VONTOBEL ASSET MANAGEMENT INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$1,098,214,694	-7.7%	3,236,346	-0.8%	7.12%	-9.6%
CME	Sell	CME GROUP INC	$854,024,031	+7.6%	3,974,853	-0.8%	5.54%	+5.3%
KO	Buy	COCA COLA CO	$839,398,962	+1.6%	13,959,244	+8.9%	5.45%	-0.5%
MA	Buy	MASTERCARD INCORPORATEDcl a	$823,280,248	+2.3%	1,951,549	+1.3%	5.34%	+0.1%
AMZN	Sell	AMAZON COM INC	$809,769,550	-2.9%	5,919,465	-0.8%	5.25%	-4.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$808,554,044	+7.0%	1,492,795	+1.5%	5.25%	+4.8%
MDLZ	Buy	MONDELEZ INTL INCcl a	$698,532,015	+86.9%	9,409,860	+92.1%	4.53%	+83.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$602,167,175	-0.3%	4,269,152	-8.9%	3.91%	-2.3%
ABT	Buy	ABBOTT LABS	$575,338,035	-3.2%	5,537,744	+8.6%	3.73%	-5.2%
BDX	Buy	BECTON DICKINSON & CO	$567,763,762	+20.4%	2,047,666	+22.4%	3.68%	+17.9%
BSX	Sell	BOSTON SCIENTIFIC CORP	$564,719,506	-2.1%	9,959,429	-0.1%	3.66%	-4.2%
ADBE	Sell	ADOBE INC	$495,591,980	+4.6%	913,253	-0.1%	3.22%	+2.5%
V	Sell	VISA INC	$463,275,577	-3.3%	1,880,837	-0.5%	3.01%	-5.3%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$436,456,466	+150.6%	809,136	+153.4%	2.83%	+145.4%
VMC	Sell	VULCAN MATLS CO	$373,469,653	-10.8%	1,719,529	-0.8%	2.42%	-12.6%
ICE	Buy	INTERCONTINENTAL EXCHANGE IN	$348,674,796	-1.4%	3,011,087	+0.8%	2.26%	-3.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$317,173,184	-3.7%	6,803,212	-10.3%	2.06%	-5.7%
NOW	Sell	SERVICENOW INC	$305,108,327	-19.4%	509,492	-19.4%	1.98%	-21.1%
CASY	Sell	CASEYS GEN STORES INC	$291,778,830	+10.0%	1,019,906	-2.0%	1.89%	+7.7%
	Buy	RB GLOBAL INC	$264,752,208	+29.4%	3,993,863	+23.0%	1.72%	+26.8%
BKNG	Sell	BOOKING HOLDINGS INC	$247,500,697	+14.0%	74,882	-0.5%	1.61%	+11.7%
INTU	Buy	INTUIT	$246,468,230	+13.4%	458,516	+1.1%	1.60%	+11.0%
SNPS	Sell	SYNOPSYS INC	$241,854,572	+5.1%	491,926	-0.6%	1.57%	+3.0%
PEP	Buy	PEPSICO INC	$236,823,890	-7.3%	1,326,979	+0.7%	1.54%	-9.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$231,377,847	-27.5%	2,421,446	-17.3%	1.50%	-29.0%
WMT	Buy	WALMART INC	$217,163,347	+4.2%	1,297,146	+1.9%	1.41%	+2.0%
HUM	Buy	HUMANA INC	$206,750,160	+9.7%	403,949	+0.2%	1.34%	+7.5%
YUMC	Sell	YUM CHINA HLDGS INC	$199,888,688	-13.0%	3,353,571	-12.6%	1.30%	-14.8%
SHW	Sell	SHERWIN WILLIAMS CO	$195,100,839	-27.4%	712,183	-25.0%	1.27%	-29.0%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$182,322,120	-26.9%	317	-29.2%	1.18%	-28.4%
PGR	Buy	PROGRESSIVE CORP	$158,586,048	+23.4%	1,082,470	+16.5%	1.03%	+20.9%
NKE	Sell	NIKE INCcl b	$145,480,241	-13.6%	1,417,975	-0.7%	0.94%	-15.4%
HSY	New	HERSHEY CO	$141,260,074	–	669,663	–	0.92%	–
APH	Buy	AMPHENOL CORP NEWcl a	$130,230,102	+25.6%	1,473,950	+26.3%	0.84%	+23.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$118,912,402	+11.0%	862,580	+0.9%	0.77%	+8.7%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$91,410,307	-8.0%	657,026	+15.8%	0.59%	-9.9%
HDB	Buy	HDFC BANK LTDsponsored ads	$88,576,291	-13.3%	1,056,430	+2.9%	0.58%	-15.1%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$80,823,479	-21.9%	935,803	-25.1%	0.52%	-23.5%
HD	Sell	HOME DEPOT INC	$80,823,555	-37.2%	254,301	-35.8%	0.52%	-38.6%
KLAC	Buy	KLA CORP	$79,682,720	+3.5%	165,199	+8.8%	0.52%	+1.4%
GGG	Buy	GRACO INC	$77,620,388	-14.4%	1,012,233	+0.8%	0.50%	-16.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$73,154,116	-22.1%	212,484	-25.0%	0.48%	-23.6%
AON	Sell	AON PLC	$64,608,616	-13.8%	199,274	-8.2%	0.42%	-15.5%
ISRG	Sell	INTUITIVE SURGICAL INC	$51,797,136	-15.0%	164,688	-0.9%	0.34%	-16.8%
SLB	Buy	SCHLUMBERGER LTD	$42,538,712	+489.5%	729,652	+396.7%	0.28%	+475.0%
MELI	Buy	MERCADOLIBRE INC	$41,477,259	+72.5%	33,053	+60.4%	0.27%	+69.2%
FND	Buy	FLOOR & DECOR HLDGS INCcl a	$29,563,450	-11.6%	310,356	+1.0%	0.19%	-13.5%
AAPL	Sell	APPLE INC	$27,830,528	-13.8%	162,552	-2.3%	0.18%	-15.4%
CPRT	Buy	COPART INC	$26,028,137	-4.2%	574,078	+101.6%	0.17%	-6.1%
ACN	Buy	ACCENTURE PLC IRELAND	$24,518,274	+17.4%	81,088	+17.3%	0.16%	+15.2%
MTD	Sell	METTLER TOLEDO INTERNATIONAL	$24,048,443	-32.8%	21,703	-20.4%	0.16%	-34.2%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$23,752,567	-25.8%	899,455	-25.9%	0.15%	-27.4%
NTES	Sell	NETEASE INCsponsored ads	$23,650,889	-33.8%	237,145	-36.2%	0.15%	-35.4%
SPY	New	SPDR S&P 500 ETF TRtr unit	$5,503,482	–	12,843	–	0.04%	–
QQQM	New	INVESCO EXCH TRADED FD TR IInasdaq 100 etf	$4,387,454	–	29,800	–	0.03%	–
FLGB	New	FRANKLIN TEMPLETON ETF TRftse untd kgdm	$2,582,678	–	107,700	–	0.02%	–
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$2,675,392	-60.6%	26,794	-58.2%	0.02%	-62.2%
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$2,312,547	–	55,100	–	0.02%	–
FLJP	New	FRANKLIN TEMPLETON ETF TRftse japan etf	$2,181,279	–	81,300	–	0.01%	–
TJX	Sell	TJX COS INC NEW	$671,222	-0.8%	7,552	-5.4%	0.00%	0.0%
GPC	Sell	GENUINE PARTS CO	$546,911	-19.3%	3,788	-5.4%	0.00%	0.0%
JNJ	Sell	JOHNSON & JOHNSON	$600,416	-10.9%	3,855	-5.3%	0.00%	0.0%
MDT	Sell	MEDTRONIC PLC	$463,578	-15.8%	5,916	-5.3%	0.00%	-25.0%
MTB	Sell	M & T BK CORP	$242,278	-22.1%	1,916	-23.7%	0.00%	0.0%
WFC	Sell	WELLS FARGO CO NEW	$367,863	-9.4%	9,003	-5.3%	0.00%	-33.3%
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-2,191	–	-0.00%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,201	–	-0.00%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-439,963	–	-0.05%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-2,117,780	–	-1.34%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$1,189,686,373	–	3,263,465	–	7.88%	–
AMZN	New	AMAZON COM INC	$834,241,609	–	5,969,348	–	5.53%	–
KO	New	COCA COLA CO	$826,017,425	–	12,816,152	–	5.47%	–
MA	New	MASTERCARD INCORPORATEDcl a	$805,149,348	–	1,926,075	–	5.34%	–
CME	New	CME GROUP INC	$793,837,187	–	4,008,853	–	5.26%	–
UNH	New	UNITEDHEALTH GROUP INC	$755,653,630	–	1,470,649	–	5.01%	–
GOOG	New	ALPHABET INCcap stk cl c	$603,867,389	–	4,686,188	–	4.00%	–
ABT	New	ABBOTT LABS	$594,106,093	–	5,100,851	–	3.94%	–
BSX	New	BOSTON SCIENTIFIC CORP	$577,089,583	–	9,969,114	–	3.82%	–
V	New	VISA INC	$478,948,690	–	1,891,236	–	3.17%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$473,602,482	–	914,475	–	3.14%	–
BDX	New	BECTON DICKINSON & CO	$471,643,238	–	1,672,882	–	3.12%	–
VMC	New	VULCAN MATLS CO	$418,462,737	–	1,733,094	–	2.77%	–
NOW	New	SERVICENOW INC	$378,635,421	–	631,824	–	2.51%	–
MDLZ	New	MONDELEZ INTL INCcl a	$373,785,827	–	4,899,328	–	2.48%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$353,450,290	–	2,988,281	–	2.34%	–
CMCSA	New	COMCAST CORP NEWcl a	$329,485,639	–	7,583,868	–	2.18%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$319,254,248	–	2,928,646	–	2.12%	–
SHW	New	SHERWIN WILLIAMS CO	$268,918,151	–	949,761	–	1.78%	–
CASY	New	CASEYS GEN STORES INC	$265,292,051	–	1,040,421	–	1.76%	–
PEP	New	PEPSICO INC	$255,456,800	–	1,317,969	–	1.69%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$249,553,998	–	448	–	1.65%	–
SNPS	New	SYNOPSYS INC	$230,056,364	–	495,024	–	1.52%	–
YUMC	New	YUM CHINA HLDGS INC	$229,736,808	–	3,838,489	–	1.52%	–
INTU	New	INTUIT	$217,323,487	–	453,641	–	1.44%	–
BKNG	New	BOOKING HOLDINGS INC	$217,054,123	–	75,287	–	1.44%	–
WMT	New	WALMART INC	$208,436,040	–	1,273,523	–	1.38%	–
	New	RB GLOBAL INC	$204,579,510	–	3,247,751	–	1.36%	–
OTIS	New	OTIS WORLDWIDE CORP	$201,506,066	–	2,117,780	–	1.34%	–
HUM	New	HUMANA INC	$188,415,203	–	403,214	–	1.25%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$174,164,103	–	319,305	–	1.15%	–
NKE	New	NIKE INCcl b	$168,453,558	–	1,428,163	–	1.12%	–
HD	New	HOME DEPOT INC	$128,692,004	–	396,233	–	0.85%	–
PGR	New	PROGRESSIVE CORP	$128,511,672	–	928,906	–	0.85%	–
GOOGL	New	ALPHABET INCcap stk cl a	$107,124,370	–	855,010	–	0.71%	–
APH	New	AMPHENOL CORP NEWcl a	$103,684,325	–	1,167,350	–	0.69%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$103,446,034	–	1,248,742	–	0.68%	–
HDB	New	HDFC BANK LTDsponsored ads	$102,181,534	–	1,026,672	–	0.68%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$99,317,121	–	567,421	–	0.66%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$93,887,274	–	283,237	–	0.62%	–
GGG	New	GRACO INC	$90,676,250	–	1,004,364	–	0.60%	–
KLAC	New	KLA CORP	$76,956,342	–	151,798	–	0.51%	–
AON	New	AON PLC	$74,929,802	–	217,062	–	0.50%	–
ISRG	New	INTUITIVE SURGICAL INC	$60,917,337	–	166,237	–	0.40%	–
NTES	New	NETEASE INCsponsored ads	$35,739,178	–	371,555	–	0.24%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$35,765,800	–	27,268	–	0.24%	–
FND	New	FLOOR & DECOR HLDGS INCcl a	$33,431,871	–	307,382	–	0.22%	–
AAPL	New	APPLE INC	$32,277,384	–	166,404	–	0.21%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$31,996,800	–	1,214,291	–	0.21%	–
CPRT	New	COPART INC	$27,156,957	–	284,769	–	0.18%	–
MELI	New	MERCADOLIBRE INC	$24,040,499	–	20,606	–	0.16%	–
ACN	New	ACCENTURE PLC IRELAND	$20,890,389	–	69,113	–	0.14%	–
SLB	New	SCHLUMBERGER LTD	$7,216,023	–	146,906	–	0.05%	–
INFY	New	INFOSYS LTDsponsored adr	$7,070,205	–	439,963	–	0.05%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$6,787,537	–	64,060	–	0.04%	–
CPNG	New	COUPANG INCcl a	$692,650	–	44,495	–	0.01%	–
TJX	New	TJX COS INC NEW	$676,539	–	7,979	–	0.00%	–
GPC	New	GENUINE PARTS CO	$677,428	–	4,003	–	0.00%	–
JNJ	New	JOHNSON & JOHNSON	$673,997	–	4,072	–	0.00%	–
MDT	New	MEDTRONIC PLC	$550,537	–	6,249	–	0.00%	–
WFC	New	WELLS FARGO CO NEW	$405,929	–	9,511	–	0.00%	–
MTB	New	M & T BK CORP	$310,885	–	2,512	–	0.00%	–
AMT	New	AMERICAN TOWER CORP NEW	$232,922	–	1,201	–	0.00%	–
PNC	New	PNC FINL SVCS GROUP INC	$275,956	–	2,191	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,392	–	-0.00%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-2,539	–	-0.00%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-11,021	–	-0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-9,241	–	-0.01%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-7,238	–	-0.01%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-4,640	–	-0.01%	–
MTB	Exit	M & T BK CORP	$0	–	-4,414	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,998	–	-0.01%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-55,545	–	-0.02%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-24,979	–	-0.05%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-154,686	–	-0.08%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-232,524	–	-0.15%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-1,114,827	–	-0.15%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-3,070,096	–	-0.15%	–
AAPL	Exit	APPLE INC	$0	–	-149,228	–	-0.16%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-293,046	–	-0.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-116,077	–	-0.25%	–
KLAC	Exit	KLA CORP	$0	–	-97,466	–	-0.25%	–
MTD	Exit	METTLER TOLEDO INTERNATIONAL	$0	–	-35,641	–	-0.30%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-928,394	–	-0.37%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-652,763	–	-0.39%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-2,250,449	–	-0.43%	–
AON	Exit	AON PLC	$0	–	-208,247	–	-0.44%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-72,437	–	-0.47%	–
TER	Exit	TERADYNE INC	$0	–	-802,543	–	-0.51%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-907,308	–	-0.51%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-122,139	–	-0.52%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-544,067	–	-0.53%	–
CPRT	Exit	COPART INC	$0	–	-595,788	–	-0.54%	–
GGG	Exit	GRACO INC	$0	–	-1,069,899	–	-0.54%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-428,554	–	-0.57%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-196	–	-0.69%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-976,195	–	-0.71%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-407,735	–	-0.74%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,045,909	–	-0.78%	–
HD	Exit	HOME DEPOT INC	$0	–	-341,881	–	-0.80%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-1,849,135	–	-0.98%	–
INTU	Exit	INTUIT	$0	–	-312,463	–	-1.02%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,693,863	–	-1.22%	–
HUM	Exit	HUMANA INC	$0	–	-297,283	–	-1.22%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-763,208	–	-1.23%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-483,777	–	-1.28%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-2,391,513	–	-1.32%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-777,696	–	-1.38%	–
WMT	Exit	WALMART INC	$0	–	-1,266,725	–	-1.39%	–
PEP	Exit	PEPSICO INC	$0	–	-1,067,556	–	-1.48%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-2,642,412	–	-1.58%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-6,803,065	–	-1.69%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-1,024,513	–	-1.76%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-4,604,890	–	-2.14%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-2,899,258	–	-2.22%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,197,276	–	-2.29%	–
NOW	Exit	SERVICENOW INC	$0	–	-774,064	–	-2.52%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-197,300	–	-2.80%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-2,131,341	–	-2.90%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,722,076	–	-3.10%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-1,335,912	–	-3.16%	–
V	Exit	VISA INC	$0	–	-2,549,212	–	-3.90%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-12,617,789	–	-4.22%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-5,583,764	–	-4.63%	–
KO	Exit	COCA COLA CO	$0	–	-11,163,449	–	-5.40%	–
CME	Exit	CME GROUP INC	$0	–	-3,748,394	–	-5.74%	–
AMZN	Exit	AMAZON COM INC	$0	–	-6,030,079	–	-5.89%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,652,023	–	-6.48%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,511,787	–	-6.59%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,522,071	–	-7.08%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$895,665,000	-9.5%	3,522,071	-2.5%	7.08%	-2.1%
UNH	Sell	UNITEDHEALTH GROUP INC	$833,680,000	-4.4%	1,511,787	-5.0%	6.59%	+3.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$820,040,000	-11.6%	2,652,023	-4.2%	6.48%	-4.4%
AMZN	Sell	AMAZON COM INC	$745,275,000	-0.2%	6,030,079	-8.6%	5.89%	+7.9%
CME	Sell	CME GROUP INC	$726,290,000	-13.7%	3,748,394	-2.6%	5.74%	-6.6%
KO	Sell	COCA COLA CO	$683,780,000	-19.5%	11,163,449	-11.7%	5.40%	-12.9%
GOOG	Buy	ALPHABET INCcap stk cl c	$586,090,000	-12.2%	5,583,764	+1849.1%	4.63%	-5.1%
BSX	Sell	BOSTON SCIENTIFIC CORP	$534,750,000	+3.7%	12,617,789	-2.7%	4.22%	+12.1%
V	Sell	VISA INC	$493,530,000	-9.9%	2,549,212	-2.4%	3.90%	-2.5%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$400,465,000	-5.7%	1,335,912	+22.7%	3.16%	+1.9%
ABT	Buy	ABBOTT LABS	$392,645,000	+30.1%	3,722,076	+42.7%	3.10%	+40.7%
VMC	Sell	VULCAN MATLS CO	$367,640,000	+10.6%	2,131,341	-2.7%	2.90%	+19.6%
BKNG	Sell	BOOKING HOLDINGS INC	$354,560,000	-10.0%	197,300	-6.6%	2.80%	-2.7%
NOW	Buy	SERVICENOW INC	$318,680,000	-8.3%	774,064	+12.7%	2.52%	-0.9%
BDX	Sell	BECTON DICKINSON & CO	$290,205,000	-37.3%	1,197,276	-32.1%	2.29%	-32.2%
ICE	Buy	INTERCONTINENTAL EXCHANGE IN	$280,320,000	+37.4%	2,899,258	+39.9%	2.22%	+48.7%
MDLZ	Sell	MONDELEZ INTL INCcl a	$270,350,000	-10.4%	4,604,890	-0.7%	2.14%	-3.1%
CASY	Sell	CASEYS GEN STORES INC	$222,070,000	+1.7%	1,024,513	-9.1%	1.76%	+10.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$213,500,000	-20.1%	6,803,065	+4.6%	1.69%	-13.7%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$200,600,000	-33.2%	2,642,412	-22.3%	1.58%	-27.8%
PEP	Sell	PEPSICO INC	$186,615,000	-1.5%	1,067,556	-1.7%	1.48%	+6.5%
WMT	Sell	WALMART INC	$175,845,000	+7.1%	1,266,725	-1.8%	1.39%	+15.8%
SHW	Sell	SHERWIN WILLIAMS CO	$174,315,000	-8.8%	777,696	-2.7%	1.38%	-1.4%
OTIS	Sell	OTIS WORLDWIDE CORP	$166,810,000	-10.3%	2,391,513	-3.0%	1.32%	-2.9%
SNPS	Sell	SYNOPSYS INC	$161,590,000	-15.3%	483,777	-17.8%	1.28%	-8.4%
ISRG	Buy	INTUITIVE SURGICAL INC	$156,205,000	+58.6%	763,208	+65.9%	1.23%	+71.4%
HUM	Buy	HUMANA INC	$154,245,000	+16.2%	297,283	+9.7%	1.22%	+25.7%
NKE	Sell	NIKE INCcl b	$154,155,000	-34.4%	1,693,863	-21.3%	1.22%	-29.1%
INTU	Buy	INTUIT	$129,480,000	+26.6%	312,463	+23.3%	1.02%	+36.9%
RBA	Sell	RITCHIE BROS AUCTIONEERS	$124,170,000	-11.0%	1,849,135	-9.5%	0.98%	-3.8%
HD	Sell	HOME DEPOT INC	$100,965,000	+1.2%	341,881	-1.6%	0.80%	+9.5%
PYPL	Sell	PAYPAL HLDGS INC	$98,530,000	+22.9%	1,045,909	-2.8%	0.78%	+32.9%
EL	Buy	LAUDER ESTEE COS INCcl a	$94,280,000	-3.5%	407,735	+11.3%	0.74%	+4.3%
HDB	Buy	HDFC BANK LTDsponsored ads	$90,300,000	+25.6%	976,195	+11.6%	0.71%	+36.0%
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$87,120,000	–	196	–	0.69%	–
KEYS	Sell	KEYSIGHT TECHNOLOGIES INC	$72,135,000	-2.3%	428,554	-16.2%	0.57%	+5.6%
GGG	Sell	GRACO INC	$68,605,000	-33.7%	1,069,899	-35.7%	0.54%	-28.3%
CPRT	Sell	COPART INC	$67,810,000	-52.6%	595,788	-52.7%	0.54%	-48.8%
PGR	Sell	PROGRESSIVE CORP	$67,580,000	-51.0%	544,067	-52.0%	0.53%	-47.0%
TMO	New	THERMO FISHER SCIENTIFIC INC	$66,250,000	–	122,139	–	0.52%	–
APH	New	AMPHENOL CORP NEWcl a	$65,000,000	–	907,308	–	0.51%	–
TER	Buy	TERADYNE INC	$64,540,000	+1.0%	802,543	+17.7%	0.51%	+9.2%
MELI	Buy	MERCADOLIBRE INC	$59,875,000	+45.0%	72,437	+10.7%	0.47%	+56.6%
AON	New	AON PLC	$55,785,000	–	208,247	–	0.44%	–
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$54,775,000	-20.2%	2,250,449	+0.3%	0.43%	-13.7%
NTES	Buy	NETEASE INCsponsored ads	$49,295,000	+15.2%	652,763	+41.3%	0.39%	+24.6%
JD	Sell	JD.COM INCspon adr cl a	$46,645,000	-37.3%	928,394	-20.3%	0.37%	-32.0%
MTD	Buy	METTLER TOLEDO INTERNATIONAL	$38,640,000	+84.6%	35,641	+95.6%	0.30%	+99.3%
KLAC	New	KLA CORP	$31,555,000	–	97,466	–	0.25%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$31,245,000	–	116,077	–	0.25%	–
GOOGL	New	ALPHABET INCcap stk cl a	$30,095,000	–	293,046	–	0.24%	–
AAPL	Buy	APPLE INC	$20,625,000	+14.5%	149,228	+13.2%	0.16%	+23.5%
BZUN	Sell	BAOZUN INCsponsored adr	$19,260,000	-42.4%	3,070,096	-0.2%	0.15%	-37.7%
INFY	Sell	INFOSYS LTDsponsored adr	$18,920,000	-28.0%	1,114,827	-21.5%	0.15%	-22.4%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$18,560,000	–	232,524	–	0.15%	–
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$9,695,000	-32.7%	154,686	-28.0%	0.08%	-26.7%
ACN	Sell	ACCENTURE PLC IRELAND	$6,555,000	-13.5%	24,979	-12.4%	0.05%	-5.5%
YUMC	Sell	YUM CHINA HLDGS INC	$2,630,000	-49.4%	55,545	-48.2%	0.02%	-44.7%
JNJ	Sell	JOHNSON & JOHNSON	$980,000	-99.3%	5,998	-99.2%	0.01%	-99.2%
MTB	Sell	M & T BK CORP	$780,000	+9.9%	4,414	-0.7%	0.01%	+20.0%
GPC	Sell	GENUINE PARTS CO	$690,000	+11.3%	4,640	-0.7%	0.01%	0.0%
MDT	Sell	MEDTRONIC PLC	$585,000	-10.7%	7,238	-0.7%	0.01%	0.0%
TJX	Sell	TJX COS INC NEW	$575,000	+10.6%	9,241	-0.7%	0.01%	+25.0%
WFC	Sell	WELLS FARGO CO NEW	$445,000	+2.3%	11,021	-0.7%	0.00%	+33.3%
PNC	Sell	PNC FINL SVCS GROUP INC	$380,000	-6.2%	2,539	-0.7%	0.00%	0.0%
AMT	Sell	AMERICAN TOWER CORP NEW	$300,000	-16.7%	1,392	-0.7%	0.00%	-33.3%
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-34,825	–	-0.01%	–
DIS	Exit	DISNEY WALT CO	$0	–	-719,204	–	-0.52%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-573,017	–	-0.80%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$989,170,000	–	3,613,743	–	7.23%	–
MA	New	MASTERCARD INCORPORATEDcl a	$927,260,000	–	2,768,290	–	6.78%	–
UNH	New	UNITEDHEALTH GROUP INC	$871,830,000	–	1,591,968	–	6.37%	–
KO	New	COCA COLA CO	$849,030,000	–	12,641,996	–	6.20%	–
CME	New	CME GROUP INC	$841,250,000	–	3,850,206	–	6.15%	–
AMZN	New	AMAZON COM INC	$747,120,000	–	6,597,959	–	5.46%	–
GOOG	New	ALPHABET INCcap stk cl c	$667,720,000	–	286,482	–	4.88%	–
V	New	VISA INC	$547,460,000	–	2,613,006	–	4.00%	–
BSX	New	BOSTON SCIENTIFIC CORP	$515,860,000	–	12,962,801	–	3.77%	–
BDX	New	BECTON DICKINSON & CO	$463,010,000	–	1,763,230	–	3.38%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$424,890,000	–	1,088,980	–	3.10%	–
BKNG	New	BOOKING HOLDINGS INC	$393,965,000	–	211,333	–	2.88%	–
NOW	New	SERVICENOW INC	$347,650,000	–	686,570	–	2.54%	–
VMC	New	VULCAN MATLS CO	$332,270,000	–	2,190,878	–	2.43%	–
MDLZ	New	MONDELEZ INTL INCcl a	$301,720,000	–	4,638,534	–	2.20%	–
ABT	New	ABBOTT LABS	$301,740,000	–	2,608,925	–	2.20%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$300,245,000	–	3,400,629	–	2.19%	–
CMCSA	New	COMCAST CORP NEWcl a	$267,330,000	–	6,506,281	–	1.95%	–
NKE	New	NIKE INCcl b	$235,125,000	–	2,152,478	–	1.72%	–
CASY	New	CASEYS GEN STORES INC	$218,270,000	–	1,126,704	–	1.60%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$203,960,000	–	2,071,709	–	1.49%	–
SHW	New	SHERWIN WILLIAMS CO	$191,120,000	–	799,134	–	1.40%	–
SNPS	New	SYNOPSYS INC	$190,825,000	–	588,663	–	1.39%	–
PEP	New	PEPSICO INC	$189,485,000	–	1,085,502	–	1.38%	–
OTIS	New	OTIS WORLDWIDE CORP	$185,875,000	–	2,465,891	–	1.36%	–
WMT	New	WALMART INC	$164,130,000	–	1,289,300	–	1.20%	–
CPRT	New	COPART INC	$143,195,000	–	1,259,039	–	1.05%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$139,555,000	–	2,042,359	–	1.02%	–
PGR	New	PROGRESSIVE CORP	$137,960,000	–	1,133,814	–	1.01%	–
HUM	New	HUMANA INC	$132,750,000	–	270,953	–	0.97%	–
JNJ	New	JOHNSON & JOHNSON	$131,860,000	–	710,580	–	0.96%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$109,545,000	–	573,017	–	0.80%	–
GGG	New	GRACO INC	$103,500,000	–	1,664,091	–	0.76%	–
INTU	New	INTUIT	$102,275,000	–	253,463	–	0.75%	–
HD	New	HOME DEPOT INC	$99,785,000	–	347,448	–	0.73%	–
ISRG	New	INTUITIVE SURGICAL INC	$98,460,000	–	460,032	–	0.72%	–
EL	New	LAUDER ESTEE COS INCcl a	$97,750,000	–	366,380	–	0.71%	–
PYPL	New	PAYPAL HLDGS INC	$80,200,000	–	1,075,498	–	0.59%	–
JD	New	JD.COM INCspon adr cl a	$74,340,000	–	1,165,322	–	0.54%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$73,860,000	–	511,695	–	0.54%	–
HDB	New	HDFC BANK LTDsponsored ads	$71,900,000	–	874,603	–	0.52%	–
DIS	New	DISNEY WALT CO	$71,060,000	–	719,204	–	0.52%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$68,650,000	–	2,244,758	–	0.50%	–
TER	New	TERADYNE INC	$63,915,000	–	681,621	–	0.47%	–
NTES	New	NETEASE INCsponsored ads	$42,805,000	–	461,833	–	0.31%	–
MELI	New	MERCADOLIBRE INC	$41,290,000	–	65,452	–	0.30%	–
BZUN	New	BAOZUN INCsponsored adr	$33,430,000	–	3,075,679	–	0.24%	–
INFY	New	INFOSYS LTDsponsored adr	$26,275,000	–	1,419,446	–	0.19%	–
MTD	New	METTLER TOLEDO INTERNATIONAL	$20,935,000	–	18,224	–	0.15%	–
AAPL	New	APPLE INC	$18,020,000	–	131,814	–	0.13%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$14,410,000	–	214,763	–	0.10%	–
ACN	New	ACCENTURE PLC IRELAND	$7,580,000	–	28,499	–	0.06%	–
YUMC	New	YUM CHINA HLDGS INC	$5,200,000	–	107,261	–	0.04%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$1,925,000	–	34,825	–	0.01%	–
GPC	New	GENUINE PARTS CO	$620,000	–	4,673	–	0.01%	–
MDT	New	MEDTRONIC PLC	$655,000	–	7,290	–	0.01%	–
MTB	New	M & T BK CORP	$710,000	–	4,445	–	0.01%	–
TJX	New	TJX COS INC NEW	$520,000	–	9,307	–	0.00%	–
WFC	New	WELLS FARGO CO NEW	$435,000	–	11,100	–	0.00%	–
AMT	New	AMERICAN TOWER CORP NEW	$360,000	–	1,402	–	0.00%	–
PNC	New	PNC FINL SVCS GROUP INC	$405,000	–	2,557	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
IFN	Exit	INDIA FD INC	$0	–	-17,617	–	-0.00%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,449	–	-0.00%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,106	–	-0.00%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-4,827	–	-0.00%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-2,640	–	-0.00%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-11,469	–	-0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-9,615	–	-0.00%	–
MTB	Exit	M & T BK CORP	$0	–	-4,592	–	-0.00%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-34,825	–	-0.01%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-107,314	–	-0.07%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-74,450	–	-0.12%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-1,322,151	–	-0.17%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-2,309,026	–	-0.22%	–
GGG	Exit	GRACO INC	$0	–	-1,043,831	–	-0.42%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-347,116	–	-0.43%	–
TER	Exit	TERADYNE INC	$0	–	-678,355	–	-0.43%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-411,789	–	-0.44%	–
CPRT	Exit	COPART INC	$0	–	-548,040	–	-0.44%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-798,040	–	-0.45%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-1,013,245	–	-0.48%	–
HD	Exit	HOME DEPOT INC	$0	–	-295,184	–	-0.56%	–
HUM	Exit	HUMANA INC	$0	–	-285,306	–	-0.64%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-1,812,314	–	-0.65%	–
HSY	Exit	HERSHEY CO	$0	–	-674,219	–	-0.66%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-833,238	–	-0.78%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-2,066,136	–	-0.82%	–
PEP	Exit	PEPSICO INC	$0	–	-1,011,274	–	-0.88%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,817,396	–	-0.95%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-956,500	–	-1.05%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,506,450	–	-1.14%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-1,383,162	–	-1.14%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-695,896	–	-1.22%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-755,603	–	-1.24%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-219,128	–	-1.28%	–
ROST	Exit	ROSS STORES INC	$0	–	-2,002,436	–	-1.28%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-1,082,264	–	-1.33%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-2,801,337	–	-1.34%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-4,303,256	–	-1.38%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-2,888,982	–	-1.39%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,516,171	–	-1.50%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-4,701,693	–	-1.58%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-1,872,825	–	-1.85%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-3,052,068	–	-2.00%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,934,806	–	-2.50%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,829,028	–	-2.63%	–
NOW	Exit	SERVICENOW INC	$0	–	-767,711	–	-2.79%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-209,722	–	-2.90%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-877,192	–	-2.95%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-11,775,598	–	-2.99%	–
ABT	Exit	ABBOTT LABS	$0	–	-4,334,870	–	-3.00%	–
V	Exit	VISA INC	$0	–	-2,396,662	–	-3.12%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-3,286,074	–	-3.16%	–
KO	Exit	COCA COLA CO	$0	–	-13,469,310	–	-4.14%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-2,826,338	–	-4.30%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,910,741	–	-4.37%	–
CME	Exit	CME GROUP INC	$0	–	-4,067,692	–	-4.60%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-350,902	–	-5.47%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,934,864	–	-5.97%	–
AMZN	Exit	AMAZON COM INC	$0	–	-348,141	–	-6.69%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,874,820	–	-8.05%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$1,430,405,000	+4.3%	4,874,820	-0.5%	8.05%	+14.2%
AMZN	Sell	AMAZON COM INC	$1,189,225,000	-4.2%	348,141	-0.3%	6.69%	+4.9%
MA	Buy	MASTERCARD INCORPORATEDcl a	$1,060,650,000	+3.4%	2,934,864	+7.8%	5.97%	+13.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$972,800,000	+6.6%	350,902	-0.4%	5.47%	+16.9%
CME	Buy	CME GROUP INC	$818,075,000	-7.2%	4,067,692	+1.5%	4.60%	+1.7%
UNH	Sell	UNITEDHEALTH GROUP INC	$776,315,000	-2.5%	1,910,741	-0.8%	4.37%	+6.8%
PYPL	Buy	PAYPAL HLDGS INC	$765,060,000	+24.5%	2,826,338	+38.7%	4.30%	+36.4%
KO	Sell	COCA COLA CO	$735,120,000	-2.7%	13,469,310	-0.3%	4.14%	+6.7%
KEYS	Sell	KEYSIGHT TECHNOLOGIES INC	$561,365,000	+6.5%	3,286,074	-0.6%	3.16%	+16.7%
V	Sell	VISA INC	$555,010,000	-39.9%	2,396,662	-37.2%	3.12%	-34.1%
ABT	Sell	ABBOTT LABS	$532,290,000	+2.0%	4,334,870	-0.6%	3.00%	+11.8%
BSX	Sell	BOSTON SCIENTIFIC CORP	$531,585,000	-4.2%	11,775,598	-6.2%	2.99%	+5.0%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$524,850,000	+10.7%	877,192	+11.9%	2.95%	+21.3%
BKNG	Sell	BOOKING HOLDINGS INC	$516,285,000	+1.2%	209,722	-7.4%	2.90%	+10.9%
NOW	Sell	SERVICENOW INC	$496,615,000	+13.8%	767,711	-0.1%	2.79%	+24.7%
BDX	Sell	BECTON DICKINSON & CO	$466,800,000	-9.0%	1,829,028	-10.5%	2.63%	-0.2%
NKE	Sell	NIKE INCcl b	$443,960,000	-16.3%	2,934,806	-11.5%	2.50%	-8.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$354,760,000	-29.1%	3,052,068	-25.4%	2.00%	-22.3%
VMC	New	VULCAN MATLS CO	$329,575,000	–	1,872,825	–	1.85%	–
MDLZ	Buy	MONDELEZ INTL INCcl a	$280,730,000	+2.3%	4,701,693	+9.6%	1.58%	+12.1%
DIS	Sell	DISNEY WALT CO	$267,065,000	-21.2%	1,516,171	-18.6%	1.50%	-13.7%
OTIS	Sell	OTIS WORLDWIDE CORP	$247,120,000	-31.0%	2,888,982	-31.8%	1.39%	-24.4%
YUMC	Sell	YUM CHINA HLDGS INC	$244,950,000	-48.8%	4,303,256	-41.6%	1.38%	-43.9%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$238,500,000	-3.9%	2,801,337	-6.3%	1.34%	+5.3%
DG	Buy	DOLLAR GEN CORP NEW	$236,785,000	+3.5%	1,082,264	+5.0%	1.33%	+13.5%
ROST	Sell	ROSS STORES INC	$226,915,000	-15.0%	2,002,436	-3.8%	1.28%	-6.8%
ISRG	Sell	INTUITIVE SURGICAL INC	$226,675,000	-3.3%	219,128	-11.1%	1.28%	+5.9%
SHW	Sell	SHERWIN WILLIAMS CO	$219,965,000	+3.0%	755,603	-0.3%	1.24%	+12.9%
SNPS	Sell	SYNOPSYS INC	$216,780,000	-9.1%	695,896	-16.8%	1.22%	-0.3%
EA	Buy	ELECTRONIC ARTS INC	$203,100,000	+17.3%	1,383,162	+18.0%	1.14%	+28.6%
CMCSA	Buy	COMCAST CORP NEWcl a	$202,220,000	+17.0%	3,506,450	+18.7%	1.14%	+28.2%
CASY	Buy	CASEYS GEN STORES INC	$185,900,000	+10.3%	956,500	+13.3%	1.05%	+20.8%
PGR	Buy	PROGRESSIVE CORP	$169,410,000	+9.9%	1,817,396	+18.7%	0.95%	+20.3%
PEP	Buy	PEPSICO INC	$156,980,000	+35.7%	1,011,274	+33.0%	0.88%	+48.7%
JD	New	JD.COM INCspon adr cl a	$146,280,000	–	2,066,136	–	0.82%	–
JNJ	Buy	JOHNSON & JOHNSON	$138,875,000	+8.5%	833,238	+10.5%	0.78%	+18.9%
HSY	Buy	HERSHEY CO	$117,680,000	+42.7%	674,219	+45.6%	0.66%	+56.5%
RBA	Buy	RITCHIE BROS AUCTIONEERS	$115,260,000	+6.5%	1,812,314	+1.9%	0.65%	+16.7%
HUM	Buy	HUMANA INC	$114,505,000	-4.1%	285,306	+8.6%	0.64%	+5.1%
HD	Buy	HOME DEPOT INC	$99,960,000	+5.5%	295,184	+2.0%	0.56%	+15.6%
NTES	Sell	NETEASE INCsponsored ads	$84,740,000	-53.3%	1,013,245	-37.0%	0.48%	-48.8%
HDB	Sell	HDFC BANK LTDsponsored ads	$80,305,000	-24.9%	798,040	-32.4%	0.45%	-17.7%
CPRT	Sell	COPART INC	$78,390,000	-9.0%	548,040	-13.9%	0.44%	-0.2%
UPS	New	UNITED PARCEL SERVICE INCcl b	$77,340,000	–	411,789	–	0.44%	–
TER	Sell	TERADYNE INC	$76,350,000	-77.6%	678,355	-72.5%	0.43%	-75.4%
STZ	Sell	CONSTELLATION BRANDS INCcl a	$76,175,000	-32.2%	347,116	-25.1%	0.43%	-25.6%
GGG	Buy	GRACO INC	$75,325,000	+115.0%	1,043,831	+131.6%	0.42%	+135.6%
BZUN	Sell	BAOZUN INCsponsored adr	$39,720,000	-58.1%	2,309,026	-15.3%	0.22%	-54.2%
INFY	Buy	INFOSYS LTDsponsored adr	$29,420,000	+506.0%	1,322,151	+477.0%	0.17%	+564.0%
ACN	Sell	ACCENTURE PLC IRELAND	$20,605,000	+8.8%	74,450	-2.0%	0.12%	+19.6%
MDT	Sell	MEDTRONIC PLC	$11,765,000	-72.4%	107,314	-70.7%	0.07%	-69.9%
IFN	Sell	INDIA FD INC	$410,000	-1.2%	17,617	-6.7%	0.00%	0.0%
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-45,464	–	-0.01%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-227,688	–	-0.44%	–
XP	Exit	XP INCcl a	$0	–	-2,687,759	–	-0.59%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,169,393	–	-0.71%	–
ATHM	Exit	AUTOHOME INCsp ads rp cl a	$0	–	-2,727,611	–	-0.88%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-506	–	-1.09%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,482,460	–	-2.22%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$1,372,050,000	–	4,898,532	–	7.04%	–
AMZN	New	AMAZON COM INC	$1,241,905,000	–	349,309	–	6.38%	–
MA	New	MASTERCARD INCORPORATEDcl a	$1,025,660,000	–	2,723,701	–	5.27%	–
V	New	VISA INC	$922,780,000	–	3,816,615	–	4.74%	–
GOOG	New	ALPHABET INCcap stk cl c	$912,300,000	–	352,252	–	4.68%	–
CME	New	CME GROUP INC	$881,195,000	–	4,008,425	–	4.52%	–
UNH	New	UNITEDHEALTH GROUP INC	$796,485,000	–	1,926,833	–	4.09%	–
KO	New	COCA COLA CO	$755,320,000	–	13,507,265	–	3.88%	–
PYPL	New	PAYPAL HLDGS INC	$614,550,000	–	2,037,682	–	3.16%	–
BSX	New	BOSTON SCIENTIFIC CORP	$554,710,000	–	12,549,562	–	2.85%	–
NKE	New	NIKE INCcl b	$530,190,000	–	3,316,232	–	2.72%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$527,120,000	–	3,304,499	–	2.71%	–
ABT	New	ABBOTT LABS	$521,990,000	–	4,362,428	–	2.68%	–
BDX	New	BECTON DICKINSON & CO	$512,710,000	–	2,043,295	–	2.63%	–
BKNG	New	BOOKING HOLDINGS INC	$510,190,000	–	226,564	–	2.62%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$500,320,000	–	4,090,704	–	2.57%	–
YUMC	New	YUM CHINA HLDGS INC	$478,370,000	–	7,371,988	–	2.46%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$474,290,000	–	784,006	–	2.44%	–
NOW	New	SERVICENOW INC	$436,240,000	–	768,729	–	2.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$432,445,000	–	1,482,460	–	2.22%	–
OTIS	New	OTIS WORLDWIDE CORP	$358,175,000	–	4,238,613	–	1.84%	–
TER	New	TERADYNE INC	$341,020,000	–	2,466,589	–	1.75%	–
DIS	New	DISNEY WALT CO	$339,065,000	–	1,863,420	–	1.74%	–
MDLZ	New	MONDELEZ INTL INCcl a	$274,350,000	–	4,290,540	–	1.41%	–
ROST	New	ROSS STORES INC	$266,815,000	–	2,081,168	–	1.37%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$248,080,000	–	2,991,065	–	1.27%	–
SNPS	New	SYNOPSYS INC	$238,470,000	–	836,668	–	1.22%	–
ISRG	New	INTUITIVE SURGICAL INC	$234,400,000	–	246,425	–	1.20%	–
DG	New	DOLLAR GEN CORP NEW	$228,720,000	–	1,030,457	–	1.17%	–
SHW	New	SHERWIN WILLIAMS CO	$213,545,000	–	758,233	–	1.10%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$211,810,000	–	506	–	1.09%	–
NTES	New	NETEASE INCsponsored ads	$181,550,000	–	1,607,803	–	0.93%	–
EA	New	ELECTRONIC ARTS INC	$173,090,000	–	1,172,271	–	0.89%	–
CMCSA	New	COMCAST CORP NEWcl a	$172,845,000	–	2,952,952	–	0.89%	–
ATHM	New	AUTOHOME INCsp ads rp cl a	$171,230,000	–	2,727,611	–	0.88%	–
CASY	New	CASEYS GEN STORES INC	$168,610,000	–	843,857	–	0.87%	–
PGR	New	PROGRESSIVE CORP	$154,200,000	–	1,531,595	–	0.79%	–
BAP	New	CREDICORP LTD	$138,840,000	–	1,169,393	–	0.71%	–
JNJ	New	JOHNSON & JOHNSON	$128,020,000	–	754,253	–	0.66%	–
HUM	New	HUMANA INC	$119,340,000	–	262,606	–	0.61%	–
PEP	New	PEPSICO INC	$115,645,000	–	760,358	–	0.59%	–
XP	New	XP INCcl a	$114,620,000	–	2,687,759	–	0.59%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$112,370,000	–	463,673	–	0.58%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$108,275,000	–	1,778,852	–	0.56%	–
HDB	New	HDFC BANK LTDsponsored ads	$106,860,000	–	1,180,613	–	0.55%	–
BZUN	New	BAOZUN INCsponsored adr	$94,835,000	–	2,726,347	–	0.49%	–
HD	New	HOME DEPOT INC	$94,740,000	–	289,315	–	0.49%	–
NOC	New	NORTHROP GRUMMAN CORP	$86,360,000	–	227,688	–	0.44%	–
CPRT	New	COPART INC	$86,125,000	–	636,486	–	0.44%	–
HSY	New	HERSHEY CO	$82,470,000	–	462,953	–	0.42%	–
MDT	New	MEDTRONIC PLC	$42,570,000	–	365,816	–	0.22%	–
GGG	New	GRACO INC	$35,030,000	–	450,711	–	0.18%	–
ACN	New	ACCENTURE PLC IRELAND	$18,940,000	–	75,987	–	0.10%	–
INFY	New	INFOSYS LTDsponsored adr	$4,855,000	–	229,124	–	0.02%	–
LVS	New	LAS VEGAS SANDS CORP	$2,395,000	–	45,464	–	0.01%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$1,840,000	–	34,825	–	0.01%	–
GPC	New	GENUINE PARTS CO	$610,000	–	4,827	–	0.00%	–
WFC	New	WELLS FARGO CO NEW	$520,000	–	11,469	–	0.00%	–
TJX	New	TJX COS INC NEW	$650,000	–	9,615	–	0.00%	–
MTB	New	M & T BK CORP	$670,000	–	4,592	–	0.00%	–
PNC	New	PNC FINL SVCS GROUP INC	$505,000	–	2,640	–	0.00%	–
IFN	New	INDIA FD INC	$415,000	–	18,878	–	0.00%	–
AMT	New	AMERICAN TOWER CORP NEW	$390,000	–	1,449	–	0.00%	–
PM	New	PHILIP MORRIS INTL INC	$410,000	–	4,106	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-2,239	–	-0.00%	–
IFN	Exit	INDIA FD INC	$0	–	-12,453	–	-0.00%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-52,452	–	-0.00%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,550	–	-0.00%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-5,166	–	-0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-10,291	–	-0.00%	–
BAP	Exit	CREDICORP LTD	$0	–	-16,432	–	-0.01%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-48,992	–	-0.01%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-58,738	–	-0.01%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-231,693	–	-0.02%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-223,085	–	-0.09%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-119,312	–	-0.14%	–
XP	Exit	XP INCcl a	$0	–	-817,332	–	-0.20%	–
MTB	Exit	M & T BK CORP	$0	–	-470,576	–	-0.28%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-202,363	–	-0.33%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-716,492	–	-0.33%	–
CPRT	Exit	COPART INC	$0	–	-496,539	–	-0.33%	–
GGG	Exit	GRACO INC	$0	–	-869,417	–	-0.34%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-27,188,804	–	-0.36%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,114,643	–	-0.38%	–
TER	Exit	TERADYNE INC	$0	–	-839,020	–	-0.43%	–
HD	Exit	HOME DEPOT INC	$0	–	-272,010	–	-0.48%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-247,294	–	-0.50%	–
ABT	Exit	ABBOTT LABS	$0	–	-732,343	–	-0.51%	–
HSY	Exit	HERSHEY CO	$0	–	-616,108	–	-0.56%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-501,756	–	-0.58%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-626,203	–	-0.63%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-1,062,871	–	-0.67%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-4,077,406	–	-0.78%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-2,421,579	–	-0.81%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-603,155	–	-0.81%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-984,913	–	-0.82%	–
YNDX	Exit	YANDEX N V	$0	–	-2,301,382	–	-0.89%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-1,904,165	–	-1.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-547	–	-1.05%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-2,237,588	–	-1.27%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-3,875,214	–	-1.29%	–
SNPS	Exit	SYNOPSYS INC	$0	–	-960,276	–	-1.30%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-301,251	–	-1.35%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-486,043	–	-1.41%	–
CME	Exit	CME GROUP INC	$0	–	-1,388,560	–	-1.47%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-4,160,897	–	-1.52%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-349,764	–	-1.54%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-19,204,548	–	-1.68%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-622,479	–	-1.70%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,170,144	–	-1.72%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-163,642	–	-1.75%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,244,270	–	-1.76%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-624,318	–	-1.93%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,492,154	–	-2.07%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-4,197,935	–	-2.08%	–
ROST	Exit	ROSS STORES INC	$0	–	-3,559,990	–	-2.10%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-7,221,768	–	-2.12%	–
PEP	Exit	PEPSICO INC	$0	–	-2,493,569	–	-2.20%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,610,708	–	-2.37%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-7,594,773	–	-2.38%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-9,955,837	–	-2.41%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,949,067	–	-2.42%	–
KO	Exit	COCA COLA CO	$0	–	-7,955,481	–	-2.49%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,011,307	–	-2.84%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,565,404	–	-2.95%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,610,826	–	-3.18%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-353,387	–	-3.28%	–
V	Exit	VISA INC	$0	–	-2,824,512	–	-3.57%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,117,793	–	-4.50%	–
AMZN	Exit	AMAZON COM INC	$0	–	-275,207	–	-5.47%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,571,585	–	-6.08%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-5,884,769	–	-10.39%	–

Q3 2020

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$1,729,955,000	+31.6%	5,884,769	-3.1%	10.39%	+17.8%
MSFT	Buy	MICROSOFT CORP	$1,011,885,000	+12.9%	4,571,585	+9.8%	6.08%	+1.1%
AMZN	Buy	AMAZON COM INC	$910,410,000	+15.5%	275,207	+2.0%	5.47%	+3.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$748,265,000	+6.6%	2,117,793	-6.1%	4.50%	-4.5%
V	Sell	VISA INC	$593,565,000	+1.0%	2,824,512	-1.8%	3.57%	-9.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$546,230,000	+2.0%	353,387	-1.3%	3.28%	-8.7%
UNH	Buy	UNITEDHEALTH GROUP INC	$529,020,000	+10.1%	1,610,826	+4.8%	3.18%	-1.4%
MDT	Sell	MEDTRONIC PLC	$491,590,000	+12.5%	4,565,404	-0.0%	2.95%	+0.8%
JNJ	Buy	JOHNSON & JOHNSON	$472,080,000	+14.8%	3,011,307	+9.2%	2.84%	+2.8%
KO	Buy	COCA COLA CO	$414,015,000	+20.1%	7,955,481	+9.5%	2.49%	+7.6%
PYPL	Sell	PAYPAL HLDGS INC	$403,075,000	-13.2%	1,949,067	-22.5%	2.42%	-22.2%
BSX	Buy	BOSTON SCIENTIFIC CORP	$400,545,000	+26.6%	9,955,837	+17.2%	2.41%	+13.4%
YUMC	Buy	YUM CHINA HLDGS INC	$395,645,000	+16.0%	7,594,773	+5.8%	2.38%	+3.9%
BDX	Buy	BECTON DICKINSON & CO	$394,785,000	+24.9%	1,610,708	+29.4%	2.37%	+11.9%
PEP	Sell	PEPSICO INC	$365,790,000	+2.7%	2,493,569	-1.3%	2.20%	-8.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$352,415,000	+22.3%	7,221,768	+3.8%	2.12%	+9.6%
ROST	Buy	ROSS STORES INC	$349,790,000	+56.5%	3,559,990	+43.8%	2.10%	+40.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$345,750,000	-5.8%	4,197,935	-34.2%	2.08%	-15.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$344,795,000	+37.6%	1,492,154	+16.2%	2.07%	+23.3%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$321,865,000	-13.2%	624,318	-22.2%	1.93%	-22.2%
DIS	Sell	DISNEY WALT CO	$293,115,000	+9.3%	2,244,270	-1.1%	1.76%	-2.1%
BKNG	Buy	BOOKING HOLDINGS INC	$291,850,000	+14.4%	163,642	+7.5%	1.75%	+2.5%
NKE	Buy	NIKE INCcl b	$285,780,000	+69.8%	2,170,144	+33.6%	1.72%	+52.1%
NTES	Sell	NETEASE INCsponsored ads	$282,530,000	+2.5%	622,479	-2.9%	1.70%	-8.2%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$279,845,000	+19.8%	19,204,548	+9.6%	1.68%	+7.3%
SHW	Sell	SHERWIN WILLIAMS CO	$256,190,000	-14.9%	349,764	-28.9%	1.54%	-23.7%
MDLZ	Buy	MONDELEZ INTL INCcl a	$252,255,000	+21.6%	4,160,897	+8.8%	1.52%	+9.0%
CME	Buy	CME GROUP INC	$244,420,000	+84.2%	1,388,560	+79.7%	1.47%	+64.9%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$235,030,000	+8.0%	486,043	-0.5%	1.41%	-3.2%
ISRG	Sell	INTUITIVE SURGICAL INC	$224,990,000	-1.2%	301,251	-20.1%	1.35%	-11.5%
SNPS	Sell	SYNOPSYS INC	$215,600,000	-20.9%	960,276	-27.3%	1.30%	-29.1%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$214,490,000	+2.5%	3,875,214	+13.6%	1.29%	-8.1%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$211,575,000	-7.2%	2,237,588	-26.8%	1.27%	-16.9%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$175,040,000	+43.3%	547	+19.7%	1.05%	+28.4%
SBUX	Sell	STARBUCKS CORP	$171,780,000	+14.9%	1,904,165	-0.9%	1.03%	+2.9%
YNDX	Sell	YANDEX N V	$147,590,000	-38.3%	2,301,382	-52.5%	0.89%	-44.7%
EA	Buy	ELECTRONIC ARTS INC	$137,245,000	+4.8%	984,913	+7.0%	0.82%	-6.0%
DG	Buy	DOLLAR GEN CORP NEW	$135,395,000	+44.3%	603,155	+32.6%	0.81%	+29.3%
HDB	Sell	HDFC BANK LTDsponsored ads	$135,010,000	+7.1%	2,421,579	-2.5%	0.81%	-4.0%
BZUN	Buy	BAOZUN INCsponsored adr	$130,430,000	+8.9%	4,077,406	+29.4%	0.78%	-2.4%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$111,855,000	+3.9%	1,062,871	+6.8%	0.67%	-6.9%
MSI	Buy	MOTOROLA SOLUTIONS INC	$104,605,000	+37.0%	626,203	+23.4%	0.63%	+22.7%
CASY	Buy	CASEYS GEN STORES INC	$97,405,000	+91.6%	501,756	+60.1%	0.58%	+71.6%
HSY	Buy	HERSHEY CO	$94,090,000	+53.3%	616,108	+39.8%	0.56%	+37.1%
ABT	Buy	ABBOTT LABS	$84,850,000	+25.7%	732,343	+6.4%	0.51%	+12.6%
NOC	Buy	NORTHROP GRUMMAN CORP	$83,745,000	+17.5%	247,294	+14.6%	0.50%	+5.2%
HD	Sell	HOME DEPOT INC	$80,505,000	+5.8%	272,010	-3.8%	0.48%	-5.1%
TER	New	TERADYNE INC	$71,015,000	–	839,020	–	0.43%	–
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$64,020,000	-45.3%	1,114,643	-49.6%	0.38%	-51.0%
ABEV	Sell	AMBEV SAsponsored adr	$60,585,000	-59.1%	27,188,804	-52.1%	0.36%	-63.4%
GGG	Sell	GRACO INC	$56,845,000	-5.9%	869,417	-25.8%	0.34%	-15.6%
CPRT	Sell	COPART INC	$55,595,000	+20.6%	496,539	-3.8%	0.33%	+8.1%
INFO	New	IHS MARKIT LTD	$54,730,000	–	716,492	–	0.33%	–
CRM	Sell	SALESFORCE COM INC	$54,245,000	-16.4%	202,363	-37.3%	0.33%	-25.1%
MTB	Buy	M & T BK CORP	$46,150,000	+1.1%	470,576	+15.0%	0.28%	-9.5%
XP	Buy	XP INCcl a	$33,485,000	+0.5%	817,332	+1.6%	0.20%	-10.3%
ACN	Sell	ACCENTURE PLC IRELAND	$23,020,000	-5.7%	119,312	-6.5%	0.14%	-15.9%
PM	Sell	PHILIP MORRIS INTL INC	$14,330,000	+0.3%	223,085	-2.3%	0.09%	-10.4%
LVS	Sell	LAS VEGAS SANDS CORP	$2,285,000	+2.2%	48,992	-0.3%	0.01%	-6.7%
TJX	Buy	TJX COS INC NEW	$570,000	+83.9%	10,291	+67.0%	0.00%	+50.0%
GPC	Sell	GENUINE PARTS CO	$490,000	+6.5%	5,166	-2.4%	0.00%	0.0%
AMT	Sell	AMERICAN TOWER CORP NEW	$375,000	-8.5%	1,550	-2.4%	0.00%	-33.3%
IFN	New	INDIA FD INC	$205,000	–	12,453	–	0.00%	–
ITUB	Sell	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$210,000	-16.0%	52,452	-2.4%	0.00%	-50.0%
PNC	Sell	PNC FINL SVCS GROUP INC	$245,000	+2.1%	2,239	-2.4%	0.00%	-50.0%
AL	Exit	AIR LEASE CORPcl a	$0	–	-797,264	–	-0.17%	–
ECL	Exit	ECOLAB INC	$0	–	-184,114	–	-0.26%	–

Q2 2020

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,314,915,000	–	6,074,451	–	8.82%	–
MSFT	New	MICROSOFT CORP	$896,410,000	–	4,164,326	–	6.01%	–
AMZN	New	AMAZON COM INC	$788,510,000	–	269,688	–	5.29%	–
MA	New	MASTERCARD INCORPORATEDcl a	$701,700,000	–	2,255,515	–	4.71%	–
V	New	VISA INC	$587,835,000	–	2,876,455	–	3.94%	–
GOOG	New	ALPHABET INCcap stk cl c	$535,780,000	–	357,907	–	3.59%	–
UNH	New	UNITEDHEALTH GROUP INC	$480,405,000	–	1,537,423	–	3.22%	–
PYPL	New	PAYPAL HLDGS INC	$464,110,000	–	2,516,044	–	3.11%	–
MDT	New	MEDTRONIC PLC	$436,835,000	–	4,567,494	–	2.93%	–
JNJ	New	JOHNSON & JOHNSON	$411,215,000	–	2,757,737	–	2.76%	–
ADBE	New	ADOBE INC	$370,895,000	–	802,657	–	2.49%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$366,855,000	–	6,381,297	–	2.46%	–
PEP	New	PEPSICO INC	$356,245,000	–	2,526,026	–	2.39%	–
KO	New	COCA COLA CO	$344,715,000	–	7,262,385	–	2.31%	–
YUMC	New	YUM CHINA HLDGS INC	$340,995,000	–	7,181,171	–	2.29%	–
BSX	New	BOSTON SCIENTIFIC CORP	$316,320,000	–	8,494,250	–	2.12%	–
BDX	New	BECTON DICKINSON & CO	$316,065,000	–	1,245,110	–	2.12%	–
SHW	New	SHERWIN WILLIAMS CO	$300,955,000	–	492,007	–	2.02%	–
CMCSA	New	COMCAST CORP NEWcl a	$288,055,000	–	6,957,491	–	1.93%	–
NTES	New	NETEASE INCsponsored ads	$275,665,000	–	640,795	–	1.85%	–
SNPS	New	SYNOPSYS INC	$272,415,000	–	1,320,963	–	1.83%	–
DIS	New	DISNEY WALT CO	$268,190,000	–	2,268,948	–	1.80%	–
BKNG	New	BOOKING HOLDINGS INC	$255,015,000	–	152,255	–	1.71%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$250,560,000	–	1,284,620	–	1.68%	–
YNDX	New	YANDEX N V	$239,035,000	–	4,842,664	–	1.60%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$233,590,000	–	17,526,940	–	1.57%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$228,065,000	–	3,055,860	–	1.53%	–
ISRG	New	INTUITIVE SURGICAL INC	$227,685,000	–	376,897	–	1.53%	–
ROST	New	ROSS STORES INC	$223,485,000	–	2,475,773	–	1.50%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$217,530,000	–	488,664	–	1.46%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$209,195,000	–	3,410,569	–	1.40%	–
MDLZ	New	MONDELEZ INTL INCcl a	$207,430,000	–	3,824,945	–	1.39%	–
NKE	New	NIKE INCcl b	$168,320,000	–	1,624,313	–	1.13%	–
SBUX	New	STARBUCKS CORP	$149,480,000	–	1,921,024	–	1.00%	–
ABEV	New	AMBEV SAsponsored adr	$148,205,000	–	56,757,386	–	0.99%	–
CME	New	CME GROUP INC	$132,665,000	–	772,661	–	0.89%	–
EA	New	ELECTRONIC ARTS INC	$130,920,000	–	920,287	–	0.88%	–
HDB	New	HDFC BANK LTDsponsored ads	$126,040,000	–	2,482,986	–	0.84%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$122,155,000	–	457	–	0.82%	–
BZUN	New	BAOZUN INCsponsored adr	$119,745,000	–	3,150,148	–	0.80%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$117,115,000	–	2,212,956	–	0.78%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$107,670,000	–	995,281	–	0.72%	–
DG	New	DOLLAR GEN CORP NEW	$93,825,000	–	454,943	–	0.63%	–
MSI	New	MOTOROLA SOLUTIONS INC	$76,330,000	–	507,350	–	0.51%	–
HD	New	HOME DEPOT INC	$76,075,000	–	282,794	–	0.51%	–
NOC	New	NORTHROP GRUMMAN CORP	$71,245,000	–	215,856	–	0.48%	–
ABT	New	ABBOTT LABS	$67,500,000	–	688,220	–	0.45%	–
CRM	New	SALESFORCE COM INC	$64,855,000	–	322,493	–	0.44%	–
HSY	New	HERSHEY CO	$61,360,000	–	440,639	–	0.41%	–
GGG	New	GRACO INC	$60,405,000	–	1,171,311	–	0.40%	–
CASY	New	CASEYS GEN STORES INC	$50,825,000	–	313,460	–	0.34%	–
CPRT	New	COPART INC	$46,095,000	–	516,029	–	0.31%	–
MTB	New	M & T BK CORP	$45,640,000	–	409,316	–	0.31%	–
ECL	New	ECOLAB INC	$39,320,000	–	184,114	–	0.26%	–
XP	New	XP INCcl a	$33,325,000	–	804,294	–	0.22%	–
AL	New	AIR LEASE CORPcl a	$25,060,000	–	797,264	–	0.17%	–
ACN	New	ACCENTURE PLC IRELAND	$24,410,000	–	127,583	–	0.16%	–
PM	New	PHILIP MORRIS INTL INC	$14,285,000	–	228,289	–	0.10%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$2,575,000	–	58,738	–	0.02%	–
BAP	New	CREDICORP LTD	$2,195,000	–	16,432	–	0.02%	–
INFY	New	INFOSYS LTDsponsored adr	$2,235,000	–	231,693	–	0.02%	–
LVS	New	LAS VEGAS SANDS CORP	$2,235,000	–	49,128	–	0.02%	–
AMT	New	AMERICAN TOWER CORP NEW	$410,000	–	1,588	–	0.00%	–
GPC	New	GENUINE PARTS CO	$460,000	–	5,292	–	0.00%	–
TJX	New	TJX COS INC NEW	$310,000	–	6,161	–	0.00%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$250,000	–	53,734	–	0.00%	–
PNC	New	PNC FINL SVCS GROUP INC	$240,000	–	2,294	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-7,899	–	-0.00%	–
IFN	Exit	INDIA FD INC	$0	–	-11,040	–	-0.00%	–
ABT	Exit	ABBOTT LABS	$0	–	-9,849	–	-0.01%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$0	–	-58,738	–	-0.02%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-130,378	–	-0.04%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-194,035	–	-0.04%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-372,452	–	-0.05%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-720,101	–	-0.06%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored ads a	$0	–	-1,029,998	–	-0.06%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-205,296	–	-0.10%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-132,525	–	-0.15%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-97,286	–	-0.15%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-137,246	–	-0.16%	–
MCO	Exit	MOODYS CORP	$0	–	-120,197	–	-0.18%	–
ECL	Exit	ECOLAB INC	$0	–	-207,603	–	-0.30%	–
FND	Exit	FLOOR & DECOR HLDGS INCcl a	$0	–	-872,455	–	-0.32%	–
APTV	Exit	APTIV PLC	$0	–	-530,838	–	-0.33%	–
CPRT	Exit	COPART INC	$0	–	-582,065	–	-0.34%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-8,688,713	–	-0.39%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-1,206,620	–	-0.50%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-731,233	–	-0.51%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-519,548	–	-0.52%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-1,783,082	–	-0.54%	–
ADBE	Exit	ADOBE INC	$0	–	-279,008	–	-0.55%	–
HD	Exit	HOME DEPOT INC	$0	–	-352,977	–	-0.59%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-159,960	–	-0.63%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-315	–	-0.66%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-1,112,849	–	-0.70%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,965,878	–	-0.71%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-1,075,602	–	-0.76%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-2,217,167	–	-0.88%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,288,423	–	-0.88%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-612,127	–	-0.91%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,945,858	–	-0.96%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-373,050	–	-1.06%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-554,490	–	-1.08%	–
MTB	Exit	M & T BK CORP	$0	–	-1,075,189	–	-1.21%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-1,586,655	–	-1.23%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-882,328	–	-1.39%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,041,693	–	-1.46%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-3,516,996	–	-1.52%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-5,316,507	–	-1.54%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-4,723,248	–	-1.56%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,259,409	–	-1.91%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-6,633,781	–	-2.02%	–
NKE	Exit	NIKE INCcl b	$0	–	-3,078,354	–	-2.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,247,670	–	-2.09%	–
CME	Exit	CME GROUP INC	$0	–	-1,482,763	–	-2.23%	–
PEP	Exit	PEPSICO INC	$0	–	-2,350,386	–	-2.30%	–
TJX	Exit	TJX COS INC NEW	$0	–	-6,027,946	–	-2.40%	–
KO	Exit	COCA COLA CO	$0	–	-6,259,629	–	-2.44%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-7,678,623	–	-2.44%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,722,622	–	-2.52%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-1,417,833	–	-2.53%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,427,637	–	-2.58%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-49,055,995	–	-2.76%	–
AMZN	Exit	AMAZON COM INC	$0	–	-241,891	–	-3.00%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-217,793	–	-3.00%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-5,488,905	–	-3.37%	–
V	Exit	VISA INC	$0	–	-2,913,995	–	-3.58%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,860,346	–	-3.73%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,759,946	–	-3.73%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,492,456	–	-3.87%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-470,795	–	-4.08%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-2,138,118	–	-4.12%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-152,493,469	–	-4.75%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-6,539,816	–	-7.41%	–

Q3 2019

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$1,102,270,000	+12.4%	6,539,816	+13.1%	7.41%	+0.7%
ABEV	Sell	AMBEV SAsponsored adr	$707,095,000	-2.5%	152,493,469	-2.1%	4.75%	-12.6%
MA	Sell	MASTERCARD INCcl a	$612,060,000	-4.7%	2,138,118	-9.4%	4.12%	-14.6%
GOOG	Buy	ALPHABET INCcap stk cl c	$606,935,000	+21.6%	470,795	+5.0%	4.08%	+9.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$575,420,000	+4.0%	2,492,456	+13.5%	3.87%	-6.7%
MSFT	Buy	MICROSOFT CORP	$555,390,000	+8.6%	3,759,946	+1.7%	3.73%	-2.7%
MDT	Sell	MEDTRONIC PLC	$554,800,000	+10.7%	4,860,346	-3.5%	3.73%	-0.8%
V	Sell	VISA INC	$531,860,000	+1.2%	2,913,995	-0.6%	3.58%	-9.3%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$500,945,000	-7.5%	5,488,905	-2.8%	3.37%	-17.1%
BKNG	Sell	BOOKING HLDGS INC	$446,580,000	-3.6%	217,793	-10.5%	3.00%	-13.5%
AMZN	Sell	AMAZON COM INC	$446,460,000	-12.3%	241,891	-7.1%	3.00%	-21.4%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$411,235,000	-6.9%	49,055,995	+3.8%	2.76%	-16.5%
BDX	Buy	BECTON DICKINSON & CO	$383,535,000	+25.6%	1,427,637	+21.7%	2.58%	+12.6%
NTES	Sell	NETEASE INCsponsored ads	$376,180,000	-9.4%	1,417,833	-13.3%	2.53%	-18.8%
JNJ	Buy	JOHNSON & JOHNSON	$374,065,000	+68.4%	2,722,622	+76.3%	2.52%	+51.0%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$363,110,000	+54.0%	7,678,623	+29.1%	2.44%	+38.0%
KO	Buy	COCA COLA CO	$362,125,000	+23.4%	6,259,629	+12.0%	2.44%	+10.6%
TJX	Buy	TJX COS INC NEW	$356,485,000	+65.6%	6,027,946	+53.0%	2.40%	+48.4%
PEP	Buy	PEPSICO INC	$342,550,000	+14.5%	2,350,386	+6.2%	2.30%	+2.6%
CME	Sell	CME GROUP INC	$332,320,000	+10.8%	1,482,763	-0.9%	2.23%	-0.7%
DIS	Buy	DISNEY WALT CO	$311,215,000	+5.5%	2,247,670	+9.8%	2.09%	-5.5%
NKE	Buy	NIKE INCcl b	$307,105,000	+40.4%	3,078,354	+22.1%	2.06%	+25.8%
YUMC	Buy	YUM CHINA HLDGS INC	$300,310,000	+31.6%	6,633,781	+33.1%	2.02%	+17.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$284,655,000	+12.0%	1,259,409	+10.4%	1.91%	+0.4%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$232,755,000	-5.4%	4,723,248	-2.9%	1.56%	-15.2%
BSX	Buy	BOSTON SCIENTIFIC CORP	$229,855,000	+6.6%	5,316,507	+9.1%	1.54%	-4.5%
HDB	Buy	HDFC BANK LTDsponsored ads	$225,995,000	-18.8%	3,516,996	+78.9%	1.52%	-27.2%
BAP	Sell	CREDICORP LTD	$216,380,000	-11.2%	1,041,693	-3.0%	1.46%	-20.4%
AMT	Buy	AMERICAN TOWER CORP NEW	$207,270,000	+20.4%	882,328	+8.3%	1.39%	+8.0%
RCL	Buy	ROYAL CARIBBEAN CRUISES LTD	$182,635,000	+8.1%	1,586,655	+17.9%	1.23%	-3.1%
MTB	Buy	M & T BK CORP	$180,420,000	+18.8%	1,075,189	+24.0%	1.21%	+6.5%
MLM	Sell	MARTIN MARIETTA MATLS INC	$161,180,000	-10.3%	554,490	-26.7%	1.08%	-19.6%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$157,875,000	+32.5%	373,050	+19.5%	1.06%	+18.8%
CMCSA	Buy	COMCAST CORP NEWcl a	$141,985,000	+114.4%	2,945,858	+88.0%	0.96%	+92.2%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$135,685,000	+54.2%	612,127	+37.0%	0.91%	+38.2%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$131,145,000	+109.5%	1,288,423	+82.2%	0.88%	+88.1%
MDLZ	Buy	MONDELEZ INTL INCcl a	$131,105,000	+46.7%	2,217,167	+33.7%	0.88%	+31.5%
EA	Buy	ELECTRONIC ARTS INC	$112,275,000	+122.2%	1,075,602	+115.6%	0.76%	+99.2%
WFC	Buy	WELLS FARGO CO NEW	$105,880,000	+161.9%	1,965,878	+130.1%	0.71%	+135.0%
SBUX	Sell	STARBUCKS CORP	$104,405,000	-25.3%	1,112,849	-31.1%	0.70%	-33.1%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$98,225,000	+7.9%	315	+10.1%	0.66%	-3.4%
SHW	Buy	SHERWIN WILLIAMS CO	$93,785,000	+49.0%	159,960	+16.5%	0.63%	+33.7%
HD	Buy	HOME DEPOT INC	$87,545,000	+53.2%	352,977	+28.5%	0.59%	+37.6%
ADBE	Buy	ADOBE INC	$82,350,000	+59.8%	279,008	+59.5%	0.55%	+43.2%
AL	Buy	AIR LEASE CORPcl a	$79,620,000	+47.0%	1,783,082	+36.1%	0.54%	+31.8%
PNC	Sell	PNC FINL SVCS GROUP INC	$77,835,000	-49.1%	519,548	-52.0%	0.52%	-54.4%
APH	Buy	AMPHENOL CORP NEWcl a	$75,420,000	+94.9%	731,233	+81.3%	0.51%	+74.8%
LVS	Buy	LAS VEGAS SANDS CORP	$74,245,000	+110.1%	1,206,620	+101.7%	0.50%	+88.3%
SIRI	New	SIRIUS XM HLDGS INC	$57,990,000	–	8,688,713	–	0.39%	–
CPRT	Buy	COPART INC	$50,350,000	+43.6%	582,065	+24.1%	0.34%	+28.9%
APTV	Buy	APTIV PLC	$49,630,000	+58.5%	530,838	+37.0%	0.33%	+42.1%
FND	Buy	FLOOR & DECOR HLDGS INCcl a	$47,815,000	+56.8%	872,455	+19.9%	0.32%	+40.2%
ECL	Buy	ECOLAB INC	$43,870,000	+29.8%	207,603	+21.3%	0.30%	+16.6%
MCO	Buy	MOODYS CORP	$26,320,000	+53.7%	120,197	+37.1%	0.18%	+38.3%
ACN	Sell	ACCENTURE PLC IRELAND	$24,230,000	-13.2%	137,246	-20.2%	0.16%	-22.0%
CASY	Sell	CASEYS GEN STORES INC	$22,920,000	-28.8%	132,525	-35.7%	0.15%	-36.1%
EW	Sell	EDWARDS LIFESCIENCES CORP	$22,840,000	-24.8%	97,286	-40.9%	0.15%	-32.5%
PM	Sell	PHILIP MORRIS INTL INC	$14,340,000	-14.0%	205,296	-14.8%	0.10%	-23.2%
VIPS	Sell	VIPSHOP HLDGS LTDsponsored ads a	$9,190,000	+3.2%	1,029,998	-0.2%	0.06%	-7.5%
INFY	Buy	INFOSYS LTDsponsored adr	$8,190,000	+58.4%	720,101	+49.0%	0.06%	+41.0%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$7,945,000	+11.4%	372,452	-0.2%	0.05%	-1.9%
INDA	Buy	ISHARES TRmsci india etf	$6,515,000	0.0%	194,035	+5.2%	0.04%	-10.2%
BZUN	Sell	BAOZUN INCsponsored adr	$5,565,000	-39.2%	130,378	-29.0%	0.04%	-46.4%
KOF	Sell	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$3,560,000	-39.4%	58,738	-37.9%	0.02%	-45.5%
ABT	Buy	ABBOTT LABS	$825,000	+0.6%	9,849	+1.2%	0.01%	0.0%
IFN	Sell	INDIA FD INC	$225,000	-23.7%	11,040	-20.3%	0.00%	0.0%
CCL	Sell	CARNIVAL CORPunit 99/99/9999	$345,000	-21.6%	7,899	-16.9%	0.00%	-33.3%

Q2 2019

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$981,080,000	–	5,782,211	–	7.36%	–
ABEV	New	AMBEV SAsponsored adr	$725,375,000	–	155,813,720	–	5.44%	–
MA	New	MASTERCARD INCcl a	$642,235,000	–	2,359,176	–	4.82%	–
UNH	New	UNITEDHEALTH GROUP INC	$553,090,000	–	2,195,071	–	4.15%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$541,455,000	–	5,645,754	–	4.06%	–
V	New	VISA INC	$525,445,000	–	2,930,193	–	3.94%	–
MSFT	New	MICROSOFT CORP	$511,555,000	–	3,698,677	–	3.84%	–
AMZN	New	AMAZON COM INC	$509,315,000	–	260,454	–	3.82%	–
MDT	New	MEDTRONIC PLC	$501,130,000	–	5,034,882	–	3.76%	–
GOOG	New	ALPHABET INCcap stk cl c	$499,250,000	–	448,531	–	3.74%	–
BKNG	New	BOOKING HLDGS INC	$463,050,000	–	243,411	–	3.47%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$441,760,000	–	47,278,965	–	3.31%	–
NTES	New	NETEASE INCsponsored adr	$415,010,000	–	1,635,943	–	3.11%	–
BDX	New	BECTON DICKINSON & CO	$305,290,000	–	1,172,753	–	2.29%	–
CME	New	CME GROUP INC	$300,020,000	–	1,495,903	–	2.25%	–
PEP	New	PEPSICO INC	$299,225,000	–	2,213,098	–	2.24%	–
DIS	New	DISNEY WALT CO	$295,030,000	–	2,047,562	–	2.21%	–
KO	New	COCA COLA CO	$293,525,000	–	5,587,922	–	2.20%	–
HDB	New	HDFC BANK LTDsponsored ads	$278,290,000	–	1,965,719	–	2.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$254,120,000	–	1,141,164	–	1.91%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$246,095,000	–	4,864,008	–	1.85%	–
BAP	New	CREDICORP LTD	$243,690,000	–	1,073,994	–	1.83%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$235,860,000	–	5,948,525	–	1.77%	–
YUMC	New	YUM CHINA HLDGS INC	$228,200,000	–	4,983,358	–	1.71%	–
JNJ	New	JOHNSON & JOHNSON	$222,075,000	–	1,544,686	–	1.67%	–
NKE	New	NIKE INCcl b	$218,800,000	–	2,520,836	–	1.64%	–
BSX	New	BOSTON SCIENTIFIC CORP	$215,565,000	–	4,873,792	–	1.62%	–
TJX	New	TJX COS INC NEW	$215,305,000	–	3,939,683	–	1.62%	–
MLM	New	MARTIN MARIETTA MATLS INC	$179,770,000	–	756,509	–	1.35%	–
AMT	New	AMERICAN TOWER CORP NEW	$172,155,000	–	814,897	–	1.29%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$168,915,000	–	1,345,195	–	1.27%	–
PNC	New	PNC FINL SVCS GROUP INC	$152,900,000	–	1,081,325	–	1.15%	–
MTB	New	M & T BK CORP	$151,910,000	–	867,060	–	1.14%	–
SBUX	New	STARBUCKS CORP	$139,845,000	–	1,614,517	–	1.05%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$119,110,000	–	312,156	–	0.89%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$91,050,000	–	286	–	0.68%	–
MDLZ	New	MONDELEZ INTL INCcl a	$89,355,000	–	1,657,807	–	0.67%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$88,015,000	–	446,921	–	0.66%	–
CMCSA	New	COMCAST CORP NEWcl a	$66,235,000	–	1,566,626	–	0.50%	–
SHW	New	SHERWIN WILLIAMS CO	$62,945,000	–	137,353	–	0.47%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$62,595,000	–	707,226	–	0.47%	–
HD	New	HOME DEPOT INC	$57,130,000	–	274,707	–	0.43%	–
AL	New	AIR LEASE CORPcl a	$54,165,000	–	1,310,287	–	0.41%	–
ADBE	New	ADOBE INC	$51,540,000	–	174,927	–	0.39%	–
EA	New	ELECTRONIC ARTS INC	$50,520,000	–	498,926	–	0.38%	–
WFC	New	WELLS FARGO CO NEW	$40,430,000	–	854,463	–	0.30%	–
APH	New	AMPHENOL CORP NEWcl a	$38,690,000	–	403,294	–	0.29%	–
LVS	New	LAS VEGAS SANDS CORP	$35,345,000	–	598,147	–	0.26%	–
CPRT	New	COPART INC	$35,055,000	–	469,048	–	0.26%	–
ECL	New	ECOLAB INC	$33,795,000	–	171,170	–	0.25%	–
CASY	New	CASEYS GEN STORES INC	$32,170,000	–	206,238	–	0.24%	–
APTV	New	APTIV PLC	$31,315,000	–	387,428	–	0.24%	–
FND	New	FLOOR & DECOR HLDGS INCcl a	$30,500,000	–	727,891	–	0.23%	–
EW	New	EDWARDS LIFESCIENCES CORP	$30,385,000	–	164,490	–	0.23%	–
ACN	New	ACCENTURE PLC IRELAND	$27,910,000	–	171,892	–	0.21%	–
MCO	New	MOODYS CORP	$17,125,000	–	87,673	–	0.13%	–
PM	New	PHILIP MORRIS INTL INC	$16,670,000	–	240,856	–	0.12%	–
BZUN	New	BAOZUN INCsponsored adr	$9,150,000	–	183,515	–	0.07%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored ads a	$8,905,000	–	1,032,147	–	0.07%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$7,135,000	–	373,222	–	0.05%	–
INDA	New	ISHARES TRmsci india etf	$6,515,000	–	184,504	–	0.05%	–
KOF	New	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$5,875,000	–	94,558	–	0.04%	–
INFY	New	INFOSYS LTDsponsored adr	$5,170,000	–	483,163	–	0.04%	–
ABT	New	ABBOTT LABS	$820,000	–	9,737	–	0.01%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$440,000	–	9,502	–	0.00%	–
IFN	New	INDIA FD INC	$295,000	–	13,851	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
IFN	Exit	INDIA FD INC	$0	–	-9,555	–	-0.00%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-10,918	–	-0.01%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored adr	$0	–	-286,575	–	-0.04%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-792,522	–	-0.04%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-91,220	–	-0.04%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-149,806	–	-0.06%	–
MCO	Exit	MOODYS CORP	$0	–	-73,535	–	-0.09%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-123,255	–	-0.16%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-259,253	–	-0.18%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-427,791	–	-0.19%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-114,063	–	-0.23%	–
ECL	Exit	ECOLAB INC	$0	–	-209,116	–	-0.25%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-281,315	–	-0.28%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-941,334	–	-0.33%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-101,809	–	-0.35%	–
HD	Exit	HOME DEPOT INC	$0	–	-237,109	–	-0.37%	–
KO	Exit	COCA COLA CO	$0	–	-1,076,626	–	-0.38%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,404,413	–	-0.41%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-474,218	–	-0.41%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-668,615	–	-0.44%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-1,391,319	–	-0.45%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-1,191,396	–	-0.50%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,859,785	–	-0.50%	–
APTV	Exit	APTIV PLC	$0	–	-860,561	–	-0.55%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-467,467	–	-0.57%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-270	–	-0.66%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-1,364,823	–	-0.82%	–
MTB	Exit	M & T BK CORP	$0	–	-732,877	–	-0.94%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-899,980	–	-0.96%	–
BSMX	Exit	BANCO SANTANDER S Asponsored adr b	$0	–	-17,035,854	–	-1.02%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-376,164	–	-1.02%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-740,583	–	-1.05%	–
ABT	Exit	ABBOTT LABS	$0	–	-1,853,783	–	-1.06%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-1,086,398	–	-1.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,257,808	–	-1.36%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,065,459	–	-1.37%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,285,234	–	-1.46%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-3,489,918	–	-1.55%	–
BAP	Exit	CREDICORP LTD	$0	–	-974,935	–	-1.68%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-4,105,510	–	-1.69%	–
HDB	Exit	HDFC BANK LTD	$0	–	-2,138,094	–	-1.69%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-2,944,435	–	-1.76%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,755,797	–	-1.83%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-5,908,007	–	-1.90%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-7,062,962	–	-1.91%	–
TJX	Exit	TJX COS INC NEW	$0	–	-2,266,830	–	-1.99%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,020,381	–	-2.09%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,281,470	–	-2.16%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,363,654	–	-2.17%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-25,906,997	–	-2.19%	–
PEP	Exit	PEPSICO INC	$0	–	-2,732,616	–	-2.39%	–
CME	Exit	CME GROUP INC	$0	–	-1,953,426	–	-2.60%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-180,758	–	-2.75%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-1,638,904	–	-2.88%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-313,228	–	-2.93%	–
AMZN	Exit	AMAZON COM INC	$0	–	-192,745	–	-3.02%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,364,074	–	-3.33%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,612,128	–	-3.36%	–
V	Exit	VISA INC	$0	–	-3,258,093	–	-3.81%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,230,670	–	-3.87%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-14,088,241	–	-4.84%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-6,987,084	–	-5.33%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-178,796,626	–	-6.31%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-6,527,366	–	-8.32%	–

Q3 2018

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$1,096,160,000	-12.8%	6,527,366	-1.7%	8.32%	-10.9%
ABEV	Buy	AMBEV SAsponsored adr	$831,165,000	+1.4%	178,796,626	+2.8%	6.31%	+3.5%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$702,850,000	+9.5%	6,987,084	-2.7%	5.33%	+11.9%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$638,595,000	-2.0%	14,088,241	-18.9%	4.84%	+0.1%
MA	Sell	MASTERCARD INCORPORATEDcl a	$509,875,000	+4.0%	2,230,670	-8.5%	3.87%	+6.2%
V	Sell	VISA INC	$502,215,000	+6.5%	3,258,093	-6.2%	3.81%	+8.8%
UNH	Buy	UNITEDHEALTH GROUP INC	$442,490,000	+9.3%	1,612,128	+0.5%	3.36%	+11.6%
MDT	Buy	MEDTRONIC PLC	$439,155,000	+15.5%	4,364,074	+0.2%	3.33%	+17.9%
AMZN	Sell	AMAZON COM INC	$398,570,000	+1.8%	192,745	-13.8%	3.02%	+4.0%
GOOG	Buy	ALPHABET INCcap stk cl c	$385,900,000	+7.9%	313,228	+0.6%	2.93%	+10.2%
NTES	Buy	NETEASE INCsponsored adr	$379,780,000	+48.1%	1,638,904	+64.3%	2.88%	+51.3%
BKNG	Buy	BOOKING HLDGS INC	$361,930,000	+7.3%	180,758	+9.2%	2.75%	+9.6%
CME	Buy	CME GROUP INC	$343,100,000	+30.0%	1,953,426	+24.7%	2.60%	+32.7%
PEP	Buy	PEPSICO INC	$314,490,000	+7.7%	2,732,616	+4.7%	2.39%	+10.1%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$289,205,000	+478.4%	25,906,997	+447.6%	2.19%	+491.4%
DIS	Buy	DISNEY WALT CO	$285,975,000	+14.5%	2,363,654	+2.4%	2.17%	+17.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$285,245,000	+13.8%	1,281,470	-1.2%	2.16%	+16.2%
BDX	Buy	BECTON DICKINSON & CO	$274,950,000	+9.9%	1,020,381	+0.6%	2.09%	+12.2%
TJX	Sell	TJX COS INC NEW	$262,020,000	+0.3%	2,266,830	-15.0%	1.99%	+2.4%
YUMC	Buy	YUM CHINA HLDGS INC	$252,060,000	+9.5%	7,062,962	+20.2%	1.91%	+11.8%
CIB	Buy	BANCOLOMBIA S Aspon adr pref	$250,610,000	+24.8%	5,908,007	+43.1%	1.90%	+27.4%
NKE	Sell	NIKE INCcl b	$241,100,000	-0.3%	2,755,797	-6.4%	1.83%	+1.8%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$232,050,000	-29.4%	2,944,435	-7.9%	1.76%	-27.9%
HDB	Buy	HDFC BANK LTD	$222,660,000	-8.4%	2,138,094	+2.4%	1.69%	-6.5%
WFC	Buy	WELLS FARGO CO NEW	$222,475,000	+2.0%	4,105,510	+7.3%	1.69%	+4.1%
BAP	Sell	CREDICORP LTD	$221,095,000	-10.4%	974,935	-9.5%	1.68%	-8.6%
SBUX	Sell	STARBUCKS CORP	$204,270,000	-12.2%	3,489,918	-24.6%	1.55%	-10.4%
AMT	Buy	AMERICAN TOWER CORP NEW	$192,270,000	+1.8%	1,285,234	+0.8%	1.46%	+4.1%
FB	Buy	FACEBOOK INCcl a	$180,875,000	+0.7%	1,065,459	+18.7%	1.37%	+2.8%
JNJ	Buy	JOHNSON & JOHNSON	$178,905,000	+44.6%	1,257,808	+26.7%	1.36%	+47.7%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$145,395,000	+1.5%	1,086,398	-19.3%	1.10%	+3.7%
ABT	Buy	ABBOTT LABS	$140,330,000	+20.9%	1,853,783	+0.3%	1.06%	+23.5%
MLM	Buy	MARTIN MARIETTA MATLS INC	$138,905,000	-5.4%	740,583	+15.8%	1.05%	-3.4%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$134,610,000	-7.3%	376,164	-27.3%	1.02%	-5.4%
BSMX	Sell	BANCO SANTANDER S Asponsored adr b	$134,460,000	-27.8%	17,035,854	-37.7%	1.02%	-26.2%
PNC	Buy	PNC FINL SVCS GROUP INC	$126,185,000	+8.5%	899,980	+7.2%	0.96%	+10.8%
MTB	Buy	M & T BK CORP	$124,170,000	+10.8%	732,877	+14.6%	0.94%	+13.2%
PM	Sell	PHILIP MORRIS INTL INC	$108,165,000	-61.2%	1,364,823	-61.1%	0.82%	-60.4%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$86,400,000	+21.6%	270	+7.1%	0.66%	+24.1%
ACN	Sell	ACCENTURE PLC IRELAND	$75,070,000	+2.7%	467,467	-1.4%	0.57%	+5.0%
APTV	Buy	APTIV PLC	$72,200,000	-3.3%	860,561	+5.6%	0.55%	-1.3%
CMCSA	Buy	COMCAST CORP NEWcl a	$65,855,000	+54.4%	1,859,785	+43.1%	0.50%	+57.7%
KHC	Buy	KRAFT HEINZ CO	$65,660,000	-11.3%	1,191,396	+1.1%	0.50%	-9.5%
MDLZ	Buy	MONDELEZ INTL INCcl a	$59,770,000	+12.6%	1,391,319	+7.5%	0.45%	+15.0%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$58,550,000	+34.1%	668,615	+54.3%	0.44%	+37.0%
MSFT	Buy	MICROSOFT CORP	$54,235,000	+24.4%	474,218	+7.2%	0.41%	+26.9%
BSX	Sell	BOSTON SCIENTIFIC CORP	$54,070,000	+4.7%	1,404,413	-11.1%	0.41%	+6.8%
KO	Buy	COCA COLA CO	$49,730,000	+119.6%	1,076,626	+108.5%	0.38%	+124.4%
HD	Sell	HOME DEPOT INC	$49,115,000	-7.5%	237,109	-12.9%	0.37%	-5.6%
SHW	Sell	SHERWIN WILLIAMS CO	$46,345,000	+5.3%	101,809	-5.7%	0.35%	+7.6%
AL	Buy	AIR LEASE CORPcl a	$43,190,000	+17.3%	941,334	+7.3%	0.33%	+19.7%
CASY	Sell	CASEYS GEN STORES INC	$36,320,000	+13.8%	281,315	-7.4%	0.28%	+16.5%
ECL	Buy	ECOLAB INC	$32,785,000	+19.8%	209,116	+7.2%	0.25%	+22.7%
ADBE	Buy	ADOBE SYS INC	$30,790,000	+20.1%	114,063	+8.5%	0.23%	+23.2%
LVS	Sell	LAS VEGAS SANDS CORP	$25,380,000	-92.0%	427,791	-89.6%	0.19%	-91.8%
APH	Buy	AMPHENOL CORP NEWcl a	$24,375,000	+15.8%	259,253	+7.3%	0.18%	+18.6%
EW	Buy	EDWARDS LIFESCIENCES CORP	$21,460,000	+30.3%	123,255	+9.0%	0.16%	+33.6%
MCO	Buy	MOODYS CORP	$12,295,000	+6.9%	73,535	+9.0%	0.09%	+9.4%
BZUN	Buy	BAOZUN INCsponsored adr	$7,280,000	-8.6%	149,806	+2.9%	0.06%	-6.8%
KOF	Buy	COCA COLA FEMSA S A B DE C Vspon adr rep l	$5,585,000	+13.6%	91,220	+4.7%	0.04%	+13.5%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$4,945,000	-40.8%	792,522	+2.9%	0.04%	-38.7%
ZTO	Buy	ZTO EXPRESS CAYMAN INCsponsored adr	$4,750,000	-14.8%	286,575	+2.9%	0.04%	-12.2%
CCL	Sell	CARNIVAL CORPunit 99/99/9999	$695,000	-3.5%	10,918	-12.9%	0.01%	0.0%
CBPO	Exit	CHINA BIOLOGIC PRODS HLDGS I	$0	–	-139,683	–	-0.10%	–
ORCL	Exit	ORACLE CORP	$0	–	-417,300	–	-0.14%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-358,663	–	-0.15%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-6,885,217	–	-1.64%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-6,777,396	–	-2.00%	–

Q2 2018

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,256,510,000	–	6,640,339	–	9.33%	–
ABEV	New	AMBEV SAsponsored adr	$819,935,000	–	173,943,259	–	6.09%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$651,425,000	–	17,373,324	–	4.84%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$641,690,000	–	7,180,503	–	4.77%	–
MA	New	MASTERCARD INCORPORATEDcl a	$490,300,000	–	2,436,916	–	3.64%	–
V	New	VISA INC	$471,495,000	–	3,473,151	–	3.50%	–
UNH	New	UNITEDHEALTH GROUP INC	$404,980,000	–	1,603,615	–	3.01%	–
AMZN	New	AMAZON COM INC	$391,540,000	–	223,635	–	2.91%	–
MDT	New	MEDTRONIC PLC	$380,385,000	–	4,354,308	–	2.83%	–
GOOG	New	ALPHABET INCcap stk cl c	$357,755,000	–	311,357	–	2.66%	–
BKNG	New	BOOKING HLDGS INC	$337,240,000	–	165,516	–	2.50%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$328,775,000	–	3,198,093	–	2.44%	–
LVS	New	LAS VEGAS SANDS CORP	$317,865,000	–	4,094,369	–	2.36%	–
PEP	New	PEPSICO INC	$291,915,000	–	2,610,837	–	2.17%	–
PM	New	PHILIP MORRIS INTL INC	$279,115,000	–	3,511,471	–	2.07%	–
JD	New	JD COM INCspon adr cl a	$268,795,000	–	6,777,396	–	2.00%	–
CME	New	CME GROUP INC	$263,940,000	–	1,566,350	–	1.96%	–
TJX	New	TJX COS INC NEW	$261,270,000	–	2,667,292	–	1.94%	–
NTES	New	NETEASE INCsponsored adr	$256,375,000	–	997,281	–	1.90%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$250,725,000	–	1,296,520	–	1.86%	–
BDX	New	BECTON DICKINSON & CO	$250,205,000	–	1,013,953	–	1.86%	–
DIS	New	DISNEY WALT CO	$249,770,000	–	2,307,626	–	1.86%	–
BAP	New	CREDICORP LTD	$246,875,000	–	1,076,943	–	1.83%	–
HDB	New	HDFC BANK LTD	$243,075,000	–	2,088,779	–	1.81%	–
NKE	New	NIKE INCcl b	$241,865,000	–	2,945,617	–	1.80%	–
SBUX	New	STARBUCKS CORP	$232,740,000	–	4,630,837	–	1.73%	–
YUMC	New	YUM CHINA HLDGS INC	$230,185,000	–	5,877,437	–	1.71%	–
NLSN	New	NIELSEN HLDGS PLC	$220,195,000	–	6,885,217	–	1.64%	–
WFC	New	WELLS FARGO CO NEW	$218,170,000	–	3,826,286	–	1.62%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$200,840,000	–	4,127,802	–	1.49%	–
AMT	New	AMERICAN TOWER CORP NEW	$188,795,000	–	1,274,486	–	1.40%	–
BSMX	New	BANCO SANTANDER S Asponsored adr b	$186,120,000	–	27,323,578	–	1.38%	–
FB	New	FACEBOOK INCcl a	$179,670,000	–	897,795	–	1.34%	–
MLM	New	MARTIN MARIETTA MATLS INC	$146,885,000	–	639,654	–	1.09%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$145,205,000	–	517,394	–	1.08%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$143,300,000	–	1,346,249	–	1.06%	–
JNJ	New	JOHNSON & JOHNSON	$123,685,000	–	992,555	–	0.92%	–
PNC	New	PNC FINL SVCS GROUP INC	$116,295,000	–	839,165	–	0.86%	–
ABT	New	ABBOTT LABS	$116,055,000	–	1,848,362	–	0.86%	–
MTB	New	M & T BK CORP	$112,020,000	–	639,738	–	0.83%	–
APTV	New	APTIV PLC	$74,695,000	–	815,191	–	0.56%	–
KHC	New	KRAFT HEINZ CO	$74,050,000	–	1,178,734	–	0.55%	–
ACN	New	ACCENTURE PLC IRELAND	$73,080,000	–	474,139	–	0.54%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$71,075,000	–	252	–	0.53%	–
HD	New	HOME DEPOT INC	$53,125,000	–	272,285	–	0.40%	–
MDLZ	New	MONDELEZ INTL INCcl a	$53,060,000	–	1,294,090	–	0.39%	–
BSX	New	BOSTON SCIENTIFIC CORP	$51,665,000	–	1,579,734	–	0.38%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$50,005,000	–	4,731,116	–	0.37%	–
SHW	New	SHERWIN WILLIAMS CO	$44,000,000	–	107,958	–	0.33%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$43,660,000	–	433,278	–	0.32%	–
MSFT	New	MICROSOFT CORP	$43,605,000	–	442,190	–	0.32%	–
CMCSA	New	COMCAST CORP NEWcl a	$42,650,000	–	1,299,879	–	0.32%	–
AL	New	AIR LEASE CORPcl a	$36,835,000	–	877,608	–	0.27%	–
CASY	New	CASEYS GEN STORES INC	$31,915,000	–	303,735	–	0.24%	–
ECL	New	ECOLAB INC	$27,365,000	–	195,002	–	0.20%	–
ADBE	New	ADOBE SYS INC	$25,640,000	–	105,161	–	0.19%	–
KO	New	COCA COLA CO	$22,645,000	–	516,309	–	0.17%	–
APH	New	AMPHENOL CORP NEWcl a	$21,055,000	–	241,611	–	0.16%	–
MO	New	ALTRIA GROUP INC	$20,370,000	–	358,663	–	0.15%	–
ORCL	New	ORACLE CORP	$18,385,000	–	417,300	–	0.14%	–
EW	New	EDWARDS LIFESCIENCES CORP	$16,465,000	–	113,119	–	0.12%	–
CBPO	New	CHINA BIOLOGIC PRODS HLDGS I	$13,875,000	–	139,683	–	0.10%	–
MCO	New	MOODYS CORP	$11,500,000	–	67,439	–	0.08%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$8,360,000	–	770,542	–	0.06%	–
BZUN	New	BAOZUN INCsponsored adr	$7,965,000	–	145,652	–	0.06%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored adr	$5,575,000	–	278,627	–	0.04%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$4,915,000	–	87,117	–	0.04%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$720,000	–	12,542	–	0.01%	–
IFN	New	INDIA FD INC	$230,000	–	9,555	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
GPC	Exit	GENUINE PARTS CO	$0	–	-11,910	–	-0.01%	–
UN	Exit	UNILEVER N V	$0	–	-44,999	–	-0.02%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-123,548	–	-0.02%	–
ETSY	Exit	ETSY INC	$0	–	-235,100	–	-0.03%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-35,038	–	-0.03%	–
IFN	Exit	INDIA FD INC	$0	–	-158,181	–	-0.03%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-45,171	–	-0.03%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored adr	$0	–	-341,036	–	-0.04%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-569,277	–	-0.04%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-60,694	–	-0.04%	–
CBPO	Exit	CHINA BIOLOGIC PRODS HLDGS I	$0	–	-56,928	–	-0.04%	–
SAP	Exit	SAP SEspon adr	$0	–	-56,711	–	-0.04%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-80,719	–	-0.04%	–
MCO	Exit	MOODYS CORP	$0	–	-71,713	–	-0.07%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-69,396	–	-0.07%	–
CME	Exit	CME GROUP INC	$0	–	-115,049	–	-0.11%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-193,878	–	-0.12%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-125,539	–	-0.17%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-185,680	–	-0.20%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-145,554	–	-0.21%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-280,932	–	-0.22%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-581,593	–	-0.27%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-873,116	–	-0.27%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,385,513	–	-0.29%	–
HD	Exit	HOME DEPOT INC	$0	–	-253,026	–	-0.30%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-583,032	–	-0.32%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-635,071	–	-0.36%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-542,141	–	-0.45%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-1,000,793	–	-0.45%	–
PEP	Exit	PEPSICO INC	$0	–	-595,344	–	-0.48%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-256	–	-0.51%	–
MTB	Exit	M & T BK CORP	$0	–	-483,358	–	-0.58%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-799,923	–	-0.74%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-748,784	–	-0.75%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,729,256	–	-0.82%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-575,327	–	-0.88%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,333,820	–	-0.97%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-611,029	–	-0.98%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-2,242,150	–	-1.02%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-1,481,385	–	-1.21%	–
KO	Exit	COCA COLA CO	$0	–	-3,663,864	–	-1.22%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,134,661	–	-1.25%	–
TJX	Exit	TJX COS INC NEW	$0	–	-2,329,099	–	-1.28%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,365,650	–	-1.38%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-4,563,654	–	-1.40%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-3,767,922	–	-1.50%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-3,684,046	–	-1.51%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-2,643,190	–	-1.54%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,071,733	–	-1.61%	–
HDB	Exit	HDFC BANK LTD	$0	–	-2,129,606	–	-1.63%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-4,397,520	–	-1.94%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,423,064	–	-1.95%	–
NKE	Exit	NIKE INCcl b	$0	–	-5,115,860	–	-1.97%	–
AMZN	Exit	AMAZON COM INC	$0	–	-278,297	–	-1.99%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-28,731,820	–	-2.13%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,696,720	–	-2.15%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,598,185	–	-2.33%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-196,956	–	-2.61%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,372,633	–	-3.45%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-7,423,884	–	-3.49%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-539,669	–	-3.84%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-14,641,746	–	-4.07%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-2,242,290	–	-4.34%	–
V	Exit	VISA INC	$0	–	-5,605,690	–	-4.37%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-5,057,476	–	-5.28%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-9,356,499	–	-6.58%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-169,612,387	–	-8.22%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-9,257,938	–	-11.76%	–

Q3 2017

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$1,621,735,000	+7.7%	9,257,938	-11.9%	11.76%	+1.2%
ABEV	Buy	AMBEV SAsponsored adr	$1,133,290,000	+20.2%	169,612,387	+0.5%	8.22%	+13.0%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$907,400,000	-1.6%	9,356,499	+1.6%	6.58%	-7.5%
MA	Buy	MASTERCARD INCORPORATEDcl a	$727,715,000	+17.3%	5,057,476	+0.8%	5.28%	+10.2%
V	Buy	VISA INC	$602,570,000	+13.6%	5,605,690	+1.1%	4.37%	+6.7%
NTES	Buy	NETEASE INCsponsored adr	$598,365,000	+13.9%	2,242,290	+30.3%	4.34%	+7.0%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$561,300,000	+9.3%	14,641,746	+2.1%	4.07%	+2.7%
GOOG	Sell	ALPHABET INCcap stk cl c	$530,480,000	+2.0%	539,669	-3.4%	3.84%	-4.2%
LVS	Buy	LAS VEGAS SANDS CORP	$481,410,000	+37.7%	7,423,884	+37.7%	3.49%	+29.5%
PM	Sell	PHILIP MORRIS INTL INC	$475,595,000	-7.5%	4,372,633	-1.3%	3.45%	-13.0%
PCLN	Sell	PRICELINE GRP INC	$360,060,000	-3.2%	196,956	-1.0%	2.61%	-9.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$321,560,000	+7.6%	1,598,185	+1.7%	2.33%	+1.1%
FB	Buy	FACEBOOK INCcl a	$296,985,000	+14.9%	1,696,720	+1.5%	2.15%	+8.0%
BSMX	Buy	GRUPO FINANCIERO SANTANDER M	$293,280,000	+6.1%	28,731,820	+1.9%	2.13%	-0.3%
AMZN	Sell	AMAZON COM INC	$274,335,000	-32.6%	278,297	-32.2%	1.99%	-36.7%
NKE	Buy	NIKE INCcl b	$271,830,000	-10.5%	5,115,860	+1.7%	1.97%	-15.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$268,735,000	+11.0%	1,423,064	+2.5%	1.95%	+4.3%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$267,255,000	+29.7%	4,397,520	-1.6%	1.94%	+21.8%
HDB	Buy	HDFC BANK LTD	$224,620,000	+16.2%	2,129,606	+4.1%	1.63%	+9.1%
BAP	Buy	CREDICORP LTD	$222,305,000	+15.6%	1,071,733	+1.7%	1.61%	+8.6%
MDT	Buy	MEDTRONIC PLC	$212,165,000	-4.7%	2,643,190	+8.5%	1.54%	-10.4%
WFC	Sell	WELLS FARGO CO NEW	$208,165,000	-15.4%	3,684,046	-15.0%	1.51%	-20.5%
SBUX	Buy	STARBUCKS CORP	$207,370,000	+8.3%	3,767,922	+17.4%	1.50%	+1.7%
NLSN	Buy	NIELSEN HLDGS PLC	$193,730,000	+9.0%	4,563,654	+1.6%	1.40%	+2.4%
AMT	Buy	AMERICAN TOWER CORP NEW	$191,080,000	+4.5%	1,365,650	+1.1%	1.38%	-1.8%
TJX	Buy	TJX COS INC NEW	$175,925,000	+12.2%	2,329,099	+9.8%	1.28%	+5.5%
ABT	Sell	ABBOTT LABS	$172,945,000	-11.4%	3,134,661	-19.4%	1.25%	-16.7%
KO	Buy	COCA COLA CO	$168,745,000	+2.9%	3,663,864	+2.5%	1.22%	-3.3%
CASY	Buy	CASEYS GEN STORES INC	$166,435,000	+4.1%	1,481,385	+1.7%	1.21%	-2.3%
MO	Sell	ALTRIA GROUP INC	$141,265,000	-33.4%	2,242,150	-21.1%	1.02%	-37.4%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$134,530,000	+13.0%	611,029	+14.7%	0.98%	+6.2%
DIS	New	DISNEY WALT CO	$134,240,000	–	1,333,820	–	0.97%	–
MLM	Buy	MARTIN MARIETTA MATLS INC	$121,485,000	+17.5%	575,327	+26.9%	0.88%	+10.5%
PYPL	Sell	PAYPAL HLDGS INC	$113,555,000	-56.3%	1,729,256	-63.5%	0.82%	-59.0%
PNC	Buy	PNC FINL SVCS GROUP INC	$103,035,000	+8.7%	748,784	+0.6%	0.75%	+2.0%
ACN	Sell	ACCENTURE PLC IRELAND	$102,300,000	+2.0%	799,923	-5.9%	0.74%	-4.1%
MTB	Buy	M & T BK CORP	$79,820,000	+0.7%	483,358	+1.2%	0.58%	-5.2%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$70,335,000	+5.0%	256	-2.7%	0.51%	-1.4%
PEP	Buy	PEPSICO INC	$66,340,000	+5.3%	595,344	+9.1%	0.48%	-1.0%
BTI	Buy	BRITISH AMERN TOB PLCsponsored adr	$62,500,000	+1162.6%	1,000,793	+1285.2%	0.45%	+1092.1%
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$61,815,000	–	542,141	–	0.45%	–
KHC	Buy	KRAFT HEINZ CO	$49,250,000	+3.5%	635,071	+14.3%	0.36%	-2.7%
HD	Buy	HOME DEPOT INC	$41,385,000	+136.4%	253,026	+121.7%	0.30%	+122.2%
BSX	Buy	BOSTON SCIENTIFIC CORP	$40,415,000	+122.0%	1,385,513	+111.0%	0.29%	+109.3%
AL	Sell	AIR LEASE CORPcl a	$37,210,000	+11.3%	873,116	-2.4%	0.27%	+4.7%
ZTS	Sell	ZOETIS INCcl a	$37,080,000	-0.3%	581,593	-2.4%	0.27%	-6.3%
EL	Sell	LAUDER ESTEE COS INCcl a	$30,295,000	-23.3%	280,932	-31.7%	0.22%	-27.9%
BDX	Sell	BECTON DICKINSON & CO	$28,520,000	-2.0%	145,554	-2.4%	0.21%	-7.6%
ADBE	Sell	ADOBE SYS INC	$27,700,000	+2.9%	185,680	-2.4%	0.20%	-3.4%
ALGN	Sell	ALIGN TECHNOLOGY INC	$23,385,000	+21.1%	125,539	-2.4%	0.17%	+14.1%
HSIC	Buy	SCHEIN HENRY INC	$15,895,000	-12.5%	193,878	+95.2%	0.12%	-17.9%
CME	Sell	CME GROUP INC	$15,610,000	+5.9%	115,049	-2.2%	0.11%	-0.9%
MCO	Sell	MOODYS CORP	$9,985,000	-46.7%	71,713	-53.5%	0.07%	-50.3%
IFF	Sell	INTERNATIONAL FLAVORS&FRAGRA	$9,915,000	+3.3%	69,396	-2.4%	0.07%	-2.7%
SAP	Buy	SAP SEspon adr	$6,220,000	+9.8%	56,711	+4.8%	0.04%	+2.3%
KOF	Buy	COCA COLA FEMSA S A B DE C Vspon adr rep l	$6,225,000	-3.4%	80,719	+6.0%	0.04%	-10.0%
CBPO	New	CHINA BIOLOGIC PRODS HLDGS I	$5,255,000	–	56,928	–	0.04%	–
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$5,005,000	+7.6%	569,277	+29.2%	0.04%	0.0%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored adr	$4,790,000	-4.3%	341,036	-4.8%	0.04%	-10.3%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$4,180,000	-12.1%	35,038	-18.7%	0.03%	-18.9%
RELX	Buy	RELX PLCsponsored adr	$2,760,000	+107.5%	123,548	+103.4%	0.02%	+100.0%
UN	New	UNILEVER N V	$2,655,000	–	44,999	–	0.02%	–
GPC	Sell	GENUINE PARTS CO	$1,140,000	+2.7%	11,910	-0.3%	0.01%	-11.1%
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-50,861	–	-0.04%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-699,093	–	-0.35%	–

Q2 2017

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,505,700,000	–	10,513,778	–	11.62%	–
ABEV	New	AMBEV SAsponsored adr	$942,525,000	–	168,685,140	–	7.27%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$922,320,000	–	9,205,465	–	7.12%	–
MA	New	MASTERCARD INCORPORATEDcl a	$620,645,000	–	5,017,513	–	4.79%	–
V	New	VISA INC	$530,630,000	–	5,543,018	–	4.09%	–
NTES	New	NETEASE INCsponsored adr	$525,460,000	–	1,720,984	–	4.05%	–
GOOG	New	ALPHABET INCcap stk cl c	$520,175,000	–	558,500	–	4.01%	–
PM	New	PHILIP MORRIS INTL INC	$513,965,000	–	4,428,286	–	3.96%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$513,720,000	–	14,342,431	–	3.96%	–
AMZN	New	AMAZON COM INC	$407,255,000	–	410,272	–	3.14%	–
PCLN	New	PRICELINE GRP INC	$371,955,000	–	198,938	–	2.87%	–
LVS	New	LAS VEGAS SANDS CORP	$349,535,000	–	5,391,340	–	2.70%	–
NKE	New	NIKE INCcl b	$303,885,000	–	5,028,879	–	2.34%	–
UNH	New	UNITEDHEALTH GROUP INC	$298,815,000	–	1,570,823	–	2.30%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$276,410,000	–	28,200,118	–	2.13%	–
PYPL	New	PAYPAL HLDGS INC	$259,975,000	–	4,732,675	–	2.01%	–
FB	New	FACEBOOK INCcl a	$258,375,000	–	1,671,606	–	1.99%	–
WFC	New	WELLS FARGO CO NEW	$246,000,000	–	4,335,642	–	1.90%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$242,115,000	–	1,388,228	–	1.87%	–
MDT	New	MEDTRONIC PLC	$222,580,000	–	2,437,033	–	1.72%	–
MO	New	ALTRIA GROUP INC	$212,035,000	–	2,840,099	–	1.64%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$206,105,000	–	4,470,974	–	1.59%	–
ABT	New	ABBOTT LABS	$195,265,000	–	3,888,383	–	1.51%	–
HDB	New	HDFC BANK LTD	$193,355,000	–	2,045,955	–	1.49%	–
BAP	New	CREDICORP LTD	$192,225,000	–	1,053,748	–	1.48%	–
SBUX	New	STARBUCKS CORP	$191,555,000	–	3,208,329	–	1.48%	–
AMT	New	AMERICAN TOWER CORP NEW	$182,845,000	–	1,350,794	–	1.41%	–
NLSN	New	NIELSEN HLDGS PLC	$177,700,000	–	4,489,666	–	1.37%	–
KO	New	COCA COLA CO	$164,020,000	–	3,575,773	–	1.26%	–
CASY	New	CASEYS GEN STORES INC	$159,950,000	–	1,457,092	–	1.23%	–
TJX	New	TJX COS INC NEW	$156,730,000	–	2,121,368	–	1.21%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$119,025,000	–	532,930	–	0.92%	–
MLM	New	MARTIN MARIETTA MATLS INC	$103,350,000	–	453,469	–	0.80%	–
ACN	New	ACCENTURE PLC IRELAND	$100,340,000	–	850,224	–	0.77%	–
PNC	New	PNC FINL SVCS GROUP INC	$94,825,000	–	744,303	–	0.73%	–
MTB	New	M & T BK CORP	$79,235,000	–	477,463	–	0.61%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$66,985,000	–	263	–	0.52%	–
PEP	New	PEPSICO INC	$62,995,000	–	545,458	–	0.49%	–
KHC	New	KRAFT HEINZ CO	$47,585,000	–	555,629	–	0.37%	–
RAI	New	REYNOLDS AMERICAN INC	$45,470,000	–	699,093	–	0.35%	–
MSFT	New	MICROSOFT CORP	$40,190,000	–	583,032	–	0.31%	–
EL	New	LAUDER ESTEE COS INCcl a	$39,495,000	–	411,482	–	0.30%	–
ZTS	New	ZOETIS INCcl a	$37,175,000	–	595,932	–	0.29%	–
AL	New	AIR LEASE CORPcl a	$33,425,000	–	894,642	–	0.26%	–
BDX	New	BECTON DICKINSON & CO	$29,100,000	–	149,145	–	0.22%	–
ADBE	New	ADOBE SYS INC	$26,910,000	–	190,260	–	0.21%	–
ALGN	New	ALIGN TECHNOLOGY INC	$19,310,000	–	128,637	–	0.15%	–
MCO	New	MOODYS CORP	$18,750,000	–	154,080	–	0.14%	–
BSX	New	BOSTON SCIENTIFIC CORP	$18,205,000	–	656,681	–	0.14%	–
HSIC	New	SCHEIN HENRY INC	$18,175,000	–	99,315	–	0.14%	–
HD	New	HOME DEPOT INC	$17,505,000	–	114,129	–	0.14%	–
CME	New	CME GROUP INC	$14,735,000	–	117,668	–	0.11%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$9,600,000	–	71,108	–	0.07%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$6,445,000	–	76,118	–	0.05%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$5,750,000	–	50,861	–	0.04%	–
SAP	New	SAP SEspon adr	$5,665,000	–	54,132	–	0.04%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored adr	$5,005,000	–	358,351	–	0.04%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$4,950,000	–	72,247	–	0.04%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$4,755,000	–	43,087	–	0.04%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$4,650,000	–	440,607	–	0.04%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$4,520,000	–	45,171	–	0.04%	–
APH	New	AMPHENOL CORP NEWcl a	$4,480,000	–	60,694	–	0.04%	–
IFN	New	INDIA FD INC	$4,265,000	–	158,181	–	0.03%	–
ETSY	New	ETSY INC	$3,525,000	–	235,100	–	0.03%	–
RELX	New	RELX PLCsponsored adr	$1,330,000	–	60,742	–	0.01%	–
GPC	New	GENUINE PARTS CO	$1,110,000	–	11,947	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-8,541	–	-0.01%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-27,236	–	-0.02%	–
ETSY	Exit	ETSY INC	$0	–	-235,100	–	-0.03%	–
SAP	Exit	SAP SEspon adr	$0	–	-52,321	–	-0.04%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-214,411	–	-0.04%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-44,133	–	-0.04%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-552,600	–	-0.06%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-157,415	–	-0.11%	–
AAPL	Exit	APPLE INC	$0	–	-134,961	–	-0.12%	–
CME	Exit	CME GROUP INC	$0	–	-151,280	–	-0.12%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-208,527	–	-0.13%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-112,887	–	-0.13%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-179,703	–	-0.13%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-117,093	–	-0.15%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-197,781	–	-0.18%	–
PEP	Exit	PEPSICO INC	$0	–	-215,100	–	-0.18%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-149,145	–	-0.21%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-595,932	–	-0.24%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-391,195	–	-0.28%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-1,373,979	–	-0.31%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-606,618	–	-0.36%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-518,150	–	-0.36%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-246	–	-0.42%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-1,251,478	–	-0.46%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,010,246	–	-0.94%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-1,524,185	–	-0.97%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-2,437,436	–	-1.06%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,942,463	–	-1.18%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-1,239,978	–	-1.20%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,215,471	–	-1.26%	–
MTB	Exit	M & T BK CORP	$0	–	-1,360,850	–	-1.28%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-884,105	–	-1.28%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-3,405,381	–	-1.31%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-2,150,565	–	-1.51%	–
NKE	Exit	NIKE INCcl b	$0	–	-3,552,726	–	-1.52%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-3,517,590	–	-1.54%	–
ABT	Exit	ABBOTT LABS	$0	–	-4,537,309	–	-1.56%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,696,478	–	-1.56%	–
CELG	Exit	CELGENE CORP	$0	–	-1,931,014	–	-1.64%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-5,059,698	–	-1.68%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-5,189,717	–	-1.91%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,664,607	–	-1.96%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-28,091,090	–	-1.96%	–
HDB	Exit	HDFC BANK LTD	$0	–	-3,469,812	–	-2.03%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-5,356,319	–	-2.03%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,867,387	–	-2.12%	–
KO	Exit	COCA COLA CO	$0	–	-6,462,158	–	-2.22%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-222,243	–	-2.58%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-11,480,216	–	-2.81%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-6,233,310	–	-2.85%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-8,199,051	–	-2.94%	–
V	Exit	VISA INC	$0	–	-4,535,999	–	-3.04%	–
AMZN	Exit	AMAZON COM INC	$0	–	-452,060	–	-3.07%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-6,190,823	–	-3.15%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-4,817,661	–	-3.95%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-2,315,348	–	-4.43%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-721,053	–	-4.51%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-6,709,752	–	-5.15%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-7,642,007	–	-5.61%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-123,275,990	–	-5.98%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-11,979,422	–	-10.09%	–

Q3 2016

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$1,286,940,000	+64.2%	11,979,422	+22.9%	10.09%	+58.2%
ABEV	Sell	AMBEV SAsponsored adr	$762,040,000	+0.5%	123,275,990	-2.8%	5.98%	-3.1%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$715,750,000	+8.4%	7,642,007	+8.8%	5.61%	+4.5%
PM	Sell	PHILIP MORRIS INTL INC	$656,660,000	-17.4%	6,709,752	-13.1%	5.15%	-20.4%
GOOG	Sell	ALPHABET INCcap stk cl c	$574,840,000	+4.9%	721,053	-6.4%	4.51%	+1.1%
NTES	Sell	NETEASE INCsponsored adr	$564,610,000	+20.0%	2,315,348	-4.0%	4.43%	+15.6%
MA	Buy	MASTERCARD INCORPORATEDcl a	$503,390,000	+16.1%	4,817,661	+1.0%	3.95%	+11.9%
MO	Sell	ALTRIA GROUP INC	$401,840,000	-13.9%	6,190,823	-5.7%	3.15%	-17.0%
AMZN	Buy	AMAZON COM INC	$391,090,000	+30.6%	452,060	+12.1%	3.07%	+25.9%
V	Sell	VISA INC	$387,655,000	+5.5%	4,535,999	-5.0%	3.04%	+1.7%
WFC	Buy	WELLS FARGO & CO NEW	$374,985,000	+2.5%	8,199,051	+10.0%	2.94%	-1.2%
LVS	Buy	LAS VEGAS SANDS CORP	$363,695,000	+72.3%	6,233,310	+29.9%	2.85%	+66.1%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$358,210,000	+13.3%	11,480,216	-3.0%	2.81%	+9.2%
PCLN	Sell	PRICELINE GRP INC	$328,805,000	+7.6%	222,243	-8.4%	2.58%	+3.7%
KO	Sell	COCA COLA CO	$282,985,000	-17.5%	6,462,158	-11.2%	2.22%	-20.5%
UNH	Sell	UNITEDHEALTH GROUP INC	$270,250,000	-5.1%	1,867,387	-3.9%	2.12%	-8.5%
RAI	Sell	REYNOLDS AMERICAN INC	$259,020,000	-17.0%	5,356,319	-4.7%	2.03%	-20.0%
HDB	Sell	HDFC BANK LTD	$258,575,000	-2.1%	3,469,812	-9.0%	2.03%	-5.6%
BSMX	Buy	GRUPO FINANCIERO SANTANDER M	$250,470,000	+295.1%	28,091,090	+307.4%	1.96%	+280.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$250,205,000	-5.6%	1,664,607	-4.9%	1.96%	-9.0%
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$243,720,000	–	5,189,717	–	1.91%	–
PYPL	Sell	PAYPAL HLDGS INC	$213,760,000	-21.2%	5,059,698	-30.2%	1.68%	-24.1%
CELG	Sell	CELGENE CORP	$208,650,000	-20.7%	1,931,014	-24.7%	1.64%	-23.6%
AMT	Sell	AMERICAN TOWER CORP NEW	$198,760,000	-9.5%	1,696,478	-8.9%	1.56%	-12.8%
ABT	Sell	ABBOTT LABS	$198,475,000	+6.7%	4,537,309	-0.4%	1.56%	+2.8%
SBUX	Buy	STARBUCKS CORP	$196,385,000	+725.0%	3,517,590	+744.1%	1.54%	+693.8%
NKE	Buy	NIKE INCcl b	$193,225,000	+9.9%	3,552,726	+15.8%	1.52%	+5.9%
MDT	Sell	MEDTRONIC PLC	$192,315,000	-6.7%	2,150,565	-5.8%	1.51%	-10.1%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$167,550,000	-6.1%	3,405,381	+13.0%	1.31%	-9.4%
MLM	Sell	MARTIN MARIETTA MATLS INC	$163,605,000	-10.2%	884,105	-3.4%	1.28%	-13.5%
MTB	Buy	M & T BK CORP	$163,010,000	+612.8%	1,360,850	+603.6%	1.28%	+587.1%
FB	Sell	FACEBOOK INCcl a	$160,980,000	+6.4%	1,215,471	-4.8%	1.26%	+2.5%
CASY	Buy	CASEYS GEN STORES INC	$153,090,000	+258.4%	1,239,978	+281.7%	1.20%	+245.1%
TJX	Sell	TJX COS INC NEW	$150,200,000	-14.3%	1,942,463	-11.2%	1.18%	-17.4%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$135,745,000	-6.8%	2,437,436	+27.9%	1.06%	-10.1%
DLTR	New	DOLLAR TREE INC	$124,190,000	–	1,524,185	–	0.97%	–
ACN	Sell	ACCENTURE PLC IRELAND	$119,720,000	-6.9%	1,010,246	-13.2%	0.94%	-10.2%
RDY	Sell	DR REDDYS LABS LTDadr	$58,760,000	-10.7%	1,251,478	-1.5%	0.46%	-13.8%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$53,190,000	+6.6%	246	+7.0%	0.42%	+2.7%
KHC	Buy	KRAFT HEINZ CO	$46,380,000	+78.5%	518,150	+76.4%	0.36%	+72.5%
KOF	Buy	COCA COLA FEMSA S A B DE C Vspon adr rep l	$45,495,000	+17.0%	606,618	+29.4%	0.36%	+13.0%
AL	Buy	AIR LEASE CORPcl a	$39,270,000	+33.5%	1,373,979	+25.1%	0.31%	+28.9%
PNC	Buy	PNC FINL SVCS GROUP INC	$35,245,000	+20.8%	391,195	+9.1%	0.28%	+16.5%
ZTS	Buy	ZOETIS INCcl a	$30,995,000	+44.4%	595,932	+31.7%	0.24%	+38.9%
BDX	Sell	BECTON DICKINSON & CO	$26,805,000	-32.8%	149,145	-36.6%	0.21%	-35.4%
PEP	Buy	PEPSICO INC	$23,395,000	+54.9%	215,100	+50.8%	0.18%	+48.8%
DEO	Sell	DIAGEO P L Cspon adr new	$22,950,000	-7.9%	197,781	-10.4%	0.18%	-11.3%
HSIC	Buy	SCHEIN HENRY INC	$19,085,000	+32.4%	117,093	+43.7%	0.15%	+28.2%
CME	Sell	CME GROUP INC	$15,810,000	-90.3%	151,280	-90.6%	0.12%	-90.6%
AAPL	Sell	APPLE INC	$15,255,000	-91.2%	134,961	-92.3%	0.12%	-91.5%
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$8,105,000	–	552,600	–	0.06%	–
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$5,200,000	+19.8%	214,411	-0.6%	0.04%	+17.1%
GOLD	Sell	RANDGOLD RES LTDadr	$2,435,000	-98.8%	27,236	-98.6%	0.02%	-98.9%
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,120,000	–	8,541	–	0.01%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-115,462	–	-0.04%	–
DNKN	Exit	DUNKIN BRANDS GROUP INC	$0	–	-391,425	–	-0.14%	–
HSY	Exit	HERSHEY CO	$0	–	-211,781	–	-0.20%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,357,377	–	-0.95%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-8,276,107	–	-1.77%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-13,854,103	–	-2.04%	–

Q2 2016

			Value		Shares		↓ Weighting
PM	New	PHILIP MORRIS INTL INC	$794,670,000	–	7,725,557	–	6.47%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$783,980,000	–	9,750,216	–	6.38%	–
ABEV	New	AMBEV SAsponsored adr	$757,975,000	–	126,832,028	–	6.17%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$660,220,000	–	7,024,067	–	5.37%	–
GOOG	New	ALPHABET INCcap stk cl c	$548,240,000	–	770,119	–	4.46%	–
NTES	New	NETEASE INCsponsored adr	$470,640,000	–	2,412,679	–	3.83%	–
MO	New	ALTRIA GROUP INC	$466,645,000	–	6,565,953	–	3.80%	–
MA	New	MASTERCARD INCcl a	$433,685,000	–	4,770,891	–	3.53%	–
V	New	VISA INC	$367,485,000	–	4,774,281	–	2.99%	–
WFC	New	WELLS FARGO & CO NEW	$365,875,000	–	7,450,407	–	2.98%	–
KO	New	COCA COLA CO	$343,025,000	–	7,276,241	–	2.79%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$316,075,000	–	11,829,327	–	2.57%	–
RAI	New	REYNOLDS AMERICAN INC	$312,075,000	–	5,618,217	–	2.54%	–
PCLN	New	PRICELINE GRP INC	$305,530,000	–	242,594	–	2.49%	–
AMZN	New	AMAZON COM INC	$299,390,000	–	403,115	–	2.44%	–
UNH	New	UNITEDHEALTH GROUP INC	$284,725,000	–	1,942,242	–	2.32%	–
PYPL	New	PAYPAL HLDGS INC	$271,375,000	–	7,248,441	–	2.21%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$265,040,000	–	1,750,402	–	2.16%	–
HDB	New	HDFC BANK LTD	$264,000,000	–	3,812,712	–	2.15%	–
CELG	New	CELGENE CORP	$263,125,000	–	2,566,119	–	2.14%	–
INFY	New	INFOSYS LTDsponsored adr	$251,045,000	–	13,854,103	–	2.04%	–
AMT	New	AMERICAN TOWER CORP NEW	$219,580,000	–	1,861,816	–	1.79%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$217,505,000	–	8,276,107	–	1.77%	–
LVS	New	LAS VEGAS SANDS CORP	$211,055,000	–	4,798,536	–	1.72%	–
GOLD	New	RANDGOLD RES LTDadr	$208,315,000	–	1,879,745	–	1.70%	–
MDT	New	MEDTRONIC PLC	$206,095,000	–	2,283,396	–	1.68%	–
ABT	New	ABBOTT LABS	$186,055,000	–	4,554,305	–	1.51%	–
MLM	New	MARTIN MARIETTA MATLS INC	$182,280,000	–	915,109	–	1.48%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$178,355,000	–	3,014,419	–	1.45%	–
NKE	New	NIKE INCcl b	$175,750,000	–	3,067,176	–	1.43%	–
TJX	New	TJX COS INC NEW	$175,260,000	–	2,186,290	–	1.43%	–
AAPL	New	APPLE INC	$172,560,000	–	1,741,715	–	1.40%	–
CME	New	CME GROUP INC	$162,690,000	–	1,605,142	–	1.32%	–
FB	New	FACEBOOK INCcl a	$151,260,000	–	1,276,410	–	1.23%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$145,640,000	–	1,905,800	–	1.18%	–
ACN	New	ACCENTURE PLC IRELAND	$128,525,000	–	1,164,107	–	1.05%	–
PGR	New	PROGRESSIVE CORP OHIO	$116,820,000	–	3,357,377	–	0.95%	–
RDY	New	DR REDDYS LABS LTDadr	$65,765,000	–	1,270,516	–	0.54%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$63,395,000	–	6,895,974	–	0.52%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$49,905,000	–	230	–	0.41%	–
CASY	New	CASEYS GEN STORES INC	$42,720,000	–	324,831	–	0.35%	–
BDX	New	BECTON DICKINSON & CO	$39,880,000	–	235,145	–	0.32%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$38,885,000	–	468,698	–	0.32%	–
AL	New	AIR LEASE CORPcl a	$29,415,000	–	1,098,379	–	0.24%	–
PNC	New	PNC FINL SVCS GROUP INC	$29,180,000	–	358,495	–	0.24%	–
KHC	New	KRAFT HEINZ CO	$25,990,000	–	293,750	–	0.21%	–
DEO	New	DIAGEO P L Cspon adr new	$24,920,000	–	220,781	–	0.20%	–
HSY	New	HERSHEY CO	$24,035,000	–	211,781	–	0.20%	–
SBUX	New	STARBUCKS CORP	$23,805,000	–	416,719	–	0.19%	–
MTB	New	M & T BK CORP	$22,870,000	–	193,419	–	0.19%	–
ZTS	New	ZOETIS INCcl a	$21,470,000	–	452,432	–	0.18%	–
DNKN	New	DUNKIN BRANDS GROUP INC	$17,075,000	–	391,425	–	0.14%	–
PEP	New	PEPSICO INC	$15,105,000	–	142,600	–	0.12%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$14,595,000	–	208,527	–	0.12%	–
ALGN	New	ALIGN TECHNOLOGY INC	$14,475,000	–	179,703	–	0.12%	–
HSIC	New	SCHEIN HENRY INC	$14,410,000	–	81,493	–	0.12%	–
EL	New	LAUDER ESTEE COS INCcl a	$14,330,000	–	157,415	–	0.12%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$14,230,000	–	112,887	–	0.12%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$5,715,000	–	44,133	–	0.05%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$4,340,000	–	215,811	–	0.04%	–
INDA	New	ISHARES TRmsci india etf	$4,330,000	–	115,462	–	0.04%	–
SAP	New	SAP SEspon adr	$3,925,000	–	52,321	–	0.03%	–
ETSY	New	ETSY INC	$2,255,000	–	235,100	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
ETSY	Exit	ETSY INC	$0	–	-235,100	–	-0.03%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-92,600	–	-0.03%	–
UN	Exit	UNILEVER N V	$0	–	-109,275	–	-0.04%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-84,426	–	-0.04%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-46,197	–	-0.04%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-133,629	–	-0.05%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-215,600	–	-0.05%	–
SAM	Exit	BOSTON BEER INCcl a	$0	–	-41,300	–	-0.07%	–
AME	Exit	AMETEK INC NEW	$0	–	-174,227	–	-0.08%	–
FAST	Exit	FASTENAL CO	$0	–	-297,900	–	-0.09%	–
DIS	Exit	DISNEY WALT CO	$0	–	-114,100	–	-0.10%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-92,318	–	-0.10%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-259,187	–	-0.10%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-152,500	–	-0.10%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-193,500	–	-0.10%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-331,213	–	-0.12%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-380,652	–	-0.12%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-168,009	–	-0.13%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-164,845	–	-0.14%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-229,400	–	-0.14%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-253,850	–	-0.15%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-181,017	–	-0.16%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-208,606	–	-0.16%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-301,127	–	-0.16%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-575,519	–	-0.19%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-730,715	–	-0.19%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-257,900	–	-0.20%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-415,304	–	-0.20%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-231,586	–	-0.21%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-381,171	–	-0.23%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-535,036	–	-0.29%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-184	–	-0.31%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-470,648	–	-0.39%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-1,894,614	–	-0.53%	–
BITA	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-2,258,081	–	-0.58%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-528,501	–	-0.63%	–
BCR	Exit	BARD C R INC	$0	–	-430,087	–	-0.73%	–
BIIB	Exit	BIOGEN INC	$0	–	-291,860	–	-0.77%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,014,882	–	-1.10%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,049,042	–	-1.10%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-1,840,761	–	-1.11%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,126,577	–	-1.17%	–
HSY	Exit	HERSHEY CO	$0	–	-1,567,132	–	-1.31%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-4,726,423	–	-1.31%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-2,371,440	–	-1.34%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-985,158	–	-1.36%	–
TJX	Exit	TJX COS INC NEW	$0	–	-2,129,176	–	-1.38%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,734,000	–	-1.38%	–
CME	Exit	CME GROUP INC	$0	–	-1,735,498	–	-1.46%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-10,088,076	–	-1.46%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-3,193,663	–	-1.60%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-3,058,688	–	-1.64%	–
AAPL	Exit	APPLE INC	$0	–	-1,718,312	–	-1.71%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-3,393,299	–	-1.73%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,468,860	–	-1.74%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,671,894	–	-1.99%	–
CELG	Exit	CELGENE CORP	$0	–	-2,115,321	–	-2.07%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-5,486,704	–	-2.19%	–
KO	Exit	COCA COLA CO	$0	–	-6,698,416	–	-2.43%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-11,330,178	–	-2.54%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-9,359,213	–	-2.55%	–
V	Exit	VISA INC	$0	–	-4,416,815	–	-2.77%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-6,188,691	–	-2.87%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-18,070,799	–	-3.00%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-2,933,214	–	-3.04%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-17,281,436	–	-3.10%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-299,893	–	-3.24%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,150,216	–	-3.52%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-679,161	–	-3.67%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,787,391	–	-3.91%	–
HDB	Exit	HDFC BANK LTD	$0	–	-7,342,227	–	-3.94%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-10,075,997	–	-7.00%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-9,250,888	–	-7.14%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-173,011,056	–	-7.33%	–

Q3 2015

			Value		Shares		↓ Weighting
ABEV	Sell	AMBEV SAsponsored adr	$859,425,000	-26.7%	173,011,056	-9.5%	7.33%	-17.6%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$836,610,000	+6.5%	9,250,888	+5.4%	7.14%	+19.6%
PM	Buy	PHILIP MORRIS INTL INC	$820,275,000	+18.1%	10,075,997	+18.1%	7.00%	+32.7%
HDB	Sell	HDFC BANK LTD	$462,375,000	-6.5%	7,342,227	-8.5%	3.94%	+5.0%
MA	Sell	MASTERCARD INCcl a	$458,095,000	-7.6%	4,787,391	-5.5%	3.91%	+3.9%
GOOG	Buy	GOOGLE INCcl c	$430,140,000	+274.0%	679,161	+218.2%	3.67%	+320.3%
MO	Sell	ALTRIA GROUP INC	$412,375,000	+12.3%	7,150,216	-0.6%	3.52%	+26.1%
PCLN	Sell	PRICELINE GRP INC	$379,435,000	-9.5%	299,893	-16.2%	3.24%	+1.7%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$363,860,000	-40.6%	17,281,436	-35.7%	3.10%	-33.3%
NTES	Buy	NETEASE INCsponsored adr	$356,385,000	-6.8%	2,933,214	+11.6%	3.04%	+4.8%
INFY	Buy	INFOSYS LTDsponsored adr	$351,210,000	+114.2%	18,070,799	+75.9%	3.00%	+140.8%
WFC	Sell	WELLS FARGO & CO NEW	$336,890,000	-10.7%	6,188,691	-3.5%	2.87%	+0.3%
V	Sell	VISA INC	$325,250,000	-3.6%	4,416,815	-8.3%	2.77%	+8.3%
PYPL	New	PAYPAL HLDGS INC	$299,480,000	–	9,359,213	–	2.55%	–
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$298,320,000	-31.9%	11,330,178	+0.8%	2.54%	-23.5%
KO	Buy	COCA COLA CO	$284,915,000	+190.7%	6,698,416	+178.3%	2.43%	+226.6%
RAI	Buy	REYNOLDS AMERICAN INC	$256,810,000	+70.3%	5,486,704	+181.0%	2.19%	+91.3%
CELG	Buy	CELGENE CORP	$243,185,000	+12.4%	2,115,321	+18.5%	2.07%	+26.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$232,940,000	+31.6%	1,671,894	+35.2%	1.99%	+48.0%
BIDU	Sell	BAIDU INCspon adr rep a	$204,170,000	-83.7%	1,468,860	-76.5%	1.74%	-81.7%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$203,170,000	-74.3%	3,393,299	-64.3%	1.73%	-71.1%
AAPL	Sell	APPLE INC	$200,215,000	-40.4%	1,718,312	-33.1%	1.71%	-33.0%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$192,785,000	-10.9%	3,058,688	-1.5%	1.64%	+0.1%
GOLD	Buy	RANDGOLD RES LTDadr	$187,805,000	-2.6%	3,193,663	+9.8%	1.60%	+9.5%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$171,525,000	-12.2%	10,088,076	+15.4%	1.46%	-1.3%
CME	Buy	CME GROUP INC	$171,375,000	+86.0%	1,735,498	+83.1%	1.46%	+108.9%
AMT	Sell	AMERICAN TOWER CORP NEW	$162,355,000	-4.3%	1,734,000	-0.1%	1.38%	+7.6%
TJX	Sell	TJX COS INC NEW	$161,645,000	+3.6%	2,129,176	-5.6%	1.38%	+16.5%
MLM	Buy	MARTIN MARIETTA MATLS INC	$158,975,000	+14.1%	985,158	+4.9%	1.36%	+28.2%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$157,500,000	+17.0%	2,371,440	+13.2%	1.34%	+31.4%
PGR	New	PROGRESSIVE CORP OHIO	$153,645,000	–	4,726,423	–	1.31%	–
HSY	Buy	HERSHEY CO	$153,130,000	+44.1%	1,567,132	+36.9%	1.31%	+61.8%
JPM	Sell	JPMORGAN CHASE & CO	$137,295,000	-19.2%	2,126,577	-11.5%	1.17%	-9.2%
MDT	Buy	MEDTRONIC PLC	$129,965,000	+26.1%	1,840,761	+37.4%	1.11%	+41.7%
UNH	New	UNITEDHEALTH GROUP INC	$128,660,000	–	1,049,042	–	1.10%	–
ABT	Sell	ABBOTT LABS	$128,425,000	-17.4%	3,014,882	-0.6%	1.10%	-7.2%
BIIB	Sell	BIOGEN INC	$90,515,000	-34.2%	291,860	-10.4%	0.77%	-26.1%
BCR	New	BARD C R INC	$85,175,000	–	430,087	–	0.73%	–
BDX	New	BECTON DICKINSON & CO	$73,795,000	–	528,501	–	0.63%	–
BITA	Buy	BITAUTO HLDGS LTDsponsored ads	$67,935,000	-37.4%	2,258,081	+6.6%	0.58%	-29.7%
ATHM	Buy	AUTOHOME INCsp adr rp cl a	$62,230,000	-33.7%	1,894,614	+2.4%	0.53%	-25.4%
ACN	New	ACCENTURE PLC IRELAND	$45,600,000	–	470,648	–	0.39%	–
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$35,925,000	+0.2%	184	+5.1%	0.31%	+12.5%
RDY	New	DR REDDYS LABS LTDadr	$34,460,000	–	535,036	–	0.29%	–
KOF	Buy	COCA COLA FEMSA S A B DE C Vspon adr rep l	$27,330,000	-11.8%	381,171	+0.2%	0.23%	-0.9%
DEO	Sell	DIAGEO P L Cspon adr new	$24,965,000	-21.9%	231,586	-16.0%	0.21%	-12.3%
SBUX	Sell	STARBUCKS CORP	$23,605,000	-77.9%	415,304	-78.4%	0.20%	-75.2%
AL	Buy	AIR LEASE CORPcl a	$22,595,000	-4.2%	730,715	+5.1%	0.19%	+7.8%
FB	Sell	FACEBOOK INCcl a	$18,755,000	-77.1%	208,606	-77.6%	0.16%	-74.3%
KHC	New	KRAFT HEINZ CO	$17,915,000	–	253,850	–	0.15%	–
LVS	Sell	LAS VEGAS SANDS CORP	$14,455,000	-91.4%	380,652	-87.6%	0.12%	-90.4%
ZTS	Sell	ZOETIS INCcl a	$13,640,000	-86.9%	331,213	-83.9%	0.12%	-85.3%
EL	New	LAUDER ESTEE COS INCcl a	$12,305,000	–	152,500	–	0.10%	–
CL	New	COLGATE PALMOLIVE CO	$12,280,000	–	193,500	–	0.10%	–
HSIC	Buy	SCHEIN HENRY INC	$12,250,000	+2.2%	92,318	+9.5%	0.10%	+14.3%
RGLD	Buy	ROYAL GOLD INC	$12,175,000	+3.9%	259,187	+36.3%	0.10%	+16.9%
AME	New	AMETEK INC NEW	$9,115,000	–	174,227	–	0.08%	–
SAM	New	BOSTON BEER INCcl a	$8,700,000	–	41,300	–	0.07%	–
SCHW	Sell	SCHWAB CHARLES CORP NEW	$6,160,000	-93.4%	215,600	-92.1%	0.05%	-92.5%
BTI	Buy	BRITISH AMERN TOB PLCsponsored adr	$5,085,000	+9.1%	46,197	+7.3%	0.04%	+22.9%
NVO	Sell	NOVO-NORDISK A Sadr	$4,580,000	-28.3%	84,426	-27.7%	0.04%	-20.4%
UN	Sell	UNILEVER N V	$4,395,000	-9.5%	109,275	-5.9%	0.04%	0.0%
JKHY	Exit	HENRY JACK & ASSOC INC	$0	–	-9,696	–	-0.01%	–
ILMN	Exit	ILLUMINA INC	$0	–	-3,857	–	-0.01%	–
UBS	Exit	UBS GROUP AG	$0	–	-190,009	–	-0.03%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-151,704	–	-0.04%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-27,621	–	-0.05%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-88,552	–	-0.07%	–
DNKN	Exit	DUNKIN BRANDS GROUP INC	$0	–	-234,600	–	-0.10%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-71,787	–	-0.11%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-179,350	–	-0.12%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-719,187	–	-0.18%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-95,662	–	-0.39%	–
YNDX	Exit	YANDEX N V	$0	–	-5,705,996	–	-0.66%	–

Q2 2015

			Value		Shares		↓ Weighting
BIDU	New	BAIDU INCspon adr rep a	$1,254,700,000	–	6,245,076	–	9.52%	–
ABEV	New	AMBEV SAsponsored adr	$1,172,585,000	–	191,240,684	–	8.90%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$789,235,000	–	9,511,598	–	5.99%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$785,740,000	–	8,774,388	–	5.96%	–
PM	New	PHILIP MORRIS INTL INC	$694,365,000	–	8,533,297	–	5.27%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$612,725,000	–	26,868,336	–	4.65%	–
MA	New	MASTERCARD INCcl a	$495,555,000	–	5,066,051	–	3.76%	–
HDB	New	HDFC BANK LTD	$494,685,000	–	8,022,634	–	3.76%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$438,270,000	–	11,238,978	–	3.33%	–
PCLN	New	PRICELINE GRP INC	$419,305,000	–	357,705	–	3.18%	–
NTES	New	NETEASE INCsponsored adr	$382,325,000	–	2,627,865	–	2.90%	–
WFC	New	WELLS FARGO & CO NEW	$377,275,000	–	6,412,332	–	2.86%	–
MO	New	ALTRIA GROUP INC	$367,315,000	–	7,192,402	–	2.79%	–
V	New	VISA INC	$337,430,000	–	4,817,631	–	2.56%	–
AAPL	New	APPLE INC	$335,940,000	–	2,566,887	–	2.55%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$216,435,000	–	3,104,389	–	1.64%	–
CELG	New	CELGENE CORP	$216,360,000	–	1,785,530	–	1.64%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$195,410,000	–	8,742,150	–	1.48%	–
GOLD	New	RANDGOLD RES LTDadr	$192,795,000	–	2,907,940	–	1.46%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$176,970,000	–	1,236,659	–	1.34%	–
JPM	New	JPMORGAN CHASE & CO	$169,960,000	–	2,401,984	–	1.29%	–
AMT	New	AMERICAN TOWER CORP NEW	$169,585,000	–	1,735,011	–	1.29%	–
LVS	New	LAS VEGAS SANDS CORP	$167,925,000	–	3,069,489	–	1.28%	–
INFY	New	INFOSYS LTDsponsored adr	$163,945,000	–	10,270,921	–	1.24%	–
TJX	New	TJX COS INC NEW	$155,980,000	–	2,256,636	–	1.18%	–
ABT	New	ABBOTT LABS	$155,395,000	–	3,032,289	–	1.18%	–
RAI	New	REYNOLDS AMERICAN INC	$150,795,000	–	1,952,706	–	1.14%	–
MLM	New	MARTIN MARIETTA MATLS INC	$139,380,000	–	939,563	–	1.06%	–
BIIB	New	BIOGEN INC	$137,585,000	–	325,755	–	1.04%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$134,580,000	–	2,095,535	–	1.02%	–
GOOG	New	GOOGLE INCcl c	$115,015,000	–	213,418	–	0.87%	–
BITA	New	BITAUTO HLDGS LTDsponsored ads	$108,595,000	–	2,118,477	–	0.82%	–
SBUX	New	STARBUCKS CORP	$106,600,000	–	1,926,013	–	0.81%	–
HSY	New	HERSHEY CO	$106,255,000	–	1,144,903	–	0.81%	–
ZTS	New	ZOETIS INCcl a	$103,990,000	–	2,062,267	–	0.79%	–
MDT	New	MEDTRONIC PLC	$103,050,000	–	1,340,026	–	0.78%	–
KO	New	COCA COLA CO	$98,015,000	–	2,407,260	–	0.74%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$93,835,000	–	1,850,814	–	0.71%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$92,945,000	–	2,716,988	–	0.71%	–
CME	New	CME GROUP INC	$92,150,000	–	947,906	–	0.70%	–
YNDX	New	YANDEX N V	$87,205,000	–	5,705,996	–	0.66%	–
FB	New	FACEBOOK INCcl a	$82,050,000	–	930,902	–	0.62%	–
REGN	New	REGENERON PHARMACEUTICALS	$51,105,000	–	95,662	–	0.39%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$35,850,000	–	175	–	0.27%	–
DEO	New	DIAGEO P L Cspon adr new	$31,975,000	–	275,538	–	0.24%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$30,970,000	–	380,505	–	0.24%	–
PNC	New	PNC FINL SVCS GROUP INC	$24,670,000	–	257,900	–	0.19%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$23,935,000	–	575,519	–	0.18%	–
AL	New	AIR LEASE CORPcl a	$23,580,000	–	695,515	–	0.18%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$23,405,000	–	719,187	–	0.18%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$19,785,000	–	181,017	–	0.15%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$18,980,000	–	301,127	–	0.14%	–
AXP	New	AMERICAN EXPRESS CO	$17,830,000	–	229,400	–	0.14%	–
JNJ	New	JOHNSON & JOHNSON	$16,375,000	–	168,009	–	0.12%	–
CASY	New	CASEYS GEN STORES INC	$15,780,000	–	164,845	–	0.12%	–
KRFT	New	KRAFT FOODS GROUP INC	$15,270,000	–	179,350	–	0.12%	–
PCP	New	PRECISION CASTPARTS CORP	$14,350,000	–	71,787	–	0.11%	–
DIS	New	DISNEY WALT CO	$13,025,000	–	114,100	–	0.10%	–
DNKN	New	DUNKIN BRANDS GROUP INC	$12,905,000	–	234,600	–	0.10%	–
FAST	New	FASTENAL CO	$12,565,000	–	297,900	–	0.10%	–
HSIC	New	SCHEIN HENRY INC	$11,985,000	–	84,318	–	0.09%	–
RGLD	New	ROYAL GOLD INC	$11,715,000	–	190,187	–	0.09%	–
WYNN	New	WYNN RESORTS LTD	$8,735,000	–	88,552	–	0.07%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$8,325,000	–	133,629	–	0.06%	–
NVO	New	NOVO-NORDISK A Sadr	$6,390,000	–	116,707	–	0.05%	–
TDG	New	TRANSDIGM GROUP INC	$6,205,000	–	27,621	–	0.05%	–
WFM	New	WHOLE FOODS MKT INC	$5,985,000	–	151,704	–	0.04%	–
UN	New	UNILEVER N V	$4,855,000	–	116,088	–	0.04%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$4,660,000	–	43,043	–	0.04%	–
UBS	New	UBS GROUP AG	$4,030,000	–	190,009	–	0.03%	–
HOMB	New	HOME BANCSHARES INC	$3,385,000	–	92,600	–	0.03%	–
ETSY	New	ETSY INC	$3,305,000	–	235,100	–	0.02%	–
ILMN	New	ILLUMINA INC	$840,000	–	3,857	–	0.01%	–
JKHY	New	HENRY JACK & ASSOC INC	$630,000	–	9,696	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
WMMVY	Exit	WAL-MART DE MEX SAB DE CVadr	$0	–	-21,910	–	-0.00%	–
NPSNY	Exit	NASPERS LTDsponsored adr	$0	–	-6,400	–	-0.01%	–
EJ	Exit	E HOUSE CHINA HLDGS LTDadr	$0	–	-248,400	–	-0.02%	–
GRFS	Exit	GRIFOLS S Asp adr rep b nvt	$0	–	-75,212	–	-0.02%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-76,100	–	-0.03%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-98,802	–	-0.04%	–
UN	Exit	UNILEVER N V	$0	–	-124,600	–	-0.04%	–
NSRGY	Exit	NESTLE S Asponsored adr	$0	–	-68,900	–	-0.04%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-46,200	–	-0.04%	–
RHHBY	Exit	ROCHE HLDG LTDsponsored adr	$0	–	-145,500	–	-0.04%	–
	Exit	JPM (NESTLE INDIA LTD)p -note9/08/15	$0	–	-57,679	–	-0.04%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-621,955	–	-0.05%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-153,255	–	-0.05%	–
HOGS	Exit	ZHONGPIN INC	$0	–	-338,725	–	-0.05%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-133,629	–	-0.07%	–
DIS	Exit	DISNEY WALT CO	$0	–	-289,200	–	-0.08%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-192,887	–	-0.10%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-111,718	–	-0.10%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-169,592	–	-0.11%	–
GRAM	Exit	GRANA Y MONTERO S A Asponsored adr	$0	–	-890,292	–	-0.11%	–
CSLLY	Exit	CSL LTDsponsored adr	$0	–	-469,238	–	-0.12%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-84,621	–	-0.12%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-161,617	–	-0.12%	–
WAT	Exit	WATERS CORP	$0	–	-185,733	–	-0.14%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-611,406	–	-0.14%	–
JKHY	Exit	HENRY JACK & ASSOC INC	$0	–	-342,825	–	-0.15%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-419,527	–	-0.16%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-296,229	–	-0.17%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-202,899	–	-0.19%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-755,655	–	-0.19%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-296,443	–	-0.20%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-151	–	-0.24%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-54,516	–	-0.25%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-1,009,084	–	-0.27%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-786,876	–	-0.36%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-403,338	–	-0.36%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-648,792	–	-0.45%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-1,788,827	–	-0.54%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-706,238	–	-0.56%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-340,694	–	-0.64%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,043,817	–	-0.65%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-4,590,066	–	-0.74%	–
AAPL	Exit	APPLE INC	$0	–	-945,666	–	-0.76%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,056,533	–	-0.79%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-1,986,055	–	-0.81%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,651,703	–	-0.88%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-346,334	–	-0.91%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-2,873,940	–	-1.02%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-3,483,718	–	-1.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,210,585	–	-1.02%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-747,944	–	-1.09%	–
TJX	Exit	TJX COS INC NEW	$0	–	-2,334,185	–	-1.10%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-2,209,203	–	-1.15%	–
BITA	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-1,995,017	–	-1.20%	–
CELG	Exit	CELGENE CORP	$0	–	-1,910,095	–	-1.44%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-5,312,330	–	-1.44%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-2,258,341	–	-1.50%	–
KO	Exit	COCA COLA CO	$0	–	-4,585,182	–	-1.55%	–
HSY	Exit	HERSHEY CO	$0	–	-2,060,218	–	-1.56%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-3,429,042	–	-1.69%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-381,758	–	-1.75%	–
V	Exit	VISA INC	$0	–	-1,066,546	–	-1.80%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,374,069	–	-1.96%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-5,051,681	–	-2.08%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-1,912,109	–	-2.19%	–
YNDX	Exit	YANDEX N V	$0	–	-10,559,526	–	-2.27%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-22,622,381	–	-2.37%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-9,275,628	–	-2.43%	–
HDB	Exit	HDFC BANK LTD	$0	–	-7,411,078	–	-2.71%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,805,211	–	-2.82%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-333,618	–	-3.04%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-6,029,952	–	-4.29%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,854	–	-4.65%	–
ILMN	Exit	ILLUMINA INC	$0	–	-3,857	–	-4.92%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-1,732,819	–	-5.63%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-52,720,883	–	-5.68%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-9,677,466	–	-6.34%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-129,282,969	–	-6.55%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-4,582,957	–	-7.77%	–

Q3 2014

			Value		Shares		↓ Weighting
BIDU	Buy	BAIDU INCspon adr rep a	$997,740,000	+43.7%	4,582,957	+22.1%	7.77%	+10.9%
ABEV	Buy	AMBEV SAsponsored adr	$840,935,000	+37.8%	129,282,969	+46.9%	6.55%	+6.4%
PM	Buy	PHILIP MORRIS INTL INC	$814,675,000	+5.8%	9,677,466	+5.3%	6.34%	-18.3%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$729,860,000	+39.8%	52,720,883	+43.6%	5.68%	+8.0%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$723,680,000	+1020.5%	1,732,819	-8.9%	5.63%	+765.4%
ILMN	Sell	ILLUMINA INC	$632,240,000	+20327.8%	3,857	-77.8%	4.92%	+15777.4%
AMZN	Sell	AMAZON COM INC	$597,804,000	+40429.1%	1,854	-59.2%	4.65%	+30926.7%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$551,245,000	+0.7%	6,029,952	+1.7%	4.29%	-22.2%
PCLN	Buy	PRICELINE GRP INC	$391,065,000	+2.5%	333,618	+4.6%	3.04%	-20.8%
MA	Buy	MASTERCARD INCcl a	$362,760,000	+13.5%	4,805,211	+10.0%	2.82%	-12.4%
HDB	Sell	HDFC BANK LTD	$348,180,000	-30.6%	7,411,078	-31.2%	2.71%	-46.4%
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$312,410,000	-27.8%	9,275,628	-27.4%	2.43%	-44.2%
BSMX	Buy	GRUPO FINANCIERO SANTANDER M	$304,090,000	+3.8%	22,622,381	+1.1%	2.37%	-19.9%
YNDX	Buy	YANDEX N V	$291,345,000	-20.2%	10,559,526	+1.5%	2.27%	-38.4%
CLB	Buy	CORE LABORATORIES N V	$280,955,000	-6.4%	1,912,109	+5.3%	2.19%	-27.8%
WFC	Buy	WELLS FARGO & CO NEW	$267,640,000	+14.6%	5,051,681	+13.3%	2.08%	-11.5%
MO	Buy	ALTRIA GROUP INC	$251,720,000	+21.0%	5,374,069	+8.0%	1.96%	-6.5%
V	Buy	VISA INC	$231,810,000	+13.8%	1,066,546	+10.0%	1.80%	-12.1%
GOOG	Buy	GOOGLE INCcl c	$225,140,000	+56.1%	381,758	+51.8%	1.75%	+20.6%
LVS	Buy	LAS VEGAS SANDS CORP	$217,440,000	-1.5%	3,429,042	+18.0%	1.69%	-23.9%
HSY	Buy	HERSHEY CO	$200,430,000	+33.4%	2,060,218	+33.1%	1.56%	+3.0%
KO	Sell	COCA COLA CO	$198,935,000	-14.2%	4,585,182	-16.5%	1.55%	-33.7%
NTES	Buy	NETEASE INCsponsored adr	$192,275,000	+11.3%	2,258,341	+1.1%	1.50%	-14.1%
FOXA	Sell	TWENTY FIRST CENTY FOX INCcl a	$185,450,000	-7.0%	5,312,330	-6.6%	1.44%	-28.1%
CELG	Buy	CELGENE CORP	$184,535,000	+16.2%	1,910,095	+3.0%	1.44%	-10.2%
BITA	Sell	BITAUTO HLDGS LTDsponsored ads	$154,700,000	+51.8%	1,995,017	-5.9%	1.20%	+17.1%
GOLD	Buy	RANDGOLD RES LTDadr	$147,390,000	-18.7%	2,209,203	+1.0%	1.15%	-37.3%
TJX	Buy	TJX COS INC NEW	$140,760,000	+19.8%	2,334,185	+5.3%	1.10%	-7.4%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$140,560,000	+1323.4%	747,944	+1321.9%	1.09%	+994.0%
JNJ	Sell	JOHNSON & JOHNSON	$131,485,000	-1.2%	1,210,585	-5.0%	1.02%	-23.6%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$131,095,000	+5.0%	2,873,940	+12.2%	1.02%	-18.9%
ZTS	Buy	ZOETIS INCcl a	$131,165,000	+8.3%	3,483,718	+357.3%	1.02%	-16.4%
BIIB	Buy	BIOGEN IDEC INC	$116,735,000	+11.7%	346,334	+4.2%	0.91%	-13.8%
ABT	New	ABBOTT LABS	$112,520,000	–	2,651,703	–	0.88%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$103,765,000	–	1,986,055	–	0.81%	–
AMT	New	AMERICAN TOWER CORP NEW	$101,040,000	–	1,056,533	–	0.79%	–
AAPL	New	APPLE INC	$96,930,000	–	945,666	–	0.76%	–
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$94,455,000	+7.5%	4,590,066	+13.1%	0.74%	-17.0%
FB	New	FACEBOOK INCcl a	$83,730,000	–	1,043,817	–	0.65%	–
PCP	Buy	PRECISION CASTPARTS CORP	$82,180,000	+6.8%	340,694	+11.5%	0.64%	-17.5%
KOF	Sell	COCA COLA FEMSA S A B DE C Vspon adr rep l	$71,240,000	-38.0%	706,238	-31.2%	0.56%	-52.1%
WFM	Buy	WHOLE FOODS MKT INC	$69,200,000	+20.4%	1,788,827	+20.0%	0.54%	-6.9%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$57,470,000	–	648,792	–	0.45%	–
DEO	Sell	DIAGEO P L Cspon adr new	$46,545,000	-11.1%	403,338	-1.9%	0.36%	-31.4%
PB	Buy	PROSPERITY BANCSHARES INC	$45,785,000	+75.1%	786,876	+87.9%	0.36%	+34.8%
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$35,015,000	–	1,009,084	–	0.27%	–
GOOGL	Sell	GOOGLE INCcl a	$32,075,000	-0.4%	54,516	-1.0%	0.25%	-23.1%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$31,240,000	-20.1%	151	-26.7%	0.24%	-38.3%
F113PS	Sell	COVIDIEN PLC	$25,645,000	-12.4%	296,443	-8.7%	0.20%	-32.2%
AL	Buy	AIR LEASE CORPcl a	$24,560,000	-9.2%	755,655	+7.8%	0.19%	-30.0%
CVX	Sell	CHEVRON CORP NEW	$24,210,000	-17.7%	202,899	-9.9%	0.19%	-36.5%
SBUX	Sell	STARBUCKS CORP	$22,355,000	-15.9%	296,229	-13.8%	0.17%	-35.1%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$20,715,000	+49.2%	419,527	+66.1%	0.16%	+15.0%
JKHY	Sell	HENRY JACK & ASSOC INC	$19,080,000	-11.4%	342,825	-5.4%	0.15%	-31.3%
TRMB	Sell	TRIMBLE NAVIGATION LTD	$18,650,000	-29.0%	611,406	-14.0%	0.14%	-45.3%
WAT	Sell	WATERS CORP	$18,410,000	-13.0%	185,733	-8.3%	0.14%	-32.9%
TDG	Sell	TRANSDIGM GROUP INC	$15,600,000	-83.7%	84,621	-85.3%	0.12%	-87.5%
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$15,495,000	–	161,617	–	0.12%	–
CSLLY	Buy	CSL LTDsponsored adr	$15,250,000	+23.0%	469,238	+18.9%	0.12%	-4.8%
ACN	Sell	ACCENTURE PLC IRELAND	$13,660,000	-8.4%	169,592	-13.7%	0.11%	-29.3%
HSIC	New	SCHEIN HENRY INC	$13,010,000	–	111,718	–	0.10%	–
RGLD	Buy	ROYAL GOLD INC	$12,525,000	-9.6%	192,887	+5.9%	0.10%	-30.0%
DIS	New	DISNEY WALT CO	$10,445,000	–	289,200	–	0.08%	–
HOGS	New	ZHONGPIN INC	$6,850,000	–	338,725	–	0.05%	–
JWA	New	WILEY JOHN & SONS INCcl a	$6,605,000	–	153,255	–	0.05%	–
SFUN	Sell	SOUFUN HLDGS LTDadr	$6,190,000	-93.1%	621,955	-93.3%	0.05%	-94.7%
	Sell	JPM (NESTLE INDIA LTD)p -note9/08/15	$5,575,000	+14.5%	57,679	-3.4%	0.04%	-12.2%
IBN	New	ICICI BK LTDadr	$3,750,000	–	76,100	–	0.03%	–
EJ	Sell	E HOUSE CHINA HLDGS LTDadr	$2,365,000	+5.6%	248,400	-4.0%	0.02%	-21.7%
SLW	Exit	SILVER WHEATON CORP	$0	–	-98,700	–	-0.03%	–
1338PS	Exit	UBS AG	$0	–	-222,100	–	-0.04%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-123,639	–	-0.04%	–
	Exit	JPM (AXIS BANK WTS)p-note 08/10/14	$0	–	-176,900	–	-0.06%	–
LUKOY	Exit	OIL CO LUKOILsponsored adr	$0	–	-193,718	–	-0.12%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-156,982	–	-0.13%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-135,550	–	-0.14%	–
C	Exit	CITIGROUP INC	$0	–	-343,840	–	-0.16%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-309,375	–	-0.21%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-362,765	–	-0.28%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-563,450	–	-0.34%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-60,136	–	-0.36%	–
	Exit	JPM (HDFC LTD)p-note 29/09/14	$0	–	-2,181,281	–	-0.36%	–
BYI	Exit	BALLY TECHNOLOGIES INC	$0	–	-1,465,194	–	-0.97%	–

Q2 2014

			Value		Shares		↓ Weighting
PM	New	PHILIP MORRIS INTL INC	$770,165,000	–	9,192,983	–	7.76%	–
BIDU	New	BAIDU INCspon adr rep a	$694,490,000	–	3,754,602	–	7.00%	–
ABEV	New	AMBEV SAsponsored adr	$610,285,000	–	87,990,985	–	6.15%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$547,160,000	–	5,929,776	–	5.52%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$521,950,000	–	36,705,533	–	5.26%	–
HDB	New	HDFC BANK LTD	$501,660,000	–	10,777,749	–	5.06%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$432,590,000	–	12,775,302	–	4.36%	–
PCLN	New	PRICELINE GRP INC	$381,370,000	–	319,073	–	3.84%	–
YNDX	New	YANDEX N V	$365,290,000	–	10,406,150	–	3.68%	–
MA	New	MASTERCARD INCcl a	$319,690,000	–	4,367,672	–	3.22%	–
CLB	New	CORE LABORATORIES N V	$300,295,000	–	1,815,892	–	3.03%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$293,010,000	–	22,368,887	–	2.95%	–
WFC	New	WELLS FARGO & CO NEW	$233,560,000	–	4,458,679	–	2.36%	–
KO	New	COCA COLA CO	$231,900,000	–	5,491,697	–	2.34%	–
LVS	New	LAS VEGAS SANDS CORP	$220,795,000	–	2,905,544	–	2.23%	–
MO	New	ALTRIA GROUP INC	$208,030,000	–	4,975,408	–	2.10%	–
V	New	VISA INC	$203,680,000	–	969,814	–	2.05%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$199,315,000	–	5,687,077	–	2.01%	–
GOLD	New	RANDGOLD RES LTDadr	$181,385,000	–	2,188,243	–	1.83%	–
NTES	New	NETEASE INCsponsored adr	$172,805,000	–	2,233,340	–	1.74%	–
CELG	New	CELGENE CORP	$158,765,000	–	1,853,898	–	1.60%	–
HSY	New	HERSHEY CO	$150,270,000	–	1,548,249	–	1.52%	–
GOOG	New	GOOGLE INCcl c	$144,190,000	–	251,494	–	1.45%	–
JNJ	New	JOHNSON & JOHNSON	$133,015,000	–	1,274,469	–	1.34%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$124,830,000	–	2,561,106	–	1.26%	–
ZTS	New	ZOETIS INCcl a	$121,070,000	–	761,740	–	1.22%	–
TJX	New	TJX COS INC NEW	$117,465,000	–	2,216,045	–	1.18%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$114,980,000	–	1,027,097	–	1.16%	–
BIIB	New	BIOGEN IDEC INC	$104,535,000	–	332,493	–	1.05%	–
BITA	New	BITAUTO HLDGS LTDsponsored ads	$101,935,000	–	2,120,560	–	1.03%	–
BYI	New	BALLY TECHNOLOGIES INC	$96,095,000	–	1,465,194	–	0.97%	–
TDG	New	TRANSDIGM GROUP INC	$95,920,000	–	574,774	–	0.97%	–
SFUN	New	SOUFUN HLDGS LTDadr	$89,945,000	–	9,331,275	–	0.91%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$87,880,000	–	4,058,266	–	0.89%	–
PCP	New	PRECISION CASTPARTS CORP	$76,935,000	–	305,647	–	0.78%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$64,585,000	–	1,902,079	–	0.65%	–
WFM	New	WHOLE FOODS MKT INC	$57,475,000	–	1,491,280	–	0.58%	–
DEO	New	DIAGEO P L Cspon adr new	$52,340,000	–	411,243	–	0.53%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$39,120,000	–	206	–	0.39%	–
	New	JPM (HDFC LTD)p-note 29/09/14	$35,840,000	–	2,181,281	–	0.36%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$35,605,000	–	60,136	–	0.36%	–
RAI	New	REYNOLDS AMERICAN INC	$34,005,000	–	563,450	–	0.34%	–
GOOGL	New	GOOGLE INCcl a	$32,200,000	–	55,076	–	0.32%	–
CVX	New	CHEVRON CORP NEW	$29,400,000	–	225,199	–	0.30%	–
F113PS	New	COVIDIEN PLC	$29,275,000	–	324,622	–	0.30%	–
WMT	New	WAL-MART STORES INC	$27,230,000	–	362,765	–	0.28%	–
AL	New	AIR LEASE CORPcl a	$27,045,000	–	701,055	–	0.27%	–
SBUX	New	STARBUCKS CORP	$26,580,000	–	343,500	–	0.27%	–
TRMB	New	TRIMBLE NAVIGATION LTD	$26,270,000	–	711,006	–	0.26%	–
PB	New	PROSPERITY BANCSHARES INC	$26,155,000	–	418,782	–	0.26%	–
JKHY	New	HENRY JACK & ASSOC INC	$21,525,000	–	362,225	–	0.22%	–
WAT	New	WATERS CORP	$21,150,000	–	202,533	–	0.21%	–
MSI	New	MOTOROLA SOLUTIONS INC	$20,595,000	–	309,375	–	0.21%	–
GRAM	New	GRANA Y MONTERO S A Asponsored adr	$16,760,000	–	890,292	–	0.17%	–
C	New	CITIGROUP INC	$16,195,000	–	343,840	–	0.16%	–
ACN	New	ACCENTURE PLC IRELAND	$14,910,000	–	196,512	–	0.15%	–
SRE	New	SEMPRA ENERGY	$14,190,000	–	135,550	–	0.14%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$13,885,000	–	252,525	–	0.14%	–
RGLD	New	ROYAL GOLD INC	$13,860,000	–	182,087	–	0.14%	–
COF	New	CAPITAL ONE FINL CORP	$12,965,000	–	156,982	–	0.13%	–
CSLLY	New	CSL LTD SPONSORED ADRsponsored adr	$12,395,000	–	394,638	–	0.12%	–
LUKOY	New	OIL CO LUKOILsponsored adr	$11,590,000	–	193,718	–	0.12%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$9,875,000	–	52,600	–	0.10%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$9,005,000	–	133,629	–	0.09%	–
	New	JPM (AXIS BANK WTS)p-note 08/10/14	$5,620,000	–	176,900	–	0.06%	–
UN	New	UNILEVER N V	$5,450,000	–	124,600	–	0.06%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$5,500,000	–	46,200	–	0.06%	–
RHHBY	New	ROCHE HLDG LTDsponsored adr	$5,425,000	–	145,500	–	0.06%	–
NSRGY	New	NESTLE S Asponsored adr	$5,350,000	–	68,900	–	0.05%	–
	New	JPM (NESTLE INDIA LTD)p-note 09/08/15	$4,870,000	–	59,679	–	0.05%	–
NVO	New	NOVO-NORDISK A Sadr	$4,565,000	–	98,802	–	0.05%	–
EC	New	ECOPETROL S Asponsored ads	$4,455,000	–	123,639	–	0.04%	–
1338PS	New	UBS AG	$4,070,000	–	222,100	–	0.04%	–
GRFS	New	GRIFOLS S Asp adr rep b nvt	$3,315,000	–	75,212	–	0.03%	–
ILMN	New	ILLUMINA INC	$3,095,000	–	17,349	–	0.03%	–
SLW	New	SILVER WHEATON CORP	$2,590,000	–	98,700	–	0.03%	–
EJ	New	E HOUSE CHINA HLDGS LTDadr	$2,240,000	–	258,800	–	0.02%	–
AMZN	New	AMAZON COM INC	$1,475,000	–	4,539	–	0.02%	–
NPSNY	New	NASPERS LTDsponsored adr	$755,000	–	6,400	–	0.01%	–
WMMVY	New	WAL-MART DE MEX SAB DE CVadr	$585,000	–	21,910	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-7,800	–	-0.00%	–
WMMVY	Exit	WAL-MART DE MEX SAB DE CV	$0	–	-24,810	–	-0.01%	–
	Exit	JPM(INDRAPRASTHA GAS LTD)p-note 09/08/16	$0	–	-167,847	–	-0.01%	–
	Exit	JPM (AXIS BANK WTS)p-note 08/10/14	$0	–	-118,600	–	-0.03%	–
JKHY	Exit	HENRY JACK & ASSOC INC	$0	–	-70,765	–	-0.05%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-105,522	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-152,746	–	-0.11%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-21,200	–	-0.11%	–
CMXHY	Exit	CSL LTDadr	$0	–	-302,828	–	-0.12%	–
	Exit	JPM (NESTLE INDIA LTD)p-note 09/08/15	$0	–	-119,279	–	-0.14%	–
NCMGY	Exit	NEWCREST MNG LTDsponsored adr	$0	–	-1,148,280	–	-0.17%	–
MCD	Exit	MCDONALDS CORP	$0	–	-164,888	–	-0.22%	–
CASY	Exit	CASEYS GEN STORES INC	$0	–	-217,175	–	-0.22%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-207,000	–	-0.22%	–
GRAM	Exit	GRANA Y MONTERO S A Asponsored adr	$0	–	-901,517	–	-0.25%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-293,229	–	-0.27%	–
MCO	Exit	MOODYS CORP	$0	–	-284,425	–	-0.28%	–
C	Exit	CITIGROUP INC	$0	–	-441,153	–	-0.30%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-495,950	–	-0.32%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-278,475	–	-0.33%	–
FAST	Exit	FASTENAL CO	$0	–	-479,275	–	-0.33%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-145,203	–	-0.37%	–
GWW	Exit	GRAINGER W W INC	$0	–	-105,079	–	-0.38%	–
LUKOY	Exit	OIL CO LUKOILsponsored adr	$0	–	-469,917	–	-0.41%	–
	Exit	JPM (HDFC LTD)p-note 29/09/14	$0	–	-2,469,707	–	-0.41%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-180	–	-0.42%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-35,159	–	-0.42%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-258,230	–	-0.43%	–
BYI	Exit	BALLY TECHNOLOGIES INC	$0	–	-438,178	–	-0.44%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-1,132,276	–	-0.44%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-1,158,350	–	-0.44%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-654,675	–	-0.54%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-810,500	–	-0.54%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-1,398,475	–	-0.61%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-687,474	–	-0.65%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-374,793	–	-0.66%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-139,430	–	-0.82%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-67,708	–	-0.94%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-314,460	–	-1.03%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-1,044,577	–	-1.05%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-1,045,412	–	-1.06%	–
CELG	Exit	CELGENE CORP	$0	–	-507,362	–	-1.07%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,127,737	–	-1.27%	–
AMZN	Exit	AMAZON COM INC	$0	–	-313,949	–	-1.34%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-9,652,844	–	-1.54%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,564,000	–	-1.56%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,440,945	–	-1.71%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-2,059,178	–	-1.87%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-4,091,533	–	-1.92%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-5,033,114	–	-2.10%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-2,355,064	–	-2.28%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-1,337,676	–	-2.30%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-2,941,259	–	-2.46%	–
EC	Exit	ECOPETROL S Asponsored ads	$0	–	-4,671,002	–	-2.94%	–
KO	Exit	COCA COLA CO	$0	–	-6,756,439	–	-3.50%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-392,878	–	-3.61%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-1,729,841	–	-3.98%	–
HDB	Exit	HDFC BANK LTD	$0	–	-13,301,589	–	-5.61%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,091,674	–	-6.14%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-6,216,686	–	-8.21%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-47,787,549	–	-9.00%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-7,776,214	–	-9.18%	–
ABV	Exit	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$0	–	-20,690,459	–	-10.81%	–

Q3 2013

			Value		Shares		↓ Weighting
ABV	Buy	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$783,235,000	+6.2%	20,690,459	+3.8%	10.81%	+14.0%
PM	Buy	PHILIP MORRIS INTL INC	$665,060,000	+6.5%	7,776,214	+7.7%	9.18%	+14.3%
BSMX	Sell	GRUPO FINANCIERO SANTANDER M	$652,480,000	-6.7%	47,787,549	-3.8%	9.00%	+0.1%
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$595,260,000	-8.2%	6,216,686	-2.0%	8.21%	-1.4%
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$445,075,000	+12.7%	16,091,674	+0.5%	6.14%	+20.9%
HDB	Sell	HDFC BANK LTD	$406,545,000	-16.0%	13,301,589	-0.3%	5.61%	-9.9%
CLB	Sell	CORE LABORATORIES N V	$288,450,000	+2.7%	1,729,841	-7.3%	3.98%	+10.2%
MA	Buy	MASTERCARD INCcl a	$261,535,000	+16.0%	392,878	+1.7%	3.61%	+24.5%
KO	Buy	COCA COLA CO	$253,510,000	+1.1%	6,756,439	+9.7%	3.50%	+8.6%
EC	Buy	ECOPETROL S Asponsored ads	$213,480,000	+16.7%	4,671,002	+7.1%	2.94%	+25.3%
F113PS	Buy	COVIDIEN PLC	$178,420,000	+481.8%	2,941,259	+511.5%	2.46%	+524.9%
KOF	Sell	COCA COLA FEMSA S A B DE C Vspon adr rep l	$166,390,000	-10.8%	1,337,676	-0.3%	2.30%	-4.3%
GOLD	Buy	RANDGOLD RES LTDadr	$164,910,000	+12.3%	2,355,064	+0.9%	2.28%	+20.6%
SQM	Buy	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$152,130,000	+112.5%	5,033,114	+183.5%	2.10%	+128.2%
MO	Buy	ALTRIA GROUP INC	$139,285,000	-0.3%	4,091,533	+3.8%	1.92%	+7.0%
LVS	Buy	LAS VEGAS SANDS CORP	$135,355,000	+64.4%	2,059,178	+34.2%	1.87%	+76.4%
JNJ	Buy	JOHNSON & JOHNSON	$123,835,000	+1.8%	1,440,945	+3.0%	1.71%	+9.3%
ACN	Sell	ACCENTURE PLC IRELAND	$112,795,000	-3.2%	1,564,000	-5.1%	1.56%	+3.9%
BVN	Sell	COMPANIA DE MINAS BUENAVENTUsponsored adr	$111,510,000	-39.1%	9,652,844	-22.7%	1.54%	-34.6%
AMZN	Sell	AMAZON COM INC	$97,240,000	+4.1%	313,949	-5.5%	1.34%	+11.7%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$91,735,000	+47.2%	1,127,737	+14.6%	1.27%	+58.1%
CELG	New	CELGENE CORP	$77,345,000	–	507,362	–	1.07%	–
MJN	Buy	MEAD JOHNSON NUTRITION CO	$77,045,000	+0.7%	1,045,412	+9.6%	1.06%	+8.1%
BIIB	New	BIOGEN IDEC INC	$74,975,000	–	314,460	–	1.03%	–
PCLN	Buy	PRICELINE COM INC	$67,840,000	+23.3%	67,708	+3.1%	0.94%	+32.2%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$59,180,000	+6.6%	139,430	-7.3%	0.82%	+14.4%
DEO	Sell	DIAGEO P L Cspon adr new	$47,630,000	+7.4%	374,793	-2.9%	0.66%	+15.3%
COF	Sell	CAPITAL ONE FINL CORP	$46,990,000	-21.2%	687,474	-26.7%	0.65%	-15.4%
MDLZ	Buy	MONDELEZ INTL INCcl a	$43,940,000	+15.4%	1,398,475	+4.8%	0.61%	+23.7%
RAI	Buy	REYNOLDS AMERICAN INC	$39,535,000	+6.5%	810,500	+5.6%	0.54%	+14.3%
MSI	Sell	MOTOROLA SOLUTIONS INC	$38,875,000	+0.5%	654,675	-2.3%	0.54%	+7.8%
AL	New	AIR LEASE CORPcl a	$32,040,000	–	1,158,350	–	0.44%	–
NEM	Sell	NEWMONT MINING CORP	$31,815,000	-37.5%	1,132,276	-33.4%	0.44%	-32.9%
BYI	Sell	BALLY TECHNOLOGIES INC	$31,575,000	+9.3%	438,178	-14.4%	0.44%	+17.5%
CVX	New	CHEVRON CORP NEW	$31,375,000	–	258,230	–	0.43%	–
GOOGL	Sell	GOOGLE INCcl a	$30,795,000	-47.9%	35,159	-47.6%	0.42%	-44.1%
	Sell	JPM (HDFC LTD)p-note 29/09/14	$29,985,000	-41.4%	2,469,707	-27.6%	0.41%	-37.1%
LUKOY	New	OIL CO LUKOILsponsored adr	$29,865,000	–	469,917	–	0.41%	–
GWW	Buy	GRAINGER W W INC	$27,500,000	+8.7%	105,079	+4.7%	0.38%	+16.6%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$26,890,000	+28.0%	145,203	+32.1%	0.37%	+37.4%
FAST	Buy	FASTENAL CO	$24,085,000	+21.8%	479,275	+11.1%	0.33%	+30.7%
SRE	New	SEMPRA ENERGY	$23,835,000	–	278,475	–	0.33%	–
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$23,125,000	+1.8%	495,950	-16.0%	0.32%	+9.2%
C	Sell	CITIGROUP INC	$21,400,000	-64.6%	441,153	-64.6%	0.30%	-62.0%
MCO	Sell	MOODYS CORP	$20,000,000	-34.6%	284,425	-43.3%	0.28%	-29.8%
GRAM	New	GRANA Y MONTERO S A Asponsored adr	$18,330,000	–	901,517	–	0.25%	–
CASY	Sell	CASEYS GEN STORES INC	$15,960,000	+15.4%	217,175	-5.5%	0.22%	+23.6%
SBUX	Sell	STARBUCKS CORP	$15,930,000	+11.8%	207,000	-4.9%	0.22%	+20.2%
MCD	Buy	MCDONALDS CORP	$15,865,000	+7.1%	164,888	+10.2%	0.22%	+15.3%
NCMGY	Sell	NEWCREST MNG LTDsponsored adr	$12,360,000	+1.4%	1,148,280	-10.8%	0.17%	+8.9%
	Sell	JPM (NESTLE INDIA LTD)p-note 09/08/15	$9,890,000	-15.8%	119,279	-17.3%	0.14%	-9.9%
CMXHY	New	CSL LTDadr	$9,040,000	–	302,828	–	0.12%	–
ISRG	New	INTUITIVE SURGICAL INC	$7,975,000	–	21,200	–	0.11%	–
JPM	Sell	JPMORGAN CHASE & CO	$7,895,000	-89.7%	152,746	-89.3%	0.11%	-88.9%
RGLD	New	ROYAL GOLD INC	$5,135,000	–	105,522	–	0.07%	–
JKHY	New	HENRY JACK & ASSOC INC	$3,650,000	–	70,765	–	0.05%	–
	Buy	JPM (AXIS BANK WTS)p-note 08/10/14	$1,895,000	-19.4%	118,600	+12.2%	0.03%	-13.3%
WMMVY	Buy	WAL-MART DE MEX SAB DE CV	$650,000	+19.3%	24,810	+27.2%	0.01%	+28.6%
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$285,000	–	7,800	–	0.00%	–
YNDX	Exit	YANDEX N V	$0	–	-921,955	–	-0.32%	–
TRMB	Exit	TRIMBLE NAVIGATION LTD	$0	–	-971,900	–	-0.32%	–
WAT	Exit	WATERS CORP	$0	–	-271,483	–	-0.35%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-393,375	–	-0.37%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-632,597	–	-0.46%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-299,600	–	-0.60%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-1,156,728	–	-0.78%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-1,064,478	–	-1.03%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,816,709	–	-1.18%	–
V	Exit	VISA INC	$0	–	-897,365	–	-2.14%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-10,336,365	–	-2.43%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-4,756,977	–	-2.57%	–

Q2 2013

			Value		Shares		↓ Weighting
ABV	New	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$737,595,000	–	19,926,039	–	9.48%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$699,585,000	–	49,659,397	–	8.99%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$648,165,000	–	6,340,647	–	8.33%	–
PM	New	PHILIP MORRIS INTL INC	$624,745,000	–	7,222,067	–	8.03%	–
HDB	New	HDFC BANK LTD	$484,270,000	–	13,340,399	–	6.23%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$395,055,000	–	16,015,674	–	5.08%	–
CLB	New	CORE LABORATORIES N V	$280,800,000	–	1,865,799	–	3.61%	–
KO	New	COCA COLA CO	$250,635,000	–	6,159,053	–	3.22%	–
MA	New	MASTERCARD INCcl a	$225,390,000	–	386,247	–	2.90%	–
WFC	New	WELLS FARGO & CO NEW	$199,650,000	–	4,756,977	–	2.57%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$189,360,000	–	10,336,365	–	2.43%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$186,570,000	–	1,341,626	–	2.40%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$183,005,000	–	12,494,027	–	2.35%	–
EC	New	ECOPETROL S Asponsored ads	$182,875,000	–	4,360,007	–	2.35%	–
V	New	VISA INC	$166,230,000	–	897,365	–	2.14%	–
GOLD	New	RANDGOLD RES LTDadr	$146,820,000	–	2,333,746	–	1.89%	–
MO	New	ALTRIA GROUP INC	$139,770,000	–	3,940,978	–	1.80%	–
JNJ	New	JOHNSON & JOHNSON	$121,670,000	–	1,398,386	–	1.56%	–
ACN	New	ACCENTURE PLC IRELAND	$116,520,000	–	1,647,511	–	1.50%	–
AMZN	New	AMAZON COM INC	$93,390,000	–	332,319	–	1.20%	–
TJX	New	TJX COS INC NEW	$92,100,000	–	1,816,709	–	1.18%	–
LVS	New	LAS VEGAS SANDS CORP	$82,355,000	–	1,534,264	–	1.06%	–
WMT	New	WAL-MART STORES INC	$80,345,000	–	1,064,478	–	1.03%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$76,500,000	–	953,572	–	0.98%	–
JPM	New	JPMORGAN CHASE & CO	$76,385,000	–	1,427,266	–	0.98%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$71,600,000	–	1,775,372	–	0.92%	–
NTES	New	NETEASE INCsponsored adr	$65,985,000	–	1,044,577	–	0.85%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$62,310,000	–	984,362	–	0.80%	–
C	New	CITIGROUP INC	$60,435,000	–	1,245,314	–	0.78%	–
WFM	New	WHOLE FOODS MKT INC	$60,270,000	–	1,156,728	–	0.78%	–
COF	New	CAPITAL ONE FINL CORP	$59,610,000	–	937,267	–	0.77%	–
GOOGL	New	GOOGLE INCcl a	$59,100,000	–	67,134	–	0.76%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$55,510,000	–	150,417	–	0.71%	–
PCLN	New	PRICELINE COM INC	$55,035,000	–	65,703	–	0.71%	–
	New	JPM (HDFC LTD)p-note 29/9/2014	$51,155,000	–	3,411,216	–	0.66%	–
NEM	New	NEWMONT MINING CORP	$50,890,000	–	1,699,176	–	0.65%	–
TDG	New	TRANSDIGM GROUP INC	$46,970,000	–	299,600	–	0.60%	–
DEO	New	DIAGEO P L Cspon adr new	$44,345,000	–	385,793	–	0.57%	–
MSI	New	MOTOROLA SOLUTIONS INC	$38,695,000	–	670,275	–	0.50%	–
MDLZ	New	MONDELEZ INTL INCcl a	$38,085,000	–	1,334,950	–	0.49%	–
RAI	New	REYNOLDS AMERICAN INC	$37,120,000	–	767,475	–	0.48%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$35,740,000	–	632,597	–	0.46%	–
F113PS	New	COVIDIEN PLC	$30,665,000	–	480,970	–	0.39%	–
MCO	New	MOODYS CORP	$30,575,000	–	501,800	–	0.39%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$30,350,000	–	180	–	0.39%	–
BYI	New	BALLY TECHNOLOGIES INC	$28,895,000	–	512,128	–	0.37%	–
TROW	New	PRICE T ROWE GROUP INC	$28,775,000	–	393,375	–	0.37%	–
WAT	New	WATERS CORP	$27,160,000	–	271,483	–	0.35%	–
TRMB	New	TRIMBLE NAVIGATION LTD	$25,280,000	–	971,900	–	0.32%	–
GWW	New	GRAINGER W W INC	$25,300,000	–	100,329	–	0.32%	–
YNDX	New	YANDEX N V	$25,225,000	–	921,955	–	0.32%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$22,710,000	–	590,250	–	0.29%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$21,000,000	–	109,878	–	0.27%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$19,900,000	–	293,229	–	0.26%	–
FAST	New	FASTENAL CO	$19,770,000	–	431,225	–	0.25%	–
MCD	New	MCDONALDS CORP	$14,810,000	–	149,613	–	0.19%	–
SBUX	New	STARBUCKS CORP	$14,255,000	–	217,700	–	0.18%	–
CASY	New	CASEYS GEN STORES INC	$13,825,000	–	229,825	–	0.18%	–
NCMGY	New	NEWCREST MNG LTDsponsored adr	$12,185,000	–	1,286,835	–	0.16%	–
	New	JPM (NESTLE INDIA LTD)	$11,740,000	–	144,199	–	0.15%	–
	New	JPM (AXIS BANK WTS)p-note 8/10/2014	$2,350,000	–	105,700	–	0.03%	–
	New	JPM (INDRAPRASTHA GAS LTD)p-note 9/08/2016	$755,000	–	167,847	–	0.01%	–
WMMVY	New	WAL-MART DE MEX SAB DE CVadr	$545,000	–	19,510	–	0.01%	–

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