ALLEGHANY CORP /DE Activity Q4 1999-Q3 2022

Q3 2022

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET INCcap stk cl a	$48,973,000	-12.2%	512,000	+1900.0%	2.21%	+4.7%
ILMN	Exit	ILLUMINA INC	$0	–	-101,635	–	-0.71%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-2,087,000	–	-2.31%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,011,390	–	-2.99%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-615,333	–	-5.60%	–

Q2 2022

			Value		Shares		↓ Weighting
ROP	New	ROPER TECHNOLOGIES INC	$156,789,000	–	397,285	–	5.94%	–
JPM	New	JPMORGAN CHASE & CO	$148,532,000	–	1,318,998	–	5.62%	–
APD	New	AIR PRODS & CHEMS INC	$147,975,000	–	615,333	–	5.60%	–
D	New	DOMINION ENERGY INC	$142,062,000	–	1,780,000	–	5.38%	–
UNH	New	UNITEDHEALTH GROUP INC	$135,373,000	–	263,560	–	5.12%	–
MSFT	New	MICROSOFT CORP	$130,514,000	–	508,169	–	4.94%	–
JNJ	New	JOHNSON & JOHNSON	$128,136,000	–	721,851	–	4.85%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$127,160,000	–	234,060	–	4.81%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$116,773,000	–	3,241,000	–	4.42%	–
CI	New	CIGNA CORP NEW	$101,445,000	–	384,961	–	3.84%	–
CSX	New	CSX CORP	$100,058,000	–	3,443,160	–	3.79%	–
FNV	New	FRANCO NEV CORP	$99,949,000	–	759,600	–	3.78%	–
WFC	New	WELLS FARGO CO NEW	$96,264,000	–	2,457,605	–	3.64%	–
SHW	New	SHERWIN WILLIAMS CO	$95,007,000	–	424,310	–	3.60%	–
VMC	New	VULCAN MATLS CO	$93,668,000	–	659,170	–	3.55%	–
V	New	VISA INC	$93,060,000	–	472,649	–	3.52%	–
AMZN	New	AMAZON COM INC	$87,020,000	–	819,320	–	3.29%	–
SCI	New	SERVICE CORP INTL	$84,204,000	–	1,218,243	–	3.19%	–
CMCSA	New	COMCAST CORP NEWcl a	$78,927,000	–	2,011,390	–	2.99%	–
ROK	New	ROCKWELL AUTOMATION INC	$66,828,000	–	335,299	–	2.53%	–
ORI	New	OLD REP INTL CORP	$65,031,000	–	2,908,365	–	2.46%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$61,066,000	–	2,087,000	–	2.31%	–
TDG	New	TRANSDIGM GROUP INC	$60,311,000	–	112,380	–	2.28%	–
GOOGL	New	ALPHABET INCcap stk cl a	$55,788,000	–	25,600	–	2.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$46,632,000	–	170,800	–	1.76%	–
AAPL	New	APPLE INC	$45,645,000	–	333,856	–	1.73%	–
NEE	New	NEXTERA ENERGY INC	$41,291,000	–	533,060	–	1.56%	–
ILMN	New	ILLUMINA INC	$18,737,000	–	101,635	–	0.71%	–
PGR	New	PROGRESSIVE CORP	$17,603,000	–	151,400	–	0.67%	–

Q4 2021

			Value		Shares		↓ Weighting
XOG	Exit	EXTRACTION OIL & GAS INC	$0	–	-3,257	–	-0.01%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-151,400	–	-0.42%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-385,700	–	-0.66%	–
ILMN	Exit	ILLUMINA INC	$0	–	-101,635	–	-1.27%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-533,060	–	-1.29%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-2,584,800	–	-1.44%	–
AAPL	Exit	APPLE INC	$0	–	-333,856	–	-1.46%	–
INTC	Exit	INTEL CORP	$0	–	-1,028,900	–	-1.69%	–
CI	Exit	CIGNA CORP NEW	$0	–	-302,415	–	-1.87%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-1,053,243	–	-1.96%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-2,908,365	–	-2.07%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,600	–	-2.11%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-2,412,038	–	-2.42%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-564,540	–	-2.55%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-316,899	–	-2.87%	–
V	Exit	VISA INC	$0	–	-422,149	–	-2.90%	–
CSX	Exit	CSX CORP	$0	–	-3,443,160	–	-3.16%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-263,560	–	-3.18%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-389,010	–	-3.36%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-659,170	–	-3.44%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,011,390	–	-3.47%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-2,457,605	–	-3.52%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-721,851	–	-3.60%	–
NEM	Exit	NEWMONT CORP	$0	–	-2,189,000	–	-3.66%	–
AMZN	Exit	AMAZON COM INC	$0	–	-36,262	–	-3.67%	–
D	Exit	DOMINION ENERGY INC	$0	–	-1,780,000	–	-4.01%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-514,333	–	-4.06%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-234,060	–	-4.12%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-309,285	–	-4.26%	–
MMM	Exit	3M CO	$0	–	-795,000	–	-4.30%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-508,169	–	-4.42%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-1,251,000	–	-5.01%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-4,435,000	–	-5.14%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,318,998	–	-6.66%	–

Q3 2021

			Value		Shares		↓ Weighting
AMZN	Buy	AMAZON COM INC	$119,122,000	-3.1%	36,262	+1.5%	3.67%	+0.3%
JNJ	Sell	JOHNSON & JOHNSON	$116,578,000	-14.7%	721,851	-13.0%	3.60%	-11.7%
WFC	Sell	WELLS FARGO CO NEW	$114,058,000	-10.2%	2,457,605	-12.3%	3.52%	-7.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$112,496,000	+12.5%	2,011,390	+14.7%	3.47%	+16.4%
ROK	Buy	ROCKWELL AUTOMATION INC	$93,181,000	+8.6%	316,899	+5.7%	2.87%	+12.4%
CI	Buy	CIGNA CORP NEW	$60,532,000	+23.0%	302,415	+45.6%	1.87%	+27.2%
PGR	New	PROGRESSIVE CORP	$13,685,000	–	151,400	–	0.42%	–
XOG	New	EXTRACTION OIL & GAS INC	$184,000	–	3,257	–	0.01%	–

Q2 2021

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$205,157,000	–	1,318,998	–	6.11%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$195,450,000	–	4,435,000	–	5.82%	–
FNV	New	FRANCO NEV CORP	$181,482,000	–	1,251,000	–	5.41%	–
MMM	New	3M CO	$157,910,000	–	795,000	–	4.70%	–
APD	New	AIR PRODS & CHEMS INC	$147,964,000	–	514,333	–	4.41%	–
ROP	New	ROPER TECHNOLOGIES INC	$145,427,000	–	309,285	–	4.33%	–
NEM	New	NEWMONT CORP	$138,739,000	–	2,189,000	–	4.13%	–
MSFT	New	MICROSOFT CORP	$137,662,000	–	508,169	–	4.10%	–
JNJ	New	JOHNSON & JOHNSON	$136,691,000	–	829,740	–	4.07%	–
D	New	DOMINION ENERGY INC	$130,955,000	–	1,780,000	–	3.90%	–
WFC	New	WELLS FARGO CO NEW	$126,975,000	–	2,803,605	–	3.78%	–
AMZN	New	AMAZON COM INC	$122,896,000	–	35,724	–	3.66%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$118,076,000	–	234,060	–	3.52%	–
VMC	New	VULCAN MATLS CO	$114,742,000	–	659,170	–	3.42%	–
CSX	New	CSX CORP	$110,457,000	–	3,443,160	–	3.29%	–
SHW	New	SHERWIN WILLIAMS CO	$105,986,000	–	389,010	–	3.16%	–
UNH	New	UNITEDHEALTH GROUP INC	$105,540,000	–	263,560	–	3.14%	–
CMCSA	New	COMCAST CORP NEWcl a	$99,990,000	–	1,753,590	–	2.98%	–
V	New	VISA INC	$98,707,000	–	422,149	–	2.94%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$90,790,000	–	564,540	–	2.70%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$89,511,000	–	2,412,038	–	2.67%	–
ROK	New	ROCKWELL AUTOMATION INC	$85,777,000	–	299,899	–	2.56%	–
ORI	New	OLD REP INTL CORP	$72,447,000	–	2,908,365	–	2.16%	–
GOOGL	New	ALPHABET INCcap stk cl a	$62,510,000	–	25,600	–	1.86%	–
INTC	New	INTEL CORP	$57,763,000	–	1,028,900	–	1.72%	–
SCI	New	SERVICE CORP INTL	$56,444,000	–	1,053,243	–	1.68%	–
GOLD	New	BARRICK GOLD CORP	$53,454,000	–	2,584,800	–	1.59%	–
CI	New	CIGNA CORP NEW	$49,232,000	–	207,671	–	1.47%	–
ILMN	New	ILLUMINA INC	$48,095,000	–	101,635	–	1.43%	–
AAPL	New	APPLE INC	$45,725,000	–	333,856	–	1.36%	–
NEE	New	NEXTERA ENERGY INC	$39,062,000	–	533,060	–	1.16%	–
MCY	New	MERCURY GENL CORP NEW	$25,052,000	–	385,700	–	0.75%	–

Q4 2020

			Value		Shares		↓ Weighting
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-403,298	–	-0.58%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-182,988	–	-0.90%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-762,550	–	-0.91%	–
D	Exit	DOMINION ENERGY INC	$0	–	-280,897	–	-1.13%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-543,850	–	-1.17%	–
ILMN	Exit	ILLUMINA INC	$0	–	-85,832	–	-1.35%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-2,315,475	–	-1.74%	–
CI	Exit	CIGNA CORP NEW	$0	–	-205,921	–	-1.77%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-116,051	–	-1.84%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-108,703	–	-1.87%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-924,969	–	-2.18%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-33,780	–	-2.52%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-226,085	–	-2.54%	–
AAPL	Exit	APPLE INC	$0	–	-447,580	–	-2.64%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-405,325	–	-2.79%	–
CSX	Exit	CSX CORP	$0	–	-829,080	–	-3.28%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-539,330	–	-3.74%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-115,895	–	-4.11%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-271,615	–	-4.12%	–
V	Exit	VISA INC	$0	–	-488,670	–	-4.97%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-223,526	–	-5.02%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-283,550	–	-5.70%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-2,550,000	–	-6.36%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-648,085	–	-6.93%	–
NEM	Exit	NEWMONT CORP	$0	–	-2,189,000	–	-7.06%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-5,005,000	–	-7.16%	–
AMZN	Exit	AMAZON COM INC	$0	–	-45,290	–	-7.25%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-1,182,000	–	-8.39%	–

Q3 2020

			Value		Shares		↓ Weighting
FNV	Buy	FRANCO NEV CORP	$164,984,000	+127.2%	1,182,000	+127.3%	8.39%	+44.1%
AMZN	Sell	AMAZON COM INC	$142,606,000	+2.5%	45,290	-10.2%	7.25%	-35.0%
GOLD	Buy	BARRICK GOLD CORPORATION	$140,691,000	+186.2%	5,005,000	+174.2%	7.16%	+81.5%
NEM	Buy	NEWMONT CORP	$138,893,000	+36.3%	2,189,000	+32.7%	7.06%	-13.5%
MSFT	Sell	MICROSOFT CORP	$136,311,000	-5.1%	648,085	-8.2%	6.93%	-39.8%
WPM	New	WHEATON PRECIOUS METALS CORP	$125,129,000	–	2,550,000	–	6.36%	–
ROP	Sell	ROPER TECHNOLOGIES INC	$112,034,000	-2.2%	283,550	-3.9%	5.70%	-37.9%
V	Buy	VISA INC	$97,719,000	+14.2%	488,670	+10.3%	4.97%	-27.6%
APD	Buy	AIR PRODS & CHEMS INC	$80,904,000	+72.1%	271,615	+39.5%	4.12%	+9.2%
SHW	New	SHERWIN WILLIAMS CO	$80,749,000	–	115,895	–	4.11%	–
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$73,424,000	+147.5%	539,330	+117.0%	3.74%	+57.0%
CSX	Buy	CSX CORP	$64,395,000	+453.4%	829,080	+396.9%	3.28%	+251.1%
VMC	New	VULCAN MATLS CO	$54,938,000	–	405,325	–	2.79%	–
AAPL	Buy	APPLE INC	$51,834,000	+8.0%	447,580	+240.3%	2.64%	-31.5%
ROK	New	ROCKWELL AUTOMATION INC	$49,893,000	–	226,085	–	2.54%	–
GOOGL	Sell	ALPHABET INCcap stk cl a	$49,508,000	-5.9%	33,780	-8.9%	2.52%	-40.3%
ILMN	New	ILLUMINA INC	$26,530,000	–	85,832	–	1.35%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$143,606,000	–	705,649	–	11.52%	–
AMZN	New	AMAZON COM INC	$139,147,000	–	50,437	–	11.16%	–
ROP	New	ROPER TECHNOLOGIES INC	$114,532,000	–	294,987	–	9.18%	–
NEM	New	NEWMONT CORP	$101,871,000	–	1,650,000	–	8.17%	–
V	New	VISA INC	$85,604,000	–	443,148	–	6.86%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$80,992,000	–	223,526	–	6.50%	–
FNV	New	FRANCO NEV CORP	$72,613,000	–	520,000	–	5.82%	–
GOOGL	New	ALPHABET INCcap stk cl a	$52,588,000	–	37,085	–	4.22%	–
GOLD	New	BARRICK GOLD CORPORATION	$49,166,000	–	1,825,000	–	3.94%	–
AAPL	New	APPLE INC	$47,982,000	–	131,531	–	3.85%	–
APD	New	AIR PRODS & CHEMS INC	$47,013,000	–	194,705	–	3.77%	–
CI	New	CIGNA CORP NEW	$38,641,000	–	205,921	–	3.10%	–
ORI	New	OLD REP INTL CORP	$37,765,000	–	2,315,475	–	3.03%	–
CMCSA	New	COMCAST CORP NEWcl a	$36,055,000	–	924,969	–	2.89%	–
UNH	New	UNITEDHEALTH GROUP INC	$34,230,000	–	116,051	–	2.74%	–
MA	New	MASTERCARD INCORPORATEDcl a	$32,143,000	–	108,703	–	2.58%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$29,666,000	–	248,540	–	2.38%	–
D	New	DOMINION ENERGY INC	$22,804,000	–	280,897	–	1.83%	–
SCI	New	SERVICE CORP INTL	$21,150,000	–	543,850	–	1.70%	–
WFC	New	WELLS FARGO CO NEW	$19,522,000	–	762,550	–	1.56%	–
JPM	New	JPMORGAN CHASE & CO	$17,212,000	–	182,988	–	1.38%	–
CSX	New	CSX CORP	$11,636,000	–	166,846	–	0.93%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$11,091,000	–	403,298	–	0.89%	–

Q4 2019

			Value		Shares		↓ Weighting
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-255,000	–	-0.84%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-106,000	–	-0.84%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-370,000	–	-2.49%	–
AMZN	Exit	AMAZON COM INC	$0	–	-26,694	–	-2.65%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-177,436	–	-2.76%	–
CI	Exit	CIGNA CORP NEW	$0	–	-359,261	–	-3.12%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-1,143,165	–	-3.12%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-281,000	–	-3.49%	–
AAPL	Exit	APPLE INC	$0	–	-283,000	–	-3.62%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-3,075,000	–	-4.14%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-349,868	–	-4.44%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-1,000,000	–	-5.72%	–
CSX	Exit	CSX CORP	$0	–	-1,500,000	–	-5.94%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-421,457	–	-7.02%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,054,871	–	-7.88%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-128,038	–	-8.94%	–
V	Exit	VISA INC	$0	–	-1,057,688	–	-10.40%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-527,998	–	-10.77%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,485,151	–	-11.81%	–

Q3 2019

			Value		Shares		↓ Weighting
CMCSA	Buy	COMCAST CORP NEWcl a	$137,714,000	+72.3%	3,054,871	+61.6%	7.88%	+89.7%
CSX	Sell	CSX CORP	$103,905,000	-54.4%	1,500,000	-49.0%	5.94%	-49.8%
UNH	Buy	UNITEDHEALTH GROUP INC	$61,067,000	+209.0%	281,000	+246.9%	3.49%	+240.0%
JPM	Sell	JPMORGAN CHASE & CO	$43,545,000	-60.1%	370,000	-62.1%	2.49%	-56.0%
GLD	New	SPDR GOLD TRUST	$14,720,000	–	106,000	–	0.84%	–
DAL	Sell	DELTA AIR LINES INC DEL	$14,688,000	-78.6%	255,000	-78.9%	0.84%	-76.4%
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-329,100	–	-3.64%	–

Q2 2019

			Value		Shares		↓ Weighting
CSX	New	CSX CORP	$227,776,000	–	2,943,987	–	11.83%	–
MSFT	New	MICROSOFT CORP	$198,951,000	–	1,485,151	–	10.34%	–
ROP	New	ROPER TECHNOLOGIES INC	$193,385,000	–	527,998	–	10.05%	–
V	New	VISA INC	$183,562,000	–	1,057,688	–	9.54%	–
GOOGL	New	ALPHABET INCcap stk cl a	$138,640,000	–	128,038	–	7.20%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$123,773,000	–	421,457	–	6.43%	–
JPM	New	JPMORGAN CHASE & CO	$109,031,000	–	975,235	–	5.66%	–
MMC	New	MARSH & MCLENNAN COS INC	$99,750,000	–	1,000,000	–	5.18%	–
CMCSA	New	COMCAST CORP NEWcl a	$79,904,000	–	1,889,871	–	4.15%	–
APD	New	AIR PRODS & CHEMS INC	$79,200,000	–	349,868	–	4.12%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$70,155,000	–	329,100	–	3.64%	–
ORI	New	OLD REP INTL CORP	$68,819,000	–	3,075,000	–	3.58%	–
DAL	New	DELTA AIR LINES INC DEL	$68,476,000	–	1,206,633	–	3.56%	–
CI	New	CIGNA CORP NEW	$56,602,000	–	359,261	–	2.94%	–
AAPL	New	APPLE INC	$56,011,000	–	283,000	–	2.91%	–
SCI	New	SERVICE CORP INTL	$53,478,000	–	1,143,165	–	2.78%	–
AMZN	New	AMAZON COM INC	$50,548,000	–	26,694	–	2.63%	–
MA	New	MASTERCARD INCcl a	$46,938,000	–	177,436	–	2.44%	–
UNH	New	UNITEDHEALTH GROUP INC	$19,765,000	–	81,000	–	1.03%	–

Q4 2018

			Value		Shares		↓ Weighting
AAPL	Exit	APPLE INC	$0	–	-66,000	–	-0.36%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-319,250	–	-0.55%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-407,000	–	-0.56%	–
DIS	Exit	DISNEY WALT CO	$0	–	-230,000	–	-0.65%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-306,905	–	-0.82%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-532,000	–	-0.82%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-279,000	–	-1.26%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-270,000	–	-1.44%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-1,394,000	–	-1.48%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-3,075,000	–	-1.65%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-300,000	–	-1.76%	–
EOG	Exit	EOG RES INC	$0	–	-615,000	–	-1.88%	–
IUSV	Exit	ISHARES TRcore s&p us vlu	$0	–	-1,467,000	–	-1.98%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-485,535	–	-2.04%	–
ITOT	Exit	ISHARES TRcore s&p ttl stk	$0	–	-1,345,000	–	-2.15%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-540,000	–	-2.16%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,575,000	–	-2.19%	–
IUSG	Exit	ISHARES TRcore s&p us gwt	$0	–	-1,512,000	–	-2.25%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-521,450	–	-2.68%	–
ARES	Exit	ARES MGMT LP	$0	–	-7,157,544	–	-3.98%	–
CI	Exit	CIGNA CORPORATION	$0	–	-925,000	–	-4.62%	–
AMZN	Exit	AMAZON COM INC	$0	–	-97,850	–	-4.70%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,948,000	–	-5.28%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-917,000	–	-6.52%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,120,000	–	-8.56%	–
CSX	Exit	CSX CORP	$0	–	-5,250,000	–	-9.33%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-324,640	–	-9.40%	–
V	Exit	VISA INC	$0	–	-2,620,000	–	-9.44%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,225,000	–	-9.46%	–

Q3 2018

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$393,235,000	+10.4%	2,620,000	-2.6%	9.44%	+3.2%
CSX	Buy	CSX CORP	$388,763,000	+17.7%	5,250,000	+1.4%	9.33%	+10.0%
MSFT	Buy	MICROSOFT CORP	$356,835,000	+17.7%	3,120,000	+1.5%	8.56%	+10.0%
JPM	Buy	JPMORGAN CHASE & CO	$219,812,000	+11.1%	1,948,000	+2.6%	5.28%	+3.9%
ARES	Sell	ARES MGMT LP	$166,055,000	-17.7%	7,157,544	-26.6%	3.98%	-23.1%
EOG	Buy	EOG RES INC	$78,455,000	+15.5%	615,000	+12.6%	1.88%	+8.0%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$73,224,000	+47.3%	300,000	+25.0%	1.76%	+37.7%
ROK	Buy	ROCKWELL AUTOMATION INC	$52,318,000	+56.6%	279,000	+38.8%	1.26%	+46.4%
DWDP	New	DOWDUPONT INC	$34,213,000	–	532,000	–	0.82%	–
DAL	Sell	DELTA AIR LINES INC DEL	$23,537,000	-3.0%	407,000	-16.9%	0.56%	-9.3%
GRA	Buy	GRACE W R & CO DEL NEW	$22,813,000	+81.7%	319,250	+86.4%	0.55%	+70.2%
AAPL	New	APPLE INC	$14,899,000	–	66,000	–	0.36%	–
ARDC	Exit	ARES DYNAMIC CR ALLOCATION F	$0	–	-10,090	–	-0.00%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-125,115	–	-0.04%	–
ARCC	Exit	ARES CAP CORP	$0	–	-198,089	–	-0.08%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-46,500	–	-0.32%	–
OC	Exit	OWENS CORNING NEW	$0	–	-404,450	–	-0.66%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-1,198,000	–	-1.95%	–

Q2 2018

			Value		Shares		↓ Weighting
CVX	New	CHEVRON CORP NEW	$407,737,000	–	3,225,000	–	10.47%	–
GOOGL	New	ALPHABET INCcap stk cl a	$366,581,000	–	324,640	–	9.41%	–
V	New	VISA INC	$356,291,000	–	2,690,000	–	9.15%	–
CSX	New	CSX CORP	$330,381,000	–	5,180,000	–	8.48%	–
MSFT	New	MICROSOFT CORP	$303,226,000	–	3,075,000	–	7.79%	–
ROP	New	ROPER TECHNOLOGIES INC	$253,009,000	–	917,000	–	6.50%	–
ARES	New	ARES MGMT LP	$201,825,000	–	9,750,000	–	5.18%	–
JPM	New	JPMORGAN CHASE & CO	$197,772,000	–	1,898,000	–	5.08%	–
AMZN	New	AMAZON COM INC	$166,325,000	–	97,850	–	4.27%	–
CI	New	CIGNA CORPORATION	$157,204,000	–	925,000	–	4.04%	–
MHK	New	MOHAWK INDS INC	$104,036,000	–	485,535	–	2.67%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$97,329,000	–	521,450	–	2.50%	–
IUSG	New	ISHARES TRcore s&p us gwt	$86,486,000	–	1,512,000	–	2.22%	–
CMCSA	New	COMCAST CORP NEWcl a	$84,486,000	–	2,575,000	–	2.17%	–
APD	New	AIR PRODS & CHEMS INC	$84,094,000	–	540,000	–	2.16%	–
ITOT	New	ISHARES TRcore s&p ttl stk	$84,089,000	–	1,345,000	–	2.16%	–
IUSV	New	ISHARES TRcore s&p us vlu	$78,748,000	–	1,467,000	–	2.02%	–
IEFA	New	ISHARES TRcore msci eafe	$75,918,000	–	1,198,000	–	1.95%	–
EOG	New	EOG RES INC	$67,938,000	–	546,000	–	1.74%	–
ORI	New	OLD REP INTL CORP	$61,223,000	–	3,075,000	–	1.57%	–
MA	New	MASTERCARD INCORPORATEDcl a	$53,060,000	–	270,000	–	1.36%	–
SCI	New	SERVICE CORP INTL	$49,891,000	–	1,394,000	–	1.28%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$49,713,000	–	240,000	–	1.28%	–
VMC	New	VULCAN MATLS CO	$39,609,000	–	306,905	–	1.02%	–
ROK	New	ROCKWELL AUTOMATION INC	$33,412,000	–	201,000	–	0.86%	–
OC	New	OWENS CORNING NEW	$25,630,000	–	404,450	–	0.66%	–
DAL	New	DELTA AIR LINES INC DEL	$24,275,000	–	490,000	–	0.62%	–
DIS	New	DISNEY WALT CO	$24,106,000	–	230,000	–	0.62%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$12,615,000	–	46,500	–	0.32%	–
GRA	New	GRACE W R & CO DEL NEW	$12,554,000	–	171,250	–	0.32%	–
ARCC	New	ARES CAP CORP	$3,259,000	–	198,089	–	0.08%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,728,000	–	125,115	–	0.04%	–
ARDC	New	ARES DYNAMIC CR ALLOCATION F	$162,000	–	10,090	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
ARDC	Exit	ARES DYNAMIC CR ALLOCATION F	$0	–	-10,090	–	-0.01%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-34,696	–	-0.01%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-125,115	–	-0.05%	–
ARCC	Exit	ARES CAP CORP	$0	–	-198,089	–	-0.10%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-360,000	–	-0.82%	–
OC	Exit	OWENS CORNING NEW	$0	–	-370,000	–	-0.90%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-185,000	–	-1.04%	–
EOG	Exit	EOG RES INC	$0	–	-446,203	–	-1.36%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-1,335,100	–	-1.45%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-3,070,963	–	-1.90%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-419,400	–	-1.99%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-325,000	–	-2.53%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-500,000	–	-2.88%	–
AMZN	Exit	AMAZON COM INC	$0	–	-120,000	–	-3.63%	–
CI	Exit	CIGNA CORPORATION	$0	–	-635,000	–	-3.73%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,935,808	–	-4.76%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,799,178	–	-5.40%	–
CSX	Exit	CSX CORP	$0	–	-4,000,000	–	-6.82%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-900,000	–	-6.88%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,000,000	–	-7.02%	–
V	Exit	VISA INC	$0	–	-2,360,000	–	-7.81%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-317,000	–	-9.70%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-3,600,000	–	-14.12%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-3,890,000	–	-15.10%	–

Q3 2017

			Value		Shares		↓ Weighting
IEI	New	ISHARES TR3 7 yr treas bd	$480,454,000	–	3,890,000	–	15.10%	–
TLT	New	ISHARES TR20 yr tr bd etf	$449,136,000	–	3,600,000	–	14.12%	–
CSX	Buy	CSX CORP	$217,040,000	+32.6%	4,000,000	+33.3%	6.82%	+12.4%
JPM	Buy	JPMORGAN CHASE & CO	$171,839,000	+7.8%	1,799,178	+3.2%	5.40%	-8.7%
CMCSA	Buy	COMCAST CORP NEWcl a	$151,451,000	+14.1%	3,935,808	+15.4%	4.76%	-3.3%
APD	Buy	AIR PRODS & CHEMS INC	$63,421,000	+15.1%	419,400	+8.9%	1.99%	-2.4%
ROK	Buy	ROCKWELL AUTOMATION INC	$32,969,000	+62.8%	185,000	+48.0%	1.04%	+37.9%
OC	Buy	OWENS CORNING NEW	$28,620,000	+78.2%	370,000	+54.2%	0.90%	+51.0%
GRA	New	GRACE W R & CO DEL NEW	$25,973,000	–	360,000	–	0.82%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-1,468,000	–	-3.32%	–
IUSV	Exit	ISHARES TRcore s&p vlu etf	$0	–	-2,637,000	–	-4.98%	–
IUSG	Exit	ISHARES TRcore s&p us etf	$0	–	-2,871,000	–	-5.13%	–
ITOT	Exit	ISHARES TRcore s&p ttl stk	$0	–	-2,613,000	–	-5.37%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-718,000	–	-6.48%	–

Q2 2017

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$294,709,000	–	317,000	–	10.93%	–
V	New	VISA INC	$221,321,000	–	2,360,000	–	8.21%	–
ROP	New	ROPER INDS INC NEW	$208,378,000	–	900,000	–	7.73%	–
MSFT	New	MICROSOFT CORP	$206,790,000	–	3,000,000	–	7.67%	–
IVV	New	ISHARES TRcore s&p500 etf	$174,768,000	–	718,000	–	6.48%	–
CSX	New	CSX CORP	$163,680,000	–	3,000,000	–	6.07%	–
JPM	New	JPMORGAN CHASE & CO	$159,418,000	–	1,744,178	–	5.91%	–
ITOT	New	ISHARES TRcore s&p ttl stk	$144,812,000	–	2,613,000	–	5.37%	–
IUSG	New	ISHARES TRcore s&p us etf	$138,382,000	–	2,871,000	–	5.13%	–
IUSV	New	ISHARES TRcore s&p vlu etf	$134,328,000	–	2,637,000	–	4.98%	–
CMCSA	New	COMCAST CORP NEWcl a	$132,750,000	–	3,410,808	–	4.92%	–
AMZN	New	AMAZON COM INC	$116,160,000	–	120,000	–	4.31%	–
CI	New	CIGNA CORPORATION	$106,292,000	–	635,000	–	3.94%	–
IEFA	New	ISHARES TRcore msci eafe	$89,386,000	–	1,468,000	–	3.32%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$84,685,000	–	500,000	–	3.14%	–
MHK	New	MOHAWK INDS INC	$78,549,000	–	325,000	–	2.91%	–
ORI	New	OLD REP INTL CORP	$59,976,000	–	3,070,963	–	2.22%	–
APD	New	AIR PRODS & CHEMS INC	$55,078,000	–	385,000	–	2.04%	–
SCI	New	SERVICE CORP INTL	$44,659,000	–	1,335,100	–	1.66%	–
EOG	New	EOG RES INC	$40,391,000	–	446,203	–	1.50%	–
ROK	New	ROCKWELL AUTOMATION INC	$20,246,000	–	125,000	–	0.75%	–
OC	New	OWENS CORNING NEW	$16,061,000	–	240,000	–	0.60%	–
ARCC	New	ARES CAP CORP	$3,245,000	–	198,089	–	0.12%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,638,000	–	125,115	–	0.06%	–
ARDC	New	ARES DYNAMIC CR ALLOCATION F	$165,000	–	10,090	–	0.01%	–
HKRSQ	New	HALCON RES CORP	$158,000	–	34,696	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
ARDC	Exit	ARES DYNAMIC CR ALLOCATION F	$0	–	-9,761	–	-0.01%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-34,696	–	-0.01%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-125,115	–	-0.06%	–
ARCC	Exit	ARES CAP CORP	$0	–	-193,368	–	-0.11%	–
MMM	Exit	3M CO	$0	–	-55,000	–	-0.35%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-370,000	–	-0.35%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-50,000	–	-0.36%	–
LB	Exit	L BRANDS INC	$0	–	-345,000	–	-0.88%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-200,000	–	-0.91%	–
PEP	Exit	PEPSICO INC	$0	–	-255,000	–	-1.00%	–
PII	Exit	POLARIS INDS INC	$0	–	-370,000	–	-1.03%	–
CI	Exit	CIGNA CORPORATION	$0	–	-225,000	–	-1.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-255,000	–	-1.18%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-637,877	–	-1.21%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-290,000	–	-1.51%	–
HES	Exit	HESS CORP	$0	–	-789,000	–	-1.52%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-2,500,000	–	-1.59%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-632,000	–	-1.66%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-795,000	–	-1.90%	–
ARMK	Exit	ARAMARK	$0	–	-1,395,000	–	-1.91%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-385,000	–	-2.08%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-1,125,000	–	-2.10%	–
EOG	Exit	EOG RES INC	$0	–	-788,406	–	-2.74%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-5,000,000	–	-3.19%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-1,600,000	–	-3.42%	–
PPG	Exit	PPG INDS INC	$0	–	-1,000,000	–	-3.72%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,289,000	–	-4.05%	–
AGN	Exit	ALLERGAN PLC	$0	–	-500,000	–	-4.15%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,744,178	–	-4.18%	–
V	Exit	VISA INC	$0	–	-1,500,000	–	-4.47%	–
BLK	Exit	BLACKROCK INC	$0	–	-400,000	–	-5.22%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-800,000	–	-5.26%	–
CSX	Exit	CSX CORP	$0	–	-5,000,000	–	-5.49%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,000,000	–	-6.22%	–
DIS	Exit	WALT DISNEY CO	$0	–	-1,900,000	–	-6.35%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-2,150,000	–	-6.89%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-410,000	–	-11.87%	–

Q3 2016

			Value		Shares		↓ Weighting
XOM	Buy	EXXON MOBIL CORP	$112,504,000	+20.0%	1,289,000	+28.9%	4.05%	+12.7%
XRAY	New	DENTSPLY SIRONA INC	$95,088,000	–	1,600,000	–	3.42%	–
EOG	Buy	EOG RES INC	$76,247,000	+33.8%	788,406	+15.4%	2.74%	+25.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$58,478,000	-36.7%	1,125,000	-32.0%	2.10%	-40.6%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$46,085,000	+114.0%	632,000	+121.8%	1.66%	+100.8%
HES	Buy	HESS CORP	$42,306,000	+73.8%	789,000	+94.8%	1.52%	+63.2%
CI	New	CIGNA CORPORATION	$29,322,000	–	225,000	–	1.06%	–
PII	Buy	POLARIS INDS INC	$28,653,000	+100.2%	370,000	+111.4%	1.03%	+88.0%
MHK	New	MOHAWK INDS INC	$10,017,000	–	50,000	–	0.36%	–
SCI	New	SERVICE CORP INTL	$9,819,000	–	370,000	–	0.35%	–
MMM	New	3M CO	$9,693,000	–	55,000	–	0.35%	–
ARCC	Buy	ARES CAP CORP	$2,997,000	+12.1%	193,368	+2.7%	0.11%	+4.9%
HKRSQ	New	HALCON RES CORP	$325,000	–	34,696	–	0.01%	–
ARDC	Buy	ARES DYNAMIC CR ALLOCATION F	$145,000	+10.7%	9,761	+2.2%	0.01%	0.0%
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-12,166	–	-0.02%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-880,000	–	-1.22%	–
XRAY	Exit	DENTSPLY INTL INC NEW	$0	–	-1,600,000	–	-3.81%	–

Q2 2016

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$288,446,000	–	410,000	–	11.06%	–
CVS	New	CVS HEALTH CORP	$205,841,000	–	2,150,000	–	7.89%	–
DIS	New	WALT DISNEY CO	$185,859,000	–	1,900,000	–	7.13%	–
MSFT	New	MICROSOFT CORP	$153,510,000	–	3,000,000	–	5.89%	–
BLK	New	BLACKROCK INC	$136,984,000	–	400,000	–	5.25%	–
ROP	New	ROPER INDS INC NEW	$136,429,000	–	800,000	–	5.23%	–
CSX	New	CSX CORP	$130,400,000	–	5,000,000	–	5.00%	–
AGN	New	ALLERGAN PLC	$115,517,000	–	500,000	–	4.43%	–
V	New	VISA INC	$111,255,000	–	1,500,000	–	4.27%	–
JPM	New	JPMORGAN CHASE & CO	$108,383,000	–	1,744,178	–	4.16%	–
GOLD	New	BARRICK GOLD CORP	$106,750,000	–	5,000,000	–	4.09%	–
PPG	New	PPG INDS INC	$104,149,000	–	1,000,000	–	3.99%	–
XRAY	New	DENTSPLY INTL INC NEW	$99,264,000	–	1,600,000	–	3.81%	–
XOM	New	EXXON MOBIL CORP	$93,740,000	–	1,000,000	–	3.60%	–
VZ	New	VERIZON COMMUNICATIONS INC	$92,417,000	–	1,655,000	–	3.54%	–
EOG	New	EOG RES INC	$56,995,000	–	683,406	–	2.19%	–
APD	New	AIR PRODS & CHEMS INC	$54,685,000	–	385,000	–	2.10%	–
CMCSA	New	COMCAST CORP NEWcl a	$51,817,000	–	795,000	–	1.99%	–
ORI	New	OLD REP INTL CORP	$48,225,000	–	2,500,000	–	1.85%	–
ARMK	New	ARAMARK	$46,628,000	–	1,395,000	–	1.79%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$41,986,000	–	290,000	–	1.61%	–
HD	New	HOME DEPOT INC	$32,561,000	–	255,000	–	1.25%	–
DVN	New	DEVON ENERGY CORP NEW	$31,890,000	–	880,000	–	1.22%	–
NWL	New	NEWELL BRANDS INC	$30,985,000	–	637,877	–	1.19%	–
KMB	New	KIMBERLY CLARK CORP	$27,493,000	–	200,000	–	1.05%	–
PEP	New	PEPSICO INC	$27,016,000	–	255,000	–	1.04%	–
HES	New	HESS CORP	$24,338,000	–	405,000	–	0.93%	–
LB	New	L BRANDS INC	$23,163,000	–	345,000	–	0.89%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$21,535,000	–	285,000	–	0.83%	–
PII	New	POLARIS INDS INC	$14,309,000	–	175,000	–	0.55%	–
ARCC	New	ARES CAP CORP	$2,674,000	–	188,326	–	0.10%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,538,000	–	125,115	–	0.06%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$578,000	–	12,166	–	0.02%	–
ARDC	New	ARES DYNAMIC CR ALLOCATION F	$131,000	–	9,550	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
ARDC	Exit	ARES DYNAMIC CR ALLOCATION F	$0	–	-8,865	–	-0.00%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-125,115	–	-0.05%	–
ARCC	Exit	ARES CAP CORP	$0	–	-178,907	–	-0.09%	–
EOG	Exit	EOG RES INC	$0	–	-150,000	–	-0.39%	–
JAH	Exit	JARDEN CORP	$0	–	-360,000	–	-0.63%	–
ARMK	Exit	ARAMARK	$0	–	-620,000	–	-0.66%	–
HD	Exit	HOME DEPOT INC	$0	–	-170,000	–	-0.70%	–
LB	Exit	L BRANDS INC	$0	–	-240,000	–	-0.77%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-210,000	–	-0.98%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-3,000,000	–	-1.67%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-1,170,000	–	-2.21%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-500,000	–	-2.28%	–
MCK	Exit	MCKESSON CORP	$0	–	-350,000	–	-2.31%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,525,000	–	-2.44%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,556,500	–	-2.85%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-512,500	–	-3.26%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-675,000	–	-3.77%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-3,000,000	–	-3.94%	–
BA	Exit	BOEING CO	$0	–	-874,970	–	-4.09%	–
CSX	Exit	CSX CORP	$0	–	-5,000,000	–	-4.80%	–
PPG	Exit	PPG INDS INC	$0	–	-1,575,000	–	-4.93%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-3,735,000	–	-5.80%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,900,000	–	-6.31%	–
AAPL	Exit	APPLE INC	$0	–	-1,685,000	–	-6.63%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-2,000,000	–	-6.88%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,020,000	–	-7.36%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-3,125,000	–	-7.38%	–
V	Exit	VISA INC	$0	–	-3,352,000	–	-8.33%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-372,500	–	-8.48%	–

Q3 2015

			Value		Shares		↓ Weighting
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$206,970,000	+21.0%	3,125,000	+35.9%	7.38%	+26.2%
DIS	Buy	DISNEY WALT CO	$206,444,000	-6.3%	2,020,000	+4.7%	7.36%	-2.3%
CVS	Buy	CVS HEALTH CORP	$192,960,000	-5.7%	2,000,000	+2.6%	6.88%	-1.6%
AAPL	Buy	APPLE INC	$185,856,000	-7.5%	1,685,000	+5.2%	6.63%	-3.5%
JPM	Sell	JPMORGAN CHASE & CO	$176,813,000	-19.7%	2,900,000	-10.8%	6.31%	-16.3%
VZ	Buy	VERIZON COMMUNICATIONS INC	$162,511,000	+15.8%	3,735,000	+24.1%	5.80%	+20.8%
PPG	Buy	PPG INDS INC	$138,110,000	-10.8%	1,575,000	+16.7%	4.93%	-7.0%
WMB	Sell	WILLIAMS COS INC DEL	$110,550,000	-38.8%	3,000,000	-4.8%	3.94%	-36.2%
DAL	Buy	DELTA AIR LINES INC DEL	$68,427,000	+17.7%	1,525,000	+7.8%	2.44%	+22.8%
APD	Sell	AIR PRODS & CHEMS INC	$63,790,000	-38.1%	500,000	-33.6%	2.28%	-35.5%
UAL	Buy	UNITED CONTL HLDGS INC	$62,069,000	+7.4%	1,170,000	+7.3%	2.21%	+12.0%
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$27,384,000	–	210,000	–	0.98%	–
LB	New	L BRANDS INC	$21,632,000	–	240,000	–	0.77%	–
HD	New	HOME DEPOT INC	$19,635,000	–	170,000	–	0.70%	–
ARMK	New	ARAMARK	$18,376,000	–	620,000	–	0.66%	–
JAH	New	JARDEN CORP	$17,596,000	–	360,000	–	0.63%	–
EOG	New	EOG RES INC	$10,920,000	–	150,000	–	0.39%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-1,540,000	–	-0.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-600,000	–	-1.71%	–

Q2 2015

			Value		Shares		↓ Weighting
V	New	VISA INC	$225,087,000	–	3,352,000	–	7.70%	–
DIS	New	DISNEY WALT CO	$220,290,000	–	1,930,000	–	7.53%	–
JPM	New	JPMORGAN CHASE & CO	$220,220,000	–	3,250,000	–	7.53%	–
CVS	New	CVS HEALTH CORP	$204,516,000	–	1,950,000	–	7.00%	–
GOOGL	New	GOOGLE INCcl a	$201,165,000	–	372,500	–	6.88%	–
AAPL	New	APPLE INC	$200,837,000	–	1,601,250	–	6.87%	–
WMB	New	WILLIAMS COS INC DEL	$180,778,000	–	3,150,000	–	6.18%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$171,097,000	–	2,300,000	–	5.85%	–
CSX	New	CSX CORP	$163,250,000	–	5,000,000	–	5.58%	–
PPG	New	PPG INDS INC	$154,872,000	–	1,350,000	–	5.30%	–
VZ	New	VERIZON COMMUNICATIONS INC	$140,297,000	–	3,010,000	–	4.80%	–
BA	New	BOEING CO	$121,376,000	–	874,970	–	4.15%	–
ROP	New	ROPER INDS INC NEW	$116,411,000	–	675,000	–	3.98%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$113,852,000	–	512,500	–	3.89%	–
APD	New	AIR PRODS & CHEMS INC	$103,067,000	–	753,250	–	3.52%	–
WFC	New	WELLS FARGO & CO NEW	$87,538,000	–	1,556,500	–	2.99%	–
MCK	New	MCKESSON CORP	$78,683,000	–	350,000	–	2.69%	–
DAL	New	DELTA AIR LINES INC DEL	$58,128,000	–	1,415,000	–	1.99%	–
UAL	New	UNITED CONTL HLDGS INC	$57,781,000	–	1,090,000	–	1.98%	–
XOM	New	EXXON MOBIL CORP	$49,921,000	–	600,000	–	1.71%	–
ORI	New	OLD REP INTL CORP	$46,890,000	–	3,000,000	–	1.60%	–
BTU	New	PEABODY ENERGY CORP	$3,373,000	–	1,540,000	–	0.12%	–
ARCC	New	ARES CAP CORP	$2,945,000	–	178,907	–	0.10%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,425,000	–	125,115	–	0.05%	–
ARDC	New	ARES DYNAMIC CR ALLOCATION F	$136,000	–	8,865	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
ARDC	Exit	ARES DYNAMIC CR ALLOCATION F	$0	–	-8,865	–	-0.01%	–
ADSK	Exit	AUTODESK INC	$0	–	-25,000	–	-0.05%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-2,500	–	-0.05%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-2,500	–	-0.06%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-125,115	–	-0.06%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-30,000	–	-0.06%	–
PCAR	Exit	PACCAR INC	$0	–	-30,000	–	-0.06%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-25,000	–	-0.07%	–
JWN	Exit	NORDSTROM INC	$0	–	-30,000	–	-0.08%	–
USB	Exit	US BANCORP DEL	$0	–	-50,000	–	-0.08%	–
MMM	Exit	3M CO	$0	–	-15,000	–	-0.08%	–
K	Exit	KELLOGG CO	$0	–	-35,000	–	-0.08%	–
SYY	Exit	SYSCO CORP	$0	–	-60,000	–	-0.08%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-12,000	–	-0.08%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-30,000	–	-0.09%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-25,000	–	-0.09%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-40,000	–	-0.09%	–
FDX	Exit	FEDEX CORP	$0	–	-15,000	–	-0.09%	–
DE	Exit	DEERE & CO	$0	–	-30,000	–	-0.09%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-30,000	–	-0.09%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,000	–	-0.09%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-30,000	–	-0.09%	–
KO	Exit	COCA COLA CO	$0	–	-60,000	–	-0.10%	–
HD	Exit	HOME DEPOT INC	$0	–	-30,000	–	-0.10%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-20,000	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-30,000	–	-0.11%	–
ARCC	Exit	ARES CAP CORP	$0	–	-178,907	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-85,000	–	-0.11%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-30,000	–	-0.11%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-35,000	–	-0.12%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-30,000	–	-0.12%	–
MDT	Exit	MEDTRONIC INC	$0	–	-55,000	–	-0.13%	–
DD	Exit	DU PONT EI DE NEMOURS & CO	$0	–	-50,000	–	-0.13%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-85,000	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-45,000	–	-0.15%	–
ACI	Exit	ARCH COAL INC	$0	–	-10,000,000	–	-0.80%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-3,000,000	–	-1.61%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,265,000	–	-1.82%	–
HSY	Exit	HERSHEY CO	$0	–	-600,000	–	-2.15%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-401,750	–	-2.20%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-1,004,500	–	-2.46%	–
CMI	Exit	CUMMINS INC	$0	–	-517,500	–	-2.56%	–
MCK	Exit	MCKESSON CORP	$0	–	-401,500	–	-2.93%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,556,500	–	-3.03%	–
SAP	Exit	SAP AGspon adr	$0	–	-1,129,928	–	-3.06%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-1,256,000	–	-3.12%	–
CB	Exit	CHUBB CORP	$0	–	-933,500	–	-3.19%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-1,537,000	–	-3.58%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-1,546,500	–	-3.63%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-753,250	–	-3.68%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,557,000	–	-3.78%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-1,053,500	–	-3.80%	–
WMT	Exit	WAL MART STORES INC	$0	–	-1,340,500	–	-3.84%	–
BA	Exit	BOEING CO	$0	–	-824,970	–	-3.94%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,547,000	–	-3.96%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-1,391,000	–	-4.35%	–
AAPL	Exit	APPLE INC	$0	–	-1,451,250	–	-5.48%	–
CSX	Exit	CSX CORP	$0	–	-5,000,000	–	-6.01%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-3,000,000	–	-6.22%	–
V	Exit	VISA INC	$0	–	-838,000	–	-6.70%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,000,000	–	-8.94%	–

Q3 2014

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$178,805,000	-0.2%	838,000	-1.4%	6.70%	+3.2%
AAPL	Sell	APPLE INC	$146,214,000	-14.8%	1,451,250	-21.4%	5.48%	-11.9%
PM	Buy	PHILIP MORRIS INTL INC	$116,009,000	-0.7%	1,391,000	+0.4%	4.35%	+2.7%
NBL	Buy	NOBLE ENERGY INC	$105,753,000	+10.1%	1,547,000	+24.8%	3.96%	+13.8%
BA	Buy	BOEING CO	$105,084,000	+0.5%	824,970	+0.4%	3.94%	+3.9%
WMT	Buy	WAL MART STORES INC	$102,508,000	+2.3%	1,340,500	+0.4%	3.84%	+5.7%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$101,295,000	-14.2%	1,053,500	-8.4%	3.80%	-11.3%
LLY	Buy	LILLY ELI & CO	$100,972,000	+4.8%	1,557,000	+0.5%	3.78%	+8.3%
APD	Buy	AIR PRODS & CHEMS INC	$98,058,000	+1.7%	753,250	+0.4%	3.68%	+5.1%
EMR	Buy	EMERSON ELEC CO	$96,781,000	-5.3%	1,546,500	+0.4%	3.63%	-2.1%
LVS	Buy	LAS VEGAS SANDS CORP	$95,616,000	-18.0%	1,537,000	+0.5%	3.58%	-15.3%
CB	Buy	CHUBB CORP	$85,023,000	+11.1%	933,500	+12.5%	3.19%	+14.9%
CAM	Buy	CAMERON INTERNATIONAL CORP	$83,374,000	-1.5%	1,256,000	+0.5%	3.12%	+1.8%
SAP	Buy	SAP AGspon adr	$81,536,000	-5.9%	1,129,928	+0.4%	3.06%	-2.7%
WFC	Buy	WELLS FARGO & CO NEW	$80,736,000	-0.9%	1,556,500	+0.4%	3.03%	+2.4%
MCK	Sell	MCKESSON CORP	$78,160,000	-6.7%	401,500	-10.8%	2.93%	-3.6%
CMI	Buy	CUMMINS INC	$68,300,000	-14.0%	517,500	+0.5%	2.56%	-11.2%
CL	Buy	COLGATE PALMOLIVE CO	$65,514,000	-3.9%	1,004,500	+0.4%	2.46%	-0.6%
ROP	Buy	ROPER INDS INC NEW	$58,772,000	+0.6%	401,750	+0.4%	2.20%	+4.0%
HSY	New	HERSHEY CO	$57,258,000	–	600,000	–	2.15%	–
ORCL	Buy	ORACLE CORP	$48,424,000	-5.2%	1,265,000	+0.4%	1.82%	-2.0%
ORI	Buy	OLD REP INTL CORP	$42,840,000	+12.6%	3,000,000	+30.4%	1.61%	+16.4%
ACI	New	ARCH COAL INC	$21,200,000	–	10,000,000	–	0.80%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-1,350,000	–	-2.81%	–

Q2 2014

			Value		Shares		↓ Weighting
CVX	New	CHEVRON CORP NEW	$261,100,000	–	2,000,000	–	9.47%	–
V	New	VISA INC	$179,104,000	–	850,000	–	6.50%	–
WMB	New	WILLIAMS COS INC DEL	$174,630,000	–	3,000,000	–	6.33%	–
AAPL	New	APPLE INC	$171,572,000	–	1,846,250	–	6.22%	–
CSX	New	CSX CORP	$154,050,000	–	5,000,000	–	5.59%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$118,025,000	–	1,150,000	–	4.28%	–
PM	New	PHILIP MORRIS INTL INC	$116,770,000	–	1,385,000	–	4.24%	–
LVS	New	LAS VEGAS SANDS CORP	$116,616,000	–	1,530,000	–	4.23%	–
BA	New	BOEING CO	$104,515,000	–	821,470	–	3.79%	–
EMR	New	EMERSON ELEC CO	$102,195,000	–	1,540,000	–	3.71%	–
WMT	New	WAL MART STORES INC	$100,219,000	–	1,335,000	–	3.63%	–
APD	New	AIR PRODS & CHEMS INC	$96,464,000	–	750,000	–	3.50%	–
LLY	New	LILLY ELI & CO	$96,364,000	–	1,550,000	–	3.50%	–
NBL	New	NOBLE ENERGY INC	$96,051,000	–	1,240,000	–	3.48%	–
SAP	New	SAP AGspon adr	$86,619,000	–	1,124,928	–	3.14%	–
CAM	New	CAMERON INTERNATIONAL CORP	$84,638,000	–	1,250,000	–	3.07%	–
MCK	New	MCKESSON CORP	$83,795,000	–	450,000	–	3.04%	–
WFC	New	WELLS FARGO & CO NEW	$81,468,000	–	1,550,000	–	2.95%	–
CMI	New	CUMMINS INC	$79,459,000	–	515,000	–	2.88%	–
DG	New	DOLLAR GEN CORP NEW	$77,436,000	–	1,350,000	–	2.81%	–
CB	New	CHUBB CORP	$76,501,000	–	830,000	–	2.77%	–
CL	New	COLGATE PALMOLIVE CO	$68,180,000	–	1,000,000	–	2.47%	–
ROP	New	ROPER INDS INC NEW	$58,404,000	–	400,000	–	2.12%	–
ORCL	New	ORACLE CORP	$51,068,000	–	1,260,000	–	1.85%	–
ORI	New	OLD REP INTL CORP	$38,042,000	–	2,300,000	–	1.38%	–
DIS	New	DISNEY WALT CO	$3,858,000	–	45,000	–	0.14%	–
MSFT	New	MICROSOFT CORP	$3,545,000	–	85,000	–	0.13%	–
SLB	New	SCHLUMBERGER LTD	$3,539,000	–	30,000	–	0.13%	–
MDT	New	MEDTRONIC INC	$3,507,000	–	55,000	–	0.13%	–
AXP	New	AMERICAN EXPRESS CO	$3,320,000	–	35,000	–	0.12%	–
DD	New	DU PONT EI DE NEMOURS & CO	$3,272,000	–	50,000	–	0.12%	–
ARCC	New	ARES CAP CORP	$3,195,000	–	178,907	–	0.12%	–
JNJ	New	JOHNSON AND JOHNSON	$3,139,000	–	30,000	–	0.11%	–
XOM	New	EXXON MOBIL CORP	$3,020,000	–	30,000	–	0.11%	–
DE	New	DEERE & CO	$2,717,000	–	30,000	–	0.10%	–
INTC	New	INTEL CORP	$2,627,000	–	85,000	–	0.10%	–
COP	New	CONOCOPHILLIPS	$2,572,000	–	30,000	–	0.09%	–
KO	New	COCA COLA CO	$2,542,000	–	60,000	–	0.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$2,531,000	–	20,000	–	0.09%	–
HD	New	HOME DEPOT INC	$2,429,000	–	30,000	–	0.09%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$2,378,000	–	30,000	–	0.09%	–
PG	New	PROCTER & GAMBLE CO	$2,358,000	–	30,000	–	0.09%	–
JPM	New	JPMORGAN CHASE & CO	$2,305,000	–	40,000	–	0.08%	–
COST	New	COSTCO WHSL CORP NEW	$2,303,000	–	20,000	–	0.08%	–
K	New	KELLOGG CO	$2,300,000	–	35,000	–	0.08%	–
NVS	New	NOVARTIS AGsponsored adr	$2,263,000	–	25,000	–	0.08%	–
FDX	New	FEDEX CORP	$2,271,000	–	15,000	–	0.08%	–
SYY	New	SYSCO CORP	$2,247,000	–	60,000	–	0.08%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,175,000	–	12,000	–	0.08%	–
USB	New	US BANCORP DEL	$2,166,000	–	50,000	–	0.08%	–
MMM	New	3M CO	$2,149,000	–	15,000	–	0.08%	–
JWN	New	NORDSTROM INC	$2,038,000	–	30,000	–	0.07%	–
PCAR	New	PACCAR INC	$1,885,000	–	30,000	–	0.07%	–
EL	New	LAUDER ESTEE COS INCcl a	$1,857,000	–	25,000	–	0.07%	–
A	New	AGILENT TECHNOLOGIES INC	$1,723,000	–	30,000	–	0.06%	–
ACRE	New	ARES COML REAL ESTATE CORP	$1,553,000	–	125,115	–	0.06%	–
GOOGL	New	GOOGLE INCcl a	$1,462,000	–	2,500	–	0.05%	–
GOOG	New	GOOGLE INCcl c	$1,438,000	–	2,500	–	0.05%	–
ADSK	New	AUTODESK INC	$1,410,000	–	25,000	–	0.05%	–
ARDC	New	ARES DYNAMIC CR ALLOCATION F	$174,000	–	8,865	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
ADSK	Exit	AUTODESK INC	$0	–	-25,000	–	-0.05%	–
L	Exit	LOEWS CORP	$0	–	-25,000	–	-0.06%	–
USB	Exit	US BANCORP DEL	$0	–	-35,000	–	-0.07%	–
SYY	Exit	SYSCO CORP	$0	–	-40,000	–	-0.07%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-20,000	–	-0.08%	–
HD	Exit	HOME DEPOT INC	$0	–	-20,000	–	-0.08%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-30,000	–	-0.08%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-30,000	–	-0.08%	–
PCAR	Exit	PACCAR INC	$0	–	-30,000	–	-0.09%	–
JWN	Exit	NORDSTROM INC	$0	–	-30,000	–	-0.09%	–
FDX	Exit	FEDEX CORP	$0	–	-15,000	–	-0.09%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-20,000	–	-0.09%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-25,000	–	-0.09%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-25,000	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-60,000	–	-0.11%	–
DD	Exit	DU PONT EI DE NEMOURS & CO	$0	–	-35,000	–	-0.11%	–
K	Exit	KELLOGG CO	$0	–	-35,000	–	-0.11%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-30,000	–	-0.11%	–
GOOGL	Exit	GOOGLE INC	$0	–	-2,500	–	-0.12%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-12,000	–	-0.12%	–
KO	Exit	COCA COLA CO	$0	–	-60,000	–	-0.12%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-30,000	–	-0.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-20,000	–	-0.12%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,000	–	-0.12%	–
DE	Exit	DEERE & CO	$0	–	-30,000	–	-0.13%	–
LLY	Exit	LILLY ELI & CO	$0	–	-50,000	–	-0.13%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-30,000	–	-0.14%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-30,000	–	-0.14%	–
MMM	Exit	3M CO	$0	–	-22,000	–	-0.14%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-35,000	–	-0.14%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-30,000	–	-0.14%	–
CB	Exit	CHUBB CORP	$0	–	-30,000	–	-0.14%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-40,000	–	-0.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-85,000	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-45,000	–	-0.15%	–
MDT	Exit	MEDTRONIC INC	$0	–	-55,000	–	-0.15%	–
ARG	Exit	AIRGAS INC	$0	–	-250,000	–	-1.39%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-540,000	–	-1.84%	–
ORCL	Exit	ORACLE CORP	$0	–	-1,060,000	–	-1.85%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-2,300,000	–	-1.86%	–
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-870,000	–	-1.99%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-627,330	–	-2.19%	–
CMI	Exit	CUMMINS INC	$0	–	-315,000	–	-2.20%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-400,000	–	-2.34%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-500,000	–	-2.40%	–
SAP	Exit	SAP AG-SPONSORED ADRsponsored adr	$0	–	-625,000	–	-2.43%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,210,000	–	-2.63%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-950,000	–	-2.82%	–
WMT	Exit	WAL MART STORES INC	$0	–	-735,000	–	-2.86%	–
INTC	Exit	INTEL CORP	$0	–	-2,485,000	–	-3.00%	–
MCK	Exit	MCKESSON CORP	$0	–	-450,000	–	-3.03%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-2,000,000	–	-3.48%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-765,000	–	-3.48%	–
TROX	Exit	TRONOX LTD	$0	–	-2,738,955	–	-3.52%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-650,000	–	-3.64%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-1,300,000	–	-3.94%	–
HES	Exit	HESS CORP	$0	–	-1,027,500	–	-4.18%	–
APA	Exit	APACHE CORP	$0	–	-1,000,000	–	-4.47%	–
BA	Exit	BOEING CO	$0	–	-806,470	–	-4.98%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-1,150,000	–	-5.65%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-7,500,000	–	-6.36%	–
AAPL	Exit	APPLE INC	$0	–	-315,000	–	-7.89%	–
V	Exit	VISA INC	$0	–	-960,000	–	-9.64%	–

Q3 2013

			Value		Shares		↓ Weighting
AMH	New	AMERICAN HOMES 4 RENTcl a	$121,126,000	–	7,500,000	–	6.36%	–
OXY	Sell	OCCIDENTAL PETE CORP DEL	$107,571,000	-38.2%	1,150,000	-41.0%	5.65%	-44.6%
APA	Sell	APACHE CORP	$85,140,000	-49.2%	1,000,000	-50.0%	4.47%	-54.5%
HES	Sell	HESS CORP	$79,467,000	-40.2%	1,027,500	-48.6%	4.18%	-46.5%
DVN	Sell	DEVON ENERGY CORP NEW	$75,088,000	-19.6%	1,300,000	-27.8%	3.94%	-28.0%
TROX	Sell	TRONOX LTD	$67,021,000	+0.4%	2,738,955	-17.3%	3.52%	-10.1%
PM	Buy	PHILIP MORRIS INTL INC	$66,241,000	+4999.4%	765,000	+5000.0%	3.48%	+4478.9%
MCK	Buy	MCKESSON CORP	$57,734,000	+62.7%	450,000	+45.2%	3.03%	+45.7%
WMT	Buy	WAL MART STORES INC	$54,360,000	+1985.2%	735,000	+2000.0%	2.86%	+1766.7%
DG	Buy	DOLLAR GEN CORP NEW	$53,636,000	+77.3%	950,000	+58.3%	2.82%	+58.8%
WFC	Buy	WELLS FARGO & CO NEW	$49,998,000	+27.7%	1,210,000	+27.5%	2.63%	+14.4%
SAP	Buy	SAP AG-SPONSORED ADRsponsored adr	$46,200,000	+2814.8%	625,000	+2772.2%	2.43%	+2509.7%
TWC	Sell	TIME WARNER CABLE INC	$44,640,000	-29.1%	400,000	-28.6%	2.34%	-36.5%
CMI	Buy	CUMMINS INC	$41,853,000	+2472.4%	315,000	+2000.0%	2.20%	+2214.7%
LVS	Buy	LAS VEGAS SANDS CORP	$41,667,000	+2779.5%	627,330	+2195.4%	2.19%	+2475.3%
ORCL	Buy	ORACLE CORP	$35,161,000	+2261.4%	1,060,000	+2085.6%	1.85%	+2023.0%
EMR	Buy	EMERSON ELEC CO	$34,938,000	+1501.2%	540,000	+1250.0%	1.84%	+1334.4%
K	Buy	KELLOGG CO	$2,056,000	+6.7%	35,000	+16.7%	0.11%	-4.4%
PSX	Exit	PHILLIPS 66	$0	–	-15,000	–	-0.05%	–
WPO	Exit	WASHINGTON POST COcl b	$0	–	-2,000	–	-0.06%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-70,000	–	-0.06%	–
	Exit	WELLS FARGO & CO NEW	$0	–	-261,000	–	-0.63%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-1,095,639	–	-1.59%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-2,528,611	–	-1.86%	–
MCD	Exit	MCDONALDS CORP	$0	–	-550,000	–	-3.19%	–

Q2 2013

			Value		Shares		↓ Weighting
V	New	VISA INC	$175,441,000	–	960,000	–	10.29%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$174,000,000	–	1,950,000	–	10.20%	–
APA	New	APACHE CORP	$167,661,000	–	2,000,000	–	9.83%	–
HES	New	HESS CORP	$132,980,000	–	2,000,000	–	7.80%	–
AAPL	New	APPLE INC	$124,794,000	–	315,000	–	7.32%	–
DVN	New	DEVON ENERGY CORP NEW	$93,384,000	–	1,800,000	–	5.48%	–
BA	New	BOEING CO	$82,614,000	–	806,470	–	4.84%	–
TROX	New	TRONOX LTD	$66,759,000	–	3,313,151	–	3.92%	–
TWC	New	TIME WARNER CABLE INC	$62,989,000	–	560,000	–	3.69%	–
INTC	New	INTEL CORP	$60,199,000	–	2,485,000	–	3.53%	–
APD	New	AIR PRODS & CHEMS INC	$59,520,000	–	650,000	–	3.49%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$55,220,000	–	2,000,000	–	3.24%	–
MCD	New	MCDONALDS CORP	$54,450,000	–	550,000	–	3.19%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$43,240,000	–	500,000	–	2.54%	–
WFC	New	WELLS FARGO & CO NEW	$39,165,000	–	949,000	–	2.30%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$36,018,000	–	870,000	–	2.11%	–
MCK	New	MCKESSON CORP	$35,494,000	–	310,000	–	2.08%	–
NLY	New	ANNALY CAP MGMT INC	$31,785,000	–	2,528,611	–	1.86%	–
DG	New	DOLLAR GEN CORP NEW	$30,258,000	–	600,000	–	1.78%	–
ORI	New	OLD REP INTL CORP	$29,601,000	–	2,300,000	–	1.74%	–
TMUS	New	T-MOBILE US INC	$27,183,000	–	1,095,639	–	1.59%	–
ARG	New	AIRGAS INC	$23,865,000	–	250,000	–	1.40%	–
	New	WELLS FARGO & CO NEW	$10,771,000	–	261,000	–	0.63%	–
MSFT	New	MICROSOFT CORP	$2,936,000	–	85,000	–	0.17%	–
DIS	New	DISNEY WALT CO	$2,842,000	–	45,000	–	0.17%	–
MDT	New	MEDTRONIC INC	$2,831,000	–	55,000	–	0.17%	–
XOM	New	EXXON MOBIL CORP	$2,711,000	–	30,000	–	0.16%	–
WMT	New	WAL MART STORES INC	$2,607,000	–	35,000	–	0.15%	–
AXP	New	AMERICAN EXPRESS CO	$2,617,000	–	35,000	–	0.15%	–
JNJ	New	JOHNSON AND JOHNSON	$2,576,000	–	30,000	–	0.15%	–
CB	New	CHUBB CORP	$2,540,000	–	30,000	–	0.15%	–
LLY	New	LILLY ELI & CO	$2,456,000	–	50,000	–	0.14%	–
DE	New	DEERE & CO	$2,438,000	–	30,000	–	0.14%	–
NBL	New	NOBLE ENERGY INC	$2,402,000	–	40,000	–	0.14%	–
MMM	New	3M CO	$2,406,000	–	22,000	–	0.14%	–
KO	New	COCA COLA CO	$2,407,000	–	60,000	–	0.14%	–
PG	New	PROCTER & GAMBLE CO	$2,310,000	–	30,000	–	0.14%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,293,000	–	12,000	–	0.13%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$2,238,000	–	20,000	–	0.13%	–
COST	New	COSTCO WHSL CORP NEW	$2,211,000	–	20,000	–	0.13%	–
GOOGL	New	GOOGLE INC	$2,201,000	–	2,500	–	0.13%	–
EMR	New	EMERSON ELEC CO	$2,182,000	–	40,000	–	0.13%	–
SLB	New	SCHLUMBERGER LTD	$2,150,000	–	30,000	–	0.13%	–
T	New	AT&T INC	$2,124,000	–	60,000	–	0.12%	–
K	New	KELLOGG CO	$1,927,000	–	30,000	–	0.11%	–
DD	New	DU PONT EI DE NEMOURS & CO	$1,838,000	–	35,000	–	0.11%	–
COP	New	CONOCOPHILLIPS	$1,815,000	–	30,000	–	0.11%	–
JWN	New	NORDSTROM INC	$1,798,000	–	30,000	–	0.10%	–
NVS	New	NOVARTIS AGsponsored adr	$1,768,000	–	25,000	–	0.10%	–
EL	New	LAUDER ESTEE COS INCcl a	$1,644,000	–	25,000	–	0.10%	–
CMI	New	CUMMINS INC	$1,627,000	–	15,000	–	0.10%	–
SIAL	New	SIGMA ALDRICH CORP	$1,608,000	–	20,000	–	0.09%	–
PCAR	New	PACCAR INC	$1,610,000	–	30,000	–	0.09%	–
JPM	New	JPMORGAN CHASE & CO	$1,584,000	–	30,000	–	0.09%	–
SAP	New	SAP AG-SPONSORED ADRsponsored adr	$1,585,000	–	21,760	–	0.09%	–
HD	New	HOME DEPOT INC	$1,549,000	–	20,000	–	0.09%	–
ORCL	New	ORACLE CORP	$1,489,000	–	48,500	–	0.09%	–
FDX	New	FEDEX CORP	$1,479,000	–	15,000	–	0.09%	–
LVS	New	LAS VEGAS SANDS CORP	$1,447,000	–	27,330	–	0.08%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,377,000	–	20,000	–	0.08%	–
SYY	New	SYSCO CORP	$1,366,000	–	40,000	–	0.08%	–
PM	New	PHILIP MORRIS INTL INC	$1,299,000	–	15,000	–	0.08%	–
A	New	AGILENT TECHNOLOGIES INC	$1,283,000	–	30,000	–	0.08%	–
USB	New	US BANCORP DEL	$1,265,000	–	35,000	–	0.07%	–
L	New	LOEWS CORP	$1,110,000	–	25,000	–	0.06%	–
AMAT	New	APPLIED MATLS INC	$1,044,000	–	70,000	–	0.06%	–
WPO	New	WASHINGTON POST COcl b	$968,000	–	2,000	–	0.06%	–
PSX	New	PHILLIPS 66	$884,000	–	15,000	–	0.05%	–
ADSK	New	AUTODESK INC	$849,000	–	25,000	–	0.05%	–

Compare quarters

Export ALLEGHANY CORP /DE's holdings