First Eagle

Q3 2014 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2014
Filed: Nov 13, 2014
US stock: $40.3B · prev $41.3B
Positions: 336 · prev 330
Options notional: $7M
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves227 since the prior filing

+8.6 pp in · −8.6 pp out

New 34 +4.26 pp
Added 107 +4.31 pp
Trimmed 54 −6.43 pp
Exited 28 −2.15 pp

Options: 4 moves on a notional base, in the table below.

The book

Diversified · behaves like 66 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions17% of US stock

MSFT Microsoft Corp added+0.58 pp added+0.584.2%
INTC Intel Corp added+0.53 pp added+0.533.5%
ORCL Oracle Corp added−0.03 pp added−0.033.2%
unresolved Comcast Corp. Spl Cl A added+0.11 pp added+0.113.1%
TV Grupo Televisa S.A. added+0.04 pp added+0.042.7%

Positions336 in this filing · 28 exited


MSFTMicrosoft Corp	4.18%	36,286,262	$1.7B	added+2%	+0.58 pp	6 q
INTCIntel Corp	3.49%	40,329,834	$1.4B	added+2%	+0.53 pp	6 q
ORCLOracle Corp	3.23%	33,943,676	$1.3B	added+2%	−0.03 pp	6 q
unresolvedComcast Corp. Spl Cl A	3.07%	23,127,048	$1.2B	added+1%	+0.11 pp	6 q
TVGrupo Televisa S.A.	2.74%	32,579,468	$1.1B	added0%	+0.04 pp	6 q
BNYBank of New York Mellon Corporation	2.66%	27,718,354	$1.1B	added+2%	+0.19 pp	6 q
CNQCanadian Natural Resources Limited	2.49%	25,835,687	$1.0B	added+1%	−0.34 pp	6 q
CVECenovus Energy Inc.	2.31%	34,616,945	$931M	added+2%	−0.36 pp	6 q
CTASCintas Corp	2.18%	12,461,573	$880M	trimmed−12%	+0.01 pp	6 q
NOVNOV Inc.	2.14%	11,329,924	$862M	added+9%	+0.06 pp	6 q
MMM3M Company	2.11%	6,004,623	$851M	trimmed−1%	+0.02 pp	6 q
BRK.ABerkshire Hathaway Inc.	1.94%	3,773	$781M	trimmed−4%	+0.13 pp	6 q
18614USDGoldcorp Inc	1.94%	33,896,891	$781M	added+3%	−0.29 pp	6 q
POTPotash Corp Of Saskatchewan	1.83%	21,300,302	$736M	added+15%	+0.12 pp	6 q
OMCOmnicom Group Inc.	1.77%	10,359,701	$713M	added+9%	+0.13 pp	6 q
AXPAmerican Express Company	1.72%	7,895,427	$691M	added+2%	−0.06 pp	6 q
NOCNorthrop Grumman Corp.	1.65%	5,033,281	$663M	added+4%	+0.25 pp	6 q
COPConocoPhillips	1.48%	7,789,701	$596M	added+1%	−0.12 pp	6 q
DVNDevon Energy Corporation	1.37%	8,112,497	$553M	added+1%	−0.17 pp	6 q
BBTTruist Financial Corporation	1.36%	14,671,439	$546M	added+2%	−0.01 pp	6 q
unresolvedLinear Technology Group	1.35%	12,264,657	$544M	added+2%	−0.03 pp	6 q
TDCTeradata Corporation	1.34%	12,886,282	$540M	added+2%	+0.10 pp	4 q
MCDMcDonald's Corporation	1.31%	5,584,472	$529M	added+54%	+0.43 pp	2 q
AEMAgnico Eagle Mines Ltd.	1.30%	18,121,075	$524M	trimmed−2%	−0.41 pp	6 q
LMTLockheed Martin Corp.	1.25%	2,752,420	$503M	added0%	+0.18 pp	6 q
USBU.S. Bancorp	1.21%	11,638,141	$487M	added+2%	+0.01 pp	6 q
WYWeyerhaeuser Company	1.17%	14,762,657	$470M	added+2%	+0.01 pp	6 q
unresolvedWellpoint Inc	1.16%	3,892,825	$466M	trimmed−27%	−0.23 pp	6 q
CINFCincinnati Financial Corp	1.15%	9,815,755	$462M	added+2%	+0.03 pp	6 q
MLMMartin Marietta Materials	1.13%	3,542,171	$457M	added+40%	+0.32 pp	6 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.09%	3,771,322	$438M	added+3%	−0.05 pp	6 q
AUAngloGold Ashanti plc	0.96%	32,064,232	$385M	added+2%	−0.36 pp	6 q
unresolvedAlliant Techsystems Inc	0.93%	2,930,606	$374M	added+1%	−0.01 pp	6 q
unresolvedPlum Creek Timber Co Inc	0.86%	8,862,774	$346M	added+3%	−0.08 pp	6 q
SMGThe Scotts Miracle-Gro Company	0.82%	5,980,359	$329M	added+1%	+0.01 pp	6 q
WRBW.R. Berkley Corporation	0.81%	6,809,096	$325M	added+2%	+0.06 pp	6 q
APCAnadarko Petroleum Corp	0.78%	3,090,143	$313M	added+11%	+0.04 pp	4 q
CLColgate-Palmolive Company	0.78%	4,816,083	$314M	added+2%	0.00 pp	6 q
TWXTime Warner Inc	0.78%	4,170,056	$314M	added×252.8	+0.78 pp	6 q
ABXBarrick Mining Corporation	0.77%	21,135,354	$310M	added+2%	−0.15 pp	6 q
SYYSysco Corporation	0.77%	8,176,202	$310M	trimmed−43%	−0.53 pp	6 q
GRAW.R. Grace & Co.	0.76%	3,354,285	$305M	added×2.6	+0.47 pp	6 q
KGCKinross Gold Corporation	0.75%	91,120,418	$301M	added+1%	−0.15 pp	6 q
VMCVulcan Materials Company(Holding Company)	0.73%	4,873,794	$294M	added+2%	−0.01 pp	6 q
DEDeere & Company	0.72%	3,554,029	$291M	new	+0.72 pp	new
CSCOCisco Systems, Inc. (DE)	0.71%	11,341,500	$285M	trimmed−74%	−1.96 pp	6 q
unresolvedWillis Group Holdings Public	0.67%	6,479,570	$268M	added+2%	+0.01 pp	6 q
ADPAutomatic Data Processing	0.64%	3,109,764	$258M	added+1%	+0.05 pp	6 q
GFIGold Fields Ltd	0.61%	62,746,482	$245M	added+1%	+0.05 pp	6 q
unresolvedPenn West Petroleum Ltd	0.60%	35,651,203	$241M	trimmed−4%	−0.28 pp	6 q
IDAIDACORP, Inc.	0.59%	4,413,305	$237M	held	—	6 q
HCAHCA Healthcare, Inc.	0.56%	3,171,122	$224M	added+7%	+0.16 pp	2 q
LOWLowe's Companies Inc.	0.56%	4,264,100	$226M	added+18%	+0.14 pp	6 q
VVISA Inc.	0.56%	1,057,613	$226M	added+2%	+0.03 pp	6 q
YAlleghany Corporation	0.54%	524,765	$219M	added+2%	−0.01 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	0.54%	1,968,994	$218M	added+14%	+0.06 pp	3 q
MAMastercard Incorporated	0.53%	2,907,868	$215M	added+2%	+0.02 pp	6 q
OXYOccidental Petroleum Corporation	0.53%	2,238,932	$215M	added+58%	+0.18 pp	6 q
unresolvedIsrael Chemicals Ltd	0.53%	29,569,294	$213M	new	+0.53 pp	new
unresolvedGoogle Inc.	0.50%	345,235	$203M	added+2%	+0.02 pp	2 q
WMTWalmart Inc.	0.50%	2,609,915	$200M	added+3%	+0.04 pp	6 q
GOOGAlphabet Inc. Class C	0.49%	345,138	$199M	added+2%	+0.02 pp	2 q
DNOWDNOW Inc.	0.48%	6,393,488	$194M	added+33%	+0.06 pp	2 q
AIGAmerican International Group, Inc.	0.46%	3,455,061	$187M	new	+0.46 pp	new
HRBH&R Block, Inc.	0.45%	5,852,771	$181M	added+2%	−0.02 pp	6 q
JNJJohnson & Johnson	0.44%	1,651,622	$176M	added+2%	+0.03 pp	6 q
unresolvedActavis PLC	0.44%	740,675	$179M	added+5%	+0.06 pp	2 q
unresolvedJpmorgan Chase & Co	0.43%	8,688,791	$175M	added0%	+0.02 pp	6 q
0VQJLTe Connectivity Ltd	0.42%	3,084,519	$171M	trimmed−14%	−0.12 pp	6 q
unresolvedHewlett Packard Co	0.41%	4,682,100	$166M	held	—	6 q
NSCNorfolk Southern Corp.	0.41%	1,475,231	$165M	new	+0.41 pp	new
MOSThe Mosaic Company	0.39%	3,561,396	$158M	added+35%	+0.07 pp	2 q
NEMNewmont Corporation	0.39%	6,849,280	$158M	added+2%	−0.02 pp	6 q
WYNTravel + Leisure Co.	0.39%	1,909,500	$155M	held	—	6 q
XLNXXilinx Inc	0.39%	3,695,117	$156M	new	+0.39 pp	new
STXNSeagate Technology Holdings PLC (Ireland)	0.39%	2,715,520	$156M	held	—	6 q
EMNEastman Chemical Company	0.37%	1,817,900	$147M	held	—	6 q
CMCSAComcast Corp	0.35%	2,656,975	$143M	trimmed−11%	−0.04 pp	6 q
PBIPitney Bowes Inc.	0.35%	5,684,945	$142M	added+6%	−0.01 pp	6 q
RTNRaytheon Company	0.34%	1,355,953	$138M	added×2.7	+0.23 pp	5 q
SEESealed Air Corp New	0.34%	3,931,015	$137M	added+12%	+0.05 pp	6 q
unresolvedValeant Pharmaceuticals Intl	0.33%	1,010,802	$133M	trimmed−1%	+0.02 pp	6 q
LYBLyondellBasell Industries N.V. Class A	0.33%	1,240,200	$135M	held	—	6 q
RYNRayonier Inc.	0.32%	4,180,914	$130M	added+3%	−0.03 pp	6 q
HDHome Depot, Inc.	0.31%	1,340,189	$123M	trimmed−44%	−0.16 pp	2 q
CARAvis Budget Group, Inc.	0.30%	2,173,690	$119M	trimmed−11%	−0.05 pp	6 q
unresolvedSanDisk Corp	0.30%	1,246,100	$122M	added+16%	+0.03 pp	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.29%	1,781,457	$117M	new	+0.29 pp	new
unresolvedMedtronic Inc	0.28%	1,790,484	$111M	trimmed−15%	−0.04 pp	2 q
BROBrown & Brown, Inc.	0.27%	3,335,075	$107M	added+80%	+0.13 pp	2 q
SJTSan Juan Basin Royalty Trust UBI	0.27%	5,690,766	$108M	added+3%	+0.01 pp	6 q
unresolvedAOL Inc	0.26%	2,291,975	$103M	held	—	6 q
AMGNAmgen Inc	0.25%	714,178	$100M	new	+0.25 pp	new
VIABViacom Inc. Class B	0.25%	1,326,710	$102M	added+17%	+0.01 pp	6 q
BDXBecton, Dickinson and Co.	0.23%	829,770	$94M	added+42%	+0.06 pp	2 q
PSXPhillips 66	0.23%	1,156,280	$94M	new	+0.23 pp	new
CTRACoterra Energy Inc.	0.21%	2,537,673	$83M	added+15%	+0.03 pp	5 q
ZTSZoetis Inc.	0.20%	2,174,162	$80M	trimmed−0%	+0.03 pp	6 q
LXKLexmark International Inc-a	0.19%	1,815,920	$77M	held	—	3 q
MSIMotorola Solutions, Inc. New	0.19%	1,226,930	$78M	held	—	6 q
ROSTRoss Stores Inc	0.19%	998,522	$75M	new	+0.19 pp	new
TEVATeva Pharmaceutical Industries Limited	0.19%	1,420,580	$76M	added×7102.9	+0.19 pp	6 q
AZOAutoZone, Inc.	0.18%	141,050	$72M	held	—	4 q
BAXBaxter International Inc.	0.18%	997,056	$72M	trimmed−0%	0.00 pp	6 q
CVLTCommvault Systems, Inc.	0.18%	1,465,410	$74M	added+2%	+0.01 pp	2 q
NTAPNetApp, Inc	0.18%	1,702,564	$73M	added+2%	+0.03 pp	6 q
unresolvedRandgold Res Ltd	0.18%	1,060,168	$72M	added+1%	−0.04 pp	6 q
unresolvedDeltic Timber Corp	0.17%	1,104,602	$69M	added0%	+0.01 pp	6 q
unresolvedValspar Corp	0.17%	851,050	$67M	held	—	6 q
AAgilent Technologies Inc.	0.16%	1,129,300	$64M	added+36%	+0.04 pp	2 q
MRKMerck & Co., Inc.	0.16%	1,083,826	$64M	trimmed−38%	−0.09 pp	6 q
ABTAbbott Laboratories	0.15%	1,426,919	$59M	trimmed−14%	−0.01 pp	2 q
CCUCompania Cervecerias Unidas S.A.	0.15%	2,790,929	$61M	added×2.8	+0.09 pp	2 q
unresolvedHertz Global Holdings Inc	0.15%	2,360,050	$60M	added+19%	+0.02 pp	4 q
RGLDRoyal Gold Inc	0.15%	912,534	$59M	added+5%	−0.01 pp	6 q
CMTLComtech Telecommunications	0.14%	1,494,036	$56M	added+28%	+0.03 pp	4 q
DALDelta Air Lines, Inc.	0.13%	1,472,900	$53M	added+50%	+0.04 pp	2 q
DISCADiscovery, Inc. Series A	0.13%	1,342,021	$51M	added+41%	−0.04 pp	2 q
unresolvedItc Hldgs Corp	0.13%	1,446,944	$52M	trimmed−26%	−0.04 pp	6 q
unresolvedOmnicare Inc	0.13%	844,500	$53M	held	—	6 q
PPLPPL Corporation	0.13%	1,550,536	$51M	new	+0.13 pp	new
unresolvedTahoe Res Inc	0.13%	2,609,390	$53M	held	—	6 q
DRCDresser-rand Group Inc	0.12%	573,800	$47M	trimmed−42%	−0.03 pp	6 q
FNVFranco-Nevada Corporation	0.12%	981,333	$48M	added+1%	−0.01 pp	6 q
LRCXLam Research Corp	0.12%	644,215	$48M	new	+0.12 pp	new
TAPMolson Coors Beverage Company Class B	0.12%	635,455	$47M	added+5%	+0.01 pp	2 q
LBTYALiberty Global Ltd. Class A	0.12%	1,103,510	$47M	added×17.3	+0.11 pp	6 q
unresolvedCoca Cola Enterprises Inc Ne	0.11%	1,025,555	$45M	added+34%	+0.02 pp	5 q
unresolvedEldorado Gold (C$)	0.11%	6,443,257	$43M	held	—	6 q
GPKGraphic Packaging Holding Company	0.11%	3,476,306	$43M	new	+0.11 pp	new
unresolvedMadison Square Garden Co	0.10%	583,990	$39M	trimmed−52%	−0.09 pp	3 q
PXDPioneer Natural Resource Co.	0.10%	211,015	$42M	new	+0.10 pp	new
RSTIRofin-sinar Technologies Inc	0.10%	1,762,702	$41M	added+1%	0.00 pp	6 q
AMATApplied Materials Inc	0.09%	1,680,171	$36M	trimmed−33%	−0.05 pp	2 q
ARDMAradigm Corp	0.09%	3,854,730	$37M	held	—	2 q
DISCKDiscovery Inc-c	0.09%	949,876	$35M	new	+0.09 pp	new
unresolvedMylan Inc	0.09%	809,603	$37M	trimmed−35%	−0.07 pp	3 q
unresolvedNustar Gp Holdings LLC	0.09%	873,250	$38M	trimmed−51%	−0.08 pp	6 q
unresolvedAlliancebernstein Income Fun	0.08%	4,189,522	$31M	added+1%	0.00 pp	4 q
HALOHalozyme Therapeutics, Inc.	0.08%	3,640,480	$33M	added+30%	+0.01 pp	4 q
NGDNew Gold Inc.	0.08%	6,359,731	$32M	held	—	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.08%	153,770	$30M	added+15%	+0.02 pp	3 q
UTHRUnited Therapeutics Corp	0.08%	262,080	$34M	new	+0.08 pp	new
unresolvedCuris	0.07%	19,568,451	$28M	added+1%	−0.02 pp	6 q
unresolvedEncana Corp	0.07%	1,369,555	$29M	trimmed−0%	−0.01 pp	6 q
NLNKNewLink Genetics Corporation	0.07%	1,257,619	$27M	trimmed−4%	−0.01 pp	6 q
PXGBXPraxair Inc	0.07%	214,000	$28M	held	—	6 q
SEMGSemgroup Corp-class A	0.07%	348,580	$29M	added+63%	+0.03 pp	2 q
unresolvedTheravance Inc	0.07%	1,593,620	$27M	trimmed−0%	−0.05 pp	6 q
VCVisteon Corporation	0.07%	291,150	$28M	added×2.9	+0.05 pp	2 q
unresolvedIntevac Inc	0.06%	3,663,459	$24M	added+4%	−0.01 pp	6 q
FMCFMC Corporation	0.05%	383,975	$22M	trimmed−66%	−0.14 pp	6 q
KOPNKopin Corp	0.05%	6,313,549	$21M	held	—	6 q
NSNuStar Energy L.P.	0.05%	297,400	$20M	held	—	6 q
unresolvedPain Therapeutics Inc	0.05%	5,050,837	$20M	added+13%	−0.01 pp	6 q
unresolvedPowershares Db Cmdty Idx Tra	0.05%	854,000	$20M	added×2.6	+0.03 pp	6 q
unresolvedRockwood Hldgs Inc	0.05%	245,100	$19M	trimmed−93%	−0.61 pp	6 q
unresolvedCui Global Inc	0.04%	2,169,354	$16M	added+26%	0.00 pp	3 q
DRRXDurect Corp	0.04%	10,707,142	$16M	held	—	6 q
unresolvedIms Health Hldgs Inc	0.04%	604,352	$16M	trimmed−0%	0.00 pp	2 q
XONPrecigen, Inc.	0.04%	790,364	$15M	added+19%	0.00 pp	2 q
unresolvedLiberty Media Corp Delaware	0.04%	312,782	$15M	new	+0.04 pp	new
MASMasco Corporation	0.04%	698,120	$17M	new	+0.04 pp	new
unresolvedAep Inds Inc	0.03%	281,314	$11M	held	—	6 q
FAFFirst American Financial Corporation	0.03%	429,537	$12M	added+1%	0.00 pp	5 q
XLIState Street Industrial Select Sector SPDR ETF	0.03%	210,000	$11M	held	—	6 q
YRIYamana Gold Inc	0.03%	1,784,222	$11M	trimmed−8%	−0.01 pp	3 q
TBPHTheravance Biopharma, Inc.	0.03%	455,330	$10M	trimmed−0%	−0.01 pp	2 q
unresolvedGoodrich Pete Corp	0.02%	495,000	$7M	held	—	6 q
IAGIAMGold Corporation	0.02%	2,991,219	$8M	held	—	6 q
unresolvedIndependence Hldg Co New	0.02%	591,001	$8M	held	—	6 q
unresolvedLiberty Media Corp Delaware	0.02%	156,391	$7M	held	—	6 q
MTBM&T Bank Corp.	0.02%	70,846	$9M	trimmed−81%	−0.09 pp	6 q
MGNXMacroGenics, Inc.	0.02%	334,285	$7M	held	—	2 q
Omnicare Incconvertible	0.02%	2,730,000	$7M	held	—	6 q
TBFProShares Short 20+ Year Treasury ETF	0.02%	267,925	$7M	held	—	6 q
unresolvedSeacor Holdings Inc.	0.02%	121,506	$9M	added+1%	0.00 pp	6 q
SPHSuburban Propane Partners L P	0.02%	196,250	$9M	held	—	6 q
unresolvedWilliams Clayton Energy Inc	0.02%	80,000	$8M	held	—	6 q
LBTYKLiberty Global Ltd. Class C	0.02%	196,148	$8M	held	—	6 q
XAWFXAlliancebernstein Gl Hi Inc	0.01%	440,098	$6M	added×2.4	0.00 pp	2 q
AMPAmeriprise Financial, Inc.	0.01%	25,260	$3M	held	—	6 q
ARQLArqule Inc	0.01%	2,843,599	$3M	held	—	6 q
unresolvedCelldex Therapeutics Inc New	0.01%	250,000	$3M	new	+0.01 pp	new
unresolvedConcur Technologies Inc	0.01%	30,000	$4M	new	+0.01 pp	new
unresolvedDentsply Intl Inc New	0.01%	114,805	$5M	new	+0.01 pp	new
unresolvedDow Chemical Co	0.01%	100,000	$5M	new	+0.01 pp	new
unresolvedFamily Dlr Stores Inc	0.01%	75,000	$6M	new	+0.01 pp	new
GERNGeron Corp	0.01%	2,198,124	$4M	trimmed−38%	−0.02 pp	6 q
HMYHarmony Gold Mining Company Limited	0.01%	2,054,453	$4M	trimmed−38%	−0.01 pp	6 q
Headwaters Incconvertible	0.01%	2,000,000	$2M	held	—	6 q
JPMJPMorgan Chase & Co.	0.01%	45,943	$3M	held	—	6 q
unresolvedKalobios Pharmaceuticals Inc	0.01%	1,746,591	$3M	held	—	5 q
KRThe Kroger Co.	0.01%	111,000	$6M	held	—	6 q
unresolvedLeucadia National	0.01%	88,000	$2M	held	—	4 q
unresolvedLorillard Inc	0.01%	50,000	$3M	new	+0.01 pp	new
unresolvedMcGraw Hill	0.01%	40,000	$3M	held	—	6 q
unresolvedMedical Action Inds Inc	0.01%	150,000	$2M	new	+0.01 pp	new
unresolvedMorgans Hotel Group Co	0.01%	430,000	$3M	trimmed−56%	−0.01 pp	6 q
unresolvedNovavax Inc	0.01%	500,000	$2M	held	—	5 q
PFEPfizer Inc.	0.01%	135,661	$4M	trimmed−94%	−0.16 pp	6 q
unresolvedPrimero Mng Corp	0.01%	1,071,100	$5M	held	—	6 q
unresolvedSws Group Inc	0.01%	553,108	$4M	trimmed−24%	0.00 pp	2 q
SGMOQSangamo Therapeutics Inc	0.01%	536,380	$6M	held	—	6 q
unresolvedShire PLC	0.01%	15,000	$4M	new	+0.01 pp	new
unresolvedStarz	0.01%	73,355	$2M	held	—	6 q
unresolvedThreshold Pharmaceutical Inc	0.01%	1,091,700	$4M	added+36%	0.00 pp	6 q
UNMUnum Group	0.01%	60,000	$2M	held	—	6 q
unresolvedVerastem Inc	0.01%	512,254	$4M	held	—	5 q
CYDChina Yuchai International Ltd.	0.01%	200,000	$4M	added+28%	0.00 pp	6 q
QUREuniQure N.V.	0.01%	352,000	$3M	held	—	2 q
unresolvedThe Adt Corporation	0.00%	750	$27,000	held	—	6 q
unresolvedAllergan Inc	0.00%	10,000	$2M	trimmed−67%	−0.01 pp	2 q
MOAltria Group, Inc.	0.00%	13,000	$597,000	held	—	6 q
AMZNAmazon.Com Inc	0.00%	307	$99,000	held	—	6 q
ABEVAmbev S.a.	0.00%	17,875	$117,000	held	—	4 q
unresolvedAmerican Independence Corp	0.00%	125,611	$1M	added+10%	0.00 pp	6 q
MJCAntares Pharma Inc	0.00%	20,000	$37,000	held	—	6 q
AAPLApple Inc.	0.00%	7,336	$739,000	held	—	6 q
ATRAptarGroup, Inc.	0.00%	14,129	$858,000	held	—	6 q
ATHXAthersys, Inc.	0.00%	1,197,796	$2M	trimmed−67%	−0.02 pp	6 q
unresolvedAviat Networks Inc	0.00%	397	$1,000	held	—	6 q
AVVIYAviva PLC U/	0.00%	2,500	$42,000	held	—	6 q
BPBP p.l.c.	0.00%	273	$12,000	held	—	6 q
BIDUBaidu, Inc.	0.00%	10	$2,000	held	—	6 q
unresolvedBaker Hughes Inc.	0.00%	200	$13,000	trimmed−20%	0.00 pp	6 q
Barclays Bank PLCconvertible	0.00%	500	$13,000	held	—	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,669	$231,000	held	—	6 q
BMYBristol-Myers Squibb Co.	0.00%	14,492	$742,000	held	—	6 q
unresolvedCalpine Corp	0.00%	1,000	$22,000	held	—	6 q
CVXChevron Corporation	0.00%	1,004	$120,000	trimmed−100%	−0.71 pp	6 q
CHDChurch & Dwight Co., Inc.	0.00%	2,400	$168,000	held	—	6 q
CAGConagra Brands, Inc.	0.00%	19,762	$653,000	held	—	6 q
CTOCTO Realty Growth, Inc.	0.00%	4,000	$196,000	held	—	6 q
STZConstellation Brands, Inc.	0.00%	2,400	$209,000	held	—	6 q
GLWCorning Incorporated	0.00%	40	$1,000	held	—	6 q
unresolvedCubist Pharmaceuticals Inc	0.00%	131,300	$14,000	held	—	4 q
DKSDick's Sporting Goods, Inc.	0.00%	1,000	$44,000	held	—	2 q
DGICADonegal Group Inc	0.00%	59,500	$914,000	added+19%	0.00 pp	4 q
DMLPDorchester Minerals LP	0.00%	600	$18,000	held	—	6 q
unresolvedDu Pont E I De Nemours & Co	0.00%	600	$43,000	held	—	6 q
unresolvedElectro Rent Corp.	0.00%	82,000	$1M	added+11%	0.00 pp	6 q
ETREntergy Corporation	0.00%	200	$15,000	held	—	6 q
HP5AEquity Commonwealth	0.00%	40,000	$1M	new	0.00 pp	new
unresolvedExelis Inc	0.00%	5,000	$83,000	held	—	6 q
unresolvedExpress Scripts Hldg Co	0.00%	1,168	$82,000	held	—	6 q
XOMExxon Mobil Corp	0.00%	6,628	$623,000	held	—	6 q
METAMeta Platforms, Inc. Class A	0.00%	2,300	$182,000	held	—	6 q
FNFFidelity National Financial, Inc.	0.00%	30,000	$832,000	new	0.00 pp	new
FBZFirst Trust Brazil AlphaDEX Fund	0.00%	2,915	$52,000	held	—	6 q
unresolvedFrontier Communications Corp	0.00%	72	$0	held	—	6 q
unresolvedGeneral Electric Co	0.00%	11,301	$290,000	held	—	6 q
GILDGilead Sciences Inc	0.00%	400	$43,000	held	—	6 q
unresolvedGlaxosmithkline PLC	0.00%	1	$0	held	—	6 q
GSGoldman Sachs Group Inc.	0.00%	151	$28,000	held	—	6 q
HRSL3Harris Technologies, Inc.	0.00%	1,600	$106,000	held	—	6 q
HIGThe Hartford Insurance Group, Inc.	0.00%	200	$7,000	held	—	6 q
HONHoneywell International, Inc.	0.00%	1,500	$140,000	held	—	6 q
unresolvedHudson City Bancorp	0.00%	50,000	$486,000	new	0.00 pp	new
INVEINVE Technologies, Inc.	0.00%	10,000	$134,000	new	0.00 pp	new
ILMNIllumina Inc	0.00%	400	$66,000	held	—	6 q
IBMInternational Business Machines Corporation	0.00%	10,252	$2M	trimmed−2%	0.00 pp	6 q
EFAiShares MSCI EAFE ETF	0.00%	30,000	$2M	held	—	4 q
SLViShares Silver Trust	0.00%	15,000	$245,000	held	—	6 q
unresolvedKinder Morgan Energy Partners	0.00%	4,563	$426,000	held	—	6 q
unresolvedKraft Foods Group Inc	0.00%	1,845	$104,000	held	—	6 q
KLICKulicke & Soffa Industries Inc	0.00%	100,000	$1M	added+36%	0.00 pp	3 q
unresolvedLayne Christensen Co	0.00%	43,700	$424,000	added+64%	0.00 pp	4 q
unresolvedLiberty Interactive Corp	0.00%	4,375	$125,000	held	—	6 q
unresolvedLiberty Interactive Corp	0.00%	436	$17,000	held	—	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	436	$15,000	new	0.00 pp	new
LMNRLimoneira Co	0.00%	78,197	$2M	held	—	6 q
unresolvedLiposcience Inc	0.00%	200,000	$1M	new	0.00 pp	new
LLoews Corporation	0.00%	14,000	$583,000	held	—	6 q
LORLLoral Space and Communications, Inc.	0.00%	20,000	$1M	trimmed−86%	−0.02 pp	4 q
MFCManulife Financial Corp.	0.00%	942	$18,000	held	—	6 q
unresolvedMkt Vectors Gld Miners ETF	0.00%	6,900	$147,000	held	—	6 q
unresolvedMarket Vectors ETF Tr	0.00%	10,100	$340,000	held	—	2 q
METMetLife, Inc.	0.00%	16,800	$902,000	held	—	6 q
MRTXMirati Therapeutics, Inc.	0.00%	99,912	$2M	held	—	4 q
MDLZMondelez International, Inc. Class A	0.00%	5,536	$190,000	held	—	6 q
unresolvedMonster Beverage Corp	0.00%	15,000	$1M	held	—	6 q
MURMurphy Oil Corp.	0.00%	14,226	$810,000	held	—	6 q
MUSAMurphy USA Inc.	0.00%	3,181	$169,000	held	—	5 q
GFNEW GERMANY FUND Inc	0.00%	9,214	$154,000	held	—	6 q
NWSANews Corporation Class A	0.00%	365	$6,000	held	—	5 q
NWSNews Corporation Class B	0.00%	230	$4,000	held	—	5 q
NVSNovartis AG	0.00%	12,848	$1M	trimmed−2%	0.00 pp	6 q
NUANNuance Communications, Inc.	0.00%	700	$11,000	held	—	6 q
unresolvedOncogenex Pharmaceuticals In	0.00%	515,512	$1M	trimmed−10%	−0.01 pp	2 q
PDLIPDL BioPharma, Inc.	0.00%	2,800	$21,000	held	—	6 q
unresolvedPall Corp	0.00%	300	$25,000	held	—	6 q
TRAKReposiTrak, Inc.	0.00%	150,000	$1M	held	—	4 q
JCPJ.C. Penney Company, Inc.	0.00%	5,000	$50,000	held	—	3 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	200	$3,000	held	—	6 q
PMPhilip Morris International Inc.	0.00%	13,800	$1M	trimmed−60%	−0.01 pp	6 q
unresolvedPrecision Castparts Corp	0.00%	900	$213,000	held	—	6 q
Rayonier Trs Holdings Inconvertible	0.00%	250,000	$335,000	held	—	2 q
ORealty Income Corporation	0.00%	1,340	$55,000	held	—	4 q
unresolvedRio Alto Mng Ltd New	0.00%	152,499	$364,000	added+53%	0.00 pp	2 q
ROVIRovi Corporation Com Stk (De)	0.00%	184	$4,000	held	—	6 q
SNYSanofi	0.00%	34,157	$2M	trimmed−94%	−0.08 pp	6 q
unresolvedSanofi	0.00%	226,402	$105,000	held	—	6 q
SLBSLB Limited	0.00%	900	$92,000	held	—	6 q
SCHWThe Charles Schwab Corporation	0.00%	900	$26,000	held	—	6 q
unresolvedSigma Aldrich Corp	0.00%	7,500	$1M	new	0.00 pp	new
SIRISirius XM Holdings, Inc	0.00%	350,000	$1M	trimmed−78%	−0.01 pp	3 q
SONYSony Group Corporation	0.00%	800	$14,000	held	—	6 q
SPHSSophiris Bio, Inc.	0.00%	250,000	$733,000	held	—	5 q
unresolvedSprint Corporation	0.00%	602	$4,000	held	—	5 q
SYTSyngenta Ag-adr	0.00%	66	$4,000	trimmed−25%	0.00 pp	6 q
TDSTelephone and Data Systems Inc.	0.00%	27,500	$659,000	held	—	4 q
TLOGTetralogic Pharms Corp	0.00%	114,456	$476,000	held	—	3 q
TMOThermo Fisher Scientific, Inc.	0.00%	200	$24,000	held	—	6 q
TIMETime Inc	0.00%	2,060	$48,000	held	—	2 q
unresolvedTime Warner Cable Inc	0.00%	2,612	$375,000	trimmed−100%	−0.19 pp	6 q
unresolvedTwenty First Centy Fox Inc	0.00%	1,460	$50,000	held	—	5 q
unresolvedTwenty First Centy Fox Inc	0.00%	920	$31,000	held	—	5 q
TWTRTwitter, Inc.	0.00%	650	$34,000	held	—	4 q
unresolvedUIL Holdings Corporation	0.00%	15,998	$566,000	held	—	6 q
UTXZRTX Corporation	0.00%	8,000	$845,000	held	—	6 q
VALEVale S.a.	0.00%	3,098	$34,000	held	—	6 q
VVXV2X, Inc.	0.00%	278	$5,000	new	0.00 pp	new
VEOEYVeolia Environnement	0.00%	300	$5,000	held	—	6 q
VZVerizon Communications	0.00%	431	$22,000	held	—	6 q
VODVodafone Group PLC	0.00%	272	$9,000	held	—	2 q
unresolvedWashington Prime Group Inc	0.00%	15,000	$262,000	new	0.00 pp	new
WFCWells Fargo & Co.	0.00%	1,800	$93,000	held	—	6 q
unresolvedWilliams Partners LP	0.00%	12,833	$681,000	held	—	6 q
XYLXylem Inc	0.00%	39,100	$1M	held	—	6 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	873	$88,000	trimmed−22%	0.00 pp	6 q
BPY-UCADBrookfield Property Partners	0.00%	65,000	$1M	trimmed−41%	−0.01 pp	3 q
unresolvedCovidien PLC	0.00%	1,500	$130,000	held	—	6 q
MNKMallinckrodt PLC	0.00%	187	$17,000	held	—	4 q
PNRPentair plc	0.00%	359	$24,000	held	—	2 q
unresolvedTyco International Ltd	0.00%	1,500	$67,000	trimmed−100%	−0.16 pp	6 q
unresolvedLamar Advertising Co	—	−2,370,342	—	exited	−0.30 pp	—
MUMicron Technology, Inc.	—	−3,300,530	—	exited	−0.26 pp	—
HUNHuntsman Corporation	—	−3,376,021	—	exited	−0.23 pp	—
unresolvedWalgreen Co	—	−1,306,571	—	exited	−0.23 pp	—
EOGEOG Resources, Inc.	—	−694,092	—	exited	−0.20 pp	—
unresolvedForest Labs Inc	—	−806,230	—	exited	−0.19 pp	—
PCGPG&E Corporation	—	−1,278,179	—	exited	−0.15 pp	—
EIXEdison International	—	−932,093	—	exited	−0.13 pp	—
unresolvedHealth Net Inc	—	−1,086,640	—	exited	−0.11 pp	—
unresolvedMeadwestvaco Corp	—	−1,023,540	—	exited	−0.11 pp	—
ADIAnalog Devices, Inc.	—	−512,499	—	exited	−0.07 pp	—
PRKSUnited Parks & Resorts Inc.	—	−840,740	—	exited	−0.06 pp	—
unresolvedOncothyreon Inc	—	−2,384,039	—	exited	−0.02 pp	—
unresolvedBoardwalk Pipeline Partners	—	−150,000	—	exited	−0.01 pp	—
unresolvedChemtura Corp	—	−100,000	—	exited	−0.01 pp	—
unresolvedCommonWealth REIT	—	−210,000	—	exited	−0.01 pp	—
unresolvedHalcon Res Corp	—	−500,000	—	exited	−0.01 pp	—
ICEIntercontinental Exchange Inc.	—	−25,000	—	exited	−0.01 pp	—
unresolvedNordion Inc	—	−200,000	—	exited	−0.01 pp	—
unresolvedPhilippine Long Distance Tel	—	−46,184	—	exited	−0.01 pp	—
EXXIEnergy Xxi Ltd	—	−100,000	—	exited	−0.01 pp	—
unresolvedFoster Wheeler AG	—	−100,000	—	exited	−0.01 pp	—
ADMArcher Daniels Midland Company	—	−2,000	—	exited	0.00 pp	—
BABoeing Company	—	−200	—	exited	0.00 pp	—
ITCIIntra-Cellular Therapies Inc.	—	−17,500	—	exited	0.00 pp	—
unresolvedOncolytics Biotech Inc	—	−188,600	—	exited	0.00 pp	—
ROYTLPacific Coast Oil Tr Uts	—	−67,400	—	exited	0.00 pp	—
unresolvedSunesis Pharmaceuticals Inc	—	−200,000	—	exited	0.00 pp	—