THUNDERBIRD PARTNERS LLP Activity Q4 2015-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$100,377,309	-3.9%	4,269,558	+6.2%	25.16%	-21.7%
MU	Sell	MICRON TECHNOLOGY INC	$53,460,559	+4.7%	785,838	-2.9%	13.40%	-14.7%
PDD	New	PDD HOLDINGS INCsponsored ads	$47,824,816	–	487,660	–	11.98%	–
WDC	Buy	WESTERN DIGITAL CORP.	$44,242,392	+73.1%	969,590	+43.9%	11.09%	+41.0%
JD	Sell	JD.COM INCspon adr cl a	$32,516,363	-29.7%	1,116,250	-17.7%	8.15%	-42.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$30,415,528	+16.1%	232,428	+6.2%	7.62%	-5.4%
	Buy	NEW ORIENTAL ED & TECHNOLOGYspon adr	$27,953,351	+57.5%	477,427	+6.2%	7.00%	+28.3%
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$21,412,445	+62.4%	2,350,433	+6.2%	5.37%	+32.3%
BEKE	New	KE HLDGS INCsponsored ads	$19,690,193	–	1,268,698	–	4.93%	–
PTON	Buy	PELOTON INTERACTIVE INC	$11,990,407	-30.2%	2,374,338	+6.2%	3.00%	-43.2%
	Buy	MASTERBRAND INC	$6,348,946	+11.0%	522,547	+6.2%	1.59%	-9.6%
HOG	Sell	HARLEY DAVIDSON INC	$2,808,612	-84.1%	84,955	-83.1%	0.70%	-87.1%

Q2 2023

			Value		Shares		↓ Weighting
SIX	New	SIX FLAGS ENTMT CORP NEW	$104,434,508	–	4,019,804	–	32.13%	–
MU	New	MICRON TECHNOLOGY INC	$51,065,646	–	809,153	–	15.71%	–
JD	New	JD.COM INCspon adr cl a	$46,272,191	–	1,355,763	–	14.24%	–
GOOGL	New	ALPHABET INCcap stk cl a	$26,199,697	–	218,878	–	8.06%	–
WDC	New	WESTERN DIGITAL CORP.	$25,562,279	–	673,933	–	7.86%	–
	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$17,747,280	–	449,412	–	5.46%	–
HOG	New	HARLEY DAVIDSON INC	$17,676,159	–	502,021	–	5.44%	–
PTON	New	PELOTON INTERACTIVE INC	$17,187,265	–	2,235,015	–	5.29%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$13,186,577	–	2,212,513	–	4.06%	–
	New	MASTERBRAND INC	$5,720,611	–	491,884	–	1.76%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	GITLAB INC	$0	–	-119,991	–	-1.70%	–
CRM	Exit	SALESFORCE INC	$0	–	-82,333	–	-3.29%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-252,455	–	-3.32%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-2,605,592	–	-3.57%	–
PTON	Exit	PELOTON INTERACTIVE INC	$0	–	-2,013,498	–	-3.87%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-497,884	–	-5.18%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-556,749	–	-15.04%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-1,695,584	–	-15.31%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-3,552,544	–	-17.45%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-3,230,043	–	-31.26%	–

Q3 2022

			Value		Shares		↓ Weighting
HOG	Buy	HARLEY DAVIDSON INC	$112,664,000	+13.4%	3,230,043	+2.9%	31.26%	+32.3%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$62,880,000	-8.5%	3,552,544	+12.2%	17.45%	+6.8%
WDC	Sell	WESTERN DIGITAL CORP.	$55,191,000	-28.5%	1,695,584	-1.5%	15.31%	-16.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$54,210,000	-24.3%	556,749	+1594.6%	15.04%	-11.7%
LVS	Buy	LAS VEGAS SANDS CORP	$18,681,000	+14.8%	497,884	+2.8%	5.18%	+34.0%
PTON	Buy	PELOTON INTERACTIVE INC	$13,954,000	+17.8%	2,013,498	+56.0%	3.87%	+37.4%
TAL	New	TAL EDUCATION GROUPsponsored ads	$12,872,000	–	2,605,592	–	3.57%	–
YUMC	New	YUM CHINA HLDGS INC	$11,949,000	–	252,455	–	3.32%	–
CRM	New	SALESFORCE INC	$11,843,000	–	82,333	–	3.29%	–
	New	GITLAB INC	$6,146,000	–	119,991	–	1.70%	–
RVMD	Exit	REVOLUTION MEDICINES INC	$0	–	-344,324	–	-1.60%	–
KURA	Exit	KURA ONCOLOGY INC	$0	–	-512,727	–	-2.24%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-188,255	–	-5.09%	–
AMZN	Exit	AMAZON COM INC	$0	–	-357,976	–	-9.04%	–

Q2 2022

			Value		Shares		↓ Weighting
HOG	New	HARLEY DAVIDSON INC	$99,390,000	–	3,139,282	–	23.63%	–
WDC	New	WESTERN DIGITAL CORP.	$77,206,000	–	1,722,198	–	18.36%	–
GOOGL	New	ALPHABET INCcap stk cl a	$71,600,000	–	32,855	–	17.03%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$68,690,000	–	3,165,441	–	16.33%	–
AMZN	New	AMAZON COM INC	$38,021,000	–	357,976	–	9.04%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$21,401,000	–	188,255	–	5.09%	–
LVS	New	LAS VEGAS SANDS CORP	$16,272,000	–	484,417	–	3.87%	–
PTON	New	PELOTON INTERACTIVE INC	$11,849,000	–	1,290,709	–	2.82%	–
KURA	New	KURA ONCOLOGY INC	$9,398,000	–	512,727	–	2.24%	–
RVMD	New	REVOLUTION MEDICINES INC	$6,711,000	–	344,324	–	1.60%	–

Q4 2021

			Value		Shares		↓ Weighting
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-361,227	–	-2.01%	–
	Exit	RENEW ENERGY GLOBAL PLC	$0	–	-1,654,644	–	-2.02%	–
ABNB	Exit	AIRBNB INC	$0	–	-102,625	–	-2.06%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-1,469,920	–	-6.45%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-912,676	–	-6.82%	–
TWTR	Exit	TWITTER INC	$0	–	-958,659	–	-6.94%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-1,753,785	–	-8.93%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-348,469	–	-9.41%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-553,356	–	-9.82%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-1,774,310	–	-12.00%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-50,166	–	-16.07%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-429,239	–	-17.46%	–

Q3 2021

			Value		Shares		↓ Weighting
FB	Sell	FACEBOOK INCcl a	$145,679,000	-18.9%	429,239	-16.9%	17.46%	+8.3%
GOOGL	Sell	ALPHABET INCcap stk cl a	$134,120,000	-0.8%	50,166	-9.4%	16.07%	+32.5%
WDC	Sell	WESTERN DIGITAL CORP.	$100,142,000	-22.2%	1,774,310	-1.8%	12.00%	+4.0%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$81,924,000	-38.3%	553,356	-5.5%	9.82%	-17.6%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$78,524,000	-16.0%	348,469	+2.7%	9.41%	+12.2%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$74,536,000	+58.6%	1,753,785	+61.5%	8.93%	+111.8%
TWTR	New	TWITTER INC	$57,893,000	–	958,659	–	6.94%	–
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$56,896,000	-2.7%	912,676	+2.6%	6.82%	+30.0%
HOG	Sell	HARLEY DAVIDSON INC	$53,814,000	-26.5%	1,469,920	-8.0%	6.45%	-1.8%
ABNB	Buy	AIRBNB INC	$17,215,000	+12.4%	102,625	+2.6%	2.06%	+50.1%
	New	RENEW ENERGY GLOBAL PLC	$16,877,000	–	1,654,644	–	2.02%	–
FUN	Sell	CEDAR FAIR L Pdepositry unit	$16,754,000	-21.3%	361,227	-23.9%	2.01%	+5.1%
RMGB	Exit	RMG ACQUISITION CORP II	$0	–	-1,611,956	–	-1.44%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-1,128,231	–	-4.17%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-300,113	–	-4.19%	–
KEX	Exit	KIRBY CORP	$0	–	-1,982,102	–	-10.78%	–

Q2 2021

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$179,592,000	–	516,500	–	16.12%	–
GOOGL	New	ALPHABET INCcap stk cl a	$135,185,000	–	55,363	–	12.13%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$132,831,000	–	585,683	–	11.92%	–
WDC	New	WESTERN DIGITAL CORP.	$128,648,000	–	1,807,619	–	11.54%	–
KEX	New	KIRBY CORP	$120,195,000	–	1,982,102	–	10.78%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$93,509,000	–	339,303	–	8.39%	–
HOG	New	HARLEY DAVIDSON INC	$73,169,000	–	1,596,881	–	6.57%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$58,452,000	–	889,268	–	5.24%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$47,004,000	–	1,086,042	–	4.22%	–
JPM	New	JPMORGAN CHASE & CO	$46,680,000	–	300,113	–	4.19%	–
BAC	New	BK OF AMERICA CORP	$46,517,000	–	1,128,231	–	4.17%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$21,293,000	–	474,964	–	1.91%	–
RMGB	New	RMG ACQUISITION CORP II	$16,039,000	–	1,611,956	–	1.44%	–
ABNB	New	AIRBNB INC	$15,314,000	–	100,000	–	1.37%	–

Q4 2020

			Value		Shares		↓ Weighting
CLNY	Exit	COLONY CAP INC NEW	$0	–	-3,822,885	–	-1.25%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-1,614,393	–	-4.67%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-205,833	–	-5.20%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-570,523	–	-6.60%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-2,708,443	–	-6.61%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-1,859,705	–	-8.17%	–
HUYA	Exit	HUYA INC	$0	–	-2,875,861	–	-8.28%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-1,531,734	–	-8.90%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-449,040	–	-15.86%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-94,508	–	-16.65%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-565,847	–	-17.81%	–

Q3 2020

			Value		Shares		↓ Weighting
FB	Sell	FACEBOOK INCcl a	$148,195,000	-15.3%	565,847	-26.6%	17.81%	-28.6%
GOOGL	Sell	ALPHABET INCcap stk cl a	$138,511,000	-11.0%	94,508	-13.9%	16.65%	-25.0%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$132,009,000	+37.3%	449,040	+0.7%	15.86%	+15.7%
IBKR	New	INTERACTIVE BROKERS GROUP IN	$74,029,000	–	1,531,734	–	8.90%	–
HUYA	New	HUYA INC	$68,877,000	–	2,875,861	–	8.28%	–
WDC	New	WESTERN DIGITAL CORP.	$67,972,000	–	1,859,705	–	8.17%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$54,981,000	–	2,708,443	–	6.61%	–
JPM	New	JPMORGAN CHASE & CO	$54,924,000	–	570,523	–	6.60%	–
MSFT	Sell	MICROSOFT CORP	$43,293,000	-62.4%	205,833	-63.6%	5.20%	-68.3%
BAC	New	BK OF AMERICA CORP	$38,891,000	–	1,614,393	–	4.67%	–
CLNY	New	COLONY CAP INC NEW	$10,436,000	–	3,822,885	–	1.25%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-582,015	–	-6.10%	–
TPR	Exit	TAPESTRY INC	$0	–	-3,821,882	–	-7.24%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWAR	$0	–	-472,736	–	-9.41%	–

Q2 2020

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$175,022,000	–	770,786	–	24.96%	–
GOOGL	New	ALPHABET INCcap stk cl a	$155,651,000	–	109,764	–	22.19%	–
MSFT	New	MICROSOFT CORP	$115,014,000	–	565,153	–	16.40%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$96,144,000	–	445,732	–	13.71%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWAR	$65,980,000	–	472,736	–	9.41%	–
TPR	New	TAPESTRY INC	$50,755,000	–	3,821,882	–	7.24%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$42,749,000	–	582,015	–	6.10%	–

Q4 2019

			Value		Shares		↓ Weighting
INTEQ	Exit	INTELSAT S A	$0	–	-147,000	–	-0.45%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-1,053,917	–	-7.02%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWAR	$0	–	-436,420	–	-7.41%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-1,390,923	–	-17.45%	–
FMC	Exit	F M C CORP	$0	–	-1,524,555	–	-18.10%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-136,866	–	-22.64%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,116,143	–	-26.92%	–

Q3 2019

			Value		Shares		↓ Weighting
FB	Buy	FACEBOOK INCcl a	$198,763,000	-1.2%	1,116,143	+7.0%	26.92%	+7.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$167,133,000	+16.7%	136,866	+3.5%	22.64%	+27.5%
FMC	Sell	F M C CORP	$133,673,000	-37.0%	1,524,555	-40.4%	18.10%	-31.2%
TIF	Buy	TIFFANY & CO NEW	$128,841,000	+14.7%	1,390,923	+16.0%	17.45%	+25.3%
TTWO	Sell	TAKE-TWO INTERACTIVE SOFTWAR	$54,701,000	+10.1%	436,420	-0.3%	7.41%	+20.3%
CF	Sell	CF INDS HLDGS INC	$51,853,000	+5.0%	1,053,917	-0.3%	7.02%	+14.7%
BKNG	Exit	BOOKING HLDGS INC	$0	–	-19,014	–	-4.42%	–

Q2 2019

			Value		Shares		↓ Weighting
FMC	New	F M C CORP	$212,128,000	–	2,557,303	–	26.30%	–
FB	New	FACEBOOK INCcl a	$201,252,000	–	1,042,754	–	24.96%	–
GOOGL	New	ALPHABET INCcap stk cl a	$143,218,000	–	132,266	–	17.76%	–
TIF	New	TIFFANY & CO NEW	$112,328,000	–	1,199,569	–	13.93%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWAR	$49,678,000	–	437,573	–	6.16%	–
CF	New	CF INDS HLDGS INC	$49,361,000	–	1,056,746	–	6.12%	–
BKNG	New	BOOKING HLDGS INC	$35,646,000	–	19,014	–	4.42%	–
INTEQ	New	INTELSAT S A	$2,859,000	–	147,000	–	0.36%	–

Q4 2018

			Value		Shares		↓ Weighting
INTEQ	Exit	INTELSAT S A	$0	–	-147,000	–	-0.44%	–
OIH	Exit	VANECK VECTORS ETF TRoil svcs etf	$0	–	-1,468,925	–	-3.72%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-819,681	–	-4.48%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-23,585	–	-4.70%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-704,157	–	-9.12%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-2,503,597	–	-9.35%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,646,842	–	-12.97%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-117,315	–	-14.22%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-934,974	–	-15.44%	–
FMC	Exit	F M C CORP	$0	–	-2,916,956	–	-25.54%	–

Q3 2018

			Value		Shares		↓ Weighting
FMC	Buy	F M C CORP	$254,300,000	+50.3%	2,916,956	+53.8%	25.54%	+20.3%
FB	Buy	FACEBOOK INCcl a	$153,766,000	+122.0%	934,974	+162.3%	15.44%	+77.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$141,609,000	+7.3%	117,315	+0.4%	14.22%	-14.1%
CMCSA	Buy	COMCAST CORP NEWcl a	$129,135,000	+8.3%	3,646,842	+0.4%	12.97%	-13.3%
FWONK	Buy	LIBERTY MEDIA CORP DELAWARE	$93,109,000	+0.5%	2,503,597	+0.4%	9.35%	-19.5%
TIF	Buy	TIFFANY & CO NEW	$90,815,000	+58.2%	704,157	+61.4%	9.12%	+26.7%
BKNG	Buy	BOOKING HLDGS INC	$46,793,000	-1.7%	23,585	+0.4%	4.70%	-21.3%
CF	Sell	CF INDS HLDGS INC	$44,623,000	-37.5%	819,681	-49.0%	4.48%	-50.0%
OIH	Buy	VANECK VECTORS ETF TRoil svcs etf	$37,002,000	-3.8%	1,468,925	+0.4%	3.72%	-22.9%
INTEQ	New	INTELSAT S A	$4,410,000	–	147,000	–	0.44%	–

Q2 2018

			Value		Shares		↓ Weighting
FMC	New	F M C CORP	$169,203,000	–	1,896,682	–	21.22%	–
GOOGL	New	ALPHABET INCcap stk cl a	$132,003,000	–	116,901	–	16.56%	–
CMCSA	New	COMCAST CORP NEWcl a	$119,229,000	–	3,633,919	–	14.96%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$92,628,000	–	2,494,697	–	11.62%	–
CF	New	CF INDS HLDGS INC	$71,424,000	–	1,608,639	–	8.96%	–
FB	New	FACEBOOK INCcl a	$69,260,000	–	356,421	–	8.69%	–
TIF	New	TIFFANY & CO NEW	$57,408,000	–	436,234	–	7.20%	–
BKNG	New	BOOKING HLDGS INC	$47,606,000	–	23,485	–	5.97%	–
OIH	New	VANECK VECTORS ETF TRoil svcs etf	$38,444,000	–	1,463,425	–	4.82%	–

Q4 2017

			Value		Shares		↓ Weighting
FMC	Exit	F M C CORP	$0	–	-222,519	–	-2.48%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-855,499	–	-7.96%	–
EXPE	Exit	Expedia Inc Del	$0	–	-596,689	–	-10.72%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-2,490,397	–	-11.84%	–
COTY	Exit	COTY INC	$0	–	-5,862,099	–	-12.10%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-103,464	–	-12.58%	–
BAX	Exit	BAXTER INTL INC	$0	–	-1,625,499	–	-12.73%	–
BAC	Exit	BANK AMER CORP	$0	–	-4,568,572	–	-14.45%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,152,599	–	-15.14%	–

Q3 2017

			Value		Shares		↓ Weighting
CMCSA	Buy	COMCAST CORP NEWcl a	$121,312,000	+32.3%	3,152,599	+33.8%	15.14%	+40.7%
BAC	Buy	BANK AMER CORP	$115,768,000	+4.5%	4,568,572	+0.0%	14.45%	+11.1%
BAX	Sell	BAXTER INTL INC	$102,000,000	-1.6%	1,625,499	-5.0%	12.73%	+4.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$100,745,000	+4.8%	103,464	+0.0%	12.58%	+11.4%
COTY	Buy	COTY INC	$96,901,000	-11.9%	5,862,099	+0.0%	12.10%	-6.3%
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$94,859,000	–	2,490,397	–	11.84%	–
EXPE	Buy	Expedia Inc Del	$85,887,000	-3.3%	596,689	+0.0%	10.72%	+2.8%
MSFT	Sell	MICROSOFT CORP	$63,726,000	-12.2%	855,499	-18.7%	7.96%	-6.7%
FMC	Sell	F M C CORP	$19,873,000	-66.5%	222,519	-72.6%	2.48%	-64.4%
TRIP	Exit	TRIPADVISOR INC	$0	–	-605,751	–	-2.72%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-2,528,511	–	-3.44%	–
CARS	Exit	CARS COM INC	$0	–	-2,484,300	–	-7.77%	–

Q2 2017

			Value		Shares		↓ Weighting
BAC	New	BANK AMER CORP	$110,802,000	–	4,567,271	–	13.01%	–
COTY	New	COTY INC	$109,935,000	–	5,860,088	–	12.91%	–
BAX	New	BAXTER INTL INC	$103,623,000	–	1,711,643	–	12.17%	–
GOOGL	New	ALPHABET INCcap stk cl a	$96,152,000	–	103,425	–	11.29%	–
CMCSA	New	COMCAST CORP NEW	$91,674,000	–	2,355,442	–	10.77%	–
EXPE	New	EXPEDIA INC DEL	$88,843,000	–	596,460	–	10.43%	–
MSFT	New	MICROSOFT CORP	$72,568,000	–	1,052,778	–	8.52%	–
CARS	New	CARS COM INC	$66,157,000	–	2,484,300	–	7.77%	–
FMC	New	F M C CORP	$59,318,000	–	812,024	–	6.97%	–
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$29,331,000	–	2,528,511	–	3.44%	–
TRIP	New	TRIPADVISOR INC	$23,140,000	–	605,751	–	2.72%	–

Q4 2016

			Value		Shares		↓ Weighting
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-985,722	–	-2.45%	–
DVA	Exit	DAVITA INC	$0	–	-647,760	–	-4.88%	–
COTY	Exit	COTY INC	$0	–	-2,169,258	–	-5.81%	–
CABO	Exit	CABLE ONE INC	$0	–	-143,747	–	-9.56%	–
PYPL	Exit	PAYPAL HOLDINGS, INC.	$0	–	-2,091,591	–	-9.76%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-1,357,218	–	-9.77%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-149,134	–	-13.66%	–
FMC	Exit	F M C CORP	$0	–	-2,552,187	–	-14.05%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,170,793	–	-14.24%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-2,917,846	–	-15.82%	–

Q3 2016

			Value		Shares		↓ Weighting
BAX	Buy	BAXTER INTERNATIONAL INC.	$138,889,000	+5.3%	2,917,846	+0.0%	15.82%	-8.9%
MSFT	Sell	MICROSOFT CORP	$125,038,000	+3.9%	2,170,793	-7.7%	14.24%	-10.1%
FMC	Sell	F M C CORP	$123,373,000	-0.7%	2,552,187	-4.9%	14.05%	-14.0%
GOOGL	Sell	ALPHABET INCcap stk cl a	$119,913,000	+10.5%	149,134	-3.3%	13.66%	-4.4%
TRIP	New	TRIPADVISOR INC	$85,749,000	–	1,357,218	–	9.77%	–
PYPL	Buy	PAYPAL HOLDINGS, INC.	$85,692,000	+130.1%	2,091,591	+105.1%	9.76%	+99.2%
CABO	Buy	CABLE ONE INC	$83,948,000	+14.2%	143,747	+0.0%	9.56%	-1.1%
COTY	Buy	COTY INC	$50,978,000	+75.7%	2,169,258	+94.3%	5.81%	+52.1%
DVA	New	DAVITA INC	$42,798,000	–	647,760	–	4.88%	–
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$21,538,000	–	985,722	–	2.45%	–
CDK	Exit	CDK Global, Inc.	$0	–	-505,789	–	-3.69%	–
EQIX	Exit	Equinix, Inc.	$0	–	-92,300	–	-4.71%	–
MON	Exit	MONSANTO COMPANY	$0	–	-689,445	–	-9.38%	–

Q2 2016

			Value		Shares		↓ Weighting
BAX	New	BAXTER INTERNATIONAL INC.	$131,910,000	–	2,917,065	–	17.36%	–
FMC	New	F M C CORP	$124,252,000	–	2,683,042	–	16.35%	–
MSFT	New	MICROSOFT CORP	$120,370,000	–	2,352,349	–	15.84%	–
GOOGL	New	ALPHABET INCcap stk cl a	$108,541,000	–	154,280	–	14.28%	–
CABO	New	CABLE ONE INC	$73,481,000	–	143,684	–	9.67%	–
MON	New	MONSANTO COMPANY	$71,296,000	–	689,445	–	9.38%	–
PYPL	New	PAYPAL HOLDINGS, INC.	$37,241,000	–	1,020,016	–	4.90%	–
EQIX	New	Equinix, Inc.	$35,787,000	–	92,300	–	4.71%	–
COTY	New	COTY INC	$29,014,000	–	1,116,334	–	3.82%	–
CDK	New	CDK Global, Inc.	$28,066,000	–	505,789	–	3.69%	–

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