SPRUCEGROVE INVESTMENT MANAGEMENT LTD Activity Q4 2005-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
	Sell	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$294,968,520	-13.6%	234,102	-4.9%	18.60%	+4.5%
RYAAY	Sell	RYANAIR HLDGS PLCadr each repr 5 ord	$242,151,277	-14.6%	2,491,012	-2.8%	15.27%	+3.3%
BBD	Sell	BANCO BRADESCO S Aadr (1 pfd)	$232,765,619	-20.5%	81,672,147	-3.5%	14.68%	-3.9%
CPA	Sell	COPA HOLDINGSclass a	$230,931,220	-22.9%	2,591,239	-4.4%	14.56%	-6.8%
ABEV	Sell	AMBEV SA	$196,504,338	-22.6%	76,164,472	-4.6%	12.39%	-6.4%
	Sell	COMMERCIAL INTL BKgdr rep 1 ord egp10	$39,735,712	+14.3%	30,148,492	-1.1%	2.51%	+38.2%
TD	New	TORONTO DOMINION BK	$34,330,122	–	569,700	–	2.16%	–
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$24,945,914	-5.2%	71,213	-7.7%	1.57%	+14.7%
FB	Sell	META PLATFORMS INC	$18,227,550	-16.2%	60,716	-19.9%	1.15%	+1.2%
MKL	Sell	MARKEL GROUP INC	$17,502,016	+1.3%	11,886	-4.8%	1.10%	+22.5%
DIS	Buy	WALT DISNEY CO	$16,160,478	-7.9%	199,389	+1.4%	1.02%	+11.2%
CHRW	Sell	C H ROBINSON WLDWIDE	$15,995,030	-16.4%	185,708	-8.4%	1.01%	+1.2%
BIIB	Buy	BIOGEN INC	$15,923,055	-6.9%	61,955	+3.2%	1.00%	+12.6%
TROW	Sell	PRICE T ROWE GROUP	$15,455,531	-8.0%	147,378	-1.7%	0.98%	+11.3%
BWA	Sell	BORG WARNER INC	$14,760,362	-21.3%	365,627	-4.7%	0.93%	-4.8%
MSM	Sell	MSC INDL DIRECT INCclass a	$14,685,203	+1.1%	149,620	-1.9%	0.93%	+22.2%
HSIC	Sell	HENRY SCHEIN INC	$14,329,582	-12.9%	192,991	-4.9%	0.90%	+5.4%
CFR	Buy	CULLEN FROST BANKERS	$13,752,370	+8.0%	150,777	+27.3%	0.87%	+30.6%
INTC	Sell	INTEL CORP	$13,254,604	+3.9%	372,844	-2.3%	0.84%	+25.7%
RTX	Buy	RTX CORPORATION	$12,510,041	-24.8%	173,823	+2.3%	0.79%	-9.1%
IPGP	Sell	IPG PHOTONICS CORP	$11,311,962	-27.2%	111,404	-2.6%	0.71%	-12.0%
WBA	Sell	WALGREENS BOOTS ALNC	$8,754,954	-28.4%	393,658	-8.3%	0.55%	-13.5%
DCI	Sell	DONALDSON INC	$8,530,369	-7.0%	143,031	-2.5%	0.54%	+12.6%
JNJ	Sell	JOHNSON & JOHNSON	$8,291,351	-6.6%	53,235	-0.7%	0.52%	+13.0%
GNTX	Sell	GENTEX CORP	$7,886,459	+5.1%	242,362	-5.5%	0.50%	+27.1%
WFC	Sell	WELLS FARGO & CO	$7,556,117	-11.6%	184,927	-7.6%	0.48%	+6.7%
AXP	Sell	AMERICAN EXPRESS CO	$7,473,971	-18.4%	50,097	-4.7%	0.47%	-1.3%
XOM	Sell	EXXON MOBIL CORP	$6,525,690	+5.5%	55,500	-3.8%	0.41%	+27.6%
GILD	Sell	GILEAD SCIENCES INC	$6,457,280	-4.6%	86,166	-1.9%	0.41%	+15.3%
EXP	Sell	EAGLE MATERIALS	$6,372,720	-29.3%	38,270	-20.9%	0.40%	-14.5%
QCOM	Buy	QUALCOMM INC	$6,268,004	+3.9%	56,438	+11.3%	0.40%	+25.4%
BDX	Sell	BECTON DICKINSON	$3,647,600	-4.9%	14,109	-2.9%	0.23%	+15.0%
MLM	Sell	MARTIN MARIETTA MATL	$3,643,010	-15.9%	8,875	-5.4%	0.23%	+1.8%
GOOGL	Sell	ALPHABET INCclass a	$2,612,620	+5.7%	19,965	-3.3%	0.16%	+27.9%
TSM	New	TAIWAN SEMICONDUCTORsp adr (5 ord)	$1,173,150	–	13,500	–	0.07%	–
MMM	Exit	3M COMPANY	$0	–	-106,113	–	-0.55%	–
CHKP	Exit	CHECK POINT SOFTWAREordinary	$0	–	-424,876	–	-2.78%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$341,327,448	–	246,268	–	17.80%	–
CPA	New	COPA HOLDINGSclass a	$299,671,247	–	2,709,995	–	15.63%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$292,897,221	–	84,652,376	–	15.28%	–
RYAAY	New	RYANAIR HLDGS PLCadr each repr 5 ord	$283,466,915	–	2,562,992	–	14.78%	–
ABEV	New	AMBEV SA	$253,800,417	–	79,811,452	–	13.24%	–
CHKP	New	CHECK POINT SOFTWAREordinary	$53,372,923	–	424,876	–	2.78%	–
	New	COMMERCIAL INTL BKgdr rep 1 ord egp10	$34,766,480	–	30,496,912	–	1.81%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$26,312,924	–	77,164	–	1.37%	–
FB	New	META PLATFORMS INC	$21,757,102	–	75,814	–	1.14%	–
CHRW	New	C H ROBINSON WLDWIDE	$19,122,858	–	202,680	–	1.00%	–
BWA	New	BORG WARNER INC	$18,757,963	–	383,520	–	0.98%	–
DIS	New	WALT DISNEY CO	$17,555,305	–	196,632	–	0.92%	–
MKL	New	MARKEL GROUP INC	$17,277,301	–	12,491	–	0.90%	–
BIIB	New	BIOGEN INC	$17,094,418	–	60,012	–	0.89%	–
TROW	New	PRICE T ROWE GROUP	$16,790,566	–	149,889	–	0.88%	–
RTX	New	RTX CORPORATION	$16,645,363	–	169,920	–	0.87%	–
HSIC	New	HENRY SCHEIN INC	$16,455,514	–	202,904	–	0.86%	–
IPGP	New	IPG PHOTONICS CORP	$15,535,635	–	114,384	–	0.81%	–
MSM	New	MSC INDL DIRECT INCclass a	$14,525,627	–	152,452	–	0.76%	–
INTC	New	INTEL CORP	$12,758,430	–	381,532	–	0.66%	–
CFR	New	CULLEN FROST BANKERS	$12,733,272	–	118,416	–	0.66%	–
WBA	New	WALGREENS BOOTS ALNC	$12,225,800	–	429,126	–	0.64%	–
MMM	New	3M COMPANY	$10,620,850	–	106,113	–	0.55%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$10,067,762	–	143,620	–	0.52%	–
DCI	New	DONALDSON INC	$9,169,029	–	146,681	–	0.48%	–
AXP	New	AMERICAN EXPRESS CO	$9,154,907	–	52,554	–	0.48%	–
EXP	New	EAGLE MATERIALS	$9,017,135	–	48,370	–	0.47%	–
JNJ	New	JOHNSON & JOHNSON	$8,872,534	–	53,604	–	0.46%	–
WFC	New	WELLS FARGO & CO	$8,543,000	–	200,164	–	0.45%	–
GNTX	New	GENTEX CORP	$7,500,977	–	256,356	–	0.39%	–
GILD	New	GILEAD SCIENCES INC	$6,771,678	–	87,864	–	0.35%	–
XOM	New	EXXON MOBIL CORP	$6,188,325	–	57,700	–	0.32%	–
QCOM	New	QUALCOMM INC	$6,034,852	–	50,696	–	0.32%	–
MLM	New	MARTIN MARIETTA MATL	$4,333,422	–	9,386	–	0.23%	–
BDX	New	BECTON DICKINSON	$3,836,593	–	14,532	–	0.20%	–
GOOGL	New	ALPHABET INCclass a	$2,470,728	–	20,641	–	0.13%	–

Q4 2022

			Value		Shares		↓ Weighting
GOOGL	Exit	ALPHABET INCclass a	$0	–	-29,584	–	-0.16%	–
MLM	Exit	MARTIN MARIETTA MATL	$0	–	-11,900	–	-0.22%	–
BDX	Exit	BECTON DICKINSON	$0	–	-25,700	–	-0.33%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-125,500	–	-0.44%	–
GNTX	Exit	GENTEX CORP	$0	–	-381,900	–	-0.52%	–
FB	Exit	META PLATFORMS INC	$0	–	-71,300	–	-0.56%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-81,000	–	-0.63%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-73,700	–	-0.69%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-117,100	–	-0.72%	–
DCI	Exit	DONALDSON INC	$0	–	-274,201	–	-0.77%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-357,560	–	-0.82%	–
INTC	Exit	INTEL CORP	$0	–	-603,240	–	-0.89%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-189,622	–	-0.92%	–
MSM	Exit	MSC INDL DIRECT INCclass a	$0	–	-227,210	–	-0.95%	–
	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-277,960	–	-1.04%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-216,600	–	-1.08%	–
BWA	Exit	BORG WARNER INC	$0	–	-618,900	–	-1.11%	–
MMM	Exit	3M COMPANY	$0	–	-181,777	–	-1.15%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-314,142	–	-1.18%	–
MKL	Exit	MARKEL CORP	$0	–	-20,055	–	-1.25%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-170,707	–	-1.29%	–
TROW	Exit	PRICE T ROWE GROUP	$0	–	-216,862	–	-1.31%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-739,350	–	-1.33%	–
RTX	Exit	RAYTHEON TECHNOLOGIE	$0	–	-302,300	–	-1.42%	–
BIIB	Exit	BIOGEN INC	$0	–	-96,500	–	-1.48%	–
DIS	Exit	WALT DISNEY CO	$0	–	-291,600	–	-1.58%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-123,340	–	-1.89%	–
CHRW	Exit	C H ROBINSON WLDWIDE	$0	–	-346,000	–	-1.91%	–
	Exit	COMMERCIAL INTL BKgdr rep 1 ord egp10	$0	–	-34,001,174	–	-2.17%	–
CHKP	Exit	CHECK POINT SOFTWAREordinary	$0	–	-478,300	–	-3.07%	–
RYAAY	Exit	RYANAIR HLDGS PLCadr each repr 5 ord	$0	–	-2,578,834	–	-8.64%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-3,390,335	–	-13.03%	–
	Exit	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$0	–	-262,537	–	-13.88%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-73,498,991	–	-15.51%	–
ABEV	Exit	AMBEV SA	$0	–	-98,953,797	–	-16.06%	–

Q3 2022

			Value		Shares		↓ Weighting
ABEV	Sell	AMBEV SA	$280,039,000	+5.6%	98,953,797	-6.4%	16.06%	+21.8%
BBD	Sell	BANCO BRADESCO S Aadr (1 pfd)	$270,476,000	+8.7%	73,498,991	-3.8%	15.51%	+25.3%
	Buy	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$242,059,000	-13.1%	262,537	+2.8%	13.88%	+0.2%
CPA	Sell	COPA HOLDINGSclass a	$227,186,000	+0.7%	3,390,335	-4.8%	13.03%	+16.1%
RYAAY	Buy	RYANAIR HLDGS PLCadr each repr 5 ord	$150,655,000	+30.1%	2,578,834	+49.7%	8.64%	+50.1%
CHKP	Sell	CHECK POINT SOFTWAREordinary	$53,579,000	-12.3%	478,300	-4.6%	3.07%	+1.2%
	Buy	COMMERCIAL INTL BKgdr rep 1 ord egp10	$37,877,000	-20.9%	34,001,174	+17.9%	2.17%	-8.7%
CHRW	Sell	C H ROBINSON WLDWIDE	$33,323,000	-38.6%	346,000	-35.4%	1.91%	-29.2%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$32,934,000	-37.0%	123,340	-35.6%	1.89%	-27.4%
DIS	Sell	WALT DISNEY CO	$27,507,000	-31.3%	291,600	-31.3%	1.58%	-20.8%
BIIB	Sell	BIOGEN INC	$25,766,000	-25.5%	96,500	-43.1%	1.48%	-14.0%
RTX	Sell	RAYTHEON TECHNOLOGIE	$24,746,000	-45.6%	302,300	-36.1%	1.42%	-37.2%
WBA	Sell	WALGREENS BOOTS ALNC	$23,216,000	-45.7%	739,350	-34.5%	1.33%	-37.4%
TROW	Sell	PRICE T ROWE GROUP	$22,773,000	-40.5%	216,862	-35.6%	1.31%	-31.3%
CFR	Sell	CULLEN FROST BANKERS	$22,571,000	-25.0%	170,707	-33.9%	1.29%	-13.5%
MKL	Sell	MARKEL CORP	$21,744,000	-41.3%	20,055	-30.0%	1.25%	-32.3%
HSIC	Sell	HENRY SCHEIN INC	$20,661,000	-36.8%	314,142	-26.3%	1.18%	-27.1%
MMM	Sell	3M COMPANY	$20,086,000	-47.9%	181,777	-39.0%	1.15%	-39.8%
BWA	Sell	BORG WARNER INC	$19,433,000	-34.9%	618,900	-30.8%	1.11%	-24.9%
XOM	Sell	EXXON MOBIL CORP	$18,911,000	-34.3%	216,600	-35.6%	1.08%	-24.2%
	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$18,095,000	–	277,960	–	1.04%	–
MSM	Sell	MSC INDL DIRECT INCclass a	$16,543,000	-38.0%	227,210	-36.1%	0.95%	-28.5%
IPGP	Sell	IPG PHOTONICS CORP	$15,995,000	-39.9%	189,622	-32.9%	0.92%	-30.6%
INTC	Sell	INTEL CORP	$15,545,000	-53.6%	603,240	-32.7%	0.89%	-46.5%
WFC	Sell	WELLS FARGO & CO	$14,381,000	-40.6%	357,560	-42.1%	0.82%	-31.4%
DCI	Sell	DONALDSON INC	$13,439,000	-29.9%	274,201	-31.1%	0.77%	-19.1%
EXP	Sell	EAGLE MATERIALS	$12,551,000	-38.4%	117,100	-36.8%	0.72%	-28.9%
JNJ	Sell	JOHNSON & JOHNSON	$12,040,000	-36.4%	73,700	-30.9%	0.69%	-26.6%
AXP	Sell	AMERICAN EXPRESS CO	$10,928,000	-37.6%	81,000	-35.9%	0.63%	-27.9%
FB	Sell	META PLATFORMS INC	$9,674,000	-27.2%	71,300	-13.5%	0.56%	-15.9%
GNTX	Sell	GENTEX CORP	$9,104,000	-36.4%	381,900	-25.3%	0.52%	-26.6%
GILD	Sell	GILEAD SCIENCES INC	$7,742,000	-9.0%	125,500	-8.8%	0.44%	+5.0%
BDX	Sell	BECTON DICKINSON	$5,727,000	-45.8%	25,700	-40.1%	0.33%	-37.6%
MLM	Sell	MARTIN MARIETTA MATL	$3,833,000	+5.9%	11,900	-1.7%	0.22%	+22.2%
GOOGL	Buy	ALPHABET INCclass a	$2,830,000	-38.4%	29,584	+1304.1%	0.16%	-28.9%
CCL	Exit	CARNIVAL CORP	$0	–	-561,342	–	-0.24%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-293,951	–	-0.85%	–

Q2 2022

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$278,693,000	–	255,447	–	13.85%	–
ABEV	New	AMBEV SA	$265,295,000	–	105,695,097	–	13.18%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$248,942,000	–	76,362,691	–	12.37%	–
CPA	New	COPA HOLDINGSclass a	$225,669,000	–	3,561,135	–	11.22%	–
RYAAY	New	RYANAIR HLDGS PLCadr each repr 5 ord	$115,823,000	–	1,722,274	–	5.76%	–
CHKP	New	CHECK POINT SOFTWAREordinary	$61,085,000	–	501,600	–	3.04%	–
CHRW	New	C H ROBINSON WLDWIDE	$54,314,000	–	535,800	–	2.70%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$52,294,000	–	191,540	–	2.60%	–
	New	COMMERCIAL INTL BKgdr rep 1 ord egp10	$47,878,000	–	28,842,255	–	2.38%	–
RTX	New	RAYTHEON TECHNOLOGIE	$45,450,000	–	472,900	–	2.26%	–
WBA	New	WALGREENS BOOTS ALNC	$42,776,000	–	1,128,650	–	2.13%	–
DIS	New	WALT DISNEY CO	$40,063,000	–	424,400	–	1.99%	–
MMM	New	3M COMPANY	$38,538,000	–	297,800	–	1.92%	–
TROW	New	PRICE T ROWE GROUP	$38,275,000	–	336,900	–	1.90%	–
MKL	New	MARKEL CORP	$37,071,000	–	28,665	–	1.84%	–
BIIB	New	BIOGEN INC	$34,568,000	–	169,500	–	1.72%	–
INTC	New	INTEL CORP	$33,521,000	–	896,040	–	1.67%	–
HSIC	New	HENRY SCHEIN INC	$32,702,000	–	426,142	–	1.62%	–
CFR	New	CULLEN FROST BANKERS	$30,091,000	–	258,407	–	1.50%	–
BWA	New	BORG WARNER INC	$29,863,000	–	894,900	–	1.48%	–
XOM	New	EXXON MOBIL CORP	$28,801,000	–	336,300	–	1.43%	–
MSM	New	MSC INDL DIRECT INCclass a	$26,695,000	–	355,410	–	1.33%	–
IPGP	New	IPG PHOTONICS CORP	$26,603,000	–	282,622	–	1.32%	–
WFC	New	WELLS FARGO & CO	$24,209,000	–	618,060	–	1.20%	–
EXP	New	EAGLE MATERIALS	$20,361,000	–	185,200	–	1.01%	–
DCI	New	DONALDSON INC	$19,165,000	–	398,101	–	0.95%	–
JNJ	New	JOHNSON & JOHNSON	$18,923,000	–	106,600	–	0.94%	–
AXP	New	AMERICAN EXPRESS CO	$17,508,000	–	126,300	–	0.87%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$17,108,000	–	293,951	–	0.85%	–
GNTX	New	GENTEX CORP	$14,307,000	–	511,500	–	0.71%	–
FB	New	META PLATFORMS INC	$13,287,000	–	82,400	–	0.66%	–
BDX	New	BECTON DICKINSON	$10,576,000	–	42,900	–	0.53%	–
GILD	New	GILEAD SCIENCES INC	$8,505,000	–	137,600	–	0.42%	–
CCL	New	CARNIVAL CORP	$4,856,000	–	561,342	–	0.24%	–
GOOGL	New	ALPHABET INCclass a	$4,592,000	–	2,107	–	0.23%	–
MLM	New	MARTIN MARIETTA MATL	$3,621,000	–	12,100	–	0.18%	–

Q4 2021

			Value		Shares		↓ Weighting
MLM	Exit	MARTIN MARIETTA MATL	$0	–	-13,700	–	-0.12%	–
CSL	Exit	CARLISLE COS INC	$0	–	-29,200	–	-0.14%	–
BKE	Exit	BUCKLE INC	$0	–	-331,875	–	-0.32%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-274,900	–	-0.47%	–
	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-331,570	–	-0.50%	–
DCI	Exit	DONALDSON INC	$0	–	-463,501	–	-0.66%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-10,954	–	-0.72%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,141,300	–	-0.83%	–
BDX	Exit	BECTON DICKINSON	$0	–	-155,400	–	-0.94%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-245,722	–	-0.96%	–
CCL	Exit	CARNIVAL CORP	$0	–	-1,699,842	–	-1.05%	–
GNTX	Exit	GENTEX CORP	$0	–	-1,350,600	–	-1.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-284,200	–	-1.13%	–
CHKP	Exit	CHECK POINT SOFTWAREordinary	$0	–	-512,400	–	-1.43%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-352,800	–	-1.46%	–
	Exit	COMMERCIAL INTL BKgdr rep 1 ord egp10	$0	–	-24,405,741	–	-1.60%	–
BIIB	Exit	BIOGEN INC	$0	–	-234,000	–	-1.63%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,310,000	–	-1.90%	–
MSM	Exit	MSC INDL DIRECT INCclass a	$0	–	-981,210	–	-1.94%	–
MKL	Exit	MARKEL CORP	$0	–	-65,835	–	-1.94%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-1,220,842	–	-2.29%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-864,507	–	-2.52%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-785,000	–	-2.53%	–
BWA	Exit	BORG WARNER INC	$0	–	-2,450,300	–	-2.61%	–
RTX	Exit	RAYTHEON TECHNOLOGIE	$0	–	-1,315,500	–	-2.78%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-2,546,060	–	-2.91%	–
MMM	Exit	3M COMPANY	$0	–	-697,300	–	-3.01%	–
CHRW	Exit	C H ROBINSON WLDWIDE	$0	–	-1,417,700	–	-3.04%	–
INTC	Exit	INTEL CORP	$0	–	-2,352,040	–	-3.08%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-2,806,750	–	-3.25%	–
TROW	Exit	T ROWE PRICE GRP	$0	–	-702,800	–	-3.40%	–
DIS	Exit	WALT DISNEY CO	$0	–	-824,300	–	-3.43%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-533,440	–	-3.58%	–
RYAAY	Exit	RYANAIR HLDGS PLCadr each repr 5 ord	$0	–	-2,043,974	–	-5.54%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-74,819,198	–	-7.05%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-3,923,664	–	-7.86%	–
ABEV	Exit	AMBEV SA	$0	–	-125,495,637	–	-8.52%	–
	Exit	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$0	–	-306,041	–	-11.77%	–

Q3 2021

			Value		Shares		↓ Weighting
	Buy	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$478,189,000	-11.6%	306,041	+0.9%	11.77%	-7.8%
ABEV	Buy	AMBEV SA	$346,368,000	-18.4%	125,495,637	+1.7%	8.52%	-14.9%
CPA	Buy	COPA HOLDINGSclass a	$319,308,000	+8.9%	3,923,664	+0.8%	7.86%	+13.6%
BBD	Buy	BANCO BRADESCO S Aadr (1 pfd)	$286,558,000	-18.9%	74,819,198	+8.7%	7.05%	-15.4%
RYAAY	Sell	RYANAIR HLDGS PLCadr each repr 5 ord	$224,960,000	+1.3%	2,043,974	-0.4%	5.54%	+5.6%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$145,597,000	+3.2%	533,440	+5.1%	3.58%	+7.6%
DIS	Buy	WALT DISNEY CO	$139,447,000	-0.7%	824,300	+3.2%	3.43%	+3.6%
TROW	Buy	T ROWE PRICE GRP	$138,241,000	+2.8%	702,800	+3.5%	3.40%	+7.3%
WBA	Buy	WALGREENS BOOTS ALNC	$132,058,000	-6.1%	2,806,750	+4.9%	3.25%	-2.1%
INTC	Buy	INTEL CORP	$125,317,000	+4.1%	2,352,040	+9.7%	3.08%	+8.6%
CHRW	Buy	C H ROBINSON WLDWIDE	$123,340,000	+6.7%	1,417,700	+14.9%	3.04%	+11.3%
MMM	Buy	3M COMPANY	$122,320,000	-7.2%	697,300	+5.1%	3.01%	-3.2%
WFC	Buy	WELLS FARGO & CO	$118,163,000	+8.8%	2,546,060	+6.2%	2.91%	+13.5%
RTX	Buy	RAYTHEON TECHNOLOGIE	$113,080,000	+5.9%	1,315,500	+5.1%	2.78%	+10.5%
BWA	Buy	BORG WARNER INC	$105,877,000	-7.0%	2,450,300	+4.5%	2.61%	-3.0%
EXP	Buy	EAGLE MATERIALS	$102,961,000	-3.5%	785,000	+4.6%	2.53%	+0.7%
CFR	Buy	CULLEN FROST BANKERS	$102,548,000	+12.5%	864,507	+6.2%	2.52%	+17.3%
HSIC	Buy	HENRY SCHEIN INC	$92,979,000	+8.6%	1,220,842	+5.8%	2.29%	+13.3%
MSM	Buy	MSC INDL DIRECT INCclass a	$78,683,000	-5.8%	981,210	+5.4%	1.94%	-1.8%
MKL	Buy	MARKEL CORP	$78,681,000	+31.0%	65,835	+30.1%	1.94%	+36.6%
XOM	Sell	EXXON MOBIL CORP	$77,054,000	-40.1%	1,310,000	-51.6%	1.90%	-37.6%
BIIB	Buy	BIOGEN INC	$66,220,000	-4.6%	234,000	+16.8%	1.63%	-0.4%
	Buy	COMMERCIAL INTL BKgdr rep 1 ord egp10	$65,163,000	+47.5%	24,405,741	+81.4%	1.60%	+53.8%
AXP	Buy	AMERICAN EXPRESS CO	$59,105,000	+7.6%	352,800	+6.1%	1.46%	+12.3%
CHKP	Buy	CHECK POINT SOFTWAREordinary	$57,922,000	-0.8%	512,400	+1.9%	1.43%	+3.6%
JNJ	Buy	JOHNSON & JOHNSON	$45,898,000	+2.9%	284,200	+5.0%	1.13%	+7.4%
GNTX	New	GENTEX CORP	$44,543,000	–	1,350,600	–	1.10%	–
CCL	Buy	CARNIVAL CORP	$42,513,000	-0.3%	1,699,842	+5.0%	1.05%	+4.0%
IPGP	Buy	IPG PHOTONICS CORP	$38,922,000	-18.1%	245,722	+9.0%	0.96%	-14.5%
BDX	Buy	BECTON DICKINSON	$38,200,000	+5.6%	155,400	+4.5%	0.94%	+10.2%
SLB	Sell	SCHLUMBERGER LTD	$33,828,000	-40.6%	1,141,300	-35.9%	0.83%	-38.1%
GOOGL	Sell	ALPHABET INCclass a	$29,286,000	-22.8%	10,954	-29.5%	0.72%	-19.4%
DCI	Buy	DONALDSON INC	$26,610,000	-6.7%	463,501	+3.3%	0.66%	-2.7%
	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$20,392,000	–	331,570	–	0.50%	–
GILD	Sell	GILEAD SCIENCES INC	$19,202,000	+0.4%	274,900	-1.0%	0.47%	+4.9%
BKE	Sell	BUCKLE INC	$13,139,000	-41.0%	331,875	-25.9%	0.32%	-38.6%
CSL	Sell	CARLISLE COS INC	$5,805,000	-27.3%	29,200	-30.0%	0.14%	-23.9%
MLM	Sell	MARTIN MARIETTA MATL	$4,681,000	-11.3%	13,700	-8.7%	0.12%	-8.0%
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-336,480	–	-0.44%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$540,919,000	–	303,291	–	12.76%	–
ABEV	New	AMBEV SA	$424,495,000	–	123,399,637	–	10.02%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$353,242,000	–	68,858,098	–	8.34%	–
CPA	New	COPA HOLDINGSclass a	$293,099,000	–	3,890,864	–	6.92%	–
RYAAY	New	RYANAIR HLDGS PLCadr each repr 5 ord	$222,109,000	–	2,052,574	–	5.24%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$141,111,000	–	507,740	–	3.33%	–
WBA	New	WALGREENS BOOTS ALNC	$140,703,000	–	2,674,450	–	3.32%	–
DIS	New	WALT DISNEY CO	$140,370,000	–	798,600	–	3.31%	–
TROW	New	T ROWE PRICE GRP	$134,441,000	–	679,100	–	3.17%	–
MMM	New	3M COMPANY	$131,791,000	–	663,500	–	3.11%	–
XOM	New	GENTEX CORP	$128,716,000	–	2,708,600	–	3.04%	–
INTC	New	INTEL CORP	$120,394,000	–	2,144,540	–	2.84%	–
CHRW	New	C H ROBINSON WLDWIDE	$115,589,000	–	1,234,000	–	2.73%	–
BWA	New	BORG WARNER INC	$113,851,000	–	2,345,500	–	2.69%	–
WFC	New	WELLS FARGO & CO	$108,558,000	–	2,396,960	–	2.56%	–
RTX	New	RAYTHEON TECHNOLOGIE	$106,731,000	–	1,251,100	–	2.52%	–
EXP	New	EAGLE MATERIALS	$106,668,000	–	750,600	–	2.52%	–
CFR	New	CULLEN FROST BANKERS	$91,180,000	–	814,107	–	2.15%	–
HSIC	New	HENRY SCHEIN INC	$85,611,000	–	1,153,942	–	2.02%	–
MSM	New	MSC INDL DIRECT INCclass a	$83,566,000	–	931,310	–	1.97%	–
BIIB	New	BIOGEN INC	$69,393,000	–	200,400	–	1.64%	–
MKL	New	MARKEL CORP	$60,053,000	–	50,605	–	1.42%	–
CHKP	New	CHECK POINT SOFTWAREordinary	$58,367,000	–	502,600	–	1.38%	–
SLB	New	SCHLUMBERGER LTD	$56,997,000	–	1,780,600	–	1.34%	–
AXP	New	AMERICAN EXPRESS CO	$54,922,000	–	332,400	–	1.30%	–
IPGP	New	IPG PHOTONICS CORP	$47,512,000	–	225,422	–	1.12%	–
JNJ	New	JOHNSON & JOHNSON	$44,595,000	–	270,700	–	1.05%	–
	New	COMMERCIAL INTL BKgdr rep 1 ord egp10	$44,190,000	–	13,452,110	–	1.04%	–
CCL	New	CARNIVAL CORP	$42,654,000	–	1,618,142	–	1.01%	–
GOOGL	New	ALPHABET INCclass a	$37,919,000	–	15,529	–	0.90%	–
BDX	New	BECTON DICKINSON	$36,162,000	–	148,700	–	0.85%	–
DCI	New	DONALDSON INC	$28,506,000	–	448,701	–	0.67%	–
BKE	New	BUCKLE INC	$22,282,000	–	447,875	–	0.53%	–
GILD	New	GILEAD SCIENCES INC	$19,122,000	–	277,700	–	0.45%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$18,809,000	–	336,480	–	0.44%	–
CSL	New	CARLISLE COS INC	$7,981,000	–	41,700	–	0.19%	–
MLM	New	MARTIN MARIETTA MATL	$5,277,000	–	15,000	–	0.12%	–

Q4 2020

			Value		Shares		↓ Weighting
MLM	Exit	MARTIN MARIETTA MATL	$0	–	-24,000	–	-0.30%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-160,589	–	-0.37%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-140,200	–	-0.47%	–
RTX	Exit	RAYTHEON TECHNOLOGIE	$0	–	-176,700	–	-0.54%	–
CSL	Exit	CARLISLE COS INC	$0	–	-84,800	–	-0.55%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-432,110	–	-0.58%	–
	Exit	COMMERCIAL INTL BKgdr rep 1 ord egp10	$0	–	-2,712,140	–	-0.62%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-159,100	–	-0.85%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-118,700	–	-0.94%	–
BDX	Exit	BECTON DICKINSON	$0	–	-80,100	–	-0.99%	–
CCL	Exit	CARNIVAL CORP	$0	–	-1,253,242	–	-1.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-629,300	–	-1.15%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-15,169	–	-1.18%	–
GNTX	Exit	GENTEX CORP	$0	–	-900,300	–	-1.23%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,748,300	–	-1.45%	–
MKL	Exit	MARKEL CORP	$0	–	-27,954	–	-1.45%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-171,100	–	-1.55%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-497,300	–	-1.56%	–
INTC	Exit	INTEL CORP	$0	–	-604,040	–	-1.66%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,339,160	–	-1.68%	–
BKE	Exit	BUCKLE INC	$0	–	-1,569,700	–	-1.70%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-922,850	–	-1.76%	–
MSM	Exit	MSC INDL DIRECT INCclass a	$0	–	-525,700	–	-1.77%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-531,000	–	-1.81%	–
BWA	Exit	BORG WARNER INC	$0	–	-981,100	–	-2.02%	–
MMM	Exit	3M COMPANY	$0	–	-260,700	–	-2.22%	–
CHKP	Exit	CHECK POINT SOFTWAREordinary	$0	–	-373,500	–	-2.39%	–
TROW	Exit	T ROWE PRICE GRP	$0	–	-361,700	–	-2.47%	–
DCI	Exit	EAGLE MATERIALS	$0	–	-669,600	–	-2.64%	–
CHRW	Exit	C H ROBINSON WLDWIDE	$0	–	-525,900	–	-2.86%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-256,640	–	-2.91%	–
DIS	Exit	WALT DISNEY CO	$0	–	-457,500	–	-3.02%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-7,392,560	–	-5.43%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-37,567,379	–	-6.86%	–
ABEV	Exit	AMBEV SA	$0	–	-59,773,200	–	-7.19%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-2,751,764	–	-7.37%	–
RYAAY	Exit	RYANAIR HLDGS PLCadr each repr 5 ord	$0	–	-1,964,074	–	-8.55%	–
	Exit	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$0	–	-250,141	–	-16.87%	–

Q3 2020

			Value		Shares		↓ Weighting
	Buy	SAMSUNG ELECTRONICgdr rep 1/2 ord regs	$316,929,000	+17.9%	250,141	+2.2%	16.87%	-8.6%
RYAAY	Buy	RYANAIR HLDGS PLCadr each repr 5 ord	$160,583,000	+28.7%	1,964,074	+4.4%	8.55%	-0.2%
CPA	Buy	COPA HOLDINGSclass a	$138,524,000	+17.9%	2,751,764	+18.4%	7.37%	-8.6%
ABEV	Buy	AMBEV SA	$135,087,000	+20.3%	59,773,200	+40.5%	7.19%	-6.7%
BBD	Buy	BANCO BRADESCO S Aadr (1 pfd)	$128,856,000	-5.4%	37,567,379	+5.0%	6.86%	-26.7%
INFY	Sell	INFOSYS LIMITEDadr	$102,091,000	+10.7%	7,392,560	-22.6%	5.43%	-14.2%
DIS	Buy	WALT DISNEY CO	$56,767,000	+57.1%	457,500	+41.2%	3.02%	+21.8%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$54,649,000	+83.1%	256,640	+53.5%	2.91%	+41.9%
CHRW	Buy	C H ROBINSON WLDWIDE	$53,742,000	+77.8%	525,900	+37.5%	2.86%	+37.8%
DCI	Buy	EAGLE MATERIALS	$49,668,000	+826.0%	669,600	+480.7%	2.64%	+618.2%
TROW	Buy	T ROWE PRICE GRP	$46,377,000	+44.1%	361,700	+38.8%	2.47%	+11.7%
CHKP	Buy	CHECK POINT SOFTWAREordinary	$44,947,000	+17.5%	373,500	+4.9%	2.39%	-8.9%
MMM	Buy	3M COMPANY	$41,759,000	+68.2%	260,700	+63.8%	2.22%	+30.4%
BWA	Buy	BORG WARNER INC	$38,008,000	+83.5%	981,100	+67.2%	2.02%	+42.3%
CFR	Buy	CULLEN FROST BANKERS	$33,957,000	+24.8%	531,000	+45.8%	1.81%	-3.3%
MSM	Buy	MSC INDL DIRECT INCclass a	$33,266,000	+30.4%	525,700	+50.0%	1.77%	+1.1%
WBA	Buy	WALGREENS BOOTS ALNC	$33,149,000	+19.8%	922,850	+41.4%	1.76%	-7.2%
BKE	Buy	BUCKLE INC	$32,006,000	+117.5%	1,569,700	+67.3%	1.70%	+68.6%
WFC	Buy	WELLS FARGO & CO	$31,484,000	+47.8%	1,339,160	+60.9%	1.68%	+14.6%
INTC	Buy	INTEL CORP	$31,277,000	+9.2%	604,040	+26.1%	1.66%	-15.4%
HSIC	Buy	HENRY SCHEIN INC	$29,231,000	+91.9%	497,300	+90.6%	1.56%	+48.8%
IPGP	Buy	IPG PHOTONICS CORP	$29,082,000	+53.4%	171,100	+44.8%	1.55%	+18.9%
MKL	Buy	MARKEL CORP	$27,219,000	+62.7%	27,954	+54.2%	1.45%	+26.1%
SLB	Buy	SCHLUMBERGER LTD	$27,204,000	+33.8%	1,748,300	+58.1%	1.45%	+3.7%
GNTX	Buy	GENTEX CORP	$23,183,000	+32.3%	900,300	+32.4%	1.23%	+2.6%
GOOGL	Buy	ALPHABET INCclass a	$22,232,000	+52.7%	15,169	+47.7%	1.18%	+18.3%
XOM	Buy	EXXON MOBIL CORP	$21,604,000	+97.2%	629,300	+156.9%	1.15%	+52.9%
CCL	Buy	CARNIVAL CORP	$19,024,000	+25.2%	1,253,242	+35.4%	1.01%	-2.9%
BDX	Buy	BECTON DICKINSON	$18,638,000	+64.3%	80,100	+69.0%	0.99%	+27.3%
JNJ	Buy	JOHNSON & JOHNSON	$17,672,000	+47.1%	118,700	+39.0%	0.94%	+14.1%
AXP	Buy	AMERICAN EXPRESS CO	$15,950,000	+68.1%	159,100	+59.6%	0.85%	+30.2%
	Buy	COMMERCIAL INTL BKgdr rep 1 ord egp10	$11,662,000	+118.0%	2,712,140	+95.7%	0.62%	+69.2%
SBKFF	Sell	STATE BK OF INDIAgdr(2 inr10 reg s)	$10,976,000	+7.2%	432,110	-0.6%	0.58%	-16.9%
CSL	Sell	CARLISLE COS INC	$10,377,000	-9.1%	84,800	-11.1%	0.55%	-29.6%
RTX	Sell	RAYTHEON TECHNOLOGIE	$10,167,000	-13.6%	176,700	-7.5%	0.54%	-33.0%
GILD	New	GILEAD SCIENCES INC	$8,859,000	–	140,200	–	0.47%	–
XRAY	Sell	DENTSPLY SIRONA INC	$7,023,000	-5.4%	160,589	-4.7%	0.37%	-26.7%
MLM	Sell	MARTIN MARIETTA MATL	$5,649,000	+0.5%	24,000	-11.8%	0.30%	-22.0%
AAPL	Exit	APPLE INC	$0	–	-15,700	–	-0.39%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-317,800	–	-1.53%	–

Q2 2020

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRS LTDgdr 144a / reg s	$268,698,000	–	244,851	–	18.45%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$136,253,000	–	35,761,979	–	9.35%	–
RYAAY	New	RYANAIR HLDGS PLCadr each repr 5 ord	$124,751,000	–	1,880,474	–	8.56%	–
CPA	New	COPA HOLDINGSclass a	$117,540,000	–	2,324,764	–	8.07%	–
ABEV	New	AMBEV SA	$112,284,000	–	42,531,700	–	7.71%	–
INFY	New	INFOSYS LIMITEDadr	$92,227,000	–	9,547,360	–	6.33%	–
CHKP	New	CHECK POINT SOFTWAREordinary	$38,245,000	–	356,000	–	2.63%	–
DIS	New	WALT DISNEY CO	$36,140,000	–	324,100	–	2.48%	–
TROW	New	T ROWE PRICE GRP	$32,184,000	–	260,600	–	2.21%	–
CHRW	New	C H ROBINSON WLDWIDE	$30,233,000	–	382,400	–	2.08%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$29,854,000	–	167,240	–	2.05%	–
INTC	New	INTEL CORP	$28,655,000	–	478,940	–	1.97%	–
WBA	New	WALGREENS BOOTS ALNC	$27,674,000	–	652,850	–	1.90%	–
CFR	New	CULLEN FROST BANKERS	$27,209,000	–	364,200	–	1.87%	–
MSM	New	MSC INDL DIRECT INCclass a	$25,520,000	–	350,500	–	1.75%	–
MMM	New	3M COMPANY	$24,834,000	–	159,200	–	1.70%	–
EXP	New	EAGLE MATERIALS	$22,316,000	–	317,800	–	1.53%	–
WFC	New	WELLS FARGO & CO	$21,303,000	–	832,160	–	1.46%	–
BWA	New	BORG WARNER INC	$20,714,000	–	586,800	–	1.42%	–
SLB	New	SCHLUMBERGER LTD	$20,334,000	–	1,105,700	–	1.40%	–
IPGP	New	IPG PHOTONICS CORP	$18,958,000	–	118,200	–	1.30%	–
GNTX	New	GENTEX CORP	$17,521,000	–	679,900	–	1.20%	–
MKL	New	MARKEL CORP	$16,732,000	–	18,124	–	1.15%	–
HSIC	New	HENRY SCHEIN INC	$15,234,000	–	260,900	–	1.05%	–
CCL	New	CARNIVAL CORP	$15,196,000	–	925,442	–	1.04%	–
BKE	New	BUCKLE INC	$14,713,000	–	938,300	–	1.01%	–
GOOGL	New	ALPHABET INCclass a	$14,562,000	–	10,269	–	1.00%	–
JNJ	New	JOHNSON & JOHNSON	$12,010,000	–	85,400	–	0.82%	–
RTX	New	RAYTHEON TECHNOLOGIE	$11,769,000	–	191,000	–	0.81%	–
CSL	New	CARLISLE COS INC	$11,417,000	–	95,400	–	0.78%	–
BDX	New	BECTON DICKINSON	$11,341,000	–	47,400	–	0.78%	–
XOM	New	EXXON MOBIL CORP	$10,956,000	–	245,000	–	0.75%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$10,240,000	–	434,800	–	0.70%	–
AXP	New	AMERICAN EXPRESS CO	$9,491,000	–	99,700	–	0.65%	–
XRAY	New	DENTSPLY SIRONA INC	$7,424,000	–	168,489	–	0.51%	–
AAPL	New	APPLE INC	$5,727,000	–	15,700	–	0.39%	–
MLM	New	MARTIN MARIETTA MATL	$5,619,000	–	27,200	–	0.39%	–
DCI	New	DONALDSON INC	$5,364,000	–	115,300	–	0.37%	–
	New	COMMERCIAL INTL BKgdr rep 1 ord egp10	$5,349,000	–	1,385,710	–	0.37%	–

Q4 2019

			Value		Shares		↓ Weighting
VMI	Exit	VALMONT INDS INC	$0	–	-33,000	–	-0.28%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-88,632	–	-0.34%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-196,000	–	-0.45%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-65,900	–	-0.56%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-56,887	–	-0.65%	–
MMM	Exit	3M COMPANY	$0	–	-64,918	–	-0.66%	–
AAPL	Exit	APPLE INC	$0	–	-50,100	–	-0.70%	–
TIF	Exit	TIFFANY & CO	$0	–	-124,812	–	-0.72%	–
BDX	Exit	BECTON DICKINSON	$0	–	-55,126	–	-0.87%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-269,389	–	-0.89%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-122,300	–	-0.90%	–
CHRW	Exit	C H ROBINSON WLDWIDE	$0	–	-171,874	–	-0.90%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-116,254	–	-0.93%	–
CCL	Exit	CARNIVAL CORP	$0	–	-358,482	–	-0.97%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-1,217,900	–	-1.02%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-200,038	–	-1.10%	–
BWA	Exit	BORG WARNER INC	$0	–	-482,838	–	-1.10%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-16,812	–	-1.28%	–
BKE	Exit	BUCKLE INC	$0	–	-1,044,836	–	-1.34%	–
MSM	Exit	MSC INDL DIRECT INCclass a	$0	–	-300,020	–	-1.35%	–
MLM	Exit	MARTIN MARIETTA MATL	$0	–	-85,900	–	-1.46%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-272,382	–	-1.52%	–
CSL	Exit	CARLISLE COS INC	$0	–	-173,800	–	-1.57%	–
GNTX	Exit	GENTEX CORP	$0	–	-931,100	–	-1.59%	–
MKL	Exit	MARKEL CORP	$0	–	-21,707	–	-1.59%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-718,268	–	-1.71%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-609,660	–	-1.91%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-907,960	–	-1.93%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-150,760	–	-1.95%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-572,872	–	-1.97%	–
INTC	Exit	INTEL CORP	$0	–	-627,598	–	-2.01%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-245,198	–	-2.08%	–
TROW	Exit	T ROWE PRICE GRP	$0	–	-318,300	–	-2.26%	–
DIS	Exit	WALT DISNEY CO	$0	–	-310,482	–	-2.51%	–
RYAAY	Exit	RYANAIR HLDGS PLCadr each repr 5 ord	$0	–	-769,500	–	-3.17%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-1,063,057	–	-6.52%	–
PKX	Exit	POSCOadr (0.25 ord)	$0	–	-3,000,066	–	-8.79%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-13,893,360	–	-9.81%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-25,952,787	–	-13.12%	–
	Exit	SAMSUNG ELECTRS LTDgdr 144a / reg s	$0	–	-243,072	–	-15.48%	–

Q3 2019

			Value		Shares		↓ Weighting
	Buy	SAMSUNG ELECTRS LTDgdr 144a / reg s	$249,189,000	+1.3%	243,072	+0.5%	15.48%	-0.5%
BBD	Sell	BANCO BRADESCO S Aadr (1 pfd)	$211,256,000	-18.7%	25,952,787	-2.0%	13.12%	-20.2%
INFY	Sell	INFOSYS LIMITEDadr	$157,968,000	+4.1%	13,893,360	-2.0%	9.81%	+2.3%
PKX	Sell	POSCOadr (0.25 ord)	$141,483,000	-11.6%	3,000,066	-0.6%	8.79%	-13.2%
CPA	Buy	COPA HOLDINGSclass a	$104,977,000	+1.5%	1,063,057	+0.3%	6.52%	-0.3%
RYAAY	New	RYANAIR HLDGS PLCadr each repr 5 ord	$51,079,000	–	769,500	–	3.17%	–
DIS	Buy	WALT DISNEY CO	$40,462,000	+9.0%	310,482	+16.8%	2.51%	+7.1%
TROW	Buy	T ROWE PRICE GRP	$36,366,000	+30.1%	318,300	+24.9%	2.26%	+27.8%
UTX	Buy	UNITED TECHNOLOGIES	$33,474,000	+7.8%	245,198	+2.9%	2.08%	+6.0%
INTC	Buy	INTEL CORP	$32,340,000	+32.1%	627,598	+22.8%	2.01%	+29.8%
WBA	Buy	WALGREENS BOOTS ALNC	$31,686,000	+35.4%	572,872	+33.8%	1.97%	+33.0%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$31,361,000	+17.7%	150,760	+20.7%	1.95%	+15.7%
SLB	Buy	SCHLUMBERGER LTD	$31,025,000	+38.1%	907,960	+60.6%	1.93%	+35.7%
WFC	Buy	WELLS FARGO & CO	$30,751,000	+16.2%	609,660	+9.0%	1.91%	+14.2%
SBKFF	Sell	STATE BK OF INDIAgdr(2 inr10 reg s)	$27,581,000	-33.1%	718,268	-9.7%	1.71%	-34.2%
MKL	Sell	MARKEL CORP	$25,656,000	-10.5%	21,707	-17.5%	1.59%	-12.1%
GNTX	Sell	GENTEX CORP	$25,638,000	+10.1%	931,100	-1.6%	1.59%	+8.1%
CSL	Sell	CARLISLE COS INC	$25,295,000	+1.6%	173,800	-2.0%	1.57%	-0.1%
EXP	Buy	EAGLE MATERIALS	$24,517,000	+9.8%	272,382	+13.1%	1.52%	+7.9%
MSM	Buy	MSC INDL DIRECT INCclass a	$21,760,000	+67.5%	300,020	+71.5%	1.35%	+64.7%
BKE	Buy	BUCKLE INC	$21,524,000	+89.6%	1,044,836	+59.3%	1.34%	+86.2%
GOOGL	Sell	ALPHABET INCclass a	$20,530,000	+11.4%	16,812	-1.2%	1.28%	+9.5%
CFR	Buy	CULLEN FROST BANKERS	$17,713,000	+43.5%	200,038	+51.8%	1.10%	+40.8%
BWA	Buy	BORG WARNER INC	$17,710,000	+35.8%	482,838	+55.5%	1.10%	+33.3%
OII	Buy	OCEANEERING INTL INC	$16,503,000	-26.9%	1,217,900	+10.0%	1.02%	-28.2%
CCL	Buy	CARNIVAL CORP	$15,669,000	+96.7%	358,482	+109.5%	0.97%	+93.1%
JNJ	Buy	JOHNSON & JOHNSON	$15,041,000	-5.1%	116,254	+2.2%	0.93%	-6.8%
CHRW	New	C H ROBINSON WLDWIDE	$14,571,000	–	171,874	–	0.90%	–
AXP	Sell	AMERICAN EXPRESS CO	$14,466,000	-6.1%	122,300	-2.0%	0.90%	-7.7%
XRAY	Sell	DENTSPLY SIRONA INC	$14,361,000	-10.9%	269,389	-2.4%	0.89%	-12.5%
BDX	Buy	BECTON DICKINSON	$13,945,000	+106.1%	55,126	+105.3%	0.87%	+102.3%
TIF	Buy	TIFFANY & CO	$11,561,000	+41.1%	124,812	+42.6%	0.72%	+38.6%
MMM	Buy	3M COMPANY	$10,673,000	+70.8%	64,918	+80.1%	0.66%	+67.8%
GD	Buy	GENERAL DYNAMICS	$10,395,000	+85.3%	56,887	+84.4%	0.65%	+82.0%
IPGP	Buy	IPG PHOTONICS CORP	$8,936,000	+75.6%	65,900	+99.7%	0.56%	+72.4%
WAFD	Sell	WASHINGTON FEDERAL	$7,250,000	-27.5%	196,000	-31.6%	0.45%	-28.9%
WABC	Sell	WESTAMERICA BANCORP	$5,511,000	-17.5%	88,632	-18.2%	0.34%	-19.0%
VMI	Sell	VALMONT INDS INC	$4,569,000	-33.6%	33,000	-39.2%	0.28%	-34.7%
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-101,200	–	-0.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-39,421	–	-0.33%	–
TDY	Exit	TELEDYNE TECH INC	$0	–	-28,400	–	-0.49%	–
FLIR	Exit	FLIR SYS INC	$0	–	-152,600	–	-0.52%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-107,722	–	-0.66%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-113,500	–	-0.79%	–
QCOM	Exit	QUALCOMM INC	$0	–	-299,600	–	-1.44%	–

Q2 2019

			Value		Shares		↓ Weighting
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$259,958,000	–	26,472,278	–	16.44%	–
	New	SAMSUNG ELECTRS LTDgdr 144a / reg s	$246,016,000	–	241,755	–	15.56%	–
PKX	New	POSCOadr (0.25 ord)	$160,096,000	–	3,017,266	–	10.12%	–
INFY	New	INFOSYS LIMITEDadr	$151,710,000	–	14,178,460	–	9.59%	–
CPA	New	COPA HOLDINGSclass a	$103,420,000	–	1,059,957	–	6.54%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$41,203,000	–	795,430	–	2.61%	–
DIS	New	WALT DISNEY CO	$37,116,000	–	265,800	–	2.35%	–
UTX	New	UNITED TECHNOLOGIES	$31,040,000	–	238,400	–	1.96%	–
MKL	New	MARKEL CORP	$28,664,000	–	26,307	–	1.81%	–
TROW	New	T ROWE PRICE GRP	$27,954,000	–	254,800	–	1.77%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$26,636,000	–	124,954	–	1.68%	–
WFC	New	WELLS FARGO & CO	$26,469,000	–	559,360	–	1.67%	–
CSL	New	CARLISLE COS INC	$24,895,000	–	177,300	–	1.57%	–
INTC	New	INTEL CORP	$24,473,000	–	511,240	–	1.55%	–
WBA	New	WALGREENS BOOTS ALNC	$23,410,000	–	428,200	–	1.48%	–
GNTX	New	GENTEX CORP	$23,296,000	–	946,600	–	1.47%	–
QCOM	New	QUALCOMM INC	$22,791,000	–	299,600	–	1.44%	–
OII	New	OCEANEERING INTL INC	$22,578,000	–	1,107,300	–	1.43%	–
SLB	New	SCHLUMBERGER LTD	$22,465,000	–	565,300	–	1.42%	–
EXP	New	EAGLE MATERIALS	$22,331,000	–	240,900	–	1.41%	–
MLM	New	MARTIN MARIETTA MATL	$19,766,000	–	85,900	–	1.25%	–
GOOGL	New	ALPHABET INCclass a	$18,421,000	–	17,012	–	1.16%	–
XRAY	New	DENTSPLY SIRONA INC	$16,113,000	–	276,089	–	1.02%	–
JNJ	New	JOHNSON & JOHNSON	$15,850,000	–	113,800	–	1.00%	–
AXP	New	AMERICAN EXPRESS CO	$15,405,000	–	124,800	–	0.97%	–
BWA	New	BORG WARNER INC	$13,039,000	–	310,600	–	0.82%	–
MSM	New	MSC INDL DIRECT INCclass a	$12,988,000	–	174,900	–	0.82%	–
PG	New	PROCTER & GAMBLE CO	$12,445,000	–	113,500	–	0.79%	–
CFR	New	CULLEN FROST BANKERS	$12,344,000	–	131,800	–	0.78%	–
BKE	New	BUCKLE INC	$11,354,000	–	655,900	–	0.72%	–
MDT	New	MEDTRONIC PLC	$10,491,000	–	107,722	–	0.66%	–
WAFD	New	WASHINGTON FEDERAL	$10,004,000	–	286,395	–	0.63%	–
AAPL	New	APPLE INC	$9,916,000	–	50,100	–	0.63%	–
FLIR	New	FLIR SYS INC	$8,256,000	–	152,600	–	0.52%	–
TIF	New	TIFFANY & CO	$8,194,000	–	87,500	–	0.52%	–
CCL	New	CARNIVAL CORP	$7,967,000	–	171,142	–	0.50%	–
TDY	New	TELEDYNE TECH INC	$7,778,000	–	28,400	–	0.49%	–
VMI	New	VALMONT INDS INC	$6,886,000	–	54,300	–	0.44%	–
BDX	New	BECTON DICKINSON	$6,766,000	–	26,850	–	0.43%	–
WABC	New	WESTAMERICA BANCORP	$6,679,000	–	108,400	–	0.42%	–
MMM	New	3M COMPANY	$6,249,000	–	36,050	–	0.40%	–
GD	New	GENERAL DYNAMICS	$5,610,000	–	30,855	–	0.36%	–
MSFT	New	MICROSOFT CORP	$5,281,000	–	39,421	–	0.33%	–
IPGP	New	IPG PHOTONICS CORP	$5,090,000	–	33,000	–	0.32%	–
HTLD	New	HEARTLAND EXPRESS IN	$1,829,000	–	101,200	–	0.12%	–

Q4 2018

			Value		Shares		↓ Weighting
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-101,200	–	-0.13%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-15,555	–	-0.20%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-94,100	–	-0.27%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-56,800	–	-0.28%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-596,200	–	-0.43%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-127,500	–	-0.49%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-75,021	–	-0.55%	–
TGNA	Exit	TEGNA INC	$0	–	-732,580	–	-0.56%	–
VMI	Exit	VALMONT INDS INC	$0	–	-64,500	–	-0.57%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-248,789	–	-0.60%	–
MMM	Exit	3M COMPANY	$0	–	-44,850	–	-0.61%	–
J	Exit	JACOBS ENGR GROUP	$0	–	-125,139	–	-0.62%	–
BDX	Exit	BECTON DICKINSON	$0	–	-37,350	–	-0.63%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-311,195	–	-0.64%	–
MLM	Exit	MARTIN MARIETTA MATL	$0	–	-56,500	–	-0.66%	–
TDY	Exit	TELEDYNE TECH INC	$0	–	-43,100	–	-0.68%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-417,500	–	-0.69%	–
CCL	Exit	CARNIVAL CORP	$0	–	-191,042	–	-0.78%	–
MSM	Exit	MSC INDL DIRECT INCclass a	$0	–	-139,400	–	-0.79%	–
BKE	Exit	BUCKLE INC	$0	–	-542,000	–	-0.80%	–
FLIR	Exit	FLIR SYS INC	$0	–	-208,400	–	-0.82%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-136,622	–	-0.86%	–
TIF	Exit	TIFFANY & CO	$0	–	-113,400	–	-0.94%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-176,900	–	-0.95%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-148,600	–	-1.00%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-188,800	–	-1.03%	–
DIS	Exit	WALT DISNEY CO	$0	–	-167,400	–	-1.26%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-188,700	–	-1.29%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-173,400	–	-1.54%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-649,620	–	-1.54%	–
GNTX	Exit	GENTEX CORP	$0	–	-1,127,500	–	-1.56%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-400,400	–	-1.57%	–
CSL	Exit	CARLISLE COS INC	$0	–	-200,900	–	-1.57%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-341,800	–	-1.60%	–
QCOM	Exit	QUALCOMM INC	$0	–	-349,000	–	-1.62%	–
TROW	Exit	T ROWE PRICE GRP	$0	–	-235,100	–	-1.65%	–
INTC	Exit	INTEL CORP	$0	–	-570,240	–	-1.73%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-22,412	–	-1.74%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-1,022,000	–	-1.81%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-562,560	–	-1.90%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-152,854	–	-2.10%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-261,200	–	-2.35%	–
MKL	Exit	MARKEL CORP	$0	–	-35,357	–	-2.70%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-840,457	–	-4.31%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-15,145,760	–	-9.90%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-26,849,286	–	-12.22%	–
PKX	Exit	POSCOadr (0.25 ord)	$0	–	-2,951,066	–	-12.52%	–
	Exit	SAMSUNG ELECTRS LTD	$0	–	-221,595	–	-14.91%	–

Q3 2018

			Value		Shares		↓ Weighting
	Buy	SAMSUNG ELECTRS LTD	$231,983,000	+0.3%	221,595	+0.2%	14.91%	-4.4%
PKX	Sell	POSCOadr (0.25 ord)	$194,770,000	-11.1%	2,951,066	-0.1%	12.52%	-15.2%
BBD	Buy	BANCO BRADESCO S Aadr (1 pfd)	$190,093,000	+3.6%	26,849,286	+0.4%	12.22%	-1.2%
INFY	Buy	INFOSYS LIMITEDadr	$154,032,000	+3.8%	15,145,760	+98.3%	9.90%	-1.0%
CPA	Buy	COPA HOLDINGSclass a	$67,102,000	+3.6%	840,457	+26.6%	4.31%	-1.2%
MKL	Sell	MARKEL CORP	$42,021,000	+1.9%	35,357	-7.0%	2.70%	-2.8%
UTX	Buy	UNITED TECHNOLOGIES	$36,518,000	+16.9%	261,200	+4.6%	2.35%	+11.5%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$32,728,000	+17.0%	152,854	+2.0%	2.10%	+11.6%
WFC	Buy	WELLS FARGO & CO	$29,568,000	-0.0%	562,560	+5.4%	1.90%	-4.7%
OII	Buy	OCEANEERING INTL INC	$28,207,000	+15.4%	1,022,000	+6.5%	1.81%	+10.1%
GOOGL	Sell	ALPHABET INCclass a	$27,053,000	+1.6%	22,412	-4.9%	1.74%	-3.1%
INTC	Buy	INTEL CORP	$26,967,000	+18.4%	570,240	+24.5%	1.73%	+12.9%
TROW	Buy	T ROWE PRICE GRP	$25,668,000	+1.5%	235,100	+7.9%	1.65%	-3.2%
QCOM	Buy	QUALCOMM INC	$25,138,000	+33.2%	349,000	+3.8%	1.62%	+27.0%
WBA	Buy	WALGREENS BOOTS ALNC	$24,917,000	+30.5%	341,800	+7.5%	1.60%	+24.5%
CSL	Buy	CARLISLE COS INC	$24,470,000	+18.8%	200,900	+5.7%	1.57%	+13.3%
SLB	Buy	SCHLUMBERGER LTD	$24,392,000	-1.8%	400,400	+8.0%	1.57%	-6.3%
GNTX	Buy	GENTEX CORP	$24,196,000	-1.4%	1,127,500	+5.8%	1.56%	-6.0%
SBKFF	Buy	STATE BK OF INDIAgdr(2 inr10 reg s)	$24,003,000	+8.9%	649,620	+10.6%	1.54%	+3.9%
JNJ	Buy	JOHNSON & JOHNSON	$23,959,000	+16.0%	173,400	+1.9%	1.54%	+10.6%
AXP	Buy	AMERICAN EXPRESS CO	$20,095,000	+11.0%	188,700	+2.1%	1.29%	+5.8%
DIS	Buy	WALT DISNEY CO	$19,576,000	+38.2%	167,400	+23.8%	1.26%	+31.7%
EXP	Buy	EAGLE MATERIALS	$16,093,000	+18.6%	188,800	+46.0%	1.03%	+13.0%
CFR	New	CULLEN FROST BANKERS	$15,520,000	–	148,600	–	1.00%	–
PG	Buy	PROCTER & GAMBLE CO	$14,723,000	+7.3%	176,900	+0.6%	0.95%	+2.3%
TIF	Buy	TIFFANY & CO	$14,625,000	+0.0%	113,400	+2.1%	0.94%	-4.7%
MDT	Buy	MEDTRONIC PLC	$13,440,000	+18.5%	136,622	+3.1%	0.86%	+12.9%
FLIR	Sell	FLIR SYS INC	$12,810,000	-12.9%	208,400	-26.4%	0.82%	-17.0%
BKE	Buy	BUCKLE INC	$12,493,000	-8.6%	542,000	+6.7%	0.80%	-12.8%
MSM	Buy	MSC INDL DIRECT INCclass a	$12,283,000	+43.8%	139,400	+38.4%	0.79%	+37.0%
CCL	Buy	CARNIVAL CORP	$12,183,000	+15.8%	191,042	+4.1%	0.78%	+10.4%
MDU	Sell	MDU RES GROUP INC	$10,726,000	-14.3%	417,500	-4.4%	0.69%	-18.4%
TDY	Buy	TELEDYNE TECH INC	$10,632,000	+29.0%	43,100	+4.1%	0.68%	+23.1%
MLM	New	MARTIN MARIETTA MATL	$10,280,000	–	56,500	–	0.66%	–
WAFD	Buy	WASHINGTON FEDERAL	$9,958,000	-0.3%	311,195	+1.9%	0.64%	-4.9%
BDX	Sell	BECTON DICKINSON	$9,748,000	-19.0%	37,350	-25.7%	0.63%	-22.7%
J	Sell	JACOBS ENGR GROUP	$9,573,000	-9.0%	125,139	-24.5%	0.62%	-13.3%
MMM	Buy	3M COMPANY	$9,450,000	+8.8%	44,850	+1.6%	0.61%	+3.8%
XRAY	Buy	DENTSPLY SIRONA INC	$9,389,000	+38.1%	248,789	+60.1%	0.60%	+31.7%
VMI	Buy	VALMONT INDS INC	$8,933,000	-3.2%	64,500	+5.4%	0.57%	-7.7%
TGNA	Buy	TEGNA INC	$8,762,000	+16.3%	732,580	+5.5%	0.56%	+10.8%
MSFT	Buy	MICROSOFT CORP	$8,580,000	+18.8%	75,021	+2.5%	0.55%	+13.1%
WABC	Buy	WESTAMERICA BANCORP	$7,670,000	+8.6%	127,500	+2.0%	0.49%	+3.6%
VLY	Sell	VALLEY NATL BANCORP	$6,707,000	-13.9%	596,200	-6.9%	0.43%	-17.9%
EMR	Buy	EMERSON ELEC CO	$4,350,000	+14.4%	56,800	+3.3%	0.28%	+9.4%
HOG	Buy	HARLEY DAVIDSON INC	$4,263,000	+16.6%	94,100	+8.3%	0.27%	+11.4%
GD	Buy	GENERAL DYNAMICS	$3,184,000	+12.7%	15,555	+2.6%	0.20%	+7.9%
KO	Exit	COCA-COLA CO	$0	–	-93,200	–	-0.28%	–

Q2 2018

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRS LTD	$231,319,000	–	221,055	–	15.59%	–
PKX	New	POSCOadr (0.25 ord)	$219,015,000	–	2,954,866	–	14.76%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$183,491,000	–	26,747,993	–	12.37%	–
INFY	New	INFOSYS LIMITEDadr	$148,377,000	–	7,636,480	–	10.00%	–
CPA	New	CULLEN FROST BANKERSclass a	$64,777,000	–	663,657	–	4.37%	–
MKL	New	MARKEL CORP	$41,224,000	–	38,017	–	2.78%	–
UTX	New	UNITED TECHNOLOGIES	$31,232,000	–	249,800	–	2.10%	–
WFC	New	WELLS FARGO & CO	$29,581,000	–	533,560	–	1.99%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$27,980,000	–	149,904	–	1.89%	–
GOOGL	New	ALPHABET INCclass a	$26,616,000	–	23,571	–	1.79%	–
TROW	New	T ROWE PRICE GRP	$25,296,000	–	217,900	–	1.70%	–
SLB	New	SCHLUMBERGER LTD	$24,841,000	–	370,600	–	1.67%	–
GNTX	New	GENTEX CORP	$24,532,000	–	1,065,700	–	1.65%	–
OII	New	OCEANEERING INTL INC	$24,434,000	–	959,700	–	1.65%	–
INTC	New	INTEL CORP	$22,769,000	–	458,040	–	1.54%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$22,034,000	–	587,580	–	1.48%	–
JNJ	New	JOHNSON & JOHNSON	$20,652,000	–	170,200	–	1.39%	–
CSL	New	CARLISLE COS INC	$20,590,000	–	190,100	–	1.39%	–
WBA	New	WALGREENS BOOTS ALNC	$19,091,000	–	318,100	–	1.29%	–
QCOM	New	QUALCOMM INC	$18,873,000	–	336,300	–	1.27%	–
AXP	New	AMERICAN EXPRESS CO	$18,110,000	–	184,800	–	1.22%	–
FLIR	New	FLIR SYS INC	$14,708,000	–	283,000	–	0.99%	–
TIF	New	TIFFANY & CO	$14,621,000	–	111,100	–	0.99%	–
DIS	New	WALT DISNEY CO	$14,170,000	–	135,200	–	0.96%	–
PG	New	PROCTER & GAMBLE CO	$13,723,000	–	175,800	–	0.92%	–
BKE	New	BUCKLE INC	$13,671,000	–	508,200	–	0.92%	–
EXP	New	EAGLE MATERIALS	$13,573,000	–	129,300	–	0.92%	–
MDU	New	MDU RES GROUP INC	$12,519,000	–	436,500	–	0.84%	–
BDX	New	BECTON DICKINSON	$12,038,000	–	50,250	–	0.81%	–
MDT	New	MEDTRONIC PLC	$11,345,000	–	132,522	–	0.76%	–
CCL	New	CARNIVAL CORP	$10,519,000	–	183,542	–	0.71%	–
J	New	JACOBS ENGR GROUP	$10,523,000	–	165,739	–	0.71%	–
WAFD	New	WASHINGTON FEDERAL	$9,990,000	–	305,495	–	0.67%	–
VMI	New	VALMONT INDS INC	$9,226,000	–	61,200	–	0.62%	–
MMM	New	3M COMPANY	$8,685,000	–	44,150	–	0.58%	–
MSM	New	MSC INDL DIRECT INCclass a	$8,544,000	–	100,700	–	0.58%	–
TDY	New	TELEDYNE TECH INC	$8,241,000	–	41,400	–	0.56%	–
VLY	New	VALLEY NATL BANCORP	$7,791,000	–	640,700	–	0.52%	–
TGNA	New	TEGNA INC	$7,537,000	–	694,680	–	0.51%	–
MSFT	New	MICROSOFT CORP	$7,220,000	–	73,221	–	0.49%	–
WABC	New	WESTAMERICA BANCORP	$7,064,000	–	125,000	–	0.48%	–
XRAY	New	DENTSPLY SIRONA INC	$6,801,000	–	155,389	–	0.46%	–
KO	New	COCA-COLA CO	$4,088,000	–	93,200	–	0.28%	–
EMR	New	EMERSON ELEC CO	$3,803,000	–	55,000	–	0.26%	–
HOG	New	HARLEY DAVIDSON INC	$3,657,000	–	86,900	–	0.25%	–
GD	New	GENERAL DYNAMICS	$2,825,000	–	15,155	–	0.19%	–
HTLD	New	HEARTLAND EXPRESS IN	$1,877,000	–	101,200	–	0.13%	–

Q4 2017

			Value		Shares		↓ Weighting
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-52,200	–	-0.10%	–
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-104,500	–	-0.15%	–
BMS	Exit	BEMIS INC	$0	–	-90,580	–	-0.23%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-100,400	–	-0.27%	–
DIS	Exit	WALT DISNEY CO	$0	–	-52,200	–	-0.29%	–
CARS	Exit	CARS.COM INC	$0	–	-205,093	–	-0.31%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-29,255	–	-0.34%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-101,500	–	-0.36%	–
KO	Exit	COCA-COLA CO	$0	–	-154,000	–	-0.39%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-119,889	–	-0.40%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-5,395,300	–	-0.41%	–
BKE	Exit	BUCKLE INC	$0	–	-441,600	–	-0.42%	–
MRK	Exit	MERCK & CO INC	$0	–	-118,000	–	-0.42%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-100,400	–	-0.44%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-106,821	–	-0.45%	–
TDY	Exit	TELEDYNE TECH INC	$0	–	-50,100	–	-0.45%	–
TGNA	Exit	TEGNA INC	$0	–	-615,280	–	-0.46%	–
MSM	Exit	MSC INDL DIRECT INCclass a	$0	–	-112,900	–	-0.48%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-152,300	–	-0.51%	–
VMI	Exit	VALMONT INDS INC	$0	–	-73,900	–	-0.66%	–
MMM	Exit	3M COMPANY	$0	–	-57,250	–	-0.68%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-157,322	–	-0.69%	–
TIF	Exit	TIFFANY & CO	$0	–	-133,400	–	-0.69%	–
BDX	Exit	BECTON DICKINSON	$0	–	-62,450	–	-0.69%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-1,052,500	–	-0.71%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-130,300	–	-0.78%	–
FLIR	Exit	FLIR SYS INC	$0	–	-359,700	–	-0.79%	–
CCL	Exit	CARNIVAL CORP	$0	–	-238,842	–	-0.87%	–
MAT	Exit	MATTEL INC	$0	–	-1,008,100	–	-0.88%	–
APA	Exit	APACHE CORP	$0	–	-354,000	–	-0.91%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-636,000	–	-0.93%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-441,200	–	-0.95%	–
QCOM	Exit	QUALCOMM INC	$0	–	-329,200	–	-0.96%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-510,995	–	-0.96%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-183,800	–	-0.98%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-260,700	–	-1.02%	–
INTC	Exit	INTEL CORP	$0	–	-478,740	–	-1.02%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-728,400	–	-1.07%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-150,400	–	-1.10%	–
TROW	Exit	T ROWE PRICE GRP	$0	–	-228,000	–	-1.16%	–
CSL	Exit	CARLISLE COS INC	$0	–	-207,300	–	-1.17%	–
J	Exit	JACOBS ENGR GROUP	$0	–	-360,439	–	-1.18%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-238,200	–	-1.22%	–
GNTX	Exit	GENTEX CORP	$0	–	-1,207,300	–	-1.34%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-272,900	–	-1.39%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-221,900	–	-1.62%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-31,071	–	-1.70%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-264,900	–	-1.73%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-610,660	–	-1.89%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-193,734	–	-1.99%	–
MKL	Exit	MARKEL CORP	$0	–	-59,807	–	-3.58%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-649,657	–	-4.54%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-8,430,380	–	-6.90%	–
PKX	Exit	POSCOadr (0.25 ord)	$0	–	-3,387,866	–	-13.20%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-22,874,310	–	-14.21%	–
	Exit	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$0	–	-270,503	–	-17.00%	–

Q3 2017

			Value		Shares		↓ Weighting
	Sell	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$302,776,000	+4.6%	270,503	-2.9%	17.00%	-1.9%
BBD	Sell	BANCO BRADESCO S Aadr (1 pfd)	$253,219,000	+28.7%	22,874,310	-1.2%	14.21%	+20.7%
PKX	Sell	POSCOadr (0.25 ord)	$235,118,000	+8.4%	3,387,866	-2.2%	13.20%	+1.7%
INFY	Sell	INFOSYS LIMITEDadr	$122,999,000	-3.8%	8,430,380	-1.0%	6.90%	-9.8%
CPA	Sell	COPA HOLDINGSclass a	$80,902,000	-6.0%	649,657	-11.7%	4.54%	-11.8%
MKL	Sell	MARKEL CORP	$63,873,000	+5.0%	59,807	-4.0%	3.58%	-1.5%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$35,515,000	+5.7%	193,734	-2.3%	1.99%	-0.8%
WFC	Sell	WELLS FARGO & CO	$33,678,000	-2.8%	610,660	-2.3%	1.89%	-8.8%
GOOGL	Sell	ALPHABET INCclass a	$30,254,000	+2.4%	31,071	-2.2%	1.70%	-4.0%
JNJ	Sell	JOHNSON & JOHNSON	$28,849,000	-4.0%	221,900	-2.3%	1.62%	-10.0%
AXP	Sell	AMERICAN EXPRESS CO	$24,687,000	+4.9%	272,900	-2.3%	1.39%	-1.6%
GNTX	Buy	GENTEX CORP	$23,905,000	+40.4%	1,207,300	+34.5%	1.34%	+31.7%
PG	Sell	PROCTER & GAMBLE CO	$21,671,000	+2.0%	238,200	-2.3%	1.22%	-4.4%
J	Sell	JACOBS ENGR GROUP	$21,003,000	+4.9%	360,439	-2.1%	1.18%	-1.7%
CSL	Buy	CARLISLE COS INC	$20,790,000	+24.6%	207,300	+18.5%	1.17%	+16.8%
COL	Sell	ROCKWELL COLLINS INC	$19,659,000	+21.6%	150,400	-2.3%	1.10%	+14.0%
INTC	Buy	INTEL CORP	$18,230,000	+55.6%	478,740	+37.8%	1.02%	+45.7%
SLB	Buy	SCHLUMBERGER LTD	$18,186,000	+73.2%	260,700	+63.4%	1.02%	+62.3%
CFR	Sell	CULLEN FROST BANKERS	$17,446,000	-1.2%	183,800	-2.3%	0.98%	-7.4%
WAFD	Sell	WASHINGTON FEDERAL	$17,195,000	-1.0%	510,995	-2.3%	0.96%	-7.2%
QCOM	Sell	QUALCOMM INC	$17,066,000	-8.3%	329,200	-2.3%	0.96%	-14.0%
SBKFF	Buy	STATE BK OF INDIAgdr(2 inr10 reg s)	$16,942,000	-9.6%	441,200	+0.1%	0.95%	-15.2%
MDU	Sell	MDU RES GROUP INC	$16,504,000	-3.3%	636,000	-2.3%	0.93%	-9.3%
CCL	Sell	CARNIVAL CORP	$15,422,000	-3.8%	238,842	-2.3%	0.87%	-9.8%
FLIR	Sell	FLIR SYS INC	$13,996,000	+9.6%	359,700	-2.4%	0.79%	+2.9%
VLY	Sell	VALLEY NATL BANCORP	$12,683,000	-0.3%	1,052,500	-2.3%	0.71%	-6.6%
BDX	Sell	BECTON DICKINSON	$12,237,000	-1.8%	62,450	-2.2%	0.69%	-7.9%
TIF	Sell	TIFFANY & CO	$12,243,000	-4.4%	133,400	-2.2%	0.69%	-10.3%
MDT	Sell	MEDTRONIC PLC	$12,235,000	-14.4%	157,322	-2.3%	0.69%	-19.6%
MMM	Sell	3M COMPANY	$12,017,000	-1.4%	57,250	-2.2%	0.68%	-7.5%
VMI	Sell	VALMONT INDS INC	$11,684,000	+3.3%	73,900	-2.2%	0.66%	-3.1%
WABC	Sell	WESTAMERICA BANCORP	$9,068,000	+3.8%	152,300	-2.3%	0.51%	-2.7%
MSM	New	MSC INDL DIRECT INCclass a	$8,532,000	–	112,900	–	0.48%	–
TDY	Sell	TELEDYNE TECH INC	$7,975,000	+21.8%	50,100	-2.3%	0.45%	+14.3%
MSFT	Sell	MICROSOFT CORP	$7,957,000	-12.8%	106,821	-19.3%	0.45%	-18.1%
MRK	Sell	MERCK & CO INC	$7,556,000	-2.5%	118,000	-2.4%	0.42%	-8.6%
XRAY	Sell	DENTSPLY SIRONA INC	$7,171,000	-9.9%	119,889	-2.3%	0.40%	-15.3%
KO	Sell	COCA-COLA CO	$6,932,000	-2.0%	154,000	-2.3%	0.39%	-8.0%
EMR	Sell	EMERSON ELEC CO	$6,378,000	+2.9%	101,500	-2.4%	0.36%	-3.5%
GD	Sell	GENERAL DYNAMICS	$6,014,000	+1.3%	29,255	-2.3%	0.34%	-4.8%
DIS	Sell	WALT DISNEY CO	$5,145,000	-9.3%	52,200	-2.2%	0.29%	-15.0%
HOG	Sell	HARLEY DAVIDSON INC	$4,840,000	-12.7%	100,400	-2.1%	0.27%	-18.1%
BMS	Sell	BEMIS INC	$4,128,000	-3.9%	90,580	-2.5%	0.23%	-9.7%
HTLD	Sell	HEARTLAND EXPRESS IN	$2,621,000	+16.5%	104,500	-3.2%	0.15%	+8.9%

Q2 2017

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$289,350,000	–	278,553	–	17.32%	–
PKX	New	POSCOadr (0.25 ord)	$216,878,000	–	3,465,066	–	12.98%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$196,756,000	–	23,147,810	–	11.78%	–
INFY	New	INFOSYS LIMITEDadr	$127,919,000	–	8,516,580	–	7.66%	–
CPA	New	COPA HOLDINGSclass a	$86,048,000	–	735,457	–	5.15%	–
MKL	New	MARKEL CORP	$60,803,000	–	62,307	–	3.64%	–
WFC	New	WELLS FARGO & CO	$34,646,000	–	625,260	–	2.07%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$33,599,000	–	198,374	–	2.01%	–
UTX	New	UNITED TECHNOLOGIES	$32,347,000	–	264,900	–	1.94%	–
JNJ	New	JOHNSON & JOHNSON	$30,056,000	–	227,200	–	1.80%	–
GOOGL	New	ALPHABET INCclass a	$29,537,000	–	31,771	–	1.77%	–
AXP	New	AMERICAN EXPRESS CO	$23,528,000	–	279,300	–	1.41%	–
MAT	New	MATTEL INC	$21,704,000	–	1,008,100	–	1.30%	–
PG	New	PROCTER & GAMBLE CO	$21,247,000	–	243,800	–	1.27%	–
J	New	JACOBS ENGR GROUP	$20,023,000	–	368,139	–	1.20%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$18,731,000	–	440,730	–	1.12%	–
QCOM	New	QUALCOMM INC	$18,609,000	–	337,000	–	1.11%	–
CFR	New	CULLEN FROST BANKERS	$17,664,000	–	188,100	–	1.06%	–
WAFD	New	WASHINGTON FEDERAL	$17,370,000	–	523,195	–	1.04%	–
MDU	New	MDU RES GROUP INC	$17,061,000	–	651,200	–	1.02%	–
GNTX	New	GENTEX CORP	$17,026,000	–	897,500	–	1.02%	–
APA	New	APACHE CORP	$16,967,000	–	354,000	–	1.02%	–
TROW	New	T ROWE PRICE GRP	$16,920,000	–	228,000	–	1.01%	–
CSL	New	CARLISLE COS INC	$16,685,000	–	174,900	–	1.00%	–
OII	New	OCEANEERING INTL INC	$16,637,000	–	728,400	–	1.00%	–
COL	New	ROCKWELL COLLINS INC	$16,172,000	–	153,900	–	0.97%	–
CCL	New	CARNIVAL CORP	$16,035,000	–	244,542	–	0.96%	–
MDT	New	MEDTRONIC PLC	$14,291,000	–	161,022	–	0.86%	–
TIF	New	TIFFANY & CO	$12,804,000	–	136,400	–	0.77%	–
FLIR	New	FLIR SYS INC	$12,769,000	–	368,400	–	0.76%	–
VLY	New	VALLEY NATL BANCORP	$12,724,000	–	1,077,400	–	0.76%	–
BDX	New	BECTON DICKINSON	$12,458,000	–	63,850	–	0.75%	–
MMM	New	3M COMPANY	$12,190,000	–	58,550	–	0.73%	–
EXP	New	EAGLE MATERIALS	$12,042,000	–	130,300	–	0.72%	–
INTC	New	INTEL CORP	$11,719,000	–	347,340	–	0.70%	–
VMI	New	VALMONT INDS INC	$11,310,000	–	75,600	–	0.68%	–
SLB	New	SCHLUMBERGER LTD	$10,501,000	–	159,500	–	0.63%	–
MSFT	New	MICROSOFT CORP	$9,128,000	–	132,421	–	0.55%	–
TGNA	New	TEGNA INC	$8,866,000	–	615,280	–	0.53%	–
WABC	New	WESTAMERICA BANCORP	$8,737,000	–	155,900	–	0.52%	–
DNRCQ	New	DENBURY RES INC	$8,255,000	–	5,395,300	–	0.49%	–
XRAY	New	DENTSPLY SIRONA INC	$7,955,000	–	122,689	–	0.48%	–
BKE	New	BUCKLE INC	$7,860,000	–	441,600	–	0.47%	–
WBA	New	WALGREENS BOOTS ALNC	$7,862,000	–	100,400	–	0.47%	–
MRK	New	MERCK & CO INC	$7,748,000	–	120,900	–	0.46%	–
KO	New	COCA-COLA CO	$7,073,000	–	157,700	–	0.42%	–
TDY	New	TELEDYNE TECH INC	$6,548,000	–	51,300	–	0.39%	–
EMR	New	EMERSON ELEC CO	$6,200,000	–	104,000	–	0.37%	–
GD	New	GENERAL DYNAMICS	$5,934,000	–	29,955	–	0.36%	–
DIS	New	WALT DISNEY CO	$5,674,000	–	53,400	–	0.34%	–
HOG	New	HARLEY DAVIDSON INC	$5,542,000	–	102,600	–	0.33%	–
CARS	New	CARS.COM INC	$5,462,000	–	205,093	–	0.33%	–
BMS	New	BEMIS INC	$4,296,000	–	92,880	–	0.26%	–
HTLD	New	HEARTLAND EXPRESS IN	$2,249,000	–	108,000	–	0.14%	–
INT	New	WORLD FUEL SVCS CORP	$2,007,000	–	52,200	–	0.12%	–

Q4 2016

			Value		Shares		↓ Weighting
PFE	Exit	PFIZER INC	$0	–	-9,480	–	-0.01%	–
NABZY	Exit	NATL AUSTRALIA BKsp adr (1 ord	$0	–	-109,166	–	-0.05%	–
ANZBY	Exit	AUSTRAL&NEW ZEAL BKGbkg sp adr (1	$0	–	-115,150	–	-0.10%	–
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-134,773	–	-0.11%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-64,017	–	-0.12%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-122,004	–	-0.25%	–
TDW	Exit	TIDEWATER INC	$0	–	-3,243,453	–	-0.38%	–
GOOG	Exit	ALPHABET INC CLASS Cclass c	$0	–	-11,911	–	-0.39%	–
BMS	Exit	BEMIS INC	$0	–	-191,780	–	-0.41%	–
DIS	Exit	WALT DISNEY CO	$0	–	-108,900	–	-0.42%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-65,555	–	-0.42%	–
TDY	Exit	TELEDYNE TECH INC	$0	–	-95,800	–	-0.43%	–
SYY	Exit	SYSCO CORP	$0	–	-214,200	–	-0.44%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-202,000	–	-0.44%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-199,200	–	-0.45%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-229,989	–	-0.57%	–
KO	Exit	COCA-COLA CO	$0	–	-339,200	–	-0.60%	–
TGNA	Exit	TEGNA INC	$0	–	-659,820	–	-0.60%	–
MRK	Exit	MERCK & CO INC	$0	–	-260,600	–	-0.68%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-195,967	–	-0.71%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-368,600	–	-0.78%	–
TIF	Exit	TIFFANY & CO	$0	–	-275,200	–	-0.84%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-240,200	–	-0.85%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-251,300	–	-0.85%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-2,091,900	–	-0.85%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-356,521	–	-0.86%	–
EXP	Exit	EAGLE MATERIALS	$0	–	-282,600	–	-0.91%	–
VMI	Exit	VALMONT INDS INC	$0	–	-169,000	–	-0.95%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 r	$0	–	-624,650	–	-0.97%	–
FLIR	Exit	FLIR SYS INC	$0	–	-757,298	–	-0.99%	–
BDX	Exit	BECTON DICKINSON	$0	–	-139,050	–	-1.04%	–
MMM	Exit	3M COMPANY	$0	–	-144,833	–	-1.07%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-954,700	–	-1.10%	–
CCL	Exit	CARNIVAL CORP	$0	–	-550,148	–	-1.12%	–
CSL	Exit	CARLISLE COS INC	$0	–	-282,000	–	-1.21%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-402,400	–	-1.21%	–
INTC	Exit	INTEL CORP	$0	–	-772,880	–	-1.22%	–
GNTX	Exit	GENTEX CORP	$0	–	-1,733,500	–	-1.27%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-11,095,000	–	-1.50%	–
J	Exit	JACOBS ENGR GROUP	$0	–	-738,839	–	-1.60%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-608,250	–	-1.63%	–
MAT	Exit	MATTEL INC	$0	–	-1,378,700	–	-1.74%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-1,651,075	–	-1.84%	–
GOOGL	Exit	ALPHABET INC CLASS Aclass a	$0	–	-56,330	–	-1.89%	–
QCOM	Exit	QUALCOMM INC	$0	–	-668,000	–	-1.91%	–
APA	Exit	APACHE CORP	$0	–	-811,890	–	-2.16%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-510,800	–	-2.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-470,300	–	-2.32%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,322,850	–	-2.45%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-653,000	–	-2.45%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-423,114	–	-2.55%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-2,465,700	–	-2.62%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-7,383,480	–	-4.86%	–
CPA	Exit	COPA HOLDINGSclass a	$0	–	-1,327,257	–	-4.87%	–
MKL	Exit	MARKEL CORP	$0	–	-134,640	–	-5.22%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-19,517,974	–	-7.39%	–
PKX	Exit	POSCOadr (0.25 ord	$0	–	-3,922,586	–	-8.37%	–
	Exit	SAMSUNG ELECTRS LTDgdr 144a (0.5	$0	–	-488,052	–	-14.78%	–

Q3 2016

			Value		Shares		↓ Weighting
	Sell	SAMSUNG ELECTRS LTDgdr 144a (0.5	$354,069,000	+7.4%	488,052	-8.4%	14.78%	+8.8%
PKX	Sell	POSCOadr (0.25 ord	$200,366,000	+9.4%	3,922,586	-4.7%	8.37%	+10.9%
BBD	Sell	BANCO BRADESCO S Aadr (1 pfd)	$177,028,000	+13.1%	19,517,974	-2.6%	7.39%	+14.6%
MKL	Sell	MARKEL CORP	$125,050,000	-13.0%	134,640	-10.8%	5.22%	-11.9%
CPA	Sell	COPA HOLDINGSclass a	$116,706,000	+45.9%	1,327,257	-13.3%	4.87%	+47.8%
INFY	Sell	INFOSYS LIMITEDadr	$116,511,000	-18.7%	7,383,480	-8.0%	4.86%	-17.6%
MDU	Sell	MDU RES GROUP INC	$62,727,000	-12.1%	2,465,700	-17.1%	2.62%	-11.0%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$61,127,000	-10.2%	423,114	-10.0%	2.55%	-9.0%
PG	Sell	PROCTER & GAMBLE CO	$58,607,000	-9.0%	653,000	-14.1%	2.45%	-7.8%
WFC	Buy	WELLS FARGO & CO	$58,576,000	-4.3%	1,322,850	+2.3%	2.45%	-3.0%
JNJ	Sell	JOHNSON & JOHNSON	$55,557,000	-19.0%	470,300	-16.8%	2.32%	-17.9%
UTX	Buy	UNITED TECHNOLOGIES	$51,897,000	+1.7%	510,800	+2.7%	2.17%	+3.1%
APA	Sell	APACHE CORP	$51,855,000	-17.0%	811,890	-27.7%	2.16%	-15.9%
QCOM	Sell	QUALCOMM INC	$45,758,000	+17.8%	668,000	-7.9%	1.91%	+19.4%
GOOGL	Sell	ALPHABET INC CLASS Aclass a	$45,293,000	+9.8%	56,330	-3.9%	1.89%	+11.2%
WAFD	Sell	WASHINGTON FEDERAL	$44,051,000	-8.6%	1,651,075	-16.9%	1.84%	-7.4%
MAT	Sell	MATTEL INC	$41,747,000	-11.9%	1,378,700	-9.0%	1.74%	-10.8%
AXP	Sell	AMERICAN EXPRESS CO	$38,952,000	-2.2%	608,250	-7.2%	1.63%	-0.9%
J	Sell	JACOBS ENGR GROUP	$38,213,000	-6.0%	738,839	-9.5%	1.60%	-4.8%
DNRCQ	Sell	DENBURY RES INC	$35,837,000	-16.1%	11,095,000	-6.7%	1.50%	-15.0%
GNTX	Sell	GENTEX CORP	$30,440,000	+8.9%	1,733,500	-4.2%	1.27%	+10.3%
INTC	Sell	INTEL CORP	$29,176,000	+4.6%	772,880	-9.1%	1.22%	+6.0%
CFR	Sell	CULLEN FROST BANKERS	$28,949,000	+8.5%	402,400	-3.9%	1.21%	+9.9%
CSL	Sell	CARLISLE COS INC	$28,925,000	-6.8%	282,000	-4.0%	1.21%	-5.6%
CCL	Sell	CARNIVAL CORP	$26,858,000	+6.5%	550,148	-3.6%	1.12%	+8.0%
OII	Buy	OCEANEERING INTL INC	$26,264,000	+16.6%	954,700	+26.6%	1.10%	+18.2%
MMM	Sell	3M COMPANY	$25,524,000	-9.3%	144,833	-9.8%	1.07%	-8.0%
BDX	Sell	BECTON DICKINSON	$24,991,000	-10.1%	139,050	-15.1%	1.04%	-8.8%
FLIR	Sell	FLIR SYS INC	$23,794,000	-8.0%	757,298	-9.3%	0.99%	-6.7%
SBKFF	Sell	STATE BK OF INDIAgdr(2 inr10 r	$23,268,000	+16.4%	624,650	-0.9%	0.97%	+18.0%
VMI	Sell	VALMONT INDS INC	$22,742,000	-4.9%	169,000	-4.4%	0.95%	-3.6%
EXP	Sell	EAGLE MATERIALS	$21,845,000	-3.9%	282,600	-4.1%	0.91%	-2.7%
MSFT	Sell	MICROSOFT CORP	$20,536,000	-4.2%	356,521	-14.9%	0.86%	-2.8%
VLY	Sell	VALLEY NATL BANCORP	$20,354,000	-0.1%	2,091,900	-6.3%	0.85%	+1.3%
WBA	Sell	WALGREENS BOOTS ALNC	$20,260,000	-11.5%	251,300	-8.6%	0.85%	-10.3%
COL	Buy	ROCKWELL COLLINS INC	$20,258,000	+39.8%	240,200	+41.1%	0.85%	+41.7%
TIF	Buy	TIFFANY & CO	$19,988,000	+20.1%	275,200	+0.3%	0.84%	+21.7%
WABC	Sell	WESTAMERICA BANCORP	$18,754,000	-1.3%	368,600	-4.5%	0.78%	0.0%
MDT	Sell	MEDTRONIC PLC	$16,932,000	-4.1%	195,967	-3.7%	0.71%	-2.9%
MRK	Sell	MERCK & CO INC	$16,264,000	-24.6%	260,600	-30.4%	0.68%	-23.6%
TGNA	Sell	TEGNA INC	$14,424,000	-9.3%	659,820	-3.8%	0.60%	-8.1%
KO	Sell	COCA-COLA CO	$14,355,000	-16.6%	339,200	-10.6%	0.60%	-15.5%
XRAY	Sell	DENTSPLY SIRONA INC	$13,668,000	-7.2%	229,989	-3.1%	0.57%	-5.9%
EMR	Sell	EMERSON ELEC CO	$10,858,000	-1.3%	199,200	-5.6%	0.45%	-0.2%
HOG	Buy	HARLEY DAVIDSON INC	$10,623,000	+16.6%	202,000	+0.4%	0.44%	+18.1%
SYY	Sell	SYSCO CORP	$10,498,000	-13.3%	214,200	-10.3%	0.44%	-12.2%
TDY	Sell	TELEDYNE TECH INC	$10,340,000	+4.2%	95,800	-4.4%	0.43%	+5.6%
GD	Sell	GENERAL DYNAMICS	$10,172,000	+9.9%	65,555	-1.4%	0.42%	+11.5%
DIS	Sell	WALT DISNEY CO	$10,112,000	-10.1%	108,900	-5.3%	0.42%	-9.1%
BMS	Sell	BEMIS INC	$9,783,000	-9.7%	191,780	-8.9%	0.41%	-8.5%
GOOG	Sell	ALPHABET INC CLASS Cclass c	$9,258,000	-1.7%	11,911	-12.5%	0.39%	-0.3%
TDW	Sell	TIDEWATER INC	$9,147,000	-43.1%	3,243,453	-11.0%	0.38%	-42.3%
GVA	Sell	GRANITE CONSTR INC	$6,068,000	-53.4%	122,004	-57.3%	0.25%	-52.8%
INT	Buy	WORLD FUEL SVCS CORP	$2,961,000	-0.4%	64,017	+2.2%	0.12%	+0.8%
HTLD	Buy	HEARTLAND EXPRESS IN	$2,545,000	+11.3%	134,773	+2.5%	0.11%	+12.8%
PFE	Sell	PFIZER INC	$321,000	-97.4%	9,480	-97.3%	0.01%	-97.5%

Q2 2016

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$329,631,000	–	532,892	–	13.58%	–
PKX	New	POSCOadr (0.25 ord)	$183,126,000	–	4,115,186	–	7.55%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$156,565,000	–	20,046,674	–	6.45%	–
MKL	New	MARKEL CORP	$143,813,000	–	150,940	–	5.93%	–
INFY	New	INFOSYS LIMITEDadr	$143,271,000	–	8,026,380	–	5.90%	–
CPA	New	COPA HOLDINGSclass a	$79,987,000	–	1,530,557	–	3.30%	–
MDU	New	MDU RES GROUP INC	$71,400,000	–	2,975,000	–	2.94%	–
JNJ	New	JOHNSON & JOHNSON	$68,595,000	–	565,500	–	2.83%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$68,036,000	–	469,894	–	2.80%	–
PG	New	PROCTER & GAMBLE CO	$64,383,000	–	760,400	–	2.65%	–
APA	New	APACHE CORP	$62,489,000	–	1,122,490	–	2.58%	–
WFC	New	WELLS FARGO & CO	$61,210,000	–	1,293,250	–	2.52%	–
UTX	New	UNITED TECHNOLOGIES	$51,019,000	–	497,500	–	2.10%	–
WAFD	New	WASHINGTON FEDERAL	$48,177,000	–	1,985,875	–	1.98%	–
MAT	New	MATTEL INC	$47,389,000	–	1,514,500	–	1.95%	–
DNRCQ	New	DENBURY RES INC	$42,697,000	–	11,893,200	–	1.76%	–
GOOGL	New	ALPHABET INC CLASS Aclass a	$41,248,000	–	58,630	–	1.70%	–
J	New	JACOBS ENGR GROUP	$40,667,000	–	816,439	–	1.68%	–
AXP	New	AMERICAN EXPRESS CO	$39,813,000	–	655,250	–	1.64%	–
QCOM	New	QUALCOMM INC	$38,860,000	–	725,400	–	1.60%	–
CSL	New	CARLISLE COS INC	$31,028,000	–	293,600	–	1.28%	–
MMM	New	3M COMPANY	$28,130,000	–	160,633	–	1.16%	–
GNTX	New	GENTEX CORP	$27,954,000	–	1,809,300	–	1.15%	–
INTC	New	INTEL CORP	$27,883,000	–	850,080	–	1.15%	–
BDX	New	BECTON DICKINSON	$27,787,000	–	163,850	–	1.14%	–
CFR	New	CULLEN FROST BANKERS	$26,684,000	–	418,700	–	1.10%	–
FLIR	New	FLIR SYS INC	$25,849,000	–	835,198	–	1.06%	–
CCL	New	CARNIVAL CORP	$25,218,000	–	570,548	–	1.04%	–
VMI	New	VALMONT INDS INC	$23,902,000	–	176,700	–	0.98%	–
WBA	New	WALGREENS BOOTS ALNC	$22,883,000	–	274,800	–	0.94%	–
EXP	New	EAGLE MATERIALS	$22,736,000	–	294,700	–	0.94%	–
OII	New	OCEANEERING INTL INC	$22,517,000	–	754,100	–	0.93%	–
MRK	New	MERCK & CO INC	$21,575,000	–	374,500	–	0.89%	–
MSFT	New	MICROSOFT CORP	$21,436,000	–	418,921	–	0.88%	–
VLY	New	VALLEY NATL BANCORP	$20,370,000	–	2,233,600	–	0.84%	–
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$19,988,000	–	630,550	–	0.82%	–
WABC	New	WESTAMERICA BANCORP	$19,009,000	–	385,900	–	0.78%	–
MDT	New	MEDTRONIC PLC	$17,655,000	–	203,467	–	0.73%	–
KO	New	COCA-COLA CO	$17,207,000	–	379,600	–	0.71%	–
TIF	New	TIFFANY & CO	$16,646,000	–	274,500	–	0.69%	–
TDW	New	TIDEWATER INC	$16,073,000	–	3,644,653	–	0.66%	–
TGNA	New	TEGNA INC	$15,900,000	–	686,220	–	0.66%	–
XRAY	New	DENTSPLY SIRONA INC	$14,721,000	–	237,289	–	0.61%	–
COL	New	ROCKWELL COLLINS INC	$14,491,000	–	170,200	–	0.60%	–
GVA	New	GRANITE CONSTR INC	$13,018,000	–	285,800	–	0.54%	–
PFE	New	PFIZER INC	$12,426,000	–	352,910	–	0.51%	–
SYY	New	SYSCO CORP	$12,112,000	–	238,700	–	0.50%	–
DIS	New	WALT DISNEY CO	$11,249,000	–	115,000	–	0.46%	–
EMR	New	EMERSON ELEC CO	$11,006,000	–	211,000	–	0.45%	–
BMS	New	BEMIS INC	$10,838,000	–	210,480	–	0.45%	–
TDY	New	TELEDYNE TECH INC	$9,925,000	–	100,200	–	0.41%	–
GOOG	New	ALPHABET INC CLASS Cclass c	$9,420,000	–	13,611	–	0.39%	–
GD	New	GENERAL DYNAMICS	$9,253,000	–	66,455	–	0.38%	–
HOG	New	HARLEY DAVIDSON INC	$9,114,000	–	201,200	–	0.38%	–
INT	New	WORLD FUEL SVCS CORP	$2,974,000	–	62,617	–	0.12%	–
HTLD	New	HEARTLAND EXPRESS IN	$2,286,000	–	131,473	–	0.09%	–
ANZBY	New	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$2,083,000	–	115,150	–	0.09%	–
NABZY	New	NATL AUSTRALIA BKsp adr (1 ord)	$1,040,000	–	109,166	–	0.04%	–

Q4 2015

			Value		Shares		↓ Weighting
NABZY	Exit	NATL AUSTRALIA BKsp adr (1 ord)	$0	–	-148,566	–	-0.04%	–
ANZBY	Exit	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$0	–	-142,850	–	-0.07%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-254,717	–	-0.23%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-58,304	–	-0.33%	–
BBBY	Exit	BED BATH & BEYOND	$0	–	-237,500	–	-0.34%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-334,504	–	-0.37%	–
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-746,719	–	-0.37%	–
GCI	Exit	GANNETT INC	$0	–	-1,180,065	–	-0.43%	–
CSL	Exit	CARLISLE COS INC	$0	–	-200,600	–	-0.44%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-144,667	–	-0.50%	–
SBKFF	Exit	STATE BK OF INDIAgdr(2 inr10 reg s)	$0	–	-554,280	–	-0.50%	–
VMI	Exit	VALMONT INDS INC	$0	–	-215,400	–	-0.51%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-336,559	–	-0.56%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-608,600	–	-0.60%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-302,104	–	-0.62%	–
RYAAY	Exit	RYANAIR HLDGSsp adr (5 ord)	$0	–	-318,810	–	-0.62%	–
BMS	Exit	BEMIS INC	$0	–	-689,891	–	-0.68%	–
GOOG	Exit	GOOGLE INCclass c	$0	–	-47,357	–	-0.72%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-684,400	–	-0.76%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-1,029,400	–	-0.76%	–
GNTX	Exit	GENTEX CORP	$0	–	-2,084,300	–	-0.80%	–
ALTR	Exit	ALTERA CORP	$0	–	-650,302	–	-0.81%	–
DIS	Exit	WALT DISNEY CO	$0	–	-326,360	–	-0.83%	–
XRAY	Exit	DENTSPLY INTL INC	$0	–	-681,718	–	-0.86%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-642,400	–	-1.02%	–
QCOM	Exit	QUALCOMM INC	$0	–	-775,950	–	-1.04%	–
FLIR	Exit	FLIR SYS INC	$0	–	-1,752,134	–	-1.22%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-20,806,000	–	-1.26%	–
TGNA	Exit	TEGNA INC	$0	–	-2,358,030	–	-1.31%	–
J	Exit	JACOBS ENGR GROUP	$0	–	-1,492,445	–	-1.39%	–
TDW	Exit	TIDEWATER INC	$0	–	-4,294,875	–	-1.40%	–
MRK	Exit	MERCK & CO INC	$0	–	-1,172,192	–	-1.44%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-5,910,800	–	-1.45%	–
PFE	Exit	PFIZER INC	$0	–	-1,889,204	–	-1.48%	–
GOOGL	Exit	GOOGLE INCclass a	$0	–	-97,401	–	-1.55%	–
SYY	Exit	SYSCO CORP	$0	–	-1,721,301	–	-1.67%	–
WBA	Exit	WALGREENS BOOTS ALNC	$0	–	-809,052	–	-1.67%	–
MAT	Exit	MATTEL INC	$0	–	-3,232,170	–	-1.69%	–
BDX	Exit	BECTON DICKINSON	$0	–	-534,253	–	-1.76%	–
INTC	Exit	INTEL CORP	$0	–	-2,470,066	–	-1.85%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-888,601	–	-1.97%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,092,731	–	-2.02%	–
KO	Exit	COCA-COLA CO	$0	–	-2,137,390	–	-2.13%	–
MMM	Exit	3M COMPANY	$0	–	-614,812	–	-2.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,001,201	–	-2.20%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-18,948,200	–	-2.53%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-6,133,961	–	-2.62%	–
CCL	Exit	CARNIVAL CORP	$0	–	-2,261,217	–	-2.80%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,392,990	–	-3.23%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-5,873,110	–	-3.32%	–
APA	Exit	APACHE CORP	$0	–	-3,469,174	–	-3.38%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,945,990	–	-3.48%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-1,131,962	–	-3.67%	–
PKX	Exit	POSCOadr (0.25 ord)	$0	–	-4,412,786	–	-3.84%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-3,728,391	–	-4.76%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-12,223,680	–	-5.80%	–
	Exit	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$0	–	-567,506	–	-6.75%	–
MKL	Exit	MARKEL CORP	$0	–	-370,850	–	-7.40%	–

Q3 2015

			Value		Shares		↓ Weighting
MKL	Sell	MARKEL CORP	$297,370,000	-17.0%	370,850	-17.1%	7.40%	-3.3%
	Sell	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$271,472,000	-17.0%	567,506	-1.4%	6.75%	-3.4%
INFY	Sell	INFOSYS LIMITEDadr	$233,350,000	+17.5%	12,223,680	-2.4%	5.80%	+36.8%
WFC	Sell	WELLS FARGO & CO	$191,452,000	-15.4%	3,728,391	-7.4%	4.76%	-1.6%
PKX	Buy	POSCOadr (0.25 ord)	$154,536,000	-27.1%	4,412,786	+2.2%	3.84%	-15.1%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$147,608,000	-12.2%	1,131,962	-8.3%	3.67%	+2.3%
PG	Sell	PROCTER & GAMBLE CO	$139,995,000	-12.7%	1,945,990	-5.1%	3.48%	+1.6%
APA	Buy	APACHE CORP	$135,853,000	-13.3%	3,469,174	+27.6%	3.38%	+0.9%
WAFD	Sell	WASHINGTON FEDERAL	$133,613,000	-8.9%	5,873,110	-6.5%	3.32%	+6.0%
JNJ	Sell	JOHNSON & JOHNSON	$130,035,000	-8.3%	1,392,990	-4.2%	3.23%	+6.8%
CCL	Sell	CARNIVAL CORP	$112,383,000	-28.2%	2,261,217	-28.7%	2.80%	-16.4%
MDU	Buy	MDU RES GROUP INC	$105,504,000	-6.3%	6,133,961	+6.4%	2.62%	+9.1%
BBD	Buy	BANCO BRADESCO S Aadr (1 pfd)	$101,562,000	-37.4%	18,948,200	+7.1%	2.53%	-27.1%
MSFT	Sell	MICROSOFT CORP	$88,573,000	-7.3%	2,001,201	-7.6%	2.20%	+7.8%
MMM	Sell	3M COMPANY	$87,162,000	-15.2%	614,812	-7.7%	2.17%	-1.3%
KO	Sell	COCA-COLA CO	$85,752,000	-5.0%	2,137,390	-7.1%	2.13%	+10.6%
AXP	Buy	AMERICAN EXPRESS CO	$81,005,000	+1.5%	1,092,731	+6.4%	2.02%	+18.2%
UTX	Buy	UNITED TECHNOLOGIES	$79,076,000	+5.0%	888,601	+30.9%	1.97%	+22.2%
INTC	Sell	INTEL CORP	$74,448,000	-7.4%	2,470,066	-6.6%	1.85%	+7.8%
BDX	Sell	BECTON DICKINSON	$70,874,000	-13.4%	534,253	-7.5%	1.76%	+0.8%
MAT	Buy	MATTEL INC	$68,069,000	-14.9%	3,232,170	+3.8%	1.69%	-0.9%
WBA	Sell	WALGREENS BOOTS ALNC	$67,232,000	-16.4%	809,052	-15.1%	1.67%	-2.7%
SYY	Sell	SYSCO CORP	$67,079,000	-16.1%	1,721,301	-22.3%	1.67%	-2.4%
GOOGL	Sell	GOOGLE INCclass a	$62,178,000	+12.9%	97,401	-4.5%	1.55%	+31.4%
PFE	Sell	PFIZER INC	$59,340,000	-13.1%	1,889,204	-7.3%	1.48%	+1.2%
VLY	Sell	VALLEY NATL BANCORP	$58,162,000	-8.6%	5,910,800	-4.2%	1.45%	+6.5%
MRK	Sell	MERCK & CO INC	$57,894,000	-20.1%	1,172,192	-7.9%	1.44%	-7.0%
TDW	Buy	TIDEWATER INC	$56,435,000	-36.8%	4,294,875	+9.4%	1.40%	-26.4%
J	Sell	JACOBS ENGR GROUP	$55,862,000	-10.7%	1,492,445	-3.1%	1.39%	+3.9%
TGNA	Sell	TEGNA INC	$52,796,000	-34.5%	2,358,030	-6.2%	1.31%	-23.8%
DNRCQ	Buy	DENBURY RES INC	$50,767,000	-33.7%	20,806,000	+72.8%	1.26%	-22.8%
FLIR	Sell	FLIR SYS INC	$49,042,000	-12.7%	1,752,134	-3.8%	1.22%	+1.7%
QCOM	Buy	QUALCOMM INC	$41,692,000	+46.1%	775,950	+70.3%	1.04%	+70.0%
CFR	Buy	CULLEN FROST BANKERS	$40,843,000	-9.9%	642,400	+11.4%	1.02%	+5.0%
XRAY	Sell	DENTSPLY INTL INC	$34,474,000	-7.5%	681,718	-5.7%	0.86%	+7.7%
DIS	Sell	WALT DISNEY CO	$33,354,000	-31.5%	326,360	-23.5%	0.83%	-20.3%
ALTR	Sell	ALTERA CORP	$32,567,000	-52.9%	650,302	-51.9%	0.81%	-45.2%
GNTX	Buy	GENTEX CORP	$32,307,000	+12.7%	2,084,300	+19.4%	0.80%	+31.4%
GVA	Sell	GRANITE CONSTR INC	$30,542,000	-21.8%	1,029,400	-6.4%	0.76%	-9.0%
WABC	Sell	WESTAMERICA BANCORP	$30,415,000	-15.4%	684,400	-3.6%	0.76%	-1.4%
GOOG	Sell	GOOGLE INCclass c	$28,813,000	+13.2%	47,357	-3.2%	0.72%	+31.8%
BMS	Sell	BEMIS INC	$27,299,000	-32.1%	689,891	-22.7%	0.68%	-21.0%
RYAAY	Sell	RYANAIR HLDGSsp adr (5 ord)	$24,963,000	-49.3%	318,810	-53.8%	0.62%	-41.0%
COL	Sell	ROCKWELL COLLINS INC	$24,724,000	-14.5%	302,104	-3.5%	0.62%	-0.5%
OII	New	OCEANEERING INTL INC	$23,906,000	–	608,600	–	0.60%	–
MDT	Buy	MEDTRONIC PLC	$22,530,000	+152.6%	336,559	+179.6%	0.56%	+193.2%
VMI	Buy	VALMONT INDS INC	$20,439,000	+31.1%	215,400	+64.2%	0.51%	+52.6%
SBKFF	New	STATE BK OF INDIAgdr(2 inr10 reg s)	$20,148,000	–	554,280	–	0.50%	–
GD	Sell	GENERAL DYNAMICS	$19,957,000	-10.1%	144,667	-7.7%	0.50%	+4.6%
CSL	Sell	CARLISLE COS INC	$17,528,000	-13.3%	200,600	-0.7%	0.44%	+0.9%
GCI	Sell	GANNETT INC	$17,382,000	-1.2%	1,180,065	-6.1%	0.43%	+14.9%
HTLD	Sell	HEARTLAND EXPRESS IN	$14,890,000	-6.2%	746,719	-4.9%	0.37%	+9.1%
EMR	Buy	EMERSON ELEC CO	$14,775,000	+126.3%	334,504	+183.9%	0.37%	+162.9%
BBBY	Sell	BED BATH & BEYOND	$13,542,000	-22.7%	237,500	-6.4%	0.34%	-9.9%
PCP	Sell	PRECISION CASTPARTS	$13,393,000	-61.6%	58,304	-66.6%	0.33%	-55.3%
INT	Buy	WORLD FUEL SVCS CORP	$9,119,000	-8.7%	254,717	+22.3%	0.23%	+6.6%
ANZBY	Sell	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$2,721,000	-24.2%	142,850	-1.5%	0.07%	-11.7%
NABZY	Sell	NATL AUSTRALIA BKsp adr (1 ord)	$1,563,000	-18.6%	148,566	-1.5%	0.04%	-4.9%
LENB	Exit	LENNAR CORPclass b	$0	–	-115,408	–	-0.11%	–
NBR	Exit	NABORS INDS LTD	$0	–	-1,785,363	–	-0.55%	–

Q2 2015

			Value		Shares		↓ Weighting
MKL	New	MARKEL CORP	$358,132,000	–	447,285	–	7.65%	–
	New	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$327,098,000	–	575,490	–	6.99%	–
WFC	New	WELLS FARGO & CO	$226,372,000	–	4,025,091	–	4.84%	–
PKX	New	POSCOadr (0.25 ord)	$211,965,000	–	4,317,886	–	4.53%	–
INFY	New	INFOSYS LIMITEDadr	$198,575,000	–	12,528,380	–	4.24%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$168,039,000	–	1,234,582	–	3.59%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$162,126,000	–	17,699,360	–	3.46%	–
PG	New	PROCTER & GAMBLE CO	$160,360,000	–	2,049,590	–	3.43%	–
APA	New	APACHE CORP	$156,719,000	–	2,719,411	–	3.35%	–
CCL	New	CARNIVAL CORP	$156,565,000	–	3,169,974	–	3.34%	–
WAFD	New	WASHINGTON FEDERAL	$146,704,000	–	6,282,810	–	3.14%	–
JNJ	New	JOHNSON & JOHNSON	$141,755,000	–	1,454,490	–	3.03%	–
MDU	New	MDU RES GROUP INC	$112,562,000	–	5,763,565	–	2.40%	–
MMM	New	3M COMPANY	$102,763,000	–	665,993	–	2.20%	–
MSFT	New	MICROSOFT CORP	$95,595,000	–	2,165,226	–	2.04%	–
KO	New	COCA-COLA CO	$90,240,000	–	2,300,290	–	1.93%	–
TDW	New	TIDEWATER INC	$89,255,000	–	3,926,775	–	1.91%	–
BDX	New	BECTON DICKINSON	$81,838,000	–	577,753	–	1.75%	–
TGNA	New	TEGNA INC	$80,647,000	–	2,514,730	–	1.72%	–
WBA	New	WALGREENS BOOTS ALNC	$80,447,000	–	952,702	–	1.72%	–
INTC	New	INTEL CORP	$80,422,000	–	2,644,166	–	1.72%	–
MAT	New	MATTEL INC	$79,959,000	–	3,112,439	–	1.71%	–
SYY	New	SYSCO CORP	$79,998,000	–	2,216,001	–	1.71%	–
AXP	New	AMERICAN EXPRESS CO	$79,805,000	–	1,026,831	–	1.70%	–
DNRCQ	New	DENBURY RES INC	$76,567,000	–	12,038,850	–	1.64%	–
UTX	New	UNITED TECHNOLOGIES	$75,293,000	–	678,739	–	1.61%	–
MRK	New	MERCK & CO INC	$72,474,000	–	1,273,042	–	1.55%	–
ALTR	New	ALTERA CORP	$69,192,000	–	1,351,402	–	1.48%	–
PFE	New	PFIZER INC	$68,304,000	–	2,037,104	–	1.46%	–
VLY	New	VALLEY NATL BANCORP	$63,601,000	–	6,168,900	–	1.36%	–
J	New	JACOBS ENGR GROUP	$62,585,000	–	1,540,739	–	1.34%	–
FLIR	New	FLIR SYS INC	$56,158,000	–	1,822,134	–	1.20%	–
GOOGL	New	GOOGLE INCclass a	$55,082,000	–	101,997	–	1.18%	–
RYAAY	New	RYANAIR HLDGSsp adr (5 ord)	$49,261,000	–	690,410	–	1.05%	–
DIS	New	WALT DISNEY CO	$48,704,000	–	426,710	–	1.04%	–
CFR	New	CULLEN FROST BANKERS	$45,318,000	–	576,700	–	0.97%	–
BMS	New	BEMIS INC	$40,191,000	–	892,930	–	0.86%	–
GVA	New	GRANITE CONSTR INC	$39,072,000	–	1,100,300	–	0.84%	–
XRAY	New	DENTSPLY INTL INC	$37,251,000	–	722,618	–	0.80%	–
WABC	New	WESTAMERICA BANCORP	$35,966,000	–	710,100	–	0.77%	–
PCP	New	PRECISION CASTPARTS	$34,858,000	–	174,404	–	0.74%	–
COL	New	ROCKWELL COLLINS INC	$28,906,000	–	313,004	–	0.62%	–
GNTX	New	GENTEX CORP	$28,655,000	–	1,745,100	–	0.61%	–
QCOM	New	QUALCOMM INC	$28,544,000	–	455,750	–	0.61%	–
NBR	New	NABORS INDS LTD	$25,763,000	–	1,785,363	–	0.55%	–
GOOG	New	GOOGLE INCclass c	$25,454,000	–	48,901	–	0.54%	–
GD	New	GENERAL DYNAMICS	$22,198,000	–	156,667	–	0.47%	–
CSL	New	CARLISLE COS INC	$20,224,000	–	202,000	–	0.43%	–
GCI	New	GANNETT INC	$17,590,000	–	1,257,315	–	0.38%	–
BBBY	New	BED BATH & BEYOND	$17,508,000	–	253,800	–	0.37%	–
HTLD	New	HEARTLAND EXPRESS IN	$15,878,000	–	784,869	–	0.34%	–
VMI	New	VALMONT INDS INC	$15,595,000	–	131,200	–	0.33%	–
INT	New	WORLD FUEL SVCS CORP	$9,989,000	–	208,317	–	0.21%	–
MDT	New	MEDTRONIC PLC	$8,919,000	–	120,371	–	0.19%	–
EMR	New	EMERSON ELEC CO	$6,530,000	–	117,804	–	0.14%	–
LENB	New	LENNAR CORPclass b	$4,976,000	–	115,408	–	0.11%	–
ANZBY	New	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$3,591,000	–	145,050	–	0.08%	–
NABZY	New	NATL AUSTRALIA BKsp adr (1 ord)	$1,919,000	–	150,866	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
NABZY	Exit	NATL AUSTRALIA BKsp adr (1 ord)	$0	–	-324,066	–	-0.08%	–
LENB	Exit	LENNAR CORPclass b	$0	–	-156,008	–	-0.09%	–
ANZBY	Exit	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$0	–	-267,850	–	-0.13%	–
INT	Exit	WORLD FUEL SVCS CORP	$0	–	-196,317	–	-0.14%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-141,900	–	-0.16%	–
GOOGL	Exit	GOOGLE INCclass a	$0	–	-18,023	–	-0.19%	–
CSL	Exit	CARLISLE COS INC	$0	–	-202,600	–	-0.29%	–
SIG	Exit	SIGNET JEWELERS LTordinary	$0	–	-153,635	–	-0.31%	–
BBBY	Exit	BED BATH & BEYOND	$0	–	-280,700	–	-0.33%	–
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-813,937	–	-0.35%	–
F113PS	Exit	COVIDIEN PLCshares	$0	–	-289,900	–	-0.45%	–
GNTX	Exit	GENTEX CORP	$0	–	-959,900	–	-0.46%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-568,900	–	-0.47%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-363,300	–	-0.51%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-347,700	–	-0.54%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-3,252,600	–	-0.56%	–
XRAY	Exit	DENTSPLY INTL INC	$0	–	-808,629	–	-0.66%	–
MAT	Exit	MATTEL INC	$0	–	-1,239,000	–	-0.68%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-1,287,800	–	-0.73%	–
BMS	Exit	BEMIS INC	$0	–	-1,207,913	–	-0.82%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-372,855	–	-0.84%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-644,900	–	-0.88%	–
GOOG	Exit	GOOGLE INCclass c	$0	–	-88,445	–	-0.92%	–
J	Exit	JACOBS ENGR GROUP	$0	–	-1,143,739	–	-1.00%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-562,345	–	-1.06%	–
ALTR	Exit	ALTERA CORP	$0	–	-1,666,893	–	-1.06%	–
NBR	Exit	NABORS INDS LTD	$0	–	-2,709,000	–	-1.10%	–
FLIR	Exit	FLIR SYS INC	$0	–	-2,026,508	–	-1.13%	–
DIS	Exit	WALT DISNEY CO	$0	–	-744,190	–	-1.18%	–
RYAAY	Exit	RYANAIR HLDGSsp adr (5 ord)	$0	–	-1,559,610	–	-1.57%	–
WAG	Exit	WALGREEN CO	$0	–	-1,546,690	–	-1.64%	–
TDW	Exit	TIDEWATER INC	$0	–	-2,629,503	–	-1.83%	–
MRK	Exit	MERCK & CO INC	$0	–	-1,768,575	–	-1.87%	–
BDX	Exit	BECTON DICKINSON	$0	–	-1,023,830	–	-2.08%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-7,865,450	–	-2.11%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-4,286,780	–	-2.13%	–
KO	Exit	COCA-COLA CO	$0	–	-2,985,150	–	-2.27%	–
PFE	Exit	PFIZER INC	$0	–	-4,698,579	–	-2.48%	–
SYY	Exit	SYSCO CORP	$0	–	-3,741,350	–	-2.53%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-7,146,605	–	-2.60%	–
INTC	Exit	INTEL CORP	$0	–	-4,217,535	–	-2.62%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,249,076	–	-2.69%	–
GCI	Exit	GANNETT INC	$0	–	-5,171,130	–	-2.74%	–
CCL	Exit	CARNIVAL CORP	$0	–	-3,853,869	–	-2.76%	–
BBD	Exit	BANCO BRADESCO S Aadr (1 pfd)	$0	–	-10,879,600	–	-2.77%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,654,196	–	-3.14%	–
PBR	Exit	PETROLEO BRASILEIROadr (2 ord)	$0	–	-13,130,088	–	-3.32%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-3,200,195	–	-3.45%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,355,293	–	-3.52%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-1,454,175	–	-3.58%	–
MMM	Exit	3M COMPANY	$0	–	-1,441,270	–	-3.64%	–
APA	Exit	APACHE CORP	$0	–	-2,412,081	–	-4.04%	–
PKX	Exit	POSCOadr (0.25 ord)	$0	–	-3,734,786	–	-5.06%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-5,496,421	–	-5.09%	–
	Exit	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$0	–	-529,985	–	-5.30%	–
MKL	Exit	MARKEL CORP	$0	–	-533,423	–	-6.05%	–

Q3 2014

			Value		Shares		↓ Weighting
MKL	Sell	MARKEL CORP	$339,337,000	-4.4%	533,423	-1.4%	6.05%	+0.5%
	Sell	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$297,324,000	-22.3%	529,985	-9.5%	5.30%	-18.3%
WFC	Sell	WELLS FARGO & CO	$285,099,000	-2.9%	5,496,421	-1.6%	5.09%	+2.1%
PKX	Sell	POSCOadr (0.25 ord)	$283,470,000	-0.3%	3,734,786	-2.2%	5.06%	+4.8%
APA	Buy	APACHE CORP	$226,422,000	-3.0%	2,412,081	+4.0%	4.04%	+2.0%
MMM	Sell	3M COMPANY	$204,199,000	-3.7%	1,441,270	-2.7%	3.64%	+1.2%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$200,880,000	+6.1%	1,454,175	-2.8%	3.58%	+11.5%
PG	Buy	PROCTER & GAMBLE CO	$197,232,000	+12.9%	2,355,293	+6.0%	3.52%	+18.7%
INFY	Sell	INFOSYS LIMITEDadr	$193,580,000	+9.8%	3,200,195	-2.4%	3.45%	+15.4%
PBR	Sell	PETROLEO BRASILEIROadr (2 ord)	$186,316,000	-10.2%	13,130,088	-7.4%	3.32%	-5.6%
JNJ	Sell	JOHNSON & JOHNSON	$176,321,000	+0.3%	1,654,196	-1.5%	3.14%	+5.5%
BBD	Sell	BANCO BRADESCO S Aadr (1 pfd)	$155,034,000	-3.4%	10,879,600	-1.6%	2.77%	+1.5%
CCL	Sell	CARNIVAL CORP	$154,810,000	+5.4%	3,853,869	-1.2%	2.76%	+10.7%
GCI	Sell	GANNETT INC	$153,428,000	-7.0%	5,171,130	-1.9%	2.74%	-2.2%
MSFT	Sell	MICROSOFT CORP	$150,628,000	-9.2%	3,249,076	-18.3%	2.69%	-4.5%
INTC	Sell	INTEL CORP	$146,855,000	+4.3%	4,217,535	-7.5%	2.62%	+9.6%
WAFD	Buy	WASHINGTON FEDERAL	$145,504,000	-2.7%	7,146,605	+7.1%	2.60%	+2.2%
SYY	Sell	SYSCO CORP	$141,984,000	-0.2%	3,741,350	-1.5%	2.53%	+4.9%
PFE	Sell	PFIZER INC	$138,937,000	-3.4%	4,698,579	-3.0%	2.48%	+1.6%
KO	Sell	COCA-COLA CO	$127,347,000	-0.9%	2,985,150	-1.6%	2.27%	+4.2%
MDU	Buy	MDU RES GROUP INC	$119,215,000	-19.7%	4,286,780	+1.4%	2.13%	-15.5%
DNRCQ	Buy	DENBURY RES INC	$118,218,000	-4.1%	7,865,450	+17.7%	2.11%	+0.8%
BDX	Sell	BECTON DICKINSON	$116,522,000	-5.3%	1,023,830	-1.6%	2.08%	-0.5%
MRK	Sell	MERCK & CO INC	$104,842,000	-4.1%	1,768,575	-6.5%	1.87%	+0.8%
TDW	Sell	TIDEWATER INC	$102,630,000	-31.3%	2,629,503	-1.2%	1.83%	-27.8%
WAG	Sell	WALGREEN CO	$91,672,000	-22.0%	1,546,690	-2.5%	1.64%	-18.0%
RYAAY	Sell	RYANAIR HLDGSsp adr (5 ord)	$88,009,000	-34.4%	1,559,610	-35.1%	1.57%	-31.0%
DIS	Sell	WALT DISNEY CO	$66,255,000	-11.8%	744,190	-15.0%	1.18%	-7.2%
FLIR	Sell	FLIR SYS INC	$63,511,000	-11.9%	2,026,508	-2.3%	1.13%	-7.4%
NBR	Sell	NABORS INDS LTD	$61,657,000	-25.7%	2,709,000	-4.2%	1.10%	-21.9%
ALTR	Sell	ALTERA CORP	$59,641,000	+1.1%	1,666,893	-1.8%	1.06%	+6.3%
UTX	Buy	UNITED TECHNOLOGIES	$59,383,000	+6.6%	562,345	+16.6%	1.06%	+12.1%
J	Buy	JACOBS ENGR GROUP	$55,837,000	+66.9%	1,143,739	+82.1%	1.00%	+75.4%
GOOG	Buy	GOOGLE INCclass c	$51,454,000	+65.9%	88,445	+64.1%	0.92%	+74.5%
CFR	Sell	CULLEN FROST BANKERS	$49,341,000	-4.9%	644,900	-1.3%	0.88%	-0.1%
GD	Sell	GENERAL DYNAMICS	$47,386,000	-6.7%	372,855	-14.4%	0.84%	-2.0%
BMS	Sell	BEMIS INC	$45,924,000	-8.0%	1,207,913	-1.6%	0.82%	-3.3%
GVA	Sell	GRANITE CONSTR INC	$40,965,000	-13.2%	1,287,800	-1.9%	0.73%	-8.7%
MAT	New	MATTEL INC	$37,975,000	–	1,239,000	–	0.68%	–
XRAY	Sell	DENTSPLY INTL INC	$36,873,000	-4.9%	808,629	-1.2%	0.66%	0.0%
VLY	Buy	VALLEY NATL BANCORP	$31,517,000	+15.9%	3,252,600	+18.5%	0.56%	+21.9%
AXP	Sell	AMERICAN EXPRESS CO	$30,438,000	-9.9%	347,700	-2.3%	0.54%	-5.2%
COL	Sell	ROCKWELL COLLINS INC	$28,519,000	-1.3%	363,300	-1.8%	0.51%	+3.7%
WABC	Sell	WESTAMERICA BANCORP	$26,465,000	-12.8%	568,900	-2.0%	0.47%	-8.3%
GNTX	Sell	GENTEX CORP	$25,697,000	-9.4%	959,900	-1.6%	0.46%	-5.0%
F113PS	Sell	COVIDIEN PLCshares	$25,079,000	-8.2%	289,900	-4.4%	0.45%	-3.7%
HTLD	Sell	HEARTLAND EXPRESS IN	$19,502,000	-2.8%	813,937	-13.4%	0.35%	+2.4%
BBBY	New	BED BATH & BEYOND	$18,478,000	–	280,700	–	0.33%	–
SIG	Sell	SIGNET JEWELERS LTordinary	$17,501,000	-34.4%	153,635	-36.3%	0.31%	-31.1%
CSL	Sell	CARLISLE COS INC	$16,285,000	-10.3%	202,600	-3.3%	0.29%	-5.5%
GOOGL	Sell	GOOGLE INCclass a	$10,605,000	-66.3%	18,023	-66.6%	0.19%	-64.7%
EMR	Buy	EMERSON ELEC CO	$8,880,000	-2.6%	141,900	+3.3%	0.16%	+1.9%
INT	Sell	WORLD FUEL SVCS CORP	$7,837,000	-23.2%	196,317	-5.3%	0.14%	-19.1%
ANZBY	Sell	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$7,249,000	-18.1%	267,850	-4.8%	0.13%	-14.0%
LENB	Sell	LENNAR CORPclass b	$5,002,000	-12.8%	156,008	-3.4%	0.09%	-8.2%
NABZY	Sell	NATL AUSTRALIA BKsp adr (1 ord)	$4,594,000	-12.9%	324,066	-4.9%	0.08%	-8.9%

Q2 2014

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$382,433,000	–	585,395	–	6.49%	–
MKL	New	MARKEL CORP	$354,800,000	–	541,151	–	6.02%	–
WFC	New	WELLS FARGO & CO	$293,470,000	–	5,583,521	–	4.98%	–
PKX	New	POSCOadr (0.25 ord)	$284,323,000	–	3,819,486	–	4.82%	–
APA	New	APACHE CORP	$233,308,000	–	2,318,701	–	3.96%	–
MMM	New	3M COMPANY	$212,150,000	–	1,481,080	–	3.60%	–
PBR	New	PETROLEO BRASILEIROadr (2 ord)	$207,449,000	–	14,179,688	–	3.52%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$189,388,000	–	1,496,425	–	3.21%	–
INFY	New	INFOSYS LIMITEDadr	$176,349,000	–	3,279,695	–	2.99%	–
JNJ	New	JOHNSON & JOHNSON	$175,715,000	–	1,679,553	–	2.98%	–
PG	New	PROCTER & GAMBLE CO	$174,688,000	–	2,222,773	–	2.96%	–
MSFT	New	MICROSOFT CORP	$165,840,000	–	3,976,986	–	2.82%	–
GCI	New	GANNETT INC	$165,002,000	–	5,269,930	–	2.80%	–
BBD	New	BANCO BRADESCO S Aadr (1 pfd)	$160,571,000	–	11,058,600	–	2.72%	–
WAFD	New	WASHINGTON FEDERAL	$149,614,000	–	6,670,275	–	2.54%	–
TDW	New	TIDEWATER INC	$149,459,000	–	2,661,783	–	2.54%	–
MDU	New	MDU RES GROUP INC	$148,388,000	–	4,227,600	–	2.52%	–
CCL	New	CARNIVAL CORP	$146,931,000	–	3,902,569	–	2.49%	–
PFE	New	PFIZER INC	$143,818,000	–	4,845,604	–	2.44%	–
SYY	New	SYSCO CORP	$142,303,000	–	3,799,800	–	2.42%	–
INTC	New	INTEL CORP	$140,822,000	–	4,557,345	–	2.39%	–
RYAAY	New	RYANAIR HLDGSsp adr (5 ord)	$134,127,000	–	2,403,710	–	2.28%	–
KO	New	COCA-COLA CO	$128,531,000	–	3,034,240	–	2.18%	–
DNRCQ	New	DENBURY RES INC	$123,336,000	–	6,681,250	–	2.09%	–
BDX	New	BECTON DICKINSON	$123,090,000	–	1,040,490	–	2.09%	–
WAG	New	WALGREEN CO	$117,541,000	–	1,585,605	–	2.00%	–
MRK	New	MERCK & CO INC	$109,370,000	–	1,890,575	–	1.86%	–
NBR	New	NABORS INDS LTD	$83,011,000	–	2,826,400	–	1.41%	–
DIS	New	WALT DISNEY CO	$75,078,000	–	875,650	–	1.27%	–
FLIR	New	FLIR SYS INC	$72,053,000	–	2,074,648	–	1.22%	–
ALTR	New	ALTERA CORP	$58,994,000	–	1,697,193	–	1.00%	–
UTX	New	UNITED TECHNOLOGIES	$55,689,000	–	482,365	–	0.94%	–
CFR	New	CULLEN FROST BANKERS	$51,893,000	–	653,400	–	0.88%	–
GD	New	GENERAL DYNAMICS	$50,787,000	–	435,755	–	0.86%	–
BMS	New	BEMIS INC	$49,891,000	–	1,227,023	–	0.85%	–
GVA	New	GRANITE CONSTR INC	$47,209,000	–	1,312,100	–	0.80%	–
XRAY	New	DENTSPLY INTL INC	$38,770,000	–	818,809	–	0.66%	–
AXP	New	AMERICAN EXPRESS CO	$33,764,000	–	355,900	–	0.57%	–
J	New	JACOBS ENGR GROUP	$33,457,000	–	627,939	–	0.57%	–
GOOGL	New	GOOGLE INC "A"class a	$31,511,000	–	53,895	–	0.54%	–
GOOG	New	GOOGLE INC "C"class c	$31,012,000	–	53,909	–	0.53%	–
WABC	New	WESTAMERICA BANCORP	$30,354,000	–	580,600	–	0.52%	–
COL	New	ROCKWELL COLLINS INC	$28,904,000	–	369,900	–	0.49%	–
GNTX	New	GENTEX CORP	$28,377,000	–	975,500	–	0.48%	–
F113PS	New	COVIDIEN PLCshares	$27,334,000	–	303,100	–	0.46%	–
VLY	New	VALLEY NATL BANCORP	$27,192,000	–	2,743,900	–	0.46%	–
SIG	New	SIGNET JEWELERS LTordinary	$26,693,000	–	241,365	–	0.45%	–
HTLD	New	HEARTLAND EXPRESS IN	$20,059,000	–	939,995	–	0.34%	–
CSL	New	CARLISLE COS INC	$18,147,000	–	209,500	–	0.31%	–
INT	New	WORLD FUEL SVCS CORP	$10,206,000	–	207,317	–	0.17%	–
EMR	New	EMERSON ELEC CO	$9,118,000	–	137,400	–	0.16%	–
ANZBY	New	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$8,848,000	–	281,350	–	0.15%	–
LENB	New	LENNAR CORPclass b	$5,738,000	–	161,508	–	0.10%	–
NABZY	New	NATL AUSTRALIA BKsp adr (1 ord)	$5,274,000	–	340,666	–	0.09%	–

Q4 2013

			Value		Shares		↓ Weighting
MNKKQ	Exit	MALLINCKRODT PLCshares	$0	–	-40,239	–	-0.03%	–
BFB	Exit	BROWN FORMAN CORPclass b	$0	–	-27,212	–	-0.03%	–
BEAM	Exit	BEAM INC	$0	–	-64,850	–	-0.08%	–
LENB	Exit	LENNAR CORPclass b	$0	–	-168,908	–	-0.09%	–
NABZY	Exit	NATL AUSTRALIA BKsp adr (1 ord)	$0	–	-200,733	–	-0.12%	–
ANZBY	Exit	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$0	–	-328,150	–	-0.17%	–
HUBB	Exit	HUBBELL INCclass b	$0	–	-118,720	–	-0.23%	–
TLAB	Exit	TELLABS INC	$0	–	-5,576,900	–	-0.23%	–
HTLD	Exit	HEARTLAND EXPRESS IN	$0	–	-1,024,145	–	-0.26%	–
CSL	Exit	CARLISLE COS INC	$0	–	-210,500	–	-0.27%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-272,400	–	-0.32%	–
F113PS	Exit	COVIDIEN PLCshares	$0	–	-329,600	–	-0.36%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-340,000	–	-0.42%	–
J	Exit	JACOBS ENGR GROUP	$0	–	-406,539	–	-0.43%	–
GNTX	Exit	GENTEX CORP	$0	–	-1,039,200	–	-0.48%	–
WABC	Exit	WESTAMERICA BANCORP	$0	–	-606,400	–	-0.55%	–
XRAY	Exit	DENTSPLY INTL INC	$0	–	-785,289	–	-0.62%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-453,000	–	-0.62%	–
GVA	Exit	GRANITE CONSTR INC	$0	–	-1,121,700	–	-0.62%	–
ALTR	Exit	ALTERA CORP	$0	–	-1,178,493	–	-0.80%	–
CFR	Exit	CULLEN FROST BANKERS	$0	–	-690,800	–	-0.88%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-570,200	–	-0.91%	–
BMS	Exit	BEMIS INC	$0	–	-1,297,523	–	-0.92%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-512,865	–	-1.00%	–
FLIR	Exit	FLIR SYS INC	$0	–	-1,787,600	–	-1.02%	–
SIG	Exit	SIGNET JEWELERS LTordinary	$0	–	-784,545	–	-1.02%	–
GOOGL	Exit	GOOGLE INCclass a	$0	–	-64,923	–	-1.03%	–
DIS	Exit	WALT DISNEY CO	$0	–	-917,800	–	-1.08%	–
NBR	Exit	NABORS INDS LTD	$0	–	-4,648,900	–	-1.36%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-4,935,550	–	-1.65%	–
INTC	Exit	INTEL CORP	$0	–	-4,797,845	–	-2.00%	–
SYY	Exit	SYSCO CORP	$0	–	-3,596,900	–	-2.08%	–
KO	Exit	COCA-COLA CO	$0	–	-3,207,540	–	-2.21%	–
BDX	Exit	BECTON DICKINSON	$0	–	-1,240,990	–	-2.25%	–
CCL	Exit	CARNIVAL CORP	$0	–	-4,047,119	–	-2.40%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-5,095,300	–	-2.59%	–
WAG	Exit	WALGREEN CO	$0	–	-2,697,070	–	-2.63%	–
WAFD	Exit	WASHINGTON FEDERAL	$0	–	-7,034,075	–	-2.64%	–
GCI	Exit	GANNETT INC	$0	–	-5,540,530	–	-2.70%	–
TDW	Exit	TIDEWATER INC	$0	–	-2,523,383	–	-2.72%	–
PFE	Exit	PFIZER INC	$0	–	-5,358,622	–	-2.79%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,292,875	–	-2.85%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,893,603	–	-2.98%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,084,807	–	-3.07%	–
INFY	Exit	INFOSYS LIMITEDadr	$0	–	-3,561,495	–	-3.11%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,352,858	–	-3.23%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-1,602,075	–	-3.30%	–
APA	Exit	APACHE CORP	$0	–	-2,167,081	–	-3.35%	–
RYAAY	Exit	RYANAIR HLDGSsp adr (5 ord)	$0	–	-3,967,810	–	-3.58%	–
PBR	Exit	PETROLEO BRASILEIROadr (2 ord)	$0	–	-13,702,088	–	-3.85%	–
MMM	Exit	3M COMPANY	$0	–	-2,025,080	–	-4.39%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-5,878,881	–	-4.41%	–
PKX	Exit	POSCOadr (0.25 ord)	$0	–	-3,461,286	–	-4.63%	–
MKL	Exit	MARKEL CORP	$0	–	-556,013	–	-5.23%	–
	Exit	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$0	–	-643,444	–	-7.43%	–

Q3 2013

			Value		Shares		↓ Weighting
	Sell	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$409,234,000	+7.2%	643,444	-1.0%	7.43%	+7.2%
MKL	Buy	MARKEL CORP	$287,887,000	-1.5%	556,013	+0.2%	5.23%	-1.6%
PKX	Sell	POSCOadr (0.25 ord)	$254,889,000	+11.8%	3,461,286	-1.2%	4.63%	+11.8%
WFC	Sell	WELLS FARGO & CO	$242,916,000	-2.9%	5,878,881	-3.0%	4.41%	-2.9%
MMM	Sell	3M COMPANY	$241,814,000	+4.9%	2,025,080	-3.9%	4.39%	+4.9%
PBR	Buy	PETROLEO BRASILEIROadr (2 ord)	$212,245,000	+36.6%	13,702,088	+18.4%	3.85%	+36.6%
RYAAY	Sell	RYANAIR HLDGSsp adr (5 ord)	$197,359,000	-14.3%	3,967,810	-11.2%	3.58%	-14.3%
APA	Sell	APACHE CORP	$184,505,000	-2.5%	2,167,081	-4.0%	3.35%	-2.5%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$181,852,000	-5.4%	1,602,075	-6.7%	3.30%	-5.4%
PG	Sell	PROCTER & GAMBLE CO	$177,853,000	-11.6%	2,352,858	-9.9%	3.23%	-11.6%
INFY	Sell	INFOSYS LIMITEDadr	$171,344,000	+15.7%	3,561,495	-0.9%	3.11%	+15.7%
MSFT	Sell	MICROSOFT CORP	$169,222,000	-7.0%	5,084,807	-3.4%	3.07%	-7.0%
JNJ	Sell	JOHNSON & JOHNSON	$164,157,000	-3.5%	1,893,603	-4.4%	2.98%	-3.5%
MRK	Sell	MERCK & CO INC	$156,774,000	-16.6%	3,292,875	-18.6%	2.85%	-16.6%
PFE	Sell	PFIZER INC	$153,846,000	-9.3%	5,358,622	-11.5%	2.79%	-9.3%
TDW	Sell	TIDEWATER INC	$149,612,000	+2.0%	2,523,383	-2.0%	2.72%	+2.0%
GCI	Sell	GANNETT INC	$148,431,000	+5.5%	5,540,530	-3.6%	2.70%	+5.5%
WAFD	Sell	WASHINGTON FEDERAL	$145,464,000	+5.6%	7,034,075	-3.6%	2.64%	+5.6%
WAG	Sell	WALGREEN CO	$145,103,000	-6.6%	2,697,070	-23.2%	2.63%	-6.6%
MDU	Sell	MDU RES GROUP INC	$142,516,000	-0.6%	5,095,300	-7.9%	2.59%	-0.6%
CCL	Sell	CARNIVAL CORP	$132,097,000	-8.3%	4,047,119	-3.7%	2.40%	-8.4%
BDX	Sell	BECTON DICKINSON	$124,124,000	-10.9%	1,240,990	-11.9%	2.25%	-10.9%
KO	Sell	COCA-COLA CO	$121,502,000	-15.6%	3,207,540	-10.6%	2.21%	-15.6%
SYY	Sell	SYSCO CORP	$114,489,000	-10.6%	3,596,900	-4.0%	2.08%	-10.6%
INTC	Buy	INTEL CORP	$109,971,000	-0.9%	4,797,845	+4.7%	2.00%	-1.0%
DNRCQ	Buy	DENBURY RES INC	$90,864,000	+41.5%	4,935,550	+33.1%	1.65%	+41.4%
NBR	Sell	NABORS INDS LTD	$74,661,000	+1.9%	4,648,900	-2.9%	1.36%	+1.8%
DIS	Buy	WALT DISNEY CO	$59,189,000	+16.3%	917,800	+13.9%	1.08%	+16.3%
GOOGL	Sell	GOOGLE INCclass a	$56,867,000	-4.6%	64,923	-4.1%	1.03%	-4.7%
SIG	Sell	SIGNET JEWELERS LTordinary	$56,213,000	-2.1%	784,545	-7.9%	1.02%	-2.1%
FLIR	Sell	FLIR SYS INC	$56,130,000	+14.4%	1,787,600	-1.7%	1.02%	+14.4%
UTX	Sell	UNITED TECHNOLOGIES	$55,297,000	+9.6%	512,865	-5.5%	1.00%	+9.6%
BMS	Sell	BEMIS INC	$50,617,000	-24.8%	1,297,523	-24.5%	0.92%	-24.8%
GD	Sell	GENERAL DYNAMICS	$49,904,000	+7.4%	570,200	-3.8%	0.91%	+7.3%
CFR	Sell	CULLEN FROST BANKERS	$48,736,000	+3.5%	690,800	-2.1%	0.88%	+3.5%
ALTR	Sell	ALTERA CORP	$43,793,000	+10.2%	1,178,493	-2.1%	0.80%	+10.3%
GVA	Sell	GRANITE CONSTR INC	$34,324,000	+0.4%	1,121,700	-2.4%	0.62%	+0.3%
AXP	Sell	AMERICAN EXPRESS CO	$34,210,000	-3.4%	453,000	-4.3%	0.62%	-3.4%
XRAY	Buy	DENTSPLY INTL INC	$34,093,000	+16.0%	785,289	+9.4%	0.62%	+15.9%
WABC	Buy	WESTAMERICA BANCORP	$30,163,000	+51.7%	606,400	+39.4%	0.55%	+51.8%
GNTX	Sell	GENTEX CORP	$26,593,000	+6.6%	1,039,200	-4.0%	0.48%	+6.6%
J	Sell	JACOBS ENGR GROUP	$23,652,000	+1.9%	406,539	-3.5%	0.43%	+1.7%
COL	Sell	ROCKWELL COLLINS INC	$23,072,000	+3.4%	340,000	-3.4%	0.42%	+3.5%
F113PS	Sell	COVIDIEN PLCshares	$20,086,000	-5.2%	329,600	-2.3%	0.36%	-5.2%
EMR	Sell	EMERSON ELEC CO	$17,625,000	+9.3%	272,400	-7.8%	0.32%	+9.2%
CSL	Buy	CARLISLE COS INC	$14,796,000	+46.2%	210,500	+29.6%	0.27%	+46.2%
HTLD	Buy	HEARTLAND EXPRESS IN	$14,533,000	+5.7%	1,024,145	+3.3%	0.26%	+5.6%
TLAB	Sell	TELLABS INC	$12,665,000	+12.6%	5,576,900	-2.1%	0.23%	+12.7%
HUBB	Sell	HUBBELL INCclass b	$12,435,000	-16.3%	118,720	-20.9%	0.23%	-16.3%
ANZBY	Sell	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$9,382,000	+2.9%	328,150	-5.9%	0.17%	+2.4%
NABZY	Sell	NATL AUSTRALIA BKsp adr (1 ord)	$6,462,000	+12.1%	200,733	-5.7%	0.12%	+11.4%
LENB	Sell	LENNAR CORPclass b	$4,839,000	-3.0%	168,908	-4.0%	0.09%	-3.3%
BEAM	Sell	BEAM INC	$4,193,000	+2.0%	64,850	-0.5%	0.08%	+1.3%
BFB	Sell	BROWN FORMAN CORPclass b	$1,854,000	-3.4%	27,212	-4.2%	0.03%	-2.9%
MNKKQ	New	MALLINCKRODT PLCshares	$1,775,000	–	40,239	–	0.03%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	SAMSUNG ELECTRS LTDgdr 144a (0.5 ord)	$381,698,000	–	649,655	–	6.93%	–
MKL	New	MARKEL CORP	$292,355,000	–	554,806	–	5.31%	–
WFC	New	WELLS FARGO & CO	$250,063,000	–	6,059,191	–	4.54%	–
MMM	New	3M COMPANY	$230,453,000	–	2,107,480	–	4.18%	–
RYAAY	New	RYANAIR HLDGSsp adr (5 ord)	$230,340,000	–	4,470,010	–	4.18%	–
PKX	New	POSCOadr (0.25 ord)	$227,981,000	–	3,503,086	–	4.14%	–
PG	New	PROCTER & GAMBLE CO	$201,125,000	–	2,612,358	–	3.65%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$192,168,000	–	1,717,015	–	3.49%	–
APA	New	APACHE CORP	$189,269,000	–	2,257,781	–	3.44%	–
MRK	New	MERCK & CO INC	$187,950,000	–	4,046,275	–	3.41%	–
MSFT	New	MICROSOFT CORP	$181,863,000	–	5,264,507	–	3.30%	–
JNJ	New	JOHNSON & JOHNSON	$170,037,000	–	1,980,403	–	3.09%	–
PFE	New	PFIZER INC	$169,593,000	–	6,054,742	–	3.08%	–
PBR	New	PETROLEO BRASILEIROadr (2 ord)	$155,331,000	–	11,574,588	–	2.82%	–
WAG	New	WALGREEN CO	$155,302,000	–	3,513,620	–	2.82%	–
INFY	New	INFOSYS LIMITEDadr	$148,098,000	–	3,595,495	–	2.69%	–
TDW	New	TIDEWATER INC	$146,632,000	–	2,573,850	–	2.66%	–
CCL	New	CARNIVAL CORP	$144,132,000	–	4,203,329	–	2.62%	–
KO	New	COCA-COLA CO	$143,938,000	–	3,588,600	–	2.61%	–
MDU	New	MDU RES GROUP INC	$143,350,000	–	5,532,600	–	2.60%	–
GCI	New	GANNETT INC	$140,644,000	–	5,749,960	–	2.55%	–
BDX	New	BECTON DICKINSON	$139,261,000	–	1,409,090	–	2.53%	–
WAFD	New	WASHINGTON FEDERAL	$137,746,000	–	7,295,875	–	2.50%	–
SYY	New	SYSCO CORP	$128,031,000	–	3,748,000	–	2.32%	–
INTC	New	INTEL CORP	$110,991,000	–	4,580,705	–	2.02%	–
NBR	New	NABORS INDS LTD	$73,276,000	–	4,786,100	–	1.33%	–
BMS	New	BEMIS INC	$67,279,000	–	1,718,923	–	1.22%	–
DNRCQ	New	DENBURY RES INC	$64,236,000	–	3,708,750	–	1.17%	–
GOOGL	New	GOOGLE INCclass a	$59,624,000	–	67,726	–	1.08%	–
SIG	New	SIGNET JEWELERS LTordinary	$57,432,000	–	851,732	–	1.04%	–
DIS	New	WALT DISNEY CO	$50,883,000	–	805,750	–	0.92%	–
UTX	New	UNITED TECHNOLOGIES	$50,458,000	–	542,915	–	0.92%	–
FLIR	New	FLIR SYS INC	$49,069,000	–	1,819,400	–	0.89%	–
CFR	New	CULLEN FROST BANKERS	$47,106,000	–	705,500	–	0.86%	–
GD	New	GENERAL DYNAMICS	$46,450,000	–	593,000	–	0.84%	–
ALTR	New	ALTERA CORP	$39,723,000	–	1,204,093	–	0.72%	–
AXP	New	AMERICAN EXPRESS CO	$35,406,000	–	473,600	–	0.64%	–
GVA	New	GRANITE CONSTR INC	$34,185,000	–	1,148,700	–	0.62%	–
XRAY	New	DENTSPLY INTL INC	$29,396,000	–	717,689	–	0.53%	–
GNTX	New	GENTEX CORP	$24,954,000	–	1,082,600	–	0.45%	–
J	New	JACOBS ENGR GROUP	$23,217,000	–	421,139	–	0.42%	–
COL	New	ROCKWELL COLLINS INC	$22,314,000	–	351,900	–	0.40%	–
F113PS	New	COVIDIEN PLCshares	$21,196,000	–	337,300	–	0.38%	–
WABC	New	WESTAMERICA BANCORP	$19,880,000	–	435,100	–	0.36%	–
EMR	New	EMERSON ELEC CO	$16,122,000	–	295,600	–	0.29%	–
HUBB	New	HUBBELL INCclass b	$14,857,000	–	150,070	–	0.27%	–
HTLD	New	HEARTLAND EXPRESS IN	$13,755,000	–	991,345	–	0.25%	–
TLAB	New	TELLABS INC	$11,251,000	–	5,696,900	–	0.20%	–
CSL	New	CARLISLE COS INC	$10,119,000	–	162,400	–	0.18%	–
ANZBY	New	AUSTRAL&NEW ZEAL BKGbkg sp adr (1 ord)	$9,114,000	–	348,850	–	0.17%	–
NABZY	New	NATL AUSTRALIA BKsp adr (1 ord)	$5,765,000	–	212,933	–	0.10%	–
LENB	New	LENNAR CORPclass b	$4,987,000	–	175,908	–	0.09%	–
BEAM	New	BEAM INC	$4,112,000	–	65,150	–	0.08%	–
BFB	New	BROWN FORMAN CORPclass b	$1,919,000	–	28,399	–	0.04%	–

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