Caps Fund Manager Update 090717

Guru Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp

Company International Business Machines Corp Cisco Systems Inc. PHILIP MORRIS INTERNATIONAL INC Oracle Corp. UnitedHealth Group Inc. General Electric Company Pfizer Inc Bank of America Corp. Legg Mason Inc. Chesapeake Energy Corp. Laboratory Corp. of America Holdings Berkshire Hathaway Inc. CONSOL Energy Inc. Kinetic Concepts Inc. ConocoPhillips WESCO International Inc. Harris Corp. Alliance Data Systems Corp. Transocean Inc. Eaton Corp. Cemex S.A.B. de C.V. LENDER PROCESSING Terex Corp. Fidelity National Information Services I Zimmer Holdings Inc. Intel Corp. The Goodyear Tire & Rubber Company Stanley Furniture Company Inc. The Boeing Company RTI International Metals Inc. Hologic Inc. Corning Inc. Rush Enterprises Inc. Innovative Solutions and Support Inc.

Symbol % Change change from the previous IBM -3.89 CSCO -3.77 PM -1.07 ORCL -5.35 UNH -3.48 GE 58.07 PFE New BAC 169.6 LM 59.92 CHK -3.02 LH New BRK-B -51.79 CNX -3.35 KCI -3.74 COP -5.03 WCC -0.16 HRS -7.7 ADS New RIG 28.38 ETN -0.37 CX -3.19 LPS -1.62 TEX -2.45 FIS -2.78 ZMH -3.5 INTC -0.85 GT -5.95 STLY -1.51 BA -11.09 RTI 0.18 HOLX 0 GLW -24.04 RUSHA 0 ISSC 0

Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens

MasterCard Inc. The Home Depot Inc. Exxon Mobil Corp. Novogen Ltd. WalMart Stores Inc. Microsoft Corp. Rush Enterprises Inc. HarleyDavidson Inc. PC Connection Inc. Marshall Edwards Inc. iGate Corp. The Manitowoc Company Inc. ScheringPlough Corp. Eli Lilly and Company Forest Laboratories Inc. Merck & Co. Inc. Abbott Laboratories ROCHE HOLDING LTD S/ADR SANOFI-AVENTIS SA Wyeth AstraZeneca PLC McKesson Corp. Amgen Inc. ASTELLAS PHARMA INC UnitedHealth Group Inc. Pfizer Inc Novartis AG TAKEDA PHARMACEUTICA BristolMyers Squibb Company Genzyme Corp. St. Jude Medical Inc. Walgreen Company EISAI CO LTD Quest Diagnostics Inc. WellPoint Inc. Becton Dickinson and Company Humana Inc.

MA HD XOM NVGN WMT MSFT RUSHB HOG PCCC MSHL IGTE MTW SGP LLY FRX MRK ABT RHHBY SNYNF.PK WYE AZN MCK AMGN ALPMF.PK UNH PFE NVS TKPHF.PK BMY GENZ STJ WAG ESALF.PK DGX WLP BDX HUM

-22.6 -15.81 -4.86 0 -8.04 0.31 0 -11.71 0 0 New 0 -4.66 -4.26 0 2.59 -1.5 -52.1 0 18.61 0 -2.68 -3.25 0 1.51 68.89 0 -2.87 -2.58 -12.06 -2.22 0 0 0 -5.26 -30.14 2.39

Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens

Medtronic Inc. DAIICHI SANKYO CO LT SHIONOGI & CO LTD Cardinal Health Inc. Cerner Corp. Laboratory Corp. of America Holdings CIGNA Corp. Baxter International Inc. SigmaAldrich Corp. Beckman Coulter Inc. OSI Pharmaceuticals Inc. Coventry Health Care Inc. Perrigo Company IMS Health Inc. BAYER A G ORD Cephalon Inc. Biogen Idec Inc Universal Health Services Inc. Sepracor Inc. CHUGAI PHARMACEUTICA Allergan Inc. TANABE SEIYAKU CO LT DENTSPLY International Inc. Watson Pharmaceuticals Inc. Aetna Inc. Health Net Inc. Owens & Minor Inc. ROCHE HOLDING LTD S/ADR GlaxoSmithKline plc Gilead Sciences Inc. IPSEN PROMESSES Hospira Inc. Elan Corp. plc Vertex Pharmaceuticals Inc. Johnson & Johnson ONO PHARMACEUTICAL

MDT DSKYF.PK SGIOF.PK CAH CERN LH CI BAX SIAL BEC OSIP CVH PRGO RX BAYZF.PK CEPH BIIB UHS SEPR CHGCF.PK AGN TNBSF.PK XRAY WPI AET HNT UCBJF.PK OMI RHHBY GSK GILD IPRMF.PK HSP ELN VRTX JNJ OPHLF.PK

-2.66 0 0 3.89 -8.54 0 11.24 -9.68 -1.38 -5.43 -1.44 0 0 0 0 -12.48 -14.85 0 0 0 -54.69 0 0 0 35 -2.15 -8.18 0 -52.1 0 -58.93 0 0 10.76 -40.83 14.29 0

Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers

Pall Corp. Health Management Associates Inc. NovoNordisk A/S PAREXEL International Corp. Covidien Ltd. Fresenius Medical Care AG & Co. KGaA Amylin Pharmaceuticals Inc. STERIS Corp. Zimmer Holdings Inc. ONYX Pharmaceuticals Inc. Davita Inc. MEAD JOHNSON NUTRITI TERUMO CORP United Therapeutics Corp. WellCare Health Plans Inc. IMS Health Inc. Hewitt Associates Inc. Janus Capital Group Inc. Jones Lang LaSalle Inc. CB Richard Ellis Group Inc. Anixter International Inc. The Interpublic Group of Companies Inc. Tiffany & Co. City National Corp. BioRad Laboratories Inc Equifax Inc. International Game Technology CBS Corp. Royal Caribbean Cruises Ltd. Nordstrom Inc. IDEX Corp. Constellation Brands Inc. Brady Corp. Markel Corp. Gannett Co. Inc. Hospira Inc. Energizer Holdings Inc.

PLL HMA NVO PRXL COV FMS AMLN STE ZMH ONXX DVA MJN TRUMF.PK UTHR WCG RX HEW JNS JLL CBG AXE IPG TIF CYN BIO EFX IGT CBS RCL JWN IEX STZ BRC MKL GCI HSP ENR

0 0 0 0 33.33 0 -4.86 0 New 0 0 New 0 0 0 -25.45 -30.54 26.49 -6.08 -2.8 -23.79 -22.88 -8.83 -7.31 -6.59 -21.7 28.74 62.02 9.41 -7.72 -19.63 -19.99 -14.05 -33.92 156.06 12.4 -43.88

John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers

Sotheby's BID PrivateBancorp Inc. PVTB Carnival Corp. CCL Dell Inc. DELL Meredith Corp. MDP AFLAC Inc. AFL The J.M. Smucker Company SJM Franklin Resources Inc. BEN Northern Trust Corp. NTRS HCC Insurance Holdings Inc. HCC Omnicom Group Inc. OMC Thermo Fisher Scientific Inc. TMO Dun & Bradstreet Corp. The DNB Newell Rubbermaid Inc. NWL Laboratory Corp. of America Holdings LH Baxter International Inc. BAX T. Rowe Price Group Inc. TROW Hess Corp. HES Interface Inc. IFSIA Illinois Tool Works Inc. ITW Matthews International Corp. MATW Bob Evans Farms Inc. BOBE Horace Mann Educators Corp. HMN Blount International Inc. BLT The Clorox Company CLX Littelfuse Inc. LFUS Mohawk Industries Inc. MHK Johnson & Johnson JNJ Black & Decker Corp. The BDK Berkshire Hathaway Inc. BRK-B eBay Inc. EBAY Accenture Ltd ACN Toyota Motor Corp. TM TYCO INTERNATIONAL LTD. (SWITZERLAND) TYC International Business Machines Corp IBM Steelcase Inc. SCS Covidien Ltd. COV

2.24 132.14 -10.64 353.83 30.12 599.95 -38.78 -6.41 -24.02 -56.94 -10.27 -4.81 -28.74 1.37 -7.72 -15.03 16.39 -21.92 1.14 -44.07 -15.5 -12.98 -36.19 -12.76 -23.76 -11.07 -43.18 -10.2 -63.96 -25.83 -3.15 -86.44 -26.34 15.92 -38.85 -25.68 0

John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers Arnold Van Den Berg Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins

Herman Miller Inc. Exxon Mobil Corp. The Walt Disney Company Disney Waste Management Inc. JPMorgan Chase & Co. The McClatchy Company Pitney Bowes Inc. American Express Company Radio One Inc. UBS AG Lee Enterprises Inc. iShares Russell 2000 Value Index Fund Wilmington Trust Corp. USG Corp. iShares Russell MidCap Value Index Fund Maxwell Technologies Inc Berkshire Hathaway Inc. Potash Corp. of Saskatchewan Inc. Ternium S.A. Fairfax Financial Holdings Ltd. Goldman Sachs Group Inc. The Leucadia National Corp. Cresud S.A.C.I.F. y A. HORSEHEAD HOLDING CORP. Teck Cominco Ltd. Wells Fargo & Company AIR TRANS SVCS GROUPINC COM Pinnacle Airlines Corp. Sears Holdings Corp. WellCare Health Plans Inc. Berkshire Hathaway Inc. Dell Inc. Chesapeake Energy Corp. The Walt Disney Company Disney Yum! Brands Inc. eBay Inc. Fairfax Financial Holdings Ltd.

MLHR XOM DIS WMI JPM MNI PBI AXP ROIAK UBS LEE IWN WL USG IWS MXWL BRK-B POT TX FFH GS LUK CRESY ZINC TCK WFC ATSG PNCL SHLD WCG BRK-A DELL CHK DIS YUM EBAY FFH

-11.34 New 0 New -7.45 -20.25 -7.67 27.44 -20.94 -42.72 -15.78 Sold Out Sold Out Sold Out Sold Out -0.46 2218.11 -1.89 0.28 -20.64 0 0.62 123.67 -21.87 3.29 New 0 -0.69 -83.61 0 -93.75 14.72 10.96 6.5 -6.41 4.89 5.95

Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman

Cemex S.A.B. de C.V. CX DIRECTV Group Inc. The DTV Marriott International Inc. MAR IngersollRand Company Ltd. IR Symantec Corp. SYMC Berkshire Hathaway Inc. BRK-A Koninklijke Philips Electronics N.V. N Y PHG Level 3 Communications Inc. LVLT Pioneer Natural Resources Company PXD Everest Re Group Ltd. RE Liberty Media Corp. Interactive Common S LINTA FedEx Corp. FDX Willis Group Holdings Ltd. WSH Walgreen Company WAG TW TELECOM INC. TWTC The Washington Post Company WPO Fair Isaac Corp. FIC DISCOVERY COMMUNICATIONS, INC DISCA Markel Corp. MKL DISCOVERY COMMUNICATIONS, INC - SERIES DISCKC COMMON ST Wendy's International Inc. WEN Ruddick Corp. RDK Potlatch Corp. PCH Service Corp. International SCI Texas Industries Inc. TXI Worthington Industries Inc. WOR EnCana Corp. ECA Dillard's Inc. DDS DINEEQUITY INC DIN CLEARWATER PAPER CP CLW Kyocera Corp. KYO Aon Corp. AOC CA Inc. CA HewlettPackard Company HPQ Symantec Corp. SYMC John Wiley & Sons Inc. JW-A Northern Trust Corp. NTRS

9.45 -15.2 35.61 14.18 -11.36 New 0.77 -1.79 -0.83 3.05 -1.26 -26.2 -2.26 -66.93 36.15 1.51 0 56.17 -19.12 133.77 -14.54 0 94.73 33.07 0 0 -2.96 0 0 Sold Out Sold Out Sold Out -32.25 -37.93 -30.65 -29.12 -42.07

Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman

Raymond James Financial Inc. International Game Technology Sprint Nextel Corp. Series 1 Novellus Systems Inc. Motorola Inc. Royal Caribbean Cruises Ltd. AutoNation Inc. Universal Health Services Inc. Sotheby's Bank of Hawaii Corp. TIBCO Software Inc. Eastman Kodak Company Windstream Corp. QUALCOMM Inc. Health Management Associates Inc. HearstArgyle Television Inc. Mentor Graphics Corp. Mine Safety Appliances Company Quantum Corp. Avid Technology Inc. DUNDEE CORP CL A Whitney Holding Corp. The Marcus Corp. Ameristar Casinos Inc. Electro Rent Corp. Triumph Group Inc. Cymer Inc. Glacier Bancorp Inc. Boyd Gaming Corp. West Pharmaceutical Services Inc. Pope Resources Depositary Receipts of Lt MGM MIRAGE Suffolk Bancorp International Business Machines Corp First Citizens BancShares Inc. Progress Software Corp. Oppenheimer Holdings Inc.

RJF IGT S NVLS MOT RCL AN UHS BID BOH TIBX EK WIN QCOM HMA HTV MENT MSA QTM AVID DDEJF.PK WTNY MCS ASCA ELRC TGI CYMI GBCI BYD WST POPEZ MGM SUBK IBM FCNCA PRGS OPY

-33.83 -29.24 -26.84 -37.89 -23.36 -29.81 -40.72 -27.22 -31.26 -31.75 -34.67 -26.56 -30.37 -19.65 -19.37 -31.51 -24.74 -18.62 -6.99 -27.39 -24.51 -28.34 -32.55 -22.16 -19.89 -26.09 -30.92 -33.36 -42.14 -18.8 -15.26 -26.56 -15.26 -53.1 -47.5 -30.34 -31.13

Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett

BioRad Laboratories Inc Newport Corp. Avatar Holdings Inc. Imation Corp. Independent Bank Corp. Dover Downs Gaming & Entertainment Inc. Brookline Bancorp Inc. Quest Software Inc. WSFS Financial Corp. Broadridge Financial Solutions Inc. Forest City Enterprises Inc. Berkshire Hills Bancorp Inc. First Financial Holdings Inc. Sun Bancorp Inc. Provident New York Bancorp MicroStrategy Inc. TF Financial Corp. GAMCO Investors Inc. Center Bancorp Inc. Seacoast Banking Corp. of Florida OceanFirst Financial Corp. Electronics for Imaging Inc. First Defiance Financial Corp. MutualFirst Financial Inc. iShares Russell 2000 Value Index Fund DIAMONDS ISHARE SP500 BAR VAL Elmira Savings Bank FSB The CocaCola Company Burlington Northern Santa Fe Corp. The Procter & Gamble Company Wells Fargo & Company ConocoPhillips Johnson & Johnson U.S. Bancorp Union Pacific Corp. CarMax Inc.

BIO NEWP AVTR IMN INDB DDE BRKL QSFT WSFS BR FCE-A BHLB FFCH SNBC PBNY MSTR THRD GBL CNBC SBCF OCFC EFII FDEF MFSF IWN DIA IVE ESBK KO BNI PG WFC COP JNJ USB UNP KMX

-11.73 -35.82 -39.97 -46.56 -13.19 -22.11 -30.22 0 -25.99 -24.48 -27.01 -35.49 -20.16 -37.29 -38.42 0 -14.18 -42.97 -54.23 -51.27 -35.04 -81.85 -17.93 -20.01 0 -82.05 0 -43.73 0 9.54 0 4.26 -10.85 13.62 2.2 7.32 -31.96

Warren Buffett Warren Buffett Warren Buffett Warren Buffett

Nalco Holding Company UnitedHealth Group Inc. The Home Depot Inc. General Electric Company

NLC UNH HD GE

2.99 -28.57 0 0