First Eagle

Q2 2016 13F · by Kimball Brooker, portfolio manager

As of: Jun 30, 2016
Filed: Aug 9, 2016
US stock: $39.3B · prev $39.3B
Positions: 353 · prev 336
Options notional: $446,000
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%

Moves265 since the prior filing

+7.8 pp in · −8.0 pp out

New 46 +2.97 pp
Added 89 +4.86 pp
Trimmed 97 −6.09 pp
Exited 29 −1.90 pp

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

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

CMCSA Comcast Corp added+0.34 pp added+0.344.3%
ORCL Oracle Corp added+0.08 pp added+0.084.2%
MSFT Microsoft Corp trimmed−0.26 pp trimmed−0.263.1%
WY Weyerhaeuser Company added−0.02 pp added−0.022.8%
OMC Omnicom Group Inc. added−0.02 pp added−0.022.7%

Positions353 in this filing · 29 exited


CMCSAComcast Corp	4.35%	26,216,689	$1.7B	added+1%	+0.34 pp	13 q
ORCLOracle Corp	4.22%	40,498,196	$1.7B	added+2%	+0.08 pp	13 q
MSFTMicrosoft Corp	3.06%	23,454,394	$1.2B	trimmed−1%	−0.26 pp	13 q
WYWeyerhaeuser Company	2.82%	37,142,044	$1.1B	added+3%	−0.02 pp	13 q
OMCOmnicom Group Inc.	2.67%	12,838,283	$1.0B	added+1%	−0.02 pp	13 q
AXPAmerican Express Company	2.44%	15,733,904	$956M	added+1%	+0.01 pp	13 q
BNYBank of New York Mellon Corporation	2.37%	23,923,008	$929M	added+1%	+0.16 pp	13 q
TVGrupo Televisa S.A.	2.30%	34,611,083	$901M	added+1%	−0.10 pp	13 q
ABXBarrick Mining Corporation	2.04%	37,503,841	$801M	trimmed−1%	+0.73 pp	13 q
NOVNOV Inc.	1.96%	22,827,516	$768M	added+3%	+0.22 pp	13 q
18614USDGoldcorp Inc	1.92%	39,463,548	$755M	trimmed−0%	+0.29 pp	13 q
AEMAgnico Eagle Mines Ltd.	1.91%	14,033,662	$751M	trimmed−12%	+0.45 pp	13 q
MMM3M Company	1.91%	4,273,272	$748M	trimmed−5%	0.00 pp	13 q
unresolvedLinear Technology Group	1.64%	13,816,539	$643M	added+1%	+0.09 pp	13 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.61%	4,988,684	$631M	added+3%	+0.16 pp	13 q
XLNXXilinx Inc	1.43%	12,145,640	$560M	added+15%	+0.15 pp	8 q
UNPUnion Pacific Corp.	1.40%	6,278,839	$548M	added+10%	+0.24 pp	4 q
CTASCintas Corp	1.39%	5,563,997	$546M	trimmed−26%	−0.33 pp	13 q
BBTTruist Financial Corporation	1.38%	15,222,334	$542M	added0%	+0.10 pp	13 q
FLSFlowserve Corporation	1.38%	12,021,967	$543M	added0%	+0.03 pp	6 q
FNVFranco-Nevada Corporation	1.37%	7,092,405	$539M	added+1%	+0.27 pp	13 q
POTPotash Corp Of Saskatchewan	1.21%	29,153,341	$473M	trimmed−0%	−0.06 pp	13 q
USBU.S. Bancorp	1.17%	11,357,623	$458M	added0%	0.00 pp	13 q
NOCNorthrop Grumman Corp.	1.14%	2,019,746	$449M	trimmed−29%	−0.30 pp	13 q
AIGAmerican International Group, Inc.	1.13%	8,352,452	$442M	added+1%	0.00 pp	8 q
WTWWillis Towers Watson Public Limited Company	1.12%	3,535,750	$440M	added0%	+0.06 pp	2 q
TDCTeradata Corporation	1.11%	17,354,615	$435M	added0%	−0.05 pp	11 q
LBTYKLiberty Global Ltd. Class C	1.11%	15,196,148	$435M	added+1%	−0.33 pp	13 q
DEDeere & Company	1.08%	5,252,739	$426M	added+1%	+0.06 pp	8 q
unresolvedFmc Technologies Inc	1.07%	15,738,006	$420M	added+4%	+0.02 pp	5 q
GWWW.W. Grainger, Inc.	1.05%	1,810,545	$411M	added+1%	−0.01 pp	6 q
SYFSynchrony Financial	1.05%	16,251,075	$411M	added+40%	+0.20 pp	4 q
SMGThe Scotts Miracle-Gro Company	1.02%	5,699,975	$398M	trimmed−1%	−0.04 pp	13 q
WRBW.R. Berkley Corporation	1.01%	6,637,416	$398M	added0%	+0.06 pp	13 q
unresolvedOrbital Atk Inc	0.94%	4,347,298	$370M	added+27%	+0.18 pp	6 q
COPConocoPhillips	0.93%	8,344,148	$364M	trimmed−13%	−0.05 pp	13 q
VARVarian Medical Systems, Inc.	0.91%	4,325,749	$356M	added+35%	+0.26 pp	4 q
CVECenovus Energy Inc.	0.89%	25,355,445	$350M	trimmed−0%	+0.05 pp	13 q
CLColgate-Palmolive Company	0.87%	4,673,993	$342M	added0%	+0.03 pp	13 q
YAlleghany Corporation	0.85%	604,008	$332M	added+8%	+0.15 pp	13 q
BRK.ABerkshire Hathaway Inc.	0.84%	1,518	$329M	added0%	+0.02 pp	13 q
DVNDevon Energy Corporation	0.81%	8,763,221	$318M	trimmed−9%	+0.14 pp	13 q
UGIUGI Corporation	0.81%	7,005,599	$317M	added0%	+0.09 pp	4 q
ELVElevance Health, Inc.	0.78%	2,331,026	$306M	added+55%	+0.25 pp	7 q
RGLDRoyal Gold Inc	0.77%	4,191,783	$302M	trimmed−1%	+0.22 pp	13 q
CINFCincinnati Financial Corp	0.71%	3,727,310	$279M	trimmed−14%	−0.01 pp	13 q
MLMMartin Marietta Materials	0.68%	1,393,509	$268M	trimmed−21%	−0.04 pp	13 q
BROBrown & Brown, Inc.	0.66%	6,921,062	$259M	added0%	+0.03 pp	9 q
DHRDanaher Corporation	0.60%	2,324,840	$235M	trimmed−42%	−0.36 pp	5 q
TIFTiffany & Co.	0.60%	3,876,154	$235M	added×3.6	+0.40 pp	2 q
VSTOVista Outdoor Inc.	0.60%	4,951,434	$236M	trimmed−20%	−0.22 pp	6 q
TXNTexas Instruments Incorporated	0.58%	3,611,612	$226M	added0%	+0.05 pp	4 q
APHAmphenol Corporation	0.56%	3,836,666	$220M	added+9%	+0.04 pp	2 q
CMICummins Inc.	0.55%	1,921,998	$216M	added0%	+0.01 pp	3 q
SEESealed Air Corp New	0.54%	4,592,016	$211M	trimmed−18%	−0.14 pp	13 q
BUDAnheuser-Busch INBEV SA/NV	0.53%	1,573,766	$207M	new	+0.53 pp	new
PSXPhillips 66	0.52%	2,563,086	$203M	trimmed−9%	−0.10 pp	8 q
SUSuncor Energy, Inc.	0.52%	7,430,644	$206M	added0%	0.00 pp	6 q
PXGBXPraxair Inc	0.49%	1,719,423	$193M	added0%	−0.01 pp	13 q
WMTWalmart Inc.	0.49%	2,607,241	$190M	trimmed−0%	+0.04 pp	13 q
TKRThe Timken Company	0.48%	6,087,860	$187M	added0%	−0.04 pp	6 q
CCEPCoca-Cola Europacific Partners plc	0.47%	5,152,652	$184M	new	+0.47 pp	new
GOOGAlphabet Inc. Class C	0.46%	258,915	$179M	trimmed−0%	−0.03 pp	9 q
ADPAutomatic Data Processing	0.46%	1,959,459	$180M	added0%	+0.01 pp	13 q
TAPMolson Coors Beverage Company Class B	0.46%	1,804,735	$183M	trimmed−44%	−0.33 pp	4 q
ADIAnalog Devices, Inc.	0.44%	3,030,553	$172M	added+11%	+0.03 pp	6 q
FFIVF5, Inc.	0.44%	1,531,980	$174M	added0%	+0.03 pp	2 q
LMTLockheed Martin Corp.	0.43%	675,721	$168M	trimmed−49%	−0.32 pp	13 q
MSGSMadison Square Garden Sports Corp.	0.41%	931,206	$161M	trimmed−6%	−0.01 pp	3 q
RTNRaytheon Company	0.40%	1,160,564	$158M	added+3%	+0.05 pp	12 q
VVISA Inc.	0.40%	2,123,418	$157M	added0%	−0.01 pp	13 q
CNQCanadian Natural Resources Limited	0.39%	5,003,983	$154M	trimmed−38%	−0.17 pp	13 q
DNOWDNOW Inc.	0.39%	8,404,374	$152M	added0%	+0.01 pp	9 q
MAMastercard Incorporated	0.38%	1,697,709	$150M	added0%	−0.03 pp	13 q
unresolvedRandgold Res Ltd	0.38%	1,348,397	$151M	trimmed−6%	+0.05 pp	13 q
TSNTyson Foods, Inc.	0.38%	2,219,895	$148M	trimmed−21%	−0.10 pp	5 q
HONHoneywell International, Inc.	0.37%	1,258,084	$146M	added+19%	+0.07 pp	13 q
WYNTravel + Leisure Co.	0.37%	2,038,670	$145M	trimmed−8%	−0.06 pp	13 q
AMGNAmgen Inc	0.36%	936,565	$142M	trimmed−24%	−0.11 pp	8 q
GOOGLAlphabet Inc. Class A	0.35%	197,843	$139M	added0%	−0.03 pp	3 q
HPEHewlett Packard Enterprise Company	0.35%	7,590,540	$139M	trimmed−20%	−0.08 pp	3 q
HRBH&R Block, Inc.	0.34%	5,751,645	$132M	added0%	−0.04 pp	13 q
VMCVulcan Materials Company(Holding Company)	0.33%	1,074,863	$129M	trimmed−25%	−0.05 pp	13 q
GDGeneral Dynamics Corporation	0.32%	906,690	$126M	added×2.3	+0.19 pp	2 q
PEPPepsiCo, Inc.	0.32%	1,194,952	$127M	added+88%	+0.15 pp	5 q
GPKGraphic Packaging Holding Company	0.31%	9,620,696	$121M	trimmed−1%	−0.01 pp	8 q
ABTAbbott Laboratories	0.30%	2,974,455	$117M	trimmed−60%	−0.50 pp	9 q
CCUCompania Cervecerias Unidas S.A.	0.30%	4,966,566	$116M	added0%	+0.02 pp	9 q
IMOImperial Oil Limited	0.30%	3,676,669	$116M	added+91%	+0.14 pp	4 q
RDS.ARoyal Dutch Shell PLC	0.30%	2,125,683	$117M	new	+0.30 pp	new
unresolvedIsrael Chemicals Ltd	0.29%	29,583,977	$114M	added0%	−0.04 pp	8 q
DCPDCP Midstream, LP	0.28%	3,199,986	$110M	held	—	3 q
LOWLowe's Companies Inc.	0.28%	1,384,210	$110M	trimmed−36%	−0.14 pp	13 q
PBIPitney Bowes Inc.	0.27%	6,045,695	$108M	trimmed−20%	−0.14 pp	13 q
BAXBaxter International Inc.	0.25%	2,129,733	$96M	added×1936.1	+0.25 pp	13 q
ZTSZoetis Inc.	0.25%	2,073,478	$98M	trimmed−26%	−0.07 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.25%	3,718,020	$99M	added+98%	+0.11 pp	2 q
unresolvedItc Hldgs Corp	0.24%	2,026,125	$95M	added+35%	+0.07 pp	3 q
MDTMedtronic plc	0.24%	1,106,014	$96M	trimmed−40%	−0.11 pp	6 q
DALDelta Air Lines, Inc.	0.23%	2,474,435	$90M	trimmed−18%	−0.14 pp	9 q
JNJJohnson & Johnson	0.23%	759,790	$92M	trimmed−34%	−0.08 pp	13 q
BIIBBiogen Inc.	0.21%	332,760	$80M	added+48%	+0.06 pp	3 q
GRAW.R. Grace & Co.	0.21%	1,123,215	$82M	trimmed−26%	−0.06 pp	13 q
PKGPackaging Corp of America	0.21%	1,251,460	$84M	trimmed−25%	−0.04 pp	3 q
EMNEastman Chemical Company	0.20%	1,163,080	$79M	trimmed−50%	−0.23 pp	13 q
LYBLyondellBasell Industries N.V. Class A	0.20%	1,034,370	$77M	trimmed−35%	−0.15 pp	13 q
APDAir Products & Chemicals, Inc.	0.19%	526,605	$75M	held	—	6 q
1LGEUSDLiberty Global PLC Lilac - C	0.19%	2,351,917	$76M	added×5.2	+0.15 pp	4 q
unresolvedJpmorgan Chase & Co	0.18%	3,540,271	$72M	trimmed−1%	+0.02 pp	13 q
OLNOlin Corp.	0.18%	2,830,804	$70M	new	+0.18 pp	new
BDXBecton, Dickinson and Co.	0.17%	390,407	$66M	trimmed−72%	−0.37 pp	9 q
CHTRCharter Comm Inc Del CL A New	0.17%	298,602	$68M	new	+0.17 pp	new
CVLTCommvault Systems, Inc.	0.17%	1,589,068	$69M	added0%	0.00 pp	9 q
MSTRStrategy Inc Class A	0.17%	376,455	$66M	added+56%	+0.06 pp	3 q
unresolvedTahoe Res Inc	0.17%	4,499,549	$67M	trimmed−8%	+0.05 pp	13 q
HALOHalozyme Therapeutics, Inc.	0.16%	7,101,000	$61M	added+7%	0.00 pp	11 q
MDLZMondelez International, Inc. Class A	0.16%	1,370,536	$62M	added×247.6	+0.16 pp	13 q
MDRXVeradigm Inc	0.15%	4,774,073	$61M	trimmed−20%	−0.05 pp	5 q
GCPNGcp Applied Technologies	0.15%	2,272,850	$59M	added+1%	+0.04 pp	2 q
VCVisteon Corporation	0.15%	890,212	$59M	added+36%	+0.02 pp	9 q
ALBAlbemarle Corporation	0.14%	703,215	$56M	new	+0.14 pp	new
NEMNewmont Corporation	0.14%	1,438,306	$56M	held	—	13 q
EBAYeBay Inc	0.12%	1,935,555	$45M	new	+0.12 pp	new
MASMasco Corporation	0.11%	1,353,450	$42M	trimmed−46%	−0.09 pp	8 q
NGLNgl Energy Partners LP	0.11%	2,199,729	$42M	added+20%	+0.07 pp	6 q
NGDNew Gold Inc.	0.11%	9,992,231	$44M	trimmed−6%	+0.01 pp	13 q
TMUST-Mobile US, Inc.	0.11%	1,021,987	$44M	trimmed−55%	−0.11 pp	2 q
AWIArmstrong World Industries, Inc.	0.10%	1,002,266	$39M	new	+0.10 pp	new
ADSKAutodesk Inc	0.10%	695,576	$38M	new	+0.10 pp	new
unresolvedCst Brands Inc	0.10%	939,170	$40M	new	+0.10 pp	new
unresolvedCuris	0.10%	24,008,672	$37M	held	—	13 q
unresolvedDeltic Timber Corp	0.10%	580,140	$39M	trimmed−19%	−0.01 pp	13 q
SJTSan Juan Basin Royalty Trust UBI	0.10%	5,443,890	$40M	trimmed−0%	+0.03 pp	13 q
AUAngloGold Ashanti plc	0.09%	2,019,555	$36M	held	—	13 q
GLWCorning Incorporated	0.09%	1,795,743	$37M	trimmed−69%	−0.22 pp	13 q
INVAInnoviva, Inc.	0.09%	3,355,791	$35M	added+4%	−0.01 pp	2 q
OCOwens Corning	0.09%	678,015	$35M	new	+0.09 pp	new
unresolvedYahoo Inc	0.09%	956,260	$36M	new	+0.09 pp	new
unresolvedAlere Inc	0.08%	766,566	$32M	new	+0.08 pp	new
IAGIAMGold Corporation	0.08%	8,047,996	$33M	held	—	13 q
QCOMQualcomm Inc	0.08%	562,788	$30M	trimmed−51%	−0.07 pp	3 q
unresolvedTransmontaigne Partners L P	0.08%	732,203	$30M	held	—	6 q
LBTYALiberty Global Ltd. Class A	0.08%	1,083,813	$31M	trimmed−57%	−0.17 pp	13 q
unresolvedEldorado Gold (C$)	0.07%	6,443,257	$29M	held	—	13 q
HDSHD Supply Holdings, Inc.	0.07%	807,755	$28M	new	+0.07 pp	new
unresolvedIntevac Inc	0.07%	4,825,881	$27M	held	—	13 q
XONPrecigen, Inc.	0.07%	1,102,004	$27M	trimmed−7%	−0.03 pp	9 q
MSGNMSG Networks Inc.	0.07%	1,719,547	$26M	trimmed−7%	−0.01 pp	4 q
UNVRUnivar Solutions Inc.	0.07%	1,440,590	$27M	new	+0.07 pp	new
unresolvedAep Inds Inc	0.06%	281,314	$23M	held	—	13 q
DRRXDurect Corp	0.06%	19,881,546	$24M	added+38%	+0.01 pp	13 q
NLNKNewLink Genetics Corporation	0.06%	2,186,700	$25M	added+25%	−0.02 pp	13 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.06%	853,945	$23M	added×8.5	+0.05 pp	4 q
XAWFXAlliancebernstein Gl Hi Inc	0.05%	1,455,764	$18M	held	—	9 q
ARQLArqule Inc	0.05%	10,837,733	$21M	added0%	+0.01 pp	13 q
BTGB2Gold Corp.	0.05%	7,700,300	$19M	held	—	5 q
HRIHerc Holdings Inc.	0.05%	1,931,774	$21M	new	+0.05 pp	new
KGCKinross Gold Corporation	0.05%	3,691,889	$18M	trimmed−23%	+0.01 pp	13 q
MQ8Mag Silver Corp	0.05%	1,490,600	$19M	held	—	6 q
MDCOMedicines Co	0.05%	555,099	$19M	new	+0.05 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	700,000	$18M	held	—	4 q
ARDMAradigm Corp	0.04%	3,854,730	$17M	held	—	9 q
CDKCDK Global, Inc.	0.04%	297,429	$17M	new	+0.04 pp	new
NSNuStar Energy L.P.	0.04%	297,400	$15M	held	—	13 q
unresolvedPain Therapeutics Inc	0.04%	6,602,658	$14M	added+16%	+0.01 pp	13 q
unresolvedBellicum Pharmaceuticals Inc	0.03%	854,055	$11M	added+45%	+0.02 pp	6 q
unresolvedCui Global Inc	0.03%	2,350,376	$12M	added+3%	−0.02 pp	10 q
CMTLComtech Telecommunications	0.03%	1,017,323	$13M	trimmed−17%	−0.04 pp	11 q
unresolvedEncana Corp	0.03%	1,377,892	$11M	held	—	13 q
GFIGold Fields Ltd	0.03%	2,681,635	$13M	held	—	13 q
unresolvedIndependence Hldg Co New	0.03%	594,559	$11M	trimmed−0%	+0.01 pp	13 q
KOPNKopin Corp	0.03%	5,602,949	$12M	trimmed−2%	+0.01 pp	13 q
LXKLexmark International Inc-a	0.03%	348,336	$13M	trimmed−88%	−0.21 pp	10 q
MYGNMyriad Genetics Inc	0.03%	368,980	$11M	new	+0.03 pp	new
NWLNewell Brands Inc.	0.03%	252,040	$12M	new	+0.03 pp	new
NGNovaGold Resources Inc.	0.03%	2,151,285	$13M	added×30.0	+0.03 pp	2 q
unresolvedPowershares Db Cmdty Idx Tra	0.03%	771,000	$12M	trimmed−10%	0.00 pp	13 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	57,270	$12M	trimmed−38%	−0.02 pp	3 q
unresolvedShire PLC	0.03%	56,549	$10M	added+20%	+0.01 pp	8 q
EIXEdison International	0.02%	104,142	$8M	trimmed−44%	−0.01 pp	2 q
GBDCGolub Capital BDC, Inc.	0.02%	343,700	$6M	held	—	4 q
KRThe Kroger Co.	0.02%	222,000	$8M	held	—	13 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	237,208	$7M	new	+0.02 pp	new
MTBM&T Bank Corp.	0.02%	58,126	$7M	trimmed−1%	0.00 pp	13 q
MGNXMacroGenics, Inc.	0.02%	221,800	$6M	trimmed−22%	+0.01 pp	9 q
unresolvedNustar Gp Holdings LLC	0.02%	250,000	$6M	held	—	13 q
SPHSuburban Propane Partners L P	0.02%	196,250	$7M	held	—	13 q
unresolvedValeant Pharmaceuticals Intl	0.02%	380,900	$8M	trimmed−75%	−0.08 pp	13 q
YPFYPF Sociedad Anonima	0.02%	398,873	$8M	new	+0.02 pp	new
99998USDLiberty Global PLC Lilac - A	0.02%	296,062	$10M	added×5.5	+0.02 pp	4 q
RMTORM2 International Inc	0.01%	1,340,736	$3M	added+17%	0.00 pp	5 q
unresolvedAmerican Independence Corp	0.01%	136,920	$3M	trimmed−6%	0.00 pp	13 q
CVICvr Energy, Inc.	0.01%	165,100	$3M	new	+0.01 pp	new
DDSDillard's, Inc. Class A	0.01%	45,900	$3M	new	+0.01 pp	new
EZPWEzcorp Inc	0.01%	362,000	$3M	held	—	4 q
GPROGoPro, Inc.	0.01%	490,000	$5M	new	+0.01 pp	new
unresolvedHrg Group Inc	0.01%	263,400	$4M	held	—	5 q
IBMInternational Business Machines Corporation	0.01%	22,972	$3M	added×2.5	+0.01 pp	13 q
FXIiShares China Large-Cap ETF	0.01%	67,000	$2M	trimmed−13%	0.00 pp	5 q
EFAiShares MSCI EAFE ETF	0.01%	79,900	$4M	trimmed−9%	0.00 pp	11 q
SLViShares Silver Trust	0.01%	251,600	$4M	held	—	13 q
JPMJPMorgan Chase & Co.	0.01%	39,191	$2M	held	—	13 q
KLICKulicke & Soffa Industries Inc	0.01%	400,421	$5M	added+2%	0.00 pp	10 q
unresolvedLeucadia National	0.01%	211,000	$4M	held	—	11 q
LM03Liberty Media Cor-siriusxm A	0.01%	118,604	$4M	new	+0.01 pp	new
MCDMcDonald's Corporation	0.01%	17,929	$2M	added0%	0.00 pp	9 q
MUMicron Technology, Inc.	0.01%	205,000	$3M	new	+0.01 pp	new
unresolvedMorgans Hotel Group Co	0.01%	1,036,000	$2M	held	—	13 q
OIIOceaneering International Inc.	0.01%	92,800	$3M	new	+0.01 pp	new
TRAKReposiTrak, Inc.	0.01%	268,461	$2M	held	—	11 q
PFEPfizer Inc.	0.01%	76,061	$3M	trimmed−46%	0.00 pp	13 q
unresolvedPlains Gp Hldgs L P	0.01%	220,145	$2M	new	+0.01 pp	new
unresolvedPrimero Mng Corp	0.01%	1,620,300	$3M	held	—	13 q
unresolvedRackspace Hosting Inc	0.01%	123,500	$3M	new	+0.01 pp	new
SPGIS&P Global Inc.	0.01%	40,000	$4M	new	+0.01 pp	new
unresolvedSeacor Holdings Inc.	0.01%	96,554	$6M	held	—	13 q
XLFState Street Financial Select Sector SPDR ETF	0.01%	130,000	$3M	trimmed−24%	0.00 pp	5 q
unresolvedThreshold Pharmaceutical Inc	0.01%	3,199,433	$2M	new	+0.01 pp	new
TRNTrinity Industries, Inc.	0.01%	149,200	$3M	new	+0.01 pp	new
TWTRTwitter, Inc.	0.01%	162,000	$3M	added×3.1	+0.01 pp	2 q
unresolvedWp Glimcher In	0.01%	309,000	$3M	held	—	6 q
WDCWestern Digital Corp.	0.01%	60,500	$3M	new	+0.01 pp	new
CYDChina Yuchai International Ltd.	0.01%	245,000	$3M	held	—	13 q
unresolvedVascular Biogenics Ltd	0.01%	923,239	$4M	added×4.7	+0.01 pp	3 q
MOAltria Group, Inc.	0.00%	13,000	$896,000	held	—	13 q
AMZNAmazon.Com Inc	0.00%	917	$656,000	held	—	13 q
ABEVAmbev S.a.	0.00%	17,875	$106,000	held	—	11 q
AMPAmeriprise Financial, Inc.	0.00%	21,324	$2M	held	—	13 q
MJCAntares Pharma Inc	0.00%	20,000	$21,000	held	—	13 q
AAPLApple Inc.	0.00%	16,106	$2M	held	—	13 q
ATRAptarGroup, Inc.	0.00%	14,129	$1M	held	—	13 q
AGRAvangrid, Inc.	0.00%	15,998	$737,000	held	—	3 q
AVNWAviat Networks, Inc.	0.00%	33	$0	new	0.00 pp	new
BPBP p.l.c.	0.00%	273	$10,000	held	—	13 q
BIDUBaidu, Inc.	0.00%	10	$2,000	held	—	13 q
unresolvedBaker Hughes Inc.	0.00%	181	$8,000	held	—	13 q
BNSBank of Nova Scotia	0.00%	1,000	$49,000	trimmed−2%	0.00 pp	4 q
Barclays Bank PLCconvertible	0.00%	500	$13,000	held	—	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,250	$181,000	trimmed−14%	0.00 pp	13 q
BMYBristol-Myers Squibb Co.	0.00%	11,529	$848,000	trimmed−11%	0.00 pp	13 q
unresolvedBrocade Communications Sys I	0.00%	46,912	$431,000	added+56%	0.00 pp	2 q
CRCCalifornia Resources Corporation	0.00%	122	$1,000	new	0.00 pp	new
CALACalithera Biosciences Inc	0.00%	205,369	$762,000	held	—	3 q
unresolvedCalpine Corp	0.00%	1,000	$15,000	held	—	13 q
unresolvedCascadian Therapeutics Inc	0.00%	400,000	$377,000	new	0.00 pp	new
unresolvedCelldex Therapeutics Inc New	0.00%	445,000	$2M	trimmed−29%	−0.01 pp	8 q
CCThe Chemours Company	0.00%	120	$1,000	held	—	4 q
CVXChevron Corporation	0.00%	1,004	$105,000	trimmed−92%	0.00 pp	13 q
CHDChurch & Dwight Co., Inc.	0.00%	1,884	$194,000	held	—	13 q
CSCOCisco Systems, Inc. (DE)	0.00%	11,200	$321,000	trimmed−61%	0.00 pp	13 q
CAGConagra Brands, Inc.	0.00%	19,762	$945,000	held	—	13 q
CTOCTO Realty Growth, Inc.	0.00%	4,000	$190,000	held	—	13 q
STZConstellation Brands, Inc.	0.00%	2,400	$397,000	held	—	13 q
CORTCorcept Therapeutics Inc.	0.00%	223,935	$1M	trimmed−43%	0.00 pp	5 q
DKSDick's Sporting Goods, Inc.	0.00%	1,000	$45,000	held	—	9 q
DISThe Walt Disney Company	0.00%	7,000	$685,000	new	0.00 pp	new
DGICADonegal Group Inc	0.00%	59,684	$984,000	trimmed−7%	0.00 pp	11 q
DMLPDorchester Minerals LP	0.00%	600	$9,000	held	—	13 q
unresolvedDu Pont E I De Nemours & Co	0.00%	600	$39,000	held	—	13 q
ETREntergy Corporation	0.00%	200	$16,000	held	—	13 q
unresolvedExpress Scripts Hldg Co	0.00%	1,168	$89,000	held	—	13 q
XOMExxon Mobil Corp	0.00%	6,628	$621,000	held	—	13 q
METAMeta Platforms, Inc. Class A	0.00%	3,800	$434,000	held	—	13 q
unresolvedFifth Street Finance Corp	0.00%	109,000	$529,000	held	—	4 q
FBZFirst Trust Brazil AlphaDEX Fund	0.00%	2,915	$37,000	held	—	13 q
FOSLFossil Group, Inc.	0.00%	3,210	$92,000	new	0.00 pp	new
unresolvedFrontier Communications Corp	0.00%	72	$0	held	—	13 q
unresolvedGeneral Electric Co	0.00%	44,501	$1M	added×3.9	0.00 pp	13 q
GERNGeron Corp	0.00%	159,700	$428,000	held	—	13 q
GILDGilead Sciences Inc	0.00%	15,500	$1M	added+68%	0.00 pp	13 q
unresolvedGlaxosmithkline PLC	0.00%	1	$0	held	—	13 q
GSGoldman Sachs Group Inc.	0.00%	151	$22,000	trimmed−97%	0.00 pp	13 q
HRSL3Harris Technologies, Inc.	0.00%	1,600	$134,000	held	—	13 q
HIGThe Hartford Insurance Group, Inc.	0.00%	200	$9,000	held	—	13 q
INVEINVE Technologies, Inc.	0.00%	65,000	$116,000	held	—	8 q
ILMNIllumina Inc	0.00%	400	$56,000	held	—	13 q
INTCIntel Corp	0.00%	30,770	$1M	trimmed−100%	−1.27 pp	13 q
unresolvedKlondex Mns Ltd	0.00%	5,000	$18,000	held	—	3 q
KHCThe Kraft Heinz Company	0.00%	1,845	$163,000	held	—	4 q
unresolvedLayne Christensen Co	0.00%	65,200	$528,000	held	—	11 q
Layne Christensen Coconvertible	0.00%	1,550,000	$1M	held	—	6 q
LBRDALiberty Broadband Corporation Class A	0.00%	220	$13,000	trimmed−99%	0.00 pp	7 q
LBRDKLiberty Broadband Corporation Class C	0.00%	440	$26,000	trimmed−99%	−0.01 pp	7 q
unresolvedLiberty Interactive Corp	0.00%	4,375	$111,000	held	—	13 q
unresolvedLiberty Interactive Corp	0.00%	1,057	$39,000	held	—	13 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	10,618	$160,000	new	0.00 pp	new
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	53,106	$1M	new	0.00 pp	new
LM05Liberty Media Corp-liberty-a	0.00%	26,550	$508,000	new	0.00 pp	new
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	21,240	$311,000	new	0.00 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	436	$10,000	held	—	8 q
LMNRLimoneira Co	0.00%	76,488	$1M	trimmed−1%	0.00 pp	13 q
unresolvedLion Biotechnologies Inc	0.00%	150,000	$1M	new	0.00 pp	new
LLoews Corporation	0.00%	14,000	$575,000	held	—	13 q
LORLLoral Space and Communications, Inc.	0.00%	41,350	$1M	held	—	11 q
MFCManulife Financial Corp.	0.00%	942	$13,000	held	—	13 q
MRKMerck & Co., Inc.	0.00%	7,790	$449,000	trimmed−52%	0.00 pp	13 q
METMetLife, Inc.	0.00%	40,000	$2M	added×2.4	0.00 pp	13 q
MNSTMonster Beverage Corporation	0.00%	10,000	$2M	trimmed−33%	−0.01 pp	5 q
MURMurphy Oil Corp.	0.00%	14,226	$452,000	trimmed−55%	0.00 pp	13 q
MUSAMurphy USA Inc.	0.00%	3,181	$236,000	held	—	12 q
GFNEW GERMANY FUND Inc	0.00%	12,556	$163,000	held	—	13 q
NWSANews Corporation Class A	0.00%	365	$4,000	held	—	12 q
NWSNews Corporation Class B	0.00%	230	$3,000	held	—	12 q
NVSNovartis AG	0.00%	12,848	$1M	held	—	13 q
NUANNuance Communications, Inc.	0.00%	700	$11,000	held	—	13 q
JGHNuveen Global High Income Fund	0.00%	90,000	$1M	held	—	7 q
OXYOccidental Petroleum Corporation	0.00%	2,522	$191,000	trimmed−92%	−0.01 pp	13 q
unresolvedOncomed Pharmaceuticals Inc	0.00%	77,370	$952,000	trimmed−58%	0.00 pp	2 q
PDLIPDL BioPharma, Inc.	0.00%	2,800	$9,000	held	—	13 q
JCPJ.C. Penney Company, Inc.	0.00%	5,000	$44,000	held	—	10 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	200	$1,000	held	—	13 q
PMPhilip Morris International Inc.	0.00%	13,000	$1M	held	—	13 q
ORealty Income Corporation	0.00%	1,340	$93,000	held	—	11 q
ROVIRovi Corporation Com Stk (De)	0.00%	184	$3,000	held	—	13 q
XBIState Street SPDR S&P Biotech ETF	0.00%	18,150	$982,000	held	—	2 q
SGMOQSangamo Therapeutics Inc	0.00%	60,000	$347,000	trimmed−84%	−0.01 pp	4 q
unresolvedSanofi	0.00%	146,402	$35,000	held	—	13 q
SLBSLB Limited	0.00%	900	$71,000	held	—	13 q
SCHWThe Charles Schwab Corporation	0.00%	900	$23,000	held	—	13 q
XLIState Street Industrial Select Sector SPDR ETF	0.00%	30,000	$2M	held	—	13 q
SONYSony Group Corporation	0.00%	800	$23,000	held	—	13 q
unresolvedSprint Corporation	0.00%	602	$3,000	held	—	12 q
XYZBlock, Inc.	0.00%	1,940	$18,000	held	—	3 q
unresolvedStarz	0.00%	26,068	$780,000	trimmed−41%	0.00 pp	13 q
SMMTSummit Therapeutics Inc.	0.00%	175,000	$1M	held	—	6 q
unresolvedSunesis Pharmaceuticals Inc	0.00%	1,500,000	$822,000	new	0.00 pp	new
SYTSyngenta Ag-adr	0.00%	66	$5,000	held	—	13 q
TDSTelephone and Data Systems Inc.	0.00%	17,500	$519,000	held	—	11 q
TEXTerex Corporation	0.00%	10,000	$203,000	held	—	2 q
TSLATesla, Inc.	0.00%	105	$22,000	held	—	3 q
TEVATeva Pharmaceutical Industries Limited	0.00%	200	$10,000	trimmed−100%	−0.26 pp	13 q
TMOThermo Fisher Scientific, Inc.	0.00%	200	$30,000	held	—	13 q
TIMETime Inc	0.00%	1,854	$31,000	held	—	9 q
TWXTime Warner Inc	0.00%	14,846	$1M	held	—	13 q
unresolvedTwenty First Centy Fox Inc	0.00%	1,460	$39,000	held	—	12 q
unresolvedTwenty First Centy Fox Inc	0.00%	920	$25,000	held	—	12 q
UNFUnifirst Corp	0.00%	11,599	$1M	held	—	2 q
UTXZRTX Corporation	0.00%	11,288	$1M	trimmed−40%	0.00 pp	13 q
UNMUnum Group	0.00%	60,000	$2M	held	—	13 q
GDXVanEck Gold Miners ETF	0.00%	6,900	$191,000	new	0.00 pp	new
VVXV2X, Inc.	0.00%	277	$8,000	held	—	8 q
VZVerizon Communications	0.00%	431	$24,000	held	—	13 q
VODVodafone Group PLC	0.00%	272	$8,000	trimmed−100%	−0.04 pp	9 q
VUZIVuzix Corporation	0.00%	69,933	$528,000	added+56%	0.00 pp	4 q
WFCWells Fargo & Co.	0.00%	1,800	$85,000	held	—	13 q
unresolvedWilliams Partners L P New	0.00%	4,622	$160,000	held	—	6 q
XYLXylem Inc	0.00%	39,100	$2M	held	—	13 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	873	$105,000	held	—	13 q
MNKMallinckrodt PLC	0.00%	187	$11,000	held	—	11 q
STXNSeagate Technology Holdings PLC (Ireland)	0.00%	20,000	$487,000	trimmed−99%	−0.26 pp	13 q
PNRPentair plc	0.00%	359	$21,000	held	—	9 q
unresolvedTyco Intl PLC	0.00%	1,500	$64,000	held	—	7 q
0VQJLTe Connectivity Ltd	0.00%	1,500	$86,000	held	—	13 q
unresolvedCoca Cola Enterprises Inc Ne	—	−4,759,251	—	exited	−0.61 pp	—
IDAIDACORP, Inc.	—	−1,728,749	—	exited	−0.33 pp	—
ACTAllergan PLC	—	−371,770	—	exited	−0.25 pp	—
AAPAdvance Auto Parts Inc	—	−531,585	—	exited	−0.22 pp	—
unresolvedCharter Comm's Inc	—	−426,898	—	exited	−0.22 pp	—
unresolvedAlliancebernstein Income Fun	—	−4,375,972	—	exited	−0.09 pp	—
unresolvedBaxalta Inc	—	−845,545	—	exited	−0.09 pp	—
unresolvedCelator Pharmaceuticals Inc	—	−741,000	—	exited	−0.02 pp	—
HDHome Depot, Inc.	—	−69,319	—	exited	−0.02 pp	—
unresolvedLiberty Media Corp Delaware	—	−254,208	—	exited	−0.02 pp	—
unresolvedLiberty Media Corp Delaware	—	−127,104	—	exited	−0.01 pp	—
unresolvedMcGraw Hill	—	−40,000	—	exited	−0.01 pp	—
BNDVanguard Total Bond Market	—	−49,000	—	exited	−0.01 pp	—
unresolvedThe Adt Corporation	—	−750	—	exited	0.00 pp	—
APUAmeriGas Partners, L.P.	—	−9,800	—	exited	0.00 pp	—
unresolvedAviat Networks Inc	—	−397	—	exited	0.00 pp	—
AVPAvon Products, Inc.	—	−173,000	—	exited	0.00 pp	—
unresolvedBonanza Creek Energy Inc	—	−1,000,819	—	exited	0.00 pp	—
CNOCNO Financial Group, Inc.	—	−50,000	—	exited	0.00 pp	—
unresolvedCalifornia Res Corp	—	−4,116	—	exited	0.00 pp	—
unresolvedElectro Rent Corp.	—	−89,800	—	exited	0.00 pp	—
KBRKBR, Inc.	—	−56,200	—	exited	0.00 pp	—
unresolvedMkt Vectors Gld Miners ETF	—	−6,900	—	exited	0.00 pp	—
unresolvedOncothyreon Inc	—	−300,000	—	exited	0.00 pp	—
unresolvedPhilippine Long Distance Tel	—	−45,000	—	exited	0.00 pp	—
unresolvedPlatform Specialty Prods Cor	—	−57,800	—	exited	0.00 pp	—
PRUPrudential Financial, Inc.	—	−11,800	—	exited	0.00 pp	—
unresolvedTime Warner Cable Inc	—	−2,612	—	exited	0.00 pp	—
VEUVanguard FTSE All-World Ex-US ETF	—	−9,800	—	exited	0.00 pp	—