MARATHON ASSET MANAGEMENT LLP Activity Q4 1999-Q2 2021

Q2 2021

			Value		Shares		↓ Weighting
ORCL	New	Oracle Corp	$305,474,000	–	3,924,422	–	3.70%	–
BKNG	New	Booking Holdings Inc.	$299,782,000	–	137,017	–	3.63%	–
GOOGL	New	Alphabet Inc. - Class A	$260,355,000	–	106,632	–	3.15%	–
JNJ	New	Johnson and Johnson	$251,563,000	–	1,527,037	–	3.05%	–
GOOG	New	Alphabet Inc. - Class C	$241,429,000	–	96,330	–	2.92%	–
TXN	New	Texas Instruments Inc	$239,842,000	–	1,247,250	–	2.90%	–
FB	New	Facebook Inc A	$237,472,000	–	682,961	–	2.88%	–
BIDU	New	Baidu Inc - Spon ADR	$185,928,000	–	911,874	–	2.25%	–
BRKB	New	Berkshire Hathaway Inc	$182,219,000	–	655,688	–	2.21%	–
AZO	New	Autozone Inc	$181,035,000	–	121,326	–	2.19%	–
TRV	New	Travelers Companies Inc	$179,691,000	–	1,200,258	–	2.18%	–
MRK	New	Merck & Co Inc	$172,887,000	–	2,205,162	–	2.09%	–
HSY	New	The Hershey Company	$166,999,000	–	958,778	–	2.02%	–
AXP	New	American Express Co	$153,156,000	–	926,919	–	1.86%	–
YUMC	New	Yum China Holdings Inc	$150,896,000	–	2,277,674	–	1.83%	–
BAM	New	Brookfield Asset Manage-CL A	$148,970,000	–	2,916,112	–	1.80%	–
WAT	New	Waters Corp	$148,721,000	–	430,356	–	1.80%	–
TJX	New	TJX Companies Inc	$146,838,000	–	2,177,959	–	1.78%	–
KMX	New	Carmax Inc	$138,149,000	–	1,069,676	–	1.67%	–
EA	New	Electronic Arts Inc	$137,627,000	–	956,876	–	1.67%	–
FRC	New	First Republic Bank	$129,427,000	–	691,538	–	1.57%	–
KMB	New	Kimberly-Clark Corp	$127,826,000	–	951,658	–	1.55%	–
ADM	New	Archer-Daniels-Midland Co.	$123,227,000	–	2,033,482	–	1.49%	–
CNQ	New	Canadian Natural Resources	$118,857,000	–	3,254,298	–	1.44%	–
FCN	New	FTI Consulting Inc	$118,502,000	–	867,451	–	1.44%	–
LIN	New	Linde PLC	$118,308,000	–	409,239	–	1.43%	–
CHRW	New	C H Robinson Worldwide Inc	$109,046,000	–	1,159,021	–	1.32%	–
CCEP	New	Coca-Cola Europacific Partners plc	$107,668,000	–	1,815,705	–	1.30%	–
UPS	New	United Parcel Services Cl B	$105,561,000	–	507,574	–	1.28%	–
PEP	New	Pepsico Inc	$103,849,000	–	700,903	–	1.26%	–
PGR	New	Progressive Corp	$102,724,000	–	1,045,967	–	1.24%	–
ATVI	New	Activision Blizzard	$97,633,000	–	1,022,977	–	1.18%	–
FAST	New	Fastenal Co	$96,175,000	–	1,849,576	–	1.16%	–
MKL	New	Markel Corp	$93,537,000	–	78,820	–	1.13%	–
G	New	Genpact Ltd	$82,615,000	–	1,818,508	–	1.00%	–
WFC	New	Wells Fargo	$80,925,000	–	1,786,851	–	0.98%	–
CP	New	Canadian Pacific Railway Ltd	$80,515,000	–	1,043,977	–	0.98%	–
PG	New	Procter & Gamble	$76,098,000	–	563,991	–	0.92%	–
MXIM	New	Maxim Integrated Products	$76,047,000	–	721,779	–	0.92%	–
GOLD	New	Barrick Gold Corp	$75,385,000	–	3,645,096	–	0.91%	–
ADI	New	Analog Devices Inc	$75,353,000	–	437,695	–	0.91%	–
MTB	New	M & T Bank Corp	$75,256,000	–	517,897	–	0.91%	–
RBA	New	Ritchie Bros Auctioneers	$73,849,000	–	1,244,349	–	0.89%	–
GIL	New	Gildan Activewear Inc	$73,749,000	–	1,996,820	–	0.89%	–
PCAR	New	Paccar Inc	$73,056,000	–	818,559	–	0.88%	–
HIG	New	Hartford Financial SVCS Group Inc	$72,903,000	–	1,170,115	–	0.88%	–
KAR	New	Kar Auction Services Inc	$72,389,000	–	4,124,745	–	0.88%	–
FMX	New	Fomento Economico Mexicano Spon ADR	$68,912,000	–	815,436	–	0.84%	–
PAYX	New	Paychex Inc	$68,808,000	–	641,288	–	0.83%	–
MMC	New	Marsh & Mclennan	$66,923,000	–	475,713	–	0.81%	–
UNP	New	Union Pacific Corp	$62,110,000	–	282,416	–	0.75%	–
GMED	New	Globus Medical Inc A	$61,151,000	–	788,749	–	0.74%	–
EXPD	New	Expeditors Intl Wash Inc	$61,163,000	–	483,138	–	0.74%	–
AON	New	Aon Plc	$60,336,000	–	252,719	–	0.73%	–
BK	New	Bank of New York Mellon Corp	$59,220,000	–	1,155,983	–	0.72%	–
DLB	New	Dolby Laboratories Inc-CL A	$58,091,000	–	591,017	–	0.70%	–
DXCM	New	Dexcom Inc	$58,112,000	–	136,094	–	0.70%	–
MKTX	New	Marketaxess Holdings	$57,385,000	–	123,785	–	0.70%	–
INTC	New	Intel Corp	$56,263,000	–	1,002,224	–	0.68%	–
ANET	New	Arista Networks Inc	$53,382,000	–	147,342	–	0.65%	–
BG	New	Bunge Ltd	$52,644,000	–	673,630	–	0.64%	–
FNV	New	Franco-Nevada Corp	$52,323,000	–	360,175	–	0.63%	–
ABMD	New	Abiomed Inc	$49,602,000	–	158,930	–	0.60%	–
ADP	New	Automatic Data Processing	$49,257,000	–	246,889	–	0.60%	–
HCSG	New	Healthcare Services Group	$49,081,000	–	1,554,624	–	0.59%	–
C	New	Citigroup Inc	$48,726,000	–	688,728	–	0.59%	–
CME	New	CME Group Inc	$45,471,000	–	213,807	–	0.55%	–
CL	New	Colgate Palmolive Co	$41,436,000	–	509,376	–	0.50%	–
BNS	New	Bank of Nova Scotia	$39,914,000	–	613,075	–	0.48%	–
L	New	Loews Corp	$39,774,000	–	727,797	–	0.48%	–
MGA	New	Magna International Inc	$38,488,000	–	415,260	–	0.47%	–
CB	New	Chubb Ltd	$37,867,000	–	237,057	–	0.46%	–
EB	New	Eventbrite Inc - Class A	$34,430,000	–	1,812,425	–	0.42%	–
RYN	New	Rayonier Inc	$33,569,000	–	934,308	–	0.41%	–
OMC	New	Omnicom Group	$33,631,000	–	416,935	–	0.41%	–
MMM	New	3M Co	$30,062,000	–	151,351	–	0.36%	–
BCE	New	Bce Inc	$28,499,000	–	571,490	–	0.34%	–
Y	New	Alleghany Corp	$27,479,000	–	41,194	–	0.33%	–
TV	New	Grupo Televisa Sa-Spons Adr	$26,490,000	–	1,855,066	–	0.32%	–
RCI	New	Rogers Communications Inc	$25,034,000	–	467,877	–	0.30%	–
VC	New	Visteon Corp.	$24,571,000	–	203,197	–	0.30%	–
TCOM	New	Ctrip.com International ADR	$23,638,000	–	666,613	–	0.29%	–
SKT	New	Tanger Factory Outlet Center	$22,260,000	–	1,180,918	–	0.27%	–
PSMT	New	Pricesmart Inc	$22,141,000	–	243,280	–	0.27%	–
FCX	New	Freeport-McMoran Inc	$20,347,000	–	548,304	–	0.25%	–
CIB	New	Bancolombia Sa -Pref	$19,451,000	–	673,863	–	0.24%	–
KT	New	KT Corp ADR	$19,507,000	–	1,398,364	–	0.24%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$17,761,000	–	147,371	–	0.22%	–
NOV	New	National Oilwell Varco	$12,476,000	–	814,382	–	0.15%	–
WAB	New	Wabtec Corp	$10,538,000	–	128,049	–	0.13%	–
AXTA	New	Axalta Coating Systems Ltd	$9,047,000	–	296,732	–	0.11%	–
OGN	New	Organon & Co	$4,216,000	–	139,315	–	0.05%	–
WY	New	Weyerhaeuser Co	$3,384,000	–	98,329	–	0.04%	–
TEL	New	TE Connectivity Ltd	$2,101,000	–	15,536	–	0.02%	–
INMD	New	Inmode Ltd	$367,000	–	3,871	–	0.00%	–
ATHM	New	Autohome Inc - Class A	$213,000	–	3,330	–	0.00%	–
HUYA	New	Huya Inc	$160,000	–	9,038	–	0.00%	–
MOMO	New	MOMO Inc ADR	$55,000	–	3,598	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
MOMO	Exit	MOMO Inc ADR	$0	–	-3,598	–	-0.00%	–
HUYA	Exit	Huya Inc	$0	–	-9,439	–	-0.00%	–
ATHM	Exit	Autohome Inc - Class A	$0	–	-3,278	–	-0.01%	–
HCSG	Exit	Healthcare Services Group	$0	–	-160,100	–	-0.05%	–
OMC	Exit	Omnicom Group	$0	–	-169,352	–	-0.13%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-113,932	–	-0.15%	–
HOG	Exit	Harley Davidson Inc	$0	–	-384,108	–	-0.15%	–
KAR	Exit	Kar Auction Services Inc	$0	–	-731,081	–	-0.16%	–
SKT	Exit	Tanger Factory Outlet Center	$0	–	-1,779,820	–	-0.17%	–
BVN	Exit	Compania De Minas Buenaventura Spon ADR	$0	–	-1,024,224	–	-0.20%	–
TV	Exit	Grupo Televisa Sa-Spons Adr	$0	–	-2,335,805	–	-0.23%	–
ULTA	Exit	Ulta Beauty Inc	$0	–	-67,296	–	-0.24%	–
AON	Exit	Aon Plc	$0	–	-75,611	–	-0.24%	–
RCI	Exit	Rogers Communications Inc	$0	–	-419,171	–	-0.26%	–
MGA	Exit	Magna International Inc	$0	–	-372,486	–	-0.27%	–
EB	Exit	Eventbrite Inc - Class A	$0	–	-1,578,390	–	-0.27%	–
RTX	Exit	United Technologies Corp	$0	–	-305,287	–	-0.28%	–
NOV	Exit	National Oilwell Varco	$0	–	-2,290,712	–	-0.33%	–
BCE	Exit	Bce Inc	$0	–	-512,669	–	-0.34%	–
ANET	Exit	Arista Networks Inc	$0	–	-105,440	–	-0.34%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-854,590	–	-0.35%	–
BB	Exit	Blackberry Ltd	$0	–	-4,848,374	–	-0.35%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-1,066,817	–	-0.37%	–
TCOM	Exit	Ctrip.com International ADR	$0	–	-769,311	–	-0.38%	–
OTIS	Exit	Otis Worldwide Corp	$0	–	-397,393	–	-0.39%	–
VC	Exit	Visteon Corp.	$0	–	-378,789	–	-0.41%	–
LECO	Exit	Lincoln Electric Holdings	$0	–	-300,731	–	-0.44%	–
FMX	Exit	Fomento Economico Mexicano Spon ADR	$0	–	-506,484	–	-0.45%	–
KT	Exit	Kt Corp Spon ADR	$0	–	-3,041,504	–	-0.46%	–
ABMD	Exit	Abiomed Inc	$0	–	-105,579	–	-0.46%	–
MTB	Exit	M & T Bank Corp	$0	–	-322,619	–	-0.47%	–
C	Exit	Citigroup Inc	$0	–	-702,229	–	-0.48%	–
CB	Exit	Chubb Limited	$0	–	-263,721	–	-0.48%	–
AFL	Exit	Aflac Inc	$0	–	-854,534	–	-0.49%	–
MMM	Exit	3M Co	$0	–	-197,041	–	-0.50%	–
CNQ	Exit	Canadian Natural Resources	$0	–	-1,959,738	–	-0.50%	–
RYN	Exit	Rayonier Inc	$0	–	-1,255,466	–	-0.52%	–
Y	Exit	Alleghany Corp	$0	–	-64,966	–	-0.53%	–
WAB	Exit	Wabtec Corp	$0	–	-554,666	–	-0.54%	–
PSMT	Exit	Pricesmart Inc	$0	–	-520,341	–	-0.54%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-252,551	–	-0.55%	–
ADP	Exit	Automatic Data Processing	$0	–	-250,895	–	-0.55%	–
PCAR	Exit	Paccar Inc	$0	–	-412,959	–	-0.55%	–
ACN	Exit	Accenture Plc	$0	–	-156,583	–	-0.56%	–
L	Exit	Loews Corp	$0	–	-1,045,204	–	-0.57%	–
GMED	Exit	Globus Medical Inc A	$0	–	-798,658	–	-0.62%	–
ALB	Exit	Albemarle Corp	$0	–	-443,520	–	-0.62%	–
MKTX	Exit	Marketaxess Holdings	$0	–	-83,538	–	-0.63%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-1,174,353	–	-0.63%	–
GIL	Exit	Gildan Activewear Inc	$0	–	-2,131,821	–	-0.66%	–
PEP	Exit	Pepsico Inc	$0	–	-313,773	–	-0.68%	–
TEL	Exit	TE Connectivity Ltd	$0	–	-447,447	–	-0.69%	–
HIG	Exit	Hartford Financial SVCS Group Inc	$0	–	-1,188,243	–	-0.70%	–
ATVI	Exit	Activision Blizzard	$0	–	-548,667	–	-0.70%	–
AZO	Exit	Autozone Inc	$0	–	-37,888	–	-0.70%	–
WY	Exit	Weyerhaeuser Co	$0	–	-1,600,146	–	-0.72%	–
FCX	Exit	Freeport-McMoran Inc	$0	–	-2,995,452	–	-0.74%	–
BAX	Exit	Baxter International Inc	$0	–	-581,673	–	-0.74%	–
DLB	Exit	Dolby Laboratories Inc-CL A	$0	–	-711,515	–	-0.74%	–
KMB	Exit	Kimberly-Clark Corp	$0	–	-322,210	–	-0.75%	–
CL	Exit	Colgate Palmolive Co	$0	–	-629,873	–	-0.76%	–
LIN	Exit	Linde PLC	$0	–	-206,723	–	-0.77%	–
COST	Exit	Costco Wholesale Corp	$0	–	-139,007	–	-0.78%	–
AMAT	Exit	Applied Materials Inc	$0	–	-834,604	–	-0.78%	–
ADI	Exit	Analog Devices Inc	$0	–	-444,653	–	-0.82%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-573,283	–	-0.82%	–
MKL	Exit	Markel Corp	$0	–	-56,105	–	-0.86%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-285,503	–	-0.88%	–
UNP	Exit	Union Pacific Corp	$0	–	-286,919	–	-0.89%	–
CP	Exit	Canadian Pacific Railway Ltd	$0	–	-187,226	–	-0.89%	–
USB	Exit	US Bancorp	$0	–	-1,582,650	–	-0.90%	–
FAST	Exit	Fastenal Co	$0	–	-1,280,895	–	-0.91%	–
MXIM	Exit	Maxim Integrated Products	$0	–	-865,100	–	-0.92%	–
PAYX	Exit	Paychex Inc	$0	–	-736,974	–	-0.92%	–
FRC	Exit	First Republic Bank	$0	–	-557,036	–	-0.96%	–
TJX	Exit	TJX Companies Inc	$0	–	-1,099,802	–	-0.96%	–
CCEP	Exit	Coca-Cola European Partners	$0	–	-1,658,536	–	-1.01%	–
KO	Exit	Coca Cola Co	$0	–	-1,308,889	–	-1.02%	–
HSY	Exit	The Hershey Company	$0	–	-493,938	–	-1.11%	–
EA	Exit	Electronic Arts Inc	$0	–	-549,515	–	-1.13%	–
KMX	Exit	Carmax Inc	$0	–	-781,977	–	-1.13%	–
PPG	Exit	PPG Industries Inc	$0	–	-609,521	–	-1.17%	–
WAT	Exit	Waters Corp	$0	–	-398,707	–	-1.23%	–
RBA	Exit	Ritchie Bros Auctioneers	$0	–	-1,373,182	–	-1.28%	–
AXP	Exit	American Express Co	$0	–	-829,682	–	-1.31%	–
G	Exit	Genpact Ltd	$0	–	-2,207,865	–	-1.35%	–
BG	Exit	Bunge Ltd	$0	–	-1,957,487	–	-1.41%	–
PG	Exit	Procter & Gamble	$0	–	-707,781	–	-1.55%	–
UPS	Exit	United Parcel Services Cl B	$0	–	-590,573	–	-1.55%	–
TRV	Exit	Travelers Companies Inc	$0	–	-927,914	–	-1.58%	–
WFC	Exit	Wells Fargo	$0	–	-4,515,985	–	-1.67%	–
AMZN	Exit	Amazon.com Inc	$0	–	-33,716	–	-1.67%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-1,129,693	–	-1.82%	–
YUMC	Exit	Yum China Holdings Inc	$0	–	-2,217,439	–	-1.85%	–
GOOG	Exit	Alphabet Inc - Class C	$0	–	-82,833	–	-1.91%	–
INTC	Exit	Intel Corp	$0	–	-2,379,926	–	-1.94%	–
GOLD	Exit	Barrick Gold Corp	$0	–	-4,451,408	–	-1.97%	–
BAM	Exit	Brookfield Asset Management-CL A	$0	–	-3,818,333	–	-1.98%	–
MRK	Exit	Merck & Co Inc	$0	–	-1,570,642	–	-2.06%	–
TXN	Exit	Texas Instruments Inc	$0	–	-954,393	–	-2.14%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-644,049	–	-2.16%	–
ADM	Exit	Archer-Daniels-Midland Co.	$0	–	-3,063,018	–	-2.24%	–
FB	Exit	Facebook Inc A	$0	–	-605,289	–	-2.49%	–
GOOGL	Exit	Alphabet Inc - Class A	$0	–	-108,612	–	-2.50%	–
BKNG	Exit	Booking Holdings Inc	$0	–	-103,965	–	-2.80%	–
BIDU	Exit	Baidu Inc - Spon ADR	$0	–	-1,687,342	–	-3.36%	–
JNJ	Exit	Johnson and Johnson	$0	–	-1,637,877	–	-3.83%	–
ORCL	Exit	Oracle Corp	$0	–	-4,227,650	–	-3.97%	–

Q3 2020

			Value		Shares		↓ Weighting
ORCL	Sell	Oracle Corp	$252,374,000	+0.0%	4,227,650	-7.4%	3.97%	+2.6%
JNJ	Sell	Johnson and Johnson	$243,802,000	-1.3%	1,637,877	-6.8%	3.83%	+1.2%
BIDU	Buy	Baidu Inc - Spon ADR	$213,601,000	+6.3%	1,687,342	+0.7%	3.36%	+9.1%
BKNG	Sell	Booking Holdings Inc	$177,819,000	-6.6%	103,965	-13.0%	2.80%	-4.2%
GOOGL	Sell	Alphabet Inc - Class A	$159,168,000	-20.3%	108,612	-22.8%	2.50%	-18.2%
FB	Sell	Facebook Inc A	$158,511,000	-1.4%	605,289	-14.5%	2.49%	+1.1%
ADM	Sell	Archer-Daniels-Midland Co.	$142,396,000	+3.5%	3,063,018	-11.2%	2.24%	+6.2%
BRKB	Sell	Berkshire Hathaway Inc	$137,140,000	-3.9%	644,049	-19.3%	2.16%	-1.5%
TXN	Sell	Texas Instruments Inc	$136,266,000	-2.9%	954,393	-13.6%	2.14%	-0.4%
MRK	Sell	Merck & Co Inc	$131,241,000	+0.5%	1,570,642	-6.3%	2.06%	+3.1%
BAM	Sell	Brookfield Asset Management-CL A	$125,984,000	-2.0%	3,818,333	-2.5%	1.98%	+0.5%
GOLD	Sell	Barrick Gold Corp	$125,148,000	-15.0%	4,451,408	-18.5%	1.97%	-12.8%
INTC	Sell	Intel Corp	$123,226,000	-23.3%	2,379,926	-11.4%	1.94%	-21.4%
GOOG	Sell	Alphabet Inc - Class C	$121,714,000	-9.3%	82,833	-12.8%	1.91%	-7.0%
YUMC	Sell	Yum China Holdings Inc	$117,413,000	+6.6%	2,217,439	-3.2%	1.85%	+9.4%
CHRW	Sell	C H Robinson Worldwide Inc	$115,436,000	+12.6%	1,129,693	-12.9%	1.82%	+15.5%
WFC	Sell	Wells Fargo	$106,159,000	-11.4%	4,515,985	-3.5%	1.67%	-9.1%
AMZN	Sell	Amazon.com Inc	$106,152,000	-26.6%	33,716	-35.6%	1.67%	-24.7%
TRV	Sell	Travelers Companies Inc	$100,387,000	-15.0%	927,914	-10.4%	1.58%	-12.9%
UPS	Sell	United Parcel Services Cl B	$98,409,000	+33.2%	590,573	-11.1%	1.55%	+36.7%
PG	Sell	Procter & Gamble	$98,362,000	+3.6%	707,781	-10.9%	1.55%	+6.3%
BG	Sell	Bunge Ltd	$89,449,000	-1.4%	1,957,487	-11.3%	1.41%	+1.1%
G	Buy	Genpact Ltd	$85,996,000	+10.3%	2,207,865	+3.4%	1.35%	+13.1%
AXP	Sell	American Express Co	$83,172,000	-6.3%	829,682	-11.1%	1.31%	-4.0%
RBA	Sell	Ritchie Bros Auctioneers	$81,176,000	+42.7%	1,373,182	-1.9%	1.28%	+46.3%
WAT	Sell	Waters Corp	$78,018,000	-3.8%	398,707	-11.3%	1.23%	-1.4%
PPG	Sell	PPG Industries Inc	$74,408,000	+2.4%	609,521	-11.1%	1.17%	+5.0%
KMX	Sell	Carmax Inc	$71,869,000	-21.0%	781,977	-23.0%	1.13%	-18.9%
EA	Sell	Electronic Arts Inc	$71,655,000	-8.5%	549,515	-7.3%	1.13%	-6.2%
HSY	Sell	The Hershey Company	$70,799,000	+7.2%	493,938	-3.1%	1.11%	+10.0%
KO	Sell	Coca Cola Co	$65,164,000	-2.0%	1,308,889	-11.3%	1.02%	+0.5%
CCEP	Sell	Coca-Cola European Partners	$64,365,000	+0.6%	1,658,536	-2.1%	1.01%	+3.2%
TJX	Sell	TJX Companies Inc	$61,200,000	-2.0%	1,099,802	-10.9%	0.96%	+0.5%
FRC	Sell	First Republic Bank	$60,750,000	-8.3%	557,036	-10.9%	0.96%	-6.0%
PAYX	Sell	Paychex Inc	$58,786,000	-6.8%	736,974	-11.5%	0.92%	-4.4%
MXIM	Sell	Maxim Integrated Products	$58,487,000	-1.3%	865,100	-11.5%	0.92%	+1.2%
FAST	Sell	Fastenal Co	$57,754,000	-6.2%	1,280,895	-10.9%	0.91%	-3.8%
USB	Sell	US Bancorp	$57,366,000	-13.9%	1,582,650	-11.5%	0.90%	-11.7%
CP	Buy	Canadian Pacific Railway Ltd	$56,901,000	+24.8%	187,226	+4.4%	0.89%	+27.9%
UNP	Sell	Union Pacific Corp	$56,483,000	-0.9%	286,919	-14.9%	0.89%	+1.6%
PYPL	Sell	PayPal Holdings Inc.	$56,249,000	-15.3%	285,503	-25.1%	0.88%	-13.1%
MKL	Sell	Markel Corp	$54,641,000	+3.2%	56,105	-2.1%	0.86%	+5.9%
EXPD	Sell	Expeditors Intl Wash Inc	$51,888,000	+1.8%	573,283	-14.5%	0.82%	+4.5%
ADI	Sell	Analog Devices Inc	$51,905,000	-15.8%	444,653	-11.5%	0.82%	-13.7%
AMAT	Sell	Applied Materials Inc	$49,612,000	-12.6%	834,604	-11.1%	0.78%	-10.3%
COST	Sell	Costco Wholesale Corp	$49,345,000	+3.9%	139,007	-11.3%	0.78%	+6.6%
LIN	Sell	Linde PLC	$49,224,000	+0.0%	206,723	-10.9%	0.77%	+2.7%
CL	Sell	Colgate Palmolive Co	$48,591,000	-6.8%	629,873	-11.5%	0.76%	-4.4%
KMB	Sell	Kimberly-Clark Corp	$47,948,000	-6.7%	322,210	-10.9%	0.75%	-4.2%
DLB	Sell	Dolby Laboratories Inc-CL A	$47,159,000	-10.4%	711,515	-10.9%	0.74%	-8.1%
BAX	Sell	Baxter International Inc	$46,930,000	-17.1%	581,673	-11.3%	0.74%	-15.0%
FCX	Buy	Freeport-McMoran Inc	$46,847,000	+38.3%	2,995,452	+2.3%	0.74%	+41.8%
WY	Buy	Weyerhaeuser Co	$45,634,000	+28.7%	1,600,146	+1.4%	0.72%	+32.0%
AZO	Sell	Autozone Inc	$44,618,000	-7.6%	37,888	-11.5%	0.70%	-5.3%
ATVI	Sell	Activision Blizzard	$44,411,000	-8.8%	548,667	-14.5%	0.70%	-6.6%
HIG	Sell	Hartford Financial SVCS Group Inc	$44,219,000	-15.5%	1,188,243	-11.5%	0.70%	-13.3%
TEL	Sell	TE Connectivity Ltd	$43,732,000	+6.3%	447,447	-11.3%	0.69%	+9.0%
PEP	Sell	Pepsico Inc	$43,474,000	-6.7%	313,773	-10.9%	0.68%	-4.3%
GIL	Sell	Gildan Activewear Inc	$41,871,000	+18.2%	2,131,821	-7.0%	0.66%	+21.2%
BK	Sell	Bank of New York Mellon Corp	$40,326,000	-21.4%	1,174,353	-11.5%	0.63%	-19.3%
MKTX	Sell	Marketaxess Holdings	$40,231,000	-26.0%	83,538	-23.0%	0.63%	-24.1%
ALB	Sell	Albemarle Corp	$39,768,000	+3.1%	443,520	-10.9%	0.62%	+5.8%
GMED	Sell	Globus Medical Inc A	$39,547,000	-7.5%	798,658	-10.9%	0.62%	-5.2%
L	Sell	Loews Corp	$36,319,000	-10.1%	1,045,204	-11.3%	0.57%	-7.8%
ACN	Sell	Accenture Plc	$35,384,000	-19.3%	156,583	-23.3%	0.56%	-17.3%
ADP	Buy	Automatic Data Processing	$35,236,000	+66.3%	250,895	+77.4%	0.55%	+70.5%
PCAR	Sell	Paccar Inc	$35,217,000	-6.3%	412,959	-17.8%	0.55%	-3.8%
FNV	Buy	Franco-Nevada Corp	$35,180,000	+4.4%	252,551	+4.4%	0.55%	+7.2%
PSMT	Buy	Pricesmart Inc	$34,577,000	+19.3%	520,341	+8.3%	0.54%	+22.5%
WAB	Buy	Wabtec Corp	$34,318,000	+30.8%	554,666	+21.7%	0.54%	+34.1%
Y	Buy	Alleghany Corp	$33,812,000	+28.5%	64,966	+20.8%	0.53%	+32.0%
RYN	Buy	Rayonier Inc	$33,191,000	+8.1%	1,255,466	+1.4%	0.52%	+11.1%
CNQ	Buy	Canadian Natural Resources	$31,916,000	-3.8%	1,959,738	+4.4%	0.50%	-1.2%
MMM	Sell	3M Co	$31,560,000	-13.7%	197,041	-16.0%	0.50%	-11.6%
AFL	Sell	Aflac Inc	$31,061,000	-10.5%	854,534	-11.3%	0.49%	-8.3%
CB	Sell	Chubb Limited	$30,835,000	-18.8%	263,721	-11.5%	0.48%	-16.7%
C	Sell	Citigroup Inc	$30,268,000	-25.9%	702,229	-12.2%	0.48%	-24.0%
MTB	Buy	M & T Bank Corp	$29,709,000	+40.1%	322,619	+58.2%	0.47%	+43.7%
ABMD	Sell	Abiomed Inc	$29,245,000	-18.7%	105,579	-29.1%	0.46%	-16.5%
KT	Buy	Kt Corp Spon ADR	$29,229,000	+0.0%	3,041,504	+1.4%	0.46%	+2.5%
FMX	New	Fomento Economico Mexicano Spon ADR	$28,459,000	–	506,484	–	0.45%	–
LECO	Sell	Lincoln Electric Holdings	$27,826,000	-2.7%	300,731	-10.9%	0.44%	-0.2%
VC	Sell	Visteon Corp.	$26,220,000	-10.3%	378,789	-11.3%	0.41%	-8.0%
OTIS	Sell	Otis Worldwide Corp	$24,801,000	-2.8%	397,393	-11.4%	0.39%	-0.3%
TCOM	Sell	Ctrip.com International ADR	$23,956,000	+20.1%	769,311	-0.0%	0.38%	+23.2%
AXTA	Sell	Axalta Coating Systems Ltd	$23,650,000	-12.8%	1,066,817	-11.3%	0.37%	-10.4%
BB	Buy	Blackberry Ltd	$22,177,000	-1.8%	4,848,374	+4.3%	0.35%	+0.9%
CIB	Buy	Bancolombia Sa -Pref	$22,099,000	+2.4%	854,590	+5.4%	0.35%	+4.8%
ANET	New	Arista Networks Inc	$21,818,000	–	105,440	–	0.34%	–
BCE	Buy	Bce Inc	$21,500,000	+3.8%	512,669	+4.4%	0.34%	+6.3%
NOV	Sell	National Oilwell Varco	$20,751,000	-34.4%	2,290,712	-11.3%	0.33%	-32.8%
RTX	Buy	United Technologies Corp	$17,564,000	-5.9%	305,287	+0.8%	0.28%	-3.5%
EB	Sell	Eventbrite Inc - Class A	$17,123,000	+12.8%	1,578,390	-10.9%	0.27%	+15.5%
MGA	Buy	Magna International Inc	$16,991,000	+7.2%	372,486	+4.4%	0.27%	+9.9%
RCI	Buy	Rogers Communications Inc	$16,730,000	+2.8%	419,171	+4.3%	0.26%	+5.6%
AON	Sell	Aon Plc	$15,597,000	-5.2%	75,611	-11.5%	0.24%	-2.8%
ULTA	Sell	Ulta Beauty Inc	$15,071,000	-1.9%	67,296	-10.9%	0.24%	+0.4%
TV	Buy	Grupo Televisa Sa-Spons Adr	$14,435,000	+21.4%	2,335,805	+2.9%	0.23%	+24.7%
BVN	Buy	Compania De Minas Buenaventura Spon ADR	$12,516,000	+37.6%	1,024,224	+3.0%	0.20%	+41.7%
SKT	Buy	Tanger Factory Outlet Center	$10,732,000	-14.2%	1,779,820	+1.5%	0.17%	-12.0%
KAR	New	Kar Auction Services Inc	$10,528,000	–	731,081	–	0.16%	–
HOG	Sell	Harley Davidson Inc	$9,425,000	-8.4%	384,108	-11.3%	0.15%	-6.3%
OMC	Sell	Omnicom Group	$8,489,000	-21.5%	169,352	-11.5%	0.13%	-19.9%
HCSG	New	Healthcare Services Group	$3,447,000	–	160,100	–	0.05%	–
MOMO	Buy	MOMO Inc ADR	$50,000	+2.0%	3,598	+28.2%	0.00%	0.0%
WUBA	Exit	58.com Inc Spon ADR	$0	–	-1,848	–	-0.00%	–

Q2 2020

			Value		Shares		↓ Weighting
ORCL	New	Oracle Corp	$252,363,000	–	4,566,191	–	3.87%	–
JNJ	New	Johnson and Johnson	$246,958,000	–	1,756,494	–	3.78%	–
BIDU	New	Baidu Inc - Spon ADR	$200,897,000	–	1,675,705	–	3.08%	–
GOOGL	New	Alphabet Inc - Class A	$199,618,000	–	140,771	–	3.06%	–
BKNG	New	Booking Holdings Inc	$190,331,000	–	119,529	–	2.92%	–
FB	New	Facebook Inc A	$160,734,000	–	707,870	–	2.46%	–
INTC	New	Intel Corp	$160,707,000	–	2,686,164	–	2.46%	–
GOLD	New	Barrick Gold Corporation	$147,259,000	–	5,463,164	–	2.26%	–
AMZN	New	Amazon.com Inc	$144,580,000	–	52,339	–	2.22%	–
BRKB	New	Berkshire Hathaway Inc	$142,779,000	–	798,250	–	2.19%	–
TXN	New	Texas Instruments Inc	$140,316,000	–	1,105,158	–	2.15%	–
ADM	New	Archer-Daniels-Midland Co.	$137,562,000	–	3,447,881	–	2.11%	–
GOOG	New	Alphabet Inc - Class C	$134,208,000	–	94,940	–	2.06%	–
MRK	New	Merck & Co Inc	$130,547,000	–	1,675,579	–	2.00%	–
BAM	New	Brookfield Asset Management-CL A	$128,527,000	–	3,914,928	–	1.97%	–
WFC	New	Wells Fargo	$119,817,000	–	4,680,971	–	1.84%	–
TRV	New	Travelers Companies Inc	$118,170,000	–	1,036,135	–	1.81%	–
YUMC	New	Yum China Holdings Inc	$110,125,000	–	2,290,964	–	1.69%	–
CHRW	New	C H Robinson Worldwide Inc	$102,488,000	–	1,296,430	–	1.57%	–
PG	New	Procter & Gamble	$94,949,000	–	794,168	–	1.46%	–
KMX	New	Carmax Inc	$90,962,000	–	1,015,767	–	1.39%	–
BG	New	Bunge Ltd	$90,740,000	–	2,206,185	–	1.39%	–
AXP	New	American Express Co	$88,811,000	–	932,960	–	1.36%	–
WAT	New	Waters Corp	$81,089,000	–	449,518	–	1.24%	–
EA	New	Electronic Arts Inc	$78,277,000	–	592,827	–	1.20%	–
G	New	Genpact Ltd	$77,984,000	–	2,135,397	–	1.20%	–
UPS	New	United Parcel Services Cl B	$73,861,000	–	664,376	–	1.13%	–
PPG	New	PPG Industries Inc	$72,690,000	–	685,366	–	1.11%	–
USB	New	US Bancorp	$66,589,000	–	1,788,928	–	1.02%	–
KO	New	Coca Cola Co	$66,484,000	–	1,475,233	–	1.02%	–
PYPL	New	PayPal Holdings Inc.	$66,371,000	–	380,949	–	1.02%	–
FRC	New	First Republic Bank	$66,275,000	–	625,292	–	1.02%	–
HSY	New	The Hershey Company	$66,058,000	–	509,634	–	1.01%	–
CCEP	New	Coca-Cola European Partners	$63,991,000	–	1,694,960	–	0.98%	–
PAYX	New	Paychex Inc	$63,094,000	–	832,957	–	0.97%	–
TJX	New	TJX Companies Inc	$62,419,000	–	1,234,584	–	0.96%	–
ADI	New	Analog Devices Inc	$61,649,000	–	502,677	–	0.94%	–
FAST	New	Fastenal Co	$61,589,000	–	1,437,819	–	0.94%	–
MXIM	New	Maxim Integrated Products	$59,275,000	–	978,051	–	0.91%	–
UNP	New	Union Pacific Corp	$57,020,000	–	337,291	–	0.87%	–
RBA	New	Ritchie Bros Auctioneers	$56,871,000	–	1,400,283	–	0.87%	–
AMAT	New	Applied Materials Inc	$56,768,000	–	939,145	–	0.87%	–
BAX	New	Baxter International Inc	$56,628,000	–	655,577	–	0.87%	–
MKTX	New	Marketaxess Holdings	$54,338,000	–	108,479	–	0.83%	–
MKL	New	Markel Corp	$52,933,000	–	57,333	–	0.81%	–
DLB	New	Dolby Laboratories Inc-CL A	$52,610,000	–	798,693	–	0.81%	–
HIG	New	Hartford Financial SVCS Group Inc	$52,353,000	–	1,342,950	–	0.80%	–
CL	New	Colgate Palmolive Co	$52,160,000	–	712,008	–	0.80%	–
KMB	New	Kimberly-Clark Corp	$51,380,000	–	361,691	–	0.79%	–
BK	New	Bank of New York Mellon Corp	$51,292,000	–	1,327,090	–	0.79%	–
EXPD	New	Expeditors Intl Wash Inc	$50,971,000	–	670,375	–	0.78%	–
LIN	New	Linde PLC	$49,220,000	–	232,050	–	0.75%	–
ATVI	New	Activision Blizzard	$48,722,000	–	641,948	–	0.75%	–
AZO	New	Autozone Inc	$48,306,000	–	42,820	–	0.74%	–
COST	New	Costco Wholesale Corp	$47,490,000	–	156,635	–	0.73%	–
PEP	New	Pepsico Inc	$46,582,000	–	352,232	–	0.71%	–
CP	New	Canadian Pacific Railway Ltd	$45,585,000	–	179,381	–	0.70%	–
ACN	New	Accenture Plc	$43,850,000	–	204,228	–	0.67%	–
GMED	New	Globus Medical Inc A	$42,771,000	–	896,471	–	0.66%	–
TEL	New	TE Connectivity Ltd	$41,131,000	–	504,369	–	0.63%	–
C	New	Citigroup Inc	$40,872,000	–	799,868	–	0.63%	–
L	New	Loews Corp	$40,398,000	–	1,178,117	–	0.62%	–
ALB	New	Albemarle Corp	$38,566,000	–	497,849	–	0.59%	–
CB	New	Chubb Limited	$37,971,000	–	298,090	–	0.58%	–
PCAR	New	Paccar Inc	$37,586,000	–	502,172	–	0.58%	–
MMM	New	3M Co	$36,582,000	–	234,543	–	0.56%	–
ABMD	New	Abiomed Inc	$35,959,000	–	148,867	–	0.55%	–
WY	New	Weyerhaeuser Co	$35,451,000	–	1,578,604	–	0.54%	–
GIL	New	Gildan Activewear Inc	$35,428,000	–	2,293,047	–	0.54%	–
AFL	New	Aflac Inc	$34,704,000	–	963,237	–	0.53%	–
FCX	New	Freeport-McMoran Inc	$33,878,000	–	2,928,174	–	0.52%	–
FNV	New	Franco-Nevada Corp	$33,696,000	–	241,972	–	0.52%	–
CNQ	New	Canadian Natural Resources	$33,165,000	–	1,877,655	–	0.51%	–
NOV	New	National Oilwell Varco	$31,626,000	–	2,581,925	–	0.48%	–
RYN	New	Rayonier Inc	$30,693,000	–	1,238,354	–	0.47%	–
VC	New	Visteon Corp.	$29,234,000	–	426,808	–	0.45%	–
KT	New	Kt Corp Spon ADR	$29,216,000	–	2,999,557	–	0.45%	–
PSMT	New	Pricesmart Inc	$28,977,000	–	480,329	–	0.44%	–
LECO	New	Lincoln Electric Holdings	$28,602,000	–	337,576	–	0.44%	–
AXTA	New	Axalta Coating Systems Ltd	$27,107,000	–	1,202,092	–	0.42%	–
Y	New	Alleghany Corp	$26,308,000	–	53,785	–	0.40%	–
WAB	New	Wabtec Corp	$26,234,000	–	455,681	–	0.40%	–
OTIS	New	Otis Worldwide Corp	$25,513,000	–	448,751	–	0.39%	–
BB	New	Blackberry Ltd	$22,587,000	–	4,646,951	–	0.35%	–
CIB	New	Bancolombia Sa -Pref	$21,580,000	–	810,427	–	0.33%	–
ADP	New	Automatic Data Processing	$21,185,000	–	141,460	–	0.32%	–
MTB	New	M & T Bank Corp	$21,204,000	–	203,945	–	0.32%	–
BCE	New	Bce Inc	$20,720,000	–	491,199	–	0.32%	–
TCOM	New	Ctrip.com International ADR	$19,948,000	–	769,597	–	0.31%	–
RTX	New	United Technologies Corp	$18,663,000	–	302,912	–	0.29%	–
AON	New	Aon Plc	$16,457,000	–	85,453	–	0.25%	–
RCI	New	Rogers Communications Inc	$16,273,000	–	401,918	–	0.25%	–
MGA	New	Magna International Inc	$15,844,000	–	356,883	–	0.24%	–
ULTA	New	Ulta Beauty Inc	$15,369,000	–	75,563	–	0.24%	–
EB	New	Eventbrite Inc - Class A	$15,185,000	–	1,772,106	–	0.23%	–
SKT	New	Tanger Factory Outlet Center	$12,504,000	–	1,754,063	–	0.19%	–
TV	New	Grupo Televisa Sa-Spons Adr	$11,889,000	–	2,268,909	–	0.18%	–
OMC	New	Omnicom Group	$10,808,000	–	191,278	–	0.17%	–
HOG	New	Harley Davidson Inc	$10,289,000	–	432,858	–	0.16%	–
BVN	New	Compania De Minas Buenaventura Spon ADR	$9,093,000	–	994,871	–	0.14%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$6,507,000	–	113,932	–	0.10%	–
ATHM	New	Autohome Inc - ADR	$247,000	–	3,278	–	0.00%	–
HUYA	New	Huya Inc	$176,000	–	9,439	–	0.00%	–
WUBA	New	58.com Inc Spon ADR	$100,000	–	1,848	–	0.00%	–
MOMO	New	MOMO Inc ADR	$49,000	–	2,806	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
CCU	Exit	Compania Cervecerias Unidas ADR	$0	–	-5,823	–	-0.00%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-152,686	–	-0.09%	–
XLNX	Exit	Xilinx Inc	$0	–	-123,558	–	-0.16%	–
DNOW	Exit	Now Inc	$0	–	-1,068,990	–	-0.16%	–
TV	Exit	Grupo Televisa Sa-Spons Adr	$0	–	-1,536,363	–	-0.20%	–
BVN	Exit	Compania De Minas Buenaventura Spon ADR	$0	–	-1,016,780	–	-0.20%	–
RCI	Exit	Rogers Communications Inc	$0	–	-321,140	–	-0.21%	–
EB	Exit	Eventbrite Inc - Class A	$0	–	-919,618	–	-0.21%	–
FCX	Exit	Freeport-McMoran Inc	$0	–	-1,753,957	–	-0.22%	–
ETM	Exit	Entercom Communications Corp Cl A	$0	–	-5,214,918	–	-0.23%	–
IPGP	Exit	IPG Photonics Corp	$0	–	-129,198	–	-0.23%	–
ULTA	Exit	Ulta Beauty Inc	$0	–	-72,302	–	-0.24%	–
MTB	Exit	M & T Bank Corp	$0	–	-115,077	–	-0.24%	–
MGA	Exit	Magna International Inc	$0	–	-344,533	–	-0.24%	–
PSMT	Exit	Pricesmart Inc	$0	–	-280,250	–	-0.26%	–
TROW	Exit	Price T Rowe Group	$0	–	-179,069	–	-0.27%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-233,591	–	-0.28%	–
ABMD	Exit	Abiomed Inc	$0	–	-120,343	–	-0.28%	–
WWW	Exit	Wolverine World Wide Inc	$0	–	-784,177	–	-0.29%	–
BCE	Exit	Bce Inc	$0	–	-474,196	–	-0.30%	–
LECO	Exit	Lincoln Electric Holdings Inc	$0	–	-272,545	–	-0.31%	–
RY	Exit	Royal Bank of Canada	$0	–	-293,796	–	-0.31%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-424,446	–	-0.32%	–
WSM	Exit	Williams-Sonoma Inc	$0	–	-381,162	–	-0.34%	–
CTRP	Exit	Ctrip.com International ADR	$0	–	-919,850	–	-0.35%	–
UNVR	Exit	Univar Solutions Inc	$0	–	-1,368,022	–	-0.37%	–
PCAR	Exit	Paccar Inc	$0	–	-406,608	–	-0.37%	–
EA	Exit	Electronic Arts Inc	$0	–	-299,360	–	-0.38%	–
ATVI	Exit	Activision Blizzard Inc	$0	–	-560,187	–	-0.39%	–
MKTX	Exit	Marketaxess Holdings Inc	$0	–	-108,145	–	-0.46%	–
LIN	Exit	Linde PLC	$0	–	-187,730	–	-0.48%	–
GMED	Exit	Globus Medical Inc A	$0	–	-723,367	–	-0.49%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-744,113	–	-0.49%	–
GIL	Exit	Gildan Activewear Inc	$0	–	-1,083,344	–	-0.51%	–
SKT	Exit	Tanger Factory Outlet Center	$0	–	-2,486,925	–	-0.51%	–
HOG	Exit	Harley Davidson Inc	$0	–	-1,072,465	–	-0.51%	–
CP	Exit	Canadian Pacific Railway Ltd	$0	–	-173,172	–	-0.51%	–
HSY	Exit	The Hershey Company	$0	–	-257,675	–	-0.52%	–
G	Exit	Genpact Ltd	$0	–	-1,041,248	–	-0.53%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-1,371,742	–	-0.54%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-645,101	–	-0.55%	–
PEP	Exit	Pepsico Inc	$0	–	-312,923	–	-0.56%	–
WY	Exit	Weyerhaeuser Co	$0	–	-1,577,598	–	-0.57%	–
RYN	Exit	Rayonier Inc	$0	–	-1,561,737	–	-0.58%	–
FRC	Exit	First Republic Bank	$0	–	-460,539	–	-0.58%	–
KMB	Exit	Kimberly-Clark Corp	$0	–	-313,126	–	-0.59%	–
ACN	Exit	Accenture Plc	$0	–	-233,649	–	-0.59%	–
KT	Exit	Kt Corp Spon ADR	$0	–	-4,003,204	–	-0.60%	–
NOV	Exit	National Oilwell Varco Inc	$0	–	-2,333,691	–	-0.65%	–
VC	Exit	Visteon Corp	$0	–	-600,203	–	-0.65%	–
MKL	Exit	Markel Corp	$0	–	-43,142	–	-0.67%	–
TJX	Exit	TJX Companies Inc	$0	–	-930,657	–	-0.68%	–
BAX	Exit	Baxter International Inc	$0	–	-599,467	–	-0.69%	–
AZO	Exit	Autozone Inc	$0	–	-49,019	–	-0.70%	–
FAST	Exit	Fastenal Co	$0	–	-1,651,054	–	-0.71%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-534,665	–	-0.73%	–
Y	Exit	Alleghany Corp	$0	–	-75,655	–	-0.79%	–
AFL	Exit	Aflac Inc	$0	–	-1,178,586	–	-0.81%	–
OMC	Exit	Omnicom Group Inc	$0	–	-797,604	–	-0.83%	–
COST	Exit	Costco Wholesale Corp	$0	–	-219,650	–	-0.83%	–
RBA	Exit	Ritchie Bros Auctioneers	$0	–	-1,600,838	–	-0.84%	–
MXIM	Exit	Maxim Integrated Products Inc	$0	–	-1,119,602	–	-0.85%	–
TEL	Exit	TE Connectivity Ltd	$0	–	-708,242	–	-0.87%	–
CCEP	Exit	Coca-Cola European Partners	$0	–	-1,195,515	–	-0.87%	–
UTX	Exit	United Technologies Corp	$0	–	-488,392	–	-0.88%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-1,518,172	–	-0.90%	–
PAYX	Exit	Paychex Inc	$0	–	-859,671	–	-0.94%	–
ADI	Exit	Analog Devices Inc	$0	–	-649,439	–	-0.95%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-986,447	–	-0.96%	–
UNP	Exit	Union Pacific Corp	$0	–	-452,422	–	-0.96%	–
MMM	Exit	3M Co	$0	–	-468,493	–	-1.01%	–
PPG	Exit	PPG Industries Inc	$0	–	-656,898	–	-1.02%	–
AMZN	Exit	Amazon.com Inc	$0	–	-45,512	–	-1.04%	–
CL	Exit	Colgate Palmolive Co	$0	–	-1,090,657	–	-1.05%	–
KMX	Exit	Carmax Inc	$0	–	-1,019,805	–	-1.18%	–
UPS	Exit	United Parcel Services Cl B	$0	–	-749,682	–	-1.18%	–
AMAT	Exit	Applied Materials Inc	$0	–	-1,842,384	–	-1.21%	–
CB	Exit	Chubb Ltd	$0	–	-602,978	–	-1.28%	–
CNQ	Exit	Canadian Natural Resources Co	$0	–	-3,680,321	–	-1.30%	–
YUMC	Exit	Yum China Holdings Inc	$0	–	-2,191,066	–	-1.31%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-1,211,135	–	-1.35%	–
WAT	Exit	Waters Corp	$0	–	-460,613	–	-1.35%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-6,067,931	–	-1.38%	–
BG	Exit	Bunge Ltd	$0	–	-1,933,600	–	-1.44%	–
KO	Exit	Coca Cola Co	$0	–	-2,069,065	–	-1.49%	–
L	Exit	Loews Corp	$0	–	-2,250,095	–	-1.52%	–
AXP	Exit	American Express Co	$0	–	-1,045,070	–	-1.62%	–
ADM	Exit	Archer-Daniels-Midland Co	$0	–	-3,062,337	–	-1.65%	–
GOOG	Exit	Alphabet Inc - Class C	$0	–	-105,835	–	-1.70%	–
HIG	Exit	Hartford Financial SVCS Group Inc	$0	–	-2,187,880	–	-1.75%	–
FB	Exit	Facebook Inc A	$0	–	-783,518	–	-1.83%	–
BAM	Exit	Brookfield Asset Management Inc Cl A	$0	–	-2,731,496	–	-1.91%	–
BIDU	Exit	Baidu Inc - Spon ADR	$0	–	-1,513,513	–	-2.04%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-787,816	–	-2.15%	–
PG	Exit	Procter & Gamble Co	$0	–	-1,398,801	–	-2.29%	–
INTC	Exit	Intel Corp	$0	–	-3,410,794	–	-2.31%	–
USB	Exit	US Bancorp	$0	–	-3,266,155	–	-2.39%	–
GOOGL	Exit	Alphabet Inc. - Class A	$0	–	-149,473	–	-2.40%	–
TRV	Exit	Travelers Companies Inc	$0	–	-1,258,881	–	-2.46%	–
BKNG	Exit	Booking Holdings Inc	$0	–	-96,163	–	-2.48%	–
MRK	Exit	Merck & Co Inc	$0	–	-2,229,827	–	-2.48%	–
TXN	Exit	Texas Instruments Inc	$0	–	-1,618,059	–	-2.75%	–
JNJ	Exit	Johnson and Johnson	$0	–	-1,961,786	–	-3.34%	–
ORCL	Exit	Oracle Corp	$0	–	-4,649,860	–	-3.36%	–
WFC	Exit	Wells Fargo	$0	–	-5,376,096	–	-3.56%	–

Q3 2019

			Value		Shares		↓ Weighting
WFC	Buy	Wells Fargo	$271,170,000	+26.3%	5,376,096	+18.5%	3.56%	+29.2%
ORCL	Sell	Oracle Corp	$255,876,000	-3.8%	4,649,860	-0.4%	3.36%	-1.6%
JNJ	Sell	Johnson and Johnson	$253,820,000	-11.0%	1,961,786	-4.2%	3.34%	-8.9%
TXN	Sell	Texas Instruments Inc	$209,118,000	+9.4%	1,618,059	-2.9%	2.75%	+11.9%
MRK	Sell	Merck & Co Inc	$188,959,000	-3.5%	2,229,827	-3.9%	2.48%	-1.4%
BKNG	Sell	Booking Holdings Inc	$188,722,000	+1.3%	96,163	-3.2%	2.48%	+3.6%
TRV	Sell	Travelers Companies Inc	$187,189,000	-7.3%	1,258,881	-6.8%	2.46%	-5.2%
GOOGL	Sell	Alphabet Inc. - Class A	$182,520,000	+8.8%	149,473	-3.5%	2.40%	+11.3%
USB	Sell	US Bancorp	$182,129,000	-0.7%	3,266,155	-6.1%	2.39%	+1.6%
INTC	Sell	Intel Corp	$175,754,000	+3.4%	3,410,794	-4.0%	2.31%	+5.7%
PG	Sell	Procter & Gamble Co	$173,980,000	-8.5%	1,398,801	-19.3%	2.29%	-6.4%
BRKB	Buy	Berkshire Hathaway Inc	$163,899,000	+36.8%	787,816	+40.1%	2.15%	+39.9%
BIDU	Buy	Baidu Inc - Spon ADR	$155,529,000	+17.0%	1,513,513	+33.6%	2.04%	+19.6%
BAM	Sell	Brookfield Asset Management Inc Cl A	$145,156,000	+0.9%	2,731,496	-8.9%	1.91%	+3.2%
FB	Sell	Facebook Inc A	$139,529,000	-13.0%	783,518	-5.7%	1.83%	-11.0%
HIG	Sell	Hartford Financial SVCS Group Inc	$133,262,000	+5.4%	2,187,880	-3.1%	1.75%	+7.8%
GOOG	Sell	Alphabet Inc - Class C	$129,007,000	+6.3%	105,835	-5.7%	1.70%	+8.7%
ADM	Buy	Archer-Daniels-Midland Co	$125,767,000	+3.1%	3,062,337	+2.4%	1.65%	+5.4%
AXP	Sell	American Express Co	$123,607,000	-9.6%	1,045,070	-5.6%	1.62%	-7.5%
L	Sell	Loews Corp	$115,835,000	-11.0%	2,250,095	-5.5%	1.52%	-9.0%
KO	Sell	Coca Cola Co	$113,491,000	+0.9%	2,069,065	-5.6%	1.49%	+3.3%
BG	Buy	Bunge Ltd	$109,492,000	+5.1%	1,933,600	+3.4%	1.44%	+7.5%
GOLD	Sell	Barrick Gold Corporation	$105,200,000	-21.1%	6,067,931	-28.2%	1.38%	-19.3%
WAT	Sell	Waters Corp	$102,823,000	+0.5%	460,613	-3.1%	1.35%	+2.8%
CHRW	Buy	C H Robinson Worldwide Inc	$102,679,000	+71.5%	1,211,135	+70.6%	1.35%	+75.4%
YUMC	Sell	Yum China Holdings Inc	$99,539,000	-6.7%	2,191,066	-5.1%	1.31%	-4.5%
CNQ	Sell	Canadian Natural Resources Co	$99,096,000	-10.1%	3,680,321	-8.8%	1.30%	-8.0%
CB	Sell	Chubb Ltd	$97,812,000	+7.3%	602,978	-2.1%	1.28%	+9.8%
AMAT	Sell	Applied Materials Inc	$91,935,000	+6.1%	1,842,384	-4.5%	1.21%	+8.5%
UPS	Sell	United Parcel Services Cl B	$89,824,000	+9.5%	749,682	-5.6%	1.18%	+12.0%
KMX	Sell	Carmax Inc	$89,744,000	-8.6%	1,019,805	-9.8%	1.18%	-6.5%
CL	Sell	Colgate Palmolive Co	$80,173,000	+0.5%	1,090,657	-2.1%	1.05%	+2.7%
AMZN	Sell	Amazon.com Inc	$79,037,000	-13.5%	45,512	-5.7%	1.04%	-11.6%
PPG	Sell	PPG Industries Inc	$77,847,000	-4.2%	656,898	-5.6%	1.02%	-1.9%
MMM	Sell	3M Co	$77,013,000	-7.2%	468,493	-2.1%	1.01%	-5.0%
UNP	Sell	Union Pacific Corp	$73,283,000	-6.2%	452,422	-2.1%	0.96%	-4.0%
EXPD	Buy	Expeditors Intl Wash Inc	$73,279,000	+12.9%	986,447	+15.2%	0.96%	+15.5%
ADI	Sell	Analog Devices Inc	$72,560,000	-3.0%	649,439	-2.1%	0.95%	-0.8%
PAYX	Sell	Paychex Inc	$71,153,000	-1.5%	859,671	-2.1%	0.94%	+0.8%
BK	Sell	Bank of New York Mellon Corp	$68,635,000	+0.3%	1,518,172	-2.1%	0.90%	+2.6%
UTX	Sell	United Technologies Corp	$66,674,000	-1.2%	488,392	-5.8%	0.88%	+1.0%
CCEP	Sell	Coca-Cola European Partners	$66,270,000	-6.9%	1,195,515	-5.2%	0.87%	-4.7%
TEL	Sell	TE Connectivity Ltd	$65,994,000	-8.2%	708,242	-5.6%	0.87%	-6.1%
MXIM	Sell	Maxim Integrated Products Inc	$64,835,000	-5.2%	1,119,602	-2.1%	0.85%	-3.0%
RBA	Sell	Ritchie Bros Auctioneers	$63,885,000	+9.3%	1,600,838	-8.7%	0.84%	+11.7%
COST	Sell	Costco Wholesale Corp	$63,283,000	+2.9%	219,650	-5.6%	0.83%	+5.3%
OMC	Sell	Omnicom Group Inc	$62,980,000	-8.3%	797,604	-4.1%	0.83%	-6.2%
AFL	Sell	Aflac Inc	$61,662,000	-30.7%	1,178,586	-27.4%	0.81%	-29.1%
Y	Sell	Alleghany Corp	$60,341,000	+10.6%	75,655	-5.5%	0.79%	+13.3%
PYPL	Sell	PayPal Holdings Inc.	$55,386,000	-14.6%	534,665	-5.6%	0.73%	-12.6%
FAST	Sell	Fastenal Co	$53,938,000	-5.5%	1,651,054	-5.7%	0.71%	-3.3%
AZO	Sell	Autozone Inc	$53,160,000	-3.4%	49,019	-2.1%	0.70%	-1.3%
BAX	Sell	Baxter International Inc	$52,568,000	+0.9%	599,467	-5.5%	0.69%	+3.3%
TJX	Sell	TJX Companies Inc	$51,875,000	-14.1%	930,657	-18.5%	0.68%	-12.1%
MKL	Sell	Markel Corp	$50,982,000	+2.3%	43,142	-5.7%	0.67%	+4.7%
VC	Sell	Visteon Corp	$49,540,000	+33.1%	600,203	-5.5%	0.65%	+36.2%
NOV	Buy	National Oilwell Varco Inc	$49,474,000	+3.4%	2,333,691	+8.4%	0.65%	+5.9%
KT	Sell	Kt Corp Spon ADR	$45,276,000	-14.0%	4,003,204	-5.9%	0.60%	-12.0%
ACN	Sell	Accenture Plc	$44,941,000	+1.9%	233,649	-2.1%	0.59%	+4.2%
KMB	Sell	Kimberly-Clark Corp	$44,812,000	+0.5%	313,126	-5.7%	0.59%	+2.8%
FRC	Sell	First Republic Bank	$44,533,000	-6.9%	460,539	-6.0%	0.58%	-4.7%
RYN	Sell	Rayonier Inc	$44,046,000	-14.1%	1,561,737	-7.8%	0.58%	-12.1%
WY	Sell	Weyerhaeuser Co	$43,697,000	-3.0%	1,577,598	-7.8%	0.57%	-0.9%
PEP	Sell	Pepsico Inc	$42,902,000	-1.4%	312,923	-5.7%	0.56%	+0.9%
DLB	Sell	Dolby Laboratories Inc	$41,699,000	-5.7%	645,101	-5.7%	0.55%	-3.5%
AXTA	Sell	Axalta Coating Systems Ltd	$41,358,000	-4.3%	1,371,742	-5.6%	0.54%	-2.2%
G	Sell	Genpact Ltd	$40,348,000	-4.6%	1,041,248	-6.2%	0.53%	-2.4%
HSY	Sell	The Hershey Company	$39,935,000	-70.3%	257,675	-74.3%	0.52%	-69.6%
HOG	Sell	Harley Davidson Inc	$38,575,000	-6.0%	1,072,465	-6.3%	0.51%	-3.8%
CP	Sell	Canadian Pacific Railway Ltd	$38,612,000	-16.7%	173,172	-11.6%	0.51%	-14.8%
SKT	Buy	Tanger Factory Outlet Center	$38,494,000	+1.6%	2,486,925	+6.4%	0.51%	+3.9%
GIL	Sell	Gildan Activewear Inc	$38,483,000	-15.5%	1,083,344	-7.8%	0.51%	-13.5%
CIB	Sell	Bancolombia Sa -Pref	$37,043,000	-4.1%	744,113	-1.0%	0.49%	-1.8%
GMED	Sell	Globus Medical Inc A	$36,978,000	+13.9%	723,367	-5.7%	0.49%	+16.5%
LIN	Sell	Linde PLC	$36,365,000	-48.4%	187,730	-46.5%	0.48%	-47.2%
MKTX	Sell	Marketaxess Holdings Inc	$35,416,000	-20.4%	108,145	-21.8%	0.46%	-18.6%
ATVI	Sell	Activision Blizzard Inc	$29,644,000	+5.7%	560,187	-5.7%	0.39%	+8.1%
EA	Sell	Electronic Arts Inc	$29,282,000	-8.9%	299,360	-5.7%	0.38%	-6.8%
PCAR	Sell	Paccar Inc	$28,467,000	-7.9%	406,608	-5.7%	0.37%	-5.8%
UNVR	Sell	Univar Solutions Inc	$28,400,000	-11.0%	1,368,022	-5.5%	0.37%	-9.0%
CTRP	Sell	Ctrip.com International ADR	$26,942,000	-24.1%	919,850	-4.4%	0.35%	-22.4%
WSM	Sell	Williams-Sonoma Inc	$25,912,000	-1.2%	381,162	-5.6%	0.34%	+0.9%
TD	Sell	Toronto-Dominion Bank	$24,769,000	-11.9%	424,446	-11.6%	0.32%	-10.0%
RY	Sell	Royal Bank of Canada	$23,857,000	-9.9%	293,796	-11.6%	0.31%	-7.9%
LECO	Sell	Lincoln Electric Holdings Inc	$23,781,000	-0.6%	272,545	-5.7%	0.31%	+1.6%
BCE	Sell	Bce Inc	$23,231,000	-6.2%	474,196	-11.6%	0.30%	-4.1%
WWW	Sell	Wolverine World Wide Inc	$22,240,000	-3.1%	784,177	-5.5%	0.29%	-1.0%
ABMD	New	Abiomed Inc	$21,408,000	–	120,343	–	0.28%	–
FNV	Sell	Franco-Nevada Corp	$21,301,000	-5.3%	233,591	-11.6%	0.28%	-3.1%
TROW	Sell	Price T Rowe Group	$20,459,000	+2.0%	179,069	-2.1%	0.27%	+4.3%
PSMT	Sell	Pricesmart Inc	$19,926,000	+36.5%	280,250	-1.9%	0.26%	+39.4%
MGA	Sell	Magna International Inc	$18,379,000	-5.4%	344,533	-11.6%	0.24%	-3.6%
MTB	Sell	M & T Bank Corp	$18,179,000	-12.4%	115,077	-5.7%	0.24%	-10.5%
ULTA	Sell	Ulta Beauty Inc	$18,123,000	-48.4%	72,302	-28.6%	0.24%	-47.2%
IPGP	Sell	IPG Photonics Corp	$17,519,000	-13.9%	129,198	-2.0%	0.23%	-11.9%
ETM	Buy	Entercom Communications Corp Cl A	$17,418,000	-18.1%	5,214,918	+42.2%	0.23%	-16.1%
FCX	New	Freeport-McMoran Inc	$16,785,000	–	1,753,957	–	0.22%	–
EB	New	Eventbrite Inc - Class A	$16,284,000	–	919,618	–	0.21%	–
RCI	Sell	Rogers Communications Inc	$15,799,000	-19.7%	321,140	-11.7%	0.21%	-17.8%
BVN	Sell	Compania De Minas Buenaventura Spon ADR	$15,434,000	-10.0%	1,016,780	-1.1%	0.20%	-7.7%
TV	Sell	Grupo Televisa Sa-Spons Adr	$15,026,000	+14.2%	1,536,363	-1.4%	0.20%	+16.6%
DNOW	Sell	Now Inc	$12,261,000	-26.7%	1,068,990	-5.7%	0.16%	-25.1%
XLNX	Sell	Xilinx Inc	$11,849,000	-23.3%	123,558	-5.7%	0.16%	-21.2%
CCU	Sell	Compania Cervecerias Unidas ADR	$129,000	-45.1%	5,823	-30.1%	0.00%	-33.3%

Q2 2019

			Value		Shares		↓ Weighting
JNJ	New	Johnson and Johnson	$285,059,000	–	2,047,022	–	3.66%	–
ORCL	New	Oracle Corp	$265,927,000	–	4,669,094	–	3.42%	–
WFC	New	Wells Fargo Co	$214,745,000	–	4,538,378	–	2.76%	–
TRV	New	Travelers Cos Inc	$201,970,000	–	1,350,779	–	2.59%	–
MRK	New	Merck & Co Inc	$195,858,000	–	2,321,040	–	2.52%	–
TXN	New	Texas Instruments Inc	$191,185,000	–	1,666,299	–	2.46%	–
PG	New	Procter & Gamble	$190,098,000	–	1,734,031	–	2.44%	–
BKNG	New	Priceline.com Inc	$186,273,000	–	99,369	–	2.39%	–
USB	New	US Bancorp	$183,412,000	–	3,476,699	–	2.36%	–
INTC	New	Intel Corp	$170,043,000	–	3,552,186	–	2.18%	–
GOOGL	New	Alphabet Inc. - Class A	$167,788,000	–	154,972	–	2.16%	–
FB	New	Facebook Inc A	$160,287,000	–	830,514	–	2.06%	–
BAM	New	Brookfield Asset Manage-CL A	$143,793,000	–	2,998,061	–	1.85%	–
AXP	New	American Express Co	$136,664,000	–	1,107,110	–	1.76%	–
HSY	New	The Hershey Company	$134,308,000	–	1,002,212	–	1.72%	–
GOLD	New	Barrick Gold Corp	$133,381,000	–	8,455,964	–	1.71%	–
BIDU	New	Baidu Inc - Spon ADR	$132,987,000	–	1,133,149	–	1.71%	–
L	New	Loews Corp	$130,224,000	–	2,382,046	–	1.67%	–
HIG	New	Hartford Financial SVCS GRP	$126,476,000	–	2,258,312	–	1.62%	–
ADM	New	Archer-Daniels-Midland Co.	$122,018,000	–	2,990,631	–	1.57%	–
GOOG	New	Alphabet Inc. - Class C	$121,352,000	–	112,272	–	1.56%	–
BRKB	New	Berkshire Hathaway Inc	$119,830,000	–	562,165	–	1.54%	–
KO	New	Coca Cola Co	$112,437,000	–	2,191,456	–	1.44%	–
CNQ	New	Canadian Natural Resources	$110,200,000	–	4,034,605	–	1.42%	–
YUMC	New	Yum China Holdings Inc	$106,644,000	–	2,308,352	–	1.37%	–
BG	New	Bunge Ltd	$104,211,000	–	1,870,751	–	1.34%	–
WAT	New	Waters Corp	$102,329,000	–	475,437	–	1.31%	–
KMX	New	Carmax Inc	$98,186,000	–	1,130,844	–	1.26%	–
AMZN	New	Amazon.com Inc	$91,371,000	–	48,282	–	1.17%	–
CB	New	Chubb Ltd	$91,127,000	–	615,623	–	1.17%	–
AFL	New	Aflac Inc	$88,951,000	–	1,622,926	–	1.14%	–
AMAT	New	Applied Materials Inc	$86,671,000	–	1,929,880	–	1.11%	–
MMM	New	3M Co	$82,954,000	–	478,319	–	1.06%	–
UPS	New	United Parcel Services Cl B	$82,037,000	–	794,412	–	1.05%	–
PPG	New	PPG Industries Inc	$81,233,000	–	696,071	–	1.04%	–
CL	New	Colgate Palmolive Co	$79,806,000	–	1,113,618	–	1.02%	–
UNP	New	Union Pacific Corp	$78,114,000	–	461,914	–	1.00%	–
ADI	New	Analog Devices Inc	$74,829,000	–	663,062	–	0.96%	–
PAYX	New	Paychex Inc	$72,227,000	–	877,709	–	0.93%	–
TEL	New	TE Connectivity Ltd	$71,893,000	–	750,622	–	0.92%	–
CCEP	New	Coca-Cola European Partners	$71,196,000	–	1,261,021	–	0.91%	–
LIN	New	Linde PLC	$70,488,000	–	351,035	–	0.90%	–
OMC	New	Omnicom Group	$68,652,000	–	831,298	–	0.88%	–
BK	New	Bank of New York Mellon Corp	$68,439,000	–	1,550,270	–	0.88%	–
MXIM	New	Maxim Integrated Products	$68,377,000	–	1,143,088	–	0.88%	–
UTX	New	United Technologies Corp	$67,496,000	–	518,445	–	0.87%	–
EXPD	New	Expeditors Intl Wash Inc	$64,931,000	–	855,933	–	0.83%	–
PYPL	New	PayPal Holdings Inc.	$64,850,000	–	566,588	–	0.83%	–
COST	New	Costco Wholesale Corp	$61,470,000	–	232,625	–	0.79%	–
TJX	New	TJX Companies Inc	$60,383,000	–	1,141,959	–	0.78%	–
CHRW	New	C H Robinson Worldwide Inc	$59,888,000	–	710,006	–	0.77%	–
RBA	New	Ritchie Bros Auctioneers	$58,470,000	–	1,753,526	–	0.75%	–
FAST	New	Fastenal Co	$57,081,000	–	1,751,542	–	0.73%	–
AZO	New	Autozone Inc	$55,014,000	–	50,046	–	0.71%	–
Y	New	Alleghany Corp	$54,536,000	–	80,079	–	0.70%	–
KT	New	Kt Corp Spon ADR	$52,630,000	–	4,254,564	–	0.68%	–
BAX	New	Baxter International Inc	$52,096,000	–	634,464	–	0.67%	–
RYN	New	Rayonier Inc	$51,301,000	–	1,693,034	–	0.66%	–
MKL	New	Markel Corp	$49,838,000	–	45,767	–	0.64%	–
NOV	New	National Oilwell Varco	$47,834,000	–	2,151,888	–	0.61%	–
FRC	New	First Republic Bank/CA	$47,838,000	–	490,018	–	0.61%	–
CP	New	Canadian Pacific Railway Ltd	$46,353,000	–	195,879	–	0.60%	–
GIL	New	Gildan Activewear Inc	$45,555,000	–	1,174,639	–	0.58%	–
WY	New	Weyerhaeuser Co	$45,047,000	–	1,710,414	–	0.58%	–
KMB	New	Kimberly-Clark Corp	$44,609,000	–	332,195	–	0.57%	–
MKTX	New	Marketaxess Holdings	$44,474,000	–	138,367	–	0.57%	–
DLB	New	Dolby Laboratories Inc-CL A	$44,209,000	–	684,400	–	0.57%	–
ACN	New	Accenture Plc	$44,087,000	–	238,614	–	0.57%	–
PEP	New	Pepsico Inc	$43,530,000	–	331,985	–	0.56%	–
AXTA	New	Axalta Coating Systems Ltd	$43,238,000	–	1,452,354	–	0.56%	–
G	New	Genpact Ltd	$42,300,000	–	1,110,582	–	0.54%	–
HOG	New	Harley Davidson Inc	$41,019,000	–	1,144,942	–	0.53%	–
CIB	New	Bancolombia Sa -Pref	$38,633,000	–	752,007	–	0.50%	–
SKT	New	Tanger Factory Outlet Center	$37,902,000	–	2,338,177	–	0.49%	–
VC	New	Visteon Corp	$37,219,000	–	635,353	–	0.48%	–
CTRP	New	Ctrip.com International ADR	$35,514,000	–	962,175	–	0.46%	–
ULTA	New	Ulta Beauty Inc	$35,123,000	–	101,252	–	0.45%	–
GMED	New	Globus Medical Inc A	$32,464,000	–	767,432	–	0.42%	–
EA	New	Electronic Arts Inc	$32,156,000	–	317,563	–	0.41%	–
UNVR	New	Univar Inc	$31,920,000	–	1,448,183	–	0.41%	–
PCAR	New	Paccar Inc	$30,910,000	–	431,346	–	0.40%	–
TD	New	Toronto-Dominion Bank	$28,116,000	–	480,072	–	0.36%	–
ATVI	New	Activision Blizzard	$28,048,000	–	594,240	–	0.36%	–
RY	New	Royal Bank of Canada	$26,474,000	–	332,300	–	0.34%	–
WSM	New	Williams-Sonoma Inc	$26,233,000	–	403,577	–	0.34%	–
BCE	New	Bce Inc	$24,778,000	–	536,343	–	0.32%	–
LECO	New	Lincoln Electric Holdings	$23,936,000	–	289,117	–	0.31%	–
WWW	New	Wolverine World Wide Inc	$22,941,000	–	830,127	–	0.30%	–
FNV	New	Franco-Nevada Corp	$22,487,000	–	264,209	–	0.29%	–
ETM	New	Entercom Communications Corp	$21,256,000	–	3,666,330	–	0.27%	–
MTB	New	M & T Bank Corp	$20,756,000	–	122,047	–	0.27%	–
IPGP	New	IPG Photonics Corp	$20,345,000	–	131,897	–	0.26%	–
TROW	New	Price T Rowe Group	$20,059,000	–	182,839	–	0.26%	–
RCI	New	Rogers Communications Inc	$19,673,000	–	363,527	–	0.25%	–
MGA	New	Magna International Inc	$19,433,000	–	389,689	–	0.25%	–
BVN	New	CIA De Minas Buenaventura ADR	$17,142,000	–	1,028,302	–	0.22%	–
DNOW	New	Now Inc	$16,732,000	–	1,133,661	–	0.22%	–
XLNX	New	Xilinx Inc	$15,450,000	–	131,020	–	0.20%	–
PSMT	New	Pricesmart Inc	$14,603,000	–	285,677	–	0.19%	–
TV	New	Grupo Televisa Sa-Spons Adr	$13,152,000	–	1,558,336	–	0.17%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$6,174,000	–	152,686	–	0.08%	–
CCU	New	CIA Cervecerias Unidas ADR	$235,000	–	8,330	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
CCU	Exit	Compania Cervecerias Unidas Spon ADR	$0	–	-8,592	–	-0.00%	–
LBTYA	Exit	Liberty Global Inc - Cl A	$0	–	-58,144	–	-0.02%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-41,322	–	-0.02%	–
DNOW	Exit	Now Inc	$0	–	-667,202	–	-0.14%	–
BVN	Exit	Compania De Minas Buenaventura Spon ADR	$0	–	-1,014,919	–	-0.17%	–
MTB	Exit	M & T Bank Corp	$0	–	-100,491	–	-0.21%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-282,315	–	-0.22%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-351,192	–	-0.23%	–
WYNN	Exit	Wynn Resorts Ltd	$0	–	-157,579	–	-0.25%	–
LECO	Exit	Lincoln Electric Holdings	$0	–	-222,146	–	-0.26%	–
AXS	Exit	Axis Capital Holdings Ltd	$0	–	-364,993	–	-0.27%	–
MGA	Exit	Magna International Inc	$0	–	-416,367	–	-0.28%	–
RNR	Exit	Renaissancere Holdings	$0	–	-165,406	–	-0.28%	–
MKTX	Exit	Marketaxess Holdings	$0	–	-123,740	–	-0.28%	–
WY	Exit	Weyerhaeuser Co	$0	–	-705,490	–	-0.29%	–
AZO	Exit	Autozone Inc	$0	–	-30,205	–	-0.30%	–
BCE	Exit	Bce Inc	$0	–	-573,017	–	-0.30%	–
WSM	Exit	Williams-Sonoma Inc	$0	–	-358,970	–	-0.30%	–
PCAR	Exit	Paccar Inc	$0	–	-362,673	–	-0.31%	–
ETM	Exit	Entercom Communications Corp	$0	–	-3,267,463	–	-0.33%	–
RY	Exit	Royal Bank of Canada	$0	–	-355,020	–	-0.36%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-512,878	–	-0.39%	–
WWW	Exit	Wolverine World Wide Inc	$0	–	-803,520	–	-0.40%	–
TROW	Exit	Price T Rowe Group Inc	$0	–	-293,416	–	-0.40%	–
KMB	Exit	Kimberly-Clark Corp	$0	–	-296,278	–	-0.43%	–
ULTA	Exit	Ulta Beauty Inc	$0	–	-120,861	–	-0.43%	–
IPGP	Exit	IPG Photonics Corp	$0	–	-223,872	–	-0.44%	–
PEP	Exit	Pepsico Inc	$0	–	-318,401	–	-0.45%	–
EL	Exit	Lauder Estee Companies Inc	$0	–	-252,640	–	-0.46%	–
GMED	Exit	Globus Medical Inc A	$0	–	-650,361	–	-0.47%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-508,417	–	-0.47%	–
EBAY	Exit	Ebay Inc	$0	–	-1,133,968	–	-0.47%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-1,292,089	–	-0.48%	–
G	Exit	Genpact Ltd	$0	–	-1,247,180	–	-0.48%	–
DLB	Exit	Dolby Laboratories Inc-CL A	$0	–	-555,481	–	-0.49%	–
GIL	Exit	Gildan Activewear Inc	$0	–	-1,327,005	–	-0.51%	–
FAST	Exit	Fastenal Co	$0	–	-723,926	–	-0.53%	–
FRC	Exit	First Republic Bank/CA	$0	–	-443,521	–	-0.54%	–
CLH	Exit	Clean Harbors Inc	$0	–	-600,508	–	-0.54%	–
BMY	Exit	Bristol-myers Squibb Co	$0	–	-693,048	–	-0.54%	–
NOV	Exit	National Oilwell Varco	$0	–	-1,005,273	–	-0.55%	–
BAX	Exit	Baxter International Inc	$0	–	-565,050	–	-0.55%	–
CP	Exit	Canadian Pacific Railway Ltd	$0	–	-209,350	–	-0.56%	–
Y	Exit	Alleghany Corp	$0	–	-71,437	–	-0.59%	–
MKL	Exit	Markel Corp	$0	–	-39,693	–	-0.60%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-555,695	–	-0.62%	–
RYN	Exit	Rayonier Inc	$0	–	-1,479,114	–	-0.63%	–
HOG	Exit	Harley Davidson Inc	$0	–	-1,135,215	–	-0.65%	–
PAYX	Exit	Paychex Inc	$0	–	-714,354	–	-0.66%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-545,181	–	-0.67%	–
TJX	Exit	TJX Companies Inc	$0	–	-496,029	–	-0.70%	–
HIG	Exit	Hartford Financial SVCS GRP	$0	–	-1,173,635	–	-0.74%	–
FB	Exit	Facebook Inc A	$0	–	-361,306	–	-0.75%	–
COST	Exit	Costco Wholesale Corp	$0	–	-263,673	–	-0.78%	–
RCI	Exit	Rogers Communications Inc	$0	–	-1,208,971	–	-0.79%	–
KT	Exit	Kt Corp Spon ADR	$0	–	-4,356,321	–	-0.82%	–
MXIM	Exit	Maxim Integrated Products	$0	–	-1,147,541	–	-0.82%	–
SLB	Exit	Schlumberger Ltd	$0	–	-977,192	–	-0.82%	–
UTX	Exit	United Technologies Corp	$0	–	-477,860	–	-0.84%	–
ACN	Exit	Accenture Plc	$0	–	-395,128	–	-0.85%	–
GOLD	Exit	Barrick Gold Corp	$0	–	-6,104,174	–	-0.85%	–
PPG	Exit	PPG Industries Inc	$0	–	-620,954	–	-0.86%	–
RBA	Exit	Ritchie Bros Auctioneers	$0	–	-1,917,691	–	-0.87%	–
KMX	Exit	Carmax Inc	$0	–	-956,327	–	-0.90%	–
MMM	Exit	3M Co	$0	–	-345,365	–	-0.92%	–
ADI	Exit	Analog Devices Inc	$0	–	-871,084	–	-1.02%	–
BG	Exit	Bunge Ltd	$0	–	-1,195,695	–	-1.04%	–
OMC	Exit	Omnicom Group	$0	–	-1,200,982	–	-1.04%	–
UPS	Exit	United Parcel Services Cl B	$0	–	-707,251	–	-1.04%	–
CB	Exit	Chubb Ltd	$0	–	-618,359	–	-1.05%	–
XLNX	Exit	Xilinx Inc	$0	–	-1,095,933	–	-1.11%	–
UNP	Exit	Union Pacific Corp	$0	–	-562,620	–	-1.16%	–
AFL	Exit	Aflac Inc	$0	–	-1,995,931	–	-1.19%	–
TV	Exit	Grupo Televisa Sa-Spons Adr	$0	–	-5,338,343	–	-1.20%	–
YUMC	Exit	Yum China Holdings Inc	$0	–	-2,697,257	–	-1.20%	–
AXP	Exit	American Express Co	$0	–	-953,597	–	-1.28%	–
L	Exit	Loews Corp	$0	–	-2,119,702	–	-1.34%	–
AMZN	Exit	Amazon.com Inc	$0	–	-54,445	–	-1.38%	–
MCD	Exit	McDonalds Corp	$0	–	-669,427	–	-1.42%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-534,538	–	-1.45%	–
GOOG	Exit	Alphabet Inc. - Class C	$0	–	-96,486	–	-1.46%	–
WAT	Exit	Waters Corp	$0	–	-597,400	–	-1.47%	–
CL	Exit	Colgate Palmolive Co	$0	–	-1,776,287	–	-1.50%	–
WFC	Exit	Wells Fargo Co	$0	–	-2,263,782	–	-1.50%	–
TXN	Exit	Texas Instruments Inc	$0	–	-1,140,527	–	-1.55%	–
BKNG	Exit	Booking Holdings Inc	$0	–	-63,261	–	-1.59%	–
CNQ	Exit	Canadian Natural Resources	$0	–	-3,924,463	–	-1.63%	–
ADM	Exit	Archer-Daniels-Midland Co	$0	–	-2,665,241	–	-1.69%	–
INTC	Exit	Intel Corp	$0	–	-3,000,075	–	-1.79%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-3,374,702	–	-1.79%	–
BAM	Exit	Brookfield Asset Management Inc	$0	–	-3,282,427	–	-1.84%	–
KO	Exit	Coca Cola Co	$0	–	-3,196,362	–	-1.88%	–
HSY	Exit	The Hershey Company	$0	–	-1,499,758	–	-1.93%	–
USB	Exit	US Bancorp	$0	–	-2,981,019	–	-2.00%	–
PG	Exit	Procter & Gamble	$0	–	-1,948,693	–	-2.05%	–
GOOGL	Exit	Alphabet Inc. - Class A	$0	–	-134,781	–	-2.06%	–
TRV	Exit	Travelers Cos Inc	$0	–	-1,375,588	–	-2.25%	–
PX	Exit	Praxair Inc	$0	–	-1,169,410	–	-2.37%	–
MRK	Exit	Merck & Co Inc	$0	–	-2,858,434	–	-2.58%	–
BIDU	Exit	Baidu Inc - Spon ADR	$0	–	-1,068,623	–	-3.09%	–
ORCL	Exit	Oracle Corp	$0	–	-4,869,934	–	-3.17%	–
JNJ	Exit	Johnson and Johnson	$0	–	-2,083,335	–	-3.64%	–
LVS	Exit	Las Vegas Sands Corp	$0	–	-6,825,911	–	-5.12%	–

Q3 2018

			Value		Shares		↓ Weighting
LVS	New	Las Vegas Sands Corp	$404,981,000	–	6,825,911	–	5.12%	–
JNJ	Buy	Johnson and Johnson	$287,849,000	+18.9%	2,083,335	+4.5%	3.64%	+0.6%
ORCL	Buy	Oracle Corp	$251,088,000	+22.7%	4,869,934	+4.8%	3.17%	+3.7%
BIDU	Buy	Baidu Inc - Spon ADR	$244,373,000	+30.2%	1,068,623	+38.4%	3.09%	+10.1%
MRK	Buy	Merck & Co Inc	$204,080,000	+23.8%	2,858,434	+6.0%	2.58%	+4.6%
PX	Buy	Praxair Inc	$187,959,000	+4.1%	1,169,410	+2.5%	2.37%	-12.0%
TRV	Buy	Travelers Cos Inc	$178,423,000	+12.9%	1,375,588	+6.5%	2.25%	-4.6%
GOOGL	Sell	Alphabet Inc. - Class A	$162,698,000	+4.4%	134,781	-2.3%	2.06%	-11.7%
PG	Buy	Procter & Gamble	$162,187,000	+19.5%	1,948,693	+12.1%	2.05%	+1.1%
USB	Buy	US Bancorp	$158,476,000	+13.6%	2,981,019	+7.5%	2.00%	-3.9%
HSY	Sell	The Hershey Company	$152,975,000	-6.9%	1,499,758	-15.1%	1.93%	-21.3%
KO	Buy	Coca Cola Co	$148,822,000	+7.3%	3,196,362	+1.9%	1.88%	-9.3%
BAM	Sell	Brookfield Asset Management Inc	$146,010,000	+9.1%	3,282,427	-0.6%	1.84%	-7.8%
CIB	Buy	Bancolombia Sa -Pref	$141,930,000	+297.8%	3,374,702	+355.3%	1.79%	+236.4%
INTC	Buy	Intel Corp	$141,874,000	+0.8%	3,000,075	+5.9%	1.79%	-14.8%
ADM	Sell	Archer-Daniels-Midland Co	$133,982,000	+7.1%	2,665,241	-2.3%	1.69%	-9.4%
CNQ	Sell	Canadian Natural Resources	$129,125,000	-10.0%	3,924,463	-0.6%	1.63%	-23.9%
BKNG	Buy	Booking Holdings Inc	$125,524,000	+1.6%	63,261	+3.8%	1.59%	-14.0%
TXN	Buy	Texas Instruments Inc	$122,367,000	+4.0%	1,140,527	+6.8%	1.55%	-12.1%
WFC	Buy	Wells Fargo Co	$118,984,000	+4.4%	2,263,782	+10.1%	1.50%	-11.7%
CL	Buy	Colgate Palmolive Co	$118,920,000	+18.8%	1,776,287	+15.1%	1.50%	+0.5%
WAT	Sell	Waters Corp	$116,303,000	-0.3%	597,400	-0.8%	1.47%	-15.7%
GOOG	Sell	Alphabet Inc. - Class C	$115,163,000	+4.7%	96,486	-2.1%	1.46%	-11.4%
BRKB	Buy	Berkshire Hathaway Inc	$114,450,000	+21.2%	534,538	+5.7%	1.45%	+2.6%
MCD	Buy	McDonalds Corp	$111,988,000	+6.9%	669,427	+0.1%	1.42%	-9.6%
AMZN	Buy	Amazon.com Inc	$109,050,000	+24.5%	54,445	+5.7%	1.38%	+5.4%
L	Sell	Loews Corp	$106,470,000	+1.6%	2,119,702	-2.3%	1.34%	-14.1%
AXP	Sell	American Express Co	$101,550,000	+6.3%	953,597	-2.2%	1.28%	-10.2%
YUMC	Buy	Yum China Holdings Inc	$94,700,000	+47.3%	2,697,257	+61.4%	1.20%	+24.6%
TV	Buy	Grupo Televisa Sa-Spons Adr	$94,702,000	+224.6%	5,338,343	+246.7%	1.20%	+174.3%
AFL	Sell	Aflac Inc	$93,943,000	+6.8%	1,995,931	-2.3%	1.19%	-9.7%
UNP	Buy	Union Pacific Corp	$91,611,000	+37.2%	562,620	+19.4%	1.16%	+15.9%
XLNX	Buy	Xilinx Inc	$87,861,000	+33.2%	1,095,933	+8.4%	1.11%	+12.6%
CB	Buy	Chubb Ltd	$83,086,000	+25.0%	618,359	+18.9%	1.05%	+5.7%
UPS	Sell	United Parcel Services Cl B	$82,572,000	+7.4%	707,251	-2.3%	1.04%	-9.2%
OMC	Buy	Omnicom Group	$82,371,000	-2.1%	1,200,982	+9.7%	1.04%	-17.2%
BG	Sell	Bunge Ltd	$82,156,000	-3.7%	1,195,695	-2.3%	1.04%	-18.6%
ADI	Buy	Analog Devices Inc	$80,540,000	+12.3%	871,084	+16.5%	1.02%	-5.0%
MMM	Buy	3M Co	$72,772,000	+40.6%	345,365	+31.4%	0.92%	+18.9%
KMX	Sell	Carmax Inc	$71,409,000	+0.2%	956,327	-2.2%	0.90%	-15.2%
RBA	Sell	Ritchie Bros Auctioneers	$69,166,000	+5.3%	1,917,691	-0.5%	0.87%	-11.0%
PPG	Buy	PPG Industries Inc	$67,764,000	+6.4%	620,954	+1.2%	0.86%	-10.0%
GOLD	Sell	Barrick Gold Corp	$67,640,000	-17.5%	6,104,174	-2.2%	0.85%	-30.3%
ACN	Sell	Accenture Plc	$67,250,000	-6.3%	395,128	-10.0%	0.85%	-20.8%
UTX	Sell	United Technologies Corp	$66,808,000	+9.2%	477,860	-2.3%	0.84%	-7.7%
SLB	New	Schlumberger Ltd	$64,743,000	–	977,192	–	0.82%	–
MXIM	Buy	Maxim Integrated Products	$64,710,000	+5.0%	1,147,541	+9.3%	0.82%	-11.3%
KT	Buy	Kt Corp Spon ADR	$64,691,000	+29.3%	4,356,321	+15.7%	0.82%	+9.4%
RCI	Sell	Rogers Communications Inc	$62,570,000	+7.0%	1,208,971	-1.1%	0.79%	-9.5%
COST	Sell	Costco Wholesale Corp	$61,932,000	+9.8%	263,673	-2.3%	0.78%	-7.2%
FB	Sell	Facebook Inc A	$59,419,000	-17.1%	361,306	-2.1%	0.75%	-29.9%
HIG	Buy	Hartford Financial SVCS GRP	$58,970,000	+16.8%	1,173,635	+19.4%	0.74%	-1.2%
TJX	Sell	TJX Companies Inc	$55,564,000	+15.2%	496,029	-2.1%	0.70%	-2.5%
CHRW	Buy	C H Robinson Worldwide Inc	$53,383,000	+39.0%	545,181	+18.8%	0.67%	+17.4%
PAYX	Buy	Paychex Inc	$52,612,000	+28.4%	714,354	+19.1%	0.66%	+8.7%
HOG	Sell	Harley Davidson Inc	$51,424,000	+5.4%	1,135,215	-2.1%	0.65%	-10.8%
RYN	Sell	Rayonier Inc	$50,009,000	-21.4%	1,479,114	-10.1%	0.63%	-33.5%
PYPL	Sell	PayPal Holdings Inc.	$48,812,000	+3.0%	555,695	-2.3%	0.62%	-12.9%
MKL	Sell	Markel Corp	$47,162,000	+7.3%	39,693	-2.1%	0.60%	-9.3%
Y	Sell	Alleghany Corp	$46,609,000	+10.4%	71,437	-2.7%	0.59%	-6.7%
CP	Buy	Canadian Pacific Railway Ltd	$44,354,000	+16.0%	209,350	+0.5%	0.56%	-1.9%
BAX	Sell	Baxter International Inc	$43,661,000	+1.9%	565,050	-2.4%	0.55%	-13.8%
NOV	Sell	National Oilwell Varco	$43,305,000	-32.6%	1,005,273	-32.1%	0.55%	-43.0%
BMY	Buy	Bristol-myers Squibb Co	$43,024,000	+19.8%	693,048	+6.8%	0.54%	+1.5%
CLH	Sell	Clean Harbors Inc	$42,984,000	+25.8%	600,508	-2.4%	0.54%	+6.5%
FRC	Sell	First Republic Bank/CA	$42,577,000	-2.9%	443,521	-2.1%	0.54%	-17.9%
FAST	Sell	Fastenal Co	$42,001,000	+18.1%	723,926	-2.1%	0.53%	-0.2%
GIL	Sell	Gildan Activewear Inc	$40,352,000	+6.6%	1,327,005	-1.4%	0.51%	-9.9%
DLB	Sell	Dolby Laboratories Inc-CL A	$38,867,000	+11.1%	555,481	-2.1%	0.49%	-6.1%
G	Sell	Genpact Ltd	$38,176,000	+2.7%	1,247,180	-2.9%	0.48%	-13.2%
AXTA	Sell	Axalta Coating Systems Ltd	$37,677,000	-6.0%	1,292,089	-2.3%	0.48%	-20.5%
EBAY	Sell	Ebay Inc	$37,442,000	-10.9%	1,133,968	-2.1%	0.47%	-24.7%
EXPD	Buy	Expeditors Intl Wash Inc	$37,384,000	+18.9%	508,417	+18.2%	0.47%	+0.4%
GMED	Sell	Globus Medical Inc A	$36,913,000	+10.2%	650,361	-2.1%	0.47%	-7.0%
EL	Sell	Lauder Estee Companies Inc	$36,714,000	-39.6%	252,640	-40.7%	0.46%	-49.0%
PEP	Sell	Pepsico Inc	$35,597,000	+0.6%	318,401	-2.1%	0.45%	-14.9%
IPGP	Sell	IPG Photonics Corp	$34,939,000	-30.2%	223,872	-1.3%	0.44%	-41.0%
ULTA	Sell	Ulta Beauty Inc	$34,096,000	+18.4%	120,861	-2.1%	0.43%	+0.2%
KMB	Sell	Kimberly-Clark Corp	$33,948,000	+5.6%	296,278	-2.1%	0.43%	-10.6%
TROW	Buy	Price T Rowe Group Inc	$32,035,000	+0.5%	293,416	+6.8%	0.40%	-14.9%
WWW	Sell	Wolverine World Wide Inc	$31,439,000	+9.8%	803,520	-2.3%	0.40%	-7.2%
TD	Buy	Toronto-Dominion Bank	$31,146,000	+5.6%	512,878	+0.5%	0.39%	-10.9%
RY	Buy	Royal Bank of Canada	$28,448,000	+7.0%	355,020	+0.5%	0.36%	-9.6%
ETM	New	Entercom Communications Corp	$25,792,000	–	3,267,463	–	0.33%	–
PCAR	Sell	Paccar Inc	$24,730,000	+7.8%	362,673	-2.1%	0.31%	-9.0%
WSM	Sell	Williams-Sonoma Inc	$23,592,000	+4.6%	358,970	-2.3%	0.30%	-11.6%
BCE	Buy	Bce Inc	$23,532,000	+0.6%	573,017	+0.5%	0.30%	-14.9%
AZO	Buy	Autozone Inc	$23,429,000	+23.5%	30,205	+6.9%	0.30%	+4.6%
WY	Sell	Weyerhaeuser Co	$22,766,000	-13.7%	705,490	-2.5%	0.29%	-26.9%
RNR	Buy	Renaissancere Holdings	$22,095,000	+30.1%	165,406	+17.2%	0.28%	+9.8%
MKTX	New	Marketaxess Holdings	$22,087,000	–	123,740	–	0.28%	–
MGA	Buy	Magna International Inc	$21,857,000	-9.2%	416,367	+0.5%	0.28%	-23.3%
AXS	Buy	Axis Capital Holdings Ltd	$21,064,000	+22.1%	364,993	+18.5%	0.27%	+3.1%
LECO	Sell	Lincoln Electric Holdings	$20,844,000	+4.2%	222,146	-2.1%	0.26%	-12.0%
WYNN	New	Wynn Resorts Ltd	$20,022,000	–	157,579	–	0.25%	–
TRIP	Sell	TRIPADVISOR INC	$17,935,000	-10.2%	351,192	-2.1%	0.23%	-24.1%
FNV	Buy	Franco-Nevada Corp	$17,650,000	-13.8%	282,315	+0.5%	0.22%	-27.1%
MTB	Sell	M & T Bank Corp	$16,535,000	-5.3%	100,491	-2.1%	0.21%	-19.9%
BVN	Buy	Compania De Minas Buenaventura Spon ADR	$13,610,000	-1.2%	1,014,919	+0.4%	0.17%	-16.5%
DNOW	Sell	Now Inc	$11,041,000	+21.6%	667,202	-2.1%	0.14%	+2.2%
TSM	Sell	Taiwan Semiconductor Manufacturing Co Ltd	$1,825,000	+5.4%	41,322	-9.8%	0.02%	-11.5%
LBTYA	New	Liberty Global Inc - Cl A	$1,682,000	–	58,144	–	0.02%	–
CCU	Sell	Compania Cervecerias Unidas Spon ADR	$240,000	-65.1%	8,592	-68.8%	0.00%	-70.0%
EOG	Exit	EOG Resources Inc	$0	–	-108,382	–	-0.20%	–
T	Exit	AT & T Inc	$0	–	-615,014	–	-0.30%	–

Q2 2018

			Value		Shares		↓ Weighting
JNJ	New	Johnson and Johnson	$242,023,000	–	1,994,562	–	3.62%	–
ORCL	New	Oracle Corp	$204,662,000	–	4,645,074	–	3.06%	–
BIDU	New	Baidu Inc - Spon ADR	$187,683,000	–	772,359	–	2.80%	–
PX	New	Praxair Inc	$180,509,000	–	1,141,351	–	2.70%	–
MRK	New	Merck & Co Inc	$164,880,000	–	2,696,357	–	2.46%	–
HSY	New	The Hershey Company	$164,353,000	–	1,766,100	–	2.46%	–
TRV	New	Travelers Cos Inc	$158,089,000	–	1,292,196	–	2.36%	–
GOOGL	New	Alphabet Inc - Class A	$155,828,000	–	138,000	–	2.33%	–
CNQ	New	Canadian Natural Resources	$143,459,000	–	3,949,810	–	2.14%	–
INTC	New	Intel Corp	$140,787,000	–	2,832,106	–	2.10%	–
USB	New	US Bancorp	$139,472,000	–	2,772,678	–	2.08%	–
KO	New	Coca Cola Co	$138,743,000	–	3,137,222	–	2.07%	–
PG	New	Procter & Gamble	$135,673,000	–	1,738,064	–	2.03%	–
BAM	New	Brookfield Asset Management Inc	$133,878,000	–	3,300,755	–	2.00%	–
ADM	New	Archer-Daniels-Midland Co	$125,046,000	–	2,728,468	–	1.87%	–
BKNG	New	Booking Holdings Inc	$123,514,000	–	60,931	–	1.84%	–
TXN	New	Texas Instruments Inc	$117,717,000	–	1,067,737	–	1.76%	–
WAT	New	Waters Corp	$116,641,000	–	602,508	–	1.74%	–
WFC	New	Wells Fargo Co	$113,996,000	–	2,056,068	–	1.70%	–
GOOG	New	Alphabet Inc - Class C	$109,987,000	–	98,586	–	1.64%	–
L	New	Loews Corp	$104,794,000	–	2,170,602	–	1.57%	–
MCD	New	McDonalds Corp	$104,741,000	–	668,443	–	1.56%	–
CL	New	Colgate Palmolive Co	$100,061,000	–	1,543,915	–	1.50%	–
AXP	New	American Express Co	$95,565,000	–	975,153	–	1.43%	–
BRKB	New	Berkshire Hathaway Inc	$94,396,000	–	505,822	–	1.41%	–
AFL	New	Aflac Inc	$87,928,000	–	2,043,881	–	1.31%	–
AMZN	New	Amazon.com Inc	$87,573,000	–	51,528	–	1.31%	–
BG	New	Bunge Ltd	$85,356,000	–	1,224,440	–	1.28%	–
OMC	New	Omnicom Group	$84,134,000	–	1,095,054	–	1.26%	–
GOLD	New	Barrick Gold Corp	$81,979,000	–	6,243,331	–	1.22%	–
UPS	New	United Parcel Services Cl B	$76,884,000	–	723,745	–	1.15%	–
ACN	New	Accenture Plc	$71,805,000	–	438,908	–	1.07%	–
ADI	New	Analog Devices Inc	$71,706,000	–	747,565	–	1.07%	–
FB	New	Facebook Inc A	$71,700,000	–	368,983	–	1.07%	–
KMX	New	Carmax Inc	$71,232,000	–	977,525	–	1.06%	–
UNP	New	Union Pacific Corp	$66,776,000	–	471,312	–	1.00%	–
CB	New	Chubb Ltd	$66,448,000	–	520,170	–	0.99%	–
XLNX	New	Xilinx Inc	$65,957,000	–	1,010,686	–	0.99%	–
RBA	New	Ritchie Bros Auctioneers	$65,703,000	–	1,927,770	–	0.98%	–
NOV	New	National Oilwell Varco	$64,219,000	–	1,479,732	–	0.96%	–
YUMC	New	Yum China Holdings Inc	$64,280,000	–	1,671,346	–	0.96%	–
PPG	New	PPG Industries Inc	$63,670,000	–	613,801	–	0.95%	–
RYN	New	Rayonier Inc	$63,645,000	–	1,645,138	–	0.95%	–
MXIM	New	Maxim Integrated Products	$61,608,000	–	1,050,277	–	0.92%	–
UTX	New	United Technologies Corp	$61,181,000	–	489,329	–	0.91%	–
EL	New	Lauder Estee Companies Inc	$60,818,000	–	426,233	–	0.91%	–
RCI	New	Rogers Communications Inc	$58,450,000	–	1,222,172	–	0.87%	–
COST	New	Costco Wholesale Corp	$56,397,000	–	269,870	–	0.84%	–
MMM	New	3M Co	$51,745,000	–	262,909	–	0.77%	–
HIG	New	Hartford Financial SVCS GRP	$50,495,000	–	983,077	–	0.75%	–
IPGP	New	IPG Photonics Corp	$50,044,000	–	226,823	–	0.75%	–
KT	New	Kt Corp Spon ADR	$50,021,000	–	3,766,667	–	0.75%	–
HOG	New	Harley Davidson Inc	$48,812,000	–	1,159,981	–	0.73%	–
TJX	New	TJX Companies Inc	$48,215,000	–	506,565	–	0.72%	–
PYPL	New	PayPal Holdings Inc.	$47,374,000	–	568,909	–	0.71%	–
MKL	New	Markel Corp	$43,954,000	–	40,534	–	0.66%	–
FRC	New	First Republic Bank/CA	$43,839,000	–	452,924	–	0.66%	–
BAX	New	Baxter International Inc	$42,865,000	–	579,125	–	0.64%	–
Y	New	Alleghany Corp	$42,226,000	–	73,436	–	0.63%	–
EBAY	New	Ebay Inc	$42,021,000	–	1,158,875	–	0.63%	–
PAYX	New	Paychex Inc	$40,991,000	–	599,723	–	0.61%	–
AXTA	New	Axalta Coating Systems Ltd	$40,100,000	–	1,322,983	–	0.60%	–
CHRW	New	C H Robinson Worldwide Inc	$38,395,000	–	458,948	–	0.57%	–
CP	New	Canadian Pacific Railway Ltd	$38,233,000	–	208,213	–	0.57%	–
GIL	New	Gildan Activewear Inc	$37,870,000	–	1,345,288	–	0.57%	–
G	New	Genpact Ltd	$37,172,000	–	1,284,888	–	0.56%	–
BMY	New	Bristol-myers Squibb Co	$35,901,000	–	648,720	–	0.54%	–
CIB	New	Bancolombia Sa -Pref	$35,682,000	–	741,244	–	0.53%	–
FAST	New	Fastenal Co	$35,578,000	–	739,204	–	0.53%	–
PEP	New	Pepsico Inc	$35,402,000	–	325,170	–	0.53%	–
DLB	New	Dolby Laboratories Inc-CL A	$34,997,000	–	567,315	–	0.52%	–
CLH	New	Clean Harbors Inc	$34,164,000	–	615,022	–	0.51%	–
GMED	New	Globus Medical Inc A	$33,511,000	–	664,117	–	0.50%	–
KMB	New	Kimberly-Clark Corp	$32,151,000	–	302,527	–	0.48%	–
TROW	New	Price T Rowe Group Inc	$31,884,000	–	274,645	–	0.48%	–
EXPD	New	Expeditors Intl Wash Inc	$31,437,000	–	430,047	–	0.47%	–
TD	New	Toronto-Dominion Bank	$29,508,000	–	510,094	–	0.44%	–
TV	New	Grupo Televisa Sa-Spons Adr	$29,175,000	–	1,539,579	–	0.44%	–
ULTA	New	Ulta Beauty Inc	$28,808,000	–	123,395	–	0.43%	–
WWW	New	Wolverine World Wide Inc	$28,641,000	–	822,230	–	0.43%	–
RY	New	Royal Bank of Canada	$26,580,000	–	353,091	–	0.40%	–
WY	New	Weyerhaeuser Co	$26,392,000	–	723,865	–	0.39%	–
MGA	New	Magna International Inc	$24,071,000	–	414,108	–	0.36%	–
BCE	New	Bce Inc	$23,389,000	–	569,904	–	0.35%	–
PCAR	New	Paccar Inc	$22,949,000	–	370,383	–	0.34%	–
WSM	New	Williams-Sonoma Inc	$22,558,000	–	367,512	–	0.34%	–
FNV	New	Franco-Nevada Corp	$20,483,000	–	280,783	–	0.31%	–
LECO	New	Lincoln Electric Holdings	$19,998,000	–	226,860	–	0.30%	–
TRIP	New	TRIPADVISOR INC	$19,980,000	–	358,634	–	0.30%	–
T	New	AT & T Inc	$19,748,000	–	615,014	–	0.30%	–
AZO	New	Autozone Inc	$18,965,000	–	28,267	–	0.28%	–
MTB	New	M & T Bank Corp	$17,466,000	–	102,649	–	0.26%	–
AXS	New	Axis Capital Holdings Ltd	$17,245,000	–	308,013	–	0.26%	–
RNR	New	Renaissancere Holdings	$16,977,000	–	141,101	–	0.25%	–
BVN	New	Compania De Minas Buenaventura Spon ADR	$13,776,000	–	1,010,755	–	0.21%	–
EOG	New	EOG Resources Inc	$13,486,000	–	108,382	–	0.20%	–
DNOW	New	Now Inc	$9,083,000	–	681,358	–	0.14%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$1,731,000	–	45,817	–	0.03%	–
CCU	New	Compania Cervecerias Unidas Spon ADR	$687,000	–	27,558	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
WMIH	Exit	WMIH Corp	$0	–	-527	–	0.00%	–
CCU	Exit	Compania Cervecerias Unidas	$0	–	-26,980	–	-0.01%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-49,306	–	-0.03%	–
TV	Exit	Grupo Televisa Sa	$0	–	-144,904	–	-0.06%	–
AMX	Exit	America Movil SAB de CV	$0	–	-287,149	–	-0.08%	–
DNOW	Exit	Now Inc	$0	–	-650,775	–	-0.15%	–
EOG	Exit	EOG Resources Inc	$0	–	-102,930	–	-0.16%	–
BVN	Exit	Compania De Minas Buenaventura	$0	–	-930,420	–	-0.20%	–
GIL	Exit	Gildan Activewear Inc	$0	–	-416,684	–	-0.21%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-338,545	–	-0.23%	–
MLM	Exit	Martin Marietta Materials Inc	$0	–	-74,708	–	-0.25%	–
MTB	Exit	M & T Bank Corp	$0	–	-97,013	–	-0.26%	–
AZO	Exit	Autozone Inc	$0	–	-27,473	–	-0.27%	–
WSM	Exit	Williams-Sonoma Inc	$0	–	-347,791	–	-0.28%	–
RNR	Exit	Renaissancere Holding Ltd	$0	–	-133,959	–	-0.30%	–
LECO	Exit	Lincoln Electric Holdings Inc	$0	–	-214,929	–	-0.32%	–
AIG	Exit	American International Group Inc	$0	–	-335,376	–	-0.34%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-268,784	–	-0.34%	–
MGA	Exit	Magna International Inc	$0	–	-396,412	–	-0.35%	–
WWW	Exit	Wolverine World Wide Inc	$0	–	-777,238	–	-0.37%	–
MON	Exit	Monsanto Co	$0	–	-187,439	–	-0.37%	–
GMED	Exit	Globus Medical Inc	$0	–	-759,700	–	-0.37%	–
WY	Exit	Weyerhaeuser Co	$0	–	-666,066	–	-0.37%	–
TROW	Exit	Price T Rowe Group Inc	$0	–	-260,343	–	-0.39%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-407,848	–	-0.40%	–
FAST	Exit	Fastenal Co	$0	–	-543,717	–	-0.41%	–
KMB	Exit	Kimberly-Clark Corp	$0	–	-211,901	–	-0.41%	–
NKE	Exit	Nike Inc	$0	–	-487,353	–	-0.42%	–
BUFF	Exit	Blue Buffalo Pet Productions Inc	$0	–	-903,121	–	-0.42%	–
BCE	Exit	Bce Inc	$0	–	-545,553	–	-0.42%	–
RY	Exit	Royal Bank of Canada	$0	–	-338,001	–	-0.43%	–
CIB	Exit	Bancolombia Sa	$0	–	-583,059	–	-0.44%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-488,295	–	-0.45%	–
UPS	Exit	United Parcel Services Inc	$0	–	-229,942	–	-0.45%	–
TWX	Exit	Time Warner Inc	$0	–	-275,427	–	-0.46%	–
TJX	Exit	TJX Companies Inc	$0	–	-382,766	–	-0.46%	–
FMS	Exit	Fresenius Medical Care Ag And Co Kgaa	$0	–	-622,674	–	-0.50%	–
PCAR	Exit	Paccar Inc	$0	–	-430,959	–	-0.51%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-556,232	–	-0.53%	–
CLH	Exit	Clean Harbors Inc	$0	–	-582,398	–	-0.54%	–
CP	Exit	Canadian Pacific Railway Ltd	$0	–	-199,316	–	-0.55%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-445,711	–	-0.56%	–
PEP	Exit	Pepsico Inc	$0	–	-307,914	–	-0.56%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-1,250,613	–	-0.60%	–
PAYX	Exit	Paychex Inc	$0	–	-622,237	–	-0.61%	–
Y	Exit	Alleghany Corp	$0	–	-69,713	–	-0.64%	–
G	Exit	Genpact Ltd	$0	–	-1,356,597	–	-0.64%	–
MKL	Exit	Markel Corp	$0	–	-38,313	–	-0.67%	–
COST	Exit	Costco Wholesale Corp	$0	–	-254,936	–	-0.69%	–
GOLD	Exit	Barrick Gold Corp	$0	–	-2,681,044	–	-0.71%	–
RYN	Exit	Rayonier Inc	$0	–	-1,510,095	–	-0.72%	–
FRC	Exit	First Republic Bank	$0	–	-428,748	–	-0.74%	–
FB	Exit	Facebook Inc	$0	–	-267,008	–	-0.75%	–
IPGP	Exit	IPG Photonics Corp	$0	–	-247,101	–	-0.75%	–
FLIR	Exit	Flir Systems Inc	$0	–	-1,182,976	–	-0.76%	–
AMZN	Exit	Amazon.com Inc	$0	–	-48,905	–	-0.78%	–
MXIM	Exit	Maxim Integrated Products Inc	$0	–	-995,599	–	-0.78%	–
UNP	Exit	Union Pacific Corp	$0	–	-430,255	–	-0.82%	–
NOV	Exit	National Oilwell Varco Inc	$0	–	-1,402,249	–	-0.82%	–
HOG	Exit	Harley Davidson Inc	$0	–	-1,043,374	–	-0.83%	–
HIG	Exit	Hartford Financial SVCS Group Inc	$0	–	-931,898	–	-0.85%	–
UTX	Exit	United Technologies Corp	$0	–	-462,091	–	-0.88%	–
MRK	Exit	Merck & Co Inc	$0	–	-843,434	–	-0.89%	–
KMX	Exit	Carmax Inc	$0	–	-741,308	–	-0.92%	–
PPG	Exit	PPG Industries Inc	$0	–	-517,977	–	-0.92%	–
RBA	Exit	Ritchie Bros Auctioneers Inc	$0	–	-1,796,051	–	-0.93%	–
ADI	Exit	Analog Devices Inc	$0	–	-708,645	–	-1.00%	–
EBAY	Exit	Ebay Inc	$0	–	-1,625,775	–	-1.03%	–
BG	Exit	Bunge Ltd	$0	–	-942,099	–	-1.08%	–
YUMC	Exit	Yum China Holdings Inc	$0	–	-1,685,074	–	-1.11%	–
XLNX	Exit	Xilinx Inc	$0	–	-957,738	–	-1.12%	–
ACN	Exit	Accenture Plc	$0	–	-511,671	–	-1.14%	–
CB	Exit	Chubb Ltd	$0	–	-493,083	–	-1.16%	–
MMM	Exit	3M Co	$0	–	-342,099	–	-1.18%	–
PYPL	Exit	PayPal Holdings Inc	$0	–	-1,173,666	–	-1.24%	–
RCI	Exit	Rogers Communications Inc	$0	–	-1,455,605	–	-1.24%	–
OMC	Exit	Omnicom Group Inc	$0	–	-1,051,407	–	-1.29%	–
AFL	Exit	Aflac Inc	$0	–	-966,233	–	-1.29%	–
AXP	Exit	American Express Co	$0	–	-925,131	–	-1.38%	–
ADM	Exit	Archer-Daniels-Midland Co	$0	–	-1,989,649	–	-1.39%	–
GOOG	Exit	Alphabet Inc - Class C	$0	–	-93,356	–	-1.47%	–
EL	Exit	Estee Lauder Companies Inc	$0	–	-872,241	–	-1.55%	–
INTC	Exit	Intel Corp	$0	–	-2,546,839	–	-1.59%	–
L	Exit	Loews Corp	$0	–	-2,047,885	–	-1.61%	–
WFC	Exit	Wells Fargo Co	$0	–	-1,792,876	–	-1.62%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-545,163	–	-1.64%	–
PCLN	Exit	Priceline Group Inc	$0	–	-54,802	–	-1.65%	–
CL	Exit	Colgate Palmolive Co	$0	–	-1,463,688	–	-1.75%	–
TXN	Exit	Texas Instruments Inc	$0	–	-1,211,816	–	-1.79%	–
BAX	Exit	Baxter International Inc	$0	–	-597,163	–	-1.80%	–
MCD	Exit	McDonalds Corp	$0	–	-741,570	–	-1.91%	–
WAT	Exit	Waters Corp	$0	–	-664,749	–	-1.96%	–
TRV	Exit	Travelers Cos Inc	$0	–	-998,628	–	-2.01%	–
PG	Exit	Procter & Gamble	$0	–	-1,393,172	–	-2.08%	–
GOOGL	Exit	Alphabet Inc - Class A	$0	–	-130,620	–	-2.09%	–
BAM	Exit	Brookfield Asset Management	$0	–	-3,148,349	–	-2.13%	–
CNQ	Exit	Canadian Natural Resources	$0	–	-3,860,481	–	-2.13%	–
HSY	Exit	Hershey Company	$0	–	-1,216,720	–	-2.18%	–
USB	Exit	US Bancorp	$0	–	-2,493,949	–	-2.21%	–
KO	Exit	Coca Cola Co	$0	–	-3,074,427	–	-2.29%	–
PX	Exit	Praxair Inc	$0	–	-1,179,347	–	-2.71%	–
BIDU	Exit	Baidu Inc	$0	–	-822,718	–	-3.35%	–
ORCL	Exit	Oracle Corp	$0	–	-4,318,404	–	-3.43%	–
JNJ	Exit	Johnson and Johnson	$0	–	-1,887,506	–	-4.03%	–

Q3 2017

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson and Johnson	$245,388,000	-3.5%	1,887,506	-1.8%	4.03%	-8.4%
ORCL	Sell	Oracle Corp	$208,772,000	-5.3%	4,318,404	-1.8%	3.43%	-10.2%
BIDU	Buy	Baidu Inc	$203,779,000	+63.5%	822,718	+18.0%	3.35%	+55.2%
PX	Sell	Praxair Inc	$164,798,000	+1.3%	1,179,347	-3.9%	2.71%	-3.9%
KO	Sell	Coca Cola Co	$139,427,000	-1.5%	3,074,427	-1.8%	2.29%	-6.5%
USB	Sell	US Bancorp	$134,338,000	+1.3%	2,493,949	-1.8%	2.21%	-3.8%
HSY	Buy	Hershey Company	$132,827,000	+8.8%	1,216,720	+7.0%	2.18%	+3.2%
CNQ	Buy	Canadian Natural Resources	$129,806,000	+18.8%	3,860,481	+2.5%	2.13%	+12.7%
BAM	Buy	Brookfield Asset Management	$129,706,000	+30.0%	3,148,349	+23.6%	2.13%	+23.3%
GOOGL	Sell	Alphabet Inc - Class A	$127,179,000	+2.8%	130,620	-1.8%	2.09%	-2.4%
PG	Sell	Procter & Gamble	$126,751,000	+2.5%	1,393,172	-1.9%	2.08%	-2.8%
TRV	Buy	Travelers Cos Inc	$122,341,000	-3.0%	998,628	+0.2%	2.01%	-7.9%
WAT	Sell	Waters Corp	$119,331,000	-4.2%	664,749	-1.9%	1.96%	-9.0%
MCD	Sell	McDonalds Corp	$116,159,000	+0.4%	741,570	-1.8%	1.91%	-4.7%
BAX	Sell	Baxter International Inc	$109,461,000	+79.6%	597,163	-40.5%	1.80%	+70.4%
TXN	Buy	Texas Instruments Inc	$108,627,000	+20.9%	1,211,816	+3.7%	1.79%	+14.7%
CL	Sell	Colgate Palmolive Co	$106,622,000	-3.5%	1,463,688	-1.8%	1.75%	-8.5%
PCLN	Sell	Priceline Group Inc	$100,323,000	-8.3%	54,802	-6.3%	1.65%	-13.0%
BRKB	Sell	Berkshire Hathaway Inc	$99,928,000	-3.0%	545,163	-10.4%	1.64%	-7.9%
WFC	Buy	Wells Fargo Co	$98,871,000	+5.4%	1,792,876	+5.9%	1.62%	0.0%
L	Sell	Loews Corp	$98,008,000	+0.4%	2,047,885	-1.8%	1.61%	-4.7%
INTC	Buy	Intel Corp	$96,984,000	+15.2%	2,546,839	+2.1%	1.59%	+9.3%
EL	Sell	Estee Lauder Companies Inc	$94,061,000	+10.3%	872,241	-1.9%	1.55%	+4.6%
GOOG	Sell	Alphabet Inc - Class C	$89,527,000	+3.6%	93,356	-1.8%	1.47%	-1.6%
ADM	Buy	Archer-Daniels-Midland Co	$84,576,000	+13.0%	1,989,649	+10.0%	1.39%	+7.3%
AXP	Sell	American Express Co	$83,681,000	+5.4%	925,131	-1.8%	1.38%	+0.1%
AFL	Sell	Aflac Inc	$78,640,000	+2.9%	966,233	-1.8%	1.29%	-2.3%
OMC	Sell	Omnicom Group Inc	$78,415,000	-27.0%	1,051,407	-18.3%	1.29%	-30.7%
RCI	Sell	Rogers Communications Inc	$75,425,000	-22.7%	1,455,605	-29.1%	1.24%	-26.7%
PYPL	Sell	PayPal Holdings Inc	$75,148,000	-11.4%	1,173,666	-25.7%	1.24%	-15.9%
MMM	Sell	3M Co	$71,814,000	-5.7%	342,099	-6.4%	1.18%	-10.5%
CB	Buy	Chubb Ltd	$70,642,000	+1.6%	493,083	+3.6%	1.16%	-3.6%
ACN	Sell	Accenture Plc	$69,121,000	+7.2%	511,671	-1.9%	1.14%	+1.7%
XLNX	Sell	Xilinx Inc	$67,835,000	+8.1%	957,738	-1.8%	1.12%	+2.6%
YUMC	Buy	Yum China Holdings Inc	$67,352,000	+17.3%	1,685,074	+15.7%	1.11%	+11.3%
BG	Buy	Bunge Ltd	$65,438,000	+2.2%	942,099	+9.8%	1.08%	-3.0%
EBAY	Sell	Ebay Inc	$62,524,000	+8.2%	1,625,775	-1.8%	1.03%	+2.7%
ADI	Buy	Analog Devices Inc	$61,061,000	+24.4%	708,645	+12.4%	1.00%	+18.1%
RBA	Buy	Ritchie Bros Auctioneers Inc	$56,645,000	+70.3%	1,796,051	+54.9%	0.93%	+61.6%
PPG	Sell	PPG Industries Inc	$56,281,000	-3.0%	517,977	-1.8%	0.92%	-8.0%
KMX	Sell	Carmax Inc	$56,197,000	+18.0%	741,308	-1.8%	0.92%	+12.0%
MRK	Sell	Merck & Co Inc	$54,372,000	-1.9%	843,434	-1.8%	0.89%	-6.9%
UTX	Sell	United Technologies Corp	$53,637,000	-6.7%	462,091	-1.8%	0.88%	-11.4%
HIG	Buy	Hartford Financial SVCS Group Inc	$51,853,000	+10.7%	931,898	+5.0%	0.85%	+5.1%
HOG	Sell	Harley Davidson Inc	$50,299,000	-36.8%	1,043,374	-29.1%	0.83%	-39.9%
NOV	Sell	National Oilwell Varco Inc	$50,100,000	+6.5%	1,402,249	-1.8%	0.82%	+1.1%
UNP	Buy	Union Pacific Corp	$49,894,000	+24.5%	430,255	+16.9%	0.82%	+18.2%
MXIM	Buy	Maxim Integrated Products Inc	$47,500,000	+51.7%	995,599	+42.7%	0.78%	+44.1%
AMZN	Sell	Amazon.com Inc	$47,398,000	-1.5%	48,905	-1.8%	0.78%	-6.6%
FLIR	Sell	Flir Systems Inc	$46,028,000	+10.2%	1,182,976	-1.8%	0.76%	+4.7%
IPGP	Buy	IPG Photonics Corp	$45,722,000	+43.6%	247,101	+12.6%	0.75%	+36.2%
FB	Sell	Facebook Inc	$45,621,000	+11.1%	267,008	-1.8%	0.75%	+5.5%
FRC	Sell	First Republic Bank	$44,796,000	+2.5%	428,748	-1.8%	0.74%	-2.8%
RYN	Sell	Rayonier Inc	$43,620,000	-1.1%	1,510,095	-1.5%	0.72%	-6.2%
GOLD	New	Barrick Gold Corp	$43,138,000	–	2,681,044	–	0.71%	–
COST	Sell	Costco Wholesale Corp	$41,883,000	+0.9%	254,936	-1.8%	0.69%	-4.3%
MKL	Sell	Markel Corp	$40,898,000	+7.4%	38,313	-1.8%	0.67%	+2.0%
G	Buy	Genpact Ltd	$39,002,000	+31.9%	1,356,597	+27.7%	0.64%	+25.2%
Y	Sell	Alleghany Corp	$38,622,000	-8.5%	69,713	-1.8%	0.64%	-13.1%
PAYX	Sell	Paychex Inc	$37,309,000	-1.5%	622,237	-6.4%	0.61%	-6.6%
AXTA	Buy	Axalta Coating Systems Ltd	$36,168,000	+19.9%	1,250,613	+32.8%	0.60%	+13.8%
PEP	Sell	Pepsico Inc	$34,309,000	-5.3%	307,914	-1.8%	0.56%	-10.0%
CHRW	Sell	C H Robinson Worldwide Inc	$33,918,000	-12.0%	445,711	-20.6%	0.56%	-16.3%
CP	New	Canadian Pacific Railway Ltd	$33,487,000	–	199,316	–	0.55%	–
CLH	Sell	Clean Harbors Inc	$33,022,000	-0.3%	582,398	-1.8%	0.54%	-5.4%
DLB	Sell	Dolby Laboratories Inc	$31,995,000	+15.4%	556,232	-1.8%	0.53%	+9.6%
PCAR	Sell	Paccar Inc	$31,175,000	+7.6%	430,959	-1.8%	0.51%	+2.0%
FMS	Sell	Fresenius Medical Care Ag And Co Kgaa	$30,584,000	+0.4%	622,674	-0.7%	0.50%	-4.7%
TWX	Sell	Time Warner Inc	$28,216,000	-31.4%	275,427	-32.8%	0.46%	-34.9%
TJX	Sell	TJX Companies Inc	$28,220,000	+0.3%	382,766	-1.8%	0.46%	-4.7%
UPS	Sell	United Parcel Services Inc	$27,613,000	+6.6%	229,942	-1.8%	0.45%	+1.3%
TD	New	Toronto-Dominion Bank	$27,428,000	–	488,295	–	0.45%	–
CIB	Buy	Bancolombia Sa	$26,890,000	+5.4%	583,059	+2.5%	0.44%	0.0%
RY	New	Royal Bank of Canada	$26,091,000	–	338,001	–	0.43%	–
BCE	New	Bce Inc	$25,802,000	–	545,553	–	0.42%	–
BUFF	Sell	Blue Buffalo Pet Productions Inc	$25,605,000	+21.9%	903,121	-1.9%	0.42%	+15.7%
NKE	Sell	Nike Inc	$25,382,000	-54.3%	487,353	-48.1%	0.42%	-56.7%
KMB	Sell	Kimberly-Clark Corp	$25,125,000	-10.4%	211,901	-1.8%	0.41%	-15.0%
FAST	Sell	Fastenal Co	$24,783,000	+2.8%	543,717	-1.8%	0.41%	-2.4%
EXPD	Sell	Expeditors Intl Wash Inc	$24,412,000	+4.0%	407,848	-1.9%	0.40%	-1.5%
TROW	Sell	Price T Rowe Group Inc	$23,600,000	+19.8%	260,343	-1.9%	0.39%	+13.8%
WY	Sell	Weyerhaeuser Co	$22,662,000	+0.0%	666,066	-1.5%	0.37%	-4.8%
GMED	Sell	Globus Medical Inc	$22,580,000	-11.9%	759,700	-1.8%	0.37%	-16.4%
WWW	Sell	Wolverine World Wide Inc	$22,467,000	+1.1%	777,238	-1.8%	0.37%	-4.2%
MON	Sell	Monsanto Co	$22,457,000	-47.0%	187,439	-47.6%	0.37%	-49.7%
MGA	New	Magna International Inc	$21,107,000	–	396,412	–	0.35%	–
FNV	New	Franco-Nevada Corp	$20,774,000	–	268,784	–	0.34%	–
AIG	Sell	American International Group Inc	$20,589,000	-3.6%	335,376	-1.8%	0.34%	-8.6%
LECO	Sell	Lincoln Electric Holdings Inc	$19,781,000	-2.2%	214,929	-1.8%	0.32%	-7.1%
RNR	Sell	Renaissancere Holding Ltd	$18,101,000	-4.7%	133,959	-1.9%	0.30%	-9.4%
WSM	Sell	Williams-Sonoma Inc	$17,340,000	+0.9%	347,791	-1.8%	0.28%	-4.4%
AZO	Sell	Autozone Inc	$16,350,000	+2.4%	27,473	-1.9%	0.27%	-2.9%
MTB	Sell	M & T Bank Corp	$15,623,000	-2.4%	97,013	-1.8%	0.26%	-7.2%
MLM	Sell	Martin Marietta Materials Inc	$15,407,000	-9.0%	74,708	-1.8%	0.25%	-13.7%
TRIP	Sell	TRIPADVISOR INC	$13,721,000	+4.2%	338,545	-1.8%	0.23%	-0.9%
GIL	New	Gildan Activewear Inc	$12,991,000	–	416,684	–	0.21%	–
BVN	Sell	Compania De Minas Buenaventura	$11,900,000	+7.6%	930,420	-3.3%	0.20%	+2.1%
EOG	Sell	EOG Resources Inc	$9,957,000	+5.0%	102,930	-1.8%	0.16%	0.0%
DNOW	Sell	Now Inc	$8,987,000	-15.6%	650,775	-1.7%	0.15%	-19.6%
AMX	Sell	America Movil SAB de CV	$5,097,000	-44.3%	287,149	-49.5%	0.08%	-47.2%
TV	New	Grupo Televisa Sa	$3,575,000	–	144,904	–	0.06%	–
SPNV	Exit	Superior Energy Services	$0	–	-1,328,310	–	-0.24%	–
VAR	Exit	Varian Medical Systems Inc	$0	–	-175,245	–	-0.31%	–
BEN	Exit	Franklin Resources Inc	$0	–	-633,634	–	-0.49%	–
ADP	Exit	Automatic Data Processing	$0	–	-381,245	–	-0.68%	–

Q2 2017

			Value		Shares		↓ Weighting
JNJ	New	Johnson and Johnson	$254,371,000	–	1,922,779	–	4.41%	–
ORCL	New	Oracle Corp	$220,555,000	–	4,398,780	–	3.82%	–
PX	New	Praxair Inc	$162,684,000	–	1,227,389	–	2.82%	–
KO	New	Coca Cola Co	$141,519,000	–	3,131,900	–	2.45%	–
USB	New	US Bancorp	$132,578,000	–	2,540,790	–	2.30%	–
TRV	New	Travelers Cos Inc	$126,113,000	–	996,719	–	2.18%	–
BIDU	New	Baidu Inc - Spon ADR	$124,661,000	–	696,984	–	2.16%	–
WAT	New	Waters Corp	$124,510,000	–	677,294	–	2.16%	–
GOOGL	New	Alphabet Inc - Class A	$123,719,000	–	133,079	–	2.14%	–
PG	New	Procter & Gamble Co	$123,705,000	–	1,419,447	–	2.14%	–
HSY	New	The Hershey Company	$122,087,000	–	1,137,069	–	2.12%	–
MCD	New	McDonalds Corp	$115,685,000	–	755,322	–	2.00%	–
CL	New	Colgate Palmolive Co	$110,546,000	–	1,491,250	–	1.92%	–
PCLN	New	Priceline Group Inc	$109,386,000	–	58,479	–	1.90%	–
CNQ	New	Canadian Natural Resources Ltd	$109,301,000	–	3,767,196	–	1.89%	–
OMC	New	Omnicom Group Inc	$107,376,000	–	1,287,399	–	1.86%	–
BRKB	New	Berkshire Hathaway Inc	$103,009,000	–	608,121	–	1.78%	–
BAM	New	Brookfield Asset Management Inc	$99,802,000	–	2,546,995	–	1.73%	–
L	New	Loews Corp	$97,627,000	–	2,085,610	–	1.69%	–
RCI	New	Rogers Communications Inc	$97,616,000	–	2,054,340	–	1.69%	–
WFC	New	Wells Fargo Co	$93,840,000	–	1,693,503	–	1.62%	–
TXN	New	Texas Instruments Inc	$89,865,000	–	1,168,215	–	1.56%	–
GOOG	New	Alphabet Inc - Class C	$86,386,000	–	95,064	–	1.50%	–
EL	New	Lauder Estee Cos	$85,315,000	–	888,879	–	1.48%	–
PYPL	New	PayPal Holdings Inc	$84,822,000	–	1,580,427	–	1.47%	–
INTC	New	Intel Corp	$84,195,000	–	2,495,419	–	1.46%	–
HOG	New	Harley Davidson Inc	$79,529,000	–	1,472,214	–	1.38%	–
AXP	New	American Express Co	$79,363,000	–	942,110	–	1.38%	–
AFL	New	Aflac Inc	$76,442,000	–	984,037	–	1.32%	–
MMM	New	3M Co	$76,121,000	–	365,544	–	1.32%	–
ADM	New	Archer-Daniels-Midland Co	$74,816,000	–	1,808,033	–	1.30%	–
CB	New	Chubb Ltd	$69,519,000	–	475,867	–	1.20%	–
ACN	New	Accenture Plc	$64,507,000	–	521,448	–	1.12%	–
BG	New	Bunge Ltd	$64,023,000	–	858,219	–	1.11%	–
XLNX	New	Xilinx Inc	$62,754,000	–	975,656	–	1.09%	–
BAX	New	Baxter International Inc	$60,951,000	–	1,004,378	–	1.06%	–
PPG	New	PPG Industries Inc	$58,002,000	–	527,485	–	1.00%	–
EBAY	New	Ebay Inc	$57,812,000	–	1,655,638	–	1.00%	–
YUMC	New	Yum China Holdings Inc	$57,423,000	–	1,456,318	–	1.00%	–
UTX	New	United Technologies Corp	$57,467,000	–	470,606	–	1.00%	–
NKE	New	Nike Inc	$55,514,000	–	938,886	–	0.96%	–
MRK	New	Merck & Co Inc	$55,423,000	–	858,982	–	0.96%	–
ADI	New	Analog Devices Inc	$49,071,000	–	630,727	–	0.85%	–
AMZN	New	Amazon.com Inc	$48,129,000	–	49,797	–	0.83%	–
KMX	New	Carmax Inc	$47,605,000	–	754,913	–	0.82%	–
NOV	New	National Oilwell Varco Inc	$47,039,000	–	1,428,018	–	0.82%	–
HIG	New	Hartford Financial SVCS Group Inc	$46,841,000	–	887,773	–	0.81%	–
RYN	New	Rayonier Inc	$44,101,000	–	1,533,011	–	0.76%	–
FRC	New	First Republic Bank	$43,699,000	–	436,571	–	0.76%	–
MON	New	Monsanto Co	$42,380,000	–	358,047	–	0.73%	–
Y	New	Alleghany Corp	$42,217,000	–	70,985	–	0.73%	–
FLIR	New	Flir Systems Inc	$41,749,000	–	1,204,772	–	0.72%	–
COST	New	Costco Wholesale Corp	$41,523,000	–	259,637	–	0.72%	–
TWX	New	Time Warner Inc	$41,148,000	–	409,806	–	0.71%	–
FB	New	Facebook Inc	$41,047,000	–	271,878	–	0.71%	–
UNP	New	Union Pacific Corp	$40,078,000	–	368,026	–	0.69%	–
ADP	New	Automatic Data Processing	$39,253,000	–	381,245	–	0.68%	–
CHRW	New	C H Robinson Worldwide Inc	$38,529,000	–	561,013	–	0.67%	–
MKL	New	Markel Corp	$38,066,000	–	39,013	–	0.66%	–
PAYX	New	Paychex Inc	$37,858,000	–	664,897	–	0.66%	–
PEP	New	Pepsico Inc	$36,211,000	–	313,534	–	0.63%	–
RBA	New	Ritchie Bros Auctioneers	$33,264,000	–	1,159,522	–	0.58%	–
CLH	New	Clean Harbors Inc	$33,113,000	–	593,138	–	0.57%	–
IPGP	New	IPG Photonics Corp	$31,845,000	–	219,468	–	0.55%	–
MXIM	New	Maxim Integrated Products	$31,313,000	–	697,467	–	0.54%	–
FMS	New	Fresenius Medical Care Ag And Co Kgaa	$30,476,000	–	626,846	–	0.53%	–
AXTA	New	Axalta Coating Systems Ltd	$30,176,000	–	941,861	–	0.52%	–
G	New	Genpact Ltd	$29,574,000	–	1,062,666	–	0.51%	–
PCAR	New	Paccar Inc	$28,978,000	–	438,825	–	0.50%	–
BEN	New	Franklin Resources Inc	$28,496,000	–	633,634	–	0.49%	–
TJX	New	TJX Companies Inc	$28,127,000	–	389,753	–	0.49%	–
KMB	New	Kimberly-Clark Corp	$28,052,000	–	215,784	–	0.49%	–
DLB	New	Dolby Laboratories Inc	$27,729,000	–	566,381	–	0.48%	–
UPS	New	United Parcel Services Inc	$25,893,000	–	234,138	–	0.45%	–
GMED	New	Globus Medical Inc	$25,644,000	–	773,700	–	0.44%	–
CIB	New	Bancolombia Sa -Pref	$25,524,000	–	568,969	–	0.44%	–
FAST	New	Fastenal Co	$24,104,000	–	553,737	–	0.42%	–
EXPD	New	Expeditors Intl Wash Inc	$23,480,000	–	415,739	–	0.41%	–
WY	New	Weyerhaeuser Co	$22,655,000	–	676,217	–	0.39%	–
WWW	New	Wolverine World Wide Inc	$22,217,000	–	791,681	–	0.38%	–
AIG	New	American International Group	$21,355,000	–	341,554	–	0.37%	–
BUFF	New	Blue Buffalo Pet Productions Inc	$20,999,000	–	920,589	–	0.36%	–
LECO	New	Lincoln Electric Holdings Inc	$20,235,000	–	218,915	–	0.35%	–
TROW	New	Price T Rowe Group Inc	$19,694,000	–	265,384	–	0.34%	–
RNR	New	Renaissancere Holding Ltd	$18,988,000	–	136,552	–	0.33%	–
VAR	New	Varian Medical Systems Inc	$18,084,000	–	175,245	–	0.31%	–
WSM	New	Williams-Sonoma Inc	$17,182,000	–	354,298	–	0.30%	–
MLM	New	Martin Marietta Materials Inc	$16,937,000	–	76,094	–	0.29%	–
AZO	New	Autozone Inc	$15,969,000	–	27,997	–	0.28%	–
MTB	New	M & T Bank Corp	$16,002,000	–	98,812	–	0.28%	–
SPNV	New	Superior Energy Services	$13,852,000	–	1,328,310	–	0.24%	–
TRIP	New	TRIPADVISOR INC	$13,172,000	–	344,820	–	0.23%	–
BVN	New	Compania De Minas Buenaventura	$11,060,000	–	961,813	–	0.19%	–
DNOW	New	Now Inc	$10,647,000	–	662,202	–	0.18%	–
EOG	New	EOG Resources Inc	$9,486,000	–	104,798	–	0.16%	–
AMX	New	America Movil SAB de CV	$9,155,000	–	569,089	–	0.16%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$1,769,000	–	49,306	–	0.03%	–
CCU	New	Compania Cervecerias Unidas	$708,000	–	26,980	–	0.01%	–
WMIH	New	WMIH Corp	$1,000	–	527	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
WMIH	Exit	WMI Holdings Corp	$0	–	-563	–	0.00%	–
CCU	Exit	Compania Cervecerias Unidas	$0	–	-29,618	–	-0.01%	–
SQM	Exit	Sociedad Quimica y Minera de Chile	$0	–	-62,851	–	-0.04%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-67,495	–	-0.04%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-20,035	–	-0.07%	–
EOG	Exit	EOG Resources Inc	$0	–	-39,452	–	-0.08%	–
LECO	Exit	Lincoln Electric Holdings Inc	$0	–	-77,786	–	-0.10%	–
KHC	Exit	Kraft Heinz Co.	$0	–	-55,766	–	-0.11%	–
DNOW	Exit	Now Inc/DE-W/I	$0	–	-248,432	–	-0.11%	–
TJX	Exit	TJX Companies Inc	$0	–	-78,545	–	-0.13%	–
GMED	Exit	Globus Medical Inc A	$0	–	-260,613	–	-0.13%	–
AMX	Exit	America Movil SAB de CV	$0	–	-591,089	–	-0.14%	–
AMTD	Exit	TD Ameritrade Holding Corp	$0	–	-199,945	–	-0.15%	–
	Exit	American International Corp Inc	$0	–	-127,902	–	-0.16%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-129,066	–	-0.18%	–
FAST	Exit	Fastenal Co	$0	–	-197,758	–	-0.18%	–
MLM	Exit	Martin Marietta Materials Inc	$0	–	-48,522	–	-0.19%	–
PCAR	Exit	Paccar Inc	$0	–	-157,956	–	-0.20%	–
G	Exit	Genpact Ltd	$0	–	-429,078	–	-0.22%	–
UPS	Exit	United Parcel Services Inc	$0	–	-96,669	–	-0.23%	–
PEP	Exit	Pepsico Inc	$0	–	-113,387	–	-0.26%	–
MKL	Exit	Markel Corp	$0	–	-14,644	–	-0.29%	–
BVN	Exit	Compania De Minas Buenaventura	$0	–	-998,046	–	-0.30%	–
DLB	Exit	Dolby Laboratories Inc-CL A	$0	–	-266,075	–	-0.31%	–
FRC	Exit	First Republic Bank/CA	$0	–	-192,542	–	-0.32%	–
	Exit	Amazon.com Inc	$0	–	-19,047	–	-0.33%	–
WSM	Exit	Williams-Sonoma Inc	$0	–	-302,583	–	-0.33%	–
WWW	Exit	Wolverine World Wide Inc	$0	–	-676,551	–	-0.34%	–
IPGP	Exit	IPG Photonics Corp	$0	–	-192,894	–	-0.34%	–
PPG	Exit	PPG Industries Inc	$0	–	-163,532	–	-0.36%	–
WY	Exit	Weyerhaeuser Co	$0	–	-563,376	–	-0.39%	–
TROW	Exit	Price T Rowe Group Inc	$0	–	-281,346	–	-0.40%	–
SPNV	Exit	Superior Energy Services Inc	$0	–	-1,125,132	–	-0.43%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-515,201	–	-0.44%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-417,016	–	-0.46%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-798,164	–	-0.48%	–
KMX	Exit	Carmax Inc	$0	–	-467,240	–	-0.54%	–
MSM	Exit	MSC Industrial Direct Inc	$0	–	-341,923	–	-0.54%	–
MON	Exit	Monsanto Co	$0	–	-247,174	–	-0.54%	–
MTB	Exit	M & T Bank Corp	$0	–	-219,114	–	-0.55%	–
ENH	Exit	Endurance Speciality Holdings	$0	–	-394,106	–	-0.55%	–
RBA	Exit	Ritchie Bros Auctioneers	$0	–	-766,933	–	-0.58%	–
HIG	Exit	Hartford Financial SVCS Group Inc	$0	–	-680,534	–	-0.63%	–
FMS	Exit	Fresenius Medical Care Ag And Co. Kgaa	$0	–	-668,200	–	-0.63%	–
RNR	Exit	Renaissancere Holding Ltd	$0	–	-251,099	–	-0.65%	–
	Exit	Autozone Inc	$0	–	-39,339	–	-0.65%	–
	Exit	Automatic Data Processing	$0	–	-343,758	–	-0.66%	–
CLH	Exit	Clean Harbors Inc	$0	–	-649,692	–	-0.67%	–
PAYX	Exit	Paychex Inc	$0	–	-557,753	–	-0.69%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-473,275	–	-0.72%	–
COST	Exit	Costco Wholesale Corp	$0	–	-221,978	–	-0.73%	–
EMR	Exit	Emerson Electric Co	$0	–	-623,297	–	-0.73%	–
BG	Exit	Bunge Ltd	$0	–	-591,574	–	-0.75%	–
GOOG	Exit	Alphabet Inc. - Class C	$0	–	-46,598	–	-0.78%	–
NOV	Exit	National Oilwell Varco Inc	$0	–	-1,014,662	–	-0.80%	–
	Exit	Abbott Laboratories	$0	–	-883,897	–	-0.80%	–
UTX	Exit	United Technologies Corp	$0	–	-370,808	–	-0.81%	–
	Exit	Analog Devices Inc	$0	–	-590,106	–	-0.82%	–
EBAY	Exit	Ebay Inc	$0	–	-1,169,378	–	-0.83%	–
VAR	Exit	Varian Medical Systems Inc	$0	–	-388,114	–	-0.83%	–
	Exit	American Express Co	$0	–	-607,390	–	-0.84%	–
	Exit	Baxter International Inc	$0	–	-859,291	–	-0.88%	–
EL	Exit	Lauder Estee Companies Inc	$0	–	-464,288	–	-0.88%	–
BEN	Exit	Franklin Resources Inc	$0	–	-1,169,915	–	-0.90%	–
RYN	Exit	Rayonier Inc	$0	–	-1,596,583	–	-0.91%	–
FLIR	Exit	Flir Systems Inc	$0	–	-1,356,921	–	-0.92%	–
MRK	Exit	Merck & Co Inc	$0	–	-735,665	–	-0.99%	–
	Exit	Archer-Daniels-Midland Co	$0	–	-1,095,594	–	-0.99%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-1,143,813	–	-1.01%	–
UNP	Exit	Union Pacific Corp	$0	–	-482,087	–	-1.01%	–
MJN	Exit	Mead Johnson Nutrition Co.	$0	–	-617,303	–	-1.05%	–
PCLN	Exit	Priceline Group Inc	$0	–	-33,469	–	-1.06%	–
XLNX	Exit	Xilinx Inc	$0	–	-1,022,176	–	-1.19%	–
	Exit	Berkshire Hathaway Inc	$0	–	-407,756	–	-1.27%	–
ACN	Exit	Accenture Plc	$0	–	-506,580	–	-1.33%	–
MMM	Exit	3M Co	$0	–	-358,698	–	-1.36%	–
GOOGL	Exit	Alphabet Inc. - Class A	$0	–	-80,204	–	-1.38%	–
CB	Exit	Chubb Ltd	$0	–	-510,930	–	-1.38%	–
MCD	Exit	McDonalds Corp	$0	–	-590,490	–	-1.46%	–
TWX	Exit	Time Warner Inc	$0	–	-862,862	–	-1.48%	–
	Exit	Aflac Inc	$0	–	-968,174	–	-1.49%	–
WFC	Exit	Wells Fargo & Co	$0	–	-1,639,269	–	-1.56%	–
	Exit	Alleghany Corp	$0	–	-140,577	–	-1.58%	–
WAT	Exit	Waters Corp	$0	–	-471,046	–	-1.60%	–
HOG	Exit	Harley Davidson Inc	$0	–	-1,475,542	–	-1.67%	–
	Exit	Baidu Inc - Spon ADR	$0	–	-452,466	–	-1.77%	–
INTC	Exit	Intel Corp	$0	–	-2,186,147	–	-1.77%	–
RCI	Exit	Rogers Communications Inc	$0	–	-1,937,459	–	-1.77%	–
L	Exit	Loews Corp	$0	–	-2,023,616	–	-1.79%	–
BAM	Exit	Brookfield Asset Management Inc	$0	–	-2,404,829	–	-1.81%	–
HSY	Exit	Hershey Company	$0	–	-895,687	–	-1.84%	–
LUXTY	Exit	Luxottica Group Spa	$0	–	-1,911,388	–	-1.96%	–
TRV	Exit	Travelers Cos Inc	$0	–	-897,870	–	-2.21%	–
TXN	Exit	Texas Instruments Inc	$0	–	-1,484,652	–	-2.24%	–
ORCL	Exit	Oracle Corp	$0	–	-2,657,782	–	-2.24%	–
KO	Exit	Coca Cola Co	$0	–	-2,542,597	–	-2.33%	–
OMC	Exit	Omnicom Corp Inc	$0	–	-1,268,401	–	-2.33%	–
CNQ	Exit	Canadian Natural Resources Ltd	$0	–	-3,549,651	–	-2.44%	–
CL	Exit	Colgate Palmolive Co	$0	–	-1,575,438	–	-2.51%	–
USB	Exit	US Bancorp	$0	–	-2,767,307	–	-2.56%	–
PX	Exit	Praxair Inc	$0	–	-1,060,080	–	-2.75%	–
LLTC	Exit	Linear Technology Corp	$0	–	-2,410,915	–	-3.07%	–
PG	Exit	Procter & Gamble Co	$0	–	-1,735,808	–	-3.34%	–
JNJ	Exit	Johnson and Johnson	$0	–	-1,725,583	–	-4.38%	–

Q3 2016

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson and Johnson	$203,837,000	-23.0%	1,725,583	-20.9%	4.38%	-22.1%
PG	Sell	Procter & Gamble Co	$155,722,000	-10.4%	1,735,808	-15.4%	3.34%	-9.3%
LLTC	Sell	Linear Technology Corp	$142,939,000	+1.8%	2,410,915	-20.1%	3.07%	+3.1%
PX	Sell	Praxair Inc	$128,084,000	-2.3%	1,060,080	-9.2%	2.75%	-1.1%
USB	Sell	US Bancorp	$119,412,000	-7.7%	2,767,307	-13.2%	2.56%	-6.5%
CL	Sell	Colgate Palmolive Co	$116,795,000	-29.0%	1,575,438	-29.9%	2.51%	-28.1%
CNQ	Buy	Canadian Natural Resources Ltd	$113,885,000	+27.9%	3,549,651	+23.0%	2.44%	+29.4%
OMC	Sell	Omnicom Corp Inc	$108,469,000	-0.1%	1,268,401	-4.2%	2.33%	+1.1%
KO	Sell	Coca Cola Co	$108,450,000	-10.9%	2,542,597	-4.7%	2.33%	-9.8%
ORCL	Sell	Oracle Corp	$104,393,000	-8.7%	2,657,782	-4.8%	2.24%	-7.5%
TXN	Sell	Texas Instruments Inc	$104,188,000	+7.6%	1,484,652	-3.9%	2.24%	+9.0%
TRV	Sell	Travelers Cos Inc	$102,853,000	-24.1%	897,870	-21.1%	2.21%	-23.2%
LUXTY	Sell	Luxottica Group Spa	$91,489,000	-5.6%	1,911,388	-3.7%	1.96%	-4.5%
HSY	Sell	Hershey Company	$85,628,000	-34.8%	895,687	-22.6%	1.84%	-34.0%
BAM	Buy	Brookfield Asset Management Inc	$84,420,000	+122.9%	2,404,829	+109.0%	1.81%	+125.7%
L	Sell	Loews Corp	$83,265,000	-4.9%	2,023,616	-5.1%	1.79%	-3.8%
RCI	Buy	Rogers Communications Inc	$82,609,000	+29.1%	1,937,459	+22.9%	1.77%	+30.6%
INTC	Sell	Intel Corp	$82,519,000	+9.7%	2,186,147	-4.7%	1.77%	+11.0%
	Buy	Baidu Inc - Spon ADR	$82,380,000	+15.1%	452,466	+4.4%	1.77%	+16.5%
HOG	Sell	Harley Davidson Inc	$77,596,000	+16.0%	1,475,542	-0.1%	1.67%	+17.4%
WAT	Sell	Waters Corp	$74,649,000	+8.3%	471,046	-3.9%	1.60%	+9.6%
	Sell	Alleghany Corp	$73,804,000	-9.3%	140,577	-5.1%	1.58%	-8.2%
WFC	Sell	Wells Fargo & Co	$72,587,000	-24.7%	1,639,269	-19.6%	1.56%	-23.9%
	Sell	Aflac Inc	$69,583,000	-5.5%	968,174	-5.1%	1.49%	-4.3%
TWX	Sell	Time Warner Inc	$68,697,000	+3.5%	862,862	-4.4%	1.48%	+4.8%
MCD	Sell	McDonalds Corp	$68,118,000	-8.7%	590,490	-4.7%	1.46%	-7.6%
CB	Sell	Chubb Ltd	$64,529,000	-7.6%	510,930	-3.9%	1.38%	-6.5%
GOOGL	Buy	Alphabet Inc. - Class A	$64,488,000	+76.3%	80,204	+54.2%	1.38%	+78.4%
MMM	Sell	3M Co	$63,256,000	-3.6%	358,698	-4.0%	1.36%	-2.4%
ACN	Sell	Accenture Plc	$61,941,000	+3.6%	506,580	-3.9%	1.33%	+4.9%
	Sell	Berkshire Hathaway Inc	$58,956,000	-5.4%	407,756	-5.1%	1.27%	-4.2%
XLNX	Sell	Xilinx Inc	$55,543,000	+13.0%	1,022,176	-4.1%	1.19%	+14.3%
PCLN	New	Priceline Group Inc	$49,249,000	–	33,469	–	1.06%	–
MJN	Buy	Mead Johnson Nutrition Co.	$48,989,000	+3.4%	617,303	+18.7%	1.05%	+4.7%
UNP	Buy	Union Pacific Corp	$47,017,000	+15.8%	482,087	+3.6%	1.01%	+17.2%
PYPL	Sell	PayPal Holdings Inc.	$46,860,000	+6.5%	1,143,813	-5.1%	1.01%	+7.8%
	New	Archer-Daniels-Midland Co	$46,199,000	–	1,095,594	–	0.99%	–
MRK	Sell	Merck & Co Inc	$46,230,000	+2.8%	735,665	-5.1%	0.99%	+4.0%
FLIR	Sell	Flir Systems Inc	$42,632,000	-3.6%	1,356,921	-5.1%	0.92%	-2.5%
RYN	Sell	Rayonier Inc	$42,377,000	-5.2%	1,596,583	-6.3%	0.91%	-4.0%
BEN	Sell	Franklin Resources Inc	$41,810,000	+2.4%	1,169,915	-3.9%	0.90%	+3.7%
EL	Sell	Lauder Estee Companies Inc	$41,117,000	-6.5%	464,288	-3.9%	0.88%	-5.4%
	Sell	Baxter International Inc	$41,005,000	-0.1%	859,291	-5.1%	0.88%	+1.1%
	Sell	American Express Co	$38,896,000	-0.4%	607,390	-5.1%	0.84%	+0.8%
VAR	Sell	Varian Medical Systems Inc	$38,628,000	+16.3%	388,114	-3.9%	0.83%	+17.8%
EBAY	Sell	Ebay Inc	$38,470,000	+33.4%	1,169,378	-5.1%	0.83%	+35.0%
	Sell	Analog Devices Inc	$38,031,000	-32.5%	590,106	-40.7%	0.82%	-31.7%
UTX	Sell	United Technologies Corp	$37,673,000	-4.8%	370,808	-3.9%	0.81%	-3.6%
	Sell	Abbott Laboratories	$37,378,000	-22.8%	883,897	-28.3%	0.80%	-21.9%
NOV	Buy	National Oilwell Varco Inc	$37,273,000	+40.5%	1,014,662	+28.7%	0.80%	+42.1%
GOOG	Sell	Alphabet Inc. - Class C	$36,216,000	+6.6%	46,598	-5.1%	0.78%	+7.8%
BG	New	Bunge Ltd	$35,037,000	–	591,574	–	0.75%	–
EMR	Sell	Emerson Electric Co	$33,975,000	-16.1%	623,297	-19.7%	0.73%	-15.1%
COST	Sell	Costco Wholesale Corp	$33,854,000	-7.8%	221,978	-5.1%	0.73%	-6.7%
CHRW	New	C H Robinson Worldwide Inc	$33,346,000	–	473,275	–	0.72%	–
PAYX	Sell	Paychex Inc	$32,276,000	-6.5%	557,753	-3.9%	0.69%	-5.3%
CLH	Sell	Clean Harbors Inc	$31,169,000	-12.6%	649,692	-5.1%	0.67%	-11.5%
	Sell	Automatic Data Processing	$30,493,000	-7.6%	343,758	-3.9%	0.66%	-6.4%
	Sell	Autozone Inc	$30,226,000	-7.0%	39,339	-3.9%	0.65%	-5.8%
RNR	Sell	Renaissancere Holding Ltd	$30,170,000	-1.7%	251,099	-3.9%	0.65%	-0.5%
FMS	Sell	Fresenius Medical Care Ag And Co. Kgaa	$29,361,000	-6.3%	668,200	-6.8%	0.63%	-5.3%
HIG	Buy	Hartford Financial SVCS Group Inc	$29,274,000	+18.5%	680,534	+22.7%	0.63%	+19.8%
RBA	New	Ritchie Bros Auctioneers	$26,824,000	–	766,933	–	0.58%	–
ENH	Sell	Endurance Speciality Holdings	$25,792,000	-6.4%	394,106	-3.9%	0.55%	-5.1%
MTB	Sell	M & T Bank Corp	$25,438,000	-45.7%	219,114	-44.7%	0.55%	-45.0%
MON	Sell	Monsanto Co	$25,262,000	-49.3%	247,174	-48.7%	0.54%	-48.7%
MSM	Sell	MSC Industrial Direct Inc	$25,099,000	-1.2%	341,923	-5.1%	0.54%	0.0%
KMX	Sell	Carmax Inc	$24,926,000	+3.3%	467,240	-5.1%	0.54%	+4.5%
AXTA	Sell	Axalta Coating Systems Ltd	$22,563,000	+1.2%	798,164	-5.1%	0.48%	+2.3%
EXPD	Sell	Expeditors Intl Wash Inc	$21,484,000	+1.0%	417,016	-3.9%	0.46%	+2.2%
CIB	Buy	Bancolombia Sa -Pref	$20,270,000	+26.3%	515,201	+12.1%	0.44%	+27.9%
SPNV	Sell	Superior Energy Services Inc	$20,140,000	-39.8%	1,125,132	-38.1%	0.43%	-39.1%
TROW	Sell	Price T Rowe Group Inc	$18,710,000	-12.4%	281,346	-3.9%	0.40%	-11.3%
WY	Sell	Weyerhaeuser Co	$17,993,000	+0.6%	563,376	-6.3%	0.39%	+1.8%
PPG	Sell	PPG Industries Inc	$16,902,000	-5.8%	163,532	-5.1%	0.36%	-4.7%
IPGP	New	IPG Photonics Corp	$15,884,000	–	192,894	–	0.34%	–
WWW	Sell	Wolverine World Wide Inc	$15,617,000	+7.6%	676,551	-5.1%	0.34%	+8.8%
WSM	Sell	Williams-Sonoma Inc	$15,456,000	-7.0%	302,583	-5.1%	0.33%	-5.7%
	Buy	Amazon.com Inc	$15,320,000	+20.1%	19,047	+6.8%	0.33%	+21.4%
FRC	Sell	First Republic Bank/CA	$14,846,000	+4.6%	192,542	-5.1%	0.32%	+6.0%
DLB	Sell	Dolby Laboratories Inc-CL A	$14,444,000	+7.7%	266,075	-5.1%	0.31%	+9.2%
BVN	Buy	Compania De Minas Buenaventura	$13,813,000	+29.5%	998,046	+11.8%	0.30%	+31.4%
MKL	Sell	Markel Corp	$13,599,000	-18.8%	14,644	-16.7%	0.29%	-17.7%
PEP	Sell	Pepsico Inc	$12,333,000	-2.5%	113,387	-5.1%	0.26%	-1.1%
UPS	Sell	United Parcel Services Inc	$10,572,000	-3.6%	96,669	-5.1%	0.23%	-2.6%
G	Buy	Genpact Ltd	$10,276,000	-9.2%	429,078	+1.7%	0.22%	-7.9%
PCAR	Sell	Paccar Inc	$9,284,000	+7.6%	157,956	-5.1%	0.20%	+8.7%
MLM	Sell	Martin Marietta Materials Inc	$8,691,000	-11.4%	48,522	-5.1%	0.19%	-10.1%
FAST	Buy	Fastenal Co	$8,262,000	-3.9%	197,758	+2.1%	0.18%	-2.7%
TRIP	Sell	TRIPADVISOR INC	$8,154,000	-1.8%	129,066	-0.1%	0.18%	-0.6%
	Sell	American International Corp Inc	$7,589,000	+6.4%	127,902	-5.1%	0.16%	+7.9%
AMTD	Sell	TD Ameritrade Holding Corp	$7,046,000	+17.4%	199,945	-5.2%	0.15%	+18.9%
AMX	Buy	America Movil SAB de CV	$6,762,000	+4.4%	591,089	+11.8%	0.14%	+5.8%
TJX	Sell	TJX Companies Inc	$5,873,000	-8.2%	78,545	-5.2%	0.13%	-7.4%
GMED	New	Globus Medical Inc A	$5,882,000	–	260,613	–	0.13%	–
DNOW	Sell	Now Inc/DE-W/I	$5,323,000	+12.0%	248,432	-5.2%	0.11%	+12.9%
KHC	Sell	Kraft Heinz Co.	$5,023,000	-4.0%	55,766	-5.2%	0.11%	-2.7%
LECO	Sell	Lincoln Electric Holdings Inc	$4,894,000	+0.4%	77,786	-5.3%	0.10%	+1.9%
EOG	Sell	EOG Resources Inc	$3,815,000	+10.0%	39,452	-5.1%	0.08%	+10.8%
GS	Sell	Goldman Sachs Group Inc	$3,231,000	+3.0%	20,035	-5.1%	0.07%	+3.0%
TSM	Sell	Taiwan Semiconductor Manufacturing Co Ltd	$2,065,000	-5.9%	67,495	-17.1%	0.04%	-6.4%
SQM	Buy	Sociedad Quimica y Minera de Chile	$1,691,000	+28.3%	62,851	+17.9%	0.04%	+28.6%
BBU	Exit	Brookfield Business Partners Units	$0	–	-1,473	–	-0.00%	–
	Exit	Atwood Oceanics Inc	$0	–	-525,242	–	-0.14%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-398,477	–	-0.52%	–
MSFT	Exit	Microsoft Corp	$0	–	-694,718	–	-0.75%	–

Q2 2016

			Value		Shares		↓ Weighting
JNJ	New	Johnson and Johnson	$264,759,000	–	2,182,740	–	5.62%	–
PG	New	Procter & Gamble Co	$173,719,000	–	2,051,718	–	3.68%	–
CL	New	Colgate Palmolive Co	$164,484,000	–	2,247,152	–	3.49%	–
LLTC	New	Linear Technology Corp	$140,398,000	–	3,017,472	–	2.98%	–
TRV	New	Travelers Companies Inc	$135,507,000	–	1,138,351	–	2.87%	–
HSY	New	The Hershey Company	$131,336,000	–	1,157,339	–	2.78%	–
PX	New	Praxair Inc	$131,138,000	–	1,166,849	–	2.78%	–
USB	New	US Bancorp	$129,352,000	–	3,189,147	–	2.74%	–
KO	New	Coca Cola Co	$121,723,000	–	2,667,137	–	2.58%	–
ORCL	New	Oracle Corp	$114,291,000	–	2,792,590	–	2.42%	–
OMC	New	Omnicom Group Inc	$108,591,000	–	1,324,559	–	2.30%	–
LUXTY	New	Luxottica Group Spa	$96,935,000	–	1,983,885	–	2.06%	–
TXN	New	Texas Instruments Inc	$96,788,000	–	1,544,948	–	2.05%	–
WFC	New	Wells Fargo & Co	$96,455,000	–	2,037,774	–	2.05%	–
CNQ	New	Canadian Natural Resources Ltd	$89,075,000	–	2,886,608	–	1.89%	–
L	New	Loews Corp	$87,593,000	–	2,131,820	–	1.86%	–
	New	Alleghany Corp	$81,379,000	–	148,097	–	1.73%	–
INTC	New	Intel Corp	$75,234,000	–	2,293,723	–	1.60%	–
MCD	New	McDonalds Corp	$74,600,000	–	619,932	–	1.58%	–
	New	Aflac Inc	$73,598,000	–	1,019,958	–	1.56%	–
	New	Baidu Inc - Spon ADR	$71,560,000	–	433,303	–	1.52%	–
CB	New	Chubb Limited	$69,826,000	–	531,685	–	1.48%	–
WAT	New	Waters Corp	$68,942,000	–	490,168	–	1.46%	–
HOG	New	Harley Davidson Inc	$66,921,000	–	1,477,217	–	1.42%	–
TWX	New	Time Warner Inc	$66,356,000	–	902,360	–	1.41%	–
MMM	New	3M Co	$65,596,000	–	373,578	–	1.39%	–
RCI	New	Rogers Communications Inc	$64,007,000	–	1,575,936	–	1.36%	–
	New	Berkshire Hathaway Inc	$62,350,000	–	429,540	–	1.32%	–
ACN	New	Accenture Plc	$59,784,000	–	527,157	–	1.27%	–
	New	Analog Devices Inc	$56,319,000	–	994,327	–	1.19%	–
MON	New	Monsanto Co	$49,794,000	–	481,456	–	1.06%	–
XLNX	New	Xilinx Inc	$49,169,000	–	1,065,914	–	1.04%	–
	New	Abbott Laboratories	$48,432,000	–	1,232,158	–	1.03%	–
MJN	New	Mead Johnson Nutrition Co.	$47,391,000	–	520,082	–	1.00%	–
MTB	New	M & T Bank Corp	$46,838,000	–	396,163	–	0.99%	–
MRK	New	Merck & Co Inc	$44,970,000	–	775,014	–	0.95%	–
RYN	New	Rayonier Inc	$44,700,000	–	1,703,342	–	0.95%	–
FLIR	New	Flir Systems Inc	$44,244,000	–	1,429,521	–	0.94%	–
PYPL	New	PayPal Holdings Inc.	$43,998,000	–	1,205,100	–	0.93%	–
EL	New	Estee Lauder Companies Class A	$43,976,000	–	483,146	–	0.93%	–
	New	Baxter International Inc	$41,037,000	–	905,242	–	0.87%	–
BEN	New	Franklin Resources Inc	$40,826,000	–	1,217,436	–	0.87%	–
UNP	New	Union Pacific Corp Inc	$40,616,000	–	465,498	–	0.86%	–
EMR	New	Emerson Electric Co	$40,483,000	–	776,191	–	0.86%	–
UTX	New	United Technologies Corp	$39,577,000	–	385,922	–	0.84%	–
	New	American Express Co	$39,048,000	–	639,960	–	0.83%	–
BAM	New	Brookfield Asset Management Inc - CL A	$37,879,000	–	1,150,814	–	0.80%	–
COST	New	Costco Wholesale Corp	$36,723,000	–	233,847	–	0.78%	–
GOOGL	New	Alphabet Inc. - Class A	$36,583,000	–	52,006	–	0.78%	–
CLH	New	Clean Harbors Inc	$35,667,000	–	684,428	–	0.76%	–
MSFT	New	Microsoft Corp	$35,549,000	–	694,718	–	0.75%	–
PAYX	New	Paychex Inc	$34,533,000	–	580,411	–	0.73%	–
GOOG	New	Alphabet Inc. - Class C	$33,972,000	–	49,085	–	0.72%	–
SPNV	New	Superior Energy Services Inc	$33,437,000	–	1,816,441	–	0.71%	–
VAR	New	Varian Medical Systems Inc	$33,204,000	–	403,823	–	0.70%	–
	New	Automatic Data Processing	$32,994,000	–	357,770	–	0.70%	–
	New	Autozone Inc	$32,486,000	–	40,935	–	0.69%	–
FMS	New	Fresenius Medical Care Ag And Co. Kgaa	$31,351,000	–	716,654	–	0.66%	–
RNR	New	Renaissancere Holdings Ltd	$30,685,000	–	261,298	–	0.65%	–
EBAY	New	Ebay Inc	$28,842,000	–	1,232,046	–	0.61%	–
ENH	New	Endurance Speciality Holdings	$27,541,000	–	410,116	–	0.58%	–
NOV	New	National Oilwell Varco Inc	$26,525,000	–	788,315	–	0.56%	–
MSM	New	MSC Industrial Direct Co A	$25,416,000	–	360,217	–	0.54%	–
JPM	New	JP Morgan Chase & Co	$24,763,000	–	398,477	–	0.52%	–
HIG	New	Hartford Financial SVCS Group	$24,714,000	–	554,560	–	0.52%	–
KMX	New	Carmax Inc	$24,136,000	–	492,312	–	0.51%	–
AXTA	New	Axalta Coating Systems Ltd	$22,302,000	–	840,761	–	0.47%	–
TROW	New	Price T Rowe Group Inc	$21,358,000	–	292,714	–	0.45%	–
EXPD	New	Expeditors Intl Wash Inc	$21,277,000	–	433,887	–	0.45%	–
PPG	New	PPG Industries Inc	$17,943,000	–	172,285	–	0.38%	–
WY	New	Weyerhaeuser Co	$17,887,000	–	600,970	–	0.38%	–
MKL	New	Markel Corp	$16,741,000	–	17,576	–	0.36%	–
WSM	New	Williams-Sonoma Inc	$16,616,000	–	318,737	–	0.35%	–
CIB	New	Bancolombia Sa -Pref	$16,048,000	–	459,568	–	0.34%	–
WWW	New	Wolverine World Wide Inc	$14,519,000	–	712,644	–	0.31%	–
FRC	New	First Republic Bank	$14,193,000	–	202,798	–	0.30%	–
DLB	New	Dolby Laboratories Inc-CL A	$13,410,000	–	280,247	–	0.28%	–
	New	Amazon.com Inc	$12,758,000	–	17,838	–	0.27%	–
PEP	New	Pepsico Inc	$12,652,000	–	119,429	–	0.27%	–
G	New	Genpact Ltd	$11,321,000	–	421,820	–	0.24%	–
UPS	New	United Parcel Services Cl B	$10,969,000	–	101,823	–	0.23%	–
BVN	New	Compania De Minas Buenaventu Spon ADR	$10,668,000	–	892,816	–	0.23%	–
MLM	New	Martin Marietta Materials Inc	$9,813,000	–	51,108	–	0.21%	–
PCAR	New	Paccar Inc	$8,629,000	–	166,373	–	0.18%	–
FAST	New	Fastenal Co	$8,597,000	–	193,688	–	0.18%	–
TRIP	New	TRIPADVISOR INC	$8,304,000	–	129,144	–	0.18%	–
	New	American International Group Inc	$7,130,000	–	134,814	–	0.15%	–
	New	Atwood Oceanics Inc	$6,575,000	–	525,242	–	0.14%	–
AMX	New	America Movil SAB de CV	$6,479,000	–	528,497	–	0.14%	–
TJX	New	TJX Companies Inc	$6,396,000	–	82,816	–	0.14%	–
AMTD	New	TD Ameritrade Holding Corp	$6,003,000	–	210,819	–	0.13%	–
KHC	New	Kraft Heinz Co.	$5,232,000	–	58,796	–	0.11%	–
LECO	New	Lincoln Electric Holdings Inc	$4,874,000	–	82,100	–	0.10%	–
DNOW	New	Now Inc	$4,751,000	–	261,944	–	0.10%	–
EOG	New	EOG Resources Inc	$3,468,000	–	41,580	–	0.07%	–
GS	New	Goldman Sachs Group Inc	$3,137,000	–	21,115	–	0.07%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$2,195,000	–	81,385	–	0.05%	–
SQM	New	Sociedad Quimica y Minera de Chile -SP ADR	$1,318,000	–	53,331	–	0.03%	–
CCU	New	Compania Cervecerias Unidas Spon ADR	$691,000	–	29,618	–	0.02%	–
BBU	New	Brookfield Business Partners Units	$28,000	–	1,473	–	0.00%	–
WMIH	New	WMI Holdings Corp	$1,000	–	563	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
WMIH	Exit	WMIH Corp	$0	–	-582	–	0.00%	–
CCU	Exit	Compania Cervecerias Unidas Spon ADR	$0	–	-38,216	–	-0.02%	–
SQM	Exit	Sociedad Quimica y Minera de Chile S.A. Spon ADR Ser B	$0	–	-59,712	–	-0.02%	–
TSM	Exit	Taiwan Semiconductor Manufacturing MFG Spon ADR	$0	–	-86,042	–	-0.04%	–
BVN	Exit	Compania de Minas Buenaventu Spon ADR	$0	–	-1,008,782	–	-0.14%	–
ATW	Exit	Atwood Oceanics Inc	$0	–	-504,030	–	-0.18%	–
AMX	Exit	America Movil SAB de CV	$0	–	-783,352	–	-0.32%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-408,414	–	-0.32%	–
RMD	Exit	Resmed Inc	$0	–	-296,404	–	-0.36%	–
GOOG	Exit	Google Inc-Cl A	$0	–	-25,010	–	-0.37%	–
TW	Exit	Towers Watson & Co	$0	–	-129,505	–	-0.37%	–
G	Exit	Genpact Ltd	$0	–	-678,801	–	-0.39%	–
MR	Exit	Mindray Medical Int Spon ADR	$0	–	-778,221	–	-0.41%	–
NOV	Exit	National Oilwell Varco Inc	$0	–	-458,844	–	-0.42%	–
ENH	Exit	Endurance Speciality Holdings	$0	–	-326,122	–	-0.48%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-428,214	–	-0.49%	–
ADP	Exit	Automatic Data Processing	$0	–	-262,191	–	-0.51%	–
HOG	Exit	Harley Davidson Inc	$0	–	-454,241	–	-0.60%	–
MSM	Exit	MSC Industrial Direct Co Inc A	$0	–	-440,326	–	-0.65%	–
PAYX	Exit	Paychex Inc	$0	–	-571,018	–	-0.66%	–
RNR	Exit	Renaissancere Holding Ltd	$0	–	-256,788	–	-0.66%	–
SPNV	Exit	Superior Energy Services Inc	$0	–	-2,234,885	–	-0.68%	–
FMS	Exit	Fresenius Med Care AG&CO KGA Spon ADR	$0	–	-723,225	–	-0.68%	–
VAR	Exit	Varian Medical Systems Inc	$0	–	-394,110	–	-0.70%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-483,964	–	-0.71%	–
EBAY	Exit	Ebay Inc	$0	–	-1,262,809	–	-0.74%	–
AZO	Exit	Autozone Inc	$0	–	-45,695	–	-0.80%	–
BEN	Exit	Franklin Resources	$0	–	-887,781	–	-0.80%	–
UTX	Exit	United Technologies Corp	$0	–	-385,471	–	-0.83%	–
BXLT	Exit	Baxalta Inc	$0	–	-1,108,839	–	-0.84%	–
XLNX	Exit	Xilinx Inc	$0	–	-858,637	–	-0.88%	–
BAX	Exit	Baxter International Inc	$0	–	-1,108,253	–	-0.88%	–
RYN	Exit	Rayonier Inc	$0	–	-1,666,025	–	-0.89%	–
CLH	Exit	Clean Harbors Inc	$0	–	-839,005	–	-0.89%	–
MRK	Exit	Merck & Co Inc	$0	–	-751,481	–	-0.90%	–
EL	Exit	Estee Lauder Companies Class A	$0	–	-473,313	–	-0.92%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-1,263,787	–	-0.95%	–
BAM	Exit	Brookfield Asset Manage-CL A	$0	–	-1,256,925	–	-0.95%	–
GOOGL	Exit	Google Inc-Cl A	$0	–	-63,590	–	-0.98%	–
SIAL	Exit	Sigma-Aldrich Corp	$0	–	-296,244	–	-0.99%	–
COST	Exit	Costco Wholesale Corp	$0	–	-285,734	–	-1.00%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-321,800	–	-1.01%	–
AXP	Exit	American Express Co	$0	–	-587,355	–	-1.05%	–
MMM	Exit	3M Co	$0	–	-316,650	–	-1.08%	–
MTB	Exit	M & T Bank Corp	$0	–	-370,961	–	-1.09%	–
ABT	Exit	Abbott Laboratories	$0	–	-1,205,736	–	-1.17%	–
ADI	Exit	Analog Devices Inc	$0	–	-861,795	–	-1.17%	–
FLIR	Exit	Flir Systems Inc	$0	–	-1,748,757	–	-1.18%	–
ACN	Exit	Accenture Plc	$0	–	-513,627	–	-1.22%	–
WAT	Exit	Waters Corp	$0	–	-431,317	–	-1.23%	–
EMR	Exit	Emerson Electric Co	$0	–	-1,170,802	–	-1.25%	–
MSFT	Exit	Microsoft Corp	$0	–	-1,307,296	–	-1.40%	–
RCI	Exit	Rogers Communications Inc	$0	–	-1,709,104	–	-1.43%	–
BIDU	Exit	Baidu Inc - Spon ADR	$0	–	-440,677	–	-1.46%	–
CNQ	Exit	Canadian Natural Resources	$0	–	-3,130,135	–	-1.48%	–
TWX	Exit	Time Warner Inc	$0	–	-969,314	–	-1.61%	–
PFE	Exit	Pfizer Inc	$0	–	-2,142,495	–	-1.62%	–
AFL	Exit	Aflac Inc	$0	–	-1,247,907	–	-1.75%	–
TXN	Exit	Texas Instruments Inc	$0	–	-1,502,532	–	-1.80%	–
Y	Exit	Alleghany Corp	$0	–	-178,107	–	-2.01%	–
L	Exit	Loews Corp	$0	–	-2,308,031	–	-2.01%	–
OMC	Exit	Omnicom Group Inc	$0	–	-1,296,076	–	-2.08%	–
INTC	Exit	Intel Corp	$0	–	-2,871,805	–	-2.09%	–
WFC	Exit	Wells Fargo & Co	$0	–	-1,712,310	–	-2.12%	–
CB	Exit	Chubb Corp	$0	–	-865,739	–	-2.57%	–
MCD	Exit	McDonalds Corp	$0	–	-1,107,648	–	-2.63%	–
LLTC	Exit	Linear Technology Corp	$0	–	-2,748,462	–	-2.68%	–
ORCL	Exit	Oracle Corp	$0	–	-3,105,434	–	-2.71%	–
HSY	Exit	The Hershey Company	$0	–	-1,222,259	–	-2.71%	–
KO	Exit	Coca Cola Co	$0	–	-3,032,763	–	-2.96%	–
PX	Exit	Praxair Inc	$0	–	-1,258,671	–	-3.09%	–
TRV	Exit	The Travelers Cos Inc	$0	–	-1,349,106	–	-3.24%	–
USB	Exit	US Bancorp Del	$0	–	-3,319,977	–	-3.30%	–
LUXTY	Exit	Luxottica Group Spa Spon ADR	$0	–	-2,012,853	–	-3.36%	–
PG	Exit	Procter & Gamble Co	$0	–	-2,123,029	–	-3.68%	–
CL	Exit	Colgate Palmolive Co	$0	–	-2,473,239	–	-3.79%	–
JNJ	Exit	Johnson and Johnson	$0	–	-2,012,227	–	-4.53%	–

Q3 2015

			Value		Shares		↓ Weighting
JNJ	Buy	Johnson and Johnson	$187,838,000	+2.2%	2,012,227	+6.7%	4.53%	+8.0%
CL	Buy	Colgate Palmolive Co	$156,956,000	-0.7%	2,473,239	+2.3%	3.79%	+4.9%
PG	Buy	Procter & Gamble Co	$152,689,000	-6.2%	2,123,029	+2.1%	3.68%	-0.9%
LUXTY	Sell	Luxottica Group Spa Spon ADR	$139,437,000	+1.0%	2,012,853	-3.1%	3.36%	+6.8%
USB	Buy	US Bancorp Del	$136,904,000	-2.9%	3,319,977	+2.7%	3.30%	+2.6%
TRV	Buy	The Travelers Cos Inc	$134,272,000	+13.2%	1,349,106	+10.0%	3.24%	+19.6%
PX	Buy	Praxair Inc	$128,197,000	-14.6%	1,258,671	+0.2%	3.09%	-9.8%
KO	Buy	Coca Cola Co	$122,570,000	+8.1%	3,032,763	+5.6%	2.96%	+14.2%
HSY	Buy	The Hershey Company	$112,295,000	+9.9%	1,222,259	+6.2%	2.71%	+16.1%
ORCL	Buy	Oracle Corp	$112,157,000	-10.0%	3,105,434	+0.4%	2.71%	-4.9%
LLTC	Buy	Linear Technology Corp	$110,896,000	-5.9%	2,748,462	+3.2%	2.68%	-0.6%
MCD	Buy	McDonalds Corp	$109,135,000	+4.1%	1,107,648	+0.4%	2.63%	+9.9%
CB	Sell	Chubb Corp	$106,621,000	-12.7%	865,739	-32.2%	2.57%	-7.7%
WFC	Buy	Wells Fargo & Co	$87,912,000	-1.9%	1,712,310	+7.5%	2.12%	+3.6%
INTC	Buy	Intel Corp	$86,546,000	-0.5%	2,871,805	+0.4%	2.09%	+5.0%
OMC	Buy	Omnicom Group Inc	$86,000,000	-3.1%	1,296,076	+2.1%	2.08%	+2.4%
L	Buy	Loews Corp	$83,404,000	+7.0%	2,308,031	+14.0%	2.01%	+13.0%
Y	Buy	Alleghany Corp	$83,352,000	+0.5%	178,107	+0.6%	2.01%	+6.1%
TXN	Buy	Texas Instruments Inc	$74,400,000	-3.8%	1,502,532	+0.1%	1.80%	+1.6%
AFL	Buy	Aflac Inc	$72,536,000	-6.0%	1,247,907	+0.6%	1.75%	-0.7%
PFE	Buy	Pfizer Inc	$67,292,000	-5.8%	2,142,495	+0.5%	1.62%	-0.5%
TWX	Buy	Time Warner Inc	$66,632,000	-21.1%	969,314	+0.4%	1.61%	-16.6%
CNQ	Sell	Canadian Natural Resources	$61,158,000	-29.1%	3,130,135	-0.9%	1.48%	-25.1%
BIDU	Buy	Baidu Inc - Spon ADR	$60,553,000	-30.9%	440,677	+0.1%	1.46%	-27.0%
RCI	Sell	Rogers Communications Inc	$59,168,000	-4.3%	1,709,104	-0.9%	1.43%	+1.1%
MSFT	Buy	Microsoft Corp	$57,851,000	+0.8%	1,307,296	+0.5%	1.40%	+6.5%
EMR	Sell	Emerson Electric Co	$51,712,000	-42.5%	1,170,802	-27.9%	1.25%	-39.3%
WAT	Buy	Waters Corp	$50,981,000	-7.8%	431,317	+0.1%	1.23%	-2.6%
ACN	Buy	Accenture Plc	$50,543,000	+7.2%	513,627	+5.6%	1.22%	+13.3%
FLIR	Buy	Flir Systems Inc	$48,944,000	-8.7%	1,748,757	+0.5%	1.18%	-3.5%
ADI	Buy	Analog Devices Inc	$48,611,000	-12.0%	861,795	+0.1%	1.17%	-7.1%
ABT	Buy	Abbott Laboratories	$48,495,000	-18.0%	1,205,736	+0.1%	1.17%	-13.3%
MTB	Buy	M & T Bank Corp	$45,238,000	-1.9%	370,961	+0.5%	1.09%	+3.6%
MMM	Sell	3M Co	$44,901,000	-32.9%	316,650	-26.9%	1.08%	-29.1%
AXP	Buy	American Express Co	$43,537,000	-4.4%	587,355	+0.6%	1.05%	+1.1%
BRKB	Buy	Berkshire Hathaway Inc	$42,018,000	-3.3%	321,800	+0.7%	1.01%	+2.1%
COST	Buy	Costco Wholesale Corp	$41,308,000	+7.7%	285,734	+0.6%	1.00%	+13.8%
SIAL	Buy	Sigma-Aldrich Corp	$41,154,000	-0.2%	296,244	+0.1%	0.99%	+5.4%
GOOGL	Buy	Google Inc-Cl A	$40,577,000	+18.9%	63,590	+0.7%	0.98%	+25.7%
BAM	Sell	Brookfield Asset Manage-CL A	$39,364,000	-11.2%	1,256,925	-0.9%	0.95%	-6.1%
PYPL	New	PayPal Holdings Inc.	$39,223,000	–	1,263,787	–	0.95%	–
EL	Buy	Estee Lauder Companies Class A	$38,185,000	-6.8%	473,313	+0.1%	0.92%	-1.6%
MRK	New	Merck & Co Inc	$37,415,000	–	751,481	–	0.90%	–
CLH	Buy	Clean Harbors Inc	$36,891,000	-17.7%	839,005	+0.6%	0.89%	-13.0%
RYN	Buy	Rayonier Inc	$36,765,000	+314.4%	1,666,025	+379.8%	0.89%	+336.9%
BAX	Buy	Baxter International Inc	$36,518,000	-52.9%	1,108,253	+0.5%	0.88%	-50.3%
XLNX	Buy	Xilinx Inc	$36,403,000	-3.9%	858,637	+0.1%	0.88%	+1.5%
BXLT	New	Baxalta Inc	$34,999,000	–	1,108,839	–	0.84%	–
UTX	New	United Technologies Corp	$34,298,000	–	385,471	–	0.83%	–
BEN	Buy	Franklin Resources	$33,196,000	-23.9%	887,781	+0.1%	0.80%	-19.6%
AZO	New	Autozone Inc	$33,069,000	–	45,695	–	0.80%	–
EBAY	Buy	Ebay Inc	$30,858,000	-59.2%	1,262,809	+0.6%	0.74%	-56.9%
JPM	Buy	JP Morgan Chase & Co	$29,505,000	-9.5%	483,964	+0.5%	0.71%	-4.4%
VAR	Buy	Varian Medical Systems Inc	$29,077,000	-12.4%	394,110	+0.1%	0.70%	-7.4%
FMS	Sell	Fresenius Med Care AG&CO KGA Spon ADR	$28,342,000	-7.3%	723,225	-1.2%	0.68%	-2.1%
SPNV	Buy	Superior Energy Services Inc	$28,231,000	-39.6%	2,234,885	+0.5%	0.68%	-36.2%
RNR	Buy	Renaissancere Holding Ltd	$27,300,000	+4.9%	256,788	+0.1%	0.66%	+10.8%
PAYX	Buy	Paychex Inc	$27,195,000	+22.4%	571,018	+20.5%	0.66%	+29.4%
MSM	Buy	MSC Industrial Direct Co Inc A	$26,872,000	-12.0%	440,326	+0.6%	0.65%	-7.2%
HOG	Buy	Harley Davidson Inc	$24,936,000	-1.8%	454,241	+0.8%	0.60%	+3.8%
ADP	Buy	Automatic Data Processing	$21,183,000	+42.6%	262,191	+42.3%	0.51%	+50.7%
EXPD	Buy	Expeditors Intl Wash Inc	$20,146,000	+2.2%	428,214	+0.1%	0.49%	+8.0%
ENH	Buy	Endurance Speciality Holdings	$19,903,000	-7.0%	326,122	+0.1%	0.48%	-1.8%
NOV	Buy	National Oilwell Varco Inc	$17,277,000	-21.4%	458,844	+0.8%	0.42%	-16.9%
MR	Buy	Mindray Medical Int Spon ADR	$17,019,000	-23.2%	778,221	+0.1%	0.41%	-18.8%
G	Buy	Genpact Ltd	$16,026,000	+10.8%	678,801	+0.1%	0.39%	+17.3%
GOOG	Buy	Google Inc-Cl A	$15,210,000	+17.5%	25,010	+0.6%	0.37%	+24.0%
TW	Buy	Towers Watson & Co	$15,219,000	-6.6%	129,505	+0.1%	0.37%	-1.3%
RMD	Buy	Resmed Inc	$15,105,000	-9.5%	296,404	+0.1%	0.36%	-4.5%
CIB	Buy	Bancolombia Sa -Pref	$13,294,000	-23.8%	408,414	+0.6%	0.32%	-19.5%
AMX	Sell	America Movil SAB de CV	$13,214,000	-44.0%	783,352	-29.3%	0.32%	-40.8%
ATW	Buy	Atwood Oceanics Inc	$7,578,000	-15.0%	504,030	+50.8%	0.18%	-10.3%
BVN	Buy	Compania de Minas Buenaventu Spon ADR	$6,011,000	-42.4%	1,008,782	+0.3%	0.14%	-39.1%
SQM	Sell	Sociedad Quimica y Minera de Chile S.A. Spon ADR Ser B	$868,000	-83.4%	59,712	-81.7%	0.02%	-82.4%
WMIH	New	WMIH Corp	$2,000	–	582	–	0.00%	–
KEYS	Exit	Keysight Technologies IN-W/I	$0	–	-151,915	–	-0.11%	–
MLM	Exit	Martin Marietta Materials	$0	–	-177,096	–	-0.57%	–
MKL	Exit	Markel Corp	$0	–	-33,793	–	-0.62%	–
ALTR	Exit	Altera Corp	$0	–	-549,344	–	-0.64%	–

Q2 2015

			Value		Shares		↓ Weighting
JNJ	New	Johnson and Johnson	$183,707,000	–	1,885,119	–	4.20%	–
PG	New	Procter & Gamble	$162,753,000	–	2,080,360	–	3.72%	–
CL	New	Colgate Palmolive Co	$158,080,000	–	2,416,949	–	3.61%	–
PX	New	Praxair Inc	$150,144,000	–	1,255,913	–	3.43%	–
USB	New	US Bancorp	$141,003,000	–	3,232,110	–	3.22%	–
LUXTY	New	Luxottica Group Spa	$137,993,000	–	2,076,773	–	3.15%	–
ORCL	New	Oracle Corp	$124,598,000	–	3,091,751	–	2.85%	–
CB	New	Chubb Corp	$122,062,000	–	1,276,473	–	2.79%	–
TRV	New	Travelers Cos Inc / The	$118,587,000	–	1,226,866	–	2.71%	–
LLTC	New	Linear Technology Corp	$117,800,000	–	2,663,465	–	2.69%	–
KO	New	Coca Cola Co	$113,429,000	–	2,871,449	–	2.59%	–
MCD	New	McDonalds Corp	$104,863,000	–	1,103,051	–	2.40%	–
HSY	New	The Hershey Company	$102,219,000	–	1,150,793	–	2.34%	–
EMR	New	Emerson Electric Co	$89,997,000	–	1,623,675	–	2.06%	–
WFC	New	Wells Fargo	$89,610,000	–	1,593,256	–	2.05%	–
OMC	New	Omnicom Group	$88,751,000	–	1,269,401	–	2.03%	–
BIDU	New	Baidu Inc - Spon ADR	$87,622,000	–	440,136	–	2.00%	–
INTC	New	Intel Corp	$87,023,000	–	2,861,272	–	1.99%	–
CNQ	New	Canadian Natural Resources	$86,290,000	–	3,158,677	–	1.97%	–
TWX	New	Time Warner Inc	$84,411,000	–	965,793	–	1.93%	–
Y	New	Alleghany Corp	$82,974,000	–	177,057	–	1.90%	–
L	New	Loews Corp	$77,970,000	–	2,024,770	–	1.78%	–
BAX	New	Baxter International Inc	$77,552,000	–	1,102,348	–	1.77%	–
TXN	New	Texas Instruments Inc	$77,301,000	–	1,500,757	–	1.77%	–
AFL	New	Aflac Inc	$77,174,000	–	1,240,815	–	1.76%	–
EBAY	New	Ebay Inc	$75,651,000	–	1,255,865	–	1.73%	–
PFE	New	Pfizer Inc	$71,442,000	–	2,130,935	–	1.63%	–
MMM	New	3M Co	$66,869,000	–	433,289	–	1.53%	–
RCI	New	Rogers Communications Inc	$61,814,000	–	1,725,170	–	1.41%	–
ABT	New	Abbot Laboratories	$59,108,000	–	1,204,324	–	1.35%	–
MSFT	New	Microsoft Corp	$57,411,000	–	1,300,355	–	1.31%	–
WAT	New	Waters Corp	$55,304,000	–	430,808	–	1.26%	–
ADI	New	Analog Devices Inc	$55,248,000	–	860,776	–	1.26%	–
FLIR	New	Flir Systems Inc	$53,603,000	–	1,739,322	–	1.22%	–
ACN	New	Accenture Plc	$47,158,000	–	486,455	–	1.08%	–
SPNV	New	Superior Energy Services	$46,765,000	–	2,222,883	–	1.07%	–
MTB	New	M & T Bank Corp	$46,129,000	–	369,247	–	1.05%	–
AXP	New	American Express Co	$45,521,000	–	583,773	–	1.04%	–
CLH	New	Clean Harbors Inc	$44,803,000	–	833,671	–	1.02%	–
BAM	New	Brookfield Asset Manage-CL A	$44,313,000	–	1,267,735	–	1.01%	–
BEN	New	Franklin Resources	$43,594,000	–	886,753	–	1.00%	–
BRKB	New	Berkshire Hathaway Inc	$43,468,000	–	319,529	–	0.99%	–
SIAL	New	Sigma-Aldrich	$41,234,000	–	295,901	–	0.94%	–
EL	New	Estee Lauder Companies Class A	$40,968,000	–	472,755	–	0.94%	–
COST	New	Costco Wholesale Corp	$38,352,000	–	283,963	–	0.88%	–
XLNX	New	Xilinx Inc	$37,872,000	–	857,619	–	0.86%	–
GOOGL	New	Google Inc-Cl A	$34,117,000	–	63,175	–	0.78%	–
VAR	New	Varian Medical Systems Inc	$33,196,000	–	393,648	–	0.76%	–
JPM	New	JP Morgan Chase & Co	$32,616,000	–	481,347	–	0.74%	–
FMS	New	Fresenius Medical Care Ag And Co. Kgaa	$30,581,000	–	731,955	–	0.70%	–
MSM	New	MSC Industrial Direct Co A	$30,542,000	–	437,742	–	0.70%	–
ALTR	New	Altera Corp	$28,124,000	–	549,344	–	0.64%	–
MKL	New	Markel Corp	$27,058,000	–	33,793	–	0.62%	–
RNR	New	Renaissancere Holding	$26,037,000	–	256,486	–	0.60%	–
HOG	New	Harley Davidson Inc	$25,401,000	–	450,801	–	0.58%	–
MLM	New	Martin Marietta Materials	$25,060,000	–	177,096	–	0.57%	–
AMX	New	America Movil SAB de CV	$23,604,000	–	1,107,683	–	0.54%	–
PAYX	New	Paychex Inc	$22,210,000	–	473,808	–	0.51%	–
MR	New	Mindray Medical	$22,151,000	–	777,239	–	0.51%	–
NOV	New	National Oilwell Varco	$21,968,000	–	455,025	–	0.50%	–
ENH	New	Endurance Speciality Holdings	$21,401,000	–	325,736	–	0.49%	–
EXPD	New	Expeditors Intl Wash Inc	$19,719,000	–	427,711	–	0.45%	–
CIB	New	Bancolombia Sa -Pref	$17,450,000	–	405,814	–	0.40%	–
RMD	New	Resmed Inc	$16,687,000	–	296,020	–	0.38%	–
TW	New	Towers Watson & Co	$16,288,000	–	129,337	–	0.37%	–
ADP	New	Automatic Data Processing	$14,859,000	–	184,262	–	0.34%	–
G	New	Genpact Ltd	$14,466,000	–	678,247	–	0.33%	–
GOOG	New	Google Inc-Cl A	$12,940,000	–	24,860	–	0.30%	–
BVN	New	CIA De Minas Buenaventura	$10,440,000	–	1,005,845	–	0.24%	–
ATW	New	Atwood Oceanics Inc	$8,914,000	–	334,326	–	0.20%	–
RYN	New	Rayonier Inc	$8,872,000	–	347,262	–	0.20%	–
SQM	New	Quimica y Minera Chil-SP ADR	$5,215,000	–	325,541	–	0.12%	–
KEYS	New	Keysight Technologies IN-W/I	$4,738,000	–	151,915	–	0.11%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$2,004,000	–	86,042	–	0.05%	–
CCU	New	CIA Cervecerias Unidas	$808,000	–	38,216	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
CCU	Exit	CIA Cervecerias Unidas	$0	–	-46,407	–	-0.02%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-99,157	–	-0.05%	–
DRC	Exit	Dresser Rand Group	$0	–	-31,738	–	-0.06%	–
BVN	Exit	CIA De Minas Buenaventura	$0	–	-495,769	–	-0.14%	–
SQM	Exit	Quimica y Minera Chil-SP ADR	$0	–	-318,070	–	-0.20%	–
ENH	Exit	Endurance Speciality Holdings	$0	–	-196,540	–	-0.26%	–
TW	Exit	Towers Watson & Co	$0	–	-109,078	–	-0.27%	–
RMD	Exit	Resmed Inc	$0	–	-251,096	–	-0.30%	–
CLX	Exit	Clorox Company	$0	–	-133,957	–	-0.32%	–
ACN	Exit	Accenture Plc	$0	–	-157,763	–	-0.32%	–
GOOG	Exit	Google Inc-Cl A	$0	–	-25,854	–	-0.36%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-289,914	–	-0.40%	–
CBS	Exit	Cbs Corp	$0	–	-326,178	–	-0.43%	–
ADP	Exit	Automatic Data Processing	$0	–	-244,436	–	-0.50%	–
PAYX	Exit	Paychex Inc	$0	–	-468,712	–	-0.51%	–
NOV	Exit	National Oilwell Varco	$0	–	-275,545	–	-0.51%	–
RNR	Exit	Renaissancere Holding	$0	–	-220,116	–	-0.54%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-337,537	–	-0.55%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-126,678	–	-0.57%	–
MLM	Exit	Martin Marietta Materials	$0	–	-184,291	–	-0.58%	–
VAR	Exit	Varian Medical Systems Inc	$0	–	-301,490	–	-0.59%	–
ALTR	Exit	Altera Corp	$0	–	-686,747	–	-0.60%	–
GOOGL	Exit	Google Inc-Cl A	$0	–	-44,220	–	-0.64%	–
FMS	Exit	Fresenius Medical Care Ag And Co. Kgaa	$0	–	-764,972	–	-0.65%	–
MRK	Exit	Merck & Co Inc	$0	–	-449,331	–	-0.66%	–
MR	Exit	Mindray Medical	$0	–	-965,885	–	-0.71%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-725,433	–	-0.72%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-499,737	–	-0.74%	–
MKL	Exit	Markel Corp	$0	–	-50,962	–	-0.79%	–
CLH	Exit	Clean Harbors Inc	$0	–	-651,377	–	-0.86%	–
EMR	Exit	Emerson Electric Co	$0	–	-566,697	–	-0.87%	–
AXP	Exit	American Express Co	$0	–	-440,190	–	-0.94%	–
MSM	Exit	MSC Industrial Direct Co A	$0	–	-456,641	–	-0.96%	–
AMX	Exit	America Movil SAB de CV	$0	–	-1,575,143	–	-0.97%	–
	Exit	Texas Instruments Inc	$0	–	-888,967	–	-1.04%	–
BAM	Exit	Brookfield Asset Manage-CL A	$0	–	-943,281	–	-1.04%	–
COST	Exit	Costco Wholesale Corp	$0	–	-372,128	–	-1.14%	–
V107SC	Exit	Wellpoint Inc	$0	–	-391,645	–	-1.15%	–
SJM	Exit	JM Smucker Co/The	$0	–	-474,809	–	-1.15%	–
MTB	Exit	M & T Bank Corp	$0	–	-383,742	–	-1.16%	–
SIAL	Exit	Sigma-Aldrich	$0	–	-382,944	–	-1.28%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC COM	$0	–	-1,629,323	–	-1.31%	–
FLIR	Exit	Flir Systems Inc	$0	–	-1,811,288	–	-1.39%	–
ABT	Exit	Abbot Laboratories	$0	–	-1,502,105	–	-1.53%	–
RCI	Exit	Rogers Communications Inc	$0	–	-1,689,585	–	-1.56%	–
PFE	Exit	Pfizer Inc	$0	–	-2,217,310	–	-1.60%	–
ADI	Exit	Analog Devices Inc	$0	–	-1,337,054	–	-1.62%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-482,270	–	-1.63%	–
L	Exit	Loews Corp	$0	–	-1,622,949	–	-1.66%	–
TRV	Exit	Travelers Cos Inc / The	$0	–	-787,344	–	-1.81%	–
EBAY	Exit	Ebay Inc	$0	–	-1,309,366	–	-1.82%	–
Y	Exit	Alleghany Corp	$0	–	-184,218	–	-1.88%	–
OMC	Exit	Omnicom Group	$0	–	-1,115,768	–	-1.89%	–
WFC	Exit	Wells Fargo	$0	–	-1,517,705	–	-1.93%	–
MMM	Exit	3M Co	$0	–	-564,833	–	-1.96%	–
BAX	Exit	Baxter International Inc	$0	–	-1,148,243	–	-2.03%	–
TWX	Exit	Time Warner Inc	$0	–	-1,132,237	–	-2.08%	–
CB	Exit	Chubb Corp	$0	–	-997,443	–	-2.23%	–
MSFT	Exit	Microsoft Corp	$0	–	-2,055,481	–	-2.33%	–
LLTC	Exit	Linear Technology Corp	$0	–	-2,161,597	–	-2.35%	–
BEN	Exit	Franklin Resources	$0	–	-1,771,253	–	-2.37%	–
CL	Exit	Colgate Palmolive Co	$0	–	-1,537,980	–	-2.46%	–
INTC	Exit	Intel Corporation	$0	–	-3,016,955	–	-2.57%	–
MCD	Exit	McDonalds Corp	$0	–	-1,221,398	–	-2.83%	–
USB	Exit	US Bancorp	$0	–	-2,849,673	–	-2.93%	–
ORCL	Exit	Oracle Corp	$0	–	-3,152,568	–	-2.95%	–
CNQ	Exit	Canadian Natural Resources	$0	–	-3,090,466	–	-2.96%	–
LUXTY	Exit	Luxottica Group Spa	$0	–	-2,367,799	–	-3.02%	–
BIDU	Exit	Baidu Inc - Spon ADR	$0	–	-567,231	–	-3.03%	–
PX	Exit	Praxair Inc	$0	–	-1,002,605	–	-3.16%	–
PG	Exit	Procter & Gamble	$0	–	-1,691,054	–	-3.47%	–
KO	Exit	Coca Cola Co	$0	–	-3,843,998	–	-4.04%	–
JNJ	Exit	Johnson and Johnson	$0	–	-1,551,489	–	-4.05%	–

Q3 2014

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson and Johnson	$165,379,000	-3.0%	1,551,489	-4.8%	4.05%	-3.9%
KO	Buy	Coca Cola Co	$164,958,000	+10.5%	3,843,998	+9.8%	4.04%	+9.6%
PG	Buy	Procter & Gamble	$141,609,000	+14.9%	1,691,054	+7.9%	3.47%	+14.0%
PX	Buy	Praxair Inc	$129,338,000	+4.1%	1,002,605	+7.2%	3.16%	+3.2%
BIDU	New	Baidu Inc - Spon ADR	$123,786,000	–	567,231	–	3.03%	–
LUXTY	Sell	Luxottica Group Spa	$123,296,000	-14.0%	2,367,799	-4.3%	3.02%	-14.8%
CNQ	Sell	Canadian Natural Resources	$120,844,000	-15.4%	3,090,466	-0.0%	2.96%	-16.2%
ORCL	Buy	Oracle Corp	$120,686,000	+5.7%	3,152,568	+11.9%	2.95%	+4.8%
USB	Buy	US Bancorp	$119,819,000	+10.7%	2,849,673	+14.6%	2.93%	+9.7%
MCD	Buy	McDonalds Corp	$115,798,000	-1.5%	1,221,398	+4.7%	2.83%	-2.3%
INTC	Buy	Intel Corporation	$105,056,000	+12.9%	3,016,955	+0.1%	2.57%	+11.9%
CL	Buy	Colgate Palmolive Co	$100,307,000	-0.3%	1,537,980	+4.2%	2.46%	-1.2%
BEN	Buy	Franklin Resources	$96,914,000	-1.6%	1,771,253	+4.2%	2.37%	-2.5%
LLTC	Buy	Linear Technology Corp	$95,953,000	-1.4%	2,161,597	+4.5%	2.35%	-2.2%
MSFT	Sell	Microsoft Corp	$95,292,000	+11.0%	2,055,481	-0.1%	2.33%	+10.1%
CB	Buy	Chubb Corp	$91,291,000	+12.4%	997,443	+13.8%	2.23%	+11.4%
TWX	Buy	Time Warner Inc	$85,158,000	+11.5%	1,132,237	+4.2%	2.08%	+10.6%
BAX	New	Baxter International Inc	$82,838,000	–	1,148,243	–	2.03%	–
MMM	Buy	3M Co	$80,001,000	+3.6%	564,833	+4.8%	1.96%	+2.7%
WFC	Buy	Wells Fargo	$78,723,000	+2.2%	1,517,705	+3.6%	1.93%	+1.3%
OMC	Buy	Omnicom Group	$77,323,000	+0.7%	1,115,768	+4.2%	1.89%	-0.2%
Y	New	Alleghany Corp	$77,028,000	–	184,218	–	1.88%	–
EBAY	Buy	Ebay Inc	$74,149,000	+16.7%	1,309,366	+3.2%	1.82%	+15.7%
TRV	Buy	Travelers Cos Inc / The	$73,966,000	+21.7%	787,344	+21.8%	1.81%	+20.6%
L	Buy	Loews Corp	$67,606,000	+19.1%	1,622,949	+25.8%	1.66%	+18.0%
BRKB	New	Berkshire Hathaway Inc	$66,615,000	–	482,270	–	1.63%	–
ADI	New	Analog Devices Inc	$66,171,000	–	1,337,054	–	1.62%	–
PFE	Buy	Pfizer Inc	$65,566,000	+104.8%	2,217,310	+105.6%	1.60%	+103.2%
RCI	Buy	Rogers Communications Inc	$63,948,000	-6.9%	1,689,585	+0.1%	1.56%	-7.7%
ABT	New	Abbot Laboratories	$62,473,000	–	1,502,105	–	1.53%	–
FLIR	Buy	Flir Systems Inc	$56,766,000	-7.0%	1,811,288	+3.1%	1.39%	-7.8%
SPNV	Sell	SUPERIOR ENERGY SVCS INC COM	$53,556,000	-22.9%	1,629,323	-15.2%	1.31%	-23.5%
SIAL	Sell	Sigma-Aldrich	$52,083,000	+13.0%	382,944	-15.7%	1.28%	+12.0%
MTB	Buy	M & T Bank Corp	$47,312,000	+3.3%	383,742	+3.9%	1.16%	+2.4%
SJM	Buy	JM Smucker Co/The	$47,002,000	+4.7%	474,809	+12.8%	1.15%	+3.8%
V107SC	Buy	Wellpoint Inc	$46,849,000	+12.0%	391,645	+0.8%	1.15%	+11.1%
COST	Buy	Costco Wholesale Corp	$46,635,000	+12.1%	372,128	+3.0%	1.14%	+11.1%
BAM	Sell	Brookfield Asset Manage-CL A	$42,437,000	+1.2%	943,281	-0.7%	1.04%	+0.4%
	New	Texas Instruments Inc	$42,395,000	–	888,967	–	1.04%	–
AMX	Buy	America Movil SAB de CV	$39,692,000	+23.2%	1,575,143	+1.5%	0.97%	+22.1%
MSM	Buy	MSC Industrial Direct Co A	$39,021,000	-7.9%	456,641	+3.1%	0.96%	-8.7%
AXP	New	American Express Co	$38,533,000	–	440,190	–	0.94%	–
EMR	Buy	Emerson Electric Co	$35,464,000	-2.0%	566,697	+3.9%	0.87%	-2.8%
CLH	Buy	Clean Harbors Inc	$35,121,000	-13.6%	651,377	+3.0%	0.86%	-14.3%
MKL	Buy	Markel Corp	$32,424,000	+0.1%	50,962	+3.1%	0.79%	-0.8%
JPM	Buy	JP Morgan Chase & Co	$30,104,000	+7.7%	499,737	+3.0%	0.74%	+6.8%
EXPD	Buy	Expeditors Intl Wash Inc	$29,438,000	-5.8%	725,433	+2.6%	0.72%	-6.6%
MR	Buy	Mindray Medical	$29,129,000	-3.5%	965,885	+0.8%	0.71%	-4.3%
MRK	Buy	Merck & Co Inc	$26,806,000	+5.5%	449,331	+3.0%	0.66%	+4.6%
FMS	Sell	Fresenius Medical Care Ag And Co. Kgaa	$26,699,000	-4.4%	764,972	-7.5%	0.65%	-5.2%
GOOGL	Buy	Google Inc-Cl A	$26,021,000	+77.3%	44,220	+76.1%	0.64%	+76.0%
ALTR	New	Altera Corp	$24,572,000	–	686,747	–	0.60%	–
VAR	Buy	Varian Medical Systems Inc	$24,155,000	+1.2%	301,490	+5.0%	0.59%	+0.3%
MLM	Buy	Martin Marietta Materials	$23,762,000	+0.7%	184,291	+3.1%	0.58%	-0.2%
GS	Buy	Goldman Sachs Group Inc	$23,256,000	+12.9%	126,678	+3.0%	0.57%	+12.0%
CHRW	Sell	C H Robinson Worldwide Inc	$22,385,000	-41.1%	337,537	-43.4%	0.55%	-41.6%
RNR	Buy	Renaissancere Holding	$22,010,000	-1.9%	220,116	+5.0%	0.54%	-2.7%
NOV	Buy	National Oilwell Varco	$20,968,000	-5.1%	275,545	+2.7%	0.51%	-6.0%
PAYX	Buy	Paychex Inc	$20,717,000	+90.2%	468,712	+78.8%	0.51%	+88.5%
ADP	New	Automatic Data Processing	$20,409,000	–	244,436	–	0.50%	–
CBS	Buy	Cbs Corp	$17,493,000	-9.4%	326,178	+5.2%	0.43%	-10.3%
CIB	Sell	Bancolombia Sa -Pref	$16,563,000	-21.4%	289,914	-19.9%	0.40%	-22.1%
GOOG	New	Google Inc-Cl A	$14,927,000	–	25,854	–	0.36%	–
ACN	Sell	Accenture Plc	$12,909,000	-26.1%	157,763	-26.5%	0.32%	-26.7%
CLX	Buy	Clorox Company	$12,865,000	+6.9%	133,957	+1.7%	0.32%	+6.1%
RMD	New	Resmed Inc	$12,371,000	–	251,096	–	0.30%	–
TW	Buy	Towers Watson & Co	$10,868,000	-3.1%	109,078	+1.5%	0.27%	-4.0%
ENH	Buy	Endurance Speciality Holdings	$10,845,000	+9.1%	196,540	+2.0%	0.26%	+8.2%
SQM	Buy	Quimica y Minera Chil-SP ADR	$8,314,000	-8.3%	318,070	+2.9%	0.20%	-9.4%
BVN	New	CIA De Minas Buenaventura	$5,741,000	–	495,769	–	0.14%	–
DRC	Sell	Dresser Rand Group	$2,611,000	-91.6%	31,738	-93.5%	0.06%	-91.7%
TSM	Sell	Taiwan Semiconductor Manufacturing Co Ltd	$2,001,000	-11.7%	99,157	-6.4%	0.05%	-12.5%
CCU	Sell	CIA Cervecerias Unidas	$1,021,000	-36.1%	46,407	-31.9%	0.02%	-35.9%
DPS	Exit	Dr Pepper Snapple Group Inc	$0	–	-215,071	–	-0.31%	–
	Exit	Automatic Data Processing	$0	–	-232,793	–	-0.46%	–
	Exit	Altera Corp	$0	–	-666,872	–	-0.57%	–
TXN	Exit	Texas Instruments Inc	$0	–	-847,588	–	-1.00%	–
	Exit	American Express Co	$0	–	-427,240	–	-1.00%	–
	Exit	Berkshire Hathaway Inc	$0	–	-466,498	–	-1.46%	–
	Exit	Baxter International Inc	$0	–	-945,664	–	-1.70%	–
	Exit	Analog Devices Inc	$0	–	-1,281,490	–	-1.71%	–
	Exit	Alleghany Corp	$0	–	-178,781	–	-1.93%	–
	Exit	Baidu Inc - Spon ADR	$0	–	-708,499	–	-3.27%	–
	Exit	Abbot Laboratories	$0	–	-3,371,976	–	-3.40%	–

Q2 2014

			Value		Shares		↓ Weighting
JNJ	New	Johnson and Johnson	$170,515,000	–	1,629,978	–	4.21%	–
KO	New	Coca Cola Co	$149,282,000	–	3,501,594	–	3.68%	–
LUXTY	New	Luxottica Group Spa	$143,382,000	–	2,473,455	–	3.54%	–
CNQ	New	Canadian Natural Resources	$142,856,000	–	3,090,890	–	3.53%	–
	New	Abbot Laboratories	$137,900,000	–	3,371,976	–	3.40%	–
	New	Baidu Inc - Spon ADR	$132,357,000	–	708,499	–	3.27%	–
PX	New	Praxair Inc	$124,204,000	–	935,032	–	3.07%	–
PG	New	Procter & Gamble	$123,193,000	–	1,567,657	–	3.04%	–
MCD	New	McDonalds Corp	$117,563,000	–	1,167,020	–	2.90%	–
ORCL	New	Oracle Corp	$114,168,000	–	2,817,021	–	2.82%	–
USB	New	US Bancorp	$108,268,000	–	2,486,635	–	2.67%	–
CL	New	Colgate Palmolive Co	$100,659,000	–	1,476,497	–	2.48%	–
BEN	New	Franklin Resources	$98,525,000	–	1,700,128	–	2.43%	–
LLTC	New	Linear Technology Corp	$97,315,000	–	2,067,544	–	2.40%	–
INTC	New	Intel Corp	$93,091,000	–	3,012,657	–	2.30%	–
MSFT	New	Microsoft Corp	$85,831,000	–	2,058,306	–	2.12%	–
CB	New	Chubb Corp	$81,204,000	–	876,658	–	2.00%	–
	New	Alleghany Corp	$78,305,000	–	178,781	–	1.93%	–
MMM	New	3M Co	$77,189,000	–	539,047	–	1.91%	–
WFC	New	Wells Fargo	$77,026,000	–	1,465,608	–	1.90%	–
OMC	New	Omnicom Group	$76,777,000	–	1,071,206	–	1.90%	–
TWX	New	Time Warner Inc	$76,360,000	–	1,087,003	–	1.88%	–
SPNV	New	Superior Energy Services	$69,430,000	–	1,921,023	–	1.71%	–
	New	Analog Devices Inc	$69,288,000	–	1,281,490	–	1.71%	–
	New	Baxter International Inc	$68,817,000	–	945,664	–	1.70%	–
RCI	New	Rogers Communications Inc	$68,708,000	–	1,688,285	–	1.70%	–
EBAY	New	Ebay Inc	$63,540,000	–	1,269,286	–	1.57%	–
FLIR	New	Flir Systems Inc	$61,010,000	–	1,756,901	–	1.51%	–
TRV	New	Travelers Cos Inc / The	$60,785,000	–	646,211	–	1.50%	–
	New	Berkshire Hathaway Inc	$58,993,000	–	466,498	–	1.46%	–
L	New	Loews Corp	$56,782,000	–	1,290,272	–	1.40%	–
SIAL	New	Sigma-Aldrich	$46,085,000	–	454,142	–	1.14%	–
MTB	New	M & T Bank Corp	$45,805,000	–	369,238	–	1.13%	–
SJM	New	JM Smucker Co/The	$44,872,000	–	421,078	–	1.11%	–
MSM	New	MSC Industrial Direct Co A	$42,366,000	–	442,997	–	1.05%	–
BAM	New	Brookfield Asset Manage-CL A	$41,919,000	–	950,110	–	1.04%	–
V107SC	New	Wellpoint Inc	$41,822,000	–	388,657	–	1.03%	–
COST	New	Costco Wholesale Corp	$41,590,000	–	361,146	–	1.03%	–
CLH	New	Clean Harbors Inc	$40,628,000	–	632,324	–	1.00%	–
	New	American Express Co	$40,531,000	–	427,240	–	1.00%	–
TXN	New	Texas Instruments Inc	$40,506,000	–	847,588	–	1.00%	–
CHRW	New	C H Robinson Worldwide Inc	$38,025,000	–	596,108	–	0.94%	–
EMR	New	Emerson Electric Co	$36,174,000	–	545,172	–	0.89%	–
MKL	New	Markel Corp	$32,395,000	–	49,430	–	0.80%	–
AMX	New	America Movil SAB de CV	$32,212,000	–	1,552,409	–	0.80%	–
PFE	New	Pfizer Inc	$32,011,000	–	1,078,622	–	0.79%	–
EXPD	New	Expeditors Intl Wash Inc	$31,238,000	–	707,376	–	0.77%	–
DRC	New	Dresser Rand Group	$31,096,000	–	487,944	–	0.77%	–
MR	New	Mindray Medical	$30,188,000	–	958,393	–	0.74%	–
JPM	New	JP Morgan Chase & Co	$27,948,000	–	485,109	–	0.69%	–
FMS	New	Fresenius Medical Care Ag And Co. Kgaa	$27,918,000	–	826,661	–	0.69%	–
MRK	New	Merck & Co Inc	$25,406,000	–	436,160	–	0.63%	–
VAR	New	Varian Medical Systems Inc	$23,872,000	–	287,142	–	0.59%	–
MLM	New	Martin Marietta Materials	$23,600,000	–	178,722	–	0.58%	–
	New	Altera Corp	$23,180,000	–	666,872	–	0.57%	–
RNR	New	Renaissancere Holding	$22,440,000	–	209,720	–	0.55%	–
NOV	New	National Oilwell Varco	$22,102,000	–	268,402	–	0.55%	–
CIB	New	Bancolombia Sa -Pref	$21,070,000	–	361,966	–	0.52%	–
GS	New	Goldman Sachs Group Inc	$20,597,000	–	123,005	–	0.51%	–
CBS	New	Cbs Corp	$19,302,000	–	310,081	–	0.48%	–
	New	Automatic Data Processing	$18,558,000	–	232,793	–	0.46%	–
ACN	New	Accenture Plc	$17,459,000	–	214,731	–	0.43%	–
GOOGL	New	Google Inc-Cl A	$14,679,000	–	25,106	–	0.36%	–
DPS	New	Dr Pepper Snapple Group Inc	$12,680,000	–	215,071	–	0.31%	–
CLX	New	Clorox Company	$12,036,000	–	131,696	–	0.30%	–
TW	New	Towers Watson & Co	$11,217,000	–	107,478	–	0.28%	–
PAYX	New	Paychex Inc	$10,892,000	–	262,087	–	0.27%	–
ENH	New	Endurance Speciality Holdings	$9,940,000	–	192,665	–	0.24%	–
SQM	New	Quimica y Minera Chil-SP ADR	$9,063,000	–	309,231	–	0.22%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$2,266,000	–	105,942	–	0.06%	–
CCU	New	CIA Cervecerias Unidas	$1,598,000	–	68,195	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
VCOYY	Exit	Vina Concha Y Toro	$0	–	-65,073	–	-0.06%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co Ltd	$0	–	-161,310	–	-0.07%	–
PBR	Exit	Petrobras - Petroleo Bras	$0	–	-181,342	–	-0.07%	–
CX	Exit	Cemex Sab de CV	$0	–	-388,386	–	-0.10%	–
CIB	Exit	Bancolombia Sa -Pref	$0	–	-104,566	–	-0.15%	–
CTRP	Exit	Ctrip.com International ADR	$0	–	-194,427	–	-0.28%	–
CLX	Exit	Clorox Company	$0	–	-297,186	–	-0.59%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-413,436	–	-0.60%	–
EXPD	Exit	Expeditors Intl Wash Inc	$0	–	-579,688	–	-0.62%	–
SJM	Exit	JM Smucker Co/The	$0	–	-252,591	–	-0.64%	–
SAPE	Exit	Sapient Corporation	$0	–	-1,703,624	–	-0.64%	–
AMX	Exit	America Movil SAB de CV	$0	–	-1,436,547	–	-0.69%	–
RNR	Exit	Renaissancere Holding	$0	–	-327,923	–	-0.72%	–
LM	Exit	Legg Mason Inc	$0	–	-974,943	–	-0.79%	–
LAZ	Exit	Lazard Ltd	$0	–	-928,829	–	-0.81%	–
WFC	Exit	Wells Fargo	$0	–	-838,474	–	-0.84%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-676,078	–	-0.85%	–
V107SC	Exit	Wellpoint Inc	$0	–	-455,360	–	-0.92%	–
AXP	Exit	American Express Co	$0	–	-553,860	–	-1.02%	–
BRKB	Exit	Berkshire Hathaway Inc	$0	–	-379,930	–	-1.04%	–
EBAY	Exit	Ebay Inc	$0	–	-793,444	–	-1.07%	–
MTB	Exit	M & T Bank Corp	$0	–	-415,375	–	-1.13%	–
MR	Exit	Mindray Medical	$0	–	-1,202,961	–	-1.14%	–
CB	Exit	Chubb Corp	$0	–	-560,946	–	-1.22%	–
COST	Exit	Costco Wholesale Corp	$0	–	-437,225	–	-1.22%	–
IT	Exit	Gartner Inc	$0	–	-848,101	–	-1.24%	–
MRK	Exit	Merck & Co Inc	$0	–	-1,061,933	–	-1.24%	–
FMS	Exit	Fresenius Medical Care Ag And Co. Kgaa	$0	–	-1,582,720	–	-1.25%	–
EL	Exit	Estee Lauder Companies Class A	$0	–	-776,016	–	-1.32%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-370,740	–	-1.42%	–
ABT	Exit	Abbot Laboratories	$0	–	-1,802,900	–	-1.45%	–
INTC	Exit	Intel Corp	$0	–	-2,711,890	–	-1.51%	–
ORCL	Exit	Oracle Corp	$0	–	-1,876,019	–	-1.51%	–
USB	Exit	US Bancorp	$0	–	-1,823,530	–	-1.63%	–
ADP	Exit	Automatic Data Processing	$0	–	-929,811	–	-1.64%	–
PAYX	Exit	Paychex Inc	$0	–	-1,742,461	–	-1.72%	–
PFE	Exit	Pfizer Inc	$0	–	-2,563,365	–	-1.79%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-3,382,082	–	-1.92%	–
TW	Exit	Towers Watson & Co	$0	–	-757,649	–	-1.97%	–
TWX	Exit	Time Warner Inc	$0	–	-1,351,395	–	-2.16%	–
EMR	Exit	Emerson Electric Co	$0	–	-1,394,699	–	-2.19%	–
CBS	Exit	Cbs Corp	$0	–	-1,694,878	–	-2.27%	–
BEN	Exit	Franklin Resources	$0	–	-1,916,958	–	-2.36%	–
SIAL	Exit	Sigma-Aldrich	$0	–	-1,179,114	–	-2.44%	–
PX	Exit	Praxair Inc	$0	–	-845,084	–	-2.46%	–
CL	Exit	Colgate Palmolive Co	$0	–	-1,811,316	–	-2.61%	–
ACN	Exit	Accenture Plc	$0	–	-1,486,220	–	-2.66%	–
ADI	Exit	Analog Devices Inc	$0	–	-2,466,956	–	-2.82%	–
RCI	Exit	Rogers Communications Inc	$0	–	-2,761,135	–	-2.91%	–
OMC	Exit	Omnicom Group	$0	–	-1,910,836	–	-2.96%	–
LLTC	Exit	Linear Technology Corp	$0	–	-3,217,475	–	-3.10%	–
MSFT	Exit	Microsoft Corp	$0	–	-3,834,339	–	-3.10%	–
BIDU	Exit	Baidu Inc - Spon ADR	$0	–	-841,910	–	-3.17%	–
PG	Exit	Procter & Gamble	$0	–	-1,965,875	–	-3.60%	–
KO	Exit	Coca Cola Co	$0	–	-4,004,766	–	-3.70%	–
LUXTY	Exit	Luxottica Group Spa	$0	–	-3,136,605	–	-4.00%	–
MCD	Exit	McDonalds Corp	$0	–	-1,744,926	–	-4.07%	–
JNJ	Exit	Johnson and Johnson	$0	–	-1,966,866	–	-4.14%	–
MMM	Exit	3M Co	$0	–	-1,526,222	–	-4.42%	–

Q3 2013

			Value		Shares		↓ Weighting
MMM	Buy	3M Co	$182,214,000	+18.3%	1,526,222	+8.3%	4.42%	+20.8%
JNJ	Buy	Johnson and Johnson	$170,504,000	+8.2%	1,966,866	+8.2%	4.14%	+10.5%
MCD	Buy	McDonalds Corp	$167,882,000	+2.5%	1,744,926	+6.4%	4.07%	+4.7%
LUXTY	Sell	Luxottica Group Spa	$164,948,000	-3.3%	3,136,605	-4.3%	4.00%	-1.3%
KO	Buy	Coca Cola Co	$152,732,000	+5.1%	4,004,766	+11.5%	3.70%	+7.3%
PG	Buy	Procter & Gamble	$148,604,000	+8.1%	1,965,875	+11.6%	3.60%	+10.4%
BIDU	Buy	Baidu Inc - Spon ADR	$130,643,000	+73.4%	841,910	+3.4%	3.17%	+77.0%
MSFT	Sell	Microsoft Corp	$127,620,000	-4.6%	3,834,339	-1.5%	3.10%	-2.6%
LLTC	Buy	Linear Technology Corp	$127,599,000	+31.6%	3,217,475	+21.9%	3.10%	+34.4%
OMC	Buy	Omnicom Group	$121,927,000	+25.6%	1,910,836	+24.1%	2.96%	+28.3%
RCI	Sell	Rogers Communications Inc	$120,041,000	-14.7%	2,761,135	-22.4%	2.91%	-12.9%
ADI	Buy	Analog Devices Inc	$116,066,000	+26.1%	2,466,956	+21.6%	2.82%	+28.8%
ACN	Buy	Accenture Plc	$109,483,000	+14.0%	1,486,220	+11.6%	2.66%	+16.4%
CL	Buy	Colgate Palmolive Co	$107,414,000	+14.1%	1,811,316	+11.5%	2.61%	+16.5%
PX	Buy	Praxair Inc	$101,579,000	+14.9%	845,084	+11.6%	2.46%	+17.3%
SIAL	Buy	Sigma-Aldrich	$100,578,000	+17.3%	1,179,114	+11.6%	2.44%	+19.8%
BEN	Buy	Franklin Resources	$97,081,000	+28.6%	1,916,958	+252.4%	2.36%	+31.3%
CBS	Buy	Cbs Corp	$93,680,000	+23.4%	1,694,878	+8.8%	2.27%	+26.1%
EMR	Buy	Emerson Electric Co	$90,237,000	+32.2%	1,394,699	+13.1%	2.19%	+35.0%
TWX	Buy	Time Warner Inc	$88,940,000	+25.9%	1,351,395	+11.6%	2.16%	+28.6%
TW	Buy	Towers Watson & Co	$81,038,000	+43.9%	757,649	+12.0%	1.97%	+46.9%
CSCO	Buy	Cisco Systems Inc	$79,245,000	+6.8%	3,382,082	+11.7%	1.92%	+9.1%
PFE	Buy	Pfizer Inc	$73,626,000	+15.4%	2,563,365	+11.6%	1.79%	+17.8%
PAYX	Sell	Paychex Inc	$70,814,000	+4.3%	1,742,461	-6.0%	1.72%	+6.4%
ADP	Sell	Automatic Data Processing	$67,690,000	-1.9%	929,811	-6.4%	1.64%	+0.2%
USB	Buy	US Bancorp	$67,091,000	+12.2%	1,823,530	+11.3%	1.63%	+14.6%
ORCL	Buy	Oracle Corp	$62,218,000	+20.8%	1,876,019	+9.7%	1.51%	+23.4%
INTC	Sell	Intel Corp	$62,159,000	-19.1%	2,711,890	-15.7%	1.51%	-17.3%
ABT	Buy	Abbot Laboratories	$59,838,000	+14.7%	1,802,900	+21.1%	1.45%	+17.2%
GS	Buy	Goldman Sachs Group Inc	$58,661,000	+14.3%	370,740	+9.6%	1.42%	+16.6%
EL	Sell	Estee Lauder Companies Class A	$54,245,000	-28.6%	776,016	-31.6%	1.32%	-27.1%
FMS	Sell	Fresenius Medical Care Ag And Co. Kgaa	$51,566,000	-17.8%	1,582,720	-9.9%	1.25%	-16.1%
MRK	Buy	Merck & Co Inc	$50,976,000	+12.7%	1,061,933	+9.6%	1.24%	+15.2%
IT	Sell	Gartner Inc	$50,886,000	-33.0%	848,101	-35.6%	1.24%	-31.5%
COST	Sell	Costco Wholesale Corp	$50,354,000	-69.4%	437,225	-70.7%	1.22%	-68.8%
CB	Buy	Chubb Corp	$50,295,000	+30.0%	560,946	+24.1%	1.22%	+32.8%
MR	Sell	Mindray Medical	$46,782,000	-15.4%	1,202,961	-17.6%	1.14%	-13.6%
MTB	Buy	M & T Bank Corp	$46,485,000	+8.5%	415,375	+9.5%	1.13%	+10.8%
EBAY	Sell	Ebay Inc	$44,268,000	-25.9%	793,444	-29.7%	1.07%	-24.3%
BRKB	Sell	Berkshire Hathaway Inc	$43,043,000	-59.9%	379,930	-60.0%	1.04%	-59.1%
AXP	Sell	American Express Co	$41,828,000	-32.7%	553,860	-32.6%	1.02%	-31.2%
V107SC	Sell	Wellpoint Inc	$38,073,000	-2.5%	455,360	-4.8%	0.92%	-0.4%
JPM	Buy	JP Morgan Chase & Co	$34,946,000	+1.3%	676,078	+2.9%	0.85%	+3.5%
WFC	Buy	Wells Fargo	$34,646,000	+9.9%	838,474	+10.0%	0.84%	+12.3%
LAZ	Sell	Lazard Ltd	$33,458,000	+7.8%	928,829	-4.8%	0.81%	+10.0%
LM	Sell	Legg Mason Inc	$32,604,000	-30.7%	974,943	-34.9%	0.79%	-29.2%
RNR	Buy	Renaissancere Holding	$29,689,000	+20.8%	327,923	+16.4%	0.72%	+23.3%
AMX	Buy	America Movil SAB de CV	$28,454,000	+56.7%	1,436,547	+73.4%	0.69%	+59.7%
SAPE	Sell	Sapient Corporation	$26,571,000	+13.8%	1,703,624	-4.8%	0.64%	+16.2%
SJM	Buy	JM Smucker Co/The	$26,531,000	+7.0%	252,591	+6.1%	0.64%	+9.3%
EXPD	New	Expeditors Intl Wash Inc	$25,541,000	–	579,688	–	0.62%	–
CHRW	New	C H Robinson Worldwide Inc	$24,635,000	–	413,436	–	0.60%	–
CLX	Buy	Clorox Company	$24,287,000	+2.0%	297,186	+4.6%	0.59%	+4.1%
CTRP	Sell	Ctrip.com International ADR	$11,347,000	-5.3%	194,427	-46.4%	0.28%	-3.5%
CIB	Buy	Bancolombia Sa -Pref	$6,016,000	+64.8%	104,566	+58.4%	0.15%	+67.8%
CX	Sell	Cemex Sab de CV	$4,342,000	-69.7%	388,386	-71.0%	0.10%	-69.2%
PBR	Sell	Petrobras - Petroleo Bras	$2,809,000	+11.4%	181,342	-3.7%	0.07%	+13.3%
TSM	Sell	Taiwan Semiconductor Manufacturing Co Ltd	$2,736,000	-32.8%	161,310	-26.9%	0.07%	-32.0%
VCOYY	Sell	Vina Concha Y Toro	$2,394,000	-10.4%	65,073	-4.0%	0.06%	-9.4%
GA	Exit	Giant Interactive Group-ADR	$0	–	-481,600	–	-0.09%	–
DST	Exit	Dst Systems Inc	$0	–	-121,063	–	-0.19%	–
BMO	Exit	Bank of Montreal	$0	–	-181,891	–	-0.25%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-193,316	–	-0.33%	–
SMG	Exit	Scotts Miracle Gro	$0	–	-295,302	–	-0.34%	–
GE	Exit	General Electric Co	$0	–	-1,128,445	–	-0.63%	–
ADS	Exit	Alliance Data Systems Corp	$0	–	-164,503	–	-0.70%	–
CBRE	Exit	CB Richard Ellis Group Inc A	$0	–	-1,670,563	–	-0.92%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-482,964	–	-1.01%	–
PCLN	Exit	Priceline.com Inc	$0	–	-60,544	–	-1.21%	–

Q2 2013

			Value		Shares		↓ Weighting
LUXTY	New	Luxottica Group Spa	$170,582,000	–	3,278,607	–	4.05%	–
COST	New	Costco Wholesale Corp	$164,682,000	–	1,491,305	–	3.91%	–
MCD	New	McDonalds Corp	$163,734,000	–	1,640,433	–	3.89%	–
JNJ	New	Johnson and Johnson	$157,515,000	–	1,818,253	–	3.74%	–
MMM	New	3M Co	$154,009,000	–	1,408,983	–	3.66%	–
KO	New	Coca Cola Co	$145,327,000	–	3,592,014	–	3.45%	–
RCI	New	Rogers Communications Inc	$140,807,000	–	3,555,875	–	3.34%	–
PG	New	Procter & Gamble	$137,484,000	–	1,762,308	–	3.27%	–
MSFT	New	Microsoft Corp	$133,813,000	–	3,894,433	–	3.18%	–
BRKB	New	Berkshire Hathaway Inc	$107,363,000	–	949,278	–	2.55%	–
OMC	New	Omnicom Group	$97,078,000	–	1,539,961	–	2.31%	–
LLTC	New	Linear Technology Corp	$96,993,000	–	2,639,383	–	2.30%	–
ACN	New	Accenture Plc	$96,037,000	–	1,331,544	–	2.28%	–
CL	New	Colgate Palmolive Co	$94,109,000	–	1,624,007	–	2.24%	–
ADI	New	Analog Devices Inc	$92,053,000	–	2,029,017	–	2.19%	–
PX	New	Praxair Inc	$88,404,000	–	757,384	–	2.10%	–
SIAL	New	Sigma-Aldrich	$85,747,000	–	1,056,796	–	2.04%	–
INTC	New	Intel Corp	$76,793,000	–	3,215,100	–	1.82%	–
EL	New	Estee Lauder Companies Class A	$75,964,000	–	1,134,726	–	1.80%	–
IT	New	Gartner Inc	$75,951,000	–	1,316,388	–	1.80%	–
CBS	New	Cbs Corp	$75,897,000	–	1,557,439	–	1.80%	–
BEN	New	Franklin Resources	$75,498,000	–	543,967	–	1.79%	–
BIDU	New	Baidu Inc - Spon ADR	$75,345,000	–	814,543	–	1.79%	–
CSCO	New	Cisco Systems Inc	$74,178,000	–	3,029,027	–	1.76%	–
TWX	New	Time Warner Inc	$70,618,000	–	1,211,253	–	1.68%	–
ADP	New	Automatic Data Processing	$69,008,000	–	993,654	–	1.64%	–
EMR	New	Emerson Electric Co	$68,272,000	–	1,233,501	–	1.62%	–
PAYX	New	Paychex Inc	$67,925,000	–	1,853,010	–	1.61%	–
PFE	New	Pfizer Inc	$63,798,000	–	2,296,693	–	1.52%	–
FMS	New	Fresenius Medical Care Ag And Co. Kgaa	$62,738,000	–	1,756,366	–	1.49%	–
AXP	New	American Express Co	$62,118,000	–	821,233	–	1.48%	–
USB	New	US Bancorp	$59,788,000	–	1,638,341	–	1.42%	–
EBAY	New	Ebay Inc	$59,734,000	–	1,129,092	–	1.42%	–
TW	New	Towers Watson & Co	$56,329,000	–	676,529	–	1.34%	–
MR	New	Mindray Medical	$55,267,000	–	1,460,163	–	1.31%	–
ABT	New	Abbot Laboratories	$52,154,000	–	1,488,919	–	1.24%	–
ORCL	New	Oracle Corp	$51,491,000	–	1,710,180	–	1.22%	–
GS	New	Goldman Sachs Group Inc	$51,334,000	–	338,263	–	1.22%	–
PCLN	New	Priceline.com Inc	$50,900,000	–	60,544	–	1.21%	–
LM	New	Legg Mason Inc	$47,052,000	–	1,497,194	–	1.12%	–
MRK	New	Merck & Co Inc	$45,218,000	–	969,121	–	1.07%	–
MTB	New	M & T Bank Corp	$42,834,000	–	379,406	–	1.02%	–
SLG	New	SL GREEN REALTY CORP	$42,583,000	–	482,964	–	1.01%	–
V107SC	New	Wellpoint Inc	$39,062,000	–	478,401	–	0.93%	–
CBRE	New	CB Richard Ellis Group Inc A	$38,924,000	–	1,670,563	–	0.92%	–
CB	New	Chubb Corp	$38,689,000	–	452,176	–	0.92%	–
JPM	New	JP Morgan Chase & Co	$34,485,000	–	656,982	–	0.82%	–
WFC	New	Wells Fargo	$31,533,000	–	762,436	–	0.75%	–
LAZ	New	Lazard Ltd	$31,051,000	–	975,835	–	0.74%	–
ADS	New	Alliance Data Systems Corp	$29,646,000	–	164,503	–	0.70%	–
GE	New	General Electric Co	$26,528,000	–	1,128,445	–	0.63%	–
SJM	New	JM Smucker Co/The	$24,789,000	–	238,154	–	0.59%	–
RNR	New	Renaissancere Holding	$24,577,000	–	281,605	–	0.58%	–
CLX	New	Clorox Company	$23,810,000	–	284,133	–	0.57%	–
SAPE	New	Sapient Corporation	$23,340,000	–	1,789,856	–	0.56%	–
AMX	New	America Movil SAB de CV	$18,163,000	–	828,572	–	0.43%	–
SMG	New	Scotts Miracle Gro	$14,359,000	–	295,302	–	0.34%	–
CX	New	Cemex Sab de CV	$14,349,000	–	1,339,581	–	0.34%	–
NSC	New	Norfolk Southern Corp	$14,036,000	–	193,316	–	0.33%	–
CTRP	New	Ctrip.com International ADR	$11,976,000	–	362,582	–	0.28%	–
BMO	New	Bank of Montreal	$10,542,000	–	181,891	–	0.25%	–
DST	New	Dst Systems Inc	$8,050,000	–	121,063	–	0.19%	–
TSM	New	Taiwan Semiconductor Manufacturing Co Ltd	$4,070,000	–	220,606	–	0.10%	–
GA	New	Giant Interactive Group-ADR	$3,828,000	–	481,600	–	0.09%	–
CIB	New	Bancolombia Sa -Pref	$3,650,000	–	66,000	–	0.09%	–
VCOYY	New	Vina Concha Y Toro	$2,673,000	–	67,773	–	0.06%	–
PBR	New	Petrobras - Petroleo Bras	$2,522,000	–	188,220	–	0.06%	–

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