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)
Alterra Capital Holdings Ltd.	2.04	252,645	252,645		7.96	--
M&T Bank Corp	-1.94	73,203	59,558		-7,551,621.00	6.54
Hudson City Bancorp, Inc.	1.93	871,105	708,732		7.53	5.78
NYSE Euronext, Inc.	1.87	188,542	165,995		7.29	33.54
Coventry Health Care, Inc.	1.60	132,975	88,004		6.25	--
US Treasury Note 1.625%	1.51	6,000,000	6,000,000	---	5.89	--
Astral Media Inc.	1.46	117,618	18,921		5.68	23.54
Db 3438	1.42	6,000,000	6,000,000	---	5.53	--
Markel Corporation	-1.41	10,901	10,901		-5,488,654.00	21.19
CreXus Investment Corp	1.35	405,329	405,329		5.28	--
IntercontinentalExchange, Inc.	-1.34	32,113	28,273		-5,236,667.00	44.46
Virgin Media Inc	1.32	105,498	105,498		5.17	--
Agsln0117 Trs Gbp R E	1.23	1,319,301	1,319,301	---	4.81	--
Agsln0117 Trs Gbp P V 01mlibor	-1.23	3,148,655	3,148,655	---	-4,781,078.00	--
Duff & Phelps Corporation Class A	1.18	296,234	296,234		4.59	--
Firstmerit Corp	-1.07	253,370	245,189		-4,188,206.00	39.04
Citizens Republic Bancorp Inc	1.07	184,942	169,179		4.17	--
Glenln017 Trs Gbp R V 01mlibor	0.93	2,383,846	2,383,846	---	3.62	--
Xtaln0117 Trs Gbp P V 01mlibor	-0.91	2,346,505	2,346,505	---	-3,563,053.00	--
SPDR S&P 500	-0.91	22,690	19,726	---	-3,552,120.00	--
Glenln017 Trs Gbp P E	-0.88	636,479	636,479	---	-3,441,571.00	--
HJ Heinz Company	0.87	47,040	47,040		3.40	--
Xtaln0117 Trs Gbp R E	0.87	208,682	208,682	---	3.38	--
Impregilo SPA	0.86	649,758	649,758		3.34	--
Aon plc	0.85	54,100	0		3.33	15.20