Tikehau Investment Management Activity Q1 2018-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GOOGL	Sell	GOOGL US Equitycap stk cl a	$12,206,883	-18.5%	93,282	-25.5%	9.93%	+12.2%
MSFT	Sell	MSFT US Equity	$11,861,465	-17.5%	37,566	-11.0%	9.65%	+13.7%
V	Sell	V US Equity	$11,674,388	-21.5%	50,756	-18.9%	9.50%	+8.2%
AMZN	Sell	AMZN US Equity	$10,103,116	-11.2%	79,477	-9.0%	8.22%	+22.2%
WAT	Sell	WAT US Equity	$9,578,155	-22.2%	34,930	-24.4%	7.80%	+7.2%
SBUX	Sell	SBUX US Equity	$7,814,629	-22.1%	85,621	-15.4%	6.36%	+7.3%
HSY	Buy	HSY US Equity	$7,741,495	-8.2%	38,692	+14.5%	6.30%	+26.4%
FAST	Sell	FAST US Equity	$7,529,611	-17.0%	137,804	-10.4%	6.13%	+14.3%
NVR	Sell	NVR US Equity	$7,364,676	-20.3%	1,235	-15.1%	5.99%	+9.8%
ANET	Sell	ANET US Equity	$7,199,020	-4.1%	39,140	-15.5%	5.86%	+32.1%
A	New	A US Equity	$7,084,803	–	63,359	–	5.77%	–
CL	Sell	CL US Equity	$6,908,479	-44.5%	97,152	-39.8%	5.62%	-23.5%
SPGI	Sell	SPGI US Equity	$6,699,062	-39.8%	18,333	-33.9%	5.45%	-17.1%
KO	Sell	KO US Equity	$4,587,393	-39.9%	81,947	-35.4%	3.73%	-17.3%
PG	Sell	PG US Equity	$4,523,848	-44.3%	31,015	-42.1%	3.68%	-23.3%
CLX	Exit	CLX US Equity	$0	–	-46,444	–	-4.36%	–
ATVI	Exit	ATVI US Equity	$0	–	-122,528	–	-6.10%	–

Q2 2023

			Value		Shares		↓ Weighting
GOOGL	New	GOOGL US Equitycap stk cl a	$14,978,300	–	125,132	–	8.85%	–
V	New	V US Equity	$14,863,873	–	62,590	–	8.78%	–
MSFT	New	MSFT US Equity	$14,373,172	–	42,207	–	8.49%	–
CL	New	CL US Equity	$12,437,723	–	161,445	–	7.35%	–
WAT	New	WAT US Equity	$12,309,350	–	46,182	–	7.27%	–
AMZN	New	AMZN US Equity	$11,383,166	–	87,321	–	6.73%	–
SPGI	New	SPGI US Equity	$11,123,094	–	27,746	–	6.57%	–
ATVI	New	ATVI US Equity	$10,329,110	–	122,528	–	6.10%	–
SBUX	New	SBUX US Equity	$10,026,952	–	101,221	–	5.92%	–
NVR	New	NVR US Equity	$9,240,152	–	1,455	–	5.46%	–
FAST	New	FAST US Equity	$9,076,437	–	153,864	–	5.36%	–
HSY	New	HSY US Equity	$8,435,615	–	33,783	–	4.98%	–
PG	New	PG US Equity	$8,126,436	–	53,555	–	4.80%	–
KO	New	KO US Equity	$7,637,161	–	126,821	–	4.51%	–
ANET	New	ANET US Equity	$7,506,619	–	46,320	–	4.44%	–
CLX	New	CLX US Equity	$7,386,454	–	46,444	–	4.36%	–

Q4 2022

			Value		Shares		↓ Weighting
SBUX	Exit	SBUX US Equity	$0	–	-158,117	–	-4.04%	–
HSY	Exit	HSY US Equity	$0	–	-60,972	–	-4.07%	–
KO	Exit	KO US Equity	$0	–	-241,901	–	-4.11%	–
ADBE	Exit	ADBE US Equity	$0	–	-49,300	–	-4.11%	–
CL	Exit	CL US Equity	$0	–	-201,596	–	-4.29%	–
JNJ	Exit	JNJ US Equity	$0	–	-87,987	–	-4.36%	–
WAT	Exit	WAT US Equity	$0	–	-61,732	–	-5.04%	–
CLX	Exit	CLX US Equity	$0	–	-138,440	–	-5.38%	–
ATVI	Exit	ATVI US Equity	$0	–	-248,943	–	-5.61%	–
ANET	Exit	ANET US Equity	$0	–	-173,283	–	-5.93%	–
NVR	Exit	NVR US Equity	$0	–	-4,994	–	-6.03%	–
AMZN	Exit	AMZN US Equity	$0	–	-189,789	–	-6.50%	–
V	Exit	V US Equity	$0	–	-149,311	–	-8.04%	–
FB	Exit	META US Equitycl a	$0	–	-240,797	–	-9.90%	–
MSFT	Exit	MSFT US Equity	$0	–	-149,474	–	-10.55%	–
GOOGL	Exit	GOOGL US Equitycap stk cl a	$0	–	-416,080	–	-12.06%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOGL	Buy	GOOGL US Equitycap stk cl a	$39,798,000	-16.0%	416,080	+1814.4%	12.06%	-0.3%
MSFT	Buy	MSFT US Equity	$34,812,000	+5.8%	149,474	+16.7%	10.55%	+25.6%
FB	Sell	META US Equitycl a	$32,671,000	-19.5%	240,797	-4.3%	9.90%	-4.4%
V	Sell	V US Equity	$26,525,000	-13.2%	149,311	-3.8%	8.04%	+3.0%
AMZN	Buy	AMZN US Equity	$21,446,000	+12.1%	189,789	+5.3%	6.50%	+33.0%
NVR	Sell	NVR US Equity	$19,911,000	-10.7%	4,994	-10.3%	6.03%	+6.0%
ANET	Sell	ANET US Equity	$19,562,000	-20.4%	173,283	-33.9%	5.93%	-5.5%
ATVI	Sell	ATVI US Equity	$18,506,000	-16.1%	248,943	-12.1%	5.61%	-0.4%
CLX	Sell	CLX US Equity	$17,774,000	-9.6%	138,440	-0.7%	5.38%	+7.3%
WAT	Buy	WAT US Equity	$16,639,000	-8.4%	61,732	+12.5%	5.04%	+8.8%
JNJ	Sell	JNJ US Equity	$14,374,000	-8.6%	87,987	-0.7%	4.36%	+8.5%
CL	Sell	CL US Equity	$14,162,000	-12.9%	201,596	-0.7%	4.29%	+3.3%
ADBE	Sell	ADBE US Equity	$13,567,000	-25.4%	49,300	-0.7%	4.11%	-11.4%
KO	Sell	KO US Equity	$13,551,000	-11.6%	241,901	-0.7%	4.11%	+5.0%
HSY	Sell	HSY US Equity	$13,442,000	+1.7%	60,972	-0.7%	4.07%	+20.8%
SBUX	Sell	SBUX US Equity	$13,323,000	-29.9%	158,117	-36.4%	4.04%	-16.7%
MMM	Exit	MMM US Equity	$0	–	-129,700	–	-4.28%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOGL	New	GOOGL US Equitycap stk cl a	$47,364,000	–	21,734	–	12.09%	–
FB	New	META US Equitycl a	$40,571,000	–	251,600	–	10.36%	–
MSFT	New	MSFT US Equity	$32,897,000	–	128,090	–	8.40%	–
V	New	V US Equity	$30,565,000	–	155,240	–	7.80%	–
ANET	New	ANET US Equity	$24,579,000	–	262,200	–	6.27%	–
NVR	New	NVR US Equity	$22,291,000	–	5,567	–	5.69%	–
ATVI	New	ATVI US Equity	$22,059,000	–	283,320	–	5.63%	–
CLX	New	CLX US Equity	$19,653,000	–	139,400	–	5.02%	–
AMZN	New	AMZN US Equity	$19,139,000	–	180,200	–	4.88%	–
SBUX	New	SBUX US Equity	$18,998,000	–	248,700	–	4.85%	–
ADBE	New	ADBE US Equity	$18,175,000	–	49,650	–	4.64%	–
WAT	New	WAT US Equity	$18,158,000	–	54,860	–	4.64%	–
MMM	New	MMM US Equity	$16,784,000	–	129,700	–	4.28%	–
CL	New	CL US Equity	$16,268,000	–	203,000	–	4.15%	–
JNJ	New	JNJ US Equity	$15,727,000	–	88,600	–	4.01%	–
KO	New	KO US Equity	$15,325,000	–	243,600	–	3.91%	–
HSY	New	HSY US Equity	$13,211,000	–	61,400	–	3.37%	–

Q4 2021

			Value		Shares		↓ Weighting
KO	Exit	KO US Equity	$0	–	-198,154	–	-2.05%	–
PEP	Exit	PEP US Equity	$0	–	-78,295	–	-2.32%	–
	Exit	KHC US Equitycall	$0	–	-500,000	–	-3.63%	–
CLX	Exit	CLX US Equity	$0	–	-113,000	–	-3.69%	–
CHD	Exit	CHD US Equity	$0	–	-227,800	–	-3.71%	–
PG	Exit	PG US Equity	$0	–	-139,649	–	-3.85%	–
MMM	Exit	MMM US Equity	$0	–	-122,795	–	-4.25%	–
MSFT	Exit	MSFT US Equity	$0	–	-84,800	–	-4.72%	–
HSY	Exit	HSY US Equity	$0	–	-149,600	–	-4.99%	–
CL	Exit	CL US Equity	$0	–	-348,100	–	-5.19%	–
JNJ	Exit	JNJ US Equity	$0	–	-163,300	–	-5.20%	–
ATVI	Exit	ATVI US Equity	$0	–	-386,000	–	-5.89%	–
NVR	Exit	NVR US Equity	$0	–	-9,734	–	-9.20%	–
ANET	Exit	ANET US Equity	$0	–	-167,330	–	-11.34%	–
GOOGL	Exit	GOOGL UW Equitycap stk cl a	$0	–	-26,245	–	-13.84%	–
FB	Exit	FB US Equitycl a	$0	–	-240,675	–	-16.11%	–

Q3 2021

			Value		Shares		↓ Weighting
FB	Sell	FB US Equitycl a	$81,683,000	-12.6%	240,675	-10.5%	16.11%	-13.3%
GOOGL	Sell	GOOGL UW Equitycap stk cl a	$70,167,000	+1.2%	26,245	-7.6%	13.84%	+0.4%
ANET	Buy	ANET US Equity	$57,501,000	+13.0%	167,330	+19.2%	11.34%	+12.2%
NVR	Buy	NVR US Equity	$46,666,000	+6.3%	9,734	+10.2%	9.20%	+5.5%
ATVI	New	ATVI US Equity	$29,873,000	–	386,000	–	5.89%	–
JNJ	New	JNJ US Equity	$26,373,000	–	163,300	–	5.20%	–
CL	Buy	CL US Equity	$26,309,000	+32.8%	348,100	+43.0%	5.19%	+31.8%
HSY	Buy	HSY US Equity	$25,320,000	-0.8%	149,600	+2.0%	4.99%	-1.6%
MSFT	Sell	MSFT US Equity	$23,907,000	-8.9%	84,800	-12.5%	4.72%	-9.6%
PG	Sell	PG US Equity	$19,523,000	-4.0%	139,649	-7.3%	3.85%	-4.7%
CHD	Sell	CHD US Equity	$18,809,000	-6.6%	227,800	-3.6%	3.71%	-7.3%
CLX	New	CLX US Equity	$18,714,000	–	113,000	–	3.69%	–
PEP	Sell	PEP US Equity	$11,776,000	-27.2%	78,295	-28.3%	2.32%	-27.8%
KO	Sell	KO US Equity	$10,397,000	-43.0%	198,154	-41.3%	2.05%	-43.5%
BRKB	Exit	BRK/B US Equitycl b new	$0	–	-65,992	–	-3.64%	–
FDS	Exit	FDS US Equity	$0	–	-106,961	–	-7.14%	–

Q2 2021

			Value		Shares		↓ Weighting
FB	New	FB US Equitycl a	$93,474,000	–	268,828	–	18.58%	–
GOOGL	New	GOOGL UW Equitycap stk cl a	$69,349,000	–	28,401	–	13.78%	–
ANET	New	ANET US Equity	$50,869,000	–	140,401	–	10.11%	–
NVR	New	NVR US Equity	$43,914,000	–	8,830	–	8.73%	–
FDS	New	FDS US Equity	$35,897,000	–	106,961	–	7.14%	–
MSFT	New	MSFT US Equity	$26,252,000	–	96,906	–	5.22%	–
HSY	New	HSY US Equity	$25,535,000	–	146,600	–	5.08%	–
MMM	New	MMM US Equity	$24,391,000	–	122,795	–	4.85%	–
	New	KHC US Equitycall	$20,390,000	–	500,000	–	4.05%	–
PG	New	PG US Equity	$20,327,000	–	150,649	–	4.04%	–
CHD	New	CHD US Equity	$20,137,000	–	236,300	–	4.00%	–
CL	New	CL US Equity	$19,809,000	–	243,500	–	3.94%	–
BRKB	New	BRK/B US Equitycl b new	$18,340,000	–	65,992	–	3.64%	–
KO	New	KO US Equity	$18,256,000	–	337,379	–	3.63%	–
PEP	New	PEP US Equity	$16,180,000	–	109,200	–	3.22%	–

Q4 2020

			Value		Shares		↓ Weighting
NVR	Exit	NVR US Equity	$0	–	-360	–	-0.31%	–
RLGY	Exit	RLGY US Equity	$0	–	-276,975	–	-0.55%	–
MSFT	Exit	MSFT US Equity	$0	–	-89,149	–	-3.96%	–
KO	Exit	KO US Equity	$0	–	-424,876	–	-4.43%	–
KHC	Exit	KHC US Equitycall	$0	–	-865,000	–	-5.47%	–
WFC	Exit	WFC US Equity	$0	–	-2,056,900	–	-10.22%	–
USB	Exit	USB US Equity	$0	–	-1,427,300	–	-10.81%	–
ANET	Exit	ANET US Equity	$0	–	-254,800	–	-11.14%	–
MMM	Exit	MMM US Equity	$0	–	-339,420	–	-11.49%	–
BRKB	Exit	BRK/B US Equitycl b new	$0	–	-295,592	–	-13.30%	–
GOOGL	Exit	GOOGL UW Equitycap stk cl a	$0	–	-44,556	–	-13.80%	–
FB	Exit	FB US Equitycl a	$0	–	-262,269	–	-14.51%	–

Q3 2020

			Value		Shares		↓ Weighting
FB	Sell	FB US Equitycl a	$68,688,000	+0.6%	262,269	-12.8%	14.51%	-22.0%
GOOGL	Buy	GOOGL UW Equitycap stk cl a	$65,301,000	+19.9%	44,556	+16.0%	13.80%	-7.0%
MMM	Buy	MMM US Equity	$54,368,000	+46.1%	339,420	+42.3%	11.49%	+13.3%
ANET	New	ANET US Equity	$52,726,000	–	254,800	–	11.14%	–
USB	Buy	USB US Equity	$51,169,000	+6.9%	1,427,300	+9.8%	10.81%	-17.1%
WFC	Buy	WFC US Equity	$48,358,000	+8.8%	2,056,900	+18.4%	10.22%	-15.7%
KHC	New	KHC US Equitycall	$25,907,000	–	865,000	–	5.47%	–
KO	Buy	KO US Equity	$20,976,000	+1680.6%	424,876	+1510.8%	4.43%	+1280.7%
MSFT	Buy	MSFT US Equity	$18,751,000	+1254.8%	89,149	+1211.2%	3.96%	+950.9%
NVR	Buy	NVR US Equity	$1,470,000	+131.5%	360	+84.6%	0.31%	+79.8%
FAST	Exit	FAST US Equity	$0	–	-29,360	–	-0.34%	–
FNF	Exit	FNF US Equity	$0	–	-197,671	–	-1.65%	–
CHH	Exit	CHH US Equity	$0	–	-275,814	–	-5.93%	–
KHC	Exit	KHC US Equitycall	$0	–	-865,000	–	-7.52%	–

Q2 2020

			Value		Shares		↓ Weighting
FB	New	FB US Equitycl a	$68,284,000	–	300,719	–	18.61%	–
GOOGL	New	GOOGL UW Equitycap stk cl a	$54,462,000	–	38,406	–	14.84%	–
BRKB	New	BRK/B US Equitycl b new	$52,766,000	–	295,592	–	14.38%	–
USB	New	USB US Equity	$47,859,000	–	1,299,800	–	13.04%	–
WFC	New	WFC US Equity	$44,465,000	–	1,736,900	–	12.12%	–
MMM	New	MMM US Equity	$37,207,000	–	238,520	–	10.14%	–
KHC	New	KHC US Equitycall	$27,585,000	–	865,000	–	7.52%	–
CHH	New	CHH US Equity	$21,762,000	–	275,814	–	5.93%	–
FNF	New	FNF US Equity	$6,061,000	–	197,671	–	1.65%	–
RLGY	New	RLGY US Equity	$2,052,000	–	276,975	–	0.56%	–
MSFT	New	MSFT US Equity	$1,384,000	–	6,799	–	0.38%	–
FAST	New	FAST US Equity	$1,258,000	–	29,360	–	0.34%	–
KO	New	KO US Equity	$1,178,000	–	26,376	–	0.32%	–
NVR	New	NVR US Equity	$635,000	–	195	–	0.17%	–

Q4 2019

			Value		Shares		↓ Weighting
RLGY	Exit	RLGY US Equity	$0	–	-302,475	–	-0.45%	–
FNF	Exit	FNF US Equity	$0	–	-133,126	–	-1.33%	–
FDS	Exit	FDS US Equity	$0	–	-51,300	–	-2.80%	–
CHH	Exit	CHH US Equity	$0	–	-144,580	–	-2.89%	–
JNJ	Exit	JNJ US Equity	$0	–	-102,640	–	-2.98%	–
GS	Exit	GS US Equity	$0	–	-85,008	–	-3.96%	–
WFC	Exit	WFC US Equity	$0	–	-463,767	–	-5.26%	–
	Exit	KHC US Equitycall	$0	–	-865,000	–	-5.43%	–
MMM	Exit	MMM US Equity	$0	–	-150,700	–	-5.57%	–
MSFT	Exit	MSFT US Equity	$0	–	-178,330	–	-5.57%	–
NVR	Exit	NVR US Equity	$0	–	-7,134	–	-5.96%	–
FAST	Exit	FAST US Equity	$0	–	-827,090	–	-6.07%	–
FB	Exit	FB US Equitycl a	$0	–	-209,679	–	-8.39%	–
GOOGL	Exit	GOOGL UW Equitycap stk cl a	$0	–	-31,230	–	-8.57%	–
	Exit	SPY US Equityput	$0	–	-220,000	–	-14.68%	–
	Exit	IWM US Equityput	$0	–	-590,000	–	-20.07%	–

Q3 2019

			Value		Shares		↓ Weighting
	New	IWM US Equityput	$89,291,000	–	590,000	–	20.07%	–
	New	SPY US Equityput	$65,289,000	–	220,000	–	14.68%	–
GOOGL	Buy	GOOGL UW Equitycap stk cl a	$38,136,000	+21.1%	31,230	+7.4%	8.57%	+4.1%
FB	Buy	FB US Equitycl a	$37,340,000	+8.5%	209,679	+17.6%	8.39%	-6.7%
FAST	Buy	FAST US Equity	$27,021,000	+37.3%	827,090	+36.9%	6.07%	+18.0%
NVR	Buy	NVR US Equity	$26,520,000	+28.7%	7,134	+16.7%	5.96%	+10.6%
MSFT	Buy	MSFT US Equity	$24,793,000	+165.4%	178,330	+155.8%	5.57%	+128.1%
MMM	Buy	MMM US Equity	$24,775,000	+79.8%	150,700	+89.6%	5.57%	+54.5%
	New	KHC US Equitycall	$24,164,000	–	865,000	–	5.43%	–
WFC	Buy	WFC US Equity	$23,392,000	+40.3%	463,767	+31.6%	5.26%	+20.5%
GS	Buy	GS US Equity	$17,616,000	+37.2%	85,008	+35.5%	3.96%	+17.9%
JNJ	Buy	JNJ US Equity	$13,280,000	+31.5%	102,640	+41.6%	2.98%	+13.0%
CHH	Buy	CHH US Equity	$12,862,000	+39.3%	144,580	+36.3%	2.89%	+19.8%
FDS	New	FDS US Equity	$12,464,000	–	51,300	–	2.80%	–
FNF	Sell	FNF US Equity	$5,912,000	-71.4%	133,126	-74.1%	1.33%	-75.4%
RLGY	Buy	RLGY US Equity	$2,021,000	+165.2%	302,475	+187.5%	0.45%	+128.1%
	Exit	STZ US Equityput	$0	–	-10,000	–	-0.52%	–
PEP	Exit	PEP US Equity	$0	–	0	–	-1.34%	–
AXP	Exit	AXP US Equity	$0	–	-48,045	–	-1.55%	–
	Exit	KHC US Equitycall	$0	–	-558,400	–	-4.53%	–
	Exit	SPY US Equityput	$0	–	-260,000	–	-19.92%	–
	Exit	IWM US Equityput	$0	–	-490,000	–	-19.93%	–

Q2 2019

			Value		Shares		↓ Weighting
	New	IWM US Equityput	$76,195,000	–	490,000	–	19.93%	–
	New	SPY US Equityput	$76,180,000	–	260,000	–	19.92%	–
FB	New	FB US Equitycl a	$34,408,000	–	178,279	–	9.00%	–
GOOGL	New	GOOGL UW Equitycap stk cl a	$31,499,000	–	29,090	–	8.24%	–
FNF	New	FNF US Equity	$20,690,000	–	513,392	–	5.41%	–
NVR	New	NVR US Equity	$20,606,000	–	6,114	–	5.39%	–
FAST	New	FAST US Equity	$19,683,000	–	603,958	–	5.15%	–
	New	KHC US Equitycall	$17,332,000	–	558,400	–	4.53%	–
WFC	New	WFC US Equity	$16,677,000	–	352,427	–	4.36%	–
MMM	New	MMM US Equity	$13,781,000	–	79,500	–	3.60%	–
GS	New	GS US Equity	$12,840,000	–	62,758	–	3.36%	–
JNJ	New	JNJ US Equity	$10,098,000	–	72,500	–	2.64%	–
MSFT	New	MSFT US Equity	$9,341,000	–	69,728	–	2.44%	–
CHH	New	CHH US Equity	$9,232,000	–	106,100	–	2.41%	–
AXP	New	AXP US Equity	$5,931,000	–	48,045	–	1.55%	–
PEP	New	PEP US Equity	$5,142,000	–	0	–	1.34%	–
	New	STZ US Equityput	$1,969,000	–	10,000	–	0.52%	–
RLGY	New	RLGY US Equity	$762,000	–	105,224	–	0.20%	–

Q4 2018

			Value		Shares		↓ Weighting
GS	Exit	GOLDMAN SACHS GP	$0	–	-1,098	–	-0.07%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-4,677	–	-0.07%	–
ACN	Exit	ACCENTURE PLC-A	$0	–	-1,879	–	-0.09%	–
	Exit	UNITED RENTALSput	$0	–	-22,000	–	-1.03%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-85,500	–	-1.40%	–
	Exit	MGM RESORTS INTEput	$0	–	-175,000	–	-1.40%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-108,492	–	-1.44%	–
HSY	Exit	HERSHEY CO/THE	$0	–	-52,895	–	-1.55%	–
	Exit	ROYAL CARIBBEANput	$0	–	-43,000	–	-1.60%	–
	Exit	TYSON FOODS-Aput	$0	–	-100,000	–	-1.71%	–
TOL	Exit	TOLL BROTHERS	$0	–	-227,500	–	-2.16%	–
	Exit	MARRIOTT INTL-Aput	$0	–	-59,000	–	-2.24%	–
RLGY	Exit	REALOGY HOLDINGS	$0	–	-378,024	–	-2.24%	–
	Exit	MCCORMICK-N/Vput	$0	–	-60,000	–	-2.27%	–
CTSH	Exit	COGNIZANT TECH-Acl a	$0	–	-108,600	–	-2.41%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-81,995	–	-2.51%	–
HRB	Exit	H&R BLOCK INC	$0	–	-350,002	–	-2.59%	–
ORCL	Exit	ORACLE CORP	$0	–	-192,800	–	-2.86%	–
FDS	Exit	FACTSET RESEARCH	$0	–	-44,473	–	-2.86%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-102,058	–	-3.35%	–
FAST	Exit	FASTENAL CO	$0	–	-259,554	–	-4.33%	–
NVR	Exit	NVR INC	$0	–	-6,097	–	-4.33%	–
FNF	Exit	FIDELITY NATIONA	$0	–	-389,792	–	-4.41%	–
	Exit	ISHARES RUSSELLput	$0	–	-210,000	–	-10.17%	–
	Exit	SPDR S&P 500 ETFput	$0	–	-490,000	–	-40.92%	–

Q3 2018

			Value		Shares		↓ Weighting
	Sell	SPDR S&P 500 ETFput	$142,453,000	-49.5%	490,000	-52.9%	40.92%	-31.7%
	Buy	ISHARES RUSSELLput	$35,396,000	+96.5%	210,000	+90.9%	10.17%	+166.0%
FNF	Buy	FIDELITY NATIONA	$15,338,000	+19.3%	389,792	+14.0%	4.41%	+61.5%
NVR	Buy	NVR INC	$15,064,000	+51.7%	6,097	+82.4%	4.33%	+105.4%
FAST	Sell	FASTENAL CO	$15,059,000	+19.1%	259,554	-1.2%	4.33%	+61.2%
MSFT	Buy	MICROSOFT CORP	$11,672,000	+155.1%	102,058	+119.9%	3.35%	+245.3%
FDS	Buy	FACTSET RESEARCH	$9,949,000	+38.4%	44,473	+22.6%	2.86%	+87.4%
ORCL	New	ORACLE CORP	$9,941,000	–	192,800	–	2.86%	–
HRB	Sell	H&R BLOCK INC	$9,013,000	-33.8%	350,002	-41.5%	2.59%	-10.4%
AXP	Buy	AMERICAN EXPRESS	$8,732,000	+67.2%	81,995	+53.9%	2.51%	+126.4%
CTSH	Buy	COGNIZANT TECH-Acl a	$8,378,000	+0.4%	108,600	+2.8%	2.41%	+36.0%
RLGY	Buy	REALOGY HOLDINGS	$7,802,000	-1.9%	378,024	+8.4%	2.24%	+32.8%
TOL	Buy	TOLL BROTHERS	$7,514,000	-9.4%	227,500	+1.5%	2.16%	+22.7%
	Buy	TYSON FOODS-Aput	$5,953,000	+44.1%	100,000	+66.7%	1.71%	+95.0%
HSY	Sell	HERSHEY CO/THE	$5,395,000	-42.6%	52,895	-47.6%	1.55%	-22.3%
KO	Sell	COCA-COLA CO/THE	$5,011,000	+0.5%	108,492	-4.6%	1.44%	+36.0%
SBUX	New	STARBUCKS CORP	$4,860,000	–	85,500	–	1.40%	–
ACN	Sell	ACCENTURE PLC-A	$320,000	-14.2%	1,879	-17.6%	0.09%	+16.5%
WFC	Sell	WELLS FARGO & CO	$246,000	-97.5%	4,677	-97.4%	0.07%	-96.7%
GS	Sell	GOLDMAN SACHS GP	$246,000	-96.6%	1,098	-96.7%	0.07%	-95.4%
V	Exit	VISA INC-CLASS A	$0	–	-2,573	–	-0.07%	–
CL	Exit	COLGATE-PALMOLIV	$0	–	-81,981	–	-1.13%	–
PEP	Exit	PEPSICO INC	$0	–	-51,307	–	-1.18%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-72,656	–	-1.20%	–

Q2 2018

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETFput	$282,213,000	–	1,040,300	–	59.89%	–
	New	ISHARES RUSSELLput	$18,015,000	–	110,000	–	3.82%	–
HRB	New	H&R BLOCK INC	$13,625,000	–	598,102	–	2.89%	–
FNF	New	FNF GROUP	$12,860,000	–	341,842	–	2.73%	–
FAST	New	FASTENAL CO	$12,642,000	–	262,654	–	2.68%	–
WFC	New	WELLS FARGO & CO	$10,013,000	–	180,601	–	2.12%	–
NVR	New	NVR INC	$9,927,000	–	3,342	–	2.11%	–
HSY	New	HERSHEY CO/THE	$9,394,000	–	100,945	–	1.99%	–
CTSH	New	COGNIZANT TECH-Acl a	$8,341,000	–	105,600	–	1.77%	–
TOL	New	TOLL BROTHERS	$8,293,000	–	224,200	–	1.76%	–
RLGY	New	REALOGY HOLDINGS	$7,953,000	–	348,824	–	1.69%	–
	New	MARRIOTT INTL-Aput	$7,469,000	–	59,000	–	1.58%	–
GS	New	GOLDMAN SACHS GP	$7,334,000	–	33,248	–	1.56%	–
FDS	New	FACTSET RESEARCH	$7,186,000	–	36,273	–	1.52%	–
	New	MCCORMICK-N/Vput	$6,965,000	–	60,000	–	1.48%	–
PG	New	PROCTER & GAMBLE	$5,672,000	–	72,656	–	1.20%	–
PEP	New	PEPSICO INC	$5,586,000	–	51,307	–	1.18%	–
CL	New	COLGATE-PALMOLIV	$5,313,000	–	81,981	–	1.13%	–
AXP	New	AMERICAN EXPRESS	$5,223,000	–	53,295	–	1.11%	–
	New	MGM RESORTS INTEput	$5,080,000	–	175,000	–	1.08%	–
KO	New	COCA-COLA CO/THE	$4,987,000	–	113,692	–	1.06%	–
MSFT	New	MICROSOFT CORP	$4,576,000	–	46,408	–	0.97%	–
	New	ROYAL CARIBBEANput	$4,455,000	–	43,000	–	0.94%	–
	New	TYSON FOODS-Aput	$4,131,000	–	60,000	–	0.88%	–
	New	UNITED RENTALSput	$3,247,000	–	22,000	–	0.69%	–
ACN	New	ACCENTURE PLC-A	$373,000	–	2,279	–	0.08%	–
V	New	VISA INC-CLASS A	$341,000	–	2,573	–	0.07%	–

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