Coronation Fund Managers Ltd. Activity Q2 2016-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
JD	Sell	JD.COM INCspon adr cl a	$120,142,316	-15.1%	4,124,350	-0.6%	3.61%	-5.3%
MLCO	Buy	MELCO RESORTS AND ENTMNT LTDadr	$115,920,621	-10.4%	11,720,993	+10.6%	3.48%	-0.1%
ASAI	Buy	SENDAS DISTRIBUIDORA S Aspon ads	$99,527,993	-9.6%	8,171,428	+6.9%	2.99%	+0.8%
AMZN	Buy	AMAZON COM INC	$92,346,705	+7.6%	726,453	+10.3%	2.78%	+20.0%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$79,879,732	+3.3%	922,825	-0.9%	2.40%	+15.2%
CNI	Buy	CANADIAN NATL RY CO	$76,516,403	+9.3%	706,327	+22.1%	2.30%	+21.9%
VAL	Sell	VALARIS LTDcl a	$76,086,480	-20.8%	1,014,757	-33.5%	2.29%	-11.7%
UBER	Sell	UBER TECHNOLOGIES INC	$75,786,231	-23.8%	1,647,885	-28.4%	2.28%	-14.9%
	Buy	CANADIAN PACIFIC KANSAS CITY	$75,711,579	-7.5%	1,017,492	+0.4%	2.28%	+3.2%
V	Sell	VISA INC	$72,919,840	-5.1%	317,029	-2.1%	2.19%	+5.8%
	Buy	NU HLDGS LTD	$71,745,152	+181.8%	9,895,883	+206.7%	2.16%	+214.3%
ANTM	Buy	ELEVANCE HEALTH INC	$64,798,333	+63.9%	148,818	+67.3%	1.95%	+83.0%
RYAAY	Buy	RYANAIR HOLDINGS PLCsponsored ads	$63,350,105	-8.1%	651,683	+4.6%	1.90%	+2.5%
	Buy	GRAB HOLDINGS LIMITEDclass a ord	$62,857,447	+41.6%	17,756,341	+37.2%	1.89%	+58.1%
PDD	Sell	PDD HOLDINGS INCsponsored ads	$61,558,441	-3.9%	627,699	-32.3%	1.85%	+7.2%
SE	Buy	SEA LTDsponsord ads	$60,775,994	+13.1%	1,382,844	+49.3%	1.83%	+26.2%
OVV	Sell	OVINTIV INC	$59,047,499	-27.4%	1,241,276	-41.9%	1.77%	-19.0%
SCHW	Buy	SCHWAB CHARLES CORP	$57,295,562	+5.1%	1,043,635	+8.5%	1.72%	+17.2%
MELI	Sell	MERCADOLIBRE INC	$55,170,531	-15.1%	43,514	-20.6%	1.66%	-5.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$52,944,647	+2.8%	404,590	-5.9%	1.59%	+14.7%
	Sell	NOBLE CORP PLC	$52,933,049	-8.9%	1,045,075	-25.7%	1.59%	+1.6%
CPNG	Buy	COUPANG INCcl a	$52,583,839	+0.4%	3,093,167	+2.8%	1.58%	+12.1%
GPN	Buy	GLOBAL PMTS INC	$52,567,876	+18.9%	455,567	+1.5%	1.58%	+32.6%
DASH	Sell	DOORDASH INCcl a	$51,940,320	-39.7%	653,584	-42.0%	1.56%	-32.7%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$51,222,857	+6.3%	589,446	+23.4%	1.54%	+18.6%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$48,849,961	+27.5%	96,509	+31.4%	1.47%	+42.2%
MMYT	Sell	MAKEMYTRIP LIMITED MAURITIUS	$46,879,168	-21.2%	1,156,939	-47.5%	1.41%	-12.0%
EXPE	Buy	EXPEDIA GROUP INC	$46,400,259	+3.9%	450,182	+10.3%	1.39%	+15.9%
FB	Sell	META PLATFORMS INCcl a	$46,328,407	-2.8%	154,320	-7.1%	1.39%	+8.4%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$45,461,660	-4.0%	7,125,652	+11.1%	1.37%	+7.1%
CSX	Sell	CSX CORP	$43,627,854	-10.0%	1,418,792	-0.2%	1.31%	+0.5%
IBN	Sell	ICICI BANK LIMITEDadr	$43,230,770	-1.9%	1,869,843	-2.1%	1.30%	+9.4%
HDB	Sell	HDFC BANK LTDsponsored ads	$42,912,131	-45.0%	727,201	-35.1%	1.29%	-38.7%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$42,712,805	-38.4%	276,208	-36.0%	1.28%	-31.2%
UNH	Buy	UNITEDHEALTH GROUP INC	$41,973,313	+1592.1%	83,249	+1513.0%	1.26%	+1782.1%
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$39,707,917	–	2,896,274	–	1.19%	–
MSFT	Buy	MICROSOFT CORP	$39,102,480	+32.1%	123,840	+42.5%	1.18%	+47.4%
CNC	Buy	CENTENE CORP DEL	$35,302,377	+29.4%	512,520	+26.7%	1.06%	+44.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$33,599,694	-0.7%	84,867	-1.4%	1.01%	+10.9%
PM	Buy	PHILIP MORRIS INTL INC	$30,424,473	+3.8%	328,629	+9.5%	0.91%	+15.8%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$28,443,289	-45.7%	260,589	-44.8%	0.86%	-39.4%
	Sell	WARNER BROS DISCOVERY INC	$26,949,785	-48.0%	2,481,564	-40.0%	0.81%	-42.0%
STNE	Sell	STONECO LTD	$26,618,363	-35.2%	2,494,692	-22.6%	0.80%	-27.7%
EOG	Buy	EOG RES INC	$26,223,729	+29.2%	206,877	+16.7%	0.79%	+44.1%
BKNG	Sell	BOOKING HOLDINGS INC	$25,038,590	-19.5%	8,119	-29.5%	0.75%	-10.3%
	New	ANGLOGOLD ASHANTI PLC	$23,587,520	–	1,492,881	–	0.71%	–
RRC	Sell	RANGE RES CORP	$22,428,077	-45.3%	692,011	-50.4%	0.67%	-38.9%
XP	Sell	XP INCcl a	$21,044,742	-14.0%	913,004	-12.5%	0.63%	-4.1%
DIS	Buy	DISNEY WALT CO	$21,000,055	+490.9%	259,100	+550.9%	0.63%	+557.3%
MTCH	Sell	MATCH GROUP INC NEW	$20,915,533	-12.6%	533,900	-6.6%	0.63%	-2.5%
TPR	New	TAPESTRY INC	$19,960,349	–	694,273	–	0.60%	–
TTE	Buy	TOTALENERGIES SEsponsored ads	$19,182,389	+86.1%	291,703	+63.2%	0.58%	+107.2%
ASH	Sell	ASHLAND INC	$18,538,420	-11.5%	226,964	-5.8%	0.56%	-1.2%
LPLA	Sell	LPL FINL HLDGS INC	$18,128,418	-4.1%	76,282	-12.2%	0.54%	+7.1%
SMAR	Buy	SMARTSHEET INC	$17,664,068	+26.7%	436,581	+19.9%	0.53%	+41.6%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$16,152,829	-20.0%	36,726	-33.2%	0.48%	-10.8%
KMI	Buy	KINDER MORGAN INC DEL	$15,355,285	-1.7%	926,133	+2.1%	0.46%	+9.8%
KKR	Buy	KKR & CO INC	$15,243,475	+82.8%	247,459	+66.2%	0.46%	+103.6%
CRM	Sell	SALESFORCE INC	$15,075,679	-57.3%	74,345	-55.5%	0.45%	-52.4%
AMAT	Sell	APPLIED MATLS INC	$14,221,584	-32.8%	102,720	-29.8%	0.43%	-25.1%
DHR	Buy	DANAHER CORPORATION	$14,123,589	+218.2%	56,927	+207.8%	0.42%	+253.3%
KDP	Sell	KEURIG DR PEPPER INC	$13,889,759	-2.1%	439,967	-3.0%	0.42%	+9.2%
QTWO	Buy	Q2 HLDGS INC	$12,771,756	+14.0%	395,778	+9.1%	0.38%	+27.2%
	New	LIBERTY MEDIA CORP DEL	$12,595,378	–	202,173	–	0.38%	–
INFY	Sell	INFOSYS LTDsponsored adr	$11,773,614	+4.9%	688,113	-1.5%	0.35%	+17.2%
VRNS	Buy	VARONIS SYS INC	$11,482,979	+20.9%	375,998	+5.5%	0.34%	+34.8%
	New	TKO GROUP HOLDINGS INCcl a	$11,391,475	–	135,516	–	0.34%	–
FIVE	Buy	FIVE BELOW INC	$11,092,285	-17.1%	68,939	+1.3%	0.33%	-7.5%
Z	Buy	ZILLOW GROUP INCcl c cap stk	$10,972,001	-2.4%	237,695	+6.2%	0.33%	+8.9%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$10,742,881	+14.3%	482,176	+23.2%	0.32%	+27.7%
FIVN	Sell	FIVE9 INC	$10,506,877	-32.0%	163,404	-12.8%	0.32%	-24.0%
BLMN	Sell	BLOOMIN BRANDS INC	$10,244,833	-21.5%	416,626	-14.1%	0.31%	-12.3%
	Sell	APOLLO GLOBAL MGMT INC	$9,774,056	+0.9%	108,891	-13.7%	0.29%	+12.6%
PANW	Buy	PALO ALTO NETWORKS INC	$9,746,843	-7.5%	41,575	+0.9%	0.29%	+3.2%
YUMC	New	YUM CHINA HLDGS INC	$9,004,296	–	161,599	–	0.27%	–
MORN	Sell	MORNINGSTAR INC	$8,824,055	+9.0%	37,671	-8.8%	0.26%	+21.6%
APD	Buy	AIR PRODS & CHEMS INC	$8,805,805	+8.3%	31,072	+14.5%	0.26%	+21.0%
PLAY	Buy	DAVE & BUSTERS ENTMT INC	$8,712,451	+248.0%	235,027	+318.3%	0.26%	+291.0%
NVO	Buy	NOVO-NORDISK A Sadr	$8,674,221	-7.9%	95,384	+63.9%	0.26%	+2.8%
CF	Sell	CF INDS HLDGS INC	$8,512,439	+16.3%	99,282	-5.8%	0.26%	+29.9%
PINS	Sell	PINTEREST INCcl a	$8,514,559	-18.8%	315,004	-17.8%	0.26%	-9.2%
PKI	Sell	REVVITY INC	$8,438,218	-15.0%	76,226	-8.8%	0.25%	-4.9%
OKTA	Buy	OKTA INCcl a	$8,421,451	+22.6%	103,318	+4.3%	0.25%	+36.8%
UNP	Sell	UNION PAC CORP	$8,275,930	-1.3%	40,642	-0.8%	0.25%	+10.2%
WAB	Sell	WABTEC	$7,910,845	-11.7%	74,441	-8.9%	0.24%	-1.2%
PFGC	Sell	PERFORMANCE FOOD GROUP CO	$7,611,775	-8.0%	129,320	-5.8%	0.23%	+2.7%
DFS	Buy	DISCOVER FINL SVCS	$7,520,697	+2.2%	86,814	+37.8%	0.23%	+14.1%
TNDM	Buy	TANDEM DIABETES CARE INC	$7,371,356	+44.5%	354,904	+70.8%	0.22%	+61.3%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$7,339,600	-15.8%	105,545	-17.0%	0.22%	-6.0%
CTVA	Buy	CORTEVA INC	$7,248,144	+28.6%	141,676	+44.0%	0.22%	+43.4%
TPX	Sell	TEMPUR SEALY INTL INC	$7,093,154	-13.7%	163,663	-20.2%	0.21%	-3.6%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$6,686,700	+4.0%	77,089	-0.1%	0.20%	+16.2%
	Buy	BAUSCH PLUS LOMB CORP	$6,569,414	-8.5%	387,576	+8.3%	0.20%	+2.1%
TECK	Sell	TECK RESOURCES LTDcl b	$6,471,859	-81.9%	150,194	-82.3%	0.19%	-79.8%
INTU	Sell	INTUIT	$6,432,735	-15.2%	12,590	-23.9%	0.19%	-5.4%
GOOG	Buy	ALPHABET INCcap stk cl c	$6,211,322	+36.6%	47,109	+25.4%	0.19%	+53.3%
SBAC	Sell	SBA COMMUNICATIONS CORP NEWcl a	$6,104,785	-39.0%	30,498	-29.4%	0.18%	-32.2%
PGR	Buy	PROGRESSIVE CORP	$5,921,086	+24.3%	42,506	+18.1%	0.18%	+39.1%
MASI	New	MASIMO CORP	$5,871,578	–	66,966	–	0.18%	–
LEN	Buy	LENNAR CORPcl a	$5,854,814	+20.7%	52,168	+34.8%	0.18%	+34.4%
XPO	Buy	XPO INC	$5,746,431	+822.9%	76,968	+629.3%	0.17%	+917.6%
	New	DRAFTKINGS INC NEW	$5,693,549	–	193,395	–	0.17%	–
LPX	Sell	LOUISIANA PAC CORP	$5,589,620	-41.4%	101,133	-20.5%	0.17%	-34.6%
CDW	Sell	CDW CORP	$5,579,673	+0.2%	27,655	-8.9%	0.17%	+12.0%
MANU	Buy	MANCHESTER UTD PLC NEWord cl a	$5,551,352	-13.7%	280,513	+6.3%	0.17%	-3.5%
FERG	Sell	FERGUSON PLC NEW	$5,545,764	-19.0%	33,719	-22.5%	0.17%	-9.2%
CCK	Sell	CROWN HLDGS INC	$5,479,389	-36.9%	61,928	-38.1%	0.16%	-29.5%
WSC	Buy	WILLSCOT MOBIL MINI HLDNG CO	$5,480,688	-0.3%	131,779	+14.6%	0.16%	+11.5%
SKX	Buy	SKECHERS U S A INCcl a	$5,462,282	+94.6%	111,589	+109.4%	0.16%	+115.8%
MS	Sell	MORGAN STANLEY	$5,201,562	-10.0%	63,690	-5.8%	0.16%	0.0%
RRR	Buy	RED ROCK RESORTS INCcl a	$5,194,536	-9.9%	126,696	+2.8%	0.16%	+0.6%
ETWO	Buy	E2OPEN PARENT HOLDINGS INC	$5,116,167	-18.8%	1,126,909	+0.1%	0.15%	-9.4%
ABG	Sell	ASBURY AUTOMOTIVE GROUP INC	$4,735,530	-12.9%	20,583	-9.0%	0.14%	-2.7%
	Buy	AVIDXCHANGE HOLDINGS INC	$4,661,838	+58.6%	491,755	+73.7%	0.14%	+77.2%
BEP	Buy	BROOKFIELD RENEWABLE PARTNERpartnership unit	$4,109,186	-22.1%	189,015	+5.6%	0.12%	-13.4%
WDAY	Sell	WORKDAY INCcl a	$3,888,570	-27.4%	18,099	-23.7%	0.12%	-18.8%
SHW	Sell	SHERWIN WILLIAMS CO	$3,805,091	-31.2%	14,919	-28.4%	0.11%	-23.5%
GPI	Sell	GROUP 1 AUTOMOTIVE INC	$3,608,506	-17.7%	13,429	-20.9%	0.11%	-8.5%
FISV	Sell	FISERV INC	$3,494,418	-31.1%	30,935	-23.0%	0.10%	-23.4%
TNL	Sell	TRAVEL PLUS LEISURE CO	$3,310,438	-17.0%	90,129	-8.9%	0.10%	-7.5%
ADBE	Sell	ADOBE INC	$3,157,301	-52.6%	6,192	-54.5%	0.10%	-46.9%
SPGI	Sell	S&P GLOBAL INC	$3,060,308	-22.2%	8,375	-14.6%	0.09%	-13.2%
CBRE	New	CBRE GROUP INCcl a	$2,930,765	–	39,680	–	0.09%	–
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$2,692,987	-17.0%	32,430	-9.0%	0.08%	-6.9%
SIG	New	SIGNET JEWELERS LIMITED	$2,650,291	–	36,907	–	0.08%	–
ILMN	Sell	ILLUMINA INC	$2,648,131	-33.3%	19,290	-8.9%	0.08%	-25.2%
CMAX	Sell	CAREMAX INC	$2,648,658	-32.6%	1,249,367	-1.2%	0.08%	-24.5%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$2,617,706	-33.1%	23,793	-31.3%	0.08%	-24.8%
NOW	Sell	SERVICENOW INC	$2,591,897	-40.1%	4,637	-39.8%	0.08%	-33.3%
ZI	New	ZOOMINFO TECHNOLOGIES INC	$2,399,042	–	146,283	–	0.07%	–
S	New	SENTINELONE INCcl a	$2,356,758	–	139,784	–	0.07%	–
PTON	Sell	PELOTON INTERACTIVE INC	$2,370,768	-39.8%	469,459	-8.3%	0.07%	-33.0%
ADI	Sell	ANALOG DEVICES INC	$2,254,809	-25.4%	12,878	-17.0%	0.07%	-16.0%
FTCH	Sell	FARFETCH LTDord sh cl a	$2,239,409	-91.7%	1,071,488	-76.0%	0.07%	-90.8%
ADSK	Sell	AUTODESK INC	$2,243,939	-15.9%	10,845	-16.8%	0.07%	-6.9%
FTV	Buy	FORTIVE CORP	$2,179,934	+21.5%	29,395	+22.5%	0.06%	+35.4%
MTD	Buy	METTLER TOLEDO INTERNATIONAL	$2,068,767	+26.4%	1,867	+49.6%	0.06%	+40.9%
BERY	Sell	BERRY GLOBAL GROUP INC	$1,973,010	-64.8%	31,869	-63.4%	0.06%	-60.9%
TCOM	Sell	TRIP COM GROUP LTDads	$1,942,968	-8.9%	55,561	-8.8%	0.06%	+1.8%
HES	Buy	HESS CORP	$1,911,735	+30.0%	12,495	+15.5%	0.06%	+42.5%
MLM	Sell	MARTIN MARIETTA MATLS INC	$1,870,146	-19.1%	4,556	-9.0%	0.06%	-9.7%
	Buy	HALEON PLCspon ads	$1,850,517	+6.9%	222,151	+7.6%	0.06%	+19.1%
TYL	Sell	TYLER TECHNOLOGIES INC	$1,559,619	-45.2%	4,039	-40.9%	0.05%	-39.0%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$1,538,595	-51.4%	15,606	-45.4%	0.05%	-45.9%
A	Sell	AGILENT TECHNOLOGIES INC	$1,543,786	-14.8%	13,806	-8.4%	0.05%	-6.1%
FROG	Sell	JFROG LTD	$1,459,468	-75.0%	57,550	-72.7%	0.04%	-72.0%
WIX	Sell	WIX COM LTD	$1,445,391	+10.5%	15,745	-5.8%	0.04%	+22.9%
TRU	Sell	TRANSUNION	$1,426,898	-28.4%	19,876	-21.9%	0.04%	-20.4%
AN	Sell	AUTONATION INC	$1,389,246	-28.5%	9,176	-22.3%	0.04%	-19.2%
	Buy	SHELL PLCspon ads	$1,377,410	+42.2%	21,395	+33.3%	0.04%	+57.7%
PAX	Sell	PATRIA INVESTMENTS LIMITED	$1,323,427	+0.1%	90,770	-1.8%	0.04%	+11.1%
SPB	Sell	SPECTRUM BRANDS HLDGS INC NE	$1,274,911	-79.7%	16,272	-79.8%	0.04%	-77.6%
APH	Sell	AMPHENOL CORP NEWcl a	$1,101,361	-9.2%	13,113	-8.2%	0.03%	0.0%
TDY	Sell	TELEDYNE TECHNOLOGIES INC	$1,110,521	-8.8%	2,718	-8.2%	0.03%	0.0%
GDDY	Sell	GODADDY INCcl a	$1,064,095	-72.5%	14,287	-72.3%	0.03%	-69.2%
QCOM	Sell	QUALCOMM INC	$1,069,841	-52.5%	9,633	-49.1%	0.03%	-47.5%
DAO	Buy	YOUDAO INCsponsored ads	$978,311	+13.8%	243,361	+36.4%	0.03%	+26.1%
EL	New	LAUDER ESTEE COS INCcl a	$963,281	–	6,664	–	0.03%	–
AXP	Sell	AMERICAN EXPRESS CO	$917,668	-19.4%	6,151	-5.8%	0.03%	-9.7%
BRO	Sell	BROWN & BROWN INC	$945,215	-7.4%	13,534	-8.7%	0.03%	+3.7%
	New	BROOKFIELD CORPcl a ltd vt sh	$884,848	–	28,297	–	0.03%	–
DOCU	Sell	DOCUSIGN INC	$856,044	-24.9%	20,382	-8.7%	0.03%	-16.1%
DLO	Sell	DLOCAL LTD	$817,620	+33.6%	42,651	-14.9%	0.02%	+56.2%
U	Sell	UNITY SOFTWARE INC	$635,208	-37.5%	20,236	-13.5%	0.02%	-29.6%
TDG	Sell	TRANSDIGM GROUP INC	$520,211	-27.5%	617	-23.1%	0.02%	-15.8%
LULU	Sell	LULULEMON ATHLETICA INC	$405,661	-65.1%	1,052	-65.8%	0.01%	-61.3%
IDXX	Sell	IDEXX LABS INC	$400,102	-59.3%	915	-53.2%	0.01%	-53.8%
CSGP	Sell	COSTAR GROUP INC	$355,309	-37.6%	4,621	-27.8%	0.01%	-26.7%
PLNT	New	PLANET FITNESS INCcl a	$313,867	–	6,382	–	0.01%	–
RIG	Sell	TRANSOCEAN LTD	$294,107	-98.6%	35,823	-98.8%	0.01%	-98.4%
VLRS	Buy	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$259,303	-24.8%	38,189	+54.4%	0.01%	-11.1%
CME	Sell	CME GROUP INC	$232,856	-4.7%	1,163	-11.8%	0.01%	0.0%
FIS	Sell	FIDELITY NATL INFORMATION SV	$207,649	-98.3%	3,757	-98.4%	0.01%	-98.2%
AZUL	New	AZUL S Asponsr adr pfd	$158,219	–	18,419	–	0.01%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTsponsored adr	$124,626	–	186,986	–	0.00%	–
YNDX	Exit	YANDEX N V	$0	–	-1,533,184	–	0.00%	–
LOW	Exit	LOWES COS INC	$0	–	-890	–	-0.01%	–
PPLT	Exit	ABRDN PLATINUM ETF TRUST	$0	–	-2,868	–	-0.01%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-10,815	–	-0.01%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-7,933	–	-0.02%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-6,529	–	-0.03%	–
NTRA	Exit	NATERA INC	$0	–	-28,299	–	-0.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-42,427	–	-0.05%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-8,149	–	-0.06%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-15,060	–	-0.15%	–
NVST	Exit	ENVISTA HOLDINGS CORPORATION	$0	–	-233,013	–	-0.21%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-67,084	–	-0.22%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-896,017	–	-0.23%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-4,551,804	–	-0.39%	–
NEWR	Exit	NEW RELIC INC	$0	–	-253,824	–	-0.45%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-225,922	–	-0.46%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWAR	$0	–	-153,055	–	-0.61%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-2,037,406	–	-1.16%	–
CPRI	Exit	CAPRI HOLDINGS LIMITED	$0	–	-2,731,451	–	-2.64%	–

Q2 2023

			Value		Shares		↓ Weighting
JD	New	JD.COM INCspon adr cl a	$141,563,936	–	4,147,786	–	3.81%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$129,445,487	–	10,601,596	–	3.49%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$110,143,585	–	7,643,552	–	2.97%	–
UBER	New	UBER TECHNOLOGIES INC	$99,413,646	–	2,302,841	–	2.68%	–
CPRI	New	CAPRI HOLDINGS LIMITED	$98,031,777	–	2,731,451	–	2.64%	–
VAL	New	VALARIS LIMITEDcl a	$96,078,755	–	1,526,756	–	2.59%	–
DASH	New	DOORDASH INCcl a	$86,185,483	–	1,127,787	–	2.32%	–
AMZN	New	AMAZON COM INC	$85,853,271	–	658,586	–	2.31%	–
	New	CANADIAN PACIFIC KANSAS CITY	$81,890,765	–	1,013,876	–	2.20%	–
OVV	New	OVINTIV INC	$81,328,598	–	2,136,291	–	2.19%	–
HDB	New	HDFC BANK LTDsponsored ads	$78,080,309	–	1,120,234	–	2.10%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$77,339,831	–	931,020	–	2.08%	–
V	New	VISA INC	$76,872,989	–	323,703	–	2.07%	–
CNI	New	CANADIAN NATL RY CO	$70,034,152	–	578,460	–	1.89%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$69,283,426	–	431,538	–	1.87%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$68,927,911	–	623,218	–	1.86%	–
MELI	New	MERCADOLIBRE INC	$64,952,802	–	54,831	–	1.75%	–
PDD	New	PDD HOLDINGS INCsponsored ads	$64,072,038	–	926,700	–	1.73%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$59,496,781	–	2,205,218	–	1.60%	–
	New	NOBLE CORP PLC	$58,097,806	–	1,406,386	–	1.56%	–
SCHW	New	SCHWAB CHARLES CORP	$54,533,642	–	962,132	–	1.47%	–
SE	New	SEA LTDsponsord ads	$53,747,013	–	926,034	–	1.45%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$52,340,200	–	472,214	–	1.41%	–
CPNG	New	COUPANG INCcl a	$52,358,184	–	3,009,091	–	1.41%	–
	New	WARNER BROS DISCOVERY INC	$51,830,240	–	4,133,193	–	1.40%	–
GOOGL	New	ALPHABET INCcap stk cl a	$51,484,286	–	430,111	–	1.39%	–
CSX	New	CSX CORP	$48,463,806	–	1,421,226	–	1.30%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$48,197,777	–	477,584	–	1.30%	–
FB	New	META PLATFORMS INCcl a	$47,681,727	–	166,150	–	1.28%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$47,337,217	–	6,414,257	–	1.28%	–
EXPE	New	EXPEDIA GROUP INC	$44,661,968	–	408,282	–	1.20%	–
	New	GRAB HOLDINGS LIMITEDclass a ord	$44,381,343	–	12,939,167	–	1.20%	–
GPN	New	GLOBAL PMTS INC	$44,225,628	–	448,900	–	1.19%	–
IBN	New	ICICI BANK LIMITEDadr	$44,064,152	–	1,909,192	–	1.19%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$42,968,893	–	2,037,406	–	1.16%	–
STNE	New	STONECO LTD	$41,083,977	–	3,224,802	–	1.11%	–
RRC	New	RANGE RES CORP	$41,008,737	–	1,394,855	–	1.10%	–
ANTM	New	ELEVANCE HEALTH INC	$39,524,927	–	88,962	–	1.06%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$38,308,451	–	73,423	–	1.03%	–
TECK	New	TECK RESOURCES LTDcl b	$35,732,628	–	848,756	–	0.96%	–
CRM	New	SALESFORCE INC	$35,307,250	–	167,127	–	0.95%	–
MA	New	MASTERCARD INCORPORATEDcl a	$33,839,139	–	86,039	–	0.91%	–
BKNG	New	BOOKING HOLDINGS INC	$31,113,202	–	11,522	–	0.84%	–
MSFT	New	MICROSOFT CORP	$29,604,504	–	86,934	–	0.80%	–
PM	New	PHILIP MORRIS INTL INC	$29,301,521	–	300,159	–	0.79%	–
CNC	New	CENTENE CORP DEL	$27,292,024	–	404,626	–	0.74%	–
FTCH	New	FARFETCH LTDord sh cl a	$26,944,102	–	4,460,944	–	0.73%	–
	New	NU HLDGS LTD	$25,456,146	–	3,226,381	–	0.69%	–
XP	New	XP INCcl a	$24,467,608	–	1,042,950	–	0.66%	–
MTCH	New	MATCH GROUP INC NEW	$23,919,284	–	571,548	–	0.64%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWAR	$22,523,574	–	153,055	–	0.61%	–
RIG	New	TRANSOCEAN LTD	$21,475,591	–	3,063,565	–	0.58%	–
AMAT	New	APPLIED MATLS INC	$21,150,827	–	146,332	–	0.57%	–
ASH	New	ASHLAND INC	$20,949,395	–	241,047	–	0.56%	–
EOG	New	EOG RES INC	$20,295,591	–	177,347	–	0.55%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$20,201,309	–	54,989	–	0.54%	–
LPLA	New	LPL FINL HLDGS INC	$18,899,668	–	86,923	–	0.51%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$17,007,408	–	225,922	–	0.46%	–
NEWR	New	NEW RELIC INC	$16,610,243	–	253,824	–	0.45%	–
KMI	New	KINDER MORGAN INC DEL	$15,613,512	–	906,708	–	0.42%	–
FIVN	New	FIVE9 INC	$15,446,018	–	187,338	–	0.42%	–
ABEV	New	AMBEV SAsponsored adr	$14,474,737	–	4,551,804	–	0.39%	–
KDP	New	KEURIG DR PEPPER INC	$14,186,261	–	453,670	–	0.38%	–
SMAR	New	SMARTSHEET INC	$13,936,970	–	364,270	–	0.38%	–
FIVE	New	FIVE BELOW INC	$13,377,692	–	68,066	–	0.36%	–
BLMN	New	BLOOMIN BRANDS INC	$13,046,651	–	485,186	–	0.35%	–
FIS	New	FIDELITY NATL INFORMATION SV	$12,534,560	–	229,151	–	0.34%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$11,245,775	–	223,752	–	0.30%	–
QTWO	New	Q2 HLDGS INC	$11,207,492	–	362,702	–	0.30%	–
INFY	New	INFOSYS LTDsponsored adr	$11,221,392	–	698,282	–	0.30%	–
PANW	New	PALO ALTO NETWORKS INC	$10,531,612	–	41,218	–	0.28%	–
PINS	New	PINTEREST INCcl a	$10,481,527	–	383,377	–	0.28%	–
TTE	New	TOTALENERGIES SEsponsored ads	$10,304,994	–	178,782	–	0.28%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$10,008,556	–	43,185	–	0.27%	–
PKI	New	REVVITY INC	$9,929,893	–	83,592	–	0.27%	–
	New	APOLLO GLOBAL MGMT INC	$9,690,810	–	126,166	–	0.26%	–
LPX	New	LOUISIANA PAC CORP	$9,535,207	–	127,170	–	0.26%	–
VRNS	New	VARONIS SYS INC	$9,497,554	–	356,381	–	0.26%	–
NVO	New	NOVO-NORDISK A Sadr	$9,419,801	–	58,208	–	0.25%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$9,401,064	–	391,222	–	0.25%	–
WAB	New	WABTEC	$8,959,600	–	81,696	–	0.24%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$8,716,961	–	127,125	–	0.24%	–
CCK	New	CROWN HLDGS INC	$8,689,433	–	100,028	–	0.23%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$8,458,401	–	896,017	–	0.23%	–
UNP	New	UNION PAC CORP	$8,385,532	–	40,981	–	0.23%	–
KKR	New	KKR & CO INC	$8,338,344	–	148,899	–	0.22%	–
PFGC	New	PERFORMANCE FOOD GROUP CO	$8,273,603	–	137,344	–	0.22%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$8,232,548	–	67,084	–	0.22%	–
TPX	New	TEMPUR SEALY INTL INC	$8,219,920	–	205,139	–	0.22%	–
APD	New	AIR PRODS & CHEMS INC	$8,130,442	–	27,144	–	0.22%	–
MORN	New	MORNINGSTAR INC	$8,097,691	–	41,300	–	0.22%	–
NVST	New	ENVISTA HOLDINGS CORPORATION	$7,885,160	–	233,013	–	0.21%	–
INTU	New	INTUIT	$7,584,419	–	16,553	–	0.20%	–
DFS	New	DISCOVER FINL SVCS	$7,360,265	–	62,989	–	0.20%	–
CF	New	CF INDS HLDGS INC	$7,319,783	–	105,442	–	0.20%	–
	New	BAUSCH PLUS LOMB CORP	$7,183,334	–	357,914	–	0.19%	–
OKTA	New	OKTA INCcl a	$6,869,326	–	99,053	–	0.18%	–
FERG	New	FERGUSON PLC NEW	$6,846,918	–	43,525	–	0.18%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$6,655,154	–	13,610	–	0.18%	–
MANU	New	MANCHESTER UTD PLC NEWord cl a	$6,435,662	–	263,973	–	0.17%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$6,428,869	–	77,131	–	0.17%	–
ETWO	New	E2OPEN PARENT HOLDINGS INC	$6,302,262	–	1,125,404	–	0.17%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$6,294,031	–	80,641	–	0.17%	–
FROG	New	JFROG LTD	$5,830,878	–	210,501	–	0.16%	–
MS	New	MORGAN STANLEY	$5,776,627	–	67,642	–	0.16%	–
RRR	New	RED ROCK RESORTS INCcl a	$5,763,764	–	123,210	–	0.16%	–
BIO	New	BIO RAD LABS INCcl a	$5,709,547	–	15,060	–	0.15%	–
CTVA	New	CORTEVA INC	$5,637,117	–	98,379	–	0.15%	–
BERY	New	BERRY GLOBAL GROUP INC	$5,606,330	–	87,136	–	0.15%	–
CDW	New	CDW CORP	$5,568,492	–	30,346	–	0.15%	–
SHW	New	SHERWIN WILLIAMS CO	$5,533,437	–	20,840	–	0.15%	–
WSC	New	WILLSCOT MOBIL MINI HLDNG CO	$5,495,133	–	114,985	–	0.15%	–
ABG	New	ASBURY AUTOMOTIVE GROUP INC	$5,439,262	–	22,624	–	0.15%	–
WDAY	New	WORKDAY INCcl a	$5,355,626	–	23,709	–	0.14%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$5,277,206	–	178,949	–	0.14%	–
FISV	New	FISERV INC	$5,068,707	–	40,180	–	0.14%	–
TNDM	New	TANDEM DIABETES CARE INC	$5,100,541	–	207,846	–	0.14%	–
LEN	New	LENNAR CORPcl a	$4,849,998	–	38,704	–	0.13%	–
PGR	New	PROGRESSIVE CORP	$4,763,070	–	35,983	–	0.13%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,545,447	–	37,575	–	0.12%	–
DHR	New	DANAHER CORPORATION	$4,438,560	–	18,494	–	0.12%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$4,383,571	–	16,984	–	0.12%	–
NOW	New	SERVICENOW INC	$4,330,541	–	7,706	–	0.12%	–
TNL	New	TRAVEL PLUS LEISURE CO	$3,989,505	–	98,897	–	0.11%	–
ILMN	New	ILLUMINA INC	$3,971,225	–	21,181	–	0.11%	–
PTON	New	PELOTON INTERACTIVE INC	$3,936,088	–	511,845	–	0.11%	–
SPGI	New	S&P GLOBAL INC	$3,932,731	–	9,810	–	0.11%	–
CMAX	New	CAREMAX INC	$3,931,034	–	1,263,998	–	0.11%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$3,915,056	–	34,622	–	0.10%	–
GDDY	New	GODADDY INCcl a	$3,870,247	–	51,514	–	0.10%	–
DIS	New	DISNEY WALT CO	$3,553,969	–	39,807	–	0.10%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$3,245,430	–	35,621	–	0.09%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$3,166,509	–	28,607	–	0.08%	–
ADI	New	ANALOG DEVICES INC	$3,024,425	–	15,525	–	0.08%	–
	New	AVIDXCHANGE HOLDINGS INC	$2,938,765	–	283,118	–	0.08%	–
TYL	New	TYLER TECHNOLOGIES INC	$2,847,822	–	6,838	–	0.08%	–
SKX	New	SKECHERS U S A INCcl a	$2,806,831	–	53,301	–	0.08%	–
ADSK	New	AUTODESK INC	$2,666,682	–	13,033	–	0.07%	–
PLAY	New	DAVE & BUSTERS ENTMT INC	$2,503,514	–	56,183	–	0.07%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,480,583	–	5,161	–	0.07%	–
MLM	New	MARTIN MARIETTA MATLS INC	$2,311,682	–	5,007	–	0.06%	–
QCOM	New	QUALCOMM INC	$2,251,404	–	18,913	–	0.06%	–
TCOM	New	TRIP COM GROUP LTDads	$2,132,025	–	60,915	–	0.06%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$2,046,051	–	8,149	–	0.06%	–
TRU	New	TRANSUNION	$1,992,950	–	25,443	–	0.05%	–
AN	New	AUTONATION INC	$1,942,892	–	11,803	–	0.05%	–
BAX	New	BAXTER INTL INC	$1,932,974	–	42,427	–	0.05%	–
A	New	AGILENT TECHNOLOGIES INC	$1,812,648	–	15,074	–	0.05%	–
FTV	New	FORTIVE CORP	$1,794,854	–	24,005	–	0.05%	–
	New	HALEON PLCspon ads	$1,730,294	–	206,479	–	0.05%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$1,636,927	–	1,248	–	0.04%	–
HES	New	HESS CORP	$1,470,163	–	10,814	–	0.04%	–
NTRA	New	NATERA INC	$1,377,029	–	28,299	–	0.04%	–
PAX	New	PATRIA INVESTMENTS LIMITED	$1,322,121	–	92,456	–	0.04%	–
WIX	New	WIX COM LTD	$1,308,251	–	16,721	–	0.04%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$1,217,708	–	2,962	–	0.03%	–
APH	New	AMPHENOL CORP NEWcl a	$1,212,916	–	14,278	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$1,138,048	–	6,533	–	0.03%	–
LULU	New	LULULEMON ATHLETICA INC	$1,162,753	–	3,072	–	0.03%	–
DOCU	New	DOCUSIGN INC	$1,140,176	–	22,317	–	0.03%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$1,030,080	–	6,529	–	0.03%	–
U	New	UNITY SOFTWARE INC	$1,015,724	–	23,393	–	0.03%	–
BRO	New	BROWN & BROWN INC	$1,020,966	–	14,831	–	0.03%	–
	New	SHELL PLCspon ads	$968,857	–	16,046	–	0.03%	–
IDXX	New	IDEXX LABS INC	$982,362	–	1,956	–	0.03%	–
LENB	New	LENNAR CORPcl b	$896,271	–	7,933	–	0.02%	–
DAO	New	YOUDAO INCsponsored ads	$859,984	–	178,420	–	0.02%	–
TDG	New	TRANSDIGM GROUP INC	$717,124	–	802	–	0.02%	–
XPO	New	XPO INC	$622,627	–	10,553	–	0.02%	–
DLO	New	DLOCAL LTD	$612,032	–	50,146	–	0.02%	–
CSGP	New	COSTAR GROUP INC	$569,333	–	6,397	–	0.02%	–
CMCSA	New	COMCAST CORP NEWcl a	$449,363	–	10,815	–	0.01%	–
VLRS	New	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$344,956	–	24,728	–	0.01%	–
CME	New	CME GROUP INC	$244,212	–	1,318	–	0.01%	–
PPLT	New	ABRDN PLATINUM ETF TRUST	$239,908	–	2,868	–	0.01%	–
LOW	New	LOWES COS INC	$200,873	–	890	–	0.01%	–
YNDX	New	YANDEX N V	$0	–	1,533,184	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
OZON	Exit	OZON HLDGS PLCsponsored ads	$0	–	-25,459	–	0.00%	–
YNDX	Exit	YANDEX N V	$0	–	-1,269,524	–	0.00%	–
VLRS	Exit	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$0	–	-20,426	–	-0.01%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,654	–	-0.01%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-7,871	–	-0.01%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-7,979	–	-0.01%	–
DHI	Exit	D R HORTON INC	$0	–	-4,417	–	-0.02%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-4,012	–	-0.02%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,531	–	-0.02%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-3,652	–	-0.02%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-6,508	–	-0.02%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-2,062	–	-0.02%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-4,668	–	-0.02%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-15,188	–	-0.02%	–
DASH	Exit	DOORDASH INCcl a	$0	–	-8,769	–	-0.02%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-4,077	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,729	–	-0.03%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-5,066	–	-0.04%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,684	–	-0.04%	–
	Exit	BATH & BODY WORKS INC	$0	–	-25,051	–	-0.04%	–
IAU	Exit	ISHARES GOLD TRishares new	$0	–	-26,243	–	-0.04%	–
LIN	Exit	LINDE PLC	$0	–	-3,064	–	-0.04%	–
EFX	Exit	EQUIFAX INC	$0	–	-5,473	–	-0.05%	–
SNAP	Exit	SNAP INCcl a	$0	–	-97,515	–	-0.05%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-165,014	–	-0.05%	–
MCO	Exit	MOODYS CORP	$0	–	-4,493	–	-0.06%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-13,005	–	-0.06%	–
NOV	Exit	NOV INC	$0	–	-83,468	–	-0.07%	–
MTCH	Exit	MATCH GROUP INC NEW	$0	–	-31,601	–	-0.08%	–
LOW	Exit	LOWES COS INC	$0	–	-7,997	–	-0.08%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-19,209	–	-0.08%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-52,763	–	-0.08%	–
PAX	Exit	PATRIA INVESTMENTS LIMITED	$0	–	-120,986	–	-0.08%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-21,478	–	-0.09%	–
CNC	Exit	CENTENE CORP DEL	$0	–	-34,968	–	-0.15%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-91,955	–	-0.16%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-119,278	–	-0.17%	–
HUM	Exit	HUMANA INC	$0	–	-6,736	–	-0.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-57,569	–	-0.18%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-52,706	–	-0.21%	–
AA	Exit	ALCOA CORP	$0	–	-120,473	–	-0.22%	–
NEWR	Exit	NEW RELIC INC	$0	–	-80,306	–	-0.25%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-60,917	–	-0.27%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-186,628	–	-0.29%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-326,058	–	-0.29%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-18,042	–	-0.30%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-371,015	–	-0.31%	–
BAX	Exit	BAXTER INTL INC	$0	–	-107,542	–	-0.31%	–
STNE	Exit	STONECO LTD	$0	–	-708,143	–	-0.36%	–
OSH	Exit	OAK STR HEALTH INC	$0	–	-277,869	–	-0.37%	–
TPR	Exit	TAPESTRY INC	$0	–	-248,938	–	-0.38%	–
COUP	Exit	COUPA SOFTWARE INC	$0	–	-132,272	–	-0.42%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-60,133	–	-0.43%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-18,862	–	-0.46%	–
DAO	Exit	YOUDAO INCsponsored ads	$0	–	-2,374,623	–	-0.50%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-35,515	–	-0.52%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-208,466	–	-0.54%	–
FISV	Exit	FISERV INC	$0	–	-123,141	–	-0.62%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-173,232	–	-0.64%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-110,849	–	-0.64%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-156,932	–	-0.69%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-266,328	–	-0.70%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-212,196	–	-0.72%	–
CRM	Exit	SALESFORCE INC	$0	–	-93,799	–	-0.72%	–
EOG	Exit	EOG RES INC	$0	–	-122,036	–	-0.73%	–
	Exit	WORLD QUANTUM GROWTH ACQUISIunit 99/99/9999	$0	–	-1,369,124	–	-0.74%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-183,128	–	-0.85%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-45,790	–	-0.90%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-301,850	–	-0.95%	–
RRC	Exit	RANGE RES CORP	$0	–	-709,122	–	-0.96%	–
NFLX	Exit	NETFLIX INC	$0	–	-79,939	–	-1.01%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-162,363	–	-1.18%	–
FTCH	Exit	FARFETCH LTDord sh cl a	$0	–	-2,984,412	–	-1.19%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-8,076,341	–	-1.23%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-1,918,054	–	-1.36%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-842,807	–	-1.39%	–
CSX	Exit	CSX CORP	$0	–	-988,314	–	-1.41%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-868,750	–	-1.42%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-1,290,736	–	-1.45%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-425,132	–	-1.46%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-446,507	–	-1.50%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-6,890,997	–	-1.50%	–
OVV	Exit	OVINTIV INC	$0	–	-673,325	–	-1.66%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-134,072	–	-1.68%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-1,209,067	–	-1.72%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-314,820	–	-1.83%	–
XP	Exit	XP INCcl a	$0	–	-2,145,027	–	-2.19%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-6,311,377	–	-2.25%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-138,884	–	-2.26%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-635,917	–	-2.28%	–
DLO	Exit	DLOCAL LTD	$0	–	-2,123,714	–	-2.34%	–
V	Exit	VISA INC	$0	–	-254,366	–	-2.43%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-933,311	–	-2.52%	–
CPRI	Exit	CAPRI HOLDINGS LIMITED	$0	–	-1,251,194	–	-2.58%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-673,930	–	-2.60%	–
AMZN	Exit	AMAZON COM INC	$0	–	-437,872	–	-2.66%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-882,229	–	-2.77%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-987,464	–	-2.97%	–
	Exit	NU HLDGS LTD	$0	–	-12,638,664	–	-2.99%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-612,465	–	-3.15%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-5,117,173	–	-3.39%	–
ASAI	Exit	SENDAS DISTRIBUIDORA S Aspon ads	$0	–	-4,002,253	–	-3.47%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-5,918,449	–	-4.39%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-5,112,529	–	-4.58%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-150,757	–	-6.70%	–

Q3 2022

			Value		Shares		↓ Weighting
MELI	Buy	MERCADOLIBRE INC	$124,794,000	+36.4%	150,757	+5.0%	6.70%	+32.0%
CPNG	Sell	COUPANG INCcl a	$85,226,000	+19.5%	5,112,529	-8.6%	4.58%	+15.6%
AU	Sell	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$81,793,000	-20.9%	5,918,449	-15.3%	4.39%	-23.4%
ASAI	Sell	SENDAS DISTRIBUIDORA S Aspon ads	$64,556,000	-19.8%	4,002,253	-32.4%	3.47%	-22.4%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$63,146,000	-30.7%	5,117,173	-34.4%	3.39%	-32.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$58,582,000	+4.0%	612,465	+2269.6%	3.15%	+0.6%
	Buy	NU HLDGS LTD	$55,610,000	+221.1%	12,638,664	+172.9%	2.99%	+210.5%
SE	Buy	SEA LTDsponsord ads	$55,347,000	+13.7%	987,464	+35.6%	2.97%	+10.0%
HDB	Sell	HDFC BANK LTDsponsored ads	$51,540,000	-20.0%	882,229	-24.7%	2.77%	-22.6%
AMZN	Buy	AMAZON COM INC	$49,480,000	+17.0%	437,872	+10.0%	2.66%	+13.2%
SCHW	Buy	SCHWAB CHARLES CORP	$48,435,000	+46.5%	673,930	+28.8%	2.60%	+41.7%
CPRI	Buy	CAPRI HOLDINGS LIMITED	$48,096,000	+34.6%	1,251,194	+43.6%	2.58%	+30.2%
JD	Sell	JD.COM INCspon adr cl a	$46,946,000	-38.5%	933,311	-21.5%	2.52%	-40.5%
V	Sell	VISA INC	$45,188,000	-18.4%	254,366	-9.5%	2.43%	-21.0%
DLO	Buy	DLOCAL LTD	$43,579,000	+1.5%	2,123,714	+29.8%	2.34%	-1.8%
CP	Sell	CANADIAN PAC RY LTD	$42,428,000	-23.7%	635,917	-20.1%	2.28%	-26.2%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$42,130,000	-30.0%	138,884	+8.0%	2.26%	-32.3%
MLCO	Buy	MELCO RESORTS AND ENTMNT LTDadr	$41,844,000	+91.2%	6,311,377	+65.8%	2.25%	+85.0%
XP	Sell	XP INCcl a	$40,777,000	-13.4%	2,145,027	-18.2%	2.19%	-16.3%
CNI	Sell	CANADIAN NATL RY CO	$33,997,000	-9.7%	314,820	-6.0%	1.83%	-12.7%
UBER	Buy	UBER TECHNOLOGIES INC	$32,040,000	+70.8%	1,209,067	+31.9%	1.72%	+65.2%
MSFT	Buy	MICROSOFT CORP	$31,225,000	+6.1%	134,072	+17.0%	1.68%	+2.6%
OVV	Buy	OVINTIV INC	$30,973,000	+131.0%	673,325	+121.9%	1.66%	+123.4%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$27,977,000	-9.8%	6,890,997	+11.5%	1.50%	-12.8%
PDD	Buy	PINDUODUO INCsponsored ads	$27,942,000	+73.2%	446,507	+71.0%	1.50%	+67.5%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$27,170,000	+35.4%	425,132	+16.5%	1.46%	+31.0%
IBN	Buy	ICICI BANK LIMITEDadr	$27,067,000	+21.3%	1,290,736	+2.7%	1.45%	+17.4%
TECK	Buy	TECK RESOURCES LTDcl b	$26,419,000	+44.4%	868,750	+45.2%	1.42%	+39.7%
CSX	Buy	CSX CORP	$26,329,000	+38.1%	988,314	+50.7%	1.41%	+33.6%
MMYT	Sell	MAKEMYTRIP LIMITED MAURITIUS	$25,874,000	+13.1%	842,807	-5.4%	1.39%	+9.4%
PAGS	Sell	PAGSEGURO DIGITAL LTD	$25,376,000	+1.9%	1,918,054	-21.1%	1.36%	-1.4%
ABEV	Buy	AMBEV SAsponsored adr	$22,856,000	+28.7%	8,076,341	+14.2%	1.23%	+24.5%
FTCH	Buy	FARFETCH LTDord sh cl a	$22,234,000	+94.4%	2,984,412	+86.8%	1.19%	+88.0%
FB	Buy	META PLATFORMS INCcl a	$22,029,000	-2.8%	162,363	+15.6%	1.18%	-6.0%
NFLX	Sell	NETFLIX INC	$18,821,000	+31.1%	79,939	-2.6%	1.01%	+26.9%
RRC	Buy	RANGE RES CORP	$17,912,000	+102.7%	709,122	+98.6%	0.96%	+95.9%
RYAAY	Buy	RYANAIR HOLDINGS PLCsponsored ads	$17,634,000	+15.1%	301,850	+32.5%	0.95%	+11.3%
LRCX	Buy	LAM RESEARCH CORP	$16,759,000	+15.3%	45,790	+34.2%	0.90%	+11.5%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$15,804,000	+28.4%	183,128	+39.6%	0.85%	+24.3%
	Sell	WORLD QUANTUM GROWTH ACQUISIunit 99/99/9999	$13,760,000	-12.6%	1,369,124	-13.5%	0.74%	-15.4%
EOG	New	EOG RES INC	$13,635,000	–	122,036	–	0.73%	–
CRM	Buy	SALESFORCE INC	$13,492,000	+3.6%	93,799	+18.9%	0.72%	+0.3%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$13,315,000	+4368.1%	212,196	+4706.3%	0.72%	+4105.9%
VAL	Buy	VALARIS LIMITEDcl a	$13,034,000	+36.5%	266,328	+17.8%	0.70%	+32.1%
AMAT	Buy	APPLIED MATLS INC	$12,857,000	+109.0%	156,932	+132.0%	0.69%	+102.0%
GPN	Buy	GLOBAL PMTS INC	$11,977,000	+14.3%	110,849	+17.0%	0.64%	+10.5%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$11,877,000	-5.1%	173,232	+13.1%	0.64%	-8.2%
FISV	Sell	FISERV INC	$11,522,000	-43.0%	123,141	-45.8%	0.62%	-44.9%
MOS	Buy	MOSAIC CO NEW	$10,075,000	+3.0%	208,466	+0.6%	0.54%	-0.4%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$9,774,000	-18.5%	35,515	+8.4%	0.52%	-21.2%
DAO	Sell	YOUDAO INCsponsored ads	$9,332,000	-25.0%	2,374,623	-6.1%	0.50%	-27.5%
ANTM	Sell	ELEVANCE HEALTH INC	$8,568,000	-7.8%	18,862	-2.0%	0.46%	-10.9%
TMUS	Sell	T-MOBILE US INC	$8,068,000	-1.3%	60,133	-1.0%	0.43%	-4.6%
COUP	Buy	COUPA SOFTWARE INC	$7,778,000	+104.0%	132,272	+98.1%	0.42%	+97.2%
TPR	Buy	TAPESTRY INC	$7,077,000	+22.5%	248,938	+31.5%	0.38%	+18.4%
OSH	New	OAK STR HEALTH INC	$6,813,000	–	277,869	–	0.37%	–
STNE	Buy	STONECO LTD	$6,749,000	+40.3%	708,143	+13.4%	0.36%	+36.0%
BAX	Buy	BAXTER INTL INC	$5,792,000	-13.2%	107,542	+3.5%	0.31%	-15.9%
GOLD	Buy	BARRICK GOLD CORP	$5,751,000	+218.8%	371,015	+263.9%	0.31%	+209.0%
SPGI	Sell	S&P GLOBAL INC	$5,509,000	-56.5%	18,042	-52.0%	0.30%	-58.0%
KMI	Buy	KINDER MORGAN INC DEL	$5,426,000	+33.5%	326,058	+34.4%	0.29%	+28.8%
ZG	Buy	ZILLOW GROUP INCcl a	$5,343,000	+5.8%	186,628	+17.6%	0.29%	+2.5%
NEWR	New	NEW RELIC INC	$4,608,000	–	80,306	–	0.25%	–
AA	Buy	ALCOA CORP	$4,055,000	-13.6%	120,473	+16.9%	0.22%	-16.5%
FIS	Sell	FIDELITY NATL INFORMATION SV	$3,983,000	-33.5%	52,706	-19.4%	0.21%	-35.7%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$3,368,000	-61.6%	57,569	-58.3%	0.18%	-62.8%
HUM	New	HUMANA INC	$3,268,000	–	6,736	–	0.18%	–
SHOP	New	SHOPIFY INCcl a	$3,213,000	–	119,278	–	0.17%	–
SKX	Buy	SKECHERS U S A INCcl a	$2,917,000	+14.7%	91,955	+28.6%	0.16%	+11.3%
CNC	Sell	CENTENE CORP DEL	$2,721,000	-50.7%	34,968	-46.4%	0.15%	-52.4%
NTES	Sell	NETEASE INCsponsored ads	$1,624,000	-67.9%	21,478	-60.3%	0.09%	-69.0%
PAX	New	PATRIA INVESTMENTS LIMITED	$1,579,000	–	120,986	–	0.08%	–
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$1,537,000	-69.2%	19,209	-56.2%	0.08%	-70.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$1,548,000	-89.2%	52,763	-85.6%	0.08%	-89.6%
MTCH	New	MATCH GROUP INC NEW	$1,509,000	–	31,601	–	0.08%	–
LOW	Sell	LOWES COS INC	$1,502,000	-89.1%	7,997	-89.9%	0.08%	-89.4%
NOV	Buy	NOV INC	$1,351,000	+13.7%	83,468	+18.8%	0.07%	+10.6%
MCO	Sell	MOODYS CORP	$1,092,000	-83.7%	4,493	-81.8%	0.06%	-84.2%
SNAP	Buy	SNAP INCcl a	$958,000	-18.7%	97,515	+8.7%	0.05%	-21.5%
EFX	Sell	EQUIFAX INC	$938,000	-63.0%	5,473	-60.5%	0.05%	-64.5%
IAU	Sell	ISHARES GOLD TRishares new	$827,000	-20.7%	26,243	-13.7%	0.04%	-24.1%
MA	Sell	MASTERCARD INCORPORATEDcl a	$763,000	-11.8%	2,684	-2.1%	0.04%	-14.6%
ADI	Sell	ANALOG DEVICES INC	$706,000	-11.5%	5,066	-7.3%	0.04%	-13.6%
DASH	Sell	DOORDASH INCcl a	$434,000	-22.9%	8,769	-0.1%	0.02%	-25.8%
TCOM	Sell	TRIP COM GROUP LTDads	$415,000	-41.0%	15,188	-40.7%	0.02%	-43.6%
PYPL	Buy	PAYPAL HLDGS INC	$402,000	+88.7%	4,668	+53.0%	0.02%	+83.3%
UNP	Sell	UNION PAC CORP	$298,000	-72.7%	1,531	-70.1%	0.02%	-73.8%
DHI	Sell	D R HORTON INC	$297,000	+1.7%	4,417	-0.0%	0.02%	0.0%
LEN	Sell	LENNAR CORPcl a	$299,000	+5.7%	4,012	-0.0%	0.02%	0.0%
NVDA	Sell	NVIDIA CORPORATION	$201,000	-99.2%	1,654	-99.0%	0.01%	-99.2%
VLRS	New	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$143,000	–	20,426	–	0.01%	–
YNDX	Sell	YANDEX N V	$0	–	1,269,524	-15.9%	0.00%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-901	–	-0.01%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-4,295	–	-0.01%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-4,607	–	-0.13%	–
CHNG	Exit	CHANGE HEALTHCARE INC	$0	–	-307,324	–	-0.39%	–

Q2 2022

			Value		Shares		↓ Weighting
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$103,342,000	–	6,987,276	–	5.74%	–
MELI	New	MERCADOLIBRE INC	$91,470,000	–	143,624	–	5.08%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$91,068,000	–	7,796,879	–	5.06%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$80,483,000	–	5,922,245	–	4.47%	–
JD	New	JD.COM INCspon adr cl a	$76,312,000	–	1,188,289	–	4.24%	–
CPNG	New	COUPANG INCcl a	$71,314,000	–	5,593,272	–	3.96%	–
HDB	New	HDFC BANK LTDsponsored ads	$64,417,000	–	1,172,070	–	3.58%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$60,227,000	–	128,545	–	3.34%	–
GOOGL	New	ALPHABET INCcap stk cl a	$56,327,000	–	25,847	–	3.13%	–
CP	New	CANADIAN PAC RY LTD	$55,614,000	–	796,302	–	3.09%	–
V	New	VISA INC	$55,361,000	–	281,179	–	3.07%	–
SE	New	SEA LTDsponsord ads	$48,674,000	–	727,995	–	2.70%	–
XP	New	XP INCcl a	$47,107,000	–	2,622,891	–	2.62%	–
DLO	New	DLOCAL LTD	$42,933,000	–	1,635,540	–	2.38%	–
AMZN	New	AMAZON COM INC	$42,297,000	–	398,238	–	2.35%	–
CNI	New	CANADIAN NATL RY CO	$37,664,000	–	334,884	–	2.09%	–
CPRI	New	CAPRI HOLDINGS LIMITED	$35,721,000	–	871,023	–	1.98%	–
SCHW	New	SCHWAB CHARLES CORP	$33,057,000	–	523,220	–	1.84%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$31,024,000	–	6,180,055	–	1.72%	–
MSFT	New	MICROSOFT CORP	$29,436,000	–	114,612	–	1.64%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$24,901,000	–	2,431,733	–	1.38%	–
NVDA	New	NVIDIA CORPORATION	$24,041,000	–	158,593	–	1.34%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$22,877,000	–	890,830	–	1.27%	–
FB	New	META PLATFORMS INCcl a	$22,656,000	–	140,502	–	1.26%	–
IBN	New	ICICI BANK LIMITEDadr	$22,305,000	–	1,257,322	–	1.24%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$21,886,000	–	3,806,220	–	1.22%	–
FISV	New	FISERV INC	$20,225,000	–	227,326	–	1.12%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$20,069,000	–	364,820	–	1.11%	–
CSX	New	CSX CORP	$19,060,000	–	655,886	–	1.06%	–
UBER	New	UBER TECHNOLOGIES INC	$18,760,000	–	916,912	–	1.04%	–
TECK	New	TECK RESOURCES LTDcl b	$18,293,000	–	598,403	–	1.02%	–
ABEV	New	AMBEV SAsponsored adr	$17,755,000	–	7,073,839	–	0.99%	–
	New	NU HLDGS LTD	$17,320,000	–	4,630,916	–	0.96%	–
PDD	New	PINDUODUO INCsponsored ads	$16,133,000	–	261,054	–	0.90%	–
	New	WORLD QUANTUM GROWTH ACQUISIunit 99/99/9999	$15,741,000	–	1,581,971	–	0.87%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$15,318,000	–	227,779	–	0.85%	–
LRCX	New	LAM RESEARCH CORP	$14,540,000	–	34,119	–	0.81%	–
CMCSA	New	COMCAST CORP NEWcl a	$14,357,000	–	365,874	–	0.80%	–
NFLX	New	NETFLIX INC	$14,358,000	–	82,109	–	0.80%	–
LOW	New	LOWES COS INC	$13,785,000	–	78,920	–	0.76%	–
OVV	New	OVINTIV INC	$13,409,000	–	303,451	–	0.74%	–
CRM	New	SALESFORCE COM INC	$13,021,000	–	78,893	–	0.72%	–
SPGI	New	S&P GLOBAL INC	$12,672,000	–	37,597	–	0.70%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$12,518,000	–	153,125	–	0.70%	–
DAO	New	YOUDAO INCsponsored ads	$12,447,000	–	2,529,815	–	0.69%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$12,308,000	–	131,173	–	0.68%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$11,991,000	–	32,758	–	0.67%	–
FTCH	New	FARFETCH LTDord sh cl a	$11,438,000	–	1,597,452	–	0.64%	–
GPN	New	GLOBAL PMTS INC	$10,478,000	–	94,703	–	0.58%	–
MOS	New	MOSAIC CO NEW	$9,784,000	–	207,166	–	0.54%	–
VAL	New	VALARIS LIMITEDcl a	$9,552,000	–	226,129	–	0.53%	–
ANTM	New	ELEVANCE HEALTH INC	$9,292,000	–	19,255	–	0.52%	–
RRC	New	RANGE RES CORP	$8,838,000	–	357,095	–	0.49%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$8,769,000	–	138,153	–	0.49%	–
TMUS	New	T-MOBILE US INC	$8,171,000	–	60,733	–	0.45%	–
CHNG	New	CHANGE HEALTHCARE INC	$7,087,000	–	307,324	–	0.39%	–
MCO	New	MOODYS CORP	$6,711,000	–	24,677	–	0.37%	–
BAX	New	BAXTER INTL INC	$6,672,000	–	103,882	–	0.37%	–
AMAT	New	APPLIED MATLS INC	$6,153,000	–	67,632	–	0.34%	–
PM	New	PHILIP MORRIS INTL INC	$6,015,000	–	60,917	–	0.33%	–
FIS	New	FIDELITY NATL INFORMATION SV	$5,991,000	–	65,352	–	0.33%	–
TPR	New	TAPESTRY INC	$5,778,000	–	189,334	–	0.32%	–
CNC	New	CENTENE CORP DEL	$5,523,000	–	65,273	–	0.31%	–
NTES	New	NETEASE INCsponsored ads	$5,056,000	–	54,158	–	0.28%	–
ZG	New	ZILLOW GROUP INCcl a	$5,048,000	–	158,702	–	0.28%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$4,984,000	–	43,841	–	0.28%	–
STNE	New	STONECO LTD	$4,810,000	–	624,622	–	0.27%	–
AA	New	ALCOA CORP	$4,696,000	–	103,028	–	0.26%	–
KMI	New	KINDER MORGAN INC DEL	$4,065,000	–	242,544	–	0.23%	–
COUP	New	COUPA SOFTWARE INC	$3,812,000	–	66,767	–	0.21%	–
EFX	New	EQUIFAX INC	$2,534,000	–	13,866	–	0.14%	–
SKX	New	SKECHERS U S A INCcl a	$2,544,000	–	71,512	–	0.14%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,366,000	–	4,607	–	0.13%	–
GOLD	New	BARRICK GOLD CORP	$1,804,000	–	101,962	–	0.10%	–
ATUS	New	ALTICE USA INCcl a	$1,526,000	–	165,014	–	0.08%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,223,000	–	13,005	–	0.07%	–
NOV	New	NOV INC	$1,188,000	–	70,268	–	0.07%	–
SNAP	New	SNAP INCcl a	$1,178,000	–	89,697	–	0.06%	–
UNP	New	UNION PAC CORP	$1,093,000	–	5,123	–	0.06%	–
IAU	New	ISHARES GOLD TRishares new	$1,043,000	–	30,405	–	0.06%	–
LIN	New	LINDE PLC	$881,000	–	3,064	–	0.05%	–
MA	New	MASTERCARD INCORPORATEDcl a	$865,000	–	2,741	–	0.05%	–
ADI	New	ANALOG DEVICES INC	$798,000	–	5,465	–	0.04%	–
TCOM	New	TRIP COM GROUP LTDads	$703,000	–	25,604	–	0.04%	–
	New	BATH & BODY WORKS INC	$674,000	–	25,051	–	0.04%	–
DIS	New	DISNEY WALT CO	$635,000	–	6,729	–	0.04%	–
TXN	New	TEXAS INSTRS INC	$626,000	–	4,077	–	0.04%	–
DASH	New	DOORDASH INCcl a	$563,000	–	8,775	–	0.03%	–
IQV	New	IQVIA HLDGS INC	$447,000	–	2,062	–	0.02%	–
MU	New	MICRON TECHNOLOGY INC	$360,000	–	6,508	–	0.02%	–
WDC	New	WESTERN DIGITAL CORP.	$353,000	–	7,871	–	0.02%	–
SPG	New	SIMON PPTY GROUP INC NEW	$347,000	–	3,652	–	0.02%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$298,000	–	4,415	–	0.02%	–
U	New	UNITY SOFTWARE INC	$294,000	–	7,979	–	0.02%	–
LEN	New	LENNAR CORPcl a	$283,000	–	4,014	–	0.02%	–
DHI	New	D R HORTON INC	$292,000	–	4,419	–	0.02%	–
PYPL	New	PAYPAL HLDGS INC	$213,000	–	3,050	–	0.01%	–
QSR	New	RESTAURANT BRANDS INTL INC	$215,000	–	4,295	–	0.01%	–
BDX	New	BECTON DICKINSON & CO	$222,000	–	901	–	0.01%	–
YNDX	New	YANDEX N V	$0	–	1,510,084	–	0.00%	–
OZON	New	OZON HLDGS PLCsponsored ads	$0	–	25,459	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
GPN	Exit	GLOBAL PMTS INC	$0	–	-1,291	–	-0.01%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,205	–	-0.01%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-3,946	–	-0.01%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-7,871	–	-0.02%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-7,577	–	-0.02%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-3,880	–	-0.02%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-5,733	–	-0.03%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-8,013	–	-0.04%	–
LIN	Exit	LINDE PLC	$0	–	-3,437	–	-0.04%	–
WWE	Exit	WORLD WRESTLING ENTMT INCcl a	$0	–	-17,954	–	-0.04%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-4,831	–	-0.04%	–
IAU	Exit	ISHARES GOLD TRishares new	$0	–	-34,935	–	-0.04%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-4,121	–	-0.05%	–
CME	Exit	CME GROUP INC	$0	–	-11,892	–	-0.09%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-7,748	–	-0.10%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-90,524	–	-0.15%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-284,009	–	-0.19%	–
STNE	Exit	STONECO LTD	$0	–	-152,107	–	-0.20%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-12,658	–	-0.20%	–
MCO	Exit	MOODYS CORP	$0	–	-15,228	–	-0.20%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-45,568	–	-0.21%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-270,431	–	-0.23%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-111,329	–	-0.24%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-87,005	–	-0.24%	–
CSX	Exit	CSX CORP	$0	–	-230,509	–	-0.26%	–
BAX	Exit	BAXTER INTL INC	$0	–	-97,221	–	-0.30%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-70,584	–	-0.34%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-335,037	–	-0.34%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-40,023	–	-0.37%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-486,866	–	-0.46%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-54,324	–	-0.56%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-138,779	–	-0.60%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-232,179	–	-0.61%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-333,999	–	-0.65%	–
UNP	Exit	UNION PAC CORP	$0	–	-90,294	–	-0.67%	–
	Exit	WORLD QUANTUM GROWTH ACQUISIunit 99/99/9999	$0	–	-1,797,791	–	-0.68%	–
CPRI	Exit	CAPRI HOLDINGS LIMITED	$0	–	-373,267	–	-0.68%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-924,663	–	-0.72%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-365,834	–	-0.80%	–
AMZN	Exit	AMAZON COM INC	$0	–	-7,054	–	-0.87%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-85,235	–	-0.90%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-223,485	–	-0.93%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-63,482	–	-0.94%	–
ANTM	Exit	ANTHEM INC	$0	–	-71,933	–	-1.01%	–
NFLX	Exit	NETFLIX INC	$0	–	-45,729	–	-1.05%	–
DAO	Exit	YOUDAO INCsponsored ads	$0	–	-2,372,776	–	-1.08%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-450,715	–	-1.10%	–
FISV	Exit	FISERV INC	$0	–	-276,324	–	-1.13%	–
ATHM	Exit	AUTOHOME INCsp ads rp cl a	$0	–	-654,386	–	-1.16%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-111,295	–	-1.42%	–
V	Exit	VISA INC	$0	–	-170,900	–	-1.43%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-65,550	–	-1.80%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-18,506	–	-1.86%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-1,928,653	–	-2.02%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-673,346	–	-2.20%	–
XP	Exit	XP INCcl a	$0	–	-1,534,069	–	-2.32%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-1,321,357	–	-2.58%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-615,320	–	-2.59%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-7,086,432	–	-2.73%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-11,878,453	–	-3.24%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-1,229,822	–	-3.39%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-5,739,038	–	-3.46%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-67,026	–	-4.24%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-1,401,277	–	-4.51%	–
ASAI	Exit	SENDAS DISTRIBUIDORA S Aspon ads	$0	–	-7,117,355	–	-4.67%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-838,334	–	-4.68%	–
YNDX	Exit	YANDEX N V	$0	–	-1,562,782	–	-4.69%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-1,335,137	–	-4.77%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-4,190,644	–	-4.86%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-5,844,425	–	-15.91%	–

Q3 2021

			Value		Shares		↓ Weighting
JD	Buy	JD.COM INCspon adr cl a	$422,201,000	-9.1%	5,844,425	+0.4%	15.91%	+9.5%
TCOM	Buy	TRIP COM GROUP LTDads	$128,862,000	+47.5%	4,190,644	+70.1%	4.86%	+77.8%
PM	Sell	PHILIP MORRIS INTL INC	$126,558,000	-25.6%	1,335,137	-22.3%	4.77%	-10.4%
YNDX	Sell	YANDEX N V	$124,538,000	-11.3%	1,562,782	-21.3%	4.69%	+6.9%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$124,115,000	-57.3%	838,334	-34.6%	4.68%	-48.5%
ASAI	Sell	SENDAS DISTRIBUIDORA S Aspon ads	$124,055,000	-2.5%	7,117,355	-4.4%	4.67%	+17.5%
NTES	Buy	NETEASE INCsponsored ads	$119,669,000	-16.9%	1,401,277	+12.2%	4.51%	+0.2%
MELI	Sell	MERCADOLIBRE INC	$112,563,000	-13.3%	67,026	-19.6%	4.24%	+4.5%
AU	Buy	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$91,767,000	+91.8%	5,739,038	+122.9%	3.46%	+131.3%
HDB	Buy	HDFC BANK LTDsponsored ads	$89,888,000	+2.0%	1,229,822	+2.0%	3.39%	+22.9%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$86,119,000	-50.2%	11,878,453	+6.4%	3.24%	-39.9%
MLCO	Sell	MELCO RESORTS AND ENTMNT LTDadr	$72,565,000	-47.1%	7,086,432	-14.4%	2.73%	-36.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$68,700,000	-20.9%	615,320	-14.8%	2.59%	-4.6%
PAGS	Buy	PAGSEGURO DIGITAL LTD	$68,341,000	+25.4%	1,321,357	+35.5%	2.58%	+51.1%
XP	Buy	XP INCcl a	$61,624,000	+26.9%	1,534,069	+37.6%	2.32%	+53.0%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$58,393,000	-10.0%	673,346	-12.3%	2.20%	+8.4%
CPNG	New	COUPANG INCcl a	$53,713,000	–	1,928,653	–	2.02%	–
GOOGL	Sell	ALPHABET INCcap stk cl a	$49,476,000	-0.1%	18,506	-8.8%	1.86%	+20.4%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$47,692,000	-9.8%	65,550	-10.6%	1.80%	+8.6%
V	Buy	VISA INC	$38,068,000	-1.5%	170,900	+3.3%	1.43%	+18.6%
FB	Sell	FACEBOOK INCcl a	$37,772,000	-25.8%	111,295	-23.9%	1.42%	-10.6%
ATHM	Buy	AUTOHOME INCsp ads rp cl a	$30,710,000	+14.7%	654,386	+56.4%	1.16%	+38.2%
FISV	Buy	FISERV INC	$29,981,000	+3.7%	276,324	+2.2%	1.13%	+25.1%
CP	Buy	CANADIAN PAC RY LTD	$29,328,000	+41.7%	450,715	+67.5%	1.10%	+70.8%
DAO	Sell	YOUDAO INCsponsored ads	$28,687,000	-54.3%	2,372,776	-12.8%	1.08%	-44.9%
NFLX	Sell	NETFLIX INC	$27,910,000	-15.4%	45,729	-26.8%	1.05%	+2.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$24,805,000	-4.8%	63,482	-2.4%	0.94%	+14.9%
RYAAY	Sell	RYANAIR HOLDINGS PLCsponsored ads	$24,597,000	-5.9%	223,485	-7.5%	0.93%	+13.5%
MSFT	Sell	MICROSOFT CORP	$24,029,000	-4.7%	85,235	-8.4%	0.90%	+14.8%
AMZN	Buy	AMAZON COM INC	$23,173,000	+14.7%	7,054	+20.1%	0.87%	+38.4%
YUMC	Sell	YUM CHINA HLDGS INC	$21,259,000	-73.6%	365,834	-69.9%	0.80%	-68.2%
ATUS	Buy	ALTICE USA INCcl a	$19,159,000	-23.6%	924,663	+25.9%	0.72%	-7.9%
	New	WORLD QUANTUM GROWTH ACQUISIunit 99/99/9999	$18,068,000	–	1,797,791	–	0.68%	–
CPRI	Buy	CAPRI HOLDINGS LIMITED	$18,070,000	+0.1%	373,267	+18.3%	0.68%	+20.7%
UNP	Buy	UNION PAC CORP	$17,699,000	-3.2%	90,294	+8.6%	0.67%	+16.6%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$17,171,000	+3.2%	333,999	-3.2%	0.65%	+24.4%
JOBS	Buy	51JOB INCsponsored ads	$16,143,000	+3.3%	232,179	+15.6%	0.61%	+24.6%
CNI	New	CANADIAN NATL RY CO	$16,050,000	–	138,779	–	0.60%	–
CRM	Sell	SALESFORCE COM INC	$14,734,000	+5.7%	54,324	-4.9%	0.56%	+27.3%
TECK	New	TECK RESOURCES LTDcl b	$12,128,000	–	486,866	–	0.46%	–
BDX	Buy	BECTON DICKINSON & CO	$9,838,000	+8.0%	40,023	+6.8%	0.37%	+30.2%
MMYT	Buy	MAKEMYTRIP LIMITED MAURITIUS	$9,110,000	+5.1%	335,037	+16.1%	0.34%	+26.6%
TMUS	Sell	T-MOBILE US INC	$9,018,000	-13.4%	70,584	-1.8%	0.34%	+4.6%
BAX	Buy	BAXTER INTL INC	$7,819,000	+2001.9%	97,221	+2003.9%	0.30%	+2358.3%
CSX	New	CSX CORP	$6,855,000	–	230,509	–	0.26%	–
SCHW	Sell	SCHWAB CHARLES CORP	$6,337,000	-24.1%	87,005	-24.1%	0.24%	-8.4%
CMCSA	Buy	COMCAST CORP NEWcl a	$6,227,000	+106.5%	111,329	+110.5%	0.24%	+150.0%
INFY	Buy	INFOSYS LTDsponsored adr	$6,017,000	+38.0%	270,431	+31.4%	0.23%	+66.9%
FIS	Buy	FIDELITY NATL INFORMATION SV	$5,545,000	+2491.1%	45,568	+2911.8%	0.21%	+2885.7%
MCO	Sell	MOODYS CORP	$5,408,000	-57.7%	15,228	-56.9%	0.20%	-49.0%
SPGI	Sell	S&P GLOBAL INC	$5,378,000	-45.8%	12,658	-47.6%	0.20%	-34.5%
STNE	Sell	STONECO LTD	$5,281,000	-71.8%	152,107	-45.6%	0.20%	-66.0%
UBER	Buy	UBER TECHNOLOGIES INC	$4,055,000	-10.4%	90,524	+0.2%	0.15%	+8.5%
SE	Sell	SEA LTDsponsord ads	$1,313,000	-34.4%	4,121	-43.5%	0.05%	-22.2%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$1,089,000	-87.7%	4,831	-84.9%	0.04%	-85.1%
LIN	Sell	LINDE PLC	$1,008,000	-0.8%	3,437	-2.2%	0.04%	+18.8%
WWE	Sell	WORLD WRESTLING ENTMT INCcl a	$1,010,000	-31.8%	17,954	-29.8%	0.04%	-17.4%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$920,000	-16.3%	8,013	-13.5%	0.04%	+2.9%
U	Sell	UNITY SOFTWARE INC	$724,000	-8.8%	5,733	-20.7%	0.03%	+8.0%
ADI	Buy	ANALOG DEVICES INC	$650,000	+9.6%	3,880	+12.7%	0.02%	+26.3%
ATVI	New	ACTIVISION BLIZZARD INC	$586,000	–	7,577	–	0.02%	–
PDD	Buy	PINDUODUO INCsponsored ads	$358,000	+18.2%	3,946	+65.6%	0.01%	+44.4%
GPN	New	GLOBAL PMTS INC	$203,000	–	1,291	–	0.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,469	–	-0.01%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-771	–	-0.01%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-6,181	–	-0.02%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-27,019	–	-0.02%	–
EFX	Exit	EQUIFAX INC	$0	–	-4,462	–	-0.03%	–
DIDI	Exit	DIDI GLOBAL INCsponsored ads	$0	–	-108,589	–	-0.05%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-14,999	–	-0.10%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-112,770	–	-0.13%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-16,533,516	–	-4.23%	–

Q2 2021

			Value		Shares		↓ Weighting
JD	New	JD.COM INCspon adr cl a	$464,606,000	–	5,821,406	–	14.52%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$290,561,000	–	1,281,245	–	9.08%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$172,788,000	–	11,162,043	–	5.40%	–
PM	New	PHILIP MORRIS INTL INC	$170,213,000	–	1,717,417	–	5.32%	–
NTES	New	NETEASE INCsponsored ads	$143,928,000	–	1,248,832	–	4.50%	–
YNDX	New	YANDEX N V	$140,416,000	–	1,984,678	–	4.39%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$137,150,000	–	8,277,012	–	4.29%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$135,409,000	–	16,533,516	–	4.23%	–
MELI	New	MERCADOLIBRE INC	$129,815,000	–	83,333	–	4.06%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$127,246,000	–	7,441,313	–	3.98%	–
HDB	New	HDFC BANK LTDsponsored ads	$88,168,000	–	1,205,800	–	2.76%	–
TCOM	New	TRIP COM GROUP LTDads	$87,375,000	–	2,464,038	–	2.73%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$86,811,000	–	722,464	–	2.71%	–
YUMC	New	YUM CHINA HLDGS INC	$80,471,000	–	1,214,653	–	2.52%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$64,906,000	–	768,027	–	2.03%	–
DAO	New	YOUDAO INCsponsored ads	$62,813,000	–	2,720,359	–	1.96%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$54,513,000	–	974,841	–	1.70%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$52,900,000	–	73,324	–	1.65%	–
FB	New	FACEBOOK INCcl a	$50,885,000	–	146,343	–	1.59%	–
GOOGL	New	ALPHABET INCcap stk cl a	$49,524,000	–	20,282	–	1.55%	–
XP	New	XP INCcl a	$48,555,000	–	1,114,935	–	1.52%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$47,842,000	–	2,574,917	–	1.50%	–
V	New	VISA INC	$38,667,000	–	165,371	–	1.21%	–
NFLX	New	NETFLIX INC	$32,978,000	–	62,433	–	1.03%	–
FISV	New	FISERV INC	$28,901,000	–	270,378	–	0.90%	–
ANTM	New	ANTHEM INC	$27,464,000	–	71,933	–	0.86%	–
ATHM	New	AUTOHOME INCsp ads rp cl a	$26,765,000	–	418,470	–	0.84%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$26,134,000	–	241,510	–	0.82%	–
UNH	New	UNITEDHEALTH GROUP INC	$26,053,000	–	65,060	–	0.81%	–
MSFT	New	MICROSOFT CORP	$25,204,000	–	93,038	–	0.79%	–
ATUS	New	ALTICE USA INCcl a	$25,069,000	–	734,314	–	0.78%	–
CP	New	CANADIAN PAC RY LTD	$20,699,000	–	269,129	–	0.65%	–
AMZN	New	AMAZON COM INC	$20,201,000	–	5,872	–	0.63%	–
STNE	New	STONECO LTD	$18,759,000	–	279,731	–	0.59%	–
UNP	New	UNION PAC CORP	$18,291,000	–	83,169	–	0.57%	–
CPRI	New	CAPRI HOLDINGS LIMITED	$18,048,000	–	315,586	–	0.56%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$16,631,000	–	344,967	–	0.52%	–
JOBS	New	51JOB INCsponsored ads	$15,626,000	–	200,926	–	0.49%	–
CRM	New	SALESFORCE COM INC	$13,946,000	–	57,094	–	0.44%	–
MCO	New	MOODYS CORP	$12,789,000	–	35,293	–	0.40%	–
TMUS	New	T-MOBILE US INC	$10,412,000	–	71,891	–	0.32%	–
SPGI	New	S&P GLOBAL INC	$9,914,000	–	24,155	–	0.31%	–
BDX	New	BECTON DICKINSON & CO	$9,113,000	–	37,473	–	0.28%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$8,838,000	–	32,071	–	0.28%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$8,669,000	–	288,489	–	0.27%	–
SCHW	New	SCHWAB CHARLES CORP	$8,348,000	–	114,657	–	0.26%	–
GOLD	New	BARRICK GOLD CORP	$5,873,000	–	284,009	–	0.18%	–
UBER	New	UBER TECHNOLOGIES INC	$4,526,000	–	90,306	–	0.14%	–
INFY	New	INFOSYS LTDsponsored adr	$4,360,000	–	205,766	–	0.14%	–
MGP	New	MGM GROWTH PPTYS LLC	$4,130,000	–	112,770	–	0.13%	–
AVB	New	AVALONBAY CMNTYS INC	$3,130,000	–	14,999	–	0.10%	–
CMCSA	New	COMCAST CORP NEWcl a	$3,016,000	–	52,898	–	0.09%	–
MA	New	MASTERCARD INCORPORATEDcl a	$2,829,000	–	7,748	–	0.09%	–
CME	New	CME GROUP INC	$2,529,000	–	11,892	–	0.08%	–
SE	New	SEA LTDsponsord ads	$2,002,000	–	7,292	–	0.06%	–
DIDI	New	DIDI GLOBAL INCsponsored ads	$1,535,000	–	108,589	–	0.05%	–
WWE	New	WORLD WRESTLING ENTMT INCcl a	$1,480,000	–	25,563	–	0.05%	–
IAU	New	ISHARES GOLD TRishares new	$1,178,000	–	34,935	–	0.04%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,099,000	–	9,262	–	0.03%	–
EFX	New	EQUIFAX INC	$1,069,000	–	4,462	–	0.03%	–
LIN	New	LINDE PLC	$1,016,000	–	3,515	–	0.03%	–
U	New	UNITY SOFTWARE INC	$794,000	–	7,226	–	0.02%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$682,000	–	27,019	–	0.02%	–
ADI	New	ANALOG DEVICES INC	$593,000	–	3,443	–	0.02%	–
WDC	New	WESTERN DIGITAL CORP.	$560,000	–	7,871	–	0.02%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$511,000	–	6,181	–	0.02%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$389,000	–	771	–	0.01%	–
BAX	New	BAXTER INTL INC	$372,000	–	4,621	–	0.01%	–
PDD	New	PINDUODUO INCsponsored ads	$303,000	–	2,383	–	0.01%	–
ABBV	New	ABBVIE INC	$248,000	–	2,205	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON	$242,000	–	1,469	–	0.01%	–
FIS	New	FIDELITY NATL INFORMATION SV	$214,000	–	1,513	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
CME	Exit	CME GROUP INC	$0	–	-1,350	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,469	–	-0.01%	–
LIN	Exit	LINDE PLC	$0	–	-904	–	-0.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-1,693	–	-0.01%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-28,466	–	-0.01%	–
AFYA	Exit	AFYA LTD	$0	–	-12,418	–	-0.01%	–
C	Exit	CITIGROUP INC	$0	–	-10,154	–	-0.02%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-6,181	–	-0.02%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-23,116	–	-0.03%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-29,068	–	-0.03%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-4,407	–	-0.03%	–
CG	Exit	CARLYLE GROUP INC	$0	–	-62,800	–	-0.06%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-30,123	–	-0.07%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-8,921	–	-0.07%	–
WORK	Exit	SLACK TECHNOLOGIES INC	$0	–	-74,928	–	-0.07%	–
LOW	Exit	LOWES COS INC	$0	–	-12,952	–	-0.08%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-14,263	–	-0.08%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-90,725	–	-0.09%	–
UNVR	Exit	UNIVAR SOLUTIONS USA INC	$0	–	-158,890	–	-0.10%	–
WWE	Exit	WORLD WRESTLING ENTMT INCcl a	$0	–	-71,013	–	-0.10%	–
PINS	Exit	PINTEREST INCcl a	$0	–	-69,822	–	-0.10%	–
DAO	Exit	YOUDAO INCsponsored ads	$0	–	-118,216	–	-0.11%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-77,846	–	-0.13%	–
YUM	Exit	YUM BRANDS INC	$0	–	-43,896	–	-0.14%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-44,837	–	-0.16%	–
NFLX	Exit	NETFLIX INC	$0	–	-11,434	–	-0.21%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-124,189	–	-0.26%	–
MCO	Exit	MOODYS CORP	$0	–	-28,598	–	-0.30%	–
CPRI	Exit	CAPRI HOLDINGS LIMITED	$0	–	-544,086	–	-0.36%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-141,868	–	-0.40%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-350,178	–	-0.46%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-77,002	–	-0.59%	–
UNP	Exit	UNION PAC CORP	$0	–	-83,997	–	-0.60%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-55,299	–	-0.61%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-73,383	–	-0.65%	–
AMZN	Exit	AMAZON COM INC	$0	–	-5,823	–	-0.66%	–
ANTM	Exit	ANTHEM INC	$0	–	-70,626	–	-0.69%	–
FISV	Exit	FISERV INC	$0	–	-192,836	–	-0.72%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-837,849	–	-0.79%	–
V	Exit	VISA INC	$0	–	-113,861	–	-0.83%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-647,487	–	-0.85%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-286,936	–	-0.85%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-83,567	–	-0.94%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-108,405	–	-0.99%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-108,535	–	-1.03%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-2,388,421	–	-1.33%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-983,123	–	-1.34%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-32,413	–	-1.72%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-76,701	–	-1.74%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-1,088,051	–	-2.09%	–
STNE	Exit	STONECO LTD	$0	–	-1,154,509	–	-2.21%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-5,689,032	–	-2.85%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-2,632,555	–	-2.97%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-5,298,599	–	-3.20%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-81,592	–	-3.20%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTsponsored adr	$0	–	-8,392,714	–	-3.76%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-694,348	–	-3.76%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-7,055,367	–	-3.78%	–
YNDX	Exit	YANDEX N V	$0	–	-1,617,425	–	-3.83%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-2,337,473	–	-4.24%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-2,316,122	–	-4.72%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-1,674,748	–	-4.92%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-1,992,075	–	-5.42%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-339,118	–	-5.59%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-3,482,959	–	-9.80%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,237,183	–	-13.19%	–

Q3 2020

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$363,707,000	+27.8%	1,237,183	-6.2%	13.19%	+22.4%
JD	Sell	JD.COM INCspon adr cl a	$270,312,000	+16.1%	3,482,959	-10.0%	9.80%	+11.2%
NTES	Buy	NETEASE INCsponsored ads	$154,187,000	+36.8%	339,118	+29.2%	5.59%	+31.0%
PM	Sell	PHILIP MORRIS INTL INC	$149,386,000	-14.3%	1,992,075	-20.0%	5.42%	-17.9%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$135,772,000	+16.7%	1,674,748	-18.3%	4.92%	+11.8%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$130,143,000	-18.3%	2,316,122	-9.8%	4.72%	-21.7%
HDB	Sell	HDFC BANK LTDsponsored ads	$116,780,000	-0.4%	2,337,473	-9.4%	4.24%	-4.6%
YNDX	Sell	YANDEX N V	$105,537,000	-28.5%	1,617,425	-45.2%	3.83%	-31.5%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$104,208,000	+48.9%	7,055,367	+35.7%	3.78%	+42.6%
EDU	Sell	NEW ORIENTAL ED & TECHNOLOGYspon adr	$103,805,000	-14.4%	694,348	-25.5%	3.76%	-18.0%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTsponsored adr	$103,566,000	-16.6%	8,392,714	-11.7%	3.76%	-20.1%
MELI	Buy	MERCADOLIBRE INC	$88,322,000	+31.3%	81,592	+19.5%	3.20%	+25.8%
MLCO	Sell	MELCO RESORTS AND ENTMNT LTDadr	$88,222,000	-0.1%	5,298,599	-6.9%	3.20%	-4.3%
TCOM	Sell	TRIP COM GROUP LTDads	$81,978,000	-4.3%	2,632,555	-20.3%	2.97%	-8.3%
INFY	Sell	INFOSYS LTDsponsored adr	$78,566,000	+25.7%	5,689,032	-12.1%	2.85%	+20.4%
STNE	Sell	STONECO LTD	$61,062,000	+17.7%	1,154,509	-13.7%	2.21%	+12.7%
YUMC	Buy	YUM CHINA HLDGS INC	$57,612,000	+38.0%	1,088,051	+25.3%	2.09%	+32.2%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$47,888,000	+8.6%	76,701	-11.3%	1.74%	+4.1%
GOOGL	Sell	ALPHABET INCcap stk cl a	$47,504,000	-1.6%	32,413	-4.7%	1.72%	-5.7%
PAGS	Buy	PAGSEGURO DIGITAL LTD	$37,074,000	+9285.8%	983,123	+8686.5%	1.34%	+8860.0%
MMYT	Buy	MAKEMYTRIP LIMITED MAURITIUS	$36,686,000	+12.6%	2,388,421	+12.3%	1.33%	+7.9%
FB	Sell	FACEBOOK INCcl a	$28,425,000	+10.9%	108,535	-3.9%	1.03%	+6.2%
CRM	Sell	SALESFORCE COM INC	$27,244,000	+10.7%	108,405	-17.5%	0.99%	+6.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$26,054,000	+4.0%	83,567	-1.6%	0.94%	-0.4%
SCHW	Buy	SCHWAB CHARLES CORP	$23,458,000	+31.3%	647,487	+22.3%	0.85%	+25.9%
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$23,460,000	–	286,936	–	0.85%	–
V	Buy	VISA INC	$22,769,000	+115.9%	113,861	+108.6%	0.83%	+107.0%
NOAH	Sell	NOAH HLDGS LTDspon ads cl a	$21,843,000	-29.9%	837,849	-31.5%	0.79%	-32.9%
FISV	Buy	FISERV INC	$19,872,000	+30.2%	192,836	+23.3%	0.72%	+24.7%
ANTM	Sell	ANTHEM INC	$18,969,000	-6.6%	70,626	-8.5%	0.69%	-10.5%
AMZN	Sell	AMAZON COM INC	$18,335,000	+2.4%	5,823	-10.3%	0.66%	-1.9%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$17,801,000	-45.9%	73,383	-42.5%	0.65%	-48.2%
CP	Sell	CANADIAN PAC RY LTD	$16,835,000	+15.6%	55,299	-3.1%	0.61%	+10.7%
UNP	Sell	UNION PAC CORP	$16,536,000	+11.2%	83,997	-4.5%	0.60%	+6.6%
MSFT	Buy	MICROSOFT CORP	$16,196,000	+5.0%	77,002	+1.6%	0.59%	+0.5%
FWONK	Buy	LIBERTY MEDIA CORP DEL	$12,701,000	+174.4%	350,178	+139.9%	0.46%	+163.4%
JOBS	Buy	51JOB INCsponsored ads	$11,064,000	+656.3%	141,868	+596.3%	0.40%	+629.1%
CPRI	Sell	CAPRI HOLDINGS LIMITED	$9,794,000	+15.0%	544,086	-0.2%	0.36%	+9.9%
MCO	Sell	MOODYS CORP	$8,289,000	+0.7%	28,598	-4.6%	0.30%	-3.5%
MDLZ	Sell	MONDELEZ INTL INCcl a	$7,135,000	+7.3%	124,189	-4.5%	0.26%	+2.8%
NFLX	Sell	NETFLIX INC	$5,717,000	-20.8%	11,434	-27.9%	0.21%	-24.2%
AXP	Sell	AMERICAN EXPRESS CO	$4,495,000	+0.7%	44,837	-4.4%	0.16%	-3.6%
YUM	Sell	YUM BRANDS INC	$4,008,000	+0.7%	43,896	-4.2%	0.14%	-4.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$3,601,000	+13.5%	77,846	-4.3%	0.13%	+9.2%
DAO	New	YOUDAO INCsponsored ads	$3,055,000	–	118,216	–	0.11%	–
PINS	Sell	PINTEREST INCcl a	$2,898,000	-24.5%	69,822	-59.6%	0.10%	-27.6%
WWE	Sell	WORLD WRESTLING ENTMT INCcl a	$2,874,000	-73.0%	71,013	-71.0%	0.10%	-74.2%
UNVR	Sell	UNIVAR SOLUTIONS USA INC	$2,682,000	-71.3%	158,890	-71.4%	0.10%	-72.6%
MGP	Buy	MGM GROWTH PPTYS LLC	$2,538,000	+30.6%	90,725	+27.0%	0.09%	+24.3%
SE	New	SEA LTDsponsord ads	$2,197,000	–	14,263	–	0.08%	–
LOW	Sell	LOWES COS INC	$2,148,000	-20.1%	12,952	-34.9%	0.08%	-23.5%
WORK	Sell	SLACK TECHNOLOGIES INC	$2,013,000	-17.9%	74,928	-5.0%	0.07%	-21.5%
EL	Sell	LAUDER ESTEE COS INCcl a	$1,947,000	+10.1%	8,921	-4.9%	0.07%	+6.0%
SPG	Sell	SIMON PPTY GROUP INC NEW	$1,948,000	-39.1%	30,123	-35.6%	0.07%	-41.3%
CG	Sell	CARLYLE GROUP INC	$1,549,000	-16.2%	62,800	-5.2%	0.06%	-20.0%
STZ	Sell	CONSTELLATION BRANDS INCcl a	$835,000	+4.0%	4,407	-4.0%	0.03%	0.0%
GOLD	Sell	BARRICK GOLD CORP	$817,000	-12.0%	29,068	-15.6%	0.03%	-14.3%
BZUN	Buy	BAOZUN INCsponsored adr	$751,000	+209.1%	23,116	+265.9%	0.03%	+200.0%
C	Sell	CITIGROUP INC	$438,000	-91.2%	10,154	-89.6%	0.02%	-91.5%
AFYA	New	AFYA LTD	$338,000	–	12,418	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$236,000	–	1,693	–	0.01%	–
CME	New	CME GROUP INC	$226,000	–	1,350	–	0.01%	–
LIN	Sell	LINDE PLC	$215,000	-97.1%	904	-97.4%	0.01%	-97.1%
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-3,273	–	-0.04%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-37,564	–	-0.05%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-31,884	–	-0.07%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-17,584	–	-0.10%	–
MS	Exit	MORGAN STANLEY	$0	–	-113,340	–	-0.21%	–
ABBV	Exit	ABBVIE INC	$0	–	-77,985	–	-0.29%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-1,318,186	–	-2.69%	–

Q2 2020

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$284,619,000	–	1,319,511	–	10.77%	–
JD	New	JD.COM INCspon adr cl a	$232,859,000	–	3,869,380	–	8.81%	–
PM	New	PHILIP MORRIS INTL INC	$174,382,000	–	2,489,040	–	6.60%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$159,237,000	–	2,567,919	–	6.03%	–
YNDX	New	YANDEX N V	$147,662,000	–	2,952,052	–	5.59%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTsponsored adr	$124,228,000	–	9,504,853	–	4.70%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$121,332,000	–	931,671	–	4.59%	–
HDB	New	HDFC BANK LTDsponsored ads	$117,265,000	–	2,579,517	–	4.44%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$116,342,000	–	2,049,363	–	4.40%	–
NTES	New	NETEASE INCsponsored ads	$112,734,000	–	262,550	–	4.27%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$88,284,000	–	5,688,416	–	3.34%	–
TCOM	New	TRIP COM GROUP LTDads	$85,621,000	–	3,303,276	–	3.24%	–
WUBA	New	58 COM INCspon adr rep a	$71,103,000	–	1,318,186	–	2.69%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$70,000,000	–	5,200,626	–	2.65%	–
MELI	New	MERCADOLIBRE INC	$67,291,000	–	68,262	–	2.55%	–
INFY	New	INFOSYS LTDsponsored adr	$62,501,000	–	6,470,113	–	2.37%	–
STNE	New	STONECO LTD	$51,880,000	–	1,338,496	–	1.96%	–
GOOGL	New	ALPHABET INCcap stk cl a	$48,255,000	–	34,029	–	1.83%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$44,093,000	–	86,450	–	1.67%	–
YUMC	New	YUM CHINA HLDGS INC	$41,741,000	–	868,341	–	1.58%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$32,929,000	–	127,539	–	1.25%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$32,570,000	–	2,125,971	–	1.23%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$31,169,000	–	1,223,742	–	1.18%	–
FB	New	FACEBOOK INCcl a	$25,641,000	–	112,921	–	0.97%	–
UNH	New	UNITEDHEALTH GROUP INC	$25,061,000	–	84,966	–	0.95%	–
CRM	New	SALESFORCE COM INC	$24,618,000	–	131,413	–	0.93%	–
ANTM	New	ANTHEM INC	$20,305,000	–	77,211	–	0.77%	–
AMZN	New	AMAZON COM INC	$17,910,000	–	6,492	–	0.68%	–
SCHW	New	SCHWAB CHARLES CORP	$17,861,000	–	529,375	–	0.68%	–
MSFT	New	MICROSOFT CORP	$15,423,000	–	75,783	–	0.58%	–
FISV	New	FISERV INC	$15,263,000	–	156,351	–	0.58%	–
UNP	New	UNION PAC CORP	$14,870,000	–	87,952	–	0.56%	–
CP	New	CANADIAN PAC RY LTD	$14,568,000	–	57,053	–	0.55%	–
WWE	New	WORLD WRESTLING ENTMT INCcl a	$10,648,000	–	245,056	–	0.40%	–
V	New	VISA INC	$10,545,000	–	54,590	–	0.40%	–
UNVR	New	UNIVAR SOLUTIONS INC	$9,358,000	–	555,050	–	0.35%	–
CPRI	New	CAPRI HOLDINGS LIMITED	$8,520,000	–	545,105	–	0.32%	–
MCO	New	MOODYS CORP	$8,232,000	–	29,963	–	0.31%	–
ABBV	New	ABBVIE INC	$7,657,000	–	77,985	–	0.29%	–
LIN	New	LINDE PLC	$7,298,000	–	34,405	–	0.28%	–
NFLX	New	NETFLIX INC	$7,216,000	–	15,859	–	0.27%	–
MDLZ	New	MONDELEZ INTL INCcl a	$6,649,000	–	130,047	–	0.25%	–
MS	New	MORGAN STANLEY	$5,474,000	–	113,340	–	0.21%	–
C	New	CITIGROUP INC	$4,972,000	–	97,305	–	0.19%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$4,629,000	–	145,983	–	0.18%	–
AXP	New	AMERICAN EXPRESS CO	$4,463,000	–	46,878	–	0.17%	–
YUM	New	YUM BRANDS INC	$3,982,000	–	45,818	–	0.15%	–
PINS	New	PINTEREST INCcl a	$3,836,000	–	173,035	–	0.14%	–
SPG	New	SIMON PPTY GROUP INC NEW	$3,200,000	–	46,804	–	0.12%	–
CMCSA	New	COMCAST CORP NEWcl a	$3,172,000	–	81,370	–	0.12%	–
LOW	New	LOWES COS INC	$2,688,000	–	19,894	–	0.10%	–
AAP	New	ADVANCE AUTO PARTS INC	$2,505,000	–	17,584	–	0.10%	–
WORK	New	SLACK TECHNOLOGIES INC	$2,451,000	–	78,836	–	0.09%	–
MGP	New	MGM GROWTH PPTYS LLC	$1,944,000	–	71,430	–	0.07%	–
CG	New	CARLYLE GROUP INC	$1,848,000	–	66,221	–	0.07%	–
BX	New	BLACKSTONE GROUP INC	$1,807,000	–	31,884	–	0.07%	–
EL	New	LAUDER ESTEE COS INCcl a	$1,769,000	–	9,376	–	0.07%	–
JOBS	New	51JOB INCsponsored ads	$1,463,000	–	20,376	–	0.06%	–
LUV	New	SOUTHWEST AIRLS CO	$1,284,000	–	37,564	–	0.05%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,186,000	–	3,273	–	0.04%	–
GOLD	New	BARRICK GOLD CORPORATION	$928,000	–	34,440	–	0.04%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$803,000	–	4,589	–	0.03%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$511,000	–	6,181	–	0.02%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$395,000	–	11,189	–	0.02%	–
VALE	New	VALE S Asponsored ads	$293,000	–	28,466	–	0.01%	–
BZUN	New	BAOZUN INCsponsored adr	$243,000	–	6,318	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON	$207,000	–	1,469	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
MIK	Exit	MICHAELS COS INC	$0	–	-14,888	–	-0.01%	–
TGS	Exit	TRANSPORTADORA DE GAS SURsponsored ads b	$0	–	-24,156	–	-0.01%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-6,660	–	-0.01%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,464	–	-0.01%	–
TAK	Exit	TAKEDA PHARMACEUTICAL CO LTDsponsored ads	$0	–	-13,623	–	-0.01%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-22,672	–	-0.01%	–
APO	Exit	APOLLO GLOBAL MGMT INC	$0	–	-8,253	–	-0.01%	–
PRO	Exit	PROS HOLDINGS INC	$0	–	-7,099	–	-0.02%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-2,827	–	-0.02%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-9,879	–	-0.04%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-29,957	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-8,097	–	-0.04%	–
IPHI	Exit	INPHI CORP	$0	–	-18,449	–	-0.04%	–
TGT	Exit	TARGET CORP	$0	–	-10,890	–	-0.04%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-2,330	–	-0.04%	–
VAC	Exit	MARRIOTT VACTINS WORLDWID CO	$0	–	-12,599	–	-0.05%	–
WCG	Exit	WELLCARE HEALTH PLANS INC	$0	–	-5,614	–	-0.05%	–
EPC	Exit	EDGEWELL PERS CARE CO	$0	–	-49,818	–	-0.06%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-20,274	–	-0.07%	–
AGCO	Exit	AGCO CORP	$0	–	-26,874	–	-0.08%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-9,445	–	-0.08%	–
SMAR	Exit	SMARTSHEET INC	$0	–	-60,138	–	-0.08%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-56,421	–	-0.09%	–
KKR	Exit	KKR & CO INCcl a	$0	–	-87,870	–	-0.09%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-97,648	–	-0.10%	–
MAC	Exit	MACERICH CO	$0	–	-86,864	–	-0.10%	–
VRNS	Exit	VARONIS SYS INC	$0	–	-46,137	–	-0.10%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-9,636	–	-0.10%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-22,097	–	-0.10%	–
ATRA	Exit	ATARA BIOTHERAPEUTICS INC	$0	–	-198,166	–	-0.10%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-31,068	–	-0.11%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-56,791	–	-0.11%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-18,632	–	-0.11%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-31,033	–	-0.13%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-114,431	–	-0.13%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-80,584	–	-0.13%	–
STNE	Exit	STONECO LTD	$0	–	-98,984	–	-0.13%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-47,036	–	-0.14%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-326,923	–	-0.14%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-77,222	–	-0.14%	–
AGN	Exit	ALLERGAN PLC	$0	–	-22,309	–	-0.14%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-105,834	–	-0.14%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-109,344	–	-0.15%	–
FIVN	Exit	FIVE9 INC	$0	–	-82,891	–	-0.17%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-33,781	–	-0.18%	–
LN	Exit	LINE CORPsponsored adr	$0	–	-133,019	–	-0.18%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-32,366	–	-0.18%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-119,864	–	-0.18%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-21,318	–	-0.18%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-38,428	–	-0.18%	–
NOW	Exit	SERVICENOW INC	$0	–	-19,847	–	-0.19%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-103,400	–	-0.19%	–
LOW	Exit	LOWES COS INC	$0	–	-47,576	–	-0.20%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-40,376	–	-0.20%	–
CI	Exit	CIGNA CORP NEW	$0	–	-37,585	–	-0.21%	–
VIAB	Exit	VIACOM INC NEWcl b	$0	–	-237,432	–	-0.21%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-104,130	–	-0.22%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-393,682	–	-0.22%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-237,003	–	-0.22%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-872,042	–	-0.22%	–
WYND	Exit	WYNDHAM DESTINATIONS INC	$0	–	-128,356	–	-0.22%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-31,128	–	-0.24%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-92,053	–	-0.24%	–
GRUB	Exit	GRUBHUB INC	$0	–	-116,983	–	-0.25%	–
NFLX	Exit	NETFLIX INC	$0	–	-24,571	–	-0.25%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-81,772	–	-0.25%	–
MNST	Exit	MONSTER BEVERAGE CORP NEW	$0	–	-116,346	–	-0.25%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-131,344	–	-0.25%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-583,750	–	-0.26%	–
TWTR	Exit	TWITTER INC	$0	–	-181,039	–	-0.28%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-105,028	–	-0.28%	–
PRSP	Exit	PERSPECTA INC	$0	–	-287,734	–	-0.28%	–
ABBV	Exit	ABBVIE INC	$0	–	-100,662	–	-0.28%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-209,880	–	-0.29%	–
MS	Exit	MORGAN STANLEY	$0	–	-185,065	–	-0.30%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-52,644	–	-0.31%	–
MDCO	Exit	MEDICINES CO	$0	–	-165,526	–	-0.31%	–
OC	Exit	OWENS CORNING NEW	$0	–	-136,066	–	-0.32%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-70,623	–	-0.33%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-138,206	–	-0.34%	–
HUM	Exit	HUMANA INC	$0	–	-36,756	–	-0.35%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-76,238	–	-0.40%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-133,171	–	-0.40%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-171,705	–	-0.40%	–
LB	Exit	L BRANDS INC	$0	–	-583,570	–	-0.43%	–
TMUS	Exit	T MOBILE US INC	$0	–	-158,476	–	-0.47%	–
UAL	Exit	UNITED AIRLINES HLDGS INC	$0	–	-143,945	–	-0.48%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-440,669	–	-0.49%	–
FISV	Exit	FISERV INC	$0	–	-126,498	–	-0.49%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-6,785	–	-0.50%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-63,687	–	-0.52%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-564,734	–	-0.57%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-75,569	–	-0.58%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-658,834	–	-0.63%	–
ANTM	Exit	ANTHEM INC	$0	–	-71,083	–	-0.64%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-31,699	–	-0.65%	–
C	Exit	CITIGROUP INC	$0	–	-258,451	–	-0.67%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-15,551	–	-0.71%	–
CNC	Exit	CENTENE CORP DEL	$0	–	-471,012	–	-0.76%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-356,460	–	-0.77%	–
AMZN	Exit	AMAZON COM INC	$0	–	-12,250	–	-0.79%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-827,743	–	-0.89%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-138,044	–	-0.92%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-219,369	–	-0.93%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-571,560	–	-1.04%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-1,298,225	–	-1.10%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-619,860	–	-1.40%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-110,487	–	-1.70%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-627,109	–	-1.73%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-1,046,552	–	-1.78%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-40,293	–	-1.84%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,776,816	–	-1.94%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-1,437,872	–	-2.50%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-4,044,384	–	-2.90%	–
CTRP	Exit	CTRIP COM INTL LTDsponsored ads	$0	–	-2,703,529	–	-2.96%	–
MLCO	Exit	MELCO RESORTS AND ENTMT LTDadr	$0	–	-4,262,131	–	-3.09%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-331,831	–	-3.30%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-1,082,781	–	-3.70%	–
YNDX	Exit	YANDEX N V	$0	–	-3,037,632	–	-3.97%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-1,156,947	–	-4.79%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-2,306,881	–	-4.92%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-4,864,368	–	-5.12%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-1,983,283	–	-5.62%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,368,730	–	-8.55%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-5,171,070	–	-9.52%	–

Q3 2019

			Value		Shares		↓ Weighting
WUBA	Buy	58 COM INCspon adr rep a	$254,985,000	-1.5%	5,171,070	+24.2%	9.52%	+0.6%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$228,893,000	+4.5%	1,368,730	+5.9%	8.55%	+6.7%
PM	Sell	PHILIP MORRIS INTL INC	$150,591,000	-9.8%	1,983,283	-6.7%	5.62%	-7.9%
JD	Sell	JD COM INCspon adr cl a	$137,224,000	-27.6%	4,864,368	-22.3%	5.12%	-26.1%
HDB	Buy	HDFC BANK LTDsponsored ads	$131,608,000	-5.3%	2,306,881	+115.9%	4.92%	-3.3%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$128,144,000	-25.4%	1,156,947	-34.9%	4.79%	-23.8%
YNDX	Sell	YANDEX N V	$106,348,000	-9.2%	3,037,632	-1.5%	3.97%	-7.3%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$99,161,000	+0.5%	1,082,781	+6.1%	3.70%	+2.6%
NTES	Buy	NETEASE INCsponsored ads	$88,326,000	+58.5%	331,831	+52.3%	3.30%	+61.9%
MLCO	Buy	MELCO RESORTS AND ENTMT LTDadr	$82,728,000	-1.9%	4,262,131	+9.7%	3.09%	+0.2%
CTRP	Buy	CTRIP COM INTL LTDsponsored ads	$79,186,000	-7.4%	2,703,529	+16.7%	2.96%	-5.4%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$77,773,000	+15.3%	4,044,384	+46.8%	2.90%	+17.8%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$66,832,000	+4.0%	1,437,872	-12.4%	2.50%	+6.2%
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$51,883,000	-10.6%	1,776,816	+30.3%	1.94%	-8.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$49,203,000	+3.5%	40,293	-8.2%	1.84%	+5.8%
YUMC	Buy	YUM CHINA HLDGS INC	$47,545,000	+18.6%	1,046,552	+20.7%	1.78%	+21.1%
JOBS	Buy	51JOB INCsponsored ads	$46,406,000	+36.4%	627,109	+39.1%	1.73%	+39.2%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$45,534,000	-6.8%	110,487	-10.6%	1.70%	-4.8%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$37,356,000	-33.2%	619,860	-29.8%	1.40%	-31.8%
MMYT	Buy	MAKEMYTRIP LIMITED MAURITIUS	$29,456,000	+3974.1%	1,298,225	+4351.2%	1.10%	+4130.8%
BX	New	BLACKSTONE GROUP INC	$27,915,000	–	571,560	–	1.04%	–
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$25,008,000	-5.3%	219,369	+21.4%	0.93%	-3.3%
FB	Sell	FACEBOOK INCcl a	$24,583,000	-13.8%	138,044	-6.5%	0.92%	-11.9%
ATUS	Sell	ALTICE USA INCcl a	$23,740,000	-6.4%	827,743	-20.5%	0.89%	-4.3%
AMZN	Buy	AMAZON COM INC	$21,265,000	-7.7%	12,250	+0.7%	0.79%	-5.7%
DAL	Sell	DELTA AIR LINES INC DEL	$20,532,000	-7.0%	356,460	-8.3%	0.77%	-5.0%
CNC	Buy	CENTENE CORP DEL	$20,376,000	+118.3%	471,012	+164.7%	0.76%	+123.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$18,957,000	+17.6%	15,551	+4.2%	0.71%	+20.0%
C	Sell	CITIGROUP INC	$17,854,000	-8.4%	258,451	-7.1%	0.67%	-6.5%
MELI	Sell	MERCADOLIBRE INC	$17,473,000	-53.0%	31,699	-47.8%	0.65%	-52.0%
ANTM	Buy	ANTHEM INC	$17,067,000	+10.8%	71,083	+30.2%	0.64%	+13.1%
CG	Sell	CARLYLE GROUP L P	$16,840,000	+5.3%	658,834	-6.9%	0.63%	+7.5%
AAL	Buy	AMERICAN AIRLS GROUP INC	$15,231,000	-15.7%	564,734	+1.9%	0.57%	-13.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$13,840,000	+58.5%	63,687	+78.0%	0.52%	+62.1%
BKNG	Sell	BOOKING HLDGS INC	$13,316,000	-13.5%	6,785	-17.4%	0.50%	-11.7%
FISV	Sell	FISERV INC	$13,104,000	-19.3%	126,498	-29.0%	0.49%	-17.7%
DXC	Buy	DXC TECHNOLOGY CO	$13,000,000	-22.9%	440,669	+44.2%	0.49%	-21.1%
UAL	Sell	UNITED AIRLINES HLDGS INC	$12,726,000	-11.1%	143,945	-11.9%	0.48%	-9.2%
TMUS	Buy	T MOBILE US INC	$12,483,000	+17.7%	158,476	+10.8%	0.47%	+20.1%
CVS	Sell	CVS HEALTH CORP	$10,829,000	+5.2%	171,705	-9.1%	0.40%	+7.2%
ALNY	Sell	ALNYLAM PHARMACEUTICALS INC	$10,710,000	-17.8%	133,171	-25.9%	0.40%	-16.1%
MSFT	Sell	MICROSOFT CORP	$10,599,000	-17.9%	76,238	-20.9%	0.40%	-16.1%
HUM	Sell	HUMANA INC	$9,397,000	-46.1%	36,756	-44.0%	0.35%	-44.9%
WLK	Buy	WESTLAKE CHEM CORP	$9,055,000	+1199.1%	138,206	+1276.6%	0.34%	+1252.0%
MHK	Buy	MOHAWK INDS INC	$8,762,000	+12.5%	70,623	+33.7%	0.33%	+14.7%
OC	Sell	OWENS CORNING NEW	$8,599,000	-1.1%	136,066	-8.9%	0.32%	+0.9%
MDCO	Buy	MEDICINES CO	$8,276,000	+72.2%	165,526	+25.6%	0.31%	+75.6%
SPG	Buy	SIMON PPTY GROUP INC NEW	$8,194,000	+86.2%	52,644	+91.1%	0.31%	+90.1%
MS	Buy	MORGAN STANLEY	$7,897,000	+39.7%	185,065	+43.4%	0.30%	+42.5%
SKX	Buy	SKECHERS U S A INCcl a	$7,839,000	+24.3%	209,880	+4.8%	0.29%	+26.8%
ABBV	Buy	ABBVIE INC	$7,622,000	+16.0%	100,662	+11.4%	0.28%	+18.8%
PRSP	Sell	PERSPECTA INC	$7,516,000	+1.3%	287,734	-9.3%	0.28%	+3.7%
DD	Buy	DUPONT DE NEMOURS INC	$7,490,000	+96.4%	105,028	+106.8%	0.28%	+101.4%
TWTR	Sell	TWITTER INC	$7,459,000	-2.9%	181,039	-17.8%	0.28%	-0.7%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$6,796,000	-5.3%	131,344	+2.1%	0.25%	-3.1%
MNST	New	MONSTER BEVERAGE CORP NEW	$6,755,000	–	116,346	–	0.25%	–
DFS	Sell	DISCOVER FINL SVCS	$6,631,000	-31.8%	81,772	-34.7%	0.25%	-30.3%
GRUB	Buy	GRUBHUB INC	$6,576,000	-27.1%	116,983	+1.1%	0.25%	-25.5%
NFLX	New	NETFLIX INC	$6,576,000	–	24,571	–	0.25%	–
QSR	Buy	RESTAURANT BRANDS INTL INC	$6,549,000	+18.6%	92,053	+15.9%	0.24%	+21.3%
PANW	Buy	PALO ALTO NETWORKS INC	$6,345,000	+3.8%	31,128	+3.7%	0.24%	+5.8%
WYND	Buy	WYNDHAM DESTINATIONS INC	$5,907,000	+20.6%	128,356	+15.0%	0.22%	+23.5%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$5,807,000	+197.3%	393,682	+181.8%	0.22%	+205.6%
KAR	Buy	KAR AUCTION SVCS INC	$5,818,000	+173.9%	237,003	+179.0%	0.22%	+178.2%
MDLZ	Sell	MONDELEZ INTL INCcl a	$5,760,000	-56.1%	104,130	-57.2%	0.22%	-55.1%
VIAB	New	VIACOM INC NEWcl b	$5,705,000	–	237,432	–	0.21%	–
CI	Buy	CIGNA CORP NEW	$5,705,000	+7.6%	37,585	+11.6%	0.21%	+9.8%
PFPT	Sell	PROOFPOINT INC	$5,211,000	-14.1%	40,376	-19.9%	0.20%	-12.2%
LOW	Sell	LOWES COS INC	$5,231,000	-22.1%	47,576	-28.5%	0.20%	-20.4%
AMAT	Buy	APPLIED MATLS INC	$5,160,000	+84.7%	103,400	+66.2%	0.19%	+89.2%
NOW	Buy	SERVICENOW INC	$5,038,000	+41.2%	19,847	+52.7%	0.19%	+43.5%
TXN	Sell	TEXAS INSTRS INC	$4,966,000	+6.7%	38,428	-5.2%	0.18%	+8.8%
LRCX	Sell	LAM RESEARCH CORP	$4,927,000	-3.0%	21,318	-21.1%	0.18%	-1.1%
CBS	Sell	CBS CORP NEWcl b	$4,839,000	-44.9%	119,864	-31.8%	0.18%	-43.6%
CRM	New	SALESFORCE COM INC	$4,804,000	–	32,366	–	0.18%	–
LN	Buy	LINE CORPsponsored adr	$4,781,000	+28.8%	133,019	+0.8%	0.18%	+31.6%
JLL	New	JONES LANG LASALLE INC	$4,698,000	–	33,781	–	0.18%	–
FIVN	Sell	FIVE9 INC	$4,455,000	-5.2%	82,891	-9.5%	0.17%	-3.5%
BTI	Buy	BRITISH AMERN TOB PLCsponsored adr	$4,035,000	+20.0%	109,344	+13.4%	0.15%	+22.8%
SAVE	Buy	SPIRIT AIRLS INC	$3,842,000	+166.3%	105,834	+250.1%	0.14%	+169.8%
AGN	Sell	ALLERGAN PLC	$3,754,000	-58.6%	22,309	-58.8%	0.14%	-57.8%
QTWO	Sell	Q2 HLDGS INC	$3,710,000	+0.1%	47,036	-3.1%	0.14%	+2.2%
INFY	Buy	INFOSYS LTDsponsored adr	$3,717,000	+512.4%	326,923	+476.0%	0.14%	+531.8%
CDK	New	CDK GLOBAL INC	$3,714,000	–	77,222	–	0.14%	–
STNE	Sell	STONECO LTD	$3,443,000	+5.2%	98,984	-10.6%	0.13%	+7.5%
MU	Buy	MICRON TECHNOLOGY INC	$3,453,000	+49.5%	80,584	+34.6%	0.13%	+53.6%
RCL	Buy	ROYAL CARIBBEAN CRUISES LTD	$3,362,000	+8.1%	31,033	+20.9%	0.13%	+10.5%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDG L	$2,940,000	+3.3%	56,791	+7.0%	0.11%	+5.8%
HLT	New	HILTON WORLDWIDE HLDGS INC	$2,893,000	–	31,068	–	0.11%	–
ATRA	Buy	ATARA BIOTHERAPEUTICS INC	$2,798,000	+51.2%	198,166	+115.3%	0.10%	+52.9%
FLT	New	FLEETCOR TECHNOLOGIES INC	$2,763,000	–	9,636	–	0.10%	–
PG	Buy	PROCTER & GAMBLE CO	$2,748,000	+79.0%	22,097	+57.9%	0.10%	+83.9%
VRNS	Buy	VARONIS SYS INC	$2,758,000	+23.1%	46,137	+27.5%	0.10%	+25.6%
MGM	Sell	MGM RESORTS INTERNATIONAL	$2,707,000	-50.3%	97,648	-48.7%	0.10%	-49.2%
KKR	Buy	KKR & CO INCcl a	$2,359,000	+6.5%	87,870	+0.2%	0.09%	+8.6%
SMAR	New	SMARTSHEET INC	$2,167,000	–	60,138	–	0.08%	–
CP	Buy	CANADIAN PAC RY LTD	$2,101,000	+10.2%	9,445	+16.5%	0.08%	+11.4%
AGCO	New	AGCO CORP	$2,034,000	–	26,874	–	0.08%	–
TIF	Buy	TIFFANY & CO NEW	$1,878,000	+16.1%	20,274	+17.4%	0.07%	+18.6%
EPC	Buy	EDGEWELL PERS CARE CO	$1,619,000	+81.7%	49,818	+50.6%	0.06%	+81.8%
WCG	New	WELLCARE HEALTH PLANS INC	$1,455,000	–	5,614	–	0.05%	–
TDG	Sell	TRANSDIGM GROUP INC	$1,213,000	-80.0%	2,330	-81.5%	0.04%	-79.7%
TGT	Sell	TARGET CORP	$1,164,000	-70.0%	10,890	-75.7%	0.04%	-69.7%
IPHI	New	INPHI CORP	$1,126,000	–	18,449	–	0.04%	–
HGV	Buy	HILTON GRAND VACATIONS INC	$959,000	+8.6%	29,957	+8.0%	0.04%	+12.5%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$940,000	-41.6%	9,879	-45.7%	0.04%	-40.7%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$586,000	+81.4%	2,827	+72.6%	0.02%	+83.3%
PRO	New	PROS HOLDINGS INC	$423,000	–	7,099	–	0.02%	–
APO	New	APOLLO GLOBAL MGMT INC	$312,000	–	8,253	–	0.01%	–
DESP	Buy	DESPEGAR COM CORP	$257,000	+8.9%	22,672	+33.2%	0.01%	+11.1%
NKE	Sell	NIKE INCcl b	$231,000	-91.5%	2,464	-92.4%	0.01%	-90.9%
TAL	New	TAL EDUCATION GROUPsponsored ads	$228,000	–	6,660	–	0.01%	–
TAK	Sell	TAKEDA PHARMACEUTICAL CO LTDsponsored ads	$234,000	-28.0%	13,623	-25.8%	0.01%	-25.0%
TGS	Sell	TRANSPORTADORA DE GAS SURsponsored ads b	$205,000	-53.9%	24,156	-21.5%	0.01%	-50.0%
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-14,885	–	-0.01%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,589	–	-0.01%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-8,253	–	-0.01%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-9,868	–	-0.04%	–
BL	Exit	BLACKLINE INC	$0	–	-24,738	–	-0.05%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-14,480	–	-0.05%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-11,100	–	-0.05%	–
ADBE	Exit	ADOBE INC	$0	–	-4,660	–	-0.05%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-11,710	–	-0.06%	–
CTVA	Exit	CORTEVA INC	$0	–	-63,910	–	-0.07%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-128,902	–	-0.10%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-46,750	–	-0.10%	–
CAR	Exit	AVIS BUDGET GROUP INC	$0	–	-104,365	–	-0.13%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-97,191	–	-0.19%	–
AABA	Exit	ALTABA INC	$0	–	-210,318	–	-0.53%	–

Q2 2019

			Value		Shares		↓ Weighting
WUBA	New	58 COM INCspon adr rep a	$258,779,000	–	4,162,447	–	9.46%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$218,969,000	–	1,292,232	–	8.01%	–
JD	New	JD COM INCspon adr cl a	$189,519,000	–	6,256,807	–	6.93%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$171,683,000	–	1,777,623	–	6.28%	–
PM	New	PHILIP MORRIS INTL INC	$166,909,000	–	2,125,409	–	6.10%	–
HDB	New	HDFC BANK LTDsponsored ads	$138,964,000	–	1,068,624	–	5.08%	–
YNDX	New	YANDEX N V	$117,139,000	–	3,082,625	–	4.28%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$98,710,000	–	1,020,260	–	3.61%	–
CTRP	New	CTRIP COM INTL LTDsponsored ads	$85,514,000	–	2,316,840	–	3.13%	–
MLCO	New	MELCO RESORTS AND ENTMT LTDadr	$84,369,000	–	3,884,374	–	3.08%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$67,436,000	–	2,754,735	–	2.47%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$64,277,000	–	1,640,996	–	2.35%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$58,042,000	–	1,364,095	–	2.12%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$55,941,000	–	882,484	–	2.05%	–
NTES	New	NETEASE INCsponsored adr	$55,738,000	–	217,925	–	2.04%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$48,847,000	–	123,606	–	1.79%	–
GOOGL	New	ALPHABET INCcap stk cl a	$47,536,000	–	43,901	–	1.74%	–
YUMC	New	YUM CHINA HLDGS INC	$40,075,000	–	867,424	–	1.47%	–
MELI	New	MERCADOLIBRE INC	$37,176,000	–	60,768	–	1.36%	–
JOBS	New	51JOB INCsponsored ads	$34,031,000	–	450,738	–	1.24%	–
FB	New	FACEBOOK INCcl a	$28,505,000	–	147,695	–	1.04%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$26,414,000	–	180,643	–	0.97%	–
ATUS	New	ALTICE USA INCcl a	$25,360,000	–	1,041,486	–	0.93%	–
AMZN	New	AMAZON COM INC	$23,028,000	–	12,161	–	0.84%	–
DAL	New	DELTA AIR LINES INC DEL	$22,066,000	–	388,822	–	0.81%	–
C	New	CITIGROUP INC	$19,484,000	–	278,220	–	0.71%	–
AAL	New	AMERICAN AIRLS GROUP INC	$18,068,000	–	554,062	–	0.66%	–
HUM	New	HUMANA INC	$17,428,000	–	65,690	–	0.64%	–
DXC	New	DXC TECHNOLOGY CO	$16,854,000	–	305,610	–	0.62%	–
FISV	New	FISERV INC	$16,234,000	–	178,084	–	0.59%	–
GOOG	New	ALPHABET INCcap stk cl c	$16,125,000	–	14,918	–	0.59%	–
CG	New	CARLYLE GROUP L P	$15,997,000	–	707,516	–	0.58%	–
GS	New	GOLDMAN SACHS GROUP INC	$15,461,000	–	75,569	–	0.56%	–
ANTM	New	ANTHEM INC	$15,407,000	–	54,594	–	0.56%	–
BKNG	New	BOOKING HLDGS INC	$15,399,000	–	8,214	–	0.56%	–
LB	New	L BRANDS INC	$15,231,000	–	583,570	–	0.56%	–
AABA	New	ALTABA INC	$14,590,000	–	210,318	–	0.53%	–
UAL	New	UNITED CONTL HLDGS INC	$14,309,000	–	163,437	–	0.52%	–
MDLZ	New	MONDELEZ INTL INCcl a	$13,110,000	–	243,224	–	0.48%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$13,033,000	–	179,610	–	0.48%	–
MSFT	New	MICROSOFT CORP	$12,917,000	–	96,428	–	0.47%	–
TMUS	New	T MOBILE US INC	$10,608,000	–	143,080	–	0.39%	–
CVS	New	CVS HEALTH CORP	$10,298,000	–	188,987	–	0.38%	–
DFS	New	DISCOVER FINL SVCS	$9,722,000	–	125,303	–	0.36%	–
CNC	New	CENTENE CORP DEL	$9,332,000	–	177,949	–	0.34%	–
COMM	New	COMMSCOPE HLDG CO INC	$9,182,000	–	583,750	–	0.34%	–
AGN	New	ALLERGAN PLC	$9,067,000	–	54,151	–	0.33%	–
GRUB	New	GRUBHUB INC	$9,023,000	–	115,700	–	0.33%	–
CBS	New	CBS CORP NEWcl b	$8,775,000	–	175,848	–	0.32%	–
UNH	New	UNITEDHEALTH GROUP INC	$8,730,000	–	35,776	–	0.32%	–
OC	New	OWENS CORNING NEW	$8,694,000	–	149,380	–	0.32%	–
MHK	New	MOHAWK INDS INC	$7,787,000	–	52,805	–	0.28%	–
TWTR	New	TWITTER INC	$7,683,000	–	220,140	–	0.28%	–
PRSP	New	PERSPECTA INC	$7,423,000	–	317,100	–	0.27%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$7,173,000	–	128,683	–	0.26%	–
LOW	New	LOWES COS INC	$6,712,000	–	66,510	–	0.24%	–
ABBV	New	ABBVIE INC	$6,569,000	–	90,335	–	0.24%	–
SKX	New	SKECHERS U S A INCcl a	$6,307,000	–	200,274	–	0.23%	–
RLGY	New	REALOGY HLDGS CORP	$6,314,000	–	872,042	–	0.23%	–
PANW	New	PALO ALTO NETWORKS INC	$6,115,000	–	30,013	–	0.22%	–
TDG	New	TRANSDIGM GROUP INC	$6,077,000	–	12,561	–	0.22%	–
PFPT	New	PROOFPOINT INC	$6,063,000	–	50,423	–	0.22%	–
MS	New	MORGAN STANLEY	$5,653,000	–	129,037	–	0.21%	–
QSR	New	RESTAURANT BRANDS INTL INC	$5,522,000	–	79,403	–	0.20%	–
MGM	New	MGM RESORTS INTERNATIONAL	$5,442,000	–	190,480	–	0.20%	–
CI	New	CIGNA CORP NEW	$5,304,000	–	33,664	–	0.19%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,313,000	–	97,191	–	0.19%	–
LRCX	New	LAM RESEARCH CORP	$5,078,000	–	27,032	–	0.19%	–
WYND	New	WYNDHAM DESTINATIONS INC	$4,900,000	–	111,627	–	0.18%	–
MDCO	New	MEDICINES CO	$4,807,000	–	131,810	–	0.18%	–
FIVN	New	FIVE9 INC	$4,699,000	–	91,624	–	0.17%	–
TXN	New	TEXAS INSTRS INC	$4,652,000	–	40,533	–	0.17%	–
SPG	New	SIMON PPTY GROUP INC NEW	$4,401,000	–	27,548	–	0.16%	–
TGT	New	TARGET CORP	$3,878,000	–	44,776	–	0.14%	–
DD	New	DUPONT DE NEMOURS INC	$3,813,000	–	50,790	–	0.14%	–
QTWO	New	Q2 HLDGS INC	$3,708,000	–	48,561	–	0.14%	–
LN	New	LINE CORPsponsored adr	$3,712,000	–	131,899	–	0.14%	–
CAR	New	AVIS BUDGET GROUP INC	$3,669,000	–	104,365	–	0.13%	–
NOW	New	SERVICENOW INC	$3,569,000	–	13,000	–	0.13%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$3,362,000	–	96,420	–	0.12%	–
STNE	New	STONECO LTD	$3,274,000	–	110,670	–	0.12%	–
UNP	New	UNION PACIFIC CORP	$3,151,000	–	18,632	–	0.12%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$3,111,000	–	25,665	–	0.11%	–
INVH	New	INVITATION HOMES INC	$3,059,000	–	114,431	–	0.11%	–
MAC	New	MACERICH CO	$2,909,000	–	86,864	–	0.11%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$2,847,000	–	53,077	–	0.10%	–
AMAT	New	APPLIED MATLS INC	$2,793,000	–	62,197	–	0.10%	–
LVS	New	LAS VEGAS SANDS CORP	$2,762,000	–	46,750	–	0.10%	–
NKE	New	NIKE INCcl b	$2,709,000	–	32,270	–	0.10%	–
KMI	New	KINDER MORGAN INC DEL	$2,691,000	–	128,902	–	0.10%	–
MU	New	MICRON TECHNOLOGY INC	$2,310,000	–	59,852	–	0.08%	–
TCO	New	TAUBMAN CTRS INC	$2,304,000	–	56,421	–	0.08%	–
VRNS	New	VARONIS SYS INC	$2,241,000	–	36,181	–	0.08%	–
KKR	New	KKR & CO INCcl a	$2,215,000	–	87,670	–	0.08%	–
KAR	New	KAR AUCTION SVCS INC	$2,124,000	–	84,950	–	0.08%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$1,953,000	–	139,700	–	0.07%	–
CP	New	CANADIAN PAC RY LTD	$1,907,000	–	8,105	–	0.07%	–
CTVA	New	CORTEVA INC	$1,890,000	–	63,910	–	0.07%	–
ATRA	New	ATARA BIOTHERAPEUTICS INC	$1,851,000	–	92,050	–	0.07%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,610,000	–	18,190	–	0.06%	–
TIF	New	TIFFANY & CO NEW	$1,617,000	–	17,269	–	0.06%	–
PG	New	PROCTER AND GAMBLE CO	$1,535,000	–	13,998	–	0.06%	–
SNPS	New	SYNOPSYS INC	$1,507,000	–	11,710	–	0.06%	–
SAVE	New	SPIRIT AIRLS INC	$1,443,000	–	30,228	–	0.05%	–
WYNN	New	WYNN RESORTS LTD	$1,376,000	–	11,100	–	0.05%	–
ADBE	New	ADOBE INC	$1,373,000	–	4,660	–	0.05%	–
EXP	New	EAGLE MATERIALS INC	$1,342,000	–	14,480	–	0.05%	–
BL	New	BLACKLINE INC	$1,324,000	–	24,738	–	0.05%	–
VAC	New	MARRIOTT VACTINS WORLDWID CO	$1,215,000	–	12,599	–	0.04%	–
DIS	New	DISNEY WALT CO	$1,131,000	–	8,097	–	0.04%	–
JPM	New	JPMORGAN CHASE & CO	$1,103,000	–	9,868	–	0.04%	–
EPC	New	EDGEWELL PERS CARE CO	$891,000	–	33,072	–	0.03%	–
HGV	New	HILTON GRAND VACATIONS INC	$883,000	–	27,744	–	0.03%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$723,000	–	29,166	–	0.03%	–
WLK	New	WESTLAKE CHEM CORP	$697,000	–	10,040	–	0.02%	–
INFY	New	INFOSYS LTDsponsored adr	$607,000	–	56,761	–	0.02%	–
TGS	New	TRANSPORTADORA DE GAS SURsponsored ads b	$445,000	–	30,784	–	0.02%	–
TAK	New	TAKEDA PHARMACEUTICAL CO LTDsponsored ads	$325,000	–	18,360	–	0.01%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$323,000	–	1,638	–	0.01%	–
APO	New	APOLLO GLOBAL MGMT LLC	$283,000	–	8,253	–	0.01%	–
PGR	New	PROGRESSIVE CORP OHIO	$287,000	–	3,589	–	0.01%	–
DESP	New	DESPEGAR COM CORP	$236,000	–	17,015	–	0.01%	–
MIK	New	MICHAELS COS INC	$130,000	–	14,888	–	0.01%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$140,000	–	14,885	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
CAAP	Exit	CORPORACION AMER ARPTS S A	$0	–	-27,673	–	-0.01%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-29,411	–	-0.01%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-963	–	-0.01%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-5,228	–	-0.02%	–
AGRO	Exit	ADECOAGRO S A	$0	–	-64,856	–	-0.02%	–
PAM	Exit	PAMPA ENERGIA S Aspons adr lvl i	$0	–	-15,830	–	-0.02%	–
TGS	Exit	TRANSPORTADORA DE GAS SURspon adr b	$0	–	-39,188	–	-0.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-18,121	–	-0.09%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-45,278	–	-0.11%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-21,531	–	-0.12%	–
L100PS	Exit	ARCONIC INC	$0	–	-128,390	–	-0.12%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-15,826	–	-0.12%	–
UNP	Exit	UNION PAC CORP	$0	–	-18,632	–	-0.13%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-107,106	–	-0.16%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-15,536	–	-0.18%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-23,815	–	-0.23%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-284,591	–	-0.28%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-88,514	–	-0.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-60,487	–	-0.30%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-221,162	–	-0.44%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-62,867	–	-0.46%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-5,856	–	-0.50%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-663,338	–	-0.50%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-528,437	–	-0.51%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-624,791	–	-0.55%	–
ANTM	Exit	ANTHEM INC	$0	–	-47,920	–	-0.57%	–
MAC	Exit	MACERICH CO	$0	–	-255,726	–	-0.61%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-415,827	–	-0.63%	–
KRG	Exit	KITE RLTY GROUP TR	$0	–	-891,558	–	-0.64%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-209,743	–	-0.66%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-200,400	–	-0.68%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-367,391	–	-0.68%	–
C	Exit	CITIGROUP INC	$0	–	-221,064	–	-0.68%	–
AMZN	Exit	AMAZON COM INC	$0	–	-8,011	–	-0.69%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-982,007	–	-0.71%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-275,526	–	-0.71%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-418,120	–	-0.74%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-1,583,318	–	-0.75%	–
LB	Exit	L BRANDS INC	$0	–	-624,980	–	-0.82%	–
AGN	Exit	ALLERGAN PLC	$0	–	-108,696	–	-0.89%	–
HDB	Exit	HDFC BANK LTD	$0	–	-226,622	–	-0.92%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-158,337	–	-1.12%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-1,489,274	–	-1.16%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-154,654	–	-1.18%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-911,170	–	-1.50%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-185,783	–	-1.83%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-133,786	–	-1.88%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-38,989	–	-2.03%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-3,695,466	–	-2.45%	–
V	Exit	VISA INC	$0	–	-379,519	–	-2.46%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-355,556	–	-2.52%	–
AABA	Exit	ALTABA INC	$0	–	-862,908	–	-2.53%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,964,758	–	-3.15%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-835,028	–	-3.56%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,999,168	–	-3.63%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-2,448,572	–	-3.70%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-1,567,126	–	-5.00%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-2,884,458	–	-5.49%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,707,758	–	-5.68%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-579,011	–	-5.71%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-5,896,002	–	-6.63%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-3,135,609	–	-9.95%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,921,377	–	-10.27%	–

Q3 2018

			Value		Shares		↓ Weighting
PM	Sell	PHILIP MORRIS INTL INC	$238,209,000	-23.9%	2,921,377	-24.7%	10.27%	-15.9%
WUBA	Buy	58 COM INCspon adr rep a	$230,781,000	+69.7%	3,135,609	+59.8%	9.95%	+87.6%
JD	Buy	JD COM INCspon adr cl a	$153,826,000	-29.0%	5,896,002	+6.0%	6.63%	-21.5%
BIDU	Buy	BAIDU INCspon adr rep a	$132,408,000	-1.8%	579,011	+4.3%	5.71%	+8.6%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$131,754,000	+64.8%	1,707,758	+68.8%	5.68%	+82.3%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$127,378,000	-4.2%	2,884,458	-20.7%	5.49%	+6.0%
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$115,983,000	–	1,567,126	–	5.00%	–
YUMC	Buy	YUM CHINA HLDGS INC	$85,969,000	+60.5%	2,448,572	+75.9%	3.70%	+77.5%
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$84,245,000	+8.5%	1,999,168	+34.3%	3.63%	+20.0%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$82,643,000	+4.1%	835,028	-7.7%	3.56%	+15.1%
CTRP	Buy	CTRIP COM INTL LTD	$73,030,000	-9.5%	1,964,758	+15.9%	3.15%	+0.1%
AABA	Buy	ALTABA INC	$58,782,000	+6.6%	862,908	+14.5%	2.53%	+17.8%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$58,582,000	-10.0%	355,556	+1.4%	2.52%	-0.4%
V	Sell	VISA INC	$56,962,000	-13.3%	379,519	-23.5%	2.46%	-4.1%
TTM	Sell	TATA MTRS LTDsponsored adr	$56,762,000	-58.6%	3,695,466	-47.4%	2.45%	-54.3%
GOOGL	Sell	ALPHABET INCcap stk cl a	$47,063,000	-44.5%	38,989	-48.1%	2.03%	-38.7%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$43,598,000	-33.6%	133,786	-40.2%	1.88%	-26.5%
NTES	New	NETEASE INCsponsored adr	$42,405,000	–	185,783	–	1.83%	–
BX	Sell	BLACKSTONE GROUP L P	$34,697,000	-37.4%	911,170	-47.1%	1.50%	-30.8%
SPG	Sell	SIMON PPTY GROUP INC NEW	$27,335,000	-22.9%	154,654	-25.7%	1.18%	-14.7%
ATUS	Sell	ALTICE USA INCcl a	$27,015,000	-25.3%	1,489,274	-29.7%	1.16%	-17.4%
FB	Sell	FACEBOOK INCcl a	$26,040,000	-54.2%	158,337	-45.8%	1.12%	-49.3%
HDB	Buy	HDFC BANK LTD	$21,325,000	+3.3%	226,622	+15.3%	0.92%	+14.3%
AGN	Sell	ALLERGAN PLC	$20,704,000	-27.8%	108,696	-36.8%	0.89%	-20.2%
LB	Sell	L BRANDS INC	$18,937,000	-52.8%	624,980	-42.5%	0.82%	-47.8%
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$17,384,000	–	1,583,318	–	0.75%	–
AAL	Sell	AMERICAN AIRLS GROUP INC	$17,281,000	-1.6%	418,120	-9.6%	0.74%	+8.9%
TCO	Sell	TAUBMAN CTRS INC	$16,485,000	-10.6%	275,526	-12.2%	0.71%	-1.3%
KIM	Sell	KIMCO RLTY CORP	$16,439,000	-32.0%	982,007	-31.0%	0.71%	-24.8%
AMZN	Sell	AMAZON COM INC	$16,046,000	-42.0%	8,011	-50.8%	0.69%	-35.9%
C	Sell	CITIGROUP INC	$15,859,000	-10.5%	221,064	-16.5%	0.68%	-1.0%
CVS	Sell	CVS HEALTH CORP	$15,775,000	-24.9%	200,400	-38.6%	0.68%	-17.0%
MDLZ	Sell	MONDELEZ INTL INCcl a	$15,783,000	-36.8%	367,391	-39.7%	0.68%	-30.1%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$15,290,000	-33.1%	209,743	-44.9%	0.66%	-26.0%
KRG	Sell	KITE RLTY GROUP TR	$14,844,000	-20.2%	891,558	-18.1%	0.64%	-11.6%
JCI	Sell	JOHNSON CTLS INTL PLC	$14,554,000	-44.4%	415,827	-46.9%	0.63%	-38.5%
MAC	Sell	MACERICH CO	$14,139,000	-9.3%	255,726	-6.7%	0.61%	+0.3%
ANTM	Sell	ANTHEM INC	$13,132,000	-12.5%	47,920	-24.0%	0.57%	-3.2%
NWL	Sell	NEWELL BRANDS INC	$12,683,000	-41.0%	624,791	-25.0%	0.55%	-34.6%
CG	Sell	CARLYLE GROUP L P	$11,916,000	-18.5%	528,437	-23.0%	0.51%	-9.7%
BRX	Sell	BRIXMOR PPTY GROUP INC	$11,615,000	-14.4%	663,338	-14.8%	0.50%	-5.3%
BKNG	Sell	BOOKING HLDGS INC	$11,618,000	-7.5%	5,856	-5.5%	0.50%	+2.5%
AAP	Sell	ADVANCE AUTO PARTS INC	$10,582,000	-58.2%	62,867	-66.3%	0.46%	-53.8%
FOX	Buy	TWENTY FIRST CENTY FOX INCcl b	$10,134,000	+84.2%	221,162	+98.1%	0.44%	+104.2%
MSFT	Sell	MICROSOFT CORP	$6,918,000	-57.5%	60,487	-63.4%	0.30%	-53.1%
DFS	Sell	DISCOVER FINL SVCS	$6,767,000	-25.5%	88,514	-31.4%	0.29%	-17.5%
INVH	Sell	INVITATION HOMES INC	$6,520,000	-4.4%	284,591	-3.8%	0.28%	+5.6%
GS	Sell	GOLDMAN SACHS GROUP INC	$5,340,000	-25.2%	23,815	-26.4%	0.23%	-17.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$4,133,000	+1.8%	15,536	-6.1%	0.18%	+12.7%
APO	Sell	APOLLO GLOBAL MGMT LLC	$3,701,000	-8.6%	107,106	-15.7%	0.16%	+1.3%
UNP	New	UNION PAC CORP	$3,034,000	–	18,632	–	0.13%	–
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$2,862,000	-46.2%	15,826	-50.0%	0.12%	-40.6%
L100PS	Sell	ARCONIC INC	$2,826,000	-7.8%	128,390	-28.7%	0.12%	+2.5%
IQV	Sell	IQVIA HLDGS INC	$2,793,000	-33.3%	21,531	-48.7%	0.12%	-26.4%
DAL	Sell	DELTA AIR LINES INC DEL	$2,618,000	-12.0%	45,278	-24.6%	0.11%	-2.6%
JPM	Sell	JPMORGAN CHASE & CO	$2,045,000	-73.9%	18,121	-75.9%	0.09%	-71.1%
TGS	New	TRANSPORTADORA DE GAS SURspon adr b	$569,000	–	39,188	–	0.02%	–
AGRO	New	ADECOAGRO S A	$477,000	–	64,856	–	0.02%	–
PAM	New	PAMPA ENERGIA S Aspons adr lvl i	$492,000	–	15,830	–	0.02%	–
CPA	New	COPA HOLDINGS SAcl a	$417,000	–	5,228	–	0.02%	–
MELI	New	MERCADOLIBRE INC	$328,000	–	963	–	0.01%	–
INFY	Buy	INFOSYS LTDsponsored adr	$299,000	-45.9%	29,411	+3.4%	0.01%	-40.9%
CAAP	New	CORPORACION AMER ARPTS S A	$236,000	–	27,673	–	0.01%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-31,293	–	-0.01%	–
GGP	Exit	GGP INC	$0	–	-27,584	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-10,000	–	-0.07%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-245,730	–	-0.19%	–
YUM	Exit	YUM BRANDS INC	$0	–	-68,888	–	-0.21%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-27,769	–	-0.22%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-184,288	–	-0.35%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-332,566	–	-0.47%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-182,667	–	-0.60%	–
KKR	Exit	KKR CO LP	$0	–	-699,675	–	-0.68%	–
NKE	Exit	NIKE INCcl b	$0	–	-347,821	–	-1.08%	–

Q2 2018

			Value		Shares		↓ Weighting
PM	New	PHILIP MORRIS INTL INC	$313,051,000	–	3,877,270	–	12.20%	–
JD	New	JD COM INCspon adr cl a	$216,654,000	–	5,562,346	–	8.44%	–
TTM	New	TATA MTRS LTDsponsored adr	$137,261,000	–	7,021,046	–	5.35%	–
WUBA	New	58 COM INCspon adr rep a	$136,021,000	–	1,961,658	–	5.30%	–
BIDU	New	BAIDU INCspon adr rep a	$134,864,000	–	554,995	–	5.26%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$132,915,000	–	3,635,524	–	5.18%	–
GOOGL	New	ALPHABET INCcap stk cl a	$84,833,000	–	75,127	–	3.31%	–
CTRP	New	CTRIP COM INTL LTD	$80,710,000	–	1,694,513	–	3.14%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$79,937,000	–	1,011,992	–	3.12%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$79,393,000	–	904,357	–	3.09%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$77,631,000	–	1,488,621	–	3.02%	–
V	New	VISA INC	$65,686,000	–	495,929	–	2.56%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$65,627,000	–	223,821	–	2.56%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$65,074,000	–	350,744	–	2.54%	–
FB	New	FACEBOOK INCcl a	$56,800,000	–	292,303	–	2.21%	–
BX	New	BLACKSTONE GROUP L P	$55,462,000	–	1,724,041	–	2.16%	–
AABA	New	ALTABA INC	$55,161,000	–	753,454	–	2.15%	–
YUMC	New	YUM CHINA HLDGS INC	$53,550,000	–	1,392,359	–	2.09%	–
LB	New	L BRANDS INC	$40,115,000	–	1,087,720	–	1.56%	–
ATUS	New	ALTICE USA INCcl a	$36,143,000	–	2,118,604	–	1.41%	–
SPG	New	SIMON PPTY GROUP INC NEW	$35,435,000	–	208,207	–	1.38%	–
AGN	New	ALLERGAN PLC	$28,687,000	–	172,069	–	1.12%	–
NKE	New	NIKE INCcl b	$27,714,000	–	347,821	–	1.08%	–
AMZN	New	AMAZON COM INC	$27,681,000	–	16,285	–	1.08%	–
JCI	New	JOHNSON CTLS INTL PLC	$26,185,000	–	782,808	–	1.02%	–
AAP	New	ADVANCE AUTO PARTS INC	$25,308,000	–	186,496	–	0.99%	–
MDLZ	New	MONDELEZ INTL INCcl a	$24,978,000	–	609,218	–	0.97%	–
KIM	New	KIMCO RLTY CORP	$24,166,000	–	1,422,395	–	0.94%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$22,857,000	–	380,847	–	0.89%	–
NWL	New	NEWELL BRANDS INC	$21,483,000	–	832,980	–	0.84%	–
CVS	New	CVS HEALTH CORP	$21,017,000	–	326,612	–	0.82%	–
HDB	New	HDFC BANK LTD	$20,640,000	–	196,538	–	0.80%	–
KRG	New	KITE RLTY GROUP TR	$18,590,000	–	1,088,379	–	0.72%	–
TCO	New	TAUBMAN CTRS INC	$18,446,000	–	313,923	–	0.72%	–
C	New	CITIGROUP INC	$17,713,000	–	264,694	–	0.69%	–
AAL	New	AMERICAN AIRLS GROUP INC	$17,556,000	–	462,480	–	0.68%	–
KKR	New	KKR CO LP	$17,387,000	–	699,675	–	0.68%	–
MSFT	New	MICROSOFT CORP	$16,293,000	–	165,229	–	0.64%	–
MAC	New	MACERICH CO	$15,581,000	–	274,174	–	0.61%	–
DLTR	New	DOLLAR TREE INC	$15,527,000	–	182,667	–	0.60%	–
ANTM	New	ANTHEM INC	$15,002,000	–	63,024	–	0.58%	–
CG	New	CARLYLE GROUP L P	$14,612,000	–	686,023	–	0.57%	–
BRX	New	BRIXMOR PPTY GROUP INC	$13,562,000	–	778,111	–	0.53%	–
BKNG	New	BOOKING HLDGS INC	$12,560,000	–	6,196	–	0.49%	–
SAVE	New	SPIRIT AIRLS INC	$12,089,000	–	332,566	–	0.47%	–
DFS	New	DISCOVER FINL SVCS	$9,087,000	–	129,056	–	0.35%	–
SBUX	New	STARBUCKS CORP	$9,002,000	–	184,288	–	0.35%	–
JPM	New	JPMORGAN CHASE & CO	$7,835,000	–	75,193	–	0.30%	–
GS	New	GOLDMAN SACHS GROUP INC	$7,137,000	–	32,355	–	0.28%	–
INVH	New	INVITATION HOMES INC	$6,819,000	–	295,714	–	0.27%	–
SPGI	New	S&P GLOBAL INC	$5,662,000	–	27,769	–	0.22%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$5,501,000	–	111,644	–	0.21%	–
YUM	New	YUM BRANDS INC	$5,388,000	–	68,888	–	0.21%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$5,324,000	–	31,646	–	0.21%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$4,763,000	–	245,730	–	0.19%	–
IQV	New	IQVIA HLDGS INC	$4,190,000	–	41,975	–	0.16%	–
UNH	New	UNITEDHEALTH GROUP INC	$4,061,000	–	16,552	–	0.16%	–
APO	New	APOLLO GLOBAL MGMT LLC	$4,048,000	–	127,002	–	0.16%	–
L100PS	New	ARCONIC INC	$3,064,000	–	180,157	–	0.12%	–
DAL	New	DELTA AIR LINES INC DEL	$2,974,000	–	60,029	–	0.12%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,867,000	–	10,000	–	0.07%	–
GGP	New	GGP INC	$564,000	–	27,584	–	0.02%	–
INFY	New	INFOSYS LTDsponsored adr	$553,000	–	28,441	–	0.02%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$217,000	–	31,293	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
AKOA	Exit	EMBOTELLADORA ANDINA S Aspon adr a	$0	–	-8,567	–	-0.01%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-41,477	–	-0.01%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-28,441	–	-0.01%	–
PALL	Exit	ETFS PALLADIUM TRsh ben int	$0	–	-6,669	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-10,000	–	-0.06%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-101,799	–	-0.08%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-72,272	–	-0.09%	–
L100PS	Exit	ARCONIC INC	$0	–	-117,913	–	-0.09%	–
BAC	Exit	BANK AMER CORP	$0	–	-117,680	–	-0.09%	–
TWTR	Exit	TWITTER INC	$0	–	-234,209	–	-0.12%	–
DNKN	Exit	DUNKIN BRANDS GROUP INC	$0	–	-86,704	–	-0.14%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-82,289	–	-0.15%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-255,052	–	-0.15%	–
GGP	Exit	GGP INC	$0	–	-252,873	–	-0.16%	–
KRG	Exit	KITE RLTY GROUP TR	$0	–	-279,618	–	-0.17%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-36,599	–	-0.17%	–
RAD	Exit	RITE AID CORP	$0	–	-3,365,199	–	-0.20%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-82,433	–	-0.21%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-151,238	–	-0.22%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-332,576	–	-0.22%	–
DIS	Exit	DISNEY WALT CO	$0	–	-90,834	–	-0.27%	–
HDB	Exit	HDFC BANK LTD	$0	–	-122,189	–	-0.35%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-359,452	–	-0.36%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-192,017	–	-0.37%	–
BAP	Exit	CREDICORP LTD	$0	–	-62,202	–	-0.38%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-798,106	–	-0.45%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-1,919,873	–	-0.46%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-327,831	–	-0.46%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-317,606	–	-0.47%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-166,455	–	-0.48%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-183,307	–	-0.48%	–
MAC	Exit	MACERICH CO	$0	–	-290,545	–	-0.48%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-668,619	–	-0.48%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-165,654	–	-0.49%	–
C	Exit	CITIGROUP INC	$0	–	-237,610	–	-0.52%	–
ANTM	Exit	ANTHEM INC	$0	–	-94,479	–	-0.54%	–
ORCL	Exit	ORACLE CORP	$0	–	-373,568	–	-0.54%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG NV	$0	–	-425,586	–	-0.61%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-693,988	–	-0.62%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-913,163	–	-0.64%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-913,148	–	-0.70%	–
AAPL	Exit	APPLE INC	$0	–	-156,332	–	-0.72%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-277,233	–	-0.75%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-624,503	–	-0.75%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-191,542	–	-0.81%	–
AGN	Exit	ALLERGAN PLC	$0	–	-149,585	–	-0.92%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-205,496	–	-0.99%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,090,428	–	-1.10%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-964,918	–	-1.11%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-480,176	–	-1.16%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,260,678	–	-1.21%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-23,949	–	-1.31%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-136,653	–	-1.48%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-2,312,119	–	-1.61%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-744,834	–	-1.72%	–
AMZN	Exit	AMAZON COM INC	$0	–	-60,180	–	-1.73%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-2,878,659	–	-1.75%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-1,501,156	–	-1.79%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,183,566	–	-1.86%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-879,007	–	-1.90%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-2,009,814	–	-2.00%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-393,147	–	-2.00%	–
LB	Exit	L BRANDS INC	$0	–	-1,636,229	–	-2.03%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-73,603	–	-2.14%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-427,689	–	-2.20%	–
MLCO	Exit	MELCO RESORT ENTERTAINMENT Ladr	$0	–	-4,415,781	–	-3.18%	–
V	Exit	VISA INC	$0	–	-1,360,243	–	-4.27%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,832,797	–	-4.38%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-4,274,542	–	-4.79%	–
YUM	Exit	YUM BRANDS INC	$0	–	-2,236,924	–	-4.92%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-6,591,244	–	-6.15%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-916,672	–	-6.78%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-4,174,403	–	-7.87%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-8,899,810	–	-10.15%	–

Q3 2017

			Value		Shares		↓ Weighting
JD	Sell	JD COM INCspon adr cl a	$339,972,000	-5.1%	8,899,810	-2.5%	10.15%	-8.0%
WUBA	Sell	58 COM INCspon adr rep a	$263,572,000	+36.1%	4,174,403	-5.0%	7.87%	+31.8%
BIDU	Sell	BAIDU INCspon adr rep a	$227,050,000	-4.7%	916,672	-31.2%	6.78%	-7.7%
TTM	Buy	TATA MTRS LTDsponsored adr	$206,108,000	+13.6%	6,591,244	+20.0%	6.15%	+10.1%
YUM	Buy	YUM BRANDS INC	$164,660,000	+2.9%	2,236,924	+3.1%	4.92%	-0.3%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$160,509,000	+88.5%	4,274,542	+75.5%	4.79%	+82.6%
NKE	Buy	NIKE INCcl b	$146,881,000	-6.2%	2,832,797	+6.7%	4.38%	-9.1%
V	Sell	VISA INC	$143,152,000	+10.4%	1,360,243	-1.6%	4.27%	+7.0%
MLCO	Sell	MELCO RESORT ENTERTAINMENT Ladr	$106,508,000	+7.3%	4,415,781	-0.1%	3.18%	+4.0%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$73,866,000	-10.2%	427,689	-26.8%	2.20%	-13.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$71,669,000	+6.5%	73,603	+1.7%	2.14%	+3.1%
LB	Buy	L BRANDS INC	$68,083,000	+30.8%	1,636,229	+69.4%	2.03%	+26.7%
FB	Sell	FACEBOOK INCcl a	$67,177,000	+5.1%	393,147	-7.1%	2.00%	+1.8%
BX	Sell	BLACKSTONE GROUP L P	$67,067,000	-2.6%	2,009,814	-2.6%	2.00%	-5.6%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$63,763,000	+5.9%	879,007	-3.1%	1.90%	+2.6%
CTRP	Sell	CTRIP COM INTL LTD	$62,422,000	-38.3%	1,183,566	-37.0%	1.86%	-40.2%
YUMC	Sell	YUM CHINA HLDGS INC	$60,001,000	-2.2%	1,501,156	-3.5%	1.79%	-5.2%
KKR	Buy	KKR & CO L P DEL	$58,523,000	+20.6%	2,878,659	+10.3%	1.75%	+16.9%
AMZN	Buy	AMAZON COM INC	$57,854,000	+0.9%	60,180	+1.6%	1.73%	-2.3%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$57,516,000	-1.3%	744,834	+0.1%	1.72%	-4.3%
LILAK	Sell	LIBERTY GLOBAL PLC	$53,872,000	-35.4%	2,312,119	-40.6%	1.61%	-37.4%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$49,662,000	-3.7%	136,653	-10.8%	1.48%	-6.7%
PCLN	Buy	PRICELINE GRP INC	$43,846,000	+8.8%	23,949	+11.1%	1.31%	+5.4%
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$40,480,000	+1360.8%	1,260,678	+1203.4%	1.21%	+1321.2%
CVS	Sell	CVS HEALTH CORP	$39,048,000	-1.4%	480,176	-2.4%	1.16%	-4.5%
CMCSA	Buy	COMCAST CORP NEWcl a	$37,130,000	+29.0%	964,918	+30.5%	1.11%	+24.9%
LBTYA	Sell	LIBERTY GLOBAL PLC	$36,976,000	+4.1%	1,090,428	-1.4%	1.10%	+0.9%
SPG	Buy	SIMON PPTY GROUP INC NEW	$33,087,000	+59.5%	205,496	+60.3%	0.99%	+54.6%
AGN	Buy	ALLERGAN PLC	$30,657,000	+37.5%	149,585	+63.1%	0.92%	+33.2%
MA	Sell	MASTERCARD INCORPORATEDcl a	$27,046,000	-3.3%	191,542	-16.8%	0.81%	-6.4%
JCI	Buy	JOHNSON CTLS INTL PLC	$25,161,000	+25.9%	624,503	+35.5%	0.75%	+21.9%
AXP	Sell	AMERICAN EXPRESS CO	$25,078,000	-6.1%	277,233	-12.6%	0.75%	-9.1%
AAPL	Sell	APPLE INC	$24,094,000	+3.8%	156,332	-3.0%	0.72%	+0.4%
FOX	Buy	TWENTY FIRST CENTY FOX INCcl b	$23,550,000	-3.4%	913,148	+4.4%	0.70%	-6.4%
CG	Sell	CARLYLE GROUP L P	$21,551,000	-10.8%	913,163	-25.4%	0.64%	-13.7%
APO	Sell	APOLLO GLOBAL MGMT LLC	$20,889,000	-34.6%	693,988	-42.6%	0.62%	-36.7%
ST	Sell	SENSATA TECHNOLOGIES HLDG NV	$20,458,000	-15.6%	425,586	-25.0%	0.61%	-18.1%
ORCL	Buy	ORACLE CORP	$18,062,000	+626.0%	373,568	+652.8%	0.54%	+600.0%
ANTM	Sell	ANTHEM INC	$17,940,000	-2.2%	94,479	-3.1%	0.54%	-5.3%
C	Buy	CITIGROUP INC	$17,284,000	+116.9%	237,610	+99.4%	0.52%	+109.8%
AAP	New	ADVANCE AUTO PARTS INC	$16,433,000	–	165,654	–	0.49%	–
MAC	Buy	MACERICH CO	$15,971,000	-3.7%	290,545	+1.7%	0.48%	-6.7%
URBN	Sell	URBAN OUTFITTERS INC	$15,980,000	-12.4%	668,619	-32.0%	0.48%	-15.1%
DLTR	Sell	DOLLAR TREE INC	$15,915,000	-12.9%	183,307	-29.9%	0.48%	-15.6%
JPM	Sell	JPMORGAN CHASE & CO	$15,898,000	+3.1%	166,455	-1.4%	0.48%	0.0%
TCO	Buy	TAUBMAN CTRS INC	$15,785,000	+9.5%	317,606	+31.1%	0.47%	+6.1%
AAL	Sell	AMERICAN AIRLS GROUP INC	$15,569,000	-22.3%	327,831	-17.7%	0.46%	-24.6%
BAP	Sell	CREDICORP LTD	$12,753,000	-65.2%	62,202	-69.5%	0.38%	-66.3%
DFS	Buy	DISCOVER FINL SVCS	$12,381,000	+70.4%	192,017	+64.4%	0.37%	+65.2%
SAVE	New	SPIRIT AIRLS INC	$12,009,000	–	359,452	–	0.36%	–
HDB	Buy	HDFC BANK LTD	$11,775,000	+113.1%	122,189	+92.3%	0.35%	+106.5%
DIS	Sell	DISNEY WALT CO	$8,954,000	-44.7%	90,834	-40.4%	0.27%	-46.5%
DAL	Buy	DELTA AIR LINES INC DEL	$7,293,000	+59.5%	151,238	+77.7%	0.22%	+54.6%
COF	Sell	CAPITAL ONE FINL CORP	$6,979,000	-24.3%	82,433	-26.2%	0.21%	-26.8%
RAD	Buy	RITE AID CORP	$6,596,000	-31.0%	3,365,199	+3.8%	0.20%	-33.2%
KRG	Buy	KITE RLTY GROUP TR	$5,662,000	+187.1%	279,618	+168.5%	0.17%	+177.0%
GGP	Buy	GGP INC	$5,252,000	+82.4%	252,873	+106.9%	0.16%	+76.4%
KIM	New	KIMCO RLTY CORP	$4,986,000	–	255,052	–	0.15%	–
XRAY	New	DENTSPLY SIRONA INC	$4,922,000	–	82,289	–	0.15%	–
TWTR	Sell	TWITTER INC	$3,951,000	-14.8%	234,209	-9.8%	0.12%	-17.5%
BAC	Buy	BANK AMER CORP	$2,982,000	+62.8%	117,680	+55.9%	0.09%	+58.9%
L100PS	New	ARCONIC INC	$2,934,000	–	117,913	–	0.09%	–
TRIP	Sell	TRIPADVISOR INC	$2,929,000	-14.9%	72,272	-19.8%	0.09%	-17.9%
FOXA	Sell	TWENTY FIRST CENTY FOX INCcl a	$2,685,000	-46.1%	101,799	-42.1%	0.08%	-48.1%
PALL	Buy	ETFS PALLADIUM TRsh ben int	$595,000	+62.1%	6,669	+45.3%	0.02%	+63.6%
INFY	Buy	INFOSYS LTDsponsored adr	$415,000	+43.6%	28,441	+47.6%	0.01%	+33.3%
AKOA	New	EMBOTELLADORA ANDINA S Aspon adr a	$209,000	–	8,567	–	0.01%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-24,163	–	-0.02%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-17,325	–	-0.04%	–
MCK	Exit	MCKESSON CORP	$0	–	-9,265	–	-0.05%	–
MCD	Exit	MCDONALDS CORP	$0	–	-9,992	–	-0.05%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-16,479	–	-0.05%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-17,269	–	-0.09%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-964,480	–	-0.33%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-243,893	–	-0.40%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-337,133	–	-0.56%	–
FGL	Exit	FIDELITY & GTY LIFE	$0	–	-708,756	–	-0.68%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-264,368	–	-0.96%	–

Q2 2017

			Value		Shares		↓ Weighting
JD	New	JD COM INCspon adr cl a	$358,134,000	–	9,131,415	–	11.04%	–
BIDU	New	BAIDU INCspon adr rep a	$238,332,000	–	1,332,505	–	7.34%	–
WUBA	New	58 COM INCspon adr rep a	$193,726,000	–	4,391,885	–	5.97%	–
TTM	New	TATA MTRS LTDsponsored adr	$181,385,000	–	5,494,847	–	5.59%	–
YUM	New	YUM BRANDS INC	$160,003,000	–	2,169,235	–	4.93%	–
NKE	New	NIKE INCcl b	$156,576,000	–	2,653,826	–	4.82%	–
V	New	VISA INC	$129,653,000	–	1,382,532	–	4.00%	–
CTRP	New	CTRIP COM INTL LTD	$101,161,000	–	1,878,220	–	3.12%	–
MLCO	New	MELCO RESORT ENTERTAINMENT Ladr	$99,238,000	–	4,420,379	–	3.06%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$85,156,000	–	2,435,793	–	2.62%	–
LILAK	New	LIBERTY GLOBAL PLC	$83,353,000	–	3,893,186	–	2.57%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$82,301,000	–	584,106	–	2.54%	–
BX	New	BLACKSTONE GROUP L P	$68,842,000	–	2,064,225	–	2.12%	–
GOOGL	New	ALPHABET INCcap stk cl a	$67,315,000	–	72,407	–	2.07%	–
FB	New	FACEBOOK INCcl a	$63,899,000	–	423,226	–	1.97%	–
YUMC	New	YUM CHINA HLDGS INC	$61,334,000	–	1,555,503	–	1.89%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$60,205,000	–	906,706	–	1.86%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$58,264,000	–	744,021	–	1.80%	–
AMZN	New	AMAZON COM INC	$57,339,000	–	59,235	–	1.77%	–
LB	New	L BRANDS INC	$52,045,000	–	965,759	–	1.60%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$51,586,000	–	153,141	–	1.59%	–
KKR	New	KKR & CO L P DEL	$48,526,000	–	2,608,941	–	1.50%	–
PCLN	New	PRICELINE GRP INC	$40,313,000	–	21,552	–	1.24%	–
CVS	New	CVS HEALTH CORP	$39,591,000	–	492,062	–	1.22%	–
BAP	New	CREDICORP LTD	$36,637,000	–	204,227	–	1.13%	–
LBTYA	New	LIBERTY GLOBAL PLC	$35,522,000	–	1,105,930	–	1.09%	–
APO	New	APOLLO GLOBAL MGMT LLC	$31,952,000	–	1,208,002	–	0.98%	–
PM	New	PHILIP MORRIS INTL INC	$31,050,000	–	264,368	–	0.96%	–
CMCSA	New	COMCAST CORP NEWcl a	$28,773,000	–	739,297	–	0.89%	–
MA	New	MASTERCARD INCORPORATEDcl a	$27,973,000	–	230,325	–	0.86%	–
AXP	New	AMERICAN EXPRESS CO	$26,709,000	–	317,055	–	0.82%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$24,371,000	–	874,468	–	0.75%	–
ST	New	SENSATA TECHNOLOGIES HLDG NV	$24,225,000	–	567,076	–	0.75%	–
CG	New	CARLYLE GROUP L P	$24,166,000	–	1,223,588	–	0.74%	–
AAPL	New	APPLE INC	$23,222,000	–	161,244	–	0.72%	–
AGN	New	ALLERGAN PLC	$22,300,000	–	91,735	–	0.69%	–
FGL	New	FIDELITY & GTY LIFE	$22,007,000	–	708,756	–	0.68%	–
SPG	New	SIMON PPTY GROUP INC NEW	$20,740,000	–	128,215	–	0.64%	–
AAL	New	AMERICAN AIRLS GROUP INC	$20,041,000	–	398,269	–	0.62%	–
JCI	New	JOHNSON CTLS INTL PLC	$19,977,000	–	460,730	–	0.62%	–
ANTM	New	ANTHEM INC	$18,344,000	–	97,507	–	0.56%	–
DLTR	New	DOLLAR TREE INC	$18,282,000	–	261,469	–	0.56%	–
URBN	New	URBAN OUTFITTERS INC	$18,232,000	–	983,375	–	0.56%	–
TPX	New	TEMPUR SEALY INTL INC	$18,000,000	–	337,133	–	0.56%	–
MAC	New	MACERICH CO	$16,586,000	–	285,667	–	0.51%	–
DIS	New	DISNEY WALT CO	$16,197,000	–	152,442	–	0.50%	–
JPM	New	JPMORGAN CHASE & CO	$15,424,000	–	168,752	–	0.48%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$15,340,000	–	1,919,873	–	0.47%	–
TCO	New	TAUBMAN CTRS INC	$14,422,000	–	242,184	–	0.44%	–
BRX	New	BRIXMOR PPTY GROUP INC	$14,270,000	–	798,106	–	0.44%	–
PYPL	New	PAYPAL HLDGS INC	$13,090,000	–	243,893	–	0.40%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$10,657,000	–	964,480	–	0.33%	–
RAD	New	RITE AID CORP	$9,563,000	–	3,241,597	–	0.30%	–
COF	New	CAPITAL ONE FINL CORP	$9,224,000	–	111,646	–	0.28%	–
C	New	CITIGROUP INC	$7,968,000	–	119,134	–	0.25%	–
DFS	New	DISCOVER FINL SVCS	$7,264,000	–	116,806	–	0.22%	–
INVH	New	INVITATION HOMES INC	$7,194,000	–	332,576	–	0.22%	–
HDB	New	HDFC BANK LTD	$5,526,000	–	63,539	–	0.17%	–
SPGI	New	S&P GLOBAL INC	$5,343,000	–	36,599	–	0.16%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$4,985,000	–	175,901	–	0.15%	–
DNKN	New	DUNKIN BRANDS GROUP INC	$4,779,000	–	86,704	–	0.15%	–
TWTR	New	TWITTER INC	$4,639,000	–	259,595	–	0.14%	–
DAL	New	DELTA AIR LINES INC DEL	$4,573,000	–	85,092	–	0.14%	–
TRIP	New	TRIPADVISOR INC	$3,443,000	–	90,122	–	0.11%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,013,000	–	17,269	–	0.09%	–
GGP	New	GGP INC	$2,880,000	–	122,222	–	0.09%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$2,771,000	–	96,722	–	0.08%	–
ORCL	New	ORACLE CORP	$2,488,000	–	49,623	–	0.08%	–
KRG	New	KITE RLTY GROUP TR	$1,972,000	–	104,149	–	0.06%	–
BAC	New	BANK AMER CORP	$1,832,000	–	75,502	–	0.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,694,000	–	10,000	–	0.05%	–
ABC	New	AMERISOURCEBERGEN CORP	$1,558,000	–	16,479	–	0.05%	–
MCD	New	MCDONALDS CORP	$1,530,000	–	9,992	–	0.05%	–
MCK	New	MCKESSON CORP	$1,524,000	–	9,265	–	0.05%	–
DG	New	DOLLAR GEN CORP NEW	$1,249,000	–	17,325	–	0.04%	–
ATUS	New	ALTICE USA INCcl a	$780,000	–	24,163	–	0.02%	–
PALL	New	ETFS PALLADIUM TRsh ben int	$367,000	–	4,591	–	0.01%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$309,000	–	41,477	–	0.01%	–
INFY	New	INFOSYS LTDsponsored adr	$289,000	–	19,269	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-19,545	–	-0.01%	–
SWC	Exit	STILLWATER MNG CO	$0	–	-18,397	–	-0.01%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-18,665	–	-0.01%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-18,803	–	-0.01%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-32,363	–	-0.03%	–
AKOA	Exit	EMBOTELLADORA ANDINA S Aspon adr a	$0	–	-60,262	–	-0.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-10,000	–	-0.05%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-63,239	–	-0.11%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-46,423	–	-0.12%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-139,194	–	-0.12%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-33,275	–	-0.16%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-134,489	–	-0.21%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-86,233	–	-0.23%	–
LB	Exit	L BRANDS INC	$0	–	-110,182	–	-0.29%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-116,575	–	-0.40%	–
APOL	Exit	APOLLO ED GROUP INCcl a	$0	–	-1,395,030	–	-0.41%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-440,545	–	-0.42%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-322,327	–	-0.43%	–
UNP	Exit	UNION PAC CORP	$0	–	-124,409	–	-0.44%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-204,583	–	-0.50%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-890,210	–	-0.51%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-357,909	–	-0.52%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-270,168	–	-0.52%	–
DIS	Exit	DISNEY WALT CO	$0	–	-161,646	–	-0.55%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG NV	$0	–	-388,054	–	-0.55%	–
QCOM	Exit	QUALCOMM INC	$0	–	-227,656	–	-0.57%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-283,221	–	-0.59%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-183,124	–	-0.60%	–
RAD	Exit	RITE AID CORP	$0	–	-2,147,752	–	-0.61%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-325,406	–	-0.76%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-316,175	–	-0.77%	–
AGN	Exit	ALLERGAN PLC	$0	–	-97,421	–	-0.82%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-937,507	–	-0.85%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-574,518	–	-0.86%	–
AAPL	Exit	APPLE INC	$0	–	-224,954	–	-0.93%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-206,876	–	-0.97%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-424,222	–	-1.00%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-270,701	–	-1.01%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-307,056	–	-1.05%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-6,218,074	–	-1.20%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-959,271	–	-1.20%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-7,126,351	–	-1.29%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-26,460	–	-1.43%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-2,437,276	–	-1.47%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-168,029	–	-1.66%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-2,536,729	–	-1.67%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-1,819,525	–	-1.70%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-588,443	–	-1.74%	–
YHOO	Exit	YAHOO INC	$0	–	-1,116,786	–	-1.77%	–
SOHU	Exit	SOHU COM INC	$0	–	-1,117,242	–	-1.82%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-3,555,441	–	-1.86%	–
AMZN	Exit	AMAZON COM INC	$0	–	-63,216	–	-1.94%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-1,767,347	–	-1.98%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-1,212,751	–	-2.12%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-601,571	–	-2.15%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-76,096	–	-2.25%	–
YUM	Exit	YUM BRANDS INC	$0	–	-706,586	–	-2.36%	–
BAP	Exit	CREDICORP LTD	$0	–	-456,560	–	-2.55%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-296,461	–	-2.62%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-2,551,547	–	-2.63%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,979,374	–	-3.47%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-5,968,096	–	-3.53%	–
V	Exit	VISA INC	$0	–	-1,270,213	–	-3.86%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-2,982,978	–	-5.10%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-4,072,697	–	-5.98%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,524,510	–	-10.19%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-10,872,438	–	-10.41%	–

Q3 2016

			Value		Shares		↓ Weighting
JD	Buy	JD COM INCspon adr cl a	$283,662,000	+33.9%	10,872,438	+9.0%	10.41%	+12.7%
BIDU	Buy	BAIDU INCspon adr rep a	$277,568,000	+23.1%	1,524,510	+11.6%	10.19%	+3.6%
TTM	Sell	TATA MTRS LTDsponsored adr	$162,826,000	-9.0%	4,072,697	-21.0%	5.98%	-23.4%
CTRP	Sell	CTRIP COM INTL LTD	$138,917,000	+3.6%	2,982,978	-8.4%	5.10%	-12.8%
V	Buy	VISA INC	$105,047,000	+35.4%	1,270,213	+21.4%	3.86%	+14.0%
MLCO	Buy	MELCO CROWN ENTMT LTDadr	$96,146,000	+62.8%	5,968,096	+27.2%	3.53%	+37.0%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$94,436,000	-7.1%	1,979,374	+11.5%	3.47%	-21.8%
LILAK	New	LIBERTY GLOBAL PLC	$71,571,000	–	2,551,547	–	2.63%	–
NTES	Sell	NETEASE INCsponsored adr	$71,382,000	-48.1%	296,461	-58.4%	2.62%	-56.3%
BAP	Sell	CREDICORP LTD	$69,498,000	-9.3%	456,560	-8.1%	2.55%	-23.7%
YUM	Buy	YUM BRANDS INC	$64,165,000	+461.0%	706,586	+412.3%	2.36%	+371.9%
GOOGL	Sell	ALPHABET INCcap stk cl a	$61,186,000	+8.5%	76,096	-5.1%	2.25%	-8.7%
PM	New	PHILIP MORRIS INTL INC	$58,485,000	–	601,571	–	2.15%	–
WUBA	Buy	58 COM INCspon adr rep a	$57,799,000	+11459.8%	1,212,751	+11038.4%	2.12%	+9545.5%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$54,063,000	+19.0%	1,767,347	+2.0%	1.98%	+0.2%
AMZN	Sell	AMAZON COM INC	$52,931,000	+9.6%	63,216	-6.4%	1.94%	-7.8%
KKR	Sell	KKR & CO L P DEL	$50,700,000	+8.1%	3,555,441	-6.5%	1.86%	-9.0%
SOHU	Sell	SOHU COM INC	$49,438,000	+10.6%	1,117,242	-5.4%	1.82%	-6.9%
YHOO	Buy	YAHOO INC	$48,134,000	+28.6%	1,116,786	+12.1%	1.77%	+8.3%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$47,441,000	-2.6%	588,443	+0.6%	1.74%	-18.0%
BX	Sell	BLACKSTONE GROUP L P	$46,453,000	-1.1%	1,819,525	-4.9%	1.70%	-16.8%
APO	Sell	APOLLO GLOBAL MGMT LLC	$45,559,000	+4.9%	2,536,729	-11.5%	1.67%	-11.7%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$45,363,000	+18.1%	168,029	+0.0%	1.66%	-0.6%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$39,947,000	-4.6%	2,437,276	-15.3%	1.47%	-19.7%
PCLN	Sell	PRICELINE GRP INC	$38,936,000	+1.2%	26,460	-14.1%	1.43%	-14.8%
FIG	Sell	FORTRESS INVESTMENT GROUP LLcl a	$35,204,000	+8.1%	7,126,351	-3.3%	1.29%	-9.0%
LBTYA	Buy	LIBERTY GLOBAL PLC	$32,788,000	+22.8%	959,271	+4.4%	1.20%	+3.3%
ARCO	Sell	ARCOS DORADOS HOLDINGS INC	$32,770,000	-13.1%	6,218,074	-21.4%	1.20%	-26.9%
KSU	Sell	KANSAS CITY SOUTHERN	$28,655,000	-11.8%	307,056	-14.9%	1.05%	-25.8%
MA	Sell	MASTERCARD INCORPORATEDcl a	$27,549,000	+15.3%	270,701	-0.2%	1.01%	-3.0%
AXP	Sell	AMERICAN EXPRESS CO	$27,167,000	-2.2%	424,222	-7.2%	1.00%	-17.7%
FB	Buy	FACEBOOK INCcl a	$26,536,000	+232.3%	206,876	+196.0%	0.97%	+179.9%
AAPL	Sell	APPLE INC	$25,431,000	-9.6%	224,954	-23.6%	0.93%	-24.0%
PYPL	Sell	PAYPAL HLDGS INC	$23,538,000	+6.3%	574,518	-5.2%	0.86%	-10.5%
FOX	Buy	TWENTY FIRST CENTY FOX INCcl b	$23,194,000	+6.6%	937,507	+17.4%	0.85%	-10.3%
AGN	Sell	ALLERGAN PLC	$22,437,000	-4.7%	97,421	-4.4%	0.82%	-19.8%
CMCSA	Sell	COMCAST CORP NEWcl a	$20,975,000	-12.0%	316,175	-13.5%	0.77%	-25.9%
TRIP	Sell	TRIPADVISOR INC	$20,559,000	-6.5%	325,406	-4.8%	0.76%	-21.3%
CVS	Buy	CVS HEALTH CORP	$16,296,000	+279.3%	183,124	+308.1%	0.60%	+219.8%
TPX	Buy	TEMPUR SEALY INTL INC	$16,070,000	+10.9%	283,221	+8.1%	0.59%	-6.6%
QCOM	Sell	QUALCOMM INC	$15,595,000	-18.1%	227,656	-36.0%	0.57%	-31.2%
ST	New	SENSATA TECHNOLOGIES HLDG NV	$15,049,000	–	388,054	–	0.55%	–
DIS	New	DISNEY WALT CO	$15,010,000	–	161,646	–	0.55%	–
HOG	Sell	HARLEY DAVIDSON INC	$14,208,000	-27.7%	270,168	-37.8%	0.52%	-39.2%
DAL	New	DELTA AIR LINES INC DEL	$14,088,000	–	357,909	–	0.52%	–
CG	Sell	CARLYLE GROUP L P	$13,860,000	-8.6%	890,210	-4.8%	0.51%	-23.1%
JPM	Buy	JPMORGAN CHASE & CO	$13,623,000	+39.4%	204,583	+30.1%	0.50%	+17.4%
UNP	Sell	UNION PAC CORP	$12,134,000	-28.7%	124,409	-36.2%	0.44%	-40.0%
AAL	Sell	AMERICAN AIRLS GROUP INC	$11,800,000	-29.3%	322,327	-45.3%	0.43%	-40.5%
DISCK	Sell	DISCOVERY COMMUNICATNS NEW	$11,590,000	-6.8%	440,545	-15.5%	0.42%	-21.6%
APOL	Buy	APOLLO ED GROUP INCcl a	$11,090,000	-5.6%	1,395,030	+8.3%	0.41%	-20.5%
PRGO	New	PERRIGO CO PLC	$10,763,000	–	116,575	–	0.40%	–
LB	Sell	L BRANDS INC	$7,798,000	-5.5%	110,182	-10.4%	0.29%	-20.6%
COF	Buy	CAPITAL ONE FINL CORP	$6,194,000	+32.1%	86,233	+16.8%	0.23%	+11.3%
SAVE	New	SPIRIT AIRLS INC	$5,720,000	–	134,489	–	0.21%	–
SPGI	New	S&P GLOBAL INC	$4,211,000	–	33,275	–	0.16%	–
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$3,274,000	-68.3%	46,423	-65.9%	0.12%	-73.3%
DVMT	New	DELL TECHNOLOGIES INC	$3,023,000	–	63,239	–	0.11%	–
LILA	Sell	LIBERTY GLOBAL PLC	$893,000	-73.0%	32,363	-68.4%	0.03%	-77.1%
SWC	Buy	STILLWATER MNG CO	$246,000	+43.9%	18,397	+27.4%	0.01%	+28.6%
IBN	Exit	ICICI BK LTDadr	$0	–	-23,924	–	-0.01%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-5,742	–	-0.01%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-50,016	–	-0.20%	–
EMC	Exit	E M C CORP MASS	$0	–	-567,382	–	-0.67%	–

Q2 2016

			Value		Shares		↓ Weighting
BIDU	New	BAIDU INCspon adr rep a	$225,530,000	–	1,365,606	–	9.84%	–
JD	New	JD COM INCspon adr cl a	$211,808,000	–	9,976,831	–	9.24%	–
TTM	New	TATA MTRS LTDsponsored adr	$178,841,000	–	5,158,404	–	7.80%	–
NTES	New	NETEASE INCsponsored adr	$137,565,000	–	711,960	–	6.00%	–
CTRP	New	CTRIP COM INTL LTD	$134,147,000	–	3,256,000	–	5.85%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$101,646,000	–	1,775,795	–	4.43%	–
V	New	VISA INC	$77,583,000	–	1,046,016	–	3.38%	–
BAP	New	CREDICORP LTD	$76,635,000	–	496,565	–	3.34%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$59,043,000	–	4,693,429	–	2.58%	–
GOOGL	New	ALPHABET INCcap stk cl a	$56,387,000	–	80,148	–	2.46%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$48,696,000	–	584,798	–	2.12%	–
AMZN	New	AMAZON COM INC	$48,309,000	–	67,507	–	2.11%	–
BX	New	BLACKSTONE GROUP L P	$46,976,000	–	1,914,258	–	2.05%	–
KKR	New	KKR & CO L P DEL	$46,915,000	–	3,801,836	–	2.05%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$45,434,000	–	1,732,139	–	1.98%	–
SOHU	New	SOHU COM INC	$44,692,000	–	1,180,455	–	1.95%	–
APO	New	APOLLO GLOBAL MGMT LLC	$43,434,000	–	2,866,898	–	1.89%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$41,869,000	–	2,877,637	–	1.83%	–
PCLN	New	PRICELINE GRP INC	$38,477,000	–	30,821	–	1.68%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$38,410,000	–	167,992	–	1.68%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$37,729,000	–	7,909,607	–	1.64%	–
YHOO	New	YAHOO INC	$37,417,000	–	996,194	–	1.63%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$32,561,000	–	7,366,681	–	1.42%	–
KSU	New	KANSAS CITY SOUTHERN	$32,489,000	–	360,625	–	1.42%	–
AAPL	New	APPLE INC	$28,137,000	–	294,322	–	1.23%	–
AXP	New	AMERICAN EXPRESS CO	$27,786,000	–	457,300	–	1.21%	–
LBTYA	New	LIBERTY GLOBAL PLC	$26,706,000	–	919,010	–	1.16%	–
MA	New	MASTERCARD INCcl a	$23,889,000	–	271,284	–	1.04%	–
CMCSA	New	COMCAST CORP NEWcl a	$23,830,000	–	365,554	–	1.04%	–
AGN	New	ALLERGAN PLC	$23,547,000	–	101,896	–	1.03%	–
PYPL	New	PAYPAL HLDGS INC	$22,135,000	–	606,269	–	0.96%	–
TRIP	New	TRIPADVISOR INC	$21,990,000	–	341,981	–	0.96%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$21,768,000	–	798,818	–	0.95%	–
HOG	New	HARLEY DAVIDSON INC	$19,664,000	–	434,082	–	0.86%	–
QCOM	New	QUALCOMM INC	$19,049,000	–	355,593	–	0.83%	–
UNP	New	UNION PAC CORP	$17,013,000	–	194,994	–	0.74%	–
AAL	New	AMERICAN AIRLS GROUP INC	$16,687,000	–	589,431	–	0.73%	–
RAD	New	RITE AID CORP	$16,087,000	–	2,147,752	–	0.70%	–
EMC	New	E M C CORP MASS	$15,416,000	–	567,382	–	0.67%	–
CG	New	CARLYLE GROUP L P	$15,171,000	–	934,731	–	0.66%	–
TPX	New	TEMPUR SEALY INTL INC	$14,493,000	–	261,976	–	0.63%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$12,435,000	–	521,349	–	0.54%	–
APOL	New	APOLLO ED GROUP INCcl a	$11,742,000	–	1,287,547	–	0.51%	–
YUM	New	YUM BRANDS INC	$11,437,000	–	137,927	–	0.50%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$10,319,000	–	136,138	–	0.45%	–
JPM	New	JPMORGAN CHASE & CO	$9,771,000	–	157,242	–	0.43%	–
LB	New	L BRANDS INC	$8,251,000	–	122,907	–	0.36%	–
FB	New	FACEBOOK INCcl a	$7,986,000	–	69,879	–	0.35%	–
DG	New	DOLLAR GEN CORP NEW	$4,702,000	–	50,016	–	0.20%	–
COF	New	CAPITAL ONE FINL CORP	$4,688,000	–	73,815	–	0.20%	–
CVS	New	CVS HEALTH CORP	$4,296,000	–	44,867	–	0.19%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$3,765,000	–	139,194	–	0.16%	–
LILA	New	LIBERTY GLOBAL PLC	$3,304,000	–	102,395	–	0.14%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,448,000	–	10,000	–	0.06%	–
AKOA	New	EMBOTELLADORA ANDINA S Aspon adr a	$1,159,000	–	60,262	–	0.05%	–
WUBA	New	58 COM INCspon adr rep a	$500,000	–	10,888	–	0.02%	–
INFY	New	INFOSYS LTDsponsored adr	$336,000	–	18,803	–	0.02%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$240,000	–	5,742	–	0.01%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$208,000	–	18,665	–	0.01%	–
IBN	New	ICICI BK LTDadr	$172,000	–	23,924	–	0.01%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$153,000	–	19,545	–	0.01%	–
SWC	New	STILLWATER MNG CO	$171,000	–	14,441	–	0.01%	–

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Export Coronation Fund Managers Ltd.'s holdings