Fund Management Letters

Just reposting with new letters. Have fun reading.

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4th Quarter 2019

• 1 Main Capital Partners - ($ISDR, $RICK, $TSSI, $DPZ)
• 2Point2 Capital
• Admiral Capital Partners Fund - ($CVNA, $GDDY, $GTT).
• Alluvial Capital Management - ($PIOE, $CRAWA, $BUKS, $NUVR, $LICT)
• Alta Fox Capital Management
• Alphyn Capital Management
• Andaz Private Investments
• Andvari Associates
• Appleseed Fund - ($ARDX, $SAVE, $MOS, $SINA, $SNE, $RYAAY).
• Ariel Funds - ($CCL, $NLSN).
• Artisan Global Discovery Fund
• Artisan Mid Cap Fund - ($SWKS, $TW, $CMS, $UA, $ABMD, $ZS, $BURL, $AMD, $ANET, $SERV, $DXCM).
• Artisan Small Cap Fund
• Artisan Value Fund
• Artko Capital - ($MO, $REPH, $GAIA, $RSSS)
• Askeladden Capital
• Baird MidCap Fund
• Baron Asset Fund - ($DXCM, $SAGE).
• Baron Focused Growth
• Baron Growth Fund
• Baron Health Care Fund - ($TMO, $ZBH)
• Baron Discovery Fund - ($PGNY, $ESPR, $SIEN, $SITE, $ICHR, $TXMD, $MRCY, $FSCT, $TCMD, $SCPPF, $OLLI, $BRP, $CDNA).
• Baron Partners Fund
• Baron Small Cap Fund
• Baron Real Estate Fund
• Bernzott Capital Advisors - ($EPAY, $PLOW, $LOGM, $MG, $MIK, $CNK, $CTLT, $EPAM, $AGS).
• Bireme Capital - ($KRG, $DNKN)
• Blue Hawk Investment Group
• Blue Tower Asset Management
• Boyar Group
• Brown Capital Management Mid Company Fund
• Brown Capital Management Small Company Fund - ($VEEV, $GKOS, $TNDM, $SMAR).
• Brown Capital Management International Equity Fund
• Brown Capital Management International Small Company Fund
• Broyhill Asset Management
• Bumbershoot Holdings
• Carillon Eagle Mid Cap Growth Fund
• Citron Capital - ($RH, $PTON).
• Coho Capital
• Comus Investment
• Cooper Investors Global Equities Fund - ($YUMC, $FRRVF, $PTC)
• Curreen Capital
• Dan Wang
• Davis Financial Fund.
• Davis Global Fund
• Davis International Fund
• Davis New York Venture Fund
• Del Principe O’Brien Financial Advisors
• DF Dent Midcap Growth - ($ODFL, $TWLO, $VEEV, $ANSS, $MCO, $CBRE, $VRSK, $VMC, $MKL).
• DF Dent Small Cap Growth
• Diamond Hill Small Cap Fund
• Donville Kent Asset Management
• East 72 Holdings
• Edgebrook Partners - ($APEUF)
• Ensemble Fund - ($PAYX, $BR)
• Evermore Global Value Fund - ($IAC, $MTCH, $ANGI, $STNG, $KRA, $ENZ).
• Ewing Morris Dark Horse - ($LQSIF)
• Ewing Morris Opportunities Fund
• FPA Capital Fund
• Fundsmith Equity Fund
• Gator Capital Management
• Giverny Capital
• GoodHaven Fund
• Greenhaven Road Capital
• Greenlight Capital - ($AER, $AGO, $ATC, $BHF, $CC, $GM, $GRBK, $NFLX, $DXC).
• GreenWood Investors
• Harding Loevner Global Equity
• Harding Loevner International Equity
• Harding Loevner International Small Companies Equity - ($GUZOF, $ALICORC1, $PGENY).
• Harding Loevner Global Small Companies
• Hayden Capital - ($SE).
• Heartland Mid Cap Value Fund - ($LEG, $EXC, $UMBF)
• Heartland Select Value Fund - ($SCHW, $GTS, $CONE).
• Heartland Value Fund - ($TBBK, $AMRC)
• Heartland Value Plus Fund - ($ASB, $PAHC)
• HGC Investment Management - ($GSAC, $DEAC).
• Hoisington Investment Management
• Horizon Kinetics
• Horos Asset Management
• Huffman Prairie - ($PKE)
• L1 Capital International Fund
• Laughing Water Capital
• Lindsell Train
• Long Cast Advisers - ($INS, $QRHC, $CTEK, $SFE, $PESI)
• Longleaf Partners Fund
• Lyrical Asset Management
• Maran Capital Management - ($CLAR, $RNGR, $SDI).
• Martin Capital Management
• Massif Capital
• Merion Road Capital - ($TTWO, $ODP)
• Miller Value Fund - ($FTCH, $ET, $CDEV).
• Moneta Long Short A
• Moneta MultiCaps C
• MPE Capital - ($CACC).
• Nelson Roberts Investment Advisors - ($IBM)
• Oakmark Global Select Fund
• Old West Investment Management - ($GOLD)
• O’Shaughnessy Asset Management
• Palm Harbour Capital
• Palm Valley Capital Fund
• Parnassus Core Equity Fund
• Parnassus Mid Cap Fund
• Polen Capital - Focus Growth - ($ALGN, $CRM, $ABT, $NOW, $ORCL).
• Polen Capital - Global Growth - ($MSFT, $BABA, $ABT)
• Polen Capital - International Growth
• Polen Capital - International Small Company Growth
• Polen Capital - U.S. Small Company Growth
• RF Capital Management
• RGA Investment Advisors - ($ANGI, $DBX, $GRUB, $TWTR)
• RiverPark Large Growth Fund - ($AAPL, $UNH, $BX, $MSFT, $ADSK, $SDC, $TWTR, $NOC, $TDC, $TWLO).
• RiverPark Long/Short Opportunity Fund
• RiverPark/Wedgewood Fund - ($GOOG\$GOOGL, $BKNG, $CPRT, $FLT, $SPGI, $TSCO).
• RLT Capital
• RMB  Fund
• RMB Small Cap Fund
• RMB SMID Cap Fund
• Saber Capital Management
• Saga Partners - ($TTD, $LIMAF, $FB, $LGIH, $VSEC, $CVNA)
• Saturna Capital
• Saturna Capital - AmanaFunds
• Saturna Capital - Sextant Funds
• Semper Augustus
• Sequoia Fund
• Silver Ring Value Partners
• Smead Value Fund
• Social Capital
• Spree Capital - ($RST, $MTCH, $FERGY).
• Summers Value Fund - ($TARO, $EGRX, $ELMD)
• Tao Value
• TGV Rubicon Fund
• Third Avenue Real Estate Value Fund - ($GPOR.L, $HHC, $PSA, $VNO, $SRG, $FPH).
• Third Avenue Small-Cap Value Fund
• Third Avenue Value Fund - ($BMWYY, $DB, $MAC).
• Third Point
• Turtle Creek Equity Fund
• Tweedy, Browne Funds
• Tyro Capital Management - ($MO, $REPH, $SKY, $SMCI, $MTCH, $UBSFF, $BXC, $MYOV)
• Upslope Capital Management - ($FOCS, $DLTR)
• Vilas Fund
• Vltava Fund
• Wasatch Core Growth Fund
• Wasatch Micro Cap Fund
• Wasatch Micro Cap Value Fund
• Wasatch Small Cap Growth Fund
• Wasatch Small Cap Value Fund
• Wasatch Ultra Growth Fund
• WCM Global Growth
• Wedgewood Partners - ($GOOG\$GOOGL, $BKNG, $CPRT, $FLT, $SPGI, $TSCO).
• Weitz Hickory Fund
• Weitz Partners III Opportunity Fund - ($SIRI, $LSXMB, $EVREF).
• Weitz Partners Value Fund
• Weitz Value Fund
• White Brook Capital
• White Crane Capital
• Wolf Hill Capital - ($CNR, $REGI, $WTSHF)
• Worm Capital

3rd Quarter 2019

• Alluvial Capital Management - ($SYCRF, $LICT, $NUVR, $APTL, $NORSA, $PIOE, $MHGU, $ITD.IM, $EDAC.IM, $SIO.IM)
• Alphyn Capital Management
• Alta Fox Capital Management - ($KRMD, $KYYWF, $STKS)
• Andaz Private Investments - (CBS.B, $VIAB)
• Andvari Associates
• Appleseed Fund - ($SINA, $WB, $MOS, $SAVE, $ARDX, $SNE, $RYAAY)
• Arquitos Capital - ($MMAC, $WEDXF)
• Ariel Funds - ($BX, $BWA, $DIFTY, $ZBH)
• Artisan Mid Cap Fund - ($ALXN, $EXAS, $GDI, $GWRE, $CTLT, $BURL, $PAGS, $LHX, $ANET, $ASND)
• Artisan Small Cap Fund
• Artko Capital - ($FTK, $LEAF, $SKY, $USAT, $EEI, $SPAR)
• Askeladden Capital
• Baron Asset Fund - ($CCC)
• Baron Focused Growth
• Baron Growth Fund
• Baron Health Care Fund - ($TMO, $ZBH)
• Baron Discovery Fund - ($TXMD, $FND, $TREX, $MRCY, $KNSL $VRAY, $SILK, $BE, $CDNA, $TPIC, $MDLA, $PING, $WMS, $VRNS, $INGN)
• Baron Partners Fund
• Baron Small Cap Fund - ($CDAY, $CCC, $COLD)
• Bernzott Capital Advisors - ($MINI, $SP, $PLOW, $OI, $AGS, $QUOT,$ CTLT, $EPAM, $KN, $CLDR, $AGS, $GNRC)
• Bireme Capital - ($HCA, $COKE)
• Blue Hawk Investment Group - ($SFIX, $GRUB, $MTCH, $NFLX)
• Blue Tower Asset Management - ($EZPW)
• Bonhoeffer Capital Management - ($TOO, $CAMB.LN)
• Brown Capital Management Small Company Fund - ($TYL, $MANH, $ABMD, $INGN)
• BrownCapitalManagement Mid CompanyFund - ($EW, $TYL, $ALGN, $ULTA, $MKTX, $CRL, $JBHT)
• BrownCapitalManagement International Equity Fund - ($CZMWF, $ESLOY, $QGEN, $IPSEF, $MONOY)
• BrownCapitalManagement International Small Company Fund
• Choice Equities Fund ($RUBI, $BXC, $HOME, $QMCO)
• Compound Everyday Capital
• Compound Money Fund
• Comus Investment
• Cooper Investors Global Equities Fund - ($IPGLF, $NVST, $A, $FRC)
• Curreen Capital - ($GTX, $KTB, $MFGP, $BLD)
• Davis Financial Fund
• Davis Global Fund - ($JD, $AMAT)
• Davis New York Venture Fund
• Del Principe O’Brien Financial Advisors
• Desert Lion Capital
• Diamond Hill Small Cap Fund
• East 72 Holdings - ($ECVTF, $DTLA, $FFXDF, $VULC, $PICO)
• Ensemble Fund - ($MA, $TIF)
• Evermore Global Value Fund
• Ewing Morris
• Fiduciary Management  FMI Large Cap - ($HDS)
• Firebird Management - ($LNC, $GES)
• Focused Compounding Capital Management - ($NC, $CSVI, $TPHS, $KEWL, $MLP)
• Forager Fund
• FPA Crescent Fund
• FPA Capital Fund - ($AMBA, $NBL, $DAN, $IDCC)
• Gator Capital Management
• Greenhaven Road Capital - ($NTDOY, $CSSE, $KKR, $BXC, $APPS, $PAR, $SHSP, $GIGRT, $GIGWS)
• Greenlight Capital - ($NFLX, $TSLA, $CC)
• GreenWood Investors
• Goehring & Rozencwajg
• Hayden Capital - ($CACC)
• Heartland Mid Cap Value Fund
• Heartland Select Value Fund - ($SAFM, $MHK, $CVS)
• Heartland Value Fund - ($VST, $LNDC)
• Heartland Value Plus Fund
• Heller House Opportunity Fund - ($SHOP $WORK $ROKU)
• Horizon Kinetics
• Lightsail Capital Management
• Lindsell Train
• Long Cast Advisers - ($QRHC, $PSSR, $SIFY, $INS, $CTEK, $TBTC)
• Longleaf Partners Fund - ($CTL, $GOOG, $GOOGL, $CMCSA, $GE, $FDX, $FRFHF)
• Maran Capital Management - ($CLAR, $RCMT)
• Massif Capital - ($DO, $TOO, $EAF, $DE, $UNP, $CSX, $NCLH)
• Merion Road Capital - ($HXL, $IAA, $TRNS)
• Meson Capital
• Mittleman Brothers
• Nelson Roberts Investment Advisors - ($SIVB, $SCHW, $AKAM, $PFE, $DLR)
• Oakmark Global Select Fund - ($GOOG, $CHTR, $DDAIF, $APA)
• Old West Investment Management
• Palm Valley Capital Fund - ($CRD.B, $CRD/B, $GENC)
• Polen Capital - Focus Growth - ($ALGN, $IT, $MSCI)
• Polen Capital - Global Growth - ($ALGN, $ABT, $SGSOY)
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth - ($TREX, $FND, $LMAT, $FOXF, $OLLI, $TREE, $APPF, $ALTR)
• Polen Capital - International Small Company Growth
• Rangeley Capital - ($CHTR)
• RF Capital Management - ($FL, $GAPFF, $ZAGG, $GME, $GTX)
• RGA Investment Advisors
• RiverPark Large Growth Fund - ($GOOG, $BX, $AAPL, $NOC, $EQIX, $EXAS, $ALGN, $AMZN, $SDC, $ULTA, $TWLO)
• RMB Core Equity Fund
• Rockvue Capital - ($UAA, $FOX)
• Saber Capital Management
• Saga Partners - ($VSEC)
• Seven Canyons World Innovators
• Spree Capital - ($CFX, $CARS)
• SRK Capital
• Summers Value Fund - ($SLGD, $BSTC, $ELMD)
• Tao Value
• Third Avenue Real Estate Value Fund - ($CLNY, $GWW, $HNGKY)
• Third Avenue Small-Cap Value Fund - ($CTB, $SAFM)
• Third Avenue Value Fund
• Third Point Offshore Fund - ($ESLOY, $SNE)
• Tollymore Investment Partners - ($GRUB)
• Tweedy, Browne Fund - ($KRNTY, $FOX $FOXA, $TBABF, $BIDU)
• Upslope Capital Management - ($IT)
• Vilas Capital
• Vltava Fund - ($BRK.A, $BRK.B, $SBRCY, $BMWYY)
• Wedgewood Partners - ($CDW, BRK.B, $NVDA, $ULTA)
• Weitz Value Fund
• White Brook Capital - ($BOX, $GRPN)
• Worm Capital

2nd Quarter 2019

• Alluvial Capital Management - ($SYCRF, $NUVR, $MMAC, $RAMPF, $CLWY, $CMLS, $FTR)
• Alphyn Capital Management
• Alta Fox Capital Management - ($PAYS, $KWS, $NTDOY)
• Andvari Associates - ($MLAB, $UPLD, $APPN, $BL, $WDAY, $TYL)
• Appleseed Fund - ($CRTO, $SINA)
• Ariel Funds - ($LAZ, $TAP, $MTSC)
• Arquitos Capital - ($SYTE, $MMAC)
• Artisan Mid Cap Fund
• Artisan Small Cap Fund
• Artko Capital - ($CCNI, $JYNT, $WFCW, $FLL, $NRCGW)
• Askeladden Capital - ($FC, $AER, $DLTH, $LGIH, $SFM, LQDT)
• Baron Growth Fund - ($CSGP, $MSCI, $IDXX, $SSNC, $BNFT, $IRDM, $FDS, $ACGL, $RRR, $TWOU, $CVET, $ADPT, $ALEC)
• Baron Focused Growth - ($CSGP, $FDS, $ACGL, $CHH, TSLA, $BNFT, $MANU)
• Baron Small Cap Fund - ($IDXX, $JBT, $SITE, $TTD, $BFAM, $GTT, $RRR, $CISN, $PRA, $CVET, $TREX)
• Bernzott Capital Advisors - ($CTLT, $GNRC, $BV, $CLDR, $SSTK, $MIK, $EPAM, $SNPS, $LOGM, $INOV, $CARB, $MINI)
• Bireme Capital
• Blue Hawk Investment Group - ($MTCH, $GRUB, $TRIP)
• Blue Tower Asset Management - ($CNR)
• Bonhoeffer Capital Management - ($TOO, $GTN)
• Brown Capital Management Small Company Fund
• BrownCapitalManagement Mid CompanyFund
• BrownCapitalManagement International Equity Fund
• BrownCapitalManagement International Small Company Fund
• Choice Equities Fund - ($DEST, $BXC, $PAR)
• Coho Capital - ($GDDY)
• Comus Investment
• Cooper Investors Global Equities Fund - ($FISV, $FRRVY, $FRRVF, $TTNDY)
• Curreen Capital - ($KTB)
• Desert Lion Capital
• East 72 Holdings - ($AFTPF, $ADS)
• Ensemble Fund - ($BR, $SBUX, $FAST, $FRC, $GOOG)
• Evermore Global Value Fund - ($DIS, $BORR, $STING)
• Ewing Morris
• Fiduciary Management  FMI Large Cap
• Firebird Management - ($BV, $KSS)
• Focused Compounding Capital Management - ($NC, $CSVI)
• FPA Crescent Fund - ($ALGT, $XEC, $MKSI)
• FPA Capital Fund - ($ALGT, $XEC, $MKSI)
• Greenhaven Road Capital - ($KKR, $APPS, $PAR, $SHSP, $ETSY, $NTDOY)
• Greenlight Capital
• GreenWood Investors
• Hayden Capital - ($CMPR, $JD)
• Heartland Value Fund - ($RDN, $VST, $CALX)
• Lightsail Capital Management
• Long Cast Advisers - ($QRHC, $DAIO, $SIFY, $INS, $CTEK, $TBTC)
• Longleaf Partners Fund - ($CMCSA, $GE, $AMG, $CTL, $HCMLY\$HCMLF, $CHKGF, $CNHI, $FDX, $MAT, $CNX) - ($CBLLF, $DE)
• Maran Capital Management - ($CLAR, $WLK, $BXC, $SVIN, $BH)
• Mar Vista Investment Partners
• Massif Capital - ($CBLLF, $DE)
• Merion Road Capital - ($IAA, $KAR, $MHH)
• Mittleman Brothers
• MPE Capital
• Nelson Roberts Investment Advisors - ($ROP, $DLR, $PFE) 
• Palm Valley Capital Fund - ($CRD.A\$CRD.B, $CWGL, $NGS, $WMK, $UG, PTVCA\PTVCB, $AE, $DOX, $SCHL, $GENC)
• Pershing Square Holdings
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• Polen Capital - International Small Company Growth
• RGA Investment Advisors
• Rhizome Partners
• RiverPark Large Growth Fund - ($ADBE, $AMZN, $FIVE, $ISRG, $GOOG\$GOOGL, $FB, $AAPL, $BX, $EXAS, $MSFT, $DIS, $PANW, $TDC, $ADSK, $COG)
• Rockvue Capital - ($EAF, $TH, $UAA)
• RV Capital
• Saber Capital Management - ($FB, $WFC)
• Saga Partners - ($TTD, $LIMAF, $FB, $TRUP, $UA)
• Spree Capital - ($CVET, $BB, $QCOM)
• Stanphyl Capital Management - ($TSLA, $AVNW, $WSTL)
• Summers Value Fund - ($EGRX, $BSTC, $ELMD)
• Third Avenue Real Estate Value Fund
• Third Avenue Small-Cap Value Fund
• Third Avenue Value Fund
• Tollymore Investment Partners - ($BID)
• Upslope Capital Management - ($FLIR, $HGV, $COKE, $PACK)
• Vltava Fund - ($AN)
• Wedgewood Partners - ($ALC, $BRK.B, $SCHW, $CTSH, $EA, $MSI, $ODFL)
• Weitz Value Fund

1st Quarter 2019

• Alluvial Capital Management - ($NUVR, $LICT, $APTL, $IEHC, $HICKA)
• Alta Fox Capital Management - ($TPNL - $PAYS, $JYNT, $RMBL, $STKS). Full Pitch on $STKS)
• Andvari Associates - ($UPLD, $TLRA, $WDAY, $V, $MA, $TYL, $MKL)
• Appleseed Fund - ($SKM, $ERJ)
• Ariel Funds - ($AXE, $KMX, $ZBRA)
• Arquitos Capital - ($SYTE, $MMAC, $WEDXF)
• Artko Capital - ($REPH, $NRCGW, $GAIA, $EEI, $LEAF)
• Baron Funds
• Baron Growth Fund - ($CSGP, $MSCI, $SSNC, $IRDM, $ANSS, $NEOG)
• Baron Focused Growth - ($CSGP, $FDS, $H, $IRDM, $GWRE, $TSLA, $BNFT, $CHH)
• Baron Small Cap Fund - ($TTD, $TDG, $FND, $GWRE, $HUD, $OEC, $PRTY, $BJRI, $CCC, $OSW, $CCX.U)
• Bernzott Capital Advisors - ($EPAM, $SSTK,$VRNT, $MIK, $QUOT, $MG, $BV)
• Bluehawk Investors - ($MTCH, $FND)
• Bireme Capital - ($AAPL, $BKNG)
• Brown Capital Management Small Company Fund
• BrownCapitalManagement Mid CompanyFund
• BrownCapitalManagement International Equity Fund
• BrownCapitalManagement International Small Company Fund
• Choice Equities Fund - ($RUBI, $USX)
• Compound Everyday Capital
• Comus Investment
• Cooper Investors Global Equities Fund - ($SHMZF, $APH, $FRRVY, $FRRVF, $DHR, BAM, $SAPIF)
• East 72 Holdings - ($ING, $MKL, $Y)
• Ensemble Fund - ($LSTR, $GOOG, $GOOGL)
• Evermore Global Value Fund - ($BDRBF, $KRA)
• Ewing Morris
• FPA Crescent Fund
• FPA Capital Fund
• Greenhaven Road Capital - ($PAR, $APPS, $KKR, $ETSY, $SHSP, $BOX, $EVI, $FCAU, $CSSE)
• Greenlight Capital
• GreenWood Investors
• Harding Loevner Global Small Cap Equities
• Harding Loevner Global Equities - ($KHC, $NSRGY, $LYFT, $WBC, $VRTX)
• Heartland Value Fund - ($BRY, $ARAY, $NWPX, $CCS, $FSLR)
• Hayden Capital - ($SE, $ZLPSF)
• Horan Capital Management - ($MTN, $ATVI, $BKNG, $AAPL, $THO, $TCEHY, $GOOG, $FB)
• Horizon Kinetics - ($K, $PEP, $NFLX, $AMZN, $TPL)
• JDP Capital Management - ($XPO, $TK, $SPOT)
• Laughing Water Capital
• Lightsail Capital Management - ($DRTTF)
• Long Cast Advisers - ($INS, $QRHC, $EVI, $CTEK)
• Longleaf Partners Fund - ($GE, $MAT, $WYNN, $CTL, $HCMLY, $CHKGF)
• Maran Capital Management
• Massif Capital
• Merion Road Capital - ($FCPT, $SLGG)
• Midwood Capital Partners - ($NXST, $DRTTF, $RCM, $LMB, $REPH)
• Miller Value Partners
• Nelson Roberts Investment Advisors - ($HD)
• Platinum Asset Management
• Pershing Square Holdings - ($ADP, $QSR, $LOW, $SBUX, $HLT, $UTX, $HHC, $FNMA, $FMCC)
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• Polen Capital - International Small Company Growth
• RGA Investment Advisors - ($GRUB)
• Saber Capital Management - ($AAPL. $FB, $TCEHY)
• Saga Partners - ($TRUP)
• Spree Capital - ($ROKU, $FTDR, $EBAY, $ALRM, $ZAYO)
• Summers Value Fund - ($EGRX, $CVET, $SLGD, $ELAN, $KHTRF)
• Templeton and Phillips Capital Management - ($FFXDF, $HDB)
• Tollymore Investment Partners - ($TRIP, $SE)
• Third Avenue Real Estate Value Fund - ($INTU.L, $NWHM, $JBGS)
• Third Avenue Small-Cap Value Fund - ($AGX)
• Third Avenue Value Fund - ($HCC, $TDW, $EXP, $MHK)
• Upslope Capital Management - ($ATR, $YETI, $BLD)
• WCM Global Growth
• Weitz Investment - An Introduction to CarMax, Inc. - $KMX

4th Quarter 2018

• Alta Fox Capital Management - ($TPNL)
• Alluvial Capital Management - ($NUVR, $MMAC, $RAMPF, $AMNF)
• Andvari Associates - ($MA, $TYL)
• Ariel Funds - ($ATGE, $AMG, $KN)
• Arquitos Capital - ($SYTE, $MMAC, $WEDXF)
• Artko Capital - ($JYNT, $SMED, $AFCN, $USAT, $PRIXQ, $SPAR)
• Baron Funds
• Bernzott Capital Advisors - ($HRC, $TRS, $CLH, $SSTK, $CMP, $CTLT, $EPAY, $MEDP, $ELY, $MIK, $MG, $SRCL)
• Choice Equities Fund - ($RUBI, $DEST, $UA, $CMG)
• Comus Investment
• Cooper Investors Global Equities Fund - ($BAM, $PTC, $SIRI, $PYPL, $HEI)
• East 72 Holdings - ($AER, $EXXRF, $VIRT)
• Ensemble Fund - ($SCHW, $ST)
• Evans and Partners International Fund - ($SKFOF, $RELX, $MMM, $GOOG, $V, $ADDYY, $AON)
• FPA Capital Fund - Annual Report
• FPA Crescent Fund
• Fundsmith Equity Funds - ($PM, $FB, $SBUX, $MSFT) - ($GCGMF, $WEDXF, $RAMPF, $PDDPF)
• Goodwood  Funds  - ($GCGMF, $WEDXF, $RAMPF, $PDDPF)
• Greenhaven Road Capital - ($FCAU, $ETSY, $SHSP, $KKR, $YELP, $BOX)
• Greenlight Capital
• GreenWood Investors
• Hayden Capital - ($MPNGF, $CVNA, $JD)
• Heartland Value Fund - ($CCS, $NWPX, $ARAY)
• Lightsail Capital management - ($DRTTF)
• Mittleman Brothers
• MPE Capital
• Nelson Roberts Investment Advisors - ($ZTS)
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($ROKU, $CGNX)
• RV Capital
• Saga Partners - ($TTD, $ESI, $UA, $LIMAF, $LGIH, $FB)
• Sebids Capital
• Third Avenue Real Estate Value Fund - ($DLN.L, $WY, $ZION, $PNC Warrants)
• Third Avenue Small-Cap Value Fund - ($CUBI, $MYRG, $ATNI)
• Third Avenue Value Fund - ($DWDP, $DDAIF, $ANFGF)
• Tollymore Investment Partners - ($UHAL, $GYM.LN, $ITEGY, $TRIP, $TRUP)
• Upslope Capital Management - ($EVR, $BLD, $JE.LN, $DLTR, $KWR, $YETI, $MKTX, $TSLA)
• WCM Global
• Weitz Investment
• Wiedower Capital - ($TRUP, $JD, $ISDR)
• Willow Oak Select Fund - ($BEL)

3rd Quarter 2018

• Alta Fox Capital Management - ($XPEL, $TPNL, $UWN)
• Alluvial Capital Management - ($NUVR, $LICT, $OTEL, $MMAC, $CTRA, $BXC, $RAMPF)
• Artko Capital - ($TWNKW, $RSSS)
• Baron Funds
• Bernzott Capital Advisors - ($EPAY, $ELY, $SSTK, $MIK, $PLOW, $GNTX, $OI, $APAM, $QUOT)
• Choice Equities Fund - ($LAWS, $BECN, $BXC, $YELP, $DEST)
• Comus Investment
• Cooper Investors Global Equities Fund - ($FTV, $FERGY, $CCF, $ROP, $FRC, $AMADY, $CMCSA, $SIRI, $AON)
• Ensemble Fund - ($TRUP, $BKNG)
• Greenhaven Road Capital - ($FCAU, $ETSY, $SHSP, $TRIP, $YELP, $EVI, $BOX)
• Greenlight Capital
• GreenWood Investors - ($EXXRF, $TRIP, $TI)
• Hayden Capital - ($MKL, $JD)
• Heartland Value Fund - ($TLRY, $BRY, $SRCI, $AXAS, $CCS)
• Longleaf Partners Fund - ($CTL, $BEL, $OCINF)
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($PYPL, $WBA)
• Saga Partners - ($TTD, $ESI, $UA, $LIMAF, $LILAK)
• Third Avenue Real Estate Value Fund - ($BKG.L, $JBGS, $CHKGF)
• Third Avenue Small-Cap Value Fund - ($ATNI, $ASIX, $MYRG)
• Third Avenue Value Fund - ($TDW, $CHKGF, $BZZFF, $DB)
• Upslope Capital Management - ($CWH, $TSLA, $MKTX)

2nd Quarter 2018

• Alta Fox Capital Management - (T$PNL, $XPLT)
• Alluvial Capital Management - ($SYCRF, $SCOO, $NUVR, $MMAC)
• Andvari Associates - ($TTD, $APPN, $TCEHY, $MKTX, $GOOG)
• Ariel Funds - ($LAKE, $TISI, $TGNA)
• Artko Capital - ($EEI, $ROSEW/ROSEU, $WFCF, $FRD)
• Baron Funds
• Bernzott Capital Advisors - ($EPAY, $ELY, $KN, $OI, $APAM, $CNK, $PLOW, $MIK, $CSOD, $EXLS)
• Bonhoeffer Capital Management - ($KT)
• Choice Equities Fund - ($CMG, $REED, $BECN)
• Comus Investment
• Cooper Investors Global Equities Fund - ($SAPIF, $TTNDY, $MKSI, $CMCSA, $PNR, $CIGI, $BAX, $SPGI)
• East 72 Holdings - ($ECVTF, $UCPLF, $ELFIF)
• Ensemble Fund - ($LB, $PBH)
• FPA Capital Fund
• Gator Capital Management - ($AMP)
• Greenhaven Road Capital - ($FCAU $ETSY, $TRIP, $EVI, $AINC, $YELP, $CSSE)
• Greenlight Capital
• GreenWood Investors - ($EXXRF, $TI)
• Heartland Value Fund - ($CCS)
• Laughing Water Capital - ($EZPW, $FCAU, $CDMO, $CWH, $RMNI/$RMNIW)
• Maran Capital Management - ($BH, $CLAR, $SVIN, $LOV)
• MPE Capital
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($EQIX)
• RV Capital - (AddLife, PSG Group)
• Saga Partners - ($TTD, $ESI, $UA, $LIMAF, $LILAK)
• Third Avenue Real Estate Value Fund - ($FPH, $LEN)
• Third Avenue Small-Cap Value Fund - ($ATNI, $SAFM)
• Third Avenue Value Fund - ($HCTPF, $KKWFF, $BCAUY, $HA
• Wiedower Capital - ($JD)

1st Quarter 2018

• Alluvial Capital Management - ($SYCRF, $OTEL, $LICT, $MMAC $BXC)
• Arquitos Capital Management - ($SYTE, $WEDXF)
• Artko Capital - ($HTM, $GAIA, $HDSN, $SKY)
• Ariel Funds - ($KEYS, $MHK, $OAK)
• Bernzott Capital Advisors - ($MINI, $ELY, $EPAY, $CMP, $MIK, $MG)
• Bonhoeffer Capital Management - ($TI, $TOO)
• Comus Investment
• Cooper Investors Global Equities Fund - ($SPGI, $CME, $CMCSA, $SPB)
• Dane  Capital  Management - ($DSKE, $IEA, $LAZY, $LMB, $YTRA, $EVI)
• Ensemble Fund - ($NFLX, $DNOW)
• FPA Capital Fund - ($WDC, $TEN, $ALGT)
• FPA Crescent Fund
• Greenhaven Road Capital - ($FCAU $ETSY, $TRIP, $EVI, $AINC, $BXC)
• Greenlight Capital
• GreenWood Investors - ($EXXRF, $RYCEY, $VIVHY)
• Laughing Water Capital - ($BXC, $OCN, $TRC, $GHL, $ITI, $GAIA)
• Longleaf Partners
• Maran Capital Management - ($BH, $CLAR, $SVIN, $IAC, $ATTO)
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($DIS, $RAMP)
• RiverPark Large Growth Fund
• RiverPark Focused Value Fund
• Saga Partners - ($ESI, $LILAK)
• Third Avenue Real Estate Value Fund - ($AKR, $SRG)
• Third Avenue Small-Cap Value Fund - ($FRPH, $WEDXF. $SMHI)
• Third Avenue Value Fund - ($BDRLF, $KKWFF, $BMWYY)
• Vulcan Value Partners