BLS CAPITAL FONDSMAEGLERSELSKAB A/S Activity Q4 2015-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
ADP	Sell	Automatic Data Processing	$575,344,424	+8.3%	2,391,489	-1.1%	14.29%	+16.3%
OTIS	Sell	Otis Worldwide	$443,121,749	-13.7%	5,517,641	-4.4%	11.00%	-7.4%
MCO	Sell	Moody's	$361,392,427	-9.8%	1,143,032	-0.8%	8.97%	-3.2%
NKE	Buy	Nikecl b	$334,581,647	+4.2%	3,499,076	+20.3%	8.31%	+11.9%
YUMC	Buy	Yum China	$331,484,966	+6.5%	5,949,120	+8.0%	8.23%	+14.4%
MA	Sell	Mastercardcl a	$312,020,234	-0.2%	788,109	-0.8%	7.75%	+7.2%
EL	Sell	Estee Laudercl a	$303,263,644	-26.9%	2,097,404	-0.7%	7.53%	-21.4%
AZO	Buy	Autozone	$288,702,883	+7.0%	113,663	+5.0%	7.17%	+14.9%
SPGI	Buy	S&P Global	$282,580,323	-5.6%	773,324	+3.5%	7.02%	+1.4%
KO	Buy	Coca-Cola	$250,086,507	-5.2%	4,467,426	+2.0%	6.21%	+1.8%
V	Sell	Visacl a	$228,985,075	-3.8%	995,544	-0.7%	5.69%	+3.3%
SBUX	Sell	Starbucks	$165,470,502	-8.3%	1,812,978	-0.4%	4.11%	-1.5%
EXPD	Sell	Expeditors	$150,309,734	-43.9%	1,311,260	-40.7%	3.73%	-39.8%

Q2 2023

			Value		Shares		↓ Weighting
ADP	New	Automatic Data Processing	$531,290,455	–	2,417,264	–	12.28%	–
OTIS	New	Otis Worldwide	$513,753,259	–	5,771,860	–	11.88%	–
EL	New	Estee Laudercl a	$414,601,187	–	2,111,219	–	9.59%	–
MCO	New	Moody's	$400,807,108	–	1,152,672	–	9.27%	–
NKE	New	Nikecl b	$321,035,537	–	2,908,721	–	7.42%	–
MA	New	Mastercardcl a	$312,553,150	–	794,694	–	7.23%	–
YUMC	New	Yum China	$311,277,993	–	5,509,345	–	7.20%	–
SPGI	New	S&P Global	$299,422,336	–	746,894	–	6.92%	–
AZO	New	Autozone	$269,926,167	–	108,258	–	6.24%	–
EXPD	New	Expeditors	$267,908,551	–	2,211,744	–	6.20%	–
KO	New	Coca-Cola	$263,841,886	–	4,381,300	–	6.10%	–
V	New	Visacl a	$238,029,529	–	1,002,314	–	5.50%	–
SBUX	New	Starbucks	$180,404,902	–	1,821,168	–	4.17%	–

Q4 2022

			Value		Shares		↓ Weighting
V	Exit	VISA INC-CLASS A SHARES	$0	–	-557,839	–	-4.20%	–
AZO	Exit	AUTOZONE INC	$0	–	-47,328	–	-4.29%	–
EL	Exit	THE ESTEE LAUDER COMPANIES INC	$0	–	-514,751	–	-4.71%	–
NKE	Exit	NIKE INC	$0	–	-1,644,985	–	-5.79%	–
MA	Exit	MASTERCARD INC - A	$0	–	-518,302	–	-6.24%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,711,383	–	-6.40%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-497,954	–	-6.44%	–
MCO	Exit	MOODY'S CORP	$0	–	-790,497	–	-8.14%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-920,248	–	-8.82%	–
YUMC	Exit	YUM CHINA HOLDINGS INC	$0	–	-4,772,418	–	-9.57%	–
BUD	Exit	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$0	–	-5,507,354	–	-10.54%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-3,308,061	–	-11.81%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-4,827,950	–	-13.05%	–

Q3 2022

			Value		Shares		↓ Weighting
OTIS	Sell	OTIS WORLDWIDE CORP	$308,023,000	-30.5%	4,827,950	-23.0%	13.05%	-17.5%
SBUX	Sell	STARBUCKS CORP	$278,737,000	+6.5%	3,308,061	-3.4%	11.81%	+26.5%
BUD	Sell	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$248,712,000	-18.8%	5,507,354	-3.0%	10.54%	-3.5%
YUMC	Sell	YUM CHINA HOLDINGS INC	$225,879,000	-23.5%	4,772,418	-21.7%	9.57%	-9.2%
ADP	Sell	AUTOMATIC DATA PROCESSING	$208,151,000	-15.0%	920,248	-21.0%	8.82%	+1.0%
MCO	Sell	MOODY'S CORP	$192,178,000	-11.2%	790,497	-0.6%	8.14%	+5.5%
SPGI	Sell	S&P GLOBAL INC	$152,050,000	-9.9%	497,954	-0.6%	6.44%	+7.0%
EXPD	Buy	EXPEDITORS INTL WASH INC	$151,132,000	+53.7%	1,711,383	+69.7%	6.40%	+82.6%
MA	Sell	MASTERCARD INC - A	$147,374,000	-21.4%	518,302	-12.8%	6.24%	-6.6%
NKE	Buy	NIKE INC	$136,731,000	-0.8%	1,644,985	+22.0%	5.79%	+17.9%
EL	Sell	THE ESTEE LAUDER COMPANIES INC	$111,135,000	-15.2%	514,751	-0.0%	4.71%	+0.7%
AZO	Sell	AUTOZONE INC	$101,373,000	-32.5%	47,328	-32.3%	4.29%	-19.8%
V	Sell	VISA INC-CLASS A SHARES	$99,100,000	-38.9%	557,839	-32.3%	4.20%	-27.5%

Q2 2022

			Value		Shares		↓ Weighting
OTIS	New	OTIS WORLDWIDE CORP	$443,293,000	–	6,272,715	–	15.81%	–
BUD	New	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$306,173,000	–	5,675,120	–	10.92%	–
YUMC	New	YUM CHINA HOLDINGS INC	$295,427,000	–	6,091,286	–	10.54%	–
SBUX	New	STARBUCKS CORP	$261,728,000	–	3,426,208	–	9.34%	–
ADP	New	AUTOMATIC DATA PROCESSING	$244,777,000	–	1,165,382	–	8.73%	–
MCO	New	MOODY'S CORP	$216,384,000	–	795,616	–	7.72%	–
MA	New	MASTERCARD INC - A	$187,507,000	–	594,355	–	6.69%	–
SPGI	New	S&P GLOBAL INC	$168,823,000	–	500,870	–	6.02%	–
V	New	VISA INC-CLASS A SHARES	$162,324,000	–	824,440	–	5.79%	–
AZO	New	AUTOZONE INC	$150,204,000	–	69,891	–	5.36%	–
NKE	New	NIKE INC	$137,775,000	–	1,348,093	–	4.91%	–
EL	New	THE ESTEE LAUDER COMPANIES INC	$131,125,000	–	514,882	–	4.68%	–
EXPD	New	EXPEDITORS INTL WASH INC	$98,309,000	–	1,008,708	–	3.51%	–

Q4 2021

			Value		Shares		↓ Weighting
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-778,491	–	-4.28%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-504,061	–	-4.42%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-975,976	–	-4.58%	–
MA	Exit	MASTERCARD INC - A	$0	–	-350,007	–	-4.79%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-325,715	–	-5.44%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-750,886	–	-5.91%	–
MCO	Exit	MOODY'S CORP	$0	–	-510,944	–	-7.14%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-4,338,680	–	-8.96%	–
YUMC	Exit	YUM CHINA HOLDINGS INC	$0	–	-3,968,525	–	-9.07%	–
AZO	Exit	AUTOZONE INC	$0	–	-144,808	–	-9.67%	–
BUD	Exit	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$0	–	-7,711,619	–	-17.11%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-5,756,342	–	-18.64%	–

Q3 2021

			Value		Shares		↓ Weighting
OTIS	Buy	OTIS WORLDWIDE CORP	$473,632,000	+11.4%	5,756,342	+10.7%	18.64%	+10.6%
BUD	Buy	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$434,781,000	+5.9%	7,711,619	+35.2%	17.11%	+5.1%
AZO	Sell	AUTOZONE INC	$245,883,000	+7.1%	144,808	-5.9%	9.67%	+6.4%
YUMC	New	YUM CHINA HOLDINGS INC	$230,611,000	–	3,968,525	–	9.07%	–
KO	Sell	COCA-COLA CO/THE	$227,651,000	-33.3%	4,338,680	-31.2%	8.96%	-33.7%
MCO	Buy	MOODY'S CORP	$181,441,000	-1.6%	510,944	+0.4%	7.14%	-2.3%
ADP	Sell	AUTOMATIC DATA PROCESSING	$150,117,000	-37.9%	750,886	-38.3%	5.91%	-38.3%
SPGI	Buy	S&P GLOBAL INC	$138,393,000	+4.2%	325,715	+0.6%	5.44%	+3.4%
MA	Buy	MASTERCARD INC - A	$121,690,000	-3.8%	350,007	+1.0%	4.79%	-4.5%
EXPD	Sell	EXPEDITORS INTL WASH INC	$116,268,000	-9.5%	975,976	-3.9%	4.58%	-10.2%
V	Sell	VISA INC-CLASS A SHARES	$112,280,000	-11.2%	504,061	-6.8%	4.42%	-11.8%
PG	Sell	PROCTER & GAMBLE CO/THE	$108,833,000	-38.6%	778,491	-40.8%	4.28%	-39.0%

Q2 2021

			Value		Shares		↓ Weighting
OTIS	New	OTIS WORLDWIDE CORP	$425,148,000	–	5,199,317	–	16.84%	–
BUD	New	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$410,690,000	–	5,703,233	–	16.27%	–
KO	New	COCA-COLA CO/THE	$341,116,000	–	6,304,130	–	13.51%	–
ADP	New	AUTOMATIC DATA PROCESSING	$241,584,000	–	1,216,311	–	9.57%	–
AZO	New	AUTOZONE INC	$229,538,000	–	153,823	–	9.09%	–
MCO	New	MOODY'S CORP	$184,381,000	–	508,819	–	7.30%	–
PG	New	PROCTER & GAMBLE CO/THE	$177,304,000	–	1,314,041	–	7.02%	–
SPGI	New	S&P GLOBAL INC	$132,859,000	–	323,690	–	5.26%	–
EXPD	New	EXPEDITORS INTL WASH INC	$128,537,000	–	1,015,299	–	5.09%	–
MA	New	MASTERCARD INC - A	$126,543,000	–	346,607	–	5.01%	–
V	New	VISA INC-CLASS A SHARES	$126,441,000	–	540,761	–	5.01%	–

Q4 2020

			Value		Shares		↓ Weighting
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-12,268	–	-0.23%	–
MCO	Exit	MOODY'S CORP	$0	–	-290,303	–	-4.69%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-240,635	–	-4.83%	–
EL	Exit	ESTEE LAUDER COMPANIES-CL A	$0	–	-411,754	–	-5.01%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-527,368	–	-5.88%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,168,906	–	-5.90%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-1,298,136	–	-6.21%	–
MA	Exit	MASTERCARD INC - A	$0	–	-461,241	–	-8.69%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,027,566	–	-11.32%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-3,931,349	–	-13.67%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-2,043,828	–	-15.88%	–
BUD	Exit	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$0	–	-5,892,203	–	-17.69%	–

Q3 2020

			Value		Shares		↓ Weighting
BUD	Sell	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$317,472,000	+6.3%	5,892,203	-2.8%	17.69%	+8.2%
ADP	Buy	AUTOMATIC DATA PROCESSING	$285,094,000	+67.1%	2,043,828	+78.4%	15.88%	+70.2%
OTIS	Buy	OTIS WORLDWIDE CORP	$245,395,000	+27.5%	3,931,349	+16.1%	13.67%	+29.9%
AXP	Buy	AMERICAN EXPRESS CO	$203,263,000	+13.6%	2,027,566	+7.8%	11.32%	+15.7%
MA	Sell	MASTERCARD INC - A	$155,978,000	-42.8%	461,241	-50.0%	8.69%	-41.7%
SBUX	Sell	STARBUCKS CORP	$111,536,000	-12.8%	1,298,136	-25.3%	6.21%	-11.2%
EXPD	Sell	EXPEDITORS INTL WASH INC	$105,809,000	+15.0%	1,168,906	-3.4%	5.90%	+17.2%
V	Sell	VISA INC-CLASS A SHARES	$105,458,000	+1.3%	527,368	-2.1%	5.88%	+3.2%
EL	Sell	ESTEE LAUDER COMPANIES-CL A	$89,865,000	-36.9%	411,754	-45.5%	5.01%	-35.7%
SPGI	Sell	S&P GLOBAL INC	$86,773,000	+6.9%	240,635	-2.4%	4.83%	+8.8%
MCO	Sell	MOODY'S CORP	$84,144,000	-1.4%	290,303	-6.6%	4.69%	+0.4%
FDS	Sell	FACTSET RESEARCH SYSTEMS INC	$4,108,000	-95.0%	12,268	-95.1%	0.23%	-94.9%

Q2 2020

			Value		Shares		↓ Weighting
BUD	New	ANHEUSER-BUSCH INBEV-SPN ADRsponsored adr	$298,761,000	–	6,060,063	–	16.34%	–
MA	New	MASTERCARD INC - A	$272,684,000	–	922,166	–	14.92%	–
OTIS	New	OTIS WORLDWIDE CORP	$192,486,000	–	3,385,266	–	10.53%	–
AXP	New	AMERICAN EXPRESS CO	$178,994,000	–	1,880,190	–	9.79%	–
ADP	New	AUTOMATIC DATA PROCESSING	$170,595,000	–	1,145,778	–	9.33%	–
EL	New	ESTEE LAUDER COMPANIES-CL A	$142,425,000	–	754,850	–	7.79%	–
SBUX	New	STARBUCKS CORP	$127,861,000	–	1,737,483	–	6.99%	–
V	New	VISA INC-CLASS A SHARES	$104,103,000	–	538,918	–	5.70%	–
EXPD	New	EXPEDITORS INTL WASH INC	$91,986,000	–	1,209,706	–	5.03%	–
MCO	New	MOODY'S CORP	$85,366,000	–	310,728	–	4.67%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$81,658,000	–	248,600	–	4.47%	–
SPGI	New	S&P GLOBAL INC	$81,204,000	–	246,460	–	4.44%	–

Q4 2019

			Value		Shares		↓ Weighting
FDS	Exit	FACTSET RESEARCH SYSTEMS INC	$0	–	-235,850	–	-4.91%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-648,103	–	-4.91%	–
EL	Exit	ESTEE LAUDER COMPANIES-CL A	$0	–	-308,800	–	-5.26%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,426,800	–	-6.17%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-430,910	–	-6.35%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-387,138	–	-8.13%	–
MCO	Exit	MOODY'S CORP	$0	–	-503,039	–	-8.83%	–
CHRW	Exit	C.H. ROBINSON WORLDWIDE INC	$0	–	-1,242,083	–	-9.02%	–
MA	Exit	MASTERCARD INC - A	$0	–	-432,760	–	-10.07%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,160,724	–	-11.76%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-3,860,063	–	-24.58%	–

Q3 2019

			Value		Shares		↓ Weighting
EXPD	Buy	EXPEDITORS INTL WASH INC	$286,764,000	+22.8%	3,860,063	+25.4%	24.58%	+2.4%
AXP	Buy	AMERICAN EXPRESS CO	$137,290,000	+25.3%	1,160,724	+30.8%	11.76%	+4.5%
MA	Sell	MASTERCARD INC - A	$117,525,000	-23.9%	432,760	-25.9%	10.07%	-36.6%
CHRW	Buy	C.H. ROBINSON WORLDWIDE INC	$105,304,000	+53.1%	1,242,083	+52.3%	9.02%	+27.7%
MCO	Buy	MOODY'S CORP	$103,037,000	+8.2%	503,039	+3.1%	8.83%	-9.8%
SPGI	Sell	S&P GLOBAL INC	$94,841,000	+5.7%	387,138	-1.7%	8.13%	-11.9%
V	Buy	VISA INC-CLASS A SHARES	$74,121,000	+21.5%	430,910	+22.6%	6.35%	+1.3%
WFC	New	WELLS FARGO & CO	$71,968,000	–	1,426,800	–	6.17%	–
EL	Buy	ESTEE LAUDER COMPANIES-CL A	$61,436,000	+13.9%	308,800	+4.8%	5.26%	-5.0%
SBUX	Sell	STARBUCKS CORP	$57,305,000	+5.0%	648,103	-0.5%	4.91%	-12.5%
FDS	Buy	FACTSET RESEARCH SYSTEMS INC	$57,304,000	+9.8%	235,850	+29.5%	4.91%	-8.4%

Q2 2019

			Value		Shares		↓ Weighting
EXPD	New	EXPEDITORS INTL WASH INC	$233,517,000	–	3,078,263	–	24.00%	–
MA	New	MASTERCARD INC - A	$154,518,000	–	584,123	–	15.88%	–
AXP	New	AMERICAN EXPRESS CO	$109,556,000	–	887,524	–	11.26%	–
MCO	New	MOODY'S CORP	$95,271,000	–	487,793	–	9.79%	–
SPGI	New	S&P GLOBAL INC	$89,755,000	–	394,027	–	9.22%	–
CHRW	New	C.H. ROBINSON WORLDWIDE INC	$68,775,000	–	815,356	–	7.07%	–
V	New	VISA INC-CLASS A SHARES	$61,022,000	–	351,610	–	6.27%	–
SBUX	New	STARBUCKS CORP	$54,590,000	–	651,203	–	5.61%	–
EL	New	ESTEE LAUDER COMPANIES-CL A	$53,953,000	–	294,650	–	5.54%	–
FDS	New	FACTSET RESEARCH SYSTEMS INC	$52,197,000	–	182,150	–	5.36%	–

Q4 2018

			Value		Shares		↓ Weighting
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-334,924	–	-4.80%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-242,460	–	-4.90%	–
AZO	Exit	AUTOZONE INC	$0	–	-48,888	–	-5.10%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-274,177	–	-7.21%	–
MCO	Exit	MOODY'S CORP	$0	–	-360,923	–	-8.12%	–
EL	Exit	ESTEE LAUDER COMPANIES-CL A	$0	–	-474,350	–	-9.27%	–
PG	Exit	Procter & Gamble	$0	–	-861,050	–	-9.64%	–
MA	Exit	MASTERCARD INC - Acl a	$0	–	-472,823	–	-14.16%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,376,252	–	-18.17%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-1,883,398	–	-18.63%	–

Q3 2018

			Value		Shares		↓ Weighting
EXPD	Sell	EXPEDITORS INTL WASH INC	$138,486,000	-9.1%	1,883,398	-9.6%	18.63%	+4.0%
SBUX	Buy	STARBUCKS CORP	$135,066,000	+18.1%	2,376,252	+1.5%	18.17%	+35.1%
MA	Sell	MASTERCARD INC - Acl a	$105,255,000	-11.2%	472,823	-21.6%	14.16%	+1.5%
PG	Buy	Procter & Gamble	$71,665,000	+8.4%	861,050	+1.7%	9.64%	+24.0%
EL	Buy	ESTEE LAUDER COMPANIES-CL A	$68,933,000	+112.3%	474,350	+108.5%	9.27%	+142.8%
MCO	Buy	MOODY'S CORP	$60,346,000	-1.3%	360,923	+0.7%	8.12%	+12.9%
SPGI	Buy	S&P GLOBAL INC	$53,571,000	-3.9%	274,177	+0.3%	7.21%	+10.0%
AZO	Sell	AUTOZONE INC	$37,922,000	-28.7%	48,888	-38.3%	5.10%	-18.5%
V	Sell	VISA INC-CLASS A SHARES	$36,391,000	-2.3%	242,460	-13.8%	4.90%	+11.7%
AXP	Sell	AMERICAN EXPRESS CO	$35,666,000	-9.0%	334,924	-16.3%	4.80%	+4.1%
NKE	Exit	NIKE INC -CL Bcl b	$0	–	-734,097	–	-6.88%	–
GOOG	Exit	ALPHABET Ccl c	$0	–	-54,980	–	-7.22%	–

Q2 2018

			Value		Shares		↓ Weighting
EXPD	New	EXPEDITORS INTL WASH INC	$152,306,000	–	2,083,526	–	17.92%	–
MA	New	MASTERCARD INC - Acl a	$118,587,000	–	603,435	–	13.95%	–
SBUX	New	STARBUCKS CORP	$114,370,000	–	2,341,252	–	13.45%	–
PG	New	Procter & Gamble	$66,082,000	–	846,550	–	7.77%	–
GOOG	New	ALPHABET Ccl c	$61,338,000	–	54,980	–	7.22%	–
MCO	New	MOODY'S CORP	$61,141,000	–	358,473	–	7.19%	–
NKE	New	NIKE INC -CL Bcl b	$58,493,000	–	734,097	–	6.88%	–
SPGI	New	S&P GLOBAL INC	$55,718,000	–	273,277	–	6.55%	–
AZO	New	AUTOZONE INC	$53,197,000	–	79,288	–	6.26%	–
AXP	New	AMERICAN EXPRESS CO	$39,202,000	–	400,024	–	4.61%	–
V	New	VISA INC-CLASS A SHARES	$37,266,000	–	281,360	–	4.38%	–
EL	New	ESTEE LAUDER COMPANIES-CL A	$32,469,000	–	227,550	–	3.82%	–

Q4 2017

			Value		Shares		↓ Weighting
EL	Exit	ESTEE LAUDER COMPANIES-CL A	$0	–	-274,150	–	-3.90%	–
SPGI	Exit	SP GLOBAL INC	$0	–	-195,477	–	-4.03%	–
MCO	Exit	MOODYS CORP	$0	–	-267,573	–	-4.92%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-460,596	–	-5.50%	–
NKE	Exit	NIKE INCcl b	$0	–	-843,570	–	-5.78%	–
V	Exit	VISA INC	$0	–	-428,460	–	-5.95%	–
GOOG	Exit	ALPHABET Ccl c	$0	–	-52,080	–	-6.60%	–
DIS	Exit	WALT DISNEY CO/THE	$0	–	-619,395	–	-8.06%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-1,326,352	–	-9.41%	–
AZO	Exit	AUTOZONE INC	$0	–	-141,005	–	-11.08%	–
MA	Exit	MASTERCARD INC - Acl a	$0	–	-901,380	–	-16.80%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-2,273,596	–	-17.97%	–

Q3 2017

			Value		Shares		↓ Weighting
EXPD	Sell	EXPEDITORS INTL WASH INC	$136,097,000	-46.4%	2,273,596	-49.5%	17.97%	-3.4%
MA	Sell	MASTERCARD INC - Acl a	$127,275,000	-43.4%	901,380	-51.3%	16.80%	+2.0%
AZO	Sell	AUTOZONE INC	$83,913,000	-41.6%	141,005	-43.7%	11.08%	+5.1%
SBUX	Buy	STARBUCKS CORP	$71,238,000	-14.1%	1,326,352	+14.1%	9.41%	+54.8%
DIS	Sell	WALT DISNEY CO/THE	$61,054,000	-43.2%	619,395	-56.4%	8.06%	+2.3%
GOOG	Sell	ALPHABET Ccl c	$49,950,000	-46.1%	52,080	-48.9%	6.60%	-2.9%
V	Sell	VISA INC	$45,091,000	-50.8%	428,460	-52.9%	5.95%	-11.3%
NKE	Sell	NIKE INCcl b	$43,739,000	-54.6%	843,570	-33.3%	5.78%	-18.2%
AXP	Sell	AMERICAN EXPRESS CO	$41,666,000	-45.2%	460,596	-49.0%	5.50%	-1.3%
MCO	Sell	MOODYS CORP	$37,249,000	-47.1%	267,573	-50.4%	4.92%	-4.7%
SPGI	Sell	SP GLOBAL INC	$30,555,000	-58.0%	195,477	-79.4%	4.03%	-24.3%
EL	Sell	ESTEE LAUDER COMPANIES-CL A	$29,564,000	-43.0%	274,150	-49.2%	3.90%	+2.7%

Q2 2017

			Value		Shares		↓ Weighting
EXPD	New	EXPEDITORS INTL WASH INC	$253,874,000	–	4,499,526	–	18.61%	–
MA	New	MASTERCARD INC - Acl a	$224,702,000	–	1,850,160	–	16.47%	–
AZO	New	AUTOZONE INC	$143,762,000	–	250,610	–	10.54%	–
DIS	New	WALT DISNEY CO/THE	$107,458,000	–	1,420,165	–	7.88%	–
NKE	New	NIKE INCcl b	$96,306,000	–	1,264,543	–	7.06%	–
GOOG	New	ALPHABET Ccl c	$92,654,000	–	101,960	–	6.79%	–
V	New	VISA INC	$91,599,000	–	909,655	–	6.71%	–
SBUX	New	STARBUCKS CORP	$82,904,000	–	1,162,812	–	6.08%	–
AXP	New	AMERICAN EXPRESS CO	$76,018,000	–	902,392	–	5.57%	–
SPGI	New	SP GLOBAL INC	$72,745,000	–	948,329	–	5.33%	–
MCO	New	MOODYS CORP	$70,388,000	–	539,550	–	5.16%	–
EL	New	ESTEE LAUDER COMPANIES-CL A	$51,838,000	–	540,100	–	3.80%	–

Q4 2016

			Value		Shares		↓ Weighting
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-111,390	–	-3.34%	–
	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-78,728	–	-4.32%	–
SPGI	Exit	SP GLOBAL INC	$0	–	-93,827	–	-4.51%	–
	Exit	AMERICAN EXPRESS CO	$0	–	-209,896	–	-5.11%	–
	Exit	AUTOZONE INC	$0	–	-19,365	–	-5.65%	–
MCO	Exit	MOODYS CORP	$0	–	-160,823	–	-6.62%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-343,052	–	-7.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-333,995	–	-11.78%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-602,810	–	-11.80%	–
V	Exit	VISA INC	$0	–	-718,260	–	-18.01%	–
	Exit	MASTERCARD INCcla	$0	–	-564,190	–	-21.81%	–

Q3 2016

			Value		Shares		↓ Weighting
	Sell	MASTERCARD INCcla	$57,418,000	-39.3%	564,190	-47.5%	21.81%	+5.3%
V	Buy	VISA INC	$47,401,000	+13.7%	718,260	+27.8%	18.01%	+97.3%
EXPD	Sell	EXPEDITORS INTL WASH INC	$31,057,000	-45.3%	602,810	-47.9%	11.80%	-5.1%
DIS	Sell	DISNEY WALT CO	$31,015,000	-48.6%	333,995	-45.9%	11.78%	-10.8%
SBUX	Sell	STARBUCKS CORP	$18,573,000	-45.2%	343,052	-42.2%	7.06%	-4.9%
MCO	Sell	MOODYS CORP	$17,414,000	-71.9%	160,823	-75.7%	6.62%	-51.2%
	Sell	AUTOZONE INC	$14,879,000	-37.0%	19,365	-34.9%	5.65%	+9.3%
	Sell	AMERICAN EXPRESS CO	$13,442,000	-47.3%	209,896	-50.0%	5.11%	-8.6%
SPGI	Sell	SP GLOBAL INC	$11,875,000	-0.6%	93,827	-15.7%	4.51%	+72.5%
	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$11,374,000	-50.1%	78,728	-50.0%	4.32%	-13.4%
MJN	Sell	MEAD JOHNSON NUTRITION CO	$8,801,000	-62.8%	111,390	-57.2%	3.34%	-35.4%

Q2 2016

			Value		Shares		↓ Weighting
	New	MASTERCARD INCcla	$94,656,000	–	1,074,910	–	20.72%	–
MCO	New	MOODYS CORP	$61,920,000	–	660,770	–	13.56%	–
DIS	New	DISNEY WALT CO	$60,350,000	–	616,940	–	13.21%	–
EXPD	New	EXPEDITORS INTL WASH INC	$56,764,000	–	1,157,490	–	12.43%	–
V	New	VISA INC	$41,680,000	–	561,950	–	9.12%	–
SBUX	New	STARBUCKS CORP	$33,886,000	–	593,244	–	7.42%	–
	New	AMERICAN EXPRESS CO	$25,506,000	–	419,792	–	5.58%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$23,634,000	–	260,420	–	5.17%	–
	New	AUTOZONE INC	$23,624,000	–	29,760	–	5.17%	–
	New	BERKSHIRE HATHAWAY INC DELcl b new	$22,798,000	–	157,456	–	4.99%	–
SPGI	New	SP GLOBAL INC	$11,944,000	–	111,357	–	2.62%	–

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