The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Air Products & Chemicals Inc COM 009158106 108,872 836,767 SH   SOLE NONE 683,782 0 152,985
Alere Inc. COM 01449J105 140,104 3,584,138 SH   SOLE NONE 2,914,329 0 669,809
Alexander & Baldwin Inc COM 014491104 706 20,000 SH   SOLE NONE 20,000 0 0
Allergan Inc COM G0177J108 4,688 15,000 SH   SOLE NONE 15,000 0 0
Allscripts Healthcare Solutions Inc COM 01988P108 240,238 15,620,176 SH   SOLE NONE 12,718,513 0 2,901,663
Amgen Inc COM 031162100 4,058 25,000 SH   SOLE NONE 25,000 0 0
Avis Budget Group Inc COM 053774105 236,959 6,529,587 SH   SOLE NONE 5,319,360 0 1,210,227
Axalta Coating Systems Ltd COM G0750C108 167,589 6,288,525 SH   SOLE NONE 5,113,285 0 1,175,240
Baxalta Inc COM 07177M103 137,197 3,515,164 SH   SOLE NONE 2,862,299 0 652,865
Berkshire Hathaway Inc-Cl B COM 084670702 528 4,000 SH   SOLE NONE 4,000 0 0
Biogen Idec Inc COM 09062X103 4,289 14,000 SH   SOLE NONE 14,000 0 0
Boardwalk Pipeline Partners LP COM 096627104 131 10,100 SH   SOLE NONE 10,100 0 0
Check Point Software Technologies Ltd COM M22465104 407,365 5,005,712 SH   SOLE NONE 4,070,135 0 935,577
CrossAmerica Partners LP COM 22758A105 2,963 114,295 SH   SOLE NONE 114,295 0 0
CST Brands Inc COM 12646R105 262,854 6,715,732 SH   SOLE NONE 5,481,595 0 1,234,137
CSX Corp COM 126408103 519 20,000 SH   SOLE NONE 20,000 0 0
CVS Caremark Corp COM 126650100 1,955 20,000 SH   SOLE NONE 20,000 0 0
DCP Midstream Partners LP COM 23311P100 3,440 139,435 SH   SOLE NONE 139,435 0 0
Delta Air Lines Inc COM 247361702 613,065 12,094,390 SH   SOLE NONE 9,854,469 0 2,239,921
Deltic Timber Corp COM 247850100 589 10,000 SH   SOLE NONE 10,000 0 0
Eastman Chemical Co COM 277432100 422,130 6,252,847 SH   SOLE NONE 5,106,392 0 1,146,455
eBay Inc COM 278642103 204,409 7,438,472 SH   SOLE NONE 6,048,977 0 1,389,495
Eli Lilly & Co COM 532457108 2,107 25,000 SH   SOLE NONE 25,000 0 0
Energy Transfer Equity LP COM 29273V100 187 13,610 SH   SOLE NONE 13,610 0 0
Graphic Packaging Holding Co COM 388689101 351,145 27,369,025 SH   SOLE NONE 22,297,283 0 5,071,742
Halozyme Therapeutics Inc COM 40637H109 150,497 8,684,184 SH   SOLE NONE 7,096,662 0 1,587,522
Hertz Global Holdings COM 42805T105 217,310 15,271,288 SH   SOLE NONE 12,443,712 0 2,827,576
Hewlett Packard Enterprise Co COM 42824C109 304,844 20,055,494 SH   SOLE NONE 16,430,957 0 3,624,537
Theravance Inc COM 88338T104 130,905 12,419,845 SH   SOLE NONE 10,148,812 0 2,271,033
Intrexon Corp COM 46122T102 104,146 3,454,261 SH   SOLE NONE 2,822,789 0 631,472
Kansas City Southern COM 485170302 373 5,000 SH   SOLE NONE 5,000 0 0
Kirby Corp COM 497266106 526 10,000 SH   SOLE NONE 10,000 0 0
Lexmark International Inc COM 529771107 594 18,300 SH Call SOLE NONE 18,300 0 0
Lexmark International Inc COM 529771107 193,483 5,962,484 SH   SOLE NONE 4,859,217 0 1,103,267
Lowe's Cos Inc COM 548661107 544,066 7,154,994 SH   SOLE NONE 5,816,611 0 1,338,383
LyondellBasell Industries NV COM N53745100 362,639 4,173,057 SH   SOLE NONE 3,410,166 0 762,891
Martin Marietta Materials Inc COM 573284106 176,581 1,292,878 SH   SOLE NONE 1,051,448 0 241,430
Masco Corp COM 574599106 366,177 12,939,123 SH   SOLE NONE 10,520,273 0 2,418,850
McGraw Hill Financial Inc COM 580645109 256,375 2,600,676 SH   SOLE NONE 2,115,079 0 485,597
Micron Technology Inc COM 595112103 161,774 11,424,687 SH   SOLE NONE 9,294,853 0 2,129,834
Myriad Genetics Inc. COM 62855J104 167,939 3,891,072 SH   SOLE NONE 3,165,251 0 725,821
NCR Corp COM 62886E108 95,317 3,896,835 SH   SOLE NONE 3,170,069 0 726,766
Occidental Petroleum Corp COM 674599105 1,014 15,000 SH   SOLE NONE 15,000 0 0
Packaging Corp of America COM 695156109 82,541 1,309,137 SH   SOLE NONE 1,068,947 0 240,190
Phillips 66 COM 718546104 395,144 4,830,608 SH   SOLE NONE 3,935,691 0 894,917
Pitney Bowes Inc COM 724479100 302,257 14,637,120 SH   SOLE NONE 11,963,079 0 2,674,041
Plains All Amer Pipeline Lp COM 726503105 1,664 72,031 SH   SOLE NONE 72,031 0 0
Rite Aid Corp COM 767754104 232,095 29,603,960 SH   SOLE NONE 24,072,425 0 5,531,535
SanDisk Corp COM 80004C101 393,170 5,173,971 SH   SOLE NONE 4,215,679 0 958,292
Seagate Technology PLC COM G7945M107 1,100 30,000 SH   SOLE NONE 30,000 0 0
Sealed Air Corp COM 81211K100 552,680 12,391,927 SH   SOLE NONE 10,109,015 0 2,282,912
SemGroup Corp COM 81663A105 126,308 4,376,581 SH   SOLE NONE 3,558,363 0 818,218
Service Corp International/US COM 817565104 207,129 7,960,387 SH   SOLE NONE 6,482,726 0 1,477,661
Sirius XM Holdings Inc. COM 82968B103 297,536 73,104,677 SH   SOLE NONE 59,539,345 0 13,565,332
STERIS PLC COM G84720104 216,524 2,873,958 SH   SOLE NONE 2,337,648 0 536,310
Texas Instruments Inc COM 882508104 1,918 35,000 SH   SOLE NONE 35,000 0 0
Travelers Cos Inc/The COM 89417E109 1,129 10,000 SH   SOLE NONE 10,000 0 0
Tyson Foods Inc COM 902494103 509,828 9,559,872 SH   SOLE NONE 7,777,277 0 1,782,595
Valeant Pharmaceuticals International Inc COM 91911K102 439,596 4,324,602 SH   SOLE NONE 3,527,757 0 796,845
Valspar Corp COM 920355104 398,225 4,800,779 SH   SOLE NONE 3,913,545 0 887,234
Viacom Inc COM 92553P201 617 15,000 SH   SOLE NONE 15,000 0 0
Vista Outdoor Inc COM 928377100 114,717 2,577,326 SH   SOLE NONE 2,119,344 0 457,982
Visteon Corp COM 92839U206 246,678 2,154,395 SH   SOLE NONE 1,751,923 0 402,472
Whirlpool Corp COM 963320106 1,469 10,000 SH   SOLE NONE 10,000 0 0
WR Grace & Co COM 38388F108 593,939 5,963,846 SH   SOLE NONE 4,860,150 0 1,103,696
Wyndham Worldwide Corp COM 98310W108 499,825 6,879,900 SH   SOLE NONE 5,615,630 0 1,264,270