3G Capital Partners Activity Q4 2007-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
ADI	Buy	ANALOG DEVICES INC	$27,576,675	+194.9%	157,500	+228.1%	15.33%	+62.3%
FB	Buy	META PLATFORMS INCcl a	$23,416,380	+63.2%	78,000	+56.0%	13.02%	-10.2%
PDD	Buy	PDD HOLDINGS INCsponsored ads	$20,104,350	+481.6%	205,000	+310.0%	11.18%	+220.1%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$18,865,950	+37.2%	217,500	+31.8%	10.49%	-24.5%
AMZN	New	AMAZON COM INC	$18,750,200	–	147,500	–	10.42%	–
	New	REMITLY GLOBAL INC	$17,654,000	–	700,000	–	9.82%	–
GSHD	Buy	GOOSEHEAD INS INC	$15,651,300	+137.7%	210,000	+100.6%	8.70%	+30.8%
BILL	Buy	BILL HOLDINGS INC	$12,756,975	-5.1%	117,500	+2.2%	7.09%	-47.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$9,487,350	+164.2%	72,500	+141.7%	5.28%	+45.4%
CVNA	Buy	CARVANA COcl a	$4,827,700	+210.4%	115,000	+91.7%	2.68%	+70.8%
	New	ARM HOLDINGS PLCsponsored adr	$1,070,400	–	20,000	–	0.60%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-80,000	–	-2.76%	–
KLAC	Exit	KLA CORP	$0	–	-10,000	–	-4.90%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-9,000	–	-5.84%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-58,500	–	-8.54%	–

Q2 2023

			Value		Shares		↓ Weighting
FB	New	META PLATFORMS INCcl a	$14,349,000	–	50,000	–	14.50%	–
BABA	New	ALIBABA GROUP HLDG LTSsponsored ads	$13,752,750	–	165,000	–	13.89%	–
BILL	New	BILL HOLDINGS INC	$13,437,750	–	115,000	–	13.58%	–
WYNN	New	WYNN RESORTS LTD	$11,089,050	–	105,000	–	11.20%	–
ADI	New	ANALOG DEVICES INC	$9,350,880	–	48,000	–	9.45%	–
AMAT	New	APPLIED MATLS INC	$8,455,590	–	58,500	–	8.54%	–
GSHD	New	GOOSEHEAD INS INC	$6,584,394	–	104,697	–	6.65%	–
LRCX	New	LAM RESEARCH CORP	$5,785,740	–	9,000	–	5.84%	–
KLAC	New	KLA CORP	$4,850,200	–	10,000	–	4.90%	–
GOOGL	New	ALPHABET INCcap stk cl a	$3,591,000	–	30,000	–	3.63%	–
PDD	New	PDD HOLDINGS INCsponsored ads	$3,457,000	–	50,000	–	3.49%	–
JD	New	JD.COM INCspon adr cl a	$2,730,400	–	80,000	–	2.76%	–
CVNA	New	CARVANA COcl a	$1,555,200	–	60,000	–	1.57%	–

Q4 2022

			Value		Shares		↓ Weighting
AMZN	Exit	AMAZON COM INC	$0	–	-25,000	–	-5.96%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-65,000	–	-6.90%	–
NOW	Exit	SERVICENOW INC	$0	–	-10,000	–	-7.97%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-20,000	–	-9.83%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-50,000	–	-10.09%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-15,000	–	-11.58%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-107,500	–	-15.55%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-115,000	–	-32.12%	–

Q3 2022

			Value		Shares		↓ Weighting
BILL	Sell	BILL COM HLDGS INC	$15,223,000	+10.8%	115,000	-8.0%	32.12%	+41.2%
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$7,370,000	–	107,500	–	15.55%	–
LRCX	New	LAM RESEARCH CORP	$5,490,000	–	15,000	–	11.58%	–
GOOGL	Buy	ALPHABET INCcap stk cl a	$4,783,000	-68.6%	50,000	+614.3%	10.09%	-60.0%
MSFT	Sell	MICROSOFT CORP	$4,658,000	-63.7%	20,000	-60.0%	9.83%	-53.8%
NOW	New	SERVICENOW INC	$3,776,000	–	10,000	–	7.97%	–
JD	New	JD.COM INCspon adr cl a	$3,270,000	–	65,000	–	6.90%	–
AMZN	Sell	AMAZON COM INC	$2,825,000	-33.5%	25,000	-37.5%	5.96%	-15.2%
TASK	Exit	TASKUS INC	$0	–	-850,000	–	-23.72%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$15,255,000	–	7,000	–	25.25%	–
TASK	New	TASKUS INC	$14,331,000	–	850,000	–	23.72%	–
BILL	New	BILL COM HLDGS INC	$13,743,000	–	125,000	–	22.75%	–
MSFT	New	MICROSOFT CORP	$12,842,000	–	50,000	–	21.26%	–
AMZN	New	AMAZON COM INC	$4,248,000	–	40,000	–	7.03%	–

Q4 2021

			Value		Shares		↓ Weighting
DLO	Exit	DLOCAL LTD	$0	–	-7,500	–	-0.09%	–
FROG	Exit	JFROG LTD	$0	–	-30,000	–	-0.22%	–
NCNO	Exit	NCINO INC	$0	–	-25,000	–	-0.39%	–
BZ	Exit	KANZHUN LIMITEDsponsored ads	$0	–	-100,000	–	-0.78%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,500	–	-1.07%	–
ZI	Exit	ZOOMINFO TECHNOLOGIES INC	$0	–	-100,000	–	-1.33%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-25,000	–	-1.53%	–
FUTU	Exit	FUTU HLDGS LTDspons ads cl a	$0	–	-125,000	–	-2.47%	–
SQ	Exit	SQUARE INCcl a	$0	–	-90,000	–	-4.69%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-80,000	–	-5.26%	–
DASH	Exit	DOORDASH INCcl a	$0	–	-120,000	–	-5.38%	–
	Exit	DOCEBO INC	$0	–	-400,000	–	-6.34%	–
TASK	Exit	TASKUS INC	$0	–	-700,000	–	-10.10%	–
CVNA	Exit	CARVANA COcl a	$0	–	-295,000	–	-19.34%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-290,000	–	-20.10%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-360,000	–	-20.90%	–

Q3 2021

			Value		Shares		↓ Weighting
BILL	Buy	BILL COM HLDGS INC	$96,102,000	+47.8%	360,000	+1.4%	20.90%	+24.4%
CVNA	Buy	CARVANA COcl a	$88,954,000	+3.4%	295,000	+3.5%	19.34%	-13.0%
TASK	Buy	TASKUS INC	$46,459,000	+578.4%	700,000	+250.0%	10.10%	+471.1%
	Buy	DOCEBO INC	$29,177,000	+79.3%	400,000	+45.5%	6.34%	+50.9%
DASH	Buy	DOORDASH INCcl a	$24,718,000	+20.5%	120,000	+4.3%	5.38%	+1.5%
SNOW	Sell	SNOWFLAKE INCcl a	$24,194,000	+11.2%	80,000	-11.1%	5.26%	-6.4%
SQ	Buy	SQUARE INCcl a	$21,586,000	+4.2%	90,000	+5.9%	4.69%	-12.3%
FUTU	Sell	FUTU HLDGS LTDspons ads cl a	$11,378,000	-55.4%	125,000	-12.3%	2.47%	-62.5%
MSFT	Sell	MICROSOFT CORP	$7,048,000	-13.3%	25,000	-16.7%	1.53%	-27.0%
AMZN	Sell	AMAZON COM INC	$4,928,000	-55.2%	1,500	-53.1%	1.07%	-62.3%
BZ	Buy	KANZHUN LIMITEDsponsored ads	$3,599,000	+4455.7%	100,000	+4900.0%	0.78%	+3815.0%
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-140,000	–	-4.41%	–

Q2 2021

			Value		Shares		↓ Weighting
CVNA	New	CARVANA COcl a	$86,019,000	–	285,000	–	22.22%	–
SE	New	SEA LTDsponsord ads	$79,634,000	–	290,000	–	20.57%	–
BILL	New	BILL COM HLDGS INC	$65,029,000	–	355,000	–	16.80%	–
FUTU	New	FUTU HLDGS LTDspons ads cl a	$25,520,000	–	142,500	–	6.59%	–
SNOW	New	SNOWFLAKE INCcl a	$21,762,000	–	90,000	–	5.62%	–
SQ	New	SQUARE INCcl a	$20,723,000	–	85,000	–	5.35%	–
DASH	New	DOORDASH INCcl a	$20,508,000	–	115,000	–	5.30%	–
BILI	New	BILIBILI INCspons ads rep z	$17,058,000	–	140,000	–	4.41%	–
	New	DOCEBO INC	$16,272,000	–	275,000	–	4.20%	–
AMZN	New	AMAZON COM INC	$11,009,000	–	3,200	–	2.84%	–
MSFT	New	MICROSOFT CORP	$8,127,000	–	30,000	–	2.10%	–
TASK	New	TASKUS INC	$6,848,000	–	200,000	–	1.77%	–
ZI	New	ZOOMINFO TECHNOLOGIES INC	$5,217,000	–	100,000	–	1.35%	–
NCNO	New	NCINO INC	$1,498,000	–	25,000	–	0.39%	–
FROG	New	JFROG LTD	$1,366,000	–	30,000	–	0.35%	–
DLO	New	DLOCAL LTD	$394,000	–	7,500	–	0.10%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$79,000	–	2,000	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
JD	Exit	JD.COM INCspon adr cl a	$0	–	-15,000	–	-1.11%	–
NCNO	Exit	NCINO INC	$0	–	-25,000	–	-1.91%	–
FROG	Exit	JFROG LTD	$0	–	-30,000	–	-2.43%	–
ZI	Exit	ZOOMINFO TECHNOLOGIES INC	$0	–	-100,000	–	-4.11%	–
SQ	Exit	SQUARE INCcl a	$0	–	-37,500	–	-5.83%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-30,000	–	-6.04%	–
NOW	Exit	SERVICENOW INC	$0	–	-14,500	–	-6.73%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,400	–	-7.23%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-40,000	–	-9.60%	–
FSLY	Exit	FASTLY INCcl a	$0	–	-125,000	–	-11.20%	–
BILL	Exit	BILL COM HOLDINGS INC	$0	–	-140,000	–	-13.43%	–
SE	Exit	SEA INCsponsord ads	$0	–	-97,500	–	-14.37%	–
CVNA	Exit	CARVANA COcl a	$0	–	-75,000	–	-16.00%	–

Q3 2020

			Value		Shares		↓ Weighting
CVNA	Buy	CARVANA COcl a	$16,730,000	+140.0%	75,000	+29.3%	16.00%	+8.0%
SE	Buy	SEA INCsponsord ads	$15,019,000	+109.0%	97,500	+45.5%	14.37%	-6.0%
BILL	Buy	BILL COM HOLDINGS INC	$14,043,000	+63.9%	140,000	+47.4%	13.43%	-26.3%
FSLY	Buy	FASTLY INCcl a	$11,710,000	+61.8%	125,000	+47.1%	11.20%	-27.2%
SNOW	New	SNOWFLAKE INCcl a	$10,040,000	–	40,000	–	9.60%	–
AMZN	Buy	AMAZON COM INC	$7,557,000	+92.9%	2,400	+69.0%	7.23%	-13.2%
NOW	Buy	SERVICENOW INC	$7,033,000	+65.4%	14,500	+38.1%	6.73%	-25.6%
MSFT	Buy	MICROSOFT CORP	$6,310,000	+158.4%	30,000	+150.0%	6.04%	+16.3%
SQ	Buy	SQUARE INCcl a	$6,096,000	+1136.5%	37,500	+697.9%	5.83%	+456.5%
FROG	New	JFROG LTD	$2,540,000	–	30,000	–	2.43%	–
NCNO	New	NCINO INC	$1,992,000	–	25,000	–	1.91%	–
JD	New	JD.COM INCspon adr cl a	$1,164,000	–	15,000	–	1.11%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-10,000	–	-1.82%	–

Q2 2020

			Value		Shares		↓ Weighting
BILL	New	BILL COM HLDGS INC	$8,570,000	–	95,000	–	18.22%	–
FSLY	New	FASTLY INCcl a	$7,236,000	–	85,000	–	15.39%	–
SE	New	SEA LTDsponsored ads	$7,185,000	–	67,000	–	15.28%	–
CVNA	New	CARVANA COcl a	$6,972,000	–	58,000	–	14.82%	–
ZI	New	ZOOMINFO TECHNOLOGIES INC	$5,103,000	–	100,000	–	10.85%	–
NOW	New	SERVICENOW INC	$4,253,000	–	10,500	–	9.04%	–
AMZN	New	AMAZON COM INC	$3,918,000	–	1,420	–	8.33%	–
MSFT	New	MICROSOFT CORP	$2,442,000	–	12,000	–	5.19%	–
PDD	New	PINDUODUO INCsponsored ads	$858,000	–	10,000	–	1.82%	–
SQ	New	SQUARE INCcl a	$493,000	–	4,700	–	1.05%	–

Q4 2019

			Value		Shares		↓ Weighting
TSG	Exit	STARS GROUP INC	$0	–	-1,078,837	–	-2.14%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-636,073	–	-2.41%	–
FOX	Exit	FOX CORP	$0	–	-764,891	–	-3.19%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-266,063	–	-4.68%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-1,568,051	–	-5.82%	–
WAB	Exit	WABTEC CORP	$0	–	-1,189,960	–	-11.30%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-638,829	–	-11.74%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,663,792	–	-15.87%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-388,913	–	-21.18%	–
FOXA	Exit	FOX CORP	$0	–	-5,206,149	–	-21.69%	–

Q3 2019

			Value		Shares		↓ Weighting
FOXA	Buy	FOX CORP	$164,176,000	+14.1%	5,206,149	+32.5%	21.69%	+16.7%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$160,279,000	+32.4%	388,913	+26.9%	21.18%	+35.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$120,084,000	-0.7%	2,663,792	-6.9%	15.87%	+1.6%
MSFT	Sell	MICROSOFT CORP	$88,816,000	+3.2%	638,829	-0.5%	11.74%	+5.6%
WAB	Buy	WABTEC CORP	$85,511,000	+193.0%	1,189,960	+192.6%	11.30%	+199.7%
URBN	New	URBAN OUTFITTERS INC	$44,047,000	–	1,568,051	–	5.82%	–
KSU	Sell	KANSAS CITY SOUTHERN	$35,389,000	+4.6%	266,063	-4.2%	4.68%	+7.0%
FOX	Sell	FOX CORP	$24,125,000	-44.7%	764,891	-36.0%	3.19%	-43.4%
ATUS	Sell	ALTICE USA INCcl a	$18,243,000	-52.5%	636,073	-59.6%	2.41%	-51.4%
TSG	New	STARS GROUP INC	$16,161,000	–	1,078,837	–	2.14%	–
PBPB	Exit	POTBELLY CORP	$0	–	-875,130	–	-0.58%	–
PAR	Exit	PAR TECHNOLOGY CORP	$0	–	-182,582	–	-0.66%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-56,194	–	-1.40%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-115,536	–	-1.56%	–
GME	Exit	GAMESTOP CORP NEWcl a	$0	–	-2,551,125	–	-1.80%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-312,086	–	-2.48%	–
AABA	Exit	ALTABA INC	$0	–	-642,622	–	-5.76%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-686,549	–	-6.07%	–

Q2 2019

			Value		Shares		↓ Weighting
FOXA	New	FOX CORP	$143,923,000	–	3,928,031	–	18.59%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$121,081,000	–	306,395	–	15.64%	–
CMCSA	New	COMCAST CORP NEWcl a	$120,908,000	–	2,859,706	–	15.62%	–
MSFT	New	MICROSOFT CORP	$86,039,000	–	642,273	–	11.11%	–
LNG	New	CHENIERE ENERGY INC	$46,994,000	–	686,549	–	6.07%	–
AABA	New	ALTABA INC	$44,579,000	–	642,622	–	5.76%	–
FOX	New	FOX CORP	$43,643,000	–	1,194,725	–	5.64%	–
ATUS	New	ALTICE USA INCcl a	$38,376,000	–	1,576,013	–	4.96%	–
KSU	New	KANSAS CITY SOUTHERN	$33,831,000	–	277,713	–	4.37%	–
WAB	New	WABTEC CORP	$29,187,000	–	406,735	–	3.77%	–
GLIBA	New	GCI LIBERTY INC	$19,181,000	–	312,086	–	2.48%	–
GME	New	GAMESTOP CORP NEWcl a	$13,955,000	–	2,551,125	–	1.80%	–
LBRDK	New	LIBERTY BROADBAND CORP	$12,041,000	–	115,536	–	1.56%	–
FB	New	FACEBOOK INCcl a	$10,845,000	–	56,194	–	1.40%	–
PAR	New	PAR TECHNOLOGY CORP	$5,149,000	–	182,582	–	0.66%	–
PBPB	New	POTBELLY CORP	$4,454,000	–	875,130	–	0.58%	–

Q4 2018

			Value		Shares		↓ Weighting
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-26,664	–	-0.19%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-3,000,000	–	-0.52%	–
MTN	Exit	VAIL RESORTS INC	$0	–	-25,000	–	-0.57%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-200,000	–	-0.75%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-56,558	–	-0.77%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-150,000	–	-0.79%	–
VALE	Exit	VALE S Aadr	$0	–	-700,000	–	-0.86%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-233,132	–	-0.98%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-150,000	–	-1.06%	–
DE	Exit	DEERE & CO	$0	–	-100,000	–	-1.24%	–
CXO	Exit	CONCHO RES INC	$0	–	-100,000	–	-1.26%	–
CXO	Exit	CONCHO RES INCcall	$0	–	-100,000	–	-1.32%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-250,000	–	-1.65%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-250,000	–	-1.65%	–
GOLD	Exit	BARRICK GOLD CORPput	$0	–	-2,000,000	–	-1.82%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-213,302	–	-2.00%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-1,554,514	–	-2.33%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-250,000	–	-2.79%	–
XLI	Exit	SELECT SECTOR SPDR TRput	$0	–	-500,000	–	-3.18%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-230,307	–	-3.34%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-375,724	–	-3.55%	–
AABA	Exit	ALTABA INC	$0	–	-781,028	–	-4.40%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-1,150,000	–	-4.40%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-296,015	–	-5.18%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-1,176,087	–	-6.75%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-397,105	–	-10.69%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-2,845,035	–	-10.77%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-8,614,224	–	-25.20%	–

Q3 2018

			Value		Shares		↓ Weighting
CMCSA	Sell	COMCAST CORP NEWcl a	$305,030,000	-2.7%	8,614,224	-9.8%	25.20%	+16.5%
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$130,360,000	–	2,845,035	–	10.77%	–
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$129,409,000	+62.9%	397,105	+46.5%	10.69%	+94.9%
LNG	Buy	CHENIERE ENERGY INC	$81,726,000	+13.2%	1,176,087	+6.2%	6.75%	+35.5%
CP	Sell	CANADIAN PAC RY LTD	$62,737,000	-11.8%	296,015	-23.8%	5.18%	+5.6%
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$53,280,000	–	1,150,000	–	4.40%	–
AABA	Buy	ALTABA INC	$53,204,000	+44.7%	781,028	+55.6%	4.40%	+73.2%
MSFT	Sell	MICROSOFT CORP	$42,972,000	-19.7%	375,724	-30.8%	3.55%	-3.9%
MHK	New	MOHAWK INDS INC	$40,384,000	–	230,307	–	3.34%	–
XLI	Sell	SELECT SECTOR SPDR TRput	$38,500,000	-86.6%	500,000	-87.5%	3.18%	-83.9%
FANG	New	DIAMONDBACK ENERGY INC	$33,798,000	–	250,000	–	2.79%	–
KSU	New	KANSAS CITY SOUTHERN	$24,163,000	–	213,302	–	2.00%	–
GOLD	New	BARRICK GOLD CORPput	$22,000,000	–	2,000,000	–	1.82%	–
MPC	Sell	MARATHON PETE CORP	$19,993,000	-5.0%	250,000	-16.7%	1.65%	+13.7%
WCN	Buy	WASTE CONNECTIONS INC	$19,943,000	+164.9%	250,000	+150.0%	1.65%	+216.9%
CXO	New	CONCHO RES INCcall	$16,000,000	–	100,000	–	1.32%	–
CXO	Sell	CONCHO RES INC	$15,275,000	-63.2%	100,000	-66.7%	1.26%	-56.0%
DE	New	DEERE & CO	$15,033,000	–	100,000	–	1.24%	–
RS	Sell	RELIANCE STEEL & ALUMINUM CO	$12,794,000	-76.1%	150,000	-75.4%	1.06%	-71.3%
GLIBA	Buy	GCI LIBERTY INC	$11,890,000	+38.2%	233,132	+22.2%	0.98%	+65.3%
VALE	New	VALE S Aadr	$10,388,000	–	700,000	–	0.86%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$9,566,000	–	150,000	–	0.79%	–
FB	Sell	FACEBOOK INCcl a	$9,302,000	-18.6%	56,558	-3.9%	0.77%	-2.7%
MTN	New	VAIL RESORTS INC	$6,861,000	–	25,000	–	0.57%	–
TRQ	Sell	TURQUOISE HILL RES LTD	$6,360,000	-55.2%	3,000,000	-40.0%	0.52%	-46.4%
LBRDK	New	LIBERTY BROADBAND CORP	$2,248,000	–	26,664	–	0.19%	–
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-19,468	–	-0.38%	–
QCP	Exit	QUALITY CARE PPTYS INC	$0	–	-322,936	–	-0.48%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-200,000	–	-0.65%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-229,428	–	-0.77%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-250,000	–	-1.14%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-700,000	–	-1.23%	–
NUE	Exit	NUCOR CORP	$0	–	-300,000	–	-1.29%	–
ECA	Exit	ENCANA CORP	$0	–	-1,500,000	–	-1.35%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-600,000	–	-1.51%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-129,275	–	-1.95%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-500,000	–	-2.39%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-300,000	–	-2.46%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-200,000	–	-2.61%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-300,000	–	-2.62%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-1,000,000	–	-2.81%	–

Q2 2018

			Value		Shares		↓ Weighting
CMCSA	New	COMCAST CORP NEWcl a	$313,397,000	–	9,551,884	–	21.63%	–
XLI	New	SELECT SECTOR SPDR TRput	$286,520,000	–	4,000,000	–	19.78%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$79,460,000	–	270,999	–	5.48%	–
LNG	New	CHENIERE ENERGY INC	$72,199,000	–	1,107,514	–	4.98%	–
CP	New	CANADIAN PAC RY LTD	$71,121,000	–	388,596	–	4.91%	–
MSFT	New	MICROSOFT CORP	$53,541,000	–	542,957	–	3.70%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$53,451,000	–	610,593	–	3.69%	–
CXO	New	CONCHO RES INC	$41,505,000	–	300,000	–	2.86%	–
SU	New	SUNCOR ENERGY INC NEW	$40,680,000	–	1,000,000	–	2.81%	–
CVX	New	CHEVRON CORP NEW	$37,929,000	–	300,000	–	2.62%	–
PXD	New	PIONEER NAT RES CO	$37,848,000	–	200,000	–	2.61%	–
AABA	New	ALTABA INC	$36,756,000	–	502,060	–	2.54%	–
GLD	New	SPDR GOLD TRUST	$35,595,000	–	300,000	–	2.46%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$34,615,000	–	500,000	–	2.39%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$28,294,000	–	129,275	–	1.95%	–
ATUS	New	ALTICE USA INCcl a	$26,520,000	–	1,554,514	–	1.83%	–
TS	New	TENARIS S Asponsored adr	$21,834,000	–	600,000	–	1.51%	–
MPC	New	MARATHON PETE CORP	$21,048,000	–	300,000	–	1.45%	–
ECA	New	ENCANA CORP	$19,575,000	–	1,500,000	–	1.35%	–
NUE	New	NUCOR CORP	$18,750,000	–	300,000	–	1.29%	–
TECK	New	TECK RESOURCES LTDcl b	$17,815,000	–	700,000	–	1.23%	–
DWDP	New	DOWDUPONT INC	$16,480,000	–	250,000	–	1.14%	–
TRQ	New	TURQUOISE HILL RES LTD	$14,200,000	–	5,000,000	–	0.98%	–
FB	New	FACEBOOK INCcl a	$11,434,000	–	58,840	–	0.79%	–
SBUX	New	STARBUCKS CORP	$11,208,000	–	229,428	–	0.77%	–
SCCO	New	SOUTHERN COPPER CORP	$9,374,000	–	200,000	–	0.65%	–
STLD	New	STEEL DYNAMICS INC	$9,190,000	–	200,000	–	0.63%	–
GLIBA	New	GCI LIBERTY INC	$8,603,000	–	190,842	–	0.59%	–
WCN	New	WASTE CONNECTIONS INC	$7,528,000	–	100,000	–	0.52%	–
QCP	New	QUALITY CARE PPTYS INC	$6,946,000	–	322,936	–	0.48%	–
DPZ	New	DOMINOS PIZZA INC	$5,493,000	–	19,468	–	0.38%	–

Q4 2017

			Value		Shares		↓ Weighting
STLD	Exit	STEEL DYNAMICS INCcall	$0	–	-2,000	–	-0.61%	–
CMC	Exit	COMMERCIAL METALS CO	$0	–	-500,000	–	-0.88%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-250,000	–	-0.92%	–
TECK	Exit	TECK RESOURCES LTDcall	$0	–	-5,000	–	-0.97%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-4,000,000	–	-1.14%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-400,000	–	-1.36%	–
VALE	Exit	VALE S A	$0	–	-1,500,000	–	-1.39%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-1,000,000	–	-1.95%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-400,000	–	-2.07%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-300,000	–	-2.11%	–
APA	Exit	APACHE CORPcall	$0	–	-5,000	–	-2.19%	–
COP	Exit	CONOCOPHILLIPScall	$0	–	-5,000	–	-2.42%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-800,000	–	-2.54%	–
PX	Exit	PRAXAIR INC	$0	–	-200,000	–	-2.58%	–
LW	Exit	LAMB WESTON HOLDINGS INC	$0	–	-600,000	–	-2.60%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-1,500,000	–	-2.64%	–
BWLD	Exit	BUFFALO WILD WINGS INC	$0	–	-286,566	–	-2.80%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-600,000	–	-3.14%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-1,000,000	–	-3.19%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-1,375,000	–	-3.46%	–
BP	Exit	BP PLCsponsored adr	$0	–	-1,000,000	–	-3.55%	–
XOM	Exit	EXXON MOBIL CORPcall	$0	–	-5,000	–	-3.81%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-700,000	–	-3.91%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-452,730	–	-3.98%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,500,000	–	-4.64%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-291,980	–	-5.37%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,163,284	–	-8.00%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-822,482	–	-12.75%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,669,289	–	-13.03%	–

Q3 2017

			Value		Shares		↓ Weighting
CMCSA	Buy	COMCAST CORP NEWcl a	$141,194,000	+15.8%	3,669,289	+17.2%	13.03%	+32.8%
CP	Sell	CANADIAN PAC RY LTD	$138,202,000	-8.1%	822,482	-12.1%	12.75%	+5.3%
MSFT	Sell	MICROSOFT CORP	$86,653,000	-8.3%	1,163,284	-15.2%	8.00%	+5.1%
STZ	Sell	CONSTELLATION BRANDS INCcl a	$58,235,000	-19.8%	291,980	-22.1%	5.37%	-8.0%
CNQ	Buy	CANADIAN NAT RES LTD	$50,235,000	+74.2%	1,500,000	+50.0%	4.64%	+99.7%
LBRDK	New	LIBERTY BROADBAND CORP	$43,145,000	–	452,730	–	3.98%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$42,406,000	–	700,000	–	3.91%	–
XOM	New	EXXON MOBIL CORPcall	$41,250,000	–	5,000	–	3.81%	–
BP	New	BP PLCsponsored adr	$38,430,000	–	1,000,000	–	3.55%	–
ATUS	Sell	ALTICE USA INCcl a	$37,551,000	-30.6%	1,375,000	-17.9%	3.46%	-20.4%
RSPP	Buy	RSP PERMIAN INC	$34,590,000	+53.1%	1,000,000	+42.9%	3.19%	+75.6%
BERY	Buy	BERRY GLOBAL GROUP INC	$33,990,000	+19.2%	600,000	+20.0%	3.14%	+36.7%
BWLD	New	BUFFALO WILD WINGS INC	$30,290,000	–	286,566	–	2.80%	–
PX	New	PRAXAIR INC	$27,948,000	–	200,000	–	2.58%	–
COP	New	CONOCOPHILLIPScall	$26,250,000	–	5,000	–	2.42%	–
APA	New	APACHE CORPcall	$23,750,000	–	5,000	–	2.19%	–
MPC	Sell	MARATHON PETE CORP	$22,432,000	-14.3%	400,000	-20.0%	2.07%	-1.7%
TECK	Buy	TECK RESOURCES LTDcl b	$21,090,000	+143.4%	1,000,000	+100.0%	1.95%	+179.2%
VALE	New	VALE S A	$15,105,000	–	1,500,000	–	1.39%	–
DVN	New	DEVON ENERGY CORP NEW	$14,684,000	–	400,000	–	1.36%	–
TECK	New	TECK RESOURCES LTDcall	$10,500,000	–	5,000	–	0.97%	–
SCCO	Sell	SOUTHERN COPPER CORP	$9,940,000	-4.3%	250,000	-16.7%	0.92%	+9.7%
CMC	New	COMMERCIAL METALS CO	$9,515,000	–	500,000	–	0.88%	–
STLD	New	STEEL DYNAMICS INCcall	$6,600,000	–	2,000	–	0.61%	–
CVE	Exit	CENOVUS ENERGY INCcall	$0	–	-500,000	–	-0.40%	–
EOG	Exit	EOG RES INCput	$0	–	-100,000	–	-0.72%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-1,000,000	–	-0.97%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-150,000	–	-1.07%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-500,000	–	-1.12%	–
ECA	Exit	ENCANA CORP	$0	–	-2,000,000	–	-1.42%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-300,000	–	-1.50%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-1,000,000	–	-1.54%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-250,000	–	-3.21%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-124,556	–	-3.38%	–
X	Exit	UNITED STATES STL CORP NEWcall	$0	–	-2,000,000	–	-3.56%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-500,000	–	-4.75%	–
QQQ	Exit	POWERSHARES QQQ TRUSTput	$0	–	-500,000	–	-5.43%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-600,000	–	-11.68%	–

Q2 2017

			Value		Shares		↓ Weighting
CP	New	CANADIAN PAC RY LTD	$150,459,000	–	935,634	–	12.11%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$145,080,000	–	600,000	–	11.68%	–
CMCSA	New	COMCAST CORP NEWcl a	$121,896,000	–	3,131,952	–	9.81%	–
MSFT	New	MICROSOFT CORP	$94,545,000	–	1,371,606	–	7.61%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$72,608,000	–	374,789	–	5.84%	–
QQQ	New	POWERSHARES QQQ TRUSTput	$67,500,000	–	500,000	–	5.43%	–
GLD	New	SPDR GOLD TRUST	$59,010,000	–	500,000	–	4.75%	–
ATUS	New	ALTICE USA INCcl a	$54,103,000	–	1,675,000	–	4.36%	–
X	New	UNITED STATES STL CORP NEWcall	$44,200,000	–	2,000,000	–	3.56%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$41,957,000	–	124,556	–	3.38%	–
PXD	New	PIONEER NAT RES CO	$39,895,000	–	250,000	–	3.21%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$29,835,000	–	1,500,000	–	2.40%	–
CNQ	New	CANADIAN NAT RES LTD	$28,840,000	–	1,000,000	–	2.32%	–
STLD	New	STEEL DYNAMICS INC	$28,648,000	–	800,000	–	2.31%	–
BERY	New	BERRY GLOBAL GROUP INC	$28,505,000	–	500,000	–	2.29%	–
LW	New	LAMB WESTON HLDGS INC	$26,424,000	–	600,000	–	2.13%	–
MPC	New	MARATHON PETE CORP	$26,165,000	–	500,000	–	2.11%	–
RSPP	New	RSP PERMIAN INC	$22,589,000	–	700,000	–	1.82%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$21,843,000	–	300,000	–	1.76%	–
KMI	New	KINDER MORGAN INC DEL	$19,160,000	–	1,000,000	–	1.54%	–
LUV	New	SOUTHWEST AIRLS CO	$18,642,000	–	300,000	–	1.50%	–
ECA	New	ENCANA CORP	$17,600,000	–	2,000,000	–	1.42%	–
PE	New	PARSLEY ENERGY INCcl a	$13,875,000	–	500,000	–	1.12%	–
FANG	New	DIAMONDBACK ENERGY INC	$13,322,000	–	150,000	–	1.07%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$12,010,000	–	1,000,000	–	0.97%	–
TRQ	New	TURQUOISE HILL RES LTD	$10,600,000	–	4,000,000	–	0.85%	–
SCCO	New	SOUTHERN COPPER CORP	$10,389,000	–	300,000	–	0.84%	–
EOG	New	EOG RES INCput	$9,000,000	–	100,000	–	0.72%	–
TECK	New	TECK RESOURCES LTDcl b	$8,665,000	–	500,000	–	0.70%	–
CVE	New	CENOVUS ENERGY INCcall	$5,000,000	–	500,000	–	0.40%	–

Q4 2016

			Value		Shares		↓ Weighting
V	Exit	VISA INC	$0	–	-38,877	–	-0.26%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-51,606	–	-0.29%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-58,475	–	-0.31%	–
AGN	Exit	ALLERGAN PLC	$0	–	-17,540	–	-0.32%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-182,273	–	-0.48%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-176,610	–	-0.48%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-500,000	–	-0.55%	–
WMB	Exit	WILLIAMS COS INC DELcall	$0	–	-5,000	–	-0.59%	–
YUM	Exit	YUM BRANDS INC	$0	–	-89,528	–	-0.65%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-121,734	–	-0.70%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-944,141	–	-0.92%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-302,696	–	-0.93%	–
UNP	Exit	UNION PAC CORP	$0	–	-119,822	–	-0.93%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-265,251	–	-0.94%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-500,000	–	-1.13%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-5,000,000	–	-1.19%	–
BIL	Exit	SPDR SERIES TRUSTcall	$0	–	-7,000	–	-1.24%	–
CVX	Exit	CHEVRON CORP NEWcall	$0	–	-5,000	–	-1.64%	–
EINC	Exit	VANECK VECTORS ETF TRcall	$0	–	-20,000	–	-2.16%	–
APA	Exit	APACHE CORP	$0	–	-500,000	–	-2.55%	–
RRC	Exit	RANGE RES CORP	$0	–	-1,000,000	–	-3.09%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-500,000	–	-3.14%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-990,967	–	-3.24%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-1,000,000	–	-3.50%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-2,000,000	–	-3.69%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-1,200,000	–	-3.89%	–
AAPL	Exit	APPLE INC	$0	–	-511,040	–	-4.61%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-2,000,000	–	-4.91%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-2,500,000	–	-4.99%	–
ECA	Exit	ENCANA CORP	$0	–	-6,000,000	–	-5.02%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,500,000	–	-5.29%	–
HAL	Exit	HALLIBURTON CO	$0	–	-1,500,000	–	-5.38%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-509,884	–	-6.22%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,501,815	–	-6.91%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-500,000	–	-7.41%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-485,396	–	-10.46%	–

Q3 2016

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$131,042,000	+1.8%	485,396	-13.8%	10.46%	+3.0%
PXD	Sell	PIONEER NAT RES CO	$92,825,000	+2.3%	500,000	-16.7%	7.41%	+3.5%
MSFT	Buy	MICROSOFT CORP	$86,505,000	+68.7%	1,501,815	+49.8%	6.91%	+70.7%
CP	Buy	CANADIAN PAC RY LTD	$77,859,000	+697.2%	509,884	+572.4%	6.22%	+707.4%
HAL	New	HALLIBURTON CO	$67,320,000	–	1,500,000	–	5.38%	–
ENB	Buy	ENBRIDGE INC	$66,276,000	+56.5%	1,500,000	+50.0%	5.29%	+58.4%
ECA	New	ENCANA CORP	$62,820,000	–	6,000,000	–	5.02%	–
WMB	Buy	WILLIAMS COS INC DEL	$61,460,000	+468.3%	2,000,000	+300.0%	4.91%	+475.4%
AAPL	Buy	APPLE INC	$57,773,000	+47.8%	511,040	+25.0%	4.61%	+49.6%
MPC	Buy	MARATHON PETE CORP	$48,708,000	+28.3%	1,200,000	+20.0%	3.89%	+29.8%
KMI	New	KINDER MORGAN INC DEL	$46,260,000	–	2,000,000	–	3.69%	–
PYPL	Sell	PAYPAL HLDGS INC	$40,600,000	+0.2%	990,967	-10.7%	3.24%	+1.4%
SLB	New	SCHLUMBERGER LTD	$39,320,000	–	500,000	–	3.14%	–
APA	New	APACHE CORP	$31,935,000	–	500,000	–	2.55%	–
EINC	New	VANECK VECTORS ETF TRcall	$27,098,000	–	20,000	–	2.16%	–
CVX	New	CHEVRON CORP NEWcall	$20,535,000	–	5,000	–	1.64%	–
BIL	New	SPDR SERIES TRUSTcall	$15,474,000	–	7,000	–	1.24%	–
AXTA	Sell	AXALTA COATING SYS LTD	$14,135,000	-46.7%	500,000	-50.0%	1.13%	-46.1%
WFC	New	WELLS FARGO & CO NEW	$11,745,000	–	265,251	–	0.94%	–
UNP	New	UNION PAC CORP	$11,686,000	–	119,822	–	0.93%	–
AER	Sell	AERCAP HOLDINGS NV	$11,651,000	-29.8%	302,696	-38.8%	0.93%	-29.0%
SC	Sell	SANTANDER CONSUMER USA HDG I	$11,481,000	-26.1%	944,141	-37.2%	0.92%	-25.2%
LBRDK	Sell	LIBERTY BROADBAND CORP	$8,702,000	-70.1%	121,734	-74.9%	0.70%	-69.8%
YUM	Sell	YUM BRANDS INC	$8,130,000	-67.3%	89,528	-70.1%	0.65%	-66.9%
WMB	New	WILLIAMS COS INC DELcall	$7,334,000	–	5,000	–	0.59%	–
SWN	New	SOUTHWESTERN ENERGY CO	$6,920,000	–	500,000	–	0.55%	–
LBTYA	Sell	LIBERTY GLOBAL PLC	$6,037,000	-37.2%	176,610	-46.6%	0.48%	-36.5%
LBTYK	Sell	LIBERTY GLOBAL PLC	$6,022,000	-37.8%	182,273	-46.1%	0.48%	-37.0%
AGN	Sell	ALLERGAN PLC	$4,040,000	-13.3%	17,540	-13.0%	0.32%	-12.2%
CMCSA	Sell	COMCAST CORP NEWcl a	$3,879,000	-25.1%	58,475	-26.4%	0.31%	-24.0%
LBRDA	Sell	LIBERTY BROADBAND CORP	$3,621,000	-40.9%	51,606	-50.0%	0.29%	-40.3%
V	Sell	VISA INC	$3,215,000	+8.5%	38,877	-2.7%	0.26%	+9.8%
	Exit	CHESAPEAKE ENERGY CORPcall	$0	–	-50,000	–	-0.13%	–
	Exit	POTASH CORP SASK INCcall	$0	–	-10,000	–	-0.16%	–
	Exit	MICROSOFT CORPcall	$0	–	-25,000	–	-0.22%	–
PAGP	Exit	PLAINS GP HLDGS L P	$0	–	-500,000	–	-0.41%	–
CSX	Exit	CSX CORP	$0	–	-731,797	–	-1.51%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-500,000	–	-1.74%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-1,500,000	–	-1.92%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-1,000,000	–	-2.03%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,000,000	–	-2.14%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-1,000,000	–	-2.19%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,000,000	–	-2.43%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-1,000,000	–	-2.75%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-500,000	–	-3.03%	–
	Exit	VALERO ENERGY CORP NEWput	$0	–	-10,000	–	-3.44%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-800,000	–	-3.48%	–
	Exit	CHEVRON CORP NEWput	$0	–	-15,000	–	-3.80%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-400,000	–	-3.99%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-5,000	–	-4.47%	–

Q2 2016

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$128,785,000	–	563,266	–	10.16%	–
PXD	New	PIONEER NAT RES CO	$90,726,000	–	600,000	–	7.16%	–
STLD	New	STEEL DYNAMICS INC	$61,250,000	–	2,500,000	–	4.83%	–
	New	SPDR S&P 500 ETF TRput	$56,644,000	–	5,000	–	4.47%	–
MSFT	New	MICROSOFT CORP	$51,286,000	–	1,002,259	–	4.05%	–
GLD	New	SPDR GOLD TRUST	$50,588,000	–	400,000	–	3.99%	–
	New	CHEVRON CORP NEWput	$48,223,000	–	15,000	–	3.80%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$44,176,000	–	800,000	–	3.48%	–
	New	VALERO ENERGY CORP NEWput	$43,668,000	–	10,000	–	3.44%	–
RRC	New	RANGE RES CORP	$43,140,000	–	1,000,000	–	3.40%	–
ENB	New	ENBRIDGE INC	$42,344,000	–	1,000,000	–	3.34%	–
PYPL	New	PAYPAL HLDGS INC	$40,520,000	–	1,109,844	–	3.20%	–
AAPL	New	APPLE INC	$39,093,000	–	408,925	–	3.08%	–
BERY	New	BERRY PLASTICS GROUP INC	$38,850,000	–	1,000,000	–	3.06%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$38,450,000	–	500,000	–	3.03%	–
MPC	New	MARATHON PETE CORP	$37,960,000	–	1,000,000	–	3.00%	–
RSPP	New	RSP PERMIAN INC	$34,890,000	–	1,000,000	–	2.75%	–
CNQ	New	CANADIAN NAT RES LTD	$30,839,000	–	1,000,000	–	2.43%	–
LBRDK	New	LIBERTY BROADBAND CORP	$29,136,000	–	485,604	–	2.30%	–
SU	New	SUNCOR ENERGY INC NEW	$27,729,000	–	1,000,000	–	2.19%	–
PE	New	PARSLEY ENERGY INCcl a	$27,060,000	–	1,000,000	–	2.14%	–
AXTA	New	AXALTA COATING SYSTEMS LTD	$26,530,000	–	1,000,000	–	2.09%	–
COG	New	CABOT OIL & GAS CORP	$25,740,000	–	1,000,000	–	2.03%	–
YUM	New	YUM BRANDS INC	$24,860,000	–	299,810	–	1.96%	–
POT	New	POTASH CORP SASK INC	$24,360,000	–	1,500,000	–	1.92%	–
NFX	New	NEWFIELD EXPL CO	$22,090,000	–	500,000	–	1.74%	–
CSX	New	CSX CORP	$19,085,000	–	731,797	–	1.51%	–
TRQ	New	TURQUOISE HILL RES LTD	$16,900,000	–	5,000,000	–	1.33%	–
AER	New	AERCAP HOLDINGS NV	$16,604,000	–	494,316	–	1.31%	–
SC	New	SANTANDER CONSUMER USA HDG I	$15,534,000	–	1,503,770	–	1.23%	–
WMB	New	WILLIAMS COS INC DEL	$10,815,000	–	500,000	–	0.85%	–
CP	New	CANADIAN PAC RY LTD	$9,766,000	–	75,830	–	0.77%	–
LBTYK	New	LIBERTY GLOBAL PLC	$9,687,000	–	338,130	–	0.76%	–
LBTYA	New	LIBERTY GLOBAL PLC	$9,617,000	–	330,925	–	0.76%	–
LBRDA	New	LIBERTY BROADBAND CORP	$6,131,000	–	103,217	–	0.48%	–
PAGP	New	PLAINS GP HLDGS L P	$5,215,000	–	500,000	–	0.41%	–
CMCSA	New	COMCAST CORP NEWcl a	$5,176,000	–	79,400	–	0.41%	–
AGN	New	ALLERGAN PLC	$4,661,000	–	20,169	–	0.37%	–
V	New	VISA INC	$2,963,000	–	39,950	–	0.23%	–
	New	MICROSOFT CORPcall	$2,787,000	–	25,000	–	0.22%	–
	New	POTASH CORP SASK INCcall	$2,067,000	–	10,000	–	0.16%	–
	New	CHESAPEAKE ENERGY CORPcall	$1,595,000	–	50,000	–	0.13%	–

Q4 2015

			Value		Shares		↓ Weighting
	Exit	PEABODY ENERGY CORPsdcv 4.750%12/1	$0	–	-10,000,000	–	-0.08%	–
CJESQ	Exit	C&J ENERGY SVCS LTD	$0	–	-500,000	–	-0.13%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-10,000	–	-0.13%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-100,000	–	-0.30%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-100,000	–	-0.32%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-100,000	–	-0.36%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-250,000	–	-0.36%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-800,000	–	-0.42%	–
HAL	Exit	HALLIBURTON CO	$0	–	-200,000	–	-0.52%	–
VLO	Exit	VALERO ENERGY CORP NEWput	$0	–	-3,000	–	-0.63%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-250,000	–	-0.87%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-300,000	–	-1.00%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-500,000	–	-1.02%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-300,000	–	-1.18%	–
MON	Exit	MONSANTO CO NEW	$0	–	-189,783	–	-1.20%	–
CLGX	Exit	CORELOGIC INC	$0	–	-458,237	–	-1.26%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-300,000	–	-1.33%	–
C	Exit	CITIGROUP INC	$0	–	-370,640	–	-1.36%	–
KMI	Exit	KINDER MORGAN INC DELput	$0	–	-10,000	–	-1.40%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,000,000	–	-1.44%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-250,000	–	-1.54%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-700,000	–	-1.56%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-466,767	–	-1.62%	–
HFC	Exit	HOLLYFRONTIER CORPcall	$0	–	-10,000	–	-1.69%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-700,000	–	-1.70%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-300,000	–	-1.75%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-907,823	–	-1.82%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-947,024	–	-1.89%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-700,000	–	-1.90%	–
RS	Exit	RELIANCE STEEL & ALUMIUM CO	$0	–	-500,000	–	-2.00%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-400,000	–	-2.04%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-22,483	–	-2.05%	–
AMJ	Exit	JPMORGAN CHASE & COput	$0	–	-15,000	–	-2.08%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-2,250,143	–	-2.10%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-1,000,000	–	-2.14%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-1,500,000	–	-2.42%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-2,000,000	–	-2.54%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-815,576	–	-2.63%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-3,000,000	–	-2.66%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-300,000	–	-2.70%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-1,011,143	–	-2.86%	–
CSX	Exit	CSX CORP	$0	–	-1,460,054	–	-2.90%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-2,057,142	–	-3.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-988,034	–	-3.23%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-1,000,000	–	-3.42%	–
HFC	Exit	HOLLYFRONTIER CORP	$0	–	-1,000,000	–	-3.61%	–
XOM	Exit	EXXON MOBIL CORPcall	$0	–	-10,000	–	-4.15%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-1,556,184	–	-20.62%	–

Q3 2015

			Value		Shares		↓ Weighting
TWC	Buy	TIME WARNER CABLE INC	$279,133,000	+7.6%	1,556,184	+6.9%	20.62%	+5.0%
XOM	New	EXXON MOBIL CORPcall	$56,153,000	–	10,000	–	4.15%	–
HFC	New	HOLLYFRONTIER CORP	$48,840,000	–	1,000,000	–	3.61%	–
MPC	Buy	MARATHON PETE CORP	$46,330,000	+26.5%	1,000,000	+42.9%	3.42%	+23.5%
MSFT	New	MICROSOFT CORP	$43,730,000	–	988,034	–	3.23%	–
SC	Buy	SANTANDER CONSUMER USA HDG I	$42,007,000	-11.7%	2,057,142	+10.6%	3.10%	-13.8%
CSX	Buy	CSX CORP	$39,275,000	+117.9%	1,460,054	+164.5%	2.90%	+112.7%
AER	Buy	AERCAP HOLDINGS NV	$38,666,000	+39.3%	1,011,143	+66.8%	2.86%	+35.9%
PXD	Buy	PIONEER NAT RES CO	$36,492,000	+31.6%	300,000	+50.0%	2.70%	+28.4%
SLW	Buy	SILVER WHEATON CORP	$36,030,000	+196.8%	3,000,000	+328.6%	2.66%	+189.7%
CAR	Buy	AVIS BUDGET GROUP	$35,624,000	+11.3%	815,576	+12.3%	2.63%	+8.7%
STLD	New	STEEL DYNAMICS INC	$34,360,000	–	2,000,000	–	2.54%	–
COG	Buy	CABOT OIL & GAS CORP	$32,790,000	+73.3%	1,500,000	+150.0%	2.42%	+69.1%
CLR	New	CONTINENTAL RESOURCES INC	$28,970,000	–	1,000,000	–	2.14%	–
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$28,464,000	+78.6%	2,250,143	+261.3%	2.10%	+74.4%
AMJ	New	JPMORGAN CHASE & COput	$28,146,000	–	15,000	–	2.08%	–
PCLN	Buy	PRICELINE GRP INC	$27,808,000	+71.3%	22,483	+59.4%	2.05%	+67.1%
SLB	New	SCHLUMBERGER LTD	$27,588,000	–	400,000	–	2.04%	–
RS	New	RELIANCE STEEL & ALUMIUM CO	$27,005,000	–	500,000	–	2.00%	–
WMB	Sell	WILLIAMS COS INC DEL	$25,795,000	-43.8%	700,000	-12.5%	1.90%	-45.2%
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$25,551,000	–	947,024	–	1.89%	–
FOX	Sell	TWENTY FIRST CENTY FOX INCcl b	$24,575,000	-59.1%	907,823	-51.3%	1.82%	-60.1%
CVX	New	CHEVRON CORP NEW	$23,664,000	–	300,000	–	1.75%	–
NFX	New	NEWFIELD EXPL CO	$23,030,000	–	700,000	–	1.70%	–
HFC	New	HOLLYFRONTIER CORPcall	$22,832,000	–	10,000	–	1.69%	–
SEE	Sell	SEALED AIR CORP NEW	$21,882,000	-8.8%	466,767	-0.1%	1.62%	-11.1%
BERY	New	BERRY PLASTICS GROUP INC	$21,049,000	–	700,000	–	1.56%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$20,840,000	–	250,000	–	1.54%	–
CNQ	New	CANADIAN NAT RES LTD	$19,522,000	–	1,000,000	–	1.44%	–
KMI	New	KINDER MORGAN INC DELput	$18,929,000	–	10,000	–	1.40%	–
C	Sell	CITIGROUP INC	$18,387,000	-39.1%	370,640	-32.2%	1.36%	-40.6%
VLO	New	VALERO ENERGY CORP NEW	$18,030,000	–	300,000	–	1.33%	–
CLGX	Buy	CORELOGIC INC	$17,060,000	-5.3%	458,237	+1.0%	1.26%	-7.6%
MON	New	MONSANTO CO NEW	$16,196,000	–	189,783	–	1.20%	–
KMI	New	KINDER MORGAN INC DEL	$13,840,000	–	500,000	–	1.02%	–
CF	New	CF INDS HLDGS INC	$13,470,000	–	300,000	–	1.00%	–
RGLD	New	ROYAL GOLD INC	$11,745,000	–	250,000	–	0.87%	–
VLO	New	VALERO ENERGY CORP NEWput	$8,496,000	–	3,000	–	0.63%	–
HAL	Sell	HALLIBURTON CO	$7,070,000	-83.6%	200,000	-80.0%	0.52%	-84.0%
SUNEQ	Buy	SUNEDISON INC	$5,744,000	-72.6%	800,000	+14.3%	0.42%	-73.2%
GPRE	New	GREEN PLAINS INC	$4,865,000	–	250,000	–	0.36%	–
LNG	New	CHENIERE ENERGY INC	$4,830,000	–	100,000	–	0.36%	–
LBTYA	New	LIBERTY GLOBAL PLC	$4,294,000	–	100,000	–	0.32%	–
LBTYK	New	LIBERTY GLOBAL PLC	$4,102,000	–	100,000	–	0.30%	–
GLD	New	SPDR GOLD TRUSTcall	$1,801,000	–	10,000	–	0.13%	–
CJESQ	New	C&J ENERGY SVCS LTD	$1,760,000	–	500,000	–	0.13%	–
	New	PEABODY ENERGY CORPsdcv 4.750%12/1	$1,050,000	–	10,000,000	–	0.08%	–
	Exit	FREEPORT-MCMORAN INCcall	$0	–	-5,000	–	-0.02%	–
VDTH	Exit	VIDEOCON D2H LTDadr	$0	–	-86,433	–	-0.08%	–
	Exit	CHARTER COMMUNICATIONS INC Dcall	$0	–	-500	–	-0.09%	–
	Exit	HOLLYFRONTIER CORPput	$0	–	-5,000	–	-0.27%	–
	Exit	SPDR GOLD TRUSTcall	$0	–	-10,000	–	-0.29%	–
	Exit	POTASH CORP SASK INCcall	$0	–	-10,000	–	-0.32%	–
	Exit	SUNEDISON INCput	$0	–	-5,000	–	-0.57%	–
	Exit	AGRIUM INCcall	$0	–	-1,500	–	-0.70%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-122,990	–	-0.75%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-100,000	–	-0.86%	–
	Exit	SOUTHWESTERN ENERGY COcall	$0	–	-15,000	–	-0.90%	–
	Exit	FREEPORT-MCMORAN INCput	$0	–	-10,000	–	-1.04%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-263,813	–	-1.06%	–
SLCA	Exit	U S SILICA HLDGS INC	$0	–	-500,000	–	-1.11%	–
RRC	Exit	RANGE RES CORP	$0	–	-300,000	–	-1.12%	–
ECA	Exit	ENCANA CORP	$0	–	-1,600,000	–	-1.33%	–
ADSK	Exit	AUTODESK INC	$0	–	-399,655	–	-1.52%	–
	Exit	ANADARKO PETE CORP	$0	–	-300,000	–	-1.77%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-3,000,000	–	-2.42%	–
PSX	Exit	PHILLIPS 66	$0	–	-400,000	–	-2.44%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-330,306	–	-5.00%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-10,000	–	-6.31%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-750,000	–	-11.68%	–

Q2 2015

			Value		Shares		↓ Weighting
TWC	New	TIME WARNER CABLE INC	$259,453,000	–	1,456,208	–	19.64%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$154,388,000	–	750,000	–	11.68%	–
	New	SPDR S&P 500 ETF TRput	$83,325,000	–	10,000	–	6.31%	–
PCP	New	PRECISION CASTPARTS CORP	$66,018,000	–	330,306	–	5.00%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$60,111,000	–	1,865,637	–	4.55%	–
SC	New	SANTANDER CONSUMER USA HDG I	$47,575,000	–	1,860,582	–	3.60%	–
WMB	New	WILLIAMS COS INC DEL	$45,912,000	–	800,000	–	3.48%	–
HAL	New	HALLIBURTON CO	$43,070,000	–	1,000,000	–	3.26%	–
MPC	New	MARATHON PETE CORP	$36,617,000	–	700,000	–	2.77%	–
PSX	New	PHILLIPS 66	$32,224,000	–	400,000	–	2.44%	–
CAR	New	AVIS BUDGET GROUP	$32,002,000	–	725,989	–	2.42%	–
GOLD	New	BARRICK GOLD CORP	$31,980,000	–	3,000,000	–	2.42%	–
C	New	CITIGROUP INC	$30,187,000	–	546,462	–	2.28%	–
AER	New	AERCAP HOLDINGS NV	$27,759,000	–	606,220	–	2.10%	–
PXD	New	PIONEER NAT RES CO	$27,738,000	–	200,000	–	2.10%	–
SEE	New	SEALED AIR CORP NEW	$24,001,000	–	467,131	–	1.82%	–
	New	ANADARKO PETE CORP	$23,418,000	–	300,000	–	1.77%	–
SUNEQ	New	SUNEDISON INC	$20,937,000	–	700,000	–	1.58%	–
ADSK	New	AUTODESK INC	$20,013,000	–	399,655	–	1.52%	–
COG	New	CABOT OIL & GAS CORP	$18,924,000	–	600,000	–	1.43%	–
CSX	New	CSX CORP	$18,025,000	–	552,081	–	1.36%	–
CLGX	New	CORELOGIC INC	$18,010,000	–	453,762	–	1.36%	–
ECA	New	ENCANA CORP	$17,621,000	–	1,600,000	–	1.33%	–
PCLN	New	PRICELINE GRP INC	$16,238,000	–	14,103	–	1.23%	–
PDCE	New	PDC ENERGY INC	$16,092,000	–	300,000	–	1.22%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$15,933,000	–	622,873	–	1.21%	–
RRC	New	RANGE RES CORP	$14,814,000	–	300,000	–	1.12%	–
SLCA	New	U S SILICA HLDGS INC	$14,680,000	–	500,000	–	1.11%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$14,056,000	–	263,813	–	1.06%	–
	New	FREEPORT-MCMORAN INCput	$13,796,000	–	10,000	–	1.04%	–
SLW	New	SILVER WHEATON CORP	$12,138,000	–	700,000	–	0.92%	–
	New	SOUTHWESTERN ENERGY COcall	$11,958,000	–	15,000	–	0.90%	–
CLB	New	CORE LABORATORIES N V	$11,404,000	–	100,000	–	0.86%	–
ADBE	New	ADOBE SYS INC	$9,963,000	–	122,990	–	0.75%	–
	New	AGRIUM INCcall	$9,250,000	–	1,500	–	0.70%	–
	New	SUNEDISON INCput	$7,530,000	–	5,000	–	0.57%	–
	New	POTASH CORP SASK INCcall	$4,241,000	–	10,000	–	0.32%	–
	New	SPDR GOLD TRUSTcall	$3,786,000	–	10,000	–	0.29%	–
	New	HOLLYFRONTIER CORPput	$3,547,000	–	5,000	–	0.27%	–
	New	CHARTER COMMUNICATIONS INC Dcall	$1,185,000	–	500	–	0.09%	–
VDTH	New	VIDEOCON D2H LTDadr	$1,090,000	–	86,433	–	0.08%	–
	New	FREEPORT-MCMORAN INCcall	$202,000	–	5,000	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	DELTA AIR LINES INC DELput	$0	–	-1,000	–	-0.09%	–
	Exit	AK STL HLDG CORPcall	$0	–	-3,000	–	-0.09%	–
	Exit	NEWMONT MINING CORPcall	$0	–	-6,000	–	-0.12%	–
	Exit	MARKET VECTORS ETF TRcall	$0	–	-1,000	–	-0.12%	–
WLTGQ	Exit	WALTER ENERGY INC	$0	–	-450,000	–	-0.16%	–
	Exit	WEATHERFORD INTL PLCcall	$0	–	-15,000	–	-0.19%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-100,000	–	-0.28%	–
	Exit	PEABODY ENERGY CORPput	$0	–	-10,000	–	-0.36%	–
	Exit	TENARIS S Acall	$0	–	-2,000	–	-0.40%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-75,000	–	-0.41%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-50,000	–	-0.44%	–
	Exit	MONSANTO CO NEWcall	$0	–	-1,500	–	-0.51%	–
	Exit	DOLLAR GEN CORP NEWcall	$0	–	-3,000	–	-0.54%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-100,000	–	-0.56%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-200,000	–	-0.63%	–
	Exit	CF INDS HLDGS INCcall	$0	–	-500	–	-0.64%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-100,000	–	-0.70%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-2,000,000	–	-0.75%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-75,000	–	-0.75%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-37,083	–	-0.76%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-50,000	–	-0.82%	–
AGU	Exit	AGRIUM INC	$0	–	-75,000	–	-1.01%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-100,000	–	-1.03%	–
AKS	Exit	AK STL HLDG CORP	$0	–	-900,000	–	-1.09%	–
	Exit	SPDR S&P 500 ETF TRcall	$0	–	-10,000	–	-1.11%	–
	Exit	UNITED STATES STL CORP NEWput	$0	–	-3,000	–	-1.35%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-250,000	–	-1.47%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-489,400	–	-1.48%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-300,000	–	-1.48%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-50,000	–	-1.49%	–
LB	Exit	L BRANDS INC	$0	–	-165,038	–	-1.67%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-200,000	–	-1.67%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-100,000	–	-1.80%	–
	Exit	HOLLYFRONTIER CORPput	$0	–	-3,000	–	-1.88%	–
GNCIQ	Exit	GNC HLDGS INC	$0	–	-375,983	–	-2.20%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-225,730	–	-2.34%	–
PSX	Exit	PHILLIPS 66	$0	–	-200,000	–	-2.46%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-150,000	–	-2.64%	–
CLGX	Exit	CORELOGIC INC	$0	–	-663,084	–	-2.71%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-371,974	–	-3.01%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-622,549	–	-3.28%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-828,515	–	-4.66%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-355,841	–	-5.46%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-200,000	–	-5.96%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-353,505	–	-7.01%	–
SC	Exit	SANTANDER CONSUMER USA HLD I	$0	–	-2,616,519	–	-7.05%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-789,372	–	-7.29%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-215,479	–	-7.72%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-1,651,912	–	-8.32%	–

Q3 2014

			Value		Shares		↓ Weighting
FOX	Buy	TWENTY FIRST CENTY FOX INCcl b	$55,025,000	+10.5%	1,651,912	+13.5%	8.32%	+62.4%
PCP	Buy	PRECISION CASTPARTS CORP	$51,043,000	+44.5%	215,479	+54.0%	7.72%	+112.5%
DG	Buy	DOLLAR GEN CORP NEW	$48,239,000	+60.1%	789,372	+50.2%	7.29%	+135.4%
SC	Buy	SANTANDER CONSUMER USA HLD I	$46,600,000	+41.7%	2,616,519	+54.7%	7.05%	+108.4%
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$46,380,000	+16.4%	353,505	+11.9%	7.01%	+71.1%
SPY	New	SPDR S&P 500 ETF TRtr unit	$39,404,000	–	200,000	–	5.96%	–
APC	Buy	ANADARKO PETE CORP	$36,097,000	+1218.9%	355,841	+1323.4%	5.46%	+1842.3%
RLGY	Buy	REALOGY HLDGS CORP	$30,821,000	+15.7%	828,515	+17.3%	4.66%	+70.2%
SEE	New	SEALED AIR CORP NEW	$21,715,000	–	622,549	–	3.28%	–
CBS	Sell	CBS CORP NEWcl b	$19,901,000	-48.1%	371,974	-39.7%	3.01%	-23.7%
CLGX	New	CORELOGIC INC	$17,950,000	–	663,084	–	2.71%	–
GLD	Buy	SPDR GOLD TRUST	$17,432,000	+172.3%	150,000	+200.0%	2.64%	+300.6%
PSX	Buy	PHILLIPS 66	$16,262,000	+34.8%	200,000	+33.3%	2.46%	+98.1%
NXPI	Sell	NXP SEMICONDUCTORS N V	$15,447,000	-40.6%	225,730	-42.5%	2.34%	-12.6%
GNCIQ	Sell	GNC HLDGS INC	$14,566,000	-33.7%	375,983	-41.7%	2.20%	-2.6%
	New	HOLLYFRONTIER CORPput	$12,468,000	–	3,000	–	1.88%	–
CVX	New	CHEVRON CORP NEW	$11,932,000	–	100,000	–	1.80%	–
LB	New	L BRANDS INC	$11,054,000	–	165,038	–	1.67%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$9,795,000	–	300,000	–	1.48%	–
SLW	Buy	SILVER WHEATON CORP	$9,754,000	-7.2%	489,400	+22.4%	1.48%	+36.4%
CNQ	Buy	CANADIAN NAT RES LTD	$9,710,000	+111.5%	250,000	+150.0%	1.47%	+211.0%
	New	UNITED STATES STL CORP NEWput	$8,942,000	–	3,000	–	1.35%	–
	Sell	SPDR S&P 500 ETF TRcall	$7,331,000	-83.3%	10,000	-37.5%	1.11%	-75.4%
AKS	Buy	AK STL HLDG CORP	$7,209,000	+29.4%	900,000	+28.6%	1.09%	+90.2%
RS	Sell	RELIANCE STEEL & ALUMINUM CO	$6,840,000	-53.6%	100,000	-50.0%	1.03%	-31.8%
AGU	New	AGRIUM INC	$6,675,000	–	75,000	–	1.01%	–
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$5,433,000	-44.4%	50,000	-50.0%	0.82%	-18.1%
MHK	New	MOHAWK INDS INC	$5,000,000	–	37,083	–	0.76%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$4,980,000	–	75,000	–	0.75%	–
ANRZQ	Buy	ALPHA NATURAL RESOURCES INC	$4,960,000	+67.1%	2,000,000	+150.0%	0.75%	+145.9%
VLO	New	VALERO ENERGY CORP NEW	$4,627,000	–	100,000	–	0.70%	–
	New	CF INDS HLDGS INCcall	$4,265,000	–	500	–	0.64%	–
WFTIQ	New	WEATHERFORD INTL PLC	$4,160,000	–	200,000	–	0.63%	–
GPRE	New	GREEN PLAINS INC	$3,739,000	–	100,000	–	0.56%	–
	New	DOLLAR GEN CORP NEWcall	$3,545,000	–	3,000	–	0.54%	–
	New	MONSANTO CO NEWcall	$3,397,000	–	1,500	–	0.51%	–
ALB	New	ALBEMARLE CORP	$2,945,000	–	50,000	–	0.44%	–
	New	TENARIS S Acall	$2,634,000	–	2,000	–	0.40%	–
	New	PEABODY ENERGY CORPput	$2,415,000	–	10,000	–	0.36%	–
SUNEQ	Sell	SUNEDISON INC	$1,888,000	-72.2%	100,000	-66.7%	0.28%	-59.1%
	New	WEATHERFORD INTL PLCcall	$1,235,000	–	15,000	–	0.19%	–
WLTGQ	New	WALTER ENERGY INC	$1,053,000	–	450,000	–	0.16%	–
	New	MARKET VECTORS ETF TRcall	$821,000	–	1,000	–	0.12%	–
	New	NEWMONT MINING CORPcall	$791,000	–	6,000	–	0.12%	–
	Buy	AK STL HLDG CORPcall	$612,000	-30.8%	3,000	+100.0%	0.09%	+2.2%
	Exit	MARATHON PETE CORPcall	$0	–	-500	–	-0.02%	–
	Exit	SILVER WHEATON CORPput	$0	–	-2,000	–	-0.06%	–
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-25,610	–	-0.07%	–
	Exit	SPDR SERIES TRUSTput	$0	–	-2,000	–	-0.12%	–
	Exit	SELECT SECTOR SPDR TRput	$0	–	-4,000	–	-0.13%	–
	Exit	RELIANCE STEEL & ALUMINUM COcall	$0	–	-500	–	-0.16%	–
	Exit	AUTODESK INCcall	$0	–	-2,000	–	-0.23%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-50,000	–	-0.40%	–
	Exit	OWENS CORNING NEWcall	$0	–	-5,000	–	-0.43%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-75,000	–	-0.44%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-150,000	–	-0.50%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-68,259	–	-0.51%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-75,000	–	-0.55%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-100,000	–	-0.56%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-50,000	–	-0.61%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-200,000	–	-0.67%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-150,000	–	-0.68%	–
C	Exit	CITIGROUP INC	$0	–	-146,185	–	-0.71%	–
CXO	Exit	CONCHO RES INC	$0	–	-50,000	–	-0.74%	–
AGN	Exit	ALLERGAN INC	$0	–	-45,159	–	-0.79%	–
RRC	Exit	RANGE RES CORP	$0	–	-100,000	–	-0.89%	–
	Exit	SPDR GOLD TRUSTcall	$0	–	-1,000	–	-0.99%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-216,589	–	-1.54%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-216,373	–	-2.86%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-515,213	–	-3.05%	–
OC	Exit	OWENS CORNING NEW	$0	–	-795,423	–	-3.16%	–
	Exit	SELECT SECTOR SPDR TRcall	$0	–	-6,000	–	-3.22%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-217,217	–	-3.29%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-485,502	–	-3.43%	–
WAG	Exit	WALGREEN CO	$0	–	-487,756	–	-3.72%	–
NLSN	Exit	NIELSEN HOLDINGS N V	$0	–	-800,841	–	-3.99%	–
YUM	Exit	YUM BRANDS INC	$0	–	-545,017	–	-4.55%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-40,591	–	-5.02%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-12,000	–	-5.77%	–

Q2 2014

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$56,101,000	–	12,000	–	5.77%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$49,815,000	–	1,455,292	–	5.12%	–
PCLN	New	PRICELINE GRP INC	$48,831,000	–	40,591	–	5.02%	–
YUM	New	YUM BRANDS INC	$44,255,000	–	545,017	–	4.55%	–
	New	SPDR S&P 500 ETF TRcall	$43,867,000	–	16,000	–	4.51%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$39,853,000	–	315,989	–	4.10%	–
NLSN	New	NIELSEN HOLDINGS N V	$38,769,000	–	800,841	–	3.99%	–
CBS	New	CBS CORP NEWcl b	$38,346,000	–	617,089	–	3.94%	–
WAG	New	WALGREEN CO	$36,157,000	–	487,756	–	3.72%	–
PCP	New	PRECISION CASTPARTS CORP	$35,317,000	–	139,924	–	3.63%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$33,373,000	–	485,502	–	3.43%	–
SC	New	SANTANDER CONSUMER USA HDG I	$32,885,000	–	1,691,607	–	3.38%	–
TWC	New	TIME WARNER CABLE INC	$31,996,000	–	217,217	–	3.29%	–
	New	SELECT SECTOR SPDR TRcall	$31,348,000	–	6,000	–	3.22%	–
OC	New	OWENS CORNING NEW	$30,767,000	–	795,423	–	3.16%	–
DG	New	DOLLAR GEN CORP NEW	$30,137,000	–	525,409	–	3.10%	–
JPM	New	JPMORGAN CHASE & CO	$29,687,000	–	515,213	–	3.05%	–
APD	New	AIR PRODS & CHEMS INC	$27,830,000	–	216,373	–	2.86%	–
RLGY	New	REALOGY HLDGS CORP	$26,630,000	–	706,169	–	2.74%	–
NXPI	New	NXP SEMICONDUCTORS N V	$25,987,000	–	392,675	–	2.67%	–
GNCIQ	New	GNC HLDGS INC	$21,982,000	–	644,628	–	2.26%	–
IAC	New	IAC INTERACTIVECORP	$14,994,000	–	216,589	–	1.54%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$14,742,000	–	200,000	–	1.52%	–
PSX	New	PHILLIPS 66	$12,065,000	–	150,000	–	1.24%	–
WMB	New	WILLIAMS COS INC DEL	$11,642,000	–	200,000	–	1.20%	–
PXD	New	PIONEER NAT RES CO	$11,491,000	–	50,000	–	1.18%	–
SLW	New	SILVER WHEATON CORP	$10,508,000	–	400,000	–	1.08%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$9,765,000	–	100,000	–	1.00%	–
	New	SPDR GOLD TRUSTcall	$9,592,000	–	1,000	–	0.99%	–
RRC	New	RANGE RES CORP	$8,695,000	–	100,000	–	0.89%	–
AGN	New	ALLERGAN INC	$7,642,000	–	45,159	–	0.79%	–
CXO	New	CONCHO RES INC	$7,225,000	–	50,000	–	0.74%	–
C	New	CITIGROUP INC	$6,885,000	–	146,185	–	0.71%	–
SUNEQ	New	SUNEDISON INC	$6,780,000	–	300,000	–	0.70%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$6,617,000	–	150,000	–	0.68%	–
CVE	New	CENOVUS ENERGY INC	$6,474,000	–	200,000	–	0.67%	–
GLD	New	SPDR GOLD TRUST	$6,402,000	–	50,000	–	0.66%	–
SLB	New	SCHLUMBERGER LTD	$5,898,000	–	50,000	–	0.61%	–
AKS	New	AK STL HLDG CORP	$5,572,000	–	700,000	–	0.57%	–
RIO	New	RIO TINTO PLCsponsored adr	$5,428,000	–	100,000	–	0.56%	–
LNG	New	CHENIERE ENERGY INC	$5,378,000	–	75,000	–	0.55%	–
ADBE	New	ADOBE SYS INC	$4,939,000	–	68,259	–	0.51%	–
CSTM	New	CONSTELLIUM NVcl a	$4,809,000	–	150,000	–	0.50%	–
CNQ	New	CANADIAN NAT RES LTD	$4,591,000	–	100,000	–	0.47%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$4,307,000	–	75,000	–	0.44%	–
	New	OWENS CORNING NEWcall	$4,140,000	–	5,000	–	0.43%	–
MPC	New	MARATHON PETE CORP	$3,904,000	–	50,000	–	0.40%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$2,968,000	–	800,000	–	0.30%	–
DAL	New	DELTA AIR LINES INC DEL	$2,904,000	–	75,000	–	0.30%	–
APC	New	ANADARKO PETE CORP	$2,737,000	–	25,000	–	0.28%	–
	New	AUTODESK INCcall	$2,262,000	–	2,000	–	0.23%	–
	New	RELIANCE STEEL & ALUMINUM COcall	$1,605,000	–	500	–	0.16%	–
	New	SELECT SECTOR SPDR TRput	$1,306,000	–	4,000	–	0.13%	–
	New	SPDR SERIES TRUSTput	$1,190,000	–	2,000	–	0.12%	–
	New	AK STL HLDG CORPcall	$884,000	–	1,500	–	0.09%	–
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$705,000	–	25,610	–	0.07%	–
	New	SILVER WHEATON CORPput	$563,000	–	2,000	–	0.06%	–
	New	DELTA AIR LINES INC DELput	$558,000	–	1,000	–	0.06%	–
	New	MARATHON PETE CORPcall	$230,000	–	500	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
CZZ	Exit	COSAN LTD	$0	–	-199,999	–	-0.32%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-100,000	–	-0.38%	–
IP	Exit	INTL PAPER CO	$0	–	-100,000	–	-0.47%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-100,000	–	-0.48%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-200,000	–	-0.52%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-200,000	–	-0.60%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-100,000	–	-0.63%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-35,860	–	-0.64%	–
WFT	Exit	WEATHERFORD INTERNATIONAL LT	$0	–	-400,000	–	-0.65%	–
KORS	Exit	MICHAEL KORS HOLDGS LTD	$0	–	-86,888	–	-0.68%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-200,000	–	-0.72%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-100,000	–	-0.77%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-100,000	–	-0.77%	–
RRC	Exit	RANGE RES CORP	$0	–	-100,000	–	-0.80%	–
INTEQ	Exit	INTELSAT S A	$0	–	-318,669	–	-0.81%	–
EOG	Exit	EOG RES INC	$0	–	-50,000	–	-0.90%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-250,000	–	-0.94%	–
	Exit	WEATHERFORD INTERNATIONAL LTcall	$0	–	-600,000	–	-0.97%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-772,403	–	-1.03%	–
ROST	Exit	ROSS STORES INC	$0	–	-142,412	–	-1.10%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-373,618	–	-1.17%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-204,973	–	-1.32%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-800,000	–	-1.36%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-937,615	–	-1.59%	–
TLT	Exit	ISHARES20+ yr tr bd etf	$0	–	-150,000	–	-1.69%	–
THI	Exit	TIM HORTONS INC	$0	–	-280,382	–	-1.72%	–
QEP	Exit	QEP RES INC	$0	–	-593,721	–	-1.74%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-500,000	–	-1.75%	–
COTY	Exit	COTY INC	$0	–	-1,066,487	–	-1.83%	–
	Exit	MACYS INCcall	$0	–	-500,000	–	-2.29%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-626,789	–	-2.46%	–
PVH	Exit	PVH CORP	$0	–	-206,211	–	-2.59%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-200,000	–	-2.71%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-476,384	–	-2.78%	–
M	Exit	MACYS INC	$0	–	-711,531	–	-3.25%	–
GNCIQ	Exit	GNC HLDGS INC	$0	–	-566,742	–	-3.27%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-720,363	–	-3.35%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-487,416	–	-3.76%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-624,367	–	-3.86%	–
OC	Exit	OWENS CORNING NEW	$0	–	-993,657	–	-3.99%	–
	Exit	APPLE INCput	$0	–	-80,000	–	-4.03%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-1,146,303	–	-4.06%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-734,162	–	-4.38%	–
NLSN	Exit	NIELSEN HOLDINGS N V	$0	–	-1,842,973	–	-7.10%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-17.76%	–

Q3 2013

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$168,010,000	–	1,000,000	–	17.76%	–
NLSN	Buy	NIELSEN HOLDINGS N V	$67,176,000	+38.4%	1,842,973	+27.6%	7.10%	+18.2%
DG	Sell	DOLLAR GEN CORP NEW	$41,451,000	-43.8%	734,162	-49.8%	4.38%	-52.0%
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$38,413,000	–	1,146,303	–	4.06%	–
	New	APPLE INCput	$38,140,000	–	80,000	–	4.03%	–
OC	New	OWENS CORNING NEW	$37,739,000	–	993,657	–	3.99%	–
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$36,476,000	-30.0%	624,367	-39.3%	3.86%	-40.2%
CCI	Buy	CROWN CASTLE INTL CORP	$35,596,000	+1004.8%	487,416	+995.0%	3.76%	+842.9%
TPX	Buy	TEMPUR SEALY INTL INC	$31,667,000	+37.2%	720,363	+37.0%	3.35%	+17.1%
GNCIQ	Sell	GNC HLDGS INC	$30,961,000	-17.5%	566,742	-33.2%	3.27%	-29.6%
M	New	MACYS INC	$30,788,000	–	711,531	–	3.25%	–
CBS	Sell	CBS CORP NEWcl b	$26,277,000	-8.5%	476,384	-18.9%	2.78%	-21.9%
GLD	Buy	SPDR GOLD TRUST	$25,636,000	+43.5%	200,000	+33.3%	2.71%	+22.5%
PVH	Buy	PVH CORP	$24,475,000	+5.8%	206,211	+11.5%	2.59%	-9.6%
NXPI	Sell	NXP SEMICONDUCTORS N V	$23,323,000	+7.9%	626,789	-10.0%	2.46%	-7.9%
	New	MACYS INCcall	$21,635,000	–	500,000	–	2.29%	–
COTY	Sell	COTY INC	$17,288,000	-40.6%	1,066,487	-37.0%	1.83%	-49.3%
FCX	New	FREEPORT-MCMORAN COPPER & GO	$16,540,000	–	500,000	–	1.75%	–
QEP	Sell	QEP RES INC	$16,440,000	-19.7%	593,721	-19.4%	1.74%	-31.4%
THI	New	TIM HORTONS INC	$16,262,000	–	280,382	–	1.72%	–
TLT	New	ISHARES20+ yr tr bd etf	$15,960,000	–	150,000	–	1.69%	–
NWSA	New	NEWS CORP NEWcl a	$15,058,000	–	937,615	–	1.59%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$12,920,000	–	800,000	–	1.36%	–
WYND	Buy	WYNDHAM WORLDWIDE CORP	$12,497,000	+20.2%	204,973	+12.9%	1.32%	+2.6%
SEAS	New	SEAWORLD ENTMT INC	$11,070,000	–	373,618	–	1.17%	–
ROST	New	ROSS STORES INC	$10,368,000	–	142,412	–	1.10%	–
	New	WEATHERFORD INTERNATIONAL LTcall	$9,198,000	–	600,000	–	0.97%	–
SU	New	SUNCOR ENERGY INC NEW	$8,945,000	–	250,000	–	0.94%	–
EOG	Sell	EOG RES INC	$8,464,000	+7.1%	50,000	-16.7%	0.90%	-8.5%
INTEQ	Sell	INTELSAT S A	$7,648,000	-33.0%	318,669	-44.2%	0.81%	-42.8%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$7,323,000	-26.3%	100,000	-33.3%	0.77%	-37.1%
RS	New	RELIANCE STEEL & ALUMINUM CO	$7,327,000	–	100,000	–	0.77%	–
VLO	New	VALERO ENERGY CORP NEW	$6,830,000	–	200,000	–	0.72%	–
KORS	Sell	MICHAEL KORS HOLDGS LTD	$6,475,000	-34.2%	86,888	-45.2%	0.68%	-43.8%
WFT	New	WEATHERFORD INTERNATIONAL LT	$6,132,000	–	400,000	–	0.65%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$6,025,000	–	35,860	–	0.64%	–
PDCE	New	PDC ENERGY INC	$5,954,000	–	100,000	–	0.63%	–
WY	New	WEYERHAEUSER CO	$5,726,000	–	200,000	–	0.60%	–
SLW	Buy	SILVER WHEATON CORP	$4,954,000	+67.9%	200,000	+33.3%	0.52%	+43.6%
FNV	Sell	FRANCO NEVADA CORP	$4,526,000	-75.8%	100,000	-80.8%	0.48%	-79.3%
IP	Sell	INTL PAPER CO	$4,480,000	-32.6%	100,000	-33.3%	0.47%	-42.5%
WMB	Sell	WILLIAMS COS INC DEL	$3,636,000	-25.4%	100,000	-33.3%	0.38%	-36.3%
CZZ	New	COSAN LTD	$3,074,000	–	199,999	–	0.32%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-450,000	–	-0.25%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-175,000	–	-0.36%	–
NEM	Exit	NEWMONT MINING CORPput	$0	–	-100,000	–	-0.37%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-20,000	–	-0.42%	–
NUE	Exit	NUCOR CORP	$0	–	-100,000	–	-0.54%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-150,000	–	-0.57%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-71,105	–	-0.64%	–
DRC	Exit	DRESSER-RAND GROUP INC	$0	–	-100,000	–	-0.74%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-250,000	–	-0.76%	–
PSX	Exit	PHILLIPS 66	$0	–	-125,000	–	-0.91%	–
X	Exit	UNITED STATES STL CORP NEWcall	$0	–	-500,000	–	-1.08%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-100,000	–	-1.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-100,000	–	-1.12%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-212,843	–	-1.58%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-556,843	–	-1.71%	–
	Exit	OWENS CORNING NEW	$0	–	-440,646	–	-2.13%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-238,710	–	-2.54%	–
OIH	Exit	MARKET VECTORS ETF TRput	$0	–	-500,000	–	-2.65%	–
AAPL	Exit	APPLE INC	$0	–	-55,106	–	-2.70%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-29,883	–	-3.06%	–
NWSA	Exit	NEWS CORPcl a	$0	–	-1,401,840	–	-5.65%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-500,000	–	-9.93%	–

Q2 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$80,210,000	–	500,000	–	9.93%	–
DG	New	DOLLAR GEN CORP NEW	$73,698,000	–	1,461,386	–	9.12%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$52,109,000	–	1,027,995	–	6.45%	–
NLSN	New	NIELSEN HOLDINGS N V	$48,531,000	–	1,444,807	–	6.01%	–
NWSA	New	NEWS CORPcl a	$45,672,000	–	1,401,840	–	5.65%	–
GNCIQ	New	GNC HLDGS INC	$37,527,000	–	848,828	–	4.64%	–
COTY	New	COTY INC	$29,103,000	–	1,694,001	–	3.60%	–
CBS	New	CBS CORP NEWcl b	$28,707,000	–	587,421	–	3.55%	–
PCLN	New	PRICELINE COM INC	$24,703,000	–	29,883	–	3.06%	–
PVH	New	PVH CORP	$23,129,000	–	184,960	–	2.86%	–
TPX	New	TEMPUR PEDIC INTL INC	$23,085,000	–	525,846	–	2.86%	–
AAPL	New	APPLE INC	$21,851,000	–	55,106	–	2.70%	–
NXPI	New	NXP SEMICONDUCTORS N V	$21,610,000	–	696,663	–	2.68%	–
OIH	New	MARKET VECTORS ETF TRput	$21,390,000	–	500,000	–	2.65%	–
APC	New	ANADARKO PETE CORP	$20,512,000	–	238,710	–	2.54%	–
QEP	New	QEP RES INC	$20,465,000	–	736,680	–	2.53%	–
FNV	New	FRANCO NEVADA CORP	$18,669,000	–	521,904	–	2.31%	–
GLD	New	SPDR GOLD TRUST	$17,867,000	–	150,000	–	2.21%	–
	New	OWENS CORNING NEW	$17,220,000	–	440,646	–	2.13%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$13,810,000	–	556,843	–	1.71%	–
EXPE	New	EXPEDIA INC DEL	$12,803,000	–	212,843	–	1.58%	–
INTEQ	New	INTELSAT S A	$11,414,000	–	570,700	–	1.41%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$10,394,000	–	181,619	–	1.29%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$9,939,000	–	150,000	–	1.23%	–
KORS	New	MICHAEL KORS HOLDINGS LTD	$9,834,000	–	158,554	–	1.22%	–
XOM	New	EXXON MOBIL CORP	$9,035,000	–	100,000	–	1.12%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$8,923,000	–	100,000	–	1.10%	–
X	New	UNITED STATES STL CORP NEWcall	$8,765,000	–	500,000	–	1.08%	–
NYT	New	NEW YORK TIMES COcl a	$8,543,000	–	772,403	–	1.06%	–
EOG	New	EOG RES INC	$7,901,000	–	60,000	–	0.98%	–
RRC	New	RANGE RES CORP	$7,732,000	–	100,000	–	0.96%	–
PSX	New	PHILLIPS 66	$7,364,000	–	125,000	–	0.91%	–
IP	New	INTL PAPER CO	$6,647,000	–	150,000	–	0.82%	–
GG	New	GOLDCORP INC NEW	$6,183,000	–	250,000	–	0.76%	–
DRC	New	DRESSER-RAND GROUP INC	$5,998,000	–	100,000	–	0.74%	–
AMT	New	AMERICAN TOWER CORP NEW	$5,203,000	–	71,105	–	0.64%	–
WMB	New	WILLIAMS COS INC DEL	$4,871,000	–	150,000	–	0.60%	–
PBA	New	PEMBINA PIPELINE CORP	$4,588,000	–	150,000	–	0.57%	–
NUE	New	NUCOR CORP	$4,332,000	–	100,000	–	0.54%	–
CF	New	CF INDS HLDGS INC	$3,430,000	–	20,000	–	0.42%	–
CCI	New	CROWN CASTLE INTL CORP	$3,222,000	–	44,513	–	0.40%	–
NEM	New	NEWMONT MINING CORPput	$2,995,000	–	100,000	–	0.37%	–
SLW	New	SILVER WHEATONCORP	$2,951,000	–	150,000	–	0.36%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$2,884,000	–	175,000	–	0.36%	–
PPPMF	New	PRIMERO MNG CORP	$2,010,000	–	450,000	–	0.25%	–

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