Historical Stock Holdings

Prem Watsa - Fairfax Financial Holdings

PeriodPortfolio ValueTop 20 holdings history (left to right)
2024   Q3$1.1 B OXY
Occidental Petroleum
28.21% of portfolio
 		ORLA
Orla Mining Ltd
20.54% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
13.39% of portfolio
 		BB
BlackBerry Ltd.
11.13% of portfolio
 		UAA
Under Armour Inc.
5.11% of portfolio
 		GOOGL
Alphabet Inc.
4.14% of portfolio
 		KHC
Kraft Heinz Co.
2.39% of portfolio
 		TSM
Taiwan Semiconductor S.A.
2.24% of portfolio
 		MRK
Merck & Co.
1.79% of portfolio
 		HP
Helmerich & Payne
1.54% of portfolio
 		GM
General Motors
1.53% of portfolio
 		BNS
Bank of Nova Scotia
1.43% of portfolio
 		PFE
Pfizer Inc.
1.21% of portfolio
 		JNJ
Johnson & Johnson
1.08% of portfolio
 		CPRI
Capri Holdings Ltd
0.78% of portfolio
 		MU
Micron Technology Inc.
0.75% of portfolio
 		INTC
Intel Corp.
0.41% of portfolio
 		CIGI
Colliers International Group Inc.
0.35% of portfolio
 		KKR
KKR & Co. L.P.
0.28% of portfolio
 		QSR
Restaurant Brands International
0.27% of portfolio
2024   Q2$1.18 B OXY
Occidental Petroleum
32.05% of portfolio
 		ORLA
Orla Mining Ltd
18.02% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
10.94% of portfolio
 		BB
BlackBerry Ltd.
9.84% of portfolio
 		GOOGL
Alphabet Inc.
4.23% of portfolio
 		VOO
Vanguard S&P 500 ETF
4.02% of portfolio
 		UAA
Under Armour Inc.
2.38% of portfolio
 		TSM
Taiwan Semiconductor S.A.
2.08% of portfolio
 		BEN
Franklin Resources
1.89% of portfolio
 		MRK
Merck & Co.
1.81% of portfolio
 		BABA
Alibaba Group Holdings
1.78% of portfolio
 		HP
Helmerich & Payne
1.70% of portfolio
 		GM
General Motors
1.48% of portfolio
 		BNS
Bank of Nova Scotia
1.12% of portfolio
 		PFE
Pfizer Inc.
1.09% of portfolio
 		JNJ
Johnson & Johnson
0.91% of portfolio
 		CPRI
Capri Holdings Ltd
0.56% of portfolio
 		META
Meta Platforms Inc.
0.55% of portfolio
 		INTC
Intel Corp.
0.50% of portfolio
 		MU
Micron Technology Inc.
0.45% of portfolio
2024   Q1$1.23 B OXY
Occidental Petroleum
31.84% of portfolio
 		ORLA
Orla Mining Ltd
17.06% of portfolio
 		BB
BlackBerry Ltd.
10.42% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
9.29% of portfolio
 		MU
Micron Technology Inc.
6.67% of portfolio
 		GOOGL
Alphabet Inc.
3.37% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.73% of portfolio
 		BEN
Franklin Resources
2.29% of portfolio
 		HP
Helmerich & Payne
1.90% of portfolio
 		MRK
Merck & Co.
1.86% of portfolio
 		BABA
Alibaba Group Holdings
1.72% of portfolio
 		GM
General Motors
1.39% of portfolio
 		BNS
Bank of Nova Scotia
1.22% of portfolio
 		PFE
Pfizer Inc.
1.04% of portfolio
 		TSM
Taiwan Semiconductor S.A.
1.04% of portfolio
 		JNJ
Johnson & Johnson
0.94% of portfolio
 		CPRI
Capri Holdings Ltd
0.69% of portfolio
 		INTC
Intel Corp.
0.68% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
0.45% of portfolio
 		GE
GE Aerospace
0.37% of portfolio
2023   Q4$1.47 B OXY
Occidental Petroleum
24.46% of portfolio
 		MU
Micron Technology Inc.
22.72% of portfolio
 		BB
BlackBerry Ltd.
11.26% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
11.22% of portfolio
 		ORLA
Orla Mining Ltd
8.29% of portfolio
 		GOOGL
Alphabet Inc.
2.61% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.47% of portfolio
 		BEN
Franklin Resources
2.03% of portfolio
 		BABA
Alibaba Group Holdings
1.54% of portfolio
 		HP
Helmerich & Payne
1.37% of portfolio
 		MRK
Merck & Co.
1.28% of portfolio
 		VOO
Vanguard S&P 500 ETF
1.19% of portfolio
 		BNS
Bank of Nova Scotia
0.96% of portfolio
 		GM
General Motors
0.92% of portfolio
 		PFE
Pfizer Inc.
0.90% of portfolio
 		JNJ
Johnson & Johnson
0.78% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.66% of portfolio
 		INTC
Intel Corp.
0.65% of portfolio
 		META
Meta Platforms Inc.
0.52% of portfolio
 		QSR
Restaurant Brands International
0.22% of portfolio
2023   Q3$1.53 B OXY
Occidental Petroleum
25.51% of portfolio
 		MU
Micron Technology Inc.
17.38% of portfolio
 		BB
BlackBerry Ltd.
14.40% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
12.82% of portfolio
 		ORLA
Orla Mining Ltd
7.20% of portfolio
 		GOOGL
Alphabet Inc.
2.86% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.34% of portfolio
 		INTC
Intel Corp.
1.74% of portfolio
 		BABA
Alibaba Group Holdings
1.66% of portfolio
 		BEN
Franklin Resources
1.61% of portfolio
 		HP
Helmerich & Payne
1.53% of portfolio
 		MRK
Merck & Co.
1.16% of portfolio
 		VOO
Vanguard S&P 500 ETF
1.03% of portfolio
 		PFE
Pfizer Inc.
1.00% of portfolio
 		BNS
Bank of Nova Scotia
0.85% of portfolio
 		GM
General Motors
0.81% of portfolio
 		JNJ
Johnson & Johnson
0.75% of portfolio
 		GE
GE Aerospace
0.67% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.53% of portfolio
 		META
Meta Platforms Inc.
0.42% of portfolio
2023   Q2$1.53 B OXY
Occidental Petroleum
23.11% of portfolio
 		BB
BlackBerry Ltd.
16.87% of portfolio
 		MU
Micron Technology Inc.
16.01% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
14.19% of portfolio
 		ORLA
Orla Mining Ltd
5.42% of portfolio
 		GOOGL
Alphabet Inc.
2.62% of portfolio
 		VOO
Vanguard S&P 500 ETF
2.23% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.07% of portfolio
 		BEN
Franklin Resources
1.74% of portfolio
 		INTC
Intel Corp.
1.64% of portfolio
 		BABA
Alibaba Group Holdings
1.59% of portfolio
 		MRK
Merck & Co.
1.30% of portfolio
 		HP
Helmerich & Payne
1.29% of portfolio
 		PFE
Pfizer Inc.
1.10% of portfolio
 		BNS
Bank of Nova Scotia
0.95% of portfolio
 		GM
General Motors
0.95% of portfolio
 		JNJ
Johnson & Johnson
0.79% of portfolio
 		GE
GE Aerospace
0.71% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.62% of portfolio
 		META
Meta Platforms Inc.
0.40% of portfolio
2023   Q1$1.41 B MU
Micron Technology Inc.
16.49% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
15.72% of portfolio
 		BB
BlackBerry Ltd.
15.16% of portfolio
 		OXY
Occidental Petroleum
13.46% of portfolio
 		BAC
Bank of America Corp.
6.92% of portfolio
 		ORLA
Orla Mining Ltd
5.12% of portfolio
 		CVX
Chevron Corp.
3.64% of portfolio
 		GOOGL
Alphabet Inc.
2.48% of portfolio
 		BABA
Alibaba Group Holdings
2.13% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.03% of portfolio
 		BEN
Franklin Resources
1.92% of portfolio
 		INTC
Intel Corp.
1.75% of portfolio
 		HP
Helmerich & Payne
1.41% of portfolio
 		PFE
Pfizer Inc.
1.34% of portfolio
 		MRK
Merck & Co.
1.31% of portfolio
 		GE
GE Aerospace
1.18% of portfolio
 		BNS
Bank of Nova Scotia
1.03% of portfolio
 		GM
General Motors
0.98% of portfolio
 		JNJ
Johnson & Johnson
0.81% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.65% of portfolio
2022   Q4$3.69 B ATCO-OLD
Atlas Corp.
51.95% of portfolio
 		RFP-OLD
Resolute Forest Products
17.86% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
5.67% of portfolio
 		MU
Micron Technology Inc.
4.69% of portfolio
 		BB
BlackBerry Ltd.
4.11% of portfolio
 		BAC
Bank of America Corp.
2.78% of portfolio
 		OXY
Occidental Petroleum
1.57% of portfolio
 		CVX
Chevron Corp.
1.53% of portfolio
 		ORLA
Orla Mining Ltd
1.16% of portfolio
 		GOOGL
Alphabet Inc.
0.80% of portfolio
 		HP
Helmerich & Payne
0.75% of portfolio
 		CCAP
Crescent Capital BDC Inc.
0.72% of portfolio
 		BEN
Franklin Resources
0.71% of portfolio
 		BABA
Alibaba Group Holdings
0.70% of portfolio
 		PFE
Pfizer Inc.
0.64% of portfolio
 		MRK
Merck & Co.
0.52% of portfolio
 		INTC
Intel Corp.
0.47% of portfolio
 		GE
GE Aerospace
0.39% of portfolio
 		BNS
Bank of Nova Scotia
0.38% of portfolio
 		JNJ
Johnson & Johnson
0.35% of portfolio
2022   Q3$3.54 B ATCO-OLD
Atlas Corp.
49.20% of portfolio
 		RFP-OLD
Resolute Forest Products
17.24% of portfolio
 		BB
BlackBerry Ltd.
6.20% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
5.81% of portfolio
 		MU
Micron Technology Inc.
4.89% of portfolio
 		BAC
Bank of America Corp.
2.64% of portfolio
 		OXY
Occidental Petroleum
1.60% of portfolio
 		CVX
Chevron Corp.
1.27% of portfolio
 		HRB
H&R Block Inc.
1.24% of portfolio
 		ORLA
Orla Mining Ltd
0.92% of portfolio
 		GOOGL
Alphabet Inc.
0.91% of portfolio
 		CCAP
Crescent Capital BDC Inc.
0.88% of portfolio
 		BABA
Alibaba Group Holdings
0.66% of portfolio
 		BEN
Franklin Resources
0.61% of portfolio
 		HP
Helmerich & Payne
0.58% of portfolio
 		PFE
Pfizer Inc.
0.57% of portfolio
 		INSW
International Seaways Inc.
0.57% of portfolio
 		INTC
Intel Corp.
0.47% of portfolio
 		MRK
Merck & Co.
0.42% of portfolio
 		BNS
Bank of Nova Scotia
0.39% of portfolio
2022   Q2$2.84 B ATCO-OLD
Atlas Corp.
47.22% of portfolio
 		RFP-OLD
Resolute Forest Products
13.74% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
8.88% of portfolio
 		BB
BlackBerry Ltd.
8.88% of portfolio
 		BAC
Bank of America Corp.
2.82% of portfolio
 		OXY
Occidental Petroleum
1.84% of portfolio
 		CVX
Chevron Corp.
1.60% of portfolio
 		HRB
H&R Block Inc.
1.40% of portfolio
 		MU
Micron Technology Inc.
1.35% of portfolio
 		GOOGL
Alphabet Inc.
1.29% of portfolio
 		CCAP
Crescent Capital BDC Inc.
1.21% of portfolio
 		BABA
Alibaba Group Holdings
1.17% of portfolio
 		HP
Helmerich & Payne
0.84% of portfolio
 		BEN
Franklin Resources
0.82% of portfolio
 		INTC
Intel Corp.
0.82% of portfolio
 		PFE
Pfizer Inc.
0.74% of portfolio
 		MRK
Merck & Co.
0.56% of portfolio
 		BNS
Bank of Nova Scotia
0.51% of portfolio
 		JNJ
Johnson & Johnson
0.46% of portfolio
 		INSW
International Seaways Inc.
0.43% of portfolio
2022   Q1$3.01 B ATCO-OLD
Atlas Corp.
48.78% of portfolio
 		RFP-OLD
Resolute Forest Products
13.10% of portfolio
 		BB
BlackBerry Ltd.
11.57% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
10.80% of portfolio
 		MU
Micron Technology Inc.
1.79% of portfolio
 		GOOGL
Alphabet Inc.
1.55% of portfolio
 		CCAP
Crescent Capital BDC Inc.
1.47% of portfolio
 		HRB
H&R Block Inc.
0.97% of portfolio
 		BEN
Franklin Resources
0.93% of portfolio
 		CVX
Chevron Corp.
0.84% of portfolio
 		HP
Helmerich & Payne
0.79% of portfolio
 		PFE
Pfizer Inc.
0.69% of portfolio
 		BNS
Bank of Nova Scotia
0.59% of portfolio
 		GM
General Motors
0.55% of portfolio
 		GE
GE Aerospace
0.53% of portfolio
 		BABA
Alibaba Group Holdings
0.52% of portfolio
 		MRK
Merck & Co.
0.47% of portfolio
 		JNJ
Johnson & Johnson
0.43% of portfolio
 		INSW
International Seaways Inc.
0.34% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.32% of portfolio
2021   Q4$3.12 B ATCO-OLD
Atlas Corp.
45.42% of portfolio
 		RFP-OLD
Resolute Forest Products
14.92% of portfolio
 		BB
BlackBerry Ltd.
14.01% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
10.20% of portfolio
 		MU
Micron Technology Inc.
2.06% of portfolio
 		CCAP
Crescent Capital BDC Inc.
1.88% of portfolio
 		GOOGL
Alphabet Inc.
1.55% of portfolio
 		BEN
Franklin Resources
1.07% of portfolio
 		HRB
H&R Block Inc.
0.85% of portfolio
 		PFE
Pfizer Inc.
0.76% of portfolio
 		GM
General Motors
0.71% of portfolio
 		CVX
Chevron Corp.
0.59% of portfolio
 		BNS
Bank of Nova Scotia
0.56% of portfolio
 		BABA
Alibaba Group Holdings
0.55% of portfolio
 		GE
GE Aerospace
0.53% of portfolio
 		HP
Helmerich & Payne
0.42% of portfolio
 		MRK
Merck & Co.
0.42% of portfolio
 		JNJ
Johnson & Johnson
0.40% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.36% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
0.31% of portfolio
2021   Q3$3.07 B ATCO-OLD
Atlas Corp.
49.53% of portfolio
 		BB
BlackBerry Ltd.
14.81% of portfolio
 		RFP-OLD
Resolute Forest Products
11.86% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
9.09% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.36% of portfolio
 		MU
Micron Technology Inc.
1.60% of portfolio
 		GOOGL
Alphabet Inc.
1.46% of portfolio
 		BEN
Franklin Resources
0.97% of portfolio
 		HRB
H&R Block Inc.
0.91% of portfolio
 		GM
General Motors
0.65% of portfolio
 		GE
GE Aerospace
0.58% of portfolio
 		PFE
Pfizer Inc.
0.56% of portfolio
 		CVX
Chevron Corp.
0.52% of portfolio
 		HP
Helmerich & Payne
0.50% of portfolio
 		BNS
Bank of Nova Scotia
0.50% of portfolio
 		MRK
Merck & Co.
0.42% of portfolio
 		JNJ
Johnson & Johnson
0.39% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.34% of portfolio
 		INSW
International Seaways Inc.
0.34% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
0.28% of portfolio
2021   Q2$3.11 B ATCO-OLD
Atlas Corp.
45.79% of portfolio
 		BB
BlackBerry Ltd.
18.37% of portfolio
 		RFP-OLD
Resolute Forest Products
11.99% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
8.52% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.28% of portfolio
 		MU
Micron Technology Inc.
1.89% of portfolio
 		GOOGL
Alphabet Inc.
1.31% of portfolio
 		BEN
Franklin Resources
1.03% of portfolio
 		GM
General Motors
0.72% of portfolio
 		LUMN
Lumen Technologies Inc.
0.62% of portfolio
 		GE
GE Aerospace
0.60% of portfolio
 		HP
Helmerich & Payne
0.58% of portfolio
 		HRB
H&R Block Inc.
0.58% of portfolio
 		BNS
Bank of Nova Scotia
0.52% of portfolio
 		CVX
Chevron Corp.
0.52% of portfolio
 		PFE
Pfizer Inc.
0.51% of portfolio
 		MRK
Merck & Co.
0.43% of portfolio
 		JNJ
Johnson & Johnson
0.39% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.36% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.33% of portfolio
2021   Q1$2.87 B ATCO-OLD
Atlas Corp.
47.52% of portfolio
 		BB
BlackBerry Ltd.
13.69% of portfolio
 		RFP-OLD
Resolute Forest Products
11.67% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
9.40% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.26% of portfolio
 		MU
Micron Technology Inc.
2.11% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
1.56% of portfolio
 		GOOGL
Alphabet Inc.
1.20% of portfolio
 		BEN
Franklin Resources
1.03% of portfolio
 		GM
General Motors
0.75% of portfolio
 		LUMN
Lumen Technologies Inc.
0.66% of portfolio
 		GE
GE Aerospace
0.64% of portfolio
 		HRB
H&R Block Inc.
0.59% of portfolio
 		CVX
Chevron Corp.
0.57% of portfolio
 		BNS
Bank of Nova Scotia
0.54% of portfolio
 		BKNG
Booking Holdings Inc.
0.53% of portfolio
 		HP
Helmerich & Payne
0.52% of portfolio
 		PFE
Pfizer Inc.
0.51% of portfolio
 		MRK
Merck & Co.
0.46% of portfolio
 		JNJ
Johnson & Johnson
0.42% of portfolio
2020   Q4$2.25 B ATCO-OLD
Atlas Corp.
47.98% of portfolio
 		BB
BlackBerry Ltd.
13.77% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
10.60% of portfolio
 		RFP-OLD
Resolute Forest Products
8.88% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.46% of portfolio
 		MU
Micron Technology Inc.
2.34% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
2.06% of portfolio
 		GOOGL
Alphabet Inc.
1.30% of portfolio
 		BEN
Franklin Resources
1.11% of portfolio
 		LUMN
Lumen Technologies Inc.
0.97% of portfolio
 		GM
General Motors
0.70% of portfolio
 		GE
GE Aerospace
0.67% of portfolio
 		BKNG
Booking Holdings Inc.
0.64% of portfolio
 		BNS
Bank of Nova Scotia
0.59% of portfolio
 		CVX
Chevron Corp.
0.58% of portfolio
 		JNJ
Johnson & Johnson
0.51% of portfolio
 		PFE
Pfizer Inc.
0.49% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.45% of portfolio
 		MRK
Merck & Co.
0.45% of portfolio
 		HP
Helmerich & Payne
0.44% of portfolio
2020   Q3$1.77 B ATCO-OLD
Atlas Corp.
50.15% of portfolio
 		BB
BlackBerry Ltd.
12.07% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
10.91% of portfolio
 		RFP-OLD
Resolute Forest Products
7.71% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.73% of portfolio
 		MU
Micron Technology Inc.
1.86% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
1.85% of portfolio
 		LUMN
Lumen Technologies Inc.
1.34% of portfolio
 		BEN
Franklin Resources
1.15% of portfolio
 		GOOGL
Alphabet Inc.
1.13% of portfolio
 		FIT
Fitbit Inc.
0.84% of portfolio
 		GIL
Gildan Activewear Inc.
0.81% of portfolio
 		CVX
Chevron Corp.
0.63% of portfolio
 		BKNG
Booking Holdings Inc.
0.63% of portfolio
 		GM
General Motors
0.63% of portfolio
 		JNJ
Johnson & Johnson
0.62% of portfolio
 		BNS
Bank of Nova Scotia
0.58% of portfolio
 		GE
GE Aerospace
0.49% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.43% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.40% of portfolio
2020   Q2$1.59 B ATCO-OLD
Atlas Corp.
47.98% of portfolio
 		BB
BlackBerry Ltd.
14.28% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
12.72% of portfolio
 		RFP-OLD
Resolute Forest Products
4.03% of portfolio
 		CCAP
Crescent Capital BDC Inc.
3.01% of portfolio
 		MU
Micron Technology Inc.
2.26% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
2.23% of portfolio
 		LUMN
Lumen Technologies Inc.
1.49% of portfolio
 		BEN
Franklin Resources
1.32% of portfolio
 		GOOGL
Alphabet Inc.
1.22% of portfolio
 		CVX
Chevron Corp.
0.87% of portfolio
 		FIT
Fitbit Inc.
0.87% of portfolio
 		GIL
Gildan Activewear Inc.
0.71% of portfolio
 		JNJ
Johnson & Johnson
0.65% of portfolio
 		BKNG
Booking Holdings Inc.
0.65% of portfolio
 		BNS
Bank of Nova Scotia
0.64% of portfolio
 		GM
General Motors
0.60% of portfolio
 		GE
GE Aerospace
0.60% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.52% of portfolio
 		NTES
NetEase.com Inc.
0.42% of portfolio
2020   Q1$1.44 B ATCO-OLD
Atlas Corp.
53.34% of portfolio
 		BB
BlackBerry Ltd.
13.23% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
12.32% of portfolio
 		RFP-OLD
Resolute Forest Products
2.67% of portfolio
 		CCAP
Crescent Capital BDC Inc.
2.54% of portfolio
 		MU
Micron Technology Inc.
2.04% of portfolio
 		LUMN
Lumen Technologies Inc.
1.55% of portfolio
 		BEN
Franklin Resources
1.16% of portfolio
 		GOOGL
Alphabet Inc.
1.10% of portfolio
 		FIT
Fitbit Inc.
0.99% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.84% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
0.81% of portfolio
 		CVX
Chevron Corp.
0.78% of portfolio
 		GE
GE Aerospace
0.76% of portfolio
 		BNS
Bank of Nova Scotia
0.69% of portfolio
 		JNJ
Johnson & Johnson
0.67% of portfolio
 		BKNG
Booking Holdings Inc.
0.61% of portfolio
 		GM
General Motors
0.54% of portfolio
 		SIX-OLD
Six Flags Entertainment Corp.
0.54% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.33% of portfolio
2019   Q4$2.03 B SSW
Seaspan Corp.
53.90% of portfolio
 		BB
BlackBerry Ltd.
14.76% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
14.60% of portfolio
 		RFP-OLD
Resolute Forest Products
6.31% of portfolio
 		LUMN
Lumen Technologies Inc.
1.53% of portfolio
 		JNJ
Johnson & Johnson
1.05% of portfolio
 		MU
Micron Technology Inc.
0.86% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.85% of portfolio
 		GE
GE Aerospace
0.76% of portfolio
 		BNS
Bank of Nova Scotia
0.69% of portfolio
 		FIT
Fitbit Inc.
0.69% of portfolio
 		GM
General Motors
0.68% of portfolio
 		HP
Helmerich & Payne
0.51% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
0.41% of portfolio
 		AGX
Argan Inc.
0.17% of portfolio
 		SBNY
Signature Bank
0.17% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.17% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.15% of portfolio
 		J
Jacobs Solutions Inc.
0.14% of portfolio
 		NWPX
Northwest Pipe Co.
0.14% of portfolio
2019   Q3$1.67 B SSW
Seaspan Corp.
49.16% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
17.51% of portfolio
 		BB
BlackBerry Ltd.
14.69% of portfolio
 		RFP-OLD
Resolute Forest Products
8.61% of portfolio
 		LUMN
Lumen Technologies Inc.
1.77% of portfolio
 		JNJ
Johnson & Johnson
1.14% of portfolio
 		GM
General Motors
0.85% of portfolio
 		MU
Micron Technology Inc.
0.84% of portfolio
 		BNS
Bank of Nova Scotia
0.84% of portfolio
 		GE
GE Aerospace
0.75% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.68% of portfolio
 		HP
Helmerich & Payne
0.54% of portfolio
 		ONCE
Spark Therapeutics Inc.
0.39% of portfolio
 		MCFT
MasterCraft Boat Holdings Inc.
0.36% of portfolio
 		NWPX
Northwest Pipe Co.
0.23% of portfolio
 		AGX
Argan Inc.
0.20% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.18% of portfolio
 		J
Jacobs Solutions Inc.
0.18% of portfolio
 		SBNY
Signature Bank
0.18% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.15% of portfolio
2019   Q2$1.77 B SSW
Seaspan Corp.
42.80% of portfolio
 		BB
BlackBerry Ltd.
19.71% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
15.48% of portfolio
 		RFP-OLD
Resolute Forest Products
12.43% of portfolio
 		LUMN
Lumen Technologies Inc.
1.57% of portfolio
 		JNJ
Johnson & Johnson
1.16% of portfolio
 		GE
GE Aerospace
0.83% of portfolio
 		GM
General Motors
0.82% of portfolio
 		DSSI
Diamond S Shipping Inc.
0.75% of portfolio
 		BNS
Bank of Nova Scotia
0.75% of portfolio
 		MU
Micron Technology Inc.
0.65% of portfolio
 		HP
Helmerich & Payne
0.41% of portfolio
 		MCDIF
McDermott International Inc.
0.36% of portfolio
 		CRAY
Cray Inc.
0.33% of portfolio
 		J
Jacobs Solutions Inc.
0.22% of portfolio
 		AGX
Argan Inc.
0.20% of portfolio
 		NWPX
Northwest Pipe Co.
0.20% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.17% of portfolio
 		SBNY
Signature Bank
0.17% of portfolio
 		TSM
Taiwan Semiconductor S.A.
0.12% of portfolio
2019   Q1$1.82 B SSW
Seaspan Corp.
36.75% of portfolio
 		BB
BlackBerry Ltd.
25.83% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
15.61% of portfolio
 		RFP-OLD
Resolute Forest Products
13.21% of portfolio
 		LUMN
Lumen Technologies Inc.
1.55% of portfolio
 		JNJ
Johnson & Johnson
1.12% of portfolio
 		GE
GE Aerospace
0.76% of portfolio
 		GM
General Motors
0.76% of portfolio
 		BNS
Bank of Nova Scotia
0.72% of portfolio
 		MU
Micron Technology Inc.
0.67% of portfolio
 		HP
Helmerich & Payne
0.43% of portfolio
 		MCDIF
McDermott International Inc.
0.27% of portfolio
 		AGX
Argan Inc.
0.24% of portfolio
 		CRAY
Cray Inc.
0.24% of portfolio
 		J
Jacobs Solutions Inc.
0.19% of portfolio
 		NWPX
Northwest Pipe Co.
0.18% of portfolio
 		SBNY
Signature Bank
0.18% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.16% of portfolio
 		SLCA-OLD
U.S. Silica Holdings Inc.
0.13% of portfolio
 		NTES
NetEase.com Inc.
0.11% of portfolio
2018   Q4$1.27 B BB
BlackBerry Ltd.
26.13% of portfolio
 		SSW
Seaspan Corp.
23.83% of portfolio
 		RFP-OLD
Resolute Forest Products
19.08% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
19.06% of portfolio
 		LUMN
Lumen Technologies Inc.
2.34% of portfolio
 		JNJ
Johnson & Johnson
1.49% of portfolio
 		HP
Helmerich & Payne
1.30% of portfolio
 		GM
General Motors
0.99% of portfolio
 		BNS
Bank of Nova Scotia
0.97% of portfolio
 		GE
GE Aerospace
0.83% of portfolio
 		PKX
POSCO
0.82% of portfolio
 		MCDIF
McDermott International Inc.
0.34% of portfolio
 		AGX
Argan Inc.
0.30% of portfolio
 		CRAY
Cray Inc.
0.29% of portfolio
 		NWPX
Northwest Pipe Co.
0.29% of portfolio
 		J
Jacobs Solutions Inc.
0.26% of portfolio
 		SBNY
Signature Bank
0.23% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.21% of portfolio
 		NTES
NetEase.com Inc.
0.15% of portfolio
 		MU
Micron Technology Inc.
0.12% of portfolio
2018   Q3$1.71 B BB
BlackBerry Ltd.
31.01% of portfolio
 		RFP-OLD
Resolute Forest Products
23.10% of portfolio
 		SSW
Seaspan Corp.
18.78% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
16.73% of portfolio
 		LUMN
Lumen Technologies Inc.
2.43% of portfolio
 		HP
Helmerich & Payne
1.38% of portfolio
 		JNJ
Johnson & Johnson
1.18% of portfolio
 		GM
General Motors
0.74% of portfolio
 		PKX
POSCO
0.73% of portfolio
 		GE
GE Aerospace
0.71% of portfolio
 		MCDIF
McDermott International Inc.
0.70% of portfolio
 		CRAY
Cray Inc.
0.28% of portfolio
 		AGX
Argan Inc.
0.25% of portfolio
 		J
Jacobs Solutions Inc.
0.18% of portfolio
 		NWPX
Northwest Pipe Co.
0.18% of portfolio
 		RAIL
FreightCar America Inc.
0.17% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.17% of portfolio
 		SBNY
Signature Bank
0.16% of portfolio
 		CRR
Carbo Ceramics
0.14% of portfolio
 		FLR
Fluor Corp.
0.12% of portfolio
2018   Q2$1.25 B BB
BlackBerry Ltd.
36.15% of portfolio
 		RFP-OLD
Resolute Forest Products
25.25% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
22.61% of portfolio
 		IBM
International Business Machines
2.98% of portfolio
 		LUMN
Lumen Technologies Inc.
2.93% of portfolio
 		HP
Helmerich & Payne
1.76% of portfolio
 		JNJ
Johnson & Johnson
1.43% of portfolio
 		PKX
POSCO
1.12% of portfolio
 		MCDIF
McDermott International Inc.
1.03% of portfolio
 		GE
GE Aerospace
0.87% of portfolio
 		CRAY
Cray Inc.
0.43% of portfolio
 		AGX
Argan Inc.
0.33% of portfolio
 		NWPX
Northwest Pipe Co.
0.25% of portfolio
 		GM
General Motors
0.25% of portfolio
 		CRR
Carbo Ceramics
0.24% of portfolio
 		RAIL
FreightCar America Inc.
0.24% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.23% of portfolio
 		SBNY
Signature Bank
0.21% of portfolio
 		J
Jacobs Solutions Inc.
0.20% of portfolio
 		SSW
Seaspan Corp.
0.19% of portfolio
2018   Q1$1.34 B BB
BlackBerry Ltd.
40.15% of portfolio
 		RFP-OLD
Resolute Forest Products
18.84% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
17.33% of portfolio
 		USG
USG Corp.
4.62% of portfolio
 		IPI
Intrepid Potash Inc.
4.52% of portfolio
 		IBM
International Business Machines
3.05% of portfolio
 		LUMN
Lumen Technologies Inc.
2.27% of portfolio
 		HP
Helmerich & Payne
1.71% of portfolio
 		JNJ
Johnson & Johnson
1.42% of portfolio
 		PKX
POSCO
1.11% of portfolio
 		CBI
Chicago Bridge & Iron Company
0.91% of portfolio
 		CRAY
Cray Inc.
0.37% of portfolio
 		RPXC
RPX Corp.
0.35% of portfolio
 		GE
GE Aerospace
0.31% of portfolio
 		AGX
Argan Inc.
0.29% of portfolio
 		NWPX
Northwest Pipe Co.
0.23% of portfolio
 		KLIC
Kulicke & Soffa Ind.
0.22% of portfolio
 		J
Jacobs Solutions Inc.
0.18% of portfolio
 		CRR
Carbo Ceramics
0.18% of portfolio
 		RAIL
FreightCar America Inc.
0.18% of portfolio
2017   Q4$1.42 B BB
BlackBerry Ltd.
36.82% of portfolio
 		RFP-OLD
Resolute Forest Products
23.69% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
15.07% of portfolio
 		IPI
Intrepid Potash Inc.
5.58% of portfolio
 		USG
USG Corp.
4.16% of portfolio
 		IBM
International Business Machines
2.87% of portfolio
 		LUMN
Lumen Technologies Inc.
1.68% of portfolio
 		HP
Helmerich & Payne
1.60% of portfolio
 		JNJ
Johnson & Johnson
1.49% of portfolio
 		PKX
POSCO
1.06% of portfolio
 		CBI
Chicago Bridge & Iron Company
0.97% of portfolio
 		PFE
Pfizer Inc.
0.54% of portfolio
 		CRAY
Cray Inc.
0.43% of portfolio
 		RPXC
RPX Corp.
0.38% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.28% of portfolio
 		AGX
Argan Inc.
0.24% of portfolio
 		NWPX
Northwest Pipe Co.
0.24% of portfolio
 		CRR
Carbo Ceramics
0.22% of portfolio
 		WFC
Wells Fargo
0.20% of portfolio
 		MYRG
MYR Group Inc.
0.20% of portfolio
2017   Q3$1.22 B BB
BlackBerry Ltd.
42.71% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
18.66% of portfolio
 		RFP-OLD
Resolute Forest Products
12.50% of portfolio
 		IPI
Intrepid Potash Inc.
5.94% of portfolio
 		USG
USG Corp.
4.09% of portfolio
 		IBM
International Business Machines
3.34% of portfolio
 		JNJ
Johnson & Johnson
1.61% of portfolio
 		ALR-OLD
Alere Inc.
1.52% of portfolio
 		HP
Helmerich & Payne
1.49% of portfolio
 		CBI
Chicago Bridge & Iron Company
1.17% of portfolio
 		PKX
POSCO
1.09% of portfolio
 		PFE
Pfizer Inc.
0.61% of portfolio
 		CRAY
Cray Inc.
0.40% of portfolio
 		XCO
EXCO Resources Inc.
0.38% of portfolio
 		AGX
Argan Inc.
0.34% of portfolio
 		RPXC
RPX Corp.
0.33% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.29% of portfolio
 		NWPX
Northwest Pipe Co.
0.28% of portfolio
 		PGH
Pengrowth Energy Corp.
0.26% of portfolio
 		WFC
Wells Fargo
0.25% of portfolio
2017   Q2$1.13 B BB
BlackBerry Ltd.
41.29% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
20.73% of portfolio
 		RFP-OLD
Resolute Forest Products
11.77% of portfolio
 		IBM
International Business Machines
9.02% of portfolio
 		USG
USG Corp.
3.93% of portfolio
 		IPI
Intrepid Potash Inc.
3.32% of portfolio
 		USB
U.S. Bancorp
1.88% of portfolio
 		JNJ
Johnson & Johnson
1.77% of portfolio
 		HP
Helmerich & Payne
1.68% of portfolio
 		PKX
POSCO
1.06% of portfolio
 		XCO
EXCO Resources Inc.
0.82% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.69% of portfolio
 		PFE
Pfizer Inc.
0.62% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.27% of portfolio
 		WFC
Wells Fargo
0.27% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.21% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.16% of portfolio
 		NTES
NetEase.com Inc.
0.08% of portfolio
 		MON-OLD
Monsanto Co.
0.07% of portfolio
 		CSX
CSX Corp.
0.07% of portfolio
2017   Q1$1.24 B BB
BlackBerry Ltd.
29.20% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
22.03% of portfolio
 		IBM
International Business Machines
19.15% of portfolio
 		RFP-OLD
Resolute Forest Products
13.32% of portfolio
 		USG
USG Corp.
3.93% of portfolio
 		IPI
Intrepid Potash Inc.
2.30% of portfolio
 		HP
Helmerich & Payne
1.88% of portfolio
 		USB
U.S. Bancorp
1.70% of portfolio
 		JNJ
Johnson & Johnson
1.52% of portfolio
 		XCO
EXCO Resources Inc.
1.38% of portfolio
 		PKX
POSCO
1.00% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.63% of portfolio
 		PFE
Pfizer Inc.
0.58% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.28% of portfolio
 		WFC
Wells Fargo
0.27% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.19% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.12% of portfolio
 		NTES
NetEase.com Inc.
0.07% of portfolio
 		MON-OLD
Monsanto Co.
0.06% of portfolio
 		CSX
CSX Corp.
0.06% of portfolio
2016   Q4$1.17 B BB
BlackBerry Ltd.
27.52% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
21.57% of portfolio
 		IBM
International Business Machines
19.35% of portfolio
 		RFP-OLD
Resolute Forest Products
13.99% of portfolio
 		BYON
Beyond Inc.
4.77% of portfolio
 		HP
Helmerich & Payne
2.32% of portfolio
 		XCO
EXCO Resources Inc.
2.06% of portfolio
 		USB
U.S. Bancorp
1.79% of portfolio
 		JNJ
Johnson & Johnson
1.49% of portfolio
 		USG
USG Corp.
0.87% of portfolio
 		PKX
POSCO
0.86% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.81% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.60% of portfolio
 		PFE
Pfizer Inc.
0.58% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.32% of portfolio
 		WFC
Wells Fargo
0.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.22% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.13% of portfolio
 		NTES
NetEase.com Inc.
0.06% of portfolio
 		MON-OLD
Monsanto Co.
0.06% of portfolio
2016   Q3$1.11 B BB
BlackBerry Ltd.
33.58% of portfolio
 		IBM
International Business Machines
19.51% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
18.19% of portfolio
 		RFP-OLD
Resolute Forest Products
13.00% of portfolio
 		BYON
Beyond Inc.
4.39% of portfolio
 		XCO
EXCO Resources Inc.
2.46% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
2.24% of portfolio
 		HP
Helmerich & Payne
2.12% of portfolio
 		PKX
POSCO
0.88% of portfolio
 		JNJ
Johnson & Johnson
0.88% of portfolio
 		PFE
Pfizer Inc.
0.64% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.51% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.31% of portfolio
 		WFC
Wells Fargo
0.28% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.25% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.12% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		USG
USG Corp.
0.08% of portfolio
 		RYAM
Rayonier Advanced Materials Inc.
0.08% of portfolio
 		LXK
Lexmark Int'l Inc.
0.06% of portfolio
2016   Q2$1.03 B BB
BlackBerry Ltd.
30.36% of portfolio
 		IBM
International Business Machines
20.05% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
16.46% of portfolio
 		RFP-OLD
Resolute Forest Products
15.67% of portfolio
 		BYON
Beyond Inc.
4.97% of portfolio
 		XCO
EXCO Resources Inc.
3.22% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
2.32% of portfolio
 		HP
Helmerich & Payne
2.28% of portfolio
 		JNJ
Johnson & Johnson
0.97% of portfolio
 		PKX
POSCO
0.83% of portfolio
 		PFE
Pfizer Inc.
0.72% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.50% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.38% of portfolio
 		WFC
Wells Fargo
0.32% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.27% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.13% of portfolio
 		USG
USG Corp.
0.09% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		RYAM
Rayonier Advanced Materials Inc.
0.09% of portfolio
 		LXK
Lexmark Int'l Inc.
0.06% of portfolio
2016   Q1$1.13 B BB
BlackBerry Ltd.
33.65% of portfolio
 		IBM
International Business Machines
18.33% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
17.42% of portfolio
 		RFP-OLD
Resolute Forest Products
14.19% of portfolio
 		BYON
Beyond Inc.
4.07% of portfolio
 		XCO
EXCO Resources Inc.
2.24% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
2.12% of portfolio
 		HP
Helmerich & Payne
1.83% of portfolio
 		BCE
BCE Inc.
1.09% of portfolio
 		IBN
ICICI Bank Ltd.
0.95% of portfolio
 		PKX
POSCO
0.81% of portfolio
 		JNJ
Johnson & Johnson
0.80% of portfolio
 		PFE
Pfizer Inc.
0.55% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.43% of portfolio
 		WFC
Wells Fargo
0.30% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.26% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.25% of portfolio
 		EMWP
Eros Media World PLC
0.12% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.11% of portfolio
 		USB
U.S. Bancorp
0.08% of portfolio
2015   Q4$1.23 B BB
BlackBerry Ltd.
35.17% of portfolio
 		RFP-OLD
Resolute Forest Products
17.80% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
17.50% of portfolio
 		IBM
International Business Machines
15.22% of portfolio
 		BYON
Beyond Inc.
3.17% of portfolio
 		XCO
EXCO Resources Inc.
2.57% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.88% of portfolio
 		HP
Helmerich & Payne
1.52% of portfolio
 		SD
SandRidge Energy Inc.
0.91% of portfolio
 		BCE
BCE Inc.
0.84% of portfolio
 		JNJ
Johnson & Johnson
0.69% of portfolio
 		PKX
POSCO
0.55% of portfolio
 		PFE
Pfizer Inc.
0.55% of portfolio
 		WFC
Wells Fargo
0.31% of portfolio
 		TRQ-OLD
Turquoise Hill Resources Ltd.
0.24% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.22% of portfolio
 		EMWP
Eros Media World PLC
0.15% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.10% of portfolio
 		SLH
Solera Holdings Inc.
0.10% of portfolio
 		USB
U.S. Bancorp
0.08% of portfolio
2015   Q3$1.08 B BB
BlackBerry Ltd.
26.45% of portfolio
 		RFP-OLD
Resolute Forest Products
22.29% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
18.36% of portfolio
 		IBM
International Business Machines
18.27% of portfolio
 		BYON
Beyond Inc.
5.05% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.95% of portfolio
 		SD
SandRidge Energy Inc.
1.43% of portfolio
 		XCO
EXCO Resources Inc.
1.22% of portfolio
 		BCE
BCE Inc.
1.01% of portfolio
 		JNJ
Johnson & Johnson
0.71% of portfolio
 		PFE
Pfizer Inc.
0.68% of portfolio
 		PKX
POSCO
0.62% of portfolio
 		WFC
Wells Fargo
0.33% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.26% of portfolio
 		LMNS
Lumenis Ltd.
0.13% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.11% of portfolio
 		ALTR-OLD
Altera Corp.
0.09% of portfolio
 		C
Citigroup Inc.
0.09% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		NYT
New York Times CL A
0.08% of portfolio
2015   Q2$1.36 B BB
BlackBerry Ltd.
27.97% of portfolio
 		RFP-OLD
Resolute Forest Products
23.94% of portfolio
 		IBM
International Business Machines
16.26% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
16.15% of portfolio
 		BYON
Beyond Inc.
5.26% of portfolio
 		SD
SandRidge Energy Inc.
3.26% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.64% of portfolio
 		XCO
EXCO Resources Inc.
1.52% of portfolio
 		BCE
BCE Inc.
0.84% of portfolio
 		JNJ
Johnson & Johnson
0.59% of portfolio
 		PFE
Pfizer Inc.
0.58% of portfolio
 		WFC
Wells Fargo
0.29% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.21% of portfolio
 		PPO
Polypore International Inc.
0.15% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.09% of portfolio
 		C
Citigroup Inc.
0.08% of portfolio
 		LMNS
Lumenis Ltd.
0.08% of portfolio
 		NYT
New York Times CL A
0.07% of portfolio
 		USG
USG Corp.
0.07% of portfolio
 		CTRX
Catamaran Corp.
0.07% of portfolio
2015   Q1$1.42 B RFP-OLD
Resolute Forest Products
35.26% of portfolio
 		BB
BlackBerry Ltd.
29.33% of portfolio
 		IBM
International Business Machines
15.41% of portfolio
 		SD
SandRidge Energy Inc.
6.38% of portfolio
 		BYON
Beyond Inc.
5.43% of portfolio
 		XCO
EXCO Resources Inc.
2.26% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.59% of portfolio
 		BCE
BCE Inc.
0.80% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.74% of portfolio
 		JNJ
Johnson & Johnson
0.59% of portfolio
 		PFE
Pfizer Inc.
0.58% of portfolio
 		WFC
Wells Fargo
0.27% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.22% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.09% of portfolio
 		DRC
Dresser Rand Group Inc.
0.09% of portfolio
 		NYT
New York Times CL A
0.07% of portfolio
 		C
Citigroup Inc.
0.07% of portfolio
 		USB
U.S. Bancorp
0.07% of portfolio
 		USG
USG Corp.
0.06% of portfolio
 		FLG
Flagstar Financial Inc.
0.05% of portfolio
2014   Q4$1.55 B BB
BlackBerry Ltd.
33.16% of portfolio
 		RFP-OLD
Resolute Forest Products
33.08% of portfolio
 		IBM
International Business Machines
14.16% of portfolio
 		SD
SandRidge Energy Inc.
5.96% of portfolio
 		BYON
Beyond Inc.
5.00% of portfolio
 		XCO
EXCO Resources Inc.
2.46% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.62% of portfolio
 		BCE
BCE Inc.
0.80% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.66% of portfolio
 		JNJ
Johnson & Johnson
0.56% of portfolio
 		CRESY
Cresud Inc.
0.47% of portfolio
 		PFE
Pfizer Inc.
0.47% of portfolio
 		WFC
Wells Fargo
0.25% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.24% of portfolio
 		CBST
Cubist Pharmaceuticals Inc.
0.13% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.09% of portfolio
 		DXM
Dex Media Inc.
0.09% of portfolio
 		USG
USG Corp.
0.08% of portfolio
 		USB
U.S. Bancorp
0.07% of portfolio
 		C
Citigroup Inc.
0.07% of portfolio
2014   Q3$1.47 B BB
BlackBerry Ltd.
31.68% of portfolio
 		RFP-OLD
Resolute Forest Products
31.03% of portfolio
 		IBM
International Business Machines
13.84% of portfolio
 		SD
SandRidge Energy Inc.
9.49% of portfolio
 		XCO
EXCO Resources Inc.
3.99% of portfolio
 		BYON
Beyond Inc.
3.67% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.64% of portfolio
 		BCE
BCE Inc.
0.78% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.65% of portfolio
 		JNJ
Johnson & Johnson
0.60% of portfolio
 		CRESY
Cresud Inc.
0.54% of portfolio
 		PFE
Pfizer Inc.
0.47% of portfolio
 		WFC
Wells Fargo
0.25% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.23% of portfolio
 		BYI
Bally Technologies Inc.
0.12% of portfolio
 		DXM
Dex Media Inc.
0.10% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		USG
USG Corp.
0.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.08% of portfolio
 		C
Citigroup Inc.
0.07% of portfolio
2014   Q2$1.45 B RFP-OLD
Resolute Forest Products
33.64% of portfolio
 		BB
BlackBerry Ltd.
32.99% of portfolio
 		SD
SandRidge Energy Inc.
16.03% of portfolio
 		XCO
EXCO Resources Inc.
7.13% of portfolio
 		BYON
Beyond Inc.
3.46% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.72% of portfolio
 		BCE
BCE Inc.
0.84% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.74% of portfolio
 		CRESY
Cresud Inc.
0.65% of portfolio
 		JNJ
Johnson & Johnson
0.61% of portfolio
 		PFE
Pfizer Inc.
0.48% of portfolio
 		WFC
Wells Fargo
0.25% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.21% of portfolio
 		DXM
Dex Media Inc.
0.12% of portfolio
 		USG
USG Corp.
0.09% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		IDIX
Idenix Pharmaceuticals Inc.
0.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.08% of portfolio
 		NYT
New York Times CL A
0.07% of portfolio
 		C
Citigroup Inc.
0.07% of portfolio
2014   Q1$1.41 B RFP-OLD
Resolute Forest Products
41.27% of portfolio
 		BB
BlackBerry Ltd.
26.68% of portfolio
 		SD
SandRidge Energy Inc.
14.12% of portfolio
 		XCO
EXCO Resources Inc.
6.95% of portfolio
 		BYON
Beyond Inc.
4.44% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.81% of portfolio
 		BCE
BCE Inc.
0.82% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.64% of portfolio
 		JNJ
Johnson & Johnson
0.59% of portfolio
 		PFE
Pfizer Inc.
0.53% of portfolio
 		CRESY
Cresud Inc.
0.47% of portfolio
 		WFC
Wells Fargo
0.24% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.22% of portfolio
 		USG
USG Corp.
0.10% of portfolio
 		DXM
Dex Media Inc.
0.10% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		NYT
New York Times CL A
0.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.08% of portfolio
 		C
Citigroup Inc.
0.07% of portfolio
 		UPL
Ultra Petroleum Corp.
0.06% of portfolio
2013   Q4$1.29 B RFP-OLD
Resolute Forest Products
35.95% of portfolio
 		BB
BlackBerry Ltd.
29.81% of portfolio
 		SD
SandRidge Energy Inc.
15.21% of portfolio
 		BYON
Beyond Inc.
7.58% of portfolio
 		XCO
EXCO Resources Inc.
4.44% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
2.04% of portfolio
 		BCE
BCE Inc.
0.90% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.69% of portfolio
 		JNJ
Johnson & Johnson
0.60% of portfolio
 		CRESY
Cresud Inc.
0.56% of portfolio
 		PFE
Pfizer Inc.
0.56% of portfolio
 		WFC
Wells Fargo
0.24% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.19% of portfolio
 		NYT
New York Times CL A
0.09% of portfolio
 		USG
USG Corp.
0.09% of portfolio
 		USB
U.S. Bancorp
0.09% of portfolio
 		C
Citigroup Inc.
0.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.08% of portfolio
 		DXM
Dex Media Inc.
0.08% of portfolio
 		LRN
Stride Inc.
0.06% of portfolio
2013   Q3$1.49 B BB
BlackBerry Ltd.
27.54% of portfolio
 		RFP-OLD
Resolute Forest Products
25.73% of portfolio
 		JNJ
Johnson & Johnson
17.09% of portfolio
 		SD
SandRidge Energy Inc.
12.75% of portfolio
 		BYON
Beyond Inc.
6.33% of portfolio
 		XCO
EXCO Resources Inc.
4.88% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.57% of portfolio
 		BCE
BCE Inc.
0.77% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.50% of portfolio
 		DELL-OLD
Dell Inc.
0.48% of portfolio
 		PFE
Pfizer Inc.
0.45% of portfolio
 		CRESY
Cresud Inc.
0.42% of portfolio
 		WFC
Wells Fargo
0.19% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.16% of portfolio
 		CTB
Cooper Tire & Rubber Co.
0.14% of portfolio
 		DXM
Dex Media Inc.
0.09% of portfolio
 		USG
USG Corp.
0.08% of portfolio
 		LRN
Stride Inc.
0.07% of portfolio
 		USB
U.S. Bancorp
0.07% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.07% of portfolio
2013   Q2$2.38 B BB
BlackBerry Ltd.
22.71% of portfolio
 		JNJ
Johnson & Johnson
21.30% of portfolio
 		RFP-OLD
Resolute Forest Products
15.98% of portfolio
 		LVLT
Level 3 Communications Inc.
10.68% of portfolio
 		SD
SandRidge Energy Inc.
6.47% of portfolio
 		DELL-OLD
Dell Inc.
5.01% of portfolio
 		USB
U.S. Bancorp
4.41% of portfolio
 		BYON
Beyond Inc.
3.76% of portfolio
 		XCO
EXCO Resources Inc.
3.46% of portfolio
 		WFC
Wells Fargo
2.29% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.98% of portfolio
 		WMT
Walmart Inc.
0.69% of portfolio
 		BCE
BCE Inc.
0.46% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.41% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.28% of portfolio
 		PFE
Pfizer Inc.
0.28% of portfolio
 		CRESY
Cresud Inc.
0.23% of portfolio
 		DXM
Dex Media Inc.
0.12% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.10% of portfolio
 		C
Citigroup Inc.
0.04% of portfolio
2013   Q1$2.58 B BB
BlackBerry Ltd.
29.04% of portfolio
 		JNJ
Johnson & Johnson
18.78% of portfolio
 		RFP-OLD
Resolute Forest Products
15.55% of portfolio
 		LVLT
Level 3 Communications Inc.
10.17% of portfolio
 		SD
SandRidge Energy Inc.
6.62% of portfolio
 		DELL-OLD
Dell Inc.
4.98% of portfolio
 		USB
U.S. Bancorp
3.83% of portfolio
 		XCO
EXCO Resources Inc.
2.99% of portfolio
 		WFC
Wells Fargo
1.90% of portfolio
 		BYON
Beyond Inc.
1.62% of portfolio
 		NVDQ-OLD
Novadaq Technologies Inc.
0.90% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.89% of portfolio
 		WMT
Walmart Inc.
0.64% of portfolio
 		BCE
BCE Inc.
0.49% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.31% of portfolio
 		CRESY
Cresud Inc.
0.26% of portfolio
 		PFE
Pfizer Inc.
0.26% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.24% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.08% of portfolio
 		SPMD
SuperMedia Inc.
0.05% of portfolio
2012   Q4$2.41 B BB
BlackBerry Ltd.
25.54% of portfolio
 		JNJ
Johnson & Johnson
17.29% of portfolio
 		RFP-OLD
Resolute Forest Products
13.61% of portfolio
 		LVLT
Level 3 Communications Inc.
12.40% of portfolio
 		SD
SandRidge Energy Inc.
8.55% of portfolio
 		USB
U.S. Bancorp
4.12% of portfolio
 		DELL-OLD
Dell Inc.
3.78% of portfolio
 		XCO
EXCO Resources Inc.
3.00% of portfolio
 		FTR
Frontier Communications Corp.
2.85% of portfolio
 		WFC
Wells Fargo
2.48% of portfolio
 		BYON
Beyond Inc.
2.01% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.96% of portfolio
 		NVDQ-OLD
Novadaq Technologies Inc.
0.72% of portfolio
 		WMT
Walmart Inc.
0.62% of portfolio
 		BCE
BCE Inc.
0.48% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.27% of portfolio
 		CRESY
Cresud Inc.
0.25% of portfolio
 		PFE
Pfizer Inc.
0.24% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.23% of portfolio
 		NXY
Nexen Inc.
0.09% of portfolio
2012   Q3$1.87 B JNJ
Johnson & Johnson
21.93% of portfolio
 		BB
BlackBerry Ltd.
20.89% of portfolio
 		LVLT
Level 3 Communications Inc.
15.89% of portfolio
 		RFP-OLD
Resolute Forest Products
13.18% of portfolio
 		USB
U.S. Bancorp
5.71% of portfolio
 		FTR
Frontier Communications Corp.
4.88% of portfolio
 		DELL-OLD
Dell Inc.
4.73% of portfolio
 		WFC
Wells Fargo
3.25% of portfolio
 		BYON
Beyond Inc.
1.87% of portfolio
 		SD
SandRidge Energy Inc.
1.62% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.24% of portfolio
 		NVDQ-OLD
Novadaq Technologies Inc.
1.12% of portfolio
 		WMT
Walmart Inc.
0.87% of portfolio
 		BCE
BCE Inc.
0.63% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.33% of portfolio
 		CRESY
Cresud Inc.
0.32% of portfolio
 		PFE
Pfizer Inc.
0.31% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.30% of portfolio
 		XCO
EXCO Resources Inc.
0.28% of portfolio
 		NXY
Nexen Inc.
0.08% of portfolio
2012   Q2$1.81 B JNJ
Johnson & Johnson
22.26% of portfolio
 		LVLT
Level 3 Communications Inc.
15.85% of portfolio
 		RFP-OLD
Resolute Forest Products
11.84% of portfolio
 		BB
BlackBerry Ltd.
10.97% of portfolio
 		USB
U.S. Bancorp
7.92% of portfolio
 		USG
USG Corp.
7.18% of portfolio
 		DELL-OLD
Dell Inc.
6.23% of portfolio
 		WFC
Wells Fargo
5.48% of portfolio
 		FTR
Frontier Communications Corp.
3.94% of portfolio
 		SD
SandRidge Energy Inc.
1.61% of portfolio
 		BYON
Beyond Inc.
1.30% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.24% of portfolio
 		WMT
Walmart Inc.
0.85% of portfolio
 		NVDQ-OLD
Novadaq Technologies Inc.
0.73% of portfolio
 		BCE
BCE Inc.
0.61% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.32% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.31% of portfolio
 		PFE
Pfizer Inc.
0.30% of portfolio
 		CRESY
Cresud Inc.
0.29% of portfolio
 		XCO
EXCO Resources Inc.
0.28% of portfolio
2012   Q1$2.11 B BB
BlackBerry Ltd.
18.72% of portfolio
 		JNJ
Johnson & Johnson
18.63% of portfolio
 		LVLT
Level 3 Communications Inc.
15.79% of portfolio
 		ABH
AbitibiBowater Inc.
11.89% of portfolio
 		DELL-OLD
Dell Inc.
7.07% of portfolio
 		USB
U.S. Bancorp
6.69% of portfolio
 		USG
USG Corp.
5.55% of portfolio
 		WFC
Wells Fargo
4.79% of portfolio
 		FTR
Frontier Communications Corp.
3.68% of portfolio
 		SD
SandRidge Energy Inc.
1.62% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.03% of portfolio
 		BYON
Beyond Inc.
0.84% of portfolio
 		WMT
Walmart Inc.
0.64% of portfolio
 		NVDQ-OLD
Novadaq Technologies Inc.
0.60% of portfolio
 		BCE
BCE Inc.
0.51% of portfolio
 		CRESY
Cresud Inc.
0.49% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.33% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.26% of portfolio
 		PFE
Pfizer Inc.
0.25% of portfolio
 		XCO
EXCO Resources Inc.
0.21% of portfolio
2011   Q4$1.74 B JNJ
Johnson & Johnson
22.37% of portfolio
 		ABH
AbitibiBowater Inc.
14.61% of portfolio
 		LVLT
Level 3 Communications Inc.
12.59% of portfolio
 		BB
BlackBerry Ltd.
10.64% of portfolio
 		DELL-OLD
Dell Inc.
7.68% of portfolio
 		WFC
Wells Fargo
7.14% of portfolio
 		USB
U.S. Bancorp
6.91% of portfolio
 		FTR
Frontier Communications Corp.
5.49% of portfolio
 		USG
USG Corp.
3.97% of portfolio
 		SD
SandRidge Energy Inc.
2.03% of portfolio
 		BYON
Beyond Inc.
1.52% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.21% of portfolio
 		WMT
Walmart Inc.
0.75% of portfolio
 		BCE
BCE Inc.
0.64% of portfolio
 		CRESY
Cresud Inc.
0.58% of portfolio
 		XCO
EXCO Resources Inc.
0.39% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.31% of portfolio
 		PFE
Pfizer Inc.
0.29% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.24% of portfolio
 		VRUS
Pharmasset Inc.
0.11% of portfolio
2011   Q3$1.95 B JNJ
Johnson & Johnson
16.92% of portfolio
 		DELL-OLD
Dell Inc.
16.45% of portfolio
 		LVLT
Level 3 Communications Inc.
14.81% of portfolio
 		ABH
AbitibiBowater Inc.
13.45% of portfolio
 		BB
BlackBerry Ltd.
12.29% of portfolio
 		FTR
Frontier Communications Corp.
5.83% of portfolio
 		WFC
Wells Fargo
5.58% of portfolio
 		USB
U.S. Bancorp
5.36% of portfolio
 		USG
USG Corp.
2.35% of portfolio
 		BYON
Beyond Inc.
1.61% of portfolio
 		SD
SandRidge Energy Inc.
1.24% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.06% of portfolio
 		WMT
Walmart Inc.
0.58% of portfolio
 		BCE
BCE Inc.
0.52% of portfolio
 		CRESY
Cresud Inc.
0.49% of portfolio
 		XCO
EXCO Resources Inc.
0.36% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.26% of portfolio
 		KW
Kennedy-Wilson Holdings Inc.
0.22% of portfolio
 		PFE
Pfizer Inc.
0.21% of portfolio
 		MMI-OLD
Motorola Mobility Holdings Inc.
0.07% of portfolio
2011   Q2$2.72 B DELL-OLD
Dell Inc.
13.93% of portfolio
 		ABH
AbitibiBowater Inc.
13.06% of portfolio
 		JNJ
Johnson & Johnson
12.68% of portfolio
 		LVLT
Level 3 Communications Inc.
12.38% of portfolio
 		BB
BlackBerry Ltd.
8.88% of portfolio
 		SD
SandRidge Energy Inc.
8.35% of portfolio
 		MDLZ
Mondelez International
6.96% of portfolio
 		FTR
Frontier Communications Corp.
5.52% of portfolio
 		WFC
Wells Fargo
4.66% of portfolio
 		USB
U.S. Bancorp
4.18% of portfolio
 		USG
USG Corp.
3.58% of portfolio
 		BYON
Beyond Inc.
1.90% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.82% of portfolio
 		CRESY
Cresud Inc.
0.53% of portfolio
 		INTC
Intel Corp.
0.44% of portfolio
 		XCO
EXCO Resources Inc.
0.43% of portfolio
 		WMT
Walmart Inc.
0.43% of portfolio
 		BCE
BCE Inc.
0.39% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.21% of portfolio
 		PFE
Pfizer Inc.
0.18% of portfolio
2011   Q1$2.79 B ABH
AbitibiBowater Inc.
16.38% of portfolio
 		DELL-OLD
Dell Inc.
11.80% of portfolio
 		JNJ
Johnson & Johnson
11.01% of portfolio
 		SD
SandRidge Energy Inc.
9.77% of portfolio
 		ICO
International Coal Group Inc.
9.14% of portfolio
 		LVLT
Level 3 Communications Inc.
7.29% of portfolio
 		MDLZ
Mondelez International
6.03% of portfolio
 		FTR
Frontier Communications Corp.
5.47% of portfolio
 		WFC
Wells Fargo
5.13% of portfolio
 		USB
U.S. Bancorp
4.21% of portfolio
 		BB
BlackBerry Ltd.
4.18% of portfolio
 		USG
USG Corp.
4.06% of portfolio
 		BYON
Beyond Inc.
1.90% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.81% of portfolio
 		CRESY
Cresud Inc.
0.58% of portfolio
 		XCO
EXCO Resources Inc.
0.49% of portfolio
 		WMT
Walmart Inc.
0.41% of portfolio
 		BCE
BCE Inc.
0.35% of portfolio
 		STEI
Stewart Enterprises Inc.
0.31% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.19% of portfolio
2010   Q4$2.54 B JNJ
Johnson & Johnson
16.78% of portfolio
 		ABH
AbitibiBowater Inc.
12.35% of portfolio
 		DELL-OLD
Dell Inc.
12.11% of portfolio
 		FTR
Frontier Communications Corp.
7.14% of portfolio
 		ICO
International Coal Group Inc.
6.89% of portfolio
 		MDLZ
Mondelez International
6.67% of portfolio
 		SD
SandRidge Energy Inc.
6.13% of portfolio
 		WFC
Wells Fargo
5.51% of portfolio
 		LVLT
Level 3 Communications Inc.
5.37% of portfolio
 		BB
BlackBerry Ltd.
4.74% of portfolio
 		USB
U.S. Bancorp
4.73% of portfolio
 		USG
USG Corp.
4.51% of portfolio
 		BYON
Beyond Inc.
2.20% of portfolio
 		STEI
Stewart Enterprises Inc.
1.08% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.90% of portfolio
 		CRESY
Cresud Inc.
0.79% of portfolio
 		XCO
EXCO Resources Inc.
0.50% of portfolio
 		WMT
Walmart Inc.
0.47% of portfolio
 		BCE
BCE Inc.
0.38% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.24% of portfolio
2010   Q3$2.01 B JNJ
Johnson & Johnson
21.23% of portfolio
 		DELL-OLD
Dell Inc.
14.72% of portfolio
 		ICO
International Coal Group Inc.
11.94% of portfolio
 		MDLZ
Mondelez International
8.25% of portfolio
 		FTR
Frontier Communications Corp.
7.57% of portfolio
 		LVLT
Level 3 Communications Inc.
6.52% of portfolio
 		WFC
Wells Fargo
5.68% of portfolio
 		BB
BlackBerry Ltd.
5.08% of portfolio
 		USB
U.S. Bancorp
4.79% of portfolio
 		USG
USG Corp.
4.46% of portfolio
 		BYON
Beyond Inc.
2.65% of portfolio
 		CRESY
Cresud Inc.
1.66% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
1.22% of portfolio
 		SD
SandRidge Energy Inc.
1.11% of portfolio
 		STEI
Stewart Enterprises Inc.
1.09% of portfolio
 		WMT
Walmart Inc.
0.59% of portfolio
 		BCE
BCE Inc.
0.45% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.30% of portfolio
 		PFE
Pfizer Inc.
0.21% of portfolio
 		SPMD
SuperMedia Inc.
0.19% of portfolio
2010   Q2$2.35 B JNJ
Johnson & Johnson
17.33% of portfolio
 		WFC
Wells Fargo
15.33% of portfolio
 		MDLZ
Mondelez International
12.11% of portfolio
 		DELL-OLD
Dell Inc.
11.72% of portfolio
 		USB
U.S. Bancorp
10.77% of portfolio
 		ICO
International Coal Group Inc.
7.39% of portfolio
 		LVLT
Level 3 Communications Inc.
6.35% of portfolio
 		FTR
Frontier Communications Corp.
5.63% of portfolio
 		USG
USG Corp.
3.76% of portfolio
 		BYON
Beyond Inc.
2.60% of portfolio
 		CRESY
Cresud Inc.
1.08% of portfolio
 		SD
SandRidge Energy Inc.
0.98% of portfolio
 		STEI
Stewart Enterprises Inc.
0.94% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.87% of portfolio
 		INTC
Intel Corp.
0.47% of portfolio
 		WMT
Walmart Inc.
0.45% of portfolio
 		BCE
BCE Inc.
0.36% of portfolio
 		SPMD
SuperMedia Inc.
0.28% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.22% of portfolio
 		EG
Everest Group Ltd
0.20% of portfolio
2010   Q1$3.24 B JNJ
Johnson & Johnson
13.84% of portfolio
 		WFC
Wells Fargo
13.49% of portfolio
 		DELL-OLD
Dell Inc.
10.70% of portfolio
 		GE
GE Aerospace
9.75% of portfolio
 		MDLZ
Mondelez International
9.27% of portfolio
 		USB
U.S. Bancorp
9.01% of portfolio
 		LVLT
Level 3 Communications Inc.
6.91% of portfolio
 		ICO
International Coal Group Inc.
6.36% of portfolio
 		FTR
Frontier Communications Corp.
4.27% of portfolio
 		USG
USG Corp.
3.86% of portfolio
 		ZNT
Zenith Natl Insurance
3.68% of portfolio
 		BYON
Beyond Inc.
1.70% of portfolio
 		SD
SandRidge Energy Inc.
1.55% of portfolio
 		C
Citigroup Inc.
1.50% of portfolio
 		CRESY
Cresud Inc.
0.89% of portfolio
 		STEI
Stewart Enterprises Inc.
0.79% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.72% of portfolio
 		SPMD
SuperMedia Inc.
0.46% of portfolio
 		WMT
Walmart Inc.
0.38% of portfolio
 		BCE
BCE Inc.
0.24% of portfolio
2009   Q4$3.68 B WFC
Wells Fargo
14.69% of portfolio
 		DELL-OLD
Dell Inc.
13.56% of portfolio
 		JNJ
Johnson & Johnson
12.05% of portfolio
 		GE
GE Aerospace
10.95% of portfolio
 		USB
U.S. Bancorp
9.70% of portfolio
 		MDLZ
Mondelez International
7.36% of portfolio
 		MGA
Magna International Inc.
6.60% of portfolio
 		LVLT
Level 3 Communications Inc.
5.72% of portfolio
 		ICO
International Coal Group Inc.
4.73% of portfolio
 		FTR
Frontier Communications Corp.
3.95% of portfolio
 		USG
USG Corp.
2.79% of portfolio
 		ZNT
Zenith Natl Insurance
1.77% of portfolio
 		SD
SandRidge Energy Inc.
1.67% of portfolio
 		BYON
Beyond Inc.
1.25% of portfolio
 		CRESY
Cresud Inc.
0.81% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.65% of portfolio
 		STEI
Stewart Enterprises Inc.
0.57% of portfolio
 		WMT
Walmart Inc.
0.32% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.26% of portfolio
 		BCE
BCE Inc.
0.20% of portfolio
2009   Q3$6.63 B ORH
Odyssey Re Holdings Corp.
41.47% of portfolio
 		WFC
Wells Fargo
8.49% of portfolio
 		DELL-OLD
Dell Inc.
7.99% of portfolio
 		GE
GE Aerospace
6.58% of portfolio
 		JNJ
Johnson & Johnson
6.32% of portfolio
 		USB
U.S. Bancorp
5.23% of portfolio
 		MDLZ
Mondelez International
3.94% of portfolio
 		MGA
Magna International Inc.
3.39% of portfolio
 		LVLT
Level 3 Communications Inc.
2.90% of portfolio
 		BNI
Burlington Northern Santa Fe
2.51% of portfolio
 		ICO
International Coal Group Inc.
2.22% of portfolio
 		USG
USG Corp.
1.90% of portfolio
 		FTR
Frontier Communications Corp.
1.77% of portfolio
 		INTC
Intel Corp.
1.69% of portfolio
 		BYON
Beyond Inc.
0.75% of portfolio
 		ZNT
Zenith Natl Insurance
0.46% of portfolio
 		CRESY
Cresud Inc.
0.38% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.34% of portfolio
 		STEI
Stewart Enterprises Inc.
0.32% of portfolio
 		GCI
Gannett Co.
0.29% of portfolio
2009   Q2$5.21 B ORH
Odyssey Re Holdings Corp.
32.49% of portfolio
 		WFC
Wells Fargo
9.32% of portfolio
 		DELL-OLD
Dell Inc.
9.15% of portfolio
 		JNJ
Johnson & Johnson
7.49% of portfolio
 		USB
U.S. Bancorp
5.46% of portfolio
 		MDLZ
Mondelez International
4.84% of portfolio
 		MGA
Magna International Inc.
4.38% of portfolio
 		GE
GE Aerospace
4.11% of portfolio
 		LVLT
Level 3 Communications Inc.
3.98% of portfolio
 		BNI
Burlington Northern Santa Fe
2.95% of portfolio
 		INTC
Intel Corp.
2.21% of portfolio
 		FTR
Frontier Communications Corp.
2.13% of portfolio
 		ICO
International Coal Group Inc.
2.00% of portfolio
 		AA
Alcoa Corp.
1.80% of portfolio
 		KG-OLD
King Pharmaceuticals
1.53% of portfolio
 		USG
USG Corp.
1.41% of portfolio
 		BCE
BCE Inc.
1.26% of portfolio
 		BYON
Beyond Inc.
0.78% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.40% of portfolio
 		STEI
Stewart Enterprises Inc.
0.38% of portfolio
2009   Q1$4.32 B ORH
Odyssey Re Holdings Corp.
37.24% of portfolio
 		JNJ
Johnson & Johnson
8.38% of portfolio
 		WFC
Wells Fargo
6.60% of portfolio
 		USB
U.S. Bancorp
5.36% of portfolio
 		DELL-OLD
Dell Inc.
5.22% of portfolio
 		PFE
Pfizer Inc.
5.15% of portfolio
 		MDLZ
Mondelez International
5.13% of portfolio
 		MGA
Magna International Inc.
3.35% of portfolio
 		LVLT
Level 3 Communications Inc.
2.97% of portfolio
 		BNI
Burlington Northern Santa Fe
2.91% of portfolio
 		FTR
Frontier Communications Corp.
2.59% of portfolio
 		INTC
Intel Corp.
2.43% of portfolio
 		GE
GE Aerospace
2.39% of portfolio
 		AA
Alcoa Corp.
1.53% of portfolio
 		BCE
BCE Inc.
1.46% of portfolio
 		ICO
International Coal Group Inc.
1.36% of portfolio
 		KG-OLD
King Pharmaceuticals
1.36% of portfolio
 		USG
USG Corp.
1.29% of portfolio
 		BYON
Beyond Inc.
0.72% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.42% of portfolio
2008   Q4$5.16 B ORH
Odyssey Re Holdings Corp.
42.59% of portfolio
 		JNJ
Johnson & Johnson
8.92% of portfolio
 		PFE
Pfizer Inc.
6.16% of portfolio
 		MDLZ
Mondelez International
5.70% of portfolio
 		DELL-OLD
Dell Inc.
5.26% of portfolio
 		INTC
Intel Corp.
4.55% of portfolio
 		GE
GE Aerospace
3.79% of portfolio
 		FTR
Frontier Communications Corp.
3.16% of portfolio
 		MGA
Magna International Inc.
3.08% of portfolio
 		WFC
Wells Fargo
2.01% of portfolio
 		AA
Alcoa Corp.
1.98% of portfolio
 		BNI
Burlington Northern Santa Fe
1.92% of portfolio
 		KG-OLD
King Pharmaceuticals
1.91% of portfolio
 		LVLT
Level 3 Communications Inc.
1.86% of portfolio
 		ICO
International Coal Group Inc.
1.34% of portfolio
 		GCI
Gannett Co.
1.26% of portfolio
 		USG
USG Corp.
1.10% of portfolio
 		PGR
Progressive Corp.
0.83% of portfolio
 		BYON
Beyond Inc.
0.71% of portfolio
 		CRESY
Cresud Inc.
0.34% of portfolio
2008   Q3$3.76 B ORH
Odyssey Re Holdings Corp.
48.45% of portfolio
 		JNJ
Johnson & Johnson
10.91% of portfolio
 		PFE
Pfizer Inc.
8.70% of portfolio
 		LVLT
Level 3 Communications Inc.
8.35% of portfolio
 		DELL-OLD
Dell Inc.
7.19% of portfolio
 		FTR
Frontier Communications Corp.
5.68% of portfolio
 		ICO
International Coal Group Inc.
3.45% of portfolio
 		KG-OLD
King Pharmaceuticals
2.56% of portfolio
 		BYON
Beyond Inc.
1.79% of portfolio
 		STEI
Stewart Enterprises Inc.
0.85% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.62% of portfolio
 		CRESY
Cresud Inc.
0.44% of portfolio
 		WMT
Walmart Inc.
0.36% of portfolio
 		ZNT
Zenith Natl Insurance
0.22% of portfolio
 		SD
SandRidge Energy Inc.
0.14% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.09% of portfolio
 		ABT
Abbott Labs
0.07% of portfolio
 		GSK
GSK plc
0.02% of portfolio
 		AZN
AstraZeneca PLC
0.01% of portfolio
 		NEU
NewMarket Corp.
0.01% of portfolio
2008   Q2$3.54 B ORH
Odyssey Re Holdings Corp.
42.47% of portfolio
 		JNJ
Johnson & Johnson
10.76% of portfolio
 		LVLT
Level 3 Communications Inc.
9.71% of portfolio
 		PFE
Pfizer Inc.
8.78% of portfolio
 		ICO
International Coal Group Inc.
7.75% of portfolio
 		DELL-OLD
Dell Inc.
6.98% of portfolio
 		FTR
Frontier Communications
5.95% of portfolio
 		KG-OLD
King Pharmaceuticals
2.99% of portfolio
 		BYON
Beyond Inc.
2.48% of portfolio
 		STEI
Stewart Enterprises Inc.
0.84% of portfolio
 		BWINB-OLD
Baldwin & Lyons Inc. CL B
0.48% of portfolio
 		WMT
Walmart Inc.
0.36% of portfolio
 		CRESY
Cresud Inc.
0.20% of portfolio
 		ABT
Abbott Labs
0.07% of portfolio
 		RYAAY
Ryanair Holdings PLC
0.06% of portfolio
 		AZN
AstraZeneca PLC
0.02% of portfolio
 		GSK
GSK plc
0.02% of portfolio
 		NTPIF
Nam Tai Property Inc.
0.01% of portfolio
 		SNY
Sanofi Aventis
0.01% of portfolio
 		NEU
NewMarket Corp.
0.01% of portfolio