WINDACRE PARTNERSHIP LLC Activity Q4 2014-Q2 2024

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Q2 2024

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$1,764,122,750	–	9,685,000	–	23.20%	–
AMZN	New	AMAZON COM INC	$1,388,520,575	–	7,185,100	–	18.26%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$811,936,006	–	16,429,300	–	10.68%	–
MCO	New	MOODYS CORP	$688,641,480	–	1,636,000	–	9.06%	–
ASML	New	ASML HOLDING N V	$653,013,105	–	638,500	–	8.59%	–
TDG	New	TRANSDIGM GROUP INC	$651,964,383	–	510,300	–	8.58%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$544,720,540	–	3,134,000	–	7.16%	–
EXPE	New	EXPEDIA GROUP INC	$364,388,278	–	2,892,200	–	4.79%	–
SAP	New	SAP SEspon adr	$346,376,412	–	1,717,200	–	4.56%	–
	New	PERIMETER SOLUTIONS SA	$169,128,000	–	21,600,000	–	2.22%	–
ETWO	New	E2OPEN PARENT HOLDINGS INC	$129,392,784	–	28,817,992	–	1.70%	–
HLF	New	HERBALIFE LTD	$90,429,365	–	8,703,500	–	1.19%	–

Q4 2023

			Value		Shares		↓ Weighting
	Exit	PERIMETER SOLUTIONS SA	$0	–	-21,600,000	–	-1.78%	–
	Exit	VICTORIAS SECRET AND CO	$0	–	-6,789,900	–	-2.06%	–
HLF	Exit	HERBALIFE LTD	$0	–	-9,253,500	–	-2.36%	–
ETWO	Exit	E2OPEN PARENT HOLDINGS INC	$0	–	-28,817,992	–	-2.38%	–
SAP	Exit	SAP SEspon adr	$0	–	-2,229,100	–	-5.24%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-28,456,000	–	-7.10%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-563,300	–	-8.64%	–
ASML	Exit	ASML HOLDING N V	$0	–	-809,100	–	-8.67%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-5,589,000	–	-8.84%	–
MCO	Exit	MOODYS CORP	$0	–	-1,549,500	–	-8.91%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-15,684,500	–	-11.79%	–
AMZN	Exit	AMAZON COM INC	$0	–	-6,489,700	–	-15.01%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-7,231,700	–	-17.22%	–

Q3 2023

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET INCcap stk cl a	$946,340,262	+17.4%	7,231,700	+7.4%	17.22%	+10.8%
AMZN	Buy	AMAZON COM INC	$824,970,664	+33.2%	6,489,700	+36.6%	15.01%	+25.7%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$647,769,850	+22.4%	15,684,500	+6.7%	11.79%	+15.5%
MCO	Buy	MOODYS CORP	$489,905,415	-3.3%	1,549,500	+6.3%	8.91%	-8.7%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$485,684,100	-21.2%	5,589,000	-8.5%	8.84%	-25.6%
ASML	Buy	ASML HOLDING N V	$476,284,806	-5.4%	809,100	+16.5%	8.67%	-10.7%
TDG	Buy	TRANSDIGM GROUP INC	$474,935,129	-0.8%	563,300	+5.2%	8.64%	-6.3%
PBRA	Buy	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$390,131,760	+15.7%	28,456,000	+4.4%	7.10%	+9.2%
SAP	Buy	SAP SEspon adr	$288,267,212	+13.1%	2,229,100	+19.7%	5.24%	+6.8%

Q2 2023

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$806,191,470	–	6,735,100	–	15.54%	–
AMZN	New	AMAZON COM INC	$619,366,432	–	4,751,200	–	11.94%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$616,520,280	–	6,109,000	–	11.88%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$529,304,400	–	14,702,900	–	10.20%	–
MCO	New	MOODYS CORP	$506,662,812	–	1,457,100	–	9.77%	–
ASML	New	ASML HOLDING N V	$503,411,350	–	694,600	–	9.70%	–
TDG	New	TRANSDIGM GROUP INC	$478,649,201	–	535,300	–	9.23%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$337,218,570	–	27,261,000	–	6.50%	–
SAP	New	SAP SEspon adr	$254,835,987	–	1,862,700	–	4.91%	–
ETWO	New	E2OPEN PARENT HOLDINGS INC	$161,380,755	–	28,817,992	–	3.11%	–
	New	PERIMETER SOLUTIONS SA	$132,840,000	–	21,600,000	–	2.56%	–
HLF	New	HERBALIFE LTD	$122,516,340	–	9,253,500	–	2.36%	–
	New	VICTORIAS SECRET AND CO	$118,347,957	–	6,789,900	–	2.28%	–

Q4 2022

			Value		Shares		↓ Weighting
VRSN	Exit	VERISIGN INC	$0	–	-760,000	–	-2.21%	–
ETWO	Exit	E2OPEN PARENT HOLDINGS INC	$0	–	-27,638,792	–	-2.81%	–
	Exit	PERIMETER SOLUTIONS SA	$0	–	-21,600,000	–	-2.90%	–
SAP	Exit	SAP SEspon adr	$0	–	-2,243,700	–	-3.05%	–
HLF	Exit	HERBALIFE NUTRITION LTD	$0	–	-9,983,500	–	-3.32%	–
	Exit	VICTORIAS SECRET AND CO	$0	–	-7,549,300	–	-3.68%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-7,895,000	–	-4.79%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-548,400	–	-4.82%	–
MCO	Exit	MOODYS CORP	$0	–	-1,239,900	–	-5.05%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,911,000	–	-9.47%	–
AMZN	Exit	AMAZON COM INC	$0	–	-6,512,000	–	-12.32%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-98,186,880	–	-45.58%	–

Q3 2022

			Value		Shares		↓ Weighting
NLSN	Sell	NIELSEN HLDGS PLC	$2,721,740,000	+19.4%	98,186,880	-0.0%	45.58%	-4.8%
AMZN	Buy	AMAZON COM INC	$735,856,000	+12.7%	6,512,000	+5.9%	12.32%	-10.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$565,387,000	+0.9%	5,911,000	+2198.2%	9.47%	-19.5%
MCO	New	MOODYS CORP	$301,432,000	–	1,239,900	–	5.05%	–
TDG	Buy	TRANSDIGM GROUP INC	$287,811,000	+3.5%	548,400	+5.8%	4.82%	-17.5%
FNF	New	FIDELITY NATIONAL FINANCIAL	$285,799,000	–	7,895,000	–	4.79%	–
	Buy	VICTORIAS SECRET AND CO	$219,836,000	+5.5%	7,549,300	+1.3%	3.68%	-15.8%
HLF	Sell	HERBALIFE NUTRITION LTD	$198,572,000	-3.7%	9,983,500	-1.0%	3.32%	-23.2%
SAP	Buy	SAP SEspon adr	$182,301,000	+30.4%	2,243,700	+45.5%	3.05%	+4.0%
ETWO	Buy	E2OPEN PARENT HOLDINGS INC	$167,767,000	-17.7%	27,638,792	+5.5%	2.81%	-34.3%
VRSN	New	VERISIGN INC	$132,012,000	–	760,000	–	2.21%	–

Q2 2022

			Value		Shares		↓ Weighting
NLSN	New	NIELSEN HLDGS PLC	$2,279,974,000	–	98,190,100	–	47.86%	–
AMZN	New	AMAZON COM INC	$652,979,000	–	6,148,000	–	13.71%	–
GOOGL	New	ALPHABET INCcap stk cl a	$560,506,000	–	257,200	–	11.76%	–
TDG	New	TRANSDIGM GROUP INC	$278,210,000	–	518,400	–	5.84%	–
	New	PERIMETER SOLUTIONS SA	$234,144,000	–	21,600,000	–	4.92%	–
	New	VICTORIAS SECRET AND CO	$208,357,000	–	7,449,300	–	4.37%	–
HLF	New	HERBALIFE NUTRITION LTD	$206,208,000	–	10,083,500	–	4.33%	–
ETWO	New	E2OPEN PARENT HOLDINGS INC	$203,827,000	–	26,198,792	–	4.28%	–
SAP	New	SAP SEspon adr	$139,854,000	–	1,541,600	–	2.94%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	POWERSCHOOL HOLDINGS INC	$0	–	-5,544,000	–	-3.04%	–
SAP	Exit	SAP SEspon adr	$0	–	-1,644,800	–	-4.95%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-6,541,900	–	-5.74%	–
ETWO	Exit	E2OPEN PARENT HOLDINGS INC	$0	–	-24,968,542	–	-6.29%	–
MCO	Exit	MOODYS CORP	$0	–	-866,800	–	-6.86%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-6,905,700	–	-6.98%	–
	Exit	VICTORIAS SECRET AND CO	$0	–	-6,188,500	–	-7.63%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-668,800	–	-9.31%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-35,205,300	–	-15.06%	–
AMZN	Exit	AMAZON COM INC	$0	–	-224,400	–	-16.44%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-296,700	–	-17.69%	–

Q3 2021

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET INCcap stk cl a	$793,233,000	+17.5%	296,700	+7.3%	17.69%	+18.6%
AMZN	Sell	AMAZON COM INC	$737,163,000	-5.4%	224,400	-0.9%	16.44%	-4.5%
TDG	Sell	TRANSDIGM GROUP INC	$417,712,000	-18.6%	668,800	-15.7%	9.31%	-17.9%
	New	VICTORIAS SECRET AND CO	$341,977,000	–	6,188,500	–	7.63%	–
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$313,104,000	-33.4%	6,905,700	-36.2%	6.98%	-32.8%
MCO	Sell	MOODYS CORP	$307,809,000	-20.0%	866,800	-18.4%	6.86%	-19.3%
ETWO	Buy	E2OPEN PARENT HOLDINGS INC	$282,145,000	+38.6%	24,968,542	+40.1%	6.29%	+39.9%
AL	Sell	AIR LEASE CORPcl a	$257,358,000	-26.6%	6,541,900	-22.1%	5.74%	-25.9%
SAP	Sell	SAP SEspon adr	$222,114,000	-20.7%	1,644,800	-17.5%	4.95%	-20.0%
	New	POWERSCHOOL HOLDINGS INC	$136,438,000	–	5,544,000	–	3.04%	–

Q2 2021

			Value		Shares		↓ Weighting
NLSN	New	NIELSEN HLDGS PLC	$868,515,000	–	35,205,300	–	19.19%	–
AMZN	New	AMAZON COM INC	$778,852,000	–	226,400	–	17.21%	–
GOOGL	New	ALPHABET INCcap stk cl a	$675,155,000	–	276,500	–	14.92%	–
TDG	New	TRANSDIGM GROUP INC	$513,467,000	–	793,256	–	11.35%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$470,237,000	–	10,820,000	–	10.39%	–
MCO	New	MOODYS CORP	$384,764,000	–	1,061,800	–	8.50%	–
AL	New	AIR LEASE CORPcl a	$350,695,000	–	8,401,900	–	7.75%	–
SAP	New	SAP SEspon adr	$280,063,000	–	1,993,900	–	6.19%	–
ETWO	New	E2OPEN PARENT HOLDINGS INC	$203,541,000	–	17,823,200	–	4.50%	–

Q4 2020

			Value		Shares		↓ Weighting
WFC	Exit	WELLS FARGO CO NEW	$0	–	-6,526,800	–	-4.68%	–
MCO	Exit	MOODYS CORP	$0	–	-623,000	–	-5.50%	–
V	Exit	VISA INC	$0	–	-945,000	–	-5.76%	–
AMZN	Exit	AMAZON COM INC	$0	–	-62,875	–	-6.03%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-142,800	–	-6.38%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-14,026,500	–	-7.77%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-4,819,700	–	-8.48%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-11,240,000	–	-10.08%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-13,686,900	–	-13.06%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-35,337,000	–	-15.27%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-1,174,483	–	-17.00%	–

Q3 2020

			Value		Shares		↓ Weighting
TDG	Sell	TRANSDIGM GROUP INC	$558,020,000	-28.3%	1,174,483	-33.2%	17.00%	-31.1%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$428,537,000	+16.9%	13,686,900	+14.5%	13.06%	+12.3%
DFS	New	DISCOVER FINL SVCS	$278,482,000	–	4,819,700	–	8.48%	–
SC	Buy	SANTANDER CONSUMER USA HDG I	$255,142,000	-0.2%	14,026,500	+1.0%	7.77%	-4.1%
GOOGL	Sell	ALPHABET INCcap stk cl a	$209,288,000	-20.7%	142,800	-23.2%	6.38%	-23.8%
AMZN	Sell	AMAZON COM INC	$197,976,000	-23.3%	62,875	-32.8%	6.03%	-26.3%
MCO	Sell	MOODYS CORP	$180,577,000	-7.4%	623,000	-12.3%	5.50%	-11.0%
WFC	New	WELLS FARGO CO NEW	$153,445,000	–	6,526,800	–	4.68%	–

Q2 2020

			Value		Shares		↓ Weighting
TDG	New	TRANSDIGM GROUP INC	$777,787,000	–	1,759,500	–	24.66%	–
NLSN	New	NIELSEN HLDGS PLC	$525,108,000	–	35,337,000	–	16.65%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$366,608,000	–	11,957,200	–	11.62%	–
AL	New	AIR LEASE CORPcl a	$329,220,000	–	11,240,000	–	10.44%	–
GOOGL	New	ALPHABET INCcap stk cl a	$263,757,000	–	186,000	–	8.36%	–
AMZN	New	AMAZON COM INC	$258,226,000	–	93,600	–	8.19%	–
SC	New	SANTANDER CONSUMER USA HDG I	$255,615,000	–	13,884,600	–	8.10%	–
MCO	New	MOODYS CORP	$195,058,000	–	710,000	–	6.18%	–
V	New	VISA INC	$182,546,000	–	945,000	–	5.79%	–

Q4 2019

			Value		Shares		↓ Weighting
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-7,875,184	–	-10.05%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-1,992,000	–	-10.20%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-183,600	–	-11.22%	–
V	Exit	VISA INC	$0	–	-1,304,000	–	-11.22%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-15,279,275	–	-16.24%	–
MCO	Exit	MOODYS CORP	$0	–	-1,791,000	–	-18.35%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-871,900	–	-22.71%	–

Q3 2019

			Value		Shares		↓ Weighting
TDG	Sell	TRANSDIGM GROUP INC	$453,972,000	-24.2%	871,900	-29.6%	22.71%	-21.7%
MCO	Buy	MOODYS CORP	$366,851,000	+14.4%	1,791,000	+9.1%	18.35%	+18.2%
NLSN	Sell	NIELSEN HLDGS PLC	$324,685,000	-28.1%	15,279,275	-23.6%	16.24%	-25.7%
V	Sell	VISA INC	$224,301,000	-23.6%	1,304,000	-22.9%	11.22%	-21.1%
GOOGL	New	ALPHABET INCcap stk cl a	$224,201,000	–	183,600	–	11.22%	–
NXST	Buy	NEXSTAR MEDIA GROUP INCcl a	$203,802,000	+11.7%	1,992,000	+10.3%	10.20%	+15.5%
SC	Sell	SANTANDER CONSUMER USA HDG I	$200,896,000	-7.9%	7,875,184	-13.5%	10.05%	-4.9%

Q2 2019

			Value		Shares		↓ Weighting
TDG	New	TRANSDIGM GROUP INC	$598,944,000	–	1,238,000	–	28.99%	–
NLSN	New	NIELSEN HLDGS PLC	$451,819,000	–	19,992,000	–	21.87%	–
MCO	New	MOODYS CORP	$320,699,000	–	1,642,000	–	15.52%	–
V	New	VISA INC	$293,647,000	–	1,692,000	–	14.22%	–
SC	New	SANTANDER CONSUMER USA HDG I	$218,218,000	–	9,107,600	–	10.56%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$182,406,000	–	1,806,000	–	8.83%	–

Q4 2018

			Value		Shares		↓ Weighting
MCO	Exit	MOODYS CORP	$0	–	-531,000	–	-8.54%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASIsponsored adr	$0	–	-15,739,000	–	-8.93%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-4,914,700	–	-9.48%	–
V	Exit	VISA INC	$0	–	-701,000	–	-10.12%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-1,314,000	–	-10.29%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-7,098,100	–	-18.89%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-942,500	–	-33.76%	–

Q3 2018

			Value		Shares		↓ Weighting
TDG	Buy	TRANSDIGM GROUP INC	$350,893,000	+15.5%	942,500	+7.1%	33.76%	+10.7%
NLSN	Buy	NIELSEN HLDGS PLC	$196,333,000	-2.9%	7,098,100	+8.6%	18.89%	-6.9%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$106,960,000	-7.6%	1,314,000	-16.7%	10.29%	-11.4%
V	Sell	VISA INC	$105,213,000	+4.9%	701,000	-7.4%	10.12%	+0.6%
SBS	Buy	COMPANHIA DE SANEAMENTO BASIsponsored adr	$92,860,000	+3.0%	15,739,000	+4.9%	8.93%	-1.3%

Q2 2018

			Value		Shares		↓ Weighting
TDG	New	TRANSDIGM GROUP INC	$303,792,000	–	880,200	–	30.48%	–
NLSN	New	NIELSEN HLDGS PLC	$202,162,000	–	6,536,100	–	20.29%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$115,739,000	–	1,576,819	–	11.61%	–
V	New	VISA INC	$100,265,000	–	757,000	–	10.06%	–
SC	New	SANTANDER CONSUMER USA HDG I	$93,822,000	–	4,914,700	–	9.42%	–
MCO	New	MOODYS CORP	$90,567,000	–	531,000	–	9.09%	–
SBS	New	COMPANHIA DE SANEAMENTO BASIsponsored adr	$90,196,000	–	15,007,700	–	9.05%	–

Q4 2017

			Value		Shares		↓ Weighting
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-379,000	–	-2.22%	–
V	Exit	VISA INC	$0	–	-731,000	–	-10.89%	–
MCO	Exit	MOODYS CORP	$0	–	-660,000	–	-13.01%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASIsponsored adr	$0	–	-12,509,300	–	-18.52%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-12,584,800	–	-27.38%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-773,100	–	-27.98%	–

Q3 2017

			Value		Shares		↓ Weighting
TDG	Buy	TRANSDIGM GROUP INC	$197,643,000	+14.5%	773,100	+20.4%	27.98%	-5.0%
SC	Sell	SANTANDER CONSUMER USA HDG I	$193,428,000	+19.7%	12,584,800	-0.6%	27.38%	-0.6%
SBS	Buy	COMPANHIA DE SANEAMENTO BASIsponsored adr	$130,847,000	+49.6%	12,509,300	+36.1%	18.52%	+24.2%
NLSN	Sell	NIELSEN HLDGS PLC	$15,710,000	-1.3%	379,000	-7.9%	2.22%	-18.0%

Q2 2017

			Value		Shares		↓ Weighting
TDG	New	TRANSDIGM GROUP INC	$172,641,000	–	642,100	–	29.44%	–
SC	New	SANTANDER CONSUMER USA HDG I	$161,593,000	–	12,664,000	–	27.55%	–
SBS	New	COMPANHIA DE SANEAMENTO BASIsponsored adr	$87,470,000	–	9,188,000	–	14.91%	–
MCO	New	MOODYS CORP	$80,309,000	–	660,000	–	13.69%	–
V	New	VISA INC	$68,553,000	–	731,000	–	11.69%	–
NLSN	New	NIELSEN HLDGS PLC	$15,912,000	–	411,600	–	2.71%	–

Q4 2016

			Value		Shares		↓ Weighting
V	Exit	VISA INC	$0	–	-448,400	–	-12.82%	–
MCO	Exit	MOODYS CORP	$0	–	-542,600	–	-20.31%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASIsponsored adr	$0	–	-7,025,500	–	-22.49%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-10,559,200	–	-44.38%	–

Q3 2016

			Value		Shares		↓ Weighting
SC	Buy	SANTANDER CONSUMER USA HDG I	$128,400,000	+18.3%	10,559,200	+0.5%	44.38%	+19.4%
SBS	Sell	COMPANHIA DE SANEAMENTO BASIsponsored adr	$65,056,000	-8.6%	7,025,500	-11.6%	22.49%	-7.8%
MCO	Sell	MOODYS CORP	$58,753,000	-1.0%	542,600	-14.3%	20.31%	-0.1%
V	Buy	VISA INC	$37,083,000	+13.5%	448,400	+1.8%	12.82%	+14.6%
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-426,000	–	-6.91%	–

Q2 2016

			Value		Shares		↓ Weighting
SC	New	SANTANDER CONSUMER USA HDG I	$108,517,000	–	10,505,000	–	37.18%	–
SBS	New	COMPANHIA DE SANEAMENTO BASIsponsored adr	$71,200,000	–	7,946,396	–	24.39%	–
MCO	New	MOODYS CORP	$59,365,000	–	633,500	–	20.34%	–
V	New	VISA INC	$32,664,000	–	440,400	–	11.19%	–
WFC	New	WELLS FARGO & CO NEW	$20,163,000	–	426,000	–	6.91%	–

Q4 2015

			Value		Shares		↓ Weighting
V	Exit	VISA INC	$0	–	-331,000	–	-12.09%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-584,200	–	-13.62%	–
MCO	Exit	MOODYS CORP	$0	–	-302,000	–	-15.55%	–
CSX	Exit	CSX CORP	$0	–	-1,166,000	–	-16.45%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASIsponsored adr	$0	–	-8,198,000	–	-16.68%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-951,000	–	-25.61%	–

Q3 2015

			Value		Shares		↓ Weighting
WFC	Buy	WELLS FARGO & CO NEW	$48,834,000	-3.3%	951,000	+5.9%	25.61%	+15.5%
SBS	Buy	COMPANHIA DE SANEAMENTO BASIsponsored adr	$31,808,000	-7.7%	8,198,000	+23.2%	16.68%	+10.2%
CSX	Sell	CSX CORP	$31,365,000	-21.5%	1,166,000	-4.7%	16.45%	-6.3%
MCO	Buy	MOODYS CORP	$29,656,000	+29.0%	302,000	+41.8%	15.55%	+54.0%
NLSN	New	NIELSEN HLDGS PLC	$25,979,000	–	584,200	–	13.62%	–
V	New	VISA INC	$23,057,000	–	331,000	–	12.09%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-270,200	–	-5.94%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-439,300	–	-7.14%	–
NLSN	Exit	NIELSEN N V	$0	–	-1,117,000	–	-21.96%	–

Q2 2015

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO & CO NEW	$50,504,000	–	898,000	–	22.18%	–
NLSN	New	NIELSEN N V	$50,008,000	–	1,117,000	–	21.96%	–
CSX	New	CSX CORP	$39,964,000	–	1,224,000	–	17.55%	–
SBS	New	COMPANHIA DE SANEAMENTO BASIsponsored adr	$34,461,000	–	6,652,700	–	15.14%	–
MCO	New	MOODYS CORP	$22,995,000	–	213,000	–	10.10%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$16,250,000	–	439,300	–	7.14%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$13,513,000	–	270,200	–	5.94%	–

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