Triple Frond Partners Activity Q4 2008-Q3 2023

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Q2 2023

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$140,243	–	381,748	–	18.08%	–
TDG	New	TRANSDIGM GROUP INC	$115,348	–	129,000	–	14.87%	–
GOOG	New	ALPHABET INCcap stk cl c	$99,546	–	822,900	–	12.84%	–
V	New	VISA INC	$94,869	–	399,482	–	12.23%	–
AMZN	New	AMAZON.COM INC	$93,851	–	719,936	–	12.10%	–
MSFT	New	MICROSOFT CORP	$86,260	–	253,304	–	11.12%	–
MCO	New	MOODYS CORP	$42,993	–	123,644	–	5.54%	–
LRCX	New	LAM RESEARCH CORP	$39,896	–	62,060	–	5.14%	–
VRSN	New	VERISIGN INC	$34,956	–	154,694	–	4.51%	–
KKR	New	KKR & CO INC	$27,647	–	493,692	–	3.56%	–

Q4 2022

			Value		Shares		↓ Weighting
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-277,612	–	-3.01%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-62,060	–	-4.00%	–
VRSN	Exit	VERISIGN INC	$0	–	-164,004	–	-5.02%	–
MCO	Exit	MOODYS CORP	$0	–	-157,998	–	-6.76%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-468,776	–	-9.33%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-229,654	–	-9.42%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-146,291	–	-13.52%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-822,900	–	-13.94%	–
V	Exit	VISA INC	$0	–	-466,776	–	-14.60%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-381,748	–	-20.40%	–

Q3 2022

			Value		Shares		↓ Weighting
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$115,803,000	-21.6%	381,748	+21.2%	20.40%	-9.6%
V	Sell	VISA INC	$82,923,000	-12.9%	466,776	-3.5%	14.60%	+0.3%
GOOG	Buy	ALPHABET INCcap stk cl c	$79,122,000	-21.9%	822,900	+1676.9%	13.94%	-10.0%
TDG	Sell	TRANSDIGM GROUP INC	$76,776,000	-2.3%	146,291	-0.1%	13.52%	+12.6%
MSFT	Sell	MICROSOFT CORP	$53,486,000	-19.4%	229,654	-11.1%	9.42%	-7.2%
AMZN	Sell	AMAZON.COM INC	$52,972,000	-5.5%	468,776	-11.2%	9.33%	+8.8%
MCO	Sell	MOODYS CORP	$38,411,000	-22.1%	157,998	-12.9%	6.76%	-10.3%
VRSN	Sell	VERISIGN INC	$28,488,000	-13.9%	164,004	-17.0%	5.02%	-0.8%
LRCX	New	LAM RESEARCH CORP	$22,714,000	–	62,060	–	4.00%	–
GWRE	Sell	GUIDEWIRE SOFTWARE INC	$17,095,000	-35.5%	277,612	-25.6%	3.01%	-25.7%

Q2 2022

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$147,626,000	–	315,083	–	22.57%	–
GOOG	New	ALPHABET INCcap stk cl c	$101,303,000	–	46,311	–	15.49%	–
V	New	VISA INC	$95,237,000	–	483,707	–	14.56%	–
TDG	New	TRANSDIGM GROUP INC	$78,568,000	–	146,400	–	12.01%	–
MSFT	New	MICROSOFT CORP	$66,362,000	–	258,387	–	10.15%	–
AMZN	New	AMAZON.COM INC	$56,075,000	–	527,960	–	8.57%	–
MCO	New	MOODYS CORP	$49,317,000	–	181,333	–	7.54%	–
VRSN	New	VERISIGN INC	$33,083,000	–	197,711	–	5.06%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$26,491,000	–	373,172	–	4.05%	–

Q4 2021

			Value		Shares		↓ Weighting
VRSN	Exit	VERISIGN INC	$0	–	-165,790	–	-3.71%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-395,800	–	-5.13%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-181,100	–	-6.70%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-250,050	–	-7.69%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-21,857	–	-7.83%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-128,394	–	-8.74%	–
MCO	Exit	MOODYS CORP	$0	–	-250,000	–	-9.68%	–
V	Exit	VISA INC	$0	–	-454,500	–	-11.04%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-49,120	–	-14.28%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-317,529	–	-25.20%	–

Q3 2021

			Value		Shares		↓ Weighting
MCO	Sell	MOODYS CORP	$88,777,000	-18.0%	250,000	-16.3%	9.68%	-17.5%
AMZN	New	AMAZON.COM INC	$71,801,000	–	21,857	–	7.83%	–
VRSN	Buy	VERISIGN INC	$33,989,000	+28.3%	165,790	+42.4%	3.71%	+28.9%
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-182,379	–	-3.44%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-170,450	–	-4.19%	–

Q2 2021

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$229,081,000	–	317,529	–	24.85%	–
GOOG	New	ALPHABET INCcap stk cl c	$123,110,000	–	49,120	–	13.35%	–
MCO	New	MOODYS CORP	$108,207,000	–	298,608	–	11.74%	–
V	New	VISA INC	$106,271,000	–	454,500	–	11.53%	–
TDG	New	TRANSDIGM GROUP INC	$83,108,000	–	128,394	–	9.02%	–
MSFT	New	MICROSOFT CORP	$67,738,000	–	250,050	–	7.35%	–
FB	New	FACEBOOK INCcl a	$62,970,000	–	181,100	–	6.83%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$44,615,000	–	395,800	–	4.84%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$38,655,000	–	170,450	–	4.19%	–
LBRDK	New	LIBERTY BROADBAND CORP	$31,672,000	–	182,379	–	3.44%	–
VRSN	New	VERISIGN INC	$26,501,000	–	116,390	–	2.88%	–

Q4 2020

			Value		Shares		↓ Weighting
SPGI	Exit	S&P GLOBAL INC	$0	–	-28,100	–	-0.86%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-199,425	–	-5.72%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-660,800	–	-5.85%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-379,050	–	-6.76%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-190,274	–	-7.67%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-766,579	–	-9.29%	–
V	Exit	VISA INC	$0	–	-650,000	–	-11.03%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-90,120	–	-11.24%	–
MCO	Exit	MOODYS CORP	$0	–	-613,828	–	-15.10%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-500,029	–	-26.49%	–

Q3 2020

			Value		Shares		↓ Weighting
MCO	Sell	MOODYS CORP	$177,918,000	-0.4%	613,828	-5.6%	15.10%	-12.4%
TDG	Sell	TRANSDIGM GROUP INC	$90,403,000	-10.3%	190,274	-16.6%	7.67%	-21.1%
MSFT	New	MICROSOFT CORP	$79,726,000	–	379,050	–	6.76%	–
GWRE	Buy	GUIDEWIRE SOFTWARE INC	$68,902,000	+8.5%	660,800	+15.4%	5.85%	-4.5%
MA	Sell	MASTERCARD INCORPORATEDcl a	$67,439,000	-17.8%	199,425	-28.1%	5.72%	-27.7%

Q2 2020

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$255,035,000	–	500,029	–	24.59%	–
MCO	New	MOODYS CORP	$178,637,000	–	650,228	–	17.22%	–
GOOG	New	ALPHABET INCcap stk cl c	$127,395,000	–	90,120	–	12.28%	–
V	New	VISA INC	$125,560,000	–	650,000	–	12.10%	–
TDG	New	TRANSDIGM GROUP INC	$100,820,000	–	228,074	–	9.72%	–
LBRDK	New	LIBERTY BROADBAND CORP	$95,025,000	–	766,579	–	9.16%	–
MA	New	MASTERCARD INCORPORATEDcl a	$82,057,000	–	277,500	–	7.91%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$63,495,000	–	572,800	–	6.12%	–
SPGI	New	S&P GLOBAL INC	$9,258,000	–	28,100	–	0.89%	–

Q4 2019

			Value		Shares		↓ Weighting
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,668,979	–	-3.80%	–
FOXA	Exit	FOX CORP	$0	–	-1,962,000	–	-5.93%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-271,300	–	-7.06%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-766,579	–	-7.69%	–
V	Exit	VISA INC	$0	–	-607,300	–	-10.01%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-225,000	–	-11.22%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATION	$0	–	-3,150,000	–	-12.62%	–
MCO	Exit	MOODYS CORP	$0	–	-875,628	–	-17.18%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-620,029	–	-24.48%	–

Q3 2019

			Value		Shares		↓ Weighting
SCHW	Buy	THE CHARLES SCHWAB CORPORATION	$131,764,000	+24.8%	3,150,000	+19.9%	12.62%	+18.2%
TDG	Buy	TRANSDIGM GROUP INC	$117,151,000	+14.1%	225,000	+6.1%	11.22%	+8.1%
FOXA	Buy	FOX CORP	$61,872,000	-2.3%	1,962,000	+13.5%	5.93%	-7.4%

Q2 2019

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$245,023,000	–	620,029	–	24.78%	–
MCO	New	MOODYS CORP	$171,019,000	–	875,628	–	17.29%	–
SCHW	New	THE CHARLES SCHWAB CORPORATION	$105,604,000	–	2,627,611	–	10.68%	–
V	New	VISA INC	$105,397,000	–	607,300	–	10.66%	–
TDG	New	TRANSDIGM GROUP INC	$102,644,000	–	212,162	–	10.38%	–
LBRDK	New	LIBERTY BROADBAND CORP	$79,893,000	–	766,579	–	8.08%	–
MA	New	MASTERCARD INCORPORATEDcl a	$71,767,000	–	271,300	–	7.26%	–
FOXA	New	FOX CORP	$63,318,000	–	1,728,594	–	6.40%	–
LBTYK	New	LIBERTY GLOBAL PLC	$44,278,000	–	1,668,979	–	4.48%	–

Q4 2018

			Value		Shares		↓ Weighting
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-186,000	–	-4.30%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-387,627	–	-4.86%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,735,333	–	-5.08%	–
V	Exit	VISA INC	$0	–	-500,000	–	-7.80%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-900,000	–	-7.89%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-205,698	–	-7.96%	–
SBAC	Exit	SBA COMMUNICATIONS CORP NEWcl a	$0	–	-674,676	–	-11.26%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-2,737,265	–	-13.98%	–
MCO	Exit	MOODYS CORP	$0	–	-912,389	–	-15.86%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-620,029	–	-21.00%	–

Q3 2018

			Value		Shares		↓ Weighting
LBTYK	Sell	LIBERTY GLOBAL PLC	$48,867,000	-35.2%	1,735,333	-38.8%	5.08%	-36.2%

Q2 2018

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$181,799,000	–	620,029	–	19.18%	–
MCO	New	MOODYS CORP	$155,617,000	–	912,389	–	16.42%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$139,874,000	–	2,737,265	–	14.76%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$111,403,000	–	674,676	–	11.75%	–
LBTYK	New	LIBERTY GLOBAL PLC	$75,448,000	–	2,835,333	–	7.96%	–
TDG	New	TRANSDIGM GROUP INC	$70,995,000	–	205,698	–	7.49%	–
LBRDK	New	LIBERTY BROADBAND CORP	$68,148,000	–	900,000	–	7.19%	–
V	New	VISA INC	$66,225,000	–	500,000	–	6.99%	–
VRSK	New	VERISK ANALYTICS INC	$41,724,000	–	387,627	–	4.40%	–
MA	New	MASTERCARD INCORPORATEDcl a	$36,553,000	–	186,000	–	3.86%	–

Q4 2017

			Value		Shares		↓ Weighting
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-186,000	–	-3.18%	–
V	Exit	VISA INC	$0	–	-500,000	–	-6.38%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,333,333	–	-13.22%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-2,500,000	–	-13.26%	–
SBAC	Exit	SBA COMMUNICATIONS CORP NEWcl a	$0	–	-824,676	–	-14.40%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-479,998	–	-14.88%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-390,629	–	-17.22%	–
MCO	Exit	MOODYS CORP	$0	–	-1,034,075	–	-17.46%	–

Q3 2017

			Value		Shares		↓ Weighting
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$141,962,000	+8.7%	390,629	+0.8%	17.22%	+0.5%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$109,350,000	+27.3%	2,500,000	+25.0%	13.26%	+17.6%
NORD	Exit	NORD ANGLIA EDUCATION INC	$0	–	-188,073	–	-0.80%	–

Q2 2017

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$130,581,000	–	387,654	–	17.13%	–
TDG	New	TRANSDIGM GROUP INC	$129,057,000	–	479,998	–	16.93%	–
MCO	New	MOODYS CORP	$125,826,000	–	1,034,075	–	16.51%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$111,249,000	–	824,676	–	14.60%	–
LBTYK	New	LIBERTY GLOBAL PLC	$103,933,000	–	3,333,333	–	13.64%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$85,920,000	–	2,000,000	–	11.27%	–
V	New	VISA INC	$46,890,000	–	500,000	–	6.15%	–
MA	New	MASTERCARD INCORPORATEDcl a	$22,590,000	–	186,000	–	2.96%	–
NORD	New	NORD ANGLIA EDUCATION INC	$6,126,000	–	188,073	–	0.80%	–

Q4 2016

			Value		Shares		↓ Weighting
NORD	Exit	NORD ANGLIA EDUCATION INC	$0	–	-672,628	–	-2.09%	–
DVA	Exit	DAVITA INC	$0	–	-674,300	–	-6.35%	–
V	Exit	VISA INC	$0	–	-692,400	–	-8.16%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-600,000	–	-9.59%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-283,000	–	-11.66%	–
MCO	Exit	MOODYS CORP	$0	–	-929,000	–	-14.33%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-3,205,000	–	-14.42%	–
CHTR	Exit	CHARTER COMMUNICATION INC Ncl a	$0	–	-406,890	–	-15.65%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,774,250	–	-17.77%	–

Q3 2016

			Value		Shares		↓ Weighting
LBTYK	Buy	LIBERTY GLOBAL PLC	$124,701,000	+32.2%	3,774,250	+14.6%	17.77%	+17.1%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$101,182,000	+33.3%	3,205,000	+6.8%	14.42%	+18.0%
MCO	Buy	MOODYS CORP	$100,592,000	+22.7%	929,000	+6.2%	14.33%	+8.6%
TDG	Sell	TRANSDIGM GROUP INC	$81,821,000	-2.3%	283,000	-10.9%	11.66%	-13.5%
V	Sell	VISA INC	$57,261,000	+10.3%	692,400	-1.1%	8.16%	-2.3%
DVA	Sell	DAVITA INC	$44,551,000	-19.5%	674,300	-5.8%	6.35%	-28.7%
NORD	Buy	NORD ANGLIA EDUCATION INC	$14,650,000	+43.8%	672,628	+39.5%	2.09%	+27.3%
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-318,160	–	-1.66%	–

Q2 2016

			Value		Shares		↓ Weighting
LBTYK	New	LIBERTY GLOBAL PLC	$94,323,000	–	3,292,250	–	15.18%	–
CHTR	New	CHARTER COMMUNICATION INC Ncl a	$93,031,000	–	406,890	–	14.97%	–
TDG	New	TRANSDIGM GROUP INC	$83,722,000	–	317,500	–	13.47%	–
MCO	New	MOODYS CORP	$81,996,000	–	875,000	–	13.19%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$75,930,000	–	3,000,000	–	12.22%	–
SBAC	New	SBA COMMUNICATIONS CORP	$64,764,000	–	600,000	–	10.42%	–
DVA	New	DAVITA HEALTHCARE PARTNERS INC	$55,330,000	–	715,600	–	8.90%	–
V	New	VISA INC	$51,919,000	–	700,000	–	8.35%	–
LILAK	New	LIBERTY GLOBAL PLC	$10,337,000	–	318,160	–	1.66%	–
NORD	New	NORD ANGLIA EDUCATION INC	$10,190,000	–	482,017	–	1.64%	–

Q4 2015

			Value		Shares		↓ Weighting
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-1,610,000	–	-10.44%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS INC	$0	–	-750,000	–	-11.48%	–
MCO	Exit	MOODYS CORP	$0	–	-625,000	–	-12.99%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-325,000	–	-14.61%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,800,000	–	-15.62%	–
CHTR	Exit	CHARTER COMMUNICATION INC Dcl a new	$0	–	-450,000	–	-16.74%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-3,000,000	–	-18.13%	–

Q3 2015

			Value		Shares		↓ Weighting
SCHW	Buy	SCHWAB CHARLES CORP NEW	$85,680,000	+5.0%	3,000,000	+20.0%	18.13%	-13.0%
CHTR	Buy	CHARTER COMMUNICATION INC Dcl a new	$79,133,000	+15.5%	450,000	+12.5%	16.74%	-4.3%
LBTYK	Buy	LIBERTY GLOBAL PLC	$73,836,000	+45.8%	1,800,000	+80.0%	15.62%	+20.8%
TDG	Buy	TRANSDIGM GROUP INC	$69,033,000	+11.7%	325,000	+18.2%	14.61%	-7.4%
MCO	Buy	MOODYS CORP	$61,375,000	+51.6%	625,000	+66.7%	12.99%	+25.6%
DVA	Buy	DAVITA HEALTHCARE PARTNERS INC	$54,248,000	+24.1%	750,000	+36.4%	11.48%	+2.8%

Q2 2015

			Value		Shares		↓ Weighting
SCHW	New	SCHWAB CHARLES CORP NEW	$81,625,000	–	2,500,000	–	20.85%	–
CHTR	New	CHARTER COMMUNICATION INC Dcl a new	$68,500,000	–	400,000	–	17.50%	–
TDG	New	TRANSDIGM GROUP INC	$61,784,000	–	275,000	–	15.78%	–
LBTYK	New	LIBERTY GLOBAL PLC	$50,630,000	–	1,000,000	–	12.93%	–
PGR	New	PROGRESSIVE CORP OHIO	$44,806,000	–	1,610,000	–	11.44%	–
DVA	New	DAVITA HEALTHCARE PARTNERS INC	$43,709,000	–	550,000	–	11.16%	–
MCO	New	MOODYS CORP	$40,485,000	–	375,000	–	10.34%	–

Q4 2014

			Value		Shares		↓ Weighting
MCD	Exit	MCDONALDS CORP	$0	–	-300,000	–	-13.19%	–
CCL	Exit	CARNIVAL CORPORATIONpaired ctf	$0	–	-1,000,000	–	-18.63%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS, INC	$0	–	-550,000	–	-18.65%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-1,610,000	–	-18.87%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-2,250,000	–	-30.66%	–

Q3 2014

			Value		Shares		↓ Weighting
DVA	New	DAVITA HEALTHCARE PARTNERS, INC	$40,227,000	–	550,000	–	18.65%	–
HCC	Exit	HCC INS HLDGS INC	$0	–	-670,000	–	-16.23%	–

Q2 2014

			Value		Shares		↓ Weighting
SCHW	New	SCHWAB CHARLES CORP	$60,592,000	–	2,250,000	–	29.98%	–
PGR	New	PROGRESSIVE CORP OHIO	$40,830,000	–	1,610,000	–	20.20%	–
CCL	New	CARNIVAL CORPORATIONpaired ctf	$37,650,000	–	1,000,000	–	18.63%	–
HCC	New	HCC INS HLDGS INC	$32,790,000	–	670,000	–	16.23%	–
MCD	New	MCDONALDS CORP	$30,222,000	–	300,000	–	14.96%	–

Q4 2013

			Value		Shares		↓ Weighting
CRH	Exit	CRH P L Cadr	$0	–	-563,456	–	-4.15%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-600,000	–	-4.98%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-550,000	–	-6.20%	–
RNR	Exit	RENAISSANCERE HOLDING LTD	$0	–	-300,089	–	-8.28%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCspon adr	$0	–	-684,180	–	-10.38%	–
HCC	Exit	HCC INS HLDGS INC	$0	–	-781,600	–	-10.44%	–
CCL	Exit	CARNIVAL CORPORATIONpaired ctf	$0	–	-1,391,435	–	-13.85%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-2,250,000	–	-14.50%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-800,000	–	-27.22%	–

Q3 2013

			Value		Shares		↓ Weighting
TWC	Sell	TIME WARNER CABLE INC	$89,280,000	-12.8%	800,000	-12.1%	27.22%	-5.2%
SCHW	Sell	SCHWAB CHARLES CORP	$47,565,000	-24.7%	2,250,000	-24.4%	14.50%	-18.1%
HCC	Sell	HCC INS HLDGS INC	$34,250,000	-0.7%	781,600	-2.3%	10.44%	+8.0%
RNR	Sell	RENAISSANCERE HOLDING LTD	$27,167,000	-26.4%	300,089	-29.4%	8.28%	-19.9%
VR	New	VALIDUS HOLDINGS LTD	$20,339,000	–	550,000	–	6.20%	–
PGR	Sell	PROGRESSIVE CORP OHIO	$16,338,000	-35.7%	600,000	-40.0%	4.98%	-30.1%

Q2 2013

			Value		Shares		↓ Weighting
TWC	New	TIME WARNER CABLE INC	$102,428,000	–	910,635	–	28.70%	–
SCHW	New	SCHWAB CHARLES CORP	$63,205,000	–	2,977,160	–	17.71%	–
CCL	New	CARNIVAL CORPORATIONpaired ctf	$47,712,000	–	1,391,435	–	13.37%	–
RNR	New	RENAISSANCERE HOLDING LTD	$36,893,000	–	425,089	–	10.34%	–
RYAAY	New	RYANAIR HOLDINGS PLCspon adr	$35,256,000	–	684,180	–	9.88%	–
HCC	New	HCC INS HLDGS INC	$34,488,000	–	800,000	–	9.66%	–
PGR	New	PROGRESSIVE CORP OHIO	$25,420,000	–	1,000,000	–	7.12%	–
CRH	New	CRH P L Cadr	$11,444,000	–	563,456	–	3.21%	–

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