First Eagle

Q3 2015 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2015
Filed: Nov 23, 2015
US stock: $39.7B · prev $42.0B
Positions: 321 · prev 316
Options notional: $7M
Documents: 2· 1 amendment

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%

Moves216 since the prior filing

+5.6 pp in · −5.4 pp out

New 25 +2.38 pp
Added 91 +3.21 pp
Trimmed 74 −3.82 pp
Exited 20 −1.62 pp

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

The book

Diversified · behaves like 73 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions15% of US stock

MSFT Microsoft Corp trimmed+0.21 pp trimmed+0.213.8%
ORCL Oracle Corp trimmed−0.19 pp trimmed−0.193.5%
unresolved Comcast Corp. Spl Cl A trimmed−0.01 pp trimmed−0.013.3%
AXP American Express Company added+0.17 pp added+0.172.4%
BNY Bank of New York Mellon Corporation trimmed−0.42 pp trimmed−0.422.3%

Revealed late, restated

revealed late 2 names revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Nov 23, 2015 ↗

Positions321 in this filing · 20 exited


MSFTMicrosoft Corp	3.78%	33,883,226	$1.5B	trimmed−0%	+0.21 pp	10 q
ORCLOracle Corp	3.47%	38,101,527	$1.4B	trimmed−0%	−0.19 pp	10 q
unresolvedComcast Corp. Spl Cl A	3.34%	23,143,765	$1.3B	trimmed−1%	−0.01 pp	10 q
AXPAmerican Express Company	2.39%	12,779,493	$947M	added+7%	+0.17 pp	10 q
BNYBank of New York Mellon Corporation	2.33%	23,597,069	$924M	trimmed−14%	−0.42 pp	10 q
MMM3M Company	2.33%	6,533,388	$926M	added+11%	+0.16 pp	10 q
NOCNorthrop Grumman Corp.	2.26%	5,402,751	$897M	trimmed−8%	+0.03 pp	10 q
TVGrupo Televisa S.A.	2.22%	33,835,360	$880M	added+4%	−0.78 pp	10 q
INTCIntel Corp	2.18%	28,647,313	$863M	added+1%	+0.12 pp	10 q
OMCOmnicom Group Inc.	2.11%	12,730,389	$839M	added+2%	+0.04 pp	10 q
NOVNOV Inc.	2.01%	21,147,827	$796M	added+25%	+0.06 pp	10 q
CTASCintas Corp	1.78%	8,220,889	$705M	trimmed−7%	0.00 pp	10 q
BRK.ABerkshire Hathaway Inc.	1.70%	3,446	$673M	trimmed−2%	−0.01 pp	10 q
MCDMcDonald's Corporation	1.44%	5,813,646	$573M	trimmed−1%	+0.11 pp	6 q
unresolvedLinear Technology Group	1.41%	13,867,350	$560M	added+14%	+0.13 pp	10 q
POTPotash Corp Of Saskatchewan	1.41%	27,222,134	$559M	added+20%	−0.27 pp	10 q
18614USDGoldcorp Inc	1.34%	42,471,931	$532M	added+11%	−0.13 pp	10 q
CINFCincinnati Financial Corp	1.30%	9,564,330	$515M	trimmed−1%	+0.14 pp	10 q
BBTTruist Financial Corporation	1.29%	14,429,318	$514M	trimmed−1%	−0.12 pp	10 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.27%	4,706,745	$503M	added+1%	+0.02 pp	10 q
LBTYKLiberty Global Ltd. Class C	1.26%	12,179,309	$500M	added+33%	+0.15 pp	10 q
LMTLockheed Martin Corp.	1.25%	2,382,731	$494M	trimmed−11%	+0.06 pp	10 q
TDCTeradata Corporation	1.25%	17,143,546	$496M	added+12%	−0.10 pp	8 q
CVECenovus Energy Inc.	1.23%	32,273,099	$489M	added+2%	+0.02 pp	10 q
unresolvedPlum Creek Timber Co Inc	1.20%	12,063,799	$477M	added+3%	+0.07 pp	10 q
USBU.S. Bancorp	1.18%	11,409,540	$468M	trimmed−1%	−0.02 pp	10 q
CNQCanadian Natural Resources Limited	1.16%	23,577,818	$460M	added+1%	−0.35 pp	10 q
XLNXXilinx Inc	1.15%	10,781,803	$457M	added+5%	+0.07 pp	5 q
ACTAllergan PLC	1.15%	1,671,156	$454M	added+8%	+0.03 pp	2 q
unresolvedFmc Technologies Inc	1.09%	13,997,206	$434M	added×2.8	+0.60 pp	2 q
AEMAgnico Eagle Mines Ltd.	1.06%	16,535,908	$420M	trimmed−1%	−0.06 pp	10 q
WYWeyerhaeuser Company	1.06%	15,326,709	$419M	added+4%	−0.05 pp	10 q
unresolvedGoogle Inc.	1.02%	636,200	$406M	trimmed−1%	+0.19 pp	6 q
unresolvedWillis Group Holdings Public	0.98%	9,458,518	$388M	added+13%	+0.04 pp	10 q
AIGAmerican International Group, Inc.	0.96%	6,681,989	$380M	added+10%	+0.06 pp	5 q
WRBW.R. Berkley Corporation	0.92%	6,677,544	$363M	trimmed−1%	+0.08 pp	10 q
MLMMartin Marietta Materials	0.92%	2,392,665	$364M	trimmed−29%	−0.21 pp	10 q
COPConocoPhillips	0.91%	7,550,882	$362M	trimmed−1%	−0.21 pp	10 q
DEDeere & Company	0.91%	4,898,764	$363M	added+8%	−0.14 pp	5 q
DVNDevon Energy Corporation	0.90%	9,649,583	$358M	added+19%	−0.25 pp	10 q
FLSFlowserve Corporation	0.88%	8,514,844	$350M	added+85%	+0.30 pp	3 q
SMGThe Scotts Miracle-Gro Company	0.88%	5,771,827	$351M	trimmed−1%	+0.05 pp	10 q
VSTOVista Outdoor Inc.	0.81%	7,193,621	$320M	trimmed−1%	+0.03 pp	3 q
FNVFranco-Nevada Corporation	0.80%	7,167,555	$317M	added×4.2	+0.61 pp	10 q
CLColgate-Palmolive Company	0.76%	4,744,472	$301M	trimmed−1%	+0.01 pp	10 q
LYBLyondellBasell Industries N.V. Class A	0.76%	3,633,995	$303M	added+20%	+0.02 pp	10 q
VVISA Inc.	0.73%	4,143,315	$289M	trimmed−1%	+0.06 pp	10 q
IDAIDACORP, Inc.	0.71%	4,377,391	$283M	held	—	10 q
ABTAbbott Laboratories	0.69%	6,825,289	$275M	added+15%	0.00 pp	6 q
HONHoneywell International, Inc.	0.68%	2,835,903	$269M	added×2.3	+0.38 pp	10 q
YAlleghany Corporation	0.67%	565,424	$265M	added+11%	+0.10 pp	10 q
MAMastercard Incorporated	0.65%	2,842,136	$256M	trimmed−1%	+0.01 pp	10 q
TEVATeva Pharmaceutical Industries Limited	0.64%	4,467,011	$252M	added+19%	+0.11 pp	10 q
VMCVulcan Materials Company(Holding Company)	0.64%	2,825,619	$252M	trimmed−23%	−0.09 pp	10 q
unresolvedOrbital Atk Inc	0.62%	3,398,928	$244M	trimmed−1%	+0.02 pp	3 q
DHRDanaher Corporation	0.61%	2,836,774	$242M	added+10%	+0.08 pp	2 q
PSXPhillips 66	0.58%	3,013,438	$232M	trimmed−39%	−0.37 pp	5 q
ELVElevance Health, Inc.	0.57%	1,624,773	$227M	trimmed−1%	−0.07 pp	4 q
BROBrown & Brown, Inc.	0.54%	6,864,596	$213M	added+5%	+0.03 pp	6 q
HRBH&R Block, Inc.	0.53%	5,764,955	$209M	trimmed−1%	+0.12 pp	10 q
GOOGAlphabet Inc. Class C	0.53%	343,351	$209M	trimmed−1%	+0.10 pp	6 q
ADPAutomatic Data Processing	0.52%	2,544,281	$204M	trimmed−1%	+0.03 pp	10 q
GWWW.W. Grainger, Inc.	0.52%	967,129	$208M	added+35%	+0.12 pp	3 q
unresolvedAltera Corp	0.51%	4,077,866	$204M	trimmed−1%	+0.01 pp	4 q
HDHome Depot, Inc.	0.50%	1,728,023	$200M	added+45%	+0.18 pp	6 q
RGLDRoyal Gold Inc	0.50%	4,222,664	$198M	added+44%	+0.07 pp	10 q
unresolvedCoca Cola Enterprises Inc Ne	0.49%	3,979,837	$192M	added+3%	+0.09 pp	9 q
PFEPfizer Inc.	0.48%	6,090,294	$191M	added+41%	+0.14 pp	10 q
SEESealed Air Corp New	0.48%	4,049,285	$190M	trimmed−8%	−0.06 pp	10 q
unresolvedValeant Pharmaceuticals Intl	0.47%	1,055,332	$188M	held	—	10 q
AUAngloGold Ashanti plc	0.46%	22,450,987	$184M	trimmed−30%	−0.22 pp	10 q
BDXBecton, Dickinson and Co.	0.46%	1,370,041	$182M	added+5%	+0.02 pp	6 q
ABXBarrick Mining Corporation	0.45%	27,847,509	$177M	trimmed−31%	−0.58 pp	10 q
RTNRaytheon Company	0.44%	1,608,865	$176M	trimmed−7%	+0.05 pp	9 q
TXNTexas Instruments Incorporated	0.44%	3,513,241	$174M	new	+0.44 pp	new
DALDelta Air Lines, Inc.	0.43%	3,776,440	$169M	added+10%	+0.10 pp	6 q
WMTWalmart Inc.	0.43%	2,612,191	$169M	trimmed−2%	−0.02 pp	10 q
TKRThe Timken Company	0.42%	6,046,717	$166M	added+23%	−0.01 pp	3 q
ADIAnalog Devices, Inc.	0.41%	2,872,143	$162M	added×2.2	+0.21 pp	3 q
unresolvedHewlett Packard Co	0.41%	6,326,935	$162M	added+12%	+0.01 pp	10 q
PXGBXPraxair Inc	0.41%	1,594,133	$162M	added×7.9	+0.35 pp	10 q
TAPMolson Coors Beverage Company Class B	0.39%	1,883,519	$156M	new	+0.39 pp	new
PBIPitney Bowes Inc.	0.39%	7,734,205	$154M	added+3%	+0.02 pp	10 q
LOWLowe's Companies Inc.	0.38%	2,170,440	$150M	held	—	10 q
unresolvedIsrael Chemicals Ltd	0.38%	29,521,635	$152M	trimmed−0%	−0.11 pp	5 q
CFCF Industries Holding, Inc.	0.37%	3,261,497	$146M	added+37%	+0.01 pp	3 q
JNJJohnson & Johnson	0.37%	1,585,928	$148M	trimmed−2%	0.00 pp	10 q
MDLZMondelez International, Inc. Class A	0.37%	3,504,568	$147M	trimmed−10%	−0.01 pp	10 q
WYNTravel + Leisure Co.	0.37%	2,064,210	$148M	added+17%	+0.02 pp	10 q
EMNEastman Chemical Company	0.35%	2,154,340	$139M	added+7%	−0.04 pp	10 q
GRAW.R. Grace & Co.	0.35%	1,509,725	$140M	added+1%	−0.01 pp	10 q
UNPUnion Pacific Corp.	0.34%	1,525,605	$135M	new	+0.34 pp	new
DNOWDNOW Inc.	0.32%	8,452,812	$125M	trimmed−1%	−0.08 pp	6 q
GFIGold Fields Ltd	0.30%	45,178,810	$120M	trimmed−25%	−0.16 pp	10 q
UGIUGI Corporation	0.30%	3,374,827	$118M	new	+0.30 pp	new
NXPINXP Semiconductors N.V.	0.30%	1,362,426	$119M	added×2.6	+0.18 pp	3 q
unresolvedCharter Comm's Inc	0.29%	647,012	$114M	new	+0.29 pp	new
MSGNMSG Networks Inc.	0.29%	1,619,340	$117M	new	+0.29 pp	new
STXNSeagate Technology Holdings PLC (Ireland)	0.29%	2,588,550	$116M	trimmed−8%	−0.03 pp	10 q
CCUCompania Cervecerias Unidas S.A.	0.28%	5,011,650	$111M	added+3%	+0.04 pp	6 q
GPKGraphic Packaging Holding Company	0.28%	8,773,424	$112M	added+7%	+0.01 pp	5 q
PEPPepsiCo, Inc.	0.27%	1,127,465	$106M	added+26%	+0.07 pp	2 q
TSNTyson Foods, Inc.	0.27%	2,511,295	$108M	added×3.6	+0.20 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.25%	1,759,634	$100M	trimmed−1%	−0.04 pp	5 q
MASMasco Corporation	0.25%	3,981,950	$100M	trimmed−0%	0.00 pp	5 q
PPLPPL Corporation	0.24%	2,882,938	$95M	trimmed−28%	−0.04 pp	3 q
AZOAutoZone, Inc.	0.23%	125,550	$91M	held	—	8 q
0VQJLTe Connectivity Ltd	0.22%	1,483,014	$89M	trimmed−68%	−0.49 pp	10 q
unresolvedJpmorgan Chase & Co	0.21%	4,132,044	$82M	trimmed−20%	−0.09 pp	10 q
unresolvedSanDisk Corp	0.21%	1,550,473	$84M	trimmed−21%	−0.06 pp	9 q
LXKLexmark International Inc-a	0.20%	2,695,015	$78M	added+14%	−0.05 pp	7 q
AMGNAmgen Inc	0.19%	551,600	$76M	added+23%	+0.03 pp	5 q
UTHRUnited Therapeutics Corp	0.18%	548,807	$72M	added+29%	0.00 pp	5 q
unresolvedBaxalta Inc	0.17%	2,096,134	$66M	new	+0.17 pp	new
NLNKNewLink Genetics Corporation	0.17%	1,876,600	$67M	added+9%	−0.01 pp	10 q
VCVisteon Corporation	0.16%	639,380	$65M	added+18%	+0.02 pp	6 q
MDRXVeradigm Inc	0.15%	4,866,638	$60M	added+39%	+0.04 pp	2 q
ABBVAbbvie Inc.	0.14%	1,056,150	$57M	added+56%	+0.03 pp	2 q
APDAir Products & Chemicals, Inc.	0.14%	450,705	$58M	added+67%	+0.05 pp	3 q
CVLTCommvault Systems, Inc.	0.14%	1,601,586	$54M	trimmed−1%	−0.02 pp	6 q
HALOHalozyme Therapeutics, Inc.	0.14%	4,058,500	$55M	trimmed−2%	−0.08 pp	8 q
SJTSan Juan Basin Royalty Trust UBI	0.13%	5,548,678	$52M	trimmed−1%	−0.01 pp	10 q
unresolvedValspar Corp	0.13%	711,630	$51M	added+4%	0.00 pp	10 q
unresolvedCuris	0.12%	24,008,672	$48M	held	—	10 q
unresolvedDeltic Timber Corp	0.12%	789,978	$47M	trimmed−27%	−0.06 pp	10 q
unresolvedRandgold Res Ltd	0.12%	791,917	$47M	held	—	10 q
LBTYALiberty Global Ltd. Class A	0.12%	1,080,075	$46M	trimmed−1%	−0.02 pp	10 q
unresolvedAlliancebernstein Income Fun	0.09%	4,304,022	$34M	trimmed−0%	+0.01 pp	8 q
BAXBaxter International Inc.	0.09%	1,056,700	$35M	added+25%	−0.05 pp	10 q
unresolvedTahoe Res Inc	0.09%	4,665,036	$36M	added+53%	0.00 pp	10 q
CMTLComtech Telecommunications	0.08%	1,628,717	$34M	trimmed−4%	−0.04 pp	8 q
XONPrecigen, Inc.	0.08%	1,009,689	$32M	added+16%	−0.02 pp	6 q
unresolvedRite Aid Corp	0.08%	5,023,390	$30M	added×3.1	+0.05 pp	2 q
BNDVanguard Total Bond Market	0.08%	374,000	$31M	held	—	2 q
ARDMAradigm Corp	0.07%	3,854,730	$27M	held	—	6 q
DRRXDurect Corp	0.07%	14,081,446	$27M	added+7%	−0.01 pp	10 q
NEMNewmont Corporation	0.07%	1,658,306	$27M	held	—	10 q
SUSuncor Energy, Inc.	0.07%	1,061,956	$28M	added×88.5	+0.07 pp	3 q
unresolvedEldorado Gold (C$)	0.05%	6,443,257	$21M	held	—	10 q
unresolvedIntevac Inc	0.05%	4,469,081	$21M	added+16%	0.00 pp	10 q
KOPNKopin Corp	0.05%	6,363,549	$20M	held	—	10 q
NGDNew Gold Inc.	0.05%	8,384,731	$19M	added+32%	+0.01 pp	10 q
unresolvedAep Inds Inc	0.04%	281,314	$16M	held	—	10 q
XAWFXAlliancebernstein Gl Hi Inc	0.04%	1,416,455	$16M	added+3%	0.00 pp	6 q
ARQLArqule Inc	0.04%	8,719,968	$16M	held	—	10 q
TIMETime Inc	0.04%	848,559	$16M	trimmed−1%	−0.01 pp	6 q
1LGEUSDLiberty Global PLC Lilac - C	0.04%	456,240	$16M	new	+0.04 pp	new
unresolvedCui Global Inc	0.03%	2,281,242	$12M	held	—	7 q
IAGIAMGold Corporation	0.03%	8,047,996	$13M	added+22%	0.00 pp	10 q
IMOImperial Oil Limited	0.03%	396,600	$13M	new	+0.03 pp	new
NSNuStar Energy L.P.	0.03%	297,400	$13M	held	—	10 q
unresolvedPain Therapeutics Inc	0.03%	5,684,510	$10M	held	—	10 q
unresolvedPowershares Db Cmdty Idx Tra	0.03%	854,000	$13M	held	—	10 q
XLIState Street Industrial Select Sector SPDR ETF	0.03%	210,000	$10M	held	—	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	500,000	$10M	new	+0.03 pp	new
unresolvedTheravance Inc	0.03%	1,790,411	$13M	trimmed−0%	−0.05 pp	10 q
VARVarian Medical Systems, Inc.	0.03%	153,130	$11M	new	+0.03 pp	new
BTGB2Gold Corp.	0.02%	5,954,800	$6M	added+47%	+0.01 pp	2 q
unresolvedEncana Corp	0.02%	1,385,823	$9M	added+1%	−0.02 pp	10 q
unresolvedIndependence Hldg Co New	0.02%	570,287	$7M	trimmed−5%	0.00 pp	10 q
KGCKinross Gold Corporation	0.02%	4,801,889	$8M	trimmed−74%	−0.08 pp	10 q
KRThe Kroger Co.	0.02%	222,000	$8M	held	—	10 q
unresolvedLiberty Media Corp Delaware	0.02%	270,446	$9M	trimmed−1%	0.00 pp	5 q
MTBM&T Bank Corp.	0.02%	63,332	$8M	held	—	10 q
MGNXMacroGenics, Inc.	0.02%	403,181	$9M	added+3%	−0.02 pp	6 q
MQ8Mag Silver Corp	0.02%	1,354,200	$10M	held	—	3 q
unresolvedNustar Gp Holdings LLC	0.02%	250,000	$7M	held	—	10 q
XLFState Street Financial Select Sector SPDR ETF	0.02%	300,000	$7M	held	—	2 q
SPHSuburban Propane Partners L P	0.02%	196,250	$6M	held	—	10 q
unresolvedTransmontaigne Partners L P	0.02%	295,132	$8M	added+37%	0.00 pp	3 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$2M	held	—	10 q
unresolvedBellicum Pharmaceuticals Inc	0.01%	250,000	$4M	added+67%	0.00 pp	3 q
unresolvedCelldex Therapeutics Inc New	0.01%	559,542	$6M	held	—	5 q
unresolvedDow Chemical Co	0.01%	100,000	$4M	held	—	5 q
GBDCGolub Capital BDC, Inc.	0.01%	280,000	$4M	new	+0.01 pp	new
FXIiShares China Large-Cap ETF	0.01%	77,000	$3M	held	—	2 q
EFAiShares MSCI EAFE ETF	0.01%	87,550	$5M	held	—	8 q
SLViShares Silver Trust	0.01%	251,600	$3M	held	—	10 q
JPMJPMorgan Chase & Co.	0.01%	39,191	$2M	trimmed−6%	0.00 pp	10 q
KLICKulicke & Soffa Industries Inc	0.01%	300,000	$3M	added+15%	0.00 pp	7 q
unresolvedLeucadia National	0.01%	107,100	$2M	held	—	8 q
LBRDKLiberty Broadband Corporation Class C	0.01%	67,611	$3M	trimmed−1%	0.00 pp	4 q
unresolvedLiberty Media Corp Delaware	0.01%	135,223	$5M	trimmed−1%	0.00 pp	10 q
unresolvedMkt Vectors Gld Miners ETF	0.01%	331,900	$5M	held	—	10 q
unresolvedMcGraw Hill	0.01%	40,000	$3M	held	—	10 q
MNSTMonster Beverage Corporation	0.01%	15,000	$2M	held	—	2 q
unresolvedMorgans Hotel Group Co	0.01%	615,059	$2M	added×2.7	+0.01 pp	10 q
NGLNgl Energy Partners LP	0.01%	250,000	$5M	added+25%	0.00 pp	3 q
TRAKReposiTrak, Inc.	0.01%	268,461	$3M	held	—	8 q
unresolvedPenn West Petroleum Ltd	0.01%	6,111,885	$3M	trimmed−76%	−0.09 pp	10 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.01%	125,000	$4M	new	+0.01 pp	new
unresolvedPrimero Mng Corp	0.01%	1,071,100	$3M	held	—	10 q
unresolvedSeacor Holdings Inc.	0.01%	96,554	$6M	trimmed−9%	−0.01 pp	10 q
SYFSynchrony Financial	0.01%	101,600	$3M	new	+0.01 pp	new
unresolvedThreshold Pharmaceutical Inc	0.01%	500,000	$2M	trimmed−61%	0.00 pp	10 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	73,800	$3M	held	—	2 q
unresolvedWp Glimcher In	0.01%	255,000	$3M	added+44%	0.00 pp	3 q
CYDChina Yuchai International Ltd.	0.01%	225,000	$3M	added+3%	0.00 pp	10 q
unresolvedThe Adt Corporation	0.00%	750	$22,000	held	—	10 q
RMTORM2 International Inc	0.00%	987,755	$2M	added+23%	−0.01 pp	2 q
unresolvedAberdeen Singapore Fd Inc	0.00%	9,521	$82,000	new	0.00 pp	new
MOAltria Group, Inc.	0.00%	8,000	$435,000	trimmed−38%	0.00 pp	10 q
AMZNAmazon.Com Inc	0.00%	307	$157,000	held	—	10 q
ABEVAmbev S.a.	0.00%	17,875	$88,000	held	—	8 q
unresolvedAmerican Independence Corp	0.00%	149,039	$2M	added0%	0.00 pp	10 q
MJCAntares Pharma Inc	0.00%	20,000	$34,000	held	—	10 q
AAPLApple Inc.	0.00%	7,536	$831,000	held	—	10 q
ATRAptarGroup, Inc.	0.00%	14,129	$932,000	held	—	10 q
unresolvedAviat Networks Inc	0.00%	397	$0	held	—	10 q
AVPAvon Products, Inc.	0.00%	221,000	$718,000	added+39%	0.00 pp	4 q
BPBP p.l.c.	0.00%	273	$8,000	held	—	10 q
BIDUBaidu, Inc.	0.00%	10	$1,000	held	—	10 q
unresolvedBaker Hughes Inc.	0.00%	200	$10,000	held	—	10 q
BNSBank of Nova Scotia	0.00%	1,000	$44,000	new	0.00 pp	new
Barclays Bank PLCconvertible	0.00%	500	$13,000	held	—	10 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,450	$189,000	held	—	10 q
BMYBristol-Myers Squibb Co.	0.00%	13,325	$789,000	held	—	10 q
unresolvedCalifornia Res Corp	0.00%	1,008	$3,000	held	—	4 q
unresolvedCalpine Corp	0.00%	1,000	$15,000	held	—	10 q
CCThe Chemours Company	0.00%	120	$1,000	new	0.00 pp	new
CVXChevron Corporation	0.00%	8,104	$639,000	held	—	10 q
CHDChurch & Dwight Co., Inc.	0.00%	2,400	$201,000	held	—	10 q
CSCOCisco Systems, Inc. (DE)	0.00%	4,600	$121,000	held	—	10 q
CMCSAComcast Corp	0.00%	20,000	$1M	trimmed−98%	−0.13 pp	10 q
CAGConagra Brands, Inc.	0.00%	19,762	$801,000	held	—	10 q
CTOCTO Realty Growth, Inc.	0.00%	4,000	$199,000	held	—	10 q
STZConstellation Brands, Inc.	0.00%	2,400	$301,000	held	—	10 q
CORTCorcept Therapeutics Inc.	0.00%	300,000	$1M	added+50%	0.00 pp	2 q
GLWCorning Incorporated	0.00%	40	$1,000	held	—	10 q
DKSDick's Sporting Goods, Inc.	0.00%	1,000	$50,000	held	—	6 q
DGICADonegal Group Inc	0.00%	64,068	$901,000	added×2.3	0.00 pp	8 q
DMLPDorchester Minerals LP	0.00%	600	$9,000	held	—	10 q
unresolvedDu Pont E I De Nemours & Co	0.00%	600	$29,000	held	—	10 q
unresolvedElectro Rent Corp.	0.00%	89,800	$932,000	added+1%	0.00 pp	10 q
ETREntergy Corporation	0.00%	200	$13,000	held	—	10 q
unresolvedExpress Scripts Hldg Co	0.00%	1,168	$95,000	held	—	10 q
EZPWEzcorp Inc	0.00%	65,725	$406,000	new	0.00 pp	new
XOMExxon Mobil Corp	0.00%	6,628	$493,000	held	—	10 q
METAMeta Platforms, Inc. Class A	0.00%	2,300	$207,000	held	—	10 q
unresolvedFifth Street Finance Corp	0.00%	109,000	$673,000	new	0.00 pp	new
FEYEFireEye, Inc.	0.00%	635	$20,000	held	—	3 q
FBZFirst Trust Brazil AlphaDEX Fund	0.00%	2,915	$26,000	held	—	10 q
unresolvedFrontier Communications Corp	0.00%	72	$0	held	—	10 q
unresolvedGeneral Electric Co	0.00%	11,301	$285,000	held	—	10 q
GERNGeron Corp	0.00%	164,700	$455,000	held	—	10 q
GILDGilead Sciences Inc	0.00%	400	$39,000	held	—	10 q
unresolvedGlaxosmithkline PLC	0.00%	1	$0	held	—	10 q
GSGoldman Sachs Group Inc.	0.00%	151	$26,000	held	—	10 q
unresolvedGoodrich Pete Corp	0.00%	160,000	$93,000	held	—	10 q
unresolvedHrg Group Inc	0.00%	153,000	$2M	held	—	2 q
HRSL3Harris Technologies, Inc.	0.00%	1,600	$117,000	held	—	10 q
HIGThe Hartford Insurance Group, Inc.	0.00%	200	$9,000	held	—	10 q
INVEINVE Technologies, Inc.	0.00%	30,000	$105,000	added+50%	0.00 pp	5 q
ILMNIllumina Inc	0.00%	400	$70,000	held	—	10 q
IBMInternational Business Machines Corporation	0.00%	9,052	$1M	held	—	10 q
KHCThe Kraft Heinz Company	0.00%	1,845	$130,000	new	0.00 pp	new
unresolvedLayne Christensen Co	0.00%	78,700	$512,000	held	—	8 q
Layne Christensen Coconvertible	0.00%	1,550,000	$1M	held	—	3 q
LBRDALiberty Broadband Corporation Class A	0.00%	33,802	$2M	trimmed−1%	0.00 pp	4 q
unresolvedLiberty Interactive Corp	0.00%	4,375	$115,000	held	—	10 q
unresolvedLiberty Interactive Corp	0.00%	1,057	$43,000	held	—	10 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	436	$10,000	held	—	5 q
LMNRLimoneira Co	0.00%	77,388	$1M	trimmed−1%	0.00 pp	10 q
LLoews Corporation	0.00%	14,000	$506,000	held	—	10 q
LORLLoral Space and Communications, Inc.	0.00%	15,000	$706,000	held	—	8 q
MFCManulife Financial Corp.	0.00%	942	$15,000	held	—	10 q
unresolvedMarket Vectors ETF Tr	0.00%	10,100	$198,000	trimmed−83%	0.00 pp	6 q
MRKMerck & Co., Inc.	0.00%	9,050	$447,000	held	—	10 q
METMetLife, Inc.	0.00%	16,800	$792,000	held	—	10 q
MURMurphy Oil Corp.	0.00%	56,626	$1M	added+64%	0.00 pp	10 q
MUSAMurphy USA Inc.	0.00%	3,181	$175,000	held	—	9 q
GFNEW GERMANY FUND Inc	0.00%	11,780	$170,000	trimmed−0%	0.00 pp	10 q
unresolvedNew Oriental Ed & Tech Grp I	0.00%	1,000	$20,000	new	0.00 pp	new
NWSANews Corporation Class A	0.00%	365	$5,000	held	—	9 q
NWSNews Corporation Class B	0.00%	230	$3,000	held	—	9 q
NVSNovartis AG	0.00%	12,848	$1M	held	—	10 q
NUANNuance Communications, Inc.	0.00%	700	$11,000	held	—	10 q
JGHNuveen Global High Income Fund	0.00%	90,000	$1M	held	—	4 q
OXYOccidental Petroleum Corporation	0.00%	7,222	$478,000	held	—	10 q
PDLIPDL BioPharma, Inc.	0.00%	2,800	$14,000	held	—	10 q
JCPJ.C. Penney Company, Inc.	0.00%	5,000	$46,000	held	—	7 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	200	$1,000	held	—	10 q
PMPhilip Morris International Inc.	0.00%	8,800	$698,000	trimmed−36%	0.00 pp	10 q
unresolvedPhilippine Long Distance Tel	0.00%	26,259	$1M	new	0.00 pp	new
unresolvedPrecision Castparts Corp	0.00%	900	$207,000	held	—	10 q
ORealty Income Corporation	0.00%	1,340	$64,000	held	—	8 q
ROVIRovi Corporation Com Stk (De)	0.00%	184	$2,000	held	—	10 q
SGMOQSangamo Therapeutics Inc	0.00%	200,000	$1M	new	0.00 pp	new
unresolvedSanofi	0.00%	146,402	$28,000	held	—	10 q
SLBSLB Limited	0.00%	900	$62,000	held	—	10 q
SCHWThe Charles Schwab Corporation	0.00%	900	$26,000	held	—	10 q
unresolvedShire PLC	0.00%	4,830	$991,000	held	—	5 q
SONYSony Group Corporation	0.00%	800	$20,000	held	—	10 q
unresolvedSprint Corporation	0.00%	602	$2,000	held	—	9 q
unresolvedStarz	0.00%	53,068	$2M	held	—	10 q
SMMTSummit Therapeutics Inc.	0.00%	175,000	$2M	held	—	3 q
SYTSyngenta Ag-adr	0.00%	66	$4,000	held	—	10 q
TDSTelephone and Data Systems Inc.	0.00%	17,500	$437,000	held	—	8 q
TLOGTetralogic Pharms Corp	0.00%	325,559	$612,000	held	—	7 q
TMOThermo Fisher Scientific, Inc.	0.00%	200	$24,000	held	—	10 q
TWXTime Warner Inc	0.00%	15,671	$1M	trimmed−100%	−0.76 pp	10 q
unresolvedTime Warner Cable Inc	0.00%	2,612	$469,000	held	—	10 q
unresolvedTwenty First Centy Fox Inc	0.00%	1,460	$39,000	held	—	9 q
unresolvedTwenty First Centy Fox Inc	0.00%	920	$25,000	held	—	9 q
unresolvedUIL Holdings Corporation	0.00%	15,998	$804,000	held	—	10 q
UTXZRTX Corporation	0.00%	8,000	$712,000	held	—	10 q
UNMUnum Group	0.00%	60,000	$2M	held	—	10 q
VVXV2X, Inc.	0.00%	277	$6,000	held	—	5 q
unresolvedVerastem Inc	0.00%	310,177	$555,000	trimmed−27%	−0.01 pp	9 q
VZVerizon Communications	0.00%	431	$19,000	held	—	10 q
VODVodafone Group PLC	0.00%	272	$9,000	held	—	6 q
VUZIVuzix Corporation	0.00%	150,000	$701,000	new	0.00 pp	new
WFCWells Fargo & Co.	0.00%	1,800	$92,000	held	—	10 q
unresolvedWilliams Partners L P New	0.00%	4,622	$148,000	held	—	3 q
XYLXylem Inc	0.00%	39,100	$1M	held	—	10 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	873	$82,000	held	—	10 q
99998USDLiberty Global PLC Lilac - A	0.00%	54,033	$2M	new	0.00 pp	new
MNKMallinckrodt PLC	0.00%	187	$12,000	held	—	8 q
MDTMedtronic plc	0.00%	17,735	$1M	added+39%	0.00 pp	3 q
PNRPentair plc	0.00%	359	$18,000	held	—	6 q
unresolvedTyco Intl PLC	0.00%	1,500	$50,000	held	—	4 q
PPGPPG Industries, Inc.	—	−2,286,645	—	exited	−0.63 pp	—
CARAvis Budget Group, Inc.	—	−1,597,262	—	exited	−0.17 pp	—
unresolvedHertz Global Holdings Inc	—	−2,874,465	—	exited	−0.12 pp	—
unresolvedMadison Square Garden Co	—	−611,348	—	exited	−0.12 pp	—
MUMicron Technology, Inc.	—	−2,680,505	—	exited	−0.12 pp	—
MSIMotorola Solutions, Inc. New	—	−867,915	—	exited	−0.12 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−189,670	—	exited	−0.09 pp	—
URIUnited Rentals, Inc.	—	−378,735	—	exited	−0.08 pp	—
unresolvedTalen Energy Corp	—	−1,738,611	—	exited	−0.07 pp	—
ZTSZoetis Inc.	—	−508,942	—	exited	−0.06 pp	—
TGNATEGNA Inc.	—	−436,389	—	exited	−0.03 pp	—
CXCemex S.A.B. de C.V.	—	−411,032	—	exited	−0.01 pp	—
unresolvedChina Mobile Games & Entmt G	—	−25,000	—	exited	0.00 pp	—
unresolvedKraft Foods Group Inc	—	−1,845	—	exited	0.00 pp	—
MRTXMirati Therapeutics, Inc.	—	−62,813	—	exited	0.00 pp	—
ROYTLPacific Coast Oil Tr Uts	—	−110,000	—	exited	0.00 pp	—
unresolvedPall Corp	—	−300	—	exited	0.00 pp	—
Rayonier Trs Holdings Inconvertible	—	−250,000	—	exited	0.00 pp	—
TWTRTwitter, Inc.	—	−650	—	exited	0.00 pp	—
unresolvedWuxi Pharmatech Adr	—	−10,000	—	exited	0.00 pp	—