YCG, LLC Activity Q2 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft Corp	$77,664,910	-7.4%	245,970	-0.1%	7.17%	-4.1%
MA	Sell	Mastercard Incorporatedcl a	$70,147,099	+0.4%	177,179	-0.2%	6.48%	+4.0%
AMZN	Sell	Amazon Com Inc	$62,826,274	-8.3%	494,228	-6.0%	5.80%	-5.1%
GOOG	Sell	Alphabet Inccap stk cl c	$61,400,435	+8.8%	465,684	-0.2%	5.67%	+12.7%
MCO	Sell	Moodys Corp	$59,297,880	-9.1%	187,551	-0.0%	5.48%	-5.9%
CPRT	Buy	Copart Inc	$51,720,798	-5.9%	1,200,297	+99.2%	4.78%	-2.6%
MSCI	Buy	MSCI Inc.	$49,159,105	+9.4%	95,812	+0.1%	4.54%	+13.3%
VRSK	Sell	Verisk Analytics Inc	$47,029,211	+3.0%	199,074	-1.5%	4.34%	+6.7%
AON	Sell	AON Plc	$45,990,931	-6.2%	141,851	-0.2%	4.25%	-2.9%
MMC	Sell	Marsh & McLennan Cos Inc	$41,267,838	+0.5%	216,857	-0.7%	3.81%	+4.1%
WM	Buy	Waste Mgmt Inc Del	$38,254,115	-9.6%	250,945	+2.8%	3.53%	-6.4%
CSGP	Sell	CoStar Group Inc	$35,130,349	-14.1%	456,891	-0.6%	3.24%	-11.0%
INTU	Sell	Intuit	$32,207,168	+10.8%	63,035	-0.6%	2.97%	+14.8%
CBRE	Buy	CBRE Group Inccl a	$29,791,726	-8.5%	403,354	+0.0%	2.75%	-5.2%
NKE	Sell	Nike Inccl b	$29,485,032	-13.6%	308,356	-0.3%	2.72%	-10.6%
AAPL	Buy	Apple Inc	$29,350,631	-11.1%	171,431	+0.7%	2.71%	-7.9%
SPGI	Buy	S&P Global Inc	$29,057,878	-8.8%	79,521	+0.0%	2.68%	-5.6%
ADBE	Sell	Adobe Inc	$27,818,104	-12.5%	54,556	-16.1%	2.57%	-9.4%
RSG	Buy	Republic Svcs Inc	$25,857,495	+16.5%	181,443	+25.3%	2.39%	+20.7%
PGR	Sell	Progressive Corp	$25,783,736	+4.6%	185,095	-0.6%	2.38%	+8.3%
CNI	Buy	Canadian Natl Ry Co	$25,548,114	+61.1%	235,836	+80.0%	2.36%	+66.8%
EL	Buy	Lauder Estee Cos Inccl a	$24,374,407	-21.8%	168,623	+6.3%	2.25%	-19.0%
	Buy	Canadian Pacific Kansas City	$20,920,074	+31.2%	281,146	+42.4%	1.93%	+36.0%
PEP	Sell	Pepsico Inc	$18,380,965	-9.0%	108,481	-0.5%	1.70%	-5.7%
PG	Sell	Procter and Gamble Co	$17,089,396	-4.7%	117,163	-0.9%	1.58%	-1.3%
CL	Sell	Colgate Palmolive Co	$14,661,083	-8.2%	206,175	-0.5%	1.35%	-4.9%
UL	Buy	Unilever PLCspon adr new	$14,453,286	-5.2%	292,577	+0.0%	1.33%	-1.9%
CME	Buy	CME Group Inc	$12,212,361	+8.1%	60,995	+0.0%	1.13%	+12.0%
V	Sell	Visa Inc	$11,190,917	-4.2%	48,654	-1.1%	1.03%	-0.8%
RACE	Sell	Ferrari N V	$10,511,767	-9.9%	35,568	-0.9%	0.97%	-6.6%
SCHW	Sell	Schwab Charles Corp	$210,515	-97.4%	3,835	-97.3%	0.02%	-97.3%

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$83,865,488	–	246,272	–	7.48%	–
MA	New	Mastercard Incorporatedcl a	$69,839,956	–	177,574	–	6.23%	–
AMZN	New	Amazon Com Inc	$68,531,958	–	525,713	–	6.11%	–
MCO	New	Moodys Corp	$65,240,316	–	187,623	–	5.82%	–
GOOG	New	Alphabet Inccap stk cl c	$56,429,602	–	466,476	–	5.03%	–
CPRT	New	Copart Inc	$54,956,123	–	602,523	–	4.90%	–
AON	New	AON Plc	$49,041,528	–	142,067	–	4.37%	–
VRSK	New	Verisk Analytics Inc	$45,666,777	–	202,039	–	4.07%	–
MSCI	New	MSCI Inc.	$44,929,572	–	95,739	–	4.01%	–
WM	New	Waste Mgmt Inc Del	$42,324,934	–	244,060	–	3.77%	–
MMC	New	Marsh & McLennan Cos Inc	$41,063,238	–	218,329	–	3.66%	–
CSGP	New	CoStar Group Inc	$40,895,322	–	459,498	–	3.65%	–
NKE	New	Nike Inccl b	$34,144,993	–	309,368	–	3.04%	–
AAPL	New	Apple Inc	$33,014,751	–	170,205	–	2.94%	–
CBRE	New	CBRE Group Inccl a	$32,547,034	–	403,259	–	2.90%	–
SPGI	New	S&P Global Inc	$31,873,252	–	79,506	–	2.84%	–
ADBE	New	Adobe Systems Incorporated	$31,777,993	–	64,987	–	2.83%	–
EL	New	Lauder Estee Cos Inccl a	$31,163,534	–	158,690	–	2.78%	–
INTU	New	Intuit	$29,067,116	–	63,439	–	2.59%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$27,978,709	–	82,049	–	2.49%	–
PGR	New	Progressive Corp	$24,656,926	–	186,273	–	2.20%	–
RSG	New	Republic Svcs Inc	$22,188,666	–	144,863	–	1.98%	–
PEP	New	Pepsico Inc	$20,194,844	–	109,032	–	1.80%	–
PG	New	Procter and Gamble Co	$17,939,929	–	118,228	–	1.60%	–
CL	New	Colgate Palmolive Co	$15,971,167	–	207,310	–	1.42%	–
	New	Canadian Pacific Kansas City	$15,941,494	–	197,369	–	1.42%	–
CNI	New	Canadian Natl Ry Co	$15,858,475	–	130,986	–	1.41%	–
UL	New	Unilever PLCspon adr new	$15,250,123	–	292,540	–	1.36%	–
V	New	Visa Inc	$11,679,678	–	49,182	–	1.04%	–
RACE	New	Ferrari N V	$11,669,185	–	35,882	–	1.04%	–
CME	New	Cme Group Inc	$11,297,571	–	60,972	–	1.01%	–
SCHW	New	Schwab Charles Corp	$7,987,942	–	140,931	–	0.71%	–
KO	New	Coca Cola Co	$5,328,592	–	88,485	–	0.48%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$3,624,670	–	7	–	0.32%	–
EFX	New	Equifax Inc	$2,588,300	–	11,000	–	0.23%	–
SYK	New	Stryker Corporation	$1,828,709	–	5,994	–	0.16%	–
JNJ	New	Johnson & Johnson	$1,318,367	–	7,965	–	0.12%	–
BDX	New	Becton Dickinson & Co	$1,089,305	–	4,126	–	0.10%	–
FICO	New	Fair Isaac Corp	$622,282	–	769	–	0.06%	–
GL	New	Globe Life Inc	$246,645	–	2,250	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
GL	Exit	Globe Life Inc	$0	–	-2,250	–	-0.03%	–
FICO	Exit	Fair Isaac Corp	$0	–	-769	–	-0.04%	–
CRM	Exit	Salesforce Inc	$0	–	-5,076	–	-0.09%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-4,312	–	-0.11%	–
SYK	Exit	Stryker Corporation	$0	–	-6,442	–	-0.16%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,465	–	-0.16%	–
EFX	Exit	Equifax Inc	$0	–	-11,000	–	-0.22%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-7	–	-0.34%	–
KO	Exit	Coca Cola Co	$0	–	-91,089	–	-0.61%	–
BABA	Exit	Alibaba Group Hldg Ltdsponsored ads	$0	–	-73,452	–	-0.70%	–
RACE	Exit	Ferrari N V	$0	–	-36,261	–	-0.80%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-27,081	–	-0.86%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-76,354	–	-0.95%	–
V	Exit	Visa Inc	$0	–	-51,511	–	-1.09%	–
BKNG	Exit	Booking Holdings Inc	$0	–	-7,405	–	-1.45%	–
UL	Exit	Unilever PLCspon adr new	$0	–	-324,606	–	-1.69%	–
SCHW	Exit	Schwab Charles Corp	$0	–	-217,253	–	-1.86%	–
CL	Exit	Colgate Palmolive Co	$0	–	-226,591	–	-1.89%	–
SPGI	Exit	S&P Global Inc	$0	–	-53,831	–	-1.96%	–
PG	Exit	Procter and Gamble Co	$0	–	-132,531	–	-1.99%	–
INTU	Exit	Intuit	$0	–	-47,966	–	-2.21%	–
EL	Exit	Lauder Estee Cos Inccl a	$0	–	-88,134	–	-2.26%	–
FB	Exit	Meta Platforms Inccl a	$0	–	-142,246	–	-2.30%	–
HDB	Exit	HDFC Bank LTDsponsored ads	$0	–	-348,067	–	-2.42%	–
PEP	Exit	Pepsico Inc	$0	–	-135,169	–	-2.63%	–
AAPL	Exit	Apple Inc	$0	–	-159,939	–	-2.63%	–
ADBE	Exit	Adobe Systems Incorporated	$0	–	-84,430	–	-2.76%	–
NKE	Exit	Nike Inccl b	$0	–	-310,515	–	-3.07%	–
CBRE	Exit	CBRE Group Inccl a	$0	–	-404,095	–	-3.25%	–
PGR	Exit	Progressive Corp	$0	–	-270,703	–	-3.74%	–
CPRT	Exit	Copart Inc	$0	–	-306,831	–	-3.88%	–
MMC	Exit	Marsh & McLennan Cos Inc	$0	–	-224,510	–	-3.99%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-205,005	–	-4.16%	–
MSCI	Exit	MSCI Inc.	$0	–	-90,664	–	-4.55%	–
CSGP	Exit	CoStar Group Inc	$0	–	-567,552	–	-4.70%	–
GOOG	Exit	Alphabet Inccap stk cl c	$0	–	-427,402	–	-4.89%	–
AON	Exit	AON Plc	$0	–	-158,425	–	-5.05%	–
MCO	Exit	Moodys Corp	$0	–	-187,604	–	-5.43%	–
MA	Exit	Mastercard Incorporatedcl a	$0	–	-180,139	–	-6.10%	–
AMZN	Exit	Amazon Com Inc	$0	–	-465,561	–	-6.26%	–
MSFT	Exit	Microsoft Corp	$0	–	-242,805	–	-6.73%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Buy	Microsoft Corp	$56,549,000	-8.7%	242,805	+0.7%	6.73%	-3.9%
AMZN	Buy	Amazon Com Inc	$52,608,000	+7.1%	465,561	+0.6%	6.26%	+12.7%
MA	Sell	Mastercard Incorporatedcl a	$51,221,000	-10.0%	180,139	-0.2%	6.10%	-5.3%
MCO	Buy	Moodys Corp	$45,608,000	-10.5%	187,604	+0.1%	5.43%	-5.8%
AON	Sell	AON Plc	$42,437,000	-0.8%	158,425	-0.1%	5.05%	+4.4%
GOOG	Buy	Alphabet Inccap stk cl c	$41,095,000	-11.9%	427,402	+1904.3%	4.89%	-7.3%
CSGP	Buy	CoStar Group Inc	$39,530,000	+15.4%	567,552	+0.1%	4.70%	+21.5%
MSCI	Buy	MSCI Inc.	$38,241,000	+2.5%	90,664	+0.2%	4.55%	+7.9%
VRSK	Sell	Verisk Analytics Inc	$34,959,000	-1.5%	205,005	-0.0%	4.16%	+3.7%
MMC	Sell	Marsh & McLennan Cos Inc	$33,517,000	-3.9%	224,510	-0.0%	3.99%	+1.2%
CPRT	Buy	Copart Inc	$32,647,000	-2.1%	306,831	+0.0%	3.88%	+3.1%
PGR	Sell	Progressive Corp	$31,458,000	-7.6%	270,703	-7.6%	3.74%	-2.8%
CBRE	Buy	CBRE Group Inccl a	$27,280,000	-8.2%	404,095	+0.1%	3.25%	-3.4%
NKE	Buy	Nike Inccl b	$25,810,000	-18.5%	310,515	+0.2%	3.07%	-14.2%
ADBE	Buy	Adobe Systems Incorporated	$23,235,000	+21.6%	84,430	+61.8%	2.76%	+28.0%
AAPL	Buy	Apple Inc	$22,104,000	+1.4%	159,939	+0.3%	2.63%	+6.7%
PEP	Sell	Pepsico Inc	$22,068,000	-3.6%	135,169	-1.6%	2.63%	+1.5%
HDB	Buy	HDFC Bank LTDsponsored ads	$20,334,000	+6.4%	348,067	+0.1%	2.42%	+12.0%
FB	Buy	Meta Platforms Inccl a	$19,300,000	-15.8%	142,246	+0.1%	2.30%	-11.4%
EL	Buy	Lauder Estee Cos Inccl a	$19,028,000	-13.3%	88,134	+2.3%	2.26%	-8.7%
INTU	Buy	Intuit	$18,578,000	+4.0%	47,966	+3.5%	2.21%	+9.5%
PG	Sell	Procter and Gamble Co	$16,732,000	-12.4%	132,531	-0.2%	1.99%	-7.8%
SPGI	Buy	S&P Global Inc	$16,437,000	-7.8%	53,831	+1.8%	1.96%	-2.9%
CL	Sell	Colgate Palmolive Co	$15,918,000	-12.6%	226,591	-0.3%	1.89%	-8.0%
SCHW	Buy	Schwab Charles Corp	$15,614,000	+13.8%	217,253	+0.1%	1.86%	+19.8%
UL	Sell	Unilever PLCspon adr new	$14,231,000	-4.4%	324,606	-0.1%	1.69%	+0.6%
BKNG	Sell	Booking Holdings Inc	$12,168,000	-6.1%	7,405	-0.0%	1.45%	-1.2%
V	Buy	Visa Inc	$9,151,000	-9.5%	51,511	+0.3%	1.09%	-4.7%
JPM	Buy	JPMorgan Chase & Co	$7,979,000	-7.1%	76,354	+0.2%	0.95%	-2.3%
RACE	Buy	Ferrari N V	$6,708,000	+1.1%	36,261	+0.3%	0.80%	+6.4%
BABA	Buy	Alibaba Group Hldg Ltdsponsored ads	$5,875,000	-29.6%	73,452	+0.0%	0.70%	-26.0%
KO	Sell	Coca Cola Co	$5,103,000	-11.2%	91,089	-0.3%	0.61%	-6.6%
BDX	Sell	Becton Dickinson & Co	$961,000	-10.7%	4,312	-1.2%	0.11%	-6.6%
PYPL	Exit	PayPal Hldgs Inc	$0	–	-88,591	–	-0.70%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$61,924,000	–	241,108	–	7.00%	–
MA	New	Mastercard Incorporatedcl a	$56,918,000	–	180,418	–	6.44%	–
MCO	New	Moodys Corp	$50,984,000	–	187,460	–	5.76%	–
AMZN	New	Amazon Com Inc	$49,136,000	–	462,628	–	5.56%	–
GOOG	New	Alphabet Inccap stk cl c	$46,645,000	–	21,324	–	5.27%	–
AON	New	AON Plc	$42,769,000	–	158,592	–	4.84%	–
MSCI	New	MSCI Inc.	$37,308,000	–	90,520	–	4.22%	–
VRSK	New	Verisk Analytics Inc	$35,493,000	–	205,054	–	4.01%	–
MMC	New	Marsh & McLennan Cos Inc	$34,868,000	–	224,591	–	3.94%	–
CSGP	New	CoStar Group Inc	$34,247,000	–	566,914	–	3.87%	–
PGR	New	Progressive Corp	$34,062,000	–	292,953	–	3.85%	–
CPRT	New	Copart Inc	$33,340,000	–	306,826	–	3.77%	–
NKE	New	Nike Inccl b	$31,678,000	–	309,959	–	3.58%	–
CBRE	New	CBRE Group Inccl a	$29,727,000	–	403,840	–	3.36%	–
FB	New	Meta Platforms Inccl a	$22,923,000	–	142,157	–	2.59%	–
PEP	New	Pepsico Inc	$22,885,000	–	137,314	–	2.59%	–
EL	New	Lauder Estee Cos Inccl a	$21,946,000	–	86,174	–	2.48%	–
AAPL	New	Apple Inc	$21,809,000	–	159,515	–	2.47%	–
HDB	New	HDFC Bank LTDsponsored ads	$19,119,000	–	347,872	–	2.16%	–
PG	New	Procter and Gamble Co	$19,103,000	–	132,854	–	2.16%	–
ADBE	New	Adobe Systems Incorporated	$19,106,000	–	52,193	–	2.16%	–
CL	New	Colgate Palmolive Co	$18,213,000	–	227,266	–	2.06%	–
INTU	New	Intuit	$17,866,000	–	46,353	–	2.02%	–
SPGI	New	S&P Global Inc	$17,827,000	–	52,891	–	2.02%	–
UL	New	Unilever PLCspon adr new	$14,886,000	–	324,801	–	1.68%	–
SCHW	New	Schwab Charles Corp	$13,717,000	–	217,105	–	1.55%	–
BKNG	New	Booking Holdings Inc	$12,955,000	–	7,407	–	1.46%	–
V	New	Visa Inc	$10,114,000	–	51,370	–	1.14%	–
JPM	New	JPMorgan Chase & Co	$8,585,000	–	76,233	–	0.97%	–
BABA	New	Alibaba Group Hldg Ltdsponsored ads	$8,349,000	–	73,445	–	0.94%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$7,394,000	–	27,081	–	0.84%	–
RACE	New	Ferrari N V	$6,632,000	–	36,143	–	0.75%	–
PYPL	New	PayPal Hldgs Inc	$6,187,000	–	88,591	–	0.70%	–
KO	New	Coca Cola Co	$5,747,000	–	91,349	–	0.65%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$2,863,000	–	7	–	0.32%	–
EFX	New	Equifax Inc	$2,011,000	–	11,000	–	0.23%	–
JNJ	New	Johnson & Johnson	$1,503,000	–	8,465	–	0.17%	–
SYK	New	Stryker Corporation	$1,282,000	–	6,442	–	0.14%	–
BDX	New	Becton Dickinson & Co	$1,076,000	–	4,364	–	0.12%	–
CRM	New	Salesforce Com Inc	$838,000	–	5,076	–	0.10%	–
FICO	New	Fair Isaac Corp	$308,000	–	769	–	0.04%	–
GL	New	Globe Life Inc	$219,000	–	2,250	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
GL	Exit	Globe Life Inc	$0	–	-2,250	–	-0.02%	–
SYY	Exit	Sysco Corp	$0	–	-3,500	–	-0.03%	–
USB	Exit	US Bancorp Del	$0	–	-5,052	–	-0.03%	–
FICO	Exit	Fair Isaac Corp	$0	–	-769	–	-0.03%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-4,364	–	-0.10%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,465	–	-0.13%	–
SYK	Exit	Stryker Corporation	$0	–	-6,964	–	-0.17%	–
PYPL	Exit	PayPal Holdings Inc	$0	–	-7,482	–	-0.18%	–
EFX	Exit	Equifax Inc	$0	–	-11,000	–	-0.26%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-7	–	-0.27%	–
BABA	Exit	Alibaba Group Hldg Ltdsponsored ads	$0	–	-29,304	–	-0.41%	–
KO	Exit	Coca Cola Co	$0	–	-93,920	–	-0.46%	–
RACE	Exit	Ferrari N V	$0	–	-34,385	–	-0.68%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-27,100	–	-0.70%	–
BAC	Exit	BK of America Corp	$0	–	-217,047	–	-0.87%	–
V	Exit	Visa Inc	$0	–	-41,956	–	-0.88%	–
HDB	Exit	HDFC Bank LTDsponsored ads	$0	–	-136,095	–	-0.94%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-77,042	–	-1.19%	–
AAPL	Exit	Apple Inc	$0	–	-113,232	–	-1.51%	–
CL	Exit	Colgate Palmolive Co	$0	–	-216,611	–	-1.54%	–
UL	Exit	Unilever PLCspon adr new	$0	–	-327,088	–	-1.67%	–
BKNG	Exit	Booking Holdings Inc	$0	–	-7,504	–	-1.68%	–
SPGI	Exit	S&P Global Inc	$0	–	-44,812	–	-1.80%	–
PG	Exit	Procter and Gamble Co	$0	–	-145,419	–	-1.92%	–
PEP	Exit	Pepsico Inc	$0	–	-148,896	–	-2.11%	–
WFC	Exit	Wells Fargo Co New	$0	–	-520,873	–	-2.28%	–
SCHW	Exit	Schwab Charles Corp	$0	–	-338,769	–	-2.33%	–
ADBE	Exit	Adobe Systems Incorporated	$0	–	-43,740	–	-2.38%	–
EL	Exit	Lauder Estee Cos Inccl a	$0	–	-93,263	–	-2.64%	–
INTU	Exit	Intuit	$0	–	-54,459	–	-2.77%	–
CSGP	Exit	CoStar Group Inc	$0	–	-352,673	–	-2.86%	–
PGR	Exit	Progressive Corp	$0	–	-376,228	–	-3.21%	–
MMC	Exit	Marsh & McLennan Cos Inc	$0	–	-230,210	–	-3.29%	–
AMZN	Exit	Amazon Com Inc	$0	–	-10,993	–	-3.41%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-209,542	–	-3.96%	–
CBRE	Exit	CBRE Group Inccl a	$0	–	-436,022	–	-4.01%	–
CPRT	Exit	Copart Inc	$0	–	-314,814	–	-4.12%	–
FB	Exit	Facebook Inccl a	$0	–	-131,281	–	-4.20%	–
AON	Exit	AON Plc	$0	–	-165,604	–	-4.47%	–
NKE	Exit	Nike Inccl b	$0	–	-331,721	–	-4.55%	–
GOOG	Exit	Alphabet Inccap stk cl c	$0	–	-21,334	–	-5.37%	–
MA	Exit	Mastercard Incorporatedcl a	$0	–	-173,898	–	-5.70%	–
MSCI	Exit	MSCI Inc.	$0	–	-108,259	–	-6.22%	–
MSFT	Exit	Microsoft Corp	$0	–	-236,601	–	-6.29%	–
MCO	Exit	Moodys Corp	$0	–	-189,585	–	-6.35%	–

Q3 2021

			Value		Shares		↓ Weighting
MCO	Buy	Moodys Corp	$67,323,000	-0.4%	189,585	+1.6%	6.35%	-2.9%
MSFT	Buy	Microsoft Corp	$66,702,000	+10.1%	236,601	+5.8%	6.29%	+7.2%
MSCI	Sell	MSCI Inc.	$65,859,000	-4.7%	108,259	-16.5%	6.22%	-7.2%
MA	Buy	Mastercard Incorporatedcl a	$60,461,000	-3.9%	173,898	+1.0%	5.70%	-6.3%
GOOG	Buy	Alphabet Inccap stk cl c	$56,862,000	+13.3%	21,334	+6.6%	5.37%	+10.4%
NKE	Sell	Nike Inccl b	$48,176,000	-7.3%	331,721	-1.4%	4.55%	-9.7%
AON	Sell	AON Plc	$47,325,000	+15.4%	165,604	-3.6%	4.47%	+12.4%
FB	Buy	Facebook Inccl a	$44,555,000	-1.5%	131,281	+0.9%	4.20%	-4.0%
CPRT	Sell	Copart Inc	$43,671,000	+4.3%	314,814	-0.8%	4.12%	+1.7%
CBRE	Sell	CBRE Group Inccl a	$42,451,000	-2.6%	436,022	-14.2%	4.01%	-5.1%
VRSK	Sell	Verisk Analytics Inc	$41,965,000	+13.9%	209,542	-0.6%	3.96%	+11.0%
AMZN	New	Amazon Com Inc	$36,112,000	–	10,993	–	3.41%	–
MMC	Sell	Marsh & McLennan Cos Inc	$34,861,000	-5.6%	230,210	-12.3%	3.29%	-8.0%
PGR	Buy	Progressive Corp	$34,007,000	-6.3%	376,228	+1.8%	3.21%	-8.7%
CSGP	Buy	CoStar Group Inc	$30,351,000	+52.7%	352,673	+47.0%	2.86%	+48.8%
INTU	Sell	Intuit	$29,381,000	+4.7%	54,459	-4.9%	2.77%	+2.0%
EL	Sell	Lauder Estee Cos Inccl a	$27,973,000	-23.2%	93,263	-18.5%	2.64%	-25.1%
ADBE	Sell	Adobe Systems Incorporated	$25,182,000	-3.5%	43,740	-1.9%	2.38%	-6.0%
SCHW	Sell	Schwab Charles Corp	$24,676,000	-19.5%	338,769	-19.6%	2.33%	-21.6%
WFC	Sell	Wells Fargo Co New	$24,174,000	-25.0%	520,873	-26.8%	2.28%	-26.9%
PEP	Buy	Pepsico Inc	$22,395,000	+2.0%	148,896	+0.5%	2.11%	-0.7%
PG	Buy	Procter and Gamble Co	$20,330,000	+4.0%	145,419	+0.3%	1.92%	+1.3%
SPGI	Buy	S&P Global Inc	$19,040,000	+25.1%	44,812	+20.8%	1.80%	+21.9%
BKNG	Sell	Booking Holdings Inc	$17,814,000	+5.2%	7,504	-3.0%	1.68%	+2.5%
UL	Buy	Unilever PLCspon adr new	$17,735,000	-6.5%	327,088	+0.9%	1.67%	-8.8%
CL	Buy	Colgate Palmolive Co	$16,371,000	-6.0%	216,611	+1.2%	1.54%	-8.4%
AAPL	Buy	Apple Inc	$16,022,000	+9.5%	113,232	+6.0%	1.51%	+6.7%
JPM	Sell	JPMorgan Chase & Co	$12,611,000	+4.3%	77,042	-0.9%	1.19%	+1.5%
HDB	Buy	HDFC Bank LTDsponsored ads	$9,947,000	+19.4%	136,095	+19.5%	0.94%	+16.4%
V	Buy	Visa Inc	$9,346,000	+0.2%	41,956	+5.1%	0.88%	-2.4%
BAC	Sell	BK of America Corp	$9,214,000	-10.7%	217,047	-13.2%	0.87%	-13.0%
BRKB	Sell	Berkshire Hathaway Inc Delcl b new	$7,397,000	-73.6%	27,100	-0.1%	0.70%	-74.3%
RACE	Buy	Ferrari N V	$7,191,000	+17.1%	34,385	+15.4%	0.68%	+14.1%
BABA	New	Alibaba Group Hldg Ltdsponsored ads	$4,338,000	–	29,304	–	0.41%	–
PYPL	New	PayPal Holdings Inc	$1,947,000	–	7,482	–	0.18%	–

Q2 2021

			Value		Shares		↓ Weighting
MSCI	New	MSCI Inc.	$69,111,000	–	129,644	–	6.69%	–
MCO	New	Moodys Corp	$67,586,000	–	186,512	–	6.55%	–
MA	New	Mastercard Incorporatedcl a	$62,885,000	–	172,246	–	6.09%	–
MSFT	New	Microsoft Corp	$60,605,000	–	223,716	–	5.87%	–
NKE	New	Nike Inccl b	$51,991,000	–	336,534	–	5.04%	–
GOOG	New	Alphabet Inccap stk cl c	$50,174,000	–	20,019	–	4.86%	–
FB	New	Facebook Inccl a	$45,224,000	–	130,063	–	4.38%	–
CBRE	New	CBRE Group Inccl a	$43,586,000	–	508,415	–	4.22%	–
CPRT	New	Copart Inc	$41,854,000	–	317,487	–	4.05%	–
AON	New	AON Plc	$41,013,000	–	171,777	–	3.97%	–
MMC	New	Marsh & McLennan Cos Inc	$36,929,000	–	262,500	–	3.58%	–
VRSK	New	Verisk Analytics Inc	$36,851,000	–	210,912	–	3.57%	–
EL	New	Lauder Estee Cos Inccl a	$36,401,000	–	114,441	–	3.53%	–
PGR	New	Progressive Corp	$36,290,000	–	369,517	–	3.52%	–
WFC	New	Wells Fargo & Co New	$32,218,000	–	711,375	–	3.12%	–
SCHW	New	Schwab Charles Corp	$30,666,000	–	421,173	–	2.97%	–
INTU	New	Intuit	$28,060,000	–	57,246	–	2.72%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$28,060,000	–	27,118	–	2.72%	–
ADBE	New	Adobe Systems Incorporated	$26,100,000	–	44,566	–	2.53%	–
PEP	New	Pepsico Inc	$21,957,000	–	148,185	–	2.13%	–
CSGP	New	CoStar Group Inc	$19,873,000	–	239,952	–	1.92%	–
PG	New	Procter and Gamble Co	$19,557,000	–	144,944	–	1.89%	–
UL	New	Unilever PLCspon adr new	$18,958,000	–	324,060	–	1.84%	–
CL	New	Colgate Palmolive Co	$17,415,000	–	214,075	–	1.69%	–
BKNG	New	Booking Holdings Inc	$16,931,000	–	7,738	–	1.64%	–
SPGI	New	S&P Global Inc	$15,223,000	–	37,088	–	1.47%	–
AAPL	New	Apple Inc	$14,631,000	–	106,826	–	1.42%	–
JPM	New	JPMorgan Chase & Co	$12,096,000	–	77,768	–	1.17%	–
BAC	New	BK of America Corp	$10,314,000	–	250,160	–	1.00%	–
V	New	Visa Inc	$9,331,000	–	39,908	–	0.90%	–
HDB	New	HDFC Bank LTDsponsored ads	$8,328,000	–	113,900	–	0.81%	–
RACE	New	Ferrari N V	$6,139,000	–	29,796	–	0.60%	–
KO	New	Coca Cola Co	$5,082,000	–	93,920	–	0.49%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$2,930,000	–	7	–	0.28%	–
EFX	New	Equifax Inc	$2,635,000	–	11,000	–	0.26%	–
SYK	New	Stryker Corporation	$1,809,000	–	6,964	–	0.18%	–
JNJ	New	Johnson & Johnson	$1,395,000	–	8,465	–	0.14%	–
BDX	New	Becton Dickinson & Co	$1,061,000	–	4,364	–	0.10%	–
FICO	New	Fair Isaac Corp	$387,000	–	769	–	0.04%	–
USB	New	US Bancorp Del	$288,000	–	5,052	–	0.03%	–
SYY	New	Sysco Corp	$272,000	–	3,500	–	0.03%	–
GL	New	Globe Life Inc	$214,000	–	2,250	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
SRL	Exit	Scully Royalty Ltd	$0	–	-21,789	–	-0.01%	–
SYY	Exit	Sysco Corp	$0	–	-3,500	–	-0.03%	–
FICO	Exit	Fair Isaac Corp	$0	–	-769	–	-0.04%	–
MKL	Exit	Markel Corp	$0	–	-400	–	-0.05%	–
TJX	Exit	TJX COS INC NEW	$0	–	-10,000	–	-0.07%	–
HDB	Exit	HDFC Bank LTDsponsored ads	$0	–	-16,800	–	-0.11%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-5,421	–	-0.16%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,454	–	-0.18%	–
SYK	Exit	Stryker Corp	$0	–	-7,920	–	-0.21%	–
EFX	Exit	Equifax Inc	$0	–	-14,000	–	-0.28%	–
RACE	Exit	Ferrari N V	$0	–	-14,078	–	-0.34%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-10	–	-0.42%	–
DIS	Exit	Disney Walt Co	$0	–	-27,469	–	-0.44%	–
KO	Exit	Coca Cola Co	$0	–	-98,383	–	-0.63%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-27,924	–	-0.77%	–
V	Exit	Visa Inc	$0	–	-31,411	–	-0.82%	–
ADBE	Exit	Adobe Inc	$0	–	-17,466	–	-1.13%	–
BAC	Exit	Bk of America Corp	$0	–	-450,590	–	-1.41%	–
AMTD	Exit	TD Ameritrade Hldg Corp	$0	–	-321,661	–	-1.66%	–
PGR	Exit	Progressive Corp Ohio	$0	–	-151,445	–	-1.84%	–
CL	Exit	Colgate Palmolive Co	$0	–	-187,898	–	-1.88%	–
INTU	Exit	Intuit	$0	–	-49,945	–	-2.13%	–
PG	Exit	Procter & Gamble Co	$0	–	-130,631	–	-2.36%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-194,674	–	-2.44%	–
SCHW	Exit	Schwab Charles Corp	$0	–	-515,201	–	-2.46%	–
PEP	Exit	Pepsico Inc	$0	–	-138,002	–	-2.50%	–
UN	Exit	Unilever N V	$0	–	-325,998	–	-2.56%	–
EL	Exit	Lauder Estee Cos Inccl a	$0	–	-120,717	–	-3.43%	–
MSFT	Exit	Microsoft Corp	$0	–	-126,126	–	-3.46%	–
MMC	Exit	Marsh & McLennan Cos Inc	$0	–	-242,185	–	-3.60%	–
BKNG	Exit	Booking Hldgs Inc	$0	–	-16,793	–	-3.76%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-1,235,918	–	-3.78%	–
GOOG	Exit	Alphabet Inccap stk cl c	$0	–	-20,780	–	-3.99%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-169,121	–	-4.07%	–
CPRT	Exit	Copart Inc	$0	–	-325,846	–	-4.48%	–
FB	Exit	Facebook Inccl a	$0	–	-133,084	–	-4.56%	–
AON	Exit	AON Plc	$0	–	-174,582	–	-4.68%	–
CBRE	Exit	CBRE Group Inccl a	$0	–	-959,346	–	-5.87%	–
NKE	Exit	Nike Inccl b	$0	–	-365,086	–	-5.97%	–
MSCI	Exit	MSCI Inc.	$0	–	-134,763	–	-6.27%	–
MCO	Exit	Moodys Corp	$0	–	-190,607	–	-7.21%	–
MA	Exit	Mastercard Inccl a	$0	–	-179,249	–	-7.92%	–

Q3 2020

			Value		Shares		↓ Weighting
MA	Sell	Mastercard Inccl a	$60,938,000	+13.1%	179,249	-1.0%	7.92%	+3.1%
MCO	Sell	Moodys Corp	$55,501,000	+3.4%	190,607	-2.0%	7.21%	-5.8%
MSCI	Sell	MSCI Inc.	$48,240,000	+3.9%	134,763	-2.2%	6.27%	-5.3%
NKE	Sell	Nike Inccl b	$45,972,000	+28.6%	365,086	-0.1%	5.97%	+17.2%
CBRE	Sell	CBRE Group Inccl a	$45,212,000	+4.0%	959,346	-0.5%	5.87%	-5.2%
AON	Buy	AON Plc	$36,008,000	+8.2%	174,582	+0.8%	4.68%	-1.3%
FB	Sell	Facebook Inccl a	$35,088,000	+9.3%	133,084	-4.1%	4.56%	-0.3%
CPRT	Buy	Copart Inc	$34,515,000	+27.3%	325,846	+0.6%	4.48%	+16.0%
VRSK	Buy	Verisk Analytics Inc	$31,365,000	+9.5%	169,121	+1.1%	4.07%	-0.2%
GOOG	Buy	Alphabet Inccap stk cl c	$30,711,000	+4.3%	20,780	+0.5%	3.99%	-4.9%
WFC	Buy	Wells Fargo & Co New	$29,083,000	+19.4%	1,235,918	+28.8%	3.78%	+8.8%
BKNG	Buy	Booking Hldgs Inc	$28,953,000	+7.4%	16,793	+0.9%	3.76%	-2.1%
MMC	Buy	Marsh & McLennan Cos Inc	$27,723,000	+7.9%	242,185	+1.3%	3.60%	-1.6%
MSFT	Buy	Microsoft Corp	$26,619,000	+8.2%	126,126	+4.6%	3.46%	-1.3%
EL	Sell	Lauder Estee Cos Inccl a	$26,421,000	+15.2%	120,717	-0.5%	3.43%	+5.0%
UN	Sell	Unilever N V	$19,738,000	+13.0%	325,998	-0.4%	2.56%	+3.0%
PEP	Buy	Pepsico Inc	$19,242,000	+11.8%	138,002	+6.1%	2.50%	+1.9%
SCHW	Sell	Schwab Charles Corp	$18,911,000	-35.1%	515,201	-40.7%	2.46%	-40.8%
JPM	Buy	JPMorgan Chase & Co	$18,816,000	+261.9%	194,674	+252.2%	2.44%	+229.8%
PG	Buy	Procter & Gamble Co	$18,169,000	+19.0%	130,631	+2.5%	2.36%	+8.5%
INTU	Buy	Intuit	$16,402,000	+12.5%	49,945	+2.3%	2.13%	+2.6%
CL	Buy	Colgate Palmolive Co	$14,488,000	+15.9%	187,898	+9.9%	1.88%	+5.6%
PGR	Sell	Progressive Corp Ohio	$14,186,000	+13.1%	151,445	-3.6%	1.84%	+3.1%
AMTD	New	TD Ameritrade Hldg Corp	$12,765,000	–	321,661	–	1.66%	–
BAC	Sell	Bk of America Corp	$10,855,000	-64.7%	450,590	-65.5%	1.41%	-67.8%
ADBE	Buy	Adobe Inc	$8,682,000	+35.7%	17,466	+19.9%	1.13%	+23.7%
V	Buy	Visa Inc	$6,320,000	+13.8%	31,411	+9.4%	0.82%	+3.8%
KO	Sell	Coca Cola Co	$4,857,000	+6.9%	98,383	-3.3%	0.63%	-2.6%
DIS	Sell	Disney Walt Co	$3,408,000	+4.2%	27,469	-6.4%	0.44%	-4.9%
RACE	Buy	Ferrari N V	$2,597,000	+31.4%	14,078	+22.5%	0.34%	+19.5%
SYY	New	Sysco Corp	$218,000	–	3,500	–	0.03%	–
USB	Exit	U S Bancorp Del	$0	–	-21,467	–	-0.11%	–

Q2 2020

			Value		Shares		↓ Weighting
MA	New	Mastercard Inccl a	$53,864,000	–	181,016	–	7.68%	–
MCO	New	Moodys Corp	$53,690,000	–	194,430	–	7.65%	–
MSCI	New	MSCI Inc.	$46,451,000	–	137,834	–	6.62%	–
CBRE	New	CBRE Group Inccl a	$43,485,000	–	964,529	–	6.20%	–
NKE	New	Nike Inccl b	$35,746,000	–	365,402	–	5.09%	–
AON	New	AON Plc	$33,269,000	–	173,263	–	4.74%	–
FB	New	Facebook Inccl a	$32,099,000	–	138,825	–	4.57%	–
BAC	New	Bk of America Corp	$30,709,000	–	1,304,511	–	4.38%	–
GOOG	New	Alphabet Inccap stk cl c	$29,442,000	–	20,679	–	4.20%	–
SCHW	New	Schwab Charles Corp	$29,125,000	–	868,952	–	4.15%	–
VRSK	New	Verisk Analytics Inc	$28,650,000	–	167,343	–	4.08%	–
CPRT	New	Copart Inc	$27,122,000	–	323,797	–	3.86%	–
BKNG	New	Booking Hldgs Inc	$26,952,000	–	16,635	–	3.84%	–
MMC	New	Marsh & McLennan Cos Inc	$25,689,000	–	239,074	–	3.66%	–
MSFT	New	Microsoft Corp	$24,593,000	–	120,594	–	3.50%	–
WFC	New	Wells Fargo & Co New	$24,357,000	–	959,801	–	3.47%	–
EL	New	Lauder Estee Cos Inccl a	$22,931,000	–	121,325	–	3.27%	–
UN	New	Unilever N V	$17,467,000	–	327,347	–	2.49%	–
PEP	New	Pepsico Inc	$17,209,000	–	130,082	–	2.45%	–
PG	New	Procter & Gamble Co	$15,263,000	–	127,475	–	2.18%	–
INTU	New	Intuit	$14,577,000	–	48,830	–	2.08%	–
PGR	New	Progressive Corp Ohio	$12,544,000	–	157,166	–	1.79%	–
CL	New	Colgate Palmolive Co	$12,503,000	–	170,921	–	1.78%	–
ADBE	New	Adobe Inc	$6,400,000	–	14,570	–	0.91%	–
V	New	Visa Inc	$5,554,000	–	28,716	–	0.79%	–
JPM	New	JPMorgan Chase & Co	$5,199,000	–	55,274	–	0.74%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$4,985,000	–	27,924	–	0.71%	–
KO	New	Coca Cola Co	$4,544,000	–	101,698	–	0.65%	–
DIS	New	Disney Walt Co	$3,272,000	–	29,340	–	0.47%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$2,673,000	–	10	–	0.38%	–
EFX	New	Equifax Inc	$2,406,000	–	14,000	–	0.34%	–
RACE	New	Ferrari N V	$1,976,000	–	11,492	–	0.28%	–
SYK	New	Stryker Corp	$1,427,000	–	7,920	–	0.20%	–
JNJ	New	Johnson & Johnson	$1,330,000	–	9,454	–	0.19%	–
BDX	New	Becton Dickinson & Co	$1,297,000	–	5,421	–	0.18%	–
USB	New	U S Bancorp Del	$790,000	–	21,467	–	0.11%	–
HDB	New	HDFC Bank LTDsponsored ads	$764,000	–	16,800	–	0.11%	–
TJX	New	TJX COS INC NEW	$506,000	–	10,000	–	0.07%	–
MKL	New	Markel Corp	$369,000	–	400	–	0.05%	–
FICO	New	Fair Isaac Corp	$321,000	–	769	–	0.05%	–
SRL	New	Scully Royalty Ltd	$166,000	–	21,789	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
CTSH	Exit	Cognizant Technology Solutiocl a	$0	–	-3,611	–	-0.03%	–
GL	Exit	Globe Life Inc	$0	–	-2,250	–	-0.03%	–
SRL	Exit	Scully Royalty Ltd	$0	–	-21,789	–	-0.04%	–
CHRW	Exit	C H Robinson Worldwide Inc	$0	–	-3,000	–	-0.04%	–
SYY	Exit	Sysco Corp	$0	–	-3,500	–	-0.04%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-6,494	–	-0.04%	–
MKL	Exit	Markel Corp	$0	–	-400	–	-0.07%	–
TJX	Exit	TJX COS INC NEW	$0	–	-10,000	–	-0.08%	–
JNJ	Exit	Johnson & Johnson	$0	–	-11,140	–	-0.22%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-6,012	–	-0.23%	–
SYK	Exit	Stryker Corp	$0	–	-8,559	–	-0.28%	–
EFX	Exit	Equifax Inc	$0	–	-14,000	–	-0.29%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-11	–	-0.51%	–
USB	Exit	U S Bancorp Del	$0	–	-68,312	–	-0.56%	–
V	Exit	Visa Inc	$0	–	-27,049	–	-0.69%	–
KO	Exit	Coca Cola Co	$0	–	-107,727	–	-0.87%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-28,593	–	-0.88%	–
DIS	Exit	Disney Walt Co	$0	–	-54,842	–	-1.06%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-107,119	–	-1.88%	–
BAC	Exit	Bank Amer Corp	$0	–	-443,832	–	-1.93%	–
MSFT	Exit	Microsoft Corp	$0	–	-107,360	–	-2.22%	–
PG	Exit	Procter & Gamble Co	$0	–	-134,325	–	-2.49%	–
BKNG	Exit	Booking Hldgs Inc	$0	–	-9,056	–	-2.65%	–
EL	Exit	Lauder Estee Cos Inccl a	$0	–	-90,200	–	-2.67%	–
PEP	Exit	Pepsico Inc	$0	–	-159,144	–	-3.25%	–
UN	Exit	Unilever N V	$0	–	-386,205	–	-3.45%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-154,726	–	-3.64%	–
MMC	Exit	Marsh & McLennan Cos Inc	$0	–	-264,957	–	-3.95%	–
FB	Exit	Facebook Inccl a	$0	–	-150,352	–	-3.99%	–
MSCI	Exit	MSCI Inc.	$0	–	-140,967	–	-4.57%	–
CPRT	Exit	Copart Inc	$0	–	-383,382	–	-4.58%	–
CL	Exit	Colgate Palmolive Co	$0	–	-446,800	–	-4.89%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-681,401	–	-5.12%	–
NKE	Exit	Nike Inccl b	$0	–	-393,206	–	-5.50%	–
SCHW	Exit	The Charles Schwab Corporation	$0	–	-906,565	–	-5.65%	–
GOOG	Exit	Alphabet Inccap stk cl c	$0	–	-31,229	–	-5.67%	–
AON	Exit	AON Plc	$0	–	-205,926	–	-5.93%	–
CBRE	Exit	CBRE Group Inccl a	$0	–	-799,282	–	-6.31%	–
MCO	Exit	Moodys Corp	$0	–	-214,518	–	-6.54%	–
MA	Exit	Mastercard Inccl a	$0	–	-177,141	–	-7.16%	–

Q3 2019

			Value		Shares		↓ Weighting
MA	Sell	Mastercard Inccl a	$48,106,000	+1.5%	177,141	-0.9%	7.16%	-4.0%
MCO	Sell	Moodys Corp	$43,940,000	+3.8%	214,518	-0.5%	6.54%	-1.8%
CBRE	Buy	CBRE Group Inccl a	$42,370,000	+3.3%	799,282	+0.6%	6.31%	-2.3%
AON	Buy	AON Plc	$39,861,000	+2.3%	205,926	+2.4%	5.93%	-3.2%
GOOG	Buy	Alphabet Inccap stk cl c	$38,068,000	+12.7%	31,229	+0.4%	5.67%	+6.5%
SCHW	Buy	The Charles Schwab Corporation	$37,922,000	+9.0%	906,565	+5.2%	5.65%	+3.1%
NKE	Buy	Nike Inccl b	$36,930,000	+12.3%	393,206	+0.9%	5.50%	+6.2%
WFC	Buy	Wells Fargo & Co New	$34,370,000	+16.0%	681,401	+9.2%	5.12%	+9.7%
CL	Sell	Colgate Palmolive Co	$32,844,000	-18.1%	446,800	-20.0%	4.89%	-22.5%
CPRT	Sell	Copart Inc	$30,797,000	+6.8%	383,382	-0.5%	4.58%	+1.0%
MSCI	Sell	MSCI Inc.	$30,696,000	-11.2%	140,967	-2.3%	4.57%	-16.0%
FB	Buy	Facebook Inccl a	$26,775,000	-5.2%	150,352	+2.8%	3.99%	-10.3%
MMC	Buy	Marsh & McLennan Cos Inc	$26,509,000	+17.8%	264,957	+18.0%	3.95%	+11.3%
VRSK	Sell	Verisk Analytics Inc	$24,468,000	+6.8%	154,726	-0.7%	3.64%	+1.1%
UN	Sell	Unilever N V	$23,184,000	-1.5%	386,205	-0.4%	3.45%	-6.9%
PEP	Buy	Pepsico Inc	$21,819,000	+5.1%	159,144	+0.6%	3.25%	-0.7%
EL	Sell	Lauder Estee Cos Inccl a	$17,945,000	+6.2%	90,200	-2.5%	2.67%	+0.4%
BKNG	Buy	Booking Hldgs Inc	$17,773,000	+5.2%	9,056	+0.9%	2.65%	-0.5%
PG	Sell	Procter & Gamble Co	$16,707,000	+13.1%	134,325	-0.1%	2.49%	+6.9%
MSFT	Buy	Microsoft Corp	$14,926,000	+3.5%	107,360	+0.2%	2.22%	-2.1%
BAC	Buy	Bank Amer Corp	$12,947,000	+270.0%	443,832	+272.6%	1.93%	+249.7%
JPM	Buy	JPMorgan Chase & Co	$12,607,000	+113.1%	107,119	+104.3%	1.88%	+101.6%
DIS	Buy	Disney Walt Co	$7,147,000	-6.9%	54,842	+0.2%	1.06%	-12.0%
V	Sell	Visa Inc	$4,653,000	-2.4%	27,049	-1.5%	0.69%	-7.6%
BK	Sell	Bank New York Mellon Corp	$294,000	-11.2%	6,494	-13.3%	0.04%	-15.4%
GL	New	Globe Life Inc	$215,000	–	2,250	–	0.03%	–
TMK	Exit	TORCHMARK CORP	$0	–	-2,250	–	-0.03%	–
PFE	Exit	PFIZER INC	$0	–	-4,800	–	-0.03%	–

Q2 2019

			Value		Shares		↓ Weighting
MA	New	MASTERCARD INCcl a	$47,409,000	–	178,698	–	7.46%	–
MCO	New	MOODYS CORP	$42,322,000	–	215,598	–	6.66%	–
CBRE	New	CBRE GROUP INCcl a	$41,015,000	–	794,142	–	6.46%	–
CL	New	COLGATE PALMOLIVE CO	$40,082,000	–	558,339	–	6.31%	–
AON	New	AON PLC	$38,954,000	–	201,096	–	6.13%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$34,782,000	–	862,047	–	5.48%	–
MSCI	New	MSCI INC	$34,550,000	–	144,272	–	5.44%	–
GOOG	New	ALPHABET INCcap stk cl c	$33,787,000	–	31,096	–	5.32%	–
NKE	New	NIKE INCcl b	$32,898,000	–	389,875	–	5.18%	–
WFC	New	WELLS FARGO CO NEW	$29,638,000	–	624,270	–	4.67%	–
CPRT	New	COPART INC	$28,836,000	–	385,474	–	4.54%	–
FB	New	FACEBOOK INCcl a	$28,231,000	–	146,274	–	4.44%	–
UN	New	UNILEVER N V	$23,543,000	–	387,725	–	3.71%	–
VRSK	New	VERISK ANALYTICS INC	$22,900,000	–	155,833	–	3.60%	–
MMC	New	MARSH & MCLENNAN COS INC	$22,509,000	–	224,585	–	3.54%	–
PEP	New	PEPSICO INC	$20,770,000	–	158,199	–	3.27%	–
EL	New	LAUDER ESTEE COS INCcl a	$16,900,000	–	92,487	–	2.66%	–
BKNG	New	BOOKING HLDGS INC	$16,891,000	–	8,971	–	2.66%	–
PG	New	PROCTER AND GAMBLE CO	$14,776,000	–	134,448	–	2.33%	–
MSFT	New	MICROSOFT CORP	$14,421,000	–	107,179	–	2.27%	–
DIS	New	DISNEY WALT CO	$7,678,000	–	54,754	–	1.21%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$6,095,000	–	28,593	–	0.96%	–
JPM	New	JPMORGAN CHASE & CO	$5,915,000	–	52,443	–	0.93%	–
KO	New	COCA COLA CO	$5,485,000	–	107,727	–	0.86%	–
V	New	VISA INC	$4,765,000	–	27,454	–	0.75%	–
USB	New	US BANCORP DEL	$3,580,000	–	68,312	–	0.56%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,502,000	–	11	–	0.55%	–
BAC	New	BANK AMER CORP	$3,499,000	–	119,108	–	0.55%	–
EFX	New	EQUIFAX INC	$1,893,000	–	14,000	–	0.30%	–
SYK	New	STRYKER CORP	$1,760,000	–	8,559	–	0.28%	–
JNJ	New	JOHNSON & JOHNSON	$1,552,000	–	11,140	–	0.24%	–
BDX	New	BECTON DICKINSON & CO	$1,515,000	–	6,012	–	0.24%	–
TJX	New	TJX COS INC NEW	$529,000	–	10,000	–	0.08%	–
MKL	New	MARKEL CORP	$436,000	–	400	–	0.07%	–
BK	New	BANK NEW YORK MELLON CORP	$331,000	–	7,494	–	0.05%	–
SRL	New	SCULLY ROYALTY LTD	$290,000	–	21,789	–	0.05%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$253,000	–	3,000	–	0.04%	–
SYY	New	SYSCO CORP	$248,000	–	3,500	–	0.04%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$229,000	–	3,611	–	0.04%	–
PFE	New	PFIZER INC	$208,000	–	4,800	–	0.03%	–
TMK	New	TORCHMARK CORP	$201,000	–	2,250	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
MFCB	Exit	Mfc Bancorp Ltd	$0	–	-21,789	–	-0.03%	–
PFE	Exit	Pfizer Inc	$0	–	-4,800	–	-0.04%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-5,494	–	-0.06%	–
USB	Exit	U S Bancorp Del	$0	–	-8,552	–	-0.09%	–
MKL	Exit	Markel Corp	$0	–	-400	–	-0.09%	–
TJX	Exit	TJX COS INC NEW	$0	–	-5,000	–	-0.11%	–
SYK	Exit	Stryker Corp	$0	–	-8,476	–	-0.30%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-6,834	–	-0.36%	–
V	Exit	Visa Inc	$0	–	-11,932	–	-0.36%	–
EFX	Exit	Equifax Inc	$0	–	-14,000	–	-0.36%	–
JNJ	Exit	Johnson & Johnson	$0	–	-14,090	–	-0.39%	–
AMTD	Exit	TD Ameritrade Hldg Corp	$0	–	-37,198	–	-0.39%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-11	–	-0.70%	–
DIS	Exit	Disney Walt Co	$0	–	-48,748	–	-1.13%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-28,293	–	-1.20%	–
KO	Exit	Coca Cola Co	$0	–	-161,984	–	-1.49%	–
EL	Exit	Lauder Estee Cos Inccl a	$0	–	-62,474	–	-1.80%	–
MSFT	Exit	Microsoft Corp	$0	–	-95,110	–	-2.16%	–
CPRT	Exit	Copart Inc	$0	–	-243,215	–	-2.49%	–
FB	Exit	Facebook Inccl a	$0	–	-85,837	–	-2.80%	–
BKNG	Exit	Booking Hldgs Inc	$0	–	-8,526	–	-3.36%	–
MMC	Exit	Marsh & McLennan Cos Inc	$0	–	-210,982	–	-3.47%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-147,258	–	-3.53%	–
PG	Exit	Procter & Gamble Co	$0	–	-229,281	–	-3.79%	–
PEP	Exit	Pepsico Inc	$0	–	-172,418	–	-3.83%	–
MCO	Exit	Moodys Corp	$0	–	-131,047	–	-4.35%	–
UN	Exit	Unilever N V	$0	–	-439,748	–	-4.86%	–
MSCI	Exit	MSCI Incorporated	$0	–	-138,708	–	-4.89%	–
CBRE	Exit	CBRE Group Inccl a	$0	–	-590,821	–	-5.18%	–
SCHW	Exit	Schwab Charles Corp New	$0	–	-546,627	–	-5.34%	–
AON	Exit	AON Plc	$0	–	-195,249	–	-5.97%	–
NKE	Exit	Nike Inccl b	$0	–	-377,756	–	-6.36%	–
WFC	Exit	Wells Fargo Co New	$0	–	-609,389	–	-6.36%	–
GOOG	Exit	Alphabet Inccap stk cl c	$0	–	-29,378	–	-6.97%	–
CL	Exit	Colgate Palmolive Co	$0	–	-558,260	–	-7.43%	–
MA	Exit	Mastercard Inccl a	$0	–	-179,927	–	-7.96%	–

Q3 2018

			Value		Shares		↓ Weighting
MA	Sell	Mastercard Inccl a	$40,054,000	+12.9%	179,927	-0.2%	7.96%	+5.9%
CL	Buy	Colgate Palmolive Co	$37,376,000	+3.5%	558,260	+0.0%	7.43%	-2.9%
GOOG	Sell	Alphabet Inccap stk cl c	$35,062,000	+6.5%	29,378	-0.1%	6.97%	-0.1%
WFC	Buy	Wells Fargo Co New	$32,029,000	-5.6%	609,389	+0.0%	6.36%	-11.4%
NKE	Sell	Nike Inccl b	$32,003,000	+6.5%	377,756	-0.3%	6.36%	-0.0%
AON	Buy	AON Plc	$30,025,000	+12.1%	195,249	+0.0%	5.97%	+5.2%
SCHW	Buy	Schwab Charles Corp New	$26,867,000	+8.6%	546,627	+13.0%	5.34%	+1.9%
CBRE	Buy	CBRE Group Inccl a	$26,055,000	+11.9%	590,821	+21.1%	5.18%	+5.0%
MSCI	Sell	MSCI Incorporated	$24,608,000	+6.5%	138,708	-0.2%	4.89%	-0.0%
UN	Sell	Unilever N V	$24,428,000	-12.0%	439,748	-12.1%	4.86%	-17.4%
MCO	Sell	Moodys Corp	$21,911,000	-2.2%	131,047	-0.2%	4.35%	-8.3%
PEP	Sell	Pepsico Inc	$19,276,000	-16.2%	172,418	-18.2%	3.83%	-21.3%
PG	Sell	Procter & Gamble Co	$19,083,000	+4.6%	229,281	-1.9%	3.79%	-1.9%
VRSK	Sell	Verisk Analytics Inc	$17,752,000	+11.7%	147,258	-0.1%	3.53%	+4.8%
MMC	Buy	Marsh & McLennan Cos Inc	$17,452,000	+25.2%	210,982	+24.3%	3.47%	+17.5%
BKNG	Buy	Booking Hldgs Inc	$16,916,000	+1.0%	8,526	+3.5%	3.36%	-5.3%
FB	Buy	Facebook Inccl a	$14,117,000	+120.5%	85,837	+161.9%	2.80%	+106.9%
CPRT	New	Copart Inc	$12,533,000	–	243,215	–	2.49%	–
MSFT	Sell	Microsoft Corp	$10,878,000	+15.1%	95,110	-0.2%	2.16%	+8.0%
EL	Buy	Lauder Estee Cos Inccl a	$9,079,000	+9.5%	62,474	+7.6%	1.80%	+2.7%
KO	Sell	Coca Cola Co	$7,482,000	+4.9%	161,984	-0.5%	1.49%	-1.5%
BRKB	Sell	Berkshire Hathaway Inc Delcl b new	$6,058,000	+13.4%	28,293	-1.2%	1.20%	+6.4%
DIS	Sell	Disney Walt Co	$5,701,000	+11.2%	48,748	-0.2%	1.13%	+4.3%
AMTD	Buy	TD Ameritrade Hldg Corp	$1,965,000	+2.0%	37,198	+6.6%	0.39%	-4.2%
JNJ	Sell	Johnson & Johnson	$1,947,000	+13.4%	14,090	-0.4%	0.39%	+6.3%
V	Sell	Visa Inc	$1,791,000	+13.1%	11,932	-0.2%	0.36%	+6.3%
BDX	Sell	Becton Dickinson & Co	$1,784,000	+8.6%	6,834	-0.3%	0.36%	+2.0%
PFE	New	Pfizer Inc	$212,000	–	4,800	–	0.04%	–
HSY	Exit	Hershey Co	$0	–	-119,320	–	-2.34%	–

Q2 2018

			Value		Shares		↓ Weighting
CL	New	Colgate Palmolive Co	$36,128,000	–	558,025	–	7.65%	–
MA	New	Mastercard Inccl a	$35,493,000	–	180,244	–	7.52%	–
WFC	New	Wells Fargo & Co New	$33,941,000	–	609,304	–	7.19%	–
GOOG	New	Alphabet Inccap stk cl c	$32,927,000	–	29,417	–	6.97%	–
NKE	New	Nike Inccl b	$30,036,000	–	378,872	–	6.36%	–
UN	New	Unilever N V	$27,766,000	–	500,364	–	5.88%	–
AON	New	AON Plc	$26,787,000	–	195,245	–	5.67%	–
SCHW	New	Schwab Charles Corp New	$24,742,000	–	483,611	–	5.24%	–
CBRE	New	CBRE Group Inccl a	$23,277,000	–	487,864	–	4.93%	–
MSCI	New	MSCI Inc.	$23,100,000	–	139,038	–	4.89%	–
PEP	New	Pepsico Inc	$22,994,000	–	210,745	–	4.87%	–
MCO	New	Moodys Corp	$22,409,000	–	131,268	–	4.75%	–
PG	New	Procter & Gamble Co	$18,246,000	–	233,672	–	3.86%	–
BKNG	New	Booking Hldgs Inc	$16,755,000	–	8,241	–	3.55%	–
VRSK	New	Verisk Analytics Inc	$15,894,000	–	147,355	–	3.37%	–
MMC	New	Marsh & McLennan Cos Inc	$13,934,000	–	169,799	–	2.95%	–
HSY	New	Hershey Co	$11,072,000	–	119,320	–	2.34%	–
MSFT	New	Microsoft Corp	$9,451,000	–	95,326	–	2.00%	–
EL	New	Lauder Estee Cos Inccl a	$8,290,000	–	58,086	–	1.76%	–
KO	New	Coca Cola Co	$7,132,000	–	162,724	–	1.51%	–
FB	New	Facebook Inccl a	$6,402,000	–	32,773	–	1.36%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$5,343,000	–	28,626	–	1.13%	–
DIS	New	Disney Walt Co	$5,126,000	–	48,832	–	1.09%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$3,102,000	–	11	–	0.66%	–
AMTD	New	TD Ameritrade Hldg Corp	$1,927,000	–	34,898	–	0.41%	–
EFX	New	Equifax Inc	$1,752,000	–	14,000	–	0.37%	–
JNJ	New	Johnson & Johnson	$1,717,000	–	14,147	–	0.36%	–
BDX	New	Becton Dickinson & Co	$1,642,000	–	6,856	–	0.35%	–
V	New	Visa Inc	$1,584,000	–	11,955	–	0.34%	–
SYK	New	Stryker Corp	$1,431,000	–	8,476	–	0.30%	–
TJX	New	TJX COS INC NEW	$476,000	–	5,000	–	0.10%	–
MKL	New	Markel Corp	$434,000	–	400	–	0.09%	–
USB	New	U S Bancorp Del	$428,000	–	8,552	–	0.09%	–
BK	New	Bank New York Mellon Corp	$296,000	–	5,494	–	0.06%	–
MFCB	New	Mfc Bancorp Ltd	$129,000	–	21,789	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
MFCB	Exit	MFC Bancorp LTD	$0	–	-24,595	–	-0.06%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-5,494	–	-0.08%	–
CLX	Exit	Clorox Co Del	$0	–	-2,800	–	-0.10%	–
V	Exit	Visa Inccl a	$0	–	-4,166	–	-0.12%	–
USB	Exit	U S Bancorp Del	$0	–	-8,552	–	-0.12%	–
TJX	Exit	TJX COS INC NEW	$0	–	-7,000	–	-0.14%	–
PCLN	Exit	Priceline Group Inc.	$0	–	-374	–	-0.18%	–
MKL	Exit	Markel Corp	$0	–	-800	–	-0.22%	–
SYK	Exit	Stryker Corp	$0	–	-8,939	–	-0.33%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-7,354	–	-0.38%	–
JNJ	Exit	Johnson & Johnson	$0	–	-14,347	–	-0.49%	–
EFX	Exit	Equifax Inc	$0	–	-18,775	–	-0.52%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-11	–	-0.79%	–
EL	Exit	Lauder Estee Cos Inccl a	$0	–	-43,589	–	-1.24%	–
HSY	Exit	Hershey Co	$0	–	-43,734	–	-1.25%	–
DIS	Exit	Disney Walt Co	$0	–	-54,406	–	-1.41%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-33,909	–	-1.63%	–
CVS	Exit	CVS Health Corp	$0	–	-79,980	–	-1.70%	–
KO	Exit	Coca Cola Co	$0	–	-173,413	–	-2.05%	–
DISCK	Exit	Discovery Communications New	$0	–	-392,443	–	-2.09%	–
MSFT	Exit	Microsoft Corp	$0	–	-115,529	–	-2.26%	–
MCO	Exit	Moodys Corp	$0	–	-68,624	–	-2.51%	–
WU	Exit	Western Un Co	$0	–	-556,153	–	-2.81%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-130,640	–	-2.86%	–
FOXA	Exit	Twenty First Centy Fox Inccl a	$0	–	-422,108	–	-2.93%	–
CBRE	Exit	CBRE Group Inccl a	$0	–	-317,604	–	-3.17%	–
ESRX	Exit	Express Scripts Hldg Co	$0	–	-241,193	–	-4.02%	–
GOOG	Exit	Alphabet Inccap stk cl c	$0	–	-16,169	–	-4.06%	–
UN	Exit	Unilever N V	$0	–	-280,091	–	-4.35%	–
SCHW	Exit	Schwab Charles Corp New	$0	–	-388,625	–	-4.47%	–
NKE	Exit	Nike Inccl b	$0	–	-330,535	–	-4.50%	–
MSCI	Exit	MSCI Inc.	$0	–	-162,800	–	-5.00%	–
PG	Exit	Procter & Gamble Co	$0	–	-210,005	–	-5.03%	–
AON	Exit	AON Plc	$0	–	-134,583	–	-5.18%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-496,954	–	-7.21%	–
MA	Exit	Mastercard Inccl a	$0	–	-206,707	–	-7.67%	–
PEP	Exit	Pepsico Inc	$0	–	-272,492	–	-7.93%	–
CL	Exit	Colgate Palmolive Co	$0	–	-477,865	–	-9.14%	–

Q3 2017

			Value		Shares		↓ Weighting
CL	Buy	Colgate Palmolive Co	$34,825,000	-0.8%	477,865	+1.0%	9.14%	-0.1%
PEP	Sell	Pepsico Inc	$30,190,000	-8.1%	272,492	-4.2%	7.93%	-7.4%
MA	Sell	Mastercard Inccl a	$29,225,000	-6.3%	206,707	-19.5%	7.67%	-5.7%
WFC	Buy	Wells Fargo & Co New	$27,449,000	+10.7%	496,954	+11.1%	7.21%	+11.5%
AON	Sell	AON Plc	$19,719,000	-26.0%	134,583	-32.8%	5.18%	-25.5%
PG	Sell	Procter & Gamble Co	$19,152,000	+1.4%	210,005	-3.1%	5.03%	+2.1%
MSCI	Sell	MSCI Inc.	$19,036,000	+4.1%	162,800	-8.3%	5.00%	+4.9%
NKE	Buy	Nike Inccl b	$17,140,000	-5.0%	330,535	+8.1%	4.50%	-4.4%
SCHW	Buy	Schwab Charles Corp New	$17,025,000	+2.9%	388,625	+0.9%	4.47%	+3.6%
UN	Sell	Unilever N V	$16,551,000	-38.4%	280,091	-42.4%	4.35%	-38.0%
GOOG	Buy	Alphabet Inccap stk cl c	$15,482,000	+38.4%	16,169	+31.3%	4.06%	+39.3%
ESRX	Sell	Express Scripts Hldg Co	$15,292,000	-2.5%	241,193	-1.9%	4.02%	-1.9%
CBRE	Buy	CBRE Group Inccl a	$12,057,000	+3598.5%	317,604	+3441.9%	3.17%	+3624.7%
FOXA	Sell	Twenty First Centy Fox Inccl a	$11,153,000	-6.8%	422,108	-0.1%	2.93%	-6.2%
VRSK	Buy	Verisk Analytics Inc	$10,881,000	+15.7%	130,640	+17.2%	2.86%	+16.5%
WU	Buy	Western Un Co	$10,713,000	+1.1%	556,153	+0.0%	2.81%	+1.8%
MCO	Buy	Moodys Corp	$9,575,000	+37.0%	68,624	+19.5%	2.51%	+38.0%
MSFT	Sell	Microsoft Corp	$8,610,000	-0.0%	115,529	-7.5%	2.26%	+0.7%
DISCK	Buy	Discovery Communications New	$7,967,000	-15.8%	392,443	+4.5%	2.09%	-15.3%
KO	Sell	Coca Cola Co	$7,797,000	-7.2%	173,413	-7.4%	2.05%	-6.5%
CVS	Sell	CVS Health Corp	$6,487,000	+0.7%	79,980	-0.1%	1.70%	+1.4%
BRKB	Sell	Berkshire Hathaway Inc Delcl b new	$6,216,000	+1.8%	33,909	-5.9%	1.63%	+2.5%
DIS	Buy	Disney Walt Co	$5,385,000	+7.9%	54,406	+15.8%	1.41%	+8.6%
HSY	Buy	Hershey Co	$4,770,000	+2.1%	43,734	+0.5%	1.25%	+2.8%
EL	Buy	Lauder Estee Cos Inccl a	$4,706,000	+12.5%	43,589	+0.0%	1.24%	+13.3%
BRKA	Sell	Berkshire Hathaway Inc Delcl a	$3,022,000	-25.8%	11	-31.2%	0.79%	-25.3%
JNJ	Sell	Johnson & Johnson	$1,865,000	-12.7%	14,347	-11.1%	0.49%	-12.0%
BDX	Sell	Becton Dickinson & Co	$1,441,000	-7.9%	7,354	-8.3%	0.38%	-7.4%
SYK	Sell	Stryker Corp	$1,270,000	-7.8%	8,939	-10.0%	0.33%	-7.2%
PCLN	Sell	Priceline Group Inc.	$685,000	-23.2%	374	-21.6%	0.18%	-22.7%
V	New	Visa Inccl a	$438,000	–	4,166	–	0.12%	–
MFCB	Sell	MFC Bancorp LTD	$231,000	+5.5%	24,595	-80.0%	0.06%	+7.0%

Q2 2017

			Value		Shares		↓ Weighting
CL	New	Colgate Palmolive Co	$35,090,000	–	473,360	–	9.15%	–
PEP	New	Pepsico Inc	$32,845,000	–	284,396	–	8.56%	–
MA	New	Mastercard Inccl a	$31,203,000	–	256,920	–	8.14%	–
UN	New	Unilever N V	$26,877,000	–	486,277	–	7.01%	–
AON	New	AON Plc	$26,639,000	–	200,367	–	6.95%	–
WFC	New	Wells Fargo & Co New	$24,792,000	–	447,427	–	6.46%	–
PG	New	Procter & Gamble Co	$18,892,000	–	216,775	–	4.93%	–
MSCI	New	MSCI Inc.	$18,281,000	–	177,507	–	4.77%	–
NKE	New	Nike Inccl b	$18,045,000	–	305,848	–	4.71%	–
SCHW	New	Schwab Charles Corp New	$16,552,000	–	385,288	–	4.32%	–
ESRX	New	Express Scripts Hldg Co	$15,691,000	–	245,790	–	4.09%	–
FOXA	New	Twenty First Centy Fox Inccl a	$11,969,000	–	422,329	–	3.12%	–
GOOG	New	Alphabet Inccap stk cl c	$11,189,000	–	12,313	–	2.92%	–
WU	New	Western Un Co	$10,594,000	–	556,130	–	2.76%	–
DISCK	New	Discovery Communications New	$9,467,000	–	375,536	–	2.47%	–
VRSK	New	Verisk Analytics Inc	$9,404,000	–	111,458	–	2.45%	–
MSFT	New	Microsoft Corp	$8,612,000	–	124,936	–	2.25%	–
KO	New	Coca Cola Co	$8,399,000	–	187,261	–	2.19%	–
MCO	New	Moodys Corp	$6,987,000	–	57,421	–	1.82%	–
CVS	New	CVS Health Corp	$6,441,000	–	80,051	–	1.68%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$6,106,000	–	36,052	–	1.59%	–
DIS	New	Disney Walt Co	$4,992,000	–	46,983	–	1.30%	–
HSY	New	Hershey Co	$4,673,000	–	43,524	–	1.22%	–
EL	New	Lauder Estee Cos Inccl a	$4,183,000	–	43,584	–	1.09%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$4,075,000	–	16	–	1.06%	–
EFX	New	Equifax Inc	$2,580,000	–	18,775	–	0.67%	–
JNJ	New	Johnson & Johnson	$2,136,000	–	16,147	–	0.56%	–
BDX	New	Becton Dickinson & Co	$1,565,000	–	8,021	–	0.41%	–
SYK	New	Stryker Corp	$1,378,000	–	9,928	–	0.36%	–
PCLN	New	Priceline Group Inc.	$892,000	–	477	–	0.23%	–
MKL	New	Markel Corp	$781,000	–	800	–	0.20%	–
TJX	New	TJX COS INC NEW	$505,000	–	7,000	–	0.13%	–
USB	New	U S Bancorp Del	$444,000	–	8,552	–	0.12%	–
CLX	New	Clorox Co Del	$373,000	–	2,800	–	0.10%	–
CBRE	New	CBRE Group Inccl a	$326,000	–	8,967	–	0.08%	–
BK	New	Bank New York Mellon Corp	$280,000	–	5,494	–	0.07%	–
MFCB	New	MFC Bancorp LTD	$219,000	–	122,980	–	0.06%	–

Q4 2016

			Value		Shares		↓ Weighting
V	Exit	Visa Inc	$0	–	-2,491	–	-0.06%	–
MFCB	Exit	MFC Bancorp LTD	$0	–	-122,980	–	-0.08%	–
VIA	Exit	Viacom Inc Newcl a	$0	–	-6,000	–	-0.08%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-6,750	–	-0.08%	–
CLX	Exit	Clorox Co Del	$0	–	-2,800	–	-0.11%	–
USB	Exit	U S Bancorp Del	$0	–	-8,552	–	-0.11%	–
TJX	Exit	TJX COS INC NEW	$0	–	-7,000	–	-0.16%	–
MKL	Exit	Markel Corp	$0	–	-800	–	-0.23%	–
PCLN	Exit	Priceline Group Inc.	$0	–	-516	–	-0.23%	–
SYK	Exit	Stryker Corp	$0	–	-12,481	–	-0.44%	–
JNJ	Exit	Johnson & Johnson	$0	–	-17,549	–	-0.64%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-11,743	–	-0.65%	–
EFX	Exit	Equifax Inc	$0	–	-18,775	–	-0.78%	–
HSY	Exit	Hershey Co	$0	–	-43,286	–	-1.27%	–
DIS	Exit	Disney Walt Co	$0	–	-45,722	–	-1.30%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-21	–	-1.39%	–
CVS	Exit	CVS Health Corp	$0	–	-64,612	–	-1.76%	–
ANTM	Exit	Anthem Inc	$0	–	-62,895	–	-2.42%	–
KO	Exit	Coca Cola Co	$0	–	-193,387	–	-2.51%	–
VRSK	Exit	Verisk Analytics Inc	$0	–	-103,060	–	-2.57%	–
NKE	Exit	Nike Inccl b	$0	–	-176,274	–	-2.84%	–
MSFT	Exit	Microsoft Corp	$0	–	-161,231	–	-2.85%	–
ESRX	Exit	Express Scripts Hldg Co	$0	–	-140,947	–	-3.05%	–
DISCK	Exit	Discovery Communications New	$0	–	-393,704	–	-3.18%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-73,751	–	-3.27%	–
WU	Exit	Western Un Co	$0	–	-549,808	–	-3.51%	–
FOXA	Exit	Twenty First Centy Fox Inccl a	$0	–	-479,646	–	-3.56%	–
SCHW	Exit	Schwab Charles Corp New	$0	–	-455,336	–	-4.41%	–
UN	Exit	Unilever N V	$0	–	-320,064	–	-4.52%	–
MSCI	Exit	MSCI Inc.	$0	–	-186,555	–	-4.80%	–
PG	Exit	Procter & Gamble Co	$0	–	-216,862	–	-5.97%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-470,528	–	-6.39%	–
AON	Exit	AON Plc	$0	–	-203,333	–	-7.01%	–
MA	Exit	Mastercard Inccl a	$0	–	-259,871	–	-8.11%	–
PEP	Exit	Pepsico Inc	$0	–	-281,814	–	-9.40%	–
CL	Exit	Colgate Palmolive Co	$0	–	-453,214	–	-10.30%	–

Q3 2016

			Value		Shares		↓ Weighting
CL	Buy	Colgate Palmolive Co	$33,601,000	+2.5%	453,214	+1.2%	10.30%	-1.8%
PEP	Buy	Pepsico Inc	$30,653,000	+3.6%	281,814	+0.9%	9.40%	-0.7%
MA	Buy	Mastercard Inccl a	$26,447,000	+25.7%	259,871	+8.8%	8.11%	+20.5%
AON	Buy	AON Plc	$22,873,000	+4.2%	203,333	+1.2%	7.01%	-0.1%
WFC	Buy	Wells Fargo & Co New	$20,835,000	+10.2%	470,528	+17.8%	6.39%	+5.7%
PG	Sell	Procter & Gamble Co	$19,463,000	+3.6%	216,862	-2.3%	5.97%	-0.7%
MSCI	Buy	MSCI Inc.	$15,659,000	+9.8%	186,555	+0.9%	4.80%	+5.3%
UN	Buy	Unilever N V	$14,755,000	+0.2%	320,064	+2.0%	4.52%	-4.0%
SCHW	Buy	Schwab Charles Corp New	$14,375,000	+26.2%	455,336	+1.2%	4.41%	+21.0%
FOXA	Buy	Twenty First Centy Fox Inccl a	$11,617,000	-5.6%	479,646	+5.4%	3.56%	-9.5%
WU	Sell	Western Un Co	$11,447,000	+7.1%	549,808	-1.4%	3.51%	+2.6%
BRKB	Buy	Berkshire Hathaway Inc Delcl b new	$10,655,000	-0.0%	73,751	+0.2%	3.27%	-4.2%
DISCK	Buy	Discovery Communications New	$10,358,000	+25.5%	393,704	+13.8%	3.18%	+20.3%
ESRX	Buy	Express Scripts Hldg Co	$9,941,000	-6.2%	140,947	+0.8%	3.05%	-10.1%
MSFT	Sell	Microsoft Corp	$9,287,000	-3.1%	161,231	-13.9%	2.85%	-7.1%
NKE	Buy	Nike Inccl b	$9,281,000	+58.3%	176,274	+66.0%	2.84%	+51.7%
VRSK	Buy	Verisk Analytics Inc	$8,377,000	+2.9%	103,060	+2.6%	2.57%	-1.4%
KO	Buy	Coca Cola Co	$8,184,000	-5.9%	193,387	+0.8%	2.51%	-9.8%
ANTM	Buy	Anthem Inc	$7,881,000	+0.1%	62,895	+4.9%	2.42%	-4.0%
CVS	Buy	CVS Health Corp	$5,750,000	-4.9%	64,612	+2.3%	1.76%	-8.9%
DIS	Buy	Disney Walt Co	$4,246,000	+9.5%	45,722	+15.4%	1.30%	+5.0%
HSY	Sell	Hershey Co	$4,138,000	-57.1%	43,286	-49.1%	1.27%	-58.9%
BDX	Sell	Becton Dickinson & Co	$2,111,000	+2.5%	11,743	-3.3%	0.65%	-1.8%
JNJ	Buy	Johnson & Johnson	$2,073,000	+0.0%	17,549	+2.7%	0.64%	-4.2%
PCLN	Buy	Priceline Group Inc.	$759,000	+23.0%	516	+4.5%	0.23%	+18.3%
BK	Buy	Bank New York Mellon Corp	$269,000	+5.9%	6,750	+3.1%	0.08%	+1.2%
V	Buy	Visa Inc	$206,000	+216.9%	2,491	+184.4%	0.06%	+200.0%
VZ	Exit	Verizon Communications Inc	$0	–	-68	–	-0.00%	–
AVP	Exit	Avon Prods Inc	$0	–	-726	–	-0.00%	–
GOOG	Exit	Alphabet Inccl c	$0	–	-6	–	-0.00%	–
HBAN	Exit	Huntington Bancshares Inc	$0	–	-547	–	-0.00%	–
AAPL	Exit	Apple Inc	$0	–	-135	–	-0.00%	–
DISCA	Exit	Discovery Communication	$0	–	-676	–	-0.01%	–
AMAT	Exit	Applied Materials Inc	$0	–	-941	–	-0.01%	–
LUK	Exit	Leucadia National Corp	$0	–	-1,500	–	-0.01%	–
GE	Exit	General Electric Co	$0	–	-845	–	-0.01%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-463	–	-0.01%	–
FOX	Exit	Twenty First Centy Fox Inccl b	$0	–	-979	–	-0.01%	–
DEO	Exit	Diageo Plc New ADRsponsored adr	$0	–	-342	–	-0.01%	–
VIAB	Exit	Viacom Inc Newcl b	$0	–	-1,068	–	-0.01%	–
BFB	Exit	Brown Forman Corpcl b	$0	–	-565	–	-0.02%	–
ORCL	Exit	Oracle Corp	$0	–	-1,600	–	-0.02%	–
BUD	Exit	Anheuser-Busch Inbev SA/NVsponsored adr	$0	–	-788	–	-0.03%	–
AZO	Exit	Autozone Inc	$0	–	-141	–	-0.04%	–
TMK	Exit	Torchmark Corp	$0	–	-2,250	–	-0.04%	–
PFE	Exit	Pfizer Incorporated	$0	–	-4,800	–	-0.05%	–

Q2 2016

			Value		Shares		↓ Weighting
CL	New	Colgate Palmolive Co	$32,785,000	–	447,886	–	10.48%	–
PEP	New	Pepsico Inc	$29,599,000	–	279,396	–	9.46%	–
AON	New	AON Plc	$21,955,000	–	200,996	–	7.02%	–
MA	New	Mastercard Inccl a	$21,038,000	–	238,901	–	6.73%	–
WFC	New	Wells Fargo & Co New	$18,900,000	–	399,329	–	6.04%	–
PG	New	Procter & Gamble Co	$18,787,000	–	221,880	–	6.01%	–
UN	New	Unilever N V	$14,730,000	–	313,799	–	4.71%	–
MSCI	New	MSCI Inc.	$14,260,000	–	184,908	–	4.56%	–
FOXA	New	Twenty First Centy Fox Inccl a	$12,307,000	–	454,956	–	3.94%	–
SCHW	New	Schwab Charles Corp New	$11,389,000	–	449,967	–	3.64%	–
WU	New	Western Un Co	$10,692,000	–	557,447	–	3.42%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$10,660,000	–	73,627	–	3.41%	–
ESRX	New	Express Scripts Hldg Co	$10,603,000	–	139,877	–	3.39%	–
HSY	New	Hershey Co	$9,649,000	–	85,022	–	3.09%	–
MSFT	New	Microsoft Corp	$9,584,000	–	187,294	–	3.06%	–
KO	New	Coca Cola Co	$8,694,000	–	191,785	–	2.78%	–
DISCK	New	Discovery Communications New	$8,252,000	–	346,016	–	2.64%	–
VRSK	New	Verisk Analytics Inc	$8,143,000	–	100,433	–	2.60%	–
ANTM	New	Anthem Inc	$7,872,000	–	59,933	–	2.52%	–
CVS	New	CVS Health Corp	$6,049,000	–	63,179	–	1.93%	–
NKE	New	Nike Inccl b	$5,863,000	–	106,208	–	1.88%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$4,556,000	–	21	–	1.46%	–
DIS	New	Disney Walt Co	$3,876,000	–	39,622	–	1.24%	–
EFX	New	Equifax Inc	$2,411,000	–	18,775	–	0.77%	–
JNJ	New	Johnson & Johnson	$2,072,000	–	17,082	–	0.66%	–
BDX	New	Becton Dickinson & Co	$2,060,000	–	12,147	–	0.66%	–
SYK	New	Stryker Corp	$1,496,000	–	12,481	–	0.48%	–
MKL	New	Markel Corp	$762,000	–	800	–	0.24%	–
PCLN	New	Priceline Group Inc.	$617,000	–	494	–	0.20%	–
TJX	New	TJX COS INC NEW	$541,000	–	7,000	–	0.17%	–
CLX	New	Clorox Co Del	$387,000	–	2,800	–	0.12%	–
USB	New	U S Bancorp Del	$345,000	–	8,552	–	0.11%	–
VIA	New	Viacom Inc Newcl a	$279,000	–	6,000	–	0.09%	–
MFCB	New	MFC Bancorp LTD	$269,000	–	122,980	–	0.09%	–
BK	New	Bank New York Mellon Corp	$254,000	–	6,550	–	0.08%	–
PFE	New	Pfizer Incorporated	$169,000	–	4,800	–	0.05%	–
TMK	New	Torchmark Corp	$139,000	–	2,250	–	0.04%	–
AZO	New	Autozone Inc	$112,000	–	141	–	0.04%	–
BUD	New	Anheuser-Busch Inbev SA/NVsponsored adr	$104,000	–	788	–	0.03%	–
V	New	Visa Inc	$65,000	–	876	–	0.02%	–
ORCL	New	Oracle Corp	$65,000	–	1,600	–	0.02%	–
BFB	New	Brown Forman Corpcl b	$56,000	–	565	–	0.02%	–
VIAB	New	Viacom Inc Newcl b	$44,000	–	1,068	–	0.01%	–
DEO	New	Diageo Plc New ADRsponsored adr	$39,000	–	342	–	0.01%	–
FOX	New	Twenty First Centy Fox Inccl b	$27,000	–	979	–	0.01%	–
GE	New	General Electric Co	$27,000	–	845	–	0.01%	–
JPM	New	JPMorgan Chase & Co	$29,000	–	463	–	0.01%	–
LUK	New	Leucadia National Corp	$26,000	–	1,500	–	0.01%	–
AMAT	New	Applied Materials Inc	$23,000	–	941	–	0.01%	–
DISCA	New	Discovery Communication	$17,000	–	676	–	0.01%	–
AAPL	New	Apple Inc	$13,000	–	135	–	0.00%	–
HBAN	New	Huntington Bancshares Inc	$5,000	–	547	–	0.00%	–
VZ	New	Verizon Communications Inc	$4,000	–	68	–	0.00%	–
AVP	New	Avon Prods Inc	$3,000	–	726	–	0.00%	–
GOOG	New	Alphabet Inccl c	$4,000	–	6	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
AVP	Exit	Avon Prods Inc	$0	–	-726	–	-0.00%	–
HBAN	Exit	Huntington Bancshares Inc	$0	–	-547	–	-0.00%	–
LBRDA	Exit	Liberty Broadband Corp	$0	–	-148	–	-0.00%	–
DEO	Exit	Diageo Plc New ADRsponsored adr	$0	–	-124	–	-0.00%	–
DISCA	Exit	Discovery Communication	$0	–	-676	–	-0.01%	–
LBRDK	Exit	Liberty Broadband Corp	$0	–	-297	–	-0.01%	–
LMCA	Exit	Liberty Media Corp A	$0	–	-595	–	-0.01%	–
FOX	Exit	Twenty First Centy Fox Inccl b	$0	–	-979	–	-0.01%	–
	Exit	Pernod Ricard	$0	–	-283	–	-0.01%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-463	–	-0.01%	–
LUK	Exit	Leucadia National Corp	$0	–	-1,500	–	-0.01%	–
BFB	Exit	Brown Forman Corpcl b	$0	–	-393	–	-0.01%	–
	Exit	Heineken Holding	$0	–	-532	–	-0.01%	–
LMCK	Exit	Liberty Media Corp	$0	–	-1,190	–	-0.01%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-703	–	-0.02%	–
V	Exit	Visa Inc	$0	–	-876	–	-0.02%	–
VIAB	Exit	Viacom Inc Newcl b	$0	–	-1,818	–	-0.02%	–
BUD	Exit	Anheuser-Busc Inbev SA/NVsponsored adr	$0	–	-788	–	-0.02%	–
DIS	Exit	Disney Walt Co	$0	–	-855	–	-0.03%	–
AZO	Exit	Autozone Inc	$0	–	-156	–	-0.03%	–
TMK	Exit	Torchmark Corp	$0	–	-2,250	–	-0.04%	–
PFE	Exit	Pfizer Incorporated	$0	–	-4,800	–	-0.05%	–
VRX	Exit	Valeant Pharma Intl	$0	–	-984	–	-0.05%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-7,500	–	-0.09%	–
VIA	Exit	Viacom Inc Newcl a	$0	–	-7,000	–	-0.09%	–
CLX	Exit	Clorox Co Del	$0	–	-2,800	–	-0.10%	–
MFCB	Exit	MFC Industrial Ltd.	$0	–	-122,980	–	-0.11%	–
AXP	Exit	American Express Co	$0	–	-4,750	–	-0.11%	–
USB	Exit	U S Bancorp Del	$0	–	-11,544	–	-0.14%	–
TJX	Exit	TJX COS INC NEW	$0	–	-7,000	–	-0.15%	–
EBAY	Exit	EBAY Inc	$0	–	-21,192	–	-0.16%	–
MKL	Exit	Markel Corp	$0	–	-800	–	-0.19%	–
PYPL	Exit	PayPal Hldgs Inc	$0	–	-21,192	–	-0.20%	–
GOOGL	Exit	Google Inccl a	$0	–	-1,282	–	-0.25%	–
SYK	Exit	Johnson & Johnson	$0	–	-14,373	–	-0.41%	–
JNJ	Exit	Stryker Corp	$0	–	-17,525	–	-0.50%	–
EFX	Exit	Equifax Inc	$0	–	-18,775	–	-0.55%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-14,100	–	-0.57%	–
CSCO	Exit	Cisco Sys Inc	$0	–	-85,239	–	-0.68%	–
GOOG	Exit	Google Inccl c	$0	–	-3,793	–	-0.70%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-29,053	–	-1.15%	–
CVS	Exit	CVS Health Corp	$0	–	-63,232	–	-1.85%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-39	–	-2.30%	–
ANTM	Exit	Anthem Inc	$0	–	-55,741	–	-2.36%	–
DISCK	Exit	Discovery Communicans New	$0	–	-335,287	–	-2.46%	–
SCHW	Exit	Schwab Charles Corp New	$0	–	-300,761	–	-2.60%	–
ESRX	Exit	Express Scripts Hldg Co	$0	–	-110,418	–	-2.71%	–
HSY	Exit	Hershey Co	$0	–	-103,583	–	-2.88%	–
FOXA	Exit	Twenty First Centy Fox Inccl a	$0	–	-428,026	–	-3.50%	–
WU	Exit	Western Un Co	$0	–	-658,231	–	-3.66%	–
ORCL	Exit	Oracle Corp	$0	–	-341,980	–	-3.74%	–
MSFT	Exit	Microsoft Corp	$0	–	-306,194	–	-4.10%	–
VZ	Exit	Verizon Communications Inc	$0	–	-319,838	–	-4.21%	–
MSCI	Exit	MSCI Inc.	$0	–	-234,293	–	-4.22%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-287,950	–	-4.48%	–
AON	Exit	AON Plc	$0	–	-188,000	–	-5.04%	–
KO	Exit	Coca Cola Co	$0	–	-476,129	–	-5.78%	–
MA	Exit	Mastercard Inccl a	$0	–	-225,538	–	-6.15%	–
UN	Exit	Unilever PLCspon adr new	$0	–	-577,225	–	-7.02%	–
PEP	Exit	Pepsico Inc	$0	–	-268,117	–	-7.65%	–
CL	Exit	Colgate Palmolive Co	$0	–	-425,227	–	-8.17%	–
PG	Exit	Procter & Gamble Co	$0	–	-395,572	–	-8.61%	–

Q3 2015

			Value		Shares		↓ Weighting
PG	Buy	Procter & Gamble Co	$28,457,000	+10.7%	395,572	+20.3%	8.61%	+12.6%
CL	Buy	Colgate Palmolive Co	$26,985,000	+34.8%	425,227	+39.0%	8.17%	+37.2%
PEP	Buy	Pepsico Inc	$25,283,000	+1.9%	268,117	+0.9%	7.65%	+3.7%
UN	Sell	Unilever PLCspon adr new	$23,204,000	-10.2%	577,225	-6.5%	7.02%	-8.5%
MA	Buy	Mastercard Inccl a	$20,325,000	-3.5%	225,538	+0.1%	6.15%	-1.8%
KO	Sell	Coca Cola Co	$19,102,000	-0.9%	476,129	-3.1%	5.78%	+0.9%
AON	Buy	AON Plc	$16,659,000	-5.5%	188,000	+6.3%	5.04%	-3.9%
WFC	Sell	Wells Fargo & Co New	$14,786,000	-8.7%	287,950	-0.1%	4.48%	-7.1%
MSCI	Buy	MSCI Inc.	$13,931,000	-2.8%	234,293	+0.6%	4.22%	-1.1%
VZ	Buy	Verizon Communications Inc	$13,916,000	+9.5%	319,838	+17.3%	4.21%	+11.5%
MSFT	Buy	Microsoft Corp	$13,552,000	+2.1%	306,194	+1.9%	4.10%	+4.0%
ORCL	Buy	Oracle Corp	$12,352,000	-9.5%	341,980	+1.0%	3.74%	-7.9%
WU	Buy	Western Un Co	$12,085,000	-8.4%	658,231	+1.4%	3.66%	-6.7%
FOXA	Buy	Twenty First Centy Fox Inccl a	$11,548,000	-5.8%	428,026	+13.6%	3.50%	-4.1%
HSY	Buy	Hershey Co	$9,517,000	+54.6%	103,583	+49.4%	2.88%	+57.3%
ESRX	Buy	Express Scripts Hldg Co	$8,939,000	-7.3%	110,418	+1.9%	2.71%	-5.6%
SCHW	Buy	Schwab Charles Corp New	$8,590,000	+1.6%	300,761	+16.1%	2.60%	+3.4%
DISCK	Buy	Discovery Communicans New	$8,144,000	+14.4%	335,287	+46.4%	2.46%	+16.5%
ANTM	Buy	Anthem Inc	$7,804,000	-14.1%	55,741	+0.7%	2.36%	-12.6%
BRKA	Sell	Berkshire Hathaway Inc Delcl a	$7,614,000	-9.3%	39	-4.9%	2.30%	-7.7%
CVS	Buy	CVS Health Corp	$6,101,000	-7.6%	63,232	+0.5%	1.85%	-5.9%
BRKB	Buy	Berkshire Hathaway Inc Delcl b new	$3,789,000	+3.7%	29,053	+8.2%	1.15%	+5.5%
GOOG	Sell	Google Inccl c	$2,308,000	+3.3%	3,793	-11.6%	0.70%	+5.1%
CSCO	Sell	Cisco Sys Inc	$2,238,000	-27.3%	85,239	-23.9%	0.68%	-26.0%
BDX	Sell	Becton Dickinson & Co	$1,871,000	-17.9%	14,100	-12.4%	0.57%	-16.5%
EFX	Sell	Equifax Inc	$1,825,000	-1.4%	18,775	-1.4%	0.55%	+0.4%
JNJ	Sell	Stryker Corp	$1,636,000	-12.5%	17,525	-8.7%	0.50%	-11.0%
SYK	Sell	Johnson & Johnson	$1,352,000	-10.0%	14,373	-8.6%	0.41%	-8.5%
GOOGL	Sell	Google Inccl a	$818,000	-14.4%	1,282	-27.6%	0.25%	-12.7%
PYPL	New	PayPal Hldgs Inc	$658,000	–	21,192	–	0.20%	–
EBAY	Sell	EBAY Inc	$518,000	-92.0%	21,192	-80.2%	0.16%	-91.8%
USB	Sell	U S Bancorp Del	$473,000	-55.0%	11,544	-52.3%	0.14%	-54.2%
MFCB	Sell	MFC Industrial Ltd.	$352,000	-31.0%	122,980	-2.3%	0.11%	-29.6%
AXP	Sell	American Express Co	$352,000	-27.6%	4,750	-24.0%	0.11%	-25.7%
BK	Sell	Bank New York Mellon Corp	$294,000	-58.5%	7,500	-55.6%	0.09%	-57.8%
VRX	Sell	Valeant Pharma Intl	$176,000	-25.1%	984	-7.1%	0.05%	-24.3%
DIS	New	Disney Walt Co	$87,000	–	855	–	0.03%	–
VIAB	Sell	Viacom Inc Newcl b	$78,000	-48.0%	1,818	-21.8%	0.02%	-46.7%
LUK	Sell	Leucadia National Corp	$30,000	-58.9%	1,500	-50.0%	0.01%	-59.1%
JPM	New	JPMorgan Chase & Co	$28,000	–	463	–	0.01%	–
HBAN	New	Huntington Bancshares Inc	$6,000	–	547	–	0.00%	–
SYY	Exit	Sysco Corporation	$0	–	-2,000	–	-0.02%	–
BCR	Exit	Bard C R Incorporated	$0	–	-600	–	-0.03%	–
UPS	Exit	United Parcel Servicecl b	$0	–	-9,546	–	-0.28%	–

Q2 2015

			Value		Shares		↓ Weighting
UN	New	Unilever	$25,828,000	–	617,308	–	7.68%	–
PG	New	Procter & Gamble Co	$25,718,000	–	328,705	–	7.65%	–
PEP	New	Pepsico Incorporated	$24,812,000	–	265,824	–	7.38%	–
MA	New	Mastercard Inccl a	$21,070,000	–	225,393	–	6.26%	–
CL	New	Colgate Palmolive Co	$20,015,000	–	305,986	–	5.95%	–
KO	New	Coca Cola Co	$19,278,000	–	491,403	–	5.73%	–
AON	New	AON Plc	$17,637,000	–	176,941	–	5.24%	–
WFC	New	Wells Fargo & Co New	$16,203,000	–	288,103	–	4.82%	–
MSCI	New	MSCI Inc.	$14,334,000	–	232,888	–	4.26%	–
ORCL	New	Oracle Corp	$13,650,000	–	338,706	–	4.06%	–
MSFT	New	Microsoft Corp	$13,267,000	–	300,508	–	3.94%	–
WU	New	Western Union Company	$13,193,000	–	648,967	–	3.92%	–
VZ	New	Verizon Communications Inc	$12,705,000	–	272,586	–	3.78%	–
FOXA	New	21st Century Fox	$12,259,000	–	376,669	–	3.64%	–
ESRX	New	Express Scripts Hldg Co	$9,641,000	–	108,401	–	2.87%	–
ANTM	New	Anthem Inc	$9,088,000	–	55,367	–	2.70%	–
SCHW	New	Schwab Charles Corp New	$8,457,000	–	259,007	–	2.51%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$8,399,000	–	41	–	2.50%	–
DISCK	New	Discovery Communication	$7,117,000	–	228,992	–	2.12%	–
CVS	New	CVS Caremark Corp	$6,601,000	–	62,938	–	1.96%	–
EBAY	New	EBAY Inc	$6,452,000	–	107,108	–	1.92%	–
HSY	New	The Hershey Co	$6,157,000	–	69,311	–	1.83%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$3,655,000	–	26,855	–	1.09%	–
CSCO	New	Cisco Systems Inc	$3,077,000	–	112,043	–	0.92%	–
BDX	New	Becton Dickinson & Co	$2,279,000	–	16,091	–	0.68%	–
GOOG	New	Google Inccl c	$2,235,000	–	4,293	–	0.66%	–
JNJ	New	Stryker Corp	$1,870,000	–	19,191	–	0.56%	–
EFX	New	Equifax Inc	$1,850,000	–	19,051	–	0.55%	–
SYK	New	Johnson & Johnson	$1,503,000	–	15,731	–	0.45%	–
USB	New	U S Bancorp Del	$1,051,000	–	24,213	–	0.31%	–
GOOGL	New	Google Inccl a	$956,000	–	1,770	–	0.28%	–
UPS	New	United Parcel Servicecl b	$925,000	–	9,546	–	0.28%	–
BK	New	Bank New York Mellon Corp	$709,000	–	16,904	–	0.21%	–
MKL	New	Markel Corp	$641,000	–	800	–	0.19%	–
MFCB	New	MFC Industrial Ltd.	$510,000	–	125,880	–	0.15%	–
AXP	New	American Express Company	$486,000	–	6,250	–	0.14%	–
TJX	New	TJX COS INC NEW	$463,000	–	7,000	–	0.14%	–
VIA	New	Viacom Inc Newcl a	$454,000	–	7,000	–	0.14%	–
CLX	New	Clorox Co Del	$291,000	–	2,800	–	0.09%	–
VRX	New	Valeant Pharma Intl	$235,000	–	1,059	–	0.07%	–
PFE	New	Pfizer Incorporated	$161,000	–	4,800	–	0.05%	–
VIAB	New	Viacom Inc Newcl b	$150,000	–	2,325	–	0.04%	–
TMK	New	Torchmark Corp	$131,000	–	2,250	–	0.04%	–
AZO	New	Autozone Inc	$104,000	–	156	–	0.03%	–
BCR	New	Bard C R Incorporated	$102,000	–	600	–	0.03%	–
BUD	New	Anheuser-Busc Inbev SA/NVsponsored adr	$95,000	–	788	–	0.03%	–
LUK	New	Leucadia National Corp	$73,000	–	3,000	–	0.02%	–
SYY	New	Sysco Corporation	$72,000	–	2,000	–	0.02%	–
V	New	Visa Inc	$59,000	–	876	–	0.02%	–
PM	New	Philip Morris Intl Inc	$56,000	–	703	–	0.02%	–
LMCK	New	Liberty Media Corp	$43,000	–	1,190	–	0.01%	–
BFB	New	Brown Forman Corpcl b	$39,000	–	393	–	0.01%	–
	New	Heineken Holding	$37,000	–	532	–	0.01%	–
FOX	New	Twenty First Centy Fox Inccl b	$32,000	–	979	–	0.01%	–
	New	Pernod Ricard	$33,000	–	283	–	0.01%	–
DISCA	New	Discovery Communication	$22,000	–	676	–	0.01%	–
LMCA	New	Liberty Media Corp A	$21,000	–	595	–	0.01%	–
LBRDK	New	Liberty Broadband Corp	$15,000	–	297	–	0.00%	–
DEO	New	Diageo Plc New ADRsponsored adr	$14,000	–	124	–	0.00%	–
LBRDA	New	Liberty Broadband Corp	$8,000	–	148	–	0.00%	–
AVP	New	Avon Prods Inc	$5,000	–	726	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
AVP	Exit	Avon Prods Inc	$0	–	-726	–	-0.00%	–
DEO	Exit	Diageo Plc New ADRsponsored adr	$0	–	-124	–	-0.01%	–
	Exit	Diageo Plc Ord Newsponsored adr	$0	–	-553	–	-0.01%	–
IBM	Exit	Intl Business Machines	$0	–	-100	–	-0.01%	–
FOX	Exit	Twenty First Centy Fox Inccl b	$0	–	-579	–	-0.01%	–
DISCA	Exit	Discovery Communication	$0	–	-676	–	-0.01%	–
LMCA	Exit	Liberty Media Corp A	$0	–	-595	–	-0.01%	–
	Exit	Pernod Ricard	$0	–	-283	–	-0.01%	–
	Exit	Heineken Holding	$0	–	-532	–	-0.01%	–
AZO	Exit	Autozone Inc	$0	–	-80	–	-0.01%	–
V	Exit	Visa Inc	$0	–	-219	–	-0.02%	–
LMCK	Exit	Liberty Media Corp	$0	–	-1,190	–	-0.02%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-703	–	-0.02%	–
LUK	Exit	Leucadia National Corp	$0	–	-3,000	–	-0.02%	–
DISCK	Exit	Discovery Communication	$0	–	-2,028	–	-0.03%	–
BUD	Exit	Anheuser-Busc Inbev SA/NVsponsored adr	$0	–	-788	–	-0.03%	–
SCHW	Exit	Schwab Charles Corp New	$0	–	-3,877	–	-0.04%	–
TMK	Exit	Torchmark Corp	$0	–	-2,250	–	-0.04%	–
VRX	Exit	Valeant Pharma Intl	$0	–	-971	–	-0.04%	–
YUM	Exit	Yum Brands Inc.	$0	–	-1,920	–	-0.05%	–
PFE	Exit	Pfizer Incorporated	$0	–	-6,300	–	-0.06%	–
VIAB	Exit	Viacom Inc Newcl b	$0	–	-2,825	–	-0.08%	–
CLX	Exit	Clorox Co Del	$0	–	-2,800	–	-0.09%	–
CHRW	Exit	C.H. Robinson Worldwide Inc.	$0	–	-4,904	–	-0.11%	–
TJX	Exit	TJX COS INC NEW	$0	–	-7,000	–	-0.14%	–
MKL	Exit	Markel Corp	$0	–	-800	–	-0.18%	–
VIA	Exit	Viacom Inc Newcl a	$0	–	-7,000	–	-0.19%	–
BCR	Exit	Bard C R Incorporated	$0	–	-3,800	–	-0.19%	–
AXP	Exit	American Express Company	$0	–	-9,500	–	-0.29%	–
MFCB	Exit	MFC Industrial Ltd.	$0	–	-125,880	–	-0.31%	–
USB	Exit	U S Bancorp Del	$0	–	-24,213	–	-0.35%	–
GOOGL	Exit	Google Inccl a	$0	–	-1,781	–	-0.37%	–
GOOG	Exit	Google Inccl c	$0	–	-1,889	–	-0.38%	–
UPS	Exit	United Parcel Servicecl b	$0	–	-13,651	–	-0.47%	–
EFX	Exit	Equifax Inc	$0	–	-19,900	–	-0.52%	–
SYY	Exit	Sysco Corporation	$0	–	-40,900	–	-0.54%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-52,700	–	-0.71%	–
SYK	Exit	Stryker Corp	$0	–	-25,500	–	-0.72%	–
JNJ	Exit	Johnson & Johnson	$0	–	-20,900	–	-0.78%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-105,656	–	-0.93%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-23,800	–	-0.95%	–
CVS	Exit	CVS Caremark Corp	$0	–	-44,961	–	-1.25%	–
VZ	Exit	Verizon Communications Inc	$0	–	-99,413	–	-1.74%	–
EBAY	Exit	EBAY Inc	$0	–	-92,548	–	-1.83%	–
HSY	Exit	The Hershey Co	$0	–	-63,336	–	-2.11%	–
V107SC	Exit	Wellpoint Inc	$0	–	-55,814	–	-2.33%	–
ESRX	Exit	Express Scripts Hldg Co	$0	–	-97,895	–	-2.42%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-56,792	–	-2.74%	–
WU	Exit	Western Union Company	$0	–	-604,798	–	-3.39%	–
FOXA	Exit	21st Century Fox	$0	–	-289,724	–	-3.47%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-51	–	-3.69%	–
CL	Exit	Colgate Palmolive Co	$0	–	-179,920	–	-4.10%	–
MSCI	Exit	MSCI Inc.	$0	–	-250,764	–	-4.12%	–
ORCL	Exit	Oracle Corp	$0	–	-313,501	–	-4.19%	–
MSFT	Exit	Microsoft Corp	$0	–	-264,662	–	-4.29%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-256,677	–	-4.65%	–
MA	Exit	Mastercard Inccl a	$0	–	-193,632	–	-5.00%	–
AON	Exit	AON Plc	$0	–	-164,171	–	-5.03%	–
UN	Exit	Unilever	$0	–	-540,478	–	-7.49%	–
PEP	Exit	Pepsico Incorporated	$0	–	-250,975	–	-8.16%	–
KO	Exit	Coca Cola Co	$0	–	-621,581	–	-9.26%	–
PG	Exit	Procter & Gamble Co	$0	–	-341,804	–	-10.00%	–

Q3 2014

			Value		Shares		↓ Weighting
PG	Buy	Procter & Gamble Co	$28,623,000	+11.9%	341,804	+5.0%	10.00%	+6.9%
KO	Buy	Coca Cola Co	$26,517,000	+7.3%	621,581	+6.6%	9.26%	+2.6%
PEP	Sell	Pepsico Incorporated	$23,363,000	+3.8%	250,975	-0.4%	8.16%	-0.8%
UN	Buy	Unilever	$21,446,000	+14.0%	540,478	+25.8%	7.49%	+9.0%
AON	Buy	AON Plc	$14,393,000	-2.4%	164,171	+0.3%	5.03%	-6.7%
MA	Buy	Mastercard Inccl a	$14,313,000	+28.6%	193,632	+27.9%	5.00%	+23.0%
WFC	Buy	Wells Fargo & Co New	$13,314,000	+14.3%	256,677	+15.8%	4.65%	+9.3%
MSFT	Buy	Microsoft Corp	$12,270,000	+11.9%	264,662	+0.7%	4.29%	+7.0%
ORCL	Buy	Oracle Corp	$12,001,000	+45.5%	313,501	+54.1%	4.19%	+39.1%
MSCI	Buy	MSCI Inc.	$11,791,000	+3.5%	250,764	+0.9%	4.12%	-1.1%
CL	Buy	Colgate Palmolive Co	$11,734,000	+6.1%	179,920	+10.9%	4.10%	+1.4%
BRKA	Sell	Berkshire Hathaway Inc Delcl a	$10,552,000	-14.5%	51	-21.5%	3.69%	-18.3%
FOXA	Sell	21st Century Fox	$9,935,000	-3.0%	289,724	-0.6%	3.47%	-7.3%
WU	Buy	Western Union Company	$9,701,000	+101.3%	604,798	+117.7%	3.39%	+92.5%
BRKB	Sell	Berkshire Hathaway Inc Delcl b new	$7,845,000	+3.7%	56,792	-5.0%	2.74%	-0.8%
ESRX	New	Express Scripts Hldg Co	$6,914,000	–	97,895	–	2.42%	–
V107SC	Sell	Wellpoint Inc	$6,676,000	+11.0%	55,814	-0.1%	2.33%	+6.1%
HSY	Buy	The Hershey Co	$6,044,000	+4444.4%	63,336	+4526.4%	2.11%	+4208.2%
EBAY	Buy	EBAY Inc	$5,241,000	+102.7%	92,548	+79.2%	1.83%	+93.8%
VZ	New	Verizon Communications Inc	$4,970,000	–	99,413	–	1.74%	–
CVS	Buy	CVS Caremark Corp	$3,578,000	+12.3%	44,961	+6.3%	1.25%	+7.4%
BDX	Sell	Becton Dickinson & Co	$2,709,000	-57.7%	23,800	-56.0%	0.95%	-59.6%
CSCO	Sell	Cisco Systems Inc	$2,659,000	-33.7%	105,656	-34.5%	0.93%	-36.5%
JNJ	Sell	Johnson & Johnson	$2,228,000	+1.7%	20,900	-0.2%	0.78%	-2.8%
SYK	Sell	Stryker Corp	$2,059,000	-9.6%	25,500	-5.6%	0.72%	-13.6%
SYY	Sell	Sysco Corporation	$1,552,000	-83.9%	40,900	-84.1%	0.54%	-84.6%
GOOG	Buy	Google Inccl c	$1,091,000	+0.6%	1,889	+0.2%	0.38%	-3.8%
MFCB	Sell	MFC Industrial Ltd.	$895,000	-56.1%	125,880	-52.8%	0.31%	-58.0%
BCR	Sell	Bard C R Incorporated	$542,000	-2.3%	3,800	-2.1%	0.19%	-6.9%
CHRW	Sell	C.H. Robinson Worldwide Inc.	$325,000	-13.3%	4,904	-16.6%	0.11%	-16.8%
CLX	Sell	Clorox Co Del	$269,000	-88.4%	2,800	-88.9%	0.09%	-88.9%
VRX	Buy	Valeant Pharma Intl	$127,000	+33.7%	971	+29.3%	0.04%	+25.7%
TMK	Buy	Torchmark Corp	$118,000	-4.1%	2,250	+50.0%	0.04%	-8.9%
SCHW	Buy	Schwab Charles Corp New	$114,000	+159.1%	3,877	+136.8%	0.04%	+150.0%
DISCK	Buy	Discovery Communication	$76,000	+55.1%	2,028	+200.0%	0.03%	+50.0%
LMCK	New	Liberty Media Corp	$56,000	–	1,190	–	0.02%	–
FOX	New	Twenty First Centy Fox Inccl b	$19,000	–	579	–	0.01%	–
NWSA	Exit	News Corp NEWcl a	$0	–	-27	–	0.00%	–
NICK	Exit	Nicholas Financial Inc	$0	–	-228	–	-0.00%	–
XEL	Exit	Xcel Energy Inc	$0	–	-710	–	-0.01%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-341	–	-0.01%	–
ESV	Exit	Ensco Intl Ltd Adrsponsored adr	$0	–	-40,709	–	-0.83%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-32,905	–	-0.90%	–
A309PS	Exit	Directv	$0	–	-112,223	–	-3.49%	–

Q2 2014

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble Co	$25,588,000	–	325,591	–	9.35%	–
KO	New	Coca Cola Co	$24,705,000	–	583,226	–	9.03%	–
PEP	New	Pepsico Incorporated	$22,513,000	–	251,989	–	8.22%	–
UN	New	Unilever	$18,808,000	–	429,796	–	6.87%	–
AON	New	AON Plc	$14,741,000	–	163,623	–	5.39%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$12,344,000	–	65	–	4.51%	–
WFC	New	Wells Fargo & Co New	$11,648,000	–	221,619	–	4.26%	–
MSCI	New	MSCI Inc.	$11,391,000	–	248,446	–	4.16%	–
MA	New	Mastercard Inccl a	$11,126,000	–	151,438	–	4.06%	–
CL	New	Colgate Palmolive Co	$11,058,000	–	162,194	–	4.04%	–
MSFT	New	Microsoft Corp	$10,961,000	–	262,852	–	4.00%	–
FOXA	New	21st Century Fox	$10,245,000	–	291,473	–	3.74%	–
SYY	New	Sysco Corporation	$9,655,000	–	257,814	–	3.53%	–
A309PS	New	Directv	$9,540,000	–	112,223	–	3.49%	–
ORCL	New	Oracle Corp	$8,247,000	–	203,478	–	3.01%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$7,563,000	–	59,760	–	2.76%	–
BDX	New	Becton Dickinson & Co	$6,402,000	–	54,120	–	2.34%	–
V107SC	New	Wellpoint Inc	$6,013,000	–	55,876	–	2.20%	–
WU	New	Western Union Company	$4,818,000	–	277,834	–	1.76%	–
CSCO	New	Cisco Systems Inc	$4,008,000	–	161,291	–	1.46%	–
CVS	New	CVS Caremark Corp	$3,187,000	–	42,282	–	1.16%	–
EBAY	New	EBAY Inc	$2,586,000	–	51,652	–	0.94%	–
WMT	New	Wal-Mart Stores Inc	$2,470,000	–	32,905	–	0.90%	–
CLX	New	Clorox Co Del	$2,313,000	–	25,303	–	0.84%	–
SYK	New	Stryker Corp	$2,277,000	–	27,000	–	0.83%	–
ESV	New	Ensco Intl Ltd Adrsponsored adr	$2,262,000	–	40,709	–	0.83%	–
JNJ	New	Johnson & Johnson	$2,191,000	–	20,940	–	0.80%	–
MFCB	New	MFC Industrial Ltd.	$2,041,000	–	266,836	–	0.75%	–
BK	New	Bank New York Mellon Corp	$1,975,000	–	52,700	–	0.72%	–
EFX	New	Equifax Inc	$1,444,000	–	19,900	–	0.53%	–
UPS	New	United Parcel Servicecl b	$1,401,000	–	13,651	–	0.51%	–
GOOG	New	Google Inccl c	$1,084,000	–	1,885	–	0.40%	–
USB	New	U S Bancorp Del	$1,049,000	–	24,213	–	0.38%	–
GOOGL	New	Google Inccl a	$1,041,000	–	1,781	–	0.38%	–
AXP	New	American Express Company	$901,000	–	9,500	–	0.33%	–
VIA	New	Viacom Inc Newcl a	$607,000	–	7,000	–	0.22%	–
BCR	New	Bard C R Incorporated	$555,000	–	3,880	–	0.20%	–
MKL	New	Markel Corp	$525,000	–	800	–	0.19%	–
CHRW	New	C.H. Robinson Worldwide Inc.	$375,000	–	5,881	–	0.14%	–
TJX	New	TJX COS INC NEW	$372,000	–	7,000	–	0.14%	–
VIAB	New	Viacom Inc Newcl b	$245,000	–	2,825	–	0.09%	–
PFE	New	Pfizer Incorporated	$187,000	–	6,300	–	0.07%	–
YUM	New	Yum Brands Inc.	$156,000	–	1,920	–	0.06%	–
HSY	New	The Hershey Co	$133,000	–	1,369	–	0.05%	–
TMK	New	Torchmark Corp	$123,000	–	1,500	–	0.04%	–
VRX	New	Valeant Pharma Intl	$95,000	–	751	–	0.04%	–
BUD	New	Anheuser-Busc Inbev SA/NVsponsored adr	$91,000	–	788	–	0.03%	–
LMCA	New	Liberty Media Corp A	$81,000	–	595	–	0.03%	–
LUK	New	Leucadia National Corp	$79,000	–	3,000	–	0.03%	–
PM	New	Philip Morris Intl Inc	$59,000	–	703	–	0.02%	–
DISCK	New	Discovery Communication	$49,000	–	676	–	0.02%	–
DISCA	New	Discovery Communication	$50,000	–	676	–	0.02%	–
V	New	Visa Inc	$46,000	–	219	–	0.02%	–
SCHW	New	Schwab Charles Corp New	$44,000	–	1,637	–	0.02%	–
AZO	New	Autozone Inc	$43,000	–	80	–	0.02%	–
	New	Heineken Holding	$35,000	–	532	–	0.01%	–
XOM	New	Exxon Mobil Corporation	$34,000	–	341	–	0.01%	–
	New	Pernod Ricard	$34,000	–	283	–	0.01%	–
XEL	New	Xcel Energy Inc	$23,000	–	710	–	0.01%	–
IBM	New	Intl Business Machines	$18,000	–	100	–	0.01%	–
	New	Diageo Plc Ord Newsponsored adr	$18,000	–	553	–	0.01%	–
DEO	New	Diageo Plc New ADRsponsored adr	$16,000	–	124	–	0.01%	–
AVP	New	Avon Prods Inc	$11,000	–	726	–	0.00%	–
NICK	New	Nicholas Financial Inc	$3,000	–	228	–	0.00%	–
NWSA	New	News Corp NEWcl a	$1,000	–	27	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
SJM	Exit	Smucker J M Co	$0	–	-12	–	0.00%	–
CRDC	Exit	Cardica Inc	$0	–	-1,000	–	0.00%	–
CYS	Exit	CYS Investments Inc	$0	–	-200	–	0.00%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-200	–	-0.00%	–
LPI	Exit	Laredo Pete Hldgs Inc	$0	–	-100	–	-0.00%	–
IPG	Exit	Interpublic Group Cos	$0	–	-106	–	-0.00%	–
PIPR	Exit	Piper Jaffray Cos.	$0	–	-114	–	-0.00%	–
ORI	Exit	Old Republic Intl Corp	$0	–	-200	–	-0.00%	–
INTC	Exit	Intel Corp	$0	–	-100	–	-0.00%	–
BBBY	Exit	Bed Bath & Beyond Inc	$0	–	-50	–	-0.00%	–
JOE	Exit	St Joe Company	$0	–	-100	–	-0.00%	–
ASCMA	Exit	Ascent Capital Group Inc	$0	–	-67	–	-0.00%	–
KRFT	Exit	Kraft Foods Group Inc	$0	–	-79	–	-0.00%	–
CPRT	Exit	Copart Inc	$0	–	-200	–	-0.00%	–
MDLZ	Exit	Mondelez International Inccl a	$0	–	-239	–	-0.00%	–
CWGL	Exit	Crimson Wine Group Ltd.	$0	–	-645	–	-0.00%	–
AAPL	Exit	Apple Inc	$0	–	-15	–	-0.00%	–
AMP	Exit	Ameriprise Financial Inc	$0	–	-100	–	-0.00%	–
TRV	Exit	Travelers Cos Inc	$0	–	-96	–	-0.00%	–
DPS	Exit	Dr Pepper Snapple Group	$0	–	-240	–	-0.01%	–
TTE	Exit	Total S A Adrsponsored adr	$0	–	-250	–	-0.01%	–
	Exit	Pernod Ricard	$0	–	-133	–	-0.01%	–
	Exit	Diageo Plc Ord Newsponsored adr	$0	–	-553	–	-0.01%	–
PSX	Exit	Phillips	$0	–	-375	–	-0.01%	–
BMY	Exit	Bristol-Myers Squibb Co	$0	–	-500	–	-0.01%	–
AZO	Exit	Autozone Inc	$0	–	-80	–	-0.02%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-435	–	-0.02%	–
V	Exit	Visa Inc	$0	–	-219	–	-0.02%	–
DISCA	Exit	Discovery Communication	$0	–	-676	–	-0.02%	–
WAG	Exit	Walgreen Company	$0	–	-1,000	–	-0.02%	–
DISCK	Exit	Discovery Communication	$0	–	-676	–	-0.03%	–
PM	Exit	Philip Morris Intl Inc	$0	–	-703	–	-0.03%	–
STRA	Exit	Strayer Education Inc	$0	–	-1,700	–	-0.03%	–
HSY	Exit	The Hershey Co	$0	–	-800	–	-0.03%	–
BUD	Exit	Anheuser-Busc Inbev SA/NVsponsored adr	$0	–	-788	–	-0.04%	–
LMCA	Exit	Liberty Media Corp A	$0	–	-595	–	-0.04%	–
VRX	Exit	Valeant Pharma Intl	$0	–	-970	–	-0.04%	–
TMK	Exit	Torchmark Corp	$0	–	-1,500	–	-0.05%	–
BAX	Exit	Baxter International Inc	$0	–	-1,650	–	-0.05%	–
COP	Exit	Conocophillips	$0	–	-1,750	–	-0.05%	–
SGID	Exit	Silicon Graphics Inc	$0	–	-4,000	–	-0.06%	–
YUM	Exit	Yum Brands Inc.	$0	–	-1,920	–	-0.06%	–
PAYX	Exit	Paychex Inc	$0	–	-4,000	–	-0.07%	–
HRB	Exit	Block H & R Incorporated	$0	–	-8,000	–	-0.10%	–
LUK	Exit	Leucadia National Corp	$0	–	-8,600	–	-0.10%	–
TJX	Exit	TJX COS INC NEW	$0	–	-7,000	–	-0.18%	–
MKL	Exit	Markel Corp	$0	–	-800	–	-0.19%	–
IBM	Exit	Intl Business Machines	$0	–	-2,800	–	-0.23%	–
GLW	Exit	Corning Inc	$0	–	-36,800	–	-0.24%	–
NICK	Exit	Nicholas Financial Inc	$0	–	-42,378	–	-0.30%	–
AXP	Exit	American Express Company	$0	–	-9,500	–	-0.32%	–
	Exit	1/100 Berkshire Hathaway	$0	–	-500	–	-0.38%	–
USB	Exit	U S Bancorp Del	$0	–	-24,213	–	-0.40%	–
APOL	Exit	Apollo Group Inccl a	$0	–	-50,200	–	-0.47%	–
EFX	Exit	Equifax Inc	$0	–	-20,100	–	-0.54%	–
NWSA	Exit	News Corp Ltdcl a	$0	–	-75,566	–	-0.55%	–
VIA	Exit	Viacom Inc Newcl a	$0	–	-15,975	–	-0.60%	–
UPS	Exit	United Parcel Servicecl b	$0	–	-15,151	–	-0.62%	–
ESV	Exit	Ensco Intl Ltd Adrsponsored adr	$0	–	-25,081	–	-0.62%	–
WU	Exit	Western Union Company	$0	–	-76,100	–	-0.64%	–
GOOGL	Exit	Google Inccl a	$0	–	-1,754	–	-0.72%	–
CVS	Exit	CVS Caremark Corp	$0	–	-28,427	–	-0.75%	–
BK	Exit	Bank New York Mellon Corp	$0	–	-68,065	–	-0.92%	–
SYK	Exit	Stryker Corp	$0	–	-33,800	–	-1.03%	–
PFE	Exit	Pfizer Incorporated	$0	–	-93,550	–	-1.21%	–
VIAB	Exit	Viacom Inc Newcl b	$0	–	-33,625	–	-1.26%	–
JNJ	Exit	Johnson & Johnson	$0	–	-32,520	–	-1.27%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-39,480	–	-1.31%	–
CLX	Exit	Clorox Co Del	$0	–	-34,658	–	-1.32%	–
ORCL	Exit	Oracle Corp	$0	–	-90,625	–	-1.36%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-164,904	–	-1.74%	–
V107SC	Exit	Wellpoint Inc	$0	–	-57,893	–	-2.20%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-132,850	–	-2.48%	–
BCR	Exit	Bard C R Incorporated	$0	–	-45,944	–	-2.50%	–
A309PS	Exit	Directv	$0	–	-93,590	–	-2.55%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-58,372	–	-2.65%	–
MA	Exit	Mastercard Inccl a	$0	–	-8,621	–	-2.67%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-58,680	–	-3.00%	–
MSFT	Exit	Microsoft Corp	$0	–	-227,031	–	-3.47%	–
MSCI	Exit	MSCI Inc.	$0	–	-203,695	–	-3.72%	–
CL	Exit	Colgate Palmolive Co	$0	–	-137,236	–	-3.77%	–
SYY	Exit	Sysco Corporation	$0	–	-302,932	–	-4.03%	–
UN	Exit	Unilever	$0	–	-295,017	–	-5.06%	–
AON	Exit	AON Plc	$0	–	-151,509	–	-5.19%	–
FOXA	Exit	21st Century Fox	$0	–	-308,508	–	-5.59%	–
BRKA	Exit	Berkshire Hathaway Inc Delcl a	$0	–	-78	–	-5.98%	–
PEP	Exit	Pepsico Incorporated	$0	–	-208,247	–	-7.57%	–
KO	Exit	Coca Cola Company	$0	–	-486,612	–	-8.38%	–
PG	Exit	Procter & Gamble	$0	–	-260,864	–	-9.06%	–

Q3 2013

			Value		Shares		↓ Weighting
PG	Buy	Procter & Gamble	$20,121,000	+1.1%	260,864	+1.1%	9.06%	-1.0%
KO	Buy	Coca Cola Company	$18,602,000	-4.6%	486,612	+0.1%	8.38%	-6.6%
PEP	Buy	Pepsico Incorporated	$16,809,000	+0.1%	208,247	+1.4%	7.57%	-2.0%
FOXA	New	21st Century Fox	$12,416,000	–	308,508	–	5.59%	–
AON	Buy	AON Plc	$11,528,000	+18.0%	151,509	+0.0%	5.19%	+15.5%
UN	Buy	Unilever	$11,229,000	-0.4%	295,017	+2.9%	5.06%	-2.5%
SYY	Sell	Sysco Corporation	$8,947,000	-15.9%	302,932	-2.6%	4.03%	-17.6%
CL	Sell	Colgate Palmolive Co	$8,371,000	+1.9%	137,236	-4.2%	3.77%	-0.2%
MSCI	Buy	MSCI Inc.	$8,263,000	+50.4%	203,695	+22.8%	3.72%	+47.2%
MSFT	Sell	Microsoft Corp	$7,702,000	-2.6%	227,031	-0.8%	3.47%	-4.7%
MA	Buy	Mastercard Inccl a	$5,924,000	+20.0%	8,621	+0.2%	2.67%	+17.5%
BDX	Sell	Becton Dickinson & Co	$5,883,000	+1.2%	58,372	-0.8%	2.65%	-0.9%
A309PS	Buy	Directv	$5,664,000	-0.9%	93,590	+0.6%	2.55%	-3.0%
BCR	Sell	Bard C R Incorporated	$5,562,000	+11.3%	45,944	-0.1%	2.50%	+9.0%
WFC	Buy	Wells Fargo & Co New	$5,512,000	+7.2%	132,850	+6.6%	2.48%	+4.9%
V107SC	Buy	Wellpoint Inc	$4,878,000	+3.1%	57,893	+0.1%	2.20%	+0.9%
CSCO	Sell	Cisco Systems Inc	$3,860,000	-31.3%	164,904	-28.4%	1.74%	-32.7%
ORCL	Sell	Oracle Corp	$3,022,000	-18.3%	90,625	-24.9%	1.36%	-20.0%
CLX	Sell	Clorox Co Del	$2,936,000	-25.5%	34,658	-26.7%	1.32%	-27.0%
JNJ	Sell	Johnson & Johnson	$2,819,000	-12.2%	32,520	-13.1%	1.27%	-14.1%
PFE	Sell	Pfizer Incorporated	$2,687,000	+0.7%	93,550	-1.8%	1.21%	-1.4%
CVS	Buy	CVS Caremark Corp	$1,660,000	+2.7%	28,427	+0.6%	0.75%	+0.5%
GOOGL	Sell	Google Inccl a	$1,603,000	-5.5%	1,754	-9.1%	0.72%	-7.6%
UPS	Sell	United Parcel Servicecl b	$1,384,000	-10.6%	15,151	-15.4%	0.62%	-12.5%
ESV	Buy	Ensco Intl Ltd Adrsponsored adr	$1,384,000	-4.9%	25,081	+0.2%	0.62%	-6.9%
NWSA	Sell	News Corp Ltdcl a	$1,226,000	-88.7%	75,566	-77.3%	0.55%	-88.9%
NICK	Buy	Nicholas Financial Inc	$663,000	+31.8%	42,378	+26.4%	0.30%	+29.0%
LUK	Sell	Leucadia National Corp	$234,000	-5.3%	8,600	-9.0%	0.10%	-7.9%
LMCA	New	Liberty Media Corp A	$87,000	–	595	–	0.04%	–
	New	Diageo Plc Ord Newsponsored adr	$17,000	–	553	–	0.01%	–
	New	Pernod Ricard	$16,000	–	133	–	0.01%	–
AMP	Sell	Ameriprise Financial Inc	$9,000	-77.5%	100	-80.0%	0.00%	-77.8%
CWGL	New	Crimson Wine Group Ltd.	$6,000	–	645	–	0.00%	–
PIPR	Buy	Piper Jaffray Cos.	$3,000	+200.0%	114	+119.2%	0.00%	–
IPG	Sell	Interpublic Group Cos	$2,000	-95.5%	106	-96.6%	0.00%	-95.0%
CRDC	New	Cardica Inc	$1,000	–	1,000	–	0.00%	–
TIP	Exit	Ishares TR Barclays TIPSbarclys tips bd	$0	–	-304	–	-0.02%	–

Q2 2013

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$19,897,000	–	257,980	–	9.15%	–
KO	New	Coca Cola Company	$19,502,000	–	485,946	–	8.97%	–
PEP	New	Pepsico Incorporated	$16,790,000	–	205,306	–	7.72%	–
BRKA	New	Berkshire Hathaway Inc Delcl a	$13,150,000	–	78	–	6.05%	–
UN	New	Unilever	$11,269,000	–	286,791	–	5.18%	–
NWSA	New	News Corp Ltdcl a	$10,839,000	–	332,597	–	4.98%	–
SYY	New	Sysco Corporation	$10,633,000	–	311,052	–	4.89%	–
AON	New	AON Plc	$9,771,000	–	151,434	–	4.49%	–
CL	New	Colgate Palmolive Co	$8,211,000	–	143,264	–	3.78%	–
MSFT	New	Microsoft Corp	$7,908,000	–	228,886	–	3.64%	–
BRKB	New	Berkshire Hathaway Inc Delcl b new	$6,567,000	–	58,680	–	3.02%	–
BDX	New	Becton Dickinson & Co	$5,812,000	–	58,823	–	2.67%	–
A309PS	New	Directv	$5,718,000	–	93,063	–	2.63%	–
CSCO	New	Cisco Systems Inc	$5,616,000	–	230,374	–	2.58%	–
MSCI	New	MSCI Inc.	$5,493,000	–	165,810	–	2.53%	–
WFC	New	Wells Fargo & Co New	$5,144,000	–	124,575	–	2.37%	–
BCR	New	Bard C R Incorporated	$4,997,000	–	46,003	–	2.30%	–
MA	New	Mastercard Inccl a	$4,936,000	–	8,608	–	2.27%	–
V107SC	New	Wellpoint Inc	$4,730,000	–	57,819	–	2.18%	–
CLX	New	Clorox Co Del	$3,939,000	–	47,286	–	1.81%	–
ORCL	New	Oracle Corp	$3,700,000	–	120,724	–	1.70%	–
JNJ	New	Johnson & Johnson	$3,212,000	–	37,420	–	1.48%	–
WMT	New	Wal-Mart Stores Inc	$2,940,000	–	39,480	–	1.35%	–
PFE	New	Pfizer Incorporated	$2,667,000	–	95,250	–	1.23%	–
VIAB	New	Viacom Inc Newcl b	$2,287,000	–	33,625	–	1.05%	–
SYK	New	Stryker Corp	$2,186,000	–	33,800	–	1.00%	–
BK	New	Bank New York Mellon Corp	$1,909,000	–	68,065	–	0.88%	–
GOOGL	New	Google Inccl a	$1,697,000	–	1,930	–	0.78%	–
CVS	New	CVS Caremark Corp	$1,616,000	–	28,269	–	0.74%	–
UPS	New	United Parcel Servicecl b	$1,548,000	–	17,901	–	0.71%	–
ESV	New	Ensco Intl Ltd Adrsponsored adr	$1,455,000	–	25,025	–	0.67%	–
WU	New	Western Union Company	$1,302,000	–	76,100	–	0.60%	–
EFX	New	Equifax Inc	$1,184,000	–	20,100	–	0.54%	–
VIA	New	Viacom Inc Newcl a	$1,093,000	–	15,975	–	0.50%	–
APOL	New	Apollo Group Inccl a	$889,000	–	50,200	–	0.41%	–
USB	New	U S Bancorp Del	$875,000	–	24,213	–	0.40%	–
	New	1/100 Berkshire Hathaway	$843,000	–	500	–	0.39%	–
AXP	New	American Express Company	$710,000	–	9,500	–	0.33%	–
IBM	New	Intl Business Machines	$535,000	–	2,800	–	0.25%	–
GLW	New	Corning Inc	$523,000	–	36,800	–	0.24%	–
NICK	New	Nicholas Financial Inc	$503,000	–	33,540	–	0.23%	–
MKL	New	Markel Corp	$421,000	–	800	–	0.19%	–
TJX	New	TJX COS INC NEW	$350,000	–	7,000	–	0.16%	–
LUK	New	Leucadia National Corp	$247,000	–	9,450	–	0.11%	–
HRB	New	Block H & R Incorporated	$222,000	–	8,000	–	0.10%	–
PAYX	New	Paychex Inc	$146,000	–	4,000	–	0.07%	–
YUM	New	Yum Brands Inc.	$133,000	–	1,920	–	0.06%	–
SGID	New	Silicon Graphics Inc	$126,000	–	4,000	–	0.06%	–
BAX	New	Baxter International Inc	$114,000	–	1,650	–	0.05%	–
COP	New	Conocophillips	$105,000	–	1,750	–	0.05%	–
TMK	New	Torchmark Corp	$97,000	–	1,500	–	0.04%	–
STRA	New	Strayer Education Inc	$83,000	–	1,700	–	0.04%	–
VRX	New	Valeant Pharma Intl	$83,000	–	970	–	0.04%	–
HSY	New	The Hershey Co	$71,000	–	800	–	0.03%	–
BUD	New	Anheuser-Busc Inbev SA/NVsponsored adr	$71,000	–	788	–	0.03%	–
PM	New	Philip Morris Intl Inc	$60,000	–	703	–	0.03%	–
DISCA	New	Discovery Communication	$52,000	–	676	–	0.02%	–
DISCK	New	Discovery Communication	$47,000	–	676	–	0.02%	–
WAG	New	Walgreen Company	$44,000	–	1,000	–	0.02%	–
IPG	New	Interpublic Group Cos	$44,000	–	3,083	–	0.02%	–
V	New	Visa Inc	$40,000	–	219	–	0.02%	–
XOM	New	Exxon Mobil Corporation	$39,000	–	435	–	0.02%	–
AMP	New	Ameriprise Financial Inc	$40,000	–	500	–	0.02%	–
TIP	New	Ishares TR Barclays TIPSbarclys tips bd	$34,000	–	304	–	0.02%	–
AZO	New	Autozone Inc	$33,000	–	80	–	0.02%	–
PSX	New	Phillips	$22,000	–	375	–	0.01%	–
BMY	New	Bristol-Myers Squibb Co	$22,000	–	500	–	0.01%	–
TTE	New	Total S A Adrsponsored adr	$12,000	–	250	–	0.01%	–
DPS	New	Dr Pepper Snapple Group	$11,000	–	240	–	0.01%	–
CPRT	New	Copart Inc	$6,000	–	200	–	0.00%	–
MDLZ	New	Mondelez International Inccl a	$6,000	–	239	–	0.00%	–
TRV	New	Travelers Cos Inc	$7,000	–	96	–	0.00%	–
KRFT	New	Kraft Foods Group Inc	$4,000	–	79	–	0.00%	–
AAPL	New	Apple Inc	$5,000	–	15	–	0.00%	–
ASCMA	New	Ascent Capital Group Inc	$5,000	–	67	–	0.00%	–
BBBY	New	Bed Bath & Beyond Inc	$3,000	–	50	–	0.00%	–
ORI	New	Old Republic Intl Corp	$2,000	–	200	–	0.00%	–
JOE	New	St Joe Company	$2,000	–	100	–	0.00%	–
INTC	New	Intel Corp	$2,000	–	100	–	0.00%	–
LPI	New	Laredo Pete Hldgs Inc	$2,000	–	100	–	0.00%	–
NLY	New	Annaly Capital Mgmt	$2,000	–	200	–	0.00%	–
CYS	New	CYS Investments Inc	$1,000	–	200	–	0.00%	–
SJM	New	Smucker J M Co	$1,000	–	12	–	0.00%	–
PIPR	New	Piper Jaffray Cos.	$1,000	–	52	–	0.00%	–

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