Orbis Allan Gray Ltd Activity Q1 2016-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$1,248,259,209	-2.6%	4,888,616	-4.2%	8.98%	-2.1%
	Sell	GXO LOGISTICS INCORPORATED	$914,505,111	-7.6%	15,592,585	-1.0%	6.58%	-7.1%
GPN	Sell	GLOBAL PMTS INC	$824,186,922	+15.5%	7,142,620	-1.4%	5.93%	+16.1%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$705,389,298	+4.2%	8,149,137	+0.0%	5.07%	+4.7%
	Buy	CONSTELLATION ENERGY CORP	$671,149,933	+35.5%	6,152,823	+13.7%	4.83%	+36.1%
INTC	Buy	INTEL CORP	$468,153,436	+38.8%	13,168,873	+30.6%	3.37%	+39.4%
UNH	Buy	UNITEDHEALTH GROUP INC	$463,901,690	+29.5%	920,093	+23.4%	3.34%	+30.1%
XPO	Sell	XPO INC	$450,582,881	-2.6%	6,035,131	-23.0%	3.24%	-2.1%
	Buy	SHELL PLCspon ads	$439,556,832	+8.8%	6,827,537	+2.1%	3.16%	+9.4%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$439,653,865	-26.9%	5,059,308	-15.2%	3.16%	-26.6%
MU	Buy	MICRON TECHNOLOGY INC	$437,144,725	+15.7%	6,425,764	+7.4%	3.14%	+16.3%
WLK	Buy	WESTLAKE CORPORATION	$400,380,572	+15.0%	3,211,523	+10.2%	2.88%	+15.5%
ANTM	Buy	ELEVANCE HEALTH INC	$385,708,534	+15.8%	885,831	+18.2%	2.77%	+16.4%
VAL	Sell	VALARIS LTDcl a	$378,044,661	+18.3%	5,041,940	-0.7%	2.72%	+18.9%
	Buy	RXO INC	$332,916,759	-8.1%	16,873,632	+5.6%	2.39%	-7.6%
HWM	Sell	HOWMET AEROSPACE INC	$319,475,205	-13.5%	6,907,572	-7.3%	2.30%	-13.1%
AES	Buy	AES CORP	$302,408,119	-19.0%	19,895,271	+10.5%	2.18%	-18.6%
PGR	Sell	PROGRESSIVE CORP	$301,453,001	-5.4%	2,164,056	-10.1%	2.17%	-4.9%
MSI	Sell	MOTOROLA SOLUTIONS INC	$290,952,961	-22.5%	1,068,737	-16.5%	2.09%	-22.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$240,543,976	-14.5%	1,824,376	-21.5%	1.73%	-14.1%
ABNB	Buy	AIRBNB INC	$212,238,349	+85.6%	1,546,814	+73.3%	1.53%	+86.6%
BTI	Sell	BRITISH AMERN TOB PLCsponsored adr	$211,077,807	-19.8%	6,720,083	-15.2%	1.52%	-19.4%
CNK	Sell	CINEMARK HLDGS INC	$199,807,645	+10.4%	10,888,700	-0.7%	1.44%	+11.0%
	Sell	NOBLE CORP PLC	$178,021,784	+13.4%	3,514,744	-7.5%	1.28%	+13.9%
GLD	Sell	SPDR GOLD TR	$171,461,487	-11.3%	1,000,067	-7.8%	1.23%	-10.8%
SYNA	New	SYNAPTICS INC	$170,840,507	–	1,910,113	–	1.23%	–
NTES	Sell	NETEASE INCsponsored ads	$162,673,161	-11.1%	1,624,133	-14.1%	1.17%	-10.6%
BKNG	Sell	BOOKING HOLDINGS INC	$156,883,620	-6.3%	50,871	-18.0%	1.13%	-5.9%
GLNG	Sell	GOLAR LNG LTD	$155,940,175	+1.7%	6,427,872	-15.5%	1.12%	+2.2%
DIS	New	DISNEY WALT CO	$150,621,132	–	1,858,373	–	1.08%	–
KMI	Sell	KINDER MORGAN INC DEL	$130,159,185	-57.6%	7,850,373	-55.9%	0.94%	-57.4%
DG	Buy	DOLLAR GEN CORP NEW	$107,552,895	+20.3%	1,016,568	+93.0%	0.77%	+20.8%
TECK	Buy	TECK RESOURCES LTDcl b	$100,998,306	+35.1%	2,343,892	+32.0%	0.73%	+35.7%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$95,602,991	-18.9%	2,357,657	-13.6%	0.69%	-18.6%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored ads a	$78,293,991	+4.5%	4,890,318	+7.7%	0.56%	+5.0%
	Sell	PORTILLOS INC	$78,065,667	-32.4%	5,072,493	-1.1%	0.56%	-32.2%
RNR	Buy	RENAISSANCERE HLDGS LTD	$73,426,737	+42.6%	370,992	+34.4%	0.53%	+43.1%
BUR	Buy	BURFORD CAP LTD	$72,409,932	+34.4%	5,172,138	+16.9%	0.52%	+35.0%
GFI	Sell	GOLD FIELDS LTDsponsored adr	$69,550,427	-42.1%	6,404,275	-26.3%	0.50%	-41.9%
TS	Buy	TENARIS S Asponsored ads	$64,588,314	+19.7%	2,043,934	+13.5%	0.46%	+20.2%
GOLD	Sell	BARRICK GOLD CORP	$55,521,025	-31.2%	3,815,878	-20.0%	0.40%	-31.0%
CHD	Buy	CHURCH & DWIGHT CO INC	$46,396,575	+20.5%	506,347	+31.8%	0.33%	+21.0%
DAO	Sell	YOUDAO INCsponsored ads	$45,583,970	-26.7%	11,339,296	-12.1%	0.33%	-26.3%
CRC	Sell	CALIFORNIA RES CORP	$44,946,345	+12.4%	802,470	-9.1%	0.32%	+12.9%
XP	Sell	XP INCcl a	$43,232,396	-24.1%	1,875,592	-22.7%	0.31%	-23.6%
	Sell	WARNER BROS DISCOVERY INC	$43,006,002	-69.8%	3,960,037	-65.1%	0.31%	-69.7%
MAR	New	MARRIOTT INTL INCcl a	$42,524,970	–	216,346	–	0.31%	–
AMZN	Sell	AMAZON COM INC	$40,665,942	-5.2%	319,902	-2.8%	0.29%	-4.9%
SPG	Sell	SIMON PPTY GROUP INC NEW	$38,852,017	-17.4%	359,641	-11.7%	0.28%	-17.2%
MTZ	Buy	MASTEC INC	$35,856,174	-30.6%	498,210	+13.8%	0.26%	-30.3%
SLB	Sell	SCHLUMBERGER LTD	$29,732,009	-2.3%	509,983	-17.7%	0.21%	-1.8%
HLX	Sell	HELIX ENERGY SOLUTIONS GRP I	$25,454,911	+27.0%	2,278,864	-16.1%	0.18%	+28.0%
WRK	New	WESTROCK CO	$24,741,273	–	691,097	–	0.18%	–
	Buy	DIAMOND OFFSHORE DRILLING IN	$23,767,757	+45.0%	1,619,057	+40.6%	0.17%	+46.2%
NVR	Sell	NVR INC	$20,996,780	-10.0%	3,521	-4.2%	0.15%	-9.6%
	Buy	BROOKFIELD CORPcl a ltd vt sh	$19,816,862	-5.1%	633,734	+2.1%	0.14%	-4.7%
FSV	New	FIRSTSERVICE CORP NEW	$18,292,341	–	125,686	–	0.13%	–
GNRC	Buy	GENERAC HLDGS INC	$18,242,083	-26.1%	167,420	+1.2%	0.13%	-26.0%
TXN	Sell	TEXAS INSTRS INC	$15,871,106	-13.2%	99,812	-1.8%	0.11%	-13.0%
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$13,689,317	+10.8%	516,773	+9.0%	0.10%	+11.4%
PAAS	Sell	PAN AMERN SILVER CORP	$7,228,764	-77.4%	499,224	-77.3%	0.05%	-77.3%
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$6,763,272	–	38,189	–	0.05%	–
NAVI	New	NAVIENT CORPORATION	$3,521,645	–	204,509	–	0.02%	–
XLE	Sell	SELECT SECTOR SPDR TRenergy	$2,481,748	-5.4%	27,456	-15.0%	0.02%	-5.3%
	New	NATIONAL CINEMEDIA INC	$698,208	–	155,503	–	0.01%	–
ORLY	Sell	OREILLY AUTOMOTIVE INC	$173,592	-98.7%	191	-98.6%	0.00%	-98.9%
	Exit	PERIMETER SOLUTIONS SA	$0	–	-219,851	–	-0.01%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-60,034	–	-0.05%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-6,685,068	–	-0.15%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-9,832,127	–	-0.42%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-15,688,188	–	-1.51%	–

Q2 2023

			Value		Shares		↓ Weighting
FLT	New	FLEETCOR TECHNOLOGIES INC	$1,281,873,624	–	5,105,439	–	9.17%	–
	New	GXO LOGISTICS INCORPORATED	$989,631,728	–	15,753,450	–	7.08%	–
GPN	New	GLOBAL PMTS INC	$713,367,753	–	7,240,842	–	5.10%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$676,836,915	–	8,147,790	–	4.84%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$601,835,512	–	5,963,491	–	4.31%	–
	New	CONSTELLATION ENERGY CORP	$495,387,944	–	5,411,119	–	3.54%	–
XPO	New	XPO INC	$462,522,830	–	7,839,370	–	3.31%	–
	New	SHELL PLCspon ads	$403,877,472	–	6,688,928	–	2.89%	–
MU	New	MICRON TECHNOLOGY INC	$377,708,933	–	5,984,930	–	2.70%	–
MSI	New	MOTOROLA SOLUTIONS INC	$375,334,758	–	1,279,783	–	2.69%	–
AES	New	AES CORP	$373,223,998	–	18,004,052	–	2.67%	–
HWM	New	HOWMET AEROSPACE INC	$369,262,342	–	7,450,814	–	2.64%	–
	New	RXO INC	$362,265,376	–	15,979,946	–	2.59%	–
UNH	New	UNITEDHEALTH GROUP INC	$358,258,001	–	745,377	–	2.56%	–
WLK	New	WESTLAKE CORPORATION	$348,258,515	–	2,915,029	–	2.49%	–
INTC	New	INTEL CORP	$337,274,235	–	10,085,952	–	2.41%	–
ANTM	New	ELEVANCE HEALTH INC	$332,956,701	–	749,413	–	2.38%	–
VAL	New	VALARIS LIMITEDcl a	$319,448,538	–	5,076,252	–	2.29%	–
PGR	New	PROGRESSIVE CORP	$318,601,485	–	2,406,901	–	2.28%	–
KMI	New	KINDER MORGAN INC DEL	$306,802,903	–	17,816,661	–	2.20%	–
GOOG	New	ALPHABET INCcap stk cl c	$281,239,040	–	2,324,866	–	2.01%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$263,074,244	–	7,923,923	–	1.88%	–
RUN	New	SUNRUN INC	$249,990,921	–	13,997,252	–	1.79%	–
VALE	New	VALE S Asponsored ads	$210,535,483	–	15,688,188	–	1.51%	–
GLD	New	SPDR GOLD TR	$193,281,047	–	1,084,204	–	1.38%	–
NTES	New	NETEASE INCsponsored ads	$182,896,097	–	1,891,572	–	1.31%	–
CNK	New	CINEMARK HLDGS INC	$180,989,474	–	10,969,059	–	1.30%	–
BKNG	New	BOOKING HOLDINGS INC	$167,501,470	–	62,030	–	1.20%	–
	New	NOBLE CORP PLC	$157,045,831	–	3,801,642	–	1.12%	–
GLNG	New	GOLAR LNG LTD	$153,362,676	–	7,603,504	–	1.10%	–
	New	WARNER BROS DISCOVERY INC	$142,470,765	–	11,361,305	–	1.02%	–
RIG	New	TRANSOCEAN LTD	$123,374,128	–	17,599,733	–	0.88%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$120,154,362	–	8,687,951	–	0.86%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$117,904,247	–	2,728,002	–	0.84%	–
	New	PORTILLOS INC	$115,558,465	–	5,129,093	–	0.83%	–
ABNB	New	AIRBNB INC	$114,369,472	–	892,396	–	0.82%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$92,024,349	–	6,386,145	–	0.66%	–
DG	New	DOLLAR GEN CORP NEW	$89,415,825	–	526,657	–	0.64%	–
GOLD	New	BARRICK GOLD CORP	$80,715,892	–	4,767,625	–	0.58%	–
VIPS	New	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$74,927,408	–	4,541,055	–	0.54%	–
TECK	New	TECK RESOURCES LTDcl b	$74,760,422	–	1,775,782	–	0.54%	–
	New	BORR DRILLING LTD	$67,890,028	–	9,015,940	–	0.49%	–
DAO	New	YOUDAO INCsponsored ads	$62,192,677	–	12,903,045	–	0.44%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$58,009,549	–	9,832,127	–	0.42%	–
XP	New	XP INCcl a	$56,936,599	–	2,426,965	–	0.41%	–
BUR	New	BURFORD CAP LTD	$53,883,029	–	4,423,894	–	0.39%	–
TS	New	TENARIS S Asponsored ads	$53,938,033	–	1,800,936	–	0.39%	–
MTZ	New	MASTEC INC	$51,666,259	–	437,961	–	0.37%	–
RNR	New	RENAISSANCERE HLDGS LTD	$51,503,768	–	276,130	–	0.37%	–
SPG	New	SIMON PPTY GROUP INC NEW	$47,043,665	–	407,375	–	0.34%	–
AMZN	New	AMAZON COM INC	$42,894,175	–	329,044	–	0.31%	–
CRC	New	CALIFORNIA RES CORP	$39,990,843	–	882,995	–	0.29%	–
CHD	New	CHURCH & DWIGHT CO INC	$38,513,978	–	384,256	–	0.28%	–
PAAS	New	PAN AMERN SILVER CORP	$32,047,394	–	2,198,038	–	0.23%	–
KB	New	KB FINL GROUP INCsponsored adr	$30,943,130	–	850,086	–	0.22%	–
SLB	New	SCHLUMBERGER LTD	$30,431,510	–	619,534	–	0.22%	–
MSFT	New	MICROSOFT CORP	$25,294,971	–	74,279	–	0.18%	–
GNRC	New	GENERAC HLDGS INC	$24,674,006	–	165,453	–	0.18%	–
GOOGL	New	ALPHABET INCcap stk cl a	$23,722,745	–	198,185	–	0.17%	–
NVR	New	NVR INC	$23,332,177	–	3,674	–	0.17%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$22,124,473	–	152,006	–	0.16%	–
ABEV	New	AMBEV SAsponsored adr	$21,258,516	–	6,685,068	–	0.15%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$20,885,512	–	620,669	–	0.15%	–
HLX	New	HELIX ENERGY SOLUTIONS GRP I	$20,041,970	–	2,715,714	–	0.14%	–
TXN	New	TEXAS INSTRS INC	$18,290,932	–	101,605	–	0.13%	–
	New	DIAMOND OFFSHORE DRILLING IN	$16,395,509	–	1,151,370	–	0.12%	–
MCS	New	MARCUS CORP DEL	$13,165,837	–	887,784	–	0.09%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$12,906,103	–	13,510	–	0.09%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$12,356,271	–	474,147	–	0.09%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$6,654,169	–	60,034	–	0.05%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$2,622,927	–	32,314	–	0.02%	–
	New	PERIMETER SOLUTIONS SA	$1,352,084	–	219,851	–	0.01%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$1,076,746	–	125,203	–	0.01%	–
YNDX	New	YANDEX N V	$0	–	3,056,164	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
YNDX	Exit	YANDEX N V	$0	–	-3,056,164	–	0.00%	–
	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-11,149	–	-0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-79,514	–	-0.00%	–
SPLK	Exit	SPLUNK INC	$0	–	-9,060	–	-0.01%	–
BP	Exit	BP PLCsponsored adr	$0	–	-32,213	–	-0.01%	–
KMX	Exit	CARMAX INC	$0	–	-24,588	–	-0.01%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-21,908	–	-0.02%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-251,178	–	-0.05%	–
WIX	Exit	WIX COM LTD	$0	–	-86,746	–	-0.06%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-98,680	–	-0.06%	–
HLX	Exit	HELIX ENERGY SOLUTIONS GRP I	$0	–	-2,933,122	–	-0.09%	–
CHD	Exit	CHURCH & DWIGHT CO INC	$0	–	-165,224	–	-0.10%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-271,072	–	-0.11%	–
TWTR	Exit	TWITTER INC	$0	–	-315,644	–	-0.11%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-121,890	–	-0.12%	–
KB	Exit	KB FINL GROUP INCsponsored adr	$0	–	-586,964	–	-0.14%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-59,800	–	-0.15%	–
CRM	Exit	SALESFORCE INC	$0	–	-132,315	–	-0.16%	–
MTZ	Exit	MASTEC INC	$0	–	-328,349	–	-0.17%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-145,814	–	-0.18%	–
BUR	Exit	BURFORD CAP LTD	$0	–	-3,020,048	–	-0.19%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-255,351	–	-0.20%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-37,960	–	-0.22%	–
V	Exit	VISA INC	$0	–	-161,163	–	-0.24%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-959,520	–	-0.24%	–
	Exit	BORR DRILLING LTD	$0	–	-9,089,021	–	-0.25%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-133,147	–	-0.25%	–
AMZN	Exit	AMAZON COM INC	$0	–	-287,514	–	-0.27%	–
XP	Exit	XP INCcl a	$0	–	-1,780,993	–	-0.28%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-385,908	–	-0.28%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-1,090,585	–	-0.29%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-651,758	–	-0.34%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-833,012	–	-0.34%	–
VIPS	Exit	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$0	–	-6,729,825	–	-0.46%	–
DAO	Exit	YOUDAO INCsponsored ads	$0	–	-15,186,517	–	-0.49%	–
	Exit	PORTILLOS INC	$0	–	-3,038,770	–	-0.49%	–
CNK	Exit	CINEMARK HLDGS INC	$0	–	-5,855,712	–	-0.58%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-195,734	–	-0.62%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-2,769,508	–	-0.68%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-6,077,362	–	-0.85%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-2,912,349	–	-0.92%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-13,949,630	–	-0.92%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-771,550	–	-1.05%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-26,249,728	–	-1.11%	–
GLD	Exit	SPDR GOLD TR	$0	–	-971,226	–	-1.23%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-3,336,279	–	-1.34%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-13,063,695	–	-1.66%	–
GLNG	Exit	GOLAR LNG LTD	$0	–	-8,987,491	–	-1.84%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-3,609,736	–	-1.89%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-8,246,146	–	-1.98%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-1,198,245	–	-2.20%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-3,632,510	–	-2.25%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-20,713,813	–	-2.26%	–
	Exit	CONSTELLATION ENERGY CORP	$0	–	-3,490,862	–	-2.38%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-3,122,113	–	-2.41%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-1,282,874	–	-2.52%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-700,671	–	-2.61%	–
RUN	Exit	SUNRUN INC	$0	–	-12,215,062	–	-2.76%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-11,915,666	–	-2.97%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-760,966	–	-3.15%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-4,048,740	–	-3.19%	–
AES	Exit	AES CORP	$0	–	-17,668,594	–	-3.27%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-6,037,824	–	-3.39%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-13,523,251	–	-3.43%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-11,735,132	–	-3.46%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-25,371,098	–	-3.46%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-10,097,671	–	-3.69%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-12,699,831	–	-3.70%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-4,096,127	–	-3.90%	–
	Exit	GXO LOGISTICS INCORPORATED	$0	–	-14,017,188	–	-4.03%	–
	Exit	SHELL PLCspon ads	$0	–	-11,223,840	–	-4.58%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-5,745,973	–	-5.09%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-4,309,049	–	-6.22%	–

Q3 2022

			Value		Shares		↓ Weighting
FLT	Buy	FLEETCOR TECHNOLOGIES INC	$759,125,000	-0.3%	4,309,049	+18.9%	6.22%	+1.6%
GPN	Buy	GLOBAL PMTS INC	$620,853,000	-1.0%	5,745,973	+1.4%	5.09%	+1.0%
	Buy	SHELL PLCspon ads	$558,499,000	+16.9%	11,223,840	+22.8%	4.58%	+19.2%
	Buy	GXO LOGISTICS INCORPORATED	$491,442,000	+3.0%	14,017,188	+27.1%	4.03%	+5.0%
PGR	Sell	PROGRESSIVE CORP	$476,011,000	-12.2%	4,096,127	-12.1%	3.90%	-10.5%
BTI	Sell	BRITISH AMERN TOB PLCsponsored adr	$450,844,000	-23.2%	12,699,831	-7.1%	3.70%	-21.7%
XPO	Sell	XPO LOGISTICS INC	$449,548,000	-8.4%	10,097,671	-0.9%	3.69%	-6.6%
KMI	Buy	KINDER MORGAN INC DEL	$422,176,000	+16.2%	25,371,098	+17.0%	3.46%	+18.5%
SLB	Sell	SCHLUMBERGER LTD	$421,291,000	-7.9%	11,735,132	-8.3%	3.46%	-6.1%
HWM	Sell	HOWMET AEROSPACE INC	$418,274,000	-20.8%	13,523,251	-19.5%	3.43%	-19.3%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$413,953,000	-8.7%	6,037,824	+8.9%	3.39%	-6.9%
AES	Buy	AES CORP	$399,310,000	+8.1%	17,668,594	+0.5%	3.27%	+10.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$389,286,000	+2.7%	4,048,740	+2236.1%	3.19%	+4.7%
UNH	Sell	UNITEDHEALTH GROUP INC	$384,319,000	-20.6%	760,966	-19.2%	3.15%	-19.0%
TECK	Buy	TECK RESOURCES LTDcl b	$362,356,000	+3.6%	11,915,666	+4.2%	2.97%	+5.7%
RUN	Sell	SUNRUN INC	$337,013,000	+11.2%	12,215,062	-5.9%	2.76%	+13.3%
ANTM	Sell	ELEVANCE HEALTH INC	$318,272,000	-14.5%	700,671	-9.2%	2.61%	-12.8%
DG	Sell	DOLLAR GEN CORP NEW	$307,710,000	-21.1%	1,282,874	-19.3%	2.52%	-19.6%
CHK	Sell	CHESAPEAKE ENERGY CORP	$294,134,000	+10.6%	3,122,113	-4.8%	2.41%	+12.7%
	Buy	CONSTELLATION ENERGY CORP	$290,405,000	+338.8%	3,490,862	+202.0%	2.38%	+347.6%
VALE	Buy	VALE S Asponsored ads	$275,908,000	-4.2%	20,713,813	+5.2%	2.26%	-2.3%
NTES	Sell	NETEASE INCsponsored ads	$274,618,000	-19.8%	3,632,510	-1.0%	2.25%	-18.3%
MSI	Buy	MOTOROLA SOLUTIONS INC	$268,371,000	+10.7%	1,198,245	+3.6%	2.20%	+12.9%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$230,698,000	+18.7%	3,609,736	+2.1%	1.89%	+21.0%
GLNG	Sell	GOLAR LNG LTD	$223,968,000	-10.3%	8,987,491	-18.1%	1.84%	-8.5%
GOLD	Buy	BARRICK GOLD CORP	$202,487,000	+203.9%	13,063,695	+246.8%	1.66%	+209.7%
VAL	Buy	VALARIS LIMITEDcl a	$163,278,000	+56.9%	3,336,279	+35.4%	1.34%	+60.0%
GLD	Sell	SPDR GOLD TR	$150,219,000	-22.9%	971,226	-16.0%	1.23%	-21.4%
ITUB	Sell	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$135,711,000	+6.2%	26,249,728	-12.1%	1.11%	+8.3%
GFI	Buy	GOLD FIELDS LTDsponsored adr	$112,853,000	+42.4%	13,949,630	+60.6%	0.92%	+45.2%
CRC	Buy	CALIFORNIA RES CORP	$111,921,000	+2.9%	2,912,349	+3.1%	0.92%	+4.9%
ARNC	Sell	ARCONIC CORPORATION	$103,558,000	-43.7%	6,077,362	-7.3%	0.85%	-42.6%
MGM	Sell	MGM RESORTS INTERNATIONAL	$82,310,000	-44.2%	2,769,508	-45.6%	0.68%	-43.1%
CNK	Buy	CINEMARK HLDGS INC	$70,913,000	-6.4%	5,855,712	+16.1%	0.58%	-4.6%
	New	PORTILLOS INC	$59,833,000	–	3,038,770	–	0.49%	–
DAO	Buy	YOUDAO INCsponsored ads	$59,683,000	-18.1%	15,186,517	+2.6%	0.49%	-16.6%
VIPS	Buy	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$56,598,000	+10.4%	6,729,825	+29.8%	0.46%	+12.6%
DD	Buy	DUPONT DE NEMOURS INC	$41,984,000	-8.9%	833,012	+0.4%	0.34%	-7.3%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$40,898,000	+38.4%	651,758	+48.9%	0.34%	+40.8%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$35,291,000	-41.2%	1,090,585	-34.6%	0.29%	-40.2%
SPG	Buy	SIMON PPTY GROUP INC NEW	$34,636,000	+4.3%	385,908	+10.3%	0.28%	+6.4%
XP	Buy	XP INCcl a	$33,856,000	+111.9%	1,780,993	+100.2%	0.28%	+115.5%
AMZN	Buy	AMAZON COM INC	$32,489,000	+7.0%	287,514	+0.6%	0.27%	+9.0%
MSFT	Buy	MICROSOFT CORP	$31,010,000	-8.6%	133,147	+0.8%	0.25%	-7.0%
	Buy	BORR DRILLING LTD	$30,176,000	+760.0%	9,089,021	+1094.3%	0.25%	+782.1%
LUV	Buy	SOUTHWEST AIRLS CO	$29,591,000	-14.3%	959,520	+0.4%	0.24%	-12.6%
V	Buy	VISA INC	$28,631,000	-9.2%	161,163	+0.6%	0.24%	-7.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$24,424,000	-11.6%	255,351	+1914.9%	0.20%	-9.9%
BUR	Buy	BURFORD CAP LTD	$22,650,000	-24.0%	3,020,048	+2.3%	0.19%	-22.5%
TXN	Buy	TEXAS INSTRS INC	$22,569,000	+58.3%	145,814	+57.1%	0.18%	+60.9%
MTZ	Buy	MASTEC INC	$20,850,000	+58.1%	328,349	+78.4%	0.17%	+61.3%
CRM	Buy	SALESFORCE INC	$19,032,000	-12.1%	132,315	+0.9%	0.16%	-10.3%
SPGI	Buy	S&P GLOBAL INC	$18,260,000	-8.8%	59,800	+0.6%	0.15%	-6.8%
KB	Buy	KB FINL GROUP INCsponsored adr	$17,691,000	-14.2%	586,964	+5.9%	0.14%	-12.7%
HLT	New	HILTON WORLDWIDE HLDGS INC	$14,702,000	–	121,890	–	0.12%	–
TWTR	New	TWITTER INC	$13,838,000	–	315,644	–	0.11%	–
MU	Buy	MICRON TECHNOLOGY INC	$13,581,000	-2.0%	271,072	+8.1%	0.11%	0.0%
CHD	Buy	CHURCH & DWIGHT CO INC	$11,804,000	-14.6%	165,224	+10.7%	0.10%	-12.6%
HLX	Buy	HELIX ENERGY SOLUTIONS GRP I	$11,322,000	+51.0%	2,933,122	+21.3%	0.09%	+55.0%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$7,107,000	-9.0%	98,680	-9.6%	0.06%	-7.9%
WIX	Buy	WIX COM LTD	$6,786,000	+20.2%	86,746	+0.7%	0.06%	+24.4%
TS	New	TENARIS S Asponsored ads	$6,490,000	–	251,178	–	0.05%	–
BP	Sell	BP PLCsponsored adr	$920,000	-12.0%	32,213	-12.6%	0.01%	0.0%
SPLK	New	SPLUNK INC	$681,000	–	9,060	–	0.01%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-2,608	–	-0.00%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-668,081	–	-0.06%	–
PRIM	Exit	PRIMORIS SVCS CORP	$0	–	-450,373	–	-0.08%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-344,536	–	-0.08%	–
AA	Exit	ALCOA CORP	$0	–	-362,015	–	-0.13%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-529,931	–	-0.48%	–

Q2 2022

			Value		Shares		↓ Weighting
FLT	New	FLEETCOR TECHNOLOGIES INC	$761,448,000	–	3,624,046	–	6.12%	–
GPN	New	GLOBAL PMTS INC	$626,865,000	–	5,665,805	–	5.04%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$586,795,000	–	13,675,013	–	4.72%	–
PGR	New	PROGRESSIVE CORP	$542,015,000	–	4,661,685	–	4.36%	–
HWM	New	HOWMET AEROSPACE INC	$528,140,000	–	16,792,998	–	4.25%	–
XPO	New	XPO LOGISTICS INC	$490,516,000	–	10,185,138	–	3.94%	–
UNH	New	UNITEDHEALTH GROUP INC	$483,858,000	–	942,036	–	3.89%	–
	New	SHELL PLCspon ads	$477,811,000	–	9,137,713	–	3.84%	–
	New	GXO LOGISTICS INCORPORATED	$477,307,000	–	11,030,903	–	3.84%	–
SLB	New	SCHLUMBERGER LTD	$457,650,000	–	12,797,828	–	3.68%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$453,203,000	–	5,543,772	–	3.64%	–
DG	New	DOLLAR GEN CORP NEW	$390,043,000	–	1,589,161	–	3.14%	–
GOOG	New	ALPHABET INCcap stk cl c	$379,116,000	–	173,314	–	3.05%	–
ANTM	New	ELEVANCE HEALTH INC	$372,250,000	–	771,374	–	2.99%	–
AES	New	AES CORP	$369,505,000	–	17,587,104	–	2.97%	–
KMI	New	KINDER MORGAN INC DEL	$363,285,000	–	21,675,645	–	2.92%	–
TECK	New	TECK RESOURCES LTDcl b	$349,596,000	–	11,435,926	–	2.81%	–
NTES	New	NETEASE INCsponsored ads	$342,502,000	–	3,668,611	–	2.76%	–
CMCSA	New	COMCAST CORP NEWcl a	$323,578,000	–	8,246,146	–	2.60%	–
RUN	New	SUNRUN INC	$303,089,000	–	12,974,727	–	2.44%	–
VALE	New	VALE S Asponsored ads	$287,991,000	–	19,684,989	–	2.32%	–
CHK	New	CHESAPEAKE ENERGY CORP	$266,009,000	–	3,280,009	–	2.14%	–
GLNG	New	GOLAR LNG LTD	$249,642,000	–	10,973,263	–	2.01%	–
MSI	New	MOTOROLA SOLUTIONS INC	$242,488,000	–	1,156,908	–	1.95%	–
GLD	New	SPDR GOLD TR	$194,816,000	–	1,156,457	–	1.57%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$194,414,000	–	3,534,154	–	1.56%	–
ARNC	New	ARCONIC CORPORATION	$183,988,000	–	6,559,287	–	1.48%	–
MGM	New	MGM RESORTS INTERNATIONAL	$147,501,000	–	5,094,995	–	1.19%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$127,771,000	–	29,852,963	–	1.03%	–
CRC	New	CALIFORNIA RES CORP	$108,762,000	–	2,825,002	–	0.88%	–
VAL	New	VALARIS LIMITEDcl a	$104,063,000	–	2,463,610	–	0.84%	–
LNG	New	CHENIERE ENERGY INC	$102,639,000	–	771,550	–	0.83%	–
LMT	New	LOCKHEED MARTIN CORP	$84,158,000	–	195,734	–	0.68%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$79,233,000	–	8,687,802	–	0.64%	–
CNK	New	CINEMARK HLDGS INC	$75,773,000	–	5,044,822	–	0.61%	–
DAO	New	YOUDAO INCsponsored ads	$72,842,000	–	14,805,324	–	0.59%	–
GOLD	New	BARRICK GOLD CORP	$66,635,000	–	3,766,814	–	0.54%	–
	New	CONSTELLATION ENERGY CORP	$66,180,000	–	1,155,777	–	0.53%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$60,243,000	–	529,931	–	0.48%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$60,056,000	–	1,666,814	–	0.48%	–
VIPS	New	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$51,267,000	–	5,183,643	–	0.41%	–
DD	New	DUPONT DE NEMOURS INC	$46,101,000	–	829,458	–	0.37%	–
LUV	New	SOUTHWEST AIRLS CO	$34,529,000	–	955,948	–	0.28%	–
MSFT	New	MICROSOFT CORP	$33,923,000	–	132,085	–	0.27%	–
SPG	New	SIMON PPTY GROUP INC NEW	$33,222,000	–	349,995	–	0.27%	–
V	New	VISA INC	$31,531,000	–	160,145	–	0.25%	–
AMZN	New	AMAZON COM INC	$30,352,000	–	285,773	–	0.24%	–
BUR	New	BURFORD CAP LTD	$29,798,000	–	2,953,238	–	0.24%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$29,544,000	–	437,752	–	0.24%	–
GOOGL	New	ALPHABET INCcap stk cl a	$27,618,000	–	12,673	–	0.22%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$23,982,000	–	37,960	–	0.19%	–
CRM	New	SALESFORCE INC	$21,650,000	–	131,178	–	0.17%	–
KB	New	KB FINL GROUP INCsponsored adr	$20,626,000	–	554,456	–	0.17%	–
SPGI	New	S&P GLOBAL INC	$20,029,000	–	59,423	–	0.16%	–
AA	New	ALCOA CORP	$16,501,000	–	362,015	–	0.13%	–
XP	New	XP INCcl a	$15,979,000	–	889,695	–	0.13%	–
TXN	New	TEXAS INSTRS INC	$14,260,000	–	92,808	–	0.12%	–
MU	New	MICRON TECHNOLOGY INC	$13,859,000	–	250,702	–	0.11%	–
CHD	New	CHURCH & DWIGHT CO INC	$13,825,000	–	149,195	–	0.11%	–
MTZ	New	MASTEC INC	$13,189,000	–	184,054	–	0.11%	–
PRIM	New	PRIMORIS SVCS CORP	$9,800,000	–	450,373	–	0.08%	–
VNO	New	VORNADO RLTY TRsh ben int	$9,851,000	–	344,536	–	0.08%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$7,937,000	–	668,081	–	0.06%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$7,809,000	–	109,197	–	0.06%	–
HLX	New	HELIX ENERGY SOLUTIONS GRP I	$7,496,000	–	2,418,028	–	0.06%	–
WIX	New	WIX COM LTD	$5,644,000	–	86,107	–	0.04%	–
	New	BORR DRILLING LTD	$3,509,000	–	761,064	–	0.03%	–
KMX	New	CARMAX INC	$2,225,000	–	24,588	–	0.02%	–
PYPL	New	PAYPAL HLDGS INC	$1,530,000	–	21,908	–	0.01%	–
BP	New	BP PLCsponsored adr	$1,045,000	–	36,845	–	0.01%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$469,000	–	79,514	–	0.00%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$201,000	–	2,608	–	0.00%	–
	New	DIAMOND OFFSHORE DRILLING IN	$66,000	–	11,149	–	0.00%	–
YNDX	New	YANDEX N V	$0	–	3,056,164	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
TM	Exit	TOYOTA MOTOR CORP	$0	–	-1,574	–	-0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-83,138	–	-0.00%	–
PSFE	Exit	PAYSAFE LIMITEDord	$0	–	-100,408	–	-0.01%	–
BORR	Exit	BORR DRILLING LTD	$0	–	-2,303,462	–	-0.01%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-8,915	–	-0.04%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-13,267	–	-0.04%	–
KMX	Exit	CARMAX INC	$0	–	-49,421	–	-0.04%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-421,851	–	-0.05%	–
WIX	Exit	WIX COM LTD	$0	–	-38,310	–	-0.05%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-104,649	–	-0.06%	–
KB	Exit	KB FINL GROUP INCsponsored adr	$0	–	-182,369	–	-0.06%	–
VGR	Exit	VECTOR GROUP LTD	$0	–	-756,493	–	-0.07%	–
ING	Exit	ING GROEP N.V.sponsored adr	$0	–	-763,193	–	-0.08%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-200,353	–	-0.08%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-529,851	–	-0.14%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-75,468	–	-0.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-87,693	–	-0.17%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-763,975	–	-0.18%	–
BUR	Exit	BURFORD CAP LTD	$0	–	-2,621,323	–	-0.20%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-532,284	–	-0.25%	–
CNK	Exit	CINEMARK HLDGS INC	$0	–	-1,947,127	–	-0.26%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-304,551	–	-0.27%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-1,031,085	–	-0.29%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-16,297	–	-0.30%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-2,608,305	–	-0.32%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-950,839	–	-0.34%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-2,532,137	–	-0.43%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,385,199	–	-0.48%	–
BP	Exit	BP PLCsponsored adr	$0	–	-2,843,677	–	-0.53%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-15,274,129	–	-0.55%	–
ATHM	Exit	AUTOHOME INCsp ads rp cl a	$0	–	-1,887,024	–	-0.61%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-2,826,824	–	-0.86%	–
GLNG	Exit	GOLAR LNG LTD	$0	–	-11,784,827	–	-1.05%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG PL	$0	–	-2,820,393	–	-1.06%	–
DAO	Exit	YOUDAO INCsponsored ads	$0	–	-14,141,849	–	-1.17%	–
AA	Exit	ALCOA CORP	$0	–	-3,986,148	–	-1.34%	–
RUN	Exit	SUNRUN INC	$0	–	-4,458,305	–	-1.35%	–
GLD	Exit	SPDR GOLD TR	$0	–	-1,312,225	–	-1.48%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,382,165	–	-1.60%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,730,419	–	-1.76%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-1,278,050	–	-1.86%	–
AES	Exit	AES CORP	$0	–	-13,842,999	–	-2.17%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-10,079,072	–	-2.18%	–
AMZN	Exit	AMAZON COM INC	$0	–	-98,373	–	-2.22%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,006,654	–	-2.23%	–
NFLX	Exit	NETFLIX INC	$0	–	-551,652	–	-2.31%	–
YNDX	Exit	YANDEX N V	$0	–	-4,978,401	–	-2.72%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-4,514,803	–	-2.80%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-4,797,975	–	-2.86%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,349,340	–	-3.14%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-10,829,384	–	-3.21%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-2,084,638	–	-3.32%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-3,170,778	–	-3.43%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-2,024,187	–	-3.63%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-16,247,599	–	-3.94%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-20,337,701	–	-4.36%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,718,049	–	-4.40%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,886,165	–	-5.06%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-13,323,975	–	-5.12%	–
	Exit	GXO LOGISTICS INCORPORATED	$0	–	-10,690,074	–	-5.76%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-10,966,818	–	-5.99%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-16,313,060	–	-9.56%	–

Q3 2021

			Value		Shares		↓ Weighting
NTES	Sell	NETEASE INCsponsored ads	$1,393,135,000	-34.6%	16,313,060	-11.7%	9.56%	-28.9%
XPO	Sell	XPO LOGISTICS INC	$872,739,000	-44.3%	10,966,818	-2.1%	5.99%	-39.5%
	New	GXO LOGISTICS INCORPORATED	$838,529,000	–	10,690,074	–	5.76%	–
CMCSA	Sell	COMCAST CORP NEWcl a	$745,210,000	-18.5%	13,323,975	-16.9%	5.12%	-11.5%
UNH	Buy	UNITEDHEALTH GROUP INC	$737,000,000	+1.0%	1,886,165	+3.5%	5.06%	+9.7%
ANTM	Sell	ANTHEM INC	$640,489,000	-21.8%	1,718,049	-19.9%	4.40%	-15.1%
HWM	Sell	HOWMET AEROSPACE INC	$634,536,000	-12.2%	20,337,701	-3.0%	4.36%	-4.7%
BTI	Sell	BRITISH AMERN TOB PLCsponsored adr	$573,216,000	-24.5%	16,247,599	-15.9%	3.94%	-18.0%
FLT	Buy	FLEETCOR TECHNOLOGIES INC	$528,859,000	+403.3%	2,024,187	+393.3%	3.63%	+446.8%
GPN	Buy	GLOBAL PMTS INC	$499,651,000	+52605.8%	3,170,778	+62650.4%	3.43%	+57083.3%
MSI	Sell	MOTOROLA SOLUTIONS INC	$484,303,000	-10.9%	2,084,638	-16.8%	3.32%	-3.3%
MGM	Sell	MGM RESORTS INTERNATIONAL	$467,288,000	-7.4%	10,829,384	-8.5%	3.21%	+0.6%
FB	Sell	FACEBOOK INCcl a	$457,952,000	-10.6%	1,349,340	-8.4%	3.14%	-2.9%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$416,081,000	-33.7%	4,797,975	-35.4%	2.86%	-28.0%
PGR	New	PROGRESSIVE CORP	$408,093,000	–	4,514,803	–	2.80%	–
YNDX	Sell	YANDEX N V	$396,729,000	-5.3%	4,978,401	-15.9%	2.72%	+2.9%
NFLX	Sell	NETFLIX INC	$336,695,000	+13.7%	551,652	-1.6%	2.31%	+23.5%
ABBV	Sell	ABBVIE INC	$324,328,000	-56.6%	3,006,654	-54.7%	2.23%	-52.9%
AMZN	Sell	AMAZON COM INC	$323,160,000	-5.7%	98,373	-1.3%	2.22%	+2.4%
ARNC	Sell	ARCONIC CORPORATION	$317,894,000	-16.1%	10,079,072	-5.2%	2.18%	-8.9%
AES	Buy	AES CORP	$316,036,000	-1.3%	13,842,999	+12.7%	2.17%	+7.2%
DG	Buy	DOLLAR GEN CORP NEW	$271,126,000	+4028.0%	1,278,050	+4110.9%	1.86%	+4333.3%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$256,189,000	-49.4%	1,730,419	-22.5%	1.76%	-45.0%
DIS	Sell	DISNEY WALT CO	$233,821,000	-32.2%	1,382,165	-29.6%	1.60%	-26.4%
GLD	Sell	SPDR GOLD TR	$215,493,000	-2.2%	1,312,225	-1.4%	1.48%	+6.2%
RUN	Buy	SUNRUN INC	$196,166,000	-0.9%	4,458,305	+25.6%	1.35%	+7.6%
AA	Sell	ALCOA CORP	$195,082,000	-10.7%	3,986,148	-32.8%	1.34%	-3.0%
DAO	Buy	YOUDAO INCsponsored ads	$170,975,000	-43.1%	14,141,849	+8.7%	1.17%	-38.2%
ST	Sell	SENSATA TECHNOLOGIES HLDG PL	$154,332,000	-7.5%	2,820,393	-2.0%	1.06%	+0.6%
GLNG	Sell	GOLAR LNG LTD	$152,849,000	-2.7%	11,784,827	-0.6%	1.05%	+5.6%
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$125,143,000	+25.1%	2,826,824	+9.8%	0.86%	+35.9%
ATHM	Sell	AUTOHOME INCsp ads rp cl a	$88,558,000	-57.9%	1,887,024	-42.6%	0.61%	-54.3%
ITUB	Buy	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$80,495,000	+2.2%	15,274,129	+16.6%	0.55%	+11.0%
BP	Sell	BP PLCsponsored adr	$77,718,000	-34.2%	2,843,677	-36.4%	0.53%	-28.5%
SLB	Buy	SCHLUMBERGER LTD	$70,697,000	+2.8%	2,385,199	+11.1%	0.48%	+11.5%
TECK	Buy	TECK RESOURCES LTDcl b	$63,076,000	+540.3%	2,532,137	+492.2%	0.43%	+598.4%
LUV	Buy	SOUTHWEST AIRLS CO	$48,901,000	+2.4%	950,839	+5.7%	0.34%	+11.3%
GOLD	Buy	BARRICK GOLD CORP	$47,080,000	-3.6%	2,608,305	+10.5%	0.32%	+4.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$43,437,000	-7.7%	16,297	-13.2%	0.30%	0.0%
CRC	Buy	CALIFORNIA RES CORP	$42,274,000	+36.5%	1,031,085	+0.3%	0.29%	+48.0%
SPG	Buy	SIMON PPTY GROUP INC NEW	$39,583,000	+16.5%	304,551	+16.9%	0.27%	+26.5%
CNK	New	CINEMARK HLDGS INC	$37,405,000	–	1,947,127	–	0.26%	–
DD	Buy	DUPONT DE NEMOURS INC	$36,190,000	+6.9%	532,284	+21.7%	0.25%	+15.9%
BUR	Buy	BURFORD CAP LTD	$28,809,000	+13.4%	2,621,323	+7.3%	0.20%	+23.0%
VAL	Buy	VALARIS LIMITEDcl a	$26,647,000	+134.5%	763,975	+94.2%	0.18%	+154.2%
MSFT	Sell	MICROSOFT CORP	$24,722,000	-0.9%	87,693	-4.8%	0.17%	+7.6%
CHK	New	CHESAPEAKE ENERGY CORP	$12,340,000	–	200,353	–	0.08%	–
ING	Sell	ING GROEP N.V.sponsored adr	$11,059,000	-19.2%	763,193	-26.1%	0.08%	-12.6%
ATVI	Buy	ACTIVISION BLIZZARD INC	$8,099,000	+50.0%	104,649	+85.0%	0.06%	+64.7%
KMI	New	KINDER MORGAN INC DEL	$7,057,000	–	421,851	–	0.05%	–
ORLY	Buy	OREILLY AUTOMOTIVE INC	$5,448,000	+14.7%	8,915	+6.3%	0.04%	+23.3%
PSFE	New	PAYSAFE LIMITEDord	$778,000	–	100,408	–	0.01%	–
TM	Sell	TOYOTA MOTOR CORP	$280,000	-97.7%	1,574	-97.7%	0.00%	-97.4%
WSC	Exit	WILLSCOT MOBIL MINI HLDNG CO	$0	–	-34,047	–	-0.01%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-60,810	–	-0.01%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-15,179	–	-0.02%	–
AON	Exit	AON PLC	$0	–	-11,929	–	-0.02%	–
FDX	Exit	FEDEX CORP	$0	–	-11,669	–	-0.02%	–
GO	Exit	GROCERY OUTLET HLDG CORP	$0	–	-418,421	–	-0.09%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-162,760	–	-0.12%	–
DOYU	Exit	DOUYU INTL HLDGS LTDsponsored ads	$0	–	-3,291,952	–	-0.14%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-924,366	–	-1.12%	–

Q2 2021

			Value		Shares		↓ Weighting
NTES	New	NETEASE INCsponsored ads	$2,128,872,000	–	18,471,776	–	13.46%	–
XPO	New	XPO LOGISTICS INC	$1,566,412,000	–	11,197,458	–	9.90%	–
CMCSA	New	COMCAST CORP NEWcl a	$913,937,000	–	16,028,359	–	5.78%	–
ANTM	New	ANTHEM INC	$819,194,000	–	2,145,610	–	5.18%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$759,186,000	–	19,312,807	–	4.80%	–
ABBV	New	ABBVIE INC	$747,072,000	–	6,632,385	–	4.72%	–
UNH	New	UNITEDHEALTH GROUP INC	$729,670,000	–	1,822,170	–	4.61%	–
HWM	New	HOWMET AEROSPACE INC	$722,924,000	–	20,972,535	–	4.57%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$627,855,000	–	7,429,362	–	3.97%	–
MSI	New	MOTOROLA SOLUTIONS INC	$543,623,000	–	2,506,912	–	3.44%	–
FB	New	FACEBOOK INCcl a	$512,293,000	–	1,473,334	–	3.24%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$506,120,000	–	2,231,768	–	3.20%	–
MGM	New	MGM RESORTS INTERNATIONAL	$504,558,000	–	11,830,186	–	3.19%	–
YNDX	New	YANDEX N V	$418,775,000	–	5,919,088	–	2.65%	–
ARNC	New	ARCONIC CORPORATION	$378,890,000	–	10,637,006	–	2.40%	–
DIS	New	DISNEY WALT CO	$345,060,000	–	1,963,136	–	2.18%	–
AMZN	New	AMAZON COM INC	$342,758,000	–	99,634	–	2.17%	–
AES	New	AES CORP	$320,133,000	–	12,279,728	–	2.02%	–
DAO	New	YOUDAO INCsponsored ads	$300,313,000	–	13,006,210	–	1.90%	–
NFLX	New	NETFLIX INC	$296,091,000	–	560,556	–	1.87%	–
GLD	New	SPDR GOLD TR	$220,395,000	–	1,330,648	–	1.39%	–
AA	New	ALCOA CORP	$218,425,000	–	5,929,017	–	1.38%	–
ATHM	New	AUTOHOME INCsp ads rp cl a	$210,431,000	–	3,290,033	–	1.33%	–
RUN	New	SUNRUN INC	$197,998,000	–	3,549,626	–	1.25%	–
DEO	New	DIAGEO PLCspon adr new	$177,192,000	–	924,366	–	1.12%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$166,761,000	–	2,876,682	–	1.05%	–
GLNG	New	GOLAR LNG LTD	$157,104,000	–	11,856,870	–	0.99%	–
BP	New	BP PLCsponsored adr	$118,087,000	–	4,469,573	–	0.75%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$105,080,000	–	410,372	–	0.66%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$99,998,000	–	2,575,283	–	0.63%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$78,733,000	–	13,100,263	–	0.50%	–
SLB	New	SCHLUMBERGER LTD	$68,744,000	–	2,147,551	–	0.44%	–
GOLD	New	BARRICK GOLD CORP	$48,834,000	–	2,361,384	–	0.31%	–
LUV	New	SOUTHWEST AIRLS CO	$47,777,000	–	899,922	–	0.30%	–
GOOG	New	ALPHABET INCcap stk cl c	$47,061,000	–	18,777	–	0.30%	–
SPG	New	SIMON PPTY GROUP INC NEW	$33,980,000	–	260,430	–	0.22%	–
DD	New	DUPONT DE NEMOURS INC	$33,855,000	–	437,358	–	0.21%	–
CRC	New	CALIFORNIA RES CORP	$30,978,000	–	1,027,816	–	0.20%	–
BUR	New	BURFORD CAP LTD	$25,394,000	–	2,444,055	–	0.16%	–
MSFT	New	MICROSOFT CORP	$24,944,000	–	92,078	–	0.16%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$23,351,000	–	529,851	–	0.15%	–
DOYU	New	DOUYU INTL HLDGS LTDsponsored ads	$22,517,000	–	3,291,952	–	0.14%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$19,558,000	–	162,760	–	0.12%	–
CRM	New	SALESFORCE COM INC	$18,435,000	–	75,468	–	0.12%	–
GO	New	GROCERY OUTLET HLDG CORP	$14,503,000	–	418,421	–	0.09%	–
ING	New	ING GROEP N.V.sponsored adr	$13,681,000	–	1,033,293	–	0.09%	–
TM	New	TOYOTA MOTOR CORP	$11,980,000	–	68,519	–	0.08%	–
VAL	New	VALARIS LIMITEDcl a	$11,363,000	–	393,489	–	0.07%	–
WIX	New	WIX COM LTD	$11,121,000	–	38,310	–	0.07%	–
VGR	New	VECTOR GROUP LTD	$10,697,000	–	756,493	–	0.07%	–
TECK	New	TECK RESOURCES LTDcl b	$9,851,000	–	427,579	–	0.06%	–
KB	New	KB FINL GROUP INCsponsored adr	$8,991,000	–	182,369	–	0.06%	–
DG	New	DOLLAR GEN CORP NEW	$6,568,000	–	30,351	–	0.04%	–
KMX	New	CARMAX INC	$6,383,000	–	49,421	–	0.04%	–
ATVI	New	ACTIVISION BLIZZARD INC	$5,400,000	–	56,579	–	0.03%	–
SPGI	New	S&P GLOBAL INC	$5,445,000	–	13,267	–	0.03%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$4,750,000	–	8,389	–	0.03%	–
FDX	New	FEDEX CORP	$3,481,000	–	11,669	–	0.02%	–
AON	New	AON PLC	$2,848,000	–	11,929	–	0.02%	–
COF	New	CAPITAL ONE FINL CORP	$2,348,000	–	15,179	–	0.02%	–
HMC	New	HONDA MOTOR LTD	$1,957,000	–	60,810	–	0.01%	–
BORR	New	BORR DRILLING LTD	$1,872,000	–	2,303,462	–	0.01%	–
GPN	New	GLOBAL PMTS INC	$948,000	–	5,053	–	0.01%	–
WSC	New	WILLSCOT MOBIL MINI HLDNG CO	$949,000	–	34,047	–	0.01%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$573,000	–	83,138	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
BMYRT	Exit	BRISTOL-MYERS SQUIBB COright 99/99/9999	$0	–	-121,479	–	-0.00%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-76,700	–	-0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-83,138	–	-0.00%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-13,801	–	-0.01%	–
BORR	Exit	BORR DRILLING LTD	$0	–	-2,326,616	–	-0.01%	–
INGR	Exit	INGREDION INC	$0	–	-17,337	–	-0.01%	–
NKE	Exit	NIKE INCcl b	$0	–	-10,517	–	-0.01%	–
RUN	Exit	SUNRUN INC	$0	–	-18,019	–	-0.01%	–
FDX	Exit	FEDEX CORP	$0	–	-5,933	–	-0.01%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-55,325	–	-0.02%	–
ROST	Exit	ROSS STORES INC	$0	–	-30,668	–	-0.02%	–
KMX	Exit	CARMAX INC	$0	–	-35,189	–	-0.02%	–
AES	Exit	AES CORP	$0	–	-179,985	–	-0.03%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-401,020	–	-0.03%	–
CBOE	Exit	CBOE GLOBAL MARKETS INC	$0	–	-46,753	–	-0.03%	–
C	Exit	CITIGROUP INC	$0	–	-104,334	–	-0.04%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-22,754	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-30,179	–	-0.05%	–
VGR	Exit	VECTOR GROUP LTD	$0	–	-801,511	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-262,602	–	-0.08%	–
KB	Exit	KB FINL GROUP INCsponsored adr	$0	–	-323,209	–	-0.08%	–
ING	Exit	ING GROEP N.V.sponsored adr	$0	–	-1,600,382	–	-0.09%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-101,440	–	-0.11%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-854,989	–	-0.16%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-266,515	–	-0.17%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-394,965	–	-0.17%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-518,256	–	-0.22%	–
MAN	Exit	MANPOWERGROUP INC	$0	–	-468,668	–	-0.27%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,355,568	–	-0.29%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-307,467	–	-0.33%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-20,563,689	–	-0.37%	–
BP	Exit	BP PLCsponsored adr	$0	–	-2,690,901	–	-0.37%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-5,032,509	–	-0.42%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-2,531,766	–	-0.48%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-2,289,898	–	-0.51%	–
GLNG	Exit	GOLAR LNG LTD	$0	–	-10,850,555	–	-0.52%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,787,711	–	-0.53%	–
SAM	Exit	BOSTON BEER INCcl a	$0	–	-90,168	–	-0.63%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-2,448,881	–	-0.83%	–
AA	Exit	ALCOA CORP	$0	–	-10,960,698	–	-1.00%	–
APA	Exit	APACHE CORP	$0	–	-15,511,522	–	-1.16%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-8,429,789	–	-1.44%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-136,247	–	-1.58%	–
GLD	Exit	SPDR GOLD TR	$0	–	-1,226,395	–	-1.71%	–
DAO	Exit	YOUDAO INCsponsored ads	$0	–	-9,388,994	–	-1.91%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,079,591	–	-2.03%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-3,240,162	–	-2.07%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-14,027,118	–	-2.10%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-5,686,154	–	-2.51%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-2,187,501	–	-2.70%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,463,115	–	-3.38%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,987,817	–	-4.10%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-31,766,556	–	-4.18%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-6,555,596	–	-4.95%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-19,038,275	–	-5.42%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,238,566	–	-5.49%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-16,239,473	–	-5.91%	–
ABBV	Exit	ABBVIE INC	$0	–	-9,271,187	–	-6.39%	–
ANTM	Exit	ANTHEM INC	$0	–	-3,469,971	–	-7.33%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-16,178,615	–	-10.78%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-4,142,219	–	-14.82%	–

Q3 2020

			Value		Shares		↓ Weighting
NTES	Sell	NETEASE INCsponsored ads	$1,883,343,000	-25.1%	4,142,219	-29.3%	14.82%	-21.7%
XPO	Sell	XPO LOGISTICS INC	$1,369,681,000	+2.2%	16,178,615	-6.8%	10.78%	+6.9%
ANTM	Buy	ANTHEM INC	$931,999,000	+5.3%	3,469,971	+3.1%	7.33%	+10.1%
ABBV	Sell	ABBVIE INC	$812,063,000	-21.6%	9,271,187	-12.1%	6.39%	-18.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$751,238,000	+14.3%	16,239,473	-3.7%	5.91%	+19.6%
UNH	Buy	UNITEDHEALTH GROUP INC	$697,918,000	+6.7%	2,238,566	+0.9%	5.49%	+11.5%
BTI	Buy	BRITISH AMERN TOB PLCsponsored adr	$688,234,000	+2.4%	19,038,275	+9.9%	5.42%	+7.1%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$629,337,000	+15.2%	6,555,596	-9.4%	4.95%	+20.5%
HWM	Sell	HOWMET AEROSPACE INC	$531,137,000	-10.0%	31,766,556	-14.6%	4.18%	-5.8%
FB	Sell	FACEBOOK INCcl a	$520,609,000	-11.3%	1,987,817	-23.1%	4.10%	-7.3%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$430,126,000	+23.2%	1,463,115	-9.6%	3.38%	+28.9%
MSI	Buy	MOTOROLA SOLUTIONS INC	$343,023,000	+294.6%	2,187,501	+252.6%	2.70%	+312.7%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$319,505,000	+34.2%	5,686,154	+48.1%	2.51%	+40.4%
ARNC	Sell	ARCONIC CORPORATION	$267,217,000	+15.7%	14,027,118	-15.4%	2.10%	+21.0%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$262,680,000	+25.5%	3,240,162	-12.1%	2.07%	+31.2%
DIS	Buy	DISNEY WALT CO	$258,035,000	+12.7%	2,079,591	+1.3%	2.03%	+17.9%
DAO	Buy	YOUDAO INCsponsored ads	$242,612,000	-21.6%	9,388,994	+13.7%	1.91%	-18.1%
GLD	Sell	SPDR GOLD TR	$217,219,000	+2.7%	1,226,395	-2.9%	1.71%	+7.4%
GOOG	Sell	ALPHABET INCcap stk cl c	$200,229,000	-24.7%	136,247	-27.6%	1.58%	-21.3%
MGM	New	MGM RESORTS INTERNATIONAL	$183,348,000	–	8,429,789	–	1.44%	–
APA	Sell	APACHE CORP	$146,895,000	-30.4%	15,511,522	-0.8%	1.16%	-27.2%
AA	Sell	ALCOA CORP	$127,473,000	+2.2%	10,960,698	-1.2%	1.00%	+6.9%
ST	Sell	SENSATA TECHNOLOGIES HLDNG P	$105,645,000	-29.0%	2,448,881	-38.7%	0.83%	-25.7%
SAM	New	BOSTON BEER INCcl a	$79,651,000	–	90,168	–	0.63%	–
LUV	Buy	SOUTHWEST AIRLS CO	$67,039,000	+40.7%	1,787,711	+28.2%	0.53%	+47.1%
GLNG	Sell	GOLAR LNG LTD	$65,700,000	-18.8%	10,850,555	-2.9%	0.52%	-15.1%
GOLD	Sell	BARRICK GOLD CORP	$64,369,000	-8.6%	2,289,898	-12.4%	0.51%	-4.3%
VALE	Sell	VALE S Asponsored ads	$53,244,000	-83.4%	5,032,509	-83.8%	0.42%	-82.6%
BP	Sell	BP PLCsponsored adr	$46,983,000	-29.8%	2,690,901	-6.3%	0.37%	-26.6%
ABEV	Sell	AMBEV SAsponsored adr	$46,474,000	-35.6%	20,563,689	-24.8%	0.37%	-32.6%
DEO	New	DIAGEO PLCspon adr new	$42,326,000	–	307,467	–	0.33%	–
MAN	New	MANPOWERGROUP INC	$34,367,000	–	468,668	–	0.27%	–
WPM	Sell	WHEATON PRECIOUS METALS CORP	$27,930,000	+10.7%	518,256	-0.0%	0.22%	+15.8%
DD	Buy	DUPONT DE NEMOURS INC	$21,913,000	+4.6%	394,965	+0.2%	0.17%	+8.9%
RYAAY	Sell	RYANAIR HOLDINGS PLCsponsored ads	$21,790,000	-38.4%	266,515	-50.0%	0.17%	-35.7%
HMC	Sell	HONDA MOTOR LTD	$20,263,000	-21.5%	854,989	-15.4%	0.16%	-18.0%
TM	Sell	TOYOTA MOTOR CORP	$13,435,000	+5.4%	101,440	-0.0%	0.11%	+10.4%
ING	Sell	ING GROEP N.V.sponsored adr	$11,331,000	-18.3%	1,600,382	-20.3%	0.09%	-14.4%
KB	Sell	KB FINL GROUP INCsponsored adr	$10,382,000	+15.4%	323,209	-0.1%	0.08%	+20.6%
MO	Sell	ALTRIA GROUP INC	$10,147,000	-44.1%	262,602	-43.2%	0.08%	-41.2%
VGR	Buy	VECTOR GROUP LTD	$7,767,000	-3.5%	801,511	+0.2%	0.06%	0.0%
CBOE	Buy	CBOE GLOBAL MARKETS INC	$4,102,000	+4.3%	46,753	+10.9%	0.03%	+6.7%
CS	Sell	CREDIT SUISSE GROUPsponsored adr	$3,998,000	-78.3%	401,020	-77.5%	0.03%	-77.7%
AES	New	AES CORP	$3,259,000	–	179,985	–	0.03%	–
KMX	Buy	CARMAX INC	$3,234,000	+12.7%	35,189	+9.8%	0.02%	+13.6%
ROST	Buy	ROSS STORES INC	$2,862,000	+52.9%	30,668	+39.6%	0.02%	+64.3%
RHI	Buy	ROBERT HALF INTL INC	$2,929,000	+92.3%	55,325	+91.9%	0.02%	+109.1%
FDX	Sell	FEDEX CORP	$1,492,000	+30.4%	5,933	-27.3%	0.01%	+33.3%
RUN	New	SUNRUN INC	$1,389,000	–	18,019	–	0.01%	–
INGR	Sell	INGREDION INC	$1,312,000	-60.9%	17,337	-57.2%	0.01%	-60.0%
NKE	Sell	NIKE INCcl b	$1,320,000	-1.1%	10,517	-22.8%	0.01%	0.0%
AMC	New	AMC ENTMT HLDGS INC	$361,000	–	76,700	–	0.00%	–
BMYRT	Sell	BRISTOL-MYERS SQUIBB COright 99/99/9999	$273,000	-98.6%	121,479	-97.8%	0.00%	-98.7%
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-31,036	–	-0.00%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-30,830	–	-0.01%	–
HUM	Exit	HUMANA INC	$0	–	-3,225	–	-0.01%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-191,970	–	-0.04%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-895,483	–	-0.05%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-8,008,413	–	-0.28%	–
V	Exit	VISA INC	$0	–	-607,879	–	-0.88%	–

Q2 2020

			Value		Shares		↓ Weighting
NTES	New	NETEASE INCsponsored ads	$2,515,649,000	–	5,858,793	–	18.93%	–
XPO	New	XPO LOGISTICS INC	$1,340,401,000	–	17,351,456	–	10.09%	–
ABBV	New	ABBVIE INC	$1,035,184,000	–	10,543,739	–	7.79%	–
ANTM	New	ANTHEM INC	$885,339,000	–	3,366,565	–	6.66%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$672,195,000	–	17,315,684	–	5.06%	–
CMCSA	New	COMCAST CORP NEWcl a	$657,094,000	–	16,857,203	–	4.94%	–
UNH	New	UNITEDHEALTH GROUP INC	$654,349,000	–	2,218,508	–	4.92%	–
HWM	New	HOWMET AEROSPACE INC	$589,917,000	–	37,218,722	–	4.44%	–
FB	New	FACEBOOK INCcl a	$587,183,000	–	2,585,910	–	4.42%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$546,370,000	–	7,236,686	–	4.11%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$349,090,000	–	1,618,404	–	2.63%	–
VALE	New	VALE S Asponsored ads	$320,002,000	–	31,038,027	–	2.41%	–
DAO	New	YOUDAO INCsponsored ads	$309,601,000	–	8,256,014	–	2.33%	–
GOOG	New	ALPHABET INCcap stk cl c	$266,002,000	–	188,172	–	2.00%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$238,022,000	–	3,838,452	–	1.79%	–
ARNC	New	ARCONIC CORPORATION	$230,924,000	–	16,577,432	–	1.74%	–
DIS	New	DISNEY WALT CO	$228,985,000	–	2,053,497	–	1.72%	–
GLD	New	SPDR GOLD TR	$211,410,000	–	1,263,132	–	1.59%	–
APA	New	APACHE CORP	$211,007,000	–	15,630,190	–	1.59%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$209,241,000	–	3,685,768	–	1.58%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$148,694,000	–	3,993,934	–	1.12%	–
AA	New	ALCOA CORP	$124,676,000	–	11,092,178	–	0.94%	–
V	New	VISA INC	$117,424,000	–	607,879	–	0.88%	–
MSI	New	MOTOROLA SOLUTIONS INC	$86,935,000	–	620,387	–	0.65%	–
GLNG	New	GOLAR LNG LTD	$80,900,000	–	11,173,939	–	0.61%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$77,093,000	–	2,531,766	–	0.58%	–
ABEV	New	AMBEV SAsponsored adr	$72,182,000	–	27,341,663	–	0.54%	–
GOLD	New	BARRICK GOLD CORPORATION	$70,457,000	–	2,615,356	–	0.53%	–
BP	New	BP PLCsponsored adr	$66,943,000	–	2,870,626	–	0.50%	–
LUV	New	SOUTHWEST AIRLS CO	$47,657,000	–	1,394,300	–	0.36%	–
SLB	New	SCHLUMBERGER LTD	$43,319,000	–	2,355,568	–	0.33%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$37,559,000	–	8,008,413	–	0.28%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$35,394,000	–	533,523	–	0.27%	–
HMC	New	HONDA MOTOR LTD	$25,823,000	–	1,010,306	–	0.19%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$25,240,000	–	518,349	–	0.19%	–
DD	New	DUPONT DE NEMOURS INC	$20,942,000	–	394,181	–	0.16%	–
BMYRT	New	BRISTOL-MYERS SQUIBB COright 99/99/9999	$19,853,000	–	5,545,512	–	0.15%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$18,414,000	–	1,786,054	–	0.14%	–
MO	New	ALTRIA GROUP INC	$18,137,000	–	462,102	–	0.14%	–
ING	New	ING GROEP N.V.sponsored adr	$13,862,000	–	2,009,013	–	0.10%	–
TM	New	TOYOTA MOTOR CORP	$12,749,000	–	101,476	–	0.10%	–
KB	New	KB FINL GROUP INCsponsored adr	$8,999,000	–	323,456	–	0.07%	–
VGR	New	VECTOR GROUP LTD	$8,046,000	–	799,843	–	0.06%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$7,146,000	–	895,483	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,387,000	–	30,179	–	0.04%	–
DAL	New	DELTA AIR LINES INC DEL	$5,385,000	–	191,970	–	0.04%	–
C	New	CITIGROUP INC	$5,331,000	–	104,334	–	0.04%	–
DG	New	DOLLAR GEN CORP NEW	$4,335,000	–	22,754	–	0.03%	–
CBOE	New	CBOE GLOBAL MARKETS INC	$3,934,000	–	42,176	–	0.03%	–
INGR	New	INGREDION INC	$3,358,000	–	40,462	–	0.02%	–
KMX	New	CARMAX INC	$2,869,000	–	32,039	–	0.02%	–
BORR	New	BORR DRILLING LTD	$2,606,000	–	2,326,616	–	0.02%	–
ROST	New	ROSS STORES INC	$1,872,000	–	21,966	–	0.01%	–
RHI	New	ROBERT HALF INTL INC	$1,523,000	–	28,832	–	0.01%	–
NKE	New	NIKE INCcl b	$1,335,000	–	13,617	–	0.01%	–
HUM	New	HUMANA INC	$1,250,000	–	3,225	–	0.01%	–
FDX	New	FEDEX CORP	$1,144,000	–	8,162	–	0.01%	–
COF	New	CAPITAL ONE FINL CORP	$864,000	–	13,801	–	0.01%	–
BAC	New	BK OF AMERICA CORP	$732,000	–	30,830	–	0.01%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$467,000	–	83,138	–	0.00%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$293,000	–	31,036	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-31,036	–	-0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-83,138	–	-0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,175	–	-0.01%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-13,659	–	-0.01%	–
KMX	Exit	CARMAX INC	$0	–	-7,239	–	-0.01%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-6,741	–	-0.01%	–
INGR	Exit	INGREDION INC	$0	–	-15,577	–	-0.01%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-56,890	–	-0.01%	–
DIS	Exit	DISNEY WALT CO	$0	–	-13,254	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-15,504	–	-0.01%	–
NKE	Exit	NIKE INCcl b	$0	–	-21,607	–	-0.02%	–
HUM	Exit	HUMANA INC	$0	–	-9,107	–	-0.02%	–
C	Exit	CITIGROUP INC	$0	–	-34,098	–	-0.02%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-71,174	–	-0.03%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-54,058	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-23,986	–	-0.04%	–
CB	Exit	CHUBB LIMITED	$0	–	-32,170	–	-0.04%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-1,533,018	–	-0.04%	–
BTU	Exit	PEABODY ENERGY CORP NEW	$0	–	-436,354	–	-0.05%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-188,048	–	-0.05%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-55,703	–	-0.06%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-885,244	–	-0.07%	–
VALPQ	Exit	VALARIS PLC	$0	–	-2,102,843	–	-0.08%	–
BORR	Exit	BORR DRILLING LTD	$0	–	-2,326,616	–	-0.09%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-2,625,948	–	-0.11%	–
ING	Exit	ING GROEP N Vsponsored adr	$0	–	-1,699,902	–	-0.13%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-713,365	–	-0.14%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-1,724,911	–	-0.14%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-1,578,302	–	-0.14%	–
SOHU	Exit	SOHU COM LTDsponsored ads	$0	–	-2,805,872	–	-0.21%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored ads	$0	–	-812,946	–	-0.40%	–
EIX	Exit	EDISON INTL	$0	–	-892,305	–	-0.50%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-4,087,987	–	-0.52%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-465,226	–	-0.58%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,536,526	–	-0.64%	–
BP	Exit	BP PLCsponsored adr	$0	–	-2,772,467	–	-0.78%	–
AA	Exit	ALCOA CORP	$0	–	-6,305,493	–	-0.94%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-10,786,179	–	-1.04%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-2,508,958	–	-1.11%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-3,375,607	–	-1.26%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-3,602,823	–	-1.33%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-1,613,664	–	-1.66%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-6,202,925	–	-1.80%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-5,252,551	–	-1.80%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-7,200,257	–	-1.96%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-34,860,455	–	-2.17%	–
L100PS	Exit	ARCONIC INC	$0	–	-12,241,416	–	-2.35%	–
APA	Exit	APACHE CORP	$0	–	-13,120,910	–	-2.48%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-1,518,052	–	-2.75%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-2,371,692	–	-2.78%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-33,377,499	–	-2.84%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,866,621	–	-3.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,284,103	–	-4.05%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-3,579,151	–	-4.71%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-524,965	–	-4.73%	–
CELG	Exit	CELGENE CORP	$0	–	-7,187,955	–	-5.27%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-9,717,129	–	-5.97%	–
ABBV	Exit	ABBVIE INC	$0	–	-17,224,652	–	-9.63%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-20,759,210	–	-10.98%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-9,380,481	–	-18.44%	–

Q3 2019

			Value		Shares		↓ Weighting
NTES	Sell	NETEASE INCsponsored ads	$2,496,897,000	-5.7%	9,380,481	-9.4%	18.44%	-3.2%
XPO	Sell	XPO LOGISTICS INC	$1,485,737,000	+20.0%	20,759,210	-3.1%	10.98%	+23.1%
ABBV	Buy	ABBVIE INC	$1,304,250,000	+4.5%	17,224,652	+0.3%	9.63%	+7.2%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$807,785,000	-9.4%	9,717,129	-6.7%	5.97%	-7.0%
CELG	Sell	CELGENE CORP	$713,765,000	-18.2%	7,187,955	-23.9%	5.27%	-16.1%
GOOG	Buy	ALPHABET INCcap stk cl c	$639,932,000	+17.4%	524,965	+4.1%	4.73%	+20.5%
FB	Sell	FACEBOOK INCcl a	$637,375,000	-15.5%	3,579,151	-8.4%	4.71%	-13.2%
ANTM	Buy	ANTHEM INC	$548,413,000	-8.8%	2,284,103	+7.2%	4.05%	-6.4%
UNH	Buy	UNITEDHEALTH GROUP INC	$405,654,000	+33.2%	1,866,621	+49.6%	3.00%	+36.7%
VALE	Sell	VALE S Asponsored ads	$383,841,000	-18.8%	33,377,499	-5.2%	2.84%	-16.7%
DG	Sell	DOLLAR GEN CORP NEW	$376,956,000	-9.6%	2,371,692	-23.1%	2.78%	-7.3%
SPGI	Sell	S&P GLOBAL INC	$371,892,000	-19.8%	1,518,052	-25.4%	2.75%	-17.7%
APA	Buy	APACHE CORP	$335,895,000	-11.6%	13,120,910	+0.0%	2.48%	-9.3%
L100PS	Sell	ARCONIC INC	$318,277,000	+0.5%	12,241,416	-0.2%	2.35%	+3.2%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$293,176,000	-4.3%	34,860,455	+7.2%	2.17%	-1.8%
BTI	Buy	BRITISH AMERN TOB PLCsponsored adr	$265,689,000	+92.8%	7,200,257	+82.2%	1.96%	+97.9%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$244,139,000	+10.2%	5,252,551	-7.1%	1.80%	+13.0%
BERY	Sell	BERRY GLOBAL GROUP INC	$243,589,000	-28.6%	6,202,925	-4.3%	1.80%	-26.7%
GLD	Sell	SPDR GOLD TRUST	$224,090,000	+4.2%	1,613,664	-0.0%	1.66%	+7.0%
ST	New	SENSATA TECHNOLOGIES HLDNG P	$180,358,000	–	3,602,823	–	1.33%	–
WFC	Sell	WELLS FARGO CO NEW	$170,266,000	-27.3%	3,375,607	-31.8%	1.26%	-25.4%
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$150,286,000	-4.6%	2,508,958	+4.6%	1.11%	-2.2%
GLNG	Buy	GOLAR LNG LTD BERMUDA	$140,112,000	-26.4%	10,786,179	+4.6%	1.04%	-24.5%
AA	Buy	ALCOA CORP	$126,551,000	-9.4%	6,305,493	+5.6%	0.94%	-7.1%
BP	Buy	BP PLCsponsored adr	$105,326,000	+1.9%	2,772,467	+11.9%	0.78%	+4.6%
SLB	Sell	SCHLUMBERGER LTD	$86,673,000	-52.2%	2,536,526	-44.4%	0.64%	-51.0%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$77,800,000	+1146.0%	465,226	+1162.6%	0.58%	+1177.8%
GOLD	Buy	BARRICK GOLD CORPORATION	$70,845,000	+36.5%	4,087,987	+24.2%	0.52%	+39.8%
EIX	Sell	EDISON INTL	$67,298,000	+11.9%	892,305	-0.0%	0.50%	+14.8%
RYAAY	New	RYANAIR HLDGS PLCsponsored ads	$53,964,000	–	812,946	–	0.40%	–
SOHU	Buy	SOHU COM LTDsponsored ads	$28,508,000	-27.1%	2,805,872	+0.4%	0.21%	-24.9%
HMC	New	HONDA MOTOR LTD	$18,604,000	–	713,365	–	0.14%	–
ING	Buy	ING GROEP N Vsponsored adr	$17,764,000	+111.1%	1,699,902	+133.8%	0.13%	+114.8%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$14,600,000	-50.7%	2,625,948	-21.3%	0.11%	-49.3%
BORR	New	BORR DRILLING LTD	$11,959,000	–	2,326,616	–	0.09%	–
VALPQ	New	VALARIS PLC	$10,115,000	–	2,102,843	–	0.08%	–
CRCQQ	Buy	CALIFORNIA RES CORP	$9,029,000	-30.6%	885,244	+34.0%	0.07%	-28.7%
TM	New	TOYOTA MOTOR CORP	$7,492,000	–	55,703	–	0.06%	–
BTU	Sell	PEABODY ENERGY CORP NEW	$6,423,000	-94.5%	436,354	-91.0%	0.05%	-94.4%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$4,990,000	+31.9%	23,986	+35.2%	0.04%	+37.0%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$4,951,000	+35.9%	54,058	+43.5%	0.04%	+42.3%
C	Sell	CITIGROUP INC	$2,355,000	-5.2%	34,098	-3.9%	0.02%	-5.6%
HUM	Buy	HUMANA INC	$2,328,000	+47.1%	9,107	+52.6%	0.02%	+54.5%
CVX	Buy	CHEVRON CORP NEW	$1,839,000	+47.4%	15,504	+54.6%	0.01%	+55.6%
WPM	New	WHEATON PRECIOUS METALS CORP	$1,493,000	–	56,890	–	0.01%	–
INGR	New	INGREDION INC	$1,273,000	–	15,577	–	0.01%	–
MSI	Sell	MOTOROLA SOLUTIONS INC	$1,149,000	-24.6%	6,741	-26.2%	0.01%	-27.3%
CMCSA	New	COMCAST CORP NEWcl a	$616,000	–	13,659	–	0.01%	–
KMX	New	CARMAX INC	$637,000	–	7,239	–	0.01%	–
LILAK	Sell	LIBERTY LATIN AMERICA LTD	$531,000	-54.2%	31,036	-54.0%	0.00%	-50.0%
AMRWW	Exit	ALTA MESA RES INC*w exp 03/28/202	$0	–	-4,649,574	–	0.00%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-86	–	0.00%	–
MCK	Exit	MCKESSON CORP	$0	–	-9,186	–	-0.01%	–
AMRQQ	Exit	ALTA MESA RES INCcl a	$0	–	-24,717,139	–	-0.03%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-165,702	–	-0.12%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-4,850,998	–	-0.22%	–
ESV	Exit	ENSCO ROWAN PLC	$0	–	-6,186,902	–	-0.38%	–

Q2 2019

			Value		Shares		↓ Weighting
NTES	New	NETEASE INCsponsored adr	$2,647,408,000	–	10,350,740	–	19.06%	–
ABBV	New	ABBVIE INC	$1,248,468,000	–	17,168,153	–	8.99%	–
XPO	New	XPO LOGISTICS INC	$1,238,483,000	–	21,423,335	–	8.92%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$891,628,000	–	10,413,781	–	6.42%	–
CELG	New	CELGENE CORP	$873,047,000	–	9,444,476	–	6.28%	–
FB	New	FACEBOOK INCcl a	$753,938,000	–	3,906,412	–	5.43%	–
ANTM	New	ANTHEM INC	$601,473,000	–	2,131,295	–	4.33%	–
GOOG	New	ALPHABET INCcap stk cl c	$544,974,000	–	504,181	–	3.92%	–
VALE	New	VALE S Asponsored ads	$472,981,000	–	35,192,054	–	3.40%	–
SPGI	New	S&P GLOBAL INC	$463,737,000	–	2,035,811	–	3.34%	–
DG	New	DOLLAR GEN CORP NEW	$417,088,000	–	3,085,883	–	3.00%	–
APA	New	APACHE CORP	$379,940,000	–	13,114,954	–	2.74%	–
BERY	New	BERRY GLOBAL GROUP INC	$340,991,000	–	6,483,943	–	2.46%	–
L100PS	New	ARCONIC INC	$316,575,000	–	12,260,871	–	2.28%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$306,329,000	–	32,518,976	–	2.20%	–
UNH	New	UNITEDHEALTH GROUP INC	$304,501,000	–	1,247,903	–	2.19%	–
WFC	New	WELLS FARGO CO NEW	$234,198,000	–	4,949,238	–	1.69%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$221,556,000	–	5,656,251	–	1.60%	–
GLD	New	SPDR GOLD TRUST	$214,963,000	–	1,613,839	–	1.55%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$190,479,000	–	10,307,287	–	1.37%	–
SLB	New	SCHLUMBERGER LTD	$181,354,000	–	4,563,527	–	1.30%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$157,614,000	–	2,397,537	–	1.14%	–
AA	New	ALCOA CORP	$139,738,000	–	5,969,162	–	1.01%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$137,817,000	–	3,952,316	–	0.99%	–
BTU	New	PEABODY ENERGY CORP NEW	$116,695,000	–	4,842,102	–	0.84%	–
BP	New	BP PLCsponsored adr	$103,348,000	–	2,478,365	–	0.74%	–
EIX	New	EDISON INTL	$60,160,000	–	892,452	–	0.43%	–
ESV	New	ENSCO ROWAN PLC	$52,774,000	–	6,186,902	–	0.38%	–
GOLD	New	BARRICK GOLD CORPORATION	$51,900,000	–	3,291,021	–	0.37%	–
SOHU	New	SOHU COM LTDsponsored ads	$39,106,000	–	2,793,319	–	0.28%	–
RIG	New	TRANSOCEAN LTD	$31,095,000	–	4,850,998	–	0.22%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$29,603,000	–	3,337,386	–	0.21%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$19,147,000	–	1,724,911	–	0.14%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$18,892,000	–	1,578,302	–	0.14%	–
CPA	New	COPA HOLDINGS SAcl a	$16,168,000	–	165,702	–	0.12%	–
CRCQQ	New	CALIFORNIA RES CORP	$13,002,000	–	660,658	–	0.09%	–
ING	New	ING GROEP N Vsponsored adr	$8,413,000	–	727,153	–	0.06%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$7,424,000	–	188,048	–	0.05%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$6,244,000	–	36,847	–	0.04%	–
TK	New	TEEKAY CORPORATION	$5,274,000	–	1,533,018	–	0.04%	–
CB	New	CHUBB LIMITED	$4,739,000	–	32,170	–	0.03%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,783,000	–	17,745	–	0.03%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$3,643,000	–	37,658	–	0.03%	–
AMRQQ	New	ALTA MESA RES INCcl a	$3,607,000	–	24,717,139	–	0.03%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$3,633,000	–	71,174	–	0.03%	–
C	New	CITIGROUP INC	$2,485,000	–	35,484	–	0.02%	–
DIS	New	DISNEY WALT CO	$1,851,000	–	13,254	–	0.01%	–
NKE	New	NIKE INCcl b	$1,814,000	–	21,607	–	0.01%	–
MSI	New	MOTOROLA SOLUTIONS INC	$1,523,000	–	9,133	–	0.01%	–
HUM	New	HUMANA INC	$1,583,000	–	5,968	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$1,248,000	–	10,031	–	0.01%	–
MCK	New	MCKESSON CORP	$1,235,000	–	9,186	–	0.01%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$1,160,000	–	67,424	–	0.01%	–
MCD	New	MCDONALDS CORP	$659,000	–	3,175	–	0.01%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$587,000	–	83,138	–	0.00%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$1,000	–	86	–	0.00%	–
AMRWW	New	ALTA MESA RES INC*w exp 03/28/202	$33,000	–	4,649,574	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-31,036	–	-0.00%	–
C	Exit	CITIGROUP INC	$0	–	-12,488	–	-0.01%	–
PRSP	Exit	PERSPECTA INC	$0	–	-46,504	–	-0.01%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-48,969	–	-0.01%	–
AMRWW	Exit	ALTA MESA RES INC*w exp 03/28/202	$0	–	-4,254,996	–	-0.01%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-370,458	–	-0.02%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-188,048	–	-0.05%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-668,078	–	-0.06%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-1,533,018	–	-0.06%	–
UEPS	Exit	NET 1 UEPS TECHNOLOGIES INC	$0	–	-1,302,498	–	-0.06%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-564,066	–	-0.10%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-1,526,068	–	-0.12%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-2,969,247	–	-0.19%	–
ESV	Exit	ENSCO PLC	$0	–	-5,205,147	–	-0.25%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-2,091,603	–	-0.26%	–
AMGN	Exit	AMGEN INC	$0	–	-263,451	–	-0.31%	–
MRK	Exit	MERCK & CO INC	$0	–	-790,229	–	-0.32%	–
SOHU	Exit	SOHU COM LTDsponsored ads	$0	–	-3,203,499	–	-0.37%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-858,790	–	-0.39%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-6,893,362	–	-0.55%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-2,084,782	–	-0.58%	–
BP	Exit	BP PLCsponsored adr	$0	–	-2,209,481	–	-0.58%	–
AA	Exit	ALCOA CORP	$0	–	-2,829,621	–	-0.66%	–
AMRQQ	Exit	ALTA MESA RES INCcl a	$0	–	-28,608,922	–	-0.69%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,028,392	–	-0.71%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-2,245,800	–	-0.85%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-1,394,774	–	-0.90%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-2,245,887	–	-0.92%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-5,850,594	–	-0.93%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-3,116,793	–	-1.11%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-9,526,689	–	-1.16%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-113,049	–	-1.29%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-5,115,694	–	-1.30%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-2,833,827	–	-1.43%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-2,909,960	–	-1.62%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,063,524	–	-1.62%	–
BTU	Exit	PEABODY ENERGY CORP NEW	$0	–	-8,626,186	–	-1.76%	–
PCG	Exit	PG&E CORP	$0	–	-8,306,374	–	-2.19%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-8,816,084	–	-2.66%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-6,398,803	–	-2.84%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-5,127,336	–	-3.22%	–
NKE	Exit	NIKE INCcl b	$0	–	-7,020,255	–	-3.42%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,368,937	–	-3.73%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-612,555	–	-4.20%	–
APA	Exit	APACHE CORP	$0	–	-15,710,755	–	-4.30%	–
L100PS	Exit	ARCONIC INC	$0	–	-34,175,213	–	-4.32%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-4,897,064	–	-4.62%	–
VALE	Exit	VALE S Aadr	$0	–	-58,790,548	–	-5.01%	–
CELG	Exit	CELGENE CORP	$0	–	-10,382,502	–	-5.34%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,654,524	–	-8.50%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-17,666,653	–	-11.58%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-9,770,011	–	-12.80%	–

Q3 2018

			Value		Shares		↓ Weighting
NTES	Buy	NETEASE INCsponsored adr	$2,230,005,000	+10.5%	9,770,011	+22.4%	12.80%	+14.3%
XPO	Sell	XPO LOGISTICS INC	$2,017,002,000	+9.1%	17,666,653	-4.2%	11.58%	+12.9%
ABBV	Buy	ABBVIE INC	$1,480,605,000	+8.8%	15,654,524	+6.6%	8.50%	+12.5%
CELG	Buy	CELGENE CORP	$929,130,000	+14.1%	10,382,502	+1.2%	5.34%	+18.0%
VALE	Sell	VALE S Aadr	$872,452,000	+12.2%	58,790,548	-3.1%	5.01%	+16.0%
FB	Sell	FACEBOOK INCcl a	$805,371,000	-38.9%	4,897,064	-27.8%	4.62%	-36.8%
L100PS	Buy	ARCONIC INC	$752,197,000	+30.0%	34,175,213	+0.5%	4.32%	+34.4%
APA	Buy	APACHE CORP	$748,932,000	+9.8%	15,710,755	+7.7%	4.30%	+13.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$731,066,000	+4.2%	612,555	-2.6%	4.20%	+7.7%
ANTM	Sell	ANTHEM INC	$649,207,000	+11.3%	2,368,937	-3.4%	3.73%	+15.0%
NKE	Sell	NIKE INCcl b	$594,756,000	-9.9%	7,020,255	-15.3%	3.42%	-6.9%
DG	Buy	DOLLAR GEN CORP NEW	$560,418,000	+42.6%	5,127,336	+28.7%	3.22%	+47.5%
ATHM	Buy	AUTOHOME INCsp adr rp cl a	$495,331,000	+8.0%	6,398,803	+40.9%	2.84%	+11.7%
WFC	Sell	WELLS FARGO CO NEW	$463,374,000	-6.5%	8,816,084	-1.4%	2.66%	-3.3%
PCG	Buy	PG&E CORP	$382,176,000	+369.5%	8,306,374	+334.3%	2.19%	+385.4%
BTU	Sell	PEABODY ENERGY CORP NEW	$307,437,000	-37.2%	8,626,186	-19.8%	1.76%	-35.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$282,940,000	-26.8%	1,063,524	-32.5%	1.62%	-24.3%
DVMT	Sell	DELL TECHNOLOGIES INC	$282,615,000	+9.9%	2,909,960	-4.3%	1.62%	+13.7%
PYPL	Sell	PAYPAL HLDGS INC	$248,923,000	-7.3%	2,833,827	-12.1%	1.43%	-4.2%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$225,909,000	+288.7%	5,115,694	+221.8%	1.30%	+301.5%
BKNG	Sell	BOOKING HLDGS INC	$224,289,000	-28.9%	113,049	-27.3%	1.29%	-26.5%
SYMC	Sell	SYMANTEC CORP	$202,728,000	-72.2%	9,526,689	-73.0%	1.16%	-71.3%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$193,490,000	+18.2%	3,116,793	+5.4%	1.11%	+22.2%
GLNG	Buy	GOLAR LNG LTD BERMUDA	$162,647,000	+1.8%	5,850,594	+7.9%	0.93%	+5.3%
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$159,301,000	+3.9%	2,245,887	+6.4%	0.92%	+7.5%
GLD	Buy	SPDR GOLD TRUST	$157,275,000	+8.8%	1,394,774	+14.5%	0.90%	+12.6%
SIG	New	SIGNET JEWELERS LIMITED	$148,066,000	–	2,245,800	–	0.85%	–
SLB	Sell	SCHLUMBERGER LTD	$123,570,000	-37.3%	2,028,392	-31.0%	0.71%	-35.1%
AMRQQ	Buy	ALTA MESA RES INCcl a	$119,586,000	-21.7%	28,608,922	+27.5%	0.69%	-19.0%
AA	Buy	ALCOA CORP	$114,317,000	-12.2%	2,829,621	+1.8%	0.66%	-9.3%
BP	Buy	BP PLCsponsored adr	$101,857,000	+16.4%	2,209,481	+15.3%	0.58%	+20.4%
RIG	Buy	TRANSOCEAN LTD	$96,162,000	+21.6%	6,893,362	+17.2%	0.55%	+25.7%
CPA	Buy	COPA HOLDINGS SAcl a	$68,566,000	+11.2%	858,790	+31.8%	0.39%	+15.2%
SOHU	Sell	SOHU COM LTDsponsored ads	$63,686,000	-44.0%	3,203,499	-0.1%	0.37%	-42.1%
MRK	Buy	MERCK & CO INC	$56,058,000	+23.1%	790,229	+5.3%	0.32%	+27.3%
AMGN	Buy	AMGEN INC	$54,611,000	+12.4%	263,451	+0.1%	0.31%	+16.3%
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$45,053,000	–	2,091,603	–	0.26%	–
ESV	Sell	ENSCO PLC	$43,931,000	-31.6%	5,205,147	-41.1%	0.25%	-29.4%
HMC	Sell	HONDA MOTOR LTD	$16,967,000	-19.8%	564,066	-22.0%	0.10%	-17.8%
UEPS	Sell	NET 1 UEPS TECHNOLOGIES INC	$10,420,000	-61.4%	1,302,498	-56.1%	0.06%	-60.0%
CS	Buy	CREDIT SUISSE GROUPsponsored adr	$9,981,000	+145.6%	668,078	+144.6%	0.06%	+147.8%
KB	Sell	KB FINANCIAL GROUP INCsponsored adr	$9,079,000	+2.4%	188,048	-1.4%	0.05%	+6.1%
SMFG	Sell	SUMITOMO MITSUI FINL GROUP Isponsored adr	$2,975,000	-69.3%	370,458	-70.3%	0.02%	-68.5%
AMRWW	Buy	ALTA MESA RES INC*w exp 03/28/202	$2,127,000	-58.5%	4,254,996	+16.3%	0.01%	-57.1%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$2,043,000	+1.9%	48,969	+16.8%	0.01%	+9.1%
C	Sell	CITIGROUP INC	$896,000	-94.1%	12,488	-94.5%	0.01%	-94.1%
EYPT	Exit	EYEPOINT PHARMACEUTICALS INC	$0	–	-774,533	–	-0.01%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-405,721	–	-0.05%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-63,407	–	-0.10%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-238,773	–	-0.15%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-156,549	–	-0.21%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-3,092,246	–	-0.22%	–
QRVO	Exit	QORVO INC	$0	–	-592,110	–	-0.26%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-1,217,173	–	-0.54%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,368,082	–	-1.18%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-9,590,016	–	-2.07%	–

Q2 2018

			Value		Shares		↓ Weighting
NTES	New	NETEASE INCsponsored adr	$2,017,495,000	–	7,984,706	–	11.20%	–
XPO	New	XPO LOGISTICS INC	$1,848,020,000	–	18,447,003	–	10.26%	–
ABBV	New	ABBVIE INC	$1,360,959,000	–	14,689,252	–	7.56%	–
FB	New	FACEBOOK INCcl a	$1,317,277,000	–	6,778,908	–	7.32%	–
CELG	New	CELGENE CORP	$814,515,000	–	10,255,794	–	4.52%	–
VALE	New	VALE S Aadr	$777,612,000	–	60,656,164	–	4.32%	–
SYMC	New	SYMANTEC CORP	$729,784,000	–	35,340,645	–	4.05%	–
GOOG	New	ALPHABET INCcap stk cl c	$701,805,000	–	629,055	–	3.90%	–
APA	New	APACHE CORP	$681,784,000	–	14,583,629	–	3.79%	–
NKE	New	NIKE INCcl b	$660,349,000	–	8,287,520	–	3.67%	–
ANTM	New	ANTHEM INC	$583,541,000	–	2,451,542	–	3.24%	–
L100PS	New	ARCONIC INC	$578,680,000	–	34,019,989	–	3.21%	–
WFC	New	WELLS FARGO CO NEW	$495,527,000	–	8,938,077	–	2.75%	–
BTU	New	PEABODY ENERGY CORP NEW	$489,280,000	–	10,758,134	–	2.72%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$458,534,000	–	4,539,937	–	2.55%	–
DG	New	DOLLAR GEN CORP NEW	$392,935,000	–	3,985,140	–	2.18%	–
UNH	New	UNITEDHEALTH GROUP INC	$386,460,000	–	1,575,202	–	2.15%	–
JD	New	JD COM INCspon adr cl a	$373,531,000	–	9,590,016	–	2.07%	–
BKNG	New	BOOKING HLDGS INC	$315,399,000	–	155,592	–	1.75%	–
PYPL	New	PAYPAL HLDGS INC	$268,460,000	–	3,223,968	–	1.49%	–
DVMT	New	DELL TECHNOLOGIES INC	$257,191,000	–	3,040,807	–	1.43%	–
APD	New	AIR PRODS & CHEMS INC	$213,051,000	–	1,368,082	–	1.18%	–
SLB	New	SCHLUMBERGER LTD	$196,971,000	–	2,938,550	–	1.09%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$163,699,000	–	2,958,058	–	0.91%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$159,773,000	–	5,423,385	–	0.89%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$153,285,000	–	2,109,913	–	0.85%	–
AMRQQ	New	ALTA MESA RES INCcl a	$152,758,000	–	22,431,382	–	0.85%	–
GLD	New	SPDR GOLD TRUST	$144,499,000	–	1,217,858	–	0.80%	–
AA	New	ALCOA CORP	$130,263,000	–	2,778,648	–	0.72%	–
SOHU	New	SOHU COM LTDsponsored ads	$113,794,000	–	3,205,468	–	0.63%	–
DXC	New	DXC TECHNOLOGY CO	$98,116,000	–	1,217,173	–	0.54%	–
BERY	New	BERRY GLOBAL GROUP INC	$95,775,000	–	2,084,782	–	0.53%	–
BP	New	BP PLCsponsored adr	$87,470,000	–	1,915,683	–	0.49%	–
PCG	New	PG&E CORP	$81,408,000	–	1,912,780	–	0.45%	–
RIG	New	TRANSOCEAN LTD	$79,064,000	–	5,882,768	–	0.44%	–
ESV	New	ENSCO PLC	$64,194,000	–	8,842,201	–	0.36%	–
CPA	New	COPA HOLDINGS SAcl a	$61,640,000	–	651,447	–	0.34%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$58,120,000	–	1,589,719	–	0.32%	–
AMGN	New	AMGEN INC	$48,579,000	–	263,172	–	0.27%	–
QRVO	New	QORVO INC	$47,469,000	–	592,110	–	0.26%	–
MRK	New	MERCK & CO INC	$45,532,000	–	750,101	–	0.25%	–
NAVI	New	NAVIENT CORPORATION	$40,292,000	–	3,092,246	–	0.22%	–
GOLD	New	BARRICK GOLD CORP	$38,986,000	–	2,969,247	–	0.22%	–
BIDU	New	BAIDU INCspon adr rep a	$38,041,000	–	156,549	–	0.21%	–
MSI	New	MOTOROLA SOLUTIONS INC	$27,786,000	–	238,773	–	0.15%	–
UEPS	New	NET 1 UEPS TECHNOLOGIES INC	$26,966,000	–	2,969,846	–	0.15%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$21,884,000	–	1,526,068	–	0.12%	–
HMC	New	HONDA MOTOR LTD	$21,161,000	–	722,942	–	0.12%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$18,592,000	–	63,407	–	0.10%	–
C	New	CITIGROUP INC	$15,225,000	–	227,512	–	0.08%	–
TK	New	TEEKAY CORPORATION	$11,881,000	–	1,533,018	–	0.07%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$9,678,000	–	1,245,571	–	0.05%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$8,867,000	–	190,788	–	0.05%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$8,463,000	–	405,721	–	0.05%	–
AMRWW	New	ALTA MESA RES INC*w exp 03/28/202	$5,123,000	–	3,659,385	–	0.03%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$4,064,000	–	273,136	–	0.02%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$2,004,000	–	41,942	–	0.01%	–
EYPT	New	EYEPOINT PHARMACEUTICALS INC	$1,433,000	–	774,533	–	0.01%	–
PRSP	New	PERSPECTA INC	$956,000	–	46,504	–	0.01%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$601,000	–	31,036	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
ESV	Exit	ENSCO PLC	$0	–	-39,992	–	-0.00%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-8,002	–	-0.00%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-11,159	–	-0.00%	–
CNHI	Exit	CNH INDL N V	$0	–	-345,921	–	-0.02%	–
CELG	Exit	CELGENE CORP	$0	–	-29,863	–	-0.03%	–
AET	Exit	AETNA INC NEW	$0	–	-28,810	–	-0.03%	–
LPL	Exit	LG DISPLAY CO LTDspons adr rep	$0	–	-358,692	–	-0.03%	–
VMW	Exit	VMWARE INC	$0	–	-47,004	–	-0.03%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-615,852	–	-0.03%	–
CYOU	Exit	CHANGYOU COM LTDads rep cl a	$0	–	-218,918	–	-0.05%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-465,695	–	-0.07%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-1,604,133	–	-0.08%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-929,536	–	-0.10%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-348,247	–	-0.10%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-576,736	–	-0.10%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-1,385,002	–	-0.14%	–
C	Exit	CITIGROUP INC	$0	–	-353,095	–	-0.16%	–
AN	Exit	AUTONATION INC	$0	–	-654,588	–	-0.19%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-1,428,415	–	-0.20%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-2,138,674	–	-0.21%	–
MRK	Exit	MERCK & CO INC	$0	–	-560,694	–	-0.22%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-378,583	–	-0.22%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-1,328,464	–	-0.23%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-1,086,257	–	-0.25%	–
BP	Exit	BP PLCsponsored adr	$0	–	-1,413,180	–	-0.34%	–
AMGN	Exit	AMGEN INC	$0	–	-299,987	–	-0.34%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-696,527	–	-0.52%	–
UEPS	Exit	NET 1 UEPS TECHNOLOGIES INC	$0	–	-8,834,483	–	-0.53%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-6,495,671	–	-0.55%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-525,876	–	-0.55%	–
AA	Exit	ALCOA CORP	$0	–	-1,963,751	–	-0.56%	–
AMZN	Exit	AMAZON COM INC	$0	–	-99,086	–	-0.59%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-803,562	–	-0.62%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-1,683,616	–	-0.65%	–
SRUNU	Exit	SILVER RUN ACQUISITIONunit 99/99/9999	$0	–	-10,759,307	–	-0.71%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-676,665	–	-0.82%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-5,904,170	–	-1.03%	–
VALE	Exit	VALE S Aadr	$0	–	-16,820,923	–	-1.04%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-2,796,912	–	-1.09%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-7,157,462	–	-1.45%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-4,953,503	–	-1.45%	–
SOHU	Exit	SOHU COM INC	$0	–	-5,119,404	–	-1.72%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,950,063	–	-1.82%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-4,791,689	–	-1.89%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,793,418	–	-2.03%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-3,895,809	–	-2.06%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-5,266,004	–	-2.07%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-4,638,554	–	-2.21%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-6,354,617	–	-2.41%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-407,581	–	-2.41%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,700,809	–	-2.62%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-241,183	–	-2.72%	–
NKE	Exit	NIKE INCcl b	$0	–	-8,740,919	–	-2.80%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-8,668,440	–	-2.95%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,861,345	–	-2.97%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,904,999	–	-3.40%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-6,716,660	–	-3.52%	–
APA	Exit	APACHE CORP	$0	–	-13,834,405	–	-3.91%	–
L100PS	Exit	ARCONIC INC	$0	–	-26,935,735	–	-4.14%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-2,992,188	–	-4.57%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-21,182,331	–	-4.99%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-3,118,321	–	-5.08%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-2,983,765	–	-6.69%	–
ABBV	Exit	ABBVIE INC	$0	–	-13,203,924	–	-7.24%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-20,133,856	–	-8.42%	–

Q3 2017

			Value		Shares		↓ Weighting
XPO	Sell	XPO LOGISTICS INC	$1,364,673,000	+4.7%	20,133,856	-0.1%	8.42%	+2.9%
ABBV	Buy	ABBVIE INC	$1,173,301,000	+27.4%	13,203,924	+3.9%	7.24%	+25.1%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$1,084,360,000	-10.6%	2,983,765	-17.1%	6.69%	-12.2%
NTES	Buy	NETEASE INCsponsored adr	$822,644,000	+11.3%	3,118,321	+26.8%	5.08%	+9.3%
JD	Sell	JD COM INCspon adr cl a	$809,165,000	-11.5%	21,182,331	-9.1%	4.99%	-13.1%
BIDU	Sell	BAIDU INCspon adr rep a	$741,135,000	+22.2%	2,992,188	-11.8%	4.57%	+20.0%
L100PS	Buy	ARCONIC INC	$670,420,000	+29.6%	26,935,735	+18.1%	4.14%	+27.3%
APA	Buy	APACHE CORP	$633,616,000	-1.2%	13,834,405	+3.4%	3.91%	-3.0%
MSI	Sell	MOTOROLA SOLUTIONS INC	$570,043,000	-4.1%	6,716,660	-2.0%	3.52%	-5.8%
ANTM	Sell	ANTHEM INC	$551,601,000	-31.0%	2,904,999	-31.7%	3.40%	-32.3%
MELI	Buy	MERCADOLIBRE INC	$481,958,000	+20.7%	1,861,345	+16.9%	2.97%	+18.5%
WFC	Buy	WELLS FARGO CO NEW	$478,064,000	+25.9%	8,668,440	+26.5%	2.95%	+23.6%
NKE	Buy	NIKE INCcl b	$453,216,000	+100.0%	8,740,919	+127.6%	2.80%	+96.3%
PCLN	Buy	PRICELINE GRP INC	$441,563,000	-2.1%	241,183	+0.0%	2.72%	-3.9%
MSFT	Sell	MICROSOFT CORP	$424,653,000	+6.0%	5,700,809	-1.9%	2.62%	+4.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$390,915,000	+3.7%	407,581	-1.7%	2.41%	+1.9%
AIG	Buy	AMERICAN INTL GROUP INC	$390,110,000	+49.6%	6,354,617	+52.3%	2.41%	+46.9%
DVMT	Sell	DELL TECHNOLOGIES INC	$358,143,000	+24.6%	4,638,554	-1.4%	2.21%	+22.3%
BMY	New	BRISTOL MYERS SQUIBB CO	$335,656,000	–	5,266,004	–	2.07%	–
DXC	Sell	DXC TECHNOLOGY CO	$334,572,000	+11.3%	3,895,809	-0.6%	2.06%	+9.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$328,769,000	+27.0%	1,793,418	+17.4%	2.03%	+24.7%
PYPL	Sell	PAYPAL HLDGS INC	$306,812,000	-0.1%	4,791,689	-16.3%	1.89%	-1.9%
APD	Sell	AIR PRODS & CHEMS INC	$294,888,000	+2.9%	1,950,063	-2.7%	1.82%	+1.1%
SOHU	Sell	SOHU COM INC	$278,752,000	+2.4%	5,119,404	-15.3%	1.72%	+0.6%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$235,093,000	-12.3%	4,953,503	-17.2%	1.45%	-13.9%
SYMC	New	SYMANTEC CORP	$234,836,000	–	7,157,462	–	1.45%	–
CDK	Sell	CDK GLOBAL INC	$176,457,000	-43.1%	2,796,912	-44.1%	1.09%	-44.1%
VALE	New	VALE S Aadr	$169,387,000	–	16,820,923	–	1.04%	–
UNH	New	UNITEDHEALTH GROUP INC	$132,525,000	–	676,665	–	0.82%	–
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$105,294,000	+19.5%	1,683,616	+4.0%	0.65%	+17.3%
AMZN	Sell	AMAZON COM INC	$95,256,000	-85.7%	99,086	-85.6%	0.59%	-86.0%
AA	Buy	ALCOA CORP	$91,550,000	+45.4%	1,963,751	+1.8%	0.56%	+42.7%
FB	Sell	FACEBOOK INCcl a	$89,857,000	-64.7%	525,876	-68.8%	0.55%	-65.4%
ITUB	Sell	ITAU UNIBANCO HLDG SAspon adr rep pfd	$88,991,000	+8.5%	6,495,671	-12.5%	0.55%	+6.6%
UEPS	Sell	NET 1 UEPS TECHNOLOGIES INC	$86,048,000	-1.5%	8,834,483	-0.2%	0.53%	-3.3%
GLD	Buy	SPDR GOLD TRUST	$84,684,000	+7.0%	696,527	+3.9%	0.52%	+5.0%
AMGN	Buy	AMGEN INC	$55,933,000	+28.2%	299,987	+18.4%	0.34%	+25.9%
BP	Buy	BP PLCsponsored adr	$54,309,000	+10.9%	1,413,180	+0.0%	0.34%	+8.8%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$40,789,000	+16.8%	1,086,257	+8.7%	0.25%	+15.1%
FTI	New	TECHNIPFMC PLC	$37,091,000	–	1,328,464	–	0.23%	–
JPM	Buy	JPMORGAN CHASE & CO	$36,158,000	+4.6%	378,583	+0.1%	0.22%	+2.8%
MRK	New	MERCK & CO INC	$35,901,000	–	560,694	–	0.22%	–
GOLD	Buy	BARRICK GOLD CORP	$34,412,000	+8.5%	2,138,674	+7.3%	0.21%	+6.5%
GLNG	Sell	GOLAR LNG LTD BERMUDA	$32,296,000	-60.4%	1,428,415	-61.1%	0.20%	-61.2%
AN	Sell	AUTONATION INC	$31,067,000	-69.9%	654,588	-73.2%	0.19%	-70.4%
KEP	Buy	KOREA ELECTRIC PWRsponsored adr	$23,213,000	-3.6%	1,385,002	+3.3%	0.14%	-5.3%
HMC	Buy	HONDA MOTOR LTD	$17,049,000	+21.4%	576,736	+12.5%	0.10%	+19.3%
KB	Sell	KB FINANCIAL GROUP INCsponsored adr	$17,075,000	-17.9%	348,247	-15.5%	0.10%	-19.8%
CDEV	Sell	CENTENNIAL RESOURCE DEV INCcl a	$16,704,000	+11.0%	929,536	-2.3%	0.10%	+8.4%
CYOU	New	CHANGYOU COM LTDads rep cl a	$8,671,000	–	218,918	–	0.05%	–
VMW	Sell	VMWARE INC	$5,132,000	-92.0%	47,004	-93.6%	0.03%	-92.0%
LPL	Buy	LG DISPLAY CO LTDspons adr rep	$4,814,000	-13.1%	358,692	+4.0%	0.03%	-14.3%
AET	Sell	AETNA INC NEW	$4,581,000	-98.8%	28,810	-98.9%	0.03%	-98.9%
CNHI	Sell	CNH INDL N V	$3,515,000	-87.7%	345,921	-86.2%	0.02%	-87.7%
ESV	Buy	ENSCO PLC	$239,000	+82.4%	39,992	+57.5%	0.00%	0.0%
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-129,915	–	-0.04%	–
ALR	Exit	ALERE INC	$0	–	-313,057	–	-0.10%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-593,598	–	-0.11%	–
VALEP	Exit	VALE S Aadr repstg pfd	$0	–	-17,714,387	–	-0.91%	–

Q2 2017

			Value		Shares		↓ Weighting
XPO	New	XPO LOGISTICS INC	$1,302,920,000	–	20,159,686	–	8.18%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$1,212,611,000	–	3,599,854	–	7.62%	–
ABBV	New	ABBVIE INC	$921,233,000	–	12,704,919	–	5.79%	–
JD	New	JD COM INCspon adr cl a	$914,345,000	–	23,313,248	–	5.74%	–
ANTM	New	ANTHEM INC	$799,933,000	–	4,252,021	–	5.02%	–
NTES	New	NETEASE INCsponsored adr	$739,364,000	–	2,459,381	–	4.64%	–
AMZN	New	AMAZON COM INC	$667,446,000	–	689,510	–	4.19%	–
APA	New	APACHE CORP	$641,384,000	–	13,381,672	–	4.03%	–
BIDU	New	BAIDU INCspon adr rep a	$606,570,000	–	3,391,312	–	3.81%	–
MSI	New	MOTOROLA SOLUTIONS INC	$594,304,000	–	6,851,552	–	3.73%	–
L100PS	New	ARCONIC INC	$517,132,000	–	22,812,295	–	3.25%	–
PCLN	New	PRICELINE GRP INC	$451,115,000	–	241,171	–	2.83%	–
MSFT	New	MICROSOFT CORP	$400,699,000	–	5,813,127	–	2.52%	–
MELI	New	MERCADOLIBRE INC	$399,304,000	–	1,591,614	–	2.51%	–
AET	New	AETNA INC NEW	$393,650,000	–	2,592,701	–	2.47%	–
WFC	New	WELLS FARGO CO NEW	$379,822,000	–	6,854,762	–	2.39%	–
GOOG	New	ALPHABET INCcap stk cl c	$376,977,000	–	414,840	–	2.37%	–
CDK	New	CDK GLOBAL INC	$310,239,000	–	4,999,022	–	1.95%	–
PYPL	New	PAYPAL HLDGS INC	$307,130,000	–	5,722,568	–	1.93%	–
DXC	New	DXC TECHNOLOGY CO	$300,672,000	–	3,919,074	–	1.89%	–
DVMT	New	DELL TECHNOLOGIES INC	$287,491,000	–	4,704,481	–	1.81%	–
APD	New	AIR PRODS & CHEMS INC	$286,580,000	–	2,003,213	–	1.80%	–
SOHU	New	SOHU COM INC	$272,255,000	–	6,042,051	–	1.71%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$268,114,000	–	5,980,681	–	1.68%	–
AIG	New	AMERICAN INTL GROUP INC	$260,823,000	–	4,171,820	–	1.64%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$258,783,000	–	1,527,917	–	1.63%	–
FB	New	FACEBOOK INCcl a	$254,702,000	–	1,686,995	–	1.60%	–
NKE	New	NIKE INCcl b	$226,588,000	–	3,840,474	–	1.42%	–
NBL	New	NOBLE ENERGY INC	$167,088,000	–	5,904,170	–	1.05%	–
VALEP	New	VALE S Aadr repstg pfd	$144,372,000	–	17,714,387	–	0.91%	–
SRUNU	New	SILVER RUN ACQUISITIONunit 99/99/9999	$115,663,000	–	10,759,307	–	0.73%	–
AN	New	AUTONATION INC	$103,075,000	–	2,444,847	–	0.65%	–
CPA	New	COPA HOLDINGS SAcl a	$94,017,000	–	803,562	–	0.59%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$88,128,000	–	1,619,111	–	0.55%	–
UEPS	New	NET 1 UEPS TECHNOLOGIES INC	$87,319,000	–	8,855,933	–	0.55%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$82,019,000	–	7,422,513	–	0.52%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$81,645,000	–	3,669,450	–	0.51%	–
GLD	New	SPDR GOLD TRUST	$79,150,000	–	670,649	–	0.50%	–
VMW	New	VMWARE INC	$63,969,000	–	731,654	–	0.40%	–
AA	New	ALCOA CORP	$62,974,000	–	1,928,763	–	0.40%	–
BP	New	BP PLCsponsored adr	$48,954,000	–	1,412,813	–	0.31%	–
AMGN	New	AMGEN INC	$43,634,000	–	253,348	–	0.27%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$34,935,000	–	999,260	–	0.22%	–
JPM	New	JPMORGAN CHASE & CO	$34,579,000	–	378,318	–	0.22%	–
GOLD	New	BARRICK GOLD CORP	$31,722,000	–	1,993,829	–	0.20%	–
CNHI	New	CNH INDL N V	$28,551,000	–	2,508,918	–	0.18%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$24,087,000	–	1,340,408	–	0.15%	–
C	New	CITIGROUP INC	$23,615,000	–	353,095	–	0.15%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$20,803,000	–	412,024	–	0.13%	–
MU	New	MICRON TECHNOLOGY INC	$17,725,000	–	593,598	–	0.11%	–
ALR	New	ALERE INC	$15,712,000	–	313,057	–	0.10%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$15,049,000	–	951,251	–	0.10%	–
HMC	New	HONDA MOTOR LTD	$14,045,000	–	512,773	–	0.09%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$12,608,000	–	1,604,133	–	0.08%	–
LILAK	New	LIBERTY GLOBAL PLC	$9,971,000	–	465,695	–	0.06%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$5,650,000	–	129,915	–	0.04%	–
LPL	New	LG DISPLAY CO LTDspons adr rep	$5,542,000	–	344,870	–	0.04%	–
TK	New	TEEKAY CORPORATION	$4,108,000	–	615,852	–	0.03%	–
CELG	New	CELGENE CORP	$3,878,000	–	29,863	–	0.02%	–
LILA	New	LIBERTY GLOBAL PLC	$243,000	–	11,159	–	0.00%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$356,000	–	8,002	–	0.00%	–
ESV	New	ENSCO PLC	$131,000	–	25,387	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-11,193	–	-0.00%	–
QIWI	Exit	QIWI PLCspon adr rep b	$0	–	-25,975	–	-0.00%	–
GFA	Exit	GAFISA S Aspons adr	$0	–	-325,944	–	-0.00%	–
PBYI	Exit	PUMA BIOTECHNOLOGY INC	$0	–	-43,493	–	-0.02%	–
FTI	Exit	FMC TECHNOLOGIES INC	$0	–	-154,050	–	-0.03%	–
CYOU	Exit	CHANGYOU COM LTDads rep cl a	$0	–	-173,261	–	-0.03%	–
LPL	Exit	LG DISPLAY CO LTDspons adr rep	$0	–	-475,325	–	-0.04%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-224,635	–	-0.04%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-209,070	–	-0.05%	–
SRAQ	Exit	SILVER RUN ACQUISITION CORPcl a	$0	–	-533,851	–	-0.06%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-106,852	–	-0.06%	–
ING	Exit	ING GROEP N Vsponsored adr	$0	–	-882,251	–	-0.08%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-1,837,194	–	-0.09%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-465,695	–	-0.09%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-416,302	–	-0.10%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-603,808	–	-0.10%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-511,473	–	-0.10%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-100,427	–	-0.11%	–
SAP	Exit	SAP SEspon adr	$0	–	-183,373	–	-0.12%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-86,883	–	-0.12%	–
BP	Exit	BP PLCsponsored adr	$0	–	-489,883	–	-0.12%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-799,040	–	-0.13%	–
OVAS	Exit	OVASCIENCE INC	$0	–	-2,637,505	–	-0.13%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-1,210,790	–	-0.20%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr	$0	–	-1,023,159	–	-0.21%	–
AMZN	Exit	AMAZON COM INC	$0	–	-39,840	–	-0.23%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-563,967	–	-0.26%	–
MRK	Exit	MERCK & CO INC	$0	–	-632,525	–	-0.28%	–
ALR	Exit	ALERE INC	$0	–	-1,055,027	–	-0.32%	–
YNDX	Exit	YANDEX N V	$0	–	-2,229,912	–	-0.33%	–
CLH	Exit	CLEAN HARBORS INC	$0	–	-1,032,486	–	-0.35%	–
AN	Exit	AUTONATION INC	$0	–	-1,076,734	–	-0.37%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-470,876	–	-0.41%	–
YELP	Exit	YELP INCcl a	$0	–	-1,579,619	–	-0.46%	–
UEPS	Exit	NET 1 UEPS TECHNOLOGIES INC	$0	–	-9,026,255	–	-0.54%	–
VMW	Exit	VMWARE INC	$0	–	-1,077,681	–	-0.55%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-4,757,259	–	-0.59%	–
CNHI	Exit	CNH INDL N V	$0	–	-11,878,574	–	-0.60%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-1,640,949	–	-0.61%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-16,234,154	–	-0.64%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-2,055,573	–	-0.70%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-4,095,694	–	-0.72%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,974,988	–	-0.82%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-663,301	–	-0.86%	–
OI	Exit	OWENS ILL INC	$0	–	-6,985,020	–	-0.90%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-7,934,109	–	-0.98%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-2,817,156	–	-1.00%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-4,154,661	–	-1.07%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-1,859,722	–	-1.14%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-904,832	–	-1.15%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-16,277,330	–	-1.25%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-2,850,364	–	-1.40%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-4,378,787	–	-1.46%	–
CELG	Exit	CELGENE CORP	$0	–	-2,064,150	–	-1.51%	–
HUM	Exit	HUMANA INC	$0	–	-1,292,336	–	-1.60%	–
AGN	Exit	ALLERGAN PLC	$0	–	-1,007,578	–	-1.62%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-5,316,252	–	-1.65%	–
AA	Exit	ALCOA INC	$0	–	-23,697,840	–	-1.68%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,605,296	–	-1.69%	–
C	Exit	CITIGROUP INC	$0	–	-5,399,100	–	-1.78%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,123,907	–	-1.86%	–
SOHU	Exit	SOHU COM INC	$0	–	-6,439,423	–	-1.99%	–
ABBV	Exit	ABBVIE INC	$0	–	-4,906,029	–	-2.16%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-6,181,342	–	-2.48%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,484,161	–	-2.51%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,360,003	–	-2.56%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-254,067	–	-2.62%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-15,630,050	–	-4.48%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-8,854,767	–	-4.73%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-28,342,406	–	-5.18%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-21,029,225	–	-5.40%	–
APA	Exit	APACHE CORP	$0	–	-13,522,980	–	-6.04%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-3,928,443	–	-7.42%	–
QCOM	Exit	QUALCOMM INC	$0	–	-16,207,559	–	-7.77%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-5,469,068	–	-9.22%	–

Q3 2016

			Value		Shares		↓ Weighting
NTES	Sell	NETEASE INCsponsored adr	$1,316,843,000	-23.2%	5,469,068	-38.4%	9.22%	-29.4%
QCOM	Sell	QUALCOMM INC	$1,110,218,000	+15.5%	16,207,559	-9.7%	7.77%	+6.2%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$1,060,562,000	+25.0%	3,928,443	+5.9%	7.42%	+15.0%
APA	Sell	APACHE CORP	$863,713,000	+10.7%	13,522,980	-3.5%	6.04%	+1.8%
XPO	Buy	XPO LOGISTICS INC	$771,142,000	+46.3%	21,029,225	+4.8%	5.40%	+34.6%
JD	Sell	JD COM INCspon adr cl a	$739,454,000	+17.4%	28,342,406	-4.4%	5.18%	+8.0%
MSI	Sell	MOTOROLA SOLUTIONS INC	$675,441,000	+12.9%	8,854,767	-2.4%	4.73%	+3.8%
PYPL	Buy	PAYPAL HLDGS INC	$640,363,000	+30.7%	15,630,050	+16.5%	4.48%	+20.2%
PCLN	Buy	PRICELINE GRP INC	$373,857,000	+26.4%	254,067	+7.3%	2.62%	+16.2%
MSFT	Buy	MICROSOFT CORP	$366,336,000	+29.8%	6,360,003	+15.3%	2.56%	+19.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$358,886,000	+3.4%	2,484,161	+3.6%	2.51%	-4.9%
ABBV	Sell	ABBVIE INC	$309,423,000	-4.8%	4,906,029	-6.5%	2.16%	-12.5%
SOHU	Buy	SOHU COM INC	$284,945,000	+18.1%	6,439,423	+1.0%	1.99%	+8.5%
ANTM	Buy	ANTHEM INC	$266,147,000	+116.3%	2,123,907	+126.7%	1.86%	+98.8%
C	Buy	CITIGROUP INC	$254,999,000	+33.4%	5,399,100	+19.7%	1.78%	+22.7%
APD	Buy	AIR PRODS & CHEMS INC	$241,340,000	+8.2%	1,605,296	+2.2%	1.69%	-0.5%
AA	Sell	ALCOA INC	$240,296,000	+2.5%	23,697,840	-6.3%	1.68%	-5.8%
WFC	New	WELLS FARGO & CO NEW	$235,404,000	–	5,316,252	–	1.65%	–
AGN	Sell	ALLERGAN PLC	$232,055,000	-0.4%	1,007,578	-0.0%	1.62%	-8.4%
HUM	Buy	HUMANA INC	$228,601,000	+35.9%	1,292,336	+38.2%	1.60%	+25.0%
CELG	Buy	CELGENE CORP	$215,766,000	+19.1%	2,064,150	+12.4%	1.51%	+9.5%
DVMT	New	DELL TECHNOLOGIES INC	$209,306,000	–	4,378,787	–	1.46%	–
DG	Sell	DOLLAR GEN CORP NEW	$199,497,000	-28.6%	2,850,364	-4.1%	1.40%	-34.4%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$178,073,000	+18.4%	16,277,330	+2.2%	1.25%	+8.9%
BIDU	Sell	BAIDU INCspon adr rep a	$164,743,000	+6.7%	904,832	-3.2%	1.15%	-1.9%
CPA	Sell	COPA HOLDINGS SAcl a	$163,526,000	+41.0%	1,859,722	-16.2%	1.14%	+29.6%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$153,348,000	+2.1%	4,154,661	+3.7%	1.07%	-6.1%
BHI	Buy	BAKER HUGHES INC	$142,182,000	+76.9%	2,817,156	+58.2%	1.00%	+62.6%
GOLD	Sell	BARRICK GOLD CORP	$140,592,000	-77.5%	7,934,109	-72.9%	0.98%	-79.3%
OI	Sell	OWENS ILL INC	$128,455,000	-3.3%	6,985,020	-5.3%	0.90%	-11.1%
MELI	Buy	MERCADOLIBRE INC	$122,690,000	+39.7%	663,301	+6.2%	0.86%	+28.6%
AIG	Sell	AMERICAN INTL GROUP INC	$117,195,000	+12.2%	1,974,988	-0.0%	0.82%	+3.1%
CCL	Sell	CARNIVAL CORPunit 99/99/9999	$100,353,000	-13.5%	2,055,573	-21.7%	0.70%	-20.5%
WFTIQ	Sell	WEATHERFORD INTL PLC	$91,236,000	-2.8%	16,234,154	-4.0%	0.64%	-10.8%
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$86,691,000	+0.9%	1,640,949	+6.9%	0.61%	-7.2%
CNHI	Buy	CNH INDL N V	$85,763,000	+8.4%	11,878,574	+7.3%	0.60%	-0.3%
MU	Sell	MICRON TECHNOLOGY INC	$84,584,000	+20.9%	4,757,259	-6.4%	0.59%	+11.1%
VMW	New	VMWARE INC	$79,048,000	–	1,077,681	–	0.55%	–
UEPS	Sell	NET 1 UEPS TECHNOLOGIES INC	$77,265,000	-14.7%	9,026,255	-0.4%	0.54%	-21.5%
YELP	Sell	YELP INCcl a	$65,870,000	+31.5%	1,579,619	-4.2%	0.46%	+21.0%
GLD	Buy	SPDR GOLD TRUST	$59,161,000	+114.4%	470,876	+115.9%	0.41%	+97.1%
CLH	Buy	CLEAN HARBORS INC	$49,539,000	+67.9%	1,032,486	+82.4%	0.35%	+54.2%
YNDX	Buy	YANDEX N V	$46,940,000	+1.4%	2,229,912	+5.3%	0.33%	-6.8%
ALR	Buy	ALERE INC	$45,620,000	+45.8%	1,055,027	+40.6%	0.32%	+34.0%
MRK	Sell	MERCK & CO INC	$39,476,000	-81.2%	632,525	-82.6%	0.28%	-82.7%
JPM	Buy	JPMORGAN CHASE & CO	$37,555,000	+17.1%	563,967	+9.3%	0.26%	+7.8%
AMZN	Sell	AMAZON COM INC	$33,358,000	-20.7%	39,840	-32.2%	0.23%	-27.2%
VOD	Sell	VODAFONE GROUP PLC NEWspnsr adr	$29,826,000	-6.0%	1,023,159	-0.4%	0.21%	-13.3%
SKM	Buy	SK TELECOM LTDsponsored adr	$18,058,000	+42.6%	799,040	+32.0%	0.13%	+31.2%
BP	Buy	BP PLCsponsored adr	$17,224,000	+27.6%	489,883	+28.8%	0.12%	+17.5%
SHPG	Sell	SHIRE PLCsponsored adr	$16,843,000	-3.0%	86,883	-7.9%	0.12%	-10.6%
SAP	Sell	SAP SEspon adr	$16,762,000	+21.1%	183,373	-0.7%	0.12%	+11.4%
GS	New	GOLDMAN SACHS GROUP INC	$16,196,000	–	100,427	–	0.11%	–
HMC	New	HONDA MOTOR LTD	$14,792,000	–	511,473	–	0.10%	–
KEP	Sell	KOREA ELECTRIC PWRsponsored adr	$14,721,000	-14.5%	603,808	-9.1%	0.10%	-21.4%
KB	Buy	KB FINANCIAL GROUP INCsponsored adr	$14,241,000	+28.8%	416,302	+7.2%	0.10%	+19.0%
SMFG	Buy	SUMITOMO MITSUI FINL GROUP Isponsored adr	$12,400,000	+73.0%	1,837,194	+46.6%	0.09%	+58.2%
ING	Buy	ING GROEP N Vsponsored adr	$10,887,000	+43.0%	882,251	+19.7%	0.08%	+31.0%
GILD	Sell	GILEAD SCIENCES INC	$8,454,000	-5.9%	106,852	-0.8%	0.06%	-13.2%
SRAQ	New	SILVER RUN ACQUISITION CORPcl a	$8,408,000	–	533,851	–	0.06%	–
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$7,619,000	+49.0%	209,070	+33.8%	0.05%	+35.9%
SSL	Buy	SASOL LTDsponsored adr	$6,137,000	+59.3%	224,635	+58.1%	0.04%	+48.3%
CYOU	Buy	CHANGYOU COM LTDads rep cl a	$4,721,000	+413.7%	173,261	+278.1%	0.03%	+371.4%
PBYI	Sell	PUMA BIOTECHNOLOGY INC	$2,916,000	+123.3%	43,493	-0.8%	0.02%	+100.0%
QIWI	Sell	QIWI PLCspon adr rep b	$380,000	-8.9%	25,975	-18.4%	0.00%	0.0%
LILA	Sell	LIBERTY GLOBAL PLC	$309,000	-26.3%	11,193	-13.8%	0.00%	-33.3%
SWC	Exit	STILLWATER MNG CO	$0	–	-76,170	–	-0.01%	–
ERIC	Exit	ERICSSONadr b sek 10	$0	–	-159,998	–	-0.01%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-16,705	–	-0.02%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-196,600	–	-0.05%	–
CVLT	Exit	COMMVAULT SYSTEMS INC	$0	–	-318,754	–	-0.10%	–
AFL	Exit	AFLAC INC	$0	–	-209,696	–	-0.12%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-1,345,108	–	-0.40%	–
MCK	Exit	MCKESSON CORP	$0	–	-398,077	–	-0.56%	–

Q2 2016

			Value		Shares		↓ Weighting
NTES	New	NETEASE INCsponsored adr	$1,714,297,000	–	8,872,257	–	13.05%	–
QCOM	New	QUALCOMM INC	$961,355,000	–	17,945,772	–	7.32%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$848,126,000	–	3,709,436	–	6.46%	–
APA	New	APACHE CORP	$780,466,000	–	14,019,513	–	5.94%	–
JD	New	JD COM INCspon adr cl a	$629,719,000	–	29,661,778	–	4.79%	–
GOLD	New	BARRICK GOLD CORP	$624,922,000	–	29,270,364	–	4.76%	–
MSI	New	MOTOROLA SOLUTIONS INC	$598,367,000	–	9,070,287	–	4.55%	–
XPO	New	XPO LOGISTICS INC	$526,968,000	–	20,067,346	–	4.01%	–
PYPL	New	PAYPAL HLDGS INC	$489,956,000	–	13,419,771	–	3.73%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$347,095,000	–	2,397,235	–	2.64%	–
CDK	New	CDK GLOBAL INC	$343,002,000	–	6,181,342	–	2.61%	–
ABBV	New	ABBVIE INC	$324,995,000	–	5,249,474	–	2.47%	–
PCLN	New	PRICELINE GRP INC	$295,710,000	–	236,869	–	2.25%	–
MSFT	New	MICROSOFT CORP	$282,302,000	–	5,516,939	–	2.15%	–
DG	New	DOLLAR GEN CORP NEW	$279,509,000	–	2,973,492	–	2.13%	–
SOHU	New	SOHU COM INC	$241,333,000	–	6,374,335	–	1.84%	–
AA	New	ALCOA INC	$234,530,000	–	25,299,972	–	1.78%	–
AGN	New	ALLERGAN PLC	$232,874,000	–	1,007,722	–	1.77%	–
APD	New	AIR PRODS & CHEMS INC	$223,102,000	–	1,570,696	–	1.70%	–
MRK	New	MERCK & CO INC	$209,819,000	–	3,642,064	–	1.60%	–
C	New	CITIGROUP INC	$191,133,000	–	4,508,902	–	1.46%	–
CELG	New	CELGENE CORP	$181,140,000	–	1,836,556	–	1.38%	–
HUM	New	HUMANA INC	$168,227,000	–	935,217	–	1.28%	–
BIDU	New	BAIDU INCspon adr rep a	$154,401,000	–	934,913	–	1.18%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$150,346,000	–	15,926,548	–	1.14%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$150,174,000	–	4,004,641	–	1.14%	–
OI	New	OWENS ILL INC	$132,853,000	–	7,376,609	–	1.01%	–
ANTM	New	ANTHEM INC	$123,063,000	–	936,984	–	0.94%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$116,030,000	–	2,625,109	–	0.88%	–
CPA	New	COPA HOLDINGS SAcl a	$116,003,000	–	2,219,724	–	0.88%	–
AIG	New	AMERICAN INTL GROUP INC	$104,478,000	–	1,975,370	–	0.80%	–
WFTIQ	New	WEATHERFORD INTL PLC	$93,892,000	–	16,917,539	–	0.72%	–
UEPS	New	NET 1 UEPS TECHNOLOGIES INC	$90,549,000	–	9,063,915	–	0.69%	–
MELI	New	MERCADOLIBRE INC	$87,834,000	–	624,395	–	0.67%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$85,954,000	–	1,534,884	–	0.65%	–
SYMC	New	SYMANTEC CORP	$84,126,000	–	4,095,694	–	0.64%	–
BHI	New	BAKER HUGHES INC	$80,388,000	–	1,781,250	–	0.61%	–
CNHI	New	CNH INDL N V	$79,145,000	–	11,068,994	–	0.60%	–
MCK	New	MCKESSON CORP	$74,301,000	–	398,077	–	0.56%	–
MU	New	MICRON TECHNOLOGY INC	$69,969,000	–	5,084,927	–	0.53%	–
NEM	New	NEWMONT MINING CORP	$52,621,000	–	1,345,108	–	0.40%	–
AN	New	AUTONATION INC	$50,585,000	–	1,076,734	–	0.38%	–
YELP	New	YELP INCcl a	$50,085,000	–	1,649,677	–	0.38%	–
YNDX	New	YANDEX N V	$46,274,000	–	2,117,796	–	0.35%	–
AMZN	New	AMAZON COM INC	$42,052,000	–	58,763	–	0.32%	–
JPM	New	JPMORGAN CHASE & CO	$32,061,000	–	515,952	–	0.24%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr	$31,725,000	–	1,027,031	–	0.24%	–
ALR	New	ALERE INC	$31,281,000	–	750,504	–	0.24%	–
CLH	New	CLEAN HARBORS INC	$29,500,000	–	566,115	–	0.22%	–
GLD	New	SPDR GOLD TRUST	$27,595,000	–	218,110	–	0.21%	–
KMI	New	KINDER MORGAN INC DEL	$22,666,000	–	1,210,790	–	0.17%	–
SHPG	New	SHIRE PLCsponsored adr	$17,364,000	–	94,330	–	0.13%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$17,224,000	–	664,236	–	0.13%	–
AFL	New	AFLAC INC	$15,132,000	–	209,696	–	0.12%	–
LILAK	New	LIBERTY GLOBAL PLC	$15,130,000	–	465,695	–	0.12%	–
SAP	New	SAP SEspon adr	$13,847,000	–	184,575	–	0.10%	–
CVLT	New	COMMVAULT SYSTEMS INC	$13,767,000	–	318,754	–	0.10%	–
OVAS	New	OVASCIENCE INC	$13,741,000	–	2,637,505	–	0.10%	–
BP	New	BP PLCsponsored adr	$13,503,000	–	380,253	–	0.10%	–
SKM	New	SK TELECOM LTDsponsored adr	$12,663,000	–	605,316	–	0.10%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$11,053,000	–	388,366	–	0.08%	–
GILD	New	GILEAD SCIENCES INC	$8,986,000	–	107,723	–	0.07%	–
ING	New	ING GROEP N Vsponsored adr	$7,614,000	–	737,089	–	0.06%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$7,167,000	–	1,253,005	–	0.06%	–
EEM	New	ISHARES TRmsci emg mkt etf	$6,755,000	–	196,600	–	0.05%	–
LPL	New	LG DISPLAY CO LTDspons adr rep	$5,509,000	–	475,325	–	0.04%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$5,114,000	–	156,218	–	0.04%	–
FTI	New	FMC TECHNOLOGIES INC	$4,109,000	–	154,050	–	0.03%	–
SSL	New	SASOL LTDsponsored adr	$3,852,000	–	142,041	–	0.03%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$2,163,000	–	16,705	–	0.02%	–
PBYI	New	PUMA BIOTECHNOLOGY INC	$1,306,000	–	43,854	–	0.01%	–
ERIC	New	ERICSSONadr b sek 10	$1,229,000	–	159,998	–	0.01%	–
CYOU	New	CHANGYOU COM LTDads rep cl a	$919,000	–	45,820	–	0.01%	–
SWC	New	STILLWATER MNG CO	$903,000	–	76,170	–	0.01%	–
LILA	New	LIBERTY GLOBAL PLC	$419,000	–	12,991	–	0.00%	–
QIWI	New	QIWI PLCspon adr rep b	$417,000	–	31,821	–	0.00%	–
GFA	New	GAFISA S Aspons adr	$414,000	–	325,944	–	0.00%	–

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