FLOSSBACH VON STORCH AG Activity Q4 2010-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$1,993,444,153	+0.9%	5,690,677	-1.8%	8.78%	+10.2%
MSFT	Sell	MICROSOFT	$1,656,313,988	-8.7%	5,245,650	-1.5%	7.30%	-0.3%
GOOGL	Sell	ALPHABET - CLASS A	$1,550,430,065	+6.7%	11,848,006	-2.4%	6.83%	+16.5%
AMZN	Sell	AMAZON.COM	$1,174,552,189	-7.5%	9,239,712	-5.1%	5.18%	+1.1%
DHR	Buy	DANAHER	$1,121,084,260	+3.5%	4,518,679	+0.2%	4.94%	+13.1%
SCHW	Sell	CHARLES SCHWAB	$973,525,395	-6.3%	17,732,703	-3.2%	4.29%	+2.3%
JNJ	Sell	JOHNSON & JOHNSON	$952,270,141	-7.0%	6,114,094	-1.2%	4.20%	+1.6%
ABT	Buy	ABBOTT LABORATORIES	$872,985,562	-3.2%	9,013,790	+9.0%	3.85%	+5.7%
AAPL	Buy	APPLE	$835,474,153	-10.6%	4,879,821	+1.2%	3.68%	-2.4%
FTV	Buy	FORTIVE	$785,759,610	-0.4%	10,595,464	+0.4%	3.46%	+8.8%
ICE	Sell	INTERCONTINENTAL EXCHANGE	$703,019,879	-6.4%	6,389,928	-3.8%	3.10%	+2.2%
V	Buy	VISA - CLASS A	$677,017,644	-1.4%	2,943,427	+1.8%	2.98%	+7.7%
APH	Buy	AMPHENOL	$664,219,545	+0.8%	7,908,317	+1.9%	2.93%	+10.1%
TMO	Buy	THERMO FISHER SCIENTIFIC	$639,974,015	+21.6%	1,264,346	+25.4%	2.82%	+32.8%
PG	Buy	PROCTER & GAMBLE	$616,636,132	+2.4%	4,227,589	+6.5%	2.72%	+11.8%
MMM	Sell	3M	$587,324,227	-38.8%	6,273,491	-34.5%	2.59%	-33.1%
NEM	Sell	NEWMONT	$523,952,035	-14.1%	14,180,028	-0.8%	2.31%	-6.2%
GOLD	Sell	BARRICK GOLD	$500,374,554	-14.5%	34,390,015	-0.6%	2.20%	-6.7%
ATVI	Sell	ACTIVISION BLIZZARD	$415,613,364	-46.6%	4,438,891	-51.9%	1.83%	-41.7%
NKE	Buy	NIKE	$394,775,489	+362.2%	4,128,587	+433.5%	1.74%	+404.3%
BNTX	Buy	BIONTECH ADR	$381,675,678	+2.7%	3,513,215	+2.1%	1.68%	+12.2%
AME	Buy	AMETEK	$344,809,042	-6.5%	2,333,575	+2.4%	1.52%	+2.2%
MTCH	Sell	MATCH GROUP	$284,984,649	-17.7%	7,274,656	-12.1%	1.26%	-10.2%
AEM	Buy	AGNICO EAGLE MINES	$257,563,877	-8.7%	5,666,972	+0.4%	1.14%	-0.4%
BLK	Buy	BLACKROCK	$214,323,718	-4.1%	331,519	+2.5%	0.94%	+4.8%
MDT	Sell	MEDTRONIC	$210,707,924	-14.4%	2,688,973	-3.8%	0.93%	-6.5%
PEP	Buy	PEPSICO	$208,756,180	+44.7%	1,232,036	+58.2%	0.92%	+58.1%
VRSK	Sell	VERISK ANALYTICS	$202,040,244	-14.8%	855,233	-18.5%	0.89%	-7.0%
MA	Sell	MASTERCARD	$201,207,401	-0.3%	508,215	-1.0%	0.89%	+8.8%
SPGI	Buy	S&P GLOBAL	$195,750,137	+57.7%	535,700	+73.0%	0.86%	+72.3%
CRM	Sell	SALESFORCE	$155,368,819	-15.3%	766,194	-11.8%	0.68%	-7.6%
DG	Sell	DOLLAR GENERAL	$148,600,120	-42.6%	1,404,538	-7.8%	0.66%	-37.3%
SYK	Sell	STRYKER	$140,694,153	-18.5%	514,854	-9.1%	0.62%	-11.0%
WMT	Buy	WALMART	$126,684,551	+5.6%	792,125	+3.8%	0.56%	+15.3%
ACN	Buy	ACCENTURE	$116,742,953	+9.1%	380,134	+9.7%	0.52%	+19.2%
MCO	Sell	MOODY'S	$111,781,587	-59.8%	353,549	-55.8%	0.49%	-56.1%
MSCI	Sell	MSCI	$110,425,591	+3.3%	215,221	-5.6%	0.49%	+12.7%
ADBE	Sell	ADOBE	$98,890,516	-84.1%	193,941	-84.7%	0.44%	-82.6%
INTU	Sell	INTUIT	$80,212,982	+8.1%	156,991	-3.1%	0.35%	+18.0%
PYPL	Sell	PAYPAL	$79,177,581	-32.3%	1,354,389	-22.7%	0.35%	-26.1%
FB	Sell	META PLATFORMS	$67,903,299	-12.6%	226,186	-16.4%	0.30%	-4.5%
BDX	Buy	BECTON DICKINSON	$65,245,992	+5.1%	252,373	+7.3%	0.29%	+15.2%
XOM	Buy	EXXON MOBIL	$62,191,354	+52.6%	528,928	+39.2%	0.27%	+67.1%
ROP	Sell	ROPER TECHNOLOGIES	$59,466,678	-3.5%	122,794	-4.2%	0.26%	+5.2%
HD	Buy	HOME DEPOT	$56,689,144	+2.0%	187,613	+4.9%	0.25%	+11.6%
KO	Buy	COCA-COLA	$49,626,270	+7.9%	886,500	+16.1%	0.22%	+17.7%
MDLZ	Buy	MONDELEZ INTERNATIONAL	$48,774,598	+136.7%	702,804	+148.7%	0.22%	+159.0%
HDB	Buy	HDFC BANK ADR	$48,356,925	+20.0%	819,470	+41.8%	0.21%	+30.7%
ITW	Sell	ILLINOIS TOOL WORKS	$47,442,478	-38.9%	205,994	-33.6%	0.21%	-33.2%
DIS	Sell	WALT DISNEY	$41,446,863	-41.3%	511,374	-35.4%	0.18%	-35.8%
NDAQ	Buy	NASDAQ	$38,674,870	+222.5%	795,943	+230.9%	0.17%	+254.2%
SLB	Buy	SCHLUMBERGER	$34,776,300	+33.2%	596,506	+12.2%	0.15%	+45.7%
MCD	Buy	MCDONALD'S	$33,130,478	+39.0%	125,761	+57.5%	0.15%	+52.1%
AXP	Sell	AMERICAN EXPRESS	$31,007,053	-36.0%	207,836	-25.3%	0.14%	-29.7%
COP	Buy	CONOCOPHILLIPS	$30,281,966	+295.0%	252,771	+241.7%	0.13%	+329.0%
EL	Buy	ESTEE LAUDER	$29,049,346	-26.0%	200,964	+0.6%	0.13%	-19.0%
TSM	Sell	TAIWAN SEMICONDUCTOR ADR	$26,096,505	-32.9%	300,305	-22.1%	0.12%	-26.8%
ETSY	Buy	ETSY	$25,527,764	-15.9%	395,289	+10.2%	0.11%	-7.4%
AMAT	Buy	APPLIED MATERIALS	$24,147,480	+334.9%	174,413	+354.0%	0.11%	+381.8%
CHD	Buy	CHURCH & DWIGHT	$23,910,207	-6.8%	260,943	+1.9%	0.10%	+1.0%
CL	Buy	COLGATE-PALMOLIVE	$23,373,501	+2.5%	328,695	+11.0%	0.10%	+12.0%
BKNG	Buy	BOOKING HOLDINGS	$21,519,803	+207.9%	6,978	+169.6%	0.10%	+239.3%
TJX	Sell	TJX COMPANIES	$19,825,484	+4.5%	223,059	-0.3%	0.09%	+13.0%
CPRT	Buy	COPART	$17,966,720	-8.7%	416,958	+93.2%	0.08%	0.0%
EA	Sell	ELECTRONIC ARTS	$16,962,554	-38.9%	140,885	-34.2%	0.08%	-33.0%
MELI	Buy	MERCADOLIBRE	$16,093,201	+12.1%	12,693	+4.8%	0.07%	+22.4%
NFLX	Sell	NETFLIX	$15,225,210	-40.8%	40,321	-31.0%	0.07%	-35.6%
UNP	Buy	UNION PACIFIC	$14,196,065	+20.2%	69,715	+20.8%	0.06%	+31.2%
ROST	Sell	ROSS STORES	$13,625,271	+0.5%	120,631	-0.2%	0.06%	+9.1%
CTSH	Sell	COGNIZANT TECHNOLOGY	$13,427,423	-9.8%	198,220	-13.1%	0.06%	-1.7%
	Sell	2,000 JAZZ INVESTMENTS 15.06.2026note	$11,873,387	-1.7%	11,550,000	-2.5%	0.05%	+6.1%
VZ	Sell	VERIZON COMMUNICATIONS	$8,178,113	-34.8%	252,333	-25.2%	0.04%	-29.4%
PINS	Sell	PINTEREST	$8,031,694	-39.3%	297,140	-38.6%	0.04%	-34.0%
	Sell	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$6,158,907	-50.5%	5,900,000	-53.9%	0.03%	-46.0%
	New	0,000 FORD MOTOR 15.03.2026note	$5,295,240	–	5,400,000	–	0.02%	–
RACE	Buy	FERRARI	$4,433,241	+35.7%	14,991	+49.9%	0.02%	+53.8%
	Buy	NU HOLDINGS	$3,625,000	+2.1%	500,000	+11.1%	0.02%	+14.3%
	Buy	0,125 ETSY 01.10.2026note	$3,666,629	+10.3%	3,600,000	+28.6%	0.02%	+23.1%
EMR	Buy	EMERSON ELECTRIC	$3,549,527	+39.3%	36,756	+30.4%	0.02%	+60.0%
NTES	Sell	NETEASE ADR	$3,004,800	-4.4%	30,000	-7.7%	0.01%	0.0%
SBUX	Buy	STARBUCKS	$2,823,437	+7.2%	30,935	+16.3%	0.01%	+9.1%
YUMC	Buy	YUM CHINA HOLDINGS	$2,507,400	+121.9%	45,000	+125.0%	0.01%	+120.0%
CPNG	Buy	COUPANG	$2,422,500	+3.1%	142,500	+5.6%	0.01%	+22.2%
GLOB	Buy	GLOBANT	$2,374,200	+32.1%	12,000	+20.0%	0.01%	+42.9%
	New	1,000 HALOZYME THERAPEUTICS 15.08.2028note	$2,374,728	–	2,530,000	–	0.01%	–
BRKA	Buy	BERKSHIRE HATHAWAY A	$2,125,908	+105.3%	4	+100.0%	0.01%	+125.0%
MKTX	New	MARKETAXESS	$1,847,986	–	8,650	–	0.01%	–
	New	BARRICK GOLD CALLcall	$1,716,900	–	1,180	–	0.01%	–
IBN	New	ICICI BANK ADR	$1,618,400	–	70,000	–	0.01%	–
GOOG	Buy	ALPHABET - CLASS C	$458,838	+11.6%	3,480	+2.4%	0.00%	0.0%
SPOT	Sell	SPOTIFY TECHNOLOGY	$363,404	-10.7%	2,350	-7.3%	0.00%	0.0%
	Exit	HALEON PLC ADR	$0	–	-13,885	–	0.00%	–
MRK	Exit	MERCK & CO.	$0	–	-1,750	–	-0.00%	–
ORCL	Exit	ORACLE	$0	–	-3,120	–	-0.00%	–
MKL	Exit	MARKEL	$0	–	-154	–	-0.00%	–
CHKP	Exit	CHECK POINT SOFTWARE	$0	–	-6,552	–	-0.00%	–
ABNB	Exit	AIRBNB	$0	–	-13,684	–	-0.01%	–
CSGP	Exit	COSTAR GROUP	$0	–	-96,578	–	-0.04%	–
BKI	Exit	BLACK KNIGHT	$0	–	-5,500,000	–	-1.33%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$1,975,374,467	–	5,792,887	–	7.97%	–
MSFT	New	MICROSOFT	$1,814,425,385	–	5,328,083	–	7.32%	–
GOOGL	New	ALPHABET - CLASS A	$1,452,914,530	–	12,137,966	–	5.86%	–
AMZN	New	AMAZON.COM	$1,269,341,783	–	9,737,203	–	5.12%	–
DHR	New	DANAHER	$1,082,725,680	–	4,511,357	–	4.37%	–
SCHW	New	CHARLES SCHWAB	$1,038,733,947	–	18,326,287	–	4.19%	–
JNJ	New	JOHNSON & JOHNSON	$1,023,868,650	–	6,185,770	–	4.13%	–
MMM	New	3M	$958,946,676	–	9,580,844	–	3.87%	–
AAPL	New	APPLE	$934,986,996	–	4,820,266	–	3.77%	–
ABT	New	ABBOTT LABORATORIES	$901,851,488	–	8,272,349	–	3.64%	–
FTV	New	FORTIVE	$788,697,513	–	10,548,315	–	3.18%	–
ATVI	New	ACTIVISION BLIZZARD	$778,265,103	–	9,232,089	–	3.14%	–
ICE	New	INTERCONTINENTAL EXCHANGE	$751,455,160	–	6,645,341	–	3.03%	–
V	New	VISA - CLASS A	$686,635,661	–	2,891,341	–	2.77%	–
APH	New	AMPHENOL	$658,979,152	–	7,757,259	–	2.66%	–
ADBE	New	ADOBE	$621,611,912	–	1,271,216	–	2.51%	–
NEM	New	NEWMONT	$609,907,546	–	14,296,942	–	2.46%	–
PG	New	PROCTER & GAMBLE	$602,375,783	–	3,969,789	–	2.43%	–
GOLD	New	BARRICK GOLD	$585,551,872	–	34,586,641	–	2.36%	–
TMO	New	THERMO FISHER SCIENTIFIC	$526,082,090	–	1,008,303	–	2.12%	–
BNTX	New	BIONTECH ADR	$371,467,754	–	3,441,747	–	1.50%	–
AME	New	AMETEK	$368,854,912	–	2,278,570	–	1.49%	–
MTCH	New	MATCH GROUP	$346,470,124	–	8,278,856	–	1.40%	–
BKI	New	BLACK KNIGHT	$328,515,000	–	5,500,000	–	1.33%	–
AEM	New	AGNICO EAGLE MINES	$282,147,396	–	5,645,206	–	1.14%	–
MCO	New	MOODY'S	$278,231,287	–	800,159	–	1.12%	–
DG	New	DOLLAR GENERAL	$258,719,423	–	1,523,851	–	1.04%	–
MDT	New	MEDTRONIC	$246,207,344	–	2,794,635	–	0.99%	–
VRSK	New	VERISK ANALYTICS	$237,263,013	–	1,049,697	–	0.96%	–
BLK	New	BLACKROCK	$223,552,689	–	323,455	–	0.90%	–
MA	New	MASTERCARD	$201,884,036	–	513,308	–	0.82%	–
CRM	New	SALESFORCE	$183,534,660	–	868,762	–	0.74%	–
SYK	New	STRYKER	$172,715,110	–	566,112	–	0.70%	–
PEP	New	PEPSICO	$144,290,084	–	779,020	–	0.58%	–
SPGI	New	S&P GLOBAL	$124,119,553	–	309,610	–	0.50%	–
WMT	New	WALMART	$119,970,150	–	763,266	–	0.48%	–
PYPL	New	PAYPAL	$116,880,197	–	1,751,539	–	0.47%	–
	New	0,125 SNAP 01.03.2028note	$111,261,152	–	155,350,000	–	0.45%	–
MSCI	New	MSCI	$106,937,582	–	227,871	–	0.43%	–
ACN	New	ACCENTURE	$106,971,726	–	346,658	–	0.43%	–
NKE	New	NIKE	$85,416,447	–	773,910	–	0.34%	–
ITW	New	ILLINOIS TOOL WORKS	$77,656,919	–	310,429	–	0.31%	–
FB	New	META PLATFORMS	$77,655,066	–	270,594	–	0.31%	–
INTU	New	INTUIT	$74,235,027	–	162,018	–	0.30%	–
DIS	New	WALT DISNEY	$70,641,104	–	791,231	–	0.28%	–
BDX	New	BECTON DICKINSON	$62,067,431	–	235,095	–	0.25%	–
ROP	New	ROPER TECHNOLOGIES	$61,640,964	–	128,205	–	0.25%	–
TRUP	New	TRUPANION	$56,678,400	–	2,880,000	–	0.23%	–
HD	New	HOME DEPOT	$55,571,943	–	178,895	–	0.22%	–
AXP	New	AMERICAN EXPRESS	$48,441,362	–	278,079	–	0.20%	–
KO	New	COCA-COLA	$45,976,645	–	763,478	–	0.19%	–
XOM	New	EXXON MOBIL	$40,753,070	–	379,982	–	0.16%	–
HDB	New	HDFC BANK ADR	$40,283,951	–	577,962	–	0.16%	–
EL	New	ESTEE LAUDER	$39,238,491	–	199,809	–	0.16%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$38,895,577	–	385,410	–	0.16%	–
ETSY	New	ETSY	$30,354,345	–	358,756	–	0.12%	–
BABA	New	ALIBABA GROUP ADR	$30,180,452	–	362,093	–	0.12%	–
EA	New	ELECTRONIC ARTS	$27,780,054	–	214,187	–	0.11%	–
SLB	New	SCHLUMBERGER	$26,103,056	–	531,414	–	0.10%	–
CHD	New	CHURCH & DWIGHT	$25,661,486	–	256,026	–	0.10%	–
NFLX	New	NETFLIX	$25,730,783	–	58,414	–	0.10%	–
MCD	New	MCDONALD'S	$23,830,426	–	79,858	–	0.10%	–
CL	New	COLGATE-PALMOLIVE	$22,809,387	–	296,072	–	0.09%	–
MDLZ	New	MONDELEZ INTERNATIONAL	$20,609,781	–	282,558	–	0.08%	–
CPRT	New	COPART	$19,682,023	–	215,788	–	0.08%	–
TJX	New	TJX COMPANIES	$18,977,528	–	223,818	–	0.08%	–
CTSH	New	COGNIZANT TECHNOLOGY	$14,891,478	–	228,117	–	0.06%	–
MELI	New	MERCADOLIBRE	$14,352,614	–	12,116	–	0.06%	–
ROST	New	ROSS STORES	$13,553,265	–	120,871	–	0.06%	–
PINS	New	PINTEREST	$13,241,254	–	484,318	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS	$12,550,286	–	337,464	–	0.05%	–
	New	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$12,435,328	–	12,800,000	–	0.05%	–
	New	2,000 JAZZ INVESTMENTS 15.06.2026note	$12,081,180	–	11,850,000	–	0.05%	–
UNP	New	UNION PACIFIC	$11,809,643	–	57,715	–	0.05%	–
NDAQ	New	NASDAQ	$11,990,470	–	240,531	–	0.05%	–
ADP	New	AUTOMATIC DATA PROCESSING	$10,374,528	–	47,202	–	0.04%	–
SHW	New	SHERWIN-WILLIAMS	$10,336,428	–	38,929	–	0.04%	–
CSGP	New	COSTAR GROUP	$8,595,442	–	96,578	–	0.04%	–
	New	0,250 ETSY 15.06.2028note	$8,283,203	–	10,700,000	–	0.03%	–
COP	New	CONOCOPHILLIPS	$7,665,586	–	73,985	–	0.03%	–
BKNG	New	BOOKING HOLDINGS	$6,988,454	–	2,588	–	0.03%	–
	New	0,000 SNAP 01.05.2027note	$5,722,486	–	7,700,000	–	0.02%	–
AMAT	New	APPLIED MATERIALS	$5,552,649	–	38,416	–	0.02%	–
	New	0,000 FIVERR INTERNATIONAL 01.11.2025note	$4,776,793	–	5,650,000	–	0.02%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$4,430,546	–	30,107	–	0.02%	–
	New	0,000 CABLE ONE 15.03.2026note	$4,180,317	–	5,100,000	–	0.02%	–
	New	0,375 CHEESECAKE FACTORY 15.06.2026note	$4,126,127	–	4,900,000	–	0.02%	–
	New	NU HOLDINGS	$3,550,500	–	450,000	–	0.01%	–
RACE	New	FERRARI	$3,267,246	–	10,000	–	0.01%	–
NTES	New	NETEASE ADR	$3,142,425	–	32,500	–	0.01%	–
	New	0,125 ETSY 01.10.2026note	$3,322,916	–	2,800,000	–	0.01%	–
	New	0,250 UPWORK 15.08.2026note	$3,148,047	–	3,850,000	–	0.01%	–
SBUX	New	STARBUCKS	$2,634,204	–	26,592	–	0.01%	–
	New	0,250 HALOZYME THERAPEUTICS 01.03.2027note	$2,377,879	–	2,850,000	–	0.01%	–
EMR	New	EMERSON ELECTRIC	$2,548,004	–	28,189	–	0.01%	–
CPNG	New	COUPANG	$2,349,000	–	135,000	–	0.01%	–
	New	0,500 NIO 01.02.2027note	$1,930,168	–	2,300,000	–	0.01%	–
EPAM	New	EPAM SYSTEMS	$1,685,625	–	7,500	–	0.01%	–
ABNB	New	AIRBNB	$1,753,741	–	13,684	–	0.01%	–
GLOB	New	GLOBANT	$1,797,200	–	10,000	–	0.01%	–
	New	NEWMONT CALLcall	$1,215,810	–	285	–	0.01%	–
	New	0,000 WIX.COM 15.08.2025note	$1,270,012	–	1,450,000	–	0.01%	–
	New	CHARLES SCHWAB PUTput	$1,303,640	–	230	–	0.01%	–
YUMC	New	YUM CHINA HOLDINGS	$1,130,000	–	20,000	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$1,035,620	–	2	–	0.00%	–
CHKP	New	CHECK POINT SOFTWARE	$823,062	–	6,552	–	0.00%	–
	New	0,000 SPOTIFY 15.03.2026note	$851,470	–	1,000,000	–	0.00%	–
SPOT	New	SPOTIFY TECHNOLOGY	$406,834	–	2,534	–	0.00%	–
GOOG	New	ALPHABET - CLASS C	$411,298	–	3,400	–	0.00%	–
ORCL	New	ORACLE	$371,561	–	3,120	–	0.00%	–
MRK	New	MERCK & CO.	$201,933	–	1,750	–	0.00%	–
MKL	New	MARKEL	$213,010	–	154	–	0.00%	–
	New	HALEON PLC ADR	$116,356	–	13,885	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	HALEON PLC ADR	$0	–	-13,885	–	0.00%	–
ORCL	Exit	ORACLE	$0	–	-4,250	–	-0.00%	–
GOOG	Exit	ALPHABET - CLASS C	$0	–	-3,400	–	-0.00%	–
SE	Exit	SEA ADR	$0	–	-15,000	–	-0.00%	–
SBUX	Exit	STARBUCKS	$0	–	-9,121	–	-0.00%	–
BKNG	Exit	BOOKING HOLDINGS	$0	–	-519	–	-0.00%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-2	–	-0.00%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-10,927	–	-0.00%	–
	Exit	ALIBABA GROUP CALLcall	$0	–	-120	–	-0.00%	–
	Exit	NU HOLDINGS	$0	–	-325,000	–	-0.01%	–
	Exit	PINTEREST CALLcall	$0	–	-570	–	-0.01%	–
	Exit	0,125 ETSY 01.10.2026note	$0	–	-1,175,000	–	-0.01%	–
CPNG	Exit	COUPANG	$0	–	-100,000	–	-0.01%	–
GLOB	Exit	GLOBANT	$0	–	-10,500	–	-0.01%	–
	Exit	0,000 FORD MOTOR 15.03.2026note	$0	–	-2,700,000	–	-0.01%	–
NDAQ	Exit	NASDAQ	$0	–	-41,466	–	-0.01%	–
WIX	Exit	WIX.COM	$0	–	-30,460	–	-0.01%	–
NTES	Exit	NETEASE ADR	$0	–	-36,500	–	-0.01%	–
	Exit	BARRICK GOLD CALLcall	$0	–	-1,830	–	-0.01%	–
EPAM	Exit	EPAM SYSTEMS	$0	–	-9,000	–	-0.01%	–
CHKP	Exit	CHECK POINT SOFTWARE	$0	–	-29,099	–	-0.01%	–
	Exit	NEWMONT CALLcall	$0	–	-750	–	-0.01%	–
	Exit	0,000 UBER TECHNOLOGIES 15.12.2025note	$0	–	-4,300,000	–	-0.01%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWARE	$0	–	-35,240	–	-0.01%	–
	Exit	0,000 NICE 15.09.2025note	$0	–	-4,150,000	–	-0.01%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-58,385	–	-0.02%	–
	Exit	0,250 SEA 15.09.2026note	$0	–	-6,600,000	–	-0.02%	–
	Exit	0,000 FIVERR INTERNATIONAL 01.11.2025note	$0	–	-6,050,000	–	-0.02%	–
PM	Exit	PHILIP MORRIS INTERNAT.	$0	–	-60,000	–	-0.02%	–
RACE	Exit	FERRARI	$0	–	-26,100	–	-0.02%	–
	Exit	0,250 UPWORK 15.08.2026note	$0	–	-7,750,000	–	-0.02%	–
	Exit	0,375 CHEESECAKE FACTORY 15.06.2026note	$0	–	-8,400,000	–	-0.02%	–
CSGP	Exit	COSTAR GROUP	$0	–	-101,992	–	-0.03%	–
	Exit	0,000 WIX.COM 15.08.2025note	$0	–	-8,650,000	–	-0.03%	–
RBLX	Exit	ROBLOX	$0	–	-212,593	–	-0.03%	–
	Exit	0,000 SPOTIFY 15.03.2026note	$0	–	-11,700,000	–	-0.03%	–
	Exit	0,250 ETSY 15.06.2028note	$0	–	-12,300,000	–	-0.04%	–
MELI	Exit	MERCADOLIBRE	$0	–	-12,600	–	-0.04%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-157,500	–	-0.04%	–
	Exit	0,000 CABLE ONE 15.03.2026note	$0	–	-14,100,000	–	-0.04%	–
SHW	Exit	SHERWIN-WILLIAMS	$0	–	-62,929	–	-0.05%	–
	Exit	0,000 SNAP 01.05.2027note	$0	–	-18,600,000	–	-0.05%	–
NVDA	Exit	NVIDIA	$0	–	-107,000	–	-0.05%	–
	Exit	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$0	–	-14,900,000	–	-0.05%	–
TJX	Exit	TJX COMPANIES	$0	–	-230,248	–	-0.05%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-399,787	–	-0.06%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-68,940	–	-0.06%	–
	Exit	2,000 JAZZ INVESTMENTS 15.06.2026note	$0	–	-14,300,000	–	-0.06%	–
CTSH	Exit	COGNIZANT TECHNOLOGY	$0	–	-298,413	–	-0.06%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-248,237	–	-0.06%	–
MCD	Exit	MCDONALD'S	$0	–	-76,706	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL	$0	–	-333,066	–	-0.07%	–
CHD	Exit	CHURCH & DWIGHT	$0	–	-256,984	–	-0.07%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-140,177	–	-0.07%	–
ROST	Exit	ROSS STORES	$0	–	-229,735	–	-0.07%	–
ACN	Exit	ACCENTURE	$0	–	-74,820	–	-0.07%	–
SLB	Exit	SCHLUMBERGER	$0	–	-546,295	–	-0.07%	–
HD	Exit	HOME DEPOT	$0	–	-76,518	–	-0.08%	–
UNP	Exit	UNION PACIFIC	$0	–	-115,652	–	-0.08%	–
EA	Exit	ELECTRONIC ARTS	$0	–	-244,375	–	-0.10%	–
XOM	Exit	EXXON MOBIL	$0	–	-323,366	–	-0.10%	–
HDB	Exit	HDFC BANK ADR	$0	–	-508,261	–	-0.11%	–
NFLX	Exit	NETFLIX	$0	–	-155,518	–	-0.14%	–
BABA	Exit	ALIBABA GROUP ADR	$0	–	-470,493	–	-0.14%	–
SPOT	Exit	SPOTIFY TECHNOLOGY	$0	–	-449,307	–	-0.14%	–
CPRT	Exit	COPART	$0	–	-387,227	–	-0.15%	–
BDX	Exit	BECTON DICKINSON	$0	–	-198,520	–	-0.16%	–
KO	Exit	COCA-COLA	$0	–	-804,862	–	-0.17%	–
MSCI	Exit	MSCI	$0	–	-125,814	–	-0.20%	–
EL	Exit	ESTEE LAUDER	$0	–	-253,476	–	-0.20%	–
NKE	Exit	NIKE	$0	–	-733,669	–	-0.22%	–
SNAP	Exit	SNAP	$0	–	-7,213,102	–	-0.26%	–
SPGI	Exit	S&P GLOBAL	$0	–	-236,776	–	-0.27%	–
DIS	Exit	WALT DISNEY	$0	–	-778,913	–	-0.27%	–
UBER	Exit	UBER TECHNOLOGIES	$0	–	-2,996,392	–	-0.29%	–
WMT	Exit	WALMART	$0	–	-736,026	–	-0.35%	–
TRUP	Exit	TRUPANION	$0	–	-1,746,884	–	-0.38%	–
INTU	Exit	INTUIT	$0	–	-279,818	–	-0.40%	–
SYK	Exit	STRYKER	$0	–	-666,351	–	-0.50%	–
PYPL	Exit	PAYPAL	$0	–	-1,619,788	–	-0.51%	–
MDT	Exit	MEDTRONIC	$0	–	-2,184,965	–	-0.65%	–
DG	Exit	DOLLAR GENERAL	$0	–	-1,041,055	–	-0.92%	–
TWLO	Exit	TWILIO	$0	–	-3,971,000	–	-1.01%	–
ETSY	Exit	ETSY	$0	–	-3,016,441	–	-1.11%	–
AME	Exit	AMETEK	$0	–	-2,678,533	–	-1.12%	–
AEM	Exit	AGNICO EAGLE MINES	$0	–	-7,241,425	–	-1.13%	–
MTCH	Exit	MATCH GROUP	$0	–	-6,546,656	–	-1.15%	–
DOCU	Exit	DOCUSIGN	$0	–	-5,873,436	–	-1.16%	–
ROP	Exit	ROPER TECHNOLOGIES	$0	–	-1,238,743	–	-1.64%	–
VRSK	Exit	VERISK ANALYTICS	$0	–	-2,638,661	–	-1.66%	–
BNTX	Exit	BIONTECH ADR	$0	–	-3,364,564	–	-1.67%	–
ATVI	Exit	ACTIVISION BLIZZARD	$0	–	-6,157,296	–	-1.68%	–
CRM	Exit	SALESFORCE	$0	–	-3,493,079	–	-1.85%	–
MA	Exit	MASTERCARD	$0	–	-1,895,942	–	-1.98%	–
MCO	Exit	MOODY'S	$0	–	-2,383,492	–	-2.13%	–
ADBE	Exit	ADOBE	$0	–	-2,113,129	–	-2.14%	–
V	Exit	VISA - CLASS A	$0	–	-3,275,153	–	-2.14%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-1,153,332	–	-2.15%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE	$0	–	-6,658,227	–	-2.22%	–
NEM	Exit	NEWMONT	$0	–	-14,539,437	–	-2.25%	–
BLK	Exit	BLACKROCK	$0	–	-1,143,735	–	-2.32%	–
DHR	Exit	DANAHER	$0	–	-2,538,963	–	-2.42%	–
PEP	Exit	PEPSICO	$0	–	-4,106,164	–	-2.47%	–
PINS	Exit	PINTEREST	$0	–	-28,868,654	–	-2.48%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-3,776,683	–	-2.51%	–
AAPL	Exit	APPLE	$0	–	-4,937,282	–	-2.51%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-5,438,119	–	-2.53%	–
APH	Exit	AMPHENOL	$0	–	-10,597,404	–	-2.61%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-7,381,159	–	-2.63%	–
SCHW	Exit	CHARLES SCHWAB	$0	–	-10,278,612	–	-2.72%	–
FTV	Exit	FORTIVE	$0	–	-12,696,874	–	-2.73%	–
GOLD	Exit	BARRICK GOLD	$0	–	-49,178,271	–	-2.81%	–
FB	Exit	META PLATFORMS	$0	–	-6,049,848	–	-3.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,553,416	–	-3.34%	–
MMM	Exit	3M	$0	–	-8,959,758	–	-3.65%	–
AMZN	Exit	AMAZON.COM	$0	–	-9,003,801	–	-3.75%	–
MSFT	Exit	MICROSOFT	$0	–	-5,275,866	–	-4.52%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-5,918,850	–	-5.82%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-18,653,355	–	-6.57%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET - CLASS A	$1,784,193,000	-15.9%	18,653,355	+1816.4%	6.57%	-7.7%
BRKB	Sell	BERKSHIRE HATHAWAY B	$1,580,451,000	-2.3%	5,918,850	-0.1%	5.82%	+7.3%
MSFT	Buy	MICROSOFT	$1,228,749,000	-8.7%	5,275,866	+0.7%	4.52%	+0.2%
AMZN	Sell	AMAZON.COM	$1,017,430,000	-21.0%	9,003,801	-25.8%	3.75%	-13.4%
MMM	Buy	3M	$990,053,000	-14.4%	8,959,758	+0.2%	3.65%	-6.1%
JNJ	Sell	JOHNSON & JOHNSON	$907,206,000	-9.2%	5,553,416	-1.3%	3.34%	-0.3%
FB	Buy	META PLATFORMS	$820,843,000	-12.0%	6,049,848	+4.6%	3.02%	-3.4%
GOLD	Buy	BARRICK GOLD	$762,263,000	-7.4%	49,178,271	+5.7%	2.81%	+1.6%
FTV	Sell	FORTIVE	$740,228,000	+3.9%	12,696,874	-3.0%	2.73%	+14.1%
SCHW	Buy	CHARLES SCHWAB	$738,724,000	+27.2%	10,278,612	+11.9%	2.72%	+39.6%
ABT	Buy	ABBOTT LABORATORIES	$714,201,000	-9.9%	7,381,159	+1.2%	2.63%	-1.1%
APH	Buy	AMPHENOL	$709,602,000	+5.5%	10,597,404	+1.5%	2.61%	+15.8%
PG	Sell	PROCTER & GAMBLE	$686,563,000	-12.3%	5,438,119	-0.1%	2.53%	-3.7%
AAPL	Sell	APPLE	$682,332,000	-18.2%	4,937,282	-19.1%	2.51%	-10.2%
ITW	Sell	ILLINOIS TOOL WORKS	$682,258,000	-1.4%	3,776,683	-0.6%	2.51%	+8.1%
PINS	Sell	PINTEREST	$672,640,000	+12.8%	28,868,654	-12.1%	2.48%	+23.8%
PEP	Sell	PEPSICO	$670,372,000	-21.6%	4,106,164	-20.0%	2.47%	-14.0%
DHR	Sell	DANAHER	$655,789,000	-5.8%	2,538,963	-7.5%	2.42%	+3.4%
BLK	Buy	BLACKROCK	$629,374,000	-8.0%	1,143,735	+1.8%	2.32%	+1.0%
NEM	Sell	NEWMONT	$611,093,000	-30.6%	14,539,437	-1.5%	2.25%	-23.9%
ICE	Buy	INTERCONTINENTAL EXCHANGE	$601,571,000	+0.5%	6,658,227	+4.6%	2.22%	+10.3%
TMO	Buy	THERMO FISHER SCIENTIFIC	$584,958,000	-4.4%	1,153,332	+2.4%	2.15%	+4.9%
V	Sell	VISA - CLASS A	$581,831,000	-12.6%	3,275,153	-3.2%	2.14%	-4.2%
ADBE	Sell	ADOBE	$581,533,000	-32.8%	2,113,129	-10.6%	2.14%	-26.2%
MCO	Sell	MOODY'S	$579,451,000	-11.2%	2,383,492	-0.6%	2.13%	-2.5%
MA	Sell	MASTERCARD	$539,092,000	-13.6%	1,895,942	-4.1%	1.98%	-5.2%
CRM	Buy	SALESFORCE	$502,444,000	-10.9%	3,493,079	+2.3%	1.85%	-2.2%
ATVI	Buy	ACTIVISION BLIZZARD	$457,733,000	+300.8%	6,157,296	+319.8%	1.68%	+339.9%
BNTX	Buy	BIONTECH ADR	$453,812,000	-0.7%	3,364,564	+9.8%	1.67%	+8.9%
VRSK	Sell	VERISK ANALYTICS	$449,971,000	-10.7%	2,638,661	-9.3%	1.66%	-2.0%
ROP	Sell	ROPER TECHNOLOGIES	$445,502,000	-12.7%	1,238,743	-4.2%	1.64%	-4.2%
DOCU	Buy	DOCUSIGN	$314,053,000	-5.9%	5,873,436	+1.0%	1.16%	+3.2%
MTCH	Buy	MATCH GROUP	$312,603,000	-31.3%	6,546,656	+0.3%	1.15%	-24.6%
AEM	Sell	AGNICO EAGLE MINES	$305,805,000	-14.4%	7,241,425	-7.3%	1.13%	-6.1%
AME	Buy	AMETEK	$303,772,000	+3.4%	2,678,533	+0.2%	1.12%	+13.5%
ETSY	Sell	ETSY	$302,036,000	+6.0%	3,016,441	-22.5%	1.11%	+16.3%
TWLO	Buy	TWILIO	$274,555,000	-17.1%	3,971,000	+0.5%	1.01%	-9.0%
DG	Sell	DOLLAR GENERAL	$249,707,000	-10.7%	1,041,055	-8.6%	0.92%	-2.0%
MDT	Sell	MEDTRONIC	$176,436,000	-13.0%	2,184,965	-3.3%	0.65%	-4.4%
PYPL	Sell	PAYPAL	$139,415,000	-44.4%	1,619,788	-54.9%	0.51%	-39.0%
SYK	Buy	STRYKER	$134,963,000	+6.0%	666,351	+4.1%	0.50%	+16.4%
INTU	Sell	INTUIT	$108,379,000	-0.5%	279,818	-1.0%	0.40%	+9.0%
TRUP	New	TRUPANION	$103,817,000	–	1,746,884	–	0.38%	–
WMT	Sell	WALMART	$95,463,000	+5.1%	736,026	-1.5%	0.35%	+15.4%
UBER	Sell	UBER TECHNOLOGIES	$79,404,000	+12.6%	2,996,392	-13.1%	0.29%	+23.2%
DIS	Buy	WALT DISNEY	$73,475,000	+33.7%	778,913	+33.8%	0.27%	+47.3%
SPGI	Buy	S&P GLOBAL	$72,300,000	+0.4%	236,776	+10.8%	0.27%	+9.9%
SNAP	Sell	SNAP	$70,833,000	-25.3%	7,213,102	-0.2%	0.26%	-17.9%
NKE	Buy	NIKE	$60,983,000	-14.3%	733,669	+5.4%	0.22%	-5.9%
EL	Sell	ESTEE LAUDER	$54,725,000	-29.9%	253,476	-17.3%	0.20%	-22.9%
MSCI	Buy	MSCI	$53,067,000	+54.1%	125,814	+50.6%	0.20%	+68.1%
KO	Sell	COCA-COLA	$45,088,000	-16.5%	804,862	-6.3%	0.17%	-8.3%
BDX	Sell	BECTON DICKINSON	$44,236,000	-19.4%	198,520	-10.8%	0.16%	-11.4%
CPRT	Sell	COPART	$41,201,000	-54.0%	387,227	-53.0%	0.15%	-49.5%
SPOT	Sell	SPOTIFY TECHNOLOGY	$38,775,000	-14.8%	449,307	-7.4%	0.14%	-6.5%
BABA	Sell	ALIBABA GROUP ADR	$37,635,000	-30.4%	470,493	-1.1%	0.14%	-23.6%
NFLX	Sell	NETFLIX	$36,615,000	+30.7%	155,518	-2.9%	0.14%	+43.6%
HDB	Sell	HDFC BANK ADR	$29,693,000	-1.5%	508,261	-7.3%	0.11%	+7.9%
EA	Buy	ELECTRONIC ARTS	$28,277,000	+34.7%	244,375	+41.6%	0.10%	+48.6%
XOM	Buy	EXXON MOBIL	$28,233,000	+10.3%	323,366	+8.2%	0.10%	+20.9%
UNP	Sell	UNION PACIFIC	$22,531,000	-25.7%	115,652	-18.7%	0.08%	-18.6%
HD	Buy	HOME DEPOT	$21,114,000	+12.1%	76,518	+11.4%	0.08%	+23.8%
SLB	Sell	SCHLUMBERGER	$19,612,000	-22.7%	546,295	-23.0%	0.07%	-15.3%
ROST	Sell	ROSS STORES	$19,360,000	+14.6%	229,735	-4.5%	0.07%	+24.6%
ACN	Buy	ACCENTURE	$19,251,000	-3.3%	74,820	+4.3%	0.07%	+6.0%
AXP	Buy	AMERICAN EXPRESS	$18,911,000	+34.7%	140,177	+38.4%	0.07%	+48.9%
CHD	Sell	CHURCH & DWIGHT	$18,359,000	-23.5%	256,984	-0.8%	0.07%	-16.0%
MDLZ	Sell	MONDELEZ INTERNATIONAL	$18,262,000	-24.4%	333,066	-14.4%	0.07%	-17.3%
MCD	Sell	MCDONALD'S	$17,699,000	-23.7%	76,706	-18.4%	0.06%	-16.7%
CTSH	Buy	COGNIZANT TECHNOLOGY	$17,141,000	-12.7%	298,413	+2.6%	0.06%	-4.5%
	Buy	2,000 JAZZ INVESTMENTS 15.06.2026note	$15,427,000	-0.7%	14,300,000	+8.3%	0.06%	+9.6%
ADP	Sell	AUTOMATIC DATA PROCESSING	$15,594,000	-6.3%	68,940	-13.0%	0.06%	+1.8%
VZ	Sell	VERIZON COMMUNICATIONS	$15,180,000	-27.7%	399,787	-3.4%	0.06%	-20.0%
TJX	Sell	TJX COMPANIES	$14,303,000	+7.6%	230,248	-3.2%	0.05%	+17.8%
	Sell	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$13,970,000	-7.7%	14,900,000	-2.0%	0.05%	0.0%
NVDA	Buy	NVIDIA	$12,989,000	-13.4%	107,000	+8.1%	0.05%	-4.0%
	Buy	0,000 SNAP 01.05.2027note	$12,907,000	+242.7%	18,600,000	+250.9%	0.05%	+269.2%
	Buy	0,000 CABLE ONE 15.03.2026note	$10,862,000	-5.7%	14,100,000	+1.4%	0.04%	+2.6%
TSM	Sell	TAIWAN SEMICONDUCTOR ADR	$10,798,000	-47.3%	157,500	-37.1%	0.04%	-42.0%
MELI	Sell	MERCADOLIBRE	$10,430,000	-25.0%	12,600	-42.3%	0.04%	-19.1%
	Sell	0,250 ETSY 15.06.2028note	$9,616,000	+6.6%	12,300,000	-0.8%	0.04%	+16.7%
	Sell	0,000 SPOTIFY 15.03.2026note	$9,295,000	-5.3%	11,700,000	-5.6%	0.03%	+3.0%
RBLX	Buy	ROBLOX	$7,619,000	+10.5%	212,593	+1.4%	0.03%	+21.7%
	Sell	0,000 WIX.COM 15.08.2025note	$7,247,000	0.0%	8,650,000	-3.4%	0.03%	+12.5%
CSGP	Sell	COSTAR GROUP	$7,104,000	-56.1%	101,992	-62.0%	0.03%	-51.9%
	Sell	0,375 CHEESECAKE FACTORY 15.06.2026note	$6,612,000	-7.1%	8,400,000	-8.7%	0.02%	0.0%
	New	0,250 UPWORK 15.08.2026note	$5,727,000	–	7,750,000	–	0.02%	–
	Sell	0,000 FIVERR INTERNATIONAL 01.11.2025note	$4,766,000	-7.8%	6,050,000	-10.4%	0.02%	+5.9%
RACE	Sell	FERRARI	$4,904,000	-15.7%	26,100	-17.6%	0.02%	-10.0%
PM	Sell	PHILIP MORRIS INTERNAT.	$4,981,000	-66.4%	60,000	-60.0%	0.02%	-64.0%
EMR	Sell	EMERSON ELECTRIC	$4,275,000	-45.8%	58,385	-41.1%	0.02%	-38.5%
	Sell	0,000 NICE 15.09.2025note	$3,855,000	-12.2%	4,150,000	-6.7%	0.01%	-6.7%
	Sell	0,000 UBER TECHNOLOGIES 15.12.2025note	$3,568,000	-60.9%	4,300,000	-62.3%	0.01%	-58.1%
CHKP	Sell	CHECK POINT SOFTWARE	$3,260,000	-36.9%	29,099	-31.4%	0.01%	-29.4%
EPAM	Sell	EPAM SYSTEMS	$3,260,000	-14.9%	9,000	-30.8%	0.01%	-7.7%
NTES	Sell	NETEASE ADR	$2,759,000	-34.3%	36,500	-18.9%	0.01%	-28.6%
WIX	Sell	WIX.COM	$2,383,000	-90.5%	30,460	-92.0%	0.01%	-89.3%
NDAQ	Buy	NASDAQ	$2,350,000	+37.2%	41,466	+269.3%	0.01%	+50.0%
	Sell	0,000 FORD MOTOR 15.03.2026note	$2,483,000	-6.5%	2,700,000	-6.9%	0.01%	0.0%
GLOB	Sell	GLOBANT	$1,964,000	-16.4%	10,500	-22.2%	0.01%	-12.5%
CPNG	Buy	COUPANG	$1,667,000	+53.8%	100,000	+17.6%	0.01%	+50.0%
	Sell	0,125 ETSY 01.10.2026note	$1,573,000	+10.5%	1,175,000	-6.0%	0.01%	+20.0%
	Sell	PINTEREST CALLcall	$1,328,000	+9.1%	570	-14.9%	0.01%	+25.0%
	Buy	NU HOLDINGS	$1,430,000	+52.9%	325,000	+30.0%	0.01%	+66.7%
	Sell	ALIBABA GROUP CALLcall	$960,000	-43.7%	120	-20.0%	0.00%	-33.3%
SE	Sell	SEA ADR	$841,000	-73.5%	15,000	-68.4%	0.00%	-72.7%
SBUX	New	STARBUCKS	$769,000	–	9,121	–	0.00%	–
GOOG	Buy	ALPHABET - CLASS C	$327,000	-12.1%	3,400	+1900.0%	0.00%	0.0%
	New	HALEON PLC ADR	$85,000	–	13,885	–	0.00%	–
CNC	Exit	CENTENE	$0	–	-2,545	–	-0.00%	–
BGNE	Exit	BEIGENE ADR	$0	–	-3,000	–	-0.00%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET - CLASS A	$2,121,181,000	–	973,349	–	7.12%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,617,032,000	–	5,922,760	–	5.43%	–
MSFT	New	MICROSOFT	$1,345,951,000	–	5,240,629	–	4.52%	–
AMZN	New	AMAZON.COM	$1,288,626,000	–	12,132,808	–	4.32%	–
MMM	New	3M	$1,157,265,000	–	8,942,625	–	3.88%	–
JNJ	New	JOHNSON & JOHNSON	$998,755,000	–	5,626,473	–	3.35%	–
FB	New	META PLATFORMS	$932,392,000	–	5,782,279	–	3.13%	–
NEM	New	NEWMONT	$880,538,000	–	14,756,797	–	2.96%	–
ADBE	New	ADOBE	$865,182,000	–	2,363,497	–	2.90%	–
PEP	New	PEPSICO	$855,219,000	–	5,131,520	–	2.87%	–
AAPL	New	APPLE	$834,157,000	–	6,101,209	–	2.80%	–
GOLD	New	BARRICK GOLD	$823,332,000	–	46,542,280	–	2.76%	–
ABT	New	ABBOTT LABORATORIES	$792,756,000	–	7,296,421	–	2.66%	–
PG	New	PROCTER & GAMBLE	$782,536,000	–	5,442,212	–	2.63%	–
FTV	New	FORTIVE	$712,106,000	–	13,095,007	–	2.39%	–
DHR	New	DANAHER	$696,030,000	–	2,745,462	–	2.34%	–
ITW	New	ILLINOIS TOOL WORKS	$692,267,000	–	3,798,447	–	2.32%	–
BLK	New	BLACKROCK	$684,273,000	–	1,123,528	–	2.30%	–
APH	New	AMPHENOL	$672,408,000	–	10,444,365	–	2.26%	–
V	New	VISA - CLASS A	$666,091,000	–	3,383,064	–	2.24%	–
MCO	New	MOODY'S	$652,324,000	–	2,398,516	–	2.19%	–
MA	New	MASTERCARD	$623,874,000	–	1,977,539	–	2.09%	–
TMO	New	THERMO FISHER SCIENTIFIC	$612,086,000	–	1,126,650	–	2.05%	–
ICE	New	INTERCONTINENTAL EXCHANGE	$598,325,000	–	6,362,456	–	2.01%	–
PINS	New	PINTEREST	$596,135,000	–	32,826,820	–	2.00%	–
SCHW	New	CHARLES SCHWAB	$580,577,000	–	9,189,255	–	1.95%	–
CRM	New	SALESFORCE	$563,800,000	–	3,416,143	–	1.89%	–
ROP	New	ROPER TECHNOLOGIES	$510,323,000	–	1,293,104	–	1.71%	–
VRSK	New	VERISK ANALYTICS	$503,650,000	–	2,909,759	–	1.69%	–
BNTX	New	BIONTECH ADR	$457,014,000	–	3,065,150	–	1.53%	–
MTCH	New	MATCH GROUP	$455,000,000	–	6,528,910	–	1.53%	–
AEM	New	AGNICO EAGLE MINES	$357,336,000	–	7,808,910	–	1.20%	–
DOCU	New	DOCUSIGN	$333,661,000	–	5,814,937	–	1.12%	–
TWLO	New	TWILIO	$331,050,000	–	3,950,000	–	1.11%	–
AME	New	AMETEK	$293,779,000	–	2,673,392	–	0.99%	–
ETSY	New	ETSY	$284,865,000	–	3,891,066	–	0.96%	–
DG	New	DOLLAR GENERAL	$279,629,000	–	1,139,297	–	0.94%	–
PYPL	New	PAYPAL	$250,568,000	–	3,587,739	–	0.84%	–
MDT	New	MEDTRONIC	$202,789,000	–	2,259,488	–	0.68%	–
SYK	New	STRYKER	$127,358,000	–	640,217	–	0.43%	–
ATVI	New	ACTIVISION BLIZZARD	$114,209,000	–	1,466,848	–	0.38%	–
INTU	New	INTUIT	$108,974,000	–	282,727	–	0.37%	–
SNAP	New	SNAP	$94,869,000	–	7,225,341	–	0.32%	–
WMT	New	WALMART	$90,842,000	–	747,180	–	0.30%	–
CPRT	New	COPART	$89,602,000	–	824,605	–	0.30%	–
EL	New	ESTEE LAUDER	$78,050,000	–	306,477	–	0.26%	–
SPGI	New	S&P GLOBAL	$72,006,000	–	213,631	–	0.24%	–
NKE	New	NIKE	$71,167,000	–	696,355	–	0.24%	–
UBER	New	UBER TECHNOLOGIES	$70,513,000	–	3,446,392	–	0.24%	–
BDX	New	BECTON DICKINSON	$54,866,000	–	222,552	–	0.18%	–
DIS	New	WALT DISNEY	$54,972,000	–	582,334	–	0.18%	–
BABA	New	ALIBABA GROUP ADR	$54,105,000	–	475,940	–	0.18%	–
KO	New	COCA-COLA	$54,014,000	–	858,585	–	0.18%	–
SPOT	New	SPOTIFY TECHNOLOGY	$45,537,000	–	485,311	–	0.15%	–
MSCI	New	MSCI	$34,433,000	–	83,544	–	0.12%	–
UNP	New	UNION PACIFIC	$30,339,000	–	142,248	–	0.10%	–
HDB	New	HDFC BANK ADR	$30,132,000	–	548,261	–	0.10%	–
NFLX	New	NETFLIX	$28,015,000	–	160,202	–	0.09%	–
XOM	New	EXXON MOBIL	$25,601,000	–	298,935	–	0.09%	–
SLB	New	SCHLUMBERGER	$25,359,000	–	709,152	–	0.08%	–
WIX	New	WIX.COM	$25,045,000	–	382,069	–	0.08%	–
MDLZ	New	MONDELEZ INTERNATIONAL	$24,155,000	–	389,040	–	0.08%	–
CHD	New	CHURCH & DWIGHT	$23,995,000	–	258,959	–	0.08%	–
MCD	New	MCDONALD'S	$23,208,000	–	94,004	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS	$20,999,000	–	413,769	–	0.07%	–
EA	New	ELECTRONIC ARTS	$20,997,000	–	172,602	–	0.07%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$20,484,000	–	250,568	–	0.07%	–
CL	New	COLGATE-PALMOLIVE	$19,894,000	–	248,237	–	0.07%	–
ACN	New	ACCENTURE	$19,911,000	–	71,712	–	0.07%	–
CTSH	New	COGNIZANT TECHNOLOGY	$19,634,000	–	290,922	–	0.07%	–
HD	New	HOME DEPOT	$18,831,000	–	68,660	–	0.06%	–
ROST	New	ROSS STORES	$16,889,000	–	240,484	–	0.06%	–
ADP	New	AUTOMATIC DATA PROCESSING	$16,636,000	–	79,202	–	0.06%	–
CSGP	New	COSTAR GROUP	$16,198,000	–	268,132	–	0.05%	–
	New	2,000 JAZZ INVESTMENTS 15.06.2026note	$15,538,000	–	13,200,000	–	0.05%	–
	New	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$15,130,000	–	15,200,000	–	0.05%	–
NVDA	New	NVIDIA	$15,007,000	–	99,000	–	0.05%	–
PM	New	PHILIP MORRIS INTERNAT.	$14,811,000	–	150,000	–	0.05%	–
SHW	New	SHERWIN-WILLIAMS	$14,090,000	–	62,929	–	0.05%	–
MELI	New	MERCADOLIBRE	$13,899,000	–	21,824	–	0.05%	–
AXP	New	AMERICAN EXPRESS	$14,037,000	–	101,261	–	0.05%	–
TJX	New	TJX COMPANIES	$13,290,000	–	237,963	–	0.04%	–
	New	0,000 CABLE ONE 15.03.2026note	$11,515,000	–	13,900,000	–	0.04%	–
	New	0,000 SPOTIFY 15.03.2026note	$9,818,000	–	12,400,000	–	0.03%	–
	New	0,000 UBER TECHNOLOGIES 15.12.2025note	$9,126,000	–	11,400,000	–	0.03%	–
	New	0,250 ETSY 15.06.2028note	$9,023,000	–	12,400,000	–	0.03%	–
EMR	New	EMERSON ELECTRIC	$7,882,000	–	99,095	–	0.03%	–
	New	0,375 CHEESECAKE FACTORY 15.06.2026note	$7,117,000	–	9,200,000	–	0.02%	–
	New	0,000 WIX.COM 15.08.2025note	$7,247,000	–	8,950,000	–	0.02%	–
RBLX	New	ROBLOX	$6,893,000	–	209,755	–	0.02%	–
RACE	New	FERRARI	$5,818,000	–	31,675	–	0.02%	–
	New	0,000 FIVERR INTERNATIONAL 01.11.2025note	$5,171,000	–	6,750,000	–	0.02%	–
CHKP	New	CHECK POINT SOFTWARE	$5,164,000	–	42,408	–	0.02%	–
	New	0,250 SEA 15.09.2026note	$4,836,000	–	6,600,000	–	0.02%	–
	New	0,000 NICE 15.09.2025note	$4,393,000	–	4,450,000	–	0.02%	–
	New	NEWMONT CALLcall	$4,475,000	–	750	–	0.02%	–
NTES	New	NETEASE ADR	$4,201,000	–	45,000	–	0.01%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$4,318,000	–	35,240	–	0.01%	–
EPAM	New	EPAM SYSTEMS	$3,832,000	–	13,000	–	0.01%	–
	New	0,000 SNAP 01.05.2027note	$3,766,000	–	5,300,000	–	0.01%	–
SE	New	SEA ADR	$3,176,000	–	47,500	–	0.01%	–
	New	BARRICK GOLD CALLcall	$3,237,000	–	1,830	–	0.01%	–
	New	0,000 FORD MOTOR 15.03.2026note	$2,657,000	–	2,900,000	–	0.01%	–
GLOB	New	GLOBANT	$2,349,000	–	13,500	–	0.01%	–
	New	ALIBABA GROUP CALLcall	$1,705,000	–	150	–	0.01%	–
NDAQ	New	NASDAQ	$1,713,000	–	11,227	–	0.01%	–
	New	0,125 ETSY 01.10.2026note	$1,423,000	–	1,250,000	–	0.01%	–
	New	PINTEREST CALLcall	$1,217,000	–	670	–	0.00%	–
CPNG	New	COUPANG	$1,084,000	–	85,000	–	0.00%	–
COP	New	CONOCOPHILLIPS	$981,000	–	10,927	–	0.00%	–
BKNG	New	BOOKING HOLDINGS	$908,000	–	519	–	0.00%	–
BRKA	New	BERKSHIRE HATHAWAY A	$818,000	–	2	–	0.00%	–
	New	NU HOLDINGS	$935,000	–	250,000	–	0.00%	–
BGNE	New	BEIGENE ADR	$486,000	–	3,000	–	0.00%	–
GOOG	New	ALPHABET - CLASS C	$372,000	–	170	–	0.00%	–
ORCL	New	ORACLE	$297,000	–	4,250	–	0.00%	–
CNC	New	CENTENE	$215,000	–	2,545	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
PDD	Exit	PINDUODUO ADR	$0	–	-2,500	–	-0.00%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-1,300	–	-0.00%	–
ORCL	Exit	ORACLE	$0	–	-4,250	–	-0.00%	–
WFC	Exit	WELLS FARGO	$0	–	-4,970	–	-0.00%	–
GOOG	Exit	ALPHABET - CLASS C	$0	–	-170	–	-0.00%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-2	–	-0.00%	–
TME	Exit	TENCENT MUSIC ENTERTAINMENT ADR	$0	–	-100,000	–	-0.00%	–
BEKE	Exit	KE HOLDINGS	$0	–	-65,000	–	-0.00%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-11,569	–	-0.00%	–
BILI	Exit	BILIBILI ADR	$0	–	-22,500	–	-0.00%	–
BGNE	Exit	BEIGENE ADR	$0	–	-5,000	–	-0.01%	–
NVDA	Exit	NVIDIA	$0	–	-10,000	–	-0.01%	–
STNE	Exit	STONECO	$0	–	-75,000	–	-0.01%	–
	Exit	1,000 QIAGEN 13.11.2024note	$0	–	-2,600,000	–	-0.01%	–
BKNG	Exit	BOOKING HOLDINGS	$0	–	-1,464	–	-0.01%	–
	Exit	ALIBABA GROUP CALLcall	$0	–	-250	–	-0.01%	–
NDAQ	Exit	NASDAQ	$0	–	-25,125	–	-0.01%	–
SQ	Exit	SQUARE - CLASS A	$0	–	-22,322	–	-0.02%	–
	Exit	0,375 CHEESECAKE FACTORY 15.06.2026note	$0	–	-5,800,000	–	-0.02%	–
FMX	Exit	FEMSA ADR	$0	–	-62,500	–	-0.02%	–
	Exit	0,000 NICE 15.09.2025note	$0	–	-5,100,000	–	-0.02%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWARE	$0	–	-41,041	–	-0.02%	–
RACE	Exit	FERRARI	$0	–	-31,675	–	-0.02%	–
	Exit	BARRICK GOLD CALLcall	$0	–	-3,610	–	-0.02%	–
	Exit	NEWMONT CALLcall	$0	–	-1,400	–	-0.02%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-111,792	–	-0.02%	–
	Exit	1,500 JAZZ INVESTMENTS 15.08.2024note	$0	–	-7,600,000	–	-0.02%	–
	Exit	0,875 FORTIVE 15.02.2022note	$0	–	-7,700,000	–	-0.02%	–
EPAM	Exit	EPAM SYSTEMS	$0	–	-15,000	–	-0.02%	–
	Exit	2,000 JAZZ INVESTMENTS 15.06.2026note	$0	–	-9,050,000	–	-0.03%	–
MO	Exit	ALTRIA GROUP	$0	–	-243,520	–	-0.03%	–
FIS	Exit	FIDELITY NATIONAL INFO SERVICE	$0	–	-108,000	–	-0.04%	–
SE	Exit	SEA ADR	$0	–	-42,500	–	-0.04%	–
SHW	Exit	SHERWIN-WILLIAMS	$0	–	-48,929	–	-0.04%	–
CHD	Exit	CHURCH & DWIGHT	$0	–	-173,890	–	-0.04%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-73,132	–	-0.04%	–
	Exit	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$0	–	-13,900,000	–	-0.04%	–
	Exit	0,000 WIX.COM 15.08.2025note	$0	–	-16,800,000	–	-0.05%	–
ACN	Exit	ACCENTURE	$0	–	-56,158	–	-0.05%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-239,576	–	-0.05%	–
MELI	Exit	MERCADOLIBRE	$0	–	-10,750	–	-0.05%	–
XOM	Exit	EXXON MOBIL	$0	–	-314,579	–	-0.05%	–
CHKP	Exit	CHECK POINT SOFTWARE	$0	–	-164,650	–	-0.05%	–
TJX	Exit	TJX COMPANIES	$0	–	-303,563	–	-0.06%	–
ROST	Exit	ROSS STORES	$0	–	-185,057	–	-0.06%	–
MCD	Exit	MCDONALDS	$0	–	-86,152	–	-0.06%	–
SLB	Exit	SCHLUMBERGER	$0	–	-695,588	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-432,940	–	-0.07%	–
CTSH	Exit	COGNIZANT TECHNOLOGY	$0	–	-326,795	–	-0.07%	–
HDB	Exit	HDFC BANK ADR	$0	–	-433,185	–	-0.09%	–
CSGP	Exit	COSTAR GROUP	$0	–	-426,620	–	-0.11%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL	$0	–	-709,937	–	-0.12%	–
DIS	Exit	WALT DISNEY	$0	–	-256,033	–	-0.13%	–
EA	Exit	ELECTRONIC ARTS	$0	–	-313,316	–	-0.13%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-429,021	–	-0.14%	–
UNP	Exit	UNION PACIFIC	$0	–	-281,528	–	-0.16%	–
NKE	Exit	NIKE	$0	–	-406,825	–	-0.17%	–
NFLX	Exit	NETFLIX	$0	–	-99,980	–	-0.18%	–
EL	Exit	ESTEE LAUDER	$0	–	-222,078	–	-0.19%	–
HD	Exit	HOME DEPOT	$0	–	-234,876	–	-0.22%	–
KO	Exit	COCA-COLA	$0	–	-1,686,653	–	-0.26%	–
WMT	Exit	WALMART	$0	–	-676,623	–	-0.28%	–
INTU	Exit	INTUIT	$0	–	-185,514	–	-0.29%	–
AEM	Exit	AGNICO EAGLE MINES	$0	–	-2,119,402	–	-0.32%	–
SPGI	Exit	S&P GLOBAL	$0	–	-290,774	–	-0.36%	–
SPOT	Exit	SPOTIFY TECHNOLOGY	$0	–	-683,208	–	-0.45%	–
ATVI	Exit	ACTIVISION BLIZZARD	$0	–	-2,179,182	–	-0.49%	–
SYK	Exit	STRYKER	$0	–	-673,062	–	-0.52%	–
DG	Exit	DOLLAR GENERAL	$0	–	-846,781	–	-0.52%	–
AME	Exit	AMETEK	$0	–	-2,034,255	–	-0.74%	–
BABA	Exit	ALIBABA GROUP ADR	$0	–	-1,726,480	–	-0.74%	–
SCHW	Exit	CHARLES SCHWAB	$0	–	-3,585,524	–	-0.76%	–
KL	Exit	KIRKLAND LAKE GOLD	$0	–	-6,745,000	–	-0.82%	–
ADBE	Exit	ADOBE	$0	–	-510,073	–	-0.86%	–
MDT	Exit	MEDTRONIC	$0	–	-2,469,469	–	-0.90%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE	$0	–	-2,732,350	–	-0.91%	–
DHR	Exit	DANAHER	$0	–	-1,109,626	–	-0.98%	–
PM	Exit	PHILIP MORRIS INTERNAT.	$0	–	-4,367,080	–	-1.21%	–
PYPL	Exit	PAYPAL	$0	–	-1,604,038	–	-1.22%	–
ROP	Exit	ROPER TECHNOLOGIES	$0	–	-986,510	–	-1.28%	–
ETSY	Exit	ETSY	$0	–	-2,189,391	–	-1.33%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-798,558	–	-1.33%	–
MCO	Exit	MOODY'S	$0	–	-1,534,688	–	-1.59%	–
UBER	Exit	UBER TECHNOLOGIES	$0	–	-12,766,046	–	-1.67%	–
BDX	Exit	BECTON DICKINSON	$0	–	-2,433,145	–	-1.74%	–
VRSK	Exit	VERISK ANALYTICS	$0	–	-2,994,554	–	-1.75%	–
APH	Exit	AMPHENOL	$0	–	-9,250,540	–	-1.97%	–
MA	Exit	MASTERCARD	$0	–	-1,969,246	–	-1.99%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-5,820,744	–	-2.00%	–
FTV	Exit	FORTIVE	$0	–	-9,917,859	–	-2.04%	–
WIX	Exit	WIX.COM	$0	–	-3,689,918	–	-2.11%	–
CRM	Exit	SALESFORCE.COM	$0	–	-2,792,822	–	-2.21%	–
V	Exit	VISA - CLASS A	$0	–	-3,483,090	–	-2.26%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-4,116,912	–	-2.48%	–
BLK	Exit	BLACKROCK	$0	–	-1,094,603	–	-2.67%	–
NEM	Exit	NEWMONT	$0	–	-17,038,795	–	-2.70%	–
GOLD	Exit	BARRICK GOLD	$0	–	-55,480,311	–	-2.92%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-7,311,573	–	-2.98%	–
PEP	Exit	PEPSICO	$0	–	-6,973,185	–	-3.06%	–
AAPL	Exit	APPLE	$0	–	-7,610,592	–	-3.14%	–
PINS	Exit	PINTEREST	$0	–	-25,358,430	–	-3.76%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-8,547,051	–	-4.02%	–
AMZN	Exit	AMAZON.COM	$0	–	-421,751	–	-4.04%	–
FB	Exit	FACEBOOK	$0	–	-4,426,180	–	-4.38%	–
MSFT	Exit	MICROSOFT	$0	–	-5,600,223	–	-4.60%	–
MMM	Exit	3M	$0	–	-9,175,187	–	-4.69%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-6,639,138	–	-5.28%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-1,089,241	–	-8.48%	–

Q3 2021

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET - CLASS A	$2,912,108,000	+2.3%	1,089,241	-6.6%	8.48%	-0.5%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,812,086,000	+0.4%	6,639,138	+2.2%	5.28%	-2.4%
MMM	Sell	3M	$1,609,511,000	-14.1%	9,175,187	-2.7%	4.69%	-16.4%
MSFT	Sell	MICROSOFT	$1,578,815,000	+2.4%	5,600,223	-1.6%	4.60%	-0.4%
FB	Buy	FACEBOOK	$1,502,201,000	-1.7%	4,426,180	+0.7%	4.38%	-4.4%
AMZN	Buy	AMAZON.COM	$1,385,469,000	-3.0%	421,751	+1.6%	4.04%	-5.7%
JNJ	Buy	JOHNSON & JOHNSON	$1,380,349,000	-1.8%	8,547,051	+0.2%	4.02%	-4.5%
PINS	Buy	PINTEREST	$1,292,012,000	-27.3%	25,358,430	+12.7%	3.76%	-29.2%
AAPL	Buy	APPLE	$1,076,899,000	+13.4%	7,610,592	+9.7%	3.14%	+10.3%
PEP	Buy	PEPSICO	$1,048,837,000	+2.3%	6,973,185	+0.8%	3.06%	-0.5%
PG	Sell	PROCTER & GAMBLE	$1,022,158,000	-5.2%	7,311,573	-8.5%	2.98%	-7.8%
GOLD	Buy	BARRICK GOLD	$1,001,419,000	-12.3%	55,480,311	+0.5%	2.92%	-14.7%
NEM	Buy	NEWMONT	$925,207,000	-6.4%	17,038,795	+9.2%	2.70%	-9.0%
BLK	Buy	BLACKROCK	$918,000,000	+18.4%	1,094,603	+23.5%	2.67%	+15.2%
ITW	Buy	ILLINOIS TOOL WORKS	$850,678,000	+6.3%	4,116,912	+15.1%	2.48%	+3.4%
V	Buy	VISA - CLASS A	$775,858,000	+14.9%	3,483,090	+20.6%	2.26%	+11.7%
CRM	Buy	SALESFORCE.COM	$757,469,000	+16.9%	2,792,822	+5.3%	2.21%	+13.7%
WIX	Buy	WIX.COM	$723,113,000	-20.7%	3,689,918	+17.5%	2.11%	-22.9%
FTV	Buy	FORTIVE	$699,903,000	+9.9%	9,917,859	+8.6%	2.04%	+6.9%
ABT	Sell	ABBOTT LABORATORIES	$687,604,000	-5.3%	5,820,744	-7.1%	2.00%	-7.9%
MA	Buy	MASTERCARD	$684,667,000	+34.8%	1,969,246	+41.6%	1.99%	+31.1%
APH	Buy	AMPHENOL	$677,417,000	+18.8%	9,250,540	+10.9%	1.97%	+15.5%
VRSK	Buy	VERISK ANALYTICS	$599,719,000	+16.0%	2,994,554	+1.2%	1.75%	+12.8%
BDX	Sell	BECTON DICKINSON	$598,116,000	-19.4%	2,433,145	-20.2%	1.74%	-21.6%
UBER	Buy	UBER TECHNOLOGIES	$571,919,000	+269.0%	12,766,046	+312.8%	1.67%	+259.1%
MCO	Buy	MOODY'S	$544,983,000	+0.2%	1,534,688	+2.2%	1.59%	-2.6%
TMO	Buy	THERMO FISHER SCIENTIFIC	$456,240,000	+13.5%	798,558	+0.2%	1.33%	+10.5%
ETSY	Buy	ETSY	$455,306,000	+230.1%	2,189,391	+226.7%	1.33%	+221.1%
ROP	Buy	ROPER TECHNOLOGIES	$440,112,000	-0.8%	986,510	+4.5%	1.28%	-3.5%
PYPL	Sell	PAYPAL	$417,387,000	-11.7%	1,604,038	-1.1%	1.22%	-14.1%
PM	Sell	PHILIP MORRIS INTERNAT.	$413,956,000	-12.2%	4,367,080	-8.2%	1.21%	-14.5%
DHR	Buy	DANAHER	$337,815,000	+14.1%	1,109,626	+0.6%	0.98%	+11.1%
ICE	Buy	INTERCONTINENTAL EXCHANGE	$313,728,000	+0.6%	2,732,350	+4.0%	0.91%	-2.1%
MDT	Buy	MEDTRONIC	$309,548,000	+3.5%	2,469,469	+2.5%	0.90%	+0.8%
ADBE	Buy	ADOBE	$293,659,000	-1.6%	510,073	+0.1%	0.86%	-4.3%
KL	Buy	KIRKLAND LAKE GOLD	$280,525,000	+76.5%	6,745,000	+63.5%	0.82%	+71.6%
SCHW	Buy	CHARLES SCHWAB	$261,170,000	+74307.4%	3,585,524	+74226.8%	0.76%	+76000.0%
BABA	Buy	ALIBABA GROUP ADR	$255,605,000	+75.5%	1,726,480	+168.8%	0.74%	+70.6%
AME	Buy	AMETEK	$252,268,000	+5.8%	2,034,255	+13.9%	0.74%	+2.9%
DG	Buy	DOLLAR GENERAL	$179,636,000	+70.2%	846,781	+73.6%	0.52%	+65.5%
SYK	Buy	STRYKER	$177,500,000	+27.6%	673,062	+25.7%	0.52%	+24.3%
ATVI	Buy	ACTIVISION BLIZZARD	$168,647,000	+1.6%	2,179,182	+25.3%	0.49%	-1.2%
SPOT	Buy	SPOTIFY TECHNOLOGY	$153,954,000	-7.0%	683,208	+13.8%	0.45%	-9.7%
SPGI	Sell	S&P GLOBAL	$123,547,000	+2.6%	290,774	-0.9%	0.36%	0.0%
AEM	Sell	AGNICO EAGLE MINES	$109,891,000	-16.2%	2,119,402	-2.3%	0.32%	-18.6%
INTU	Buy	INTUIT	$100,087,000	+29.4%	185,514	+17.6%	0.29%	+25.4%
WMT	Sell	WALMART	$94,308,000	-14.9%	676,623	-13.9%	0.28%	-17.2%
KO	Sell	COCA-COLA	$88,499,000	-17.5%	1,686,653	-14.9%	0.26%	-19.6%
HD	Sell	HOME DEPOT	$77,100,000	-40.1%	234,876	-41.9%	0.22%	-41.7%
EL	Buy	ESTEE LAUDER	$66,608,000	+5.5%	222,078	+11.8%	0.19%	+2.6%
NFLX	Buy	NETFLIX	$61,022,000	+111.9%	99,980	+83.4%	0.18%	+107.0%
NKE	Buy	NIKE	$59,083,000	-5.1%	406,825	+0.9%	0.17%	-7.5%
UNP	Buy	UNION PACIFIC	$55,182,000	-8.8%	281,528	+2.3%	0.16%	-11.0%
TSM	Buy	TAIWAN SEMICONDUCTOR ADR	$47,900,000	+16.3%	429,021	+25.1%	0.14%	+13.8%
EA	Sell	ELECTRONIC ARTS	$44,569,000	-2.2%	313,316	-1.1%	0.13%	-4.4%
DIS	Buy	WALT DISNEY	$43,313,000	+4.5%	256,033	+8.6%	0.13%	+1.6%
MDLZ	Buy	MONDELEZ INTERNATIONAL	$41,304,000	+25.8%	709,937	+35.0%	0.12%	+22.4%
CSGP	Buy	COSTAR GROUP	$36,715,000	+97.5%	426,620	+90.1%	0.11%	+91.1%
HDB	Buy	HDFC BANK ADR	$31,661,000	+33.1%	433,185	+33.2%	0.09%	+29.6%
CTSH	Buy	COGNIZANT TECHNOLOGY	$24,251,000	+17.3%	326,795	+9.5%	0.07%	+14.5%
VZ	Sell	VERIZON COMMUNICATIONS	$23,383,000	-6.3%	432,940	-2.8%	0.07%	-9.3%
MCD	Sell	MCDONALDS	$20,772,000	+4.0%	86,152	-0.4%	0.06%	0.0%
SLB	Sell	SCHLUMBERGER	$20,617,000	-12.0%	695,588	-5.0%	0.06%	-14.3%
ROST	Sell	ROSS STORES	$20,143,000	-15.7%	185,057	-4.0%	0.06%	-18.1%
TJX	Sell	TJX COMPANIES	$20,029,000	-5.6%	303,563	-3.6%	0.06%	-9.4%
CHKP	Sell	CHECK POINT SOFTWARE	$18,612,000	-67.0%	164,650	-66.1%	0.05%	-68.0%
XOM	Buy	EXXON MOBIL	$18,504,000	-2.6%	314,579	+4.5%	0.05%	-5.3%
CL	Buy	COLGATE-PALMOLIVE	$18,107,000	+0.6%	239,576	+8.3%	0.05%	-1.9%
MELI	Buy	MERCADOLIBRE	$18,054,000	+15.9%	10,750	+7.5%	0.05%	+12.8%
ACN	New	ACCENTURE	$17,966,000	–	56,158	–	0.05%	–
	New	0,000 WIX.COM 15.08.2025note	$16,206,000	–	16,800,000	–	0.05%	–
ADP	Sell	AUTOMATIC DATA PROCESSING	$14,621,000	-4.9%	73,132	-5.5%	0.04%	-6.5%
CHD	Buy	CHURCH & DWIGHT	$14,358,000	+11.7%	173,890	+15.2%	0.04%	+7.7%
SHW	Buy	SHERWIN-WILLIAMS	$13,687,000	+129.1%	48,929	+123.1%	0.04%	+122.2%
FIS	Buy	FIDELITY NATIONAL INFO SERVICE	$13,141,000	+0.8%	108,000	+17.4%	0.04%	-2.6%
	Buy	2,000 JAZZ INVESTMENTS 15.06.2026note	$10,519,000	+57.8%	9,050,000	+81.0%	0.03%	+55.0%
EPAM	Sell	EPAM SYSTEMS	$8,557,000	-1.5%	15,000	-11.8%	0.02%	-3.8%
COP	Sell	CONOCOPHILLIPS	$7,576,000	+11.0%	111,792	-0.2%	0.02%	+10.0%
	New	NEWMONT CALLcall	$7,602,000	–	1,400	–	0.02%	–
RACE	Buy	FERRARI	$6,637,000	+11.4%	31,675	+9.7%	0.02%	+5.6%
	Buy	BARRICK GOLD CALLcall	$6,516,000	+72.2%	3,610	+97.3%	0.02%	+72.7%
	New	0,000 NICE 15.09.2025note	$5,967,000	–	5,100,000	–	0.02%	–
	New	0,375 CHEESECAKE FACTORY 15.06.2026note	$5,542,000	–	5,800,000	–	0.02%	–
NDAQ	Sell	NASDAQ	$4,850,000	-82.3%	25,125	-83.9%	0.01%	-82.9%
	Buy	ALIBABA GROUP CALLcall	$3,701,000	+25.5%	250	+92.3%	0.01%	+22.2%
BKNG	Sell	BOOKING HOLDINGS	$3,475,000	+1.3%	1,464	-6.6%	0.01%	0.0%
STNE	Buy	STONECO	$2,604,000	-35.3%	75,000	+25.0%	0.01%	-33.3%
NVDA	New	NVIDIA	$2,072,000	–	10,000	–	0.01%	–
BGNE	New	BEIGENE ADR	$1,815,000	–	5,000	–	0.01%	–
BILI	Buy	BILIBILI ADR	$1,489,000	-30.2%	22,500	+28.6%	0.00%	-33.3%
EMR	Sell	EMERSON ELECTRIC	$1,090,000	-6.8%	11,569	-4.7%	0.00%	-25.0%
BEKE	Buy	KE HOLDINGS	$1,187,000	-52.6%	65,000	+23.8%	0.00%	-57.1%
TME	Sell	TENCENT MUSIC ENTERTAINMENT ADR	$725,000	-68.6%	100,000	-33.3%	0.00%	-71.4%
PDD	New	PINDUODUO ADR	$227,000	–	2,500	–	0.00%	–
TAL	Exit	TAL EDUCATION ADR	$0	–	-100,000	–	-0.01%	–

Q2 2021

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET - CLASS A	$2,847,357,000	–	1,166,094	–	8.53%	–
MMM	New	3M	$1,873,209,000	–	9,430,647	–	5.61%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,804,955,000	–	6,494,513	–	5.40%	–
PINS	New	PINTEREST	$1,775,982,000	–	22,495,017	–	5.32%	–
MSFT	New	MICROSOFT	$1,541,104,000	–	5,688,828	–	4.62%	–
FB	New	FACEBOOK	$1,528,442,000	–	4,395,739	–	4.58%	–
AMZN	New	AMAZON.COM	$1,428,444,000	–	415,226	–	4.28%	–
JNJ	New	JOHNSON & JOHNSON	$1,405,783,000	–	8,533,341	–	4.21%	–
GOLD	New	BARRICK GOLD	$1,141,236,000	–	55,185,496	–	3.42%	–
PG	New	PROCTER & GAMBLE	$1,078,413,000	–	7,992,385	–	3.23%	–
PEP	New	PEPSICO	$1,025,409,000	–	6,920,487	–	3.07%	–
NEM	New	NEWMONT	$988,947,000	–	15,603,459	–	2.96%	–
AAPL	New	APPLE	$949,846,000	–	6,935,205	–	2.84%	–
WIX	New	WIX.COM	$911,871,000	–	3,141,349	–	2.73%	–
ITW	New	ILLINOIS TOOL WORKS	$799,955,000	–	3,578,256	–	2.40%	–
BLK	New	BLACKROCK	$775,565,000	–	886,390	–	2.32%	–
BDX	New	BECTON DICKINSON	$741,757,000	–	3,050,112	–	2.22%	–
ABT	New	ABBOTT LABORATORIES	$726,252,000	–	6,264,572	–	2.18%	–
V	New	VISA - CLASS A	$675,446,000	–	2,888,745	–	2.02%	–
CRM	New	SALESFORCE.COM	$647,963,000	–	2,652,650	–	1.94%	–
FTV	New	FORTIVE	$636,737,000	–	9,130,156	–	1.91%	–
APH	New	AMPHENOL	$570,456,000	–	8,338,787	–	1.71%	–
MCO	New	MOODY'S	$543,935,000	–	1,501,050	–	1.63%	–
VRSK	New	VERISK ANALYTICS	$517,123,000	–	2,959,725	–	1.55%	–
MA	New	MASTERCARD	$507,827,000	–	1,390,965	–	1.52%	–
PYPL	New	PAYPAL	$472,794,000	–	1,622,046	–	1.42%	–
PM	New	PHILIP MORRIS INTERNAT.	$471,354,000	–	4,755,872	–	1.41%	–
ROP	New	ROPER TECHNOLOGIES	$443,754,000	–	943,755	–	1.33%	–
TMO	New	THERMO FISHER SCIENTIFIC	$401,898,000	–	796,673	–	1.20%	–
ICE	New	INTERCONTINENTAL EXCHANGE	$311,783,000	–	2,626,650	–	0.93%	–
MDT	New	MEDTRONIC	$298,974,000	–	2,408,556	–	0.90%	–
ADBE	New	ADOBE	$298,321,000	–	509,393	–	0.89%	–
DHR	New	DANAHER	$296,029,000	–	1,103,104	–	0.89%	–
AME	New	AMETEK	$238,483,000	–	1,786,390	–	0.71%	–
ATVI	New	ACTIVISION BLIZZARD	$165,969,000	–	1,738,989	–	0.50%	–
SPOT	New	SPOTIFY TECHNOLOGY	$165,473,000	–	600,430	–	0.50%	–
KL	New	KIRKLAND LAKE GOLD	$158,936,000	–	4,125,000	–	0.48%	–
UBER	New	UBER TECHNOLOGIES	$155,004,000	–	3,092,655	–	0.46%	–
BABA	New	ALIBABA GROUP ADR	$145,672,000	–	642,350	–	0.44%	–
SYK	New	STRYKER	$139,063,000	–	535,414	–	0.42%	–
ETSY	New	ETSY	$137,940,000	–	670,133	–	0.41%	–
AEM	New	AGNICO EAGLE MINES	$131,155,000	–	2,169,638	–	0.39%	–
HD	New	HOME DEPOT	$128,811,000	–	403,934	–	0.39%	–
SPGI	New	S&P GLOBAL	$120,376,000	–	293,278	–	0.36%	–
WMT	New	WALMART	$110,839,000	–	785,980	–	0.33%	–
KO	New	COCA-COLA	$107,282,000	–	1,982,659	–	0.32%	–
DG	New	DOLLAR GENERAL	$105,571,000	–	487,875	–	0.32%	–
INTU	New	INTUIT	$77,351,000	–	157,805	–	0.23%	–
EL	New	ESTEE LAUDER	$63,162,000	–	198,572	–	0.19%	–
NKE	New	NIKE	$62,279,000	–	403,129	–	0.19%	–
UNP	New	UNION PACIFIC	$60,503,000	–	275,099	–	0.18%	–
CHKP	New	CHECK POINT SOFTWARE	$56,342,000	–	485,160	–	0.17%	–
EA	New	ELECTRONIC ARTS	$45,580,000	–	316,901	–	0.14%	–
DIS	New	WALT DISNEY	$41,440,000	–	235,763	–	0.12%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$41,198,000	–	342,857	–	0.12%	–
MDLZ	New	MONDELEZ INTERNATIONAL	$32,837,000	–	525,904	–	0.10%	–
NFLX	New	NETFLIX	$28,793,000	–	54,510	–	0.09%	–
NDAQ	New	NASDAQ	$27,350,000	–	155,575	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS	$24,952,000	–	445,325	–	0.08%	–
ROST	New	ROSS STORES	$23,891,000	–	192,672	–	0.07%	–
HDB	New	HDFC BANK ADR	$23,781,000	–	325,226	–	0.07%	–
SLB	New	SCHLUMBERGER	$23,436,000	–	732,138	–	0.07%	–
TJX	New	TJX COMPANIES	$21,224,000	–	314,803	–	0.06%	–
CTSH	New	COGNIZANT TECHNOLOGY	$20,666,000	–	298,383	–	0.06%	–
MCD	New	MCDONALDS	$19,973,000	–	86,469	–	0.06%	–
XOM	New	EXXON MOBIL	$18,990,000	–	301,054	–	0.06%	–
CSGP	New	COSTAR GROUP	$18,586,000	–	224,420	–	0.06%	–
CL	New	COLGATE-PALMOLIVE	$18,001,000	–	221,276	–	0.05%	–
	New	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$16,138,000	–	13,900,000	–	0.05%	–
MELI	New	MERCADOLIBRE	$15,578,000	–	10,000	–	0.05%	–
ADP	New	AUTOMATIC DATA PROCESSING	$15,370,000	–	77,382	–	0.05%	–
CHD	New	CHURCH & DWIGHT	$12,859,000	–	150,890	–	0.04%	–
FIS	New	FIDELITY NATIONAL INFO SERVICE	$13,034,000	–	92,000	–	0.04%	–
MO	New	ALTRIA GROUP	$11,611,000	–	243,520	–	0.04%	–
SE	New	SEA ADR	$11,671,000	–	42,500	–	0.04%	–
EPAM	New	EPAM SYSTEMS	$8,686,000	–	17,000	–	0.03%	–
	New	1,500 JAZZ INVESTMENTS 15.08.2024note	$8,423,000	–	7,600,000	–	0.02%	–
	New	0,875 FORTIVE 15.02.2022note	$7,756,000	–	7,700,000	–	0.02%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$7,265,000	–	41,041	–	0.02%	–
COP	New	CONOCOPHILLIPS	$6,825,000	–	112,062	–	0.02%	–
	New	2,000 JAZZ INVESTMENTS 15.06.2026note	$6,667,000	–	5,000,000	–	0.02%	–
RACE	New	FERRARI	$5,958,000	–	28,875	–	0.02%	–
SHW	New	SHERWIN-WILLIAMS	$5,975,000	–	21,929	–	0.02%	–
FMX	New	FEMSA ADR	$5,282,000	–	62,500	–	0.02%	–
SQ	New	SQUARE - CLASS A	$5,442,000	–	22,322	–	0.02%	–
STNE	New	STONECO	$4,024,000	–	60,000	–	0.01%	–
	New	BARRICK GOLD CALLcall	$3,784,000	–	1,830	–	0.01%	–
BKNG	New	BOOKING HOLDINGS	$3,431,000	–	1,568	–	0.01%	–
	New	1,000 QIAGEN 13.11.2024note	$3,100,000	–	2,600,000	–	0.01%	–
	New	ALIBABA GROUP CALLcall	$2,948,000	–	130	–	0.01%	–
TAL	New	TAL EDUCATION ADR	$2,523,000	–	100,000	–	0.01%	–
TME	New	TENCENT MUSIC ENTERTAINMENT ADR	$2,308,000	–	150,000	–	0.01%	–
BEKE	New	KE HOLDINGS	$2,503,000	–	52,500	–	0.01%	–
BILI	New	BILIBILI ADR	$2,132,000	–	17,500	–	0.01%	–
EMR	New	EMERSON ELECTRIC	$1,169,000	–	12,144	–	0.00%	–
BRKA	New	BERKSHIRE HATHAWAY A	$837,000	–	2	–	0.00%	–
SCHW	New	SCHWAB (CHARLES)	$351,000	–	4,824	–	0.00%	–
WFC	New	WELLS FARGO	$225,000	–	4,970	–	0.00%	–
ORCL	New	ORACLE	$331,000	–	4,250	–	0.00%	–
GOOG	New	ALPHABET - CLASS C	$426,000	–	170	–	0.00%	–
JPM	New	JPMORGAN CHASE	$202,000	–	1,300	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-3,720	–	-0.00%	–
ORCL	Exit	ORACLE	$0	–	-4,250	–	-0.00%	–
BUD	Exit	ANHEUSER-BUSCH INBEV ADR	$0	–	-5,450	–	-0.00%	–
INTC	Exit	INTEL	$0	–	-3,930	–	-0.00%	–
SLB	Exit	SCHLUMBERGER	$0	–	-35,263	–	-0.00%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-2	–	-0.00%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-13,694	–	-0.00%	–
FMX	Exit	FEMSA ADR	$0	–	-37,500	–	-0.01%	–
BKNG	Exit	BOOKING HOLDINGS	$0	–	-1,375	–	-0.01%	–
STNE	Exit	STONECO	$0	–	-47,500	–	-0.01%	–
ALC	Exit	ALCON	$0	–	-50,000	–	-0.01%	–
AMGN	Exit	AMGEN	$0	–	-12,760	–	-0.02%	–
EPAM	Exit	EPAM SYSTEMS	$0	–	-13,000	–	-0.02%	–
TAL	Exit	TAL EDUCATION ADR	$0	–	-60,000	–	-0.02%	–
	Exit	0,125 AKAMAI TECHNOLOGIES 01.05.2025note	$0	–	-3,500,000	–	-0.02%	–
SE	Exit	SEA ADR	$0	–	-33,500	–	-0.02%	–
MO	Exit	ALTRIA GROUP	$0	–	-142,520	–	-0.03%	–
	Exit	2,250 VISHAY INTERTECHNOLOGY 15.06.2025note	$0	–	-6,200,000	–	-0.03%	–
FIS	Exit	FIDELITY NATIONAL INFO SERVICE	$0	–	-49,000	–	-0.04%	–
	Exit	0,875 FORTIVE 15.02.2022note	$0	–	-7,400,000	–	-0.04%	–
XOM	Exit	EXXON MOBIL	$0	–	-219,279	–	-0.04%	–
CHD	Exit	CHURCH & DWIGHT	$0	–	-85,210	–	-0.04%	–
MELI	Exit	MERCADOLIBRE	$0	–	-7,500	–	-0.04%	–
UBER	Exit	UBER TECHNOLOGIES	$0	–	-233,287	–	-0.04%	–
SQ	Exit	SQUARE - CLASS A	$0	–	-52,847	–	-0.04%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-268,400	–	-0.04%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-63,607	–	-0.04%	–
	Exit	0,250 PROOFPOINT 15.08.2024note	$0	–	-9,650,000	–	-0.05%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-142,267	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-140,000	–	-0.06%	–
	Exit	1,500 JAZZ INVESTMENTS 15.08.2024note	$0	–	-11,200,000	–	-0.06%	–
TJX	Exit	TJX COMPANIES	$0	–	-254,786	–	-0.07%	–
ROST	Exit	ROSS STORES	$0	–	-156,843	–	-0.07%	–
DIS	Exit	WALT DISNEY	$0	–	-121,057	–	-0.07%	–
MCD	Exit	MCDONALDS	$0	–	-77,597	–	-0.08%	–
WMT	Exit	WALMART	$0	–	-124,787	–	-0.08%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL	$0	–	-304,744	–	-0.08%	–
CTSH	Exit	COGNIZANT TECHNOLOGY	$0	–	-251,719	–	-0.08%	–
	Exit	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$0	–	-16,300,000	–	-0.09%	–
DG	Exit	DOLLAR GENERAL	$0	–	-101,595	–	-0.10%	–
SPOT	Exit	SPOTIFY TECHNOLOGY	$0	–	-89,362	–	-0.11%	–
UNP	Exit	UNION PACIFIC	$0	–	-143,491	–	-0.14%	–
INTU	Exit	INTUIT	$0	–	-89,050	–	-0.14%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-559,834	–	-0.16%	–
AME	Exit	AMETEK	$0	–	-365,619	–	-0.18%	–
KL	Exit	KIRKLAND LAKE GOLD	$0	–	-770,000	–	-0.18%	–
EL	Exit	ESTEE LAUDER	$0	–	-172,734	–	-0.18%	–
SYK	Exit	STRYKER	$0	–	-236,225	–	-0.24%	–
HDB	Exit	HDFC BANK ADR	$0	–	-1,102,548	–	-0.27%	–
NKE	Exit	NIKE	$0	–	-479,084	–	-0.29%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-156,933	–	-0.34%	–
VRSK	Exit	VERISK ANALYTICS	$0	–	-435,100	–	-0.39%	–
CRM	Exit	SALESFORCE.COM	$0	–	-330,316	–	-0.40%	–
HD	Exit	HOME DEPOT	$0	–	-353,530	–	-0.48%	–
BABA	Exit	ALIBABA GROUP ADR	$0	–	-354,741	–	-0.51%	–
	Exit	0,750 PALO ALTO NETWORKS 01.07.2023note	$0	–	-95,050,000	–	-0.52%	–
BLK	Exit	BLACKROCK	$0	–	-194,030	–	-0.53%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-3,454,403	–	-0.66%	–
SPGI	Exit	S&P GLOBAL	$0	–	-413,855	–	-0.73%	–
AAPL	Exit	APPLE	$0	–	-1,321,015	–	-0.75%	–
ROP	Exit	ROPER TECHNOLOGIES	$0	–	-393,253	–	-0.76%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWARE	$0	–	-953,510	–	-0.77%	–
ADBE	Exit	ADOBE	$0	–	-323,135	–	-0.77%	–
PANW	Exit	PALO ALTO NETWORKS	$0	–	-780,766	–	-0.93%	–
AEM	Exit	AGNICO EAGLE MINES	$0	–	-2,559,721	–	-0.99%	–
DHR	Exit	DANAHER	$0	–	-1,033,185	–	-1.08%	–
MDT	Exit	MEDTRONIC	$0	–	-2,262,942	–	-1.15%	–
FTV	Exit	FORTIVE	$0	–	-3,238,585	–	-1.20%	–
PEP	Exit	PEPSICO	$0	–	-1,862,330	–	-1.26%	–
PYPL	Exit	PAYPAL	$0	–	-1,454,149	–	-1.40%	–
MA	Exit	MASTERCARD	$0	–	-1,031,091	–	-1.70%	–
V	Exit	VISA - CLASS A	$0	–	-1,897,141	–	-1.85%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-1,988,547	–	-1.87%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-3,098,663	–	-2.10%	–
ATVI	Exit	ACTIVISION BLIZZARD	$0	–	-5,580,057	–	-2.20%	–
KO	Exit	COCA-COLA	$0	–	-9,243,787	–	-2.22%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-4,405,637	–	-2.34%	–
EA	Exit	ELECTRONIC ARTS	$0	–	-3,736,368	–	-2.38%	–
BDX	Exit	BECTON DICKINSON	$0	–	-2,609,441	–	-2.96%	–
CHKP	Exit	CHECK POINT SOFTWARE	$0	–	-5,297,877	–	-3.11%	–
PINS	Exit	PINTEREST	$0	–	-17,030,178	–	-3.45%	–
AMZN	Exit	AMAZON.COM	$0	–	-237,631	–	-3.65%	–
PM	Exit	PHILIP MORRIS INTERNAT.	$0	–	-10,245,572	–	-3.74%	–
MSFT	Exit	MICROSOFT	$0	–	-3,849,829	–	-3.95%	–
NEM	Exit	NEWMONT	$0	–	-13,145,708	–	-4.07%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-5,410,390	–	-5.62%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-8,225,472	–	-5.97%	–
FB	Exit	FACEBOOK	$0	–	-4,872,171	–	-6.22%	–
GOLD	Exit	BARRICK GOLD	$0	–	-46,929,006	–	-6.43%	–
MMM	Exit	3M	$0	–	-8,705,643	–	-6.80%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-1,165,150	–	-8.32%	–

Q3 2020

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET - CLASS A	$1,707,644,000	+22.6%	1,165,150	+18.6%	8.32%	+14.6%
MMM	Buy	3M	$1,394,470,000	+6.6%	8,705,643	+3.9%	6.80%	-0.3%
GOLD	Sell	BARRICK GOLD	$1,319,174,000	-7.7%	46,929,006	-11.6%	6.43%	-13.7%
FB	Sell	FACEBOOK	$1,276,022,000	+10.5%	4,872,171	-4.2%	6.22%	+3.3%
JNJ	Buy	JOHNSON & JOHNSON	$1,224,608,000	+7.7%	8,225,472	+1.8%	5.97%	+0.7%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,152,088,000	+19.7%	5,410,390	+0.4%	5.62%	+11.9%
NEM	Buy	NEWMONT	$834,095,000	+3.6%	13,145,708	+0.8%	4.07%	-3.2%
MSFT	Buy	MICROSOFT	$809,735,000	+4.6%	3,849,829	+1.2%	3.95%	-2.3%
PM	Sell	PHILIP MORRIS INTERNAT.	$768,315,000	-6.7%	10,245,572	-12.9%	3.74%	-12.8%
AMZN	Sell	AMAZON.COM	$748,236,000	+13.2%	237,631	-0.8%	3.65%	+5.8%
PINS	Sell	PINTEREST	$706,923,000	+68.9%	17,030,178	-9.8%	3.45%	+57.9%
CHKP	Buy	CHECK POINT SOFTWARE	$637,547,000	+12.4%	5,297,877	+0.3%	3.11%	+5.1%
BDX	Buy	BECTON DICKINSON	$607,165,000	+0.9%	2,609,441	+3.8%	2.96%	-5.6%
EA	Buy	ELECTRONIC ARTS	$487,260,000	+11.9%	3,736,368	+13.3%	2.38%	+4.6%
ABT	Buy	ABBOTT LABORATORIES	$479,465,000	+19.2%	4,405,637	+0.2%	2.34%	+11.4%
KO	Buy	COCA-COLA	$456,366,000	+33.5%	9,243,787	+20.8%	2.22%	+24.8%
ATVI	Buy	ACTIVISION BLIZZARD	$451,706,000	+9.6%	5,580,057	+2.8%	2.20%	+2.5%
PG	Buy	PROCTER & GAMBLE	$430,683,000	+19.7%	3,098,663	+3.0%	2.10%	+11.8%
ITW	Buy	ILLINOIS TOOL WORKS	$384,207,000	+16.3%	1,988,547	+5.3%	1.87%	+8.7%
V	Buy	VISA - CLASS A	$379,371,000	+23.6%	1,897,141	+19.4%	1.85%	+15.5%
MA	Buy	MASTERCARD	$348,684,000	+39.4%	1,031,091	+21.9%	1.70%	+30.3%
PYPL	Buy	PAYPAL	$286,511,000	+14.1%	1,454,149	+0.9%	1.40%	+6.7%
PEP	Buy	PEPSICO	$258,119,000	+364.6%	1,862,330	+343.4%	1.26%	+333.8%
FTV	Sell	FORTIVE	$246,813,000	+8.1%	3,238,585	-4.0%	1.20%	+1.0%
MDT	Buy	MEDTRONIC	$235,165,000	+15.2%	2,262,942	+1.6%	1.15%	+7.6%
DHR	Sell	DANAHER	$222,476,000	+15.8%	1,033,185	-4.9%	1.08%	+8.4%
AEM	Sell	AGNICO EAGLE MINES	$203,779,000	+13.4%	2,559,721	-8.7%	0.99%	+6.0%
PANW	Buy	PALO ALTO NETWORKS	$191,092,000	+13.9%	780,766	+6.9%	0.93%	+6.5%
ADBE	Buy	ADOBE	$158,475,000	+19.8%	323,135	+6.3%	0.77%	+12.0%
TTWO	Buy	TAKE-TWO INTERACTIVE SOFTWARE	$157,539,000	+20.1%	953,510	+1.5%	0.77%	+12.3%
ROP	Buy	ROPER TECHNOLOGIES	$155,378,000	+29.4%	393,253	+27.2%	0.76%	+20.9%
AAPL	Buy	APPLE	$152,987,000	+8.5%	1,321,015	+241.7%	0.75%	+1.5%
SPGI	Buy	S&P GLOBAL	$149,236,000	+155.8%	413,855	+133.7%	0.73%	+139.1%
CSCO	Sell	CISCO SYSTEMS	$136,069,000	-24.1%	3,454,403	-10.1%	0.66%	-29.0%
BLK	Buy	BLACKROCK	$109,346,000	+14.8%	194,030	+10.8%	0.53%	+7.2%
BABA	Sell	ALIBABA GROUP ADR	$104,287,000	-91.2%	354,741	-93.5%	0.51%	-91.8%
HD	Buy	HOME DEPOT	$98,179,000	+22315.3%	353,530	+20101.7%	0.48%	+23850.0%
CRM	Sell	SALESFORCE.COM	$83,015,000	+24.5%	330,316	-7.2%	0.40%	+16.4%
VRSK	New	VERISK ANALYTICS	$80,628,000	–	435,100	–	0.39%	–
TMO	Sell	THERMO FISHER SCIENTIFIC	$69,289,000	+13.8%	156,933	-6.6%	0.34%	+6.6%
NKE	Buy	NIKE	$60,144,000	+60.5%	479,084	+25.3%	0.29%	+50.3%
HDB	Buy	HDFC BANK ADR	$55,083,000	+11.4%	1,102,548	+1.4%	0.27%	+4.3%
SYK	Buy	STRYKER	$49,222,000	+94.1%	236,225	+67.9%	0.24%	+81.8%
EL	Buy	ESTEE LAUDER	$37,699,000	+65.0%	172,734	+42.7%	0.18%	+54.6%
KL	New	KIRKLAND LAKE GOLD	$37,522,000	–	770,000	–	0.18%	–
AME	Sell	AMETEK	$36,343,000	-10.0%	365,619	-19.0%	0.18%	-15.7%
VZ	Buy	VERIZON COMMUNICATIONS	$33,305,000	+21.0%	559,834	+12.1%	0.16%	+12.5%
INTU	Buy	INTUIT	$29,049,000	+30.3%	89,050	+18.3%	0.14%	+22.4%
UNP	Sell	UNION PACIFIC	$28,249,000	-14.8%	143,491	-26.9%	0.14%	-20.2%
SPOT	Sell	SPOTIFY TECHNOLOGY	$21,677,000	-77.3%	89,362	-75.9%	0.11%	-78.7%
DG	Sell	DOLLAR GENERAL	$21,296,000	+9.1%	101,595	-0.9%	0.10%	+2.0%
	New	0,375 AKAMAI TECHNOLOGIES 01.09.2027note	$18,860,000	–	16,300,000	–	0.09%	–
MDLZ	Sell	MONDELEZ INTERNATIONAL	$17,508,000	+6.8%	304,744	-4.9%	0.08%	0.0%
WMT	Sell	WALMART	$17,459,000	+6.0%	124,787	-9.3%	0.08%	-1.2%
CTSH	Buy	COGNIZANT TECHNOLOGY	$17,474,000	+44.5%	251,719	+18.3%	0.08%	+34.9%
MCD	Sell	MCDONALDS	$17,032,000	-47.9%	77,597	-56.2%	0.08%	-51.5%
DIS	Sell	WALT DISNEY	$15,021,000	-72.8%	121,057	-75.5%	0.07%	-74.7%
ROST	Buy	ROSS STORES	$14,637,000	+66.5%	156,843	+52.1%	0.07%	+54.3%
TJX	Sell	TJX COMPANIES	$14,179,000	-12.4%	254,786	-20.4%	0.07%	-17.9%
TSM	Sell	TAIWAN SEMICONDUCTOR ADR	$11,350,000	+40.3%	140,000	-1.8%	0.06%	+31.0%
CL	Sell	COLGATE-PALMOLIVE	$10,976,000	-11.5%	142,267	-16.0%	0.05%	-16.9%
	New	0,250 PROOFPOINT 15.08.2024note	$9,653,000	–	9,650,000	–	0.05%	–
COP	Buy	CONOCOPHILLIPS	$8,814,000	-5.6%	268,400	+20.8%	0.04%	-12.2%
ADP	Buy	AUTOMATIC DATA PROCESSING	$8,873,000	+21.3%	63,607	+29.5%	0.04%	+13.2%
SQ	Sell	SQUARE - CLASS A	$8,590,000	+30.3%	52,847	-15.9%	0.04%	+23.5%
UBER	Buy	UBER TECHNOLOGIES	$8,510,000	+33.2%	233,287	+13.5%	0.04%	+24.2%
MELI	Buy	MERCADOLIBRE	$8,119,000	+13.6%	7,500	+3.4%	0.04%	+8.1%
CHD	Buy	CHURCH & DWIGHT	$7,985,000	+28.8%	85,210	+6.2%	0.04%	+21.9%
XOM	Sell	EXXON MOBIL	$7,528,000	-28.5%	219,279	-6.9%	0.04%	-32.7%
	Buy	0,875 FORTIVE 15.02.2022note	$7,431,000	+4.8%	7,400,000	+2.8%	0.04%	-2.7%
FIS	Buy	FIDELITY NATIONAL INFO SERVICE	$7,213,000	+34.5%	49,000	+22.5%	0.04%	+25.0%
MO	Sell	ALTRIA GROUP	$5,507,000	-2.8%	142,520	-1.3%	0.03%	-10.0%
SE	Sell	SEA ADR	$5,160,000	+20.3%	33,500	-16.2%	0.02%	+13.6%
ALC	Sell	ALCON	$2,839,000	-67.6%	50,000	-67.2%	0.01%	-69.6%
BKNG	Sell	BOOKING HOLDINGS	$2,352,000	-89.2%	1,375	-89.9%	0.01%	-90.4%
EMR	Sell	EMERSON ELECTRIC	$898,000	-88.8%	13,694	-89.4%	0.00%	-90.5%
BRKA	Sell	BERKSHIRE HATHAWAY A	$640,000	-52.1%	2	-60.0%	0.00%	-57.1%
ORCL	Sell	ORACLE	$254,000	-29.1%	4,250	-34.4%	0.00%	-50.0%
BMY	Sell	BRISTOL-MYERS SQUIBB	$224,000	-28.9%	3,720	-30.6%	0.00%	-50.0%
INTC	Sell	INTEL	$203,000	-82.2%	3,930	-79.4%	0.00%	-83.3%
BUD	Buy	ANHEUSER-BUSCH INBEV ADR	$294,000	+32.4%	5,450	+21.1%	0.00%	0.0%
INFY	Exit	INFOSYS ADR	$0	–	-14,780	–	-0.00%	–
WFC	Exit	WELLS FARGO	$0	–	-112,589	–	-0.02%	–
QCOM	Exit	QUALCOMM	$0	–	-35,200	–	-0.02%	–
IBM	Exit	INTL. BUSINESS MACHINES	$0	–	-38,720	–	-0.02%	–
	Exit	0,250 WORKDAY 01.10.2022note	$0	–	-3,750,000	–	-0.03%	–
	Exit	1,625 ON SEMICONDUCTOR 15.10.2023note	$0	–	-5,000,000	–	-0.03%	–
	Exit	CHECK POINT SOFTWARE CALLcall	$0	–	-615	–	-0.03%	–
	Exit	0,250 TWITTER 15.06.2024note	$0	–	-9,600,000	–	-0.05%	–
LOW	Exit	LOWE'S COS	$0	–	-73,490	–	-0.05%	–

Q2 2020

			Value		Shares		↓ Weighting
GOLD	New	BARRICK GOLD	$1,429,614,000	–	53,066,618	–	7.46%	–
GOOGL	New	ALPHABET - CLASS A	$1,392,850,000	–	982,229	–	7.26%	–
MMM	New	3M	$1,307,633,000	–	8,382,802	–	6.82%	–
BABA	New	ALIBABA GROUP ADR	$1,182,387,000	–	5,481,627	–	6.17%	–
FB	New	FACEBOOK	$1,154,957,000	–	5,086,350	–	6.02%	–
JNJ	New	JOHNSON & JOHNSON	$1,136,626,000	–	8,082,384	–	5.93%	–
BRKB	New	BERKSHIRE HATHAWAY B	$962,250,000	–	5,390,457	–	5.02%	–
PM	New	PHILIP MORRIS INTERNAT.	$823,787,000	–	11,758,307	–	4.30%	–
NEM	New	NEWMONT	$805,414,000	–	13,045,255	–	4.20%	–
MSFT	New	MICROSOFT	$774,331,000	–	3,804,878	–	4.04%	–
AMZN	New	AMAZON.COM	$660,842,000	–	239,538	–	3.45%	–
BDX	New	BECTON DICKINSON	$601,524,000	–	2,513,995	–	3.14%	–
CHKP	New	CHECK POINT SOFTWARE	$567,275,000	–	5,280,412	–	2.96%	–
EA	New	ELECTRONIC ARTS	$435,474,000	–	3,297,797	–	2.27%	–
PINS	New	PINTEREST	$418,510,000	–	18,877,331	–	2.18%	–
ATVI	New	ACTIVISION BLIZZARD	$411,957,000	–	5,427,631	–	2.15%	–
ABT	New	ABBOTT LABORATORIES	$402,103,000	–	4,397,931	–	2.10%	–
PG	New	PROCTER & GAMBLE	$359,890,000	–	3,009,869	–	1.88%	–
KO	New	COCA-COLA	$341,925,000	–	7,652,752	–	1.78%	–
ITW	New	ILLINOIS TOOL WORKS	$330,348,000	–	1,889,325	–	1.72%	–
V	New	VISA - CLASS A	$306,930,000	–	1,588,912	–	1.60%	–
PYPL	New	PAYPAL	$251,113,000	–	1,441,274	–	1.31%	–
MA	New	MASTERCARD	$250,206,000	–	846,148	–	1.30%	–
FTV	New	FORTIVE	$228,313,000	–	3,374,420	–	1.19%	–
MDT	New	MEDTRONIC	$204,160,000	–	2,226,389	–	1.06%	–
DHR	New	DANAHER	$192,046,000	–	1,086,051	–	1.00%	–
AEM	New	AGNICO EAGLE MINES	$179,696,000	–	2,805,117	–	0.94%	–
CSCO	New	CISCO SYSTEMS	$179,161,000	–	3,841,363	–	0.93%	–
PANW	New	PALO ALTO NETWORKS	$167,715,000	–	730,243	–	0.88%	–
AAPL	New	APPLE	$141,014,000	–	386,551	–	0.74%	–
ADBE	New	ADOBE	$132,305,000	–	303,932	–	0.69%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$131,123,000	–	939,480	–	0.68%	–
ROP	New	ROPER TECHNOLOGIES	$120,068,000	–	309,247	–	0.63%	–
	New	0,750 PALO ALTO NETWORKS 01.07.2023note	$102,817,000	–	95,050,000	–	0.54%	–
SPOT	New	SPOTIFY TECHNOLOGY	$95,558,000	–	370,108	–	0.50%	–
BLK	New	BLACKROCK	$95,280,000	–	175,119	–	0.50%	–
CRM	New	SALESFORCE.COM	$66,697,000	–	356,039	–	0.35%	–
TMO	New	THERMO FISHER SCIENTIFIC	$60,884,000	–	168,031	–	0.32%	–
SPGI	New	S&P GLOBAL	$58,345,000	–	177,082	–	0.30%	–
PEP	New	PEPSICO	$55,555,000	–	420,046	–	0.29%	–
DIS	New	WALT DISNEY	$55,188,000	–	494,915	–	0.29%	–
HDB	New	HDFC BANK ADR	$49,454,000	–	1,087,858	–	0.26%	–
AME	New	AMETEK	$40,360,000	–	451,609	–	0.21%	–
NKE	New	NIKE	$37,481,000	–	382,268	–	0.20%	–
UNP	New	UNION PACIFIC	$33,172,000	–	196,200	–	0.17%	–
MCD	New	MCDONALDS	$32,700,000	–	177,262	–	0.17%	–
VZ	New	VERIZON COMMUNICATIONS	$27,531,000	–	499,386	–	0.14%	–
SYK	New	STRYKER	$25,355,000	–	140,715	–	0.13%	–
EL	New	ESTEE LAUDER	$22,844,000	–	121,074	–	0.12%	–
INTU	New	INTUIT	$22,288,000	–	75,250	–	0.12%	–
BKNG	New	BOOKING HOLDINGS	$21,780,000	–	13,678	–	0.11%	–
DG	New	DOLLAR GENERAL	$19,524,000	–	102,485	–	0.10%	–
WMT	New	WALMART	$16,471,000	–	137,508	–	0.09%	–
MDLZ	New	MONDELEZ INTERNATIONAL	$16,391,000	–	320,569	–	0.08%	–
TJX	New	TJX COMPANIES	$16,192,000	–	320,246	–	0.08%	–
CL	New	COLGATE-PALMOLIVE	$12,408,000	–	169,367	–	0.06%	–
CTSH	New	COGNIZANT TECHNOLOGY	$12,091,000	–	212,800	–	0.06%	–
XOM	New	EXXON MOBIL	$10,531,000	–	235,489	–	0.06%	–
	New	1,500 JAZZ INVESTMENTS 15.08.2024note	$10,393,000	–	11,200,000	–	0.05%	–
LOW	New	LOWE'S COS	$9,930,000	–	73,490	–	0.05%	–
COP	New	CONOCOPHILLIPS	$9,333,000	–	222,100	–	0.05%	–
	New	0,250 TWITTER 15.06.2024note	$9,055,000	–	9,600,000	–	0.05%	–
ALC	New	ALCON	$8,751,000	–	152,500	–	0.05%	–
ROST	New	ROSS STORES	$8,792,000	–	103,143	–	0.05%	–
EMR	New	EMERSON ELECTRIC	$7,983,000	–	128,694	–	0.04%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$8,090,000	–	142,500	–	0.04%	–
ADP	New	AUTOMATIC DATA PROCESSING	$7,312,000	–	49,107	–	0.04%	–
	New	0,875 FORTIVE 15.02.2022note	$7,090,000	–	7,200,000	–	0.04%	–
MELI	New	MERCADOLIBRE	$7,147,000	–	7,250	–	0.04%	–
SQ	New	SQUARE - CLASS A	$6,595,000	–	62,842	–	0.03%	–
	New	CHECK POINT SOFTWARE CALLcall	$6,607,000	–	615	–	0.03%	–
UBER	New	UBER TECHNOLOGIES	$6,388,000	–	205,527	–	0.03%	–
CHD	New	CHURCH & DWIGHT	$6,200,000	–	80,210	–	0.03%	–
	New	1,625 ON SEMICONDUCTOR 15.10.2023note	$6,105,000	–	5,000,000	–	0.03%	–
MO	New	ALTRIA GROUP	$5,665,000	–	144,330	–	0.03%	–
	New	2,250 VISHAY INTERTECHNOLOGY 15.06.2025note	$5,820,000	–	6,200,000	–	0.03%	–
FIS	New	FIDELITY NATIONAL INFO SERVICE	$5,364,000	–	40,000	–	0.03%	–
	New	0,250 WORKDAY 01.10.2022note	$5,178,000	–	3,750,000	–	0.03%	–
IBM	New	INTL. BUSINESS MACHINES	$4,676,000	–	38,720	–	0.02%	–
	New	0,125 AKAMAI TECHNOLOGIES 01.05.2025note	$4,368,000	–	3,500,000	–	0.02%	–
SE	New	SEA ADR	$4,290,000	–	40,000	–	0.02%	–
TAL	New	TAL EDUCATION ADR	$4,103,000	–	60,000	–	0.02%	–
QCOM	New	QUALCOMM	$3,211,000	–	35,200	–	0.02%	–
EPAM	New	EPAM SYSTEMS	$3,276,000	–	13,000	–	0.02%	–
AMGN	New	AMGEN	$3,010,000	–	12,760	–	0.02%	–
WFC	New	WELLS FARGO	$2,882,000	–	112,589	–	0.02%	–
FMX	New	FEMSA ADR	$2,325,000	–	37,500	–	0.01%	–
STNE	New	STONECO	$1,841,000	–	47,500	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$1,337,000	–	5	–	0.01%	–
INTC	New	INTEL	$1,143,000	–	19,112	–	0.01%	–
SLB	New	SCHLUMBERGER	$648,000	–	35,263	–	0.00%	–
ORCL	New	ORACLE	$358,000	–	6,481	–	0.00%	–
BMY	New	BRISTOL-MYERS SQUIBB	$315,000	–	5,360	–	0.00%	–
HD	New	HOME DEPOT	$438,000	–	1,750	–	0.00%	–
BUD	New	ANHEUSER-BUSCH INBEV ADR	$222,000	–	4,500	–	0.00%	–
INFY	New	INFOSYS ADR	$143,000	–	14,780	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
INFY	Exit	INFOSYS ADR	$0	–	-14,780	–	-0.00%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,500	–	-0.00%	–
DISCA	Exit	DISCOVERY COMMUNICATIONS-A	$0	–	-8,110	–	-0.00%	–
INTC	Exit	INTEL	$0	–	-5,810	–	-0.00%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL	$0	–	-4,000	–	-0.00%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-5,360	–	-0.00%	–
	Exit	1,250 NUANCE COMMUNICATIONS 01.04.2025note	$0	–	-460,000	–	-0.00%	–
EBAY	Exit	EBAY	$0	–	-17,290	–	-0.01%	–
ITUB	Exit	ITAU UNIBANCO ADR	$0	–	-110,000	–	-0.01%	–
HTHT	Exit	HUAZHU GROUP ADR	$0	–	-30,000	–	-0.01%	–
STNE	Exit	STONECO	$0	–	-30,000	–	-0.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-8,600	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-5	–	-0.01%	–
FIS	Exit	FIDELITY NATIONAL INFO SERVICE	$0	–	-12,000	–	-0.01%	–
BAP	Exit	CREDICORP	$0	–	-7,750	–	-0.01%	–
MELI	Exit	MERCADOLIBRE	$0	–	-3,250	–	-0.01%	–
CHD	Exit	CHURCH & DWIGHT	$0	–	-24,500	–	-0.02%	–
DDS	Exit	DILLARDS	$0	–	-35,000	–	-0.02%	–
	Exit	0,350 BOOKING HOLDINGS 15.06.2020note	$0	–	-1,800,000	–	-0.02%	–
FMX	Exit	FEMSA ADR	$0	–	-29,000	–	-0.02%	–
EL	Exit	ESTEE LAUDER	$0	–	-21,500	–	-0.03%	–
	Exit	NEWMONT GOLDCORP CALLcall	$0	–	-1,150	–	-0.04%	–
MO	Exit	ALTRIA GROUP	$0	–	-118,980	–	-0.04%	–
ORCL	Exit	ORACLE	$0	–	-90,745	–	-0.04%	–
EXPE	Exit	EXPEDIA GROUP	$0	–	-38,498	–	-0.04%	–
	Exit	0,125 AKAMAI TECHNOLOGIES 01.05.2025note	$0	–	-4,700,000	–	-0.04%	–
WFC	Exit	WELLS FARGO	$0	–	-108,020	–	-0.04%	–
NFLX	Exit	NETFLIX	$0	–	-22,875	–	-0.05%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-114,000	–	-0.05%	–
SPGI	Exit	S&P GLOBAL	$0	–	-26,773	–	-0.05%	–
LOW	Exit	LOWE'S COS	$0	–	-59,234	–	-0.05%	–
DIS	Exit	WALT DISNEY	$0	–	-51,000	–	-0.05%	–
	Exit	1,500 JAZZ INVESTMENTS 15.08.2024note	$0	–	-7,000,000	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-155,000	–	-0.06%	–
	Exit	1,000 NUANCE COMMUNICATIONS 15.12.2035note	$0	–	-7,550,000	–	-0.06%	–
	Exit	1,625 ON SEMICONDUCTOR 15.10.2023note	$0	–	-6,100,000	–	-0.06%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-113,386	–	-0.07%	–
	Exit	2,250 VISHAY INTERTECHNOLOGY 15.06.2025note	$0	–	-8,900,000	–	-0.07%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-126,500	–	-0.07%	–
ALC	Exit	ALCON	$0	–	-152,500	–	-0.07%	–
	Exit	1,500 WESTERN DIGITAL 01.02.2024note	$0	–	-9,200,000	–	-0.07%	–
MRO	Exit	MARATHON OIL	$0	–	-753,300	–	-0.07%	–
AMGN	Exit	AMGEN	$0	–	-49,090	–	-0.08%	–
ROST	Exit	ROSS STORES	$0	–	-87,490	–	-0.08%	–
KHC	Exit	KRAFT HEINZ	$0	–	-356,005	–	-0.08%	–
TPR	Exit	TAPESTRY	$0	–	-384,975	–	-0.08%	–
SLB	Exit	SCHLUMBERGER	$0	–	-328,940	–	-0.09%	–
QCOM	Exit	QUALCOMM	$0	–	-147,500	–	-0.09%	–
WMT	Exit	WALMART	$0	–	-106,162	–	-0.10%	–
XOM	Exit	EXXON MOBIL	$0	–	-210,875	–	-0.12%	–
MCD	Exit	MCDONALDS	$0	–	-74,463	–	-0.13%	–
ROP	Exit	ROPER TECHNOLOGIES	$0	–	-47,600	–	-0.14%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-66,408	–	-0.15%	–
AME	Exit	AMETEK	$0	–	-210,200	–	-0.15%	–
NKE	Exit	NIKE	$0	–	-227,526	–	-0.17%	–
UBS	Exit	UBS GROUP	$0	–	-1,900,000	–	-0.17%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-183,120	–	-0.18%	–
SYK	Exit	STRYKER	$0	–	-116,939	–	-0.20%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-578,939	–	-0.20%	–
UNP	Exit	UNION PACIFIC	$0	–	-185,775	–	-0.24%	–
UBER	Exit	UBER TECHNOLOGIES	$0	–	-1,000,000	–	-0.24%	–
KO	Exit	COCA-COLA	$0	–	-613,634	–	-0.27%	–
PEP	Exit	PEPSICO	$0	–	-262,330	–	-0.29%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-724,354	–	-0.35%	–
	Exit	1,000 CTRIP.COM 01.07.2020note	$0	–	-49,000,000	–	-0.38%	–
SPOT	Exit	SPOTIFY TECHNOLOGY	$0	–	-458,720	–	-0.42%	–
HDB	Exit	HDFC BANK ADR	$0	–	-1,020,708	–	-0.46%	–
AEM	Exit	AGNICO EAGLE MINES	$0	–	-1,248,100	–	-0.53%	–
CRM	Exit	SALESFORCE.COM	$0	–	-473,420	–	-0.56%	–
ADBE	Exit	ADOBE	$0	–	-262,147	–	-0.58%	–
EA	Exit	ELECTRONIC ARTS	$0	–	-746,784	–	-0.58%	–
MA	Exit	MASTERCARD	$0	–	-276,419	–	-0.60%	–
IBM	Exit	INTL. BUSINESS MACHINES	$0	–	-518,369	–	-0.60%	–
TJX	Exit	TJX COMPANIES	$0	–	-1,411,981	–	-0.63%	–
PANW	Exit	PALO ALTO NETWORKS	$0	–	-403,906	–	-0.66%	–
	Exit	0,750 PALO ALTO NETWORKS 01.07.2023note	$0	–	-95,050,000	–	-0.80%	–
BDX	Exit	BECTON DICKINSON	$0	–	-402,685	–	-0.81%	–
V	Exit	VISA - CLASS A	$0	–	-596,917	–	-0.82%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-2,283,685	–	-1.10%	–
FTV	Exit	FORTIVE	$0	–	-2,134,560	–	-1.17%	–
AMZN	Exit	AMAZON.COM	$0	–	-86,286	–	-1.19%	–
ATVI	Exit	ACTIVISION BLIZZARD	$0	–	-2,867,698	–	-1.21%	–
PYPL	Exit	PAYPAL	$0	–	-1,680,750	–	-1.39%	–
MDT	Exit	MEDTRONIC	$0	–	-1,667,899	–	-1.44%	–
CHKP	Exit	CHECK POINT SOFTWARE	$0	–	-1,747,845	–	-1.52%	–
DHR	Exit	DANAHER	$0	–	-1,341,241	–	-1.54%	–
MSFT	Exit	MICROSOFT	$0	–	-1,785,878	–	-1.98%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-3,170,951	–	-2.11%	–
BKNG	Exit	BOOKING HOLDINGS	$0	–	-152,468	–	-2.38%	–
BLK	Exit	BLACKROCK	$0	–	-673,044	–	-2.39%	–
AAPL	Exit	APPLE	$0	–	-1,886,179	–	-3.36%	–
BABA	Exit	ALIBABA GROUP ADR	$0	–	-2,571,171	–	-3.42%	–
NEM	Exit	NEWMONT GOLDCORP	$0	–	-15,526,170	–	-4.69%	–
FB	Exit	FACEBOOK	$0	–	-4,202,929	–	-5.96%	–
GOLD	Exit	BARRICK GOLD	$0	–	-46,162,137	–	-6.37%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,374,338	–	-6.57%	–
MMM	Exit	3M	$0	–	-5,038,691	–	-6.60%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-818,261	–	-7.96%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-6,720,922	–	-11.14%	–
PM	Exit	PHILIP MORRIS INTERNAT.	$0	–	-18,416,880	–	-11.14%	–

Q3 2019

			Value		Shares		↓ Weighting
PM	Buy	PHILIP MORRIS INTERNAT.	$1,398,394,000	+6.4%	18,416,880	+10.0%	11.14%	-1.1%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,398,086,000	+5.8%	6,720,922	+8.4%	11.14%	-1.7%
GOOGL	Sell	ALPHABET - CLASS A	$999,211,000	+10.4%	818,261	-2.1%	7.96%	+2.6%
MMM	Buy	3M	$828,361,000	+25.5%	5,038,691	+32.3%	6.60%	+16.6%
JNJ	Buy	JOHNSON & JOHNSON	$824,712,000	+5.6%	6,374,338	+13.6%	6.57%	-1.9%
GOLD	Sell	BARRICK GOLD	$799,989,000	+0.4%	46,162,137	-8.6%	6.37%	-6.7%
FB	Buy	FACEBOOK	$748,458,000	+11.6%	4,202,929	+21.0%	5.96%	+3.7%
NEM	Sell	NEWMONT GOLDCORP	$588,752,000	-2.3%	15,526,170	-0.9%	4.69%	-9.2%
BABA	Buy	ALIBABA GROUP ADR	$429,977,000	-1.1%	2,571,171	+0.2%	3.42%	-8.2%
AAPL	Buy	APPLE	$422,448,000	+14.2%	1,886,179	+1.0%	3.36%	+6.2%
BLK	Sell	BLACKROCK	$299,935,000	-11.5%	673,044	-6.8%	2.39%	-17.7%
BKNG	Sell	BOOKING HOLDINGS	$299,235,000	-40.9%	152,468	-43.6%	2.38%	-45.1%
ABT	Buy	ABBOTT LABORATORIES	$265,313,000	+0.3%	3,170,951	+0.8%	2.11%	-6.8%
MSFT	Buy	MICROSOFT	$248,291,000	+13.0%	1,785,878	+8.9%	1.98%	+5.0%
DHR	Buy	DANAHER	$193,715,000	+6.5%	1,341,241	+5.4%	1.54%	-1.0%
CHKP	Buy	CHECK POINT SOFTWARE	$191,389,000	-2.3%	1,747,845	+3.1%	1.52%	-9.3%
MDT	Sell	MEDTRONIC	$181,167,000	+10.1%	1,667,899	-1.3%	1.44%	+2.3%
PYPL	Buy	PAYPAL	$174,109,000	+254.2%	1,680,750	+291.3%	1.39%	+229.5%
ATVI	Buy	ACTIVISION BLIZZARD	$151,759,000	+13.4%	2,867,698	+1.2%	1.21%	+5.4%
AMZN	Buy	AMAZON.COM	$149,785,000	+51.0%	86,286	+64.8%	1.19%	+40.4%
FTV	Buy	FORTIVE	$146,345,000	+605.4%	2,134,560	+738.7%	1.17%	+555.1%
CTSH	Sell	COGNIZANT TECH SOLUTIONS	$137,626,000	-6.4%	2,283,685	-1.6%	1.10%	-13.1%
V	Buy	VISA - CLASS A	$102,676,000	+5.1%	596,917	+6.0%	0.82%	-2.3%
BDX	Buy	BECTON DICKINSON	$101,863,000	+18.0%	402,685	+17.6%	0.81%	+9.6%
	New	0,750 PALO ALTO NETWORKS 01.07.2023note	$100,427,000	–	95,050,000	–	0.80%	–
PANW	Sell	PALO ALTO NETWORKS	$82,328,000	-19.3%	403,906	-19.4%	0.66%	-25.0%
TJX	Buy	TJX COMPANIES	$78,704,000	+12.4%	1,411,981	+6.6%	0.63%	+4.5%
IBM	Buy	INTL. BUSINESS MACHINES	$75,381,000	+17.3%	518,369	+11.3%	0.60%	+8.9%
MA	Buy	MASTERCARD	$75,067,000	+6.3%	276,419	+3.5%	0.60%	-1.2%
EA	Buy	ELECTRONIC ARTS	$73,050,000	-3.1%	746,784	+0.3%	0.58%	-9.9%
ADBE	Buy	ADOBE	$72,418,000	+125.8%	262,147	+140.8%	0.58%	+109.8%
CRM	Buy	SALESFORCE.COM	$70,274,000	+370.3%	473,420	+380.8%	0.56%	+337.5%
AEM	Sell	AGNICO EAGLE MINES	$66,911,000	-23.0%	1,248,100	-26.4%	0.53%	-28.4%
HDB	Buy	HDFC BANK ADR	$58,231,000	-6.4%	1,020,708	+113.3%	0.46%	-12.9%
SPOT	Buy	SPOTIFY TECHNOLOGY	$52,294,000	-9.6%	458,720	+15.9%	0.42%	-16.1%
	New	1,000 CTRIP.COM 01.07.2020note	$48,049,000	–	49,000,000	–	0.38%	–
VZ	Buy	VERIZON COMMUNICATIONS	$43,722,000	+16.2%	724,354	+10.0%	0.35%	+8.1%
PEP	Buy	PEPSICO	$35,965,000	+6.9%	262,330	+2.3%	0.29%	-0.7%
KO	Buy	COCA-COLA	$33,406,000	+12.1%	613,634	+4.9%	0.27%	+4.3%
UBER	New	UBER TECHNOLOGIES	$30,470,000	–	1,000,000	–	0.24%	–
UNP	Buy	UNION PACIFIC	$30,092,000	+1.0%	185,775	+5.5%	0.24%	-5.9%
OXY	Sell	OCCIDENTAL PETROLEUM	$25,745,000	-11.9%	578,939	-0.3%	0.20%	-18.0%
SYK	Buy	STRYKER	$25,294,000	+6.6%	116,939	+1.3%	0.20%	-1.0%
PG	Sell	PROCTER & GAMBLE	$22,776,000	-13.1%	183,120	-23.4%	0.18%	-19.6%
UBS	Sell	UBS GROUP	$21,574,000	-6.6%	1,900,000	-2.6%	0.17%	-13.1%
NKE	Buy	NIKE	$21,369,000	+18.6%	227,526	+6.0%	0.17%	+10.4%
TMO	Buy	THERMO FISHER SCIENTIFIC	$19,343,000	+202.3%	66,408	+204.8%	0.15%	+180.0%
ROP	Buy	ROPER TECHNOLOGIES	$16,974,000	+22.0%	47,600	+25.3%	0.14%	+13.4%
MCD	Buy	MCDONALDS	$15,988,000	+4.1%	74,463	+0.6%	0.13%	-3.8%
XOM	Sell	EXXON MOBIL	$14,890,000	-13.3%	210,875	-5.9%	0.12%	-19.0%
WMT	Sell	WALMART	$12,599,000	-1.3%	106,162	-8.1%	0.10%	-8.3%
SLB	Sell	SCHLUMBERGER	$11,240,000	-46.4%	328,940	-37.6%	0.09%	-50.0%
TPR	Buy	TAPESTRY	$10,029,000	+5.6%	384,975	+28.6%	0.08%	-1.2%
KHC	Buy	KRAFT HEINZ	$9,945,000	+27.2%	356,005	+41.4%	0.08%	+17.9%
ROST	Buy	ROSS STORES	$9,611,000	+24.6%	87,490	+12.4%	0.08%	+16.7%
AMGN	Buy	AMGEN	$9,499,000	+6.1%	49,090	+1.0%	0.08%	-1.3%
	New	1,500 WESTERN DIGITAL 01.02.2024note	$8,919,000	–	9,200,000	–	0.07%	–
	New	2,250 VISHAY INTERTECHNOLOGY 15.06.2025note	$8,382,000	–	8,900,000	–	0.07%	–
CL	Sell	COLGATE-PALMOLIVE	$8,335,000	-43.2%	113,386	-44.6%	0.07%	-47.6%
	Buy	1,625 ON SEMICONDUCTOR 15.10.2023note	$7,382,000	+54.2%	6,100,000	+56.4%	0.06%	+43.9%
TSM	Buy	TAIWAN SEMICONDUCTOR ADR	$7,204,000	+21.0%	155,000	+2.0%	0.06%	+11.8%
	Sell	1,500 JAZZ INVESTMENTS 15.08.2024note	$6,759,000	-17.0%	7,000,000	-14.6%	0.05%	-22.9%
COP	Sell	CONOCOPHILLIPS	$6,496,000	-27.6%	114,000	-22.4%	0.05%	-32.5%
LOW	Buy	LOWE'S COS	$6,513,000	+14.0%	59,234	+4.7%	0.05%	+6.1%
SPGI	Buy	S&P GLOBAL	$6,559,000	+14.4%	26,773	+6.4%	0.05%	+6.1%
NFLX	New	NETFLIX	$6,122,000	–	22,875	–	0.05%	–
	Buy	0,125 AKAMAI TECHNOLOGIES 01.05.2025note	$5,397,000	+9.4%	4,700,000	+2.2%	0.04%	+2.4%
WFC	Buy	WELLS FARGO	$5,449,000	+7.2%	108,020	+0.5%	0.04%	-2.3%
ORCL	Buy	ORACLE	$4,994,000	-1.9%	90,745	+1.5%	0.04%	-9.1%
MO	Buy	ALTRIA GROUP	$4,866,000	-4.8%	118,980	+10.2%	0.04%	-11.4%
	Sell	NEWMONT GOLDCORP CALLcall	$4,361,000	-5.5%	1,150	-4.2%	0.04%	-12.5%
EL	Sell	ESTEE LAUDER	$4,277,000	+2.4%	21,500	-5.7%	0.03%	-5.6%
	Sell	0,350 BOOKING HOLDINGS 15.06.2020note	$2,695,000	-62.5%	1,800,000	-64.0%	0.02%	-66.1%
DDS	Sell	DILLARDS	$2,314,000	-2.2%	35,000	-7.9%	0.02%	-10.0%
CHD	Buy	CHURCH & DWIGHT	$1,843,000	+86.9%	24,500	+81.5%	0.02%	+87.5%
MELI	Buy	MERCADOLIBRE	$1,791,000	-2.4%	3,250	+8.3%	0.01%	-12.5%
BAP	Buy	CREDICORP	$1,615,000	-2.7%	7,750	+6.9%	0.01%	-7.1%
FIS	New	FIDELITY NATIONAL INFO SERVICE	$1,593,000	–	12,000	–	0.01%	–
ADP	Buy	AUTOMATIC DATA PROCESSING	$1,388,000	+133.3%	8,600	+138.9%	0.01%	+120.0%
HTHT	Buy	HUAZHU GROUP ADR	$991,000	+173.0%	30,000	+200.0%	0.01%	+166.7%
STNE	Sell	STONECO	$1,043,000	+0.8%	30,000	-14.3%	0.01%	-11.1%
ITUB	Buy	ITAU UNIBANCO ADR	$925,000	+22.7%	110,000	+37.5%	0.01%	+16.7%
	Buy	1,250 NUANCE COMMUNICATIONS 01.04.2025note	$459,000	+78.6%	460,000	+76.9%	0.00%	+100.0%
BMY	New	BRISTOL-MYERS SQUIBB	$272,000	–	5,360	–	0.00%	–
UTX	New	UNITED TECHNOLOGIES	$205,000	–	1,500	–	0.00%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-3,730	–	-0.00%	–
NTES	Exit	NETEASE ADR	$0	–	-3,000	–	-0.01%	–
UGP	Exit	ULTRAPAR ADR	$0	–	-170,000	–	-0.01%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-102,850	–	-0.02%	–
	Exit	BARRICK GOLD CALLcall	$0	–	-1,500	–	-0.02%	–
	Exit	2,250 LIBERTY MEDIA 30.09.2046note	$0	–	-18,600,000	–	-0.04%	–
	Exit	1,375 LIBERTY MEDIA 15.10.2023note	$0	–	-5,000,000	–	-0.05%	–
	Exit	0,900 BOOKING HOLDINGS 15.09.2021note	$0	–	-5,000,000	–	-0.05%	–
WP	Exit	WORLDPAY	$0	–	-265,675	–	-0.28%	–
RHT	Exit	RED HAT	$0	–	-305,500	–	-0.49%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$1,321,230,000	–	6,198,011	–	11.32%	–
PM	New	PHILIP MORRIS INTERNAT.	$1,314,370,000	–	16,737,168	–	11.26%	–
GOOGL	New	ALPHABET - CLASS A	$905,058,000	–	835,850	–	7.76%	–
GOLD	New	BARRICK GOLD	$796,678,000	–	50,518,434	–	6.83%	–
JNJ	New	JOHNSON & JOHNSON	$781,265,000	–	5,609,313	–	6.70%	–
FB	New	FACEBOOK	$670,620,000	–	3,474,713	–	5.75%	–
MMM	New	3M	$660,260,000	–	3,809,045	–	5.66%	–
NEM	New	NEWMONT GOLDCORP	$602,508,000	–	15,661,762	–	5.16%	–
BKNG	New	BOOKING HOLDINGS	$506,370,000	–	270,106	–	4.34%	–
BABA	New	ALIBABA GROUP ADR	$434,922,000	–	2,566,669	–	3.73%	–
AAPL	New	APPLE	$369,783,000	–	1,868,348	–	3.17%	–
BLK	New	BLACKROCK	$338,782,000	–	721,888	–	2.90%	–
ABT	New	ABBOTT LABORATORIES	$264,537,000	–	3,145,505	–	2.27%	–
MSFT	New	MICROSOFT	$219,698,000	–	1,640,028	–	1.88%	–
CHKP	New	CHECK POINT SOFTWARE	$195,981,000	–	1,695,190	–	1.68%	–
DHR	New	DANAHER	$181,860,000	–	1,272,461	–	1.56%	–
MDT	New	MEDTRONIC	$164,584,000	–	1,689,950	–	1.41%	–
CTSH	New	COGNIZANT TECH SOLUTIONS	$147,090,000	–	2,320,395	–	1.26%	–
ATVI	New	ACTIVISION BLIZZARD	$133,770,000	–	2,834,113	–	1.15%	–
PANW	New	PALO ALTO NETWORKS	$102,053,000	–	500,849	–	0.88%	–
AMZN	New	AMAZON.COM	$99,171,000	–	52,371	–	0.85%	–
V	New	VISA - CLASS A	$97,691,000	–	562,897	–	0.84%	–
AEM	New	AGNICO EAGLE MINES	$86,862,000	–	1,695,200	–	0.74%	–
BDX	New	BECTON DICKINSON	$86,296,000	–	342,430	–	0.74%	–
EA	New	ELECTRONIC ARTS	$75,403,000	–	744,647	–	0.65%	–
MA	New	MASTERCARD	$70,634,000	–	267,017	–	0.60%	–
TJX	New	TJX COMPANIES	$70,020,000	–	1,324,133	–	0.60%	–
IBM	New	INTL. BUSINESS MACHINES	$64,241,000	–	465,849	–	0.55%	–
HDB	New	HDFC BANK ADR	$62,225,000	–	478,504	–	0.53%	–
SPOT	New	SPOTIFY TECHNOLOGY	$57,861,000	–	395,711	–	0.50%	–
RHT	New	RED HAT	$57,361,000	–	305,500	–	0.49%	–
PYPL	New	PAYPAL	$49,160,000	–	429,498	–	0.42%	–
VZ	New	VERIZON COMMUNICATIONS	$37,621,000	–	658,509	–	0.32%	–
PEP	New	PEPSICO	$33,628,000	–	256,445	–	0.29%	–
WP	New	WORLDPAY	$32,558,000	–	265,675	–	0.28%	–
ADBE	New	ADOBE	$32,078,000	–	108,867	–	0.28%	–
UNP	New	UNION PACIFIC	$29,789,000	–	176,150	–	0.26%	–
KO	New	COCA-COLA	$29,787,000	–	584,984	–	0.26%	–
OXY	New	OCCIDENTAL PETROLEUM	$29,210,000	–	580,939	–	0.25%	–
PG	New	PROCTER & GAMBLE	$26,204,000	–	238,980	–	0.22%	–
SYK	New	STRYKER	$23,727,000	–	115,413	–	0.20%	–
UBS	New	UBS GROUP	$23,108,000	–	1,950,330	–	0.20%	–
SLB	New	SCHLUMBERGER	$20,961,000	–	527,460	–	0.18%	–
FTV	New	FORTIVE	$20,747,000	–	254,500	–	0.18%	–
AME	New	AMETEK	$19,095,000	–	210,200	–	0.16%	–
NKE	New	NIKE	$18,019,000	–	214,641	–	0.15%	–
XOM	New	EXXON MOBIL	$17,177,000	–	224,160	–	0.15%	–
MCD	New	MCDONALDS	$15,365,000	–	73,993	–	0.13%	–
CRM	New	SALESFORCE.COM	$14,942,000	–	98,475	–	0.13%	–
CL	New	COLGATE-PALMOLIVE	$14,670,000	–	204,691	–	0.13%	–
ROP	New	ROPER TECHNOLOGIES	$13,918,000	–	38,000	–	0.12%	–
WMT	New	WALMART	$12,762,000	–	115,500	–	0.11%	–
QCOM	New	QUALCOMM	$11,220,000	–	147,500	–	0.10%	–
MRO	New	MARATHON OIL	$10,704,000	–	753,300	–	0.09%	–
TPR	New	TAPESTRY	$9,496,000	–	299,275	–	0.08%	–
ALC	New	ALCON	$9,390,000	–	152,500	–	0.08%	–
COP	New	CONOCOPHILLIPS	$8,967,000	–	147,000	–	0.08%	–
AMGN	New	AMGEN	$8,954,000	–	48,590	–	0.08%	–
EMR	New	EMERSON ELECTRIC	$8,440,000	–	126,500	–	0.07%	–
	New	1,500 JAZZ INVESTMENTS 15.08.2024note	$8,145,000	–	8,200,000	–	0.07%	–
KHC	New	KRAFT HEINZ	$7,818,000	–	251,855	–	0.07%	–
ROST	New	ROSS STORES	$7,716,000	–	77,845	–	0.07%	–
	New	0,350 BOOKING HOLDINGS 15.06.2020note	$7,194,000	–	5,000,000	–	0.06%	–
	New	1,000 NUANCE COMMUNICATIONS 15.12.2035note	$7,116,000	–	7,550,000	–	0.06%	–
DIS	New	WALT DISNEY	$7,122,000	–	51,000	–	0.06%	–
TMO	New	THERMO FISHER SCIENTIFIC	$6,399,000	–	21,788	–	0.06%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$5,954,000	–	152,000	–	0.05%	–
LOW	New	LOWE'S COS	$5,712,000	–	56,600	–	0.05%	–
	New	0,900 BOOKING HOLDINGS 15.09.2021note	$5,732,000	–	5,000,000	–	0.05%	–
SPGI	New	S&P GLOBAL	$5,733,000	–	25,169	–	0.05%	–
	New	1,375 LIBERTY MEDIA 15.10.2023note	$5,611,000	–	5,000,000	–	0.05%	–
MO	New	ALTRIA GROUP	$5,113,000	–	107,980	–	0.04%	–
EXPE	New	EXPEDIA GROUP	$5,121,000	–	38,498	–	0.04%	–
ORCL	New	ORACLE	$5,093,000	–	89,390	–	0.04%	–
WFC	New	WELLS FARGO	$5,085,000	–	107,470	–	0.04%	–
	New	2,250 LIBERTY MEDIA 30.09.2046note	$5,042,000	–	18,600,000	–	0.04%	–
	New	0,125 AKAMAI TECHNOLOGIES 01.05.2025note	$4,935,000	–	4,600,000	–	0.04%	–
	New	1,625 ON SEMICONDUCTOR 15.10.2023note	$4,787,000	–	3,900,000	–	0.04%	–
	New	NEWMONT GOLDCORP CALLcall	$4,616,000	–	1,200	–	0.04%	–
EL	New	ESTEE LAUDER	$4,175,000	–	22,800	–	0.04%	–
FMX	New	FEMSA ADR	$2,806,000	–	29,000	–	0.02%	–
	New	BARRICK GOLD CALLcall	$2,366,000	–	1,500	–	0.02%	–
DDS	New	DILLARDS	$2,367,000	–	38,000	–	0.02%	–
NOV	New	NATIONAL OILWELL VARCO	$2,286,000	–	102,850	–	0.02%	–
MELI	New	MERCADOLIBRE	$1,835,000	–	3,000	–	0.02%	–
BRKA	New	BERKSHIRE HATHAWAY A	$1,592,000	–	5	–	0.01%	–
BAP	New	CREDICORP	$1,660,000	–	7,250	–	0.01%	–
STNE	New	STONECO	$1,035,000	–	35,000	–	0.01%	–
CHD	New	CHURCH & DWIGHT	$986,000	–	13,500	–	0.01%	–
UGP	New	ULTRAPAR ADR	$891,000	–	170,000	–	0.01%	–
NTES	New	NETEASE ADR	$767,000	–	3,000	–	0.01%	–
EBAY	New	EBAY	$683,000	–	17,290	–	0.01%	–
ITUB	New	ITAU UNIBANCO ADR	$754,000	–	80,000	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING	$595,000	–	3,600	–	0.01%	–
HTHT	New	HUAZHU GROUP ADR	$363,000	–	10,000	–	0.00%	–
CSCO	New	CISCO SYSTEMS	$204,000	–	3,730	–	0.00%	–
MDLZ	New	MONDELEZ INTERNATIONAL	$216,000	–	4,000	–	0.00%	–
DISCA	New	DISCOVERY COMMUNICATIONS-A	$249,000	–	8,110	–	0.00%	–
	New	1,250 NUANCE COMMUNICATIONS 01.04.2025note	$257,000	–	260,000	–	0.00%	–
INTC	New	INTEL	$278,000	–	5,810	–	0.00%	–
INFY	New	INFOSYS ADR	$158,000	–	14,780	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
INFY	Exit	INFOSYS ADR	$0	–	-14,780	–	-0.00%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-13,655	–	-0.00%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-5,510	–	-0.00%	–
BUD	Exit	ANHEUSER-BUSCH INBEV ADR	$0	–	-3,000	–	-0.00%	–
AGN	Exit	ALLERGAN	$0	–	-1,170	–	-0.00%	–
	Exit	1,990 CTRIP.COM 01.07.2025note	$0	–	-200,000	–	-0.00%	–
DISCA	Exit	DISCOVERY COMMUNICATIONS-A	$0	–	-8,110	–	-0.00%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-1,610	–	-0.00%	–
GIS	Exit	GENERAL MILLS	$0	–	-10,502	–	-0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-3,600	–	-0.01%	–
SPGI	Exit	S&P GLOBAL	$0	–	-3,500	–	-0.01%	–
NTES	Exit	NETEASE ADR	$0	–	-2,800	–	-0.01%	–
	Exit	0,250 TEVA PHARMA 01.02.2026note	$0	–	-700,000	–	-0.01%	–
ABEV	Exit	AMBEV ADR	$0	–	-175,000	–	-0.01%	–
BAP	Exit	CREDICORP	$0	–	-4,000	–	-0.01%	–
UGP	Exit	ULTRAPAR ADR	$0	–	-110,000	–	-0.01%	–
MELI	Exit	MERCADOLIBRE	$0	–	-3,000	–	-0.01%	–
EBAY	Exit	EBAY	$0	–	-35,290	–	-0.01%	–
BIDU	Exit	BAIDU ADR	$0	–	-5,340	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-4	–	-0.01%	–
	Exit	L BRANDS CALLcall	$0	–	-500	–	-0.01%	–
FMX	Exit	FEMSA ADR	$0	–	-15,000	–	-0.01%	–
DDS	Exit	DILLARDS	$0	–	-23,100	–	-0.02%	–
BDX	Exit	BECTON DICKINSON	$0	–	-7,000	–	-0.02%	–
	Exit	1,000 CTRIP.COM 01.07.2020note	$0	–	-2,000,000	–	-0.02%	–
	Exit	1,250 NUANCE COMMUNICATIONS 01.04.2025note	$0	–	-2,000,000	–	-0.02%	–
PEP	Exit	PEPSICO	$0	–	-18,915	–	-0.02%	–
ROST	Exit	ROSS STORES	$0	–	-25,190	–	-0.02%	–
	Exit	FACEBOOK CALLcall	$0	–	-160	–	-0.02%	–
	Exit	BARRICK GOLD CALLcall	$0	–	-2,800	–	-0.03%	–
EL	Exit	ESTEE LAUDER	$0	–	-22,100	–	-0.03%	–
	Exit	NEWMONT MINING CALLcall	$0	–	-1,100	–	-0.03%	–
	Exit	2,000 MACQUARIE INFRASTRUCTURE 01.10.2023note	$0	–	-4,250,000	–	-0.04%	–
	Exit	EXPEDIA CALLcall	$0	–	-300	–	-0.04%	–
	Exit	0,350 BOOKING HOLDINGS 15.06.2020note	$0	–	-2,600,000	–	-0.04%	–
INTC	Exit	INTEL	$0	–	-86,300	–	-0.04%	–
MO	Exit	ALTRIA GROUP	$0	–	-70,100	–	-0.04%	–
AME	Exit	AMETEK	$0	–	-53,605	–	-0.04%	–
CHD	Exit	CHURCH & DWIGHT	$0	–	-71,800	–	-0.04%	–
	Exit	1,000 NXP SEMICONDUCTOR 01.12.2019note	$0	–	-4,600,000	–	-0.04%	–
	Exit	0,750 NABORS INDUSTRIES 15.01.2024note	$0	–	-6,500,000	–	-0.05%	–
	Exit	1,000 LIBERTY MEDIA 30.01.2023note	$0	–	-4,400,000	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-117,500	–	-0.05%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-21,608	–	-0.05%	–
	Exit	PROCTER & GAMBLE CALLcall	$0	–	-700	–	-0.05%	–
	Exit	0,900 BOOKING HOLDINGS 15.09.2021note	$0	–	-5,000,000	–	-0.05%	–
DIS	Exit	WALT DISNEY	$0	–	-51,000	–	-0.05%	–
	Exit	1,375 LIBERTY MEDIA 15.10.2023note	$0	–	-5,000,000	–	-0.06%	–
	Exit	1,625 ON SEMICONDUCTOR 15.10.2023note	$0	–	-5,600,000	–	-0.06%	–
FTV	Exit	FORTIVE	$0	–	-80,504	–	-0.06%	–
MCD	Exit	MCDONALDS	$0	–	-43,428	–	-0.07%	–
CRM	Exit	SALESFORCE.COM	$0	–	-45,990	–	-0.07%	–
WFC	Exit	WELLS FARGO	$0	–	-143,810	–	-0.07%	–
LOW	Exit	LOWE'S COS	$0	–	-74,050	–	-0.08%	–
QCOM	Exit	QUALCOMM	$0	–	-125,000	–	-0.08%	–
AMGN	Exit	AMGEN	$0	–	-45,808	–	-0.09%	–
	Exit	2,250 LIBERTY MEDIA 30.09.2046note	$0	–	-18,600,000	–	-0.09%	–
LB	Exit	L BRANDS	$0	–	-358,360	–	-0.10%	–
	Exit	1,000 NUANCE COMMUNICATIONS 15.12.2035note	$0	–	-11,700,000	–	-0.10%	–
	Exit	1,250 CTRIP.COM 15.09.2022note	$0	–	-11,500,000	–	-0.10%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-152,500	–	-0.11%	–
TPR	Exit	TAPESTRY	$0	–	-254,350	–	-0.12%	–
PYPL	Exit	PAYPAL	$0	–	-150,990	–	-0.12%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-336,390	–	-0.13%	–
ADBE	Exit	ADOBE	$0	–	-55,395	–	-0.14%	–
SYK	Exit	STRYKER	$0	–	-84,430	–	-0.14%	–
WMT	Exit	WALMART	$0	–	-161,360	–	-0.14%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-199,200	–	-0.14%	–
NKE	Exit	NIKE	$0	–	-261,141	–	-0.20%	–
MRO	Exit	MARATHON OIL	$0	–	-1,088,300	–	-0.23%	–
AAPL	Exit	APPLE	$0	–	-113,820	–	-0.24%	–
NXTM	Exit	NXSTAGE MEDICAL	$0	–	-1,073,067	–	-0.27%	–
KO	Exit	COCA-COLA	$0	–	-768,630	–	-0.32%	–
GG	Exit	GOLDCORP	$0	–	-3,599,040	–	-0.34%	–
UNP	Exit	UNION PACIFIC	$0	–	-255,909	–	-0.38%	–
EXPE	Exit	EXPEDIA GROUP	$0	–	-328,333	–	-0.39%	–
PANW	Exit	PALO ALTO NETWORKS	$0	–	-201,431	–	-0.41%	–
BABA	Exit	ALIBABA	$0	–	-301,650	–	-0.45%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-966,420	–	-0.47%	–
AEM	Exit	AGNICO EAGLE MINES	$0	–	-1,827,000	–	-0.57%	–
AMZN	Exit	AMAZON.COM	$0	–	-31,271	–	-0.57%	–
HDB	Exit	HDFC BANK ADR	$0	–	-669,904	–	-0.58%	–
MMM	Exit	3M	$0	–	-338,700	–	-0.65%	–
ORCL	Exit	ORACLE	$0	–	-1,510,361	–	-0.71%	–
V	Exit	VISA - CLASS A	$0	–	-523,505	–	-0.72%	–
XOM	Exit	EXXON MOBIL	$0	–	-924,645	–	-0.72%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-570,790	–	-0.73%	–
MA	Exit	MASTERCARD	$0	–	-371,765	–	-0.76%	–
SLB	Exit	SCHLUMBERGER	$0	–	-1,433,165	–	-0.80%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-1,312,180	–	-0.80%	–
IBM	Exit	INTL. BUSINESS MACHINES	$0	–	-616,768	–	-0.85%	–
TJX	Exit	TJX COMPANIES	$0	–	-940,267	–	-0.96%	–
MSFT	Exit	MICROSOFT	$0	–	-1,069,060	–	-1.12%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-1,499,478	–	-1.13%	–
BLK	Exit	BLACKROCK	$0	–	-272,120	–	-1.17%	–
ATVI	Exit	ACTIVISION BLIZZARD	$0	–	-1,580,765	–	-1.20%	–
MDT	Exit	MEDTRONIC	$0	–	-1,517,112	–	-1.36%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-2,226,131	–	-1.57%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-2,105,750	–	-1.60%	–
UBS	Exit	UBS GROUP	$0	–	-11,991,850	–	-1.73%	–
EA	Exit	ELECTRONIC ARTS	$0	–	-1,720,105	–	-1.89%	–
CHKP	Exit	CHECK POINT SOFTWARE	$0	–	-2,464,816	–	-2.65%	–
BKNG	Exit	BOOKING HOLDINGS	$0	–	-164,675	–	-2.98%	–
NEM	Exit	NEWMONT MINING	$0	–	-13,529,462	–	-3.73%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-6,150,755	–	-4.12%	–
FB	Exit	FACEBOOK	$0	–	-2,768,855	–	-4.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,071,662	–	-5.14%	–
GOLD	Exit	BARRICK GOLD	$0	–	-54,318,684	–	-5.50%	–
DHR	Exit	DANAHER	$0	–	-5,729,830	–	-5.69%	–
WP	Exit	WORLDPAY	$0	–	-6,611,653	–	-6.12%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-684,793	–	-7.55%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-5,946,251	–	-11.63%	–
PM	Exit	PHILIP MORRIS INTERNAT.	$0	–	-15,785,256	–	-11.76%	–

Q3 2018

			Value		Shares		↓ Weighting
PM	Buy	PHILIP MORRIS INTERNAT.	$1,287,130,000	+12.2%	15,785,256	+11.1%	11.76%	+4.5%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,273,152,000	+17.4%	5,946,251	+2.4%	11.63%	+9.4%
GOOGL	Sell	ALPHABET - CLASS A	$826,600,000	-2.6%	684,793	-8.8%	7.55%	-9.2%
WP	Buy	WORLDPAY	$669,562,000	+25.8%	6,611,653	+1.6%	6.12%	+17.2%
DHR	Buy	DANAHER	$622,603,000	+13.7%	5,729,830	+3.2%	5.69%	+5.9%
GOLD	Buy	BARRICK GOLD	$601,857,000	-5.3%	54,318,684	+12.2%	5.50%	-11.8%
JNJ	Buy	JOHNSON & JOHNSON	$562,582,000	+30.5%	4,071,662	+14.6%	5.14%	+21.5%
FB	Buy	FACEBOOK	$455,366,000	+27.5%	2,768,855	+50.6%	4.16%	+18.8%
ABT	Sell	ABBOTT LABORATORIES	$451,219,000	+15.3%	6,150,755	-4.1%	4.12%	+7.5%
NEM	Buy	NEWMONT MINING	$408,590,000	+6.3%	13,529,462	+32.8%	3.73%	-1.0%
BKNG	Buy	BOOKING HOLDINGS	$326,715,000	+23.7%	164,675	+26.4%	2.98%	+15.3%
CHKP	Sell	CHECK POINT SOFTWARE	$290,035,000	+19.4%	2,464,816	-0.9%	2.65%	+11.2%
EA	Buy	ELECTRONIC ARTS	$207,255,000	-12.9%	1,720,105	+1.9%	1.89%	-18.9%
UBS	Buy	UBS GROUP	$189,695,000	+4.3%	11,991,850	+2.0%	1.73%	-2.9%
PG	Sell	PROCTER & GAMBLE	$175,262,000	-12.9%	2,105,750	-18.3%	1.60%	-18.9%
CTSH	Buy	COGNIZANT TECH SOLUTIONS	$171,746,000	+48.4%	2,226,131	+52.0%	1.57%	+38.2%
MDT	Sell	MEDTRONIC	$149,238,000	-18.1%	1,517,112	-28.7%	1.36%	-23.7%
ATVI	Buy	ACTIVISION BLIZZARD	$131,504,000	+44.7%	1,580,765	+32.7%	1.20%	+34.8%
BLK	New	BLACKROCK	$128,258,000	–	272,120	–	1.17%	–
OXY	Buy	OCCIDENTAL PETROLEUM	$123,212,000	+14.0%	1,499,478	+16.1%	1.13%	+6.2%
MSFT	Sell	MICROSOFT	$122,268,000	-20.8%	1,069,060	-31.7%	1.12%	-26.2%
TJX	Sell	TJX COMPANIES	$105,329,000	-48.9%	940,267	-56.5%	0.96%	-52.4%
IBM	Sell	INTL. BUSINESS MACHINES	$93,261,000	-21.6%	616,768	-27.6%	0.85%	-27.0%
CL	Sell	COLGATE-PALMOLIVE	$87,850,000	-22.9%	1,312,180	-25.4%	0.80%	-28.3%
SLB	Buy	SCHLUMBERGER	$87,308,000	+0.1%	1,433,165	+10.1%	0.80%	-6.7%
MA	Sell	MASTERCARD	$82,759,000	+6.7%	371,765	-5.8%	0.76%	-0.7%
UTX	Sell	UNITED TECHNOLOGIES	$79,802,000	+3.8%	570,790	-7.1%	0.73%	-3.2%
XOM	Buy	EXXON MOBIL	$78,613,000	+6.3%	924,645	+3.4%	0.72%	-1.0%
V	Buy	VISA - CLASS A	$78,573,000	+15.9%	523,505	+2.3%	0.72%	+8.0%
ORCL	Sell	ORACLE	$77,874,000	-47.0%	1,510,361	-54.7%	0.71%	-50.7%
MMM	Buy	3M	$71,367,000	+29.1%	338,700	+20.6%	0.65%	+20.3%
HDB	Buy	HDFC BANK ADR	$63,038,000	+12.5%	669,904	+25.6%	0.58%	+4.9%
AMZN	Sell	AMAZON.COM	$62,636,000	+1.3%	31,271	-14.0%	0.57%	-5.6%
AEM	Buy	AGNICO EAGLE MINES	$62,483,000	-12.5%	1,827,000	+17.3%	0.57%	-18.4%
VZ	Sell	VERIZON COMMUNICATIONS	$51,597,000	-12.4%	966,420	-17.4%	0.47%	-18.4%
BABA	Buy	ALIBABA	$49,700,000	+170.6%	301,650	+204.7%	0.45%	+152.2%
PANW	Buy	PALO ALTO NETWORKS	$45,374,000	+38.4%	201,431	+26.2%	0.41%	+29.0%
EXPE	Sell	EXPEDIA GROUP	$42,841,000	-30.6%	328,333	-36.1%	0.39%	-35.5%
UNP	Sell	UNION PACIFIC	$41,670,000	+14.4%	255,909	-0.5%	0.38%	+6.7%
GG	Buy	GOLDCORP	$36,710,000	+3.1%	3,599,040	+38.6%	0.34%	-4.0%
KO	Sell	COCA-COLA	$35,503,000	+4.9%	768,630	-0.4%	0.32%	-2.4%
NXTM	Sell	NXSTAGE MEDICAL	$29,928,000	-60.7%	1,073,067	-60.7%	0.27%	-63.5%
AAPL	Buy	APPLE	$25,694,000	+28.3%	113,820	+5.2%	0.24%	+19.9%
MRO	Buy	MARATHON OIL	$25,336,000	+90.3%	1,088,300	+70.5%	0.23%	+76.3%
NKE	Sell	NIKE	$22,124,000	+4.0%	261,141	-2.1%	0.20%	-2.9%
EMR	Sell	EMERSON ELECTRIC	$15,255,000	-6.8%	199,200	-15.8%	0.14%	-13.1%
WMT	Sell	WALMART	$15,153,000	+1.2%	161,360	-7.7%	0.14%	-6.1%
ADBE	Buy	ADOBE	$14,954,000	+12.5%	55,395	+1.6%	0.14%	+5.4%
SYK	New	STRYKER	$15,002,000	–	84,430	–	0.14%	–
NOV	Buy	NATIONAL OILWELL VARCO	$14,492,000	+9.9%	336,390	+10.7%	0.13%	+2.3%
PYPL	Sell	PAYPAL	$13,263,000	+0.4%	150,990	-4.8%	0.12%	-6.2%
TPR	Sell	TAPESTRY	$12,786,000	-16.9%	254,350	-22.8%	0.12%	-22.5%
LB	Sell	L BRANDS	$10,858,000	-81.9%	358,360	-77.9%	0.10%	-83.1%
	Sell	2,250 LIBERTY MEDIA 30.09.2046note	$10,217,000	+25.0%	18,600,000	-14.7%	0.09%	+16.2%
AMGN	Sell	AMGEN	$9,496,000	-21.5%	45,808	-30.1%	0.09%	-26.9%
QCOM	Sell	QUALCOMM	$9,004,000	-57.8%	125,000	-67.1%	0.08%	-60.8%
LOW	Buy	LOWE'S COS	$8,502,000	+33.9%	74,050	+11.4%	0.08%	+25.8%
CRM	New	SALESFORCE.COM	$7,314,000	–	45,990	–	0.07%	–
	Buy	1,625 ON SEMICONDUCTOR 15.10.2023note	$6,322,000	+50.2%	5,600,000	+69.7%	0.06%	+41.5%
TMO	Sell	THERMO FISHER SCIENTIFIC	$5,274,000	-31.2%	21,608	-41.6%	0.05%	-36.0%
TSM	Sell	TAIWAN SEMICONDUCTOR ADR	$5,189,000	-31.8%	117,500	-43.5%	0.05%	-37.3%
	Sell	1,000 LIBERTY MEDIA 30.01.2023note	$5,183,000	-33.4%	4,400,000	-33.3%	0.05%	-38.2%
	New	1,000 NXP SEMICONDUCTOR 01.12.2019note	$4,807,000	–	4,600,000	–	0.04%	–
CHD	Buy	CHURCH & DWIGHT	$4,263,000	+77.0%	71,800	+58.5%	0.04%	+62.5%
AME	Buy	AMETEK	$4,241,000	+23.5%	53,605	+12.6%	0.04%	+14.7%
MO	Buy	ALTRIA GROUP	$4,228,000	+40.5%	70,100	+32.3%	0.04%	+30.0%
INTC	New	INTEL	$4,081,000	–	86,300	–	0.04%	–
	Buy	0,350 BOOKING HOLDINGS 15.06.2020note	$3,950,000	+95.9%	2,600,000	+100.0%	0.04%	+80.0%
	Sell	EXPEDIA CALLcall	$3,914,000	-49.9%	300	-53.8%	0.04%	-53.2%
EL	New	ESTEE LAUDER	$3,212,000	–	22,100	–	0.03%	–
	New	FACEBOOK CALLcall	$2,631,000	–	160	–	0.02%	–
ROST	Sell	ROSS STORES	$2,496,000	-94.9%	25,190	-95.7%	0.02%	-95.2%
	Sell	1,250 NUANCE COMMUNICATIONS 01.04.2025note	$2,081,000	-11.9%	2,000,000	-20.0%	0.02%	-17.4%
PEP	Sell	PEPSICO	$2,115,000	-17.7%	18,915	-19.9%	0.02%	-24.0%
BDX	Sell	BECTON DICKINSON	$1,827,000	-20.6%	7,000	-27.1%	0.02%	-26.1%
DDS	New	DILLARDS	$1,763,000	–	23,100	–	0.02%	–
	New	L BRANDS CALLcall	$1,515,000	–	500	–	0.01%	–
BIDU	Buy	BAIDU ADR	$1,221,000	+4.7%	5,340	+11.2%	0.01%	0.0%
EBAY	Buy	EBAY	$1,165,000	+85.8%	35,290	+104.1%	0.01%	+83.3%
UGP	Buy	ULTRAPAR ADR	$1,019,000	+22.9%	110,000	+57.1%	0.01%	+12.5%
MELI	Sell	MERCADOLIBRE	$1,021,000	-2.4%	3,000	-14.3%	0.01%	-10.0%
BAP	Buy	CREDICORP	$892,000	+13.2%	4,000	+14.3%	0.01%	0.0%
ABEV	Buy	AMBEV ADR	$800,000	+38.2%	175,000	+40.0%	0.01%	+16.7%
SPGI	New	S&P GLOBAL	$684,000	–	3,500	–	0.01%	–
NTES	Sell	NETEASE ADR	$639,000	-40.5%	2,800	-34.1%	0.01%	-45.5%
GIS	Sell	GENERAL MILLS	$451,000	-98.2%	10,502	-98.1%	0.00%	-98.4%
	New	1,990 CTRIP.COM 01.07.2025note	$209,000	–	200,000	–	0.00%	–
AGN	New	ALLERGAN	$223,000	–	1,170	–	0.00%	–
INFY	New	INFOSYS ADR	$150,000	–	14,780	–	0.00%	–
DKS	Exit	DICK'S SPORTING GOODS	$0	–	-6,090	–	-0.00%	–
GILD	Exit	GILEAD SCIENCES	$0	–	-3,770	–	-0.00%	–
YUM	Exit	YUM! BRANDS	$0	–	-10,400	–	-0.01%	–
CHL	Exit	CHINA MOBILE ADR	$0	–	-20,340	–	-0.01%	–
JD	Exit	JD.COM ADR	$0	–	-25,000	–	-0.01%	–
KORS	Exit	MICHAEL KORS	$0	–	-100,700	–	-0.07%	–

Q2 2018

			Value		Shares		↓ Weighting
PM	New	PHILIP MORRIS INTERNAT.	$1,147,533,000	–	14,212,696	–	11.25%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,084,049,000	–	5,807,925	–	10.63%	–
GOOGL	New	ALPHABET - CLASS A	$848,252,000	–	751,204	–	8.32%	–
GOLD	New	BARRICK GOLD	$635,457,000	–	48,397,134	–	6.23%	–
DHR	New	DANAHER	$547,655,000	–	5,549,805	–	5.37%	–
WP	New	WORLDPAY	$532,195,000	–	6,507,637	–	5.22%	–
JNJ	New	JOHNSON & JOHNSON	$431,198,000	–	3,553,636	–	4.23%	–
ABT	New	ABBOTT LABORATORIES	$391,191,000	–	6,414,025	–	3.84%	–
NEM	New	NEWMONT MINING	$384,253,000	–	10,189,687	–	3.77%	–
FB	New	FACEBOOK	$357,245,000	–	1,838,435	–	3.50%	–
BKNG	New	BOOKING HOLDINGS	$264,028,000	–	130,250	–	2.59%	–
CHKP	New	CHECK POINT SOFTWARE	$242,921,000	–	2,486,903	–	2.38%	–
EA	New	ELECTRONIC ARTS	$237,959,000	–	1,687,410	–	2.33%	–
TJX	New	TJX COMPANIES	$205,932,000	–	2,163,602	–	2.02%	–
PG	New	PROCTER & GAMBLE	$201,255,000	–	2,578,215	–	1.97%	–
MDT	New	MEDTRONIC	$182,201,000	–	2,128,271	–	1.79%	–
UBS	New	UBS GROUP	$181,927,000	–	11,755,850	–	1.78%	–
MSFT	New	MICROSOFT	$154,295,000	–	1,564,695	–	1.51%	–
ORCL	New	ORACLE	$147,024,000	–	3,336,895	–	1.44%	–
IBM	New	INTL. BUSINESS MACHINES	$118,985,000	–	851,718	–	1.17%	–
CTSH	New	COGNIZANT TECH SOLUTIONS	$115,718,000	–	1,464,966	–	1.14%	–
CL	New	COLGATE-PALMOLIVE	$114,003,000	–	1,759,030	–	1.12%	–
OXY	New	OCCIDENTAL PETROLEUM	$108,111,000	–	1,291,958	–	1.06%	–
ATVI	New	ACTIVISION BLIZZARD	$90,893,000	–	1,190,950	–	0.89%	–
SLB	New	SCHLUMBERGER	$87,219,000	–	1,301,200	–	0.86%	–
MA	New	MASTERCARD	$77,592,000	–	394,830	–	0.76%	–
UTX	New	UNITED TECHNOLOGIES	$76,847,000	–	614,630	–	0.75%	–
NXTM	New	NXSTAGE MEDICAL	$76,234,000	–	2,732,413	–	0.75%	–
XOM	New	EXXON MOBIL	$73,968,000	–	894,095	–	0.72%	–
AEM	New	AGNICO EAGLE MINES	$71,412,000	–	1,558,200	–	0.70%	–
V	New	VISA - CLASS A	$67,793,000	–	511,840	–	0.66%	–
AMZN	New	AMAZON.COM	$61,817,000	–	36,367	–	0.61%	–
EXPE	New	EXPEDIA GROUP	$61,767,000	–	513,915	–	0.61%	–
LB	New	L BRANDS	$59,852,000	–	1,622,890	–	0.59%	–
VZ	New	VERIZON COMMUNICATIONS	$58,892,000	–	1,170,585	–	0.58%	–
HDB	New	HDFC BANK ADR	$56,031,000	–	533,530	–	0.55%	–
MMM	New	3M	$55,261,000	–	280,910	–	0.54%	–
ROST	New	ROSS STORES	$49,231,000	–	580,902	–	0.48%	–
UNP	New	UNION PACIFIC	$36,434,000	–	257,155	–	0.36%	–
GG	New	GOLDCORP	$35,592,000	–	2,596,040	–	0.35%	–
KO	New	COCA-COLA	$33,856,000	–	771,900	–	0.33%	–
PANW	New	PALO ALTO NETWORKS	$32,789,000	–	159,581	–	0.32%	–
GIS	New	GENERAL MILLS	$24,766,000	–	559,553	–	0.24%	–
QCOM	New	QUALCOMM	$21,326,000	–	380,000	–	0.21%	–
NKE	New	NIKE	$21,263,000	–	266,850	–	0.21%	–
AAPL	New	APPLE	$20,025,000	–	108,180	–	0.20%	–
BABA	New	ALIBABA	$18,367,000	–	99,000	–	0.18%	–
EMR	New	EMERSON ELECTRIC	$16,362,000	–	236,650	–	0.16%	–
TPR	New	TAPESTRY	$15,388,000	–	329,430	–	0.15%	–
WMT	New	WALMART	$14,978,000	–	174,880	–	0.15%	–
MRO	New	MARATHON OIL	$13,315,000	–	638,300	–	0.13%	–
ADBE	New	ADOBE SYSTEMS	$13,291,000	–	54,515	–	0.13%	–
PYPL	New	PAYPAL	$13,206,000	–	158,590	–	0.13%	–
NOV	New	NATIONAL OILWELL VARCO	$13,187,000	–	303,850	–	0.13%	–
AMGN	New	AMGEN	$12,092,000	–	65,508	–	0.12%	–
	New	1,250 CTRIP.COM 15.09.2022note	$11,900,000	–	11,500,000	–	0.12%	–
COP	New	CONOCOPHILLIPS	$10,617,000	–	152,500	–	0.10%	–
	New	1,000 NUANCE COMMUNICATIONS 15.12.2035note	$10,489,000	–	11,700,000	–	0.10%	–
	New	2,250 LIBERTY MEDIA 30.09.2046note	$8,171,000	–	21,800,000	–	0.08%	–
WFC	New	WELLS FARGO	$7,973,000	–	143,810	–	0.08%	–
	New	EXPEDIA CALLcall	$7,812,000	–	650	–	0.08%	–
	New	1,000 LIBERTY MEDIA 30.01.2023note	$7,781,000	–	6,600,000	–	0.08%	–
TMO	New	THERMO FISHER SCIENTIFIC	$7,666,000	–	37,010	–	0.08%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$7,604,000	–	208,000	–	0.08%	–
MCD	New	MCDONALDS	$6,805,000	–	43,428	–	0.07%	–
KORS	New	MICHAEL KORS	$6,707,000	–	100,700	–	0.07%	–
LOW	New	LOWE'S COS	$6,351,000	–	66,450	–	0.06%	–
	New	1,375 LIBERTY MEDIA 15.10.2023note	$6,246,000	–	5,000,000	–	0.06%	–
FTV	New	FORTIVE	$6,208,000	–	80,504	–	0.06%	–
	New	0,900 BOOKING HOLDINGS 15.09.2021note	$6,005,000	–	5,000,000	–	0.06%	–
	New	PROCTER & GAMBLE CALLcall	$5,464,000	–	700	–	0.05%	–
DIS	New	WALT DISNEY	$5,345,000	–	51,000	–	0.05%	–
	New	0,750 NABORS INDUSTRIES 15.01.2024note	$5,153,000	–	6,500,000	–	0.05%	–
	New	NEWMONT MINING CALLcall	$4,148,000	–	1,100	–	0.04%	–
	New	1,625 ON SEMICONDUCTOR 15.10.2023note	$4,209,000	–	3,300,000	–	0.04%	–
	New	2,000 MACQUARIE INFRASTRUCTURE 01.10.2023note	$3,799,000	–	4,250,000	–	0.04%	–
	New	BARRICK GOLD CALLcall	$3,676,000	–	2,800	–	0.04%	–
AME	New	AMETEK	$3,435,000	–	47,605	–	0.03%	–
MO	New	ALTRIA GROUP	$3,010,000	–	53,000	–	0.03%	–
PEP	New	PEPSICO	$2,571,000	–	23,615	–	0.02%	–
CHD	New	CHURCH & DWIGHT	$2,408,000	–	45,300	–	0.02%	–
	New	1,250 NUANCE COMMUNICATIONS 01.04.2025note	$2,361,000	–	2,500,000	–	0.02%	–
BDX	New	BECTON DICKINSON	$2,300,000	–	9,600	–	0.02%	–
	New	1,000 CTRIP.COM 01.07.2020note	$2,128,000	–	2,000,000	–	0.02%	–
	New	0,350 BOOKING HOLDINGS 15.06.2020note	$2,016,000	–	1,300,000	–	0.02%	–
FMX	New	FEMSA ADR	$1,317,000	–	15,000	–	0.01%	–
BIDU	New	BAIDU ADR	$1,166,000	–	4,800	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$1,128,000	–	4	–	0.01%	–
NTES	New	NETEASE ADR	$1,074,000	–	4,250	–	0.01%	–
JD	New	JD.COM ADR	$974,000	–	25,000	–	0.01%	–
MELI	New	MERCADOLIBRE	$1,046,000	–	3,500	–	0.01%	–
CHL	New	CHINA MOBILE ADR	$903,000	–	20,340	–	0.01%	–
BAP	New	CREDICORP	$788,000	–	3,500	–	0.01%	–
UGP	New	ULTRAPAR ADR	$829,000	–	70,000	–	0.01%	–
YUM	New	YUM! BRANDS	$813,000	–	10,400	–	0.01%	–
ABEV	New	AMBEV ADR	$579,000	–	125,000	–	0.01%	–
EBAY	New	EBAY	$627,000	–	17,290	–	0.01%	–
	New	0,250 TEVA PHARMA 01.02.2026note	$651,000	–	700,000	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING	$483,000	–	3,600	–	0.01%	–
BUD	New	ANHEUSER-BUSCH INBEV ADR	$302,000	–	3,000	–	0.00%	–
GILD	New	GILEAD SCIENCES	$267,000	–	3,770	–	0.00%	–
HON	New	HONEYWELL INTERNATIONAL	$232,000	–	1,610	–	0.00%	–
GE	New	GENERAL ELECTRIC	$186,000	–	13,655	–	0.00%	–
CSCO	New	CISCO SYSTEMS	$237,000	–	5,510	–	0.00%	–
DKS	New	DICK'S SPORTING GOODS	$215,000	–	6,090	–	0.00%	–
DISCA	New	DISCOVERY COMMUNICATIONS-A	$223,000	–	8,110	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
APA	Exit	APACHE	$0	–	-4,553	–	-0.00%	–
DISCA	Exit	DISCOVERY COMMUNICATIONS-A	$0	–	-9,780	–	-0.00%	–
GILD	Exit	GILEAD SCIENCES	$0	–	-3,620	–	-0.00%	–
RDY	Exit	DR REDDY'S LABORATORIES ADR	$0	–	-8,000	–	-0.00%	–
MELI	Exit	MERCADOLIBRE	$0	–	-1,500	–	-0.00%	–
NTES	Exit	NETEASE ADR	$0	–	-1,500	–	-0.00%	–
BAP	Exit	CREDICORP	$0	–	-3,500	–	-0.01%	–
YUM	Exit	YUM! BRANDS	$0	–	-10,400	–	-0.01%	–
UGP	Exit	ULTRAPAR ADR	$0	–	-40,000	–	-0.01%	–
CHL	Exit	CHINA MOBILE ADR	$0	–	-20,340	–	-0.01%	–
INFY	Exit	INFOSYS ADR	$0	–	-73,740	–	-0.01%	–
BSMX	Exit	GRUPO SANTANDER MEXICO ADR	$0	–	-100,000	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-4	–	-0.01%	–
	Exit	1,000 CTRIP.COM 01.07.2020note	$0	–	-1,000,000	–	-0.01%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-37,590	–	-0.01%	–
	Exit	2,950 INTEL 15.12.2035note	$0	–	-1,000,000	–	-0.02%	–
FMX	Exit	FEMSA ADR	$0	–	-16,000	–	-0.02%	–
ABEV	Exit	AMBEV ADR	$0	–	-250,000	–	-0.02%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-65,000	–	-0.02%	–
DDS	Exit	DILLARDS	$0	–	-45,200	–	-0.03%	–
	Exit	1,000 NUANCE COMMUNICATIONS 15.12.2035note	$0	–	-3,000,000	–	-0.03%	–
GWW	Exit	WW GRAINGER	$0	–	-16,100	–	-0.03%	–
MO	Exit	ALTRIA GROUP	$0	–	-45,600	–	-0.03%	–
FDS	Exit	FACTSET RESEARCH SYSTEMS	$0	–	-16,300	–	-0.03%	–
	Exit	BARRICK GOLD CALLcall	$0	–	-1,900	–	-0.03%	–
DB	Exit	DEUTSCHE BANK	$0	–	-190,001	–	-0.03%	–
	Exit	1,250 HURON CONSULTING GROUP 01.10.2019note	$0	–	-4,000,000	–	-0.04%	–
	Exit	1,000 ON SEMICONDUCTOR 01.12.2020note	$0	–	-3,100,000	–	-0.04%	–
	Exit	NEWMONT MINING CALLcall	$0	–	-1,000	–	-0.04%	–
CHD	Exit	CHURCH & DWIGHT	$0	–	-82,500	–	-0.04%	–
	Exit	2,000 MACQUARIE INFRASTRUCTURE 01.10.2023note	$0	–	-4,250,000	–	-0.04%	–
	Exit	EXPEDIA CALLcall	$0	–	-300	–	-0.04%	–
	Exit	QUALCOMM CALLcall	$0	–	-900	–	-0.05%	–
	Exit	ALPHABET - CLASS A CALLcall	$0	–	-50	–	-0.05%	–
DIS	Exit	WALT DISNEY	$0	–	-51,000	–	-0.05%	–
WU	Exit	WESTERN UNION	$0	–	-290,000	–	-0.06%	–
	Exit	0,900 PRICELINE 15.09.2021note	$0	–	-5,000,000	–	-0.06%	–
	Exit	1,875 JAZZ INVESTMENTS 15.08.2021note	$0	–	-6,000,000	–	-0.07%	–
BIDU	Exit	BAIDU ADR	$0	–	-26,400	–	-0.07%	–
MCD	Exit	MCDONALDS	$0	–	-43,428	–	-0.07%	–
WFC	Exit	WELLS FARGO	$0	–	-143,810	–	-0.08%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-43,010	–	-0.08%	–
	Exit	1,250 CTRIP.COM 15.09.2022note	$0	–	-7,500,000	–	-0.08%	–
QRTEA	Exit	LIBERTY INTERACTIVE A	$0	–	-400,000	–	-0.10%	–
ROP	Exit	ROPER TECHNOLOGIES	$0	–	-39,050	–	-0.10%	–
WMT	Exit	WAL-MART STORES	$0	–	-128,600	–	-0.10%	–
	Exit	1,375 LIBERTY MEDIA 15.10.2023note	$0	–	-10,000,000	–	-0.13%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-248,800	–	-0.13%	–
	Exit	2,250 LIBERTY MEDIA 30.09.2046note	$0	–	-12,000,000	–	-0.13%	–
ORCL	Exit	ORACLE	$0	–	-273,425	–	-0.14%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-373,650	–	-0.14%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-220,700	–	-0.14%	–
MRO	Exit	MARATHON OIL	$0	–	-1,048,000	–	-0.15%	–
EL	Exit	ESTEE LAUDER	$0	–	-155,925	–	-0.18%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-186,590	–	-0.18%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-239,450	–	-0.18%	–
XOM	Exit	EXXON MOBIL	$0	–	-219,190	–	-0.19%	–
AAPL	Exit	APPLE	$0	–	-134,480	–	-0.22%	–
EBAY	Exit	EBAY	$0	–	-542,290	–	-0.22%	–
UNP	Exit	UNION PACIFIC	$0	–	-179,800	–	-0.22%	–
COH	Exit	COACH	$0	–	-683,650	–	-0.29%	–
PYPL	Exit	PAYPAL	$0	–	-470,895	–	-0.31%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-454,220	–	-0.34%	–
SLB	Exit	SCHLUMBERGER	$0	–	-503,000	–	-0.37%	–
KO	Exit	COCA-COLA	$0	–	-811,440	–	-0.38%	–
MMM	Exit	3M	$0	–	-182,140	–	-0.40%	–
FTV	Exit	FORTIVE	$0	–	-596,845	–	-0.44%	–
	Exit	MONSANTO CALLcall	$0	–	-3,860	–	-0.48%	–
AME	Exit	AMETEK	$0	–	-753,427	–	-0.52%	–
QCOM	Exit	QUALCOMM	$0	–	-1,055,200	–	-0.57%	–
AMGN	Exit	AMGEN	$0	–	-344,270	–	-0.67%	–
LB	Exit	L BRANDS	$0	–	-2,054,020	–	-0.89%	–
V	Exit	VISA - CLASS A	$0	–	-822,550	–	-0.90%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-1,969,440	–	-1.02%	–
NKE	Exit	NIKE	$0	–	-1,942,700	–	-1.05%	–
FB	Exit	FACEBOOK	$0	–	-624,515	–	-1.11%	–
MA	Exit	MASTERCARD	$0	–	-805,260	–	-1.19%	–
GG	Exit	GOLDCORP	$0	–	-9,157,520	–	-1.24%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-1,948,195	–	-1.30%	–
VNTV	Exit	VANTIV CLASS A	$0	–	-2,100,506	–	-1.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,155,870	–	-1.57%	–
AMZN	Exit	AMAZON.COM	$0	–	-157,835	–	-1.58%	–
PCLN	Exit	PRICELINE GROUP	$0	–	-85,225	–	-1.63%	–
MSFT	Exit	MICROSOFT	$0	–	-2,470,583	–	-1.92%	–
MDT	Exit	MEDTRONIC	$0	–	-2,374,756	–	-1.93%	–
GIS	Exit	GENERAL MILLS	$0	–	-4,071,779	–	-2.20%	–
LOW	Exit	LOWE'S COS	$0	–	-2,772,300	–	-2.31%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,981,265	–	-2.40%	–
NEM	Exit	NEWMONT MINING	$0	–	-8,072,121	–	-3.16%	–
TJX	Exit	TJX COMPANIES	$0	–	-4,315,770	–	-3.32%	–
ROST	Exit	ROSS STORES	$0	–	-5,533,170	–	-3.72%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-3,491,075	–	-4.04%	–
IBM	Exit	IBM	$0	–	-2,796,089	–	-4.23%	–
GOLD	Exit	BARRICK GOLD	$0	–	-28,677,838	–	-4.81%	–
MON	Exit	MONSANTO	$0	–	-3,901,160	–	-4.87%	–
KORS	Exit	MICHAEL KORS	$0	–	-11,754,963	–	-5.86%	–
DHR	Exit	DANAHER	$0	–	-6,776,921	–	-6.06%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-11,222,009	–	-6.24%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-664,057	–	-6.74%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-6,475,596	–	-12.38%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,187,106,000	+10.2%	6,475,596	+1.8%	12.38%	+0.9%
GOOGL	Buy	ALPHABET - CLASS A	$646,606,000	+44.0%	664,057	+37.5%	6.74%	+31.9%
ABT	Sell	ABBOTT LABORATORIES	$598,806,000	-10.6%	11,222,009	-18.5%	6.24%	-18.1%
DHR	Buy	DANAHER	$581,324,000	+19.1%	6,776,921	+17.2%	6.06%	+9.1%
KORS	Sell	MICHAEL KORS	$562,475,000	+29.6%	11,754,963	-1.8%	5.86%	+18.7%
MON	Sell	MONSANTO	$467,437,000	-10.2%	3,901,160	-11.3%	4.87%	-17.8%
GOLD	Buy	BARRICK GOLD	$461,427,000	+9.3%	28,677,838	+8.1%	4.81%	+0.1%
IBM	Buy	IBM	$405,657,000	-0.7%	2,796,089	+5.3%	4.23%	-9.1%
PM	Buy	PHILIP MORRIS INTL.	$387,544,000	+504.3%	3,491,075	+539.3%	4.04%	+453.6%
ROST	Buy	ROSS STORES	$357,277,000	+23.8%	5,533,170	+10.7%	3.72%	+13.3%
TJX	Buy	TJX COMPANIES	$318,202,000	+6.2%	4,315,770	+3.9%	3.32%	-2.8%
NEM	Buy	NEWMONT MINING	$302,785,000	+18.7%	8,072,121	+2.5%	3.16%	+8.7%
UTX	Buy	UNITED TECHNOLOGIES	$229,985,000	+16.5%	1,981,265	+22.5%	2.40%	+6.7%
LOW	Buy	LOWE'S COS	$221,618,000	+33.0%	2,772,300	+29.0%	2.31%	+21.8%
GIS	Sell	GENERAL MILLS	$210,755,000	-7.4%	4,071,779	-0.9%	2.20%	-15.2%
MDT	Buy	MEDTRONIC	$184,685,000	+0.4%	2,374,756	+14.6%	1.93%	-8.0%
MSFT	Sell	MICROSOFT	$184,034,000	+6.2%	2,470,583	-1.8%	1.92%	-2.8%
PCLN	Buy	PRICELINE GROUP	$156,032,000	+30256.4%	85,225	+30890.9%	1.63%	+27016.7%
AMZN	Buy	AMAZON.COM	$151,735,000	+15.6%	157,835	+16.4%	1.58%	+5.8%
JNJ	Sell	JOHNSON & JOHNSON	$150,275,000	-12.8%	1,155,870	-11.2%	1.57%	-20.1%
VNTV	New	VANTIV CLASS A	$148,023,000	–	2,100,506	–	1.54%	–
OXY	Buy	OCCIDENTAL PETROLEUM	$125,094,000	+18.3%	1,948,195	+10.3%	1.30%	+8.3%
GG	Buy	GOLDCORP	$118,681,000	+28.5%	9,157,520	+28.0%	1.24%	+17.8%
MA	Sell	MASTERCARD	$113,703,000	-23.5%	805,260	-34.2%	1.19%	-29.9%
FB	Buy	FACEBOOK	$106,711,000	+190.7%	624,515	+156.8%	1.11%	+166.3%
NKE	Sell	NIKE	$100,729,000	-63.4%	1,942,700	-58.4%	1.05%	-66.5%
VZ	Sell	VERIZON COMMUNICATIONS	$97,468,000	+10.1%	1,969,440	-0.7%	1.02%	+0.8%
V	Sell	VISA - CLASS A	$86,565,000	-19.1%	822,550	-27.9%	0.90%	-25.9%
LB	Buy	L BRANDS	$85,468,000	+39.9%	2,054,020	+81.2%	0.89%	+28.2%
AMGN	Sell	AMGEN	$64,189,000	-71.7%	344,270	-73.8%	0.67%	-74.1%
QCOM	Buy	QUALCOMM	$54,702,000	-5.6%	1,055,200	+0.6%	0.57%	-13.6%
AME	Sell	AMETEK	$49,756,000	-24.2%	753,427	-30.5%	0.52%	-30.6%
FTV	Sell	FORTIVE	$42,251,000	-58.0%	596,845	-62.4%	0.44%	-61.5%
MMM	Sell	3M	$38,231,000	+0.1%	182,140	-0.7%	0.40%	-8.3%
KO	Sell	COCA-COLA	$36,523,000	-75.1%	811,440	-75.2%	0.38%	-77.2%
SLB	Buy	SCHLUMBERGER	$35,089,000	+56.1%	503,000	+47.3%	0.37%	+43.0%
CL	Buy	COLGATE-PALMOLIVE	$33,090,000	+52.4%	454,220	+55.0%	0.34%	+39.7%
PYPL	Sell	PAYPAL	$30,151,000	-43.1%	470,895	-52.3%	0.31%	-48.0%
COH	Buy	COACH	$27,537,000	+10.6%	683,650	+30.0%	0.29%	+1.4%
EBAY	Buy	EBAY	$20,856,000	+696.3%	542,290	+623.1%	0.22%	+623.3%
UNP	Sell	UNION PACIFIC	$20,851,000	+4.8%	179,800	-1.6%	0.22%	-4.4%
AAPL	Sell	APPLE	$20,726,000	-26.9%	134,480	-31.7%	0.22%	-33.1%
XOM	Buy	EXXON MOBIL	$17,969,000	+4.5%	219,190	+2.9%	0.19%	-4.6%
CTSH	New	COGNIZANT TECH SOLUTIONS	$17,370,000	–	239,450	–	0.18%	–
PG	Sell	PROCTER & GAMBLE	$16,976,000	-4.3%	186,590	-8.4%	0.18%	-12.4%
EL	Sell	ESTEE LAUDER	$16,815,000	-59.3%	155,925	-63.8%	0.18%	-62.8%
MRO	Buy	MARATHON OIL	$14,211,000	+14.6%	1,048,000	+0.2%	0.15%	+5.0%
NOV	Buy	NATIONAL OILWELL VARCO	$13,351,000	+16.8%	373,650	+7.7%	0.14%	+6.9%
ORCL	Sell	ORACLE	$13,220,000	-29.4%	273,425	-26.8%	0.14%	-35.2%
	New	2,250 LIBERTY MEDIA 30.09.2046note	$12,750,000	–	12,000,000	–	0.13%	–
COP	Sell	CONOCOPHILLIPS	$12,452,000	-0.4%	248,800	-12.5%	0.13%	-8.5%
	Sell	1,375 LIBERTY MEDIA 15.10.2023note	$12,149,000	-7.6%	10,000,000	-9.1%	0.13%	-15.3%
WMT	Sell	WAL-MART STORES	$10,049,000	-4.3%	128,600	-7.3%	0.10%	-12.5%
ROP	Sell	ROPER TECHNOLOGIES	$9,505,000	-23.8%	39,050	-27.5%	0.10%	-30.3%
TMO	Sell	THERMO FISHER SCIENTIFIC	$8,137,000	+1.0%	43,010	-6.8%	0.08%	-7.6%
	New	1,250 CTRIP.COM 15.09.2022note	$8,115,000	–	7,500,000	–	0.08%	–
WFC	Sell	WELLS FARGO	$7,931,000	-73.2%	143,810	-73.1%	0.08%	-75.4%
MCD	Sell	MCDONALDS	$6,804,000	-8.3%	43,428	-10.3%	0.07%	-15.5%
BIDU	Sell	BAIDU ADR	$6,539,000	+2.8%	26,400	-25.7%	0.07%	-5.6%
	Sell	1,875 JAZZ INVESTMENTS 15.08.2021note	$6,354,000	-18.1%	6,000,000	-14.3%	0.07%	-25.0%
	Buy	0,900 PRICELINE 15.09.2021note	$5,762,000	+25.2%	5,000,000	+25.0%	0.06%	+15.4%
	New	ALPHABET - CLASS A CALLcall	$4,869,000	–	50	–	0.05%	–
	Buy	QUALCOMM CALLcall	$4,666,000	+87.8%	900	+100.0%	0.05%	+75.0%
	New	EXPEDIA CALLcall	$4,318,000	–	300	–	0.04%	–
CHD	New	CHURCH & DWIGHT	$3,997,000	–	82,500	–	0.04%	–
	Sell	NEWMONT MINING CALLcall	$3,751,000	-27.6%	1,000	-37.5%	0.04%	-33.9%
	Sell	1,250 HURON CONSULTING GROUP 01.10.2019note	$3,754,000	-35.1%	4,000,000	-33.3%	0.04%	-40.9%
DB	New	DEUTSCHE BANK	$3,284,000	–	190,001	–	0.03%	–
FDS	Sell	FACTSET RESEARCH SYSTEMS	$2,936,000	+6.4%	16,300	-1.8%	0.03%	0.0%
MO	Sell	ALTRIA GROUP	$2,892,000	-93.2%	45,600	-92.0%	0.03%	-93.8%
GWW	Sell	WW GRAINGER	$2,894,000	-21.4%	16,100	-21.1%	0.03%	-28.6%
DDS	Sell	DILLARDS	$2,534,000	-11.8%	45,200	-9.2%	0.03%	-21.2%
TSM	Sell	TAIWAN SEMICONDUCTOR ADR	$2,441,000	-39.5%	65,000	-43.7%	0.02%	-45.7%
ABEV	Sell	AMBEV ADR	$1,648,000	-40.0%	250,000	-50.0%	0.02%	-45.2%
FMX	Sell	FEMSA ADR	$1,528,000	-40.2%	16,000	-38.5%	0.02%	-44.8%
	New	2,950 INTEL 15.12.2035note	$1,432,000	–	1,000,000	–	0.02%	–
INFY	Sell	INFOSYS ADR	$1,076,000	-48.4%	73,740	-46.9%	0.01%	-54.2%
BSMX	Sell	GRUPO SANTANDER MEXICO ADR	$1,009,000	-47.7%	100,000	-50.0%	0.01%	-50.0%
UGP	Sell	ULTRAPAR ADR	$953,000	-43.0%	40,000	-43.7%	0.01%	-47.4%
BAP	Sell	CREDICORP	$718,000	-42.8%	3,500	-50.0%	0.01%	-50.0%
MELI	New	MERCADOLIBRE	$388,000	–	1,500	–	0.00%	–
NTES	New	NETEASE ADR	$396,000	–	1,500	–	0.00%	–
RDY	Sell	DR REDDY'S LABORATORIES ADR	$285,000	-80.1%	8,000	-76.5%	0.00%	-81.2%
APA	New	APACHE	$209,000	–	4,553	–	0.00%	–
DISCA	New	DISCOVERY COMMUNICATIONS-A	$208,000	–	9,780	–	0.00%	–
SPLS	Exit	STAPLES	$0	–	-13,530	–	-0.00%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-2,500	–	-0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-6,800	–	-0.01%	–
GOOG	Exit	ALPHABET - CLASS C	$0	–	-1,000	–	-0.01%	–
PFE	Exit	PFIZER	$0	–	-28,390	–	-0.01%	–
PEP	Exit	PEPSICO	$0	–	-21,700	–	-0.03%	–
QGEN	Exit	QIAGEN	$0	–	-114,175	–	-0.04%	–
	Exit	0,500 TOLL BROTHERS 15.09.2032note	$0	–	-6,000,000	–	-0.07%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$1,077,626,000	–	6,362,556	–	12.27%	–
ABT	New	ABBOTT LABORATORIES	$669,563,000	–	13,774,180	–	7.62%	–
MON	New	MONSANTO	$520,429,000	–	4,397,000	–	5.93%	–
DHR	New	DANAHER	$487,945,000	–	5,782,019	–	5.56%	–
GOOGL	New	ALPHABET - CLASS A	$448,963,000	–	482,922	–	5.11%	–
KORS	New	MICHAEL KORS	$434,004,000	–	11,972,527	–	4.94%	–
GOLD	New	BARRICK GOLD	$422,088,000	–	26,529,688	–	4.81%	–
IBM	New	IBM	$408,578,000	–	2,656,039	–	4.65%	–
TJX	New	TJX COMPANIES	$299,651,000	–	4,152,020	–	3.41%	–
ROST	New	ROSS STORES	$288,666,000	–	5,000,270	–	3.29%	–
NKE	New	NIKE	$275,527,000	–	4,669,950	–	3.14%	–
NEM	New	NEWMONT MINING	$255,012,000	–	7,873,186	–	2.90%	–
GIS	New	GENERAL MILLS	$227,578,000	–	4,107,906	–	2.59%	–
AMGN	New	AMGEN	$226,744,000	–	1,316,520	–	2.58%	–
UTX	New	UNITED TECHNOLOGIES	$197,453,000	–	1,617,008	–	2.25%	–
MDT	New	MEDTRONIC	$183,890,000	–	2,072,001	–	2.09%	–
MSFT	New	MICROSOFT	$173,344,000	–	2,514,783	–	1.97%	–
JNJ	New	JOHNSON & JOHNSON	$172,249,000	–	1,302,057	–	1.96%	–
LOW	New	LOWE'S COS	$166,651,000	–	2,149,500	–	1.90%	–
MA	New	MASTERCARD	$148,646,000	–	1,223,930	–	1.69%	–
KO	New	COCA-COLA	$146,709,000	–	3,271,105	–	1.67%	–
AMZN	New	AMAZON.COM	$131,307,000	–	135,648	–	1.50%	–
V	New	VISA - CLASS A	$106,994,000	–	1,140,900	–	1.22%	–
OXY	New	OCCIDENTAL PETROLEUM	$105,709,000	–	1,765,645	–	1.20%	–
FTV	New	FORTIVE	$100,516,000	–	1,586,683	–	1.14%	–
GG	New	GOLDCORP	$92,339,000	–	7,152,480	–	1.05%	–
VZ	New	VERIZON COMMUNICATIONS	$88,556,000	–	1,982,895	–	1.01%	–
AME	New	AMETEK	$65,675,000	–	1,084,280	–	0.75%	–
PM	New	PHILIP MORRIS INTL.	$64,134,000	–	546,050	–	0.73%	–
LB	New	L BRANDS	$61,074,000	–	1,133,310	–	0.70%	–
QCOM	New	QUALCOMM	$57,937,000	–	1,049,200	–	0.66%	–
PYPL	New	PAYPAL	$53,021,000	–	987,910	–	0.60%	–
	New	MONSANTO CALLcall	$45,687,000	–	3,860	–	0.52%	–
MO	New	ALTRIA GROUP	$42,426,000	–	569,700	–	0.48%	–
EL	New	ESTEE LAUDER	$41,322,000	–	430,525	–	0.47%	–
MMM	New	3M	$38,201,000	–	183,490	–	0.44%	–
FB	New	FACEBOOK	$36,713,000	–	243,165	–	0.42%	–
WFC	New	WELLS FARGO	$29,601,000	–	534,210	–	0.34%	–
AAPL	New	APPLE	$28,360,000	–	196,915	–	0.32%	–
COH	New	COACH	$24,891,000	–	525,790	–	0.28%	–
SLB	New	SCHLUMBERGER	$22,484,000	–	341,500	–	0.26%	–
CL	New	COLGATE-PALMOLIVE	$21,718,000	–	292,970	–	0.25%	–
UNP	New	UNION PACIFIC	$19,903,000	–	182,750	–	0.23%	–
ORCL	New	ORACLE	$18,736,000	–	373,670	–	0.21%	–
PG	New	PROCTER & GAMBLE	$17,748,000	–	203,650	–	0.20%	–
XOM	New	EXXON MOBIL	$17,191,000	–	212,940	–	0.20%	–
	New	1,375 LIBERTY MEDIA 15.10.2023note	$13,152,000	–	11,000,000	–	0.15%	–
EMR	New	EMERSON ELECTRIC	$13,158,000	–	220,700	–	0.15%	–
COP	New	CONOCOPHILLIPS	$12,507,000	–	284,500	–	0.14%	–
ROP	New	ROPER TECHNOLOGIES	$12,468,000	–	53,850	–	0.14%	–
MRO	New	MARATHON OIL	$12,396,000	–	1,046,100	–	0.14%	–
NOV	New	NATIONAL OILWELL VARCO	$11,429,000	–	346,950	–	0.13%	–
WMT	New	WAL-MART STORES	$10,496,000	–	138,688	–	0.12%	–
QRTEA	New	LIBERTY INTERACTIVE A	$9,816,000	–	400,000	–	0.11%	–
TMO	New	THERMO FISHER SCIENTIFIC	$8,054,000	–	46,160	–	0.09%	–
	New	1,875 JAZZ INVESTMENTS 15.08.2021note	$7,754,000	–	7,000,000	–	0.09%	–
MCD	New	MCDONALDS	$7,417,000	–	48,428	–	0.08%	–
BIDU	New	BAIDU ADR	$6,358,000	–	35,550	–	0.07%	–
	New	0,500 TOLL BROTHERS 15.09.2032note	$6,005,000	–	6,000,000	–	0.07%	–
	New	1,250 HURON CONSULTING GROUP 01.10.2019note	$5,787,000	–	6,000,000	–	0.07%	–
WU	New	WESTERN UNION	$5,525,000	–	290,000	–	0.06%	–
DIS	New	WALT DISNEY	$5,419,000	–	51,000	–	0.06%	–
	New	NEWMONT MINING CALLcall	$5,182,000	–	1,600	–	0.06%	–
	New	0,900 PRICELINE 15.09.2021note	$4,603,000	–	4,000,000	–	0.05%	–
	New	2,000 MACQUARIE INFRASTRUCTURE 01.10.2023note	$4,267,000	–	4,250,000	–	0.05%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$4,038,000	–	115,500	–	0.05%	–
QGEN	New	QIAGEN	$3,800,000	–	114,175	–	0.04%	–
GWW	New	WW GRAINGER	$3,683,000	–	20,400	–	0.04%	–
	New	1,000 ON SEMICONDUCTOR 01.12.2020note	$3,234,000	–	3,100,000	–	0.04%	–
	New	BARRICK GOLD CALLcall	$3,023,000	–	1,900	–	0.03%	–
DDS	New	DILLARDS	$2,873,000	–	49,800	–	0.03%	–
	New	1,000 NUANCE COMMUNICATIONS 15.12.2035note	$2,901,000	–	3,000,000	–	0.03%	–
FDS	New	FACTSET RESEARCH SYSTEMS	$2,759,000	–	16,600	–	0.03%	–
ABEV	New	AMBEV ADR	$2,745,000	–	500,000	–	0.03%	–
EBAY	New	EBAY	$2,619,000	–	75,000	–	0.03%	–
FMX	New	FEMSA ADR	$2,557,000	–	26,000	–	0.03%	–
PEP	New	PEPSICO	$2,506,000	–	21,700	–	0.03%	–
	New	QUALCOMM CALLcall	$2,485,000	–	450	–	0.03%	–
INFY	New	INFOSYS ADR	$2,084,000	–	138,740	–	0.02%	–
BSMX	New	GRUPO SANTANDER MEXICO ADR	$1,928,000	–	200,000	–	0.02%	–
UGP	New	ULTRAPAR ADR	$1,671,000	–	71,000	–	0.02%	–
RDY	New	DR REDDY'S LABORATORIES ADR	$1,433,000	–	34,000	–	0.02%	–
BAP	New	CREDICORP	$1,256,000	–	7,000	–	0.01%	–
CSCO	New	CISCO SYSTEMS	$1,177,000	–	37,590	–	0.01%	–
	New	1,000 CTRIP.COM 01.07.2020note	$1,161,000	–	1,000,000	–	0.01%	–
CHL	New	CHINA MOBILE ADR	$1,080,000	–	20,340	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$1,019,000	–	4	–	0.01%	–
PFE	New	PFIZER	$954,000	–	28,390	–	0.01%	–
GOOG	New	ALPHABET - CLASS C	$909,000	–	1,000	–	0.01%	–
YUM	New	YUM! BRANDS	$767,000	–	10,400	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING	$697,000	–	6,800	–	0.01%	–
PCLN	New	PRICELINE GROUP	$514,000	–	275	–	0.01%	–
HON	New	HONEYWELL INTERNATIONAL	$333,000	–	2,500	–	0.00%	–
GILD	New	GILEAD SCIENCES	$256,000	–	3,620	–	0.00%	–
SPLS	New	STAPLES	$136,000	–	13,530	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
FB	Exit	FACEBOOK	$0	–	-1,855	–	-0.00%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-3,250	–	-0.01%	–
BAP	Exit	CREDICORP	$0	–	-6,250	–	-0.02%	–
IFF	Exit	INTL FLAVORS & FRAGRANCES	$0	–	-7,500	–	-0.02%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-5	–	-0.02%	–
CHL	Exit	CHINA MOBILE ADR	$0	–	-17,250	–	-0.02%	–
INTC	Exit	INTEL	$0	–	-30,000	–	-0.02%	–
FMX	Exit	FEMSA ADR	$0	–	-12,500	–	-0.02%	–
YUM	Exit	YUM! BRANDS	$0	–	-12,750	–	-0.02%	–
BSMX	Exit	GRUPO SANTANDER MEXICO ADR	$0	–	-152,500	–	-0.02%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-35,000	–	-0.02%	–
INFY	Exit	INFOSYS ADR	$0	–	-95,000	–	-0.02%	–
UGP	Exit	ULTRAPAR ADR	$0	–	-72,500	–	-0.03%	–
WMT	Exit	WAL-MART STORES	$0	–	-23,100	–	-0.03%	–
GOLD	Exit	BARRICK GOLD	$0	–	-100,000	–	-0.03%	–
RDY	Exit	DR REDDY'S LABORATORIES ADR	$0	–	-40,000	–	-0.03%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-68,170	–	-0.04%	–
	Exit	1,000% CTRIP.COM 01.07.2020note	$0	–	-2,000,000	–	-0.04%	–
MO	Exit	ALTRIA GROUP	$0	–	-35,000	–	-0.04%	–
SU	Exit	SUNCOR ENERGY	$0	–	-85,000	–	-0.04%	–
ROST	Exit	ROSS STORES	$0	–	-37,000	–	-0.04%	–
BCR	Exit	CR BARD	$0	–	-11,000	–	-0.04%	–
ABEV	Exit	AMBEV ADR	$0	–	-415,000	–	-0.04%	–
DDS	Exit	DILLARDS	$0	–	-40,000	–	-0.04%	–
	Exit	3,000% MICRON TECHNOLOGY 15.11.2043note	$0	–	-3,000,000	–	-0.04%	–
	Exit	1,990% CTRIP.COM 01.07.2025note	$0	–	-2,500,000	–	-0.05%	–
	Exit	1,625% MOLINA HEALTHCARE 15.08.2044note	$0	–	-2,500,000	–	-0.05%	–
	Exit	1,000% ON SEMICONDUCTOR 01.12.2020note	$0	–	-3,100,000	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-111,500	–	-0.06%	–
	Exit	0,900% PRICELINE 15.09.2021note	$0	–	-3,160,000	–	-0.06%	–
WFCPRL	Exit	7,500% WELLS FARGO 15.12.2049note	$0	–	-3,000	–	-0.06%	–
	Exit	1,375% BROCADE 01.01.2020note	$0	–	-4,000,000	–	-0.07%	–
	Exit	2,500% LIVE NATION ENTERTAINMENT 15.05.2019note	$0	–	-4,000,000	–	-0.07%	–
DIS	Exit	WALT DISNEY	$0	–	-51,000	–	-0.08%	–
	Exit	0,500% TOLL BROTHERS 15.09.2032note	$0	–	-6,000,000	–	-0.10%	–
QGEN	Exit	QIAGEN	$0	–	-235,000	–	-0.11%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-89,650	–	-0.11%	–
	Exit	0,350% PRICELINE 15.06.2020note	$0	–	-5,100,000	–	-0.11%	–
	Exit	1,875% JAZZ INVESTMENTS 15.08.2021note	$0	–	-7,000,000	–	-0.12%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-44,960	–	-0.12%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-76,700	–	-0.12%	–
WU	Exit	WESTERN UNION	$0	–	-360,000	–	-0.12%	–
PEP	Exit	PEPSICO	$0	–	-76,770	–	-0.14%	–
MRO	Exit	MARATHON OIL	$0	–	-620,000	–	-0.16%	–
UNP	Exit	UNION PACIFIC	$0	–	-111,000	–	-0.18%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-279,000	–	-0.20%	–
MCD	Exit	MCDONALDS	$0	–	-108,278	–	-0.21%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-231,750	–	-0.21%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-247,000	–	-0.21%	–
WFC	Exit	WELLS FARGO	$0	–	-295,000	–	-0.22%	–
COH	Exit	COACH	$0	–	-369,800	–	-0.22%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-391,300	–	-0.24%	–
	Exit	1,375% LIBERTY MEDIA 15.10.2023note	$0	–	-16,000,000	–	-0.28%	–
QRTEA	Exit	LIBERTY INTERACTIVE A	$0	–	-865,900	–	-0.29%	–
XOM	Exit	EXXON MOBIL	$0	–	-226,350	–	-0.33%	–
ORCL	Exit	ORACLE	$0	–	-556,945	–	-0.36%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-260,000	–	-0.38%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-404,950	–	-0.50%	–
NEM	Exit	NEWMONT MINING	$0	–	-893,300	–	-0.58%	–
ROP	Exit	ROPER TECHNOLOGIES	$0	–	-218,000	–	-0.66%	–
QCOM	Exit	QUALCOMM	$0	–	-598,400	–	-0.68%	–
	Exit	MONSANTO CALLcall	$0	–	-4,210	–	-0.72%	–
GG	Exit	GOLDCORP	$0	–	-2,702,820	–	-0.74%	–
NKE	Exit	NIKE	$0	–	-867,800	–	-0.76%	–
BIDU	Exit	BAIDU ADR	$0	–	-266,450	–	-0.81%	–
PCLN	Exit	PRICELINE GROUP	$0	–	-33,181	–	-0.81%	–
FTV	Exit	FORTIVE	$0	–	-1,141,720	–	-0.97%	–
MMM	Exit	3M	$0	–	-373,180	–	-1.10%	–
AME	Exit	AMETEK	$0	–	-1,446,400	–	-1.15%	–
TJX	Exit	TJX COMPANIES	$0	–	-1,039,980	–	-1.30%	–
IBM	Exit	IBM	$0	–	-506,190	–	-1.34%	–
LB	Exit	L BRANDS	$0	–	-1,287,324	–	-1.52%	–
AAPL	Exit	APPLE	$0	–	-892,625	–	-1.68%	–
PYPL	Exit	PAYPAL	$0	–	-3,016,750	–	-2.06%	–
MDT	Exit	MEDTRONIC	$0	–	-1,449,351	–	-2.09%	–
V	Exit	VISA - CLASS A	$0	–	-1,960,202	–	-2.70%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-1,976,826	–	-2.96%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,949,200	–	-3.30%	–
AMGN	Exit	AMGEN	$0	–	-1,213,152	–	-3.38%	–
MON	Exit	MONSANTO	$0	–	-2,332,647	–	-3.98%	–
DHR	Exit	DANAHER	$0	–	-3,341,211	–	-4.37%	–
GOOGL	Exit	ALPHABET - CLASS A	$0	–	-345,617	–	-4.63%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,471,115	–	-4.87%	–
MA	Exit	MASTERCARD	$0	–	-3,092,619	–	-5.25%	–
KO	Exit	COCA-COLA	$0	–	-8,721,448	–	-6.16%	–
MSFT	Exit	MICROSOFT	$0	–	-7,205,332	–	-6.92%	–
KORS	Exit	MICHAEL KORS	$0	–	-9,294,299	–	-7.25%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-3,684,524	–	-8.88%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-14,302,816	–	-10.09%	–

Q3 2016

			Value		Shares		↓ Weighting
ABT	Sell	ABBOTT LABORATORIES	$604,866,000	+6.0%	14,302,816	-1.5%	10.09%	+2.9%
BRKB	Buy	BERKSHIRE HATHAWAY B	$532,303,000	+6.0%	3,684,524	+6.3%	8.88%	+2.9%
KORS	Buy	MICHAEL KORS	$434,880,000	-4.0%	9,294,299	+1.5%	7.25%	-6.8%
MSFT	Buy	MICROSOFT	$415,027,000	+14.7%	7,205,332	+1.9%	6.92%	+11.3%
KO	Buy	COCA-COLA	$369,092,000	+33.0%	8,721,448	+42.5%	6.16%	+29.1%
MA	Buy	MASTERCARD	$314,736,000	+23.8%	3,092,619	+7.1%	5.25%	+20.2%
JNJ	Sell	JOHNSON & JOHNSON	$291,913,000	-11.4%	2,471,115	-9.0%	4.87%	-14.0%
GOOGL	Buy	ALPHABET - CLASS A	$277,897,000	+15.2%	345,617	+0.8%	4.63%	+11.8%
DHR	Buy	DANAHER	$261,918,000	+13.5%	3,341,211	+46.3%	4.37%	+10.2%
MON	New	MONSANTO	$238,397,000	–	2,332,647	–	3.98%	–
AMGN	Sell	AMGEN	$202,366,000	+5.3%	1,213,152	-4.0%	3.38%	+2.2%
UTX	Buy	UNITED TECHNOLOGIES	$198,039,000	+11.2%	1,949,200	+12.3%	3.30%	+8.0%
PG	Sell	PROCTER & GAMBLE	$177,420,000	-16.1%	1,976,826	-20.9%	2.96%	-18.6%
V	Buy	VISA - CLASS A	$162,109,000	+27.0%	1,960,202	+13.9%	2.70%	+23.3%
MDT	Sell	MEDTRONIC	$125,224,000	-9.1%	1,449,351	-8.7%	2.09%	-11.7%
PYPL	Buy	PAYPAL	$123,596,000	+88.6%	3,016,750	+68.1%	2.06%	+83.0%
AAPL	Sell	APPLE	$100,911,000	-80.5%	892,625	-83.5%	1.68%	-81.1%
LB	Sell	L BRANDS	$91,104,000	-19.5%	1,287,324	-23.7%	1.52%	-21.9%
IBM	Sell	IBM	$80,408,000	-28.3%	506,190	-31.5%	1.34%	-30.4%
TJX	Sell	TJX COMPANIES	$77,770,000	-9.3%	1,039,980	-6.4%	1.30%	-12.0%
AME	Buy	AMETEK	$69,109,000	+63.8%	1,446,400	+58.4%	1.15%	+58.9%
MMM	Sell	3M	$65,766,000	-42.7%	373,180	-43.1%	1.10%	-44.4%
FTV	New	FORTIVE	$58,114,000	–	1,141,720	–	0.97%	–
PCLN	Sell	PRICELINE GROUP	$48,826,000	-60.4%	33,181	-66.4%	0.81%	-61.6%
BIDU	Sell	BAIDU ADR	$48,513,000	-3.9%	266,450	-12.8%	0.81%	-6.7%
NKE	New	NIKE	$45,690,000	–	867,800	–	0.76%	–
GG	Buy	GOLDCORP	$44,651,000	+95.6%	2,702,820	+126.5%	0.74%	+90.1%
	New	MONSANTO CALLcall	$43,026,000	–	4,210	–	0.72%	–
QCOM	Buy	QUALCOMM	$40,990,000	+33.8%	598,400	+4.7%	0.68%	+30.0%
ROP	Buy	ROPER TECHNOLOGIES	$39,778,000	+3231.5%	218,000	+3014.3%	0.66%	+3057.1%
NEM	Sell	NEWMONT MINING	$35,098,000	-17.6%	893,300	-18.0%	0.58%	-20.1%
CL	Buy	COLGATE-PALMOLIVE	$30,023,000	+4.7%	404,950	+3.4%	0.50%	+1.6%
ADP	New	AUTOMATIC DATA PROCESSING	$22,932,000	–	260,000	–	0.38%	–
ORCL	Buy	ORACLE	$21,877,000	+1.9%	556,945	+6.2%	0.36%	-1.1%
QRTEA	Buy	LIBERTY INTERACTIVE A	$17,327,000	+64.5%	865,900	+108.6%	0.29%	+59.7%
NOV	Sell	NATIONAL OILWELL VARCO	$14,376,000	+0.5%	391,300	-8.0%	0.24%	-2.4%
COH	Sell	COACH	$13,520,000	-21.9%	369,800	-13.0%	0.22%	-24.2%
VZ	Sell	VERIZON COMMUNICATIONS	$12,839,000	-26.5%	247,000	-21.0%	0.21%	-28.7%
EMR	Sell	EMERSON ELECTRIC	$12,633,000	+4.0%	231,750	-0.5%	0.21%	+1.0%
MCD	Sell	MCDONALDS	$12,491,000	-27.6%	108,278	-24.4%	0.21%	-29.7%
COP	Buy	CONOCOPHILLIPS	$12,128,000	+5.0%	279,000	+5.3%	0.20%	+1.5%
UNP	Sell	UNION PACIFIC	$10,826,000	-74.6%	111,000	-77.2%	0.18%	-75.2%
MRO	Buy	MARATHON OIL	$9,802,000	+20.9%	620,000	+14.8%	0.16%	+17.3%
PEP	Sell	PEPSICO	$8,350,000	-13.6%	76,770	-15.8%	0.14%	-16.3%
WU	Sell	WESTERN UNION	$7,495,000	+6.2%	360,000	-2.2%	0.12%	+3.3%
PM	Buy	PHILIP MORRIS INTL.	$7,457,000	+22.1%	76,700	+27.7%	0.12%	+18.1%
TMO	Buy	THERMO FISHER SCIENTIFIC	$7,151,000	+30.6%	44,960	+21.3%	0.12%	+26.6%
	Buy	1,875% JAZZ INVESTMENTS 15.08.2021note	$7,127,000	+230.1%	7,000,000	+250.0%	0.12%	+221.6%
OXY	Buy	OCCIDENTAL PETROLEUM	$6,537,000	+153.0%	89,650	+162.1%	0.11%	+147.7%
	Sell	0,350% PRICELINE 15.06.2020note	$6,541,000	-31.1%	5,100,000	-37.0%	0.11%	-33.1%
QGEN	Buy	QIAGEN	$6,470,000	+49.4%	235,000	+17.5%	0.11%	+45.9%
WFCPRL	New	7,500% WELLS FARGO 15.12.2049note	$3,922,000	–	3,000	–	0.06%	–
TSM	Buy	TAIWAN SEMICONDUCTOR ADR	$3,411,000	+25.0%	111,500	+7.2%	0.06%	+21.3%
	Sell	3,000% MICRON TECHNOLOGY 15.11.2043note	$2,719,000	-11.2%	3,000,000	-25.0%	0.04%	-15.1%
DDS	Sell	DILLARDS	$2,520,000	-76.8%	40,000	-77.7%	0.04%	-77.5%
ABEV	Buy	AMBEV ADR	$2,527,000	+27.6%	415,000	+23.9%	0.04%	+23.5%
BCR	New	CR BARD	$2,467,000	–	11,000	–	0.04%	–
ROST	Buy	ROSS STORES	$2,379,000	+35.4%	37,000	+19.4%	0.04%	+33.3%
SU	Buy	SUNCOR ENERGY	$2,358,000	+70.1%	85,000	+70.0%	0.04%	+62.5%
MO	New	ALTRIA GROUP	$2,213,000	–	35,000	–	0.04%	–
CSCO	Sell	CISCO SYSTEMS	$2,162,000	-67.6%	68,170	-70.7%	0.04%	-68.7%
RDY	Buy	DR REDDY'S LABORATORIES ADR	$1,857,000	+0.7%	40,000	+11.1%	0.03%	-3.1%
GOLD	New	BARRICK GOLD	$1,772,000	–	100,000	–	0.03%	–
WMT	Sell	WAL-MART STORES	$1,666,000	-11.2%	23,100	-10.1%	0.03%	-12.5%
UGP	Buy	ULTRAPAR ADR	$1,587,000	+31.0%	72,500	+31.8%	0.03%	+23.8%
INFY	Buy	INFOSYS ADR	$1,499,000	+102.3%	95,000	+128.9%	0.02%	+92.3%
STX	Sell	SEAGATE TECHNOLOGY	$1,349,000	-7.7%	35,000	-41.7%	0.02%	-12.0%
FMX	New	FEMSA ADR	$1,151,000	–	12,500	–	0.02%	–
INTC	Sell	INTEL	$1,133,000	-90.2%	30,000	-91.5%	0.02%	-90.5%
CHL	Sell	CHINA MOBILE ADR	$1,061,000	-1.5%	17,250	-7.3%	0.02%	-5.3%
HON	Sell	HONEYWELL INTERNATIONAL	$379,000	-93.9%	3,250	-93.9%	0.01%	-94.3%
XRX	Exit	XEROX	$0	–	-10,310	–	-0.00%	–
SPLS	Exit	STAPLES	$0	–	-13,530	–	-0.00%	–
T	Exit	AT & T	$0	–	-5,160	–	-0.00%	–
EBAY	Exit	EBAY	$0	–	-12,000	–	-0.01%	–
NVCR	Exit	NOVOCURE	$0	–	-33,863	–	-0.01%	–
	Exit	1,125% MOLINA HEALTHCARE 15.01.2020note	$0	–	-1,000,000	–	-0.02%	–
	Exit	1,000% SINA 01.12.2018note	$0	–	-3,500,000	–	-0.06%	–
	Exit	CISCO SYSTEMS CALLcall	$0	–	-1,300	–	-0.06%	–
	Exit	APPLE CALLcall	$0	–	-400	–	-0.07%	–
	Exit	MICROSOFT CALLcall	$0	–	-1,000	–	-0.09%	–
	Exit	MASTERCARD CALLcall	$0	–	-600	–	-0.09%	–
	Exit	1,000% NAT. BANK OF ABU DHABI 12.03.2018note	$0	–	-6,200,000	–	-0.11%	–
	Exit	2,950% INTEL 15.12.2035note	$0	–	-6,000,000	–	-0.13%	–

Q2 2016

			Value		Shares		↓ Weighting
ABT	New	ABBOTT LABORATORIES	$570,576,000	–	14,514,773	–	9.80%	–
AAPL	New	APPLE	$518,259,000	–	5,421,121	–	8.90%	–
BRKB	New	BERKSHIRE HATHAWAY B	$502,068,000	–	3,467,559	–	8.63%	–
KORS	New	MICHAEL KORS	$452,990,000	–	9,155,014	–	7.78%	–
MSFT	New	MICROSOFT	$361,789,000	–	7,070,342	–	6.22%	–
JNJ	New	JOHNSON & JOHNSON	$329,418,000	–	2,715,730	–	5.66%	–
KO	New	COCA-COLA	$277,448,000	–	6,120,620	–	4.77%	–
MA	New	MASTERCARD	$254,193,000	–	2,886,590	–	4.37%	–
GOOGL	New	ALPHABET - CLASS A	$241,259,000	–	342,927	–	4.14%	–
DHR	New	DANAHER	$230,692,000	–	2,284,077	–	3.96%	–
PG	New	PROCTER & GAMBLE	$211,519,000	–	2,498,156	–	3.63%	–
AMGN	New	AMGEN	$192,217,000	–	1,263,342	–	3.30%	–
UTX	New	UNITED TECHNOLOGIES	$178,027,000	–	1,736,000	–	3.06%	–
MDT	New	MEDTRONIC	$137,708,000	–	1,587,051	–	2.37%	–
V	New	VISA - CLASS A	$127,630,000	–	1,720,771	–	2.19%	–
PCLN	New	PRICELINE GROUP	$123,264,000	–	98,737	–	2.12%	–
MMM	New	3M	$114,874,000	–	655,972	–	1.97%	–
LB	New	L BRANDS	$113,223,000	–	1,686,624	–	1.94%	–
IBM	New	IBM	$112,165,000	–	738,999	–	1.93%	–
TJX	New	TJX COMPANIES	$85,791,000	–	1,110,855	–	1.47%	–
PYPL	New	PAYPAL	$65,535,000	–	1,794,990	–	1.13%	–
BIDU	New	BAIDU ADR	$50,470,000	–	305,600	–	0.87%	–
NEM	New	NEWMONT MINING	$42,606,000	–	1,089,110	–	0.73%	–
UNP	New	UNION PACIFIC	$42,539,000	–	487,558	–	0.73%	–
AME	New	AMETEK	$42,203,000	–	912,900	–	0.72%	–
QCOM	New	QUALCOMM	$30,631,000	–	571,800	–	0.53%	–
CL	New	COLGATE-PALMOLIVE	$28,669,000	–	391,650	–	0.49%	–
GG	New	GOLDCORP	$22,830,000	–	1,193,400	–	0.39%	–
ORCL	New	ORACLE	$21,460,000	–	524,305	–	0.37%	–
XOM	New	EXXON MOBIL	$21,218,000	–	226,350	–	0.36%	–
VZ	New	VERIZON COMMUNICATIONS	$17,461,000	–	312,700	–	0.30%	–
COH	New	COACH	$17,312,000	–	424,940	–	0.30%	–
MCD	New	MCDONALDS	$17,242,000	–	143,278	–	0.30%	–
	New	1,375% LIBERTY MEDIA 15.10.2023note	$15,956,000	–	16,000,000	–	0.27%	–
NOV	New	NATIONAL OILWELL VARCO	$14,305,000	–	425,100	–	0.25%	–
WFC	New	WELLS FARGO	$13,962,000	–	295,000	–	0.24%	–
EMR	New	EMERSON ELECTRIC	$12,145,000	–	232,850	–	0.21%	–
INTC	New	INTEL	$11,581,000	–	353,070	–	0.20%	–
COP	New	CONOCOPHILLIPS	$11,554,000	–	265,000	–	0.20%	–
DDS	New	DILLARDS	$10,884,000	–	179,600	–	0.19%	–
QRTEA	New	LIBERTY INTERACTIVE A	$10,534,000	–	415,200	–	0.18%	–
PEP	New	PEPSICO	$9,660,000	–	91,180	–	0.17%	–
	New	0,350% PRICELINE 15.06.2020note	$9,487,000	–	8,100,000	–	0.16%	–
MRO	New	MARATHON OIL	$8,105,000	–	540,000	–	0.14%	–
	New	2,950% INTEL 15.12.2035note	$7,730,000	–	6,000,000	–	0.13%	–
WU	New	WESTERN UNION	$7,058,000	–	368,000	–	0.12%	–
CSCO	New	CISCO SYSTEMS	$6,675,000	–	232,660	–	0.12%	–
	New	1,000% NAT. BANK OF ABU DHABI 12.03.2018note	$6,185,000	–	6,200,000	–	0.11%	–
HON	New	HONEYWELL INTERNATIONAL	$6,194,000	–	53,250	–	0.11%	–
PM	New	PHILIP MORRIS INTL.	$6,108,000	–	60,050	–	0.10%	–
	New	0,500% TOLL BROTHERS 15.09.2032note	$5,892,000	–	6,000,000	–	0.10%	–
TMO	New	THERMO FISHER SCIENTIFIC	$5,476,000	–	37,060	–	0.09%	–
	New	MASTERCARD CALLcall	$5,284,000	–	600	–	0.09%	–
	New	MICROSOFT CALLcall	$5,117,000	–	1,000	–	0.09%	–
DIS	New	WALT DISNEY	$4,989,000	–	51,000	–	0.09%	–
QGEN	New	QIAGEN	$4,330,000	–	200,000	–	0.07%	–
	New	2,500% LIVE NATION ENTERTAINMENT 15.05.2019note	$4,044,000	–	4,000,000	–	0.07%	–
	New	1,375% BROCADE 01.01.2020note	$3,970,000	–	4,000,000	–	0.07%	–
	New	APPLE CALLcall	$3,824,000	–	400	–	0.07%	–
	New	CISCO SYSTEMS CALLcall	$3,730,000	–	1,300	–	0.06%	–
	New	1,000% SINA 01.12.2018note	$3,459,000	–	3,500,000	–	0.06%	–
	New	0,900% PRICELINE 15.09.2021note	$3,214,000	–	3,160,000	–	0.06%	–
	New	3,000% MICRON TECHNOLOGY 15.11.2043note	$3,061,000	–	4,000,000	–	0.05%	–
	New	1,000% ON SEMICONDUCTOR 01.12.2020note	$2,783,000	–	3,100,000	–	0.05%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$2,728,000	–	104,000	–	0.05%	–
	New	1,625% MOLINA HEALTHCARE 15.08.2044note	$2,755,000	–	2,500,000	–	0.05%	–
	New	1,990% CTRIP.COM 01.07.2025note	$2,721,000	–	2,500,000	–	0.05%	–
OXY	New	OCCIDENTAL PETROLEUM	$2,584,000	–	34,200	–	0.04%	–
	New	1,875% JAZZ INVESTMENTS 15.08.2021note	$2,159,000	–	2,000,000	–	0.04%	–
	New	1,000% CTRIP.COM 01.07.2020note	$2,123,000	–	2,000,000	–	0.04%	–
ABEV	New	AMBEV ADR	$1,980,000	–	335,000	–	0.03%	–
RDY	New	DR REDDY'S LABORATORIES ADR	$1,844,000	–	36,000	–	0.03%	–
WMT	New	WAL-MART STORES	$1,877,000	–	25,700	–	0.03%	–
ROST	New	ROSS STORES	$1,757,000	–	31,000	–	0.03%	–
STX	New	SEAGATE TECHNOLOGY	$1,462,000	–	60,000	–	0.02%	–
BSMX	New	GRUPO SANTANDER MEXICO ADR	$1,386,000	–	152,500	–	0.02%	–
SU	New	SUNCOR ENERGY	$1,386,000	–	50,000	–	0.02%	–
	New	1,125% MOLINA HEALTHCARE 15.01.2020note	$1,364,000	–	1,000,000	–	0.02%	–
ROP	New	ROPER TECHNOLOGIES	$1,194,000	–	7,000	–	0.02%	–
UGP	New	ULTRAPAR ADR	$1,211,000	–	55,000	–	0.02%	–
BRKA	New	BERKSHIRE HATHAWAY A	$1,085,000	–	5	–	0.02%	–
CHL	New	CHINA MOBILE ADR	$1,077,000	–	18,600	–	0.02%	–
YUM	New	YUM! BRANDS	$1,057,000	–	12,750	–	0.02%	–
BAP	New	CREDICORP	$965,000	–	6,250	–	0.02%	–
IFF	New	INTL FLAVORS & FRAGRANCES	$946,000	–	7,500	–	0.02%	–
INFY	New	INFOSYS ADR	$741,000	–	41,500	–	0.01%	–
NVCR	New	NOVOCURE	$395,000	–	33,863	–	0.01%	–
EBAY	New	EBAY	$281,000	–	12,000	–	0.01%	–
FB	New	FACEBOOK	$212,000	–	1,855	–	0.00%	–
T	New	AT & T	$223,000	–	5,160	–	0.00%	–
XRX	New	XEROX	$98,000	–	10,310	–	0.00%	–
SPLS	New	STAPLES	$117,000	–	13,530	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
T	Exit	AT & T	$0	–	-7,150	–	-0.00%	–
DE	Exit	DEERE & CO.	$0	–	-3,600	–	-0.01%	–
BXLT	Exit	BAXALTA	$0	–	-13,000	–	-0.01%	–
CBD	Exit	GRUPO PAO DE ACUCAR ADR	$0	–	-38,000	–	-0.01%	–
GG	Exit	GOLDCORP	$0	–	-40,600	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-3	–	-0.01%	–
GOOG	Exit	GOOGLE - CLASS C	$0	–	-1,002	–	-0.01%	–
K	Exit	KELLOGG	$0	–	-9,350	–	-0.01%	–
YNDX	Exit	YANDEX	$0	–	-57,000	–	-0.01%	–
HDB	Exit	HDFC BANK ADR	$0	–	-11,200	–	-0.01%	–
IFF	Exit	INTL FLAVORS & FRAGRANCES	$0	–	-7,500	–	-0.01%	–
GWW	Exit	WW GRAINGER	$0	–	-3,550	–	-0.01%	–
BAP	Exit	CREDICORP	$0	–	-9,000	–	-0.02%	–
YUM	Exit	YUM! BRANDS	$0	–	-12,750	–	-0.02%	–
BSMX	Exit	GRUPO SANTANDER MEXICO ADR	$0	–	-152,500	–	-0.02%	–
MRO	Exit	MARATHON OIL	$0	–	-72,000	–	-0.02%	–
UGP	Exit	ULTRAPAR ADR	$0	–	-67,500	–	-0.02%	–
RDY	Exit	DR REDDY'S LABORATORIES ADR	$0	–	-18,000	–	-0.02%	–
	Exit	MICHAEL KORS HOLDINGS CALLcall	$0	–	-300	–	-0.02%	–
ROST	Exit	ROSS STORES	$0	–	-27,900	–	-0.02%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-24,300	–	-0.03%	–
LB	Exit	L BRANDS	$0	–	-24,750	–	-0.04%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-73,000	–	-0.04%	–
	Exit	MASTERCARD CALLcall	$0	–	-300	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-137,500	–	-0.05%	–
	Exit	0,500% CITRIX SYSTEMS 15.04.2019note	$0	–	-3,000,000	–	-0.06%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-30,000	–	-0.06%	–
	Exit	CISCO SYSTEMS CALLcall	$0	–	-1,300	–	-0.06%	–
	Exit	0,500% SANDISK 15.10.2020note	$0	–	-4,000,000	–	-0.07%	–
WMT	Exit	WAL-MART STORES	$0	–	-64,400	–	-0.07%	–
	Exit	1,000% SINA 01.12.2018note	$0	–	-4,500,000	–	-0.07%	–
	Exit	3,000% MICRON TECHNOLOGY 15.11.2043note	$0	–	-5,000,000	–	-0.08%	–
	Exit	MICROSOFT CALLcall	$0	–	-1,000	–	-0.08%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-51,250	–	-0.08%	–
ABBV	Exit	ABBVIE	$0	–	-95,500	–	-0.09%	–
	Exit	0,625% VIAVI SOLUTIONS 15.08.2033note	$0	–	-6,000,000	–	-0.10%	–
WU	Exit	WESTERN UNION	$0	–	-335,500	–	-0.11%	–
	Exit	0,500% TOLL BROTHERS 15.09.2032note	$0	–	-6,000,000	–	-0.11%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-50,830	–	-0.11%	–
WDC	Exit	WESTERN DIGITAL	$0	–	-81,000	–	-0.11%	–
	Exit	2,950% INTEL 15.12.2035note	$0	–	-6,000,000	–	-0.13%	–
	Exit	JOHNSON & JOHNSON CALLcall	$0	–	-800	–	-0.13%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS	$0	–	-84,100	–	-0.14%	–
QRTEA	Exit	LIBERTY INTERACTIVE A	$0	–	-302,000	–	-0.14%	–
YHOO	Exit	YAHOO!	$0	–	-281,999	–	-0.14%	–
SLB	Exit	SCHLUMBERGER	$0	–	-120,350	–	-0.14%	–
	Exit	1,375% LIBERTY MEDIA 15.10.2023note	$0	–	-10,000,000	–	-0.17%	–
XRX	Exit	XEROX	$0	–	-1,039,610	–	-0.18%	–
NEM	Exit	NEWMONT MINING	$0	–	-657,630	–	-0.18%	–
WFC	Exit	WELLS FARGO	$0	–	-214,000	–	-0.19%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-242,500	–	-0.20%	–
GOLD	Exit	BARRICK GOLD	$0	–	-1,880,640	–	-0.21%	–
EBAY	Exit	EBAY	$0	–	-514,500	–	-0.22%	–
QGEN	Exit	QIAGEN	$0	–	-499,900	–	-0.22%	–
INTC	Exit	INTEL	$0	–	-442,150	–	-0.23%	–
EMC	Exit	EMC	$0	–	-655,300	–	-0.28%	–
POT	Exit	POTASH CORP SASKATCHEWAN	$0	–	-810,500	–	-0.29%	–
MCD	Exit	MCDONALDS	$0	–	-172,125	–	-0.30%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-1,182,500	–	-0.31%	–
SYK	Exit	STRYKER	$0	–	-214,500	–	-0.35%	–
DDS	Exit	DILLARDS	$0	–	-234,150	–	-0.36%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-482,500	–	-0.38%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-521,389	–	-0.40%	–
CHL	Exit	CHINA MOBILE ADR	$0	–	-391,750	–	-0.41%	–
XOM	Exit	EXXON MOBIL	$0	–	-318,670	–	-0.41%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-418,870	–	-0.46%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-728,900	–	-0.48%	–
	Exit	0,350% PRICELINE 15.06.2020note	$0	–	-24,500,000	–	-0.50%	–
ABEV	Exit	AMBEV ADR	$0	–	-6,008,500	–	-0.51%	–
BIDU	Exit	BAIDU ADR	$0	–	-221,210	–	-0.53%	–
V	Exit	VISA - CLASS A	$0	–	-449,500	–	-0.54%	–
TJX	Exit	TJX COMPANIES	$0	–	-456,865	–	-0.57%	–
UNP	Exit	UNION PACIFIC	$0	–	-374,300	–	-0.58%	–
COH	Exit	COACH	$0	–	-1,188,780	–	-0.60%	–
ORCL	Exit	ORACLE	$0	–	-1,261,805	–	-0.79%	–
IBM	Exit	IBM	$0	–	-317,720	–	-0.80%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-2,003,360	–	-0.92%	–
PFE	Exit	PFIZER	$0	–	-2,018,400	–	-1.10%	–
PYPL	Exit	PAYPAL	$0	–	-2,434,745	–	-1.32%	–
PEP	Exit	PEPSICO	$0	–	-823,480	–	-1.35%	–
PCLN	Exit	PRICELINE GROUP	$0	–	-81,899	–	-1.76%	–
MDT	Exit	MEDTRONIC	$0	–	-1,721,390	–	-2.00%	–
MA	Exit	MASTERCARD	$0	–	-1,463,159	–	-2.29%	–
DHR	Exit	DANAHER	$0	–	-1,663,207	–	-2.47%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-3,496,292	–	-2.69%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,860,646	–	-2.88%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-4,164,806	–	-2.92%	–
AMGN	Exit	AMGEN	$0	–	-1,257,402	–	-3.03%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-2,311,393	–	-3.19%	–
AAPL	Exit	APPLE	$0	–	-2,122,104	–	-4.07%	–
QCOM	Exit	QUALCOMM	$0	–	-4,567,890	–	-4.27%	–
MMM	Exit	3M	$0	–	-1,972,720	–	-4.87%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-4,062,563	–	-5.08%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,504,870	–	-5.69%	–
GOOGL	Exit	GOOGLE - CLASS A	$0	–	-523,205	–	-5.81%	–
KORS	Exit	MICHAEL KORS	$0	–	-8,151,185	–	-5.99%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-2,781,672	–	-6.31%	–
MSFT	Exit	MICROSOFT	$0	–	-8,699,439	–	-6.70%	–
KO	Exit	COCA-COLA	$0	–	-13,054,733	–	-9.11%	–

Q3 2015

			Value		Shares		↓ Weighting
KO	Buy	COCA-COLA	$523,756,000	+9.2%	13,054,733	+6.8%	9.11%	-1.7%
MSFT	Buy	MICROSOFT	$385,037,000	+2.6%	8,699,439	+2.3%	6.70%	-7.7%
BRKB	Buy	BERKSHIRE HATHAWAY B	$362,730,000	+5.7%	2,781,672	+10.3%	6.31%	-4.9%
KORS	Buy	MICHAEL KORS	$344,306,000	+6.0%	8,151,185	+5.6%	5.99%	-4.6%
GOOGL	Sell	GOOGLE - CLASS A	$333,998,000	+15.4%	523,205	-2.4%	5.81%	+3.9%
JNJ	Buy	JOHNSON & JOHNSON	$327,180,000	+1.3%	3,504,870	+5.7%	5.69%	-8.9%
PG	Buy	PROCTER & GAMBLE	$292,261,000	+46.0%	4,062,563	+58.8%	5.08%	+31.4%
MMM	Buy	3M	$279,673,000	+123.4%	1,972,720	+143.1%	4.87%	+101.1%
QCOM	Buy	QUALCOMM	$245,433,000	-11.1%	4,567,890	+3.7%	4.27%	-19.9%
AAPL	Buy	APPLE	$234,068,000	+71.3%	2,122,104	+94.8%	4.07%	+54.2%
PM	Buy	PHILIP MORRIS INTL.	$183,363,000	+16.0%	2,311,393	+17.2%	3.19%	+4.4%
AMGN	Buy	AMGEN	$173,924,000	+4.4%	1,257,402	+15.9%	3.03%	-6.0%
ABT	Buy	ABBOTT LABORATORIES	$167,508,000	+50.3%	4,164,806	+83.4%	2.92%	+35.3%
UTX	Buy	UNITED TECHNOLOGIES	$165,579,000	-3.2%	1,860,646	+20.6%	2.88%	-12.9%
EMR	Buy	EMERSON ELECTRIC	$154,431,000	+22.0%	3,496,292	+53.1%	2.69%	+9.8%
DHR	Buy	DANAHER	$141,722,000	+195.5%	1,663,207	+196.8%	2.47%	+166.0%
MA	Buy	MASTERCARD	$131,860,000	+8.3%	1,463,159	+12.4%	2.29%	-2.5%
MDT	Buy	MEDTRONIC	$115,230,000	-0.7%	1,721,390	+9.9%	2.00%	-10.7%
PCLN	Buy	PRICELINE GROUP	$101,298,000	+13.9%	81,899	+6.0%	1.76%	+2.6%
PEP	Buy	PEPSICO	$77,654,000	+2.6%	823,480	+1.5%	1.35%	-7.7%
PYPL	New	PAYPAL	$75,574,000	–	2,434,745	–	1.32%	–
PFE	Buy	PFIZER	$63,398,000	-2.3%	2,018,400	+4.3%	1.10%	-12.1%
CSCO	Buy	CISCO SYSTEMS	$52,588,000	+8.8%	2,003,360	+13.9%	0.92%	-2.0%
IBM	Sell	IBM	$46,060,000	-46.2%	317,720	-39.7%	0.80%	-51.6%
ORCL	Buy	ORACLE	$45,576,000	+6.0%	1,261,805	+18.3%	0.79%	-4.6%
COH	Buy	COACH	$34,391,000	-8.4%	1,188,780	+9.5%	0.60%	-17.6%
UNP	Buy	UNION PACIFIC	$33,092,000	+13.0%	374,300	+21.9%	0.58%	+1.8%
TJX	Buy	TJX COMPANIES	$32,629,000	+9.2%	456,865	+1.1%	0.57%	-1.7%
V	New	VISA - CLASS A	$31,312,000	–	449,500	–	0.54%	–
BIDU	Buy	BAIDU ADR	$30,396,000	-13.5%	221,210	+25.3%	0.53%	-22.2%
ABEV	Buy	AMBEV ADR	$29,442,000	-18.7%	6,008,500	+1.2%	0.51%	-26.9%
NOV	Buy	NATIONAL OILWELL VARCO	$27,443,000	-9.6%	728,900	+15.9%	0.48%	-18.6%
CL	Buy	COLGATE-PALMOLIVE	$26,581,000	+2.3%	418,870	+5.5%	0.46%	-7.8%
XOM	Sell	EXXON MOBIL	$23,693,000	-15.6%	318,670	-5.6%	0.41%	-24.1%
CHL	Buy	CHINA MOBILE ADR	$23,309,000	+4.1%	391,750	+12.2%	0.41%	-6.2%
VZ	Buy	VERIZON COMMUNICATIONS	$22,686,000	+39.0%	521,389	+48.9%	0.40%	+25.0%
STX	Buy	SEAGATE TECHNOLOGY	$21,616,000	-0.2%	482,500	+5.8%	0.38%	-10.3%
DDS	Buy	DILLARDS	$20,462,000	+52.0%	234,150	+83.0%	0.36%	+36.9%
SYK	Sell	STRYKER	$20,184,000	-2.1%	214,500	-0.6%	0.35%	-12.0%
MU	Buy	MICRON TECHNOLOGY	$17,714,000	-8.4%	1,182,500	+15.2%	0.31%	-17.6%
MCD	Sell	MCDONALDS	$16,959,000	-8.7%	172,125	-11.9%	0.30%	-17.8%
POT	Buy	POTASH CORP SASKATCHEWAN	$16,656,000	-33.6%	810,500	+0.1%	0.29%	-40.2%
EMC	Buy	EMC	$15,832,000	+6.2%	655,300	+16.0%	0.28%	-4.5%
INTC	Buy	INTEL	$13,326,000	+33.9%	442,150	+35.2%	0.23%	+20.8%
QGEN	Sell	QIAGEN	$12,871,000	-20.4%	499,900	-24.1%	0.22%	-28.4%
EBAY	Sell	EBAY	$12,574,000	-89.5%	514,500	-74.2%	0.22%	-90.6%
GOLD	Sell	BARRICK GOLD	$11,961,000	-56.4%	1,880,640	-27.0%	0.21%	-60.8%
COP	Buy	CONOCOPHILLIPS	$11,630,000	+2.4%	242,500	+31.1%	0.20%	-8.2%
WFC	Buy	WELLS FARGO	$10,989,000	+0.2%	214,000	+9.7%	0.19%	-9.9%
NEM	Buy	NEWMONT MINING	$10,568,000	-30.6%	657,630	+0.9%	0.18%	-37.4%
XRX	Sell	XEROX	$10,115,000	-21.7%	1,039,610	-14.4%	0.18%	-29.6%
SLB	Sell	SCHLUMBERGER	$8,301,000	-40.8%	120,350	-26.0%	0.14%	-46.9%
YHOO	Buy	YAHOO!	$8,153,000	-23.6%	281,999	+3.8%	0.14%	-31.1%
QRTEA	Buy	LIBERTY INTERACTIVE A	$7,921,000	+11.1%	302,000	+17.5%	0.14%	0.0%
	Buy	2,950% INTEL 15.12.2035note	$7,367,000	+11.2%	6,000,000	+9.1%	0.13%	0.0%
WDC	Sell	WESTERN DIGITAL	$6,435,000	-30.2%	81,000	-31.1%	0.11%	-37.1%
TMO	Buy	THERMO FISHER SCIENTIFIC	$6,215,000	+14.9%	50,830	+22.0%	0.11%	+2.9%
WU	Buy	WESTERN UNION	$6,160,000	+254.4%	335,500	+292.4%	0.11%	+214.7%
HON	Buy	HONEYWELL INTERNATIONAL	$4,853,000	-4.8%	51,250	+2.5%	0.08%	-15.2%
WMT	Buy	WAL-MART STORES	$4,176,000	+59.6%	64,400	+74.5%	0.07%	+43.1%
	Sell	0,500% CITRIX SYSTEMS 15.04.2019note	$3,164,000	-25.3%	3,000,000	-25.0%	0.06%	-32.9%
TSM	Buy	TAIWAN SEMICONDUCTOR ADR	$2,853,000	+19.6%	137,500	+31.0%	0.05%	+8.7%
BAX	Sell	BAXTER INTERNATIONAL	$2,398,000	-16.4%	73,000	-3.3%	0.04%	-23.6%
LB	Buy	L BRANDS	$2,231,000	+174.1%	24,750	+160.5%	0.04%	+143.8%
OXY	Buy	OCCIDENTAL PETROLEUM	$1,607,000	+403.8%	24,300	+492.7%	0.03%	+366.7%
ROST	Sell	ROSS STORES	$1,352,000	-47.9%	27,900	-47.8%	0.02%	-52.0%
RDY	Sell	DR REDDY'S LABORATORIES ADR	$1,150,000	-9.6%	18,000	-21.7%	0.02%	-20.0%
UGP	Buy	ULTRAPAR ADR	$1,129,000	+29.5%	67,500	+62.7%	0.02%	+17.6%
BSMX	Buy	GRUPO SANTANDER MEXICO ADR	$1,119,000	-0.2%	152,500	+24.5%	0.02%	-13.6%
MRO	New	MARATHON OIL	$1,109,000	–	72,000	–	0.02%	–
BAP	Buy	CREDICORP	$957,000	-5.0%	9,000	+24.1%	0.02%	-10.5%
HDB	New	HDFC BANK ADR	$684,000	–	11,200	–	0.01%	–
K	Sell	KELLOGG	$622,000	-96.2%	9,350	-96.4%	0.01%	-96.5%
GOOG	Sell	GOOGLE - CLASS C	$610,000	-66.5%	1,002	-71.4%	0.01%	-68.6%
BRKA	Buy	BERKSHIRE HATHAWAY A	$586,000	+42.9%	3	+50.0%	0.01%	+25.0%
GG	Buy	GOLDCORP	$508,000	+38.8%	40,600	+79.6%	0.01%	+28.6%
BXLT	New	BAXALTA	$410,000	–	13,000	–	0.01%	–
PH	Exit	PARKER HANNIFIN	$0	–	-2,500	–	-0.01%	–
DOFSQ	Exit	DIAMOND OFFSH. DRILLING	$0	–	-20,000	–	-0.01%	–
PSX	Exit	PHILLIPS 66	$0	–	-10,000	–	-0.02%	–
WFCPRL	Exit	7,500% WELLS FARGO 15.12.2049note	$0	–	-1,000	–	-0.02%	–
CCU	Exit	CERVECERIAS UNIDAS ADR	$0	–	-57,000	–	-0.02%	–
	Exit	1,000% NVIDIA 01.12.2018note	$0	–	-2,000,000	–	-0.04%	–
	Exit	1,125% YANDEX 15.12.2018note	$0	–	-4,000,000	–	-0.07%	–
MDLZ	Exit	MONDELEZ INT.	$0	–	-100,000	–	-0.08%	–
NTES	Exit	NETEASE ADR	$0	–	-38,900	–	-0.11%	–

Q2 2015

			Value		Shares		↓ Weighting
KO	New	COCA-COLA	$479,661,000	–	12,226,890	–	9.27%	–
MSFT	New	MICROSOFT	$375,370,000	–	8,502,149	–	7.26%	–
BRKB	New	BERKSHIRE HATHAWAY B	$343,166,000	–	2,521,240	–	6.63%	–
KORS	New	MICHAEL KORS	$324,755,000	–	7,715,720	–	6.28%	–
JNJ	New	JOHNSON & JOHNSON	$323,125,000	–	3,315,460	–	6.25%	–
GOOGL	New	GOOGLE - CLASS A	$289,451,000	–	535,980	–	5.60%	–
QCOM	New	QUALCOMM	$275,946,000	–	4,405,965	–	5.33%	–
PG	New	PROCTER & GAMBLE	$200,142,000	–	2,558,058	–	3.87%	–
UTX	New	UNITED TECHNOLOGIES	$171,089,000	–	1,542,312	–	3.31%	–
AMGN	New	AMGEN	$166,519,000	–	1,084,670	–	3.22%	–
PM	New	PHILIP MORRIS INTL.	$158,121,000	–	1,972,318	–	3.06%	–
AAPL	New	APPLE	$136,659,000	–	1,089,568	–	2.64%	–
EMR	New	EMERSON ELECTRIC	$126,616,000	–	2,284,250	–	2.45%	–
MMM	New	3M	$125,206,000	–	811,445	–	2.42%	–
MA	New	MASTERCARD	$121,724,000	–	1,302,144	–	2.35%	–
EBAY	New	EBAY	$120,266,000	–	1,996,445	–	2.32%	–
MDT	New	MEDTRONIC	$116,084,000	–	1,566,590	–	2.24%	–
ABT	New	ABBOTT LABORATORIES	$111,442,000	–	2,270,610	–	2.15%	–
PCLN	New	PRICELINE GROUP	$88,919,000	–	77,229	–	1.72%	–
IBM	New	IBM	$85,689,000	–	526,801	–	1.66%	–
PEP	New	PEPSICO	$75,697,000	–	810,980	–	1.46%	–
PFE	New	PFIZER	$64,910,000	–	1,935,880	–	1.26%	–
CSCO	New	CISCO SYSTEMS	$48,319,000	–	1,759,610	–	0.93%	–
DHR	New	DANAHER	$47,965,000	–	560,407	–	0.93%	–
ORCL	New	ORACLE	$42,996,000	–	1,066,905	–	0.83%	–
COH	New	COACH	$37,565,000	–	1,085,380	–	0.73%	–
ABEV	New	AMBEV ADR	$36,225,000	–	5,938,500	–	0.70%	–
BIDU	New	BAIDU ADR	$35,154,000	–	176,580	–	0.68%	–
NOV	New	NATIONAL OILWELL VARCO	$30,366,000	–	628,950	–	0.59%	–
TJX	New	TJX COMPANIES	$29,892,000	–	451,750	–	0.58%	–
UNP	New	UNION PACIFIC	$29,293,000	–	307,150	–	0.57%	–
XOM	New	EXXON MOBIL	$28,085,000	–	337,560	–	0.54%	–
GOLD	New	BARRICK GOLD	$27,458,000	–	2,575,640	–	0.53%	–
	New	0,350% PRICELINE 15.06.2020note	$27,368,000	–	24,500,000	–	0.53%	–
CL	New	COLGATE-PALMOLIVE	$25,976,000	–	397,120	–	0.50%	–
POT	New	POTASH CORP SASKATCHEWAN	$25,070,000	–	809,500	–	0.48%	–
CHL	New	CHINA MOBILE ADR	$22,383,000	–	349,250	–	0.43%	–
STX	New	SEAGATE TECHNOLOGY	$21,660,000	–	456,000	–	0.42%	–
SYK	New	STRYKER	$20,624,000	–	215,800	–	0.40%	–
MU	New	MICRON TECHNOLOGY	$19,335,000	–	1,026,300	–	0.37%	–
MCD	New	MCDONALDS	$18,570,000	–	195,330	–	0.36%	–
K	New	KELLOGG	$16,426,000	–	261,976	–	0.32%	–
VZ	New	VERIZON COMMUNICATIONS	$16,322,000	–	350,179	–	0.32%	–
QGEN	New	QIAGEN	$16,174,000	–	658,500	–	0.31%	–
NEM	New	NEWMONT MINING	$15,230,000	–	651,950	–	0.29%	–
EMC	New	EMC	$14,902,000	–	564,690	–	0.29%	–
SLB	New	SCHLUMBERGER	$14,023,000	–	162,700	–	0.27%	–
DDS	New	DILLARDS	$13,459,000	–	127,950	–	0.26%	–
XRX	New	XEROX	$12,925,000	–	1,214,710	–	0.25%	–
COP	New	CONOCOPHILLIPS	$11,361,000	–	185,000	–	0.22%	–
WFC	New	WELLS FARGO	$10,967,000	–	195,000	–	0.21%	–
YHOO	New	YAHOO!	$10,671,000	–	271,599	–	0.21%	–
INTC	New	INTEL	$9,950,000	–	327,150	–	0.19%	–
	New	1,375% LIBERTY MEDIA 15.10.2023note	$9,514,000	–	10,000,000	–	0.18%	–
WDC	New	WESTERN DIGITAL	$9,222,000	–	117,600	–	0.18%	–
ZBH	New	ZIMMER BIOMET HOLDINGS	$9,186,000	–	84,100	–	0.18%	–
	New	JOHNSON & JOHNSON CALLcall	$7,797,000	–	800	–	0.15%	–
QRTEA	New	LIBERTY INTERACTIVE A	$7,132,000	–	257,000	–	0.14%	–
	New	2,950% INTEL 15.12.2035note	$6,624,000	–	5,500,000	–	0.13%	–
ABBV	New	ABBVIE	$6,417,000	–	95,500	–	0.12%	–
	New	0,500% TOLL BROTHERS 15.09.2032note	$6,268,000	–	6,000,000	–	0.12%	–
	New	0,625% JDS UNIPHASE 15.08.2033note	$5,879,000	–	6,000,000	–	0.11%	–
NTES	New	NETEASE ADR	$5,635,000	–	38,900	–	0.11%	–
TMO	New	THERMO FISHER SCIENTIFIC	$5,408,000	–	41,680	–	0.10%	–
HON	New	HONEYWELL INTERNATIONAL	$5,099,000	–	50,000	–	0.10%	–
	New	3,000% MICRON TECHNOLOGY 15.11.2043note	$4,557,000	–	5,000,000	–	0.09%	–
	New	MICROSOFT CALLcall	$4,415,000	–	1,000	–	0.08%	–
	New	1,000% SINA 01.12.2018note	$4,295,000	–	4,500,000	–	0.08%	–
	New	0,500% CITRIX SYSTEMS 15.04.2019note	$4,237,000	–	4,000,000	–	0.08%	–
MDLZ	New	MONDELEZ INT.	$4,114,000	–	100,000	–	0.08%	–
	New	0,500% SANDISK 15.10.2020note	$3,890,000	–	4,000,000	–	0.08%	–
	New	CISCO SYSTEMS CALLcall	$3,570,000	–	1,300	–	0.07%	–
	New	1,125% YANDEX 15.12.2018note	$3,461,000	–	4,000,000	–	0.07%	–
GLD	New	SPDR GOLD TRUST	$3,371,000	–	30,000	–	0.06%	–
BAX	New	BAXTER INTERNATIONAL	$2,868,000	–	75,500	–	0.06%	–
	New	MASTERCARD CALLcall	$2,804,000	–	300	–	0.05%	–
WMT	New	WAL-MART STORES	$2,617,000	–	36,900	–	0.05%	–
ROST	New	ROSS STORES	$2,596,000	–	53,400	–	0.05%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$2,385,000	–	105,000	–	0.05%	–
	New	1,000% NVIDIA 01.12.2018note	$2,303,000	–	2,000,000	–	0.04%	–
GOOG	New	GOOGLE - CLASS C	$1,823,000	–	3,502	–	0.04%	–
WU	New	WESTERN UNION	$1,738,000	–	85,500	–	0.03%	–
RDY	New	DR REDDY'S LABORATORIES ADR	$1,272,000	–	23,000	–	0.02%	–
	New	MICHAEL KORS HOLDINGS CALLcall	$1,263,000	–	300	–	0.02%	–
CCU	New	CERVECERIAS UNIDAS ADR	$1,207,000	–	57,000	–	0.02%	–
WFCPRL	New	7,500% WELLS FARGO 15.12.2049note	$1,175,000	–	1,000	–	0.02%	–
BSMX	New	GRUPO SANTANDER MEXICO ADR	$1,121,000	–	122,500	–	0.02%	–
YUM	New	YUM! BRANDS	$1,149,000	–	12,750	–	0.02%	–
BAP	New	CREDICORP	$1,007,000	–	7,250	–	0.02%	–
UGP	New	ULTRAPAR ADR	$872,000	–	41,500	–	0.02%	–
YNDX	New	YANDEX	$868,000	–	57,000	–	0.02%	–
CBD	New	GRUPO PAO DE ACUCAR ADR	$899,000	–	38,000	–	0.02%	–
PSX	New	PHILLIPS 66	$806,000	–	10,000	–	0.02%	–
LB	New	L BRANDS	$814,000	–	9,500	–	0.02%	–
IFF	New	INTL FLAVORS & FRAGRANCES	$820,000	–	7,500	–	0.02%	–
GWW	New	WW GRAINGER	$840,000	–	3,550	–	0.02%	–
DOFSQ	New	DIAMOND OFFSH. DRILLING	$516,000	–	20,000	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$410,000	–	2	–	0.01%	–
GG	New	GOLDCORP	$366,000	–	22,600	–	0.01%	–
DE	New	DEERE & CO.	$349,000	–	3,600	–	0.01%	–
PH	New	PARKER HANNIFIN	$291,000	–	2,500	–	0.01%	–
OXY	New	OCCIDENTAL PETROLEUM	$319,000	–	4,100	–	0.01%	–
T	New	AT & T	$254,000	–	7,150	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
VALE	Exit	VALE ADR	$0	–	-17,000	–	-0.00%	–
CNHI	Exit	CNH INDUSTRIAL	$0	–	-22,500	–	-0.00%	–
DB	Exit	DEUTSCHE BANK	$0	–	-6,330	–	-0.01%	–
SPLS	Exit	STAPLES	$0	–	-19,470	–	-0.01%	–
KRFT	Exit	KRAFT FOODS GROUP	$0	–	-4,400	–	-0.01%	–
RDY	Exit	DR REDDY'S LABORATORIES ADR	$0	–	-4,000	–	-0.01%	–
UGP	Exit	ULTRAPAR ADR	$0	–	-13,500	–	-0.01%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-10,000	–	-0.01%	–
BSMX	Exit	GRUPO SANTANDER MEXICO ADR	$0	–	-19,000	–	-0.01%	–
GILD	Exit	GILEAD SCIENCES	$0	–	-3,000	–	-0.01%	–
BAP	Exit	CREDICORP	$0	–	-2,000	–	-0.01%	–
CBD	Exit	GRUPO PAO DE ACUCAR ADR	$0	–	-7,000	–	-0.01%	–
CCU	Exit	CERVECERIAS UNIDAS ADR	$0	–	-15,500	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-2	–	-0.01%	–
DE	Exit	DEERE & CO.	$0	–	-5,600	–	-0.01%	–
GWW	Exit	WW GRAINGER	$0	–	-2,000	–	-0.01%	–
ABEV	Exit	AMBEV ADR	$0	–	-80,000	–	-0.01%	–
TSM	Exit	TAIWAN SEMICONDUCTOR ADR	$0	–	-25,000	–	-0.01%	–
PSX	Exit	PHILLIPS 66	$0	–	-10,000	–	-0.02%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-9,100	–	-0.02%	–
YUM	Exit	YUM! BRANDS	$0	–	-12,750	–	-0.02%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-14,640	–	-0.04%	–
	Exit	MICHAEL KORS HOLDINGS CALLcall	$0	–	-300	–	-0.05%	–
DDS	Exit	DILLARDS	$0	–	-22,000	–	-0.05%	–
NUAN	Exit	NUANCE COMMUNICATIONS	$0	–	-185,000	–	-0.06%	–
	Exit	0,350% PRICELINE 15.06.2020note	$0	–	-3,000,000	–	-0.07%	–
MDLZ	Exit	MONDELEZ INT.	$0	–	-100,000	–	-0.07%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-30,000	–	-0.08%	–
GOOG	Exit	GOOGLE - CLASS C	$0	–	-6,500	–	-0.08%	–
	Exit	3,250% SHIP FINANCE 01.02.2018note	$0	–	-4,500,000	–	-0.11%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-100,389	–	-0.11%	–
	Exit	ADT CALLcall	$0	–	-1,500	–	-0.12%	–
	Exit	0,625% JDS UNIPHASE 15.08.2033note	$0	–	-6,000,000	–	-0.13%	–
	Exit	0,500% TOLL BROTHERS 15.09.2032note	$0	–	-6,000,000	–	-0.13%	–
	Exit	2,950% INTEL 15.12.2035note	$0	–	-5,000,000	–	-0.14%	–
ABBV	Exit	ABBVIE	$0	–	-126,500	–	-0.16%	–
	Exit	2,750% NUANCE 01.11.2031note	$0	–	-7,500,000	–	-0.16%	–
NTES	Exit	NETEASE ADR	$0	–	-95,000	–	-0.18%	–
WMT	Exit	WAL-MART STORES	$0	–	-109,650	–	-0.18%	–
F113PS	Exit	COVIDIEN	$0	–	-98,000	–	-0.18%	–
	Exit	1,625% NEWMONT MINING 15.07.2017note	$0	–	-8,500,000	–	-0.19%	–
K	Exit	KELLOGG	$0	–	-155,030	–	-0.21%	–
ZBH	Exit	ZIMMER HOLDINGS	$0	–	-104,000	–	-0.23%	–
	Exit	COCA COLA CALLcall	$0	–	-2,500	–	-0.23%	–
EMC	Exit	EMC	$0	–	-455,540	–	-0.29%	–
NEM	Exit	NEWMONT MINING	$0	–	-593,130	–	-0.30%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-402,200	–	-0.30%	–
WDC	Exit	WESTERN DIGITAL	$0	–	-146,200	–	-0.31%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-186,800	–	-0.31%	–
AAPL	Exit	APPLE	$0	–	-169,169	–	-0.37%	–
LB	Exit	L BRANDS	$0	–	-263,000	–	-0.38%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-313,500	–	-0.39%	–
SYK	Exit	STRYKER	$0	–	-237,000	–	-0.42%	–
QGEN	Exit	QIAGEN	$0	–	-884,662	–	-0.44%	–
XRX	Exit	XEROX	$0	–	-1,613,910	–	-0.46%	–
UNP	Exit	UNION PACIFIC	$0	–	-202,500	–	-0.48%	–
GIS	Exit	GENERAL MILLS	$0	–	-450,910	–	-0.49%	–
CHL	Exit	CHINA MOBILE ADR	$0	–	-388,150	–	-0.50%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-353,050	–	-0.50%	–
MA	Exit	MASTERCARD	$0	–	-331,250	–	-0.53%	–
TJX	Exit	TJX COMPANIES	$0	–	-439,200	–	-0.56%	–
WU	Exit	WESTERN UNION	$0	–	-1,707,530	–	-0.60%	–
COH	Exit	COACH	$0	–	-820,530	–	-0.63%	–
POT	Exit	POTASH CORP SASKATCHEWAN	$0	–	-864,500	–	-0.65%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-1,290,740	–	-0.70%	–
MMM	Exit	3M	$0	–	-229,770	–	-0.71%	–
GOLD	Exit	BARRICK GOLD	$0	–	-2,447,650	–	-0.78%	–
CVX	Exit	CHEVRON	$0	–	-331,100	–	-0.86%	–
ORCL	Exit	ORACLE	$0	–	-1,100,210	–	-0.91%	–
XOM	Exit	EXXON MOBIL	$0	–	-469,870	–	-0.96%	–
PEP	Exit	PEPSICO	$0	–	-688,100	–	-1.39%	–
PFE	Exit	PFIZER	$0	–	-2,326,680	–	-1.49%	–
GOOGL	Exit	GOOGLE - CLASS A	$0	–	-129,600	–	-1.66%	–
AMGN	Exit	AMGEN	$0	–	-755,661	–	-2.30%	–
ROST	Exit	ROSS STORES	$0	–	-1,429,138	–	-2.34%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-1,514,250	–	-2.36%	–
MDT	Exit	MEDTRONIC	$0	–	-1,794,271	–	-2.41%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-1,358,400	–	-2.46%	–
MCD	Exit	MCDONALDS	$0	–	-1,275,975	–	-2.63%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-2,920,160	–	-2.64%	–
SLB	Exit	SCHLUMBERGER	$0	–	-1,351,793	–	-2.98%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-995,500	–	-2.98%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,322,160	–	-3.03%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-2,248,950	–	-3.06%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-1,887,352	–	-3.12%	–
IBM	Exit	IBM	$0	–	-796,265	–	-3.28%	–
YHOO	Exit	YAHOO!	$0	–	-4,205,810	–	-3.72%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,693,270	–	-3.92%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-2,331,197	–	-4.24%	–
KORS	Exit	MICHAEL KORS	$0	–	-3,147,510	–	-4.88%	–
QCOM	Exit	QUALCOMM	$0	–	-3,034,260	–	-4.92%	–
EBAY	Exit	EBAY	$0	–	-4,200,085	–	-5.16%	–
MSFT	Exit	MICROSOFT	$0	–	-5,177,825	–	-5.21%	–
PETM	Exit	PETSMART	$0	–	-3,522,900	–	-5.36%	–
KO	Exit	COCA-COLA	$0	–	-5,925,930	–	-5.49%	–

Q3 2014

			Value		Shares		↓ Weighting
KO	Sell	COCA-COLA	$252,800,000	-1.8%	5,925,930	-2.5%	5.49%	-11.0%
PETM	Sell	PETSMART	$246,920,000	-10.0%	3,522,900	-23.2%	5.36%	-18.4%
MSFT	Sell	MICROSOFT	$240,044,000	-2.1%	5,177,825	-11.9%	5.21%	-11.2%
EBAY	Sell	EBAY	$237,851,000	+7.7%	4,200,085	-4.8%	5.16%	-2.4%
QCOM	Buy	QUALCOMM	$226,872,000	+6.9%	3,034,260	+13.3%	4.92%	-3.1%
KORS	Buy	MICHAEL KORS	$224,701,000	+129.0%	3,147,510	+184.3%	4.88%	+107.6%
PG	Buy	PROCTER & GAMBLE	$195,214,000	+16.0%	2,331,197	+8.9%	4.24%	+5.1%
JNJ	Buy	JOHNSON & JOHNSON	$180,486,000	+7.9%	1,693,270	+5.9%	3.92%	-2.2%
YHOO	Buy	YAHOO!	$171,387,000	+20.0%	4,205,810	+3.4%	3.72%	+8.7%
IBM	Buy	IBM	$151,155,000	+7.2%	796,265	+2.4%	3.28%	-2.8%
NOV	Buy	NATIONAL OILWELL VARCO	$143,627,000	+11.9%	1,887,352	+21.1%	3.12%	+1.5%
EMR	Buy	EMERSON ELECTRIC	$140,739,000	+24.0%	2,248,950	+31.5%	3.06%	+12.4%
UTX	Buy	UNITED TECHNOLOGIES	$139,620,000	+3287.2%	1,322,160	+3603.5%	3.03%	+2961.6%
BRKB	Buy	BERKSHIRE HATHAWAY B	$137,518,000	+13.0%	995,500	+3.5%	2.98%	+2.4%
SLB	Buy	SCHLUMBERGER	$137,464,000	+9690.9%	1,351,793	+11259.6%	2.98%	+8676.5%
ABT	Sell	ABBOTT LABORATORIES	$121,449,000	-3.3%	2,920,160	-4.9%	2.64%	-12.4%
MCD	Sell	MCDONALDS	$120,975,000	-19.8%	1,275,975	-14.8%	2.63%	-27.3%
PM	Buy	PHILIP MORRIS INTL.	$113,291,000	+76.8%	1,358,400	+78.8%	2.46%	+60.3%
MDT	Buy	MEDTRONIC	$111,155,000	+8.3%	1,794,271	+11.5%	2.41%	-1.8%
BAX	Sell	BAXTER INTERNATIONAL	$108,678,000	-6.0%	1,514,250	-5.4%	2.36%	-14.8%
ROST	Buy	ROSS STORES	$108,014,000	+126.6%	1,429,138	+98.3%	2.34%	+105.3%
AMGN	Sell	AMGEN	$106,140,000	+18.3%	755,661	-0.3%	2.30%	+7.2%
GOOGL	Buy	GOOGLE - CLASS A	$76,258,000	+7.7%	129,600	+7.0%	1.66%	-2.5%
PFE	Buy	PFIZER	$68,800,000	+13.6%	2,326,680	+14.1%	1.49%	+3.0%
PEP	Sell	PEPSICO	$64,055,000	-9.3%	688,100	-13.0%	1.39%	-17.8%
XOM	Buy	EXXON MOBIL	$44,191,000	+0.5%	469,870	+7.6%	0.96%	-8.9%
ORCL	Sell	ORACLE	$42,116,000	-30.6%	1,100,210	-26.5%	0.91%	-37.1%
CVX	Buy	CHEVRON	$39,507,000	-6.2%	331,100	+2.6%	0.86%	-15.0%
GOLD	Buy	BARRICK GOLD	$35,883,000	-13.0%	2,447,650	+8.5%	0.78%	-21.2%
MMM	Buy	3M	$32,554,000	+0.4%	229,770	+1.5%	0.71%	-8.9%
CSCO	Sell	CISCO SYSTEMS	$32,488,000	-58.1%	1,290,740	-58.6%	0.70%	-62.0%
POT	Buy	POTASH CORP SASKATCHEWAN	$29,877,000	+13.6%	864,500	+24.7%	0.65%	+3.0%
COH	Buy	COACH	$29,219,000	+44.5%	820,530	+38.8%	0.63%	+31.0%
WU	Sell	WESTERN UNION	$27,389,000	-22.9%	1,707,530	-16.6%	0.60%	-30.0%
TJX	New	TJX COMPANIES	$25,987,000	–	439,200	–	0.56%	–
MA	Buy	MASTERCARD	$24,486,000	+45.4%	331,250	+44.5%	0.53%	+32.0%
CL	Buy	COLGATE-PALMOLIVE	$23,026,000	+575.4%	353,050	+606.1%	0.50%	+509.8%
CHL	Sell	CHINA MOBILE ADR	$22,804,000	-48.6%	388,150	-57.5%	0.50%	-53.4%
GIS	New	GENERAL MILLS	$22,748,000	–	450,910	–	0.49%	–
UNP	Sell	UNION PACIFIC	$21,955,000	+4.8%	202,500	-3.6%	0.48%	-5.0%
XRX	Sell	XEROX	$21,352,000	-43.8%	1,613,910	-47.2%	0.46%	-49.0%
QGEN	Sell	QIAGEN	$20,147,000	-7.8%	884,662	-5.9%	0.44%	-16.4%
SYK	Buy	STRYKER	$19,138,000	-2.2%	237,000	+2.2%	0.42%	-11.5%
STX	Sell	SEAGATE TECHNOLOGY	$17,954,000	-10.9%	313,500	-11.6%	0.39%	-19.3%
LB	Sell	L BRANDS	$17,616,000	-56.2%	263,000	-61.7%	0.38%	-60.4%
AAPL	Sell	APPLE	$17,044,000	-30.1%	169,169	-35.6%	0.37%	-36.6%
WDC	Sell	WESTERN DIGITAL	$14,228,000	-11.3%	146,200	-15.8%	0.31%	-19.5%
MU	Buy	MICRON TECHNOLOGY	$13,779,000	+497.3%	402,200	+474.6%	0.30%	+443.6%
NEM	Sell	NEWMONT MINING	$13,672,000	-14.3%	593,130	-5.5%	0.30%	-22.3%
EMC	Sell	EMC	$13,329,000	-29.4%	455,540	-36.4%	0.29%	-36.1%
ZBH	Buy	ZIMMER HOLDINGS	$10,457,000	+0.7%	104,000	+4.0%	0.23%	-8.8%
K	Sell	KELLOGG	$9,550,000	-74.0%	155,030	-72.3%	0.21%	-76.5%
F113PS	Sell	COVIDIEN	$8,478,000	-28.6%	98,000	-25.6%	0.18%	-35.2%
WMT	Sell	WAL-MART STORES	$8,385,000	-91.6%	109,650	-91.7%	0.18%	-92.4%
NTES	Sell	NETEASE ADR	$8,138,000	-46.9%	95,000	-51.4%	0.18%	-51.8%
	Sell	2,750% NUANCE 01.11.2031note	$7,506,000	-21.7%	7,500,000	-21.1%	0.16%	-29.1%
	Sell	2,950% INTEL 15.12.2035note	$6,442,000	-26.2%	5,000,000	-28.6%	0.14%	-33.0%
	New	0,625% JDS UNIPHASE 15.08.2033note	$6,053,000	–	6,000,000	–	0.13%	–
VZ	Buy	VERIZON COMMUNICATIONS	$5,018,000	+2.6%	100,389	+0.4%	0.11%	-6.8%
GOOG	Sell	GOOGLE - CLASS C	$3,753,000	-7.1%	6,500	-7.5%	0.08%	-16.5%
MDLZ	Sell	MONDELEZ INT.	$3,427,000	-46.4%	100,000	-41.2%	0.07%	-51.6%
	New	0,350% PRICELINE 15.06.2020note	$3,368,000	–	3,000,000	–	0.07%	–
DDS	Buy	DILLARDS	$2,398,000	+21.0%	22,000	+29.4%	0.05%	+10.6%
	New	MICHAEL KORS HOLDINGS CALLcall	$2,142,000	–	300	–	0.05%	–
TMO	Sell	THERMO FISHER SCIENTIFIC	$1,782,000	-10.3%	14,640	-13.1%	0.04%	-18.8%
OXY	Buy	OCCIDENTAL PETROLEUM	$875,000	+5.3%	9,100	+12.3%	0.02%	-5.0%
PSX	Sell	PHILLIPS 66	$813,000	-66.3%	10,000	-66.7%	0.02%	-69.0%
ABEV	Buy	AMBEV ADR	$524,000	+14.4%	80,000	+23.1%	0.01%	0.0%
TSM	Buy	TAIWAN SEMICONDUCTOR ADR	$505,000	+7.2%	25,000	+13.6%	0.01%	0.0%
GWW	New	WW GRAINGER	$503,000	–	2,000	–	0.01%	–
DE	Buy	DEERE & CO.	$459,000	+1019.5%	5,600	+1144.4%	0.01%	+900.0%
CBD	Sell	GRUPO PAO DE ACUCAR ADR	$305,000	-17.8%	7,000	-12.5%	0.01%	-22.2%
BAP	Buy	CREDICORP	$307,000	+31.8%	2,000	+33.3%	0.01%	+16.7%
CCU	Buy	CERVECERIAS UNIDAS ADR	$341,000	+16.4%	15,500	+24.0%	0.01%	0.0%
UGP	Buy	ULTRAPAR ADR	$285,000	+20.8%	13,500	+35.0%	0.01%	0.0%
BSMX	Buy	GRUPO SANTANDER MEXICO ADR	$257,000	+10.8%	19,000	+8.6%	0.01%	0.0%
KRFT	New	KRAFT FOODS GROUP	$248,000	–	4,400	–	0.01%	–
RDY	Sell	DR REDDY'S LABORATORIES ADR	$210,000	-18.9%	4,000	-33.3%	0.01%	-16.7%
DB	New	DEUTSCHE BANK	$222,000	–	6,330	–	0.01%	–
LM	Exit	LEGG MASON	$0	–	-1,870	–	-0.00%	–
NDAQ	Exit	NASDAQ OMX GROUP	$0	–	-2,040	–	-0.00%	–
KSS	Exit	KOHL`S	$0	–	-2,050	–	-0.00%	–
CELG	Exit	CELGENE	$0	–	-1,600	–	-0.00%	–
ANF	Exit	ABERCROMBIE & FITCH	$0	–	-2,990	–	-0.00%	–
HAL	Exit	HALLIBURTON	$0	–	-2,000	–	-0.00%	–
EXC	Exit	EXELON	$0	–	-3,830	–	-0.00%	–
TDC	Exit	TERADATA CORP	$0	–	-2,920	–	-0.00%	–
NVDA	Exit	NVIDIA	$0	–	-8,000	–	-0.00%	–
LLY	Exit	ELI LILLY	$0	–	-2,480	–	-0.00%	–
MRK	Exit	MERCK & CO.	$0	–	-2,750	–	-0.00%	–
	Exit	YANDEX	$0	–	-6,500	–	-0.01%	–
MJN	Exit	MEAD JOHNSON NUTRITION	$0	–	-3,000	–	-0.01%	–
LULU	Exit	LULULEMON ATHLETICA	$0	–	-10,000	–	-0.01%	–
INTC	Exit	INTEL	$0	–	-34,950	–	-0.03%	–
	Exit	1,625% RTI INTL METALS 15.10.2019note	$0	–	-2,000,000	–	-0.05%	–
	Exit	2,250% TIBCO SOFTWARE 01.05.2032note	$0	–	-2,500,000	–	-0.06%	–
DNOW	Exit	NOW	$0	–	-71,250	–	-0.06%	–

Q2 2014

			Value		Shares		↓ Weighting
PETM	New	PETSMART	$274,315,000	–	4,587,207	–	6.57%	–
KO	New	COCA-COLA	$257,371,000	–	6,075,800	–	6.16%	–
MSFT	New	MICROSOFT	$245,135,000	–	5,878,545	–	5.87%	–
EBAY	New	EBAY	$220,932,000	–	4,413,350	–	5.29%	–
QCOM	New	QUALCOMM	$212,163,000	–	2,678,830	–	5.08%	–
PG	New	PROCTER & GAMBLE	$168,288,000	–	2,141,340	–	4.03%	–
JNJ	New	JOHNSON & JOHNSON	$167,308,000	–	1,599,200	–	4.01%	–
MCD	New	MCDONALDS	$150,858,000	–	1,497,494	–	3.61%	–
YHOO	New	YAHOO!	$142,861,000	–	4,066,643	–	3.42%	–
IBM	New	IBM	$140,967,000	–	777,665	–	3.38%	–
NOV	New	NATIONAL OILWELL VARCO	$128,305,000	–	1,558,050	–	3.07%	–
ABT	New	ABBOTT LABORATORIES	$125,582,000	–	3,070,460	–	3.01%	–
BRKB	New	BERKSHIRE HATHAWAY B	$121,700,000	–	961,600	–	2.92%	–
BAX	New	BAXTER INTERNATIONAL	$115,671,000	–	1,599,875	–	2.77%	–
EMR	New	EMERSON ELECTRIC	$113,526,000	–	1,710,761	–	2.72%	–
MDT	New	MEDTRONIC	$102,615,000	–	1,609,401	–	2.46%	–
WMT	New	WAL-MART STORES	$99,655,000	–	1,327,490	–	2.39%	–
KORS	New	MICHAEL KORS	$98,136,000	–	1,107,000	–	2.35%	–
AMGN	New	AMGEN	$89,754,000	–	758,250	–	2.15%	–
CSCO	New	CISCO SYSTEMS	$77,450,000	–	3,116,720	–	1.86%	–
GOOGL	New	GOOGLE - CLASS A	$70,836,000	–	121,155	–	1.70%	–
PEP	New	PEPSICO	$70,624,000	–	790,510	–	1.69%	–
PM	New	PHILIP MORRIS INTL.	$64,067,000	–	759,900	–	1.53%	–
ORCL	New	ORACLE	$60,652,000	–	1,496,460	–	1.45%	–
PFE	New	PFIZER	$60,541,000	–	2,039,800	–	1.45%	–
ROST	New	ROSS STORES	$47,667,000	–	720,800	–	1.14%	–
CHL	New	CHINA MOBILE ADR	$44,397,000	–	913,340	–	1.06%	–
XOM	New	EXXON MOBIL	$43,974,000	–	436,770	–	1.05%	–
CVX	New	CHEVRON	$42,128,000	–	322,700	–	1.01%	–
GOLD	New	BARRICK GOLD	$41,242,000	–	2,255,600	–	0.99%	–
LB	New	L BRANDS	$40,264,000	–	686,400	–	0.96%	–
XRX	New	XEROX	$38,013,000	–	3,055,739	–	0.91%	–
K	New	KELLOGG	$36,779,000	–	559,808	–	0.88%	–
WU	New	WESTERN UNION	$35,502,000	–	2,047,430	–	0.85%	–
MMM	New	3M	$32,411,000	–	226,270	–	0.78%	–
POT	New	POTASH CORP SASKATCHEWAN	$26,306,000	–	693,000	–	0.63%	–
AAPL	New	APPLE	$24,399,000	–	262,549	–	0.58%	–
QGEN	New	QIAGEN	$21,843,000	–	939,662	–	0.52%	–
UNP	New	UNION PACIFIC	$20,947,000	–	210,000	–	0.50%	–
COH	New	COACH	$20,215,000	–	591,250	–	0.48%	–
STX	New	SEAGATE TECHNOLOGY	$20,148,000	–	354,600	–	0.48%	–
SYK	New	STRYKER	$19,562,000	–	232,000	–	0.47%	–
EMC	New	EMC	$18,871,000	–	716,440	–	0.45%	–
MA	New	MASTERCARD	$16,843,000	–	229,250	–	0.40%	–
WDC	New	WESTERN DIGITAL	$16,033,000	–	173,700	–	0.38%	–
COP	New	CONOCOPHILLIPS	$16,014,000	–	186,800	–	0.38%	–
NEM	New	NEWMONT MINING	$15,961,000	–	627,380	–	0.38%	–
NTES	New	NETEASE ADR	$15,323,000	–	195,550	–	0.37%	–
F113PS	New	COVIDIEN	$11,877,000	–	131,700	–	0.28%	–
	New	COCA COLA CALLcall	$10,590,000	–	2,500	–	0.25%	–
ZBH	New	ZIMMER HOLDINGS	$10,386,000	–	100,000	–	0.25%	–
	New	2,750% NUANCE 01.11.2031note	$9,589,000	–	9,500,000	–	0.23%	–
	New	1,625% NEWMONT MINING 15.07.2017note	$9,060,000	–	8,500,000	–	0.22%	–
	New	2,950% INTEL 15.12.2035note	$8,729,000	–	7,000,000	–	0.21%	–
ABBV	New	ABBVIE	$7,140,000	–	126,500	–	0.17%	–
MDLZ	New	MONDELEZ INT.	$6,394,000	–	170,000	–	0.15%	–
	New	0,500% TOLL BROTHERS 15.09.2032note	$6,383,000	–	6,000,000	–	0.15%	–
	New	ADT CALLcall	$5,241,000	–	1,500	–	0.13%	–
	New	3,250% SHIP FINANCE 01.02.2018note	$5,169,000	–	4,500,000	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS	$4,890,000	–	99,940	–	0.12%	–
UTX	New	UNITED TECHNOLOGIES	$4,122,000	–	35,700	–	0.10%	–
GOOG	New	GOOGLE - CLASS C	$4,041,000	–	7,025	–	0.10%	–
GLD	New	SPDR GOLD TRUST	$3,841,000	–	30,000	–	0.09%	–
NUAN	New	NUANCE COMMUNICATIONS	$3,472,000	–	185,000	–	0.08%	–
CL	New	COLGATE-PALMOLIVE	$3,409,000	–	50,000	–	0.08%	–
DNOW	New	NOW	$2,580,000	–	71,250	–	0.06%	–
	New	2,250% TIBCO SOFTWARE 01.05.2032note	$2,544,000	–	2,500,000	–	0.06%	–
PSX	New	PHILLIPS 66	$2,413,000	–	30,000	–	0.06%	–
MU	New	MICRON TECHNOLOGY	$2,307,000	–	70,000	–	0.06%	–
	New	1,625% RTI INTL METALS 15.10.2019note	$2,006,000	–	2,000,000	–	0.05%	–
TMO	New	THERMO FISHER SCIENTIFIC	$1,987,000	–	16,840	–	0.05%	–
DDS	New	DILLARDS	$1,982,000	–	17,000	–	0.05%	–
SLB	New	SCHLUMBERGER	$1,404,000	–	11,900	–	0.03%	–
INTC	New	INTEL	$1,080,000	–	34,950	–	0.03%	–
YUM	New	YUM! BRANDS	$1,035,000	–	12,750	–	0.02%	–
OXY	New	OCCIDENTAL PETROLEUM	$831,000	–	8,100	–	0.02%	–
ABEV	New	AMBEV ADR	$458,000	–	65,000	–	0.01%	–
TSM	New	TAIWAN SEMICONDUCTOR ADR	$471,000	–	22,000	–	0.01%	–
LULU	New	LULULEMON ATHLETICA	$405,000	–	10,000	–	0.01%	–
CBD	New	GRUPO PAO DE ACUCAR ADR	$371,000	–	8,000	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$380,000	–	2	–	0.01%	–
CCU	New	CERVECERIAS UNIDAS ADR	$293,000	–	12,500	–	0.01%	–
MJN	New	MEAD JOHNSON NUTRITION	$280,000	–	3,000	–	0.01%	–
	New	YANDEX	$232,000	–	6,500	–	0.01%	–
RDY	New	DR REDDYS LABORATORIES ADR	$259,000	–	6,000	–	0.01%	–
UGP	New	ULTRAPAR ADR	$236,000	–	10,000	–	0.01%	–
GE	New	GENERAL ELECTRIC	$263,000	–	10,000	–	0.01%	–
GILD	New	GILEAD SCIENCES	$249,000	–	3,000	–	0.01%	–
BAP	New	CREDICORP	$233,000	–	1,500	–	0.01%	–
BSMX	New	GRUPO SANTANDER MEXICO ADR	$232,000	–	17,500	–	0.01%	–
CNHI	New	CNH INDUSTRIAL	$222,000	–	22,500	–	0.01%	–
SPLS	New	STAPLES	$211,000	–	19,470	–	0.01%	–
VALE	New	VALE ADR	$225,000	–	17,000	–	0.01%	–
LLY	New	ELI LILLY	$154,000	–	2,480	–	0.00%	–
NVDA	New	NVIDIA	$148,000	–	8,000	–	0.00%	–
MRK	New	MERCK & CO.	$159,000	–	2,750	–	0.00%	–
ANF	New	ABERCROMBIE & FITCH	$129,000	–	2,990	–	0.00%	–
EXC	New	EXELON	$140,000	–	3,830	–	0.00%	–
CELG	New	CELGENE	$137,000	–	1,600	–	0.00%	–
HAL	New	HALLIBURTON	$140,000	–	2,000	–	0.00%	–
TDC	New	TERADATA CORP	$117,000	–	2,920	–	0.00%	–
KSS	New	KOHL`S	$108,000	–	2,050	–	0.00%	–
NDAQ	New	NASDAQ OMX GROUP	$79,000	–	2,040	–	0.00%	–
LM	New	LEGG MASON	$96,000	–	1,870	–	0.00%	–
DE	New	DEERE & CO.	$41,000	–	450	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-300	–	-0.00%	–
NDAQ	Exit	NASDAQ OMX GROUP	$0	–	-2,120	–	-0.00%	–
EXC	Exit	EXELON	$0	–	-3,830	–	-0.00%	–
KRFT	Exit	KRAFT FOODS GROUP	$0	–	-2,150	–	-0.00%	–
KSS	Exit	KOHL`S	$0	–	-2,050	–	-0.00%	–
WAG	Exit	WALGREEN	$0	–	-1,515	–	-0.00%	–
LM	Exit	LEGG MASON	$0	–	-3,550	–	-0.00%	–
MRK	Exit	MERCK & CO.	$0	–	-2,700	–	-0.00%	–
AA	Exit	ALCOA	$0	–	-19,270	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-1	–	-0.01%	–
SPLS	Exit	STAPLES	$0	–	-10,620	–	-0.01%	–
BHI	Exit	BAKER HUGHES	$0	–	-3,500	–	-0.01%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-4,640	–	-0.01%	–
SYY	Exit	SYSCO	$0	–	-15,000	–	-0.02%	–
SLB	Exit	SCHLUMBERGER	$0	–	-6,500	–	-0.02%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-6,500	–	-0.02%	–
MJN	Exit	MEAD JOHNSON NUTRITION	$0	–	-9,500	–	-0.02%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-13,000	–	-0.03%	–
INTC	Exit	INTEL	$0	–	-45,900	–	-0.03%	–
PH	Exit	PARKER HANNIFIN	$0	–	-13,500	–	-0.04%	–
PSX	Exit	PHILLIPS 66	$0	–	-30,000	–	-0.05%	–
	Exit	1,250% NEWMONT MINING 15.07.2014note	$0	–	-2,000,000	–	-0.06%	–
	Exit	2,000% HOLOGIC 15.12.2037note	$0	–	-2,000,000	–	-0.07%	–
BRCM	Exit	BROADCOM	$0	–	-100,000	–	-0.08%	–
DOFSQ	Exit	DIAMOND OFFSH. DRILLING	$0	–	-50,000	–	-0.10%	–
NUAN	Exit	NUANCE COMMUNICATIONS	$0	–	-185,000	–	-0.11%	–
	Exit	1,250% LAM RESEARCH 15.05.2018note	$0	–	-3,000,000	–	-0.11%	–
LIFE	Exit	LIFE TECHNOLOGIES	$0	–	-54,000	–	-0.12%	–
WDC	Exit	WESTERN DIGITAL	$0	–	-65,000	–	-0.13%	–
HES	Exit	HESS	$0	–	-55,000	–	-0.13%	–
TAP	Exit	MOLSON COORS	$0	–	-85,800	–	-0.13%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-41,650	–	-0.14%	–
	Exit	2,000% HOLOGIC 01.03.2042note	$0	–	-4,500,000	–	-0.14%	–
	Exit	2,250% TIBCO SOFTWARE 01.05.2032note	$0	–	-4,500,000	–	-0.14%	–
HPQ	Exit	HEWLETT-PACKARD	$0	–	-230,000	–	-0.15%	–
	Exit	1,625% RTI INTL METALS 15.10.2019note	$0	–	-5,000,000	–	-0.16%	–
SYMC	Exit	SYMANTEC	$0	–	-230,000	–	-0.18%	–
	Exit	0,250% TEVA PHARMA FIN 01.02.2026note	$0	–	-5,500,000	–	-0.18%	–
	Exit	2,950% INTEL 15.12.2035note	$0	–	-6,000,000	–	-0.20%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-84,170	–	-0.24%	–
	Exit	1,625% NEWMONT MINING 15.07.2017note	$0	–	-8,500,000	–	-0.29%	–
	Exit	COCA COLA CALLcall	$0	–	-2,500	–	-0.29%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-86,150	–	-0.34%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-176,860	–	-0.38%	–
ZBH	Exit	ZIMMER HOLDINGS	$0	–	-150,450	–	-0.38%	–
UNP	Exit	UNION PACIFIC	$0	–	-88,000	–	-0.42%	–
SYK	Exit	STRYKER	$0	–	-219,400	–	-0.46%	–
YUM	Exit	YUM! BRANDS	$0	–	-285,170	–	-0.62%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-271,860	–	-0.63%	–
	Exit	2,750% NUANCE 01.11.2031note	$0	–	-21,450,000	–	-0.67%	–
BDX	Exit	BECTON DICKINSON	$0	–	-223,100	–	-0.68%	–
BCR	Exit	CR BARD	$0	–	-194,906	–	-0.69%	–
GOOGL	Exit	GOOGLE - CLASS A	$0	–	-26,675	–	-0.72%	–
PEP	Exit	PEPSICO	$0	–	-370,800	–	-0.90%	–
MDLZ	Exit	MONDELEZ INT.	$0	–	-1,106,060	–	-1.07%	–
WU	Exit	WESTERN UNION	$0	–	-1,889,580	–	-1.08%	–
LO	Exit	LORILLARD	$0	–	-889,544	–	-1.22%	–
PETM	Exit	PETSMART	$0	–	-524,650	–	-1.23%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-466,633	–	-1.24%	–
COH	Exit	COACH	$0	–	-753,650	–	-1.26%	–
MO	Exit	ALTRIA GROUP	$0	–	-1,239,500	–	-1.31%	–
AMGN	Exit	AMGEN	$0	–	-394,390	–	-1.36%	–
AAPL	Exit	APPLE	$0	–	-93,370	–	-1.37%	–
CVX	Exit	CHEVRON	$0	–	-375,921	–	-1.40%	–
ABBV	Exit	ABBVIE	$0	–	-1,068,200	–	-1.47%	–
NEM	Exit	NEWMONT MINING	$0	–	-1,756,000	–	-1.52%	–
MDT	Exit	MEDTRONIC	$0	–	-928,050	–	-1.52%	–
MMM	Exit	3M	$0	–	-431,450	–	-1.58%	–
IBM	Exit	IBM	$0	–	-359,120	–	-2.04%	–
K	Exit	KELLOGG	$0	–	-1,328,350	–	-2.40%	–
XRX	Exit	XEROX	$0	–	-8,332,766	–	-2.63%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-1,385,620	–	-2.75%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,119,186	–	-2.98%	–
WMT	Exit	WAL-MART STORES	$0	–	-1,353,020	–	-3.07%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-3,470,386	–	-3.54%	–
EMC	Exit	EMC	$0	–	-5,046,580	–	-3.96%	–
PFE	Exit	PFIZER	$0	–	-4,593,270	–	-4.05%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-5,748,000	–	-4.13%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-1,724,956	–	-4.14%	–
XOM	Exit	EXXON MOBIL	$0	–	-1,629,574	–	-4.30%	–
ORCL	Exit	ORACLE	$0	–	-4,496,003	–	-4.58%	–
KO	Exit	COCA-COLA	$0	–	-4,998,000	–	-5.81%	–
MCD	Exit	MCDONALDS	$0	–	-1,968,965	–	-5.82%	–
QCOM	Exit	QUALCOMM	$0	–	-3,594,452	–	-7.43%	–
MSFT	Exit	MICROSOFT	$0	–	-7,296,135	–	-7.45%	–

Q3 2013

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT	$242,815,000	+17.3%	7,296,135	+21.7%	7.45%	+19.1%
QCOM	Sell	QUALCOMM	$241,979,000	-4.5%	3,594,452	-13.3%	7.43%	-3.0%
MCD	Buy	MCDONALDS	$189,434,000	+18.0%	1,968,965	+21.4%	5.82%	+19.8%
KO	Buy	COCA-COLA	$189,324,000	+28.4%	4,998,000	+35.9%	5.81%	+30.3%
ORCL	Buy	ORACLE	$149,132,000	+14.2%	4,496,003	+5.8%	4.58%	+16.0%
XOM	Buy	EXXON MOBIL	$140,209,000	+21.6%	1,629,574	+27.7%	4.30%	+23.5%
NOV	Sell	NATIONAL OILWELL VARCO	$134,736,000	-9.6%	1,724,956	-20.3%	4.14%	-8.2%
CSCO	Sell	CISCO SYSTEMS	$134,681,000	-13.3%	5,748,000	-10.0%	4.13%	-12.0%
PFE	Buy	PFIZER	$131,942,000	+4.4%	4,593,270	+1.8%	4.05%	+6.0%
EMC	Sell	EMC	$128,991,000	-0.5%	5,046,580	-8.1%	3.96%	+1.0%
ABT	Buy	ABBOTT LABORATORIES	$115,182,000	+85.6%	3,470,386	+95.0%	3.54%	+88.5%
WMT	Sell	WAL-MART STORES	$100,069,000	-4.4%	1,353,020	-3.7%	3.07%	-2.9%
JNJ	Sell	JOHNSON & JOHNSON	$97,022,000	-27.2%	1,119,186	-27.9%	2.98%	-26.0%
EMR	Sell	EMERSON ELECTRIC	$89,650,000	-32.4%	1,385,620	-43.0%	2.75%	-31.4%
XRX	Buy	XEROX	$85,744,000	+75.7%	8,332,766	+54.9%	2.63%	+78.4%
K	Buy	KELLOGG	$78,014,000	-0.2%	1,328,350	+9.2%	2.40%	+1.4%
IBM	Buy	IBM	$66,502,000	+87402.6%	359,120	+89680.0%	2.04%	+101950.0%
MMM	Sell	3M	$51,519,000	-61.6%	431,450	-64.8%	1.58%	-61.0%
MDT	Buy	MEDTRONIC	$49,419,000	+10.5%	928,050	+6.8%	1.52%	+12.2%
NEM	Buy	NEWMONT MINING	$49,344,000	+288.6%	1,756,000	+314.2%	1.52%	+294.5%
ABBV	Buy	ABBVIE	$47,781,000	+9.9%	1,068,200	+1.6%	1.47%	+11.6%
CVX	Buy	CHEVRON	$45,674,000	+92.0%	375,921	+87.0%	1.40%	+95.0%
AAPL	Sell	APPLE	$44,514,000	-68.8%	93,370	-74.1%	1.37%	-68.4%
AMGN	Sell	AMGEN	$44,142,000	-26.5%	394,390	-35.2%	1.36%	-25.4%
MO	Buy	ALTRIA GROUP	$42,577,000	+37.3%	1,239,500	+39.9%	1.31%	+39.5%
COH	Sell	COACH	$41,097,000	-52.1%	753,650	-49.8%	1.26%	-51.3%
PM	Buy	PHILIP MORRIS INTL.	$40,406,000	+9.7%	466,633	+9.7%	1.24%	+11.3%
PETM	Sell	PETSMART	$40,010,000	+6.6%	524,650	-6.4%	1.23%	+8.2%
LO	Sell	LORILLARD	$39,834,000	-26.0%	889,544	-27.8%	1.22%	-24.9%
WU	Sell	WESTERN UNION	$35,260,000	+8.1%	1,889,580	-0.9%	1.08%	+9.7%
MDLZ	Buy	MONDELEZ INT.	$34,754,000	+26.8%	1,106,060	+15.2%	1.07%	+28.9%
PEP	Sell	PEPSICO	$29,479,000	-13.4%	370,800	-10.9%	0.90%	-12.1%
GOOGL	Buy	GOOGLE - CLASS A	$23,365,000	-0.1%	26,675	+0.4%	0.72%	+1.4%
BCR	Sell	CR BARD	$22,453,000	-45.2%	194,906	-48.3%	0.69%	-44.4%
BDX	Sell	BECTON DICKINSON	$22,314,000	-18.4%	223,100	-19.4%	0.68%	-17.2%
PG	Sell	PROCTER & GAMBLE	$20,550,000	-53.8%	271,860	-53.0%	0.63%	-53.1%
YUM	Sell	YUM! BRANDS	$20,358,000	-35.8%	285,170	-37.6%	0.62%	-34.8%
SYK	Sell	STRYKER	$14,829,000	+4.2%	219,400	-0.3%	0.46%	+5.8%
UNP	Sell	UNION PACIFIC	$13,670,000	+0.5%	88,000	-0.2%	0.42%	+2.2%
ZBH	Sell	ZIMMER HOLDINGS	$12,358,000	+8.5%	150,450	-1.0%	0.38%	+10.2%
COP	Buy	CONOCOPHILLIPS	$12,294,000	+21.8%	176,860	+6.0%	0.38%	+23.6%
GLD	Buy	SPDR GOLD TRUST	$11,043,000	+164.9%	86,150	+146.1%	0.34%	+169.0%
	New	COCA COLA CALLcall	$9,470,000	–	2,500	–	0.29%	–
TMO	Buy	THERMO FISHER SCIENTIFIC	$7,756,000	+15.8%	84,170	+6.3%	0.24%	+17.2%
	Buy	2,950% INTEL 15.12.2035note	$6,559,000	+50.9%	6,000,000	+50.0%	0.20%	+53.4%
HPQ	Sell	HEWLETT-PACKARD	$4,828,000	-69.1%	230,000	-63.5%	0.15%	-68.6%
UTX	Sell	UNITED TECHNOLOGIES	$4,491,000	-61.7%	41,650	-67.0%	0.14%	-61.0%
HES	Sell	HESS	$4,254,000	-28.3%	55,000	-38.4%	0.13%	-26.8%
WDC	New	WESTERN DIGITAL	$4,121,000	–	65,000	–	0.13%	–
LIFE	Sell	LIFE TECHNOLOGIES	$4,041,000	-46.5%	54,000	-47.1%	0.12%	-45.6%
BRCM	Buy	BROADCOM	$2,602,000	+328.0%	100,000	+455.6%	0.08%	+344.4%
PH	Sell	PARKER HANNIFIN	$1,468,000	-73.0%	13,500	-76.3%	0.04%	-72.6%
INTC	Buy	INTEL	$1,052,000	0.0%	45,900	+5.8%	0.03%	0.0%
BAX	Buy	BAXTER INTERNATIONAL	$854,000	+193.5%	13,000	+209.5%	0.03%	+188.9%
MJN	New	MEAD JOHNSON NUTRITION	$705,000	–	9,500	–	0.02%	–
OXY	Buy	OCCIDENTAL PETROLEUM	$608,000	+11.8%	6,500	+6.6%	0.02%	+18.8%
SLB	Buy	SCHLUMBERGER	$574,000	+29.3%	6,500	+4.8%	0.02%	+38.5%
WAG	Sell	WALGREEN	$82,000	+20.6%	1,515	-1.9%	0.00%	+50.0%
KSS	New	KOHL`S	$106,000	–	2,050	–	0.00%	–
KRFT	New	KRAFT FOODS GROUP	$113,000	–	2,150	–	0.00%	–
C	Exit	CITIGROUP	$0	–	-1,420	–	-0.00%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-2,220	–	-0.00%	–
	Exit	EMC CALLcall	$0	–	-1,400	–	-0.03%	–
	Exit	2,000% ARRIS GROUP 15.11.2026note	$0	–	-2,000,000	–	-0.06%	–
	Exit	1,750% TAKE-TWO INTERAC. SOFTW. 01.12.2016note	$0	–	-2,000,000	–	-0.06%	–
	Exit	1,750% EMC 01.12.2013note	$0	–	-1,500,000	–	-0.07%	–
	Exit	1,250% AGCO 15.12.2036note	$0	–	-2,000,000	–	-0.08%	–
	Exit	1,750% VOLCANO 01.12.2017note	$0	–	-3,000,000	–	-0.08%	–

Q2 2013

			Value		Shares		↓ Weighting
QCOM	New	QUALCOMM	$253,321,000	–	4,146,682	–	7.66%	–
MSFT	New	MICROSOFT	$207,086,000	–	5,994,660	–	6.26%	–
MCD	New	MCDONALDS	$160,557,000	–	1,621,785	–	4.85%	–
CSCO	New	CISCO SYSTEMS	$155,367,000	–	6,384,500	–	4.70%	–
NOV	New	NATIONAL OILWELL VARCO	$149,040,000	–	2,163,131	–	4.50%	–
KO	New	COCA-COLA	$147,505,000	–	3,677,500	–	4.46%	–
AAPL	New	APPLE	$142,826,000	–	360,190	–	4.32%	–
MMM	New	3M	$134,031,000	–	1,225,710	–	4.05%	–
JNJ	New	JOHNSON & JOHNSON	$133,187,000	–	1,551,210	–	4.03%	–
EMR	New	EMERSON ELECTRIC	$132,685,000	–	2,432,805	–	4.01%	–
ORCL	New	ORACLE	$130,607,000	–	4,251,523	–	3.95%	–
EMC	New	EMC	$129,690,000	–	5,490,670	–	3.92%	–
PFE	New	PFIZER	$126,421,000	–	4,513,440	–	3.82%	–
XOM	New	EXXON MOBIL	$115,273,000	–	1,275,850	–	3.48%	–
WMT	New	WAL-MART STORES	$104,643,000	–	1,404,790	–	3.16%	–
COH	New	COACH	$85,739,000	–	1,501,814	–	2.59%	–
K	New	KELLOGG	$78,142,000	–	1,216,600	–	2.36%	–
ABT	New	ABBOTT LABORATORIES	$62,062,000	–	1,779,287	–	1.88%	–
AMGN	New	AMGEN	$60,074,000	–	608,900	–	1.82%	–
LO	New	LORILLARD	$53,838,000	–	1,232,544	–	1.63%	–
XRX	New	XEROX	$48,807,000	–	5,381,155	–	1.48%	–
MDT	New	MEDTRONIC	$44,715,000	–	868,750	–	1.35%	–
PG	New	PROCTER & GAMBLE	$44,516,000	–	578,210	–	1.35%	–
ABBV	New	ABBVIE	$43,465,000	–	1,051,400	–	1.31%	–
BCR	New	CR BARD	$41,006,000	–	377,310	–	1.24%	–
PETM	New	PETSMART	$37,545,000	–	560,450	–	1.14%	–
PM	New	PHILIP MORRIS INTL.	$36,842,000	–	425,333	–	1.11%	–
PEP	New	PEPSICO	$34,024,000	–	415,990	–	1.03%	–
WU	New	WESTERN UNION	$32,628,000	–	1,906,950	–	0.99%	–
YUM	New	YUM! BRANDS	$31,700,000	–	457,170	–	0.96%	–
MO	New	ALTRIA GROUP	$31,001,000	–	886,000	–	0.94%	–
MDLZ	New	MONDELEZ INT.	$27,400,000	–	960,400	–	0.83%	–
BDX	New	BECTON DICKINSON	$27,349,000	–	276,723	–	0.83%	–
CVX	New	CHEVRON	$23,786,000	–	201,000	–	0.72%	–
GOOGL	New	GOOGLE - CLASS A	$23,383,000	–	26,560	–	0.71%	–
	New	2,750% NUANCE 01.11.2031note	$22,218,000	–	21,450,000	–	0.67%	–
HPQ	New	HEWLETT-PACKARD	$15,626,000	–	630,100	–	0.47%	–
SYK	New	STRYKER	$14,230,000	–	220,000	–	0.43%	–
UNP	New	UNION PACIFIC	$13,606,000	–	88,190	–	0.41%	–
NEM	New	NEWMONT MINING	$12,697,000	–	423,940	–	0.38%	–
UTX	New	UNITED TECHNOLOGIES	$11,724,000	–	126,150	–	0.35%	–
ZBH	New	ZIMMER HOLDINGS	$11,387,000	–	151,950	–	0.34%	–
COP	New	CONOCOPHILLIPS	$10,095,000	–	166,860	–	0.30%	–
	New	1,625% NEWMONT MINING 15.07.2017note	$9,148,000	–	8,500,000	–	0.28%	–
LIFE	New	LIFE TECHNOLOGIES	$7,548,000	–	102,000	–	0.23%	–
TMO	New	THERMO FISHER SCIENTIFIC	$6,700,000	–	79,170	–	0.20%	–
HES	New	HESS	$5,934,000	–	89,245	–	0.18%	–
	New	0,250% TEVA PHARMA FIN 01.02.2026note	$5,797,000	–	5,500,000	–	0.18%	–
PH	New	PARKER HANNIFIN	$5,435,000	–	56,968	–	0.16%	–
SYMC	New	SYMANTEC	$5,170,000	–	230,000	–	0.16%	–
	New	1,625% RTI INTL METALS 15.10.2019note	$4,714,000	–	5,000,000	–	0.14%	–
	New	2,000% HOLOGIC 01.03.2042note	$4,619,000	–	4,500,000	–	0.14%	–
	New	2,250% TIBCO SOFTWARE 01.05.2032note	$4,408,000	–	4,500,000	–	0.13%	–
	New	2,950% INTEL 15.12.2035note	$4,348,000	–	4,000,000	–	0.13%	–
GLD	New	SPDR GOLD TRUST	$4,169,000	–	35,000	–	0.13%	–
TAP	New	MOLSON COORS	$4,106,000	–	85,800	–	0.12%	–
DOFSQ	New	DIAMOND OFFSH. DRILLING	$3,440,000	–	50,000	–	0.10%	–
NUAN	New	NUANCE COMMUNICATIONS	$3,404,000	–	185,000	–	0.10%	–
	New	1,250% LAM RESEARCH 15.05.2018note	$3,341,000	–	3,000,000	–	0.10%	–
	New	1,750% VOLCANO 01.12.2017note	$2,749,000	–	3,000,000	–	0.08%	–
	New	1,250% AGCO 15.12.2036note	$2,526,000	–	2,000,000	–	0.08%	–
	New	2,000% HOLOGIC 15.12.2037note	$2,220,000	–	2,000,000	–	0.07%	–
	New	1,750% EMC 01.12.2013note	$2,231,000	–	1,500,000	–	0.07%	–
	New	1,750% TAKE-TWO INTERAC. SOFTW. 01.12.2016note	$2,163,000	–	2,000,000	–	0.06%	–
	New	2,000% ARRIS GROUP 15.11.2026note	$2,063,000	–	2,000,000	–	0.06%	–
	New	1,250% NEWMONT MINING 15.07.2014note	$2,037,000	–	2,000,000	–	0.06%	–
PSX	New	PHILLIPS 66	$1,767,000	–	30,000	–	0.05%	–
INTC	New	INTEL	$1,052,000	–	43,400	–	0.03%	–
	New	EMC CALLcall	$945,000	–	1,400	–	0.03%	–
BRCM	New	BROADCOM	$608,000	–	18,000	–	0.02%	–
OXY	New	OCCIDENTAL PETROLEUM	$544,000	–	6,100	–	0.02%	–
SYY	New	SYSCO	$512,000	–	15,000	–	0.02%	–
SLB	New	SCHLUMBERGER	$444,000	–	6,200	–	0.01%	–
BAX	New	BAXTER INTERNATIONAL	$291,000	–	4,200	–	0.01%	–
CL	New	COLGATE-PALMOLIVE	$266,000	–	4,640	–	0.01%	–
AA	New	ALCOA	$151,000	–	19,270	–	0.01%	–
SPLS	New	STAPLES	$169,000	–	10,620	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY A	$169,000	–	1	–	0.01%	–
BHI	New	BAKER HUGHES	$161,000	–	3,500	–	0.01%	–
EXC	New	EXELON	$118,000	–	3,830	–	0.00%	–
JPM	New	JP MORGAN CHASE	$117,000	–	2,220	–	0.00%	–
MRK	New	MERCK & CO.	$125,000	–	2,700	–	0.00%	–
LM	New	LEGG MASON	$110,000	–	3,550	–	0.00%	–
WAG	New	WALGREEN	$68,000	–	1,545	–	0.00%	–
IBM	New	IBM	$76,000	–	400	–	0.00%	–
NDAQ	New	NASDAQ OMX GROUP	$70,000	–	2,120	–	0.00%	–
C	New	CITIGROUP	$68,000	–	1,420	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY B	$34,000	–	300	–	0.00%	–

Q4 2012

			Value		Shares		↓ Weighting
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-300	–	-0.00%	–
BSX	Exit	BOSTON SCIENTIFIC	$0	–	-9,420	–	-0.00%	–
NDAQ	Exit	NASDAQ OMX GROUP	$0	–	-2,120	–	-0.00%	–
BHI	Exit	BAKER HUGHES	$0	–	-1,890	–	-0.01%	–
CSC	Exit	COMPUTER SCIENCES	$0	–	-2,570	–	-0.01%	–
EXC	Exit	EXELON	$0	–	-2,120	–	-0.01%	–
IBM	Exit	IBM	$0	–	-400	–	-0.01%	–
CPB	Exit	CAMPBELL SOUP	$0	–	-2,570	–	-0.01%	–
C	Exit	CITIGROUP	$0	–	-2,950	–	-0.01%	–
INTC	Exit	INTEL	$0	–	-4,090	–	-0.01%	–
NYX	Exit	NYSE EURONEXT	$0	–	-3,650	–	-0.01%	–
WAG	Exit	WALGREEN	$0	–	-2,965	–	-0.01%	–
MRK	Exit	MERCK & CO.	$0	–	-2,700	–	-0.01%	–
SPLS	Exit	STAPLES	$0	–	-10,800	–	-0.01%	–
AA	Exit	ALCOA	$0	–	-13,050	–	-0.01%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-1,900	–	-0.01%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-2,320	–	-0.02%	–
GLW	Exit	CORNING	$0	–	-30,500	–	-0.03%	–
AAPL	Exit	APPLE	$0	–	-600	–	-0.03%	–
SLB	Exit	SCHLUMBERGER	$0	–	-6,200	–	-0.03%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-6,100	–	-0.04%	–
BBY	Exit	BEST BUY	$0	–	-85,680	–	-0.11%	–
	Exit	0,750% ELETRONIC ARTS 15.07.2016note	$0	–	-2,000,000	–	-0.14%	–
PSX	Exit	PHILLIPS 66	$0	–	-45,000	–	-0.16%	–
	Exit	2,000% ARRIS GROUP 15.11.2026note	$0	–	-2,000,000	–	-0.16%	–
	Exit	1,250% NEWMONT MINING 15.07.2014note	$0	–	-2,000,000	–	-0.20%	–
	Exit	0,250% TEVA PHARMA FIN 01.02.2026note	$0	–	-5,500,000	–	-0.44%	–
	Exit	2,125% CACI INTL 01.05.2014note	$0	–	-5,500,000	–	-0.46%	–
TAP	Exit	MOLSON COORS	$0	–	-155,600	–	-0.52%	–
DOFSQ	Exit	DIAMOND OFFSH. DRILLING	$0	–	-108,900	–	-0.54%	–
HES	Exit	HESS	$0	–	-140,300	–	-0.56%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-131,860	–	-0.56%	–
LIFE	Exit	LIFE TECHNOLOGIES	$0	–	-185,500	–	-0.68%	–
NEM	Exit	NEWMONT MINING	$0	–	-163,650	–	-0.68%	–
SYMC	Exit	SYMANTEC	$0	–	-543,000	–	-0.73%	–
HPQ	Exit	HEWLETT-PACKARD	$0	–	-577,210	–	-0.73%	–
ZBH	Exit	ZIMMER HOLDINGS	$0	–	-146,900	–	-0.74%	–
	Exit	1,625% NEWMONT MINING 15.07.2017note	$0	–	-7,000,000	–	-0.76%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-65,000	–	-0.83%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-248,350	–	-1.45%	–
YUM	Exit	YUM! BRANDS	$0	–	-305,120	–	-1.51%	–
XOM	Exit	EXXON MOBIL	$0	–	-227,090	–	-1.55%	–
AMGN	Exit	AMGEN	$0	–	-257,350	–	-1.62%	–
PEP	Exit	PEPSICO	$0	–	-312,300	–	-1.65%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-378,300	–	-1.66%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-325,980	–	-1.69%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-341,450	–	-1.75%	–
GOOGL	Exit	GOOGLE - CLASS A	$0	–	-32,000	–	-1.80%	–
MDT	Exit	MEDTRONIC	$0	–	-682,330	–	-2.19%	–
SYK	Exit	STRYKER	$0	–	-613,100	–	-2.54%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-748,000	–	-2.69%	–
EMC	Exit	EMC	$0	–	-1,532,500	–	-3.12%	–
BDX	Exit	BECTON DICKINSON	$0	–	-610,649	–	-3.58%	–
KO	Exit	COCA-COLA	$0	–	-1,434,162	–	-4.06%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-730,091	–	-4.36%	–
PFE	Exit	PFIZER	$0	–	-2,694,000	–	-4.99%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,078,265	–	-5.54%	–
MCD	Exit	MCDONALDS	$0	–	-861,379	–	-5.89%	–
ORCL	Exit	ORACLE	$0	–	-2,762,403	–	-6.49%	–
MMM	Exit	3M	$0	–	-1,036,440	–	-7.14%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-5,285,250	–	-7.53%	–
QCOM	Exit	QUALCOMM	$0	–	-1,658,895	–	-7.73%	–
MSFT	Exit	MICROSOFT	$0	–	-3,698,830	–	-8.21%	–

Q3 2012

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT	$110,077,000	+33.6%	3,698,830	+37.3%	8.21%	+14.7%
QCOM	Buy	QUALCOMM	$103,631,000	+71.0%	1,658,895	+52.4%	7.73%	+46.8%
CSCO	Sell	CISCO SYSTEMS	$100,922,000	+5.7%	5,285,250	-4.9%	7.53%	-9.2%
MMM	Buy	3M	$95,788,000	+16.6%	1,036,440	+13.1%	7.14%	+0.1%
ORCL	Sell	ORACLE	$86,988,000	-8.9%	2,762,403	-14.1%	6.49%	-21.8%
MCD	Buy	MCDONALDS	$79,032,000	+86.9%	861,379	+80.3%	5.89%	+60.5%
JNJ	Buy	JOHNSON & JOHNSON	$74,303,000	+8.6%	1,078,265	+6.4%	5.54%	-6.8%
PFE	Buy	PFIZER	$66,946,000	+42.5%	2,694,000	+31.9%	4.99%	+22.3%
NOV	Buy	NATIONAL OILWELL VARCO	$58,488,000	+87.5%	730,091	+50.9%	4.36%	+61.0%
KO	Buy	COCA-COLA	$54,398,000	+578.0%	1,434,162	+1297.7%	4.06%	+482.1%
BDX	Buy	BECTON DICKINSON	$47,973,000	+39.1%	610,649	+32.4%	3.58%	+19.5%
EMC	Buy	EMC	$41,791,000	+420.1%	1,532,500	+388.8%	3.12%	+346.6%
EMR	Sell	EMERSON ELECTRIC	$36,106,000	+3.1%	748,000	-0.5%	2.69%	-11.4%
SYK	Buy	STRYKER	$34,125,000	+2.2%	613,100	+1.2%	2.54%	-12.3%
MDT	Buy	MEDTRONIC	$29,422,000	+20.1%	682,330	+7.9%	2.19%	+3.1%
GOOGL	Sell	GOOGLE - CLASS A	$24,144,000	-15.3%	32,000	-34.9%	1.80%	-27.3%
ABT	Sell	ABBOTT LABORATORIES	$23,410,000	+1.3%	341,450	-4.7%	1.75%	-13.0%
PG	Sell	PROCTER & GAMBLE	$22,610,000	-61.2%	325,980	-65.8%	1.69%	-66.7%
TMO	Sell	THERMO FISHER SCIENTIFIC	$22,255,000	-31.6%	378,300	-39.6%	1.66%	-41.2%
PEP	Sell	PEPSICO	$22,101,000	-54.5%	312,300	-54.6%	1.65%	-61.0%
AMGN	Sell	AMGEN	$21,692,000	+5.4%	257,350	-8.9%	1.62%	-9.5%
XOM	Sell	EXXON MOBIL	$20,767,000	-15.8%	227,090	-21.2%	1.55%	-27.7%
YUM	New	YUM! BRANDS	$20,242,000	–	305,120	–	1.51%	–
	Buy	1,625% NEWMONT MINING 15.07.2017note	$10,184,000	+51.2%	7,000,000	+40.0%	0.76%	+29.9%
HPQ	Buy	HEWLETT-PACKARD	$9,847,000	+6.2%	577,210	+25.2%	0.73%	-8.8%
SYMC	Sell	SYMANTEC	$9,760,000	-22.8%	543,000	-37.3%	0.73%	-33.8%
NEM	Buy	NEWMONT MINING	$9,167,000	+21.7%	163,650	+5.4%	0.68%	+4.6%
LIFE	Buy	LIFE TECHNOLOGIES	$9,063,000	+38.5%	185,500	+27.5%	0.68%	+18.8%
HES	Sell	HESS	$7,537,000	+19.3%	140,300	-3.5%	0.56%	+2.4%
COP	Buy	CONOCOPHILLIPS	$7,540,000	+46.9%	131,860	+43.5%	0.56%	+26.0%
DOFSQ	Buy	DIAMOND OFFSH. DRILLING	$7,167,000	+31.9%	108,900	+18.5%	0.54%	+13.3%
TAP	Sell	MOLSON COORS	$7,010,000	-66.7%	155,600	-69.2%	0.52%	-71.4%
	Sell	1,250% NEWMONT MINING 15.07.2014note	$2,708,000	-45.7%	2,000,000	-50.0%	0.20%	-53.3%
	New	0,750% ELETRONIC ARTS 15.07.2016note	$1,838,000	–	2,000,000	–	0.14%	–
BBY	Sell	BEST BUY	$1,474,000	-77.6%	85,680	-72.7%	0.11%	-80.7%
GLW	Sell	CORNING	$401,000	-97.0%	30,500	-97.1%	0.03%	-97.4%
C	New	CITIGROUP	$97,000	–	2,950	–	0.01%	–
CPB	Sell	CAMPBELL SOUP	$89,000	-69.9%	2,570	-71.0%	0.01%	-73.1%
NYX	New	NYSE EURONEXT	$90,000	–	3,650	–	0.01%	–
IBM	Sell	IBM	$83,000	-80.2%	400	-81.4%	0.01%	-83.3%
CCE	Exit	COCA-COLA ENTERPRISES	$0	–	-2,858	–	-0.01%	–
KFT	Exit	KRAFT FOODS	$0	–	-4,500	–	-0.02%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-8,200	–	-0.05%	–
	Exit	ORACLE CALLcall	$0	–	-400	–	-0.10%	–
WMT	Exit	WAL-MART STORES	$0	–	-24,000	–	-0.14%	–

Q2 2012

			Value		Shares		↓ Weighting
ORCL	New	ORACLE	$95,457,000	–	3,214,050	–	8.29%	–
CSCO	New	CISCO SYSTEMS	$95,460,000	–	5,559,720	–	8.29%	–
MSFT	New	MICROSOFT	$82,384,000	–	2,693,159	–	7.16%	–
MMM	New	3M	$82,144,000	–	916,790	–	7.14%	–
JNJ	New	JOHNSON & JOHNSON	$68,439,000	–	1,013,015	–	5.94%	–
QCOM	New	QUALCOMM	$60,605,000	–	1,088,450	–	5.26%	–
PG	New	PROCTER & GAMBLE	$58,297,000	–	951,780	–	5.06%	–
PEP	New	PEPSICO	$48,605,000	–	687,875	–	4.22%	–
PFE	New	PFIZER	$46,989,000	–	2,043,000	–	4.08%	–
MCD	New	MCDONALDS	$42,288,000	–	477,664	–	3.67%	–
EMR	New	EMERSON ELECTRIC	$35,005,000	–	751,500	–	3.04%	–
BDX	New	BECTON DICKINSON	$34,478,000	–	461,249	–	3.00%	–
SYK	New	STRYKER	$33,396,000	–	606,100	–	2.90%	–
TMO	New	THERMO FISHER SCIENTIFIC	$32,518,000	–	626,421	–	2.82%	–
NOV	New	NATIONAL OILWELL VARCO	$31,187,000	–	483,970	–	2.71%	–
GOOGL	New	GOOGLE - CLASS A	$28,505,000	–	49,140	–	2.48%	–
XOM	New	EXXON MOBIL	$24,665,000	–	288,240	–	2.14%	–
MDT	New	MEDTRONIC	$24,502,000	–	632,630	–	2.13%	–
ABT	New	ABBOTT LABORATORIES	$23,109,000	–	358,450	–	2.01%	–
TAP	New	MOLSON COORS	$21,038,000	–	505,600	–	1.83%	–
AMGN	New	AMGEN	$20,586,000	–	282,350	–	1.79%	–
UTX	New	UNITED TECHNOLOGIES	$18,758,000	–	248,350	–	1.63%	–
GLW	New	CORNING	$13,464,000	–	1,041,297	–	1.17%	–
SYMC	New	SYMANTEC	$12,650,000	–	865,850	–	1.10%	–
GLD	New	SPDR GOLD TRUST	$10,087,000	–	65,000	–	0.88%	–
ZBH	New	ZIMMER HOLDINGS	$9,454,000	–	146,900	–	0.82%	–
HPQ	New	HEWLETT-PACKARD	$9,273,000	–	461,110	–	0.80%	–
EMC	New	EMC	$8,035,000	–	313,500	–	0.70%	–
KO	New	COCA-COLA	$8,023,000	–	102,610	–	0.70%	–
NEM	New	NEWMONT MINING	$7,531,000	–	155,250	–	0.65%	–
	New	1,625% NEWMONT MINING 15.07.2017note	$6,737,000	–	5,000,000	–	0.58%	–
BBY	New	BEST BUY	$6,575,000	–	313,680	–	0.57%	–
LIFE	New	LIFE TECHNOLOGIES	$6,546,000	–	145,500	–	0.57%	–
HES	New	HESS	$6,320,000	–	145,450	–	0.55%	–
	New	2,125% CACI INTL 01.05.2014note	$6,297,000	–	5,500,000	–	0.55%	–
	New	0,250% TEVA PHARMA FIN 01.02.2026note	$5,742,000	–	5,500,000	–	0.50%	–
DOFSQ	New	DIAMOND OFFSH. DRILLING	$5,434,000	–	91,900	–	0.47%	–
COP	New	CONOCOPHILLIPS	$5,133,000	–	91,860	–	0.45%	–
	New	1,250% NEWMONT MINING 15.07.2014note	$4,983,000	–	4,000,000	–	0.43%	–
	New	2,000% ARRIS GROUP 15.11.2026note	$2,153,000	–	2,000,000	–	0.19%	–
WMT	New	WAL-MART STORES	$1,673,000	–	24,000	–	0.14%	–
PSX	New	PHILLIPS 66	$1,496,000	–	45,000	–	0.13%	–
	New	ORACLE CALLcall	$1,188,000	–	400	–	0.10%	–
GD	New	GENERAL DYNAMICS	$541,000	–	8,200	–	0.05%	–
OXY	New	OCCIDENTAL PETROLEUM	$523,000	–	6,100	–	0.04%	–
IBM	New	IBM	$420,000	–	2,150	–	0.04%	–
SLB	New	SCHLUMBERGER	$402,000	–	6,200	–	0.04%	–
AAPL	New	APPLE	$350,000	–	600	–	0.03%	–
CPB	New	CAMPBELL SOUP	$296,000	–	8,870	–	0.03%	–
CL	New	COLGATE-PALMOLIVE	$242,000	–	2,320	–	0.02%	–
KFT	New	KRAFT FOODS	$174,000	–	4,500	–	0.02%	–
PM	New	PHILIP MORRIS INTL.	$166,000	–	1,900	–	0.01%	–
SPLS	New	STAPLES	$141,000	–	10,800	–	0.01%	–
AA	New	ALCOA	$114,000	–	13,050	–	0.01%	–
MRK	New	MERCK & CO.	$113,000	–	2,700	–	0.01%	–
INTC	New	INTEL	$109,000	–	4,090	–	0.01%	–
WAG	New	WALGREEN	$88,000	–	2,965	–	0.01%	–
BHI	New	BAKER HUGHES	$78,000	–	1,890	–	0.01%	–
EXC	New	EXELON	$80,000	–	2,120	–	0.01%	–
CCE	New	COCA-COLA ENTERPRISES	$80,000	–	2,858	–	0.01%	–
CSC	New	COMPUTER SCIENCES	$64,000	–	2,570	–	0.01%	–
BSX	New	BOSTON SCIENTIFIC	$53,000	–	9,420	–	0.01%	–
NDAQ	New	NASDAQ OMX GROUP	$48,000	–	2,120	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY B	$25,000	–	300	–	0.00%	–

Q4 2011

			Value		Shares		↓ Weighting
NDAQ	Exit	NASDAQ OMX GROUP	$0	–	-2,120	–	-0.01%	–
BSX	Exit	BOSTON SCIENTIFIC	$0	–	-9,420	–	-0.01%	–
AA	Exit	ALCOA	$0	–	-5,510	–	-0.01%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-850	–	-0.01%	–
CSC	Exit	COMPUTER SCIENCES	$0	–	-2,350	–	-0.01%	–
CCE	Exit	COCA-COLA ENTERPRISES	$0	–	-2,858	–	-0.01%	–
SPLS	Exit	STAPLES	$0	–	-5,710	–	-0.01%	–
CPB	Exit	CAMPBELL SOUP	$0	–	-2,570	–	-0.02%	–
T	Exit	AT & T	$0	–	-2,850	–	-0.02%	–
EXC	Exit	EXELON	$0	–	-2,120	–	-0.02%	–
MRK	Exit	MERCK & CO.	$0	–	-4,860	–	-0.03%	–
AAPL	Exit	APPLE	$0	–	-600	–	-0.04%	–
IBM	Exit	IBM	$0	–	-2,150	–	-0.07%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-6,100	–	-0.08%	–
KFT	Exit	KRAFT FOODS	$0	–	-13,840	–	-0.08%	–
	Exit	1,000% GILEAD SCIENCES 01.05.2014note	$0	–	-1,500,000	–	-0.30%	–
QCOM	Exit	QUALCOMM	$0	–	-36,200	–	-0.32%	–
	Exit	1,500% LIFE TECHNOLOGIES CORP. 15.02.2024note	$0	–	-2,000,000	–	-0.36%	–
MO	Exit	ALTRIA GROUP	$0	–	-75,000	–	-0.36%	–
	Exit	2,000% ARRIS GROUP 15.11.2026note	$0	–	-2,000,000	–	-0.36%	–
	Exit	HEWLETT-PACKARD CALLcall	$0	–	-967	–	-0.39%	–
PM	Exit	PHILIP MORRIS INTL.	$0	–	-34,900	–	-0.39%	–
KO	Exit	COCA-COLA	$0	–	-40,810	–	-0.50%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-39,350	–	-0.50%	–
AROPQ	Exit	AEROPOSTALE	$0	–	-291,600	–	-0.57%	–
	Exit	1,625% NEWMONT MINING 15.07.2017note	$0	–	-2,000,000	–	-0.58%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-38,820	–	-0.62%	–
INTC	Exit	INTEL	$0	–	-171,090	–	-0.66%	–
DOFSQ	Exit	DIAMOND OFFSH. DRILLING	$0	–	-89,750	–	-0.89%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-47	–	-0.90%	–
SYMC	Exit	SYMANTEC	$0	–	-333,500	–	-0.98%	–
	Exit	0,250% TEVA PHARMA FIN 01.02.2026note	$0	–	-5,500,000	–	-1.01%	–
	Exit	2,125% CACI INTL 01.05.2014note	$0	–	-5,500,000	–	-1.12%	–
	Exit	1,250% NEWMONT MINING 15.07.2014note	$0	–	-4,000,000	–	-1.14%	–
HES	Exit	HESS	$0	–	-127,250	–	-1.20%	–
BBY	Exit	BEST BUY	$0	–	-340,950	–	-1.43%	–
CVX	Exit	CHEVRON	$0	–	-98,290	–	-1.64%	–
TAP	Exit	MOLSON COORS	$0	–	-243,600	–	-1.74%	–
MDT	Exit	MEDTRONIC	$0	–	-291,500	–	-1.75%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-154,860	–	-1.77%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-196,821	–	-1.80%	–
ZBH	Exit	ZIMMER HOLDINGS	$0	–	-199,600	–	-1.92%	–
BDX	Exit	BECTON DICKINSON	$0	–	-146,000	–	-1.93%	–
RTN	Exit	RAYTHEON	$0	–	-269,500	–	-1.99%	–
GLW	Exit	CORNING	$0	–	-992,500	–	-2.21%	–
SYK	Exit	STRYKER	$0	–	-293,500	–	-2.50%	–
GD	Exit	GENERAL DYNAMICS	$0	–	-247,070	–	-2.54%	–
AMGN	Exit	AMGEN	$0	–	-264,000	–	-2.62%	–
GOOGL	Exit	GOOGLE - CLASS A	$0	–	-31,450	–	-2.92%	–
PFE	Exit	PFIZER	$0	–	-1,077,000	–	-3.43%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-302,895	–	-3.48%	–
HPQ	Exit	HEWLETT-PACKARD	$0	–	-863,274	–	-3.50%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-416,100	–	-3.84%	–
WMT	Exit	WAL-MART STORES	$0	–	-429,945	–	-4.02%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-434,260	–	-4.95%	–
XOM	Exit	EXXON MOBIL	$0	–	-408,560	–	-5.35%	–
PEP	Exit	PEPSICO	$0	–	-548,875	–	-6.13%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-2,403,730	–	-6.72%	–
MMM	Exit	3M	$0	–	-546,940	–	-7.08%	–
MSFT	Exit	MICROSOFT	$0	–	-2,040,569	–	-9.16%	–

Q3 2011

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT	$50,790,000	-1.6%	2,040,569	+2.8%	9.16%	-10.3%
MMM	Buy	3M	$39,265,000	+26.6%	546,940	+67.2%	7.08%	+15.3%
CSCO	Buy	CISCO SYSTEMS	$37,258,000	+1.9%	2,403,730	+2.6%	6.72%	-7.2%
PEP	Buy	PEPSICO	$33,975,000	+416.0%	548,875	+487.1%	6.13%	+370.3%
XOM	Buy	EXXON MOBIL	$29,674,000	-5.8%	408,560	+5.6%	5.35%	-14.2%
PG	Buy	PROCTER & GAMBLE	$27,437,000	+125.1%	434,260	+126.5%	4.95%	+105.1%
WMT	Buy	WAL-MART STORES	$22,314,000	+31.5%	429,945	+34.6%	4.02%	+19.8%
ABT	Sell	ABBOTT LABORATORIES	$21,279,000	-3.0%	416,100	-0.2%	3.84%	-11.6%
HPQ	Sell	HEWLETT-PACKARD	$19,381,000	-39.8%	863,274	-2.4%	3.50%	-45.1%
JNJ	Buy	JOHNSON & JOHNSON	$19,291,000	+10.7%	302,895	+15.7%	3.48%	+0.9%
PFE	Buy	PFIZER	$19,041,000	+19.7%	1,077,000	+39.4%	3.43%	+9.1%
GOOGL	Sell	GOOGLE - CLASS A	$16,198,000	-23.3%	31,450	-24.6%	2.92%	-30.1%
AMGN	Buy	AMGEN	$14,509,000	+38.6%	264,000	+47.2%	2.62%	+26.4%
GD	Buy	GENERAL DYNAMICS	$14,056,000	+0.3%	247,070	+31.4%	2.54%	-8.6%
SYK	Buy	STRYKER	$13,833,000	-5.0%	293,500	+18.3%	2.50%	-13.4%
GLW	Buy	CORNING	$12,267,000	+113.9%	992,500	+214.1%	2.21%	+95.0%
RTN	Buy	RAYTHEON	$11,014,000	-11.4%	269,500	+8.0%	1.99%	-19.3%
BDX	Buy	BECTON DICKINSON	$10,705,000	+218.5%	146,000	+274.4%	1.93%	+190.4%
ZBH	Buy	ZIMMER HOLDINGS	$10,675,000	-8.1%	199,600	+8.5%	1.92%	-16.3%
TMO	Buy	THERMO FISHER SCIENTIFIC	$9,967,000	+195.6%	196,821	+275.8%	1.80%	+169.6%
MDT	Buy	MEDTRONIC	$9,689,000	-5.1%	291,500	+10.0%	1.75%	-13.5%
TAP	Buy	MOLSON COORS	$9,649,000	-7.0%	243,600	+5.1%	1.74%	-15.2%
CVX	Buy	CHEVRON	$9,101,000	-6.2%	98,290	+4.2%	1.64%	-14.5%
BBY	Buy	BEST BUY	$7,944,000	-24.7%	340,950	+1.5%	1.43%	-31.4%
HES	Buy	HESS	$6,676,000	-21.7%	127,250	+11.6%	1.20%	-28.7%
	New	2,125% CACI INTL 01.05.2014note	$6,187,000	–	5,500,000	–	1.12%	–
	New	0,250% TEVA PHARMA FIN 01.02.2026note	$5,612,000	–	5,500,000	–	1.01%	–
SYMC	Buy	SYMANTEC	$5,436,000	+0.8%	333,500	+21.9%	0.98%	-8.1%
DOFSQ	Buy	DIAMOND OFFSH. DRILLING	$4,913,000	+15.5%	89,750	+48.6%	0.89%	+5.2%
INTC	Buy	INTEL	$3,651,000	-2.0%	171,090	+1.8%	0.66%	-10.6%
CL	Sell	COLGATE-PALMOLIVE	$3,443,000	-59.9%	38,820	-60.5%	0.62%	-63.5%
AROPQ	Buy	AEROPOSTALE	$3,152,000	-37.2%	291,600	+1.7%	0.57%	-42.7%
UTX	Buy	UNITED TECHNOLOGIES	$2,769,000	-17.5%	39,350	+3.8%	0.50%	-24.8%
KO	Sell	COCA-COLA	$2,757,000	-29.5%	40,810	-29.8%	0.50%	-35.8%
PM	Sell	PHILIP MORRIS INTL.	$2,177,000	-7.9%	34,900	-1.4%	0.39%	-16.0%
	New	1,500% LIFE TECHNOLOGIES CORP. 15.02.2024note	$2,014,000	–	2,000,000	–	0.36%	–
QCOM	Buy	QUALCOMM	$1,760,000	+9.5%	36,200	+27.9%	0.32%	-0.3%
	New	1,000% GILEAD SCIENCES 01.05.2014note	$1,633,000	–	1,500,000	–	0.30%	–
KFT	Buy	KRAFT FOODS	$465,000	+7.6%	13,840	+12.8%	0.08%	-2.3%
OXY	Buy	OCCIDENTAL PETROLEUM	$436,000	+4.8%	6,100	+52.5%	0.08%	-3.7%
IBM	Buy	IBM	$376,000	+444.9%	2,150	+437.5%	0.07%	+385.7%
MRK	New	MERCK & CO.	$159,000	–	4,860	–	0.03%	–
CPB	New	CAMPBELL SOUP	$83,000	–	2,570	–	0.02%	–
CCE	New	COCA-COLA ENTERPRISES	$71,000	–	2,858	–	0.01%	–
BRKB	Sell	BERKSHIRE HATHAWAY B	$60,000	-58.0%	850	-54.1%	0.01%	-60.7%
CSC	New	COMPUTER SCIENCES	$63,000	–	2,350	–	0.01%	–
AA	New	ALCOA	$53,000	–	5,510	–	0.01%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-2,850	–	-0.02%	–
PPL	Exit	PPL	$0	–	-3,210	–	-0.02%	–
	Exit	1,625% MEDTRONIC 15.04.2013note	$0	–	-2,000,000	–	-0.40%	–
	Exit	2,000% HOLOGIC 15.12.2037note	$0	–	-3,000,000	–	-0.59%	–
	Exit	0,375% AMGEN 01.02.2013note	$0	–	-3,000,000	–	-0.60%	–
	Exit	2,250% BEST BUY 15.01.2022note	$0	–	-4,500,000	–	-0.91%	–

Q2 2011

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT	$51,597,000	–	1,984,519	–	10.21%	–
CSCO	New	CISCO SYSTEMS	$36,570,000	–	2,342,730	–	7.24%	–
HPQ	New	HEWLETT-PACKARD	$32,189,000	–	884,324	–	6.37%	–
XOM	New	EXXON MOBIL	$31,499,000	–	387,060	–	6.24%	–
MMM	New	3M	$31,024,000	–	327,090	–	6.14%	–
ABT	New	ABBOTT LABORATORIES	$21,948,000	–	417,100	–	4.34%	–
GOOGL	New	GOOGLE - CLASS A	$21,116,000	–	41,700	–	4.18%	–
JNJ	New	JOHNSON & JOHNSON	$17,421,000	–	261,895	–	3.45%	–
WMT	New	WAL-MART STORES	$16,975,000	–	319,445	–	3.36%	–
PFE	New	PFIZER	$15,911,000	–	772,400	–	3.15%	–
SYK	New	STRYKER	$14,562,000	–	248,120	–	2.88%	–
GD	New	GENERAL DYNAMICS	$14,015,000	–	188,070	–	2.77%	–
RTN	New	RAYTHEON	$12,438,000	–	249,500	–	2.46%	–
PG	New	PROCTER & GAMBLE	$12,190,000	–	191,760	–	2.41%	–
COP	New	CONOCOPHILLIPS	$11,644,000	–	154,860	–	2.30%	–
ZBH	New	ZIMMER HOLDINGS	$11,622,000	–	183,900	–	2.30%	–
BBY	New	BEST BUY	$10,552,000	–	335,950	–	2.09%	–
AMGN	New	AMGEN	$10,465,000	–	179,350	–	2.07%	–
TAP	New	MOLSON COORS	$10,374,000	–	231,880	–	2.05%	–
MDT	New	MEDTRONIC	$10,207,000	–	264,900	–	2.02%	–
CVX	New	CHEVRON	$9,698,000	–	94,300	–	1.92%	–
CL	New	COLGATE-PALMOLIVE	$8,594,000	–	98,320	–	1.70%	–
HES	New	HESS	$8,526,000	–	114,050	–	1.69%	–
PEP	New	PEPSICO	$6,584,000	–	93,485	–	1.30%	–
GLW	New	CORNING	$5,735,000	–	316,000	–	1.14%	–
BRKA	New	BERKSHIRE HATHAWAY A	$5,457,000	–	47	–	1.08%	–
SYMC	New	SYMANTEC	$5,393,000	–	273,500	–	1.07%	–
	New	1,250% NEWMONT MINING 15.07.2014note	$5,207,000	–	4,000,000	–	1.03%	–
AROPQ	New	AEROPOSTALE	$5,016,000	–	286,600	–	0.99%	–
	New	2,250% BEST BUY 15.01.2022note	$4,600,000	–	4,500,000	–	0.91%	–
DOFSQ	New	DIAMOND OFFSH. DRILLING	$4,253,000	–	60,410	–	0.84%	–
KO	New	COCA-COLA	$3,912,000	–	58,140	–	0.77%	–
INTC	New	INTEL	$3,725,000	–	168,090	–	0.74%	–
	New	HEWLETT-PACKARD CALLcall	$3,520,000	–	967	–	0.70%	–
TMO	New	THERMO FISHER SCIENTIFIC	$3,372,000	–	52,373	–	0.67%	–
BDX	New	BECTON DICKINSON	$3,361,000	–	39,000	–	0.66%	–
UTX	New	UNITED TECHNOLOGIES	$3,355,000	–	37,900	–	0.66%	–
	New	0,375% AMGEN 01.02.2013note	$3,012,000	–	3,000,000	–	0.60%	–
	New	2,000% HOLOGIC 15.12.2037note	$2,973,000	–	3,000,000	–	0.59%	–
	New	1,625% NEWMONT MINING 15.07.2017note	$2,694,000	–	2,000,000	–	0.53%	–
PM	New	PHILIP MORRIS INTL.	$2,364,000	–	35,400	–	0.47%	–
	New	2,000% ARRIS GROUP 15.11.2026note	$2,074,000	–	2,000,000	–	0.41%	–
	New	1,625% MEDTRONIC 15.04.2013note	$2,045,000	–	2,000,000	–	0.40%	–
MO	New	ALTRIA GROUP	$1,981,000	–	75,000	–	0.39%	–
QCOM	New	QUALCOMM	$1,607,000	–	28,300	–	0.32%	–
KFT	New	KRAFT FOODS	$432,000	–	12,270	–	0.09%	–
OXY	New	OCCIDENTAL PETROLEUM	$416,000	–	4,000	–	0.08%	–
AAPL	New	APPLE	$201,000	–	600	–	0.04%	–
BRKB	New	BERKSHIRE HATHAWAY B	$143,000	–	1,850	–	0.03%	–
SPLS	New	STAPLES	$90,000	–	5,710	–	0.02%	–
EXC	New	EXELON	$91,000	–	2,120	–	0.02%	–
PPL	New	PPL	$89,000	–	3,210	–	0.02%	–
T	New	AT & T	$90,000	–	2,850	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB	$83,000	–	2,850	–	0.02%	–
IBM	New	IBM	$69,000	–	400	–	0.01%	–
BSX	New	BOSTON SCIENTIFIC	$65,000	–	9,420	–	0.01%	–
NDAQ	New	NASDAQ OMX GROUP	$54,000	–	2,120	–	0.01%	–

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