GQG Partners LLC Activity Q4 2016-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NVDA	Buy	NVIDIA CORPORATION	$6,106,872,024	+3.6%	14,039,109	+0.7%	14.13%	+4.2%
FB	Buy	META PLATFORMS INCcl a	$3,343,618,296	+38.6%	11,137,598	+32.5%	7.74%	+39.4%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$3,183,592,404	+9.1%	212,381,081	+0.7%	7.37%	+9.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$2,408,171,688	-15.3%	18,264,480	-22.3%	5.57%	-14.8%
MSFT	Buy	MICROSOFT CORP	$2,188,874,041	-0.3%	6,932,301	+7.5%	5.07%	+0.3%
SLB	Buy	SCHLUMBERGER LTD	$2,097,562,058	+27.1%	35,978,766	+7.1%	4.86%	+27.9%
LLY	Buy	ELI LILLY & CO	$1,755,355,343	+18.9%	3,268,027	+3.8%	4.06%	+19.6%
UNH	Sell	UNITEDHEALTH GROUP INC	$1,636,549,313	-30.4%	3,245,898	-33.6%	3.79%	-29.9%
IBN	Buy	ICICI BANK LIMITEDadr	$1,623,136,317	+9.9%	70,204,858	+9.7%	3.76%	+10.6%
AMZN	Sell	AMAZON COM INC	$1,425,402,026	-29.3%	11,213,043	-27.5%	3.30%	-28.9%
LRCX	Sell	LAM RESEARCH CORP	$1,393,316,604	-7.8%	2,223,011	-5.5%	3.22%	-7.2%
CNQ	New	CANADIAN NAT RES LTD	$1,303,294,737	–	20,084,640	–	3.02%	–
AVGO	Buy	BROADCOM INC	$1,219,014,857	+27.5%	1,467,667	+33.2%	2.82%	+28.3%
APP	Buy	APPLOVIN CORP	$1,042,253,223	+168.6%	26,082,413	+73.0%	2.41%	+170.4%
V	Sell	VISA INC	$1,020,073,879	-22.2%	4,434,911	-19.7%	2.36%	-21.7%
NFLX	New	NETFLIX INC	$958,764,538	–	2,539,101	–	2.22%	–
AZN	Sell	ASTRAZENECA PLCsponsored adr	$951,186,452	-37.3%	14,045,872	-33.7%	2.20%	-36.9%
	New	ARM HOLDINGS PLCsponsored adr	$877,184,344	–	16,389,842	–	2.03%	–
NOW	Sell	SERVICENOW INC	$831,630,749	-3.2%	1,487,818	-2.7%	1.92%	-2.6%
ASML	Buy	ASML HOLDING N V	$775,238,142	+3.3%	1,316,954	+27.2%	1.79%	+3.9%
ISRG	New	INTUITIVE SURGICAL INC	$719,889,810	–	2,462,930	–	1.67%	–
AON	Sell	AON PLC	$710,515,810	-7.9%	2,191,462	-1.9%	1.64%	-7.3%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$568,172,448	-37.8%	6,538,233	-27.7%	1.32%	-37.4%
XOM	Sell	EXXON MOBIL CORP	$545,287,832	-52.0%	4,637,590	-56.2%	1.26%	-51.7%
SNPS	Buy	SYNOPSYS INC	$510,715,196	+740.4%	1,112,742	+697.3%	1.18%	+744.3%
UBER	New	UBER TECHNOLOGIES INC	$503,370,622	–	10,945,219	–	1.16%	–
DHI	New	D R HORTON INC	$411,994,735	–	3,833,579	–	0.95%	–
IDXX	New	IDEXX LABS INC	$407,485,791	–	931,886	–	0.94%	–
WDAY	Sell	WORKDAY INCcl a	$338,318,924	-7.2%	1,574,675	-2.4%	0.78%	-6.7%
ZTS	New	ZOETIS INCcl a	$317,605,013	–	1,825,526	–	0.74%	–
NTES	New	NETEASE INCsponsored ads	$310,449,426	–	3,099,535	–	0.72%	–
PDD	New	PDD HOLDINGS INCsponsored ads	$281,402,941	–	2,869,409	–	0.65%	–
INTU	New	INTUIT	$277,456,770	–	543,032	–	0.64%	–
GOOGL	Sell	ALPHABET INCcap stk cl a	$261,819,192	-42.6%	2,000,758	-47.5%	0.61%	-42.2%
HES	New	HESS CORP	$177,716,232	–	1,161,544	–	0.41%	–
EC	New	ECOPETROL S Asponsored ads	$108,169,567	–	9,341,068	–	0.25%	–
FICO	New	FAIR ISAAC CORP	$85,810,764	–	98,800	–	0.20%	–
MLM	New	MARTIN MARIETTA MATLS INC	$81,770,079	–	199,206	–	0.19%	–
LI	New	LI AUTO INCsponsored ads	$56,459,262	–	1,583,710	–	0.13%	–
ITUB	Sell	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$46,959,630	-46.6%	8,744,810	-41.3%	0.11%	-46.0%
NVO	Buy	NOVO-NORDISK A Sadr	$36,934,008	+17.3%	406,136	+108.8%	0.08%	+18.1%
BTU	New	PEABODY ENERGY CORP	$27,610,451	–	1,062,349	–	0.06%	–
HDB	Sell	HDFC BANK LTDsponsored ads	$24,588,995	-94.3%	416,692	-93.2%	0.06%	-94.2%
ENB	Sell	ENBRIDGE INC	$18,642,364	-92.1%	560,308	-91.2%	0.04%	-92.1%
EXC	Sell	EXELON CORP	$17,691,766	-11.2%	468,160	-4.3%	0.04%	-10.9%
ORCL	Sell	ORACLE CORP	$14,296,976	-12.5%	134,979	-1.6%	0.03%	-13.2%
MA	Sell	MASTERCARD INCORPORATEDcl a	$14,419,438	-98.2%	36,421	-98.2%	0.03%	-98.2%
GLOB	Buy	GLOBANT S A	$11,703,619	+70.8%	59,154	+55.1%	0.03%	+68.8%
PM	Sell	PHILIP MORRIS INTL INC	$10,933,513	-97.3%	118,098	-97.2%	0.02%	-97.3%
KO	Sell	COCA COLA CO	$8,006,148	-31.8%	143,018	-26.7%	0.02%	-29.6%
ARCH	Buy	ARCH RESOURCES INCcl a	$7,011,395	+120.0%	41,084	+45.3%	0.02%	+128.6%
CVX	Buy	CHEVRON CORP NEW	$6,842,431	+23.3%	40,579	+15.0%	0.02%	+23.1%
TTE	Buy	TOTALENERGIES SEsponsored ads	$6,775,121	+15.8%	103,028	+1.5%	0.02%	+23.1%
JPM	Buy	JPMORGAN CHASE & CO	$4,825,686	+37.4%	33,276	+37.8%	0.01%	+37.5%
RIO	Buy	RIO TINTO PLCsponsored adr	$4,815,002	+18.4%	75,660	+18.8%	0.01%	+22.2%
MS	Buy	MORGAN STANLEY	$4,353,909	+32.4%	53,311	+38.4%	0.01%	+25.0%
FTS	Sell	FORTIS INC	$2,956,751	-98.6%	77,506	-98.4%	0.01%	-98.5%
CAT	New	CATERPILLAR INC	$3,057,600	–	11,200	–	0.01%	–
AAPL	Sell	APPLE INC	$3,087,944	-99.8%	18,036	-99.8%	0.01%	-99.8%
WMT	Sell	WALMART INC	$2,951,828	-43.5%	18,457	-44.5%	0.01%	-41.7%
OKE	Sell	ONEOK INC NEW	$2,722,352	-89.5%	42,919	-89.8%	0.01%	-90.0%
E	Sell	ENI S P Asponsored adr	$2,733,118	+7.3%	85,624	-3.2%	0.01%	0.0%
CMS	Sell	CMS ENERGY CORP	$2,126,631	-64.5%	40,042	-60.8%	0.01%	-64.3%
VALE	Sell	VALE S Asponsored ads	$1,865,387	-94.8%	139,208	-94.7%	0.00%	-95.1%
HSY	Sell	HERSHEY CO	$1,520,808	-99.1%	7,601	-98.8%	0.00%	-98.9%
ATO	Sell	ATMOS ENERGY CORP	$1,254,105	-49.3%	11,839	-44.3%	0.00%	-50.0%
	Exit	AMERICA MOVIL SAB DE CVspon ads rp cl b	$0	–	-88,768	–	-0.00%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-3,446	–	-0.00%	–
NEM	Exit	NEWMONT CORP	$0	–	-42,084	–	-0.00%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-79,097	–	-0.01%	–
GIS	Exit	GENERAL MLS INC	$0	–	-46,283	–	-0.01%	–
C	Exit	CITIGROUP INC	$0	–	-100,809	–	-0.01%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-149,507	–	-0.01%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-38,761	–	-0.02%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-331,039	–	-0.34%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-1,447,664	–	-0.59%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-2,150,069	–	-0.66%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-6,136,082	–	-1.61%	–
HUM	Exit	HUMANA INC	$0	–	-2,964,581	–	-3.05%	–

Q2 2023

			Value		Shares		↓ Weighting
NVDA	New	NVIDIA CORPORATION	$5,896,193,204	–	13,938,332	–	13.56%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$2,918,261,288	–	211,009,493	–	6.71%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,844,403,901	–	23,513,300	–	6.54%	–
FB	New	META PLATFORMS INCcl a	$2,412,717,484	–	8,407,267	–	5.55%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,350,304,716	–	4,889,948	–	5.41%	–
MSFT	New	MICROSOFT CORP	$2,196,422,060	–	6,449,821	–	5.05%	–
AMZN	New	AMAZON COM INC	$2,017,467,264	–	15,476,122	–	4.64%	–
AAPL	New	APPLE INC	$1,899,274,935	–	9,791,591	–	4.37%	–
SLB	New	SCHLUMBERGER LTD	$1,650,115,569	–	33,593,558	–	3.80%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$1,517,176,481	–	21,198,498	–	3.49%	–
LRCX	New	LAM RESEARCH CORP	$1,511,586,932	–	2,351,347	–	3.48%	–
IBN	New	ICICI BANK LIMITEDadr	$1,476,937,045	–	63,992,073	–	3.40%	–
LLY	New	LILLY ELI & CO	$1,476,914,754	–	3,149,206	–	3.40%	–
HUM	New	HUMANA INC	$1,325,553,120	–	2,964,581	–	3.05%	–
V	New	VISA INC	$1,311,609,733	–	5,523,032	–	3.02%	–
XOM	New	EXXON MOBIL CORP	$1,135,803,054	–	10,590,238	–	2.61%	–
AVGO	New	BROADCOM INC	$955,722,230	–	1,101,786	–	2.20%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$913,188,446	–	9,048,637	–	2.10%	–
NOW	New	SERVICENOW INC	$859,456,687	–	1,529,364	–	1.98%	–
MA	New	MASTERCARD INCORPORATEDcl a	$783,298,246	–	1,991,605	–	1.80%	–
AON	New	AON PLC	$771,367,005	–	2,234,551	–	1.77%	–
ASML	New	ASML HOLDING N V	$750,280,768	–	1,035,227	–	1.73%	–
AMD	New	ADVANCED MICRO DEVICES INC	$698,961,100	–	6,136,082	–	1.61%	–
GOOGL	New	ALPHABET INCcap stk cl a	$456,229,488	–	3,811,441	–	1.05%	–
HDB	New	HDFC BANK LTDsponsored ads	$428,877,343	–	6,153,190	–	0.99%	–
PM	New	PHILIP MORRIS INTL INC	$407,555,300	–	4,174,916	–	0.94%	–
APP	New	APPLOVIN CORP	$387,976,958	–	15,078,778	–	0.89%	–
WDAY	New	WORKDAY INCcl a	$364,588,719	–	1,614,010	–	0.84%	–
PGR	New	PROGRESSIVE CORP	$284,604,636	–	2,150,069	–	0.66%	–
SNOW	New	SNOWFLAKE INCcl a	$254,759,911	–	1,447,664	–	0.59%	–
ENB	New	ENBRIDGE INC	$237,361,044	–	6,379,065	–	0.55%	–
FTS	New	FORTIS INC	$206,852,331	–	4,794,494	–	0.48%	–
HSY	New	HERSHEY CO	$164,714,641	–	659,650	–	0.38%	–
ANTM	New	ELEVANCE HEALTH INC	$147,077,358	–	331,039	–	0.34%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$87,888,258	–	14,896,315	–	0.20%	–
SNPS	New	SYNOPSYS INC	$60,767,561	–	139,564	–	0.14%	–
RDY	New	DR REDDYS LABS LTDadr	$45,593,693	–	722,448	–	0.10%	–
VALE	New	VALE S Asponsored ads	$35,553,794	–	2,649,314	–	0.08%	–
NVO	New	NOVO-NORDISK A Sadr	$31,483,217	–	194,545	–	0.07%	–
RIG	New	TRANSOCEAN LTD	$28,345,222	–	4,043,541	–	0.06%	–
OKE	New	ONEOK INC NEW	$26,021,707	–	421,609	–	0.06%	–
EXC	New	EXELON CORP	$19,920,679	–	488,971	–	0.05%	–
ORCL	New	ORACLE CORP	$16,344,150	–	137,242	–	0.04%	–
KO	New	COCA COLA CO	$11,744,285	–	195,023	–	0.03%	–
ACGL	New	ARCH CAP GROUP LTDord	$10,158,417	–	135,717	–	0.02%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,947,909	–	38,761	–	0.02%	–
GLOB	New	GLOBANT S A	$6,852,364	–	38,128	–	0.02%	–
CMS	New	CMS ENERGY CORP	$5,997,964	–	102,093	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$5,550,521	–	35,275	–	0.01%	–
TTE	New	TOTALENERGIES SEsponsored ads	$5,850,402	–	101,499	–	0.01%	–
WMT	New	WALMART INC	$5,226,864	–	33,254	–	0.01%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$4,963,632	–	149,507	–	0.01%	–
C	New	CITIGROUP INC	$4,641,246	–	100,809	–	0.01%	–
MRK	New	MERCK & CO INC	$4,336,356	–	37,580	–	0.01%	–
AEP	New	AMERICAN ELEC PWR CO INC	$4,268,098	–	50,690	–	0.01%	–
RIO	New	RIO TINTO PLCsponsored adr	$4,067,055	–	63,707	–	0.01%	–
MS	New	MORGAN STANLEY	$3,289,523	–	38,519	–	0.01%	–
GIS	New	GENERAL MLS INC	$3,549,906	–	46,283	–	0.01%	–
JPM	New	JPMORGAN CHASE & CO	$3,510,922	–	24,140	–	0.01%	–
ARCH	New	ARCH RESOURCES INCcl a	$3,187,612	–	28,269	–	0.01%	–
FE	New	FIRSTENERGY CORP	$3,075,291	–	79,097	–	0.01%	–
ATO	New	ATMOS ENERGY CORP	$2,473,970	–	21,265	–	0.01%	–
E	New	ENI S P Asponsored adr	$2,546,303	–	88,444	–	0.01%	–
	New	AMERICA MOVIL SAB DE CVspon ads rp cl b	$1,920,940	–	88,768	–	0.00%	–
NEM	New	NEWMONT CORP	$1,795,303	–	42,084	–	0.00%	–
LMT	New	LOCKHEED MARTIN CORP	$1,586,469	–	3,446	–	0.00%	–
	New	HALEON PLCspon ads	$232,394	–	27,732	–	0.00%	–
	New	SHELL PLCspon ads	$225,519	–	3,735	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-157,333	–	-0.00%	–
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-6,839	–	-0.00%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-8,855	–	-0.00%	–
WMT	Exit	WALMART INC	$0	–	-5,479	–	-0.00%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-310,690	–	-0.00%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-15,660	–	-0.00%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-124,771	–	-0.00%	–
UBS	Exit	UBS GROUP AG	$0	–	-86,039	–	-0.00%	–
ATO	Exit	ATMOS ENERGY CORP	$0	–	-16,798	–	-0.01%	–
CME	Exit	CME GROUP INC	$0	–	-10,150	–	-0.01%	–
GIS	Exit	GENERAL MLS INC	$0	–	-25,646	–	-0.01%	–
E	Exit	ENI S P Asponsored adr	$0	–	-100,127	–	-0.01%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-70,700	–	-0.01%	–
AEP	Exit	AMERICAN ELEC PWR CO INC	$0	–	-30,763	–	-0.01%	–
MRK	Exit	MERCK & CO INC	$0	–	-33,571	–	-0.01%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-173,223	–	-0.01%	–
CMS	Exit	CMS ENERGY CORP	$0	–	-55,141	–	-0.01%	–
MCD	Exit	MCDONALDS CORP	$0	–	-14,788	–	-0.01%	–
OKE	Exit	ONEOK INC NEW	$0	–	-73,203	–	-0.01%	–
AVGO	Exit	BROADCOM INC	$0	–	-9,189	–	-0.01%	–
BX	Exit	BLACKSTONE INC	$0	–	-49,207	–	-0.01%	–
ORCL	Exit	ORACLE CORP	$0	–	-68,618	–	-0.01%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-27,864	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-31,512	–	-0.01%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-23,046	–	-0.01%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-32,716	–	-0.02%	–
ABBV	Exit	ABBVIE INC	$0	–	-44,409	–	-0.02%	–
GLOB	Exit	GLOBANT S A	$0	–	-40,443	–	-0.02%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-67,884	–	-0.02%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-177,312	–	-0.03%	–
HII	Exit	HUNTINGTON INGALLS INDS INC	$0	–	-43,755	–	-0.03%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-208,661	–	-0.03%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-140,293	–	-0.04%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-184,907	–	-0.05%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-456,631	–	-0.06%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-99,239	–	-0.08%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-462,050	–	-0.10%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-104,798	–	-0.14%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-486,932	–	-0.16%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-14,233,298	–	-0.21%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-2,196,363	–	-0.30%	–
HD	Exit	HOME DEPOT INC	$0	–	-408,831	–	-0.33%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-608,458	–	-0.36%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-10,560,020	–	-0.52%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,158,156	–	-0.55%	–
MPWR	Exit	MONOLITHIC PWR SYS INC	$0	–	-546,168	–	-0.57%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-4,999,971	–	-0.63%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-12,770,163	–	-0.74%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-21,409,881	–	-0.82%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-5,505,202	–	-0.88%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-794	–	-0.93%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-5,208,954	–	-0.94%	–
NOW	Exit	SERVICENOW INC	$0	–	-922,322	–	-1.01%	–
HUM	Exit	HUMANA INC	$0	–	-798,937	–	-1.12%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-2,833,319	–	-1.14%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-11,405,319	–	-1.18%	–
FTS	Exit	FORTIS INC	$0	–	-11,515,887	–	-1.27%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,680,101	–	-1.30%	–
ASML	Exit	ASML HOLDING N V	$0	–	-1,141,396	–	-1.37%	–
AON	Exit	AON PLC	$0	–	-1,770,768	–	-1.37%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,594,448	–	-1.49%	–
AAPL	Exit	APPLE INC	$0	–	-3,785,708	–	-1.51%	–
ADSK	Exit	AUTODESK INC	$0	–	-2,890,204	–	-1.56%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,660,361	–	-1.85%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-10,677,557	–	-1.86%	–
EXC	Exit	EXELON CORP	$0	–	-21,362,663	–	-2.31%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-15,220,853	–	-2.70%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-18,377,731	–	-2.91%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-34,784,596	–	-3.04%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-50,245,400	–	-3.04%	–
V	Exit	VISA INC	$0	–	-6,271,668	–	-3.22%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-18,310,547	–	-3.35%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-19,892,081	–	-3.36%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-33,251,791	–	-3.41%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-16,567,655	–	-3.44%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-18,091,932	–	-3.58%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,561,025	–	-3.74%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-3,743,670	–	-3.96%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-17,423,624	–	-4.18%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,239,156	–	-4.73%	–
ENB	Exit	ENBRIDGE INC	$0	–	-56,234,826	–	-6.06%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-214,164,343	–	-7.64%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-33,871,888	–	-8.54%	–

Q3 2022

			Value		Shares		↓ Weighting
XOM	Sell	EXXON MOBIL CORP	$2,956,916,000	-27.3%	33,871,888	-28.7%	8.54%	-14.4%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$2,642,536,000	+7.4%	214,164,343	+1.7%	7.64%	+26.5%
ENB	Buy	ENBRIDGE INC	$2,095,912,000	-4.1%	56,234,826	+8.4%	6.06%	+12.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$1,635,529,000	+2.2%	3,239,156	+4.0%	4.73%	+20.4%
PM	Sell	PHILIP MORRIS INTL INC	$1,446,139,000	-51.9%	17,423,624	-42.8%	4.18%	-43.4%
LRCX	New	LAM RESEARCH CORP	$1,370,093,000	–	3,743,670	–	3.96%	–
MSFT	Sell	MICROSOFT CORP	$1,294,859,000	-20.5%	5,561,025	-12.3%	3.74%	-6.4%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,240,402,000	+834.2%	18,091,932	+1014.2%	3.58%	+999.7%
SCHW	New	SCHWAB CHARLES CORP	$1,190,454,000	–	16,567,655	–	3.44%	–
BTI	Sell	BRITISH AMERN TOB PLCsponsored adr	$1,180,322,000	-19.4%	33,251,791	-2.6%	3.41%	-5.1%
HDB	Buy	HDFC BANK LTDsponsored ads	$1,161,806,000	+70.1%	19,892,081	+60.2%	3.36%	+100.4%
AMD	New	ADVANCED MICRO DEVICES INC	$1,159,952,000	–	18,310,547	–	3.35%	–
V	Buy	VISA INC	$1,113,910,000	-2.5%	6,271,668	+8.1%	3.22%	+14.8%
IBN	Buy	ICICI BANK LIMITEDadr	$1,053,568,000	+109.5%	50,245,400	+77.3%	3.04%	+146.8%
BAC	Buy	BK OF AMERICA CORP	$1,050,257,000	+8465.1%	34,784,596	+8731.1%	3.04%	+10016.7%
AZN	Sell	ASTRAZENECA PLCsponsored adr	$1,007,614,000	-18.6%	18,377,731	-1.8%	2.91%	-4.1%
OXY	Sell	OCCIDENTAL PETE CORP	$935,171,000	-37.9%	15,220,853	-40.4%	2.70%	-26.8%
EXC	Sell	EXELON CORP	$800,074,000	-33.5%	21,362,663	-19.5%	2.31%	-21.7%
DVN	Sell	DEVON ENERGY CORP NEW	$641,937,000	-21.9%	10,677,557	-28.4%	1.86%	-8.1%
LMT	Sell	LOCKHEED MARTIN CORP	$641,179,000	-27.0%	1,660,361	-18.6%	1.85%	-14.0%
ADSK	New	AUTODESK INC	$539,793,000	–	2,890,204	–	1.56%	–
AAPL	New	APPLE INC	$523,076,000	–	3,785,708	–	1.51%	–
LLY	Sell	LILLY ELI & CO	$515,487,000	-2.6%	1,594,448	-2.3%	1.49%	+14.7%
AON	Buy	AON PLC	$474,334,000	+1.4%	1,770,768	+2.1%	1.37%	+19.4%
ASML	New	ASML HOLDING N V	$474,078,000	–	1,141,396	–	1.37%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$448,527,000	–	1,680,101	–	1.30%	–
FTS	Buy	FORTIS INC	$439,833,000	-0.5%	11,515,887	+22.9%	1.27%	+17.1%
SLB	Buy	SCHLUMBERGER LTD	$409,407,000	+533.4%	11,405,319	+531.6%	1.18%	+644.0%
ADI	New	ANALOG DEVICES INC	$394,731,000	–	2,833,319	–	1.14%	–
HUM	New	HUMANA INC	$387,567,000	–	798,937	–	1.12%	–
NOW	Buy	SERVICENOW INC	$348,237,000	+15984.8%	922,322	+20237.9%	1.01%	+20020.0%
PDD	Sell	PINDUODUO INCsponsored ads	$325,985,000	-14.4%	5,208,954	-15.4%	0.94%	+0.7%
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$322,636,000	–	794	–	0.93%	–
RIO	New	RIO TINTO PLCsponsored adr	$303,116,000	–	5,505,202	–	0.88%	–
VALE	Buy	VALE S Asponsored ads	$285,065,000	+2.0%	21,409,881	+12.1%	0.82%	+20.1%
MT	Buy	ARCELORMITTAL SA LUXEMBOURGny registry sh	$254,235,000	+0.1%	12,770,163	+13.6%	0.74%	+17.8%
IMO	Sell	IMPERIAL OIL LTD	$217,639,000	-53.3%	4,999,971	-49.5%	0.63%	-45.0%
MPWR	New	MONOLITHIC PWR SYS INC	$198,439,000	–	546,168	–	0.57%	–
JNJ	Sell	JOHNSON & JOHNSON	$189,200,000	-83.8%	1,158,156	-82.4%	0.55%	-80.9%
INFY	Sell	INFOSYS LTDsponsored adr	$179,219,000	-59.7%	10,560,020	-56.0%	0.52%	-52.5%
SYK	New	STRYKER CORPORATION	$123,238,000	–	608,458	–	0.36%	–
HD	New	HOME DEPOT INC	$112,814,000	–	408,831	–	0.33%	–
AIG	Sell	AMERICAN INTL GROUP INC	$104,284,000	-77.6%	2,196,363	-75.9%	0.30%	-73.7%
ITUB	Buy	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$73,578,000	+56.0%	14,233,298	+29.2%	0.21%	+83.6%
PGR	Buy	PROGRESSIVE CORP	$56,617,000	+8.4%	486,932	+8.7%	0.16%	+28.1%
NOC	New	NORTHROP GRUMMAN CORP	$49,289,000	–	104,798	–	0.14%	–
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$32,882,000	-71.1%	462,050	-68.7%	0.10%	-66.1%
MA	Buy	MASTERCARD INCORPORATEDcl a	$28,218,000	+29.8%	99,239	+44.0%	0.08%	+54.7%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$20,621,000	-22.2%	456,631	-7.0%	0.06%	-7.7%
NVO	Buy	NOVO-NORDISK A Sadr	$18,423,000	+21.4%	184,907	+35.8%	0.05%	+43.2%
VLO	Sell	VALERO ENERGY CORP	$14,999,000	-11.7%	140,293	-12.0%	0.04%	+2.4%
JD	Sell	JD.COM INCspon adr cl a	$10,506,000	-98.4%	208,661	-98.0%	0.03%	-98.2%
HII	New	HUNTINGTON INGALLS INDS INC	$9,693,000	–	43,755	–	0.03%	–
PG	Sell	PROCTER AND GAMBLE CO	$8,571,000	-99.0%	67,884	-98.8%	0.02%	-98.8%
GLOB	New	GLOBANT S A	$7,569,000	–	40,443	–	0.02%	–
ABBV	Sell	ABBVIE INC	$5,961,000	-98.7%	44,409	-98.5%	0.02%	-98.5%
TXN	Buy	TEXAS INSTRS INC	$5,065,000	+780.9%	32,716	+773.8%	0.02%	+1400.0%
LHX	Buy	L3HARRIS TECHNOLOGIES INC	$4,791,000	-13.1%	23,046	+1.2%	0.01%	0.0%
UPS	New	UNITED PARCEL SERVICE INCcl b	$4,502,000	–	27,864	–	0.01%	–
CVX	Sell	CHEVRON CORP NEW	$4,527,000	-34.0%	31,512	-33.4%	0.01%	-23.5%
BX	New	BLACKSTONE INC	$4,119,000	–	49,207	–	0.01%	–
AVGO	New	BROADCOM INC	$4,080,000	–	9,189	–	0.01%	–
ORCL	New	ORACLE CORP	$4,191,000	–	68,618	–	0.01%	–
OKE	New	ONEOK INC NEW	$3,752,000	–	73,203	–	0.01%	–
MCD	Sell	MCDONALDS CORP	$3,413,000	-32.8%	14,788	-28.0%	0.01%	-16.7%
CMS	Sell	CMS ENERGY CORP	$3,211,000	-47.6%	55,141	-39.2%	0.01%	-40.0%
AEP	Sell	AMERICAN ELEC PWR CO INC	$2,659,000	-29.9%	30,763	-22.2%	0.01%	-11.1%
FE	Sell	FIRSTENERGY CORP	$2,616,000	-98.7%	70,700	-98.7%	0.01%	-98.4%
AMX	Sell	AMERICA MOVIL SAB DE CV	$2,845,000	-31.2%	173,223	-14.4%	0.01%	-20.0%
MRK	Sell	MERCK & CO INC	$2,891,000	-99.2%	33,571	-99.2%	0.01%	-99.2%
GIS	Sell	GENERAL MLS INC	$1,967,000	-2.4%	25,646	-3.6%	0.01%	+20.0%
E	Sell	ENI S P Asponsored adr	$2,118,000	-18.2%	100,127	-7.8%	0.01%	0.0%
CME	Buy	CME GROUP INC	$1,798,000	-2.7%	10,150	+12.5%	0.01%	0.0%
ATO	Sell	ATMOS ENERGY CORP	$1,712,000	-99.7%	16,798	-99.6%	0.01%	-99.6%
AQN	New	ALGONQUIN PWR UTILS CORP	$1,370,000	–	124,771	–	0.00%	–
UBS	Sell	UBS GROUP AG	$1,265,000	-11.1%	86,039	-2.8%	0.00%	+33.3%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$1,143,000	+73.4%	310,690	+53.7%	0.00%	+50.0%
WMT	Sell	WALMART INC	$711,000	-99.9%	5,479	-99.9%	0.00%	-99.9%
TTE	Buy	TOTALENERGIES SEsponsored ads	$318,000	-7.0%	6,839	+5.3%	0.00%	0.0%
ABEV	Buy	AMBEV SAsponsored adr	$445,000	+94.3%	157,333	+72.6%	0.00%	0.0%
WFC	Exit	WELLS FARGO CO NEW	$0	–	-14,078	–	-0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-9,913	–	-0.00%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-62,441	–	-0.00%	–
CRM	Exit	SALESFORCE INC	$0	–	-11,815	–	-0.01%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-33,447	–	-0.01%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-1,457,805	–	-0.11%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-3,034,901	–	-0.40%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,346,935	–	-0.92%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-11,515,955	–	-1.44%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-32,100,761	–	-1.50%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-293,781	–	-1.58%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-17,466,650	–	-1.96%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-11,988,648	–	-3.35%	–
NEM	Exit	NEWMONT CORP	$0	–	-34,781,848	–	-5.10%	–

Q2 2022

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL CORP	$4,069,597,000	–	47,497,613	–	9.99%	–
PM	New	PHILIP MORRIS INTL INC	$3,006,398,000	–	30,443,730	–	7.38%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$2,460,368,000	–	210,558,037	–	6.04%	–
ENB	New	ENBRIDGE INC	$2,186,048,000	–	51,856,121	–	5.36%	–
NEM	New	NEWMONT CORP	$2,076,250,000	–	34,781,848	–	5.10%	–
MSFT	New	MICROSOFT CORP	$1,629,733,000	–	6,341,741	–	4.00%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,600,067,000	–	3,113,182	–	3.93%	–
OXY	New	OCCIDENTAL PETE CORP	$1,504,731,000	–	25,540,865	–	3.69%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$1,464,643,000	–	34,129,191	–	3.60%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,363,357,000	–	11,988,648	–	3.35%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$1,237,398,000	–	18,715,660	–	3.04%	–
EXC	New	EXELON CORP	$1,203,322,000	–	26,534,707	–	2.95%	–
WMT	New	WALMART INC	$1,194,682,000	–	9,820,132	–	2.93%	–
JNJ	New	JOHNSON & JOHNSON	$1,167,049,000	–	6,569,724	–	2.86%	–
V	New	VISA INC	$1,142,979,000	–	5,801,831	–	2.80%	–
LMT	New	LOCKHEED MARTIN CORP	$877,886,000	–	2,040,934	–	2.16%	–
DVN	New	DEVON ENERGY CORP NEW	$822,056,000	–	14,908,330	–	2.02%	–
PG	New	PROCTER AND GAMBLE CO	$817,700,000	–	5,683,328	–	2.01%	–
AEM	New	AGNICO EAGLE MINES LTD	$798,454,000	–	17,466,650	–	1.96%	–
HDB	New	HDFC BANK LTDsponsored ads	$682,892,000	–	12,417,079	–	1.68%	–
JD	New	JD.COM INCspon adr cl a	$673,008,000	–	10,476,062	–	1.65%	–
GOOG	New	ALPHABET INCcap stk cl c	$643,034,000	–	293,781	–	1.58%	–
CVE	New	CENOVUS ENERGY INC	$609,445,000	–	32,100,761	–	1.50%	–
VZ	New	VERIZON COMMUNICATIONS INC	$584,800,000	–	11,515,955	–	1.44%	–
LLY	New	LILLY ELI & CO	$529,302,000	–	1,631,449	–	1.30%	–
IBN	New	ICICI BANK LIMITEDadr	$502,876,000	–	28,346,828	–	1.23%	–
ATO	New	ATMOS ENERGY CORP	$495,219,000	–	4,415,431	–	1.22%	–
AON	New	AON PLC	$467,744,000	–	1,734,429	–	1.15%	–
ABBV	New	ABBVIE INC	$467,658,000	–	3,051,620	–	1.15%	–
AIG	New	AMERICAN INTL GROUP INC	$466,068,000	–	9,109,926	–	1.14%	–
IMO	New	IMPERIAL OIL LTD	$465,573,000	–	9,897,198	–	1.14%	–
INFY	New	INFOSYS LTDsponsored adr	$444,604,000	–	24,010,219	–	1.09%	–
FTS	New	FORTIS INC	$441,920,000	–	9,368,085	–	1.08%	–
MRK	New	MERCK & CO INC	$384,412,000	–	4,214,059	–	0.94%	–
PDD	New	PINDUODUO INCsponsored ads	$380,782,000	–	6,158,354	–	0.94%	–
ACN	New	ACCENTURE PLC IRELAND	$373,981,000	–	1,346,935	–	0.92%	–
VALE	New	VALE S Asponsored ads	$279,473,000	–	19,092,136	–	0.69%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$254,072,000	–	11,239,292	–	0.62%	–
FE	New	FIRSTENERGY CORP	$201,756,000	–	5,255,245	–	0.50%	–
CNQ	New	CANADIAN NAT RES LTD	$162,741,000	–	3,034,901	–	0.40%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$132,774,000	–	1,623,771	–	0.33%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$113,894,000	–	1,477,471	–	0.28%	–
SLB	New	SCHLUMBERGER LTD	$64,637,000	–	1,805,692	–	0.16%	–
PGR	New	PROGRESSIVE CORP	$52,229,000	–	448,099	–	0.13%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$47,167,000	–	11,017,403	–	0.12%	–
CNP	New	CENTERPOINT ENERGY INC	$43,123,000	–	1,457,805	–	0.11%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$26,493,000	–	491,072	–	0.06%	–
MA	New	MASTERCARD INCORPORATEDcl a	$21,747,000	–	68,933	–	0.05%	–
VLO	New	VALERO ENERGY CORP	$16,980,000	–	159,397	–	0.04%	–
NVO	New	NOVO-NORDISK A Sadr	$15,173,000	–	136,120	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$12,262,000	–	393,887	–	0.03%	–
RDY	New	DR REDDYS LABS LTDadr	$9,821,000	–	177,312	–	0.02%	–
CVX	New	CHEVRON CORP NEW	$6,857,000	–	47,329	–	0.02%	–
CMS	New	CMS ENERGY CORP	$6,129,000	–	90,764	–	0.02%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$5,513,000	–	22,782	–	0.01%	–
MCD	New	MCDONALDS CORP	$5,077,000	–	20,542	–	0.01%	–
AMX	New	AMERICA MOVIL SAB DE CV	$4,138,000	–	202,274	–	0.01%	–
AEP	New	AMERICAN ELEC PWR CO INC	$3,792,000	–	39,529	–	0.01%	–
CL	New	COLGATE PALMOLIVE CO	$2,680,000	–	33,447	–	0.01%	–
E	New	ENI S P Asponsored adr	$2,590,000	–	108,564	–	0.01%	–
GIS	New	GENERAL MLS INC	$2,015,000	–	26,594	–	0.01%	–
CRM	New	SALESFORCE INC	$1,951,000	–	11,815	–	0.01%	–
NOW	New	SERVICENOW INC	$2,165,000	–	4,535	–	0.01%	–
CME	New	CME GROUP INC	$1,847,000	–	9,025	–	0.01%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$1,827,000	–	62,441	–	0.00%	–
UBS	New	UBS GROUP AG	$1,423,000	–	88,514	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$1,116,000	–	9,913	–	0.00%	–
NVS	New	NOVARTIS AGsponsored adr	$1,324,000	–	15,660	–	0.00%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$659,000	–	202,078	–	0.00%	–
TTE	New	TOTALENERGIES SEsponsored ads	$342,000	–	6,494	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$575,000	–	3,744	–	0.00%	–
WFC	New	WELLS FARGO CO NEW	$551,000	–	14,078	–	0.00%	–
ABEV	New	AMBEV SAsponsored adr	$229,000	–	91,140	–	0.00%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$289,000	–	8,855	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
CME	Exit	CME GROUP INC	$0	–	-1,897	–	-0.00%	–
HUM	Exit	HUMANA INC	$0	–	-1,315	–	-0.00%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-347	–	-0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-1,773	–	-0.00%	–
DXCM	Exit	DEXCOM INC	$0	–	-682	–	-0.00%	–
ASND	Exit	ASCENDIS PHARMA A/Ssponsored adr	$0	–	-2,751	–	-0.00%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,362	–	-0.00%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-1,398	–	-0.00%	–
CTLT	Exit	CATALENT INC	$0	–	-2,524	–	-0.00%	–
NEM	Exit	NEWMONT CORP	$0	–	-8,980	–	-0.00%	–
HZNP	Exit	HORIZON THERAPEUTICS PUB L	$0	–	-4,680	–	-0.00%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-8,438	–	-0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,726	–	-0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,195	–	-0.00%	–
PODD	Exit	INSULET CORP	$0	–	-719	–	-0.00%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-98,991	–	-0.00%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-4,038	–	-0.00%	–
AVGO	Exit	BROADCOM INC	$0	–	-1,561	–	-0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,913	–	-0.00%	–
NOW	Exit	SERVICENOW INC	$0	–	-1,444	–	-0.00%	–
NVR	Exit	NVR INC	$0	–	-175	–	-0.00%	–
GMAB	Exit	GENMAB A/Ssponsored ads	$0	–	-14,354	–	-0.00%	–
ABT	Exit	ABBOTT LABS	$0	–	-4,795	–	-0.00%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-19,123	–	-0.00%	–
PEP	Exit	PEPSICO INC	$0	–	-4,143	–	-0.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-11,827	–	-0.00%	–
NTR	Exit	NUTRIEN LTD	$0	–	-19,257	–	-0.00%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-17,071	–	-0.00%	–
EPAM	Exit	EPAM SYS INC	$0	–	-2,239	–	-0.00%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-13,523	–	-0.00%	–
UBS	Exit	UBS GROUP AG	$0	–	-93,463	–	-0.00%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-3,776	–	-0.00%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-15,966	–	-0.00%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$0	–	-42,585	–	-0.01%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-1,427,370	–	-0.02%	–
TX	Exit	TERNIUM SAsponsored ads	$0	–	-205,366	–	-0.02%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-114,930	–	-0.03%	–
KO	Exit	COCA COLA CO	$0	–	-237,731	–	-0.03%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-3,517,815	–	-0.05%	–
ASML	Exit	ASML HOLDING N V	$0	–	-27,542	–	-0.06%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-420,354	–	-0.10%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-611,301	–	-0.12%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-327,000	–	-0.13%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-326,959	–	-0.14%	–
SYNH	Exit	SYNEOS HEALTH INCcl a	$0	–	-1,055,909	–	-0.25%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-1,999,899	–	-0.40%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,012,381	–	-0.45%	–
SNAP	Exit	SNAP INCcl a	$0	–	-2,526,688	–	-0.51%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-2,033,245	–	-0.52%	–
MPWR	Exit	MONOLITHIC PWR SYS INC	$0	–	-510,409	–	-0.68%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-898,283	–	-0.86%	–
ZI	Exit	ZOOMINFO TECHNOLOGIES INC	$0	–	-5,292,020	–	-0.89%	–
AON	Exit	AON PLC	$0	–	-1,302,297	–	-1.02%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,631,759	–	-1.03%	–
ALC	Exit	ALCON AG	$0	–	-4,801,925	–	-1.07%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-28,759,049	–	-1.10%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-13,912,210	–	-1.35%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-28,120,873	–	-1.45%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-984,159	–	-1.53%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-217,039	–	-1.59%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-2,163,790	–	-1.61%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-19,855,031	–	-1.61%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,974,769	–	-1.73%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-1,232,371	–	-1.94%	–
BX	Exit	BLACKSTONE INC	$0	–	-6,334,322	–	-2.02%	–
MS	Exit	MORGAN STANLEY	$0	–	-7,834,711	–	-2.09%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-18,382,041	–	-2.14%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-26,869,976	–	-2.22%	–
RY	Exit	ROYAL BK CDA	$0	–	-8,618,708	–	-2.35%	–
AMZN	Exit	AMAZON COM INC	$0	–	-268,698	–	-2.42%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-8,421,723	–	-2.57%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-18,480,354	–	-3.04%	–
TGT	Exit	TARGET CORP	$0	–	-5,506,173	–	-3.45%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-57,758,746	–	-3.52%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-14,236,513	–	-3.69%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-1,888,381	–	-3.76%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,627,064	–	-3.88%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-26,589,951	–	-4.28%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,973,922	–	-4.61%	–
V	Exit	VISA INC	$0	–	-7,721,375	–	-4.71%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-173,394,583	–	-4.91%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-5,662,673	–	-5.26%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,118,313	–	-8.16%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-15,135,970	–	-8.58%	–

Q3 2021

			Value		Shares		↓ Weighting
NVDA	Buy	NVIDIA CORPORATION	$3,135,357,000	+5.5%	15,135,970	+307.4%	8.58%	-1.7%
GOOG	Sell	ALPHABET INCcap stk cl c	$2,980,273,000	+5.9%	1,118,313	-0.4%	8.16%	-1.3%
FB	Buy	FACEBOOK INCcl a	$1,921,640,000	+20.3%	5,662,673	+23.2%	5.26%	+12.0%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,792,804,000	+5.5%	173,394,583	+24.8%	4.91%	-1.7%
V	Buy	VISA INC	$1,719,828,000	+76.9%	7,721,375	+85.6%	4.71%	+64.8%
MSFT	Sell	MICROSOFT CORP	$1,683,915,000	+2.3%	5,973,922	-1.7%	4.61%	-4.7%
XOM	Buy	EXXON MOBIL CORP	$1,563,874,000	+73.9%	26,589,951	+86.5%	4.28%	+62.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$1,417,009,000	-4.5%	3,627,064	-2.1%	3.88%	-11.0%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$1,373,693,000	+32.5%	1,888,381	+31.4%	3.76%	+23.4%
PM	Buy	PHILIP MORRIS INTL INC	$1,349,383,000	+15.9%	14,236,513	+21.2%	3.69%	+8.0%
INFY	Buy	INFOSYS LTDsponsored adr	$1,285,149,000	+6.5%	57,758,746	+1.4%	3.52%	-0.8%
TGT	Sell	TARGET CORP	$1,259,450,000	-12.0%	5,506,173	-7.0%	3.45%	-18.0%
AZN	Buy	ASTRAZENECA PLCsponsored adr	$1,109,766,000	+11.4%	18,480,354	+11.1%	3.04%	+3.8%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$940,174,000	-15.0%	8,421,723	-8.5%	2.57%	-20.8%
AMZN	Sell	AMAZON COM INC	$882,550,000	-13.1%	268,698	-9.0%	2.42%	-19.0%
RY	Buy	ROYAL BK CDA	$857,379,000	+72.5%	8,618,708	+75.9%	2.35%	+60.8%
MT	Buy	ARCELORMITTAL SA LUXEMBOURGny registry sh	$810,380,000	+9.8%	26,869,976	+13.1%	2.22%	+2.3%
BAC	Sell	BK OF AMERICA CORP	$780,198,000	-35.3%	18,382,041	-37.2%	2.14%	-39.7%
MS	Buy	MORGAN STANLEY	$762,293,000	+15.0%	7,834,711	+8.4%	2.09%	+7.1%
BX	Buy	BLACKSTONE INC	$736,843,000	+56.0%	6,334,322	+30.2%	2.02%	+45.3%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$709,391,000	-18.4%	1,232,371	-17.0%	1.94%	-24.0%
ACN	Buy	ACCENTURE PLC IRELAND	$631,768,000	+15.3%	1,974,769	+6.3%	1.73%	+7.4%
OXY	Buy	OCCIDENTAL PETE CORP	$587,238,000	+7.3%	19,855,031	+13.4%	1.61%	-0.1%
CRM	New	SALESFORCE COM INC	$586,785,000	–	2,163,790	–	1.61%	–
GOOGL	Buy	ALPHABET INCcap stk cl a	$580,258,000	+17.6%	217,039	+7.4%	1.59%	+9.4%
LRCX	Sell	LAM RESEARCH CORP	$560,148,000	-43.0%	984,159	-34.8%	1.53%	-46.9%
IBN	Buy	ICICI BANK LIMITEDadr	$530,641,000	+24.9%	28,120,873	+13.2%	1.45%	+16.3%
DVN	Buy	DEVON ENERGY CORP NEW	$493,965,000	+105901.1%	13,912,210	+87102.0%	1.35%	+135100.0%
VALE	Sell	VALE S Asponsored ads	$401,163,000	-59.8%	28,759,049	-34.3%	1.10%	-62.6%
ALC	New	ALCON AG	$391,422,000	–	4,801,925	–	1.07%	–
LLY	Sell	LILLY ELI & CO	$376,969,000	-3.6%	1,631,759	-4.3%	1.03%	-10.2%
AON	Buy	AON PLC	$372,157,000	+22.6%	1,302,297	+2.4%	1.02%	+14.2%
ZI	New	ZOOMINFO TECHNOLOGIES INC	$323,777,000	–	5,292,020	–	0.89%	–
MA	New	MASTERCARD INCORPORATEDcl a	$312,315,000	–	898,283	–	0.86%	–
MPWR	New	MONOLITHIC PWR SYS INC	$247,393,000	–	510,409	–	0.68%	–
LEN	Buy	LENNAR CORPcl a	$190,448,000	+26.8%	2,033,245	+34.5%	0.52%	+18.1%
SNAP	New	SNAP INCcl a	$186,620,000	–	2,526,688	–	0.51%	–
JPM	Buy	JPMORGAN CHASE & CO	$165,699,000	+15771.6%	1,012,381	+14978.7%	0.45%	+15033.3%
JD	New	JD.COM INCspon adr cl a	$144,475,000	–	1,999,899	–	0.40%	–
SYNH	Sell	SYNEOS HEALTH INCcl a	$92,375,000	-6.0%	1,055,909	-3.8%	0.25%	-12.5%
JNJ	Buy	JOHNSON & JOHNSON	$52,806,000	+4803.1%	326,959	+4901.7%	0.14%	+4733.3%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$48,413,000	-93.6%	327,000	-90.2%	0.13%	-94.0%
HDB	Sell	HDFC BANK LTDsponsored ads	$44,680,000	-71.3%	611,301	-71.3%	0.12%	-73.4%
PGR	Sell	PROGRESSIVE CORP	$38,011,000	-77.1%	420,354	-75.1%	0.10%	-78.6%
ASML	Sell	ASML HOLDING N V	$20,524,000	-55.6%	27,542	-58.8%	0.06%	-58.8%
ITUB	Buy	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$18,538,000	+56.6%	3,517,815	+78.6%	0.05%	+45.7%
KO	Buy	COCA COLA CO	$12,479,000	+0.2%	237,731	+3.2%	0.03%	-8.1%
NVO	Buy	NOVO-NORDISK A Sadr	$11,034,000	+17.2%	114,930	+2.3%	0.03%	+7.1%
TX	New	TERNIUM SAsponsored ads	$8,687,000	–	205,366	–	0.02%	–
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$5,467,000	-84.6%	1,427,370	-79.4%	0.02%	-85.6%
AB	Buy	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$2,111,000	+6.8%	42,585	+0.3%	0.01%	0.0%
GS	Buy	GOLDMAN SACHS GROUP INC	$1,427,000	+45.9%	3,776	+46.6%	0.00%	+33.3%
CVX	Sell	CHEVRON CORP NEW	$1,372,000	-63.4%	13,523	-62.3%	0.00%	-63.6%
UBS	Sell	UBS GROUP AG	$1,503,000	-1.6%	93,463	-6.3%	0.00%	0.0%
NTR	Buy	NUTRIEN LTD	$1,248,000	+46.5%	19,257	+37.0%	0.00%	0.0%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$1,010,000	-12.3%	17,071	-0.9%	0.00%	0.0%
ABBV	Buy	ABBVIE INC	$1,276,000	+33.8%	11,827	+39.6%	0.00%	0.0%
MO	Sell	ALTRIA GROUP INC	$870,000	-25.6%	19,123	-22.1%	0.00%	-33.3%
BBVA	Buy	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$652,000	+45.2%	98,991	+36.8%	0.00%	+100.0%
NVR	Buy	NVR INC	$839,000	+52.0%	175	+57.7%	0.00%	0.0%
NOW	New	SERVICENOW INC	$899,000	–	1,444	–	0.00%	–
ABT	Sell	ABBOTT LABS	$566,000	-81.4%	4,795	-81.7%	0.00%	-77.8%
HD	Buy	HOME DEPOT INC	$628,000	+37.1%	1,913	+33.3%	0.00%	+100.0%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$889,000	-99.0%	4,038	-99.0%	0.00%	-99.2%
AVGO	Buy	BROADCOM INC	$757,000	+33.7%	1,561	+31.4%	0.00%	0.0%
PEP	New	PEPSICO INC	$623,000	–	4,143	–	0.00%	–
ASND	New	ASCENDIS PHARMA A/Ssponsored adr	$438,000	–	2,751	–	0.00%	–
NEM	Sell	NEWMONT CORP	$488,000	-99.8%	8,980	-99.8%	0.00%	-99.9%
MCD	Buy	MCDONALDS CORP	$416,000	+41.0%	1,726	+35.2%	0.00%	0.0%
PODD	New	INSULET CORP	$204,000	–	719	–	0.00%	–
HUM	Sell	HUMANA INC	$512,000	-99.9%	1,315	-99.9%	0.00%	-99.9%
DXCM	New	DEXCOM INC	$373,000	–	682	–	0.00%	–
CME	Buy	CME GROUP INC	$367,000	+21.1%	1,897	+33.0%	0.00%	0.0%
TXN	New	TEXAS INSTRS INC	$422,000	–	2,195	–	0.00%	–
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$323,000	+16.2%	1,773	+32.7%	0.00%	0.0%
BIO	New	BIO RAD LABS INCcl a	$259,000	–	347	–	0.00%	–
VZ	Buy	VERIZON COMMUNICATIONS INC	$456,000	+32.6%	8,438	+37.6%	0.00%	0.0%
MRK	Sell	MERCK & CO INC	$403,000	-27.9%	5,362	-25.4%	0.00%	-50.0%
HZNP	Buy	HORIZON THERAPEUTICS PUB L	$513,000	+84.5%	4,680	+57.7%	0.00%	0.0%
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-5,644	–	-0.00%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-3,765	–	-0.00%	–
AMED	Exit	AMEDISYS INC	$0	–	-991	–	-0.00%	–
NUE	Exit	NUCOR CORP	$0	–	-3,425	–	-0.00%	–
TFX	Exit	TELEFLEX INCORPORATED	$0	–	-1,010	–	-0.00%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-7,745	–	-0.00%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-2,578	–	-0.00%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-1,726,312	–	-0.12%	–
LEVI	Exit	LEVI STRAUSS & CO NEW	$0	–	-2,570,433	–	-0.21%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS IN	$0	–	-1,915,323	–	-0.21%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-2,772,173	–	-0.94%	–

Q2 2021

			Value		Shares		↓ Weighting
NVDA	New	NVIDIA CORPORATION	$2,971,965,000	–	3,715,358	–	8.73%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,813,907,000	–	1,123,034	–	8.27%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,698,957,000	–	138,947,266	–	4.99%	–
MSFT	New	MICROSOFT CORP	$1,646,398,000	–	6,079,507	–	4.84%	–
FB	New	FACEBOOK INCcl a	$1,597,927,000	–	4,597,101	–	4.70%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,483,009,000	–	3,704,687	–	4.36%	–
TGT	New	TARGET CORP	$1,430,396,000	–	5,919,055	–	4.20%	–
INFY	New	INFOSYS LTDsponsored adr	$1,206,521,000	–	56,951,544	–	3.55%	–
BAC	New	BK OF AMERICA CORP	$1,206,223,000	–	29,265,914	–	3.54%	–
PM	New	PHILIP MORRIS INTL INC	$1,163,957,000	–	11,745,168	–	3.42%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,105,795,000	–	9,205,116	–	3.25%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$1,036,866,000	–	1,437,671	–	3.05%	–
AMZN	New	AMAZON COM INC	$1,015,224,000	–	295,209	–	2.98%	–
VALE	New	VALE S Asponsored ads	$998,945,000	–	43,804,325	–	2.94%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$995,898,000	–	16,632,033	–	2.93%	–
LRCX	New	LAM RESEARCH CORP	$982,627,000	–	1,510,467	–	2.89%	–
V	New	VISA INC	$972,330,000	–	4,159,250	–	2.86%	–
XOM	New	EXXON MOBIL CORP	$899,097,000	–	14,257,761	–	2.64%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$869,755,000	–	1,485,642	–	2.56%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$753,169,000	–	3,321,779	–	2.21%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$737,753,000	–	23,754,553	–	2.17%	–
MS	New	MORGAN STANLEY	$662,794,000	–	7,230,753	–	1.95%	–
ACN	New	ACCENTURE PLC IRELAND	$547,753,000	–	1,858,118	–	1.61%	–
OXY	New	OCCIDENTAL PETE CORP	$547,397,000	–	17,510,503	–	1.61%	–
HUM	New	HUMANA INC	$537,733,000	–	1,214,981	–	1.58%	–
RY	New	ROYAL BK CDA	$496,973,000	–	4,900,578	–	1.46%	–
GOOGL	New	ALPHABET INCcap stk cl a	$493,612,000	–	202,152	–	1.45%	–
BX	New	BLACKSTONE GROUP INC	$472,277,000	–	4,863,229	–	1.39%	–
IBN	New	ICICI BANK LIMITEDadr	$424,898,000	–	24,847,865	–	1.25%	–
LLY	New	LILLY ELI & CO	$391,154,000	–	1,704,737	–	1.15%	–
NTES	New	NETEASE INCsponsored ads	$319,413,000	–	2,772,173	–	0.94%	–
AON	New	AON PLC	$303,535,000	–	1,271,299	–	0.89%	–
NEM	New	NEWMONT CORP	$255,116,000	–	4,026,350	–	0.75%	–
PGR	New	PROGRESSIVE CORP	$165,865,000	–	1,689,371	–	0.49%	–
HDB	New	HDFC BANK LTDsponsored ads	$155,748,000	–	2,130,426	–	0.46%	–
LEN	New	LENNAR CORPcl a	$150,197,000	–	1,512,120	–	0.44%	–
SYNH	New	SYNEOS HEALTH INCcl a	$98,239,000	–	1,097,819	–	0.29%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$89,850,000	–	415,711	–	0.26%	–
AEO	New	AMERICAN EAGLE OUTFITTERS IN	$71,878,000	–	1,915,323	–	0.21%	–
LEVI	New	LEVI STRAUSS & CO NEW	$71,248,000	–	2,570,433	–	0.21%	–
ASML	New	ASML HOLDING N V	$46,196,000	–	66,874	–	0.14%	–
X	New	UNITED STATES STL CORP NEW	$41,429,000	–	1,726,312	–	0.12%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$35,498,000	–	6,920,453	–	0.10%	–
KO	New	COCA COLA CO	$12,448,000	–	230,314	–	0.04%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$11,837,000	–	1,969,800	–	0.04%	–
NVO	New	NOVO-NORDISK A Sadr	$9,412,000	–	112,361	–	0.03%	–
CVX	New	CHEVRON CORP NEW	$3,751,000	–	35,849	–	0.01%	–
ABT	New	ABBOTT LABS	$3,039,000	–	26,248	–	0.01%	–
AB	New	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$1,977,000	–	42,466	–	0.01%	–
UBS	New	UBS GROUP AG	$1,527,000	–	99,706	–	0.00%	–
NVS	New	NOVARTIS AGsponsored adr	$1,457,000	–	15,966	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$1,077,000	–	6,537	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$1,044,000	–	6,714	–	0.00%	–
LMT	New	LOCKHEED MARTIN CORP	$975,000	–	2,578	–	0.00%	–
GS	New	GOLDMAN SACHS GROUP INC	$978,000	–	2,576	–	0.00%	–
EPAM	New	EPAM SYS INC	$1,144,000	–	2,239	–	0.00%	–
NTR	New	NUTRIEN LTD	$852,000	–	14,061	–	0.00%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$1,151,000	–	17,225	–	0.00%	–
MO	New	ALTRIA GROUP INC	$1,170,000	–	24,548	–	0.00%	–
ABBV	New	ABBVIE INC	$954,000	–	8,473	–	0.00%	–
RIO	New	RIO TINTO PLCsponsored adr	$650,000	–	7,745	–	0.00%	–
AVGO	New	BROADCOM INC	$566,000	–	1,188	–	0.00%	–
GMAB	New	GENMAB A/Ssponsored ads	$586,000	–	14,354	–	0.00%	–
NVR	New	NVR INC	$552,000	–	111	–	0.00%	–
MRK	New	MERCK & CO INC	$559,000	–	7,187	–	0.00%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$449,000	–	72,359	–	0.00%	–
TFX	New	TELEFLEX INCORPORATED	$406,000	–	1,010	–	0.00%	–
TTE	New	TOTALENERGIES SEsponsored ads	$255,000	–	5,644	–	0.00%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$278,000	–	1,336	–	0.00%	–
DVN	New	DEVON ENERGY CORP NEW	$466,000	–	15,954	–	0.00%	–
NUE	New	NUCOR CORP	$329,000	–	3,425	–	0.00%	–
AMED	New	AMEDISYS INC	$243,000	–	991	–	0.00%	–
VZ	New	VERIZON COMMUNICATIONS INC	$344,000	–	6,134	–	0.00%	–
CTLT	New	CATALENT INC	$273,000	–	2,524	–	0.00%	–
YUMC	New	YUM CHINA HLDGS INC	$249,000	–	3,765	–	0.00%	–
HD	New	HOME DEPOT INC	$458,000	–	1,435	–	0.00%	–
CME	New	CME GROUP INC	$303,000	–	1,426	–	0.00%	–
SYK	New	STRYKER CORPORATION	$363,000	–	1,398	–	0.00%	–
MCD	New	MCDONALDS CORP	$295,000	–	1,277	–	0.00%	–
HZNP	New	HORIZON THERAPEUTICS PUB L	$278,000	–	2,968	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-4,518	–	-0.00%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-16,493	–	-0.00%	–
VEEV	Exit	VEEVA SYS INC	$0	–	-1,400	–	-0.00%	–
PODD	Exit	INSULET CORP	$0	–	-1,240	–	-0.00%	–
TFX	Exit	TELEFLEX INCORPORATED	$0	–	-639	–	-0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-2,118	–	-0.00%	–
GMAB	Exit	GENMAB A/Ssponsored ads	$0	–	-17,929	–	-0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-10,718	–	-0.01%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-28,389	–	-0.01%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-27,700	–	-0.01%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-35,795	–	-0.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-36,338	–	-0.02%	–
CME	Exit	CME GROUP INC	$0	–	-29,447	–	-0.02%	–
CMS	Exit	CMS ENERGY CORP	$0	–	-109,006	–	-0.02%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-74,079	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-710,690	–	-0.15%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-124,560	–	-0.27%	–
LLY	Exit	LILLY ELI & CO	$0	–	-587,733	–	-0.30%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-1,988,941	–	-0.42%	–
FTS	Exit	FORTIS INC	$0	–	-3,144,035	–	-0.44%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-990,616	–	-0.51%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-101,425	–	-0.51%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-2,036,703	–	-0.53%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,307,838	–	-0.59%	–
DHI	Exit	D R HORTON INC	$0	–	-2,319,570	–	-0.60%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-2,999,662	–	-0.60%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-354,266	–	-0.62%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-12,992,987	–	-0.64%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-2,587,557	–	-0.72%	–
MPWR	Exit	MONOLITHIC PWR SYS INC	$0	–	-808,589	–	-0.77%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-224,627	–	-0.79%	–
UBS	Exit	UBS GROUP AG	$0	–	-24,379,436	–	-0.94%	–
DXCM	Exit	DEXCOM INC	$0	–	-673,838	–	-0.95%	–
EPAM	Exit	EPAM SYS INC	$0	–	-906,732	–	-1.00%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-3,627,693	–	-1.02%	–
YNDX	Exit	YANDEX N V	$0	–	-4,762,036	–	-1.06%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-3,355,222	–	-1.09%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-716,111	–	-1.11%	–
NEM	Exit	NEWMONT CORP	$0	–	-5,227,692	–	-1.13%	–
NFLX	Exit	NETFLIX INC	$0	–	-685,897	–	-1.17%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-1,387,263	–	-1.29%	–
HUM	Exit	HUMANA INC	$0	–	-965,779	–	-1.37%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-31,884,671	–	-1.51%	–
SAP	Exit	SAP SEspon adr	$0	–	-2,909,818	–	-1.55%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-5,620,426	–	-1.58%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,229,782	–	-1.61%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-3,230,269	–	-1.70%	–
NOW	Exit	SERVICENOW INC	$0	–	-1,042,048	–	-1.73%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-19,248,586	–	-1.85%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-10,753,929	–	-2.02%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-8,226,360	–	-2.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-3,024,732	–	-2.20%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-2,706,193	–	-2.33%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-5,059,306	–	-2.40%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-1,437,283	–	-2.41%	–
V	Exit	VISA INC	$0	–	-3,743,629	–	-2.56%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,645,442	–	-2.82%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-562,174	–	-2.82%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-3,351,357	–	-3.00%	–
EQIX	Exit	EQUINIX INC	$0	–	-1,311,313	–	-3.41%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-3,078,712	–	-3.56%	–
AMZN	Exit	AMAZON COM INC	$0	–	-358,231	–	-3.86%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,597,279	–	-4.03%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,185,527	–	-4.39%	–
ABT	Exit	ABBOTT LABS	$0	–	-14,510,288	–	-5.40%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-4,698,196	–	-8.70%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-9,596,050	–	-9.65%	–

Q3 2020

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$2,820,631,000	+44.5%	9,596,050	+6.1%	9.65%	+12.6%
NVDA	Sell	NVIDIA CORPORATION	$2,542,420,000	+42.4%	4,698,196	-0.0%	8.70%	+10.9%
ABT	Buy	ABBOTT LABS	$1,578,903,000	+37.8%	14,510,288	+15.8%	5.40%	+7.3%
MELI	Buy	MERCADOLIBRE INC	$1,283,301,000	+28.8%	1,185,527	+17.3%	4.39%	+0.3%
MSFT	Sell	MICROSOFT CORP	$1,176,964,000	-9.0%	5,597,279	-11.9%	4.03%	-29.2%
AMZN	Sell	AMAZON COM INC	$1,127,682,000	-12.9%	358,231	-23.7%	3.86%	-32.2%
MA	Sell	MASTERCARD INCORPORATEDcl a	$1,040,926,000	+12.8%	3,078,712	-1.3%	3.56%	-12.1%
EQIX	Buy	EQUINIX INC	$996,595,000	+20.9%	1,311,313	+11.7%	3.41%	-5.9%
FB	Buy	FACEBOOK INCcl a	$877,546,000	+48.5%	3,351,357	+28.8%	3.00%	+15.7%
GOOG	Buy	ALPHABET INCcap stk cl c	$825,990,000	+8.4%	562,174	+4.3%	2.82%	-15.6%
UNH	Buy	UNITEDHEALTH GROUP INC	$824,557,000	+32.7%	2,645,442	+25.6%	2.82%	+3.3%
V	Buy	VISA INC	$748,481,000	+8.4%	3,743,629	+4.8%	2.56%	-15.6%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$704,701,000	-11.4%	1,437,283	-21.3%	2.41%	-31.0%
PG	Buy	PROCTER AND GAMBLE CO	$703,013,000	+19.4%	5,059,306	+2.8%	2.40%	-7.0%
CRM	Buy	SALESFORCE COM INC	$679,943,000	+138.6%	2,706,193	+78.0%	2.33%	+85.8%
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$643,924,000	–	3,024,732	–	2.20%	–
JD	Buy	JD.COM INCspon adr cl a	$638,437,000	+51.9%	8,226,360	+17.8%	2.18%	+18.3%
AZN	Buy	ASTRAZENECA PLCsponsored adr	$589,131,000	+21.2%	10,753,929	+17.1%	2.02%	-5.6%
GOLD	Buy	BARRICK GOLD CORP	$541,024,000	+49.8%	19,248,586	+43.6%	1.85%	+16.7%
NOW	Buy	SERVICENOW INC	$505,256,000	+100.7%	1,042,048	+67.8%	1.73%	+56.2%
SE	Sell	SEA LTDsponsord ads	$497,585,000	+11.6%	3,230,269	-22.3%	1.70%	-13.1%
LMT	Buy	LOCKHEED MARTIN CORP	$471,234,000	+51.6%	1,229,782	+44.5%	1.61%	+18.1%
AMD	Buy	ADVANCED MICRO DEVICES INC	$460,694,000	+66.1%	5,620,426	+6.7%	1.58%	+29.4%
SAP	Buy	SAP SEspon adr	$453,369,000	+12.6%	2,909,818	+1.2%	1.55%	-12.3%
INFY	Buy	INFOSYS LTDsponsored adr	$440,347,000	+76.4%	31,884,671	+23.4%	1.51%	+37.3%
HUM	Buy	HUMANA INC	$399,622,000	+512.3%	965,779	+473.9%	1.37%	+376.3%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$377,399,000	+11.8%	1,387,263	+19.3%	1.29%	-12.9%
NFLX	Sell	NETFLIX INC	$342,877,000	-19.0%	685,897	-26.3%	1.17%	-36.9%
NEM	Buy	NEWMONT CORP	$331,621,000	+26.6%	5,227,692	+23.2%	1.13%	-1.5%
NTES	Buy	NETEASE INCsponsored ads	$325,592,000	+124.8%	716,111	+112.3%	1.11%	+75.2%
PGR	New	PROGRESSIVE CORP	$317,555,000	–	3,355,222	–	1.09%	–
YNDX	Sell	YANDEX N V	$310,719,000	+20.0%	4,762,036	-8.0%	1.06%	-6.6%
GDS	New	GDS HLDGS LTDsponsored ads	$296,849,000	–	3,627,693	–	1.02%	–
EPAM	Buy	EPAM SYS INC	$293,124,000	+33.1%	906,732	+3.7%	1.00%	+3.6%
DXCM	Buy	DEXCOM INC	$277,703,000	+14.1%	673,838	+12.3%	0.95%	-11.1%
UBS	New	UBS GROUP AG	$273,315,000	–	24,379,436	–	0.94%	–
SHOP	New	SHOPIFY INCcl a	$229,787,000	–	224,627	–	0.79%	–
MPWR	Buy	MONOLITHIC PWR SYS INC	$226,088,000	+24.7%	808,589	+5.7%	0.77%	-2.9%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$209,857,000	+45.2%	2,587,557	+1.6%	0.72%	+13.1%
AQN	Buy	ALGONQUIN PWR UTILS CORP	$188,122,000	+26.7%	12,992,987	+12.8%	0.64%	-1.2%
BIO	Buy	BIO RAD LABS INCcl a	$182,610,000	+36.8%	354,266	+19.9%	0.62%	+6.7%
DKNG	New	DRAFTKINGS INC	$176,451,000	–	2,999,662	–	0.60%	–
DHI	New	D R HORTON INC	$175,387,000	–	2,319,570	–	0.60%	–
PM	Sell	PHILIP MORRIS INTL INC	$173,065,000	-26.9%	2,307,838	-31.7%	0.59%	-43.1%
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$154,869,000	+20.0%	2,036,703	+7.9%	0.53%	-6.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$148,648,000	+12.8%	101,425	+9.2%	0.51%	-12.3%
EDU	Buy	NEW ORIENTAL ED & TECHNOLOGYspon adr	$148,095,000	+20.4%	990,616	+4.9%	0.51%	-6.1%
FTS	Buy	FORTIS INC	$128,139,000	+18.2%	3,144,035	+10.0%	0.44%	-8.0%
BEKE	New	KE HLDGS INCsponsored ads	$121,920,000	–	1,988,941	–	0.42%	–
LLY	New	LILLY ELI & CO	$86,973,000	–	587,733	–	0.30%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$77,760,000	–	124,560	–	0.27%	–
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$42,843,000	-80.6%	710,690	-81.1%	0.15%	-84.8%
PYPL	Sell	PAYPAL HLDGS INC	$14,591,000	-96.8%	74,079	-97.2%	0.05%	-97.5%
CMS	Sell	CMS ENERGY CORP	$6,690,000	-96.2%	109,006	-96.4%	0.02%	-97.1%
CME	Buy	CME GROUP INC	$4,925,000	+3.5%	29,447	+0.6%	0.02%	-19.0%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$5,067,000	-6.6%	36,338	-0.2%	0.02%	-29.2%
AJG	Sell	GALLAGHER ARTHUR J & CO	$3,781,000	-51.2%	35,795	-54.9%	0.01%	-61.8%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$2,771,000	-43.4%	27,700	-48.2%	0.01%	-59.1%
NVO	Buy	NOVO-NORDISK A Sadr	$1,971,000	+9.3%	28,389	+3.1%	0.01%	-12.5%
JNJ	Buy	JOHNSON & JOHNSON	$1,595,000	+11.1%	10,718	+5.0%	0.01%	-16.7%
GMAB	Buy	GENMAB A/Ssponsored ads	$656,000	+8.6%	17,929	+0.6%	0.00%	-33.3%
VALE	New	VALE S Asponsored ads	$174,000	–	16,493	–	0.00%	–
TFX	Sell	TELEFLEX INCORPORATED	$218,000	-36.4%	639	-32.2%	0.00%	-50.0%
NEE	Exit	NEXTERA ENERGY INC	$0	–	-975	–	-0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-770	–	-0.00%	–
TGT	Exit	TARGET CORP	$0	–	-33,700	–	-0.02%	–
ATO	Exit	ATMOS ENERGY CORP	$0	–	-449,193	–	-0.20%	–
TEAM	Exit	ATLASSIAN CORP PLCcl a	$0	–	-725,015	–	-0.57%	–
INTU	Exit	INTUIT	$0	–	-794,089	–	-1.03%	–
WMT	Exit	WALMART INC	$0	–	-3,480,437	–	-1.83%	–

Q2 2020

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,951,675,000	–	9,046,461	–	8.57%	–
NVDA	New	NVIDIA CORPORATION	$1,785,779,000	–	4,699,573	–	7.84%	–
AMZN	New	AMAZON COM INC	$1,295,305,000	–	469,345	–	5.69%	–
MSFT	New	MICROSOFT CORP	$1,294,037,000	–	6,356,204	–	5.68%	–
ABT	New	ABBOTT LABS	$1,146,169,000	–	12,533,323	–	5.04%	–
MELI	New	MERCADOLIBRE INC	$996,618,000	–	1,010,933	–	4.38%	–
MA	New	MASTERCARD INCORPORATEDcl a	$922,698,000	–	3,119,522	–	4.05%	–
EQIX	New	EQUINIX INC	$824,406,000	–	1,173,572	–	3.62%	–
ADBE	New	ADOBE INC	$795,039,000	–	1,825,714	–	3.49%	–
GOOG	New	ALPHABET INCcap stk cl c	$761,984,000	–	538,866	–	3.35%	–
V	New	VISA INC	$690,258,000	–	3,572,421	–	3.03%	–
UNH	New	UNITEDHEALTH GROUP INC	$621,353,000	–	2,105,870	–	2.73%	–
FB	New	FACEBOOK INCcl a	$590,767,000	–	2,601,018	–	2.60%	–
PG	New	PROCTER AND GAMBLE CO	$588,945,000	–	4,923,769	–	2.59%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$486,087,000	–	9,186,554	–	2.14%	–
PYPL	New	PAYPAL HLDGS INC	$456,681,000	–	2,620,209	–	2.01%	–
SE	New	SEA LTDsponsored ads	$445,790,000	–	4,156,522	–	1.96%	–
NFLX	New	NETFLIX INC	$423,481,000	–	930,296	–	1.86%	–
JD	New	JD.COM INCspon adr cl a	$420,310,000	–	6,983,480	–	1.85%	–
WMT	New	WALMART INC	$417,050,000	–	3,480,437	–	1.83%	–
SAP	New	SAP SEspon adr	$402,544,000	–	2,875,233	–	1.77%	–
GOLD	New	BARRICK GOLD CORPORATION	$361,058,000	–	13,400,570	–	1.59%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$337,705,000	–	1,162,804	–	1.48%	–
LMT	New	LOCKHEED MARTIN CORP	$310,760,000	–	851,254	–	1.36%	–
CRM	New	SALESFORCE COM INC	$284,930,000	–	1,520,402	–	1.25%	–
AMD	New	ADVANCED MICRO DEVICES INC	$277,318,000	–	5,269,183	–	1.22%	–
NEM	New	NEWMONT CORP	$262,033,000	–	4,242,751	–	1.15%	–
YNDX	New	YANDEX N V	$259,017,000	–	5,177,777	–	1.14%	–
NOW	New	SERVICENOW INC	$251,714,000	–	621,181	–	1.11%	–
INFY	New	INFOSYS LTDsponsored adr	$249,696,000	–	25,846,485	–	1.10%	–
DXCM	New	DEXCOM INC	$243,293,000	–	599,896	–	1.07%	–
PM	New	PHILIP MORRIS INTL INC	$236,895,000	–	3,381,319	–	1.04%	–
INTU	New	INTUIT	$235,294,000	–	794,089	–	1.03%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$220,922,000	–	3,755,687	–	0.97%	–
EPAM	New	EPAM SYS INC	$220,272,000	–	873,976	–	0.97%	–
MPWR	New	MONOLITHIC PWR SYS INC	$181,295,000	–	764,885	–	0.80%	–
CMS	New	CMS ENERGY CORP	$178,244,000	–	3,049,916	–	0.78%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$148,448,000	–	11,520,569	–	0.65%	–
NTES	New	NETEASE INCsponsored ads	$144,832,000	–	337,279	–	0.64%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$144,554,000	–	2,546,107	–	0.64%	–
BIO	New	BIO RAD LABS INCcl a	$133,448,000	–	295,573	–	0.59%	–
GOOGL	New	ALPHABET INCcap stk cl a	$131,728,000	–	92,894	–	0.58%	–
TEAM	New	ATLASSIAN CORP PLCcl a	$130,698,000	–	725,015	–	0.57%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$129,048,000	–	1,887,038	–	0.57%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$122,955,000	–	944,047	–	0.54%	–
FTS	New	FORTIS INC	$108,368,000	–	2,858,752	–	0.48%	–
HUM	New	HUMANA INC	$65,261,000	–	168,271	–	0.29%	–
ATO	New	ATMOS ENERGY CORP	$44,740,000	–	449,193	–	0.20%	–
AJG	New	GALLAGHER ARTHUR J & CO	$7,746,000	–	79,424	–	0.03%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$5,424,000	–	36,410	–	0.02%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$4,900,000	–	53,474	–	0.02%	–
CME	New	CME GROUP INC	$4,760,000	–	29,271	–	0.02%	–
TGT	New	TARGET CORP	$4,042,000	–	33,700	–	0.02%	–
NVO	New	NOVO-NORDISK A Sadr	$1,804,000	–	27,544	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON	$1,436,000	–	10,207	–	0.01%	–
GMAB	New	GENMAB A/Ssponsored ads	$604,000	–	17,821	–	0.00%	–
TFX	New	TELEFLEX INCORPORATED	$343,000	–	942	–	0.00%	–
IDXX	New	IDEXX LABS INC	$254,000	–	770	–	0.00%	–
EW	New	EDWARDS LIFESCIENCES CORP	$312,000	–	4,518	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$290,000	–	2,118	–	0.00%	–
NEE	New	NEXTERA ENERGY INC	$234,000	–	975	–	0.00%	–
VEEV	New	VEEVA SYS INC	$328,000	–	1,400	–	0.00%	–
PODD	New	INSULET CORP	$241,000	–	1,240	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-674	–	-0.00%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-31,437	–	-0.01%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-6,652	–	-0.01%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-7,805	–	-0.01%	–
TFX	Exit	TELEFLEX INC	$0	–	-4,298	–	-0.02%	–
UN	Exit	UNILEVER N V	$0	–	-30,112	–	-0.02%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-11,770	–	-0.02%	–
HUM	Exit	HUMANA INC	$0	–	-2,508,128	–	-0.27%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-278,743	–	-0.47%	–
RACE	Exit	FERRARI N V	$0	–	-411,816	–	-0.65%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,294,305	–	-0.66%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-121,475	–	-0.67%	–
EPAM	Exit	EPAM SYS INC	$0	–	-405,070	–	-0.75%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-934,265	–	-0.87%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-84,419	–	-1.05%	–
YNDX	Exit	YANDEX N V	$0	–	-3,060,856	–	-1.09%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,197,032	–	-1.26%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-9,221,340	–	-1.28%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-501,196	–	-1.29%	–
SYK	Exit	STRYKER CORP	$0	–	-610,600	–	-1.34%	–
MRK	Exit	MERCK & CO INC	$0	–	-1,608,119	–	-1.38%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-375,096	–	-1.49%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,088,499	–	-1.97%	–
CMS	Exit	CMS ENERGY CORP	$0	–	-3,198,700	–	-2.08%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-879,927	–	-2.08%	–
KO	Exit	COCA COLA CO	$0	–	-3,974,740	–	-2.20%	–
FTS	Exit	FORTIS INC	$0	–	-5,500,371	–	-2.37%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-1,519,257	–	-2.49%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-5,929,223	–	-2.69%	–
SAP	Exit	SAP SEspon adr	$0	–	-2,254,763	–	-2.70%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-3,390,451	–	-3.18%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-6,723,800	–	-3.34%	–
ADBE	Exit	ADOBE INC	$0	–	-1,235,576	–	-3.47%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,869,616	–	-3.63%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-32,919,595	–	-3.81%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,841,385	–	-4.07%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-5,795,429	–	-4.48%	–
V	Exit	VISA INC	$0	–	-2,619,639	–	-4.58%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,133,469	–	-5.84%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,904,862	–	-5.88%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-550,708	–	-6.83%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-2,653,676	–	-7.33%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-17,891,988	–	-10.38%	–

Q3 2019

			Value		Shares		↓ Weighting
HDB	Buy	HDFC BANK LTDsponsored ads	$1,020,467,000	-18.6%	17,891,988	+85.6%	10.38%	-23.1%
MA	Buy	MASTERCARD INCcl a	$720,371,000	+4.9%	2,653,676	+2.1%	7.33%	-1.0%
GOOG	Buy	ALPHABET INCcap stk cl c	$670,983,000	+36.9%	550,708	+21.4%	6.83%	+29.3%
ABT	Buy	ABBOTT LABS	$577,509,000	+7.3%	6,904,862	+7.9%	5.88%	+1.3%
MSFT	Buy	MICROSOFT CORP	$574,345,000	+10.1%	4,133,469	+6.1%	5.84%	+4.0%
V	Buy	VISA INC	$450,444,000	+45.0%	2,619,639	+46.3%	4.58%	+36.9%
PM	New	PHILIP MORRIS INTL INC	$439,892,000	–	5,795,429	–	4.48%	–
UNH	Buy	UNITEDHEALTH GROUP INC	$399,941,000	-9.6%	1,841,385	+1.4%	4.07%	-14.7%
INFY	Buy	INFOSYS LTDsponsored adr	$374,288,000	+17.4%	32,919,595	+10.4%	3.81%	+10.9%
PG	Sell	PROCTER & GAMBLE CO	$356,715,000	+1.8%	2,869,616	-10.3%	3.63%	-3.8%
ADBE	Buy	ADOBE INC	$341,128,000	+18.2%	1,235,576	+26.1%	3.47%	+11.6%
BX	New	BLACKSTONE GROUP INC	$328,207,000	–	6,723,800	–	3.34%	–
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$312,665,000	+2.2%	3,390,451	-4.8%	3.18%	-3.5%
SAP	Buy	SAP SEspon adr	$265,759,000	-10.8%	2,254,763	+3.6%	2.70%	-15.7%
AZN	Buy	ASTRAZENECA PLCsponsored adr	$264,102,000	+26.0%	5,929,223	+16.7%	2.69%	+19.0%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$245,102,000	+2.8%	1,519,257	+5.3%	2.49%	-3.0%
FTS	Sell	FORTIS INC	$232,630,000	+6.8%	5,500,371	-0.1%	2.37%	+0.8%
KO	Buy	COCA COLA CO	$216,346,000	+198.8%	3,974,740	+179.6%	2.20%	+182.2%
NEE	Buy	NEXTERA ENERGY INC	$204,880,000	+14.7%	879,927	+0.8%	2.08%	+8.3%
CMS	Sell	CMS ENERGY CORP	$204,446,000	+3.1%	3,198,700	-6.6%	2.08%	-2.6%
FB	Buy	FACEBOOK INCcl a	$193,760,000	-3.0%	1,088,499	+5.1%	1.97%	-8.4%
LMT	Buy	LOCKHEED MARTIN CORP	$146,207,000	+2501.5%	375,096	+2323.4%	1.49%	+2337.7%
MRK	Buy	MERCK & CO INC	$135,286,000	+7.2%	1,608,119	+6.8%	1.38%	+1.3%
SYK	Buy	STRYKER CORP	$131,989,000	+11.7%	610,600	+6.1%	1.34%	+5.5%
BDX	Buy	BECTON DICKINSON & CO	$126,702,000	+7.7%	501,196	+7.3%	1.29%	+1.7%
AQN	Buy	ALGONQUIN PWR UTILS CORP	$126,341,000	+13.4%	9,221,340	+0.6%	1.28%	+7.1%
PYPL	New	PAYPAL HLDGS INC	$123,926,000	–	1,197,032	–	1.26%	–
YNDX	Buy	YANDEX N V	$107,157,000	-2.5%	3,060,856	+5.8%	1.09%	-7.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$103,087,000	+52.8%	84,419	+35.5%	1.05%	+44.3%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$85,557,000	-27.3%	934,265	-23.2%	0.87%	-31.3%
EPAM	New	EPAM SYS INC	$73,851,000	–	405,070	–	0.75%	–
ISRG	Sell	INTUITIVE SURGICAL INC	$65,547,000	-12.3%	121,475	-14.8%	0.67%	-17.1%
WFC	New	WELLS FARGO CO NEW	$65,243,000	–	1,294,305	–	0.66%	–
RACE	Buy	FERRARI N V	$63,457,000	+4.0%	411,816	+8.9%	0.65%	-1.7%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$46,613,000	–	278,743	–	0.47%	–
HUM	Buy	HUMANA INC	$26,111,000	-81.7%	2,508,128	+366.4%	0.27%	-82.7%
TFX	Buy	TELEFLEX INC	$1,460,000	+57.3%	4,298	+53.4%	0.02%	+50.0%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$1,322,000	-98.3%	7,805	-98.1%	0.01%	-98.4%
AMD	New	ADVANCED MICRO DEVICES INC	$911,000	–	31,437	–	0.01%	–
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$278,000	-99.8%	674	-99.8%	0.00%	-99.8%
ZM	Exit	ZOOM VIDEO COMMUNICATIONS INcl a	$0	–	-19,869	–	-0.02%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-103,695	–	-0.04%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-51,251	–	-0.17%	–
ENB	Exit	ENBRIDGE INC	$0	–	-2,191,035	–	-0.85%	–
RTN	Exit	RAYTHEON CO	$0	–	-527,505	–	-0.99%	–
NOW	Exit	SERVICENOW INC	$0	–	-455,389	–	-1.35%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-921,578	–	-2.04%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-2,562,244	–	-4.18%	–

Q2 2019

			Value		Shares		↓ Weighting
HDB	New	HDFC BANK LTDsponsored ads	$1,253,064,000	–	9,639,180	–	13.50%	–
MA	New	MASTERCARD INCcl a	$686,942,000	–	2,598,205	–	7.40%	–
ABT	New	ABBOTT LABS	$538,156,000	–	6,402,255	–	5.80%	–
MSFT	New	MICROSOFT CORP	$521,725,000	–	3,897,560	–	5.62%	–
GOOG	New	ALPHABET INCcap stk cl c	$490,001,000	–	453,616	–	5.28%	–
UNH	New	UNITEDHEALTH GROUP INC	$442,648,000	–	1,815,418	–	4.77%	–
CRM	New	SALESFORCE COM INC	$388,470,000	–	2,562,244	–	4.18%	–
PG	New	PROCTER AND GAMBLE CO	$350,354,000	–	3,197,585	–	3.77%	–
INFY	New	INFOSYS LTDsponsored adr	$318,938,000	–	29,807,323	–	3.44%	–
V	New	VISA INC	$310,624,000	–	1,790,718	–	3.35%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$305,997,000	–	3,563,181	–	3.30%	–
SAP	New	SAP SEspon adr	$297,849,000	–	2,177,364	–	3.21%	–
ADBE	New	ADOBE INC	$288,530,000	–	979,974	–	3.11%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$238,465,000	–	1,443,404	–	2.57%	–
FTS	New	FORTIS INC	$217,876,000	–	5,507,477	–	2.35%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$209,642,000	–	5,082,693	–	2.26%	–
FB	New	FACEBOOK INCcl a	$199,778,000	–	1,035,664	–	2.15%	–
CMS	New	CMS ENERGY CORP	$198,239,000	–	3,425,745	–	2.14%	–
WDAY	New	WORKDAY INCcl a	$189,322,000	–	921,578	–	2.04%	–
NEE	New	NEXTERA ENERGY INC	$178,604,000	–	872,568	–	1.92%	–
HUM	New	HUMANA INC	$142,553,000	–	537,767	–	1.54%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$134,898,000	–	341,637	–	1.45%	–
MRK	New	MERCK & CO INC	$126,182,000	–	1,506,084	–	1.36%	–
NOW	New	SERVICENOW INC	$124,934,000	–	455,389	–	1.35%	–
SYK	New	STRYKER CORP	$118,205,000	–	575,451	–	1.27%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$117,646,000	–	1,215,979	–	1.27%	–
BDX	New	BECTON DICKINSON & CO	$117,627,000	–	467,139	–	1.27%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$111,375,000	–	9,170,701	–	1.20%	–
YNDX	New	YANDEX N V	$109,955,000	–	2,893,528	–	1.18%	–
RTN	New	RAYTHEON CO	$91,642,000	–	527,505	–	0.99%	–
ENB	New	ENBRIDGE INC	$79,308,000	–	2,191,035	–	0.85%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$75,648,000	–	412,864	–	0.82%	–
ISRG	New	INTUITIVE SURGICAL INC	$74,733,000	–	142,588	–	0.80%	–
KO	New	COCA COLA CO	$72,394,000	–	1,421,712	–	0.78%	–
GOOGL	New	ALPHABET INCcap stk cl a	$67,448,000	–	62,290	–	0.73%	–
RACE	New	FERRARI N V	$61,028,000	–	378,069	–	0.66%	–
SHOP	New	SHOPIFY INCcl a	$15,436,000	–	51,251	–	0.17%	–
LMT	New	LOCKHEED MARTIN CORP	$5,620,000	–	15,478	–	0.06%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$4,062,000	–	103,695	–	0.04%	–
ACN	New	ACCENTURE PLC IRELAND	$2,175,000	–	11,770	–	0.02%	–
UN	New	UNILEVER N V	$1,828,000	–	30,112	–	0.02%	–
ZM	New	ZOOM VIDEO COMMUNICATIONS INcl a	$1,763,000	–	19,869	–	0.02%	–
DEO	New	DIAGEO P L Cspon adr new	$1,146,000	–	6,652	–	0.01%	–
TFX	New	TELEFLEX INC	$928,000	–	2,802	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
MRK	Exit	MERCK & CO INC	$0	–	-3,051	–	-0.00%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-2,592	–	-0.00%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-2,842	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,099	–	-0.01%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-6,256	–	-0.01%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-8,148	–	-0.01%	–
KO	Exit	COCA COLA CO	$0	–	-16,325	–	-0.01%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-7,003	–	-0.02%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-35,221	–	-0.03%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-23,059	–	-0.04%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-105,327	–	-0.31%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-2,400,703	–	-0.43%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-630,078	–	-0.43%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored adr	$0	–	-1,609,530	–	-0.43%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-360,330	–	-0.43%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-28,451	–	-0.56%	–
IQ	Exit	IQIYI INCsponsored ads	$0	–	-1,422,513	–	-0.63%	–
KT	Exit	KT CORPsponsored adr	$0	–	-2,633,483	–	-0.64%	–
VALE	Exit	VALE S Aadr	$0	–	-3,073,502	–	-0.74%	–
JOBS	Exit	51JOB INC	$0	–	-598,565	–	-0.75%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-248,299	–	-0.79%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-4,078,193	–	-1.07%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-1,415,311	–	-1.13%	–
T	Exit	AT&T INC	$0	–	-2,282,537	–	-1.25%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-145,972	–	-1.36%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-1,945,614	–	-1.40%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-560,438	–	-1.45%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-2,688,788	–	-1.73%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-1,220,649	–	-1.95%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,142,934	–	-2.10%	–
SAP	Exit	SAP SEspon adr	$0	–	-1,064,956	–	-2.13%	–
CME	Exit	CME GROUP INC	$0	–	-773,742	–	-2.14%	–
AMZN	Exit	AMAZON COM INC	$0	–	-76,465	–	-2.49%	–
UBS	Exit	UBS GROUP AG	$0	–	-9,646,845	–	-2.59%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-16,010,827	–	-2.65%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-688,068	–	-2.92%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-726,963	–	-3.19%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-2,769,968	–	-3.37%	–
BAC	Exit	BANK AMER CORP	$0	–	-8,099,783	–	-3.88%	–
V	Exit	VISA INC	$0	–	-1,637,041	–	-4.00%	–
NVDA	Exit	NVIDIA CORP	$0	–	-961,408	–	-4.39%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,398,892	–	-4.46%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,929,781	–	-4.69%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-2,120,762	–	-5.67%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,651,705	–	-7.14%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,993,346	–	-7.22%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-374,959	–	-7.28%	–
HDB	Exit	HDFC BANK LTD	$0	–	-6,590,421	–	-10.09%	–

Q3 2018

			Value		Shares		↓ Weighting
HDB	Buy	HDFC BANK LTD	$619,589,000	+55.7%	6,590,421	+67.8%	10.09%	+6.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$446,742,000	+71.2%	374,959	+47.0%	7.28%	+16.9%
MA	Buy	MASTERCARD INCORPORATEDcl a	$443,107,000	+52.0%	1,993,346	+25.9%	7.22%	+3.7%
UNH	Buy	UNITEDHEALTH GROUP INC	$438,543,000	+96.5%	1,651,705	+62.4%	7.14%	+34.1%
FB	Buy	FACEBOOK INCcl a	$348,227,000	+13.3%	2,120,762	+23.7%	5.67%	-22.7%
ABT	Buy	ABBOTT LABS	$287,835,000	+291.2%	3,929,781	+193.6%	4.69%	+167.0%
MSFT	Buy	MICROSOFT CORP	$273,808,000	+272.2%	2,398,892	+175.9%	4.46%	+153.9%
NVDA	Sell	NVIDIA CORP	$269,744,000	+3.2%	961,408	-16.6%	4.39%	-29.6%
V	Buy	VISA INC	$245,324,000	+74.9%	1,637,041	+41.6%	4.00%	+19.4%
BAC	Buy	BANK AMER CORP	$238,155,000	+121.2%	8,099,783	+91.7%	3.88%	+51.0%
ICE	Buy	INTERCONTINENTAL EXCHANGE IN	$207,042,000	+79.1%	2,769,968	+60.6%	3.37%	+22.2%
ADBE	Buy	ADOBE SYS INC	$195,854,000	+78.0%	726,963	+46.5%	3.19%	+21.5%
BDX	Buy	BECTON DICKINSON & CO	$179,207,000	+114.5%	688,068	+69.7%	2.92%	+46.4%
INFY	Buy	INFOSYS LTDsponsored adr	$162,765,000	+70.5%	16,010,827	+226.0%	2.65%	+16.4%
UBS	New	UBS GROUP AG	$159,043,000	–	9,646,845	–	2.59%	–
AMZN	Sell	AMAZON COM INC	$152,862,000	+0.3%	76,465	-23.2%	2.49%	-31.6%
CME	Buy	CME GROUP INC	$131,420,000	+105.9%	773,742	+70.7%	2.14%	+40.5%
SAP	Sell	SAP SEspon adr	$130,962,000	-18.7%	1,064,956	-26.3%	2.13%	-44.5%
JPM	Buy	JPMORGAN CHASE & CO	$128,722,000	+93.0%	1,142,934	+60.4%	2.10%	+31.7%
MDT	Buy	MEDTRONIC PLC	$119,891,000	+84.8%	1,220,649	+47.1%	1.95%	+26.2%
AZN	New	ASTRAZENECA PLCsponsored adr	$106,168,000	–	2,688,788	–	1.73%	–
CRM	Sell	SALESFORCE COM INC	$88,937,000	-6.0%	560,438	-26.3%	1.45%	-35.8%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$85,887,000	+4.8%	1,945,614	-13.2%	1.40%	-28.4%
ISRG	Buy	INTUITIVE SURGICAL INC	$83,612,000	+164.8%	145,972	+90.6%	1.36%	+80.9%
T	New	AT&T INC	$76,486,000	–	2,282,537	–	1.25%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$69,415,000	–	1,415,311	–	1.13%	–
AMX	New	AMERICA MOVIL SAB DE CV	$65,465,000	–	4,078,193	–	1.07%	–
SPGI	New	S&P GLOBAL INC	$48,416,000	–	248,299	–	0.79%	–
JOBS	Sell	51JOB INC	$46,061,000	-24.9%	598,565	-4.6%	0.75%	-48.7%
VALE	New	VALE S Aadr	$45,596,000	–	3,073,502	–	0.74%	–
KT	New	KT CORPsponsored adr	$39,087,000	–	2,633,483	–	0.64%	–
IQ	Buy	IQIYI INCsponsored ads	$38,489,000	-9.3%	1,422,513	+8.3%	0.63%	-38.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$34,343,000	+13.3%	28,451	+6.0%	0.56%	-22.7%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$26,656,000	-69.3%	360,330	-60.7%	0.43%	-79.1%
ZTO	Buy	ZTO EXPRESS CAYMAN INCsponsored adr	$26,657,000	+21.5%	1,609,530	+46.8%	0.43%	-17.2%
NOAH	Sell	NOAH HLDGS LTDspon ads cl a	$26,539,000	-54.4%	630,078	-43.5%	0.43%	-68.9%
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$26,348,000	–	2,400,703	–	0.43%	–
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$19,024,000	-58.4%	105,327	-63.5%	0.31%	-71.6%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$2,282,000	-91.4%	23,059	-92.3%	0.04%	-94.1%
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$1,716,000	–	35,221	–	0.03%	–
KO	Sell	COCA COLA CO	$754,000	-99.0%	16,325	-99.2%	0.01%	-99.4%
XOM	Sell	EXXON MOBIL CORP	$348,000	-47.7%	4,099	-49.1%	0.01%	-62.5%
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$219,000	–	2,842	–	0.00%	–
ADI	Sell	ANALOG DEVICES INC	$240,000	-52.5%	2,592	-50.8%	0.00%	-66.7%
MRK	New	MERCK & CO INC	$216,000	–	3,051	–	0.00%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-5,949	–	-0.01%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-15,047	–	-0.02%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-30,088	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-124,635	–	-0.31%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-262,388	–	-0.63%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-12,307,077	–	-1.36%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-545,928	–	-2.06%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,597,275	–	-6.96%	–

Q2 2018

			Value		Shares		↓ Weighting
HDB	New	HDFC BANK LTD	$398,024,000	–	3,926,894	–	9.50%	–
FB	New	FACEBOOK INCcl a	$307,254,000	–	1,714,459	–	7.33%	–
MA	New	MASTERCARD INCORPORATEDcl a	$291,596,000	–	1,583,866	–	6.96%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$291,621,000	–	1,597,275	–	6.96%	–
NVDA	New	NVIDIA CORP	$261,324,000	–	1,152,663	–	6.24%	–
GOOG	New	ALPHABET INCcap stk cl c	$260,903,000	–	255,159	–	6.23%	–
UNH	New	UNITEDHEALTH GROUP INC	$223,200,000	–	1,017,365	–	5.33%	–
SAP	New	SAP SEspon adr	$161,032,000	–	1,445,893	–	3.84%	–
AMZN	New	AMAZON COM INC	$152,447,000	–	99,599	–	3.64%	–
V	New	VISA INC	$140,303,000	–	1,156,181	–	3.35%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$115,597,000	–	1,724,469	–	2.76%	–
ADBE	New	ADOBE SYS INC	$110,007,000	–	496,146	–	2.62%	–
BAC	New	BANK AMER CORP	$107,650,000	–	4,224,405	–	2.57%	–
INFY	New	INFOSYS LTDsponsored adr	$95,447,000	–	4,910,772	–	2.28%	–
CRM	New	SALESFORCE COM INC	$94,618,000	–	760,168	–	2.26%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$86,912,000	–	917,831	–	2.07%	–
WYNN	New	WYNN RESORTS LTD	$86,454,000	–	545,928	–	2.06%	–
BDX	New	BECTON DICKINSON & CO	$83,535,000	–	405,454	–	1.99%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$81,929,000	–	2,240,700	–	1.96%	–
KO	New	COCA COLA CO	$78,219,000	–	2,072,168	–	1.87%	–
ABT	New	ABBOTT LABS	$73,585,000	–	1,338,488	–	1.76%	–
MSFT	New	MICROSOFT CORP	$73,565,000	–	869,368	–	1.76%	–
JPM	New	JPMORGAN CHASE & CO	$66,683,000	–	712,604	–	1.59%	–
MDT	New	MEDTRONIC PLC	$64,864,000	–	830,007	–	1.55%	–
CME	New	CME GROUP INC	$63,836,000	–	453,193	–	1.52%	–
JOBS	New	51JOB INC	$61,305,000	–	627,654	–	1.46%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$58,214,000	–	1,115,898	–	1.39%	–
ABEV	New	AMBEV SAsponsored adr	$57,001,000	–	12,307,077	–	1.36%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$45,682,000	–	288,766	–	1.09%	–
IQ	New	IQIYI INCsponsored ads	$42,424,000	–	1,312,974	–	1.01%	–
ISRG	New	INTUITIVE SURGICAL INC	$31,573,000	–	76,574	–	0.75%	–
GOOGL	New	ALPHABET INCcap stk cl a	$30,304,000	–	26,837	–	0.72%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$26,510,000	–	262,388	–	0.63%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$26,429,000	–	300,934	–	0.63%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored adr	$21,937,000	–	1,096,459	–	0.52%	–
JNJ	New	JOHNSON & JOHNSON	$13,074,000	–	124,635	–	0.31%	–
DEO	New	DIAGEO P L Cspon adr new	$1,009,000	–	7,003	–	0.02%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$835,000	–	30,088	–	0.02%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$709,000	–	15,047	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$666,000	–	8,056	–	0.02%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$564,000	–	8,148	–	0.01%	–
ADI	New	ANALOG DEVICES INC	$505,000	–	5,267	–	0.01%	–
NVS	New	NOVARTIS A Gsponsored adr	$473,000	–	6,256	–	0.01%	–
LVS	New	LAS VEGAS SANDS CORP	$454,000	–	5,949	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-5,334	–	-0.01%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-3,040	–	-0.01%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-5,414	–	-0.01%	–
UBS	Exit	UBS GROUP AG	$0	–	-23,642	–	-0.01%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-10,200	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-7,309	–	-0.02%	–
MS	Exit	MORGAN STANLEY	$0	–	-40,338	–	-0.07%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-25,000	–	-0.08%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-70,000	–	-0.12%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-35,485	–	-0.24%	–
PAC	Exit	GPO AEROPORTUARIO DEL PAC SAspon adr b	$0	–	-67,876	–	-0.24%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-377,836	–	-0.31%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-114,994	–	-0.39%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-13,398	–	-0.46%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-57,082	–	-0.48%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-395,362	–	-0.48%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-348,135	–	-0.48%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored adr	$0	–	-1,153,692	–	-0.57%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-602,884	–	-0.62%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-548,670	–	-0.62%	–
AON	Exit	AON PLC	$0	–	-126,207	–	-0.65%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-220,375	–	-0.72%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-401,669	–	-0.74%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-275,747	–	-0.75%	–
MRK	Exit	MERCK & CO INC	$0	–	-351,769	–	-0.79%	–
CI	Exit	CIGNA CORPORATION	$0	–	-150,133	–	-0.99%	–
BAP	Exit	CREDICORP LTD	$0	–	-140,418	–	-1.01%	–
AMZN	Exit	AMAZON COM INC	$0	–	-30,995	–	-1.05%	–
ENIA	Exit	ENEL AMERICAS S Asponsored adr	$0	–	-3,104,185	–	-1.12%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-173,310	–	-1.19%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-564,171	–	-1.28%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-751,626	–	-1.36%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-896,988	–	-1.38%	–
SAP	Exit	SAP SEspon adr	$0	–	-420,652	–	-1.62%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-189,681	–	-1.65%	–
YNDX	Exit	YANDEX N V	$0	–	-1,457,220	–	-1.69%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-3,565,688	–	-1.72%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-356,386	–	-1.77%	–
CELG	Exit	CELGENE CORP	$0	–	-443,655	–	-2.27%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-253,938	–	-2.31%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-522,832	–	-2.39%	–
V	Exit	VISA INC	$0	–	-663,718	–	-2.46%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-1,989,020	–	-2.62%	–
BAC	Exit	BANK AMER CORP	$0	–	-3,040,575	–	-2.71%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-1,172,254	–	-2.83%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-1,781,128	–	-2.95%	–
AGN	Exit	ALLERGAN PLC	$0	–	-454,627	–	-3.27%	–
NVDA	Exit	NVIDIA CORP	$0	–	-572,350	–	-3.60%	–
HDB	Exit	HDFC BANK LTD	$0	–	-1,123,717	–	-3.81%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-335,580	–	-4.29%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-3,626,537	–	-4.87%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-853,935	–	-5.55%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-822,374	–	-5.66%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-174,850	–	-5.89%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,189,034	–	-7.14%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,428,253	–	-8.67%	–

Q3 2017

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$246,674,000	+96.5%	1,428,253	+60.3%	8.67%	-6.1%
FB	Buy	FACEBOOK INCcl a	$203,170,000	+131.6%	1,189,034	+104.6%	7.14%	+10.6%
GOOG	Buy	ALPHABET INCcap stk cl c	$167,700,000	+128.3%	174,850	+116.3%	5.89%	+9.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$161,062,000	+130.4%	822,374	+118.1%	5.66%	+10.0%
LRCX	Buy	LAM RESEARCH CORP	$158,012,000	+80.1%	853,935	+37.7%	5.55%	-14.0%
JD	Buy	JD COM INCspon adr cl a	$138,534,000	+61.4%	3,626,537	+65.7%	4.87%	-22.9%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$121,956,000	+145.0%	335,580	+127.1%	4.29%	+17.0%
HDB	Buy	HDFC BANK LTD	$108,293,000	+60.5%	1,123,717	+44.8%	3.81%	-23.4%
NVDA	Buy	NVIDIA CORP	$102,319,000	+79.9%	572,350	+45.5%	3.60%	-14.1%
AGN	New	ALLERGAN PLC	$93,176,000	–	454,627	–	3.27%	–
RIO	Buy	RIO TINTO PLCsponsored adr	$84,051,000	+540.3%	1,781,128	+474.1%	2.95%	+205.8%
ICE	Buy	INTERCONTINENTAL EXCHANGE IN	$80,534,000	+127.4%	1,172,254	+118.2%	2.83%	+8.6%
BAC	Buy	BANK AMER CORP	$77,048,000	+113.7%	3,040,575	+104.6%	2.71%	+2.1%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$74,688,000	+52.6%	1,989,020	+42.1%	2.62%	-27.1%
V	Buy	VISA INC	$69,850,000	+115.3%	663,718	+91.8%	2.46%	+2.8%
JNJ	Buy	JOHNSON & JOHNSON	$67,973,000	+83.8%	522,832	+87.0%	2.39%	-12.2%
MELI	Buy	MERCADOLIBRE INC	$65,752,000	+36.1%	253,938	+31.8%	2.31%	-35.0%
CELG	Buy	CELGENE CORP	$64,694,000	+207.5%	443,655	+173.8%	2.27%	+46.8%
MA	Buy	MASTERCARD INCORPORATEDcl a	$50,322,000	+37.3%	356,386	+18.1%	1.77%	-34.4%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$48,850,000	+114.6%	3,565,688	+73.1%	1.72%	+2.5%
YNDX	Buy	YANDEX N V	$48,015,000	+60.1%	1,457,220	+27.5%	1.69%	-23.6%
BIDU	New	BAIDU INCspon adr rep a	$46,982,000	–	189,681	–	1.65%	–
SAP	Buy	SAP SEspon adr	$46,124,000	+85.3%	420,652	+76.9%	1.62%	-11.5%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$39,234,000	+24.3%	896,988	+22.0%	1.38%	-40.7%
GGAL	Buy	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$38,739,000	+58.4%	751,626	+31.0%	1.36%	-24.4%
ATVI	Buy	ACTIVISION BLIZZARD INC	$36,395,000	+336.1%	564,171	+289.2%	1.28%	+108.3%
BDX	Buy	BECTON DICKINSON & CO	$33,960,000	+279.0%	173,310	+277.4%	1.19%	+81.0%
ENIA	Buy	ENEL AMERICAS S Asponsored adr	$31,725,000	+11.0%	3,104,185	+2.4%	1.12%	-47.0%
AMZN	Buy	AMAZON COM INC	$29,797,000	+373.0%	30,995	+376.3%	1.05%	+125.6%
BAP	Sell	CREDICORP LTD	$28,788,000	-7.3%	140,418	-18.9%	1.01%	-55.7%
CI	Buy	CIGNA CORPORATION	$28,066,000	+337.2%	150,133	+291.5%	0.99%	+108.9%
MRK	Buy	MERCK & CO INC	$22,524,000	+734.5%	351,769	+735.4%	0.79%	+298.0%
MDT	Buy	MEDTRONIC PLC	$21,445,000	+388.3%	275,747	+457.2%	0.75%	+133.4%
CTRP	New	CTRIP COM INTL LTD	$21,184,000	–	401,669	–	0.74%	–
CRM	New	SALESFORCE COM INC	$20,587,000	–	220,375	–	0.72%	–
AON	Buy	AON PLC	$18,439,000	+33.5%	126,207	+21.5%	0.65%	-36.3%
NOAH	New	NOAH HLDGS LTDspon ads cl a	$17,618,000	–	548,670	–	0.62%	–
BSX	Buy	BOSTON SCIENTIFIC CORP	$17,586,000	+319.8%	602,884	+298.9%	0.62%	+100.6%
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored adr	$16,198,000	–	1,153,692	–	0.57%	–
MU	Buy	MICRON TECHNOLOGY INC	$13,692,000	+107.1%	348,135	+57.2%	0.48%	-1.2%
TLK	Buy	P T TELEKOMUNIKASI INDONESIAsponsored adr	$13,561,000	+431.8%	395,362	+422.1%	0.48%	+153.7%
GS	Buy	GOLDMAN SACHS GROUP INC	$13,539,000	+70.8%	57,082	+59.7%	0.48%	-18.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$13,046,000	+101.2%	13,398	+92.1%	0.46%	-4.0%
JPM	Buy	JPMORGAN CHASE & CO	$10,983,000	+411.3%	114,994	+389.4%	0.39%	+144.3%
LILAK	New	LIBERTY GLOBAL PLC	$8,804,000	–	377,836	–	0.31%	–
PAC	Buy	GPO AEROPORTUARIO DEL PAC SAspon adr b	$6,959,000	+209.0%	67,876	+238.5%	0.24%	+47.6%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$6,771,000	+219.2%	35,485	+251.9%	0.24%	+52.6%
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$3,540,000	–	70,000	–	0.12%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$2,388,000	–	25,000	–	0.08%	–
MS	New	MORGAN STANLEY	$1,943,000	–	40,338	–	0.07%	–
MSFT	Sell	MICROSOFT CORP	$544,000	+4.2%	7,309	-3.4%	0.02%	-50.0%
UBS	New	UBS GROUP AG	$405,000	–	23,642	–	0.01%	–
NVS	Sell	NOVARTIS A Gsponsored adr	$261,000	-28.9%	3,040	-30.9%	0.01%	-66.7%
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-84,839	–	-0.27%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-65,508	–	-0.32%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-195,225	–	-0.39%	–
PAM	Exit	PAMPA ENERGIA S Aspons adr lvl i	$0	–	-380,745	–	-1.65%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-662,427	–	-2.17%	–

Q2 2017

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$125,521,000	–	890,852	–	9.24%	–
FB	New	FACEBOOK INCcl a	$87,739,000	–	581,129	–	6.46%	–
LRCX	New	LAM RESEARCH CORP	$87,726,000	–	620,280	–	6.46%	–
JD	New	JD COM INCspon adr cl a	$85,822,000	–	2,188,232	–	6.32%	–
GOOG	New	ALPHABET INCcap stk cl c	$73,461,000	–	80,839	–	5.41%	–
UNH	New	UNITEDHEALTH GROUP INC	$69,914,000	–	377,056	–	5.14%	–
HDB	New	HDFC BANK LTD	$67,476,000	–	775,858	–	4.97%	–
NVDA	New	NVIDIA CORP	$56,869,000	–	393,394	–	4.18%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$49,773,000	–	147,760	–	3.66%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$48,943,000	–	1,399,977	–	3.60%	–
MELI	New	MERCADOLIBRE INC	$48,329,000	–	192,638	–	3.56%	–
JNJ	New	JOHNSON & JOHNSON	$36,978,000	–	279,526	–	2.72%	–
MA	New	MASTERCARD INCORPORATEDcl a	$36,641,000	–	301,695	–	2.70%	–
BAC	New	BANK AMER CORP	$36,046,000	–	1,485,802	–	2.65%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$35,416,000	–	537,262	–	2.61%	–
V	New	VISA INC	$32,445,000	–	345,967	–	2.39%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$31,576,000	–	735,019	–	2.32%	–
BAP	New	CREDICORP LTD	$31,057,000	–	173,127	–	2.29%	–
YNDX	New	YANDEX N V	$29,996,000	–	1,143,124	–	2.21%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$29,511,000	–	662,427	–	2.17%	–
ENIA	New	ENEL AMERICAS S Asponsored adr	$28,574,000	–	3,030,169	–	2.10%	–
SAP	New	SAP SEspon adr	$24,893,000	–	237,828	–	1.83%	–
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$24,462,000	–	573,678	–	1.80%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$22,764,000	–	2,060,081	–	1.68%	–
PAM	New	PAMPA ENERGIA S Aspons adr lvl i	$22,407,000	–	380,745	–	1.65%	–
CELG	New	CELGENE CORP	$21,042,000	–	162,026	–	1.55%	–
AON	New	AON PLC	$13,813,000	–	103,895	–	1.02%	–
RIO	New	RIO TINTO PLCsponsored adr	$13,127,000	–	310,254	–	0.97%	–
BDX	New	BECTON DICKINSON & CO	$8,961,000	–	45,927	–	0.66%	–
ATVI	New	ACTIVISION BLIZZARD INC	$8,345,000	–	144,949	–	0.61%	–
GS	New	GOLDMAN SACHS GROUP INC	$7,929,000	–	35,733	–	0.58%	–
MU	New	MICRON TECHNOLOGY INC	$6,612,000	–	221,428	–	0.49%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,485,000	–	6,975	–	0.48%	–
CI	New	CIGNA CORPORATION	$6,420,000	–	38,351	–	0.47%	–
AMZN	New	AMAZON COM INC	$6,300,000	–	6,508	–	0.46%	–
GE	New	GENERAL ELECTRIC CO	$5,273,000	–	195,225	–	0.39%	–
MDT	New	MEDTRONIC PLC	$4,392,000	–	49,488	–	0.32%	–
SLB	New	SCHLUMBERGER LTD	$4,313,000	–	65,508	–	0.32%	–
BSX	New	BOSTON SCIENTIFIC CORP	$4,189,000	–	151,132	–	0.31%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$3,690,000	–	84,839	–	0.27%	–
MRK	New	MERCK & CO INC	$2,699,000	–	42,108	–	0.20%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$2,550,000	–	75,730	–	0.19%	–
PAC	New	GPO AEROPORTUARIO DEL PAC SAspon adr b	$2,252,000	–	20,051	–	0.17%	–
JPM	New	JPMORGAN CHASE & CO	$2,148,000	–	23,499	–	0.16%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$2,121,000	–	10,083	–	0.16%	–
MSFT	New	MICROSOFT CORP	$522,000	–	7,570	–	0.04%	–
NVO	New	NOVO-NORDISK A Sadr	$437,000	–	10,200	–	0.03%	–
NVS	New	NOVARTIS A Gsponsored adr	$367,000	–	4,400	–	0.03%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$288,000	–	5,414	–	0.02%	–
CMCSA	New	COMCAST CORP NEWcl a	$208,000	–	5,334	–	0.02%	–

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