50+ portfolios with signal value™ · pdf file• bill ackman, pershing square •...

Value-oriented Equity Investment Ideas for Sophisticated Investors

© 2008-2011 by BeyondProxy LLC. All rights reserved. SUBSCRIBE TODAY! www.manualofideas.com June 1, 2011 – 1 of 167

50+ Portfolios With Signal Value™ Revealing the Top Ideas of Top Investors “Signal value” as opposed to “noise.” We present the holdings of some of the world’s top investors. We look for investors who have amassed impressive track records over long periods of time. We choose these investors carefully to avoid the noise inherent in most 13F-HR filings.

The following analysis is based on Schedules 13F-HR (institutional holdings report) filed with the SEC for the most recent quarter, as well as Schedules 13G or 13D and Forms 3 or 4 filed subsequent to the end of the quarter.

MOI Signal Rank answers the question, “What are this investor’s top ten ideas right now?” Rather than simply presenting each investor’s largest holdings as of the recently filed quarter end, the MOI’s proprietary methodology ranks the companies in each investor’s portfolio based on the investor’s current level of conviction in each holding, as judged by the MOI.

Our proprietary methodology takes into account a number of variables, including the size of a position in an investor’s portfolio, the size of a position relative to the market value of the corresponding company, the most recent quarterly change in the number of shares owned, and the change in the stock price of a position since the most recent quarterly filing date.

For example, an investor might have the most conviction in a position that is only the tenth-largest position in such investor’s portfolio. This might be the case if an investor invests in a small company, resulting in a holding that is simply too small to rank highly based on size alone. On the other hand, such a holding might represent 19.9% of the shares outstanding of the subject company, suggesting a high level of conviction. Our estimate of the conviction level would rise further if the subject company has a 20% poison-pill threshold, thereby suggesting that the investor has bought as much of the subject company as is practically feasible.

Top investors included in this section: • Bill Ackman, Pershing Square • Chuck Akre, Akre Capital • Zeke Ashton, Centaur Capital • Jonathan Auerbach, Hound Partners • Brian Bares, Bares Capital • Bruce Berkowitz, Fairholme • Richard Breeden, Breeden Capital • Tom Brown, Second Curve • Warren Buffett, Berkshire Hathaway • Francis Chou, Chou Associates • Chase Coleman, Tiger Global • James Crichton, Scout • Ian Cumming and Joe Steinberg, Leucadia • Boykin Curry, Eagle • NEW Charles de Vaulx, Int’l Value Advisors • David Einhorn, Greenlight • Phil Falcone, Harbinger • Alan Fournier, Pennant • Glenn Fuhrman and John Phelan, MSD Capital • Jeffrey Gates, Gates Capital • Tom Gayner, Markel Gayner • Kian Ghazi, Hawkshaw • Ed Gilhuly and Scott Stuart, Sageview • Glenn Greenberg, Brave Warrior • John Griffin, Blue Ridge • Andreas Halvorsen, Viking Global • Mason Hawkins, Southeastern • Lance Helfert and Paul Orfalea, West Coast • Chris Hohn, Children’s Investment Fund • Carl Icahn, Icahn • Robert Jaffe, Force Capital • Rehan Jaffer, H Partners • Seth Klarman, Baupost • Eddie Lampert, ESL Investments • Quincy Lee, Teton Capital • Dan Loeb, Third Point • Steve Mandel, Lone Pine • Sandy Nairn, Edinburgh Partners • Mohnish Pabrai, Pabrai Funds • John Paulson, Paulson & Co. • Boone Pickens, BP Capital • Mark Rachesky, MHR • Lisa Rapuano, Lane Five • Larry Robbins, Glenview • Alexander Roepers, Atlantic Investment • Wilbur Ross, WL Ross • Ken Shubin Stein, Spencer • NEW Toby Symonds, Altai Capital • David Tepper, Appaloosa • Steve Tananbaum, GoldenTree • NEW Jeffrey Ubben, ValueAct • Prem Watsa, Fairfax • Wally Weitz, Weitz Funds • David Winters, Wintergreen • NEW Meryl Witmer, Eagle Value

http://www.manualofideas.com/�


© 2008-2011 by BeyondProxy LLC. All rights reserved. SUBSCRIBE TODAY! www.manualofideas.com June 1, 2011 – Page 12 of 167

Akre Capital (Chuck Akre) Chuck Akre has been in the investment business since 1968. While sometimes viewed as a small cap growth manager, Akre follows a value strategy that focuses on returns on equity, management quality and cash flow-oriented valuation analysis. MOI Signal Rank™ – Top Current Ideas of Akre Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 American Tower / AMT 21,275 53.64 4% 1,389 8% <1% 14% 55x 41x n/m 2 Dollar Tree / DLTR 7,646 62.53 13% 711 16% <1% 8% 17x 15x 5.8x 3 Ross Stores / ROST 9,494 80.79 14% 632 12% <1% 10% 15x 14x 6.8x 4 Lamar Advertising / LAMR 2,741 29.53 -20% 1,257 1% 1% 7% >99x >99x n/m 5 O’Reilly Automotive / ORLY 7,981 57.89 1% 504 7% <1% 6% 16x 14x 3.3x 6 LPL Investment / LPLA 3,801 34.92 -2% 98 >100% <1% 1% 18x 14x n/m 7 MasterCard / MA 33,493 277.57 10% 159 14% <1% 8% 16x 14x 8.5x 8 Annaly Capital / NLY 14,639 18.00 3% 208 >100% <1% 1% 7x 8x 1.2x 9 optionsXpress / OXPS 1,010 17.58 -4% 631 58% 1% 2% 18x 15x >9.9x 10 Aeropostale / ARO 1,477 18.30 -25% 100 new <1% 0% 9x 8x 4.2x

Top Holdings of Akre Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 American Tower / AMT 21,275 53.64 4% 1,389 8% <1% 14% 55x 41x n/m 2 Ross Stores / ROST 9,494 80.79 14% 632 12% <1% 10% 15x 14x 6.8x 3 Markel / MKL 4,028 414.42 0% 112 -3% 1% 9% 29x 24x 1.7x 4 Enstar Group / ESGR 1,382 100.87 1% 459 -1% 3% 9% 9x 8x 1.5x 5 Dollar Tree / DLTR 7,646 62.53 13% 711 16% <1% 8% 17x 15x 5.8x 6 MasterCard / MA 33,493 277.57 10% 159 14% <1% 8% 16x 14x 8.5x 7 Lamar Advertising / LAMR 2,741 29.53 -20% 1,257 1% 1% 7% >99x >99x n/m 8 O’Reilly Automotive / ORLY 7,981 57.89 1% 504 7% <1% 6% 16x 14x 3.3x 9 Hartford Financial / HIG 12,063 27.09 1% 753 0% <1% 4% 7x 7x .6x 10 FactSet Research / FDS 4,990 108.15 3% 154 -6% <1% 3% 30x 26x >9.9x

New Positions Sold Out Positions Aeropostale / ARO Enterprise Products / EPD Entertainment Prop. / EPR Exxon Mobil / XOM

Carter’s / CRI Enterprise GP / EPE Fox Chase Bancorp / FXCB Greenlight Re / GLRE MSCI Inc. / MSCI

Transatlantic / TRH Primo Water / PRMW Visa / V W.R. Berkley / WRB

Portfolio Metrics * Sector Weightings *

Portfolio size $524 million

Top 10 as % of portfolio 78%

Median market value $5.0 billion

Average market value $25 billion

Median P/E (this FY) 17x

Median P/E (next FY) 14x

Median P / tangible book 2.6x

* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities.

Services55%

Financial39%

Technology3%

Other3%




Altai Capital (Toby Symonds) Altai Capital was founded in 2009 by Rishi Bajaj, formerly of Greenwich-based Silver Point Capital, Toby Symonds, formerly of Stamford-based SAC Capital, and Steve Tesoriere, formerly of New York-based Anchorage Capital. The firm manages a highly concentrated portfolio of high-conviction, value-oriented equity investment ideas. MOI Signal Rank™ – Top Current Ideas of Altai Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 RealD / RLD 1,745 34.02 24% 667 new 1% 8% n/m 56x >9.9x 2 Energy XXI / EXXI 4,779 33.37 -2% 854 16% <1% 10% 47x 13x 5.7x 3 McMoRan Exploration / MMR 2,823 17.82 1% 1,298 8% <1% 8% n/m n/m 1.7x 4 Leap Wireless / LEAP 1,258 16.00 3% 1,795 6% 2% 10% n/m n/m n/m 5 Dynegy / DYN 724 5.95 5% 3,286 new 3% 7% n/m n/m .3x 6 MEMC Electronic / WFR 2,373 10.30 -21% 1,434 56% <1% 5% 9x 7x 1.2x 7 GenOn Energy / GEN 3,009 3.90 2% 2,780 0% <1% 4% n/m n/m .6x 8 The Knot / KNOT 323 10.23 -15% 1,071 -3% 3% 4% 85x 47x 2.6x 9 CapitalSource / CSE 2,059 6.37 -10% 1,024 -4% <1% 2% 28x 15x 1.1x 10 Six Flags / SIX 2,103 76.28 6% 1,728 -17% 6% 44% >99x 50x n/m

Top Holdings of Altai Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Six Flags / SIX 2,103 76.28 6% 1,728 -17% 6% 44% >99x 50x n/m 2 Leap Wireless / LEAP 1,258 16.00 3% 1,795 6% 2% 10% n/m n/m n/m 3 Energy XXI / EXXI 4,779 33.37 -2% 854 16% <1% 10% 47x 13x 5.7x 4 McMoRan Exploration / MMR 2,823 17.82 1% 1,298 8% <1% 8% n/m n/m 1.7x 5 RealD / RLD 1,745 34.02 24% 667 new 1% 8% n/m 56x >9.9x 6 Dynegy / DYN 724 5.95 5% 3,286 new 3% 7% n/m n/m .3x 7 MEMC Electronic / WFR 2,373 10.30 -21% 1,434 56% <1% 5% 9x 7x 1.2x 8 The Knot / KNOT 323 10.23 -15% 1,071 -3% 3% 4% 85x 47x 2.6x 9 GenOn Energy / GEN 3,009 3.90 2% 2,780 0% <1% 4% n/m n/m .6x 10 CapitalSource / CSE 2,059 6.37 -10% 1,024 -4% <1% 2% 28x 15x 1.1x

New Positions Sold Out Positions Dynegy / DYN RealD / RLD

None





Average market value $2.1 billion





Services69%

Energy19%

Technology10%

Other2%




Appaloosa (David Tepper) Tepper heads Appaloosa Management, which he founded in 1993 after leaving Goldman Sachs, where he had been the head trader on Goldman’s high-yield desk. Tepper’s specialty is in distressed investments and special situations. MOI Signal Rank™ – Top Current Ideas of Appaloosa

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 E*Trade Financial / ETFC 4,363 15.60 0% 43,944 new 16% 9% 22x 14x 2.0x 2 Hewlett-Packard / HPQ 77,858 35.98 -12% 6,331 8% <1% 3% 7x 7x n/m 3 Goodyear Tire / GT 4,290 17.57 17% 15,248 51% 6% 4% 16x 8x n/m 4 Mueller Water / MWA 661 4.25 -5% 9,323 >100% 6% 1% n/m 24x n/m 5 MPG Office Trust / MPG 127 2.58 -30% 4,712 13% 10% 0% n/a n/a n/m 6 US Airways / LCC 1,648 10.17 17% 12,447 >100% 8% 2% 9x 5x n/m 7 International Paper / IP 13,689 31.31 4% 5,739 6% 1% 2% 11x 9x 2.7x 8 Macy’s / M 12,191 28.63 18% 6,713 28% 2% 3% 11x 10x 9.3x 9 Delta Air Lines / DAL 9,736 11.51 17% 3,593 >100% <1% 1% 9x 6x n/m 10 Navistar / NAV 4,885 67.49 -3% 691 50% <1% 1% 12x 9x n/m

Top Holdings of Appaloosa – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 E*Trade Financial / ETFC 4,363 15.60 0% 43,944 new 16% 14% 22x 14x 2.0x 2 Pfizer / PFE 163,474 20.69 2% 15,420 -7% <1% 7% 9x 9x n/m 3 Citigroup / C 119,805 41.02 -7% 7,662 -35% <1% 7% 10x 8x .9x 4 Goodyear Tire / GT 4,290 17.57 17% 15,248 51% 6% 6% 16x 8x n/m 5 Hewlett-Packard / HPQ 77,858 35.98 -12% 6,331 8% <1% 5% 7x 7x n/m 6 Bank of America / BAC 117,340 11.58 -13% 17,216 -31% <1% 4% 11x 7x 1.0x 7 Macy’s / M 12,191 28.63 18% 6,713 28% 2% 4% 11x 10x 9.3x 8 International Paper / IP 13,689 31.31 4% 5,739 6% 1% 4% 11x 9x 2.7x 9 Dean Foods / DF 2,447 13.36 34% 13,120 22% 7% 4% 19x 14x n/m 10 Royal Bank Scotland / RBS 39,449 13.55 3% 12,431 -1% <1% 4% n/a n/a .4x

New Positions Sold Out Positions Apple / AAPL Beazer Homes / BZH CVR Energy / CVI D.R. Horton / DHI E*Trade Financial / ETFC Frontier Oil / FTO Holly Corp. / HOC KB Home / KBH Marathon Oil / MRO Masco / MAS

Medtronic / MDT MetLife / MET Pulte Homes / PHM Ryland Group / RYL Tesoro / TSO Valero Energy / VLO

Altera / ALTR Analog Devices / ADI BB&T Corp. / BBT Broadcom / BRCM Capital One / COF Cisco Systems / CSCO Flagstar Bancorp / FBC General Motors / GM Gramercy Capital / GKK Intel / INTC

Johnson & Johnson / JNJ JPMorgan Chase / JPM Kroger / KR Linear Technology / LLTC Safeway / SWY Strategic Hotels / BEE Supervalu / SVU Texas Instruments / TXN Willis Group / WSH Xilinx / XLNX


Portfolio size $4.8 billion








Financial37%

Technology17%

Health Care10%

Other36%




Atlantic Investment (Alexander Roepers) Alexander Roepers founded Atlantic in 1988. In an interview with hedgefundnews.com Roepers described himself as “family-oriented, persistent, disciplined, optimistic and trying hard to not take himself (or life’s travail) too seriously.” MOI Signal Rank™ – Top Current Ideas of Atlantic Investment Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Oshkosh / OSK 2,573 28.25 -20% 2,300 15% 3% 8% 8x 8x n/m 2 Raytheon / RTN 17,613 49.45 -3% 2,600 13% <1% 16% 10x 9x n/m 3 Newell Rubbermaid / NWL 5,529 17.86 -7% 662 new <1% 2% 11x 10x n/m 4 Nalco Holding / NLC 3,950 28.47 4% 590 new <1% 2% 17x 14x n/m 5 Owens Illinois / OI 5,220 31.83 5% 6,100 1% 4% 25% 11x 10x n/m 6 Mattel / MAT 9,277 26.69 7% 400 new <1% 1% 13x 12x 6.3x 7 Avnet / AVT 5,578 36.51 7% 250 new <1% 1% 9x 8x 2.0x 8 Tyco International / TYC 23,091 49.24 10% 200 new <1% 1% n/a n/a >9.9x 9 General Cable / BGC 2,115 40.54 -6% 150 new <1% 1% 13x 11x 1.8x 10 Jarden Corp. / JAH 3,186 34.73 -2% 65 new <1% 0% 10x 9x n/m

Top Holdings of Atlantic Investment Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Owens Illinois / OI 5,220 31.83 5% 6,100 1% 4% 25% 11x 10x n/m 2 Raytheon / RTN 17,613 49.45 -3% 2,600 13% <1% 16% 10x 9x n/m 3 Energizer Holdings / ENR 5,343 76.68 8% 1,640 -13% 2% 16% 14x 13x n/m 4 FMC Corp. / FMC 5,830 81.15 2% 1,323 -1% 2% 14% 14x 13x 5.3x 5 Oshkosh / OSK 2,573 28.25 -20% 2,300 15% 3% 8% 8x 8x n/m 6 ITT Corp. / ITT 10,542 57.26 -5% 775 -73% <1% 6% 12x 11x n/m 7 Nalco Holding / NLC 3,950 28.47 4% 590 new <1% 2% 17x 14x n/m 8 Crown Holdings / CCK 6,394 41.00 6% 400 -11% <1% 2% 14x 12x n/m 9 Stanley Black Decker / SWK 12,671 75.37 -2% 170 -15% <1% 2% 15x 12x n/m 10 Newell Rubbermaid / NWL 5,529 17.86 -7% 662 new <1% 2% 11x 10x n/m

New Positions Sold Out Positions Avnet / AVT General Cable / BGC Jarden Corp. / JAH Mattel / MAT Nalco Holding / NLC

Newell Rubbermaid / NWL Tyco International / TYC W.R. Grace / GRA

A. Schulman / SHLM Lubrizol / LZ PolyOne / POL Solutia / SOA Xerox / XRX




Median mar et value $5.8 billion






Basic Materials45%

Technology18%

Conglomerates18%

Other20%




Bares Capital (Brian Bares) Brian Bares started his investment firm, Bares Capital Management, in 2000, focusing initially on micro-cap public companies. The firm launched a small-cap institutional strategy in 2001 and now manages assets in two value-oriented strategies. Bares Capital Management is quite unique in the institutional asset management world, as it has adhered to a disciplined business strategy, limiting the growth of assets under management to benefit investment performance. Bares is author of The Small-Cap Advantage: How Top Endowments and Foundations Turn Small Stocks into Big Returns*. MOI Signal Rank™ – Top Current Ideas of Bares Capital Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Winmark / WINA 192 38.55 -16% 849 0% 17% 9% n/a n/a 8.0x 2 INTL FCStone / INTL 459 25.25 -1% 2,311 1% 13% 16% n/a n/a 2.4x 3 Tandy Leather / TLF 48 4.75 -4% 1,647 0% 16% 2% n/a n/a 1.6x 4 Dolan Media / DM 297 9.88 -19% 1,245 98% 4% 3% 12x 9x n/m 5 Female Health / FHCO 139 5.01 0% 2,292 >100% 8% 3% 22x 17x 9.7x 6 Middleby / MIDD 1,537 82.01 -12% 28 >100% <1% 1% 18x 15x n/m 7 Utah Medical / UTMD 102 28.20 -2% 331 0% 9% 3% n/a n/a 3.4x 8 American Public Ed. / APEI 778 43.51 8% 293 1% 2% 4% 23x 19x 7.4x 9 Simulations Plus / SLP 47 3.04 -4% 43 40% <1% 0% 16x 13x 4.5x 10 Interval Leisure / IILG 778 13.53 -17% 307 11% <1% 1% 19x 17x n/m

Top Holdings of Bares Capital Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Interactive Intell. / ININ 646 34.57 -11% 2,483 0% 13% 24% 27x 25x 7.9x 2 INTL FCStone / INTL 459 25.25 -1% 2,311 1% 13% 16% n/a n/a 2.4x 3 Winmark / WINA 192 38.55 -16% 849 0% 17% 9% n/a n/a 8.0x 4 Travelzoo / TZOO 1,208 73.37 10% 233 -29% 1% 5% 45x 32x >9.9x 5 Hallmark Financial / HALL 142 7.04 -16% 1,925 -20% 10% 4% n/m 16x .9x 6 American Public Ed. / APEI 778 43.51 8% 293 1% 2% 4% 23x 19x 7.4x 7 Stamps.com / STMP 180 12.55 -6% 1,013 -1% 7% 4% 13x 11x 4.0x 8 Dolan Media / DM 297 9.88 -19% 1,245 98% 4% 3% 12x 9x n/m 9 American Dental / ADPI 198 12.85 -2% 900 -1% 6% 3% 10x 11x n/m 10 Female Health / FHCO 139 5.01 0% 2,292 >100% 8% 3% 22x 17x 9.7x

New Positions Sold Out Positions Ascent Media / ASCMA Capital Southwest / CSWC Contango Oil & Gas / MCF

OneBeacon Insurance / OB Pizza Inn / PZZI U.S. Global Investors / GROW

Weight Watchers / WTW

Portfolio Metrics ** Sector Weightings *








* Email [email protected] to request a free copy of Brian’s book. ** Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities.

Financial32%

Technology31%

Services18%

Other19%




Baupost (Seth Klarman) Seth Klarman, founder and president of The Baupost Group, is the author of Margin of Safety and one of the most widely respected value-oriented investors. Since inception in February 1983, The Baupost Group has delivered a compounded annual return of approximately 20%. MOI Signal Rank™ – Top Current Ideas of Baupost

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Allied Nevada Gold / ANV 3,097 34.82 -2% 2,456 new 3% 5% 58x 21x 5.9x 2 Alliance One / AOI 346 3.97 -1% 8,787 0% 10% 2% 20x 20x .9x 3 News Corp. / NWSA 46,664 17.48 -1% 19,050 0% <1% 19% 16x 13x 8.1x 4 Alere / ALR 3,485 40.75 4% 3,100 0% 4% 7% 15x 13x n/m 5 Theravance / THRX 2,143 25.48 5% 13,000 0% 15% 19% n/m n/m n/m 6 ViaSat / VSAT 1,803 43.35 9% 10,051 0% 24% 25% 39x 22x 2.7x 7 PDL BioPharma / PDLI 926 6.63 14% 10,495 87% 8% 4% 6x 5x n/m 8 AVEO Pharma / AVEO 667 18.55 39% 3,525 76% 10% 4% >99x n/m 4.2x 9 Multimedia Games / MGAM 146 5.43 -5% 2,600 0% 10% 1% 54x 24x 1.8x 10 Audiovox / VOXX 170 7.35 -8% 1,061 0% 5% 0% n/a n/a .6x

Top Holdings of Baupost – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 ViaSat / VSAT 1,803 43.35 9% 10,051 0% 24% 25% 39x 22x 2.7x 2 News Corp. / NWSA 46,664 17.48 -1% 19,050 0% <1% 19% 16x 13x 8.1x 3 Theravance / THRX 2,143 25.48 5% 13,000 0% 15% 19% n/m n/m n/m 4 Alere / ALR 3,485 40.75 4% 3,100 0% 4% 7% 15x 13x n/m 5 Enzon Pharma / ENZN 570 10.64 -2% 9,001 -1% 17% 5% 67x 27x 2.0x 6 Allied Nevada Gold / ANV 3,097 34.82 -2% 2,456 new 3% 5% 58x 21x 5.9x 7 PDL BioPharma / PDLI 926 6.63 14% 10,495 87% 8% 4% 6x 5x n/m 8 CapitalSource / CSE 2,059 6.37 -10% 10,450 -35% 3% 4% 28x 15x 1.1x 9 AVEO Pharma / AVEO 667 18.55 39% 3,525 76% 10% 4% >99x n/m 4.2x 10 BreitBurn Energy / BBEP 1,215 20.57 -5% 3,021 -31% 5% 4% 33x 19x 1.0x

New Positions Sold Out Positions Allied Nevada Gold / ANV Sycamore Networks / SCMR

Regeneron Pharma / REGN

Portfolio Metrics * Sector Weightings *, **








* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A predominant portion of assets managed by Seth Klarman may be invested in non-equity securities and is therefore not shown in the chart or tables.

Health Care40%

Technology25%

Services21%

Other14%




Berkshire Hathaway (Warren Buffett) Warren Buffett has built an unparalleled investment track record over several decades, becoming widely regarded as the best investor of all time. Buffett has embraced a long term-oriented investment approach with an emphasis on investing in companies with durable competitive advantage, high returns on capital employed, and shareholder-friendly management. MOI Signal Rank™ – Top Current Ideas of Berkshire Hathaway

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 USG / USG 1,449 14.04 -16% 17,072 0% 17% 0% n/m n/m 3.1x 2 Wells Fargo / WFC 148,095 28.00 -12% 342,624 0% 6% 18% 10x 8x 2.1x 3 Washington Post / WPO 3,305 416.67 -5% 1,728 0% 22% 1% 18x 25x 4.6x 4 Wesco Financial / WSC 2,774 389.68 0% 5,703 0% 80% 4% n/a n/a 1.1x 5 Coca-Cola / KO 156,356 68.30 3% 200,000 0% 9% 25% 18x 16x >9.9x 6 Procter & Gamble / PG 188,022 67.36 9% 76,766 0% 3% 9% 17x 16x n/m 7 Kraft Foods / KFT 61,930 35.23 12% 105,215 0% 6% 7% 16x 14x n/m 8 American Express / AXP 61,538 51.19 13% 151,611 0% 13% 14% 13x 12x 3.5x 9 U.S. Bancorp / USB 48,552 25.20 -5% 69,039 0% 4% 3% 12x 10x 3.0x 10 Wal-Mart / WMT 192,754 55.29 6% 39,037 0% 1% 4% 12x 11x 4.0x

Top Holdings of Berkshire Hathaway – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Coca-Cola / KO 156,356 68.30 3% 200,000 0% 9% 25% 18x 16x >9.9x 2 Wells Fargo / WFC 148,095 28.00 -12% 342,624 0% 6% 18% 10x 8x 2.1x 3 American Express / AXP 61,538 51.19 13% 151,611 0% 13% 14% 13x 12x 3.5x 4 Procter & Gamble / PG 188,022 67.36 9% 76,766 0% 3% 9% 17x 16x n/m 5 Kraft Foods / KFT 61,930 35.23 12% 105,215 0% 6% 7% 16x 14x n/m 6 Johnson & Johnson / JNJ 180,066 65.69 11% 42,625 0% 2% 5% 13x 12x 7.2x 7 Wesco Financial / WSC 2,774 389.68 0% 5,703 0% 80% 4% n/a n/a 1.1x 8 Wal-Mart / WMT 192,754 55.29 6% 39,037 0% 1% 4% 12x 11x 4.0x 9 ConocoPhillips / COP 102,635 72.61 -9% 29,102 0% 2% 4% 9x 8x 1.6x 10 U.S. Bancorp / USB 48,552 25.20 -5% 69,039 0% 4% 3% 12x 10x 3.0x

New Positions Sold Out Positions MasterCard / MA None Portfolio Metrics * Sector Weightings *, **

Portfolio size $55 billion


Median market value $36 billion





* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Berkshire’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Consumer Non-Cyclical

41%

Financial40%

Services8%

Other10%




Blue Ridge (John Griffin) John Griffin was a merchant banking analyst at Morgan Stanley before joining Robertson’s Tiger Management in 1987. Griffin became president of Tiger in 1993 but chose to start long/short partnership Blue Ridge in 1996. MOI Signal Rank™ – Top Current Ideas of Blue Ridge

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Range Resources / RRC 8,717 54.24 -7% 5,727 48% 4% 6% 53x 34x 4.0x 2 Valeant Pharma / VRX 14,766 49.52 -1% 8,925 3% 3% 8% n/a n/a n/m 3 Xinyuan Real Estate / XIN 170 2.21 -6% 13,853 0% 18% 1% 2x 2x .3x 4 NRG Energy / NRG 6,092 25.27 17% 7,080 >100% 3% 3% 30x 27x 1.5x 5 PennyMac Mortgage / PMT 491 17.68 -4% 2,384 51% 9% 1% 10x 8x .9x 6 Netflix / NFLX 12,908 245.90 3% 1,005 42% 2% 4% 55x 38x >9.9x 7 Ivanhoe Energy / IVAN 809 2.36 -16% 15,985 >100% 5% 1% n/m n/m >9.9x 8 NovaGold / NG 2,452 10.44 -20% 7,195 86% 3% 1% n/a n/a 8.5x 9 East West Bancorp / EWBC 3,007 20.22 -8% 3,040 new 2% 1% 13x 11x 1.7x 10 Ivanhoe Mines / IVN 16,564 25.20 -8% 6,222 >100% <1% 3% n/a n/a 4.4x

Top Holdings of Blue Ridge – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Valeant Pharma / VRX 14,766 49.52 -1% 8,925 3% 3% 8% n/a n/a n/m 2 Amazon.com / AMZN 89,798 198.65 10% 1,953 -8% <1% 7% 80x 52x >9.9x 3 JPMorgan Chase / JPM 171,385 43.13 -6% 7,823 -17% <1% 6% 9x 8x 1.6x 4 Apple / AAPL 309,996 335.22 -4% 977 -13% <1% 6% 14x 12x 5.1x 5 Range Resources / RRC 8,717 54.24 -7% 5,727 48% 4% 6% 53x 34x 4.0x 6 Citrix Systems / CTXS 15,844 84.28 15% 3,065 0% 2% 5% 35x 31x >9.9x 7 Netflix / NFLX 12,908 245.90 3% 1,005 42% 2% 4% 55x 38x >9.9x 8 Dollar Tree / DLTR 7,646 62.53 13% 3,457 -7% 3% 4% 17x 15x 5.8x 9 Thermo Fisher / TMO 24,981 65.18 17% 2,790 -17% <1% 3% 16x 14x >9.9x 10 NRG Energy / NRG 6,092 25.27 17% 7,080 >100% 3% 3% 30x 27x 1.5x

New Positions Sold Out Positions Baker Hughes / BHI East West Bancorp / EWBC eBay / EBAY Pacific Biosciences / PACB Sensata Tech / ST Stillwater Mining / SWC

BP / BP CIT Group / CIT Express Scripts / ESRX General Growth / GGP General Motors / GM Howard Hughes / HHC

Starwood Hotels / HOT Wells Fargo / WFC Western Union / WU










Services28%

Financial23%

Technology20%

Other29%




BP Capital (Boone Pickens) Pickens, born in 1928, was a prominent corporate raider during the 1980s. He founded energy fund BP Capital in 1997. MOI Signal Rank™ – Top Current Ideas of BP Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Noble Corp. / NE 10,339 41.00 -10% 694 >100% <1% 9% n/a n/a 1.4x 2 EOG Resources / EOG 28,682 106.85 -10% 199 10% <1% 7% 28x 17x 2.4x 3 BP / BP 140,837 45.00 2% 604 18% <1% 8% 7x 7x 1.8x 4 Apache / APA 47,164 123.00 -6% 154 new <1% 6% 10x 9x 2.1x 5 Chesapeake Energy / CHK 20,138 30.62 -9% 883 0% <1% 8% 10x 10x 1.7x 6 McMoRan Exploration / MMR 2,823 17.82 1% 1,172 0% <1% 6% n/m n/m 1.7x 7 Weatherford / WFT 14,567 19.71 -13% 975 11% <1% 6% n/a n/a 3.1x 8 Canadian Natural / CNQ 46,020 41.97 -15% 296 new <1% 4% n/a n/a 2.2x 9 Murphy Oil / MUR 12,936 66.88 -9% 186 >100% <1% 4% 10x 9x 1.5x 10 SandRidge Energy / SD 4,285 10.45 -18% 1,936 0% <1% 6% 65x 20x 4.3x

Top Holdings of BP Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Noble Corp. / NE 10,339 41.00 -10% 694 >100% <1% 9% n/a n/a 1.4x 2 BP / BP 140,837 45.00 2% 604 18% <1% 8% 7x 7x 1.8x 3 Chesapeake Energy / CHK 20,138 30.62 -9% 883 0% <1% 8% 10x 10x 1.7x 4 EOG Resources / EOG 28,682 106.85 -10% 199 10% <1% 7% 28x 17x 2.4x 5 McMoRan Exploration / MMR 2,823 17.82 1% 1,172 0% <1% 6% n/m n/m 1.7x 6 Plains Exploration / PXP 4,852 34.41 -5% 604 0% <1% 6% 17x 12x 1.7x 7 SandRidge Energy / SD 4,285 10.45 -18% 1,936 0% <1% 6% 65x 20x 4.3x 8 Weatherford / WFT 14,567 19.71 -13% 975 11% <1% 6% n/a n/a 3.1x 9 Apache / APA 47,164 123.00 -6% 154 new <1% 6% 10x 9x 2.1x 10 Suncor Energy / SU 64,403 40.69 -9% 358 0% <1% 4% n/a n/a 1.9x

New Positions Sold Out Positions ABB / ABB Apache / APA Approach Resources / AREX Canadian Natural / CNQ

Clayton Williams Energy / CWEI CONSOL Energy / CNX Dynegy / DYN QEP Resources / QEP Transatlantic / TRH









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets managed by Boone Pickens may be invested outside of BP Capital and are therefore not shown in the chart or tables.

Energy98%

Technology2%




Brave Warrior (Glenn Greenberg) Brave Warrior, formerly called Chieftain Capital Management, was founded in 1984 by Glenn Greenberg and John Shapiro. The firm runs a concentrated portfolio focused on companies with high returns on capital and sustainable competitive advantage. Brave Warrior’s long-term performance record is believed to feature mid teens annualized investment returns. MOI Signal Rank™ – Top Current Ideas of Brave Warrior

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Aon / AON 17,264 52.23 -1% 1,645 new <1% 8% 15x 13x n/m 2 Valeant Pharma / VRX 14,766 49.52 -1% 1,645 new <1% 7% n/a n/a n/m 3 MasterCard / MA 33,493 277.57 10% 471 13% <1% 12% 16x 14x 8.5x 4 Wiley John & Sons / JW.A 3,165 51.98 2% 491 new <1% 2% 19x 16x n/m 5 Hewlett-Packard / HPQ 77,858 35.98 -12% 1,666 0% <1% 5% 7x 7x n/m 6 Arch Capital / ACGL 4,550 34.48 4% 805 3% <1% 3% 16x 13x 1.1x 7 Fiserv / FISV 9,062 63.10 1% 2,556 -2% 2% 15% 14x 13x n/m 8 Google / GOOG 168,870 524.03 -11% 117 -26% <1% 6% 15x 13x 4.1x 9 U.S. Bancorp / USB 48,552 25.20 -5% 2,963 -24% <1% 7% 12x 10x 3.0x 10 Broadridge Financial / BR 2,797 22.67 0% 2,772 -24% 2% 6% 17x 15x n/m

Top Holdings of Brave Warrior – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Fiserv / FISV 9,062 63.10 1% 2,556 -2% 2% 15% 14x 13x n/m 2 MasterCard / MA 33,493 277.57 10% 471 13% <1% 12% 16x 14x 8.5x 3 Comcast / CMCSA 68,525 25.12 2% 4,460 -35% <1% 10% 16x 13x n/m 4 Lab Corp. of America / LH 10,080 100.60 9% 1,109 -15% 1% 10% 16x 14x n/m 5 Ryanair / RYAAY 7,479 30.02 8% 3,417 -10% 1% 9% 16x 11x 1.8x 6 Aon / AON 17,264 52.23 -1% 1,645 new <1% 8% 15x 13x n/m 7 Valeant Pharma / VRX 14,766 49.52 -1% 1,645 new <1% 7% n/a n/a n/m 8 U.S. Bancorp / USB 48,552 25.20 -5% 2,963 -24% <1% 7% 12x 10x 3.0x 9 Broadridge Financial / BR 2,797 22.67 0% 2,772 -24% 2% 6% 17x 15x n/m 10 Google / GOOG 168,870 524.03 -11% 117 -26% <1% 6% 15x 13x 4.1x

New Positions Sold Out Positions Aon / AON John Wiley & Sons / JW.A Valeant Pharma / VRX

Lockheed Martin / LMT










Financial29%

Technology26%

Services18%

Other27%




Breeden Capital (Richard Breeden) Richard C. Breeden, born in 1949, is a former Chairman of the U.S. Securities and Exchange Commission. Breeden founded Breeden Capital Management in 2006. The fund applies a concentrated, activist investment approach. MOI Signal Rank™ – Top Current Ideas of Breeden Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Iron Mountain / IRM 6,628 33.00 6% 3,006 >100% 1% 8% 27x 22x n/m 2 Airgas / ARG 5,629 66.86 1% 697 new <1% 4% 17x 15x >9.9x 3 H&R Block / HRB 4,985 16.33 -2% 13,292 0% 4% 18% 12x 10x n/m 4 Steris / STE 2,129 35.88 4% 5,067 0% 9% 15% 15x 14x 4.5x 5 Flowserve / FLS 6,672 119.51 -7% 804 62% 1% 8% 15x 13x 6.4x 6 RSC Holdings / RRR 1,255 12.10 -16% 2,186 new 2% 2% >99x 16x n/m 7 Whirlpool / WHR 6,247 81.96 -4% 418 new <1% 3% 7x 8x 6.6x 8 Caseys General / CASY 1,503 39.60 2% 204 new <1% 1% 16x 14x 5.0x 9 Helmerich & Payne / HP 6,451 60.31 -12% 2,090 -25% 2% 11% 16x 13x 2.1x 10 Stanley Black Decker / SWK 12,671 75.37 -2% 534 -8% <1% 3% 15x 12x n/m

Top Holdings of Breeden Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 H&R Block / HRB 4,985 16.33 -2% 13,292 0% 4% 18% 12x 10x n/m 2 Steris / STE 2,129 35.88 4% 5,067 0% 9% 15% 15x 14x 4.5x 3 Helmerich & Payne / HP 6,451 60.31 -12% 2,090 -25% 2% 11% 16x 13x 2.1x 4 Aon / AON 17,264 52.23 -1% 2,162 -8% <1% 10% 15x 13x n/m 5 Iron Mountain / IRM 6,628 33.00 6% 3,006 >100% 1% 8% 27x 22x n/m 6 Flowserve / FLS 6,672 119.51 -7% 804 62% 1% 8% 15x 13x 6.4x 7 Dun & Bradstreet / DNB 4,003 81.03 1% 1,110 -11% 2% 8% 13x 12x n/m 8 EMCOR Group / EME 2,006 30.01 -3% 2,342 -23% 4% 6% 16x 13x 4.0x 9 Airgas / ARG 5,629 66.86 1% 697 new <1% 4% 17x 15x >9.9x 10 Stanley Black Decker / SWK 12,671 75.37 -2% 534 -8% <1% 3% 15x 12x n/m

New Positions Sold Out Positions Airgas / ARG Caseys General / CASY RSC Holdings / RRR Whirlpool / WHR

Bally Technologies / BYI Hillenbrand / HI ValueClick / VCLK










Services32%

Financial17%

Health Care15%

Other35%




Centaur Value (Zeke Ashton) Zeke Ashton is founder and managing partner of Centaur Capital, a Dallas-based investment firm. Centaur Capital serves as advisor to the Centaur family of private partnerships using a value-oriented long/short equity strategy. Centaur is also the sub-advisor to the Tilson Dividend Fund, a mutual fund utilizing an income-oriented value investing strategy. MOI Signal Rank™ – Top Current Ideas of Centaur Value Fund 1, 2

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Dell / DELL 30,527 16.01 10% 450 new <1% 8% 9x 8x >9.9x 2 Coinstar / CSTR 1,666 53.12 16% 130 new <1% 8% 18x 14x >9.9x 3 Aspen Insurance / AHL 1,964 27.74 1% 375 >100% <1% 12% >99x 9x .6x 4 Cisco Systems / CSCO 91,378 16.53 -4% 470 19% <1% 9% 10x 10x 3.3x 5 Western Digital / WDC 8,399 36.14 -3% 125 new <1% 5% 12x 9x 1.7x 6 Target / TGT 34,243 49.69 -1% 65 new <1% 4% 12x 11x 2.2x 7 GameStop / GME 3,939 27.88 24% 175 40% <1% 6% 10x 9x 4.3x 8 Transatlantic Petro / TAT 744 2.15 -31% 771 new <1% 2% n/a n/a 2.8x 9 Diamond Offshore / DO 9,989 71.85 -8% 40 new <1% 3% 11x 13x 2.5x 10 Terra Nova Royalty / TTT 499 7.98 -7% 470 0% <1% 4% n/a n/a .9x

1 Excludes holdings of Tilson Dividend Fund, which is also managed by Zeke Ashton. 2 Includes shares underlying LEAPs and other option positions. Top Holdings of Centaur Value Fund – By Dollar Value 1, 2

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Aspen Insurance / AHL 1,964 27.74 1% 375 >100% <1% 12% >99x 9x .6x 2 Cisco Systems / CSCO 91,378 16.53 -4% 470 19% <1% 9% 10x 10x 3.3x 3 Dell / DELL 30,527 16.01 10% 450 new <1% 8% 9x 8x >9.9x 4 Coinstar / CSTR 1,666 53.12 16% 130 new <1% 8% 18x 14x >9.9x 5 GameStop / GME 3,939 27.88 24% 175 40% <1% 6% 10x 9x 4.3x 6 Western Digital / WDC 8,399 36.14 -3% 125 new <1% 5% 12x 9x 1.7x 7 EMC / EMC 57,735 28.06 6% 140 -48% <1% 5% 19x 16x >9.9x 8 Terra Nova Royalty / TTT 499 7.98 -7% 470 0% <1% 4% n/a n/a .9x 9 Calamos Asset Mgmt / CLMS 288 14.33 -14% 239 -21% 1% 4% 13x 12x 1.6x 10 Target / TGT 34,243 49.69 -1% 65 new <1% 4% 12x 11x 2.2x

1 Excludes holdings of Tilson Dividend Fund, which is also managed by Zeke Ashton. 2 Includes shares underlying LEAPs and other option positions.

New Positions Sold Out Positions Coinstar / CSTR Dell / DELL Diamond Offshore / DO Target / TGT Transatlantic Petro / TAT

Westell Technologies / WSTL Western Digital / WDC

American Eagle / AEO Artio Global Invest. / ART Biglari Holdings / BH eBay / EBAY Maxygen / MAXY

MIND C.T.I. / MNDO Northrop Grumman / NOC PetSmart / PETM Vodafone / VOD Vonage / VG









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, certain non-U.S. holdings, and non-equity securities.

Technology45%

Financial26%

Services19%

Other11%




Children’s Investment (Chris Hohn) Chris Hohn is the founder of London-based The Children’s Investment Fund Management. TCI runs a concentrated portfolio that has historically been heavily weighted in industrials. Hohn has acquired a reputation as an aggressive shareholder activist, most notably forcing the resignation of the CEO of Deutsche Boerse after he refused to abandon a proposed takeover of the London Stock Exchange. Hohn also agitated for a sale of ABN Amro, ultimately pushing it into the hands of RBS. MOI Signal Rank™ – Top Current Ideas of Children’s Investment Fund

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 CBS / CBS 18,061 26.99 8% 27,165 >100% 4% 31% 16x 13x n/m 2 WellPoint / WLP 29,568 80.53 15% 3,105 32% <1% 11% 12x 11x >9.9x 3 UPS / UPS 73,029 74.05 0% 1,265 new <1% 4% 17x 15x >9.9x 4 Royal Bank Scotland / RBS 39,449 13.55 3% 1,301 11% <1% 1% n/a n/a .4x 5 Oracle / ORCL 173,424 34.27 3% 177 0% <1% 0% 16x 14x >9.9x 6 Walt Disney / DIS 78,441 41.50 -4% 11,238 -8% <1% 20% 16x 14x >9.9x 7 Viacom / VIA.B 30,485 51.29 10% 10,460 -15% 2% 23% 14x 12x n/m 8 Molson Coors / TAP 8,693 46.50 -1% 2,920 -52% 2% 6% 13x 12x 5.2x 9 Coca-Cola / KO 156,356 68.30 3% 1,479 -70% <1% 4% 18x 16x >9.9x

Top Holdings of Children’s Investment Fund – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 CBS / CBS 18,061 26.99 8% 27,165 >100% 4% 31% 16x 13x n/m 2 Viacom / VIA.B 30,485 51.29 10% 10,460 -15% 2% 23% 14x 12x n/m 3 Walt Disney / DIS 78,441 41.50 -4% 11,238 -8% <1% 20% 16x 14x >9.9x 4 WellPoint / WLP 29,568 80.53 15% 3,105 32% <1% 11% 12x 11x >9.9x 5 Molson Coors / TAP 8,693 46.50 -1% 2,920 -52% 2% 6% 13x 12x 5.2x 6 Coca-Cola / KO 156,356 68.30 3% 1,479 -70% <1% 4% 18x 16x >9.9x 7 UPS / UPS 73,029 74.05 0% 1,265 new <1% 4% 17x 15x >9.9x 8 Royal Bank Scotland / RBS 39,449 13.55 3% 1,301 11% <1% 1% n/a n/a .4x 9 Oracle / ORCL 173,424 34.27 3% 177 0% <1% 0% 16x 14x >9.9x

New Positions Sold Out Positions UPS / UPS CME Group / CME

Union Pacific / UNP Visa / V










Services74%

Financial11%


10%

Other4%




Chou Associates (Francis Chou) Francis Chou arrived in Canada from India in 1976. Over the years, he worked for Bell Canada, Gardiner Watson, and Fairfax Financial. The roots of Chou Associates date back to 1986. Today, Chou manages several investment funds and has been repeatedly ranked one of the top investment managers in Canada. He follows a deep value-oriented investment style. MOI Signal Rank™ – Top Current Ideas of Chou Associates

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 AbitibiBowater / ABH 2,260 23.25 -13% 2,380 0% 2% 15% 10x 6x .6x 2 Bank of America / BAC 117,340 11.58 -13% 4,200 0% <1% 13% 11x 7x 1.0x 3 Overstock.com / OSTK 319 13.72 -13% 2,220 0% 10% 8% 39x 29x >9.9x 4 Watson Pharma / WPI 7,857 62.12 11% 635 0% <1% 11% 15x 12x >9.9x 5 Sprint Nextel / S 16,365 5.47 18% 6,123 0% <1% 9% n/m n/m n/m 6 Sears Holdings / SHLD 7,759 72.04 -13% 334 0% <1% 7% n/m n/m 2.1x 7 Wells Fargo / WFC 148,095 28.00 -12% 998 0% <1% 8% 10x 8x 2.1x 8 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 0 0% <1% 6% 19x 16x 1.8x 9 Sanofi-Aventis / SNY 101,448 38.29 9% 410 0% <1% 4% 8x 8x 8.2x 10 Media General / MEG 104 4.50 -35% 949 0% 4% 1% n/m n/m n/m

Top Holdings of Chou Associates – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 AbitibiBowater / ABH 2,260 23.25 -13% 2,380 0% 2% 15% 10x 6x .6x 2 Bank of America / BAC 117,340 11.58 -13% 4,200 0% <1% 13% 11x 7x 1.0x 3 Watson Pharma / WPI 7,857 62.12 11% 635 0% <1% 11% 15x 12x >9.9x 4 Sprint Nextel / S 16,365 5.47 18% 6,123 0% <1% 9% n/m n/m n/m 5 Overstock.com / OSTK 319 13.72 -13% 2,220 0% 10% 8% 39x 29x >9.9x 6 Wells Fargo / WFC 148,095 28.00 -12% 998 0% <1% 8% 10x 8x 2.1x 7 Sears Holdings / SHLD 7,759 72.04 -13% 334 0% <1% 7% n/m n/m 2.1x 8 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 0 0% <1% 6% 19x 16x 1.8x 9 Valeant Pharma / VRX 14,766 49.52 -1% 326 -61% <1% 4% n/a n/a n/m 10 Sanofi-Aventis / SNY 101,448 38.29 9% 410 0% <1% 4% 8x 8x 8.2x

New Positions Sold Out Positions None King Pharma / KG Portfolio Metrics * Sector Weightings *, **








* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets managed by Francis Chou may be invested in Canadian and other securities, which are not shown in the chart or tables.

Financial31%

Services30%

Health Care22%

Other17%




Eagle Capital (Boykin Curry) Ravenel Boykin Curry IV manages New York-based Eagle Capital Management, which started as a family investment partnership and has grown to more than $5 billion in assets invested in equities. Curry has a long term-oriented investment approach and looks for out-of-favor companies that trade at a significant discount to intrinsic value. MOI Signal Rank™ – Top Current Ideas of Eagle Capital Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Aon / AON 17,264 52.23 -1% 8,920 4% 3% 5% 15x 13x n/m 2 Wal-Mart / WMT 192,754 55.29 6% 7,512 19% <1% 5% 12x 11x 4.0x 3 Comcast / CMCSA 68,525 25.12 2% 21,119 5% <1% 6% 16x 13x n/m 4 Coca-Cola / KO 156,356 68.30 3% 6,445 7% <1% 5% 18x 16x >9.9x 5 Liberty Global / LBTYA 11,084 44.82 8% 12,367 5% 5% 7% 24x 23x n/m 6 Microsoft / MSFT 206,519 24.49 -4% 16,816 41% <1% 5% 9x 9x 5.2x 7 W.R. Berkley / WRB 4,677 33.02 3% 8,882 18% 6% 3% 13x 13x 1.3x 8 Newfield Exploration / NFX 10,072 74.90 -1% 4,540 7% 3% 4% 15x 12x 3.0x 9 Ecolab / ECL 12,152 52.38 3% 6,362 9% 3% 4% 21x 18x >9.9x 10 Praxair / PX 31,694 104.47 3% 3,934 8% 1% 5% 19x 17x 8.1x

Top Holdings of Eagle Capital Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Liberty Global / LBTYA 11,084 44.82 8% 12,367 5% 5% 7% 24x 23x n/m 2 Comcast / CMCSA 68,525 25.12 2% 21,119 5% <1% 6% 16x 13x n/m 3 Aon / AON 17,264 52.23 -1% 8,920 4% 3% 5% 15x 13x n/m 4 Coca-Cola / KO 156,356 68.30 3% 6,445 7% <1% 5% 18x 16x >9.9x 5 Wal-Mart / WMT 192,754 55.29 6% 7,512 19% <1% 5% 12x 11x 4.0x 6 Microsoft / MSFT 206,519 24.49 -4% 16,816 41% <1% 5% 9x 9x 5.2x 7 Praxair / PX 31,694 104.47 3% 3,934 8% 1% 5% 19x 17x 8.1x 8 Altera / ALTR 15,393 47.77 9% 7,786 5% 2% 4% 19x 18x 5.9x 9 Newfield Exploration / NFX 10,072 74.90 -1% 4,540 7% 3% 4% 15x 12x 3.0x 10 Ecolab / ECL 12,152 52.38 3% 6,362 9% 3% 4% 21x 18x >9.9x

New Positions Sold Out Positions None Liberty Interactive / LINTA

L-3 Comms / LLL Verisk Analytics / VRSK










Services32%


18%

Financial17%

Other33%




Eagle Value (Meryl Witmer) Meryl Witmer manages New York City-based Eagle Value Partners with her husband Chuck and participates in the annual Barron’s Roundtable. She is a value-oriented equity investor and runs a concentrated portfolio. MOI Signal Rank™ – Top Current Ideas of Eagle Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Collective Brands / PSS 1,135 18.43 -15% 205 27% <1% 7% 10x 9x 9.9x 2 Rockwood Holdings / ROC 3,946 51.65 5% 143 10% <1% 13% 14x 13x n/m 3 Calpine / CPN 7,084 15.89 0% 205 new <1% 6% 76x 72x 1.6x 4 Rock-Tenn / RKT 2,866 72.72 5% 49 new <1% 6% 12x 9x >9.9x 5 Six Flags / SIX 2,103 76.28 6% 144 0% <1% 19% >99x 50x n/m 6 AbitibiBowater / ABH 2,260 23.25 -13% 77 new <1% 3% 10x 6x .6x 7 SemGroup / SEMG 1,060 25.49 -9% 26 new <1% 1% n/a n/a 1.5x 8 Spansion / CODE 1,155 18.73 0% 156 0% <1% 5% 8x 7x 4.7x 9 Black Diamond / BDE 172 7.92 15% 90 new <1% 1% 79x 53x 2.4x 10 Gentium / GENT 150 10.15 6% 30 new <1% 1% 12x n/a 7.0x

Top Holdings of Eagle Value – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang.

Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book

1 Six Flags / SIX 2,103 76.28 6% 144 0% <1% 19% >99x 50x n/m 2 Rockwood Holdings / ROC 3,946 51.65 5% 143 10% <1% 13% 14x 13x n/m 3 Globe Specialty / GSM 1,582 21.04 -8% 291 -21% <1% 11% 26x 15x 3.9x 4 Packaging Corp. / PKG 2,945 28.89 0% 194 -6% <1% 10% 15x 11x 3.0x 5 Collective Brands / PSS 1,135 18.43 -15% 205 27% <1% 7% 10x 9x 9.9x 6 Rock-Tenn / RKT 2,866 72.72 5% 49 new <1% 6% 12x 9x >9.9x 7 Calpine / CPN 7,084 15.89 0% 205 new <1% 6% 76x 72x 1.6x 8 Compass Minerals / CMP 2,969 90.31 -3% 33 -39% <1% 5% 16x 14x 8.5x 9 Spansion / CODE 1,155 18.73 0% 156 0% <1% 5% 8x 7x 4.7x 10 Sealed Air Corp. / SEE 4,122 25.74 -3% 112 -17% <1% 5% 15x 13x 8.8x

New Positions Sold Out Positions AbitibiBowater / ABH Black Diamond / BDE Calpine / CPN

Gentium / GENT Rock-Tenn / RKT SemGroup / SEMG

Altisource Portfolio / ASPS Diamond Offshore / DO Lowe’s / LOW

PHH / PHH Sensata Tech / ST Stewart Information / STC










Basic Materials

57%Services28%

Technology5%

Other10%




Edinburgh Partners (Sandy Nairn) Sandy Nairn follows a value-oriented investment style. He developed his approach during a ten-year “apprenticeship” under famed investor Sir John Templeton. MOI Signal Rank™ – Top Current Ideas of Edinburgh Partners

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Petroleo Brasileiro / PBR 206,744 33.87 -16% 9,347 3% <1% 12% n/a n/a 1.5x 2 Cisco Systems / CSCO 91,378 16.53 -4% 16,525 1% <1% 11% 10x 10x 3.3x 3 Intel / INTC 123,112 23.22 15% 12,401 16% <1% 11% 10x 10x 3.9x 4 Bank of America / BAC 117,340 11.58 -13% 16,520 1% <1% 7% 11x 7x 1.0x 5 D.R. Horton / DHI 3,769 11.80 1% 20,026 1% 6% 9% 56x 20x 1.5x 6 General Dynamics / GD 27,167 73.03 -5% 2,808 -5% <1% 8% 10x 10x n/m 7 SK Telecom / SKM 12,454 19.53 4% 10,721 -8% 2% 8% 10x 9x 3.7x 8 Symantec / SYMC 14,830 19.43 5% 11,308 -10% 1% 9% 12x 11x n/m 9 Fidelity National / FNF 3,470 15.54 10% 8 0% <1% 0% 14x 12x 2.5x 10 Zimmer Holdings / ZMH 12,996 67.70 12% 4,690 -2% 2% 12% 14x 13x 5.5x

Top Holdings of Edinburgh Partners – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Zimmer Holdings / ZMH 12,996 67.70 12% 4,690 -2% 2% 12% 14x 13x 5.5x 2 Petroleo Brasileiro / PBR 206,744 33.87 -16% 9,347 3% <1% 12% n/a n/a 1.5x 3 Time Warner Cable / TWC 26,236 77.99 9% 3,973 -10% 1% 12% 17x 14x n/m 4 Intel / INTC 123,112 23.22 15% 12,401 16% <1% 11% 10x 10x 3.9x 5 Cisco Systems / CSCO 91,378 16.53 -4% 16,525 1% <1% 11% 10x 10x 3.3x 6 D.R. Horton / DHI 3,769 11.80 1% 20,026 1% 6% 9% 56x 20x 1.5x 7 Symantec / SYMC 14,830 19.43 5% 11,308 -10% 1% 9% 12x 11x n/m 8 SK Telecom / SKM 12,454 19.53 4% 10,721 -8% 2% 8% 10x 9x 3.7x 9 General Dynamics / GD 27,167 73.03 -5% 2,808 -5% <1% 8% 10x 10x n/m 10 Bank of America / BAC 117,340 11.58 -13% 16,520 1% <1% 7% 11x 7x 1.0x

New Positions Sold Out Positions AMR Corp. / AMR Microsoft / MSFT

Assurant / AIZ ConocoPhillips / COP General Electric / GE

Hovnanian Enterprises / HOV Marshall & Ilsley / MI Office Depot / ODP










Technology31%

Services20%

Capital Goods17%

Other32%




ESL Investments (Eddie Lampert) Eddie Lampert, founder and managing member of ESL Investments, is a value investor who started out working under Bob Rubin at the arbitrage desk of Goldman Sachs. When he left Goldman to start ESL in 1988, he received the support of Texas investor Richard Rainwater. Lampert compounded ESL’s capital at rates of more than 25% per annum for many years. His largest investment was the much-publicized taking control of Kmart during Kmart’s bankruptcy process in 2002. Lampert engineered the merger of Kmart and Sears in 2004. He is currently chairman and chief capital allocator of the combined firm, Sears Holdings (SHLD). He also still manages his investment partnership, which holds a concentrated investment portfolio. MOI Signal Rank™ – Top Current Ideas of ESL Investments

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Gap / GPS 11,199 19.22 -15% 27,076 >100% 5% 5% 11x 9x 3.0x 2 Big Lots / BIG 2,523 33.55 -23% 1,300 new 2% 0% 11x 10x 2.7x 3 Sears Holdings / SHLD 7,759 72.04 -13% 48,180 0% 45% 35% n/m n/m 2.1x 4 AutoNation / AN 4,894 33.09 -6% 62,227 0% 42% 21% 18x 15x 6.5x 5 Seagate Technology / STX 7,281 16.93 17% 7,954 >100% 2% 1% n/a n/a 2.9x 6 Cisco Systems / CSCO 91,378 16.53 -4% 7,313 14% <1% 1% 10x 10x 3.3x 7 CIT Group / CIT 8,414 41.96 -1% 4,146 16% 2% 2% >99x 29x 1.0x 8 Genworth Financial / GNW 5,455 11.12 -17% 10,863 0% 2% 1% 11x 7x .5x 9 AutoZone / AZO 11,675 276.60 1% 10,574 -6% 25% 29% 15x 13x n/m 10 Capital One / COF 25,285 55.07 6% 7,344 0% 2% 4% 8x 10x 1.9x

Top Holdings of ESL Investments – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Sears Holdings / SHLD 7,759 72.04 -13% 48,180 0% 45% 35% n/m n/m 2.1x 2 AutoZone / AZO 11,675 276.60 1% 10,574 -6% 25% 29% 15x 13x n/m 3 AutoNation / AN 4,894 33.09 -6% 62,227 0% 42% 21% 18x 15x 6.5x 4 Gap / GPS 11,199 19.22 -15% 27,076 >100% 5% 5% 11x 9x 3.0x 5 Capital One / COF 25,285 55.07 6% 7,344 0% 2% 4% 8x 10x 1.9x 6 CIT Group / CIT 8,414 41.96 -1% 4,146 16% 2% 2% >99x 29x 1.0x 7 Seagate Technology / STX 7,281 16.93 17% 7,954 >100% 2% 1% n/a n/a 2.9x 8 Cisco Systems / CSCO 91,378 16.53 -4% 7,313 14% <1% 1% 10x 10x 3.3x 9 Genworth Financial / GNW 5,455 11.12 -17% 10,863 0% 2% 1% 11x 7x .5x 10 Big Lots / BIG 2,523 33.55 -23% 1,300 new 2% 0% 11x 10x 2.7x

New Positions Sold Out Positions Big Lots / BIG H&R Block / HRB Portfolio Metrics * Sector Weightings *









Services90%

Financial7%

Technology3%




Fairfax (Prem Watsa) Prem Watsa is the founder, chairman and CEO of Fairfax (Toronto: FFH), a Canadian property/casualty insurance and reinsurance firm. While managing Fairfax’s investment portfolio over the past couple of decades, Watsa has built a reputation as an astute value investor. Some have called him “Warren Buffett of Canada.” MOI Signal Rank™ – Top Current Ideas of Fairfax



1 AbitibiBowater / ABH 2,260 23.25 -13% 17,008 29% 17% 13% 10x 6x .6x 2 Overstock.com / OSTK 319 13.72 -13% 3,389 0% 15% 1% 39x 29x >9.9x 3 Intel / INTC 123,112 23.22 15% 11,500 new <1% 9% 10x 10x 3.9x 4 International Coal / ICO 2,960 14.50 28% 22,578 0% 11% 11% 23x 13x 4.0x 5 Level 3 Comms / LVLT 3,340 1.96 33% 139,276 0% 8% 9% n/m n/m n/m 6 SandRidge Energy / SD 4,285 10.45 -18% 21,308 0% 5% 7% 65x 20x 4.3x 7 USG / USG 1,449 14.04 -16% 6,794 0% 7% 3% n/m n/m 3.1x 8 Wells Fargo / WFC 148,095 28.00 -12% 4,512 0% <1% 4% 10x 8x 2.1x 9 Baldwin & Lyons / BWINB 323 21.83 -7% 970 0% 7% 1% 24x 15x .9x 10 Frontier Comms / FTR 8,768 8.81 7% 18,620 0% 2% 5% 31x 27x n/m

Top Holdings of Fairfax – By Dollar Value



1 AbitibiBowater / ABH 2,260 23.25 -13% 17,008 29% 17% 13% 10x 6x .6x 2 Dell / DELL 30,527 16.01 10% 22,693 0% 1% 12% 9x 8x >9.9x 3 Johnson & Johnson / JNJ 180,066 65.69 11% 5,184 -25% <1% 11% 13x 12x 7.2x 4 International Coal / ICO 2,960 14.50 28% 22,578 0% 11% 11% 23x 13x 4.0x 5 Level 3 Comms / LVLT 3,340 1.96 33% 139,276 0% 8% 9% n/m n/m n/m 6 Intel / INTC 123,112 23.22 15% 11,500 new <1% 9% 10x 10x 3.9x 7 SandRidge Energy / SD 4,285 10.45 -18% 21,308 0% 5% 7% 65x 20x 4.3x 8 Kraft Foods / KFT 61,930 35.23 12% 5,366 0% <1% 6% 16x 14x n/m 9 Frontier Comms / FTR 8,768 8.81 7% 18,620 0% 2% 5% 31x 27x n/m 10 Wells Fargo / WFC 148,095 28.00 -12% 4,512 0% <1% 4% 10x 8x 2.1x

New Positions Sold Out Positions Intel / INTC None Portfolio Metrics * Sector Weightings *, **








* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Fairfax’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Technology23%

Energy18%

Services17%

Other42%




Fairholme (Bruce Berkowitz) Bruce Berkowitz, manager of The Fairholme Fund, has been one of the most successful value-oriented investors of the past decade. From inception on December 29, 1999 through December 31, 2009, The Fairholme Fund delivered a cumulative return, net of expenses, of 253%, versus a return of -9%, before expenses, for the S&P 500 Index. This translates into annualized performance of 13.4% and -0.9% for The Fairholme Fund and the S&P 500 Index, respectively. MOI Signal Rank™ – Top Current Ideas of Fairholme

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 AIG / AIG 55,340 30.80 -12% 67,920 53% 4% 15% 9x 10x .7x 2 Sears Holdings / SHLD 7,759 72.04 -13% 16,314 9% 15% 8% n/m n/m 2.1x 3 MBIA / MBI 1,740 8.71 -13% 41,254 7% 21% 3% n/m n/m 1.0x 4 Bank of America / BAC 117,340 11.58 -13% 92,649 1% <1% 7% 11x 7x 1.0x 5 Citigroup / C 119,805 41.02 -7% 25,844 9% <1% 7% 10x 8x .9x 6 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 9 8% <1% 8% 19x 16x 1.8x 7 Brookfield Asset / BAM 39,698 33.10 2% 27,500 new 2% 6% n/a n/a 4.8x 8 Goldman Sachs / GS 69,889 134.99 -15% 6,702 14% 1% 6% 9x 7x 1.1x 9 Morgan Stanley / MS 36,859 23.83 -13% 38,891 1% 3% 6% 11x 8x 1.0x 10 Telefonica / TEF 109,183 23.77 -6% 26,728 new <1% 4% 9x 9x n/m

Top Holdings of Fairholme – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 AIG / AIG 55,340 30.80 -12% 67,920 53% 4% 15% 9x 10x .7x 2 Sears Holdings / SHLD 7,759 72.04 -13% 16,314 9% 15% 8% n/m n/m 2.1x 3 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 9 8% <1% 8% 19x 16x 1.8x 4 Bank of America / BAC 117,340 11.58 -13% 92,649 1% <1% 7% 11x 7x 1.0x 5 Citigroup / C 119,805 41.02 -7% 25,844 9% <1% 7% 10x 8x .9x 6 Morgan Stanley / MS 36,859 23.83 -13% 38,891 1% 3% 6% 11x 8x 1.0x 7 Brookfield Asset / BAM 39,698 33.10 2% 27,500 new 2% 6% n/a n/a 4.8x 8 Goldman Sachs / GS 69,889 134.99 -15% 6,702 14% 1% 6% 9x 7x 1.1x 9 Regions Financial / RF 8,733 6.95 -4% 124,035 0% 10% 6% 99x 11x 1.2x 10 CIT Group / CIT 8,414 41.96 -1% 19,862 -1% 10% 6% >99x 29x 1.0x

New Positions Sold Out Positions AstraZeneca / AZN Bristol Myers Squibb / BMY Brookfield Asset / BAM Cisco Systems / CSCO

Eli Lilly / LLY GlaxoSmithKline / GSK Telefonica / TEF

General Electric / GE General Growth / GGP Humana / HUM WellCare / WCG










Financial64%

Services25%

Conglomerates5%

Other6%




Force Capital (Robert Jaffe) Robert Jaffe founded Force Capital Management in 2002 after eight years at Steve Cohen’s SAC Capital. MOI Signal Rank™ – Top Current Ideas of Force Capital Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Gap / GPS 11,199 19.22 -15% 1,361 new <1% 8% 11x 9x 3.0x 2 Bank of America / BAC 117,340 11.58 -13% 2,494 >100% <1% 9% 11x 7x 1.0x 3 Shutterfly / SFLY 1,912 56.61 8% 452 85% 1% 8% >99x 53x 7.0x 4 Copart / CPRT 3,259 46.36 7% 500 4% <1% 7% 21x 18x 7.2x 5 Equinix / EQIX 4,720 100.76 11% 203 new <1% 6% 48x 33x 4.5x 6 First Indust. Realty / FR 743 11.65 -44% 1,847 46% 3% 7% n/m 14x .9x 7 AutoNation / AN 4,894 33.09 -6% 589 68% <1% 6% 18x 15x 6.5x 8 RAIT Financial Trust / RAS 232 2.03 -17% 885 >100% <1% 1% n/m n/m .2x 9 Endurance Specialty / ENH 1,699 41.94 -14% 86 new <1% 1% 38x 8x .8x 10 SL Green Realty / SLG 7,066 85.25 13% 215 47% <1% 6% 39x 54x 1.6x

Top Holdings of Force Capital Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Sears Holdings / SHLD 7,759 72.04 -13% 407 -40% <1% 9% n/m n/m 2.1x 2 Bank of America / BAC 117,340 11.58 -13% 2,494 >100% <1% 9% 11x 7x 1.0x 3 Gap / GPS 11,199 19.22 -15% 1,361 new <1% 8% 11x 9x 3.0x 4 Shutterfly / SFLY 1,912 56.61 8% 452 85% 1% 8% >99x 53x 7.0x 5 Copart / CPRT 3,259 46.36 7% 500 4% <1% 7% 21x 18x 7.2x 6 First Indust. Realty / FR 743 11.65 -44% 1,847 46% 3% 7% n/m 14x .9x 7 Equinix / EQIX 4,720 100.76 11% 203 new <1% 6% 48x 33x 4.5x 8 AutoNation / AN 4,894 33.09 -6% 589 68% <1% 6% 18x 15x 6.5x 9 SL Green Realty / SLG 7,066 85.25 13% 215 47% <1% 6% 39x 54x 1.6x 10 J.C. Penney / JCP 8,298 36.10 1% 334 -39% <1% 4% 16x 14x 1.7x

New Positions Sold Out Positions Alexander & Baldwin / ALEX Amazon.com / AMZN BankUnited / BKU Charter Comms / CHTR Coherent / COHR CompuCredit / CCRT Endurance Specialty / ENH

Entertainment Prop. / EPR Equinix / EQIX FelCor Lodging / FCH Gap / GPS Hovnanian Enterprises / HOV Iron Mountain / IRM TravelCenters / TA

Citigroup / C General Growth / GGP Goldman Sachs / GS Lockheed Martin / LMT SodaStream / SODA










Services69%

Financial11%

Consumer Cyclical

8%

Other13%




Gates Capital (Jeff Gates) Jeff Gates has 25+ years of experience identifying undervalued securities. He started the ECF Value Fund in 1996 after spending 10+ years in high yield bond research and sales, including as a director at Schroder & Co. MOI Signal Rank™ – Top Current Ideas of Gates Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Solutia / SOA 2,937 24.02 -5% 2,756 7% 2% 9% 11x 9x n/m 2 Snap-on / SNA 3,529 60.63 1% 718 14% 1% 6% 14x 13x 7.5x 3 Blount International / BLT 832 17.11 7% 3,236 4% 7% 8% 15x 13x n/m 4 KAR Auction / KAR 2,685 19.76 29% 2,699 43% 2% 8% 16x 15x n/m 5 C.R. Bard / BCR 9,561 111.62 12% 344 new <1% 5% 17x 16x >9.9x 6 Coca-Cola Enterprise / CCE 9,578 29.47 8% 1,287 31% <1% 5% 14x 12x n/m 7 McGraw-Hill / MHP 13,041 42.80 9% 755 21% <1% 5% 15x 14x n/m 8 Masco / MAS 5,103 14.25 2% 1,683 new <1% 3% 65x 27x n/m 9 Ashland / ASH 4,766 60.22 4% 263 new <1% 2% 16x 12x 3.8x 10 Dover Downs Gaming / DDE 112 3.44 -4% 2,812 0% 9% 1% 10x n/a 1.0x

Top Holdings of Gates Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Solutia / SOA 2,937 24.02 -5% 2,756 7% 2% 9% 11x 9x n/m 2 Blount International / BLT 832 17.11 7% 3,236 4% 7% 8% 15x 13x n/m 3 KAR Auction / KAR 2,685 19.76 29% 2,699 43% 2% 8% 16x 15x n/m 4 Copart / CPRT 3,259 46.36 7% 1,094 -35% 2% 7% 21x 18x 7.2x 5 Snap-on / SNA 3,529 60.63 1% 718 14% 1% 6% 14x 13x 7.5x 6 C.R. Bard / BCR 9,561 111.62 12% 344 new <1% 5% 17x 16x >9.9x 7 Coca-Cola Enterprise / CCE 9,578 29.47 8% 1,287 31% <1% 5% 14x 12x n/m 8 Darling / DAR 2,114 18.07 18% 1,989 -12% 2% 5% 11x 11x >9.9x 9 Bed Bath & Beyond / BBBY 13,461 53.83 12% 622 6% <1% 5% 15x 13x 3.4x 10 McGraw-Hill / MHP 13,041 42.80 9% 755 21% <1% 5% 15x 14x n/m

New Positions Sold Out Positions Ashland / ASH C.R. Bard / BCR Masco / MAS Richardson Electron. / RELL

Advance Auto Parts / AAP Domtar / UFS Eagle Materials / EXP Methanex / MEOH W.R. Grace / GRA










Services32%


15%

Basic Materials

14%

Other39%




Glenview (Larry Robbins) Larry Robbins founded Glenview after working for buyout specialist Leon Cooperman’s Omega Advisors. Robbins’ hedge fund utilizes various value-oriented investment strategies in order to generate absolute returns. MOI Signal Rank™ – Top Current Ideas of Glenview Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Citigroup / C 119,805 41.02 -7% 12,833 >100% <1% 7% 10x 8x .9x 2 CVS Caremark / CVS 52,068 38.40 12% 8,922 21% <1% 5% 14x 12x >9.9x 3 Aetna / AET 17,100 45.06 20% 6,475 >100% 2% 4% 10x 10x 4.2x 4 Meritor / MTOR 1,553 16.44 -3% 5,389 33% 6% 1% 22x 7x n/m 5 Aon / AON 17,264 52.23 -1% 4,614 0% 1% 3% 15x 13x n/m 6 Pfizer / PFE 163,474 20.69 2% 9,740 new <1% 3% 9x 9x n/m 7 HCA / HCA 17,857 34.63 2% 2,941 new <1% 1% 12x 11x n/m 8 State Street / STT 23,609 46.84 4% 1,689 new <1% 1% 12x 11x 2.3x 9 Goodrich Corp. / GR 11,202 89.71 5% 2,110 >100% 2% 3% 16x 14x 9.9x 10 Tyco International / TYC 23,091 49.24 10% 5,691 5% 1% 4% n/a n/a >9.9x

Top Holdings of Glenview Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Citigroup / C 119,805 41.02 -7% 12,833 >100% <1% 7% 10x 8x .9x 2 McKesson / MCK 21,448 85.07 8% 5,950 -6% 2% 7% 14x 12x >9.9x 3 Life Technologies / LIFE 9,650 53.98 3% 8,968 -5% 5% 7% 14x 12x n/m 4 CVS Caremark / CVS 52,068 38.40 12% 8,922 21% <1% 5% 14x 12x >9.9x 5 Express Scripts / ESRX 31,757 59.98 8% 4,877 -35% <1% 4% 19x 15x n/m 6 Aetna / AET 17,100 45.06 20% 6,475 >100% 2% 4% 10x 10x 4.2x 7 Tyco International / TYC 23,091 49.24 10% 5,691 5% 1% 4% n/a n/a >9.9x 8 Thermo Fisher / TMO 24,981 65.18 17% 4,279 0% 1% 4% 16x 14x >9.9x 9 Fidelity National / FIS 9,773 31.96 -2% 8,519 -6% 3% 4% 14x 12x n/m 10 Aon / AON 17,264 52.23 -1% 4,614 0% 1% 3% 15x 13x n/m

New Positions Sold Out Positions Amdocs / DOX AmerisourceBergen / ABC Babcock & Wilcox / BWC Cardinal Health / CAH DSW / DSW Family Dollar Stores / FDO HCA / HCA Health Mgmt Assoc. / HMA

JPMorgan Chase / JPM LifePoint Hospitals / LPNT MetLife / MET Pfizer / PFE Retail Ventures / RVI State Street / STT Time Warner Cable / TWC UnitedHealth / UNH

AIG / AIG Baxter International / BAX Chimera Investment / CIM Cisco Systems / CSCO CIT Group / CIT Computer Sciences / CSC EMC / EMC General Motors / GM

Live Nation / LYV Louisiana-Pacific / LPX Owens Corning / OC Pitney Bowes / PBI Republic Services / RSG Staples / SPLS Talecris Bio / TLCR Waters / WAT










Financial29%

Health Care23%

Services21%

Other27%




GoldenTree (Steve Tananbaum) Steve Tananbaum founded GoldenTree Asset Management in 2000. Prior to starting GoldenTree, Tananbaum spent more than ten years at MacKay Shields, including as lead portfolio manager of the firm’s hedge fund area. Prior to MacKay Shields, Tananbaum worked on high yield and M&A transactions in the corporate finance department of Kidder, Peabody. MOI Signal Rank™ – Top Current Ideas of GoldenTree Asset Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Whiting Petroleum / WLL 7,634 65.04 -11% 283 new <1% 7% 14x 12x 3.0x 2 Gannett / GCI 3,530 14.68 -4% 2,743 new 1% 16% 7x 6x n/m 3 Charter Comms / CHTR 6,272 57.00 13% 555 >100% <1% 13% >99x 28x n/m 4 Popular / BPOP 2,989 2.92 0% 4,661 12% <1% 6% 17x 8x 1.0x 5 Capital One / COF 25,285 55.07 6% 203 new <1% 5% 8x 10x 1.9x 6 Safeway / SWY 8,923 25.20 7% 437 new <1% 4% 15x 13x 2.0x 7 Avnet / AVT 5,578 36.51 7% 306 new <1% 5% 9x 8x 2.0x 8 Macy’s / M 12,191 28.63 18% 414 new <1% 5% 11x 10x 9.3x 9 LifePoint Hospitals / LPNT 2,164 41.23 3% 302 >100% <1% 5% 13x 12x 6.4x 10 Rowan Companies / RDC 5,016 39.35 -11% 274 new <1% 4% 17x 10x 1.3x

Top Holdings of GoldenTree Asset Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Gannett / GCI 3,530 14.68 -4% 2,743 new 1% 16% 7x 6x n/m 2 Charter Comms / CHTR 6,272 57.00 13% 555 >100% <1% 13% >99x 28x n/m 3 Whiting Petroleum / WLL 7,634 65.04 -11% 283 new <1% 7% 14x 12x 3.0x 4 Viacom / VIA.B 30,485 51.29 10% 289 -15% <1% 6% 14x 12x n/m 5 Popular / BPOP 2,989 2.92 0% 4,661 12% <1% 6% 17x 8x 1.0x 6 LifePoint Hospitals / LPNT 2,164 41.23 3% 302 >100% <1% 5% 13x 12x 6.4x 7 Macy’s / M 12,191 28.63 18% 414 new <1% 5% 11x 10x 9.3x 8 Avnet / AVT 5,578 36.51 7% 306 new <1% 5% 9x 8x 2.0x 9 Capital One / COF 25,285 55.07 6% 203 new <1% 5% 8x 10x 1.9x 10 Safeway / SWY 8,923 25.20 7% 437 new <1% 4% 15x 13x 2.0x

New Positions Sold Out Positions Alcoa / AA Avnet / AVT Capital One / COF Dana Holding / DAN Gannett / GCI

Kroger / KR Macy’s / M Rowan Companies / RDC Safeway / SWY Whiting Petroleum / WLL

CapitalSource / CSE Discover Financial / DFS Fortress Investment / FIG Jo-Ann Stores / JAS OfficeMax / OMX

Sprint Nextel / S SRA International / SRX Tenet Healthcare / THC Tenneco / TEN










Services51%

Financial14%

Energy12%

Other23%




Greenlight (David Einhorn) David Einhorn is the founder of Greenlight Capital, a value-oriented, research-driven investment firm with a market-beating long-term track record. Since inception in May 1996, Greenlight has reported a compounded annual return, net of fees and expenses, of approximately 20%. David is author of Fooling Some of the People All of the Time. MOI Signal Rank™ – Top Current Ideas of Greenlight

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 BioFuel Energy / BIOF 69 0.56 -32% 22,291 >100% 18% 0% n/a n/a .7x 2 Pfizer / PFE 163,474 20.69 2% 24,954 8% <1% 10% 9x 9x n/m 3 Einstein Noah / BAGL 255 15.29 -6% 10,733 0% 64% 3% 18x 16x >9.9x 4 Apple / AAPL 309,996 335.22 -4% 838 0% <1% 6% 14x 12x 5.1x 5 Sprint Nextel / S 16,365 5.47 18% 55,900 0% 2% 6% n/m n/m n/m 6 Travelers / TRV 26,075 62.25 5% 4,198 97% 1% 5% 10x 10x 1.2x 7 Microsoft / MSFT 206,519 24.49 -4% 9,069 18% <1% 4% 9x 9x 5.2x 8 Employers Holdings / EIG 621 16.10 -22% 2,325 0% 6% 1% 34x 19x 1.4x 9 Xerox / XRX 14,166 10.11 -5% 13,227 new <1% 3% 9x 8x >9.9x 10 Yahoo! / YHOO 21,238 16.30 -2% 8,500 new <1% 3% 21x 18x 2.4x

Top Holdings of Greenlight – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Pfizer / PFE 163,474 20.69 2% 24,954 8% <1% 10% 9x 9x n/m 2 Sprint Nextel / S 16,365 5.47 18% 55,900 0% 2% 6% n/m n/m n/m 3 Cardinal Health / CAH 15,748 44.92 9% 6,602 -38% 2% 6% 17x 15x >9.9x 4 CareFusion / CFN 6,444 28.84 2% 10,025 -25% 4% 6% 18x 15x 5.7x 5 Apple / AAPL 309,996 335.22 -4% 838 0% <1% 6% 14x 12x 5.1x 6 CIT Group / CIT 8,414 41.96 -1% 6,663 -9% 3% 6% >99x 29x 1.0x 7 Travelers / TRV 26,075 62.25 5% 4,198 97% 1% 5% 10x 10x 1.2x 8 Ensco / ESV 7,981 55.64 -4% 4,407 -51% 3% 5% 15x 10x 1.4x 9 Microsoft / MSFT 206,519 24.49 -4% 9,069 18% <1% 4% 9x 9x 5.2x 10 Becton Dickinson / BDX 19,447 88.90 12% 2,362 22% 1% 4% 16x 14x 5.9x

New Positions Sold Out Positions Amdocs / DOX Best Buy / BBY CVS Caremark / CVS General Motors / GM

HCA / HCA Seagate Technology / STX Xerox / XRX Yahoo! / YHOO

Capitol Federal / CFFN Everest Re / RE Flagstar Bancorp / FBC Health Mgmt Assoc. / HMA

Health Net / HNT Potash / POT Verigy / VRGY










Health Care28%

Services22%

Technology19%

Other30%


http://www.amazon.com/gp/product/0470073942?ie=UTF8&tag=permanentvalu-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470073942�



H Partners (Rehan Jaffer) Rehan Jaffer honed his investment approach at Dan Loeb’s activist hedge fund Third Point. He joined River Run Partners in 2004 and started H Partners shortly thereafter. Loeb was quoted in the book Hedge Hunters as saying the following about Jaffer: “He is super-hungry. He’s got a good nose. He’s very intelligent. So he’s got a great combination of having a high IQ, really strong financial analytics, a great nose for value, and great trader sense.” MOI Signal Rank™ – Top Current Ideas of H Partners

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 W.R. Grace / GRA 3,313 45.11 18% 1,255 57% 2% 8% 14x 13x n/m 2 Boyd Gaming / BYD 815 9.45 1% 3,550 15% 4% 5% n/m 47x 1.8x 3 NASDAQ OMX / NDAQ 4,505 25.50 -1% 725 new <1% 3% 10x 9x n/m 4 Sealy Corp. / ZZ 272 2.77 9% 4,720 new 5% 2% 28x 18x n/m 5 Leap Wireless / LEAP 1,258 16.00 3% 3,750 0% 5% 8% n/m n/m n/m 6 Six Flags / SIX 2,103 76.28 6% 6,655 0% 24% 69% >99x 50x n/m 7 Pulte Homes / PHM 2,959 7.73 4% 1,150 35% <1% 1% n/m 30x 1.8x 8 Foster Wheeler / FWLT 4,144 33.44 -11% 775 -18% <1% 4% n/a n/a 4.9x 9 CF Industries / CF 9,941 139.06 2% 80 -60% <1% 2% 9x 10x 4.3x

Top Holdings of H Partners – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Six Flags / SIX 2,103 76.28 6% 6,655 0% 24% 69% >99x 50x n/m 2 Leap Wireless / LEAP 1,258 16.00 3% 3,750 0% 5% 8% n/m n/m n/m 3 W.R. Grace / GRA 3,313 45.11 18% 1,255 57% 2% 8% 14x 13x n/m 4 Boyd Gaming / BYD 815 9.45 1% 3,550 15% 4% 5% n/m 47x 1.8x 5 Foster Wheeler / FWLT 4,144 33.44 -11% 775 -18% <1% 4% n/a n/a 4.9x 6 NASDAQ OMX / NDAQ 4,505 25.50 -1% 725 new <1% 3% 10x 9x n/m 7 Sealy Corp. / ZZ 272 2.77 9% 4,720 new 5% 2% 28x 18x n/m 8 CF Industries / CF 9,941 139.06 2% 80 -60% <1% 2% 9x 10x 4.3x 9 Pulte Homes / PHM 2,959 7.73 4% 1,150 35% <1% 1% n/m 30x 1.8x

New Positions Sold Out Positions NASDAQ OMX / NDAQ Sealy Corp. / ZZ

LyondellBasell / LYB M.D.C. Holdings / MDC Rowan Companies / RDC










Services82%

Basic Materials

9%

Capital Goods5%

Other4%




Harbinger (Phil Falcone) Phil Falcone founded Harbinger Capital Partners in 2001 in order to capitalize on distressed investment opportunities. The firm has since expanded into special situation investments and other value-oriented investment strategies. MOI Signal Rank™ – Top Current Ideas of Harbinger Capital



1 Petrohawk Energy / HK 7,789 25.64 4% 1,213 new <1% 3% 27x 15x 3.1x 2 Harbinger Group / HRG 866 6.22 19% 117,425 >100% 84% 63% n/a n/a n/m 3 Crosstex Energy / XTXI 443 9.40 -5% 4,600 2% 10% 4% >99x 63x n/m 4 Cliffs Natural / CLF 11,667 86.01 -12% 450 0% <1% 3% 7x 6x 3.0x 5 Bunge / BG 10,868 73.83 2% 270 new <1% 2% 12x 11x 1.0x 6 Media General / MEG 104 4.50 -35% 162 0% <1% 0% n/m n/m n/m 7 Radian Group / RDN 584 4.39 -36% 1,925 -21% 1% 1% n/m 6x .6x 8 New York Times / NYT 1,126 7.69 -19% 2,214 -41% 2% 1% 15x 11x >9.9x 9 Barclays / BCS 54,106 17.78 -2% 744 -15% <1% 1% 11x 9x .8x 10 Constellation Energy / CEG 7,476 37.39 20% 113 0% <1% 0% 12x 15x 1.0x

Top Holdings of Harbinger Capital – By Dollar Value



1 Harbinger Group / HRG 866 6.22 19% 117,425 >100% 84% 63% n/a n/a n/m 2 Spectrum Brands / SPB 1,765 34.66 25% 6,500 -80% 13% 20% 17x 14x n/m 3 Crosstex Energy / XTXI 443 9.40 -5% 4,600 2% 10% 4% >99x 63x n/m 4 Cliffs Natural / CLF 11,667 86.01 -12% 450 0% <1% 3% 7x 6x 3.0x 5 Petrohawk Energy / HK 7,789 25.64 4% 1,213 new <1% 3% 27x 15x 3.1x 6 Bunge / BG 10,868 73.83 2% 270 new <1% 2% 12x 11x 1.0x 7 New York Times / NYT 1,126 7.69 -19% 2,214 -41% 2% 1% 15x 11x >9.9x 8 Barclays / BCS 54,106 17.78 -2% 744 -15% <1% 1% 11x 9x .8x 9 Corn Products / CPO 4,166 54.52 5% 200 -93% <1% 1% 12x 11x 3.5x 10 Radian Group / RDN 584 4.39 -36% 1,925 -21% 1% 1% n/m 6x .6x

New Positions Sold Out Positions Bunge / BG GenOn Energy / GEN Petrohawk Energy / HK

EXCO Resources / XCO Reddy Ice / FRZ









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A material portion of assets managed by Phil Falcone may be invested in private, non-equity or non-U.S. securities, which are not shown here.

Financial69%

Technology21%

Basic Materials

4%

Other7%




Hawkshaw (Kian Ghazi) Kian Ghazi co-founded long/short investment partnership Hawkshaw in 2002. Ghazi looks for investments in which there is a disconnect between near-term market expectations and longer-term intrinsic value. He relies on in-depth primary research to form investment theses on individual companies. MOI Signal Rank™ – Top Current Ideas of Hawkshaw Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Ingram Micro / IM 3,060 19.00 -10% 361 new <1% 5% 10x 8x .9x 2 Symantec / SYMC 14,830 19.43 5% 958 1% <1% 14% 12x 11x n/m 3 Electronic Arts / ERTS 7,903 23.64 21% 911 2% <1% 17% 28x 21x 6.0x 4 Abercrombie & Fitch / ANF 6,516 74.22 26% 203 1% <1% 12% 24x 16x 3.4x 5 The Knot / KNOT 323 10.23 -15% 905 2% 3% 7% 85x 47x 2.6x 6 SPDR Gold Trust / GLD 57,949 147.48 5% 52 1% <1% 6% n/a n/a 1.6x 7 IAC/InterActiveCorp / IACI 3,238 35.96 16% 249 1% <1% 7% 21x 17x 2.8x 8 FalconStor Software / FALC 192 4.12 -9% 234 34% <1% 1% n/m >99x 6.2x 9 Aviat Networks / AVNW 278 4.58 -11% 2,139 0% 4% 8% n/m 20x 1.5x 10 AnnTaylor Stores / ANN 1,508 29.09 0% 209 -21% <1% 5% 16x 13x 4.2x

Top Holdings of Hawkshaw Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Electronic Arts / ERTS 7,903 23.64 21% 911 2% <1% 17% 28x 21x 6.0x 2 Symantec / SYMC 14,830 19.43 5% 958 1% <1% 14% 12x 11x n/m 3 Dell / DELL 30,527 16.01 10% 972 -5% <1% 12% 9x 8x >9.9x 4 Abercrombie & Fitch / ANF 6,516 74.22 26% 203 1% <1% 12% 24x 16x 3.4x 5 Aviat Networks / AVNW 278 4.58 -11% 2,139 0% 4% 8% n/m 20x 1.5x 6 The Knot / KNOT 323 10.23 -15% 905 2% 3% 7% 85x 47x 2.6x 7 IAC/InterActiveCorp / IACI 3,238 35.96 16% 249 1% <1% 7% 21x 17x 2.8x 8 SPDR Gold Trust / GLD 57,949 147.48 5% 52 1% <1% 6% n/a n/a 1.6x 9 Frozen Food Express / FFEX 68 3.89 13% 1,805 -2% 10% 5% n/a n/a 1.0x 10 Ingram Micro / IM 3,060 19.00 -10% 361 new <1% 5% 10x 8x .9x

New Positions Sold Out Positions Ingram Micro / IM Constant Contact / CTCT

Corporate Executive / EXBD SonoSite / SONO Universal Technical / UTI










Technology64%

Services23%

Financial8%

Other5%




Hound Partners (Jonathan Auerbach) Jonathan Auerbach is a “Tiger seed,” having received an early-stage investment from Julian Robertson. MOI Signal Rank™ – Top Current Ideas of Hound Partners

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Valeant Pharma / VRX 14,766 49.52 -1% 1,506 >100% <1% 16% n/a n/a n/m 2 Compass Minerals / CMP 2,969 90.31 -3% 413 27% 1% 8% 16x 14x 8.5x 3 Ascent Media / ASCMA 699 46.45 -5% 391 new 3% 4% n/a n/a n/m 4 W.R. Grace / GRA 3,313 45.11 18% 1,814 18% 2% 18% 14x 13x n/m 5 Liberty Interactive / LINTA 21,675 17.71 10% 2,371 3% <1% 9% 22x 18x n/m 6 Theravance / THRX 2,143 25.48 5% 1,018 73% 1% 6% n/m n/m n/m 7 SemGroup / SEMG 1,060 25.49 -9% 734 23% 2% 4% n/a n/a 1.5x 8 Carter’s / CRI 1,646 28.49 0% 1,005 34% 2% 6% 17x 13x 6.1x 9 Kinder Morgan Mgmt / KMR 6,053 64.73 0% 150 new <1% 2% 35x 28x 2.5x 10 Microsoft / MSFT 206,519 24.49 -4% 438 56% <1% 2% 9x 9x 5.2x

Top Holdings of Hound Partners – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 W.R. Grace / GRA 3,313 45.11 18% 1,814 18% 2% 18% 14x 13x n/m 2 Valeant Pharma / VRX 14,766 49.52 -1% 1,506 >100% <1% 16% n/a n/a n/m 3 Liberty Interactive / LINTA 21,675 17.71 10% 2,371 3% <1% 9% 22x 18x n/m 4 TransDigm / TDG 4,116 82.36 -2% 509 -8% 1% 9% 20x 17x n/m 5 Compass Minerals / CMP 2,969 90.31 -3% 413 27% 1% 8% 16x 14x 8.5x 6 Ensco / ESV 7,981 55.64 -4% 650 -11% <1% 8% 15x 10x 1.4x 7 Carter’s / CRI 1,646 28.49 0% 1,005 34% 2% 6% 17x 13x 6.1x 8 Theravance / THRX 2,143 25.48 5% 1,018 73% 1% 6% n/m n/m n/m 9 SemGroup / SEMG 1,060 25.49 -9% 734 23% 2% 4% n/a n/a 1.5x 10 Ascent Media / ASCMA 699 46.45 -5% 391 new 3% 4% n/a n/a n/m

New Positions Sold Out Positions Ascent Media / ASCMA Kinder Morgan Mgmt / KMR

Covanta / CVA EchoStar / SATS Heckmann / HEK Monsanto / MON Petrohawk Energy / HK










Basic Materials

28%

Services24%

Health Care22%

Other26%




Icahn Capital (Carl Icahn) Carl Icahn is an activist investor with a long track record of success agitating for change at underperforming companies. Carl publishes an activist investing blog entitled The Icahn Report at www.icahnreport.com.

Below we show public equity holdings disclosed by Icahn Capital LP. Certain other entities controlled by Carl are excluded. MOI Signal Rank™ – Top Current Ideas of Icahn Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Motorola Mobility / MMI 7,130 24.17 -1% 26,805 new 9% 11% 30x 14x 2.1x 2 Clorox / CLX 9,327 69.95 0% 10,000 new 7% 12% 18x 17x n/m 3 Motorola Solutions / MSI 15,883 46.78 5% 30,634 new 9% 24% 20x 18x 3.4x 4 Dynegy / DYN 724 5.95 5% 14,434 50% 12% 1% n/m n/m .3x 5 Hain Celestial / HAIN 1,457 33.52 4% 5,704 7% 13% 3% 25x 22x >9.9x 6 Lions Gate / LGF 816 5.97 -4% 35,714 0% 26% 4% n/a n/a n/m 7 Mentor Graphics / MENT 1,651 14.69 0% 12,896 0% 11% 3% 14x 12x 7.0x 8 Take-Two / TTWO 1,444 16.88 10% 9,845 0% 12% 3% 20x 15x 5.0x 9 Biogen Idec / BIIB 23,465 97.11 32% 12,860 0% 5% 21% 16x 16x 8.6x 10 Lawson Software / LWSN 1,822 11.11 -8% 14,279 5% 9% 3% 21x 18x n/m

Top Holdings of Icahn Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Motorola Solutions / MSI 15,883 46.78 5% 30,634 new 9% 24% 20x 18x 3.4x 2 Biogen Idec / BIIB 23,465 97.11 32% 12,860 0% 5% 21% 16x 16x 8.6x 3 Clorox / CLX 9,327 69.95 0% 10,000 new 7% 12% 18x 17x n/m 4 Motorola Mobility / MMI 7,130 24.17 -1% 26,805 new 9% 11% 30x 14x 2.1x 5 Lions Gate / LGF 816 5.97 -4% 35,714 0% 26% 4% n/a n/a n/m 6 Amylin Pharma / AMLN 1,997 13.69 20% 14,382 0% 10% 3% n/m n/m 5.9x 7 Hain Celestial / HAIN 1,457 33.52 4% 5,704 7% 13% 3% 25x 22x >9.9x 8 Mentor Graphics / MENT 1,651 14.69 0% 12,896 0% 11% 3% 14x 12x 7.0x 9 Take-Two / TTWO 1,444 16.88 10% 9,845 0% 12% 3% 20x 15x 5.0x 10 Lawson Software / LWSN 1,822 11.11 -8% 14,279 5% 9% 3% 21x 18x n/m

New Positions Sold Out Positions Amgen / AMGN Clorox / CLX Motorola Mobility / MMI Motorola Solutions / MSI Southern Union / SUG

Cadence Design / CDNS Masco / MAS Navistar / NAV









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets controlled by Carl Icahn may be attributed to entities other than Icahn Capital LP and are therefore not shown in the chart or tables.

Health Care32%

Capital Goods25%

Technology20%

Other22%


http://www.icahnreport.com/�



International Value Advisers (Charles de Vaulx) IVA was formed in 2007 and recently managed $16 billion. CIO Charles de Vaulx was previously portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds. At First Eagle, de Vaulx was mentored by, and ultimately succeeded, Jean-Marie Eveillard. de Vaulx is a value investor in the tradition of Graham and Dodd. MOI Signal Rank™ – Top Current Ideas of International Value Advisers

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Net1 UEPS / UEPS 374 8.21 -5% 9,211 53% 20% 2% 5x 5x n/m 2 Microsoft / MSFT 206,519 24.49 -4% 13,638 41% <1% 7% 9x 9x 5.2x 3 TOTAL / TOT 138,635 56.72 -7% 7,062 33% <1% 9% 7x 7x 1.8x 4 Dell / DELL 30,527 16.01 10% 17,562 44% <1% 6% 9x 8x >9.9x 5 Wal-Mart / WMT 192,754 55.29 6% 5,139 30% <1% 6% 12x 11x 4.0x 6 MasterCard / MA 33,493 277.57 10% 1,174 18% <1% 7% 16x 14x 8.5x 7 Hewlett-Packard / HPQ 77,858 35.98 -12% 7,498 69% <1% 6% 7x 7x n/m 8 Washington Post / WPO 3,305 416.67 -5% 456 23% 6% 4% 18x 25x 4.6x 9 Staples / SPLS 11,674 16.37 -16% 3,171 new <1% 1% 11x 10x 4.7x 10 SK Telecom / SKM 12,454 19.53 4% 12,191 20% 2% 5% 10x 9x 3.7x

Top Holdings of International Value Advisers – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 TOTAL / TOT 138,635 56.72 -7% 7,062 33% <1% 9% 7x 7x 1.8x 2 Microsoft / MSFT 206,519 24.49 -4% 13,638 41% <1% 7% 9x 9x 5.2x 3 MasterCard / MA 33,493 277.57 10% 1,174 18% <1% 7% 16x 14x 8.5x 4 Wal-Mart / WMT 192,754 55.29 6% 5,139 30% <1% 6% 12x 11x 4.0x 5 Dell / DELL 30,527 16.01 10% 17,562 44% <1% 6% 9x 8x >9.9x 6 Hewlett-Packard / HPQ 77,858 35.98 -12% 7,498 69% <1% 6% 7x 7x n/m 7 SK Telecom / SKM 12,454 19.53 4% 12,191 20% 2% 5% 10x 9x 3.7x 8 Washington Post / WPO 3,305 416.67 -5% 456 23% 6% 4% 18x 25x 4.6x 9 Aon / AON 17,264 52.23 -1% 3,444 -26% 1% 4% 15x 13x n/m 10 Costco Wholesale / COST 36,434 83.40 14% 2,004 22% <1% 4% 25x 22x 3.1x

New Positions Sold Out Positions CBS / CBS Colgate Palmolive / CL Energizer Holdings / ENR News Corp. / NWSA Staples / SPLS Texas Instruments / TXN

eBay / EBAY Int’l Speedway / ISCA Kelly Services / KELYA Sara Lee Corp. / SLE










Services37%

Technology30%

Energy13%

Other20%




Lane Five (Lisa Rapuano) Yale-educated Lisa Rapuano spent ten years at Legg Mason Capital Management and two years as co-CIO at Matador Capital Management prior to founding Lane Five in 2006. MOI Signal Rank™ – Top Current Ideas of Lane Five Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Skechers / SKX 903 18.13 -12% 199 new <1% 4% 17x 11x 1.0x 2 MedCath / MDTH 286 14.06 1% 409 0% 2% 6% >99x >99x 1.0x 3 Williams Controls / WMCO 86 11.75 6% 667 0% 9% 9% 14x 9x 5.6x 4 SBA Comms / SBAC 4,456 39.31 -1% 104 0% <1% 5% n/m n/m n/m 5 Ares Capital / ARCC 3,446 16.83 -1% 338 0% <1% 6% 12x 11x 1.1x 6 Bridgepoint Edu. / BPI 1,061 20.08 17% 116 >100% <1% 3% 8x 8x 3.8x 7 Capitol Federal / CFFN 1,900 11.74 4% 140 8% <1% 2% 30x 27x 2.0x 8 Ambassadors Group / EPAX 167 9.46 -14% 253 -4% 1% 3% 22x 17x 2.8x 9 Market Leader / LEDR 59 2.35 -6% 1,055 0% 4% 3% n/m >99x 1.5x 10 ITT Educational / ESI 1,923 68.49 -5% 23 0% <1% 2% 7x 9x >9.9x

Top Holdings of Lane Five Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Williams Controls / WMCO 86 11.75 6% 667 0% 9% 9% 14x 9x 5.6x 2 Learning Tree / LTRE 130 9.62 9% 694 -7% 5% 7% 29x 16x 3.6x 3 MasterCard / MA 33,493 277.57 10% 22 -28% <1% 7% 16x 14x 8.5x 4 Healthsouth / HLS 2,631 27.66 11% 209 -11% <1% 6% 20x 20x n/m 5 MedCath / MDTH 286 14.06 1% 409 0% 2% 6% >99x >99x 1.0x 6 Ares Capital / ARCC 3,446 16.83 -1% 338 0% <1% 6% 12x 11x 1.1x 7 Abercrombie & Fitch / ANF 6,516 74.22 26% 56 -21% <1% 5% 24x 16x 3.4x 8 SBA Comms / SBAC 4,456 39.31 -1% 104 0% <1% 5% n/m n/m n/m 9 American Public Ed. / APEI 778 43.51 8% 85 -30% <1% 4% 23x 19x 7.4x 10 Skechers / SKX 903 18.13 -12% 199 new <1% 4% 17x 11x 1.0x

New Positions Sold Out Positions Skechers / SKX CVS Caremark / CVS

Microsoft / MSFT Visa / V










Services46%

Financial25%

Health Care13%

Other16%




Leucadia (Ian Cumming and Joe Steinberg) Chairman Cumming and President Steinberg describe their approach in a 2008 letter: “We tend to be buyers of assets and companies that are troubled or out of favor and as a result are selling substantially below the values, which we believe, are there. From time to time, we sell parts of these operations when prices available in the market reach what we believe to be advantageous levels. While we are not perfect in executing this strategy, we are proud of our long-term track record. We are not income statement driven and do not run your company with an undue emphasis on either quarterly or annual earnings. We believe we are conservative in our accounting practices and policies and that our balance sheet is conservatively stated.” MOI Signal Rank™ – Top Current Ideas of Leucadia

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Mueller Industries / MLI 1,373 36.26 -1% 1,719 new 5% 5% 12x 11x 1.9x 2 Cowen / COWN 308 4.07 1% 994 new 1% 0% 9x 7x .7x 3 Jefferies / JEF 4,539 22.96 -8% 49,351 0% 25% 91% 14x 12x 2.1x 4 International Assets / INTL 459 25.25 -1% 1,385 0% 8% 3% n/a n/a 2.4x 5 Global Power Equip. / GLPW 456 29.46 7% 137 0% <1% 0% 20x 11x 5.1x 6 Capital Southwest / CSWC 356 94.73 3% 20 0% <1% 0% n/a n/a .7x 7 Winn-Dixie Stores / WINN 500 8.95 25% 16 0% <1% 0% n/m n/m .8x

Top Holdings of Leucadia – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Jefferies / JEF 4,539 22.96 -8% 49,351 0% 25% 91% 14x 12x 2.1x 2 Mueller Industries / MLI 1,373 36.26 -1% 1,719 new 5% 5% 12x 11x 1.9x 3 International Assets / INTL 459 25.25 -1% 1,385 0% 8% 3% n/a n/a 2.4x 4 Cowen / COWN 308 4.07 1% 994 new 1% 0% 9x 7x .7x 5 Global Power Equip. / GLPW 456 29.46 7% 137 0% <1% 0% 20x 11x 5.1x 6 Capital Southwest / CSWC 356 94.73 3% 20 0% <1% 0% n/a n/a .7x 7 Winn-Dixie Stores / WINN 500 8.95 25% 16 0% <1% 0% n/m n/m .8x

New Positions Sold Out Positions Cowen / COWN Mueller Industries / MLI

None




Median market value $458 million





* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Leucadia’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Financial95%

Basic Materials

5%




Lone Pine (Steve Mandel) Mandel founded long/short firm Lone Pine in 1997. He previously worked for Tiger Management, Goldman Sachs and Mars. MOI Signal Rank™ – Top Current Ideas of Lone Pine

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Crown Castle / CCI 12,018 41.38 -3% 12,086 62% 4% 4% 90x 56x n/m 2 Express Scripts / ESRX 31,757 59.98 8% 9,743 26% 2% 5% 19x 15x n/m 3 Dollar General / DG 11,485 33.63 7% 15,787 16% 5% 4% 15x 13x n/m 4 New Oriental Edu. / EDU 4,672 120.28 20% 2,008 new 5% 2% 48x 37x 9.4x 5 NetApp / NTAP 19,755 53.70 12% 8,795 90% 2% 4% 26x 24x 7.2x 6 Ctrip.com / CTRP 6,431 44.80 8% 7,895 83% 5% 3% 38x 30x 8.2x 7 iSoftStone / ISS 838 15.99 -14% 2,542 >100% 5% 0% 30x 23x 3.5x 8 Monsanto / MON 35,552 66.33 -8% 2,324 new <1% 1% 23x 20x 5.6x 9 VanceInfo / VIT 1,133 25.43 -19% 4,193 0% 9% 1% 26x 21x 4.3x 10 U.S. Bancorp / USB 48,552 25.20 -5% 6,541 new <1% 1% 12x 10x 3.0x

Top Holdings of Lone Pine – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Yum! Brands / YUM 26,193 56.26 9% 10,437 -15% 2% 5% 20x 18x >9.9x 2 Express Scripts / ESRX 31,757 59.98 8% 9,743 26% 2% 5% 19x 15x n/m 3 Dollar General / DG 11,485 33.63 7% 15,787 16% 5% 4% 15x 13x n/m 4 Apple / AAPL 309,996 335.22 -4% 1,555 -9% <1% 4% 14x 12x 5.1x 5 Crown Castle / CCI 12,018 41.38 -3% 12,086 62% 4% 4% 90x 56x n/m 6 NetApp / NTAP 19,755 53.70 12% 8,795 90% 2% 4% 26x 24x 7.2x 7 Cognizant Tech / CTSH 22,530 74.05 -9% 6,354 -2% 2% 4% 27x 22x 6.5x 8 Polo Ralph Lauren / RL 12,525 130.21 5% 3,583 3% 4% 4% 23x 20x 6.2x 9 Equinix / EQIX 4,720 100.76 11% 4,037 0% 9% 3% 48x 33x 4.5x 10 Goodrich Corp. / GR 11,202 89.71 5% 4,364 -3% 3% 3% 16x 14x 9.9x

New Positions Sold Out Positions Accretive Health / AH Citrix Systems / CTXS Coca-Cola / KO Monsanto / MON NetEase.com / NTES New Oriental Edu. / EDU News Corp. / NWSA

Nielsen / NLSN priceline.com / PCLN Royal Caribbean / RCL Sensata Tech / ST SolarWinds / SWI U.S. Bancorp / USB

Charles Schwab / SCHW Dick’s Sporting Goods / DKS Longtop Fin. Tech / LFT New Oriental Edu. / EDU Teck Resources / TCK Union Pacific / UNP Urban Outfitters / URBN










Services45%

Technology24%

Financial10%

Other22%




Markel Gayner (Tom Gayner) Tom Gayner has been President of Markel Gayner Asset Management since 1990 and EVP and CIO of Markel, a Richmond, Virginia-based international property and casualty insurance holding company, since 2004. Tom has been a disciplined steward of capital on behalf of Markel shareholders, and his long-term investment record is one of the best in the business. MOI Signal Rank™ – Top Current Ideas of Markel Gayner

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Brookfield Asset / BAM 39,698 33.10 2% 3,094 0% <1% 6% n/a n/a 4.8x 2 CarMax / KMX 6,638 29.39 -8% 5,219 0% 2% 8% 16x 14x 2.9x 3 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 2 0% <1% 13% 19x 16x 1.8x 4 Fairfax Financial / FRFHF 8,408 395.16 5% 279 0% 1% 6% n/a n/a 1.2x 5 Union Bankshares / UBSH 328 12.60 12% 3,505 0% 13% 2% 15x 12x 1.0x 6 Investors Title / ITIC 87 40.80 28% 229 0% 11% 1% 22x 20x .8x 7 Exxon Mobil / XOM 401,821 81.57 -3% 724 4% <1% 3% 9x 9x 2.7x 8 UPS / UPS 73,029 74.05 0% 719 2% <1% 3% 17x 15x >9.9x 9 Wal-Mart / WMT 192,754 55.29 6% 1,035 5% <1% 3% 12x 11x 4.0x 10 Marriott / MAR 13,354 37.16 4% 1,417 0% <1% 3% 26x 21x n/m

1 Markel acquired UBSH shares in connection with a merger of a Markel subsidiary with First Market Bank, a private company in which Markel was a shareholder. Top Holdings of Markel Gayner – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 2 0% <1% 13% 19x 16x 1.8x 2 CarMax / KMX 6,638 29.39 -8% 5,219 0% 2% 8% 16x 14x 2.9x 3 Fairfax Financial / FRFHF 8,408 395.16 5% 279 0% 1% 6% n/a n/a 1.2x 4 Diageo / DEO 52,037 83.22 9% 1,251 0% <1% 6% 16x 15x n/m 5 Brookfield Asset / BAM 39,698 33.10 2% 3,094 0% <1% 6% n/a n/a 4.8x 6 Walt Disney / DIS 78,441 41.50 -4% 1,486 0% <1% 3% 16x 14x >9.9x 7 Exxon Mobil / XOM 401,821 81.57 -3% 724 4% <1% 3% 9x 9x 2.7x 8 Wal-Mart / WMT 192,754 55.29 6% 1,035 5% <1% 3% 12x 11x 4.0x 9 UPS / UPS 73,029 74.05 0% 719 2% <1% 3% 17x 15x >9.9x 10 Marriott / MAR 13,354 37.16 4% 1,417 0% <1% 3% 26x 21x n/m

New Positions Sold Out Positions Contango Oil & Gas / MCF DST Systems / DST

Microsoft / MSFT Watsco / WSO

AbitibiBowater / ABH Fortune Brands / FO









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Markel Corp.’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Services33%

Financial31%


10%

Other26%




MHR (Mark Rachesky) Mark Rachesky worked for Carl Icahn from 1990 to 1996. He subsequently founded MHR Fund Management, which focuses on inefficient market sectors, including special situation equities and distressed investments. He runs a concentrated portfolio. MOI Signal Rank™ – Top Current Ideas of MHR Fund Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Lions Gate / LGF 816 5.97 -4% 40,221 2% 29% 11% n/a n/a n/m 2 Loral Space / LORL 1,392 65.70 -15% 8,130 0% 38% 25% n/a n/a 1.5x 3 Pride International / PDE 7,478 42.02 -2% 12,832 0% 7% 25% 16x 13x 1.6x 4 Key Energy Services / KEG 2,246 15.73 1% 16,666 0% 12% 12% 19x 11x 5.3x 5 Leap Wireless / LEAP 1,258 16.00 3% 15,538 0% 20% 12% n/m n/m n/m 6 Omega Navigation / ONAV 13 0.81 -19% 1,358 0% 8% 0% n/a n/a .1x 7 M & F Worldwide / MFW 434 22.42 -11% 747 0% 4% 1% n/a n/a n/m 8 L-1 Identity / ID 986 10.90 -7% 6,936 0% 8% 4% >99x 64x n/m 9 Rand Logistics / RLOG 95 7.05 -4% 462 0% 3% 0% 37x 18x 3.4x 10 MetroPCS / PCS 6,361 17.73 9% 12,820 0% 4% 11% 18x 13x >9.9x

Top Holdings of MHR Fund Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Pride International / PDE 7,478 42.02 -2% 12,832 0% 7% 25% 16x 13x 1.6x 2 Loral Space / LORL 1,392 65.70 -15% 8,130 0% 38% 25% n/a n/a 1.5x 3 Key Energy Services / KEG 2,246 15.73 1% 16,666 0% 12% 12% 19x 11x 5.3x 4 Leap Wireless / LEAP 1,258 16.00 3% 15,538 0% 20% 12% n/m n/m n/m 5 Lions Gate / LGF 816 5.97 -4% 40,221 2% 29% 11% n/a n/a n/m 6 MetroPCS / PCS 6,361 17.73 9% 12,820 0% 4% 11% 18x 13x >9.9x 7 L-1 Identity / ID 986 10.90 -7% 6,936 0% 8% 4% >99x 64x n/m 8 M & F Worldwide / MFW 434 22.42 -11% 747 0% 4% 1% n/a n/a n/m 9 Seahawk Drilling / HAWK 83 6.95 13% 1,174 0% 10% 0% n/m n/a .2x 10 Rand Logistics / RLOG 95 7.05 -4% 462 0% 3% 0% 37x 18x 3.4x

New Positions Sold Out Positions None ISTA Pharma / ISTA Portfolio Metrics * Sector Weightings *









Energy38%

Services34%

Technology28%




MSD Capital (Glenn Fuhrman and John Phelan) Glenn Fuhrman and John Phelan are co-managing partners and co-founders of MSD, having teamed up with Michael Dell to manage his personal capital in the late 1990s. Fuhrman previously spent ten years at Goldman Sachs, where he was head of the Special Investments Group. Phelan previously spent five years at Eddie Lampert’s ESL Investments. MOI Signal Rank™ – Top Current Ideas of MSD Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Asbury Automotive / ABG 523 15.90 -14% 3,686 0% 11% 6% 10x 8x 1.8x 2 School Specialty / SCHS 263 13.94 -3% 2,785 0% 15% 4% n/m n/m n/m 3 DineEquity / DIN 1,004 54.18 -1% 2,512 0% 14% 15% 12x 13x n/m 4 Macquarie Infrastr. / MIC 1,151 25.10 5% 3,532 0% 8% 10% 8x 8x n/m 5 Domino’s Pizza / DPZ 1,514 24.52 33% 4,744 0% 8% 13% 16x 14x n/m 6 Journal Comms / JRN 281 4.98 -17% 3,929 4% 7% 2% 14x 10x 2.9x 7 Buckeye Partners / BPL 5,874 63.30 0% 487 new <1% 3% 18x 17x 5.2x 8 Atlas Pipeline Part. / APL 1,872 34.99 1% 1,000 new 2% 4% 28x 18x 1.6x 9 Sunstone Hotel / SHO 1,141 9.65 -5% 4,033 -3% 3% 4% 28x >99x 1.4x 10 EchoStar / SATS 2,881 33.44 -12% 2,731 -26% 3% 10% 32x 23x 1.0x

Top Holdings of MSD Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 DineEquity / DIN 1,004 54.18 -1% 2,512 0% 14% 15% 12x 13x n/m 2 Domino’s Pizza / DPZ 1,514 24.52 33% 4,744 0% 8% 13% 16x 14x n/m 3 EchoStar / SATS 2,881 33.44 -12% 2,731 -26% 3% 10% 32x 23x 1.0x 4 Macquarie Infrastr. / MIC 1,151 25.10 5% 3,532 0% 8% 10% 8x 8x n/m 5 Wright Express / WXS 2,059 53.32 3% 1,635 -6% 4% 10% 15x 13x n/m 6 Energy XXI / EXXI 4,779 33.37 -2% 2,150 -57% 2% 8% 47x 13x 5.7x 7 Asbury Automotive / ABG 523 15.90 -14% 3,686 0% 11% 6% 10x 8x 1.8x 8 Nalco Holding / NLC 3,950 28.47 4% 1,827 -5% 1% 6% 17x 14x n/m 9 Tyler Tech / TYL 792 24.72 4% 1,950 -23% 6% 5% 32x 27x n/m 10 Sunstone Hotel / SHO 1,141 9.65 -5% 4,033 -3% 3% 4% 28x >99x 1.4x

New Positions Sold Out Positions Atlas Pipeline Part. / APL Buckeye Partners / BPL

Transatlantic Petro / TAT










Services60%

Energy15%

Transportation10%

Other15%




Pabrai Funds (Mohnish Pabrai) Mohnish Pabrai is founder and managing partner of Pabrai Investment Funds, a family of value-oriented investment partnerships with a fee structure similar to that of the Buffett Partnerships of the 1950s and ‘60s, i.e. no management fee and 25% performance fee above 6% annual hurdle rate. Pabrai Funds have a long-term track record vastly superior to that of the S&P 500 Index. Pabrai follows an investment strategy built upon the principles of Graham, Buffett and Greenblatt. MOI Signal Rank™ – Top Current Ideas of Pabrai Funds

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Potash / POT 44,701 52.04 -12% 995 >100% <1% 17% n/a n/a 6.3x 2 Pinnacle Airlines / PNCL 96 5.09 -11% 1,986 0% 10% 3% 7x 4x 1.3x 3 Brookfield Prop. / BPO 9,712 19.17 8% 2,359 0% <1% 15% n/a n/a 1.2x 4 Brookfield Infrastr. / BIP 2,773 24.55 10% 1,770 0% 2% 15% n/a n/a n/m 5 International Coal / ICO 2,960 14.50 28% 2,484 0% 1% 12% 23x 13x 4.0x 6 Horsehead / ZINC 554 12.69 -26% 1,357 0% 3% 6% 12x 9x 1.4x 7 Wells Fargo / WFC 148,095 28.00 -12% 389 1% <1% 4% 10x 8x 2.1x 8 Goldman Sachs / GS 69,889 134.99 -15% 111 0% <1% 5% 9x 7x 1.1x 9 CapitalSource / CSE 2,059 6.37 -10% 2,813 0% <1% 6% 28x 15x 1.1x 10 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 0 0% <1% 0% 19x 16x 1.8x

Top Holdings of Pabrai Funds – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Potash / POT 44,701 52.04 -12% 995 >100% <1% 17% n/a n/a 6.3x 2 Brookfield Prop. / BPO 9,712 19.17 8% 2,359 0% <1% 15% n/a n/a 1.2x 3 Brookfield Infrastr. / BIP 2,773 24.55 10% 1,770 0% 2% 15% n/a n/a n/m 4 International Coal / ICO 2,960 14.50 28% 2,484 0% 1% 12% 23x 13x 4.0x 5 Cresud / CRESY 927 17.00 -6% 1,286 -6% 2% 7% 25x 28x 1.8x 6 CapitalSource / CSE 2,059 6.37 -10% 2,813 0% <1% 6% 28x 15x 1.1x 7 Horsehead / ZINC 554 12.69 -26% 1,357 0% 3% 6% 12x 9x 1.4x 8 Goldman Sachs / GS 69,889 134.99 -15% 111 0% <1% 5% 9x 7x 1.1x 9 Air Transport / ATSG 493 7.69 -9% 1,418 -33% 2% 4% 11x 8x 2.4x 10 Wells Fargo / WFC 148,095 28.00 -12% 389 1% <1% 4% 10x 8x 2.1x

New Positions Sold Out Positions None Harvest Natural / HNR

Teck Resources / TCK










Basic Materials

30%

Services18%

Financial17%

Other35%




Paulson & Co. (John Paulson) John Paulson founded his firm with $2 million in 1994. He gained notoriety by profiting hugely from the crisis of 2008. MOI Signal Rank™ – Top Current Ideas of Paulson & Co.

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Transocean / RIG 22,230 69.51 -11% 24,468 >100% 8% 5% n/a n/a 1.6x 2 Fairpoint Comms / FRP 291 11.11 -34% 2,331 new 9% 0% n/a n/a 4.5x 3 SuperMedia / SPMD 61 3.95 -37% 2,608 0% 17% 0% n/a n/a n/m 4 Alpha Natural / ANR 6,049 50.05 -16% 12,000 new 10% 2% 10x 8x >9.9x 5 Weyerhaeuser / WY 11,720 21.76 -12% 31,700 new 6% 2% 45x 24x 2.5x 6 AngloGold Ashanti / AU 17,294 45.80 -4% 41,047 0% 11% 6% 11x 10x 4.4x 7 Lubrizol / LZ 8,633 134.28 0% 6,000 new 9% 2% 12x 11x 7.3x 8 Smurfit-Stone / SSCC 3,866 39.63 3% 9,150 new 9% 1% 16x 12x 1.5x 9 American Capital / ACAS 3,463 9.82 -1% 43,725 0% 12% 1% 12x 11x .8x 10 SPDR Gold Trust / GLD 57,949 147.48 5% 31,500 0% 8% 14% n/a n/a 1.6x

Top Holdings of Paulson & Co. – By Dollar Value



1 SPDR Gold Trust / GLD 57,949 147.48 5% 31,500 0% 8% 14% n/a n/a 1.6x 2 Bank of America / BAC 117,340 11.58 -13% 163,634 0% 2% 6% 11x 7x 1.0x 3 AngloGold Ashanti / AU 17,294 45.80 -4% 41,047 0% 11% 6% 11x 10x 4.4x 4 Transocean / RIG 22,230 69.51 -11% 24,468 >100% 8% 5% n/a n/a 1.6x 5 Citigroup / C 119,805 41.02 -7% 41,272 0% 1% 5% 10x 8x .9x 6 Anadarko Petroleum / APC 37,105 74.58 -9% 21,234 0% 4% 5% 23x 18x 2.4x 7 Capital One / COF 25,285 55.07 6% 21,993 0% 5% 4% 8x 10x 1.9x 8 Hartford Financial / HIG 12,063 27.09 1% 43,921 0% 10% 4% 7x 7x .6x 9 JPMorgan Chase / JPM 171,385 43.13 -6% 23,728 0% <1% 3% 9x 8x 1.6x 10 Comcast / CMCSA 68,525 25.12 2% 40,000 0% 1% 3% 16x 13x n/m

New Positions Sold Out Positions Alpha Natural / ANR Atheros Comms / ATHR Cooper Companies / COO Fairpoint Comms / FRP Family Dollar Stores / FDO First Horizon / FHN Hewlett-Packard / HPQ J.C. Penney / JCP Lorillard / LO Lubrizol / LZ

Medicis Pharma / MRX MetLife / MET Pride International / PDE Rock-Tenn / RKT Salix Pharma / SLXP Scripps Networks / SNI SL Green Realty / SLG Smurfit-Stone / SSCC Weyerhaeuser / WY

Apollo Group / APOL Brocade Comms / BRCD Cheniere Energy / LNG CommScope / CTV Del Monte Foods / DLM J. Crew / JCG King Pharma / KG Martek Biosciences / MATK McAfee / MFE Pfizer / PFE

Symantec / SYMC










Financial48%

Basic Materials

17%

Energy12%

Other23%




Pennant (Alan Fournier) Alan Fournier started his career at Sanford Bernstein in 1988 and became a partner in 1990. He also worked for Rich Pzena’s firm and David Tepper’s Appaloosa, where he was responsible for global equities. Fournier founded Pennant in 2001. MOI Signal Rank™ – Top Current Ideas of Pennant Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Sensata Tech / ST 6,193 35.51 2% 7,262 64% 4% 6% n/a n/a n/m 2 DaVita / DVA 8,177 85.62 0% 3,051 11% 3% 6% 18x 14x n/m 3 WellPoint / WLP 29,568 80.53 15% 3,318 4% <1% 6% 12x 11x >9.9x 4 Abercrombie & Fitch / ANF 6,516 74.22 26% 3,353 0% 4% 6% 24x 16x 3.4x 5 Petroleo Brasileiro / PBR 206,744 33.87 -16% 860 100% <1% 1% n/a n/a 1.5x 6 Range Resources / RRC 8,717 54.24 -7% 1,760 new 1% 2% 53x 34x 4.0x 7 NVR / NVR 4,339 737.55 -2% 137 new 2% 2% 25x 17x 2.5x 8 Qualcomm / QCOM 95,798 57.38 5% 4,320 2% <1% 6% 18x 17x 4.5x 9 Walter Energy / WLT 7,357 118.10 -13% 914 64% 1% 2% 8x 7x >9.9x 10 Dollar General / DG 11,485 33.63 7% 1,404 new <1% 1% 15x 13x n/m

Top Holdings of Pennant Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 WellPoint / WLP 29,568 80.53 15% 3,318 4% <1% 6% 12x 11x >9.9x 2 TransDigm / TDG 4,116 82.36 -2% 3,204 -4% 6% 6% 20x 17x n/m 3 DaVita / DVA 8,177 85.62 0% 3,051 11% 3% 6% 18x 14x n/m 4 Sensata Tech / ST 6,193 35.51 2% 7,262 64% 4% 6% n/a n/a n/m 5 Abercrombie & Fitch / ANF 6,516 74.22 26% 3,353 0% 4% 6% 24x 16x 3.4x 6 Qualcomm / QCOM 95,798 57.38 5% 4,320 2% <1% 6% 18x 17x 4.5x 7 Fidelity National / FIS 9,773 31.96 -2% 7,055 -6% 2% 5% 14x 12x n/m 8 Adobe Systems / ADBE 17,812 35.31 6% 5,282 0% 1% 4% 16x 14x >9.9x 9 UnitedHealth / UNH 53,890 49.74 10% 3,626 1% <1% 4% 12x 11x >9.9x 10 Western Union / WU 13,025 20.60 -1% 7,771 -2% 1% 4% 14x 12x n/m

New Positions Sold Out Positions Baxter International / BAX Dollar General / DG NVR / NVR Range Resources / RRC

Cisco Systems / CSCO CVS Caremark / CVS Ligand Pharma / LGND Seahawk Drilling / HAWK Universal American / UAM Varian Medical / VAR










Financial30%

Technology18%

Capital Goods15%

Other38%




Pershing Square (Bill Ackman) Bill Ackman, managing member of Pershing Square Capital, is a value-oriented activist investor. He runs a concentrated portfolio with the largest ten equity investments accounting for the vast majority of his long book. Before the credit crunch developed into a full-blown economic crisis, Ackman made a strong case for why MBIA (MBI) and AMBAC (ABK) were overvalued and fundamentally more distressed than the market had judged at the time. On the long side, Ackman has approached large companies, including McDonald’s (MCD) and Target (TGT), with proposals for unlocking value. MOI Signal Rank™ – Top Current Ideas of Pershing Square

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Citigroup / C 119,805 41.02 -7% 14,671 0% <1% 11% 10x 8x .9x 2 General Growth / GGP 15,508 16.04 4% 71,803 3% 7% 21% >99x >99x 1.6x 3 Kraft Foods / KFT 61,930 35.23 12% 22,239 14% 1% 14% 16x 14x n/m 4 Alexander & Baldwin / ALEX 1,991 47.87 5% 3,562 new 9% 3% 26x 19x 1.8x 5 J.C. Penney / JCP 8,298 36.10 1% 39,076 0% 17% 26% 16x 14x 1.7x 6 Fortune Brands / FO 9,848 63.88 3% 16,669 0% 11% 19% 20x 17x n/m 7 Greenlight Re / GLRE 800 26.42 -6% 250 0% <1% 0% 14x 7x 1.1x 8 Howard Hughes / HHC 2,542 67.00 -5% 3,568 0% 9% 4% n/m >99x 1.2x 9 Corrections Corp. / CXW 2,465 22.97 -6% 4,417 -44% 4% 2% 15x 15x 1.7x

Top Holdings of Pershing Square – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 J.C. Penney / JCP 8,298 36.10 1% 39,076 0% 17% 26% 16x 14x 1.7x 2 General Growth / GGP 15,508 16.04 4% 71,803 3% 7% 21% >99x >99x 1.6x 3 Fortune Brands / FO 9,848 63.88 3% 16,669 0% 11% 19% 20x 17x n/m 4 Kraft Foods / KFT 61,930 35.23 12% 22,239 14% 1% 14% 16x 14x n/m 5 Citigroup / C 119,805 41.02 -7% 14,671 0% <1% 11% 10x 8x .9x 6 Howard Hughes / HHC 2,542 67.00 -5% 3,568 0% 9% 4% n/m >99x 1.2x 7 Alexander & Baldwin / ALEX 1,991 47.87 5% 3,562 new 9% 3% 26x 19x 1.8x 8 Corrections Corp. / CXW 2,465 22.97 -6% 4,417 -44% 4% 2% 15x 15x 1.7x 9 Greenlight Re / GLRE 800 26.42 -6% 250 0% <1% 0% 14x 7x 1.1x

New Positions Sold Out Positions Alexander & Baldwin / ALEX Automatic Data / ADP

General Motors / GM Target / TGT










Services54%

Conglomerates20%


15%

Other11%




Sageview (Ed Gilhuly and Scott Stuart) Ed Gilhuly and Scott Stuart were classmates at Stanford Business School. After graduating in 1986, Gilhuly joined Kohlberg Kravis Roberts & Co. in San Francisco, while Stuart started with KKR in New York. Each became a partner of KKR at the end of 1994. They continued serving in leadership roles at KKR until 2005, at which time they teamed up to start Sageview. The firm follows a highly concentrated, value-oriented investment approach. MOI Signal Rank™ – Top Current Ideas of Sageview Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Petrohawk Energy / HK 7,789 25.64 4% 903 new <1% 12% 27x 15x 3.1x

2 Liberty Interactive / LINTA 21,675 17.71 10% 464 new <1% 4% 22x 18x n/m

3 Arris Group / ARRS 1,328 10.73 -16% 3,849 0% 3% 22% 14x 11x 2.1x

4 Covidien / COV 28,212 56.91 10% 666 0% <1% 20% n/a n/a n/m

5 Life Technologies / LIFE 9,650 53.98 3% 1,484 -6% <1% 42% 14x 12x n/m

Top Holdings of Sageview Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Life Technologies / LIFE 9,650 53.98 3% 1,484 -6% <1% 42% 14x 12x n/m

2 Arris Group / ARRS 1,328 10.73 -16% 3,849 0% 3% 22% 14x 11x 2.1x

3 Covidien / COV 28,212 56.91 10% 666 0% <1% 20% n/a n/a n/m

4 Petrohawk Energy / HK 7,789 25.64 4% 903 new <1% 12% 27x 15x 3.1x

5 Liberty Interactive / LINTA 21,675 17.71 10% 464 new <1% 4% 22x 18x n/m

New Positions Sold Out Positions Liberty Interactive / LINTA Petrohawk Energy / HK

Baxter International / BAX Charles Schwab / SCHW SandRidge Energy / SD










Health Care62%

Technology22%

Energy12%

Other4%




Scout (James Crichton) James Crichton co-founded Scout with Adam Weiss in 1999. The firm runs a concentrated portfolio of undervalued equities. MOI Signal Rank™ – Top Current Ideas of Scout Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 American Tower / AMT 21,275 53.64 4% 3,600 new <1% 12% 55x 41x n/m 2 Domino’s Pizza / DPZ 1,514 24.52 33% 5,076 >100% 8% 7% 16x 14x n/m 3 Sensata Tech / ST 6,193 35.51 2% 8,200 24% 5% 17% n/a n/a n/m 4 Chipotle / CMG 8,710 279.89 3% 310 new <1% 5% 41x 33x >9.9x 5 Amazon.com / AMZN 89,798 198.65 10% 400 new <1% 5% 80x 52x >9.9x 6 Textron / TXT 6,357 22.98 -16% 900 new <1% 1% 20x 13x 4.5x 7 Solutia / SOA 2,937 24.02 -5% 1,260 new 1% 2% 11x 9x n/m 8 Youku / YOKU 5,031 47.75 1% 250 >100% <1% 1% n/m n/m >9.9x 9 HCA / HCA 17,857 34.63 2% 1,850 new <1% 4% 12x 11x n/m 10 Fortune Brands / FO 9,848 63.88 3% 780 new <1% 3% 20x 17x n/m

Top Holdings of Scout Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Sensata Tech / ST 6,193 35.51 2% 8,200 24% 5% 17% n/a n/a n/m 2 American Tower / AMT 21,275 53.64 4% 3,600 new <1% 12% 55x 41x n/m 3 McDonald’s / MCD 85,424 82.33 8% 2,075 -38% <1% 10% 16x 15x 7.2x 4 Tyco Electronics / TEL 16,310 37.09 7% 4,400 -6% 1% 10% n/a n/a 5.3x 5 Domino’s Pizza / DPZ 1,514 24.52 33% 5,076 >100% 8% 7% 16x 14x n/m 6 eBay / EBAY 42,156 32.48 5% 3,300 -39% <1% 6% 17x 15x 4.7x 7 Chipotle / CMG 8,710 279.89 3% 310 new <1% 5% 41x 33x >9.9x 8 Amazon.com / AMZN 89,798 198.65 10% 400 new <1% 5% 80x 52x >9.9x 9 Lamar Advertising / LAMR 2,741 29.53 -20% 2,500 -7% 3% 4% >99x >99x n/m 10 MSC Industrial / MSM 4,389 68.95 1% 950 -2% 1% 4% 21x 17x 7.0x

New Positions Sold Out Positions Amazon.com / AMZN American Tower / AMT Bank of NY Mellon / BK Chipotle / CMG Fortune Brands / FO

Graham Packaging / GRM HCA / HCA Polo Ralph Lauren / RL Solutia / SOA Textron / TXT

CF Industries / CF Citrix Systems / CTXS Coca-Cola Enterprise / CCE Dr Pepper Snapple / DPS Flowserve / FLS

Kroger / KR Safeway / SWY Supervalu / SVU Verisk Analytics / VRSK










Services52%

Technology28%

Conglomerates

4%

Other16%




Second Curve (Tom Brown) Tom Brown was a sell-side analyst focused on the financial services industry in the 1980s and 1990s, working at Smith Barney, PaineWebber and Donaldson Lufkin & Jenrette. In 1998, he joined Julian Robertson’s Tiger Management. He struck out on his own two years later, founding Second Curve Capital, a value-oriented firm with a focus on the financial sector. MOI Signal Rank™ – Top Current Ideas of Second Curve

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Tennessee Commerce / TNCC 29 2.36 -52% 1,286 1% 11% 1% n/m 8x .3x 2 CoBiz Financial / COBZ 242 6.53 -6% 3,462 3% 9% 10% 23x 13x 1.2x 3 Primus Guaranty / PRS 180 4.81 -5% 6,471 0% 17% 13% n/a n/a n/m 4 Taylor Capital / TAYC 197 9.74 -7% 2,037 0% 10% 8% n/m 18x 2.2x 5 Banner Corp. / BANR 316 2.73 16% 10,811 13% 9% 13% n/m 55x .8x 6 Mercantile Bank / MBWM 78 9.10 -7% 856 93% 10% 3% 17x 12x .7x 7 NewStar Financial / NEWS 474 9.38 -14% 1,740 20% 3% 7% 29x 14x .8x 8 Citizens Republic / CRBC 330 0.83 -7% 5,150 new 1% 2% n/m 8x 1.0x 9 Enterprise Financial / EFSC 228 13.18 -6% 130 >100% <1% 1% 9x 8x 1.5x 10 Sterling Financial / STSA 1,133 18.29 9% 558 14% <1% 4% 48x 11x 1.5x

Top Holdings of Second Curve – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Primus Guaranty / PRS 180 4.81 -5% 6,471 0% 17% 13% n/a n/a n/m 2 Banner Corp. / BANR 316 2.73 16% 10,811 13% 9% 13% n/m 55x .8x 3 CoBiz Financial / COBZ 242 6.53 -6% 3,462 3% 9% 10% 23x 13x 1.2x 4 Ocwen Financial / OCN 1,211 12.00 9% 1,775 -5% 2% 9% 10x 9x 1.7x 5 Taylor Capital / TAYC 197 9.74 -7% 2,037 0% 10% 8% n/m 18x 2.2x 6 West. Alliance Banc / WAL 616 7.49 -9% 2,184 -17% 3% 7% 34x 13x 1.4x 7 NewStar Financial / NEWS 474 9.38 -14% 1,740 20% 3% 7% 29x 14x .8x 8 Synovus Financial / SNV 1,861 2.37 -1% 6,657 -20% <1% 7% n/m 13x 1.0x 9 CompuCredit / CCRT 79 3.49 -47% 3,461 -19% 15% 5% n/m n/m 1.0x 10 Sterling Financial / STSA 1,133 18.29 9% 558 14% <1% 4% 48x 11x 1.5x

New Positions Sold Out Positions Citizens Republic / CRBC Zions BanCorp / ZION

MainSource Financial / MSFG










Financial100%




Southeastern (Mason Hawkins) Mason Hawkins is chairman and CEO of Southeastern Asset Management, a firm he founded in 1975. Southeastern serves as investment adviser to the Longleaf Partners Funds, a family of value-oriented mutual funds. The firm has $22 billion of assets under management, including $13 billion in separately managed accounts. MOI Signal Rank™ – Top Current Ideas of Southeastern

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Cemex / CX 8,439 8.27 -7% 136,313 3% 13% 4% n/m >99x n/m 2 Texas Industries / TXI 1,069 38.35 -15% 4,715 0% 17% 1% n/m n/m 1.5x 3 Service Corp. / SCI 2,768 11.59 5% 32,924 3% 14% 1% 18x 17x >9.9x 4 Dell / DELL 30,527 16.01 10% 146,418 1% 8% 9% 9x 8x >9.9x 5 DineEquity / DIN 1,004 54.18 -1% 3,132 0% 17% 1% 12x 13x n/m 6 tw telecom / TWTC 3,345 22.20 16% 29,941 9% 20% 3% 57x 40x 6.0x 7 News Corp. / NWSA 46,664 17.48 -1% 59,610 10% 2% 4% 16x 13x 8.1x 8 Potlatch / PCH 1,449 36.09 -10% 2,727 0% 7% 0% 30x 25x 7.5x 9 Vail Resorts / MTN 1,637 45.47 -7% 2,166 0% 6% 0% 42x 34x 3.7x 10 Wendy’s Arby’s / WEN 2,087 4.98 -1% 29,705 0% 7% 1% 38x 26x n/m

Top Holdings of Southeastern – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Chesapeake Energy / CHK 20,138 30.62 -9% 79,342 -3% 12% 10% 10x 10x 1.7x 2 DIRECTV / DTV 38,435 50.06 7% 46,852 -8% 6% 9% 15x 12x n/m 3 Dell / DELL 30,527 16.01 10% 146,418 1% 8% 9% 9x 8x >9.9x 4 Yum! Brands / YUM 26,193 56.26 9% 29,618 -2% 6% 7% 20x 18x >9.9x 5 Aon / AON 17,264 52.23 -1% 23,001 -1% 7% 5% 15x 13x n/m 6 Cemex / CX 8,439 8.27 -7% 136,313 3% 13% 4% n/m >99x n/m 7 Walt Disney / DIS 78,441 41.50 -4% 26,311 -30% 1% 4% 16x 14x >9.9x 8 Liberty Interactive / LINTA 21,675 17.71 10% 59,940 -3% 5% 4% 22x 18x n/m 9 News Corp. / NWSA 46,664 17.48 -1% 59,610 10% 2% 4% 16x 13x 8.1x 10 Level 3 Comms / LVLT 3,340 1.96 33% 472,443 -1% 28% 4% n/m n/m n/m

New Positions Sold Out Positions Abbott Labs / ABT Expedia / EXPE

Shanda Interactive / SNDA Verizon / VZ










Services46%

Financial17%

Energy12%

Other26%




Spencer (Ken Shubin Stein) Dr. Shubin Stein is the founder of Spencer Capital, a deep value-oriented investment management firm. MOI Signal Rank™ – Top Current Ideas of Spencer Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 0 new <1% 12% 19x 16x 1.8x 2 Quest Diagnostics / DGX 9,155 58.18 1% 9 82% <1% 7% 13x 12x n/m 3 Myriad Genetics / MYGN 2,142 24.98 24% 22 82% <1% 7% 23x 20x 4.1x 4 J.C. Penney / JCP 8,298 36.10 1% 25 28% <1% 12% 16x 14x 1.7x 5 Immucor / BLUD 1,434 20.40 3% 25 new <1% 7% 17x 17x 3.7x 6 Howard Hughes / HHC 2,542 67.00 -5% 5 28% <1% 5% n/m >99x 1.2x 7 Markel / MKL 4,028 414.42 0% 1 29% <1% 6% 29x 24x 1.7x 8 MRV Communications / MRVC 225 1.43 -7% 352 0% <1% 7% 36x 14x 1.1x 9 Breeze-Eastern / BZC 81 8.55 0% 34 new <1% 4% n/a n/a 2.7x 10 PNI Digital Media / PNDMF 47 1.40 -10% 162 28% <1% 3% n/a n/a 2.8x

Top Holdings of Spencer Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Iridium Comms / IRDM 632 8.79 10% 215 -11% <1% 25% 15x 10x 1.3x 2 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 0 new <1% 12% 19x 16x 1.8x 3 J.C. Penney / JCP 8,298 36.10 1% 25 28% <1% 12% 16x 14x 1.7x 4 Myriad Genetics / MYGN 2,142 24.98 24% 22 82% <1% 7% 23x 20x 4.1x 5 Quest Diagnostics / DGX 9,155 58.18 1% 9 82% <1% 7% 13x 12x n/m 6 General Growth / GGP 15,508 16.04 4% 32 -25% <1% 7% >99x >99x 1.6x 7 MRV Communications / MRVC 225 1.43 -7% 352 0% <1% 7% 36x 14x 1.1x 8 Immucor / BLUD 1,434 20.40 3% 25 new <1% 7% 17x 17x 3.7x 9 Markel / MKL 4,028 414.42 0% 1 29% <1% 6% 29x 24x 1.7x 10 Howard Hughes / HHC 2,542 67.00 -5% 5 28% <1% 5% n/m >99x 1.2x

New Positions Sold Out Positions Berkshire Hathaway / BRK.A Breeze-Eastern / BZC Immucor / BLUD

dELiA*s / DLIA Immucor / BLUD LECG Corp. / XPRT Spark Networks / LOV









* Based on information provided to The Manual of Ideas by Spencer Capital. Excludes portfolio cash, certain non-U.S. holdings, and non-equity securities.

Financial44%

Services24%

Health Care22%

Other11%




Teton / Ancient Art (Quincy Lee) Quincy Lee is an Austin, Texas-based value investor who is said to have compounded capital in his Teton investment partnership at an annual rate well in excess of 20%, net of fees. MOI Signal Rank™ – Top Current Ideas of Teton Capital / Ancient Art

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Chinacast Education / CAST 308 6.17 -2% 2,107 57% 4% 7% 10x 9x 2.3x 2 NXP Semiconductors / NXPI 7,237 28.86 -4% 407 16% <1% 6% n/a n/a n/m 3 ZipRealty / ZIPR 55 2.65 -9% 2,210 0% 11% 3% n/m n/m 2.2x 4 Aon / AON 17,264 52.23 -1% 360 0% <1% 10% 15x 13x n/m 5 BofI Holding / BOFI 167 16.13 4% 410 >100% 4% 4% 8x 5x 1.3x 6 Liberty Global / LBTYA 11,084 44.82 8% 246 1% <1% 6% 24x 23x n/m 7 Nicholas Financial / NICK 150 12.74 4% 866 0% 7% 6% n/a n/a 1.4x 8 Expedia / EXPE 7,537 27.57 22% 341 new <1% 5% 15x 13x n/m 9 Goldman Sachs / GS 69,889 134.99 -15% 58 0% <1% 4% 9x 7x 1.1x 10 Credit Acceptance / CACC 1,932 75.50 6% 19 new <1% 1% 11x 10x 4.9x

Top Holdings of Teton Capital / Ancient Art – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Valeant Pharma / VRX 14,766 49.52 -1% 419 -25% <1% 11% n/a n/a n/m 2 Aon / AON 17,264 52.23 -1% 360 0% <1% 10% 15x 13x n/m 3 Clear Channel / CCO 5,228 14.69 1% 952 -26% <1% 8% 82x 64x n/m 4 Chinacast Education / CAST 308 6.17 -2% 2,107 57% 4% 7% 10x 9x 2.3x 5 NXP Semiconductors / NXPI 7,237 28.86 -4% 407 16% <1% 6% n/a n/a n/m 6 American Dental / ADPI 198 12.85 -2% 903 -25% 6% 6% 10x 11x n/m 7 CBS / CBS 18,061 26.99 8% 410 -35% <1% 6% 16x 13x n/m 8 Nicholas Financial / NICK 150 12.74 4% 866 0% 7% 6% n/a n/a 1.4x 9 Liberty Global / LBTYA 11,084 44.82 8% 246 1% <1% 6% 24x 23x n/m 10 Quality Distribution / QLTY 281 11.77 -1% 833 -24% 3% 5% 19x 14x n/m

New Positions Sold Out Positions Credit Acceptance / CACC Expedia / EXPE

First Fin. Holdings / FFCH Global Indemnity / GBLI Howard Hughes / HHC Orbitz Worldwide / OWW SandRidge Energy / SD










Services38%

Financial28%

Health Care18%

Other16%




Third Point (Dan Loeb) Loeb is the founder of long/short activist fund Third Point, which has amassed a respectable long-term investment record. MOI Signal Rank™ – Top Current Ideas of Third Point

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 El Paso Corp. / EP 14,903 19.38 8% 11,000 new 1% 10% 18x 15x 3.5x 2 CVR Energy / CVI 1,739 20.12 -13% 7,300 >100% 8% 7% 8x 9x 2.5x 3 NXP Semiconductors / NXPI 7,237 28.86 -4% 4,751 51% 2% 6% n/a n/a n/m 4 Williams Companies / WMB 18,091 30.76 -1% 4,600 15% <1% 7% 21x 18x 2.4x 5 Apple / AAPL 309,996 335.22 -4% 200 new <1% 3% 14x 12x 5.1x 6 Sunoco / SUN 4,824 39.83 -13% 2,150 >100% 2% 4% 38x 17x 1.6x 7 Smurfit-Stone / SSCC 3,866 39.63 3% 2,250 50% 2% 4% 16x 12x 1.5x 8 Xerium Technologies / XRM 293 19.49 -19% 1,480 3% 10% 1% n/a n/a n/m 9 Textron / TXT 6,357 22.98 -16% 1,350 new <1% 1% 20x 13x 4.5x 10 Tesoro / TSO 3,400 23.65 -12% 2,500 new 2% 3% 8x 8x 1.1x

Top Holdings of Third Point – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 El Paso Corp. / EP 14,903 19.38 8% 11,000 new 1% 10% 18x 15x 3.5x 2 LyondellBasell / LYB 22,721 40.00 1% 3,700 -17% <1% 7% n/a n/a 2.2x 3 CVR Energy / CVI 1,739 20.12 -13% 7,300 >100% 8% 7% 8x 9x 2.5x 4 Williams Companies / WMB 18,091 30.76 -1% 4,600 15% <1% 7% 21x 18x 2.4x 5 NXP Semiconductors / NXPI 7,237 28.86 -4% 4,751 51% 2% 6% n/a n/a n/m 6 Smurfit-Stone / SSCC 3,866 39.63 3% 2,250 50% 2% 4% 16x 12x 1.5x 7 Health Net / HNT 2,844 31.43 -4% 2,800 0% 3% 4% 11x 10x 3.3x 8 Sunoco / SUN 4,824 39.83 -13% 2,150 >100% 2% 4% 38x 17x 1.6x 9 Liberty Interactive / LINTA 21,675 17.71 10% 4,000 0% <1% 3% 22x 18x n/m 10 Apple / AAPL 309,996 335.22 -4% 200 new <1% 3% 14x 12x 5.1x

New Positions Sold Out Positions Apple / AAPL Big Lots / BIG CBS / CBS Crexus Investment / CXS eBay / EBAY El Paso Corp. / EP Safeway / SWY Sara Lee Corp. / SLE Swift Transportation / SWFT

Tesoro / TSO Textron / TXT Whirlpool / WHR YPF S.A. / YPF

AbitibiBowater / ABH Abraxas Petroleum / AXAS Airgas / ARG Alcon / ACL Apple / AAPL Bank of America / BAC Citigroup / C Comcast / CMCSA Lender Processing / LPS

Massey Energy / MEE Plains Exploration / PXP PMI Group / PMI Rio Tinto / RIO SemGroup / SEMG Six Flags / SIX Yahoo! / YHOO Zoran / ZRAN










Energy27%

Technology17%Financial

16%

Other40%




Tiger Global (Chase Coleman) Chase Coleman, a descendant of early New York Governor Peter Stuyvesant, worked for Julian Robertson’s Tiger Management prior to founding Tiger Global in 2001. MOI Signal Rank™ – Top Current Ideas of Tiger Global

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Apple / AAPL 309,996 335.22 -4% 1,415 25% <1% 11% 14x 12x 5.1x 2 Amazon.com / AMZN 89,798 198.65 10% 1,410 41% <1% 7% 80x 52x >9.9x 3 Netflix / NFLX 12,908 245.90 3% 832 new 2% 5% 55x 38x >9.9x 4 MakeMyTrip / MMYT 926 27.12 -7% 4,130 0% 12% 3% n/a n/a n/m 5 Liberty Global / LBTYA 11,084 44.82 8% 7,949 2% 3% 8% 24x 23x n/m 6 Viacom / VIA.B 30,485 51.29 10% 7,912 6% 1% 9% 14x 12x n/m 7 MercadoLibre / MELI 3,892 88.19 8% 3,274 0% 7% 7% 53x 40x >9.9x 8 priceline.com / PCLN 25,820 520.08 3% 484 6% <1% 6% 26x 20x >9.9x 9 Power-One / PWER 905 8.73 0% 2,518 >100% 2% 1% 9x 7x 2.9x 10 Youku / YOKU 5,031 47.75 1% 1,134 new 1% 1% n/m n/m >9.9x

Top Holdings of Tiger Global – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Apple / AAPL 309,996 335.22 -4% 1,415 25% <1% 11% 14x 12x 5.1x 2 Viacom / VIA.B 30,485 51.29 10% 7,912 6% 1% 9% 14x 12x n/m 3 Liberty Global / LBTYA 11,084 44.82 8% 7,949 2% 3% 8% 24x 23x n/m 4 MercadoLibre / MELI 3,892 88.19 8% 3,274 0% 7% 7% 53x 40x >9.9x 5 Amazon.com / AMZN 89,798 198.65 10% 1,410 41% <1% 7% 80x 52x >9.9x 6 priceline.com / PCLN 25,820 520.08 3% 484 6% <1% 6% 26x 20x >9.9x 7 Liberty Capital / LCAPA 21,675 87.50 19% 2,684 -25% 1% 5% 26x >99x 9.0x 8 Netflix / NFLX 12,908 245.90 3% 832 new 2% 5% 55x 38x >9.9x 9 Cablevision / CVC 9,926 34.50 0% 5,688 -10% 2% 5% 19x 15x n/m 10 DIRECTV / DTV 38,435 50.06 7% 3,828 -39% <1% 4% 15x 12x n/m

New Positions Sold Out Positions Bitauto / BITA Chinacast Education / CAST Demand Media / DMD hhgregg / HGG

Netflix / NFLX RenaissanceRe / RNR TAL Education / XRS Youku / YOKU

CommScope / CTV Ctrip.com / CTRP Electronic Arts / ERTS Rubicon Technology / RBCN










Services57%Technology

30%

Financial9%

Other3%




ValueAct (Jeffrey Ubben) Prior to founding ValueAct in 2000, Jeffrey Ubben was a managing partner at Blum Capital for more than five years. Previously, he spent eight years at Fidelity where he managed the Fidelity Value Fund. ValueAct’s strategy combines intensive due diligence, a concentrated portfolio, and active involvement in the value creation at those investments.

MOI Signal Rank™ – Top Current Ideas of ValueAct Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Motorola Solutions / MSI 15,883 46.78 5% 3,991 new 1% 4% 20x 18x 3.4x 2 Immucor / BLUD 1,434 20.40 3% 7,541 0% 11% 4% 17x 17x 3.7x 3 C.R. Bard / BCR 9,561 111.62 12% 4,611 0% 5% 12% 17x 16x >9.9x 4 Moody’s / MCO 8,814 38.69 14% 8,275 35% 4% 7% 17x 15x n/m 5 Cephalon / CEPH 6,077 79.73 5% 1,915 new 3% 3% 10x 14x 7.0x 6 FLIR Systems / FLIR 5,849 36.63 6% 2,631 new 2% 2% 21x 18x 6.3x 7 New York Times / NYT 1,126 7.69 -19% 7,000 0% 5% 1% 15x 11x >9.9x 8 EnergySolutions / ES 473 5.33 -11% 2,495 0% 3% 0% 21x 15x n/m 9 Willis Group / WSH 6,859 39.87 -1% 8,578 -1% 5% 8% n/a n/a n/m 10 Verisign / VRSN 6,279 37.27 3% 10,046 -11% 6% 9% 26x 21x >9.9x

Top Holdings of ValueAct – By Dollar Value Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Valeant Pharma / VRX 14,766 49.52 -1% 19,593 -27% 7% 22% n/a n/a n/m 2 Sara Lee Corp. / SLE 11,468 19.60 11% 27,405 -22% 5% 12% 24x 19x >9.9x 3 C.R. Bard / BCR 9,561 111.62 12% 4,611 0% 5% 12% 17x 16x >9.9x 4 Verisign / VRSN 6,279 37.27 3% 10,046 -11% 6% 9% 26x 21x >9.9x 5 Willis Group / WSH 6,859 39.87 -1% 8,578 -1% 5% 8% n/a n/a n/m 6 Moody’s / MCO 8,814 38.69 14% 8,275 35% 4% 7% 17x 15x n/m 7 Gartner / IT 3,716 38.21 -8% 7,090 -58% 7% 6% 27x 21x n/m 8 Motorola Solutions / MSI 15,883 46.78 5% 3,991 new 1% 4% 20x 18x 3.4x 9 Snap-on / SNA 3,529 60.63 1% 2,874 -30% 5% 4% 14x 13x 7.5x 10 Alere / ALR 3,485 40.75 4% 4,260 -14% 5% 4% 15x 13x n/m

New Positions Sold Out Positions Adobe Systems / ADBE Cephalon / CEPH FLIR Systems / FLIR Motorola Solutions / MSI

None










Health Care45%

Services15%


12%

Other27%




Weitz Funds (Wally Weitz) Wally Weitz, sometimes called “The Other Oracle of Omaha,” founded Wallace R. Weitz & Co. in 1983 with $10 million under management. The firm has since grown into a $2 billion asset manager best known for the Weitz Value Fund. MOI Signal Rank™ – Top Current Ideas of Weitz

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Microsoft / MSFT 206,519 24.49 -4% 4,768 32% <1% 5% 9x 9x 5.2x 2 Aon / AON 17,264 52.23 -1% 2,338 1% <1% 6% 15x 13x n/m 3 Dell / DELL 30,527 16.01 10% 6,527 5% <1% 5% 9x 8x >9.9x 4 Liberty Interactive / LINTA 21,675 17.71 10% 7,444 4% <1% 6% 22x 18x n/m 5 Intelligent Systems / INS 15 1.69 -4% 2,270 0% 25% 0% n/a n/a 3.4x 6 Grand Canyon / LOPE 564 12.58 -13% 2,378 15% 5% 1% 12x 10x 4.3x 7 The Knot / KNOT 323 10.23 -15% 2,223 1% 7% 1% 85x 47x 2.6x 8 Target / TGT 34,243 49.69 -1% 698 >100% <1% 2% 12x 11x 2.2x 9 Southwestern Energy / SWN 14,915 42.87 0% 879 >100% <1% 2% 24x 18x 4.8x 10 Liberty Global / LBTYA 11,084 44.82 8% 2,261 2% <1% 5% 24x 23x n/m

Top Holdings of Weitz – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Liberty Interactive / LINTA 21,675 17.71 10% 7,444 4% <1% 6% 22x 18x n/m 2 Omnicare / OCR 3,692 31.84 6% 4,059 -14% 4% 6% 15x 13x n/m 3 Aon / AON 17,264 52.23 -1% 2,338 1% <1% 6% 15x 13x n/m 4 Microsoft / MSFT 206,519 24.49 -4% 4,768 32% <1% 5% 9x 9x 5.2x 5 Dell / DELL 30,527 16.01 10% 6,527 5% <1% 5% 9x 8x >9.9x 6 Liberty Global / LBTYA 11,084 44.82 8% 2,261 2% <1% 5% 24x 23x n/m 7 Redwood Trust / RWT 1,191 15.16 -3% 6,291 -3% 8% 4% 14x 12x 1.1x 8 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 1 -5% <1% 4% 19x 16x 1.8x 9 Texas Instruments / TXN 40,641 35.00 1% 2,538 -13% <1% 4% 14x 12x 4.3x 10 Accenture / ACN 41,050 57.42 4% 1,472 -6% <1% 4% n/a n/a >9.9x

New Positions Sold Out Positions American Eagle / AEO Anheuser-Busch / BUD Coinstar / CSTR

CVS Caremark / CVS Johnson & Johnson / JNJ Texas Industries / TXI

ITT Educational / ESI Newcastle Investment / NCT Skechers / SKX

TD Ameritrade / AMTD










Services42%

Technology18%

Financial11%

Other28%




West Coast (Lance Helfert and Paul Orfalea) Lace Helfert and Paul Orfalea co-founded West Coast Asset Management in 2000. Helfert, who directs the firm’s investments, previously oversaw a $1 billion portfolio at Wilshire Associates. Orfalea is the founder of Kinko’s copy shops. West Coast invests in undervalued equities and follows a concentrated investment approach. MOI Signal Rank™ – Top Current Ideas of West Coast Asset Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Microsoft / MSFT 206,519 24.49 -4% 289 67% <1% 8% 9x 9x 5.2x 2 American Defense / EAG 7 0.12 -25% 8,422 19% 15% 1% n/a n/a n/m 3 Johnson & Johnson / JNJ 180,066 65.69 11% 161 18% <1% 13% 13x 12x 7.2x 4 Broadridge Financial / BR 2,797 22.67 0% 203 -2% <1% 5% 17x 15x n/m 5 Molson Coors / TAP 8,693 46.50 -1% 246 -4% <1% 14% 13x 12x 5.2x 6 Kimberly-Clark / KMB 26,786 68.18 4% 166 -6% <1% 13% 14x 13x >9.9x 7 McCormick / MKC 6,037 50.31 5% 200 -7% <1% 12% 18x 16x n/m 8 Constellation Energy / CEP 73 3.00 8% 167 -3% <1% 1% n/m n/m n/m 9 Live Nation / LYV 2,001 11.00 10% 502 -3% <1% 7% n/m 61x n/m 10 Kraft Foods / KFT 61,930 35.23 12% 143 -7% <1% 6% 16x 14x n/m

Top Holdings of West Coast Asset Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Molson Coors / TAP 8,693 46.50 -1% 246 -4% <1% 14% 13x 12x 5.2x 2 Kimberly-Clark / KMB 26,786 68.18 4% 166 -6% <1% 13% 14x 13x >9.9x 3 Johnson & Johnson / JNJ 180,066 65.69 11% 161 18% <1% 13% 13x 12x 7.2x 4 McCormick / MKC 6,037 50.31 5% 200 -7% <1% 12% 18x 16x n/m 5 Microsoft / MSFT 206,519 24.49 -4% 289 67% <1% 8% 9x 9x 5.2x 6 Automatic Data / ADP 27,069 54.17 6% 128 -40% <1% 8% 21x 20x >9.9x 7 Clorox / CLX 9,327 69.95 0% 98 -46% <1% 8% 18x 17x n/m 8 Live Nation / LYV 2,001 11.00 10% 502 -3% <1% 7% n/m 61x n/m 9 Kraft Foods / KFT 61,930 35.23 12% 143 -7% <1% 6% 16x 14x n/m 10 Broadridge Financial / BR 2,797 22.67 0% 203 -2% <1% 5% 17x 15x n/m

New Positions Sold Out Positions None Angiotech Pharma / ANPI Portfolio Metrics * Sector Weightings *










40%

Services20%

Basic Materials

13%

Other27%




Wintergreen (David Winters) David Winters joined Mutual Series in 1987 and was mentored by famed value investor Michael Price. Winters became president and CIO of Mutual Series in 2001. He left in 2005 to form Wintergreen Advisers and manage the Wintergreen Fund, a mutual fund that follows an active, value-oriented investment approach. MOI Signal Rank™ – Top Current Ideas of Wintergreen Advisers

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Barrick Gold / ABX 45,847 45.60 -12% 1,212 36% <1% 10% n/a n/a 3.3x 2 Canadian Natural / CNQ 46,020 41.97 -15% 2,170 0% <1% 16% n/a n/a 2.2x 3 Consolidated-Tomoka / CTO 169 29.47 -9% 1,543 0% 27% 8% n/a n/a 1.5x 4 Franklin Resources / BEN 27,917 125.83 1% 508 0% <1% 11% 14x 13x 4.4x 5 Reynolds American / RAI 22,896 39.28 11% 1,251 0% <1% 9% 15x 14x n/m 6 Potash / POT 44,701 52.04 -12% 60 >100% <1% 1% n/a n/a 6.3x 7 Goldman Sachs / GS 69,889 134.99 -15% 142 0% <1% 3% 9x 7x 1.1x 8 General Dynamics / GD 27,167 73.03 -5% 366 0% <1% 5% 10x 10x n/m 9 MasterCard / MA 33,493 277.57 10% 33 new <1% 2% 16x 14x 8.5x 10 Coca-Cola / KO 156,356 68.30 3% 360 0% <1% 4% 18x 16x >9.9x

Top Holdings of Wintergreen Advisers – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 Canadian Natural / CNQ 46,020 41.97 -15% 2,170 0% <1% 16% n/a n/a 2.2x 2 Franklin Resources / BEN 27,917 125.83 1% 508 0% <1% 11% 14x 13x 4.4x 3 Berkshire Hathaway / BRK.A 194,660 118,045 -6% 1 -1% <1% 11% 19x 16x 1.8x 4 Barrick Gold / ABX 45,847 45.60 -12% 1,212 36% <1% 10% n/a n/a 3.3x 5 Reynolds American / RAI 22,896 39.28 11% 1,251 0% <1% 9% 15x 14x n/m 6 Philip Morris / PM 124,827 70.19 7% 689 0% <1% 9% 15x 14x n/m 7 Consolidated-Tomoka / CTO 169 29.47 -9% 1,543 0% 27% 8% n/a n/a 1.5x 8 General Dynamics / GD 27,167 73.03 -5% 366 0% <1% 5% 10x 10x n/m 9 Coca-Cola / KO 156,356 68.30 3% 360 0% <1% 4% 18x 16x >9.9x 10 Goldman Sachs / GS 69,889 134.99 -15% 142 0% <1% 3% 9x 7x 1.1x

New Positions Sold Out Positions Google / GOOG MasterCard / MA Norfolk Southern / NSC

Leucadia National / LUK










Financial28%


25%

Energy16%

Other32%




WL Ross & Co. (Wilbur Ross) Wilbur Ross, born in 1937, has become well-known for restructuring failed companies in a variety of industries. He has been a leveraged buyout and distressed investor in steel, coal, telecom, financial and other companies. MOI Signal Rank™ – Top Current Ideas of WL Ross & Co.

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 BankUnited / BKU 2,635 27.10 -6% 13,721 new 14% 25% 16x 17x 1.9x 2 Cascade Bancorp / CACB 356 7.53 14% 11,469 new 24% 6% 12x >99x 1.7x 3 EXCO Resources / XCO 4,370 20.44 -1% 21,000 32% 10% 29% 28x 20x 3.2x 4 Sun Bancorp NJ / SNBC 311 3.75 8% 18,655 50% 22% 5% n/m n/a 1.3x 5 International Coal / ICO 2,960 14.50 28% 12,269 0% 6% 12% 23x 13x 4.0x 6 Hanesbrands / HBI 2,952 30.59 13% 353 >100% <1% 1% 11x 10x >9.9x 7 Key Energy Services / KEG 2,246 15.73 1% 620 0% <1% 1% 19x 11x 5.3x 8 Plains Exploration / PXP 4,852 34.41 -5% 93 0% <1% 0% 17x 12x 1.7x 9 BioScrip / BIOS 402 7.41 59% 812 >100% 1% 0% 27x 15x n/m 10 Cooper Tire & Rubber / CTB 1,470 23.67 -8% 424 -16% <1% 1% 10x 8x 3.7x

Top Holdings of WL Ross & Co. – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Mar. 31 (‘000) Dec. 31 Co. Fund* FY FY Book 1 EXCO Resources / XCO 4,370 20.44 -1% 21,000 32% 10% 29% 28x 20x 3.2x 2 BankUnited / BKU 2,635 27.10 -6% 13,721 new 14% 25% 16x 17x 1.9x 3 Assured Guaranty / AGO 3,059 16.61 11% 16,016 0% 9% 18% 4x 5x .8x 4 International Coal / ICO 2,960 14.50 28% 12,269 0% 6% 12% 23x 13x 4.0x 5 Cascade Bancorp / CACB 356 7.53 14% 11,469 new 24% 6% 12x >99x 1.7x 6 Sun Bancorp NJ / SNBC 311 3.75 8% 18,655 50% 22% 5% n/m n/a 1.3x 7 Hanesbrands / HBI 2,952 30.59 13% 353 >100% <1% 1% 11x 10x >9.9x 8 Dynegy / DYN 724 5.95 5% 1,803 -55% 1% 1% n/m n/m .3x 9 Cooper Tire & Rubber / CTB 1,470 23.67 -8% 424 -16% <1% 1% 10x 8x 3.7x 10 Key Energy Services / KEG 2,246 15.73 1% 620 0% <1% 1% 19x 11x 5.3x

New Positions Sold Out Positions BankUnited / BKU Cascade Bancorp / CACB Delta Air Lines / DAL United Continental / UAL

Innophos / IPHS










Financial55%

Energy43%

Consumer Cyclical

1%

Other1%


50+ portfolios with signal value™ · pdf file• bill ackman, pershing square •...

Documents