EAGLE CAPITAL MANAGEMENT LLC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AMZN	Sell	AMAZON COM INC	$1,801,236,501	-5.3%	14,169,576	-2.9%	8.34%	-2.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,755,094,509	+6.9%	13,311,297	-1.9%	8.13%	+10.2%
MSFT	Sell	MICROSOFT CORP	$1,692,160,453	-9.7%	5,359,178	-2.6%	7.84%	-6.9%
COP	Buy	CONOCOPHILLIPS	$1,601,044,817	+40.4%	13,364,314	+21.4%	7.42%	+44.8%
FB	Sell	META PLATFORMS INCcl a	$1,498,705,660	-19.3%	4,992,191	-22.8%	6.94%	-16.7%
	Sell	GENERAL ELECTRIC CO	$1,144,843,418	-22.2%	10,355,888	-22.7%	5.30%	-19.7%
	Buy	SHELL PLCspon ads	$1,092,744,917	+13.8%	16,973,360	+6.7%	5.06%	+17.3%
NFLX	Sell	NETFLIX INC	$970,175,232	-34.9%	2,569,320	-24.1%	4.49%	-32.9%
WFC	Sell	WELLS FARGO CO NEW	$921,527,143	-7.9%	22,553,283	-3.8%	4.27%	-5.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$921,387,057	+2.2%	1,827,460	-2.6%	4.27%	+5.4%
GS	Sell	GOLDMAN SACHS GROUP INC	$866,330,201	-4.2%	2,677,412	-4.5%	4.01%	-1.2%
AER	Buy	AERCAP HOLDINGS NV	$817,865,372	+59.0%	13,050,349	+61.2%	3.79%	+64.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$806,597,941	-10.2%	18,191,203	-15.9%	3.74%	-7.4%
ANTM	Buy	ELEVANCE HEALTH INC	$602,829,411	+80.4%	1,384,478	+84.1%	2.79%	+86.1%
LBRDK	Sell	LIBERTY BROADBAND CORP	$594,876,379	+9.7%	6,514,196	-3.8%	2.76%	+13.1%
COF	Sell	CAPITAL ONE FINL CORP	$565,943,872	-14.3%	5,831,467	-3.4%	2.62%	-11.6%
AON	Sell	AON PLC	$564,236,500	-9.5%	1,740,289	-3.7%	2.61%	-6.7%
MAR	Sell	MARRIOTT INTL INC NEWcl a	$513,347,496	-21.9%	2,611,658	-27.1%	2.38%	-19.5%
WWD	Sell	WOODWARD INC	$505,081,237	+3.6%	4,064,713	-0.8%	2.34%	+6.9%
HLT	Sell	HILTON WORLDWIDE HLDGS INC	$498,616,222	-0.0%	3,320,124	-3.1%	2.31%	+3.1%
SAP	New	SAP SEspon adr	$472,135,940	–	3,650,912	–	2.19%	–
V	Sell	VISA INC	$312,765,068	-6.0%	1,359,789	-2.9%	1.45%	-3.0%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$311,752,333	+18.4%	708,818	-1.1%	1.44%	+22.1%
C	Sell	CITIGROUP INC	$198,141,225	-75.3%	4,817,438	-72.4%	0.92%	-74.6%
BIL	Buy	SPDR SER TRbloomberg 1-3 mo	$181,664,034	+1065.5%	1,978,480	+1065.5%	0.84%	+1102.9%
GOOGL	Sell	ALPHABET INCcap stk cl a	$178,646,931	+5.6%	1,365,176	-3.4%	0.83%	+8.9%
OXY	New	OCCIDENTAL PETE CORP	$62,022,879	–	955,963	–	0.29%	–
LBRDA	Sell	LIBERTY BROADBAND CORP	$53,038,894	+10.2%	583,422	-3.4%	0.25%	+13.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$20,410,580	+2.5%	58,266	-0.2%	0.10%	+6.7%
IAC	Sell	IAC INC	$17,257,870	-85.8%	342,486	-82.4%	0.08%	-85.4%
MS	Sell	MORGAN STANLEY	$15,677,292	-83.1%	191,959	-82.3%	0.07%	-82.5%
	Sell	GE HEALTHCARE TECHNOLOGIES I	$1,310,859	-24.2%	19,266	-9.5%	0.01%	-25.0%
IWD	Sell	ISHARES TRrus 1000 val etf	$353,285	-60.4%	2,327	-58.8%	0.00%	-50.0%
DIS	Sell	DISNEY WALT CO	$518,477	-23.8%	6,397	-16.0%	0.00%	-33.3%
DISH	Sell	DISH NETWORK CORPORATIONcl a	$422,606	-83.3%	72,117	-81.2%	0.00%	-81.8%
BAC	Exit	BANK AMERICA CORP	$0	–	-77,700	–	-0.01%	–

Q2 2023

			Value		Shares		↓ Weighting
AMZN	New	AMAZON COM INC	$1,901,889,958	–	14,589,521	–	8.54%	–
MSFT	New	MICROSOFT CORP	$1,874,422,403	–	5,504,265	–	8.42%	–
FB	New	META PLATFORMS INCcl a	$1,856,388,387	–	6,468,703	–	8.34%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,642,251,340	–	13,575,691	–	7.38%	–
NFLX	New	NETFLIX INC	$1,490,363,116	–	3,383,421	–	6.69%	–
	New	GENERAL ELECTRIC CO	$1,471,119,549	–	13,392,076	–	6.61%	–
COP	New	CONOCOPHILLIPS	$1,140,276,954	–	11,005,472	–	5.12%	–
WFC	New	WELLS FARGO CO NEW	$1,000,551,209	–	23,443,093	–	4.49%	–
	New	SHELL PLCspon ads	$960,338,707	–	15,904,914	–	4.31%	–
GS	New	GOLDMAN SACHS GROUP INC	$904,642,130	–	2,804,744	–	4.06%	–
UNH	New	UNITEDHEALTH GROUP INC	$901,993,056	–	1,876,650	–	4.05%	–
CMCSA	New	COMCAST CORP NEWcl a	$898,485,053	–	21,624,189	–	4.04%	–
C	New	CITIGROUP INC	$803,699,056	–	17,456,539	–	3.61%	–
COF	New	CAPITAL ONE FINL CORP	$660,442,010	–	6,038,603	–	2.97%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$657,684,043	–	3,580,402	–	2.95%	–
AON	New	AON PLC	$623,675,947	–	1,806,709	–	2.80%	–
LBRDK	New	LIBERTY BROADBAND CORP	$542,289,584	–	6,769,312	–	2.44%	–
AER	New	AERCAP HOLDINGS NV	$514,240,071	–	8,095,719	–	2.31%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$498,671,038	–	3,426,115	–	2.24%	–
WWD	New	WOODWARD INC	$487,320,529	–	4,098,230	–	2.19%	–
ANTM	New	ELEVANCE HEALTH INC	$334,091,418	–	751,967	–	1.50%	–
V	New	VISA INC	$332,645,123	–	1,400,729	–	1.49%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$263,317,223	–	716,763	–	1.18%	–
GOOGL	New	ALPHABET INCcap stk cl a	$169,246,224	–	1,413,920	–	0.76%	–
IAC	New	IAC INC	$121,937,692	–	1,941,683	–	0.55%	–
MS	New	MORGAN STANLEY	$92,868,230	–	1,087,450	–	0.42%	–
LBRDA	New	LIBERTY BROADBAND CORP	$48,135,154	–	603,727	–	0.22%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$19,906,898	–	58,378	–	0.09%	–
BIL	New	SPDR SER TRbloomberg 1-3 mo	$15,586,812	–	169,754	–	0.07%	–
ORCL	New	ORACLE CORP	$9,347,850	–	78,494	–	0.04%	–
WRB	New	BERKLEY W R CORP	$4,905,659	–	82,365	–	0.02%	–
ECL	New	ECOLAB INC	$4,617,217	–	24,732	–	0.02%	–
DISH	New	DISH NETWORK CORPORATIONcl a	$2,532,972	–	384,366	–	0.01%	–
BAC	New	BANK AMERICA CORP	$2,229,213	–	77,700	–	0.01%	–
GM	New	GENERAL MTRS CO	$1,928,000	–	50,000	–	0.01%	–
	New	GE HEALTHCARE TECHNOLOGIES I	$1,729,437	–	21,288	–	0.01%	–
JPM	New	JPMORGAN CHASE & CO	$1,281,036	–	8,808	–	0.01%	–
TRV	New	TRAVELERS COMPANIES INC	$1,198,254	–	6,900	–	0.01%	–
LBTYK	New	LIBERTY GLOBAL PLC	$1,218,276	–	68,558	–	0.01%	–
IWD	New	ISHARES TRrus 1000 val etf	$892,213	–	5,653	–	0.00%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$627,143	–	1,202	–	0.00%	–
DIS	New	DISNEY WALT CO	$680,224	–	7,619	–	0.00%	–
AIG	New	AMERICAN INTL GROUP INC	$759,528	–	13,200	–	0.00%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$403,593	–	4,395	–	0.00%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$361,287	–	2,700	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
IBM	Exit	Intl Business Machines Corp	$0	–	-2,700	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-8,808	–	-0.00%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-68,558	–	-0.01%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.01%	–
BAC	Exit	Bank of America Corp	$0	–	-77,700	–	-0.01%	–
ECL	Exit	Ecolab Inc	$0	–	-24,732	–	-0.02%	–
IWD	Exit	iShares Russell 1000 Value	$0	–	-29,785	–	-0.02%	–
ORCL	Exit	Oracle Corp	$0	–	-78,494	–	-0.02%	–
WRB	Exit	W R Berkley Corp	$0	–	-82,365	–	-0.02%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-28,691	–	-0.07%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-59,161	–	-0.07%	–
SPY	Exit	SPDR S&P 500 ETF Trust	$0	–	-56,514	–	-0.09%	–
LBRDA	Exit	Liberty Broadband-A	$0	–	-717,180	–	-0.24%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-264,534	–	-0.37%	–
IAC	Exit	IAC Inc	$0	–	-2,420,933	–	-0.61%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-1,887,792	–	-0.82%	–
GM	Exit	General Motors Co	$0	–	-7,268,291	–	-1.06%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-17,131,007	–	-1.08%	–
V	Exit	Visa Inc-Class A Shares	$0	–	-1,746,757	–	-1.41%	–
LYB	Exit	LyondellBasell Industries-Cl A	$0	–	-4,169,600	–	-1.43%	–
COF	Exit	Capital One Financial Corp	$0	–	-3,432,588	–	-1.44%	–
DIS	Exit	Walt Disney Co/The	$0	–	-3,485,689	–	-1.50%	–
WWD	Exit	Woodward Inc	$0	–	-4,335,752	–	-1.59%	–
AER	Exit	AerCap Holdings NV	$0	–	-9,259,837	–	-1.79%	–
ANTM	Exit	Elevance Health Inc	$0	–	-1,306,883	–	-2.70%	–
COP	Exit	ConocoPhillips	$0	–	-5,891,021	–	-2.75%	–
LBRDK	Exit	Liberty Broadband-C	$0	–	-8,496,310	–	-2.86%	–
HLT	Exit	Hilton Worldwide Holdings Inc	$0	–	-6,556,433	–	-3.60%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-27,008,240	–	-3.61%	–
	Exit	General Electric Co	$0	–	-13,353,339	–	-3.77%	–
C	Exit	Citigroup Inc	$0	–	-21,271,506	–	-4.04%	–
MAR	Exit	Marriott International -Cl A	$0	–	-6,387,859	–	-4.08%	–
AON	Exit	Aon PLC	$0	–	-3,370,698	–	-4.11%	–
WFC	Exit	Wells Fargo & Co	$0	–	-23,071,555	–	-4.23%	–
MS	Exit	Morgan Stanley	$0	–	-12,611,416	–	-4.54%	–
FB	Exit	Meta Platforms Inc-Class A	$0	–	-7,421,405	–	-4.59%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-3,461,261	–	-4.62%	–
NFLX	Exit	Netflix Inc	$0	–	-5,547,667	–	-5.95%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-2,911,949	–	-6.70%	–
AMZN	Exit	Amazon.com Inc	$0	–	-13,202,861	–	-6.80%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-17,821,785	–	-7.81%	–
MSFT	Exit	Microsoft Corp	$0	–	-9,009,047	–	-9.56%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Buy	Microsoft Corp	$2,098,207,000	-7.9%	9,009,047	+1.6%	9.56%	-3.5%
GOOG	Buy	Alphabet Inc Cl C	$1,713,565,000	-12.4%	17,821,785	+1894.0%	7.81%	-8.2%
AMZN	Buy	Amazon.com Inc	$1,491,923,000	+8.3%	13,202,861	+1.8%	6.80%	+13.4%
UNH	Buy	UnitedHealth Group Inc	$1,470,651,000	-0.2%	2,911,949	+1.5%	6.70%	+4.5%
NFLX	Buy	Netflix Inc	$1,306,143,000	+35.9%	5,547,667	+0.9%	5.95%	+42.3%
GS	Buy	Goldman Sachs Group Inc	$1,014,323,000	+0.8%	3,461,261	+2.2%	4.62%	+5.6%
FB	Buy	Meta Platforms Inc-Class A	$1,006,936,000	-14.6%	7,421,405	+1.5%	4.59%	-10.6%
MS	Sell	Morgan Stanley	$996,428,000	-6.3%	12,611,416	-9.8%	4.54%	-1.9%
WFC	Buy	Wells Fargo & Co	$927,938,000	+30.8%	23,071,555	+27.4%	4.23%	+37.0%
AON	Sell	Aon PLC	$902,909,000	-11.2%	3,370,698	-10.6%	4.11%	-7.0%
MAR	Sell	Marriott International -Cl A	$895,195,000	-25.4%	6,387,859	-27.6%	4.08%	-21.8%
C	Buy	Citigroup Inc	$886,384,000	-7.9%	21,271,506	+1.6%	4.04%	-3.6%
	Buy	General Electric Co	$826,705,000	-1.0%	13,353,339	+1.9%	3.77%	+3.7%
CMCSA	Buy	Comcast Corp-Class A	$792,152,000	-24.8%	27,008,240	+0.7%	3.61%	-21.2%
HLT	Buy	Hilton Worldwide Holdings Inc	$790,837,000	+9.9%	6,556,433	+1.5%	3.60%	+15.1%
LBRDK	Buy	Liberty Broadband-C	$627,028,000	-34.7%	8,496,310	+2.3%	2.86%	-31.6%
COP	Buy	ConocoPhillips	$602,887,000	+247.0%	5,891,021	+204.5%	2.75%	+263.4%
ANTM	Sell	Elevance Health Inc	$593,639,000	-8.2%	1,306,883	-2.5%	2.70%	-3.9%
AER	Buy	AerCap Holdings NV	$391,969,000	+5.9%	9,259,837	+2.4%	1.79%	+10.9%
WWD	Buy	Woodward Inc	$347,987,000	-11.0%	4,335,752	+2.5%	1.59%	-6.8%
DIS	Buy	Walt Disney Co/The	$328,805,000	+0.4%	3,485,689	+0.5%	1.50%	+5.1%
COF	Buy	Capital One Financial Corp	$316,382,000	-10.0%	3,432,588	+1.8%	1.44%	-5.7%
LYB	Buy	LyondellBasell Industries-Cl A	$313,887,000	-12.3%	4,169,600	+1.9%	1.43%	-8.2%
V	Buy	Visa Inc-Class A Shares	$310,311,000	-8.1%	1,746,757	+1.9%	1.41%	-3.7%
DISH	Buy	Dish Network Corp Cl A	$236,922,000	-21.9%	17,131,007	+1.3%	1.08%	-18.2%
GM	Buy	General Motors Co	$233,239,000	+2.4%	7,268,291	+1.3%	1.06%	+7.3%
GOOGL	Buy	Alphabet Inc Cl A	$180,567,000	-14.7%	1,887,792	+1844.5%	0.82%	-10.6%
IAC	Sell	IAC Inc	$134,071,000	-31.8%	2,420,933	-6.4%	0.61%	-28.5%
CHTR	Sell	Charter Communications Inc-A	$80,246,000	-39.4%	264,534	-6.4%	0.37%	-36.5%
LBRDA	Sell	Liberty Broadband-A	$53,502,000	-35.5%	717,180	-1.9%	0.24%	-32.4%
SPY	Sell	SPDR S&P 500 ETF Trust	$20,186,000	-69.1%	56,514	-67.4%	0.09%	-67.6%
IWD	Buy	iShares Russell 1000 Value	$4,050,000	+41.0%	29,785	+50.3%	0.02%	+50.0%
VOX	Exit	Vanguard Communication Service	$0	–	-5,495	–	-0.00%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$2,278,098,000	–	8,870,061	–	9.91%	–
GOOG	New	Alphabet Inc Cl C	$1,955,077,000	–	893,770	–	8.51%	–
UNH	New	UnitedHealth Group Inc	$1,474,244,000	–	2,870,246	–	6.41%	–
AMZN	New	Amazon.com Inc	$1,377,457,000	–	12,969,186	–	5.99%	–
MAR	New	Marriott International -Cl A	$1,199,592,000	–	8,819,883	–	5.22%	–
FB	New	Meta Platforms Inc-Class A	$1,179,322,000	–	7,313,622	–	5.13%	–
MS	New	Morgan Stanley	$1,063,234,000	–	13,978,885	–	4.63%	–
CMCSA	New	Comcast Corp-Class A	$1,052,815,000	–	26,830,140	–	4.58%	–
AON	New	Aon PLC	$1,017,291,000	–	3,772,214	–	4.43%	–
GS	New	Goldman Sachs Group Inc	$1,005,788,000	–	3,386,262	–	4.38%	–
C	New	Citigroup Inc	$962,789,000	–	20,934,756	–	4.19%	–
NFLX	New	Netflix Inc	$961,442,000	–	5,498,041	–	4.18%	–
LBRDK	New	Liberty Broadband-C	$960,272,000	–	8,303,977	–	4.18%	–
	New	General Electric Co	$834,648,000	–	13,108,973	–	3.63%	–
HLT	New	Hilton Worldwide Holdings Inc	$719,757,000	–	6,458,697	–	3.13%	–
WFC	New	Wells Fargo & Co	$709,389,000	–	18,110,518	–	3.09%	–
ANTM	New	Elevance Health Inc	$646,774,000	–	1,340,243	–	2.81%	–
WWD	New	Woodward Inc	$391,178,000	–	4,229,407	–	1.70%	–
AER	New	AerCap Holdings NV	$370,181,000	–	9,042,041	–	1.61%	–
LYB	New	LyondellBasell Industries-Cl A	$358,003,000	–	4,093,331	–	1.56%	–
COF	New	Capital One Financial Corp	$351,464,000	–	3,373,296	–	1.53%	–
V	New	Visa Inc-Class A Shares	$337,563,000	–	1,714,473	–	1.47%	–
DIS	New	Walt Disney Co/The	$327,507,000	–	3,469,352	–	1.42%	–
DISH	New	Dish Network Corp Cl A	$303,333,000	–	16,917,615	–	1.32%	–
GM	New	General Motors Co	$227,787,000	–	7,172,132	–	0.99%	–
GOOGL	New	Alphabet Inc Cl A	$211,576,000	–	97,086	–	0.92%	–
IAC	New	IAC/InterActiveCorp	$196,566,000	–	2,587,415	–	0.86%	–
COP	New	ConocoPhillips	$173,741,000	–	1,934,544	–	0.76%	–
CHTR	New	Charter Communications Inc-A	$132,422,000	–	282,633	–	0.58%	–
LBRDA	New	Liberty Broadband-A	$82,990,000	–	730,870	–	0.36%	–
SPY	New	SPDR S&P 500 ETF Trust	$65,373,000	–	173,288	–	0.28%	–
BRKB	New	Berkshire Hathaway Inc-Cl B	$16,152,000	–	59,161	–	0.07%	–
TMO	New	Thermo Fisher Scientific Inc	$15,587,000	–	28,691	–	0.07%	–
WRB	New	W R Berkley Corp	$5,622,000	–	82,365	–	0.02%	–
ORCL	New	Oracle Corp	$5,484,000	–	78,494	–	0.02%	–
ECL	New	Ecolab Inc	$3,803,000	–	24,732	–	0.02%	–
IWD	New	iShares Russell 1000 Value	$2,873,000	–	19,816	–	0.01%	–
BAC	New	Bank of America Corp	$2,419,000	–	77,700	–	0.01%	–
LBTYK	New	Liberty Global Plc-Series C	$1,514,000	–	68,558	–	0.01%	–
TRV	New	Travelers Companies, Inc	$1,167,000	–	6,900	–	0.01%	–
JPM	New	JPMorgan Chase & Co	$992,000	–	8,808	–	0.00%	–
AIG	New	American International Group	$675,000	–	13,200	–	0.00%	–
VOX	New	Vanguard Communication Service	$517,000	–	5,495	–	0.00%	–
IBM	New	Intl Business Machines Corp	$381,000	–	2,700	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
IBM	Exit	Intl Business Machines Corp	$0	–	-2,700	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-10,385	–	-0.01%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-5	–	-0.01%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-68,558	–	-0.01%	–
WRB	Exit	W R Berkley Corp	$0	–	-54,910	–	-0.01%	–
BAC	Exit	Bank of America Corp	$0	–	-108,162	–	-0.01%	–
ECL	Exit	Ecolab Inc	$0	–	-25,478	–	-0.02%	–
ORCL	Exit	Oracle Corp	$0	–	-78,494	–	-0.02%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-28,691	–	-0.05%	–
LBRDA	Exit	Liberty Broadband-A	$0	–	-767,354	–	-0.38%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-688,233	–	-0.55%	–
WWD	Exit	Woodward Inc	$0	–	-1,920,762	–	-0.64%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-320,208	–	-0.68%	–
LYB	Exit	LyondellBasell Industries-Cl A	$0	–	-3,223,252	–	-0.89%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-115,800	–	-0.91%	–
AER	Exit	AerCap Holdings NV	$0	–	-6,615,776	–	-1.12%	–
WLTW	Exit	Willis Towers Watson Plc	$0	–	-2,083,454	–	-1.42%	–
COF	Exit	Capital One Financial Corp	$0	–	-3,636,896	–	-1.73%	–
GM	Exit	General Motors Co	$0	–	-11,663,191	–	-1.81%	–
DIS	Exit	Walt Disney Co/The	$0	–	-3,790,366	–	-1.88%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-18,400,141	–	-2.35%	–
ANTM	Exit	Anthem Inc	$0	–	-2,546,895	–	-2.79%	–
HLT	Exit	Hilton Worldwide Holdings Inc	$0	–	-7,575,162	–	-2.94%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-3,084,830	–	-3.54%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-3,668,876	–	-4.08%	–
C	Exit	Citigroup Inc	$0	–	-19,854,886	–	-4.10%	–
	Exit	General Electric Co	$0	–	-13,673,421	–	-4.14%	–
MAR	Exit	Marriott International -Cl A	$0	–	-9,597,976	–	-4.18%	–
MS	Exit	Morgan Stanley	$0	–	-15,010,646	–	-4.29%	–
LBRDK	Exit	Liberty Broadband-C	$0	–	-8,859,345	–	-4.50%	–
WFC	Exit	Wells Fargo & Co	$0	–	-33,749,706	–	-4.60%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-28,865,386	–	-4.74%	–
NFLX	Exit	Netflix Inc	$0	–	-2,746,008	–	-4.93%	–
AON	Exit	Aon PLC	$0	–	-6,346,716	–	-5.33%	–
AMZN	Exit	Amazon.com Inc	$0	–	-701,852	–	-6.78%	–
FB	Exit	Meta Platforms Inc	$0	–	-7,197,894	–	-7.18%	–
MSFT	Exit	Microsoft Corp	$0	–	-10,215,877	–	-8.46%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,137,833	–	-8.91%	–

Q3 2021

			Value		Shares		↓ Weighting
GOOG	Sell	Alphabet Inc Cl C	$3,032,678,000	-5.4%	1,137,833	-11.0%	8.91%	-2.6%
MSFT	Sell	Microsoft Corp	$2,880,060,000	+0.3%	10,215,877	-3.6%	8.46%	+3.2%
FB	Sell	Meta Platforms Inc	$2,442,893,000	-5.4%	7,197,894	-3.0%	7.18%	-2.6%
AMZN	Buy	Amazon.com Inc	$2,305,612,000	+0.3%	701,852	+5.1%	6.78%	+3.3%
AON	Sell	Aon PLC	$1,813,701,000	+15.8%	6,346,716	-3.3%	5.33%	+19.2%
NFLX	Sell	Netflix Inc	$1,675,999,000	+12.5%	2,746,008	-2.6%	4.93%	+15.8%
CMCSA	Sell	Comcast Corp-Class A	$1,614,441,000	-4.9%	28,865,386	-3.1%	4.74%	-2.1%
WFC	Sell	Wells Fargo & Co	$1,566,324,000	-0.9%	33,749,706	-3.3%	4.60%	+2.0%
LBRDK	Sell	Liberty Broadband-C	$1,530,009,000	-3.6%	8,859,345	-3.1%	4.50%	-0.8%
MS	Sell	Morgan Stanley	$1,460,686,000	+2.8%	15,010,646	-3.1%	4.29%	+5.9%
MAR	Sell	Marriott International -Cl A	$1,421,364,000	+4.7%	9,597,976	-3.4%	4.18%	+7.8%
	Sell	General Electric Co	$1,408,773,000	-6.9%	13,673,421	-87.8%	4.14%	-4.1%
C	Sell	Citigroup Inc	$1,393,416,000	-4.0%	19,854,886	-3.2%	4.10%	-1.2%
GS	Sell	Goldman Sachs Group Inc	$1,386,945,000	-4.0%	3,668,876	-3.6%	4.08%	-1.2%
UNH	Sell	UnitedHealth Group Inc	$1,205,366,000	-6.4%	3,084,830	-4.1%	3.54%	-3.6%
HLT	Sell	Hilton Worldwide Holdings Inc	$1,000,755,000	+5.9%	7,575,162	-3.3%	2.94%	+9.0%
ANTM	Sell	Anthem Inc	$949,482,000	-5.3%	2,546,895	-3.0%	2.79%	-2.5%
DISH	Sell	Dish Network Corp Cl A	$799,670,000	+0.8%	18,400,141	-3.1%	2.35%	+3.7%
DIS	Sell	Walt Disney Co/The	$641,216,000	-7.5%	3,790,366	-3.9%	1.88%	-4.8%
GM	Sell	General Motors Co	$614,767,000	-14.1%	11,663,191	-3.6%	1.81%	-11.6%
COF	Sell	Capital One Financial Corp	$589,068,000	+1.3%	3,636,896	-3.3%	1.73%	+4.2%
WLTW	Sell	Willis Towers Watson Plc	$484,320,000	-2.2%	2,083,454	-3.2%	1.42%	+0.6%
AER	Sell	AerCap Holdings NV	$382,458,000	+9.0%	6,615,776	-3.4%	1.12%	+12.2%
GOOGL	Sell	Alphabet Inc Cl A	$309,594,000	+0.6%	115,800	-8.1%	0.91%	+3.6%
LYB	Buy	LyondellBasell Industries-Cl A	$302,502,000	+0.4%	3,223,252	+10.0%	0.89%	+3.4%
CHTR	Sell	Charter Communications Inc-A	$232,971,000	-3.7%	320,208	-4.5%	0.68%	-0.7%
WWD	Buy	Woodward Inc	$217,430,000	+1.4%	1,920,762	+10.1%	0.64%	+4.4%
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$187,846,000	-77.7%	688,233	-77.3%	0.55%	-77.0%
LBRDA	Sell	Liberty Broadband-A	$129,184,000	-0.8%	767,354	-0.9%	0.38%	+2.2%
BAC	Sell	Bank of America Corp	$4,591,000	-23.3%	108,162	-25.5%	0.01%	-23.5%
BRKA	Sell	Berkshire Hathaway Inc-Cl A	$2,057,000	-59.0%	5	-58.3%	0.01%	-57.1%
MRK	Exit	Merck & Co Inc	$0	–	-5,595	–	-0.00%	–
HD	Exit	Home Depot	$0	–	-712	–	-0.00%	–
BHC	Exit	Bausch Health Cos Inc	$0	–	-8,600	–	-0.00%	–
FOXA	Exit	Fox Corp Cl A	$0	–	-13,333	–	-0.00%	–
ADP	Exit	Automatic Data Processing	$0	–	-1,853	–	-0.00%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-4,943	–	-0.00%	–
MMM	Exit	3M Company	$0	–	-1,394	–	-0.00%	–
OVV	Exit	Ovintiv Inc	$0	–	-8,496	–	-0.00%	–
INTC	Exit	Intel Corp	$0	–	-6,387	–	-0.00%	–
JNJ	Exit	Johnson & Johnson	$0	–	-4,712	–	-0.00%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-4,729	–	-0.00%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-2,905	–	-0.00%	–
PG	Exit	Procter & Gamble	$0	–	-5,153	–	-0.00%	–
KMB	Exit	Kimberly-Clark	$0	–	-4,116	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
AAPL	Exit	Apple Inc	$0	–	-5,987	–	-0.00%	–
WAB	Exit	Wabtec Corp	$0	–	-7,249	–	-0.00%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-11,922	–	-0.00%	–
EMR	Exit	Emerson Electric	$0	–	-5,663	–	-0.00%	–
FCNCA	Exit	First Citizens BancShares	$0	–	-1,257	–	-0.00%	–

Q2 2021

			Value		Shares		↓ Weighting
GOOG	New	Alphabet Inc Cl C	$3,205,345,000	–	1,278,905	–	9.15%	–
MSFT	New	Microsoft Corp	$2,872,023,000	–	10,601,782	–	8.20%	–
FB	New	Facebook Inc-A	$2,581,386,000	–	7,423,963	–	7.37%	–
AMZN	New	Amazon.com Inc	$2,298,065,000	–	668,011	–	6.56%	–
CMCSA	New	Comcast Corp-Class A	$1,697,979,000	–	29,778,656	–	4.85%	–
LBRDK	New	Liberty Broadband-C	$1,587,045,000	–	9,138,803	–	4.53%	–
WFC	New	Wells Fargo & Co	$1,581,043,000	–	34,909,320	–	4.51%	–
AON	New	Aon PLC	$1,566,361,000	–	6,560,400	–	4.47%	–
	New	General Electric Co	$1,512,610,000	–	112,378,192	–	4.32%	–
NFLX	New	Netflix Inc	$1,489,881,000	–	2,820,623	–	4.25%	–
C	New	Citigroup Inc	$1,451,563,000	–	20,516,793	–	4.14%	–
GS	New	Goldman Sachs Group Inc	$1,444,886,000	–	3,807,040	–	4.12%	–
MS	New	Morgan Stanley	$1,420,269,000	–	15,489,899	–	4.06%	–
MAR	New	Marriott International -Cl A	$1,357,027,000	–	9,940,136	–	3.87%	–
UNH	New	UnitedHealth Group Inc	$1,287,887,000	–	3,216,180	–	3.68%	–
ANTM	New	Anthem Inc	$1,002,533,000	–	2,625,808	–	2.86%	–
HLT	New	Hilton Worldwide Holdings Inc	$945,085,000	–	7,835,229	–	2.70%	–
BRKB	New	Berkshire Hathaway Inc-Cl B	$841,127,000	–	3,026,508	–	2.40%	–
DISH	New	Dish Network Corp Cl A	$793,500,000	–	18,983,243	–	2.27%	–
GM	New	General Motors Co	$715,540,000	–	12,092,958	–	2.04%	–
DIS	New	Walt Disney Co/The	$693,448,000	–	3,945,202	–	1.98%	–
COF	New	Capital One Financial Corp	$581,648,000	–	3,760,086	–	1.66%	–
WLTW	New	Willis Towers Watson Plc	$495,295,000	–	2,153,269	–	1.41%	–
AER	New	AerCap Holdings NV	$350,868,000	–	6,851,548	–	1.00%	–
GOOGL	New	Alphabet Inc Cl A	$307,685,000	–	126,008	–	0.88%	–
LYB	New	LyondellBasell Industries-Cl A	$301,387,000	–	2,929,783	–	0.86%	–
CHTR	New	Charter Communications Inc-A	$241,797,000	–	335,154	–	0.69%	–
WWD	New	Woodward Inc	$214,401,000	–	1,744,797	–	0.61%	–
LBRDA	New	Liberty Broadband-A	$130,170,000	–	774,040	–	0.37%	–
TMO	New	Thermo Fisher Scientific Inc	$14,474,000	–	28,691	–	0.04%	–
ORCL	New	Oracle Corp	$6,110,000	–	78,494	–	0.02%	–
BAC	New	Bank of America Corp	$5,985,000	–	145,164	–	0.02%	–
ECL	New	Ecolab Inc	$5,248,000	–	25,478	–	0.02%	–
BRKA	New	Berkshire Hathaway Inc-Cl A	$5,023,000	–	12	–	0.01%	–
WRB	New	W R Berkley Corp	$4,087,000	–	54,910	–	0.01%	–
JPM	New	JPMorgan Chase & Co	$1,615,000	–	10,385	–	0.01%	–
LBTYK	New	Liberty Global Plc-Series C	$1,854,000	–	68,558	–	0.01%	–
FCNCA	New	First Citizens BancShares	$1,047,000	–	1,257	–	0.00%	–
TRV	New	Travelers Companies, Inc	$1,033,000	–	6,900	–	0.00%	–
AIG	New	American International Group	$628,000	–	13,200	–	0.00%	–
JNJ	New	Johnson & Johnson	$776,000	–	4,712	–	0.00%	–
KMB	New	Kimberly-Clark	$551,000	–	4,116	–	0.00%	–
EMR	New	Emerson Electric	$545,000	–	5,663	–	0.00%	–
MDLZ	New	Mondelez International Inc	$744,000	–	11,922	–	0.00%	–
PG	New	Procter & Gamble	$695,000	–	5,153	–	0.00%	–
TXN	New	Texas Instruments Inc.	$559,000	–	2,905	–	0.00%	–
WAB	New	Wabtec Corp	$597,000	–	7,249	–	0.00%	–
WMT	New	Wal-Mart Stores Inc	$667,000	–	4,729	–	0.00%	–
BK	New	Bank of New York Mellon Corp	$615,000	–	12,000	–	0.00%	–
AAPL	New	Apple Inc	$820,000	–	5,987	–	0.00%	–
IBM	New	Intl Business Machines Corp	$396,000	–	2,700	–	0.00%	–
BHC	New	Bausch Health Cos Inc	$252,000	–	8,600	–	0.00%	–
XOM	New	Exxon Mobil Corp	$312,000	–	4,943	–	0.00%	–
ADP	New	Automatic Data Processing	$368,000	–	1,853	–	0.00%	–
FOXA	New	Fox Corp Cl A	$495,000	–	13,333	–	0.00%	–
COP	New	ConocoPhillips	$341,000	–	5,600	–	0.00%	–
OVV	New	Ovintiv Inc	$267,000	–	8,496	–	0.00%	–
INTC	New	Intel Corp	$359,000	–	6,387	–	0.00%	–
HD	New	Home Depot	$227,000	–	712	–	0.00%	–
MRK	New	Merck & Co Inc	$435,000	–	5,595	–	0.00%	–
MMM	New	3M Company	$277,000	–	1,394	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
IBM	Exit	Intl Business Machines Corp	$0	–	-2,700	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
KBE	Exit	SPDR SERIES TRUST-SPDR(R) S&P	$0	–	-7,653	–	-0.00%	–
FOXA	Exit	Fox Corp Cl A	$0	–	-13,333	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
FCNCA	Exit	First Citizens BancShares	$0	–	-1,560	–	-0.00%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-21,489	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-16,500	–	-0.00%	–
FIS	Exit	Fidelity National Information	$0	–	-6,065	–	-0.00%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-10,677	–	-0.00%	–
BAC	Exit	Bank of America Corp	$0	–	-138,415	–	-0.01%	–
WRB	Exit	W R Berkley Corp	$0	–	-54,910	–	-0.01%	–
ECL	Exit	Ecolab Inc	$0	–	-26,974	–	-0.02%	–
SPY	Exit	SPDR S&P 500 ETF Trust	$0	–	-19,297	–	-0.02%	–
ORCL	Exit	Oracle Corp	$0	–	-112,573	–	-0.02%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-22	–	-0.02%	–
LTRPA	Exit	Liberty TripAdvisor Hdg-A	$0	–	-4,917,256	–	-0.03%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-28,785	–	-0.05%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-2,164,650	–	-0.16%	–
RTX	Exit	Raytheon Technologies Corp	$0	–	-1,069,351	–	-0.22%	–
HXL	Exit	Hexcel Corp	$0	–	-2,457,333	–	-0.30%	–
LBRDA	Exit	Liberty Broadband-A	$0	–	-910,901	–	-0.46%	–
WWD	Exit	Woodward Inc	$0	–	-1,716,777	–	-0.49%	–
TRIP	Exit	Tripadvisor Inc	$0	–	-7,734,883	–	-0.54%	–
AER	Exit	AerCap Holdings NV	$0	–	-8,148,560	–	-0.74%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-162,804	–	-0.86%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-392,291	–	-0.88%	–
LYB	Exit	LyondellBasell Industries-Cl A	$0	–	-3,524,959	–	-0.89%	–
WAB	Exit	Wabtec Corp	$0	–	-4,027,443	–	-0.90%	–
COF	Exit	Capital One Financial Corp	$0	–	-3,935,974	–	-1.02%	–
GLIBA	Exit	GCI Liberty Inc - Class A	$0	–	-5,145,989	–	-1.51%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-16,151,552	–	-1.68%	–
GM	Exit	General Motors Co	$0	–	-18,127,848	–	-1.92%	–
DIS	Exit	Walt Disney Co/The	$0	–	-4,894,113	–	-2.18%	–
MS	Exit	Morgan Stanley	$0	–	-13,669,926	–	-2.37%	–
ANTM	Exit	Anthem Inc	$0	–	-2,583,965	–	-2.49%	–
HLT	Exit	Hilton Worldwide Holdings Inc	$0	–	-9,278,137	–	-2.84%	–
LBRDK	Exit	Liberty Broadband-C	$0	–	-5,601,582	–	-2.87%	–
GE	Exit	General Electric Co	$0	–	-131,765,095	–	-2.95%	–
NFLX	Exit	Netflix Inc	$0	–	-1,735,409	–	-3.12%	–
C	Exit	Citigroup Inc	$0	–	-23,204,326	–	-3.59%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-5,400,844	–	-3.90%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-3,536,112	–	-3.96%	–
WFC	Exit	Wells Fargo & Co	$0	–	-47,668,811	–	-4.02%	–
MAR	Exit	Marriott International -Cl A	$0	–	-13,150,405	–	-4.37%	–
FB	Exit	Facebook Inc-A	$0	–	-5,891,138	–	-5.54%	–
AON	Exit	Aon PLC	$0	–	-7,677,307	–	-5.68%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-7,665,876	–	-5.86%	–
AMZN	Exit	Amazon.com Inc	$0	–	-606,013	–	-6.85%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-44,079,427	–	-7.32%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,520,043	–	-8.02%	–
MSFT	Exit	Microsoft Corp	$0	–	-12,308,910	–	-9.29%	–

Q3 2020

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft Corp	$2,588,933,000	-10.2%	12,308,910	-13.1%	9.29%	-11.9%
GOOG	Sell	Alphabet Inc Cl C	$2,233,855,000	-7.7%	1,520,043	-11.2%	8.02%	-9.4%
CMCSA	Sell	Comcast Corp-Class A	$2,039,114,000	+11.2%	44,079,427	-6.3%	7.32%	+9.1%
AMZN	Sell	Amazon.com Inc	$1,908,171,000	-20.1%	606,013	-30.0%	6.85%	-21.6%
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$1,632,372,000	+6.9%	7,665,876	-10.3%	5.86%	+5.0%
AON	Buy	Aon PLC	$1,583,828,000	+27.6%	7,677,307	+19.1%	5.68%	+25.2%
FB	Sell	Facebook Inc-A	$1,542,889,000	+8.4%	5,891,138	-6.0%	5.54%	+6.4%
MAR	Sell	Marriott International -Cl A	$1,217,464,000	+3.1%	13,150,405	-4.6%	4.37%	+1.2%
WFC	Buy	Wells Fargo & Co	$1,120,694,000	+47.3%	47,668,811	+60.4%	4.02%	+44.5%
UNH	Sell	UnitedHealth Group Inc	$1,102,454,000	+2.5%	3,536,112	-3.0%	3.96%	+0.6%
GS	Sell	Goldman Sachs Group Inc	$1,085,408,000	-7.5%	5,400,844	-9.0%	3.90%	-9.2%
C	Buy	Citigroup Inc	$1,000,338,000	-13.0%	23,204,326	+3.2%	3.59%	-14.6%
NFLX	Sell	Netflix Inc	$867,757,000	+2.7%	1,735,409	-6.5%	3.12%	+0.8%
GE	Sell	General Electric Co	$820,897,000	-13.4%	131,765,095	-5.1%	2.95%	-15.1%
LBRDK	Sell	Liberty Broadband-C	$800,298,000	+7.0%	5,601,582	-7.2%	2.87%	+5.0%
HLT	Buy	Hilton Worldwide Holdings Inc	$791,611,000	+16.8%	9,278,137	+0.5%	2.84%	+14.6%
ANTM	Buy	Anthem Inc	$694,027,000	+22.2%	2,583,965	+19.7%	2.49%	+20.0%
MS	Sell	Morgan Stanley	$660,941,000	-7.7%	13,669,926	-7.8%	2.37%	-9.5%
DIS	Sell	Walt Disney Co/The	$607,262,000	-3.6%	4,894,113	-13.4%	2.18%	-5.4%
GM	Sell	General Motors Co	$536,403,000	+11.3%	18,127,848	-4.8%	1.92%	+9.3%
DISH	Buy	Dish Network Corp Cl A	$468,880,000	+142.8%	16,151,552	+188.7%	1.68%	+138.4%
GLIBA	Sell	GCI Liberty Inc - Class A	$421,765,000	+4.6%	5,145,989	-9.2%	1.51%	+2.6%
COF	New	Capital One Financial Corp	$282,839,000	–	3,935,974	–	1.02%	–
WAB	Sell	Wabtec Corp	$249,218,000	+2.9%	4,027,443	-4.3%	0.90%	+1.0%
LYB	Sell	LyondellBasell Industries-Cl A	$248,474,000	+1.1%	3,524,959	-5.7%	0.89%	-0.8%
CHTR	Sell	Charter Communications Inc-A	$244,923,000	+9.6%	392,291	-10.4%	0.88%	+7.6%
GOOGL	Sell	Alphabet Inc Cl A	$238,606,000	-3.4%	162,804	-6.5%	0.86%	-5.2%
AER	Sell	AerCap Holdings NV	$205,262,000	-21.7%	8,148,560	-4.3%	0.74%	-23.1%
TRIP	Sell	Tripadvisor Inc	$151,526,000	-3.4%	7,734,883	-6.3%	0.54%	-5.2%
WWD	Buy	Woodward Inc	$137,617,000	+8.7%	1,716,777	+5.2%	0.49%	+6.7%
LBRDA	Sell	Liberty Broadband-A	$129,175,000	+12.7%	910,901	-2.9%	0.46%	+10.7%
HXL	Buy	Hexcel Corp	$82,444,000	-24.3%	2,457,333	+2.1%	0.30%	-25.6%
RTX	Buy	Raytheon Technologies Corp	$61,530,000	+66.2%	1,069,351	+78.0%	0.22%	+63.7%
LBTYK	Sell	Liberty Global Plc-Series C	$44,451,000	-82.4%	2,164,650	-81.6%	0.16%	-82.7%
LTRPA	Sell	Liberty TripAdvisor Hdg-A	$8,507,000	-21.2%	4,917,256	-2.9%	0.03%	-20.5%
BRKA	Sell	Berkshire Hathaway Inc-Cl A	$7,040,000	+9.7%	22	-8.3%	0.02%	+8.7%
SPY	Buy	SPDR S&P 500 ETF Trust	$6,462,000	+277.2%	19,297	+247.4%	0.02%	+283.3%
ECL	Sell	Ecolab Inc	$5,390,000	-1.4%	26,974	-1.8%	0.02%	-5.0%
FIS	Sell	Fidelity National Information	$893,000	-34.5%	6,065	-40.4%	0.00%	-40.0%
LBTYA	Sell	Liberty Global Plc-A	$451,000	-11.7%	21,489	-8.0%	0.00%	0.0%
FOXA	Sell	Fox Corp Cl A	$371,000	+1.4%	13,333	-2.3%	0.00%	0.0%
KBE	New	SPDR SERIES TRUST-SPDR(R) S&P	$225,000	–	7,653	–	0.00%	–
CNST	Exit	Constellation Pharmaceutical	$0	–	-8,639	–	-0.00%	–
LILAK	Exit	Liberty Latin America-Cl C	$0	–	-27,994	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
CCOI	Exit	Cogent Communications Holdings	$0	–	-10,000	–	-0.00%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$2,883,352,000	–	14,168,111	–	10.55%	–
GOOG	New	Alphabet Inc Cl C	$2,420,759,000	–	1,712,466	–	8.85%	–
AMZN	New	Amazon.com Inc	$2,387,723,000	–	865,487	–	8.73%	–
CMCSA	New	Comcast Corp-Class A	$1,834,552,000	–	47,063,936	–	6.71%	–
BRKB	New	Berkshire Hathaway Inc-Cl B	$1,526,304,000	–	8,550,241	–	5.58%	–
FB	New	Facebook Inc-A	$1,423,131,000	–	6,267,367	–	5.20%	–
AON	New	Aon PLC	$1,241,436,000	–	6,445,670	–	4.54%	–
MAR	New	Marriott International -Cl A	$1,181,223,000	–	13,778,411	–	4.32%	–
GS	New	Goldman Sachs Group Inc	$1,173,035,000	–	5,935,809	–	4.29%	–
C	New	Citigroup Inc	$1,149,303,000	–	22,491,256	–	4.20%	–
UNH	New	UnitedHealth Group Inc	$1,075,364,000	–	3,645,920	–	3.93%	–
GE	New	General Electric Co	$948,424,000	–	138,861,487	–	3.47%	–
NFLX	New	Netflix Inc	$844,927,000	–	1,856,820	–	3.09%	–
WFC	New	Wells Fargo & Co	$760,913,000	–	29,723,154	–	2.78%	–
LBRDK	New	Liberty Broadband-C	$748,045,000	–	6,034,570	–	2.74%	–
MS	New	Morgan Stanley	$716,332,000	–	14,830,891	–	2.62%	–
HLT	New	Hilton Worldwide Holdings Inc	$677,897,000	–	9,229,370	–	2.48%	–
DIS	New	Walt Disney Co/The	$629,961,000	–	5,649,372	–	2.30%	–
ANTM	New	Anthem Inc	$567,715,000	–	2,158,777	–	2.08%	–
GM	New	General Motors Co	$481,873,000	–	19,046,347	–	1.76%	–
GLIBA	New	GCI Liberty Inc - Class A	$403,268,000	–	5,670,246	–	1.48%	–
AER	New	AerCap Holdings NV	$262,186,000	–	8,512,533	–	0.96%	–
LBTYK	New	Liberty Global Plc-Series C	$252,786,000	–	11,752,018	–	0.92%	–
GOOGL	New	Alphabet Inc Cl A	$246,887,000	–	174,103	–	0.90%	–
LYB	New	LyondellBasell Industries-Cl A	$245,787,000	–	3,739,906	–	0.90%	–
WAB	New	Wabtec Corp	$242,258,000	–	4,208,063	–	0.89%	–
CHTR	New	Charter Communications Inc-A	$223,413,000	–	438,031	–	0.82%	–
DISH	New	Dish Network Corp Cl A	$193,100,000	–	5,595,485	–	0.71%	–
TRIP	New	Tripadvisor Inc	$156,883,000	–	8,252,656	–	0.57%	–
WWD	New	Woodward Inc	$126,546,000	–	1,631,800	–	0.46%	–
LBRDA	New	Liberty Broadband-A	$114,585,000	–	937,757	–	0.42%	–
HXL	New	Hexcel Corp	$108,840,000	–	2,406,901	–	0.40%	–
RTX	New	Raytheon Technologies Corp	$37,026,000	–	600,883	–	0.14%	–
LTRPA	New	Liberty TripAdvisor Hdg-A	$10,790,000	–	5,065,831	–	0.04%	–
TMO	New	Thermo Fisher Scientific Inc	$10,430,000	–	28,785	–	0.04%	–
BRKA	New	Berkshire Hathaway Inc-Cl A	$6,415,000	–	24	–	0.02%	–
ORCL	New	Oracle Corp	$6,222,000	–	112,573	–	0.02%	–
ECL	New	Ecolab Inc	$5,466,000	–	27,474	–	0.02%	–
BAC	New	Bank of America Corp	$3,287,000	–	138,415	–	0.01%	–
WRB	New	W R Berkley Corp	$3,146,000	–	54,910	–	0.01%	–
SPY	New	SPDR S&P 500 ETF Trust	$1,713,000	–	5,554	–	0.01%	–
FIS	New	Fidelity National Information	$1,364,000	–	10,174	–	0.01%	–
JPM	New	JPMorgan Chase & Co	$1,004,000	–	10,677	–	0.00%	–
TRV	New	Travelers Companies, Inc	$787,000	–	6,900	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$689,000	–	16,500	–	0.00%	–
CCOI	New	Cogent Communications Holdings	$774,000	–	10,000	–	0.00%	–
BK	New	Bank of New York Mellon Corp	$464,000	–	12,000	–	0.00%	–
FCNCA	New	First Citizens BancShares	$632,000	–	1,560	–	0.00%	–
AIG	New	American International Group	$412,000	–	13,200	–	0.00%	–
LBTYA	New	Liberty Global Plc-A	$511,000	–	23,366	–	0.00%	–
COP	New	ConocoPhillips	$235,000	–	5,600	–	0.00%	–
CNST	New	Constellation Pharmaceutical	$260,000	–	8,639	–	0.00%	–
FOXA	New	Fox Corp Cl A	$366,000	–	13,650	–	0.00%	–
LILAK	New	Liberty Latin America-Cl C	$264,000	–	27,994	–	0.00%	–
IBM	New	Intl Business Machines Corp	$326,000	–	2,700	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
IBM	Exit	Intl Business Machines Corp	$0	–	-2,700	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
ECA	Exit	Encana Corp	$0	–	-42,483	–	-0.00%	–
NBL	Exit	Noble Energy Inc	$0	–	-23,928	–	-0.00%	–
LILAK	Exit	Liberty Latin America-Cl C	$0	–	-30,876	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-16,500	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
CCOI	Exit	Cogent Communications Holdings	$0	–	-14,800	–	-0.00%	–
FCNCA	Exit	First Citizens BancShares	$0	–	-1,560	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
FIS	Exit	Fidelity National Information	$0	–	-10,400	–	-0.01%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-17,882	–	-0.01%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-165,008	–	-0.01%	–
BAC	Exit	Bank of America Corp	$0	–	-140,225	–	-0.01%	–
WRB	Exit	W R Berkley Corp	$0	–	-83,812	–	-0.02%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-29,287	–	-0.03%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-39	–	-0.04%	–
FOXA	Exit	Fox Corp Cl A	$0	–	-624,761	–	-0.07%	–
DIS	Exit	Walt Disney Co/The	$0	–	-180,661	–	-0.08%	–
LTRPA	Exit	Liberty TripAdvisor Hdg-A	$0	–	-5,342,022	–	-0.18%	–
BCS	Exit	Barclays PLC-Spons ADRadr	$0	–	-11,877,748	–	-0.31%	–
LBRDA	Exit	Liberty Broadband-A	$0	–	-1,135,455	–	-0.42%	–
FOX	Exit	Fox Corp Cl B	$0	–	-5,346,623	–	-0.59%	–
ECL	Exit	Ecolab Inc	$0	–	-982,367	–	-0.68%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-211,358	–	-0.91%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-686,451	–	-1.00%	–
WAB	Exit	Wabtec Corp	$0	–	-4,380,205	–	-1.11%	–
TRIP	Exit	Tripadvisor Inc	$0	–	-8,918,670	–	-1.21%	–
FISV	Exit	Fiserv Inc	$0	–	-3,702,673	–	-1.35%	–
GLIBA	Exit	GCI Liberty Inc - Class A	$0	–	-6,657,205	–	-1.45%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-13,923,308	–	-1.67%	–
AER	Exit	AerCap Holdings NV	$0	–	-8,883,026	–	-1.71%	–
HLT	Exit	Hilton Worldwide Holdings Inc	$0	–	-5,371,228	–	-1.76%	–
MHK	Exit	Mohawk Industries Inc	$0	–	-4,638,627	–	-2.02%	–
MS	Exit	Morgan Stanley	$0	–	-15,499,118	–	-2.32%	–
LBRDK	Exit	Liberty Broadband-C	$0	–	-6,544,209	–	-2.41%	–
GM	Exit	General Motors Co	$0	–	-20,360,741	–	-2.68%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-3,728,474	–	-2.85%	–
FB	Exit	Facebook Inc-A	$0	–	-4,761,944	–	-2.98%	–
AON	Exit	Aon PLC	$0	–	-4,408,652	–	-3.00%	–
ORCL	Exit	Oracle Corp	$0	–	-15,792,357	–	-3.06%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-40,666,050	–	-3.40%	–
GE	Exit	General Electric Co	$0	–	-123,530,152	–	-3.88%	–
MAR	Exit	Marriott International -Cl A	$0	–	-9,608,783	–	-4.20%	–
WFC	Exit	Wells Fargo & Co	$0	–	-28,182,911	–	-5.00%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-6,989,117	–	-5.09%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-34,043,358	–	-5.40%	–
AMZN	Exit	Amazon.com Inc	$0	–	-914,056	–	-5.58%	–
C	Exit	Citigroup Inc	$0	–	-27,036,928	–	-6.57%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-10,226,116	–	-7.48%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,912,873	–	-8.20%	–
MSFT	Exit	Microsoft Corp	$0	–	-18,881,741	–	-9.23%	–

Q3 2019

			Value		Shares		↓ Weighting
MSFT	Buy	Microsoft Corp	$2,625,128,000	+4.4%	18,881,741	+0.6%	9.23%	+4.9%
GOOG	Buy	Alphabet Inc Cl C	$2,331,792,000	+19.8%	1,912,873	+6.3%	8.20%	+20.5%
BRKB	Buy	Berkshire Hathaway Inc-Cl B	$2,127,237,000	+0.2%	10,226,116	+2.7%	7.48%	+0.8%
C	Buy	Citigroup Inc	$1,867,711,000	-0.5%	27,036,928	+0.9%	6.57%	+0.0%
AMZN	Buy	Amazon.com Inc	$1,586,719,000	-7.6%	914,056	+0.8%	5.58%	-7.1%
CMCSA	Buy	Comcast Corp-Class A	$1,534,675,000	+8.5%	34,043,358	+1.8%	5.40%	+9.1%
GS	Buy	Goldman Sachs Group Inc	$1,448,355,000	+2.2%	6,989,117	+0.9%	5.09%	+2.7%
WFC	Buy	Wells Fargo & Co	$1,421,546,000	+7.2%	28,182,911	+0.6%	5.00%	+7.8%
MAR	Buy	Marriott International -Cl A	$1,195,044,000	-10.6%	9,608,783	+0.8%	4.20%	-10.1%
GE	Buy	General Electric Co	$1,104,360,000	+29.0%	123,530,152	+51.5%	3.88%	+29.7%
LBTYK	Buy	Liberty Global Plc-Series C	$967,445,000	-9.1%	40,666,050	+1.4%	3.40%	-8.6%
ORCL	Sell	Oracle Corp	$869,053,000	-25.8%	15,792,357	-23.2%	3.06%	-25.4%
AON	Sell	Aon PLC	$853,383,000	-3.0%	4,408,652	-3.3%	3.00%	-2.5%
FB	Buy	Facebook Inc-A	$848,007,000	-7.1%	4,761,944	+0.6%	2.98%	-6.6%
UNH	Sell	UnitedHealth Group Inc	$810,272,000	-11.5%	3,728,474	-0.6%	2.85%	-11.0%
GM	Buy	General Motors Co	$763,121,000	-2.4%	20,360,741	+0.4%	2.68%	-1.8%
LBRDK	Buy	Liberty Broadband-C	$684,982,000	+1.2%	6,544,209	+0.8%	2.41%	+1.8%
MS	Buy	Morgan Stanley	$661,347,000	-2.1%	15,499,118	+0.6%	2.32%	-1.5%
MHK	Buy	Mohawk Industries Inc	$575,514,000	-15.2%	4,638,627	+0.8%	2.02%	-14.7%
HLT	Buy	Hilton Worldwide Holdings Inc	$500,115,000	+2.6%	5,371,228	+7.7%	1.76%	+3.1%
AER	Buy	AerCap Holdings NV	$486,346,000	+16.2%	8,883,026	+10.4%	1.71%	+16.8%
DISH	Buy	Dish Network Corp Cl A	$474,367,000	+2.5%	13,923,308	+15.6%	1.67%	+3.1%
GLIBA	Buy	GCI Liberty Inc - Class A	$413,213,000	+6.7%	6,657,205	+5.7%	1.45%	+7.3%
FISV	Buy	Fiserv Inc	$383,560,000	+68.3%	3,702,673	+48.1%	1.35%	+69.3%
TRIP	Buy	Tripadvisor Inc	$344,974,000	-16.3%	8,918,670	+0.2%	1.21%	-15.8%
WAB	Buy	Wabtec Corp	$314,762,000	+28.6%	4,380,205	+28.4%	1.11%	+29.3%
CHTR	Sell	Charter Communications Inc-A	$282,900,000	+2.6%	686,451	-1.6%	1.00%	+3.2%
GOOGL	Sell	Alphabet Inc Cl A	$258,098,000	+8.9%	211,358	-3.4%	0.91%	+9.4%
ECL	Sell	Ecolab Inc	$194,548,000	-14.5%	982,367	-14.8%	0.68%	-14.1%
FOX	Sell	Fox Corp Cl B	$168,632,000	-28.7%	5,346,623	-17.4%	0.59%	-28.2%
LBRDA	Sell	Liberty Broadband-A	$118,678,000	+0.3%	1,135,455	-1.3%	0.42%	+0.7%
BCS	Sell	Barclays PLC-Spons ADRadr	$87,183,000	-14.2%	11,877,748	-11.0%	0.31%	-13.5%
LTRPA	Buy	Liberty TripAdvisor Hdg-A	$50,268,000	-23.8%	5,342,022	+0.4%	0.18%	-23.4%
DIS	Sell	Walt Disney Co/The	$23,544,000	-7.7%	180,661	-1.1%	0.08%	-6.7%
FOXA	Sell	Fox Corp Cl A	$19,702,000	-35.2%	624,761	-24.7%	0.07%	-34.9%
LBTYA	Sell	Liberty Global Plc-A	$4,084,000	-18.8%	165,008	-11.4%	0.01%	-22.2%
BHC	Exit	Bausch Health Cos Inc	$0	–	-8,600	–	-0.00%	–
NTRP	Exit	Neurotrope Inc	$0	–	-59,745	–	-0.00%	–
PEP	Exit	Pepsico Inc	$0	–	-12,710	–	-0.01%	–
FDC	Exit	First Data Corp- Class A	$0	–	-3,814,227	–	-0.36%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-2,868,278	–	-0.71%	–

Q2 2019

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$2,515,393,000	–	18,777,198	–	8.80%	–
BRKB	New	Berkshire Hathaway Inc-Cl B	$2,122,768,000	–	9,958,101	–	7.42%	–
GOOG	New	Alphabet Inc Cl C	$1,945,840,000	–	1,800,187	–	6.80%	–
C	New	Citigroup Inc	$1,877,214,000	–	26,805,854	–	6.56%	–
AMZN	New	Amazon.com Inc	$1,717,721,000	–	907,105	–	6.01%	–
GS	New	Goldman Sachs Group Inc	$1,417,343,000	–	6,927,386	–	4.96%	–
CMCSA	New	Comcast Corp-Class A	$1,414,038,000	–	33,444,598	–	4.94%	–
MAR	New	Marriott International -Cl A	$1,336,838,000	–	9,529,107	–	4.68%	–
WFC	New	Wells Fargo & Co	$1,325,866,000	–	28,019,142	–	4.64%	–
ORCL	New	Oracle Corp	$1,170,734,000	–	20,550,004	–	4.09%	–
LBTYK	New	Liberty Global Plc-Series C	$1,064,284,000	–	40,116,246	–	3.72%	–
UNH	New	UnitedHealth Group Inc	$915,324,000	–	3,751,176	–	3.20%	–
FB	New	Facebook Inc-A	$913,127,000	–	4,731,230	–	3.19%	–
AON	New	Aon PLC	$879,868,000	–	4,559,372	–	3.08%	–
GE	New	General Electric Co	$855,981,000	–	81,522,014	–	2.99%	–
GM	New	General Motors Co	$781,650,000	–	20,286,796	–	2.73%	–
MHK	New	Mohawk Industries Inc	$678,660,000	–	4,602,018	–	2.37%	–
LBRDK	New	Liberty Broadband-C	$676,533,000	–	6,491,398	–	2.37%	–
MS	New	Morgan Stanley	$675,216,000	–	15,412,374	–	2.36%	–
HLT	New	Hilton Worldwide Holdings Inc	$487,572,000	–	4,988,455	–	1.70%	–
DISH	New	Dish Network Corp Cl A	$462,611,000	–	12,044,028	–	1.62%	–
AER	New	AerCap Holdings NV	$418,553,000	–	8,047,556	–	1.46%	–
TRIP	New	Tripadvisor Inc	$412,064,000	–	8,901,791	–	1.44%	–
GLIBA	New	GCI Liberty Inc - Class A	$387,095,000	–	6,298,318	–	1.35%	–
CHTR	New	Charter Communications Inc-A	$275,798,000	–	697,906	–	0.96%	–
WAB	New	Wabtec Corp	$244,739,000	–	3,410,520	–	0.86%	–
GOOGL	New	Alphabet Inc Cl A	$237,005,000	–	218,882	–	0.83%	–
FOX	New	Fox Corp Cl B	$236,345,000	–	6,469,888	–	0.83%	–
FISV	New	Fiserv Inc	$227,894,000	–	2,499,939	–	0.80%	–
ECL	New	Ecolab Inc	$227,632,000	–	1,152,919	–	0.80%	–
APC	New	Anadarko Petroleum Corp	$202,386,000	–	2,868,278	–	0.71%	–
LBRDA	New	Liberty Broadband-A	$118,312,000	–	1,150,451	–	0.41%	–
FDC	New	First Data Corp- Class A	$103,251,000	–	3,814,227	–	0.36%	–
BCS	New	Barclays PLC-Spons ADRadr	$101,590,000	–	13,349,561	–	0.36%	–
LTRPA	New	Liberty TripAdvisor Hdg-A	$66,000,000	–	5,322,600	–	0.23%	–
FOXA	New	Fox Corp Cl A	$30,387,000	–	829,344	–	0.11%	–
DIS	New	Walt Disney Co/The	$25,496,000	–	182,584	–	0.09%	–
BRKA	New	Berkshire Hathaway Inc-Cl A	$12,416,000	–	39	–	0.04%	–
TMO	New	Thermo Fisher Scientific Inc	$8,601,000	–	29,287	–	0.03%	–
WRB	New	W R Berkley Corp	$5,526,000	–	83,812	–	0.02%	–
LBTYA	New	Liberty Global Plc-A	$5,028,000	–	186,282	–	0.02%	–
BAC	New	Bank of America Corp	$4,067,000	–	140,225	–	0.01%	–
JPM	New	JPMorgan Chase & Co	$1,999,000	–	17,882	–	0.01%	–
PEP	New	Pepsico Inc	$1,667,000	–	12,710	–	0.01%	–
TRV	New	Travelers Companies, Inc	$1,032,000	–	6,900	–	0.00%	–
FIS	New	Fidelity National Information	$1,276,000	–	10,400	–	0.00%	–
CCOI	New	Cogent Communications Holdings	$879,000	–	14,800	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$894,000	–	16,500	–	0.00%	–
AIG	New	American International Group	$703,000	–	13,200	–	0.00%	–
NTRP	New	Neurotrope Inc	$479,000	–	59,745	–	0.00%	–
BK	New	Bank of New York Mellon Corp	$530,000	–	12,000	–	0.00%	–
FCNCA	New	First Citizens BancShares	$702,000	–	1,560	–	0.00%	–
LILAK	New	Liberty Latin America-Cl C	$531,000	–	30,876	–	0.00%	–
NBL	New	Noble Energy Inc	$536,000	–	23,928	–	0.00%	–
COP	New	ConocoPhillips	$342,000	–	5,600	–	0.00%	–
BHC	New	Bausch Health Cos Inc	$217,000	–	8,600	–	0.00%	–
ECA	New	Encana Corp	$218,000	–	42,483	–	0.00%	–
IBM	New	Intl Business Machines Corp	$372,000	–	2,700	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
ASCMA	Exit	Ascent Capital Group Inc-A	$0	–	-45,423	–	0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
APA	Exit	Apache Corp	$0	–	-4,300	–	-0.00%	–
BHC	Exit	Bausch Health Cos Inc	$0	–	-8,600	–	-0.00%	–
IBM	Exit	Intl Business Machines Corp	$0	–	-2,700	–	-0.00%	–
FCNCA	Exit	First Citizens BancShares	$0	–	-1,560	–	-0.00%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-3,650	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
NSRGY	Exit	Nestle S A Rep RG SH ADRadr	$0	–	-7,980	–	-0.00%	–
NTRP	Exit	Neurotrope Inc	$0	–	-59,745	–	-0.00%	–
NFX	Exit	Newfield Exploration Co	$0	–	-15,900	–	-0.00%	–
CCOI	Exit	Cogent Communications Holdings	$0	–	-14,800	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-16,500	–	-0.00%	–
PX	Exit	Praxair Inc	$0	–	-6,280	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF Trust	$0	–	-2,900	–	-0.00%	–
FIS	Exit	Fidelity National Information	$0	–	-10,400	–	-0.00%	–
PEP	Exit	Pepsico Inc	$0	–	-19,800	–	-0.01%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-232,330	–	-0.02%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-39	–	-0.04%	–
BAC	Exit	Bank of America Corp	$0	–	-465,159	–	-0.05%	–
LILAK	Exit	Liberty Latin America-Cl C	$0	–	-1,657,960	–	-0.12%	–
LTRPA	Exit	Liberty TripAdvisor Hdg-A	$0	–	-5,426,162	–	-0.28%	–
LBRDA	Exit	Liberty Broadband-A	$0	–	-1,276,356	–	-0.37%	–
FOXA	Exit	Twenty-First Century Fox Cl A	$0	–	-3,746,318	–	-0.60%	–
WRB	Exit	W R Berkley Corp	$0	–	-2,191,753	–	-0.60%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-3,356,206	–	-0.78%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-760,017	–	-0.85%	–
GLIBA	Exit	GCI Liberty Inc - Class A	$0	–	-5,220,572	–	-0.91%	–
NBL	Exit	Noble Energy Inc	$0	–	-8,860,309	–	-0.95%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-238,029	–	-0.99%	–
BCS	Exit	Barclays PLC-Spons ADRadr	$0	–	-45,145,503	–	-1.39%	–
AER	Exit	AerCap Holdings NV	$0	–	-8,051,374	–	-1.59%	–
TRIP	Exit	Tripadvisor Inc	$0	–	-10,229,450	–	-1.79%	–
MS	Exit	Morgan Stanley	$0	–	-11,504,433	–	-1.84%	–
LBRDK	Exit	Liberty Broadband-C	$0	–	-6,412,165	–	-1.86%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-15,310,806	–	-1.88%	–
FB	Exit	Facebook Inc-A	$0	–	-3,531,636	–	-1.99%	–
UPS	Exit	United Parcel Service-Cl B	$0	–	-5,038,454	–	-2.02%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-2,726,759	–	-2.10%	–
ECL	Exit	Ecolab Inc	$0	–	-4,022,323	–	-2.16%	–
MHK	Exit	Mohawk Industries Inc	$0	–	-3,876,517	–	-2.33%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-6,150,737	–	-2.38%	–
GM	Exit	General Motors Co	$0	–	-20,947,052	–	-2.42%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-3,279,944	–	-2.75%	–
MAR	Exit	Marriott International -Cl A	$0	–	-6,247,113	–	-2.83%	–
WFC	Exit	Wells Fargo & Co	$0	–	-20,330,137	–	-3.67%	–
FOX	Exit	Twenty-First Century Fox Cl B	$0	–	-23,664,877	–	-3.72%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-39,080,008	–	-3.78%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-31,332,363	–	-3.81%	–
AON	Exit	Aon PLC	$0	–	-7,580,716	–	-4.00%	–
ORCL	Exit	Oracle Corp	$0	–	-24,008,111	–	-4.25%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-5,074,802	–	-4.63%	–
C	Exit	Citigroup Inc	$0	–	-23,369,992	–	-5.75%	–
AMZN	Exit	Amazon.com Inc	$0	–	-920,075	–	-6.32%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,619,569	–	-6.63%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-9,468,066	–	-6.96%	–
MSFT	Exit	Microsoft Corp	$0	–	-21,797,839	–	-8.56%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft Corp	$2,493,019,000	+14.4%	21,797,839	-1.3%	8.56%	+8.2%
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$2,027,208,000	+13.3%	9,468,066	-1.2%	6.96%	+7.1%
GOOG	Sell	Alphabet Inc Cl C	$1,932,907,000	+6.5%	1,619,569	-0.4%	6.63%	+0.7%
AMZN	Sell	Amazon.com Inc	$1,842,910,000	+13.6%	920,075	-3.6%	6.32%	+7.4%
C	Buy	Citigroup Inc	$1,676,563,000	+19.9%	23,369,992	+11.9%	5.75%	+13.4%
UNH	Sell	UnitedHealth Group Inc	$1,350,100,000	+5.9%	5,074,802	-2.4%	4.63%	+0.1%
ORCL	Sell	Oracle Corp	$1,237,858,000	-6.4%	24,008,111	-20.0%	4.25%	-11.5%
AON	Sell	Aon PLC	$1,165,763,000	+10.8%	7,580,716	-1.2%	4.00%	+4.7%
CMCSA	Sell	Comcast Corp-Class A	$1,109,479,000	+6.5%	31,332,363	-1.3%	3.81%	+0.7%
LBTYK	Sell	Liberty Global Plc-Series C	$1,100,493,000	+3.8%	39,080,008	-1.9%	3.78%	-1.8%
FOX	Buy	Twenty-First Century Fox Cl B	$1,084,325,000	-3.7%	23,664,877	+3.5%	3.72%	-9.0%
WFC	Sell	Wells Fargo & Co	$1,068,552,000	-5.7%	20,330,137	-0.6%	3.67%	-10.9%
MAR	Sell	Marriott International -Cl A	$824,806,000	+3.8%	6,247,113	-0.5%	2.83%	-1.8%
TMO	Sell	Thermo Fisher Scientific Inc	$800,569,000	+14.9%	3,279,944	-2.5%	2.75%	+8.6%
GM	Sell	General Motors Co	$705,287,000	-16.0%	20,947,052	-1.7%	2.42%	-20.6%
JPM	Sell	JPMorgan Chase & Co	$694,049,000	+7.8%	6,150,737	-0.4%	2.38%	+1.9%
MHK	Buy	Mohawk Industries Inc	$679,747,000	+71.1%	3,876,517	+109.1%	2.33%	+61.8%
ECL	Sell	Ecolab Inc	$630,620,000	-10.2%	4,022,323	-19.6%	2.16%	-15.1%
GS	Sell	Goldman Sachs Group Inc	$611,448,000	-0.0%	2,726,759	-1.7%	2.10%	-5.5%
UPS	Sell	United Parcel Service-Cl B	$588,240,000	+9.0%	5,038,454	-0.8%	2.02%	+3.1%
FB	New	Facebook Inc-A	$580,813,000	–	3,531,636	–	1.99%	–
DISH	Sell	Dish Network Corp Cl A	$547,514,000	-17.8%	15,310,806	-22.7%	1.88%	-22.3%
LBRDK	Buy	Liberty Broadband-C	$540,546,000	+14.4%	6,412,165	+2.7%	1.86%	+8.1%
MS	Buy	Morgan Stanley	$535,761,000	+93.5%	11,504,433	+97.0%	1.84%	+83.0%
TRIP	Sell	Tripadvisor Inc	$522,418,000	-14.0%	10,229,450	-6.2%	1.79%	-18.7%
AER	Buy	AerCap Holdings NV	$463,115,000	+6.2%	8,051,374	+0.0%	1.59%	+0.4%
BCS	Sell	Barclays PLC-Spons ADRadr	$404,052,000	-15.2%	45,145,503	-5.0%	1.39%	-19.8%
GOOGL	Sell	Alphabet Inc Cl A	$287,320,000	+1.1%	238,029	-5.5%	0.99%	-4.5%
NBL	Sell	Noble Energy Inc	$276,353,000	-20.4%	8,860,309	-10.0%	0.95%	-24.8%
GLIBA	Buy	GCI Liberty Inc - Class A	$266,249,000	+51.4%	5,220,572	+33.8%	0.91%	+43.3%
CHTR	Sell	Charter Communications Inc-A	$247,674,000	+10.1%	760,017	-1.0%	0.85%	+4.0%
APC	Sell	Anadarko Petroleum Corp	$226,242,000	-12.8%	3,356,206	-5.2%	0.78%	-17.6%
WRB	Sell	W R Berkley Corp	$175,187,000	-55.4%	2,191,753	-59.6%	0.60%	-57.9%
FOXA	Sell	Twenty-First Century Fox Cl A	$173,567,000	-11.6%	3,746,318	-5.2%	0.60%	-16.4%
LBRDA	Sell	Liberty Broadband-A	$107,635,000	+11.2%	1,276,356	-0.2%	0.37%	+5.1%
LTRPA	Buy	Liberty TripAdvisor Hdg-A	$80,579,000	-7.5%	5,426,162	+0.3%	0.28%	-12.3%
LILAK	Sell	Liberty Latin America-Cl C	$34,204,000	-50.6%	1,657,960	-53.6%	0.12%	-53.6%
BAC	Sell	Bank of America Corp	$13,704,000	-96.6%	465,159	-96.8%	0.05%	-96.8%
BRKA	Sell	Berkshire Hathaway Inc-Cl A	$12,480,000	-5.9%	39	-17.0%	0.04%	-10.4%
LBTYA	Sell	Liberty Global Plc-A	$6,721,000	+2.0%	232,330	-2.9%	0.02%	-4.2%
SPY	New	SPDR S&P 500 ETF Trust	$843,000	–	2,900	–	0.00%	–
BHC	New	Bausch Health Cos Inc	$221,000	–	8,600	–	0.00%	–
ASCMA	Sell	Ascent Capital Group Inc-A	$80,000	-37.5%	45,423	-0.2%	0.00%	–
ILG	Exit	ILG Inc	$0	–	-6,731	–	-0.00%	–
GD	Exit	General Dynamics Corp	$0	–	-2,800	–	-0.00%	–

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp	$2,178,651,000	–	22,093,607	–	7.91%	–
GOOG	New	Alphabet Inc Cl C	$1,814,726,000	–	1,626,609	–	6.59%	–
BRKB	New	Berkshire Hathaway Inc-Cl B	$1,788,735,000	–	9,583,363	–	6.49%	–
AMZN	New	Amazon.com Inc	$1,621,728,000	–	954,070	–	5.89%	–
C	New	Citigroup Inc	$1,397,811,000	–	20,887,794	–	5.07%	–
ORCL	New	Oracle Corp	$1,322,508,000	–	30,016,066	–	4.80%	–
UNH	New	UnitedHealth Group Inc	$1,275,223,000	–	5,197,778	–	4.63%	–
WFC	New	Wells Fargo & Co	$1,133,525,000	–	20,445,983	–	4.12%	–
FOX	New	Twenty-First Century Fox Cl B	$1,126,305,000	–	22,859,863	–	4.09%	–
LBTYK	New	Liberty Global Plc-Series C	$1,059,863,000	–	39,829,485	–	3.85%	–
AON	New	Aon PLC	$1,052,560,000	–	7,673,398	–	3.82%	–
CMCSA	New	Comcast Corp-Class A	$1,041,360,000	–	31,739,093	–	3.78%	–
GM	New	General Motors Co	$839,944,000	–	21,318,366	–	3.05%	–
MAR	New	Marriott International -Cl A	$794,524,000	–	6,275,863	–	2.88%	–
ECL	New	Ecolab Inc	$702,014,000	–	5,002,594	–	2.55%	–
TMO	New	Thermo Fisher Scientific Inc	$696,846,000	–	3,364,128	–	2.53%	–
DISH	New	Dish Network Corp Cl A	$665,858,000	–	19,811,302	–	2.42%	–
JPM	New	JPMorgan Chase & Co	$643,688,000	–	6,177,432	–	2.34%	–
GS	New	Goldman Sachs Group Inc	$611,728,000	–	2,773,395	–	2.22%	–
TRIP	New	Tripadvisor Inc	$607,555,000	–	10,905,671	–	2.21%	–
UPS	New	United Parcel Service-Cl B	$539,619,000	–	5,079,725	–	1.96%	–
BCS	New	Barclays PLC-Spons ADRadr	$476,599,000	–	47,517,311	–	1.73%	–
LBRDK	New	Liberty Broadband-C	$472,578,000	–	6,241,130	–	1.72%	–
AER	New	AerCap Holdings NV	$435,882,000	–	8,049,530	–	1.58%	–
BAC	New	Bank of America Corp	$405,483,000	–	14,383,913	–	1.47%	–
MHK	New	Mohawk Industries Inc	$397,302,000	–	1,854,210	–	1.44%	–
WRB	New	W R Berkley Corp	$393,140,000	–	5,429,360	–	1.43%	–
NBL	New	Noble Energy Inc	$347,208,000	–	9,841,503	–	1.26%	–
GOOGL	New	Alphabet Inc Cl A	$284,301,000	–	251,774	–	1.03%	–
MS	New	Morgan Stanley	$276,816,000	–	5,840,003	–	1.00%	–
APC	New	Anadarko Petroleum Corp	$259,412,000	–	3,541,455	–	0.94%	–
CHTR	New	Charter Communications Inc-A	$224,997,000	–	767,358	–	0.82%	–
FOXA	New	Twenty-First Century Fox Cl A	$196,366,000	–	3,951,821	–	0.71%	–
GLIBA	New	GCI Liberty Inc - Class A	$175,865,000	–	3,901,170	–	0.64%	–
LBRDA	New	Liberty Broadband-A	$96,762,000	–	1,279,249	–	0.35%	–
LTRPA	New	Liberty TripAdvisor Hdg-A	$87,140,000	–	5,412,429	–	0.32%	–
LILAK	New	Liberty Latin America-Cl C	$69,290,000	–	3,575,342	–	0.25%	–
BRKA	New	Berkshire Hathaway Inc-Cl A	$13,256,000	–	47	–	0.05%	–
LBTYA	New	Liberty Global Plc-A	$6,588,000	–	239,231	–	0.02%	–
PEP	New	Pepsico Inc	$2,156,000	–	19,800	–	0.01%	–
FIS	New	Fidelity National Information	$1,103,000	–	10,400	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$1,063,000	–	16,500	–	0.00%	–
PX	New	Praxair Inc	$993,000	–	6,280	–	0.00%	–
AIG	New	American International Group	$700,000	–	13,200	–	0.00%	–
TRV	New	Travelers Companies, Inc	$844,000	–	6,900	–	0.00%	–
CCOI	New	Cogent Communications Holdings	$790,000	–	14,800	–	0.00%	–
FCNCA	New	First Citizens BancShares	$629,000	–	1,560	–	0.00%	–
BK	New	Bank of New York Mellon Corp	$647,000	–	12,000	–	0.00%	–
BABA	New	Alibaba Group Holding Ltdadr	$677,000	–	3,650	–	0.00%	–
GD	New	General Dynamics Corp	$522,000	–	2,800	–	0.00%	–
NSRGY	New	Nestle S A Rep RG SH ADRadr	$618,000	–	7,980	–	0.00%	–
NTRP	New	Neurotrope Inc	$578,000	–	59,745	–	0.00%	–
NFX	New	Newfield Exploration Co	$481,000	–	15,900	–	0.00%	–
IBM	New	Intl Business Machines Corp	$377,000	–	2,700	–	0.00%	–
ILG	New	ILG Inc	$222,000	–	6,731	–	0.00%	–
COP	New	ConocoPhillips	$390,000	–	5,600	–	0.00%	–
APA	New	Apache Corp	$201,000	–	4,300	–	0.00%	–
ASCMA	New	Ascent Capital Group Inc-A	$128,000	–	45,533	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
SATS	Exit	Echostar Corp-A	$0	–	-4,100	–	-0.00%	–
NWSA	Exit	News Corp Ltd Class A	$0	–	-18,750	–	-0.00%	–
NTRP	Exit	Neurotrope Inc	$0	–	-59,745	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
IBM	Exit	IBM	$0	–	-2,700	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
KO	Exit	Coca Cola Co	$0	–	-12,600	–	-0.00%	–
FCNCA	Exit	First Citizens BancShares	$0	–	-1,560	–	-0.00%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-3,650	–	-0.00%	–
NFX	Exit	Newfield Exploration Co	$0	–	-15,900	–	-0.00%	–
CCOI	Exit	Cogent Communications Holdings	$0	–	-14,800	–	-0.00%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-1,808	–	-0.00%	–
ASCMA	Exit	Ascent Capital Group Inc-A	$0	–	-66,958	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-16,500	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
PX	Exit	Praxair Inc	$0	–	-6,425	–	-0.00%	–
IWD	Exit	IShares Russell 1000 Value	$0	–	-8,650	–	-0.00%	–
LILA	Exit	Liberty Global Plc LiLAC - A	$0	–	-48,285	–	-0.00%	–
CMCSA	Exit	Comcast Corp Cl A	$0	–	-24,000	–	-0.00%	–
NSRGY	Exit	Nestle S A Rep RG SH ADRadr	$0	–	-12,885	–	-0.00%	–
HQY	Exit	Healthequity Inc	$0	–	-34,500	–	-0.01%	–
BWA	Exit	BorgWarner Inc	$0	–	-64,000	–	-0.01%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-286,658	–	-0.04%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-53	–	-0.06%	–
ILG	Exit	ILG Inc	$0	–	-2,390,530	–	-0.25%	–
LILAK	Exit	Liberty Global Plc LiLAC - C	$0	–	-4,738,008	–	-0.43%	–
FOXA	Exit	Twenty-First Century Fox Cl A	$0	–	-5,298,174	–	-0.54%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-3,658,864	–	-0.69%	–
GD	Exit	General Dynamics Corp	$0	–	-922,066	–	-0.73%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-293,423	–	-1.10%	–
MS	Exit	Morgan Stanley	$0	–	-6,084,939	–	-1.13%	–
NBL	Exit	Noble Energy Inc	$0	–	-11,435,197	–	-1.25%	–
FIS	Exit	Fidelity National Information	$0	–	-3,529,540	–	-1.27%	–
WRB	Exit	W R Berkley Corp	$0	–	-6,020,315	–	-1.55%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-11,932,614	–	-1.87%	–
FOX	Exit	Twenty-First Century Fox Cl B	$0	–	-23,822,610	–	-2.37%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-2,882,789	–	-2.64%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-3,618,107	–	-2.64%	–
PEP	Exit	Pepsico Inc	$0	–	-6,873,559	–	-2.96%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-14,199,641	–	-2.97%	–
BAC	Exit	Bank of America Corp	$0	–	-31,040,701	–	-3.04%	–
WFC	Exit	Wells Fargo & Co	$0	–	-14,289,135	–	-3.04%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-8,555,700	–	-3.16%	–
GM	Exit	General Motors Co	$0	–	-22,371,049	–	-3.49%	–
MAR	Exit	Marriott International -Cl A	$0	–	-9,434,292	–	-4.02%	–
ECL	Exit	Ecolab Inc	$0	–	-8,750,595	–	-4.35%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-5,830,920	–	-4.41%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-36,919,604	–	-4.66%	–
AMZN	Exit	Amazon.com Inc	$0	–	-1,335,451	–	-4.96%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,586,737	–	-5.88%	–
AON	Exit	Aon PLC	$0	–	-10,563,778	–	-5.96%	–
C	Exit	Citigroup Inc	$0	–	-22,172,389	–	-6.23%	–
MSFT	Exit	Microsoft Corp	$0	–	-23,530,366	–	-6.77%	–
ORCL	Exit	Oracle Corp	$0	–	-36,426,699	–	-6.80%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-12,212,406	–	-8.65%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$2,238,778,000	+7.0%	12,212,406	-1.1%	8.65%	+5.6%
ORCL	Sell	Oracle Corp	$1,761,231,000	-9.2%	36,426,699	-5.9%	6.80%	-10.4%
MSFT	Sell	Microsoft Corp	$1,752,777,000	+3.1%	23,530,366	-4.6%	6.77%	+1.8%
C	Sell	Citigroup Inc	$1,612,820,000	+4.7%	22,172,389	-3.7%	6.23%	+3.4%
AON	Sell	Aon PLC	$1,543,368,000	+6.2%	10,563,778	-3.4%	5.96%	+4.8%
GOOG	Sell	Alphabet Inc Cl C	$1,521,855,000	+4.5%	1,586,737	-0.9%	5.88%	+3.2%
AMZN	Sell	Amazon.com Inc	$1,283,836,000	-6.6%	1,335,451	-5.9%	4.96%	-7.8%
LBTYK	Buy	Liberty Global Plc-Series C	$1,207,271,000	+6.0%	36,919,604	+1.1%	4.66%	+4.7%
UNH	Sell	UnitedHealth Group Inc	$1,141,986,000	+2.5%	5,830,920	-3.0%	4.41%	+1.1%
ECL	Buy	Ecolab Inc	$1,125,414,000	-2.8%	8,750,595	+0.3%	4.35%	-4.1%
MAR	Sell	Marriott International -Cl A	$1,040,225,000	+7.0%	9,434,292	-2.6%	4.02%	+5.6%
GM	Buy	General Motors Co	$903,343,000	+45.7%	22,371,049	+26.1%	3.49%	+43.9%
JPM	Sell	JPMorgan Chase & Co	$817,155,000	+1.7%	8,555,700	-2.7%	3.16%	+0.4%
WFC	Buy	Wells Fargo & Co	$788,046,000	+0.3%	14,289,135	+0.7%	3.04%	-1.0%
BAC	Sell	Bank of America Corp	$786,571,000	+2.4%	31,040,701	-1.9%	3.04%	+1.1%
DISH	Buy	Dish Network Corp Cl A	$770,047,000	-13.5%	14,199,641	+0.2%	2.97%	-14.6%
PEP	Sell	Pepsico Inc	$765,921,000	-4.0%	6,873,559	-0.5%	2.96%	-5.3%
TMO	Sell	Thermo Fisher Scientific Inc	$684,546,000	+7.0%	3,618,107	-1.3%	2.64%	+5.6%
GS	Buy	Goldman Sachs Group Inc	$683,769,000	+7.1%	2,882,789	+0.2%	2.64%	+5.7%
FOX	Sell	Twenty-First Century Fox Cl B	$614,385,000	-7.8%	23,822,610	-0.3%	2.37%	-9.0%
MDLZ	Sell	Mondelez International Inc	$485,180,000	-27.9%	11,932,614	-23.5%	1.87%	-28.9%
WRB	Sell	W R Berkley Corp	$401,796,000	-4.9%	6,020,315	-1.4%	1.55%	-6.1%
FIS	Sell	Fidelity National Information	$329,624,000	+8.5%	3,529,540	-0.8%	1.27%	+7.2%
NBL	Sell	Noble Energy Inc	$324,302,000	-1.9%	11,435,197	-2.1%	1.25%	-3.1%
MS	Sell	Morgan Stanley	$293,112,000	+6.8%	6,084,939	-1.2%	1.13%	+5.4%
GOOGL	Sell	Alphabet Inc Cl A	$285,712,000	-3.4%	293,423	-7.8%	1.10%	-4.6%
GD	Buy	General Dynamics Corp	$189,558,000	+4.2%	922,066	+0.4%	0.73%	+2.8%
APC	Buy	Anadarko Petroleum Corp	$178,736,000	+10.8%	3,658,864	+2.9%	0.69%	+9.4%
FOXA	Sell	Twenty-First Century Fox Cl A	$139,766,000	-8.7%	5,298,174	-1.9%	0.54%	-9.8%
LILAK	Sell	Liberty Global Plc LiLAC - C	$110,396,000	+6.4%	4,738,008	-2.2%	0.43%	+4.9%
ILG	Sell	ILG Inc	$63,899,000	-5.2%	2,390,530	-2.5%	0.25%	-6.4%
BRKA	Sell	Berkshire Hathaway Inc-Cl A	$14,561,000	+5.9%	53	-1.9%	0.06%	+3.7%
LBTYA	Sell	Liberty Global Plc-A	$9,721,000	+4.0%	286,658	-1.5%	0.04%	+2.7%
LILA	Sell	Liberty Global Plc LiLAC - A	$1,147,000	+7.0%	48,285	-1.9%	0.00%	0.0%
IWD	New	IShares Russell 1000 Value	$1,025,000	–	8,650	–	0.00%	–
ASCMA	Sell	Ascent Capital Group Inc-A	$873,000	-15.4%	66,958	-0.4%	0.00%	-25.0%
APA	Exit	Apache Corp	$0	–	-4,300	–	-0.00%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-15,918	–	-0.00%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$2,092,167,000	–	12,352,643	–	8.19%	–
ORCL	New	Oracle Corp	$1,940,121,000	–	38,694,076	–	7.59%	–
MSFT	New	Microsoft Corp	$1,699,428,000	–	24,654,406	–	6.65%	–
C	New	Citigroup Inc	$1,540,587,000	–	23,035,090	–	6.03%	–
GOOG	New	Alphabet Inc Cl C	$1,455,723,000	–	1,601,931	–	5.70%	–
AON	New	Aon PLC	$1,453,927,000	–	10,935,891	–	5.69%	–
AMZN	New	Amazon.com Inc	$1,374,177,000	–	1,419,604	–	5.38%	–
ECL	New	Ecolab Inc	$1,158,086,000	–	8,723,811	–	4.53%	–
LBTYK	New	Liberty Global Plc-Series C	$1,138,523,000	–	36,514,544	–	4.46%	–
UNH	New	UnitedHealth Group Inc	$1,114,649,000	–	6,011,484	–	4.36%	–
MAR	New	Marriott International -Cl A	$972,091,000	–	9,690,873	–	3.80%	–
DISH	New	Dish Network Corp Cl A	$889,766,000	–	14,177,274	–	3.48%	–
JPM	New	JPMorgan Chase & Co	$803,631,000	–	8,792,464	–	3.14%	–
PEP	New	Pepsico Inc	$798,174,000	–	6,911,199	–	3.12%	–
WFC	New	Wells Fargo & Co	$785,906,000	–	14,183,473	–	3.08%	–
BAC	New	Bank of America Corp	$767,910,000	–	31,653,322	–	3.00%	–
MDLZ	New	Mondelez International Inc	$673,274,000	–	15,588,660	–	2.63%	–
FOX	New	Twenty-First Century Fox Cl B	$666,247,000	–	23,905,525	–	2.61%	–
TMO	New	Thermo Fisher Scientific Inc	$639,579,000	–	3,665,841	–	2.50%	–
GS	New	Goldman Sachs Group Inc	$638,293,000	–	2,876,491	–	2.50%	–
GM	New	General Motors Co	$619,802,000	–	17,744,116	–	2.42%	–
WRB	New	W R Berkley Corp	$422,408,000	–	6,106,812	–	1.65%	–
NBL	New	Noble Energy Inc	$330,429,000	–	11,675,952	–	1.29%	–
FIS	New	Fidelity National Information	$303,718,000	–	3,556,419	–	1.19%	–
GOOGL	New	Alphabet Inc Cl A	$295,720,000	–	318,088	–	1.16%	–
MS	New	Morgan Stanley	$274,564,000	–	6,161,675	–	1.07%	–
GD	New	General Dynamics Corp	$181,860,000	–	918,021	–	0.71%	–
APC	New	Anadarko Petroleum Corp	$161,252,000	–	3,556,508	–	0.63%	–
FOXA	New	Twenty-First Century Fox Cl A	$153,098,000	–	5,402,195	–	0.60%	–
LILAK	New	Liberty Global Plc LiLAC - C	$103,709,000	–	4,843,931	–	0.41%	–
ILG	New	ILG Inc	$67,374,000	–	2,450,866	–	0.26%	–
BRKA	New	Berkshire Hathaway Inc-Cl A	$13,754,000	–	54	–	0.05%	–
LBTYA	New	Liberty Global Plc-A	$9,347,000	–	290,991	–	0.04%	–
BWA	New	BorgWarner Inc	$2,711,000	–	64,000	–	0.01%	–
HQY	New	Healthequity Inc	$1,719,000	–	34,500	–	0.01%	–
CMCSA	New	Comcast Corp Cl A	$934,000	–	24,000	–	0.00%	–
LILA	New	Liberty Global Plc LiLAC - A	$1,072,000	–	49,230	–	0.00%	–
NSRGY	New	Nestle S A Rep RG SH ADRadr	$1,124,000	–	12,885	–	0.00%	–
ASCMA	New	Ascent Capital Group Inc-A	$1,032,000	–	67,194	–	0.00%	–
AIG	New	American International Group	$825,000	–	13,200	–	0.00%	–
PX	New	Praxair Inc	$852,000	–	6,425	–	0.00%	–
TRV	New	Travelers Companies, Inc	$873,000	–	6,900	–	0.00%	–
BABA	New	Alibaba Group Holding Ltdadr	$514,000	–	3,650	–	0.00%	–
KO	New	Coca Cola Co	$565,000	–	12,600	–	0.00%	–
CHTR	New	Charter Communications Inc-A	$609,000	–	1,808	–	0.00%	–
BK	New	Bank of New York Mellon Corp	$612,000	–	12,000	–	0.00%	–
NTRP	New	Neurotrope Inc	$560,000	–	59,745	–	0.00%	–
FCNCA	New	First Citizens BancShares	$581,000	–	1,560	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$617,000	–	16,500	–	0.00%	–
IBM	New	IBM	$415,000	–	2,700	–	0.00%	–
NFX	New	Newfield Exploration Co	$453,000	–	15,900	–	0.00%	–
CCOI	New	Cogent Communications Holdings	$593,000	–	14,800	–	0.00%	–
SATS	New	Echostar Corp-A	$249,000	–	4,100	–	0.00%	–
NWSA	New	News Corp Ltd Class A	$257,000	–	18,750	–	0.00%	–
COP	New	ConocoPhillips	$246,000	–	5,600	–	0.00%	–
APA	New	Apache Corp	$206,000	–	4,300	–	0.00%	–
VRX	New	Valeant Pharmaceuticals Intern	$275,000	–	15,918	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
NWSA	Exit	News Corp Ltd Class A	$0	–	-18,750	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
APA	Exit	Apache Corp	$0	–	-4,300	–	-0.00%	–
IBM	Exit	IBM	$0	–	-2,700	–	-0.00%	–
CHTR	Exit	Charter Communications Inc-A	$0	–	-1,808	–	-0.00%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-7,000	–	-0.00%	–
FCNCA	Exit	First Citizens BancShares	$0	–	-1,560	–	-0.00%	–
L	Exit	Loews Corp	$0	–	-10,700	–	-0.00%	–
CCOI	Exit	Cogent Communications Holdings	$0	–	-14,800	–	-0.00%	–
DISCK	Exit	Discovery Communications Cl C	$0	–	-17,393	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-16,500	–	-0.00%	–
MMM	Exit	3M Company	$0	–	-3,555	–	-0.00%	–
AIG	Exit	American International Group	$0	–	-13,200	–	-0.00%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-29,153	–	-0.00%	–
CMCSA	Exit	Comcast Corp Cl A	$0	–	-12,000	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
NFX	Exit	Newfield Exploration Co	$0	–	-15,900	–	-0.00%	–
PX	Exit	Praxair Inc	$0	–	-7,855	–	-0.00%	–
DISCA	Exit	Discovery Communications Cl A	$0	–	-35,300	–	-0.00%	–
STZ	Exit	Constellation Brands Inc	$0	–	-5,327	–	-0.00%	–
HQY	Exit	Healthequity Inc	$0	–	-35,000	–	-0.01%	–
ASCMA	Exit	Ascent Capital Group Inc-A	$0	–	-69,932	–	-0.01%	–
LILA	Exit	Liberty Global Plc LiLAC - A	$0	–	-58,725	–	-0.01%	–
NSRGY	Exit	Nestle S A Rep RG SH ADRadr	$0	–	-26,910	–	-0.01%	–
KO	Exit	Coca Cola Co	$0	–	-47,200	–	-0.01%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-20,889	–	-0.01%	–
BWA	Exit	BorgWarner Inc	$0	–	-64,000	–	-0.01%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-338,475	–	-0.05%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-99	–	-0.09%	–
IILG	Exit	Interval Leisure Group	$0	–	-2,681,441	–	-0.20%	–
LILAK	Exit	Liberty Global Plc LiLAC - C	$0	–	-5,511,759	–	-0.67%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-3,671,422	–	-1.00%	–
FIS	Exit	Fidelity National Information	$0	–	-3,832,951	–	-1.27%	–
FOXA	Exit	Twenty-First Century Fox Cl A	$0	–	-12,564,694	–	-1.31%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-463,247	–	-1.61%	–
WRB	Exit	W R Berkley Corp	$0	–	-7,169,656	–	-1.79%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-2,786,311	–	-1.94%	–
NBL	Exit	Noble Energy Inc	$0	–	-13,328,165	–	-2.05%	–
MS	Exit	Morgan Stanley	$0	–	-15,049,375	–	-2.08%	–
BAC	Exit	Bank of America Corp	$0	–	-36,518,233	–	-2.46%	–
MAR	Exit	Marriott International -Cl A	$0	–	-9,125,645	–	-2.65%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-4,070,082	–	-2.79%	–
FOX	Exit	Twenty-First Century Fox Cl B	$0	–	-31,367,326	–	-3.35%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-18,525,244	–	-3.51%	–
PEP	Exit	Pepsico Inc	$0	–	-7,582,756	–	-3.56%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-13,494,680	–	-3.87%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-16,993,410	–	-4.01%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-7,036,136	–	-4.25%	–
ECL	Exit	Ecolab Inc	$0	–	-8,994,143	–	-4.72%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-36,085,160	–	-5.14%	–
C	Exit	Citigroup Inc	$0	–	-26,848,292	–	-5.47%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,756,272	–	-5.89%	–
AMZN	Exit	Amazon.com Inc	$0	–	-1,645,017	–	-5.94%	–
AON	Exit	AON PLC	$0	–	-12,454,255	–	-6.04%	–
MSFT	Exit	Microsoft Corp	$0	–	-28,388,698	–	-7.05%	–
ORCL	Exit	Oracle Corp	$0	–	-42,741,866	–	-7.24%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-12,684,547	–	-7.90%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$1,832,537,000	-4.0%	12,684,547	-3.8%	7.90%	-3.7%
ORCL	Sell	Oracle Corp	$1,678,900,000	-9.5%	42,741,866	-5.7%	7.24%	-9.2%
MSFT	Sell	Microsoft Corp	$1,635,189,000	+4.9%	28,388,698	-6.8%	7.05%	+5.3%
AON	Sell	AON PLC	$1,400,979,000	-3.2%	12,454,255	-6.0%	6.04%	-2.9%
AMZN	Sell	Amazon.com Inc	$1,377,389,000	+8.9%	1,645,017	-6.9%	5.94%	+9.3%
GOOG	Sell	Alphabet Inc Cl C	$1,365,133,000	+6.8%	1,756,272	-4.9%	5.89%	+7.2%
C	Sell	Citigroup Inc	$1,268,045,000	+11.4%	26,848,292	-0.0%	5.47%	+11.8%
LBTYK	Buy	Liberty Global Plc-Series C	$1,192,254,000	+16.9%	36,085,160	+1.3%	5.14%	+17.3%
ECL	Sell	Ecolab Inc	$1,094,767,000	+0.2%	8,994,143	-2.4%	4.72%	+0.5%
UNH	Sell	UnitedHealth Group Inc	$985,059,000	-7.9%	7,036,136	-7.2%	4.25%	-7.6%
DISH	Sell	Dish Network Corp Cl A	$930,899,000	+1.3%	16,993,410	-3.1%	4.01%	+1.7%
JPM	Sell	JPMorgan Chase & Co	$898,611,000	+3.2%	13,494,680	-3.7%	3.87%	+3.5%
PEP	Sell	Pepsico Inc	$824,776,000	-4.4%	7,582,756	-6.9%	3.56%	-4.1%
MDLZ	Sell	Mondelez International Inc	$813,258,000	-9.6%	18,525,244	-6.3%	3.51%	-9.3%
FOX	Sell	Twenty-First Century Fox Cl B	$776,028,000	-11.9%	31,367,326	-3.0%	3.35%	-11.6%
TMO	Sell	Thermo Fisher Scientific Inc	$647,387,000	+1.4%	4,070,082	-5.8%	2.79%	+1.8%
MAR	Buy	Marriott International -Cl A	$614,430,000	+118.8%	9,125,645	+116.0%	2.65%	+119.5%
BAC	Buy	Bank of America Corp	$571,510,000	+27.6%	36,518,233	+8.2%	2.46%	+28.0%
MS	Sell	Morgan Stanley	$482,483,000	+17.6%	15,049,375	-4.7%	2.08%	+18.0%
NBL	Sell	Noble Energy Inc	$476,349,000	-6.2%	13,328,165	-5.9%	2.05%	-5.9%
GS	Sell	Goldman Sachs Group Inc	$449,348,000	+5.2%	2,786,311	-3.1%	1.94%	+5.5%
WRB	Sell	W R Berkley Corp	$414,119,000	-9.7%	7,169,656	-6.4%	1.79%	-9.4%
GOOGL	Sell	Alphabet Inc Cl A	$372,478,000	-2.3%	463,247	-14.5%	1.61%	-2.0%
FOXA	Sell	Twenty-First Century Fox Cl A	$304,317,000	-12.8%	12,564,694	-2.6%	1.31%	-12.5%
FIS	Sell	Fidelity National Information	$295,252,000	-1.2%	3,832,951	-5.5%	1.27%	-0.9%
APC	Sell	Anadarko Petroleum Corp	$232,621,000	+11.8%	3,671,422	-6.1%	1.00%	+12.2%
LILAK	Sell	Liberty Global Plc LiLAC - C	$154,605,000	-18.6%	5,511,759	-5.7%	0.67%	-18.3%
IILG	Sell	Interval Leisure Group	$46,040,000	+4.3%	2,681,441	-3.4%	0.20%	+4.7%
BRKA	Sell	Berkshire Hathaway Inc-Cl A	$21,406,000	-1.3%	99	-1.0%	0.09%	-1.1%
LBTYA	Sell	Liberty Global Plc-A	$11,569,000	+15.8%	338,475	-1.6%	0.05%	+16.3%
BABA	Sell	Alibaba Group Holding Ltdadr	$2,210,000	-60.5%	20,889	-70.3%	0.01%	-58.3%
ASCMA	Sell	Ascent Capital Group Inc-A	$1,620,000	+35.9%	69,932	-9.7%	0.01%	+40.0%
LILA	Sell	Liberty Global Plc LiLAC - A	$1,620,000	-16.6%	58,725	-2.5%	0.01%	-12.5%
HQY	Sell	Healthequity Inc	$1,325,000	+9.1%	35,000	-12.5%	0.01%	+20.0%
STZ	Sell	Constellation Brands Inc	$887,000	-7.7%	5,327	-8.3%	0.00%	0.0%
DISCA	Sell	Discovery Communications Cl A	$950,000	-55.9%	35,300	-58.7%	0.00%	-55.6%
VRX	Sell	Valeant Pharmaceuticals Intern	$716,000	+13.8%	29,153	-6.7%	0.00%	0.0%
CCOI	Sell	Cogent Communications Holdings	$545,000	-41.1%	14,800	-35.9%	0.00%	-50.0%
DISCK	Sell	Discovery Communications Cl C	$458,000	-97.8%	17,393	-98.0%	0.00%	-97.8%
HOT	Exit	Starwood Hotels & Resorts	$0	–	-6,470,675	–	-2.06%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$1,909,747,000	–	13,189,771	–	8.21%	–
ORCL	New	Oracle Corp	$1,855,121,000	–	45,324,242	–	7.97%	–
MSFT	New	Microsoft Corp	$1,558,181,000	–	30,451,070	–	6.70%	–
AON	New	AON PLC	$1,447,207,000	–	13,249,174	–	6.22%	–
GOOG	New	Alphabet Inc Cl C	$1,278,071,000	–	1,846,657	–	5.49%	–
AMZN	New	Amazon.com Inc	$1,264,952,000	–	1,767,631	–	5.44%	–
C	New	Citigroup Inc	$1,138,445,000	–	26,856,454	–	4.89%	–
ECL	New	Ecolab Inc	$1,092,935,000	–	9,215,302	–	4.70%	–
UNH	New	UnitedHealth Group Inc	$1,070,077,000	–	7,578,448	–	4.60%	–
LBTYK	New	Liberty Global Plc-Series C	$1,020,238,000	–	35,610,408	–	4.38%	–
DISH	New	Dish Network Corp Cl A	$918,521,000	–	17,529,023	–	3.95%	–
MDLZ	New	Mondelez International Inc	$899,956,000	–	19,774,912	–	3.87%	–
FOX	New	Twenty-First Century Fox Cl B	$880,818,000	–	32,323,594	–	3.78%	–
JPM	New	JPMorgan Chase & Co	$871,130,000	–	14,018,823	–	3.74%	–
PEP	New	Pepsico Inc	$862,996,000	–	8,146,083	–	3.71%	–
TMO	New	Thermo Fisher Scientific Inc	$638,198,000	–	4,319,153	–	2.74%	–
NBL	New	Noble Energy Inc	$507,851,000	–	14,158,112	–	2.18%	–
HOT	New	Starwood Hotels & Resorts	$478,506,000	–	6,470,675	–	2.06%	–
WRB	New	W R Berkley Corp	$458,787,000	–	7,656,667	–	1.97%	–
BAC	New	Bank of America Corp	$448,029,000	–	33,762,566	–	1.92%	–
GS	New	Goldman Sachs Group Inc	$427,203,000	–	2,875,242	–	1.84%	–
MS	New	Morgan Stanley	$410,260,000	–	15,791,363	–	1.76%	–
GOOGL	New	Alphabet Inc Cl A	$381,327,000	–	542,020	–	1.64%	–
FOXA	New	Twenty-First Century Fox Cl A	$349,106,000	–	12,905,955	–	1.50%	–
FIS	New	Fidelity National Information	$298,822,000	–	4,055,667	–	1.28%	–
MAR	New	Marriott International -Cl A	$280,777,000	–	4,224,753	–	1.21%	–
APC	New	Anadarko Petroleum Corp	$208,115,000	–	3,908,258	–	0.89%	–
LILAK	New	Liberty Global Plc LiLAC - C	$189,920,000	–	5,845,500	–	0.82%	–
IILG	New	Interval Leisure Group	$44,129,000	–	2,775,439	–	0.19%	–
BRKA	New	Berkshire Hathaway Inc-Cl A	$21,697,000	–	100	–	0.09%	–
DISCK	New	Discovery Communications Cl C	$20,983,000	–	879,770	–	0.09%	–
LBTYA	New	Liberty Global Plc-A	$9,992,000	–	343,839	–	0.04%	–
BABA	New	Alibaba Group Holding Ltdadr	$5,592,000	–	70,314	–	0.02%	–
KO	New	Coca Cola Co	$2,140,000	–	47,200	–	0.01%	–
NSRGY	New	Nestle S A Rep RG SH ADRadr	$2,080,000	–	26,910	–	0.01%	–
DISCA	New	Discovery Communications Cl A	$2,156,000	–	85,450	–	0.01%	–
BWA	New	BorgWarner Inc	$1,889,000	–	64,000	–	0.01%	–
LILA	New	Liberty Global Plc LiLAC - A	$1,943,000	–	60,215	–	0.01%	–
HQY	New	Healthequity Inc	$1,215,000	–	40,000	–	0.01%	–
ASCMA	New	Ascent Capital Group Inc-A	$1,192,000	–	77,479	–	0.01%	–
PX	New	Praxair Inc	$883,000	–	7,855	–	0.00%	–
STZ	New	Constellation Brands Inc	$961,000	–	5,809	–	0.00%	–
CCOI	New	Cogent Communications Holdings	$925,000	–	23,100	–	0.00%	–
TRV	New	Travelers Companies, Inc	$821,000	–	6,900	–	0.00%	–
AIG	New	American International Group	$698,000	–	13,200	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$584,000	–	16,500	–	0.00%	–
NFX	New	Newfield Exploration Co	$702,000	–	15,900	–	0.00%	–
CMCSA	New	Comcast Corp Cl A	$782,000	–	12,000	–	0.00%	–
MMM	New	3M Company	$623,000	–	3,555	–	0.00%	–
VRX	New	Valeant Pharmaceuticals Intern	$629,000	–	31,253	–	0.00%	–
IBM	New	IBM	$410,000	–	2,700	–	0.00%	–
L	New	Loews Corp	$440,000	–	10,700	–	0.00%	–
CHTR	New	Charter Communications Inc-A	$413,000	–	1,808	–	0.00%	–
WMT	New	Wal-Mart Stores Inc	$511,000	–	7,000	–	0.00%	–
BK	New	Bank of New York Mellon Corp	$466,000	–	12,000	–	0.00%	–
FCNCA	New	First Citizens BancShares	$404,000	–	1,560	–	0.00%	–
NWSA	New	News Corp Ltd Class A	$213,000	–	18,750	–	0.00%	–
COP	New	ConocoPhillips	$244,000	–	5,600	–	0.00%	–
APA	New	Apache Corp	$239,000	–	4,300	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
NWSA	Exit	News Corp Ltd Class A	$0	–	-18,750	–	-0.00%	–
IBM	Exit	IBM	$0	–	-2,700	–	-0.00%	–
CHTR	Exit	Charter Communication-A	$0	–	-2,000	–	-0.00%	–
BK	Exit	Bank of New York Mellon Corp	$0	–	-12,000	–	-0.00%	–
L	Exit	Loews Corp	$0	–	-11,900	–	-0.00%	–
CMCSK	Exit	Comcast Corp-Special Cl A	$0	–	-12,000	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc	$0	–	-6,900	–	-0.00%	–
AIG	Exit	American Intl Group Inc	$0	–	-13,200	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-16,500	–	-0.00%	–
LILA	Exit	Liberty LiLAC Group A	$0	–	-20,168	–	-0.00%	–
NFX	Exit	Newfield Exploration Co	$0	–	-22,800	–	-0.00%	–
CCOI	Exit	Cogent Communications Holdings	$0	–	-36,700	–	-0.00%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-17,000	–	-0.01%	–
HQY	Exit	Healthequity Inc	$0	–	-40,000	–	-0.01%	–
ASCMA	Exit	Ascent Capital Group Inc-A	$0	–	-79,687	–	-0.01%	–
KO	Exit	Coca Cola Co	$0	–	-64,670	–	-0.01%	–
BWA	Exit	BorgWarner Inc	$0	–	-64,000	–	-0.01%	–
NSRGY	Exit	Nestle S A Rep RG SH ADRadr	$0	–	-37,062	–	-0.01%	–
IWD	Exit	IShares Russell 1000 Value	$0	–	-33,100	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF Trust	$0	–	-21,150	–	-0.02%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-396,615	–	-0.08%	–
BRKA	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-100	–	-0.09%	–
MMM	Exit	3M Company	$0	–	-230,216	–	-0.14%	–
LILAK	Exit	Liberty LiLAC Group C	$0	–	-1,511,960	–	-0.23%	–
DISCK	Exit	Discovery Communications Cl C	$0	–	-3,385,009	–	-0.36%	–
DISCA	Exit	Discovery Communications Cl A	$0	–	-4,727,438	–	-0.54%	–
APC	Exit	Anadarko Petroleum Corp	$0	–	-2,980,574	–	-0.79%	–
TV	Exit	Grupo Televisa SA-Spon ADRadr	$0	–	-7,129,891	–	-0.81%	–
KHC	Exit	Kraft Heinz Co	$0	–	-2,915,581	–	-0.90%	–
PX	Exit	Praxair Inc	$0	–	-2,100,809	–	-0.94%	–
FOXA	Exit	Twenty-First Century Fox Cl A	$0	–	-10,741,536	–	-1.27%	–
STZ	Exit	Constellation Brands Inc	$0	–	-2,754,854	–	-1.51%	–
GOOGL	Exit	Alphabet Inc Cl A	$0	–	-666,833	–	-1.87%	–
WRB	Exit	W R Berkley Corp	$0	–	-7,972,861	–	-1.90%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-2,613,179	–	-1.99%	–
NBL	Exit	Noble Energy Inc	$0	–	-15,753,644	–	-2.09%	–
BAC	Exit	Bank of America Corp	$0	–	-30,528,925	–	-2.09%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-8,078,119	–	-2.09%	–
MS	Exit	Morgan Stanley	$0	–	-16,095,010	–	-2.22%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-4,401,147	–	-2.36%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-3,374,721	–	-2.64%	–
ALTR	Exit	Altera Corp	$0	–	-13,512,336	–	-2.97%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-11,396,768	–	-3.05%	–
PEP	Exit	Pepsico Inc	$0	–	-8,135,400	–	-3.37%	–
DISH	Exit	Dish Network Corp Cl A	$0	–	-13,470,726	–	-3.45%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-19,996,232	–	-3.67%	–
FOX	Exit	Twenty-First Century Fox Cl B	$0	–	-31,447,659	–	-3.74%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-7,589,700	–	-3.86%	–
ECL	Exit	Ecolab Inc	$0	–	-9,066,842	–	-4.37%	–
AMZN	Exit	Amazon.com Inc	$0	–	-2,062,495	–	-4.63%	–
GOOG	Exit	Alphabet Inc Cl C	$0	–	-1,760,086	–	-4.70%	–
AON	Exit	AON PLC	$0	–	-13,313,851	–	-5.18%	–
C	Exit	Citigroup Inc	$0	–	-24,370,238	–	-5.30%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-30,311,752	–	-5.46%	–
MSFT	Exit	Microsoft Corp	$0	–	-30,253,898	–	-5.88%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-11,240,062	–	-6.43%	–
ORCL	Exit	Oracle Corp	$0	–	-43,603,583	–	-6.91%	–

Q3 2015

			Value		Shares		↓ Weighting
ORCL	Buy	Oracle Corp	$1,574,961,000	-7.5%	43,603,583	+3.2%	6.91%	+3.2%
BRKB	Buy	Berkshire Hathaway Inc-Cl B	$1,465,704,000	+4.2%	11,240,062	+8.7%	6.43%	+16.2%
MSFT	Buy	Microsoft Corp	$1,339,038,000	+2.7%	30,253,898	+2.4%	5.88%	+14.5%
LBTYK	Buy	Liberty Global Plc-Series C	$1,243,388,000	-18.6%	30,311,752	+0.5%	5.46%	-9.2%
C	Sell	Citigroup Inc	$1,209,008,000	-10.2%	24,370,238	-0.0%	5.30%	+0.2%
AON	Buy	AON PLC	$1,179,740,000	-10.5%	13,313,851	+0.7%	5.18%	-0.2%
GOOG	New	Alphabet Inc Cl C	$1,070,872,000	–	1,760,086	–	4.70%	–
AMZN	Sell	Amazon.com Inc	$1,055,771,000	+15.8%	2,062,495	-1.8%	4.63%	+29.2%
ECL	Buy	Ecolab Inc	$994,814,000	-2.3%	9,066,842	+0.7%	4.37%	+9.0%
UNH	Sell	UnitedHealth Group Inc	$880,481,000	-17.2%	7,589,700	-12.9%	3.86%	-7.6%
FOX	Buy	Twenty-First Century Fox Cl B	$851,288,000	-6.3%	31,447,659	+11.5%	3.74%	+4.5%
MDLZ	Sell	Mondelez International Inc	$837,242,000	+0.8%	19,996,232	-1.0%	3.67%	+12.4%
DISH	Buy	Dish Network Corp Cl A	$785,882,000	-9.3%	13,470,726	+5.3%	3.45%	+1.2%
PEP	Buy	Pepsico Inc	$767,168,000	+1.4%	8,135,400	+0.4%	3.37%	+13.1%
JPM	Buy	JPMorgan Chase & Co	$694,861,000	-4.0%	11,396,768	+6.7%	3.05%	+7.1%
ALTR	Sell	Altera Corp	$676,698,000	-3.1%	13,512,336	-1.0%	2.97%	+8.0%
VRX	Sell	Valeant Pharmaceuticals Intern	$601,983,000	-20.8%	3,374,721	-1.4%	2.64%	-11.6%
TMO	Sell	Thermo Fisher Scientific Inc	$538,172,000	-6.4%	4,401,147	-0.7%	2.36%	+4.4%
MS	Sell	Morgan Stanley	$506,993,000	-20.3%	16,095,010	-1.9%	2.22%	-11.1%
BABA	Buy	Alibaba Group Holding Ltdadr	$476,367,000	-4.0%	8,078,119	+33.9%	2.09%	+7.1%
BAC	Buy	Bank of America Corp	$475,641,000	+1.5%	30,528,925	+10.9%	2.09%	+13.2%
NBL	Sell	Noble Energy Inc	$475,445,000	-29.9%	15,753,644	-0.9%	2.09%	-21.8%
GS	Buy	Goldman Sachs Group Inc	$454,066,000	-16.8%	2,613,179	+0.0%	1.99%	-7.1%
WRB	Sell	W R Berkley Corp	$433,484,000	-10.7%	7,972,861	-14.7%	1.90%	-0.4%
GOOGL	New	Alphabet Inc Cl A	$425,686,000	–	666,833	–	1.87%	–
STZ	Sell	Constellation Brands Inc	$344,935,000	-35.3%	2,754,854	-40.0%	1.51%	-27.8%
FOXA	Buy	Twenty-First Century Fox Cl A	$289,807,000	+3.2%	10,741,536	+24.4%	1.27%	+15.1%
PX	Sell	Praxair Inc	$213,988,000	-63.1%	2,100,809	-56.7%	0.94%	-58.8%
KHC	New	Kraft Heinz Co	$205,782,000	–	2,915,581	–	0.90%	–
TV	New	Grupo Televisa SA-Spon ADRadr	$185,520,000	–	7,129,891	–	0.81%	–
APC	Buy	Anadarko Petroleum Corp	$179,997,000	-21.2%	2,980,574	+1.8%	0.79%	-12.1%
DISCA	Buy	Discovery Communications Cl A	$123,055,000	-18.5%	4,727,438	+4.2%	0.54%	-9.1%
DISCK	Buy	Discovery Communications Cl C	$82,222,000	-14.8%	3,385,009	+9.0%	0.36%	-5.0%
LILAK	New	Liberty LiLAC Group C	$51,770,000	–	1,511,960	–	0.23%	–
MMM	Sell	3M Company	$32,638,000	-89.8%	230,216	-88.9%	0.14%	-88.7%
BRKA	Buy	Berkshire Hathaway Inc-Cl A	$19,524,000	+10.8%	100	+16.3%	0.09%	+24.6%
LBTYA	Sell	Liberty Global Plc-A	$17,031,000	-22.3%	396,615	-2.2%	0.08%	-12.8%
SPY	Buy	SPDR S&P 500 ETF Trust	$4,053,000	+1211.7%	21,150	+1310.0%	0.02%	+1700.0%
IWD	New	IShares Russell 1000 Value	$3,088,000	–	33,100	–	0.01%	–
NSRGY	Sell	Nestle S A Rep RG SH ADRadr	$2,789,000	-99.2%	37,062	-99.2%	0.01%	-99.1%
KO	Sell	Coca Cola Co	$2,595,000	-98.6%	64,670	-98.7%	0.01%	-98.5%
ASCMA	Sell	Ascent Capital Group Inc-A	$2,182,000	-36.1%	79,687	-0.3%	0.01%	-23.1%
WMT	Sell	Wal-Mart Stores Inc	$1,102,000	-74.8%	17,000	-72.4%	0.01%	-70.6%
CCOI	New	Cogent Communications Holdings	$997,000	–	36,700	–	0.00%	–
IBKR	Sell	Interactive Brokers Group, Inc	$651,000	-32.5%	16,500	-28.9%	0.00%	-25.0%
LILA	New	Liberty LiLAC Group A	$679,000	–	20,168	–	0.00%	–
L	Sell	Loews Corp	$430,000	-99.4%	11,900	-99.4%	0.00%	-99.3%
CHTR	Buy	Charter Communication-A	$352,000	+8.3%	2,000	+5.3%	0.00%	+100.0%
NWSA	Sell	News Corp Ltd Class A	$237,000	-16.5%	18,750	-3.7%	0.00%	0.0%
VOD	Exit	Vodafone Group PLC-SP ADRadr	$0	–	-7,090	–	-0.00%	–
APA	Exit	Apache Corp	$0	–	-5,250	–	-0.00%	–
TDS	Exit	Telephone and Data Systems	$0	–	-8,900	–	-0.00%	–
SNY	Exit	Sanofi ADRadr	$0	–	-7,000	–	-0.00%	–
TTE	Exit	Total SA B ADR'sadr	$0	–	-4,400	–	-0.00%	–
WFC	Exit	Wells Fargo	$0	–	-7,300	–	-0.00%	–
KRFT	Exit	Kraft Foods Group Inc	$0	–	-2,926,137	–	-0.98%	–
GOOGL	Exit	Google Inc Cl A	$0	–	-697,126	–	-1.48%	–
GOOG	Exit	Google Inc Cl C	$0	–	-1,744,179	–	-3.57%	–

Q2 2015

			Value		Shares		↓ Weighting
ORCL	New	Oracle Systems	$1,702,433,000	–	42,244,002	–	6.70%	–
LBTYK	New	Liberty Global Plc-Series C	$1,526,929,000	–	30,158,574	–	6.01%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$1,407,180,000	–	10,338,547	–	5.54%	–
C	New	Citigroup Inc.	$1,346,449,000	–	24,374,533	–	5.30%	–
AON	New	AON PLC	$1,318,506,000	–	13,227,384	–	5.19%	–
MSFT	New	Microsoft Corp	$1,304,469,000	–	29,546,305	–	5.13%	–
UNH	New	UnitedHealth Group Inc	$1,063,032,000	–	8,713,377	–	4.18%	–
ECL	New	Ecolab Inc	$1,017,942,000	–	9,002,762	–	4.00%	–
AMZN	New	Amazon.com Inc	$911,355,000	–	2,099,461	–	3.59%	–
FOX	New	Twenty-First Century Fox Cl B	$908,751,000	–	28,204,550	–	3.58%	–
GOOG	New	Google Inc Cl C	$907,863,000	–	1,744,179	–	3.57%	–
DISH	New	Dish Network Corp Cl A	$866,214,000	–	12,793,006	–	3.41%	–
MDLZ	New	Mondelez International Inc	$830,670,000	–	20,191,300	–	3.27%	–
VRX	New	Valeant Pharmaceuticals Intern	$760,103,000	–	3,421,576	–	2.99%	–
PEP	New	Pepsico	$756,424,000	–	8,103,968	–	2.98%	–
JPM	New	JPMorgan Chase & Co	$723,717,000	–	10,680,598	–	2.85%	–
ALTR	New	Altera Corporation	$698,638,000	–	13,645,272	–	2.75%	–
NBL	New	Noble Energy Inc	$678,413,000	–	15,895,338	–	2.67%	–
MS	New	Morgan Stanley	$636,372,000	–	16,405,577	–	2.50%	–
PX	New	Praxair Inc	$579,618,000	–	4,848,331	–	2.28%	–
TMO	New	Thermo Fisher Scientific Inc	$575,051,000	–	4,431,647	–	2.26%	–
GS	New	Goldman Sachs Group Inc	$545,501,000	–	2,612,678	–	2.15%	–
STZ	New	Constellation Brands Inc	$533,010,000	–	4,594,122	–	2.10%	–
BABA	New	Alibaba Group Holding Ltdadr	$496,178,000	–	6,031,089	–	1.95%	–
WRB	New	Berkley W R Corp	$485,383,000	–	9,346,871	–	1.91%	–
BAC	New	Bank of America Corp	$468,478,000	–	27,525,143	–	1.84%	–
GOOGL	New	Google Inc Cl A	$376,476,000	–	697,126	–	1.48%	–
NSRGY	New	Nestle S A Rep RG SH ADRadr	$341,449,000	–	4,731,830	–	1.34%	–
MMM	New	3M Company	$320,896,000	–	2,079,691	–	1.26%	–
FOXA	New	Twenty-First Century Fox Cl A	$280,938,000	–	8,632,287	–	1.10%	–
KRFT	New	Kraft Foods Group Inc	$249,131,000	–	2,926,137	–	0.98%	–
APC	New	Anadarko Petroleum	$228,544,000	–	2,927,796	–	0.90%	–
KO	New	Coca Cola Co	$187,955,000	–	4,791,107	–	0.74%	–
DISCA	New	Discovery Communications Cl A	$150,936,000	–	4,538,071	–	0.59%	–
DISCK	New	Discovery Communications Cl C	$96,532,000	–	3,105,909	–	0.38%	–
L	New	Loews Corp	$75,608,000	–	1,963,336	–	0.30%	–
LBTYA	New	Liberty Global Plc-A	$21,925,000	–	405,502	–	0.09%	–
BRKA	New	Berkshire Hathaway Inc Cl A	$17,617,000	–	86	–	0.07%	–
WMT	New	Wal-Mart Stores Inc	$4,369,000	–	61,591	–	0.02%	–
BWA	New	Borg Warner Inc	$3,638,000	–	64,000	–	0.01%	–
ASCMA	New	Ascent Capital Group Inc-A	$3,417,000	–	79,938	–	0.01%	–
HQY	New	Healthequity Inc	$1,282,000	–	40,000	–	0.01%	–
IBKR	New	Interactive Brokers Group, Inc	$964,000	–	23,200	–	0.00%	–
TRV	New	Travelers Companies, Inc.	$667,000	–	6,900	–	0.00%	–
NFX	New	Newfield Exploration Co	$824,000	–	22,800	–	0.00%	–
CMCSK	New	Comcast Corp Special Cl A	$719,000	–	12,000	–	0.00%	–
AIG	New	American Intl Group Inc New	$816,000	–	13,200	–	0.00%	–
BK	New	Bank of NY Mellon	$504,000	–	12,000	–	0.00%	–
IBM	New	IBM	$439,000	–	2,700	–	0.00%	–
WFC	New	Wells Fargo	$411,000	–	7,300	–	0.00%	–
APA	New	Apache Corp	$303,000	–	5,250	–	0.00%	–
NWSA	New	News Corp Ltd Class A	$284,000	–	19,475	–	0.00%	–
VOD	New	Vodafone Group PLC-SP ADRadr	$258,000	–	7,090	–	0.00%	–
COP	New	ConocoPhillips	$344,000	–	5,600	–	0.00%	–
TDS	New	Telephone and Data Systems	$262,000	–	8,900	–	0.00%	–
TTE	New	Total SA B ADR'sadr	$216,000	–	4,400	–	0.00%	–
SNY	New	Sanofi ADRadr	$347,000	–	7,000	–	0.00%	–
CHTR	New	Charter Communications	$325,000	–	1,900	–	0.00%	–
SPY	New	SPDR S&P 500 ETF Trust	$309,000	–	1,500	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
TTE	Exit	Total SA B ADR'sadr	$0	–	-4,400	–	-0.00%	–
VOD	Exit	Vodafone Group PLC-SP ADRadr	$0	–	-7,090	–	-0.00%	–
CHTR	Exit	Charter Communications	$0	–	-1,900	–	-0.00%	–
MCD	Exit	McDonald's Corp	$0	–	-2,500	–	-0.00%	–
WFC	Exit	Wells Fargo	$0	–	-7,300	–	-0.00%	–
TDS	Exit	Telephone and Data Systems	$0	–	-8,900	–	-0.00%	–
NWSA	Exit	News Corp Ltd Class A	$0	–	-19,475	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
BK	Exit	Bank of NY Mellon	$0	–	-12,000	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-23,200	–	-0.00%	–
IBM	Exit	IBM	$0	–	-2,700	–	-0.00%	–
SNY	Exit	Sanofi ADRadr	$0	–	-7,000	–	-0.00%	–
APA	Exit	Apache Corp	$0	–	-6,725	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc.	$0	–	-6,900	–	-0.00%	–
HQY	Exit	Healthequity Inc	$0	–	-38,700	–	-0.00%	–
AIG	Exit	American Intl Group Inc New	$0	–	-13,200	–	-0.00%	–
NFX	Exit	Newfield Exploration Co	$0	–	-22,800	–	-0.00%	–
FIS	Exit	Fidelity National Information	$0	–	-19,404	–	-0.00%	–
BWA	Exit	Borg Warner Inc	$0	–	-64,000	–	-0.01%	–
ASCMA	Exit	Ascent Capital Group Inc-A	$0	–	-82,094	–	-0.02%	–
JPM	Exit	J.P. Morgan Chase & Co.	$0	–	-160,400	–	-0.04%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-575,216	–	-0.09%	–
CMCSA	Exit	Comcast Corp Cl A	$0	–	-561,261	–	-0.12%	–
BRKA	Exit	Berkshire Hathaway Inc. Cl A	$0	–	-517	–	-0.41%	–
FOXA	Exit	Twenty-First Century Fox Inc	$0	–	-6,588,165	–	-0.87%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-2,898,300	–	-0.99%	–
L	Exit	Loews Corp	$0	–	-7,158,244	–	-1.15%	–
APC	Exit	Anadarko Petroleum	$0	–	-3,083,396	–	-1.21%	–
MMM	Exit	3M Company	$0	–	-2,327,483	–	-1.27%	–
ALTR	Exit	Altera Corporation	$0	–	-10,567,647	–	-1.46%	–
GOOGL	Exit	Google Inc - Cl A	$0	–	-790,560	–	-1.80%	–
GOOG	Exit	Google Inc - Cl C	$0	–	-844,221	–	-1.88%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-3,925,474	–	-1.99%	–
STZ	Exit	Constellation Brands Inc	$0	–	-5,937,218	–	-2.00%	–
WRB	Exit	Berkley W R Corp	$0	–	-11,039,162	–	-2.04%	–
DISH	Exit	Dish Network Corp CL A	$0	–	-8,203,184	–	-2.05%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-2,899,897	–	-2.06%	–
NSRGY	Exit	Nestle S A Rep RG SH ADRadr	$0	–	-8,355,529	–	-2.38%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-5,228,097	–	-2.46%	–
PX	Exit	Praxair Inc	$0	–	-5,116,293	–	-2.55%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-21,982,916	–	-2.91%	–
CMCSK	Exit	Comcast Corp Special Cl A	$0	–	-15,247,570	–	-3.15%	–
PEP	Exit	Pepsico	$0	–	-8,850,265	–	-3.18%	–
MS	Exit	Morgan Stanley	$0	–	-23,967,349	–	-3.20%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-11,101,455	–	-3.28%	–
FOX	Exit	Twenty-First Century Fox Cl B	$0	–	-27,825,186	–	-3.58%	–
NBL	Exit	Noble Energy Inc	$0	–	-14,170,134	–	-3.74%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-11,675,065	–	-3.89%	–
KO	Exit	Coca Cola Co	$0	–	-24,785,682	–	-4.08%	–
ECL	Exit	Ecolab Inc	$0	–	-9,920,065	–	-4.40%	–
AON	Exit	AON PLC	$0	–	-14,688,560	–	-4.97%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-33,155,150	–	-5.25%	–
C	Exit	Citigroup Inc.	$0	–	-26,787,361	–	-5.36%	–
MSFT	Exit	Microsoft Corp	$0	–	-32,859,023	–	-5.88%	–
ORCL	Exit	Oracle Systems	$0	–	-45,773,404	–	-6.77%	–
BRKB	Exit	Berkshire Hathaway Class B	$0	–	-14,023,637	–	-7.48%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway Class B	$1,937,225,000	+10.9%	14,023,637	+1.6%	7.48%	+8.2%
ORCL	Buy	Oracle Systems	$1,752,206,000	-4.4%	45,773,404	+1.2%	6.77%	-6.8%
MSFT	Sell	Microsoft Corp	$1,523,344,000	+10.2%	32,859,023	-0.9%	5.88%	+7.4%
C	Buy	Citigroup Inc.	$1,388,121,000	+11.1%	26,787,361	+1.0%	5.36%	+8.4%
LBTYK	Buy	Liberty Global Plc-Series C	$1,359,858,000	+6.4%	33,155,150	+9.8%	5.25%	+3.8%
AON	Buy	AON PLC	$1,287,746,000	-2.6%	14,688,560	+0.1%	4.97%	-5.0%
ECL	Buy	Ecolab Inc	$1,139,121,000	+3.9%	9,920,065	+0.7%	4.40%	+1.3%
KO	Buy	Coca Cola Co	$1,057,357,000	+2.7%	24,785,682	+2.0%	4.08%	+0.1%
UNH	Sell	UnitedHealth Group Inc	$1,006,974,000	+5.5%	11,675,065	-0.0%	3.89%	+2.9%
NBL	Buy	Noble Energy Inc	$968,670,000	-9.7%	14,170,134	+2.3%	3.74%	-12.0%
FOX	Buy	Twenty-First Century Fox Cl B	$926,857,000	+31.1%	27,825,186	+34.7%	3.58%	+27.8%
WMT	Sell	Wal-Mart Stores Inc	$848,928,000	-0.8%	11,101,455	-2.6%	3.28%	-3.3%
MS	Sell	Morgan Stanley	$828,551,000	-9.3%	23,967,349	-15.1%	3.20%	-11.5%
PEP	Buy	Pepsico	$823,871,000	+5.4%	8,850,265	+1.2%	3.18%	+2.8%
CMCSK	Buy	Comcast Corp Special Cl A	$815,745,000	+0.6%	15,247,570	+0.3%	3.15%	-1.9%
MDLZ	Buy	Mondelez International Inc	$753,245,000	-7.6%	21,982,916	+1.4%	2.91%	-9.9%
PX	Buy	Praxair Inc	$660,002,000	-1.8%	5,116,293	+1.1%	2.55%	-4.2%
TMO	Sell	Thermo Fisher Scientific Inc	$636,259,000	+2.7%	5,228,097	-0.4%	2.46%	+0.2%
NSRGY	Sell	Nestle S A Rep RG SH ADRadr	$615,218,000	-6.6%	8,355,529	-1.5%	2.38%	-8.9%
GS	Buy	Goldman Sachs Group Inc	$532,334,000	+11.1%	2,899,897	+1.4%	2.06%	+8.4%
DISH	Buy	Dish Network Corp CL A	$529,762,000	+0.0%	8,203,184	+0.8%	2.05%	-2.5%
WRB	Sell	Berkley W R Corp	$527,672,000	+1.8%	11,039,162	-1.4%	2.04%	-0.7%
STZ	Sell	Constellation Brands Inc	$517,488,000	-17.8%	5,937,218	-16.9%	2.00%	-19.9%
VRX	Buy	Valeant Pharmaceuticals Intern	$515,022,000	+8.3%	3,925,474	+4.1%	1.99%	+5.6%
GOOG	Buy	Google Inc - Cl C	$487,419,000	+6.9%	844,221	+6.5%	1.88%	+4.3%
GOOGL	Sell	Google Inc - Cl A	$465,173,000	+0.5%	790,560	-0.2%	1.80%	-2.1%
ALTR	Buy	Altera Corporation	$378,110,000	+5.1%	10,567,647	+2.1%	1.46%	+2.5%
MMM	Buy	3M Company	$329,758,000	+0.1%	2,327,483	+1.2%	1.27%	-2.5%
APC	Buy	Anadarko Petroleum	$312,780,000	-6.8%	3,083,396	+0.6%	1.21%	-9.1%
L	Sell	Loews Corp	$298,212,000	-26.1%	7,158,244	-22.0%	1.15%	-28.0%
BABA	New	Alibaba Group Holding Ltdadr	$257,514,000	–	2,898,300	–	0.99%	–
FOXA	Sell	Twenty-First Century Fox Inc	$225,908,000	-3.5%	6,588,165	-1.1%	0.87%	-5.9%
BRKA	Sell	Berkshire Hathaway Inc. Cl A	$106,967,000	+8.3%	517	-0.6%	0.41%	+5.6%
CMCSA	Sell	Comcast Corp Cl A	$30,185,000	-0.3%	561,261	-0.5%	0.12%	-2.5%
LBTYA	Sell	Liberty Global Plc-A	$24,470,000	-5.3%	575,216	-1.6%	0.09%	-7.8%
JPM	New	J.P. Morgan Chase & Co.	$9,662,000	–	160,400	–	0.04%	–
ASCMA	Sell	Ascent Capital Group Inc-A	$4,942,000	-12.3%	82,094	-3.8%	0.02%	-13.6%
FIS	Sell	Fidelity National Information	$1,092,000	-98.4%	19,404	-98.4%	0.00%	-98.5%
HQY	New	Healthequity Inc	$709,000	–	38,700	–	0.00%	–
NWSA	Sell	News Corp Ltd Class A	$318,000	-10.2%	19,475	-1.4%	0.00%	0.0%
TTE	New	Total SA B ADR'sadr	$284,000	–	4,400	–	0.00%	–
TITN	Exit	Titan Machinery Inc.	$0	–	-21,100	–	-0.00%	–
SATS	Exit	Echostar Corp	$0	–	-4,100	–	-0.00%	–

Q2 2014

			Value		Shares		↓ Weighting
ORCL	New	Oracle Systems	$1,833,015,000	–	45,226,128	–	7.26%	–
BRKB	New	Berkshire Hathaway Class B	$1,746,040,000	–	13,796,142	–	6.92%	–
MSFT	New	Microsoft Corp	$1,382,872,000	–	33,162,395	–	5.48%	–
AON	New	AON PLC	$1,322,051,000	–	14,674,778	–	5.24%	–
LBTYK	New	Liberty Global Plc-Series C	$1,277,807,000	–	30,201,064	–	5.06%	–
C	New	Citigroup Inc.	$1,249,067,000	–	26,519,470	–	4.95%	–
ECL	New	Ecolab Inc	$1,096,498,000	–	9,848,192	–	4.34%	–
NBL	New	Noble Energy Inc	$1,072,919,000	–	13,851,271	–	4.25%	–
KO	New	Coca Cola Co	$1,029,820,000	–	24,311,135	–	4.08%	–
UNH	New	UnitedHealth Group Inc	$954,804,000	–	11,679,558	–	3.78%	–
MS	New	Morgan Stanley	$913,026,000	–	28,240,824	–	3.62%	–
WMT	New	Wal-Mart Stores Inc	$855,739,000	–	11,399,210	–	3.39%	–
MDLZ	New	Mondelez International Inc	$815,028,000	–	21,670,516	–	3.23%	–
CMCSK	New	Comcast Corp Special Cl A	$810,624,000	–	15,200,159	–	3.21%	–
PEP	New	Pepsico	$781,596,000	–	8,748,559	–	3.10%	–
FOX	New	Twenty-First Century Fox Cl B	$707,055,000	–	20,656,016	–	2.80%	–
PX	New	Praxair Inc	$671,952,000	–	5,058,355	–	2.66%	–
NSRGY	New	Nestle S A Rep RG SH ADRadr	$658,802,000	–	8,485,339	–	2.61%	–
STZ	New	Constellation Brands Inc	$629,784,000	–	7,146,085	–	2.49%	–
TMO	New	Thermo Fisher Scientific Inc	$619,274,000	–	5,248,082	–	2.45%	–
DISH	New	Dish Network Corp CL A	$529,657,000	–	8,138,557	–	2.10%	–
WRB	New	Berkley W R Corp	$518,379,000	–	11,193,665	–	2.05%	–
GS	New	Goldman Sachs Group Inc	$479,006,000	–	2,860,764	–	1.90%	–
VRX	New	Valeant Pharmaceuticals Intern	$475,428,000	–	3,769,651	–	1.88%	–
GOOGL	New	Google Inc - Cl A	$463,020,000	–	791,934	–	1.83%	–
GOOG	New	Google Inc - Cl C	$455,879,000	–	792,447	–	1.80%	–
L	New	Loews Corp	$403,678,000	–	9,172,409	–	1.60%	–
ALTR	New	Altera Corporation	$359,784,000	–	10,350,525	–	1.42%	–
APC	New	Anadarko Petroleum	$335,484,000	–	3,064,621	–	1.33%	–
MMM	New	3M Company	$329,534,000	–	2,300,570	–	1.30%	–
FOXA	New	Twenty-First Century Fox Inc	$234,119,000	–	6,660,570	–	0.93%	–
BRKA	New	Berkshire Hathaway Inc. Cl A	$98,748,000	–	520	–	0.39%	–
FIS	New	Fidelity National Information	$67,261,000	–	1,228,727	–	0.27%	–
CMCSA	New	Comcast Corp Cl A	$30,285,000	–	564,177	–	0.12%	–
LBTYA	New	Liberty Global Plc-A	$25,848,000	–	584,541	–	0.10%	–
ASCMA	New	Ascent Capital Group Inc-A	$5,632,000	–	85,315	–	0.02%	–
BWA	New	Borg Warner Inc	$4,172,000	–	64,000	–	0.02%	–
NFX	New	Newfield Exploration Co	$1,008,000	–	22,800	–	0.00%	–
TRV	New	Travelers Companies, Inc.	$649,000	–	6,900	–	0.00%	–
APA	New	Apache Corp	$677,000	–	6,725	–	0.00%	–
AIG	New	American Intl Group Inc New	$720,000	–	13,200	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$540,000	–	23,200	–	0.00%	–
IBM	New	IBM	$489,000	–	2,700	–	0.00%	–
COP	New	ConocoPhillips	$480,000	–	5,600	–	0.00%	–
BK	New	Bank of NY Mellon	$450,000	–	12,000	–	0.00%	–
WFC	New	Wells Fargo	$384,000	–	7,300	–	0.00%	–
TDS	New	Telephone and Data Systems	$232,000	–	8,900	–	0.00%	–
SNY	New	Sanofi ADRadr	$372,000	–	7,000	–	0.00%	–
VOD	New	Vodafone Group PLC-SP ADRadr	$237,000	–	7,090	–	0.00%	–
CHTR	New	Charter Communications	$301,000	–	1,900	–	0.00%	–
MCD	New	McDonald's Corp	$252,000	–	2,500	–	0.00%	–
NWSA	New	News Corp Ltd Class A	$354,000	–	19,750	–	0.00%	–
TITN	New	Titan Machinery Inc.	$347,000	–	21,100	–	0.00%	–
SATS	New	Echostar Corp	$217,000	–	4,100	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
WFC	Exit	Wells Fargo	$0	–	-7,300	–	-0.00%	–
CHTR	Exit	Charter Communications	$0	–	-1,900	–	-0.00%	–
TDS	Exit	Telephone and Data Systems	$0	–	-8,900	–	-0.00%	–
IBKR	Exit	Interactive Brokers Group, Inc	$0	–	-23,200	–	-0.00%	–
BK	Exit	Bank of NY Mellon	$0	–	-12,000	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-5,600	–	-0.00%	–
IBM	Exit	IBM	$0	–	-2,700	–	-0.00%	–
SNY	Exit	Sanofi ADRadr	$0	–	-7,000	–	-0.00%	–
TITN	Exit	Titan Machinery Inc.	$0	–	-21,100	–	-0.00%	–
VOD	Exit	Vodafone Group PLC ADRadr	$0	–	-13,000	–	-0.00%	–
KRFT	Exit	Kraft Foods Group Inc	$0	–	-6,500	–	-0.00%	–
NATI	Exit	National Instruments Corp	$0	–	-21,525	–	-0.00%	–
AIG	Exit	American Intl Group Inc New	$0	–	-13,200	–	-0.00%	–
NFX	Exit	Newfield Exploration Co	$0	–	-22,800	–	-0.00%	–
TRV	Exit	Travelers Companies, Inc.	$0	–	-6,900	–	-0.00%	–
C	Exit	Citigroup Inc.	$0	–	-15,600	–	-0.00%	–
TEVA	Exit	Teva Pharmaceutical ADRadr	$0	–	-22,400	–	-0.00%	–
ZTS	Exit	Zoetis Inc	$0	–	-69,850	–	-0.01%	–
Y	Exit	Alleghany Corp	$0	–	-7,148	–	-0.01%	–
BWA	Exit	Borg Warner Inc	$0	–	-32,000	–	-0.02%	–
ASCMA	Exit	Ascent Capital Group Inc-A	$0	–	-93,770	–	-0.04%	–
NWS	Exit	News Corp Ltd Class B	$0	–	-622,696	–	-0.05%	–
CMCSA	Exit	Comcast Corp Cl A	$0	–	-639,898	–	-0.14%	–
LBTYA	Exit	Liberty Global Plc-A	$0	–	-678,684	–	-0.26%	–
MCD	Exit	McDonald's Corp	$0	–	-674,495	–	-0.32%	–
FOX	Exit	Twenty-First Century Fox Cl B	$0	–	-2,618,297	–	-0.42%	–
BRKA	Exit	Berkshire Hathaway Inc. Cl A	$0	–	-520	–	-0.43%	–
NWSA	Exit	News Corp Ltd Class A	$0	–	-5,543,479	–	-0.43%	–
MMM	Exit	3M Company	$0	–	-2,214,097	–	-1.28%	–
APA	Exit	Apache Corp	$0	–	-3,931,306	–	-1.62%	–
ALTR	Exit	Altera Corporation	$0	–	-10,326,585	–	-1.86%	–
FIS	Exit	Fidelity National Information	$0	–	-9,107,113	–	-2.05%	–
DISH	Exit	Dish Network Corp CL A	$0	–	-9,451,155	–	-2.06%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-2,722,636	–	-2.09%	–
STZ	Exit	Constellation Brands Inc	$0	–	-7,836,182	–	-2.18%	–
WRB	Exit	Berkley W R Corp	$0	–	-11,021,951	–	-2.29%	–
NSRGY	Exit	Nestle S A Rep RG SH ADRadr	$0	–	-7,396,212	–	-2.50%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-5,745,996	–	-2.57%	–
L	Exit	Loews Corp	$0	–	-12,997,367	–	-2.95%	–
PEP	Exit	Pepsico	$0	–	-7,938,729	–	-3.06%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-20,311,978	–	-3.10%	–
CMCSK	Exit	Comcast Corp Special Cl A	$0	–	-15,006,664	–	-3.16%	–
GOOGL	Exit	Google Inc - Cl A	$0	–	-796,135	–	-3.38%	–
PX	Exit	Praxair Inc	$0	–	-6,012,579	–	-3.50%	–
FOXA	Exit	Twenty-First Century Fox Inc	$0	–	-23,637,861	–	-3.84%	–
KO	Exit	Coca Cola Co	$0	–	-20,927,124	–	-3.84%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-10,815,479	–	-3.88%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-11,243,651	–	-3.90%	–
MS	Exit	Morgan Stanley	$0	–	-30,162,052	–	-3.94%	–
NBL	Exit	Noble Energy Inc	$0	–	-14,986,386	–	-4.87%	–
ECL	Exit	Ecolab Inc	$0	–	-10,195,146	–	-4.88%	–
LBTYK	Exit	Liberty Global Plc-Series C	$0	–	-13,544,168	–	-4.95%	–
MSFT	Exit	Microsoft Corp	$0	–	-31,801,057	–	-5.13%	–
AON	Exit	AON PLC	$0	–	-16,181,130	–	-5.84%	–
ORCL	Exit	Oracle Systems	$0	–	-40,293,015	–	-6.48%	–
BRKB	Exit	Berkshire Hathaway Class B	$0	–	-12,018,415	–	-6.62%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway Class B	$1,364,210,000	+5.7%	12,018,415	+4.3%	6.62%	-4.2%
ORCL	Buy	Oracle Systems	$1,336,519,000	+15.4%	40,293,015	+6.9%	6.48%	+4.5%
AON	Buy	AON PLC	$1,204,523,000	+18.9%	16,181,130	+2.8%	5.84%	+7.7%
MSFT	Buy	Microsoft Corp	$1,058,339,000	+1.3%	31,801,057	+5.2%	5.13%	-8.2%
LBTYK	Buy	Liberty Global Plc-Series C	$1,021,637,000	+17.1%	13,544,168	+5.4%	4.95%	+6.1%
ECL	Buy	Ecolab Inc	$1,006,873,000	+18.1%	10,195,146	+1.8%	4.88%	+6.9%
NBL	Buy	Noble Energy Inc	$1,004,238,000	+15.9%	14,986,386	+3.9%	4.87%	+5.0%
MS	Buy	Morgan Stanley	$812,867,000	+12.4%	30,162,052	+1.9%	3.94%	+1.8%
UNH	Buy	UnitedHealth Group Inc	$805,158,000	+12.1%	11,243,651	+2.5%	3.90%	+1.5%
WMT	Buy	Wal-Mart Stores Inc	$799,913,000	+4.6%	10,815,479	+5.3%	3.88%	-5.3%
KO	Buy	Coca Cola Co	$792,719,000	+0.6%	20,927,124	+6.5%	3.84%	-8.9%
FOXA	New	Twenty-First Century Fox Inc	$792,105,000	–	23,637,861	–	3.84%	–
PX	Buy	Praxair Inc	$722,772,000	+9.8%	6,012,579	+5.2%	3.50%	-0.5%
GOOGL	Buy	Google Inc - Cl A	$697,343,000	+3.2%	796,135	+3.8%	3.38%	-6.5%
CMCSK	Buy	Comcast Corp Special Cl A	$650,539,000	+13.0%	15,006,664	+3.4%	3.16%	+2.3%
MDLZ	Buy	Mondelez International Inc	$638,223,000	+15.5%	20,311,978	+4.9%	3.10%	+4.6%
PEP	Buy	Pepsico	$631,129,000	+0.9%	7,938,729	+3.8%	3.06%	-8.6%
L	Buy	Loews Corp	$607,497,000	+12.6%	12,997,367	+7.0%	2.95%	+2.0%
TMO	Buy	Thermo Fisher Scientific Inc	$529,494,000	+8.9%	5,745,996	+0.0%	2.57%	-1.3%
NSRGY	Buy	Nestle S A Rep RG SH ADRadr	$514,776,000	+15.2%	7,396,212	+8.9%	2.50%	+4.3%
WRB	Buy	Berkley W R Corp	$472,401,000	+6.1%	11,021,951	+1.2%	2.29%	-3.9%
STZ	Buy	Constellation Brands Inc	$449,797,000	+14.3%	7,836,182	+3.8%	2.18%	+3.6%
GS	Buy	Goldman Sachs Group Inc	$430,748,000	+7.2%	2,722,636	+2.5%	2.09%	-2.9%
DISH	Buy	Dish Network Corp CL A	$425,396,000	+15.0%	9,451,155	+8.6%	2.06%	+4.1%
FIS	Buy	Fidelity National Information	$422,934,000	+12.8%	9,107,113	+4.0%	2.05%	+2.2%
ALTR	Buy	Altera Corporation	$383,736,000	+15.8%	10,326,585	+2.8%	1.86%	+5.0%
APA	Sell	Apache Corp	$334,711,000	-11.3%	3,931,306	-12.7%	1.62%	-19.7%
MMM	Buy	3M Company	$264,385,000	+14.1%	2,214,097	+4.5%	1.28%	+3.4%
NWSA	New	News Corp Ltd Class A	$89,028,000	–	5,543,479	–	0.43%	–
BRKA	Sell	Berkshire Hathaway Inc. Cl A	$88,613,000	+0.1%	520	-1.0%	0.43%	-9.3%
FOX	New	Twenty-First Century Fox Cl B	$87,451,000	–	2,618,297	–	0.42%	–
MCD	Sell	McDonald's Corp	$64,893,000	-16.7%	674,495	-14.3%	0.32%	-24.5%
LBTYA	Sell	Liberty Global Plc-A	$53,854,000	+7.1%	678,684	-0.9%	0.26%	-3.0%
CMCSA	Buy	Comcast Corp Cl A	$28,869,000	+8.5%	639,898	+0.4%	0.14%	-1.4%
NWS	New	News Corp Ltd Class B	$10,231,000	–	622,696	–	0.05%	–
ASCMA	Sell	Ascent Capital Group Inc-A	$7,560,000	+2.0%	93,770	-1.2%	0.04%	-7.5%
NATI	Sell	National Instruments Corp	$666,000	-8.4%	21,525	-17.3%	0.00%	-25.0%
NWS	Exit	News Corp Ltd Class B	$0	–	-2,661,932	–	-0.47%	–
NWSA	Exit	News Corp Ltd Class A	$0	–	-22,970,751	–	-4.01%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Class B	$1,290,100,000	–	11,526,988	–	6.91%	–
ORCL	New	Oracle Systems	$1,157,905,000	–	37,704,501	–	6.20%	–
MSFT	New	Microsoft Corp	$1,044,575,000	–	30,238,107	–	5.59%	–
AON	New	AON PLC	$1,013,019,000	–	15,742,331	–	5.42%	–
LBTYK	New	Liberty Global Plc-Series C	$872,325,000	–	12,849,099	–	4.67%	–
NBL	New	Noble Energy Inc	$866,138,000	–	14,426,023	–	4.64%	–
ECL	New	Ecolab Inc	$852,827,000	–	10,010,879	–	4.57%	–
KO	New	Coca Cola Co	$788,126,000	–	19,649,117	–	4.22%	–
WMT	New	Wal-Mart Stores Inc	$764,975,000	–	10,269,498	–	4.10%	–
NWSA	New	News Corp Ltd Class A	$748,387,000	–	22,970,751	–	4.01%	–
MS	New	Morgan Stanley	$723,323,000	–	29,607,974	–	3.87%	–
UNH	New	UnitedHealth Group Inc	$718,415,000	–	10,971,511	–	3.85%	–
GOOGL	New	Google Inc - Cl A	$675,518,000	–	767,312	–	3.62%	–
PX	New	Praxair Inc	$658,257,000	–	5,716,024	–	3.52%	–
PEP	New	Pepsico	$625,487,000	–	7,647,472	–	3.35%	–
CMCSK	New	Comcast Corp Special Cl A	$575,888,000	–	14,516,974	–	3.08%	–
MDLZ	New	Mondelez International Inc	$552,632,000	–	19,370,214	–	2.96%	–
L	New	Loews Corp	$539,446,000	–	12,149,674	–	2.89%	–
TMO	New	Thermo Fisher Scientific Inc	$486,105,000	–	5,743,883	–	2.60%	–
NSRGY	New	Nestle S A Rep RG SH ADRadr	$446,722,000	–	6,791,145	–	2.39%	–
WRB	New	Berkley W R Corp	$445,115,000	–	10,893,662	–	2.38%	–
GS	New	Goldman Sachs Group Inc	$401,839,000	–	2,656,785	–	2.15%	–
STZ	New	Constellation Brands Inc	$393,472,000	–	7,549,342	–	2.11%	–
APA	New	Apache Corp	$377,341,000	–	4,501,262	–	2.02%	–
FIS	New	Fidelity National Information	$374,986,000	–	8,753,183	–	2.01%	–
DISH	New	Dish Network Corp CL A	$369,966,000	–	8,700,995	–	1.98%	–
ALTR	New	Altera Corporation	$331,254,000	–	10,041,043	–	1.77%	–
MMM	New	3M Company	$231,629,000	–	2,118,232	–	1.24%	–
BRKA	New	Berkshire Hathaway Inc. Cl A	$88,515,000	–	525	–	0.47%	–
NWS	New	News Corp Ltd Class B	$87,365,000	–	2,661,932	–	0.47%	–
MCD	New	McDonald's Corp	$77,940,000	–	787,272	–	0.42%	–
LBTYA	New	Liberty Global Plc-A	$50,305,000	–	684,521	–	0.27%	–
CMCSA	New	Comcast Corp Cl A	$26,617,000	–	637,530	–	0.14%	–
ASCMA	New	Ascent Capital Group Inc-A	$7,410,000	–	94,912	–	0.04%	–
BWA	New	Borg Warner Inc	$2,757,000	–	32,000	–	0.02%	–
Y	New	Alleghany Corp	$2,740,000	–	7,148	–	0.02%	–
ZTS	New	Zoetis Inc	$2,158,000	–	69,850	–	0.01%	–
TEVA	New	Teva Pharmaceutical ADRadr	$878,000	–	22,400	–	0.01%	–
C	New	Citigroup Inc.	$748,000	–	15,600	–	0.00%	–
NATI	New	National Instruments Corp	$727,000	–	26,025	–	0.00%	–
TRV	New	Travelers Companies, Inc.	$551,000	–	6,900	–	0.00%	–
AIG	New	American Intl Group Inc New	$590,000	–	13,200	–	0.00%	–
NFX	New	Newfield Exploration Co	$545,000	–	22,800	–	0.00%	–
IBM	New	IBM	$516,000	–	2,700	–	0.00%	–
IBKR	New	Interactive Brokers Group, Inc	$371,000	–	23,200	–	0.00%	–
KRFT	New	Kraft Foods Group Inc	$363,000	–	6,500	–	0.00%	–
COP	New	ConocoPhillips	$339,000	–	5,600	–	0.00%	–
SNY	New	Sanofi ADRadr	$361,000	–	7,000	–	0.00%	–
BK	New	Bank of NY Mellon	$337,000	–	12,000	–	0.00%	–
TITN	New	Titan Machinery Inc.	$414,000	–	21,100	–	0.00%	–
VOD	New	Vodafone Group PLC ADRadr	$374,000	–	13,000	–	0.00%	–
WFC	New	Wells Fargo	$301,000	–	7,300	–	0.00%	–
TDS	New	Telephone and Data Systems	$219,000	–	8,900	–	0.00%	–
CHTR	New	Charter Communications	$235,000	–	1,900	–	0.00%	–

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