ValueAct Holdings Activity Q2 2008-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FISV	Sell	FISERV INC	$852,717,079	-42.0%	7,548,841	-35.2%	19.16%	-16.2%
KKR	Sell	KKR & CO INC	$703,527,933	-38.8%	11,420,908	-44.4%	15.80%	-11.6%
STX	Sell	SEAGATE TECHNOLOGY HLDNGS PL	$506,962,267	-39.0%	7,687,070	-42.8%	11.39%	-11.9%
CBRE	Sell	CBRE GROUP INCcl a	$342,544,067	-54.1%	4,637,748	-49.8%	7.70%	-33.6%
NYT	Sell	NEW YORK TIMES COcl a	$300,125,355	-43.2%	7,284,596	-45.7%	6.74%	-17.9%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$193,895,828	-32.9%	1,253,853	-30.3%	4.36%	-3.0%
ILMN	New	ILLUMINA INC	$71,332,061	–	519,610	–	1.60%	–
RBLX	New	ROBLOX CORPcl a	$52,128,000	–	1,800,000	–	1.17%	–
ALRM	New	ALARM COM HLDGS INC	$35,791,356	–	585,400	–	0.80%	–
DHR	New	DANAHER CORPORATION	$29,275,800	–	118,000	–	0.66%	–
	Exit	ALTUS POWER INC	$0	–	-4,017,628	–	-0.34%	–

Q2 2023

			Value		Shares		↓ Weighting
FISV	New	FISERV INC	$1,469,366,942	–	11,647,776	–	22.85%	–
KKR	New	KKR & CO INC	$1,149,973,048	–	20,535,233	–	17.88%	–
STX	New	SEAGATE TECHNOLOGY HLDNGS PL	$831,351,521	–	13,437,070	–	12.93%	–
CBRE	New	CBRE GROUP INCcl a	$745,578,641	–	9,237,748	–	11.59%	–
CRM	New	SALESFORCE INC	$736,517,639	–	3,486,309	–	11.45%	–
NSIT	New	INSIGHT ENTERPRISES INC	$660,231,934	–	4,511,630	–	10.26%	–
NYT	New	NEW YORK TIMES COcl a	$528,107,617	–	13,410,554	–	8.21%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$288,852,088	–	1,799,141	–	4.49%	–
	New	ALTUS POWER INC	$21,695,191	–	4,017,628	–	0.34%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	ALTUS POWER INC*w exp 12/09/202	$0	–	-18,417	–	-0.00%	–
RKT	Exit	ROCKET COS INC	$0	–	-1,296,027	–	-0.14%	–
	Exit	ALTUS POWER INC	$0	–	-4,000,020	–	-0.75%	–
BLD	Exit	TOPBUILD CORP	$0	–	-1,546,253	–	-4.32%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-11,614,741	–	-5.66%	–
NSIT	Exit	INSIGHT ENTERPRISES INC	$0	–	-4,421,951	–	-6.17%	–
C	Exit	CITIGROUP INC	$0	–	-10,992,637	–	-7.76%	–
LKQ	Exit	LKQ CORP	$0	–	-12,552,751	–	-10.03%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-9,234,964	–	-10.56%	–
STX	Exit	SEAGATE TECHNOLOGY HLDNGS PL	$0	–	-13,437,070	–	-12.12%	–
KKR	Exit	KKR & CO INC	$0	–	-26,456,563	–	-19.27%	–
FISV	Exit	FISERV INC	$0	–	-14,647,776	–	-23.22%	–

Q3 2022

			Value		Shares		↓ Weighting
NSIT	Buy	INSIGHT ENTERPRISES INC	$364,413,000	+3.0%	4,421,951	+7.9%	6.17%	+9.5%
NYT	Buy	NEW YORK TIMES COcl a	$333,924,000	+286.7%	11,614,741	+275.3%	5.66%	+311.2%
BLD	Buy	TOPBUILD CORP	$254,792,000	+26.5%	1,546,253	+28.3%	4.32%	+34.5%
RKT	Sell	ROCKET COS INC	$8,191,000	-44.4%	1,296,027	-35.2%	0.14%	-40.9%
TRN	Exit	TRINITY INDS INC	$0	–	-90,847	–	-0.04%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-340,000	–	-0.14%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-14,341,265	–	-1.91%	–
SLM	Exit	SLM CORP	$0	–	-10,886,031	–	-2.76%	–

Q2 2022

			Value		Shares		↓ Weighting
FISV	New	FISERV INC	$1,303,213,000	–	14,647,776	–	20.77%	–
KKR	New	KKR & CO INC	$1,224,674,000	–	26,456,563	–	19.52%	–
STX	New	SEAGATE TECHNOLOGY HLDNGS PL	$959,944,000	–	13,437,070	–	15.30%	–
CBRE	New	CBRE GROUP INCcl a	$679,786,000	–	9,234,964	–	10.83%	–
LKQ	New	LKQ CORP	$616,215,000	–	12,552,751	–	9.82%	–
C	New	CITIGROUP INC	$505,551,000	–	10,992,637	–	8.06%	–
NSIT	New	INSIGHT ENTERPRISES INC	$353,681,000	–	4,099,226	–	5.64%	–
BLD	New	TOPBUILD CORP	$201,412,000	–	1,204,908	–	3.21%	–
SLM	New	SLM CORP	$173,523,000	–	10,886,031	–	2.76%	–
BHC	New	BAUSCH HEALTH COS INC	$119,893,000	–	14,341,265	–	1.91%	–
NYT	New	NEW YORK TIMES COcl a	$86,351,000	–	3,095,000	–	1.38%	–
	New	ALTUS POWER INC	$25,240,000	–	4,000,020	–	0.40%	–
RKT	New	ROCKET COS INC	$14,720,000	–	2,000,000	–	0.24%	–
UNVR	New	UNIVAR SOLUTIONS INC	$8,456,000	–	340,000	–	0.14%	–
TRN	New	TRINITY INDS INC	$2,200,000	–	90,847	–	0.04%	–
	New	ALTUS POWER INC*w exp 12/09/202	$24,000	–	18,417	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
CBAHWS	Exit	CBRE ACQUISITION HLDGS INCw exp 99/99/999	$0	–	-18,417	–	0.00%	–
RXT	Exit	RACKSPACE TECHNOLOGY INC	$0	–	-400,000	–	-0.07%	–
LITE	Exit	LUMENTUM HLDGS INC	$0	–	-1,000,000	–	-0.97%	–
SLM	Exit	SLM CORP	$0	–	-16,912,667	–	-3.45%	–
NSIT	Exit	INSIGHT ENTERPRISES INC	$0	–	-3,324,835	–	-3.47%	–
TRN	Exit	TRINITY INDS INC	$0	–	-15,005,855	–	-4.72%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-17,941,603	–	-5.79%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-9,232,609	–	-10.41%	–
C	Exit	CITIGROUP INC	$0	–	-13,846,107	–	-11.26%	–
LKQ	Exit	LKQ CORP	$0	–	-21,550,411	–	-12.56%	–
FISV	Exit	FISERV INC	$0	–	-10,935,201	–	-13.74%	–
STX	Exit	SEAGATE TECHNOLOGY HLDNGS PL	$0	–	-17,377,070	–	-16.61%	–
KKR	Exit	KKR & CO INC	$0	–	-24,055,349	–	-16.96%	–

Q3 2021

			Value		Shares		↓ Weighting
KKR	Sell	KKR & CO INC	$1,464,490,000	-9.2%	24,055,349	-11.6%	16.96%	-5.1%
FISV	Buy	FISERV INC	$1,186,469,000	+80.2%	10,935,201	+77.5%	13.74%	+88.3%
C	Sell	CITIGROUP INC	$971,720,000	-33.8%	13,846,107	-33.3%	11.26%	-30.8%
CBRE	Sell	CBRE GROUP INCcl a	$898,887,000	+2.5%	9,232,609	-9.8%	10.41%	+7.1%
NSIT	Buy	INSIGHT ENTERPRISES INC	$299,501,000	+5.3%	3,324,835	+16.9%	3.47%	+10.1%
SLM	Sell	SLM CORP	$297,663,000	-30.9%	16,912,667	-17.8%	3.45%	-27.8%
LITE	Buy	LUMENTUM HLDGS INC	$83,540,000	+5.3%	1,000,000	+3.4%	0.97%	+10.1%
RXT	New	RACKSPACE TECHNOLOGY INC	$5,688,000	–	400,000	–	0.07%	–
BLD	Exit	TOPBUILD CORP	$0	–	-480,000	–	-1.05%	–

Q2 2021

			Value		Shares		↓ Weighting
KKR	New	KKR & CO INC	$1,612,580,000	–	27,221,126	–	17.87%	–
STX	New	SEAGATE TECHNOLOGY HLDNGS PL	$1,527,966,000	–	17,377,070	–	16.93%	–
C	New	CITIGROUP INC	$1,467,759,000	–	20,745,704	–	16.26%	–
LKQ	New	LKQ CORP	$1,060,711,000	–	21,550,411	–	11.75%	–
CBRE	New	CBRE GROUP INCcl a	$877,242,000	–	10,232,609	–	9.72%	–
FISV	New	FISERV INC	$658,464,000	–	6,160,200	–	7.30%	–
BHC	New	BAUSCH HEALTH COS INC	$526,048,000	–	17,941,603	–	5.83%	–
SLM	New	SLM CORP	$430,930,000	–	20,579,254	–	4.78%	–
TRN	New	TRINITY INDS INC	$403,507,000	–	15,005,855	–	4.47%	–
NSIT	New	INSIGHT ENTERPRISES INC	$284,397,000	–	2,843,690	–	3.15%	–
BLD	New	TOPBUILD CORP	$94,934,000	–	480,000	–	1.05%	–
LITE	New	LUMENTUM HOLDINGS INC	$79,327,000	–	967,049	–	0.88%	–
CBAHWS	New	CBRE ACQUISITION HLDGS INCw exp 99/99/999	$20,000	–	18,417	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-1,222,756	–	-0.06%	–
CDW	Exit	CDW CORP	$0	–	-239,613	–	-0.40%	–
AOS	Exit	SMITH A O CORP	$0	–	-2,092,510	–	-1.55%	–
SLM	Exit	SLM CORP	$0	–	-32,294,254	–	-3.68%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-17,931,594	–	-3.92%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-10,229,820	–	-6.76%	–
TRN	Exit	TRINITY INDS INC	$0	–	-27,005,855	–	-7.41%	–
MS	Exit	MORGAN STANLEY	$0	–	-11,500,000	–	-7.82%	–
LKQ	Exit	LKQ CORP	$0	–	-21,547,746	–	-8.40%	–
C	Exit	CITIGROUP INC	$0	–	-27,025,500	–	-16.39%	–
KKR	Exit	KKR & CO INC	$0	–	-45,000,000	–	-21.74%	–
STX	Exit	SEAGATE TECHNOLOGY PLC	$0	–	-31,554,360	–	-21.87%	–

Q3 2020

			Value		Shares		↓ Weighting
MS	Sell	MORGAN STANLEY	$556,025,000	-19.2%	11,500,000	-19.3%	7.82%	-0.7%
CDW	New	CDW CORP	$28,641,000	–	239,613	–	0.40%	–
UFI	Exit	UNIFI INC	$0	–	-1,417,054	–	-0.21%	–
LIND	Exit	LINDBLAD EXPEDITIONS HLDGS I	$0	–	-4,923,247	–	-0.44%	–
BP	Exit	BP PLCsponsored adr	$0	–	-2,572,000	–	-0.69%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-5,905,000	–	-0.70%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-2,640,000	–	-0.74%	–
AES	Exit	AES CORP	$0	–	-5,346,500	–	-0.89%	–
STRA	Exit	STRATEGIC ED INC	$0	–	-591,375	–	-1.04%	–
HE	Exit	HAWAIIAN ELEC INDUSTRIES	$0	–	-3,246,668	–	-1.34%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-4,834,867	–	-2.00%	–
NKLA	Exit	NIKOLA CORP	$0	–	-11,675,437	–	-9.02%	–

Q2 2020

			Value		Shares		↓ Weighting
STX	New	SEAGATE TECHNOLOGY PLC	$1,527,547,000	–	31,554,360	–	17.49%	–
KKR	New	KKR & CO INC	$1,389,600,000	–	45,000,000	–	15.91%	–
C	New	CITIGROUP INC	$1,381,003,000	–	27,025,500	–	15.81%	–
NKLA	New	NIKOLA CORP	$788,442,000	–	11,675,437	–	9.02%	–
MS	New	MORGAN STANLEY	$688,275,000	–	14,250,000	–	7.88%	–
TRN	New	TRINITY INDS INC	$574,955,000	–	27,005,855	–	6.58%	–
LKQ	New	LKQ CORP	$564,551,000	–	21,547,746	–	6.46%	–
CBRE	New	CBRE GROUP INCcl a	$462,592,000	–	10,229,820	–	5.30%	–
BHC	New	BAUSCH HEALTH COS INC	$327,969,000	–	17,931,594	–	3.75%	–
SLM	New	SLM CORP	$227,029,000	–	32,294,254	–	2.60%	–
EVA	New	ENVIVA PARTNERS LP	$174,249,000	–	4,834,867	–	2.00%	–
HE	New	HAWAIIAN ELEC INDUSTRIES	$117,075,000	–	3,246,668	–	1.34%	–
AOS	New	SMITH A O CORP	$98,599,000	–	2,092,510	–	1.13%	–
STRA	New	STRATEGIC ED INC	$90,865,000	–	591,375	–	1.04%	–
AES	New	AES CORP	$77,471,000	–	5,346,500	–	0.89%	–
DAR	New	DARLING INGREDIENTS INC	$64,997,000	–	2,640,000	–	0.74%	–
VRRM	New	VERRA MOBILITY CORP	$60,703,000	–	5,905,000	–	0.70%	–
BP	New	BP PLCsponsored adr	$59,979,000	–	2,572,000	–	0.69%	–
LIND	New	LINDBLAD EXPEDITIONS HLDGS I	$38,007,000	–	4,923,247	–	0.44%	–
UFI	New	UNIFI INC	$18,252,000	–	1,417,054	–	0.21%	–
AFI	New	ARMSTRONG FLOORING INC	$3,656,000	–	1,222,756	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-1,222,756	–	-0.08%	–
PSN	Exit	PARSONS CORPORATION	$0	–	-298,000	–	-0.11%	–
PCG	Exit	PG&E CORP	$0	–	-1,444,800	–	-0.16%	–
UFI	Exit	UNIFI INC	$0	–	-1,417,054	–	-0.34%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-2,240,000	–	-0.46%	–
LIND	Exit	LINDBLAD EXPEDITIONS HLDGS I	$0	–	-2,860,188	–	-0.52%	–
ACA	Exit	ARCOSA INC	$0	–	-1,577,265	–	-0.58%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-2,104,261	–	-0.72%	–
STRA	Exit	STRATEGIC ED INC	$0	–	-500,765	–	-0.73%	–
AES	Exit	AES CORP	$0	–	-4,346,500	–	-0.77%	–
HE	Exit	HAWAIIAN ELEC INDUSTRIES	$0	–	-1,620,747	–	-0.80%	–
TSG	Exit	STARS GROUP INC	$0	–	-13,630,000	–	-2.20%	–
SLM	Exit	SLM CORP	$0	–	-39,184,254	–	-3.73%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-17,931,594	–	-4.23%	–
TRN	Exit	TRINITY INDS INC	$0	–	-22,561,698	–	-4.79%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-3,707,646	–	-5.12%	–
LKQ	Exit	LKQ CORP	$0	–	-16,032,718	–	-5.44%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-10,225,592	–	-5.85%	–
MS	Exit	MORGAN STANLEY	$0	–	-22,250,000	–	-10.24%	–
KKR	Exit	KKR & CO INCcl a	$0	–	-48,100,000	–	-13.93%	–
STX	Exit	SEAGATE TECHNOLOGY PLC	$0	–	-31,554,360	–	-18.31%	–
C	Exit	CITIGROUP INC	$0	–	-28,025,500	–	-20.89%	–

Q3 2019

			Value		Shares		↓ Weighting
C	Sell	CITIGROUP INC	$1,936,002,000	-12.3%	28,025,500	-11.1%	20.89%	-9.4%
KKR	Sell	KKR & CO INCcl a	$1,291,485,000	+0.8%	48,100,000	-5.1%	13.93%	+4.2%
MS	Sell	MORGAN STANLEY	$949,408,000	-17.4%	22,250,000	-15.2%	10.24%	-14.6%
CBRE	Sell	CBRE GROUP INCcl a	$542,059,000	-20.1%	10,225,592	-22.7%	5.85%	-17.4%
LKQ	New	LKQ CORP	$504,229,000	–	16,032,718	–	5.44%	–
TRN	Buy	TRINITY INDS INC	$444,014,000	-2.3%	22,561,698	+3.0%	4.79%	+1.0%
HE	Buy	HAWAIIAN ELEC INDUSTRIES	$73,922,000	+44.4%	1,620,747	+37.8%	0.80%	+49.0%
AES	Buy	AES CORP	$71,022,000	+2.2%	4,346,500	+4.8%	0.77%	+5.5%
STRA	Buy	STRATEGIC ED INC	$68,044,000	+63.5%	500,765	+114.2%	0.73%	+69.1%
EVA	Buy	ENVIVA PARTNERS LP	$67,231,000	+29.3%	2,104,261	+27.2%	0.72%	+33.5%
ACA	Sell	ARCOSA INC	$53,958,000	-66.2%	1,577,265	-62.8%	0.58%	-65.1%
LIND	Sell	LINDBLAD EXPEDITIONS HLDGS I	$47,937,000	-11.3%	2,860,188	-5.0%	0.52%	-8.5%
DAR	Buy	DARLING INGREDIENTS INC	$42,851,000	+24.7%	2,240,000	+29.7%	0.46%	+28.7%
UFI	Buy	UNIFI INC	$31,062,000	+31.7%	1,417,054	+9.1%	0.34%	+36.2%
PCG	New	PG&E CORP	$14,448,000	–	1,444,800	–	0.16%	–
PSN	Sell	PARSONS CORPORATION	$9,828,000	-85.2%	298,000	-83.5%	0.11%	-84.7%
EIX	Exit	EDISON INTL	$0	–	-700,000	–	-0.49%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-1,000,000	–	-0.60%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-35,000	–	-0.68%	–

Q2 2019

			Value		Shares		↓ Weighting
C	New	CITIGROUP INC	$2,207,731,000	–	31,525,500	–	23.05%	–
STX	New	SEAGATE TECHNOLOGY PLC	$1,486,841,000	–	31,554,360	–	15.52%	–
KKR	New	KKR & CO INCcl a	$1,281,189,000	–	50,700,000	–	13.38%	–
MS	New	MORGAN STANLEY	$1,149,073,000	–	26,228,561	–	12.00%	–
CBRE	New	CBRE GROUP INCcl a	$678,473,000	–	13,225,592	–	7.08%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$519,552,000	–	3,707,646	–	5.42%	–
TRN	New	TRINITY INDS INC	$454,425,000	–	21,900,000	–	4.74%	–
BHC	New	BAUSCH HEALTH COS INC	$452,235,000	–	17,931,594	–	4.72%	–
SLM	New	SLM CORP	$380,871,000	–	39,184,254	–	3.98%	–
TSG	New	STARS GROUP INC	$232,664,000	–	13,630,000	–	2.43%	–
ACA	New	ARCOSA INC	$159,587,000	–	4,240,963	–	1.67%	–
AES	New	AES CORP	$69,495,000	–	4,146,500	–	0.73%	–
PSN	New	PARSONS CORPORATION	$66,532,000	–	1,805,000	–	0.70%	–
BKNG	New	BOOKING HLDGS INC	$65,615,000	–	35,000	–	0.68%	–
XPO	New	XPO LOGISTICS INC	$57,810,000	–	1,000,000	–	0.60%	–
LIND	New	LINDBLAD EXPEDITIONS HLDGS INC	$54,071,000	–	3,012,298	–	0.56%	–
EVA	New	ENVIVA PARTNERS LP	$51,977,000	–	1,654,261	–	0.54%	–
HE	New	HAWAIIAN ELEC INDUSTRIES	$51,204,000	–	1,175,747	–	0.54%	–
EIX	New	EDISON INTL	$47,187,000	–	700,000	–	0.49%	–
STRA	New	STRATEGIC ED INC	$41,610,000	–	233,765	–	0.43%	–
DAR	New	DARLING INGREDIENTS INC	$34,361,000	–	1,727,528	–	0.36%	–
UFI	New	UNIFI INC	$23,592,000	–	1,298,402	–	0.25%	–
AFI	New	ARMSTRONG FLOORING INC	$12,044,000	–	1,222,756	–	0.13%	–

Q4 2018

			Value		Shares		↓ Weighting
SYMC	Exit	SYMANTEC CORP	$0	–	-500,000	–	-0.10%	–
AES	Exit	AES CORP	$0	–	-1,529,500	–	-0.21%	–
EVA	Exit	ENVIVA PARTNERS LP	$0	–	-692,029	–	-0.22%	–
LIND	Exit	LINDBLAD EXPEDITIONS HLDGS I	$0	–	-1,691,300	–	-0.25%	–
UFI	Exit	UNIFI INC	$0	–	-925,000	–	-0.26%	–
STRA	Exit	STRATEGIC ED INC	$0	–	-242,141	–	-0.33%	–
HE	Exit	HAWAIIAN ELEC INDUSTRIES	$0	–	-1,197,261	–	-0.42%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-2,200,000	–	-0.82%	–
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-4,614,787	–	-0.82%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-5,224,910	–	-3.58%	–
SLM	Exit	SLM CORP	$0	–	-39,184,254	–	-4.30%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-18,033,149	–	-4.55%	–
TRN	Exit	TRINITY INDS INC	$0	–	-21,407,891	–	-7.72%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-19,916,923	–	-8.64%	–
MS	Exit	MORGAN STANLEY	$0	–	-20,810,470	–	-9.53%	–
STX	Exit	SEAGATE TECHNOLOGY PLC	$0	–	-26,396,565	–	-12.29%	–
KKR	Exit	KKR & CO INCcl a	$0	–	-49,700,000	–	-13.33%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-6,082,646	–	-14.13%	–
C	Exit	CITIGROUP INC	$0	–	-26,225,500	–	-18.51%	–

Q3 2018

			Value		Shares		↓ Weighting
C	Buy	CITIGROUP INC	$1,881,417,000	+11.7%	26,225,500	+4.2%	18.51%	+21.3%
STX	Buy	SEAGATE TECHNOLOGY PLC	$1,249,877,000	-1.2%	26,396,565	+17.8%	12.29%	+7.3%
MS	Buy	MORGAN STANLEY	$969,144,000	+9.3%	20,810,470	+11.2%	9.53%	+18.7%
BHC	New	BAUSCH HEALTH COS INC	$462,911,000	–	18,033,149	–	4.55%	–
SLM	Buy	SLM CORP	$436,904,000	+1.5%	39,184,254	+4.2%	4.30%	+10.3%
AWI	Sell	ARMSTRONG WORLD INDS INC NEW	$363,654,000	-16.0%	5,224,910	-23.8%	3.58%	-8.8%
XRAY	New	DENTSPLY SIRONA INC	$83,028,000	–	2,200,000	–	0.82%	–
HE	New	HAWAIIAN ELEC INDUSTRIES	$42,611,000	–	1,197,261	–	0.42%	–
STRA	New	STRATEGIC ED INC	$33,181,000	–	242,141	–	0.33%	–
EVA	Buy	ENVIVA PARTNERS LP	$22,007,000	+10.3%	692,029	+1.0%	0.22%	+19.3%
SYMC	New	SYMANTEC CORP	$10,640,000	–	500,000	–	0.10%	–
STRA	Exit	STRAYER EDUCATION	$0	–	-193,457	–	-0.20%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTE	$0	–	-18,033,149	–	-3.79%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-28,626,334	–	-12.77%	–

Q2 2018

			Value		Shares		↓ Weighting
C	New	CITIGROUP	$1,684,744,000	–	25,175,500	–	15.25%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$1,418,473,000	–	6,082,646	–	12.84%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$1,410,419,000	–	28,626,334	–	12.77%	–
STX	New	SEAGATE TECHNOLOGY PLC	$1,265,194,000	–	22,404,700	–	11.45%	–
KKR	New	KKR & CO LP	$1,235,045,000	–	49,700,000	–	11.18%	–
CBRE	New	CBRE GROUP INCcl a	$950,834,000	–	19,916,923	–	8.61%	–
MS	New	MORGAN STANLEY	$886,836,000	–	18,709,620	–	8.03%	–
TRN	New	TRINITY INDS INC	$733,435,000	–	21,407,891	–	6.64%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$433,085,000	–	6,852,612	–	3.92%	–
SLM	New	SLM CORP	$430,582,000	–	37,605,408	–	3.90%	–
VRX	New	VALEANT PHARMACEUTICALS INTE	$419,090,000	–	18,033,149	–	3.79%	–
AFI	New	ARMSTRONG FLOORING INC	$64,792,000	–	4,614,787	–	0.59%	–
UFI	New	UNIFI, INC.	$29,323,000	–	925,000	–	0.26%	–
LIND	New	LINDBLAD EXPEDITIONS HOLDINGS INC	$22,409,000	–	1,691,300	–	0.20%	–
STRA	New	STRAYER EDUCATION	$21,862,000	–	193,457	–	0.20%	–
AES	New	AES CORP	$20,511,000	–	1,529,500	–	0.19%	–
EVA	New	ENVIVA PARTNERS LP	$19,947,000	–	685,453	–	0.18%	–

Q4 2017

			Value		Shares		↓ Weighting
BIVV	Exit	BIOVERATIV INC	$0	–	-1,270,619	–	-0.73%	–
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-4,609,071	–	-0.73%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTE	$0	–	-18,010,027	–	-2.59%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-2,980,008	–	-4.61%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-9,202,612	–	-4.73%	–
TRN	Exit	TRINITY INDS INC	$0	–	-17,255,115	–	-5.52%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,013,474	–	-6.73%	–
STX	Exit	SEAGATE TECHNOLOGY PLC	$0	–	-21,458,600	–	-7.13%	–
MS	Exit	MORGAN STANLEY	$0	–	-17,884,620	–	-8.64%	–
KKR	Exit	KKR & CO LP	$0	–	-45,555,916	–	-9.28%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-28,878,480	–	-10.96%	–
BKR	Exit	BAKER HUGHES A GE COcl a	$0	–	-31,407,820	–	-11.53%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-5,877,400	–	-13.05%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-53,326,334	–	-13.78%	–

Q3 2017

			Value		Shares		↓ Weighting
BKR	New	BAKER HUGHES A GE COcl a	$1,150,154,000	–	31,407,820	–	11.53%	–
CBRE	Sell	CBRE GROUP INCcl a	$1,093,917,000	-12.6%	28,878,480	-16.0%	10.96%	-1.9%
KKR	Buy	KKR & CO LP	$926,152,000	+895.9%	45,555,916	+811.1%	9.28%	+1017.1%
STX	Buy	SEAGATE TECHNOLOGY PLC	$711,782,000	+33.0%	21,458,600	+55.3%	7.13%	+49.2%
MSFT	Sell	MICROSOFT CORP	$671,413,000	-39.2%	9,013,474	-43.7%	6.73%	-31.8%
TRN	Buy	TRINITY INDS INC	$550,438,000	+26.0%	17,255,115	+10.7%	5.52%	+41.4%
AWI	Buy	ARMSTRONG WORLD INDS INC NEW	$471,634,000	+11.4%	9,202,612	+0.0%	4.73%	+25.0%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$459,607,000	-52.2%	2,980,008	-54.9%	4.61%	-46.4%
VRX	Buy	VALEANT PHARMACEUTICALS INTE	$258,084,000	-17.1%	18,010,027	+0.1%	2.59%	-7.0%
BIVV	Sell	BIOVERATIV INC	$72,514,000	-83.2%	1,270,619	-82.3%	0.73%	-81.1%
NTCT	Exit	NETSCOUT SYS INC	$0	–	-1,750,943	–	-0.54%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-31,407,820	–	-15.29%	–

Q2 2017

			Value		Shares		↓ Weighting
BHI	New	BAKER HUGHES INC	$1,712,040,000	–	31,407,820	–	15.29%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$1,508,670,000	–	5,877,400	–	13.48%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$1,486,205,000	–	53,326,334	–	13.28%	–
CBRE	New	CBRE GROUP INCcl a	$1,251,377,000	–	34,378,480	–	11.18%	–
MSFT	New	MICROSOFT CORP	$1,103,762,000	–	16,012,799	–	9.86%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$961,397,000	–	6,609,358	–	8.59%	–
MS	New	MORGAN STANLEY	$796,939,000	–	17,884,620	–	7.12%	–
STX	New	SEAGATE TECHNOLOGY PLC	$535,361,000	–	13,815,765	–	4.78%	–
TRN	New	TRINITY INDS INC	$436,780,000	–	15,582,605	–	3.90%	–
BIVV	New	BIOVERATIV INC	$431,051,000	–	7,163,892	–	3.85%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$423,200,000	–	9,200,000	–	3.78%	–
VRX	New	VALEANT PHARMACEUTICALS INTE	$311,352,000	–	17,997,224	–	2.78%	–
KKR	New	KKR & CO LP	$93,000,000	–	5,000,000	–	0.83%	–
AFI	New	ARMSTRONG FLOORING INC	$82,825,000	–	4,609,071	–	0.74%	–
NTCT	New	NETSCOUT SYS INC	$60,232,000	–	1,750,943	–	0.54%	–

Q4 2016

			Value		Shares		↓ Weighting
AFI	Exit	ARMSTRONG FLOORING INC	$0	–	-4,600,000	–	-0.76%	–
TRN	Exit	TRINITY INDS INC	$0	–	-12,421,000	–	-2.61%	–
STX	Exit	SEAGATE TECHNOLOGY PLC	$0	–	-9,539,490	–	-3.20%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTE	$0	–	-14,994,261	–	-3.20%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-9,200,000	–	-3.31%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-19,125,204	–	-4.77%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-34,620,054	–	-8.43%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-5,000,000	–	-9.34%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-8,108,015	–	-9.37%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-50,326,334	–	-10.84%	–
MS	Exit	MORGAN STANLEY	$0	–	-41,900,000	–	-11.69%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-29,886,200	–	-13.13%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-38,624,678	–	-19.36%	–

Q3 2016

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$2,224,781,000	-23.2%	38,624,678	-31.8%	19.36%	-26.4%
BHI	Sell	BAKER HUGHES INC	$1,508,357,000	-14.1%	29,886,200	-23.1%	13.13%	-17.6%
MS	Buy	MORGAN STANLEY	$1,343,314,000	+36.1%	41,900,000	+10.3%	11.69%	+30.5%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$1,245,074,000	-3.5%	50,326,334	+6.3%	10.84%	-7.4%
ADS	Buy	ALLIANCE DATA SYSTEMS CORP	$1,072,650,000	+66.5%	5,000,000	+52.1%	9.34%	+59.7%
CBRE	Buy	CBRE GROUP INCcl a	$968,669,000	+11.1%	34,620,054	+5.1%	8.43%	+6.5%
STX	Buy	SEAGATE TECHNOLOGY PLC	$367,747,000	+403.2%	9,539,490	+218.0%	3.20%	+382.7%
TRN	Buy	TRINITY INDS INC	$300,340,000	+169.6%	12,421,000	+107.0%	2.61%	+158.6%
MSCI	Exit	MSCI INC	$0	–	-1,300,900	–	-0.91%	–

Q2 2016

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$2,897,485,000	–	56,624,678	–	26.30%	–
BHI	New	BAKER HUGHES INC	$1,754,934,000	–	38,886,200	–	15.93%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$1,289,643,000	–	47,326,334	–	11.70%	–
WLTW	New	WILLIS TOWERS WATSON PLC	$1,007,907,000	–	8,108,015	–	9.15%	–
MS	New	MORGAN STANLEY	$987,240,000	–	38,000,000	–	8.96%	–
CBRE	New	CBRE GROUP INCcl a	$872,140,000	–	32,935,794	–	7.92%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$644,167,000	–	3,287,910	–	5.85%	–
ALSN	New	ALLISON TRANSMISSION HOLDING	$539,905,000	–	19,125,204	–	4.90%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES	$360,180,000	–	9,200,000	–	3.27%	–
VRX	New	VALEANT PHARMACEUTICALS INTE	$301,984,000	–	14,994,261	–	2.74%	–
TRN	New	TRINITY INDUSTRIES INC	$111,420,000	–	6,000,000	–	1.01%	–
MSCI	New	MSCI INC	$100,325,000	–	1,300,900	–	0.91%	–
AFI	New	ARMSTRONG FLOORING INC	$77,970,000	–	4,600,000	–	0.71%	–
STX	New	SEAGATE TECHNOLOGY PLC	$73,080,000	–	3,000,000	–	0.66%	–

Q4 2015

			Value		Shares		↓ Weighting
TW	Exit	TOWERS WATSON & COcl a	$0	–	-330,000	–	-0.22%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES	$0	–	-9,200,000	–	-2.55%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDING	$0	–	-19,125,204	–	-2.97%	–
MSCI	Exit	MSCI INC	$0	–	-9,309,311	–	-3.22%	–
WSH	Exit	WILLIS GROUP HOLDINGS PLC	$0	–	-18,423,835	–	-4.39%	–
AXP	Exit	AMERICAN EXPRESS COMPANY	$0	–	-11,300,000	–	-4.87%	–
AGU	Exit	AGRIUM INC	$0	–	-10,003,451	–	-5.21%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-31,327,405	–	-5.83%	–
ADBE	Exit	ADOBE SYSTEMS INC	$0	–	-14,010,739	–	-6.70%	–
MSI	Exit	MOTOROLA SOLUTIONS, INC	$0	–	-17,588,576	–	-6.99%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-23,246,700	–	-7.04%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-47,326,334	–	-7.45%	–
HAL	Exit	HALLIBURTON CO	$0	–	-37,149,560	–	-7.64%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTE	$0	–	-14,994,261	–	-15.55%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-75,273,091	–	-19.37%	–

Q3 2015

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$3,331,587,000	+0.3%	75,273,091	+0.0%	19.37%	+10.7%
HAL	Sell	HALLIBURTON CO	$1,313,237,000	-18.7%	37,149,560	-1.0%	7.64%	-10.3%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$1,281,124,000	-10.8%	47,326,334	+6.2%	7.45%	-1.5%
ADBE	Sell	ADOBE SYSTEMS INC	$1,151,963,000	-9.4%	14,010,739	-10.8%	6.70%	0.0%
AXP	Buy	AMERICAN EXPRESS COMPANY	$837,669,000	-2.9%	11,300,000	+1.8%	4.87%	+7.2%
MSCI	Buy	MSCI INC	$553,532,000	-3.4%	9,309,311	+0.0%	3.22%	+6.7%
TW	New	TOWERS WATSON & COcl a	$38,735,000	–	330,000	–	0.22%	–

Q2 2015

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTE	$3,330,975,000	–	14,994,261	–	17.54%	–
MSFT	New	MICROSOFT CORP	$3,323,234,000	–	75,271,429	–	17.50%	–
HAL	New	HALLIBURTON CO	$1,615,911,000	–	37,518,260	–	8.51%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$1,436,411,000	–	44,581,334	–	7.56%	–
BHI	New	BAKER HUGHES INC	$1,434,321,000	–	23,246,700	–	7.55%	–
ADBE	New	ADOBE SYSTEMS INC	$1,272,160,000	–	15,703,739	–	6.70%	–
CBRE	New	CBRE GROUP INCcl a	$1,159,114,000	–	31,327,405	–	6.10%	–
AGU	New	AGRIUM INC	$1,059,866,000	–	10,003,451	–	5.58%	–
MSI	New	MOTOROLA SOLUTIONS, INC	$1,008,529,000	–	17,588,576	–	5.31%	–
WSH	New	WILLIS GROUP HOLDINGS PLC	$864,078,000	–	18,423,835	–	4.55%	–
AXP	New	AMERICAN EXPRESS COMPANY	$862,692,000	–	11,100,000	–	4.54%	–
MSCI	New	MSCI INC	$572,966,000	–	9,308,960	–	3.02%	–
ALSN	New	ALLISON TRANSMISSION HOLDING	$559,603,000	–	19,125,204	–	2.95%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES	$490,176,000	–	9,200,000	–	2.58%	–

Q4 2014

			Value		Shares		↓ Weighting
FOXA	Exit	TWENTY-FIRST CENTURY FOX INCcl a	$0	–	-4,600,000	–	-1.06%	–
MSCI	Exit	MSCI INC	$0	–	-9,308,960	–	-2.93%	–
AGU	Exit	AGRIUM INC	$0	–	-5,216,753	–	-3.11%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDING	$0	–	-18,025,204	–	-3.44%	–
AWI	Exit	ARMSTRONG WORLD INDUSTRIES	$0	–	-9,200,000	–	-3.45%	–
WSH	Exit	WILLIS GROUP HOLDINGS PLC	$0	–	-18,423,835	–	-5.11%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-25,200,000	–	-5.63%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-11,051,428	–	-5.82%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-32,165,849	–	-6.41%	–
ADBE	Exit	ADOBE SYSTEMS INC	$0	–	-23,860,116	–	-11.06%	–
MSI	Exit	MOTOROLA SOLUTIONS, INC	$0	–	-28,907,623	–	-12.26%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTE	$0	–	-18,923,877	–	-16.64%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-74,237,469	–	-23.07%	–

Q3 2014

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$3,441,649,000	+11.2%	74,237,469	+0.0%	23.07%	+0.8%
ADBE	Sell	ADOBE SYSTEMS INC	$1,650,881,000	-7.1%	23,860,116	-2.9%	11.06%	-15.8%
COL	Sell	ROCKWELL COLLINS INC	$867,537,000	-7.6%	11,051,428	-8.0%	5.82%	-16.2%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$839,412,000	+820.8%	25,200,000	+846.3%	5.63%	+734.7%
WSH	Buy	WILLIS GROUP HOLDINGS PLC	$762,747,000	-4.4%	18,423,835	+0.0%	5.11%	-13.3%
AWI	Buy	ARMSTRONG WORLD INDUSTRIES	$515,200,000	+232.3%	9,200,000	+240.7%	3.45%	+201.3%
AGU	New	AGRIUM INC	$464,291,000	–	5,216,753	–	3.11%	–
MSCI	Sell	MSCI INC	$437,707,000	+2.2%	9,308,960	-0.3%	2.93%	-7.3%
FOXA	New	TWENTY-FIRST CENTURY FOX INCcl a	$157,734,000	–	4,600,000	–	1.06%	–
KAR	Exit	KAR AUCTION SERVICES INC	$0	–	-803,628	–	-0.19%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-905,364	–	-0.30%	–
DRC	Exit	DRESSER-RAND GROUP INC	$0	–	-4,358,408	–	-2.05%	–

Q2 2014

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$3,095,668,000	–	74,236,642	–	22.88%	–
VRX	New	VALEANT PHARMACEUTICALS INTE	$2,386,679,000	–	18,923,877	–	17.64%	–
MSI	New	MOTOROLA SOLUTIONS, INC	$1,924,380,000	–	28,907,623	–	14.22%	–
ADBE	New	ADOBE SYSTEMS INC	$1,777,170,000	–	24,560,116	–	13.14%	–
CBRE	New	CBRE GROUP INCcl a	$1,030,594,000	–	32,165,849	–	7.62%	–
COL	New	ROCKWELL COLLINS INC	$938,594,000	–	12,011,700	–	6.94%	–
WSH	New	WILLIS GROUP HOLDINGS PLC	$797,699,000	–	18,422,600	–	5.90%	–
ALSN	New	ALLISON TRANSMISSION HOLDING	$560,584,000	–	18,025,204	–	4.14%	–
MSCI	New	MSCI INC	$428,298,000	–	9,341,288	–	3.17%	–
DRC	New	DRESSER-RAND GROUP INC	$277,761,000	–	4,358,408	–	2.05%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES	$155,061,000	–	2,700,000	–	1.15%	–
FOX	New	TWENTY-FIRST CENTURY FOXcl b	$91,157,000	–	2,663,083	–	0.67%	–
EXPD	New	EXPEDITORS INTL WASH INC	$39,981,000	–	905,364	–	0.30%	–
KAR	New	KAR AUCTION SERVICES INC	$25,612,000	–	803,628	–	0.19%	–

Q4 2013

			Value		Shares		↓ Weighting
VLO	Exit	VALERO ENERGY CORP	$0	–	-637,747	–	-0.20%	–
KAR	Exit	KAR AUCTION SERVICES INC	$0	–	-803,628	–	-0.20%	–
MOS	Exit	MOSAIC CO	$0	–	-575,944	–	-0.22%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDING	$0	–	-4,625,204	–	-1.04%	–
MSCI	Exit	MSCI INC	$0	–	-7,394,017	–	-2.69%	–
CF	Exit	CF INDUSTRIES HOLDINGS INC	$0	–	-1,412,200	–	-2.69%	–
MCRS	Exit	MICROS SYSTEMS INC	$0	–	-6,697,308	–	-3.02%	–
CBRE	Exit	CBRE GROUP INC	$0	–	-32,162,764	–	-6.71%	–
WSH	Exit	WILLIS GROUP HOLDINGS PLC	$0	–	-18,214,700	–	-7.12%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-13,113,000	–	-8.03%	–
ADBE	Exit	ADOBE SYSTEMS INC	$0	–	-31,303,362	–	-14.67%	–
MSI	Exit	MOTOROLA SOLUTIONS, INC	$0	–	-28,907,623	–	-15.49%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTE	$0	–	-18,923,877	–	-17.82%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-66,865,530	–	-20.10%	–

Q3 2013

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$2,227,291,000	+11.7%	66,865,530	+15.8%	20.10%	-1.9%
COL	Buy	ROCKWELL COLLINS INC	$889,848,000	+25.5%	13,113,000	+17.3%	8.03%	+10.3%
CBRE	Buy	CBRE GROUP INC	$743,925,000	-0.5%	32,162,764	+0.5%	6.71%	-12.6%
CF	Buy	CF INDUSTRIES HOLDINGS INC	$297,734,000	+73.6%	1,412,200	+41.2%	2.69%	+52.6%
MSCI	Buy	MSCI INC	$297,683,000	+44.3%	7,394,017	+19.2%	2.69%	+26.8%
ALSN	New	ALLISON TRANSMISSION HOLDING	$115,861,000	–	4,625,204	–	1.04%	–
MOS	New	MOSAIC CO	$24,777,000	–	575,944	–	0.22%	–
VLO	New	VALERO ENERGY CORP	$21,779,000	–	637,747	–	0.20%	–
TECH	Exit	TECHNE CORP	$0	–	-62,004	–	-0.04%	–
GDI	Exit	GARDNER DENVER INC	$0	–	-643,400	–	-0.50%	–
	Exit	CR BARD INC	$0	–	-758,704	–	-0.85%	–

Q2 2013

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$1,994,108,000	–	57,750,000	–	20.48%	–
MSI	New	MOTOROLA SOLUTIONS, INC	$1,668,837,000	–	28,907,623	–	17.14%	–
VRX	New	VALEANT PHARMACEUTICALS INTE	$1,628,967,000	–	18,923,877	–	16.73%	–
ADBE	New	ADOBE SYSTEMS INC	$1,426,181,000	–	31,303,362	–	14.65%	–
CBRE	New	CBRE GROUP INC	$747,554,000	–	32,001,464	–	7.68%	–
WSH	New	WILLIS GROUP HOLDINGS PLC	$742,795,000	–	18,214,700	–	7.63%	–
COL	New	ROCKWELL COLLINS INC	$708,924,000	–	11,180,009	–	7.28%	–
MCRS	New	MICROS SYSTEMS INC	$288,989,000	–	6,697,308	–	2.97%	–
MSCI	New	MSCI INC	$206,295,000	–	6,200,622	–	2.12%	–
CF	New	CF INDUSTRIES HOLDINGS INC	$171,500,000	–	1,000,000	–	1.76%	–
	New	CR BARD INC	$82,456,000	–	758,704	–	0.85%	–
GDI	New	GARDNER DENVER INC	$48,371,000	–	643,400	–	0.50%	–
KAR	New	KAR AUCTION SERVICES INC	$18,371,000	–	803,628	–	0.19%	–
TECH	New	TECHNE CORP	$4,283,000	–	62,004	–	0.04%	–

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