Holding Performance

1%-0% 2%-1% 3%-2% 4%-3% 5%-4% 6%-5%

Top 25 Holdings	Portfolio Weight %	Shares Owned	Shares Change	Sector	Mkt Cap (Mil)	Total Ret YTD (Daily)
CBOE Holdings, Inc.	6.98	103,571	0		3.05	38.83
WisdomTree Investments, Inc.	6.04	431,400	-77,607		2.64	119.12
Icahn Enterprises LP	5.95	58,200	-1		2.60	100.11
Rouse Properties Inc	5.47	141,400	400		2.39	28.13
Brookfield Asset Management Inc Class A	5.32	63,440	0		2.33	8.25
Franco-Nevada Corp	3.95	30,200	0		1.73	-31.52
Onex Corp	3.91	40,400	2,100		1.71	13.58
Howard Hughes Corp	3.74	22,400	1,000		1.64	51.55
Sothebys Class A	3.25	42,278	0		1.42	10.41
Texas Pacific Land Trust	3.01	24,600	1,400		1.31	45.54
Leucadia National Corporation	2.75	50,500	3,900		1.20	38.62
Jse Limited	2.53	120,000	-4,500		1.11	-7.40
Visa, Inc.	2.50	7,200	0		1.09	22.20
Blackstone Group LP	2.44	68,399	0		1.07	55.04
Value Partners Group Limited	2.33	1,544,000	0		1.02	--
Jefferies Group, Inc.	2.32	54,730	0		1.02	--
IntercontinentalExchange, Inc.	2.15	7,600	0		940,956.00	43.29
Singapore Exchange Limited	2.13	162,000	0		929,655.00	6.93
MasterCard Incorporated Class A	1.80	1,600	0		786,048.00	19.22
Las Vegas Sands Corp	1.76	16,690	0		770,410.00	27.79
Fidelity Instl MM Fds Government I	1.76	770,102	-1,352,898	---	770,102.00	--
BAM Investments Corp	1.72	41,500	3,400		750,980.00	56.46
Dundee Corporation Class A	1.52	21,500	8,300		664,500.00	16.96
NYSE Euronext, Inc.	1.51	20,920	0		659,817.00	32.02
Cohen & Steers Inc	1.38	19,800	-4,200		603,306.00	38.99