HARDING LOEVNER LP Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$849,749,377	-10.8%	7,785,152	-9.4%	5.61%	+0.9%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$834,993,652	-16.9%	9,608,672	-3.5%	5.51%	-6.0%
SAP	Sell	SAP SEspon adr	$717,445,238	-8.2%	5,547,829	-2.9%	4.74%	+3.8%
ALC	Sell	ALCON AG	$687,824,675	-11.8%	8,925,774	-6.0%	4.54%	-0.2%
BHP	Sell	BHP GROUP LTDsponsored ads	$627,922,292	-6.9%	11,039,421	-2.3%	4.15%	+5.3%
GOOGL	Sell	ALPHABET INCcap stk cl a	$490,164,202	-4.2%	3,745,715	-12.3%	3.24%	+8.4%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$468,319,122	-13.5%	1,346,751	-12.5%	3.09%	-2.1%
	Sell	LINDE PLC	$448,415,946	-4.6%	1,204,286	-2.4%	2.96%	+7.9%
HDB	Sell	HDFC BANK LTDsponsored ads	$423,719,100	-34.9%	7,180,463	-23.1%	2.80%	-26.4%
FB	Sell	META PLATFORMS INCcl a	$401,037,434	-9.4%	1,335,856	-13.4%	2.65%	+2.4%
AMZN	Sell	AMAZON COM INC	$387,508,878	-14.4%	3,048,371	-12.3%	2.56%	-3.2%
DE	Sell	DEERE & CO	$347,704,133	-16.2%	921,363	-10.0%	2.30%	-5.2%
IBN	Sell	ICICI BANK LIMITEDadr	$346,450,553	-2.6%	14,984,885	-2.7%	2.29%	+10.2%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$323,793,667	+37.1%	639,694	+41.3%	2.14%	+55.0%
CNI	Sell	CANADIAN NATL RY CO	$320,687,047	-12.5%	2,960,279	-2.2%	2.12%	-1.0%
MSFT	Sell	MICROSOFT CORP	$312,831,825	-18.6%	990,758	-12.2%	2.07%	-7.9%
DHR	Sell	DANAHER CORPORATION	$298,675,615	-9.3%	1,203,852	-12.2%	1.97%	+2.6%
ABEV	Sell	AMBEV SAsponsored adr	$292,007,354	-21.2%	113,181,145	-2.9%	1.93%	-10.9%
XP	Sell	XP INCcl a	$285,416,772	-10.2%	12,382,507	-8.6%	1.88%	+1.6%
UNH	Sell	UNITEDHEALTH GROUP INC	$264,297,639	-8.1%	524,202	-12.4%	1.74%	+3.9%
BAP	Sell	CREDICORP LTD	$258,480,248	-16.8%	2,019,850	-4.0%	1.71%	-5.8%
CME	Sell	CME GROUP INC	$255,762,759	-5.1%	1,277,408	-12.2%	1.69%	+7.3%
ACN	Buy	ACCENTURE PLC IRELAND	$248,988,560	+9.8%	810,747	+10.3%	1.64%	+24.2%
ROK	Sell	ROCKWELL AUTOMATION INC	$246,895,356	-22.3%	863,663	-10.5%	1.63%	-12.1%
AME	Sell	AMETEK INC	$217,937,092	-14.6%	1,474,940	-6.4%	1.44%	-3.4%
AAPL	Buy	APPLE INC	$200,216,947	+2.7%	1,169,423	+16.3%	1.32%	+16.1%
NFLX	Sell	NETFLIX INC	$199,760,879	-24.8%	529,028	-12.3%	1.32%	-15.0%
SLB	Sell	SCHLUMBERGER LTD	$199,111,494	-4.5%	3,415,292	-19.5%	1.32%	+8.1%
ADBE	Sell	ADOBE INC	$194,913,453	-8.6%	382,258	-12.4%	1.29%	+3.4%
PINS	Buy	PINTEREST INCcl a	$191,039,783	+15.0%	7,067,695	+16.4%	1.26%	+30.1%
MFC	Sell	MANULIFE FINL CORP	$187,969,850	-4.2%	10,282,815	-0.9%	1.24%	+8.3%
	Buy	HALEON PLCspon ads	$187,284,956	+68.5%	22,483,188	+69.6%	1.24%	+90.6%
AVGO	Sell	BROADCOM INC	$185,966,435	-16.3%	223,899	-12.5%	1.23%	-5.2%
ASML	Sell	ASML HOLDING N V	$177,006,239	-28.6%	300,693	-12.1%	1.17%	-19.2%
	Sell	SHELL PLCspon ads	$175,123,228	+5.3%	2,720,149	-1.2%	1.16%	+19.1%
NVDA	Sell	NVIDIA CORPORATION	$170,828,098	-9.8%	392,717	-12.3%	1.13%	+2.0%
COST	Sell	COSTCO WHSL CORP NEW	$165,695,723	-7.7%	293,288	-12.0%	1.09%	+4.4%
BBVA	Sell	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$164,164,491	+3.5%	20,393,105	-1.3%	1.08%	+17.1%
TW	Sell	TRADEWEB MKTS INCcl a	$162,728,045	+2.5%	2,029,028	-12.5%	1.08%	+16.0%
NOW	Sell	SERVICENOW INC	$154,082,991	-12.8%	275,660	-12.4%	1.02%	-1.5%
RIO	Sell	RIO TINTO PLCsponsored adr	$151,654,063	-0.9%	2,382,999	-0.6%	1.00%	+12.1%
ISRG	Sell	INTUITIVE SURGICAL INC	$147,646,925	-24.9%	505,138	-12.1%	0.98%	-15.0%
ABBV	Buy	ABBVIE INC	$144,343,161	+26.4%	968,356	+14.2%	0.95%	+42.9%
CSGP	Sell	COSTAR GROUP INC	$135,306,873	-24.4%	1,759,746	-12.5%	0.89%	-14.5%
SNPS	Sell	SYNOPSYS INC	$135,283,555	-34.6%	294,755	-37.9%	0.89%	-26.0%
AMAT	Sell	APPLIED MATLS INC	$130,859,402	-15.8%	945,174	-12.1%	0.86%	-4.8%
CRM	Sell	SALESFORCE INC	$123,912,169	-45.0%	611,067	-42.7%	0.82%	-37.8%
RGEN	New	REPLIGEN CORP	$115,347,087	–	725,408	–	0.76%	–
GMAB	Buy	GENMAB A/Ssponsored ads	$113,013,183	+1668.5%	3,204,230	+1805.9%	0.75%	+1916.2%
HON	New	HONEYWELL INTL INC	$110,187,848	–	596,448	–	0.73%	–
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$109,469,171	-11.9%	4,542,289	-2.5%	0.72%	-0.3%
EW	Sell	EDWARDS LIFESCIENCES CORP	$102,296,025	-36.0%	1,476,559	-12.8%	0.68%	-27.5%
NOC	Sell	NORTHROP GRUMMAN CORP	$100,138,362	-15.2%	227,489	-12.2%	0.66%	-4.2%
NKE	Sell	NIKE INCcl b	$99,681,379	-23.8%	1,042,474	-12.1%	0.66%	-13.9%
TS	Sell	TENARIS S Asponsored ads	$80,335,226	-13.4%	2,542,254	-17.9%	0.53%	-2.0%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$66,304,524	+93.3%	1,278,283	+102.7%	0.44%	+119.0%
EPAM	Sell	EPAM SYS INC	$53,041,101	-5.8%	207,443	-17.2%	0.35%	+6.4%
ITUB	Sell	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$51,935,171	-26.7%	9,671,354	-19.5%	0.34%	-17.1%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$42,940,325	-21.0%	1,776,596	-18.0%	0.28%	-10.4%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$22,791,737	-17.5%	854,263	-17.5%	0.15%	-6.2%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$12,781,833	-10.2%	147,358	-13.7%	0.08%	+1.2%
SONY	Buy	SONY GROUP CORPsponsored adr	$8,145,955	+105.2%	98,847	+124.2%	0.05%	+134.8%
INDA	Sell	ISHARES TRmsci india etf	$6,237,054	-71.3%	141,046	-71.7%	0.04%	-67.7%
ST	Sell	SENSATA TECHNOLOGIES HLDG PL	$2,426,909	-23.0%	64,170	-8.4%	0.02%	-11.1%
ACWI	Buy	ISHARES TRmsci acwi etf	$2,296,281	+116.2%	24,860	+124.6%	0.02%	+150.0%
VEA	Buy	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$962,517	+109.4%	22,016	+121.2%	0.01%	+100.0%
EFG	New	ISHARES TReafe grwth etf	$761,511	–	8,824	–	0.01%	–
EFA	New	ISHARES TRmsci eafe etf	$262,147	–	3,804	–	0.00%	–
YNDX	Sell	YANDEX N V	$154,278	-14.5%	4,804,303	-33.0%	0.00%	0.0%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$34,559	-36.6%	12,126	-23.1%	0.00%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-793,141	–	-0.91%	–
ABCM	Exit	ABCAM PLCads	$0	–	-10,687,444	–	-1.53%	–

Q2 2023

			Value		Shares		↓ Weighting
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,005,204,712	–	9,960,411	–	5.87%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$952,560,188	–	8,594,011	–	5.56%	–
SAP	New	SAP SEspon adr	$781,733,895	–	5,714,011	–	4.56%	–
ALC	New	ALCON AG	$779,922,754	–	9,498,428	–	4.55%	–
BHP	New	BHP GROUP LTDsponsored ads	$674,275,825	–	11,300,081	–	3.94%	–
HDB	New	HDFC BANK LTDsponsored ads	$650,996,782	–	9,339,982	–	3.80%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$541,332,763	–	1,538,270	–	3.16%	–
GOOGL	New	ALPHABET INCcap stk cl a	$511,393,665	–	4,272,295	–	2.99%	–
	New	LINDE PLC	$470,111,068	–	1,233,628	–	2.74%	–
AMZN	New	AMAZON COM INC	$452,887,650	–	3,474,130	–	2.64%	–
FB	New	META PLATFORMS INCcl a	$442,780,033	–	1,542,895	–	2.58%	–
DE	New	DEERE & CO	$414,754,288	–	1,023,604	–	2.42%	–
MSFT	New	MICROSOFT CORP	$384,308,693	–	1,128,527	–	2.24%	–
ABEV	New	AMBEV SAsponsored adr	$370,555,799	–	116,526,981	–	2.16%	–
CNI	New	CANADIAN NATL RY CO	$366,549,541	–	3,027,583	–	2.14%	–
IBN	New	ICICI BANK LIMITEDadr	$355,587,835	–	15,406,752	–	2.08%	–
DHR	New	DANAHER CORPORATION	$329,228,834	–	1,371,787	–	1.92%	–
ROK	New	ROCKWELL AUTOMATION INC	$317,753,627	–	964,497	–	1.86%	–
XP	New	XP INCcl a	$317,751,404	–	13,544,391	–	1.86%	–
BAP	New	CREDICORP LTD	$310,498,601	–	2,103,079	–	1.81%	–
UNH	New	UNITEDHEALTH GROUP INC	$287,612,200	–	598,394	–	1.68%	–
CME	New	CME GROUP INC	$269,586,980	–	1,454,946	–	1.57%	–
NFLX	New	NETFLIX INC	$265,629,939	–	603,033	–	1.55%	–
ABCM	New	ABCAM PLCads	$261,521,758	–	10,687,444	–	1.53%	–
AME	New	AMETEK INC	$255,072,502	–	1,575,689	–	1.49%	–
ASML	New	ASML HOLDING N V	$247,828,468	–	341,950	–	1.45%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$236,230,778	–	452,766	–	1.38%	–
ACN	New	ACCENTURE PLC IRELAND	$226,774,874	–	734,898	–	1.32%	–
CRM	New	SALESFORCE INC	$225,219,695	–	1,066,078	–	1.32%	–
AVGO	New	BROADCOM INC	$222,073,100	–	256,013	–	1.30%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$213,274,269	–	436,153	–	1.24%	–
SLB	New	SCHLUMBERGER LTD	$208,457,767	–	4,243,847	–	1.22%	–
SNPS	New	SYNOPSYS INC	$206,742,593	–	474,823	–	1.21%	–
ISRG	New	INTUITIVE SURGICAL INC	$196,517,338	–	574,713	–	1.15%	–
MFC	New	MANULIFE FINL CORP	$196,292,577	–	10,380,358	–	1.15%	–
AAPL	New	APPLE INC	$195,029,488	–	1,005,462	–	1.14%	–
NVDA	New	NVIDIA CORPORATION	$189,368,612	–	447,659	–	1.11%	–
COST	New	COSTCO WHSL CORP NEW	$179,516,699	–	333,439	–	1.05%	–
CSGP	New	COSTAR GROUP INC	$178,939,712	–	2,010,559	–	1.04%	–
NOW	New	SERVICENOW INC	$176,771,610	–	314,557	–	1.03%	–
	New	SHELL PLCspon ads	$166,266,825	–	2,753,674	–	0.97%	–
PINS	New	PINTEREST INCcl a	$166,066,027	–	6,074,105	–	0.97%	–
EW	New	EDWARDS LIFESCIENCES CORP	$159,790,196	–	1,693,949	–	0.93%	–
TW	New	TRADEWEB MKTS INCcl a	$158,734,389	–	2,317,967	–	0.93%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$158,678,275	–	20,661,234	–	0.93%	–
EL	New	LAUDER ESTEE COS INCcl a	$155,757,037	–	793,141	–	0.91%	–
AMAT	New	APPLIED MATLS INC	$155,472,896	–	1,075,639	–	0.91%	–
RIO	New	RIO TINTO PLCsponsored adr	$152,988,691	–	2,396,439	–	0.89%	–
NKE	New	NIKE INCcl b	$130,885,286	–	1,185,877	–	0.76%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$124,238,104	–	4,658,347	–	0.72%	–
NOC	New	NORTHROP GRUMMAN CORP	$118,135,739	–	259,183	–	0.69%	–
ABBV	New	ABBVIE INC	$114,236,636	–	847,893	–	0.67%	–
	New	HALEON PLCspon ads	$111,121,932	–	13,260,374	–	0.65%	–
TS	New	TENARIS S Asponsored ads	$92,740,205	–	3,096,501	–	0.54%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$70,850,356	–	12,008,535	–	0.41%	–
EPAM	New	EPAM SYS INC	$56,327,744	–	250,624	–	0.33%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$54,364,637	–	2,167,649	–	0.32%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$34,309,955	–	630,582	–	0.20%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$27,629,008	–	1,035,570	–	0.16%	–
INDA	New	ISHARES TRmsci india etf	$21,744,945	–	497,596	–	0.13%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$14,228,512	–	170,708	–	0.08%	–
GMAB	New	GENMAB A/Ssponsored ads	$6,390,287	–	168,121	–	0.04%	–
SONY	New	SONY GROUP CORPORATIONsponsored adr	$3,969,819	–	44,090	–	0.02%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$3,150,065	–	70,017	–	0.02%	–
ACWI	New	ISHARES TRmsci acwi etf	$1,062,016	–	11,070	–	0.01%	–
VEA	New	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$459,646	–	9,953	–	0.00%	–
SAN	New	BANCO SANTANDER S.A.adr	$182,577	–	49,212	–	0.00%	–
YNDX	New	YANDEX N V	$180,452	–	7,173,854	–	0.00%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$54,533	–	15,761	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
FIVE	Exit	FIVE BELOW INC	$0	–	-92	–	0.00%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-44	–	0.00%	–
MRK	Exit	MERCK & CO INC	$0	–	-734	–	0.00%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-3,995	–	0.00%	–
SLP	Exit	SIMULATIONS PLUS INC	$0	–	-353	–	0.00%	–
ENS	Exit	ENERSYS	$0	–	-635	–	0.00%	–
RGEN	Exit	REPLIGEN CORP	$0	–	-135	–	0.00%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-137	–	0.00%	–
ABT	Exit	ABBOTT LABS	$0	–	-390	–	0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-70	–	0.00%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-8	–	0.00%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-113	–	0.00%	–
V	Exit	VISA INC	$0	–	-76	–	0.00%	–
POOL	Exit	POOL CORP	$0	–	-103	–	0.00%	–
TER	Exit	TERADYNE INC	$0	–	-618	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-92	–	0.00%	–
MKTX	Exit	MARKETAXESS HLDGS INC	$0	–	-48	–	0.00%	–
HEI	Exit	HEICO CORP NEW	$0	–	-419	–	0.00%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-288	–	0.00%	–
PLNT	Exit	PLANET FITNESS INCcl a	$0	–	-119	–	0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-85	–	0.00%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-143	–	0.00%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-59	–	0.00%	–
ANSS	Exit	ANSYS INC	$0	–	-78	–	0.00%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-471	–	0.00%	–
APPF	Exit	APPFOLIO INC	$0	–	-138	–	0.00%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-578	–	0.00%	–
LMAT	Exit	LEMAITRE VASCULAR INC	$0	–	-192	–	0.00%	–
ECL	Exit	ECOLAB INC	$0	–	-84	–	0.00%	–
VIGI	Exit	VANGUARD WHITEHALL FDSintl dvd etf	$0	–	-435	–	0.00%	–
OLLI	Exit	OLLIES BARGAIN OUTLET HLDGS	$0	–	-428	–	0.00%	–
RMD	Exit	RESMED INC	$0	–	-81	–	0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-70	–	0.00%	–
LKFN	Exit	LAKELAND FINL CORP	$0	–	-370	–	0.00%	–
MBUU	Exit	MALIBU BOATS INC	$0	–	-939	–	0.00%	–
AAON	Exit	AAON INC	$0	–	-188	–	0.00%	–
ATKR	Exit	ATKORE INC	$0	–	-198	–	0.00%	–
NOW	Exit	SERVICENOW INC	$0	–	-54	–	0.00%	–
EBAY	Exit	EBAY INC.	$0	–	-303	–	0.00%	–
IOO	Exit	ISHARES TRglobal 100 etf	$0	–	-10	–	0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-115	–	0.00%	–
MNST	Exit	MONSTER BEVERAGE CORP NEW	$0	–	-204	–	0.00%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-58	–	0.00%	–
CABO	Exit	CABLE ONE INC	$0	–	-10	–	0.00%	–
EXPO	Exit	EXPONENT INC	$0	–	-284	–	0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-445	–	0.00%	–
MGPI	Exit	MGP INGREDIENTS INC NEW	$0	–	-326	–	0.00%	–
REYN	Exit	REYNOLDS CONSUMER PRODS INC	$0	–	-915	–	0.00%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-3,234	–	0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-66	–	0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-274	–	0.00%	–
SYBT	Exit	STOCK YDS BANCORP INC	$0	–	-482	–	0.00%	–
WAT	Exit	WATERS CORP	$0	–	-18	–	0.00%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-1,143	–	0.00%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-188	–	0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-589	–	0.00%	–
EFX	Exit	EQUIFAX INC	$0	–	-78	–	0.00%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-156	–	0.00%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-35	–	0.00%	–
CSCO	Exit	CISCO SYS INC	$0	–	-907	–	0.00%	–
ALTR	Exit	ALTAIR ENGR INC	$0	–	-863	–	0.00%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-1,148	–	0.00%	–
CGNX	Exit	COGNEX CORP	$0	–	-449	–	0.00%	–
DIS	Exit	DISNEY WALT CO	$0	–	-222	–	0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-261	–	0.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-308	–	0.00%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-140	–	0.00%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-179	–	0.00%	–
ABMD	Exit	ABIOMED INC	$0	–	-118	–	0.00%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-11	–	0.00%	–
IT	Exit	GARTNER INC	$0	–	-311	–	-0.00%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-1,521	–	-0.00%	–
BWA	Exit	BORGWARNER INC	$0	–	-2,544	–	-0.00%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-2,150	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,955	–	-0.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-637	–	-0.00%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-1,086	–	-0.00%	–
RGA	Exit	REINSURANCE GRP OF AMERICA I	$0	–	-671	–	-0.00%	–
SAN	Exit	BANCO SANTANDER S.A.adr	$0	–	-49,212	–	-0.00%	–
BNTX	Exit	BIONTECH SEsponsored ads	$0	–	-1,202	–	-0.00%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-1,190	–	-0.00%	–
NBIX	Exit	NEUROCRINE BIOSCIENCES INC	$0	–	-767	–	-0.00%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-1,646	–	-0.00%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-7,011	–	-0.00%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-7,853	–	-0.01%	–
EFG	Exit	ISHARES TReafe grwth etf	$0	–	-19,760	–	-0.01%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-123,222	–	-0.01%	–
VEA	Exit	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$0	–	-61,685	–	-0.02%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG PL	$0	–	-72,977	–	-0.02%	–
GMAB	Exit	GENMAB A/Ssponsored ads	$0	–	-129,220	–	-0.03%	–
ABCM	Exit	ABCAM PLCads	$0	–	-344,489	–	-0.03%	–
ACWI	Exit	ISHARES TRmsci acwi etf	$0	–	-75,200	–	-0.04%	–
BAP	Exit	CREDICORP LTD	$0	–	-49,556	–	-0.04%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-447,486	–	-0.04%	–
YNDX	Exit	YANDEX N V	$0	–	-7,959,874	–	-0.05%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-291,984	–	-0.15%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-670,334	–	-0.18%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-11,621,894	–	-0.28%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-1,838,493	–	-0.29%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-1,584,757	–	-0.46%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-377,877	–	-0.49%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-638,914	–	-0.51%	–
NFLX	Exit	NETFLIX INC	$0	–	-359,715	–	-0.56%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-3,639,340	–	-0.57%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-3,554,126	–	-0.60%	–
ETSY	Exit	ETSY INC	$0	–	-947,161	–	-0.62%	–
LIN	Exit	LINDE PLC	$0	–	-357,222	–	-0.63%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-22,481,638	–	-0.66%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-519,493	–	-0.70%	–
WOPEY	Exit	WOODSIDE ENERGY GROUP LTDsponsored adr	$0	–	-5,358,557	–	-0.71%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-620,101	–	-0.76%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-684,784	–	-0.81%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-749,585	–	-0.84%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-467,678	–	-0.84%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-157,364	–	-0.85%	–
AVGO	Exit	BROADCOM INC	$0	–	-306,947	–	-0.89%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-26,518,866	–	-0.90%	–
MFC	Exit	MANULIFE FINL CORP	$0	–	-8,760,312	–	-0.90%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-1,678,746	–	-0.90%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-2,489,702	–	-0.92%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-504,703	–	-0.92%	–
TTD	Exit	THE TRADE DESK INC	$0	–	-2,414,708	–	-0.95%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-2,632,724	–	-0.95%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-5,080,046	–	-0.96%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-2,151,857	–	-0.98%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-1,825,753	–	-0.99%	–
PINS	Exit	PINTEREST INCcl a	$0	–	-6,503,357	–	-0.99%	–
EPAM	Exit	EPAM SYS INC	$0	–	-419,541	–	-1.00%	–
	Exit	SHELL PLCspon ads	$0	–	-3,055,355	–	-1.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-375,544	–	-1.02%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-4,517,078	–	-1.06%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,901,733	–	-1.07%	–
CRM	Exit	SALESFORCE INC	$0	–	-1,142,279	–	-1.08%	–
CME	Exit	CME GROUP INC	$0	–	-944,845	–	-1.10%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-693,224	–	-1.17%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-837,547	–	-1.18%	–
AAPL	Exit	APPLE INC	$0	–	-1,350,399	–	-1.22%	–
ILMN	Exit	ILLUMINA INC	$0	–	-981,465	–	-1.23%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,431,023	–	-1.32%	–
AME	Exit	AMETEK INC	$0	–	-1,912,457	–	-1.42%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-1,639,965	–	-1.46%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-883,977	–	-1.49%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-472,158	–	-1.57%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-845,563	–	-1.69%	–
XP	Exit	XP INCcl a	$0	–	-16,002,301	–	-1.99%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,760,714	–	-2.04%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-642,937	–	-2.13%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,433,598	–	-2.19%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-3,250,048	–	-2.30%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-1,053,600	–	-2.32%	–
DE	Exit	DEERE & CO	$0	–	-1,096,434	–	-2.40%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-129,456,773	–	-2.40%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-2,939,914	–	-2.52%	–
SAP	Exit	SAP SEspon adr	$0	–	-5,249,625	–	-2.80%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,587,728	–	-2.88%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-1,639,817	–	-3.11%	–
ALC	Exit	ALCON AG	$0	–	-10,127,597	–	-3.86%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-9,830,790	–	-4.04%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-32,289,689	–	-4.44%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-10,332,325	–	-4.64%	–
BHP	Exit	BHP GROUP LTDsponsored ads	$0	–	-14,579,883	–	-4.78%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-12,932,189	–	-4.95%	–

Q3 2022

			Value		Shares		↓ Weighting
HDB	Buy	HDFC BANK LTDsponsored ads	$755,498,000	+10.5%	12,932,189	+4.0%	4.95%	+17.4%
BHP	Sell	BHP GROUP LTDsponsored ads	$729,577,000	-13.9%	14,579,883	-3.4%	4.78%	-8.5%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$708,384,000	-18.4%	10,332,325	-2.7%	4.64%	-13.3%
IBN	Sell	ICICI BANK LIMITEDadr	$677,115,000	+15.5%	32,289,689	-2.3%	4.44%	+22.7%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$616,882,000	-14.0%	9,830,790	-7.5%	4.04%	-8.6%
ALC	Sell	ALCON AG	$589,232,000	-19.5%	10,127,597	-3.3%	3.86%	-14.4%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$474,793,000	-2.8%	1,639,817	-5.4%	3.11%	+3.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$438,816,000	-19.8%	4,587,728	+1686.2%	2.88%	-14.8%
SAP	Buy	SAP SEspon adr	$426,532,000	-4.4%	5,249,625	+6.8%	2.80%	+1.6%
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$383,806,000	-14.4%	2,939,914	-5.4%	2.52%	-9.0%
ABEV	Sell	AMBEV SAsponsored adr	$366,362,000	+10.8%	129,456,773	-1.7%	2.40%	+17.8%
DE	Sell	DEERE & CO	$366,089,000	+5.5%	1,096,434	-5.4%	2.40%	+12.1%
SIVB	Buy	SVB FINANCIAL GROUP	$353,778,000	-4.4%	1,053,600	+12.5%	2.32%	+1.6%
CNI	Sell	CANADIAN NATL RY CO	$350,972,000	-6.3%	3,250,048	-2.4%	2.30%	-0.4%
MSFT	Sell	MICROSOFT CORP	$333,885,000	-14.2%	1,433,598	-5.3%	2.19%	-8.8%
UNH	Sell	UNITEDHEALTH GROUP INC	$324,709,000	-20.8%	642,937	-19.4%	2.13%	-15.8%
AMZN	Sell	AMAZON COM INC	$311,961,000	+3.5%	2,760,714	-2.7%	2.04%	+9.9%
XP	Sell	XP INCcl a	$304,204,000	+4.0%	16,002,301	-1.7%	1.99%	+10.5%
SNPS	Sell	SYNOPSYS INC	$258,327,000	-4.7%	845,563	-5.2%	1.69%	+1.3%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$239,474,000	-11.8%	472,158	-5.6%	1.57%	-6.3%
ACN	Sell	ACCENTURE PLC IRELAND	$227,447,000	-12.4%	883,977	-5.5%	1.49%	-6.9%
FB	Buy	META PLATFORMS INCcl a	$222,511,000	+4614.2%	1,639,965	+5506.9%	1.46%	+4931.0%
AME	Sell	AMETEK INC	$216,891,000	-2.5%	1,912,457	-5.5%	1.42%	+3.6%
NKE	Sell	NIKE INCcl b	$202,066,000	-23.0%	2,431,023	-5.3%	1.32%	-18.2%
ILMN	Sell	ILLUMINA INC	$187,254,000	-2.1%	981,465	-5.4%	1.23%	+4.1%
AAPL	Sell	APPLE INC	$186,625,000	-4.5%	1,350,399	-5.6%	1.22%	+1.5%
ROK	Sell	ROCKWELL AUTOMATION INC	$180,165,000	+2.0%	837,547	-5.5%	1.18%	+8.3%
DHR	Sell	DANAHER CORPORATION	$179,053,000	-3.8%	693,224	-5.5%	1.17%	+2.3%
CME	Sell	CME GROUP INC	$167,360,000	-18.2%	944,845	-5.5%	1.10%	-13.1%
CRM	Buy	SALESFORCE INC	$164,306,000	+25.7%	1,142,279	+44.3%	1.08%	+33.6%
PYPL	Buy	PAYPAL HLDGS INC	$163,682,000	+90.4%	1,901,733	+54.5%	1.07%	+102.5%
SLB	Sell	SCHLUMBERGER LTD	$162,163,000	-6.2%	4,517,078	-6.6%	1.06%	-0.4%
ASML	Sell	ASML HOLDING N V	$155,982,000	-17.7%	375,544	-5.7%	1.02%	-12.5%
	Sell	SHELL PLCspon ads	$152,035,000	-5.7%	3,055,355	-0.9%	1.00%	+0.2%
EPAM	Sell	EPAM SYS INC	$151,953,000	-10.4%	419,541	-27.0%	1.00%	-4.8%
PINS	Sell	PINTEREST INCcl a	$151,528,000	+21.4%	6,503,357	-5.4%	0.99%	+29.0%
EW	Sell	EDWARDS LIFESCIENCES CORP	$150,862,000	-17.5%	1,825,753	-5.1%	0.99%	-12.4%
CSGP	Sell	COSTAR GROUP INC	$149,877,000	+8.9%	2,151,857	-5.5%	0.98%	+15.8%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$146,559,000	+5.2%	5,080,046	-1.4%	0.96%	+11.7%
RIO	Sell	RIO TINTO PLCsponsored adr	$144,957,000	-11.8%	2,632,724	-2.3%	0.95%	-6.3%
TTD	Sell	THE TRADE DESK INC	$144,279,000	+35.2%	2,414,708	-5.2%	0.95%	+43.6%
LULU	Sell	LULULEMON ATHLETICA INC	$141,095,000	-3.2%	504,703	-5.6%	0.92%	+2.9%
TW	Sell	TRADEWEB MKTS INCcl a	$140,469,000	-21.6%	2,489,702	-5.1%	0.92%	-16.7%
AMAT	Sell	APPLIED MATLS INC	$137,539,000	-14.8%	1,678,746	-5.4%	0.90%	-9.4%
MFC	Buy	MANULIFE FINL CORP	$137,274,000	+80.0%	8,760,312	+99.1%	0.90%	+91.1%
ITUB	Buy	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$137,102,000	+40.5%	26,518,866	+16.3%	0.90%	+49.3%
AVGO	Sell	BROADCOM INC	$136,288,000	-13.9%	306,947	-5.8%	0.89%	-8.5%
MELI	Sell	MERCADOLIBRE INC	$130,263,000	+21.9%	157,364	-6.2%	0.85%	+29.6%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$128,705,000	-29.0%	467,678	-5.6%	0.84%	-24.6%
VRSK	Sell	VERISK ANALYTICS INC	$127,827,000	-6.7%	749,585	-5.3%	0.84%	-0.8%
IQV	Sell	IQVIA HLDGS INC	$124,042,000	-20.9%	684,784	-5.2%	0.81%	-15.9%
ISRG	Sell	INTUITIVE SURGICAL INC	$116,232,000	-11.6%	620,101	-5.3%	0.76%	-6.0%
WOPEY	Sell	WOODSIDE ENERGY GROUP LTDsponsored adr	$108,029,000	-7.9%	5,358,557	-1.5%	0.71%	-2.2%
ALGN	Sell	ALIGN TECHNOLOGY INC	$107,592,000	-17.0%	519,493	-5.2%	0.70%	-11.9%
BBVA	Buy	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$100,043,000	-0.7%	22,481,638	+0.8%	0.66%	+5.5%
LIN	Sell	LINDE PLC	$96,304,000	-7.4%	357,222	-1.2%	0.63%	-1.7%
ETSY	Sell	ETSY INC	$94,839,000	+29.3%	947,161	-5.5%	0.62%	+37.3%
TS	Sell	TENARIS S Asponsored ads	$91,839,000	-3.0%	3,554,126	-3.5%	0.60%	+3.1%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$87,453,000	-27.4%	3,639,340	-17.0%	0.57%	-22.9%
NFLX	Sell	NETFLIX INC	$84,691,000	+27.7%	359,715	-5.1%	0.56%	+35.7%
NVDA	Sell	NVIDIA CORPORATION	$77,558,000	-24.3%	638,914	-5.4%	0.51%	-19.6%
ASR	Sell	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$74,128,000	-44.8%	377,877	-44.8%	0.49%	-41.4%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$70,300,000	+7.5%	1,584,757	+21.1%	0.46%	+14.4%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$44,804,000	-44.1%	1,838,493	-29.3%	0.29%	-40.5%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$42,769,000	+4.7%	11,621,894	-7.2%	0.28%	+11.1%
INDA	Sell	ISHARES TRmsci india etf	$27,336,000	-4.8%	670,334	-8.1%	0.18%	+1.1%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$23,355,000	-74.0%	291,984	-63.0%	0.15%	-72.4%
YNDX	Sell	YANDEX N V	$7,126,000	+3183.9%	7,959,874	-7.4%	0.05%	+4600.0%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$6,269,000	-11.8%	447,486	+2.6%	0.04%	-6.8%
BAP	Buy	CREDICORP LTD	$6,085,000	+23.0%	49,556	+20.1%	0.04%	+29.0%
ACWI	Buy	ISHARES TRmsci acwi etf	$5,853,000	+13.5%	75,200	+22.3%	0.04%	+18.8%
ABCM	Sell	ABCAM PLCads	$5,164,000	+1.6%	344,489	-2.0%	0.03%	+9.7%
GMAB	Sell	GENMAB A/Ssponsored ads	$4,152,000	-2.0%	129,220	-0.8%	0.03%	+3.8%
ST	Buy	SENSATA TECHNOLOGIES HLDG PL	$2,721,000	-2.9%	72,977	+7.6%	0.02%	+5.9%
VEA	Buy	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$2,243,000	+9.8%	61,685	+23.2%	0.02%	+15.4%
CLB	Buy	CORE LABORATORIES N V	$1,661,000	-27.5%	123,222	+6.5%	0.01%	-21.4%
EFG	New	ISHARES TReafe grwth etf	$1,434,000	–	19,760	–	0.01%	–
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$880,000	-55.9%	7,853	-52.1%	0.01%	-50.0%
EFA	Sell	ISHARES TRmsci eafe etf	$393,000	-39.0%	7,011	-31.9%	0.00%	-25.0%
DEO	Sell	DIAGEO PLCspon adr new	$280,000	-99.5%	1,646	-99.4%	0.00%	-99.4%
NTES	Buy	NETEASE INCsponsored ads	$115,000	-13.5%	1,521	+6.8%	0.00%	0.0%
VT	Sell	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$94,000	-77.8%	1,190	-76.1%	0.00%	-66.7%
NBIX	Sell	NEUROCRINE BIOSCIENCES INC	$81,000	+2.5%	767	-5.3%	0.00%	–
ACWX	Sell	ISHARES TRmsci acwi ex us	$86,000	-99.8%	2,150	-99.8%	0.00%	-99.6%
XOM	New	EXXON MOBIL CORP	$171,000	–	1,955	–	0.00%	–
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-42	–	0.00%	–
ATKR	New	ATKORE INC	$15,000	–	198	–	0.00%	–
BIDU	New	BAIDU INCspon adr rep a	$5,000	–	44	–	0.00%	–
DIS	Buy	DISNEY WALT CO	$21,000	0.0%	222	+0.5%	0.00%	–
EBAY	Buy	EBAY INC.	$12,000	+9.1%	303	+17.0%	0.00%	–
EC	Sell	ECOPETROL S Asponsored ads	$36,000	-97.9%	3,995	-97.5%	0.00%	-100.0%
ENS	Sell	ENERSYS	$37,000	-9.8%	635	-7.8%	0.00%	–
HP	Sell	HELMERICH & PAYNE INC	$16,000	-61.0%	445	-53.0%	0.00%	–
IOO	Sell	ISHARES TRglobal 100 etf	$1,000	-99.6%	10	-99.7%	0.00%	-100.0%
JNJ	New	JOHNSON & JOHNSON	$11,000	–	70	–	0.00%	–
LKFN	Sell	LAKELAND FINL CORP	$27,000	-3.6%	370	-12.3%	0.00%	–
MKTX	New	MARKETAXESS HLDGS INC	$11,000	–	48	–	0.00%	–
MA	Buy	MASTERCARD INCORPORATEDcl a	$17,000	+6.2%	59	+13.5%	0.00%	–
OLLI	Sell	OLLIES BARGAIN OUTLET HLDGS	$22,000	-69.9%	428	-65.6%	0.00%	–
PANW	Buy	PALO ALTO NETWORKS INC	$26,000	0.0%	156	+200.0%	0.00%	–
REGN	New	REGENERON PHARMACEUTICALS	$8,000	–	11	–	0.00%	–
RGEN	Sell	REPLIGEN CORP	$25,000	-13.8%	135	-23.7%	0.00%	–
REYN	Sell	REYNOLDS CONSUMER PRODS INC	$24,000	-14.3%	915	-11.8%	0.00%	–
ROP	Buy	ROPER TECHNOLOGIES INC	$41,000	+115.8%	113	+140.4%	0.00%	–
RYAAY	Buy	RYANAIR HOLDINGS PLCsponsored ads	$67,000	+76.3%	1,143	+100.2%	0.00%	–
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$71,000	+86.8%	471	+121.1%	0.00%	–
SLP	Sell	SIMULATIONS PLUS INC	$17,000	-43.3%	353	-41.7%	0.00%	–
UL	New	UNILEVER PLCspon adr new	$50,000	–	1,148	–	0.00%	–
VIGI	New	VANGUARD WHITEHALL FDSintl dvd etf	$27,000	–	435	–	0.00%	–
WAT	New	WATERS CORP	$5,000	–	18	–	0.00%	–

Q2 2022

			Value		Shares		↓ Weighting
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$867,857,000	–	10,614,621	–	5.35%	–
BHP	New	BHP GROUP LTDsponsored ads	$847,706,000	–	15,089,711	–	5.23%	–
ALC	New	ALCON AG	$731,804,000	–	10,469,750	–	4.52%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$717,201,000	–	10,628,391	–	4.42%	–
HDB	New	HDFC BANK LTDsponsored ads	$683,813,000	–	12,440,702	–	4.22%	–
IBN	New	ICICI BANK LIMITEDadr	$586,320,000	–	33,042,034	–	3.62%	–
GOOGL	New	ALPHABET INCcap stk cl a	$547,058,000	–	256,836	–	3.38%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$488,540,000	–	1,733,691	–	3.01%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$448,177,000	–	3,107,856	–	2.76%	–
SAP	New	SAP SEspon adr	$446,127,000	–	4,917,215	–	2.75%	–
UNH	New	UNITEDHEALTH GROUP INC	$409,869,000	–	797,972	–	2.53%	–
MSFT	New	MICROSOFT CORP	$388,996,000	–	1,514,543	–	2.40%	–
CNI	New	CANADIAN NATL RY CO	$374,490,000	–	3,329,135	–	2.31%	–
SIVB	New	SVB FINANCIAL GROUP	$370,025,000	–	936,779	–	2.28%	–
DE	New	DEERE & CO	$346,964,000	–	1,158,532	–	2.14%	–
ABEV	New	AMBEV SAsponsored adr	$330,568,000	–	131,683,036	–	2.04%	–
AMZN	New	AMAZON COM INC	$301,448,000	–	2,837,868	–	1.86%	–
XP	New	XP INCcl a	$292,524,000	–	16,281,542	–	1.80%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$271,621,000	–	499,951	–	1.68%	–
SNPS	New	SYNOPSYS INC	$270,948,000	–	892,074	–	1.67%	–
NKE	New	NIKE INCcl b	$262,379,000	–	2,567,202	–	1.62%	–
ACN	New	ACCENTURE PLC IRELAND	$259,617,000	–	935,013	–	1.60%	–
AME	New	AMETEK INC	$222,347,000	–	2,023,250	–	1.37%	–
CME	New	CME GROUP INC	$204,592,000	–	999,479	–	1.26%	–
AAPL	New	APPLE INC	$195,521,000	–	1,429,945	–	1.21%	–
ILMN	New	ILLUMINA INC	$191,303,000	–	1,037,575	–	1.18%	–
ASML	New	ASML HOLDING N V	$189,452,000	–	398,071	–	1.17%	–
DHR	New	DANAHER CORPORATION	$186,058,000	–	733,857	–	1.15%	–
EW	New	EDWARDS LIFESCIENCES CORP	$182,950,000	–	1,923,882	–	1.13%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$181,353,000	–	495,387	–	1.12%	–
TW	New	TRADEWEB MKTS INCcl a	$179,122,000	–	2,624,487	–	1.10%	–
ROK	New	ROCKWELL AUTOMATION INC	$176,663,000	–	886,305	–	1.09%	–
SLB	New	SCHLUMBERGER LTD	$172,964,000	–	4,836,856	–	1.07%	–
EPAM	New	EPAM SYS INC	$169,506,000	–	575,024	–	1.05%	–
RIO	New	RIO TINTO PLCsponsored adr	$164,291,000	–	2,693,357	–	1.01%	–
AMAT	New	APPLIED MATLS INC	$161,480,000	–	1,774,747	–	1.00%	–
	New	SHELL PLCspon ads	$161,212,000	–	3,083,143	–	1.00%	–
AVGO	New	BROADCOM INC	$158,329,000	–	325,891	–	0.98%	–
IQV	New	IQVIA HLDGS INC	$156,787,000	–	722,529	–	0.97%	–
LULU	New	LULULEMON ATHLETICA INC	$145,707,000	–	534,460	–	0.90%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$139,371,000	–	5,150,850	–	0.86%	–
CSGP	New	COSTAR GROUP INC	$137,571,000	–	2,277,107	–	0.85%	–
VRSK	New	VERISK ANALYTICS INC	$136,992,000	–	791,409	–	0.84%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$134,400,000	–	684,352	–	0.83%	–
ISRG	New	INTUITIVE SURGICAL INC	$131,495,000	–	655,099	–	0.81%	–
CRM	New	SALESFORCE INC	$130,671,000	–	791,704	–	0.81%	–
ALGN	New	ALIGN TECHNOLOGY INC	$129,697,000	–	547,957	–	0.80%	–
PINS	New	PINTEREST INCcl a	$124,807,000	–	6,872,008	–	0.77%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$120,406,000	–	4,386,389	–	0.74%	–
WOPEY	New	WOODSIDE ENERGY GROUP LTDsponsored adr	$117,290,000	–	5,440,187	–	0.72%	–
TTD	New	THE TRADE DESK INC	$106,751,000	–	2,548,129	–	0.66%	–
MELI	New	MERCADOLIBRE INC	$106,881,000	–	167,778	–	0.66%	–
LIN	New	LINDE PLC	$104,050,000	–	361,740	–	0.64%	–
NVDA	New	NVIDIA CORPORATION	$102,411,000	–	675,519	–	0.63%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$100,787,000	–	22,293,475	–	0.62%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$97,591,000	–	22,801,699	–	0.60%	–
TS	New	TENARIS S Asponsored ads	$94,643,000	–	3,684,050	–	0.58%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$89,742,000	–	789,424	–	0.55%	–
PYPL	New	PAYPAL HLDGS INC	$85,959,000	–	1,230,602	–	0.53%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$80,152,000	–	2,599,792	–	0.49%	–
MFC	New	MANULIFE FINL CORP	$76,266,000	–	4,400,828	–	0.47%	–
ETSY	New	ETSY INC	$73,364,000	–	1,001,912	–	0.45%	–
NFLX	New	NETFLIX INC	$66,300,000	–	379,098	–	0.41%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$65,381,000	–	1,308,670	–	0.40%	–
DEO	New	DIAGEO PLCspon adr new	$51,605,000	–	296,138	–	0.32%	–
ACWX	New	ISHARES TRmsci acwi ex us	$45,032,000	–	1,000,703	–	0.28%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$40,838,000	–	12,526,920	–	0.25%	–
INDA	New	ISHARES TRmsci india etf	$28,721,000	–	729,512	–	0.18%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$7,108,000	–	436,321	–	0.04%	–
ACWI	New	ISHARES TRmsci acwi etf	$5,158,000	–	61,487	–	0.03%	–
ABCM	New	ABCAM PLCads	$5,083,000	–	351,437	–	0.03%	–
BAP	New	CREDICORP LTD	$4,946,000	–	41,251	–	0.03%	–
FB	New	META PLATFORMS INCcl a	$4,720,000	–	29,249	–	0.03%	–
GMAB	New	GENMAB A/Ssponsored ads	$4,237,000	–	130,281	–	0.03%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$2,803,000	–	67,844	–	0.02%	–
CLB	New	CORE LABORATORIES N V	$2,292,000	–	115,679	–	0.01%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDvan ftse dev mkt	$2,043,000	–	50,078	–	0.01%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$1,995,000	–	16,383	–	0.01%	–
EC	New	ECOPETROL S Asponsored ads	$1,734,000	–	159,637	–	0.01%	–
EFA	New	ISHARES TRmsci eafe etf	$644,000	–	10,301	–	0.00%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$424,000	–	4,970	–	0.00%	–
NTES	New	NETEASE INCsponsored ads	$133,000	–	1,424	–	0.00%	–
SAN	New	BANCO SANTANDER S.A.adr	$138,000	–	49,212	–	0.00%	–
ABBV	New	ABBVIE INC	$98,000	–	637	–	0.00%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$84,000	–	1,086	–	0.00%	–
YNDX	New	YANDEX N V	$217,000	–	8,595,712	–	0.00%	–
IOO	New	ISHARES TRglobal 100 etf	$224,000	–	3,489	–	0.00%	–
BWA	New	BORGWARNER INC	$85,000	–	2,544	–	0.00%	–
BNTX	New	BIONTECH SEsponsored ads	$179,000	–	1,202	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$41,000	–	946	–	0.00%	–
MNST	New	MONSTER BEVERAGE CORP NEW	$19,000	–	204	–	0.00%	–
HEI	New	HEICO CORP NEW	$55,000	–	419	–	0.00%	–
NBIX	New	NEUROCRINE BIOSCIENCES INC	$79,000	–	810	–	0.00%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$22,000	–	308	–	0.00%	–
IT	New	GARTNER INC	$75,000	–	311	–	0.00%	–
OLLI	New	OLLIES BARGAIN OUTLET HLDGS	$73,000	–	1,243	–	0.00%	–
PANW	New	PALO ALTO NETWORKS INC	$26,000	–	52	–	0.00%	–
FIVE	New	FIVE BELOW INC	$10,000	–	92	–	0.00%	–
EXPO	New	EXPONENT INC	$26,000	–	284	–	0.00%	–
EFX	New	EQUIFAX INC	$14,000	–	78	–	0.00%	–
PLNT	New	PLANET FITNESS INCcl a	$8,000	–	119	–	0.00%	–
POOL	New	POOL CORP	$36,000	–	103	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$20,000	–	137	–	0.00%	–
RGA	New	REINSURANCE GRP OF AMERICA I	$79,000	–	671	–	0.00%	–
RGEN	New	REPLIGEN CORP	$29,000	–	177	–	0.00%	–
RMD	New	RESMED INC	$17,000	–	81	–	0.00%	–
REYN	New	REYNOLDS CONSUMER PRODS INC	$28,000	–	1,037	–	0.00%	–
ENS	New	ENERSYS	$41,000	–	689	–	0.00%	–
EMR	New	EMERSON ELEC CO	$15,000	–	188	–	0.00%	–
ROP	New	ROPER TECHNOLOGIES INC	$19,000	–	47	–	0.00%	–
EA	New	ELECTRONIC ARTS INC	$17,000	–	143	–	0.00%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$38,000	–	571	–	0.00%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$63,000	–	3,234	–	0.00%	–
ECL	New	ECOLAB INC	$13,000	–	84	–	0.00%	–
EBAY	New	EBAY INC.	$11,000	–	259	–	0.00%	–
NOW	New	SERVICENOW INC	$26,000	–	54	–	0.00%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$38,000	–	213	–	0.00%	–
SLP	New	SIMULATIONS PLUS INC	$30,000	–	605	–	0.00%	–
SBUX	New	STARBUCKS CORP	$44,000	–	578	–	0.00%	–
SYBT	New	STOCK YDS BANCORP INC	$29,000	–	482	–	0.00%	–
DPZ	New	DOMINOS PIZZA INC	$16,000	–	42	–	0.00%	–
DIS	New	DISNEY WALT CO	$21,000	–	221	–	0.00%	–
COST	New	COSTCO WHSL CORP NEW	$17,000	–	35	–	0.00%	–
TER	New	TERADYNE INC	$55,000	–	618	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$18,000	–	115	–	0.00%	–
CGNX	New	COGNEX CORP	$19,000	–	449	–	0.00%	–
CSCO	New	CISCO SYS INC	$39,000	–	907	–	0.00%	–
CABO	New	CABLE ONE INC	$13,000	–	10	–	0.00%	–
AAON	New	AAON INC	$10,000	–	188	–	0.00%	–
BKNG	New	BOOKING HOLDINGS INC	$14,000	–	8	–	0.00%	–
V	New	VISA INC	$15,000	–	76	–	0.00%	–
WDAY	New	WORKDAY INCcl a	$20,000	–	140	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$45,000	–	261	–	0.00%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$19,000	–	92	–	0.00%	–
APPF	New	APPFOLIO INC	$13,000	–	138	–	0.00%	–
ANSS	New	ANSYS INC	$19,000	–	78	–	0.00%	–
APH	New	AMPHENOL CORP NEWcl a	$19,000	–	288	–	0.00%	–
ALTR	New	ALTAIR ENGR INC	$45,000	–	863	–	0.00%	–
APD	New	AIR PRODS & CHEMS INC	$16,000	–	66	–	0.00%	–
ABMD	New	ABIOMED INC	$29,000	–	118	–	0.00%	–
ABT	New	ABBOTT LABS	$42,000	–	390	–	0.00%	–
TJX	New	TJX COS INC NEW	$15,000	–	274	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$66,000	–	589	–	0.00%	–
LKFN	New	LAKELAND FINL CORP	$28,000	–	422	–	0.00%	–
EL	New	LAUDER ESTEE COS INCcl a	$15,000	–	58	–	0.00%	–
LMAT	New	LEMAITRE VASCULAR INC	$9,000	–	192	–	0.00%	–
MGPI	New	MGP INGREDIENTS INC NEW	$33,000	–	326	–	0.00%	–
MBUU	New	MALIBU BOATS INC	$49,000	–	939	–	0.00%	–
IDXX	New	IDEXX LABS INC	$25,000	–	70	–	0.00%	–
MA	New	MASTERCARD INCORPORATEDcl a	$16,000	–	52	–	0.00%	–
MCD	New	MCDONALDS CORP	$21,000	–	85	–	0.00%	–
IPGP	New	IPG PHOTONICS CORP	$17,000	–	179	–	0.00%	–
MRK	New	MERCK & CO INC	$67,000	–	734	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-49	–	0.00%	–
PEN	Exit	PENUMBRA INC	$0	–	-62	–	0.00%	–
MRK	Exit	MERCK & CO INC	$0	–	-734	–	0.00%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-128	–	0.00%	–
RGA	Exit	REINSURANCE GRP OF AMERICA I	$0	–	-813	–	0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-261	–	0.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-308	–	0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-501	–	0.00%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-202	–	0.00%	–
ABMD	Exit	ABIOMED INC	$0	–	-118	–	0.00%	–
NOW	Exit	SERVICENOW INC	$0	–	-54	–	0.00%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-69	–	0.00%	–
RGEN	Exit	REPLIGEN CORP	$0	–	-80	–	0.00%	–
HCSG	Exit	HEALTHCARE SVCS GROUP INC	$0	–	-1,759	–	0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-70	–	0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-115	–	0.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-847	–	0.00%	–
V	Exit	VISA INC	$0	–	-76	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-92	–	0.00%	–
HEI	Exit	HEICO CORP NEW	$0	–	-419	–	0.00%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-288	–	0.00%	–
NBIX	Exit	NEUROCRINE BIOSCIENCES INC	$0	–	-562	–	0.00%	–
PLNT	Exit	PLANET FITNESS INCcl a	$0	–	-509	–	0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-85	–	0.00%	–
ENS	Exit	ENERSYS	$0	–	-606	–	0.00%	–
CABO	Exit	CABLE ONE INC	$0	–	-3	–	0.00%	–
EXPO	Exit	EXPONENT INC	$0	–	-230	–	0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,474	–	0.00%	–
ABT	Exit	ABBOTT LABS	$0	–	-390	–	0.00%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-137	–	0.00%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-11	–	0.00%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-754	–	0.00%	–
CGNX	Exit	COGNEX CORP	$0	–	-449	–	0.00%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-188	–	0.00%	–
MTD	Exit	METTLER TOLEDO INTERNATIONAL	$0	–	-19	–	0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-641	–	0.00%	–
CSCO	Exit	CISCO SYS INC	$0	–	-907	–	0.00%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-308	–	0.00%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-13	–	0.00%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,613	–	0.00%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-143	–	0.00%	–
RMD	Exit	RESMED INC	$0	–	-81	–	0.00%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-214	–	0.00%	–
MBUU	Exit	MALIBU BOATS INC	$0	–	-861	–	0.00%	–
ANSS	Exit	ANSYS INC	$0	–	-78	–	0.00%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-263	–	0.00%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-73	–	0.00%	–
MNST	Exit	MONSTER BEVERAGE CORP NEW	$0	–	-204	–	0.00%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-185	–	0.00%	–
PRLB	Exit	PROTO LABS INC	$0	–	-321	–	0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-227	–	0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-253	–	0.00%	–
SYBT	Exit	STOCK YDS BANCORP INC	$0	–	-787	–	0.00%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-578	–	0.00%	–
LMAT	Exit	LEMAITRE VASCULAR INC	$0	–	-317	–	0.00%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-52	–	0.00%	–
ECL	Exit	ECOLAB INC	$0	–	-84	–	0.00%	–
ALTR	Exit	ALTAIR ENGR INC	$0	–	-539	–	0.00%	–
ROL	Exit	ROLLINS INC	$0	–	-1,132	–	0.00%	–
JKHY	Exit	HENRY JACK & ASSOC INC	$0	–	-115	–	0.00%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-231	–	0.00%	–
OLLI	Exit	OLLIES BARGAIN OUTLET HLDGS	$0	–	-1,217	–	0.00%	–
UGP	Exit	ULTRAPAR PARTICIPACOES SA	$0	–	-32,450	–	0.00%	–
AVGO	Exit	BROADCOM INC	$0	–	-208	–	0.00%	–
SAN	Exit	BANCO SANTANDER S.A.adr	$0	–	-50,835	–	-0.00%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-5,472	–	-0.00%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-103,535	–	-0.01%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG PL	$0	–	-61,390	–	-0.01%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-163,566	–	-0.02%	–
ACWI	Exit	ISHARES TRmsci acwi etf	$0	–	-54,040	–	-0.02%	–
GMAB	Exit	GENMAB A/Ssponsored ads	$0	–	-132,023	–	-0.02%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-21,200	–	-0.03%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-467,665	–	-0.03%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-81,781	–	-0.03%	–
ABCM	Exit	ABCAM PLCads	$0	–	-359,112	–	-0.03%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTsponsored adr	$0	–	-3,539,140	–	-0.07%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-558,888	–	-0.11%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-1,118,511	–	-0.14%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-2,080,586	–	-0.16%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-1,080,706	–	-0.26%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-3,935,578	–	-0.33%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-1,554,090	–	-0.43%	–
LIN	Exit	LINDE PLC	$0	–	-369,139	–	-0.43%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-604,009	–	-0.46%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-3,398,774	–	-0.47%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-5,121,840	–	-0.52%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,548,129	–	-0.55%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-3,161,570	–	-0.56%	–
ALC	Exit	ALCON AG	$0	–	-1,798,303	–	-0.58%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-23,173,126	–	-0.61%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-44,564,772	–	-0.68%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-917,364	–	-0.68%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-394,152	–	-0.70%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-884,413	–	-0.71%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-512,186	–	-0.71%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-2,738,900	–	-0.73%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,231,619	–	-0.76%	–
AME	Exit	AMETEK INC	$0	–	-1,544,113	–	-0.76%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-807,596	–	-0.77%	–
PINS	Exit	PINTEREST INCcl a	$0	–	-3,910,457	–	-0.80%	–
TTD	Exit	THE TRADE DESK INC	$0	–	-2,848,562	–	-0.80%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,204,761	–	-0.81%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-1,595,395	–	-0.82%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-826,121	–	-0.82%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-2,546,204	–	-0.87%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-584,262	–	-0.91%	–
AAPL	Exit	APPLE INC	$0	–	-1,615,412	–	-0.91%	–
ETSY	Exit	ETSY INC	$0	–	-1,123,531	–	-0.93%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-2,975,210	–	-0.96%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-888,491	–	-0.96%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,165,222	–	-0.96%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-242,780	–	-0.96%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-2,150,240	–	-0.97%	–
NFLX	Exit	NETFLIX INC	$0	–	-411,716	–	-1.00%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-9,101,416	–	-1.08%	–
CME	Exit	CME GROUP INC	$0	–	-1,453,698	–	-1.12%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-999,457	–	-1.19%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-1,041,942	–	-1.27%	–
ASML	Exit	ASML HOLDING N V	$0	–	-437,414	–	-1.30%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-1,911,103	–	-1.38%	–
EBAY	Exit	EBAY INC.	$0	–	-5,090,050	–	-1.42%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-666,657	–	-1.52%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-592,528	–	-1.57%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-3,416,675	–	-1.58%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,873,375	–	-1.66%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-743,504	–	-1.71%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,690,198	–	-1.76%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,161,187	–	-1.88%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,692,843	–	-1.90%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-182,303,711	–	-2.01%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,534,836	–	-2.08%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-3,675,057	–	-2.17%	–
DE	Exit	DEERE & CO	$0	–	-1,651,820	–	-2.21%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-4,955,282	–	-2.24%	–
AMZN	Exit	AMAZON COM INC	$0	–	-186,208	–	-2.44%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-33,985,487	–	-2.56%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-129,798,126	–	-2.73%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-1,059,211	–	-2.73%	–
SAP	Exit	SAP SEspon adr	$0	–	-5,098,162	–	-2.75%	–
YNDX	Exit	YANDEX N V	$0	–	-9,103,170	–	-2.90%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-8,489,609	–	-2.94%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-281,180	–	-3.00%	–
EPAM	Exit	EPAM SYS INC	$0	–	-1,330,747	–	-3.03%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-4,110,658	–	-3.16%	–
BHP	Exit	BHP GROUP LTDsponsored ads	$0	–	-15,212,153	–	-3.25%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-12,269,446	–	-3.58%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-13,465,836	–	-6.00%	–

Q3 2021

			Value		Shares		↓ Weighting
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,503,461,000	-7.9%	13,465,836	-0.9%	6.00%	-2.3%
HDB	Sell	HDFC BANK LTDsponsored ads	$896,774,000	-1.3%	12,269,446	-1.2%	3.58%	+4.7%
BHP	Sell	BHP GROUP LTDsponsored ads	$814,154,000	-28.5%	15,212,153	-2.8%	3.25%	-24.2%
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$792,864,000	-0.4%	4,110,658	-3.4%	3.16%	+5.6%
EPAM	Sell	EPAM SYS INC	$759,165,000	-18.6%	1,330,747	-27.1%	3.03%	-13.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$751,740,000	-6.5%	281,180	-14.6%	3.00%	-0.8%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$736,219,000	+2.1%	8,489,609	-0.5%	2.94%	+8.3%
YNDX	Sell	YANDEX N V	$725,434,000	+12.3%	9,103,170	-0.3%	2.90%	+19.1%
SAP	Sell	SAP SEspon adr	$688,456,000	-4.6%	5,098,162	-0.8%	2.75%	+1.2%
SIVB	Sell	SVB FINANCIAL GROUP	$685,182,000	-5.8%	1,059,211	-18.9%	2.73%	-0.0%
ITUB	Sell	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$684,037,000	-12.7%	129,798,126	-0.4%	2.73%	-7.4%
IBN	Sell	ICICI BANK LIMITEDadr	$641,307,000	+9.9%	33,985,487	-0.4%	2.56%	+16.6%
AMZN	Sell	AMAZON COM INC	$611,701,000	-7.8%	186,208	-3.5%	2.44%	-2.2%
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$560,146,000	-3.3%	4,955,282	-0.7%	2.24%	+2.6%
DE	Buy	DEERE & CO	$553,475,000	+0.3%	1,651,820	+5.6%	2.21%	+6.4%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$544,092,000	-36.3%	3,675,057	-2.4%	2.17%	-32.4%
FB	Sell	FACEBOOK INCcl a	$520,908,000	-13.6%	1,534,836	-11.5%	2.08%	-8.3%
ABEV	Sell	AMBEV SAsponsored adr	$503,159,000	-20.1%	182,303,711	-0.4%	2.01%	-15.2%
MSFT	Sell	MICROSOFT CORP	$477,247,000	-0.9%	1,692,843	-4.8%	1.90%	+5.1%
ILMN	Sell	ILLUMINA INC	$470,990,000	-28.4%	1,161,187	-16.5%	1.88%	-24.1%
PYPL	Sell	PAYPAL HLDGS INC	$439,806,000	-29.4%	1,690,198	-20.9%	1.76%	-25.1%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$428,050,000	-5.0%	743,504	-3.3%	1.71%	+0.8%
NKE	Sell	NIKE INCcl b	$417,300,000	-9.2%	2,873,375	-3.4%	1.66%	-3.6%
CNI	Sell	CANADIAN NATL RY CO	$395,139,000	+9.2%	3,416,675	-0.4%	1.58%	+15.9%
ALGN	Sell	ALIGN TECHNOLOGY INC	$394,286,000	+5.0%	592,528	-3.6%	1.57%	+11.3%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$380,881,000	+12.9%	666,657	-0.3%	1.52%	+19.8%
EBAY	Sell	EBAY INC.	$354,624,000	-4.2%	5,090,050	-3.5%	1.42%	+1.6%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$346,655,000	-14.0%	1,911,103	-4.4%	1.38%	-8.8%
ASML	Sell	ASML HOLDING N V	$325,922,000	+4.6%	437,414	-3.1%	1.30%	+10.8%
DHR	Sell	DANAHER CORPORATION	$317,209,000	+10.5%	1,041,942	-2.6%	1.27%	+17.2%
SNPS	Sell	SYNOPSYS INC	$299,247,000	+4.7%	999,457	-3.6%	1.19%	+11.1%
CME	Sell	CME GROUP INC	$281,116,000	-14.0%	1,453,698	-5.4%	1.12%	-8.7%
SLB	Sell	SCHLUMBERGER LTD	$269,766,000	-7.9%	9,101,416	-0.5%	1.08%	-2.3%
NFLX	New	NETFLIX INC	$251,287,000	–	411,716	–	1.00%	–
EW	Sell	EDWARDS LIFESCIENCES CORP	$243,429,000	+5.5%	2,150,240	-3.5%	0.97%	+11.9%
NVDA	Buy	NVIDIA CORPORATION	$241,388,000	-31.4%	1,165,222	+165.0%	0.96%	-27.2%
ISRG	Sell	INTUITIVE SURGICAL INC	$241,360,000	+4.2%	242,780	-3.6%	0.96%	+10.6%
CRM	Sell	SALESFORCE COM INC	$240,976,000	+6.9%	888,491	-3.8%	0.96%	+13.4%
TW	Sell	TRADEWEB MKTS INCcl a	$240,337,000	-6.4%	2,975,210	-2.0%	0.96%	-0.7%
ETSY	Sell	ETSY INC	$233,650,000	-2.6%	1,123,531	-3.6%	0.93%	+3.3%
AAPL	Sell	APPLE INC	$228,581,000	-0.1%	1,615,412	-3.3%	0.91%	+5.9%
UNH	Sell	UNITEDHEALTH GROUP INC	$228,294,000	-5.8%	584,262	-3.5%	0.91%	0.0%
CSGP	Buy	COSTAR GROUP INC	$219,126,000	+1217266.7%	2,546,204	+1157265.5%	0.87%	–
WDAY	Sell	WORKDAY INCcl a	$206,440,000	+0.7%	826,121	-3.8%	0.82%	+6.9%
AMAT	New	APPLIED MATLS INC	$205,375,000	–	1,595,395	–	0.82%	–
DIS	Sell	DISNEY WALT CO	$203,810,000	-7.3%	1,204,761	-3.7%	0.81%	-1.7%
TTD	Sell	THE TRADE DESK INC	$200,254,000	-13.3%	2,848,562	-4.6%	0.80%	-8.1%
PINS	Buy	PINTEREST INCcl a	$199,238,000	+26.8%	3,910,457	+96.5%	0.80%	+34.5%
IQV	Sell	IQVIA HLDGS INC	$193,452,000	-4.4%	807,596	-3.3%	0.77%	+1.4%
AME	Sell	AMETEK INC	$191,485,000	-10.5%	1,544,113	-3.6%	0.76%	-5.0%
BIDU	Buy	BAIDU INCspon adr rep a	$189,361,000	+1456523.1%	1,231,619	+1954850.8%	0.76%	–
RIO	Sell	RIO TINTO PLCsponsored adr	$183,014,000	-22.4%	2,738,900	-2.6%	0.73%	-17.8%
MA	Sell	MASTERCARD INCORPORATEDcl a	$178,077,000	-7.8%	512,186	-3.2%	0.71%	-2.2%
VRSK	Sell	VERISK ANALYTICS INC	$177,121,000	+10.7%	884,413	-3.4%	0.71%	+17.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$175,843,000	-8.6%	394,152	-3.7%	0.70%	-3.0%
ASR	Sell	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$171,547,000	+0.6%	917,364	-0.5%	0.68%	+6.7%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$170,683,000	-25.7%	44,564,772	-0.5%	0.68%	-21.2%
BBVA	Sell	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$152,711,000	+3.7%	23,173,126	-2.3%	0.61%	+9.9%
ALC	Buy	ALCON AG	$144,732,000	+15.1%	1,798,303	+0.4%	0.58%	+22.0%
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$139,963,000	+11.6%	3,161,570	-2.1%	0.56%	+18.2%
UL	Sell	UNILEVER PLCspon adr new	$138,160,000	-9.6%	2,548,129	-2.4%	0.55%	-4.2%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$130,094,000	+16.0%	5,121,840	-1.0%	0.52%	+23.0%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$117,666,000	+19.5%	3,398,774	-0.6%	0.47%	+26.8%
DEO	Sell	DIAGEO PLCspon adr new	$116,573,000	-1.6%	604,009	-2.3%	0.46%	+4.3%
LIN	Sell	LINDE PLC	$108,298,000	-0.7%	369,139	-2.2%	0.43%	+5.4%
JOBS	Sell	51JOB INCsponsored ads	$108,056,000	-11.0%	1,554,090	-0.5%	0.43%	-5.7%
TS	Sell	TENARIS S Asponsored ads	$83,080,000	-26.0%	3,935,578	-23.2%	0.33%	-21.6%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$65,880,000	+178.5%	1,080,706	+189.6%	0.26%	+195.5%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$41,133,000	-0.4%	2,080,586	+0.1%	0.16%	+5.8%
ZTO	Buy	ZTO EXPRESS CAYMAN INCsponsored ads a	$34,294,000	+1.2%	1,118,511	+0.1%	0.14%	+7.0%
INDA	Buy	ISHARES TRmsci india etf	$27,212,000	+12.2%	558,888	+2.0%	0.11%	+19.8%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTsponsored adr	$16,669,000	-39.5%	3,539,140	+0.1%	0.07%	-35.6%
ABCM	Buy	ABCAM PLCads	$7,280,000	+6.7%	359,112	+0.2%	0.03%	+11.5%
NTES	Buy	NETEASE INCsponsored ads	$6,984,000	-12.6%	81,781	+18.0%	0.03%	-6.7%
EC	Sell	ECOPETROL S Asponsored ads	$6,711,000	-10.6%	467,665	-8.9%	0.03%	-3.6%
ACN	Buy	ACCENTURE PLC IRELAND	$6,782,000	+8.9%	21,200	+0.4%	0.03%	+17.4%
GMAB	Sell	GENMAB A/Ssponsored ads	$5,769,000	+6.8%	132,023	-0.2%	0.02%	+15.0%
ACWI	Buy	ISHARES TRmsci acwi etf	$5,400,000	+30.1%	54,040	+31.8%	0.02%	+37.5%
TCOM	Sell	TRIP COM GROUP LTDads	$5,030,000	-23.1%	163,566	-11.3%	0.02%	-20.0%
ST	Buy	SENSATA TECHNOLOGIES HLDG PL	$3,359,000	-4.1%	61,390	+1.6%	0.01%	0.0%
CLB	Buy	CORE LABORATORIES N V	$2,873,000	-27.6%	103,535	+1.7%	0.01%	-26.7%
VEA	Buy	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$276,000	+38.7%	5,472	+41.7%	0.00%	0.0%
JKHY	New	HENRY JACK & ASSOC INC	$19,000	–	115	–	0.00%	–
XOM	Sell	EXXON MOBIL CORP	$87,000	-68.5%	1,474	-66.3%	0.00%	-100.0%
EMR	Sell	EMERSON ELEC CO	$18,000	-71.9%	188	-71.8%	0.00%	–
EA	New	ELECTRONIC ARTS INC	$20,000	–	143	–	0.00%	–
CL	Sell	COLGATE PALMOLIVE CO	$17,000	-22.7%	231	-12.2%	0.00%	–
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$20,000	-80.8%	263	-82.4%	0.00%	–
CSCO	Sell	CISCO SYS INC	$49,000	-53.3%	907	-54.4%	0.00%	–
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$18,000	-78.3%	92	-78.0%	0.00%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-1,280	–	0.00%	–
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-137	–	0.00%	–
BAP	Exit	CREDICORP LTD	$0	–	-2	–	0.00%	–
PG	Sell	PROCTER AND GAMBLE CO	$19,000	-73.6%	137	-74.2%	0.00%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$16,000	–	13	–	0.00%	–
OLLI	Buy	OLLIES BARGAIN OUTLET HLDGS	$73,000	+32.7%	1,217	+85.2%	0.00%	–
MELI	New	MERCADOLIBRE INC	$18,000	–	11	–	0.00%	–
MBUU	New	MALIBU BOATS INC	$60,000	–	861	–	0.00%	–
UGP	Buy	ULTRAPAR PARTICIPACOES SA	$88,000	-4.3%	32,450	+32.9%	0.00%	–
HON	Sell	HONEYWELL INTL INC	$27,000	-60.9%	128	-59.2%	0.00%	–
KBE	Exit	SPDR SER TRs&p bk etf	$0	–	-13	–	0.00%	–
WAT	Exit	WATERS CORP	$0	–	-28	–	0.00%	–
PRLB	Sell	PROTO LABS INC	$21,000	-40.0%	321	-16.4%	0.00%	–
CSAN	Exit	COSAN S Aads	$0	–	-14	–	0.00%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-3	–	0.00%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-210	–	0.00%	–
IT	Exit	GARTNER INC	$0	–	-100	–	0.00%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-25	–	0.00%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-77	–	0.00%	–
KRE	Exit	SPDR SER TRs&p regl bkg	$0	–	-8	–	0.00%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-11	–	0.00%	–
MMM	Exit	3M CO	$0	–	-64	–	0.00%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-109,250	–	-0.00%	–
VFC	Exit	V F CORP	$0	–	-2,295,743	–	-0.71%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-782,274	–	-0.94%	–

Q2 2021

			Value		Shares		↓ Weighting
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,632,162,000	–	13,583,242	–	6.14%	–
BHP	New	BHP GROUP LTDsponsored ads	$1,139,294,000	–	15,643,194	–	4.28%	–
EPAM	New	EPAM SYS INC	$932,550,000	–	1,825,094	–	3.51%	–
HDB	New	HDFC BANK LTDsponsored ads	$908,413,000	–	12,423,590	–	3.42%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$854,183,000	–	3,766,572	–	3.21%	–
GOOGL	New	ALPHABET INCcap stk cl a	$803,891,000	–	329,222	–	3.02%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$796,169,000	–	4,253,721	–	3.00%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$783,421,000	–	130,352,869	–	2.95%	–
SIVB	New	SVB FINANCIAL GROUP	$727,139,000	–	1,306,793	–	2.74%	–
SAP	New	SAP SEspon adr	$721,527,000	–	5,136,888	–	2.71%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$721,005,000	–	8,531,595	–	2.71%	–
AMZN	New	AMAZON COM INC	$663,476,000	–	192,862	–	2.50%	–
ILMN	New	ILLUMINA INC	$658,044,000	–	1,390,595	–	2.48%	–
YNDX	New	YANDEX N V	$645,990,000	–	9,130,562	–	2.43%	–
ABEV	New	AMBEV SAsponsored adr	$629,431,000	–	182,973,959	–	2.37%	–
PYPL	New	PAYPAL HLDGS INC	$622,617,000	–	2,136,053	–	2.34%	–
FB	New	FACEBOOK INCcl a	$602,721,000	–	1,733,400	–	2.27%	–
IBN	New	ICICI BANK LIMITEDadr	$583,448,000	–	34,119,731	–	2.20%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$579,227,000	–	4,987,748	–	2.18%	–
DE	New	DEERE & CO	$551,848,000	–	1,564,596	–	2.08%	–
MSFT	New	MICROSOFT CORP	$481,786,000	–	1,778,466	–	1.81%	–
NKE	New	NIKE INCcl b	$459,408,000	–	2,973,707	–	1.73%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$450,483,000	–	769,215	–	1.69%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$403,074,000	–	1,999,078	–	1.52%	–
ALGN	New	ALIGN TECHNOLOGY INC	$375,678,000	–	614,858	–	1.41%	–
EBAY	New	EBAY INC.	$370,333,000	–	5,274,655	–	1.39%	–
CNI	New	CANADIAN NATL RY CO	$361,869,000	–	3,429,382	–	1.36%	–
NVDA	New	NVIDIA CORPORATION	$351,791,000	–	439,684	–	1.32%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$337,472,000	–	668,963	–	1.27%	–
CME	New	CME GROUP INC	$326,767,000	–	1,536,423	–	1.23%	–
ASML	New	ASML HOLDING N V	$311,732,000	–	451,237	–	1.17%	–
SLB	New	SCHLUMBERGER LTD	$292,835,000	–	9,148,239	–	1.10%	–
DHR	New	DANAHER CORPORATION	$287,140,000	–	1,069,980	–	1.08%	–
SNPS	New	SYNOPSYS INC	$285,824,000	–	1,036,386	–	1.08%	–
TW	New	TRADEWEB MKTS INCcl a	$256,698,000	–	3,035,689	–	0.97%	–
EL	New	LAUDER ESTEE COS INCcl a	$248,825,000	–	782,274	–	0.94%	–
UNH	New	UNITEDHEALTH GROUP INC	$242,334,000	–	605,170	–	0.91%	–
ETSY	New	ETSY INC	$239,800,000	–	1,164,980	–	0.90%	–
RIO	New	RIO TINTO PLCsponsored adr	$235,970,000	–	2,812,854	–	0.89%	–
ISRG	New	INTUITIVE SURGICAL INC	$231,577,000	–	251,813	–	0.87%	–
TTD	New	THE TRADE DESK INC	$230,910,000	–	2,984,875	–	0.87%	–
EW	New	EDWARDS LIFESCIENCES CORP	$230,812,000	–	2,228,554	–	0.87%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$229,678,000	–	44,771,564	–	0.86%	–
AAPL	New	APPLE INC	$228,877,000	–	1,671,121	–	0.86%	–
CRM	New	SALESFORCE COM INC	$225,505,000	–	923,179	–	0.85%	–
DIS	New	DISNEY WALT CO	$219,830,000	–	1,250,673	–	0.83%	–
AME	New	AMETEK INC	$213,833,000	–	1,601,742	–	0.80%	–
WDAY	New	WORKDAY INCcl a	$204,950,000	–	858,468	–	0.77%	–
IQV	New	IQVIA HLDGS INC	$202,335,000	–	834,990	–	0.76%	–
MA	New	MASTERCARD INCORPORATEDcl a	$193,193,000	–	529,165	–	0.73%	–
ROP	New	ROPER TECHNOLOGIES INC	$192,376,000	–	409,135	–	0.72%	–
VFC	New	V F CORP	$188,343,000	–	2,295,743	–	0.71%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$170,447,000	–	921,832	–	0.64%	–
VRSK	New	VERISK ANALYTICS INC	$159,966,000	–	915,556	–	0.60%	–
PINS	New	PINTEREST INCcl a	$157,136,000	–	1,990,327	–	0.59%	–
UL	New	UNILEVER PLCspon adr new	$152,765,000	–	2,611,383	–	0.58%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$147,323,000	–	23,723,494	–	0.55%	–
ALC	New	ALCON AG	$125,797,000	–	1,790,498	–	0.47%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$125,432,000	–	3,230,296	–	0.47%	–
JOBS	New	51JOB INCsponsored ads	$121,438,000	–	1,561,506	–	0.46%	–
DEO	New	DIAGEO PLCspon adr new	$118,519,000	–	618,284	–	0.45%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$112,163,000	–	5,175,978	–	0.42%	–
TS	New	TENARIS S Asponsored ads	$112,232,000	–	5,124,730	–	0.42%	–
LIN	New	LINDE PLC	$109,066,000	–	377,259	–	0.41%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$98,429,000	–	3,417,666	–	0.37%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$41,286,000	–	2,077,826	–	0.16%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$33,900,000	–	1,116,983	–	0.13%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTsponsored adr	$27,541,000	–	3,535,417	–	0.10%	–
INDA	New	ISHARES TRmsci india etf	$24,250,000	–	548,030	–	0.09%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$23,652,000	–	373,126	–	0.09%	–
NTES	New	NETEASE INCsponsored ads	$7,988,000	–	69,316	–	0.03%	–
EC	New	ECOPETROL S Asponsored ads	$7,504,000	–	513,280	–	0.03%	–
ABCM	New	ABCAM PLCads	$6,822,000	–	358,327	–	0.03%	–
TCOM	New	TRIP COM GROUP LTDads	$6,542,000	–	184,487	–	0.02%	–
ACN	New	ACCENTURE PLC IRELAND	$6,226,000	–	21,121	–	0.02%	–
GMAB	New	GENMAB A/Ssponsored ads	$5,401,000	–	132,290	–	0.02%	–
ACWI	New	ISHARES TRmsci acwi etf	$4,151,000	–	41,017	–	0.02%	–
CLB	New	CORE LABORATORIES N V	$3,967,000	–	101,844	–	0.02%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$3,501,000	–	60,394	–	0.01%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$895,000	–	109,250	–	0.00%	–
SAN	New	BANCO SANTANDER S.A.adr	$199,000	–	50,835	–	0.00%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$199,000	–	3,861	–	0.00%	–
XOM	New	EXXON MOBIL CORP	$276,000	–	4,373	–	0.00%	–
CGNX	New	COGNEX CORP	$38,000	–	449	–	0.00%	–
OLLI	New	OLLIES BARGAIN OUTLET HLDGS	$55,000	–	657	–	0.00%	–
PANW	New	PALO ALTO NETWORKS INC	$19,000	–	52	–	0.00%	–
CSCO	New	CISCO SYS INC	$105,000	–	1,988	–	0.00%	–
PEN	New	PENUMBRA INC	$17,000	–	62	–	0.00%	–
PLNT	New	PLANET FITNESS INCcl a	$38,000	–	509	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$72,000	–	532	–	0.00%	–
PRLB	New	PROTO LABS INC	$35,000	–	384	–	0.00%	–
REGN	New	REGENERON PHARMACEUTICALS	$6,000	–	11	–	0.00%	–
RGA	New	REINSURANCE GRP OF AMERICA I	$93,000	–	813	–	0.00%	–
RGEN	New	REPLIGEN CORP	$16,000	–	80	–	0.00%	–
RSG	New	REPUBLIC SVCS INC	$20,000	–	185	–	0.00%	–
RMD	New	RESMED INC	$20,000	–	81	–	0.00%	–
CHD	New	CHURCH & DWIGHT INC	$18,000	–	214	–	0.00%	–
ROL	New	ROLLINS INC	$39,000	–	1,132	–	0.00%	–
CABO	New	CABLE ONE INC	$6,000	–	3	–	0.00%	–
KRE	New	SPDR SER TRs&p regl bkg	$1,000	–	8	–	0.00%	–
KBE	New	SPDR SER TRs&p bk etf	$1,000	–	13	–	0.00%	–
AVGO	New	BROADCOM INC	$99,000	–	208	–	0.00%	–
BWA	New	BORGWARNER INC	$78,000	–	1,613	–	0.00%	–
SSL	New	SASOL LTDsponsored adr	$1,000	–	77	–	0.00%	–
NOW	New	SERVICENOW INC	$30,000	–	54	–	0.00%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$76,000	–	308	–	0.00%	–
SBUX	New	STARBUCKS CORP	$65,000	–	578	–	0.00%	–
SYBT	New	STOCK YDS BANCORP INC	$40,000	–	787	–	0.00%	–
SYK	New	STRYKER CORPORATION	$19,000	–	73	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$22,000	–	115	–	0.00%	–
BIDU	New	BAIDU INCspon adr rep a	$13,000	–	63	–	0.00%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$83,000	–	418	–	0.00%	–
MMM	New	3M CO	$13,000	–	64	–	0.00%	–
ANSS	New	ANSYS INC	$27,000	–	78	–	0.00%	–
UGP	New	ULTRAPAR PARTICIPACOES SA	$92,000	–	24,408	–	0.00%	–
APH	New	AMPHENOL CORP NEWcl a	$20,000	–	288	–	0.00%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$22,000	–	210	–	0.00%	–
ALTR	New	ALTAIR ENGR INC	$37,000	–	539	–	0.00%	–
V	New	VISA INC	$18,000	–	76	–	0.00%	–
WAT	New	WATERS CORP	$10,000	–	28	–	0.00%	–
APD	New	AIR PRODS & CHEMS INC	$73,000	–	253	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$49,000	–	261	–	0.00%	–
BAP	New	CREDICORP LTD	$0	–	2	–	0.00%	–
ABMD	New	ABIOMED INC	$37,000	–	118	–	0.00%	–
ABBV	New	ABBVIE INC	$95,000	–	847	–	0.00%	–
EXPO	New	EXPONENT INC	$21,000	–	230	–	0.00%	–
ABT	New	ABBOTT LABS	$45,000	–	390	–	0.00%	–
ENS	New	ENERSYS	$59,000	–	606	–	0.00%	–
EMR	New	EMERSON ELEC CO	$64,000	–	666	–	0.00%	–
FIVE	New	FIVE BELOW INC	$13,000	–	69	–	0.00%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$26,000	–	754	–	0.00%	–
IT	New	GARTNER INC	$24,000	–	100	–	0.00%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$35,000	–	308	–	0.00%	–
HCSG	New	HEALTHCARE SVCS GROUP INC	$56,000	–	1,759	–	0.00%	–
HEI	New	HEICO CORP NEW	$58,000	–	419	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$7,000	–	227	–	0.00%	–
HON	New	HONEYWELL INTL INC	$69,000	–	314	–	0.00%	–
IPGP	New	IPG PHOTONICS CORP	$43,000	–	202	–	0.00%	–
ECL	New	ECOLAB INC	$17,000	–	84	–	0.00%	–
IDXX	New	IDEXX LABS INC	$44,000	–	70	–	0.00%	–
DPZ	New	DOMINOS PIZZA INC	$64,000	–	137	–	0.00%	–
IMO	New	IMPERIAL OIL LTD	$39,000	–	1,280	–	0.00%	–
CSGP	New	COSTAR GROUP INC	$18,000	–	220	–	0.00%	–
EFA	New	ISHARES TRmsci eafe etf	$2,000	–	25	–	0.00%	–
COST	New	COSTCO WHSL CORP NEW	$19,000	–	49	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$100,000	–	641	–	0.00%	–
JD	New	JD.COM INCspon adr cl a	$0	–	3	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$83,000	–	501	–	0.00%	–
CSAN	New	COSAN S Aads	$0	–	14	–	0.00%	–
LMAT	New	LEMAITRE VASCULAR INC	$19,000	–	317	–	0.00%	–
MCD	New	MCDONALDS CORP	$20,000	–	85	–	0.00%	–
MRK	New	MERCK & CO INC	$57,000	–	734	–	0.00%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$26,000	–	19	–	0.00%	–
CL	New	COLGATE PALMOLIVE CO	$22,000	–	263	–	0.00%	–
MNST	New	MONSTER BEVERAGE CORP NEW	$19,000	–	204	–	0.00%	–
NBIX	New	NEUROCRINE BIOSCIENCES INC	$55,000	–	562	–	0.00%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$104,000	–	1,498	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-532	–	0.00%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-846	–	0.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-302	–	0.00%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-432	–	0.00%	–
RGA	Exit	REINSURANCE GRP OF AMERICA I	$0	–	-415	–	0.00%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-5,700	–	0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-115	–	0.00%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-107	–	0.00%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-327	–	0.00%	–
ALTR	Exit	ALTAIR ENGR INC	$0	–	-942	–	0.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-332	–	0.00%	–
ROL	Exit	ROLLINS INC	$0	–	-971	–	0.00%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-1,485	–	0.00%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-133	–	0.00%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-90	–	0.00%	–
CABO	Exit	CABLE ONE INC	$0	–	-3	–	0.00%	–
EXPO	Exit	EXPONENT INC	$0	–	-175	–	0.00%	–
SAN	Exit	BANCO SANTANDER S.A.adr	$0	–	-44,655	–	0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-261	–	0.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-308	–	0.00%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-169	–	0.00%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-202	–	0.00%	–
ABMD	Exit	ABIOMED INC	$0	–	-63	–	0.00%	–
WAT	Exit	WATERS CORP	$0	–	-66	–	0.00%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-140	–	0.00%	–
RGEN	Exit	REPLIGEN CORP	$0	–	-80	–	0.00%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-666	–	0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-641	–	0.00%	–
CSCO	Exit	CISCO SYS INC	$0	–	-845	–	0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-70	–	0.00%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-7	–	0.00%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-106	–	0.00%	–
MTD	Exit	METTLER TOLEDO INTERNATIONAL	$0	–	-19	–	0.00%	–
V	Exit	VISA INC	$0	–	-76	–	0.00%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-342	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-418	–	0.00%	–
IT	Exit	GARTNER INC	$0	–	-461	–	0.00%	–
HEI	Exit	HEICO CORP NEW	$0	–	-419	–	0.00%	–
CGNX	Exit	COGNEX CORP	$0	–	-876	–	0.00%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-144	–	0.00%	–
NBIX	Exit	NEUROCRINE BIOSCIENCES INC	$0	–	-562	–	0.00%	–
PLNT	Exit	PLANET FITNESS INCcl a	$0	–	-266	–	0.00%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-80	–	0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-313	–	0.00%	–
ENS	Exit	ENERSYS	$0	–	-606	–	0.00%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-28	–	0.00%	–
PEN	Exit	PENUMBRA INC	$0	–	-58	–	0.00%	–
MRK	Exit	MERCK & CO. INC	$0	–	-734	–	0.00%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-671	–	0.00%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,613	–	0.00%	–
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-137	–	0.00%	–
ANSS	Exit	ANSYS INC	$0	–	-78	–	0.00%	–
TTD	Exit	THE TRADE DESK INC	$0	–	-163	–	0.00%	–
AME	Exit	AMETEK INC	$0	–	-770	–	0.00%	–
RMD	Exit	RESMED INC	$0	–	-81	–	0.00%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-787	–	0.00%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-100	–	0.00%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-578	–	0.00%	–
LMAT	Exit	LEMAITRE VASCULAR INC	$0	–	-317	–	0.00%	–
ECL	Exit	ECOLAB INC	$0	–	-322	–	0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-501	–	0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-227	–	0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-253	–	0.00%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-293	–	0.00%	–
NOW	Exit	SERVICENOW INC	$0	–	-54	–	0.00%	–
HCSG	Exit	HEALTHCARE SVCS GROUP INC	$0	–	-1,304	–	0.00%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-9,002	–	-0.00%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-4,007	–	-0.00%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-4,577	–	-0.00%	–
UGP	Exit	ULTRAPAR PARTICIPACOES SA	$0	–	-91,037	–	-0.00%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-2,446	–	-0.00%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-11,172	–	-0.00%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-21,715	–	-0.00%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-84,152	–	-0.01%	–
NWITY	Exit	NETWORK INTERNATIONAL ADRamerican depository receipts	$0	–	-570,977	–	-0.01%	–
ACWI	Exit	ISHARES TRmsci acwi etf	$0	–	-32,240	–	-0.01%	–
ABCZY	Exit	ABCAM ADRamerican depository receipts	$0	–	-331,469	–	-0.02%	–
MKTAY	Exit	MAKITA ADRamerican depository receipts	$0	–	-117,091	–	-0.02%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-566,605	–	-0.02%	–
KNYJY	Exit	KONE ADRamerican depository receipts	$0	–	-141,512	–	-0.02%	–
PBCRY	Exit	BANK CENTRAL ASIA ADRamerican depository receipts	$0	–	-126,210	–	-0.02%	–
OTGLY	Exit	CD PROJEKT ADRamerican depository receipts	$0	–	-236,984	–	-0.02%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-789,341	–	-0.10%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-566,563	–	-0.10%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-2,472,095	–	-0.12%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-1,317,552	–	-0.14%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-99,419	–	-0.16%	–
CEO	Exit	CNOOC LIMITEDsponsored adr	$0	–	-478,645	–	-0.17%	–
FUPBY	Exit	FUCHS PETROLUB (PREF) ADRpreferred adr	$0	–	-4,006,643	–	-0.18%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTsponsored adr	$0	–	-4,160,487	–	-0.18%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-6,303,559	–	-0.22%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-773,059	–	-0.27%	–
SGIOY	Exit	SHIONOGI ADRamerican depository receipts	$0	–	-5,672,141	–	-0.27%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-3,139,527	–	-0.27%	–
FANUY	Exit	FANUC ADRamerican depository receipts	$0	–	-4,206,653	–	-0.29%	–
SGSOY	Exit	SGS SA ADRamerican depository receipts	$0	–	-3,111,477	–	-0.30%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-31,481,729	–	-0.31%	–
NVZMY	Exit	NOVOZYMES ADRamerican depository receipts	$0	–	-1,420,848	–	-0.32%	–
ALFVY	Exit	ALFA LAVAL ADRamerican depository receipts	$0	–	-4,075,742	–	-0.33%	–
MMM	Exit	3M CO	$0	–	-569,074	–	-0.33%	–
ALC	Exit	ALCON AG	$0	–	-1,751,372	–	-0.36%	–
AIQUY	Exit	AIR LIQUIDE ADRamerican depository receipts	$0	–	-3,210,241	–	-0.37%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-4,057,675	–	-0.37%	–
NCLTY	Exit	NITORI ADRamerican depository receipts	$0	–	-5,188,554	–	-0.39%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-759,632	–	-0.41%	–
EPOKY	Exit	EPIROC ADRamerican depository receipts	$0	–	-8,122,463	–	-0.42%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-886,126	–	-0.44%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-1,087,614	–	-0.46%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,033,835	–	-0.47%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,913,931	–	-0.48%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,097,972	–	-0.49%	–
KUBTY	Exit	KUBOTA ADRamerican depository receipts	$0	–	-1,627,863	–	-0.53%	–
LIN	Exit	LINDE PLC	$0	–	-618,625	–	-0.53%	–
SONVY	Exit	SONOVA HOLDING ADRamerican depository receipts	$0	–	-2,931,356	–	-0.54%	–
ADDYY	Exit	ADIDAS ADRamerican depository receipts	$0	–	-932,545	–	-0.55%	–
SSMXY	Exit	SYSMEX ADRamerican depository receipts	$0	–	-3,295,470	–	-0.57%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-2,071,670	–	-0.58%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,635,852	–	-0.59%	–
VFC	Exit	V F CORP	$0	–	-2,311,592	–	-0.59%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,315,005	–	-0.59%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-48,294,732	–	-0.60%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-2,799,026	–	-0.61%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,208,109	–	-0.64%	–
EBAY	Exit	EBAY INC.	$0	–	-3,458,582	–	-0.65%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-750,937	–	-0.65%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-3,150,160	–	-0.66%	–
SYIEY	Exit	SYMRISE ADRamerican depository receipts	$0	–	-5,372,564	–	-0.67%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-864,979	–	-0.68%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-885,239	–	-0.69%	–
DBSDY	Exit	DBS GROUP ADRamerican depository receipts	$0	–	-3,396,844	–	-0.72%	–
PRLB	Exit	PROTO LABS INC	$0	–	-1,566,558	–	-0.73%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-654,337	–	-0.77%	–
ETSY	Exit	ETSY INC	$0	–	-1,793,042	–	-0.79%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-1,076,441	–	-0.83%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-950,474	–	-0.86%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,202,469	–	-0.86%	–
TCEHY	Exit	TENCENT ADRamerican depository receipts	$0	–	-3,635,574	–	-0.88%	–
DE	Exit	DEERE & CO	$0	–	-1,105,173	–	-0.88%	–
DASTY	Exit	DASSAULT SYSTEMES ADRamerican depository receipts	$0	–	-1,309,646	–	-0.88%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-458,260	–	-0.90%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-8,148,527	–	-0.92%	–
LZAGY	Exit	LONZA GROUP ADRamerican depository receipts	$0	–	-4,190,364	–	-0.93%	–
LRLCY	Exit	L'OREAL ADRamerican depository receipts	$0	–	-3,993,894	–	-0.94%	–
RHHBY	Exit	ROCHE HOLDING ADRamerican depository receipts	$0	–	-6,083,936	–	-0.94%	–
CME	Exit	CME GROUP INC	$0	–	-1,585,951	–	-0.96%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-622,598	–	-0.99%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,390,286	–	-1.06%	–
ATLKY	Exit	ATLAS COPCO ADRamerican depository receipts	$0	–	-6,233,956	–	-1.08%	–
AAGIY	Exit	AIA GROUP ADRamerican depository receipts	$0	–	-7,629,816	–	-1.09%	–
AMZN	Exit	AMAZON COM INC	$0	–	-96,399	–	-1.10%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-9,646,153	–	-1.12%	–
ADYEY	Exit	ADYEN ADRamerican depository receipts	$0	–	-9,129,740	–	-1.22%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-3,427,078	–	-1.32%	–
IFNNY	Exit	INFINEON TECHNOLOGIES AG ADRamerican depository receipts	$0	–	-13,249,533	–	-1.35%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,997,133	–	-1.36%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-2,095,750	–	-1.40%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-3,817,258	–	-1.50%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-192,873,906	–	-1.57%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,295,583	–	-1.58%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,474,086	–	-1.64%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,161,822	–	-1.66%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,868,862	–	-1.77%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-337,964	–	-1.79%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-8,962,555	–	-1.82%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-51,342,058	–	-1.82%	–
AAPL	Exit	APPLE INC	$0	–	-4,673,820	–	-1.95%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-2,000,541	–	-1.96%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-4,739,244	–	-2.06%	–
LUKOY	Exit	LUKOIL ADRamerican depository receipts	$0	–	-10,265,942	–	-2.13%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-14,468,760	–	-2.61%	–
EPAM	Exit	EPAM SYS INC	$0	–	-2,284,152	–	-2.66%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-201,441,692	–	-2.89%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-4,117,778	–	-2.93%	–
YNDX	Exit	YANDEX N V	$0	–	-12,869,928	–	-3.03%	–
NSRGY	Exit	NESTLE ADRamerican depository receipts	$0	–	-8,003,490	–	-3.44%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-3,582,705	–	-3.80%	–
SAP	Exit	SAP SEspon adr	$0	–	-7,593,859	–	-4.27%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-15,182,781	–	-4.44%	–

Q3 2020

			Value		Shares		↓ Weighting
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,230,868,000	+2.2%	15,182,781	-28.4%	4.44%	-23.0%
SAP	Buy	SAP SEspon adr	$1,183,199,000	+11.7%	7,593,859	+0.3%	4.27%	-15.9%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$1,053,244,000	-26.3%	3,582,705	-46.0%	3.80%	-44.5%
NSRGY	New	NESTLE ADRamerican depository receipts	$954,286,000	–	8,003,490	–	3.44%	–
YNDX	Sell	YANDEX N V	$839,760,000	-12.2%	12,869,928	-32.7%	3.03%	-33.9%
PYPL	Buy	PAYPAL HLDGS INC	$811,326,000	+13.7%	4,117,778	+0.6%	2.93%	-14.3%
ITUB	Sell	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$801,738,000	-15.4%	201,441,692	-0.3%	2.89%	-36.2%
EPAM	Sell	EPAM SYS INC	$738,421,000	+21.3%	2,284,152	-5.4%	2.66%	-8.6%
HDB	Sell	HDFC BANK LTDsponsored ads	$722,859,000	+9.0%	14,468,760	-0.8%	2.61%	-17.9%
LUKOY	New	LUKOIL ADRamerican depository receipts	$589,555,000	–	10,265,942	–	2.13%	–
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$570,321,000	+12.2%	4,739,244	+0.1%	2.06%	-15.5%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$544,387,000	-7.2%	2,000,541	-1.0%	1.96%	-30.1%
AAPL	Buy	APPLE INC	$541,275,000	+29.4%	4,673,820	+307.5%	1.95%	-2.5%
IBN	Buy	ICICI BANK LIMITEDadr	$504,692,000	+7.1%	51,342,058	+1.2%	1.82%	-19.3%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$503,606,000	-8.0%	8,962,555	+1.5%	1.82%	-30.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$495,320,000	+5.4%	337,964	+2.0%	1.79%	-20.6%
FB	Buy	FACEBOOK INCcl a	$489,455,000	+17.4%	1,868,862	+1.8%	1.77%	-11.5%
ROP	Buy	ROPER TECHNOLOGIES INC	$459,048,000	+3.7%	1,161,822	+1.9%	1.66%	-21.8%
ILMN	Buy	ILLUMINA INC	$455,611,000	+6.8%	1,474,086	+28.0%	1.64%	-19.5%
MA	Buy	MASTERCARD INCORPORATEDcl a	$438,127,000	+16.3%	1,295,583	+1.7%	1.58%	-12.4%
ABEV	Sell	AMBEV SAsponsored adr	$435,895,000	-16.9%	192,873,906	-2.9%	1.57%	-37.4%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$416,310,000	+4.8%	3,817,258	+1.8%	1.50%	-21.0%
VRSK	Buy	VERISK ANALYTICS INC	$388,364,000	+11.2%	2,095,750	+2.1%	1.40%	-16.2%
NKE	Buy	NIKE INCcl b	$376,260,000	+30.3%	2,997,133	+1.8%	1.36%	-1.8%
IFNNY	New	INFINEON TECHNOLOGIES AG ADRamerican depository receipts	$374,355,000	–	13,249,533	–	1.35%	–
CNI	Buy	CANADIAN NATL RY CO	$364,847,000	+20.5%	3,427,078	+0.3%	1.32%	-9.2%
ADYEY	New	ADYEN ADRamerican depository receipts	$337,674,000	–	9,129,740	–	1.22%	–
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$310,220,000	-4.4%	9,646,153	-0.0%	1.12%	-28.0%
AMZN	Sell	AMAZON COM INC	$303,534,000	+13.3%	96,399	-0.8%	1.10%	-14.7%
AAGIY	New	AIA GROUP ADRamerican depository receipts	$302,157,000	–	7,629,816	–	1.09%	–
ATLKY	New	ATLAS COPCO ADRamerican depository receipts	$298,314,000	–	6,233,956	–	1.08%	–
MSFT	Buy	MICROSOFT CORP	$292,419,000	+5.2%	1,390,286	+1.8%	1.06%	-20.7%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$274,889,000	+27.3%	622,598	+4.5%	0.99%	-4.0%
CME	New	CME GROUP INC	$265,346,000	–	1,585,951	–	0.96%	–
RHHBY	New	ROCHE HOLDING ADRamerican depository receipts	$260,611,000	–	6,083,936	–	0.94%	–
LRLCY	New	L'OREAL ADRamerican depository receipts	$260,139,000	–	3,993,894	–	0.94%	–
LZAGY	New	LONZA GROUP ADRamerican depository receipts	$259,017,000	–	4,190,364	–	0.93%	–
TCOM	Sell	TRIP COM GROUP LTDads	$253,745,000	+12.0%	8,148,527	-6.8%	0.92%	-15.6%
NVDA	Buy	NVIDIA CORPORATION	$248,020,000	+45.0%	458,260	+1.8%	0.90%	+9.3%
DASTY	New	DASSAULT SYSTEMES ADRamerican depository receipts	$245,465,000	–	1,309,646	–	0.88%	–
DE	Sell	DEERE & CO	$244,940,000	+37.3%	1,105,173	-2.7%	0.88%	+3.5%
TCEHY	New	TENCENT ADRamerican depository receipts	$243,824,000	–	3,635,574	–	0.88%	–
ABT	Sell	ABBOTT LABS	$239,694,000	+17.2%	2,202,469	-1.6%	0.86%	-11.6%
CRM	Buy	SALESFORCE COM INC	$238,873,000	+36.5%	950,474	+1.8%	0.86%	+2.9%
SNPS	Buy	SYNOPSYS INC	$230,337,000	+11.8%	1,076,441	+1.9%	0.83%	-15.7%
ETSY	New	ETSY INC	$218,088,000	–	1,793,042	–	0.79%	–
ALGN	Buy	ALIGN TECHNOLOGY INC	$214,204,000	+21.9%	654,337	+2.2%	0.77%	-8.1%
PRLB	Buy	PROTO LABS INC	$202,870,000	+17.4%	1,566,558	+1.9%	0.73%	-11.6%
DBSDY	New	DBS GROUP ADRamerican depository receipts	$200,099,000	–	3,396,844	–	0.72%	–
WDAY	Buy	WORKDAY INCcl a	$190,441,000	+17.0%	885,239	+1.9%	0.69%	-11.8%
EL	Buy	LAUDER ESTEE COS INCcl a	$188,781,000	+22.3%	864,979	+5.7%	0.68%	-7.8%
SYIEY	New	SYMRISE ADRamerican depository receipts	$185,914,000	–	5,372,564	–	0.67%	–
TW	New	TRADEWEB MKTS INCcl a	$182,709,000	–	3,150,160	–	0.66%	–
SIVB	Buy	SVB FINANCIAL GROUP	$180,691,000	+13.5%	750,937	+1.7%	0.65%	-14.4%
EBAY	Buy	EBAY INC.	$180,192,000	+0.5%	3,458,582	+1.1%	0.65%	-24.3%
XOM	Sell	EXXON MOBIL CORP	$178,794,000	-28.1%	5,208,109	-6.4%	0.64%	-45.8%
RIO	Sell	RIO TINTO PLCsponsored adr	$169,034,000	+6.6%	2,799,026	-0.9%	0.61%	-19.6%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$165,651,000	-16.6%	48,294,732	-7.4%	0.60%	-37.1%
DIS	Buy	DISNEY WALT CO	$163,165,000	+13.2%	1,315,005	+1.7%	0.59%	-14.6%
UL	Sell	UNILEVER PLCspon adr new	$162,579,000	+11.3%	2,635,852	-0.9%	0.59%	-16.2%
VFC	New	V F CORP	$162,390,000	–	2,311,592	–	0.59%	–
JOBS	Sell	51JOB INCsponsored ads	$161,570,000	-21.9%	2,071,670	-28.1%	0.58%	-41.2%
SSMXY	New	SYSMEX ADRamerican depository receipts	$157,608,000	–	3,295,470	–	0.57%	–
ADDYY	New	ADIDAS ADRamerican depository receipts	$151,701,000	–	932,545	–	0.55%	–
SONVY	New	SONOVA HOLDING ADRamerican depository receipts	$148,788,000	–	2,931,356	–	0.54%	–
LIN	Sell	LINDE PLC	$147,314,000	+11.0%	618,625	-1.2%	0.53%	-16.4%
KUBTY	New	KUBOTA ADRamerican depository receipts	$145,979,000	–	1,627,863	–	0.53%	–
BAP	Sell	CREDICORP LTD	$136,138,000	-14.0%	1,097,972	-7.3%	0.49%	-35.2%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$132,865,000	+24.4%	1,913,931	+1.8%	0.48%	-6.3%
BIDU	Sell	BAIDU INCspon adr rep a	$130,873,000	-2.0%	1,033,835	-7.2%	0.47%	-26.1%
ASR	Sell	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$126,196,000	-3.9%	1,087,614	-7.0%	0.46%	-27.7%
DEO	Sell	DIAGEO PLCspon adr new	$121,984,000	+0.7%	886,126	-1.7%	0.44%	-24.1%
EPOKY	New	EPIROC ADRamerican depository receipts	$117,952,000	–	8,122,463	–	0.42%	–
EDU	Buy	NEW ORIENTAL ED & TECHNOLOGYspon adr	$113,565,000	+82193.5%	759,632	+71495.9%	0.41%	+40900.0%
NCLTY	New	NITORI ADRamerican depository receipts	$108,397,000	–	5,188,554	–	0.39%	–
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$103,674,000	-9.2%	4,057,675	-6.5%	0.37%	-31.6%
AIQUY	New	AIR LIQUIDE ADRamerican depository receipts	$102,083,000	–	3,210,241	–	0.37%	–
ALC	Sell	ALCON AG	$99,740,000	-1.7%	1,751,372	-1.1%	0.36%	-25.9%
MMM	Buy	3M CO	$91,154,000	+4.7%	569,074	+1.9%	0.33%	-21.1%
ALFVY	New	ALFA LAVAL ADRamerican depository receipts	$90,320,000	–	4,075,742	–	0.33%	–
NVZMY	New	NOVOZYMES ADRamerican depository receipts	$89,461,000	–	1,420,848	–	0.32%	–
BBVA	Sell	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$86,260,000	-21.7%	31,481,729	-2.8%	0.31%	-41.0%
SGSOY	New	SGS SA ADRamerican depository receipts	$83,472,000	–	3,111,477	–	0.30%	–
FANUY	New	FANUC ADRamerican depository receipts	$80,460,000	–	4,206,653	–	0.29%	–
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$76,039,000	-23.3%	3,139,527	-3.5%	0.27%	-42.2%
SGIOY	New	SHIONOGI ADRamerican depository receipts	$76,051,000	–	5,672,141	–	0.27%	–
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$74,214,000	+18.0%	773,059	-7.2%	0.27%	-11.0%
TS	Sell	TENARIS S Asponsored ads	$62,090,000	-30.3%	6,303,559	-8.5%	0.22%	-47.5%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTsponsored adr	$51,340,000	-12.2%	4,160,487	-7.1%	0.18%	-33.9%
FUPBY	New	FUCHS PETROLUB (PREF) ADRpreferred adr	$50,832,000	–	4,006,643	–	0.18%	–
CEO	Sell	CNOOC LIMITEDsponsored adr	$45,974,000	-51.0%	478,645	-42.5%	0.17%	-63.0%
NTES	Sell	NETEASE INCsponsored ads	$45,203,000	-76.0%	99,419	-77.3%	0.16%	-81.9%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$39,421,000	-56.5%	1,317,552	-46.6%	0.14%	-67.3%
BSAC	Sell	BANCO SANTANDER CHILE NEW	$34,263,000	-21.7%	2,472,095	-7.4%	0.12%	-41.0%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$28,583,000	+47.0%	566,563	+38.8%	0.10%	+10.8%
INDA	Sell	ISHARES TRmsci india etf	$26,727,000	-3.9%	789,341	-17.6%	0.10%	-27.8%
OTGLY	New	CD PROJEKT ADRamerican depository receipts	$6,577,000	–	236,984	–	0.02%	–
KNYJY	New	KONE ADRamerican depository receipts	$6,216,000	–	141,512	–	0.02%	–
PBCRY	New	BANK CENTRAL ASIA ADRamerican depository receipts	$5,975,000	–	126,210	–	0.02%	–
EC	Sell	ECOPETROL S Asponsored ads	$5,575,000	-17.2%	566,605	-6.4%	0.02%	-37.5%
MKTAY	New	MAKITA ADRamerican depository receipts	$5,643,000	–	117,091	–	0.02%	–
ABCZY	New	ABCAM ADRamerican depository receipts	$5,280,000	–	331,469	–	0.02%	–
ACWI	Buy	ISHARES TRmsci acwi etf	$2,577,000	+100.7%	32,240	+85.1%	0.01%	+50.0%
NWITY	New	NETWORK INTERNATIONAL ADRamerican depository receipts	$2,064,000	–	570,977	–	0.01%	–
CLB	Sell	CORE LABORATORIES N V	$1,284,000	-25.9%	84,152	-1.2%	0.01%	-37.5%
VEA	Buy	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$457,000	+47.4%	11,172	+39.8%	0.00%	+100.0%
GRFS	Buy	GRIFOLS S Asp adr rep b nvt	$157,000	+7750.0%	9,002	+9180.4%	0.00%	–
EFA	New	ISHARES TRmsci eafe etf	$255,000	–	4,007	–	0.00%	–
JD	Sell	JD.COM INCspon adr cl a	$190,000	+12.4%	2,446	-12.9%	0.00%	0.0%
KOF	Sell	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$186,000	-47.6%	4,577	-43.5%	0.00%	-50.0%
UGP	Buy	ULTRAPAR PARTICIPACOES SA	$311,000	+9.5%	91,037	+8.8%	0.00%	0.0%
TTD	Sell	THE TRADE DESK INC	$85,000	-100.0%	163	-100.0%	0.00%	-100.0%
SBUX	New	STARBUCKS CORP	$50,000	–	578	–	0.00%	–
SLB	Sell	SCHLUMBERGER LTD	$2,000	-96.9%	107	-97.0%	0.00%	–
SSL	Sell	SASOL LTDsponsored adr	$1,000	-50.0%	80	-71.2%	0.00%	–
SNN	Exit	SMITH & NEPHEW GROUP PLCspdn adr new	$0	–	-17	–	0.00%	–
BWA	Buy	BORGWARNER INC	$62,000	+59.0%	1,613	+46.5%	0.00%	–
UNH	Sell	UNITEDHEALTH GROUP INC	$41,000	-99.0%	133	-99.0%	0.00%	-100.0%
CHD	Sell	CHURCH & DWIGHT INC	$74,000	+5.7%	787	-12.6%	0.00%	–
RGEN	Sell	REPLIGEN CORP	$12,000	-57.1%	80	-64.6%	0.00%	–
VT	Buy	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$28,000	+180.0%	342	+149.6%	0.00%	–
REGN	Sell	REGENERON PHARMACEUTICALS	$16,000	-11.1%	28	-3.4%	0.00%	–
CL	Sell	COLGATE PALMOLIVE CO	$115,000	-99.9%	1,485	-99.9%	0.00%	-100.0%
APD	Sell	AIR PRODS & CHEMS INC	$75,000	-2.6%	253	-20.9%	0.00%	–
V	New	VISA INC	$15,000	–	76	–	0.00%	–
WAT	Sell	WATERS CORP	$13,000	-100.0%	66	-100.0%	0.00%	-100.0%
PG	Sell	PROCTER AND GAMBLE CO	$74,000	-53.5%	532	-60.1%	0.00%	-100.0%
NBIX	Buy	NEUROCRINE BIOSCIENCES INC	$54,000	+74.2%	562	+119.5%	0.00%	–
IT	New	GARTNER INC	$58,000	–	461	–	0.00%	–
IMO	Sell	IMPERIAL OIL LTD	$68,000	-44.3%	5,700	-25.0%	0.00%	-100.0%
KSU	Buy	KANSAS CITY SOUTHERN	$25,000	+316.7%	140	+259.0%	0.00%	–
JNJ	Sell	JOHNSON & JOHNSON	$75,000	-33.6%	501	-37.4%	0.00%	-100.0%
ASML	Sell	ASML HOLDING N V	$112,000	-30.9%	302	-31.2%	0.00%	-100.0%
IPGP	Buy	IPG PHOTONICS CORP	$34,000	+100.0%	202	+88.8%	0.00%	–
ABBV	Buy	ABBVIE INC	$29,000	+93.3%	332	+118.4%	0.00%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-157	–	0.00%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-15	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
SAN	Sell	BANCO SANTANDER S.A.adr	$83,000	-47.5%	44,655	-31.7%	0.00%	-100.0%
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	0.00%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-1	–	0.00%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-9	–	0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-800	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
ACWX	Exit	ISHARES TRmsci acwi ex us	$0	–	-51,178	–	-0.01%	–

Q2 2020

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,429,984,000	–	6,629,502	–	6.84%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,203,974,000	–	21,207,928	–	5.76%	–
SAP	New	SAP SEspon adr	$1,059,559,000	–	7,568,283	–	5.07%	–
YNDX	New	YANDEX N V	$956,592,000	–	19,124,192	–	4.58%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$947,276,000	–	201,977,883	–	4.54%	–
PYPL	New	PAYPAL HLDGS INC	$713,482,000	–	4,095,059	–	3.42%	–
HDB	New	HDFC BANK LTDsponsored ads	$662,992,000	–	14,584,084	–	3.17%	–
EPAM	New	EPAM SYS INC	$608,761,000	–	2,415,622	–	2.91%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$586,939,000	–	2,021,767	–	2.81%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$547,577,000	–	8,830,462	–	2.62%	–
ABEV	New	AMBEV SAsponsored adr	$524,324,000	–	198,607,689	–	2.51%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$508,449,000	–	4,732,836	–	2.43%	–
IBN	New	ICICI BANK LIMITEDadr	$471,359,000	–	50,738,292	–	2.26%	–
GOOGL	New	ALPHABET INCcap stk cl a	$469,995,000	–	331,437	–	2.25%	–
ROP	New	ROPER TECHNOLOGIES INC	$442,608,000	–	1,139,980	–	2.12%	–
ILMN	New	ILLUMINA INC	$426,426,000	–	1,151,412	–	2.04%	–
AAPL	New	APPLE INC	$418,444,000	–	1,147,049	–	2.00%	–
FB	New	FACEBOOK INCcl a	$416,767,000	–	1,835,409	–	2.00%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$397,360,000	–	3,749,025	–	1.90%	–
MA	New	MASTERCARD INCORPORATEDcl a	$376,672,000	–	1,273,831	–	1.80%	–
VRSK	New	VERISK ANALYTICS INC	$349,308,000	–	2,052,339	–	1.67%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$324,621,000	–	9,649,862	–	1.55%	–
CNI	New	CANADIAN NATL RY CO	$302,682,000	–	3,417,437	–	1.45%	–
NKE	New	NIKE INCcl b	$288,739,000	–	2,944,819	–	1.38%	–
MSFT	New	MICROSOFT CORP	$278,048,000	–	1,366,262	–	1.33%	–
AMZN	New	AMAZON COM INC	$267,992,000	–	97,140	–	1.28%	–
XOM	New	EXXON MOBIL CORP	$248,748,000	–	5,562,330	–	1.19%	–
TTD	New	THE TRADE DESK INC	$245,602,000	–	604,187	–	1.18%	–
TCOM	New	TRIP COM GROUP LTDads	$226,550,000	–	8,740,374	–	1.08%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$215,886,000	–	595,810	–	1.03%	–
JOBS	New	51JOB INCsponsored ads	$206,960,000	–	2,882,854	–	0.99%	–
SNPS	New	SYNOPSYS INC	$206,045,000	–	1,056,643	–	0.99%	–
ABT	New	ABBOTT LABS	$204,601,000	–	2,237,794	–	0.98%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$198,604,000	–	52,127,042	–	0.95%	–
NTES	New	NETEASE INCsponsored ads	$188,043,000	–	437,941	–	0.90%	–
EBAY	New	EBAY INC.	$179,371,000	–	3,419,847	–	0.86%	–
DE	New	DEERE & CO	$178,449,000	–	1,135,530	–	0.85%	–
ALGN	New	ALIGN TECHNOLOGY INC	$175,717,000	–	640,278	–	0.84%	–
CRM	New	SALESFORCE COM INC	$174,977,000	–	934,056	–	0.84%	–
PRLB	New	PROTO LABS INC	$172,875,000	–	1,537,079	–	0.83%	–
NVDA	New	NVIDIA CORPORATION	$171,019,000	–	450,156	–	0.82%	–
WDAY	New	WORKDAY INCcl a	$162,813,000	–	868,983	–	0.78%	–
SIVB	New	SVB FINANCIAL GROUP	$159,203,000	–	738,654	–	0.76%	–
RIO	New	RIO TINTO PLCsponsored adr	$158,625,000	–	2,823,516	–	0.76%	–
BAP	New	CREDICORP LTD	$158,312,000	–	1,184,346	–	0.76%	–
EL	New	LAUDER ESTEE COS INCcl a	$154,392,000	–	818,271	–	0.74%	–
UL	New	UNILEVER PLCspon adr new	$146,014,000	–	2,660,589	–	0.70%	–
DIS	New	DISNEY WALT CO	$144,192,000	–	1,293,084	–	0.69%	–
CL	New	COLGATE PALMOLIVE CO	$140,807,000	–	1,922,013	–	0.67%	–
BIDU	New	BAIDU INCspon adr rep a	$133,497,000	–	1,113,493	–	0.64%	–
LIN	New	LINDE PLC	$132,753,000	–	625,866	–	0.64%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$131,380,000	–	1,170,006	–	0.63%	–
DEO	New	DIAGEO P L Cspon adr new	$121,175,000	–	901,662	–	0.58%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$114,165,000	–	4,339,223	–	0.55%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$110,177,000	–	32,405,115	–	0.53%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$106,807,000	–	1,879,738	–	0.51%	–
ALC	New	ALCON AG	$101,492,000	–	1,770,596	–	0.49%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$99,080,000	–	3,253,869	–	0.47%	–
CEO	New	CNOOC LIMITEDsponsored adr	$93,880,000	–	831,974	–	0.45%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$90,643,000	–	2,469,156	–	0.43%	–
TS	New	TENARIS S Asponsored ads	$89,115,000	–	6,892,126	–	0.43%	–
MMM	New	3M CO	$87,079,000	–	558,231	–	0.42%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$62,878,000	–	832,825	–	0.30%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTsponsored adr	$58,507,000	–	4,476,438	–	0.28%	–
WAT	New	WATERS CORP	$46,096,000	–	255,521	–	0.22%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$43,777,000	–	2,669,326	–	0.21%	–
INDA	New	ISHARES TRmsci india etf	$27,806,000	–	958,164	–	0.13%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$19,440,000	–	408,321	–	0.09%	–
EC	New	ECOPETROL S Asponsored ads	$6,737,000	–	605,336	–	0.03%	–
UNH	New	UNITEDHEALTH GROUP INC	$4,030,000	–	13,662	–	0.02%	–
ACWX	New	ISHARES TRmsci acwi ex us	$2,213,000	–	51,178	–	0.01%	–
CLB	New	CORE LABORATORIES N V	$1,732,000	–	85,216	–	0.01%	–
ACWI	New	ISHARES TRmsci acwi etf	$1,284,000	–	17,415	–	0.01%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$808,000	–	21,715	–	0.00%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$355,000	–	8,100	–	0.00%	–
UGP	New	ULTRAPAR PARTICIPACOES SA	$284,000	–	83,650	–	0.00%	–
SAN	New	BANCO SANTANDER S.A.adr	$158,000	–	65,355	–	0.00%	–
VEA	New	VANGUARD TAX-MANAGED FDSftse dev mkt etf	$310,000	–	7,993	–	0.00%	–
ALL	New	ALLSTATE CORP	$297,000	–	3,058	–	0.00%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$138,000	–	1,061	–	0.00%	–
JD	New	JD.COM INCspon adr cl a	$169,000	–	2,808	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$159,000	–	1,332	–	0.00%	–
ASML	New	ASML HOLDING N V	$162,000	–	439	–	0.00%	–
ANTM	New	ANTHEM INC	$210,000	–	800	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$140,000	–	800	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$113,000	–	800	–	0.00%	–
IMO	New	IMPERIAL OIL LTD	$122,000	–	7,600	–	0.00%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$4,000	–	157	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$14,000	–	1,600	–	0.00%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$34,000	–	308	–	0.00%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$2,000	–	97	–	0.00%	–
PEN	New	PENUMBRA INC	$10,000	–	58	–	0.00%	–
PLNT	New	PLANET FITNESS INCcl a	$16,000	–	266	–	0.00%	–
EXPO	New	EXPONENT INC	$14,000	–	175	–	0.00%	–
REGN	New	REGENERON PHARMACEUTICALS	$18,000	–	29	–	0.00%	–
RGA	New	REINSURANCE GRP OF AMERICA I	$33,000	–	415	–	0.00%	–
RGEN	New	REPLIGEN CORP	$28,000	–	226	–	0.00%	–
RMD	New	RESMED INC	$16,000	–	81	–	0.00%	–
ENS	New	ENERSYS	$39,000	–	606	–	0.00%	–
ROK	New	ROCKWELL AUTOMATION INC	$62,000	–	293	–	0.00%	–
ROL	New	ROLLINS INC	$41,000	–	971	–	0.00%	–
EMR	New	EMERSON ELEC CO	$41,000	–	666	–	0.00%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$4,000	–	169	–	0.00%	–
EW	New	EDWARDS LIFESCIENCES CORP	$58,000	–	846	–	0.00%	–
ECL	New	ECOLAB INC	$64,000	–	322	–	0.00%	–
SNY	New	SANOFIsponsored adr	$1,000	–	15	–	0.00%	–
DPZ	New	DOMINOS PIZZA INC	$51,000	–	137	–	0.00%	–
SSL	New	SASOL LTDsponsored adr	$2,000	–	278	–	0.00%	–
SLB	New	SCHLUMBERGER LTD	$65,000	–	3,515	–	0.00%	–
NOW	New	SERVICENOW INC	$22,000	–	54	–	0.00%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$72,000	–	671	–	0.00%	–
SNN	New	SMITH & NEPHEW GROUP PLCspdn adr new	$1,000	–	17	–	0.00%	–
DHR	New	DANAHER CORPORATION	$58,000	–	327	–	0.00%	–
CGNX	New	COGNEX CORP	$52,000	–	876	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$15,000	–	115	–	0.00%	–
CSCO	New	CISCO SYS INC	$39,000	–	845	–	0.00%	–
CHD	New	CHURCH & DWIGHT INC	$70,000	–	900	–	0.00%	–
CABO	New	CABLE ONE INC	$5,000	–	3	–	0.00%	–
TIF	New	TIFFANY & CO NEW	$13,000	–	106	–	0.00%	–
BWA	New	BORGWARNER INC	$39,000	–	1,101	–	0.00%	–
BKNG	New	BOOKING HOLDINGS INC	$11,000	–	7	–	0.00%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$10,000	–	137	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$68,000	–	600	–	0.00%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$62,000	–	418	–	0.00%	–
WPP	New	WPP PLC NEWadr	$0	–	9	–	0.00%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$0	–	1	–	0.00%	–
ANSS	New	ANSYS INC	$23,000	–	78	–	0.00%	–
APH	New	AMPHENOL CORP NEWcl a	$14,000	–	144	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$36,000	–	261	–	0.00%	–
AME	New	AMETEK INC	$69,000	–	770	–	0.00%	–
ALTR	New	ALTAIR ENGR INC	$37,000	–	942	–	0.00%	–
APD	New	AIR PRODS & CHEMS INC	$77,000	–	320	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$0	–	218	–	0.00%	–
ADBE	New	ADOBE INC	$39,000	–	90	–	0.00%	–
ABMD	New	ABIOMED INC	$15,000	–	63	–	0.00%	–
IQV	New	IQVIA HLDGS INC	$14,000	–	100	–	0.00%	–
ABBV	New	ABBVIE INC	$15,000	–	152	–	0.00%	–
IDXX	New	IDEXX LABS INC	$23,000	–	70	–	0.00%	–
IPGP	New	IPG PHOTONICS CORP	$17,000	–	107	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$60,000	–	641	–	0.00%	–
KSU	New	KANSAS CITY SOUTHERN	$6,000	–	39	–	0.00%	–
HON	New	HONEYWELL INTL INC	$62,000	–	432	–	0.00%	–
LMAT	New	LEMAITRE VASCULAR INC	$8,000	–	317	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$4,000	–	227	–	0.00%	–
MCD	New	MCDONALDS CORP	$58,000	–	313	–	0.00%	–
MRK	New	MERCK & CO. INC	$57,000	–	734	–	0.00%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$15,000	–	19	–	0.00%	–
HEI	New	HEICO CORP NEW	$42,000	–	419	–	0.00%	–
HCSG	New	HEALTHCARE SVCS GROUP INC	$32,000	–	1,304	–	0.00%	–
NBIX	New	NEUROCRINE BIOSCIENCES INC	$31,000	–	256	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
EMR	Exit	EMERSON ELEC CO	$0	–	-185	–	0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-641	–	0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-70	–	0.00%	–
CSCO	Exit	CISCO SYS INC	$0	–	-845	–	0.00%	–
ECA	Exit	ENCANA CORP	$0	–	-10,712	–	0.00%	–
PRLB	Exit	PROTO LABS INC	$0	–	-266	–	0.00%	–
EFG	Exit	ISHARES TReafe grwth etf	$0	–	-424	–	0.00%	–
RGA	Exit	REINSURANCE GRP OF AMERICA I	$0	–	-415	–	0.00%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-671	–	0.00%	–
BWA	Exit	BORGWARNER INC	$0	–	-792	–	0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
FISV	Exit	FISERV INC	$0	–	-626	–	0.00%	–
ENS	Exit	ENERSYS	$0	–	-560	–	0.00%	–
RMD	Exit	RESMED INC	$0	–	-510	–	0.00%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-460	–	0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-313	–	0.00%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-100	–	0.00%	–
ECL	Exit	ECOLAB INC	$0	–	-400	–	0.00%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-700	–	0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-800	–	0.00%	–
NOW	Exit	SERVICENOW INC	$0	–	-54	–	0.00%	–
HCSG	Exit	HEALTHCARE SVCS GRP INC	$0	–	-1,304	–	0.00%	–
HEI	Exit	HEICO CORP NEW	$0	–	-279	–	0.00%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-605	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-554	–	0.00%	–
IT	Exit	GARTNER INC	$0	–	-63	–	0.00%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-60	–	0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-320	–	0.00%	–
ADBE	Exit	ADOBE INC	$0	–	-90	–	0.00%	–
CABO	Exit	CABLE ONE INC	$0	–	-5	–	0.00%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-130	–	0.00%	–
MRK	Exit	MERCK & CO INC	$0	–	-880	–	0.00%	–
EXPO	Exit	EXPONENT INC	$0	–	-175	–	0.00%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-327	–	0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	0.00%	–
ALTR	Exit	ALTAIR ENGR INC	$0	–	-942	–	0.00%	–
SAN	Exit	BANCO SANTANDER SAadr	$0	–	-10,113	–	0.00%	–
ROL	Exit	ROLLINS INC	$0	–	-816	–	0.00%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-6	–	0.00%	–
ANSS	Exit	ANSYS INC	$0	–	-78	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-418	–	0.00%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-608	–	0.00%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-169	–	0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-380	–	0.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-374	–	0.00%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-140	–	0.00%	–
MTD	Exit	METTLER TOLEDO INTERNATIONAL	$0	–	-19	–	0.00%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-71	–	0.00%	–
DE	Exit	DEERE & CO	$0	–	-200	–	0.00%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-341	–	0.00%	–
RGEN	Exit	REPLIGEN CORP	$0	–	-253	–	0.00%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,406	–	-0.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-582	–	-0.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-800	–	-0.00%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-1,103	–	-0.00%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$0	–	-5,041	–	-0.00%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-7,108	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
UGP	Exit	ULTRAPAR PARTICIPACOES S A	$0	–	-121,225	–	-0.00%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-18,714	–	-0.00%	–
ACWI	Exit	ISHARES TRmsci acwi etf	$0	–	-21,824	–	-0.01%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-15,689	–	-0.02%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-157,819	–	-0.04%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-775,786	–	-0.06%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-1,116,350	–	-0.18%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-858,715	–	-0.20%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-2,527,250	–	-0.20%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-1,466,266	–	-0.31%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-2,445,310	–	-0.32%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-1,412,590	–	-0.35%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-2,784,891	–	-0.37%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,193,410	–	-0.40%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-4,712,095	–	-0.43%	–
MMM	Exit	3M CO	$0	–	-645,313	–	-0.50%	–
CGNX	Exit	COGNEX CORP	$0	–	-2,478,588	–	-0.57%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-2,147,332	–	-0.61%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-2,172,141	–	-0.62%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-974,943	–	-0.62%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-2,458,551	–	-0.64%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-522,353	–	-0.66%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-1,718,563	–	-0.67%	–
ILMN	Exit	ILLUMINA INC	$0	–	-484,785	–	-0.70%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-7,090,645	–	-0.71%	–
EBAY	Exit	EBAY INC	$0	–	-3,931,772	–	-0.72%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,659,751	–	-0.75%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-1,000,609	–	-0.77%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-841,493	–	-0.83%	–
LIN	Exit	LINDE PLC	$0	–	-929,748	–	-0.85%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-8,998,278	–	-0.85%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-34,734,126	–	-0.85%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,038,424	–	-0.87%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-1,217,410	–	-0.88%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,707,696	–	-0.90%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-692,278	–	-0.90%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,481,851	–	-0.91%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-2,643,666	–	-0.92%	–
WAT	Exit	WATERS CORP	$0	–	-968,172	–	-1.02%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,588,389	–	-1.02%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-2,940,015	–	-1.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,578,108	–	-1.03%	–
NVDA	Exit	NVIDIA CORP	$0	–	-1,261,329	–	-1.04%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-4,544,605	–	-1.06%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,080,372	–	-1.06%	–
CTRP	Exit	CTRIP COM INTL LTDsponsored ads	$0	–	-8,032,146	–	-1.11%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-1,568,870	–	-1.13%	–
AMZN	Exit	AMAZON COM INC	$0	–	-139,574	–	-1.14%	–
EPAM	Exit	EPAM SYS INC	$0	–	-1,438,943	–	-1.24%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-34,982,538	–	-1.34%	–
AAPL	Exit	APPLE INC	$0	–	-1,363,968	–	-1.44%	–
NKE	Exit	NIKE INCcl b	$0	–	-3,276,545	–	-1.45%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-1,430,039	–	-1.83%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-2,323,082	–	-1.86%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-4,290,808	–	-1.96%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-10,031,674	–	-1.96%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-2,658,180	–	-1.98%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-234,135	–	-2.17%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-379,700	–	-2.19%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,316,670	–	-2.21%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-5,694,595	–	-2.46%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-9,147,351	–	-2.46%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-16,445,909	–	-2.65%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-6,409,549	–	-2.72%	–
YNDX	Exit	YANDEX N V	$0	–	-17,252,900	–	-2.85%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-6,114,778	–	-2.96%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-144,605,292	–	-3.15%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-6,457,604	–	-3.15%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-55,398,885	–	-3.18%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-84,160,920	–	-3.34%	–
SAP	Exit	SAP SEspon adr	$0	–	-7,941,815	–	-4.41%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-8,607,106	–	-4.44%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-5,854,757	–	-4.62%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-23,546,769	–	-5.16%	–

Q3 2019

			Value		Shares		↓ Weighting
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,094,454,000	+15.0%	23,546,769	-3.1%	5.16%	+18.1%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$979,091,000	+1.8%	5,854,757	+3.1%	4.62%	+4.5%
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$942,479,000	-6.0%	8,607,106	-0.8%	4.44%	-3.5%
SAP	Sell	SAP SEspon adr	$936,102,000	-14.6%	7,941,815	-0.9%	4.41%	-12.4%
ITUB	Sell	ITAU UNIBANCO HLDG SAspon adr rep pfd	$707,794,000	-11.4%	84,160,920	-0.7%	3.34%	-9.0%
IBN	Sell	ICICI BK LTDadr	$674,759,000	-4.0%	55,398,885	-0.8%	3.18%	-1.5%
PYPL	Buy	PAYPAL HLDGS INC	$668,943,000	-9.1%	6,457,604	+0.4%	3.15%	-6.7%
ABEV	Buy	AMBEV SAsponsored adr	$668,076,000	+8.1%	144,605,292	+9.3%	3.15%	+11.0%
BIDU	Buy	BAIDU INCspon adr rep a	$628,355,000	+3.9%	6,114,778	+18.7%	2.96%	+6.7%
YNDX	Sell	YANDEX N V	$604,024,000	-8.2%	17,252,900	-0.4%	2.85%	-5.7%
CNI	Sell	CANADIAN NATL RY CO	$575,962,000	-3.6%	6,409,549	-0.8%	2.72%	-1.1%
SLB	Buy	SCHLUMBERGER LTD	$561,957,000	-9.2%	16,445,909	+5.6%	2.65%	-6.8%
HDB	Buy	HDFC BANK LTDsponsored ads	$521,856,000	-12.6%	9,147,351	+99.2%	2.46%	-10.3%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$521,511,000	-5.1%	5,694,595	+0.3%	2.46%	-2.6%
ROP	Sell	ROPER TECHNOLOGIES INC	$469,525,000	-19.8%	1,316,670	-17.6%	2.21%	-17.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$463,666,000	+15.4%	379,700	+2.3%	2.19%	+18.5%
BKNG	Buy	BOOKING HLDGS INC	$459,516,000	+5.2%	234,135	+0.5%	2.17%	+8.0%
VRSK	Sell	VERISK ANALYTICS INC	$420,364,000	-9.4%	2,658,180	-16.1%	1.98%	-7.0%
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$415,311,000	-7.8%	10,031,674	+0.9%	1.96%	-5.4%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$414,921,000	+0.7%	4,290,808	+1.6%	1.96%	+3.3%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$393,576,000	+189.9%	2,323,082	+213.8%	1.86%	+197.4%
MA	Buy	MASTERCARD INCcl a	$388,356,000	+2.7%	1,430,039	+0.1%	1.83%	+5.5%
NKE	Buy	NIKE INCcl b	$307,733,000	+12.4%	3,276,545	+0.4%	1.45%	+15.3%
AAPL	Buy	APPLE INC	$305,488,000	+13.6%	1,363,968	+0.4%	1.44%	+16.6%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$284,758,000	-17.9%	34,982,538	-0.9%	1.34%	-15.8%
EPAM	Buy	EPAM SYS INC	$262,348,000	+6.5%	1,438,943	+1.1%	1.24%	+9.4%
AMZN	Buy	AMAZON COM INC	$242,288,000	-5.8%	139,574	+2.8%	1.14%	-3.3%
CEO	Sell	CNOOC LTDsponsored adr	$238,860,000	-11.1%	1,568,870	-0.5%	1.13%	-8.8%
CTRP	Buy	CTRIP COM INTL LTDsponsored ads	$235,262,000	+136.5%	8,032,146	+198.0%	1.11%	+142.7%
BAP	Sell	CREDICORP LTD	$225,193,000	-9.6%	1,080,372	-0.7%	1.06%	-7.2%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$224,731,000	-3.0%	4,544,605	+0.1%	1.06%	-0.5%
NVDA	Sell	NVIDIA CORP	$219,560,000	+6.0%	1,261,329	-0.0%	1.04%	+8.7%
MSFT	Buy	MICROSOFT CORP	$219,405,000	+6.0%	1,578,108	+2.1%	1.03%	+8.7%
JOBS	Sell	51JOB INCsponsored ads	$217,561,000	-2.3%	2,940,015	-0.3%	1.03%	+0.3%
ABT	Sell	ABBOTT LABS	$216,571,000	-0.6%	2,588,389	-0.1%	1.02%	+2.0%
WAT	Buy	WATERS CORP	$216,125,000	+4.1%	968,172	+0.3%	1.02%	+6.8%
CL	Buy	COLGATE PALMOLIVE CO	$194,336,000	+2.9%	2,643,666	+0.4%	0.92%	+5.7%
DIS	Buy	DISNEY WALT CO	$193,115,000	-6.3%	1,481,851	+0.4%	0.91%	-3.9%
REGN	Buy	REGENERON PHARMACEUTICALS	$192,038,000	-11.0%	692,278	+0.4%	0.90%	-8.7%
XOM	Buy	EXXON MOBIL CORP	$191,190,000	-6.6%	2,707,696	+1.3%	0.90%	-4.1%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$185,655,000	+6.2%	1,217,410	+12.8%	0.88%	+9.0%
FB	Buy	FACEBOOK INCcl a	$184,922,000	-4.3%	1,038,424	+3.7%	0.87%	-1.8%
BBVA	Sell	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$180,617,000	-6.7%	34,734,126	-0.2%	0.85%	-4.2%
GRFS	Sell	GRIFOLS S Asp adr rep b nvt	$180,325,000	-50.7%	8,998,278	-48.1%	0.85%	-49.4%
LIN	Sell	LINDE PLC	$180,111,000	-6.6%	929,748	-3.2%	0.85%	-4.2%
SIVB	Buy	SVB FINL GROUP	$175,830,000	+22.9%	841,493	+32.1%	0.83%	+26.2%
DEO	Sell	DIAGEO P L Cspon adr new	$163,619,000	-8.2%	1,000,609	-3.3%	0.77%	-5.7%
UL	Sell	UNILEVER PLCspon adr new	$159,851,000	-6.4%	2,659,751	-3.4%	0.75%	-3.8%
EBAY	Buy	EBAY INC	$153,260,000	-1.0%	3,931,772	+0.3%	0.72%	+1.7%
TS	Sell	TENARIS S Asponsored ads	$150,180,000	-20.0%	7,090,645	-0.6%	0.71%	-17.9%
ILMN	Buy	ILLUMINA INC	$147,482,000	-17.1%	484,785	+0.3%	0.70%	-14.9%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$142,864,000	-3.3%	1,718,563	-0.4%	0.67%	-0.6%
NTES	Buy	NETEASE INCsponsored ads	$139,039,000	+4.4%	522,353	+0.3%	0.66%	+7.0%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$135,983,000	+1.6%	2,458,551	+0.5%	0.64%	+4.4%
IPGP	Buy	IPG PHOTONICS CORP	$132,202,000	-11.8%	974,943	+0.4%	0.62%	-9.4%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$130,904,000	-4.6%	2,172,141	+0.4%	0.62%	-2.1%
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$128,626,000	-12.0%	2,147,332	-3.4%	0.61%	-9.7%
CGNX	Buy	COGNEX CORP	$121,773,000	+2.7%	2,478,588	+0.3%	0.57%	+5.3%
MMM	Buy	3M CO	$106,089,000	-4.8%	645,313	+0.4%	0.50%	-2.3%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$90,614,000	-21.2%	4,712,095	+0.3%	0.43%	-19.1%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$83,942,000	-14.3%	2,193,410	-6.5%	0.40%	-12.0%
BSAC	Sell	BANCO SANTANDER CHILE NEW	$77,977,000	-7.2%	2,784,891	-0.9%	0.37%	-4.7%
RIO	Sell	RIO TINTO PLCsponsored adr	$73,582,000	-22.5%	1,412,590	-7.2%	0.35%	-20.4%
JD	Sell	JD COM INCspon adr cl a	$68,982,000	-8.1%	2,445,310	-1.3%	0.32%	-5.8%
WB	Sell	WEIBO CORPsponsored adr	$65,615,000	+2.3%	1,466,266	-0.5%	0.31%	+4.7%
SSL	Sell	SASOL LTDsponsored adr	$42,989,000	-33.2%	2,527,250	-2.5%	0.20%	-31.4%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$42,850,000	+1581.1%	858,715	+1617.6%	0.20%	+1583.3%
INDA	Buy	ISHARES TRmsci india etf	$37,476,000	+9.2%	1,116,350	+14.8%	0.18%	+12.0%
EC	Sell	ECOPETROL S Asponsored ads	$13,212,000	-20.5%	775,786	-14.6%	0.06%	-18.4%
CLB	Buy	CORE LABORATORIES N V	$7,358,000	+61.6%	157,819	+81.3%	0.04%	+66.7%
UNH	Buy	UNITEDHEALTH GROUP INC	$3,410,000	-10.5%	15,689	+0.4%	0.02%	-11.1%
ACWI	New	ISHARES TRmsci acwi etf	$1,610,000	–	21,824	–	0.01%	–
ST	Buy	SENSATA TECHNOLOGIES HLDNG P	$937,000	+14.5%	18,714	+12.1%	0.00%	0.0%
UGP	Buy	ULTRAPAR PARTICIPACOES S A	$542,000	+2.5%	121,225	+20.2%	0.00%	+50.0%
KOF	Buy	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$306,000	+6.6%	5,041	+9.0%	0.00%	0.0%
VEA	Buy	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$292,000	+1725.0%	7,108	+1713.3%	0.00%	–
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$122,000	-9.0%	1,103	-20.6%	0.00%	0.0%
WBC	New	WABCO HLDGS INC	$1,000	–	6	–	0.00%	–
WPP	New	WPP PLC NEWadr	$4,000	–	71	–	0.00%	–
ELAN	Sell	ELANCO ANIMAL HEALTH INC	$4,000	-94.6%	169	-92.3%	0.00%	–
CABO	Sell	CABLE ONE INC	$6,000	-25.0%	5	-28.6%	0.00%	–
SAN	New	BANCO SANTANDER SAadr	$41,000	–	10,113	–	0.00%	–
ALTR	New	ALTAIR ENGR INC	$33,000	–	942	–	0.00%	–
TER	Exit	TERADYNE INC	$0	–	-288	–	0.00%	–
RGEN	New	REPLIGEN CORP	$19,000	–	253	–	0.00%	–
RMD	Sell	RESMED INC	$69,000	-15.9%	510	-24.1%	0.00%	–
PRLB	New	PROTO LABS INC	$27,000	–	266	–	0.00%	–
MTD	Sell	METTLER TOLEDO INTERNATIONAL	$13,000	-48.0%	19	-36.7%	0.00%	–
MCD	Sell	MCDONALDS CORP	$67,000	-17.3%	313	-19.7%	0.00%	–
EFG	Sell	ISHARES TReafe grwth etf	$34,000	-98.7%	424	-98.7%	0.00%	-100.0%
NOW	New	SERVICENOW INC	$14,000	–	54	–	0.00%	–
HEI	Sell	HEICO CORP NEW	$35,000	-25.5%	279	-19.8%	0.00%	–
HCSG	Buy	HEALTHCARE SVCS GRP INC	$32,000	-11.1%	1,304	+9.0%	0.00%	–
IT	Sell	GARTNER INC	$9,000	-89.2%	63	-87.7%	0.00%	–
FISV	Sell	FISERV INC	$65,000	-9.7%	626	-20.8%	0.00%	–
ECA	Buy	ENCANA CORP	$49,000	+32.4%	10,712	+48.0%	0.00%	–
JKHY	Exit	HENRY JACK & ASSOC INC	$0	–	-241	–	0.00%	–
RGA	Sell	REINSURANCE GRP OF AMERICA I	$66,000	-2.9%	415	-5.0%	0.00%	–
BSMX	Exit	BANCO SANTANDER MEXICO S Asponsored ads b	$0	–	-10,152	–	0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-110	–	0.00%	–
RHT	Exit	RED HAT INC	$0	–	-120	–	0.00%	–
TEO	Exit	TELECOM ARGENTINA S Aspon adr rep b	$0	–	-121,765	–	-0.01%	–
LOMA	Exit	LOMA NEGRA CORPsponsored ads	$0	–	-279,268	–	-0.02%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asponsored adr	$0	–	-195,989	–	-0.03%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-119,839	–	-0.04%	–

Q2 2019

			Value		Shares		↓ Weighting
SAP	New	SAP SEspon adr	$1,096,688,000	–	8,016,725	–	5.04%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$1,002,845,000	–	8,674,383	–	4.60%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$961,887,000	–	5,676,524	–	4.42%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$951,381,000	–	24,288,508	–	4.37%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$798,493,000	–	84,765,679	–	3.67%	–
PYPL	New	PAYPAL HLDGS INC	$736,044,000	–	6,430,583	–	3.38%	–
IBN	New	ICICI BK LTDadr	$703,143,000	–	55,849,328	–	3.23%	–
YNDX	New	YANDEX N V	$657,930,000	–	17,313,957	–	3.02%	–
SLB	New	SCHLUMBERGER LTD	$618,879,000	–	15,573,203	–	2.84%	–
ABEV	New	AMBEV SAsponsored adr	$617,757,000	–	132,281,838	–	2.84%	–
BIDU	New	BAIDU INCspon adr rep a	$604,780,000	–	5,153,211	–	2.78%	–
CNI	New	CANADIAN NATL RY CO	$597,488,000	–	6,460,727	–	2.74%	–
HDB	New	HDFC BANK LTDsponsored ads	$597,118,000	–	4,591,796	–	2.74%	–
ROP	New	ROPER TECHNOLOGIES INC	$585,277,000	–	1,597,982	–	2.69%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$549,558,000	–	5,680,187	–	2.52%	–
VRSK	New	VERISK ANALYTICS INC	$464,065,000	–	3,168,546	–	2.13%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$450,459,000	–	9,946,104	–	2.07%	–
BKNG	New	BOOKING HLDGS INC	$436,877,000	–	233,037	–	2.01%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$412,202,000	–	4,221,224	–	1.89%	–
GOOGL	New	ALPHABET INCcap stk cl a	$401,809,000	–	371,084	–	1.84%	–
MA	New	MASTERCARD INCcl a	$378,083,000	–	1,429,264	–	1.74%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$365,732,000	–	17,333,270	–	1.68%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$346,805,000	–	35,316,223	–	1.59%	–
NKE	New	NIKE INCcl b	$273,839,000	–	3,261,932	–	1.26%	–
AAPL	New	APPLE INC	$268,835,000	–	1,358,303	–	1.24%	–
CEO	New	CNOOC LTDsponsored adr	$268,609,000	–	1,576,809	–	1.23%	–
AMZN	New	AMAZON COM INC	$257,181,000	–	135,814	–	1.18%	–
BAP	New	CREDICORP LTD	$249,151,000	–	1,088,424	–	1.14%	–
EPAM	New	EPAM SYS INC	$246,298,000	–	1,422,864	–	1.13%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$231,724,000	–	4,540,052	–	1.06%	–
JOBS	New	51JOB INCsponsored ads	$222,733,000	–	2,950,105	–	1.02%	–
ABT	New	ABBOTT LABS	$217,938,000	–	2,591,406	–	1.00%	–
REGN	New	REGENERON PHARMACEUTICALS	$215,788,000	–	689,420	–	0.99%	–
WAT	New	WATERS CORP	$207,669,000	–	964,826	–	0.95%	–
NVDA	New	NVIDIA CORP	$207,222,000	–	1,261,780	–	0.95%	–
MSFT	New	MICROSOFT CORP	$207,068,000	–	1,545,743	–	0.95%	–
DIS	New	DISNEY WALT CO	$206,127,000	–	1,476,132	–	0.95%	–
XOM	New	EXXON MOBIL CORP	$204,735,000	–	2,671,738	–	0.94%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$193,583,000	–	34,817,139	–	0.89%	–
FB	New	FACEBOOK INCcl a	$193,292,000	–	1,001,509	–	0.89%	–
LIN	New	LINDE PLC	$192,901,000	–	960,660	–	0.89%	–
CL	New	COLGATE PALMOLIVE CO	$188,789,000	–	2,634,143	–	0.87%	–
TS	New	TENARIS S Asponsored ads	$187,610,000	–	7,130,759	–	0.86%	–
DEO	New	DIAGEO P L Cspon adr new	$178,218,000	–	1,034,224	–	0.82%	–
ILMN	New	ILLUMINA INC	$177,877,000	–	483,165	–	0.82%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$174,888,000	–	1,078,823	–	0.80%	–
UL	New	UNILEVER PLCspon adr new	$170,702,000	–	2,754,584	–	0.78%	–
EBAY	New	EBAY INC	$154,801,000	–	3,919,005	–	0.71%	–
IPGP	New	IPG PHOTONICS CORP	$149,846,000	–	971,451	–	0.69%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$147,734,000	–	1,725,458	–	0.68%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$146,209,000	–	2,224,044	–	0.67%	–
SIVB	New	SVB FINL GROUP	$143,093,000	–	637,128	–	0.66%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$137,153,000	–	2,163,638	–	0.63%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$135,769,000	–	740,371	–	0.62%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$133,798,000	–	2,447,363	–	0.61%	–
NTES	New	NETEASE INCsponsored adr	$133,186,000	–	520,728	–	0.61%	–
CGNX	New	COGNEX CORP	$118,607,000	–	2,471,995	–	0.54%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$115,021,000	–	4,698,576	–	0.53%	–
MMM	New	3M CO	$111,389,000	–	642,603	–	0.51%	–
CTRP	New	CTRIP COM INTL LTDsponsored ads	$99,485,000	–	2,695,343	–	0.46%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$97,925,000	–	2,346,063	–	0.45%	–
RIO	New	RIO TINTO PLCsponsored adr	$94,942,000	–	1,522,967	–	0.44%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$84,064,000	–	2,809,640	–	0.39%	–
JD	New	JD COM INCspon adr cl a	$75,041,000	–	2,477,424	–	0.34%	–
SSL	New	SASOL LTDsponsored adr	$64,386,000	–	2,591,015	–	0.30%	–
WB	New	WEIBO CORPsponsored adr	$64,157,000	–	1,473,191	–	0.30%	–
INDA	New	ISHARES TRmsci india etf	$34,329,000	–	972,497	–	0.16%	–
EC	New	ECOPETROL S Asponsored ads	$16,624,000	–	908,892	–	0.08%	–
BMA	New	BANCO MACRO SAspon adr b	$8,730,000	–	119,839	–	0.04%	–
GGAL	New	GRUPO FINANCIERO GALICIA S Asponsored adr	$6,958,000	–	195,989	–	0.03%	–
CLB	New	CORE LABORATORIES N V	$4,552,000	–	87,070	–	0.02%	–
UNH	New	UNITEDHEALTH GROUP INC	$3,812,000	–	15,621	–	0.02%	–
LOMA	New	LOMA NEGRA CORPsponsored ads	$3,267,000	–	279,268	–	0.02%	–
EFG	New	ISHARES TReafe grwth etf	$2,591,000	–	32,081	–	0.01%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$2,549,000	–	49,996	–	0.01%	–
TEO	New	TELECOM ARGENTINA S Aspon adr rep b	$2,152,000	–	121,765	–	0.01%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$818,000	–	16,688	–	0.00%	–
UGP	New	ULTRAPAR PARTICIPACOES S A	$529,000	–	100,880	–	0.00%	–
ALL	New	ALLSTATE CORP	$311,000	–	3,058	–	0.00%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$134,000	–	1,389	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$121,000	–	800	–	0.00%	–
ANTM	New	ANTHEM INC	$226,000	–	800	–	0.00%	–
KOF	New	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$287,000	–	4,626	–	0.00%	–
ASML	New	ASML HOLDING N V	$121,000	–	582	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$154,000	–	1,406	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$111,000	–	800	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$69,000	–	600	–	0.00%	–
PRU	New	PRUDENTIAL FINL INC	$46,000	–	460	–	0.00%	–
RHT	New	RED HAT INC	$23,000	–	120	–	0.00%	–
HCSG	New	HEALTHCARE SVCS GRP INC	$36,000	–	1,196	–	0.00%	–
RGA	New	REINSURANCE GRP OF AMERICA I	$68,000	–	437	–	0.00%	–
RMD	New	RESMED INC	$82,000	–	672	–	0.00%	–
BWA	New	BORGWARNER INC	$33,000	–	792	–	0.00%	–
ROL	New	ROLLINS INC	$29,000	–	816	–	0.00%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$69,000	–	418	–	0.00%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$38,000	–	374	–	0.00%	–
CABO	New	CABLE ONE INC	$8,000	–	7	–	0.00%	–
CRM	New	SALESFORCE COM INC	$20,000	–	130	–	0.00%	–
IT	New	GARTNER INC	$83,000	–	513	–	0.00%	–
CSCO	New	CISCO SYS INC	$46,000	–	845	–	0.00%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$81,000	–	671	–	0.00%	–
SNPS	New	SYNOPSYS INC	$78,000	–	605	–	0.00%	–
ANSS	New	ANSYS INC	$16,000	–	78	–	0.00%	–
FISV	New	FISERV INC	$72,000	–	790	–	0.00%	–
TER	New	TERADYNE INC	$14,000	–	288	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$13,000	–	110	–	0.00%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$18,000	–	60	–	0.00%	–
TIF	New	TIFFANY & CO NEW	$57,000	–	608	–	0.00%	–
EXPO	New	EXPONENT INC	$10,000	–	175	–	0.00%	–
ENS	New	ENERSYS	$38,000	–	560	–	0.00%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$16,000	–	392	–	0.00%	–
ADBE	New	ADOBE INC	$27,000	–	90	–	0.00%	–
APH	New	AMPHENOL CORP NEWcl a	$67,000	–	700	–	0.00%	–
ECA	New	ENCANA CORP	$37,000	–	7,239	–	0.00%	–
EMR	New	EMERSON ELEC CO	$12,000	–	185	–	0.00%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$74,000	–	2,191	–	0.00%	–
ECL	New	ECOLAB INC	$79,000	–	400	–	0.00%	–
WDAY	New	WORKDAY INCcl a	$29,000	–	140	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$43,000	–	380	–	0.00%	–
DE	New	DEERE & CO	$33,000	–	200	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$1,000	–	218	–	0.00%	–
APD	New	AIR PRODS & CHEMS INC	$72,000	–	320	–	0.00%	–
DHR	New	DANAHER CORPORATION	$47,000	–	327	–	0.00%	–
IQV	New	IQVIA HLDGS INC	$16,000	–	100	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$72,000	–	641	–	0.00%	–
KSU	New	KANSAS CITY SOUTHERN	$42,000	–	341	–	0.00%	–
IDXX	New	IDEXX LABS INC	$19,000	–	70	–	0.00%	–
MCD	New	MCDONALDS CORP	$81,000	–	390	–	0.00%	–
MRK	New	MERCK & CO INC	$74,000	–	880	–	0.00%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$25,000	–	30	–	0.00%	–
BSMX	New	BANCO SANTANDER MEXICO S Asponsored ads b	$78,000	–	10,152	–	0.00%	–
JKHY	New	HENRY JACK & ASSOC INC	$32,000	–	241	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$28,000	–	554	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$36,000	–	1,600	–	0.00%	–
HEI	New	HEICO CORP NEW	$47,000	–	348	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
V	Exit	VISA INC	$0	–	-260	–	0.00%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-185	–	0.00%	–
ECA	Exit	ENCANA CORP	$0	–	-5,670	–	0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-295	–	0.00%	–
FLS	Exit	FLOWSERVE CORP	$0	–	-530	–	0.00%	–
CSCO	Exit	CISCO SYS INC	$0	–	-845	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-540	–	0.00%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-60	–	0.00%	–
RGA	Exit	REINSURANCE GROUP AMER INC	$0	–	-380	–	0.00%	–
NVDA	Exit	NVIDIA CORP	$0	–	-60	–	0.00%	–
ILMN	Exit	ILLUMINA INC	$0	–	-60	–	0.00%	–
AME	Exit	AMETEK INC NEW	$0	–	-820	–	0.00%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-320	–	0.00%	–
BWA	Exit	BORGWARNER INC	$0	–	-235	–	0.00%	–
FISV	Exit	FISERV INC	$0	–	-900	–	0.00%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-1,080	–	0.00%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-460	–	0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-845	–	0.00%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-729	–	0.00%	–
ENS	Exit	ENERSYS	$0	–	-200	–	0.00%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-580	–	0.00%	–
ECL	Exit	ECOLAB INC	$0	–	-400	–	0.00%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-45	–	0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-180	–	0.00%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-290	–	0.00%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-1,520	–	0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-320	–	0.00%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-130	–	0.00%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-170	–	0.00%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-109	–	0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-390	–	0.00%	–
RHT	Exit	RED HAT INC	$0	–	-120	–	0.00%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-605	–	0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	0.00%	–
HCSG	Exit	HEALTHCARE SVCS GRP INC	$0	–	-622	–	0.00%	–
ROL	Exit	ROLLINS INC	$0	–	-400	–	0.00%	–
MTD	Exit	METTLER TOLEDO INTERNATIONAL	$0	–	-30	–	0.00%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-700	–	0.00%	–
HEI	Exit	HEICO CORP NEW	$0	–	-212	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-380	–	0.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-152	–	0.00%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-140	–	0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-110	–	0.00%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-90	–	0.00%	–
DE	Exit	DEERE & CO	$0	–	-200	–	0.00%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-116	–	0.00%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-870	–	0.00%	–
BSMX	Exit	BANCO SANTANDER S Asponsored adr b	$0	–	-9,495	–	0.00%	–
IT	Exit	GARTNER INC	$0	–	-450	–	0.00%	–
CERN	Exit	CERNER CORP	$0	–	-448	–	0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-70	–	0.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-540	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-1,750	–	-0.00%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-1,569	–	-0.00%	–
EFG	Exit	ISHARES TReafe grwth etf	$0	–	-1,226	–	-0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-800	–	-0.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-800	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-14,850	–	-0.00%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-11,713	–	-0.01%	–
UGP	Exit	ULTRAPAR PARTICIPACOES S A	$0	–	-204,433	–	-0.01%	–
LOMA	Exit	LOMA NEGRA CORPsponsored ads	$0	–	-449,263	–	-0.02%	–
PX	Exit	PRAXAIR INC	$0	–	-26,878	–	-0.02%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-92,632	–	-0.02%	–
TEO	Exit	TELECOM ARGENTINA S Aspon adr rep b	$0	–	-325,260	–	-0.03%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-126,981	–	-0.03%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-298,452	–	-0.04%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-2,395,358	–	-0.13%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-929,889	–	-0.13%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-2,550,997	–	-0.35%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-1,777,888	–	-0.38%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-1,222,072	–	-0.47%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-4,801,680	–	-0.54%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-1,497,793	–	-0.57%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-3,409,318	–	-0.57%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-2,839,896	–	-0.57%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,522,284	–	-0.58%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-952,731	–	-0.59%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-1,178,842	–	-0.61%	–
EBAY	Exit	EBAY INC	$0	–	-3,743,801	–	-0.64%	–
MMM	Exit	3M CO	$0	–	-593,729	–	-0.65%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,542,204	–	-0.68%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-7,861,713	–	-0.73%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-927,005	–	-0.76%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-3,911,683	–	-0.76%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-1,631,396	–	-0.78%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,996,406	–	-0.80%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,329,941	–	-0.81%	–
CGNX	Exit	COGNEX CORP	$0	–	-2,839,070	–	-0.83%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,400,343	–	-0.84%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-2,431,450	–	-0.85%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,976,675	–	-0.85%	–
EPAM	Exit	EPAM SYS INC	$0	–	-1,192,195	–	-0.86%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-4,150,317	–	-0.90%	–
WAT	Exit	WATERS CORP	$0	–	-891,228	–	-0.90%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,386,960	–	-0.91%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-591,789	–	-0.96%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-26,733,554	–	-0.99%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-30,796,895	–	-1.01%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,306,654	–	-1.12%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-4,197,815	–	-1.13%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,108,121	–	-1.29%	–
AMZN	Exit	AMAZON COM INC	$0	–	-126,202	–	-1.32%	–
NKE	Exit	NIKE INCcl b	$0	–	-3,013,868	–	-1.33%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-636,898	–	-1.34%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-1,255,256	–	-1.34%	–
YNDX	Exit	YANDEX N V	$0	–	-7,877,559	–	-1.35%	–
AAPL	Exit	APPLE INC	$0	–	-1,276,202	–	-1.50%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,340,109	–	-1.56%	–
JOBS	Exit	51JOB INC	$0	–	-4,008,290	–	-1.61%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-1,595,720	–	-1.64%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-4,743,034	–	-1.76%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-2,929,716	–	-1.84%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-16,720,780	–	-1.86%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-182,540	–	-1.89%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-3,910,455	–	-1.96%	–
HDB	Exit	HDFC BANK LTD	$0	–	-4,069,236	–	-2.00%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-87,068,069	–	-2.08%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,479,494	–	-2.29%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-53,765,809	–	-2.38%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-6,998,040	–	-2.67%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-6,021,407	–	-2.76%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-17,280,466	–	-3.02%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-3,969,182	–	-3.41%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-10,885,427	–	-3.46%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-7,747,527	–	-3.63%	–
SAP	Exit	SAP SEspon adr	$0	–	-6,260,613	–	-4.02%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-75,408,323	–	-4.32%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-21,219,414	–	-4.89%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-7,966,182	–	-4.89%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-5,166,996	–	-6.16%	–

Q3 2018

			Value		Shares		↓ Weighting
BIDU	Buy	BAIDU INCspon adr rep a	$1,181,589,000	+0.1%	5,166,996	+6.4%	6.16%	-7.2%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$937,381,000	+26.1%	7,966,182	+4.7%	4.89%	+17.0%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$937,049,000	+25.9%	21,219,414	+4.2%	4.89%	+16.8%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$827,984,000	+8.6%	75,408,323	+2.6%	4.32%	+0.7%
SAP	Buy	SAP SEspon adr	$770,056,000	+21.3%	6,260,613	+14.1%	4.02%	+12.5%
CNI	Buy	CANADIAN NATL RY CO	$695,727,000	+14.8%	7,747,527	+4.5%	3.63%	+6.4%
SLB	Buy	SCHLUMBERGER LTD	$663,141,000	-6.0%	10,885,427	+3.4%	3.46%	-12.9%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$653,962,000	+18.9%	3,969,182	+33.9%	3.41%	+10.3%
TS	Buy	TENARIS S Asponsored adr	$579,241,000	+3.3%	17,280,466	+12.2%	3.02%	-4.2%
PYPL	Buy	PAYPAL HLDGS INC	$528,920,000	+9.4%	6,021,407	+3.7%	2.76%	+1.4%
WB	Buy	WEIBO CORPsponsored adr	$511,766,000	+4.8%	6,998,040	+27.2%	2.67%	-2.8%
IBN	Buy	ICICI BK LTDadr	$456,472,000	+8.0%	53,765,809	+2.1%	2.38%	+0.2%
ROP	Buy	ROPER TECHNOLOGIES INC	$438,241,000	+10.2%	1,479,494	+2.6%	2.29%	+2.2%
ABEV	Buy	AMBEV SAsponsored adr	$397,901,000	+247.1%	87,068,069	+251.7%	2.08%	+221.7%
HDB	Buy	HDFC BANK LTD	$382,915,000	-7.3%	4,069,236	+3.5%	2.00%	-14.0%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$375,403,000	+3.4%	3,910,455	+4.2%	1.96%	-4.1%
BKNG	Buy	BOOKING HLDGS INC	$362,159,000	+2.0%	182,540	+4.2%	1.89%	-5.4%
GRFS	Buy	GRIFOLS S Asp adr rep b nvt	$357,323,000	+0.7%	16,720,780	+1.3%	1.86%	-6.6%
VRSK	Buy	VERISK ANALYTICS INC	$353,177,000	+15.4%	2,929,716	+3.0%	1.84%	+7.0%
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$336,424,000	-2.5%	4,743,034	-0.1%	1.76%	-9.5%
CEO	Buy	CNOOC LTDsponsored adr	$315,219,000	+16.6%	1,595,720	+1.1%	1.64%	+8.1%
JOBS	Sell	51JOB INC	$308,598,000	-26.0%	4,008,290	-6.2%	1.61%	-31.4%
MA	Buy	MASTERCARD INCORPORATEDcl a	$298,322,000	+17.0%	1,340,109	+3.3%	1.56%	+8.5%
AAPL	Buy	APPLE INC	$288,090,000	+27.9%	1,276,202	+4.9%	1.50%	+18.5%
YNDX	Buy	YANDEX N V	$259,093,000	+52.8%	7,877,559	+66.8%	1.35%	+41.8%
ASR	Sell	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$257,491,000	+21.4%	1,255,256	-5.8%	1.34%	+12.6%
REGN	Buy	REGENERON PHARMACEUTICALS	$257,333,000	+20.6%	636,898	+3.0%	1.34%	+11.8%
NKE	Buy	NIKE INCcl b	$255,335,000	+9.4%	3,013,868	+2.9%	1.33%	+1.4%
AMZN	Buy	AMAZON COM INC	$252,782,000	+21.7%	126,202	+3.3%	1.32%	+12.8%
BAP	Sell	CREDICORP LTD	$247,200,000	-11.5%	1,108,121	-10.7%	1.29%	-18.0%
FMS	Sell	FRESENIUS MED CARE AG&CO KGAsponsored adr	$215,851,000	+1.5%	4,197,815	-0.6%	1.13%	-5.9%
FB	Buy	FACEBOOK INCcl a	$214,892,000	-12.0%	1,306,654	+4.0%	1.12%	-18.4%
BBVA	Sell	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$194,021,000	-11.3%	30,796,895	-1.4%	1.01%	-17.7%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$189,274,000	+3.5%	26,733,554	+0.3%	0.99%	-4.1%
SIVB	Sell	SVB FINL GROUP	$183,946,000	-28.2%	591,789	-33.3%	0.96%	-33.4%
ABT	Buy	ABBOTT LABS	$175,107,000	+24.1%	2,386,960	+3.1%	0.91%	+15.0%
WAT	Buy	WATERS CORP	$173,505,000	+3.6%	891,228	+3.0%	0.90%	-3.9%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$173,151,000	-13.2%	4,150,317	-0.6%	0.90%	-19.5%
EPAM	Buy	EPAM SYS INC	$164,165,000	+146.9%	1,192,195	+122.9%	0.86%	+128.9%
UL	Sell	UNILEVER PLCspon adr new	$163,628,000	-0.6%	2,976,675	-0.1%	0.85%	-7.9%
CL	Buy	COLGATE PALMOLIVE CO	$162,786,000	+6.4%	2,431,450	+3.0%	0.85%	-1.3%
MSFT	Buy	MICROSOFT CORP	$160,157,000	+20.2%	1,400,343	+3.6%	0.84%	+11.5%
CGNX	Buy	COGNEX CORP	$158,477,000	+29.5%	2,839,070	+3.5%	0.83%	+20.1%
DIS	Buy	DISNEY WALT CO	$155,524,000	+15.2%	1,329,941	+3.2%	0.81%	+6.9%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$154,023,000	+3.1%	1,996,406	+5.5%	0.80%	-4.4%
ABC	Buy	AMERISOURCEBERGEN CORP	$150,447,000	+11.4%	1,631,396	+3.0%	0.78%	+3.4%
CTRP	Buy	CTRIP COM INTL LTD	$145,397,000	+22.8%	3,911,683	+57.4%	0.76%	+13.8%
IPGP	Buy	IPG PHOTONICS CORP	$144,678,000	-24.7%	927,005	+6.5%	0.76%	-30.1%
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$139,467,000	-9.1%	7,861,713	-2.9%	0.73%	-15.8%
XOM	Buy	EXXON MOBIL CORP	$131,119,000	+5.6%	1,542,204	+2.8%	0.68%	-2.0%
MMM	Buy	3M CO	$125,105,000	+10.4%	593,729	+3.0%	0.65%	+2.4%
EBAY	Buy	EBAY INC	$123,621,000	-5.1%	3,743,801	+4.2%	0.64%	-12.0%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$116,670,000	+31.1%	1,178,842	+16.3%	0.61%	+21.6%
WBC	Buy	WABCO HLDGS INC	$112,365,000	+3.8%	952,731	+3.0%	0.59%	-3.6%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$110,955,000	-6.9%	2,522,284	-0.2%	0.58%	-13.6%
SSL	Buy	SASOL LTDsponsored adr	$109,733,000	+6.9%	2,839,896	+1.1%	0.57%	-0.9%
BSAC	Sell	BANCO SANTANDER CHILE NEW	$109,030,000	-45.8%	3,409,318	-46.7%	0.57%	-49.6%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$109,189,000	+25.2%	1,497,793	+3.1%	0.57%	+16.1%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$103,140,000	-32.7%	4,801,680	-37.4%	0.54%	-37.6%
WPP	Sell	WPP PLC NEWadr	$89,541,000	-7.8%	1,222,072	-1.1%	0.47%	-14.5%
BMA	Buy	BANCO MACRO SAspon adr b	$73,551,000	-28.4%	1,777,888	+1.8%	0.38%	-33.4%
JD	Sell	JD COM INCspon adr cl a	$66,556,000	-33.1%	2,550,997	-0.2%	0.35%	-38.0%
EC	Buy	ECOPETROL S Asponsored ads	$25,042,000	+32.2%	929,889	+0.9%	0.13%	+23.6%
INFY	Buy	INFOSYS LTDsponsored adr	$24,361,000	+12457.2%	2,395,358	+23856.0%	0.13%	+12600.0%
GGAL	Sell	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$7,590,000	-24.3%	298,452	-1.9%	0.04%	-28.6%
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$6,213,000	+3642.8%	126,981	+3304.3%	0.03%	+3100.0%
TEO	Sell	TELECOM ARGENTINA S Aspon adr rep b	$5,666,000	-3.2%	325,260	-1.4%	0.03%	-9.1%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$4,821,000	+24.7%	92,632	+24.2%	0.02%	+13.6%
PX	Buy	PRAXAIR INC	$4,320,000	+11.1%	26,878	+9.3%	0.02%	+4.5%
LOMA	Buy	LOMA NEGRA CORPsponsored ads	$3,971,000	+41.8%	449,263	+64.6%	0.02%	+31.2%
UGP	Buy	ULTRAPAR PARTICIPACOES S A	$1,893,000	+2003.3%	204,433	+2577.2%	0.01%	+900.0%
CLB	Sell	CORE LABORATORIES N V	$1,357,000	-14.4%	11,713	-6.8%	0.01%	-22.2%
ST	Sell	SENSATA TECHNOLOGIES HLDNG P	$736,000	-5.9%	14,850	-9.7%	0.00%	0.0%
EFG	New	ISHARES TReafe grwth etf	$98,000	–	1,226	–	0.00%	–
PG	Buy	PROCTER AND GAMBLE CO	$131,000	+23.6%	1,569	+15.4%	0.00%	0.0%
BSMX	Buy	BANCO SANTANDER S Asponsored adr b	$74,000	+39.6%	9,495	+19.0%	0.00%	–
TSCO	Sell	TRACTOR SUPPLY CO	$66,000	-7.0%	729	-21.6%	0.00%	–
WAB	Exit	WABTEC CORP	$0	–	-180	–	0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-771	–	0.00%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-159	–	0.00%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-355	–	0.00%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-468	–	0.00%	–
DHR	Buy	DANAHER CORP DEL	$66,000	+407.7%	605	+348.1%	0.00%	–
HCSG	Buy	HEALTHCARE SVCS GRP INC	$25,000	+150.0%	622	+182.7%	0.00%	–
CERN	New	CERNER CORP	$29,000	–	448	–	0.00%	–
CVS	New	CVS HEALTH CORP	$68,000	–	870	–	0.00%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-168,855	–	-0.24%	–

Q2 2018

			Value		Shares		↓ Weighting
BIDU	New	BAIDU INCspon adr rep a	$1,180,502,000	–	4,858,033	–	6.64%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$762,660,000	–	73,473,913	–	4.29%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$744,273,000	–	20,357,587	–	4.18%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$743,211,000	–	7,608,630	–	4.18%	–
SLB	New	SCHLUMBERGER LTD	$705,554,000	–	10,525,937	–	3.97%	–
SAP	New	SAP SEspon adr	$634,688,000	–	5,487,533	–	3.57%	–
CNI	New	CANADIAN NATL RY CO	$606,208,000	–	7,415,399	–	3.41%	–
TS	New	TENARIS S Asponsored adr	$560,668,000	–	15,407,213	–	3.15%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$549,972,000	–	2,964,331	–	3.09%	–
WB	New	WEIBO CORPsponsored adr	$488,384,000	–	5,502,300	–	2.75%	–
PYPL	New	PAYPAL HLDGS INC	$483,448,000	–	5,805,790	–	2.72%	–
IBN	New	ICICI BK LTDadr	$422,762,000	–	52,647,851	–	2.38%	–
JOBS	New	51JOB INC	$417,214,000	–	4,272,983	–	2.35%	–
HDB	New	HDFC BANK LTD	$412,881,000	–	3,931,451	–	2.32%	–
ROP	New	ROPER TECHNOLOGIES INC	$397,742,000	–	1,441,564	–	2.24%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$363,198,000	–	3,752,437	–	2.04%	–
BKNG	New	BOOKING HLDGS INC	$355,088,000	–	175,171	–	2.00%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$354,847,000	–	16,504,491	–	2.00%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$344,921,000	–	4,747,701	–	1.94%	–
VRSK	New	VERISK ANALYTICS INC	$306,157,000	–	2,844,267	–	1.72%	–
BAP	New	CREDICORP LTD	$279,292,000	–	1,240,635	–	1.57%	–
CEO	New	CNOOC LTDsponsored adr	$270,399,000	–	1,579,065	–	1.52%	–
SIVB	New	SVB FINL GROUP	$256,337,000	–	887,717	–	1.44%	–
MA	New	MASTERCARD INCORPORATEDcl a	$254,974,000	–	1,297,445	–	1.43%	–
FB	New	FACEBOOK INCcl a	$244,216,000	–	1,256,777	–	1.37%	–
NKE	New	NIKE INCcl b	$233,484,000	–	2,930,281	–	1.31%	–
AAPL	New	APPLE INC	$225,264,000	–	1,216,920	–	1.27%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$218,663,000	–	31,237,589	–	1.23%	–
REGN	New	REGENERON PHARMACEUTICALS	$213,424,000	–	618,639	–	1.20%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$212,691,000	–	4,224,259	–	1.20%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$212,187,000	–	1,333,165	–	1.19%	–
AMZN	New	AMAZON COM INC	$207,743,000	–	122,216	–	1.17%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$201,004,000	–	6,395,303	–	1.13%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$199,591,000	–	4,177,300	–	1.12%	–
IPGP	New	IPG PHOTONICS CORP	$192,088,000	–	870,631	–	1.08%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$182,906,000	–	26,662,638	–	1.03%	–
YNDX	New	YANDEX N V	$169,525,000	–	4,722,149	–	0.95%	–
WAT	New	WATERS CORP	$167,455,000	–	864,998	–	0.94%	–
UL	New	UNILEVER PLCspon adr new	$164,663,000	–	2,978,710	–	0.93%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$153,456,000	–	8,097,943	–	0.86%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$153,238,000	–	7,669,547	–	0.86%	–
CL	New	COLGATE PALMOLIVE CO	$153,022,000	–	2,361,082	–	0.86%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$149,410,000	–	1,891,512	–	0.84%	–
ABT	New	ABBOTT LABS	$141,145,000	–	2,314,223	–	0.79%	–
ABC	New	AMERISOURCEBERGEN CORP	$135,018,000	–	1,583,410	–	0.76%	–
DIS	New	DISNEY WALT CO	$135,031,000	–	1,288,344	–	0.76%	–
MSFT	New	MICROSOFT CORP	$133,261,000	–	1,351,401	–	0.75%	–
EBAY	New	EBAY INC	$130,261,000	–	3,592,407	–	0.73%	–
XOM	New	EXXON MOBIL CORP	$124,151,000	–	1,500,668	–	0.70%	–
CGNX	New	COGNEX CORP	$122,373,000	–	2,743,171	–	0.69%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$119,156,000	–	2,527,700	–	0.67%	–
CTRP	New	CTRIP COM INTL LTD	$118,374,000	–	2,485,290	–	0.67%	–
ABEV	New	AMBEV SAsponsored adr	$114,638,000	–	24,759,818	–	0.64%	–
MMM	New	3M CO	$113,348,000	–	576,186	–	0.64%	–
WBC	New	WABCO HLDGS INC	$108,201,000	–	924,637	–	0.61%	–
SSL	New	SASOL LTDsponsored adr	$102,681,000	–	2,810,095	–	0.58%	–
BMA	New	BANCO MACRO SAspon adr b	$102,655,000	–	1,746,126	–	0.58%	–
JD	New	JD COM INCspon adr cl a	$99,550,000	–	2,555,841	–	0.56%	–
WPP	New	WPP PLC NEWadr	$97,075,000	–	1,235,368	–	0.55%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$88,961,000	–	1,013,334	–	0.50%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$87,216,000	–	1,453,234	–	0.49%	–
EPAM	New	EPAM SYS INC	$66,484,000	–	534,738	–	0.37%	–
NTES	New	NETEASE INCsponsored adr	$42,665,000	–	168,855	–	0.24%	–
EC	New	ECOPETROL S Asponsored ads	$18,937,000	–	921,489	–	0.11%	–
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$10,033,000	–	304,210	–	0.06%	–
TEO	New	TELECOM ARGENTINA S Aspon adr rep b	$5,854,000	–	329,978	–	0.03%	–
PX	New	PRAXAIR INC	$3,888,000	–	24,584	–	0.02%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$3,865,000	–	74,563	–	0.02%	–
LOMA	New	LOMA NEGRA CORPsponsored ads	$2,800,000	–	272,900	–	0.02%	–
CLB	New	CORE LABORATORIES N V	$1,585,000	–	12,562	–	0.01%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$782,000	–	16,444	–	0.00%	–
ALL	New	ALLSTATE CORP	$279,000	–	3,058	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$97,000	–	800	–	0.00%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$166,000	–	3,730	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$106,000	–	1,360	–	0.00%	–
INFY	New	INFOSYS LTDsponsored adr	$194,000	–	9,999	–	0.00%	–
ANTM	New	ANTHEM INC	$190,000	–	800	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$111,000	–	800	–	0.00%	–
ASML	New	ASML HOLDING N V	$107,000	–	540	–	0.00%	–
NVS	New	NOVARTIS A Gsponsored adr	$132,000	–	1,750	–	0.00%	–
UGP	New	ULTRAPAR PARTICIPACOES S A	$90,000	–	7,636	–	0.00%	–
CRM	New	SALESFORCE COM INC	$18,000	–	130	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$61,000	–	600	–	0.00%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$72,000	–	540	–	0.00%	–
SHPG	New	SHIRE PLCsponsored adr	$27,000	–	159	–	0.00%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$41,000	–	320	–	0.00%	–
TJX	New	TJX COS INC NEW	$73,000	–	771	–	0.00%	–
APH	New	AMPHENOL CORP NEWcl a	$61,000	–	700	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$12,000	–	110	–	0.00%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$12,000	–	60	–	0.00%	–
TSCO	New	TRACTOR SUPPLY CO	$71,000	–	930	–	0.00%	–
AME	New	AMETEK INC NEW	$59,000	–	820	–	0.00%	–
V	New	VISA INC	$34,000	–	260	–	0.00%	–
WAB	New	WABTEC CORP	$18,000	–	180	–	0.00%	–
GOOGL	New	ALPHABET INCcap stk cl a	$51,000	–	45	–	0.00%	–
WDAY	New	WORKDAY INCcl a	$17,000	–	140	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$32,000	–	380	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$3,000	–	218	–	0.00%	–
APD	New	AIR PRODS & CHEMS INC	$50,000	–	320	–	0.00%	–
ENS	New	ENERSYS	$15,000	–	200	–	0.00%	–
ADBE	New	ADOBE SYS INC	$22,000	–	90	–	0.00%	–
ECA	New	ENCANA CORP	$74,000	–	5,670	–	0.00%	–
EMR	New	EMERSON ELEC CO	$13,000	–	185	–	0.00%	–
FISV	New	FISERV INC	$67,000	–	900	–	0.00%	–
FLS	New	FLOWSERVE CORP	$21,000	–	530	–	0.00%	–
ECL	New	ECOLAB INC	$56,000	–	400	–	0.00%	–
IT	New	GARTNER INC	$60,000	–	450	–	0.00%	–
DE	New	DEERE & CO	$28,000	–	200	–	0.00%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$13,000	–	152	–	0.00%	–
DHR	New	DANAHER CORP DEL	$13,000	–	135	–	0.00%	–
HCSG	New	HEALTHCARE SVCS GRP INC	$10,000	–	220	–	0.00%	–
HEI	New	HEICO CORP NEW	$15,000	–	212	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$11,000	–	180	–	0.00%	–
COST	New	COSTCO WHSL CORP NEW	$74,000	–	355	–	0.00%	–
IDXX	New	IDEXX LABS INC	$15,000	–	70	–	0.00%	–
ILMN	New	ILLUMINA INC	$17,000	–	60	–	0.00%	–
IQV	New	IQVIA HLDGS INC	$58,000	–	580	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$31,000	–	295	–	0.00%	–
KSU	New	KANSAS CITY SOUTHERN	$12,000	–	116	–	0.00%	–
EL	New	LAUDER ESTEE COS INCcl a	$67,000	–	468	–	0.00%	–
LULU	New	LULULEMON ATHLETICA INC	$36,000	–	290	–	0.00%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$86,000	–	1,520	–	0.00%	–
MCD	New	MCDONALDS CORP	$61,000	–	390	–	0.00%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$17,000	–	30	–	0.00%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$80,000	–	845	–	0.00%	–
CSCO	New	CISCO SYS INC	$36,000	–	845	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$56,000	–	1,600	–	0.00%	–
NVDA	New	NVIDIA CORP	$14,000	–	60	–	0.00%	–
CHD	New	CHURCH & DWIGHT INC	$57,000	–	1,080	–	0.00%	–
TROW	New	PRICE T ROWE GROUP INC	$13,000	–	109	–	0.00%	–
PRU	New	PRUDENTIAL FINL INC	$43,000	–	460	–	0.00%	–
RHT	New	RED HAT INC	$16,000	–	120	–	0.00%	–
RGA	New	REINSURANCE GROUP AMER INC	$51,000	–	380	–	0.00%	–
ROK	New	ROCKWELL AUTOMATION INC	$28,000	–	170	–	0.00%	–
ROL	New	ROLLINS INC	$21,000	–	400	–	0.00%	–
BWA	New	BORGWARNER INC	$10,000	–	235	–	0.00%	–
BSMX	New	BANCO SANTANDER S Asponsored adr b	$53,000	–	7,980	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
FLS	Exit	FLOWSERVE CORP	$0	–	-530	–	0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-820	–	0.00%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-610	–	0.00%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-130	–	0.00%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-90	–	0.00%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-630	–	0.00%	–
RHT	Exit	RED HAT INC	$0	–	-120	–	0.00%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-170	–	0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	0.00%	–
CERN	Exit	CERNER CORP	$0	–	-412	–	0.00%	–
ROL	Exit	ROLLINS INC	$0	–	-650	–	0.00%	–
UGP	Exit	ULTRAPAR PARTICIPACOES S A	$0	–	-2,620	–	0.00%	–
DIS	Exit	DISNEY WALT CO	$0	–	-460	–	0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-380	–	0.00%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-140	–	0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-570	–	0.00%	–
EFX	Exit	EQUIFAX INC	$0	–	-80	–	0.00%	–
DE	Exit	DEERE & CO	$0	–	-480	–	0.00%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-355	–	0.00%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,560	–	0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-70	–	0.00%	–
ECA	Exit	ENCANA CORP	$0	–	-5,670	–	0.00%	–
V	Exit	VISA INC	$0	–	-260	–	0.00%	–
MTD	Exit	METTLER TOLEDO INTERNATIONAL	$0	–	-30	–	0.00%	–
ECL	Exit	ECOLAB INC	$0	–	-400	–	0.00%	–
IT	Exit	GARTNER INC	$0	–	-450	–	0.00%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-700	–	0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-390	–	0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-45	–	0.00%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-290	–	0.00%	–
EPAM	Exit	EPAM SYS INC	$0	–	-150	–	0.00%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-60	–	0.00%	–
RGA	Exit	REINSURANCE GROUP AMER INC	$0	–	-380	–	0.00%	–
BWA	Exit	BORGWARNER INC	$0	–	-240	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
FISV	Exit	FISERV INC	$0	–	-450	–	0.00%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-1,080	–	0.00%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-460	–	0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-390	–	0.00%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-5,630	–	0.00%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-620	–	0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-180	–	0.00%	–
HCSG	Exit	HEALTHCARE SVCS GRP INC	$0	–	-220	–	0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-320	–	0.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-540	–	-0.00%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-1,360	–	-0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,214	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-1,750	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-7,250	–	-0.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-800	–	-0.00%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-6,857	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
PX	Exit	PRAXAIR INC	$0	–	-13,491	–	-0.01%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-20,486	–	-0.01%	–
PSMT	Exit	PRICESMART INC	$0	–	-59,152	–	-0.03%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-1,049,430	–	-0.06%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-236,120	–	-0.07%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-128,202	–	-0.09%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-242,122	–	-0.11%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-626,105	–	-0.12%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-227,006	–	-0.34%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-2,554,853	–	-0.40%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-749,134	–	-0.55%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-1,008,431	–	-0.55%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,411,341	–	-0.60%	–
MON	Exit	MONSANTO CO NEW	$0	–	-945,189	–	-0.64%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,291,317	–	-0.64%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-1,515,845	–	-0.67%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-679,742	–	-0.67%	–
AMZN	Exit	AMAZON COM INC	$0	–	-128,936	–	-0.70%	–
YNDX	Exit	YANDEX N V	$0	–	-3,818,512	–	-0.72%	–
MMM	Exit	3M CO	$0	–	-602,283	–	-0.72%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,379,711	–	-0.72%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,576,814	–	-0.74%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,409,558	–	-0.74%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-1,649,023	–	-0.78%	–
CGNX	Exit	COGNEX CORP	$0	–	-1,246,631	–	-0.78%	–
EBAY	Exit	EBAY INC	$0	–	-3,650,404	–	-0.80%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-961,250	–	-0.81%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,982,584	–	-0.82%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-959,461	–	-0.84%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-1,640,882	–	-0.87%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-6,466,540	–	-0.87%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,727,686	–	-0.90%	–
WAT	Exit	WATERS CORP	$0	–	-892,107	–	-0.91%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-3,186,675	–	-0.92%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-24,599,334	–	-0.92%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-913,041	–	-0.96%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-2,451,887	–	-1.02%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-6,297,156	–	-1.06%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-4,113,718	–	-1.07%	–
AAPL	Exit	APPLE INC	$0	–	-1,239,443	–	-1.09%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-3,910,266	–	-1.09%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,392,729	–	-1.12%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,052,453	–	-1.23%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,276,477	–	-1.24%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-2,201,011	–	-1.31%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-6,337,134	–	-1.38%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-1,285,904	–	-1.40%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-2,957,525	–	-1.40%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-4,677,909	–	-1.40%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-28,493,326	–	-1.45%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-23,884,704	–	-1.50%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-4,323,442	–	-1.54%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-2,158,964	–	-1.59%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-1,538,806	–	-1.64%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-647,777	–	-1.65%	–
JOBS	Exit	51JOB INC	$0	–	-5,016,352	–	-1.73%	–
HDB	Exit	HDFC BANK LTD	$0	–	-3,362,462	–	-1.84%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-15,811,707	–	-1.97%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-192,759	–	-2.01%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,491,684	–	-2.06%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-6,033,897	–	-2.20%	–
NKE	Exit	NIKE INCcl b	$0	–	-7,617,271	–	-2.25%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-49,245,389	–	-2.40%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-14,938,263	–	-2.40%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-19,818,674	–	-2.78%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-6,526,774	–	-3.08%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-5,725,066	–	-3.22%	–
SAP	Exit	SAP SEspon adr	$0	–	-6,061,692	–	-3.78%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-18,187,158	–	-3.88%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-10,005,557	–	-3.97%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-6,167,068	–	-4.00%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-3,608,313	–	-5.08%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-65,847,100	–	-5.13%	–

Q3 2017

			Value		Shares		↓ Weighting
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$902,105,000	+37.5%	65,847,100	+10.9%	5.13%	+27.6%
BIDU	Sell	BAIDU INCspon adr rep a	$893,743,000	+27.1%	3,608,313	-8.2%	5.08%	+18.0%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$703,170,000	+10.1%	6,167,068	+5.3%	4.00%	+2.2%
SLB	Buy	SCHLUMBERGER LTD	$697,987,000	+9.7%	10,005,557	+3.5%	3.97%	+1.8%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$682,927,000	+13.2%	18,187,158	+5.4%	3.88%	+5.1%
SAP	Buy	SAP SEspon adr	$664,665,000	+11.2%	6,061,692	+6.1%	3.78%	+3.2%
WB	Buy	WEIBO CORPsponsored adr	$566,438,000	+143.1%	5,725,066	+63.3%	3.22%	+125.8%
CNI	Buy	CANADIAN NATL RY CO	$540,743,000	+8.3%	6,526,774	+6.0%	3.08%	+0.6%
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$488,927,000	+3.7%	19,818,674	+2.4%	2.78%	-3.7%
TS	Buy	TENARIS S Asponsored adr	$422,902,000	-7.0%	14,938,263	+2.3%	2.40%	-13.6%
IBN	Sell	ICICI BK LTDadr	$421,540,000	-5.8%	49,245,389	-1.3%	2.40%	-12.6%
NKE	Buy	NIKE INCcl b	$394,955,000	+8.6%	7,617,271	+23.6%	2.25%	+0.9%
PYPL	Sell	PAYPAL HLDGS INC	$386,350,000	+18.0%	6,033,897	-1.1%	2.20%	+9.6%
ROP	Sell	ROPER TECHNOLOGIES INC	$363,076,000	+4.2%	1,491,684	-0.9%	2.06%	-3.2%
PCLN	Sell	PRICELINE GRP INC	$352,907,000	-3.3%	192,759	-1.2%	2.01%	-10.2%
GRFS	Buy	GRIFOLS S Asp adr rep b nvt	$346,118,000	+5.6%	15,811,707	+1.9%	1.97%	-1.9%
HDB	Sell	HDFC BANK LTD	$324,040,000	+6.2%	3,362,462	-4.1%	1.84%	-1.4%
JOBS	Buy	51JOB INC	$304,041,000	+38.6%	5,016,352	+2.3%	1.73%	+28.7%
REGN	Buy	REGENERON PHARMACEUTICALS	$289,635,000	+10.9%	647,777	+21.9%	1.65%	+3.0%
SIVB	Sell	SVB FINL GROUP	$287,896,000	+5.0%	1,538,806	-1.3%	1.64%	-2.5%
CEO	Sell	CNOOC LTDsponsored adr	$280,018,000	+16.6%	2,158,964	-1.6%	1.59%	+8.3%
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$270,388,000	+19.8%	4,323,442	+4.3%	1.54%	+11.3%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$264,404,000	+31.9%	23,884,704	+1.2%	1.50%	+22.5%
BBVA	Buy	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$254,161,000	+10.9%	28,493,326	+3.9%	1.45%	+3.0%
CTRP	Sell	CTRIP COM INTL LTD	$246,713,000	-30.1%	4,677,909	-28.6%	1.40%	-35.1%
VRSK	Sell	VERISK ANALYTICS INC	$246,036,000	-2.5%	2,957,525	-1.2%	1.40%	-9.5%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$245,376,000	-6.2%	1,285,904	+3.4%	1.40%	-12.9%
JD	Sell	JD COM INCspon adr cl a	$242,079,000	-4.0%	6,337,134	-1.4%	1.38%	-10.8%
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$229,917,000	+3.3%	2,201,011	-1.0%	1.31%	-4.1%
FB	Sell	FACEBOOK INCcl a	$218,112,000	+11.8%	1,276,477	-1.2%	1.24%	+3.8%
BAP	Buy	CREDICORP LTD	$215,774,000	+16.2%	1,052,453	+1.7%	1.23%	+7.9%
MA	Buy	MASTERCARD INCORPORATEDcl a	$196,653,000	+27.1%	1,392,729	+9.4%	1.12%	+18.1%
FMS	Buy	FRESENIUS MED CARE AG&CO KGAsponsored adr	$191,173,000	+5.5%	3,910,266	+4.3%	1.09%	-2.1%
AAPL	Buy	APPLE INC	$191,023,000	+318271.7%	1,239,443	+295005.5%	1.09%	–
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$188,367,000	+4.0%	4,113,718	+1.2%	1.07%	-3.5%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$187,089,000	+18.2%	6,297,156	+1.1%	1.06%	+9.8%
CL	Sell	COLGATE PALMOLIVE CO	$178,620,000	-2.5%	2,451,887	-0.7%	1.02%	-9.4%
IPGP	Sell	IPG PHOTONICS CORP	$168,968,000	-23.1%	913,041	-39.7%	0.96%	-28.6%
ABEV	Buy	AMBEV SAsponsored adr	$162,110,000	+21.4%	24,599,334	+1.1%	0.92%	+12.7%
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$161,150,000	-5.3%	3,186,675	-0.6%	0.92%	-12.0%
WAT	Sell	WATERS CORP	$160,151,000	-3.3%	892,107	-1.0%	0.91%	-10.2%
UL	Buy	UNILEVER PLCspon adr new	$158,097,000	+11.9%	2,727,686	+4.5%	0.90%	+3.9%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$153,063,000	+22.0%	6,466,540	+0.7%	0.87%	+13.3%
WPP	Buy	WPP PLC NEWadr	$152,274,000	-9.8%	1,640,882	+2.5%	0.87%	-16.2%
SHPG	Buy	SHIRE PLCsponsored adr	$146,932,000	+32.4%	959,461	+42.9%	0.84%	+22.9%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$143,816,000	+1307318.2%	1,982,584	+1166125.9%	0.82%	–
WBC	Sell	WABCO HLDGS INC	$142,265,000	+14.7%	961,250	-1.2%	0.81%	+6.4%
EBAY	Sell	EBAY INC	$140,395,000	+8.9%	3,650,404	-1.1%	0.80%	+1.1%
CGNX	Sell	COGNEX CORP	$137,479,000	-14.3%	1,246,631	-34.0%	0.78%	-20.4%
ABC	Sell	AMERISOURCEBERGEN CORP	$136,456,000	-13.6%	1,649,023	-1.3%	0.78%	-19.8%
SBUX	New	STARBUCKS CORP	$129,417,000	–	2,409,558	–	0.74%	–
XOM	Sell	EXXON MOBIL CORP	$129,267,000	+0.4%	1,576,814	-1.2%	0.74%	-6.8%
ABT	Sell	ABBOTT LABS	$126,981,000	+8.6%	2,379,711	-1.0%	0.72%	+0.8%
MMM	Sell	3M CO	$126,419,000	-0.2%	602,283	-1.0%	0.72%	-7.3%
YNDX	Sell	YANDEX N V	$125,820,000	+23.8%	3,818,512	-1.4%	0.72%	+14.9%
AMZN	Sell	AMAZON COM INC	$123,953,000	-1.8%	128,936	-1.1%	0.70%	-8.8%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$117,398,000	–	679,742	–	0.67%	–
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$117,054,000	-2.6%	1,515,845	-1.2%	0.67%	-9.5%
MON	Sell	MONSANTO CO NEW	$113,252,000	+0.1%	945,189	-1.1%	0.64%	-7.1%
HSBC	Buy	HSBC HLDGS PLCspon adr new	$113,214,000	+11.5%	2,291,317	+4.7%	0.64%	+3.5%
MSFT	Sell	MICROSOFT CORP	$105,130,000	+6.5%	1,411,341	-1.4%	0.60%	-1.0%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$96,335,000	-2.0%	1,008,431	+0.9%	0.55%	-9.0%
SBNY	Sell	SIGNATURE BK NEW YORK N Y	$95,919,000	-11.8%	749,134	-1.1%	0.55%	-18.0%
SSL	Buy	SASOL LTDsponsored adr	$70,335,000	+1.9%	2,554,853	+3.4%	0.40%	-5.4%
NTES	Buy	NETEASE INCsponsored adr	$59,886,000	-4.5%	227,006	+8.8%	0.34%	-11.2%
INDA	Sell	ISHARES TRmsci india etf	$20,568,000	-0.5%	626,105	-2.8%	0.12%	-7.9%
BMA	Sell	BANCO MACRO SAspon adr b	$15,045,000	+24.6%	128,202	-2.1%	0.09%	+16.2%
GGAL	Buy	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$12,170,000	+109.3%	236,120	+73.2%	0.07%	+91.7%
EC	Sell	ECOPETROL S Asponsored ads	$9,959,000	+3.0%	1,049,430	-1.4%	0.06%	-3.4%
PSMT	Sell	PRICESMART INC	$5,279,000	-16.8%	59,152	-18.4%	0.03%	-23.1%
FFIV	Sell	F5 NETWORKS INC	$2,470,000	-99.0%	20,486	-98.9%	0.01%	-99.0%
PX	New	PRAXAIR INC	$1,886,000	–	13,491	–	0.01%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$361,000	–	6,857	–	0.00%	–
JNJ	Buy	JOHNSON & JOHNSON	$158,000	+49.1%	1,214	+51.8%	0.00%	0.0%
INFY	Buy	INFOSYS LTDsponsored adr	$106,000	+24.7%	7,250	+28.5%	0.00%	0.0%
CERN	Sell	CERNER CORP	$29,000	-29.3%	412	-32.5%	0.00%	–
HCSG	New	HEALTHCARE SVCS GRP INC	$12,000	–	220	–	0.00%	–
HSIC	Buy	SCHEIN HENRY INC	$51,000	-10.5%	620	+100.0%	0.00%	–
ROK	New	ROCKWELL AUTOMATION INC	$30,000	–	170	–	0.00%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-780	–	0.00%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-180	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-490	–	0.00%	–
GOOGL	Sell	ALPHABET INCcap stk cl a	$44,000	-100.0%	45	-100.0%	0.00%	-100.0%
TJX	Buy	TJX COS INC NEW	$60,000	+87.5%	820	+82.2%	0.00%	–
COST	New	COSTCO WHSL CORP NEW	$58,000	–	355	–	0.00%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-559,944	–	-0.86%	–

Q2 2017

			Value		Shares		↓ Weighting
BIDU	New	BAIDU INCspon adr rep a	$703,379,000	–	3,932,568	–	4.31%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$656,229,000	–	59,387,290	–	4.02%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$638,783,000	–	5,856,093	–	3.91%	–
SLB	New	SCHLUMBERGER LTD	$636,546,000	–	9,668,080	–	3.90%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$603,060,000	–	17,250,016	–	3.69%	–
SAP	New	SAP SEspon adr	$597,911,000	–	5,712,345	–	3.66%	–
CNI	New	CANADIAN NATL RY CO	$499,203,000	–	6,159,203	–	3.06%	–
GOOGL	New	ALPHABET INCcap stk cl a	$480,398,000	–	516,734	–	2.94%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$471,535,000	–	19,348,979	–	2.89%	–
TS	New	TENARIS S Asponsored adr	$454,604,000	–	14,598,727	–	2.78%	–
IBN	New	ICICI BK LTDadr	$447,668,000	–	49,907,254	–	2.74%	–
PCLN	New	PRICELINE GRP INC	$364,931,000	–	195,096	–	2.24%	–
NKE	New	NIKE INCcl b	$363,645,000	–	6,163,482	–	2.23%	–
CTRP	New	CTRIP COM INTL LTD	$353,104,000	–	6,555,970	–	2.16%	–
ROP	New	ROPER TECHNOLOGIES INC	$348,400,000	–	1,504,773	–	2.13%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$327,722,000	–	15,509,781	–	2.01%	–
PYPL	New	PAYPAL HLDGS INC	$327,391,000	–	6,100,072	–	2.00%	–
HDB	New	HDFC BANK LTD	$305,091,000	–	3,508,003	–	1.87%	–
SIVB	New	SVB FINL GROUP	$274,058,000	–	1,559,012	–	1.68%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$261,696,000	–	1,243,804	–	1.60%	–
REGN	New	REGENERON PHARMACEUTICALS	$261,081,000	–	531,582	–	1.60%	–
VRSK	New	VERISK ANALYTICS INC	$252,452,000	–	2,992,203	–	1.55%	–
JD	New	JD COM INCspon adr cl a	$252,072,000	–	6,427,134	–	1.54%	–
CEO	New	CNOOC LTDsponsored adr	$240,097,000	–	2,194,472	–	1.47%	–
FFIV	New	F5 NETWORKS INC	$237,741,000	–	1,871,094	–	1.46%	–
WB	New	WEIBO CORPsponsored adr	$233,037,000	–	3,505,901	–	1.43%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$229,227,000	–	27,419,425	–	1.40%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$225,689,000	–	4,146,399	–	1.38%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$222,608,000	–	2,223,858	–	1.36%	–
IPGP	New	IPG PHOTONICS CORP	$219,687,000	–	1,514,041	–	1.35%	–
JOBS	New	51JOB INC	$219,308,000	–	4,902,938	–	1.34%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$200,520,000	–	23,590,604	–	1.23%	–
FB	New	FACEBOOK INCcl a	$195,053,000	–	1,291,907	–	1.20%	–
BAP	New	CREDICORP LTD	$185,625,000	–	1,034,758	–	1.14%	–
CL	New	COLGATE PALMOLIVE CO	$183,107,000	–	2,470,077	–	1.12%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$181,149,000	–	3,748,173	–	1.11%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$181,177,000	–	4,066,818	–	1.11%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$170,126,000	–	3,204,475	–	1.04%	–
WPP	New	WPP PLC NEWadr	$168,745,000	–	1,600,844	–	1.03%	–
WAT	New	WATERS CORP	$165,699,000	–	901,326	–	1.02%	–
CGNX	New	COGNEX CORP	$160,357,000	–	1,888,772	–	0.98%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$158,261,000	–	6,228,306	–	0.97%	–
ABC	New	AMERISOURCEBERGEN CORP	$157,868,000	–	1,670,033	–	0.97%	–
MA	New	MASTERCARD INCORPORATEDcl a	$154,675,000	–	1,273,572	–	0.95%	–
UL	New	UNILEVER PLCspon adr new	$141,258,000	–	2,610,078	–	0.86%	–
MELI	New	MERCADOLIBRE INC	$140,479,000	–	559,944	–	0.86%	–
ABEV	New	AMBEV SAsponsored adr	$133,537,000	–	24,323,634	–	0.82%	–
XOM	New	EXXON MOBIL CORP	$128,796,000	–	1,595,389	–	0.79%	–
EBAY	New	EBAY INC	$128,878,000	–	3,690,658	–	0.79%	–
MMM	New	3M CO	$126,708,000	–	608,618	–	0.78%	–
AMZN	New	AMAZON COM INC	$126,194,000	–	130,365	–	0.77%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$125,485,000	–	6,418,690	–	0.77%	–
WBC	New	WABCO HLDGS INC	$124,066,000	–	972,988	–	0.76%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$120,208,000	–	1,535,028	–	0.74%	–
ABT	New	ABBOTT LABS	$116,886,000	–	2,404,557	–	0.72%	–
MON	New	MONSANTO CO NEW	$113,138,000	–	955,881	–	0.69%	–
SHPG	New	SHIRE PLCsponsored adr	$110,970,000	–	671,445	–	0.68%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$108,701,000	–	757,344	–	0.67%	–
YNDX	New	YANDEX N V	$101,671,000	–	3,874,658	–	0.62%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$101,503,000	–	2,188,042	–	0.62%	–
MSFT	New	MICROSOFT CORP	$98,680,000	–	1,431,608	–	0.60%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$98,325,000	–	999,846	–	0.60%	–
SSL	New	SASOL LTDsponsored adr	$69,056,000	–	2,470,715	–	0.42%	–
NTES	New	NETEASE INCsponsored adr	$62,713,000	–	208,606	–	0.38%	–
INDA	New	ISHARES TRmsci india etf	$20,669,000	–	643,905	–	0.13%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$20,500,000	–	242,122	–	0.13%	–
BMA	New	BANCO MACRO SAspon adr b	$12,071,000	–	130,932	–	0.07%	–
EC	New	ECOPETROL S Asponsored ads	$9,672,000	–	1,064,010	–	0.06%	–
PSMT	New	PRICESMART INC	$6,346,000	–	72,448	–	0.04%	–
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$5,814,000	–	136,360	–	0.04%	–
ALL	New	ALLSTATE CORP	$270,000	–	3,058	–	0.00%	–
ANTM	New	ANTHEM INC	$151,000	–	800	–	0.00%	–
NVS	New	NOVARTIS A Gsponsored adr	$146,000	–	1,750	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$115,000	–	800	–	0.00%	–
INFY	New	INFOSYS LTDsponsored adr	$85,000	–	5,640	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$119,000	–	1,360	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$106,000	–	800	–	0.00%	–
ECA	New	ENCANA CORP	$50,000	–	5,670	–	0.00%	–
RGA	New	REINSURANCE GROUP AMER INC	$49,000	–	380	–	0.00%	–
ROL	New	ROLLINS INC	$26,000	–	650	–	0.00%	–
ECL	New	ECOLAB INC	$53,000	–	400	–	0.00%	–
DIS	New	DISNEY WALT CO	$49,000	–	460	–	0.00%	–
CRM	New	SALESFORCE COM INC	$11,000	–	130	–	0.00%	–
DE	New	DEERE & CO	$59,000	–	480	–	0.00%	–
HSIC	New	SCHEIN HENRY INC	$57,000	–	310	–	0.00%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$11,000	–	170	–	0.00%	–
CSCO	New	CISCO SYS INC	$49,000	–	1,560	–	0.00%	–
TJX	New	TJX COS INC NEW	$32,000	–	450	–	0.00%	–
CHD	New	CHURCH & DWIGHT INC	$56,000	–	1,080	–	0.00%	–
CERN	New	CERNER CORP	$41,000	–	610	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$30,000	–	390	–	0.00%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$10,000	–	60	–	0.00%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$43,000	–	780	–	0.00%	–
UGP	New	ULTRAPAR PARTICIPACOES S A	$62,000	–	2,620	–	0.00%	–
BWA	New	BORGWARNER INC	$10,000	–	240	–	0.00%	–
V	New	VISA INC	$24,000	–	260	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$53,000	–	600	–	0.00%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$50,000	–	490	–	0.00%	–
AAPL	New	APPLE INC	$60,000	–	420	–	0.00%	–
APH	New	AMPHENOL CORP NEWcl a	$52,000	–	700	–	0.00%	–
WDAY	New	WORKDAY INCcl a	$14,000	–	140	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$24,000	–	380	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$2,000	–	218	–	0.00%	–
APD	New	AIR PRODS & CHEMS INC	$46,000	–	320	–	0.00%	–
ASML	New	ASML HOLDING N V	$70,000	–	540	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$10,000	–	180	–	0.00%	–
ADBE	New	ADOBE SYS INC	$13,000	–	90	–	0.00%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$12,000	–	180	–	0.00%	–
IDXX	New	IDEXX LABS INC	$11,000	–	70	–	0.00%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$54,000	–	5,630	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$52,000	–	570	–	0.00%	–
EL	New	LAUDER ESTEE COS INCcl a	$59,000	–	610	–	0.00%	–
LULU	New	LULULEMON ATHLETICA INC	$17,000	–	290	–	0.00%	–
IT	New	GARTNER INC	$56,000	–	450	–	0.00%	–
MCD	New	MCDONALDS CORP	$60,000	–	390	–	0.00%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$18,000	–	30	–	0.00%	–
FLS	New	FLOWSERVE CORP	$25,000	–	530	–	0.00%	–
FISV	New	FISERV INC	$55,000	–	450	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$45,000	–	1,600	–	0.00%	–
EFX	New	EQUIFAX INC	$11,000	–	80	–	0.00%	–
TROW	New	PRICE T ROWE GROUP INC	$47,000	–	630	–	0.00%	–
EPAM	New	EPAM SYS INC	$13,000	–	150	–	0.00%	–
PRU	New	PRUDENTIAL FINL INC	$50,000	–	460	–	0.00%	–
RHT	New	RED HAT INC	$11,000	–	120	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
IMO	Exit	IMPERIAL OIL LTD	$0	–	-1,270	–	0.00%	–
DVA	Exit	DAVITA INC	$0	–	-5	–	0.00%	–
ECA	Exit	ENCANA CORP	$0	–	-5,150	–	0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-800	–	-0.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-720	–	-0.00%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,080	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-980	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-800	–	-0.00%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-970	–	-0.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-800	–	-0.00%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-21,800	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-5,997	–	-0.00%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-12,003	–	-0.02%	–
LUXTY	Exit	LUXOTTICA GROUP S P Asponsored adr	$0	–	-69,856	–	-0.02%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-118,700	–	-0.03%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-636,450	–	-0.04%	–
PSMT	Exit	PRICESMART INC	$0	–	-82,870	–	-0.05%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-119,695	–	-0.07%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-1,397,655	–	-0.08%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-241,110	–	-0.13%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-232,493	–	-0.19%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-1,801,220	–	-0.38%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-9,205,972	–	-0.40%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-2,260,028	–	-0.45%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-716,290	–	-0.48%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,545,257	–	-0.64%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-504,904	–	-0.67%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-1,232,972	–	-0.72%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,061,856	–	-0.78%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,612,665	–	-0.80%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,363,770	–	-0.81%	–
MMM	Exit	3M CO	$0	–	-656,608	–	-0.84%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-1,628,435	–	-0.84%	–
RHT	Exit	RED HAT INC	$0	–	-1,459,457	–	-0.85%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-5,715,618	–	-0.85%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-1,005,696	–	-0.86%	–
YNDX	Exit	YANDEX N V	$0	–	-5,662,611	–	-0.86%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-4,673,655	–	-0.88%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-318,565	–	-0.92%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-21,890,156	–	-0.96%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-1,636,190	–	-0.97%	–
JOBS	Exit	51JOB INC	$0	–	-4,046,149	–	-0.98%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,207,008	–	-1.00%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-1,377,149	–	-1.01%	–
BAP	Exit	CREDICORP LTD	$0	–	-942,994	–	-1.04%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-3,731,715	–	-1.05%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-3,332,640	–	-1.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,709,715	–	-1.08%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-9,473,065	–	-1.12%	–
WAT	Exit	WATERS CORP	$0	–	-982,518	–	-1.12%	–
CGNX	Exit	COGNEX CORP	$0	–	-2,988,886	–	-1.14%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-3,867,767	–	-1.24%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-1,177,903	–	-1.24%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-19,655,739	–	-1.29%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,396,318	–	-1.29%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-2,431,568	–	-1.36%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-3,745,611	–	-1.43%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-1,688,020	–	-1.43%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-2,682,347	–	-1.44%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-5,465,050	–	-1.62%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-1,863,242	–	-1.68%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-15,366,848	–	-1.77%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-4,074,672	–	-1.81%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-1,994,499	–	-1.82%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-3,233,505	–	-1.90%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-3,681,820	–	-2.05%	–
AMZN	Exit	AMAZON COM INC	$0	–	-340,194	–	-2.06%	–
BG	Exit	BUNGE LIMITED	$0	–	-4,816,759	–	-2.06%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,631,117	–	-2.15%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-208,815	–	-2.22%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-6,854,569	–	-2.30%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-2,891,241	–	-2.31%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-2,506,201	–	-2.38%	–
NKE	Exit	NIKE INCcl b	$0	–	-6,662,119	–	-2.53%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,529,302	–	-2.61%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-14,220,812	–	-2.64%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-15,270,498	–	-3.13%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-560,213	–	-3.25%	–
SAP	Exit	SAP SEspon adr	$0	–	-5,104,602	–	-3.37%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-16,528,553	–	-3.65%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-50,644,819	–	-4.00%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-3,362,467	–	-4.42%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-9,514,732	–	-5.40%	–

Q3 2016

			Value		Shares		↓ Weighting
SLB	Buy	SCHLUMBERGER LTD	$748,238,000	+1.2%	9,514,732	+1.8%	5.40%	-6.7%
BIDU	Sell	BAIDU INCspon adr rep a	$612,204,000	-13.2%	3,362,467	-21.3%	4.42%	-20.0%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$554,054,000	+20.0%	50,644,819	+3.6%	4.00%	+10.6%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$505,609,000	+21.2%	16,528,553	+3.9%	3.65%	+11.7%
SAP	Buy	SAP SEspon adr	$466,612,000	+26.7%	5,104,602	+4.0%	3.37%	+16.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$450,444,000	+13.9%	560,213	-0.4%	3.25%	+4.9%
TS	Buy	TENARIS S Asponsored adr	$433,683,000	+2.1%	15,270,498	+3.7%	3.13%	-5.9%
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$365,332,000	+4.5%	14,220,812	+5.9%	2.64%	-3.7%
CNI	Buy	CANADIAN NATL RY CO	$361,616,000	+15.0%	5,529,302	+3.8%	2.61%	+6.0%
NKE	Sell	NIKE INCcl b	$350,761,000	-5.0%	6,662,119	-0.4%	2.53%	-12.4%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$329,340,000	+4.4%	2,506,201	+4.6%	2.38%	-3.8%
SIVB	Buy	SVB FINL GROUP	$319,598,000	+16.5%	2,891,241	+0.3%	2.31%	+7.3%
CTRP	Buy	CTRIP COM INTL LTD	$319,218,000	+16.8%	6,854,569	+3.3%	2.30%	+7.7%
PCLN	Sell	PRICELINE GRP INC	$307,269,000	+17.3%	208,815	-0.5%	2.22%	+8.0%
ROP	Sell	ROPER TECHNOLOGIES INC	$297,630,000	+6.6%	1,631,117	-0.3%	2.15%	-1.7%
BG	Buy	BUNGE LIMITED	$285,297,000	+3.6%	4,816,759	+3.4%	2.06%	-4.5%
AMZN	Sell	AMAZON COM INC	$284,847,000	+16.5%	340,194	-0.4%	2.06%	+7.4%
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$283,905,000	+10.1%	3,681,820	-0.1%	2.05%	+1.5%
VRSK	Sell	VERISK ANALYTICS INC	$262,819,000	-0.0%	3,233,505	-0.3%	1.90%	-7.9%
CEO	Buy	CNOOC LTDsponsored adr	$252,284,000	+7.6%	1,994,499	+6.0%	1.82%	-0.9%
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$250,674,000	+9.5%	4,074,672	+3.0%	1.81%	+0.8%
GRFS	Buy	GRIFOLS S Asp adr rep b nvt	$245,409,000	+63.7%	15,366,848	+70.9%	1.77%	+50.9%
FFIV	Sell	F5 NETWORKS INC	$232,234,000	+9.1%	1,863,242	-0.4%	1.68%	+0.5%
PYPL	Sell	PAYPAL HLDGS INC	$223,903,000	+11.8%	5,465,050	-0.4%	1.62%	+3.1%
CL	Sell	COLGATE PALMOLIVE CO	$198,869,000	+1.1%	2,682,347	-0.2%	1.44%	-6.9%
WPP	Sell	WPP PLC NEWadr	$198,714,000	+4.9%	1,688,020	-6.8%	1.43%	-3.3%
RDSB	Buy	ROYAL DUTCH SHELL PLCspon adr b	$197,880,000	-1.4%	3,745,611	+4.6%	1.43%	-9.1%
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$188,714,000	–	2,431,568	–	1.36%	–
FB	Sell	FACEBOOK INCcl a	$179,106,000	+11.8%	1,396,318	-0.4%	1.29%	+3.1%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$178,278,000	+22.1%	19,655,739	+5.1%	1.29%	+12.5%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$172,469,000	-3.1%	1,177,903	+5.6%	1.24%	-10.6%
WFC	Sell	WELLS FARGO & CO NEW	$171,264,000	-6.7%	3,867,767	-0.3%	1.24%	-14.0%
CGNX	Sell	COGNEX CORP	$157,992,000	+22.2%	2,988,886	-0.4%	1.14%	+12.5%
WAT	Sell	WATERS CORP	$155,719,000	+12.7%	982,518	-0.0%	1.12%	+3.9%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$155,264,000	+14.0%	9,473,065	+1.2%	1.12%	+5.0%
XOM	Sell	EXXON MOBIL CORP	$149,224,000	-7.2%	1,709,715	-0.3%	1.08%	-14.5%
FMS	Buy	FRESENIUS MED CARE AG&CO KGAsponsored adr	$145,870,000	+41.5%	3,332,640	+40.8%	1.05%	+30.5%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$145,686,000	+14.8%	3,731,715	+2.7%	1.05%	+5.7%
BAP	Buy	CREDICORP LTD	$143,543,000	+3.6%	942,994	+5.1%	1.04%	-4.5%
MA	Sell	MASTERCARD INCORPORATEDcl a	$140,152,000	+15.2%	1,377,149	-0.4%	1.01%	+6.1%
ABBV	Sell	ABBVIE INC	$139,196,000	+1.5%	2,207,008	-0.4%	1.00%	-6.4%
JOBS	Buy	51JOB INC	$135,060,000	+22.1%	4,046,149	+7.2%	0.98%	+12.5%
IPGP	Sell	IPG PHOTONICS CORP	$134,741,000	+2.5%	1,636,190	-0.4%	0.97%	-5.5%
ABEV	Buy	AMBEV SAsponsored adr	$133,311,000	+10.5%	21,890,156	+7.2%	0.96%	+1.8%
REGN	Buy	REGENERON PHARMACEUTICALS	$128,070,000	+120.7%	318,565	+91.7%	0.92%	+103.5%
JD	Buy	JD COM INCspon adr cl a	$121,936,000	+218.2%	4,673,655	+158.9%	0.88%	+193.3%
YNDX	Sell	YANDEX N V	$119,198,000	-4.1%	5,662,611	-0.4%	0.86%	-11.6%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$119,124,000	+20.2%	1,005,696	+26.8%	0.86%	+10.8%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$118,256,000	+12.3%	5,715,618	+5.1%	0.85%	+3.4%
RHT	Sell	RED HAT INC	$117,968,000	+11.0%	1,459,457	-0.3%	0.85%	+2.3%
CRM	Sell	SALESFORCE COM INC	$116,156,000	-10.5%	1,628,435	-0.3%	0.84%	-17.5%
MMM	Sell	3M CO	$115,714,000	-30.5%	656,608	-31.0%	0.84%	-36.0%
UL	Buy	UNILEVER PLCspon adr new	$112,042,000	+3.5%	2,363,770	+4.6%	0.81%	-4.6%
ABT	Buy	ABBOTT LABS	$110,489,000	+7.6%	2,612,665	+0.0%	0.80%	-0.9%
MON	Sell	MONSANTO CO NEW	$108,522,000	-1.4%	1,061,856	-0.3%	0.78%	-9.2%
ABC	Sell	AMERISOURCEBERGEN CORP	$99,599,000	+0.9%	1,232,972	-0.9%	0.72%	-7.0%
MELI	New	MERCADOLIBRE INC	$93,392,000	–	504,904	–	0.67%	–
MSFT	Sell	MICROSOFT CORP	$89,006,000	+12.4%	1,545,257	-0.1%	0.64%	+3.5%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$65,927,000	+6.7%	716,290	+7.2%	0.48%	-1.7%
SSL	Buy	SASOL LTDsponsored adr	$61,743,000	+3.8%	2,260,028	+3.1%	0.45%	-4.3%
BBVA	Buy	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$54,867,000	+9.3%	9,205,972	+5.2%	0.40%	+0.8%
INDA	Buy	ISHARES TRmsci india etf	$52,974,000	+398.0%	1,801,220	+372.8%	0.38%	+360.2%
WBC	New	WABCO HLDGS INC	$26,395,000	–	232,493	–	0.19%	–
IBN	Sell	ICICI BK LTDadr	$10,440,000	-75.5%	1,397,655	-76.5%	0.08%	-77.5%
BMA	Buy	BANCO MACRO SAspon adr b	$9,366,000	+20.1%	119,695	+14.0%	0.07%	+11.5%
PSMT	Sell	PRICESMART INC	$6,941,000	-12.9%	82,870	-2.7%	0.05%	-19.4%
EC	Buy	ECOPETROL S Asponsored ads	$5,575,000	-6.0%	636,450	+2.6%	0.04%	-13.0%
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$3,693,000	–	118,700	–	0.03%	–
LUXTY	Buy	LUXOTTICA GROUP S P Asponsored adr	$3,340,000	+34.7%	69,856	+37.7%	0.02%	+26.3%
SHPG	Buy	SHIRE PLCsponsored adr	$2,326,000	+6.1%	12,003	+0.8%	0.02%	0.0%
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$272,000	–	5,997	–	0.00%	–
AMX	Sell	AMERICA MOVIL SAB DE CV	$249,000	-99.7%	21,800	-99.7%	0.00%	-99.7%
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$73,000	–	970	–	0.00%	–
NVS	Buy	NOVARTIS A Gsponsored adr	$77,000	+5.5%	980	+10.1%	0.00%	0.0%
HSBC	Buy	HSBC HLDGS PLCspon adr new	$78,000	+32.2%	2,080	+10.1%	0.00%	–
ASML	New	ASML HOLDING N V	$79,000	–	720	–	0.00%	–
HDB	Exit	HDFC BANK LTD	$0	–	-17	–	0.00%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-15	–	0.00%	–
ICLR	Exit	ICON PLC	$0	–	-21	–	0.00%	–
LAZ	Exit	LAZARD LTD	$0	–	-50	–	0.00%	–
DVA	Sell	DAVITA INC	$0	-100.0%	5	-86.5%	0.00%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-12	–	0.00%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-7	–	0.00%	–
CB	Exit	CHUBB LIMITED	$0	–	-17	–	0.00%	–
ST	Exit	SENSATA TECHNOLOGIES HLDG NV	$0	–	-42	–	0.00%	–
ARMH	Exit	ARM HLDGS PLCsponsored adr	$0	–	-5,882,458	–	-2.10%	–

Q2 2016

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LTD	$739,334,000	–	9,349,098	–	5.79%	–
BIDU	New	BAIDU INCspon adr rep a	$705,252,000	–	4,270,372	–	5.52%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$461,623,000	–	48,899,596	–	3.62%	–
TS	New	TENARIS S Asponsored adr	$424,565,000	–	14,720,849	–	3.32%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$417,341,000	–	15,909,770	–	3.27%	–
GOOGL	New	ALPHABET INCcap stk cl a	$395,585,000	–	562,286	–	3.10%	–
NKE	New	NIKE INCcl b	$369,049,000	–	6,685,677	–	2.89%	–
SAP	New	SAP SEspon adr	$368,203,000	–	4,908,075	–	2.88%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$349,590,000	–	13,424,834	–	2.74%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$315,408,000	–	2,395,280	–	2.47%	–
CNI	New	CANADIAN NATL RY CO	$314,524,000	–	5,325,447	–	2.46%	–
ROP	New	ROPER TECHNOLOGIES INC	$279,076,000	–	1,636,235	–	2.19%	–
BG	New	BUNGE LIMITED	$275,446,000	–	4,656,905	–	2.16%	–
SIVB	New	SVB FINL GROUP	$274,411,000	–	2,883,683	–	2.15%	–
CTRP	New	CTRIP COM INTL LTD	$273,293,000	–	6,633,324	–	2.14%	–
ARMH	New	ARM HLDGS PLCsponsored adr	$267,696,000	–	5,882,458	–	2.10%	–
VRSK	New	VERISK ANALYTICS INC	$262,877,000	–	3,242,192	–	2.06%	–
PCLN	New	PRICELINE GRP INC	$261,962,000	–	209,836	–	2.05%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$257,822,000	–	3,683,709	–	2.02%	–
AMZN	New	AMAZON COM INC	$244,496,000	–	341,656	–	1.92%	–
CEO	New	CNOOC LTDsponsored adr	$234,528,000	–	1,881,345	–	1.84%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$229,024,000	–	3,955,515	–	1.79%	–
FFIV	New	F5 NETWORKS INC	$212,927,000	–	1,870,403	–	1.67%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$200,608,000	–	3,581,877	–	1.57%	–
PYPL	New	PAYPAL HLDGS INC	$200,269,000	–	5,485,331	–	1.57%	–
CL	New	COLGATE PALMOLIVE CO	$196,711,000	–	2,687,313	–	1.54%	–
WPP	New	WPP PLC NEWadr	$189,410,000	–	1,811,602	–	1.48%	–
WFC	New	WELLS FARGO & CO NEW	$183,585,000	–	3,878,830	–	1.44%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$177,918,000	–	1,115,122	–	1.39%	–
MMM	New	3M CO	$166,563,000	–	951,135	–	1.30%	–
XOM	New	EXXON MOBIL CORP	$160,798,000	–	1,715,365	–	1.26%	–
FB	New	FACEBOOK INCcl a	$160,163,000	–	1,401,497	–	1.25%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$149,890,000	–	8,991,433	–	1.17%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$146,044,000	–	18,699,675	–	1.14%	–
BAP	New	CREDICORP LTD	$138,502,000	–	897,440	–	1.08%	–
WAT	New	WATERS CORP	$138,191,000	–	982,519	–	1.08%	–
ABBV	New	ABBVIE INC	$137,169,000	–	2,215,619	–	1.07%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$136,216,000	–	9,361,935	–	1.07%	–
IPGP	New	IPG PHOTONICS CORP	$131,394,000	–	1,642,426	–	1.03%	–
CRM	New	SALESFORCE COM INC	$129,746,000	–	1,633,879	–	1.02%	–
CGNX	New	COGNEX CORP	$129,289,000	–	2,999,745	–	1.01%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$126,906,000	–	3,634,184	–	0.99%	–
YNDX	New	YANDEX N V	$124,232,000	–	5,685,660	–	0.97%	–
MA	New	MASTERCARD INCcl a	$121,704,000	–	1,382,059	–	0.95%	–
ABEV	New	AMBEV SAsponsored adr	$120,628,000	–	20,410,821	–	0.94%	–
JOBS	New	51JOB INC	$110,659,000	–	3,775,472	–	0.87%	–
MON	New	MONSANTO CO NEW	$110,085,000	–	1,064,549	–	0.86%	–
UL	New	UNILEVER PLCspon adr new	$108,236,000	–	2,259,106	–	0.85%	–
RHT	New	RED HAT INC	$106,303,000	–	1,464,231	–	0.83%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$105,307,000	–	5,436,587	–	0.82%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$103,096,000	–	2,366,250	–	0.81%	–
ABT	New	ABBOTT LABS	$102,667,000	–	2,611,725	–	0.80%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$99,101,000	–	793,314	–	0.78%	–
ABC	New	AMERISOURCEBERGEN CORP	$98,720,000	–	1,244,583	–	0.77%	–
MSFT	New	MICROSOFT CORP	$79,182,000	–	1,547,435	–	0.62%	–
AMX	New	AMERICA MOVIL SAB DE CV	$77,421,000	–	6,314,918	–	0.61%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$61,808,000	–	668,267	–	0.48%	–
SSL	New	SASOL LTDsponsored adr	$59,473,000	–	2,192,753	–	0.47%	–
REGN	New	REGENERON PHARMACEUTICALS	$58,021,000	–	166,140	–	0.45%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$50,221,000	–	8,749,769	–	0.39%	–
IBN	New	ICICI BK LTDadr	$42,661,000	–	5,941,600	–	0.33%	–
JD	New	JD COM INCspon adr cl a	$38,321,000	–	1,805,039	–	0.30%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$20,002,000	–	241,110	–	0.16%	–
INDA	New	ISHARES TRmsci india etf	$10,638,000	–	381,000	–	0.08%	–
PSMT	New	PRICESMART INC	$7,969,000	–	85,170	–	0.06%	–
BMA	New	BANCO MACRO SAspon adr b	$7,796,000	–	105,040	–	0.06%	–
EC	New	ECOPETROL S Asponsored ads	$5,929,000	–	620,150	–	0.05%	–
LUXTY	New	LUXOTTICA GROUP S P Asponsored adr	$2,479,000	–	50,746	–	0.02%	–
SHPG	New	SHIRE PLCsponsored adr	$2,192,000	–	11,908	–	0.02%	–
ALL	New	ALLSTATE CORP	$214,000	–	3,058	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$97,000	–	800	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$83,000	–	800	–	0.00%	–
NVS	New	NOVARTIS A Gsponsored adr	$73,000	–	890	–	0.00%	–
ANTM	New	ANTHEM INC	$105,000	–	800	–	0.00%	–
PG	New	PROCTER & GAMBLE CO	$68,000	–	800	–	0.00%	–
ECA	New	ENCANA CORP	$40,000	–	5,150	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$57,000	–	1,600	–	0.00%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$3,000	–	37	–	0.00%	–
CP	New	CANADIAN PAC RY LTD	$2,000	–	12	–	0.00%	–
CLB	New	CORE LABORATORIES N V	$2,000	–	15	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$45,000	–	600	–	0.00%	–
ST	New	SENSATA TECHNOLOGIES HLDG NV	$1,000	–	42	–	0.00%	–
ICLR	New	ICON PLC	$1,000	–	21	–	0.00%	–
LAZ	New	LAZARD LTD	$1,000	–	50	–	0.00%	–
PRGO	New	PERRIGO CO PLC	$1,000	–	7	–	0.00%	–
CB	New	CHUBB LIMITED	$2,000	–	17	–	0.00%	–
IMO	New	IMPERIAL OIL LTD	$40,000	–	1,270	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$3,000	–	218	–	0.00%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$59,000	–	1,890	–	0.00%	–
HDB	New	HDFC BANK LTD	$1,000	–	17	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
IX	Exit	ORIX CORPsponsored adr	$0	–	-12	–	0.00%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-19	–	0.00%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-22	–	0.00%	–
PUK	Exit	PRUDENTIAL PLCadr	$0	–	-25	–	0.00%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-9	–	0.00%	–
LYG	Exit	LLOYDS BANKING GROUP PLCsponsored adr	$0	–	-212	–	0.00%	–
HDB	Exit	HDFC BANK LTD	$0	–	-13	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
CUK	Exit	CARNIVAL PLCadr	$0	–	-13	–	0.00%	–
STO	Exit	STATOIL ASAsponsored adr	$0	–	-40	–	0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	0.00%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-18	–	0.00%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-22	–	0.00%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-800	–	0.00%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-27	–	0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-198	–	0.00%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-39	–	0.00%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-11	–	0.00%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-159	–	0.00%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-39	–	0.00%	–
ANTM	Exit	ANTHEM INC	$0	–	-800	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-800	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
ASML	Exit	ASML HOLDING N V	$0	–	-2,710	–	-0.00%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-1,480	–	-0.00%	–
VFC	Exit	V F CORP	$0	–	-4,800	–	-0.00%	–
FCFS	Exit	FIRST CASH FINL SVCS INC	$0	–	-16,020	–	-0.01%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-153,500	–	-0.01%	–
LUXTY	Exit	LUXOTTICA GROUP S P Asponsored adr	$0	–	-21,800	–	-0.01%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-42,500	–	-0.02%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-69,975	–	-0.02%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-170,508	–	-0.06%	–
PSMT	Exit	PRICESMART INC	$0	–	-104,270	–	-0.06%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-193,341	–	-0.11%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-824,364	–	-0.19%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-527,067	–	-0.38%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-3,953,535	–	-0.40%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-265,512	–	-0.44%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-1,802,364	–	-0.44%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-2,154,067	–	-0.48%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-4,178,687	–	-0.55%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-8,606,132	–	-0.58%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-4,595,874	–	-0.61%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-2,503,534	–	-0.65%	–
JOBS	Exit	51JOB INC	$0	–	-2,955,442	–	-0.65%	–
YNDX	Exit	YANDEX N V	$0	–	-7,553,443	–	-0.65%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-4,510,587	–	-0.66%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-16,794,721	–	-0.66%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-821,995	–	-0.68%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-2,195,240	–	-0.72%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-16,959,796	–	-0.73%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-2,345,586	–	-0.74%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-3,845,095	–	-0.81%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,249,848	–	-0.86%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,079,165	–	-0.92%	–
CGNX	Exit	COGNEX CORP	$0	–	-3,513,221	–	-0.97%	–
RHT	Exit	RED HAT INC	$0	–	-1,701,969	–	-0.99%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,108,729	–	-1.01%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,932,246	–	-1.05%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-1,912,222	–	-1.07%	–
EBAY	Exit	EBAY INC	$0	–	-5,539,448	–	-1.09%	–
WAT	Exit	WATERS CORP	$0	–	-1,158,177	–	-1.10%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-909,822	–	-1.12%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,580,455	–	-1.13%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-1,930,972	–	-1.18%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,643,086	–	-1.19%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,054,175	–	-1.23%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-2,859,313	–	-1.25%	–
MMM	Exit	3M CO	$0	–	-1,117,368	–	-1.28%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-5,540,255	–	-1.39%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-1,783,479	–	-1.50%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-3,311,435	–	-1.59%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,162,856	–	-1.62%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-6,481,483	–	-1.65%	–
AMZN	Exit	AMAZON COM INC	$0	–	-401,545	–	-1.66%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-8,541,521	–	-1.66%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,798,897	–	-1.67%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-33,094,850	–	-1.77%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-3,476,457	–	-1.77%	–
ARMH	Exit	ARM HLDGS PLCsponsored adr	$0	–	-5,155,155	–	-1.80%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-2,174,227	–	-1.86%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-4,547,530	–	-1.88%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-3,287,654	–	-1.92%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-2,105,883	–	-1.96%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-2,789,733	–	-2.03%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-2,193,161	–	-2.05%	–
IMS	Exit	IMS HEALTH HLDGS INC	$0	–	-8,929,985	–	-2.10%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-4,322,981	–	-2.19%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-4,860,631	–	-2.22%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-3,820,539	–	-2.28%	–
SAP	Exit	SAP SEspon adr	$0	–	-4,507,898	–	-2.36%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,924,674	–	-2.43%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-243,851	–	-2.43%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-15,681,410	–	-2.62%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-532,822	–	-2.74%	–
BG	Exit	BUNGE LIMITED	$0	–	-4,723,947	–	-2.79%	–
NKE	Exit	NIKE INCcl b	$0	–	-3,933,836	–	-3.90%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-3,723,795	–	-4.12%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-65,566,816	–	-4.43%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-8,679,880	–	-4.83%	–

Q3 2015

			Value		Shares		↓ Weighting
SLB	Buy	SCHLUMBERGER LTD	$598,651,000	-4.4%	8,679,880	+16.9%	4.83%	+10.0%
IBN	Sell	ICICI BK LTDadr	$549,450,000	-27.3%	65,566,816	-9.8%	4.43%	-16.4%
BIDU	Sell	BAIDU INCspon adr rep a	$511,686,000	-37.9%	3,723,795	-10.8%	4.12%	-28.5%
NKE	Sell	NIKE INCcl b	$483,743,000	+7.8%	3,933,836	-3.7%	3.90%	+24.0%
BG	Sell	BUNGE LIMITED	$346,266,000	-26.6%	4,723,947	-10.7%	2.79%	-15.6%
GOOGL	Sell	GOOGLE INCcl a	$340,138,000	-1.5%	532,822	-15.6%	2.74%	+13.3%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$325,389,000	+27.7%	15,681,410	+41.9%	2.62%	+46.9%
PCLN	Buy	PRICELINE GRP INC	$301,610,000	+125.8%	243,851	+108.6%	2.43%	+159.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$301,596,000	-13.5%	1,924,674	-3.7%	2.43%	-0.6%
SAP	Sell	SAP SEspon adr	$292,066,000	-40.4%	4,507,898	-35.6%	2.36%	-31.4%
VRSK	Sell	VERISK ANALYTICS INC	$282,376,000	-33.1%	3,820,539	-61.0%	2.28%	-23.0%
CNI	Sell	CANADIAN NATL RY CO	$275,890,000	-15.2%	4,860,631	-12.9%	2.22%	-2.5%
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$271,354,000	-4.8%	4,322,981	-3.6%	2.19%	+9.5%
IMS	Buy	IMS HEALTH HLDGS INC	$259,862,000	+69.4%	8,929,985	+78.2%	2.10%	+94.9%
FFIV	Buy	F5 NETWORKS INC	$253,968,000	+41.5%	2,193,161	+47.2%	2.05%	+62.7%
MA	Sell	MASTERCARD INCcl a	$251,411,000	-21.9%	2,789,733	-18.4%	2.03%	-10.2%
SIVB	Sell	SVB FINL GROUP	$243,314,000	-22.3%	2,105,883	-3.6%	1.96%	-10.7%
DVA	Sell	DAVITA HEALTHCARE PARTNERS I	$237,796,000	-11.7%	3,287,654	-3.6%	1.92%	+1.5%
WFC	Sell	WELLS FARGO & CO NEW	$233,515,000	-12.8%	4,547,530	-3.6%	1.88%	+0.3%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$231,164,000	-9.2%	2,174,227	+3.8%	1.86%	+4.5%
ARMH	Sell	ARM HLDGS PLCsponsored adr	$222,961,000	-11.7%	5,155,155	-0.2%	1.80%	+1.5%
CTRP	Buy	CTRIP COM INTL LTD	$219,642,000	+78.8%	3,476,457	+101.7%	1.77%	+105.7%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$219,088,000	-38.3%	33,094,850	+4.0%	1.77%	-29.0%
AXP	Sell	AMERICAN EXPRESS CO	$207,483,000	-8.6%	2,798,897	-3.5%	1.67%	+5.2%
TS	Buy	TENARIS S Asponsored adr	$205,936,000	+197.0%	8,541,521	+226.2%	1.66%	+241.6%
AMZN	Sell	AMAZON COM INC	$205,547,000	+12.6%	401,545	-3.7%	1.66%	+29.6%
IMO	Sell	IMPERIAL OIL LTD	$204,880,000	-28.8%	6,481,483	-13.3%	1.65%	-18.1%
CL	Sell	COLGATE PALMOLIVE CO	$200,715,000	-7.6%	3,162,856	-3.7%	1.62%	+6.3%
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$197,030,000	-2.7%	3,311,435	+5.7%	1.59%	+11.8%
WPP	Buy	WPP PLC NEWadr	$185,536,000	-4.9%	1,783,479	+3.1%	1.50%	+9.4%
PYPL	New	PAYPAL HLDGS INC	$171,969,000	–	5,540,255	–	1.39%	–
MMM	Sell	3M CO	$158,409,000	-12.1%	1,117,368	-3.6%	1.28%	+1.1%
NVO	Buy	NOVO-NORDISK A Sadr	$155,089,000	+2.2%	2,859,313	+3.3%	1.25%	+17.6%
XOM	Sell	EXXON MOBIL CORP	$152,727,000	-12.3%	2,054,175	-2.0%	1.23%	+0.8%
FB	Sell	FACEBOOK INCcl a	$147,713,000	-0.8%	1,643,086	-3.7%	1.19%	+14.2%
IPGP	Sell	IPG PHOTONICS CORP	$146,695,000	-11.8%	1,930,972	-3.7%	1.18%	+1.5%
ABBV	Sell	ABBVIE INC	$140,403,000	-24.7%	2,580,455	-5.6%	1.13%	-13.4%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$138,539,000	+11.7%	909,822	+5.1%	1.12%	+28.5%
WAT	Sell	WATERS CORP	$136,909,000	-11.3%	1,158,177	-3.0%	1.10%	+2.0%
EBAY	Sell	EBAY INC	$135,384,000	-61.9%	5,539,448	-3.7%	1.09%	-56.2%
CRM	Sell	SALESFORCE COM INC	$132,766,000	-5.0%	1,912,222	-3.7%	1.07%	+9.2%
MSFT	Sell	MICROSOFT CORP	$129,781,000	-4.0%	2,932,246	-3.7%	1.05%	+10.5%
ABT	Sell	ABBOTT LABS	$125,033,000	-20.5%	3,108,729	-2.3%	1.01%	-8.5%
RHT	New	RED HAT INC	$122,337,000	–	1,701,969	–	0.99%	–
CGNX	New	COGNEX CORP	$120,749,000	–	3,513,221	–	0.97%	–
BAP	Buy	CREDICORP LTD	$114,780,000	-20.1%	1,079,165	+4.8%	0.92%	-8.1%
MON	Sell	MONSANTO CO NEW	$106,662,000	-56.6%	1,249,848	-44.9%	0.86%	-50.1%
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$100,049,000	-30.1%	3,845,095	+5.1%	0.81%	-19.5%
FMS	Buy	FRESENIUS MED CARE AG&CO KGAsponsored adr	$91,501,000	-3.4%	2,345,586	+2.9%	0.74%	+11.1%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$90,905,000	-33.6%	16,959,796	+15.2%	0.73%	-23.6%
UL	Buy	UNILEVER PLCspon adr new	$89,522,000	-1.8%	2,195,240	+3.4%	0.72%	+13.0%
CEO	Buy	CNOOC LTDsponsored adr	$84,731,000	-13.5%	821,995	+18.1%	0.68%	-0.6%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$82,183,000	-4.1%	4,510,587	+5.5%	0.66%	+10.3%
ABEV	Buy	AMBEV SAsponsored adr	$82,294,000	-11.1%	16,794,721	+11.4%	0.66%	+2.2%
YNDX	Sell	YANDEX N V	$81,048,000	-30.3%	7,553,443	-0.1%	0.65%	-19.9%
JOBS	Buy	51JOB INC	$80,979,000	-13.6%	2,955,442	+6.7%	0.65%	-0.6%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$80,614,000	+5.4%	2,503,534	+36.1%	0.65%	+21.3%
AMX	Sell	AMERICA MOVIL SAB DE CV	$76,062,000	-25.2%	4,595,874	-4.7%	0.61%	-14.0%
BBVA	Buy	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$72,034,000	-13.2%	8,606,132	+2.3%	0.58%	-0.2%
TRMB	Sell	TRIMBLE NAVIGATION LTD	$68,614,000	-33.0%	4,178,687	-3.6%	0.55%	-23.0%
SSL	Buy	SASOL LTDsponsored adr	$59,926,000	+18.6%	2,154,067	+57.2%	0.48%	+36.4%
GRFS	Sell	GRIFOLS S Asp adr rep b nvt	$54,792,000	-5.4%	1,802,364	-4.0%	0.44%	+8.9%
SHPG	Sell	SHIRE PLCsponsored adr	$54,491,000	-22.4%	265,512	-8.4%	0.44%	-10.8%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$49,577,000	-46.7%	3,953,535	+0.5%	0.40%	-38.7%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$47,041,000	+5.7%	527,067	+7.0%	0.38%	+21.5%
INDA	Sell	ISHARES TRmsci india etf	$23,552,000	-45.3%	824,364	-41.0%	0.19%	-37.1%
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$13,414,000	–	193,341	–	0.11%	–
PSMT	Sell	PRICESMART INC	$8,064,000	-24.5%	104,270	-10.4%	0.06%	-13.3%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$7,269,000	+111.1%	170,508	+140.4%	0.06%	+145.8%
CPA	Sell	COPA HOLDINGS SAcl a	$2,934,000	-51.9%	69,975	-5.0%	0.02%	-44.2%
LUXTY	Buy	LUXOTTICA GROUP S P Asponsored adr	$1,510,000	+7.6%	21,800	+3.6%	0.01%	+20.0%
DEO	New	DIAGEO P L Cspon adr new	$1,000	–	9	–	0.00%	–
CUK	New	CARNIVAL PLCadr	$1,000	–	13	–	0.00%	–
BHP	New	BHP BILLITON LTDsponsored adr	$1,000	–	27	–	0.00%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$1,000	–	18	–	0.00%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,000	–	11	–	0.00%	–
PUK	New	PRUDENTIAL PLCadr	$1,000	–	25	–	0.00%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$1,000	–	19	–	0.00%	–
IX	New	ORIX CORPsponsored adr	$1,000	–	12	–	0.00%	–
NOK	New	NOKIA CORPsponsored adr	$1,000	–	159	–	0.00%	–
SNY	New	SANOFIsponsored adr	$1,000	–	22	–	0.00%	–
LYG	New	LLOYDS BANKING GROUP PLCsponsored adr	$1,000	–	212	–	0.00%	–
STO	New	STATOIL ASAsponsored adr	$1,000	–	40	–	0.00%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$2,000	–	198	–	0.00%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$1,000	–	39	–	0.00%	–
HDB	Sell	HDFC BANK LTD	$1,000	-99.8%	13	-99.8%	0.00%	-100.0%
TD	New	TORONTO DOMINION BK ONT	$1,000	–	22	–	0.00%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$1,000	–	39	–	0.00%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,748,212	–	-1.08%	–
BWA	Exit	BORGWARNER INC	$0	–	-2,867,007	–	-1.16%	–
LAZ	Exit	LAZARD LTD	$0	–	-3,178,287	–	-1.24%	–

Q2 2015

			Value		Shares		↓ Weighting
BIDU	New	BAIDU INCspon adr rep a	$823,621,000	–	4,173,084	–	5.77%	–
IBN	New	ICICI BK LTDadr	$756,138,000	–	72,684,127	–	5.30%	–
SLB	New	SCHLUMBERGER LTD	$626,141,000	–	7,423,729	–	4.39%	–
SAP	New	SAP SEspon adr	$490,076,000	–	6,997,987	–	3.44%	–
BG	New	BUNGE LIMITED	$471,878,000	–	5,290,536	–	3.31%	–
NKE	New	NIKE INCcl b	$448,831,000	–	4,085,753	–	3.15%	–
VRSK	New	VERISK ANALYTICS INC	$421,904,000	–	9,794,590	–	2.96%	–
EBAY	New	EBAY INC	$355,540,000	–	5,749,618	–	2.49%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$354,887,000	–	31,827,449	–	2.49%	–
ROP	New	ROPER TECHNOLOGIES INC	$348,768,000	–	1,997,830	–	2.44%	–
GOOGL	New	GOOGLE INCcl a	$345,307,000	–	630,959	–	2.42%	–
CNI	New	CANADIAN NATL RY CO	$325,424,000	–	5,580,394	–	2.28%	–
MA	New	MASTERCARD INCcl a	$321,989,000	–	3,416,915	–	2.26%	–
SIVB	New	SVB FINL GROUP	$313,288,000	–	2,184,946	–	2.20%	–
IMO	New	IMPERIAL OIL LTD	$287,611,000	–	7,472,156	–	2.02%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$285,070,000	–	4,485,335	–	2.00%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$269,279,000	–	3,411,009	–	1.89%	–
WFC	New	WELLS FARGO & CO NEW	$267,693,000	–	4,718,205	–	1.88%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$254,752,000	–	11,052,278	–	1.79%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$254,489,000	–	2,094,791	–	1.78%	–
ARMH	New	ARM HLDGS PLCsponsored adr	$252,591,000	–	5,163,370	–	1.77%	–
MON	New	MONSANTO CO NEW	$245,912,000	–	2,269,893	–	1.72%	–
AXP	New	AMERICAN EXPRESS CO	$226,918,000	–	2,901,560	–	1.59%	–
CL	New	COLGATE PALMOLIVE CO	$217,193,000	–	3,283,162	–	1.52%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$202,534,000	–	3,131,800	–	1.42%	–
WPP	New	WPP PLC NEWadr	$195,111,000	–	1,730,529	–	1.37%	–
ABBV	New	ABBVIE INC	$186,480,000	–	2,733,915	–	1.31%	–
AMZN	New	AMAZON COM INC	$182,523,000	–	417,021	–	1.28%	–
MMM	New	3M CO	$180,177,000	–	1,159,655	–	1.26%	–
FFIV	New	F5 NETWORKS INC	$179,446,000	–	1,489,929	–	1.26%	–
LAZ	New	LAZARD LTD	$177,412,000	–	3,178,287	–	1.24%	–
XOM	New	EXXON MOBIL CORP	$174,220,000	–	2,095,487	–	1.22%	–
IPGP	New	IPG PHOTONICS CORP	$166,265,000	–	2,004,700	–	1.16%	–
BWA	New	BORGWARNER INC	$165,265,000	–	2,867,007	–	1.16%	–
ABT	New	ABBOTT LABS	$157,235,000	–	3,182,413	–	1.10%	–
WAT	New	WATERS CORP	$154,389,000	–	1,193,464	–	1.08%	–
EMR	New	EMERSON ELEC CO	$153,505,000	–	2,748,212	–	1.08%	–
IMS	New	IMS HEALTH HLDGS INC	$153,371,000	–	5,010,422	–	1.08%	–
NVO	New	NOVO-NORDISK A Sadr	$151,715,000	–	2,767,503	–	1.06%	–
FB	New	FACEBOOK INCcl a	$148,862,000	–	1,705,693	–	1.04%	–
BAP	New	CREDICORP LTD	$143,625,000	–	1,030,013	–	1.01%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$143,040,000	–	3,659,250	–	1.00%	–
CRM	New	SALESFORCE COM INC	$139,750,000	–	1,984,699	–	0.98%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$136,892,000	–	14,719,548	–	0.96%	–
MSFT	New	MICROSOFT CORP	$135,133,000	–	3,043,682	–	0.95%	–
PCLN	New	PRICELINE GRP INC	$133,602,000	–	116,880	–	0.94%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$123,988,000	–	865,657	–	0.87%	–
CTRP	New	CTRIP COM INTL LTD	$122,847,000	–	1,723,195	–	0.86%	–
YNDX	New	YANDEX N V	$116,257,000	–	7,559,769	–	0.82%	–
TRMB	New	TRIMBLE NAVIGATION LTD	$102,399,000	–	4,335,458	–	0.72%	–
AMX	New	AMERICA MOVIL SAB DE CV	$101,740,000	–	4,823,653	–	0.71%	–
CEO	New	CNOOC LTDsponsored adr	$97,959,000	–	695,833	–	0.69%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$94,709,000	–	2,279,220	–	0.66%	–
JOBS	New	51JOB INC	$93,753,000	–	2,769,648	–	0.66%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$92,989,000	–	3,933,527	–	0.65%	–
ABEV	New	AMBEV SAsponsored adr	$92,575,000	–	15,077,437	–	0.65%	–
UL	New	UNILEVER PLCspon adr new	$91,185,000	–	2,122,631	–	0.64%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$85,683,000	–	4,275,598	–	0.60%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$82,974,000	–	8,414,792	–	0.58%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$76,503,000	–	1,839,888	–	0.54%	–
SHPG	New	SHIRE PLCsponsored adr	$70,220,000	–	289,930	–	0.49%	–
TS	New	TENARIS S Asponsored adr	$69,328,000	–	2,618,115	–	0.49%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$57,904,000	–	1,878,041	–	0.41%	–
SSL	New	SASOL LTDsponsored adr	$50,528,000	–	1,370,424	–	0.35%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$44,501,000	–	492,753	–	0.31%	–
INDA	New	ISHARES TRmsci india etf	$43,029,000	–	1,396,600	–	0.30%	–
PSMT	New	PRICESMART INC	$10,682,000	–	116,370	–	0.08%	–
CPA	New	COPA HOLDINGS SAcl a	$6,095,000	–	73,650	–	0.04%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$3,444,000	–	70,940	–	0.02%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$2,669,000	–	42,500	–	0.02%	–
EC	New	ECOPETROL S Asponsored ads	$1,953,000	–	153,500	–	0.01%	–
LUXTY	New	LUXOTTICA GROUP S P Asponsored adr	$1,403,000	–	21,040	–	0.01%	–
FCFS	New	FIRST CASH FINL SVCS INC	$740,000	–	16,020	–	0.01%	–
HDB	New	HDFC BANK LTD	$455,000	–	7,514	–	0.00%	–
PCP	New	PRECISION CASTPARTS CORP	$295,000	–	1,480	–	0.00%	–
VFC	New	V F CORP	$346,000	–	4,800	–	0.00%	–
ASML	New	ASML HOLDING N V	$283,000	–	2,710	–	0.00%	–
ANTM	New	ANTHEM INC	$131,000	–	800	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$79,000	–	800	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$75,000	–	800	–	0.00%	–
ALL	New	ALLSTATE CORP	$199,000	–	3,058	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$3,000	–	218	–	0.00%	–
PG	New	PROCTER & GAMBLE CO	$64,000	–	800	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$37,000	–	600	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$66,000	–	1,600	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-1,500	–	0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-800	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
V107SC	Exit	WELLPOINT INC	$0	–	-800	–	-0.00%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-1,480	–	-0.00%	–
LUXTY	Exit	LUXOTTICA GROUP S P Asponsored adr	$0	–	-19,330	–	-0.01%	–
FCFS	Exit	FIRST CASH FINL SVCS INC	$0	–	-16,020	–	-0.01%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-209,590	–	-0.02%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-38,000	–	-0.02%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-11,676	–	-0.02%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-135,700	–	-0.03%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-151,000	–	-0.06%	–
PSMT	Exit	PRICESMART INC	$0	–	-105,850	–	-0.07%	–
VALEP	Exit	VALE S Aadr repstg pfd	$0	–	-1,086,671	–	-0.08%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-591,383	–	-0.25%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-344,196	–	-0.27%	–
QGEN	Exit	QIAGEN NV	$0	–	-1,687,192	–	-0.28%	–
VALE	Exit	VALE S Aadr	$0	–	-4,829,526	–	-0.39%	–
JOBS	Exit	51JOB INC	$0	–	-1,797,584	–	-0.40%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-1,297,120	–	-0.40%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-3,825,847	–	-0.40%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-1,044,391	–	-0.42%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-1,415,322	–	-0.48%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-3,093,451	–	-0.51%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-2,054,019	–	-0.53%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-10,967,452	–	-0.53%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-802,444	–	-0.55%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-599,881	–	-0.57%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-455,119	–	-0.58%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-7,306,634	–	-0.65%	–
YNDX	Exit	YANDEX N V	$0	–	-3,680,971	–	-0.76%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-691,424	–	-0.84%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-2,400,091	–	-0.85%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-2,628,415	–	-0.85%	–
BAP	Exit	CREDICORP LTD	$0	–	-760,071	–	-0.86%	–
PX	Exit	PRAXAIR INC	$0	–	-950,812	–	-0.91%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,540,312	–	-0.95%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-9,107,900	–	-0.96%	–
WAT	Exit	WATERS CORP	$0	–	-1,315,386	–	-0.96%	–
INFA	Exit	INFORMATICA CORP	$0	–	-3,811,712	–	-0.97%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-3,088,545	–	-1.02%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-4,764,897	–	-1.08%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,559,040	–	-1.10%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-1,514,771	–	-1.11%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-2,191,881	–	-1.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,724,152	–	-1.20%	–
BWA	Exit	BORGWARNER INC	$0	–	-3,157,075	–	-1.23%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,930,958	–	-1.25%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,998,750	–	-1.28%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-6,889,277	–	-1.28%	–
MMM	Exit	3M CO	$0	–	-1,243,667	–	-1.30%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,960,569	–	-1.37%	–
HDB	Exit	HDFC BANK LTD	$0	–	-4,045,105	–	-1.39%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-1,636,388	–	-1.44%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-2,824,410	–	-1.49%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,890,763	–	-1.57%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,604,083	–	-1.74%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-4,875,610	–	-1.78%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-2,305,800	–	-1.88%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,208,740	–	-1.94%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-2,386,226	–	-1.98%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-3,783,436	–	-2.05%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-3,749,393	–	-2.05%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-5,359,393	–	-2.06%	–
ARMH	Exit	ARM HLDGS PLCsponsored adr	$0	–	-6,529,429	–	-2.10%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,760,416	–	-2.12%	–
AGN	Exit	ALLERGAN INC	$0	–	-1,699,639	–	-2.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,773,192	–	-2.32%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-6,786,331	–	-2.37%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-15,877,557	–	-2.37%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-2,195,562	–	-2.38%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-564,651	–	-2.46%	–
EBAY	Exit	EBAY INC	$0	–	-6,310,026	–	-2.64%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,060,982	–	-2.65%	–
SAP	Exit	SAP AGspon adr	$0	–	-5,012,329	–	-2.67%	–
NKE	Exit	NIKE INCcl b	$0	–	-4,489,322	–	-2.96%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-29,370,749	–	-2.99%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-3,009,963	–	-3.03%	–
BG	Exit	BUNGE LIMITED	$0	–	-5,121,291	–	-3.19%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-10,471,512	–	-3.79%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-7,417,856	–	-5.57%	–

Q3 2014

			Value		Shares		↓ Weighting
SLB	Sell	SCHLUMBERGER LTD	$752,344,000	-14.2%	7,417,856	-0.2%	5.57%	-14.8%
IBN	Sell	ICICI BK LTDadr	$512,355,000	-2.1%	10,471,512	-0.2%	3.79%	-2.8%
BG	Sell	BUNGE LIMITED	$430,490,000	+1.8%	5,121,291	-8.4%	3.19%	+1.0%
SIAL	Sell	SIGMA ALDRICH CORP	$409,383,000	+31.7%	3,009,963	-1.7%	3.03%	+30.8%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$404,040,000	-3.8%	29,370,749	+0.5%	2.99%	-4.6%
NKE	Sell	NIKE INCcl b	$400,406,000	+14.1%	4,489,322	-0.8%	2.96%	+13.3%
SAP	Buy	SAP AGspon adr	$360,691,000	-2.1%	5,012,329	+4.8%	2.67%	-2.8%
CNI	Buy	CANADIAN NATL RY CO	$357,823,000	+9.3%	5,060,982	+0.5%	2.65%	+8.5%
EBAY	Sell	EBAY INC	$357,298,000	+12.0%	6,310,026	-1.0%	2.64%	+11.1%
GOOGL	Sell	GOOGLE INCcl a	$332,221,000	-0.4%	564,651	-1.0%	2.46%	-1.1%
ROP	Sell	ROPER INDS INC NEW	$321,178,000	-0.7%	2,195,562	-0.9%	2.38%	-1.5%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$319,967,000	+3.0%	15,877,557	+9.3%	2.37%	+2.2%
IMO	Buy	IMPERIAL OIL LTD	$319,778,000	-9.8%	6,786,331	+0.7%	2.37%	-10.5%
MSFT	Sell	MICROSOFT CORP	$313,989,000	+10.0%	6,773,192	-1.0%	2.32%	+9.2%
AGN	Sell	ALLERGAN INC	$302,872,000	+4.2%	1,699,639	-1.1%	2.24%	+3.4%
JPM	Sell	JPMORGAN CHASE & CO	$286,756,000	+3.4%	4,760,416	-1.1%	2.12%	+2.6%
ARMH	Sell	ARM HLDGS PLCsponsored adr	$283,905,000	-4.2%	6,529,429	-0.4%	2.10%	-4.9%
WFC	Sell	WELLS FARGO & CO NEW	$277,976,000	-23.2%	5,359,393	-22.2%	2.06%	-23.8%
MA	Buy	MASTERCARD INCcl a	$277,146,000	+96.3%	3,749,393	+95.1%	2.05%	+94.8%
DVA	Sell	DAVITA HEALTHCARE PARTNERS I	$276,713,000	+0.3%	3,783,436	-0.8%	2.05%	-0.4%
SIVB	Sell	SVB FINL GROUP	$267,442,000	-4.7%	2,386,226	-0.8%	1.98%	-5.4%
BIDU	Buy	BAIDU INCspon adr rep a	$262,838,000	+25.0%	1,208,740	+7.3%	1.94%	+24.0%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$253,797,000	-3.5%	2,305,800	+0.8%	1.88%	-4.2%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$240,754,000	+27.4%	4,875,610	+41.9%	1.78%	+26.5%
CL	Sell	COLGATE PALMOLIVE CO	$235,052,000	-5.3%	3,604,083	-1.0%	1.74%	-6.0%
MON	Sell	MONSANTO CO NEW	$212,713,000	-10.6%	1,890,763	-0.8%	1.57%	-11.2%
CTXS	Sell	CITRIX SYS INC	$201,457,000	+12.9%	2,824,410	-1.0%	1.49%	+12.0%
FFIV	Sell	F5 NETWORKS INC	$194,291,000	+5.5%	1,636,388	-1.0%	1.44%	+4.7%
HDB	Buy	HDFC BANK LTD	$188,413,000	+8.7%	4,045,105	+9.2%	1.39%	+7.8%
EMR	Sell	EMERSON ELEC CO	$185,254,000	-6.6%	2,960,569	-1.0%	1.37%	-7.4%
MMM	Sell	3M CO	$176,186,000	-2.1%	1,243,667	-1.0%	1.30%	-2.8%
AMX	Sell	AMERICA MOVIL SAB DE CV	$173,583,000	+19.7%	6,889,277	-1.4%	1.28%	+18.9%
ABBV	New	ABBVIE INC	$173,208,000	–	2,998,750	–	1.28%	–
AXP	Buy	AMERICAN EXPRESS CO	$169,013,000	-6.3%	1,930,958	+1.6%	1.25%	-7.0%
BWA	Sell	BORGWARNER INC	$166,105,000	-20.0%	3,157,075	-0.9%	1.23%	-20.7%
XOM	Sell	EXXON MOBIL CORP	$162,144,000	-7.6%	1,724,152	-1.0%	1.20%	-8.3%
IPGP	Buy	IPG PHOTONICS CORP	$150,745,000	+8.8%	2,191,881	+8.9%	1.12%	+8.0%
WPP	Buy	WPP PLC NEWadr	$149,805,000	-8.9%	1,514,771	+0.4%	1.11%	-9.5%
ABT	Sell	ABBOTT LABS	$148,013,000	+0.7%	3,559,040	-0.9%	1.10%	0.0%
TRMB	Sell	TRIMBLE NAVIGATION LTD	$145,315,000	-18.2%	4,764,897	-0.9%	1.08%	-18.9%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$138,269,000	-9.3%	3,088,545	-0.9%	1.02%	-9.9%
INFA	Sell	INFORMATICA CORP	$130,492,000	-4.8%	3,811,712	-0.9%	0.97%	-5.5%
WAT	Sell	WATERS CORP	$130,376,000	-5.8%	1,315,386	-0.7%	0.96%	-6.5%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$129,788,000	+14.0%	9,107,900	+16.2%	0.96%	+13.1%
PG	Sell	PROCTER & GAMBLE CO	$128,981,000	+5.7%	1,540,312	-0.8%	0.95%	+5.0%
PX	Sell	PRAXAIR INC	$122,634,000	-28.5%	950,812	-26.4%	0.91%	-29.1%
BAP	Buy	CREDICORP LTD	$116,587,000	+21.8%	760,071	+23.4%	0.86%	+20.9%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$114,625,000	+16.7%	2,628,415	+24.0%	0.85%	+15.8%
NVO	Buy	NOVO-NORDISK A Sadr	$114,581,000	+22.7%	2,400,091	+18.7%	0.85%	+21.8%
RL	Sell	RALPH LAUREN CORPcl a	$113,893,000	+1.8%	691,424	-0.7%	0.84%	+1.1%
YNDX	Sell	YANDEX N V	$102,281,000	-23.0%	3,680,971	-1.2%	0.76%	-23.5%
BBVA	Buy	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$87,722,000	-5.2%	7,306,634	+0.8%	0.65%	-5.9%
CEO	Buy	CNOOC LTDsponsored adr	$78,526,000	+6.0%	455,119	+10.1%	0.58%	+5.1%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$77,079,000	+23.9%	599,881	+22.5%	0.57%	+22.8%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$73,865,000	+4.8%	802,444	+6.6%	0.55%	+4.0%
ABEV	Buy	AMBEV SAsponsored adr	$71,837,000	-0.4%	10,967,452	+7.0%	0.53%	-1.1%
FMS	Sell	FRESENIUS MED CARE AG&CO KGAsponsored adr	$71,421,000	+3.5%	2,054,019	-0.3%	0.53%	+2.7%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$68,334,000	+4.6%	3,093,451	+25.2%	0.51%	+3.9%
TS	Buy	TENARIS S Asponsored adr	$64,468,000	+4.7%	1,415,322	+8.4%	0.48%	+3.9%
SSL	Sell	SASOL LTDsponsored adr	$56,424,000	-10.0%	1,044,391	-1.5%	0.42%	-10.5%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$54,289,000	+20.8%	3,825,847	+24.5%	0.40%	+20.0%
UL	Buy	UNILEVER PLCspon adr new	$53,806,000	-7.7%	1,297,120	+0.9%	0.40%	-8.3%
JOBS	Buy	51JOB INC	$53,802,000	-2.6%	1,797,584	+114.6%	0.40%	-3.4%
VALE	Buy	VALE S Aadr	$53,173,000	+4.0%	4,829,526	+25.0%	0.39%	+3.1%
QGEN	Sell	QIAGEN NV	$38,413,000	-77.5%	1,687,192	-75.8%	0.28%	-77.7%
CPA	Sell	COPA HOLDINGS SAcl a	$36,929,000	-30.1%	344,196	-7.1%	0.27%	-30.7%
CTRP	Buy	CTRIP COM INTL LTD	$33,567,000	+8.5%	591,383	+22.4%	0.25%	+7.4%
VALEP	Buy	VALE S Aadr repstg pfd	$10,552,000	-2.3%	1,086,671	+19.7%	0.08%	-3.7%
PSMT	Buy	PRICESMART INC	$9,065,000	+10.5%	105,850	+12.3%	0.07%	+9.8%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$8,565,000	+14.0%	151,000	+16.2%	0.06%	+12.5%
EC	Sell	ECOPETROL S Asponsored ads	$4,243,000	-76.1%	135,700	-72.4%	0.03%	-76.5%
SHPG	Sell	SHIRE PLCsponsored adr	$3,020,000	-6.5%	11,676	-14.9%	0.02%	-8.3%
PHI	Buy	PHILIPPINE LONG DISTANCE TELsponsored adr	$2,621,000	+12.7%	38,000	+10.1%	0.02%	+11.8%
EWJ	New	ISHARESmsci japan etf	$2,467,000	–	209,590	–	0.02%	–
LUXTY	New	LUXOTTICA GROUP S P Asponsored adr	$1,007,000	–	19,330	–	0.01%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-105	–	0.00%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-167,184	–	-0.10%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-302,156	–	-0.26%	–

Q2 2014

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LTD	$876,942,000	–	7,434,868	–	6.54%	–
IBN	New	ICICI BK LTDadr	$523,426,000	–	10,489,504	–	3.90%	–
BG	New	BUNGE LIMITED	$422,892,000	–	5,590,857	–	3.15%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$420,156,000	–	29,218,052	–	3.13%	–
SAP	New	SAP AGspon adr	$368,382,000	–	4,784,178	–	2.75%	–
WFC	New	WELLS FARGO & CO NEW	$362,004,000	–	6,887,443	–	2.70%	–
IMO	New	IMPERIAL OIL LTD	$354,703,000	–	6,739,561	–	2.64%	–
NKE	New	NIKE INCcl b	$350,889,000	–	4,524,679	–	2.62%	–
GOOGL	New	GOOGLE INCcl a	$333,445,000	–	570,313	–	2.49%	–
CNI	New	CANADIAN NATL RY CO	$327,429,000	–	5,035,824	–	2.44%	–
ROP	New	ROPER INDS INC NEW	$323,534,000	–	2,215,831	–	2.41%	–
EBAY	New	EBAY INC	$319,073,000	–	6,373,799	–	2.38%	–
SIAL	New	SIGMA ALDRICH CORP	$310,743,000	–	3,062,117	–	2.32%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$310,636,000	–	14,522,498	–	2.32%	–
ARMH	New	ARM HLDGS PLCsponsored adr	$296,461,000	–	6,553,058	–	2.21%	–
AGN	New	ALLERGAN INC	$290,777,000	–	1,718,334	–	2.17%	–
MSFT	New	MICROSOFT CORP	$285,390,000	–	6,843,882	–	2.13%	–
SIVB	New	SVB FINL GROUP	$280,664,000	–	2,406,658	–	2.09%	–
JPM	New	JPMORGAN CHASE & CO	$277,395,000	–	4,814,212	–	2.07%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$275,917,000	–	3,815,215	–	2.06%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$263,006,000	–	2,288,204	–	1.96%	–
CL	New	COLGATE PALMOLIVE CO	$248,147,000	–	3,639,587	–	1.85%	–
MON	New	MONSANTO CO NEW	$237,843,000	–	1,906,715	–	1.77%	–
BIDU	New	BAIDU INCspon adr rep a	$210,345,000	–	1,125,987	–	1.57%	–
BWA	New	BORGWARNER INC	$207,719,000	–	3,186,364	–	1.55%	–
EMR	New	EMERSON ELEC CO	$198,450,000	–	2,990,504	–	1.48%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$189,006,000	–	3,437,099	–	1.41%	–
FFIV	New	F5 NETWORKS INC	$184,213,000	–	1,653,026	–	1.37%	–
AXP	New	AMERICAN EXPRESS CO	$180,345,000	–	1,900,969	–	1.34%	–
MMM	New	3M CO	$179,948,000	–	1,256,268	–	1.34%	–
CTXS	New	CITRIX SYS INC	$178,457,000	–	2,853,040	–	1.33%	–
TRMB	New	TRIMBLE NAVIGATION LTD	$177,705,000	–	4,809,322	–	1.32%	–
XOM	New	EXXON MOBIL CORP	$175,423,000	–	1,742,384	–	1.31%	–
HDB	New	HDFC BANK LTD	$173,404,000	–	3,703,624	–	1.29%	–
PX	New	PRAXAIR INC	$171,628,000	–	1,291,989	–	1.28%	–
QGEN	New	QIAGEN NV	$170,621,000	–	6,978,369	–	1.27%	–
WPP	New	WPP PLC NEWadr	$164,369,000	–	1,508,112	–	1.22%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$152,410,000	–	3,116,130	–	1.14%	–
ABT	New	ABBOTT LABS	$146,913,000	–	3,592,014	–	1.10%	–
AMX	New	AMERICA MOVIL SAB DE CV	$144,973,000	–	6,986,647	–	1.08%	–
MA	New	MASTERCARD INCcl a	$141,190,000	–	1,921,737	–	1.05%	–
IPGP	New	IPG PHOTONICS CORP	$138,493,000	–	2,012,984	–	1.03%	–
WAT	New	WATERS CORP	$138,405,000	–	1,325,216	–	1.03%	–
INFA	New	INFORMATICA CORP	$137,099,000	–	3,845,700	–	1.02%	–
YNDX	New	YANDEX N V	$132,789,000	–	3,725,843	–	0.99%	–
PG	New	PROCTER & GAMBLE CO	$121,986,000	–	1,552,184	–	0.91%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$113,818,000	–	7,838,700	–	0.85%	–
RL	New	RALPH LAUREN CORPcl a	$111,906,000	–	696,411	–	0.83%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$98,234,000	–	2,120,320	–	0.73%	–
BAP	New	CREDICORP LTD	$95,739,000	–	615,806	–	0.71%	–
NVO	New	NOVO-NORDISK A Sadr	$93,379,000	–	2,021,636	–	0.70%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$92,558,000	–	7,248,114	–	0.69%	–
CEO	New	CNOOC LTDsponsored adr	$74,108,000	–	413,340	–	0.55%	–
ABEV	New	AMBEV SAsponsored adr	$72,147,000	–	10,248,152	–	0.54%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$70,494,000	–	752,744	–	0.53%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$69,028,000	–	2,061,150	–	0.52%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$65,329,000	–	2,469,908	–	0.49%	–
SSL	New	SASOL LTDsponsored adr	$62,675,000	–	1,060,140	–	0.47%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$62,187,000	–	489,581	–	0.46%	–
TS	New	TENARIS S Asponsored adr	$61,555,000	–	1,305,522	–	0.46%	–
UL	New	UNILEVER PLCspon adr new	$58,276,000	–	1,286,165	–	0.43%	–
JOBS	New	51JOB INC	$55,241,000	–	837,492	–	0.41%	–
CPA	New	COPA HOLDINGS SAcl a	$52,795,000	–	370,311	–	0.39%	–
VALE	New	VALE S Aadr	$51,114,000	–	3,863,526	–	0.38%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$44,948,000	–	3,072,347	–	0.34%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$34,331,000	–	302,156	–	0.26%	–
CTRP	New	CTRIP COM INTL LTD	$30,937,000	–	483,083	–	0.23%	–
EC	New	ECOPETROL S Asponsored ads	$17,754,000	–	492,495	–	0.13%	–
TROW	New	PRICE T ROWE GROUP INC	$14,112,000	–	167,184	–	0.10%	–
VALEP	New	VALE S Aadr repstg pfd	$10,802,000	–	907,699	–	0.08%	–
PSMT	New	PRICESMART INC	$8,202,000	–	94,235	–	0.06%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$7,514,000	–	130,000	–	0.06%	–
SHPG	New	SHIRE PLCsponsored adr	$3,231,000	–	13,721	–	0.02%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$2,325,000	–	34,500	–	0.02%	–
FCFS	New	FIRST CASH FINL SVCS INC	$923,000	–	16,020	–	0.01%	–
PCP	New	PRECISION CASTPARTS CORP	$374,000	–	1,480	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$84,000	–	800	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$70,000	–	800	–	0.00%	–
V107SC	New	WELLPOINT INC	$86,000	–	800	–	0.00%	–
ALL	New	ALLSTATE CORP	$180,000	–	3,058	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$124,000	–	1,600	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$10,000	–	218	–	0.00%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$66,000	–	1,500	–	0.00%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$11,000	–	105	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$31,000	–	600	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
RIG	Exit	TRANSOCEAN LTD	$0	–	-218	–	0.00%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-600	–	0.00%	–
V107SC	Exit	WELLPOINT INC	$0	–	-800	–	-0.00%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-800	–	-0.00%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,600	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-3,058	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-800	–	-0.00%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-1,360	–	-0.00%	–
AME	Exit	AMETEK INC NEW	$0	–	-11,040	–	-0.01%	–
FCFS	Exit	FIRST CASH FINL SVCS INC	$0	–	-16,020	–	-0.01%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-10,729	–	-0.01%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-26,960	–	-0.01%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-28,000	–	-0.01%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-58,000	–	-0.04%	–
VALEP	Exit	VALE S Aadr repstg pfd	$0	–	-712,639	–	-0.09%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-146,174	–	-0.09%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-668,504	–	-0.10%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-338,300	–	-0.18%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-396,234	–	-0.20%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-1,102,729	–	-0.26%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-713,019	–	-0.29%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-314,027	–	-0.30%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-898,341	–	-0.31%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-215,741	–	-0.32%	–
SSL	Exit	SASOL LTDsponsored adr	$0	–	-803,071	–	-0.34%	–
JOBS	Exit	51JOB INC	$0	–	-606,005	–	-0.39%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-951,792	–	-0.40%	–
BAP	Exit	CREDICORP LTD	$0	–	-380,274	–	-0.44%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-544,253	–	-0.47%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-396,367	–	-0.49%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-5,013,108	–	-0.51%	–
ABV	Exit	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$0	–	-1,491,532	–	-0.51%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-285,693	–	-0.51%	–
VALE	Exit	VALE S Aadr	$0	–	-3,740,165	–	-0.52%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-4,431,925	–	-0.55%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-2,723,105	–	-0.79%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-1,844,106	–	-0.91%	–
HDB	Exit	HDFC BANK LTD	$0	–	-3,371,773	–	-0.92%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-1,051,544	–	-0.96%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-673,052	–	-0.99%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,503,829	–	-1.01%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,534,288	–	-1.05%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-936,309	–	-1.05%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-7,763,250	–	-1.07%	–
EMC	Exit	E M C CORP MASS	$0	–	-4,711,547	–	-1.07%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,489,357	–	-1.09%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-183,916	–	-1.10%	–
LAZ	Exit	LAZARD LTD	$0	–	-3,499,508	–	-1.12%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-1,580,806	–	-1.21%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-4,604,878	–	-1.22%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,840,504	–	-1.24%	–
INFA	Exit	INFORMATICA CORP	$0	–	-3,672,308	–	-1.28%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,691,079	–	-1.30%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-7,359,205	–	-1.30%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-1,692,072	–	-1.30%	–
QGEN	Exit	QIAGEN NV	$0	–	-6,948,329	–	-1.33%	–
MMM	Exit	3M CO	$0	–	-1,246,782	–	-1.33%	–
PX	Exit	PRAXAIR INC	$0	–	-1,247,286	–	-1.34%	–
AGN	Exit	ALLERGAN INC	$0	–	-1,662,075	–	-1.34%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-3,333,494	–	-1.39%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,539,620	–	-1.39%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-9,404,030	–	-1.44%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-3,857,166	–	-1.51%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,963,462	–	-1.71%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,842,692	–	-1.71%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-2,729,607	–	-1.72%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,949,452	–	-1.72%	–
AMZN	Exit	AMAZON COM INC	$0	–	-643,365	–	-1.79%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,522,305	–	-1.86%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,541,381	–	-1.94%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,676,175	–	-1.98%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-2,223,333	–	-2.01%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,661,447	–	-2.15%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-3,012,154	–	-2.29%	–
COH	Exit	COACH INC	$0	–	-4,979,019	–	-2.42%	–
NKE	Exit	NIKE INCcl b	$0	–	-3,760,427	–	-2.44%	–
ARMH	Exit	ARM HLDGS PLCsponsored adr	$0	–	-5,661,511	–	-2.44%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-9,742,980	–	-2.66%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,978,724	–	-2.75%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-22,954,555	–	-2.90%	–
EBAY	Exit	EBAY INC	$0	–	-6,098,327	–	-3.03%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-407,049	–	-3.18%	–
BG	Exit	BUNGE LIMITED	$0	–	-5,109,624	–	-3.46%	–
SAP	Exit	SAP AGspon adr	$0	–	-5,880,129	–	-3.87%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-11,088,160	–	-4.08%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-6,934,650	–	-5.47%	–

Q3 2013

			Value		Shares		↓ Weighting
SLB	Buy	SCHLUMBERGER LTD	$613,192,000	+25.5%	6,934,650	+2.3%	5.47%	+15.4%
WFC	Buy	WELLS FARGO & CO NEW	$458,174,000	+9.0%	11,088,160	+8.9%	4.08%	+0.3%
SAP	Sell	SAP AGspon adr	$434,597,000	-4.4%	5,880,129	-5.4%	3.87%	-12.1%
BG	Sell	BUNGE LIMITED	$388,007,000	+6.4%	5,109,624	-0.3%	3.46%	-2.1%
GOOGL	Buy	GOOGLE INCcl a	$356,567,000	+8.0%	407,049	+8.5%	3.18%	-0.7%
EBAY	Buy	EBAY INC	$340,233,000	+17.1%	6,098,327	+8.6%	3.03%	+7.7%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$324,912,000	+18.9%	22,954,555	+7.5%	2.90%	+9.4%
BIDU	Sell	BAIDU INCspon adr rep a	$308,367,000	+59.2%	1,978,724	-3.0%	2.75%	+46.5%
IBN	Buy	ICICI BK LTDadr	$298,025,000	-11.6%	9,742,980	+10.8%	2.66%	-18.7%
ARMH	Sell	ARM HLDGS PLCsponsored adr	$273,491,000	+29.5%	5,661,511	-1.1%	2.44%	+19.2%
NKE	Buy	NIKE INCcl b	$273,152,000	+24.1%	3,760,427	+8.8%	2.44%	+14.2%
COH	Buy	COACH INC	$271,500,000	+4.0%	4,979,019	+8.9%	2.42%	-4.3%
SIAL	Buy	SIGMA ALDRICH CORP	$256,932,000	+14.6%	3,012,154	+8.0%	2.29%	+5.5%
JPM	Buy	JPMORGAN CHASE & CO	$240,958,000	+6.6%	4,661,447	+8.9%	2.15%	-1.9%
CNI	Sell	CANADIAN NATL RY CO	$225,986,000	-1.5%	2,223,333	-5.2%	2.01%	-9.4%
ROP	Buy	ROPER INDS INC NEW	$222,721,000	+16.5%	1,676,175	+8.9%	1.98%	+7.2%
MSFT	Sell	MICROSOFT CORP	$217,905,000	-31.5%	6,541,381	-29.0%	1.94%	-37.0%
CL	Buy	COLGATE PALMOLIVE CO	$208,892,000	+12.8%	3,522,305	+9.0%	1.86%	+3.7%
AMZN	Buy	AMAZON COM INC	$201,176,000	+22.7%	643,365	+9.0%	1.79%	+12.8%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$193,112,000	+1.5%	1,949,452	-6.8%	1.72%	-6.6%
CTXS	Buy	CITRIX SYS INC	$192,744,000	+27.2%	2,729,607	+8.8%	1.72%	+17.0%
MON	Buy	MONSANTO CO NEW	$192,335,000	+15.6%	1,842,692	+9.4%	1.71%	+6.3%
EMR	Sell	EMERSON ELEC CO	$191,749,000	+2.0%	2,963,462	-13.9%	1.71%	-6.1%
IMO	Sell	IMPERIAL OIL LTD	$169,297,000	+6.8%	3,857,166	-5.4%	1.51%	-1.7%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$161,363,000	-17.7%	9,404,030	-11.7%	1.44%	-24.3%
BWA	Buy	BORGWARNER INC	$156,104,000	+28.0%	1,539,620	+8.8%	1.39%	+17.7%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$155,455,000	+31.8%	3,333,494	+8.8%	1.39%	+21.3%
AGN	Buy	ALLERGAN INC	$150,338,000	+16.9%	1,662,075	+9.0%	1.34%	+7.6%
PX	Buy	PRAXAIR INC	$149,942,000	+14.0%	1,247,286	+9.2%	1.34%	+4.9%
MMM	Buy	3M CO	$148,880,000	+19.0%	1,246,782	+9.0%	1.33%	+9.5%
QGEN	Buy	QIAGEN NV	$148,714,000	+16.9%	6,948,329	+8.8%	1.33%	+7.6%
SIVB	Buy	SVB FINL GROUP	$146,170,000	+12.6%	1,692,072	+8.6%	1.30%	+3.6%
AMX	Buy	AMERICA MOVIL SAB DE CV	$145,813,000	-8.7%	7,359,205	+0.2%	1.30%	-16.0%
XOM	Buy	EXXON MOBIL CORP	$145,500,000	+3.7%	1,691,079	+8.9%	1.30%	-4.6%
INFA	Buy	INFORMATICA CORP	$143,117,000	+21.3%	3,672,308	+9.0%	1.28%	+11.6%
AXP	Buy	AMERICAN EXPRESS CO	$138,999,000	+10.4%	1,840,504	+9.3%	1.24%	+1.6%
TRMB	Buy	TRIMBLE NAVIGATION LTD	$136,837,000	+24.3%	4,604,878	+8.9%	1.22%	+14.4%
FFIV	Buy	F5 NETWORKS INC	$135,603,000	+35.5%	1,580,806	+8.7%	1.21%	+24.6%
LAZ	Buy	LAZARD LTD	$126,052,000	+19.3%	3,499,508	+6.5%	1.12%	+9.8%
MA	New	MASTERCARD INCcl a	$123,741,000	–	183,916	–	1.10%	–
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$122,316,000	+42.3%	1,489,357	+8.6%	1.09%	+30.9%
EMC	Buy	E M C CORP MASS	$120,432,000	+17.6%	4,711,547	+8.7%	1.07%	+8.2%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$120,424,000	+11.4%	7,763,250	-3.8%	1.07%	+2.5%
KOF	Buy	COCA COLA FEMSA S A B DE C Vspon adr rep l	$117,975,000	-8.8%	936,309	+1.6%	1.05%	-16.0%
ABT	Buy	ABBOTT LABS	$117,315,000	+3.3%	3,534,288	+8.6%	1.05%	-4.9%
PG	Buy	PROCTER & GAMBLE CO	$113,680,000	+6.8%	1,503,829	+8.8%	1.01%	-1.7%
RL	Buy	RALPH LAUREN CORPcl a	$110,872,000	+3.4%	673,052	+9.1%	0.99%	-4.9%
WPP	Sell	WPP PLC NEWadr	$107,864,000	-6.6%	1,051,544	-20.0%	0.96%	-14.1%
HDB	Buy	HDFC BANK LTD	$103,807,000	-7.1%	3,371,773	+9.4%	0.92%	-14.6%
TDC	Buy	TERADATA CORP DEL	$102,235,000	+19.9%	1,844,106	+8.7%	0.91%	+10.3%
FMS	Sell	FRESENIUS MED CARE AG&CO KGAsponsored adr	$88,993,000	-21.7%	2,723,105	-19.3%	0.79%	-28.0%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$61,515,000	+46.7%	4,431,925	+37.5%	0.55%	+35.0%
VALE	Buy	VALE S Aadr	$58,384,000	+28.4%	3,740,165	+8.2%	0.52%	+18.2%
CEO	Buy	CNOOC LTDsponsored adr	$57,653,000	+29.0%	285,693	+7.1%	0.51%	+18.7%
ABV	Buy	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$57,200,000	+10.2%	1,491,532	+7.3%	0.51%	+1.4%
BBVA	Sell	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$57,073,000	+8.4%	5,013,108	-19.6%	0.51%	-0.2%
CPA	Sell	COPA HOLDINGS SAcl a	$54,964,000	-21.7%	396,367	-26.0%	0.49%	-27.9%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$52,842,000	-0.3%	544,253	+6.0%	0.47%	-8.2%
BAP	Buy	CREDICORP LTD	$48,850,000	+31.9%	380,274	+31.4%	0.44%	+21.2%
TS	Buy	TENARIS S Asponsored adr	$44,525,000	+24.2%	951,792	+6.9%	0.40%	+14.4%
JOBS	Buy	51JOB INC	$43,523,000	+14.0%	606,005	+7.2%	0.39%	+4.9%
SSL	Sell	SASOL LTDsponsored adr	$38,476,000	-8.1%	803,071	-16.5%	0.34%	-15.5%
NVO	Sell	NOVO-NORDISK A Sadr	$36,346,000	-15.1%	215,741	-19.0%	0.32%	-21.9%
UL	Sell	UNILEVER PLCspon adr new	$34,483,000	-25.6%	898,341	-19.3%	0.31%	-31.6%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$34,185,000	+5.3%	314,027	+7.6%	0.30%	-3.2%
EC	Buy	ECOPETROL S Asponsored ads	$32,799,000	+24.2%	713,019	+13.5%	0.29%	+14.1%
BSAC	Buy	BANCO SANTANDER CHILE NEW	$28,991,000	+14.7%	1,102,729	+6.7%	0.26%	+5.3%
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$22,359,000	+56.8%	396,234	+43.8%	0.20%	+44.2%
CTRP	New	CTRIP COM INTL LTD	$19,743,000	–	338,300	–	0.18%	–
PBRA	Buy	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$11,184,000	+17.8%	668,504	+3.3%	0.10%	+8.7%
TROW	Buy	PRICE T ROWE GROUP INC	$10,517,000	+53.0%	146,174	+56.8%	0.09%	+40.3%
VALEP	Buy	VALE S Aadr repstg pfd	$10,127,000	+25.0%	712,639	+7.0%	0.09%	+15.4%
PHI	Buy	PHILIPPINE LONG DISTANCE TELsponsored adr	$3,935,000	+98.8%	58,000	+98.9%	0.04%	+84.2%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$1,611,000	+91.3%	28,000	+87.9%	0.01%	+75.0%
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,310,000	–	26,960	–	0.01%	–
SHPG	Sell	SHIRE PLCsponsored adr	$1,312,000	-20.6%	10,729	-35.9%	0.01%	-25.0%
FCFS	Buy	FIRST CASH FINL SVCS INC	$927,000	+28.9%	16,020	+9.6%	0.01%	+14.3%
PCP	New	PRECISION CASTPARTS CORP	$309,000	–	1,360	–	0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-1	–	0.00%	–
ACWI	Exit	ISHARES TRmsci acwi indx	$0	–	-25,905	–	-0.01%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-576,200	–	-0.23%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-5,473,355	–	-2.04%	–

Q2 2013

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LTD	$488,726,000	–	6,777,215	–	4.74%	–
SAP	New	SAP AGspon adr	$454,788,000	–	6,216,375	–	4.41%	–
WFC	New	WELLS FARGO & CO NEW	$420,406,000	–	10,185,672	–	4.07%	–
BG	New	BUNGE LIMITED	$364,812,000	–	5,123,450	–	3.53%	–
IBN	New	ICICI BK LTDadr	$337,129,000	–	8,792,543	–	3.27%	–
GOOGL	New	GOOGLE INCcl a	$330,296,000	–	375,050	–	3.20%	–
MSFT	New	MICROSOFT CORP	$318,327,000	–	9,216,500	–	3.08%	–
EBAY	New	EBAY INC	$290,529,000	–	5,613,934	–	2.82%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$273,344,000	–	21,352,286	–	2.65%	–
COH	New	COACH INC	$261,176,000	–	4,573,634	–	2.53%	–
CNI	New	CANADIAN NATL RY CO	$229,492,000	–	2,346,370	–	2.22%	–
JPM	New	JPMORGAN CHASE & CO	$226,033,000	–	4,280,306	–	2.19%	–
SIAL	New	SIGMA ALDRICH CORP	$224,115,000	–	2,787,847	–	2.17%	–
NKE	New	NIKE INCcl b	$220,153,000	–	3,457,160	–	2.13%	–
ARMH	New	ARM HLDGS PLCsponsored adr	$211,166,000	–	5,722,485	–	2.05%	–
POT	New	POTASH CORP SASK INC	$210,403,000	–	5,473,355	–	2.04%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$196,022,000	–	10,653,687	–	1.90%	–
BIDU	New	BAIDU INCspon adr rep a	$193,729,000	–	2,039,645	–	1.88%	–
ROP	New	ROPER INDS INC NEW	$191,217,000	–	1,538,789	–	1.85%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$190,198,000	–	2,092,222	–	1.84%	–
EMR	New	EMERSON ELEC CO	$187,902,000	–	3,442,800	–	1.82%	–
CL	New	COLGATE PALMOLIVE CO	$185,252,000	–	3,232,805	–	1.80%	–
MON	New	MONSANTO CO NEW	$166,429,000	–	1,683,919	–	1.61%	–
AMZN	New	AMAZON COM INC	$164,000,000	–	590,233	–	1.59%	–
AMX	New	AMERICA MOVIL SAB DE CV	$159,655,000	–	7,341,596	–	1.55%	–
IMO	New	IMPERIAL OIL LTD	$158,471,000	–	4,079,204	–	1.54%	–
CTXS	New	CITRIX SYS INC	$151,535,000	–	2,509,727	–	1.47%	–
XOM	New	EXXON MOBIL CORP	$140,330,000	–	1,552,766	–	1.36%	–
PX	New	PRAXAIR INC	$131,568,000	–	1,142,319	–	1.28%	–
SIVB	New	SVB FINL GROUP	$129,844,000	–	1,557,892	–	1.26%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$129,289,000	–	921,513	–	1.25%	–
AGN	New	ALLERGAN INC	$128,559,000	–	1,525,406	–	1.24%	–
QGEN	New	QIAGEN NV	$127,200,000	–	6,388,752	–	1.23%	–
AXP	New	AMERICAN EXPRESS CO	$125,882,000	–	1,683,449	–	1.22%	–
MMM	New	3M CO	$125,089,000	–	1,143,514	–	1.21%	–
BWA	New	BORGWARNER INC	$121,966,000	–	1,415,404	–	1.18%	–
INFA	New	INFORMATICA CORP	$117,994,000	–	3,370,528	–	1.14%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$117,943,000	–	3,064,516	–	1.14%	–
WPP	New	WPP PLC NEWadr	$115,511,000	–	1,314,420	–	1.12%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$113,722,000	–	3,374,542	–	1.10%	–
ABT	New	ABBOTT LABS	$113,556,000	–	3,255,313	–	1.10%	–
HDB	New	HDFC BANK LTD	$111,746,000	–	3,082,634	–	1.08%	–
TRMB	New	TRIMBLE NAVIGATION LTD	$110,086,000	–	4,230,361	–	1.07%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$108,086,000	–	8,073,438	–	1.05%	–
RL	New	RALPH LAUREN CORPcl a	$107,214,000	–	616,844	–	1.04%	–
PG	New	PROCTER & GAMBLE CO	$106,440,000	–	1,381,978	–	1.03%	–
LAZ	New	LAZARD LTD	$105,654,000	–	3,286,268	–	1.02%	–
EMC	New	E M C CORP MASS	$102,411,000	–	4,334,381	–	0.99%	–
FFIV	New	F5 NETWORKS INC	$100,104,000	–	1,453,827	–	0.97%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$85,951,000	–	1,371,564	–	0.83%	–
TDC	New	TERADATA CORP DEL	$85,298,000	–	1,696,581	–	0.83%	–
CPA	New	COPA HOLDINGS SAcl a	$70,200,000	–	535,385	–	0.68%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$53,001,000	–	513,630	–	0.51%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$52,634,000	–	6,236,294	–	0.51%	–
ABV	New	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$51,905,000	–	1,389,680	–	0.50%	–
UL	New	UNILEVER PLCspon adr new	$46,361,000	–	1,112,565	–	0.45%	–
VALE	New	VALE S Aadr	$45,454,000	–	3,456,577	–	0.44%	–
CEO	New	CNOOC LTDsponsored adr	$44,689,000	–	266,831	–	0.43%	–
NVO	New	NOVO-NORDISK A Sadr	$42,813,000	–	266,354	–	0.42%	–
SSL	New	SASOL LTDsponsored adr	$41,881,000	–	961,240	–	0.41%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$41,939,000	–	3,223,610	–	0.41%	–
JOBS	New	51JOB INC	$38,166,000	–	565,342	–	0.37%	–
BAP	New	CREDICORP LTD	$37,034,000	–	289,420	–	0.36%	–
TS	New	TENARIS S Asponsored adr	$35,844,000	–	890,100	–	0.35%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$32,464,000	–	291,836	–	0.32%	–
EC	New	ECOPETROL S Asponsored ads	$26,412,000	–	627,960	–	0.26%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$25,272,000	–	1,033,636	–	0.24%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$23,278,000	–	576,200	–	0.23%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$14,262,000	–	275,495	–	0.14%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$9,491,000	–	647,380	–	0.09%	–
VALEP	New	VALE S Aadr repstg pfd	$8,100,000	–	666,100	–	0.08%	–
TROW	New	PRICE T ROWE GROUP INC	$6,873,000	–	93,221	–	0.07%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$1,979,000	–	29,160	–	0.02%	–
SHPG	New	SHIRE PLCsponsored adr	$1,653,000	–	16,725	–	0.02%	–
ACWI	New	ISHARES TRmsci acwi indx	$1,295,000	–	25,905	–	0.01%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$842,000	–	14,900	–	0.01%	–
FCFS	New	FIRST CASH FINL SVCS INC	$719,000	–	14,620	–	0.01%	–
AME	New	AMETEK INC NEW	$467,000	–	11,040	–	0.01%	–
ALL	New	ALLSTATE CORP	$147,000	–	3,058	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$55,000	–	800	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$69,000	–	800	–	0.00%	–
NBL	New	NOBLE ENERGY INC	$96,000	–	1,600	–	0.00%	–
V107SC	New	WELLPOINT INC	$65,000	–	800	–	0.00%	–
RIG	New	TRANSOCEAN LTD	$10,000	–	218	–	0.00%	–
AVY	New	AVERY DENNISON CORP	$26,000	–	600	–	0.00%	–
NVS	New	NOVARTIS A Gsponsored adr	$0	–	1	–	0.00%	–

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