Q2 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| New | N/An/a | $0 | – | 0 | – | 0.00% | – |
Q4 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKB | Exit | BERKSHIRE HATHAWAY INC DELcl b new | $0 | – | -697,874 | – | -4.61% | – |
| LBTYK | Exit | LIBERTY GLOBAL PLC | $0 | – | -6,104,893 | – | -5.30% | – |
| TYL | Exit | TYLER TECHNOLOGIES INC | $0 | – | -843,954 | – | -6.38% | – |
| ST | Exit | SENSATA TECHNOLOGIES HLDNG P | $0 | – | -4,313,164 | – | -6.59% | – |
| AAPL | Exit | APPLE INC | $0 | – | -1,176,555 | – | -8.19% | – |
| SCHW | Exit | SCHWAB CHARLES CORP NEW | $0 | – | -5,771,477 | – | -8.75% | – |
| CABO | Exit | CABLE ONE INC | $0 | – | -357,099 | – | -9.73% | – |
| KMX | Exit | CARMAX INC | $0 | – | -4,829,727 | – | -11.12% | – |
| BAM | Exit | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $0 | – | -8,685,005 | – | -11.92% | – |
| LBRDK | Exit | LIBERTY BROADBAND CORP | $0 | – | -5,194,414 | – | -13.50% | – |
| ALSN | Exit | ALLISON TRANSMISSION HLDGS I | $0 | – | -8,675,170 | – | -13.91% | – |
Q3 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ALSN | Sell | ALLISON TRANSMISSION HLDGS I | $451,196,000 | +25.8% | 8,675,170 | -2.1% | 13.91% | +14.6% |
| LBRDK | Buy | LIBERTY BROADBAND CORP | $437,889,000 | +38.7% | 5,194,414 | +24.6% | 13.50% | +26.3% |
| BAM | Sell | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $386,651,000 | +8.5% | 8,685,005 | -1.2% | 11.92% | -1.2% |
| KMX | Sell | CARMAX INC | $360,636,000 | +0.1% | 4,829,727 | -2.3% | 11.12% | -8.8% |
| CABO | Sell | CABLE ONE INC | $315,536,000 | +18.5% | 357,099 | -1.7% | 9.73% | +7.9% |
| SCHW | Sell | SCHWAB CHARLES CORP NEW | $283,668,000 | -5.7% | 5,771,477 | -2.0% | 8.75% | -14.2% |
| AAPL | Sell | APPLE INC | $265,596,000 | +19.3% | 1,176,555 | -2.2% | 8.19% | +8.6% |
| ST | Buy | SENSATA TECHNOLOGIES HLDNG P | $213,717,000 | +7.5% | 4,313,164 | +3.2% | 6.59% | -2.2% |
| TYL | Sell | TYLER TECHNOLOGIES INC | $206,819,000 | +7.4% | 843,954 | -2.7% | 6.38% | -2.2% |
| LBTYK | Sell | LIBERTY GLOBAL PLC | $171,914,000 | -29.9% | 6,104,893 | -33.7% | 5.30% | -36.2% |
| BRKB | Sell | BERKSHIRE HATHAWAY INC DELcl b new | $149,422,000 | +10.1% | 697,874 | -4.0% | 4.61% | +0.3% |
Q2 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMX | New | CARMAX INC | $360,131,000 | – | 4,942,108 | – | 12.20% | – |
| ALSN | New | ALLISON TRANSMISSION HLDGS I | $358,617,000 | – | 8,856,916 | – | 12.14% | – |
| BAM | New | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $356,332,000 | – | 8,789,588 | – | 12.07% | – |
| LBRDK | New | LIBERTY BROADBAND CORP | $315,657,000 | – | 4,168,737 | – | 10.69% | – |
| SCHW | New | SCHWAB CHARLES CORP NEW | $300,921,000 | – | 5,888,856 | – | 10.19% | – |
| CABO | New | CABLE ONE INC | $266,258,000 | – | 363,101 | – | 9.02% | – |
| LBTYK | New | LIBERTY GLOBAL PLC | $245,184,000 | – | 9,213,994 | – | 8.30% | – |
| AAPL | New | APPLE INC | $222,678,000 | – | 1,202,947 | – | 7.54% | – |
| ST | New | SENSATA TECHNOLOGIES HLDNG P | $198,863,000 | – | 4,179,554 | – | 6.74% | – |
| TYL | New | TYLER TECHNOLOGIES INC | $192,568,000 | – | 867,035 | – | 6.52% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b new | $135,654,000 | – | 726,781 | – | 4.59% | – |
Q4 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| HXL | Exit | HEXCEL CORP NEW | $0 | – | -2,665,422 | – | -5.40% | – |
| TYL | Exit | TYLER TECHNOLOGIES INC | $0 | – | -888,723 | – | -5.46% | – |
| AME | Exit | AMETEK INC NEW | $0 | – | -2,527,700 | – | -5.89% | – |
| CABO | Exit | CABLE ONE INC | $0 | – | -233,315 | – | -5.94% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP NEWcl a | $0 | – | -1,206,727 | – | -6.13% | – |
| ST | Exit | SENSATA TECHNOLOGIES HLDG NV | $0 | – | -3,888,811 | – | -6.59% | – |
| AAPL | Exit | APPLE INC | $0 | – | -1,234,937 | – | -6.71% | – |
| AXTA | Exit | AXALTA COATING SYS LTD | $0 | – | -7,568,064 | – | -7.72% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DELcl b new | $0 | – | -1,323,070 | – | -8.55% | – |
| ALSN | Exit | ALLISON TRANSMISSION HLDGS I | $0 | – | -7,175,435 | – | -9.50% | – |
| SCHW | Exit | SCHWAB CHARLES CORP NEW | $0 | – | -6,189,953 | – | -9.55% | – |
| BAM | Exit | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $0 | – | -7,729,017 | – | -11.25% | – |
| LBTYK | Exit | LIBERTY GLOBAL PLC | $0 | – | -9,809,524 | – | -11.31% | – |
Q3 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LBTYK | Buy | LIBERTY GLOBAL PLC | $320,771,000 | +5.0% | 9,809,524 | +0.1% | 11.31% | +1.7% |
| BAM | Sell | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $319,075,000 | +5.2% | 7,729,017 | -0.0% | 11.25% | +1.9% |
| SCHW | Sell | SCHWAB CHARLES CORP NEW | $270,749,000 | +1.5% | 6,189,953 | -0.3% | 9.55% | -1.7% |
| ALSN | Buy | ALLISON TRANSMISSION HLDGS I | $269,294,000 | +46.1% | 7,175,435 | +46.0% | 9.50% | +41.5% |
| BRKB | Sell | BERKSHIRE HATHAWAY INC DELcl b new | $242,545,000 | +6.8% | 1,323,070 | -1.4% | 8.55% | +3.4% |
| AXTA | Buy | AXALTA COATING SYS LTD | $218,868,000 | +1.5% | 7,568,064 | +12.4% | 7.72% | -1.7% |
| AAPL | Sell | APPLE INC | $190,328,000 | +6.6% | 1,234,937 | -0.4% | 6.71% | +3.2% |
| ST | Buy | SENSATA TECHNOLOGIES HLDG NV | $186,935,000 | +20.9% | 3,888,811 | +7.4% | 6.59% | +17.0% |
| SBAC | Buy | SBA COMMUNICATIONS CORP NEWcl a | $173,829,000 | +12.3% | 1,206,727 | +5.2% | 6.13% | +8.8% |
| CABO | Buy | CABLE ONE INC | $168,481,000 | +9.7% | 233,315 | +8.0% | 5.94% | +6.2% |
| AME | Sell | AMETEK INC NEW | $166,929,000 | +8.1% | 2,527,700 | -0.9% | 5.89% | +4.7% |
| TYL | Sell | TYLER TECHNOLOGIES INC | $154,922,000 | -1.1% | 888,723 | -0.3% | 5.46% | -4.2% |
| HXL | Sell | HEXCEL CORP NEW | $153,049,000 | +8.6% | 2,665,422 | -0.2% | 5.40% | +5.1% |
| WBC | Exit | WABCO HLDGS INC | $0 | – | -1,176,757 | – | -5.46% | – |
Q2 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LBTYK | New | LIBERTY GLOBAL PLC | $305,495,000 | – | 9,797,776 | – | 11.12% | – |
| BAM | New | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $303,183,000 | – | 7,732,296 | – | 11.04% | – |
| SCHW | New | SCHWAB CHARLES CORP NEW | $266,800,000 | – | 6,210,430 | – | 9.72% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b new | $227,157,000 | – | 1,341,189 | – | 8.27% | – |
| AXTA | New | AXALTA COATING SYS LTD | $215,687,000 | – | 6,731,791 | – | 7.85% | – |
| ALSN | New | ALLISON TRANSMISSION HLDGS I | $184,307,000 | – | 4,913,537 | – | 6.71% | – |
| AAPL | New | APPLE INC | $178,563,000 | – | 1,239,850 | – | 6.50% | – |
| TYL | New | TYLER TECHNOLOGIES INC | $156,616,000 | – | 891,535 | – | 5.70% | – |
| SBAC | New | SBA COMMUNICATIONS CORP NEWcl a | $154,794,000 | – | 1,147,471 | – | 5.64% | – |
| ST | New | SENSATA TECHNOLOGIES HLDG NV | $154,680,000 | – | 3,620,786 | – | 5.63% | – |
| AME | New | AMETEK INC NEW | $154,432,000 | – | 2,549,652 | – | 5.62% | – |
| CABO | New | CABLE ONE INC | $153,566,000 | – | 216,016 | – | 5.59% | – |
| WBC | New | WABCO HLDGS INC | $150,048,000 | – | 1,176,757 | – | 5.46% | – |
| HXL | New | HEXCEL CORP NEW | $140,959,000 | – | 2,670,192 | – | 5.13% | – |
Q4 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKA | Exit | BERKSHIRE HATHAWAY INC DELcl a | $0 | – | -21 | – | -0.18% | – |
| CABO | Exit | CABLE ONE INC | $0 | – | -33,589 | – | -0.78% | – |
| LILAK | Exit | LIBERTY GLOBAL PLC | $0 | – | -1,232,104 | – | -1.38% | – |
| ST | Exit | SENSATA TECHNOLOGIES HLDG NV | $0 | – | -2,284,420 | – | -3.53% | – |
| AXTA | Exit | AXALTA COATING SYS LTD | $0 | – | -5,286,522 | – | -5.95% | – |
| WBC | Exit | WABCO HLDGS INC | $0 | – | -1,360,622 | – | -6.15% | – |
| ALSN | Exit | ALLISON TRANSMISSION HLDGS I | $0 | – | -5,995,111 | – | -6.85% | – |
| WFC | Exit | WELLS FARGO & CO NEW | $0 | – | -5,549,293 | – | -9.78% | – |
| LBTYK | Exit | LIBERTY GLOBAL PLC | $0 | – | -8,217,679 | – | -10.81% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DELcl b new | $0 | – | -2,310,668 | – | -13.29% | – |
| BAM | Exit | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $0 | – | -9,788,595 | – | -13.70% | – |
| AME | Exit | AMETEK INC NEW | $0 | – | -7,215,840 | – | -13.73% | – |
| SCHW | Exit | SCHWAB CHARLES CORP NEW | $0 | – | -11,038,493 | – | -13.87% | – |
Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SCHW | Sell | SCHWAB CHARLES CORP NEW | $348,485,000 | +19.1% | 11,038,493 | -4.5% | 13.87% | +12.0% |
| AME | Sell | AMETEK INC NEW | $344,773,000 | +0.0% | 7,215,840 | -3.2% | 13.73% | -5.9% |
| BAM | Sell | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $344,237,000 | -12.9% | 9,788,595 | -18.2% | 13.70% | -18.1% |
| BRKB | Sell | BERKSHIRE HATHAWAY INC DELcl b new | $333,822,000 | -5.2% | 2,310,668 | -5.0% | 13.29% | -10.8% |
| LBTYK | Sell | LIBERTY GLOBAL PLC | $271,512,000 | +11.7% | 8,217,679 | -3.0% | 10.81% | +5.1% |
| WFC | Sell | WELLS FARGO & CO NEW | $245,723,000 | -10.8% | 5,549,293 | -4.7% | 9.78% | -16.1% |
| ALSN | Buy | ALLISON TRANSMISSION HLDGS I | $171,940,000 | +32.7% | 5,995,111 | +30.7% | 6.85% | +24.9% |
| WBC | Sell | WABCO HLDGS INC | $154,471,000 | +20.6% | 1,360,622 | -2.8% | 6.15% | +13.4% |
| AXTA | New | AXALTA COATING SYS LTD | $149,450,000 | – | 5,286,522 | – | 5.95% | – |
| ST | New | SENSATA TECHNOLOGIES HLDG NV | $88,590,000 | – | 2,284,420 | – | 3.53% | – |
| LILAK | Buy | LIBERTY GLOBAL PLC | $34,561,000 | +401.5% | 1,232,104 | +480.8% | 1.38% | +371.2% |
| CABO | New | CABLE ONE INC | $19,616,000 | – | 33,589 | – | 0.78% | – |
| BBU | Exit | BROOKFIELD BUSINESS PARTNERSunit ltd lp | $0 | – | -243,059 | – | -0.20% | – |
| VRX | Exit | VALEANT PHARMACEUTICALS INTL | $0 | – | -2,427,903 | – | -2.07% | – |
| USB | Exit | US BANCORP DEL | $0 | – | -1,548,005 | – | -2.64% | – |
| CCK | Exit | CROWN HOLDINGS INC | $0 | – | -1,464,961 | – | -3.14% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BAM | New | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $395,284,000 | – | 11,961,690 | – | 16.73% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b new | $352,174,000 | – | 2,432,311 | – | 14.91% | – |
| AME | New | AMETEK INC NEW | $344,723,000 | – | 7,456,694 | – | 14.59% | – |
| SCHW | New | SCHWAB CHARLES CORP NEW | $292,606,000 | – | 11,560,900 | – | 12.38% | – |
| WFC | New | WELLS FARGO & CO NEW | $275,483,000 | – | 5,820,464 | – | 11.66% | – |
| LBTYK | New | LIBERTY GLOBAL PLC | $242,967,000 | – | 8,473,721 | – | 10.28% | – |
| ALSN | New | ALLISON TRANSMISSION HLDGS I | $129,536,000 | – | 4,588,604 | – | 5.48% | – |
| WBC | New | WABCO HLDGS INC | $128,135,000 | – | 1,399,310 | – | 5.42% | – |
| CCK | New | CROWN HOLDINGS INC | $74,230,000 | – | 1,464,961 | – | 3.14% | – |
| USB | New | US BANCORP DEL | $62,431,000 | – | 1,548,005 | – | 2.64% | – |
| VRX | New | VALEANT PHARMACEUTICALS INTL | $48,868,000 | – | 2,427,903 | – | 2.07% | – |
| LILAK | New | LIBERTY GLOBAL PLC | $6,892,000 | – | 212,129 | – | 0.29% | – |
| BBU | New | BROOKFIELD BUSINESS PARTNERSunit ltd lp | $4,632,000 | – | 243,059 | – | 0.20% | – |
| BRKA | New | BERKSHIRE HATHAWAY INC DELcl a | $4,556,000 | – | 21 | – | 0.19% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKA | Exit | BERKSHIRE HATHAWAY INC DELcl a | $0 | – | -21 | – | -0.14% | – |
| LILAK | Exit | LIBERTY GLOBAL PLC | $0 | – | -246,572 | – | -0.28% | – |
| PCP | Exit | PRECISION CASTPARTS CORP | $0 | – | -90,692 | – | -0.70% | – |
| USB | Exit | US BANCORP DEL | $0 | – | -1,951,093 | – | -2.69% | – |
| UPS | Exit | UNITED PARCEL SERVICE INCcl b | $0 | – | -1,561,337 | – | -5.18% | – |
| CCK | Exit | CROWN HOLDINGS INC | $0 | – | -3,408,327 | – | -5.24% | – |
| WFC | Exit | WELLS FARGO & CO NEW | $0 | – | -6,302,428 | – | -10.87% | – |
| LBTYK | Exit | LIBERTY GLOBAL PLC | $0 | – | -7,963,336 | – | -10.97% | – |
| VRX | Exit | VALEANT PHARMACEUTICALS INTL | $0 | – | -1,952,983 | – | -11.69% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DELcl b new | $0 | – | -2,694,091 | – | -11.80% | – |
| SCHW | Exit | SCHWAB CHARLES CORP NEW | $0 | – | -12,460,227 | – | -11.95% | – |
| BAM | Exit | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $0 | – | -13,440,590 | – | -14.18% | – |
| AME | Exit | AMETEK INC NEW | $0 | – | -8,135,680 | – | -14.30% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| AME | Buy | AMETEK INC NEW | $425,659,000 | +331.2% | 8,135,680 | +351.5% | 14.30% | +346.1% |
| BAM | Buy | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $422,277,000 | +13.2% | 13,440,590 | +25.8% | 14.18% | +17.1% |
| SCHW | Buy | SCHWAB CHARLES CORP NEW | $355,864,000 | -9.4% | 12,460,227 | +3.6% | 11.95% | -6.3% |
| BRKB | Buy | BERKSHIRE HATHAWAY INC DELcl b new | $351,309,000 | +1.9% | 2,694,091 | +6.3% | 11.80% | +5.4% |
| VRX | Buy | VALEANT PHARMACEUTICALS INTL | $348,097,000 | -9.3% | 1,952,983 | +13.0% | 11.69% | -6.2% |
| LBTYK | Buy | LIBERTY GLOBAL PLC | $326,656,000 | +30.8% | 7,963,336 | +61.5% | 10.97% | +35.3% |
| WFC | Buy | WELLS FARGO & CO NEW | $323,630,000 | -5.2% | 6,302,428 | +3.9% | 10.87% | -1.9% |
| CCK | Sell | CROWN HOLDINGS INC | $155,931,000 | -28.7% | 3,408,327 | -17.5% | 5.24% | -26.2% |
| UPS | Sell | UNITED PARCEL SERVICE INCcl b | $154,088,000 | +1.2% | 1,561,337 | -0.6% | 5.18% | +4.7% |
| USB | Sell | US BANCORP DEL | $80,014,000 | -67.4% | 1,951,093 | -65.5% | 2.69% | -66.3% |
| PCP | Sell | PRECISION CASTPARTS CORP | $20,833,000 | -92.4% | 90,692 | -93.4% | 0.70% | -92.2% |
| LILAK | New | LIBERTY GLOBAL PLC | $8,443,000 | – | 246,572 | – | 0.28% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SCHW | New | SCHWAB CHARLES CORP NEW | $392,770,000 | – | 12,029,706 | – | 12.75% | – |
| VRX | New | VALEANT PHARMACEUTICALS INTL | $383,849,000 | – | 1,728,265 | – | 12.46% | – |
| BAM | New | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $373,125,000 | – | 10,680,644 | – | 12.12% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b new | $344,894,000 | – | 2,533,937 | – | 11.20% | – |
| WFC | New | WELLS FARGO & CO NEW | $341,292,000 | – | 6,068,500 | – | 11.08% | – |
| PCP | New | PRECISION CASTPARTS CORP | $274,776,000 | – | 1,374,773 | – | 8.92% | – |
| LBTYK | New | LIBERTY GLOBAL PLC | $249,721,000 | – | 4,932,270 | – | 8.11% | – |
| USB | New | US BANCORP DEL | $245,425,000 | – | 5,654,957 | – | 7.97% | – |
| CCK | New | CROWN HOLDINGS INC | $218,672,000 | – | 4,132,906 | – | 7.10% | – |
| UPS | New | UNITED PARCEL SERVICE INCcl b | $152,270,000 | – | 1,571,253 | – | 4.94% | – |
| AME | New | AMETEK INC NEW | $98,716,000 | – | 1,802,037 | – | 3.20% | – |
| BRKA | New | BERKSHIRE HATHAWAY INC DELcl a | $4,302,000 | – | 21 | – | 0.14% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKA | Exit | BERKSHIRE HATHAWAY INC DELcl a | $0 | – | -21 | – | -0.17% | – |
| MCO | Exit | MOODYS CORP | $0 | – | -1,501,018 | – | -5.48% | – |
| A309PS | Exit | DIRECTV | $0 | – | -1,641,997 | – | -5.49% | – |
| CCK | Exit | CROWN HOLDINGS INC | $0 | – | -3,875,876 | – | -6.66% | – |
| LBTYK | Exit | LIBERTY GLOBAL PLC | $0 | – | -4,220,678 | – | -6.69% | – |
| BAM | Exit | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $0 | – | -4,031,685 | – | -7.00% | – |
| SCHW | Exit | SCHWAB CHARLES CORP NEW | $0 | – | -6,661,439 | – | -7.56% | – |
| USB | Exit | US BANCORP DEL | $0 | – | -5,114,744 | – | -8.26% | – |
| VRX | Exit | VALEANT PHARMACEUTICALS INTL | $0 | – | -1,815,916 | – | -9.20% | – |
| UPS | Exit | UNITED PARCEL SERVICE INCcl b | $0 | – | -2,608,081 | – | -9.90% | – |
| ORCL | Exit | ORACLE CORP | $0 | – | -6,924,339 | – | -10.24% | – |
| WFC | Exit | WELLS FARGO & CO NEW | $0 | – | -5,754,537 | – | -11.53% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DELcl b new | $0 | – | -2,216,667 | – | -11.83% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKB | Buy | BERKSHIRE HATHAWAY INC DELcl b new | $306,210,000 | +10.9% | 2,216,667 | +1.6% | 11.83% | +5.1% |
| WFC | Buy | WELLS FARGO & CO NEW | $298,488,000 | +0.4% | 5,754,537 | +1.8% | 11.53% | -4.8% |
| ORCL | Buy | ORACLE CORP | $265,064,000 | -2.5% | 6,924,339 | +3.2% | 10.24% | -7.6% |
| UPS | Sell | UNITED PARCEL SERVICE INCcl b | $256,348,000 | -4.9% | 2,608,081 | -0.7% | 9.90% | -9.9% |
| VRX | Buy | VALEANT PHARMACEUTICALS INTL | $238,296,000 | +18.7% | 1,815,916 | +12.4% | 9.20% | +12.5% |
| USB | Buy | US BANCORP DEL | $213,950,000 | +3.4% | 5,114,744 | +7.1% | 8.26% | -2.1% |
| SCHW | Buy | SCHWAB CHARLES CORP NEW | $195,780,000 | +15.9% | 6,661,439 | +6.2% | 7.56% | +9.8% |
| BAM | Buy | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $181,290,000 | +8.6% | 4,031,685 | +6.4% | 7.00% | +2.9% |
| LBTYK | New | LIBERTY GLOBAL PLC | $173,111,000 | – | 4,220,678 | – | 6.69% | – |
| CCK | Buy | CROWN HOLDINGS INC | $172,554,000 | -7.9% | 3,875,876 | +3.0% | 6.66% | -12.7% |
| A309PS | Sell | DIRECTV | $142,066,000 | +1.5% | 1,641,997 | -0.3% | 5.49% | -3.8% |
| MCO | Sell | MOODYS CORP | $141,846,000 | +7.3% | 1,501,018 | -0.4% | 5.48% | +1.7% |
| TEL | Exit | TE CONNECTIVITY LTD | $0 | – | -2,128,117 | – | -5.36% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| WFC | New | WELLS FARGO & CO NEW | $297,175,000 | – | 5,654,012 | – | 12.11% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b new | $276,021,000 | – | 2,180,950 | – | 11.25% | – |
| ORCL | New | ORACLE CORP | $271,907,000 | – | 6,708,783 | – | 11.08% | – |
| UPS | New | UNITED PARCEL SERVICE INCcl b | $269,578,000 | – | 2,625,929 | – | 10.99% | – |
| USB | New | US BANCORP DEL | $206,977,000 | – | 4,777,853 | – | 8.44% | – |
| VRX | New | VALEANT PHARMACEUTICALS INTL | $200,765,000 | – | 1,615,549 | – | 8.18% | – |
| CCK | New | CROWN HOLDINGS INC | $187,261,000 | – | 3,763,275 | – | 7.63% | – |
| SCHW | New | SCHWAB CHARLES CORP NEW | $168,931,000 | – | 6,272,954 | – | 6.89% | – |
| BAM | New | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $166,877,000 | – | 3,788,811 | – | 6.80% | – |
| A309PS | New | DIRECTV | $139,958,000 | – | 1,646,368 | – | 5.70% | – |
| MCO | New | MOODYS CORP | $132,156,000 | – | 1,507,599 | – | 5.39% | – |
| TEL | New | TE CONNECTIVITY LTD | $131,603,000 | – | 2,128,117 | – | 5.36% | – |
| BRKA | New | BERKSHIRE HATHAWAY INC DELcl a | $3,988,000 | – | 21 | – | 0.16% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKA | Exit | BERKSHIRE HATHAWAY INC DELcl a | $0 | – | -21 | – | -0.19% | – |
| USB | Exit | US BANCORP DEL | $0 | – | -1,879,955 | – | -3.68% | – |
| BAM | Exit | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $0 | – | -2,846,503 | – | -5.70% | – |
| CCK | Exit | CROWN HOLDINGS INC | $0 | – | -2,737,150 | – | -6.19% | – |
| MCO | Exit | MOODYS CORP | $0 | – | -2,008,316 | – | -7.55% | – |
| SCHW | Exit | SCHWAB CHARLES CORP NEW | $0 | – | -7,505,881 | – | -8.48% | – |
| VRX | Exit | VALEANT PHARMACEUTICALS INTL | $0 | – | -1,660,917 | – | -9.27% | – |
| A309PS | Exit | DIRECTV | $0 | – | -2,933,221 | – | -9.37% | – |
| ORCL | Exit | ORACLE CORP | $0 | – | -5,302,353 | – | -9.40% | – |
| WFC | Exit | WELLS FARGO & CO NEW | $0 | – | -4,342,770 | – | -9.59% | – |
| TEL | Exit | TE CONNECTIVITY LTD | $0 | – | -3,571,400 | – | -9.89% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DELcl b new | $0 | – | -1,638,462 | – | -9.94% | – |
| UPS | Exit | UNITED PARCEL SERVICE INCcl b | $0 | – | -2,199,286 | – | -10.74% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UPS | Buy | UNITED PARCEL SERVICE INCcl b | $200,949,000 | +61.4% | 2,199,286 | +52.8% | 10.74% | +46.1% |
| BRKB | Buy | BERKSHIRE HATHAWAY INC DELcl b new | $185,982,000 | +5.1% | 1,638,462 | +3.7% | 9.94% | -4.8% |
| TEL | Buy | TE CONNECTIVITY LTD | $184,927,000 | +16.6% | 3,571,400 | +2.5% | 9.89% | +5.5% |
| WFC | Buy | WELLS FARGO & CO NEW | $179,443,000 | +20.4% | 4,342,770 | +20.3% | 9.59% | +9.0% |
| ORCL | Buy | ORACLE CORP | $175,879,000 | +13.5% | 5,302,353 | +5.1% | 9.40% | +2.8% |
| A309PS | Buy | DIRECTV | $175,315,000 | -0.8% | 2,933,221 | +2.3% | 9.37% | -10.2% |
| VRX | Sell | VALEANT PHARMACEUTICALS INTL | $173,348,000 | +21.2% | 1,660,917 | -0.0% | 9.27% | +9.7% |
| SCHW | Buy | SCHWAB CHARLES CORP NEW | $158,674,000 | +2.3% | 7,505,881 | +2.7% | 8.48% | -7.4% |
| MCO | Sell | MOODYS CORP | $141,245,000 | +15.4% | 2,008,316 | -0.0% | 7.55% | +4.4% |
| CCK | Buy | CROWN HOLDINGS INC | $115,727,000 | +8.1% | 2,737,150 | +5.2% | 6.19% | -2.2% |
| BAM | Buy | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $106,528,000 | +9.3% | 2,846,503 | +5.0% | 5.70% | -1.1% |
| USB | Buy | US BANCORP DEL | $68,769,000 | +13490.7% | 1,879,955 | +13328.2% | 3.68% | +12156.7% |
| FISV | Exit | FISERV INC | $0 | – | -515,567 | – | -2.66% | – |
| CVE | Exit | CENOVUS ENERGY INC | $0 | – | -2,734,712 | – | -4.60% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b new | $176,903,000 | – | 1,580,621 | – | 10.45% | – |
| A309PS | New | DIRECTV | $176,693,000 | – | 2,866,880 | – | 10.44% | – |
| TEL | New | TE CONNECTIVITY LTD | $158,646,000 | – | 3,483,671 | – | 9.37% | – |
| SCHW | New | SCHWAB CHARLES CORP NEW | $155,135,000 | – | 7,307,325 | – | 9.16% | – |
| ORCL | New | ORACLE CORP | $154,914,000 | – | 5,043,803 | – | 9.15% | – |
| WFC | New | WELLS FARGO & CO NEW | $149,043,000 | – | 3,611,414 | – | 8.80% | – |
| VRX | New | VALEANT PHARMACEUTICALS INTL | $142,981,000 | – | 1,661,625 | – | 8.45% | – |
| UPS | New | UNITED PARCEL SERVICE INCcl b | $124,475,000 | – | 1,439,345 | – | 7.35% | – |
| MCO | New | MOODYS CORP | $122,410,000 | – | 2,009,034 | – | 7.23% | – |
| CCK | New | CROWN HOLDINGS INC | $107,061,000 | – | 2,602,984 | – | 6.32% | – |
| BAM | New | BROOKFIELD ASSET MGMT INCcl a ltd vt sh | $97,505,000 | – | 2,710,803 | – | 5.76% | – |
| CVE | New | CENOVUS ENERGY INC | $77,932,000 | – | 2,734,712 | – | 4.60% | – |
| FISV | New | FISERV INC | $45,066,000 | – | 515,567 | – | 2.66% | – |
| BRKA | New | BERKSHIRE HATHAWAY INC DELcl a | $3,541,000 | – | 21 | – | 0.21% | – |
| USB | New | US BANCORP DEL | $506,000 | – | 14,000 | – | 0.03% | – |