Marble Arch Investments Activity Q4 2007-Q2 2018

Q2 2018

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$9,542,000	–	8,450	–	11.60%	–
MSFT	New	MICROSOFT CORP	$8,392,000	–	85,100	–	10.20%	–
TDG	New	TRANSDIGM GROUP INC	$8,283,000	–	24,000	–	10.07%	–
V	New	VISA INC	$6,954,000	–	52,500	–	8.45%	–
FB	New	FACEBOOK INCcl a	$6,918,000	–	35,600	–	8.41%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$6,392,000	–	21,800	–	7.77%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$5,524,000	–	64,300	–	6.72%	–
CRM	New	SALESFORCE COM INC	$5,524,000	–	40,500	–	6.72%	–
NOW	New	SERVICENOW INC	$5,510,000	–	31,950	–	6.70%	–
FDC	New	FIRST DATA CORP NEW	$4,479,000	–	214,000	–	5.44%	–
AMAT	New	APPLIED MATLS INC	$3,954,000	–	85,600	–	4.81%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$3,275,000	–	118,000	–	3.98%	–
BKNG	New	BOOKING HLDGS INC	$1,682,000	–	830	–	2.04%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$1,643,000	–	26,000	–	2.00%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$1,552,000	–	26,100	–	1.89%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$1,516,000	–	10,000	–	1.84%	–
BKI	New	BLACK KNIGHT INC	$1,125,000	–	21,000	–	1.37%	–

Q4 2017

			Value		Shares		↓ Weighting
FTRCQ	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-350,000	–	-0.27%	–
AAOI	Exit	APPLIED OPTOELECTRONICS INC	$0	–	-175,800	–	-0.76%	–
WAB	Exit	WABTEC CORP	$0	–	-269,200	–	-1.35%	–
NOW	Exit	SERVICENOW INC	$0	–	-178,000	–	-1.39%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-447,200	–	-2.77%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-1,229,000	–	-2.81%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-1,017,000	–	-3.45%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,517,000	–	-3.88%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-244,000	–	-4.14%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-997,000	–	-4.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-1,784,300	–	-4.51%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-340,000	–	-4.86%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-1,563,000	–	-5.32%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,397,000	–	-5.94%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,314,900	–	-6.50%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-1,353,500	–	-6.98%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-682,300	–	-6.98%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-2,108,500	–	-7.29%	–
V	Exit	VISA INC	$0	–	-1,105,500	–	-7.72%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-389,600	–	-9.40%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-3,063,000	–	-9.50%	–

Q3 2017

			Value		Shares		↓ Weighting
SERV	Sell	SERVICEMASTER GLOBAL HLDGS I	$143,134,000	+2.5%	3,063,000	-14.1%	9.50%	-3.1%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$141,588,000	-13.3%	389,600	-19.6%	9.40%	-18.0%
V	Sell	VISA INC	$116,343,000	+2.5%	1,105,500	-8.7%	7.72%	-3.0%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$105,231,000	-5.4%	682,300	-10.8%	6.98%	-10.5%
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$105,194,000	–	1,353,500	–	6.98%	–
MSFT	Sell	MICROSOFT CORP	$97,947,000	-2.5%	1,314,900	-9.8%	6.50%	-7.8%
PYPL	Sell	PAYPAL HLDGS INC	$89,450,000	-1.3%	1,397,000	-17.3%	5.94%	-6.7%
AWI	Sell	ARMSTRONG WORLD INDS INC NEW	$80,104,000	-0.5%	1,563,000	-10.7%	5.32%	-5.9%
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$73,226,000	–	340,000	–	4.86%	–
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$67,964,000	-7.2%	1,784,300	-10.8%	4.51%	-12.2%
CDK	Buy	CDK GLOBAL INC	$62,901,000	+8.2%	997,000	+6.4%	4.18%	+2.3%
TDG	Sell	TRANSDIGM GROUP INC	$62,379,000	-32.2%	244,000	-28.7%	4.14%	-35.8%
CMCSA	Sell	COMCAST CORP NEWcl a	$58,374,000	-16.6%	1,517,000	-15.6%	3.88%	-21.1%
ZAYO	New	ZAYO GROUP HLDGS INC	$42,302,000	–	1,229,000	–	2.81%	–
CRM	Buy	SALESFORCE COM INC	$41,777,000	+94.5%	447,200	+80.3%	2.77%	+84.0%
NOW	New	SERVICENOW INC	$20,920,000	–	178,000	–	1.39%	–
WAB	New	WABTEC CORP	$20,392,000	–	269,200	–	1.35%	–
AAOI	New	APPLIED OPTOELECTRONICS INC	$11,369,000	–	175,800	–	0.76%	–
FTRCQ	New	FRONTIER COMMUNICATIONS CORP	$4,127,000	–	350,000	–	0.27%	–
ACIA	Exit	ACACIA COMMUNICATIONS INC	$0	–	-467,000	–	-1.36%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-650,000	–	-1.47%	–
ACHC	Exit	ACADIA HEALTHCARE COMPANY IN	$0	–	-551,439	–	-1.91%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-936,200	–	-7.66%	–

Q2 2017

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$163,271,000	–	484,700	–	11.46%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$139,689,000	–	3,564,400	–	9.80%	–
V	New	VISA INC	$113,493,000	–	1,210,200	–	7.96%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$111,204,000	–	764,500	–	7.80%	–
AAP	New	ADVANCE AUTO PARTS INC	$109,152,000	–	936,200	–	7.66%	–
MSFT	New	MICROSOFT CORP	$100,459,000	–	1,457,400	–	7.05%	–
TDG	New	TRANSDIGM GROUP INC	$91,954,000	–	342,000	–	6.45%	–
PYPL	New	PAYPAL HLDGS INC	$90,633,000	–	1,688,700	–	6.36%	–
AMAT	New	APPLIED MATLS INC	$87,102,000	–	2,108,500	–	6.11%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$80,500,000	–	1,750,000	–	5.65%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$73,240,000	–	2,000,000	–	5.14%	–
CMCSA	New	COMCAST CORP NEWcl a	$69,978,000	–	1,798,000	–	4.91%	–
CDK	New	CDK GLOBAL INC	$58,150,000	–	937,000	–	4.08%	–
AER	New	AERCAP HOLDINGS NV	$47,219,000	–	1,017,000	–	3.31%	–
ACHC	New	ACADIA HEALTHCARE COMPANY IN	$27,230,000	–	551,439	–	1.91%	–
CRM	New	SALESFORCE COM INC	$21,477,000	–	248,000	–	1.51%	–
ATUS	New	ALTICE USA INCcl a	$20,995,000	–	650,000	–	1.47%	–
ACIA	New	ACACIA COMMUNICATIONS INC	$19,366,000	–	467,000	–	1.36%	–

Q4 2016

			Value		Shares		↓ Weighting
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-1,818,000	–	-2.80%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-937,000	–	-3.61%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-192,000	–	-3.73%	–
	Exit	AERCAP HOLDINGS NVcall	$0	–	-1,500,000	–	-3.88%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-1,750,000	–	-4.86%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-2,034,000	–	-5.26%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-571,000	–	-5.77%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-3,848,557	–	-7.24%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-3,312,000	–	-7.49%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-651,000	–	-7.60%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-2,871,000	–	-7.90%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-790,700	–	-7.92%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-2,735,500	–	-8.19%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-1,291,000	–	-11.52%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-674,800	–	-12.24%	–

Q3 2016

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$182,176,000	+14.2%	674,800	-3.2%	12.24%	+10.2%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$171,406,000	-15.4%	1,291,000	-20.8%	11.52%	-18.4%
AAP	Buy	ADVANCE AUTO PARTS INC	$117,909,000	+30.4%	790,700	+41.3%	7.92%	+25.7%
PYPL	Buy	PAYPAL HLDGS INC	$117,625,000	+17.8%	2,871,000	+5.0%	7.90%	+13.6%
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$113,098,000	+5.8%	651,000	-12.9%	7.60%	+2.0%
SERV	Buy	SERVICEMASTER GLOBAL HLDGS I	$111,548,000	+2.3%	3,312,000	+20.9%	7.49%	-1.4%
CBRE	Buy	CBRE GROUP INCcl a	$107,683,000	+16.9%	3,848,557	+10.7%	7.24%	+12.7%
	New	AERCAP HOLDINGS NVcall	$57,735,000	–	1,500,000	–	3.88%	–
TDG	Sell	TRANSDIGM GROUP INC	$55,511,000	-29.0%	192,000	-35.2%	3.73%	-31.5%
CDK	Sell	CDK GLOBAL INC	$53,746,000	-18.9%	937,000	-21.5%	3.61%	-21.8%
A104PS	New	HILTON WORLDWIDE HLDGS INC	$41,687,000	–	1,818,000	–	2.80%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-414,000	–	-3.09%	–
	Exit	AERCAP HOLDINGS NV	$0	–	-1,500,000	–	-3.51%	–

Q2 2016

			Value		Shares		↓ Weighting
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$202,600,000	–	1,629,800	–	14.12%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$159,454,000	–	697,400	–	11.11%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$117,627,000	–	2,735,500	–	8.20%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$109,052,000	–	2,740,000	–	7.60%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$106,918,000	–	747,000	–	7.45%	–
PYPL	New	PAYPAL HLDGS INC	$99,818,000	–	2,734,000	–	6.96%	–
CBRE	New	CBRE GROUP INCcl a	$92,097,000	–	3,478,000	–	6.42%	–
AAP	New	ADVANCE AUTO PARTS INC	$90,416,000	–	559,400	–	6.30%	–
APD	New	AIR PRODS & CHEMS INC	$81,105,000	–	571,000	–	5.65%	–
TDG	New	TRANSDIGM GROUP INC	$78,184,000	–	296,500	–	5.45%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$68,513,000	–	1,750,000	–	4.77%	–
AER	New	AERCAP HOLDINGS NV	$68,322,000	–	2,034,000	–	4.76%	–
CDK	New	CDK GLOBAL INC	$66,255,000	–	1,194,000	–	4.62%	–
	New	AERCAP HOLDINGS NV	$50,385,000	–	1,500,000	–	3.51%	–
SPGI	New	S&P GLOBAL INC	$44,406,000	–	414,000	–	3.09%	–

Q4 2015

			Value		Shares		↓ Weighting
VDSI	Exit	VASCO DATA SEC INTL INC	$0	–	-135,000	–	-0.18%	–
WW	Exit	WEIGHT WATCHERS INTL INC NEW	$0	–	-574,975	–	-0.28%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-450,000	–	-0.94%	–
AMBA	Exit	AMBARELLA INC	$0	–	-230,000	–	-1.02%	–
W	Exit	WAYFAIR INCcl a	$0	–	-410,000	–	-1.11%	–
TDOC	Exit	TELADOC INC	$0	–	-685,000	–	-1.18%	–
HZNP	Exit	HORIZON PHARMA PLC	$0	–	-1,617,000	–	-2.47%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD	$0	–	-431,000	–	-4.15%	–
ADSK	Exit	AUTODESK INC	$0	–	-1,381,000	–	-4.69%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-288,800	–	-4.72%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-1,371,000	–	-5.04%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-571,000	–	-5.61%	–
AZPN	Exit	ASPEN TECHNOLOGY INC	$0	–	-2,467,939	–	-7.20%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-606,700	–	-8.21%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-2,841,000	–	-8.36%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-837,000	–	-8.86%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-2,461,000	–	-9.16%	–
TW	Exit	TOWERS WATSON & COcl a	$0	–	-1,152,000	–	-10.41%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,196,900	–	-16.43%	–

Q3 2015

			Value		Shares		↓ Weighting
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$213,503,000	-10.1%	1,196,900	+12.0%	16.43%	-19.7%
TW	New	TOWERS WATSON & COcl a	$135,222,000	–	1,152,000	–	10.41%	–
SPR	Buy	SPIRIT AEROSYSTEMS HLDGS INC	$118,965,000	+0.4%	2,461,000	+14.5%	9.16%	-10.4%
AER	New	AERCAP HOLDINGS NV	$108,640,000	–	2,841,000	–	8.36%	–
CHTR	Buy	CHARTER COMMUNICATIONS INC Dcl a new	$106,688,000	+4.7%	606,700	+2.0%	8.21%	-6.5%
AZPN	Sell	ASPEN TECHNOLOGY INC	$93,560,000	-33.8%	2,467,939	-20.4%	7.20%	-40.9%
APD	Buy	AIR PRODS & CHEMS INC	$72,848,000	+2.3%	571,000	+9.7%	5.61%	-8.7%
ADSK	Buy	AUTODESK INC	$60,957,000	+2.5%	1,381,000	+16.2%	4.69%	-8.5%
AVGO	New	AVAGO TECHNOLOGIES LTD	$53,879,000	–	431,000	–	4.15%	–
HZNP	Sell	HORIZON PHARMA PLC	$32,049,000	-51.1%	1,617,000	-14.4%	2.47%	-56.4%
TDOC	New	TELADOC INC	$15,269,000	–	685,000	–	1.18%	–
W	New	WAYFAIR INCcl a	$14,375,000	–	410,000	–	1.11%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$12,150,000	–	450,000	–	0.94%	–
WW	New	WEIGHT WATCHERS INTL INC NEW	$3,668,000	–	574,975	–	0.28%	–
VDSI	New	VASCO DATA SEC INTL INC	$2,300,000	–	135,000	–	0.18%	–
COUP	Exit	COUPONS COM INC	$0	–	-919,800	–	-0.86%	–
UNVR	Exit	UNIVAR INC	$0	–	-1,113,300	–	-2.50%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-1,563,000	–	-2.81%	–

Q2 2015

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTL	$237,478,000	–	1,069,000	–	20.47%	–
AZPN	New	ASPEN TECHNOLOGY INC	$141,296,000	–	3,102,000	–	12.18%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$130,622,000	–	837,000	–	11.26%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$118,487,000	–	2,150,000	–	10.21%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$101,894,000	–	595,000	–	8.78%	–
CDK	New	CDK GLOBAL INC	$74,007,000	–	1,371,000	–	6.38%	–
APD	New	AIR PRODS & CHEMS INC	$71,220,000	–	520,500	–	6.14%	–
HZNP	New	HORIZON PHARMA PLC	$65,589,000	–	1,888,000	–	5.65%	–
TDG	New	TRANSDIGM GROUP INC	$64,885,000	–	288,800	–	5.59%	–
ADSK	New	AUTODESK INC	$59,489,000	–	1,188,000	–	5.13%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$32,557,000	–	1,563,000	–	2.81%	–
UNVR	New	UNIVAR INC	$28,979,000	–	1,113,300	–	2.50%	–
AMBA	New	AMBARELLA INC	$23,619,000	–	230,000	–	2.04%	–
COUP	New	COUPONS COM INC	$9,925,000	–	919,800	–	0.86%	–

Q4 2014

			Value		Shares		↓ Weighting
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-161,700	–	-0.75%	–
GPRO	Exit	GOPRO INCcl a	$0	–	-200,000	–	-1.56%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-402,700	–	-2.26%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-439,400	–	-3.32%	–
AGN	Exit	ALLERGAN INC	$0	–	-229,001	–	-3.39%	–
P	Exit	PANDORA MEDIA INC	$0	–	-1,691,000	–	-3.40%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-623,000	–	-3.54%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-945,000	–	-3.74%	–
AFSI	Exit	AMTRUST FINL SVCS INC	$0	–	-1,140,096	–	-3.77%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-268,800	–	-4.12%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-1,675,000	–	-4.14%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-2,392,000	–	-4.30%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,432,182	–	-4.44%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,175,000	–	-5.28%	–
CFX	Exit	COLFAX CORP	$0	–	-1,115,000	–	-5.28%	–
CRI	Exit	CARTER INC	$0	–	-851,000	–	-5.48%	–
NLSN	Exit	NIELSEN N V	$0	–	-1,520,000	–	-5.60%	–
CDW	Exit	CDW CORP	$0	–	-2,722,000	–	-7.03%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-570,200	–	-7.18%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-857,000	–	-10.13%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,035,000	–	-11.29%	–

Q3 2014

			Value		Shares		↓ Weighting
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$135,792,000	-2.0%	1,035,000	-5.8%	11.29%	+10.2%
FLT	Buy	FLEETCOR TECHNOLOGIES INC	$121,797,000	+10.0%	857,000	+2.0%	10.13%	+23.7%
CHTR	Sell	CHARTER COMMUNICATIONS INC Dcl a new	$86,311,000	-13.5%	570,200	-9.5%	7.18%	-2.7%
CDW	Buy	CDW CORP	$84,518,000	+1.8%	2,722,000	+4.5%	7.03%	+14.4%
NLSN	Sell	NIELSEN N V	$67,382,000	-11.3%	1,520,000	-3.2%	5.60%	-0.3%
CRI	New	CARTER INC	$65,970,000	–	851,000	–	5.48%	–
CFX	Buy	COLFAX CORP	$63,522,000	+7.9%	1,115,000	+41.1%	5.28%	+21.3%
AIG	Sell	AMERICAN INTL GROUP INC	$63,474,000	-12.2%	1,175,000	-11.3%	5.28%	-1.3%
DISCK	Buy	DISCOVERY COMMUNICATNS NEW	$53,392,000	-35.6%	1,432,182	+25.4%	4.44%	-27.6%
AMAT	New	APPLIED MATLS INC	$51,691,000	–	2,392,000	–	4.30%	–
CBRE	Sell	CBRE GROUP INCcl a	$49,815,000	-33.1%	1,675,000	-27.9%	4.14%	-24.7%
TDG	Buy	TRANSDIGM GROUP INC	$49,548,000	+23.7%	268,800	+12.2%	4.12%	+39.0%
AFSI	Buy	AMTRUST FINL SVCS INC	$45,399,000	+17.0%	1,140,096	+22.8%	3.77%	+31.5%
ENDP	Sell	ENDO INTL PLC	$42,576,000	-43.0%	623,000	-41.6%	3.54%	-35.9%
AGN	Sell	ALLERGAN INC	$40,806,000	-8.3%	229,001	-12.9%	3.39%	+3.1%
GRA	Sell	GRACE W R & CO DEL NEW	$39,959,000	-36.4%	439,400	-33.9%	3.32%	-28.5%
QIHU	Buy	QIHOO 360 TECHNOLOGY CO LTDads	$27,170,000	-10.6%	402,700	+22.0%	2.26%	+0.5%
GPRO	New	GOPRO INCcl a	$18,740,000	–	200,000	–	1.56%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$9,055,000	–	161,700	–	0.75%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-505,000	–	-1.75%	–
VPRT	Exit	VISTAPRINT N V	$0	–	-839,000	–	-2.51%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-270,700	–	-3.74%	–
ADSK	Exit	AUTODESK INC	$0	–	-936,000	–	-3.90%	–

Q2 2014

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTL	$138,568,000	–	1,098,700	–	10.25%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$110,712,000	–	840,000	–	8.19%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$99,779,000	–	630,000	–	7.38%	–
CDW	New	CDW CORP	$83,042,000	–	2,604,842	–	6.14%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$82,898,000	–	1,142,000	–	6.13%	–
NLSN	New	NIELSEN N V	$76,004,000	–	1,570,000	–	5.62%	–
ENDP	New	ENDO INTL PLC	$74,641,000	–	1,066,000	–	5.52%	–
CBRE	New	CBRE GROUP INCcl a	$74,429,000	–	2,323,000	–	5.50%	–
AIG	New	AMERICAN INTL GROUP INC	$72,319,000	–	1,325,000	–	5.35%	–
GRA	New	GRACE W R & CO DEL NEW	$62,822,000	–	664,571	–	4.65%	–
CFX	New	COLFAX CORP	$58,887,000	–	790,000	–	4.36%	–
ALLE	New	ALLEGION PUB LTD CO	$53,563,000	–	945,000	–	3.96%	–
ADSK	New	AUTODESK INC	$52,772,000	–	936,000	–	3.90%	–
BIDU	New	BAIDU INCspon adr rep a	$50,569,000	–	270,700	–	3.74%	–
P	New	PANDORA MEDIA INC	$49,885,000	–	1,691,000	–	3.69%	–
AGN	New	ALLERGAN INC	$44,505,000	–	263,000	–	3.29%	–
TDG	New	TRANSDIGM GROUP INC	$40,066,000	–	239,546	–	2.96%	–
AFSI	New	AMTRUST FINL SVCS INC	$38,802,000	–	928,046	–	2.87%	–
VPRT	New	VISTAPRINT N V	$33,946,000	–	839,000	–	2.51%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$30,392,000	–	330,200	–	2.25%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$23,695,000	–	505,000	–	1.75%	–

Q4 2013

			Value		Shares		↓ Weighting
XPO	Exit	XPO LOGISTICS INC	$0	–	-215,000	–	-0.38%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-611,313	–	-0.80%	–
SWI	Exit	SOLARWINDS INC	$0	–	-332,000	–	-0.95%	–
VVUS	Exit	VIVUS INC	$0	–	-1,700,000	–	-1.29%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-902,000	–	-1.65%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-200,000	–	-2.26%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-970,000	–	-2.65%	–
ENDP	Exit	ENDO HEALTH SOLUTIONS INC	$0	–	-750,000	–	-2.78%	–
SBH	Exit	SALLY BEAUTY HLDGS INC	$0	–	-1,323,000	–	-2.82%	–
EVTC	Exit	EVERTEC INC	$0	–	-1,641,000	–	-2.97%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-42,700	–	-3.05%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-532,000	–	-3.27%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-1,320,600	–	-4.05%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-634,000	–	-4.10%	–
NLSN	Exit	NIELSEN HOLDINGS N V	$0	–	-1,435,000	–	-4.26%	–
VPRT	Exit	VISTAPRINT N V	$0	–	-925,000	–	-4.27%	–
CFX	Exit	COLFAX CORP	$0	–	-965,000	–	-4.44%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-455,780	–	-5.00%	–
CRI	Exit	CARTER INC	$0	–	-811,000	–	-5.02%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,720,000	–	-6.82%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-993,000	–	-7.07%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,171,909	–	-7.46%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-1,248,474	–	-11.21%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,347,000	–	-11.45%	–

Q3 2013

			Value		Shares		↓ Weighting
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$137,532,000	+34.3%	1,248,474	-0.9%	11.21%	+42.7%
DISCK	Sell	DISCOVERY COMMUNICATNS NEW	$91,550,000	+2.8%	1,171,909	-8.2%	7.46%	+9.3%
GRA	Sell	GRACE W R & CO DEL NEW	$86,788,000	-10.4%	993,000	-13.9%	7.07%	-4.8%
AIG	Buy	AMERICAN INTL GROUP INC	$83,644,000	+9.7%	1,720,000	+0.8%	6.82%	+16.6%
CRI	Sell	CARTER INC	$61,547,000	-24.5%	811,000	-26.3%	5.02%	-19.7%
CHTR	Sell	CHARTER COMMUNICATIONS INC Dcl a new	$61,421,000	-19.8%	455,780	-26.2%	5.00%	-14.7%
VPRT	Buy	VISTAPRINT N V	$52,353,000	+20.1%	925,000	+4.8%	4.27%	+27.6%
NLSN	New	NIELSEN HOLDINGS N V	$52,306,000	–	1,435,000	–	4.26%	–
LBTYA	Sell	LIBERTY GLOBAL PLC	$50,308,000	-21.3%	634,000	-27.1%	4.10%	-16.4%
GLNG	Sell	GOLAR LNG LTD BERMUDA	$49,747,000	-4.9%	1,320,600	-19.5%	4.05%	+1.1%
GOOGL	Sell	GOOGLE INCcl a	$37,401,000	-24.8%	42,700	-24.4%	3.05%	-20.1%
EVTC	Buy	EVERTEC INC	$36,447,000	+28.5%	1,641,000	+27.1%	2.97%	+36.6%
ENDP	New	ENDO HEALTH SOLUTIONS INC	$34,080,000	–	750,000	–	2.78%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$32,505,000	–	970,000	–	2.65%	–
PBF	Sell	PBF ENERGY INCcl a	$20,250,000	-20.2%	902,000	-8.0%	1.65%	-15.2%
SWI	Sell	SOLARWINDS INC	$11,640,000	-70.0%	332,000	-66.8%	0.95%	-68.1%
CUBI	Buy	CUSTOMERS BANCORP INC	$9,842,000	+116.8%	611,313	+118.9%	0.80%	+130.5%
XPO	Sell	XPO LOGISTICS INC	$4,659,000	-66.9%	215,000	-72.4%	0.38%	-64.8%
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-150,000	–	-0.34%	–
2100PS	Exit	GENCORP INC	$0	–	-770,000	–	-0.96%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-482,000	–	-2.76%	–
ESV	Exit	ENSCO PLC	$0	–	-947,000	–	-4.22%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-987,000	–	-4.37%	–

Q2 2013

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTL	$115,950,000	–	1,347,000	–	8.89%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$102,438,000	–	1,260,000	–	7.85%	–
GRA	New	GRACE W R & CO DEL NEW	$96,898,000	–	1,153,000	–	7.43%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$89,029,000	–	1,276,000	–	6.82%	–
CRI	New	CARTER INC	$81,477,000	–	1,100,000	–	6.24%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$76,539,000	–	618,000	–	5.87%	–
AIG	New	AMERICAN INTL GROUP INC	$76,258,000	–	1,706,000	–	5.84%	–
LBTYA	New	LIBERTY GLOBAL PLC	$63,951,000	–	870,200	–	4.90%	–
MSI	New	MOTOROLA SOLUTIONS INC	$56,980,000	–	987,000	–	4.37%	–
ESV	New	ENSCO PLC	$55,040,000	–	947,000	–	4.22%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$52,300,000	–	1,640,000	–	4.01%	–
CFX	New	COLFAX CORP	$50,286,000	–	965,000	–	3.86%	–
GOOGL	New	GOOGLE INCcl a	$49,741,000	–	56,500	–	3.81%	–
VPRT	New	VISTAPRINT N V	$43,594,000	–	883,000	–	3.34%	–
SBH	New	SALLY BEAUTY HLDGS INC	$41,145,000	–	1,323,000	–	3.15%	–
SWI	New	SOLARWINDS INC	$38,810,000	–	1,000,000	–	2.98%	–
LBTYK	New	LIBERTY GLOBAL PLC	$36,117,000	–	532,000	–	2.77%	–
WBC	New	WABCO HLDGS INC	$36,001,000	–	482,000	–	2.76%	–
TDG	New	TRANSDIGM GROUP INC	$31,354,000	–	200,000	–	2.40%	–
EVTC	New	EVERTEC INC	$28,363,000	–	1,291,000	–	2.17%	–
PBF	New	PBF ENERGY INCcl a	$25,382,000	–	980,000	–	1.95%	–
VVUS	New	VIVUS INC	$21,386,000	–	1,700,000	–	1.64%	–
XPO	New	XPO LOGISTICS INC	$14,074,000	–	778,000	–	1.08%	–
2100PS	New	GENCORP INC	$12,520,000	–	770,000	–	0.96%	–
CUBI	New	CUSTOMERS BANCORP INC	$4,539,000	–	279,314	–	0.35%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$4,406,000	–	150,000	–	0.34%	–

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