
WASH	199,119	$26.29	—	$26.78	$5.23M	$5.33M	+1.86%	1.06%	+2.0 bps	1
ITIC	39,164	$161.39	—	$159.95	$6.32M	$6.26M	-0.89%	1.04%	-0.9 bps	1
PRA	443,619	$13.10	—	$14.50	$5.81M	$6.43M	+10.69%	1.00%	+10.7 bps	1
FNF	117,953	$52.01	—	$51.41	$6.13M	$6.06M	-1.15%	0.99%	-1.1 bps	1
TPH	155,997	$35.25	—	$39.59	$5.5M	$6.18M	+12.31%	0.91%	+11.2 bps	1
BAM	131,670	$40.20	—	$39.55	$5.29M	$5.21M	-1.62%	0.87%	-1.4 bps	1
SUPN	159,717	$27.56	—	$29.68	$4.4M	$4.74M	+7.69%	0.76%	+5.8 bps	1
LXU	473,214	$7.75	—	$9.14	$3.67M	$4.33M	+17.94%	0.72%	+13.0 bps	1
CET	111,210	$38.37	—	$41.51	$4.27M	$4.62M	+8.18%	0.69%	+5.6 bps	1
FIX	19,434	$247.62	—	$332.49	$4.81M	$6.46M	+34.27%	0.66%	+22.5 bps	1
UNF	19,837	$171.48	—	$165.55	$3.4M	$3.28M	-3.46%	0.60%	-2.1 bps	1
SPHR	105,583	$42.10	—	$38.56	$4.45M	$4.07M	-8.41%	0.59%	-4.9 bps	1
COLL	83,120	$32.88	—	$32.15	$2.73M	$2.67M	-2.22%	0.42%	-0.9 bps	1
CTO	63,000	$16.31	—	$17.36	$1.03M	$1.09M	+6.44%	0.18%	+1.2 bps	1
RMR	37,000	$24.48	—	$24.23	$905.76K	$896.51K	-1.02%	0.17%	-0.2 bps	1
BATRK	26,000	$40.15	—	$37.80	$1.04M	$982.8K	-5.85%	0.17%	-1.0 bps	1
STC	17,000	$61.11	—	$63.00	$1.04M	$1.07M	+3.09%	0.16%	+0.5 bps	1
WSR	80,000	$12.43	—	$12.47	$994.4K	$997.6K	+0.32%	0.16%	+0.1 bps	1
ELME	65,000	$14.21	—	$15.75	$923.65K	$1.02M	+10.84%	0.16%	+1.7 bps	1
TPHS	5,127,786	$0.19	—	$0.14	$975.3K	$717.89K	-26.39%	0.09%	-2.5 bps	1
GRBK	5,000	$54.20	—	$55.37	$271K	$276.85K	+2.16%	0.04%	+0.1 bps	1
UHAL	1,456	$64.94	—	$68.47	$94.55K	$99.69K	+5.44%	0.02%	+0.1 bps	1
CMA	—	—	—	—	—	—	—	4.36%	—	0
HA	—	—	—	—	—	—	—	1.90%	—	0
ROIC	—	—	—	—	—	—	—	0.21%	—	0
EQC	—	—	—	—	—	—	—	0.17%	—	0
PCH	—	—	—	—	—	—	—	0.16%	—	0
Top 5 (by entry value)(5)					$190.79M	$234.06M	+22.67%
Total(54)					$555.01M	$604.43M	+8.90%

2023-11-15 → 2024-02-14

54 of 59 priced94.53% coverage

+12.65%

Holdings from Q3 2023 disclosure · accession 0001099281-23-000016 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
HCCTOP 5	1,267,353	$49.85	—	$60.78	$63.18M	$77.03M	+21.93%	10.85%	+237.9 bps	1
TDWTOP 5	809,185	$57.32	—	$68.22	$46.38M	$55.2M	+19.02%	9.81%	+186.5 bps	1
VALTOP 5	419,726	$68.55	—	$64.61	$28.77M	$27.12M	-5.75%	5.37%	-30.9 bps	1
DBTOP 5	2,485,341	$11.84	—	$12.83	$29.43M	$31.89M	+8.36%	4.57%	+38.2 bps	1
ORI	826,557	$28.07	—	$28.76	$23.2M	$23.77M	+2.46%	3.78%	+9.3 bps	1
LEN-BTOP 5	205,872	$116.34	—	$143.48	$23.95M	$29.54M	+23.33%	3.60%	+83.9 bps	1
DHI	158,814	$127.90	—	$145.50	$20.31M	$23.11M	+13.76%	2.90%	+39.9 bps	1
LAZ	550,206	$27.92	—	$37.22	$15.36M	$20.48M	+33.31%	2.86%	+95.3 bps	1
BN	520,352	$34.46	—	$39.65	$17.93M	$20.63M	+15.06%	2.80%	+42.2 bps	1
UHAL-B	311,959	$52.61	—	$63.68	$16.41M	$19.87M	+21.04%	2.79%	+58.7 bps	1
PLD	122,689	$110.51	—	$130.50	$13.56M	$16.01M	+18.09%	2.31%	+41.7 bps	1
WY	435,244	$31.72	—	$33.03	$13.81M	$14.38M	+4.13%	2.23%	+9.2 bps	1
CBRE	180,902	$78.60	—	$86.89	$14.22M	$15.72M	+10.55%	2.22%	+23.4 bps	1
AMH	355,261	$36.33	—	$34.03	$12.91M	$12.09M	-6.33%	2.02%	-12.8 bps	1
LOW	56,992	$204.85	—	$226.93	$11.67M	$12.93M	+10.78%	1.99%	+21.4 bps	1
RYN	418,193	$30.42	—	$33.11	$12.72M	$13.85M	+8.84%	1.98%	+17.5 bps	1
MYRG	80,806	$121.07	—	$154.68	$9.78M	$12.5M	+27.76%	1.85%	+51.2 bps	1
FPH	3,745,875	$2.57	—	$3.18	$9.63M	$11.91M	+23.74%	1.82%	+43.2 bps	1
JLL	74,258	$154.51	—	$176.93	$11.47M	$13.14M	+14.51%	1.75%	+25.3 bps	1
IVT	432,420	$25.62	—	$25.15	$11.08M	$10.88M	-1.83%	1.73%	-3.2 bps	1
UMBF	149,284	$73.96	—	$79.98	$11.04M	$11.94M	+8.14%	1.54%	+12.5 bps	1
SEB	2,333	$3552.15	—	$3486.02	$8.29M	$8.13M	-1.86%	1.48%	-2.7 bps	1
PRA	443,619	$13.34	—	$13.10	$5.92M	$5.81M	-1.80%	1.40%	-2.5 bps	1
WASH	294,994	$27.19	—	$26.29	$8.02M	$7.76M	-3.31%	1.35%	-4.5 bps	1
ECPG	170,678	$43.96	—	$49.80	$7.5M	$8.5M	+13.28%	1.35%	+17.9 bps	1
FR	157,758	$44.68	—	$53.82	$7.05M	$8.49M	+20.46%	1.26%	+25.8 bps	1
HBB	569,404	$13.68	—	$18.90	$7.79M	$10.76M	+38.16%	1.19%	+45.6 bps	1
KALU	96,721	$62.26	—	$63.39	$6.02M	$6.13M	+1.82%	1.19%	+2.2 bps	1
ICFI	57,779	$131.58	—	$149.87	$7.6M	$8.66M	+13.90%	1.17%	+16.2 bps	1
FRPH	126,489	$59.16	—	$59.26	$7.48M	$7.5M	+0.17%	1.16%	+0.2 bps	1
BATRA	164,438	$39.24	—	$43.18	$6.45M	$7.1M	+10.04%	1.06%	+10.7 bps	1
SBSI	209,426	$29.66	—	$29.30	$6.21M	$6.14M	-1.21%	1.01%	-1.2 bps	1
ALG	31,880	$189.06	—	$217.74	$6.03M	$6.94M	+15.17%	0.96%	+14.6 bps	1
PB	101,965	$59.47	—	$63.32	$6.06M	$6.46M	+6.47%	0.92%	+6.0 bps	1
FNF	121,207	$44.44	—	$52.01	$5.39M	$6.3M	+17.03%	0.84%	+14.3 bps	1
FIX	25,704	$199.35	—	$247.62	$5.12M	$6.36M	+24.21%	0.76%	+18.4 bps	1
BAM	130,437	$33.57	—	$40.20	$4.38M	$5.24M	+19.75%	0.74%	+14.6 bps	1
ITIC	29,599	$148.80	—	$161.39	$4.4M	$4.78M	+8.46%	0.73%	+6.2 bps	1
TPH	155,997	$29.66	—	$35.25	$4.63M	$5.5M	+18.85%	0.73%	+13.7 bps	1
SUI	36,527	$121.26	—	$126.86	$4.43M	$4.63M	+4.62%	0.72%	+3.3 bps	1
SPHR	111,252	$36.03	—	$42.10	$4.01M	$4.68M	+16.85%	0.70%	+11.8 bps	1
CET	111,210	$35.70	—	$38.37	$3.97M	$4.27M	+7.48%	0.66%	+5.0 bps	1
UNF	19,837	$174.62	—	$171.48	$3.46M	$3.4M	-1.80%	0.55%	-1.0 bps	1
SUPN	116,549	$28.59	—	$27.56	$3.33M	$3.21M	-3.60%	0.55%	-2.0 bps	1
TPHS	5,127,786	$0.26	—	$0.19	$1.35M	$975.3K	-27.68%	0.31%	-8.7 bps	1
CTO	63,000	$16.75	—	$16.31	$1.06M	$1.03M	-2.63%	0.17%	-0.5 bps	1
RMR	37,000	$23.82	—	$24.48	$881.34K	$905.76K	+2.77%	0.15%	+0.4 bps	1
BATRK	25,700	$35.47	—	$40.15	$911.58K	$1.03M	+13.19%	0.15%	+2.0 bps	1
ELME	65,000	$13.60	—	$14.21	$884K	$923.65K	+4.49%	0.15%	+0.7 bps	1
WSR	80,000	$11.03	—	$12.43	$882.4K	$994.4K	+12.69%	0.13%	+1.6 bps	1
STC	17,000	$45.79	—	$61.11	$778.43K	$1.04M	+33.46%	0.13%	+4.3 bps	1
LXU	30,618	$8.75	—	$7.75	$267.91K	$237.29K	-11.43%	0.05%	-0.6 bps	1
GRBK	5,000	$47.28	—	$54.20	$236.4K	$271K	+14.64%	0.04%	+0.5 bps	1
UHAL	1,456	$54.92	—	$64.94	$79.96K	$94.55K	+18.24%	0.01%	+0.3 bps	1
CMA	—	—	—	—	—	—	—	3.26%	—	0
HA	—	—	—	—	—	—	—	1.71%	—	0
ROIC	—	—	—	—	—	—	—	0.19%	—	0
EQC	—	—	—	—	—	—	—	0.17%	—	0
PCH	—	—	—	—	—	—	—	0.15%	—	0
Top 5 (by entry value)(5)					$191.71M	$220.78M	+15.16%
Total(54)					$557.7M	$628.23M	+12.65%

2023-08-14 → 2023-11-15

52 of 58 priced91.84% coverage

-1.98%

Holdings from Q2 2023 disclosure · accession 0001099281-23-000013 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	1,098,599	$62.72	—	$57.32	$68.9M	$62.97M	-8.61%	10.05%	-86.5 bps	1
HCCTOP 5	1,344,911	$40.77	—	$49.85	$54.83M	$67.04M	+22.27%	8.64%	+192.5 bps	1
DBTOP 5	3,048,570	$10.90	—	$11.84	$33.23M	$36.1M	+8.62%	5.28%	+45.5 bps	1
VALTOP 5	419,726	$74.59	—	$68.55	$31.31M	$28.77M	-8.10%	4.36%	-35.3 bps	1
LEN-BTOP 5	213,368	$112.75	—	$116.34	$24.06M	$24.82M	+3.18%	3.98%	+12.7 bps	1
ORI	836,331	$27.61	—	$28.07	$23.09M	$23.48M	+1.67%	3.47%	+5.8 bps	1
DHI	165,678	$123.28	—	$127.90	$20.42M	$21.19M	+3.75%	3.33%	+12.5 bps	1
PLD	150,531	$123.48	—	$110.51	$18.59M	$16.64M	-10.50%	3.05%	-32.0 bps	1
LAZ	550,206	$34.40	—	$27.92	$18.93M	$15.36M	-18.84%	2.91%	-54.7 bps	1
BN	521,123	$34.34	—	$34.46	$17.9M	$17.96M	+0.35%	2.89%	+1.0 bps	1
WY	485,242	$33.13	—	$31.72	$16.08M	$15.39M	-4.26%	2.68%	-11.4 bps	1
UHAL-B	312,421	$54.72	—	$52.61	$17.1M	$16.44M	-3.86%	2.61%	-10.1 bps	1
CBRE	181,189	$84.65	—	$78.60	$15.34M	$14.24M	-7.15%	2.41%	-17.2 bps	1
RYN	446,208	$31.30	—	$30.42	$13.97M	$13.57M	-2.81%	2.31%	-6.5 bps	1
LOW	57,096	$225.89	—	$204.85	$12.9M	$11.7M	-9.31%	2.13%	-19.8 bps	1
AMH	355,823	$36.10	—	$36.33	$12.85M	$12.93M	+0.64%	2.08%	+1.3 bps	1
JLL	74,378	$171.60	—	$154.51	$12.76M	$11.49M	-9.96%	1.91%	-19.0 bps	1
MYRG	80,885	$145.44	—	$121.07	$11.76M	$9.79M	-16.76%	1.85%	-30.9 bps	1
FPH	3,751,240	$3.19	—	$2.57	$11.97M	$9.64M	-19.44%	1.79%	-34.8 bps	1
IVT	432,819	$24.13	—	$25.62	$10.44M	$11.09M	+6.17%	1.65%	+10.2 bps	1
UMBF	149,284	$67.78	—	$73.96	$10.12M	$11.04M	+9.12%	1.50%	+13.7 bps	1
FR	158,010	$50.92	—	$44.68	$8.05M	$7.06M	-12.25%	1.37%	-16.8 bps	1
SEB	2,333	$3632.10	—	$3552.15	$8.47M	$8.29M	-2.20%	1.37%	-3.0 bps	1
FRPH	126,489	$55.77	—	$59.16	$7.05M	$7.48M	+6.08%	1.20%	+7.3 bps	1
ICFI	57,779	$131.12	—	$131.58	$7.58M	$7.6M	+0.35%	1.19%	+0.4 bps	1
ECPG	144,955	$50.30	—	$43.96	$7.29M	$6.37M	-12.60%	1.16%	-14.7 bps	1
KALU	96,721	$76.98	—	$62.26	$7.45M	$6.02M	-19.12%	1.14%	-21.9 bps	1
BATRA	164,438	$45.99	—	$39.24	$7.56M	$6.45M	-14.68%	1.11%	-16.3 bps	1
PRA	443,510	$18.04	—	$13.34	$8M	$5.92M	-26.05%	1.10%	-28.8 bps	1
ALG	31,880	$173.01	—	$189.06	$5.52M	$6.03M	+9.28%	0.97%	+9.0 bps	1
PB	101,965	$59.14	—	$59.47	$6.03M	$6.06M	+0.56%	0.95%	+0.5 bps	1
HBB	569,404	$10.66	—	$13.68	$6.07M	$7.79M	+28.33%	0.91%	+25.7 bps	1
SBSI	209,426	$32.24	—	$29.66	$6.75M	$6.21M	-8.00%	0.90%	-7.2 bps	1
WASH	204,152	$30.73	—	$27.19	$6.27M	$5.55M	-11.52%	0.90%	-10.4 bps	1
TPH	155,997	$32.28	—	$29.66	$5.04M	$4.63M	-8.12%	0.85%	-6.9 bps	1
FNF	121,428	$42.04	—	$44.44	$5.1M	$5.4M	+5.71%	0.72%	+4.1 bps	1
BAM	130,646	$35.32	—	$33.57	$4.61M	$4.39M	-4.95%	0.70%	-3.5 bps	1
FIX	25,704	$177.85	—	$199.35	$4.57M	$5.12M	+12.09%	0.70%	+8.4 bps	1
CET	111,210	$36.91	—	$35.70	$4.1M	$3.97M	-3.28%	0.67%	-2.2 bps	1
SPHR	128,752	$39.01	—	$36.03	$5.02M	$4.64M	-7.64%	0.58%	-4.4 bps	1
UNF	19,837	$171.84	—	$174.62	$3.41M	$3.46M	+1.62%	0.51%	+0.8 bps	1
TPHS	5,127,786	$0.45	—	$0.26	$2.31M	$1.35M	-41.56%	0.46%	-19.0 bps	1
SUPN	67,062	$31.37	—	$28.59	$2.1M	$1.92M	-8.86%	0.33%	-2.9 bps	1
SUI	11,517	$123.83	—	$121.26	$1.43M	$1.4M	-2.08%	0.25%	-0.5 bps	1
CTO	63,000	$17.34	—	$16.75	$1.09M	$1.06M	-3.40%	0.18%	-0.6 bps	1
ITIC	6,673	$152.64	—	$148.80	$1.02M	$992.94K	-2.52%	0.16%	-0.4 bps	1
RMR	37,000	$23.94	—	$23.82	$885.78K	$881.34K	-0.50%	0.14%	-0.1 bps	1
WSR	80,000	$10.24	—	$11.03	$819.2K	$882.4K	+7.71%	0.13%	+1.0 bps	1
ELME	45,000	$15.41	—	$13.60	$693.45K	$612K	-11.75%	0.12%	-1.4 bps	1
STC	17,000	$46.35	—	$45.79	$787.95K	$778.43K	-1.21%	0.12%	-0.1 bps	1
GRBK	5,000	$52.78	—	$47.28	$263.9K	$236.4K	-10.42%	0.05%	-0.5 bps	1
UHAL	1,508	$58.94	—	$54.92	$88.88K	$82.82K	-6.82%	0.01%	-0.1 bps	1
CMA	—	—	—	—	—	—	—	4.02%	—	0
HA	—	—	—	—	—	—	—	2.78%	—	0
CCF	—	—	—	—	—	—	—	0.80%	—	0
ROIC	—	—	—	—	—	—	—	0.20%	—	0
EQC	—	—	—	—	—	—	—	0.18%	—	0
PCH	—	—	—	—	—	—	—	0.17%	—	0
Top 5 (by entry value)(5)					$212.33M	$219.71M	+3.47%
Total(52)					$591.97M	$580.28M	-1.98%

2023-05-16 → 2023-08-14

49 of 54 priced92.93% coverage

+16.47%

Holdings from Q1 2023 disclosure · accession 0001099281-23-000012 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	1,394,007	$43.85	—	$62.72	$61.13M	$87.43M	+43.03%	10.50%	+451.9 bps	1
HCCTOP 5	1,343,267	$35.73	—	$40.77	$47.99M	$54.76M	+14.11%	8.43%	+118.9 bps	1
DBTOP 5	3,011,103	$10.40	—	$10.90	$31.32M	$32.82M	+4.81%	5.23%	+25.1 bps	1
LEN-BTOP 5	273,468	$100.13	—	$112.75	$27.38M	$30.83M	+12.60%	4.17%	+52.6 bps	1
PLD	168,166	$121.25	—	$123.48	$20.39M	$20.77M	+1.84%	3.59%	+6.6 bps	1
ORI	834,431	$25.50	—	$27.61	$21.28M	$23.04M	+8.27%	3.56%	+29.5 bps	1
VAL	309,204	$57.81	—	$74.59	$17.88M	$23.06M	+29.03%	3.44%	+99.8 bps	1
DHITOP 5	199,374	$111.80	—	$123.28	$22.29M	$24.58M	+10.27%	3.33%	+34.2 bps	1
LAZ	547,950	$28.24	—	$34.40	$15.47M	$18.85M	+21.81%	3.10%	+67.6 bps	1
BN	521,226	$30.24	—	$34.34	$15.76M	$17.9M	+13.56%	2.90%	+39.4 bps	1
UHAL-B	312,444	$53.73	—	$54.72	$16.79M	$17.1M	+1.84%	2.77%	+5.1 bps	1
RYN	446,276	$29.21	—	$31.30	$13.04M	$13.97M	+7.16%	2.54%	+18.1 bps	1
WY	485,347	$29.31	—	$33.13	$14.23M	$16.08M	+13.03%	2.50%	+32.6 bps	1
CBRE	181,221	$73.57	—	$84.65	$13.33M	$15.34M	+15.06%	2.25%	+34.0 bps	1
IVT	542,852	$21.50	—	$24.13	$11.67M	$13.1M	+12.23%	2.17%	+26.6 bps	1
LOW	62,159	$199.22	—	$225.89	$12.38M	$14.04M	+13.39%	2.12%	+28.4 bps	1
AMH	355,823	$33.85	—	$36.10	$12.04M	$12.85M	+6.65%	1.91%	+12.7 bps	1
MYRG	87,201	$131.77	—	$145.44	$11.49M	$12.68M	+10.37%	1.88%	+19.5 bps	1
FPH	3,752,600	$2.25	—	$3.19	$8.44M	$11.97M	+41.78%	1.51%	+63.2 bps	1
SEB	2,336	$3778.87	—	$3632.10	$8.83M	$8.48M	-3.88%	1.50%	-5.8 bps	1
UMBF	149,423	$55.66	—	$67.78	$8.32M	$10.13M	+21.78%	1.47%	+32.1 bps	1
FR	158,010	$51.50	—	$50.92	$8.14M	$8.05M	-1.13%	1.44%	-1.6 bps	1
PRA	444,085	$14.33	—	$18.04	$6.36M	$8.01M	+25.89%	1.40%	+36.3 bps	1
JLL	51,235	$137.70	—	$171.60	$7.06M	$8.79M	+24.62%	1.27%	+31.4 bps	1
FRPH	126,671	$53.57	—	$55.77	$6.79M	$7.06M	+4.11%	1.25%	+5.1 bps	1
WASH	204,314	$22.94	—	$30.73	$4.69M	$6.28M	+33.96%	1.21%	+41.1 bps	1
ICFI	63,802	$112.18	—	$131.12	$7.16M	$8.37M	+16.88%	1.20%	+20.2 bps	1
SBSI	209,426	$27.02	—	$32.24	$5.66M	$6.75M	+19.32%	1.19%	+23.0 bps	1
ECPG	132,837	$44.86	—	$50.30	$5.96M	$6.68M	+12.13%	1.15%	+13.9 bps	1
TPH	259,463	$29.39	—	$32.28	$7.63M	$8.38M	+9.83%	1.12%	+11.0 bps	1
PB	101,965	$58.90	—	$59.14	$6.01M	$6.03M	+0.41%	1.07%	+0.4 bps	1
BATRA	174,128	$38.64	—	$45.99	$6.73M	$8.01M	+19.02%	1.03%	+19.6 bps	1
ALG	31,880	$175.90	—	$173.01	$5.61M	$5.52M	-1.64%	1.00%	-1.6 bps	1
HBB	570,298	$10.01	—	$10.66	$5.71M	$6.08M	+6.49%	1.00%	+6.5 bps	1
EME	32,597	$164.28	—	$223.41	$5.36M	$7.28M	+35.99%	0.91%	+32.6 bps	1
KALU	64,315	$59.52	—	$76.98	$3.83M	$4.95M	+29.33%	0.82%	+24.1 bps	1
SPHR	81,238	$46.61	—	$84.46	$3.79M	$6.86M	+81.19%	0.82%	+66.6 bps	1
BAM	130,646	$31.23	—	$35.32	$4.08M	$4.61M	+13.10%	0.73%	+9.6 bps	1
FNF	121,428	$34.04	—	$42.04	$4.13M	$5.1M	+23.50%	0.72%	+17.0 bps	1
FIX	28,902	$150.66	—	$177.85	$4.35M	$5.14M	+18.05%	0.72%	+13.0 bps	1
CET	111,210	$34.41	—	$36.91	$3.83M	$4.1M	+7.27%	0.66%	+4.8 bps	1
UNF	14,942	$163.68	—	$171.84	$2.45M	$2.57M	+4.99%	0.45%	+2.2 bps	1
TPHS	5,127,786	$0.50	—	$0.45	$2.56M	$2.31M	-10.00%	0.42%	-4.2 bps	1
CTO	57,879	$16.07	—	$17.34	$930.12K	$1M	+7.90%	0.17%	+1.3 bps	1
STC	17,000	$43.11	—	$46.35	$732.87K	$787.95K	+7.52%	0.12%	+0.9 bps	1
RMR	26,000	$21.37	—	$23.94	$555.62K	$622.44K	+12.03%	0.12%	+1.4 bps	1
GRBK	5,000	$50.75	—	$52.78	$253.75K	$263.9K	+4.00%	0.03%	+0.1 bps	1
UHAL	1,508	$61.29	—	$58.94	$92.43K	$88.88K	-3.83%	0.02%	-0.1 bps	1
SUPN	2,460	$35.16	—	$31.37	$86.49K	$77.17K	-10.78%	0.02%	-0.2 bps	1
CMA	—	—	—	—	—	—	—	3.56%	—	0
HA	—	—	—	—	—	—	—	2.44%	—	0
CCF	—	—	—	—	—	—	—	0.72%	—	0
ROIC	—	—	—	—	—	—	—	0.18%	—	0
PCH	—	—	—	—	—	—	—	0.17%	—	0
Top 5 (by entry value)(5)					$190.11M	$230.43M	+21.21%
Total(49)					$531.95M	$619.56M	+16.47%

2023-02-10 → 2023-05-16

50 of 55 priced94.37% coverage

-7.93%

Holdings from Q4 2022 disclosure · accession 0001099281-23-000009 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	1,810,925	$45.28	—	$43.85	$82M	$79.41M	-3.16%	11.61%	-36.7 bps	1
HCCTOP 5	1,274,614	$38.36	—	$35.73	$48.89M	$45.54M	-6.86%	7.68%	-52.7 bps	1
DBTOP 5	2,888,365	$12.11	—	$10.40	$34.98M	$30.04M	-14.12%	5.68%	-80.2 bps	1
LEN-BTOP 5	328,008	$85.73	—	$100.13	$28.12M	$32.84M	+16.80%	4.27%	+71.7 bps	1
VALTOP 5	299,935	$78.70	—	$57.81	$23.6M	$17.34M	-26.54%	3.53%	-93.6 bps	1
ORI	837,681	$26.35	—	$25.50	$22.07M	$21.36M	-3.23%	3.52%	-11.4 bps	1
PLD	170,864	$128.09	—	$121.25	$21.89M	$20.72M	-5.34%	3.35%	-17.9 bps	1
DHI	210,497	$98.59	—	$111.80	$20.75M	$23.53M	+13.40%	3.26%	+43.7 bps	1
UHAL-B	312,444	$58.58	—	$53.73	$18.3M	$16.79M	-8.28%	2.99%	-24.7 bps	1
IVT	692,220	$23.88	—	$21.50	$16.53M	$14.88M	-9.97%	2.85%	-28.4 bps	1
BN	520,642	$36.32	—	$30.24	$18.91M	$15.74M	-16.74%	2.85%	-47.7 bps	1
LAZ	456,286	$37.82	—	$28.24	$17.26M	$12.89M	-25.33%	2.75%	-69.7 bps	1
WY	498,725	$33.64	—	$29.31	$16.78M	$14.62M	-12.87%	2.69%	-34.6 bps	1
RYN	457,950	$35.47	—	$29.21	$16.24M	$13.38M	-17.65%	2.63%	-46.3 bps	1
CBRE	180,742	$87.30	—	$73.57	$15.78M	$13.3M	-15.73%	2.42%	-38.1 bps	1
AMH	413,163	$33.85	—	$33.85	$13.99M	$13.99M	+0.00%	2.17%	+0.0 bps	1
LOW	62,159	$208.78	—	$199.22	$12.98M	$12.38M	-4.58%	2.15%	-9.9 bps	1
FPH	4,679,003	$2.43	—	$2.25	$11.37M	$10.53M	-7.41%	1.90%	-14.0 bps	1
UMBF	128,952	$90.83	—	$55.66	$11.71M	$7.18M	-38.72%	1.87%	-72.5 bps	1
MYRG	101,187	$96.57	—	$131.77	$9.77M	$13.33M	+36.45%	1.62%	+59.1 bps	1
SEB	2,336	$3844.32	—	$3778.87	$8.98M	$8.83M	-1.70%	1.53%	-2.6 bps	1
WASH	182,745	$43.98	—	$22.94	$8.04M	$4.19M	-47.84%	1.50%	-71.7 bps	1
FR	157,452	$53.21	—	$51.50	$8.38M	$8.11M	-3.21%	1.32%	-4.2 bps	1
SBSI	209,426	$39.41	—	$27.02	$8.25M	$5.66M	-31.44%	1.31%	-41.2 bps	1
PB	101,965	$76.03	—	$58.90	$7.75M	$6.01M	-22.53%	1.29%	-29.0 bps	1
HBB	570,298	$12.45	—	$10.01	$7.1M	$5.71M	-19.60%	1.23%	-24.1 bps	1
FRPH	126,671	$57.73	—	$53.57	$7.31M	$6.79M	-7.21%	1.19%	-8.6 bps	1
FNF	178,625	$43.05	—	$34.04	$7.69M	$6.08M	-20.93%	1.17%	-24.5 bps	1
PRA	379,043	$19.35	—	$14.33	$7.33M	$5.43M	-25.94%	1.15%	-29.9 bps	1
ICFI	63,802	$104.68	—	$112.18	$6.68M	$7.16M	+7.16%	1.10%	+7.9 bps	1
TPH	330,178	$22.34	—	$29.39	$7.38M	$9.7M	+31.56%	1.07%	+33.7 bps	1
ECPG	119,531	$57.38	—	$44.86	$6.86M	$5.36M	-21.82%	1.00%	-21.7 bps	1
BATRA	174,128	$34.06	—	$38.64	$5.93M	$6.73M	+13.45%	0.99%	+13.3 bps	1
KALU	64,315	$83.89	—	$59.52	$5.4M	$3.83M	-29.05%	0.85%	-24.7 bps	1
EME	32,597	$145.87	—	$164.28	$4.75M	$5.36M	+12.62%	0.84%	+10.6 bps	1
ALG	31,880	$155.26	—	$175.90	$4.95M	$5.61M	+13.29%	0.79%	+10.4 bps	1
TPHS	5,127,785	$0.88	—	$0.50	$4.51M	$2.56M	-43.18%	0.66%	-28.5 bps	1
BAM	130,159	$34.68	—	$31.23	$4.51M	$4.06M	-9.95%	0.65%	-6.5 bps	1
CET	111,210	$35.98	—	$34.41	$4M	$3.83M	-4.36%	0.65%	-2.8 bps	1
FIX	28,902	$119.96	—	$150.66	$3.47M	$4.35M	+25.59%	0.58%	+14.8 bps	1
UNF	14,942	$197.78	—	$163.68	$2.96M	$2.45M	-17.24%	0.50%	-8.6 bps	1
SPHR	63,558	$57.80	×2.165	$21.53	$3.67M	$2.96M	-19.36%	0.50%	-9.6 bps	1
STRS	60,245	$21.91	—	$18.91	$1.32M	$1.14M	-13.69%	0.20%	-2.8 bps	1
CTO	57,879	$19.15	—	$16.07	$1.11M	$930.12K	-16.08%	0.18%	-3.0 bps	1
RMR	26,000	$27.04	—	$21.37	$703.04K	$555.62K	-20.97%	0.13%	-2.7 bps	1
STC	17,000	$46.44	—	$43.11	$789.48K	$732.87K	-7.17%	0.13%	-0.9 bps	1
URTH	2,631	$116.83	—	$118.43	$307.38K	$311.59K	+1.37%	0.05%	+0.1 bps	1
GRBK	5,000	$31.44	—	$50.75	$157.2K	$253.75K	+61.42%	0.02%	+1.3 bps	1
UHAL	1,508	$64.89	—	$61.29	$97.85K	$92.43K	-5.55%	0.02%	-0.1 bps	1
SUPN	2,460	$38.67	—	$35.16	$95.13K	$86.49K	-9.08%	0.02%	-0.1 bps	1
CMA	—	—	—	—	—	—	—	3.53%	—	0
HA	—	—	—	—	—	—	—	1.15%	—	0
CCF	—	—	—	—	—	—	—	0.60%	—	0
ROIC	—	—	—	—	—	—	—	0.20%	—	0
PCH	—	—	—	—	—	—	—	0.15%	—	0
Top 5 (by entry value)(5)					$217.6M	$205.17M	-5.71%
Total(50)					$602.41M	$554.65M	-7.93%

2022-11-14 → 2023-02-10

48 of 53 priced92.40% coverage

+12.41%

Holdings from Q3 2022 disclosure · accession 0001099281-22-000015 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	2,097,857	$32.32	—	$45.28	$67.8M	$94.99M	+40.10%	8.96%	+359.1 bps	1
HCCTOP 5	1,373,234	$34.40	—	$38.36	$47.24M	$52.68M	+11.51%	7.68%	+88.5 bps	1
LEN-BTOP 5	393,471	$70.27	—	$85.73	$27.65M	$33.73M	+22.00%	4.61%	+101.4 bps	1
BAMTOP 5	532,797	$45.63	×1.237	$36.32	$24.31M	$23.94M	-1.54%	4.29%	-6.6 bps	1
UHAL	37,095	$503.20	—	$648.90	$18.67M	$24.07M	+28.95%	3.72%	+107.6 bps	1
PLD	177,041	$112.50	—	$128.09	$19.92M	$22.68M	+13.86%	3.54%	+49.0 bps	1
ORI	838,063	$23.48	—	$26.35	$19.68M	$22.08M	+12.22%	3.45%	+42.2 bps	1
VALTOP 5	323,551	$67.77	—	$78.70	$21.93M	$25.46M	+16.13%	3.12%	+50.2 bps	1
IVT	724,502	$25.07	—	$23.88	$18.16M	$17.3M	-4.75%	3.04%	-14.4 bps	1
WY	529,073	$32.34	—	$33.64	$17.11M	$17.8M	+4.02%	2.97%	+12.0 bps	1
DHI	224,212	$81.49	—	$98.59	$18.27M	$22.11M	+20.98%	2.97%	+62.3 bps	1
RYN	500,520	$35.42	—	$35.47	$17.73M	$17.75M	+0.14%	2.95%	+0.4 bps	1
LAZ	460,733	$38.81	—	$37.82	$17.88M	$17.42M	-2.55%	2.89%	-7.4 bps	1
LOW	75,766	$204.66	—	$208.78	$15.51M	$15.82M	+2.01%	2.80%	+5.6 bps	1
FPH	5,409,751	$2.11	—	$2.43	$11.41M	$13.15M	+15.17%	2.77%	+42.0 bps	1
AMH	427,130	$31.33	—	$33.85	$13.38M	$14.46M	+8.04%	2.76%	+22.2 bps	1
CBRE	180,799	$75.22	—	$87.30	$13.6M	$15.78M	+16.06%	2.40%	+38.6 bps	1
UMBF	128,952	$83.74	—	$90.83	$10.8M	$11.71M	+8.47%	2.14%	+18.1 bps	1
MYRG	101,187	$93.77	—	$96.57	$9.49M	$9.77M	+2.99%	1.69%	+5.0 bps	1
WASH	182,745	$48.14	—	$43.98	$8.8M	$8.04M	-8.64%	1.67%	-14.4 bps	1
SEB	2,336	$3789.00	—	$3844.32	$8.85M	$8.98M	+1.46%	1.56%	+2.3 bps	1
FR	163,152	$48.75	—	$53.21	$7.95M	$8.68M	+9.15%	1.44%	+13.2 bps	1
FNF	200,223	$40.35	×1.04	$43.05	$8.08M	$8.96M	+10.96%	1.43%	+15.6 bps	1
FRPH	128,915	$57.60	—	$57.73	$7.43M	$7.44M	+0.23%	1.38%	+0.3 bps	1
ICFI	63,802	$104.30	—	$104.68	$6.65M	$6.68M	+0.36%	1.37%	+0.5 bps	1
PB	101,965	$74.05	—	$76.03	$7.55M	$7.75M	+2.67%	1.34%	+3.6 bps	1
HBB	570,298	$13.84	—	$12.45	$7.89M	$7.1M	-10.04%	1.31%	-13.2 bps	1
PRA	337,035	$19.53	—	$19.35	$6.58M	$6.52M	-0.92%	1.29%	-1.2 bps	1
SBSI	157,109	$35.55	—	$39.41	$5.59M	$6.19M	+10.86%	1.09%	+11.9 bps	1
EME	45,788	$149.52	—	$145.87	$6.85M	$6.68M	-2.44%	1.04%	-2.5 bps	1
BATRA	174,128	$31.05	—	$34.06	$5.41M	$5.93M	+9.69%	0.96%	+9.3 bps	1
TPHS	5,313,022	$0.70	—	$0.88	$3.72M	$4.67M	+25.70%	0.92%	+23.7 bps	1
TPH	307,305	$17.70	—	$22.34	$5.44M	$6.87M	+26.21%	0.91%	+23.9 bps	1
FIX	42,400	$121.92	—	$119.96	$5.17M	$5.09M	-1.61%	0.81%	-1.3 bps	1
KALU	64,315	$94.48	—	$83.89	$6.08M	$5.4M	-11.21%	0.78%	-8.7 bps	1
ALG	31,880	$151.44	—	$155.26	$4.83M	$4.95M	+2.52%	0.77%	+1.9 bps	1
CET	111,210	$34.50	—	$35.98	$3.84M	$4M	+4.29%	0.74%	+3.2 bps	1
SPHR	83,237	$43.35	—	$57.80	$3.61M	$4.81M	+33.33%	0.72%	+24.1 bps	1
UNF	14,942	$195.41	—	$197.78	$2.92M	$2.96M	+1.21%	0.49%	+0.6 bps	1
BSIG	137,908	$19.74	—	$26.18	$2.72M	$3.61M	+32.62%	0.40%	+13.2 bps	1
STRS	76,058	$26.09	—	$21.91	$1.98M	$1.67M	-16.02%	0.35%	-5.6 bps	1
CALM	28,403	$52.97	—	$53.62	$1.5M	$1.52M	+1.23%	0.31%	+0.4 bps	1
CTO	57,879	$19.86	—	$19.15	$1.15M	$1.11M	-3.58%	0.21%	-0.8 bps	1
STC	17,000	$39.66	—	$46.44	$674.22K	$789.48K	+17.10%	0.15%	+2.5 bps	1
RMR	26,000	$27.09	—	$27.04	$704.34K	$703.04K	-0.18%	0.12%	-0.0 bps	1
WHLRD	24,000	$11.20	—	$12.00	$268.8K	$288K	+7.14%	0.06%	+0.4 bps	1
GRBK	5,000	$23.21	—	$31.44	$116.05K	$157.2K	+35.46%	0.02%	+0.7 bps	1
SUPN	2,460	$34.50	—	$38.67	$84.87K	$95.13K	+12.09%	0.02%	+0.2 bps	1
CMA	—	—	—	—	—	—	—	4.25%	—	0
HA	—	—	—	—	—	—	—	2.33%	—	0
CCF	—	—	—	—	—	—	—	0.66%	—	0
ROIC	—	—	—	—	—	—	—	0.20%	—	0
PCH	—	—	—	—	—	—	—	0.16%	—	0
Top 5 (by entry value)(5)					$188.93M	$230.8M	+22.16%
Total(48)					$542.97M	$610.35M	+12.41%

2022-08-12 → 2022-11-14

51 of 56 priced92.75% coverage

-2.97%

Holdings from Q2 2022 disclosure · accession 0001099281-22-000008 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
TDWTOP 5	2,105,930	$20.58	—	$32.32	$43.34M	$68.06M	+57.05%	7.91%	+451.0 bps	1
HCCTOP 5	1,394,280	$33.41	—	$34.40	$46.58M	$47.96M	+2.96%	7.60%	+22.5 bps	1
FPHTOP 5	7,633,374	$4.03	—	$2.11	$30.76M	$16.11M	-47.64%	5.31%	-253.1 bps	1
BAMTOP 5	567,612	$53.72	—	$45.63	$30.49M	$25.9M	-15.06%	4.49%	-67.7 bps	1
LEN-BTOP 5	401,412	$69.58	—	$70.27	$27.93M	$28.21M	+0.99%	4.19%	+4.2 bps	1
PLD	180,974	$137.24	—	$112.50	$24.84M	$20.36M	-18.03%	3.79%	-68.3 bps	1
RYN	532,023	$37.77	—	$35.42	$20.09M	$18.84M	-6.22%	3.54%	-22.0 bps	1
IVT	733,701	$29.57	—	$25.07	$21.7M	$18.39M	-15.22%	3.37%	-51.3 bps	1
ORI	842,024	$23.66	—	$23.48	$19.92M	$19.77M	-0.76%	3.35%	-2.5 bps	1
UHAL	37,918	$569.23	×10	$50.32	$21.58M	$19.08M	-11.60%	3.23%	-37.4 bps	1
WY	540,815	$36.89	—	$32.34	$19.95M	$17.49M	-12.33%	3.19%	-39.3 bps	1
AMH	436,616	$38.39	—	$31.33	$16.76M	$13.68M	-18.39%	2.75%	-50.7 bps	1
DHI	229,190	$79.72	—	$81.49	$18.27M	$18.68M	+2.22%	2.70%	+6.0 bps	1
LOW	84,670	$206.47	—	$204.66	$17.48M	$17.33M	-0.88%	2.63%	-2.3 bps	1
VAL	324,148	$50.50	—	$67.77	$16.37M	$21.97M	+34.20%	2.44%	+83.4 bps	1
CBRE	184,812	$87.39	—	$75.22	$16.15M	$13.9M	-13.93%	2.42%	-33.7 bps	1
LAZ	399,979	$39.66	—	$38.81	$15.86M	$15.52M	-2.14%	2.31%	-4.9 bps	1
UMBF	128,952	$97.47	—	$83.74	$12.57M	$10.8M	-14.09%	1.98%	-27.8 bps	1
FRPH	152,435	$59.99	—	$57.60	$9.14M	$8.78M	-3.98%	1.64%	-6.5 bps	1
SEB	2,336	$4179.52	—	$3789.00	$9.76M	$8.85M	-9.34%	1.61%	-15.1 bps	1
MYRG	101,187	$98.81	—	$93.77	$10M	$9.49M	-5.10%	1.59%	-8.1 bps	1
WASH	182,745	$55.48	—	$48.14	$10.14M	$8.8M	-13.23%	1.57%	-20.8 bps	1
FR	166,781	$55.28	—	$48.75	$9.22M	$8.13M	-11.81%	1.41%	-16.7 bps	1
FNF	204,676	$41.00	—	$40.35	$8.39M	$8.26M	-1.59%	1.35%	-2.1 bps	1
HBB	602,214	$11.64	—	$13.84	$7.01M	$8.33M	+18.90%	1.33%	+25.1 bps	1
PRA	297,038	$23.49	—	$19.53	$6.98M	$5.8M	-16.86%	1.25%	-21.1 bps	1
PB	101,965	$76.10	—	$74.05	$7.76M	$7.55M	-2.69%	1.24%	-3.3 bps	1
ICFI	63,802	$104.26	—	$104.30	$6.65M	$6.65M	+0.04%	1.08%	+0.0 bps	1
SBSI	157,109	$40.95	—	$35.55	$6.43M	$5.59M	-13.19%	1.05%	-13.8 bps	1
TPHS	5,417,031	$1.14	—	$0.70	$6.18M	$3.79M	-38.60%	0.97%	-37.6 bps	1
EME	45,788	$121.25	—	$149.52	$5.55M	$6.85M	+23.32%	0.84%	+19.6 bps	1
SPHR	86,859	$63.66	—	$43.35	$5.53M	$3.77M	-31.90%	0.81%	-26.0 bps	1
BATRA	174,128	$28.70	—	$31.05	$5M	$5.41M	+8.19%	0.78%	+6.4 bps	1
TPH	245,636	$18.96	—	$17.70	$4.66M	$4.35M	-6.65%	0.74%	-4.9 bps	1
KALU	52,160	$78.50	—	$94.48	$4.09M	$4.93M	+20.36%	0.73%	+14.9 bps	1
CET	111,210	$38.46	—	$34.50	$4.28M	$3.84M	-10.30%	0.70%	-7.2 bps	1
STRS	121,441	$35.45	—	$26.09	$4.31M	$3.17M	-26.40%	0.70%	-18.4 bps	1
ALG	31,880	$140.38	—	$151.44	$4.48M	$4.83M	+7.88%	0.66%	+5.2 bps	1
FIX	42,400	$108.44	—	$121.92	$4.6M	$5.17M	+12.43%	0.63%	+7.8 bps	1
VC	31,848	$130.90	—	$142.64	$4.17M	$4.54M	+8.97%	0.59%	+5.3 bps	1
CALM	66,044	$54.74	—	$52.97	$3.62M	$3.5M	-3.23%	0.58%	-1.9 bps	1
UNF	14,942	$195.31	—	$195.41	$2.92M	$2.92M	+0.05%	0.46%	+0.0 bps	1
BSIG	137,908	$20.03	—	$19.74	$2.76M	$2.72M	-1.45%	0.44%	-0.6 bps	1
CTO	19,293	$67.68	—	$59.58	$1.31M	$1.15M	-11.97%	0.21%	-2.5 bps	1
STC	17,000	$55.43	—	$39.66	$942.31K	$674.22K	-28.45%	0.15%	-4.3 bps	1
NXRT	13,000	$64.89	—	$46.76	$843.57K	$607.88K	-27.94%	0.14%	-4.0 bps	1
RMR	26,000	$29.43	—	$27.09	$765.18K	$704.34K	-7.95%	0.13%	-1.0 bps	1
GRBK	26,000	$30.36	—	$23.21	$789.36K	$603.46K	-23.55%	0.09%	-2.1 bps	1
WHLRD	24,000	$13.00	—	$11.20	$312K	$268.8K	-13.85%	0.06%	-0.8 bps	1
WHLRP	17,614	$5.22	—	$2.68	$91.95K	$47.21K	-48.66%	0.02%	-0.7 bps	1
SUPN	2,460	$32.79	—	$34.50	$80.66K	$84.87K	+5.22%	0.01%	+0.1 bps	1
CMA	—	—	—	—	—	—	—	4.33%	—	0
HA	—	—	—	—	—	—	—	1.99%	—	0
CCF	—	—	—	—	—	—	—	0.56%	—	0
ROIC	—	—	—	—	—	—	—	0.21%	—	0
PCH	—	—	—	—	—	—	—	0.16%	—	0
Top 5 (by entry value)(5)					$179.11M	$186.24M	+3.98%
Total(51)					$579.4M	$562.2M	-2.97%

2022-05-13 → 2022-08-12

53 of 58 priced91.85% coverage

+2.73%

Holdings from Q1 2022 disclosure · accession 0001099281-22-000007 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FPHTOP 5	8,749,913	$5.19	—	$4.03	$45.41M	$35.26M	-22.35%	7.28%	-162.8 bps	1
HCCTOP 5	1,332,711	$32.05	—	$33.41	$42.71M	$44.53M	+4.24%	6.74%	+28.6 bps	1
TDWTOP 5	2,105,930	$21.28	—	$20.58	$44.81M	$43.34M	-3.29%	6.24%	-20.5 bps	1
PLDTOP 5	242,225	$128.35	—	$137.24	$31.09M	$33.24M	+6.93%	5.33%	+36.9 bps	1
BAMTOP 5	681,791	$47.71	—	$53.72	$32.53M	$36.63M	+12.60%	5.26%	+66.2 bps	1
LEN-B	474,491	$64.50	—	$69.58	$30.6M	$33.02M	+7.88%	4.42%	+34.8 bps	1
RYN	762,370	$37.66	—	$37.77	$28.71M	$28.79M	+0.29%	4.27%	+1.2 bps	1
WY	766,619	$38.71	—	$36.89	$29.68M	$28.28M	-4.70%	3.96%	-18.6 bps	1
UHAL	43,678	$530.37	—	$569.23	$23.17M	$24.86M	+7.33%	3.55%	+26.0 bps	1
IVT	843,778	$29.75	—	$29.57	$25.1M	$24.95M	-0.61%	3.54%	-2.1 bps	1
ORI	848,127	$22.70	—	$23.66	$19.25M	$20.07M	+4.23%	2.99%	+12.6 bps	1
LOW	101,406	$194.00	—	$206.47	$19.67M	$20.94M	+6.43%	2.79%	+18.0 bps	1
AMH	498,444	$37.50	—	$38.39	$18.69M	$19.14M	+2.37%	2.72%	+6.5 bps	1
VAL	320,736	$57.55	—	$50.50	$18.46M	$16.2M	-12.25%	2.27%	-27.8 bps	1
CBRE	163,849	$80.80	—	$87.39	$13.24M	$14.32M	+8.16%	2.04%	+16.7 bps	1
LAZ	370,581	$32.18	—	$39.66	$11.93M	$14.7M	+23.24%	1.74%	+40.5 bps	1
UMBF	128,952	$89.59	—	$97.47	$11.55M	$12.57M	+8.80%	1.71%	+15.0 bps	1
TPHS	6,514,436	$1.19	—	$1.14	$7.75M	$7.43M	-4.20%	1.69%	-7.1 bps	1
FR	198,141	$53.36	—	$55.28	$10.57M	$10.95M	+3.60%	1.67%	+6.0 bps	1
FNF	246,915	$40.84	—	$41.00	$10.08M	$10.12M	+0.39%	1.64%	+0.6 bps	1
SEB	2,336	$3797.16	—	$4179.52	$8.87M	$9.76M	+10.07%	1.34%	+13.5 bps	1
WASH	182,745	$46.92	—	$55.48	$8.57M	$10.14M	+18.24%	1.31%	+23.9 bps	1
MYRG	101,187	$84.48	—	$98.81	$8.55M	$10M	+16.96%	1.30%	+22.0 bps	1
FRPH	152,435	$56.53	—	$59.99	$8.62M	$9.14M	+6.12%	1.20%	+7.3 bps	1
PRA	297,038	$20.82	—	$23.49	$6.18M	$6.98M	+12.82%	1.09%	+14.0 bps	1
ICFI	83,673	$95.24	—	$104.26	$7.97M	$8.72M	+9.47%	1.07%	+10.2 bps	1
PB	107,928	$67.77	—	$76.10	$7.31M	$8.21M	+12.29%	1.02%	+12.5 bps	1
HBB	610,367	$9.55	—	$11.64	$5.83M	$7.1M	+21.88%	0.97%	+21.2 bps	1
JBGS	239,262	$24.69	—	$24.46	$5.91M	$5.85M	-0.93%	0.95%	-0.9 bps	1
SBSI	164,220	$38.34	—	$40.95	$6.3M	$6.72M	+6.81%	0.91%	+6.2 bps	1
STRS	142,835	$38.07	—	$35.45	$5.44M	$5.06M	-6.88%	0.84%	-5.8 bps	1
SPHR	68,045	$61.03	—	$63.66	$4.15M	$4.33M	+4.31%	0.77%	+3.3 bps	1
EME	45,788	$102.31	—	$121.25	$4.68M	$5.55M	+18.51%	0.70%	+13.0 bps	1
BATRA	174,128	$26.11	—	$28.70	$4.55M	$5M	+9.92%	0.68%	+6.8 bps	1
KALU	52,160	$95.34	—	$78.50	$4.97M	$4.09M	-17.66%	0.67%	-11.8 bps	1
CET	111,210	$37.95	—	$38.46	$4.22M	$4.28M	+1.34%	0.63%	+0.8 bps	1
ALG	31,880	$113.94	—	$140.38	$3.63M	$4.48M	+23.21%	0.62%	+14.5 bps	1
TPH	195,155	$20.61	—	$18.96	$4.02M	$3.7M	-8.01%	0.53%	-4.3 bps	1
FIX	42,400	$84.10	—	$108.44	$3.57M	$4.6M	+28.94%	0.51%	+14.9 bps	1
CALM	66,044	$50.67	—	$54.74	$3.35M	$3.62M	+8.03%	0.50%	+4.0 bps	1
VC	31,848	$104.12	—	$130.90	$3.32M	$4.17M	+25.72%	0.47%	+12.2 bps	1
BSIG	137,908	$19.66	—	$20.03	$2.71M	$2.76M	+1.88%	0.46%	+0.9 bps	1
UNF	14,942	$161.40	—	$195.31	$2.41M	$2.92M	+21.01%	0.38%	+7.9 bps	1
DORM	26,078	$100.83	—	$104.28	$2.63M	$2.72M	+3.42%	0.34%	+1.2 bps	1
CTO	19,293	$62.74	×3	$22.56	$1.21M	$1.31M	+7.87%	0.17%	+1.4 bps	1
NXRT	13,000	$74.47	—	$64.89	$968.11K	$843.57K	-12.86%	0.16%	-2.1 bps	1
STC	17,000	$56.17	—	$55.43	$954.89K	$942.31K	-1.32%	0.14%	-0.2 bps	1
RMR	23,000	$28.29	—	$29.43	$650.67K	$676.89K	+4.03%	0.10%	+0.4 bps	1
WHLRD	24,000	$14.00	—	$13.00	$336K	$312K	-7.14%	0.05%	-0.3 bps	1
GRBK	16,000	$22.28	—	$30.36	$356.48K	$485.76K	+36.27%	0.04%	+1.6 bps	1
DHI	3,028	$68.53	—	$79.72	$207.51K	$241.39K	+16.33%	0.03%	+0.5 bps	1
WHLRP	27,000	$5.40	—	$5.22	$145.8K	$140.94K	-3.33%	0.02%	-0.1 bps	1
WHLR	40,000	$2.04	—	$2.06	$81.8K	$82.24K	+0.54%	0.01%	+0.0 bps	1
CMA	—	—	—	—	—	—	—	4.08%	—	0
HA	—	—	—	—	—	—	—	3.28%	—	0
CTT	—	—	—	—	—	—	—	0.45%	—	0
ROIC	—	—	—	—	—	—	—	0.20%	—	0
PCH	—	—	—	—	—	—	—	0.14%	—	0
Top 5 (by entry value)(5)					$196.56M	$193M	-1.81%
Total(53)					$607.69M	$624.27M	+2.73%

2022-02-11 → 2022-05-13

53 of 59 priced91.84% coverage

-5.99%

Holdings from Q4 2021 disclosure · accession 0001099281-22-000002 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FPHTOP 5	8,732,674	$6.21	—	$5.19	$54.23M	$45.32M	-16.43%	7.51%	-123.4 bps	1
HCCTOP 5	1,865,239	$30.68	—	$32.05	$57.23M	$59.78M	+4.47%	6.31%	+28.2 bps	1
LEN-BTOP 5	478,130	$76.71	—	$64.50	$36.68M	$30.84M	-15.92%	6.01%	-95.7 bps	1
BAMTOP 5	712,551	$58.05	—	$47.71	$41.36M	$34M	-17.81%	5.66%	-100.8 bps	1
PLDTOP 5	251,587	$146.31	—	$128.35	$36.81M	$32.29M	-12.28%	5.57%	-68.4 bps	1
WY	772,935	$41.56	—	$38.71	$32.12M	$29.92M	-6.86%	4.19%	-28.7 bps	1
RYN	765,389	$37.47	—	$37.66	$28.68M	$28.82M	+0.51%	4.06%	+2.1 bps	1
UHAL	41,833	$571.51	—	$530.37	$23.91M	$22.19M	-7.20%	4.00%	-28.8 bps	1
LOW	115,216	$225.91	—	$194.00	$26.03M	$22.35M	-14.13%	3.92%	-55.3 bps	1
TDW	2,085,705	$14.85	—	$21.28	$30.97M	$44.38M	+43.30%	2.94%	+127.2 bps	1
AMH	502,586	$38.77	—	$37.50	$19.49M	$18.85M	-3.28%	2.88%	-9.4 bps	1
ORI	841,178	$26.44	—	$22.70	$22.24M	$19.09M	-14.15%	2.72%	-38.5 bps	1
CBRE	163,878	$101.51	—	$80.80	$16.64M	$13.24M	-20.40%	2.34%	-47.7 bps	1
LAZ	368,858	$38.77	—	$32.18	$14.3M	$11.87M	-17.00%	2.12%	-36.0 bps	1
IVT	503,945	$25.80	—	$29.75	$13M	$14.99M	+15.31%	1.81%	+27.7 bps	1
UMBF	129,469	$102.93	—	$89.59	$13.33M	$11.6M	-12.96%	1.81%	-23.4 bps	1
FR	199,779	$58.81	—	$53.36	$11.75M	$10.66M	-9.27%	1.74%	-16.1 bps	1
FNF	248,971	$48.60	—	$40.84	$12.1M	$10.17M	-15.97%	1.71%	-27.3 bps	1
TPHS	6,514,436	$1.90	—	$1.19	$12.38M	$7.75M	-37.37%	1.58%	-58.9 bps	1
MYRG	101,187	$92.00	—	$84.48	$9.31M	$8.55M	-8.17%	1.47%	-12.0 bps	1
VAL	310,047	$41.50	—	$57.55	$12.87M	$17.84M	+38.67%	1.47%	+56.8 bps	1
ESS	29,879	$318.69	—	$296.28	$9.52M	$8.85M	-7.03%	1.38%	-9.7 bps	1
WASH	182,745	$56.15	—	$46.92	$10.26M	$8.57M	-16.44%	1.35%	-22.3 bps	1
JBGS	339,392	$27.42	—	$24.69	$9.31M	$8.38M	-9.96%	1.28%	-12.8 bps	1
SEB	2,336	$3935.37	—	$3797.16	$9.19M	$8.87M	-3.51%	1.21%	-4.2 bps	1
FRPH	152,435	$55.35	—	$56.53	$8.44M	$8.62M	+2.13%	1.16%	+2.5 bps	1
ICFI	83,673	$90.08	—	$95.24	$7.54M	$7.97M	+5.73%	1.13%	+6.5 bps	1
PB	107,928	$74.91	—	$67.77	$8.08M	$7.31M	-9.53%	1.03%	-9.8 bps	1
PRA	297,038	$23.78	—	$20.82	$7.06M	$6.18M	-12.45%	0.99%	-12.3 bps	1
SBSI	164,220	$42.75	—	$38.34	$7.02M	$6.3M	-10.32%	0.90%	-9.3 bps	1
EME	45,788	$115.14	—	$102.31	$5.27M	$4.68M	-11.14%	0.77%	-8.5 bps	1
TPH	195,155	$22.38	—	$20.61	$4.37M	$4.02M	-7.91%	0.72%	-5.7 bps	1
STRS	142,835	$37.50	—	$38.07	$5.36M	$5.44M	+1.52%	0.69%	+1.0 bps	1
FIX	52,390	$86.80	—	$84.10	$4.55M	$4.41M	-3.11%	0.68%	-2.1 bps	1
CALM	139,635	$42.86	—	$50.67	$5.98M	$7.08M	+18.22%	0.68%	+12.4 bps	1
BATRA	174,128	$26.46	—	$26.11	$4.61M	$4.55M	-1.32%	0.66%	-0.9 bps	1
CET	111,210	$41.24	—	$37.95	$4.59M	$4.22M	-7.98%	0.65%	-5.2 bps	1
KALU	52,160	$99.37	—	$95.34	$5.18M	$4.97M	-4.06%	0.64%	-2.6 bps	1
SPHR	68,045	$75.69	—	$61.03	$5.15M	$4.15M	-19.37%	0.63%	-12.2 bps	1
ALG	31,880	$138.08	—	$113.94	$4.4M	$3.63M	-17.48%	0.62%	-10.8 bps	1
HBB	325,124	$13.38	—	$9.55	$4.35M	$3.1M	-28.62%	0.61%	-17.6 bps	1
VC	31,848	$94.23	—	$104.12	$3M	$3.32M	+10.50%	0.47%	+4.9 bps	1
UNF	14,942	$178.79	—	$161.40	$2.67M	$2.41M	-9.73%	0.41%	-4.0 bps	1
DORM	26,078	$90.82	—	$100.83	$2.37M	$2.63M	+11.02%	0.39%	+4.3 bps	1
BSIG	94,116	$23.92	—	$19.66	$2.25M	$1.85M	-17.81%	0.32%	-5.6 bps	1
STC	17,000	$69.67	—	$56.17	$1.18M	$954.89K	-19.38%	0.18%	-3.5 bps	1
CTO	19,293	$58.95	—	$62.74	$1.14M	$1.21M	+6.43%	0.16%	+1.0 bps	1
NXRT	13,000	$78.86	—	$74.47	$1.03M	$968.11K	-5.57%	0.14%	-0.8 bps	1
RMR	23,000	$30.12	—	$28.29	$692.76K	$650.67K	-6.08%	0.10%	-0.6 bps	1
GRBK	16,000	$21.85	—	$22.28	$349.6K	$356.48K	+1.97%	0.06%	+0.1 bps	1
WHLRD	12,000	$13.50	—	$14.00	$161.96K	$168K	+3.73%	0.02%	+0.1 bps	1
WHLRP	12,000	$6.94	—	$5.40	$83.28K	$64.8K	-22.19%	0.01%	-0.2 bps	1
WHLR	40,000	$1.91	—	$2.04	$76.4K	$81.8K	+7.07%	0.01%	+0.1 bps	1
CMA	—	—	—	—	—	—	—	4.25%	—	0
HA	—	—	—	—	—	—	—	2.37%	—	0
APTS	—	—	—	—	—	—	—	1.08%	—	0
ROIC	—	—	—	—	—	—	—	0.19%	—	0
PCH	—	—	—	—	—	—	—	0.16%	—	0
CTT	—	—	—	—	—	—	—	0.10%	—	0
Top 5 (by entry value)(5)					$226.31M	$202.23M	-10.64%
Total(53)					$670.65M	$630.49M	-5.99%

2021-11-12 → 2022-02-11

53 of 59 priced92.26% coverage

-3.04%

Holdings from Q3 2021 disclosure · accession 0001099281-21-000012 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FPHTOP 5	8,898,419	$6.84	—	$6.21	$60.87M	$55.26M	-9.21%	9.38%	-86.4 bps	1
BAMTOP 5	828,596	$60.36	—	$58.05	$50.01M	$48.1M	-3.83%	5.97%	-22.8 bps	1
HCCTOP 5	1,730,328	$22.80	—	$30.68	$39.45M	$53.09M	+34.56%	5.42%	+187.3 bps	1
LEN-BTOP 5	484,684	$88.93	—	$76.71	$43.1M	$37.18M	-13.74%	5.06%	-69.5 bps	1
PLDTOP 5	255,401	$148.81	—	$146.31	$38.01M	$37.37M	-1.68%	4.31%	-7.2 bps	1
WY	829,843	$36.93	—	$41.56	$30.65M	$34.49M	+12.54%	3.97%	+49.8 bps	1
RYN	824,502	$38.23	—	$37.47	$31.52M	$30.89M	-1.99%	3.96%	-7.9 bps	1
TDW	2,347,512	$11.88	—	$14.85	$27.89M	$34.86M	+25.00%	3.81%	+95.3 bps	1
UHAL	42,470	$739.20	—	$571.51	$31.39M	$24.27M	-22.69%	3.69%	-83.8 bps	1
ORI	1,110,301	$25.90	—	$26.44	$28.76M	$29.36M	+2.08%	3.46%	+7.2 bps	1
LOW	116,979	$236.32	—	$225.91	$27.64M	$26.43M	-4.41%	3.19%	-14.1 bps	1
AMH	505,645	$39.93	—	$38.77	$20.19M	$19.6M	-2.91%	2.59%	-7.5 bps	1
LAZ	368,858	$47.84	—	$38.77	$17.65M	$14.3M	-18.96%	2.27%	-43.1 bps	1
CBRE	167,076	$105.29	—	$101.51	$17.59M	$16.96M	-3.59%	2.19%	-7.9 bps	1
JBGS	527,851	$30.20	—	$27.42	$15.94M	$14.47M	-9.21%	2.10%	-19.4 bps	1
UMBF	146,136	$105.52	—	$102.93	$15.42M	$15.04M	-2.45%	1.90%	-4.7 bps	1
TPHS	6,080,226	$1.88	—	$1.90	$11.43M	$11.55M	+1.06%	1.60%	+1.7 bps	1
MHK	66,464	$177.32	—	$144.17	$11.79M	$9.58M	-18.70%	1.59%	-29.7 bps	1
FNF	253,673	$51.07	—	$48.60	$12.96M	$12.33M	-4.84%	1.55%	-7.5 bps	1
VAL	310,047	$35.57	—	$41.50	$11.03M	$12.87M	+16.67%	1.46%	+24.3 bps	1
FR	202,857	$60.51	—	$58.81	$12.27M	$11.93M	-2.81%	1.42%	-4.0 bps	1
MYRG	101,309	$114.11	—	$92.00	$11.56M	$9.32M	-19.38%	1.36%	-26.3 bps	1
ESS	30,334	$346.43	—	$318.69	$10.51M	$9.67M	-8.01%	1.31%	-10.5 bps	1
WASH	182,745	$57.71	—	$56.15	$10.55M	$10.26M	-2.70%	1.30%	-3.5 bps	1
SEB	2,336	$4013.02	—	$3935.37	$9.37M	$9.19M	-1.93%	1.29%	-2.5 bps	1
FRPH	152,435	$59.90	—	$55.35	$9.13M	$8.44M	-7.60%	1.15%	-8.7 bps	1
VNO	193,011	$45.53	—	$41.31	$8.79M	$7.97M	-9.27%	1.09%	-10.1 bps	1
PB	107,928	$76.67	—	$74.91	$8.27M	$8.08M	-2.30%	1.03%	-2.4 bps	1
ICFI	83,673	$104.67	—	$90.08	$8.76M	$7.54M	-13.94%	1.01%	-14.0 bps	1
PRA	297,038	$24.98	—	$23.78	$7.42M	$7.06M	-4.80%	0.95%	-4.6 bps	1
SBSI	164,220	$44.20	—	$42.75	$7.26M	$7.02M	-3.28%	0.85%	-2.8 bps	1
KALU	52,160	$108.01	—	$99.37	$5.63M	$5.18M	-8.00%	0.76%	-6.1 bps	1
EME	45,788	$130.08	—	$115.14	$5.96M	$5.27M	-11.49%	0.71%	-8.2 bps	1
BSIG	193,259	$30.77	—	$23.92	$5.95M	$4.62M	-22.26%	0.68%	-15.1 bps	1
CALM	139,635	$36.36	—	$42.86	$5.08M	$5.98M	+17.88%	0.68%	+12.1 bps	1
TPH	232,961	$25.58	—	$22.38	$5.96M	$5.21M	-12.51%	0.66%	-8.2 bps	1
CET	111,210	$41.82	—	$41.24	$4.65M	$4.59M	-1.39%	0.63%	-0.9 bps	1
BATRA	174,128	$30.86	—	$26.46	$5.37M	$4.61M	-14.26%	0.63%	-9.0 bps	1
STRS	141,118	$35.50	—	$37.50	$5.01M	$5.29M	+5.63%	0.61%	+3.4 bps	1
ALG	31,880	$156.49	—	$138.08	$4.99M	$4.4M	-11.76%	0.60%	-7.0 bps	1
HBB	282,436	$17.12	—	$13.38	$4.84M	$3.78M	-21.85%	0.60%	-13.0 bps	1
ATNI	93,903	$43.19	—	$34.32	$4.06M	$3.22M	-20.54%	0.59%	-12.2 bps	1
FIX	52,390	$99.89	—	$86.80	$5.23M	$4.55M	-13.10%	0.50%	-6.6 bps	1
UNF	14,942	$200.62	—	$178.79	$3M	$2.67M	-10.88%	0.43%	-4.7 bps	1
VC	31,848	$124.00	—	$94.23	$3.95M	$3M	-24.01%	0.40%	-9.7 bps	1
SRG	202,271	$15.15	—	$9.06	$3.06M	$1.83M	-40.20%	0.40%	-16.2 bps	1
DORM	26,078	$117.83	—	$90.82	$3.07M	$2.37M	-22.92%	0.33%	-7.6 bps	1
SPHR	27,448	$75.63	—	$75.69	$2.08M	$2.08M	+0.08%	0.27%	+0.0 bps	1
STC	17,000	$77.56	—	$69.67	$1.32M	$1.18M	-10.17%	0.14%	-1.5 bps	1
CTO	19,293	$55.66	—	$58.95	$1.07M	$1.14M	+5.91%	0.14%	+0.8 bps	1
NXRT	13,000	$77.78	—	$78.86	$1.01M	$1.03M	+1.39%	0.11%	+0.2 bps	1
RMR	23,000	$37.08	—	$30.12	$852.84K	$692.76K	-18.77%	0.10%	-1.9 bps	1
GRBK	16,000	$26.74	—	$21.85	$427.84K	$349.6K	-18.29%	0.04%	-0.8 bps	1
CMA	—	—	—	—	—	—	—	4.03%	—	0
HA	—	—	—	—	—	—	—	2.90%	—	0
APTS	—	—	—	—	—	—	—	0.42%	—	0
ROIC	—	—	—	—	—	—	—	0.18%	—	0
PCH	—	—	—	—	—	—	—	0.14%	—	0
MNR	—	—	—	—	—	—	—	0.08%	—	0
Top 5 (by entry value)(5)					$231.44M	$230.99M	-0.19%
Total(53)					$729.74M	$707.54M	-3.04%

2021-08-13 → 2021-11-12

54 of 60 priced92.82% coverage

+3.69%

Holdings from Q2 2021 disclosure · accession 0001099281-21-000010 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FPHTOP 5	8,869,613	$8.22	—	$6.84	$72.91M	$60.67M	-16.79%	9.48%	-159.2 bps	1
BAMTOP 5	834,826	$56.68	—	$60.36	$47.32M	$50.39M	+6.49%	5.63%	+36.6 bps	1
LEN-BTOP 5	482,741	$88.77	—	$88.93	$42.85M	$42.93M	+0.18%	5.20%	+0.9 bps	1
TDW	2,538,973	$11.26	—	$11.88	$28.59M	$30.16M	+5.51%	4.05%	+22.3 bps	1
PLDTOP 5	255,869	$131.98	—	$148.81	$33.77M	$38.08M	+12.75%	4.05%	+51.6 bps	1
HCCTOP 5	1,725,285	$17.96	—	$22.80	$30.99M	$39.34M	+26.95%	3.93%	+105.8 bps	1
RYN	822,837	$36.80	—	$38.23	$30.28M	$31.46M	+3.89%	3.91%	+15.2 bps	1
WY	827,809	$34.82	—	$36.93	$28.82M	$30.57M	+6.06%	3.77%	+22.8 bps	1
ORI	1,110,301	$25.79	—	$25.90	$28.63M	$28.76M	+0.43%	3.66%	+1.6 bps	1
UHAL	42,824	$659.72	—	$739.20	$28.25M	$31.66M	+12.05%	3.34%	+40.2 bps	1
LOW	118,115	$190.51	—	$236.32	$22.5M	$27.91M	+24.05%	3.03%	+72.9 bps	1
JBGS	700,753	$30.51	—	$30.20	$21.38M	$21.16M	-1.02%	2.92%	-3.0 bps	1
AMH	506,569	$40.96	—	$39.93	$20.75M	$20.23M	-2.51%	2.60%	-6.5 bps	1
MHK	96,044	$209.16	—	$177.32	$20.09M	$17.03M	-15.22%	2.44%	-37.2 bps	1
LAZ	368,858	$48.64	—	$47.84	$17.94M	$17.65M	-1.64%	2.21%	-3.6 bps	1
CBRE	165,505	$95.38	—	$105.29	$15.79M	$17.43M	+10.39%	1.88%	+19.5 bps	1
UMBF	146,136	$92.95	—	$105.52	$13.58M	$15.42M	+13.52%	1.80%	+24.3 bps	1
TPHS	6,080,226	$2.37	—	$1.88	$14.41M	$11.43M	-20.68%	1.70%	-35.1 bps	1
EXP	86,977	$153.52	—	$163.74	$13.35M	$14.24M	+6.66%	1.64%	+10.9 bps	1
FNF	253,034	$49.06	—	$51.07	$12.41M	$12.92M	+4.10%	1.46%	+6.0 bps	1
FR	203,224	$55.11	—	$60.51	$11.2M	$12.3M	+9.80%	1.40%	+13.8 bps	1
WASH	182,745	$52.07	—	$57.71	$9.52M	$10.55M	+10.83%	1.24%	+13.4 bps	1
VNO	198,739	$42.69	—	$45.53	$8.48M	$9.05M	+6.65%	1.23%	+8.2 bps	1
MYRG	101,309	$99.53	—	$114.11	$10.08M	$11.56M	+14.65%	1.22%	+17.9 bps	1
ESS	30,390	$316.95	—	$346.43	$9.63M	$10.53M	+9.30%	1.21%	+11.2 bps	1
SEB	2,336	$4247.00	—	$4013.02	$9.92M	$9.37M	-5.51%	1.20%	-6.6 bps	1
LEN	90,776	$108.17	—	$108.23	$9.82M	$9.82M	+0.06%	1.16%	+0.1 bps	1
FRPH	152,435	$60.15	—	$59.90	$9.17M	$9.13M	-0.42%	1.12%	-0.5 bps	1
PB	107,928	$70.26	—	$76.67	$7.58M	$8.27M	+9.12%	1.03%	+9.4 bps	1
ICFI	83,673	$95.00	—	$104.67	$7.95M	$8.76M	+10.18%	0.97%	+9.9 bps	1
PRA	297,038	$24.64	—	$24.98	$7.32M	$7.42M	+1.38%	0.89%	+1.2 bps	1
KALU	52,160	$127.43	—	$108.01	$6.65M	$5.63M	-15.24%	0.85%	-13.0 bps	1
SRG	345,015	$15.34	—	$15.15	$5.29M	$5.23M	-1.24%	0.84%	-1.0 bps	1
SBSI	164,220	$37.43	—	$44.20	$6.15M	$7.26M	+18.09%	0.83%	+15.0 bps	1
EME	45,788	$119.84	—	$130.08	$5.49M	$5.96M	+8.54%	0.75%	+6.4 bps	1
HBB	227,223	$17.60	—	$17.12	$4M	$3.89M	-2.73%	0.67%	-1.8 bps	1
TPH	232,961	$24.09	—	$25.58	$5.61M	$5.96M	+6.19%	0.66%	+4.1 bps	1
BATRA	174,128	$26.34	—	$30.86	$4.59M	$5.37M	+17.16%	0.65%	+11.2 bps	1
ALG	31,880	$152.15	—	$156.49	$4.85M	$4.99M	+2.85%	0.64%	+1.8 bps	1
CET	111,210	$42.51	—	$41.82	$4.73M	$4.65M	-1.62%	0.62%	-1.0 bps	1
BSIG	193,259	$26.73	—	$30.77	$5.17M	$5.95M	+15.11%	0.60%	+9.1 bps	1
ATNI	93,903	$46.44	—	$43.19	$4.36M	$4.06M	-7.00%	0.57%	-4.0 bps	1
CALM	116,094	$34.81	—	$36.36	$4.04M	$4.22M	+4.45%	0.56%	+2.5 bps	1
FIX	52,390	$76.28	—	$99.89	$4M	$5.23M	+30.95%	0.55%	+16.9 bps	1
VC	31,848	$113.28	—	$124.00	$3.61M	$3.95M	+9.46%	0.51%	+4.8 bps	1
UNF	14,942	$219.81	—	$200.62	$3.28M	$3M	-8.73%	0.46%	-4.0 bps	1
STRS	127,562	$29.15	—	$35.50	$3.72M	$4.53M	+21.78%	0.42%	+9.1 bps	1
MAC	164,679	$16.86	—	$21.01	$2.78M	$3.46M	+24.61%	0.40%	+9.8 bps	1
DORM	26,078	$98.35	—	$117.83	$2.56M	$3.07M	+19.81%	0.36%	+7.1 bps	1
CTO	19,293	$54.82	—	$55.66	$1.06M	$1.07M	+1.53%	0.14%	+0.2 bps	1
STC	17,000	$58.87	—	$77.56	$1M	$1.32M	+31.75%	0.13%	+4.1 bps	1
RMR	23,000	$39.90	—	$37.08	$917.7K	$852.84K	-7.07%	0.12%	-0.8 bps	1
NXRT	13,000	$59.63	—	$77.78	$775.19K	$1.01M	+30.44%	0.09%	+2.9 bps	1
GRBK	16,000	$25.84	—	$26.74	$413.44K	$427.84K	+3.48%	0.05%	+0.2 bps	1
CMA	—	—	—	—	—	—	—	3.51%	—	0
HA	—	—	—	—	—	—	—	3.21%	—	0
ROIC	—	—	—	—	—	—	—	0.18%	—	0
PCH	—	—	—	—	—	—	—	0.14%	—	0
CIO	—	—	—	—	—	—	—	0.08%	—	0
MNR	—	—	—	—	—	—	—	0.07%	—	0
Top 5 (by entry value)(5)					$227.83M	$231.4M	+1.57%
Total(54)					$730.33M	$757.27M	+3.69%