MCDONALD CAPITAL INVESTORS INC/CA Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP	$191,805,095	+3.9%	1,376,921	-1.3%	14.97%	+8.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$130,407,933	+1.1%	372,275	-1.6%	10.18%	+5.7%
REGN	Sell	REGENERON PHARMACEUTICALS	$120,250,092	+12.2%	146,119	-2.1%	9.38%	+17.3%
PAYX	Sell	PAYCHEX INC	$112,758,602	+1.5%	977,704	-1.6%	8.80%	+6.1%
NFLX	Sell	NETFLIX INC	$87,932,090	-15.5%	232,871	-1.4%	6.86%	-11.6%
AMZN	Sell	AMAZON COM INC	$77,890,238	-4.1%	612,730	-1.7%	6.08%	+0.3%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$68,051,400	-8.3%	2,176,252	-1.3%	5.31%	-4.1%
FAST	Sell	FASTENAL CO	$62,268,509	-26.4%	1,139,614	-20.6%	4.86%	-23.0%
ANTM	Sell	ELEVANCE HEALTH INC	$60,609,593	-3.3%	139,198	-1.3%	4.73%	+1.1%
ECL	Sell	ECOLAB INC	$59,633,882	-9.8%	352,030	-0.6%	4.65%	-5.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$50,799,185	-16.7%	1,145,674	-22.0%	3.96%	-12.9%
MLM	Sell	MARTIN MARIETTA MATLS INC	$44,661,045	-12.4%	108,802	-1.4%	3.48%	-8.4%
WFC	Sell	WELLS FARGO CO NEW	$41,636,340	-5.8%	1,019,000	-1.6%	3.25%	-1.5%
NKE	Sell	NIKE INCcl b	$41,074,718	-14.6%	429,562	-1.4%	3.20%	-10.7%
UNP	Sell	UNION PAC CORP	$39,043,405	-2.8%	191,737	-2.3%	3.05%	+1.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$38,507,518	+7.6%	294,265	-1.6%	3.00%	+12.5%
JPM	Sell	JPMORGAN CHASE & CO	$36,756,334	-1.8%	253,457	-1.5%	2.87%	+2.7%
	Sell	BROOKFIELD ASSET MANAGMT LTD	$13,745,282	+0.8%	412,276	-1.3%	1.07%	+5.4%
	Exit	DICE THERAPEUTICS INC	$0	–	-5,682	–	-0.02%	–

Q2 2023

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP	$184,602,673	–	1,394,596	–	13.78%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$129,003,710	–	378,310	–	9.63%	–
PAYX	New	PAYCHEX INC	$111,113,647	–	993,239	–	8.29%	–
REGN	New	REGENERON PHARMACEUTICALS	$107,205,449	–	149,199	–	8.00%	–
NFLX	New	NETFLIX INC	$104,002,332	–	236,106	–	7.76%	–
FAST	New	FASTENAL CO	$84,614,135	–	1,434,381	–	6.31%	–
AMZN	New	AMAZON COM INC	$81,231,227	–	623,130	–	6.06%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$74,186,338	–	2,204,646	–	5.54%	–
ECL	New	ECOLAB INC	$66,121,864	–	354,180	–	4.93%	–
ANTM	New	ELEVANCE HEALTH INC	$62,686,209	–	141,093	–	4.68%	–
CMCSA	New	COMCAST CORP NEWcl a	$61,002,962	–	1,468,182	–	4.55%	–
MLM	New	MARTIN MARIETTA MATLS INC	$50,955,340	–	110,367	–	3.80%	–
NKE	New	NIKE INCcl b	$48,098,363	–	435,792	–	3.59%	–
WFC	New	WELLS FARGO CO NEW	$44,191,085	–	1,035,405	–	3.30%	–
UNP	New	UNION PAC CORP	$40,156,061	–	196,247	–	3.00%	–
JPM	New	JPMORGAN CHASE & CO	$37,411,822	–	257,232	–	2.79%	–
GOOGL	New	ALPHABET INCcap stk cl a	$35,781,921	–	298,930	–	2.67%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$13,635,881	–	417,894	–	1.02%	–
EXPD	New	EXPEDITORS INTL WASH INC	$2,430,473	–	20,065	–	0.18%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$649,199	–	21,925	–	0.05%	–
GOOG	New	ALPHABET INCcap stk cl c	$335,692	–	2,775	–	0.02%	–
USB	New	US BANCORP DEL	$318,803	–	9,649	–	0.02%	–
	New	DICE THERAPEUTICS INC	$263,986	–	5,682	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,780	–	-0.03%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-15,025	–	-0.04%	–
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-21,854	–	-0.08%	–
CCXI	Exit	CHEMOCENTRYX INC	$0	–	-26,100	–	-0.12%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-23,673	–	-0.19%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-270,777	–	-2.51%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-313,350	–	-2.66%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-119,083	–	-3.41%	–
NKE	Exit	NIKE INCcl b	$0	–	-463,031	–	-3.42%	–
UNP	Exit	UNION PAC CORP	$0	–	-208,630	–	-3.61%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,577,087	–	-4.11%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,211,091	–	-4.33%	–
ECL	Exit	ECOLAB INC	$0	–	-377,849	–	-4.85%	–
NFLX	Exit	NETFLIX INC	$0	–	-255,951	–	-5.36%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-149,908	–	-6.05%	–
FAST	Exit	FASTENAL CO	$0	–	-1,545,684	–	-6.32%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,757,299	–	-6.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-407,730	–	-9.67%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-160,971	–	-9.85%	–
PAYX	Exit	PAYCHEX INC	$0	–	-1,053,775	–	-10.51%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,593,779	–	-16.46%	–

Q3 2022

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP	$185,213,000	-5.5%	1,593,779	-5.5%	16.46%	+0.6%
PAYX	Sell	PAYCHEX INC	$118,244,000	-20.1%	1,053,775	-18.9%	10.51%	-15.0%
REGN	Sell	REGENERON PHARMACEUTICALS	$110,888,000	+14.3%	160,971	-1.9%	9.85%	+21.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$108,872,000	-2.4%	407,730	-0.2%	9.67%	+3.9%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$71,856,000	-9.2%	1,757,299	-1.3%	6.38%	-3.4%
FAST	Sell	FASTENAL CO	$71,163,000	-8.7%	1,545,684	-1.0%	6.32%	-2.8%
ANTM	Sell	ELEVANCE HEALTH INC	$68,094,000	-6.4%	149,908	-0.5%	6.05%	-0.3%
NFLX	Sell	NETFLIX INC	$60,261,000	+32.9%	255,951	-1.3%	5.36%	+41.5%
ECL	Sell	ECOLAB INC	$54,569,000	-7.3%	377,849	-1.3%	4.85%	-1.3%
WFC	Sell	WELLS FARGO CO NEW	$48,710,000	+0.3%	1,211,091	-2.3%	4.33%	+6.8%
CMCSA	Sell	COMCAST CORP NEWcl a	$46,256,000	-26.0%	1,577,087	-1.0%	4.11%	-21.2%
UNP	Sell	UNION PAC CORP	$40,645,000	-9.7%	208,630	-1.1%	3.61%	-3.8%
NKE	Sell	NIKE INCcl b	$38,487,000	-19.8%	463,031	-1.3%	3.42%	-14.6%
MLM	Sell	MARTIN MARIETTA MATLS INC	$38,355,000	+6.3%	119,083	-1.2%	3.41%	+13.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$29,972,000	-13.2%	313,350	+1877.8%	2.66%	-7.6%
JPM	Buy	JPMORGAN CHASE & CO	$28,296,000	-5.1%	270,777	+2.3%	2.51%	+1.0%
EXPD	Buy	EXPEDITORS INTL WASH INC	$2,091,000	-9.3%	23,673	+0.0%	0.19%	-3.1%
CCXI	New	CHEMOCENTRYX INC	$1,348,000	–	26,100	–	0.12%	–
NLSN	New	NIELSEN HLDGS PLC	$416,000	–	15,025	–	0.04%	–
GOOG	Buy	ALPHABET INCcap stk cl c	$363,000	-12.1%	3,780	+1900.0%	0.03%	-5.9%
SRRA	Exit	SIERRA ONCOLOGY INC	$0	–	-6,600	–	-0.03%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-6,125	–	-0.05%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-11,420	–	-0.05%	–
TPTX	Exit	TURNING POINT THERAPEUTICS I	$0	–	-8,625	–	-0.05%	–
BHVN	Exit	BIOHAVEN PHARMACTL HLDG CO L	$0	–	-5,125	–	-0.06%	–

Q2 2022

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP	$196,004,000	–	1,685,765	–	16.36%	–
PAYX	New	PAYCHEX INC	$148,034,000	–	1,300,028	–	12.36%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$111,545,000	–	408,561	–	9.31%	–
REGN	New	REGENERON PHARMACEUTICALS	$96,994,000	–	164,082	–	8.10%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$79,161,000	–	1,780,108	–	6.61%	–
FAST	New	FASTENAL CO	$77,955,000	–	1,561,594	–	6.51%	–
ANTM	New	ELEVANCE HEALTH INC	$72,720,000	–	150,690	–	6.07%	–
CMCSA	New	COMCAST CORP NEWcl a	$62,479,000	–	1,592,238	–	5.22%	–
ECL	New	ECOLAB INC	$58,840,000	–	382,673	–	4.91%	–
WFC	New	WELLS FARGO CO NEW	$48,567,000	–	1,239,891	–	4.05%	–
NKE	New	NIKE INCcl b	$47,968,000	–	469,358	–	4.00%	–
NFLX	New	NETFLIX INC	$45,340,000	–	259,276	–	3.78%	–
UNP	New	UNION PAC CORP	$44,990,000	–	210,943	–	3.76%	–
MLM	New	MARTIN MARIETTA MATLS INC	$36,085,000	–	120,590	–	3.01%	–
GOOGL	New	ALPHABET INCcap stk cl a	$34,526,000	–	15,843	–	2.88%	–
JPM	New	JPMORGAN CHASE & CO	$29,806,000	–	264,683	–	2.49%	–
EXPD	New	EXPEDITORS INTL WASH INC	$2,306,000	–	23,666	–	0.19%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$974,000	–	21,854	–	0.08%	–
BHVN	New	BIOHAVEN PHARMACTL HLDG CO L	$747,000	–	5,125	–	0.06%	–
TPTX	New	TURNING POINT THERAPEUTICS I	$649,000	–	8,625	–	0.05%	–
CDK	New	CDK GLOBAL INC	$625,000	–	11,420	–	0.05%	–
CTXS	New	CITRIX SYS INC	$595,000	–	6,125	–	0.05%	–
USB	New	US BANCORP DEL	$444,000	–	9,649	–	0.04%	–
GOOG	New	ALPHABET INCcap stk cl c	$413,000	–	189	–	0.03%	–
SRRA	New	SIERRA ONCOLOGY INC	$363,000	–	6,600	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
KDMN	Exit	KADMON HLDGS INC	$0	–	-37,500	–	-0.02%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-12,644	–	-0.05%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-51,100	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-168,582	–	-2.14%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-124,538	–	-3.30%	–
UNP	Exit	UNION PAC CORP	$0	–	-218,580	–	-3.32%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-16,205	–	-3.36%	–
ANTM	Exit	ANTHEM INC	$0	–	-155,878	–	-4.50%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,285,577	–	-4.62%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-527,537	–	-4.87%	–
NKE	Exit	NIKE INCcl b	$0	–	-488,141	–	-5.50%	–
ECL	Exit	ECOLAB INC	$0	–	-387,563	–	-6.27%	–
FAST	Exit	FASTENAL CO	$0	–	-1,620,613	–	-6.48%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,630,157	–	-7.07%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,820,868	–	-7.55%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-167,828	–	-7.87%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-423,702	–	-8.96%	–
PAYX	Exit	PAYCHEX INC	$0	–	-1,340,555	–	-11.68%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,757,439	–	-12.31%	–

Q3 2021

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP	$158,855,000	-11.1%	1,757,439	-3.4%	12.31%	-8.3%
PAYX	Sell	PAYCHEX INC	$150,745,000	+0.6%	1,340,555	-4.0%	11.68%	+3.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$115,645,000	-5.4%	423,702	-3.7%	8.96%	-2.5%
REGN	Sell	REGENERON PHARMACEUTICALS	$101,566,000	+4.2%	167,828	-3.8%	7.87%	+7.5%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$97,435,000	+1.7%	1,820,868	-3.2%	7.55%	+4.8%
CMCSA	Sell	COMCAST CORP NEWcl a	$91,175,000	-6.2%	1,630,157	-4.4%	7.07%	-3.3%
FAST	Sell	FASTENAL CO	$83,640,000	-4.1%	1,620,613	-3.3%	6.48%	-1.0%
ECL	Sell	ECOLAB INC	$80,853,000	-2.3%	387,563	-3.5%	6.27%	+0.8%
NKE	Sell	NIKE INCcl b	$70,893,000	-27.7%	488,141	-23.1%	5.50%	-25.4%
EXPD	Sell	EXPEDITORS INTL WASH INC	$62,845,000	-34.1%	527,537	-30.0%	4.87%	-32.0%
WFC	Sell	WELLS FARGO CO NEW	$59,664,000	-1.7%	1,285,577	-4.1%	4.62%	+1.4%
ANTM	New	ANTHEM INC	$58,111,000	–	155,878	–	4.50%	–
GOOGL	Sell	ALPHABET INCcap stk cl a	$43,324,000	+6.0%	16,205	-3.2%	3.36%	+9.3%
UNP	Sell	UNION PAC CORP	$42,844,000	-14.2%	218,580	-3.7%	3.32%	-11.5%
MLM	Sell	MARTIN MARIETTA MATLS INC	$42,552,000	-5.2%	124,538	-2.3%	3.30%	-2.2%
JPM	Sell	JPMORGAN CHASE & CO	$27,595,000	+2.0%	168,582	-3.1%	2.14%	+5.2%
BAMR	Sell	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$703,000	+4.3%	12,644	-2.4%	0.05%	+5.9%
KDMN	New	KADMON HLDGS INC	$327,000	–	37,500	–	0.02%	–
NUAN	Exit	NUANCE COM	$0	–	-4,000	–	-0.02%	–
PPD	Exit	PPD, INC	$0	–	-7,600	–	-0.03%	–

Q2 2021

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP.	$178,667,000	–	1,819,239	–	13.43%	–
PAYX	New	PAYCHEX INC.	$149,785,000	–	1,395,945	–	11.26%	–
BRKB	New	BERKSHIRE HATH INC B	$122,302,000	–	440,063	–	9.19%	–
NKE	New	NIKE INC. CLASS B	$98,047,000	–	634,649	–	7.37%	–
REGN	New	REGENERON PHARMA	$97,431,000	–	174,438	–	7.32%	–
CMCSA	New	COMCAST CORP CLASS A	$97,248,000	–	1,705,507	–	7.31%	–
BAM	New	BROOKFIELD ASST MGMT	$95,852,000	–	1,880,187	–	7.20%	–
EXPD	New	EXPEDITORS INTL WASH	$95,354,000	–	753,190	–	7.17%	–
FAST	New	FASTENAL CO.	$87,173,000	–	1,676,410	–	6.55%	–
ECL	New	ECOLAB INC.	$82,752,000	–	401,768	–	6.22%	–
WFC	New	WELLS FARGO INC.	$60,705,000	–	1,340,352	–	4.56%	–
UNP	New	UNION PACIFIC	$49,922,000	–	226,990	–	3.75%	–
MLM	New	MARTIN MARIETTA	$44,866,000	–	127,528	–	3.37%	–
GOOGL	New	ALPHABET INC. CLASS A	$40,878,000	–	16,741	–	3.07%	–
JPM	New	JP MORGAN	$27,055,000	–	173,942	–	2.03%	–
TBF	New	PROSHARES SHORT	$863,000	–	51,100	–	0.06%	–
BAMR	New	BROOKFIELD REINSUR.	$674,000	–	12,958	–	0.05%	–
USB	New	US BANCORP	$550,000	–	9,649	–	0.04%	–
PPD	New	PPD, INC	$350,000	–	7,600	–	0.03%	–
NUAN	New	NUANCE COM	$218,000	–	4,000	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.03%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-11,000	–	-0.03%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-36,000	–	-0.05%	–
MNTA	Exit	MOMENTA PHARMACEUTICALS INC	$0	–	-11,100	–	-0.05%	–
BPR	Exit	BROOKFIELD PPTY REIT INCcl a	$0	–	-59,865	–	-0.06%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-52,850	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-182,445	–	-1.56%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-17,585	–	-2.30%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-134,356	–	-2.82%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,439,579	–	-3.02%	–
UNP	Exit	UNION PAC CORP	$0	–	-237,900	–	-4.17%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,974,533	–	-5.82%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-792,437	–	-6.39%	–
FAST	Exit	FASTENAL CO	$0	–	-1,759,378	–	-7.07%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,791,045	–	-7.38%	–
NKE	Exit	NIKE INCcl b	$0	–	-661,934	–	-7.41%	–
ECL	Exit	ECOLAB INC	$0	–	-422,475	–	-7.52%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-463,631	–	-8.80%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-179,939	–	-8.98%	–
PAYX	Exit	PAYCHEX INC	$0	–	-1,465,157	–	-10.42%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,899,871	–	-16.03%	–

Q3 2020

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP	$179,861,000	+16.8%	1,899,871	-1.1%	16.03%	+10.9%
PAYX	Sell	PAYCHEX INC	$116,876,000	+4.5%	1,465,157	-0.8%	10.42%	-0.8%
REGN	Sell	REGENERON PHARMACEUTICALS	$100,726,000	-10.9%	179,939	-0.7%	8.98%	-15.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$98,726,000	+18.2%	463,631	-0.9%	8.80%	+12.2%
ECL	Sell	ECOLAB INC	$84,427,000	-0.7%	422,475	-1.1%	7.52%	-5.7%
NKE	Sell	NIKE INCcl b	$83,099,000	+19.0%	661,934	-7.0%	7.41%	+13.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$82,854,000	+17.4%	1,791,045	-1.1%	7.38%	+11.5%
FAST	Sell	FASTENAL CO	$79,330,000	-20.8%	1,759,378	-24.8%	7.07%	-24.8%
EXPD	Sell	EXPEDITORS INTL WASH INC	$71,731,000	+17.7%	792,437	-1.1%	6.39%	+11.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$65,278,000	+0.0%	1,974,533	-0.5%	5.82%	-5.1%
UNP	Sell	UNION PAC CORP	$46,835,000	+15.1%	237,900	-1.1%	4.17%	+9.3%
WFC	Sell	WELLS FARGO CO NEW	$33,845,000	-9.9%	1,439,579	-1.9%	3.02%	-14.4%
MLM	Sell	MARTIN MARIETTA MATLS INC	$31,622,000	+12.3%	134,356	-1.5%	2.82%	+6.6%
GOOGL	Sell	ALPHABET INCcap stk cl a	$25,773,000	+2.5%	17,585	-0.9%	2.30%	-2.7%
JPM	Sell	JPMORGAN CHASE & CO	$17,564,000	+1.9%	182,445	-0.5%	1.56%	-3.3%
TBF	Buy	PROSHARES TRshrt 20+yr tre	$812,000	+23.4%	52,850	+24.1%	0.07%	+16.1%
BPR	Buy	BROOKFIELD PPTY REIT INCcl a	$733,000	+29.5%	59,865	+5.3%	0.06%	+22.6%
MNTA	New	MOMENTA PHARMACEUTICALS INC	$583,000	–	11,100	–	0.05%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$371,000	–	11,000	–	0.03%	–

Q2 2020

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP OHIO	$153,932,000	–	1,921,511	–	14.45%	–
REGN	New	REGENERON PHARMACEUTICALS	$113,066,000	–	181,298	–	10.62%	–
PAYX	New	PAYCHEX INC	$111,836,000	–	1,476,382	–	10.50%	–
FAST	New	FASTENAL CO	$100,227,000	–	2,339,562	–	9.41%	–
ECL	New	ECOLAB INC	$84,986,000	–	427,171	–	7.98%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$83,513,000	–	467,831	–	7.84%	–
CMCSA	New	COMCAST CORP NEWcl a	$70,581,000	–	1,810,705	–	6.63%	–
NKE	New	NIKE INCcl b	$69,806,000	–	711,939	–	6.55%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$65,272,000	–	1,983,944	–	6.13%	–
EXPD	New	EXPEDITORS INTL WASH INC	$60,947,000	–	801,517	–	5.72%	–
UNP	New	UNION PAC CORP	$40,688,000	–	240,655	–	3.82%	–
WFC	New	WELLS FARGO CO NEW	$37,549,000	–	1,466,769	–	3.52%	–
MLM	New	MARTIN MARIETTA MATLS INC	$28,164,000	–	136,341	–	2.64%	–
GOOGL	New	ALPHABET INCcap stk cl a	$25,153,000	–	17,738	–	2.36%	–
JPM	New	JPMORGAN CHASE & CO	$17,242,000	–	183,305	–	1.62%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$658,000	–	42,600	–	0.06%	–
SLB	New	SCHLUMBERGER LTD	$662,000	–	36,000	–	0.06%	–
BPR	New	BROOKFIELD PPTY REIT INCcl a	$566,000	–	56,865	–	0.05%	–
USB	New	US BANCORP DEL	$355,000	–	9,649	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-2,050	–	-0.02%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-2,100	–	-0.02%	–
BPR	Exit	BROOKFIELD PROPERTY REIT INCcl a	$0	–	-16,865	–	-0.03%	–
BPY	Exit	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$0	–	-19,180	–	-0.03%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-59,800	–	-0.10%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-312,012	–	-1.23%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-245,536	–	-4.32%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-209,680	–	-4.92%	–
NKE	Exit	NIKE INCcl b	$0	–	-799,888	–	-6.35%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,418,059	–	-6.37%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-499,720	–	-6.85%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,650,247	–	-7.04%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,048,170	–	-7.81%	–
ECL	Exit	ECOLAB INC	$0	–	-545,978	–	-9.14%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,467,155	–	-9.22%	–
FAST	Exit	FASTENAL CO	$0	–	-3,624,864	–	-10.02%	–
PAYX	Exit	PAYCHEX INC	$0	–	-1,668,473	–	-11.68%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-2,268,345	–	-14.82%	–

Q3 2019

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP OHIO	$175,230,000	-7.9%	2,268,345	-4.7%	14.82%	-4.3%
PAYX	Sell	PAYCHEX INC	$138,100,000	-4.4%	1,668,473	-4.9%	11.68%	-0.6%
FAST	Sell	FASTENAL CO	$118,424,000	-4.5%	3,624,864	-4.7%	10.02%	-0.7%
EXPD	Sell	EXPEDITORS INTL WASH INC	$108,995,000	-6.7%	1,467,155	-4.7%	9.22%	-3.0%
ECL	Sell	ECOLAB INC	$108,125,000	-25.6%	545,978	-25.8%	9.14%	-22.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$92,332,000	+0.8%	2,048,170	-5.4%	7.81%	+4.8%
WFC	Sell	WELLS FARGO CO NEW	$83,238,000	+1.7%	1,650,247	-4.6%	7.04%	+5.7%
UNP	Sell	UNION PACIFIC CORP	$80,945,000	-8.7%	499,720	-4.7%	6.85%	-5.1%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$75,285,000	+5.3%	1,418,059	-5.2%	6.37%	+9.5%
NKE	Sell	NIKE INCcl b	$75,125,000	+6.3%	799,888	-5.0%	6.35%	+10.4%
REGN	Buy	REGENERON PHARMACEUTICALS	$58,165,000	-3.7%	209,680	+8.6%	4.92%	+0.1%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$51,076,000	+105.1%	245,536	+110.1%	4.32%	+113.1%
CLB	Buy	CORE LABORATORIES N V	$14,546,000	+2.7%	312,012	+15.2%	1.23%	+6.8%
BPY	Sell	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$389,000	-15.1%	19,180	-20.7%	0.03%	-10.8%
BPR	New	BROOKFIELD PROPERTY REIT INCcl a	$344,000	–	16,865	–	0.03%	–
GWR	New	GENESEE & WYO INCcl a	$232,000	–	2,100	–	0.02%	–
EFII	Exit	ELECTRONICS FOR IMAGING INC	$0	–	-7,429	–	-0.02%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-42,000	–	-0.14%	–

Q2 2019

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP OHIO	$190,326,000	–	2,381,154	–	15.49%	–
ECL	New	ECOLAB INC	$145,287,000	–	735,853	–	11.82%	–
PAYX	New	PAYCHEX INC	$144,382,000	–	1,754,548	–	11.75%	–
FAST	New	FASTENAL CO	$123,960,000	–	3,803,629	–	10.09%	–
EXPD	New	EXPEDITORS INTL WASH INC	$116,797,000	–	1,539,637	–	9.50%	–
CMCSA	New	COMCAST CORP NEWcl a	$91,583,000	–	2,166,107	–	7.45%	–
UNP	New	UNION PACIFIC CORP	$88,658,000	–	524,261	–	7.22%	–
WFC	New	WELLS FARGO CO NEW	$81,871,000	–	1,730,147	–	6.66%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$71,468,000	–	1,495,772	–	5.82%	–
NKE	New	NIKE INCcl b	$70,697,000	–	842,136	–	5.75%	–
REGN	New	REGENERON PHARMACEUTICALS	$60,409,000	–	193,000	–	4.92%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$24,908,000	–	116,844	–	2.03%	–
CLB	New	CORE LABORATORIES N V	$14,160,000	–	270,852	–	1.15%	–
SLB	New	SCHLUMBERGER LTD	$1,669,000	–	42,000	–	0.14%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$1,219,000	–	59,800	–	0.10%	–
USB	New	US BANCORP DEL	$506,000	–	9,649	–	0.04%	–
BPY	New	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$458,000	–	24,180	–	0.04%	–
EFII	New	ELECTRONICS FOR IMAGING INC	$274,000	–	7,429	–	0.02%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$221,000	–	2,050	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
TBT	Exit	PROSHARES TR	$0	–	-5,650	–	-0.02%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-2,050	–	-0.02%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-12,500	–	-0.02%	–
CA	Exit	CA INC	$0	–	-9,500	–	-0.04%	–
USG	Exit	U S G CORP	$0	–	-11,000	–	-0.04%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
WFCWS	Exit	WELLS FARGO CO NEW*w exp 10/28/201	$0	–	-60,000	–	-0.10%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-54,000	–	-0.10%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-51,840	–	-1.27%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-291,897	–	-2.80%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-104,535	–	-3.50%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,589,567	–	-5.86%	–
NKE	Exit	NIKE INCcl b	$0	–	-893,667	–	-6.27%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,315,720	–	-6.80%	–
UNP	Exit	UNION PAC CORP	$0	–	-558,445	–	-7.54%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,812,957	–	-7.90%	–
FAST	Exit	FASTENAL CO	$0	–	-2,002,443	–	-9.63%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,628,527	–	-9.92%	–
ECL	Exit	ECOLAB INC	$0	–	-789,146	–	-10.25%	–
PAYX	Exit	PAYCHEX INC	$0	–	-1,872,601	–	-11.43%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-2,795,440	–	-16.46%	–

Q3 2018

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP OHIO	$198,588,000	+7.6%	2,795,440	-10.4%	16.46%	+10.0%
PAYX	Sell	PAYCHEX INC	$137,917,000	+0.2%	1,872,601	-7.1%	11.43%	+2.4%
ECL	Sell	ECOLAB INC	$123,722,000	+4.0%	789,146	-6.9%	10.25%	+6.3%
EXPD	Sell	EXPEDITORS INTL WASH INC	$119,746,000	-6.8%	1,628,527	-7.4%	9.92%	-4.7%
FAST	Sell	FASTENAL CO	$116,182,000	+11.2%	2,002,443	-7.8%	9.63%	+13.7%
WFC	Sell	WELLS FARGO CO NEW	$95,289,000	-10.6%	1,812,957	-5.8%	7.90%	-8.7%
UNP	Sell	UNION PAC CORP	$90,932,000	+6.0%	558,445	-7.7%	7.54%	+8.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$82,000,000	+0.6%	2,315,720	-6.8%	6.80%	+2.9%
NKE	Sell	NIKE INCcl b	$75,711,000	-21.6%	893,667	-26.3%	6.27%	-19.9%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$70,783,000	+13.8%	1,589,567	+3.6%	5.86%	+16.3%
REGN	Buy	REGENERON PHARMACEUTICALS	$42,236,000	+1066.1%	104,535	+895.6%	3.50%	+1090.5%
CLB	Sell	CORE LABORATORIES N V	$33,810,000	-15.5%	291,897	-7.9%	2.80%	-13.6%
ROP	Sell	ROPER TECHNOLOGIES INC	$15,356,000	-0.6%	51,840	-7.4%	1.27%	+1.6%
USG	New	U S G CORP	$476,000	–	11,000	–	0.04%	–
CA	New	CA INC	$419,000	–	9,500	–	0.04%	–
XL	Exit	XL GROUP LTD	$0	–	-5,400	–	-0.02%	–
GGP	Exit	GGP INC	$0	–	-123,400	–	-0.20%	–
SRCL	Exit	STERICYCLE INC	$0	–	-417,695	–	-2.21%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-694,900	–	-2.75%	–

Q2 2018

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP OHIO	$184,586,000	–	3,120,647	–	14.96%	–
PAYX	New	PAYCHEX INC	$137,703,000	–	2,014,668	–	11.16%	–
EXPD	New	EXPEDITORS INTL WASH INC	$128,505,000	–	1,757,938	–	10.42%	–
ECL	New	ECOLAB INC	$118,930,000	–	847,501	–	9.64%	–
WFC	New	WELLS FARGO CO NEW	$106,644,000	–	1,923,592	–	8.64%	–
FAST	New	FASTENAL CO	$104,497,000	–	2,171,138	–	8.47%	–
NKE	New	NIKE INCcl b	$96,620,000	–	1,212,597	–	7.83%	–
UNP	New	UNION PAC CORP	$85,757,000	–	605,285	–	6.95%	–
CMCSA	New	COMCAST CORP NEWcl a	$81,500,000	–	2,483,995	–	6.61%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$62,207,000	–	1,534,472	–	5.04%	–
CLB	New	CORE LABORATORIES N V	$39,994,000	–	316,887	–	3.24%	–
CAH	New	CARDINAL HEALTH INC	$33,932,000	–	694,900	–	2.75%	–
SRCL	New	STERICYCLE INC	$27,271,000	–	417,695	–	2.21%	–
ROP	New	ROPER TECHNOLOGIES INC	$15,452,000	–	56,005	–	1.25%	–
REGN	New	REGENERON PHARMACEUTICALS	$3,622,000	–	10,500	–	0.29%	–
GGP	New	GGP INC	$2,521,000	–	123,400	–	0.20%	–
WFCWS	New	WELLS FARGO CO NEW*w exp 10/28/201	$1,321,000	–	60,000	–	0.11%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$1,223,000	–	54,000	–	0.10%	–
USB	New	US BANCORP DEL	$483,000	–	9,649	–	0.04%	–
XL	New	XL GROUP LTD	$302,000	–	5,400	–	0.02%	–
OUT	New	OUTFRONT MEDIA INC	$243,000	–	12,500	–	0.02%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$209,000	–	2,050	–	0.02%	–
TBT	New	PROSHARES TR	$203,000	–	5,650	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-10,500	–	-0.02%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-3,850	–	-0.03%	–
BRCD	Exit	BROCADE COMMUNICATIONS SYS I	$0	–	-36,100	–	-0.04%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
TBT	Exit	PROSHARES TR	$0	–	-18,650	–	-0.06%	–
SYT	Exit	SYNGENTA AGsponsored adr	$0	–	-7,625	–	-0.06%	–
WFCWS	Exit	WELLS FARGO CO NEW*w exp 10/28/201	$0	–	-60,000	–	-0.11%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-60,095	–	-1.25%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-312,813	–	-2.63%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-942,730	–	-3.32%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-724,760	–	-4.14%	–
SRCL	Exit	STERICYCLE INC	$0	–	-782,830	–	-4.78%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,297,183	–	-5.74%	–
UNP	Exit	UNION PAC CORP	$0	–	-645,680	–	-6.39%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,358,076	–	-7.74%	–
FAST	Exit	FASTENAL CO	$0	–	-2,285,396	–	-8.89%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,867,334	–	-9.54%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-2,028,432	–	-9.54%	–
ECL	Exit	ECOLAB INC	$0	–	-895,708	–	-9.83%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,143,175	–	-10.96%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,602,843	–	-14.88%	–

Q3 2017

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP OHIO	$174,450,000	+9.5%	3,602,843	-0.3%	14.88%	+7.2%
PAYX	Sell	PAYCHEX INC	$128,505,000	+4.8%	2,143,175	-0.5%	10.96%	+2.6%
ECL	Buy	ECOLAB INC	$115,197,000	-2.0%	895,708	+1.1%	9.83%	-4.1%
WFC	Buy	WELLS FARGO CO NEW	$111,868,000	-0.4%	2,028,432	+0.1%	9.54%	-2.5%
EXPD	Sell	EXPEDITORS INTL WASH INC	$111,779,000	+5.4%	1,867,334	-0.6%	9.54%	+3.1%
FAST	Buy	FASTENAL CO	$104,168,000	+9.7%	2,285,396	+4.7%	8.89%	+7.3%
CMCSA	Buy	COMCAST CORP NEWcl a	$90,739,000	-0.3%	2,358,076	+0.9%	7.74%	-2.4%
UNP	Buy	UNION PAC CORP	$74,880,000	+7.0%	645,680	+0.5%	6.39%	+4.7%
NKE	Buy	NIKE INCcl b	$67,259,000	-11.6%	1,297,183	+0.6%	5.74%	-13.4%
SRCL	Buy	STERICYCLE INC	$56,066,000	-5.8%	782,830	+0.4%	4.78%	-7.8%
CAH	Buy	CARDINAL HEALTH INC	$48,501,000	-13.4%	724,760	+0.8%	4.14%	-15.2%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$38,935,000	+9.3%	942,730	+3.8%	3.32%	+7.0%
CLB	Buy	CORE LABORATORIES N V	$30,875,000	+23.7%	312,813	+27.0%	2.63%	+21.1%
ROP	Buy	ROPER TECHNOLOGIES INC	$14,627,000	+5.2%	60,095	+0.1%	1.25%	+3.0%
SYT	Sell	SYNGENTA AGsponsored adr	$702,000	-22.1%	7,625	-21.6%	0.06%	-24.1%
BRCD	Buy	BROCADE COMMUNICATIONS SYS I	$431,000	+10.2%	36,100	+16.5%	0.04%	+8.8%
MBBYF	Exit	MOBILEYE N V AMSTELVEEN	$0	–	-5,000	–	-0.03%	–
WAT	Exit	WATERS CORP	$0	–	-14,650	–	-0.24%	–

Q2 2017

			Value		Shares		↓ Weighting
PGR	New	PROGRESSIVE CORP OHIO	$159,290,000	–	3,612,833	–	13.88%	–
PAYX	New	PAYCHEX INC	$122,622,000	–	2,153,530	–	10.69%	–
ECL	New	ECOLAB INC	$117,557,000	–	885,555	–	10.25%	–
WFC	New	WELLS FARGO CO NEW	$112,338,000	–	2,027,387	–	9.79%	–
EXPD	New	EXPEDITORS INTL WASH INC	$106,099,000	–	1,878,519	–	9.25%	–
FAST	New	FASTENAL CO	$94,993,000	–	2,182,249	–	8.28%	–
CMCSA	New	COMCAST CORP NEWcl a	$90,971,000	–	2,337,396	–	7.93%	–
NKE	New	NIKE INCcl b	$76,055,000	–	1,289,068	–	6.63%	–
UNP	New	UNION PAC CORP	$69,997,000	–	642,705	–	6.10%	–
SRCL	New	STERICYCLE INC	$59,498,000	–	779,590	–	5.19%	–
CAH	New	CARDINAL HEALTH INC	$56,003,000	–	718,730	–	4.88%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$35,621,000	–	908,475	–	3.10%	–
CLB	New	CORE LABORATORIES N V	$24,950,000	–	246,372	–	2.18%	–
ROP	New	ROPER TECHNOLOGIES INC	$13,900,000	–	60,035	–	1.21%	–
WAT	New	WATERS CORP	$2,693,000	–	14,650	–	0.24%	–
WFCWS	New	WELLS FARGO CO NEW*w exp 10/28/201	$1,332,000	–	60,000	–	0.12%	–
SYT	New	SYNGENTA AGsponsored adr	$901,000	–	9,723	–	0.08%	–
TBT	New	PROSHARES TR	$669,000	–	18,650	–	0.06%	–
USB	New	US BANCORP DEL	$501,000	–	9,649	–	0.04%	–
BRCD	New	BROCADE COMMUNICATIONS SYS I	$391,000	–	31,000	–	0.03%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$357,000	–	3,850	–	0.03%	–
MBBYF	New	MOBILEYE N V AMSTELVEEN	$314,000	–	5,000	–	0.03%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$236,000	–	10,500	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
NKTR	Exit	NEKTAR THERAPEUTICS	$0	–	-11,500	–	-0.02%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-10,500	–	-0.02%	–
WWAV	Exit	WHITEWAVE FOODS CO	$0	–	-5,700	–	-0.03%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-3,850	–	-0.03%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
TBT	Exit	PROSHARES TR	$0	–	-18,650	–	-0.06%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-60,000	–	-0.07%	–
LNKD	Exit	LINKEDIN CORP	$0	–	-4,400	–	-0.08%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-60,665	–	-1.05%	–
WAT	Exit	WATERS CORP	$0	–	-166,519	–	-2.51%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-248,152	–	-2.65%	–
SRCL	Exit	STERICYCLE INC	$0	–	-723,140	–	-5.50%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-755,740	–	-5.58%	–
UNP	Exit	UNION PAC CORP	$0	–	-673,440	–	-6.24%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,343,688	–	-6.72%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,230,317	–	-7.75%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,120,087	–	-8.92%	–
FAST	Exit	FASTENAL CO	$0	–	-2,249,864	–	-8.93%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,946,463	–	-9.53%	–
ECL	Exit	ECOLAB INC	$0	–	-933,311	–	-10.79%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,778,844	–	-11.31%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,216,173	–	-12.18%	–

Q3 2016

			Value		Shares		↓ Weighting
PAYX	Buy	PAYCHEX INC	$128,250,000	+2.5%	2,216,173	+5.3%	12.18%	-4.4%
PGR	Buy	PROGRESSIVE CORP OHIO	$119,034,000	-0.4%	3,778,844	+5.9%	11.31%	-7.1%
ECL	Buy	ECOLAB INC	$113,603,000	+8.1%	933,311	+5.3%	10.79%	+0.9%
EXPD	Buy	EXPEDITORS INTL WASH INC	$100,282,000	+10.4%	1,946,463	+5.1%	9.53%	+3.0%
FAST	Buy	FASTENAL CO	$93,999,000	-0.8%	2,249,864	+5.4%	8.93%	-7.4%
WFC	Buy	WELLS FARGO & CO NEW	$93,877,000	-0.8%	2,120,087	+6.1%	8.92%	-7.4%
CMCSA	Buy	COMCAST CORP NEWcl a	$81,619,000	+8.6%	1,230,317	+6.7%	7.75%	+1.3%
NKE	Buy	NIKE INCcl b	$70,745,000	+0.4%	1,343,688	+5.2%	6.72%	-6.4%
UNP	Buy	UNION PAC CORP	$65,681,000	+17.9%	673,440	+5.5%	6.24%	+10.0%
CAH	Buy	CARDINAL HEALTH INC	$58,721,000	+4.8%	755,740	+5.2%	5.58%	-2.2%
SRCL	Buy	STERICYCLE INC	$57,952,000	+42.7%	723,140	+85.4%	5.50%	+33.2%
CLB	Buy	CORE LABORATORIES N V	$27,875,000	-2.9%	248,152	+7.1%	2.65%	-9.4%
WAT	Buy	WATERS CORP	$26,392,000	+18.7%	166,519	+5.4%	2.51%	+10.8%
ROP	New	ROPER TECHNOLOGIES INC	$11,070,000	–	60,665	–	1.05%	–
WWAV	New	WHITEWAVE FOODS CO	$310,000	–	5,700	–	0.03%	–
NKTR	Sell	NEKTAR THERAPEUTICS	$198,000	-13.2%	11,500	-28.1%	0.02%	-17.4%

Q2 2016

			Value		Shares		↓ Weighting
PAYX	New	PAYCHEX INC	$125,180,000	–	2,103,858	–	12.74%	–
PGR	New	PROGRESSIVE CORP OHIO	$119,542,000	–	3,568,404	–	12.17%	–
ECL	New	ECOLAB INC	$105,070,000	–	885,918	–	10.70%	–
FAST	New	FASTENAL CO	$94,765,000	–	2,134,829	–	9.65%	–
WFC	New	WELLS FARGO & CO NEW	$94,596,000	–	1,998,657	–	9.63%	–
EXPD	New	EXPEDITORS INTL WASH INC	$90,842,000	–	1,852,403	–	9.25%	–
CMCSA	New	COMCAST CORP NEWcl a	$75,148,000	–	1,152,757	–	7.65%	–
NKE	New	NIKE INCcl b	$70,494,000	–	1,277,073	–	7.18%	–
CAH	New	CARDINAL HEALTH INC	$56,025,000	–	718,172	–	5.70%	–
UNP	New	UNION PAC CORP	$55,707,000	–	638,475	–	5.67%	–
SRCL	New	STERICYCLE INC	$40,613,000	–	390,060	–	4.13%	–
CLB	New	CORE LABORATORIES N V	$28,716,000	–	231,783	–	2.92%	–
WAT	New	WATERS CORP	$22,226,000	–	158,023	–	2.26%	–
LNKD	New	LINKEDIN CORP	$833,000	–	4,400	–	0.08%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$817,000	–	60,000	–	0.08%	–
TBT	New	PROSHARES TR	$591,000	–	18,650	–	0.06%	–
USB	New	US BANCORP DEL	$389,000	–	9,649	–	0.04%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$309,000	–	3,850	–	0.03%	–
NKTR	New	NEKTAR THERAPEUTICS	$228,000	–	16,000	–	0.02%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$221,000	–	10,500	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
NKTR	Exit	NEKTAR THERAPEUTICS	$0	–	-16,985	–	-0.02%	–
POM	Exit	PEPCO HOLDINGS INC	$0	–	-9,000	–	-0.02%	–
TBF	Exit	PROSHARES TRshrt 20+yr tre	$0	–	-10,500	–	-0.03%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-3,850	–	-0.03%	–
XOOM	Exit	XOOM CORP	$0	–	-15,200	–	-0.04%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.04%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-1,750	–	-0.04%	–
REMY	Exit	REMY INTL INC NEW	$0	–	-14,300	–	-0.04%	–
THOR	Exit	THORATEC CORP	$0	–	-8,000	–	-0.05%	–
HCC	Exit	HCC INS HLDGS INC	$0	–	-6,600	–	-0.06%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-5,300	–	-0.08%	–
TBT	Exit	PROSHARES TR	$0	–	-18,650	–	-0.09%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-60,000	–	-0.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-210,586	–	-1.00%	–
WAT	Exit	WATERS CORP	$0	–	-157,183	–	-2.00%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-310,931	–	-3.34%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-653,133	–	-4.00%	–
UNP	Exit	UNION PAC CORP	$0	–	-530,125	–	-5.04%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-708,561	–	-5.85%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,148,722	–	-7.02%	–
FAST	Exit	FASTENAL CO	$0	–	-1,977,863	–	-7.78%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,830,061	–	-9.26%	–
ECL	Exit	ECOLAB INC	$0	–	-887,827	–	-10.47%	–
NKE	Exit	NIKE INCcl b	$0	–	-793,758	–	-10.49%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,092,905	–	-10.72%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,969,463	–	-10.87%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,491,316	–	-11.50%	–

Q3 2015

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP OHIO	$106,974,000	+8.7%	3,491,316	-1.3%	11.50%	+19.5%
WFC	Sell	WELLS FARGO & CO NEW	$101,132,000	-10.1%	1,969,463	-1.6%	10.87%	-1.2%
PAYX	Sell	PAYCHEX INC	$99,685,000	+0.5%	2,092,905	-1.1%	10.72%	+10.5%
NKE	Sell	NIKE INCcl b	$97,608,000	-35.2%	793,758	-43.1%	10.49%	-28.8%
ECL	Sell	ECOLAB INC	$97,412,000	-4.3%	887,827	-1.4%	10.47%	+5.2%
EXPD	Sell	EXPEDITORS INTL WASH INC	$86,104,000	+0.2%	1,830,061	-1.8%	9.26%	+10.2%
FAST	Buy	FASTENAL CO	$72,410,000	+1.0%	1,977,863	+16.3%	7.78%	+11.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$65,339,000	-6.8%	1,148,722	-1.5%	7.02%	+2.4%
CAH	Sell	CARDINAL HEALTH INC	$54,432,000	-8.5%	708,561	-0.4%	5.85%	+0.5%
UNP	Buy	UNION PAC CORP	$46,868,000	+18.0%	530,125	+27.3%	5.04%	+29.7%
BBBY	Sell	BED BATH & BEYOND INC	$37,242,000	-18.3%	653,133	-1.1%	4.00%	-10.2%
CLB	Sell	CORE LABORATORIES N V	$31,031,000	-13.6%	310,931	-1.3%	3.34%	-5.1%
WAT	Buy	WATERS CORP	$18,581,000	-7.8%	157,183	+0.1%	2.00%	+1.3%
MSFT	Sell	MICROSOFT CORP	$9,321,000	-1.6%	210,586	-1.9%	1.00%	+8.1%
TBT	New	PROSHARES TR	$809,000	–	18,650	–	0.09%	–
SIAL	Buy	SIGMA ALDRICH CORP	$736,000	+139.7%	5,300	+140.9%	0.08%	+163.3%
HCC	New	HCC INS HLDGS INC	$511,000	–	6,600	–	0.06%	–
THOR	New	THORATEC CORP	$506,000	–	8,000	–	0.05%	–
REMY	New	REMY INTL INC NEW	$418,000	–	14,300	–	0.04%	–
PCP	New	PRECISION CASTPARTS CORP	$402,000	–	1,750	–	0.04%	–
XOOM	New	XOOM CORP	$378,000	–	15,200	–	0.04%	–
TBF	Sell	PROSHARES TRshrt 20+yr tre	$257,000	-79.8%	10,500	-78.4%	0.03%	-77.4%
PPO	Exit	POLYPORE INTL INC	$0	–	-4,000	–	-0.02%	–
PLL	Exit	PALL CORP	$0	–	-2,500	–	-0.03%	–
IGTE	Exit	IGATE CORP	$0	–	-9,500	–	-0.04%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-172,033	–	-1.63%	–

Q2 2015

			Value		Shares		↓ Weighting
NKE	New	NIKE INCcl b	$150,642,000	–	1,394,575	–	14.73%	–
WFC	New	WELLS FARGO & CO NEW	$112,518,000	–	2,000,678	–	11.00%	–
ECL	New	ECOLAB INC	$101,793,000	–	900,262	–	9.96%	–
PAYX	New	PAYCHEX INC	$99,185,000	–	2,115,725	–	9.70%	–
PGR	New	PROGRESSIVE CORP OHIO	$98,398,000	–	3,535,666	–	9.62%	–
EXPD	New	EXPEDITORS INTL WASH INC	$85,901,000	–	1,863,166	–	8.40%	–
FAST	New	FASTENAL CO	$71,712,000	–	1,700,135	–	7.01%	–
CMCSA	New	COMCAST CORP NEWcl a	$70,135,000	–	1,166,192	–	6.86%	–
CAH	New	CARDINAL HEALTH INC	$59,496,000	–	711,252	–	5.82%	–
BBBY	New	BED BATH & BEYOND INC	$45,558,000	–	660,446	–	4.46%	–
UNP	New	UNION PAC CORP	$39,709,000	–	416,365	–	3.88%	–
CLB	New	CORE LABORATORIES N V	$35,929,000	–	315,056	–	3.51%	–
WAT	New	WATERS CORP	$20,158,000	–	157,020	–	1.97%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$16,672,000	–	172,033	–	1.63%	–
MSFT	New	MICROSOFT CORP	$9,475,000	–	214,606	–	0.93%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$1,349,000	–	60,000	–	0.13%	–
TBF	New	PROSHARES TRshrt 20+yr tre	$1,272,000	–	48,500	–	0.12%	–
IGTE	New	IGATE CORP	$453,000	–	9,500	–	0.04%	–
USB	New	US BANCORP DEL	$419,000	–	9,649	–	0.04%	–
SIAL	New	SIGMA ALDRICH CORP	$307,000	–	2,200	–	0.03%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$307,000	–	3,850	–	0.03%	–
PLL	New	PALL CORP	$311,000	–	2,500	–	0.03%	–
POM	New	PEPCO HOLDINGS INC	$242,000	–	9,000	–	0.02%	–
PPO	New	POLYPORE INTL INC	$240,000	–	4,000	–	0.02%	–
NKTR	New	NEKTAR THERAPEUTICS	$212,000	–	16,985	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,196	–	-0.02%	–
NKTR	Exit	NEKTAR THERAPEUTICS	$0	–	-17,300	–	-0.02%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-3,850	–	-0.04%	–
ATHL	Exit	ATHLON ENERGY INC	$0	–	-5,000	–	-0.04%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.05%	–
TBT	Exit	PROSHARES TR	$0	–	-12,850	–	-0.09%	–
PL	Exit	PROTECTIVE LIFE CORP	$0	–	-16,500	–	-0.14%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-60,000	–	-0.14%	–
POM	Exit	PEPCO HOLDINGS INC	$0	–	-66,325	–	-0.21%	–
WAT	Exit	WATERS CORP	$0	–	-154,688	–	-1.83%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-385,905	–	-2.14%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-242,463	–	-2.84%	–
FAST	Exit	FASTENAL CO	$0	–	-902,045	–	-4.83%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-673,485	–	-6.02%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,097,952	–	-7.05%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-933,967	–	-7.34%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,761,378	–	-8.53%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,024,447	–	-9.12%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,010,457	–	-10.60%	–
ECL	Exit	ECOLAB INC	$0	–	-831,698	–	-11.40%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,878,420	–	-11.63%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,495,007	–	-15.92%	–

Q3 2014

			Value		Shares		↓ Weighting
NKE	Sell	NIKE INCcl b	$133,355,000	+13.1%	1,495,007	-1.6%	15.92%	+4.9%
WFC	Buy	WELLS FARGO & CO NEW	$97,434,000	+2.2%	1,878,420	+3.6%	11.63%	-5.2%
ECL	Sell	ECOLAB INC	$95,504,000	+1.3%	831,698	-1.8%	11.40%	-6.1%
PAYX	Sell	PAYCHEX INC	$88,862,000	+6.3%	2,010,457	-0.1%	10.60%	-1.4%
PGR	Sell	PROGRESSIVE CORP OHIO	$76,458,000	-0.7%	3,024,447	-0.4%	9.12%	-7.9%
EXPD	Sell	EXPEDITORS INTL WASH INC	$71,477,000	-8.3%	1,761,378	-0.2%	8.53%	-14.9%
BBBY	Sell	BED BATH & BEYOND INC	$61,483,000	+14.3%	933,967	-0.3%	7.34%	+6.1%
CMCSA	Buy	COMCAST CORP NEWcl a	$59,048,000	+0.3%	1,097,952	+0.1%	7.05%	-7.0%
CAH	Sell	CARDINAL HEALTH INC	$50,457,000	+8.7%	673,485	-0.6%	6.02%	+0.8%
FAST	New	FASTENAL CO	$40,502,000	–	902,045	–	4.83%	–
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$23,832,000	-4.0%	242,463	+0.3%	2.84%	-11.0%
MSFT	Sell	MICROSOFT CORP	$17,891,000	-34.8%	385,905	-41.4%	2.14%	-39.5%
WAT	Buy	WATERS CORP	$15,333,000	-5.1%	154,688	+0.0%	1.83%	-11.9%
POM	Buy	PEPCO HOLDINGS INC	$1,775,000	+280.1%	66,325	+290.1%	0.21%	+253.3%
PL	New	PROTECTIVE LIFE CORP	$1,145,000	–	16,500	–	0.14%	–
ATHL	New	ATHLON ENERGY INC	$291,000	–	5,000	–	0.04%	–
NKTR	Sell	NEKTAR THERAPEUTICS	$209,000	-11.8%	17,300	-6.5%	0.02%	-16.7%

Q2 2014

			Value		Shares		↓ Weighting
NKE	New	NIKE INCcl b	$117,870,000	–	1,519,918	–	15.17%	–
WFC	New	WELLS FARGO & CO NEW	$95,318,000	–	1,813,512	–	12.26%	–
ECL	New	ECOLAB INC	$94,300,000	–	846,953	–	12.13%	–
PAYX	New	PAYCHEX INC	$83,599,000	–	2,011,530	–	10.76%	–
EXPD	New	EXPEDITORS INTL WASH INC	$77,906,000	–	1,764,175	–	10.02%	–
PGR	New	PROGRESSIVE CORP OHIO	$76,991,000	–	3,035,922	–	9.91%	–
CMCSA	New	COMCAST CORP NEWcl a	$58,883,000	–	1,096,935	–	7.58%	–
BBBY	New	BED BATH & BEYOND INC	$53,769,000	–	937,062	–	6.92%	–
CAH	New	CARDINAL HEALTH INC	$46,438,000	–	677,330	–	5.98%	–
MSFT	New	MICROSOFT CORP	$27,441,000	–	658,050	–	3.53%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$24,821,000	–	241,775	–	3.19%	–
WAT	New	WATERS CORP	$16,151,000	–	154,643	–	2.08%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$1,295,000	–	60,000	–	0.17%	–
TBT	New	PROSHARES TR	$780,000	–	12,850	–	0.10%	–
POM	New	PEPCO HOLDINGS INC	$467,000	–	17,000	–	0.06%	–
USB	New	US BANCORP DEL	$418,000	–	9,649	–	0.05%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$295,000	–	3,850	–	0.04%	–
NKTR	New	NEKTAR THERAPEUTICS	$237,000	–	18,500	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$221,000	–	2,196	–	0.03%	–

Q4 2013

			Value		Shares		↓ Weighting
NKTR	Exit	NEKTAR THERAPEUTICS	$0	–	-18,000	–	-0.02%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-3,850	–	-0.03%	–
FIRE	Exit	SOURCEFIRE INC	$0	–	-4,400	–	-0.04%	–
USB	Exit	US BANCORP DEL	$0	–	-9,649	–	-0.05%	–
DELL	Exit	DELL INC	$0	–	-55,000	–	-0.10%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-60,000	–	-0.11%	–
TBT	Exit	PROSHARES TR	$0	–	-14,250	–	-0.14%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-243,667	–	-2.88%	–
WAT	Exit	WATERS CORP	$0	–	-250,610	–	-3.44%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-687,020	–	-4.63%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,108,451	–	-6.47%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,534,810	–	-6.61%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-928,136	–	-9.29%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,681,222	–	-9.58%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,891,622	–	-10.11%	–
ECL	Exit	ECOLAB INC	$0	–	-821,621	–	-10.50%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-2,980,292	–	-10.50%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,020,907	–	-10.62%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,584,525	–	-14.89%	–

Q3 2013

			Value		Shares		↓ Weighting
NKE	Sell	NIKE INCcl b	$115,100,000	+12.8%	1,584,525	-1.1%	14.89%	+6.1%
PAYX	Sell	PAYCHEX INC	$82,130,000	+9.3%	2,020,907	-1.8%	10.62%	+2.7%
PGR	Buy	PROGRESSIVE CORP OHIO	$81,153,000	+7.5%	2,980,292	+0.3%	10.50%	+1.1%
ECL	Sell	ECOLAB INC	$81,143,000	+14.9%	821,621	-0.9%	10.50%	+8.1%
WFC	Buy	WELLS FARGO & CO NEW	$78,162,000	+0.5%	1,891,622	+0.4%	10.11%	-5.5%
EXPD	Sell	EXPEDITORS INTL WASH INC	$74,075,000	+15.5%	1,681,222	-0.3%	9.58%	+8.6%
BBBY	Sell	BED BATH & BEYOND INC	$71,801,000	+8.3%	928,136	-0.7%	9.29%	+1.8%
MSFT	Sell	MICROSOFT CORP	$51,078,000	-22.5%	1,534,810	-19.5%	6.61%	-27.1%
CMCSA	Sell	COMCAST CORP NEWcl a	$50,008,000	+7.6%	1,108,451	-0.4%	6.47%	+1.2%
CAH	Sell	CARDINAL HEALTH INC	$35,828,000	+9.9%	687,020	-0.6%	4.63%	+3.3%
WAT	Sell	WATERS CORP	$26,617,000	+5.6%	250,610	-0.6%	3.44%	-0.7%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$22,264,000	+8.0%	243,667	+2.2%	2.88%	+1.5%
TBT	Buy	PROSHARES TR	$1,073,000	+15.3%	14,250	+10.9%	0.14%	+8.6%
DELL	Buy	DELL INC	$756,000	+76.6%	55,000	+71.1%	0.10%	+66.1%
FIRE	New	SOURCEFIRE INC	$334,000	–	4,400	–	0.04%	–
NKTR	Sell	NEKTAR THERAPEUTICS	$188,000	-19.7%	18,000	-11.3%	0.02%	-25.0%
ET	Exit	EXACTTARGET INC	$0	–	-7,100	–	-0.03%	–
LUFK	Exit	LUFKIN INDS INC	$0	–	-16,375	–	-0.20%	–

Q2 2013

			Value		Shares		↓ Weighting
NKE	New	NIKE INCcl b	$102,035,000	–	1,602,304	–	14.03%	–
WFC	New	WELLS FARGO & CO NEW	$77,772,000	–	1,884,472	–	10.70%	–
PGR	New	PROGRESSIVE CORP OHIO	$75,511,000	–	2,970,532	–	10.39%	–
PAYX	New	PAYCHEX INC	$75,174,000	–	2,058,997	–	10.34%	–
ECL	New	ECOLAB INC	$70,597,000	–	828,699	–	9.71%	–
BBBY	New	BED BATH & BEYOND INC	$66,324,000	–	934,798	–	9.12%	–
MSFT	New	MICROSOFT CORP	$65,874,000	–	1,906,900	–	9.06%	–
EXPD	New	EXPEDITORS INTL WASH INC	$64,161,000	–	1,686,672	–	8.82%	–
CMCSA	New	COMCAST CORP NEWcl a	$46,467,000	–	1,112,981	–	6.39%	–
CAH	New	CARDINAL HEALTH INC	$32,612,000	–	690,935	–	4.49%	–
WAT	New	WATERS CORP	$25,217,000	–	252,045	–	3.47%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$20,623,000	–	238,467	–	2.84%	–
LUFK	New	LUFKIN INDS INC	$1,449,000	–	16,375	–	0.20%	–
TBT	New	PROSHARES TR	$931,000	–	12,850	–	0.13%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$820,000	–	60,000	–	0.11%	–
DELL	New	DELL INC	$428,000	–	32,150	–	0.06%	–
USB	New	US BANCORP DEL	$349,000	–	9,649	–	0.05%	–
ET	New	EXACTTARGET INC	$239,000	–	7,100	–	0.03%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$236,000	–	3,850	–	0.03%	–
NKTR	New	NEKTAR THERAPEUTICS	$234,000	–	20,300	–	0.03%	–

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