Ninety One North America, Inc. Activity Q4 2014-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$181,806,345	-11.1%	790,428	-8.2%	8.91%	+2.8%
MSFT	Sell	MICROSOFT CORP	$148,485,543	-19.9%	470,263	-13.6%	7.28%	-7.3%
BKNG	Sell	BOOKING HOLDINGS INC	$119,012,715	-8.0%	38,591	-19.5%	5.83%	+6.3%
INTU	Sell	INTUIT INC	$105,847,353	+3.2%	207,162	-7.4%	5.19%	+19.3%
VRSN	Sell	VERISIGN INC	$91,628,826	-20.9%	452,421	-11.7%	4.49%	-8.5%
GOOGL	Sell	ALPHABET INC	$87,476,246	+4.0%	668,472	-4.8%	4.29%	+20.3%
ADSK	Sell	AUTODESK INC	$78,195,842	-5.9%	377,922	-6.9%	3.83%	+8.8%
ICLR	Sell	ICON PLC	$74,657,091	-9.5%	303,176	-8.0%	3.66%	+4.7%
JNJ	Sell	JOHNSON & JOHNSON	$67,684,589	-13.8%	434,572	-8.4%	3.32%	-0.3%
MCO	Sell	MOODY'S CORP	$64,409,837	-16.7%	203,719	-8.4%	3.16%	-3.7%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$63,860,999	+2.3%	265,446	-6.5%	3.13%	+18.3%
FDS	Sell	FACTSET RESEARCH SYSTEMS INC	$60,333,573	+1.2%	137,981	-7.3%	2.96%	+17.0%
BDX	Sell	BECTON DICKINSON & CO	$58,322,300	-9.5%	225,592	-7.5%	2.86%	+4.7%
NTES	Sell	NETEASE INCadr	$58,049,632	-5.7%	579,569	-9.0%	2.84%	+9.0%
PM	Sell	PHILIP MORRIS INTERNATIONAL IN	$57,490,699	-16.5%	620,984	-12.0%	2.82%	-3.5%
EA	Sell	ELECTRONIC ARTS INC	$57,265,250	-14.6%	475,625	-8.0%	2.81%	-1.2%
SPGI	Sell	S&P GLOBAL INC	$57,234,169	-15.5%	156,630	-7.3%	2.80%	-2.3%
CHKP	Sell	CHECK POINT SOFTWARE TECHNOLOG	$53,346,253	-2.5%	400,257	-8.1%	2.62%	+12.8%
ABEV	Buy	AMBEV SAadr	$42,841,277	-8.1%	16,605,146	+13.2%	2.10%	+6.2%
EL	Sell	ESTEE LAUDER COS INC/THE	$41,032,253	-32.2%	283,862	-7.9%	2.01%	-21.6%
TCOM	Buy	TRIP.COM GROUP LTDadr	$40,817,999	+13.1%	1,167,229	+13.2%	2.00%	+30.9%
SCHW	Sell	CHARLES SCHWAB CORP/THE	$40,739,040	-8.6%	742,059	-5.6%	2.00%	+5.7%
VALE	Buy	VALE SAadr	$38,900,710	+13.4%	2,903,038	+13.6%	1.91%	+31.2%
	Sell	NEW ORIENTAL EDUCATION & TECHNadr	$31,172,313	+46.9%	532,405	-0.9%	1.53%	+69.8%
FOXA	Sell	FOX CORP	$30,504,365	-16.5%	977,704	-9.0%	1.50%	-3.4%
TX	Buy	TERNIUM SAadr	$30,435,401	+44.4%	762,792	+43.4%	1.49%	+66.9%
HTHT	Buy	H WORLD GROUP LTDadr	$22,165,023	+15.1%	562,136	+13.2%	1.09%	+32.9%
BEKE	Buy	KE HOLDINGS INCadr	$21,674,612	+18.4%	1,396,560	+13.3%	1.06%	+36.9%
TSM	Buy	TAIWAN SEMICONDUCTOR MANUFACTUadr	$15,764,269	-6.4%	181,407	+8.8%	0.77%	+8.3%
CCEP	Sell	COCA-COLA EUROPACIFIC PARTNERS	$13,860,626	-19.8%	221,841	-17.3%	0.68%	-7.4%
ADBE	Sell	ADOBE INC	$8,788,127	-8.0%	17,235	-11.8%	0.43%	+6.4%
DLB	Buy	DOLBY LABORATORIES INC	$8,161,958	+10.8%	102,977	+16.9%	0.40%	+28.2%
WM	Buy	WASTE MANAGEMENT INC	$7,997,308	+3.4%	52,462	+17.7%	0.39%	+19.5%
MA	Sell	MASTERCARD INC	$7,813,284	-50.6%	19,735	-50.9%	0.38%	-42.8%
RYAAY	Sell	RYANAIR HOLDINGS PLCadr	$7,773,301	-16.6%	79,964	-5.1%	0.38%	-3.5%
HDB	Buy	HDFC BANK LTDadr	$7,258,998	-11.6%	123,013	+4.4%	0.36%	+2.3%
FB	Sell	META PLATFORMS INC	$7,249,772	+4.3%	24,149	-0.3%	0.36%	+20.3%
NVDA	Sell	NVIDIA CORP	$6,659,697	-68.4%	15,310	-69.3%	0.33%	-63.5%
ANSS	Buy	ANSYS INC	$5,951,001	+8.1%	20,000	+20.0%	0.29%	+25.3%
ALC	Sell	ALCON INC	$5,654,972	-6.4%	73,384	-0.3%	0.28%	+8.2%
MNST	Sell	MONSTER BEVERAGE CORP	$5,645,371	-8.1%	106,617	-0.3%	0.28%	+6.5%
NEE	Buy	NEXTERA ENERGY INC	$5,642,092	-13.5%	98,483	+12.1%	0.28%	+0.4%
TXN	Buy	TEXAS INSTRUMENTS INC	$5,651,534	+34.0%	35,542	+51.7%	0.28%	+54.7%
ZTS	Sell	ZOETIS INC	$5,528,215	+0.7%	31,775	-0.3%	0.27%	+16.3%
TEL	Sell	TE CONNECTIVITY LTD	$5,431,244	-16.4%	43,967	-5.1%	0.27%	-3.3%
TW	Buy	TRADEWEB MARKETS INC	$5,375,967	+33.5%	67,032	+14.0%	0.26%	+53.8%
APTV	Buy	APTIV PLC	$5,325,438	+9.1%	54,016	+13.0%	0.26%	+26.1%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$5,243,214	-5.2%	5,769	-0.3%	0.26%	+9.8%
CSGP	Sell	COSTAR GROUP INC	$5,166,547	-13.9%	67,194	-0.3%	0.25%	-0.4%
CDNS	Sell	CADENCE DESIGN SYSTEMS INC	$5,112,661	-0.4%	21,821	-0.3%	0.25%	+15.1%
A	Buy	AGILENT TECHNOLOGIES INC	$5,068,354	+38.2%	45,326	+48.6%	0.25%	+60.0%
SYK	Sell	STRYKER CORP	$4,925,146	-10.7%	18,023	-0.3%	0.24%	+3.0%
SBUX	Sell	STARBUCKS CORP	$4,748,961	-8.1%	52,032	-0.3%	0.23%	+6.4%
ACN	Sell	ACCENTURE PLC	$4,712,911	-3.3%	15,346	-2.8%	0.23%	+12.1%
ROK	Buy	ROCKWELL AUTOMATION INC	$4,257,177	-11.3%	14,892	+2.2%	0.21%	+3.0%
ALGN	Sell	ALIGN TECHNOLOGY INC	$4,249,750	-13.9%	13,919	-0.3%	0.21%	-0.5%
INDA	Sell	ISHARES MSCI INDIA ETFetp	$3,985,284	-37.0%	90,124	-37.8%	0.20%	-27.2%
ASML	Sell	ASML HOLDING NVny reg shrs	$3,738,580	-19.0%	6,351	-0.3%	0.18%	-6.6%
CSL	New	CARLISLE COS INC	$3,715,715	–	14,332	–	0.18%	–
TT	Sell	TRANE TECHNOLOGIES PLC	$3,670,845	-36.6%	18,091	-40.3%	0.18%	-26.8%
WST	Sell	WEST PHARMACEUTICAL SERVICES I	$3,508,964	-2.2%	9,352	-0.3%	0.17%	+13.2%
IDXX	Sell	IDEXX LABORATORIES INC	$2,986,117	-13.5%	6,829	-0.6%	0.15%	0.0%
QGEN	Sell	QIAGEN NV	$1,432,080	-83.1%	35,360	-81.2%	0.07%	-80.5%
EWJ	New	ISHARES MSCI JAPAN ETFetp	$995,208	–	16,507	–	0.05%	–
SONY	New	SONY GROUP CORPadr	$515,887	–	6,260	–	0.02%	–
EWY	New	ISHARES MSCI SOUTH KOREA ETFetp	$338,198	–	5,738	–	0.02%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-691	–	-0.01%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-6,078	–	-0.05%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-49,560	–	-0.08%	–
	Exit	CORP INMOBILIARIA VESTA SAB DEamerican depository receipts	$0	–	-71,647	–	-0.10%	–
FTNT	Exit	FORTINET INC	$0	–	-42,785	–	-0.14%	–
IQV	Exit	IQVIA HOLDINGS INC	$0	–	-15,161	–	-0.14%	–
EBAY	Exit	EBAY INC	$0	–	-80,694	–	-0.15%	–
TPR	Exit	TAPESTRY INC	$0	–	-84,782	–	-0.15%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-19,830	–	-0.16%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-98,721	–	-0.16%	–
TRU	Exit	TRANSUNION	$0	–	-49,532	–	-0.16%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS INC	$0	–	-13,553	–	-0.17%	–
	Exit	JACOBS SOLUTIONS INC	$0	–	-34,395	–	-0.17%	–
HES	Exit	HESS CORP	$0	–	-30,236	–	-0.17%	–
WWE	Exit	WORLD WRESTLING ENTERTAINMENT	$0	–	-38,044	–	-0.18%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-59,660	–	-0.18%	–
ALLE	Exit	ALLEGION PLC	$0	–	-46,255	–	-0.24%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-50,716	–	-0.24%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-14,091	–	-0.26%	–
AVGO	Exit	BROADCOM INC	$0	–	-7,147	–	-0.26%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-115,350	–	-0.26%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-12,356	–	-0.27%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-52,671	–	-0.29%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-91,074	–	-0.32%	–
SQM	Exit	SOCIEDAD QUIMICA Y MINERA DE Cadr	$0	–	-214,918	–	-0.66%	–

Q2 2023

			Value		Shares		↓ Weighting
V	New	VISA INC	$204,500,678	–	861,128	–	8.67%	–
MSFT	New	MICROSOFT CORP	$185,310,631	–	544,167	–	7.86%	–
BKNG	New	BOOKING HOLDINGS INC	$129,418,716	–	47,927	–	5.49%	–
VRSN	New	VERISIGN INC	$115,793,582	–	512,429	–	4.91%	–
INTU	New	INTUIT INC	$102,543,839	–	223,802	–	4.35%	–
GOOGL	New	ALPHABET INC	$84,086,737	–	702,479	–	3.56%	–
ADSK	New	AUTODESK INC	$83,094,986	–	406,114	–	3.52%	–
ICLR	New	ICON PLC	$82,480,182	–	329,657	–	3.50%	–
JNJ	New	JOHNSON & JOHNSON	$78,490,743	–	474,207	–	3.33%	–
MCO	New	MOODY'S CORP	$77,346,142	–	222,438	–	3.28%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$68,873,058	–	705,522	–	2.92%	–
SPGI	New	S&P GLOBAL INC	$67,743,194	–	168,982	–	2.87%	–
EA	New	ELECTRONIC ARTS INC	$67,049,972	–	516,962	–	2.84%	–
BDX	New	BECTON DICKINSON & CO	$64,412,632	–	243,978	–	2.73%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$62,401,239	–	283,913	–	2.64%	–
NTES	New	NETEASE INCadr	$61,589,210	–	636,976	–	2.61%	–
EL	New	ESTEE LAUDER COS INC/THE	$60,527,655	–	308,217	–	2.57%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$59,645,968	–	148,873	–	2.53%	–
CHKP	New	CHECK POINT SOFTWARE TECHNOLOG	$54,705,124	–	435,481	–	2.32%	–
ABEV	New	AMBEV SAadr	$46,640,119	–	14,666,704	–	1.98%	–
SCHW	New	CHARLES SCHWAB CORP/THE	$44,556,375	–	786,104	–	1.89%	–
FOXA	New	FOX CORP	$36,526,643	–	1,074,313	–	1.55%	–
TCOM	New	TRIP.COM GROUP LTDadr	$36,078,140	–	1,030,804	–	1.53%	–
VALE	New	VALE SAadr	$34,298,085	–	2,555,744	–	1.45%	–
	New	NEW ORIENTAL EDUCATION & TECHNadr	$21,224,612	–	537,468	–	0.90%	–
TX	New	TERNIUM SAadr	$21,084,205	–	531,758	–	0.89%	–
NVDA	New	NVIDIA CORP	$21,077,395	–	49,826	–	0.89%	–
HTHT	New	H WORLD GROUP LTDadr	$19,265,168	–	496,781	–	0.82%	–
BEKE	New	KE HOLDINGS INCadr	$18,299,002	–	1,232,256	–	0.78%	–
CCEP	New	COCA-COLA EUROPACIFIC PARTNERS	$17,288,760	–	268,334	–	0.73%	–
TSM	New	TAIWAN SEMICONDUCTOR MANUFACTUadr	$16,833,456	–	166,800	–	0.71%	–
MA	New	MASTERCARD INC	$15,807,514	–	40,192	–	0.67%	–
SQM	New	SOCIEDAD QUIMICA Y MINERA DE Cadr	$15,607,346	–	214,918	–	0.66%	–
ADBE	New	ADOBE INC	$9,553,398	–	19,537	–	0.40%	–
RYAAY	New	RYANAIR HOLDINGS PLCadr	$9,319,488	–	84,263	–	0.40%	–
QGEN	New	QIAGEN NV	$8,480,050	–	188,320	–	0.36%	–
HDB	New	HDFC BANK LTDadr	$8,212,473	–	117,826	–	0.35%	–
WM	New	WASTE MANAGEMENT INC	$7,731,238	–	44,581	–	0.33%	–
ATVI	New	ACTIVISION BLIZZARD INC	$7,677,539	–	91,074	–	0.32%	–
DLB	New	DOLBY LABORATORIES INC	$7,368,778	–	88,059	–	0.31%	–
FB	New	META PLATFORMS INC	$6,950,943	–	24,221	–	0.30%	–
AMZN	New	AMAZON.COM INC	$6,866,192	–	52,671	–	0.29%	–
NEE	New	NEXTERA ENERGY INC	$6,520,251	–	87,874	–	0.28%	–
TEL	New	TE CONNECTIVITY LTD	$6,496,557	–	46,351	–	0.28%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$6,446,743	–	12,356	–	0.27%	–
INDA	New	ISHARES MSCI INDIA ETFetp	$6,329,989	–	144,851	–	0.27%	–
BSX	New	BOSTON SCIENTIFIC CORP	$6,239,282	–	115,350	–	0.26%	–
AVGO	New	BROADCOM INC	$6,199,523	–	7,147	–	0.26%	–
SNPS	New	SYNOPSYS INC	$6,135,363	–	14,091	–	0.26%	–
MNST	New	MONSTER BEVERAGE CORP	$6,141,313	–	106,917	–	0.26%	–
ALC	New	ALCON INC	$6,042,804	–	73,594	–	0.26%	–
CSGP	New	COSTAR GROUP INC	$5,997,176	–	67,384	–	0.25%	–
TT	New	TRANE TECHNOLOGIES PLC	$5,791,545	–	30,281	–	0.25%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$5,734,966	–	50,716	–	0.24%	–
ALLE	New	ALLEGION PLC	$5,551,526	–	46,255	–	0.24%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$5,530,232	–	5,789	–	0.23%	–
SYK	New	STRYKER CORP	$5,513,892	–	18,073	–	0.23%	–
ZTS	New	ZOETIS INC	$5,487,989	–	31,868	–	0.23%	–
ANSS	New	ANSYS INC	$5,505,271	–	16,669	–	0.23%	–
SBUX	New	STARBUCKS CORP	$5,168,555	–	52,176	–	0.22%	–
CDNS	New	CADENCE DESIGN SYSTEMS INC	$5,131,064	–	21,879	–	0.22%	–
KSA	New	ISHARES MSCI SAUDI ARABIA ETFetp	$4,991,755	–	120,778	–	0.21%	–
ALGN	New	ALIGN TECHNOLOGY INC	$4,936,815	–	13,960	–	0.21%	–
APTV	New	APTIV PLC	$4,881,944	–	47,820	–	0.21%	–
ACN	New	ACCENTURE PLC	$4,871,244	–	15,786	–	0.21%	–
ROK	New	ROCKWELL AUTOMATION INC	$4,800,087	–	14,570	–	0.20%	–
ASML	New	ASML HOLDING NVny reg shrs	$4,615,208	–	6,368	–	0.20%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$4,351,601	–	59,660	–	0.18%	–
TXN	New	TEXAS INSTRUMENTS INC	$4,218,229	–	23,432	–	0.18%	–
WWE	New	WORLD WRESTLING ENTERTAINMENT	$4,126,633	–	38,044	–	0.18%	–
HES	New	HESS CORP	$4,110,585	–	30,236	–	0.17%	–
	New	JACOBS SOLUTIONS INC	$4,089,222	–	34,395	–	0.17%	–
APD	New	AIR PRODUCTS AND CHEMICALS INC	$4,059,531	–	13,553	–	0.17%	–
TW	New	TRADEWEB MARKETS INC	$4,028,268	–	58,824	–	0.17%	–
TRU	New	TRANSUNION	$3,879,842	–	49,532	–	0.16%	–
GM	New	GENERAL MOTORS CO	$3,806,682	–	98,721	–	0.16%	–
MMC	New	MARSH & MCLENNAN COS INC	$3,729,627	–	19,830	–	0.16%	–
A	New	AGILENT TECHNOLOGIES INC	$3,666,904	–	30,494	–	0.16%	–
TPR	New	TAPESTRY INC	$3,628,670	–	84,782	–	0.15%	–
EBAY	New	EBAY INC	$3,606,215	–	80,694	–	0.15%	–
WST	New	WEST PHARMACEUTICAL SERVICES I	$3,586,804	–	9,378	–	0.15%	–
IDXX	New	IDEXX LABORATORIES INC	$3,450,321	–	6,870	–	0.15%	–
IQV	New	IQVIA HOLDINGS INC	$3,407,738	–	15,161	–	0.14%	–
FTNT	New	FORTINET INC	$3,234,119	–	42,785	–	0.14%	–
	New	CORP INMOBILIARIA VESTA SAB DEamerican depository receipts	$2,364,351	–	71,647	–	0.10%	–
FCX	New	FREEPORT-MCMORAN INC	$1,982,400	–	49,560	–	0.08%	–
ADI	New	ANALOG DEVICES INC	$1,184,056	–	6,078	–	0.05%	–
BKLN	New	POWERSHARES SENIOR LOANetp	$351,347	–	16,699	–	0.02%	–
UNH	New	UNITEDHEALTH GROUP INC	$332,123	–	691	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
BKLN	Exit	INVESCO SENIOR LOAN ETFetp	$0	–	-18,600	–	-0.02%	–
APTV	Exit	APTIV PLC	$0	–	-25,782	–	-0.10%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-15,278	–	-0.10%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-6,595	–	-0.11%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-11,253	–	-0.12%	–
ANSS	Exit	ANSYS INC	$0	–	-11,362	–	-0.12%	–
TPR	Exit	TAPESTRY INC	$0	–	-90,897	–	-0.12%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-13,245	–	-0.13%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-36,097	–	-0.14%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-92,522	–	-0.14%	–
TRU	Exit	TRANSUNION	$0	–	-51,219	–	-0.15%	–
ASML	Exit	ASML HOLDING NVny reg shrs	$0	–	-7,448	–	-0.15%	–
EBAY	Exit	EBAY INC	$0	–	-86,513	–	-0.15%	–
TW	Exit	TRADEWEB MARKETS INC	$0	–	-56,377	–	-0.15%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-22,787	–	-0.16%	–
FB	Exit	META PLATFORMS INC	$0	–	-25,156	–	-0.16%	–
SYK	Exit	STRYKER CORP	$0	–	-17,321	–	-0.17%	–
HES	Exit	HESS CORP	$0	–	-32,416	–	-0.17%	–
WM	Exit	WASTE MANAGEMENT INC	$0	–	-22,278	–	-0.17%	–
ZTS	Exit	ZOETIS INC	$0	–	-24,555	–	-0.18%	–
ALLE	Exit	ALLEGION PLC	$0	–	-43,676	–	-0.19%	–
	Exit	JACOBS SOLUTIONS INC	$0	–	-36,876	–	-0.19%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC/OH	$0	–	-306,990	–	-0.19%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-5,965	–	-0.20%	–
CDNS	Exit	CADENCE DESIGN SYSTEMS INC	$0	–	-25,598	–	-0.20%	–
ACN	Exit	ACCENTURE PLC	$0	–	-16,357	–	-0.20%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-35,275	–	-0.21%	–
IQV	Exit	IQVIA HOLDINGS INC	$0	–	-24,282	–	-0.21%	–
MTB	Exit	M&T BANK CORP	$0	–	-25,176	–	-0.21%	–
MNST	Exit	MONSTER BEVERAGE CORP	$0	–	-51,235	–	-0.21%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-49,244	–	-0.21%	–
ALC	Exit	ALCON INC	$0	–	-77,209	–	-0.22%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-64,579	–	-0.22%	–
ADBE	Exit	ADOBE INC	$0	–	-16,430	–	-0.22%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-15,107	–	-0.22%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-86,366	–	-0.23%	–
HDB	Exit	HDFC BANK LTDadr	$0	–	-81,519	–	-0.23%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-123,668	–	-0.23%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-9,602	–	-0.23%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-60,878	–	-0.25%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO	$0	–	-23,836	–	-0.25%	–
KSA	Exit	ISHARES MSCI SAUDI ARABIA ETFetp	$0	–	-127,747	–	-0.25%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-84,393	–	-0.26%	–
AVGO	Exit	BROADCOM INC	$0	–	-12,792	–	-0.27%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-78,032	–	-0.28%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-39,912	–	-0.29%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-41,992	–	-0.32%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-13,247	–	-0.32%	–
QGEN	Exit	QIAGEN NV	$0	–	-205,754	–	-0.41%	–
NVDA	Exit	NVIDIA CORP	$0	–	-70,918	–	-0.41%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-87,779	–	-0.46%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MANUFACTUadr	$0	–	-149,402	–	-0.49%	–
MA	Exit	MASTERCARD INC	$0	–	-40,921	–	-0.56%	–
TX	Exit	TERNIUM SAadr	$0	–	-480,029	–	-0.63%	–
MOS	Exit	MOSAIC CO/THE	$0	–	-418,809	–	-0.97%	–
INDA	Exit	ISHARES MSCI INDIA ETFetp	$0	–	-697,676	–	-1.36%	–
BBD	Exit	BANCO BRADESCO SAadr	$0	–	-7,737,924	–	-1.37%	–
VALE	Exit	VALE SAadr	$0	–	-2,575,042	–	-1.65%	–
FOXA	Exit	FOX CORP	$0	–	-1,296,422	–	-1.91%	–
GOOGL	Exit	ALPHABET INC	$0	–	-434,471	–	-1.99%	–
INFY	Exit	INFOSYS LTDadr	$0	–	-2,955,198	–	-2.41%	–
NTES	Exit	NETEASE INCadr	$0	–	-717,353	–	-2.60%	–
CHKP	Exit	CHECK POINT SOFTWARE TECHNOLOG	$0	–	-487,923	–	-2.62%	–
SCHW	Exit	CHARLES SCHWAB CORP/THE	$0	–	-764,301	–	-2.64%	–
ICLR	Exit	ICON PLC	$0	–	-314,863	–	-2.78%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-711,442	–	-2.83%	–
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-161,889	–	-3.11%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-578,200	–	-3.21%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-232,508	–	-3.41%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-323,335	–	-3.51%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-338,971	–	-3.62%	–
EL	Exit	ESTEE LAUDER COS INC/THE	$0	–	-357,293	–	-3.70%	–
ADSK	Exit	AUTODESK INC	$0	–	-438,646	–	-3.93%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-527,252	–	-4.13%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-55,434	–	-4.37%	–
VRSN	Exit	VERISIGN INC	$0	–	-554,230	–	-4.62%	–
INTU	Exit	INTUIT INC	$0	–	-252,561	–	-4.70%	–
MCO	Exit	MOODY'S CORP	$0	–	-443,184	–	-5.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-613,341	–	-6.86%	–
V	Exit	VISA INC	$0	–	-978,913	–	-8.35%	–

Q3 2022

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$173,904,000	-11.3%	978,913	-1.7%	8.35%	-3.9%
MSFT	Sell	MICROSOFT CORP	$142,847,000	-10.3%	613,341	-1.1%	6.86%	-2.9%
MCO	Sell	MOODY'S CORP	$107,742,000	-13.9%	443,184	-3.7%	5.17%	-6.7%
INTU	Sell	INTUIT INC	$97,822,000	-1.0%	252,561	-1.5%	4.70%	+7.3%
VRSN	Buy	VERISIGN INC	$96,270,000	+4.7%	554,230	+0.8%	4.62%	+13.4%
BKNG	Sell	BOOKING HOLDINGS INC	$91,090,000	-7.5%	55,434	-1.5%	4.37%	+0.2%
JNJ	Sell	JOHNSON & JOHNSON	$86,132,000	-9.6%	527,252	-1.7%	4.13%	-2.0%
ADSK	Sell	AUTODESK INC	$81,939,000	+7.6%	438,646	-0.9%	3.93%	+16.5%
EL	Buy	ESTEE LAUDER COS INC/THE	$77,140,000	-12.4%	357,293	+3.3%	3.70%	-5.1%
BDX	Sell	BECTON DICKINSON AND CO	$75,533,000	-10.8%	338,971	-1.3%	3.62%	-3.4%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$73,135,000	+5.5%	323,335	-2.0%	3.51%	+14.3%
SPGI	Buy	S&P GLOBAL INC	$70,996,000	-4.6%	232,508	+5.3%	3.41%	+3.3%
EA	Sell	ELECTRONIC ARTS INC	$66,904,000	-6.5%	578,200	-1.7%	3.21%	+1.3%
FDS	Sell	FACTSET RESEARCH SYSTEMS INC	$64,773,000	+2.3%	161,889	-1.7%	3.11%	+10.8%
PM	Sell	PHILIP MORRIS INTERNATIONAL IN	$59,057,000	-49.5%	711,442	-39.9%	2.83%	-45.3%
ICLR	Sell	ICON PLC	$57,866,000	-16.7%	314,863	-1.7%	2.78%	-9.7%
SCHW	Buy	CHARLES SCHWAB CORP/THE	$54,930,000	+14.1%	764,301	+0.3%	2.64%	+23.6%
CHKP	Sell	CHECK POINT SOFTWARE TECHNOLOG	$54,657,000	-9.6%	487,923	-1.8%	2.62%	-2.1%
NTES	Buy	NETEASE INCadr	$54,232,000	-16.6%	717,353	+3.0%	2.60%	-9.6%
INFY	Sell	INFOSYS LTDadr	$50,150,000	-8.6%	2,955,198	-0.3%	2.41%	-1.0%
GOOGL	Buy	ALPHABET INC	$41,557,000	-11.4%	434,471	+1918.8%	1.99%	-4.0%
FOXA	Sell	FOX CORP	$39,774,000	-6.3%	1,296,422	-1.7%	1.91%	+1.5%
VALE	Sell	VALE SAadr	$34,300,000	-9.1%	2,575,042	-0.1%	1.65%	-1.5%
BBD	New	BANCO BRADESCO SAadr	$28,476,000	–	7,737,924	–	1.37%	–
INDA	Buy	ISHARES MSCI INDIA ETFetp	$28,451,000	+13.8%	697,676	+9.9%	1.36%	+23.3%
MOS	Buy	MOSAIC CO/THE	$20,241,000	+39.8%	418,809	+36.6%	0.97%	+51.5%
TX	Buy	TERNIUM SAadr	$13,148,000	-24.1%	480,029	+0.0%	0.63%	-17.7%
MA	Buy	MASTERCARD INC	$11,635,000	-5.1%	40,921	+5.3%	0.56%	+2.8%
TSM	Buy	TAIWAN SEMICONDUCTOR MANUFACTUadr	$10,243,000	-13.3%	149,402	+3.4%	0.49%	-5.9%
TEL	Sell	TE CONNECTIVITY LTD	$9,687,000	-14.1%	87,779	-11.9%	0.46%	-7.0%
NVDA	Sell	NVIDIA CORP	$8,609,000	-44.6%	70,918	-30.9%	0.41%	-40.1%
QGEN	Buy	QIAGEN NV	$8,494,000	-11.8%	205,754	+0.9%	0.41%	-4.2%
ATVI	Buy	ACTIVISION BLIZZARD INC	$5,801,000	-0.7%	78,032	+4.0%	0.28%	+7.3%
DLB	Buy	DOLBY LABORATORIES INC	$5,498,000	-5.4%	84,393	+4.0%	0.26%	+2.7%
SBUX	Sell	STARBUCKS CORP	$5,130,000	+9.2%	60,878	-1.0%	0.25%	+18.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$4,849,000	-47.9%	9,602	-47.0%	0.23%	-43.6%
BSX	Buy	BOSTON SCIENTIFIC CORP	$4,790,000	+17.4%	123,668	+12.9%	0.23%	+27.1%
HDB	Buy	HDFC BANK LTDadr	$4,762,000	+7.8%	81,519	+1.4%	0.23%	+16.8%
MDLZ	New	MONDELEZ INTERNATIONAL INC	$4,735,000	–	86,366	–	0.23%	–
SNPS	Sell	SYNOPSYS INC	$4,615,000	-38.1%	15,107	-38.5%	0.22%	-33.0%
ADBE	Buy	ADOBE INC	$4,522,000	-21.8%	16,430	+4.0%	0.22%	-15.2%
ALC	Buy	ALCON INC	$4,492,000	-13.5%	77,209	+4.0%	0.22%	-6.1%
CSGP	Buy	COSTAR GROUP INC	$4,498,000	+19.9%	64,579	+4.0%	0.22%	+30.1%
MNST	Buy	MONSTER BEVERAGE CORP	$4,455,000	+15.4%	51,235	+23.0%	0.21%	+25.1%
IQV	New	IQVIA HOLDINGS INC	$4,398,000	–	24,282	–	0.21%	–
A	Buy	AGILENT TECHNOLOGIES INC	$4,288,000	+6.4%	35,275	+4.0%	0.21%	+15.1%
ACN	Sell	ACCENTURE PLC	$4,209,000	-9.0%	16,357	-1.8%	0.20%	-1.5%
CDNS	Sell	CADENCE DESIGN SYSTEMS INC	$4,183,000	+8.8%	25,598	-0.1%	0.20%	+18.2%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$4,195,000	-4.9%	5,965	-14.6%	0.20%	+3.1%
	New	JACOBS SOLUTIONS INC	$4,001,000	–	36,876	–	0.19%	–
ALLE	Buy	ALLEGION PLC	$3,917,000	+49.4%	43,676	+63.2%	0.19%	+62.1%
ZTS	Buy	ZOETIS INC	$3,641,000	-10.3%	24,555	+4.0%	0.18%	-2.8%
WM	Buy	WASTE MANAGEMENT INC	$3,569,000	+10.8%	22,278	+5.8%	0.17%	+19.6%
SYK	Buy	STRYKER CORP	$3,508,000	+5.9%	17,321	+4.0%	0.17%	+14.3%
FB	Buy	META PLATFORMS INC	$3,413,000	-12.5%	25,156	+4.0%	0.16%	-5.2%
TT	Buy	TRANE TECHNOLOGIES PLC	$3,300,000	+23.8%	22,787	+11.0%	0.16%	+33.9%
TW	Buy	TRADEWEB MARKETS INC	$3,181,000	-14.1%	56,377	+4.0%	0.15%	-6.7%
ASML	Buy	ASML HOLDING NVny reg shrs	$3,094,000	+25.0%	7,448	+43.2%	0.15%	+34.5%
NEE	Buy	NEXTERA ENERGY INC	$2,830,000	+8.3%	36,097	+7.0%	0.14%	+17.2%
ALGN	Buy	ALIGN TECHNOLOGY INC	$2,743,000	-9.0%	13,245	+4.0%	0.13%	-1.5%
TPR	New	TAPESTRY INC	$2,584,000	–	90,897	–	0.12%	–
ANSS	Buy	ANSYS INC	$2,519,000	-2.0%	11,362	+5.7%	0.12%	+6.1%
ROK	Buy	ROCKWELL AUTOMATION INC	$2,421,000	+8.2%	11,253	+0.2%	0.12%	+17.2%
ADI	Buy	ANALOG DEVICES INC	$2,129,000	+9.5%	15,278	+14.7%	0.10%	+18.6%
APTV	Buy	APTIV PLC	$2,016,000	+7.9%	25,782	+22.9%	0.10%	+16.9%
BKLN	New	INVESCO SENIOR LOAN ETFetp	$376,000	–	18,600	–	0.02%	–
BYND	Exit	BEYOND MEAT INC	$0	–	-18,220	–	-0.02%	–
EMN	Exit	EASTMAN CHEMICAL CO	$0	–	-45,243	–	-0.18%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-36,876	–	-0.21%	–
STE	Exit	STERIS PLC	$0	–	-31,267	–	-0.29%	–
BUR	Exit	BURFORD CAPITAL LTD	$0	–	-723,761	–	-0.32%	–

Q2 2022

			Value		Shares		↓ Weighting
V	New	VISA INC	$196,049,000	–	995,728	–	8.69%	–
MSFT	New	MICROSOFT CORP	$159,334,000	–	620,386	–	7.06%	–
MCO	New	MOODY'S CORP	$125,108,000	–	460,008	–	5.54%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$116,939,000	–	1,184,315	–	5.18%	–
INTU	New	INTUIT INC	$98,788,000	–	256,300	–	4.38%	–
BKNG	New	BOOKING HOLDINGS INC	$98,454,000	–	56,292	–	4.36%	–
JNJ	New	JOHNSON & JOHNSON	$95,247,000	–	536,573	–	4.22%	–
VRSN	New	VERISIGN INC	$91,976,000	–	549,668	–	4.08%	–
EL	New	ESTEE LAUDER COS INC/THE	$88,053,000	–	345,752	–	3.90%	–
BDX	New	BECTON DICKINSON AND CO	$84,708,000	–	343,601	–	3.75%	–
ADSK	New	AUTODESK INC	$76,151,000	–	442,842	–	3.37%	–
SPGI	New	S&P GLOBAL INC	$74,403,000	–	220,740	–	3.30%	–
EA	New	ELECTRONIC ARTS INC	$71,525,000	–	587,954	–	3.17%	–
ICLR	New	ICON PLC	$69,437,000	–	320,429	–	3.08%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$69,304,000	–	329,956	–	3.07%	–
NTES	New	NETEASE INCadr	$64,998,000	–	696,208	–	2.88%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$63,339,000	–	164,700	–	2.81%	–
CHKP	New	CHECK POINT SOFTWARE TECHNOLOG	$60,492,000	–	496,733	–	2.68%	–
INFY	New	INFOSYS LTDadr	$54,863,000	–	2,963,990	–	2.43%	–
SCHW	New	CHARLES SCHWAB CORP/THE	$48,135,000	–	761,872	–	2.13%	–
GOOGL	New	ALPHABET INC	$46,900,000	–	21,521	–	2.08%	–
FOXA	New	FOX CORP	$42,434,000	–	1,319,450	–	1.88%	–
VALE	New	VALE SAadr	$37,721,000	–	2,578,355	–	1.67%	–
INDA	New	ISHARES MSCI INDIA ETFetp	$24,992,000	–	634,802	–	1.11%	–
TX	New	TERNIUM SAadr	$17,319,000	–	479,896	–	0.77%	–
NVDA	New	NVIDIA CORP	$15,548,000	–	102,564	–	0.69%	–
MOS	New	MOSAIC CO/THE	$14,478,000	–	306,545	–	0.64%	–
MA	New	MASTERCARD INC	$12,264,000	–	38,873	–	0.54%	–
TSM	New	TAIWAN SEMICONDUCTOR MANUFACTUadr	$11,810,000	–	144,467	–	0.52%	–
TEL	New	TE CONNECTIVITY LTD	$11,275,000	–	99,647	–	0.50%	–
QGEN	New	QIAGEN NV	$9,625,000	–	203,919	–	0.43%	–
UNH	New	UNITEDHEALTH GROUP INC	$9,312,000	–	18,129	–	0.41%	–
SNPS	New	SYNOPSYS INC	$7,458,000	–	24,556	–	0.33%	–
BUR	New	BURFORD CAPITAL LTD	$7,303,000	–	723,761	–	0.32%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$7,197,000	–	13,247	–	0.32%	–
STE	New	STERIS PLC	$6,446,000	–	31,267	–	0.29%	–
AVGO	New	BROADCOM INC	$6,214,000	–	12,792	–	0.28%	–
MMC	New	MARSH & MCLENNAN COS INC	$6,196,000	–	39,912	–	0.28%	–
ATVI	New	ACTIVISION BLIZZARD INC	$5,844,000	–	75,060	–	0.26%	–
DLB	New	DOLBY LABORATORIES INC	$5,809,000	–	81,178	–	0.26%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$5,789,000	–	41,992	–	0.26%	–
ADBE	New	ADOBE INC	$5,785,000	–	15,804	–	0.26%	–
PXD	New	PIONEER NATURAL RESOURCES CO	$5,317,000	–	23,836	–	0.24%	–
KSA	New	ISHARES MSCI SAUDI ARABIA ETFetp	$5,287,000	–	127,747	–	0.23%	–
ALC	New	ALCON INC	$5,191,000	–	74,268	–	0.23%	–
J	New	JACOBS ENGINEERING GROUP INC	$4,688,000	–	36,876	–	0.21%	–
SBUX	New	STARBUCKS CORP	$4,697,000	–	61,489	–	0.21%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$4,631,000	–	49,244	–	0.20%	–
ACN	New	ACCENTURE PLC	$4,623,000	–	16,652	–	0.20%	–
HDB	New	HDFC BANK LTDadr	$4,417,000	–	80,363	–	0.20%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$4,411,000	–	6,982	–	0.20%	–
TRU	New	TRANSUNION	$4,097,000	–	51,219	–	0.18%	–
BSX	New	BOSTON SCIENTIFIC CORP	$4,081,000	–	109,508	–	0.18%	–
ZTS	New	ZOETIS INC	$4,060,000	–	23,620	–	0.18%	–
EMN	New	EASTMAN CHEMICAL CO	$4,061,000	–	45,243	–	0.18%	–
A	New	AGILENT TECHNOLOGIES INC	$4,030,000	–	33,931	–	0.18%	–
MTB	New	M&T BANK CORP	$4,013,000	–	25,176	–	0.18%	–
FB	New	META PLATFORMS INC	$3,902,000	–	24,197	–	0.17%	–
MNST	New	MONSTER BEVERAGE CORP	$3,861,000	–	41,653	–	0.17%	–
CDNS	New	CADENCE DESIGN SYSTEMS INC	$3,843,000	–	25,614	–	0.17%	–
CSGP	New	COSTAR GROUP INC	$3,753,000	–	62,119	–	0.17%	–
HBAN	New	HUNTINGTON BANCSHARES INC/OH	$3,693,000	–	306,990	–	0.16%	–
TW	New	TRADEWEB MARKETS INC	$3,701,000	–	54,229	–	0.16%	–
EBAY	New	EBAY INC	$3,605,000	–	86,513	–	0.16%	–
HES	New	HESS CORP	$3,434,000	–	32,416	–	0.15%	–
SYK	New	STRYKER CORP	$3,314,000	–	16,661	–	0.15%	–
WM	New	WASTE MANAGEMENT INC	$3,220,000	–	21,050	–	0.14%	–
ALGN	New	ALIGN TECHNOLOGY INC	$3,015,000	–	12,740	–	0.13%	–
GM	New	GENERAL MOTORS CO	$2,938,000	–	92,522	–	0.13%	–
TT	New	TRANE TECHNOLOGIES PLC	$2,665,000	–	20,520	–	0.12%	–
NEE	New	NEXTERA ENERGY INC	$2,614,000	–	33,745	–	0.12%	–
ALLE	New	ALLEGION PLC	$2,621,000	–	26,768	–	0.12%	–
SIVB	New	SVB FINANCIAL GROUP	$2,605,000	–	6,595	–	0.12%	–
ANSS	New	ANSYS INC	$2,571,000	–	10,745	–	0.11%	–
ASML	New	ASML HOLDING NVny reg shrs	$2,475,000	–	5,200	–	0.11%	–
ROK	New	ROCKWELL AUTOMATION INC	$2,238,000	–	11,229	–	0.10%	–
ADI	New	ANALOG DEVICES INC	$1,945,000	–	13,315	–	0.09%	–
APTV	New	APTIV PLC	$1,869,000	–	20,982	–	0.08%	–
BYND	New	BEYOND MEAT INC	$436,000	–	18,220	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
BYND	Exit	BEYOND MEAT INC	$0	–	-1,538	–	-0.01%	–
ITRI	Exit	ITRON INC	$0	–	-4,524	–	-0.02%	–
APTV	Exit	APTIV PLC	$0	–	-2,499	–	-0.02%	–
ANSS	Exit	ANSYS INC	$0	–	-1,189	–	-0.02%	–
ACN	Exit	ACCENTURE PLC	$0	–	-2,107	–	-0.03%	–
WM	Exit	WASTE MANAGEMENT INC	$0	–	-4,549	–	-0.03%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-9,242	–	-0.03%	–
TCOM	Exit	CTRIP.COM INTERNATIONAL LTDadr	$0	–	-25,801	–	-0.04%	–
HDB	Exit	HDFC BANK LTDadr	$0	–	-17,729	–	-0.06%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-325,372	–	-0.08%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-108,138	–	-0.09%	–
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-82,232	–	-0.09%	–
STZ	Exit	CONSTELLATION BRANDS INC	$0	–	-9,952	–	-0.10%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES NV	$0	–	-23,309	–	-0.10%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIESreit	$0	–	-49,013	–	-0.10%	–
HES	Exit	HESS CORP	$0	–	-30,035	–	-0.11%	–
LEA	Exit	LEAR CORP	$0	–	-14,928	–	-0.11%	–
AMED	Exit	AMEDISYS INC	$0	–	-15,822	–	-0.11%	–
ANTM	Exit	ANTHEM INC	$0	–	-6,544	–	-0.11%	–
TRMB	Exit	TRIMBLE INC	$0	–	-30,945	–	-0.12%	–
FAF	Exit	FIRST AMERICAN FINANCIAL CORP	$0	–	-39,353	–	-0.12%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-52,362	–	-0.13%	–
MNST	Exit	MONSTER BEVERAGE CORP	$0	–	-32,871	–	-0.14%	–
INDA	Exit	ISHARES MSCI INDIA ETFetp	$0	–	-60,645	–	-0.14%	–
SYK	Exit	STRYKER CORP	$0	–	-11,270	–	-0.14%	–
ASML	Exit	ASML HOLDING NVny reg shrs	$0	–	-4,105	–	-0.14%	–
IQV	Exit	IQVIA HOLDINGS INC	$0	–	-13,434	–	-0.15%	–
ZTS	Exit	ZOETIS INC	$0	–	-16,631	–	-0.15%	–
MSCI	Exit	MSCI INC	$0	–	-5,459	–	-0.15%	–
TW	Exit	TRADEWEB MARKETS INC	$0	–	-42,795	–	-0.16%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-107,614	–	-0.16%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-129,263	–	-0.16%	–
TXRH	Exit	TEXAS ROADHOUSE INC	$0	–	-40,976	–	-0.17%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-44,655	–	-0.18%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-7,091	–	-0.19%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-6,713	–	-0.19%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-26,777	–	-0.19%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORP	$0	–	-101,542	–	-0.20%	–
CCEP	Exit	COCA-COLA EUROPACIFIC PARTNERS	$0	–	-79,244	–	-0.20%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-76,702	–	-0.21%	–
AZO	Exit	AUTOZONE INC	$0	–	-2,685	–	-0.21%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-59,180	–	-0.21%	–
ALC	Exit	ALCON INC	$0	–	-58,607	–	-0.22%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-27,504	–	-0.22%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-11,742	–	-0.22%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-7,491	–	-0.23%	–
CNXC	Exit	CONCENTRIX CORP	$0	–	-30,099	–	-0.25%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-14,181	–	-0.26%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-68,431	–	-0.27%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-29,576	–	-0.27%	–
ADBE	Exit	ADOBE SYSTEMS INC	$0	–	-10,848	–	-0.29%	–
ABBV	Exit	ABBVIE INC	$0	–	-58,066	–	-0.29%	–
EBAY	Exit	EBAY INC	$0	–	-99,987	–	-0.32%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-10,796	–	-0.32%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-56,386	–	-0.34%	–
QGEN	Exit	QIAGEN NV	$0	–	-145,275	–	-0.35%	–
NKE	Exit	NIKE INC	$0	–	-53,852	–	-0.36%	–
NTAP	Exit	NETAPP INC	$0	–	-88,152	–	-0.36%	–
STE	Exit	STERIS PLC	$0	–	-38,959	–	-0.37%	–
EMN	Exit	EASTMAN CHEMICAL CO	$0	–	-80,992	–	-0.38%	–
ALLE	Exit	ALLEGION PLC	$0	–	-68,085	–	-0.42%	–
BUR	Exit	BURFORD CAPITAL LTD	$0	–	-842,063	–	-0.43%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-161,628	–	-0.43%	–
TRU	Exit	TRANSUNION	$0	–	-89,359	–	-0.46%	–
NXPI	Exit	NXP SEMICONDUCTOR NV	$0	–	-55,387	–	-0.50%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO	$0	–	-67,166	–	-0.52%	–
C	Exit	CITIGROUP INC	$0	–	-162,214	–	-0.52%	–
AAPL	Exit	APPLE INC	$0	–	-80,627	–	-0.53%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-102,537	–	-0.54%	–
STT	Exit	STATE STREET CORP	$0	–	-138,941	–	-0.54%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-86,204	–	-0.54%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-79,210	–	-0.55%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-50,573	–	-0.61%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-44,463	–	-0.61%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MANUFACTUadr	$0	–	-122,067	–	-0.63%	–
AVGO	Exit	BROADCOM INC	$0	–	-28,104	–	-0.63%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-85,950	–	-0.65%	–
DSGX	Exit	DESCARTES SYSTEMS GROUP INC/TH	$0	–	-174,782	–	-0.66%	–
FB	Exit	FACEBOOK INC	$0	–	-42,897	–	-0.67%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-116,979	–	-0.68%	–
BABA	Exit	ALIBABA GROUP HOLDING LTDadr	$0	–	-115,452	–	-0.79%	–
MA	Exit	MASTERCARD INC	$0	–	-53,584	–	-0.86%	–
TX	Exit	TERNIUM SAadr	$0	–	-485,939	–	-0.95%	–
NVDA	Exit	NVIDIA CORP	$0	–	-102,392	–	-0.98%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-7,897	–	-1.20%	–
YUMC	Exit	YUM CHINA HOLDINGS INC	$0	–	-567,803	–	-1.54%	–
FOXA	Exit	FOX CORP	$0	–	-953,492	–	-1.76%	–
CHKP	Exit	CHECK POINT SOFTWARE TECHNOLOG	$0	–	-341,259	–	-1.78%	–
NTES	Exit	NETEASE INCadr	$0	–	-472,356	–	-1.86%	–
SCHW	Exit	CHARLES SCHWAB CORP/THE	$0	–	-560,493	–	-1.88%	–
VALE	Exit	VALE SAadr	$0	–	-3,059,923	–	-1.97%	–
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-117,341	–	-2.14%	–
ICLR	Exit	ICON PLC	$0	–	-186,558	–	-2.25%	–
ADSK	Exit	AUTODESK INC	$0	–	-182,407	–	-2.40%	–
GOOGL	Exit	ALPHABET INC	$0	–	-22,397	–	-2.76%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-422,277	–	-2.77%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-252,930	–	-2.87%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-394,182	–	-2.94%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-675,207	–	-2.95%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-160,723	–	-3.15%	–
INFY	Exit	INFOSYS LTDadr	$0	–	-3,135,845	–	-3.22%	–
EL	Exit	ESTEE LAUDER COS INC/THE	$0	–	-237,593	–	-3.28%	–
VRSN	Exit	VERISIGN INC	$0	–	-396,756	–	-3.75%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-40,953	–	-4.48%	–
INTU	Exit	INTUIT INC	$0	–	-184,168	–	-4.58%	–
MCO	Exit	MOODY'S CORP	$0	–	-331,094	–	-5.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-534,761	–	-6.95%	–
V	Exit	VISA INC	$0	–	-686,623	–	-7.05%	–

Q3 2021

			Value		Shares		↓ Weighting
V	Buy	VISA INC	$152,945,000	+1.9%	686,623	+7.0%	7.05%	+0.2%
MSFT	Buy	MICROSOFT CORP	$150,760,000	+10.4%	534,761	+6.1%	6.95%	+8.5%
MCO	Buy	MOODY'S CORP	$117,575,000	+7.1%	331,094	+9.3%	5.42%	+5.3%
INTU	Buy	INTUIT INC	$99,360,000	+18.9%	184,168	+8.0%	4.58%	+16.9%
BKNG	Buy	BOOKING HOLDINGS INC	$97,217,000	+18.3%	40,953	+9.0%	4.48%	+16.3%
VRSN	Buy	VERISIGN INC	$81,339,000	-2.3%	396,756	+8.5%	3.75%	-4.0%
EL	Buy	ESTEE LAUDER COS INC/THE	$71,261,000	+4.2%	237,593	+10.5%	3.28%	+2.4%
INFY	Buy	INFOSYS LTDadr	$69,773,000	+16.6%	3,135,845	+11.0%	3.22%	+14.6%
SPGI	Buy	S&P GLOBAL INC	$68,290,000	+12.0%	160,723	+8.2%	3.15%	+10.1%
PM	Buy	PHILIP MORRIS INTERNATIONAL IN	$64,003,000	+4.6%	675,207	+9.4%	2.95%	+2.9%
JNJ	Buy	JOHNSON & JOHNSON	$63,660,000	+6.7%	394,182	+8.8%	2.94%	+4.9%
BDX	Buy	BECTON DICKINSON AND CO	$62,175,000	+10.1%	252,930	+9.0%	2.87%	+8.3%
EA	Buy	ELECTRONIC ARTS INC	$60,069,000	+16.9%	422,277	+18.2%	2.77%	+14.9%
GOOGL	Sell	ALPHABET INC	$59,879,000	+8.3%	22,397	-1.1%	2.76%	+6.4%
ADSK	Buy	AUTODESK INC	$52,017,000	+28.7%	182,407	+31.7%	2.40%	+26.5%
ICLR	Buy	ICON PLC	$48,882,000	+38.7%	186,558	+9.4%	2.25%	+36.3%
FDS	Buy	FACTSET RESEARCH SYSTEMS INC	$46,324,000	+32.3%	117,341	+12.5%	2.14%	+30.1%
VALE	Sell	VALE SAadr	$42,686,000	-47.5%	3,059,923	-14.2%	1.97%	-48.4%
SCHW	Buy	CHARLES SCHWAB CORP/THE	$40,826,000	+8.0%	560,493	+8.0%	1.88%	+6.2%
NTES	Buy	NETEASE INCadr	$40,339,000	+3.9%	472,356	+40.3%	1.86%	+2.2%
CHKP	Buy	CHECK POINT SOFTWARE TECHNOLOG	$38,576,000	+6.6%	341,259	+9.5%	1.78%	+4.7%
FOXA	Buy	FOX CORP	$38,245,000	+18.3%	953,492	+9.5%	1.76%	+16.2%
YUMC	Sell	YUM CHINA HOLDINGS INC	$33,491,000	-13.4%	567,803	-3.7%	1.54%	-14.9%
AMZN	Buy	AMAZON.COM INC	$25,942,000	+95.0%	7,897	+104.2%	1.20%	+91.7%
NVDA	Buy	NVIDIA CORP	$21,212,000	+3.6%	102,392	+300.0%	0.98%	+1.9%
TX	Sell	TERNIUM SAadr	$20,555,000	+4.4%	485,939	-5.1%	0.95%	+2.7%
MA	Sell	MASTERCARD INC	$18,630,000	-10.2%	53,584	-5.7%	0.86%	-11.7%
BABA	Buy	ALIBABA GROUP HOLDING LTDadr	$17,093,000	-20.2%	115,452	+22.3%	0.79%	-21.5%
MDT	Buy	MEDTRONIC PLC	$14,663,000	+1.7%	116,979	+0.7%	0.68%	0.0%
FB	Sell	FACEBOOK INC	$14,559,000	-3.1%	42,897	-0.7%	0.67%	-4.7%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$14,121,000	+7.1%	85,950	+0.7%	0.65%	+5.3%
AVGO	Sell	BROADCOM INC	$13,628,000	-15.4%	28,104	-16.8%	0.63%	-16.8%
TSM	Buy	TAIWAN SEMICONDUCTOR MANUFACTUadr	$13,629,000	+5.5%	122,067	+13.6%	0.63%	+3.6%
SNPS	Buy	SYNOPSYS INC	$13,313,000	+9.2%	44,463	+0.6%	0.61%	+7.5%
PYPL	Buy	PAYPAL HOLDINGS INC	$13,160,000	+31.6%	50,573	+47.5%	0.61%	+29.4%
MMC	Buy	MARSH & MCLENNAN COS INC	$11,995,000	+325.7%	79,210	+295.4%	0.55%	+318.9%
TEL	Sell	TE CONNECTIVITY LTD	$11,829,000	-16.5%	86,204	-17.7%	0.54%	-17.9%
ICE	Buy	INTERCONTINENTAL EXCHANGE INC	$11,773,000	-2.4%	102,537	+0.9%	0.54%	-4.1%
STT	Buy	STATE STREET CORP	$11,771,000	+10.5%	138,941	+7.3%	0.54%	+8.6%
AAPL	Buy	APPLE INC	$11,409,000	+5.3%	80,627	+1.9%	0.53%	+3.5%
C	Sell	CITIGROUP INC	$11,384,000	-22.9%	162,214	-22.3%	0.52%	-24.2%
PXD	Buy	PIONEER NATURAL RESOURCES CO	$11,184,000	+9.4%	67,166	+6.7%	0.52%	+7.5%
NXPI	Buy	NXP SEMICONDUCTOR NV	$10,849,000	-4.1%	55,387	+0.7%	0.50%	-5.8%
TRU	Buy	TRANSUNION	$10,036,000	+146.2%	89,359	+140.7%	0.46%	+142.4%
XRAY	Buy	DENTSPLY SIRONA INC	$9,383,000	+14.7%	161,628	+25.0%	0.43%	+13.1%
ALLE	New	ALLEGION PLC	$8,999,000	–	68,085	–	0.42%	–
EMN	Buy	EASTMAN CHEMICAL CO	$8,159,000	-13.1%	80,992	+0.8%	0.38%	-14.5%
NTAP	Buy	NETAPP INC	$7,913,000	+10.9%	88,152	+1.0%	0.36%	+9.0%
NKE	Sell	NIKE INC	$7,821,000	-13.2%	53,852	-7.7%	0.36%	-14.5%
J	Buy	JACOBS ENGINEERING GROUP INC	$7,473,000	+137.6%	56,386	+139.2%	0.34%	+134.7%
SIVB	Sell	SVB FINANCIAL GROUP	$6,984,000	+1.3%	10,796	-12.8%	0.32%	-0.3%
EBAY	Sell	EBAY INC	$6,966,000	-40.4%	99,987	-40.0%	0.32%	-41.4%
ADBE	Sell	ADOBE SYSTEMS INC	$6,245,000	-5.4%	10,848	-3.8%	0.29%	-7.1%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$5,913,000	-3.1%	29,576	-3.8%	0.27%	-4.5%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$5,882,000	+2.7%	68,431	+1.9%	0.27%	+1.1%
UNH	Buy	UNITEDHEALTH GROUP INC	$5,541,000	-0.5%	14,181	+1.9%	0.26%	-2.3%
CNXC	Buy	CONCENTRIX CORP	$5,328,000	+12.2%	30,099	+1.9%	0.25%	+10.3%
ALGN	Sell	ALIGN TECHNOLOGY INC	$4,985,000	-5.1%	7,491	-12.9%	0.23%	-6.5%
GNRC	Buy	GENERAC HOLDINGS INC	$4,799,000	+0.4%	11,742	+1.9%	0.22%	-1.3%
TT	Buy	TRANE TECHNOLOGIES PLC	$4,749,000	+4.6%	27,504	+11.6%	0.22%	+2.8%
ALC	Buy	ALCON INC	$4,716,000	+37.2%	58,607	+19.8%	0.22%	+34.8%
ATVI	Buy	ACTIVISION BLIZZARD INC	$4,580,000	-3.8%	59,180	+18.7%	0.21%	-5.4%
AZO	Buy	AUTOZONE INC	$4,559,000	+16.0%	2,685	+1.9%	0.21%	+14.1%
MDLZ	Buy	MONDELEZ INTERNATIONAL INC	$4,463,000	-5.0%	76,702	+1.9%	0.21%	-6.4%
CCEP	Buy	COCA-COLA EUROPACIFIC PARTNERS	$4,381,000	-5.0%	79,244	+1.9%	0.20%	-6.5%
SIX	Buy	SIX FLAGS ENTERTAINMENT CORP	$4,316,000	-1.0%	101,542	+0.8%	0.20%	-2.5%
A	Sell	AGILENT TECHNOLOGIES INC	$4,218,000	-6.8%	26,777	-12.6%	0.19%	-8.5%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$4,102,000	-21.0%	6,713	-26.8%	0.19%	-22.5%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$4,051,000	+15.4%	7,091	+1.9%	0.19%	+13.3%
DLB	New	DOLBY LABORATORIES INC	$3,930,000	–	44,655	–	0.18%	–
NOMD	Buy	NOMAD FOODS LTD	$3,562,000	-0.6%	129,263	+1.9%	0.16%	-2.4%
FCX	Buy	FREEPORT-MCMORAN INC	$3,501,000	-10.6%	107,614	+1.9%	0.16%	-12.5%
TW	Sell	TRADEWEB MARKETS INC	$3,457,000	-8.1%	42,795	-3.8%	0.16%	-9.7%
MSCI	Sell	MSCI INC	$3,321,000	-8.8%	5,459	-20.0%	0.15%	-10.5%
ZTS	Sell	ZOETIS INC	$3,229,000	+0.3%	16,631	-3.8%	0.15%	-1.3%
IQV	Buy	IQVIA HOLDINGS INC	$3,218,000	+0.8%	13,434	+2.0%	0.15%	-1.3%
ASML	Sell	ASML HOLDING NVny reg shrs	$3,059,000	-9.6%	4,105	-16.2%	0.14%	-11.3%
SYK	Sell	STRYKER CORP	$2,972,000	-2.3%	11,270	-3.8%	0.14%	-4.2%
INDA	Buy	ISHARES MSCI INDIA ETFetp	$2,953,000	+209.9%	60,645	+181.6%	0.14%	+202.2%
MNST	Sell	MONSTER BEVERAGE CORP	$2,920,000	-6.4%	32,871	-3.8%	0.14%	-7.5%
GM	Buy	GENERAL MOTORS CO	$2,760,000	-9.2%	52,362	+1.9%	0.13%	-11.2%
FAF	Buy	FIRST AMERICAN FINANCIAL CORP	$2,639,000	+9.6%	39,353	+1.9%	0.12%	+8.0%
TRMB	New	TRIMBLE INC	$2,545,000	–	30,945	–	0.12%	–
ANTM	Buy	ANTHEM INC	$2,440,000	-0.4%	6,544	+1.9%	0.11%	-2.6%
HES	Buy	HESS CORP	$2,346,000	+18.4%	30,035	+32.4%	0.11%	+16.1%
LEA	Sell	LEAR CORP	$2,336,000	-76.4%	14,928	-73.5%	0.11%	-76.7%
GLPI	Buy	GAMING AND LEISURE PROPERTIESreit	$2,270,000	+1.9%	49,013	+1.9%	0.10%	+1.0%
LYB	Buy	LYONDELLBASELL INDUSTRIES NV	$2,188,000	-7.0%	23,309	+1.9%	0.10%	-8.2%
STZ	Buy	CONSTELLATION BRANDS INC	$2,097,000	-8.1%	9,952	+1.9%	0.10%	-9.3%
REZI	Buy	RESIDEO TECHNOLOGIES INC	$2,039,000	-10.4%	82,232	+8.4%	0.09%	-12.1%
GOLD	Buy	BARRICK GOLD CORP	$1,952,000	-11.0%	108,138	+1.9%	0.09%	-12.6%
KGC	Buy	KINROSS GOLD CORP	$1,744,000	-14.0%	325,372	+1.9%	0.08%	-15.8%
HDB	Sell	HDFC BANK LTDadr	$1,296,000	-18.3%	17,729	-18.3%	0.06%	-18.9%
TCOM	Sell	CTRIP.COM INTERNATIONAL LTDadr	$793,000	-96.1%	25,801	-95.5%	0.04%	-96.1%
NEE	New	NEXTERA ENERGY INC	$726,000	–	9,242	–	0.03%	–
ACN	Buy	ACCENTURE PLC	$674,000	+10.3%	2,107	+1.7%	0.03%	+6.9%
WM	New	WASTE MANAGEMENT INC	$679,000	–	4,549	–	0.03%	–
ANSS	New	ANSYS INC	$405,000	–	1,189	–	0.02%	–
APTV	New	APTIV PLC	$372,000	–	2,499	–	0.02%	–
ITRI	New	ITRON INC	$342,000	–	4,524	–	0.02%	–
BYND	New	BEYOND MEAT INC	$162,000	–	1,538	–	0.01%	–
PEP	Exit	PEPSICO INC	$0	–	-15,716	–	-0.11%	–
PNR	Exit	PENTAIR PLC	$0	–	-47,415	–	-0.15%	–
GS	Exit	GOLDMAN SACHS GROUP INC/THE	$0	–	-13,111	–	-0.23%	–
MS	Exit	MORGAN STANLEY INTL LTD	$0	–	-82,062	–	-0.35%	–
IR	Exit	INGERSOLL RAND INC	$0	–	-166,516	–	-0.38%	–
DQ	Exit	DAQO NEW ENERGY CORPadr	$0	–	-289,888	–	-0.88%	–
TME	Exit	TENCENT MUSIC ENTERTAINMENT GRadr	$0	–	-2,407,522	–	-1.75%	–

Q2 2021

			Value		Shares		↓ Weighting
V	New	VISA INC	$150,091,000	–	641,910	–	7.04%	–
MSFT	New	MICROSOFT CORP	$136,551,000	–	504,065	–	6.40%	–
MCO	New	MOODY'S CORP	$109,817,000	–	303,051	–	5.15%	–
INTU	New	INTUIT INC	$83,553,000	–	170,457	–	3.92%	–
VRSN	New	VERISIGN INC	$83,271,000	–	365,722	–	3.90%	–
BKNG	New	BOOKING HOLDINGS INC	$82,180,000	–	37,558	–	3.85%	–
VALE	New	VALE SAadr	$81,301,000	–	3,564,283	–	3.81%	–
EL	New	ESTEE LAUDER COS INC/THE	$68,415,000	–	215,088	–	3.21%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$61,193,000	–	617,430	–	2.87%	–
SPGI	New	S&P GLOBAL INC	$60,969,000	–	148,542	–	2.86%	–
INFY	New	INFOSYS LTDadr	$59,858,000	–	2,824,807	–	2.81%	–
JNJ	New	JOHNSON & JOHNSON	$59,670,000	–	362,210	–	2.80%	–
BDX	New	BECTON DICKINSON AND CO	$56,450,000	–	232,124	–	2.65%	–
GOOGL	New	ALPHABET INC	$55,297,000	–	22,646	–	2.59%	–
EA	New	ELECTRONIC ARTS INC	$51,380,000	–	357,226	–	2.41%	–
ADSK	New	AUTODESK INC	$40,424,000	–	138,487	–	1.90%	–
NTES	New	NETEASE INCadr	$38,808,000	–	336,728	–	1.82%	–
YUMC	New	YUM CHINA HOLDINGS INC	$38,685,000	–	589,602	–	1.81%	–
SCHW	New	CHARLES SCHWAB CORP/THE	$37,796,000	–	519,111	–	1.77%	–
TME	New	TENCENT MUSIC ENTERTAINMENT GRadr	$37,268,000	–	2,407,522	–	1.75%	–
CHKP	New	CHECK POINT SOFTWARE TECHNOLOG	$36,202,000	–	311,733	–	1.70%	–
ICLR	New	ICON PLC	$35,245,000	–	170,506	–	1.65%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$35,010,000	–	104,318	–	1.64%	–
FOXA	New	FOX CORP	$32,342,000	–	871,060	–	1.52%	–
BABA	New	ALIBABA GROUP HOLDING LTDadr	$21,409,000	–	94,403	–	1.00%	–
MA	New	MASTERCARD INC	$20,751,000	–	56,839	–	0.97%	–
NVDA	New	NVIDIA CORP	$20,481,000	–	25,598	–	0.96%	–
TCOM	New	CTRIP.COM INTERNATIONAL LTDadr	$20,235,000	–	570,653	–	0.95%	–
TX	New	TERNIUM SAadr	$19,693,000	–	512,027	–	0.92%	–
DQ	New	DAQO NEW ENERGY CORPadr	$18,849,000	–	289,888	–	0.88%	–
AVGO	New	BROADCOM INC	$16,108,000	–	33,780	–	0.76%	–
FB	New	FACEBOOK INC	$15,018,000	–	43,190	–	0.70%	–
C	New	CITIGROUP INC	$14,770,000	–	208,760	–	0.69%	–
MDT	New	MEDTRONIC PLC	$14,418,000	–	116,153	–	0.68%	–
TEL	New	TE CONNECTIVITY LTD	$14,159,000	–	104,720	–	0.66%	–
AMZN	New	AMAZON.COM INC	$13,303,000	–	3,867	–	0.62%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$13,181,000	–	85,364	–	0.62%	–
TSM	New	TAIWAN SEMICONDUCTOR MANUFACTUadr	$12,913,000	–	107,463	–	0.61%	–
SNPS	New	SYNOPSYS INC	$12,187,000	–	44,189	–	0.57%	–
DSGX	New	DESCARTES SYSTEMS GROUP INC/TH	$12,101,000	–	174,782	–	0.57%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$12,066,000	–	101,654	–	0.57%	–
EBAY	New	EBAY INC	$11,692,000	–	166,536	–	0.55%	–
NXPI	New	NXP SEMICONDUCTOR NV	$11,316,000	–	55,005	–	0.53%	–
AAPL	New	APPLE INC	$10,832,000	–	79,087	–	0.51%	–
STT	New	STATE STREET CORP	$10,653,000	–	129,474	–	0.50%	–
PXD	New	PIONEER NATURAL RESOURCES CO	$10,227,000	–	62,928	–	0.48%	–
PYPL	New	PAYPAL HOLDINGS INC	$9,997,000	–	34,296	–	0.47%	–
LEA	New	LEAR CORP	$9,892,000	–	56,437	–	0.46%	–
EMN	New	EASTMAN CHEMICAL CO	$9,385,000	–	80,389	–	0.44%	–
NKE	New	NIKE INC	$9,009,000	–	58,317	–	0.42%	–
BUR	New	BURFORD CAPITAL LTD	$8,749,000	–	842,063	–	0.41%	–
XRAY	New	DENTSPLY SIRONA INC	$8,178,000	–	129,279	–	0.38%	–
IR	New	INGERSOLL RAND INC	$8,128,000	–	166,516	–	0.38%	–
STE	New	STERIS PLC	$8,037,000	–	38,959	–	0.38%	–
MS	New	MORGAN STANLEY INTL LTD	$7,524,000	–	82,062	–	0.35%	–
NTAP	New	NETAPP INC	$7,138,000	–	87,246	–	0.34%	–
QGEN	New	QIAGEN NV	$7,028,000	–	145,275	–	0.33%	–
SIVB	New	SVB FINANCIAL GROUP	$6,892,000	–	12,387	–	0.32%	–
ADBE	New	ADOBE SYSTEMS INC	$6,601,000	–	11,272	–	0.31%	–
ABBV	New	ABBVIE INC	$6,541,000	–	58,066	–	0.31%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$6,104,000	–	30,734	–	0.29%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$5,726,000	–	67,124	–	0.27%	–
UNH	New	UNITEDHEALTH GROUP INC	$5,570,000	–	13,910	–	0.26%	–
ALGN	New	ALIGN TECHNOLOGY INC	$5,254,000	–	8,599	–	0.25%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$5,194,000	–	9,173	–	0.24%	–
GS	New	GOLDMAN SACHS GROUP INC/THE	$4,976,000	–	13,111	–	0.23%	–
GNRC	New	GENERAC HOLDINGS INC	$4,782,000	–	11,518	–	0.22%	–
ATVI	New	ACTIVISION BLIZZARD INC	$4,760,000	–	49,873	–	0.22%	–
CNXC	New	CONCENTRIX CORP	$4,747,000	–	29,524	–	0.22%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$4,698,000	–	75,237	–	0.22%	–
CCEP	New	COCA-COLA EUROPACIFIC PARTNERS	$4,611,000	–	77,731	–	0.22%	–
TT	New	TRANE TECHNOLOGIES PLC	$4,538,000	–	24,644	–	0.21%	–
A	New	AGILENT TECHNOLOGIES INC	$4,528,000	–	30,636	–	0.21%	–
SIX	New	SIX FLAGS ENTERTAINMENT CORP	$4,361,000	–	100,769	–	0.20%	–
TRU	New	TRANSUNION	$4,076,000	–	37,118	–	0.19%	–
TXRH	New	TEXAS ROADHOUSE INC	$3,942,000	–	40,976	–	0.18%	–
FCX	New	FREEPORT-MCMORAN INC	$3,917,000	–	105,559	–	0.18%	–
AZO	New	AUTOZONE INC	$3,931,000	–	2,634	–	0.18%	–
AMED	New	AMEDISYS INC	$3,875,000	–	15,822	–	0.18%	–
TW	New	TRADEWEB MARKETS INC	$3,760,000	–	44,469	–	0.18%	–
MSCI	New	MSCI INC	$3,640,000	–	6,828	–	0.17%	–
NOMD	New	NOMAD FOODS LTD	$3,584,000	–	126,795	–	0.17%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,509,000	–	6,956	–	0.16%	–
ALC	New	ALCON INC	$3,437,000	–	48,923	–	0.16%	–
ASML	New	ASML HOLDING NVny reg shrs	$3,384,000	–	4,899	–	0.16%	–
ZTS	New	ZOETIS INC	$3,220,000	–	17,281	–	0.15%	–
IQV	New	IQVIA HOLDINGS INC	$3,193,000	–	13,177	–	0.15%	–
PNR	New	PENTAIR PLC	$3,200,000	–	47,415	–	0.15%	–
J	New	JACOBS ENGINEERING GROUP INC	$3,145,000	–	23,569	–	0.15%	–
MNST	New	MONSTER BEVERAGE CORP	$3,120,000	–	34,157	–	0.15%	–
SYK	New	STRYKER CORP	$3,042,000	–	11,711	–	0.14%	–
GM	New	GENERAL MOTORS CO	$3,039,000	–	51,362	–	0.14%	–
MMC	New	MARSH & MCLENNAN COS INC	$2,818,000	–	20,032	–	0.13%	–
ANTM	New	ANTHEM INC	$2,451,000	–	6,419	–	0.12%	–
FAF	New	FIRST AMERICAN FINANCIAL CORP	$2,407,000	–	38,602	–	0.11%	–
LYB	New	LYONDELLBASELL INDUSTRIES NV	$2,352,000	–	22,864	–	0.11%	–
PEP	New	PEPSICO INC	$2,329,000	–	15,716	–	0.11%	–
STZ	New	CONSTELLATION BRANDS INC	$2,283,000	–	9,762	–	0.11%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$2,276,000	–	75,851	–	0.11%	–
GLPI	New	GAMING AND LEISURE PROPERTIESreit	$2,227,000	–	48,077	–	0.10%	–
GOLD	New	BARRICK GOLD CORP	$2,194,000	–	106,073	–	0.10%	–
KGC	New	KINROSS GOLD CORP	$2,027,000	–	319,159	–	0.10%	–
HES	New	HESS CORP	$1,981,000	–	22,685	–	0.09%	–
HDB	New	HDFC BANK LTDadr	$1,586,000	–	21,694	–	0.07%	–
INDA	New	ISHARES MSCI INDIA ETFetp	$953,000	–	21,539	–	0.04%	–
ACN	New	ACCENTURE PLC	$611,000	–	2,072	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
ACN	Exit	ACCENTURE PLC	$0	–	-1,255	–	-0.03%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,672	–	-0.05%	–
INDA	Exit	ISHARES MSCI INDIA ETFetp	$0	–	-22,486	–	-0.08%	–
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-80,126	–	-0.10%	–
HDB	Exit	HDFC BANK LTDadr	$0	–	-18,547	–	-0.10%	–
HES	Exit	HESS CORP	$0	–	-23,965	–	-0.11%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-83,644	–	-0.14%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIESreit	$0	–	-42,265	–	-0.17%	–
SNX	Exit	SYNNEX CORP	$0	–	-11,467	–	-0.18%	–
ANTM	Exit	ANTHEM INC	$0	–	-6,780	–	-0.20%	–
PNR	Exit	PENTAIR PLC	$0	–	-41,157	–	-0.21%	–
FAF	Exit	FIRST AMERICAN FINANCIAL CORP	$0	–	-40,777	–	-0.23%	–
ASML	Exit	ASML HOLDING NVny reg shrs	$0	–	-5,628	–	-0.23%	–
IQV	Exit	IQVIA HOLDINGS INC	$0	–	-13,920	–	-0.24%	–
C	Exit	CITIGROUP INC	$0	–	-52,839	–	-0.25%	–
PEP	Exit	PEPSICO INC	$0	–	-16,670	–	-0.25%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-52,851	–	-0.25%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-24,897	–	-0.25%	–
GS	Exit	GOLDMAN SACHS GROUP INC/THE	$0	–	-11,850	–	-0.26%	–
DBX	Exit	DROPBOX INC	$0	–	-134,632	–	-0.28%	–
SYK	Exit	STRYKER CORP	$0	–	-13,000	–	-0.30%	–
MSCI	Exit	MSCI INC	$0	–	-7,721	–	-0.30%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-48,109	–	-0.30%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-337,147	–	-0.33%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-26,017	–	-0.33%	–
MNST	Exit	MONSTER BEVERAGE CORP	$0	–	-37,918	–	-0.33%	–
GDDY	Exit	GODADDY INC	$0	–	-40,269	–	-0.34%	–
ALC	Exit	ALCON INC	$0	–	-54,368	–	-0.34%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-112,051	–	-0.34%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-26,033	–	-0.35%	–
ZTS	Exit	ZOETIS INC	$0	–	-19,184	–	-0.35%	–
TRU	Exit	TRANSUNION	$0	–	-39,209	–	-0.36%	–
TW	Exit	TRADEWEB MARKETS INC	$0	–	-56,835	–	-0.36%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-85,423	–	-0.36%	–
CCEP	Exit	COCA-COLA EUROPEAN PARTNERS PL	$0	–	-90,461	–	-0.38%	–
AMED	Exit	AMEDISYS INC	$0	–	-14,887	–	-0.39%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-16,718	–	-0.39%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-44,323	–	-0.39%	–
JD	Exit	JD.COM INCadr	$0	–	-47,403	–	-0.40%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-12,288	–	-0.42%	–
ADSK	Exit	AUTODESK INC	$0	–	-16,736	–	-0.42%	–
RDY	Exit	DR REDDY'S LABORATORIES LTDadr	$0	–	-55,627	–	-0.42%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-39,927	–	-0.44%	–
BABA	Exit	ALIBABA GROUP HOLDING LTDadr	$0	–	-14,205	–	-0.46%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-12,896	–	-0.46%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-21,907	–	-0.46%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-33,262	–	-0.51%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-44,835	–	-0.51%	–
ABBV	Exit	ABBVIE INC	$0	–	-53,798	–	-0.52%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-10,639	–	-0.54%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-48,276	–	-0.54%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-21,977	–	-0.58%	–
DSGX	Exit	DESCARTES SYSTEMS GROUP INC/TH	$0	–	-100,849	–	-0.63%	–
IR	Exit	INGERSOLL RAND INC	$0	–	-177,073	–	-0.69%	–
FOXA	Exit	FOX CORP	$0	–	-241,913	–	-0.74%	–
MS	Exit	MORGAN STANLEY INTL LTD	$0	–	-139,932	–	-0.74%	–
GOOG	Exit	ALPHABET INC	$0	–	-4,667	–	-0.75%	–
NKE	Exit	NIKE INC	$0	–	-56,185	–	-0.77%	–
STT	Exit	STATE STREET CORP	$0	–	-124,457	–	-0.81%	–
EBAY	Exit	EBAY INC	$0	–	-146,216	–	-0.83%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-78,085	–	-0.84%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-80,639	–	-0.88%	–
NXPI	Exit	NXP SEMICONDUCTOR NV	$0	–	-68,845	–	-0.94%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-348,822	–	-0.97%	–
ICLR	Exit	ICON PLC	$0	–	-48,100	–	-1.01%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-160,774	–	-1.01%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MANUFACTUadr	$0	–	-123,692	–	-1.10%	–
FIS	Exit	FIDELITY NATIONAL INFORMATION	$0	–	-69,051	–	-1.11%	–
NTES	Exit	NETEASE INCadr	$0	–	-22,649	–	-1.13%	–
CHKP	Exit	CHECK POINT SOFTWARE TECHNOLOG	$0	–	-86,479	–	-1.14%	–
GOOGL	Exit	ALPHABET INC	$0	–	-7,113	–	-1.14%	–
AZO	Exit	AUTOZONE INC	$0	–	-9,251	–	-1.19%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-84,330	–	-1.20%	–
NVDA	Exit	NVIDIA CORP	$0	–	-20,523	–	-1.22%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-25,194	–	-1.22%	–
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-33,717	–	-1.24%	–
SCHW	Exit	CHARLES SCHWAB CORP/THE	$0	–	-313,889	–	-1.24%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-3,845	–	-1.33%	–
AVGO	Exit	BROADCOM INC	$0	–	-33,674	–	-1.34%	–
AAPL	Exit	APPLE INC	$0	–	-106,880	–	-1.36%	–
TX	Exit	TERNIUM SAadr	$0	–	-684,092	–	-1.41%	–
EL	Exit	ESTEE LAUDER COS INC/THE	$0	–	-59,831	–	-1.43%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-174,438	–	-1.43%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-57,208	–	-1.46%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SURESTadr	$0	–	-127,850	–	-1.62%	–
FB	Exit	FACEBOOK INC	$0	–	-67,054	–	-1.92%	–
INTU	Exit	INTUIT INC	$0	–	-59,756	–	-2.14%	–
MA	Exit	MASTERCARD INC	$0	–	-57,947	–	-2.15%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-13,225	–	-2.48%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-156,718	–	-2.56%	–
VRSN	Exit	VERISIGN INC	$0	–	-119,975	–	-2.69%	–
MCO	Exit	MOODY'S CORP	$0	–	-89,425	–	-2.84%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-75,062	–	-2.96%	–
PBR	Exit	PETROLEO BRASILEIRO SAadr	$0	–	-4,422,800	–	-3.45%	–
TME	Exit	TENCENT MUSIC ENTERTAINMENT GRadr	$0	–	-2,205,734	–	-3.57%	–
VALE	Exit	VALE SAadr	$0	–	-3,124,557	–	-3.62%	–
V	Exit	VISA INC	$0	–	-217,181	–	-4.76%	–
YUMC	Exit	YUM CHINA HOLDINGS INC	$0	–	-980,850	–	-5.62%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-293,999	–	-6.77%	–

Q3 2020

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$61,837,000	+63.0%	293,999	+57.7%	6.77%	+71.8%
YUMC	Buy	YUM CHINA HOLDINGS INC	$51,330,000	+131.5%	980,850	+112.7%	5.62%	+144.1%
V	Buy	VISA INC	$43,430,000	+171.0%	217,181	+161.8%	4.76%	+185.6%
VALE	Sell	VALE SAadr	$33,058,000	+1.3%	3,124,557	-1.3%	3.62%	+6.8%
TME	New	TENCENT MUSIC ENTERTAINMENT GRadr	$32,579,000	–	2,205,734	–	3.57%	–
PBR	Sell	PETROLEO BRASILEIRO SAadr	$31,490,000	-20.0%	4,422,800	-7.1%	3.45%	-15.7%
SPGI	Buy	S&P GLOBAL INC	$27,067,000	+82.0%	75,062	+66.3%	2.96%	+91.8%
MCO	Buy	MOODY'S CORP	$25,920,000	+243.2%	89,425	+225.3%	2.84%	+261.7%
VRSN	Buy	VERISIGN INC	$24,577,000	+158.3%	119,975	+160.8%	2.69%	+172.2%
JNJ	Buy	JOHNSON & JOHNSON	$23,332,000	+92.6%	156,718	+81.9%	2.56%	+102.9%
BKNG	Buy	BOOKING HOLDINGS INC	$22,624,000	+177.9%	13,225	+158.7%	2.48%	+192.9%
MA	Sell	MASTERCARD INC	$19,596,000	-1.0%	57,947	-13.4%	2.15%	+4.4%
INTU	Buy	INTUIT INC	$19,493,000	+172.9%	59,756	+147.8%	2.14%	+187.7%
FB	Buy	FACEBOOK INC	$17,561,000	+21.6%	67,054	+5.4%	1.92%	+28.2%
ASR	Sell	GRUPO AEROPORTUARIO DEL SURESTadr	$14,834,000	+2.0%	127,850	-1.3%	1.62%	+7.6%
BDX	Buy	BECTON DICKINSON AND CO	$13,311,000	+120.6%	57,208	+126.8%	1.46%	+132.5%
PM	Buy	PHILIP MORRIS INTERNATIONAL IN	$13,081,000	+150.3%	174,438	+133.9%	1.43%	+163.9%
EL	Buy	ESTEE LAUDER COS INC/THE	$13,058,000	+492.2%	59,831	+412.0%	1.43%	+524.5%
TX	Buy	TERNIUM SAadr	$12,881,000	+65.8%	684,092	+33.6%	1.41%	+74.8%
AAPL	Buy	APPLE INC	$12,378,000	+20.9%	106,880	+280.8%	1.36%	+27.4%
AVGO	Buy	BROADCOM INC	$12,268,000	+225.2%	33,674	+181.7%	1.34%	+242.9%
AMZN	Sell	AMAZON.COM INC	$12,107,000	+7.8%	3,845	-5.6%	1.33%	+13.6%
SCHW	Buy	CHARLES SCHWAB CORP/THE	$11,372,000	+170.2%	313,889	+151.6%	1.24%	+184.9%
FDS	Buy	FACTSET RESEARCH SYSTEMS INC	$11,291,000	+181.3%	33,717	+175.9%	1.24%	+196.6%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$11,124,000	+31.0%	25,194	+7.5%	1.22%	+38.1%
NVDA	Sell	NVIDIA CORP	$11,107,000	+9.6%	20,523	-23.1%	1.22%	+15.5%
EA	Buy	ELECTRONIC ARTS INC	$10,997,000	+364.8%	84,330	+370.7%	1.20%	+389.4%
AZO	Buy	AUTOZONE INC	$10,894,000	+34.5%	9,251	+28.9%	1.19%	+41.9%
GOOGL	Sell	ALPHABET INC	$10,425,000	-29.4%	7,113	-31.7%	1.14%	-25.6%
CHKP	Buy	CHECK POINT SOFTWARE TECHNOLOG	$10,407,000	+329.7%	86,479	+283.5%	1.14%	+352.4%
NTES	Sell	NETEASE INCadr	$10,298,000	-79.6%	22,649	-80.8%	1.13%	-78.5%
FIS	Sell	FIDELITY NATIONAL INFORMATION	$10,165,000	-27.4%	69,051	-33.9%	1.11%	-23.5%
TSM	Sell	TAIWAN SEMICONDUCTOR MANUFACTUadr	$10,028,000	+27.5%	123,692	-10.7%	1.10%	+34.4%
MDLZ	Sell	MONDELEZ INTERNATIONAL INC	$9,236,000	+11.0%	160,774	-1.2%	1.01%	+17.0%
ICLR	Buy	ICON PLC	$9,191,000	+288.3%	48,100	+242.4%	1.01%	+309.3%
NOMD	Buy	NOMAD FOODS LTD	$8,888,000	+19.0%	348,822	+0.2%	0.97%	+25.4%
NXPI	Sell	NXP SEMICONDUCTOR NV	$8,593,000	-29.6%	68,845	-35.7%	0.94%	-25.8%
ICE	Sell	INTERCONTINENTAL EXCHANGE INC	$8,068,000	+7.9%	80,639	-1.2%	0.88%	+13.8%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$7,713,000	+3.0%	78,085	+5.1%	0.84%	+8.6%
EBAY	Sell	EBAY INC	$7,618,000	-31.1%	146,216	-30.6%	0.83%	-27.4%
STT	Buy	STATE STREET CORP	$7,384,000	+1.9%	124,457	+9.2%	0.81%	+7.6%
NKE	Buy	NIKE INC	$7,053,000	+53.1%	56,185	+19.6%	0.77%	+61.2%
GOOG	Buy	ALPHABET INC	$6,859,000	+31.3%	4,667	+26.3%	0.75%	+38.3%
MS	Buy	MORGAN STANLEY INTL LTD	$6,766,000	+61.0%	139,932	+60.8%	0.74%	+69.6%
FOXA	Buy	FOX CORP	$6,732,000	+143.8%	241,913	+135.0%	0.74%	+156.8%
IR	Sell	INGERSOLL RAND INC	$6,304,000	+25.3%	177,073	-1.0%	0.69%	+31.9%
SIVB	New	SVB FINANCIAL GROUP	$5,288,000	–	21,977	–	0.58%	–
RS	Buy	RELIANCE STEEL & ALUMINUM CO	$4,926,000	+26.3%	48,276	+17.5%	0.54%	+33.1%
ORLY	Buy	O'REILLY AUTOMOTIVE INC	$4,905,000	+38.2%	10,639	+26.4%	0.54%	+45.5%
ABBV	Sell	ABBVIE INC	$4,712,000	-11.6%	53,798	-0.9%	0.52%	-6.9%
MDT	Sell	MEDTRONIC PLC	$4,659,000	+11.5%	44,835	-1.6%	0.51%	+17.5%
ADP	Buy	AUTOMATIC DATA PROCESSING INC	$4,640,000	+41.4%	33,262	+50.9%	0.51%	+49.0%
GNRC	Sell	GENERAC HOLDINGS INC	$4,242,000	+56.3%	21,907	-1.6%	0.46%	+64.9%
ALGN	Buy	ALIGN TECHNOLOGY INC	$4,222,000	+50.3%	12,896	+26.0%	0.46%	+58.2%
BABA	Sell	ALIBABA GROUP HOLDING LTDadr	$4,176,000	-98.1%	14,205	-98.6%	0.46%	-98.0%
A	Buy	AGILENT TECHNOLOGIES INC	$4,030,000	+44.3%	39,927	+26.4%	0.44%	+52.1%
RDY	Sell	DR REDDY'S LABORATORIES LTDadr	$3,869,000	+28.4%	55,627	-2.1%	0.42%	+35.5%
ADSK	New	AUTODESK INC	$3,866,000	–	16,736	–	0.42%	–
UNH	Sell	UNITEDHEALTH GROUP INC	$3,831,000	+4.0%	12,288	-1.6%	0.42%	+9.9%
JD	Sell	JD.COM INCadr	$3,679,000	-94.4%	47,403	-95.7%	0.40%	-94.1%
ATVI	Buy	ACTIVISION BLIZZARD INC	$3,588,000	+48.6%	44,323	+39.3%	0.39%	+56.6%
SNPS	New	SYNOPSYS INC	$3,577,000	–	16,718	–	0.39%	–
AMED	Sell	AMEDISYS INC	$3,520,000	+18.0%	14,887	-0.9%	0.39%	+24.5%
CCEP	Sell	COCA-COLA EUROPEAN PARTNERS PL	$3,511,000	+1.2%	90,461	-1.6%	0.38%	+6.9%
MO	Buy	ALTRIA GROUP INC	$3,301,000	+284.7%	85,423	+290.8%	0.36%	+306.7%
TW	Buy	TRADEWEB MARKETS INC	$3,296,000	+95.7%	56,835	+96.2%	0.36%	+106.3%
TRU	Sell	TRANSUNION	$3,299,000	-58.6%	39,209	-57.2%	0.36%	-56.5%
ZTS	Buy	ZOETIS INC	$3,172,000	+32.8%	19,184	+10.1%	0.35%	+39.9%
TT	Sell	TRANE TECHNOLOGIES PLC	$3,157,000	-30.8%	26,033	-49.3%	0.35%	-27.0%
GOLD	Buy	BARRICK GOLD CORP	$3,150,000	+26.2%	112,051	+20.9%	0.34%	+33.2%
ALC	Buy	ALCON INC	$3,096,000	+41.0%	54,368	+41.9%	0.34%	+48.7%
GDDY	New	GODADDY INC	$3,059,000	–	40,269	–	0.34%	–
MNST	Buy	MONSTER BEVERAGE CORP	$3,041,000	+46.2%	37,918	+26.4%	0.33%	+54.2%
MMC	Sell	MARSH & MCLENNAN COS INC	$2,984,000	-62.3%	26,017	-64.7%	0.33%	-60.2%
KGC	Sell	KINROSS GOLD CORP	$2,974,000	+4.5%	337,147	-14.4%	0.33%	+10.1%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$2,768,000	-8.1%	48,109	-1.6%	0.30%	-3.2%
MSCI	Buy	MSCI INC	$2,755,000	+18.5%	7,721	+10.9%	0.30%	+24.8%
SYK	Buy	STRYKER CORP	$2,709,000	+46.1%	13,000	+26.3%	0.30%	+53.9%
DBX	Buy	DROPBOX INC	$2,593,000	-6.6%	134,632	+5.5%	0.28%	-1.4%
GS	Sell	GOLDMAN SACHS GROUP INC/THE	$2,381,000	+0.1%	11,850	-1.6%	0.26%	+5.7%
XRAY	Buy	DENTSPLY SIRONA INC	$2,311,000	+33.0%	52,851	+34.1%	0.25%	+40.6%
J	Sell	JACOBS ENGINEERING GROUP INC	$2,310,000	+7.7%	24,897	-1.6%	0.25%	+13.5%
PEP	Buy	PEPSICO INC	$2,310,000	+32.3%	16,670	+26.3%	0.25%	+39.8%
C	Sell	CITIGROUP INC	$2,278,000	-62.6%	52,839	-55.7%	0.25%	-60.7%
IQV	Sell	IQVIA HOLDINGS INC	$2,194,000	+9.4%	13,920	-1.6%	0.24%	+15.4%
ASML	New	ASML HOLDING NVny reg shrs	$2,078,000	–	5,628	–	0.23%	–
FAF	Sell	FIRST AMERICAN FINANCIAL CORP	$2,076,000	+4.4%	40,777	-1.6%	0.23%	+9.7%
PNR	New	PENTAIR PLC	$1,884,000	–	41,157	–	0.21%	–
ANTM	Sell	ANTHEM INC	$1,821,000	+0.6%	6,780	-1.6%	0.20%	+5.9%
SNX	New	SYNNEX CORP	$1,606,000	–	11,467	–	0.18%	–
GLPI	Sell	GAMING AND LEISURE PROPERTIESreit	$1,561,000	+6.4%	42,265	-0.3%	0.17%	+12.5%
FCX	New	FREEPORT-MCMORAN INC	$1,308,000	–	83,644	–	0.14%	–
HES	Sell	HESS CORP	$981,000	-22.2%	23,965	-1.6%	0.11%	-18.3%
HDB	Sell	HDFC BANK LTDadr	$927,000	-1.9%	18,547	-10.7%	0.10%	+4.1%
INDA	Sell	ISHARES MSCI INDIA ETFetp	$761,000	+4.1%	22,486	-10.7%	0.08%	+9.2%
MRK	Sell	MERCK & CO INC	$470,000	-88.4%	5,672	-89.2%	0.05%	-87.9%
RDN	Exit	RADIAN GROUP INC	$0	–	-75,444	–	-0.12%	–
ASHR	Exit	XTRACKERS HARVEST CSI 300 CHINetp	$0	–	-44,369	–	-0.14%	–
CME	Exit	CME GROUP INC/IL	$0	–	-8,293	–	-0.14%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-74,727	–	-0.18%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-32,265	–	-0.20%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-2,405	–	-0.26%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-36,520	–	-0.43%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-28,851	–	-0.43%	–
ABEV	Exit	AMBEV SAadr	$0	–	-8,042,027	–	-2.20%	–

Q2 2020

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HOLDING LTDadr	$218,318,000	–	1,012,138	–	22.68%	–
JD	New	JD.COM INCadr	$65,760,000	–	1,092,718	–	6.83%	–
NTES	New	NETEASE INCadr	$50,522,000	–	117,662	–	5.25%	–
PBR	New	PETROLEO BRASILEIRO SAadr	$39,362,000	–	4,759,641	–	4.09%	–
MSFT	New	MICROSOFT CORP	$37,945,000	–	186,455	–	3.94%	–
VALE	New	VALE SAadr	$32,623,000	–	3,164,194	–	3.39%	–
YUMC	New	YUM CHINA HOLDINGS INC	$22,168,000	–	461,151	–	2.30%	–
ABEV	New	AMBEV SAadr	$21,231,000	–	8,042,027	–	2.20%	–
MA	New	MASTERCARD INC	$19,794,000	–	66,940	–	2.06%	–
V	New	VISA INC	$16,024,000	–	82,955	–	1.66%	–
SPGI	New	S&P GLOBAL INC	$14,875,000	–	45,146	–	1.54%	–
GOOGL	New	ALPHABET INC	$14,772,000	–	10,417	–	1.54%	–
ASR	New	GRUPO AEROPORTUARIO DEL SURESTadr	$14,539,000	–	129,481	–	1.51%	–
FB	New	FACEBOOK INC	$14,440,000	–	63,592	–	1.50%	–
FIS	New	FIDELITY NATIONAL INFORMATION	$13,997,000	–	104,387	–	1.45%	–
NXPI	New	NXP SEMICONDUCTOR NV	$12,204,000	–	107,011	–	1.27%	–
JNJ	New	JOHNSON & JOHNSON	$12,116,000	–	86,153	–	1.26%	–
AMZN	New	AMAZON.COM INC	$11,234,000	–	4,072	–	1.17%	–
EBAY	New	EBAY INC	$11,056,000	–	210,782	–	1.15%	–
AAPL	New	APPLE INC	$10,238,000	–	28,066	–	1.06%	–
NVDA	New	NVIDIA CORP	$10,134,000	–	26,676	–	1.05%	–
VRSN	New	VERISIGN INC	$9,516,000	–	46,008	–	0.99%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$8,493,000	–	23,440	–	0.88%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$8,324,000	–	162,807	–	0.86%	–
BKNG	New	BOOKING HOLDINGS INC	$8,140,000	–	5,112	–	0.85%	–
AZO	New	AUTOZONE INC	$8,097,000	–	7,177	–	0.84%	–
TRU	New	TRANSUNION	$7,977,000	–	91,643	–	0.83%	–
MMC	New	MARSH & MCLENNAN COS INC	$7,912,000	–	73,689	–	0.82%	–
TSM	New	TAIWAN SEMICONDUCTOR MANUFACTUadr	$7,867,000	–	138,584	–	0.82%	–
TX	New	TERNIUM SAadr	$7,768,000	–	512,084	–	0.81%	–
MCO	New	MOODY'S CORP	$7,553,000	–	27,492	–	0.78%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$7,485,000	–	74,275	–	0.78%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$7,478,000	–	81,640	–	0.78%	–
NOMD	New	NOMAD FOODS LTD	$7,468,000	–	348,136	–	0.78%	–
STT	New	STATE STREET CORP	$7,243,000	–	113,978	–	0.75%	–
INTU	New	INTUIT INC	$7,142,000	–	24,113	–	0.74%	–
C	New	CITIGROUP INC	$6,096,000	–	119,302	–	0.63%	–
BDX	New	BECTON DICKINSON AND CO	$6,035,000	–	25,221	–	0.63%	–
ABBV	New	ABBVIE INC	$5,332,000	–	54,305	–	0.55%	–
DSGX	New	DESCARTES SYSTEMS GROUP INC/TH	$5,307,000	–	100,849	–	0.55%	–
GOOG	New	ALPHABET INC	$5,223,000	–	3,695	–	0.54%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$5,226,000	–	74,592	–	0.54%	–
IR	New	INGERSOLL RAND INC	$5,030,000	–	178,890	–	0.52%	–
NKE	New	NIKE INC	$4,608,000	–	46,996	–	0.48%	–
TT	New	TRANE TECHNOLOGIES PLC	$4,565,000	–	51,307	–	0.47%	–
SCHW	New	CHARLES SCHWAB CORP/THE	$4,209,000	–	124,737	–	0.44%	–
MS	New	MORGAN STANLEY INTL LTD	$4,203,000	–	87,018	–	0.44%	–
MDT	New	MEDTRONIC PLC	$4,177,000	–	45,550	–	0.43%	–
HON	New	HONEYWELL INTERNATIONAL INC	$4,172,000	–	28,851	–	0.43%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$4,099,000	–	36,520	–	0.43%	–
MRK	New	MERCK & CO INC	$4,051,000	–	52,380	–	0.42%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$4,014,000	–	12,219	–	0.42%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$3,899,000	–	41,070	–	0.40%	–
AVGO	New	BROADCOM INC	$3,773,000	–	11,954	–	0.39%	–
UNH	New	UNITEDHEALTH GROUP INC	$3,682,000	–	12,484	–	0.38%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$3,550,000	–	8,418	–	0.37%	–
CCEP	New	COCA-COLA EUROPEAN PARTNERS PL	$3,470,000	–	91,904	–	0.36%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$3,282,000	–	22,042	–	0.34%	–
RDY	New	DR REDDY'S LABORATORIES LTDadr	$3,014,000	–	56,848	–	0.31%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$3,012,000	–	48,876	–	0.31%	–
AMED	New	AMEDISYS INC	$2,983,000	–	15,027	–	0.31%	–
KGC	New	KINROSS GOLD CORP	$2,845,000	–	394,009	–	0.30%	–
ALGN	New	ALIGN TECHNOLOGY INC	$2,809,000	–	10,237	–	0.29%	–
A	New	AGILENT TECHNOLOGIES INC	$2,792,000	–	31,599	–	0.29%	–
DBX	New	DROPBOX INC	$2,777,000	–	127,557	–	0.29%	–
FOXA	New	FOX CORP	$2,761,000	–	102,932	–	0.29%	–
GNRC	New	GENERAC HOLDINGS INC	$2,714,000	–	22,256	–	0.28%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$2,531,000	–	2,405	–	0.26%	–
GOLD	New	BARRICK GOLD CORP	$2,497,000	–	92,694	–	0.26%	–
CHKP	New	CHECK POINT SOFTWARE TECHNOLOG	$2,422,000	–	22,549	–	0.25%	–
ATVI	New	ACTIVISION BLIZZARD INC	$2,415,000	–	31,820	–	0.25%	–
ZTS	New	ZOETIS INC	$2,388,000	–	17,423	–	0.25%	–
GS	New	GOLDMAN SACHS GROUP INC/THE	$2,379,000	–	12,039	–	0.25%	–
EA	New	ELECTRONIC ARTS INC	$2,366,000	–	17,917	–	0.25%	–
ICLR	New	ICON PLC	$2,367,000	–	14,048	–	0.25%	–
MSCI	New	MSCI INC	$2,325,000	–	6,964	–	0.24%	–
EL	New	ESTEE LAUDER COS INC/THE	$2,205,000	–	11,686	–	0.23%	–
ALC	New	ALCON INC	$2,196,000	–	38,312	–	0.23%	–
J	New	JACOBS ENGINEERING GROUP INC	$2,145,000	–	25,294	–	0.22%	–
MNST	New	MONSTER BEVERAGE CORP	$2,080,000	–	30,010	–	0.22%	–
IQV	New	IQVIA HOLDINGS INC	$2,006,000	–	14,142	–	0.21%	–
FAF	New	FIRST AMERICAN FINANCIAL CORP	$1,989,000	–	41,427	–	0.21%	–
VLO	New	VALERO ENERGY CORP	$1,898,000	–	32,265	–	0.20%	–
SYK	New	STRYKER CORP	$1,854,000	–	10,290	–	0.19%	–
ANTM	New	ANTHEM INC	$1,811,000	–	6,888	–	0.19%	–
BAC	New	BANK OF AMERICA CORP	$1,775,000	–	74,727	–	0.18%	–
PEP	New	PEPSICO INC	$1,746,000	–	13,199	–	0.18%	–
XRAY	New	DENTSPLY SIRONA INC	$1,737,000	–	39,415	–	0.18%	–
TW	New	TRADEWEB MARKETS INC	$1,684,000	–	28,968	–	0.18%	–
GLPI	New	GAMING AND LEISURE PROPERTIESreit	$1,467,000	–	42,410	–	0.15%	–
CME	New	CME GROUP INC/IL	$1,348,000	–	8,293	–	0.14%	–
ASHR	New	XTRACKERS HARVEST CSI 300 CHINetp	$1,318,000	–	44,369	–	0.14%	–
HES	New	HESS CORP	$1,261,000	–	24,347	–	0.13%	–
RDN	New	RADIAN GROUP INC	$1,170,000	–	75,444	–	0.12%	–
HDB	New	HDFC BANK LTDadr	$945,000	–	20,780	–	0.10%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$939,000	–	80,126	–	0.10%	–
MO	New	ALTRIA GROUP INC	$858,000	–	21,858	–	0.09%	–
INDA	New	ISHARES MSCI INDIA ETFetp	$731,000	–	25,193	–	0.08%	–
ACN	New	ACCENTURE PLC	$269,000	–	1,255	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
TW	Exit	TRADEWEB MARKETS INC	$0	–	-1,075	–	-0.00%	–
	Exit	NABORS INDUSTRIES INCus domestic	$0	–	-440,000	–	-0.03%	–
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-27,696	–	-0.04%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-15,782	–	-0.06%	–
CL	Exit	COLGATE-PALMOLIVE CO	$0	–	-9,350	–	-0.06%	–
LEA	Exit	LEAR CORP	$0	–	-6,584	–	-0.07%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-170,489	–	-0.07%	–
FICO	Exit	FAIR ISAAC CORP	$0	–	-2,659	–	-0.07%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-5,213	–	-0.08%	–
HDB	Exit	HDFC BANK LTDadr	$0	–	-14,854	–	-0.08%	–
BUD	Exit	ANHEUSER BUSCH INBEV SPN ADRadr	$0	–	-8,968	–	-0.08%	–
WAT	Exit	WATERS CORP	$0	–	-4,148	–	-0.08%	–
MSCI	Exit	MSCI INC	$0	–	-4,403	–	-0.09%	–
PEP	Exit	PEPSICO INC	$0	–	-7,105	–	-0.09%	–
DELL	Exit	DELL TECHNOLOGIES INC	$0	–	-20,387	–	-0.10%	–
CME	Exit	CME GROUP INC/IL	$0	–	-5,244	–	-0.10%	–
MNST	Exit	MONSTER BEVERAGE CORP	$0	–	-18,975	–	-0.10%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-17,750	–	-0.12%	–
ZTS	Exit	ZOETIS INC	$0	–	-11,017	–	-0.12%	–
FOXA	Exit	FOX CORP	$0	–	-43,925	–	-0.12%	–
HES	Exit	HESS CORP	$0	–	-22,983	–	-0.13%	–
GMED	Exit	GLOBUS MEDICAL INC	$0	–	-27,476	–	-0.13%	–
AZO	Exit	AUTOZONE INC	$0	–	-1,317	–	-0.13%	–
TIF	Exit	TIFFANY & CO	$0	–	-15,497	–	-0.13%	–
AMCX	Exit	AMC NETWORKS INC	$0	–	-29,247	–	-0.13%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-26,393	–	-0.14%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-17,504	–	-0.14%	–
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-6,649	–	-0.15%	–
ETR	Exit	ENTERGY CORP	$0	–	-13,723	–	-0.15%	–
CBS	Exit	CBS CORP	$0	–	-40,369	–	-0.15%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-71,216	–	-0.15%	–
SNA	Exit	SNAP-ON INC	$0	–	-10,834	–	-0.15%	–
INDA	Exit	ISHARES MSCI INDIA ETFetp	$0	–	-53,671	–	-0.16%	–
UNM	Exit	UNUM GROUP	$0	–	-61,982	–	-0.17%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL IN	$0	–	-41,664	–	-0.17%	–
SYK	Exit	STRYKER CORP	$0	–	-8,631	–	-0.17%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-6,529	–	-0.17%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-22,097	–	-0.17%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-4,858	–	-0.18%	–
GS	Exit	GOLDMAN SACHS GROUP INC/THE	$0	–	-9,769	–	-0.18%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-70,540	–	-0.19%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-2,448	–	-0.19%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIESreit	$0	–	-53,975	–	-0.19%	–
LLY	Exit	ELI LILLY & CO	$0	–	-19,441	–	-0.20%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-12,291	–	-0.20%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-30,171	–	-0.21%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-11,785	–	-0.23%	–
AFL	Exit	AFLAC INC	$0	–	-52,955	–	-0.25%	–
SCHW	Exit	CHARLES SCHWAB CORP/THE	$0	–	-66,350	–	-0.25%	–
GOOG	Exit	ALPHABET INC	$0	–	-2,336	–	-0.26%	–
RTN	Exit	RAYTHEON CO	$0	–	-17,017	–	-0.30%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-13,309	–	-0.30%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-62,032	–	-0.31%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-47,795	–	-0.33%	–
INTU	Exit	INTUIT INC	$0	–	-14,397	–	-0.35%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-2,232	–	-0.35%	–
MRK	Exit	MERCK & CO INC	$0	–	-46,356	–	-0.35%	–
CVX	Exit	CHEVRON CORP	$0	–	-33,234	–	-0.36%	–
MCO	Exit	MOODY'S CORP	$0	–	-19,283	–	-0.36%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-72,750	–	-0.38%	–
NKE	Exit	NIKE INC	$0	–	-50,726	–	-0.43%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-43,804	–	-0.51%	–
VRSN	Exit	VERISIGN INC	$0	–	-30,607	–	-0.52%	–
AAPL	Exit	APPLE INC	$0	–	-26,491	–	-0.54%	–
TX	Exit	TERNIUM SAadr	$0	–	-345,485	–	-0.60%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-336,634	–	-0.62%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-2,051,985	–	-0.71%	–
V	Exit	VISA INC	$0	–	-53,171	–	-0.83%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MANUFACTUadr	$0	–	-199,497	–	-0.84%	–
GOOGL	Exit	ALPHABET INC	$0	–	-7,600	–	-0.84%	–
NICE	Exit	NICE-SYSTEMS LTDadr	$0	–	-69,517	–	-0.90%	–
WUBA	Exit	58.COM INC ADRadr	$0	–	-216,579	–	-0.96%	–
CIB	Exit	BANCOLOMBIA SAadr	$0	–	-302,694	–	-1.35%	–
ABEV	Exit	AMBEV SAadr	$0	–	-3,349,178	–	-1.40%	–
AVGO	Exit	BROADCOM INC	$0	–	-67,636	–	-1.69%	–
ANTM	Exit	ANTHEM INC	$0	–	-81,765	–	-1.77%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-223,001	–	-1.97%	–
BPOP	Exit	POPULAR INC	$0	–	-429,064	–	-2.10%	–
VMW	Exit	VMWARE INC	$0	–	-155,086	–	-2.10%	–
EBAY	Exit	EBAY INC	$0	–	-618,034	–	-2.18%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-237,424	–	-2.22%	–
TRU	Exit	TRANSUNION	$0	–	-307,842	–	-2.26%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-543,759	–	-2.26%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-300,005	–	-2.27%	–
NTES	Exit	NETEASE INCadr	$0	–	-94,608	–	-2.28%	–
INFY	Exit	INFOSYS LTDadr	$0	–	-2,305,355	–	-2.37%	–
IQV	Exit	IQVIA HOLDINGS INC	$0	–	-178,090	–	-2.40%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-269,698	–	-2.44%	–
FB	Exit	FACEBOOK INC	$0	–	-152,202	–	-2.45%	–
MA	Exit	MASTERCARD INC	$0	–	-102,194	–	-2.51%	–
FIS	Exit	FIDELITY NATIONAL INFORMATION	$0	–	-214,396	–	-2.57%	–
CMCSA	Exit	COMCAST CORP	$0	–	-632,629	–	-2.58%	–
DFS	Exit	DISCOVER FINANCIAL SERVICES	$0	–	-356,255	–	-2.61%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-172,111	–	-2.63%	–
C	Exit	CITIGROUP INC	$0	–	-422,774	–	-2.64%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-122,544	–	-2.71%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-325,429	–	-2.71%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-103,367	–	-2.72%	–
PBR	Exit	PETROLEO BRASILEIRO SAadr	$0	–	-2,313,722	–	-3.02%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-20,707	–	-3.67%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-353,510	–	-4.44%	–
BABA	Exit	ALIBABA GROUP HOLDING LTDadr	$0	–	-745,261	–	-11.26%	–

Q3 2019

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HOLDING LTDadr	$124,630,000	+18.6%	745,261	+20.1%	11.26%	+21.8%
MSFT	Buy	MICROSOFT CORP	$49,148,000	+7.8%	353,510	+3.9%	4.44%	+10.7%
BKNG	Buy	BOOKING HOLDINGS INC	$40,640,000	+9.5%	20,707	+4.5%	3.67%	+12.4%
PBR	Buy	PETROLEO BRASILEIRO SAadr	$33,480,000	-0.9%	2,313,722	+6.7%	3.02%	+1.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$30,108,000	+4.5%	103,367	+5.3%	2.72%	+7.3%
ICE	Buy	INTERCONTINENTAL EXCHANGE INC	$30,027,000	+21.9%	325,429	+13.5%	2.71%	+25.1%
SPGI	Buy	S&P GLOBAL INC	$30,021,000	+573.4%	122,544	+526.1%	2.71%	+591.8%
C	Buy	CITIGROUP INC	$29,205,000	+3.5%	422,774	+4.9%	2.64%	+6.3%
HON	Buy	HONEYWELL INTERNATIONAL INC	$29,121,000	+1.6%	172,111	+4.9%	2.63%	+4.4%
DFS	Buy	DISCOVER FINANCIAL SERVICES	$28,889,000	+10.1%	356,255	+5.4%	2.61%	+13.1%
CMCSA	Buy	COMCAST CORP	$28,519,000	+14.6%	632,629	+7.5%	2.58%	+17.7%
FIS	New	FIDELITY NATIONAL INFORMATION	$28,463,000	–	214,396	–	2.57%	–
MA	Sell	MASTERCARD INC	$27,753,000	-8.7%	102,194	-11.1%	2.51%	-6.3%
FB	Buy	FACEBOOK INC	$27,104,000	+61.4%	152,202	+74.9%	2.45%	+65.7%
MMC	Buy	MARSH & MCLENNAN COS INC	$26,983,000	+2.5%	269,698	+2.2%	2.44%	+5.3%
IQV	Buy	IQVIA HOLDINGS INC	$26,603,000	-1.9%	178,090	+5.6%	2.40%	+0.7%
INFY	Sell	INFOSYS LTDadr	$26,212,000	-39.0%	2,305,355	-42.6%	2.37%	-37.3%
NTES	Buy	NETEASE INCadr	$25,183,000	+4926.5%	94,608	+4734.3%	2.28%	+5070.5%
ABT	New	ABBOTT LABORATORIES	$25,101,000	–	300,005	–	2.27%	–
WYND	Buy	WYNDHAM WORLDWIDE CORP	$25,024,000	+11.9%	543,759	+6.7%	2.26%	+14.9%
TRU	Sell	TRANSUNION	$24,969,000	-8.4%	307,842	-17.0%	2.26%	-6.0%
PYPL	Sell	PAYPAL HOLDINGS INC	$24,595,000	-14.0%	237,424	-5.0%	2.22%	-11.7%
EBAY	New	EBAY INC	$24,091,000	–	618,034	–	2.18%	–
VMW	Buy	VMWARE INC	$23,272,000	-0.7%	155,086	+10.7%	2.10%	+2.0%
BPOP	Buy	POPULAR INC	$23,204,000	+6.2%	429,064	+6.5%	2.10%	+9.0%
ALXN	Buy	ALEXION PHARMACEUTICALS INC	$21,841,000	-1.5%	223,001	+31.7%	1.97%	+1.1%
ANTM	Buy	ANTHEM INC	$19,632,000	-9.7%	81,765	+6.1%	1.77%	-7.3%
AVGO	Buy	BROADCOM INC	$18,672,000	-2.0%	67,636	+2.2%	1.69%	+0.6%
ABEV	New	AMBEV SAadr	$15,473,000	–	3,349,178	–	1.40%	–
CIB	Buy	BANCOLOMBIA SAadr	$14,968,000	+4.4%	302,694	+7.7%	1.35%	+7.1%
WUBA	Buy	58.COM INC ADRadr	$10,680,000	-13.7%	216,579	+8.8%	0.96%	-11.4%
NICE	Sell	NICE-SYSTEMS LTDadr	$9,997,000	+4.7%	69,517	-0.3%	0.90%	+7.5%
GOOGL	Sell	ALPHABET INC	$9,281,000	+11.5%	7,600	-1.1%	0.84%	+14.6%
TSM	Buy	TAIWAN SEMICONDUCTOR MANUFACTUadr	$9,273,000	+56.6%	199,497	+32.0%	0.84%	+60.8%
V	Buy	VISA INC	$9,146,000	+3.1%	53,171	+4.0%	0.83%	+5.8%
RRC	Buy	RANGE RESOURCES CORP	$7,839,000	-30.9%	2,051,985	+26.2%	0.71%	-29.1%
NOMD	Buy	NOMAD FOODS LTD	$6,901,000	+19.4%	336,634	+24.4%	0.62%	+22.4%
TX	Sell	TERNIUM SAadr	$6,630,000	-18.2%	345,485	-4.4%	0.60%	-16.0%
AAPL	Buy	APPLE INC	$5,933,000	+35.1%	26,491	+19.4%	0.54%	+38.9%
VRSN	New	VERISIGN INC	$5,773,000	–	30,607	–	0.52%	–
JNJ	Sell	JOHNSON & JOHNSON	$5,667,000	-9.9%	43,804	-3.0%	0.51%	-7.6%
NKE	Buy	NIKE INC	$4,764,000	+49.5%	50,726	+33.6%	0.43%	+53.6%
MCO	Buy	MOODY'S CORP	$3,950,000	+8.6%	19,283	+3.5%	0.36%	+11.6%
CVX	Sell	CHEVRON CORP	$3,942,000	-5.7%	33,234	-1.1%	0.36%	-3.3%
MRK	Sell	MERCK & CO INC	$3,902,000	-21.0%	46,356	-21.3%	0.35%	-18.9%
AMZN	Sell	AMAZON.COM INC	$3,875,000	-9.4%	2,232	-1.2%	0.35%	-6.9%
INTU	Buy	INTUIT INC	$3,829,000	+10.8%	14,397	+8.8%	0.35%	+13.8%
PM	Buy	PHILIP MORRIS INTERNATIONAL IN	$3,629,000	+17.3%	47,795	+21.3%	0.33%	+20.6%
MDLZ	Sell	MONDELEZ INTERNATIONAL INC	$3,432,000	+1.5%	62,032	-1.1%	0.31%	+4.4%
BDX	Buy	BECTON DICKINSON AND CO	$3,367,000	+8.8%	13,309	+8.4%	0.30%	+11.8%
RTN	Buy	RAYTHEON CO	$3,339,000	+38.0%	17,017	+22.3%	0.30%	+41.8%
GOOG	Buy	ALPHABET INC	$2,848,000	+17.2%	2,336	+4.0%	0.26%	+20.1%
SCHW	Buy	CHARLES SCHWAB CORP/THE	$2,775,000	+11.4%	66,350	+7.0%	0.25%	+14.6%
AFL	Sell	AFLAC INC	$2,771,000	-5.6%	52,955	-1.1%	0.25%	-3.1%
UNH	Sell	UNITEDHEALTH GROUP INC	$2,561,000	-11.9%	11,785	-1.1%	0.23%	-9.8%
GNRC	Sell	GENERAC HOLDINGS INC	$2,364,000	+11.6%	30,171	-1.1%	0.21%	+15.1%
NSC	Sell	NORFOLK SOUTHERN CORP	$2,208,000	-43.7%	12,291	-37.6%	0.20%	-42.3%
LLY	Sell	ELI LILLY & CO	$2,174,000	-0.2%	19,441	-1.1%	0.20%	+2.1%
BAC	Sell	BANK OF AMERICA CORP	$2,058,000	-44.2%	70,540	-44.6%	0.19%	-42.8%
GLPI	Sell	GAMING AND LEISURE PROPERTIESreit	$2,064,000	-3.0%	53,975	-1.1%	0.19%	-0.5%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$2,057,000	+13.3%	2,448	-1.1%	0.19%	+16.2%
GS	Sell	GOLDMAN SACHS GROUP INC/THE	$2,024,000	+0.1%	9,769	-1.1%	0.18%	+2.8%
ORLY	Buy	O'REILLY AUTOMOTIVE INC	$1,936,000	+25.2%	4,858	+16.1%	0.18%	+28.7%
VLO	Sell	VALERO ENERGY CORP	$1,884,000	-1.5%	22,097	-1.1%	0.17%	+1.2%
FLT	New	FLEETCOR TECHNOLOGIES INC	$1,872,000	–	6,529	–	0.17%	–
SYK	Sell	STRYKER CORP	$1,867,000	+1.1%	8,631	-4.0%	0.17%	+4.3%
FNF	Sell	FIDELITY NATIONAL FINANCIAL IN	$1,850,000	+9.0%	41,664	-1.1%	0.17%	+12.1%
UNM	Sell	UNUM GROUP	$1,842,000	-91.8%	61,982	-90.7%	0.17%	-91.6%
INDA	Sell	ISHARES MSCI INDIA ETFetp	$1,802,000	-48.7%	53,671	-46.0%	0.16%	-47.2%
SNA	Sell	SNAP-ON INC	$1,696,000	-6.6%	10,834	-1.1%	0.15%	-4.4%
CBS	Sell	CBS CORP	$1,630,000	-20.0%	40,369	-1.1%	0.15%	-17.9%
RDN	Sell	RADIAN GROUP INC	$1,627,000	-1.2%	71,216	-1.1%	0.15%	+1.4%
ETR	Sell	ENTERGY CORP	$1,611,000	+12.8%	13,723	-1.1%	0.15%	+15.9%
FDS	Buy	FACTSET RESEARCH SYSTEMS INC	$1,616,000	-13.0%	6,649	+2.6%	0.15%	-10.4%
J	Sell	JACOBS ENGINEERING GROUP INC	$1,602,000	+7.2%	17,504	-1.1%	0.14%	+10.7%
DAL	Sell	DELTA AIR LINES INC	$1,520,000	+0.3%	26,393	-1.1%	0.14%	+3.0%
AMCX	Sell	AMC NETWORKS INC	$1,438,000	-10.8%	29,247	-1.1%	0.13%	-8.5%
TIF	Sell	TIFFANY & CO	$1,435,000	-46.7%	15,497	-46.1%	0.13%	-45.1%
AZO	Sell	AUTOZONE INC	$1,428,000	-95.1%	1,317	-95.0%	0.13%	-95.0%
GMED	Sell	GLOBUS MEDICAL INC	$1,405,000	+19.6%	27,476	-1.1%	0.13%	+23.3%
HES	Sell	HESS CORP	$1,390,000	-6.0%	22,983	-1.1%	0.13%	-3.1%
FOXA	Buy	FOX CORP	$1,385,000	+65.1%	43,925	+91.9%	0.12%	+68.9%
ZTS	Buy	ZOETIS INC	$1,373,000	+29.5%	11,017	+17.9%	0.12%	+33.3%
A	Buy	AGILENT TECHNOLOGIES INC	$1,360,000	+10.7%	17,750	+7.9%	0.12%	+13.9%
MNST	Buy	MONSTER BEVERAGE CORP	$1,102,000	+1.5%	18,975	+11.5%	0.10%	+4.2%
CME	Buy	CME GROUP INC/IL	$1,108,000	+15.3%	5,244	+5.9%	0.10%	+17.6%
DELL	Sell	DELL TECHNOLOGIES INC	$1,057,000	+1.0%	20,387	-1.1%	0.10%	+3.3%
PEP	Sell	PEPSICO INC	$974,000	+0.4%	7,105	-4.0%	0.09%	+3.5%
MSCI	Sell	MSCI INC	$959,000	-12.3%	4,403	-3.9%	0.09%	-9.4%
WAT	Sell	WATERS CORP	$926,000	-1.9%	4,148	-5.4%	0.08%	+1.2%
HDB	Buy	HDFC BANK LTDadr	$847,000	-42.8%	14,854	+30.5%	0.08%	-40.8%
BUD	Buy	ANHEUSER BUSCH INBEV SPN ADRadr	$853,000	+12.4%	8,968	+4.6%	0.08%	+14.9%
ADP	New	AUTOMATIC DATA PROCESSING INC	$841,000	–	5,213	–	0.08%	–
FICO	Buy	FAIR ISAAC CORP	$807,000	+55.5%	2,659	+61.0%	0.07%	+58.7%
KGC	New	KINROSS GOLD CORP	$784,000	–	170,489	–	0.07%	–
LEA	Sell	LEAR CORP	$776,000	-36.8%	6,584	-25.3%	0.07%	-35.2%
CL	Buy	COLGATE-PALMOLIVE CO	$687,000	+8.5%	9,350	+5.9%	0.06%	+10.7%
MO	Buy	ALTRIA GROUP INC	$645,000	-9.0%	15,782	+5.4%	0.06%	-6.5%
REZI	Sell	RESIDEO TECHNOLOGIES INC	$397,000	-35.3%	27,696	-1.1%	0.04%	-33.3%
TW	Sell	TRADEWEB MARKETS INC	$40,000	-27.3%	1,075	-13.9%	0.00%	-20.0%
MMM	Exit	3M CO	$0	–	-4,294	–	-0.06%	–
HBI	Exit	HANESBRANDS INC	$0	–	-56,208	–	-0.08%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES LTD	$0	–	-37,033	–	-0.09%	–
FL	Exit	FOOT LOCKER INC	$0	–	-27,211	–	-0.10%	–
MOS	Exit	MOSAIC CO/THE	$0	–	-54,098	–	-0.12%	–
AFG	Exit	AMERICAN FINANCIAL GROUP INC/O	$0	–	-14,177	–	-0.13%	–
CI	Exit	CIGNA CORP	$0	–	-10,781	–	-0.15%	–
PVH	Exit	PVH CORP	$0	–	-19,232	–	-0.16%	–
INTC	Exit	INTEL CORP	$0	–	-54,744	–	-0.23%	–
FXI	Exit	ISHARES CHINA LARGE-CAP ETFetp	$0	–	-64,617	–	-0.24%	–
TSU	Exit	TIM PARTICIPACOES SAadr	$0	–	-410,494	–	-0.54%	–
	Exit	VERISIGN INC	$0	–	-29,915	–	-0.55%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY CORPadr	$0	–	-142,848	–	-0.56%	–
BLD	Exit	TOPBUILD CORP	$0	–	-130,575	–	-0.95%	–
	Exit	GRUPO AEROPORTUARIO DEL SURESTadr	$0	–	-69,159	–	-0.99%	–
CX	Exit	CEMEX SAB DE CVadr	$0	–	-2,798,041	–	-1.04%	–
BAP	Exit	CREDICORP LTD	$0	–	-73,136	–	-1.47%	–
STAY	Exit	EXTENDED STAY AMERICA INCunit	$0	–	-1,192,372	–	-1.77%	–
DVA	Exit	DAVITA INC	$0	–	-395,948	–	-1.96%	–
WP	Exit	WORLDPAY INC	$0	–	-252,326	–	-2.72%	–

Q2 2019

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HOLDING LTDadr	$105,123,000	–	620,376	–	9.25%	–
MSFT	New	MICROSOFT CORP	$45,597,000	–	340,381	–	4.01%	–
INFY	New	INFOSYS LTDadr	$42,944,000	–	4,013,462	–	3.78%	–
BKNG	New	BOOKING HOLDINGS INC	$37,131,000	–	19,806	–	3.27%	–
PBR	New	PETROLEO BRASILEIRO SAadr	$33,770,000	–	2,168,938	–	2.97%	–
WP	New	WORLDPAY INC	$30,923,000	–	252,326	–	2.72%	–
MA	New	MASTERCARD INC	$30,410,000	–	114,960	–	2.68%	–
AZO	New	AUTOZONE INC	$29,163,000	–	26,525	–	2.57%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$28,825,000	–	98,152	–	2.54%	–
HON	New	HONEYWELL INTERNATIONAL INC	$28,657,000	–	164,141	–	2.52%	–
PYPL	New	PAYPAL HOLDINGS INC	$28,601,000	–	249,880	–	2.52%	–
C	New	CITIGROUP INC	$28,218,000	–	402,944	–	2.48%	–
TRU	New	TRANSUNION	$27,265,000	–	370,902	–	2.40%	–
IQV	New	IQVIA HOLDINGS INC	$27,128,000	–	168,599	–	2.39%	–
MMC	New	MARSH & MCLENNAN COS INC	$26,313,000	–	263,790	–	2.32%	–
DFS	New	DISCOVER FINANCIAL SERVICES	$26,236,000	–	338,138	–	2.31%	–
CMCSA	New	COMCAST CORP	$24,890,000	–	588,690	–	2.19%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$24,642,000	–	286,736	–	2.17%	–
VMW	New	VMWARE INC	$23,428,000	–	140,114	–	2.06%	–
UNM	New	UNUM GROUP	$22,402,000	–	667,712	–	1.97%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$22,367,000	–	509,504	–	1.97%	–
DVA	New	DAVITA INC	$22,276,000	–	395,948	–	1.96%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$22,173,000	–	169,284	–	1.95%	–
BPOP	New	POPULAR INC	$21,853,000	–	402,902	–	1.92%	–
ANTM	New	ANTHEM INC	$21,749,000	–	77,068	–	1.91%	–
STAY	New	EXTENDED STAY AMERICA INCunit	$20,139,000	–	1,192,372	–	1.77%	–
AVGO	New	BROADCOM INC	$19,059,000	–	66,209	–	1.68%	–
FB	New	FACEBOOK INC	$16,797,000	–	87,030	–	1.48%	–
BAP	New	CREDICORP LTD	$16,742,000	–	73,136	–	1.47%	–
CIB	New	BANCOLOMBIA SAadr	$14,341,000	–	280,983	–	1.26%	–
WUBA	New	58.COM INCadr	$12,373,000	–	199,022	–	1.09%	–
CX	New	CEMEX SAB DE CVadr	$11,864,000	–	2,798,041	–	1.04%	–
RRC	New	RANGE RESOURCES CORP	$11,349,000	–	1,625,960	–	1.00%	–
	New	GRUPO AEROPORTUARIO DEL SURESTadr	$11,211,000	–	69,159	–	0.99%	–
BLD	New	TOPBUILD CORP	$10,806,000	–	130,575	–	0.95%	–
NICE	New	NICE-SYSTEMS LTDadr	$9,549,000	–	69,701	–	0.84%	–
V	New	VISA INC	$8,874,000	–	51,131	–	0.78%	–
GOOGL	New	ALPHABET INC	$8,322,000	–	7,686	–	0.73%	–
TX	New	TERNIUM SAadr	$8,105,000	–	361,352	–	0.71%	–
SIMO	New	SILICON MOTION TECHNOLOGY CORPadr	$6,340,000	–	142,848	–	0.56%	–
JNJ	New	JOHNSON & JOHNSON	$6,292,000	–	45,175	–	0.55%	–
	New	VERISIGN INC	$6,257,000	–	29,915	–	0.55%	–
TSU	New	TIM PARTICIPACOES SAadr	$6,145,000	–	410,494	–	0.54%	–
TSM	New	TAIWAN SEMICONDUCTOR MANUFACTUadr	$5,922,000	–	151,177	–	0.52%	–
NOMD	New	NOMAD FOODS LTD	$5,782,000	–	270,676	–	0.51%	–
MRK	New	MERCK & CO INC	$4,942,000	–	58,939	–	0.44%	–
SPGI	New	S&P GLOBAL INC	$4,458,000	–	19,572	–	0.39%	–
AAPL	New	APPLE INC	$4,390,000	–	22,179	–	0.39%	–
LVS	New	LAS VEGAS SANDS CORP	$4,299,000	–	72,750	–	0.38%	–
AMZN	New	AMAZON.COM INC	$4,276,000	–	2,258	–	0.38%	–
CVX	New	CHEVRON CORP	$4,182,000	–	33,609	–	0.37%	–
NSC	New	NORFOLK SOUTHERN CORP	$3,923,000	–	19,682	–	0.34%	–
BAC	New	BANK OF AMERICA CORP	$3,689,000	–	127,218	–	0.32%	–
MCO	New	MOODY'S CORP	$3,638,000	–	18,628	–	0.32%	–
INDA	New	ISHARES MSCI INDIA ETFetp	$3,511,000	–	99,455	–	0.31%	–
INTU	New	INTUIT INC	$3,457,000	–	13,230	–	0.30%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$3,381,000	–	62,733	–	0.30%	–
NKE	New	NIKE INC	$3,187,000	–	37,967	–	0.28%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$3,094,000	–	39,402	–	0.27%	–
BDX	New	BECTON DICKINSON AND CO	$3,094,000	–	12,277	–	0.27%	–
AFL	New	AFLAC INC	$2,935,000	–	53,553	–	0.26%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,908,000	–	11,918	–	0.26%	–
FXI	New	ISHARES CHINA LARGE-CAP ETFetp	$2,764,000	–	64,617	–	0.24%	–
TIF	New	TIFFANY & CO	$2,694,000	–	28,775	–	0.24%	–
INTC	New	INTEL CORP	$2,621,000	–	54,744	–	0.23%	–
SCHW	New	CHARLES SCHWAB CORP/THE	$2,491,000	–	61,985	–	0.22%	–
GOOG	New	ALPHABET INC	$2,429,000	–	2,247	–	0.21%	–
RTN	New	RAYTHEON CO	$2,420,000	–	13,918	–	0.21%	–
LLY	New	ELI LILLY & CO	$2,178,000	–	19,660	–	0.19%	–
GLPI	New	GAMING AND LEISURE PROPERTIESreit	$2,128,000	–	54,585	–	0.19%	–
GNRC	New	GENERAC HOLDINGS INC	$2,118,000	–	30,512	–	0.19%	–
CBS	New	CBS CORP	$2,037,000	–	40,825	–	0.18%	–
GS	New	GOLDMAN SACHS GROUP INC/THE	$2,021,000	–	9,880	–	0.18%	–
VLO	New	VALERO ENERGY CORP	$1,913,000	–	22,347	–	0.17%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$1,857,000	–	6,480	–	0.16%	–
SYK	New	STRYKER CORP	$1,847,000	–	8,986	–	0.16%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,815,000	–	2,476	–	0.16%	–
SNA	New	SNAP-ON INC	$1,815,000	–	10,956	–	0.16%	–
PVH	New	PVH CORP	$1,820,000	–	19,232	–	0.16%	–
FNF	New	FIDELITY NATIONAL FINANCIAL IN	$1,698,000	–	42,135	–	0.15%	–
CI	New	CIGNA CORP	$1,699,000	–	10,781	–	0.15%	–
RDN	New	RADIAN GROUP INC	$1,646,000	–	72,022	–	0.14%	–
AMCX	New	AMC NETWORKS INC	$1,612,000	–	29,578	–	0.14%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$1,546,000	–	4,185	–	0.14%	–
DAL	New	DELTA AIR LINES INC	$1,515,000	–	26,691	–	0.13%	–
J	New	JACOBS ENGINEERING GROUP INC	$1,494,000	–	17,702	–	0.13%	–
HES	New	HESS CORP	$1,478,000	–	23,243	–	0.13%	–
HDB	New	HDFC BANK LTDadr	$1,480,000	–	11,382	–	0.13%	–
AFG	New	AMERICAN FINANCIAL GROUP INC/O	$1,453,000	–	14,177	–	0.13%	–
ETR	New	ENTERGY CORP	$1,428,000	–	13,878	–	0.13%	–
MOS	New	MOSAIC CO/THE	$1,354,000	–	54,098	–	0.12%	–
A	New	AGILENT TECHNOLOGIES INC	$1,229,000	–	16,458	–	0.11%	–
LEA	New	LEAR CORP	$1,228,000	–	8,815	–	0.11%	–
GMED	New	GLOBUS MEDICAL INC	$1,175,000	–	27,787	–	0.10%	–
FL	New	FOOT LOCKER INC	$1,141,000	–	27,211	–	0.10%	–
MNST	New	MONSTER BEVERAGE CORP	$1,086,000	–	17,016	–	0.10%	–
MSCI	New	MSCI INC	$1,094,000	–	4,582	–	0.10%	–
ZTS	New	ZOETIS INC	$1,060,000	–	9,343	–	0.09%	–
DELL	New	DELL TECHNOLOGIES INC	$1,047,000	–	20,618	–	0.09%	–
CNQ	New	CANADIAN NATURAL RESOURCES LTD	$1,001,000	–	37,033	–	0.09%	–
HBI	New	HANESBRANDS INC	$968,000	–	56,208	–	0.08%	–
CME	New	CME GROUP INC/IL	$961,000	–	4,950	–	0.08%	–
PEP	New	PEPSICO INC	$970,000	–	7,398	–	0.08%	–
WAT	New	WATERS CORP	$944,000	–	4,385	–	0.08%	–
FOXA	New	FOX CORP	$839,000	–	22,885	–	0.07%	–
BUD	New	ANHEUSER-BUSCH INBEV SA/NVadr	$759,000	–	8,575	–	0.07%	–
MMM	New	3M CO	$744,000	–	4,294	–	0.06%	–
MO	New	ALTRIA GROUP INC	$709,000	–	14,978	–	0.06%	–
CL	New	COLGATE-PALMOLIVE CO	$633,000	–	8,830	–	0.06%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$614,000	–	28,009	–	0.05%	–
FICO	New	FAIR ISAAC CORP	$519,000	–	1,652	–	0.05%	–
NTES	New	NETEASE INCadr	$501,000	–	1,957	–	0.04%	–
	New	NABORS INDUSTRIES INCus domestic	$317,000	–	440,000	–	0.03%	–
TW	New	TRADEWEB MARKETS INC	$55,000	–	1,249	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
LRCX	Exit	LAM RESEARCH CORP	$0	–	-1,255	–	-0.02%	–
BTI	Exit	BRITISH AMERICAN TOBACCO PLCadr	$0	–	-3,915	–	-0.02%	–
NTES	Exit	NETEASE INCadr	$0	–	-1,404	–	-0.03%	–
MNST	Exit	MONSTER BEVERAGE CORP	$0	–	-7,123	–	-0.04%	–
CL	Exit	COLGATE-PALMOLIVE CO	$0	–	-6,417	–	-0.04%	–
ZTS	Exit	ZOETIS INC	$0	–	-5,134	–	-0.04%	–
BUD	Exit	ANHEUSER-BUSCH INBEV SA/NVadr	$0	–	-6,200	–	-0.05%	–
PRSP	Exit	PERSPECTA INC	$0	–	-23,213	–	-0.05%	–
FB	Exit	FACEBOOK INC	$0	–	-5,912	–	-0.08%	–
MMM	Exit	3M CO	$0	–	-4,713	–	-0.08%	–
MSCI	Exit	MSCI INC	$0	–	-5,777	–	-0.09%	–
WAT	Exit	WATERS CORP	$0	–	-5,514	–	-0.09%	–
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-5,406	–	-0.10%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES LTD	$0	–	-38,968	–	-0.11%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-23,417	–	-0.11%	–
LEA	Exit	LEAR CORP	$0	–	-9,274	–	-0.12%	–
PLD	Exit	PROLOGIS INCreit	$0	–	-20,000	–	-0.12%	–
WCC	Exit	WESCO INTERNATIONAL INC	$0	–	-23,285	–	-0.12%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-18,627	–	-0.12%	–
SYK	Exit	STRYKER CORP	$0	–	-8,390	–	-0.13%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-26,791	–	-0.13%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-75,784	–	-0.13%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-28,698	–	-0.15%	–
HBI	Exit	HANESBRANDS INC	$0	–	-99,989	–	-0.16%	–
WRK	Exit	WESTROCK CO	$0	–	-36,080	–	-0.16%	–
SCHW	Exit	CHARLES SCHWAB CORP/THE	$0	–	-40,106	–	-0.17%	–
AFG	Exit	AMERICAN FINANCIAL GROUP INC/O	$0	–	-18,185	–	-0.17%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL IN	$0	–	-52,247	–	-0.18%	–
AMCX	Exit	AMC NETWORKS INC	$0	–	-31,124	–	-0.18%	–
MOS	Exit	MOSAIC CO/THE	$0	–	-66,586	–	-0.18%	–
HES	Exit	HESS CORP	$0	–	-30,788	–	-0.19%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-8,930	–	-0.20%	–
CBS	Exit	CBS CORP	$0	–	-42,958	–	-0.21%	–
MCO	Exit	MOODY'S CORP	$0	–	-14,904	–	-0.21%	–
CI	Exit	CIGNA CORP	$0	–	-12,576	–	-0.22%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-57,073	–	-0.23%	–
INTU	Exit	INTUIT INC	$0	–	-11,586	–	-0.23%	–
AFL	Exit	AFLAC INC	$0	–	-56,350	–	-0.23%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-14,399	–	-0.23%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-13,805	–	-0.23%	–
TIF	Exit	TIFFANY & CO	$0	–	-20,939	–	-0.23%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-34,357	–	-0.24%	–
CVX	Exit	CHEVRON CORP	$0	–	-23,449	–	-0.24%	–
NKE	Exit	NIKE INC	$0	–	-34,136	–	-0.25%	–
MS	Exit	MORGAN STANLEY INTL LTD	$0	–	-62,513	–	-0.25%	–
GOOG	Exit	ALPHABET INC	$0	–	-2,446	–	-0.25%	–
TRU	Exit	TRANSUNION	$0	–	-40,011	–	-0.25%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-51,150	–	-0.25%	–
RTN	Exit	RAYTHEON CO	$0	–	-14,645	–	-0.26%	–
SPG	Exit	SIMON PROPERTY GROUP INCreit	$0	–	-20,300	–	-0.31%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-20,710	–	-0.32%	–
GS	Exit	GOLDMAN SACHS GROUP INC/THE	$0	–	-17,481	–	-0.34%	–
DNB	Exit	DUN & BRADSTREET CORP/THE	$0	–	-28,325	–	-0.35%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIESreit	$0	–	-116,140	–	-0.35%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-49,365	–	-0.35%	–
PK	Exit	PARK HOTELS & RESORTS INCreit	$0	–	-127,605	–	-0.36%	–
VRSN	Exit	VERISIGN INC	$0	–	-26,179	–	-0.36%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-81,848	–	-0.37%	–
CME	Exit	CME GROUP INC/IL	$0	–	-26,916	–	-0.39%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-2,376	–	-0.41%	–
AAPL	Exit	APPLE INC	$0	–	-23,561	–	-0.46%	–
TSU	Exit	TIM PARTICIPACOES SAadr	$0	–	-369,076	–	-0.46%	–
V	Exit	VISA INC	$0	–	-41,038	–	-0.53%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-82,351	–	-0.58%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-333,299	–	-0.58%	–
NICE	Exit	NICE-SYSTEMS LTDadr	$0	–	-59,816	–	-0.59%	–
SNA	Exit	SNAP-ON INC	$0	–	-38,656	–	-0.61%	–
MRK	Exit	MERCK & CO INC	$0	–	-105,150	–	-0.64%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY CORPadr	$0	–	-141,769	–	-0.65%	–
PFE	Exit	PFIZER INC	$0	–	-180,714	–	-0.68%	–
PEP	Exit	PEPSICO INC	$0	–	-73,092	–	-0.70%	–
TX	Exit	TERNIUM SAadr	$0	–	-359,078	–	-0.93%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-79,487	–	-0.94%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SURESTadr	$0	–	-60,681	–	-1.06%	–
BAP	Exit	CREDICORP LTD	$0	–	-56,428	–	-1.08%	–
BLD	Exit	TOPBUILD CORP	$0	–	-241,431	–	-1.17%	–
URI	Exit	UNITED RENTALS INC	$0	–	-103,953	–	-1.46%	–
AVGO	Exit	BROADCOM INC	$0	–	-78,687	–	-1.66%	–
STAY	Exit	EXTENDED STAY AMERICA INCunit	$0	–	-969,843	–	-1.68%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-457,760	–	-1.70%	–
FL	Exit	FOOT LOCKER INC	$0	–	-401,941	–	-1.75%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-149,453	–	-1.78%	–
INFY	Exit	INFOSYS LTDadr	$0	–	-2,047,798	–	-1.78%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-327,339	–	-1.80%	–
LLY	Exit	ELI LILLY & CO	$0	–	-196,962	–	-1.81%	–
DVA	Exit	DAVITA INC	$0	–	-298,829	–	-1.83%	–
DFS	Exit	DISCOVER FINANCIAL SERVICES	$0	–	-281,531	–	-1.84%	–
BPOP	Exit	POPULAR INC	$0	–	-434,709	–	-1.91%	–
HPQ	Exit	HP INC	$0	–	-865,636	–	-1.91%	–
UNM	Exit	UNUM GROUP	$0	–	-571,924	–	-1.91%	–
MA	Exit	MASTERCARD INC	$0	–	-100,750	–	-1.92%	–
VMW	Exit	VMWARE INC	$0	–	-145,089	–	-1.94%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-386,281	–	-1.96%	–
C	Exit	CITIGROUP INC	$0	–	-321,806	–	-1.98%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-266,833	–	-2.01%	–
CMCSA	Exit	COMCAST CORP	$0	–	-663,871	–	-2.01%	–
VFC	Exit	VF CORP	$0	–	-253,285	–	-2.03%	–
NTAP	Exit	NETAPP INC	$0	–	-279,609	–	-2.06%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-257,150	–	-2.06%	–
VALE	Exit	VALE SAadr	$0	–	-1,621,880	–	-2.06%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-836,359	–	-2.11%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-149,854	–	-2.13%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-229,485	–	-2.23%	–
WP	Exit	WORLDPAY INC	$0	–	-271,417	–	-2.35%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-113,210	–	-2.36%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-103,899	–	-2.37%	–
GOOGL	Exit	ALPHABET INC	$0	–	-22,966	–	-2.37%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-14,282	–	-2.42%	–
BIDU	Exit	BAIDU INCadr	$0	–	-144,020	–	-2.82%	–
CX	Exit	CEMEX SAB DE CVadr	$0	–	-4,692,778	–	-2.83%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-314,335	–	-3.08%	–
BABA	Exit	ALIBABA GROUP HOLDING LTDadr	$0	–	-353,256	–	-4.98%	–

Q3 2018

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HOLDING LTDadr	$58,202,000	-26.7%	353,256	-17.5%	4.98%	-12.6%
MSFT	Sell	MICROSOFT CORP	$35,950,000	-29.9%	314,335	-39.6%	3.08%	-16.4%
CX	Sell	CEMEX SAB DE CVadr	$33,037,000	+2.5%	4,692,778	-4.5%	2.83%	+22.3%
BIDU	Buy	BAIDU INCadr	$32,934,000	-2.7%	144,020	+3.3%	2.82%	+16.0%
BKNG	Sell	BOOKING HOLDINGS INC	$28,335,000	-40.0%	14,282	-38.7%	2.42%	-28.4%
GOOGL	Sell	ALPHABET INC	$27,722,000	-19.2%	22,966	-24.4%	2.37%	-3.6%
UNH	Sell	UNITEDHEALTH GROUP INC	$27,641,000	-14.9%	103,899	-21.5%	2.37%	+1.5%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$27,632,000	+0.2%	113,210	-15.0%	2.36%	+19.4%
WP	Sell	WORLDPAY INC	$27,470,000	-12.5%	271,417	-29.3%	2.35%	+4.4%
VLO	Sell	VALERO ENERGY CORP	$26,104,000	-11.5%	229,485	-13.8%	2.23%	+5.5%
HON	Sell	HONEYWELL INTERNATIONAL INC	$24,936,000	+13.0%	149,854	-2.2%	2.13%	+34.7%
BAC	Sell	BANK OF AMERICA CORP	$24,639,000	-13.1%	836,359	-16.9%	2.11%	+3.6%
VALE	Sell	VALE SAadr	$24,069,000	+10.3%	1,621,880	-4.7%	2.06%	+31.5%
DXC	Sell	DXC TECHNOLOGY CO	$24,049,000	-10.0%	257,150	-22.4%	2.06%	+7.4%
NTAP	Sell	NETAPP INC	$24,016,000	-4.8%	279,609	-13.0%	2.06%	+13.5%
VFC	Sell	VF CORP	$23,669,000	+11.2%	253,285	-3.0%	2.03%	+32.7%
CMCSA	Buy	COMCAST CORP	$23,508,000	+405.7%	663,871	+368.6%	2.01%	+502.4%
PYPL	Sell	PAYPAL HOLDINGS INC	$23,439,000	-30.4%	266,833	-34.1%	2.01%	-17.1%
C	Sell	CITIGROUP INC	$23,086,000	-23.7%	321,806	-28.8%	1.98%	-8.9%
LVS	Sell	LAS VEGAS SANDS CORP	$22,918,000	-34.9%	386,281	-16.2%	1.96%	-22.3%
VMW	Sell	VMWARE INC	$22,643,000	-15.3%	145,089	-20.3%	1.94%	+1.0%
MA	Sell	MASTERCARD INC	$22,428,000	-31.2%	100,750	-39.3%	1.92%	-17.9%
UNM	Buy	UNUM GROUP	$22,345,000	+5.8%	571,924	+0.2%	1.91%	+26.3%
HPQ	New	HP INC	$22,307,000	–	865,636	–	1.91%	–
BPOP	Sell	POPULAR INC	$22,279,000	-6.8%	434,709	-17.8%	1.91%	+11.2%
DFS	New	DISCOVER FINANCIAL SERVICES	$21,523,000	–	281,531	–	1.84%	–
DVA	Buy	DAVITA INC	$21,405,000	+34.8%	298,829	+30.7%	1.83%	+60.8%
LLY	Sell	ELI LILLY & CO	$21,136,000	+15.3%	196,962	-8.3%	1.81%	+37.6%
DWDP	Sell	DOWDUPONT INC	$21,051,000	-2.6%	327,339	-0.1%	1.80%	+16.3%
INFY	Buy	INFOSYS LTDadr	$20,826,000	-20.9%	2,047,798	+51.1%	1.78%	-5.7%
ALXN	Buy	ALEXION PHARMACEUTICALS INC	$20,775,000	+401.2%	149,453	+347.6%	1.78%	+498.7%
FL	Buy	FOOT LOCKER INC	$20,491,000	+8.5%	401,941	+12.0%	1.75%	+29.4%
WYND	Buy	WYNDHAM WORLDWIDE CORP	$19,848,000	+28.5%	457,760	+31.2%	1.70%	+53.3%
STAY	Sell	EXTENDED STAY AMERICA INCunit	$19,620,000	-25.4%	969,843	-20.3%	1.68%	-11.1%
AVGO	Sell	BROADCOM INC	$19,414,000	-18.2%	78,687	-19.6%	1.66%	-2.4%
URI	Buy	UNITED RENTALS INC	$17,007,000	+13.2%	103,953	+2.1%	1.46%	+34.9%
BLD	Buy	TOPBUILD CORP	$13,718,000	-22.3%	241,431	+7.1%	1.17%	-7.4%
BAP	Sell	CREDICORP LTD	$12,588,000	-9.6%	56,428	-8.8%	1.08%	+7.8%
ASR	Sell	GRUPO AEROPORTUARIO DEL SURESTadr	$12,447,000	+17.6%	60,681	-8.8%	1.06%	+40.1%
JNJ	Sell	JOHNSON & JOHNSON	$10,983,000	+2.8%	79,487	-9.8%	0.94%	+22.6%
TX	Sell	TERNIUM SAadr	$10,876,000	-20.6%	359,078	-8.8%	0.93%	-5.4%
PEP	Buy	PEPSICO INC	$8,172,000	+8.1%	73,092	+5.2%	0.70%	+28.7%
PFE	Buy	PFIZER INC	$7,964,000	+254.3%	180,714	+191.6%	0.68%	+323.6%
SIMO	Sell	SILICON MOTION TECHNOLOGY CORPadr	$7,613,000	-7.4%	141,769	-8.8%	0.65%	+10.5%
MRK	Sell	MERCK & CO INC	$7,459,000	+1.4%	105,150	-13.2%	0.64%	+20.8%
SNA	New	SNAP-ON INC	$7,097,000	–	38,656	–	0.61%	–
NICE	Sell	NICE-SYSTEMS LTDadr	$6,847,000	-17.7%	59,816	-25.4%	0.59%	-1.8%
NOMD	Sell	NOMAD FOODS LTD	$6,753,000	-34.5%	333,299	-37.9%	0.58%	-21.8%
PM	Sell	PHILIP MORRIS INTERNATIONAL IN	$6,715,000	+0.1%	82,351	-0.9%	0.58%	+19.5%
V	Sell	VISA INC	$6,159,000	-71.8%	41,038	-75.1%	0.53%	-66.4%
TSU	Sell	TIM PARTICIPACOES SAadr	$5,348,000	-21.5%	369,076	-8.7%	0.46%	-6.3%
AAPL	Buy	APPLE INC	$5,319,000	+92.8%	23,561	+58.1%	0.46%	+129.8%
AMZN	Sell	AMAZON.COM INC	$4,759,000	-65.7%	2,376	-70.9%	0.41%	-59.1%
CME	Buy	CME GROUP INC/IL	$4,581,000	+45.7%	26,916	+40.3%	0.39%	+73.5%
WFC	New	WELLS FARGO & CO	$4,302,000	–	81,848	–	0.37%	–
VRSN	Sell	VERISIGN INC	$4,192,000	-69.7%	26,179	-74.0%	0.36%	-63.9%
PK	New	PARK HOTELS & RESORTS INCreit	$4,188,000	–	127,605	–	0.36%	–
PG	New	PROCTER & GAMBLE CO/THE	$4,109,000	–	49,365	–	0.35%	–
GLPI	Buy	GAMING AND LEISURE PROPERTIESreit	$4,094,000	+131.0%	116,140	+134.6%	0.35%	+175.6%
DNB	Sell	DUN & BRADSTREET CORP/THE	$4,037,000	-82.4%	28,325	-84.8%	0.35%	-79.0%
GS	Buy	GOLDMAN SACHS GROUP INC/THE	$3,920,000	+32.2%	17,481	+30.0%	0.34%	+57.7%
SPG	New	SIMON PROPERTY GROUP INCreit	$3,588,000	–	20,300	–	0.31%	–
RTN	Buy	RAYTHEON CO	$3,027,000	+60.6%	14,645	+50.1%	0.26%	+91.9%
DAL	Sell	DELTA AIR LINES INC	$2,958,000	-55.9%	51,150	-62.2%	0.25%	-47.4%
GOOG	Sell	ALPHABET INC	$2,919,000	-82.9%	2,446	-84.0%	0.25%	-79.5%
MS	Sell	MORGAN STANLEY INTL LTD	$2,911,000	-50.6%	62,513	-49.8%	0.25%	-41.1%
NKE	New	NIKE INC	$2,892,000	–	34,136	–	0.25%	–
CVX	Buy	CHEVRON CORP	$2,867,000	+27.5%	23,449	+31.8%	0.24%	+52.2%
SPGI	Sell	S&P GLOBAL INC	$2,697,000	-78.7%	13,805	-77.8%	0.23%	-74.6%
FOXA	Sell	TWENTY-FIRST CENTURY FOX INC	$2,644,000	-70.9%	57,073	-68.8%	0.23%	-65.3%
INTU	Sell	INTUIT INC	$2,635,000	-70.4%	11,586	-73.4%	0.23%	-64.6%
CI	Sell	CIGNA CORP	$2,619,000	-26.7%	12,576	-40.2%	0.22%	-12.8%
MCO	Sell	MOODY'S CORP	$2,492,000	-62.7%	14,904	-61.9%	0.21%	-55.5%
CBS	Sell	CBS CORP	$2,468,000	-63.3%	42,958	-64.1%	0.21%	-56.3%
BDX	Sell	BECTON DICKINSON AND CO	$2,331,000	-76.0%	8,930	-78.0%	0.20%	-71.3%
HES	Sell	HESS CORP	$2,204,000	-51.5%	30,788	-54.7%	0.19%	-42.0%
MOS	Sell	MOSAIC CO/THE	$2,163,000	-42.9%	66,586	-50.7%	0.18%	-32.0%
FNF	Buy	FIDELITY NATIONAL FINANCIAL IN	$2,056,000	+89.5%	52,247	+81.1%	0.18%	+125.6%
SCHW	Sell	CHARLES SCHWAB CORP/THE	$1,971,000	-77.7%	40,106	-76.8%	0.17%	-73.3%
HBI	Buy	HANESBRANDS INC	$1,843,000	+49.1%	99,989	+78.1%	0.16%	+77.5%
MO	Sell	ALTRIA GROUP INC	$1,731,000	-74.7%	28,698	-76.2%	0.15%	-69.9%
SYK	Sell	STRYKER CORP	$1,491,000	-83.1%	8,390	-84.0%	0.13%	-79.8%
J	New	JACOBS ENGINEERING GROUP INC	$1,425,000	–	18,627	–	0.12%	–
PLD	New	PROLOGIS INCreit	$1,356,000	–	20,000	–	0.12%	–
LEA	Sell	LEAR CORP	$1,345,000	-44.2%	9,274	-28.5%	0.12%	-33.5%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$1,301,000	-90.1%	23,417	-89.5%	0.11%	-88.2%
FDS	Sell	FACTSET RESEARCH SYSTEMS INC	$1,209,000	-60.2%	5,406	-64.7%	0.10%	-52.8%
WAT	Sell	WATERS CORP	$1,073,000	-83.9%	5,514	-84.0%	0.09%	-80.8%
MSCI	Sell	MSCI INC	$1,025,000	-82.8%	5,777	-84.0%	0.09%	-79.4%
MMM	Sell	3M CO	$993,000	-60.1%	4,713	-62.8%	0.08%	-52.5%
FB	Sell	FACEBOOK INC	$972,000	-80.2%	5,912	-76.6%	0.08%	-76.4%
PRSP	Sell	PERSPECTA INC	$597,000	-81.3%	23,213	-85.1%	0.05%	-77.8%
BUD	Buy	ANHEUSER-BUSCH INBEV SA/NVadr	$543,000	+3.6%	6,200	+19.2%	0.05%	+21.1%
ZTS	Sell	ZOETIS INC	$470,000	-82.8%	5,134	-84.0%	0.04%	-79.6%
CL	Buy	COLGATE-PALMOLIVE CO	$430,000	+22.5%	6,417	+18.5%	0.04%	+48.0%
MNST	New	MONSTER BEVERAGE CORP	$415,000	–	7,123	–	0.04%	–
NTES	Buy	NETEASE INCadr	$320,000	+7.0%	1,404	+18.5%	0.03%	+28.6%
BTI	Sell	BRITISH AMERICAN TOBACCO PLCadr	$183,000	-85.3%	3,915	-84.1%	0.02%	-82.0%
LRCX	Sell	LAM RESEARCH CORP	$190,000	-95.8%	1,255	-95.2%	0.02%	-95.1%
BNS	Exit	BANK OF NOVA SCOTIA/THE	$0	–	-6,353	–	-0.03%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-249,459	–	-0.05%	–
NRZ	Exit	NEW RESIDENTIAL INVESTMENT CORreit	$0	–	-74,548	–	-0.09%	–
ITUB	Exit	ITAU UNIBANCO HOLDING SAadr	$0	–	-140,333	–	-0.10%	–
EBAY	Exit	EBAY INC	$0	–	-47,238	–	-0.12%	–
PLNT	Exit	PLANET FITNESS INC	$0	–	-48,575	–	-0.15%	–
ZBH	Exit	ZIMMER HOLDINGS INC	$0	–	-20,679	–	-0.16%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-46,596	–	-0.18%	–
TSN	Exit	TYSON FOODS INC	$0	–	-44,331	–	-0.22%	–
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-49,667	–	-0.22%	–
WBT	Exit	WELBILT INC	$0	–	-143,307	–	-0.23%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-150,381	–	-0.24%	–
ALLY	Exit	ALLY FINANCIAL INC	$0	–	-127,915	–	-0.24%	–
PKX	Exit	POSCOadr	$0	–	-60,900	–	-0.32%	–
CHE	Exit	CHEMED CORP	$0	–	-14,346	–	-0.33%	–
CARS	Exit	CARS.COM INC	$0	–	-163,837	–	-0.33%	–

Q2 2018

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HOLDING LTDadr	$79,443,000	–	428,196	–	5.70%	–
MSFT	New	MICROSOFT CORP	$51,302,000	–	520,256	–	3.68%	–
BKNG	New	BOOKING HOLDINGS INC	$47,221,000	–	23,295	–	3.39%	–
LVS	New	LAS VEGAS SANDS CORP	$35,198,000	–	460,945	–	2.53%	–
GOOGL	New	ALPHABET INC	$34,294,000	–	30,370	–	2.46%	–
BIDU	New	BAIDU INCadr	$33,864,000	–	139,359	–	2.43%	–
PYPL	New	PAYPAL HOLDINGS INC	$33,700,000	–	404,712	–	2.42%	–
MA	New	MASTERCARD INC	$32,596,000	–	165,867	–	2.34%	–
UNH	New	UNITEDHEALTH GROUP INC	$32,476,000	–	132,371	–	2.33%	–
CX	New	CEMEX SAB DE CVadr	$32,222,000	–	4,911,865	–	2.31%	–
WP	New	VANTIV INC CL A	$31,385,000	–	384,093	–	2.25%	–
C	New	CITIGROUP INC	$30,243,000	–	451,926	–	2.17%	–
VLO	New	VALERO ENERGY CORP	$29,510,000	–	266,267	–	2.12%	–
BAC	New	BANK OF AMERICA CORP	$28,365,000	–	1,006,225	–	2.04%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$27,584,000	–	133,164	–	1.98%	–
VMW	New	VMWARE INC	$26,742,000	–	181,953	–	1.92%	–
DXC	New	DXC TECHNOLOGY CO	$26,712,000	–	331,378	–	1.92%	–
INFY	New	INFOSYS LTDadr	$26,327,000	–	1,354,953	–	1.89%	–
STAY	New	EXTENDED STAY AMERICA INCunit	$26,309,000	–	1,217,446	–	1.89%	–
NTAP	New	NETAPP INC	$25,233,000	–	321,322	–	1.81%	–
BPOP	New	POPULAR INC	$23,900,000	–	528,635	–	1.72%	–
AVGO	New	BROADCOM INC	$23,736,000	–	97,823	–	1.70%	–
DNB	New	DUN & BRADSTREET CORP/THE	$22,923,000	–	186,901	–	1.64%	–
HON	New	HONEYWELL INTERNATIONAL INC	$22,068,000	–	153,196	–	1.58%	–
V	New	VISA INC	$21,865,000	–	165,079	–	1.57%	–
VALE	New	VALE SAadr	$21,814,000	–	1,701,587	–	1.57%	–
DWDP	New	DOWDUPONT INC	$21,603,000	–	327,722	–	1.55%	–
VFC	New	VF CORP	$21,278,000	–	261,016	–	1.53%	–
UNM	New	UNUM GROUP	$21,113,000	–	570,775	–	1.52%	–
FL	New	FOOT LOCKER INC	$18,894,000	–	358,863	–	1.36%	–
LLY	New	ELI LILLY & CO	$18,325,000	–	214,758	–	1.32%	–
BLD	New	TOPBUILD CORP	$17,665,000	–	225,490	–	1.27%	–
GOOG	New	ALPHABET INC	$17,024,000	–	15,259	–	1.22%	–
DVA	New	DAVITA INC	$15,874,000	–	228,606	–	1.14%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$15,441,000	–	348,800	–	1.11%	–
URI	New	UNITED RENTALS INC	$15,030,000	–	101,813	–	1.08%	–
BAP	New	CREDICORP LTD	$13,923,000	–	61,848	–	1.00%	–
AMZN	New	AMAZON.COM INC	$13,870,000	–	8,160	–	1.00%	–
VRSN	New	VERISIGN INC	$13,854,000	–	100,812	–	0.99%	–
TX	New	TERNIUM SAadr	$13,704,000	–	393,566	–	0.98%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$13,106,000	–	222,772	–	0.94%	–
SPGI	New	S&P GLOBAL INC	$12,675,000	–	62,168	–	0.91%	–
JNJ	New	JOHNSON & JOHNSON	$10,688,000	–	88,083	–	0.77%	–
ASR	New	GRUPO AEROPORTUARIO DEL SURESTadr	$10,586,000	–	66,509	–	0.76%	–
NOMD	New	NOMAD FOODS LTD	$10,303,000	–	536,905	–	0.74%	–
BDX	New	BECTON DICKINSON AND CO	$9,703,000	–	40,504	–	0.70%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$9,080,000	–	182,730	–	0.65%	–
INTU	New	INTUIT INC	$8,893,000	–	43,527	–	0.64%	–
SCHW	New	CHARLES SCHWAB CORP/THE	$8,828,000	–	172,753	–	0.63%	–
SYK	New	STRYKER CORP	$8,838,000	–	52,340	–	0.63%	–
NICE	New	NICE-SYSTEMS LTDadr	$8,317,000	–	80,149	–	0.60%	–
SIMO	New	SILICON MOTION TECHNOLOGY CORPadr	$8,218,000	–	155,386	–	0.59%	–
PEP	New	PEPSICO INC	$7,561,000	–	69,451	–	0.54%	–
MRK	New	MERCK & CO INC	$7,353,000	–	121,140	–	0.53%	–
MO	New	ALTRIA GROUP INC	$6,849,000	–	120,604	–	0.49%	–
TSU	New	TIM PARTICIPACOES SAadr	$6,816,000	–	404,299	–	0.49%	–
CBS	New	CBS CORP	$6,726,000	–	119,633	–	0.48%	–
DAL	New	DELTA AIR LINES INC	$6,707,000	–	135,394	–	0.48%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$6,709,000	–	83,088	–	0.48%	–
MCO	New	MOODY'S CORP	$6,680,000	–	39,168	–	0.48%	–
WAT	New	WATERS CORP	$6,660,000	–	34,401	–	0.48%	–
MSCI	New	MSCI INC	$5,962,000	–	36,039	–	0.43%	–
MS	New	MORGAN STANLEY INTL LTD	$5,898,000	–	124,430	–	0.42%	–
FB	New	FACEBOOK INC	$4,906,000	–	25,247	–	0.35%	–
CARS	New	CARS.COM INC	$4,651,000	–	163,837	–	0.33%	–
CMCSA	New	COMCAST CORP	$4,649,000	–	141,680	–	0.33%	–
CHE	New	CHEMED CORP	$4,617,000	–	14,346	–	0.33%	–
HES	New	HESS CORP	$4,543,000	–	67,924	–	0.33%	–
LRCX	New	LAM RESEARCH CORP	$4,530,000	–	26,207	–	0.32%	–
PKX	New	POSCOadr	$4,514,000	–	60,900	–	0.32%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$4,145,000	–	33,388	–	0.30%	–
MOS	New	MOSAIC CO/THE	$3,786,000	–	134,964	–	0.27%	–
CI	New	CIGNA CORP	$3,575,000	–	21,037	–	0.26%	–
ALLY	New	ALLY FINANCIAL INC	$3,360,000	–	127,915	–	0.24%	–
ON	New	ON SEMICONDUCTOR CORP	$3,344,000	–	150,381	–	0.24%	–
PRSP	New	PERSPECTA INC	$3,199,000	–	155,660	–	0.23%	–
WBT	New	WELBILT INC	$3,197,000	–	143,307	–	0.23%	–
CME	New	CME GROUP INC/IL	$3,144,000	–	19,183	–	0.23%	–
NSC	New	NORFOLK SOUTHERN CORP	$3,125,000	–	20,710	–	0.22%	–
LNC	New	LINCOLN NATIONAL CORP	$3,092,000	–	49,667	–	0.22%	–
TSN	New	TYSON FOODS INC	$3,052,000	–	44,331	–	0.22%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$3,036,000	–	15,328	–	0.22%	–
GS	New	GOLDMAN SACHS GROUP INC/THE	$2,965,000	–	13,443	–	0.21%	–
TRU	New	TRANSUNION	$2,866,000	–	40,011	–	0.21%	–
MMC	New	MARSH & MCLENNAN COS INC	$2,816,000	–	34,357	–	0.20%	–
TIF	New	TIFFANY & CO	$2,756,000	–	20,939	–	0.20%	–
AAPL	New	APPLE INC	$2,759,000	–	14,902	–	0.20%	–
ZTS	New	ZOETIS INC	$2,729,000	–	32,029	–	0.20%	–
BK	New	BANK OF NEW YORK MELLON CORP	$2,513,000	–	46,596	–	0.18%	–
MMM	New	3M CO	$2,489,000	–	12,655	–	0.18%	–
AFL	New	AFLAC INC	$2,424,000	–	56,350	–	0.17%	–
LEA	New	LEAR CORP	$2,410,000	–	12,968	–	0.17%	–
ZBH	New	ZIMMER HOLDINGS INC	$2,304,000	–	20,679	–	0.16%	–
PH	New	PARKER-HANNIFIN CORP	$2,244,000	–	14,399	–	0.16%	–
CVX	New	CHEVRON CORP	$2,249,000	–	17,788	–	0.16%	–
PFE	New	PFIZER INC	$2,248,000	–	61,971	–	0.16%	–
PLNT	New	PLANET FITNESS INC	$2,134,000	–	48,575	–	0.15%	–
WRK	New	WESTROCK CO	$2,057,000	–	36,080	–	0.15%	–
AFG	New	AMERICAN FINANCIAL GROUP INC/O	$1,952,000	–	18,185	–	0.14%	–
AMCX	New	AMC NETWORKS INC	$1,936,000	–	31,124	–	0.14%	–
RTN	New	RAYTHEON CO	$1,885,000	–	9,757	–	0.14%	–
GLPI	New	GAMING AND LEISURE PROPERTIESreit	$1,772,000	–	49,509	–	0.13%	–
EBAY	New	EBAY INC	$1,713,000	–	47,238	–	0.12%	–
ITUB	New	ITAU UNIBANCO HOLDING SAadr	$1,457,000	–	140,333	–	0.10%	–
CNQ	New	CANADIAN NATURAL RESOURCES LTD	$1,406,000	–	38,968	–	0.10%	–
GNRC	New	GENERAC HOLDINGS INC	$1,386,000	–	26,791	–	0.10%	–
WCC	New	WESCO INTERNATIONAL INC	$1,330,000	–	23,285	–	0.10%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORreit	$1,304,000	–	74,548	–	0.09%	–
BTI	New	BRITISH AMERICAN TOBACCO PLCadr	$1,243,000	–	24,640	–	0.09%	–
HBI	New	HANESBRANDS INC	$1,236,000	–	56,140	–	0.09%	–
RDN	New	RADIAN GROUP INC	$1,229,000	–	75,784	–	0.09%	–
FNF	New	FNF GROUPtracking stk	$1,085,000	–	28,843	–	0.08%	–
STNG	New	SCORPIO TANKERS INC	$701,000	–	249,459	–	0.05%	–
BUD	New	ANHEUSER-BUSCH INBEV SA/NVadr	$524,000	–	5,200	–	0.04%	–
BNS	New	BANK OF NOVA SCOTIA/THE	$360,000	–	6,353	–	0.03%	–
CL	New	COLGATE-PALMOLIVE CO	$351,000	–	5,417	–	0.02%	–
NTES	New	NETEASE INCadr	$299,000	–	1,185	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
SPG	Exit	SIMON PROPERTY GROUP INCreit	$0	–	-4,100	–	-0.11%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-7,158	–	-0.11%	–
NRZ	Exit	NEW RESIDENTIAL INVESTMENT CORreit	$0	–	-50,591	–	-0.14%	–
THO	Exit	THOR INDUSTRIES INC	$0	–	-7,554	–	-0.16%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-12,592	–	-0.16%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-53,523	–	-0.17%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-72,362	–	-0.18%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES LTD	$0	–	-33,367	–	-0.19%	–
OC	Exit	OWENS CORNING	$0	–	-14,506	–	-0.19%	–
WCC	Exit	WESCO INTERNATIONAL INC	$0	–	-19,938	–	-0.20%	–
CCL	Exit	CARNIVAL CORP	$0	–	-18,059	–	-0.20%	–
FNF	Exit	FNF GROUPtracking stk	$0	–	-24,698	–	-0.20%	–
HES	Exit	HESS CORP	$0	–	-26,363	–	-0.21%	–
UNM	Exit	UNUM GROUP	$0	–	-28,171	–	-0.24%	–
AMCX	Exit	AMC NETWORKS INC	$0	–	-26,651	–	-0.26%	–
RTN	Exit	RAYTHEON CO	$0	–	-8,354	–	-0.26%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIESreit	$0	–	-42,394	–	-0.26%	–
AFG	Exit	AMERICAN FINANCIAL GROUP INC/O	$0	–	-15,571	–	-0.27%	–
LEA	Exit	LEAR CORP	$0	–	-9,656	–	-0.28%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-34,710	–	-0.28%	–
WRK	Exit	WESTROCK CO	$0	–	-30,895	–	-0.30%	–
CM	Exit	CANADIAN IMPERIAL BANK OF COMM	$0	–	-20,554	–	-0.30%	–
PFE	Exit	PFIZER INC	$0	–	-53,065	–	-0.32%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-2,036	–	-0.33%	–
AFL	Exit	AFLAC INC	$0	–	-24,126	–	-0.33%	–
AAPL	Exit	APPLE INC	$0	–	-12,760	–	-0.33%	–
STI	Exit	SUNTRUST BANKS INC	$0	–	-33,888	–	-0.34%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-15,329	–	-0.34%	–
T	Exit	AT&T INC	$0	–	-54,086	–	-0.36%	–
MS	Exit	MORGAN STANLEY INTL LTD	$0	–	-44,363	–	-0.36%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-16,427	–	-0.36%	–
PEP	Exit	PEPSICO INC	$0	–	-24,155	–	-0.46%	–
BNS	Exit	BANK OF NOVA SCOTIA/THE	$0	–	-43,145	–	-0.47%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-16,601	–	-0.52%	–
CMCSA	Exit	COMCAST CORP	$0	–	-82,793	–	-0.54%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-24,815	–	-0.60%	–
FB	Exit	FACEBOOK INC	$0	–	-22,457	–	-0.65%	–
NICE	Exit	NICE-SYSTEMS LTDadr	$0	–	-56,251	–	-0.77%	–
PLNT	Exit	PLANET FITNESS INC	$0	–	-242,140	–	-1.10%	–
VEON	Exit	VIMPELCOM LTD SPON ADRadr	$0	–	-1,626,436	–	-1.15%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY CORPadr	$0	–	-142,517	–	-1.16%	–
TX	Exit	TERNIUM SAadr	$0	–	-265,926	–	-1.39%	–
DHR	Exit	DANAHER CORP	$0	–	-110,575	–	-1.60%	–
BPOP	Exit	POPULAR INC	$0	–	-266,677	–	-1.62%	–
STAY	Exit	EXTENDED STAY AMERICA INCunit	$0	–	-522,636	–	-1.77%	–
BAP	Exit	CREDICORP LTD	$0	–	-52,502	–	-1.82%	–
EDU	Exit	NEW ORIENTAL EDUCATION & TECHNadr	$0	–	-122,760	–	-1.83%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SURESTadr	$0	–	-56,864	–	-1.84%	–
CBS	Exit	CBS CORP	$0	–	-188,099	–	-1.84%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-176,332	–	-1.91%	–
CZZ	Exit	COSAN LTD	$0	–	-1,412,262	–	-1.94%	–
TIF	Exit	TIFFANY & CO	$0	–	-130,260	–	-2.02%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-140,350	–	-2.04%	–
PCLN	Exit	PRICELINE GROUP INC/THE	$0	–	-6,638	–	-2.06%	–
ATHM	Exit	AUTOHOME INCadr	$0	–	-205,499	–	-2.09%	–
EBAY	Exit	EBAY INC	$0	–	-322,359	–	-2.10%	–
NTES	Exit	NETEASE INCadr	$0	–	-47,186	–	-2.10%	–
VNTV	Exit	VANTIV INC	$0	–	-176,627	–	-2.10%	–
CELG	Exit	CELGENE CORP	$0	–	-88,362	–	-2.18%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-517,311	–	-2.22%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-190,504	–	-2.23%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-249,285	–	-2.24%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-173,205	–	-2.25%	–
VMW	Exit	VMWARE INC	$0	–	-124,765	–	-2.30%	–
CMI	Exit	CUMMINS INC	$0	–	-81,605	–	-2.32%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-184,810	–	-2.33%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-72,372	–	-2.40%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-75,025	–	-2.40%	–
C	Exit	CITIGROUP INC	$0	–	-201,498	–	-2.48%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-230,092	–	-2.49%	–
CI	Exit	CIGNA CORP	$0	–	-79,776	–	-2.52%	–
GOOGL	Exit	ALPHABET INC	$0	–	-15,608	–	-2.57%	–
BIDU	Exit	BAIDU INCadr	$0	–	-91,596	–	-3.84%	–
CX	Exit	CEMEX SAB DE CVadr	$0	–	-2,997,347	–	-4.60%	–
BABA	Exit	ALIBABA GROUP HOLDING LTDadr	$0	–	-389,171	–	-11.37%	–

Q3 2017

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HOLDING LTDadr	$67,214,000	+41.7%	389,171	+15.6%	11.37%	+30.7%
CX	Buy	CEMEX SAB DE CVadr	$27,216,000	+43.8%	2,997,347	+49.2%	4.60%	+32.7%
BIDU	New	BAIDU INCadr	$22,687,000	–	91,596	–	3.84%	–
GOOGL	Sell	ALPHABET INC	$15,198,000	+4.3%	15,608	-0.4%	2.57%	-3.8%
CI	Buy	CIGNA CORP	$14,913,000	+20.3%	79,776	+7.7%	2.52%	+10.9%
PYPL	Sell	PAYPAL HOLDINGS INC	$14,733,000	+16.6%	230,092	-2.2%	2.49%	+7.6%
C	Sell	CITIGROUP INC	$14,657,000	+6.4%	201,498	-2.1%	2.48%	-1.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$14,195,000	+17.2%	75,025	+8.1%	2.40%	+8.2%
UNH	Sell	UNITEDHEALTH GROUP INC	$14,174,000	+3.4%	72,372	-2.1%	2.40%	-4.7%
MSFT	Buy	MICROSOFT CORP	$13,766,000	+11.2%	184,810	+2.9%	2.33%	+2.5%
CMI	Buy	CUMMINS INC	$13,712,000	+6.2%	81,605	+2.5%	2.32%	-2.1%
VMW	Sell	VMWARE INC	$13,623,000	+21.8%	124,765	-2.4%	2.30%	+12.4%
VLO	Buy	VALERO ENERGY CORP	$13,325,000	+27.1%	173,205	+11.4%	2.25%	+17.2%
BK	Sell	BANK OF NEW YORK MELLON CORP	$13,217,000	+1.5%	249,285	-2.3%	2.24%	-6.4%
DWDP	New	DOWDUPONT INC	$13,189,000	–	190,504	–	2.23%	–
BAC	Sell	BANK OF AMERICA CORP	$13,109,000	+2.2%	517,311	-2.1%	2.22%	-5.7%
CELG	Buy	CELGENE CORP	$12,885,000	+16.4%	88,362	+3.6%	2.18%	+7.3%
NTES	Sell	NETEASE INCadr	$12,448,000	-13.6%	47,186	-1.6%	2.10%	-20.4%
VNTV	Sell	VANTIV INC	$12,447,000	+8.5%	176,627	-2.4%	2.10%	+0.1%
EBAY	Sell	EBAY INC	$12,398,000	+7.5%	322,359	-2.4%	2.10%	-0.9%
ATHM	Sell	AUTOHOME INCadr	$12,346,000	+31.1%	205,499	-1.0%	2.09%	+21.0%
PCLN	Buy	PRICELINE GROUP INC/THE	$12,153,000	+1.0%	6,638	+3.2%	2.06%	-6.9%
DXC	Buy	DXC TECHNOLOGY CO	$12,053,000	+1200.2%	140,350	+1062.0%	2.04%	+1098.8%
TIF	Buy	TIFFANY & CO	$11,955,000	+4.5%	130,260	+6.8%	2.02%	-3.7%
CZZ	Buy	COSAN LTD	$11,482,000	+32.5%	1,412,262	+4.5%	1.94%	+22.2%
LVS	Buy	LAS VEGAS SANDS CORP	$11,313,000	+657.7%	176,332	+654.6%	1.91%	+598.2%
CBS	Buy	CBS CORP	$10,910,000	-8.7%	188,099	+0.4%	1.84%	-15.8%
ASR	Buy	GRUPO AEROPORTUARIO DEL SURESTadr	$10,851,000	-5.3%	56,864	+4.5%	1.84%	-12.6%
EDU	Sell	NEW ORIENTAL EDUCATION & TECHNadr	$10,835,000	+7.0%	122,760	-14.6%	1.83%	-1.3%
BAP	Buy	CREDICORP LTD	$10,764,000	+19.3%	52,502	+4.4%	1.82%	+10.0%
STAY	Sell	EXTENDED STAY AMERICA INCunit	$10,453,000	+0.4%	522,636	-2.8%	1.77%	-7.3%
BPOP	New	POPULAR INC	$9,584,000	–	266,677	–	1.62%	–
DHR	Sell	DANAHER CORP	$9,485,000	-15.0%	110,575	-16.4%	1.60%	-21.6%
TX	Buy	TERNIUM SAadr	$8,225,000	+15.0%	265,926	+4.5%	1.39%	+6.1%
SIMO	Buy	SILICON MOTION TECHNOLOGY CORPadr	$6,845,000	+1.2%	142,517	+1.6%	1.16%	-6.6%
VEON	New	VIMPELCOM LTD SPON ADRadr	$6,799,000	–	1,626,436	–	1.15%	–
PLNT	New	PLANET FITNESS INC	$6,533,000	–	242,140	–	1.10%	–
HON	Buy	HONEYWELL INTERNATIONAL INC	$3,517,000	+31.0%	24,815	+23.3%	0.60%	+20.9%
CMCSA	Buy	COMCAST CORP	$3,186,000	+18.4%	82,793	+19.7%	0.54%	+9.1%
BNS	Buy	BANK OF NOVA SCOTIA/THE	$2,767,000	+27.2%	43,145	+19.1%	0.47%	+17.3%
STI	Sell	SUNTRUST BANKS INC	$2,025,000	-82.9%	33,888	-83.8%	0.34%	-84.2%
CM	Sell	CANADIAN IMPERIAL BANK OF COMM	$1,794,000	-88.2%	20,554	-89.0%	0.30%	-89.1%
WRK	Buy	WESTROCK CO	$1,753,000	+32.7%	30,895	+32.5%	0.30%	+22.3%
DAL	New	DELTA AIR LINES INC	$1,674,000	–	34,710	–	0.28%	–
LEA	Buy	LEAR CORP	$1,671,000	+42.9%	9,656	+17.4%	0.28%	+32.2%
GLPI	Buy	GAMING AND LEISURE PROPERTIESreit	$1,564,000	+22.5%	42,394	+25.1%	0.26%	+13.2%
RTN	New	RAYTHEON CO	$1,559,000	–	8,354	–	0.26%	–
AMCX	Buy	AMC NETWORKS INC	$1,558,000	+58.3%	26,651	+44.6%	0.26%	+46.1%
CCL	Sell	CARNIVAL CORP	$1,166,000	-79.6%	18,059	-79.3%	0.20%	-81.2%
OC	New	OWENS CORNING	$1,122,000	–	14,506	–	0.19%	–
NOMD	New	NOMAD FOODS LTD	$1,054,000	–	72,362	–	0.18%	–
ALK	Sell	ALASKA AIR GROUP INC	$960,000	-30.6%	12,592	-18.3%	0.16%	-36.2%
DGX	Sell	QUEST DIAGNOSTICS INC	$670,000	-59.1%	7,158	-51.4%	0.11%	-62.3%
CIB	Exit	BANCOLOMBIA SAadr	$0	–	-18,043	–	-0.15%	–
BIG	Exit	BIG LOTS INC	$0	–	-18,431	–	-0.16%	–
ALLY	Exit	ALLY FINANCIAL INC	$0	–	-49,198	–	-0.19%	–
HOLX	Exit	HOLOGIC INC	$0	–	-23,852	–	-0.20%	–
CL	Exit	COLGATE-PALMOLIVE CO	$0	–	-19,021	–	-0.26%	–
FISV	Exit	FISERV INC	$0	–	-12,912	–	-0.29%	–
ZBH	Exit	ZIMMER HOLDINGS INC	$0	–	-17,229	–	-0.41%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-142,302	–	-1.42%	–
ENIA	Exit	ENERSIS SAadr	$0	–	-1,158,004	–	-2.00%	–
CME	Exit	CME GROUP INC/IL	$0	–	-87,262	–	-2.00%	–
DOW	Exit	DOW CHEMICAL CO/THE	$0	–	-194,942	–	-2.25%	–
BBD	Exit	BANCO BRADESCO SAadr	$0	–	-2,199,085	–	-3.43%	–

Q2 2017

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HOLDING LTDadr	$47,445,000	–	336,726	–	8.70%	–
CX	New	CEMEX SAB DE CVadr	$18,926,000	–	2,009,124	–	3.47%	–
BBD	New	BANCO BRADESCO SAadr	$18,692,000	–	2,199,085	–	3.43%	–
CM	New	CANADIAN IMPERIAL BANK OF COMM	$15,190,000	–	187,186	–	2.78%	–
GOOGL	New	ALPHABET INC	$14,570,000	–	15,672	–	2.67%	–
NTES	New	NETEASE INCadr	$14,413,000	–	47,941	–	2.64%	–
C	New	CITIGROUP INC	$13,772,000	–	205,919	–	2.52%	–
UNH	New	UNITEDHEALTH GROUP INC	$13,713,000	–	73,958	–	2.51%	–
BK	New	BANK OF NEW YORK MELLON CORP	$13,018,000	–	255,150	–	2.39%	–
CMI	New	CUMMINS INC	$12,913,000	–	79,604	–	2.37%	–
BAC	New	BANK OF AMERICA CORP	$12,825,000	–	528,653	–	2.35%	–
PYPL	New	PAYPAL HOLDINGS INC	$12,632,000	–	235,372	–	2.32%	–
CI	New	CIGNA CORP	$12,401,000	–	74,084	–	2.27%	–
MSFT	New	MICROSOFT CORP	$12,385,000	–	179,668	–	2.27%	–
DOW	New	DOW CHEMICAL CO/THE	$12,295,000	–	194,942	–	2.25%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$12,108,000	–	69,399	–	2.22%	–
PCLN	New	PRICELINE GROUP INC/THE	$12,035,000	–	6,434	–	2.21%	–
CBS	New	CBS CORP	$11,955,000	–	187,436	–	2.19%	–
STI	New	SUNTRUST BANKS INC	$11,842,000	–	208,786	–	2.17%	–
EBAY	New	EBAY INC	$11,534,000	–	330,299	–	2.12%	–
VNTV	New	VANTIV INC	$11,467,000	–	181,031	–	2.10%	–
ASR	New	GRUPO AEROPORTUARIO DEL SURESTadr	$11,453,000	–	54,434	–	2.10%	–
TIF	New	TIFFANY & CO	$11,445,000	–	121,919	–	2.10%	–
VMW	New	VMWARE INC	$11,181,000	–	127,881	–	2.05%	–
DHR	New	DANAHER CORP	$11,162,000	–	132,264	–	2.05%	–
CELG	New	CELGENE CORP	$11,073,000	–	85,260	–	2.03%	–
CME	New	CME GROUP INC/IL	$10,929,000	–	87,262	–	2.00%	–
ENIA	New	ENERSIS SAadr	$10,920,000	–	1,158,004	–	2.00%	–
VLO	New	VALERO ENERGY CORP	$10,487,000	–	155,450	–	1.92%	–
STAY	New	EXTENDED STAY AMERICA INCunit	$10,408,000	–	537,611	–	1.91%	–
EDU	New	NEW ORIENTAL EDUCATION & TECHNadr	$10,129,000	–	143,691	–	1.86%	–
ATHM	New	AUTOHOME INCadr	$9,415,000	–	207,563	–	1.73%	–
BAP	New	CREDICORP LTD	$9,025,000	–	50,310	–	1.66%	–
CZZ	New	COSAN LTD	$8,666,000	–	1,351,921	–	1.59%	–
HP	New	HELMERICH & PAYNE INC	$7,733,000	–	142,302	–	1.42%	–
TX	New	TERNIUM SAadr	$7,151,000	–	254,564	–	1.31%	–
SIMO	New	SILICON MOTION TECHNOLOGY CORPadr	$6,764,000	–	140,240	–	1.24%	–
CCL	New	CARNIVAL CORP	$5,729,000	–	87,370	–	1.05%	–
NICE	New	NICE-SYSTEMS LTDadr	$4,428,000	–	56,251	–	0.81%	–
FB	New	FACEBOOK INC	$3,391,000	–	22,457	–	0.62%	–
PEP	New	PEPSICO INC	$2,790,000	–	24,155	–	0.51%	–
CMCSA	New	COMCAST CORP	$2,692,000	–	69,164	–	0.49%	–
HON	New	HONEYWELL INTERNATIONAL INC	$2,684,000	–	20,133	–	0.49%	–
LRCX	New	LAM RESEARCH CORP	$2,348,000	–	16,601	–	0.43%	–
ZBH	New	ZIMMER HOLDINGS INC	$2,212,000	–	17,229	–	0.41%	–
BNS	New	BANK OF NOVA SCOTIA/THE	$2,176,000	–	36,225	–	0.40%	–
JNJ	New	JOHNSON & JOHNSON	$2,173,000	–	16,427	–	0.40%	–
T	New	AT&T INC	$2,041,000	–	54,086	–	0.37%	–
MS	New	MORGAN STANLEY INTL LTD	$1,977,000	–	44,363	–	0.36%	–
AMZN	New	AMAZON.COM INC	$1,971,000	–	2,036	–	0.36%	–
AFL	New	AFLAC INC	$1,874,000	–	24,126	–	0.34%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,866,000	–	15,329	–	0.34%	–
AAPL	New	APPLE INC	$1,838,000	–	12,760	–	0.34%	–
PFE	New	PFIZER INC	$1,782,000	–	53,065	–	0.33%	–
DGX	New	QUEST DIAGNOSTICS INC	$1,637,000	–	14,727	–	0.30%	–
FISV	New	FISERV INC	$1,580,000	–	12,912	–	0.29%	–
AFG	New	AMERICAN FINANCIAL GROUP INC/O	$1,547,000	–	15,571	–	0.28%	–
LVS	New	LAS VEGAS SANDS CORP	$1,493,000	–	23,367	–	0.27%	–
CL	New	COLGATE-PALMOLIVE CO	$1,410,000	–	19,021	–	0.26%	–
ALK	New	ALASKA AIR GROUP INC	$1,383,000	–	15,406	–	0.25%	–
WRK	New	WESTROCK CO	$1,321,000	–	23,312	–	0.24%	–
UNM	New	UNUM GROUP	$1,314,000	–	28,171	–	0.24%	–
GLPI	New	GAMING AND LEISURE PROPERTIESreit	$1,277,000	–	33,892	–	0.23%	–
LEA	New	LEAR CORP	$1,169,000	–	8,225	–	0.21%	–
HES	New	HESS CORP	$1,157,000	–	26,363	–	0.21%	–
WCC	New	WESCO INTERNATIONAL INC	$1,142,000	–	19,938	–	0.21%	–
FNF	New	FNF GROUPtracking stk	$1,107,000	–	24,698	–	0.20%	–
HOLX	New	HOLOGIC INC	$1,082,000	–	23,852	–	0.20%	–
ALLY	New	ALLY FINANCIAL INC	$1,028,000	–	49,198	–	0.19%	–
AMCX	New	AMC NETWORKS INC	$984,000	–	18,428	–	0.18%	–
CNQ	New	CANADIAN NATURAL RESOURCES LTD	$961,000	–	33,367	–	0.18%	–
DXC	New	DXC TECHNOLOGY CO	$927,000	–	12,078	–	0.17%	–
BIG	New	BIG LOTS INC	$890,000	–	18,431	–	0.16%	–
RDN	New	RADIAN GROUP INC	$875,000	–	53,523	–	0.16%	–
CIB	New	BANCOLOMBIA SAadr	$804,000	–	18,043	–	0.15%	–
THO	New	THOR INDUSTRIES INC	$790,000	–	7,554	–	0.14%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORreit	$787,000	–	50,591	–	0.14%	–
SPG	New	SIMON PROPERTY GROUP INCreit	$663,000	–	4,100	–	0.12%	–

Q4 2016

			Value		Shares		↓ Weighting
FTV	Exit	FORTIVE CORP	$0	–	-8,926	–	-0.06%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INC	$0	–	-23,013	–	-0.09%	–
AMCX	Exit	AMC NETWORKS INC	$0	–	-12,899	–	-0.09%	–
PBH	Exit	PRESTIGE BRANDS HOLDINGS INC	$0	–	-15,641	–	-0.10%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-11,676	–	-0.10%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-6,936	–	-0.11%	–
SPG	Exit	SIMON PROPERTY GROUP INCreit	$0	–	-3,900	–	-0.11%	–
KORS	Exit	MICHAEL KORS HOLDINGS LTD	$0	–	-17,137	–	-0.11%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIESreit	$0	–	-24,417	–	-0.11%	–
BIG	Exit	BIG LOTS INC	$0	–	-17,740	–	-0.11%	–
FNF	Exit	FNF GROUPtracking stk	$0	–	-23,773	–	-0.12%	–
GWB	Exit	GREAT WESTERN BANCORP INC	$0	–	-27,114	–	-0.12%	–
THO	Exit	THOR INDUSTRIES INC	$0	–	-11,071	–	-0.13%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-32,881	–	-0.13%	–
LEA	Exit	LEAR CORP	$0	–	-7,916	–	-0.13%	–
BEAV	Exit	B/E AEROSPACE INC	$0	–	-18,781	–	-0.13%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-14,828	–	-0.13%	–
WCC	Exit	WESCO INTERNATIONAL INC	$0	–	-16,000	–	-0.13%	–
VMW	Exit	VMWARE INC	$0	–	-13,650	–	-0.13%	–
CE	Exit	CELANESE CORP	$0	–	-15,333	–	-0.14%	–
WRK	Exit	WESTROCK CO	$0	–	-22,437	–	-0.15%	–
AFG	Exit	AMERICAN FINANCIAL GROUP INC/O	$0	–	-14,986	–	-0.15%	–
TSN	Exit	TYSON FOODS INC	$0	–	-15,390	–	-0.15%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-14,175	–	-0.16%	–
CCL	Exit	CARNIVAL CORP	$0	–	-25,071	–	-0.16%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE CO	$0	–	-55,310	–	-0.17%	–
QCOM	Exit	QUALCOMM INC	$0	–	-19,600	–	-0.18%	–
MS	Exit	MORGAN STANLEY INTL LTD	$0	–	-42,701	–	-0.18%	–
AAPL	Exit	APPLE INC	$0	–	-12,280	–	-0.19%	–
PEG	Exit	PUBLIC SERVICE ENTERPRISE GROU	$0	–	-33,369	–	-0.19%	–
DHR	Exit	DANAHER CORP	$0	–	-17,852	–	-0.19%	–
STI	Exit	SUNTRUST BANKS INC	$0	–	-32,617	–	-0.19%	–
CBS	Exit	CBS CORP	$0	–	-26,818	–	-0.20%	–
DOW	Exit	DOW CHEMICAL CO/THE	$0	–	-31,520	–	-0.22%	–
IEX	Exit	IDEX CORP	$0	–	-17,820	–	-0.22%	–
AVGO	Exit	BROADCOM LTD	$0	–	-10,470	–	-0.24%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-11,507	–	-0.25%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-63,204	–	-0.26%	–
ZBH	Exit	ZIMMER HOLDINGS INC	$0	–	-16,584	–	-0.29%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY CORPadr	$0	–	-44,940	–	-0.31%	–
OASPQ	Exit	OASIS PETROLEUM INC	$0	–	-220,081	–	-0.34%	–
SPNV	Exit	SUPERIOR ENERGY SERVICES INC	$0	–	-146,537	–	-0.35%	–
WLL	Exit	WHITING PETROLEUM CORP	$0	–	-315,782	–	-0.37%	–
PFE	Exit	PFIZER INC	$0	–	-84,507	–	-0.38%	–
ECA	Exit	ENCANA CORP	$0	–	-280,326	–	-0.39%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-714,599	–	-0.40%	–
PEP	Exit	PEPSICO INC	$0	–	-27,717	–	-0.40%	–
CPG	Exit	CRESCENT POINT ENERGY CORP	$0	–	-260,410	–	-0.46%	–
MLNX	Exit	MELLANOX TECHNOLOGIES LTD	$0	–	-81,526	–	-0.47%	–
NICE	Exit	NICE-SYSTEMS LTDadr	$0	–	-56,007	–	-0.50%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-147,914	–	-0.51%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-101,454	–	-0.53%	–
WFTIQ	Exit	WEATHERFORD INTERNATIONAL PLC	$0	–	-849,651	–	-0.64%	–
ENIA	Exit	ENERSIS SAadr	$0	–	-622,664	–	-0.68%	–
EDU	Exit	NEW ORIENTAL EDUCATION & TECHNadr	$0	–	-110,994	–	-0.69%	–
FLEX	Exit	FLEXTRONICS INTERNATIONAL LTD	$0	–	-455,443	–	-0.83%	–
CBPO	Exit	CHINA BIOLOGIC PRODUCTS INC	$0	–	-53,371	–	-0.89%	–
HAL	Exit	HALLIBURTON CO	$0	–	-150,766	–	-0.91%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-93,236	–	-0.91%	–
TX	Exit	TERNIUM SAadr	$0	–	-361,589	–	-0.95%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE C	$0	–	-98,176	–	-0.97%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SURESTadr	$0	–	-50,268	–	-0.99%	–
SERV	Exit	SERVICEMASTER GLOBAL HOLDINGS	$0	–	-219,450	–	-0.99%	–
MD	Exit	MEDNAX INC	$0	–	-112,499	–	-1.00%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-55,491	–	-1.00%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-472,232	–	-1.00%	–
CL	Exit	COLGATE-PALMOLIVE CO	$0	–	-102,701	–	-1.02%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-177,039	–	-1.05%	–
HIG	Exit	HARTFORD FINANCIAL SERVICES GR	$0	–	-184,960	–	-1.06%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-81,517	–	-1.06%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-93,999	–	-1.09%	–
JCI	Exit	JOHNSON CONTROLS INTERNATIONAL	$0	–	-178,150	–	-1.11%	–
FISV	Exit	FISERV INC	$0	–	-87,956	–	-1.17%	–
CME	Exit	CME GROUP INC/IL	$0	–	-85,213	–	-1.20%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES LTD	$0	–	-280,180	–	-1.20%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-117,415	–	-1.25%	–
VNTV	Exit	VANTIV INC	$0	–	-165,539	–	-1.25%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-178,009	–	-1.27%	–
CM	Exit	CANADIAN IMPERIAL BANK OF COMM	$0	–	-122,039	–	-1.27%	–
CI	Exit	CIGNA CORP	$0	–	-72,600	–	-1.27%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-265,285	–	-1.27%	–
CMI	Exit	CUMMINS INC	$0	–	-74,799	–	-1.29%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-243,514	–	-1.30%	–
T	Exit	AT&T INC	$0	–	-241,037	–	-1.31%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-83,180	–	-1.32%	–
HES	Exit	HESS CORP	$0	–	-184,138	–	-1.32%	–
AFL	Exit	AFLAC INC	$0	–	-137,935	–	-1.33%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO	$0	–	-54,134	–	-1.35%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-46,918	–	-1.35%	–
WU	Exit	WESTERN UNION CO/THE	$0	–	-487,443	–	-1.36%	–
CZZ	Exit	COSAN LTD	$0	–	-1,439,255	–	-1.38%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-88,244	–	-1.38%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-109,842	–	-1.40%	–
CHKP	Exit	CHECK POINT SOFTWARE TECHNOLOG	$0	–	-134,683	–	-1.40%	–
BAP	Exit	CREDICORP LTD	$0	–	-69,471	–	-1.42%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-75,738	–	-1.42%	–
GOOGL	Exit	ALPHABET INC	$0	–	-13,306	–	-1.44%	–
ALLY	Exit	ALLY FINANCIAL INC	$0	–	-551,695	–	-1.44%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-244,649	–	-1.45%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-265,845	–	-1.46%	–
NTES	Exit	NETEASE INCadr	$0	–	-45,612	–	-1.47%	–
CMCSA	Exit	COMCAST CORP	$0	–	-165,684	–	-1.48%	–
PCLN	Exit	PRICELINE GROUP INC/THE	$0	–	-7,556	–	-1.49%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDUSTRIESadr	$0	–	-242,649	–	-1.50%	–
C	Exit	CITIGROUP INC	$0	–	-239,558	–	-1.52%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-360,908	–	-1.54%	–
DOX	Exit	AMDOCS LTD	$0	–	-215,477	–	-1.67%	–
EBAY	Exit	EBAY INC	$0	–	-383,815	–	-1.70%	–
APC	Exit	ANADARKO PETROLEUM CORP	$0	–	-202,346	–	-1.72%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO SABadr	$0	–	-155,475	–	-1.92%	–
BIDU	Exit	BAIDU INCadr	$0	–	-79,674	–	-1.95%	–
NXPI	Exit	NXP SEMICONDUCTOR NV	$0	–	-150,083	–	-2.06%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-355,873	–	-2.08%	–
BBD	Exit	BANCO BRADESCO SAadr	$0	–	-1,895,486	–	-2.31%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-233,566	–	-2.46%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-191,876	–	-2.49%	–
ABEV	Exit	AMBEV SAadr	$0	–	-3,758,038	–	-3.07%	–

Q3 2016

			Value		Shares		↓ Weighting
BBD	Buy	BANCO BRADESCO SAadr	$17,192,000	+30.9%	1,895,486	+12.7%	2.31%	+19.3%
COP	Sell	CONOCOPHILLIPS	$15,470,000	-6.5%	355,873	-6.2%	2.08%	-14.8%
NXPI	Buy	NXP SEMICONDUCTOR NV	$15,310,000	+34.7%	150,083	+3.4%	2.06%	+22.8%
BIDU	Buy	BAIDU INCadr	$14,506,000	+55.4%	79,674	+41.0%	1.95%	+41.7%
APC	Sell	ANADARKO PETROLEUM CORP	$12,821,000	+14.2%	202,346	-4.0%	1.72%	+4.1%
EBAY	Buy	EBAY INC	$12,628,000	+44.8%	383,815	+3.0%	1.70%	+32.0%
DOX	Buy	AMDOCS LTD	$12,465,000	+4.4%	215,477	+4.1%	1.67%	-4.9%
CSCO	Buy	CISCO SYSTEMS INC	$11,448,000	+13.5%	360,908	+2.7%	1.54%	+3.4%
C	Buy	CITIGROUP INC	$11,314,000	+14.4%	239,558	+2.7%	1.52%	+4.3%
TEVA	Buy	TEVA PHARMACEUTICAL INDUSTRIESadr	$11,164,000	-2.6%	242,649	+6.4%	1.50%	-11.2%
PCLN	Buy	PRICELINE GROUP INC/THE	$11,119,000	+21.3%	7,556	+2.9%	1.49%	+10.5%
CMCSA	Buy	COMCAST CORP	$10,991,000	+4.4%	165,684	+2.5%	1.48%	-4.9%
PYPL	Buy	PAYPAL HOLDINGS INC	$10,892,000	+15.4%	265,845	+2.8%	1.46%	+5.3%
ATVI	Buy	ACTIVISION BLIZZARD INC	$10,838,000	+12.1%	244,649	+0.3%	1.45%	+2.2%
ALLY	Buy	ALLY FINANCIAL INC	$10,742,000	+17.6%	551,695	+3.1%	1.44%	+7.2%
GOOGL	Buy	ALPHABET INC	$10,699,000	+17.6%	13,306	+2.9%	1.44%	+7.2%
UNH	Buy	UNITEDHEALTH GROUP INC	$10,603,000	+5.5%	75,738	+6.4%	1.42%	-3.8%
CHKP	Sell	CHECK POINT SOFTWARE TECHNOLOG	$10,453,000	-10.4%	134,683	-8.0%	1.40%	-18.3%
LRCX	Buy	LAM RESEARCH CORP	$10,403,000	+16.1%	109,842	+3.0%	1.40%	+5.8%
HON	Buy	HONEYWELL INTERNATIONAL INC	$10,288,000	+2.9%	88,244	+2.7%	1.38%	-6.2%
CZZ	Sell	COSAN LTD	$10,291,000	-5.2%	1,439,255	-13.7%	1.38%	-13.6%
WU	Buy	WESTERN UNION CO/THE	$10,149,000	+11.8%	487,443	+3.0%	1.36%	+1.9%
ADS	Buy	ALLIANCE DATA SYSTEMS CORP	$10,065,000	+12.8%	46,918	+3.0%	1.35%	+2.8%
PXD	Sell	PIONEER NATURAL RESOURCES CO	$10,050,000	+20.0%	54,134	-2.3%	1.35%	+9.4%
AFL	Buy	AFLAC INC	$9,913,000	+2.4%	137,935	+2.8%	1.33%	-6.7%
HES	Buy	HESS CORP	$9,873,000	-8.3%	184,138	+2.8%	1.32%	-16.4%
JNJ	Buy	JOHNSON & JOHNSON	$9,826,000	+0.0%	83,180	+2.7%	1.32%	-8.8%
T	Buy	AT&T INC	$9,789,000	-3.5%	241,037	+2.6%	1.31%	-12.0%
BK	Buy	BANK OF NEW YORK MELLON CORP	$9,711,000	+5.7%	243,514	+2.9%	1.30%	-3.7%
CMI	New	CUMMINS INC	$9,585,000	–	74,799	–	1.29%	–
NBL	Buy	NOBLE ENERGY INC	$9,481,000	+5.4%	265,285	+5.7%	1.27%	-4.0%
CI	Buy	CIGNA CORP	$9,461,000	+4.8%	72,600	+2.9%	1.27%	-4.5%
CM	Buy	CANADIAN IMPERIAL BANK OF COMM	$9,446,000	+463.9%	122,039	+444.3%	1.27%	+413.4%
VLO	Buy	VALERO ENERGY CORP	$9,434,000	+4.8%	178,009	+0.8%	1.27%	-4.5%
VNTV	Buy	VANTIV INC	$9,315,000	+2.4%	165,539	+3.0%	1.25%	-6.7%
GILD	Buy	GILEAD SCIENCES INC	$9,290,000	-3.1%	117,415	+2.2%	1.25%	-11.6%
CNQ	Buy	CANADIAN NATURAL RESOURCES LTD	$8,941,000	+120.7%	280,180	+112.2%	1.20%	+101.0%
CME	Buy	CME GROUP INC/IL	$8,906,000	+509.2%	85,213	+467.7%	1.20%	+455.8%
FISV	Buy	FISERV INC	$8,749,000	-5.9%	87,956	+2.9%	1.17%	-14.2%
JCI	New	JOHNSON CONTROLS INTERNATIONAL	$8,289,000	–	178,150	–	1.11%	–
MDT	Buy	MEDTRONIC PLC	$8,122,000	+2.9%	93,999	+3.3%	1.09%	-6.3%
PM	Sell	PHILIP MORRIS INTERNATIONAL IN	$7,925,000	-19.5%	81,517	-15.8%	1.06%	-26.6%
HIG	Sell	HARTFORD FINANCIAL SERVICES GR	$7,920,000	-15.2%	184,960	-12.1%	1.06%	-22.7%
DVN	Sell	DEVON ENERGY CORP	$7,809,000	+6.6%	177,039	-12.4%	1.05%	-2.8%
CL	New	COLGATE-PALMOLIVE CO	$7,614,000	–	102,701	–	1.02%	–
XEC	Buy	CIMAREX ENERGY CO	$7,456,000	+16.0%	55,491	+3.0%	1.00%	+5.8%
MD	Buy	MEDNAX INC	$7,453,000	-5.4%	112,499	+3.4%	1.00%	-13.8%
SERV	Buy	SERVICEMASTER GLOBAL HOLDINGS	$7,391,000	-13.3%	219,450	+2.5%	0.99%	-21.0%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE C	$7,198,000	+11.0%	98,176	+3.7%	0.97%	+1.2%
TX	Buy	TERNIUM SAadr	$7,098,000	+37.5%	361,589	+33.5%	0.95%	+25.4%
OXY	Sell	OCCIDENTAL PETROLEUM CORP	$6,799,000	-15.1%	93,236	-12.2%	0.91%	-22.6%
RRC	New	RANGE RESOURCES CORP	$3,931,000	–	101,454	–	0.53%	–
COG	Buy	CABOT OIL & GAS CORP	$3,816,000	+24.5%	147,914	+24.2%	0.51%	+13.5%
NICE	Buy	NICE-SYSTEMS LTDadr	$3,749,000	+6.1%	56,007	+1.2%	0.50%	-3.3%
MLNX	Buy	MELLANOX TECHNOLOGIES LTD	$3,526,000	+12.4%	81,526	+24.7%	0.47%	+2.4%
CPG	Buy	CRESCENT POINT ENERGY CORP	$3,428,000	-1.6%	260,410	+17.5%	0.46%	-10.3%
PDS	Buy	PRECISION DRILLING CORP	$2,980,000	-11.5%	714,599	+11.9%	0.40%	-19.4%
ECA	Sell	ENCANA CORP	$2,924,000	-24.7%	280,326	-44.1%	0.39%	-31.5%
WLL	Buy	WHITING PETROLEUM CORP	$2,760,000	+13.5%	315,782	+20.3%	0.37%	+3.4%
SPNV	Buy	SUPERIOR ENERGY SERVICES INC	$2,623,000	+91.2%	146,537	+96.6%	0.35%	+74.3%
OASPQ	New	OASIS PETROLEUM INC	$2,524,000	–	220,081	–	0.34%	–
IMO	New	IMPERIAL OIL LTD	$1,974,000	–	63,204	–	0.26%	–
QCOM	New	QUALCOMM INC	$1,343,000	–	19,600	–	0.18%	–
TSN	Sell	TYSON FOODS INC	$1,149,000	-35.8%	15,390	-42.6%	0.15%	-41.7%
VMW	New	VMWARE INC	$1,001,000	–	13,650	–	0.13%	–
WCC	New	WESCO INTERNATIONAL INC	$984,000	–	16,000	–	0.13%	–
BEAV	Buy	B/E AEROSPACE INC	$970,000	+105.1%	18,781	+83.4%	0.13%	+85.7%
GWB	New	GREAT WESTERN BANCORP INC	$903,000	–	27,114	–	0.12%	–
FNF	New	FNF GROUPtracking stk	$877,000	–	23,773	–	0.12%	–
GLPI	New	GAMING AND LEISURE PROPERTIESreit	$817,000	–	24,417	–	0.11%	–
SPG	New	SIMON PROPERTY GROUP INCreit	$807,000	–	3,900	–	0.11%	–
JLL	Sell	JONES LANG LASALLE INC	$789,000	-76.4%	6,936	-79.8%	0.11%	-78.5%
FTV	New	FORTIVE CORP	$454,000	–	8,926	–	0.06%	–
RBC	Exit	REGAL-BELOIT CORP	$0	–	-12,659	–	-0.10%	–
JAZZ	Exit	JAZZ PHARMACEUTICALS PLC	$0	–	-5,300	–	-0.11%	–
MYL	Exit	MYLAN NV	$0	–	-20,417	–	-0.13%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-11,628	–	-0.14%	–
EMC	Exit	EMC CORP/MA	$0	–	-36,743	–	-0.15%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-28,840	–	-0.15%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-27,274	–	-0.16%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-122,030	–	-0.25%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-551,212	–	-0.27%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-24,926	–	-0.29%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIONS	$0	–	-70,307	–	-0.59%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-207,083	–	-1.35%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-99,370	–	-1.40%	–

Q2 2016

			Value		Shares		↓ Weighting
ABEV	New	AMBEV SAadr	$22,210,000	–	3,758,038	–	3.27%	–
SLB	New	SCHLUMBERGER LTD	$18,470,000	–	233,566	–	2.72%	–
COP	New	CONOCOPHILLIPS	$16,547,000	–	379,511	–	2.44%	–
EOG	New	EOG RESOURCES INC	$16,006,000	–	191,876	–	2.36%	–
FMX	New	FOMENTO ECONOMICO MEXICANO SABadr	$14,380,000	–	155,475	–	2.12%	–
BBD	New	BANCO BRADESCO SAadr	$13,137,000	–	1,682,011	–	1.93%	–
DOX	New	AMDOCS LTD	$11,944,000	–	206,928	–	1.76%	–
CHKP	New	CHECK POINT SOFTWARE TECHNOLOG	$11,668,000	–	146,438	–	1.72%	–
TEVA	New	TEVA PHARMACEUTICAL INDUSTRIESadr	$11,457,000	–	228,096	–	1.69%	–
NXPI	New	NXP SEMICONDUCTOR NV	$11,367,000	–	145,100	–	1.67%	–
APC	New	ANADARKO PETROLEUM CORP	$11,224,000	–	210,781	–	1.65%	–
CZZ	New	COSAN LTD	$10,854,000	–	1,667,299	–	1.60%	–
HES	New	HESS CORP	$10,764,000	–	179,097	–	1.58%	–
BAP	New	CREDICORP LTD	$10,721,000	–	69,471	–	1.58%	–
CMCSA	New	COMCAST CORP	$10,532,000	–	161,565	–	1.55%	–
T	New	AT&T INC	$10,148,000	–	234,847	–	1.49%	–
CSCO	New	CISCO SYSTEMS INC	$10,087,000	–	351,589	–	1.48%	–
UNH	New	UNITEDHEALTH GROUP INC	$10,046,000	–	71,150	–	1.48%	–
HON	New	HONEYWELL INTERNATIONAL INC	$9,997,000	–	85,943	–	1.47%	–
C	New	CITIGROUP INC	$9,890,000	–	233,305	–	1.46%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$9,843,000	–	96,769	–	1.45%	–
JNJ	New	JOHNSON & JOHNSON	$9,822,000	–	80,973	–	1.45%	–
AFL	New	AFLAC INC	$9,682,000	–	134,178	–	1.43%	–
ATVI	New	ACTIVISION BLIZZARD INC	$9,665,000	–	243,885	–	1.42%	–
GILD	New	GILEAD SCIENCES INC	$9,585,000	–	114,898	–	1.41%	–
CVS	New	CVS HEALTH CORP	$9,514,000	–	99,370	–	1.40%	–
PYPL	New	PAYPAL HOLDINGS INC	$9,437,000	–	258,484	–	1.39%	–
HIG	New	HARTFORD FINANCIAL SERVICES GR	$9,341,000	–	210,478	–	1.38%	–
BIDU	New	BAIDU INCadr	$9,334,000	–	56,518	–	1.37%	–
FISV	New	FISERV INC	$9,294,000	–	85,482	–	1.37%	–
BK	New	BANK OF NEW YORK MELLON CORP	$9,191,000	–	236,584	–	1.35%	–
PCLN	New	PRICELINE GROUP INC/THE	$9,170,000	–	7,345	–	1.35%	–
JCI	New	JOHNSON CONTROLS INC	$9,165,000	–	207,083	–	1.35%	–
ALLY	New	ALLY FINANCIAL INC	$9,135,000	–	535,174	–	1.34%	–
VNTV	New	VANTIV INC	$9,099,000	–	160,755	–	1.34%	–
GOOGL	New	ALPHABET INC	$9,095,000	–	12,927	–	1.34%	–
WU	New	WESTERN UNION CO/THE	$9,081,000	–	473,451	–	1.34%	–
CI	New	CIGNA CORP	$9,030,000	–	70,556	–	1.33%	–
VLO	New	VALERO ENERGY CORP	$9,003,000	–	176,521	–	1.33%	–
NBL	New	NOBLE ENERGY INC	$8,999,000	–	250,884	–	1.32%	–
LRCX	New	LAM RESEARCH CORP	$8,964,000	–	106,638	–	1.32%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$8,926,000	–	45,559	–	1.31%	–
NTES	New	NETEASE INCadr	$8,813,000	–	45,612	–	1.30%	–
EBAY	New	EBAY INC	$8,721,000	–	372,517	–	1.28%	–
SERV	New	SERVICEMASTER GLOBAL HOLDINGS	$8,525,000	–	214,191	–	1.26%	–
PXD	New	PIONEER NATURAL RESOURCES CO	$8,375,000	–	55,388	–	1.23%	–
ASR	New	GRUPO AEROPORTUARIO DEL SURESTadr	$8,020,000	–	50,268	–	1.18%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$8,004,000	–	106,184	–	1.18%	–
MDT	New	MEDTRONIC PLC	$7,896,000	–	90,999	–	1.16%	–
MD	New	MEDNAX INC	$7,881,000	–	108,813	–	1.16%	–
DVN	New	DEVON ENERGY CORP	$7,323,000	–	202,005	–	1.08%	–
MRO	New	MARATHON OIL CORP	$7,088,000	–	472,232	–	1.04%	–
HAL	New	HALLIBURTON CO	$6,828,000	–	150,766	–	1.00%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE C	$6,483,000	–	94,663	–	0.96%	–
XEC	New	CIMAREX ENERGY CO	$6,426,000	–	53,857	–	0.95%	–
CBPO	New	CHINA BIOLOGIC PRODUCTS INC	$5,674,000	–	53,371	–	0.84%	–
FLEX	New	FLEXTRONICS INTERNATIONAL LTD	$5,374,000	–	455,443	–	0.79%	–
ENIA	New	ENERSIS SAadr	$5,342,000	–	622,664	–	0.79%	–
TX	New	TERNIUM SAadr	$5,161,000	–	270,768	–	0.76%	–
WFTIQ	New	WEATHERFORD INTERNATIONAL PLC	$4,716,000	–	849,651	–	0.69%	–
EDU	New	NEW ORIENTAL EDUCATION & TECHNadr	$4,648,000	–	110,994	–	0.68%	–
CNQ	New	CANADIAN NATURAL RESOURCES LTD	$4,052,000	–	132,008	–	0.60%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS	$4,024,000	–	70,307	–	0.59%	–
ECA	New	ENCANA CORP	$3,883,000	–	501,792	–	0.57%	–
NICE	New	NICE-SYSTEMS LTDadr	$3,534,000	–	55,349	–	0.52%	–
CPG	New	CRESCENT POINT ENERGY CORP	$3,483,000	–	221,637	–	0.51%	–
PDS	New	PRECISION DRILLING CORP	$3,369,000	–	638,669	–	0.50%	–
JLL	New	JONES LANG LASALLE INC	$3,339,000	–	34,260	–	0.49%	–
MLNX	New	MELLANOX TECHNOLOGIES LTD	$3,137,000	–	65,402	–	0.46%	–
COG	New	CABOT OIL & GAS CORP	$3,066,000	–	119,106	–	0.45%	–
PFE	New	PFIZER INC	$2,975,000	–	84,507	–	0.44%	–
PEP	New	PEPSICO INC	$2,936,000	–	27,717	–	0.43%	–
WLL	New	WHITING PETROLEUM CORP	$2,431,000	–	262,538	–	0.36%	–
SIMO	New	SILICON MOTION TECHNOLOGY CORPadr	$2,148,000	–	44,940	–	0.32%	–
ZBH	New	ZIMMER HOLDINGS INC	$1,996,000	–	16,584	–	0.29%	–
CAH	New	CARDINAL HEALTH INC	$1,944,000	–	24,926	–	0.29%	–
GTE	New	GRAN TIERRA ENERGY INC	$1,842,000	–	551,212	–	0.27%	–
DHR	New	DANAHER CORP	$1,803,000	–	17,852	–	0.26%	–
TSN	New	TYSON FOODS INC	$1,791,000	–	26,822	–	0.26%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,700,000	–	11,507	–	0.25%	–
CM	New	CANADIAN IMPERIAL BANK OF COMM	$1,675,000	–	22,420	–	0.25%	–
CVE	New	CENOVUS ENERGY INC	$1,679,000	–	122,030	–	0.25%	–
AVGO	New	BROADCOM LTD	$1,627,000	–	10,470	–	0.24%	–
DOW	New	DOW CHEMICAL CO/THE	$1,567,000	–	31,520	–	0.23%	–
PEG	New	PUBLIC SERVICE ENTERPRISE GROU	$1,555,000	–	33,369	–	0.23%	–
CBS	New	CBS CORP	$1,460,000	–	26,818	–	0.22%	–
IEX	New	IDEX CORP	$1,463,000	–	17,820	–	0.22%	–
CME	New	CME GROUP INC/IL	$1,462,000	–	15,010	–	0.22%	–
SPNV	New	SUPERIOR ENERGY SERVICES INC	$1,372,000	–	74,550	–	0.20%	–
STI	New	SUNTRUST BANKS INC	$1,340,000	–	32,617	–	0.20%	–
AAPL	New	APPLE INC	$1,174,000	–	12,280	–	0.17%	–
DGX	New	QUEST DIAGNOSTICS INC	$1,154,000	–	14,175	–	0.17%	–
MS	New	MORGAN STANLEY INTL LTD	$1,109,000	–	42,701	–	0.16%	–
AFG	New	AMERICAN FINANCIAL GROUP INC/O	$1,108,000	–	14,986	–	0.16%	–
CCL	New	CARNIVAL CORP	$1,108,000	–	25,071	–	0.16%	–
LUV	New	SOUTHWEST AIRLINES CO	$1,069,000	–	27,274	–	0.16%	–
HPE	New	HEWLETT PACKARD ENTERPRISE CO	$1,011,000	–	55,310	–	0.15%	–
CE	New	CELANESE CORP	$1,004,000	–	15,333	–	0.15%	–
GNRC	New	GENERAC HOLDINGS INC	$1,008,000	–	28,840	–	0.15%	–
EMC	New	EMC CORP/MA	$998,000	–	36,743	–	0.15%	–
ABC	New	AMERISOURCEBERGEN CORP	$922,000	–	11,628	–	0.14%	–
BIG	New	BIG LOTS INC	$889,000	–	17,740	–	0.13%	–
MYL	New	MYLAN NV	$883,000	–	20,417	–	0.13%	–
WRK	New	WESTROCK CO	$872,000	–	22,437	–	0.13%	–
PBH	New	PRESTIGE BRANDS HOLDINGS INC	$867,000	–	15,641	–	0.13%	–
ALK	New	ALASKA AIR GROUP INC	$864,000	–	14,828	–	0.13%	–
KORS	New	MICHAEL KORS HOLDINGS LTD	$848,000	–	17,137	–	0.12%	–
VOYA	New	VOYA FINANCIAL INC	$814,000	–	32,881	–	0.12%	–
LEA	New	LEAR CORP	$806,000	–	7,916	–	0.12%	–
AMCX	New	AMC NETWORKS INC	$779,000	–	12,899	–	0.12%	–
HP	New	HELMERICH & PAYNE INC	$784,000	–	11,676	–	0.12%	–
JAZZ	New	JAZZ PHARMACEUTICALS PLC	$749,000	–	5,300	–	0.11%	–
THO	New	THOR INDUSTRIES INC	$717,000	–	11,071	–	0.11%	–
RBC	New	REGAL-BELOIT CORP	$697,000	–	12,659	–	0.10%	–
SBGI	New	SINCLAIR BROADCAST GROUP INC	$687,000	–	23,013	–	0.10%	–
BEAV	New	B/E AEROSPACE INC	$473,000	–	10,238	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-4,723	–	-0.06%	–
MYL	Exit	MYLAN NV	$0	–	-9,488	–	-0.10%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-8,162	–	-0.10%	–
PBH	Exit	PRESTIGE BRANDS HOLDINGS INC	$0	–	-9,592	–	-0.11%	–
ARRS	Exit	ARRIS GROUP INC	$0	–	-16,811	–	-0.11%	–
JAZZ	Exit	JAZZ PHARMACEUTICALS PLC	$0	–	-3,300	–	-0.11%	–
SYNA	Exit	SYNAPTICS INC	$0	–	-5,792	–	-0.12%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-8,689	–	-0.14%	–
MENT	Exit	MENTOR GRAPHICS CORP	$0	–	-21,873	–	-0.14%	–
AWHHF	Exit	ALLIED WORLD ASSURANCE CO HOLD	$0	–	-14,360	–	-0.14%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-58,308	–	-0.14%	–
GPS	Exit	GAP INC/THE	$0	–	-19,694	–	-0.14%	–
BPOP	Exit	POPULAR INC	$0	–	-19,700	–	-0.15%	–
STRZA	Exit	STARZ	$0	–	-16,075	–	-0.15%	–
FAF	Exit	FIRST AMERICAN FINANCIAL CORP	$0	–	-15,524	–	-0.15%	–
AFG	Exit	AMERICAN FINANCIAL GROUP INC/O	$0	–	-9,196	–	-0.16%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-16,752	–	-0.16%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-14,629	–	-0.16%	–
CZZ	Exit	COSAN LTD	$0	–	-224,560	–	-0.16%	–
TW	Exit	TOWERS WATSON & CO	$0	–	-5,887	–	-0.18%	–
M	Exit	MACY'S INC	$0	–	-13,602	–	-0.18%	–
CBS	Exit	CBS CORP	$0	–	-17,567	–	-0.18%	–
WRK	Exit	WESTROCK CO	$0	–	-13,800	–	-0.18%	–
TSN	Exit	TYSON FOODS INC	$0	–	-16,501	–	-0.18%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-9,084	–	-0.18%	–
AVHOQ	Exit	AVIANCA HOLDINGS SAadr	$0	–	-153,034	–	-0.18%	–
EMC	Exit	EMC CORP/MA	$0	–	-30,734	–	-0.19%	–
IEX	Exit	IDEX CORP	$0	–	-10,933	–	-0.20%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-8,221	–	-0.20%	–
VFC	Exit	VF CORP	$0	–	-11,443	–	-0.20%	–
MS	Exit	MORGAN STANLEY INTL LTD	$0	–	-26,263	–	-0.21%	–
HPQ	Exit	HEWLETT-PACKARD CO	$0	–	-33,977	–	-0.22%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDUSTRIESadr	$0	–	-15,466	–	-0.22%	–
ZBH	Exit	ZIMMER HOLDINGS INC	$0	–	-10,194	–	-0.24%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-20,836	–	-0.24%	–
CM	Exit	CANADIAN IMPERIAL BANK OF COMM	$0	–	-13,788	–	-0.25%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-10,394	–	-0.25%	–
PEG	Exit	PUBLIC SERVICE ENTERPRISE GROU	$0	–	-23,469	–	-0.25%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-9,027	–	-0.28%	–
OASPQ	Exit	OASIS PETROLEUM INC	$0	–	-136,253	–	-0.30%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-11,372	–	-0.33%	–
TTM	Exit	TATA MOTORS LTDadr	$0	–	-65,893	–	-0.38%	–
PEP	Exit	PEPSICO INC	$0	–	-17,175	–	-0.41%	–
SLCA	Exit	US SILICA HOLDINGS INC	$0	–	-115,003	–	-0.41%	–
SPNV	Exit	SUPERIOR ENERGY SERVICES INC	$0	–	-128,466	–	-0.41%	–
AAPL	Exit	APPLE INC	$0	–	-14,890	–	-0.42%	–
PFE	Exit	PFIZER INC	$0	–	-53,482	–	-0.42%	–
TX	Exit	TERNIUM SAadr	$0	–	-138,268	–	-0.43%	–
SM	Exit	SM ENERGY CO	$0	–	-53,300	–	-0.43%	–
LPI	Exit	LAREDO PETROLEUM INC	$0	–	-182,161	–	-0.43%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY CORPadr	$0	–	-72,904	–	-0.50%	–
RES	Exit	RPC INC	$0	–	-231,188	–	-0.52%	–
IBN	Exit	ICICI BANK LTDadr	$0	–	-267,434	–	-0.57%	–
WLL	Exit	WHITING PETROLEUM CORP	$0	–	-150,373	–	-0.58%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-218,841	–	-0.70%	–
BBD	Exit	BANCO BRADESCO SAadr	$0	–	-534,561	–	-0.72%	–
APA	Exit	APACHE CORP	$0	–	-84,290	–	-0.83%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-102,840	–	-0.84%	–
WFTIQ	Exit	WEATHERFORD INTERNATIONAL PLC	$0	–	-395,070	–	-0.85%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO SABadr	$0	–	-43,399	–	-0.98%	–
ECA	Exit	ENCANA CORP	$0	–	-611,434	–	-0.99%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-153,220	–	-1.03%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-167,154	–	-1.28%	–
ABEV	Exit	AMBEV SAadr	$0	–	-1,049,000	–	-1.30%	–
NTES	Exit	NETEASE INCadr	$0	–	-42,899	–	-1.30%	–
WX	Exit	WUXI PHARMATECH CAYMAN INCadr	$0	–	-122,006	–	-1.33%	–
RBC	Exit	REGAL-BELOIT CORP	$0	–	-95,921	–	-1.37%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-80,904	–	-1.37%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-83,896	–	-1.40%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-72,580	–	-1.41%	–
MD	Exit	MEDNAX INC	$0	–	-73,712	–	-1.43%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-61,743	–	-1.46%	–
SERV	Exit	SERVICEMASTER GLOBAL HOLDINGS	$0	–	-179,294	–	-1.52%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-195,135	–	-1.53%	–
HES	Exit	HESS CORP	$0	–	-121,402	–	-1.54%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-42,658	–	-1.55%	–
ALLY	Exit	ALLY FINANCIAL INC	$0	–	-304,207	–	-1.57%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-162,902	–	-1.60%	–
STJ	Exit	ST JUDE MEDICAL INC	$0	–	-100,226	–	-1.60%	–
EBAY	Exit	EBAY INC	$0	–	-261,306	–	-1.61%	–
GS	Exit	GOLDMAN SACHS GROUP INC/THE	$0	–	-37,447	–	-1.64%	–
VNTV	Exit	VANTIV INC	$0	–	-144,974	–	-1.64%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-424,460	–	-1.65%	–
CI	Exit	CIGNA CORP	$0	–	-48,485	–	-1.65%	–
WU	Exit	WESTERN UNION CO/THE	$0	–	-359,244	–	-1.67%	–
MCO	Exit	MOODY'S CORP	$0	–	-67,265	–	-1.67%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-215,040	–	-1.68%	–
DOX	Exit	AMDOCS LTD	$0	–	-119,112	–	-1.71%	–
FISV	Exit	FISERV INC	$0	–	-79,195	–	-1.73%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-26,493	–	-1.73%	–
PCLN	Exit	PRICELINE GROUP INC/THE	$0	–	-5,553	–	-1.74%	–
AIG	Exit	AMERCIAN INT'L GROUP INC	$0	–	-121,424	–	-1.74%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-115,226	–	-1.75%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL IN	$0	–	-89,574	–	-1.80%	–
C	Exit	CITIGROUP INC	$0	–	-144,798	–	-1.82%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-274,624	–	-1.82%	–
CMCSA	Exit	COMCAST CORP	$0	–	-128,180	–	-1.84%	–
HAL	Exit	HALLIBURTON CO	$0	–	-207,683	–	-1.86%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES LTD	$0	–	-388,302	–	-1.90%	–
APC	Exit	ANADARKO PETROLEUM CORP	$0	–	-124,687	–	-1.90%	–
CHKP	Exit	CHECK POINT SOFTWARE TECHNOLOG	$0	–	-112,643	–	-2.26%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTERN	$0	–	-52,489	–	-2.36%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-129,666	–	-2.38%	–
NXPI	Exit	NXP SEMICONDUCTOR NV	$0	–	-115,373	–	-2.54%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-147,742	–	-2.58%	–
ITUB	Exit	ITAU UNIBANCO HOLDING SAadr	$0	–	-1,593,884	–	-2.67%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-325,282	–	-3.94%	–

Q3 2015

			Value		Shares		↓ Weighting
COP	New	CONOCOPHILLIPS	$15,601,000	–	325,282	–	3.94%	–
ITUB	Buy	ITAU UNIBANCO HOLDING SAadr	$10,552,000	-14.4%	1,593,884	+41.6%	2.67%	-32.6%
SLB	New	SCHLUMBERGER LTD	$10,190,000	–	147,742	–	2.58%	–
NXPI	Buy	NXP SEMICONDUCTOR NV	$10,046,000	+7.1%	115,373	+20.8%	2.54%	-15.7%
EOG	New	EOG RESOURCES INC	$9,440,000	–	129,666	–	2.38%	–
VRX	Buy	VALEANT PHARMACEUTICALS INTERN	$9,354,000	-1.0%	52,489	+23.4%	2.36%	-22.1%
CHKP	Buy	CHECK POINT SOFTWARE TECHNOLOG	$8,936,000	+6.8%	112,643	+7.1%	2.26%	-15.9%
APC	Buy	ANADARKO PETROLEUM CORP	$7,530,000	+1221.1%	124,687	+1608.0%	1.90%	+939.9%
CNQ	Buy	CANADIAN NATURAL RESOURCES LTD	$7,527,000	+197.9%	388,302	+317.3%	1.90%	+134.5%
HAL	New	HALLIBURTON CO	$7,342,000	–	207,683	–	1.86%	–
CMCSA	Buy	COMCAST CORP	$7,291,000	+1798.7%	128,180	+1905.9%	1.84%	+1397.6%
CSCO	Buy	CISCO SYSTEMS INC	$7,209,000	+9.2%	274,624	+14.3%	1.82%	-14.0%
C	Buy	CITIGROUP INC	$7,183,000	+1.1%	144,798	+12.6%	1.82%	-20.4%
PM	Buy	PHILIP MORRIS INTERNATIONAL IN	$7,106,000	+455.6%	89,574	+461.5%	1.80%	+337.0%
VLO	Buy	VALERO ENERGY CORP	$6,925,000	-0.9%	115,226	+3.3%	1.75%	-22.0%
AIG	Buy	AMERCIAN INT'L GROUP INC	$6,899,000	+2.0%	121,424	+10.9%	1.74%	-19.8%
PCLN	New	PRICELINE GROUP INC/THE	$6,868,000	–	5,553	–	1.74%	–
ADS	Buy	ALLIANCE DATA SYSTEMS CORP	$6,861,000	+7.6%	26,493	+21.2%	1.73%	-15.3%
FISV	Sell	FISERV INC	$6,859,000	+2.7%	79,195	-1.8%	1.73%	-19.2%
DOX	Sell	AMDOCS LTD	$6,775,000	+1.5%	119,112	-2.6%	1.71%	-20.1%
ATVI	Sell	ACTIVISION BLIZZARD INC	$6,643,000	+2.8%	215,040	-19.5%	1.68%	-19.1%
MCO	Buy	MOODY'S CORP	$6,605,000	+0.1%	67,265	+10.0%	1.67%	-21.2%
WU	Buy	WESTERN UNION CO/THE	$6,596,000	+8.7%	359,244	+20.4%	1.67%	-14.4%
CI	Buy	CIGNA CORP	$6,546,000	-13.1%	48,485	+4.2%	1.65%	-31.6%
MRO	Buy	MARATHON OIL CORP	$6,537,000	+729.6%	424,460	+1328.8%	1.65%	+553.0%
VNTV	Sell	VANTIV INC	$6,512,000	+5.5%	144,974	-10.3%	1.64%	-17.0%
GS	Buy	GOLDMAN SACHS GROUP INC/THE	$6,507,000	-5.1%	37,447	+14.0%	1.64%	-25.3%
EBAY	Buy	EBAY INC	$6,386,000	+15.7%	261,306	+185.2%	1.61%	-8.9%
STJ	Buy	ST JUDE MEDICAL INC	$6,323,000	-11.4%	100,226	+2.6%	1.60%	-30.2%
VOYA	Buy	VOYA FINANCIAL INC	$6,316,000	-1.9%	162,902	+17.6%	1.60%	-22.8%
ALLY	Buy	ALLY FINANCIAL INC	$6,200,000	-5.9%	304,207	+3.6%	1.57%	-25.9%
JLL	Buy	JONES LANG LASALLE INC	$6,133,000	-4.2%	42,658	+13.9%	1.55%	-24.6%
HES	Buy	HESS CORP	$6,077,000	-5.0%	121,402	+26.9%	1.54%	-25.2%
PYPL	New	PAYPAL HOLDINGS INC	$6,057,000	–	195,135	–	1.53%	–
SERV	Buy	SERVICEMASTER GLOBAL HOLDINGS	$6,015,000	-2.4%	179,294	+5.2%	1.52%	-23.2%
JNJ	Sell	JOHNSON & JOHNSON	$5,764,000	-7.1%	61,743	-3.0%	1.46%	-26.9%
MD	Sell	MEDNAX INC	$5,660,000	-11.7%	73,712	-14.8%	1.43%	-30.5%
CAH	Buy	CARDINAL HEALTH INC	$5,576,000	-5.2%	72,580	+3.3%	1.41%	-25.3%
OXY	Buy	OCCIDENTAL PETROLEUM CORP	$5,550,000	+496.8%	83,896	+601.5%	1.40%	+368.9%
MDT	Sell	MEDTRONIC PLC	$5,416,000	-11.2%	80,904	-1.7%	1.37%	-30.0%
RBC	Buy	REGAL-BELOIT CORP	$5,415,000	-8.1%	95,921	+18.2%	1.37%	-27.7%
WX	Buy	WUXI PHARMATECH CAYMAN INCadr	$5,272,000	+26.7%	122,006	+23.9%	1.33%	-0.3%
NTES	Buy	NETEASE INCadr	$5,153,000	+3.5%	42,899	+24.8%	1.30%	-18.5%
ABEV	Buy	AMBEV SAadr	$5,140,000	+39.8%	1,049,000	+74.1%	1.30%	+10.1%
NBL	New	NOBLE ENERGY INC	$5,045,000	–	167,154	–	1.28%	–
SU	New	SUNCOR ENERGY INC	$4,079,000	–	153,220	–	1.03%	–
ECA	New	ENCANA CORP	$3,918,000	–	611,434	–	0.99%	–
FMX	New	FOMENTO ECONOMICO MEXICANO SABadr	$3,873,000	–	43,399	–	0.98%	–
WFTIQ	New	WEATHERFORD INTERNATIONAL PLC	$3,350,000	–	395,070	–	0.85%	–
RRC	New	RANGE RESOURCES CORP	$3,303,000	–	102,840	–	0.84%	–
APA	New	APACHE CORP	$3,301,000	–	84,290	–	0.83%	–
BBD	Buy	BANCO BRADESCO SAadr	$2,865,000	-18.8%	534,561	+38.7%	0.72%	-36.1%
SWN	New	SOUTHWESTERN ENERGY CO	$2,777,000	–	218,841	–	0.70%	–
WLL	New	WHITING PETROLEUM CORP	$2,296,000	–	150,373	–	0.58%	–
IBN	Buy	ICICI BANK LTDadr	$2,241,000	-17.0%	267,434	+3.2%	0.57%	-34.6%
RES	New	RPC INC	$2,046,000	–	231,188	–	0.52%	–
LPI	New	LAREDO PETROLEUM INC	$1,718,000	–	182,161	–	0.43%	–
SM	New	SM ENERGY CO	$1,708,000	–	53,300	–	0.43%	–
TX	Buy	TERNIUM SAadr	$1,699,000	-4.2%	138,268	+34.9%	0.43%	-24.7%
PFE	Buy	PFIZER INC	$1,680,000	-3.7%	53,482	+2.8%	0.42%	-24.1%
AAPL	Buy	APPLE INC	$1,642,000	+94.1%	14,890	+120.8%	0.42%	+52.6%
SPNV	New	SUPERIOR ENERGY SERVICES INC	$1,623,000	–	128,466	–	0.41%	–
PEP	Buy	PEPSICO INC	$1,620,000	+3.8%	17,175	+2.8%	0.41%	-18.4%
SLCA	New	US SILICA HOLDINGS INC	$1,620,000	–	115,003	–	0.41%	–
TTM	Buy	TATA MOTORS LTDadr	$1,483,000	-32.6%	65,893	+3.3%	0.38%	-46.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$1,319,000	-2.3%	11,372	+2.8%	0.33%	-23.1%
OASPQ	New	OASIS PETROLEUM INC	$1,183,000	–	136,253	–	0.30%	–
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$1,104,000	-3.2%	9,027	+2.8%	0.28%	-23.8%
PEG	Buy	PUBLIC SERVICE ENTERPRISE GROU	$989,000	+10.3%	23,469	+2.8%	0.25%	-13.2%
CM	Buy	CANADIAN IMPERIAL BANK OF COMM	$986,000	-0.4%	13,788	+2.8%	0.25%	-21.7%
ABC	Buy	AMERISOURCEBERGEN CORP	$987,000	-8.3%	10,394	+2.8%	0.25%	-27.8%
MPC	Buy	MARATHON PETROLEUM CORP	$965,000	-9.0%	20,836	+2.8%	0.24%	-28.4%
ZBH	Buy	ZIMMER HOLDINGS INC	$958,000	-11.6%	10,194	+2.8%	0.24%	-30.5%
TEVA	Buy	TEVA PHARMACEUTICAL INDUSTRIESadr	$873,000	+27.8%	15,466	+33.9%	0.22%	+0.9%
HPQ	Buy	HEWLETT-PACKARD CO	$870,000	-12.3%	33,977	+2.8%	0.22%	-30.8%
MS	New	MORGAN STANLEY INTL LTD	$827,000	–	26,263	–	0.21%	–
VFC	Buy	VF CORP	$781,000	+0.5%	11,443	+2.8%	0.20%	-20.9%
HON	New	HONEYWELL INTERNATIONAL INC	$778,000	–	8,221	–	0.20%	–
IEX	Buy	IDEX CORP	$780,000	-6.7%	10,933	+2.8%	0.20%	-26.5%
EMC	Buy	EMC CORP/MA	$743,000	-5.8%	30,734	+2.8%	0.19%	-25.7%
AVHOQ	Buy	AVIANCA HOLDINGS SAadr	$725,000	-39.6%	153,034	+30.6%	0.18%	-52.5%
ALK	Sell	ALASKA AIR GROUP INC	$722,000	-8.7%	9,084	-26.0%	0.18%	-28.3%
TSN	Sell	TYSON FOODS INC	$711,000	-23.9%	16,501	-24.6%	0.18%	-40.0%
WRK	New	WESTROCK CO	$710,000	–	13,800	–	0.18%	–
CBS	Sell	CBS CORP	$701,000	-88.9%	17,567	-84.6%	0.18%	-91.3%
M	Sell	MACY'S INC	$698,000	-89.0%	13,602	-85.6%	0.18%	-91.4%
TW	Buy	TOWERS WATSON & CO	$691,000	-4.2%	5,887	+2.8%	0.18%	-24.2%
CZZ	Buy	COSAN LTD	$649,000	-36.7%	224,560	+34.9%	0.16%	-50.2%
EMR	Buy	EMERSON ELECTRIC CO	$646,000	-18.1%	14,629	+2.8%	0.16%	-35.6%
LUV	Buy	SOUTHWEST AIRLINES CO	$637,000	+18.2%	16,752	+2.8%	0.16%	-6.9%
AFG	Buy	AMERICAN FINANCIAL GROUP INC/O	$634,000	+8.9%	9,196	+2.8%	0.16%	-14.4%
FAF	Buy	FIRST AMERICAN FINANCIAL CORP	$607,000	+8.0%	15,524	+2.8%	0.15%	-15.0%
STRZA	Buy	STARZ	$600,000	-14.3%	16,075	+2.8%	0.15%	-32.4%
GPS	Buy	GAP INC/THE	$561,000	-23.4%	19,694	+2.8%	0.14%	-39.6%
ON	Buy	ON SEMICONDUCTOR CORP	$548,000	-17.3%	58,308	+2.8%	0.14%	-35.2%
AWHHF	Sell	ALLIED WORLD ASSURANCE CO HOLD	$548,000	-34.0%	14,360	-25.3%	0.14%	-48.1%
MENT	Buy	MENTOR GRAPHICS CORP	$539,000	-4.3%	21,873	+2.8%	0.14%	-24.9%
DGX	Buy	QUEST DIAGNOSTICS INC	$534,000	-12.9%	8,689	+2.8%	0.14%	-31.5%
SYNA	Buy	SYNAPTICS INC	$478,000	-2.2%	5,792	+2.8%	0.12%	-22.9%
JAZZ	Buy	JAZZ PHARMACEUTICALS PLC	$438,000	-22.2%	3,300	+3.1%	0.11%	-38.7%
ARRS	Buy	ARRIS GROUP INC	$437,000	-12.8%	16,811	+2.8%	0.11%	-31.7%
PBH	Buy	PRESTIGE BRANDS HOLDINGS INC	$433,000	+0.2%	9,592	+2.8%	0.11%	-21.6%
HP	Buy	HELMERICH & PAYNE INC	$386,000	-30.9%	8,162	+2.8%	0.10%	-45.3%
MYL	Buy	MYLAN NV	$382,000	-39.1%	9,488	+2.8%	0.10%	-51.7%
LNC	Sell	LINCOLN NATIONAL CORP	$224,000	-75.1%	4,723	-68.9%	0.06%	-80.3%
FOSL	Exit	FOSSIL GROUP INC	$0	–	-5,763	–	-0.13%	–
GRMN	Exit	GARMIN LTD	$0	–	-11,605	–	-0.16%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-5,320	–	-0.20%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-7,087	–	-0.25%	–
9207PS	Exit	ROCK-TENN CO	$0	–	-13,429	–	-0.26%	–
BRCM	Exit	BROADCOM CORP	$0	–	-16,689	–	-0.28%	–
OSK	Exit	OSHKOSH CORP	$0	–	-101,236	–	-1.38%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MANUFACTUadr	$0	–	-325,949	–	-2.38%	–
INDA	Exit	ISHARES MSCI INDIA ETFetp	$0	–	-591,154	–	-5.74%	–

Q2 2015

			Value		Shares		↓ Weighting
INDA	New	ISHARES MSCI INDIA ETFetp	$17,876,000	–	591,154	–	5.74%	–
ITUB	New	ITAU UNIBANCO HOLDING SAadr	$12,324,000	–	1,125,437	–	3.96%	–
VRX	New	VALEANT PHARMACEUTICALS INTERN	$9,447,000	–	42,535	–	3.03%	–
NXPI	New	NXP SEMICONDUCTOR NV	$9,378,000	–	95,500	–	3.01%	–
CHKP	New	CHECK POINT SOFTWARE TECHNOLOG	$8,365,000	–	105,151	–	2.68%	–
CI	New	CIGNA CORP	$7,536,000	–	46,518	–	2.42%	–
TSM	New	TAIWAN SEMICONDUCTOR MANUFACTUadr	$7,402,000	–	325,949	–	2.38%	–
STJ	New	ST JUDE MEDICAL INC	$7,136,000	–	97,665	–	2.29%	–
C	New	CITIGROUP INC	$7,105,000	–	128,612	–	2.28%	–
VLO	New	VALERO ENERGY CORP	$6,986,000	–	111,596	–	2.24%	–
GS	New	GOLDMAN SACHS GROUP INC/THE	$6,860,000	–	32,854	–	2.20%	–
AIG	New	AMERCIAN INT'L GROUP INC	$6,767,000	–	109,469	–	2.17%	–
FISV	New	FISERV INC	$6,677,000	–	80,609	–	2.14%	–
DOX	New	AMDOCS LTD	$6,674,000	–	122,257	–	2.14%	–
CSCO	New	CISCO SYSTEMS INC	$6,600,000	–	240,358	–	2.12%	–
MCO	New	MOODY'S CORP	$6,601,000	–	61,143	–	2.12%	–
ALLY	New	ALLY FINANCIAL INC	$6,587,000	–	293,665	–	2.12%	–
ATVI	New	ACTIVISION BLIZZARD INC	$6,464,000	–	267,011	–	2.08%	–
VOYA	New	VOYA FINANCIAL INC	$6,439,000	–	138,573	–	2.07%	–
MD	New	MEDNAX INC	$6,410,000	–	86,496	–	2.06%	–
JLL	New	JONES LANG LASALLE INC	$6,402,000	–	37,436	–	2.06%	–
HES	New	HESS CORP	$6,398,000	–	95,671	–	2.05%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$6,379,000	–	21,852	–	2.05%	–
M	New	MACY'S INC	$6,364,000	–	94,327	–	2.04%	–
CBS	New	CBS CORP	$6,321,000	–	113,899	–	2.03%	–
JNJ	New	JOHNSON & JOHNSON	$6,206,000	–	63,678	–	1.99%	–
VNTV	New	VANTIV INC	$6,175,000	–	161,689	–	1.98%	–
SERV	New	SERVICEMASTER GLOBAL HOLDINGS	$6,164,000	–	170,422	–	1.98%	–
MDT	New	MEDTRONIC PLC	$6,097,000	–	82,283	–	1.96%	–
WU	New	WESTERN UNION CO/THE	$6,067,000	–	298,446	–	1.95%	–
RBC	New	REGAL-BELOIT CORP	$5,890,000	–	81,136	–	1.89%	–
CAH	New	CARDINAL HEALTH INC	$5,879,000	–	70,276	–	1.89%	–
EBAY	New	EBAY INC	$5,520,000	–	91,632	–	1.77%	–
NTES	New	NETEASE INCadr	$4,979,000	–	34,367	–	1.60%	–
OSK	New	OSHKOSH CORP	$4,290,000	–	101,236	–	1.38%	–
WX	New	WUXI PHARMATECH CAYMAN INCadr	$4,162,000	–	98,495	–	1.34%	–
ABEV	New	AMBEV SAadr	$3,676,000	–	602,700	–	1.18%	–
BBD	New	BANCO BRADESCO SAadr	$3,530,000	–	385,379	–	1.13%	–
IBN	New	ICICI BANK LTDadr	$2,699,000	–	259,034	–	0.87%	–
CNQ	New	CANADIAN NATURAL RESOURCES LTD	$2,527,000	–	93,060	–	0.81%	–
SIMO	New	SILICON MOTION TECHNOLOGY CORPadr	$2,523,000	–	72,904	–	0.81%	–
TTM	New	TATA MOTORS LTDadr	$2,199,000	–	63,793	–	0.71%	–
TX	New	TERNIUM SAadr	$1,774,000	–	102,509	–	0.57%	–
PFE	New	PFIZER INC	$1,745,000	–	52,044	–	0.56%	–
PEP	New	PEPSICO INC	$1,560,000	–	16,713	–	0.50%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,350,000	–	11,066	–	0.43%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$1,279,000	–	15,953	–	0.41%	–
AVHOQ	New	AVIANCA HOLDINGS SAadr	$1,200,000	–	117,204	–	0.38%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,140,000	–	8,785	–	0.37%	–
ZBH	New	ZIMMER HOLDINGS INC	$1,084,000	–	9,920	–	0.35%	–
ABC	New	AMERISOURCEBERGEN CORP	$1,076,000	–	10,115	–	0.34%	–
MPC	New	MARATHON PETROLEUM CORP	$1,061,000	–	20,276	–	0.34%	–
CZZ	New	COSAN LTD	$1,026,000	–	166,485	–	0.33%	–
HPQ	New	HEWLETT-PACKARD CO	$992,000	–	33,063	–	0.32%	–
CM	New	CANADIAN IMPERIAL BANK OF COMM	$990,000	–	13,418	–	0.32%	–
TSN	New	TYSON FOODS INC	$934,000	–	21,899	–	0.30%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$930,000	–	11,960	–	0.30%	–
LNC	New	LINCOLN NATIONAL CORP	$899,000	–	15,174	–	0.29%	–
PEG	New	PUBLIC SERVICE ENTERPRISE GROU	$897,000	–	22,838	–	0.29%	–
BRCM	New	BROADCOM CORP	$859,000	–	16,689	–	0.28%	–
AAPL	New	APPLE INC	$846,000	–	6,743	–	0.27%	–
IEX	New	IDEX CORP	$836,000	–	10,639	–	0.27%	–
AWHHF	New	ALLIED WORLD ASSURANCE CO HOLD	$830,000	–	19,211	–	0.27%	–
9207PS	New	ROCK-TENN CO	$808,000	–	13,429	–	0.26%	–
ALK	New	ALASKA AIR GROUP INC	$791,000	–	12,277	–	0.25%	–
MRO	New	MARATHON OIL CORP	$788,000	–	29,707	–	0.25%	–
EMR	New	EMERSON ELECTRIC CO	$789,000	–	14,235	–	0.25%	–
EMC	New	EMC CORP/MA	$789,000	–	29,908	–	0.25%	–
UTX	New	UNITED TECHNOLOGIES CORP	$786,000	–	7,087	–	0.25%	–
VFC	New	VF CORP	$777,000	–	11,135	–	0.25%	–
GPS	New	GAP INC/THE	$732,000	–	19,165	–	0.24%	–
TW	New	TOWERS WATSON & CO	$721,000	–	5,729	–	0.23%	–
STRZA	New	STARZ	$700,000	–	15,642	–	0.22%	–
TEVA	New	TEVA PHARMACEUTICAL INDUSTRIESadr	$683,000	–	11,550	–	0.22%	–
ON	New	ON SEMICONDUCTOR CORP	$663,000	–	56,740	–	0.21%	–
MYL	New	MYLAN NV	$627,000	–	9,233	–	0.20%	–
PH	New	PARKER-HANNIFIN CORP	$619,000	–	5,320	–	0.20%	–
DGX	New	QUEST DIAGNOSTICS INC	$613,000	–	8,455	–	0.20%	–
AFG	New	AMERICAN FINANCIAL GROUP INC/O	$582,000	–	8,949	–	0.19%	–
APC	New	ANADARKO PETROLEUM CORP	$570,000	–	7,300	–	0.18%	–
BPOP	New	POPULAR INC	$569,000	–	19,700	–	0.18%	–
JAZZ	New	JAZZ PHARMACEUTICALS PLC	$563,000	–	3,200	–	0.18%	–
MENT	New	MENTOR GRAPHICS CORP	$563,000	–	21,285	–	0.18%	–
FAF	New	FIRST AMERICAN FINANCIAL CORP	$562,000	–	15,107	–	0.18%	–
HP	New	HELMERICH & PAYNE INC	$559,000	–	7,943	–	0.18%	–
LUV	New	SOUTHWEST AIRLINES CO	$539,000	–	16,302	–	0.17%	–
GRMN	New	GARMIN LTD	$510,000	–	11,605	–	0.16%	–
ARRS	New	ARRIS GROUP INC	$501,000	–	16,359	–	0.16%	–
SYNA	New	SYNAPTICS INC	$489,000	–	5,636	–	0.16%	–
PBH	New	PRESTIGE BRANDS HOLDINGS INC	$432,000	–	9,334	–	0.14%	–
FOSL	New	FOSSIL GROUP INC	$400,000	–	5,763	–	0.13%	–
CMCSA	New	COMCAST CORP	$384,000	–	6,390	–	0.12%	–

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Export Ninety One North America, Inc.'s holdings