First Eagle

Q2 2015 13F · by Kimball Brooker, portfolio manager

As of: Jun 30, 2015
Filed: Aug 12, 2015
US stock: $42.0B · prev $42.0B
Positions: 316 · prev 329
Options notional: $3M
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%

Moves231 since the prior filing

+6.8 pp in · −6.9 pp out

New 22 +2.97 pp
Added 80 +3.80 pp
Trimmed 88 −3.71 pp
Exited 35 −3.20 pp

Options: 6 moves on a notional base, in the table below.

The book

Diversified · behaves like 71 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions16% of US stock

ORCL Oracle Corp added−0.21 pp added−0.213.7%
MSFT Microsoft Corp trimmed+0.23 pp trimmed+0.233.6%
unresolved Comcast Corp. Spl Cl A trimmed+0.16 pp trimmed+0.163.4%
TV Grupo Televisa S.A. added+0.45 pp added+0.453.0%
BNY Bank of New York Mellon Corporation trimmed+0.07 pp trimmed+0.072.8%

Positions316 in this filing · 35 exited


ORCLOracle Corp	3.66%	38,112,088	$1.5B	added+1%	−0.21 pp	9 q
MSFTMicrosoft Corp	3.57%	33,972,915	$1.5B	trimmed−1%	+0.23 pp	9 q
unresolvedComcast Corp. Spl Cl A	3.35%	23,475,085	$1.4B	trimmed−2%	+0.16 pp	9 q
TVGrupo Televisa S.A.	3.00%	32,462,479	$1.3B	added0%	+0.45 pp	9 q
BNYBank of New York Mellon Corporation	2.75%	27,491,214	$1.2B	trimmed−2%	+0.07 pp	9 q
NOCNorthrop Grumman Corp.	2.23%	5,887,176	$934M	added+1%	−0.01 pp	9 q
AXPAmerican Express Company	2.22%	11,976,991	$931M	added+2%	+0.04 pp	9 q
MMM3M Company	2.17%	5,903,261	$911M	trimmed−2%	−0.19 pp	9 q
OMCOmnicom Group Inc.	2.07%	12,519,433	$870M	added+12%	0.00 pp	9 q
INTCIntel Corp	2.06%	28,479,056	$866M	trimmed−1%	−0.09 pp	9 q
NOVNOV Inc.	1.95%	16,960,449	$819M	added0%	−0.07 pp	9 q
CTASCintas Corp	1.78%	8,822,843	$746M	trimmed−3%	+0.02 pp	9 q
BRK.ABerkshire Hathaway Inc.	1.71%	3,503	$718M	trimmed−1%	−0.13 pp	9 q
POTPotash Corp Of Saskatchewan	1.68%	22,720,864	$704M	added+20%	+0.23 pp	9 q
CNQCanadian Natural Resources Limited	1.51%	23,358,814	$634M	trimmed−1%	−0.21 pp	9 q
18614USDGoldcorp Inc	1.47%	38,105,029	$617M	added+4%	−0.11 pp	9 q
BBTTruist Financial Corporation	1.41%	14,647,822	$590M	trimmed−1%	+0.03 pp	9 q
TDCTeradata Corporation	1.35%	15,294,583	$566M	added+18%	−0.02 pp	7 q
MCDMcDonald's Corporation	1.33%	5,888,869	$560M	trimmed−0%	−0.04 pp	5 q
unresolvedLinear Technology Group	1.28%	12,180,544	$539M	trimmed−1%	−0.09 pp	9 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.25%	4,678,079	$526M	added+13%	+0.13 pp	9 q
CVECenovus Energy Inc.	1.21%	31,741,968	$508M	trimmed−14%	−0.27 pp	9 q
USBU.S. Bancorp	1.20%	11,579,364	$503M	trimmed−1%	−0.02 pp	9 q
LMTLockheed Martin Corp.	1.19%	2,686,799	$499M	trimmed−1%	−0.13 pp	9 q
CINFCincinnati Financial Corp	1.16%	9,691,675	$486M	trimmed−1%	−0.08 pp	9 q
DVNDevon Energy Corporation	1.15%	8,140,795	$484M	trimmed−1%	−0.03 pp	9 q
MLMMartin Marietta Materials	1.13%	3,354,992	$475M	added+7%	+0.08 pp	9 q
unresolvedPlum Creek Timber Co Inc	1.13%	11,728,891	$476M	added+8%	+0.01 pp	9 q
AEMAgnico Eagle Mines Ltd.	1.12%	16,626,898	$472M	trimmed−7%	−0.06 pp	9 q
COPConocoPhillips	1.12%	7,652,390	$470M	trimmed−1%	−0.03 pp	9 q
ACTAllergan PLC	1.12%	1,546,324	$469M	new	+1.12 pp	new
WYWeyerhaeuser Company	1.11%	14,754,482	$465M	trimmed−1%	−0.07 pp	9 q
LBTYKLiberty Global Ltd. Class C	1.11%	9,162,818	$464M	added0%	+0.02 pp	9 q
XLNXXilinx Inc	1.08%	10,258,037	$453M	added+1%	+0.06 pp	4 q
DEDeere & Company	1.05%	4,556,293	$442M	trimmed−0%	+0.09 pp	4 q
ABXBarrick Mining Corporation	1.03%	40,383,292	$430M	added+38%	+0.27 pp	9 q
PSXPhillips 66	0.95%	4,932,540	$397M	trimmed−5%	−0.02 pp	4 q
unresolvedWillis Group Holdings Public	0.94%	8,373,553	$393M	trimmed−1%	−0.03 pp	9 q
AIGAmerican International Group, Inc.	0.90%	6,083,800	$376M	trimmed−1%	+0.10 pp	4 q
WRBW.R. Berkley Corporation	0.84%	6,777,780	$352M	trimmed−1%	+0.01 pp	9 q
unresolvedGoogle Inc.	0.83%	645,425	$349M	added+2%	−0.01 pp	5 q
SMGThe Scotts Miracle-Gro Company	0.83%	5,851,319	$346M	trimmed−2%	−0.13 pp	9 q
VSTOVista Outdoor Inc.	0.78%	7,245,230	$325M	trimmed−1%	+0.04 pp	2 q
TWXTime Warner Inc	0.76%	3,653,334	$319M	added+15%	+0.12 pp	9 q
CLColgate-Palmolive Company	0.75%	4,812,689	$315M	trimmed−1%	−0.05 pp	9 q
LYBLyondellBasell Industries N.V. Class A	0.74%	3,015,913	$312M	added+65%	+0.36 pp	9 q
VMCVulcan Materials Company(Holding Company)	0.73%	3,648,709	$306M	trimmed−1%	−0.01 pp	9 q
0VQJLTe Connectivity Ltd	0.71%	4,639,439	$298M	added+8%	−0.02 pp	9 q
ABTAbbott Laboratories	0.69%	5,916,570	$290M	added+15%	+0.12 pp	5 q
AUAngloGold Ashanti plc	0.68%	32,030,901	$287M	added0%	−0.03 pp	9 q
VVISA Inc.	0.67%	4,197,863	$282M	trimmed−1%	+0.01 pp	9 q
ELVElevance Health, Inc.	0.64%	1,646,420	$270M	trimmed−44%	−0.44 pp	3 q
MAMastercard Incorporated	0.64%	2,881,650	$269M	trimmed−1%	+0.04 pp	9 q
PPGPPG Industries, Inc.	0.63%	2,286,645	$262M	added+11%	+0.08 pp	3 q
unresolvedOrbital Atk Inc	0.60%	3,436,608	$252M	trimmed−1%	−0.04 pp	2 q
IDAIDACORP, Inc.	0.59%	4,377,391	$246M	trimmed−1%	−0.07 pp	9 q
FLSFlowserve Corporation	0.58%	4,598,703	$242M	added+33%	+0.11 pp	2 q
YAlleghany Corporation	0.57%	510,507	$239M	trimmed−3%	−0.04 pp	9 q
unresolvedValeant Pharmaceuticals Intl	0.56%	1,055,332	$234M	trimmed−11%	0.00 pp	9 q
SEESealed Air Corp New	0.54%	4,389,985	$226M	trimmed−0%	+0.06 pp	9 q
DHRDanaher Corporation	0.53%	2,585,316	$221M	new	+0.53 pp	new
TEVATeva Pharmaceutical Industries Limited	0.53%	3,756,998	$222M	trimmed−11%	−0.09 pp	9 q
BROBrown & Brown, Inc.	0.51%	6,511,567	$214M	added+93%	+0.24 pp	5 q
unresolvedAltera Corp	0.50%	4,117,712	$211M	trimmed−0%	+0.08 pp	3 q
ADPAutomatic Data Processing	0.49%	2,575,792	$207M	trimmed−7%	−0.08 pp	9 q
unresolvedFmc Technologies Inc	0.49%	4,997,457	$207M	new	+0.49 pp	new
unresolvedIsrael Chemicals Ltd	0.49%	29,618,421	$207M	added0%	−0.01 pp	4 q
GFIGold Fields Ltd	0.46%	60,358,960	$195M	trimmed−0%	−0.12 pp	9 q
WMTWalmart Inc.	0.45%	2,652,179	$188M	added0%	−0.07 pp	9 q
BDXBecton, Dickinson and Co.	0.44%	1,308,855	$185M	added+98%	+0.21 pp	5 q
GOOGAlphabet Inc. Class C	0.43%	348,132	$181M	added0%	−0.02 pp	5 q
RGLDRoyal Gold Inc	0.43%	2,938,561	$181M	added×2.8	+0.27 pp	9 q
TKRThe Timken Company	0.43%	4,902,381	$179M	added+56%	+0.11 pp	2 q
HRBH&R Block, Inc.	0.41%	5,848,330	$173M	trimmed−1%	−0.04 pp	9 q
unresolvedCoca Cola Enterprises Inc Ne	0.40%	3,857,749	$168M	trimmed−2%	−0.02 pp	8 q
GWWW.W. Grainger, Inc.	0.40%	714,596	$169M	added+17%	+0.06 pp	2 q
unresolvedHewlett Packard Co	0.40%	5,653,485	$170M	added+3%	−0.01 pp	9 q
DNOWDNOW Inc.	0.40%	8,525,957	$170M	trimmed−1%	−0.04 pp	5 q
EMNEastman Chemical Company	0.39%	2,021,560	$165M	held	—	9 q
RTNRaytheon Company	0.39%	1,731,641	$166M	trimmed−28%	−0.23 pp	8 q
MDLZMondelez International, Inc. Class A	0.38%	3,888,938	$160M	trimmed−13%	−0.01 pp	9 q
JNJJohnson & Johnson	0.37%	1,610,098	$157M	trimmed−1%	−0.02 pp	9 q
PBIPitney Bowes Inc.	0.37%	7,537,680	$157M	held	—	9 q
CFCF Industries Holding, Inc.	0.36%	2,375,781	$153M	added+15%	+0.08 pp	2 q
GRAW.R. Grace & Co.	0.36%	1,489,825	$149M	added+3%	+0.02 pp	9 q
LOWLowe's Companies Inc.	0.35%	2,170,440	$145M	trimmed−17%	−0.12 pp	9 q
WYNTravel + Leisure Co.	0.35%	1,770,430	$145M	trimmed−1%	−0.04 pp	9 q
PFEPfizer Inc.	0.34%	4,315,476	$145M	trimmed−18%	−0.10 pp	9 q
DALDelta Air Lines, Inc.	0.33%	3,420,040	$140M	added+20%	+0.03 pp	5 q
HDHome Depot, Inc.	0.32%	1,193,747	$133M	added×4.1	+0.24 pp	5 q
STXNSeagate Technology Holdings PLC (Ireland)	0.32%	2,799,425	$133M	trimmed−1%	−0.03 pp	9 q
HONHoneywell International, Inc.	0.30%	1,225,139	$125M	trimmed−6%	−0.02 pp	9 q
unresolvedJpmorgan Chase & Co	0.30%	5,147,291	$127M	trimmed−41%	−0.16 pp	9 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.29%	1,774,198	$122M	trimmed−1%	−0.04 pp	4 q
PPLPPL Corporation	0.28%	4,022,136	$119M	added×14.0	+0.26 pp	2 q
GPKGraphic Packaging Holding Company	0.27%	8,214,259	$114M	held	—	4 q
unresolvedSanDisk Corp	0.27%	1,966,020	$114M	held	—	8 q
LXKLexmark International Inc-a	0.25%	2,353,890	$104M	added+23%	+0.06 pp	6 q
MASMasco Corporation	0.25%	3,987,150	$106M	added+2%	0.00 pp	4 q
CCUCompania Cervecerias Unidas S.A.	0.24%	4,847,391	$103M	added+1%	0.00 pp	5 q
HALOHalozyme Therapeutics, Inc.	0.22%	4,162,000	$94M	added+9%	+0.09 pp	7 q
ADIAnalog Devices, Inc.	0.20%	1,292,150	$83M	added×2.8	+0.13 pp	2 q
AZOAutoZone, Inc.	0.20%	125,550	$84M	held	—	7 q
PEPPepsiCo, Inc.	0.20%	892,765	$83M	new	+0.20 pp	new
unresolvedCuris	0.19%	24,008,672	$79M	held	—	9 q
FNVFranco-Nevada Corporation	0.19%	1,705,653	$81M	added+71%	+0.07 pp	9 q
unresolvedDeltic Timber Corp	0.18%	1,088,535	$74M	trimmed−1%	+0.01 pp	9 q
NLNKNewLink Genetics Corporation	0.18%	1,719,600	$76M	added+20%	−0.01 pp	9 q
UTHRUnited Therapeutics Corp	0.18%	426,880	$74M	added+15%	+0.03 pp	4 q
CARAvis Budget Group, Inc.	0.17%	1,597,262	$70M	trimmed−1%	−0.06 pp	9 q
AMGNAmgen Inc	0.16%	449,294	$69M	trimmed−10%	−0.03 pp	4 q
CVLTCommvault Systems, Inc.	0.16%	1,614,480	$68M	trimmed−2%	−0.01 pp	5 q
BAXBaxter International Inc.	0.14%	842,686	$59M	added×766.1	+0.14 pp	9 q
SJTSan Juan Basin Royalty Trust UBI	0.14%	5,615,988	$60M	trimmed−1%	−0.02 pp	9 q
VCVisteon Corporation	0.14%	543,030	$57M	added+7%	+0.02 pp	5 q
LBTYALiberty Global Ltd. Class A	0.14%	1,090,976	$59M	trimmed−1%	+0.01 pp	9 q
CMCSAComcast Corp	0.13%	892,143	$54M	added×2.0	+0.07 pp	9 q
unresolvedRandgold Res Ltd	0.13%	791,917	$53M	trimmed−1%	0.00 pp	9 q
unresolvedValspar Corp	0.13%	686,800	$56M	trimmed−21%	−0.04 pp	9 q
CMTLComtech Telecommunications	0.12%	1,700,603	$49M	trimmed−0%	0.00 pp	7 q
unresolvedHertz Global Holdings Inc	0.12%	2,874,465	$52M	added+7%	−0.02 pp	7 q
unresolvedMadison Square Garden Co	0.12%	611,348	$51M	trimmed−4%	−0.01 pp	6 q
MUMicron Technology, Inc.	0.12%	2,680,505	$51M	added+30%	−0.01 pp	3 q
MSIMotorola Solutions, Inc. New	0.12%	867,915	$50M	trimmed−18%	−0.05 pp	9 q
NXPINXP Semiconductors N.V.	0.12%	519,656	$51M	added×3.0	+0.08 pp	2 q
ABBVAbbvie Inc.	0.11%	678,300	$46M	new	+0.11 pp	new
MDRXVeradigm Inc	0.11%	3,507,021	$48M	new	+0.11 pp	new
XONPrecigen, Inc.	0.10%	872,604	$43M	added+5%	+0.01 pp	5 q
KGCKinross Gold Corporation	0.10%	18,706,127	$43M	trimmed−72%	−0.26 pp	9 q
unresolvedPenn West Petroleum Ltd	0.10%	25,125,524	$43M	trimmed−1%	0.00 pp	9 q
APDAir Products & Chemicals, Inc.	0.09%	269,300	$37M	added+11%	0.00 pp	2 q
NEMNewmont Corporation	0.09%	1,658,306	$39M	trimmed−41%	−0.06 pp	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.09%	189,670	$39M	added+23%	+0.01 pp	6 q
unresolvedTahoe Res Inc	0.09%	3,050,636	$37M	added+17%	+0.02 pp	9 q
unresolvedAlliancebernstein Income Fun	0.08%	4,312,322	$32M	added+2%	0.00 pp	7 q
DRRXDurect Corp	0.08%	13,196,397	$32M	held	—	9 q
unresolvedTheravance Inc	0.08%	1,793,110	$32M	added+7%	+0.02 pp	9 q
URIUnited Rentals, Inc.	0.08%	378,735	$33M	new	+0.08 pp	new
ARDMAradigm Corp	0.07%	3,854,730	$28M	held	—	5 q
unresolvedTalen Energy Corp	0.07%	1,738,611	$30M	new	+0.07 pp	new
TSNTyson Foods, Inc.	0.07%	701,500	$30M	new	+0.07 pp	new
BNDVanguard Total Bond Market	0.07%	374,000	$30M	new	+0.07 pp	new
unresolvedEldorado Gold (C$)	0.06%	6,443,257	$27M	held	—	9 q
PXGBXPraxair Inc	0.06%	200,627	$24M	trimmed−6%	0.00 pp	9 q
ZTSZoetis Inc.	0.06%	508,942	$25M	trimmed−38%	−0.03 pp	9 q
unresolvedIntevac Inc	0.05%	3,863,026	$23M	added+4%	0.00 pp	9 q
KOPNKopin Corp	0.05%	6,363,549	$22M	held	—	9 q
TIMETime Inc	0.05%	854,270	$20M	trimmed−48%	−0.04 pp	5 q
unresolvedAep Inds Inc	0.04%	281,314	$16M	held	—	9 q
XAWFXAlliancebernstein Gl Hi Inc	0.04%	1,381,600	$17M	added+57%	+0.01 pp	5 q
unresolvedEncana Corp	0.04%	1,375,121	$15M	added+1%	0.00 pp	9 q
MGNXMacroGenics, Inc.	0.04%	393,181	$15M	held	—	5 q
NGDNew Gold Inc.	0.04%	6,359,731	$17M	held	—	9 q
NSNuStar Energy L.P.	0.04%	297,400	$18M	held	—	9 q
unresolvedPowershares Db Cmdty Idx Tra	0.04%	854,000	$15M	held	—	9 q
ARQLArqule Inc	0.03%	8,719,968	$14M	added+52%	0.00 pp	9 q
unresolvedCui Global Inc	0.03%	2,281,242	$12M	held	—	6 q
unresolvedCelldex Therapeutics Inc New	0.03%	559,542	$14M	held	—	4 q
IAGIAMGold Corporation	0.03%	6,599,919	$13M	added×2.2	+0.02 pp	9 q
MQ8Mag Silver Corp	0.03%	1,354,200	$11M	added+68%	+0.02 pp	2 q
unresolvedRite Aid Corp	0.03%	1,596,105	$13M	new	+0.03 pp	new
XLIState Street Industrial Select Sector SPDR ETF	0.03%	210,000	$11M	held	—	9 q
TGNATEGNA Inc.	0.03%	436,389	$14M	new	+0.03 pp	new
unresolvedIndependence Hldg Co New	0.02%	599,101	$8M	added+1%	0.00 pp	9 q
KRThe Kroger Co.	0.02%	111,000	$8M	held	—	9 q
unresolvedLiberty Media Corp Delaware	0.02%	272,208	$10M	trimmed−13%	−0.01 pp	4 q
MTBM&T Bank Corp.	0.02%	63,332	$8M	held	—	9 q
unresolvedNustar Gp Holdings LLC	0.02%	250,000	$10M	held	—	9 q
unresolvedPain Therapeutics Inc	0.02%	5,684,510	$10M	held	—	9 q
unresolvedSeacor Holdings Inc.	0.02%	106,337	$8M	trimmed−12%	0.00 pp	9 q
XLFState Street Financial Select Sector SPDR ETF	0.02%	300,000	$7M	new	+0.02 pp	new
SPHSuburban Propane Partners L P	0.02%	196,250	$8M	held	—	9 q
unresolvedTransmontaigne Partners L P	0.02%	215,200	$8M	added0%	0.00 pp	2 q
RMTORM2 International Inc	0.01%	800,000	$4M	new	+0.01 pp	new
AMPAmeriprise Financial, Inc.	0.01%	21,324	$3M	trimmed−16%	0.00 pp	9 q
unresolvedBellicum Pharmaceuticals Inc	0.01%	150,000	$3M	added×3.0	+0.01 pp	2 q
BTGB2Gold Corp.	0.01%	4,059,000	$6M	new	+0.01 pp	new
CXCemex S.A.B. de C.V.	0.01%	411,032	$4M	trimmed−38%	0.00 pp	2 q
unresolvedDow Chemical Co	0.01%	100,000	$5M	held	—	4 q
FXIiShares China Large-Cap ETF	0.01%	77,000	$4M	new	+0.01 pp	new
EFAiShares MSCI EAFE ETF	0.01%	87,550	$6M	added×2.9	+0.01 pp	7 q
SLViShares Silver Trust	0.01%	251,600	$4M	held	—	9 q
JPMJPMorgan Chase & Co.	0.01%	41,661	$3M	trimmed−11%	0.00 pp	9 q
KLICKulicke & Soffa Industries Inc	0.01%	260,000	$3M	added+30%	0.00 pp	6 q
unresolvedLeucadia National	0.01%	107,100	$3M	held	—	7 q
LBRDKLiberty Broadband Corporation Class C	0.01%	68,051	$3M	trimmed−13%	0.00 pp	3 q
unresolvedLiberty Media Corp Delaware	0.01%	136,104	$5M	trimmed−13%	0.00 pp	9 q
unresolvedMkt Vectors Gld Miners ETF	0.01%	331,900	$6M	held	—	9 q
unresolvedMcGraw Hill	0.01%	40,000	$4M	held	—	9 q
NGLNgl Energy Partners LP	0.01%	200,000	$6M	held	—	2 q
TRAKReposiTrak, Inc.	0.01%	268,461	$3M	added+59%	0.00 pp	7 q
unresolvedPrimero Mng Corp	0.01%	1,071,100	$4M	held	—	9 q
unresolvedStarz	0.01%	53,068	$2M	trimmed−28%	0.00 pp	9 q
unresolvedThreshold Pharmaceutical Inc	0.01%	1,270,768	$5M	trimmed−10%	0.00 pp	9 q
UNMUnum Group	0.01%	60,000	$2M	held	—	9 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	73,800	$4M	new	+0.01 pp	new
unresolvedVerastem Inc	0.01%	427,622	$3M	held	—	8 q
unresolvedWp Glimcher In	0.01%	176,709	$2M	added×11.8	+0.01 pp	2 q
CYDChina Yuchai International Ltd.	0.01%	218,100	$4M	added+4%	0.00 pp	9 q
unresolvedThe Adt Corporation	0.00%	750	$25,000	held	—	9 q
MOAltria Group, Inc.	0.00%	13,000	$636,000	held	—	9 q
AMZNAmazon.Com Inc	0.00%	307	$133,000	held	—	9 q
ABEVAmbev S.a.	0.00%	17,875	$109,000	held	—	7 q
unresolvedAmerican Independence Corp	0.00%	148,975	$1M	added+4%	0.00 pp	9 q
MJCAntares Pharma Inc	0.00%	20,000	$42,000	held	—	9 q
AAPLApple Inc.	0.00%	7,536	$945,000	held	—	9 q
ATRAptarGroup, Inc.	0.00%	14,129	$901,000	held	—	9 q
unresolvedAviat Networks Inc	0.00%	397	$1,000	held	—	9 q
AVPAvon Products, Inc.	0.00%	159,100	$996,000	added+11%	0.00 pp	3 q
BPBP p.l.c.	0.00%	273	$11,000	trimmed−1%	0.00 pp	9 q
BIDUBaidu, Inc.	0.00%	10	$2,000	held	—	9 q
unresolvedBaker Hughes Inc.	0.00%	200	$12,000	held	—	9 q
Barclays Bank PLCconvertible	0.00%	500	$13,000	held	—	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,450	$197,000	held	—	9 q
BMYBristol-Myers Squibb Co.	0.00%	13,325	$887,000	trimmed−8%	0.00 pp	9 q
unresolvedCalifornia Res Corp	0.00%	1,008	$6,000	held	—	3 q
unresolvedCalpine Corp	0.00%	1,000	$18,000	held	—	9 q
CVXChevron Corporation	0.00%	8,104	$782,000	added+88%	0.00 pp	9 q
unresolvedChina Mobile Games & Entmt G	0.00%	25,000	$529,000	new	0.00 pp	new
CHDChurch & Dwight Co., Inc.	0.00%	2,400	$195,000	held	—	9 q
CSCOCisco Systems, Inc. (DE)	0.00%	4,600	$126,000	held	—	9 q
CAGConagra Brands, Inc.	0.00%	19,762	$864,000	held	—	9 q
CTOCTO Realty Growth, Inc.	0.00%	4,000	$231,000	held	—	9 q
STZConstellation Brands, Inc.	0.00%	2,400	$278,000	held	—	9 q
CORTCorcept Therapeutics Inc.	0.00%	200,000	$1M	new	0.00 pp	new
GLWCorning Incorporated	0.00%	40	$1,000	held	—	9 q
DKSDick's Sporting Goods, Inc.	0.00%	1,000	$52,000	held	—	5 q
DGICADonegal Group Inc	0.00%	27,403	$417,000	trimmed−31%	0.00 pp	7 q
DMLPDorchester Minerals LP	0.00%	600	$13,000	held	—	9 q
unresolvedDu Pont E I De Nemours & Co	0.00%	600	$38,000	held	—	9 q
unresolvedElectro Rent Corp.	0.00%	89,200	$969,000	added+1%	0.00 pp	9 q
ETREntergy Corporation	0.00%	200	$14,000	held	—	9 q
unresolvedExpress Scripts Hldg Co	0.00%	1,168	$104,000	held	—	9 q
XOMExxon Mobil Corp	0.00%	6,628	$551,000	held	—	9 q
METAMeta Platforms, Inc. Class A	0.00%	2,300	$197,000	held	—	9 q
FEYEFireEye, Inc.	0.00%	635	$31,000	held	—	2 q
FBZFirst Trust Brazil AlphaDEX Fund	0.00%	2,915	$39,000	held	—	9 q
unresolvedFrontier Communications Corp	0.00%	72	$0	held	—	9 q
unresolvedGeneral Electric Co	0.00%	11,301	$300,000	held	—	9 q
GERNGeron Corp	0.00%	164,700	$705,000	trimmed−77%	−0.01 pp	9 q
GILDGilead Sciences Inc	0.00%	400	$47,000	held	—	9 q
unresolvedGlaxosmithkline PLC	0.00%	1	$0	held	—	9 q
GSGoldman Sachs Group Inc.	0.00%	151	$32,000	held	—	9 q
unresolvedGoodrich Pete Corp	0.00%	160,000	$298,000	held	—	9 q
unresolvedHrg Group Inc	0.00%	153,000	$2M	new	0.00 pp	new
HRSL3Harris Technologies, Inc.	0.00%	1,600	$123,000	held	—	9 q
HIGThe Hartford Insurance Group, Inc.	0.00%	200	$8,000	held	—	9 q
INVEINVE Technologies, Inc.	0.00%	20,000	$118,000	added+43%	0.00 pp	4 q
ILMNIllumina Inc	0.00%	400	$87,000	held	—	9 q
IBMInternational Business Machines Corporation	0.00%	9,052	$1M	held	—	9 q
unresolvedKraft Foods Group Inc	0.00%	1,845	$157,000	held	—	9 q
unresolvedLayne Christensen Co	0.00%	78,700	$704,000	held	—	7 q
Layne Christensen Coconvertible	0.00%	1,550,000	$1M	held	—	2 q
LBRDALiberty Broadband Corporation Class A	0.00%	34,022	$2M	trimmed−13%	−0.01 pp	3 q
unresolvedLiberty Interactive Corp	0.00%	4,375	$121,000	held	—	9 q
unresolvedLiberty Interactive Corp	0.00%	1,057	$42,000	held	—	9 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	436	$14,000	held	—	4 q
LMNRLimoneira Co	0.00%	78,197	$2M	held	—	9 q
LLoews Corporation	0.00%	14,000	$539,000	held	—	9 q
LORLLoral Space and Communications, Inc.	0.00%	15,000	$947,000	held	—	7 q
MFCManulife Financial Corp.	0.00%	942	$18,000	held	—	9 q
unresolvedMarket Vectors ETF Tr	0.00%	60,100	$1M	held	—	5 q
MRKMerck & Co., Inc.	0.00%	9,050	$515,000	held	—	9 q
METMetLife, Inc.	0.00%	16,800	$941,000	held	—	9 q
MRTXMirati Therapeutics, Inc.	0.00%	62,813	$2M	trimmed−48%	−0.01 pp	7 q
MNSTMonster Beverage Corporation	0.00%	15,000	$2M	new	0.00 pp	new
unresolvedMorgans Hotel Group Co	0.00%	225,000	$2M	added+13%	0.00 pp	9 q
MURMurphy Oil Corp.	0.00%	34,477	$1M	held	—	9 q
MUSAMurphy USA Inc.	0.00%	3,181	$178,000	held	—	8 q
GFNEW GERMANY FUND Inc	0.00%	11,781	$178,000	added+2%	0.00 pp	9 q
NWSANews Corporation Class A	0.00%	365	$5,000	held	—	8 q
NWSNews Corporation Class B	0.00%	230	$3,000	held	—	8 q
NVSNovartis AG	0.00%	12,848	$1M	held	—	9 q
NUANNuance Communications, Inc.	0.00%	700	$12,000	held	—	9 q
JGHNuveen Global High Income Fund	0.00%	90,000	$2M	held	—	3 q
OXYOccidental Petroleum Corporation	0.00%	7,222	$562,000	held	—	9 q
PDLIPDL BioPharma, Inc.	0.00%	2,800	$18,000	held	—	9 q
ROYTLPacific Coast Oil Tr Uts	0.00%	110,000	$442,000	added+2%	0.00 pp	3 q
unresolvedPall Corp	0.00%	300	$37,000	held	—	9 q
JCPJ.C. Penney Company, Inc.	0.00%	5,000	$42,000	held	—	6 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	200	$2,000	held	—	9 q
PMPhilip Morris International Inc.	0.00%	13,800	$1M	held	—	9 q
unresolvedPrecision Castparts Corp	0.00%	900	$180,000	held	—	9 q
Rayonier Trs Holdings Inconvertible	0.00%	250,000	$283,000	held	—	5 q
ORealty Income Corporation	0.00%	1,340	$59,000	held	—	7 q
ROVIRovi Corporation Com Stk (De)	0.00%	184	$3,000	held	—	9 q
unresolvedSanofi	0.00%	146,402	$102,000	held	—	9 q
SLBSLB Limited	0.00%	900	$78,000	held	—	9 q
SCHWThe Charles Schwab Corporation	0.00%	900	$29,000	held	—	9 q
unresolvedShire PLC	0.00%	4,830	$1M	trimmed−98%	−0.17 pp	4 q
SONYSony Group Corporation	0.00%	800	$23,000	held	—	9 q
unresolvedSprint Corporation	0.00%	602	$3,000	held	—	8 q
SMMTSummit Therapeutics Inc.	0.00%	175,000	$2M	held	—	2 q
SUSuncor Energy, Inc.	0.00%	12,000	$330,000	held	—	2 q
SYTSyngenta Ag-adr	0.00%	66	$5,000	held	—	9 q
TDSTelephone and Data Systems Inc.	0.00%	17,500	$515,000	held	—	7 q
TLOGTetralogic Pharms Corp	0.00%	325,559	$762,000	added×2.8	0.00 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.00%	200	$26,000	held	—	9 q
unresolvedTime Warner Cable Inc	0.00%	2,612	$465,000	held	—	9 q
unresolvedTwenty First Centy Fox Inc	0.00%	1,460	$48,000	trimmed−100%	−0.25 pp	8 q
unresolvedTwenty First Centy Fox Inc	0.00%	920	$30,000	held	—	8 q
TWTRTwitter, Inc.	0.00%	650	$24,000	held	—	7 q
unresolvedUIL Holdings Corporation	0.00%	15,998	$733,000	held	—	9 q
UTXZRTX Corporation	0.00%	8,000	$887,000	held	—	9 q
VVXV2X, Inc.	0.00%	277	$7,000	held	—	4 q
VZVerizon Communications	0.00%	431	$20,000	held	—	9 q
VODVodafone Group PLC	0.00%	272	$10,000	held	—	5 q
unresolvedWuxi Pharmatech Adr	0.00%	10,000	$423,000	new	0.00 pp	new
WFCWells Fargo & Co.	0.00%	1,800	$101,000	held	—	9 q
unresolvedWilliams Partners L P New	0.00%	4,622	$224,000	held	—	2 q
XYLXylem Inc	0.00%	39,100	$1M	held	—	9 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	873	$95,000	held	—	9 q
MNKMallinckrodt PLC	0.00%	187	$22,000	held	—	7 q
MDTMedtronic plc	0.00%	12,735	$944,000	trimmed−99%	−0.17 pp	2 q
PNRPentair plc	0.00%	359	$25,000	held	—	5 q
unresolvedTyco Intl PLC	0.00%	1,500	$58,000	held	—	3 q
unresolvedActavis PLC	—	−1,573,572	—	exited	−1.12 pp	—
PKGPackaging Corp of America	—	−3,129,923	—	exited	−0.58 pp	—
unresolvedAOL Inc	—	−2,291,975	—	exited	−0.22 pp	—
unresolvedSalix Pharmaceuticals Ltd	—	−479,891	—	exited	−0.20 pp	—
DISCADiscovery, Inc. Series A	—	−2,260,915	—	exited	−0.17 pp	—
UNPUnion Pacific Corp.	—	−665,470	—	exited	−0.17 pp	—
unresolvedOmnicare Inc	—	−844,500	—	exited	−0.16 pp	—
HUMHumana Inc.	—	−296,553	—	exited	−0.13 pp	—
ACNAccenture PLC	—	−574,183	—	exited	−0.13 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−420,519	—	exited	−0.12 pp	—
MYLMylan NV	—	−586,016	—	exited	−0.08 pp	—
SGMOQSangamo Therapeutics Inc	—	−559,780	—	exited	−0.02 pp	—
ATHXAthersys, Inc.	—	−807,601	—	exited	−0.01 pp	—
unresolvedCleco Corp	—	−46,200	—	exited	−0.01 pp	—
unresolvedDirectv	—	−50,000	—	exited	−0.01 pp	—
DRCDresser-rand Group Inc	—	−30,000	—	exited	−0.01 pp	—
unresolvedFamily Dlr Stores Inc	—	−50,000	—	exited	−0.01 pp	—
unresolvedMarket Vectors ETF Tr	—	−45,000	—	exited	−0.01 pp	—
unresolvedOncothyreon Inc	—	−1,300,000	—	exited	−0.01 pp	—
TBFProShares Short 20+ Year Treasury ETF	—	−237,820	—	exited	−0.01 pp	—
unresolvedTRW Automotive Holdings Corp.	—	−25,000	—	exited	−0.01 pp	—
QUREuniQure N.V.	—	−89,300	—	exited	−0.01 pp	—
unresolvedAsterias Biotherapeutics Inc	—	−63,038	—	exited	0.00 pp	—
unresolvedBiotime Inc	—	−180,899	—	exited	0.00 pp	—
CARBCarbonite Inc	—	−80,400	—	exited	0.00 pp	—
unresolvedExelis Inc	—	−80,000	—	exited	0.00 pp	—
IBNICICI Bank Limited	—	−100,000	—	exited	0.00 pp	—
unresolvedLorillard Inc	—	−20,000	—	exited	0.00 pp	—
unresolvedMonster Beverage Corp	—	−15,000	—	exited	0.00 pp	—
unresolvedQlt Inc	—	−90,000	—	exited	0.00 pp	—
unresolvedRti Intl Metals Inc	—	−40,000	—	exited	0.00 pp	—
unresolvedRiverbed Technology Inc	—	−100,000	—	exited	0.00 pp	—
unresolvedSigma Aldrich Corp	—	−12,500	—	exited	0.00 pp	—
unresolvedSunesis Pharmaceuticals Inc	—	−587,976	—	exited	0.00 pp	—
unresolvedUranerz Energy Corp	—	−470,000	—	exited	0.00 pp	—