CALEDONIA INVESTMENTS PLC Activity Q4 2007-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
WSO	Sell	Watsco Inc	$90,218,347	-9.4%	239,084	-8.4%	13.23%	-3.7%
ORCL	Sell	Oracle Corp	$85,202,436	-14.3%	804,100	-3.7%	12.50%	-9.0%
TXN	Buy	Texas Instruments Inc	$66,184,124	-10.0%	416,200	+1.9%	9.71%	-4.3%
FTS	Buy	Fortis Inc	$18,805,921	+1.1%	493,700	+14.4%	2.76%	+7.4%

Q2 2023

			Value		Shares		↓ Weighting
WSO	New	Watsco Inc	$99,593,103	–	261,084	–	13.75%	–
ORCL	New	Oracle Corp	$99,443,708	–	835,100	–	13.73%	–
MSFT	New	Microsoft Corp	$95,150,869	–	279,617	–	13.13%	–
TXN	New	Texas Instruments Inc	$73,521,830	–	408,500	–	10.15%	–
PM	New	Philip Morris International Inc	$63,397,349	–	649,563	–	8.75%	–
FAST	New	Fastenal Co	$53,085,303	–	900,056	–	7.33%	–
TMO	New	Thermo Fisher Scientific Inc	$52,277,208	–	100,267	–	7.22%	–
CHTR	New	Charter Communications Inccl a	$47,350,126	–	128,900	–	6.54%	–
BDX	New	Becton Dickinson and Co	$38,539,719	–	146,100	–	5.32%	–
MCO	New	Moody's Corp	$36,876,767	–	106,050	–	5.09%	–
ECL	New	Ecolab Inc	$26,804,807	–	143,610	–	3.70%	–
BABA	New	Alibaba Group Holding Ltd	$19,837,300	–	238,000	–	2.74%	–
FTS	New	Fortis Inc	$18,595,849	–	431,700	–	2.57%	–

Q4 2022

			Value		Shares		↓ Weighting
FTS	Exit	Fortis Inc	$0	–	-431,700	–	-3.05%	–
BABA	Exit	Alibaba Group Holding Ltd	$0	–	-238,000	–	-3.53%	–
ECL	Exit	Ecolab Inc	$0	–	-143,610	–	-3.84%	–
MCO	Exit	Moody's Corp	$0	–	-101,300	–	-4.57%	–
BDX	Exit	Becton Dickinson and Co	$0	–	-146,100	–	-6.03%	–
CHTR	Exit	Charter Communications Inccl a	$0	–	-114,400	–	-6.43%	–
FAST	Exit	Fastenal Co	$0	–	-900,056	–	-7.68%	–
PM	Exit	Philip Morris International Inc	$0	–	-586,813	–	-9.03%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-100,267	–	-9.43%	–
ORCL	Exit	Oracle Corp	$0	–	-933,500	–	-10.57%	–
TXN	Exit	Texas Instruments Inc	$0	–	-401,000	–	-11.50%	–
MSFT	Exit	Microsoft Corp	$0	–	-266,767	–	-11.51%	–
WSO	Exit	Watsco Inc	$0	–	-268,784	–	-12.83%	–

Q3 2022

			Value		Shares		↓ Weighting
TXN	Buy	Texas Instruments Inc	$62,067,000	+2.5%	401,000	+1.8%	11.50%	+12.3%
CHTR	Buy	Charter Communications Inccl a	$34,703,000	-31.2%	114,400	+6.3%	6.43%	-24.6%
MCO	Buy	Moody's Corp	$24,642,000	+3.5%	101,300	+15.8%	4.57%	+13.4%
BABA	Buy	Alibaba Group Holding Ltd	$19,052,000	-15.4%	238,000	+20.2%	3.53%	-7.3%

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$68,522,000	–	266,767	–	11.59%	–
ORCL	New	Oracle Corp	$65,224,000	–	933,500	–	11.03%	–
WSO	New	Watsco Inc	$64,172,000	–	268,784	–	10.86%	–
TXN	New	Texas Instruments Inc	$60,558,000	–	394,000	–	10.24%	–
PM	New	Philip Morris International Inc	$57,960,000	–	586,813	–	9.80%	–
TMO	New	Thermo Fisher Scientific Inc	$54,530,000	–	100,267	–	9.22%	–
CHTR	New	Charter Communications Inccl a	$50,438,000	–	107,650	–	8.53%	–
FAST	New	Fastenal Co	$44,931,000	–	900,056	–	7.60%	–
BDX	New	Becton Dickinson and Co	$36,031,000	–	146,100	–	6.10%	–
MCO	New	Moody's Corp	$23,800,000	–	87,500	–	4.03%	–
BABA	New	Alibaba Group Holding Ltd	$22,511,000	–	198,000	–	3.81%	–
ECL	New	Ecolab Inc	$22,081,000	–	143,610	–	3.74%	–
FTS	New	Fortis Inc	$20,358,000	–	431,700	–	3.44%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	US Ecology Inc	$0	–	-60,991	–	-0.34%	–
ECL	Exit	Ecolab Inc	$0	–	-109,500	–	-3.99%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-358,000	–	-5.93%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-146,100	–	-6.28%	–
FAST	Exit	Fastenal Co	$0	–	-900,056	–	-8.11%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-100,267	–	-10.00%	–
CHTR	Exit	Charter Communications Inccl a	$0	–	-90,900	–	-11.55%	–
WSO	Exit	Watsco Inc	$0	–	-268,784	–	-12.43%	–
TXN	Exit	Texas Instruments Inc	$0	–	-394,000	–	-13.23%	–
MSFT	Exit	Microsoft Corp	$0	–	-282,767	–	-13.92%	–
ORCL	Exit	Oracle Corp	$0	–	-933,500	–	-14.21%	–

Q3 2021

			Value		Shares		↓ Weighting
PM	Buy	Philip Morris Intl Inc	$33,935,000	+21.9%	358,000	+27.4%	5.93%	+17.8%

Q2 2021

			Value		Shares		↓ Weighting
WSO	New	Watsco Inc	$77,023,000	–	268,784	–	13.92%	–
MSFT	New	Microsoft Corp	$76,587,000	–	282,767	–	13.85%	–
TXN	New	Texas Instruments Inc	$75,750,000	–	394,000	–	13.69%	–
ORCL	New	Oracle Corp	$72,654,000	–	933,500	–	13.14%	–
CHTR	New	Charter Communications Inccl a	$65,580,000	–	90,900	–	11.86%	–
TMO	New	Thermo Fisher Scientific Inc	$50,582,000	–	100,267	–	9.14%	–
FAST	New	Fastenal Co	$46,785,000	–	900,056	–	8.46%	–
BDX	New	Becton Dickinson & Co	$35,515,000	–	146,100	–	6.42%	–
PM	New	Philip Morris Intl Inc	$27,844,000	–	281,000	–	5.03%	–
ECL	New	Ecolab Inc	$22,541,000	–	109,500	–	4.08%	–
	New	US Ecology Inc	$2,288,000	–	60,991	–	0.41%	–

Q4 2020

			Value		Shares		↓ Weighting
	Exit	US Ecology Inc	$0	–	-217,505	–	-1.45%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-281,000	–	-4.30%	–
ECL	Exit	Ecolab Inc	$0	–	-109,500	–	-4.46%	–
WAT	Exit	Waters Corp	$0	–	-114,500	–	-4.58%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-146,100	–	-6.94%	–
FAST	Exit	Fastenal Co	$0	–	-900,056	–	-8.29%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-108,767	–	-9.80%	–
TXN	Exit	Texas Instruments Inc	$0	–	-394,000	–	-11.48%	–
CHTR	Exit	Charter Communications Inccl a	$0	–	-90,900	–	-11.59%	–
ORCL	Exit	Oracle Corp	$0	–	-952,500	–	-11.61%	–
MSFT	Exit	Microsoft Corp	$0	–	-296,267	–	-12.72%	–
WSO	Exit	Watsco Inc	$0	–	-268,784	–	-12.78%	–

Q3 2020

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft Corp	$62,249,000	-2.2%	296,267	-5.3%	12.72%	-11.6%

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$63,636,000	–	312,767	–	14.38%	–
ORCL	New	Oracle Corp	$52,626,000	–	952,500	–	11.89%	–
TXN	New	Texas Instruments Inc	$50,006,000	–	394,000	–	11.30%	–
WSO	New	Watsco Inc	$47,736,000	–	268,784	–	10.79%	–
CHTR	New	Charter Communications Inccl a	$46,306,000	–	90,900	–	10.46%	–
TMO	New	Thermo Fisher Scientific Inc	$39,364,000	–	108,767	–	8.89%	–
FAST	New	Fastenal Co	$38,522,000	–	900,056	–	8.70%	–
BDX	New	Becton Dickinson & Co	$34,952,000	–	146,100	–	7.90%	–
ECL	New	Ecolab Inc	$21,766,000	–	109,500	–	4.92%	–
WAT	New	Waters Corp	$20,648,000	–	114,500	–	4.66%	–
PM	New	Philip Morris Intl Inc	$19,667,000	–	281,000	–	4.44%	–
	New	US Ecology Inc	$7,360,000	–	217,505	–	1.66%	–

Q4 2019

			Value		Shares		↓ Weighting
PFE	Exit	Pfizer Inc	$0	–	-364,000	–	-3.66%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-251,000	–	-5.34%	–
ECL	Exit	Ecolab Inc	$0	–	-109,000	–	-6.04%	–
TXN	Exit	Texas Instruments Inc	$0	–	-187,000	–	-6.77%	–
WAT	Exit	Waters Corp	$0	–	-127,000	–	-7.94%	–
WSO	Exit	Watsco Inc	$0	–	-175,478	–	-8.31%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-157,800	–	-11.18%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-140,417	–	-11.45%	–
ORCL	Exit	Oracle Corp	$0	–	-763,500	–	-11.76%	–
CHTR	Exit	Charter Communications Inccl a	$0	–	-103,000	–	-11.89%	–
MSFT	Exit	Microsoft Corp	$0	–	-402,267	–	-15.66%	–

Q3 2019

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft Corp	$55,919,000	+0.1%	402,267	-3.6%	15.66%	+0.3%
TMO	Sell	Thermo Fisher Scientific Inc	$40,898,000	-6.5%	140,417	-5.7%	11.45%	-6.3%

Q2 2019

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$55,881,000	–	417,267	–	15.62%	–
TMO	New	Thermo Fisher Scientific Inc	$43,719,000	–	148,917	–	12.22%	–
ORCL	New	Oracle Corp	$43,397,000	–	763,500	–	12.13%	–
CHTR	New	Charter Communications Inccl a	$40,698,000	–	103,000	–	11.37%	–
BDX	New	Becton Dickinson & Co	$39,745,000	–	157,800	–	11.11%	–
WSO	New	Watsco Inc	$28,703,000	–	175,478	–	8.02%	–
WAT	New	Waters Corp	$27,325,000	–	127,000	–	7.64%	–
ECL	New	Ecolab Inc	$21,449,000	–	109,000	–	5.99%	–
TXN	New	Texas Instruments Inc	$21,423,000	–	187,000	–	5.99%	–
PM	New	Philip Morris Intl Inc	$19,706,000	–	251,000	–	5.51%	–
PFE	New	Pfizer Inc	$15,772,000	–	364,000	–	4.41%	–

Q4 2018

			Value		Shares		↓ Weighting
FLS	Exit	Flowserve Corp	$0	–	-124,232	–	-1.77%	–
TXN	Exit	Texas Instruments Inc	$0	–	-122,000	–	-3.41%	–
T	Exit	AT&T Inc	$0	–	-459,000	–	-4.01%	–
MO	Exit	Altria Group, Inc	$0	–	-270,000	–	-4.24%	–
ECL	Exit	Ecolab Inc	$0	–	-109,000	–	-4.45%	–
WAT	Exit	Waters Corp	$0	–	-90,000	–	-4.56%	–
PFE	Exit	Pfizer Inc	$0	–	-424,000	–	-4.86%	–
WSO	Exit	Watsco Inc	$0	–	-156,978	–	-7.28%	–
CHTR	Exit	Charter Communications Inccl a	$0	–	-103,000	–	-8.74%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-445,000	–	-9.45%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-157,800	–	-10.72%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-168,917	–	-10.73%	–
ORCL	Exit	Oracle Corp	$0	–	-862,500	–	-11.58%	–
MSFT	Exit	Microsoft Corp	$0	–	-476,767	–	-14.20%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft Corp	$54,528,000	+5.0%	476,767	-9.5%	14.20%	+0.6%
TXN	New	Texas Instruments Inc	$13,089,000	–	122,000	–	3.41%	–
FLS	Sell	Flowserve Corp	$6,794,000	-79.5%	124,232	-84.8%	1.77%	-80.3%

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$51,945,000	–	526,767	–	14.11%	–
ORCL	New	Oracle Corp	$38,002,000	–	862,500	–	10.32%	–
BDX	New	Becton Dickinson & Co	$37,803,000	–	157,800	–	10.27%	–
PM	New	Philip Morris Intl Inc	$35,929,000	–	445,000	–	9.76%	–
TMO	New	Thermo Fisher Scientific Inc	$34,989,000	–	168,917	–	9.50%	–
FLS	New	Flowserve Corp	$33,090,000	–	819,063	–	8.99%	–
CHTR	New	Charter Communications Inccl a	$30,201,000	–	103,000	–	8.20%	–
WSO	New	Watsco Inc	$27,986,000	–	156,978	–	7.60%	–
WAT	New	Waters Corp	$17,423,000	–	90,000	–	4.73%	–
PFE	New	Pfizer Inc	$15,383,000	–	424,000	–	4.18%	–
MO	New	Altria Group, Inc	$15,333,000	–	270,000	–	4.16%	–
ECL	New	Ecolab Inc	$15,296,000	–	109,000	–	4.16%	–
T	New	AT&T Inc	$14,738,000	–	459,000	–	4.00%	–

Q4 2017

			Value		Shares		↓ Weighting
GE	Exit	General Electric Co	$0	–	-398,000	–	-2.78%	–
PFE	Exit	Pfizer Inc	$0	–	-359,000	–	-3.70%	–
MO	Exit	Altria Group, Inc	$0	–	-204,000	–	-3.73%	–
T	Exit	AT&T Inc	$0	–	-339,000	–	-3.83%	–
WAT	Exit	Waters Corp	$0	–	-90,000	–	-4.66%	–
WSO	Exit	Watsco Inc	$0	–	-144,478	–	-6.71%	–
BRSWQ	Exit	Bristow Group, Inc	$0	–	-2,815,327	–	-7.59%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-157,800	–	-8.92%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-168,917	–	-9.21%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-327,000	–	-10.47%	–
FLS	Exit	Flowserve Corp	$0	–	-972,500	–	-11.94%	–
ORCL	Exit	Oracle Corp	$0	–	-862,500	–	-12.02%	–
MSFT	Exit	Microsoft Corp	$0	–	-673,000	–	-14.45%	–

Q3 2017

			Value		Shares		↓ Weighting
BRSWQ	Sell	Bristow Group, Inc	$26,323,000	+20.8%	2,815,327	-1.2%	7.59%	+22.9%
WSO	Buy	Watsco Inc	$23,271,000	+67.7%	144,478	+60.5%	6.71%	+70.6%
T	Buy	AT&T Inc	$13,278,000	+15.8%	339,000	+11.5%	3.83%	+17.8%
CL	Exit	Colgate Palmolive Co	$0	–	-240,000	–	-5.04%	–

Q2 2017

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$46,390,000	–	673,000	–	13.14%	–
FLS	New	Flowserve Corp	$45,153,000	–	972,500	–	12.79%	–
ORCL	New	Oracle Corp	$43,246,000	–	862,500	–	12.25%	–
PM	New	Philip Morris Intl Inc	$38,406,000	–	327,000	–	10.88%	–
BDX	New	Becton Dickinson & Co	$30,788,000	–	157,800	–	8.72%	–
TMO	New	Thermo Fisher Scientific Inc	$29,471,000	–	168,917	–	8.35%	–
BRSWQ	New	Bristow Group, Inc	$21,793,000	–	2,848,767	–	6.18%	–
CL	New	Colgate Palmolive Co	$17,791,000	–	240,000	–	5.04%	–
WAT	New	Waters Corp	$16,546,000	–	90,000	–	4.69%	–
MO	New	Altria Group, Inc	$15,192,000	–	204,000	–	4.30%	–
WSO	New	Watsco Inc	$13,878,000	–	90,000	–	3.93%	–
PFE	New	Pfizer Inc	$12,059,000	–	359,000	–	3.42%	–
T	New	AT&T Inc	$11,470,000	–	304,000	–	3.25%	–
GE	New	General Electric Co	$10,750,000	–	398,000	–	3.05%	–

Q4 2016

			Value		Shares		↓ Weighting
GE	Exit	General Electric Co	$0	–	-398,000	–	-4.09%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-122,000	–	-4.12%	–
PFE	Exit	Pfizer Inc	$0	–	-359,000	–	-4.22%	–
T	Exit	AT&T Inc	$0	–	-304,000	–	-4.28%	–
MO	Exit	Altria Group, Inc	$0	–	-204,000	–	-4.48%	–
CL	Exit	Colgate Palmolive Co	$0	–	-240,000	–	-6.18%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-135,800	–	-8.47%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-161,917	–	-8.94%	–
ORCL	Exit	Oracle Corp	$0	–	-862,500	–	-11.76%	–
MSFT	Exit	Microsoft Corp	$0	–	-673,000	–	-13.45%	–
BRSWQ	Exit	Bristow Group, Inc	$0	–	-2,824,283	–	-13.74%	–
FLS	Exit	Flowserve Corp	$0	–	-972,500	–	-16.28%	–

Q3 2016

			Value		Shares		↓ Weighting
TMO	Buy	Thermo Fisher Scientific Inc	$25,755,000	+27.3%	161,917	+18.3%	8.94%	+18.1%
BDX	Buy	Becton Dickinson & Co	$24,407,000	+29.9%	135,800	+22.6%	8.47%	+20.5%

Q2 2016

			Value		Shares		↓ Weighting
FLS	New	Flowserve Corp	$43,928,000	–	972,500	–	16.44%	–
ORCL	New	Oracle Corp	$35,302,000	–	862,500	–	13.21%	–
MSFT	New	Microsoft Corp	$34,437,000	–	673,000	–	12.88%	–
BRSWQ	New	Bristow Group, Inc	$32,225,000	–	2,824,283	–	12.06%	–
TMO	New	Thermo Fisher Scientific Inc	$20,231,000	–	136,917	–	7.57%	–
BDX	New	Becton Dickinson & Co	$18,791,000	–	110,800	–	7.03%	–
CL	New	Colgate Palmolive Co	$17,568,000	–	240,000	–	6.57%	–
MO	New	Altria Group, Inc	$14,068,000	–	204,000	–	5.26%	–
T	New	AT&T Inc	$13,136,000	–	304,000	–	4.92%	–
PFE	New	Pfizer Inc	$12,640,000	–	359,000	–	4.73%	–
GE	New	General Electric Co	$12,529,000	–	398,000	–	4.69%	–
PM	New	Philip Morris Intl Inc	$12,410,000	–	122,000	–	4.64%	–

Q4 2015

			Value		Shares		↓ Weighting
PX	Exit	Praxair Inc	$0	–	-60,000	–	-2.20%	–
PFE	Exit	Pfizer Inc	$0	–	-345,000	–	-3.90%	–
GE	Exit	General Electric Co	$0	–	-433,000	–	-3.93%	–
MO	Exit	Altria Group, Inc	$0	–	-207,000	–	-4.05%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-153,000	–	-4.37%	–
T	Exit	AT&T Inc	$0	–	-380,000	–	-4.45%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-110,800	–	-5.29%	–
CL	Exit	Colgate Palmolive Co	$0	–	-240,000	–	-5.48%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-136,917	–	-6.02%	–
UNP	Exit	Union Pac corp	$0	–	-275,000	–	-8.75%	–
MSFT	Exit	Microsoft Corp	$0	–	-673,000	–	-10.72%	–
ORCL	Exit	Oracle Corp	$0	–	-862,500	–	-11.21%	–
FLS	Exit	Flowserve Corp	$0	–	-972,500	–	-14.40%	–
BRSWQ	Exit	Bristow Group, Inc	$0	–	-1,618,729	–	-15.24%	–

Q3 2015

			Value		Shares		↓ Weighting
FLS	Buy	Flowserve Corp	$40,009,000	-19.4%	972,500	+3.2%	14.40%	-10.3%
TMO	New	Thermo Fisher Scientific Inc	$16,742,000	–	136,917	–	6.02%	–
CL	New	Colgate Palmolive Co	$15,230,000	–	240,000	–	5.48%	–
BDX	New	Becton Dickinson & Co	$14,699,000	–	110,800	–	5.29%	–
T	Buy	AT&T Inc	$12,380,000	+8.9%	380,000	+18.8%	4.45%	+21.2%
PM	Buy	Philip Morris Intl Inc	$12,137,000	+28.3%	153,000	+29.7%	4.37%	+42.8%
MO	Buy	Altria Group, Inc	$11,261,000	+52.5%	207,000	+37.1%	4.05%	+69.8%
SE	Exit	Spectra Energy Corp	$0	–	-120,000	–	-1.26%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-45,000	–	-1.54%	–
	Exit	ConocoPhillips	$0	–	-93,000	–	-1.85%	–
STWD	Exit	Starwood PPTY TR	$0	–	-460,000	–	-3.21%	–

Q2 2015

			Value		Shares		↓ Weighting
BRSWQ	New	Bristow Group, Inc	$86,278,000	–	1,618,729	–	27.89%	–
FLS	New	Flowserve Corp	$49,632,000	–	942,500	–	16.04%	–
ORCL	New	Oracle Corp	$34,759,000	–	862,500	–	11.24%	–
MSFT	New	Microsoft Corp	$29,713,000	–	673,000	–	9.60%	–
UNP	New	Union Pac corp	$26,227,000	–	275,000	–	8.48%	–
PFE	New	Pfizer Inc	$11,568,000	–	345,000	–	3.74%	–
GE	New	General Electric Co	$11,505,000	–	433,000	–	3.72%	–
T	New	AT&T Inc	$11,366,000	–	320,000	–	3.67%	–
STWD	New	Starwood PPTY TR	$9,922,000	–	460,000	–	3.21%	–
PM	New	Philip Morris Intl Inc	$9,460,000	–	118,000	–	3.06%	–
MO	New	Altria Group, Inc	$7,385,000	–	151,000	–	2.39%	–
PX	New	Praxair Inc	$7,173,000	–	60,000	–	2.32%	–
	New	ConocoPhillips	$5,711,000	–	93,000	–	1.85%	–
KMB	New	Kimberly Clark Corp	$4,769,000	–	45,000	–	1.54%	–
SE	New	Spectra Energy Corp	$3,912,000	–	120,000	–	1.26%	–

Q4 2014

			Value		Shares		↓ Weighting
KMB	Exit	Kimberly Clark Corp	$0	–	-45,000	–	-2.09%	–
SE	Exit	Spectra Energy Corp	$0	–	-150,000	–	-2.54%	–
	Exit	ConocoPhillips	$0	–	-78,000	–	-2.58%	–
MO	Exit	Altria Group, Inc	$0	–	-151,000	–	-3.00%	–
T	Exit	AT&T Inc	$0	–	-214,000	–	-3.26%	–
STWD	Exit	Starwood PPTY TR	$0	–	-345,000	–	-3.27%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-118,000	–	-4.25%	–
PFE	Exit	Pfizer Inc	$0	–	-345,000	–	-4.41%	–
INTC	Exit	Intel Corp	$0	–	-315,000	–	-4.74%	–
GE	Exit	General Electric Co	$0	–	-433,000	–	-4.80%	–
ORCL	Exit	Oracle Corp	$0	–	-400,000	–	-6.62%	–
MSFT	Exit	Microsoft Corp	$0	–	-575,000	–	-11.52%	–
BRSWQ	Exit	Bristow Group, Inc	$0	–	-1,615,227	–	-46.91%	–

Q3 2014

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$26,657,000	–	575,000	–	11.52%	–
INTC	Sell	Intel Corp	$10,968,000	-3.3%	315,000	-14.2%	4.74%	-0.6%
PM	Buy	Philip Morris Intl Inc	$9,841,000	+13.3%	118,000	+14.6%	4.25%	+16.4%
	Sell	ConocoPhillips	$5,969,000	-16.1%	78,000	-6.0%	2.58%	-13.8%
SE	Sell	Spectra Energy Corp	$5,889,000	-30.7%	150,000	-25.0%	2.54%	-28.8%
MAT	Exit	Mattel Inc	$0	–	-177,000	–	-2.90%	–

Q2 2014

			Value		Shares		↓ Weighting
BRSWQ	New	Bristow Group, Inc	$130,220,000	–	1,615,227	–	54.79%	–
ORCL	New	Oracle Corp	$16,212,000	–	400,000	–	6.82%	–
GE	New	General Electric Co	$11,379,000	–	433,000	–	4.79%	–
INTC	New	Intel Corp	$11,340,000	–	367,000	–	4.77%	–
PFE	New	Pfizer Inc	$10,239,000	–	345,000	–	4.31%	–
PM	New	Philip Morris Intl Inc	$8,684,000	–	103,000	–	3.65%	–
SE	New	Spectra Energy Corp	$8,496,000	–	200,000	–	3.57%	–
STWD	New	Starwood PPTY TR	$8,201,000	–	345,000	–	3.45%	–
T	New	AT&T Inc	$7,567,000	–	214,000	–	3.18%	–
	New	ConocoPhillips	$7,116,000	–	83,000	–	2.99%	–
MAT	New	Mattel Inc	$6,898,000	–	177,000	–	2.90%	–
MO	New	Altria Group, Inc	$6,333,000	–	151,000	–	2.66%	–
KMB	New	Kimberly Clark Corp	$5,005,000	–	45,000	–	2.11%	–

Q4 2013

			Value		Shares		↓ Weighting
KMB	Exit	Kimberly Clark Corp	$0	–	-62,000	–	-2.93%	–
MAT	Exit	Mattel Inc	$0	–	-140,000	–	-2.94%	–
MO	Exit	Altria Group, Inc.	$0	–	-202,000	–	-3.48%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-83,000	–	-3.61%	–
T	Exit	AT&T Inc	$0	–	-214,000	–	-3.63%	–
INTC	Exit	Intel Corp	$0	–	-322,000	–	-3.70%	–
	Exit	ConocoPhillips	$0	–	-110,000	–	-3.84%	–
PFE	Exit	Pfizer Inc	$0	–	-278,000	–	-4.00%	–
STWD	Exit	Starwood PPTY TR	$0	–	-345,000	–	-4.15%	–
SE	Exit	Spectra Energy Corp	$0	–	-242,000	–	-4.16%	–
GE	Exit	General Electric Co	$0	–	-395,000	–	-4.74%	–
BRSWQ	Exit	Bristow Group, Inc	$0	–	-1,611,577	–	-58.83%	–

Q3 2013

			Value		Shares		↓ Weighting
BRSWQ	Sell	Bristow Group, Inc	$117,258,000	-20.7%	1,611,577	-28.8%	58.83%	-12.4%
GE	New	General Electric Co	$9,437,000	–	395,000	–	4.74%	–
STWD	Buy	Starwood PPTY TR	$8,270,000	+25.2%	345,000	+29.2%	4.15%	+38.3%
	Sell	ConocoPhillips	$7,646,000	+1.1%	110,000	-12.0%	3.84%	+11.7%

Q2 2013

			Value		Shares		↓ Weighting
BRSWQ	New	Bristow Group, Inc.	$147,952,000	–	2,265,031	–	67.18%	–
SE	New	Spectra Energy Corp	$8,339,000	–	242,000	–	3.79%	–
INTC	New	Intel Corp	$7,802,000	–	322,000	–	3.54%	–
PFE	New	Pfizer Inc	$7,787,000	–	278,000	–	3.54%	–
T	New	AT&T Inc	$7,576,000	–	214,000	–	3.44%	–
	New	ConocoPhillips	$7,563,000	–	125,000	–	3.43%	–
PM	New	Philip Morris Intl Inc	$7,189,000	–	83,000	–	3.26%	–
MO	New	Altria Group, Inc	$7,068,000	–	202,000	–	3.21%	–
STWD	New	Starwood PPTY TR	$6,608,000	–	267,000	–	3.00%	–
MAT	New	Mattel Inc	$6,343,000	–	140,000	–	2.88%	–
KMB	New	Kimberly Clark Corp	$6,023,000	–	62,000	–	2.74%	–

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