GENERATION INVESTMENT MANAGEMENT LLP Activity Q4 2006-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$1,698,986,971	-2.9%	5,380,798	+4.7%	8.94%	+5.5%
AMZN	Sell	AMAZON COM INC	$1,692,965,984	-3.1%	13,317,857	-0.7%	8.91%	+5.2%
AMAT	Sell	APPLIED MATLS INC	$1,160,543,974	-4.8%	8,382,405	-0.6%	6.11%	+3.5%
HSIC	Sell	HENRY SCHEIN INC	$903,468,729	-9.2%	12,167,929	-0.8%	4.75%	-1.3%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$842,273,461	+0.5%	1,664,013	+3.6%	4.43%	+9.2%
TT	Sell	TRANE TECHNOLOGIES PLC	$805,772,655	-2.9%	3,971,084	-8.5%	4.24%	+5.5%
ADI	Sell	ANALOG DEVICES INC	$774,149,580	-23.4%	4,421,438	-14.8%	4.07%	-16.8%
IT	Sell	GARTNER INC	$713,680,720	-2.4%	2,077,008	-0.5%	3.76%	+6.0%
TXN	Sell	TEXAS INSTRS INC	$681,523,857	-12.3%	4,286,044	-0.7%	3.59%	-4.7%
DHR	Buy	DANAHER CORPORATION	$672,887,393	+13.2%	2,712,162	+9.5%	3.54%	+23.0%
EFX	Sell	EQUIFAX INC	$651,644,899	-27.9%	3,557,402	-7.4%	3.43%	-21.6%
MELI	Sell	MERCADOLIBRE INC	$609,190,983	-11.3%	480,480	-17.2%	3.21%	-3.7%
JLL	Sell	JONES LANG LASALLE INC	$604,674,788	-10.2%	4,283,006	-0.9%	3.18%	-2.4%
NTNX	Buy	NUTANIX INCcl a	$591,447,813	+26.5%	16,956,646	+1.7%	3.11%	+37.5%
CBRE	Buy	CBRE GROUP INCcl a	$580,856,608	-8.4%	7,864,292	+0.1%	3.06%	-0.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$531,407,823	-6.7%	1,342,244	-7.3%	2.80%	+1.3%
SCHW	Sell	SCHWAB CHARLES CORP	$507,116,022	-3.9%	9,237,086	-0.7%	2.67%	+4.5%
TWLO	Sell	TWILIO INCcl a	$505,625,980	-8.7%	8,638,749	-0.7%	2.66%	-0.7%
BDX	Sell	BECTON DICKINSON & CO	$488,104,382	-2.7%	1,887,999	-0.7%	2.57%	+5.7%
WAT	Buy	WATERS CORP	$457,495,803	+17.7%	1,668,414	+14.4%	2.41%	+27.8%
CSL	Sell	CARLISLE COS INC	$416,610,598	+0.5%	1,606,922	-0.6%	2.19%	+9.2%
COO	Sell	COOPER COS INC	$360,346,990	-17.6%	1,133,131	-0.6%	1.90%	-10.4%
CRM	Sell	SALESFORCE INC	$353,161,446	-4.5%	1,741,599	-0.5%	1.86%	+3.7%
TRMB	New	TRIMBLE INC	$348,711,723	–	6,474,410	–	1.84%	–
PANW	Sell	PALO ALTO NETWORKS INC	$312,087,232	-52.3%	1,331,203	-48.1%	1.64%	-48.2%
STE	Sell	STERIS PLC	$253,395,651	-3.0%	1,154,843	-0.5%	1.33%	+5.4%
BAX	Sell	BAXTER INTL INC	$247,710,566	-17.4%	6,563,608	-0.3%	1.30%	-10.2%
	Sell	REMITLY GLOBAL INC	$201,566,310	+26.1%	7,992,320	-5.9%	1.06%	+37.1%
CLVT	Sell	CLARIVATE PLC	$199,441,250	-52.2%	29,722,988	-32.1%	1.05%	-48.0%
	Sell	TOAST INCcl a	$169,827,195	-42.2%	9,067,122	-30.4%	0.89%	-37.2%
XRAY	Sell	DENTSPLY SIRONA INC	$157,142,798	-15.1%	4,600,199	-0.5%	0.83%	-7.7%
VEEV	Sell	VEEVA SYS INC	$102,257,836	+2.7%	502,619	-0.2%	0.54%	+11.6%
MCHP	Sell	MICROCHIP TECHNOLOGY INC.	$89,119,910	-14.2%	1,141,831	-1.5%	0.47%	-6.8%
TXG	Sell	10X GENOMICS INC	$63,476,655	-43.6%	1,538,828	-23.6%	0.33%	-38.7%
	Sell	TIGO ENERGY INC	$55,199,109	-62.9%	7,874,338	-1.7%	0.29%	-59.7%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$53,435,751	+3.5%	788,836	-0.3%	0.28%	+12.4%
HTHT	Buy	H WORLD GROUP LTDsponsored ads	$40,245,018	+18.3%	1,020,670	+16.3%	0.21%	+28.5%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$22,059,250	-15.0%	51,603	-11.9%	0.12%	-7.9%
	Sell	FRESHWORKS INC	$17,342,073	+11.9%	870,586	-1.3%	0.09%	+21.3%
CPNG	Sell	COUPANG INCcl a	$8,331,819	-3.2%	490,107	-0.9%	0.04%	+4.8%
PTRA	Exit	PROTERRA INC	$0	–	-5,183,736	–	-0.03%	–
PTC	Exit	PTC INC	$0	–	-466,012	–	-0.32%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$1,749,661,150	–	5,137,902	–	8.47%	–
AMZN	New	AMAZON COM INC	$1,747,782,931	–	13,407,356	–	8.46%	–
AMAT	New	APPLIED MATLS INC	$1,218,665,452	–	8,431,337	–	5.90%	–
ADI	New	ANALOG DEVICES INC	$1,010,610,579	–	5,187,673	–	4.90%	–
HSIC	New	HENRY SCHEIN INC	$995,069,752	–	12,269,664	–	4.82%	–
EFX	New	EQUIFAX INC	$903,587,297	–	3,840,150	–	4.38%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$838,342,162	–	1,606,789	–	4.06%	–
TT	New	TRANE TECHNOLOGIES PLC	$829,673,258	–	4,337,934	–	4.02%	–
TXN	New	TEXAS INSTRS INC	$777,023,928	–	4,316,320	–	3.76%	–
IT	New	GARTNER INC	$731,535,910	–	2,088,253	–	3.54%	–
MELI	New	MERCADOLIBRE INC	$687,095,247	–	580,023	–	3.33%	–
JLL	New	JONES LANG LASALLE INC	$673,216,631	–	4,321,031	–	3.26%	–
PANW	New	PALO ALTO NETWORKS INC	$654,800,844	–	2,562,721	–	3.17%	–
CBRE	New	CBRE GROUP INCcl a	$633,814,017	–	7,852,980	–	3.07%	–
DHR	New	DANAHER CORPORATION	$594,584,881	–	2,477,437	–	2.88%	–
MA	New	MASTERCARD INCORPORATEDcl a	$569,709,996	–	1,448,538	–	2.76%	–
TWLO	New	TWILIO INCcl a	$553,598,529	–	8,701,643	–	2.68%	–
SCHW	New	SCHWAB CHARLES CORP	$527,485,676	–	9,306,381	–	2.56%	–
BDX	New	BECTON DICKINSON & CO	$501,764,470	–	1,900,551	–	2.43%	–
NTNX	New	NUTANIX INCcl a	$467,560,290	–	16,668,816	–	2.26%	–
COO	New	COOPER COS INC	$437,068,790	–	1,139,892	–	2.12%	–
CLVT	New	CLARIVATE PLC	$417,048,744	–	43,761,673	–	2.02%	–
CSL	New	CARLISLE COS INC	$414,681,259	–	1,616,502	–	2.01%	–
WAT	New	WATERS CORP	$388,836,282	–	1,458,829	–	1.88%	–
CRM	New	SALESFORCE INC	$369,929,359	–	1,751,062	–	1.79%	–
BAX	New	BAXTER INTL INC	$299,844,849	–	6,581,318	–	1.45%	–
	New	TOAST INCcl a	$294,044,172	–	13,028,098	–	1.42%	–
STE	New	STERIS PLC	$261,193,231	–	1,160,962	–	1.26%	–
XRAY	New	DENTSPLY SIRONA INC	$185,078,093	–	4,624,640	–	0.90%	–
	New	REMITLY GLOBAL INC	$159,886,213	–	8,495,548	–	0.77%	–
	New	TIGO ENERGY INC	$148,596,222	–	8,010,578	–	0.72%	–
TXG	New	10X GENOMICS INC	$112,537,814	–	2,015,362	–	0.54%	–
MCHP	New	MICROCHIP TECHNOLOGY INC.	$103,872,975	–	1,159,426	–	0.50%	–
VEEV	New	VEEVA SYS INC	$99,553,101	–	503,480	–	0.48%	–
PTC	New	PTC INC	$66,313,508	–	466,012	–	0.32%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$51,641,833	–	791,082	–	0.25%	–
HTHT	New	H WORLD GROUP LTDsponsored ads	$34,023,090	–	877,336	–	0.16%	–
	New	SOPHIA GENETICS SAordinary shares	$30,417,229	–	6,789,560	–	0.15%	–
	New	GOGORO INCordinary shares	$29,333,542	–	8,502,476	–	0.14%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$25,958,477	–	58,560	–	0.13%	–
ASAN	New	ASANA INCcl a	$22,040,000	–	1,000,000	–	0.11%	–
	New	FRESHWORKS INC	$15,498,985	–	881,626	–	0.08%	–
CPNG	New	COUPANG INCcl a	$8,608,667	–	494,751	–	0.04%	–
PTRA	New	PROTERRA INC	$6,220,483	–	5,183,736	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	GOGORO INCordinary shares	$0	–	-1,000,000	–	-0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-22,194	–	-0.05%	–
	Exit	FRESHWORKS INC	$0	–	-659,742	–	-0.05%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-570,043	–	-0.06%	–
	Exit	SOPHIA GENETICS SAordinary shares	$0	–	-6,789,560	–	-0.11%	–
ASAN	Exit	ASANA INCcl a	$0	–	-1,000,000	–	-0.13%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-326,654	–	-0.13%	–
PTRA	Exit	PROTERRA INC	$0	–	-5,183,736	–	-0.15%	–
HTHT	Exit	H WORLD GROUP LTDsponsored ads	$0	–	-1,117,513	–	-0.22%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-810,682	–	-0.28%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC.	$0	–	-1,189,507	–	-0.43%	–
TXG	Exit	10X GENOMICS INC	$0	–	-2,605,677	–	-0.44%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-491,077	–	-0.45%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-3,808,375	–	-0.61%	–
	Exit	REMITLY GLOBAL INC	$0	–	-11,075,871	–	-0.73%	–
TRMB	Exit	TRIMBLE INC	$0	–	-3,409,911	–	-1.10%	–
STE	Exit	STERIS PLC	$0	–	-1,197,759	–	-1.18%	–
	Exit	TOAST INCcl a	$0	–	-14,631,831	–	-1.45%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,953,048	–	-1.68%	–
PTC	Exit	PTC INC	$0	–	-2,773,334	–	-1.72%	–
CSL	Exit	CARLISLE COS INC	$0	–	-1,141,097	–	-1.90%	–
ABMD	Exit	ABIOMED INC	$0	–	-1,336,755	–	-1.95%	–
COO	Exit	COOPER COS INC	$0	–	-1,253,006	–	-1.96%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-5,021,107	–	-2.06%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-2,188,503	–	-2.13%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-4,509,891	–	-2.14%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-5,531,397	–	-2.22%	–
CLVT	Exit	CLARIVATE PLC	$0	–	-46,076,543	–	-2.57%	–
NTNX	Exit	NUTANIX INCcl a	$0	–	-21,061,059	–	-2.60%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-891,561	–	-2.68%	–
CRM	Exit	SALESFORCE INC	$0	–	-3,272,743	–	-2.79%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-6,702,182	–	-3.26%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,988,334	–	-3.35%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-683,206	–	-3.36%	–
IT	Exit	GARTNER INC	$0	–	-2,238,091	–	-3.67%	–
BAX	Exit	BAXTER INTL INC	$0	–	-11,876,040	–	-3.80%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-4,583,741	–	-4.11%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-4,983,650	–	-4.12%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-3,180,522	–	-4.20%	–
EFX	Exit	EQUIFAX INC	$0	–	-4,817,077	–	-4.90%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-5,738,645	–	-4.93%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-12,887,657	–	-5.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,850,776	–	-5.32%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-14,512,120	–	-6.19%	–
AMZN	Exit	AMAZON COM INC	$0	–	-11,591,850	–	-7.77%	–

Q3 2022

			Value		Shares		↓ Weighting
AMZN	Buy	AMAZON COM INC	$1,309,879,000	+7.4%	11,591,850	+1.0%	7.77%	+16.9%
SCHW	Buy	SCHWAB CHARLES CORP	$1,042,986,000	+30.3%	14,512,120	+14.6%	6.19%	+41.9%
MSFT	Sell	MICROSOFT CORP	$896,846,000	-17.6%	3,850,776	-9.1%	5.32%	-10.3%
HSIC	Sell	HENRY SCHEIN INC	$847,621,000	-14.7%	12,887,657	-0.5%	5.03%	-7.1%
TT	Buy	TRANE TECHNOLOGIES PLC	$831,013,000	+21.7%	5,738,645	+9.2%	4.93%	+32.5%
EFX	Buy	EQUIFAX INC	$825,792,000	-2.9%	4,817,077	+3.5%	4.90%	+5.7%
BDX	Sell	BECTON DICKINSON & CO	$708,716,000	-10.2%	3,180,522	-0.7%	4.20%	-2.3%
ADI	Buy	ANALOG DEVICES INC	$694,422,000	+7.0%	4,983,650	+12.2%	4.12%	+16.4%
JLL	Sell	JONES LANG LASALLE INC	$692,466,000	-14.0%	4,583,741	-0.5%	4.11%	-6.4%
BAX	Sell	BAXTER INTL INC	$639,644,000	-23.5%	11,876,040	-8.8%	3.80%	-16.7%
IT	Sell	GARTNER INC	$619,257,000	+13.9%	2,238,091	-0.5%	3.67%	+24.0%
MELI	Buy	MERCADOLIBRE INC	$565,544,000	+72.2%	683,206	+32.5%	3.36%	+87.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$565,363,000	-10.3%	1,988,334	-0.5%	3.35%	-2.4%
AMAT	Buy	APPLIED MATLS INC	$549,110,000	-1.1%	6,702,182	+9.8%	3.26%	+7.7%
CRM	Sell	SALESFORCE INC	$470,751,000	-13.3%	3,272,743	-0.5%	2.79%	-5.6%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$452,191,000	-7.1%	891,561	-0.5%	2.68%	+1.1%
NTNX	Sell	NUTANIX INCcl a	$438,702,000	+41.7%	21,061,059	-0.5%	2.60%	+54.2%
CLVT	Sell	CLARIVATE PLC	$432,659,000	-32.6%	46,076,543	-0.5%	2.57%	-26.6%
CBRE	Sell	CBRE GROUP INCcl a	$373,425,000	-8.4%	5,531,397	-0.2%	2.22%	-0.4%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$360,746,000	-30.0%	4,509,891	-0.5%	2.14%	-23.8%
PANW	Buy	PALO ALTO NETWORKS INC	$358,455,000	-1.1%	2,188,503	+198.4%	2.13%	+7.7%
TWLO	Buy	TWILIO INCcl a	$347,159,000	-6.2%	5,021,107	+13.7%	2.06%	+2.1%
COO	Sell	COOPER COS INC	$330,668,000	-16.1%	1,253,006	-0.5%	1.96%	-8.7%
ABMD	Sell	ABIOMED INC	$328,387,000	-1.2%	1,336,755	-0.5%	1.95%	+7.5%
CSL	Sell	CARLISLE COS INC	$319,975,000	-21.6%	1,141,097	-33.3%	1.90%	-14.7%
PTC	Sell	PTC INC	$290,091,000	-2.1%	2,773,334	-0.5%	1.72%	+6.6%
GOOG	Buy	ALPHABET INCcap stk cl c	$283,936,000	-36.0%	2,953,048	+1356.5%	1.68%	-30.3%
	Buy	TOAST INCcl a	$244,644,000	+87.5%	14,631,831	+45.1%	1.45%	+104.1%
STE	Sell	STERIS PLC	$199,163,000	-19.8%	1,197,759	-0.6%	1.18%	-12.7%
TRMB	Sell	TRIMBLE INC	$185,056,000	-7.5%	3,409,911	-0.7%	1.10%	+0.7%
SHOP	Sell	SHOPIFY INCcl a	$102,598,000	-56.2%	3,808,375	-49.2%	0.61%	-52.3%
TXN	Sell	TEXAS INSTRS INC	$76,009,000	-8.6%	491,077	-9.3%	0.45%	-0.4%
TXG	Sell	10X GENOMICS INC	$74,210,000	-37.5%	2,605,677	-0.7%	0.44%	-32.0%
MCHP	Sell	MICROCHIP TECHNOLOGY INC.	$72,596,000	-5.3%	1,189,507	-9.8%	0.43%	+3.1%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$46,566,000	-3.2%	810,682	+13.7%	0.28%	+5.3%
HTHT	Sell	H WORLD GROUP LTDsponsored ads	$37,481,000	-18.7%	1,117,513	-7.7%	0.22%	-11.6%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$22,395,000	-16.8%	326,654	-0.8%	0.13%	-9.5%
CPNG	Sell	COUPANG INCcl a	$9,503,000	-19.5%	570,043	-38.4%	0.06%	-12.5%
	New	FRESHWORKS INC	$8,557,000	–	659,742	–	0.05%	–
ILMN	Exit	ILLUMINA INC	$0	–	-643,824	–	-0.65%	–
INTC	Exit	INTEL CORP	$0	–	-14,770,387	–	-3.01%	–

Q2 2022

			Value		Shares		↓ Weighting
AMZN	New	AMAZON COM INC	$1,219,413,000	–	11,481,155	–	6.65%	–
MSFT	New	MICROSOFT CORP	$1,088,467,000	–	4,238,082	–	5.93%	–
HSIC	New	HENRY SCHEIN INC	$993,768,000	–	12,949,811	–	5.42%	–
EFX	New	EQUIFAX INC	$850,637,000	–	4,653,882	–	4.64%	–
BAX	New	BAXTER INTL INC	$836,163,000	–	13,018,264	–	4.56%	–
JLL	New	JONES LANG LASALLE INC	$805,496,000	–	4,606,520	–	4.39%	–
SCHW	New	SCHWAB CHARLES CORP	$800,177,000	–	12,665,029	–	4.36%	–
BDX	New	BECTON DICKINSON & CO	$789,414,000	–	3,202,102	–	4.30%	–
TT	New	TRANE TECHNOLOGIES PLC	$682,627,000	–	5,256,231	–	3.72%	–
ADI	New	ANALOG DEVICES INC	$649,049,000	–	4,442,799	–	3.54%	–
CLVT	New	CLARIVATE PLC	$641,699,000	–	46,298,600	–	3.50%	–
MA	New	MASTERCARD INCORPORATEDcl a	$630,303,000	–	1,997,919	–	3.44%	–
AMAT	New	APPLIED MATLS INC	$555,224,000	–	6,102,708	–	3.03%	–
INTC	New	INTEL CORP	$552,560,000	–	14,770,387	–	3.01%	–
IT	New	GARTNER INC	$543,865,000	–	2,248,955	–	2.96%	–
CRM	New	SALESFORCE INC	$543,069,000	–	3,290,532	–	2.96%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$515,156,000	–	4,531,631	–	2.81%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$486,718,000	–	895,888	–	2.65%	–
GOOG	New	ALPHABET INCcap stk cl c	$443,505,000	–	202,750	–	2.42%	–
CSL	New	CARLISLE COS INC	$408,039,000	–	1,710,067	–	2.22%	–
CBRE	New	CBRE GROUP INCcl a	$407,884,000	–	5,541,150	–	2.22%	–
COO	New	COOPER COS INC	$394,222,000	–	1,259,012	–	2.15%	–
TWLO	New	TWILIO INCcl a	$370,266,000	–	4,417,919	–	2.02%	–
PANW	New	PALO ALTO NETWORKS INC	$362,296,000	–	733,482	–	1.98%	–
ABMD	New	ABIOMED INC	$332,461,000	–	1,343,224	–	1.81%	–
MELI	New	MERCADOLIBRE INC	$328,399,000	–	515,645	–	1.79%	–
NTNX	New	NUTANIX INCcl a	$309,619,000	–	21,163,311	–	1.69%	–
PTC	New	PTC INC	$296,337,000	–	2,786,693	–	1.62%	–
STE	New	STERIS PLC	$248,471,000	–	1,205,291	–	1.35%	–
SHOP	New	SHOPIFY INCcl a	$234,386,000	–	7,502,765	–	1.28%	–
TRMB	New	TRIMBLE INC	$199,953,000	–	3,433,845	–	1.09%	–
	New	TOAST INCcl a	$130,468,000	–	10,082,517	–	0.71%	–
TXG	New	10X GENOMICS INC	$118,699,000	–	2,623,190	–	0.65%	–
ILMN	New	ILLUMINA INC	$118,695,000	–	643,824	–	0.65%	–
	New	REMITLY GLOBAL INC	$84,841,000	–	11,075,871	–	0.46%	–
TXN	New	TEXAS INSTRS INC	$83,160,000	–	541,233	–	0.45%	–
MCHP	New	MICROCHIP TECHNOLOGY INC.	$76,630,000	–	1,319,382	–	0.42%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$48,119,000	–	712,973	–	0.26%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$46,105,000	–	1,210,117	–	0.25%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$26,917,000	–	329,256	–	0.15%	–
	New	SOPHIA GENETICS SAordinary shares	$24,578,000	–	6,789,560	–	0.13%	–
PTRA	New	PROTERRA INC	$24,053,000	–	5,183,736	–	0.13%	–
ASAN	New	ASANA INCcl a	$17,580,000	–	1,000,000	–	0.10%	–
CPNG	New	COUPANG INCcl a	$11,802,000	–	925,613	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$8,373,000	–	22,194	–	0.05%	–
	New	GOGORO INCordinary shares	$7,650,000	–	1,000,000	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
PTRA	Exit	PROTERRA INC	$0	–	-158,343	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-25,000	–	-0.04%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-106,709	–	-0.05%	–
	Exit	TOAST INCcl a	$0	–	-875,000	–	-0.18%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-686,412	–	-0.21%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-183,327	–	-0.24%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC.	$0	–	-405,692	–	-0.26%	–
	Exit	SOPHIA GENETICS SAordinary shares	$0	–	-6,789,560	–	-0.50%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-670,135	–	-0.54%	–
ASAN	Exit	ASANA INCcl a	$0	–	-1,300,000	–	-0.56%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-649,919	–	-0.73%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-1,040,986	–	-0.75%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-1,440,534	–	-1.03%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-2,127,552	–	-1.05%	–
TRMB	Exit	TRIMBLE INC	$0	–	-3,291,866	–	-1.13%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-975,141	–	-1.21%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,049,946	–	-1.23%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-6,842,261	–	-1.30%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-206,017	–	-1.44%	–
ILMN	Exit	ILLUMINA INC	$0	–	-932,387	–	-1.57%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-6,846,878	–	-1.65%	–
	Exit	REMITLY GLOBAL INC	$0	–	-11,075,871	–	-1.69%	–
CLVT	Exit	CLARIVATE PLC	$0	–	-24,984,346	–	-2.28%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,373,649	–	-2.34%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG PL	$0	–	-10,839,276	–	-2.47%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-4,567,110	–	-2.60%	–
STE	Exit	STERIS PLC	$0	–	-3,118,162	–	-2.65%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-3,832,325	–	-2.67%	–
INTC	Exit	INTEL CORP	$0	–	-12,392,297	–	-2.74%	–
COO	Exit	COOPER COS INC	$0	–	-1,599,468	–	-2.75%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-6,827,259	–	-2.76%	–
EFX	Exit	EQUIFAX INC	$0	–	-2,842,204	–	-2.99%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-4,887,780	–	-3.01%	–
NTNX	Exit	NUTANIX INCcl a	$0	–	-19,395,496	–	-3.04%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-1,614,566	–	-3.22%	–
IT	Exit	GARTNER INC	$0	–	-2,819,952	–	-3.56%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-3,794,704	–	-3.88%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-12,911,445	–	-3.91%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,684,496	–	-4.00%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-13,212,548	–	-4.18%	–
CSCO	Exit	CISCO SYS INC	$0	–	-15,074,091	–	-4.33%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-4,648,716	–	-4.80%	–
AMZN	Exit	AMAZON COM INC	$0	–	-413,313	–	-5.64%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-528,259	–	-5.85%	–
BAX	Exit	BAXTER INTL INC	$0	–	-20,737,864	–	-6.93%	–

Q3 2021

			Value		Shares		↓ Weighting
BAX	Sell	BAXTER INTL INC	$1,667,946,000	-1.4%	20,737,864	-1.3%	6.93%	-1.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,407,974,000	+5.0%	528,259	-1.3%	5.85%	+5.2%
AMZN	Sell	AMAZON COM INC	$1,357,750,000	-10.8%	413,313	-6.6%	5.64%	-10.6%
JLL	Sell	JONES LANG LASALLE INC	$1,153,300,000	+25.3%	4,648,716	-1.3%	4.80%	+25.7%
CSCO	Sell	CISCO SYS INC	$1,041,232,000	-20.3%	15,074,091	-36.3%	4.33%	-20.1%
HSIC	Sell	HENRY SCHEIN INC	$1,006,268,000	+1.3%	13,212,548	-1.3%	4.18%	+1.6%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$962,403,000	+11.8%	1,684,496	-1.3%	4.00%	+12.1%
SCHW	Sell	SCHWAB CHARLES CORP	$940,470,000	-9.2%	12,911,445	-9.3%	3.91%	-9.0%
BDX	Sell	BECTON DICKINSON & CO	$932,814,000	-0.2%	3,794,704	-1.3%	3.88%	+0.0%
IT	Sell	GARTNER INC	$856,927,000	+5.0%	2,819,952	-16.3%	3.56%	+5.2%
PANW	Sell	PALO ALTO NETWORKS INC	$773,377,000	+14.6%	1,614,566	-11.3%	3.22%	+14.9%
NTNX	Buy	NUTANIX INCcl a	$731,210,000	+1.8%	19,395,496	+3.2%	3.04%	+2.0%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$723,636,000	-18.6%	4,887,780	+24.7%	3.01%	-18.4%
EFX	Sell	EQUIFAX INC	$720,271,000	-35.9%	2,842,204	-39.5%	2.99%	-35.8%
CBRE	Sell	CBRE GROUP INCcl a	$664,702,000	+12.1%	6,827,259	-1.3%	2.76%	+12.4%
COO	Sell	COOPER COS INC	$661,076,000	+3.0%	1,599,468	-1.3%	2.75%	+3.2%
INTC	Buy	INTEL CORP	$660,262,000	+66.1%	12,392,297	+75.1%	2.74%	+66.6%
ADI	Sell	ANALOG DEVICES INC	$641,838,000	-23.2%	3,832,325	-21.1%	2.67%	-23.0%
STE	Sell	STERIS PLC	$636,978,000	-2.2%	3,118,162	-1.3%	2.65%	-2.0%
TEL	Sell	TE CONNECTIVITY LTD	$626,699,000	-4.8%	4,567,110	-6.2%	2.60%	-4.5%
ST	Sell	SENSATA TECHNOLOGIES HLDG PL	$593,125,000	-6.8%	10,839,276	-1.3%	2.47%	-6.6%
AMAT	Sell	APPLIED MATLS INC	$563,020,000	-10.7%	4,373,649	-1.2%	2.34%	-10.5%
CLVT	New	CLARIVATE PLC	$547,157,000	–	24,984,346	–	2.28%	–
	New	REMITLY GLOBAL INC	$406,484,000	–	11,075,871	–	1.69%	–
XRAY	Sell	DENTSPLY SIRONA INC	$397,461,000	-10.3%	6,846,878	-2.2%	1.65%	-10.1%
ILMN	Sell	ILLUMINA INC	$378,185,000	-27.0%	932,387	-14.9%	1.57%	-26.8%
MELI	Buy	MERCADOLIBRE INC	$345,985,000	+51.3%	206,017	+40.3%	1.44%	+51.7%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$313,786,000	+553.0%	6,842,261	+651.9%	1.30%	+555.8%
MSFT	Sell	MICROSOFT CORP	$296,001,000	+2.7%	1,049,946	-1.3%	1.23%	+3.0%
SNPS	Sell	SYNOPSYS INC	$291,967,000	-15.0%	975,141	-21.7%	1.21%	-14.8%
TRMB	Sell	TRIMBLE INC	$270,756,000	-18.4%	3,291,866	-18.8%	1.13%	-18.2%
GWRE	Sell	GUIDEWIRE SOFTWARE INC	$252,902,000	+4.1%	2,127,552	-1.3%	1.05%	+4.3%
TT	Sell	TRANE TECHNOLOGIES PLC	$248,708,000	-27.0%	1,440,534	-22.2%	1.03%	-26.8%
AYI	Sell	ACUITY BRANDS INC	$180,476,000	-44.1%	1,040,986	-39.7%	0.75%	-44.0%
CRM	Sell	SALESFORCE COM INC	$176,271,000	+9.5%	649,919	-1.3%	0.73%	+9.9%
ASAN	Sell	ASANA INCcl a	$134,992,000	-13.0%	1,300,000	-48.0%	0.56%	-12.9%
TXN	Sell	TEXAS INSTRS INC	$128,807,000	-60.3%	670,135	-60.3%	0.54%	-60.3%
	New	SOPHIA GENETICS SAordinary shares	$121,099,000	–	6,789,560	–	0.50%	–
MCHP	Buy	MICROCHIP TECHNOLOGY INC.	$62,270,000	+10.1%	405,692	+7.4%	0.26%	+10.7%
TWLO	Sell	TWILIO INCcl a	$58,490,000	-20.1%	183,327	-1.3%	0.24%	-20.1%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$50,939,000	-77.1%	686,412	-78.6%	0.21%	-77.0%
	New	TOAST INCcl a	$43,706,000	–	875,000	–	0.18%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$10,729,000	–	25,000	–	0.04%	–
PTRA	New	PROTERRA INC	$1,601,000	–	158,343	–	0.01%	–
PEN	Exit	PENUMBRA INC	$0	–	-461,665	–	-0.52%	–

Q2 2021

			Value		Shares		↓ Weighting
BAX	New	BAXTER INTL INC	$1,690,992,000	–	21,006,109	–	7.01%	–
AMZN	New	AMAZON COM INC	$1,522,549,000	–	442,581	–	6.31%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,341,352,000	–	535,188	–	5.56%	–
CSCO	New	CISCO SYS INC	$1,306,364,000	–	23,680,327	–	5.42%	–
EFX	New	EQUIFAX INC	$1,124,281,000	–	4,694,086	–	4.66%	–
SCHW	New	SCHWAB CHARLES CORP	$1,036,205,000	–	14,231,636	–	4.30%	–
HSIC	New	HENRY SCHEIN INC	$992,996,000	–	13,384,504	–	4.12%	–
BDX	New	BECTON DICKINSON & CO	$934,896,000	–	3,844,301	–	3.88%	–
JLL	New	JONES LANG LASALLE INC	$920,336,000	–	4,708,563	–	3.82%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$888,687,000	–	3,918,719	–	3.68%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$860,892,000	–	1,706,527	–	3.57%	–
ADI	New	ANALOG DEVICES INC	$835,788,000	–	4,854,714	–	3.47%	–
IT	New	GARTNER INC	$816,426,000	–	3,370,874	–	3.39%	–
NTNX	New	NUTANIX INCcl a	$718,319,000	–	18,794,321	–	2.98%	–
PANW	New	PALO ALTO NETWORKS INC	$675,052,000	–	1,819,302	–	2.80%	–
TEL	New	TE CONNECTIVITY LTD	$658,055,000	–	4,866,914	–	2.73%	–
STE	New	STERIS PLC	$651,550,000	–	3,158,263	–	2.70%	–
COO	New	COOPER COS INC	$642,119,000	–	1,620,408	–	2.66%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$636,510,000	–	10,979,992	–	2.64%	–
AMAT	New	APPLIED MATLS INC	$630,686,000	–	4,428,977	–	2.62%	–
CBRE	New	CBRE GROUP INCcl a	$592,857,000	–	6,915,395	–	2.46%	–
ILMN	New	ILLUMINA INC	$518,312,000	–	1,095,310	–	2.15%	–
XRAY	New	DENTSPLY SIRONA INC	$443,019,000	–	7,003,146	–	1.84%	–
INTC	New	INTEL CORP	$397,408,000	–	7,078,866	–	1.65%	–
SNPS	New	SYNOPSYS INC	$343,659,000	–	1,246,089	–	1.42%	–
TT	New	TRANE TECHNOLOGIES PLC	$340,783,000	–	1,850,675	–	1.41%	–
TRMB	New	TRIMBLE INC	$331,778,000	–	4,054,480	–	1.38%	–
TXN	New	TEXAS INSTRS INC	$324,543,000	–	1,687,689	–	1.35%	–
AYI	New	ACUITY BRANDS INC	$322,938,000	–	1,726,665	–	1.34%	–
MSFT	New	MICROSOFT CORP	$288,286,000	–	1,064,180	–	1.20%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$243,038,000	–	2,156,118	–	1.01%	–
MELI	New	MERCADOLIBRE INC	$228,684,000	–	146,800	–	0.95%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$222,152,000	–	3,207,501	–	0.92%	–
CRM	New	SALESFORCE COM INC	$160,916,000	–	658,762	–	0.67%	–
ASAN	New	ASANA INCcl a	$155,201,000	–	2,502,024	–	0.64%	–
PEN	New	PENUMBRA INC	$126,524,000	–	461,665	–	0.52%	–
TWLO	New	TWILIO INCcl a	$73,238,000	–	185,808	–	0.30%	–
MCHP	New	MICROCHIP TECHNOLOGY INC.	$56,548,000	–	377,638	–	0.23%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$48,055,000	–	909,964	–	0.20%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$12,822,000	–	106,709	–	0.05%	–

Q4 2020

			Value		Shares		↓ Weighting
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-175,304	–	-0.08%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-840,122	–	-0.19%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC.	$0	–	-357,024	–	-0.20%	–
WAT	Exit	WATERS CORP	$0	–	-323,565	–	-0.34%	–
STE	Exit	STERIS PLC	$0	–	-448,817	–	-0.42%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-499,893	–	-0.57%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-567,608	–	-0.74%	–
PEN	Exit	PENUMBRA INC	$0	–	-732,750	–	-0.76%	–
ASAN	Exit	ASANA INCcl a	$0	–	-9,751,944	–	-0.82%	–
AOS	Exit	SMITH A O CORP	$0	–	-3,137,131	–	-0.88%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-756,402	–	-1.01%	–
SRCL	Exit	STERICYCLE INC	$0	–	-3,320,684	–	-1.11%	–
CERN	Exit	CERNER CORP	$0	–	-3,060,915	–	-1.17%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-206,508	–	-1.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,067,618	–	-1.19%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-1,308,605	–	-1.20%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-5,252,859	–	-1.66%	–
EFX	Exit	EQUIFAX INC	$0	–	-2,049,897	–	-1.71%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,179,285	–	-1.94%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-3,571,459	–	-1.94%	–
NTNX	Exit	NUTANIX INCcl a	$0	–	-17,289,594	–	-2.04%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-3,362,207	–	-2.16%	–
TRMB	Exit	TRIMBLE INC	$0	–	-9,209,186	–	-2.38%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-9,773,448	–	-2.44%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-4,897,168	–	-2.49%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,183,755	–	-2.77%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-3,695,898	–	-2.80%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-12,397,659	–	-2.84%	–
APTV	Exit	APTIV PLC	$0	–	-6,669,170	–	-3.24%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-5,847,065	–	-3.62%	–
IT	Exit	GARTNER INC	$0	–	-5,625,202	–	-3.73%	–
CSCO	Exit	CISCO SYS INC	$0	–	-18,434,739	–	-3.85%	–
COO	Exit	COOPER COS INC	$0	–	-2,251,282	–	-4.03%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-3,146,932	–	-4.09%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-13,432,914	–	-4.19%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-544,438	–	-4.25%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-8,381,681	–	-4.35%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-3,568,457	–	-4.41%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-19,342,916	–	-4.49%	–
BAX	Exit	BAXTER INTL INC	$0	–	-11,857,911	–	-5.06%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-29,790,823	–	-5.73%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-16,138,170	–	-5.95%	–

Q3 2020

			Value		Shares		↓ Weighting
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,120,312,000	+22.5%	16,138,170	+0.3%	5.95%	+12.7%
SCHW	Buy	SCHWAB CHARLES CORP	$1,079,322,000	+20.5%	29,790,823	+12.3%	5.73%	+10.9%
BAX	Buy	BAXTER INTL INC	$953,613,000	+4.4%	11,857,911	+11.8%	5.06%	-3.9%
XRAY	Buy	DENTSPLY SIRONA INC	$845,866,000	-0.3%	19,342,916	+0.4%	4.49%	-8.3%
BDX	Buy	BECTON DICKINSON & CO	$830,309,000	+34.4%	3,568,457	+38.3%	4.41%	+23.7%
TEL	Buy	TE CONNECTIVITY LTD	$819,225,000	+20.4%	8,381,681	+0.4%	4.35%	+10.7%
GOOG	Sell	ALPHABET INCcap stk cl c	$800,106,000	-37.1%	544,438	-39.5%	4.25%	-42.2%
HSIC	Buy	HENRY SCHEIN INC	$789,587,000	+1.0%	13,432,914	+0.3%	4.19%	-7.1%
PANW	Sell	PALO ALTO NETWORKS INC	$770,212,000	+0.4%	3,146,932	-5.8%	4.09%	-7.6%
COO	Buy	COOPER COS INC	$758,952,000	+33.7%	2,251,282	+12.5%	4.03%	+23.0%
CSCO	New	CISCO SYS INC	$726,144,000	–	18,434,739	–	3.85%	–
IT	Buy	GARTNER INC	$702,869,000	+14.7%	5,625,202	+11.4%	3.73%	+5.5%
ADI	Buy	ANALOG DEVICES INC	$682,586,000	+99.1%	5,847,065	+109.1%	3.62%	+83.2%
APTV	Sell	APTIV PLC	$611,430,000	+7.6%	6,669,170	-8.5%	3.24%	-1.0%
ST	Buy	SENSATA TECHNOLOGIES HLDNG P	$534,835,000	+16.3%	12,397,659	+0.4%	2.84%	+7.1%
TXN	Sell	TEXAS INSTRS INC	$527,737,000	-10.8%	3,695,898	-20.7%	2.80%	-18.0%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$522,652,000	-12.3%	1,183,755	-28.0%	2.77%	-19.3%
JLL	Buy	JONES LANG LASALLE INC	$468,463,000	-7.2%	4,897,168	+0.4%	2.49%	-14.6%
CBRE	Buy	CBRE GROUP INCcl a	$459,059,000	+20.4%	9,773,448	+16.0%	2.44%	+10.8%
TRMB	Sell	TRIMBLE INC	$448,487,000	-9.4%	9,209,186	-19.6%	2.38%	-16.6%
TT	Buy	TRANE TECHNOLOGIES PLC	$407,668,000	+37.2%	3,362,207	+0.7%	2.16%	+26.3%
NTNX	Buy	NUTANIX INCcl a	$383,483,000	+4.8%	17,289,594	+12.0%	2.04%	-3.6%
AYI	Buy	ACUITY BRANDS INC	$365,539,000	+43.0%	3,571,459	+33.8%	1.94%	+31.6%
ILMN	Sell	ILLUMINA INC	$364,493,000	-17.1%	1,179,285	-0.6%	1.94%	-23.7%
EFX	Buy	EQUIFAX INC	$321,629,000	-1.3%	2,049,897	+8.1%	1.71%	-9.2%
AMAT	Buy	APPLIED MATLS INC	$312,282,000	+23.0%	5,252,859	+25.1%	1.66%	+13.1%
VAR	Sell	VARIAN MED SYS INC	$225,080,000	-43.8%	1,308,605	-59.9%	1.20%	-48.2%
MSFT	Buy	MICROSOFT CORP	$224,552,000	+3.8%	1,067,618	+0.4%	1.19%	-4.6%
MELI	Sell	MERCADOLIBRE INC	$223,541,000	-36.2%	206,508	-41.9%	1.19%	-41.3%
CERN	Sell	CERNER CORP	$221,274,000	-29.7%	3,060,915	-33.4%	1.17%	-35.4%
SRCL	Buy	STERICYCLE INC	$209,402,000	+13.1%	3,320,684	+0.4%	1.11%	+4.0%
CRM	Sell	SALESFORCE COM INC	$190,099,000	-20.0%	756,402	-40.4%	1.01%	-26.4%
AOS	Sell	SMITH A O CORP	$165,641,000	-16.4%	3,137,131	-25.4%	0.88%	-23.1%
ASAN	New	ASANA INCcl a	$154,276,000	–	9,751,944	–	0.82%	–
PEN	Buy	PENUMBRA INC	$142,432,000	+9.1%	732,750	+0.4%	0.76%	+0.4%
TWLO	Sell	TWILIO INCcl a	$140,250,000	-32.8%	567,608	-40.3%	0.74%	-38.2%
WDAY	Sell	WORKDAY INCcl a	$107,542,000	-50.0%	499,893	-56.5%	0.57%	-54.0%
STE	New	STERIS PLC	$79,077,000	–	448,817	–	0.42%	–
WAT	Buy	WATERS CORP	$63,315,000	+8.8%	323,565	+0.3%	0.34%	0.0%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$14,212,000	+269.5%	175,304	+158.7%	0.08%	+240.9%

Q2 2020

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$1,272,875,000	–	900,443	–	7.34%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$914,196,000	–	16,089,333	–	5.27%	–
BAX	New	BAXTER INTL INC	$913,185,000	–	10,606,094	–	5.27%	–
SCHW	New	SCHWAB CHARLES CORP	$895,353,000	–	26,536,834	–	5.16%	–
XRAY	New	DENTSPLY SIRONA INC	$848,779,000	–	19,264,168	–	4.90%	–
HSIC	New	HENRY SCHEIN INC	$781,747,000	–	13,388,379	–	4.51%	–
PANW	New	PALO ALTO NETWORKS INC	$767,040,000	–	3,339,749	–	4.42%	–
TEL	New	TE CONNECTIVITY LTD	$680,588,000	–	8,345,653	–	3.93%	–
BDX	New	BECTON DICKINSON & CO	$617,568,000	–	2,581,049	–	3.56%	–
IT	New	GARTNER INC	$612,788,000	–	5,050,590	–	3.54%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$595,860,000	–	1,644,477	–	3.44%	–
TXN	New	TEXAS INSTRS INC	$591,778,000	–	4,660,768	–	3.41%	–
APTV	New	APTIV PLC	$568,034,000	–	7,289,964	–	3.28%	–
COO	New	COOPER COS INC	$567,592,000	–	2,001,099	–	3.27%	–
JLL	New	JONES LANG LASALLE INC	$504,584,000	–	4,877,089	–	2.91%	–
TRMB	New	TRIMBLE INC	$494,953,000	–	11,459,890	–	2.86%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$459,795,000	–	12,350,110	–	2.65%	–
ILMN	New	ILLUMINA INC	$439,425,000	–	1,186,514	–	2.54%	–
VAR	New	VARIAN MED SYS INC	$400,301,000	–	3,267,228	–	2.31%	–
CBRE	New	CBRE GROUP INCcl a	$381,133,000	–	8,428,408	–	2.20%	–
NTNX	New	NUTANIX INCcl a	$365,850,000	–	15,433,452	–	2.11%	–
MELI	New	MERCADOLIBRE INC	$350,536,000	–	355,596	–	2.02%	–
ADI	New	ANALOG DEVICES INC	$342,887,000	–	2,795,881	–	1.98%	–
EFX	New	EQUIFAX INC	$325,923,000	–	1,896,225	–	1.88%	–
CERN	New	CERNER CORP	$314,840,000	–	4,592,856	–	1.82%	–
TT	New	TRANE TECHNOLOGIES PLC	$297,148,000	–	3,339,487	–	1.71%	–
AYI	New	ACUITY BRANDS INC	$255,556,000	–	2,669,270	–	1.47%	–
AMAT	New	APPLIED MATLS INC	$253,922,000	–	4,200,536	–	1.46%	–
CRM	New	SALESFORCE COM INC	$237,700,000	–	1,268,882	–	1.37%	–
MSFT	New	MICROSOFT CORP	$216,432,000	–	1,063,498	–	1.25%	–
WDAY	New	WORKDAY INCcl a	$215,118,000	–	1,148,155	–	1.24%	–
TWLO	New	TWILIO INCcl a	$208,770,000	–	951,465	–	1.20%	–
AOS	New	SMITH A O CORP	$198,109,000	–	4,204,344	–	1.14%	–
SRCL	New	STERICYCLE INC	$185,082,000	–	3,306,213	–	1.07%	–
PEN	New	PENUMBRA INC	$130,529,000	–	729,947	–	0.75%	–
WAT	New	WATERS CORP	$58,217,000	–	322,713	–	0.34%	–
MCHP	New	MICROCHIP TECHNOLOGY INC.	$37,598,000	–	357,024	–	0.22%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$29,446,000	–	840,122	–	0.17%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$3,846,000	–	67,752	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-160,665	–	-0.05%	–
NVDA	Exit	NVIDIA CORP	$0	–	-134,617	–	-0.16%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-839,547	–	-0.19%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-105,050	–	-0.21%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-480,549	–	-0.31%	–
WAT	Exit	WATERS CORP	$0	–	-314,574	–	-0.48%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-367,347	–	-0.64%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-932,356	–	-0.70%	–
AMZN	Exit	AMAZON COM INC	$0	–	-72,843	–	-0.87%	–
SRCL	Exit	STERICYCLE INC	$0	–	-2,988,148	–	-1.05%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-1,471,218	–	-1.05%	–
CERN	Exit	CERNER CORP	$0	–	-3,035,396	–	-1.42%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,600,194	–	-1.58%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,359,317	–	-1.95%	–
EFX	Exit	EQUIFAX INC	$0	–	-2,223,452	–	-2.15%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-2,200,836	–	-2.25%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-2,847,184	–	-2.41%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,179,786	–	-2.42%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-2,619,623	–	-2.43%	–
NTNX	Exit	NUTANIX INCcl a	$0	–	-14,486,284	–	-2.61%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-697,368	–	-2.64%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-4,569,259	–	-2.93%	–
COO	Exit	COOPER COS INC	$0	–	-1,528,102	–	-3.12%	–
APTV	Exit	APTIV PLC	$0	–	-5,665,465	–	-3.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,655,694	–	-3.49%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-4,668,677	–	-3.59%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-11,679,851	–	-4.02%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,139,813	–	-4.28%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-9,991,893	–	-4.36%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-4,775,096	–	-4.56%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-5,483,228	–	-4.87%	–
DE	Exit	DEERE & CO	$0	–	-4,244,436	–	-4.92%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-13,055,572	–	-5.41%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-16,590,781	–	-6.08%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-27,092,510	–	-7.79%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,142,934	–	-9.58%	–

Q3 2019

			Value		Shares		↓ Weighting
GOOG	Buy	ALPHABET INCcap stk cl c	$1,393,237,000	+40.4%	1,142,934	+24.5%	9.58%	+40.0%
SCHW	Buy	THE CHARLES SCHWAB CORPORATI	$1,133,280,000	+34.9%	27,092,510	+29.6%	7.79%	+34.6%
XRAY	Sell	DENTSPLY SIRONA INC	$884,455,000	-10.3%	16,590,781	-1.8%	6.08%	-10.5%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$786,794,000	+18.7%	13,055,572	+24.8%	5.41%	+18.4%
DE	Sell	DEERE & CO	$715,951,000	-9.3%	4,244,436	-10.9%	4.92%	-9.6%
TXN	Sell	TEXAS INSTRS INC	$708,652,000	+6.6%	5,483,228	-5.3%	4.87%	+6.3%
JLL	Buy	JONES LANG LASALLE INC	$664,025,000	+10.8%	4,775,096	+12.1%	4.56%	+10.5%
HSIC	Sell	HENRY SCHEIN INC	$634,485,000	-12.8%	9,991,893	-4.0%	4.36%	-13.0%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$623,263,000	-6.4%	2,139,813	-5.7%	4.28%	-6.7%
ST	Buy	SENSATA TECHNOLOGIES HLDNG P	$584,693,000	+2.2%	11,679,851	+0.1%	4.02%	+2.0%
ADI	Sell	ANALOG DEVICES INC	$521,631,000	-7.4%	4,668,677	-6.5%	3.59%	-7.7%
MSFT	Buy	MICROSOFT CORP	$508,251,000	+3.9%	3,655,694	+0.1%	3.49%	+3.6%
APTV	Buy	APTIV PLC	$495,275,000	+8.3%	5,665,465	+0.1%	3.40%	+8.0%
COO	Sell	COOPER COS INC	$453,846,000	-28.5%	1,528,102	-18.9%	3.12%	-28.7%
TEL	Buy	TE CONNECTIVITY LTD	$425,764,000	-2.7%	4,569,259	+0.0%	2.93%	-3.0%
MELI	Sell	MERCADOLIBRE INC	$384,410,000	-22.0%	697,368	-13.4%	2.64%	-22.2%
NTNX	Buy	NUTANIX INCcl a	$380,265,000	+1.6%	14,486,284	+0.4%	2.61%	+1.4%
AYI	Sell	ACUITY BRANDS INC	$353,099,000	-24.1%	2,619,623	-22.3%	2.43%	-24.3%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$351,861,000	-17.6%	2,179,786	-15.6%	2.42%	-17.8%
IR	Buy	INGERSOLL-RAND PLC	$350,802,000	-2.7%	2,847,184	+0.0%	2.41%	-2.9%
CRM	Buy	SALESFORCE COM INC	$326,692,000	+97.8%	2,200,836	+102.1%	2.25%	+97.2%
EFX	Sell	EQUIFAX INC	$312,773,000	-28.6%	2,223,452	-31.4%	2.15%	-28.8%
BAP	Buy	CREDICORP LTD	$283,336,000	-2.6%	1,359,317	+7.0%	1.95%	-2.8%
AMAT	Buy	APPLIED MATLS INC	$229,550,000	+12.0%	4,600,194	+0.8%	1.58%	+11.7%
CERN	Sell	CERNER CORP	$206,923,000	-14.3%	3,035,396	-7.9%	1.42%	-14.5%
ALLE	Sell	ALLEGION PUB LTD CO	$152,492,000	-28.2%	1,471,218	-23.5%	1.05%	-28.5%
SRCL	Buy	STERICYCLE INC	$152,186,000	+25.0%	2,988,148	+17.2%	1.05%	+24.7%
AMZN	Sell	AMAZON COM INC	$126,449,000	-35.5%	72,843	-29.6%	0.87%	-35.7%
TWLO	New	TWILIO INCcl a	$102,522,000	–	932,356	–	0.70%	–
BDX	Buy	BECTON DICKINSON & CO	$92,924,000	+0.4%	367,347	+0.0%	0.64%	+0.2%
WAT	Sell	WATERS CORP	$70,222,000	+3.7%	314,574	-0.0%	0.48%	+3.4%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$44,648,000	+23.5%	480,549	+15.3%	0.31%	+23.3%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$31,176,000	+21.1%	105,050	+19.6%	0.21%	+20.9%
HTHT	New	HUAZHU GROUP LTDsponsored ads	$27,722,000	–	839,547	–	0.19%	–
NVDA	Sell	NVIDIA CORP	$23,433,000	-88.4%	134,617	-89.1%	0.16%	-88.5%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$7,468,000	-12.7%	160,665	-26.4%	0.05%	-13.6%

Q2 2019

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$992,305,000	–	918,027	–	6.84%	–
XRAY	New	DENTSPLY SIRONA INC	$985,647,000	–	16,889,093	–	6.80%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$839,949,000	–	20,899,458	–	5.79%	–
DE	New	DEERE & CO	$789,439,000	–	4,763,981	–	5.44%	–
HSIC	New	HENRY SCHEIN INC	$727,651,000	–	10,409,885	–	5.02%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$666,105,000	–	2,268,131	–	4.59%	–
TXN	New	TEXAS INSTRS INC	$664,664,000	–	5,791,777	–	4.58%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$662,915,000	–	10,457,728	–	4.57%	–
COO	New	COOPER COS INC	$634,429,000	–	1,883,194	–	4.37%	–
JLL	New	JONES LANG LASALLE INC	$599,095,000	–	4,258,266	–	4.13%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$571,982,000	–	11,673,096	–	3.94%	–
ADI	New	ANALOG DEVICES INC	$563,597,000	–	4,993,333	–	3.88%	–
MELI	New	MERCADOLIBRE INC	$492,729,000	–	805,416	–	3.40%	–
MSFT	New	MICROSOFT CORP	$489,148,000	–	3,651,450	–	3.37%	–
AYI	New	ACUITY BRANDS INC	$465,226,000	–	3,373,404	–	3.21%	–
APTV	New	APTIV PLC	$457,477,000	–	5,659,743	–	3.15%	–
EFX	New	EQUIFAX INC	$438,235,000	–	3,240,423	–	3.02%	–
TEL	New	TE CONNECTIVITY LTD	$437,480,000	–	4,567,555	–	3.02%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$426,883,000	–	2,582,003	–	2.94%	–
NTNX	New	NUTANIX INCcl a	$374,127,000	–	14,422,782	–	2.58%	–
IR	New	INGERSOLL-RAND PLC	$360,500,000	–	2,845,974	–	2.48%	–
BAP	New	CREDICORP LTD	$290,795,000	–	1,270,345	–	2.00%	–
CERN	New	CERNER CORP	$241,567,000	–	3,295,600	–	1.66%	–
ALLE	New	ALLEGION PUB LTD CO	$212,511,000	–	1,922,303	–	1.46%	–
AMAT	New	APPLIED MATLS INC	$204,994,000	–	4,564,550	–	1.41%	–
NVDA	New	NVIDIA CORP	$202,626,000	–	1,233,793	–	1.40%	–
AMZN	New	AMAZON COM INC	$196,002,000	–	103,506	–	1.35%	–
CRM	New	SALESFORCE COM INC	$165,200,000	–	1,088,773	–	1.14%	–
SRCL	New	STERICYCLE INC	$121,709,000	–	2,548,882	–	0.84%	–
BDX	New	BECTON DICKINSON & CO	$92,571,000	–	367,329	–	0.64%	–
WAT	New	WATERS CORP	$67,736,000	–	314,699	–	0.47%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$36,144,000	–	416,882	–	0.25%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$25,740,000	–	87,850	–	0.18%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$8,550,000	–	218,285	–	0.06%	–

Q4 2018

			Value		Shares		↓ Weighting
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-287,600	–	-0.10%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-480,742	–	-0.30%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-219,400	–	-0.51%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-607,327	–	-0.77%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,161,178	–	-0.78%	–
WAT	Exit	WATERS CORP	$0	–	-546,578	–	-0.85%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,000,605	–	-0.86%	–
AMZN	Exit	AMAZON COM INC	$0	–	-55,012	–	-0.88%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-1,648,655	–	-0.88%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-667,012	–	-1.39%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-864,923	–	-1.54%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-425,102	–	-1.54%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-206,962	–	-1.97%	–
APTV	Exit	APTIV PLC	$0	–	-3,079,589	–	-2.06%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,548,914	–	-2.76%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-4,556,842	–	-3.29%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,212,012	–	-3.29%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-4,276,886	–	-3.49%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-9,086,624	–	-3.59%	–
CERN	Exit	CERNER CORP	$0	–	-7,812,216	–	-4.02%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-11,570,666	–	-4.54%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-3,691,375	–	-4.63%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-4,250,767	–	-4.90%	–
DE	Exit	DEERE & CO	$0	–	-4,224,626	–	-5.07%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-4,296,754	–	-5.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,114,725	–	-5.58%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-3,020,195	–	-5.88%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-8,650,852	–	-6.38%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-21,580,394	–	-6.50%	–
COO	Exit	COOPER COS INC	$0	–	-3,290,272	–	-7.28%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-13,564,412	–	-9.20%	–

Q3 2018

			Value		Shares		↓ Weighting
HSIC	Sell	SCHEIN HENRY INC	$1,153,382,000	+12.3%	13,564,412	-4.1%	9.20%	+1.5%
COO	Buy	COOPER COS INC	$911,899,000	+20.0%	3,290,272	+1.9%	7.28%	+8.5%
XRAY	Buy	DENTSPLY SIRONA INC	$814,444,000	+6.7%	21,580,394	+23.7%	6.50%	-3.5%
ADI	Buy	ANALOG DEVICES INC	$799,858,000	+100.7%	8,650,852	+108.2%	6.38%	+81.5%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$737,169,000	+19.6%	3,020,195	+1.5%	5.88%	+8.2%
MSFT	Buy	MICROSOFT CORP	$699,341,000	+16.1%	6,114,725	+0.1%	5.58%	+5.0%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$647,349,000	+14.1%	4,296,754	+1.6%	5.17%	+3.2%
DE	Buy	DEERE & CO	$635,088,000	+107.7%	4,224,626	+93.2%	5.07%	+87.8%
JLL	Buy	JONES LANG LASALLE INC	$613,471,000	-11.5%	4,250,767	+1.8%	4.90%	-20.0%
AYI	Sell	ACUITY BRANDS INC	$580,284,000	+28.7%	3,691,375	-5.2%	4.63%	+16.4%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$568,698,000	+6.5%	11,570,666	+10.8%	4.54%	-3.7%
CERN	Buy	CERNER CORP	$503,185,000	+9.6%	7,812,216	+1.7%	4.02%	-0.9%
ST	Buy	SENSATA TECHNOLOGIES HLDNG P	$450,242,000	+6.7%	9,086,624	+2.5%	3.59%	-3.5%
IR	Buy	INGERSOLL-RAND PLC	$437,525,000	+15.8%	4,276,886	+1.6%	3.49%	+4.7%
MELI	Buy	MERCADOLIBRE INC	$412,654,000	+17.6%	1,212,012	+3.2%	3.29%	+6.3%
ALLE	Buy	ALLEGION PUB LTD CO	$412,713,000	+39.0%	4,556,842	+18.8%	3.29%	+25.7%
BAP	Buy	CREDICORP LTD	$345,532,000	+7.8%	1,548,914	+8.8%	2.76%	-2.5%
APTV	Sell	APTIV PLC	$258,378,000	-31.1%	3,079,589	-24.7%	2.06%	-37.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$247,003,000	+77.0%	206,962	+65.4%	1.97%	+60.0%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$193,217,000	-11.7%	425,102	-16.2%	1.54%	-20.1%
MA	Sell	MASTERCARD INCORPORATEDcl a	$192,541,000	+13.2%	864,923	-0.1%	1.54%	+2.3%
BDX	Sell	BECTON DICKINSON & CO	$174,090,000	-13.7%	667,012	-20.8%	1.39%	-22.0%
CL	Buy	COLGATE PALMOLIVE CO	$110,377,000	+4.5%	1,648,655	+1.2%	0.88%	-5.5%
AMZN	Sell	AMAZON COM INC	$110,189,000	+17.8%	55,012	-0.1%	0.88%	+6.4%
TXN	Buy	TEXAS INSTRS INC	$107,355,000	+67.1%	1,000,605	+71.7%	0.86%	+51.1%
WAT	Buy	WATERS CORP	$106,408,000	+2.0%	546,578	+1.4%	0.85%	-7.8%
NKE	Sell	NIKE INCcl b	$98,375,000	-33.4%	1,161,178	-37.3%	0.78%	-39.8%
CRM	Sell	SALESFORCE COM INC	$96,583,000	-56.6%	607,327	-62.8%	0.77%	-60.7%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$63,784,000	-24.0%	219,400	-29.1%	0.51%	-31.3%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$37,935,000	+21.6%	480,742	+40.2%	0.30%	+10.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$12,700,000	+20.2%	287,600	-0.5%	0.10%	+8.6%
V	Exit	VISA INC	$0	–	-1,402,297	–	-1.64%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-5,945,035	–	-2.04%	–

Q2 2018

			Value		Shares		↓ Weighting
HSIC	New	SCHEIN HENRY INC	$1,027,432,000	–	14,144,160	–	9.07%	–
XRAY	New	DENTSPLY SIRONA INC	$763,478,000	–	17,442,955	–	6.74%	–
COO	New	COOPER COS INC	$760,155,000	–	3,228,518	–	6.71%	–
JLL	New	JONES LANG LASALLE INC	$693,374,000	–	4,177,202	–	6.12%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$616,251,000	–	2,975,045	–	5.44%	–
MSFT	New	MICROSOFT CORP	$602,464,000	–	6,109,558	–	5.32%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$567,361,000	–	4,229,621	–	5.01%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$533,841,000	–	10,446,977	–	4.71%	–
CERN	New	CERNER CORP	$459,284,000	–	7,681,615	–	4.05%	–
AYI	New	ACUITY BRANDS INC	$450,994,000	–	3,892,242	–	3.98%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$421,856,000	–	8,866,246	–	3.72%	–
ADI	New	ANALOG DEVICES INC	$398,631,000	–	4,155,865	–	3.52%	–
IR	New	INGERSOLL-RAND PLC	$377,772,000	–	4,210,096	–	3.33%	–
APTV	New	APTIV PLC	$374,854,000	–	4,090,958	–	3.31%	–
MELI	New	MERCADOLIBRE INC	$350,956,000	–	1,174,041	–	3.10%	–
BAP	New	CREDICORP LTD	$320,552,000	–	1,423,916	–	2.83%	–
DE	New	DEERE & CO	$305,754,000	–	2,187,078	–	2.70%	–
ALLE	New	ALLEGION PUB LTD CO	$296,815,000	–	3,836,807	–	2.62%	–
JD	New	JD COM INCspon adr cl a	$231,559,000	–	5,945,035	–	2.04%	–
CRM	New	SALESFORCE COM INC	$222,605,000	–	1,632,003	–	1.96%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$218,803,000	–	507,229	–	1.93%	–
BDX	New	BECTON DICKINSON & CO	$201,787,000	–	842,322	–	1.78%	–
V	New	VISA INC	$185,734,000	–	1,402,297	–	1.64%	–
MA	New	MASTERCARD INCORPORATEDcl a	$170,086,000	–	865,491	–	1.50%	–
NKE	New	NIKE INCcl b	$147,640,000	–	1,852,906	–	1.30%	–
GOOGL	New	ALPHABET INCcap stk cl a	$139,568,000	–	125,100	–	1.23%	–
CL	New	COLGATE PALMOLIVE CO	$105,603,000	–	1,629,429	–	0.93%	–
WAT	New	WATERS CORP	$104,332,000	–	538,933	–	0.92%	–
AMZN	New	AMAZON COM INC	$93,574,000	–	55,050	–	0.83%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$83,948,000	–	309,450	–	0.74%	–
TXN	New	TEXAS INSTRS INC	$64,258,000	–	582,843	–	0.57%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$31,185,000	–	342,883	–	0.28%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$10,565,000	–	288,965	–	0.09%	–

Q4 2017

			Value		Shares		↓ Weighting
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-288,564	–	-0.10%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-272,799	–	-0.24%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-98,166	–	-0.24%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-641,096	–	-0.53%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-7,351,457	–	-1.03%	–
NATI	Exit	NATIONAL INSTRS CORP	$0	–	-3,031,637	–	-1.23%	–
ANSS	Exit	ANSYS INC	$0	–	-1,100,703	–	-1.30%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-1,667,829	–	-1.31%	–
WAT	Exit	WATERS CORP	$0	–	-853,925	–	-1.47%	–
AMZN	Exit	AMAZON COM INC	$0	–	-160,056	–	-1.48%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-1,675,059	–	-1.50%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-3,392,838	–	-2.09%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,084,993	–	-2.14%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-4,180,558	–	-2.40%	–
V	Exit	VISA INC	$0	–	-2,395,983	–	-2.42%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-267,275	–	-2.46%	–
NKE	Exit	NIKE INCcl b	$0	–	-4,958,956	–	-2.47%	–
VWR	Exit	VWR CORP	$0	–	-8,011,567	–	-2.55%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-931,019	–	-2.75%	–
COO	Exit	COOPER COS INC	$0	–	-1,250,232	–	-2.85%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-3,625,871	–	-3.11%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-8,556,593	–	-3.14%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-3,648,217	–	-3.45%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG NV	$0	–	-7,613,570	–	-3.52%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,982,509	–	-3.73%	–
DE	Exit	DEERE & CO	$0	–	-3,132,166	–	-3.78%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-2,484,134	–	-4.08%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-10,239,501	–	-4.30%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-3,752,127	–	-5.09%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-4,341,761	–	-5.15%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,910,879	–	-5.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-7,663,231	–	-5.48%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-3,351,140	–	-5.52%	–
CERN	Exit	CERNER CORP	$0	–	-17,215,081	–	-11.80%	–

Q3 2017

			Value		Shares		↓ Weighting
CERN	Sell	CERNER CORP	$1,227,780,000	+6.6%	17,215,081	-0.7%	11.80%	+0.6%
AYI	Sell	ACUITY BRANDS INC	$573,983,000	-16.3%	3,351,140	-0.7%	5.52%	-21.0%
MSFT	Sell	MICROSOFT CORP	$570,834,000	+7.4%	7,663,231	-0.6%	5.48%	+1.3%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$550,738,000	+7.8%	2,910,879	-0.6%	5.29%	+1.7%
JLL	Buy	JONES LANG LASALLE INC	$536,207,000	-1.1%	4,341,761	+0.1%	5.15%	-6.7%
MA	Sell	MASTERCARD INCORPORATEDcl a	$529,800,000	+7.7%	3,752,127	-7.4%	5.09%	+1.6%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$447,876,000	+43.4%	10,239,501	+40.9%	4.30%	+35.4%
FB	Sell	FACEBOOK INCcl a	$424,464,000	+12.4%	2,484,134	-0.6%	4.08%	+6.1%
DE	Sell	DEERE & CO	$393,369,000	-8.0%	3,132,166	-9.4%	3.78%	-13.2%
BDX	Sell	BECTON DICKINSON & CO	$388,473,000	-0.2%	1,982,509	-0.6%	3.73%	-5.8%
ST	Buy	SENSATA TECHNOLOGIES HLDG NV	$365,984,000	+25.6%	7,613,570	+11.6%	3.52%	+18.5%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$358,985,000	+11.6%	3,648,217	-0.6%	3.45%	+5.3%
JD	Buy	JD COM INCspon adr cl a	$326,862,000	+68.3%	8,556,593	+72.8%	3.14%	+58.8%
IR	Sell	INGERSOLL-RAND PLC	$323,319,000	-3.1%	3,625,871	-0.6%	3.11%	-8.5%
COO	Sell	COOPER COS INC	$296,443,000	-1.5%	1,250,232	-0.6%	2.85%	-7.1%
CMG	Buy	CHIPOTLE MEXICAN GRILL INC	$286,596,000	+13.4%	931,019	+53.3%	2.75%	+7.0%
VWR	Sell	VWR CORP	$265,263,000	-0.2%	8,011,567	-0.5%	2.55%	-5.9%
NKE	Sell	NIKE INCcl b	$257,122,000	-12.7%	4,958,956	-0.7%	2.47%	-17.6%
GOOGL	Sell	ALPHABET INCcap stk cl a	$256,346,000	+4.9%	267,275	-0.6%	2.46%	-1.0%
V	New	VISA INC	$252,153,000	–	2,395,983	–	2.42%	–
XRAY	Buy	DENTSPLY SIRONA INC	$250,039,000	+31.6%	4,180,558	+42.7%	2.40%	+24.2%
BAP	Buy	CREDICORP LTD	$222,445,000	+39.5%	1,084,993	+22.0%	2.14%	+31.6%
PYPL	Sell	PAYPAL HLDGS INC	$217,243,000	-12.8%	3,392,838	-26.9%	2.09%	-17.7%
CRM	Sell	SALESFORCE COM INC	$156,484,000	+7.3%	1,675,059	-0.5%	1.50%	+1.2%
AMZN	Sell	AMAZON COM INC	$153,870,000	-1.2%	160,056	-0.5%	1.48%	-6.8%
WAT	Sell	WATERS CORP	$153,297,000	-3.0%	853,925	-0.7%	1.47%	-8.5%
HSIC	Buy	SCHEIN HENRY INC	$136,745,000	+15.0%	1,667,829	+156.8%	1.31%	+8.6%
ANSS	Sell	ANSYS INC	$135,089,000	-9.4%	1,100,703	-10.2%	1.30%	-14.5%
NATI	Sell	NATIONAL INSTRS CORP	$127,844,000	-7.0%	3,031,637	-11.3%	1.23%	-12.3%
INFY	Sell	INFOSYS LTDsponsored adr	$107,258,000	-51.1%	7,351,457	-49.7%	1.03%	-53.9%
ALLE	Sell	ALLEGION PUB LTD CO	$55,436,000	+6.1%	641,096	-0.4%	0.53%	+0.2%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$24,662,000	-57.4%	98,166	-59.0%	0.24%	-59.8%
TXN	New	TEXAS INSTRS INC	$24,454,000	–	272,799	–	0.24%	–
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$10,836,000	+6.8%	288,564	-0.5%	0.10%	+1.0%
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-3,827,496	–	-0.99%	–

Q2 2017

			Value		Shares		↓ Weighting
CERN	New	CERNER CORP	$1,151,831,000	–	17,328,580	–	11.73%	–
AYI	New	ACUITY BRANDS INC	$685,902,000	–	3,374,172	–	6.98%	–
JLL	New	JONES LANG LASALLE INC	$542,282,000	–	4,338,259	–	5.52%	–
MSFT	New	MICROSOFT CORP	$531,537,000	–	7,711,253	–	5.41%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$510,939,000	–	2,928,518	–	5.20%	–
MA	New	MASTERCARD INCORPORATEDcl a	$491,923,000	–	4,050,413	–	5.01%	–
DE	New	DEERE & CO	$427,380,000	–	3,458,046	–	4.35%	–
BDX	New	BECTON DICKINSON & CO	$389,152,000	–	1,994,526	–	3.96%	–
FB	New	FACEBOOK INCcl a	$377,487,000	–	2,500,248	–	3.84%	–
IR	New	INGERSOLL-RAND PLC	$333,530,000	–	3,649,522	–	3.40%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$321,705,000	–	3,670,338	–	3.28%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$312,236,000	–	7,268,060	–	3.18%	–
COO	New	COOPER COS INC	$300,992,000	–	1,257,171	–	3.06%	–
NKE	New	NIKE INCcl b	$294,511,000	–	4,991,719	–	3.00%	–
ST	New	SENSATA TECHNOLOGIES HLDG NV	$291,398,000	–	6,821,111	–	2.97%	–
VWR	New	VWR CORP	$265,892,000	–	8,054,881	–	2.71%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$252,676,000	–	607,249	–	2.57%	–
PYPL	New	PAYPAL HLDGS INC	$249,006,000	–	4,639,571	–	2.54%	–
GOOGL	New	ALPHABET INCcap stk cl a	$244,378,000	–	268,923	–	2.49%	–
INFY	New	INFOSYS LTDsponsored adr	$219,465,000	–	14,611,524	–	2.24%	–
JD	New	JD COM INCspon adr cl a	$194,166,000	–	4,950,676	–	1.98%	–
XRAY	New	DENTSPLY SIRONA INC	$189,943,000	–	2,929,418	–	1.93%	–
BAP	New	CREDICORP LTD	$159,497,000	–	889,107	–	1.62%	–
WAT	New	WATERS CORP	$158,017,000	–	859,534	–	1.61%	–
AMZN	New	AMAZON COM INC	$155,748,000	–	160,897	–	1.59%	–
ANSS	New	ANSYS INC	$149,180,000	–	1,226,001	–	1.52%	–
CRM	New	SALESFORCE COM INC	$145,847,000	–	1,684,148	–	1.48%	–
NATI	New	NATIONAL INSTRS CORP	$137,457,000	–	3,417,627	–	1.40%	–
HSIC	New	SCHEIN HENRY INC	$118,870,000	–	649,491	–	1.21%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$97,257,000	–	3,827,496	–	0.99%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$57,903,000	–	239,466	–	0.59%	–
ALLE	New	ALLEGION PUB LTD CO	$52,240,000	–	643,989	–	0.53%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$10,142,000	–	290,112	–	0.10%	–

Q4 2016

			Value		Shares		↓ Weighting
COO	Exit	COOPER COS INC	$0	–	-232,608	–	-0.45%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-279,650	–	-0.66%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-4,054,734	–	-0.91%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-652,037	–	-1.15%	–
NATI	Exit	NATIONAL INSTRS CORP	$0	–	-3,840,339	–	-1.18%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-986,549	–	-1.31%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-669,316	–	-1.34%	–
INTU	Exit	INTUIT	$0	–	-1,135,208	–	-1.35%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-4,409,903	–	-1.36%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-813,947	–	-1.40%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-4,400,072	–	-1.50%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-1,441,738	–	-1.55%	–
SRCL	Exit	STERICYCLE INC	$0	–	-2,339,204	–	-2.03%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-3,480,120	–	-2.24%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,212,740	–	-2.36%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-2,817,731	–	-2.37%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG NV	$0	–	-5,664,705	–	-2.38%	–
NKE	Exit	NIKE INCcl b	$0	–	-4,285,736	–	-2.44%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-571,080	–	-2.62%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-3,883,001	–	-2.80%	–
WAT	Exit	WATERS CORP	$0	–	-1,698,961	–	-2.92%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC	$0	–	-5,086,758	–	-2.92%	–
QCOM	Exit	QUALCOMM INC	$0	–	-4,570,902	–	-3.39%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-2,787,972	–	-3.44%	–
ANSS	Exit	ANSYS INC	$0	–	-3,548,939	–	-3.56%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-12,612,903	–	-3.56%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-4,070,098	–	-4.48%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-626,804	–	-5.28%	–
DE	Exit	DEERE & CO	$0	–	-6,838,253	–	-6.32%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-10,198,925	–	-6.55%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-9,612,315	–	-7.07%	–
CERN	Exit	CERNER CORP	$0	–	-11,426,270	–	-7.64%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-15,179,093	–	-9.47%	–

Q3 2016

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$874,316,000	+12.6%	15,179,093	+0.0%	9.47%	+5.4%
CERN	Buy	CERNER CORP	$705,572,000	+10.5%	11,426,270	+4.9%	7.64%	+3.5%
IR	Sell	INGERSOLL-RAND PLC	$653,061,000	+6.4%	9,612,315	-0.2%	7.07%	-0.4%
LLTC	Sell	LINEAR TECHNOLOGY CORP	$604,694,000	+5.6%	10,198,925	-17.1%	6.55%	-1.2%
DE	Buy	DEERE & CO	$583,645,000	+18.8%	6,838,253	+12.8%	6.32%	+11.2%
GOOGL	Buy	ALPHABET INCcap stk cl a	$487,208,000	+20.2%	626,804	+7.0%	5.28%	+12.5%
MA	Buy	MASTERCARD INCORPORATEDcl a	$414,214,000	+52.7%	4,070,098	+32.1%	4.48%	+42.9%
JD	Buy	JD COM INCspon adr cl a	$329,071,000	+38.3%	12,612,903	+12.6%	3.56%	+29.5%
ANSS	Sell	ANSYS INC	$328,667,000	+1.8%	3,548,939	-0.3%	3.56%	-4.7%
JLL	Buy	JONES LANG LASALLE INC	$317,243,000	+47.1%	2,787,972	+26.0%	3.44%	+37.7%
QCOM	Sell	QUALCOMM INC	$313,107,000	-17.1%	4,570,902	-35.1%	3.39%	-22.4%
AKAM	Sell	AKAMAI TECHNOLOGIES INC	$269,547,000	-5.6%	5,086,758	-0.3%	2.92%	-11.6%
WAT	Sell	WATERS CORP	$269,268,000	-24.1%	1,698,961	-32.6%	2.92%	-28.9%
TROW	Sell	PRICE T ROWE GROUP INC	$258,220,000	-9.0%	3,883,001	-0.1%	2.80%	-14.8%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$241,852,000	+4.7%	571,080	-0.4%	2.62%	-1.9%
NKE	Sell	NIKE INCcl b	$225,644,000	-5.0%	4,285,736	-0.4%	2.44%	-11.0%
ST	Buy	SENSATA TECHNOLOGIES HLDG NV	$219,677,000	+29.8%	5,664,705	+16.8%	2.38%	+21.6%
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$218,684,000	-15.5%	2,817,731	-13.3%	2.37%	-20.9%
BDX	Buy	BECTON DICKINSON & CO	$217,966,000	+92.7%	1,212,740	+81.8%	2.36%	+80.3%
XRAY	Sell	DENTSPLY SIRONA INC	$206,824,000	-4.4%	3,480,120	-0.2%	2.24%	-10.5%
SRCL	Buy	STERICYCLE INC	$187,464,000	-21.0%	2,339,204	+2.6%	2.03%	-26.0%
VAR	Sell	VARIAN MED SYS INC	$143,496,000	+20.4%	1,441,738	-0.6%	1.55%	+12.7%
SCHW	Sell	SCHWAB CHARLES CORP NEW	$138,910,000	+24.3%	4,400,072	-0.3%	1.50%	+16.4%
TMO	New	THERMO FISHER SCIENTIFIC INC	$129,466,000	–	813,947	–	1.40%	–
TRMB	Sell	TRIMBLE NAVIGATION LTD	$125,947,000	+16.6%	4,409,903	-0.6%	1.36%	+9.1%
INTU	Sell	INTUIT	$124,884,000	-1.9%	1,135,208	-0.5%	1.35%	-8.2%
MELI	Sell	MERCADOLIBRE INC	$123,803,000	-18.8%	669,316	-38.2%	1.34%	-24.0%
ROK	Sell	ROCKWELL AUTOMATION INC	$120,694,000	-10.8%	986,549	-16.3%	1.31%	-16.5%
NATI	Buy	NATIONAL INSTRS CORP	$109,066,000	+3.9%	3,840,339	+0.2%	1.18%	-2.8%
HSIC	Sell	SCHEIN HENRY INC	$106,269,000	-8.3%	652,037	-0.6%	1.15%	-14.2%
BSAC	Sell	BANCO SANTANDER CHILE NEW	$83,892,000	+5.6%	4,054,734	-1.1%	0.91%	-1.2%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$60,488,000	+28.1%	279,650	+24.1%	0.66%	+20.0%
COO	Buy	COOPER COS INC	$41,697,000	+78.5%	232,608	+70.8%	0.45%	+67.4%
DCI	Exit	DONALDSON INC	$0	–	-700,000	–	-0.28%	–
LNKD	Exit	LINKEDIN CORP	$0	–	-419,120	–	-0.92%	–
EBAY	Exit	EBAY INC	$0	–	-4,532,616	–	-1.23%	–

Q2 2016

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$776,377,000	–	15,172,508	–	8.98%	–
CERN	New	CERNER CORP	$638,432,000	–	10,894,749	–	7.38%	–
IR	New	INGERSOLL-RAND PLC	$613,496,000	–	9,634,047	–	7.10%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$572,713,000	–	12,308,462	–	6.62%	–
DE	New	DEERE & CO	$491,299,000	–	6,062,426	–	5.68%	–
GOOGL	New	ALPHABET INCcap stk cl a	$405,470,000	–	585,855	–	4.69%	–
QCOM	New	QUALCOMM INC	$377,553,000	–	7,047,848	–	4.37%	–
WAT	New	WATERS CORP	$354,633,000	–	2,521,389	–	4.10%	–
ANSS	New	ANSYS INC	$322,956,000	–	3,558,739	–	3.74%	–
AKAM	New	AKAMAI TECHNOLOGIES INC	$285,414,000	–	5,103,058	–	3.30%	–
TROW	New	PRICE T ROWE GROUP INC	$283,686,000	–	3,887,714	–	3.28%	–
MA	New	MASTERCARD INCcl a	$271,249,000	–	3,080,273	–	3.14%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$258,821,000	–	3,248,261	–	2.99%	–
JD	New	JD COM INCspon adr cl a	$237,881,000	–	11,204,969	–	2.75%	–
NKE	New	NIKE INCcl b	$237,418,000	–	4,301,058	–	2.75%	–
SRCL	New	STERICYCLE INC	$237,333,000	–	2,279,414	–	2.74%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$230,936,000	–	573,384	–	2.67%	–
XRAY	New	DENTSPLY SIRONA INC	$216,335,000	–	3,487,020	–	2.50%	–
JLL	New	JONES LANG LASALLE INC	$215,630,000	–	2,212,726	–	2.49%	–
ST	New	SENSATA TECHNOLOGIES HLDG NV	$169,185,000	–	4,849,100	–	1.96%	–
MELI	New	MERCADOLIBRE INC	$152,471,000	–	1,083,893	–	1.76%	–
ROK	New	ROCKWELL AUTOMATION INC	$135,321,000	–	1,178,549	–	1.56%	–
INTU	New	INTUIT	$127,359,000	–	1,141,108	–	1.47%	–
VAR	New	VARIAN MED SYS INC	$119,220,000	–	1,449,838	–	1.38%	–
HSIC	New	SCHEIN HENRY INC	$115,934,000	–	655,737	–	1.34%	–
BDX	New	BECTON DICKINSON & CO	$113,134,000	–	667,104	–	1.31%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$111,716,000	–	4,413,894	–	1.29%	–
TRMB	New	TRIMBLE NAVIGATION LTD	$108,037,000	–	4,435,003	–	1.25%	–
EBAY	New	EBAY INC	$106,109,000	–	4,532,616	–	1.23%	–
NATI	New	NATIONAL INSTRS CORP	$105,018,000	–	3,832,785	–	1.22%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$79,431,000	–	4,100,734	–	0.92%	–
LNKD	New	LINKEDIN CORP	$79,318,000	–	419,120	–	0.92%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$47,218,000	–	225,350	–	0.55%	–
DCI	New	DONALDSON INC	$24,052,000	–	700,000	–	0.28%	–
COO	New	COOPER COS INC	$23,361,000	–	136,160	–	0.27%	–

Q4 2015

			Value		Shares		↓ Weighting
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-61,824	–	-0.06%	–
LEJU	Exit	LEJU HLDGS LTDsponsored ads	$0	–	-787,319	–	-0.06%	–
SCTY	Exit	SOLARCITY CORP	$0	–	-236,000	–	-0.15%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-861,306	–	-0.20%	–
OPWR	Exit	OPOWER INC	$0	–	-1,770,152	–	-0.23%	–
DCI	Exit	DONALDSON INC	$0	–	-654,813	–	-0.27%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-717,792	–	-0.27%	–
NATI	Exit	NATIONAL INSTRS CORP	$0	–	-756,552	–	-0.30%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-230,450	–	-0.64%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-793,201	–	-1.05%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-808,384	–	-1.19%	–
BCR	Exit	BARD C R INC	$0	–	-463,988	–	-1.25%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-1,986,632	–	-1.28%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-671,517	–	-1.40%	–
NKE	Exit	NIKE INCcl b	$0	–	-887,703	–	-1.58%	–
INTU	Exit	INTUIT	$0	–	-1,580,493	–	-2.03%	–
LNKD	Exit	LINKEDIN CORP	$0	–	-831,080	–	-2.29%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-1,205,039	–	-2.32%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,281,855	–	-2.46%	–
MSCI	Exit	MSCI INC	$0	–	-3,253,943	–	-2.80%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-1,464,895	–	-3.02%	–
ANSS	Exit	ANSYS INC	$0	–	-2,932,696	–	-3.75%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-3,741,206	–	-3.77%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-3,598,794	–	-3.85%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-424,696	–	-3.93%	–
GWW	Exit	GRAINGER W W INC	$0	–	-1,350,860	–	-4.21%	–
DE	Exit	DEERE & CO	$0	–	-4,643,896	–	-4.98%	–
WAT	Exit	WATERS CORP	$0	–	-3,142,972	–	-5.38%	–
SIRO	Exit	SIRONA DENTAL SYSTEMS INC	$0	–	-4,002,423	–	-5.42%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-8,132,810	–	-5.98%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-6,086,697	–	-7.00%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-12,353,053	–	-7.22%	–
QCOM	Exit	QUALCOMM INC	$0	–	-11,304,420	–	-8.80%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-16,898,822	–	-10.84%	–

Q3 2015

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$747,942,000	+13.3%	16,898,822	+13.1%	10.84%	+22.6%
QCOM	Buy	QUALCOMM INC	$607,386,000	+4.6%	11,304,420	+22.0%	8.80%	+13.2%
LLTC	Buy	LINEAR TECHNOLOGY CORP	$498,446,000	+17.7%	12,353,053	+29.0%	7.22%	+27.2%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$482,858,000	+4.4%	6,086,697	+4.7%	7.00%	+12.9%
IR	Buy	INGERSOLL-RAND PLC	$412,903,000	+64.0%	8,132,810	+117.7%	5.98%	+77.3%
SIRO	Buy	SIRONA DENTAL SYSTEMS INC	$373,586,000	-6.9%	4,002,423	+0.1%	5.42%	+0.6%
WAT	Sell	WATERS CORP	$371,531,000	-23.1%	3,142,972	-16.5%	5.38%	-16.8%
DE	Buy	DEERE & CO	$343,648,000	-17.7%	4,643,896	+8.0%	4.98%	-11.0%
GWW	Sell	GRAINGER W W INC	$290,448,000	-15.9%	1,350,860	-7.4%	4.21%	-9.0%
GOOGL	Sell	GOOGLE INCcl a	$271,113,000	-14.7%	424,696	-27.8%	3.93%	-7.8%
VAR	Buy	VARIAN MED SYS INC	$265,519,000	-12.4%	3,598,794	+0.1%	3.85%	-5.3%
TROW	Buy	PRICE T ROWE GROUP INC	$260,014,000	+51.9%	3,741,206	+69.9%	3.77%	+64.3%
EW	Sell	EDWARDS LIFESCIENCES CORP	$208,264,000	-25.8%	1,464,895	-25.7%	3.02%	-19.8%
MSCI	Sell	MSCI INC	$193,479,000	-37.0%	3,253,943	-34.8%	2.80%	-31.9%
BDX	Sell	BECTON DICKINSON & CO	$170,051,000	-18.1%	1,281,855	-12.5%	2.46%	-11.4%
HSIC	Sell	SCHEIN HENRY INC	$159,933,000	-21.7%	1,205,039	-16.1%	2.32%	-15.3%
LNKD	Buy	LINKEDIN CORP	$158,013,000	+12.5%	831,080	+22.2%	2.29%	+21.6%
INTU	Sell	INTUIT	$140,269,000	-26.7%	1,580,493	-16.8%	2.03%	-20.8%
NKE	Sell	NIKE INCcl b	$109,161,000	-18.8%	887,703	-28.7%	1.58%	-12.3%
NLSN	New	NIELSEN HLDGS PLC	$88,346,000	–	1,986,632	–	1.28%	–
ROK	New	ROCKWELL AUTOMATION INC	$82,027,000	–	808,384	–	1.19%	–
MELI	Sell	MERCADOLIBRE INC	$72,229,000	-39.4%	793,201	-5.7%	1.05%	-34.4%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$44,161,000	+78.1%	230,450	+91.3%	0.64%	+92.8%
NATI	New	NATIONAL INSTRS CORP	$21,025,000	–	756,552	–	0.30%	–
JD	Buy	JD COM INCspon adr cl a	$18,706,000	+107.6%	717,792	+171.6%	0.27%	+124.0%
DCI	New	DONALDSON INC	$18,387,000	–	654,813	–	0.27%	–
OPWR	Buy	OPOWER INC	$15,772,000	-16.2%	1,770,152	+8.2%	0.23%	-9.1%
TRMB	New	TRIMBLE NAVIGATION LTD	$14,143,000	–	861,306	–	0.20%	–
LEJU	Buy	LEJU HLDGS LTDsponsored ads	$4,401,000	+32.9%	787,319	+98.5%	0.06%	+45.5%
MJN	Buy	MEAD JOHNSON NUTRITION CO	$4,352,000	+54.2%	61,824	+97.6%	0.06%	+65.8%
NLSN	Exit	NIELSEN N V	$0	–	-2,434,412	–	-1.46%	–
EBAY	Exit	EBAY INC	$0	–	-1,836,833	–	-1.48%	–
INFA	Exit	INFORMATICA CORP	$0	–	-2,840,746	–	-1.84%	–
AMZN	Exit	AMAZON COM INC	$0	–	-386,314	–	-2.25%	–

Q2 2015

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$659,931,000	–	14,947,484	–	8.84%	–
QCOM	New	QUALCOMM INC	$580,401,000	–	9,267,146	–	7.78%	–
WAT	New	WATERS CORP	$483,090,000	–	3,762,972	–	6.48%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$462,451,000	–	5,813,334	–	6.20%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$423,613,000	–	9,577,505	–	5.68%	–
DE	New	DEERE & CO	$417,432,000	–	4,301,201	–	5.60%	–
SIRO	New	SIRONA DENTAL SYSTEMS INC	$401,482,000	–	3,998,027	–	5.38%	–
GWW	New	GRAINGER W W INC	$345,192,000	–	1,458,660	–	4.63%	–
GOOGL	New	GOOGLE INCcl a	$317,822,000	–	588,516	–	4.26%	–
MSCI	New	MSCI INC	$307,209,000	–	4,991,215	–	4.12%	–
VAR	New	VARIAN MED SYS INC	$303,202,000	–	3,595,420	–	4.06%	–
EW	New	EDWARDS LIFESCIENCES CORP	$280,757,000	–	1,971,195	–	3.76%	–
ANSS	New	ANSYS INC	$267,579,000	–	2,932,696	–	3.59%	–
IR	New	INGERSOLL-RAND PLC	$251,840,000	–	3,735,391	–	3.38%	–
BDX	New	BECTON DICKINSON & CO	$207,576,000	–	1,465,414	–	2.78%	–
HSIC	New	SCHEIN HENRY INC	$204,204,000	–	1,436,839	–	2.74%	–
INTU	New	INTUIT	$191,493,000	–	1,900,293	–	2.57%	–
TROW	New	PRICE T ROWE GROUP INC	$171,168,000	–	2,202,089	–	2.29%	–
AMZN	New	AMAZON COM INC	$167,695,000	–	386,314	–	2.25%	–
LNKD	New	LINKEDIN CORP	$140,507,000	–	679,994	–	1.88%	–
INFA	New	INFORMATICA CORP	$137,691,000	–	2,840,746	–	1.84%	–
NKE	New	NIKE INCcl b	$134,506,000	–	1,245,191	–	1.80%	–
MELI	New	MERCADOLIBRE INC	$119,150,000	–	840,859	–	1.60%	–
JLL	New	JONES LANG LASALLE INC	$114,829,000	–	671,517	–	1.54%	–
EBAY	New	EBAY INC	$110,651,000	–	1,836,833	–	1.48%	–
NLSN	New	NIELSEN N V	$108,989,000	–	2,434,412	–	1.46%	–
BCR	New	BARD C R INC	$79,203,000	–	463,988	–	1.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$24,795,000	–	120,450	–	0.33%	–
OPWR	New	OPOWER INC	$18,832,000	–	1,636,139	–	0.25%	–
SCTY	New	SOLARCITY CORP	$12,638,000	–	236,000	–	0.17%	–
JD	New	JD COM INCspon adr cl a	$9,011,000	–	264,241	–	0.12%	–
LEJU	New	LEJU HLDGS LTDsponsored ads	$3,312,000	–	396,656	–	0.04%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$2,823,000	–	31,291	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-18,603	–	-0.03%	–
LEJU	Exit	LEJU HLDGS LTDsponsored ads	$0	–	-222,900	–	-0.04%	–
ANSS	Exit	ANSYS INC	$0	–	-41,400	–	-0.05%	–
SCTY	Exit	SOLARCITY CORP	$0	–	-236,000	–	-0.22%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-102,950	–	-0.32%	–
NKE	Exit	NIKE INCcl b	$0	–	-809,700	–	-1.13%	–
GWW	Exit	GRAINGER W W INC	$0	–	-323,582	–	-1.27%	–
MR	Exit	MINDRAY MEDICAL INTL LTDspon adr	$0	–	-3,087,990	–	-1.45%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-3,696,990	–	-1.49%	–
NLSN	Exit	NIELSEN N V	$0	–	-2,402,968	–	-1.66%	–
SYY	Exit	SYSCO CORP	$0	–	-2,983,974	–	-1.77%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,220,088	–	-2.07%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-816,561	–	-2.42%	–
BCR	Exit	BARD C R INC	$0	–	-1,104,249	–	-2.46%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-1,419,873	–	-2.58%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-2,172,158	–	-2.66%	–
SIRO	Exit	SIRONA DENTAL SYSTEMS INC	$0	–	-2,369,636	–	-2.83%	–
AMZN	Exit	AMAZON COM INC	$0	–	-572,779	–	-2.88%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-1,716,419	–	-3.38%	–
EBAY	Exit	EBAY INC	$0	–	-3,835,145	–	-3.39%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,785,651	–	-3.46%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-3,144,880	–	-3.73%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-2,528,698	–	-4.49%	–
INTU	Exit	INTUIT	$0	–	-3,715,917	–	-5.08%	–
WAT	Exit	WATERS CORP	$0	–	-3,426,493	–	-5.30%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-4,371,731	–	-5.46%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-8,376,385	–	-5.80%	–
MSCI	Exit	MSCI INC	$0	–	-9,849,155	–	-7.22%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-6,982,941	–	-7.54%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-5,567,081	–	-8.87%	–
QCOM	Exit	QUALCOMM INC	$0	–	-7,706,720	–	-8.98%	–

Q3 2014

			Value		Shares		↓ Weighting
QCOM	Buy	QUALCOMM INC	$576,231,000	-4.1%	7,706,720	+1.5%	8.98%	-6.7%
EW	Buy	EDWARDS LIFESCIENCES CORP	$568,677,000	+55.1%	5,567,081	+30.3%	8.87%	+51.0%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$483,499,000	+4.7%	6,982,941	+1.4%	7.54%	+2.0%
MSCI	Buy	MSCI INC	$463,107,000	+4.0%	9,849,155	+1.4%	7.22%	+1.3%
LLTC	Buy	LINEAR TECHNOLOGY CORP	$371,828,000	+94.0%	8,376,385	+105.8%	5.80%	+89.0%
VAR	Buy	VARIAN MED SYS INC	$350,263,000	+5.4%	4,371,731	+9.4%	5.46%	+2.7%
WAT	Sell	WATERS CORP	$339,634,000	-10.2%	3,426,493	-5.4%	5.30%	-12.6%
INTU	Sell	INTUIT	$325,700,000	-4.3%	3,715,917	-12.1%	5.08%	-6.8%
BDX	Buy	BECTON DICKINSON & CO	$287,791,000	-2.5%	2,528,698	+1.4%	4.49%	-5.0%
DHR	Buy	DANAHER CORP DEL	$238,948,000	-2.1%	3,144,880	+1.4%	3.73%	-4.7%
MSFT	Buy	MICROSOFT CORP	$221,863,000	+12.7%	4,785,651	+1.4%	3.46%	+9.8%
EBAY	Buy	EBAY INC	$217,184,000	+14.7%	3,835,145	+1.4%	3.39%	+11.7%
JLL	Sell	JONES LANG LASALLE INC	$216,852,000	-16.8%	1,716,419	-16.8%	3.38%	-19.0%
AMZN	Buy	AMAZON COM INC	$184,687,000	+15.3%	572,779	+16.2%	2.88%	+12.3%
SIRO	Buy	SIRONA DENTAL SYSTEMS INC	$181,704,000	-5.5%	2,369,636	+1.6%	2.83%	-8.0%
TROW	New	PRICE T ROWE GROUP INC	$170,297,000	–	2,172,158	–	2.66%	–
HSIC	Sell	SCHEIN HENRY INC	$165,373,000	-7.1%	1,419,873	-5.3%	2.58%	-9.5%
BCR	Buy	BARD C R INC	$157,587,000	+1.2%	1,104,249	+1.4%	2.46%	-1.5%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$155,008,000	+6.2%	816,561	+1.4%	2.42%	+3.4%
MELI	Sell	MERCADOLIBRE INC	$132,563,000	-13.4%	1,220,088	-23.9%	2.07%	-15.6%
SYY	Sell	SYSCO CORP	$113,242,000	-51.1%	2,983,974	-51.7%	1.77%	-52.4%
NLSN	Sell	NIELSEN N V	$106,524,000	-21.7%	2,402,968	-14.5%	1.66%	-23.7%
JD	New	JD COM INCspon adr cl a	$95,456,000	–	3,696,990	–	1.49%	–
MR	Buy	MINDRAY MEDICAL INTL LTDspon adr	$93,134,000	+178.1%	3,087,990	+190.5%	1.45%	+170.9%
GWW	Buy	GRAINGER W W INC	$81,429,000	+0.5%	323,582	+1.5%	1.27%	-2.2%
NKE	New	NIKE INCcl b	$72,225,000	–	809,700	–	1.13%	–
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$20,283,000	+29.5%	102,950	+28.7%	0.32%	+25.9%
ANSS	New	ANSYS INC	$3,133,000	–	41,400	–	0.05%	–
LEJU	New	LEJU HLDGS LTDsponsored ads	$2,864,000	–	222,900	–	0.04%	–
MJN	Sell	MEAD JOHNSON NUTRITION CO	$1,790,000	-99.0%	18,603	-99.0%	0.03%	-99.0%
FDS	Exit	FACTSET RESH SYS INC	$0	–	-560,641	–	-1.08%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,163,990	–	-1.46%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-3,871,295	–	-1.67%	–

Q2 2014

			Value		Shares		↓ Weighting
QCOM	New	QUALCOMM INC	$601,152,000	–	7,590,307	–	9.63%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$461,653,000	–	6,887,258	–	7.39%	–
MSCI	New	MSCI INC	$445,366,000	–	9,713,542	–	7.13%	–
WAT	New	WATERS CORP	$378,355,000	–	3,622,698	–	6.06%	–
EW	New	EDWARDS LIFESCIENCES CORP	$366,736,000	–	4,272,320	–	5.87%	–
INTU	New	INTUIT	$340,329,000	–	4,226,115	–	5.45%	–
VAR	New	VARIAN MED SYS INC	$332,243,000	–	3,996,183	–	5.32%	–
BDX	New	BECTON DICKINSON & CO	$295,096,000	–	2,494,471	–	4.72%	–
JLL	New	JONES LANG LASALLE INC	$260,769,000	–	2,063,206	–	4.18%	–
DHR	New	DANAHER CORP DEL	$244,197,000	–	3,101,700	–	3.91%	–
SYY	New	SYSCO CORP	$231,530,000	–	6,182,382	–	3.71%	–
MSFT	New	MICROSOFT CORP	$196,837,000	–	4,720,320	–	3.15%	–
SIRO	New	SIRONA DENTAL SYSTEMS INC	$192,274,000	–	2,331,719	–	3.08%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$191,627,000	–	4,071,099	–	3.07%	–
EBAY	New	EBAY INC	$189,272,000	–	3,780,906	–	3.03%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$178,770,000	–	1,918,756	–	2.86%	–
HSIC	New	SCHEIN HENRY INC	$177,958,000	–	1,499,603	–	2.85%	–
AMZN	New	AMAZON COM INC	$160,132,000	–	493,047	–	2.56%	–
BCR	New	BARD C R INC	$155,728,000	–	1,088,932	–	2.49%	–
MELI	New	MERCADOLIBRE INC	$153,032,000	–	1,604,113	–	2.45%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$146,002,000	–	805,437	–	2.34%	–
NLSN	New	NIELSEN N V	$135,996,000	–	2,809,259	–	2.18%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$104,254,000	–	3,871,295	–	1.67%	–
PG	New	PROCTER & GAMBLE CO	$91,478,000	–	1,163,990	–	1.46%	–
GWW	New	GRAINGER W W INC	$81,034,000	–	318,691	–	1.30%	–
FDS	New	FACTSET RESH SYS INC	$67,434,000	–	560,641	–	1.08%	–
MR	New	MINDRAY MEDICAL INTL LTDspon adr	$33,488,000	–	1,063,099	–	0.54%	–
SCTY	New	SOLARCITY CORP	$16,662,000	–	236,000	–	0.27%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$15,658,000	–	80,000	–	0.25%	–

Q4 2013

			Value		Shares		↓ Weighting
HDB	Exit	HDFC BANK LTD	$0	–	-103,500	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-117,300	–	-0.38%	–
STRA	Exit	STRAYER ED INC	$0	–	-867,984	–	-0.68%	–
BLKB	Exit	BLACKBAUD INC	$0	–	-1,255,698	–	-0.93%	–
FDS	Exit	FACTSET RESH SYS INC	$0	–	-564,377	–	-1.17%	–
EBAY	Exit	EBAY INC	$0	–	-1,338,969	–	-1.42%	–
SCTY	Exit	SOLARCITY CORP	$0	–	-2,195,219	–	-1.44%	–
GWW	Exit	GRAINGER W W INC	$0	–	-320,804	–	-1.60%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-2,169,614	–	-1.64%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-1,041,512	–	-1.96%	–
PPO	Exit	POLYPORE INTL INC	$0	–	-2,749,923	–	-2.14%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-2,103,594	–	-2.18%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-6,196,763	–	-2.49%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-1,905,724	–	-2.69%	–
SYY	Exit	SYSCO CORP	$0	–	-4,628,223	–	-2.80%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-2,237,837	–	-3.72%	–
NLSN	Exit	NIELSEN HOLDINGS N V	$0	–	-5,597,129	–	-3.88%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-4,444,500	–	-4.69%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-3,825,008	–	-5.04%	–
BCR	Exit	BARD C R INC	$0	–	-2,500,753	–	-5.48%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-3,858,289	–	-5.48%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-3,190,959	–	-6.29%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-3,520,135	–	-6.70%	–
MSCI	Exit	MSCI INC	$0	–	-9,360,599	–	-7.17%	–
WAT	Exit	WATERS CORP	$0	–	-3,628,887	–	-7.33%	–
INTU	Exit	INTUIT	$0	–	-7,147,074	–	-9.01%	–
QCOM	Exit	QUALCOMM INC	$0	–	-9,081,312	–	-11.63%	–

Q3 2013

			Value		Shares		↓ Weighting
QCOM	Buy	QUALCOMM INC	$611,717,000	+27.4%	9,081,312	+15.5%	11.63%	+25.5%
INTU	Buy	INTUIT	$473,922,000	+22.6%	7,147,074	+12.8%	9.01%	+20.8%
WAT	Buy	WATERS CORP	$385,424,000	+9.6%	3,628,887	+3.2%	7.33%	+8.0%
MSCI	Buy	MSCI INC	$376,858,000	+24.9%	9,360,599	+3.2%	7.17%	+23.1%
BDX	Buy	BECTON DICKINSON & CO	$352,084,000	+4.1%	3,520,135	+2.9%	6.70%	+2.6%
HSIC	Sell	SCHEIN HENRY INC	$330,902,000	-19.9%	3,190,959	-26.0%	6.29%	-21.1%
VAR	Buy	VARIAN MED SYS INC	$288,330,000	+14.2%	3,858,289	+3.1%	5.48%	+12.5%
BCR	Buy	BARD C R INC	$288,087,000	+9.0%	2,500,753	+2.8%	5.48%	+7.4%
DHR	Sell	DANAHER CORP DEL	$265,150,000	-24.8%	3,825,008	-31.3%	5.04%	-25.9%
TDC	Sell	TERADATA CORP DEL	$246,403,000	+6.3%	4,444,500	-3.7%	4.69%	+4.7%
NLSN	Sell	NIELSEN HOLDINGS N V	$204,015,000	+0.7%	5,597,129	-7.2%	3.88%	-0.7%
JLL	Buy	JONES LANG LASALLE INC	$195,363,000	+9.4%	2,237,837	+14.3%	3.72%	+7.8%
SYY	Buy	SYSCO CORP	$147,316,000	+16.9%	4,628,223	+25.4%	2.80%	+15.1%
MJN	Buy	MEAD JOHNSON NUTRITION CO	$141,519,000	+42.6%	1,905,724	+52.1%	2.69%	+40.5%
SCHW	New	SCHWAB CHARLES CORP NEW	$131,000,000	–	6,196,763	–	2.49%	–
NTRS	Buy	NORTHERN TR CORP	$114,414,000	-3.4%	2,103,594	+2.8%	2.18%	-4.8%
PPO	Buy	POLYPORE INTL INC	$112,664,000	+4.1%	2,749,923	+2.4%	2.14%	+2.5%
LH	Sell	LABORATORY CORP AMER HLDGS	$103,255,000	-15.4%	1,041,512	-14.6%	1.96%	-16.6%
LLTC	New	LINEAR TECHNOLOGY CORP	$86,047,000	–	2,169,614	–	1.64%	–
GWW	Sell	GRAINGER W W INC	$83,958,000	-41.0%	320,804	-43.2%	1.60%	-41.9%
SCTY	Sell	SOLARCITY CORP	$75,955,000	-52.5%	2,195,219	-48.1%	1.44%	-53.2%
EBAY	Buy	EBAY INC	$74,701,000	+10.4%	1,338,969	+2.4%	1.42%	+8.8%
FDS	Sell	FACTSET RESH SYS INC	$61,574,000	-34.0%	564,377	-38.4%	1.17%	-35.0%
BLKB	Sell	BLACKBAUD INC	$49,022,000	-50.8%	1,255,698	-59.0%	0.93%	-51.5%
STRA	Buy	STRAYER ED INC	$36,039,000	-13.0%	867,984	+2.4%	0.68%	-14.3%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$19,718,000	-4.7%	117,300	-9.3%	0.38%	-6.0%
MR	Exit	MINDRAY MEDICAL INTL LTDspon adr	$0	–	-112,336	–	-0.08%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,247,200	–	-0.78%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-1,175,990	–	-1.37%	–
DE	Exit	DEERE & CO	$0	–	-1,343,174	–	-2.11%	–

Q2 2013

			Value		Shares		↓ Weighting
QCOM	New	QUALCOMM INC	$480,251,000	–	7,862,656	–	9.27%	–
HSIC	New	SCHEIN HENRY INC	$412,979,000	–	4,313,093	–	7.97%	–
INTU	New	INTUIT	$386,697,000	–	6,336,173	–	7.46%	–
DHR	New	DANAHER CORP DEL	$352,427,000	–	5,567,575	–	6.80%	–
WAT	New	WATERS CORP	$351,750,000	–	3,515,743	–	6.79%	–
BDX	New	BECTON DICKINSON & CO	$338,157,000	–	3,421,607	–	6.53%	–
MSCI	New	MSCI INC	$301,673,000	–	9,067,423	–	5.82%	–
BCR	New	BARD C R INC	$264,275,000	–	2,431,684	–	5.10%	–
VAR	New	VARIAN MED SYS INC	$252,521,000	–	3,743,821	–	4.87%	–
TDC	New	TERADATA CORP DEL	$231,820,000	–	4,615,166	–	4.47%	–
NLSN	New	NIELSEN HOLDINGS N V	$202,547,000	–	6,029,968	–	3.91%	–
JLL	New	JONES LANG LASALLE INC	$178,517,000	–	1,958,714	–	3.44%	–
SCTY	New	SOLARCITY CORP	$159,822,000	–	4,231,442	–	3.08%	–
GWW	New	GRAINGER W W INC	$142,394,000	–	564,653	–	2.75%	–
SYY	New	SYSCO CORP	$126,072,000	–	3,690,638	–	2.43%	–
LH	New	LABORATORY CORP AMER HLDGS	$122,011,000	–	1,218,888	–	2.36%	–
NTRS	New	NORTHERN TR CORP	$118,452,000	–	2,045,805	–	2.29%	–
DE	New	DEERE & CO	$109,133,000	–	1,343,174	–	2.11%	–
PPO	New	POLYPORE INTL INC	$108,245,000	–	2,685,977	–	2.09%	–
BLKB	New	BLACKBAUD INC	$99,640,000	–	3,059,248	–	1.92%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$99,239,000	–	1,252,544	–	1.92%	–
FDS	New	FACTSET RESH SYS INC	$93,355,000	–	915,782	–	1.80%	–
CTXS	New	CITRIX SYS INC	$70,947,000	–	1,175,990	–	1.37%	–
EBAY	New	EBAY INC	$67,649,000	–	1,307,994	–	1.31%	–
STRA	New	STRAYER ED INC	$41,401,000	–	847,860	–	0.80%	–
CTRP	New	CTRIP COM INTL LTD	$40,696,000	–	1,247,200	–	0.78%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$20,689,000	–	129,300	–	0.40%	–
MR	New	MINDRAY MEDICAL INTL LTDspon adr	$4,207,000	–	112,336	–	0.08%	–
HDB	New	HDFC BANK LTD	$3,751,000	–	103,500	–	0.07%	–

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