GREENHAVEN ASSOCIATES INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LEN	Sell	Lennar Corporation - A (LEN)	$1,008,077,918	-11.3%	8,982,250	-0.9%	13.07%	-13.4%
GS	Buy	Goldman Sachs (GS)	$755,191,995	+2.9%	2,333,937	+2.6%	9.79%	+0.5%
	Buy	General Motors Co (GM)	$732,593,004	-13.8%	22,219,988	+0.8%	9.50%	-15.8%
JPM	Sell	J P Morgan Chase (JPM)	$684,349,960	-2.1%	4,719,004	-1.8%	8.87%	-4.4%
	New	CRH PLC (CRH)	$604,133,110	–	11,038,427	–	7.83%	–
C	Buy	Citigroup Inc (C)	$541,467,936	+7.2%	13,164,793	+20.0%	7.02%	+4.7%
WRK	Sell	Westrock CO (WRK)	$484,007,766	+22.8%	13,519,770	-0.3%	6.28%	+19.9%
PHM	Sell	PulteGroup Inc. (PHM)	$422,234,433	-6.0%	5,702,018	-1.4%	5.47%	-8.2%
TOL	Buy	Toll Brothers, Inc. (TOL)	$410,766,962	-6.2%	5,553,907	+0.3%	5.33%	-8.4%
DHI	Sell	D R Horton, Inc. (DHI)	$377,604,658	-13.7%	3,513,582	-2.2%	4.90%	-15.7%
IP	Buy	International Paper Co (IP)	$347,952,010	+19.9%	9,809,755	+7.5%	4.51%	+17.0%
LEA	Sell	Lear Corporation (LEA)	$240,195,186	-7.5%	1,789,830	-1.1%	3.11%	-9.7%
OSK	Buy	Oshkosh Corp (OSK)	$234,632,691	+14.9%	2,458,689	+4.3%	3.04%	+12.2%
ARW	Buy	Arrow Electronics Inc (ARW)	$220,062,711	+2.6%	1,757,128	+17.3%	2.85%	+0.1%
WHR	Sell	Whirlpool Corp (WHR)	$211,923,859	-32.6%	1,585,070	-24.9%	2.75%	-34.1%
AVT	Buy	Avnet Inc (AVT)	$181,776,969	-1.1%	3,772,089	+3.6%	2.36%	-3.4%
MTH	Buy	Meritage Homes Corp (MTH)	$99,619,341	-13.6%	813,950	+0.4%	1.29%	-15.7%
LENB	Sell	Lennar Corporation - B SHS (LEN/B)	$58,171,324	-10.2%	569,024	-0.7%	0.75%	-12.3%
TEX	Sell	Terex Corp (TEX)	$41,659,836	-5.8%	723,010	-2.2%	0.54%	-8.0%
NOV	New	NOV INC (NOV)	$32,643,710	–	1,561,900	–	0.42%	–
GIL	Sell	Gildan Activewear Inc (GIL)	$15,734,169	-53.3%	561,734	-46.3%	0.20%	-54.5%
ALV	Sell	Autoliv Inc. (ALV)	$3,886,697	-41.4%	40,285	-48.4%	0.05%	-43.2%
BAC	Exit	Bank of America Corp (BAC)	$0	–	-1,244,500	–	-0.47%	–
CRH	Exit	CRH PLC - Sponsored ADR (CRH)adr	$0	–	-2,090,525	–	-1.55%	–

Q2 2023

			Value		Shares		↓ Weighting
LEN	New	Lennar Corporation - A (LEN)	$1,136,091,788	–	9,066,250	–	15.09%	–
	New	General Motors Co (GM)	$849,716,566	–	22,036,218	–	11.28%	–
GS	New	Goldman Sachs (GS)	$733,961,058	–	2,275,566	–	9.75%	–
JPM	New	J P Morgan Chase (JPM)	$699,116,118	–	4,806,904	–	9.28%	–
C	New	Citigroup Inc (C)	$505,100,696	–	10,970,910	–	6.71%	–
PHM	New	PulteGroup Inc. (PHM)	$449,250,628	–	5,783,350	–	5.96%	–
TOL	New	Toll Brothers, Inc. (TOL)	$437,885,469	–	5,537,947	–	5.82%	–
DHI	New	D R Horton, Inc. (DHI)	$437,407,647	–	3,594,442	–	5.81%	–
WRK	New	Westrock CO (WRK)	$394,231,933	–	13,561,470	–	5.24%	–
WHR	New	Whirlpool Corp (WHR)	$314,234,065	–	2,111,930	–	4.17%	–
IP	New	International Paper Co (IP)	$290,231,418	–	9,123,905	–	3.85%	–
LEA	New	Lear Corporation (LEA)	$259,686,257	–	1,809,030	–	3.45%	–
ARW	New	Arrow Electronics Inc (ARW)	$214,563,983	–	1,498,038	–	2.85%	–
OSK	New	Oshkosh Corp (OSK)	$204,164,327	–	2,357,828	–	2.71%	–
AVT	New	Avnet Inc (AVT)	$183,763,570	–	3,642,489	–	2.44%	–
CRH	New	CRH PLC - Sponsored ADR (CRH)adr	$116,504,958	–	2,090,525	–	1.55%	–
MTH	New	Meritage Homes Corp (MTH)	$115,365,463	–	810,891	–	1.53%	–
LENB	New	Lennar Corporation - B SHS (LEN/B)	$64,770,756	–	573,294	–	0.86%	–
TEX	New	Terex Corp (TEX)	$44,214,968	–	739,010	–	0.59%	–
BAC	New	Bank of America Corp (BAC)	$35,704,705	–	1,244,500	–	0.47%	–
GIL	New	Gildan Activewear Inc (GIL)	$33,717,882	–	1,045,840	–	0.45%	–
ALV	New	Autoliv Inc. (ALV)	$6,636,522	–	78,040	–	0.09%	–
A	New	Agilent Technologies, Inc. (A)	$1,286,675	–	10,700	–	0.02%	–
SCHW	New	Charles Schwab Corporation (SCHW)	$1,133,600	–	20,000	–	0.02%	–
MS	New	Morgan Stanley (MS)	$854,000	–	10,000	–	0.01%	–
UNP	New	Union Pacific Corp (UNP)	$415,788	–	2,032	–	0.01%	–
BRKB	New	Berkshire Hathaway Inc. Class B (BRK/B)	$341,341	–	1,001	–	0.01%	–
MMM	New	3M Company (MMM)	$237,013	–	2,368	–	0.00%	–
FTI	New	Technipfmc PLC (FTI)	$257,610	–	15,500	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
FTI	Exit	Technipfmc PLC (FTI)	$0	–	-15,500	–	-0.00%	–
MMM	Exit	3M Company (MMM)	$0	–	-2,368	–	-0.01%	–
BRKB	Exit	Berkshire Hathaway Inc. Class B (BRK/B)	$0	–	-1,001	–	-0.01%	–
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-2,032	–	-0.01%	–
MS	Exit	Morgan Stanley (MS)	$0	–	-10,000	–	-0.02%	–
BIL	Exit	SPDR Bloomberg 1-3 Month T-B (BIL)	$0	–	-11,910	–	-0.02%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.03%	–
SCHW	Exit	Charles Schwab Corporation (SCHW)	$0	–	-20,000	–	-0.03%	–
MDC	Exit	M.D.C. Holdings, Inc. (MDC)	$0	–	-102,100	–	-0.06%	–
ALV	Exit	Autoliv Inc. (ALV)	$0	–	-86,290	–	-0.12%	–
SH	Exit	Proshares Short S&P500 (SH)	$0	–	-695,000	–	-0.25%	–
PSQ	Exit	Proshares Short QQQ (PSQ)	$0	–	-1,005,000	–	-0.32%	–
GIL	Exit	Gildan Activewear Inc (GIL)	$0	–	-946,400	–	-0.56%	–
LENB	Exit	Lennar Corporation - B SHS (LEN/B)	$0	–	-570,117	–	-0.71%	–
AVT	Exit	Avnet Inc (AVT)	$0	–	-1,342,470	–	-1.02%	–
MTH	Exit	Meritage Homes Corp (MTH)	$0	–	-792,985	–	-1.17%	–
CRH	Exit	CRH PLC - Sponsored ADR (CRH)adr	$0	–	-1,794,955	–	-1.22%	–
SWK	Exit	Stanley Black & Decker INC (SWK)	$0	–	-1,326,357	–	-2.10%	–
LEA	Exit	Lear Corporation (LEA)	$0	–	-992,204	–	-2.50%	–
OSK	Exit	Oshkosh Corp (OSK)	$0	–	-1,739,974	–	-2.57%	–
IP	Exit	International Paper Co (IP)	$0	–	-4,982,725	–	-3.32%	–
PHM	Exit	PulteGroup Inc. (PHM)	$0	–	-5,305,310	–	-4.19%	–
TOL	Exit	Toll Brothers, Inc. (TOL)	$0	–	-5,359,803	–	-4.74%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-3,780,303	–	-5.36%	–
C	Exit	Citigroup Inc (C)	$0	–	-7,225,570	–	-6.33%	–
WRK	Exit	Westrock CO (WRK)	$0	–	-9,946,624	–	-6.46%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,831,979	–	-8.03%	–
	Exit	General Motors Co (GM)	$0	–	-14,825,942	–	-10.01%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-4,820,984	–	-10.60%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-2,208,989	–	-13.62%	–
LEN	Exit	Lennar Corporation - A (LEN)	$0	–	-9,319,777	–	-14.62%	–

Q3 2022

			Value		Shares		↓ Weighting
LEN	Sell	Lennar Corporation - A (LEN)	$694,789,000	+5.6%	9,319,777	-0.0%	14.62%	+3.0%
GS	Sell	Goldman Sachs (GS)	$647,344,000	-1.6%	2,208,989	-0.3%	13.62%	-4.1%
JPM	Buy	J P Morgan Chase (JPM)	$503,793,000	-1.3%	4,820,984	+6.3%	10.60%	-3.8%
	Buy	General Motors Co (GM)	$475,764,000	+3.3%	14,825,942	+2.3%	10.01%	+0.7%
WHR	Sell	Whirlpool Corp (WHR)	$381,779,000	-13.0%	2,831,979	-0.1%	8.03%	-15.2%
WRK	Buy	Westrock CO (WRK)	$307,251,000	-12.7%	9,946,624	+12.7%	6.46%	-14.9%
C	Buy	Citigroup Inc (C)	$301,090,000	-0.3%	7,225,570	+10.1%	6.33%	-2.8%
DHI	Sell	D R Horton, Inc. (DHI)	$254,603,000	+1.1%	3,780,303	-0.6%	5.36%	-1.4%
TOL	Buy	Toll Brothers, Inc. (TOL)	$225,112,000	-5.8%	5,359,803	+0.0%	4.74%	-8.2%
PHM	Buy	PulteGroup Inc. (PHM)	$198,949,000	+18.3%	5,305,310	+25.0%	4.19%	+15.3%
IP	Sell	International Paper Co (IP)	$157,952,000	-24.4%	4,982,725	-0.2%	3.32%	-26.3%
OSK	New	Oshkosh Corp (OSK)	$122,303,000	–	1,739,974	–	2.57%	–
LEA	Buy	Lear Corporation (LEA)	$118,757,000	+22.5%	992,204	+28.8%	2.50%	+19.4%
SWK	Buy	Stanley Black & Decker INC (SWK)	$99,755,000	-28.0%	1,326,357	+0.4%	2.10%	-29.8%
CRH	Buy	CRH PLC - Sponsored ADR (CRH)adr	$57,851,000	+120.8%	1,794,955	+138.5%	1.22%	+115.4%
MTH	Buy	Meritage Homes Corp (MTH)	$55,723,000	+4.6%	792,985	+8.0%	1.17%	+2.0%
AVT	New	Avnet Inc (AVT)	$48,490,000	–	1,342,470	–	1.02%	–
LENB	Sell	Lennar Corporation - B SHS (LEN/B)	$33,928,000	+0.5%	570,117	-0.8%	0.71%	-2.1%
GIL	New	Gildan Activewear Inc (GIL)	$26,755,000	–	946,400	–	0.56%	–
ALV	Buy	Autoliv Inc. (ALV)	$5,750,000	+50.6%	86,290	+61.8%	0.12%	+47.6%
MDC	Sell	M.D.C. Holdings, Inc. (MDC)	$2,800,000	-16.0%	102,100	-1.1%	0.06%	-18.1%
BIL	New	SPDR Bloomberg 1-3 Month T-B (BIL)	$1,091,000	–	11,910	–	0.02%	–
MMM	Sell	3M Company (MMM)	$262,000	-19.1%	2,368	-5.3%	0.01%	-14.3%
FTI	Sell	Technipfmc PLC (FTI)	$131,000	+4.8%	15,500	-16.7%	0.00%	0.0%

Q2 2022

			Value		Shares		↓ Weighting
GS	New	Goldman Sachs (GS)	$658,200,000	–	2,216,011	–	14.21%	–
LEN	New	Lennar Corporation - A (LEN)	$657,767,000	–	9,320,767	–	14.20%	–
JPM	New	J P Morgan Chase (JPM)	$510,558,000	–	4,533,856	–	11.02%	–
	New	General Motors Co (GM)	$460,368,000	–	14,495,199	–	9.94%	–
WHR	New	Whirlpool Corp (WHR)	$438,826,000	–	2,833,509	–	9.47%	–
WRK	New	Westrock CO (WRK)	$351,752,000	–	8,829,104	–	7.59%	–
C	New	Citigroup Inc (C)	$301,861,000	–	6,563,620	–	6.52%	–
DHI	New	D R Horton, Inc. (DHI)	$251,756,000	–	3,803,532	–	5.43%	–
TOL	New	Toll Brothers, Inc. (TOL)	$238,962,000	–	5,357,903	–	5.16%	–
IP	New	International Paper Co (IP)	$208,913,000	–	4,994,325	–	4.51%	–
PHM	New	PulteGroup Inc. (PHM)	$168,140,000	–	4,242,740	–	3.63%	–
SWK	New	Stanley Black & Decker INC (SWK)	$138,520,000	–	1,321,002	–	2.99%	–
LEA	New	Lear Corporation (LEA)	$96,962,000	–	770,210	–	2.09%	–
MTH	New	Meritage Homes Corp (MTH)	$53,256,000	–	734,559	–	1.15%	–
LENB	New	Lennar Corporation - B SHS (LEN/B)	$33,756,000	–	574,964	–	0.73%	–
CRH	New	CRH PLC - Sponsored ADR (CRH)adr	$26,200,000	–	752,445	–	0.56%	–
PSQ	New	Proshares Short QQQ (PSQ)	$14,472,000	–	1,005,000	–	0.31%	–
SH	New	Proshares Short S&P500 (SH)	$11,468,000	–	695,000	–	0.25%	–
ALV	New	Autoliv Inc. (ALV)	$3,817,000	–	53,330	–	0.08%	–
MDC	New	M.D.C. Holdings, Inc. (MDC)	$3,335,000	–	103,210	–	0.07%	–
A	New	Agilent Technologies, Inc. (A)	$1,271,000	–	10,700	–	0.03%	–
SCHW	New	Charles Schwab Corporation (SCHW)	$1,264,000	–	20,000	–	0.03%	–
MS	New	Morgan Stanley (MS)	$761,000	–	10,000	–	0.02%	–
UNP	New	Union Pacific Corp (UNP)	$433,000	–	2,032	–	0.01%	–
MMM	New	3M Company (MMM)	$324,000	–	2,500	–	0.01%	–
BRKB	New	Berkshire Hathaway Inc. Class B (BRK/B)	$273,000	–	1,001	–	0.01%	–
FTI	New	Technipfmc PLC (FTI)	$125,000	–	18,600	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-2,032	–	-0.01%	–
MMM	Exit	3M Company (MMM)	$0	–	-2,500	–	-0.02%	–
BRKB	Exit	Berkshire Hathaway Inc. Class B (BRK/B)	$0	–	-2,501	–	-0.02%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-5,000	–	-0.03%	–
MDC	Exit	M.D.C. Holdings, Inc. (MDC)	$0	–	-25,000	–	-0.04%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.06%	–
CF	Exit	CF Industries Holdings, Inc. (CF)	$0	–	-30,000	–	-0.06%	–
SCHW	Exit	Charles Schwab Corporation (SCHW)	$0	–	-41,987	–	-0.10%	–
SH	Exit	Proshares Short S&P500 (SH)	$0	–	-695,000	–	-0.35%	–
PSQ	Exit	Proshares Short QQQ (PSQ)	$0	–	-1,005,000	–	-0.41%	–
LEA	Exit	Lear Corporation (LEA)	$0	–	-152,210	–	-0.79%	–
MS	Exit	Morgan Stanley (MS)	$0	–	-267,090	–	-0.87%	–
LENB	Exit	Lennar Corporation - B SHS (LEN/B)	$0	–	-452,834	–	-1.17%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-761,945	–	-2.13%	–
TOL	Exit	Toll Brothers, Inc. (TOL)	$0	–	-5,203,596	–	-9.59%	–
	Exit	General Motors Co (GM)	$0	–	-10,392,979	–	-18.26%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,768,920	–	-18.82%	–
LEN	Exit	Lennar Corporation - A (LEN)	$0	–	-7,002,894	–	-21.87%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-2,015,314	–	-25.40%	–

Q3 2021

			Value		Shares		↓ Weighting
GS	Sell	Goldman Sachs (GS)	$761,849,000	-24.1%	2,015,314	-23.8%	25.40%	-13.4%
LEN	Sell	Lennar Corporation - A (LEN)	$656,031,000	-6.0%	7,002,894	-0.3%	21.87%	+7.3%
WHR	Buy	Whirlpool Corp (WHR)	$564,472,000	-5.4%	2,768,920	+1.1%	18.82%	+7.9%
	Sell	General Motors Co (GM)	$547,814,000	-11.1%	10,392,979	-0.2%	18.26%	+1.4%
TOL	Buy	Toll Brothers, Inc. (TOL)	$287,707,000	-3.2%	5,203,596	+1.2%	9.59%	+10.4%
DHI	Sell	D R Horton, Inc. (DHI)	$63,981,000	-8.8%	761,945	-1.8%	2.13%	+4.1%
LENB	Sell	Lennar Corporation - B SHS (LEN/B)	$35,135,000	-5.0%	452,834	-0.3%	1.17%	+8.3%
MS	Sell	Morgan Stanley (MS)	$25,991,000	+2.6%	267,090	-3.3%	0.87%	+17.0%
SCHW	Sell	Charles Schwab Corporation (SCHW)	$3,058,000	-70.9%	41,987	-70.9%	0.10%	-66.8%
CF	Sell	CF Industries Holdings, Inc. (CF)	$1,675,000	-32.9%	30,000	-38.1%	0.06%	-23.3%
BRKB	Sell	Berkshire Hathaway Inc. Class B (BRK/B)	$683,000	-90.5%	2,501	-90.4%	0.02%	-89.1%
BG	Exit	Bunge Ltd (BG)	$0	–	-40,500	–	-0.09%	–

Q2 2021

			Value		Shares		↓ Weighting
GS	New	Goldman Sachs (GS)	$1,003,317,000	–	2,643,577	–	29.32%	–
LEN	New	Lennar Corporation - A (LEN)	$697,684,000	–	7,022,487	–	20.39%	–
	New	General Motors Co (GM)	$616,422,000	–	10,417,814	–	18.01%	–
WHR	New	Whirlpool Corp (WHR)	$596,962,000	–	2,738,105	–	17.44%	–
TOL	New	Toll Brothers, Inc. (TOL)	$297,358,000	–	5,143,716	–	8.69%	–
DHI	New	D R Horton, Inc. (DHI)	$70,122,000	–	775,945	–	2.05%	–
LENB	New	Lennar Corporation - B SHS (LEN/B)	$36,987,000	–	454,101	–	1.08%	–
LEA	New	Lear Corporation (LEA)	$26,679,000	–	152,210	–	0.78%	–
MS	New	Morgan Stanley (MS)	$25,333,000	–	276,290	–	0.74%	–
PSQ	New	Proshares Short QQQ (PSQ)	$12,452,000	–	1,005,000	–	0.36%	–
SH	New	Proshares Short S&P500 (SH)	$10,696,000	–	695,000	–	0.31%	–
SCHW	New	Charles Schwab Corporation (SCHW)	$10,501,000	–	144,227	–	0.31%	–
BRKB	New	Berkshire Hathaway Inc. Class B (BRK/B)	$7,223,000	–	25,991	–	0.21%	–
BG	New	Bunge Ltd (BG)	$3,165,000	–	40,500	–	0.09%	–
CF	New	CF Industries Holdings, Inc. (CF)	$2,495,000	–	48,500	–	0.07%	–
A	New	Agilent Technologies, Inc. (A)	$1,582,000	–	10,700	–	0.05%	–
MDC	New	M.D.C. Holdings, Inc. (MDC)	$1,265,000	–	25,000	–	0.04%	–
JPM	New	J P Morgan Chase (JPM)	$778,000	–	5,000	–	0.02%	–
MMM	New	3M Company (MMM)	$497,000	–	2,500	–	0.02%	–
UNP	New	Union Pacific Corp (UNP)	$447,000	–	2,032	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-5,170	–	-0.00%	–
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-2,032	–	-0.01%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-5,000	–	-0.01%	–
MMM	Exit	3M Company (MMM)	$0	–	-5,000	–	-0.02%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.02%	–
MDC	Exit	M.D.C. Holdings, Inc. (MDC)	$0	–	-34,400	–	-0.04%	–
ALV	Exit	Autoliv, Inc. (ALV)	$0	–	-72,500	–	-0.12%	–
PSQ	Exit	Proshares Short QQQ (PSQ)	$0	–	-492,000	–	-0.18%	–
PWR	Exit	Quanta Services Inc (PWR)	$0	–	-330,020	–	-0.38%	–
ADNT	Exit	Adient PLC (ADNT)	$0	–	-1,648,786	–	-0.63%	–
LENB	Exit	Lennar Corporation - B SHS (LEN/B)	$0	–	-463,481	–	-0.67%	–
OC	Exit	Owens Corning, Inc (OC)	$0	–	-457,526	–	-0.69%	–
BG	Exit	Bunge Ltd (BG)	$0	–	-1,090,161	–	-1.10%	–
LEA	Exit	Lear Corporation (LEA)	$0	–	-514,921	–	-1.23%	–
C	Exit	Citigroup (C)	$0	–	-2,100,204	–	-1.99%	–
PHM	Exit	PulteGroup (PHM)	$0	–	-2,045,955	–	-2.08%	–
BRKB	Exit	Berkshire Hathaway Inc. Class B (BRK/B)	$0	–	-446,647	–	-2.09%	–
CF	Exit	CF Industries Holdings, Inc. (CF)	$0	–	-3,400,391	–	-2.30%	–
SCHW	Exit	Charles Schwab Corporation (SCHW)	$0	–	-3,344,940	–	-2.66%	–
F	Exit	Ford Motor Co (F)	$0	–	-19,161,910	–	-2.80%	–
TOL	Exit	Toll Brothers, Inc. (TOL)	$0	–	-5,291,137	–	-5.66%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-3,506,171	–	-5.83%	–
MS	Exit	Morgan Stanley (MS)	$0	–	-9,209,774	–	-9.78%	–
DE	Exit	Deere & Co (DE)	$0	–	-2,017,850	–	-9.83%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,791,927	–	-11.28%	–
GM	Exit	General Motors Co (GM)	$0	–	-18,228,066	–	-11.85%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-2,974,180	–	-13.13%	–
LEN	Exit	Lennar Corporation - A (LEN)	$0	–	-7,587,525	–	-13.62%	–

Q3 2020

			Value		Shares		↓ Weighting
LEN	Sell	Lennar Corporation - A (LEN)	$619,749,000	+6.3%	7,587,525	-19.8%	13.62%	+5.5%
GS	Buy	Goldman Sachs (GS)	$597,721,000	+2.6%	2,974,180	+0.9%	13.13%	+1.9%
GM	New	General Motors Co (GM)	$539,368,000	–	18,228,066	–	11.85%	–
WHR	Buy	Whirlpool Corp (WHR)	$513,407,000	+42.6%	2,791,927	+0.5%	11.28%	+41.5%
DE	Sell	Deere & Co (DE)	$447,216,000	+36.4%	2,017,850	-3.3%	9.83%	+35.3%
MS	Sell	Morgan Stanley (MS)	$445,293,000	-2.9%	9,209,774	-3.0%	9.78%	-3.6%
DHI	Sell	D R Horton, Inc. (DHI)	$265,172,000	-40.0%	3,506,171	-56.0%	5.83%	-40.4%
TOL	Buy	Toll Brothers, Inc. (TOL)	$257,467,000	+55.8%	5,291,137	+4.3%	5.66%	+54.6%
F	Sell	Ford Motor Co (F)	$127,618,000	-20.2%	19,161,910	-27.2%	2.80%	-20.8%
SCHW	Sell	Charles Schwab Corporation (SCHW)	$121,187,000	-2.0%	3,344,940	-8.7%	2.66%	-2.7%
CF	Sell	CF Industries Holdings, Inc. (CF)	$104,426,000	+7.4%	3,400,391	-1.6%	2.30%	+6.6%
BRKB	Sell	Berkshire Hathaway Inc. Class B (BRK/B)	$95,109,000	+10.3%	446,647	-7.5%	2.09%	+9.5%
PHM	Sell	PulteGroup (PHM)	$94,707,000	-47.0%	2,045,955	-61.0%	2.08%	-47.4%
C	Sell	Citigroup (C)	$90,540,000	-21.1%	2,100,204	-6.5%	1.99%	-21.7%
LEA	Buy	Lear Corporation (LEA)	$56,152,000	+76.9%	514,921	+76.8%	1.23%	+75.5%
BG	Buy	Bunge Ltd (BG)	$49,820,000	+37.3%	1,090,161	+23.6%	1.10%	+36.4%
OC	Sell	Owens Corning, Inc (OC)	$31,482,000	-32.3%	457,526	-45.2%	0.69%	-32.8%
LENB	Sell	Lennar Corporation - B SHS (LEN/B)	$30,432,000	+14.9%	463,481	-19.4%	0.67%	+14.0%
ADNT	Sell	Adient PLC (ADNT)	$28,573,000	+3.2%	1,648,786	-2.2%	0.63%	+2.4%
PWR	Sell	Quanta Services Inc (PWR)	$17,445,000	-46.6%	330,020	-60.4%	0.38%	-47.0%
PSQ	New	Proshares Short QQQ (PSQ)	$8,143,000	–	492,000	–	0.18%	–
ALV	Sell	Autoliv, Inc. (ALV)	$5,284,000	+10.1%	72,500	-2.6%	0.12%	+9.4%
MDC	Sell	M.D.C. Holdings, Inc. (MDC)	$1,620,000	-76.0%	34,400	-81.8%	0.04%	-75.8%
JPM	Sell	J P Morgan Chase (JPM)	$481,000	-97.8%	5,000	-97.8%	0.01%	-97.7%
ETRN	Exit	Equitrans Midstream Corp (ETRN)	$0	–	-17,809	–	-0.00%	–
TPH	Exit	Tri Pointe Group, Inc. (TPH)	$0	–	-14,700	–	-0.01%	–
TMHC	Exit	Taylor Morrison Home Corp (TMHC)	$0	–	-39,183	–	-0.02%	–
MTH	Exit	Meritage Homes Corp (MTH)	$0	–	-32,700	–	-0.06%	–
KBH	Exit	KB Home(KBH)	$0	–	-1,809,400	–	-1.23%	–
MHK	Exit	Mohawk Industries, Inc (MHK)	$0	–	-714,874	–	-1.61%	–
FDX	Exit	FedEx Corporation (FDX)	$0	–	-804,960	–	-2.50%	–
	Exit	General Motors Co (GM)	$0	–	-14,076,097	–	-7.88%	–

Q2 2020

			Value		Shares		↓ Weighting
LEN	New	Lennar Corporation - A (LEN)	$582,919,000	–	9,459,894	–	12.90%	–
GS	New	Goldman Sachs (GS)	$582,471,000	–	2,947,430	–	12.90%	–
MS	New	Morgan Stanley (MS)	$458,602,000	–	9,494,874	–	10.15%	–
DHI	New	D R Horton, Inc. (DHI)	$441,742,000	–	7,966,496	–	9.78%	–
WHR	New	Whirlpool Corp (WHR)	$359,984,000	–	2,779,157	–	7.97%	–
	New	General Motors Co (GM)	$356,125,000	–	14,076,097	–	7.88%	–
DE	New	Deere & Co (DE)	$327,958,000	–	2,086,910	–	7.26%	–
PHM	New	PulteGroup (PHM)	$178,666,000	–	5,250,246	–	3.96%	–
TOL	New	Toll Brothers, Inc. (TOL)	$165,275,000	–	5,071,355	–	3.66%	–
F	New	Ford Motor Co (F)	$159,931,000	–	26,304,489	–	3.54%	–
SCHW	New	Charles Schwab Corporation (SCHW)	$123,612,000	–	3,663,668	–	2.74%	–
C	New	Citigroup (C)	$114,790,000	–	2,246,374	–	2.54%	–
FDX	New	FedEx Corporation (FDX)	$112,871,000	–	804,960	–	2.50%	–
CF	New	CF Industries Holdings, Inc. (CF)	$97,266,000	–	3,456,491	–	2.15%	–
BRKB	New	Berkshire Hathaway Inc. Class B (BRK/B)	$86,203,000	–	482,902	–	1.91%	–
MHK	New	Mohawk Industries, Inc (MHK)	$72,746,000	–	714,874	–	1.61%	–
KBH	New	KB Home(KBH)	$55,512,000	–	1,809,400	–	1.23%	–
OC	New	Owens Corning, Inc (OC)	$46,521,000	–	834,316	–	1.03%	–
BG	New	Bunge Ltd (BG)	$36,279,000	–	882,061	–	0.80%	–
PWR	New	Quanta Services Inc (PWR)	$32,679,000	–	833,011	–	0.72%	–
LEA	New	Lear Corporation (LEA)	$31,748,000	–	291,211	–	0.70%	–
ADNT	New	Adient PLC (ADNT)	$27,690,000	–	1,686,386	–	0.61%	–
LENB	New	Lennar Corporation - B SHS (LEN/B)	$26,495,000	–	574,858	–	0.59%	–
JPM	New	J P Morgan Chase (JPM)	$21,514,000	–	228,725	–	0.48%	–
MDC	New	M.D.C. Holdings, Inc. (MDC)	$6,741,000	–	188,837	–	0.15%	–
ALV	New	Autoliv, Inc. (ALV)	$4,800,000	–	74,400	–	0.11%	–
MTH	New	Meritage Homes Corp (MTH)	$2,489,000	–	32,700	–	0.06%	–
A	New	Agilent Technologies, Inc. (A)	$946,000	–	10,700	–	0.02%	–
TMHC	New	Taylor Morrison Home Corp (TMHC)	$756,000	–	39,183	–	0.02%	–
MMM	New	3M Company (MMM)	$780,000	–	5,000	–	0.02%	–
UNP	New	Union Pacific Corp (UNP)	$344,000	–	2,032	–	0.01%	–
TPH	New	Tri Pointe Group, Inc. (TPH)	$216,000	–	14,700	–	0.01%	–
AMTD	New	TD Ameritrade (AMTD)	$188,000	–	5,170	–	0.00%	–
ETRN	New	Equitrans Midstream Corp (ETRN)	$147,000	–	17,809	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
UNP	Exit	UNION PACIFIC CORP	$0	–	-2,032	–	-0.01%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-7,170	–	-0.01%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-10,700	–	-0.02%	–
MMM	Exit	3M CO	$0	–	-25,000	–	-0.08%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD T	$0	–	-57,500	–	-0.13%	–
MS	Exit	MORGAN STANLEY	$0	–	-273,500	–	-0.24%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-868,555	–	-0.46%	–
LENB	Exit	LENNAR CORP	$0	–	-573,055	–	-0.51%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-2,223,572	–	-0.68%	–
ADNT	Exit	ADIENT PLC	$0	–	-1,781,564	–	-0.83%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-2,461,146	–	-1.88%	–
PHM	Exit	PULTE GROUP INC	$0	–	-3,662,694	–	-2.71%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-3,741,427	–	-3.10%	–
FDX	Exit	FEDEX CORP	$0	–	-1,132,065	–	-3.33%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,074,113	–	-4.94%	–
F	Exit	FORD MTR CO DEL	$0	–	-34,659,420	–	-6.42%	–
DHI	Exit	D R HORTON INC	$0	–	-8,350,534	–	-8.90%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-2,817,170	–	-9.02%	–
LEN	Exit	LENNAR CORP	$0	–	-9,344,099	–	-10.55%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-3,346,831	–	-14.02%	–
	Exit	General Motors Co (GM)	$0	–	-20,160,745	–	-15.28%	–
C	Exit	CITIGROUP INC	$0	–	-12,103,531	–	-16.90%	–

Q3 2019

			Value		Shares		↓ Weighting
C	Buy	CITIGROUP INC	$836,112,000	-1.2%	12,103,531	+0.1%	16.90%	+14.4%
	Sell	General Motors Co (GM)	$755,625,000	-3.1%	20,160,745	-0.4%	15.28%	+12.2%
GS	Sell	GOLDMAN SACHS GROUP INC	$693,564,000	+0.3%	3,346,831	-0.9%	14.02%	+16.2%
LEN	Buy	LENNAR CORP	$521,868,000	+15.6%	9,344,099	+0.3%	10.55%	+33.9%
WHR	Sell	WHIRLPOOL CORP	$446,127,000	+11.2%	2,817,170	-0.1%	9.02%	+28.8%
DHI	Sell	D R HORTON INC	$440,157,000	+20.1%	8,350,534	-1.8%	8.90%	+39.1%
F	Buy	FORD MTR CO DEL	$317,480,000	-4.4%	34,659,420	+6.8%	6.42%	+10.8%
JPM	Sell	JPMORGAN CHASE & CO	$244,102,000	-55.5%	2,074,113	-57.7%	4.94%	-48.4%
FDX	Sell	FEDEX CORP	$164,795,000	-63.2%	1,132,065	-58.5%	3.33%	-57.4%
TOL	Sell	TOLL BROTHERS INC	$153,586,000	-3.0%	3,741,427	-13.5%	3.10%	+12.3%
PHM	Sell	PULTE GROUP INC	$133,871,000	-23.5%	3,662,694	-33.8%	2.71%	-11.3%
PWR	Sell	QUANTA SVCS INC	$93,031,000	-12.1%	2,461,146	-11.2%	1.88%	+1.8%
ADNT	Sell	ADIENT PLC	$40,905,000	-5.6%	1,781,564	-0.2%	0.83%	+9.4%
TPH	Sell	TRI POINTE GROUP INC	$33,443,000	-41.8%	2,223,572	-53.6%	0.68%	-32.5%
LENB	Sell	LENNAR CORP	$25,426,000	+15.1%	573,055	-0.1%	0.51%	+33.5%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$22,530,000	-60.6%	868,555	-68.2%	0.46%	-54.4%
MS	New	MORGAN STANLEY	$11,670,000	–	273,500	–	0.24%	–
RSP	Sell	INVESCO EXCHANGE TRADED FD T	$6,215,000	-25.6%	57,500	-25.8%	0.13%	-13.7%
DXC	Exit	DXC Technology Co (DXC)	$0	–	-62,500	–	-0.06%	–
MTH	Exit	Meritage Homes Corp (MTH)	$0	–	-96,717	–	-0.09%	–
KKR	Exit	KKR & Co Inc - A (KKR)	$0	–	-1,452,230	–	-0.64%	–
EADSY	Exit	Airbus Group NV (EADSY)	$0	–	-5,262,976	–	-3.25%	–

Q2 2019

			Value		Shares		↓ Weighting
C	New	Citigroup (C)	$846,617,000	–	12,089,344	–	14.78%	–
	New	General Motors Co (GM)	$779,897,000	–	20,241,295	–	13.61%	–
GS	New	Goldman Sachs (GS)	$691,225,000	–	3,378,421	–	12.06%	–
JPM	New	J P Morgan Chase (JPM)	$548,164,000	–	4,903,076	–	9.57%	–
LEN	New	Lennar Corporation - A (LEN)	$451,536,000	–	9,317,715	–	7.88%	–
FDX	New	FedEx Corp (FDX)	$447,866,000	–	2,727,733	–	7.82%	–
WHR	New	Whirlpool Corp (WHR)	$401,364,000	–	2,819,360	–	7.00%	–
DHI	New	D R Horton, Inc. (DHI)	$366,635,000	–	8,500,704	–	6.40%	–
F	New	Ford Motor Co (F)	$331,933,000	–	32,447,050	–	5.79%	–
EADSY	New	Airbus Group NV (EADSY)	$186,099,000	–	5,262,976	–	3.25%	–
PHM	New	PulteGroup (PHM)	$174,944,000	–	5,532,709	–	3.05%	–
TOL	New	Toll Brothers, Inc. (TOL)	$158,359,000	–	4,324,376	–	2.76%	–
PWR	New	Quanta Services Inc (PWR)	$105,865,000	–	2,772,066	–	1.85%	–
TPH	New	Tri Pointe Group, Inc. (TPH)	$57,416,000	–	4,796,632	–	1.00%	–
TMHC	New	Taylor Morrison Home Corp (TMHC)	$57,237,000	–	2,730,756	–	1.00%	–
ADNT	New	Adient PLC (ADNT)	$43,327,000	–	1,785,224	–	0.76%	–
KKR	New	KKR & Co Inc - A (KKR)	$36,698,000	–	1,452,230	–	0.64%	–
LENB	New	Lennar Corporation - B SHS (LEN/B)	$22,083,000	–	573,448	–	0.38%	–
RSP	New	Invesco S&P 500 Equal Weight (RSP)	$8,355,000	–	77,500	–	0.15%	–
MTH	New	Meritage Homes Corp (MTH)	$4,965,000	–	96,717	–	0.09%	–
MMM	New	3M Company (MMM)	$4,334,000	–	25,000	–	0.08%	–
DXC	New	DXC Technology Co (DXC)	$3,447,000	–	62,500	–	0.06%	–
A	New	Agilent Technologies, Inc. (A)	$799,000	–	10,700	–	0.01%	–
AMTD	New	TD Ameritrade (AMTD)	$358,000	–	7,170	–	0.01%	–
UNP	New	Union Pacific Corp (UNP)	$344,000	–	2,032	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-2,032	–	-0.01%	–
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-7,170	–	-0.01%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.01%	–
MTH	Exit	Meritage Homes Corp (MTH)	$0	–	-73,825	–	-0.05%	–
PX	Exit	Praxair Inc. (PX)	$0	–	-20,000	–	-0.05%	–
MMM	Exit	3M Company (MMM)	$0	–	-50,000	–	-0.16%	–
LENB	Exit	Lennar Corporation - B SHS (LEN/B)	$0	–	-570,189	–	-0.34%	–
TMHC	Exit	Taylor Morrison Home Corp (TMHC)	$0	–	-2,846,138	–	-0.80%	–
ACM	Exit	AECOM (ACM)	$0	–	-1,636,089	–	-0.83%	–
TPH	Exit	Tri Pointe Group, Inc. (TPH)	$0	–	-5,047,999	–	-0.97%	–
ADNT	Exit	Adient PLC (ADNT)	$0	–	-1,883,548	–	-1.15%	–
PWR	Exit	Quanta Services Inc (PWR)	$0	–	-2,578,300	–	-1.33%	–
TOL	Exit	Toll Brothers, Inc. (TOL)	$0	–	-4,106,475	–	-2.10%	–
PHM	Exit	PulteGroup (PHM)	$0	–	-6,985,895	–	-2.68%	–
F	Exit	Ford Motor Co (F)	$0	–	-33,038,548	–	-4.73%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,878,932	–	-5.30%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-8,729,321	–	-5.70%	–
LEN	Exit	Lennar Corporation - A (LEN)	$0	–	-9,284,459	–	-6.71%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-5,212,384	–	-9.11%	–
FDX	Exit	FedEx Corp (FDX)	$0	–	-2,772,727	–	-10.34%	–
	Exit	General Motors Co (GM)	$0	–	-20,264,137	–	-10.57%	–
EADSY	Exit	Airbus Group NV (EADSY)	$0	–	-24,035,484	–	-11.64%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-3,369,449	–	-11.70%	–
C	Exit	Citigroup (C)	$0	–	-12,349,821	–	-13.72%	–

Q3 2018

			Value		Shares		↓ Weighting
C	Buy	Citigroup (C)	$885,976,000	+7.4%	12,349,821	+0.2%	13.72%	+11.1%
GS	Sell	Goldman Sachs (GS)	$755,565,000	+0.5%	3,369,449	-1.1%	11.70%	+3.9%
EADSY	Sell	Airbus Group NV (EADSY)	$751,710,000	+4.4%	24,035,484	-2.9%	11.64%	+7.9%
	Buy	General Motors Co (GM)	$682,293,000	-14.2%	20,264,137	+0.4%	10.57%	-11.3%
FDX	Sell	FedEx Corp (FDX)	$667,645,000	+5.4%	2,772,727	-0.6%	10.34%	+9.0%
JPM	Sell	J P Morgan Chase (JPM)	$588,165,000	+5.8%	5,212,384	-2.3%	9.11%	+9.4%
LEN	Buy	Lennar Corporation - A (LEN)	$433,491,000	-10.9%	9,284,459	+0.2%	6.71%	-7.8%
DHI	Buy	D R Horton, Inc. (DHI)	$368,203,000	+3.0%	8,729,321	+0.1%	5.70%	+6.5%
WHR	Sell	Whirlpool Corp (WHR)	$341,873,000	-18.8%	2,878,932	-0.1%	5.30%	-16.1%
F	Buy	Ford Motor Co (F)	$305,607,000	-15.6%	33,038,548	+1.0%	4.73%	-12.8%
PHM	Sell	PulteGroup (PHM)	$173,041,000	-13.9%	6,985,895	-0.0%	2.68%	-10.9%
TOL	Buy	Toll Brothers, Inc. (TOL)	$135,637,000	-10.3%	4,106,475	+0.4%	2.10%	-7.2%
PWR	Buy	Quanta Services Inc (PWR)	$86,064,000	+2.5%	2,578,300	+2.6%	1.33%	+6.0%
ADNT	Sell	Adient PLC (ADNT)	$74,042,000	-20.2%	1,883,548	-0.2%	1.15%	-17.5%
TPH	Sell	Tri Pointe Group, Inc. (TPH)	$62,595,000	-24.4%	5,047,999	-0.2%	0.97%	-21.9%
ACM	Buy	AECOM (ACM)	$53,435,000	-0.9%	1,636,089	+0.2%	0.83%	+2.5%
TMHC	Buy	Taylor Morrison Home Corp (TMHC)	$51,344,000	-13.0%	2,846,138	+0.2%	0.80%	-10.1%
LENB	Sell	Lennar Corporation - B SHS (LEN/B)	$21,952,000	-9.9%	570,189	-0.1%	0.34%	-6.8%
MMM	Sell	3M Company (MMM)	$10,536,000	+2.1%	50,000	-4.7%	0.16%	+5.2%
PX	Sell	Praxair Inc. (PX)	$3,215,000	-9.5%	20,000	-10.9%	0.05%	-5.7%
MTH	Buy	Meritage Homes Corp (MTH)	$2,946,000	+0.4%	73,825	+10.6%	0.05%	+4.5%

Q2 2018

			Value		Shares		↓ Weighting
C	New	Citigroup (C)	$824,846,000	–	12,325,856	–	12.35%	–
	New	General Motors Co (GM)	$795,600,000	–	20,192,887	–	11.92%	–
GS	New	Goldman Sachs (GS)	$751,842,000	–	3,408,632	–	11.26%	–
EADSY	New	Airbus Group NV (EADSY)	$720,236,000	–	24,754,644	–	10.79%	–
FDX	New	FedEx Corp (FDX)	$633,586,000	–	2,790,392	–	9.49%	–
JPM	New	J P Morgan Chase (JPM)	$556,084,000	–	5,336,700	–	8.33%	–
LEN	New	Lennar Corporation - A (LEN)	$486,370,000	–	9,264,187	–	7.28%	–
WHR	New	Whirlpool Corp (WHR)	$421,235,000	–	2,880,632	–	6.31%	–
F	New	Ford Motor Co (F)	$362,239,000	–	32,722,548	–	5.42%	–
DHI	New	D R Horton, Inc. (DHI)	$357,599,000	–	8,721,921	–	5.36%	–
PHM	New	PulteGroup (PHM)	$200,893,000	–	6,987,595	–	3.01%	–
TOL	New	Toll Brothers, Inc. (TOL)	$151,251,000	–	4,088,975	–	2.26%	–
ADNT	New	Adient PLC (ADNT)	$92,804,000	–	1,886,648	–	1.39%	–
PWR	New	Quanta Services Inc (PWR)	$83,971,000	–	2,514,100	–	1.26%	–
TPH	New	Tri Pointe Group, Inc. (TPH)	$82,760,000	–	5,058,699	–	1.24%	–
TMHC	New	Taylor Morrison Home Corp (TMHC)	$59,024,000	–	2,840,438	–	0.88%	–
ACM	New	AECOM (ACM)	$53,928,000	–	1,632,689	–	0.81%	–
LENB	New	Lennar Corporation - B SHS (LEN/B)	$24,356,000	–	570,540	–	0.36%	–
MMM	New	3M Company (MMM)	$10,319,000	–	52,453	–	0.16%	–
PX	New	Praxair Inc. (PX)	$3,551,000	–	22,451	–	0.05%	–
MTH	New	Meritage Homes Corp (MTH)	$2,934,000	–	66,760	–	0.04%	–
A	New	Agilent Technologies, Inc. (A)	$662,000	–	10,700	–	0.01%	–
AMTD	New	TD Ameritrade (AMTD)	$393,000	–	7,170	–	0.01%	–
UNP	New	Union Pacific Corp (UNP)	$288,000	–	2,032	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-2,032	–	-0.00%	–
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-7,170	–	-0.01%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.01%	–
PX	Exit	Praxair Inc. (PX)	$0	–	-46,051	–	-0.10%	–
MMM	Exit	3M Company (MMM)	$0	–	-50,000	–	-0.16%	–
TMHC	Exit	Taylor Morrison Home Corp (TMHC)	$0	–	-2,526,244	–	-0.84%	–
ACM	Exit	AECOM (ACM)	$0	–	-1,606,379	–	-0.89%	–
TPH	Exit	Tri Pointe Group, Inc. (TPH)	$0	–	-5,164,668	–	-1.07%	–
USG	Exit	USG Corp (USG)	$0	–	-2,346,353	–	-1.15%	–
CAA	Exit	Calatlantic Group (CAA)	$0	–	-3,198,013	–	-1.76%	–
PHM	Exit	PulteGroup (PHM)	$0	–	-5,734,548	–	-2.35%	–
ADNT	Exit	Adient PLC (ADNT)	$0	–	-1,869,315	–	-2.36%	–
TOL	Exit	Toll Brothers, Inc. (TOL)	$0	–	-4,075,852	–	-2.54%	–
BA	Exit	Boeing Company (BA)	$0	–	-793,498	–	-3.03%	–
LEN	Exit	Lennar Corporation (LEN)	$0	–	-5,425,123	–	-4.30%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-8,214,782	–	-4.92%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,759,675	–	-7.64%	–
LOW	Exit	Lowe's Companies, Inc. (LOW)	$0	–	-7,037,051	–	-8.44%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-6,906,482	–	-9.90%	–
FDX	Exit	FedEx Corp (FDX)	$0	–	-2,981,611	–	-10.09%	–
C	Exit	Citigroup (C)	$0	–	-11,506,304	–	-12.56%	–
EADSY	Exit	Airbus Group NV (EADSY)	$0	–	-35,756,824	–	-12.71%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-3,705,695	–	-13.19%	–

Q3 2017

			Value		Shares		↓ Weighting
GS	Sell	Goldman Sachs (GS)	$878,954,000	+4.4%	3,705,695	-2.3%	13.19%	+3.6%
EADSY	Sell	Airbus Group NV (EADSY)	$847,079,000	+14.2%	35,756,824	-0.4%	12.71%	+13.3%
C	Buy	Citigroup (C)	$836,969,000	+8.9%	11,506,304	+0.1%	12.56%	+8.0%
FDX	Sell	FedEx Corp (FDX)	$672,592,000	+2.6%	2,981,611	-1.1%	10.09%	+1.8%
JPM	Sell	J P Morgan Chase (JPM)	$659,638,000	+2.6%	6,906,482	-1.8%	9.90%	+1.8%
LOW	Sell	Lowe's Companies, Inc. (LOW)	$562,542,000	+2.1%	7,037,051	-1.0%	8.44%	+1.3%
WHR	Buy	Whirlpool Corp (WHR)	$508,994,000	-3.0%	2,759,675	+0.8%	7.64%	-3.7%
DHI	Buy	D R Horton, Inc. (DHI)	$328,016,000	+16.1%	8,214,782	+0.5%	4.92%	+15.2%
LEN	Buy	Lennar Corporation (LEN)	$286,446,000	-0.9%	5,425,123	+0.1%	4.30%	-1.6%
BA	Sell	Boeing Company (BA)	$201,715,000	-63.6%	793,498	-71.7%	3.03%	-63.9%
TOL	Buy	Toll Brothers, Inc. (TOL)	$169,026,000	+6.2%	4,075,852	+1.1%	2.54%	+5.3%
ADNT	Buy	Adient PLC (ADNT)	$157,004,000	+48.7%	1,869,315	+15.8%	2.36%	+47.5%
PHM	Sell	PulteGroup (PHM)	$156,725,000	+11.0%	5,734,548	-0.4%	2.35%	+10.2%
CAA	Buy	Calatlantic Group (CAA)	$117,143,000	+8.7%	3,198,013	+4.9%	1.76%	+7.8%
USG	Sell	USG Corp (USG)	$76,608,000	+1.7%	2,346,353	-9.6%	1.15%	+1.0%
TPH	Sell	Tri Pointe Group, Inc. (TPH)	$71,324,000	+4.4%	5,164,668	-0.3%	1.07%	+3.6%
ACM	Sell	AECOM (ACM)	$59,131,000	+13.4%	1,606,379	-0.4%	0.89%	+12.6%
TMHC	Buy	Taylor Morrison Home Corp (TMHC)	$55,704,000	+79.0%	2,526,244	+94.9%	0.84%	+77.5%
PX	Sell	Praxair Inc. (PX)	$6,435,000	-14.5%	46,051	-18.9%	0.10%	-14.9%
AMTD	Buy	TD Ameritrade (AMTD)	$350,000	+29.6%	7,170	+14.4%	0.01%	+25.0%

Q2 2017

			Value		Shares		↓ Weighting
GS	New	Goldman Sachs (GS)	$841,730,000	–	3,793,287	–	12.73%	–
C	New	Citigroup (C)	$768,798,000	–	11,495,187	–	11.63%	–
EADSY	New	Airbus Group NV (EADSY)	$741,801,000	–	35,887,788	–	11.22%	–
FDX	New	FedEx Corp (FDX)	$655,399,000	–	3,015,688	–	9.91%	–
JPM	New	J P Morgan Chase (JPM)	$642,894,000	–	7,033,846	–	9.72%	–
BA	New	Boeing Company (BA)	$554,581,000	–	2,804,454	–	8.39%	–
LOW	New	Lowe's Companies, Inc. (LOW)	$550,938,000	–	7,106,121	–	8.33%	–
WHR	New	Whirlpool Corp (WHR)	$524,493,000	–	2,737,150	–	7.93%	–
LEN	New	Lennar Corporation (LEN)	$289,022,000	–	5,420,516	–	4.37%	–
DHI	New	D R Horton, Inc. (DHI)	$282,511,000	–	8,172,140	–	4.27%	–
TOL	New	Toll Brothers, Inc. (TOL)	$159,224,000	–	4,029,966	–	2.41%	–
PHM	New	PulteGroup (PHM)	$141,177,000	–	5,755,265	–	2.14%	–
CAA	New	Calatlantic Group (CAA)	$107,812,000	–	3,049,843	–	1.63%	–
ADNT	New	Adient PLC (ADNT)	$105,581,000	–	1,614,881	–	1.60%	–
USG	New	USG Corp (USG)	$75,326,000	–	2,595,641	–	1.14%	–
TPH	New	Tri Pointe Group, Inc. (TPH)	$68,311,000	–	5,179,006	–	1.03%	–
ACM	New	AECOM (ACM)	$52,130,000	–	1,612,447	–	0.79%	–
TMHC	New	Taylor Morrison Home Corp (TMHC)	$31,127,000	–	1,296,400	–	0.47%	–
MMM	New	3M Company (MMM)	$10,410,000	–	50,000	–	0.16%	–
PX	New	Praxair Inc. (PX)	$7,524,000	–	56,761	–	0.11%	–
A	New	Agilent Technologies, Inc. (A)	$635,000	–	10,700	–	0.01%	–
AMTD	New	TD Ameritrade (AMTD)	$270,000	–	6,270	–	0.00%	–
UNP	New	Union Pacific Corp (UNP)	$221,000	–	2,032	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-6,840	–	-0.01%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.01%	–
STRL	Exit	Sterling Construction Compnay (STRL)	$0	–	-84,623	–	-0.01%	–
PX	Exit	Praxair Inc. (PX)	$0	–	-66,441	–	-0.15%	–
MMM	Exit	3M Company (MMM)	$0	–	-50,000	–	-0.17%	–
CAA	Exit	Calatlantic Group (CAA)	$0	–	-1,227,921	–	-0.78%	–
ACM	Exit	AECOM (ACM)	$0	–	-1,879,907	–	-1.07%	–
TPH	Exit	Tri Pointe Group, Inc. (TPH)	$0	–	-5,157,807	–	-1.30%	–
USG	Exit	USG Corp (USG)	$0	–	-3,553,971	–	-1.75%	–
TOL	Exit	Toll Brothers, Inc. (TOL)	$0	–	-3,351,661	–	-1.91%	–
PHM	Exit	PulteGroup (PHM)	$0	–	-5,551,865	–	-2.12%	–
OC	Exit	Owens Corning (OC)	$0	–	-3,230,057	–	-3.29%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-6,779,531	–	-3.90%	–
LEN	Exit	Lennar Corporation (LEN)	$0	–	-5,059,049	–	-4.08%	–
BA	Exit	Boeing Company (BA)	$0	–	-1,728,295	–	-4.34%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,614,785	–	-8.09%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-7,788,657	–	-9.89%	–
EADSY	Exit	Airbus Group NV (EADSY)	$0	–	-34,485,579	–	-9.93%	–
C	Exit	Citigroup [C]	$0	–	-11,269,908	–	-10.15%	–
LOW	Exit	Lowe's Companies, Inc. (LOW)	$0	–	-7,621,686	–	-10.50%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-3,745,784	–	-11.52%	–
FDX	Exit	FedEx Corp (FDX)	$0	–	-4,507,547	–	-15.02%	–

Q3 2016

			Value		Shares		↓ Weighting
FDX	Sell	FedEx Corp (FDX)	$787,378,000	-45.6%	4,507,547	-52.8%	15.02%	+5.7%
GS	Sell	Goldman Sachs (GS)	$604,083,000	-45.8%	3,745,784	-50.0%	11.52%	+5.5%
LOW	Sell	Lowe's Companies, Inc. (LOW)	$550,362,000	-58.2%	7,621,686	-54.2%	10.50%	-18.7%
C	Sell	Citigroup [C]	$532,278,000	-41.0%	11,269,908	-47.0%	10.15%	+14.8%
EADSY	Sell	Airbus Group NV (EADSY)	$520,732,000	-46.4%	34,485,579	-48.8%	9.93%	+4.2%
JPM	Sell	J P Morgan Chase (JPM)	$518,647,000	-48.6%	7,788,657	-52.4%	9.89%	-0.0%
WHR	Sell	Whirlpool Corp (WHR)	$424,014,000	-51.5%	2,614,785	-50.2%	8.09%	-5.7%
BA	Sell	Boeing Company (BA)	$227,686,000	-33.5%	1,728,295	-34.4%	4.34%	+29.4%
LEN	Sell	Lennar Corporation (LEN)	$214,200,000	-51.6%	5,059,049	-47.3%	4.08%	-5.8%
DHI	Sell	D R Horton, Inc. (DHI)	$204,742,000	-51.2%	6,779,531	-49.2%	3.90%	-5.1%
OC	Sell	Owens Corning (OC)	$172,453,000	-49.1%	3,230,057	-50.9%	3.29%	-0.9%
PHM	Sell	PulteGroup (PHM)	$111,259,000	-39.9%	5,551,865	-41.6%	2.12%	+16.9%
TOL	Sell	Toll Brothers, Inc. (TOL)	$100,081,000	-30.0%	3,351,661	-36.9%	1.91%	+36.3%
USG	Sell	USG Corp (USG)	$91,870,000	-52.4%	3,553,971	-50.4%	1.75%	-7.4%
TPH	Sell	Tri Pointe Group, Inc. (TPH)	$67,980,000	-42.6%	5,157,807	-48.5%	1.30%	+11.7%
ACM	Sell	AECOM (ACM)	$55,890,000	-41.7%	1,879,907	-37.7%	1.07%	+13.4%
CAA	Sell	Calatlantic Group (CAA)	$41,062,000	-43.1%	1,227,921	-37.6%	0.78%	+10.6%
MMM	Sell	3M Company (MMM)	$8,812,000	-88.8%	50,000	-88.9%	0.17%	-78.2%
PX	Sell	Praxair Inc. (PX)	$8,028,000	-46.2%	66,441	-50.0%	0.15%	+4.8%
STRL	Buy	Sterling Construction Compnay (STRL)	$655,000	+68.8%	84,623	+7.0%	0.01%	+200.0%
A	Sell	Agilent Technologies, Inc. (A)	$504,000	-46.9%	10,700	-50.0%	0.01%	+11.1%
AMTD	New	TD Ameritrade (AMTD)	$241,000	–	6,840	–	0.01%	–
MAS	Exit	Masco Corp (MAS)	$0	–	-3,783,136	–	-1.15%	–

Q2 2016

			Value		Shares		↓ Weighting
FDX	New	FedEx Corp (FDX)	$1,448,456,000	–	9,543,122	–	14.20%	–
LOW	New	Lowe's Companies, Inc. (LOW)	$1,316,310,000	–	16,626,382	–	12.91%	–
GS	New	Goldman Sachs (GS)	$1,113,658,000	–	7,495,346	–	10.92%	–
JPM	New	J P Morgan Chase (JPM)	$1,008,914,000	–	16,362,538	–	9.89%	–
EADSY	New	Airbus Group NV (EADSY)	$971,738,000	–	67,388,278	–	9.53%	–
C	New	Citigroup [C]	$901,964,000	–	21,277,768	–	8.84%	–
WHR	New	Whirlpool Corp (WHR)	$874,940,000	–	5,250,476	–	8.58%	–
LEN	New	Lennar Corporation (LEN)	$442,300,000	–	9,594,344	–	4.34%	–
DHI	New	D R Horton, Inc. (DHI)	$419,812,000	–	13,335,830	–	4.12%	–
BA	New	Boeing Company (BA)	$342,230,000	–	2,635,174	–	3.36%	–
OC	New	Owens Corning (OC)	$338,632,000	–	6,572,812	–	3.32%	–
USG	New	USG Corp (USG)	$192,982,000	–	7,158,096	–	1.89%	–
PHM	New	PulteGroup (PHM)	$185,198,000	–	9,502,162	–	1.82%	–
TOL	New	Toll Brothers, Inc. (TOL)	$142,888,000	–	5,309,866	–	1.40%	–
TPH	New	Tri Pointe Group, Inc. (TPH)	$118,426,000	–	10,019,038	–	1.16%	–
MAS	New	Masco Corp (MAS)	$117,050,000	–	3,783,136	–	1.15%	–
ACM	New	AECOM (ACM)	$95,876,000	–	3,017,830	–	0.94%	–
MMM	New	3M Company (MMM)	$78,640,000	–	449,058	–	0.77%	–
CAA	New	Calatlantic Group (CAA)	$72,210,000	–	1,967,066	–	0.71%	–
PX	New	Praxair Inc. (PX)	$14,934,000	–	132,882	–	0.15%	–
A	New	Agilent Technologies, Inc. (A)	$950,000	–	21,400	–	0.01%	–
STRL	New	Sterling Construction (STRL)	$388,000	–	79,086	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-6,940	–	-0.00%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-10,700	–	-0.01%	–
BHI	Exit	Baker Hughes Inc. (BHI)	$0	–	-11,165	–	-0.01%	–
AMIC	Exit	American Independence Corp (AMIC)	$0	–	-99,012	–	-0.02%	–
BA	Exit	Boeing Company (BA)	$0	–	-12,400	–	-0.03%	–
USG	Exit	USG Corp (USG)	$0	–	-494,200	–	-0.26%	–
ELUXY	Exit	Electrolux AB (ELUXY)	$0	–	-1,046,010	–	-1.18%	–
WFC	Exit	Wells Fargo & Co (WFC)	$0	–	-1,205,700	–	-1.24%	–
MAS	Exit	Masco Corp (MAS)	$0	–	-2,761,900	–	-1.39%	–
PX	Exit	Praxair Inc. (PX)	$0	–	-757,493	–	-1.54%	–
DHI	Exit	D R Horton, Inc. (DHI)	$0	–	-3,807,390	–	-2.23%	–
OC	Exit	Owens Corning (OC)	$0	–	-3,437,349	–	-2.88%	–
ARG	Exit	Airgas, Inc. (ARG)	$0	–	-1,667,730	–	-2.98%	–
C	Exit	Citigroup [C]	$0	–	-5,699,322	–	-5.65%	–
MMM	Exit	3M Company (MMM)	$0	–	-2,251,149	–	-6.37%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,599,318	–	-7.64%	–
EADSY	Exit	Airbus Group NV (EADSY)	$0	–	-28,609,415	–	-8.39%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-4,629,131	–	-9.12%	–
JPM	Exit	J P Morgan Chase (JPM)	$0	–	-9,004,895	–	-10.97%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-3,323,250	–	-11.53%	–
FDX	Exit	FedEx Corp (FDX)	$0	–	-4,523,445	–	-13.01%	–
LOW	Exit	Lowe's Companies, Inc. (LOW)	$0	–	-9,842,271	–	-13.55%	–

Q3 2015

			Value		Shares		↓ Weighting
LOW	Sell	Lowe's Companies, Inc. (LOW)	$678,329,000	+0.0%	9,842,271	-2.8%	13.55%	+9.2%
FDX	Buy	FedEx Corp (FDX)	$651,286,000	-15.0%	4,523,445	+0.6%	13.01%	-7.2%
GS	Buy	Goldman Sachs (GS)	$577,448,000	-12.2%	3,323,250	+5.5%	11.53%	-4.1%
JPM	Buy	J P Morgan Chase (JPM)	$549,028,000	-9.5%	9,004,895	+0.5%	10.97%	-1.2%
UPS	Sell	United Parcel Service (UPS)	$456,849,000	-2.1%	4,629,131	-3.8%	9.12%	+6.9%
EADSY	Buy	Airbus Group NV (EADSY)	$420,041,000	-8.1%	28,609,415	+1.9%	8.39%	+0.4%
WHR	Buy	Whirlpool Corp (WHR)	$382,776,000	-12.4%	2,599,318	+2.9%	7.64%	-4.4%
MMM	Buy	3M Company (MMM)	$319,145,000	+3.5%	2,251,149	+12.6%	6.37%	+13.0%
C	Buy	Citigroup [C]	$282,743,000	-1.6%	5,699,322	+9.6%	5.65%	+7.4%
ARG	Buy	Airgas, Inc. (ARG)	$148,978,000	-7.4%	1,667,730	+9.7%	2.98%	+1.1%
OC	Buy	Owens Corning (OC)	$144,059,000	+1.8%	3,437,349	+0.2%	2.88%	+11.2%
DHI	Buy	D R Horton, Inc. (DHI)	$111,785,000	+9.1%	3,807,390	+1.7%	2.23%	+19.2%
PX	Sell	Praxair Inc. (PX)	$77,158,000	-15.5%	757,493	-0.8%	1.54%	-7.7%
MAS	Sell	Masco Corp (MAS)	$69,545,000	-5.6%	2,761,900	-0.0%	1.39%	+3.0%
WFC	Sell	Wells Fargo & Co (WFC)	$61,913,000	-8.7%	1,205,700	-0.0%	1.24%	-0.3%
ELUXY	Sell	Electrolux AB (ELUXY)	$58,843,000	-10.6%	1,046,010	-0.1%	1.18%	-2.4%
BA	Sell	Boeing Company (BA)	$1,624,000	-96.4%	12,400	-96.2%	0.03%	-96.1%
PLL	Exit	Pall Corporation (PLL)	$0	–	-3,500	–	-0.01%	–
CNW	Exit	Con-Way, Inc. (CNW)	$0	–	-945,960	–	-0.66%	–

Q2 2015

			Value		Shares		↓ Weighting
FDX	New	FedEx Corp (FDX)	$766,459,000	–	4,498,000	–	14.02%	–
LOW	New	Lowe's Companies, Inc. (LOW)	$677,999,000	–	10,123,919	–	12.40%	–
GS	New	Goldman Sachs (GS)	$657,493,000	–	3,149,065	–	12.03%	–
JPM	New	J P Morgan Chase (JPM)	$606,852,000	–	8,955,900	–	11.10%	–
UPS	New	United Parcel Service (UPS)	$466,468,000	–	4,813,416	–	8.53%	–
EADSY	New	Airbus Group NV (EADSY)	$456,898,000	–	28,073,615	–	8.36%	–
WHR	New	Whirlpool Corp (WHR)	$437,206,000	–	2,526,473	–	8.00%	–
MMM	New	3M Company (MMM)	$308,425,000	–	1,998,869	–	5.64%	–
C	New	Citigroup [C]	$287,333,000	–	5,201,534	–	5.26%	–
ARG	New	Airgas, Inc. (ARG)	$160,832,000	–	1,520,435	–	2.94%	–
OC	New	Owens Corning (OC)	$141,475,000	–	3,429,689	–	2.59%	–
DHI	New	D R Horton, Inc. (DHI)	$102,446,000	–	3,744,390	–	1.87%	–
PX	New	Praxair Inc. (PX)	$91,305,000	–	763,743	–	1.67%	–
MAS	New	Masco Corp (MAS)	$73,670,000	–	2,762,300	–	1.35%	–
WFC	New	Wells Fargo & Co (WFC)	$67,842,000	–	1,206,300	–	1.24%	–
ELUXY	New	Electrolux AB (ELUXY)	$65,800,000	–	1,046,610	–	1.20%	–
BA	New	Boeing Company (BA)	$44,972,000	–	324,195	–	0.82%	–
CNW	New	Con-Way, Inc. (CNW)	$36,296,000	–	945,960	–	0.66%	–
USG	New	USG Corp (USG)	$13,734,000	–	494,200	–	0.25%	–
AMIC	New	American Independence Corp (AMIC)	$985,000	–	99,012	–	0.02%	–
BHI	New	Baker Hughes Inc. (BHI)	$689,000	–	11,165	–	0.01%	–
PLL	New	Pall Corporation (PLL)	$435,000	–	3,500	–	0.01%	–
A	New	Agilent Technologies, Inc. (A)	$413,000	–	10,700	–	0.01%	–
AMTD	New	TD Ameritrade (AMTD)	$255,000	–	6,940	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-2,000	–	-0.00%	–
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-6,940	–	-0.00%	–
PLL	Exit	Pall Corporation (PLL)	$0	–	-3,500	–	-0.01%	–
PAA	Exit	Plains All American (PAA)	$0	–	-7,200	–	-0.01%	–
TEL	Exit	TE Connectivity Ltd (TEL)	$0	–	-9,790	–	-0.01%	–
APD	Exit	Air Products & Chemicals (APD)	$0	–	-7,490	–	-0.02%	–
	Exit	RHJ International (RHJI)	$0	–	-209,454	–	-0.02%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-19,300	–	-0.02%	–
AMIC	Exit	American Independence Corp (AMIC)	$0	–	-99,992	–	-0.02%	–
MAS	Exit	Masco Corp (MAS)	$0	–	-560,400	–	-0.26%	–
OC	Exit	Owens Corning (OC)	$0	–	-1,736,919	–	-1.06%	–
MSFT	Exit	Microsoft Corp (MSFT)	$0	–	-1,632,090	–	-1.45%	–
LUV	Exit	Southwest Airlines (LUV)	$0	–	-4,102,965	–	-2.66%	–
SPNV	Exit	Superior Energy Services Inc. (SPN)	$0	–	-4,473,775	–	-2.83%	–
BA	Exit	Boeing Company (BA)	$0	–	-1,159,378	–	-2.84%	–
DVN	Exit	Devon Energy Corp (DVN)	$0	–	-2,370,023	–	-3.11%	–
C	Exit	Citigroup [C]	$0	–	-4,002,320	–	-3.99%	–
PX	Exit	Praxair Inc. (PX)	$0	–	-1,623,346	–	-4.02%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,449,758	–	-6.86%	–
SLB	Exit	Schlumberger Ltd (SLB)	$0	–	-3,683,780	–	-7.20%	–
MMM	Exit	3M Company (MMM)	$0	–	-2,744,842	–	-7.48%	–
GS	Exit	Goldman Sachs (GS)	$0	–	-2,653,627	–	-9.36%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-5,124,239	–	-9.68%	–
BHI	Exit	Baker Hughes Inc. (BHI)	$0	–	-9,172,957	–	-11.47%	–
LOW	Exit	Lowe's Companies, Inc. (LOW)	$0	–	-11,295,132	–	-11.49%	–
FDX	Exit	FedEx Corp (FDX)	$0	–	-4,554,394	–	-14.13%	–

Q3 2014

			Value		Shares		↓ Weighting
FDX	Sell	FedEx Corp (FDX)	$735,307,000	+6.6%	4,554,394	-0.0%	14.13%	+7.7%
LOW	Buy	Lowe's Companies, Inc. (LOW)	$597,738,000	+10.3%	11,295,132	+0.1%	11.49%	+11.5%
BHI	Sell	Baker Hughes Inc. (BHI)	$596,793,000	-14.3%	9,172,957	-1.9%	11.47%	-13.4%
UPS	Buy	United Parcel Service (UPS)	$503,661,000	+4.4%	5,124,239	+9.0%	9.68%	+5.5%
GS	Buy	Goldman Sachs (GS)	$487,126,000	+35.1%	2,653,627	+23.3%	9.36%	+36.6%
MMM	Buy	3M Company (MMM)	$388,889,000	+0.6%	2,744,842	+1.8%	7.48%	+1.7%
SLB	Buy	Schlumberger Ltd (SLB)	$374,604,000	-12.7%	3,683,780	+1.3%	7.20%	-11.8%
WHR	Buy	Whirlpool Corp (WHR)	$356,807,000	+6.4%	2,449,758	+1.7%	6.86%	+7.5%
PX	Buy	Praxair Inc. (PX)	$209,412,000	+173.7%	1,623,346	+181.8%	4.02%	+176.6%
C	New	Citigroup [C]	$207,400,000	–	4,002,320	–	3.99%	–
DVN	Sell	Devon Energy Corp (DVN)	$161,588,000	-31.8%	2,370,023	-20.5%	3.11%	-31.0%
BA	Buy	Boeing Company (BA)	$147,682,000	+0.3%	1,159,378	+0.2%	2.84%	+1.4%
SPNV	Sell	Superior Energy Services Inc. (SPN)	$147,053,000	-9.3%	4,473,775	-0.3%	2.83%	-8.4%
LUV	Sell	Southwest Airlines (LUV)	$138,557,000	-25.3%	4,102,965	-40.6%	2.66%	-24.5%
MSFT	Sell	Microsoft Corp (MSFT)	$75,664,000	+10.4%	1,632,090	-0.7%	1.45%	+11.6%
OC	Buy	Owens Corning (OC)	$55,147,000	-5.7%	1,736,919	+14.9%	1.06%	-4.7%
MAS	New	Masco Corp (MAS)	$13,405,000	–	560,400	–	0.26%	–
A	Sell	Agilent Technologies, Inc. (A)	$1,100,000	-98.6%	19,300	-98.6%	0.02%	-98.6%
	Sell	RHJ International (RHJI)	$1,037,000	-86.3%	209,454	-86.6%	0.02%	-86.1%
APD	Sell	Air Products & Chemicals (APD)	$975,000	-99.3%	7,490	-99.3%	0.02%	-99.3%
TEL	Sell	TE Connectivity Ltd (TEL)	$541,000	-99.6%	9,790	-99.5%	0.01%	-99.6%
UNP	New	Union Pacific Corp (UNP)	$217,000	–	2,000	–	0.00%	–
STT	Exit	State Street Corp (STT)	$0	–	-3,800	–	-0.01%	–
ARW	Exit	Arrow Electronics (ARW)	$0	–	-425,105	–	-0.49%	–
AVT	Exit	Avnet Inc. (AVT)	$0	–	-731,810	–	-0.62%	–

Q2 2014

			Value		Shares		↓ Weighting
BHI	New	Baker Hughes Inc. (BHI)	$696,330,000	–	9,352,993	–	13.24%	–
FDX	New	FedEx Corp (FDX)	$689,775,000	–	4,556,580	–	13.12%	–
LOW	New	Lowe's Companies, Inc. (LOW)	$541,683,000	–	11,287,432	–	10.30%	–
UPS	New	United Parcel Service (UPS)	$482,505,000	–	4,700,035	–	9.18%	–
SLB	New	Schlumberger Ltd (SLB)	$429,061,000	–	3,637,660	–	8.16%	–
MMM	New	3M Company (MMM)	$386,392,000	–	2,697,517	–	7.35%	–
GS	New	Goldman Sachs (GS)	$360,461,000	–	2,152,780	–	6.86%	–
WHR	New	Whirlpool Corp (WHR)	$335,299,000	–	2,408,418	–	6.38%	–
DVN	New	Devon Energy Corp (DVN)	$236,843,000	–	2,982,913	–	4.50%	–
LUV	New	Southwest Airlines (LUV)	$185,434,000	–	6,903,738	–	3.53%	–
SPNV	New	Superior Energy Services Inc. (SPN)	$162,159,000	–	4,486,985	–	3.08%	–
BA	New	Boeing Company (BA)	$147,222,000	–	1,157,138	–	2.80%	–
APD	New	Air Products & Chemicals (APD)	$136,084,000	–	1,058,036	–	2.59%	–
TEL	New	TE Connectivity Ltd (TEL)	$120,290,000	–	1,945,191	–	2.29%	–
A	New	Agilent Technologies, Inc. (A)	$77,108,000	–	1,342,424	–	1.47%	–
PX	New	Praxair Inc. (PX)	$76,511,000	–	575,970	–	1.46%	–
MSFT	New	Microsoft Corp (MSFT)	$68,541,000	–	1,643,675	–	1.30%	–
OC	New	Owens Corning (OC)	$58,454,000	–	1,511,244	–	1.11%	–
AVT	New	Avnet Inc. (AVT)	$32,426,000	–	731,810	–	0.62%	–
ARW	New	Arrow Electronics (ARW)	$25,680,000	–	425,105	–	0.49%	–
	New	RHJ International (RHJI)	$7,570,000	–	1,568,640	–	0.14%	–
AMIC	New	American Independence Corp (AMIC)	$1,219,000	–	99,992	–	0.02%	–
PAA	New	Plains All American (PAA)	$432,000	–	7,200	–	0.01%	–
PLL	New	Pall Corporation (PLL)	$298,000	–	3,500	–	0.01%	–
STT	New	State Street Corp (STT)	$255,000	–	3,800	–	0.01%	–
AMTD	New	TD Ameritrade (AMTD)	$217,000	–	6,940	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
PLL	Exit	Pall Corporation (PLL)	$0	–	-3,500	–	-0.01%	–
AMTD	Exit	TD Ameritrade (AMTD)	$0	–	-16,330	–	-0.01%	–
	Exit	American Independence Corp (AMIC)	$0	–	-200,639	–	-0.05%	–
PAA	Exit	Plains All Amer Pipeline LP (PAA)	$0	–	-83,000	–	-0.10%	–
	Exit	RHJ International (RHJI)	$0	–	-1,856,194	–	-0.17%	–
	Exit	Arrow Electronics (ARW)	$0	–	-441,650	–	-0.50%	–
	Exit	Avnet Inc. (AVT)	$0	–	-630,140	–	-0.62%	–
PKI	Exit	Perkinelmer, Inc. (PKI)	$0	–	-1,217,615	–	-1.08%	–
SPNV	Exit	Superior Energy Services Inc. (SPN)	$0	–	-2,001,010	–	-1.18%	–
MSFT	Exit	Microsoft Corp (MSFT)	$0	–	-1,904,875	–	-1.49%	–
PX	Exit	Praxair Inc. (PX)	$0	–	-578,825	–	-1.63%	–
LUV	Exit	Southwest Airlines (LUV)	$0	–	-11,408,684	–	-3.90%	–
A	Exit	Agilent Technologies, Inc. (A)	$0	–	-3,801,349	–	-4.58%	–
	Exit	Boeing Company (BA)	$0	–	-1,767,483	–	-4.88%	–
TEL	Exit	TE Connectivity Ltd (TEL)	$0	–	-4,719,368	–	-5.74%	–
DVN	Exit	Devon Energy Corp (DVN)	$0	–	-4,385,180	–	-5.95%	–
MMM	Exit	3M Company (MMM)	$0	–	-2,623,166	–	-7.36%	–
WHR	Exit	Whirlpool Corp (WHR)	$0	–	-2,212,956	–	-7.61%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-3,979,100	–	-8.54%	–
	Exit	Air Products & Chemicals (APD)	$0	–	-3,710,800	–	-9.29%	–
	Exit	Baker Hughes Inc. (BHI)	$0	–	-8,963,506	–	-10.34%	–
FDX	Exit	FedEx Corp (FDX)	$0	–	-4,508,905	–	-12.09%	–
LOW	Exit	Lowe's Companies, Inc. (LOW)	$0	–	-11,530,169	–	-12.90%	–

Q3 2013

			Value		Shares		↓ Weighting
LOW	Sell	Lowe's Companies, Inc. (LOW)	$548,951,000	+13.1%	11,530,169	-2.8%	12.90%	-0.3%
FDX	Sell	FedEx Corp (FDX)	$514,511,000	+12.7%	4,508,905	-2.7%	12.09%	-0.7%
	New	Baker Hughes Inc. (BHI)	$440,108,000	–	8,963,506	–	10.34%	–
	New	Air Products & Chemicals (APD)	$395,460,000	–	3,710,800	–	9.29%	–
UPS	Sell	United Parcel Service (UPS)	$363,570,000	+4.2%	3,979,100	-1.4%	8.54%	-8.2%
WHR	Sell	Whirlpool Corp (WHR)	$324,065,000	+27.6%	2,212,956	-0.3%	7.61%	+12.4%
MMM	Sell	3M Company (MMM)	$313,232,000	+4.3%	2,623,166	-4.5%	7.36%	-8.1%
DVN	Buy	Devon Energy Corp (DVN)	$253,288,000	+23.3%	4,385,180	+10.8%	5.95%	+8.6%
TEL	Sell	TE Connectivity Ltd (TEL)	$244,369,000	+12.8%	4,719,368	-0.8%	5.74%	-0.6%
	New	Boeing Company (BA)	$207,679,000	–	1,767,483	–	4.88%	–
A	Sell	Agilent Technologies, Inc. (A)	$194,819,000	+18.4%	3,801,349	-1.2%	4.58%	+4.3%
LUV	Buy	Southwest Airlines (LUV)	$166,110,000	+17.1%	11,408,684	+3.7%	3.90%	+3.1%
PX	Sell	Praxair Inc. (PX)	$69,581,000	-14.2%	578,825	-17.8%	1.63%	-24.4%
MSFT	New	Microsoft Corp (MSFT)	$63,394,000	–	1,904,875	–	1.49%	–
SPNV	New	Superior Energy Services Inc. (SPN)	$50,105,000	–	2,001,010	–	1.18%	–
PKI	Sell	Perkinelmer, Inc. (PKI)	$45,965,000	-14.6%	1,217,615	-26.5%	1.08%	-24.8%
	New	Avnet Inc. (AVT)	$26,283,000	–	630,140	–	0.62%	–
	New	Arrow Electronics (ARW)	$21,433,000	–	441,650	–	0.50%	–
	New	American Independence Corp (AMIC)	$2,000,000	–	200,639	–	0.05%	–
AMTD	Sell	TD Ameritrade (AMTD)	$428,000	+7.3%	16,330	-0.6%	0.01%	-9.1%
UNP	Exit	Union Pacific Corp (UNP)	$0	–	-1,000	–	-0.00%	–
AMIC	Exit	American Independence Corp (AMIC)	$0	–	-200,639	–	-0.04%	–
MOLXA	Exit	Molex Inc. - CL A (MOLXA)	$0	–	-119,704	–	-0.08%	–
LII	Exit	Lennox International Inc. (LII)	$0	–	-176,350	–	-0.30%	–
MHK	Exit	Mohawk Industries Inc. (MHK)	$0	–	-127,290	–	-0.38%	–
ARW	Exit	Arrow Electronics (ARW)	$0	–	-372,330	–	-0.40%	–
AVT	Exit	Avnet Inc. (AVT)	$0	–	-484,640	–	-0.43%	–
MOLX	Exit	Molex Inc. (MOLX)	$0	–	-1,316,315	–	-1.03%	–
BA	Exit	Boeing Company (BA)	$0	–	-2,031,493	–	-5.55%	–
APD	Exit	Air Products & Chemicals (APD)	$0	–	-3,794,476	–	-9.27%	–
BHI	Exit	Baker Hughes Inc. (BHI)	$0	–	-8,065,938	–	-9.92%	–

Q2 2013

			Value		Shares		↓ Weighting
LOW	New	Lowe's Companies, Inc. (LOW)	$485,180,000	–	11,862,596	–	12.94%	–
FDX	New	FedEx Corp (FDX)	$456,645,000	–	4,632,225	–	12.18%	–
BHI	New	Baker Hughes Inc. (BHI)	$372,082,000	–	8,065,938	–	9.92%	–
UPS	New	United Parcel Service (UPS)	$348,974,000	–	4,035,310	–	9.31%	–
APD	New	Air Products & Chemicals (APD)	$347,460,000	–	3,794,476	–	9.27%	–
MMM	New	3M Company (MMM)	$300,311,000	–	2,746,329	–	8.01%	–
WHR	New	Whirlpool Corp (WHR)	$253,961,000	–	2,220,716	–	6.77%	–
TEL	New	TE Connectivity Ltd (TEL)	$216,616,000	–	4,756,603	–	5.78%	–
BA	New	Boeing Company (BA)	$208,106,000	–	2,031,493	–	5.55%	–
DVN	New	Devon Energy Corp (DVN)	$205,390,000	–	3,958,943	–	5.48%	–
A	New	Agilent Technologies, Inc. (A)	$164,478,000	–	3,846,539	–	4.39%	–
LUV	New	Southwest Airlines (LUV)	$141,871,000	–	11,006,254	–	3.78%	–
PX	New	Praxair Inc. (PX)	$81,062,000	–	703,910	–	2.16%	–
PKI	New	Perkinelmer, Inc. (PKI)	$53,845,000	–	1,656,780	–	1.44%	–
MOLX	New	Molex Inc. (MOLX)	$38,621,000	–	1,316,315	–	1.03%	–
AVT	New	Avnet Inc. (AVT)	$16,284,000	–	484,640	–	0.43%	–
ARW	New	Arrow Electronics (ARW)	$14,837,000	–	372,330	–	0.40%	–
MHK	New	Mohawk Industries Inc. (MHK)	$14,319,000	–	127,290	–	0.38%	–
LII	New	Lennox International Inc. (LII)	$11,382,000	–	176,350	–	0.30%	–
	New	RHJ International (RHJI)	$8,724,000	–	1,856,194	–	0.23%	–
PAA	New	Plains All Amer Pipeline LP (PAA)	$4,632,000	–	83,000	–	0.12%	–
MOLXA	New	Molex Inc. - CL A (MOLXA)	$2,976,000	–	119,704	–	0.08%	–
AMIC	New	American Independence Corp (AMIC)	$1,392,000	–	200,639	–	0.04%	–
AMTD	New	TD Ameritrade (AMTD)	$399,000	–	16,430	–	0.01%	–
PLL	New	Pall Corporation (PLL)	$233,000	–	3,500	–	0.01%	–
UNP	New	Union Pacific Corp (UNP)	$154,000	–	1,000	–	0.00%	–

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