Route One Investment Company, L.P. Activity Q4 2010-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
	Sell	BELLRING BRANDS INCcap stk cl a	$239,215,759	-39.4%	5,801,983	-46.2%	8.21%	-41.1%
SCHW	Sell	SCHWAB CHARLES CORP	$228,391,851	-9.9%	4,160,143	-6.9%	7.84%	-12.4%
QQQ	Buy	INVESCO QQQ TRput	$197,048,500	+1.6%	550,000	+4.8%	6.77%	-1.2%
CRM	Sell	SALESFORCE INC	$157,499,226	-12.1%	776,700	-8.4%	5.41%	-14.5%
UNH	Buy	UNITEDHEALTH GRP INC	$142,887,446	+35.6%	283,400	+29.3%	4.91%	+31.8%
ATVI	New	ACTIVISION BLIZZARD INC	$77,970,383	–	832,750	–	2.68%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$73,561,686	–	145,330	–	2.53%	–

Q2 2023

			Value		Shares		↓ Weighting
POST	New	POST HOLDINGS ORD (NYS)	$448,352,229	–	5,174,290	–	15.83%	–
	New	BELLRING BRANDS ORD (NYS)cap stk cl a	$395,060,656	–	10,794,007	–	13.95%	–
AMZN	New	AMAZON COM ORD (NMQ)	$257,135,100	–	1,972,500	–	9.08%	–
SCHW	New	CHARLES SCHWAB ORD (NYS)	$253,396,045	–	4,470,643	–	8.95%	–
GWRE	New	GUIDEWIRE SOFTWARE ORD (NYS)	$218,013,326	–	2,865,580	–	7.70%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1put	$193,945,500	–	525,000	–	6.85%	–
CRM	New	SALESFORCE ORD (NYS)	$179,106,228	–	847,800	–	6.32%	–
NYT	New	NEW YORK TIMES CL A ORD (NYS)cap stk cl a	$149,417,919	–	3,794,259	–	5.28%	–
HLF	New	HERBALIFE ORD (NYS)	$143,598,313	–	10,845,794	–	5.07%	–
GOOG	New	ALPHABET CL C ORD (NMS)cap stk cl c	$140,431,654	–	1,160,880	–	4.96%	–
SPY	New	SPDR S&P 500 ETF Trustput	$132,984,000	–	300,000	–	4.70%	–
AGRO	New	ADECOAGRO ORD (NYS)	$122,090,380	–	13,043,844	–	4.31%	–
UNH	New	UNITEDHEALTH GRP ORD (NYS)	$105,380,320	–	219,250	–	3.72%	–
GOOGL	New	ALPHABET CL A ORD (NMS)cap stk cl a	$92,882,412	–	775,960	–	3.28%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	VMG CONSUMER ACQUISITION UNT (NMS)	$0	–	-500,000	–	-0.19%	–
GOOGL	Exit	ALPHABET CL A ORD (NMS)cap stk cl a	$0	–	-776,220	–	-2.81%	–
FB	Exit	META PLATFORMS CL A ORD (NMS)cap stk cl a	$0	–	-675,600	–	-3.47%	–
NYT	Exit	NEW YORK TIMES CL A ORD (NYS)cap stk cl a	$0	–	-3,794,259	–	-4.13%	–
GOOG	Exit	ALPHABET CL C ORD (NMS)cap stk cl c	$0	–	-1,160,880	–	-4.22%	–
AGRO	Exit	ADECOAGRO ORD (NYS)	$0	–	-14,340,344	–	-4.50%	–
CRM	Exit	SALESFORCE ORD (NYS)	$0	–	-937,800	–	-5.10%	–
AMZN	Exit	AMAZON COM ORD (NMS)	$0	–	-1,256,500	–	-5.37%	–
UNH	Exit	UNITEDHEALTH GRP ORD (NYS)	$0	–	-334,900	–	-6.40%	–
OSH	Exit	OAK STREET HEALTH ORD (NYS)	$0	–	-6,917,287	–	-6.42%	–
GWRE	Exit	GUIDEWIRE SOFTWARE ORD (NYS)	$0	–	-2,759,630	–	-6.43%	–
HLF	Exit	HERBALIFE NUTR (NYS)	$0	–	-10,845,794	–	-8.16%	–
SCHW	Exit	CHARLES SCHWAB ORD (NYS)	$0	–	-3,833,393	–	-10.43%	–
	Exit	BELLRING BRANDS ORD (NYS)cap stk cl a	$0	–	-13,656,803	–	-10.65%	–
POST	Exit	POST HOLDINGS ORD (NYS)	$0	–	-7,000,573	–	-21.70%	–

Q3 2022

			Value		Shares		↓ Weighting
SCHW	Sell	CHARLES SCHWAB ORD (NYS)	$275,506,000	-2.3%	3,833,393	-14.1%	10.43%	+2.1%
GWRE	Buy	GUIDEWIRE SOFTWARE ORD (NYS)	$169,938,000	-4.4%	2,759,630	+10.2%	6.43%	-0.1%
UNH	Sell	UNITEDHEALTH GRP ORD (NYS)	$169,138,000	-12.0%	334,900	-10.5%	6.40%	-8.1%
GOOG	Buy	ALPHABET CL C ORD (NMS)cap stk cl c	$111,619,000	-12.1%	1,160,880	+1900.0%	4.22%	-8.2%
FB	Sell	META PLATFORMS CL A ORD (NMS)cap stk cl a	$91,665,000	-26.2%	675,600	-12.3%	3.47%	-22.9%
GOOGL	Buy	ALPHABET CL A ORD (NMS)cap stk cl a	$74,245,000	-12.2%	776,220	+1900.0%	2.81%	-8.3%

Q2 2022

			Value		Shares		↓ Weighting
POST	New	POST HOLDINGS ORD (NYS)	$576,497,000	–	7,000,573	–	20.89%	–
	New	BELLRING BRANDS CL A ORD (NYS)cap stk cl a	$339,918,000	–	13,656,803	–	12.32%	–
SCHW	New	CHARLES SCHWAB ORD (NYS)	$281,928,000	–	4,462,293	–	10.22%	–
HLF	New	HERBALIFE NUTRITION ORD (NYS)	$221,796,000	–	10,845,794	–	8.04%	–
UNH	New	UNITEDHEALTH GRP ORD (NYS)	$192,226,000	–	374,250	–	6.96%	–
GWRE	New	GUIDEWIRE SOFTWARE ORD (NYS)	$177,782,000	–	2,504,330	–	6.44%	–
CRM	New	SALESFORCE.COM ORD (NYS)	$154,775,000	–	937,800	–	5.61%	–
AMZN	New	AMAZON COM ORD (NMS)	$133,453,000	–	1,256,500	–	4.84%	–
GOOG	New	ALPHABET CL C ORD (NMS)cap stk cl c	$126,968,000	–	58,044	–	4.60%	–
FB	New	META PLATFORMS CL A ORD (NMS)cap stk cl a	$124,259,000	–	770,600	–	4.50%	–
AGRO	New	ADECOAGRO ORD (NYS)	$121,319,000	–	14,340,344	–	4.40%	–
OSH	New	OAK STREET HEALTH ORD (NYS)	$113,720,000	–	6,917,287	–	4.12%	–
NYT	New	NEW YORK TIMES CL A ORD (NYS)cap stk cl a	$105,860,000	–	3,794,259	–	3.84%	–
GOOGL	New	ALPHABET CL A ORD (NMS)cap stk cl a	$84,579,000	–	38,811	–	3.06%	–
	New	VMG CONSUMER ACQUISITION UNT (NMS)	$4,985,000	–	500,000	–	0.18%	–

Q4 2021

			Value		Shares		↓ Weighting
BABA	Exit	ALIBABA GROUP HOLDING ADR REP 8 ORD (NYS)	$0	–	-261,050	–	-1.00%	–
GOOG	Exit	ALPHABET CL C ORD (NMS)cap stk cl c	$0	–	-21,869	–	-1.50%	–
LBTYA	Exit	LIBERTY GLOBAL CL A ORD (NMS)cap stk cl a	$0	–	-2,142,418	–	-1.64%	–
OSH	Exit	OAK STREET HEALTH ORD (NYS)	$0	–	-2,222,250	–	-2.43%	–
AGRO	Exit	ADECOAGRO ORD (NYS)	$0	–	-14,444,844	–	-3.36%	–
NYT	Exit	NEW YORK TIMES CL A ORD (NYS)cap stk cl a	$0	–	-2,993,009	–	-3.80%	–
BRBR	Exit	BELLRING BRANDS CL A ORD (NYS)	$0	–	-5,165,991	–	-4.09%	–
SHOP	Exit	SHOPIFY CL A SUB VTG ORD (NYS)cap stk cl a	$0	–	-129,450	–	-4.52%	–
GWRE	Exit	GUIDEWIRE SOFTWARE ORD (NYS)	$0	–	-1,736,098	–	-5.31%	–
FB	Exit	FACEBOOK CL A ORD (NMS)	$0	–	-778,800	–	-6.80%	–
GOOGL	Exit	ALPHABET CL A ORD (NMS)cap stk cl a	$0	–	-110,155	–	-7.58%	–
CRM	Exit	SALESFORCE.COM ORD (NYS)	$0	–	-1,171,750	–	-8.18%	–
UNH	Exit	UNITEDHEALTH GRP ORD (NYS)	$0	–	-833,850	–	-8.38%	–
HLF	Exit	HERBALIFE NUTRITION ORD (NYS)	$0	–	-8,791,232	–	-9.59%	–
SCHW	Exit	CHARLES SCHWAB ORD (NYS)	$0	–	-6,392,793	–	-11.98%	–
POST	Exit	POST HOLDINGS ORD (NYS)	$0	–	-7,000,573	–	-19.85%	–

Q3 2021

			Value		Shares		↓ Weighting
SCHW	Sell	CHARLES SCHWAB ORD (NYS)	$465,651,000	-4.6%	6,392,793	-4.6%	11.98%	+2.1%
HLF	Buy	HERBALIFE NUTRITION ORD (NYS)	$372,572,000	-10.9%	8,791,232	+10.8%	9.59%	-4.7%
GWRE	Buy	GUIDEWIRE SOFTWARE ORD (NYS)	$206,370,000	+9.5%	1,736,098	+3.8%	5.31%	+17.1%
OSH	Buy	OAK STREET HEALTH ORD (NYS)	$94,512,000	+27.8%	2,222,250	+76.0%	2.43%	+36.7%
LBTYA	Sell	LIBERTY GLOBAL CL A ORD (NMS)cap stk cl a	$63,844,000	-60.9%	2,142,418	-64.4%	1.64%	-58.2%
BABA	Buy	ALIBABA GROUP HOLDING ADR REP 8 ORD (NYS)	$38,648,000	-29.4%	261,050	+8.2%	1.00%	-24.4%
IWM	Exit	Ishares Russell 2000 ETFput	$0	–	-300,000	–	-1.66%	–
LBTYK	Exit	Liberty Global plc - Ccap stk cl c	$0	–	-3,707,821	–	-2.41%	–

Q2 2021

			Value		Shares		↓ Weighting
POST	New	Post Holdings Inc.	$759,352,000	–	7,000,573	–	18.27%	–
SCHW	New	The Charles Schwab Corporation	$487,958,000	–	6,701,793	–	11.74%	–
HLF	New	Herbalife Nutrition Ltd.	$418,284,000	–	7,932,554	–	10.06%	–
UNH	New	UnitedHealth Group Incorporated	$333,907,000	–	833,850	–	8.03%	–
CRM	New	Salesforce.com, Inc.	$286,223,000	–	1,171,750	–	6.89%	–
FB	New	Facebook, Inc.	$270,797,000	–	778,800	–	6.52%	–
GOOGL	New	Alphabet, Inc. - Acap stk cl a	$268,975,000	–	110,155	–	6.47%	–
SHOP	New	Shopify Inc. - Acap stk cl a	$189,124,000	–	129,450	–	4.55%	–
GWRE	New	Guidewire Software Inc.	$188,507,000	–	1,672,348	–	4.54%	–
LBTYA	New	Liberty Global plc - Acap stk cl a	$163,297,000	–	6,012,418	–	3.93%	–
BRBR	New	Bellring Brands, Inc.	$161,902,000	–	5,165,991	–	3.90%	–
AGRO	New	Adecoagro S.A.	$145,026,000	–	14,444,844	–	3.49%	–
NYT	New	The New York Times Company - Acap stk cl a	$130,346,000	–	2,993,009	–	3.14%	–
LBTYK	New	Liberty Global plc - Ccap stk cl c	$100,259,000	–	3,707,821	–	2.41%	–
OSH	New	Oak Street Health, Inc.	$73,959,000	–	1,262,750	–	1.78%	–
IWM	New	Ishares Russell 2000 ETFput	$68,811,000	–	300,000	–	1.66%	–
GOOG	New	Alphabet, Inc. - Ccap stk cl c	$54,811,000	–	21,869	–	1.32%	–
BABA	New	Alibaba Group Holding Limited	$54,722,000	–	241,300	–	1.32%	–

Q4 2020

			Value		Shares		↓ Weighting
OSH	Exit	Oak Street Health, Inc.	$0	–	-600,000	–	-0.84%	–
GOOG	Exit	Alphabet, Inc. - Ccap stk cl c	$0	–	-22,039	–	-0.85%	–
AGRO	Exit	Adecoagro S.A.	$0	–	-14,444,844	–	-1.77%	–
GWRE	Exit	Guidewire Software Inc.	$0	–	-913,298	–	-2.50%	–
NYT	Exit	The New York Times Company - Acap stk cl a	$0	–	-2,385,459	–	-2.68%	–
BRBR	Exit	Bellring Brands, Inc.	$0	–	-5,165,991	–	-2.81%	–
LBTYK	Exit	Liberty Global plc - Ccap stk cl c	$0	–	-5,597,321	–	-3.02%	–
FAST	Exit	Fastenal Company	$0	–	-2,762,098	–	-3.27%	–
LBTYA	Exit	Liberty Global plc - Acap stk cl a	$0	–	-7,470,418	–	-4.12%	–
TPX	Exit	Tempur Sealy International Inc.	$0	–	-1,894,037	–	-4.43%	–
FB	Exit	Facebook, Inc.	$0	–	-766,550	–	-5.27%	–
GOOGL	Exit	Alphabet, Inc. - Acap stk cl a	$0	–	-150,925	–	-5.80%	–
HLF	Exit	Herbalife Ltd.	$0	–	-5,605,694	–	-6.86%	–
SPY	Exit	SPDR S&P 500 ETF Trustput	$0	–	-880,000	–	-7.73%	–
CRM	Exit	Salesforce.com, Inc.	$0	–	-1,268,250	–	-8.36%	–
UNH	Exit	UnitedHealth Group Incorporated	$0	–	-1,229,400	–	-10.06%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-14,563,293	–	-13.84%	–
POST	Exit	Post Holdings Inc.	$0	–	-7,000,573	–	-15.80%	–

Q3 2020

			Value		Shares		↓ Weighting
UNH	Sell	UnitedHealth Group Incorporated	$383,290,000	+0.5%	1,229,400	-4.9%	10.06%	-7.5%
CRM	Sell	Salesforce.com, Inc.	$318,737,000	+28.6%	1,268,250	-4.2%	8.36%	+18.3%
SPY	New	SPDR S&P 500 ETF Trustput	$294,703,000	–	880,000	–	7.73%	–
HLF	Buy	Herbalife Ltd.	$261,506,000	+8.2%	5,605,694	+4.3%	6.86%	-0.4%
GOOGL	Sell	Alphabet, Inc. - Acap stk cl a	$221,196,000	-2.6%	150,925	-5.7%	5.80%	-10.4%
FB	Sell	Facebook, Inc.	$200,759,000	+3.5%	766,550	-10.3%	5.27%	-4.8%
TPX	Sell	Tempur Sealy International Inc.	$168,929,000	+11.7%	1,894,037	-9.9%	4.43%	+2.8%
LBTYA	Sell	Liberty Global plc - Acap stk cl a	$156,953,000	-15.1%	7,470,418	-11.7%	4.12%	-21.9%
FAST	Sell	Fastenal Company	$124,543,000	-27.5%	2,762,098	-31.1%	3.27%	-33.3%
LBTYK	Sell	Liberty Global plc - Ccap stk cl c	$114,941,000	-39.7%	5,597,321	-36.8%	3.02%	-44.5%
NYT	Buy	The New York Times Company - Acap stk cl a	$102,074,000	+29.7%	2,385,459	+27.4%	2.68%	+19.3%
GWRE	Buy	Guidewire Software Inc.	$95,230,000	+29.3%	913,298	+37.5%	2.50%	+19.0%
OSH	New	Oak Street Health, Inc.	$32,064,000	–	600,000	–	0.84%	–
HDB	Exit	HDFC Bank Ltd.	$0	–	-1,356,500	–	-1.76%	–

Q2 2020

			Value		Shares		↓ Weighting
POST	New	Post Holdings Inc.	$613,390,000	–	7,000,573	–	17.50%	–
SCHW	New	The Charles Schwab Corporation	$491,366,000	–	14,563,293	–	14.02%	–
UNH	New	UnitedHealth Group Incorporated	$381,341,000	–	1,292,900	–	10.88%	–
CRM	New	Salesforce.com, Inc.	$247,931,000	–	1,323,500	–	7.07%	–
HLF	New	Herbalife Ltd.	$241,641,000	–	5,372,194	–	6.89%	–
GOOGL	New	Alphabet, Inc. - Acap stk cl a	$227,065,000	–	160,125	–	6.48%	–
FB	New	Facebook, Inc.	$194,043,000	–	854,550	–	5.53%	–
LBTYK	New	Liberty Global plc - Ccap stk cl c	$190,639,000	–	8,862,821	–	5.44%	–
LBTYA	New	Liberty Global plc - Acap stk cl a	$184,853,000	–	8,456,228	–	5.27%	–
FAST	New	Fastenal Company	$171,750,000	–	4,009,098	–	4.90%	–
TPX	New	Tempur Sealy International Inc.	$151,206,000	–	2,101,537	–	4.31%	–
BRBR	New	Bellring Brands, Inc.	$103,010,000	–	5,165,991	–	2.94%	–
NYT	New	The New York Times Company - Acap stk cl a	$78,689,000	–	1,872,209	–	2.24%	–
GWRE	New	Guidewire Software Inc.	$73,637,000	–	664,298	–	2.10%	–
AGRO	New	Adecoagro S.A.	$62,691,000	–	14,444,844	–	1.79%	–
HDB	New	HDFC Bank Ltd.	$61,666,000	–	1,356,500	–	1.76%	–
GOOG	New	Alphabet, Inc. - Ccap stk cl c	$31,155,000	–	22,039	–	0.89%	–

Q4 2019

			Value		Shares		↓ Weighting
GOOG	Exit	Alphabet, Inc. - Ccap stk cl c	$0	–	-29,692	–	-1.09%	–
AGRO	Exit	Adecoagro S.A.	$0	–	-11,420,742	–	-2.01%	–
HLF	Exit	Herbalife Ltd.	$0	–	-3,211,996	–	-3.67%	–
LBTYK	Exit	Liberty Global plc - Ccap stk cl c	$0	–	-7,777,487	–	-5.58%	–
LBTYA	Exit	Liberty Global plc - Acap stk cl a	$0	–	-8,829,514	–	-6.59%	–
UNH	Exit	UnitedHealth Group Incorporated	$0	–	-1,043,200	–	-6.84%	–
FB	Exit	Facebook, Inc.	$0	–	-1,381,800	–	-7.42%	–
GOOGL	Exit	Alphabet, Inc. - Acap stk cl a	$0	–	-204,025	–	-7.51%	–
TPX	Exit	Tempur Sealy International Inc.	$0	–	-3,795,523	–	-8.83%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-12,167,293	–	-15.34%	–
FAST	Exit	Fastenal Company	$0	–	-15,739,098	–	-15.50%	–
POST	Exit	Post Holdings Inc.	$0	–	-6,148,140	–	-19.62%	–

Q3 2019

			Value		Shares		↓ Weighting
POST	Buy	Post Holdings Inc.	$650,719,000	+4.9%	6,148,140	+3.1%	19.62%	+3.2%
FAST	Sell	Fastenal Company	$514,196,000	-2.9%	15,739,098	-3.1%	15.50%	-4.5%
SCHW	Buy	The Charles Schwab Corporation	$508,958,000	+4.7%	12,167,293	+0.6%	15.34%	+3.0%
TPX	Sell	Tempur Sealy International Inc.	$293,014,000	-4.9%	3,795,523	-9.6%	8.83%	-6.5%
GOOGL	Buy	Alphabet, Inc. - Acap stk cl a	$249,143,000	+14.2%	204,025	+1.3%	7.51%	+12.4%
FB	Sell	Facebook, Inc.	$246,071,000	-10.5%	1,381,800	-2.9%	7.42%	-11.9%
UNH	Buy	UnitedHealth Group Incorporated	$226,708,000	+0.7%	1,043,200	+13.0%	6.84%	-1.0%
LBTYA	Sell	Liberty Global plc - Acap stk cl a	$218,530,000	-9.4%	8,829,514	-1.2%	6.59%	-10.9%
LBTYK	Buy	Liberty Global plc - Ccap stk cl c	$185,026,000	-7.6%	7,777,487	+3.1%	5.58%	-9.1%
HLF	Buy	Herbalife Ltd.	$121,606,000	+168.0%	3,211,996	+202.7%	3.67%	+163.6%

Q2 2019

			Value		Shares		↓ Weighting
POST	New	Post Holdings Inc.	$620,196,000	–	5,965,139	–	19.01%	–
FAST	New	Fastenal Company	$529,475,000	–	16,246,560	–	16.23%	–
SCHW	New	The Charles Schwab Corporation	$486,110,000	–	12,095,293	–	14.90%	–
TPX	New	Tempur Sealy International Inc.	$308,194,000	–	4,200,539	–	9.45%	–
FB	New	Facebook, Inc.	$274,793,000	–	1,423,800	–	8.42%	–
LBTYA	New	Liberty Global plc - Acap stk cl a	$241,143,000	–	8,934,514	–	7.39%	–
UNH	New	UnitedHealth Group Incorporated	$225,221,000	–	923,000	–	6.90%	–
GOOGL	New	Alphabet, Inc. - Acap stk cl a	$218,103,000	–	201,425	–	6.68%	–
LBTYK	New	Liberty Global plc - Ccap stk cl c	$200,155,000	–	7,544,487	–	6.14%	–
AGRO	New	Adecoagro S.A.	$81,544,000	–	11,420,742	–	2.50%	–
HLF	New	Herbalife Ltd.	$45,368,000	–	1,061,000	–	1.39%	–
GOOG	New	Alphabet, Inc. - Ccap stk cl c	$32,094,000	–	29,692	–	0.98%	–

Q4 2018

			Value		Shares		↓ Weighting
GOOG	Exit	Alphabet, Inc.cap stk cl c	$0	–	-32,962	–	-1.27%	–
AGRO	Exit	Adecoagro S.A.	$0	–	-8,246,625	–	-1.96%	–
LBTYK	Exit	Liberty Global plccap stk cl c	$0	–	-4,509,487	–	-4.10%	–
GOOGL	Exit	Alphabet, Inc.cap stk cl a	$0	–	-126,325	–	-4.92%	–
HLF	Exit	Herbalife Ltd.	$0	–	-3,934,410	–	-6.93%	–
FB	Exit	Facebook, Inc.	$0	–	-1,327,000	–	-7.05%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-4,874,195	–	-7.74%	–
COMM	Exit	CommScope Holding Inc.	$0	–	-7,909,121	–	-7.86%	–
LBTYA	Exit	Liberty Global plccap stk cl a	$0	–	-8,512,635	–	-7.95%	–
TPX	Exit	Tempur Sealy International Inc.	$0	–	-4,735,560	–	-8.09%	–
SPY	Exit	SPDR S&P 500 ETF Trustput	$0	–	-1,000,000	–	-9.39%	–
FAST	Exit	Fastenal Company	$0	–	-7,848,280	–	-14.71%	–
POST	Exit	Post Holdings Inc.	$0	–	-5,694,370	–	-18.03%	–

Q3 2018

			Value		Shares		↓ Weighting
FAST	Buy	Fastenal Company	$455,357,000	+22.5%	7,848,280	+1.6%	14.71%	+2.6%
SPY	New	SPDR S&P 500 ETF Trustput	$290,720,000	–	1,000,000	–	9.39%	–
TPX	Buy	Tempur Sealy International Inc.	$250,511,000	+10.6%	4,735,560	+0.4%	8.09%	-7.4%
SCHW	Buy	The Charles Schwab Corporation	$239,567,000	+3.9%	4,874,195	+8.0%	7.74%	-12.9%
FB	Buy	Facebook, Inc.	$218,238,000	+32.4%	1,327,000	+56.4%	7.05%	+10.9%
HLF	Sell	Herbalife Ltd.	$214,622,000	-4.6%	3,934,410	-6.1%	6.93%	-20.1%
AGRO	Buy	Adecoagro S.A.	$60,613,000	+41.8%	8,246,625	+53.4%	1.96%	+18.8%
MSFT	Exit	Microsoft Corporation	$0	–	-790,452	–	-3.00%	–

Q2 2018

			Value		Shares		↓ Weighting
POST	New	Post Holdings Inc.	$489,830,000	–	5,694,370	–	18.88%	–
FAST	New	Fastenal Company	$371,721,000	–	7,723,280	–	14.33%	–
LBTYA	New	Liberty Global plccap stk cl a	$234,438,000	–	8,512,635	–	9.04%	–
COMM	New	CommScope Holding Inc.	$230,986,000	–	7,909,121	–	8.90%	–
SCHW	New	The Charles Schwab Corporation	$230,539,000	–	4,511,528	–	8.89%	–
TPX	New	Tempur Sealy International Inc.	$226,535,000	–	4,714,560	–	8.73%	–
HLF	New	Herbalife Ltd.	$225,075,000	–	4,189,786	–	8.68%	–
FB	New	Facebook, Inc.	$164,881,000	–	848,500	–	6.36%	–
GOOGL	New	Alphabet, Inc.cap stk cl a	$142,645,000	–	126,325	–	5.50%	–
LBTYK	New	Liberty Global plccap stk cl c	$119,997,000	–	4,509,487	–	4.63%	–
MSFT	New	Microsoft Corporation	$77,946,000	–	790,452	–	3.00%	–
AGRO	New	Adecoagro S.A.	$42,742,000	–	5,376,321	–	1.65%	–
GOOG	New	Alphabet, Inc.cap stk cl c	$36,774,000	–	32,962	–	1.42%	–

Q4 2017

			Value		Shares		↓ Weighting
GOOG	Exit	Alphabet, Inc.cap stk cl c	$0	–	-32,962	–	-0.91%	–
LBTYK	Exit	Liberty Global plccap stk cl c	$0	–	-2,283,487	–	-2.16%	–
GOOGL	Exit	Alphabet, Inc.cap stk cl a	$0	–	-92,575	–	-2.61%	–
TPX	Exit	Tempur Sealy International Inc.	$0	–	-1,449,205	–	-2.70%	–
OUT	Exit	Outfront Media Inc.	$0	–	-5,926,370	–	-4.31%	–
MSFT	Exit	Microsoft Corporation	$0	–	-2,098,300	–	-4.52%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-4,251,512	–	-5.38%	–
FAST	Exit	Fastenal Company	$0	–	-4,146,031	–	-5.46%	–
COMM	Exit	CommScope Holding Inc.	$0	–	-7,158,121	–	-6.87%	–
LBTYA	Exit	Liberty Global plccap stk cl a	$0	–	-7,662,635	–	-7.51%	–
POST	Exit	Post Holdings Inc.	$0	–	-4,288,083	–	-10.94%	–
HLF	Exit	Herbalife Ltd.	$0	–	-7,145,500	–	-14.01%	–
SPY	Exit	SPDR S&P 500 ETF Trustput	$0	–	-4,489,100	–	-32.60%	–

Q3 2017

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF Trustput	$1,127,797,000	+102.6%	4,489,100	+94.9%	32.60%	+51.1%
HLF	Sell	Herbalife Ltd.	$484,679,000	-5.0%	7,145,500	-0.1%	14.01%	-29.1%
POST	Buy	Post Holdings Inc.	$378,509,000	+16.9%	4,288,083	+2.9%	10.94%	-12.7%
LBTYA	Buy	Liberty Global plccap stk cl a	$259,840,000	+10.1%	7,662,635	+4.3%	7.51%	-17.9%
COMM	Buy	CommScope Holding Inc.	$237,721,000	-11.9%	7,158,121	+0.9%	6.87%	-34.3%
FAST	New	Fastenal Company	$188,976,000	–	4,146,031	–	5.46%	–
SCHW	Buy	The Charles Schwab Corporation	$185,961,000	+7.9%	4,251,512	+6.0%	5.38%	-19.5%
MSFT	Sell	Microsoft Corporation	$156,302,000	+1.5%	2,098,300	-6.1%	4.52%	-24.3%
OUT	Buy	Outfront Media Inc.	$149,226,000	+14.3%	5,926,370	+4.9%	4.31%	-14.7%
TPX	New	Tempur Sealy International Inc.	$93,503,000	–	1,449,205	–	2.70%	–
MMI	Exit	Marcus & Millichap, Inc.	$0	–	-1,508,551	–	-1.54%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF Trustput	$556,793,000	–	2,302,700	–	21.58%	–
HLF	New	Herbalife Ltd.	$510,223,000	–	7,153,000	–	19.77%	–
POST	New	Post Holdings Inc.	$323,652,000	–	4,168,083	–	12.54%	–
COMM	New	CommScope Holding Inc.	$269,865,000	–	7,096,121	–	10.46%	–
LBTYA	New	Liberty Global plccap stk cl a	$236,006,000	–	7,347,635	–	9.15%	–
SCHW	New	The Charles Schwab Corporation	$172,356,000	–	4,012,012	–	6.68%	–
MSFT	New	Microsoft Corporation	$154,010,000	–	2,234,300	–	5.97%	–
OUT	New	Outfront Media Inc.	$130,567,000	–	5,647,370	–	5.06%	–
GOOGL	New	Alphabet, Inc.cap stk cl a	$86,065,000	–	92,575	–	3.34%	–
LBTYK	New	Liberty Global plccap stk cl c	$71,199,000	–	2,283,487	–	2.76%	–
MMI	New	Marcus & Millichap, Inc.	$39,765,000	–	1,508,551	–	1.54%	–
GOOG	New	Alphabet, Inc.cap stk cl c	$29,954,000	–	32,962	–	1.16%	–

Q4 2016

			Value		Shares		↓ Weighting
CCU	Exit	Compania Cervecerias Unidas S.A.	$0	–	-792,190	–	-0.72%	–
GOOG	Exit	Alphabet, Inc.cap stk cl c	$0	–	-32,962	–	-1.16%	–
LBTYK	Exit	Liberty Global plccap stk cl c	$0	–	-855,987	–	-1.28%	–
MMI	Exit	Marcus & Millichap, Inc.	$0	–	-1,141,362	–	-1.35%	–
CHTR	Exit	Charter Communications, Inc.	$0	–	-220,925	–	-2.70%	–
LBTYA	Exit	Liberty Global plccap stk cl a	$0	–	-2,751,000	–	-4.25%	–
OUT	Exit	Outfront Media Inc.	$0	–	-4,610,051	–	-4.93%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-4,145,500	–	-5.92%	–
GOOGL	Exit	Alphabet, Inc.cap stk cl a	$0	–	-171,575	–	-6.24%	–
FAST	Exit	Fastenal Company	$0	–	-4,424,578	–	-8.36%	–
COMM	Exit	CommScope Holding Inc.	$0	–	-6,393,347	–	-8.70%	–
MSFT	Exit	Microsoft Corporation	$0	–	-3,389,300	–	-8.83%	–
FOX	Exit	Twenty-First Century Fox, Inc.	$0	–	-8,307,118	–	-9.29%	–
POST	Exit	Post Holdings Inc.	$0	–	-2,915,083	–	-10.17%	–
HLF	Exit	Herbalife Ltd.	$0	–	-3,905,828	–	-10.95%	–
SPY	Exit	SPDR S&P 500 ETF Trustput	$0	–	-1,550,000	–	-15.16%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF Trustput	$335,265,000	–	1,550,000	–	15.16%	–
HLF	Buy	Herbalife Ltd.	$242,122,000	+14.5%	3,905,828	+8.2%	10.95%	-3.9%
POST	Buy	Post Holdings Inc.	$224,957,000	-4.2%	2,915,083	+2.7%	10.17%	-19.6%
FOX	Buy	Twenty-First Century Fox, Inc.	$205,518,000	-1.3%	8,307,118	+8.7%	9.29%	-17.3%
COMM	Buy	CommScope Holding Inc.	$192,504,000	-1.5%	6,393,347	+1.5%	8.70%	-17.4%
FAST	Buy	Fastenal Company	$184,859,000	+8.5%	4,424,578	+15.3%	8.36%	-9.0%
SCHW	Buy	The Charles Schwab Corporation	$130,873,000	+27.3%	4,145,500	+2.1%	5.92%	+6.7%
OUT	Buy	Outfront Media Inc.	$109,028,000	+0.3%	4,610,051	+2.5%	4.93%	-15.9%
LBTYA	Buy	Liberty Global plccap stk cl a	$94,029,000	+170.8%	2,751,000	+130.2%	4.25%	+127.0%
MMI	Buy	Marcus & Millichap, Inc.	$29,847,000	+3.5%	1,141,362	+0.6%	1.35%	-13.2%
LBTYK	Buy	Liberty Global plccap stk cl c	$28,282,000	+176.5%	855,987	+139.8%	1.28%	+131.7%
CCU	Sell	Compania Cervecerias Unidas S.A.	$15,994,000	-81.2%	792,190	-78.2%	0.72%	-84.2%
FCPT	Exit	Four Corners Property Trust, Inc.	$0	–	-2,042,067	–	-2.27%	–
	Exit	Herbalife Ltd.note 2.000% 8/1	$0	–	-55,050,000	–	-2.94%	–

Q2 2016

			Value		Shares		↓ Weighting
POST	New	Post Holdings Inc.	$234,722,000	–	2,838,583	–	12.66%	–
HLF	New	Herbalife Ltd.	$211,371,000	–	3,611,328	–	11.40%	–
FOX	New	Twenty-First Century Fox, Inc.	$208,329,000	–	7,645,118	–	11.23%	–
COMM	New	CommScope Holding Inc.	$195,386,000	–	6,296,690	–	10.54%	–
MSFT	New	Microsoft Corporation	$173,430,000	–	3,389,300	–	9.35%	–
FAST	New	Fastenal Company	$170,412,000	–	3,838,962	–	9.19%	–
GOOGL	New	Alphabet, Inc.cap stk cl a	$120,708,000	–	171,575	–	6.51%	–
OUT	New	Outfront Media Inc.	$108,756,000	–	4,499,609	–	5.86%	–
SCHW	New	The Charles Schwab Corporation	$102,797,000	–	4,061,500	–	5.54%	–
CCU	New	Compania Cervecerias Unidas S.A.	$85,000,000	–	3,641,828	–	4.58%	–
	New	Herbalife Ltd.note 2.000% 8/1	$54,468,000	–	55,050,000	–	2.94%	–
CHTR	New	Charter Communications, Inc.	$50,512,000	–	220,925	–	2.72%	–
FCPT	New	Four Corners Property Trust, Inc.	$42,046,000	–	2,042,067	–	2.27%	–
LBTYA	New	Liberty Global plccap stk cl a	$34,727,000	–	1,195,000	–	1.87%	–
MMI	New	Marcus & Millichap, Inc.	$28,839,000	–	1,134,956	–	1.56%	–
GOOG	New	Alphabet, Inc.cap stk cl c	$22,813,000	–	32,962	–	1.23%	–
LBTYK	New	Liberty Global plccap stk cl c	$10,228,000	–	357,000	–	0.55%	–

Q4 2015

			Value		Shares		↓ Weighting
GOOG	Exit	Google Inc.	$0	–	-32,962	–	-1.19%	–
FAST	Exit	Fastenal Company	$0	–	-1,512,000	–	-3.28%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-2,711,500	–	-4.59%	–
GOOGL	Exit	Google Inc.	$0	–	-124,875	–	-4.72%	–
CCU	Exit	Compania Cervecerias Unidas S.A.	$0	–	-4,299,196	–	-5.64%	–
COMM	Exit	CommScope Holding Inc.	$0	–	-3,426,659	–	-6.09%	–
HLF	Exit	Herbalife Ltd.	$0	–	-2,046,828	–	-6.61%	–
POST	Exit	Post Holdings Inc.	$0	–	-2,309,888	–	-8.08%	–
	Exit	Herbalife Ltd.note 2.000% 8/1	$0	–	-177,250,000	–	-9.25%	–
MSFT	Exit	Microsoft Corporation	$0	–	-3,596,300	–	-9.43%	–
FOX	Exit	Twenty-First Century Fox, Inc.	$0	–	-6,521,118	–	-10.45%	–
TWC	Exit	Time Warner Cable Inc.	$0	–	-1,109,720	–	-11.79%	–
SPY	Exit	SPDR S&P 500 ETF Trustput	$0	–	-1,665,000	–	-18.89%	–

Q3 2015

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF Trustput	$319,064,000	–	1,665,000	–	18.89%	–
FOX	Buy	Twenty-First Century Fox, Inc.	$176,527,000	+38.4%	6,521,118	+64.8%	10.45%	+2.5%
MSFT	Buy	Microsoft Corporation	$159,172,000	+11.1%	3,596,300	+10.8%	9.43%	-17.8%
	Sell	Herbalife Ltd.note 2.000% 8/1	$156,161,000	-4.9%	177,250,000	-4.3%	9.25%	-29.6%
POST	Sell	Post Holdings Inc.	$136,514,000	-12.4%	2,309,888	-20.0%	8.08%	-35.2%
HLF	Buy	Herbalife Ltd.	$111,552,000	+7.0%	2,046,828	+8.1%	6.61%	-20.8%
COMM	Buy	CommScope Holding Inc.	$102,903,000	+4.1%	3,426,659	+5.8%	6.09%	-23.0%
CCU	Buy	Compania Cervecerias Unidas S.A.	$95,227,000	+5.0%	4,299,196	+0.4%	5.64%	-22.3%
GOOGL	Buy	Google Inc.	$79,716,000	+26.3%	124,875	+6.8%	4.72%	-6.5%
SCHW	Buy	The Charles Schwab Corporation	$77,440,000	-7.8%	2,711,500	+5.4%	4.59%	-31.7%
FAST	Buy	Fastenal Company	$55,354,000	+1649.5%	1,512,000	+1916.0%	3.28%	+1195.7%

Q2 2015

			Value		Shares		↓ Weighting
TWC	New	Time Warner Cable Inc.	$197,719,000	–	1,109,720	–	15.82%	–
	New	Herbalife Ltd.note 2.000% 8/1	$164,278,000	–	185,250,000	–	13.14%	–
POST	New	Post Holdings Inc.	$155,803,000	–	2,888,989	–	12.47%	–
MSFT	New	Microsoft Corporation	$143,280,000	–	3,245,300	–	11.46%	–
FOX	New	Twenty-First Century Fox, Inc.	$127,519,000	–	3,957,756	–	10.20%	–
HLF	New	Herbalife Ltd.	$104,277,000	–	1,892,850	–	8.34%	–
COMM	New	CommScope Holding Inc.	$98,857,000	–	3,240,153	–	7.91%	–
CCU	New	Compania Cervecerias Unidas S.A.	$90,684,000	–	4,281,583	–	7.26%	–
SCHW	New	The Charles Schwab Corporation	$83,959,000	–	2,571,500	–	6.72%	–
GOOGL	New	Google Inc.	$63,117,000	–	116,875	–	5.05%	–
GOOG	New	Google Inc.	$17,157,000	–	32,962	–	1.37%	–
FAST	New	Fastenal Company	$3,164,000	–	75,000	–	0.25%	–

Q4 2014

			Value		Shares		↓ Weighting
GOOG	Exit	Google Inc.	$0	–	-47,075	–	-6.28%	–
GOOGL	Exit	Google Inc.	$0	–	-48,875	–	-6.64%	–
V	Exit	Visa Inc.	$0	–	-163,504	–	-8.06%	–
CCU	Exit	Compania Cervecerias Unidas S.A.	$0	–	-1,784,858	–	-9.08%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-1,624,000	–	-11.03%	–
POST	Exit	Post Holdings Inc.	$0	–	-1,947,027	–	-14.92%	–
MSFT	Exit	Microsoft Corporation	$0	–	-1,963,800	–	-21.03%	–
FOX	Exit	Twenty-First Century Fox, Inc.	$0	–	-2,982,354	–	-22.95%	–

Q3 2014

			Value		Shares		↓ Weighting
FOX	Buy	Twenty-First Century Fox, Inc.	$99,342,000	-0.6%	2,982,354	+2.2%	22.95%	+4.2%
POST	Buy	Post Holdings Inc.	$64,602,000	+18.8%	1,947,027	+82.2%	14.92%	+24.5%
SCHW	Sell	The Charles Schwab Corporation	$47,729,000	-16.0%	1,624,000	-23.0%	11.03%	-11.9%
CCU	Buy	Compania Cervecerias Unidas S.A.	$39,320,000	-2.0%	1,784,858	+4.2%	9.08%	+2.8%
V	Sell	Visa Inc.	$34,887,000	-19.6%	163,504	-20.6%	8.06%	-15.7%
HAWKB	Exit	Blackhawk Network Holdings Inc.	$0	–	-390,978	–	-2.31%	–
RMAX	Exit	RE/MAX Holdings, Inc.	$0	–	-377,044	–	-2.46%	–

Q2 2014

			Value		Shares		↓ Weighting
FOX	New	Twenty-First Century Fox, Inc.	$99,929,000	–	2,919,354	–	22.02%	–
MSFT	New	Microsoft Corporation	$81,890,000	–	1,963,800	–	18.05%	–
SCHW	New	The Charles Schwab Corporation	$56,795,000	–	2,109,000	–	12.52%	–
POST	New	Post Holdings Inc.	$54,390,000	–	1,068,365	–	11.99%	–
V	New	Visa Inc.	$43,365,000	–	205,804	–	9.56%	–
CCU	New	Compania Cervecerias Unidas S.A.	$40,106,000	–	1,712,470	–	8.84%	–
GOOGL	New	Google Inc.	$28,576,000	–	48,875	–	6.30%	–
GOOG	New	Google Inc.	$27,081,000	–	47,075	–	5.97%	–
RMAX	New	RE/MAX Holdings, Inc.	$11,157,000	–	377,044	–	2.46%	–
HAWKB	New	Blackhawk Network Holdings Inc.	$10,498,000	–	390,978	–	2.31%	–

Q4 2013

			Value		Shares		↓ Weighting
DG	Exit	Dollar General Corp.	$0	–	-451,400	–	-6.32%	–
ORCL	Exit	Oracle Corporation	$0	–	-1,073,500	–	-8.84%	–
BIN	Exit	Progressive Waste Solutions Ltd.	$0	–	-1,546,765	–	-9.88%	–
V	Exit	Visa Inc.	$0	–	-221,304	–	-10.49%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-2,249,000	–	-11.80%	–
MSFT	Exit	Microsoft Corporation	$0	–	-1,763,800	–	-14.56%	–
GOOGL	Exit	Google Inc.	$0	–	-68,265	–	-14.84%	–
FOX	Exit	Twenty-First Century Fox, Inc.	$0	–	-2,808,854	–	-23.28%	–

Q3 2013

			Value		Shares		↓ Weighting
FOX	New	Twenty-First Century Fox, Inc.	$93,816,000	–	2,808,854	–	23.28%	–
MSFT	Sell	Microsoft Corporation	$58,699,000	-14.4%	1,763,800	-11.2%	14.56%	+19.8%
SCHW	Sell	The Charles Schwab Corporation	$47,544,000	-14.2%	2,249,000	-13.9%	11.80%	+20.1%
V	Sell	Visa Inc.	$42,291,000	-26.7%	221,304	-29.9%	10.49%	+2.6%
MSFT	Exit	Microsoft Corporationcall	$0	–	-1,000,000	–	-6.12%	–
NWS	Exit	News Corporation	$0	–	-2,808,854	–	-16.34%	–
IWM	Exit	iShares Russell 2000 Index Fundput	$0	–	-1,100,000	–	-18.91%	–

Q2 2013

			Value		Shares		↓ Weighting
IWM	New	iShares Russell 2000 Index Fundput	$106,700,000	–	1,100,000	–	18.91%	–
NWS	New	News Corporation	$92,187,000	–	2,808,854	–	16.34%	–
MSFT	New	Microsoft Corporation	$68,599,000	–	1,985,800	–	12.16%	–
GOOGL	New	Google Inc.	$60,098,000	–	68,265	–	10.65%	–
V	New	Visa Inc.	$57,731,000	–	315,904	–	10.23%	–
SCHW	New	The Charles Schwab Corporation	$55,432,000	–	2,611,000	–	9.82%	–
MSFT	New	Microsoft Corporationcall	$34,545,000	–	1,000,000	–	6.12%	–
BIN	New	Progressive Waste Solutions Ltd.	$33,271,000	–	1,546,765	–	5.90%	–
ORCL	New	Oracle Corporation	$32,967,000	–	1,073,500	–	5.84%	–
DG	New	Dollar General Corp.	$22,764,000	–	451,400	–	4.03%	–

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Export Route One Investment Company, L.P.'s holdings