HARTWELL J M LIMITED PARTNERSHIP Activity Q3 2001-Q3 2019

Q3 2019

			Value		Shares		↓ Weighting
EPAM	Buy	Epam Systems Inc	$64,873,000	+5.5%	355,822	+0.2%	11.58%	+1.9%
MSFT	Sell	Microsoft Corporation	$57,270,000	+3.8%	411,922	-0.0%	10.22%	+0.2%
TIGO	Sell	Millicom International Cellula	$49,953,000	-12.8%	1,026,368	-0.2%	8.91%	-15.8%
FB	Buy	Facebook Inc Cl A	$47,224,000	-7.5%	265,183	+0.3%	8.43%	-10.6%
BKNG	Buy	Booking Holdings Inc.	$37,635,000	+6.4%	19,176	+1.7%	6.72%	+2.8%
AMZN	Buy	Amazon.com	$37,600,000	-2.8%	21,660	+6.1%	6.71%	-6.1%
GOOG	Buy	Alphabet Inc-CL C	$35,180,000	+13.3%	28,859	+0.4%	6.28%	+9.4%
MA	Sell	Mastercard Inc.	$34,634,000	-1.8%	127,533	-4.3%	6.18%	-5.1%
V	Buy	Visa Inc.	$30,463,000	-0.8%	177,099	+0.1%	5.44%	-4.2%
HD	Buy	Home Depot Inc.	$29,415,000	+13.8%	126,779	+2.0%	5.25%	+9.9%
BABA	Buy	Alibaba Group	$20,197,000	+3.4%	120,775	+4.8%	3.60%	-0.1%
GOOGL	Buy	Alphabet Inc-CL A	$19,141,000	+16.2%	15,675	+3.1%	3.42%	+12.3%
INTEQ	Buy	Intelsat	$13,576,000	+40.7%	595,450	+20.0%	2.42%	+35.9%
AMT	Buy	American Tower Corp	$8,052,000	+139.8%	36,415	+121.7%	1.44%	+131.8%
XOM	Sell	Exxon Mobil Corp	$5,001,000	-9.1%	70,826	-1.4%	0.89%	-12.3%
CVS	New	CVS Health Corp	$4,819,000	–	76,400	–	0.86%	–
JNJ	Buy	Johnson & Johnson	$4,420,000	-2.1%	34,164	+5.4%	0.79%	-5.4%
PANW	Sell	Palo Alto Networks, Inc.	$3,673,000	-3.8%	18,020	-3.8%	0.66%	-7.1%
ADBE	Buy	Adobe Sys. Inc. Com.	$2,196,000	+2.4%	7,948	+9.2%	0.39%	-1.0%
	Buy	JP Morgan Chase & Co	$1,462,000	+247.3%	12,423	+229.7%	0.26%	+234.6%
AAPL	Sell	Apple Inc	$1,299,000	-13.9%	5,800	-23.9%	0.23%	-16.8%
CRM	Buy	Salesforce.com	$1,139,000	+95.0%	7,675	+99.4%	0.20%	+88.0%
DEO	Buy	Diageo PLC ADR	$997,000	+2.8%	6,100	+8.4%	0.18%	-0.6%
CCI	New	Crown Castle	$959,000	–	6,900	–	0.17%	–
TCEHY	Sell	Tencent Holdings Ltd.	$957,000	-9.1%	23,000	-1.1%	0.17%	-12.3%
LVMUY	Buy	LVMH Moet Hennessy -ADR	$952,000	-3.5%	12,000	+3.4%	0.17%	-6.6%
BX	Sell	Blackstone Group Inc	$868,000	-3.8%	17,775	-12.4%	0.16%	-7.2%
NVS	Sell	Novartis Ag-Adr	$802,000	-9.4%	9,228	-4.8%	0.14%	-12.3%
HON	Sell	Honeywell Inc.	$778,000	-13.3%	4,600	-10.5%	0.14%	-16.3%
UNH	Buy	United Healthcare Corp.	$724,000	+26.4%	3,330	+41.8%	0.13%	+21.7%
MU	Buy	Micron Technology INC	$701,000	+19.0%	16,350	+7.1%	0.12%	+14.7%
ACN	Sell	Accenture Plc-Cl A	$664,000	-4.7%	3,450	-8.6%	0.12%	-8.5%
ACL	New	Alcon Inc.	$640,000	–	10,980	–	0.11%	–
	Sell	PayPal Inc	$634,000	-48.3%	6,120	-42.9%	0.11%	-50.2%
SSDOY	Buy	Shiseido Co	$635,000	+19.8%	7,900	+12.9%	0.11%	+15.3%
ADDYY	Buy	adidas AG	$607,000	+12.4%	3,900	+11.4%	0.11%	+8.0%
CHTR	New	Charter Communications Inc	$596,000	–	1,445	–	0.11%	–
WMMVY	Buy	Wal-mart de Mexico SAB	$570,000	+24.5%	19,100	+13.7%	0.10%	+20.0%
UN	Buy	Unilever N.V.	$540,000	+4.7%	9,000	+5.9%	0.10%	+1.1%
	New	MYT HOLDING COpfd	$510,000	–	500,000	–	0.09%	–
CVX	Buy	ChevronTexaco Corp	$503,000	+9.6%	4,245	+15.2%	0.09%	+5.9%
LRLCY	Sell	L'Oreal	$503,000	-19.3%	9,000	-17.8%	0.09%	-21.7%
FMS	Sell	Fresenius Medical Care A	$504,000	-22.2%	15,000	-9.1%	0.09%	-25.0%
FMX	Sell	Fomento Economico Mexicano SA	$504,000	-11.9%	5,500	-6.9%	0.09%	-15.1%
PG	New	Procter & Gamble Co	$492,000	–	3,959	–	0.09%	–
	New	Comcast Cl A	$488,000	–	10,835	–	0.09%	–
PDRDY	Sell	Pernod Ricard SA	$484,000	-6.4%	13,600	-2.8%	0.09%	-10.4%
RDSA	Buy	Royal Dutch Shell Plc-Adr	$477,000	-2.3%	8,100	+8.0%	0.08%	-5.6%
BZUN	Sell	Baozun Inc.	$457,000	-35.5%	10,700	-24.6%	0.08%	-37.4%
DIS	Buy	Walt Disney Company	$443,000	-3.1%	3,396	+3.8%	0.08%	-6.0%
MMM	Buy	3M Company	$421,000	+82.3%	2,562	+92.3%	0.08%	+74.4%
HEINY	Sell	Heineken NV-ADR	$411,000	-25.5%	7,600	-23.2%	0.07%	-28.4%
ALBO	Buy	Albireo Pharma, Inc.	$406,000	-18.8%	20,300	+31.0%	0.07%	-21.7%
SAP	Sell	SAP SE	$389,000	-25.9%	3,300	-14.0%	0.07%	-28.9%
DASTY	Sell	Dassault Systems SA	$368,000	-28.5%	2,600	-19.2%	0.07%	-30.5%
RHHBY	Sell	Roche Holdings Ltd Sponsored A	$364,000	-4.7%	10,000	-8.2%	0.06%	-8.5%
DANOY	Buy	Danone ADR	$328,000	+9.3%	18,700	+5.6%	0.06%	+7.3%
PTLA	New	Portola Pharmaceuticals	$322,000	–	12,000	–	0.06%	–
MRK	Buy	Merck & Co.	$286,000	+10.0%	3,397	+9.6%	0.05%	+6.2%
LMT	Sell	Lockheed Martin Corp	$267,000	-2.9%	683	-9.5%	0.05%	-5.9%
FIS	New	Fidelity National	$266,000	–	2,000	–	0.05%	–
PAGS	New	Pagseguro	$222,000	–	4,800	–	0.04%	–
CFRX	Buy	ContraFect Corp	$72,000	+1.4%	200,000	+42.9%	0.01%	0.0%
PFE	Exit	Pfizer Inc.	$0	–	-6,580	–	-0.05%	–
C	Exit	Citigroup Inc	$0	–	-4,863	–	-0.06%	–
VRTU	Exit	Virtusa Corp	$0	–	-15,700	–	-0.13%	–

Q2 2019

			Value		Shares		↓ Weighting
EPAM	New	Epam Systems Inc	$61,496,000	–	355,262	–	11.36%	–
TIGO	New	Millicom International Cellula	$57,294,000	–	1,028,618	–	10.58%	–
MSFT	New	Microsoft Corporation	$55,192,000	–	412,003	–	10.20%	–
FB	New	Facebook Inc Cl A	$51,040,000	–	264,458	–	9.43%	–
AMZN	New	Amazon.com	$38,668,000	–	20,420	–	7.14%	–
BKNG	New	Booking Holdings Inc.	$35,363,000	–	18,863	–	6.53%	–
MA	New	Mastercard Inc.	$35,263,000	–	133,303	–	6.51%	–
GOOG	New	Alphabet Inc-CL C	$31,056,000	–	28,731	–	5.74%	–
V	New	Visa Inc.	$30,716,000	–	176,989	–	5.67%	–
HD	New	Home Depot Inc.	$25,852,000	–	124,307	–	4.78%	–
BABA	New	Alibaba Group	$19,536,000	–	115,291	–	3.61%	–
GOOGL	New	Alphabet Inc-CL A	$16,468,000	–	15,209	–	3.04%	–
	New	Millicom International Cellula	$11,353,000	–	201,650	–	2.10%	–
INTEQ	New	Intelsat	$9,650,000	–	496,150	–	1.78%	–
XOM	New	Exxon Mobil Corp	$5,504,000	–	71,826	–	1.02%	–
JNJ	New	Johnson & Johnson	$4,513,000	–	32,405	–	0.83%	–
PANW	New	Palo Alto Networks, Inc.	$3,818,000	–	18,740	–	0.70%	–
AMT	New	American Tower Corp	$3,358,000	–	16,425	–	0.62%	–
PCYO	New	Pure Cycle Corp	$3,000,000	–	283,026	–	0.55%	–
MSB	New	Mesabi Trust	$2,605,000	–	88,200	–	0.48%	–
AMG	New	Affiliated Managers Group Inc.	$2,429,000	–	26,357	–	0.45%	–
ADBE	New	Adobe Sys. Inc. Com.	$2,144,000	–	7,277	–	0.40%	–
KMB	New	Kimberly Clark Corp	$1,840,000	–	13,805	–	0.34%	–
AAPL	New	Apple Inc	$1,509,000	–	7,624	–	0.28%	–
	New	PayPal Inc	$1,227,000	–	10,717	–	0.23%	–
TCEHY	New	Tencent Holdings Ltd.	$1,053,000	–	23,261	–	0.20%	–
NSRGY	New	Nestle SA ADR	$1,008,000	–	9,752	–	0.19%	–
LVMUY	New	LVMH Moet Hennessy -ADR	$987,000	–	11,600	–	0.18%	–
DEO	New	Diageo PLC ADR	$970,000	–	5,627	–	0.18%	–
NJDCY	New	Nidec Corp ADR	$953,000	–	27,800	–	0.18%	–
BX	New	Blackstone Group Inc	$902,000	–	20,300	–	0.17%	–
HON	New	Honeywell Inc.	$897,000	–	5,137	–	0.17%	–
NVS	New	Novartis Ag-Adr	$885,000	–	9,697	–	0.16%	–
	New	Millicom International Cellula	$875,000	–	15,295	–	0.16%	–
NTDOY	New	Nintendo Co. Ltd.	$847,000	–	18,500	–	0.16%	–
NTES	New	Netease, Inc	$831,000	–	3,250	–	0.15%	–
BZUN	New	Baozun Inc.	$708,000	–	14,200	–	0.13%	–
ACN	New	Accenture Plc-Cl A	$697,000	–	3,774	–	0.13%	–
VRTU	New	Virtusa Corp	$698,000	–	15,700	–	0.13%	–
FMS	New	Fresenius Medical Care A	$648,000	–	16,500	–	0.12%	–
LRLCY	New	L'Oreal	$623,000	–	10,954	–	0.12%	–
PUK	New	Prudential PLC	$613,000	–	14,000	–	0.11%	–
MU	New	Micron Technology INC	$589,000	–	15,270	–	0.11%	–
CRM	New	Salesforce.com	$584,000	–	3,850	–	0.11%	–
UNH	New	United Healthcare Corp.	$573,000	–	2,349	–	0.11%	–
FMX	New	Fomento Economico Mexicano SA	$572,000	–	5,907	–	0.11%	–
DTEGY	New	Deutsche Telekom AG	$555,000	–	32,000	–	0.10%	–
HEINY	New	Heineken NV-ADR	$552,000	–	9,900	–	0.10%	–
ADDYY	New	adidas AG	$540,000	–	3,500	–	0.10%	–
SSDOY	New	Shiseido Co	$530,000	–	7,000	–	0.10%	–
SAP	New	SAP SE	$525,000	–	3,838	–	0.10%	–
PDRDY	New	Pernod Ricard SA	$517,000	–	13,993	–	0.10%	–
DASTY	New	Dassault Systems SA	$515,000	–	3,217	–	0.10%	–
UN	New	Unilever N.V.	$516,000	–	8,500	–	0.10%	–
GVDNY	New	Givaudan SA	$501,000	–	8,900	–	0.09%	–
ALBO	New	Albireo Pharma, Inc.	$500,000	–	15,500	–	0.09%	–
CMPGY	New	Compass Group Plc-ADS	$498,000	–	20,775	–	0.09%	–
NVO	New	Novo Nordisk A/S Adr	$495,000	–	9,700	–	0.09%	–
RDSA	New	Royal Dutch Shell Plc-Adr	$488,000	–	7,500	–	0.09%	–
PPRUY	New	Kering ADR	$472,000	–	8,000	–	0.09%	–
GHY	New	Prudential Global Short Durati	$464,000	–	32,113	–	0.09%	–
CBD	New	Compania Brasileira	$465,000	–	19,000	–	0.09%	–
CVX	New	ChevronTexaco Corp	$459,000	–	3,685	–	0.08%	–
WMMVY	New	Wal-mart de Mexico SAB	$458,000	–	16,800	–	0.08%	–
DIS	New	Walt Disney Company	$457,000	–	3,271	–	0.08%	–
	New	JP Morgan Chase & Co	$421,000	–	3,768	–	0.08%	–
RHHBY	New	Roche Holdings Ltd Sponsored A	$382,000	–	10,889	–	0.07%	–
ORAN	New	Orange ADR	$377,000	–	24,000	–	0.07%	–
ADP	New	Automatic Data Processing Inc	$348,000	–	2,104	–	0.06%	–
C	New	Citigroup Inc	$341,000	–	4,863	–	0.06%	–
LLY	New	Lilly Eli & Co.	$334,000	–	3,019	–	0.06%	–
CTSH	New	Cognizant Technology Solutions	$316,000	–	4,986	–	0.06%	–
DANOY	New	Danone ADR	$300,000	–	17,700	–	0.06%	–
PFE	New	Pfizer Inc.	$285,000	–	6,580	–	0.05%	–
TAK	New	Takeda Pharma Co.	$285,000	–	16,108	–	0.05%	–
LMT	New	Lockheed Martin Corp	$275,000	–	755	–	0.05%	–
MRK	New	Merck & Co.	$260,000	–	3,100	–	0.05%	–
MMM	New	3M Company	$231,000	–	1,332	–	0.04%	–
ATHX	New	Athersys, Inc.	$168,000	–	100,000	–	0.03%	–
CFRX	New	ContraFect Corp	$71,000	–	140,000	–	0.01%	–
LKM	New	Link Motion	$31,000	–	203,500	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
AFMD	Exit	Affimed N.V.	$0	–	-15,000	–	-0.01%	–
CFRX	Exit	ContraFect Corp	$0	–	-40,000	–	-0.01%	–
LKM	Exit	Link Motion	$0	–	-316,500	–	-0.04%	–
ATHX	Exit	Athersys, Inc.	$0	–	-100,000	–	-0.04%	–
MRK	Exit	Merck & Co.	$0	–	-3,100	–	-0.04%	–
ALGN	Exit	Align Technology Inc	$0	–	-600	–	-0.04%	–
	Exit	JP Morgan Chase & Co	$0	–	-2,100	–	-0.04%	–
ADP	Exit	Automatic Data Processing Inc	$0	–	-1,604	–	-0.04%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-720	–	-0.04%	–
HENOY	Exit	Henkel AG and CO. KGAA.	$0	–	-2,300	–	-0.05%	–
MMM	Exit	3M Company	$0	–	-1,332	–	-0.05%	–
VOD	Exit	Vodafone Group PLC ADS	$0	–	-13,289	–	-0.05%	–
LLY	Exit	Lilly Eli & Co.	$0	–	-3,019	–	-0.06%	–
OASPQ	Exit	Oasis Petroleum Inc.	$0	–	-25,000	–	-0.06%	–
ADMS	Exit	Adamas Pharmaceuticals	$0	–	-20,000	–	-0.07%	–
ALBO	Exit	Albireo Pharma, Inc.	$0	–	-13,100	–	-0.08%	–
HEINY	Exit	Heineken NV-ADR	$0	–	-9,400	–	-0.08%	–
PJT	Exit	P J T Partners Inc-A	$0	–	-8,550	–	-0.08%	–
ORAN	Exit	Orange ADR	$0	–	-28,800	–	-0.08%	–
GHY	Exit	Prudential Global Short Durati	$0	–	-34,113	–	-0.08%	–
PDRDY	Exit	Pernod Ricard SA	$0	–	-14,500	–	-0.08%	–
NVO	Exit	Novo Nordisk A/S Adr	$0	–	-10,400	–	-0.08%	–
CMPGY	Exit	Compass Group Plc-ADS	$0	–	-21,784	–	-0.09%	–
LRLCY	Exit	L'Oreal	$0	–	-10,350	–	-0.09%	–
UN	Exit	Unilever N.V.	$0	–	-9,100	–	-0.09%	–
DTEGY	Exit	Deutsche Telekom AG	$0	–	-32,000	–	-0.09%	–
ADDYY	Exit	adidas AG	$0	–	-4,300	–	-0.09%	–
DASTY	Exit	Dassault Systems SA	$0	–	-3,550	–	-0.09%	–
PPRUY	Exit	Kering ADR	$0	–	-10,100	–	-0.09%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-5,750	–	-0.10%	–
WMMVY	Exit	Wal-mart de Mexico SAB	$0	–	-19,100	–	-0.10%	–
RDSA	Exit	Royal Dutch Shell Plc-Adr	$0	–	-8,988	–	-0.11%	–
SHPG	Exit	Shire Plc	$0	–	-3,400	–	-0.11%	–
SSDOY	Exit	Shiseido Co	$0	–	-8,400	–	-0.11%	–
ESLOY	Exit	Essilor Intl SA ADR	$0	–	-8,884	–	-0.11%	–
NTES	Exit	Netease, Inc	$0	–	-2,930	–	-0.12%	–
PUK	Exit	Prudential PLC	$0	–	-15,000	–	-0.12%	–
PTLA	Exit	Portola Pharmaceuticals	$0	–	-28,150	–	-0.13%	–
NVS	Exit	Novartis Ag-Adr	$0	–	-8,753	–	-0.13%	–
CVX	Exit	ChevronTexaco Corp	$0	–	-6,170	–	-0.13%	–
HON	Exit	Honeywell Inc.	$0	–	-4,600	–	-0.13%	–
LUXTY	Exit	Luxottica Group ADS	$0	–	-11,400	–	-0.14%	–
DEO	Exit	Diageo PLC ADR	$0	–	-5,800	–	-0.14%	–
BL	Exit	Blackline Inc.	$0	–	-14,675	–	-0.14%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-10,135	–	-0.15%	–
FMS	Exit	Fresenius Medical Care A	$0	–	-16,650	–	-0.15%	–
	Exit	Millicom International Cellula	$0	–	-15,295	–	-0.15%	–
SAP	Exit	SAP SE	$0	–	-7,050	–	-0.15%	–
TCEHY	Exit	Tencent Holdings Ltd.	$0	–	-21,850	–	-0.16%	–
NTDOY	Exit	Nintendo Co. Ltd.	$0	–	-19,600	–	-0.16%	–
ACN	Exit	Accenture Plc-Cl A	$0	–	-5,300	–	-0.16%	–
LVMUY	Exit	LVMH Moet Hennessy -ADR	$0	–	-13,200	–	-0.16%	–
LXFT	Exit	Luxoft Holding Inc	$0	–	-20,950	–	-0.17%	–
MU	Exit	Micron Technology INC	$0	–	-22,300	–	-0.18%	–
NJDCY	Exit	Nidec Corp ADR	$0	–	-29,400	–	-0.18%	–
GS	Exit	Goldman Sachs Group	$0	–	-4,800	–	-0.19%	–
VRTU	Exit	Virtusa Corp	$0	–	-20,750	–	-0.19%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-13,623	–	-0.27%	–
FDX	Exit	Federal Express	$0	–	-6,475	–	-0.27%	–
ADBE	Exit	Adobe Sys. Inc. Com.	$0	–	-7,990	–	-0.38%	–
MSB	Exit	Mesabi Trust	$0	–	-88,200	–	-0.41%	–
PCYO	Exit	Pure Cycle Corp	$0	–	-283,026	–	-0.57%	–
PANW	Exit	Palo Alto Networks, Inc.	$0	–	-15,000	–	-0.59%	–
INTC	Exit	Intel Corp.	$0	–	-80,125	–	-0.66%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-28,457	–	-0.68%	–
JNJ	Exit	Johnson & Johnson	$0	–	-31,661	–	-0.76%	–
BZUN	Exit	Baozun Inc.	$0	–	-113,450	–	-0.96%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-73,799	–	-1.09%	–
INTEQ	Exit	Intelsat	$0	–	-225,800	–	-1.18%	–
	Exit	Millicom International Cellula	$0	–	-216,650	–	-2.16%	–
GOOGL	Exit	Alphabet Inc-CL A	$0	–	-15,475	–	-3.25%	–
AAPL	Exit	Apple Inc	$0	–	-87,925	–	-3.45%	–
BABA	Exit	Alibaba Group	$0	–	-131,160	–	-3.76%	–
V	Exit	Visa Inc.	$0	–	-177,739	–	-4.64%	–
HD	Exit	Home Depot Inc.	$0	–	-131,329	–	-4.73%	–
MA	Exit	Mastercard Inc.	$0	–	-132,350	–	-5.12%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-386,336	–	-5.18%	–
GOOG	Exit	Alphabet Inc-CL C	$0	–	-29,539	–	-6.13%	–
BKNG	Exit	Booking Holdings Inc.	$0	–	-18,806	–	-6.49%	–
AMZN	Exit	Amazon.com	$0	–	-20,005	–	-6.97%	–
FB	Exit	Facebook Inc Cl A	$0	–	-269,478	–	-7.70%	–
MSFT	Exit	Microsoft Corporation	$0	–	-423,689	–	-8.42%	–
EPAM	Exit	Epam Systems Inc	$0	–	-355,522	–	-8.51%	–
TIGO	Exit	Millicom International Cellula	$0	–	-995,818	–	-9.90%	–

Q3 2018

			Value		Shares		↓ Weighting
TIGO	Buy	Millicom International Cellula	$56,931,000	-1.3%	995,818	+1.4%	9.90%	-5.2%
EPAM	Sell	Epam Systems Inc	$48,955,000	+8.3%	355,522	-2.2%	8.51%	+4.1%
MSFT	Buy	Microsoft Corporation	$48,457,000	+18.0%	423,689	+1.8%	8.42%	+13.4%
FB	Sell	Facebook Inc Cl A	$44,318,000	-16.7%	269,478	-1.6%	7.70%	-20.0%
AMZN	Sell	Amazon.com	$40,070,000	+17.6%	20,005	-0.2%	6.97%	+13.0%
BKNG	Buy	Booking Holdings Inc.	$37,311,000	-1.1%	18,806	+1.1%	6.49%	-5.0%
GOOG	Buy	Alphabet Inc-CL C	$35,254,000	+7.2%	29,539	+0.3%	6.13%	+3.0%
CTSH	Sell	Cognizant Technology Solutions	$29,806,000	-4.9%	386,336	-2.7%	5.18%	-8.7%
MA	Sell	Mastercard Inc.	$29,462,000	+11.9%	132,350	-1.2%	5.12%	+7.5%
HD	Buy	Home Depot Inc.	$27,205,000	+7.4%	131,329	+1.2%	4.73%	+3.2%
V	Buy	Visa Inc.	$26,677,000	+13.5%	177,739	+0.1%	4.64%	+9.0%
BABA	Sell	Alibaba Group	$21,610,000	-11.4%	131,160	-0.2%	3.76%	-14.8%
AAPL	Buy	Apple Inc	$19,848,000	+175.6%	87,925	+126.0%	3.45%	+164.9%
GOOGL	Buy	Alphabet Inc-CL A	$18,680,000	+7.9%	15,475	+1.0%	3.25%	+3.7%
	Sell	Millicom International Cellula	$12,442,000	-6.3%	216,650	-3.5%	2.16%	-10.0%
INTEQ	Buy	Intelsat	$6,774,000	+113.7%	225,800	+18.7%	1.18%	+105.2%
XOM	Sell	Exxon Mobil Corp	$6,274,000	+2.2%	73,799	-0.5%	1.09%	-1.8%
BZUN	Sell	Baozun Inc.	$5,511,000	-24.4%	113,450	-14.9%	0.96%	-27.4%
JNJ	Buy	Johnson & Johnson	$4,375,000	+15.9%	31,661	+1.7%	0.76%	+11.4%
AMG	Buy	Affiliated Managers Group Inc.	$3,891,000	+110.1%	28,457	+128.4%	0.68%	+102.1%
INTC	Sell	Intel Corp.	$3,789,000	-10.0%	80,125	-5.3%	0.66%	-13.4%
PANW	Sell	Palo Alto Networks, Inc.	$3,379,000	-32.0%	15,000	-38.0%	0.59%	-34.8%
MSB	Sell	Mesabi Trust	$2,337,000	+6.7%	88,200	-1.1%	0.41%	+2.5%
ADBE	Sell	Adobe Sys. Inc. Com.	$2,157,000	-18.4%	7,990	-26.4%	0.38%	-21.7%
FDX	Sell	Federal Express	$1,559,000	-81.8%	6,475	-82.8%	0.27%	-82.5%
VRTU	Sell	Virtusa Corp	$1,114,000	+8.7%	20,750	-1.4%	0.19%	+4.9%
GS	Sell	Goldman Sachs Group	$1,076,000	+0.2%	4,800	-1.4%	0.19%	-3.6%
NJDCY	Buy	Nidec Corp ADR	$1,055,000	-4.3%	29,400	+0.2%	0.18%	-8.0%
MU	Buy	Micron Technology INC	$1,009,000	-4.3%	22,300	+10.9%	0.18%	-8.4%
LXFT	Sell	Luxoft Holding Inc	$992,000	-8.9%	20,950	-29.1%	0.17%	-12.7%
TCEHY	Sell	Tencent Holdings Ltd.	$892,000	-23.3%	21,850	-5.6%	0.16%	-26.2%
	New	Millicom International Cellula	$859,000	–	15,295	–	0.15%	–
NSRGY	Buy	Nestle SA ADR	$843,000	+23.2%	10,135	+14.7%	0.15%	+18.5%
BL	New	Blackline Inc.	$829,000	–	14,675	–	0.14%	–
CVX	Buy	ChevronTexaco Corp	$754,000	+5.2%	6,170	+8.8%	0.13%	+0.8%
PTLA	Sell	Portola Pharmaceuticals	$750,000	-36.1%	28,150	-9.3%	0.13%	-38.7%
NTES	Sell	Netease, Inc	$669,000	-16.7%	2,930	-7.9%	0.12%	-20.0%
WMMVY	Buy	Wal-mart de Mexico SAB	$580,000	+30.6%	19,100	+13.7%	0.10%	+26.2%
FMX	Buy	Fomento Economico Mexicano SA	$569,000	+28.4%	5,750	+13.9%	0.10%	+23.8%
ALBO	Sell	Albireo Pharma, Inc.	$432,000	-9.2%	13,100	-2.2%	0.08%	-12.8%
ADMS	Buy	Adamas Pharmaceuticals	$400,000	-6.1%	20,000	+21.2%	0.07%	-9.1%
OASPQ	Sell	Oasis Petroleum Inc.	$354,000	-45.4%	25,000	-50.0%	0.06%	-47.0%
MMM	New	3M Company	$281,000	–	1,332	–	0.05%	–
ADP	New	Automatic Data Processing Inc	$242,000	–	1,604	–	0.04%	–
ALGN	New	Align Technology Inc	$235,000	–	600	–	0.04%	–
	New	JP Morgan Chase & Co	$237,000	–	2,100	–	0.04%	–
MRK	New	Merck & Co.	$220,000	–	3,100	–	0.04%	–
LKM	Buy	Link Motion	$209,000	-30.6%	316,500	+19.9%	0.04%	-33.3%
CFRX	Buy	ContraFect Corp	$83,000	+25.8%	40,000	+33.3%	0.01%	+16.7%
AFMD	New	Affimed N.V.	$65,000	–	15,000	–	0.01%	–
CHRS	Exit	Coherus Bio Sciences	$0	–	-10,000	–	-0.02%	–
VRTX	Exit	Vertex Pharmaceuticals Incorpo	$0	–	-1,500	–	-0.05%	–
CRSP	Exit	Crispr Therapeutics	$0	–	-5,000	–	-0.05%	–
RHT	Exit	Red Hat Inc	$0	–	-5,275	–	-0.13%	–
AMAT	Exit	Applied Materials	$0	–	-27,700	–	-0.23%	–

Q2 2018

			Value		Shares		↓ Weighting
TIGO	New	Millicom International Cellula	$57,672,000	–	981,646	–	10.44%	–
FB	New	Facebook Inc Cl A	$53,199,000	–	273,768	–	9.63%	–
EPAM	New	Epam Systems Inc	$45,187,000	–	363,447	–	8.18%	–
MSFT	New	Microsoft Corporation	$41,058,000	–	416,364	–	7.43%	–
BKNG	New	Booking Holdings Inc.	$37,716,000	–	18,606	–	6.82%	–
AMZN	New	Amazon.com	$34,072,000	–	20,045	–	6.16%	–
GOOG	New	Alphabet Inc-CL C	$32,872,000	–	29,464	–	5.95%	–
CTSH	New	Cognizant Technology Solutions	$31,354,000	–	396,936	–	5.67%	–
MA	New	Mastercard Inc.	$26,324,000	–	133,950	–	4.76%	–
HD	New	Home Depot Inc.	$25,321,000	–	129,784	–	4.58%	–
BABA	New	Alibaba Group	$24,380,000	–	131,410	–	4.41%	–
V	New	Visa Inc.	$23,508,000	–	177,489	–	4.25%	–
GOOGL	New	Alphabet Inc-CL A	$17,305,000	–	15,325	–	3.13%	–
	New	Millicom International Cellula	$13,281,000	–	224,445	–	2.40%	–
FDX	New	Federal Express	$8,553,000	–	37,670	–	1.55%	–
BZUN	New	Baozun Inc.	$7,289,000	–	133,250	–	1.32%	–
AAPL	New	Apple Inc	$7,201,000	–	38,900	–	1.30%	–
XOM	New	Exxon Mobil Corp	$6,139,000	–	74,206	–	1.11%	–
PANW	New	Palo Alto Networks, Inc.	$4,972,000	–	24,200	–	0.90%	–
INTC	New	Intel Corp.	$4,208,000	–	84,650	–	0.76%	–
JNJ	New	Johnson & Johnson	$3,776,000	–	31,123	–	0.68%	–
INTEQ	New	Intelsat	$3,170,000	–	190,300	–	0.57%	–
PCYO	New	Pure Cycle Corp	$2,703,000	–	283,026	–	0.49%	–
ADBE	New	Adobe Sys. Inc. Com.	$2,645,000	–	10,850	–	0.48%	–
MSB	New	Mesabi Trust	$2,190,000	–	89,200	–	0.40%	–
AMG	New	Affiliated Managers Group Inc.	$1,852,000	–	12,457	–	0.34%	–
KMB	New	Kimberly Clark Corp	$1,435,000	–	13,623	–	0.26%	–
AMAT	New	Applied Materials	$1,279,000	–	27,700	–	0.23%	–
PTLA	New	Portola Pharmaceuticals	$1,173,000	–	31,050	–	0.21%	–
TCEHY	New	Tencent Holdings Ltd.	$1,163,000	–	23,150	–	0.21%	–
NJDCY	New	Nidec Corp ADR	$1,102,000	–	29,350	–	0.20%	–
LXFT	New	Luxoft Holding Inc	$1,089,000	–	29,550	–	0.20%	–
GS	New	Goldman Sachs Group	$1,074,000	–	4,870	–	0.19%	–
MU	New	Micron Technology INC	$1,054,000	–	20,100	–	0.19%	–
VRTU	New	Virtusa Corp	$1,025,000	–	21,050	–	0.18%	–
LVMUY	New	LVMH Moet Hennessy -ADR	$875,000	–	13,200	–	0.16%	–
ACN	New	Accenture Plc-Cl A	$867,000	–	5,300	–	0.16%	–
FMS	New	Fresenius Medical Care A	$838,000	–	16,650	–	0.15%	–
DEO	New	Diageo PLC ADR	$835,000	–	5,800	–	0.15%	–
SAP	New	SAP SE	$815,000	–	7,050	–	0.15%	–
NTDOY	New	Nintendo Co. Ltd.	$799,000	–	19,600	–	0.14%	–
NTES	New	Netease, Inc	$803,000	–	3,180	–	0.14%	–
LUXTY	New	Luxottica Group ADS	$732,000	–	11,400	–	0.13%	–
CVX	New	ChevronTexaco Corp	$717,000	–	5,670	–	0.13%	–
RHT	New	Red Hat Inc	$709,000	–	5,275	–	0.13%	–
PUK	New	Prudential PLC	$685,000	–	15,000	–	0.12%	–
NSRGY	New	Nestle SA ADR	$684,000	–	8,835	–	0.12%	–
SSDOY	New	Shiseido Co	$668,000	–	8,400	–	0.12%	–
HON	New	Honeywell Inc.	$663,000	–	4,600	–	0.12%	–
NVS	New	Novartis Ag-Adr	$661,000	–	8,753	–	0.12%	–
OASPQ	New	Oasis Petroleum Inc.	$648,000	–	50,000	–	0.12%	–
RDSA	New	Royal Dutch Shell Plc-Adr	$622,000	–	8,988	–	0.11%	–
ESLOY	New	Essilor Intl SA ADR	$627,000	–	8,884	–	0.11%	–
SHPG	New	Shire Plc	$574,000	–	3,400	–	0.10%	–
PPRUY	New	Kering ADR	$567,000	–	10,100	–	0.10%	–
UN	New	Unilever N.V.	$507,000	–	9,100	–	0.09%	–
LRLCY	New	L'Oreal	$509,000	–	10,350	–	0.09%	–
DASTY	New	Dassault Systems SA	$498,000	–	3,550	–	0.09%	–
DTEGY	New	Deutsche Telekom AG	$494,000	–	32,000	–	0.09%	–
ORAN	New	Orange ADR	$480,000	–	28,800	–	0.09%	–
NVO	New	Novo Nordisk A/S Adr	$480,000	–	10,400	–	0.09%	–
PDRDY	New	Pernod Ricard SA	$474,000	–	14,500	–	0.09%	–
ALBO	New	Albireo Pharma, Inc.	$476,000	–	13,400	–	0.09%	–
HEINY	New	Heineken NV-ADR	$472,000	–	9,400	–	0.08%	–
ADDYY	New	adidas AG	$469,000	–	4,300	–	0.08%	–
CMPGY	New	Compass Group Plc-ADS	$472,000	–	21,784	–	0.08%	–
GHY	New	Prudential Global Short Durati	$466,000	–	34,113	–	0.08%	–
PJT	New	P J T Partners Inc-A	$456,000	–	8,550	–	0.08%	–
FMX	New	Fomento Economico Mexicano SA	$443,000	–	5,050	–	0.08%	–
WMMVY	New	Wal-mart de Mexico SAB	$444,000	–	16,800	–	0.08%	–
ADMS	New	Adamas Pharmaceuticals	$426,000	–	16,500	–	0.08%	–
VOD	New	Vodafone Group PLC ADS	$323,000	–	13,289	–	0.06%	–
LKM	New	Link Motion	$301,000	–	264,000	–	0.05%	–
CRSP	New	Crispr Therapeutics	$294,000	–	5,000	–	0.05%	–
HENOY	New	Henkel AG and CO. KGAA.	$294,000	–	2,300	–	0.05%	–
LLY	New	Lilly Eli & Co.	$258,000	–	3,019	–	0.05%	–
VRTX	New	Vertex Pharmaceuticals Incorpo	$255,000	–	1,500	–	0.05%	–
LMT	New	Lockheed Martin Corp	$213,000	–	720	–	0.04%	–
ATHX	New	Athersys, Inc.	$197,000	–	100,000	–	0.04%	–
CHRS	New	Coherus Bio Sciences	$140,000	–	10,000	–	0.02%	–
CFRX	New	ContraFect Corp	$66,000	–	30,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
ATHX	Exit	Athersys, Inc.	$0	–	-65,000	–	-0.03%	–
AKBA	Exit	Akebia Therapeutics	$0	–	-10,000	–	-0.04%	–
ADMS	Exit	Adamas Pharmaceuticals	$0	–	-10,000	–	-0.04%	–
AKAOQ	Exit	Achaogen, Inc.	$0	–	-14,000	–	-0.04%	–
LLY	Exit	Lilly Eli & Co.	$0	–	-3,019	–	-0.05%	–
RRC	Exit	Range Resources Corp	$0	–	-15,000	–	-0.06%	–
PJT	Exit	P J T Partners Inc-A	$0	–	-8,325	–	-0.06%	–
ALBO	Exit	Albireo Pharma, Inc.	$0	–	-15,200	–	-0.06%	–
TV	Exit	Grupo Televisa SA	$0	–	-13,090	–	-0.06%	–
CRZO	Exit	Carrizo Oil & Gas Inc	$0	–	-19,000	–	-0.06%	–
PPRUY	Exit	Kering ADR	$0	–	-8,600	–	-0.07%	–
HENOY	Exit	Henkel AG and CO. KGAA.	$0	–	-2,600	–	-0.07%	–
C	Exit	Citigroup Inc	$0	–	-5,000	–	-0.07%	–
WMMVY	Exit	Wal-mart de Mexico SAB	$0	–	-16,800	–	-0.08%	–
GILD	Exit	Gilead Sciences Inc.	$0	–	-5,000	–	-0.08%	–
VOD	Exit	Vodafone Group PLC ADS	$0	–	-14,789	–	-0.08%	–
RDSA	Exit	Royal Dutch Shell Plc-Adr	$0	–	-7,300	–	-0.09%	–
VRTX	Exit	Vertex Pharmaceuticals Incorpo	$0	–	-3,000	–	-0.09%	–
RHHBY	Exit	Roche Holdings Ltd Sponsored A	$0	–	-14,200	–	-0.09%	–
CMPGY	Exit	Compass Group Plc-ADS	$0	–	-21,784	–	-0.09%	–
AMZN	Exit	Amazon.com	$0	–	-500	–	-0.09%	–
ADDYY	Exit	adidas AG	$0	–	-4,300	–	-0.10%	–
NVO	Exit	Novo Nordisk A/S Adr	$0	–	-10,400	–	-0.10%	–
SHPG	Exit	Shire Plc	$0	–	-3,400	–	-0.10%	–
PHM	Exit	PulteGroup, Inc.	$0	–	-19,350	–	-0.10%	–
DPSGY	Exit	Deutsche Post AG	$0	–	-12,100	–	-0.11%	–
RBGLY	Exit	Reckitt Benckiser ADR	$0	–	-29,500	–	-0.11%	–
ESLOY	Exit	Essilor Intl SA ADR	$0	–	-8,884	–	-0.11%	–
BUD	Exit	Anheuser-Busch Inbev SPN	$0	–	-4,697	–	-0.11%	–
MDSO	Exit	Medidata Solutions Inc	$0	–	-7,400	–	-0.11%	–
VNTV	Exit	Vantiv Inc.	$0	–	-8,800	–	-0.12%	–
BAESY	Exit	BAE Systems ADR	$0	–	-18,400	–	-0.12%	–
HON	Exit	Honeywell Inc.	$0	–	-4,600	–	-0.13%	–
DTEGY	Exit	Deutsche Telekom AG	$0	–	-35,000	–	-0.13%	–
HEINY	Exit	Heineken NV-ADR	$0	–	-13,300	–	-0.13%	–
LUXTY	Exit	Luxottica Group ADS	$0	–	-11,400	–	-0.14%	–
ACN	Exit	Accenture Plc-Cl A	$0	–	-5,150	–	-0.14%	–
PUK	Exit	Prudential PLC	$0	–	-15,000	–	-0.14%	–
LVMUY	Exit	LVMH Moet Hennessy -ADR	$0	–	-13,200	–	-0.14%	–
DEO	Exit	Diageo PLC ADR	$0	–	-5,600	–	-0.14%	–
SAP	Exit	SAP SE	$0	–	-6,810	–	-0.15%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-9,235	–	-0.15%	–
NVS	Exit	Novartis Ag-Adr	$0	–	-9,253	–	-0.16%	–
FMS	Exit	Fresenius Medical Care A	$0	–	-16,650	–	-0.16%	–
NTES	Exit	Netease, Inc	$0	–	-3,100	–	-0.16%	–
NTDOY	Exit	Nintendo Co. Ltd.	$0	–	-19,600	–	-0.18%	–
UN	Exit	Unilever N.V.	$0	–	-16,600	–	-0.19%	–
BX	Exit	Blackstone Group LP	$0	–	-32,900	–	-0.22%	–
GS	Exit	Goldman Sachs Group	$0	–	-4,800	–	-0.22%	–
PG	Exit	Procter & Gamble Co	$0	–	-12,735	–	-0.23%	–
NQ	Exit	NQ Mobile Inc	$0	–	-359,000	–	-0.25%	–
TCEHY	Exit	Tencent Holdings Ltd.	$0	–	-28,800	–	-0.25%	–
NJDCY	Exit	Nidec Corp ADR	$0	–	-43,350	–	-0.26%	–
PCYO	Exit	PURE CYCLE CORP	$0	–	-199,733	–	-0.29%	–
AMAT	Exit	Applied Materials	$0	–	-30,150	–	-0.31%	–
AGN	Exit	Allergan PLC	$0	–	-7,750	–	-0.31%	–
ADBE	Exit	Adobe Sys. Inc. Com.	$0	–	-10,700	–	-0.31%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-13,623	–	-0.31%	–
CELG	Exit	Celgene Corp	$0	–	-11,750	–	-0.34%	–
PTLA	Exit	Portola Pharmaceuticals	$0	–	-35,450	–	-0.38%	–
MSB	Exit	Mesabi Trust	$0	–	-90,200	–	-0.41%	–
VRTU	Exit	Virtusa Corp	$0	–	-107,050	–	-0.79%	–
JNJ	Exit	Johnson & Johnson	$0	–	-31,123	–	-0.79%	–
EXPE	Exit	Expedia, Inc.	$0	–	-30,100	–	-0.85%	–
AMG	Exit	AFFILIATED MANAGERS GROUP INC	$0	–	-28,457	–	-1.06%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-75,706	–	-1.22%	–
UNH	Exit	United Healthcare Corp.	$0	–	-33,155	–	-1.27%	–
AAPL	Exit	Apple Inc	$0	–	-82,550	–	-2.49%	–
GOOGL	Exit	Alphabet Inc-CL A	$0	–	-15,585	–	-2.97%	–
	Exit	Millicom International Cellula	$0	–	-231,945	–	-3.00%	–
LXFT	Exit	Luxoft Holding Inc	$0	–	-347,120	–	-3.25%	–
BABA	Exit	Alibaba Group	$0	–	-104,245	–	-3.52%	–
SYMC	Exit	Symantec Corp	$0	–	-558,450	–	-3.59%	–
V	Exit	Visa Inc.	$0	–	-179,379	–	-3.70%	–
MA	Exit	Mastercard Inc.	$0	–	-134,635	–	-3.72%	–
HD	Exit	Home Depot Inc.	$0	–	-158,414	–	-5.07%	–
GOOG	Exit	Alphabet Inc-CL C	$0	–	-29,549	–	-5.55%	–
MSFT	Exit	Microsoft Corporation	$0	–	-404,489	–	-5.90%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-440,721	–	-6.26%	–
EPAM	Exit	Epam Systems Inc	$0	–	-395,862	–	-6.81%	–
PCLN	Exit	The Priceline Group Inc.	$0	–	-20,361	–	-7.30%	–
FB	Exit	Facebook Inc Cl A	$0	–	-275,103	–	-9.20%	–
TIGO	Exit	Millicom International Cellula	$0	–	-995,818	–	-12.83%	–

Q3 2017

			Value		Shares		↓ Weighting
TIGO	Buy	Millicom International Cellula	$65,545,000	+10.7%	995,818	+0.1%	12.83%	+4.3%
FB	Buy	Facebook Inc Cl A	$47,007,000	+13.2%	275,103	+0.1%	9.20%	+6.6%
PCLN	Sell	The Priceline Group Inc.	$37,277,000	-8.7%	20,361	-6.7%	7.30%	-14.0%
EPAM	Sell	Epam Systems Inc	$34,808,000	-4.2%	395,862	-8.4%	6.81%	-9.8%
CTSH	Sell	Cognizant Technology Solutions	$31,970,000	+8.8%	440,721	-0.4%	6.26%	+2.5%
MSFT	Buy	Microsoft Corporation	$30,130,000	+8.8%	404,489	+0.7%	5.90%	+2.5%
GOOG	Buy	Alphabet Inc-CL C	$28,341,000	+33.1%	29,549	+26.1%	5.55%	+25.3%
HD	Buy	Home Depot Inc.	$25,910,000	+10.0%	158,414	+3.1%	5.07%	+3.6%
MA	Sell	Mastercard Inc.	$19,010,000	+8.3%	134,635	-6.8%	3.72%	+2.0%
V	Buy	Visa Inc.	$18,878,000	+13.0%	179,379	+0.7%	3.70%	+6.5%
SYMC	Buy	Symantec Corp	$18,323,000	+23.7%	558,450	+6.5%	3.59%	+16.5%
BABA	Buy	Alibaba Group	$18,004,000	+62.0%	104,245	+32.2%	3.52%	+52.6%
LXFT	Sell	Luxoft Holding Inc	$16,592,000	-27.4%	347,120	-7.6%	3.25%	-31.7%
	Sell	Millicom International Cellula	$15,301,000	+7.5%	231,945	-2.1%	3.00%	+1.3%
GOOGL	Sell	Alphabet Inc-CL A	$15,175,000	-24.9%	15,585	-28.3%	2.97%	-29.3%
AAPL	Sell	Apple Inc	$12,723,000	+5.6%	82,550	-1.3%	2.49%	-0.6%
UNH	Buy	United Healthcare Corp.	$6,493,000	+8.6%	33,155	+2.8%	1.27%	+2.3%
XOM	Buy	Exxon Mobil Corp	$6,206,000	+2.4%	75,706	+0.9%	1.22%	-3.5%
EXPE	Buy	Expedia, Inc.	$4,333,000	+0.4%	30,100	+3.9%	0.85%	-5.5%
JNJ	Buy	Johnson & Johnson	$4,046,000	0.0%	31,123	+1.8%	0.79%	-5.8%
MSB	Sell	Mesabi Trust	$2,075,000	+54.9%	90,200	-8.1%	0.41%	+46.0%
PTLA	Buy	Portola Pharmaceuticals	$1,915,000	+139.4%	35,450	+148.8%	0.38%	+125.9%
CELG	Buy	Celgene Corp	$1,713,000	+58.0%	11,750	+40.7%	0.34%	+48.9%
ADBE	Sell	Adobe Sys. Inc. Com.	$1,596,000	-5.6%	10,700	-10.5%	0.31%	-11.1%
AGN	Sell	Allergan PLC	$1,588,000	-20.3%	7,750	-5.5%	0.31%	-24.9%
AMAT	Buy	Applied Materials	$1,571,000	+35.1%	30,150	+7.1%	0.31%	+26.9%
PCYO	Buy	PURE CYCLE CORP	$1,498,000	-0.7%	199,733	+2.6%	0.29%	-6.7%
NJDCY	Sell	Nidec Corp ADR	$1,330,000	+16.6%	43,350	-2.8%	0.26%	+9.7%
TCEHY	Sell	Tencent Holdings Ltd.	$1,265,000	+17.2%	28,800	-4.0%	0.25%	+10.7%
PG	Buy	Procter & Gamble Co	$1,159,000	+59.9%	12,735	+53.0%	0.23%	+50.3%
GS	Sell	Goldman Sachs Group	$1,139,000	-39.2%	4,800	-43.1%	0.22%	-42.7%
NTES	Sell	Netease, Inc	$818,000	-18.3%	3,100	-6.9%	0.16%	-23.1%
BAESY	Buy	BAE Systems ADR	$635,000	+41.4%	18,400	+37.3%	0.12%	+33.3%
VNTV	New	Vantiv Inc.	$620,000	–	8,800	–	0.12%	–
MDSO	Sell	Medidata Solutions Inc	$578,000	-21.4%	7,400	-21.3%	0.11%	-26.1%
ESLOY	Sell	Essilor Intl SA ADR	$551,000	-8.9%	8,884	-6.3%	0.11%	-14.3%
PHM	Sell	PulteGroup, Inc.	$529,000	-5.7%	19,350	-15.3%	0.10%	-11.1%
SHPG	Sell	Shire Plc	$521,000	-12.4%	3,400	-5.6%	0.10%	-17.7%
AMZN	Sell	Amazon.com	$481,000	-60.2%	500	-60.0%	0.09%	-62.5%
CMPGY	Sell	Compass Group Plc-ADS	$471,000	-0.8%	21,784	-3.9%	0.09%	-7.1%
RHHBY	Sell	Roche Holdings Ltd Sponsored A	$454,000	-6.0%	14,200	-6.6%	0.09%	-11.0%
VRTX	Sell	Vertex Pharmaceuticals Incorpo	$456,000	-11.5%	3,000	-25.0%	0.09%	-16.8%
GILD	New	Gilead Sciences Inc.	$405,000	–	5,000	–	0.08%	–
WMMVY	Sell	Wal-mart de Mexico SAB	$386,000	-9.2%	16,800	-8.2%	0.08%	-13.6%
C	New	Citigroup Inc	$364,000	–	5,000	–	0.07%	–
PPRUY	New	Kering ADR	$343,000	–	8,600	–	0.07%	–
CRZO	Buy	Carrizo Oil & Gas Inc	$325,000	+24.5%	19,000	+26.7%	0.06%	+18.5%
PJT	Sell	P J T Partners Inc-A	$319,000	-16.3%	8,325	-12.1%	0.06%	-21.5%
RRC	New	Range Resources Corp	$294,000	–	15,000	–	0.06%	–
AKAOQ	Sell	Achaogen, Inc.	$223,000	-63.3%	14,000	-50.0%	0.04%	-65.1%
ADMS	New	Adamas Pharmaceuticals	$212,000	–	10,000	–	0.04%	–
ATHX	Buy	Athersys, Inc.	$134,000	+252.6%	65,000	+160.0%	0.03%	+225.0%
UVXY	Exit	ProShares Ultra VIX	$0	–	-12,500	–	-0.02%	–
RDCM	Exit	Radcom Inc	$0	–	-11,000	–	-0.04%	–
ADS	Exit	Alliance Data Systems	$0	–	-1,200	–	-0.06%	–
BASFY	Exit	BASF SE ADR	$0	–	-3,500	–	-0.07%	–
OCPNY	Exit	Olympus Corporation	$0	–	-11,700	–	-0.09%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-8,625	–	-0.14%	–

Q2 2017

			Value		Shares		↓ Weighting
TIGO	New	Millicom International Cellula	$59,210,000	–	995,118	–	12.30%	–
FB	New	Facebook Inc Cl A	$41,512,000	–	274,953	–	8.63%	–
PCLN	New	The Priceline Group Inc.	$40,817,000	–	21,821	–	8.48%	–
EPAM	New	Epam Systems Inc	$36,341,000	–	432,162	–	7.55%	–
CTSH	New	Cognizant Technology Solutions	$29,379,000	–	442,451	–	6.10%	–
MSFT	New	Microsoft Corporation	$27,692,000	–	401,739	–	5.76%	–
HD	New	Home Depot Inc.	$23,561,000	–	153,589	–	4.90%	–
LXFT	New	Luxoft Holding Inc	$22,863,000	–	375,720	–	4.75%	–
GOOG	New	Alphabet Inc-CL C	$21,301,000	–	23,440	–	4.43%	–
GOOGL	New	Alphabet Inc-CL A	$20,207,000	–	21,735	–	4.20%	–
MA	New	Mastercard Inc.	$17,548,000	–	144,485	–	3.65%	–
V	New	Visa Inc.	$16,700,000	–	178,079	–	3.47%	–
SYMC	New	Symantec Corp	$14,807,000	–	524,150	–	3.08%	–
	New	Millicom International Cellula	$14,233,000	–	236,945	–	2.96%	–
AAPL	New	Apple Inc	$12,047,000	–	83,650	–	2.50%	–
BABA	New	Alibaba Group	$11,112,000	–	78,865	–	2.31%	–
XOM	New	Exxon Mobil Corp	$6,058,000	–	75,043	–	1.26%	–
UNH	New	United Healthcare Corp.	$5,981,000	–	32,255	–	1.24%	–
AMG	New	AFFILIATED MANAGERS GROUP INC	$4,720,000	–	28,457	–	0.98%	–
EXPE	New	Expedia, Inc.	$4,316,000	–	28,975	–	0.90%	–
JNJ	New	Johnson & Johnson	$4,046,000	–	30,585	–	0.84%	–
VRTU	New	Virtusa Corp	$3,147,000	–	107,050	–	0.65%	–
AGN	New	Allergan PLC	$1,993,000	–	8,200	–	0.41%	–
GS	New	Goldman Sachs Group	$1,872,000	–	8,435	–	0.39%	–
KMB	New	Kimberly Clark Corp	$1,759,000	–	13,623	–	0.37%	–
ADBE	New	Adobe Sys. Inc. Com.	$1,690,000	–	11,950	–	0.35%	–
PCYO	New	PURE CYCLE CORP	$1,509,000	–	194,733	–	0.31%	–
MSB	New	Mesabi Trust	$1,340,000	–	98,200	–	0.28%	–
NQ	New	NQ Mobile Inc	$1,221,000	–	359,000	–	0.25%	–
AMZN	New	Amazon.com	$1,210,000	–	1,250	–	0.25%	–
AMAT	New	Applied Materials	$1,163,000	–	28,150	–	0.24%	–
NJDCY	New	Nidec Corp ADR	$1,141,000	–	44,600	–	0.24%	–
BX	New	Blackstone Group LP	$1,097,000	–	32,900	–	0.23%	–
CELG	New	Celgene Corp	$1,084,000	–	8,350	–	0.22%	–
TCEHY	New	Tencent Holdings Ltd.	$1,079,000	–	30,000	–	0.22%	–
NTES	New	Netease, Inc	$1,001,000	–	3,330	–	0.21%	–
UN	New	Unilever N.V.	$917,000	–	16,600	–	0.19%	–
NTDOY	New	Nintendo Co. Ltd.	$820,000	–	19,600	–	0.17%	–
FMS	New	Fresenius Medical Care A	$805,000	–	16,650	–	0.17%	–
NSRGY	New	Nestle SA ADR	$805,000	–	9,235	–	0.17%	–
PTLA	New	Portola Pharmaceuticals	$800,000	–	14,250	–	0.17%	–
NVS	New	Novartis Ag-Adr	$772,000	–	9,253	–	0.16%	–
MDSO	New	Medidata Solutions Inc	$735,000	–	9,400	–	0.15%	–
PG	New	Procter & Gamble Co	$725,000	–	8,322	–	0.15%	–
SAP	New	SAP SE	$713,000	–	6,810	–	0.15%	–
LUXTY	New	Luxottica Group ADS	$694,000	–	11,400	–	0.14%	–
PUK	New	Prudential PLC	$690,000	–	15,000	–	0.14%	–
DEO	New	Diageo PLC ADR	$671,000	–	5,600	–	0.14%	–
LOW	New	Lowe's Companies Inc.	$669,000	–	8,625	–	0.14%	–
LVMUY	New	LVMH Moet Hennessy -ADR	$663,000	–	13,200	–	0.14%	–
HEINY	New	Heineken NV-ADR	$648,000	–	13,300	–	0.14%	–
ACN	New	Accenture Plc-Cl A	$637,000	–	5,150	–	0.13%	–
DTEGY	New	Deutsche Telekom AG	$631,000	–	35,000	–	0.13%	–
HON	New	Honeywell Inc.	$613,000	–	4,600	–	0.13%	–
RBGLY	New	Reckitt Benckiser ADR	$611,000	–	29,500	–	0.13%	–
ESLOY	New	Essilor Intl SA ADR	$605,000	–	9,484	–	0.13%	–
AKAOQ	New	Achaogen, Inc.	$608,000	–	28,000	–	0.13%	–
SHPG	New	Shire Plc	$595,000	–	3,600	–	0.12%	–
PHM	New	PulteGroup, Inc.	$561,000	–	22,850	–	0.12%	–
BUD	New	Anheuser-Busch Inbev SPN	$518,000	–	4,697	–	0.11%	–
VRTX	New	Vertex Pharmaceuticals Incorpo	$515,000	–	4,000	–	0.11%	–
RHHBY	New	Roche Holdings Ltd Sponsored A	$483,000	–	15,200	–	0.10%	–
CMPGY	New	Compass Group Plc-ADS	$475,000	–	22,657	–	0.10%	–
DPSGY	New	Deutsche Post AG	$455,000	–	12,100	–	0.10%	–
NVO	New	Novo Nordisk A/S Adr	$446,000	–	10,400	–	0.09%	–
BAESY	New	BAE Systems ADR	$449,000	–	13,400	–	0.09%	–
OCPNY	New	Olympus Corporation	$427,000	–	11,700	–	0.09%	–
WMMVY	New	Wal-mart de Mexico SAB	$425,000	–	18,300	–	0.09%	–
VOD	New	Vodafone Group PLC ADS	$425,000	–	14,789	–	0.09%	–
ADDYY	New	adidas AG	$413,000	–	4,300	–	0.09%	–
RDSA	New	Royal Dutch Shell Plc-Adr	$388,000	–	7,300	–	0.08%	–
PJT	New	P J T Partners Inc-A	$381,000	–	9,475	–	0.08%	–
HENOY	New	Henkel AG and CO. KGAA.	$368,000	–	2,600	–	0.08%	–
BASFY	New	BASF SE ADR	$327,000	–	3,500	–	0.07%	–
TV	New	Grupo Televisa SA	$319,000	–	13,090	–	0.07%	–
ALBO	New	Albireo Pharma, Inc.	$313,000	–	15,200	–	0.06%	–
ADS	New	Alliance Data Systems	$308,000	–	1,200	–	0.06%	–
CRZO	New	Carrizo Oil & Gas Inc	$261,000	–	15,000	–	0.05%	–
LLY	New	Lilly Eli & Co.	$248,000	–	3,019	–	0.05%	–
RDCM	New	Radcom Inc	$213,000	–	11,000	–	0.04%	–
AKBA	New	Akebia Therapeutics	$144,000	–	10,000	–	0.03%	–
UVXY	New	ProShares Ultra VIX	$122,000	–	12,500	–	0.02%	–
ATHX	New	Athersys, Inc.	$38,000	–	25,000	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
CYH	Exit	Community Health Systems	$0	–	-17,000	–	-0.05%	–
LLY	Exit	Lilly Eli & Co.	$0	–	-3,019	–	-0.06%	–
EW	Exit	Edwards Lifesciences	$0	–	-2,000	–	-0.06%	–
SIMO	Exit	Silicon Motion	$0	–	-5,200	–	-0.06%	–
RCL	Exit	Royal Caribbean Cruises	$0	–	-3,750	–	-0.07%	–
RDCM	Exit	Radcom Inc	$0	–	-14,000	–	-0.07%	–
TMH	Exit	Team Health Holdings Inc	$0	–	-9,100	–	-0.07%	–
BASFY	Exit	BASF SE ADR	$0	–	-3,700	–	-0.08%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-3,500	–	-0.08%	–
TV	Exit	Grupo Televisa SA	$0	–	-12,890	–	-0.08%	–
TWTR	Exit	Twitter	$0	–	-14,400	–	-0.08%	–
HENOY	Exit	Henkel AG and CO. KGAA.	$0	–	-2,750	–	-0.09%	–
OCPNY	Exit	Olympus Corporation	$0	–	-11,700	–	-0.10%	–
WMMVY	Exit	Wal-mart de Mexico SAB	$0	–	-19,000	–	-0.10%	–
VOD	Exit	Vodafone Group PLC ADS	$0	–	-14,589	–	-0.10%	–
MRK	Exit	Merck & Co.	$0	–	-6,971	–	-0.10%	–
NVO	Exit	Novo Nordisk A/S Adr	$0	–	-10,800	–	-0.11%	–
CMPGY	Exit	Compass Group Plc-ADS	$0	–	-23,657	–	-0.11%	–
LVMUY	Exit	LVMH Moet Hennessy -ADR	$0	–	-13,600	–	-0.11%	–
RHHBY	Exit	Roche Holdings Ltd Sponsored A	$0	–	-15,200	–	-0.11%	–
ORAN	Exit	Orange ADR	$0	–	-30,700	–	-0.11%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-10,390	–	-0.11%	–
MDSO	Exit	Medidata Solutions Inc	$0	–	-9,400	–	-0.12%	–
WPP	Exit	WPP plc ADS	$0	–	-4,600	–	-0.13%	–
PUK	Exit	Prudential PLC	$0	–	-15,300	–	-0.13%	–
SYT	Exit	Syngenta AG ADR	$0	–	-6,400	–	-0.13%	–
LUXTY	Exit	Luxottica Group ADS	$0	–	-11,700	–	-0.13%	–
HON	Exit	Honeywell Inc.	$0	–	-4,912	–	-0.14%	–
RBGLY	Exit	Reckitt Benckiser ADR	$0	–	-30,500	–	-0.14%	–
HEINY	Exit	Heineken NV-ADR	$0	–	-13,700	–	-0.14%	–
DTEGY	Exit	Deutsche Telekom AG	$0	–	-36,000	–	-0.14%	–
ESLOY	Exit	Essilor Intl SA ADR	$0	–	-9,484	–	-0.15%	–
ACN	Exit	Accenture Plc-Cl A	$0	–	-5,250	–	-0.15%	–
SAP	Exit	SAP SE	$0	–	-7,060	–	-0.15%	–
BUD	Exit	Anheuser-Busch Inbev SPN	$0	–	-4,897	–	-0.15%	–
NBL	Exit	Noble Energy Inc	$0	–	-18,525	–	-0.16%	–
NTDOY	Exit	Nintendo Co. Ltd.	$0	–	-20,300	–	-0.16%	–
ADS	Exit	Alliance Data Systems	$0	–	-3,110	–	-0.16%	–
DEO	Exit	Diageo PLC ADR	$0	–	-5,800	–	-0.16%	–
SHPG	Exit	Shire Plc	$0	–	-3,600	–	-0.17%	–
NVS	Exit	Novartis Ag-Adr	$0	–	-9,253	–	-0.18%	–
FMS	Exit	Fresenius Medical Care A	$0	–	-16,900	–	-0.18%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-9,535	–	-0.18%	–
UN	Exit	Unilever N.V.	$0	–	-17,000	–	-0.19%	–
PG	Exit	Procter & Gamble Co	$0	–	-8,844	–	-0.19%	–
NTES	Exit	Netease, Inc	$0	–	-3,430	–	-0.20%	–
CELG	Exit	Celgene Corp	$0	–	-8,175	–	-0.20%	–
TCEHY	Exit	Tencent Holdings Ltd.	$0	–	-30,700	–	-0.20%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-5,645	–	-0.22%	–
BX	Exit	Blackstone Group LP	$0	–	-37,550	–	-0.23%	–
PCYO	Exit	PURE CYCLE CORP	$0	–	-174,733	–	-0.24%	–
NJDCY	Exit	Nidec Corp ADR	$0	–	-45,600	–	-0.25%	–
UNH	Exit	United Healthcare Corp.	$0	–	-7,905	–	-0.26%	–
NQ	Exit	NQ Mobile Inc	$0	–	-294,000	–	-0.27%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-20,175	–	-0.31%	–
AMZN	Exit	Amazon.com	$0	–	-2,855	–	-0.57%	–
AGN	Exit	Allergan PLC	$0	–	-12,005	–	-0.66%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-24,423	–	-0.74%	–
VRTU	Exit	Virtusa Corp	$0	–	-141,200	–	-0.84%	–
JNJ	Exit	Johnson & Johnson	$0	–	-35,891	–	-1.02%	–
BABA	Exit	Alibaba Group	$0	–	-48,200	–	-1.22%	–
LOW	Exit	Lowes Companies Inc.	$0	–	-83,125	–	-1.44%	–
AAPL	Exit	Apple Inc	$0	–	-61,725	–	-1.67%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-80,125	–	-1.68%	–
AMG	Exit	AFFILIATED MANAGERS GROUP INC	$0	–	-56,757	–	-1.97%	–
SYMC	Exit	Symantec Corp	$0	–	-487,250	–	-2.93%	–
	Exit	Millicom International Cellula	$0	–	-236,945	–	-2.94%	–
MA	Exit	Mastercard Inc.	$0	–	-147,250	–	-3.59%	–
V	Exit	Visa Inc.	$0	–	-186,885	–	-3.70%	–
GOOGL	Exit	Alphabet Inc-CL A	$0	–	-22,280	–	-4.29%	–
GOOG	Exit	Alphabet Inc-CL C	$0	–	-23,600	–	-4.39%	–
LXFT	Exit	Luxoft Holding Inc	$0	–	-385,420	–	-4.88%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-450,516	–	-5.15%	–
HD	Exit	Home Depot Inc.	$0	–	-168,698	–	-5.20%	–
MSFT	Exit	Microsoft Corporation	$0	–	-430,874	–	-5.94%	–
EPAM	Exit	Epam Systems Inc	$0	–	-439,562	–	-7.30%	–
FB	Exit	Facebook Inc Cl A	$0	–	-282,565	–	-8.68%	–
PCLN	Exit	The Priceline Group Inc.	$0	–	-25,389	–	-8.95%	–
TIGO	Exit	Millicom International Cellula	$0	–	-994,118	–	-12.43%	–

Q3 2016

			Value		Shares		↓ Weighting
TIGO	Buy	Millicom International Cellula	$51,893,000	-14.5%	994,118	+0.0%	12.43%	-19.7%
PCLN	Sell	The Priceline Group Inc.	$37,360,000	+17.6%	25,389	-0.3%	8.95%	+10.4%
FB	Sell	Facebook Inc Cl A	$36,245,000	+11.7%	282,565	-0.5%	8.68%	+4.9%
EPAM	Sell	Epam Systems Inc	$30,466,000	+7.6%	439,562	-0.2%	7.30%	+1.0%
MSFT	Buy	Microsoft Corporation	$24,818,000	+16.8%	430,874	+3.8%	5.94%	+9.7%
HD	Sell	Home Depot Inc.	$21,708,000	+0.7%	168,698	-0.1%	5.20%	-5.5%
CTSH	Sell	Cognizant Technology Solutions	$21,494,000	-17.0%	450,516	-0.4%	5.15%	-22.0%
LXFT	Buy	Luxoft Holding Inc	$20,369,000	+2.0%	385,420	+0.4%	4.88%	-4.2%
GOOG	Buy	Alphabet Inc-CL C	$18,344,000	+13.0%	23,600	+0.6%	4.39%	+6.1%
GOOGL	Buy	Alphabet Inc-CL A	$17,914,000	+14.6%	22,280	+0.3%	4.29%	+7.7%
SYMC	Buy	Symantec Corp	$12,230,000	+507.6%	487,250	+397.2%	2.93%	+471.0%
XOM	Sell	Exxon Mobil Corp	$6,993,000	-6.9%	80,125	-0.0%	1.68%	-12.6%
AAPL	Buy	Apple Inc	$6,978,000	+1053.4%	61,725	+875.9%	1.67%	+985.1%
LOW	Buy	Lowes Companies Inc.	$6,002,000	+23.3%	83,125	+35.2%	1.44%	+15.8%
BABA	New	Alibaba Group	$5,099,000	–	48,200	–	1.22%	–
VRTU	Sell	Virtusa Corp	$3,485,000	-50.1%	141,200	-41.7%	0.84%	-53.2%
AGN	Sell	Allergan PLC	$2,765,000	-1.8%	12,005	-1.5%	0.66%	-7.8%
AMZN	Buy	Amazon.com	$2,391,000	+61.4%	2,855	+37.9%	0.57%	+51.6%
APC	Buy	Anadarko Petroleum Corp	$1,278,000	+200.0%	20,175	+152.2%	0.31%	+180.7%
NQ	Buy	NQ Mobile Inc	$1,123,000	+62.3%	294,000	+57.2%	0.27%	+52.8%
UNH	Buy	United Healthcare Corp.	$1,107,000	+11.9%	7,905	+12.8%	0.26%	+5.2%
BX	Sell	Blackstone Group LP	$959,000	+3.8%	37,550	-0.3%	0.23%	-2.5%
CELG	Buy	Celgene Corp	$855,000	+51.3%	8,175	+42.8%	0.20%	+42.4%
NTDOY	Buy	Nintendo Co. Ltd.	$669,000	+218.6%	20,300	+72.0%	0.16%	+196.3%
ADS	Sell	Alliance Data Systems	$667,000	-24.2%	3,110	-30.7%	0.16%	-28.6%
NBL	Buy	Noble Energy Inc	$662,000	+24.0%	18,525	+24.3%	0.16%	+16.9%
SAP	Buy	SAP SE	$645,000	+24.5%	7,060	+2.2%	0.15%	+16.7%
ACN	Sell	Accenture Plc-Cl A	$641,000	-76.7%	5,250	-78.4%	0.15%	-78.1%
MDSO	Sell	Medidata Solutions Inc	$524,000	+7.6%	9,400	-9.6%	0.12%	+0.8%
ORAN	Buy	Orange ADR	$478,000	+120.3%	30,700	+132.6%	0.11%	+107.3%
VOD	Buy	Vodafone Group PLC ADS	$425,000	+7.6%	14,589	+14.1%	0.10%	+1.0%
TWTR	New	Twitter	$332,000	–	14,400	–	0.08%	–
TMH	New	Team Health Holdings Inc	$296,000	–	9,100	–	0.07%	–
RDCM	Buy	Radcom Inc	$286,000	+146.6%	14,000	+40.0%	0.07%	+126.7%
RCL	Buy	Royal Caribbean Cruises	$281,000	+32.5%	3,750	+19.0%	0.07%	+24.1%
EW	New	Edwards Lifesciences	$241,000	–	2,000	–	0.06%	–
CYH	New	Community Health Systems	$196,000	–	17,000	–	0.05%	–
COG	Exit	Cabot Oil & Gas	$0	–	-8,000	–	-0.05%	–
CYBR	Exit	Cyberark Software Ltd	$0	–	-6,150	–	-0.08%	–
CVS	Exit	CVS Health Corp	$0	–	-11,770	–	-0.29%	–
INFY	Exit	Infosys Limited	$0	–	-185,300	–	-0.84%	–

Q2 2016

			Value		Shares		↓ Weighting
TIGO	New	Millicom International Cellula	$60,712,000	–	993,818	–	15.48%	–
FB	New	Facebook Inc Cl A	$32,440,000	–	283,865	–	8.27%	–
PCLN	New	The Priceline Group Inc.	$31,777,000	–	25,454	–	8.10%	–
EPAM	New	Epam Systems Inc	$28,313,000	–	440,262	–	7.22%	–
CTSH	New	Cognizant Technology Solutions	$25,882,000	–	452,166	–	6.60%	–
HD	New	Home Depot Inc.	$21,567,000	–	168,898	–	5.50%	–
MSFT	New	Microsoft Corporation	$21,246,000	–	415,199	–	5.42%	–
LXFT	New	Luxoft Holding Inc	$19,966,000	–	383,820	–	5.09%	–
GOOG	New	Alphabet Inc-CL C	$16,230,000	–	23,450	–	4.14%	–
GOOGL	New	Alphabet Inc-CL A	$15,625,000	–	22,210	–	3.98%	–
	New	Millicom International Cellula	$14,382,000	–	236,945	–	3.67%	–
V	New	Visa Inc.	$13,861,000	–	186,885	–	3.54%	–
MA	New	Mastercard Inc.	$12,967,000	–	147,250	–	3.31%	–
AMG	New	AFFILIATED MANAGERS GROUP INC	$7,990,000	–	56,757	–	2.04%	–
XOM	New	Exxon Mobil Corp	$7,511,000	–	80,126	–	1.92%	–
VRTU	New	Virtusa Corp	$6,990,000	–	242,050	–	1.78%	–
LOW	New	Lowes Companies Inc.	$4,867,000	–	61,475	–	1.24%	–
JNJ	New	Johnson & Johnson	$4,354,000	–	35,891	–	1.11%	–
KMB	New	Kimberly Clark Corp	$3,358,000	–	24,423	–	0.86%	–
INFY	New	Infosys Limited	$3,308,000	–	185,300	–	0.84%	–
AGN	New	Allergan PLC	$2,817,000	–	12,190	–	0.72%	–
ACN	New	Accenture Plc-Cl A	$2,753,000	–	24,300	–	0.70%	–
SYMC	New	Symantec Corp	$2,013,000	–	98,000	–	0.51%	–
AMZN	New	Amazon.com	$1,481,000	–	2,070	–	0.38%	–
CVS	New	CVS Health Corp	$1,127,000	–	11,770	–	0.29%	–
UNH	New	United Healthcare Corp.	$989,000	–	7,005	–	0.25%	–
BX	New	Blackstone Group LP	$924,000	–	37,650	–	0.24%	–
ADS	New	Alliance Data Systems	$880,000	–	4,490	–	0.22%	–
NJDCY	New	Nidec Corp ADR	$857,000	–	45,600	–	0.22%	–
TMO	New	Thermo Fisher Scientific	$834,000	–	5,645	–	0.21%	–
PCYO	New	PURE CYCLE CORP	$823,000	–	174,733	–	0.21%	–
UN	New	Unilever N.V.	$798,000	–	17,000	–	0.20%	–
NVS	New	Novartis Ag-Adr	$763,000	–	9,253	–	0.20%	–
PG	New	Procter & Gamble Co	$749,000	–	8,844	–	0.19%	–
NSRGY	New	Nestle SA ADR	$737,000	–	9,535	–	0.19%	–
FMS	New	Fresenius Medical Care A	$736,000	–	16,900	–	0.19%	–
TCEHY	New	Tencent Holdings Ltd.	$705,000	–	30,700	–	0.18%	–
NQ	New	NQ Mobile Inc	$692,000	–	187,000	–	0.18%	–
SHPG	New	Shire Plc	$663,000	–	3,600	–	0.17%	–
NTES	New	Netease, Inc	$663,000	–	3,430	–	0.17%	–
DEO	New	Diageo PLC ADR	$655,000	–	5,800	–	0.17%	–
BUD	New	Anheuser-Busch Inbev SPN	$645,000	–	4,897	–	0.16%	–
HEINY	New	Heineken NV-ADR	$635,000	–	13,700	–	0.16%	–
ESLOY	New	Essilor Intl SA ADR	$628,000	–	9,484	–	0.16%	–
RBGLY	New	Reckitt Benckiser ADR	$620,000	–	30,500	–	0.16%	–
DTEGY	New	Deutsche Telekom AG	$611,000	–	36,000	–	0.16%	–
AAPL	New	Apple Inc	$605,000	–	6,325	–	0.15%	–
NVO	New	Novo Nordisk A/S Adr	$581,000	–	10,800	–	0.15%	–
HON	New	Honeywell Inc.	$571,000	–	4,912	–	0.15%	–
LUXTY	New	Luxottica Group ADS	$572,000	–	11,700	–	0.15%	–
CELG	New	Celgene Corp	$565,000	–	5,725	–	0.14%	–
NBL	New	Noble Energy Inc	$534,000	–	14,900	–	0.14%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$522,000	–	10,390	–	0.13%	–
PUK	New	Prudential PLC	$520,000	–	15,300	–	0.13%	–
SAP	New	SAP SE	$518,000	–	6,910	–	0.13%	–
RHHBY	New	Roche Holdings Ltd Sponsored A	$501,000	–	15,200	–	0.13%	–
SYT	New	Syngenta AG ADR	$491,000	–	6,400	–	0.12%	–
MDSO	New	Medidata Solutions Inc	$487,000	–	10,400	–	0.12%	–
WPP	New	WPP plc ADS	$481,000	–	4,600	–	0.12%	–
WMMVY	New	Wal-mart de Mexico SAB	$457,000	–	19,000	–	0.12%	–
CMPGY	New	Compass Group Plc-ADS	$452,000	–	23,657	–	0.12%	–
OCPNY	New	Olympus Corporation	$434,000	–	11,700	–	0.11%	–
APC	New	Anadarko Petroleum Corp	$426,000	–	8,000	–	0.11%	–
LVMUY	New	LVMH Moet Hennessy -ADR	$413,000	–	13,600	–	0.10%	–
MRK	New	Merck & Co.	$402,000	–	6,971	–	0.10%	–
VOD	New	Vodafone Group PLC ADS	$395,000	–	12,789	–	0.10%	–
TV	New	Grupo Televisa SA	$336,000	–	12,890	–	0.09%	–
HENOY	New	Henkel AG and CO. KGAA.	$334,000	–	2,750	–	0.08%	–
FMX	New	Fomento Economico Mexicano SA	$324,000	–	3,500	–	0.08%	–
CYBR	New	Cyberark Software Ltd	$299,000	–	6,150	–	0.08%	–
BASFY	New	BASF SE ADR	$284,000	–	3,700	–	0.07%	–
SIMO	New	Silicon Motion	$249,000	–	5,200	–	0.06%	–
LLY	New	Lilly Eli & Co.	$238,000	–	3,019	–	0.06%	–
ORAN	New	Orange ADR	$217,000	–	13,200	–	0.06%	–
NTDOY	New	Nintendo Co. Ltd.	$210,000	–	11,800	–	0.05%	–
RCL	New	Royal Caribbean Cruises	$212,000	–	3,150	–	0.05%	–
COG	New	Cabot Oil & Gas	$206,000	–	8,000	–	0.05%	–
RDCM	New	Radcom Inc	$116,000	–	10,000	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
PTN	Exit	Palatin Technologies, Inc.	$0	–	-20,000	–	-0.00%	–
NADL	Exit	North Atlantic Drilling Ltd	$0	–	-98,000	–	-0.02%	–
WLL	Exit	Whiting Petroleum Corp	$0	–	-10,000	–	-0.04%	–
OASPQ	Exit	Oasis Petroleum Inc.	$0	–	-21,400	–	-0.04%	–
INFY	Exit	Infosys Technologies Ltd	$0	–	-10,000	–	-0.04%	–
UBS	Exit	UBS Ag	$0	–	-11,800	–	-0.05%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-3,800	–	-0.05%	–
NTDOY	Exit	Nintendo Co, Ltd.	$0	–	-11,800	–	-0.06%	–
	Exit	PayPal Inc	$0	–	-8,100	–	-0.06%	–
VMC	Exit	Vulcan Materials Co	$0	–	-2,800	–	-0.06%	–
LLY	Exit	Lilly Eli & Co.	$0	–	-3,019	–	-0.06%	–
SMN	Exit	ProShares UltraShort Basic Mat	$0	–	-6,000	–	-0.06%	–
TOL	Exit	Toll Brothers Inc	$0	–	-7,500	–	-0.06%	–
BA	Exit	Boeing Co	$0	–	-2,000	–	-0.06%	–
CLR	Exit	Continental Resources	$0	–	-9,250	–	-0.06%	–
NQ	Exit	Nq Mobile Inc	$0	–	-80,000	–	-0.06%	–
UNH	Exit	United Healthcare Corp.	$0	–	-2,350	–	-0.06%	–
HENOY	Exit	Henkel AG and Co. ADR	$0	–	-2,700	–	-0.06%	–
BASFY	Exit	Basf Se Adr	$0	–	-3,700	–	-0.06%	–
HAWK	Exit	Blackhawk Network Holdings I	$0	–	-6,800	–	-0.07%	–
BLK	Exit	Blackrock Inc	$0	–	-1,000	–	-0.07%	–
IBKR	Exit	Interactive Brokers Group	$0	–	-7,600	–	-0.07%	–
AAL	Exit	American Airlines Group	$0	–	-8,150	–	-0.07%	–
NKE	Exit	Nike Inc. Cl-B	$0	–	-2,600	–	-0.07%	–
TV	Exit	Grupo Televisa SA	$0	–	-12,890	–	-0.08%	–
SIMO	Exit	Silicon Motion	$0	–	-12,500	–	-0.08%	–
CCL	Exit	Carnival Cruise Lines Inc	$0	–	-6,900	–	-0.08%	–
TNK	Exit	Teekay Tankers Cl A	$0	–	-50,000	–	-0.08%	–
GS	Exit	Goldman Sachs Group	$0	–	-2,000	–	-0.08%	–
AMZN	Exit	Amazon.com	$0	–	-697	–	-0.08%	–
OCPNY	Exit	Olympus Corporation	$0	–	-11,700	–	-0.08%	–
MDSO	Exit	Medidata Solutions Inc	$0	–	-8,690	–	-0.08%	–
CMPGY	Exit	Compass Group Plc ADS	$0	–	-23,657	–	-0.09%	–
SAP	Exit	Sap SE	$0	–	-6,200	–	-0.09%	–
MRK	Exit	Merck & Co.	$0	–	-8,171	–	-0.09%	–
AIQUY	Exit	Air Liquide ADR	$0	–	-17,497	–	-0.09%	–
TMH	Exit	Team Health Holdings Inc	$0	–	-7,975	–	-0.10%	–
NBL	Exit	Noble Energy Inc	$0	–	-14,440	–	-0.10%	–
VOD	Exit	Vodafone Group plc ADS	$0	–	-14,089	–	-0.10%	–
ABEV	Exit	Ambev S.A.	$0	–	-91,700	–	-0.10%	–
HON	Exit	Honeywell Inc.	$0	–	-4,912	–	-0.11%	–
LVMUY	Exit	LVMH Moet Hennessy ADR	$0	–	-13,600	–	-0.11%	–
WMMVY	Exit	Wal-mart De Mexico SAB	$0	–	-19,000	–	-0.11%	–
WPP	Exit	WPP plc.	$0	–	-4,600	–	-0.11%	–
RHHBY	Exit	Roche Holdings Ltd Sponsored A	$0	–	-15,200	–	-0.11%	–
UN	Exit	Unilever N.V.	$0	–	-12,500	–	-0.12%	–
VIRT	Exit	Virtu Financial	$0	–	-22,400	–	-0.12%	–
BIIB	Exit	Biogen Inc.	$0	–	-1,800	–	-0.12%	–
BUD	Exit	Anheuser Busch Inbev Spn	$0	–	-5,097	–	-0.12%	–
RBGLY	Exit	Reckitt Benckiser Group	$0	–	-30,500	–	-0.13%	–
TCEHY	Exit	Tencent Holdings Ltd-Uns Adr	$0	–	-33,700	–	-0.13%	–
SYT	Exit	Syngenta AG	$0	–	-8,900	–	-0.13%	–
ESLOY	Exit	Essilor Intl SA ADR	$0	–	-9,484	–	-0.13%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-10,390	–	-0.13%	–
NTES	Exit	Netease, Inc	$0	–	-5,030	–	-0.14%	–
DTEGY	Exit	Deutsche Telekom AG	$0	–	-35,800	–	-0.14%	–
PG	Exit	Procter & Gamble Co	$0	–	-8,844	–	-0.14%	–
NVO	Exit	Novo Nordisk A/S Adr	$0	–	-11,800	–	-0.15%	–
PUK	Exit	Prudential PLC	$0	–	-15,300	–	-0.15%	–
DEO	Exit	Diageo Plc Sponsored Adr New	$0	–	-6,000	–	-0.15%	–
RCL	Exit	Royal Caribbean Cruises	$0	–	-7,600	–	-0.16%	–
ICLR	Exit	Icon Plc	$0	–	-9,700	–	-0.16%	–
FMS	Exit	Fresenius Medical Care A	$0	–	-17,700	–	-0.16%	–
BAYRY	Exit	Bayer A G Sponsored Adr	$0	–	-5,500	–	-0.16%	–
HEINY	Exit	Heineken N.V.	$0	–	-17,800	–	-0.16%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-5,920	–	-0.16%	–
TM	Exit	Toyota Motor Corp	$0	–	-6,200	–	-0.17%	–
NSRGY	Exit	Nestle Sa Spon Adr Repstg Reg	$0	–	-10,035	–	-0.17%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-9,300	–	-0.18%	–
SHPG	Exit	Shire Plc	$0	–	-3,800	–	-0.18%	–
BX	Exit	Blackstone Group L.P.	$0	–	-26,375	–	-0.19%	–
LUXTY	Exit	Luxottica Group ADS	$0	–	-12,300	–	-0.20%	–
PCYO	Exit	Pure Cycle Corp	$0	–	-184,733	–	-0.21%	–
NJDCY	Exit	Nidec Corp Adr	$0	–	-69,800	–	-0.28%	–
NVS	Exit	Novartis Ag-Adr	$0	–	-14,153	–	-0.30%	–
ILMN	Exit	Illumina Inc	$0	–	-8,105	–	-0.33%	–
DIS	Exit	Walt Disney Company	$0	–	-14,204	–	-0.33%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-13,751	–	-0.34%	–
SCOR	Exit	comScore, Inc.	$0	–	-32,950	–	-0.35%	–
CVS	Exit	CVS Health Corporation	$0	–	-22,145	–	-0.49%	–
FLT	Exit	Fleetcor Technologies Inc	$0	–	-22,400	–	-0.70%	–
JNJ	Exit	Johnson & Johnson	$0	–	-33,084	–	-0.71%	–
FLTX	Exit	Fleetmatics Group PLC	$0	–	-74,675	–	-0.84%	–
PANW	Exit	Palo Alto Networks Inc	$0	–	-23,020	–	-0.90%	–
AGN	Exit	Allergan plc	$0	–	-16,561	–	-1.03%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-82,361	–	-1.40%	–
TRIP	Exit	Tripadvisor Inc	$0	–	-117,240	–	-1.69%	–
AMG	Exit	Affiliated Managers Group Inc	$0	–	-56,957	–	-2.22%	–
ADS	Exit	Alliance Data Sys Corp	$0	–	-44,195	–	-2.62%	–
VRTU	Exit	Virtusa Corp	$0	–	-237,900	–	-2.79%	–
GOOG	Exit	Google Inc - Cl C	$0	–	-22,781	–	-3.17%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-154,865	–	-3.19%	–
HD	Exit	Home Depot Inc	$0	–	-121,748	–	-3.21%	–
V	Exit	Visa Inc-Class A	$0	–	-210,567	–	-3.35%	–
GOOGL	Exit	Google Inc - Cl A	$0	–	-23,750	–	-3.46%	–
	Exit	Millicom International Cellula	$0	–	-243,645	–	-3.48%	–
AAPL	Exit	Apple Inc	$0	–	-143,335	–	-3.61%	–
MSFT	Exit	Microsoft Corporation	$0	–	-413,409	–	-4.18%	–
FB	Exit	Facebook Inc-A	$0	–	-250,090	–	-5.14%	–
LXFT	Exit	Luxoft Holding Inc	$0	–	-392,710	–	-5.68%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-501,646	–	-7.18%	–
PCLN	Exit	The Priceline Group Inc	$0	–	-26,386	–	-7.46%	–
EPAM	Exit	Epam Systems Inc	$0	–	-461,060	–	-7.85%	–
TIGO	Exit	Millicom International Cellula	$0	–	-995,218	–	-14.23%	–

Q3 2015

			Value		Shares		↓ Weighting
EPAM	Buy	Epam Systems Inc	$34,358,000	+6.0%	461,060	+1.3%	7.85%	+13.4%
PCLN	Buy	The Priceline Group Inc	$32,636,000	+10.7%	26,386	+3.1%	7.46%	+18.5%
CTSH	Buy	Cognizant Technology Solutions	$31,408,000	+6.3%	501,646	+3.7%	7.18%	+13.7%
LXFT	Buy	Luxoft Holding Inc	$24,855,000	+15.6%	392,710	+3.3%	5.68%	+23.7%
FB	Buy	Facebook Inc-A	$22,483,000	+69.0%	250,090	+61.3%	5.14%	+80.9%
MSFT	Buy	Microsoft Corporation	$18,297,000	+4.9%	413,409	+4.6%	4.18%	+12.2%
AAPL	Sell	Apple Inc	$15,810,000	-13.8%	143,335	-1.9%	3.61%	-7.7%
	Buy	Millicom International Cellula	$15,219,000	-12.5%	243,645	+3.2%	3.48%	-6.4%
GOOGL	Buy	Google Inc - Cl A	$15,161,000	+18.6%	23,750	+0.3%	3.46%	+26.8%
V	Buy	Visa Inc-Class A	$14,668,000	+4.1%	210,567	+0.3%	3.35%	+11.4%
HD	Buy	Home Depot Inc	$14,061,000	+24.8%	121,748	+20.1%	3.21%	+33.5%
MA	Sell	Mastercard Inc-Class A	$13,956,000	-5.5%	154,865	-2.0%	3.19%	+1.1%
GOOG	Buy	Google Inc - Cl C	$13,861,000	+72.3%	22,781	+47.4%	3.17%	+84.3%
VRTU	Buy	Virtusa Corp	$12,207,000	+11.0%	237,900	+11.2%	2.79%	+18.7%
ADS	Sell	Alliance Data Sys Corp	$11,446,000	-12.3%	44,195	-1.1%	2.62%	-6.1%
TRIP	Sell	Tripadvisor Inc	$7,388,000	-47.5%	117,240	-27.5%	1.69%	-43.9%
AGN	Buy	Allergan plc	$4,501,000	+113.1%	16,561	+137.9%	1.03%	+128.2%
PANW	Buy	Palo Alto Networks Inc	$3,959,000	+805.9%	23,020	+820.8%	0.90%	+873.1%
FLTX	Buy	Fleetmatics Group PLC	$3,666,000	+82.9%	74,675	+74.5%	0.84%	+95.8%
FLT	Sell	Fleetcor Technologies Inc	$3,083,000	-12.2%	22,400	-0.4%	0.70%	-6.0%
CVS	Sell	CVS Health Corporation	$2,137,000	-74.9%	22,145	-72.7%	0.49%	-73.1%
SCOR	Buy	comScore, Inc.	$1,521,000	-12.3%	32,950	+1.2%	0.35%	-5.9%
DIS	Sell	Walt Disney Company	$1,452,000	-78.2%	14,204	-75.7%	0.33%	-76.7%
ILMN	Buy	Illumina Inc	$1,425,000	-14.5%	8,105	+6.2%	0.33%	-8.4%
NJDCY	Sell	Nidec Corp Adr	$1,210,000	-8.5%	69,800	-1.4%	0.28%	-2.5%
PCYO	Sell	Pure Cycle Corp	$914,000	-6.9%	184,733	-2.2%	0.21%	-0.5%
LUXTY	Sell	Luxottica Group ADS	$852,000	+1.8%	12,300	-2.4%	0.20%	+8.9%
BX	Buy	Blackstone Group L.P.	$835,000	+56.1%	26,375	+101.3%	0.19%	+67.5%
WBA	New	Walgreens Boots Alliance	$773,000	–	9,300	–	0.18%	–
NSRGY	Sell	Nestle Sa Spon Adr Repstg Reg	$755,000	+1.2%	10,035	-2.9%	0.17%	+8.8%
TM	Sell	Toyota Motor Corp	$727,000	-17.7%	6,200	-6.1%	0.17%	-12.2%
TMO	Buy	Thermo Fisher Scientific	$724,000	+31.4%	5,920	+39.5%	0.16%	+39.8%
HEINY	Sell	Heineken N.V.	$718,000	+3.3%	17,800	-2.2%	0.16%	+10.8%
ICLR	Sell	Icon Plc	$688,000	-8.8%	9,700	-13.4%	0.16%	-2.5%
DEO	Sell	Diageo Plc Sponsored Adr New	$647,000	-10.0%	6,000	-3.2%	0.15%	-3.9%
PUK	Sell	Prudential PLC	$645,000	-14.9%	15,300	-1.9%	0.15%	-9.3%
DTEGY	Sell	Deutsche Telekom AG	$635,000	+0.8%	35,800	-2.2%	0.14%	+7.4%
NTES	Sell	Netease, Inc	$604,000	-21.8%	5,030	-5.6%	0.14%	-16.4%
SYT	Sell	Syngenta AG	$568,000	-23.6%	8,900	-2.2%	0.13%	-18.2%
TCEHY	Sell	Tencent Holdings Ltd-Uns Adr	$562,000	-18.6%	33,700	-2.0%	0.13%	-12.9%
RBGLY	Sell	Reckitt Benckiser Group	$553,000	+1.1%	30,500	-3.2%	0.13%	+7.7%
BUD	Sell	Anheuser Busch Inbev Spn	$542,000	-15.2%	5,097	-3.8%	0.12%	-8.8%
VIRT	Buy	Virtu Financial	$513,000	+76.3%	22,400	+80.6%	0.12%	+88.7%
UN	Sell	Unilever N.V.	$502,000	-7.0%	12,500	-3.1%	0.12%	0.0%
WPP	Sell	WPP plc.	$479,000	-11.5%	4,600	-4.2%	0.11%	-6.0%
WMMVY	Sell	Wal-mart De Mexico SAB	$468,000	-2.5%	19,000	-3.6%	0.11%	+3.9%
LVMUY	Sell	LVMH Moet Hennessy ADR	$462,000	-6.1%	13,600	-2.9%	0.11%	+1.0%
ABEV	Sell	Ambev S.A.	$449,000	-21.9%	91,700	-2.7%	0.10%	-16.3%
VOD	Sell	Vodafone Group plc ADS	$447,000	-17.5%	14,089	-5.2%	0.10%	-12.1%
NBL	Sell	Noble Energy Inc	$436,000	-31.7%	14,440	-3.3%	0.10%	-26.5%
TMH	Sell	Team Health Holdings Inc	$431,000	-17.6%	7,975	-0.3%	0.10%	-12.5%
AIQUY	Sell	Air Liquide ADR	$413,000	-10.2%	17,497	-3.3%	0.09%	-4.1%
SAP	Sell	Sap SE	$402,000	-10.5%	6,200	-3.1%	0.09%	-4.2%
CMPGY	Sell	Compass Group Plc ADS	$377,000	-8.7%	23,657	-4.1%	0.09%	-2.3%
GS	Sell	Goldman Sachs Group	$348,000	-74.4%	2,000	-69.2%	0.08%	-72.4%
CCL	New	Carnival Cruise Lines Inc	$343,000	–	6,900	–	0.08%	–
TV	Sell	Grupo Televisa SA	$335,000	-35.6%	12,890	-3.7%	0.08%	-30.6%
BLK	Sell	Blackrock Inc	$297,000	-18.0%	1,000	-4.3%	0.07%	-11.7%
HAWK	Sell	Blackhawk Network Holdings I	$288,000	-21.5%	6,800	-23.6%	0.07%	-15.4%
BASFY	Sell	Basf Se Adr	$282,000	-18.5%	3,700	-5.1%	0.06%	-13.5%
HENOY	Sell	Henkel AG and Co. ADR	$277,000	-12.3%	2,700	-3.6%	0.06%	-6.0%
CLR	Sell	Continental Resources	$268,000	-37.1%	9,250	-8.0%	0.06%	-33.0%
SMN	New	ProShares UltraShort Basic Mat	$258,000	–	6,000	–	0.06%	–
	New	PayPal Inc	$251,000	–	8,100	–	0.06%	–
VMC	New	Vulcan Materials Co	$250,000	–	2,800	–	0.06%	–
NTDOY	Sell	Nintendo Co, Ltd.	$247,000	-4.3%	11,800	-4.1%	0.06%	+1.8%
UBS	Sell	UBS Ag	$219,000	-16.1%	11,800	-4.1%	0.05%	-10.7%
INFY	New	Infosys Technologies Ltd	$191,000	–	10,000	–	0.04%	–
OASPQ	New	Oasis Petroleum Inc.	$186,000	–	21,400	–	0.04%	–
WLL	New	Whiting Petroleum Corp	$153,000	–	10,000	–	0.04%	–
NADL	Sell	North Atlantic Drilling Ltd	$75,000	-62.5%	98,000	-41.7%	0.02%	-60.5%
PTN	New	Palatin Technologies, Inc.	$16,000	–	20,000	–	0.00%	–
CL	Exit	Colgate-Palmolive	$0	–	-3,641	–	-0.05%	–
UHS	Exit	Universal Health Services	$0	–	-2,000	–	-0.06%	–
EXPE	Exit	Expedia, Inc.	$0	–	-3,000	–	-0.07%	–
UAA	Exit	Under Armour, Inc.	$0	–	-4,500	–	-0.08%	–
RE	Exit	Everest Re Group Inc	$0	–	-2,200	–	-0.08%	–
YHOO	Exit	Yahoo! Inc	$0	–	-10,300	–	-0.09%	–
PAY	Exit	Verifone Systems	$0	–	-14,430	–	-0.10%	–
VLKAY	Exit	Volkswagen AG	$0	–	-11,900	–	-0.12%	–
BIDU	Exit	Baidu, Inc.	$0	–	-3,005	–	-0.13%	–
MNKKQ	Exit	Mallinckrodt Plc	$0	–	-6,400	–	-0.16%	–
AVGTF	Exit	AVG Technologies N.V.	$0	–	-55,500	–	-0.32%	–
CHKP	Exit	Check Point Software Tech Ord	$0	–	-43,600	–	-0.74%	–
LOW	Exit	Lowes Companies Inc.	$0	–	-81,625	–	-1.17%	–
CYH	Exit	Community Health Systems	$0	–	-215,600	–	-2.90%	–

Q2 2015

			Value		Shares		↓ Weighting
TIGO	New	Millicom International Cellula	$73,616,000	–	995,218	–	15.72%	–
EPAM	New	Epam Systems Inc	$32,407,000	–	454,960	–	6.92%	–
CTSH	New	Cognizant Technology Solutions	$29,541,000	–	483,566	–	6.31%	–
PCLN	New	The Priceline Group Inc	$29,476,000	–	25,601	–	6.30%	–
LXFT	New	Luxoft Holding Inc	$21,502,000	–	380,235	–	4.59%	–
AAPL	New	Apple Inc	$18,331,000	–	146,150	–	3.92%	–
MSFT	New	Microsoft Corporation	$17,446,000	–	395,150	–	3.73%	–
	New	Millicom International Cellula	$17,397,000	–	236,145	–	3.72%	–
MA	New	Mastercard Inc-Class A	$14,771,000	–	158,015	–	3.16%	–
V	New	Visa Inc-Class A	$14,093,000	–	209,867	–	3.01%	–
TRIP	New	Tripadvisor Inc	$14,085,000	–	161,640	–	3.01%	–
CYH	New	Community Health Systems	$13,576,000	–	215,600	–	2.90%	–
FB	New	Facebook Inc-A	$13,301,000	–	155,090	–	2.84%	–
ADS	New	Alliance Data Sys Corp	$13,048,000	–	44,695	–	2.79%	–
GOOGL	New	Google Inc - Cl A	$12,788,000	–	23,680	–	2.73%	–
AMG	New	Affiliated Managers Group Inc	$12,451,000	–	56,957	–	2.66%	–
HD	New	Home Depot Inc	$11,268,000	–	101,398	–	2.41%	–
VRTU	New	Virtusa Corp	$11,000,000	–	214,000	–	2.35%	–
CVS	New	CVS Health Corporation	$8,500,000	–	81,045	–	1.82%	–
GOOG	New	Google Inc - Cl C	$8,043,000	–	15,451	–	1.72%	–
XOM	New	Exxon Mobil Corp	$6,852,000	–	82,361	–	1.46%	–
DIS	New	Walt Disney Company	$6,666,000	–	58,404	–	1.42%	–
LOW	New	Lowes Companies Inc.	$5,466,000	–	81,625	–	1.17%	–
FLT	New	Fleetcor Technologies Inc	$3,511,000	–	22,500	–	0.75%	–
CHKP	New	Check Point Software Tech Ord	$3,468,000	–	43,600	–	0.74%	–
JNJ	New	Johnson & Johnson	$3,224,000	–	33,084	–	0.69%	–
AGN	New	Allergan plc	$2,112,000	–	6,961	–	0.45%	–
FLTX	New	Fleetmatics Group PLC	$2,004,000	–	42,800	–	0.43%	–
SCOR	New	comScore, Inc.	$1,734,000	–	32,550	–	0.37%	–
ILMN	New	Illumina Inc	$1,666,000	–	7,630	–	0.36%	–
AVGTF	New	AVG Technologies N.V.	$1,510,000	–	55,500	–	0.32%	–
KMB	New	Kimberly Clark Corp	$1,457,000	–	13,751	–	0.31%	–
NVS	New	Novartis Ag-Adr	$1,392,000	–	14,153	–	0.30%	–
GS	New	Goldman Sachs Group	$1,357,000	–	6,500	–	0.29%	–
NJDCY	New	Nidec Corp Adr	$1,323,000	–	70,800	–	0.28%	–
PCYO	New	Pure Cycle Corp	$982,000	–	188,833	–	0.21%	–
SHPG	New	Shire Plc	$918,000	–	3,800	–	0.20%	–
TM	New	Toyota Motor Corp	$883,000	–	6,600	–	0.19%	–
LUXTY	New	Luxottica Group ADS	$837,000	–	12,600	–	0.18%	–
BAYRY	New	Bayer A G Sponsored Adr	$775,000	–	5,500	–	0.17%	–
NTES	New	Netease, Inc	$772,000	–	5,330	–	0.16%	–
PUK	New	Prudential PLC	$758,000	–	15,600	–	0.16%	–
MNKKQ	New	Mallinckrodt Plc	$753,000	–	6,400	–	0.16%	–
ICLR	New	Icon Plc	$754,000	–	11,200	–	0.16%	–
NSRGY	New	Nestle Sa Spon Adr Repstg Reg	$746,000	–	10,335	–	0.16%	–
SYT	New	Syngenta AG	$743,000	–	9,100	–	0.16%	–
FMS	New	Fresenius Medical Care A	$736,000	–	17,700	–	0.16%	–
BIIB	New	Biogen Inc.	$727,000	–	1,800	–	0.16%	–
DEO	New	Diageo Plc Sponsored Adr New	$719,000	–	6,200	–	0.15%	–
HEINY	New	Heineken N.V.	$695,000	–	18,200	–	0.15%	–
PG	New	Procter & Gamble Co	$692,000	–	8,844	–	0.15%	–
TCEHY	New	Tencent Holdings Ltd-Uns Adr	$690,000	–	34,400	–	0.15%	–
NVO	New	Novo Nordisk A/S Adr	$646,000	–	11,800	–	0.14%	–
BUD	New	Anheuser Busch Inbev Spn	$639,000	–	5,297	–	0.14%	–
NBL	New	Noble Energy Inc	$638,000	–	14,940	–	0.14%	–
DTEGY	New	Deutsche Telekom AG	$630,000	–	36,600	–	0.14%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$614,000	–	10,390	–	0.13%	–
RCL	New	Royal Caribbean Cruises	$598,000	–	7,600	–	0.13%	–
BIDU	New	Baidu, Inc.	$598,000	–	3,005	–	0.13%	–
ABEV	New	Ambev S.A.	$575,000	–	94,200	–	0.12%	–
ESLOY	New	Essilor Intl SA ADR	$573,000	–	9,484	–	0.12%	–
VLKAY	New	Volkswagen AG	$551,000	–	11,900	–	0.12%	–
TMO	New	Thermo Fisher Scientific	$551,000	–	4,245	–	0.12%	–
RBGLY	New	Reckitt Benckiser Group	$547,000	–	31,500	–	0.12%	–
WPP	New	WPP plc.	$541,000	–	4,800	–	0.12%	–
VOD	New	Vodafone Group plc ADS	$542,000	–	14,861	–	0.12%	–
UN	New	Unilever N.V.	$540,000	–	12,900	–	0.12%	–
BX	New	Blackstone Group L.P.	$535,000	–	13,100	–	0.11%	–
RHHBY	New	Roche Holdings Ltd Sponsored A	$533,000	–	15,200	–	0.11%	–
TMH	New	Team Health Holdings Inc	$523,000	–	8,000	–	0.11%	–
TV	New	Grupo Televisa SA	$520,000	–	13,390	–	0.11%	–
HON	New	Honeywell Inc.	$501,000	–	4,912	–	0.11%	–
PAY	New	Verifone Systems	$490,000	–	14,430	–	0.10%	–
LVMUY	New	LVMH Moet Hennessy ADR	$492,000	–	14,000	–	0.10%	–
WMMVY	New	Wal-mart De Mexico SAB	$480,000	–	19,700	–	0.10%	–
MDSO	New	Medidata Solutions Inc	$472,000	–	8,690	–	0.10%	–
MRK	New	Merck & Co.	$465,000	–	8,171	–	0.10%	–
AIQUY	New	Air Liquide ADR	$460,000	–	18,097	–	0.10%	–
SAP	New	Sap SE	$449,000	–	6,400	–	0.10%	–
PANW	New	Palo Alto Networks Inc	$437,000	–	2,500	–	0.09%	–
SIMO	New	Silicon Motion	$433,000	–	12,500	–	0.09%	–
CLR	New	Continental Resources	$426,000	–	10,050	–	0.09%	–
NQ	New	Nq Mobile Inc	$422,000	–	80,000	–	0.09%	–
CMPGY	New	Compass Group Plc ADS	$413,000	–	24,657	–	0.09%	–
YHOO	New	Yahoo! Inc	$405,000	–	10,300	–	0.09%	–
OCPNY	New	Olympus Corporation	$405,000	–	11,700	–	0.09%	–
RE	New	Everest Re Group Inc	$400,000	–	2,200	–	0.08%	–
UAA	New	Under Armour, Inc.	$375,000	–	4,500	–	0.08%	–
HAWK	New	Blackhawk Network Holdings I	$367,000	–	8,900	–	0.08%	–
BLK	New	Blackrock Inc	$362,000	–	1,045	–	0.08%	–
BASFY	New	Basf Se Adr	$346,000	–	3,900	–	0.07%	–
TNK	New	Teekay Tankers Cl A	$330,000	–	50,000	–	0.07%	–
EXPE	New	Expedia, Inc.	$328,000	–	3,000	–	0.07%	–
AAL	New	American Airlines Group	$325,000	–	8,150	–	0.07%	–
IBKR	New	Interactive Brokers Group	$316,000	–	7,600	–	0.07%	–
HENOY	New	Henkel AG and Co. ADR	$316,000	–	2,800	–	0.07%	–
AMZN	New	Amazon.com	$303,000	–	697	–	0.06%	–
APC	New	Anadarko Petroleum Corp	$297,000	–	3,800	–	0.06%	–
VIRT	New	Virtu Financial	$291,000	–	12,400	–	0.06%	–
UNH	New	United Healthcare Corp.	$287,000	–	2,350	–	0.06%	–
TOL	New	Toll Brothers Inc	$286,000	–	7,500	–	0.06%	–
UHS	New	Universal Health Services	$284,000	–	2,000	–	0.06%	–
NKE	New	Nike Inc. Cl-B	$281,000	–	2,600	–	0.06%	–
BA	New	Boeing Co	$277,000	–	2,000	–	0.06%	–
UBS	New	UBS Ag	$261,000	–	12,300	–	0.06%	–
NTDOY	New	Nintendo Co, Ltd.	$258,000	–	12,300	–	0.06%	–
LLY	New	Lilly Eli & Co.	$252,000	–	3,019	–	0.05%	–
CL	New	Colgate-Palmolive	$238,000	–	3,641	–	0.05%	–
NADL	New	North Atlantic Drilling Ltd	$200,000	–	168,000	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
GS	Exit	Goldman Sachs Group	$0	–	-1,100	–	-0.05%	–
CP	Exit	Canadian Pacific Railway	$0	–	-1,000	–	-0.05%	–
DFS	Exit	Discovery Financial Services	$0	–	-3,300	–	-0.05%	–
BA	Exit	Boeing Co	$0	–	-2,000	–	-0.06%	–
GILD	Exit	Gilead Sciences Inc.	$0	–	-2,665	–	-0.07%	–
HDS	Exit	HD Supply	$0	–	-11,000	–	-0.07%	–
BASFY	Exit	BASF SE ADR	$0	–	-3,500	–	-0.08%	–
BLK	Exit	Blackrock Inc	$0	–	-1,000	–	-0.08%	–
MDSO	Exit	Medidata Solutions INC	$0	–	-7,690	–	-0.08%	–
CMPGY	Exit	Compass Group Plc ADS	$0	–	-21,457	–	-0.08%	–
RE	Exit	Everest Re Group Inc	$0	–	-2,200	–	-0.08%	–
PCP	Exit	Precision Castparts Corp	$0	–	-1,541	–	-0.08%	–
MU	Exit	Micron Technology INC	$0	–	-11,000	–	-0.09%	–
ESRX	Exit	Express Scripts Inc	$0	–	-5,500	–	-0.09%	–
	Exit	LVMH Moet Hennessy ADR	$0	–	-12,300	–	-0.09%	–
AIQUY	Exit	Air Liquide ADR	$0	–	-16,337	–	-0.09%	–
YHOO	Exit	Yahoo! Inc	$0	–	-10,300	–	-0.10%	–
KMTUY	Exit	Komatsu Ltd	$0	–	-18,468	–	-0.10%	–
TV	Exit	Grupo Televisa SA	$0	–	-12,690	–	-0.10%	–
VOD	Exit	Vodafone Group plc ADS	$0	–	-13,589	–	-0.10%	–
VLKAY	Exit	Volkswagen AG	$0	–	-11,000	–	-0.11%	–
ESLOY	Exit	Essilor Intl SA ADR	$0	–	-8,384	–	-0.11%	–
GRFS	Exit	Grifols S.A. ADS	$0	–	-13,100	–	-0.11%	–
UN	Exit	Unilever N.V.	$0	–	-11,600	–	-0.11%	–
WMMVY	Exit	Wal-mart De Mexico SAB	$0	–	-18,400	–	-0.11%	–
NTES	Exit	Netease, INC	$0	–	-5,430	–	-0.11%	–
TCEHY	Exit	Tencenty Holdings ADR	$0	–	-31,500	–	-0.11%	–
BAYRY	Exit	Bayer AG ADR	$0	–	-3,500	–	-0.12%	–
DTEGY	Exit	Deutsche Telekom AG	$0	–	-32,900	–	-0.12%	–
SAP	Exit	SAP SE	$0	–	-7,000	–	-0.12%	–
RBGLY	Exit	Reckitt Benckiser Group	$0	–	-28,900	–	-0.12%	–
IBKR	Exit	Interactive Brokers Group	$0	–	-20,600	–	-0.12%	–
RCL	Exit	Royal Caribbean Cruises	$0	–	-7,600	–	-0.12%	–
NQ	Exit	NQ Mobile Inc	$0	–	-75,000	–	-0.12%	–
BUD	Exit	Anheuser Busch Inbev SA ADR	$0	–	-4,797	–	-0.12%	–
CRZO	Exit	Carrizo Oil & Gas	$0	–	-10,100	–	-0.13%	–
FMS	Exit	Fresenius Medical Care A	$0	–	-15,600	–	-0.13%	–
NVO	Exit	Novo Nordisk A/S ADR	$0	–	-11,500	–	-0.13%	–
LUXTY	Exit	Luxottica Group ADS	$0	–	-10,600	–	-0.13%	–
SYT	Exit	Syngenta AG	$0	–	-8,700	–	-0.13%	–
TEVA	Exit	Teva Pharmaceuticals ADR	$0	–	-10,990	–	-0.14%	–
RHHBY	Exit	Roche Holdings ADR	$0	–	-15,900	–	-0.14%	–
ABEV	Exit	Ambev S.A.	$0	–	-92,200	–	-0.14%	–
HEINY	Exit	Heineken N.V.	$0	–	-16,400	–	-0.14%	–
PUK	Exit	Prudential PLC	$0	–	-14,500	–	-0.15%	–
DEO	Exit	Diageo PLC ADS	$0	–	-5,600	–	-0.15%	–
HAWK	Exit	Blackhawk Network Holdings	$0	–	-19,900	–	-0.15%	–
TM	Exit	Toyota Motor Corp	$0	–	-5,600	–	-0.15%	–
NSRGY	Exit	Nestle S.A. ADR	$0	–	-9,535	–	-0.16%	–
PG	Exit	Proctor & Gamble Co.	$0	–	-8,399	–	-0.16%	–
TWTR	Exit	Twitter	$0	–	-15,000	–	-0.18%	–
RYCEY	Exit	Rolls Royce Hldg Plc ADS	$0	–	-10,000	–	-0.18%	–
TMH	Exit	Team Health Holdings	$0	–	-13,870	–	-0.19%	–
ICLR	Exit	Icon PLC	$0	–	-14,500	–	-0.19%	–
CLR	Exit	Continental Resources	$0	–	-12,520	–	-0.20%	–
CHTR	Exit	Charter Communications	$0	–	-5,545	–	-0.20%	–
CVS	Exit	CVS Health Corporation	$0	–	-11,350	–	-0.21%	–
SHPG	Exit	Shire PLC	$0	–	-3,700	–	-0.22%	–
CTRX	Exit	Catamaran Corp	$0	–	-24,460	–	-0.24%	–
SLB	Exit	Schlumberger Ltd	$0	–	-11,015	–	-0.26%	–
NJDCY	Exit	Nidec Corp ADR	$0	–	-67,800	–	-0.27%	–
PCYO	Exit	Pure Cycle Corp	$0	–	-188,833	–	-0.29%	–
BX	Exit	Blackstone Group L.P.	$0	–	-38,925	–	-0.29%	–
DIS	Exit	Walt Disney Company	$0	–	-14,325	–	-0.30%	–
NVS	Exit	Novartis AG-ADR	$0	–	-13,953	–	-0.31%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-15,350	–	-0.36%	–
GBX	Exit	Greenbrier Companies Inc	$0	–	-21,800	–	-0.38%	–
HCA	Exit	HCA Holdings, Inc	$0	–	-23,885	–	-0.39%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-15,751	–	-0.40%	–
NADL	Exit	North Atlantic Drilling LTD	$0	–	-328,000	–	-0.51%	–
JNJ	Exit	Johnson & Johnson	$0	–	-24,847	–	-0.62%	–
FB	Exit	Facebook Inc-A	$0	–	-42,165	–	-0.78%	–
HD	Exit	Home Depot Inc.	$0	–	-36,403	–	-0.78%	–
FLT	Exit	FleetCor Technologies, Inc.	$0	–	-30,775	–	-1.02%	–
PXD	Exit	Pioneer Natural Resources	$0	–	-24,325	–	-1.12%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-89,640	–	-1.57%	–
IBM	Exit	IBM Corp	$0	–	-38,320	–	-1.70%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-85,417	–	-1.88%	–
ADS	Exit	Alliance Data Systems	$0	–	-40,760	–	-2.37%	–
NBL	Exit	Noble Energy INC	$0	–	-157,818	–	-2.53%	–
AAPL	Exit	Apple Inc.	$0	–	-111,535	–	-2.63%	–
V	Exit	Visa Inc.	$0	–	-52,773	–	-2.64%	–
BIDU	Exit	Baidu, Inc.	$0	–	-52,577	–	-2.69%	–
AMG	Exit	Affiliated Managers Group Inc.	$0	–	-57,657	–	-2.70%	–
MA	Exit	Mastercard Inc.	$0	–	-158,545	–	-2.74%	–
GOOG	Exit	Google Inc-Cl C	$0	–	-23,032	–	-3.11%	–
GOOGL	Exit	Google Inc-Cl A	$0	–	-23,146	–	-3.19%	–
LXFT	Exit	Luxoft Holdings, INC	$0	–	-368,060	–	-3.21%	–
B108PS	Exit	Actavis PLC	$0	–	-58,416	–	-3.30%	–
EPAM	Exit	Epam Systems Inc.	$0	–	-418,095	–	-4.29%	–
	Exit	Millicom International Cellula	$0	–	-229,925	–	-4.32%	–
MSFT	Exit	Microsoft Corporation	$0	–	-405,306	–	-4.40%	–
TRIP	Exit	TripAdvisors, Inc.	$0	–	-211,850	–	-4.54%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-484,846	–	-5.08%	–
PCLN	Exit	The Priceline Group Inc.	$0	–	-25,966	–	-7.04%	–
TIGO	Exit	Millicom International Cellula	$0	–	-998,971	–	-18.73%	–

Q3 2014

			Value		Shares		↓ Weighting
TIGO	Sell	Millicom International Cellula	$79,988,000	-14.1%	998,971	-1.7%	18.73%	-0.3%
PCLN	Sell	The Priceline Group Inc.	$30,084,000	-11.8%	25,966	-8.4%	7.04%	+2.3%
CTSH	Sell	Cognizant Technology Solutions	$21,707,000	-14.6%	484,846	-6.7%	5.08%	-0.9%
TRIP	Sell	TripAdvisors, Inc.	$19,367,000	-22.2%	211,850	-7.5%	4.54%	-9.8%
MSFT	Sell	Microsoft Corporation	$18,790,000	+2.0%	405,306	-8.3%	4.40%	+18.3%
	Sell	Millicom International Cellula	$18,464,000	-22.5%	229,925	-10.9%	4.32%	-10.1%
EPAM	Sell	Epam Systems Inc.	$18,308,000	-3.2%	418,095	-3.3%	4.29%	+12.3%
B108PS	New	Actavis PLC	$14,095,000	–	58,416	–	3.30%	–
LXFT	Sell	Luxoft Holdings, INC	$13,692,000	-1.1%	368,060	-4.1%	3.21%	+14.7%
GOOGL	Sell	Google Inc-Cl A	$13,619,000	-10.3%	23,146	-10.9%	3.19%	+4.0%
GOOG	Sell	Google Inc-Cl C	$13,298,000	-10.9%	23,032	-11.2%	3.11%	+3.4%
MA	Sell	Mastercard Inc.	$11,720,000	-12.3%	158,545	-12.8%	2.74%	+1.7%
BIDU	Buy	Baidu, Inc.	$11,474,000	+123.1%	52,577	+91.0%	2.69%	+158.9%
V	Sell	Visa Inc.	$11,260,000	-12.3%	52,773	-13.4%	2.64%	+1.7%
AAPL	Buy	Apple Inc.	$11,237,000	+27.5%	111,535	+17.6%	2.63%	+47.9%
NBL	Sell	Noble Energy INC	$10,788,000	-25.7%	157,818	-15.9%	2.53%	-13.9%
ADS	Sell	Alliance Data Systems	$10,119,000	-20.9%	40,760	-10.4%	2.37%	-8.3%
XOM	Sell	Exxon Mobil Corp	$8,033,000	-10.1%	85,417	-3.7%	1.88%	+4.3%
IBM	Sell	IBM Corp	$7,274,000	-2.0%	38,320	-6.4%	1.70%	+13.7%
QCOM	Sell	Qualcomm Inc.	$6,702,000	-27.7%	89,640	-23.4%	1.57%	-16.1%
PXD	Sell	Pioneer Natural Resources	$4,791,000	-35.6%	24,325	-24.8%	1.12%	-25.2%
FLT	New	FleetCor Technologies, Inc.	$4,374,000	–	30,775	–	1.02%	–
HD	Sell	Home Depot Inc.	$3,340,000	+11.0%	36,403	-2.1%	0.78%	+28.6%
FB	Buy	Facebook Inc-A	$3,333,000	+18.6%	42,165	+0.9%	0.78%	+37.6%
JNJ	Sell	Johnson & Johnson	$2,648,000	-6.2%	24,847	-7.9%	0.62%	+8.8%
NADL	Buy	North Atlantic Drilling LTD	$2,184,000	-7.1%	328,000	+48.1%	0.51%	+7.6%
KMB	Sell	Kimberly Clark Corp	$1,694,000	-19.3%	15,751	-16.5%	0.40%	-6.4%
HCA	New	HCA Holdings, Inc	$1,684,000	–	23,885	–	0.39%	–
GBX	New	Greenbrier Companies Inc	$1,600,000	–	21,800	–	0.38%	–
APC	Sell	Anadarko Petroleum Corp	$1,557,000	-46.8%	15,350	-42.6%	0.36%	-38.2%
DIS	Buy	Walt Disney Company	$1,275,000	+35.8%	14,325	+30.8%	0.30%	+57.4%
BX	Sell	Blackstone Group L.P.	$1,225,000	-11.7%	38,925	-6.2%	0.29%	+2.5%
PCYO	Buy	Pure Cycle Corp	$1,222,000	+23.6%	188,833	+29.3%	0.29%	+43.0%
SLB	Sell	Schlumberger Ltd	$1,120,000	-28.2%	11,015	-16.7%	0.26%	-16.8%
CTRX	Buy	Catamaran Corp	$1,031,000	+23.2%	24,460	+29.1%	0.24%	+42.6%
CVS	New	CVS Health Corporation	$903,000	–	11,350	–	0.21%	–
CHTR	New	Charter Communications	$839,000	–	5,545	–	0.20%	–
CLR	Sell	Continental Resources	$832,000	-73.4%	12,520	-36.8%	0.20%	-69.1%
ICLR	New	Icon PLC	$830,000	–	14,500	–	0.19%	–
TMH	New	Team Health Holdings	$804,000	–	13,870	–	0.19%	–
TWTR	New	Twitter	$774,000	–	15,000	–	0.18%	–
PG	Sell	Proctor & Gamble Co.	$703,000	+1.2%	8,399	-5.0%	0.16%	+17.9%
HAWK	New	Blackhawk Network Holdings	$645,000	–	19,900	–	0.15%	–
DEO	Buy	Diageo PLC ADS	$646,000	-7.7%	5,600	+1.8%	0.15%	+7.1%
HEINY	Sell	Heineken N.V.	$613,000	-13.0%	16,400	-16.6%	0.14%	+1.4%
ABEV	Buy	Ambev S.A.	$604,000	-6.2%	92,200	+0.8%	0.14%	+8.5%
LUXTY	Sell	Luxottica Group ADS	$552,000	-14.9%	10,600	-5.4%	0.13%	-1.5%
CRZO	Sell	Carrizo Oil & Gas	$544,000	-90.6%	10,100	-87.9%	0.13%	-89.1%
NQ	Sell	NQ Mobile Inc	$523,000	+9.9%	75,000	-3.2%	0.12%	+27.1%
IBKR	New	Interactive Brokers Group	$514,000	–	20,600	–	0.12%	–
SAP	Sell	SAP SE	$505,000	-53.2%	7,000	-50.0%	0.12%	-45.9%
DTEGY	Buy	Deutsche Telekom AG	$497,000	-11.6%	32,900	+2.5%	0.12%	+2.7%
BAYRY	Buy	Bayer AG ADR	$490,000	+8.4%	3,500	+9.4%	0.12%	+26.4%
VLKAY	Sell	Volkswagen AG	$454,000	-27.0%	11,000	-8.3%	0.11%	-15.9%
VOD	Sell	Vodafone Group plc ADS	$447,000	-2.6%	13,589	-1.2%	0.10%	+12.9%
TV	Buy	Grupo Televisa SA	$430,000	+5.4%	12,690	+6.7%	0.10%	+23.2%
YHOO	Buy	Yahoo! Inc	$420,000	+43.8%	10,300	+24.1%	0.10%	+66.1%
AIQUY	Buy	Air Liquide ADR	$397,000	-1.0%	16,337	+10.0%	0.09%	+14.8%
ESRX	Sell	Express Scripts Inc	$388,000	-4.9%	5,500	-6.5%	0.09%	+11.0%
MU	New	Micron Technology INC	$377,000	–	11,000	–	0.09%	–
PCP	Buy	Precision Castparts Corp	$365,000	-3.7%	1,541	+2.7%	0.08%	+10.4%
CMPGY	Sell	Compass Group Plc ADS	$345,000	-14.6%	21,457	-5.9%	0.08%	-1.2%
MDSO	Sell	Medidata Solutions INC	$341,000	-27.3%	7,690	-29.8%	0.08%	-15.8%
BASFY	Sell	BASF SE ADR	$320,000	-31.3%	3,500	-12.5%	0.08%	-20.2%
GILD	Buy	Gilead Sciences Inc.	$284,000	+34.6%	2,665	+4.5%	0.07%	+53.5%
CP	New	Canadian Pacific Railway	$207,000	–	1,000	–	0.05%	–
GS	New	Goldman Sachs Group	$202,000	–	1,100	–	0.05%	–
TNK	Exit	Teekay Tankers Cl A	$0	–	-20,000	–	-0.02%	–
PVAHQ	Exit	Penn Virginia Corp.	$0	–	-10,325	–	-0.04%	–
EOG	Exit	EOG Resources	$0	–	-1,725	–	-0.04%	–
HENOY	Exit	Henkel AG and Co. ADR	$0	–	-2,000	–	-0.05%	–
EVR	Exit	Evercore Partners, Inc.	$0	–	-4,175	–	-0.05%	–
ATLKY	Exit	Atlas Copco Ab ADR	$0	–	-9,000	–	-0.05%	–
KOG	Exit	Kodiak Oil & Gas Corp	$0	–	-25,000	–	-0.07%	–
INFA	Exit	Informatica Corporation	$0	–	-11,000	–	-0.08%	–
SLCA	Exit	U.S. Silica Holdings, Inc.	$0	–	-8,000	–	-0.09%	–
AZPN	Exit	Aspen Technology	$0	–	-10,000	–	-0.09%	–
CRRTQ	Exit	Carbo Ceramics	$0	–	-3,200	–	-0.10%	–
ADDYY	Exit	adidas AG	$0	–	-10,300	–	-0.10%	–
ICLR	Exit	ICON plc	$0	–	-12,270	–	-0.12%	–
SYNA	Exit	Synaptics Inc	$0	–	-8,000	–	-0.15%	–
GDPMQ	Exit	Goodrich Petroleum	$0	–	-29,800	–	-0.17%	–
ALKS	Exit	Alkermes PLC	$0	–	-24,950	–	-0.25%	–
CHTRQ	Exit	Charter Communications Inc	$0	–	-9,150	–	-0.29%	–
AFOP	Exit	Alliance Fiber Optic	$0	–	-85,000	–	-0.31%	–
SDRL	Exit	Seadrill Limited	$0	–	-74,490	–	-0.60%	–
ACT	Exit	Actavis Inc	$0	–	-66,886	–	-3.01%	–
EBAY	Exit	Ebay	$0	–	-305,970	–	-3.09%	–

Q2 2014

			Value		Shares		↓ Weighting
TIGO	New	Millicom International Cellula	$93,104,000	–	1,016,312	–	18.79%	–
PCLN	New	The Priceline Group	$34,105,000	–	28,350	–	6.88%	–
CTSH	New	Cognizant Technology Solutions	$25,411,000	–	519,540	–	5.13%	–
TRIP	New	TripAdvisor, Inc.	$24,894,000	–	229,100	–	5.02%	–
	New	Millicom International Cellula	$23,829,000	–	258,121	–	4.81%	–
EPAM	New	EPAM Systems	$18,914,000	–	432,320	–	3.82%	–
MSFT	New	Microsoft Corp	$18,424,000	–	441,816	–	3.72%	–
EBAY	New	Ebay	$15,317,000	–	305,970	–	3.09%	–
GOOGL	New	Google Inc. Class A	$15,190,000	–	25,980	–	3.07%	–
GOOG	New	Google Inc Class C	$14,926,000	–	25,946	–	3.01%	–
ACT	New	Actavis Inc	$14,919,000	–	66,886	–	3.01%	–
NBL	New	Noble Energy Inc	$14,529,000	–	187,565	–	2.93%	–
LXFT	New	Luxoft Holdings Inc.	$13,846,000	–	383,960	–	2.80%	–
MA	New	Mastercard Inc.	$13,361,000	–	181,855	–	2.70%	–
V	New	VISA Inc.	$12,846,000	–	60,965	–	2.59%	–
ADS	New	Alliance Data Systems	$12,800,000	–	45,510	–	2.58%	–
AMG	New	Affiliated Managers Group	$11,843,000	–	57,657	–	2.39%	–
QCOM	New	Qualcomm Inc.	$9,264,000	–	116,965	–	1.87%	–
XOM	New	Exxon Mobil Corporation	$8,931,000	–	88,702	–	1.80%	–
AAPL	New	Apple Inc.	$8,814,000	–	94,850	–	1.78%	–
PXD	New	Pioneer Natural Resources	$7,438,000	–	32,365	–	1.50%	–
IBM	New	Intl. Business Mach. Corp.	$7,423,000	–	40,950	–	1.50%	–
CRZO	New	Carrizo Oil & Gas	$5,768,000	–	83,280	–	1.16%	–
BIDU	New	Baidu.com	$5,142,000	–	27,525	–	1.04%	–
CLR	New	Continental Resources	$3,130,000	–	19,805	–	0.63%	–
HD	New	Home Depot Inc.	$3,010,000	–	37,173	–	0.61%	–
SDRL	New	Seadrill Limited	$2,976,000	–	74,490	–	0.60%	–
APC	New	Anadarko Petroleum Corp	$2,927,000	–	26,735	–	0.59%	–
JNJ	New	Johnson & Johnson	$2,824,000	–	26,992	–	0.57%	–
FB	New	Facebook, Inc	$2,811,000	–	41,775	–	0.57%	–
NADL	New	North Atlantic Drilling Ltd.	$2,352,000	–	221,500	–	0.48%	–
KMB	New	Kimberly Clark Corp	$2,099,000	–	18,871	–	0.42%	–
SLB	New	Schlumberger Ltd	$1,560,000	–	13,230	–	0.32%	–
AFOP	New	Alliance Fiber Optic	$1,538,000	–	85,000	–	0.31%	–
CHTRQ	New	Charter Communications Inc	$1,449,000	–	9,150	–	0.29%	–
BX	New	Blackstone Group LP	$1,388,000	–	41,500	–	0.28%	–
NVS	New	Novartis AG	$1,263,000	–	13,953	–	0.26%	–
ALKS	New	Alkermes PLC	$1,256,000	–	24,950	–	0.25%	–
SAP	New	SAP AG	$1,078,000	–	14,000	–	0.22%	–
NJDCY	New	Nidec Corp	$1,043,000	–	67,800	–	0.21%	–
PCYO	New	Purecycle	$989,000	–	146,073	–	0.20%	–
DIS	New	Disney, Walt Company	$939,000	–	10,950	–	0.19%	–
RYCEY	New	Rolls Royce Hldg Plc ADS	$924,000	–	10,000	–	0.19%	–
SHPG	New	Shire plc ADS	$871,000	–	3,700	–	0.18%	–
CTRX	New	Catamaran Corporation	$837,000	–	18,950	–	0.17%	–
GDPMQ	New	Goodrich Petroleum	$822,000	–	29,800	–	0.17%	–
NSRGY	New	Nestle S.A. ADR	$740,000	–	9,535	–	0.15%	–
SYNA	New	Synaptics Inc	$725,000	–	8,000	–	0.15%	–
HEINY	New	Heineken N.V.	$705,000	–	19,674	–	0.14%	–
DEO	New	Diageo PLC ADS	$700,000	–	5,500	–	0.14%	–
PG	New	Procter & Gamble Co.	$695,000	–	8,844	–	0.14%	–
TM	New	Toyota Motor Corp	$670,000	–	5,600	–	0.14%	–
PUK	New	Prudential PLC	$665,000	–	14,500	–	0.13%	–
SYT	New	Syngenta AG	$651,000	–	8,700	–	0.13%	–
LUXTY	New	Luxottica Group ADS	$649,000	–	11,200	–	0.13%	–
ABEV	New	Ambev S.A.	$644,000	–	91,500	–	0.13%	–
VLKAY	New	Volkswagen AG	$622,000	–	12,000	–	0.13%	–
RHHBY	New	Roche Holdings Ltd	$593,000	–	15,900	–	0.12%	–
ICLR	New	ICON plc	$578,000	–	12,270	–	0.12%	–
TEVA	New	Teva Pharmaceutical	$576,000	–	10,990	–	0.12%	–
GRFS	New	Grifols S.A. ADS	$577,000	–	13,100	–	0.12%	–
DTEGY	New	Deutsche Telekom AG	$562,000	–	32,100	–	0.11%	–
BUD	New	Anheuser-Busch Inbex SA	$551,000	–	4,797	–	0.11%	–
NVO	New	Novo-Nordisk A/S	$531,000	–	11,500	–	0.11%	–
FMS	New	Fresenius Medical Care A	$522,000	–	15,600	–	0.10%	–
ADDYY	New	adidas AG	$522,000	–	10,300	–	0.10%	–
UN	New	Unilever N.V.	$508,000	–	11,600	–	0.10%	–
RBGLY	New	Reckitt Benckiser Group	$506,000	–	28,900	–	0.10%	–
CRRTQ	New	Carbo Ceramics	$493,000	–	3,200	–	0.10%	–
WMMVY	New	Wal-mart De Mexico SAB	$491,000	–	18,400	–	0.10%	–
TCEHY	New	Tencent Holdings Ltd	$481,000	–	31,500	–	0.10%	–
	New	LVMH Moet Hennessy ADR	$475,000	–	12,300	–	0.10%	–
NQ	New	NQ Mobile Inc. ADS	$476,000	–	77,500	–	0.10%	–
MDSO	New	Medidata Solutions	$469,000	–	10,960	–	0.10%	–
BASFY	New	BASF SE ADR	$466,000	–	4,000	–	0.09%	–
AZPN	New	Aspen Technology	$464,000	–	10,000	–	0.09%	–
VOD	New	Vodafone Group plc ADS	$459,000	–	13,752	–	0.09%	–
BAYRY	New	Bayer AG ADR	$452,000	–	3,200	–	0.09%	–
ESLOY	New	Essilor Intl SA ADR	$445,000	–	8,384	–	0.09%	–
SLCA	New	U.S. Silica Holdings, Inc.	$444,000	–	8,000	–	0.09%	–
KMTUY	New	Komatsu Ltd	$429,000	–	18,468	–	0.09%	–
NTES	New	NetEase.com, Inc.	$425,000	–	5,430	–	0.09%	–
RCL	New	Royal Caribbean Cruises	$423,000	–	7,600	–	0.08%	–
ESRX	New	Express Scripts Inc	$408,000	–	5,885	–	0.08%	–
TV	New	Grupo Televisa SA	$408,000	–	11,890	–	0.08%	–
CMPGY	New	Compass Group Plc ADS	$404,000	–	22,800	–	0.08%	–
AIQUY	New	Air Liquide ADR	$401,000	–	14,852	–	0.08%	–
INFA	New	Informatica Corporation	$392,000	–	11,000	–	0.08%	–
PCP	New	Precision Castparts Corp	$379,000	–	1,500	–	0.08%	–
KOG	New	Kodiak Oil & Gas Corp	$364,000	–	25,000	–	0.07%	–
RE	New	Everest Re Group Inc	$353,000	–	2,200	–	0.07%	–
BLK	New	Blackrock Inc	$320,000	–	1,000	–	0.06%	–
HDS	New	HD Supply	$312,000	–	11,000	–	0.06%	–
YHOO	New	Yahoo! Inc	$292,000	–	8,300	–	0.06%	–
ATLKY	New	Atlas Copco Ab ADR	$262,000	–	9,000	–	0.05%	–
BA	New	Boeing Co	$254,000	–	2,000	–	0.05%	–
EVR	New	Evercore Partners, Inc.	$241,000	–	4,175	–	0.05%	–
HENOY	New	Henkel AG and Co. ADR	$231,000	–	2,000	–	0.05%	–
GILD	New	Gilead Sciences Inc.	$211,000	–	2,550	–	0.04%	–
EOG	New	EOG Resources	$202,000	–	1,725	–	0.04%	–
DFS	New	Discovery Financial Services	$205,000	–	3,300	–	0.04%	–
PVAHQ	New	Penn Virginia Corp.	$175,000	–	10,325	–	0.04%	–
TNK	New	Teekay Tankers Cl A	$86,000	–	20,000	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
HENOY	Exit	Henkel AG and Co. ADR	$0	–	-2,000	–	-0.05%	–
BLK	Exit	Blackrock Inc	$0	–	-1,000	–	-0.06%	–
TKPPY	Exit	Technip ADS	$0	–	-9,644	–	-0.06%	–
RCL	Exit	Royal Caribbean Cruises	$0	–	-7,600	–	-0.06%	–
ATLKY	Exit	Atlas Copco Ab ADR	$0	–	-9,800	–	-0.06%	–
CMPGY	Exit	Compass Group Plc ADS	$0	–	-21,700	–	-0.07%	–
SLCA	Exit	U.S. Silica Holdings, Inc.	$0	–	-12,000	–	-0.07%	–
EVR	Exit	Evercore Partners, Inc.	$0	–	-6,175	–	-0.07%	–
TV	Exit	Grupo Televisa SA	$0	–	-11,290	–	-0.07%	–
TCEHY	Exit	Tencent Holdings Ltd	$0	–	-6,000	–	-0.07%	–
NTES	Exit	NetEase.com, Inc.	$0	–	-4,430	–	-0.07%	–
RE	Exit	Everest Re Group Inc	$0	–	-2,200	–	-0.07%	–
NVO	Exit	Novo-Nordisk A/S	$0	–	-2,000	–	-0.08%	–
PCP	Exit	Precision Castparts Corp	$0	–	-1,500	–	-0.08%	–
TEVA	Exit	Teva Pharmaceutical	$0	–	-9,090	–	-0.08%	–
BASFY	Exit	BASF SE ADR	$0	–	-3,700	–	-0.08%	–
ESRX	Exit	Express Scripts Inc	$0	–	-5,885	–	-0.08%	–
WLL	Exit	Whiting Petroleum Corp	$0	–	-6,160	–	-0.08%	–
BLOX	Exit	Infoblox Inc.	$0	–	-9,015	–	-0.08%	–
ROSE	Exit	Rosetta Resources	$0	–	-7,000	–	-0.09%	–
AIQUY	Exit	Air Liquide ADR	$0	–	-13,852	–	-0.09%	–
SHPG	Exit	Shire plc ADS	$0	–	-3,420	–	-0.09%	–
CEO	Exit	CNOOC Ltd ADR	$0	–	-2,100	–	-0.10%	–
DASTY	Exit	Dassault Systems SA	$0	–	-3,200	–	-0.10%	–
WCRX	Exit	Warner Chilcott plc	$0	–	-18,600	–	-0.10%	–
BUD	Exit	Anheuser-Busch Inbex SA	$0	–	-4,397	–	-0.10%	–
SNECQ	Exit	Sanchez Energy Corp	$0	–	-17,405	–	-0.10%	–
WMMVY	Exit	Wal-mart De Mexico SAB	$0	–	-17,600	–	-0.10%	–
	Exit	LVMH Moet Hennessy ADR	$0	–	-11,840	–	-0.10%	–
ESLOY	Exit	Essilor Intl SA ADR	$0	–	-8,784	–	-0.11%	–
RHHBY	Exit	Roche Holdings Ltd	$0	–	-6,990	–	-0.11%	–
VLKAY	Exit	Volkswagen AG	$0	–	-10,700	–	-0.11%	–
KMTUY	Exit	Komatsu Ltd	$0	–	-19,668	–	-0.11%	–
CPWR	Exit	Compuware	$0	–	-45,000	–	-0.11%	–
FMS	Exit	Fresenius Medical Care A	$0	–	-15,700	–	-0.11%	–
INFA	Exit	Informatica Corporation	$0	–	-13,000	–	-0.11%	–
ICLR	Exit	ICON plc	$0	–	-12,370	–	-0.11%	–
UN	Exit	Unilever N.V.	$0	–	-13,600	–	-0.12%	–
ACT	Exit	Actavis Inc	$0	–	-3,600	–	-0.12%	–
LUXTY	Exit	Luxottica Group ADS	$0	–	-10,300	–	-0.12%	–
ACN	Exit	Accenture Ltd	$0	–	-7,500	–	-0.12%	–
EXPE	Exit	Expedia, Inc.	$0	–	-10,730	–	-0.12%	–
HD	Exit	Home Depot Inc.	$0	–	-7,298	–	-0.12%	–
PUK	Exit	Prudential PLC	$0	–	-15,000	–	-0.13%	–
PCYO	Exit	Purecycle	$0	–	-124,073	–	-0.13%	–
ADDYY	Exit	adidas AG	$0	–	-10,600	–	-0.13%	–
NMR	Exit	Nomura Holding Inc	$0	–	-74,200	–	-0.13%	–
AVGTF	Exit	AVG Technologies N.V.	$0	–	-24,765	–	-0.13%	–
NSRGY	Exit	Nestle S.A. ADR	$0	–	-8,735	–	-0.14%	–
PG	Exit	Procter & Gamble Co.	$0	–	-8,844	–	-0.15%	–
ABT	Exit	Abbott Lab	$0	–	-20,050	–	-0.15%	–
ABV	Exit	Compania de Bebidas	$0	–	-17,600	–	-0.15%	–
NJDCY	Exit	Nidec Corp	$0	–	-32,200	–	-0.15%	–
SPLK	Exit	Splunk Inc	$0	–	-11,540	–	-0.16%	–
SYT	Exit	Syngenta AG	$0	–	-8,700	–	-0.16%	–
HEINY	Exit	Heineken N.V.	$0	–	-20,074	–	-0.16%	–
DEO	Exit	Diageo PLC ADS	$0	–	-5,700	–	-0.16%	–
TM	Exit	Toyota Motor Corp	$0	–	-5,700	–	-0.16%	–
VOD	Exit	Vodafone Group plc ADS	$0	–	-23,331	–	-0.18%	–
BX	Exit	Blackstone Group LP	$0	–	-34,000	–	-0.19%	–
GEOS	Exit	Geospace Technologies	$0	–	-10,527	–	-0.20%	–
RYCEY	Exit	Rolls Royce Hldg Plc ADS	$0	–	-10,400	–	-0.21%	–
SAP	Exit	SAP AG	$0	–	-13,400	–	-0.22%	–
NVS	Exit	Novartis AG	$0	–	-13,103	–	-0.23%	–
FTNT	Exit	Fortinet, Inc.	$0	–	-61,200	–	-0.28%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-13,435	–	-0.28%	–
MDSO	Exit	Medidata Solutions	$0	–	-13,490	–	-0.30%	–
CRZO	Exit	Carrizo Oil & Gas	$0	–	-52,475	–	-0.44%	–
AAPL	Exit	Apple Inc.	$0	–	-4,180	–	-0.45%	–
CLR	Exit	Continental Resources	$0	–	-19,975	–	-0.48%	–
FB	Exit	Facebook, Inc	$0	–	-43,015	–	-0.49%	–
JNJ	Exit	Johnson & Johnson	$0	–	-27,507	–	-0.54%	–
CSCO	Exit	Cisco Systems. Inc.	$0	–	-108,400	–	-0.57%	–
HDS	Exit	HD Supply	$0	–	-122,250	–	-0.60%	–
LXFT	Exit	Luxoft Holdings Inc.	$0	–	-108,800	–	-0.65%	–
KMB	Exit	Kimberly Clark Corp	$0	–	-34,616	–	-0.73%	–
ALKS	Exit	Alkermes PLC	$0	–	-106,500	–	-0.80%	–
ABBV	Exit	AbbVie Inc	$0	–	-82,300	–	-0.83%	–
ADS	Exit	Alliance Data Systems	$0	–	-35,635	–	-1.70%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-94,726	–	-1.83%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-121,660	–	-1.84%	–
CLH	Exit	Clean Harbors, Inc.	$0	–	-180,805	–	-2.38%	–
EPAM	Exit	EPAM Systems	$0	–	-316,275	–	-2.45%	–
AMG	Exit	Affiliated Managers Group	$0	–	-59,907	–	-2.46%	–
V	Exit	VISA Inc.	$0	–	-63,425	–	-2.73%	–
NBL	Exit	Noble Energy Inc	$0	–	-198,540	–	-2.99%	–
MA	Exit	Mastercard Inc.	$0	–	-21,480	–	-3.25%	–
MSFT	Exit	Microsoft Corp	$0	–	-446,322	–	-3.34%	–
EBAY	Exit	Ebay	$0	–	-308,625	–	-3.87%	–
TRIP	Exit	TripAdvisor, Inc.	$0	–	-244,210	–	-4.16%	–
IBM	Exit	Intl. Business Mach. Corp.	$0	–	-101,945	–	-4.24%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-270,245	–	-4.99%	–
SDRL	Exit	Seadrill Limited	$0	–	-508,720	–	-5.16%	–
GOOGL	Exit	Google Inc	$0	–	-27,437	–	-5.40%	–
	Exit	Millicom International Cellula	$0	–	-282,956	–	-5.62%	–
PCLN	Exit	Priceline.com Incorporated	$0	–	-28,301	–	-6.43%	–
TIGO	Exit	Millicom International Cellula	$0	–	-1,020,332	–	-20.34%	–

Q3 2013

			Value		Shares		↓ Weighting
TIGO	Buy	Millicom International Cellula	$90,473,000	+22.7%	1,020,332	+0.1%	20.34%	+13.7%
PCLN	Sell	Priceline.com Incorporated	$28,611,000	+21.0%	28,301	-1.1%	6.43%	+12.1%
GOOGL	Sell	Google Inc	$24,032,000	-0.5%	27,437	-0.0%	5.40%	-7.8%
SDRL	Buy	Seadrill Limited	$22,933,000	+12.6%	508,720	+1.7%	5.16%	+4.4%
CTSH	Sell	Cognizant Technology Solutions	$22,193,000	+31.0%	270,245	-0.1%	4.99%	+21.4%
IBM	Sell	Intl. Business Mach. Corp.	$18,878,000	-4.3%	101,945	-1.2%	4.24%	-11.3%
TRIP	Sell	TripAdvisor, Inc.	$18,521,000	+21.0%	244,210	-2.9%	4.16%	+12.2%
EBAY	Sell	Ebay	$17,220,000	+7.5%	308,625	-0.4%	3.87%	-0.4%
MSFT	Sell	Microsoft Corp	$14,854,000	-5.7%	446,322	-2.1%	3.34%	-12.6%
MA	Sell	Mastercard Inc.	$14,451,000	+9.7%	21,480	-6.3%	3.25%	+1.7%
NBL	Sell	Noble Energy Inc	$13,304,000	+11.3%	198,540	-0.3%	2.99%	+3.2%
V	Sell	VISA Inc.	$12,121,000	+4.4%	63,425	-0.2%	2.73%	-3.2%
AMG	Sell	Affiliated Managers Group	$10,941,000	-26.4%	59,907	-33.9%	2.46%	-31.7%
EPAM	Buy	EPAM Systems	$10,911,000	+223.5%	316,275	+154.8%	2.45%	+200.0%
CLH	Buy	Clean Harbors, Inc.	$10,606,000	+21.0%	180,805	+4.2%	2.38%	+12.2%
QCOM	Sell	Qualcomm Inc.	$8,190,000	+9.9%	121,660	-0.3%	1.84%	+1.9%
XOM	Sell	Exxon Mobil Corporation	$8,150,000	-5.2%	94,726	-0.4%	1.83%	-12.1%
ADS	Sell	Alliance Data Systems	$7,536,000	+8.9%	35,635	-6.8%	1.70%	+1.0%
ABBV	Sell	AbbVie Inc	$3,681,000	-4.9%	82,300	-12.1%	0.83%	-11.8%
LXFT	New	Luxoft Holdings Inc.	$2,880,000	–	108,800	–	0.65%	–
HDS	Buy	HD Supply	$2,686,000	+291.5%	122,250	+234.9%	0.60%	+263.9%
CSCO	Sell	Cisco Systems. Inc.	$2,540,000	-4.1%	108,400	-0.4%	0.57%	-11.1%
FB	Buy	Facebook, Inc	$2,161,000	+236.6%	43,015	+66.7%	0.49%	+211.5%
CLR	Buy	Continental Resources	$2,143,000	+40.8%	19,975	+12.9%	0.48%	+30.6%
AAPL	Sell	Apple Inc.	$1,993,000	-4.0%	4,180	-20.2%	0.45%	-11.1%
CRZO	Sell	Carrizo Oil & Gas	$1,957,000	+14.0%	52,475	-13.4%	0.44%	+5.8%
MDSO	Buy	Medidata Solutions	$1,335,000	+33.0%	13,490	+4.0%	0.30%	+23.0%
FTNT	New	Fortinet, Inc.	$1,240,000	–	61,200	–	0.28%	–
GEOS	New	Geospace Technologies	$887,000	–	10,527	–	0.20%	–
BX	New	Blackstone Group LP	$846,000	–	34,000	–	0.19%	–
SPLK	New	Splunk Inc	$693,000	–	11,540	–	0.16%	–
NJDCY	Sell	Nidec Corp	$681,000	-42.0%	32,200	-51.9%	0.15%	-46.3%
AVGTF	New	AVG Technologies N.V.	$593,000	–	24,765	–	0.13%	–
EXPE	New	Expedia, Inc.	$556,000	–	10,730	–	0.12%	–
ACT	New	Actavis Inc	$518,000	–	3,600	–	0.12%	–
ICLR	Sell	ICON plc	$506,000	+2.0%	12,370	-11.6%	0.11%	-5.0%
CPWR	New	Compuware	$504,000	–	45,000	–	0.11%	–
SNECQ	New	Sanchez Energy Corp	$460,000	–	17,405	–	0.10%	–
WCRX	New	Warner Chilcott plc	$426,000	–	18,600	–	0.10%	–
ROSE	New	Rosetta Resources	$381,000	–	7,000	–	0.09%	–
BLOX	New	Infoblox Inc.	$377,000	–	9,015	–	0.08%	–
WLL	Sell	Whiting Petroleum Corp	$369,000	+29.5%	6,160	-0.3%	0.08%	+20.3%
ESRX	Sell	Express Scripts Inc	$364,000	-93.6%	5,885	-93.6%	0.08%	-94.0%
EVR	New	Evercore Partners, Inc.	$304,000	–	6,175	–	0.07%	–
HENOY	New	Henkel AG and Co. ADR	$206,000	–	2,000	–	0.05%	–
SFES	Exit	Safestitch Medical Inc.	$0	–	-46,800	–	-0.00%	–
PM	Exit	Philip Morris International	$0	–	-2,400	–	-0.05%	–
SMN	Exit	ProShares UltraShort Basic Mat	$0	–	-5,000	–	-0.06%	–
HK	Exit	Halcon Resources Corp	$0	–	-50,300	–	-0.07%	–
IBCA	Exit	Intervest Bancshares	$0	–	-50,000	–	-0.08%	–
HDB	Exit	HDFC Bank Ltd	$0	–	-11,000	–	-0.10%	–
CRM	Exit	Salesforce.com	$0	–	-14,000	–	-0.13%	–
CTRX	Exit	Catamaran Corporation	$0	–	-22,277	–	-0.26%	–
LNKD	Exit	LinkedIn Corp	$0	–	-8,475	–	-0.37%	–
ORCL	Exit	Oracle Corporation	$0	–	-107,555	–	-0.80%	–
CAR	Exit	Avis Budget Group, Inc.	$0	–	-282,935	–	-1.97%	–
HTZ	Exit	Hertz Global Holding	$0	–	-370,000	–	-2.23%	–

Q2 2013

			Value		Shares		↓ Weighting
TIGO	New	Millicom International Cellula	$73,748,000	–	1,019,457	–	17.89%	–
GOOGL	New	Google Inc	$24,164,000	–	27,447	–	5.86%	–
PCLN	New	Priceline.com Incorporated	$23,651,000	–	28,610	–	5.74%	–
SDRL	New	Seadrill Limited	$20,371,000	–	500,020	–	4.94%	–
	New	Millicom International Cellula	$20,253,000	–	282,956	–	4.91%	–
IBM	New	Intl. Business Mach. Corp.	$19,729,000	–	103,235	–	4.79%	–
CTSH	New	Cognizant Technology Solutions	$16,945,000	–	270,510	–	4.11%	–
EBAY	New	Ebay	$16,025,000	–	309,835	–	3.89%	–
MSFT	New	Microsoft Corp	$15,746,000	–	455,822	–	3.82%	–
TRIP	New	TripAdvisor, Inc.	$15,306,000	–	251,460	–	3.71%	–
AMG	New	Affiliated Managers Group	$14,858,000	–	90,632	–	3.60%	–
MA	New	Mastercard Inc.	$13,170,000	–	22,925	–	3.20%	–
NBL	New	Noble Energy Inc	$11,954,000	–	199,100	–	2.90%	–
V	New	VISA Inc.	$11,609,000	–	63,525	–	2.82%	–
HTZ	New	Hertz Global Holding	$9,176,000	–	370,000	–	2.23%	–
CLH	New	Clean Harbors, Inc.	$8,766,000	–	173,475	–	2.13%	–
XOM	New	Exxon Mobil Corporation	$8,594,000	–	95,116	–	2.08%	–
CAR	New	Avis Budget Group, Inc.	$8,134,000	–	282,935	–	1.97%	–
QCOM	New	Qualcomm Inc.	$7,455,000	–	122,040	–	1.81%	–
ADS	New	Alliance Data Systems	$6,919,000	–	38,220	–	1.68%	–
ESRX	New	Express Scripts Inc	$5,681,000	–	92,015	–	1.38%	–
ABBV	New	AbbVie Inc	$3,871,000	–	93,650	–	0.94%	–
EPAM	New	EPAM Systems	$3,373,000	–	124,110	–	0.82%	–
KMB	New	Kimberly Clark Corp	$3,363,000	–	34,616	–	0.82%	–
ORCL	New	Oracle Corporation	$3,303,000	–	107,555	–	0.80%	–
ALKS	New	Alkermes PLC	$3,054,000	–	106,500	–	0.74%	–
CSCO	New	Cisco Systems. Inc.	$2,648,000	–	108,800	–	0.64%	–
JNJ	New	Johnson & Johnson	$2,362,000	–	27,507	–	0.57%	–
AAPL	New	Apple Inc.	$2,076,000	–	5,235	–	0.50%	–
CRZO	New	Carrizo Oil & Gas	$1,716,000	–	60,580	–	0.42%	–
CLR	New	Continental Resources	$1,522,000	–	17,690	–	0.37%	–
LNKD	New	LinkedIn Corp	$1,511,000	–	8,475	–	0.37%	–
NJDCY	New	Nidec Corp	$1,174,000	–	67,000	–	0.28%	–
APC	New	Anadarko Petroleum Corp	$1,154,000	–	13,435	–	0.28%	–
CTRX	New	Catamaran Corporation	$1,086,000	–	22,277	–	0.26%	–
MDSO	New	Medidata Solutions	$1,004,000	–	12,965	–	0.24%	–
SAP	New	SAP AG	$976,000	–	13,400	–	0.24%	–
NVS	New	Novartis AG	$927,000	–	13,103	–	0.22%	–
RYCEY	New	Rolls Royce Hldg Plc ADS	$906,000	–	10,400	–	0.22%	–
ABT	New	Abbott Lab	$699,000	–	20,050	–	0.17%	–
PCYO	New	Purecycle	$694,000	–	124,073	–	0.17%	–
TM	New	Toyota Motor Corp	$688,000	–	5,700	–	0.17%	–
HDS	New	HD Supply	$686,000	–	36,500	–	0.17%	–
PG	New	Procter & Gamble Co.	$681,000	–	8,844	–	0.16%	–
SYT	New	Syngenta AG	$677,000	–	8,700	–	0.16%	–
VOD	New	Vodafone Group plc ADS	$671,000	–	23,331	–	0.16%	–
ABV	New	Compania de Bebidas	$657,000	–	17,600	–	0.16%	–
DEO	New	Diageo PLC ADS	$655,000	–	5,700	–	0.16%	–
FB	New	Facebook, Inc	$642,000	–	25,800	–	0.16%	–
HEINY	New	Heineken N.V.	$639,000	–	20,074	–	0.16%	–
ADDYY	New	adidas AG	$574,000	–	10,600	–	0.14%	–
NSRGY	New	Nestle S.A. ADR	$575,000	–	8,735	–	0.14%	–
HD	New	Home Depot Inc.	$565,000	–	7,298	–	0.14%	–
FMS	New	Fresenius Medical Care A	$554,000	–	15,700	–	0.13%	–
NMR	New	Nomura Holding Inc	$552,000	–	74,200	–	0.13%	–
ACN	New	Accenture Ltd	$540,000	–	7,500	–	0.13%	–
CRM	New	Salesforce.com	$535,000	–	14,000	–	0.13%	–
UN	New	Unilever N.V.	$535,000	–	13,600	–	0.13%	–
LUXTY	New	Luxottica Group ADS	$521,000	–	10,300	–	0.13%	–
WMMVY	New	Wal-mart De Mexico SAB	$493,000	–	17,600	–	0.12%	–
ICLR	New	ICON plc	$496,000	–	13,990	–	0.12%	–
PUK	New	Prudential PLC	$491,000	–	15,000	–	0.12%	–
ESLOY	New	Essilor Intl SA ADR	$469,000	–	8,784	–	0.11%	–
KMTUY	New	Komatsu Ltd	$456,000	–	19,668	–	0.11%	–
INFA	New	Informatica Corporation	$455,000	–	13,000	–	0.11%	–
RHHBY	New	Roche Holdings Ltd	$432,000	–	6,990	–	0.10%	–
VLKAY	New	Volkswagen AG	$417,000	–	10,700	–	0.10%	–
HDB	New	HDFC Bank Ltd	$399,000	–	11,000	–	0.10%	–
BUD	New	Anheuser-Busch Inbex SA	$397,000	–	4,397	–	0.10%	–
DASTY	New	Dassault Systems SA	$392,000	–	3,200	–	0.10%	–
	New	LVMH Moet Hennessy ADR	$384,000	–	11,840	–	0.09%	–
TEVA	New	Teva Pharmaceutical	$356,000	–	9,090	–	0.09%	–
CEO	New	CNOOC Ltd ADR	$352,000	–	2,100	–	0.08%	–
AIQUY	New	Air Liquide ADR	$343,000	–	13,852	–	0.08%	–
PCP	New	Precision Castparts Corp	$339,000	–	1,500	–	0.08%	–
IBCA	New	Intervest Bancshares	$334,000	–	50,000	–	0.08%	–
BASFY	New	BASF SE ADR	$331,000	–	3,700	–	0.08%	–
SHPG	New	Shire plc ADS	$325,000	–	3,420	–	0.08%	–
NVO	New	Novo-Nordisk A/S	$310,000	–	2,000	–	0.08%	–
WLL	New	Whiting Petroleum Corp	$285,000	–	6,180	–	0.07%	–
HK	New	Halcon Resources Corp	$285,000	–	50,300	–	0.07%	–
NTES	New	NetEase.com, Inc.	$280,000	–	4,430	–	0.07%	–
TV	New	Grupo Televisa SA	$280,000	–	11,290	–	0.07%	–
CMPGY	New	Compass Group Plc ADS	$279,000	–	21,700	–	0.07%	–
RE	New	Everest Re Group Inc	$282,000	–	2,200	–	0.07%	–
SMN	New	ProShares UltraShort Basic Mat	$266,000	–	5,000	–	0.06%	–
BLK	New	Blackrock Inc	$257,000	–	1,000	–	0.06%	–
RCL	New	Royal Caribbean Cruises	$253,000	–	7,600	–	0.06%	–
SLCA	New	U.S. Silica Holdings, Inc.	$249,000	–	12,000	–	0.06%	–
TKPPY	New	Technip ADS	$245,000	–	9,644	–	0.06%	–
ATLKY	New	Atlas Copco Ab ADR	$238,000	–	9,800	–	0.06%	–
TCEHY	New	Tencent Holdings Ltd	$234,000	–	6,000	–	0.06%	–
PM	New	Philip Morris International	$208,000	–	2,400	–	0.05%	–
SFES	New	Safestitch Medical Inc.	$17,000	–	46,800	–	0.00%	–

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