TCI Fund Management Activity Q2 2015-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$3,863,520,982	-8.5%	16,797,187	-5.6%	14.02%	+11.7%
SPGI	Sell	S&P GLOBAL INC	$3,310,107,046	-11.5%	9,058,611	-2.9%	12.01%	+8.1%
MCO	Sell	MOODYS CORP	$3,279,004,445	-10.4%	10,371,017	-1.4%	11.90%	+9.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$2,231,832,334	-0.3%	16,927,056	-8.5%	8.10%	+21.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$1,616,292,933	-2.4%	3,193,182	+0.6%	5.86%	+19.3%
MSFT	Exit	MICROSOFT CORP	$0	–	-11,845,241	–	-11.98%	–

Q2 2023

			Value		Shares		↓ Weighting
CNI	New	CANADIAN NATL RY CO	$4,952,547,380	–	40,888,953	–	14.71%	–
	New	GENERAL ELECTRIC CO	$4,575,260,849	–	41,650,076	–	13.59%	–
	New	CANADIAN PACIFIC KANSAS CITY	$4,513,334,435	–	55,860,385	–	13.40%	–
V	New	VISA INC	$4,223,859,414	–	17,786,169	–	12.55%	–
MSFT	New	MICROSOFT CORP	$4,033,778,370	–	11,845,241	–	11.98%	–
SPGI	New	S&P GLOBAL INC	$3,740,147,754	–	9,329,611	–	11.11%	–
MCO	New	MOODYS CORP	$3,658,124,627	–	10,520,317	–	10.86%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,238,242,102	–	18,502,456	–	6.65%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,655,607,709	–	3,173,182	–	4.92%	–
FERG	New	FERGUSON PLC NEW	$77,187,140	–	490,669	–	0.23%	–

Q4 2022

			Value		Shares		↓ Weighting
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-5,220,997	–	-1.37%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,534,098	–	-3.77%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-15,961,420	–	-5.34%	–
MCO	Exit	MOODYS CORP	$0	–	-8,246,207	–	-7.02%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-8,768,321	–	-9.37%	–
V	Exit	VISA INC	$0	–	-19,936,821	–	-12.39%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-55,860,385	–	-13.04%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-36,699,825	–	-13.86%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-19,877,677	–	-16.20%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-52,430,790	–	-17.64%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOG	Buy	ALPHABET INCcap stk cl c	$5,041,220,000	-6.9%	52,430,790	+2017.7%	17.64%	+2.9%
MSFT	Buy	MICROSOFT CORP	$4,629,511,000	-8.2%	19,877,677	+1.3%	16.20%	+1.5%
V	Buy	VISA INC	$3,541,776,000	-9.7%	19,936,821	+0.1%	12.39%	-0.2%
GOOGL	Buy	ALPHABET INCcap stk cl a	$1,526,710,000	-8.8%	15,961,420	+1978.3%	5.34%	+0.9%
UNP	Buy	UNION PAC CORP	$1,078,153,000	-3.8%	5,534,098	+5.4%	3.77%	+6.4%
BXP	Sell	BOSTON PROPERTIES INC	$391,418,000	-58.4%	5,220,997	-50.6%	1.37%	-53.9%
LRCX	Exit	LAM RESEARCH CORP	$0	–	-89,545	–	-0.12%	–
KLAC	Exit	KLA CORP	$0	–	-155,441	–	-0.16%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-1,897,488	–	-0.55%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$5,415,660,000	–	2,475,787	–	17.14%	–
MSFT	New	MICROSOFT CORP	$5,041,325,000	–	19,629,035	–	15.95%	–
CNI	New	CANADIAN NATL RY CO	$4,127,697,000	–	36,699,825	–	13.06%	–
V	New	VISA INC	$3,922,860,000	–	19,924,121	–	12.41%	–
CP	New	CANADIAN PAC RY LTD	$3,901,375,000	–	55,860,385	–	12.35%	–
SPGI	New	S&P GLOBAL INC	$2,955,450,000	–	8,768,321	–	9.35%	–
MCO	New	MOODYS CORP	$2,242,721,000	–	8,246,207	–	7.10%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,673,717,000	–	768,021	–	5.30%	–
UNP	New	UNION PAC CORP	$1,120,178,000	–	5,252,148	–	3.54%	–
BXP	New	BOSTON PROPERTIES INC	$940,029,000	–	10,564,496	–	2.98%	–
AMAT	New	APPLIED MATLS INC	$172,633,000	–	1,897,488	–	0.55%	–
KLAC	New	KLA CORP	$49,598,000	–	155,441	–	0.16%	–
LRCX	New	LAM RESEARCH CORP	$38,160,000	–	89,545	–	0.12%	–

Q4 2021

			Value		Shares		↓ Weighting
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-1,044,359	–	-0.48%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-3,839,242	–	-1.08%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,721,210	–	-2.69%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-12,988,749	–	-3.38%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-618,021	–	-3.97%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-4,813,438	–	-4.91%	–
MCO	Exit	MOODYS CORP	$0	–	-6,562,790	–	-5.60%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-55,860,385	–	-8.74%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-36,699,825	–	-10.20%	–
V	Exit	VISA INC	$0	–	-19,939,311	–	-10.67%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-16,683,044	–	-11.30%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-10,359,092	–	-18.10%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,952,307	–	-18.90%	–

Q3 2021

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$7,536,861,000	+0.6%	10,359,092	-0.3%	18.10%	-3.1%
MSFT	Sell	MICROSOFT CORP	$4,703,284,000	-15.2%	16,683,044	-18.6%	11.30%	-18.4%
V	Buy	VISA INC	$4,441,482,000	+35.1%	19,939,311	+41.8%	10.67%	+30.1%
CNI	Buy	CANADIAN NATL RY CO	$4,246,357,000	+33.7%	36,699,825	+21.9%	10.20%	+28.7%
SPGI	Sell	S&P GLOBAL INC	$2,045,182,000	-14.9%	4,813,438	-17.8%	4.91%	-18.0%
BXP	Buy	BOSTON PROPERTIES INC	$1,407,331,000	+7.4%	12,988,749	+13.6%	3.38%	+3.5%
INFO	New	IHS MARKIT LTD	$447,732,000	–	3,839,242	–	1.08%	–
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$199,546,000	+572.9%	1,044,359	+540.7%	0.48%	+547.3%
KRC	Exit	KILROY RLTY CORP	$0	–	-120,083	–	-0.02%	–

Q2 2021

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$7,492,568,000	–	10,385,430	–	18.69%	–
GOOG	New	ALPHABET INCcap stk cl c	$7,399,426,000	–	2,952,307	–	18.45%	–
MSFT	New	MICROSOFT CORP	$5,548,954,000	–	20,483,405	–	13.84%	–
CP	New	CANADIAN PAC RY LTD	$4,295,203,000	–	55,860,385	–	10.71%	–
V	New	VISA INC	$3,287,016,000	–	14,057,890	–	8.20%	–
CNI	New	CANADIAN NATL RY CO	$3,176,525,000	–	30,107,803	–	7.92%	–
SPGI	New	S&P GLOBAL INC	$2,402,553,000	–	5,853,460	–	5.99%	–
MCO	New	MOODYS CORP	$2,378,158,000	–	6,562,790	–	5.93%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,509,077,000	–	618,021	–	3.76%	–
BXP	New	BOSTON PROPERTIES INC	$1,310,038,000	–	11,432,392	–	3.27%	–
UNP	New	UNION PAC CORP	$1,258,266,000	–	5,721,210	–	3.14%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$29,656,000	–	163,000	–	0.07%	–
KRC	New	KILROY RLTY CORP	$8,363,000	–	120,083	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
AMZN	Exit	AMAZON COM INC	$0	–	-2,800	–	-0.03%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-9,926,516	–	-1.20%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-5,186,802	–	-1.49%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-2,362,294	–	-3.06%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-618,021	–	-3.25%	–
UNP	Exit	UNION PAC CORP	$0	–	-6,016,539	–	-4.25%	–
MCO	Exit	MOODYS CORP	$0	–	-6,553,490	–	-6.81%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-20,802,265	–	-7.94%	–
V	Exit	VISA INC	$0	–	-14,057,890	–	-10.08%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,314,499	–	-10.80%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-11,172,077	–	-12.19%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,953,720	–	-15.57%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-10,410,705	–	-23.32%	–

Q3 2020

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$6,499,820,000	+22.0%	10,410,705	-0.3%	23.32%	+10.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$4,340,787,000	+2.9%	2,953,720	-1.0%	15.57%	-7.0%
CP	Sell	CANADIAN PAC RY LTD	$3,398,174,000	+18.7%	11,172,077	-0.6%	12.19%	+7.3%
MSFT	Sell	MICROSOFT CORP	$3,010,769,000	+2.3%	14,314,499	-1.0%	10.80%	-7.5%
V	Buy	VISA INC	$2,811,156,000	+29.8%	14,057,890	+25.3%	10.08%	+17.3%
CNI	Sell	CANADIAN NATL RY CO	$2,214,569,000	+19.1%	20,802,265	-1.0%	7.94%	+7.7%
MCO	Sell	MOODYS CORP	$1,899,529,000	+1.8%	6,553,490	-3.5%	6.81%	-8.0%
SPGI	Sell	S&P GLOBAL INC	$851,843,000	+6.6%	2,362,294	-2.6%	3.06%	-3.6%
BXP	Buy	BOSTON PROPERTIES INC	$416,500,000	+199.2%	5,186,802	+236.8%	1.49%	+170.7%
VNO	Buy	VORNADO RLTY TRsh ben int	$334,623,000	+109.1%	9,926,516	+137.0%	1.20%	+89.0%
AMZN	Sell	AMAZON COM INC	$8,816,000	-43.9%	2,800	-50.9%	0.03%	-48.4%
ADSK	Exit	AUTODESK INC	$0	–	-5,000	–	-0.01%	–
ADBE	Exit	ADOBE INC	$0	–	-3,430	–	-0.01%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-97,450	–	-0.11%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-12,632,780	–	-0.84%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-11,551,993	–	-2.82%	–

Q2 2020

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$5,327,252,000	–	10,444,772	–	21.14%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,218,458,000	–	2,984,174	–	16.74%	–
MSFT	New	MICROSOFT CORP	$2,941,827,000	–	14,455,440	–	11.67%	–
CP	New	CANADIAN PAC RY LTD	$2,862,812,000	–	11,243,124	–	11.36%	–
V	New	VISA INC	$2,166,476,000	–	11,215,385	–	8.60%	–
MCO	New	MOODYS CORP	$1,866,307,000	–	6,793,240	–	7.40%	–
CNI	New	CANADIAN NATL RY CO	$1,858,970,000	–	21,002,370	–	7.38%	–
UNP	New	UNION PAC CORP	$1,017,216,000	–	6,016,539	–	4.04%	–
GOOGL	New	ALPHABET INCcap stk cl a	$876,385,000	–	618,021	–	3.48%	–
SPGI	New	S&P GLOBAL INC	$798,971,000	–	2,424,946	–	3.17%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$711,834,000	–	11,551,993	–	2.82%	–
UNVR	New	UNIVAR SOLUTIONS INC	$212,989,000	–	12,632,780	–	0.84%	–
VNO	New	VORNADO RLTY TRsh ben int	$160,067,000	–	4,189,142	–	0.64%	–
BXP	New	BOSTON PROPERTIES INC	$139,203,000	–	1,540,193	–	0.55%	–
MA	New	MASTERCARD INCORPORATEDcl a	$28,816,000	–	97,450	–	0.11%	–
AMZN	New	AMAZON COM INC	$15,725,000	–	5,700	–	0.06%	–
ADBE	New	ADOBE INC	$1,493,000	–	3,430	–	0.01%	–
ADSK	New	AUTODESK INC	$1,196,000	–	5,000	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
ADSK	Exit	AUTODESK INC	$0	–	-113,000	–	-0.09%	–
EFX	Exit	EQUIFAX INC	$0	–	-780,639	–	-0.57%	–
V	Exit	VISA INC	$0	–	-1,183,542	–	-1.06%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,169,860	–	-1.19%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-16,679,200	–	-1.80%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-1,982,414	–	-2.52%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-618,021	–	-3.92%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-4,882,781	–	-4.10%	–
ANTM	Exit	ANTHEM INC	$0	–	-4,080,597	–	-5.08%	–
MCO	Exit	MOODYS CORP	$0	–	-6,022,912	–	-6.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-10,679,732	–	-7.70%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-19,102,713	–	-8.91%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-10,807,584	–	-12.47%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-10,174,272	–	-21.76%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,546,636	–	-22.43%	–

Q3 2019

			Value		Shares		↓ Weighting
GOOG	Buy	ALPHABET INCcap stk cl c	$4,323,349,000	+15.1%	3,546,636	+2.0%	22.43%	+10.7%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$4,193,021,000	+9.2%	10,174,272	+4.7%	21.76%	+5.0%
CP	Buy	CANADIAN PAC RY LTD	$2,403,593,000	+0.5%	10,807,584	+6.4%	12.47%	-3.3%
CNI	Buy	CANADIAN NATL RY CO	$1,716,468,000	-2.3%	19,102,713	+0.6%	8.91%	-6.0%
MSFT	Sell	MICROSOFT CORP	$1,484,803,000	-32.5%	10,679,732	-35.0%	7.70%	-35.1%
ANTM	Buy	ANTHEM INC	$979,751,000	+15.3%	4,080,597	+35.5%	5.08%	+10.9%
UNP	Buy	UNION PACIFIC CORP	$790,913,000	-1.1%	4,882,781	+3.3%	4.10%	-4.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$754,690,000	+26.8%	618,021	+12.4%	3.92%	+22.0%
UNVR	Buy	UNIVAR SOLUTIONS INC	$346,260,000	-0.3%	16,679,200	+5.8%	1.80%	-4.1%
RTN	New	RAYTHEON CO	$229,515,000	–	1,169,860	–	1.19%	–
V	Buy	VISA INC	$203,581,000	+34.8%	1,183,542	+36.0%	1.06%	+29.6%
EFX	Sell	EQUIFAX INC	$109,812,000	-50.3%	780,639	-52.2%	0.57%	-52.2%
ADSK	New	AUTODESK INC	$16,690,000	–	113,000	–	0.09%	–

Q2 2019

			Value		Shares		↓ Weighting
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$3,839,592,000	–	9,716,058	–	20.71%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,757,346,000	–	3,476,095	–	20.27%	–
CP	New	CANADIAN PAC RY LTD	$2,391,674,000	–	10,157,465	–	12.90%	–
MSFT	New	MICROSOFT CORP	$2,200,370,000	–	16,425,574	–	11.87%	–
CNI	New	CANADIAN NATL RY CO	$1,757,269,000	–	18,992,423	–	9.48%	–
MCO	New	MOODYS CORP	$1,176,335,000	–	6,022,912	–	6.34%	–
ANTM	New	ANTHEM INC	$850,041,000	–	3,012,085	–	4.58%	–
UNP	New	UNION PACIFIC CORP	$799,515,000	–	4,727,781	–	4.31%	–
GOOGL	New	ALPHABET INCcap stk cl a	$595,238,000	–	549,721	–	3.21%	–
SPGI	New	S&P GLOBAL INC	$451,574,000	–	1,982,414	–	2.44%	–
UNVR	New	UNIVAR INC	$347,445,000	–	15,764,300	–	1.87%	–
EFX	New	EQUIFAX INC	$220,993,000	–	1,634,083	–	1.19%	–
V	New	VISA INC	$151,006,000	–	870,100	–	0.82%	–

Q4 2018

			Value		Shares		↓ Weighting
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-264,987	–	-0.05%	–
PCG	Exit	PG&E CORP	$0	–	-1,400,611	–	-0.34%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-444,619	–	-0.46%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-1,772,000	–	-0.83%	–
MCO	Exit	MOODYS CORP	$0	–	-2,030,192	–	-1.78%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-380,600	–	-2.41%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-3,753,454	–	-3.55%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,088,727	–	-4.34%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-22,189,801	–	-5.32%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-4,911,693	–	-5.45%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-13,212,107	–	-7.91%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,661,688	–	-16.63%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-13,573,841	–	-23.16%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-114,502,969	–	-27.78%	–

Q3 2018

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$4,423,443,000	+10.9%	13,573,841	-0.2%	23.16%	+23.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$3,176,645,000	+2.7%	2,661,688	-4.0%	16.63%	+14.4%
MSFT	Sell	MICROSOFT CORP	$1,511,069,000	+11.0%	13,212,107	-4.3%	7.91%	+23.5%
CP	Buy	CANADIAN PAC RY LTD	$1,040,233,000	+145.3%	4,911,693	+112.5%	5.45%	+173.2%
UNP	Buy	UNION PAC CORP	$828,597,000	+235.5%	5,088,727	+191.9%	4.34%	+273.7%
NSC	Buy	NORFOLK SOUTHERN CORP	$677,498,000	+77.6%	3,753,454	+48.5%	3.55%	+97.8%
MCO	Buy	MOODYS CORP	$339,448,000	+17.6%	2,030,192	+19.9%	1.78%	+31.0%
CNI	New	CANADIAN NATL RY CO	$159,088,000	–	1,772,000	–	0.83%	–
PCG	New	PG&E CORP	$64,442,000	–	1,400,611	–	0.34%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$9,855,000	–	264,987	–	0.05%	–
AABA	Exit	ALTABA INC	$0	–	-57,057,273	–	-19.64%	–

Q2 2018

			Value		Shares		↓ Weighting
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$5,689,653,000	–	114,502,969	–	26.75%	–
AABA	New	ALTABA INC	$4,177,163,000	–	57,057,273	–	19.64%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$3,989,955,000	–	13,607,841	–	18.76%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,093,307,000	–	2,772,650	–	14.54%	–
MSFT	New	MICROSOFT CORP	$1,361,848,000	–	13,810,449	–	6.40%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$1,093,291,000	–	22,189,801	–	5.14%	–
GOOGL	New	ALPHABET INCcap stk cl a	$429,770,000	–	380,600	–	2.02%	–
CP	New	CANADIAN PAC RY LTD	$423,987,000	–	2,311,350	–	1.99%	–
NSC	New	NORFOLK SOUTHERN CORP	$381,413,000	–	2,528,088	–	1.79%	–
MCO	New	MOODYS CORP	$288,694,000	–	1,692,623	–	1.36%	–
UNP	New	UNION PAC CORP	$247,010,000	–	1,743,433	–	1.16%	–
SPGI	New	S&P GLOBAL INC	$90,653,000	–	444,619	–	0.43%	–

Q4 2017

			Value		Shares		↓ Weighting
EFX	Exit	EQUIFAX INC	$0	–	-50,000	–	-0.04%	–
TWX	Exit	TIME WARNER INC	$0	–	-204,500	–	-0.14%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-1,985,785	–	-0.24%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-416,619	–	-0.45%	–
UNP	Exit	UNION PAC CORP	$0	–	-578,500	–	-0.46%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-508,500	–	-0.46%	–
MCO	Exit	MOODYS CORP	$0	–	-1,660,123	–	-1.60%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-487,477	–	-3.23%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-91,942,165	–	-24.48%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-11,741,217	–	-29.52%	–
AABA	Exit	ALTABA INC	$0	–	-85,923,952	–	-39.37%	–

Q3 2017

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$4,266,993,000	-8.5%	11,741,217	-15.2%	29.52%	-16.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$3,537,935,000	-0.7%	91,942,165	+0.4%	24.48%	-8.8%
GOOG	New	ALPHABET INCcap stk cl c	$467,544,000	–	487,477	–	3.23%	–
MCO	Buy	MOODYS CORP	$231,106,000	+26.0%	1,660,123	+10.1%	1.60%	+15.7%
NSC	Buy	NORFOLK SOUTHERN CORP	$67,244,000	+95.2%	508,500	+79.7%	0.46%	+79.5%
UNP	Buy	UNION PAC CORP	$67,089,000	+208.0%	578,500	+189.2%	0.46%	+182.9%
SPGI	Sell	S&P GLOBAL INC	$65,122,000	-9.1%	416,619	-15.1%	0.45%	-16.5%
EFX	New	EQUIFAX INC	$5,300,000	–	50,000	–	0.04%	–

Q2 2017

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC	$4,681,137,000	–	85,923,952	–	35.26%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$4,665,309,000	–	13,849,812	–	35.14%	–
CMCSA	New	COMCAST CORP NEWcl a	$3,563,723,000	–	91,565,333	–	26.84%	–
MCO	New	MOODYS CORP	$183,486,000	–	1,507,939	–	1.38%	–
SPGI	New	S&P GLOBAL INC	$71,642,000	–	490,729	–	0.54%	–
AMBC	New	AMBAC FINL GROUP INC	$34,453,000	–	1,985,785	–	0.26%	–
NSC	New	NORFOLK SOUTHERN CORP	$34,441,000	–	283,000	–	0.26%	–
UNP	New	UNION PAC CORP	$21,782,000	–	200,000	–	0.16%	–
TWX	New	TIME WARNER INC	$20,534,000	–	204,500	–	0.16%	–

Q4 2016

			Value		Shares		↓ Weighting
MCO	Exit	MOODYS CORP	$0	–	-102,239	–	-0.12%	–
AY	Exit	ATLANTICA YIELD PLC	$0	–	-1,842,903	–	-0.39%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-1,985,785	–	-0.41%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-29,092,107	–	-21.54%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-11,973,043	–	-36.07%	–
YHOO	Exit	YAHOO INC	$0	–	-86,224,273	–	-41.47%	–

Q3 2016

			Value		Shares		↓ Weighting
YHOO	Buy	YAHOO INC	$3,716,266,000	+39.0%	86,224,273	+21.1%	41.47%	+13.9%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$3,232,362,000	+21.9%	11,973,043	+3.3%	36.07%	-0.0%
AY	Sell	ATLANTICA YIELD PLC	$35,034,000	-57.4%	1,842,903	-58.3%	0.39%	-65.1%

Q2 2016

			Value		Shares		↓ Weighting
YHOO	New	YAHOO INC	$2,674,519,000	–	71,206,573	–	36.41%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,650,583,000	–	11,592,824	–	36.08%	–
CMCSA	New	COMCAST CORP NEWcl a	$1,896,514,000	–	29,092,107	–	25.82%	–
AY	New	ATLANTICA YIELD PLC	$82,172,000	–	4,422,584	–	1.12%	–
AMBC	New	AMBAC FINL GROUP INC	$32,686,000	–	1,985,785	–	0.44%	–
MCO	New	MOODYS CORP	$9,581,000	–	102,239	–	0.13%	–

Q4 2015

			Value		Shares		↓ Weighting
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-1,985,785	–	-0.57%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,466,226	–	-3.97%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-4,029,792	–	-5.88%	–
MCO	Exit	MOODYS CORP	$0	–	-3,894,104	–	-7.53%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-20,880,160	–	-23.40%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-16,599,787	–	-58.65%	–

Q3 2015

			Value		Shares		↓ Weighting
CMCSA	Buy	COMCAST CORP NEWcl a	$1,187,664,000	+46.9%	20,880,160	+55.3%	23.40%	+25.1%
AXP	Buy	AMERICAN EXPRESS CO	$298,728,000	+185.5%	4,029,792	+199.4%	5.88%	+143.3%
BIDU	New	BAIDU INCspon adr rep a	$201,474,000	–	1,466,226	–	3.97%	–

Q2 2015

			Value		Shares		↓ Weighting
TWC	New	TIME WARNER CABLE INC	$2,957,584,000	–	16,599,787	–	68.39%	–
CMCSA	New	COMCAST CORP NEWcl a	$808,652,000	–	13,446,161	–	18.70%	–
MCO	New	MOODYS CORP	$420,407,000	–	3,894,104	–	9.72%	–
AXP	New	AMERICAN EXPRESS CO	$104,616,000	–	1,346,069	–	2.42%	–
AMBC	New	AMBAC FINL GROUP INC	$33,043,000	–	1,985,785	–	0.76%	–

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